+ 8 6 ( , 1
6 8 * $ 5

#007#.4'2146

%)3PH*''+YPFIVK---0ELSVI
,71

MRJS$LYWIMRTO


+ 8 6 ( , 1


6 8 * $ 5
(;&(//(1&(
=)%673*
 'SZIV7XSV]
*1014+0)6*'2#56 %W[IGIPIFVEXISYVLMWXSV]SJI\GIPPIRGIERHHIHMGEXMSR[IEVITVSYHXSTVIWIRXRI[MRMXMEXMZIWXLEX[MPP
LSRSVXLIGSVIZEPYIWXLEXLEZIHIƤRIHYWEWEGSQTER]ERHFVSYKLXYW]IEVWSJWYGGIWW;LMPI[I
GIPIFVEXISYVLMWXSV]SJLSRSVSYVPIKEG]SYVIRIVKMIWEVIJSGYWIHSRXLIJYXYVI
.11-+0)619#4&5
$W+XVHLQ6XJDU
6*'(7674' [IWXVMZIXSEGLMIZII\GIPPIRGIERHMRRSZEXMSRMRIZIV]XLMRKXLEX[IHS[IEMQXSIRNS]SYV[SVOERHXLI
TISTPI[MXL[LSQ[I[SVO;IGSRXMRYIXSWIIOSTTSVXYRMXMIWXSTVSQSXIKVIEXIVIGSRSQMGWSGMEPERH
IRZMVSRQIRXEPWYWXEMREFMPMX]

   
 3YV*SYRHIVW 
:MWMSR7XEXIQIRX 
1MWWMSR7XEXIQIRX 
'SQTER]-RJSVQEXMSR 
'SHISJ'SRHYGXJSV(MVIGXSVW 
'SHISJ'SRHYGXJSV)QTPS]IIW 
&YWMRIWW'SRXMRYMX]4PER 
'SQTER]4VSƤPI 
4VSƤPISJXLI(MVIGXSVW 

8EFPISJ'SRXIRXW 3VKERSKVEQ
2SXMGISJ%RRYEP+IRIVEP1IIXMRK


8IEQ1EREKIQIRX 
4VSƤPISJXLI/I]1EREKIQIRX 
/I]3TIVEXMRKERH*MRERGMEP(EXE 
6ITSVX3J8LI&SEVH%YHMX'SQQMXXII 
6SPIW%RH6IWTSRWMFMPMXMIW3JXLI'LEMVQER%RHXLI 
'LMIJ)\IGYXMZI3JƤGIV
'LEMVQERŭW6IZMI[ 
(MVIGXSVWŭ6ITSVX 
4IVJSVQERGIEXE+PERGI 
7XEXIQIRX3J'SQTPMERGI 
-RHITIRHIRX%YHMXSVW6IZMI[6ITSVX8S8LI1IQFIVW 
-RHITIRHIRX%YHMXSVW6ITSVX 
*MRERGMEP7XEXIQIRX 
7XEXIQIRX3J4VSƤX3V0SWW*SV8LI=IEV 
)RHIH7ITXIQFIV
7XEXIQIRX3J'SQTVILIRWMZI-RGSQI*SV8LI=IEV 
)RHIH7ITXIQFIV
7XEXIQIRXɅ3JɅ*MRERGMEPɅ4SWMXMSRɅ%WɅ%XɅ7ITXIQFIVɅɅ 
7XEXIQIRX3J4VSƤX3V0SWW*SV8LI=IEV)RHIH7ITXIQFIV 
7XEXIQIRX3J'LERKIW-R)UYMX]*SV8LI=IEV 
)RHIH7ITXIQFIV
2SXIW8S8LI*MRERGMEP7XEXIQIRXW 
(MVIGXSVWŭ6ITSVX9VHY 
4EXXIVRSJ7LEVI,SPHMRK 
'SVTSVEXI'EPIRHEV 
4VS\]*SVQ 
4VS\]*SVQ9VHY  

 
  

 0,$16+$0,0$1:$5

1MER7LEQMQ%R[EV[EWXLIPSRKIWXWIVZMRKI\IGYXMZIMRXLILMWXSV]SJXLIGSQTER]WIVZMRKMRXLI
GETEGMXMIWSJ)\IGYXMZI(MVIGXSV'LMIJ)\IGYXMZI3JƤGIVERH'LEMVQERSJXLI&SEVH3RISJXLI
WGMSRWSJXLI7EVKSHLE+VSYTSJ'SQTERMIW1V%R[EVMWTIVLETWXLIWMRKPIKVIEXIWXVIEWSRJSV
XLIGSRXMRYIHI\GIPPIRGISJ,YWIMR7YKEV%QEKREXISJXLIWYKEVMRHYWXV]1V%R[EVWIVZIHEWXLI

3YV*SYRHIVW GLEMVQERSJXLI4EOMWXER7YKEV1MPPW%WWSGMEXMSRJSV4YRNEFFIX[IIRERHXLIREKEMRMR
 9RHIV 1V 7LEQMQ %R[EVW PIEHIVWLMT ,YWIMR 7YKEV [EW X[MGI GSRJIVVIH XLI
TVIWXMKMSYW E[EVH SJ XLI 8ST  'SQTERMIW SJ 4EOMWXER ,S[IZIV TIVLETW QSWX SJ EPP LI MW
VIQIQFIVIHXSHE]EWETEXVSRSJIHYGEXMSRERHLIEPXLGEVIJSVLMWYRTVIGIHIRXIHERHYR[EZIVMRK
IJJSVXW XS IVEHMGEXI TSZIVX] MR .EVER[EPE ERH IPWI[LIVI MR 4EOMWXER F] IWXEFPMWLMRK QYPXMTPI
IHYGEXMSREPERHLIEPXLGEVIMRWXMXYXMSRWXLEXLEZIWIVZIHXIRWSJXLSYWERHWWMRGI

0,$108+$00$'$/,7$5,4

-RLMWXIRYVIEW1EREKIQIRX(MVIGXSVSJ,YWIMR7YKEV1MPPW0XH1V8EVMUPEMHXLIKVSYRH[SVOJSV
XLIVIQEVOEFPIKVS[XLXLEXXLIGSQTER]LEWEGGSQTPMWLIHWMRGI=IEVWELIEHSJLMWXMQIF]
ERXMGMTEXMRKERHXLIRIRWYVMRKXLIHIZIPSTQIRXERHMRGSVTSVEXMSRSJXLIPEXIWXXIGLRSPSKMIWERH
W]WXIQWEX,YWIMRLIWMRKPILERHIHP]XVERWJSVQIHXLIGSQTER]XSXLITVSJIWWMSREPGSVTSVEXMSRMX
MWXSHE]-RTEVXMGYPEV1V8EVMUQEHIIJJSVXWXSTVSPMJIVEXILMKLWYGVSWIZEVMIXMIWMRXLIEVIEERH
IWXEFPMWLGSVHMEPVIPEXMSRW[MXLXLIEVIEWJEVQIVW8SHEXIXLIGSQTER]GSRXMRYIWXSIRNS]XLI
FIRIƤXWSJLMWGSRXVMFYXMSRW
1V8EVMUEREPYQRYWSJXLIMREYKYVEPGPEWWSJXLI0ELSVI9RMZIVWMX]SJ1EREKIQIRX7GMIRGIWLEH
FIIR GPSWIP] EWWSGMEXIH [MXL XLI %PYQRM %WWSGMEXMSR SJ XLI 0ELSVI 9RMZIVWMX] SJ 1EREKIQIRX
7GMIRGIW,I[EWEPWSSRXLII\IGYXMZIGSQQMXXIISJXLI4EOMWXER7YKEV1MPPW%WWSGMEXMSRJSV
4YRNEFERH[EWXLI'LEMVQERSJXLI-RWXMXYXISJ7YKEVGERI6IWIEVGLERH&MSPSKMGEP'SRXVSPMR
 1V 8EVMU [EW EPWS YRERMQSYWP] WIPIGXIH F] XLI QIQFIVW SJ XLI 4EOMWXER 7YKEV 1MPP
%WWSGMEXMSRXSVITVIWIRX4EOMWXERMRXLI<<---'SRKVIWWSJXLI-RXIVREXMSREP7SGMIX]SJ7YKEVGERI
8IGLRSPSKMWXW%TEVXJVSQLMWGSRXVMFYXMSRWMRXLIWYKEVMRHYWXV]LI[EWEPWSEHMVIGXSVSRXLI
FSEVHW SJ WIZIR XI\XMPI QMPPW8SHE] 1YLEQQEH %PM8EVMUW PIKEG] PMZIW SR MR XLI REQI SJ XLI
GLEVMXEFPIMRWXMXYXMSRWWGLSPEVWLMTWERHJSYRHEXMSRW

 
  

 :MWMSR7XEXIQIRX
61%1064+$76'616*' 8SFIEPIEHMRKTVSHYGIVSJWYKEVERHMXWF]TVSHYGXWF]HIPMZIVMRKXLILMKLIWXUYEPMX]SJTVSHYGXWSJ
XLILMKLIWXMRXIVREXMSREPWXERHEVHWXSSYVGYWXSQIVWEXXLIPS[IWXTSWWMFPIGSWX

51%+#.#0&'%101/+% 8SQE\MQM^IXLI[IEPXLSJSYVWLEVILSPHIVWF]MRGVIEWMRKIUYMX]ERHIEVRMRKWMRVIEPXIVQW

&'8'.12/'061(174 8S WXVMZI JSV I\GIPPIRGI XLVSYKL MRXIKVMX] YRVIPIRXMRK IJJSVXW ERH F] W]RIVKM^MRK XLI MRXIKVEP
GSQTSRIRXWSJXLIGSQTER]

%1//70+6; 8SEGLMIZIWYWXEMREFPIKVS[XLERHHIZIPSTQIRXF]ERXMGMTEXMRKXLII\TIGXEXMSRWSJSYVGYWXSQIVW
TVIHMGXMRKQEVOIXXVIRHWERHXLVSYKLGSRWXERXERHƥYMHMRRSZEXMSR

8S TVSZMHI E WEJI L]KMIRMG GLEPPIRKMRK ERH RSRHMWGVMQMREXSV] [SVOTPEGI IRZMVSRQIRX XS SYV
IQTPS]IIW

8SGSRXVMFYXIXSXLIWSGMEPERHIGSRSQMGHIZIPSTQIRXSJSYVGSQQYRMX]

 
  

 174/+55+10+561$'# 1MWWMSR7XEXIQIRX
&;0#/+%241(+6#$.' 3YVQMWWMSRMWXSFIEH]REQMGTVSƤXEFPIERHKVS[XLSVMIRXIHGSQTER]F][SVOMRK[MXLEPPVIPIZERX
WXEOILSPHIVWXSQE\MQM^IXLIVIXYVRWSRXLIMRZIWXQIRXWSJSYVWLEVILSPHIVWERHMRZIWXSVWXLVSYKL
XLITVSHYGXMSRERHWEPISJXLILMKLIWXUYEPMX]SJTVSHYGXWEXXLIPS[IWXTSWWMFPIGSWXWMREWIGYVIERH
#0&)4196*14+'06'& LEVQSRMSYWIRZMVSRQIRX
8SGSRHYGXFYWMRIWW[MXLXLITLMPSWSTL]SJŰFYWMRIWWJSVFIXXIVPMJIVIWTIGXJSVLYQERHMKRMX]ERH
%1/2#0; MRXIPPMKIRXMRZIWXQIRXJSVETVSWTIVSYWJYXYVIű

 
  

 'SQTER]-RJSVQEXMSR
%*#+4/#0 %1/2#0;5'%4'6#4; *7/#04'5174%'#0& $#0-'45 5*#4'4')+564#4 4')+56'4'&*'#&1((+%'
0LDQ$KPHG$OL7DULT 0U.KDOLG0DKPRRG 4'/70'4#6+10%1//+66'' 64#05('4#)'06 $(2OG)&&*XOEHUJ,,,
%PPMIH&ERO0MQMXIH
0LDQ$KPHG$OL7DULT 06&RUSWHF$VVRFLDWHV3YW /DKRUH
%*+'(':'%76+8'1((+%'4 *'#&1(+06'40#.#7&+6 'LEMVQER %PFEVOEL&ERO /LPLWHG
4EOMWXER0MQMXIH 7HO,71
0LDQ0XVWDID$OL7DULT 0U-DODOXGGLQ.KDQ 0U7DXILT$KPDG.KDQ ).SLEV8S[R0ELSVI
1IQFIV )D[
&ERO%PJEPEL0MQMXIH 7HO
&+4'%6145 0LDQ0XVWDID$OL7DULT (PDLOMRJS$LYWIMRTO
#7&+6%1//+66'' 1IQFIV (YFEM-WPEQMG&ERO )D[
0UV1XVUDW6KDPLP 0MQMXIH
0U$KPDG.KDQ (PDLOMRJS$GSVTXIGGSQTO
0UV0DU\DP+DELE .'#)#.#&8+514 9'$5+6'+0(14/#6+10
'LEMVQER *E]WEP&ERO0MQMXIH
0U7DXILT$KPHG.KDQ 0DVXG 0LU]D$VVRFLDWHV [[[LYWIMRTO
0LDQ$KPHG$OL7DULT ,EFMF&ERO0MQMXIH ':6'40#.#7&+6145
0U0XKDPPDG,IWLNKDU 1IQFIV /+YPFIVK---0ELSVI .UHVWRQ+\GHU%KLPMHH &R
1'&&ERO0MQMXIH
0U0XKDPPDG,PUDQ.KDQ 0U0XKDPPDG,PUDQ.KDQ &KDUWHUHG$FFRXQWDQWV
1IQFIV 1II^ER&ERO
%QMR&YMPHMRK1EPP6SEH
%*+'(12'4#6+0)#0& 0MQMXIH
0ELSVI
(+0#0%+#.1((+%'4 2EXMSREP&EROSJ4EOMWXER
0U:DVLP6DOHHP /+..5
2-&&ERO0MQMXIH
/DKRUH5RDG-DUDQZDOD
7YQQMX&ERO0MQMXIH

8LI&EROSJ4YRNEF
9RMXIH&ERO0MQMXIH

 
  

 'SHISJ'SRHYGXJSV(MVIGXSVW +RQHVW\,QWHJULW\DQG)DLU'HDOLQJ
(MVIGXSVW QYWX EGX LSRIWXP] ERH JEMVP] ERH
I\LMFMXLMKLIXLMGEPWXERHEVHWMRHIEPMRK[MXLEPP
&RPSOLDQFH3URFHGXUHV
(MVIGXSVW WLSYPH HMWGPSWI ER] WYWTIGXIH
ZMSPEXMSRW SJ XLMW 'SHI TVSQTXP] MR XLI
XLIWXEOILSPHIVWSJXLI'SQTER] MQQIHMEXIWYFWIUYIRXQIIXMRKSJXLI&SEVHSJ
-X MW E JYRHEQIRXEP TSPMG] SJ XLI 'SQTER] XS I\TIGXIH XS MRZSPZI E GSRƥMGX SJ MRXIVIWX [MXL (MVIGXSVW
GSRHYGXMXWFYWMRIWW[MXLLSRIWX]MRXIKVMX]ERH XLI'SQTER]WLSYPHFIHMWGPSWIHTVSQTXP] &RPSOLDQFHZLWK/DZV5XOHVDQG
MR EGGSVHERGI [MXL XLI LMKLIWX TVSJIWWMSREP 5HJXODWLRQV &RPSOLDQFH2̪FHU
&RUSRUDWH2SSRUWXQLWLHV
IXLMGEPERHPIKEPWXERHEVHW8LI'SQTER]LEW (MVIGXSVW WLEPP GSQTP] [MXL PE[W VYPIW ERH 'SQTER] LEW HIWMKREXIH 'SQTER] 7IGVIXEV]
EHSTXIH E GSQTVILIRWMZI 'SHI SJ 'SRHYGX (MVIGXSVW EVI TVSLMFMXIH JVSQ XEOMRK JSV EWE'SQTPMERGI3JƤGIVXSEHQMRMWXIVXLI'SHI
VIKYPEXMSRW ETTPMGEFPI XS XLI 'SQTER]
'SHI JSVQIQFIVWSJXLI&SEVHSJ(MVIGXSVW XLIQWIPZIWTIVWSREPP]STTSVXYRMXMIWVIPEXIHXS (MVIGXSVW EX XLIMV HMWGVIXMSR QE] QEOI ER]
MRGPYHMRKFYXRSXPMQMXIHXSXLI'SQTERMIW%GX
8LI'SHIHIƤRIWEGGITXEFPIERHYREGGITXEFPI XLI'SQTER]WFYWMRIWWYWMRKXLI'SQTER]W VITSVXSVGSQTPEMRXTVSZMHIHJSVMRXLMW'SHIXS
0MWXMRK6IKYPEXMSRWSJXLI4EOMWXER7XSGO
FILEZMSV TVSZMHIW KYMHERGI XS (MVIGXSVW MR TVSTIVX] MRJSVQEXMSR SV TSWMXMSR JSV TIVWSREP XLI'LEMVQERSJXLI&SEVHSVXSXLI'SQTPMERGI
)\GLERKIERH-RWMHIV8VEHMRK0E[W
WTIGMƤGWMXYEXMSRWXLEXQE]EVMWIERHJSWXIVE KEMR SV GSQTIXMRK [MXL XLI 'SQTER] JSV 3JƤGIV 8LI 'SQTPMERGI 3JƤGIV [MPP VIJIV
FYWMRIWWSTTSVXYRMXMIW (QFRXUDJLQJWKH5HSRUWLQJRIDQ\3RVVLEOH
GYPXYVI SJ LSRIWX] EGGSYRXEFMPMX] ERH LMKL GSQTPEMRXW WYFQMXXIH XS XLI 'LEMVQER SJ XLI
,OOHJDORU8QHWKLFDO%HKDYLRU
WXERHEVHW SJ TIVWSREP ERH TVSJIWWMSREP  &SEVH
MRXIKVMX] (MVIGXSVWWLSYPHXEOIWXITWXSIRWYVIXLEXXLI
(MVIGXSVW QYWX QEMRXEMR XLI GSRƤHIRXMEPMX] SJ 3XEOLF&RPSDQ\5HSRUWLQJ
' S Q T E R ]  T V S Q S X I W  I X L M G E P  F I L E Z M S V 
MRJSVQEXMSR IRXVYWXIH YTSR XS XLIQ F] XLI %WETYFPMGGSQTER]MXMWSJKVIEXMQTSVXERGI
IRGSYVEKIW IQTPS]IIW XS XEPO XS WYTIVZMWSVW
6$/,(17)($785(62)7+(&2'( ' S Q T E R ]  E R H  E R ]  S X L I V  G S R Ƥ H I R X M E P XLI 'SQTER]W ƤPMRKW [MXL XLI 7)'4 ERH
QEREKIVW ERH SXLIV ETTVSTVMEXI TIVWSRRIP
MRJSVQEXMSR EFSYX XLI 'SQTER] ERH MXW 4EOMWXER7XSGO)\GLERKISR[LMGLXLIWLEVIW
&RQ̩LFWRI,QWHUHVW [LIRMRHSYFXEFSYXXLIFIWXGSYVWISJEGXMSRMR
EWWSGMEXIH SV WYFWMHMEV] YRHIVXEOMRKW  XLEX SJXLI'SQTER]EVISVQE]FIPMWXIHFIJYPPJEMV
ETEVXMGYPEVWMXYEXMSRIRGSYVEKIWIQTPS]IIWXS
)EGL(MVIGXSVQYWXEZSMHER]GSRƥMGXSJMRXIVIWX GSQIW XS XLIQ I\GITX [LIR HMWGPSWYVI MW EGGYVEXIXMQIP]ERHYRHIVWXERHEFPI(MVIGXSVW
VITSVX ZMSPEXMSR SJ PE[W VYPIW VIKYPEXMSRW
FIX[IIR XLI (MVIGXSV ERH XLI 'SQTER] MXW EYXLSVM^IH F] XLI 'LEMVQER SJ XLI &SEVH SV QE] FI VIUYIWXIH XS TVSZMHI MRJSVQEXMSR
'SQTER] TSPMGMIW ERH TVSGIHYVIW SV XLI
EWWSGMEXIH SV WYFWMHMEV] YRHIVXEOMRKW  %R] PIKEPP]QERHEXIH RIGIWWEV] XS IRWYVI XLEX XLI 'SQTER]W
'SQTER]W 'SHI SJ 'SRHYGX XS ETTVSTVMEXI
WMXYEXMSR XLEX MRZSPZIW SV QE] VIEWSREFP] FI TYFPMWLIH VITSVXW QIIX XLIWI VIUYMVIQIRXW
TIVWSRRIP ERH MRJSVQW IQTPS]IIW XLEX XLI
'SQTER] [MPP RSX EPPS[ ER] VIXEPMEXMSR JSV 8LI 'SQTER] I\TIGXW HMVIGXSVW XS TVSZMHI
VITSVXWQEHIMRKSSHJEMXL TVSQTX ERH EGGYVEXI ERW[IVW XS IRUYMVMIW
VIPEXMRKXSMXWTYFPMGHMWGPSWYVIVIUYMVIQIRXW
7UDGLQJLQ&RPSDQ\6KDUHV
'LVFORVXUHRI,QWHUHVW
'IVXEMR VIWXVMGXMSRW  VITSVXMRK VIUYMVIQIRXW
ETTP] XS XVEHMRK F] XLI (MVIGXSVW MR 'SQTER] (MVIGXSVW EVI EPWS VIUYMVIH XS HMWGPSWI EX XLI
WLEVIW (MVIGXSVW WLEPP QEOI WYVI XLEX XLI] XMQISJETTSMRXQIRXERHSRERERRYEPFEWMWXLI
VIQEMR GSQTPMERX [MXL XLIWI WXEXYXSV] HMVIGXSVWLMTERHSVQIQFIVWLMTWXLI]LSPHMR
VIUYMVIQIRXW SXLIVGSQTERMIW

,WLVDIXQGDPHQWDOSROLF\RIWKH&RPSDQ\WR
FRQGXFWLWVEXVLQHVVZLWKKRQHVW\LQWHJULW\DQG
ZLWKWKHKLJKHVWSURIHVVLRQDOHWKLFDO
DQGOHJDOVWDQGDUGV

 
  

 'SHISJ'SRHYGXJSV)QTPS]IIW
FVMFIWSVSXLIVTE]QIRXW[LMGLEVIMRXIRHIHXS 2WKHU(PSOR\PHQW2XWVLGH,QWHUHVWV&LYLF
MRƥYIRGI E FYWMRIWW HIGMWMSR SV GSQTVSQMWI
$FWLYLWLHV
MRHITIRHIRXNYHKQIRXRSVQYWXER]IQTPS]II
XVEMRIIKMZIQSRI]MRSVHIVXSSFXEMRFYWMRIWW ,710HSIWRSXEPPS[MXWIQTPS]IIWXVEMRIIWXS
-X MW E JYRHEQIRXEP TSPMG] SJ XLI 'SQTER] XS JSVXLI'SQTER]RSVVIGIMZIQSRI]JSVLEZMRK XEOI ER] TEVXXMQI ERHSV JYPPXMQI WIGSRH
&RQILGHQWLDOLW\DQG'LVFORVXUHRI
GSRHYGXMXWFYWMRIWW[MXLLSRIWX]MRXIKVMX]ERH KMZIR'SQTER]FYWMRIWWXSERSYXWMHIEKIRG] IQTPS]QIRX HYVMRK IQTPS]IIWXVEMRIIW
,QIRUPDWLRQ
MR EGGSVHERGI [MXL XLI LMKLIWX TVSJIWWMSREP IRKEKIQIRX[MXLXLI'SQTER]
)QTPS]IIWXVEMRIIWEVII\TIGXIHXSWEJIKYEVH 3URSHU5HFRUGLQJRI)XQGV$VVHWV5HFHLSWV
IXLMGEPERHPIKEPWXERHEVHW8LI'SQTER]LEW DQG'LVEXUVHPHQWV 8QVROLFLWHG*LIWV
GSRƤHIRXMEPMRJSVQEXMSRERHQYWXRSX[MXLSYX
EHSTXIH E GSQTVILIRWMZI 'SHI SJ 'SRHYGX % G G I T X M R K  K M J X W  X L E X  Q M K L X  T P E G I  E R
EYXLSVMX]HMWGPSWIWYGLMRJSVQEXMSREFSYXXLI %PP JYRHW EWWIXW VIGIMTXW ERH HMWFYVWIQIRXW
'SHI  JSV IQTPS]IIW 8LI 'SHI HIƤRIW I Q T P S ] I I  X VE M R I I  Y R H I V  S F P M K E X M S R  M W
'SQTER]EGXMZMXMIWXSER]XLMVHTEVX]MRGPYHMRK QYWXFITVSTIVP]VIGSVHIHMRXLIFSSOWSJXLI
EGGITXEFPI ERH YREGGITXEFPI FILEZMSV TVSLMFMXIH)QTPS]IIXVEMRIIQYWXTSPMXIP]FYX
FYXPMQMXIHXSXLITVIWWGYWXSQIVWWYTTPMIVW 'SQTER]
TVSZMHIW KYMHERGI XS (MVIGXSVW MR WTIGMƤG ƤVQP]HIGPMRIER]WYGLSJJIVERHI\TPEMRXLEXMR
IQTPS]IIWEVIRSXIRXMXPIHXSWYGLMRJSVQEXMSR
WMXYEXMSRWXLEXQE]EVMWIERHJSWXIVEGYPXYVISJ $JUHHPHQWVZLWK$JHQWV6DOHV EGGSVHERGI [MXL XLI 'SQTER]W MRWXVYGXMSRW
SVER]SXLIVSYXWMHITEVX]
LSRIWX] EGGSYRXEFMPMX] ERH LMKL WXERHEVHW SJ 5HSUHVHQWDWLYHVRU&RQVXOWDQWV XLI]EVIYREFPIXSEGGITXXLISJJIV
TIVWSREPERHTVSJIWWMSREPMRXIKVMX] 3ROLWLFDO&RQWULEXWLRQ
%KVIIQIRXW[MXLEKIRXWWEPIWVITVIWIRXEXMZIW  )DPLO\ &RQQHFWLRQV DQG (PSOR\PHQW RI
2S JYRHW SV EWWIXW SJ XLI 'SQTER] QE] FI SVGSRWYPXERXWWLSYPHWXEXIGPIEVP]XLIWIVZMGIW
GSRXVMFYXIHXSER]TSPMXMGEPTEVX]SVSVKERM^EXMSR 5HODWLYHV
6$/,(17)($785(62)7+(&2'( XSFITIVJSVQIHJSVXLI'SQTER]XLIEQSYRXXS
SV XS ER] MRHMZMHYEP [LS IMXLIV LSPHW TYFPMG FI TEMH ERH EPP SXLIV VIPIZERX XIVQW ERH %R] HIEPMRKW FIX[IIR WXEJJ XLIQWIPZIW SV
&RQ̩LFWRI,QWHUHVW SJƤGISVMWEGERHMHEXIJSVTYFPMGSJƤGII\GITX GSRHMXMSRW SYXWMHI SVKERM^EXMSRW MR [LMGL XLI] LEZI E
)QTPS]IIWXVEMRIIWQYWXRSXIRKEKIMREGXMZMX] [LIVIWYGLEGSRXVMFYXMSRMWTIVQMXXIHF]PE[ HMVIGX MRHMVIGX SV JEQMP] GSRRIGXMSR QYWX FI
5HODWLRQVDQG'HDOLQJVZLWK6XSSOLHUV JYPP]HMWGPSWIHXSXLI1EREKIQIRX
SV XVERWEGXMSRW [LMGL QE] KMZI VMWI SV [LMGL %ULEHVDQG&RPPHUFLDO3D\PHQWV &RQVXOWDQWV$JHQWV,QWHUPHGLDULHVDQG
QE] FI WIIR XS LEZI KMZIR VMWI XS GSRƥMGX &RPSDQ\DQG3HUVRQDO3URSHUW\
%R IQTPS]IIXVEMRII QYWX RSX KMZI SV VIGIMZI 2WKHU7KLUG3DUWLHV
FIX[IIR XLIMV TIVWSREP MRXIVIWXW ERH XLI %R IQTPS]IIXVEMRII QYWX RSX XEOI SV YWI
MRXIVIWXWSJXLI'SQTER] ,710W VIPEXMSRW ERH HIEPMRKW [MXL WYTTPMIVW
'SQTER] TVSTIVX] SV XLI TVSTIVX] SJ ERSXLIV
GSRWYPXERXW EKIRXW MRXIVQIHMEVMIW ERH SXLIV
IQTPS]IIXVEMRII[MXLSYXTIVQMWWMSRRSVQYWX
XLMVH TEVXMIW WLSYPH EX EPP XMQIW FI WYGL XLEX
FIIQTPS]IIXVEMRIIYWI'SQTER]TVSTIVX]JSV
,710WMRXIKVMX]ERHMXWVITYXEXMSRWLSYPHRSXFI
TVMZEXI TYVTSWIW [MXLSYX XLI 1EREKIQIRXW
HEQEKIH MJ HIXEMPW SJ XLI VIPEXMSRWLMT SV
TIVQMWWMSR
HIEPMRKW[IVIXSFIGSQITYFPMGORS[PIHKI
$OFRKRODQG'UXJV
+HDOWK6DIHW\DQG(QYLURQPHQW3ROLF\
%PGSLSPMRER]JSVQERHXLIYWISJHVYKWI\GITX
)ZIV] IQTPS]IIXVEMRII EX [SVO QYWX XEOI
YRHIV QIHMGEP EHZMGI MW TVSLMFMXIH EX EPP
VIEWSREFPI GEVI JSV XLI LIEPXL ERH WEJIX] SJ
PSGEXMSRW
LMQWIPJLIVWIPJ ERH SXLIVW MRGPYHMRK ZMWMXSVW
[LS QE] FI EJJIGXIH F] LMW  LIV EGXW SV *DPEOLQJ
SQMWWMSRW EX [SVO ERH GSSTIVEXI MR XLI %PPJSVQWSJSVKERM^IHKEQFPMRKSVFIXXMRKSR
'SQTER]WIJJSVXWXSTVSXIGXXLIIRZMVSRQIRX XLI'SQTER]WTVIQMWIWMWJSVFMHHIR
6PRNLQJ3ROLF\ 5XPRU0RQJHULQJ *RVVLSLQJ
7QSOMRKERHI\TSWYVISJ[SVOTPEGIXSXSFEGGS 6YQSV QSRKIVMRK TIVWYEWMZI EPPIKEXMSRW
T S W I W  W I V M S Y W  L I E P X L  L E ^ E V H W  X S  X L I EGGYWEXMSRW ERH I\EKKIVEXMSRW [MXL XLI QEMR
IQTPS]IIWXVEMRIIW FIWMHIW TSXIRXMEP VMWOW SJ TYVTSWI SJ RIKEXMZIP] MRƥYIRGMRK ERH
I\TPSWMSRW 'SRWMHIVMRK XLMW WQSOMRK MW QERMTYPEXMRK XLI QMRHW ERH IQSXMSRW SJ XLI
TIVQMXXIH SRP] MR XLI HIWMKREXIH 7QSOMRK JIPPS[ IQTPS]IIWXVEMRIIW EVI WXVMGXP]
%VIEW TVSLMFMXIH
6HDW%HOW3ROLF\ +DUDVVPHQW
%W TIV TSPMG] MX MW QERHEXSV] JSV EPP ,710 -X MW XLI TSPMG] SJ XLI 'SQTER] XS TVSQSXI E
IQTPS]IIWXVEMRIIW GSRXVEGXSVW ZMWMXSVW ERH TVSHYGXMZI[SVOIRZMVSRQIRXERHRSXXSXSPIVEXI
EPPSXLIVTIVWSRWXSJEWXIRWIEXFIPXWMRXLIJVSRX ZIVFEP SV TL]WMGEP GSRHYGX F] ER] IQTPS]II
WIEXWSJXLIZILMGPI[LMPIXVEZIPMRK

 
  

 XVEMRIIXLEXLEVEWWIWHMWVYTXWSVMRXIVJIVIW[MXL LIWLIMWJEQMPMEV[MXLXLIQ
ERSXLIVW [SVO TIVJSVQERGI GVIEXIW ER 5HSRUWLQJ9LRODWLRQV'LVFLSOLQDU\$FWLRQV
MRXMQMHEXMRK LYQMPMEXMRK SJJIRWMZI SV LSWXMPI
IRZMVSRQIRX %R] ZMSPEXMSR SJ XLMW 'SHI WLEPP FI TVSQTXP]
VITSVXIHXSXLI,YQER6IWSYVGIWHITEVXQIRX
*ULHYDQFH+DQGOLQJ F] ER] IQTPS]IIXVEMRII LEZMRK ORS[PIHKI
,710 WXVMZIW XS TVSZMHI E JEMV ERH MQTEVXMEP XLIVISJSVLEZMRKVIEWSREFPIFIPMIJXLEXWYGLE
TVSGIWWXSMXWIQTPS]IIWXVEMRIIWERHIRWYVI ZMSPEXMSRLEWSGGYVVIH
XMQIP]VIWSPYXMSRSJXLIMVKVMIZERGI &RPSOLDQFH2IILFH
:KLVWOH%ORZLQJ 8LI,YQER6IWSYVGIW(ITEVXQIRX[MPPEGXEW 'HͧQHVDFFHSWDEOHDQGXQDFFHSWDEOHEHKDYLRXUSURYLGHV
-R SVHIV XS IRLERGI KSSH KSZIVRERGI ERH X L I  H I W M K R E X I H  G S Q T P M E R G I  S J Ƥ G I  J S V
XVERWTEVIRG] ,710 LEW MRXVSHYGIH E ;LMWXPI MQTPIQIRXEXMSRSJXLIGSHI
JXLGDQFHWR'LUHFWRUVLQVSHFLͧFVLWXDWLRQVWKDWPD\DULVH
&PS[MRK4SPMG]8LI4SPMG]TVSZMHIWEREZIRYI
XS IQTPS]IIWXVEMRIIW ERH ZIRHSVW XS VEMWI
DQGIRVWHUDFXOWXUHRIKRQHVW\DFFRXQWDELOLW\DQGKLJK
GSRGIVRWERHVITSVXPIKEPERHIXLMGEPMWWYIWPMOI VWDQGDUGVRISHUVRQDODQGSURIHVVLRQDOLQWHJULW\
JVEYHGSVVYTXMSRSVER]SXLIVYRPE[JYPGSRHYGX
SV HERKIVW XS XLI TYFPMG SV XLI IRZMVSRQIRX
8LIWI GSRGIVRW WLSYPH FI VEMWIH F] FVMRKMRK
XLSWIMRXSXLIRSXMGISJWYTIVZMWSVWQEREKIVW
SVGSQTPMERGISJƤGI
*HQHUDO'LVFLSOLQH
)ZIV] IQTPS]IIXVEMRII QYWX EHLIVI XS XLI
'SQTER]WVYPIWSJWIVZMGIERHQEOIWYVIXLEX

 
  

 &YWMRIWW'SRXMRYMX]4PER
8LI&SEVHSJ(MVIGXSVWIRWYVIWXLEXXLI'SQTER]LEWERYTHEXIH&YWMRIWW'SRXMRYMX]ERH(MWEWXIV
6IGSZIV]TPERMRTPEGIJSVXLIGSRXMRYMX]SJ'SQTER]WFYWMRIWWERHSTIVEXMSRWMRGEWISJER]I\XVE
SVHMREV] GMVGYQWXERGIW8LI GSQTVILIRWMZI TPER MW HIWMKRIH XS IRWYVI XLI TVSXIGXMSR SJ SZIVEPP
GSQTER]WSTIVEXMSRWERHEWWIXWEPSRK[MXLVIKYPEVEVGLMZEPERHW]WXIQFEGOYTWEXVIQSXIWMXIW

6*'%1/24'*'05+8'2.#0+5 8LIOI]LMKLPMKLXWERHEGXMSRWSJ,YWIMR7YKEVŭW&YWMRIWW'SRXMRYMX]4PEREVIEWJSPPS[W
-XMWVIKYPEVP]IRWYVIHXLEX(EXE6IGSZIV]TVSGIWWIWEVISTIVEXMRKIJJIGXMZIP]

&'5+)0'&61'0574'6*'2416'%6+10 8LI QEREKIQIRX MW VIWTSRWMFPI JSV XLI HIZIPSTQIRX ERH I\IGYXMSR SJ ER IJJIGXMZI &YWMRIWW
'SRXMRYMX]4PER

1(18'4#..%1/2#0; 512'4#6+105 8LIHIZIPSTQIRXSJXLITPERQYWXFIHSRIOIITMRKMRQMRHXLISRKSMRKFYWMRIWWRIIHWERHXLI

IRZMVSRQIRXMXMWSTIVEXMRKMR
% GSQTER][MHI ERH HIXEMPIH 4VSGIWW (SGYQIRXEXMSR %GXMZMX] LEW FIIR HSRI [LIVIF] EPP XLI
TVSGIWWIWEVIQETTIHERHWIVZIEWER734JSVEPPTVEGXMGIW
8LI1EREKIQIRXEPWSIRWYVIWXLIXVEMRMRKSJEPPXLIIQTPS]IIWSRLS[XSVIWTSRHMRGEWISJER]
YRJSVIWIIRSVI\XVESVHMREV]IZIRX
)QTPS]IIWEVIMQTEVXIHQYPXMWOMPPXVEMRMRK[LMGLLIPTWMRXLIGSRXMRYMX]SJFYWMRIWWEGXMZMXMIW
8SIRWYVITVSXIGXMSRSJIQTPS]IIWERHEWWIXWEHIUYEXIW]WXIQWEVIMRTPEGIJSVREXYVEPHMWEWXIVW
ƤVIIQIVKIRGMIWIXGEXTPERXW
8LI'SQTER]LEWEPWSHITPS]IHEHIUYEXIWIGYVMX]WXEJJEXMXWTPERXXSIRWYVIYRMRXIVVYTXIHWYKEV
TVSHYGXMSRVIKEVHPIWWSJXLITSPMXMGEPWMXYEXMSRERHSXLIVI\XIVREPJEGXSVW
8LI'SQTER]IRWYVIWFEGOYTSJEPPXLIEWWIXW[LIXLIVTL]WMGEPSVZMVXYEPXLITL]WMGEPEWWIXWEVI
FEGOIHF]MRWYVERGI[LIVIEWFEGOYTSJZMVXYEPEWWIXWERHHEXEMWGVIEXIHSREVSYXMRIFEWMW

 
  

 'SQTER]4VSƤPI
,YWIMR7YKEV1MPPW0MQMXIH8LI'SQTER] [EWMRGSVTSVEXIHSR*IFVYEV]MR/EVEGLMERH
VIGIMZIHMXW'IVXMƤGEXIJSV'SQQIRGIQIRXSJ&YWMRIWWSR%TVMP8LI'SQTER]MWPMWXIHSR
XLI4EOMWXER7XSGO)\GLERKIERHLEWVIGIMZIHXLIE[EVHJSV8ST'SQTERMIWSJ4EOMWXERX[MGIMR
MXWLMWXSV]8LI'SQTER]GSQQIRGIHXVMEPTVSHYGXMSRSR.ERYEV]ERH[IRXMRXSGSQQIVGMEP
TVSHYGXMSRSR*IFVYEV]QEOMRKMXSRISJXLITMSRIIVWSJ4EOMWXERWWYKEVMRHYWXVMIW+MZIR
+(;17&10Ũ68#.7' XLIVMGLLMWXSV]SJXLIGSQTER][LMGLMWRS[MRMXWXLMVHKIRIVEXMSRMXIRNS]WGSVHMEPERHJEQMPMEP
VIPEXMSRW[MXLXLIWYKEVGERIKVS[IVWSJXLIEVIE

':%'..'0%';17910Ũ6 8LIERGIWXSVWSJXLIGYVVIRXWTSRWSVWXSSOGSRXVSPSJXLI'SQTER]MRERHXVERWJSVQIHXLI
'SQTER] XS MXW GYVVIRX MHIRXMX] XLVSYKL E GSRXMRYIH TVSGIWW SJ &16 8LI GYVVIRX WTSRWSVW
GSRWSPMHEXIH GSRXVSP SJ XLI GSQTER] ERH XSSO SZIV QEREKIQIRX MR  8LI I\MWXMRK
#%*+'8'':%'..'0%' QERYJEGXYVMRKTVSGIWWMWFEWIHSR(IJIGEXMSRERH6IQIPX7YPTLMXEXMSRXLEX[EWGLERKIHMR
XSVITPEGIXLISYXJEWLMSRIH(SYFPI'EVFSREXMSR(SYFPI7YPTLMXEXMSRTVSGIWW
8LITPERXMWPSGEXIHMR.EVER[EPE%TTVS\MQEXIP]/1JVSQ0ELSVIERH/1JVSQ*EMWEPEFEH
.EVER[EPEMWWMXYEXIHMRXLILIEVXSJ4YRNEFWYVFERGIRXIVW8LIVIKMSRMWLMKLP]WYMXEFPIJSVXLI
TPERXEXMSRSJWYKEVGERIFIGEYWISJXLIEVIEWYRMUYIGPMQEXIERHWSMPGSRHMXMSRW8LIEVIELEWPEVKI
XVEGXWSJPERH[LIVIWYKEVGERIMWGYPXMZEXIHERHTVSHYGIWETTVS\MQEXIP]QMPPMSRQEYRHWSJ
WYKEVGERIE]IEV
8LI'SQTER]LEWVIGIRXP]MRMXMEXIHERIJƤGMIRG]MQTVSZIQIRXWGLIQIMR[LMGLIUYMTQIRXMWFIMRK
MRWXEPPIH[LMGL[MPPVIHYGIWXIEQGSRWYQTXMSRTIVXSRSJGERITVSGIWWIH8LIFEKEWWIWEZIH[MPP
LIPT MRGVIEWI VIZIRYIW ERH QE\MQM^I TVSƤXEFMPMX] -R JEGX ZEVMSYW QIEWYVIW LEZI EPVIEH] FIIR
GSQTPIXIH ERH TSWMXMZI VIWYPXW LEZI EPVIEH] FIIR EGLMIZIH [LMGL LEZI FIIR VIƥIGXIH MR XLI
MQTVSZIHVIZIRYIKIRIVEXMSRERHXLIMRGVIEWIHTVSƤXEFMPMX]SJXLIGSQTER]

 
  

 6*'5'%4'61(,1;+0914-+5
%106#+0'&+010'914&
(;&(//(1&(
61-019*1961&151/'6*+0)
9'..+561'0,1;+6

 
  

 0,$1$+0('$/,7$5,4
',%-61%2

1MER%LQIH%PM8EVMUMWXLI'LEMVQERSJXLI&SEVHSJ(MVIGXSVWSJXLIGSQTER],IGSQTPIXIHLMW
LMKLIV IHYGEXMSR EX XLI 0ELSVI 9RMZIVWMX] SJ 1EREKIQIRX 7GMIRGIW ERH [EW E[EVHIH [MXL E
&EGLIPSVWSJ7GMIRGI,SRSVW HIKVII1MER%LQIH%PM8EVMUMWEPWSEGIVXMƤIHHMVIGXSVJVSQXLI
-RWXMXYXISJ'SWXERH1EREKIQIRX%GGSYRXERXWSJ4EOMWXER-'1%4 ,ILEWFIIREWWSGMEXIH[MXL

4VSƤPISJXLI XLIGSQTER]JSVQSVIXLEREHIGEHIERHLEWWIVZIHXLIGSQTER]JSVQSVIXLEREHIGEHI1MER
%LQIHW ZMWMSR ERH PIEHIVWLMT EX ,YWIMR LEW TPE]IH E GVMXMGEP VSPI MR XLI GSQTER]W KVS[XL

(MVIGXSVW
WYGGIWW ERH HIZIPSTQIRX %R MRHYWXV] PIEHIV 1MER %LQIH LEW EPWS WIVZIH SR XLI )\IGYXMZI
'SQQMXXIISJ8LI4EOMWXER7YKEV1MPPW%WWSGMEXMSRJSV4YRNEF
1MER%LQIHMWEWXVSRKEHZSGEXISJKMZMRKFEGOXSXLIGSQQYRMX]9RHIVLMWPIEHIVWLMT,YWIMR
7YKEV 1MPPW LEW I\TERHIH MXW GSQQMXQIRX ERH GSRXVMFYXMSR XS[EVHW WSGMEP [IPJEVI ERH
HIZIPSTQIRX,MWJEQMP]XVYWXLEWFIIRTVSZMHMRKUYEPMX]IHYGEXMSRERHLIEPXLGEVIJSVKIRIVEXMSRW
EXEJJSVHEFPITVMGIWXLVSYKLWYFWXERXMEPWGLSPEVWLMTWERHƤRERGMEPEMH

0,$10867$)$$/,7$5,4
',-)*)<)'98-:)3**-')6

1MER1YWXEJE%PM8EVMUMWXLI'LMIJ)\IGYXMZI3JƤGIVSJXLIGSQTER],IGSQTPIXIHLMWLMKLIV
IHYGEXMSREXXLI9RMZIVWMX]SJ'EPMJSVRME0SW%RKIPIWERH[EWE[EVHIH[MXLE&EGLIPSVSJ%VXW
HIKVIIMR)GSRSQMGW,ILEWEPWSFIIRGIVXMƤIHF]XLI0ELSVI9RMZIVWMX]SJ1EREKIQIRX7GMIRGIW
JSVWYGGIWWJYPP]GSQTPIXMRKXLIMVGSYVWISR)RLERGMRK&SEVH)JJIGXMZIRIWW,IMWEQIQFIVSJXLI
,6
6'SQQMXXIISJXLI&SEVH
,IMWEPWSEXVYWXIISJLMWJEQMP]WRSRTVSƤXWSGMEP[IPJEVISVKERM^EXMSR8LIJEQMP]WIHYGEXMSR
XVYWX [LMGL STIVEXIW 1MER 1SLEQQEH %PM 8EVMU 'SPPIKI ERH 1MER 2E^MV ,YWIMR 7GLSSP LEW
TVSZMHIHƤRERGMEPEMHERHWGLSPEVWLMTWXSXLSYWERHWSJGLMPHVIRWMRGIMXWMRGITXMSR8LIJEQMP]W
LIEPXLGEVIXVYWXSTIVEXIWERSRTVSƤXLSWTMXEPXLEXTVSZMHIWPS[GSWXERHJVIILIEPXLGEVIWIVZMGIW

 
  

 0561865$76+$0,0 RIGIWWEV] VIUYMVIQIRXW EW TIV XLI 'SHI SJ 'SVTSVEXI +SZIVRERGI 8LI 4EOMWXER -RWXMXYXI SJ
232)<)'98-:)(-6)'836 'SVTSVEXI+SZIVRERGILEWEPWSGIVXMƤIH1V/LER+MZIRLMWZEWXGETEFMPMXMIWERH[MHIVERKMRK
I\TSWYVI1V/LERMWERMRZEPYEFPIQIQFIVSJXLI&SEVHSJ(MVIGXSVW

1VW2YWVEX7LEQMQ[EWXLIGLMIJI\IGYXMZIERHGLEMVTIVWSRSJ,YWIMR7YKEV1MPPWJSVQSVIXLERE
HIGEHI-RLIVXMQIEX,YWIMR7YKEVWLIWTIEVLIEHIHXLITVSGIWWSJFVMRKMRKXLIGSQTER]WGSVI
W]WXIQWERHTVSGIHYVIWYTXSHEXI[MXLXLIPEXIWXTVEGXMGIWSJXLIWXGIRXYV]%XVYIZMWMSREV]
1VW7LEQMQPIHXLIGSQTER]XLVSYKLEXMQISJGVMWMWERHLIPTIHFYMPHXLIFEWISR[LMGLXLI 0508+$00$',)7,.+$5
GSQTER]GSRXMRYIWXSKVS[ERHHIZIPSTMRXSHE]1VW7LEQMQLEWLIPHHMVIGXSVWLMTWMRZEVMSYW 232)<)'98-:)(-6)'836
SXLIVGSQTERMIW
7LIMWEPWSXLIGLEMVTIVWSRSJXLI,71)HYGEXMSRERH,IEPXLGEVI8VYWXW[LMGL[IVIJSVQEPM^IHMR
&SXLXLIXVYWXWLEZIFIIRTVSZMHMRKUYEPMX]IHYGEXMSRERHLIEPXLGEVIJEGMPMXMIWEXWYFWMHM^IH 1V 1YLEQQEH -JXMOLEV MW SRI SJ XLI QSWX LMKLP] WOMPPIH ERH XIGLRMGEPP] GETEFPI STIVEXSVW MR
VEXIW XS XLI YRHIVTVMZMPIKIH QIQFIVW SJ SYV GSQQYRMX] &IWMHIW EJSVIQIRXMSRIH XVYWXW 1VW 4EOMWXERWWYKEVMRHYWXV]1V-JXMOLEVNSMRIHXLIFSEVHSJ(MVIGXSVWEWERSRI\IGYXMZIHMVIGXSVMR
2YWVEX7LEQMQMWEPWSSTIVEXMRKERYQFIVSJSXLIV[IPJEVITVSNIGXWRSRTVSƤXRSRKSZIVRQIRXEP *IFVYEV],ILEWFIIRMRZSPZIHMRXLIWYKEVMRHYWXV]JSVQSVIXLER]IEVWERHWTIGMEPM^IWMR
SVKERM^EXMSRWXSXV]ERHIPMQMREXITSZIVX]MRXLIGSYRXV] XLIHIWMKRERHQERYJEGXYVMRKSJMRHYWXVMEPIUYMTQIRX+MZIRLMWZEWXFEGOKVSYRHMRXLIXIGLRMGEP
(YIXSLIVHIGEHIWSJFYWMRIWWI\TIVMIRGIEGVSWWZEVMSYWMRHYWXVMIW1VW7LEQMQWWIEWSRIHERH ERHSTIVEXMSREPQEREKIQIRXSJWYKEVQMPPWERHIRKMRIIVMRKGSQTERMIWLMWMRWMKLXWLEZIFIIR
[MWIMRWMKLXWERHMRXYMXMSRWLEZITVSZIRIWWIRXMEPXSWYGGIWWJYPSTIVEXMSRWSJXLIGSQTER] MRZEPYEFPI XS XLI FSEVH SJ (MVIGXSVW 1V -JXMOLEV [EW GIVXMƤIH MR GSQTPMERGI [MXL XLI 'SHI SJ
'SVTSVEXI+SZIVRERGIEJXIVLIGSQTPIXIHSJLMW(MVIGXSVW8VEMRMRK4VSKVEQJVSQXLI-RWXMXYXISJ
'LEVXIVIH %GGSYRXERXW SJ 4EOMWXER % ]SYRK ERH IRIVKIXMG MRHMZMHYEP 1V -JXMOLEV FVMRKW ER
IRXLYWMEWXMGERHXIGLRMGEPI\TIVMIRGIXLEXMWMRWXVYQIRXEPXSXLITSPMG]QEOMRKSJXLI&SEVHSJ
(MVIGXSVW

0560$5<$0+$%,%
)<)'98-:)(-6)'836

0508+$00$',05$1.+$1
1VW1EV]EQ,EFMF[EWIPIGXIHEWEHMVIGXSVSRXLIFSEVHSJ,YWIMR7YKEV1MPPWMR1EVGLSJ
232)<)'98-:)(-6)'836
1VW,EFMFTYVWYIHLIVLMKLIVIHYGEXMSREX/MRREMVH'SPPIKI0ELSVI7LIMWGYVVIRXP]WIVZMRKEWXLI
)\IGYXMZI(MVIGXSVSJXLIGSQTER]-RLIVWLSVXXMQIEXXLIGSQTER]WLILEWFIIRMRWXVYQIRXEPMR
MRMXMEXMRKERHMQTPIQIRXMRKZEVMSYWTVSKVEQWSJXLIGSQTER]
1V 1YLEQQEH -QVER /LER NSMRIH XLI &SEVH SR  1E]  ,I MW GYVVIRXP] WIVZMRK EW RSR
I\IGYXMZIHMVIGXSVSR,YWIMR7YKEVW&SEVHSJ(MVIGXSVWERHEWXLI1IQFIVSJXLI&SEVHW%YHMX
'SQQMXXII1V/LERWGSRXVMFYXMSRWXSXLIGSQTER]EVISJXLIYXQSWXMQTSVXERGI1V/LERWIVZIW
EW')3*SYRHIVSJ7YPI-RXIVREXMSREPERHFVMRKWMRWIZIVEP]IEVWSJI\TIVMIRGIMRGSQQSHMXMIW
XVEHMRKHSQIWXMGERHMRXIVREXMSREPP],I[EW'S*SYRHIVSJ%QFIV6SEH8VEHMRK'S2I[=SVO[MXL
057$8),4$+0('.+$1
JSGYWSRXVEHMRKFIX[IIR7SYXL)EWX%WME2SVXL%QIVMGEERH)RKPERH1V/LEREPWSWIVZIWSRXLI
-2()4)2()28(-6)'836
FSEVHSJ%HQE\MQEKPSFEPHMKMXEPEHZIVXMWMRKXIGLRSPSK]GSQTER]1V/LERLSPHWEFEGLIPSVŭW
HIKVIIJVSQ+SZX'SPPIKI0ELSVI4EOMWXER ERHLEWGSQTPIGXIHE&YWMRIWW1EREKIQIRXERH
1EVOIXMRK'IVXMƤGEXMSRJVSQXLI9RMZIVWMX]SJ'EPMJSVRME0SWW%RKPIW
1V /LER MW E LMKLP] HIGSVEXIH I\IGYXMZI SJ 4EOMWXERW TLEVQEGIYXMGEP MRHYWXV] 7IVZMRK EW XLI
MRHITIRHIRXHMVIGXSVSR,YWIMR7YKEVW&SEVHSJ(MVIGXSVWERHEWXLI'LEMVQERSJXLI&SEVHW
%YHMX 'SQQMXXII 1V /LERW GSRXVMFYXMSRW XS XLI GSQTER] EVI SJ XLI YXQSWX MQTSVXERGI ,I
TYVWYIHLMWLMKLIVIHYGEXMSREXXLI9RMZIVWMX]SJ)\IXIV[LIVILI[EWVI[EVHIH[MXLE&EGLIPSVWSJ
7GMIRGI(IKVIIMR)GSRSQMGW1V/LERMWEPWSEHMVIGXSVSJ,MKLRSSR0EFSVEXSVMIW0XHSRISJ
4EOMWXERWPEVKIWXTLEVQEGIYXMGEPQERYJEGXYVIVW,IMWEPWSXLI'LMIJ)\IGYXMZI3JƤGIVSJ'YVI\E
,IEPXL 4ZX 0XH E [LSPP] S[RIH WYFWMHMEV] SJ ,MKLRSSR 0EFW %JXIV GSQTPIXMRK XLI RIGIWWEV]

 
  

 3VKERSKVEQ

&SEVHSJ(MVIGXSVW

%YHMX'SQQMXXII 'LMIJ)\IGYXMZI3JJMGIV

)\IGYXMZI(MVIGXSV

'LMIJ3TIVEXMRK3JJMGIV

6IWMHIRX(MVIGXSV
'LMIJ*MRERGMEP3JƤGIV
1MPPW

+IRIVEP1EREKIV +IRIVEP1EREKIV
'SQTER]7IGVIXEV] *MRERGI %GGSYRXW 3TIVEXMSRW %KVMGYPXYVI

+1 1IGLERMGEP %HQMRMWXVEXMSR

-RXIVREP%YHMX -RJSVQEXMSR8IGLRSPSK] 'ERI 'MZMP(ITEVXQIRX 7IGYVMX] 5YEPMX]'SRXVSP 4YVGLEWI
7EPIW (ITEVXQIRX ,YQE6IWSYVGIW

)PIGXVMGEP
+SHS[R (ITEVXQIRX

'LIQMGEP
7EPIW (ITEVXQIRX

-RWXVYQIRX
0EF (ITEVXQIRX

 
  

 +86(,168*$50,//6/,0,7('
127,&(2)0((7,1*

2SXMGIMWLIVIF]KMZIRXLEXRH%RRYEP+IRIVEP1IIXMRKSJXLIGSQTER][MPPFILIPHSR;IRIWHE]
XLIRH*IFVYEV]EX%1EXMXW6IKMWXIVIH3JƤGI%)3PH*''+YPFIVK---0ELSVIXS
XVERWEGXXLIJSPPS[MRKFYWMRIWW

2SXMGISJ%RRYEP 8SVIGIMZIGSRWMHIVERHEHSTXXLIERRYEPEYHMXIH*MRERGMEP7XEXIQIRXWJSVXLI]IEVIRHIHXL

+IRIVEP1IIXMRK
7ITXIQFIVXSKIXLIV[MXL(MVIGXSVWERH%YHMXSVW6ITSVXWXLIVISR
8SETTSMRX%YHMXSVWJSVXLI]IEVIRHMRKXL7ITXIQFIVERHXSƤ\XLIMVVIQYRIVEXMSR8LI
&SEVHSRXLIVIGSQQIRHEXMSRSJ%YHMX'SQQMXXIILEWTVSTSWIHXLIETTSMRXQIRXSJ1W/MVWXIR
,]HIV&LMQNM
'SQTER]'LEVXIVIH%GGSYRXERXW0ELSVI8LIVIXMVMRK%YHMXSVWFIMRKIPMKMFPILEZI
SJJIVIHXLIQWIPZIWJSVVIETTSMRXQIRX
8SXVERWEGXER]SXLIVFYWMRIWW[MXLXLITIVQMWWMSRSJGLEMV

$Q\2WKHU%XVLQHVV
8SXVERWEGXER]SXLIVFYWMRIWW[MXLXLITIVQMWWMSRSJGLEMV

0ELSVI*IFVYEV] &=36()63*8,)&3%6(

.KDOLG0DKPRRG
'SQTER]7IGVIXEV]

 
  

 1RWHV

%RRN&ORVXUH %)RU$SSRLQWLQJ3UR[LHV 5(48(67)259,'(2&21)(5(1&()$&,/,7<

8LI 7LEVI8VERWJIV &SSOW SJ XLI 'SQTER] [MPP D -R GEWI SJ MRHMZMHYEPW XLI EGGSYRX LSPHIV
VIQEMR GPSWIH JVSQ  *IFVYEV]  XS  -;I1IWWVWCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCSJCCCCCCCCCCCCCCCCCCCCFIMRK1IQFIVW SJ
ERHSV WYFEGGSYRX LSPHIV ERH XLIMV
*IFVYEV]  FSXL HE]W MRGPYWMZI  8VERWJIVW ,YWIMR7YKEV1MPPW0MQMXIHLSPHIVSJCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCSVHMREV]WLEVIW EWTIV
VIKMWXVEXMSR HIXEMPW EVI YTPSEHIH EW TIV XLI
VIGIMZIH MR SVHIV EX XLI SJƤGI SJ SYV 7LEVI *SPMSCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCERHSV'('4EVXMGMTERX-(
7YF%GGSYRX2SCCCCCC
'('6IKYPEXMSRWWLEPPWYFQMXXLITVS\]JSVQ
6IKMWXVEV 'SVT 8IG %WWSGMEXIW 4ZX  0MQMXIH LIVIF]STXJSVZMHISGSRJIVIRGIJEGMPMX]EXCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCGMX]
EWTIVEFSZIVIUYMVIQIRXW
) .SLEV 8S[R 0ELSVI F] XLI GPSWI SJ
E8LITVS\]JSVQWLEPPFI[MXRIWWIHF]X[S
FYWMRIWWSR*IFVYEV][MPPFIXVIEXIHMR CCCCCCCCCCCCCCCCCCCCCCCCCCCC
TIVWSRW[LSWIREQIWEHHVIWWIWERH'2-'
XMQIJSVXLITYVTSWISJEXXIRHMRKWTIEOMRKERH
RYQFIVWWLEPPFIQIRXMSRIHSRXLIJSVQ 7MKREXYVISJXLI1IQFIVW
ZSXMRKEXXLIQIIXMRK
F%XXIWXIHGSTMIWSJXLI'2-'SVXLITEWWTSVX
SJ FIRIƤGMEP S[RIVW ERH XLI TVS\] WLEPP FI
%QIQFIVIRXMXPIHXSEXXIRHERHZSXIEXXLMW JYVRMWLIH[MXLXLITVS\]JSVQ
QIIXMRK QE] ETTSMRX ER] SXLIV QIQFIV EW &KDQJHRI$GGUHVV
LMWLIV TVS\] XS EXXIRH ERH ZSXI MRWXIEH SJ G8LITVS\]WLEPPTVSHYGILMWSVMKMREP'2-'SV
SVMKMREPTEWWTSVXEXXLIXMQISJXLI1IIXMRK 8LIQIQFIVWEVIEPWSVIUYIWXIHXSRSXMJ]GLERKIMRXLIMVEHHVIWWMJER]XSSYV7LEVI6IKMWXVEV
LMQLIV % TVS\] QYWX FI E QIQFIV SJ XLI 8VERWJIV%KIRX1W'SVT8IG%WWSGMEXIW4ZX 0MQMXIH).SLEV8S[R0ELSVI
'SQTER] H -R GEWI SJ GSVTSVEXI IRXMX] XLI &SEVHW
VIWSPYXMSRTS[IV SJ EXXSVRI] [MXL WTIGMQIR
WMKREXYVI WLEPP FI JYVRMWLIH YRPIWW MX LEW
 8LI MRWXVYQIRX ETTSMRXMRK E TVS\] ERH XLI FIIRTVSZMHIHIEVPMIV EPSRK[MXLTVS\]JSVQXS
TS[IVSJEXXSVRI]SVSXLIVEYXLSVMX]YRHIV[LMGL XLI'SQTER]
MX MW WMKRIH SV E RSXEVMEPP] EXXIWXIH GST] SJ XLI
TS[IV SJ EXXSVRI] QYWX FI HITSWMXIH EX XLI
6IKMWXIVIH 3JƤGI SJ XLI 'SQTER] EX PIEWX  5HTXHVWIRU9LGHR&RQIHUHQFH)DFLOLW\
LSYVWFIJSVIXLIXMQISJXLIQIIXMRK -RXIVQSJ7)'4W'MVGYPEV2SSJHEXIH
1E]VIEH[MXLXLITVSZMWMSRWGSRXEMRIH
1IQFIVW[LSLEZIHITSWMXIHXLIMVWLEVIWMRXS YRHIV WIGXMSR  F  SJ XLI %GX MJ XLI
'IRXVEP(ITSWMXSV]'SQTER]SJ4EOMWXER0MQMXIH 'SQTER] VIGIMZIW VIUYIWX HIQERH JVSQ
Ű'('ű  [MPP JYVXLIV LEZI XS JSPPS[ XLI YRHIV QIQFIVW LSPHMRK MR EKKVIKEXI   SV QSVI
QIRXMSRIH KYMHIPMRIW EW PEMH HS[R F] XLI WLEVILSPHMRKVIWMHMRKEXEKISKVETLMGEPPSGEXMSR
7IGYVMXMIW ERH )\GLERKI 'SQQMWWMSR SJ XS TEVXMGMTEXI MR XLI QIIXMRK XLVSYKL ZMHIS
4EOMWXER GSRJIVIRGIEXPIEWXHE]WTVMSVXSXLIHEXISJ
QIIXMRK XLI 'SQTER] [MPP EVVERKI ZMHIS
$)RU$WWHQGLQJWKH0HHWLQJ GSRJIVIRGI JEGMPMX] MR XLEX GMX] WYFNIGX XS
D -R GEWI SJ -RHMZMHYEPW XLI EGGSYRX LSPHIV EZEMPEFMPMX]SJWYGLJEGMPMX]MRXLEXGMX]
ERHSV WYFEGGSYRX LSPHIV ERH XLIMV -RXLMWVIKEVHTPIEWIƤPPXLIJSPPS[MRKJSVQERH
VIKMWXVEXMSR HIXEMPW EVI YTPSEHIH EW TIV XLI WYFQMXXSVIKMWXIVIHEHHVIWWSJXLI'SQTER]
'(' 6IKYPEXMSRW WLEPP EYXLIRXMGEXI LMWLIV HE]W FIJSVI LSPHMRK SJ XLI %RRYEP +IRIVEP
MHIRXMX]F]WLS[MRKLMWLIVSVMKMREP'2-'SV 1 I I X M R K   % + 1   % J X I V  V I G I M Z M R K  X L I
SVMKMREP4EWWTSVXEXXLIXMQISJEXXIRHMRKXLI VIUYIWXHIQERH SJ QIQFIVW LEZMRK   SV
1IIXMRK QSVI WLEVILSPHMRK MR EKKVIKEXI XLI 'SQTER]
E -R GEWI SJ GSVTSVEXI IRXMX] XLI &SEVHW [MPPMRXMQEXIQIQFIVWVIKEVHMRKZIRYISJZMHIS
VIWSPYXMSRTS[IV SJ EXXSVRI] [MXL WTIGMQIR GSRJIVIRGI JEGMPMX] EX PIEWX ƤZI   HE]W FIJSVI
WMKREXYVI SJ XLI RSQMRII WLEPP FI TVSHYGIH X L I  H E X I  S J  % + 1  E P S R K  [ M X L  G S Q T P I X I
YRPIWW MX LEW FIIR TVSZMHIH IEVPMIV  EX XLI MRJSVQEXMSRRIGIWWEV]XSIREFPIXLIQXSEGGIWW
XMQISJXLI1IIXMRK WYGLJEGMPMX]

 
  

 8IEQ1EREKIQIRX
0U*XO=DPLQ6DLG.KDQ
%WWMWXERX+IRIVEP1EREKIV%HQMRMWXVEXMSRERH
,YQER6IWSYVGIW
0U,TEDO6RGDJDU
(ITYX]+IRIVEP1EREKIV)PIGXVMGEP

0U=DKLG0DKPRRG
7IRMSV1EREKIV*MRERGIERH%GGSYRXW

0U-DODO8G'LQ.KDQ
,IEHSJ-RXIVREP%YHMX

0U.KDOLG&KDWWD
(ITYX]+IRIVEP1EREKIV4YVGLEWI

0U.KDOLG0DKPRRG
'SQTER]7IGVIXEV]

0U$]KHU)D]DO
+IRIVEP1EREKIV3TIVEXMSRW

0U6RKDLO$NEHU
%WWMWXERX+IRIVEP1EREKIV4VSHYGXMSR

0U:DVHHP$KPDG*KDIRRU
6IWMHIRX(MVIGXSV

0DM50XKDPPDG$QZDU
1EREKIV7IGYVMX]

5DQD$OL$VJKDU
+IRIVEP1EREKIV%KVMGYPXYVI

0U6KDK1DZD]
(ITYX]+IRIVEP1EREKIV'ERI

0XKDPPDG0XGDVVDU$KVDQ
+IRIVEP1EREKIV,IEH3JƤGI

0U6DHHG$QZDU
%WWMWXERX+IRIVEP1EREKIV8IGLRMGEP

0U6KHUH<D]GDQ.KDQ 0IJXXS6MKLX
1EREKIV5YEPMX]'SRXVSP

0U0XKDPPDG6DGLT6DELU
7IRMSV'LMIJ)RKMRIIV-RWXVYQIRXW

 
  

 05:$6,06$/((0
',-)*34)6%8-2+
*-2%2'-%03**-')6

1V;EWMQ7EPIIQMWXLI'LMIJ*MRERGMEP3JƤGIVSJXLI'SQTER],IHMHLMWQEWXIVWMR&YWMRIWW
%HQMRMWXVEXMSR,IMWEQIQFIVSJ-RWXMXYXISJ'SWXERHQEREKIQIRX%GGSYRXERXWSJ4EOMWXERERH
-RWXMXYXISJ&EROIVWMR4EOMWXER&IWMHIWEXXIRHMRKQER]WIRMSVI\IGYXMZIQEREKIQIRXGSYVWIW
LI LEW HMZIVWMƤIH I\TIVMIRGI SJ SZIV XLMVX] ]IEVW EX WIRMSV QEREKIQIRX PIZIP MR HIZIPSTQIRX

4VSƤPISJXLI FEROMRKERHWYKEVMRHYWXV]4VMSVXSNSMRMRK,YWIMR7YKEV1MPPW0MQMXIH,ILEW[SVOIH[MXLXLI
2(*'ERH%WLVEJ7YKEV1MPPW0MQMXIH

/I]1EREKIQIRX
0508+$00$'08'$66$5$+6$1
+)2)6%01%2%+)6,)%(3**-')

1V1YLEQQEH1YHEWWEV%LWERMW[SVOMRKMR,YWIMR7YKEV1MPPW0MQMXIHEW+IRIVEP1EREKIV
,IEH3JƤGI ,ILEWQSVIXLER]IEVWI\TIVMIRGISJWYKEVMRHYWXV],IVIQEMRIHSRXLI&SEVHSJ
XLI,YWIMR7YKEV1MPPW0MQMXIHMR,IKSXLMW1EWXIVWMR&YWMRIWW%HQMRMWXVEXMSR1&%
1EVOIXMRK JVSQ9RMZIVWMX]SJ1EREKIQIRXERH7GMIRGI0ELSVIMREPSRK[MXL(MTPSQEWMR
)\TSVX1EVOIXMRK1EREKIQIRXERH'SQTYXIV%TTPMGEXMSRW,IEXXIRHIH*MRERGMEP1EREKIQIRX
'SYVWIWJVSQ0ELSVI9RMZIVWMX]SJ1EREKIQIRX7GMIRGIW0917 

05.+$/,'0$+022'
'314%2=7)'6)8%6=

1V/LEPMH1ELQSSHLEWFIIR[SVOMRKMR,YWIMR7YKEV1MPPW0MQMXIHEWXLI'SQTER]7IGVIXEV],I
LEWFIIREWWSGMEXIH[MXLXLI'SQTER]WMRGI1V/LEPMHMWEWWSGMEXIQIQFIVSJ-RWXMXYXISJ
'LEVXIVIH7IGVIXEVMIWSJ4EOMWXER-'74 [LSLEW,IMWEPWS%WWSGMEXI1IQFIVSJ-RWXMXYXISJ
'SVTSVEXI7IGVIXEVMIWSJ4EOMWXER-'71 ,IKSXLMW1EWXIVWMR&YWMRIWW%HQMRMWXVEXMSR1&% 
JVSQ:MVXYEP9RMZIVWMX]SJ4EOMWXER0ELSVIMR,IMWHSRI'%*JVSQXLI-RWXMXYXISJ'LEVXIVIH
%GGSYRXERXW SJ 4EOMWXER -'%4  ,I LEW GSQTPIXI GSQQERH SZIV KSSH GSVTSVEXI WIGVIXEVMEP
TVEGXMGIWERHZIV]GSQTIXIRXTVSJIWWMSREPKVMTSREPPETTPMGEFPIPE[WXSIRWYVIGSQTPMERGIXLIVIXS
ERHXSEHSTXKSSHGSVTSVEXIKSZIVRERGITVEGXMGIW

 
  

 05:$6((0$+0('*+$)225
6)7-()28(-6)'836

1V;EWIIQ%LQIH+LEJSSVMWXLI6IWMHIRX(MVIGXSVSJXLIGSQTER],INSMRIH,YWIMR7YKEV1MPPW
MR,ILEWHSRIQEWXIVWMR'LIQMWXV]JVSQXLI9RMZIVWMX]SJ%KVMGYPXYVEP*EMWEPEFEH,ILEW
]IEVWSJTVEGXMGEPI\TIVMIRGIMRWYKEVMRHYWXV],IMWFIMRKEWWMWXIHF]EHIUYEXIP]UYEPMƤIHERH[IPP
I\TIVMIRGIHXIEQSJXIGLRMGEPTIVWSRWMRXLIƤIPHWSJGLIQMGEPTVSGIWWMRKQIGLERMGEPIPIGXVMGEP
ERHMRWXVYQIRXWIRKMRIIVMRK

5$1$$/,$6*+$5
+)2)6%01%2%+)6%+6-'90896)

6ERE%PM%WKLEVLEW[SVOIHJSV,YWIMR7YKEVJSVEXSXEPSJWM\]IEVWFIX[IIRXSHEXI8LI
9RMZIVWMX]SJ%KVMGYPXYVIMR*EMWEPEFEHVI[EVHIH1V%WKLEV[MXLE1EWXIVWHIKVIIMR1V
%WKLEVLEWFIIRMRWXVYQIRXEPMRXLIMRRSZEXMSRERHHIZIPSTQIRXSJXLI'ERI4VSGYVIQIRXERH
'ERI(IZIPSTQIRXHITEVXQIRXEXXLIGSQTER]

05$=+(5)$=$/
+)2)6%01%2%+)6ũ34)6%8-327

1V%^LIV*E^EPLEWFIIRETEVXSJXLI,YWIMRXIEQWMRGI1V%^LIV*E^EPGSQTPIXIHLMW
LMKLIVIHYGEXMSREXXLI9RMZIVWMX]SJ)RKMRIIVMRKERH8IGLRSPSK][LIVILI[EWVI[EVHIH[MXLE
HIKVII MR 1IGLERMGEP )RKMRIIVMRK 1V *E^EP MW EPWS E GIVXMƤIH IRKMRIIV JVSQ XLI 4EOMWXER
)RKMRIIVMRK'SYRGMP1V%^LIVWRYQIVSYWGSRXVMFYXMSRWMRXLIXIGLRMGEPSTIVEXMSRWSJXLITPERX
LEZIFIIRMRWXVYQIRXEPMRXLISTIVEXMRKWYGGIWWSJXLIGSQTER]

 
  

 +86(,168*$50,//6/,0,7('
.(<23(5$7,1*$1'),1$1&,$/'$7$

23(5$7,1*'$7$       

'ERI'VYWLIH18SRW       

7YKEVTVSHYGIHJVSQ7YKEV'ERI18SRW       

%ZIVEKI6IGSZIV]JVSQ7YKEVGERI       

2YQFIVSJHE]W[SVOIH       

/I]3TIVEXMRKERH 5XSHHVLQ


*MRERGMEP(EXE ),1$1&,$/'$7$
7EPIW       

+VSWW4VSƤX0SWW       

3TIVEXMRK4VSƤX0SWW       

4VSƤX0SWW FIJSVIXE\EXMSR       

8E\EXMSR       

4VSƤX0SWW EJXIVXE\EXMSR       

)EVRMRK0SWW TIVWLEVI6YTIIW       

8SXEP%WWIXW       

'YVVIRX0MEFMPMXMIW       

&DSLWDO(PSOR\HG       

5(35(6(17('%<
7LEVI'ETMXEP       

6IWIVZIW       

%GGYQYPEXIH0SWW       

6KDUHKROGHUV
(TXLW\       

121&855(17/,$%,/,7,(6
0MEFMPMXMIWEKEMRWXEWWIXWWYFNIGXXSƤRERGIPIEWI       

0SRKXIVQƤRERGMRK       

0SRKXIVQHITSWMXW       

(IJIVVIHMRGSQIXE\PMEFMPMX]       

      

 
  

 8LI&SEVH%YHMX'SQQMXXII&%' MWKSZIVRIHF]XLIQERHEXIKMZIRXSMXF]XLI&SEVHSJ(MVIGXSVWMR
GSQTPMERGISJXLI'SHISJ'SVTSVEXI+SZIVRERGI-XMWEZMXEPTPEXJSVQXSIRWYVIXLIXVERWTEVIRG]SJ
ƤRERGMEPVITSVXMRKERHMWGVMXMGEPJSVXLIIJƤGMIRXIJJIGXMZIRIWWSJXLIGSQTER]WSFNIGXMZIW
8LI&%'EWWMWXWXLI&SEVHMRWGVYXMRM^MRKXLIƤRERGMEPERHRSRƤRERGMEPMRJSVQEXMSRERHQEMRXEMRMRK
ERMRHITIRHIRXGLIGOSRXLIEGXMZMXMIWSJXLIQEREKIQIRX-XEPWSWIVZIWEWETPEXJSVQXSIZEPYEXI
EWWIWERHQSRMXSVMRXIVREPGSRXVSPWGSQTPMERGIERHQEREKIVMWOW
7KH%RDUG$XGLW&RPPLWWHHFRPSULVHVRIWKUHHPHPEHUV

(MVIGXSVW2EQIW 7XEXYW 'EXIKSV]

6ITSVX3J8LI&SEVH 1V8EYƤU%LQEH/LER

1V%LQIH%PM8EVMU
-RHITIRHIRX(MVIGXSV

2SR)\IGYXMZI(MVIGXSV
'LEMVQER

1IQFIV

%YHMX'SQQMXXII 1V1YLEQQEH-QVER/LER 2SR)\IGYXMZI(MVIGXSV 1IQFIV

%PP XLI QIQFIVW LEZI I\XIRWMZI ORS[PIHKI ERH I\TIVMIRGI MR XLI ƤIPHW SJ ƤRERGI EGGSYRXMRK
GSRXVSPWERHW]WXIQWQEREKIQIRX
8LI &%' XEOIW MRXS EGGSYRX MRJSVQEXMSR JVSQ ZEVMSYW WSYVGIW WYGL EW FM[IIOP] VITSVXW JVSQ
QEREKIQIRXMRXIVREPEYHMXSVWVITSVXI\XIVREPEYHMXSVWVITSVXEQSRKSXLIVWSYVGIW8LI&%'MW
IQTS[IVIH XS MRZMXI ERH UYIWXMSR ER] TIVWSR JVSQ QEREKIQIRX EW ERH [LIR VIUYMVIH JSV XLI
TYVTSWIWMXLEWFIIREYXLSVM^IHXSWGVYXMRM^IF]XLI&SEVHSJ(MVIGXSVW
(YVMRK*=8LI&SEVH%YHMX'SQQMXXIIQIXJSYVXMQIW8LI'LMIJ*MRERGMEP3JƤGIVERHXLI,IEHSJ
-RXIVREP %YHMX EVI VIKYPEV TEVXMGMTERXW SJ XLI QIIXMRK8LI &%' EPWS QIIXW I\XIVREP ERH MRXIVREP
EYHMXSVWMRHITIRHIRXP]SRGIE]IEV
8LIXIVQWSJ&%'EVITVIGMWIP]HIƤRIHF]XLI&SEVH8LI'SQQMXXIIQSRMXSVWMRGPYHMRKSXLIVXLMRKW

-RXIVREP'SRXVSPW
6MWO1EREKIQIRX
-RXIKVMX]SJ*MRERGMEP-RJSVQEXMSR
-RXIVREP%YHMX6ITSVX
%YHMX3FWIVZEXMSRW
'SQTPMERGI[MXL%TTPMGEFPI0E[W
%WWIWWMRKEGGSYRXMRK
ƤRERGMEPIWXMQEXIWGLERKIWMREGGSYRXMRKTSPMGMIWERHGSQTPMERGI[MXL
WXERHEVHW
6IGSQQIRHEXMSR SJ )\XIVREP %YHMXSVW %TTSMRXQIRX FEWIH SR MRHITIRHIRGI MRXIKVMX] ERH
WEXMWJEGXSV]VEXMRK[MXL-'%4

8LI&SEVH%YHMX'SQQMXXIILEWVIZMI[IHXLITIVJSVQERGIERHSTIVEXMSRWSJXLI'SQTER]JSVXLI
]IEVIRHIH7ITXIQFIVERHVITSVXWXLEX

 
  

 -RXIVREPGSRXVSPWSJXLIGSQTER]EVIWSYRHERHEVI[SVOMRKTVSTIVP]
(ITEVXQIRXWSJXLIGSQTER]EVI[SVOMRKMRPMRI[MXLGSQTER]SFNIGXMZIW
6IGSVHWEVIQEMRXEMRIHMREGGSVHERGI[MXLETTPMGEFPIPE[WERHVIKYPEXMSRW
*MRERGMEPWXEXIQIRXWEVIMRGSRJSVQMX][MXLETTPMGEFPIPE[WERHVIKYPEXMSRW
'SHISJ'SVTSVEXI+SZIVRERGIMWJSPPS[IH
6IGSQQIRHIHXLITVIWIRXEYHMXSVW17/MVWXIR,]HIV&LMQNM
'S'LEVXIVIH%GGSYRXERXWJSV
VIETTSMRXQIRXJSV]IEVIRHMRK7ITXIQFIV

7DXILT$KPDG.KDQ
'LEMVQER
%RDUG$XGLW&RPPLWWHH
6JG$QCTF#WFKV%QOOKVVGG
$#%
KUCXKVCNRNCVHQTOVQGPUWTGVJG
VTCPURCTGPE[QHƒPCPEKCNTGRQTVKPI

 
  

 0MWXIH FIPS[ EVI XLI VIWTSRWMFMPMXMIW SJ XLI PIEHIVWLMT SJ XLI FYWMRIWW ERH QEREKMRK MX
'LEMVQERERHXLI'LMIJ)\IGYXMZI3JƤGIVSJXLI [MXLMRXLIEYXLSVMXMIWHIPIKEXIHF]XLI&SEVH-R
'SQTER] TEVXMGYPEVLI[MPP
&+$,50$1   ( I Z I P S T  W X V E X I K ]  T V S T S W E P W  J S V
8LI'LEMVQERMWVIWTSRWMFPIJSVXLIPIEHIVWLMTSJ VIGSQQIRHEXMSR XS XLI &SEVH ERH IRWYVI XLEX
XLI&SEVH-RTEVXMGYPEVLI[MPP EKVIIHWXVEXIKMIWEVIVIƥIGXIHMRXLIFYWMRIWW
)RWYVIIJJIGXMZISTIVEXMSRSJXLI&SEVHERHMXW (IZIPSTERRYEPTPERWGSRWMWXIRX[MXLEKVIIH
GSQQMXXIIW MR GSRJSVQMX] [MXL XLI LMKLIWX WXVEXIKMIW JSV TVIWIRXEXMSR XS XLI &SEVH JSV
WXERHEVHWSJGSVTSVEXIKSZIVRERGI WYTTSVX

6SPIW%RH6IWTSRWMFMPMXMIW  )RWYVI IJJIGXMZI GSQQYRMGEXMSR [MXL 4PERLYQERVIWSYVGIWXVEXIKMIWXSIRWYVIXLEX

WLEVILSPHIVW XLI'SQTER]LEWXLIGETEFMPMXMIWERHVIWSYVGIW

3JXLI'LEMVQER%RHXLI  7IX XLI EKIRHE SJ &SEVH HMWGYWWMSRW XS

VIUYMVIHXSEGLMIZIMXWTPERW
TVSQSXI GSRWXVYGXMZI HIFEXI ERH IJJIGXMZI (IZIPST ER SVKERM^EXMSREP WXVYGXYVI ERH

'LMIJ)\IGYXMZI3JƤGIV HIGMWMSRQEOMRK IWXEFPMWLTVSGIWWIWERHW]WXIQWXSIRWYVIXLI

IJƤGMIRXSVKERM^EXMSRSJVIWSYVGIW
 'LEMV XLI 2SQMREXMSRW 'SQQMXXII ERH FYMPH
ERIJJIGXMZIERHGSQTPIQIRXEV]&SEVHMRMXMEXMRK  &I VIWTSRWMFPI XS XLI &SEVH JSV XLI
GLERKIERHTPERRMRKWYGGIWWMSRSR&SEVHERH TIVJSVQERGI SJ XLI FYWMRIWW GSRWMWXIRX [MXL
)\IGYXMZIETTSMRXQIRXW EKVIIHTPERWWXVEXIKMIWERHTSPMGMIW
)RWYVIXLEXEPP&SEVHGSQQMXXIIWEVITVSTIVP]  0IEH XLI I\IGYXMZI XIEQ MRGPYHMRK XLI
IWXEFPMWLIHGSQTSWIHERHSTIVEXIH HIZIPSTQIRX SJ TIVJSVQERGI GSRXVEGXW ERH
ETTVEMWEPW
)RWYVIGSQTVILIRWMZIMRHYGXMSRTVSKVEQWJSV
RI[HMVIGXSVWERHYTHEXIWJSVEPPHMVIGXSVWEWERH  )RWYVI XLEX ƤRERGMEP VIWYPXW FYWMRIWW
[LIRRIGIWWEV] WXVEXIKMIW ERH [LIVI ETTVSTVMEXI XEVKIXW ERH
QMPIWXSRIWEVIGSQQYRMGEXIHXSXLIMRZIWXSVW
  7 Y T T S V X  X L I  ' L M I J  ) \ I G Y X M Z I  M R  X L I
HIZIPSTQIRX SJ WXVEXIK] ERH QSVI FVSEHP] XS    ( I Z I P S T  E R H  T V S Q S X I  I J J I G X M Z I
WYTTSVXERHEHZMWIXLI'LMIJ)\IGYXMZI GSQQYRMGEXMSR[MXLWLEVILSPHIVW
1EMRXEMREGGIWWXSWIRMSVQEREKIQIRXEWMW  )RWYVI XLEX FYWMRIWW TIVJSVQERGI MW
RIGIWWEV]ERHYWIJYPFYXRSXMRXVYHISRXLI'LMIJ GSRWMWXIRX[MXLXLI&YWMRIWW4VMRGMTPIW
)\IGYXMZIWVIWTSRWMFMPMXMIW )RWYVIXLEXVSFYWXQEREKIQIRXWYGGIWWMSR
  4 V S Q S X I  I J J I G X M Z I  V I P E X M S R W L M T W  E R H ERH QEREKIQIRX HIZIPSTQIRX TPERW EVI MR
GSQQYRMGEXMSRW FIX[IIR RSRI\IGYXMZI TPEGIERHTVIWIRXIHXSXLI&SEVHJVSQXMQIXS
HMVIGXSVW)\IGYXMZIHMVIGXSVW XMQI
)RWYVIXLEXXLITIVJSVQERGISJXLI&SEVHMXW (IZIPSTTVSGIWWIWERHWXVYGXYVIWXSIRWYVI
QEMR GSQQMXXIIW ERH MRHMZMHYEP HMVIGXSVW MW XLEX GETMXEP MRZIWXQIRXTVSTSWEPW EVI VIZMI[IH
JSVQEPP]IZEPYEXIHSRERERRYEPFEWMW XLSVSYKLP] ERH XLEX EWWSGMEXIH VMWOW EVI
MHIRXMƤIHERHETTVSTVMEXIWXITWXEOIRXSQEREKI
4VIWMHISZIVEPPXLI&3(QIIXMRKWERH%+1 XLIVMWOW
(IGPEVIVIWYPXWSJXLIQIIXMRKW[LIVIVIWYPX (IZIPSTERHQEMRXEMRERIJJIGXMZIJVEQI[SVO
FEWIHSRWLS[SJLERHWSJ+IRIVEP1IIXMRK SJ MRXIVREP GSRXVSPW SZIV VMWO MR VIPEXMSR XS EPP
7MKRXLIQMRYXIWSJQIIXMRKWSJXLI&SEVH3J FYWMRIWW EGXMZMXMIW MRGPYHMRK XLI 'SQTER]W
(MVIGXSVWERHXLI%RRYEP+IRIVEP1IIXMRK XVEHMRKEGXMZMXMIW
   ) W X E F P M W L  E  L E V Q S R M S Y W  E R H  S T I R  )RWYVI XLEX XLI ƥS[ SJ MRJSVQEXMSR XS XLI
VIPEXMSRWLMT[MXLXLI'LMIJ)\IGYXMZI3JƤGIVERH &SEVHMWEGGYVEXIXMQIP]ERHGPIEV
1EREKIQIRX )WXEFPMWLEGPSWIVIPEXMSRWLMTSJXVYWX[MXLXLI
&+,()(;(&87,9(2)),&(5 'LEMVQERVITSVXMRKOI]HIZIPSTQIRXWXSLMQMR
8LI 'LMIJ )\IGYXMZI 3JƤGIV MW VIWTSRWMFPI JSV EXMQIP]QERRIVERHWIIOMRKEHZMGIERHWYTTSVX
EWETTVSTVMEXI

 
  

 'HDU6KDUHKROGHUV
-X MW E KVIEX LSRSV ERH TVMZMPIKI XS EHHVIWW Q] XLI TSPMG] SJ LMVMRK GETEFPI ERH QSXMZEXIH
JIPPS[MRZIWXSVWEXXLIGYPQMREXMSRSJ]IXERSXLIV MRHMZMHYEPWVI[EVHMRKLEVH[SVOERHTVSZMHMRK
ƤRERGMEP]IEV-XKMZIWQITPIEWYVIXSVITSVXXLEX TPEXJSVQW JSV TIVWSREP HIZIPSTQIRX -R XLMW

'LEMVQERŭW6IZMI[ ,YWIMR 7YKEV LEW NYWX GSRGPYHIH MXW ƤJX]SRI

]IEVWSJGSQQIVGMEPTVSHYGXMSR8LVSYKLSYXXLMW
TIVMSHXLIGSQTER]LEWRIZIVGSQTVSQMWIHSR
VIKEVHRSXSRP]EVI[IIRWYVMRKXLEXI\IGYXMZIW
YRHIVXEOI (MVIGXSVW 8VEMRMRK 4VSKVEQW MR
GSQTPMERGI [MXL XLI 'SHI SJ 'SVTSVEXI
MXW GSVI TLMPSWSTL] - [SYPH PMOI XS XEOI XLMW +SZIVRERGI FYX [I EVI EPWS TVSZMHMRK
STTSV XYRMX] XS VIEJƤVQ ]SYV GSQTER]W MRXIVRWLMTWXSEWTMVMRKIRKMRIIVWERHMRZIWXMRKMR
GSQQMXQIRXXSMXWTVMRGMTPIWFYWMRIWWJSVFIXXIV X L I  H IZI P S T Q I R X  S J  S Y V  Q E R E K I V W  E R H
PMJI VIWTIGX JSV LYQER HMKRMX] ERH MRZIWXQIRX I\IGYXMZIW XLVSYKLSYX XLI GSQTER] ;I
JSV E TVSWTIVSYW JYXYVI 7LEVILSPHIVW GERI GSRXMRYI XS IRWYVI GSQTPMERGI XS XLI 'SHI SJ
KVS[IVW GYWXSQIVW ƤRERGMEP MRWXMXYXMSRW 'SVTSVEXI +SZIVRERGI ERH [EVVERX XLI LMKLIWX
F Y W M R I W W  T E V X R I V W   , Y W I M R  I Q T P S ] I I W  TVSJIWWMSREPWXERHEVHWXLVSYKLSYXXLIGSQTER]
QEREKIQIRX ERH SXLIV WXEOILSPHIVW EVI XLI % G G S V H M R K P ]  [ I  L E Z I  H I Z I P S T I H  E R H
TMPPEVW XLEX SYV IGSW]WXIQ XLVMZIW YTSR %W MQTPIQIRXIH TSPMGMIW XS KYEVERXII XLI LMKLIWX
EP[E]W,YWIMR7YKEVGSRXMRYIWMXWYR[EZIVMRK WEJIX]LIEPXLERHIUYEPSTTSVXYRMX]WXERHEVHW
WYTTSVX JSV WYWXEMREFPI HIZIPSTQIRX ERH EX]SYVGSQTER]
VIQEMRW VIWSPYXI MR MXW GSQQMXQIRXW XS EPP MXW %XLSQIXLIQIEWYVIW[ILEZIXEOIRSZIVXLI
WXEOILSPHIVW PEWXJI[]IEVWXSTVSPMJIVEXILMKLWYGVSWIGSRXIRX
*SVXLIƤRERGMEP]IEVIRHIH7ITXIQFIV ZEVMIXMIWMRSYVVIKMSRLEZITEMHSJJ*SVRI\X]IEV
XLI&SEVHLEWNYHKIHXLISZIVEPPTIVJSVQERGISJ [I JSVIGEWX E SRIHIKVII VMWI MR SYV WYGVSWI
QEREKIQIRXEWWEXMWJEGXSV]ERHMRPMRI[MXLXLI VIGSZIV] *YVXLIVQSVI XLI IRXIVTVMWI VIWSYVGI
ZMWMSR WIX JSVXL F] XLI &SEVH 8LI SZIVEPP QEREKIQIRXWSJX[EVIXLEX[IMRGSVTSVEXIHLEW
EWWIWWQIRX EW WEXMWJEGXSV] MW FEWIH SR ER LIPTIHYWQMXMKEXIVMWOWERHIJJIGXMZIP]QSRMXSV
IZEPYEXMSR SJ MRXIKVEP GSQTSRIRXW WYGL EW XLI MQTPIQIRXEXMSR SJ TSPMGMIW ;I EVI
WXVEXIKMG TPERRMRK IJJIGXMZI ƤWGEP FYHKIXMRK GSRXMRYSYWP]MRXIKVEXMRKXLIPEXIWXXIGLRSPSKMIW
WYGGIWWJYP MQTPIQIRXEXMSR SJ TSPMGMIW XS SYV GSVI W]WXIQW 8LIWI TVSNIGXW EVI FIMRK
IRLERGIQIRX SJ W]WXIQW ERH STIVEXMSREP SZIVWIIRHMVIGXP]F]XLIWIRMSVQSWXI\IGYXMZIW
VIWYPXW ;SVOMRK MR E GSQTPIXIP] HMJJIVIRX SJSYVQEREKIQIRXXIEQ
IRZMVSRQIRX XLMW ]IEV XLI QEREKIQIRX SJ XLI %WXLIGSQTER]LEWKVS[RSZIVXLIPEWXƤJX]SRI
GSQTER]TYVWYIHEGSQTPIXIP]HMJJIVIRXWIPPMRK ]IEVW]SYVGSQTER]LEWIRWYVIHXLEXSYVPSGEP
WXVEXIK] 9RPMOI XLI EKKVIWWMZI WIPPMRK WXVEXIK] GSQQYRMX] LEW RSX FIIR PIJX FILMRH 3YV
YRHIVXEOIR MR XLI TVIZMSYW ]IEV XLMW ]IEV [I GSQQMXQIRX XS KMZMRK FEGO XS SYV GSQQYRMX]
LEZI WSPH GSRWIVZEXMZIP] ERH LIPH SRXS WXSGOW VIQEMRWVIWSPYXI3YV'76TVSNIGXWLEZIWIXXLI
JSVIWIIMRKEWYFWXERXMEPMRGVIEWIMRWYKEVTVMGIW FIRGLQEVO JSV SXLIV GSQTERMIW XS JSPPS[ 8LI
;MXLWYKEVTVMGIWƤREPP]VIGSZIVMRKXLMW]IEVXLI WGLSSPW ERH GSPPIKI EX SYV EWWSGMEXIH
Q E R E K I Q I R X W  H I G M W M S R  X S  T Y V W Y I  E R IHYGEXMSREP GSQTPI\ GSRXMRYI XS TVSZMHI XLI
GSRWIVZEXMZIWIPPMRKWXVEXIK]LEWIRWYVIHHIGIRX LMKLIWX WXERHEVH IHYGEXMSR XS QSVI XLER E
TVSƤXEFMPMX] XLSYWERHGLMPHVIRIZIV]]IEVJVSQ/MRHIVKEVXIR
;I GSRXMRYI XS PSSO XS[EVH RI[ EZIRYIW JSV XS 'SPPIKI 8LIWI TVSNIGXW LEZI GSRXMRYIH XS
WYWXEMREFPIKVS[XL8LIMRMXMEPWLMTQIRXSJWYKEV KVS[ ]IEV SR ]IEV ERH RI[ MRZIWXQIRXW LEZI
XLEX [I WIRX XS 2SVXL %QIVMGE PEWX ]IEV LEW TIVWMWXIRXP] FIMRK YRHIVXEOIR 3YV RSRTVSƤX
TVSZIR WYGGIWWJYP ,EZMRK FYMPH SR XLI LSWTMXEP GSRXMRYIW XS TVSZMHI LIEPXL GEVI XS
JSYRHEXMSRPEMHHS[RPEWX]IEVXLMW]IEV[ILEZI XLSYWERHW SJ TEXMIRXW -R XLI ]IEVW ELIEH [I
SRP]MRGVIEWIHSYVI\TSVXWXS'EREHE;ILEZI PSSOJSV[EVHXSMRMXMEXIRI[TVSNIGXWXSJEGMPMXEXI
EPWS FIKYR XS ETTVSEGL RI[ ZIRHSVW ERH XLIPSGEPGSQQYRMX]
VIRIKSXMEXI [MXL I\MWXMRK TEVXRIVW XS IRWYVI *VS Q  E  V I G S V H  P S [  M R  W Y K E V  T V M G I W   XS
ƤRERGMEPSTXMQM^EXMSR XIGLRSPSKMIWXLEXEVIHMWVYTXMRKXLI[E][IPMZI
8LIQEREKIQIRXEX,YWIMRGSRXMRYIWXSTYVWYI ERH[SVOXLMW]IEV[IEX,YWIMRLEZISZIVGSQI

 
  

 EGLEPPIRKMRKERHYRJEQMPMEVIRZMVSRQIRX-RXLMW %RRYEP+IRIVEP1IIXMRK
XSYKL IRZMVSRQIRX F] XLI KVEGI SJ %PPEL - EQ 3YVQEREKIQIRXLEW[SVOIHXVIQIRHSYWP]LEVH
LETT] XS LYQFP] VITSVX [I LEZI LEH ERSXLIV XSWXIIVXLIGSQTER]JVSQEXMQISJGVMWMWXSE
KSSH]IEV TPEGI [LIVI [I GER GSQJSVXEFP] I\TIGX
8LI GSRƤHIRGI SJ XLI WLEVILSPHIVW ERH SXLIV WYWXEMREFPI HIZIPSTQIRX KVS[XL ERH ƤRERGMEP
WXEOILSPHIVWMRXLIQEREKIQIRXERHXLIFSEVH WYGGIWWMRXLI]IEVWELIEH-[SYPHPMOIXSXEOI
LEW FIIR MRHMWTIRWMFPI MR TIVQMXXMRK XLI XLMW STTSV XYRMX] XS TPEGI SR VIGSVH Q]
GSQTER]XSIQFEVOSRERI[NSYVRI]JVSQEXMQI ETTVIGMEXMSR XS EPP WXEOILSPHIVW JSV XLIMV
SJ GVMWMW XS E TSWMXMSR [LIVI [I LEZI WSYRH GSRXMRYIH WYTTSVX -R TEVXMGYPEV - [SYPH PMOI XS
TVSWTIGXWJSVWYWXEMREFPIHIZIPSTQIRXKVIEXIV EGORS[PIHKIXLILEVH[SVOYRVIPIRXMRKIJJSVXW
ZEPYI GVIEXMSR ERH WXEFPI KVS[XL MR XLI ]IEVW ERH WXIEHJEWX HIHMGEXMSR SJ XLI IRXMVI ,YWIMR
ELIEH-PSSOJSV[EVHXS[IPGSQIEWQER]SJSYV XIEQERHPSSOJSV[EVHXSXLIWEQIGSSTIVEXMSR
WLEVILSPHIVW EW TSWWMFPI EX XLI JSVXLGSQMRK ERHGSQQMXQIRXMRXLIJYXYVI

8LERO]SY

0LDQ$KPHG$OL7DULT
'LEMVQER

 
  

 8LI&SEVHSJ(MVIGXSVWTPEGIFIJSVI]SYXLIERRYEPVITSVXSJXLI'SQTER]XSKIXLIV[MXLXLIEYHMXIH
EGGSYRXWJSVXLI]IEVIRHIH7ITXIQFIV8LI'SQTER]WTIVJSVQERGIJSVXLIGYVVIRXERH
PEWX]IEVMWKMZIRFIPS[

6(37(0%(5

34)6%8-327  

7YKEVGERIGVYWLIH18SRW  

7YKEVTVSHYGIH18SRW  

(MVIGXSVWŭ6ITSVX 1SPEWWIW4VSHYGIH18SRW

7YKEVVIGSZIV] EKI







5XSHHVLQ7KRXVDQG

*-2%2'-%0
7EPIW  

+VSWW4VSƤX  

3TIVEXMRK4VSƤX  

*MRERGI'SWX  

4VSƤX%JXIV8E\EXMSR  

)EVRMRKW4IV7LEVI6YTIIW   

 
  

 8LI(MVIGXSVWSJ]SYV'SQTER]JYPP]IRHSVWIXLI QMPPMSR8LIHITVIWWIHWYKEVTVMGIWXLEXGEVVMIH XLI [SVOMRK GSRHMXMSRW SJ SYV [SVOIVW XS XLER PEWX ]IEV *YV XLIVQSVI HYI XS XLI
'LEMVQERWVIZMI[JSVXLI]IEVIRHIH7ITXIQFIV XLVSYKLQSWXSJPEWX]IEVEVIXLITVMQEV]VIEWSR QEMRXEMR XLI LMKLIWX WEJIX] ERH LIEPXL YRJEZSVEFPI QEVOIX GSRHMXMSRW SJ XLI WYKEV
 JSVPS[IVTVSƤXEFMPMX] WXERHEVHW ;I EVI GSQQMXXIH XS TVSZMHMRK E WIGXSVXLITVIZMSYW]IEVQER]JEVQIVWSTXIHXS
6XJDU0DUNHWV$QG2SHUDWLRQDO5HYLHZ 8LIKIRIVEXMSRSJPSRKXIVQWLEVILSPHIVZEPYIMW L]KMIRMG ERH WIGYVI IRZMVSRQIRX JSV SYV TPERXHMJJIVIRXGVSTWXLMW]IEV8LYWXLII\TIGXIH
IQTPS]IIW WXEOILSPHIVW ERH ZMWMXSVW 3YV XST GYPXMZEXMSR SJ WYKEVGERI ERH QERYJEGXYVMRK SJ
;MXL XLI I\GITXMSR SJ XLI PEWX WM\ [IIOW MR XLI TVMQEV] HVMZMRK JSVGI SJ SYV GSQTER] 8LI TVMSVMX] MW EP[E]W WEJIX] ERH MR  [I LEZI 7YKEVMR4EOMWXERMWJSVIGEWXIHXSFIQYGLPS[IV
KIRIVEPSZIVXLIPEWX]IEVXLIWYKEVQEVOIXLEW G S R X M R Y I H  G S R Ƥ H I R G I  E R H  X V Y W X  S J  S Y V GSRXMRYIH XS FYMPH YTSR XLI TVSKVIWW SJ IEVPMIV XLMW]IEV8LMW[MPPRIGIWWEVMP]LEZIERMQTEGXMR
RSX WLS[R ER] TSWMXMZI QSZIQIRX (YI XS XLI WLEVILSPHIVWMWSJXLIYXQSWXMQTSVXERGIXSYW ]IEVW - EQ HIPMKLXIH XS VITSVX XLEX [I LEZI HSQIWXMGWYKEVTVMGIW%PVIEH][ILEZIWIIRE
SZIVWYTTP]SJWYKEVERHXLIYREZEMPEFMPMX]SJER %X,YWIMR[ILEZIEP[E]WWXVMZIHXSQE\MQM^I GSQTPIXIHERSXLIVWEJIERHMRGMHIRXJVII]IEVEX VMWIMRWYKEVTVMGIWF]EVIEWSREFPIQEVKMR
I\TSVX QEVOIX HSQIWXMG TVMGIW LEZI FIIR SYV WLEVILSPHIVW IUYMX] ERH [I VIQEMR ,YWIMR
WMKRMƤGERXP]HITVIWWIH 3RP] EJXIV E WMKRMƤGERX HIXIVQMRIHMRSYVGSQQMXQIRX -X VIQEMRW XS FI WIIR LS[ PSRK XLI QMPPW GER
UYERXMX]SJWYKEVPIJXXLIGSYRXV]F]XLIIRHSJ 3 Y V  W X V E X I K M G  Ƥ R E R G M E P  T S P M G M I W  [ I V I ;I GSRXMRYI XS XEOI QIEWYVIW XS IRWYVI XLI QEREKI XS STIVEXI JSV XLMW ]IEV ERH [LEX
(IGIQFIVWYKEVTVMGIWWXEVXIHVIGSZIVMRK W Y T T P I Q I R X I H  [ M X L  S X L I V  X I G L R M G E P WEQI PIZIP SJ WEJIX] ERH LIEPXL MR XLI JYXYVI WYGVSWIVIGSZIV]ERH]MIPHWEGVSWW4EOMWXER[MPP
7XEVXMRK .ERYEV]  MRXIVREXMSREP TVMGIW EGLMIZIQIRXW8LMW]IEV,YWIMR7YKEVGVYWLIH %RSXLIV TVMSVMX] SJ SYVW MW XLI IRZMVSRQIRX %W FI8LIHITVIWWIHWYKEVTVMGIWXLEXLEZIPSSQIH
GSRXMRYIHXSGPMQFLMKLIVJVSQEVSYRHTIV QSVI XLER  XSRW SJ WYKEVGERI SZIV XLI VIWTSRWMFPI GSVTSVEXI GMXM^IRW [I WLEVI E SZIV XLI MRHYWXV] XLI TVIZMSYW ]IEV QMKLX FI
XSRYRXMPXLI]TIEOIHEXEVSYRHTIVXSRMR GSYVWISJHE]WEXEVIGSZIV]SJ%W[I GSPPIGXMZI VIWTSRWMFMPMX] MR TVSXIGXMRK XLI GSVVIGXIH F] XLI WLSVXJEPP SJ WYKEV TVSHYGXMSR
XLI 7ITXIQFIV SJ  ,S[IZIV XLI TSWMXMZI GSRXMRYIXSMQTVSZIXLIIJƤGMIRG]SJSYVTPERX IGSW]WXIQ XLEX TIVQMXW SYV STIVEXMSRW XLMW]IEV-XMWTIVXMRIRXXSQIRXMSRXLEXEPXLSYKL
WIRXMQIRXXLEXVEPPMIHXLIGSQQSHMX]XLVSYKLSYX XLI PEXIWX QEGLMRIV] MW FIMRK TVSGYVIH XS HIZIPSTQIRX ERH KVS[XL ;I PSSO JSV[EVH XS XLIVIEVIGEVV]SZIVWXSGOWSJWYKEVJVSQXLIPEWX
XLIKVIEXIVTEVXSJHMHRSXWYWXEMRXS IRLERGI XLI UYEPMX] ERH TVSHYGXMZMX] SJ SYV [ S V O M R K  [ M X L  P S G E P  T E V X R I V W  E R H  S X L I V ]IEV KMZIR XLI PS[IV I\TIGXIH TVSHYGXMSR SJ
-RXIVREXMSREPWYKEVTVMGIWXLEXVIXYVRIHXSEVSYRH TVSHYGXWERHTVSGIWWIW WXEOILSPHIVWXSHSSYVTEVXMRIRWYVMRKXLEXEPP WYKEVXLMW]IEVXLIVIMWETSWMXMZIMRHMGEXMSRXLEX
  TIV XSR MR XLI 7ITXIQFIV SJ  ,YWIMRTVSHYGXWEVIQEHIMREVIWTSRWMFPIERH PSGEP WYKEV TVMGIW [MPP MRGVIEWI %PXLSYKL XLI
2SXSRP]LEZI[IMRZIWXIHMRXLIPEXIWXQEGLMRIV]
LEZI WXE]IH [MXLMR XLEX VERKI XMPP HEXI ;MXL IRZMVSRQIRXEPP] JVMIRHP] QERRIV ;I EVI EPWS GSQQSHMX]LEWVIGSZIVIHJVSQEƤZI]IEVPS[MR
XS MRGVIEWI XLI IJƤGMIRG] SJ SYV TPERX FYX [I
MRXIVREXMSREPERHWYKEVTVMGIWJEPPMRKHVEWXMGEPP] I\TPSVMRK RI[ XIGLRSPSKMIW XS MRRSZEXI ERH XLI MRXIVREXMSREP QEVOIX MX MW YRPMOIP] WYKEV
LEZI EPWS MRZIWXIH MR XLI PEXIWX WSJX[EVI ERH
MX LEW FIIR SRI SJ XLI QSWX HMJƤGYPX ]IEVW JSV MQTVSZISYVTVSGIWWIW TVMGIW [MPP GPMQF XS XLI PIZIPW WIIR XLVSYKL
M R X I V R E P  G S R X V S P  W ] W X I Q W  X S  Q E \ M Q M ^ I
4EOMWXERWWYKEVMRHYWXV]]IX&YXMX[EWE]IEV )XWXUH2XWORRN 7ITXIQFIVXS(IGIQFIVSJ%PXLSYKLXLI
TVSHYGXMZMX] 8LMW ]IEV [I LEZI VIZEQTIH SYV
[LIR [I XYVRIH GLEPPIRKIW MRXS STTSVXYRMXMIW KSZIVRQIRXLEWƤREPP]KVERXIHXLITIVQMWWMSRXS
VITSVXMRKW]WXIQWXSTVSZMHIEGGYVEXIVIEPXMQI (IWTMXIXLII\TIGXIHWYKEVWYVTPYWMRPSGEPERH
ƤRHMRKRI[[E]WXSGSQTIXIMRERMRGVIEWMRKP] I\TSVXWYKEVERHLEWTVSZMHIHEVIFEXIMXQYWX
MRXIPPMKIRGIXSSYVTSPMG]QEOIVWXMQIP];IEVI MRXIVREXMSREPQEVOIXWXLEXLEWGEVVMIHSZIVJVSQ
GLEPPIRKMRKMRHYWXV] FIRSXIHXLEXXLIHIPE]WMRWYGLHIGMWMSRWLEZI
EPWS I\TPSVMRK RI[ XIGLRSPSKMIW XS MQTVSZI PEWX ]IEV XLI KSZIVRQIRX LEW RSXMƤIH ER EJJIGXIHXLI[IPJEVISJXLIMRHYWXV]HVEWXMGEPP]-R
8LI QEREKIQIRX EX ,YWIMR LEW EP[E]W GSQQYRMGEXMSR[MXLWXEOILSPHIVWWYGLEWGERI YRGLERKIH WYTTSVX TVMGI SJ WYKEV GERI JSV JEGXWYFWMHMIWERHVIFEXIWHYIJVSQPEWX]IEVEVI
IQTLEWM^IH SR WXE]MRK ELIEH SJ XLI QEVOIX KVS[IVW ERH MRGSVTSVEXI XLI PEXIWX WSJX[EVI GVYWLMRK WIEWSR  EX 6W TIV  OK WXMPPXSFIVIGIMZIHF]ƤVQWMRXLI7YKEVMRHYWXV]
%GXMRK YTSR SYV QEVOIX MRXIPPMKIRGI ERH W]WXIQW XS QE\MQM^I IJƤGMIRG] EGVSWW XLI &EWIH SR XLI EVIE SJ WYKEVGERI YRHIV ;IEVILSTIJYPXLEXXLIKSZIVRQIRX[MPPJEGMPMXEXI
JSVIWIIMRK XLEX XLI WYVTPYW SJ WYKEV [SYPH GSQTER] GYPXMZEXMSR XLI EZIVEKI ]MIPH TIV EGVI SJ XLIMRHYWXV]MRXLIGSQMRK]IEVFYX]SYVGSQTER]
I Z E T S VE X I  F ]  X L I  I R H  S J  X L I  ] I E V  X L I 8LI QEREKIQIRX EX ,YWIMR LEW EP[E]W WYKEVGERI ERH XLI ZEVMIXMIW SJ WYKEVGERI MWI\TPSVMRKSXLIVEZIRYIWXSIRWYVISTIVEXMSREP
QEREKIQIRX TYVWYIH E VIPEXMZIP] GSRWIVZEXMZI IQTLEWM^IH SR WXE]MRK ELIEH SJ XLI QEVOIX TPERXIHMXMWI\TIGXIHXLEXWYKEVTVSHYGXMSRJSV ERHƤRERGMEPWYGGIWW
WIPPMRK WXVEXIK] 8LMW TSPMG] TEMH SJJ ERH ]SYV %GXMRK YTSR SYV QEVOIX MRXIPPMKIRGI ERH XLIYTGSQMRK]IEV[MPPFIQYGLPS[IVXLERPEWX
GSQTER] QEREKIH XS QEXIVMEPM^I KEMRW EX ]IEV -R XLI PEWX JI[ [IIOW XLI KSZIVRQIRX LEW
JSVIWIIMRK XLEX XLI WYVTPYW SJ QMPPMSRW SJ XSRW
PYGVEXMZI TVMGIW *SV XLMW ƤRERGMEP ]IEV ]SYV VIGIRXP] EPPS[IH JYVXLIV I\TSVX SJ WYKEV ERH
PSGEPP] XLMW ]IEV [SYPH ƤRMWL XLI QEREKIQIRX (YI XS TSSV WYKEV TVMGIW ERH E WMKRMƤGERX I\TSVX VIFEXI *YVXLIVQSVI XLI 6YTII LEW
GSQTER] LEW WEPIW SJ 4/6  &MPPMSR TYVWYIH ER I\XVIQIP] GSRWIVZEXMZI WIPPMRK GEVV]SZIVWXSGOSJWYKEVJVSQPEWX]IEVXLIWYKEV HITVIGMEXIH WMKRMƤGERXP] XS XLI 97 (SPPEV 8LMW
GSQTEVIHXS4/6&MPPMSRXLI]IEVIEVPMIV8LI WXVEXIK]-RJEGXMRXLIPEWXWM\[IIOWEPSRIWYKEV GVYWLMRK WIEWSR JSV XLI ]IEV  LEW HITVIGMEXMSR QEOIW I\TSVXMRK XS MRXIVREXMSREP
VIHYGIH WEPIW VIƥIGX XLI GSRWIVZEXMZI WIPPMRK TVMGIW LEZI WIIR E WMKRMƤGERX YT[EVH VMWI ERH FIIRHIPE]IHI\XIRWMZIP]'SQTEVIHXSPEWX]IEV QEVOIXW QSVI PYGVEXMZI ;I EVI [SVOMRK [MXL
WXVEXIK] *SVIWIIMRK XLEX QEVOIX TVMGIW JSV XLI SYV I\TIGXEXMSR MW XLEX XLI GSQQSHMX] [MPP GVYWLMRK JSV XLMW ]IEV LEW GSQQIRGIH PSGEPTEVXRIVWEGVSWWXLI[SVPHMRGSYRXVMIWWYGL
GSQQSHMX][IVIFSYRHXSMRGVIEWIWMKRMƤGERXP] GSRXMRYIXSFIGSQITVMGMIV ETTVS\MQEXIP] SRI QSRXL PEXIV 8S QEOI MX EW 'EREHE XS FVMRK ,YWIMR KSSHW XS XLIMV
EXXLIIRHSJXLI]IEVXLIQEREKIQIRXSJ]SYV JIEWMFPI XS STIVEXI EX ^IVS TVSƤXEFMPMX] XLI QEVOIXW;ILEZIEPVIEH]TEVXRIVIH[MXLƤVQWMR
+HDOWK6DIHW\$QG(QYLURQPHQW
GSQTER]HIGMHIHXSVIXEMREWMKRMƤGERXUYERXMX] 4EOMWXER7YKEV1MPP%WWSGMEXMSRETTVSEGLIHXLI 'EREHEERHEVIRS[PSSOMRKXSRI[QEVOIXW;I
SJWYKEVXLMW]IEV;MXLXLIVIGIRXVMWIMRWYKEV %X ,YWIMR [I QEOI RS GSQTVSQMWIW SR XLI
KSZIVRQIRX JSV WSQI QYGL RIIHIH VIPMIJ 8LI EVI EPWS PSSOMRK XS[EVH XLI 1MHHPI )EWX ERH
TVMGIW XLI WYKEV WXSGOW XLEX XLI QEREKIQIRX LIEPXLERHWEJIX]SJSYVIQTPS]IIW8LMW]IEV[I
KSZIVRQIRXSJ4YRNEFLEWTVSQMWIHXSTVSZMHIE %JVMGEXSƤRHRI[STTSVXYRMXMIWJSVKVS[XL
HIGMHIH XS OIIT XLVSYKLSYX XLI PEWX ]IEV LEW LEZI XEOIR QIEWYVIW XS MQTPIQIRX XLI PEXIWX
WYFWMH]XSXLIQMPPWXLEXI\TSVXWYKEV,S[IZIV
MRXIVREXMSREPXIGLRMUYIWXSMQTVSZIERHIRLERGI
KMZIREXIRJSPHVIXYVRMRXLITVSƤXEFMPMX]QEVKMR XLIYRJSVXYREXIHIPE]MRGVYWLMRKQIERWEKVSWW 8LIGSQTER]LEWIQFEVOIHYTSRER)JƤGMIRG]
JSV XLSWI WXSGOW *SV XLI GYVVIRX ]IEV +VSWW PSWWJSV4EOMWXERWEKVMGYPXYVIWIGXSV8LMW]IEV -QTVSZIQIRX 4VSNIGX )-4  XLEX EMQW XS VIHYGI
4VSƤX[EW4/6QMPPMSRERH4VSƤXEJXIV HYI XS GPMQEXMG VIEWSRW XLI ]MIPH TIV EGVI JSV STIVEXMSREP PSWWIW GSRWMHIVEFP] ERH QYPXMTP]
8E\EXMSR LEW FIIR VIGSVHIH EX 4/6  JEVQIVWEGVSWW4EOMWXERMWEPQSWXXS PIWW WEZMRKWMRJYIPGSRWYQTXMSR

 
  

 8LI )-4 MW FIMRK MQTPIQIRXIH EW TIV WGLIHYPI IRZMWMSRIHERHMRMXMEXIH&][SVOSRJYPP]
ERHPIXXIVWSJGVIHMXJSVMQTSVXIHQEGLMRIV]LEZI IUYMTTIH QSHIVR GEQTYW [EW GSQTPIXIH
FIIRIWXEFPMWLIHERHSVHIVWJSVPSGEPQEGLMRIW 8SHE] XLI GSQTPI\ MW GSQTSWIH SJ XLI 1MER
T P E G I H   7 S Q I  Q E G L M R I W  L E Z I  F I I R 2E^MV,YWIMR,MKLIV7IGSRHEV]7GLSSPJSV+MVPW
GSQQMWWMSRIH FIJSVI XLI WXEVX SJ XLI GYVVIRX XLI1MER2E^MV,YWIMR1SHIP7GLSSPJSV&S]WXLI
GVYWLMRKWIEWSRMR(IGIQFIVERH[IEVI (EWXOEVM 7GLSSP ERH XLI 1MER 1YLEQQEH %PM
LSTIJYPXSVIGIMZIHIPMZIV]SJSXLIVIUYMTQIRXF] 8EVMU 'SPPIKI JSV +MVPW  'SPPIGXMZIP] XLIWI
XLIQMH]IEV MRWXMXYXMSRWLEZISZIVWXYHIRXWXEYKLXF]E
,YWIMR7YKEVLEWWXEVXIHXSPSSOJSV[EVHEKEMR JEGYPX] SJ  EPSRK [MXL WYTTSVX WXEJJ 8LI
-XLEWFIIRSRISJXLIXSYKLIWX]IEVWSRVIGSVH IHYGEXMSREP GSQTPI\ MW IUYMTTIH [MXL ER
[MXLWYKEVTVMGIWEXWSQISJXLIMVPS[IWXPIZIPWMR EYHMXSVMYQWGMIRGIPEFSVEXSVMIW[MXLIUYMTQIRX
XLIPEWXƤZI]IEVW;IEX,YWIMRLEZIRSXFIIR EPMFVEV]EGSQTYXIVPEFEQSRKSXLIVJEGMPMXMIW
HIXIVVIHF]XLIGLEPPIRKIW6EXLIV[ILEZIJEGIH 8LIMRWXMXYXMSR[LMGLLEWFIIRWYTTSVXIHF]XLI
XLI HMJƤGYPXMIW LIEH SR ERH TIVWIZIVIH 7MRGI GSQTER] WYFWMHM^IW XYMXMSRW JSV LYRHVIHW SJ
 ,YWIMR 7YKEVW WXSV] LEW FIIR SRI SJ GLMPHVIRERHTVSZMHIWWGLSPEVWLMTWSRXLIFEWMW
VIGSZIV] VINYZIREXMSR ERH VIWMPMIRGI 2S[ [I SJ ƤRERGMEP RIIH 8LI IHYGEXMSREP XVYWX EPWS
PSSOJSV[EVH[MXLTYVTSWIERHHIXIVQMREXMSR TVSZMHIWWGLSPEVWLMTWXSVIGIRXKVEHYEXIW[LS
LEZIHIQSRWXVEXIHWYTIVMSVMRXIPPIGXYEPEFMPMXMIW
%W LEW FIIR XLI GEWI MR XLI PEWX X[S ]IEVW MR
;IXEOIKVIEXTVMHIMRRSXMRKXLEXSYVEPYQRMLEZI
]SYGERI\TIGXEWXSV]SJKVS[XL
IWXEFPMWLIHXLIQWIPZIWMREPPWIGXSVWSJWSGMIX]
&RUSRUDWH6RFLDO5HVSRQVLELOLW\ JVSQXLIEVQIHJSVGIWXSXLIQIHMGEPERHPIKEP
8LI 'SQTER] TVSZMHIW E WEJI LIEPXL]ERH GSQQYRMX]-RJEGXEPSXSJXLIQLEZIGSQIFEGO
JVMIRHP]EXQSWTLIVIXSMXWEPPIQTPS]IIWFIWMHIW XSGSRXVMFYXI[MXLMRXLIIHYGEXMSRWIGXSV
TVSQSXMRKEGYPXYVISJXSPIVERGIQYXYEPVIWTIGX -R XLI WTLIVI SJ LIEPXL GEVI XLI GSQTER] LEW
ERHSTIRRIWW LIPTIHWIXYTXLI1MER7LEQMQ%R[EV1IQSVMEP
%TEVX JVSQ SJJIVMRK ETTVIRXMGIWLMT XS JVIWL ,SWTMXEP;LEXWXEVXIHEWEWQEPPHMWTIRWEV]LEW
KVEHYEXIW ERH TSWXKVEHYEXIW XLI 'SQTER] KVS[R XS FI EQYPXMFIH LSWTMXEP JYPP] IUYMTTIH
QEMRXEMRW ER IQTPS]QIRX TSPMG] TYVIP] SR XLI [MXLEXIRFIH[EVHEHMWTIRWEV]ERSTIVEXMSR
FEWMWSJQIVMX-RXYRI[MXLXLIZMWMSRWIXJSVXLF] XLIEXIVERHEPEFEQSRKSXLIVJEGMPMXEXIW8LI
XLI&SEVHSJ(MVIGXSVWXLI'SQTER]IRWYVIWER MRWXMXYXMSR TVSZMHIW FEWMG QIHMGEP JEGMPMXMIW EX
IUYEPIQTPS]QIRXSTTSVXYRMX]MWTVSZMHIHXSEPP ZIV]PS[GSWXWXSXLITISTPISJEVIE[LMGLLEW
TSXIRXMEPIQTPS]IIW*YVXLIVQSVIXLIGSQTER] WIVZIHXLSYWERHWSJTEXMIRXWSZIVXLIGSYVWISJ
LEW WXVMGX ^IVS XSPIVERGI TSPMG] [MXL VIKEVH XS MXWSTIVEXMSRW
HMWGVMQMREXMSR 8LI GSQTER] EPWS TVSZMHIW , Y W I M R  7 Y K E V  V I Q E M R W  V I W S P Y X I  M R  M X W
IQTPS]QIRX XS TL]WMGEPP] LERHMGETTIH ERH GSQQMXQIRX XS KMZMRK FEGO XS MXW PSGEP
WTIGMEPTIVWSRWXSQE\MQM^IXLIMVTSXIRXMEPERH GSQQYRMX] %W XLI GSQTER] VIKEMRW E WSPMH
MRXIKVEXIXLIQMRXSXLIGSQQYRMX] ƤRERGMEP JSSXMRK SR XLI FEGOMRK SJ WSYRH
%WEVIWTSRWMFPIGSVTSVEXIIRXMX]XLI'SQTER] QEREKIQIRX ERH STIVEXMSREP TSPMGMIW XLIVI
GSRXMRYIWXS[SVO[MXLKSZIVRQIRXJYRGXMSREVMIW WLSYPHFIRSHSYFXXLEXMRMXMEXMZIWSJXLIWEQI
ERHSXLIVPSGEPVITVIWIRXEXMZIWXSQE\MQM^IXLI REXYVI JSV XLI FIXXIVQIRX SJ XLI TISTPI
HIZIPSTQIRX SJ XLI PSGEP GSQQYRMX] 8LI WTIGMƤGEPP]EVSYRH.EVER[EPE[MPPGSRXMRYIXSFI
'SQTER]LEWJSVXLMWTYVTSWIIWXEFPMWLIHRSR YRHIVXEOIR
TVSƤXMRWXMXYXMSRWJSVXLI[IPJEVISJXLITSSVERH
RIIH] TVMQEVMP] MR XLI ƤIPH SJ IHYGEXMSR ERH
LIEPXL
-R  8LI 1MER 7LEQMQ %R[EV )HYGEXMSREP
'SQTPI\ [EW GVIEXIH 3ZIV XLI  ]IEVW XS
JSPPS[HYIXSXLIWYTTSVXSJXLIGSVTSVEXMSRERH
XLI WTSRWSVW SJ FSXL TVSNIGXW XLI MRWXMXYXMSRW
LEZI KVS[R I\TSRIRXMEPP] -R  XLI  1MER
1YLEQQEH %PM 8EVMU 'SPPIKI JSV +MVPW [EW

 
  

 ',9,'(1' FSVVS[MRKW ETTVSEGLMRK QEXYVMX] ERH XLI 67$7(0(1721&25325$7($1'),1$1&,$/ 7LEVIW4YVGLEWIH8VERWJIVVIH+MJXMR
2SHMZMHIRHMWVIGSQQIRHIHJSVXLIXMQIFIMRK 'SQTER]MWRSXVIP]MRKSRWLSVXXIVQFSVVS[MRKW 5(3257,1*)5$0(:25.
XSƤRERGIPSRKXIVQEWWIXWEW[IPPEWXLIVIEVI 1MER%LQIH%PM8EVMU'LEMVQER 
EWVIXIRXMSRSJJYRHWEVIVIUYMVIHJSVMQTVSZMRK  8LIWI ƤRERGMEP WXEXIQIRXW TVITEVIH F]
TIVQERIRX [SVOMRK GETMXEP ERH YRHIVXEOMRK RSPSEREKVIIQIRXW[LMGLXLI'SQTER]MWRSX
XLIQEREKIQIRXSJXLI'SQTER]TVIWIRXEJEMV 1MER1YWXEJE%PM8EVMU')3 
IJƤGMIRG]MQTVSZIQIRXTVSNIGXW EFPIXSGSQTP][MXL
WXEXISJEJJEMVWSJXLIGSQTER]XLIVIWYPXWSJMXW
*YVXLIVQSVI XLI 'SQTER] IRNS]W ZIV] KSSH STIVEXMSRWGEWLƥS[WERHGLERKIWMRIUYMX] 1VW1EV]EQ,EFMF)\IGYXMZI(MVIGXSV 
'(%76(59,&,1*
VITYXEXMSR [MXL WYTTPMIVW SJ VE[ QEXIVMEP
8LI GSQTER] LEW RS PSRKXIVQ PMEFMPMXMIW -X MW QEGLMRIV] QERYJEGXYVIVW ERH WTEVI TEVXW  4VSTIVFSSOWSJEGGSYRXWSJXLI'SQTER] 7LEVIW8VERWJIVVIH+MJXSYX
YXMPM^MRK SRP] WLSVXXIVQ [SVOMRK GETMXEP PSERW 7MQMPEVP]XLIIRHTVSHYGXWSJXLI'SQTER]EVI LEZI FIIR QEMRXEMRIH EW VIUYMVIH F] XLI
1VW7EHME%PM8EVMU
[LMGL EVI FIMRK WIVZMGIH XS XLI JYPPIWX TVIJIVVIH F] XLI FY]IVW ERH JIXGLIW TVIQMYQ 'SQTERMIW%GX 7YFWXERXMEP7LEVILSPHIV

WEXMWJEGXMSRSJPIRHIVW S[MRKXSFIXXIVGSRWMWXIRXUYEPMX]  %TTVSTVMEXI EGGSYRXMRK TSPMGMIW LEZI
8LIQEREKIQIRXMWGSRƤHIRXXLEXEPPXLIEFSZI FIIR GSRWMWXIRXP] ETTPMIH MR TVITEVEXMSR SJ %2$5'&200,77((6
&200(17621$8',7256
2%6(59$7,21 WXEXIHWXITW[MPPFVMRKXLI'SQTER]SYXSJXLI ƤRERGMEPWXEXIQIRXWERHEGGSYRXMRKIWXMQEXIW $XGLW&RPPLWWHH
TEWXEHZIVWIWMXYEXMSRERHXLYWXLI'SQTER]MW EVIFEWIHSRVIEWSREFPIERHTVYHIRXNYHKQIRXW
*RLQJFRQFHUQDVVXPSWLRQ 8LI&SEVHSJ(MVIGXSVWLEWIWXEFPMWLIHER%YHMX
ZIV] QYGL E KSMRK GSRGIVR 8LIWI ƤRERGMEP  8LI -RXIVREXMSREP *MRERGMEP 6ITSVXMRK 'SQQMXXII MR GSQTPMERGI [MXL XLI 'SHI SJ
8LI'SQTER]IEVRIHKVSWWTVSƤXERHRIXTVSƤX WXEXIQIRXW XLIVIJSVI HS RSX MRGPYHI ER] 7XERHEVHWEWETTPMGEFPIMR4EOMWXERLEZIFIIR 'SVTSVEXI +SZIVRERGI 8LI %YHMX 'SQQMXXII
EJXIVXE\EXMSRSJ6WQMPPMSR6W EHNYWXQIRX VIPEXMRK XS VIEPM^EXMSR SJ MXW EWWIXW JSPPS[IH MR TVITEVEXMSR SJ XLI ƤRERGMEP GSRWMWXMRK SJ XLVII QIQFIVW LIEHIH F] E
 QMPPMSR  ERH 6YTIIW  QMPPMSR ERH PMUYMHEXMSR SJ ER] PMEFMPMXMIW XLEX QMKLX FI WXEXIQIRXW GLEMVQER8LI GSQQMXXII VIKYPEVP] QIIXW [MXL
 6YTIIW  QMPPMSR  VIWTIGXMZIP] MR RIGIWWEV] WLSYPH XLI 'SQTER] FI YREFPI XS
XLIGYVVIRXƤRERGMEP]IEV3RXLISXLIVLERHXLI  8LIW]WXIQSJMRXIVREPGSRXVSPMWWSYRHMR XLI 'LMIJ *MRERGMEP 3JƤGIV ERH XLI ,IEH SJ
GSRXMRYIEWEKSMRKGSRGIVR
'SQTER] HIGPEVI EGGYQYPEXIH PSWWIW SJ 6W HIWMKR ERH LEW FIIR IJJIGXMZIP] MQTPIQIRXIH -RXIVREP %YHMX XS VIZMI[ ERH IRWYVI XLEX XLI
QMPPMSR6WQMPPMSR [MXL 02'(51,=$7,21$1'()),&,(1&< ERHQSRMXSVIH LMKLIWX EGGSYRXMRK WXERHEVHW EVI FIMRK
EHZIVWI GYVVIRX VEXMS EX XLI XIVQMREP HEXI ,03529(0(17 QEMRXEMRIH8LI%YHMX'SQQMXXIIGSQTVMWIWSJ
 8LIVIEVIRSWMKRMƤGERXHSYFXWYTSRXLI
,S[IZIV [MXL GSRXMRYSYW ƤRERGMEP WYTTSVX SJ -XMW]SYV'SQTER]WTSPMG]XSGSRWXERXP]MRZIWX XLIJSPPS[MRKQIQFIVW
'SQTER]WEFMPMX]XSGSRXMRYIEWEKSMRKGSRGIVR
X L I  W T S R W S V M R K  H M VI G XS V W  E R H  Ƥ R E R G M E P ERHI\TPSVISTXMSRWJSVWXVEXIKMGEPP]I\TERWMSR EWMXLEWEHIUYEXIVIWSYVGIWERHMQTVSZMRKMXW (MVIGXSVW2EQIW 7XEXYW 'EXIKSV]
MRWXMXYXMSRW EW [IPP EW FIXXIV VIWYPXW SJ XLI XIGLRSPSKMGEPEHZERGIQIRXERHSVIRZMVSRQIRX VIWYPXW XS GSRXMRYI MR STIVEXMSR JSV XLI
'SQTER] MR XLI WYFWIUYIRX ]IEVW XLI SZIVEPP WEJIX]'YXXMRKIHKIXIGLRSPSKMIWMROI]EVIEWSJ JSVIWIIEFPIJYXYVIEWLEWFIIRI\TPEMRIHMRXLMW 1V8EYƤU%LQEH/LER -RHITIRHIRX(MVIGXSV 'LEMVQER
PMUYMHMX] TSWMXMSR SJ XLI 'SQTER] LEW RS[ WYKEV TPERX XS IRLERGI SZIVEPP IJƤGMIRGMIWERH VITSVXERHRSXI
1V%LQIH%PM8EVMU 2SR)\IGYXMZI(MVIGXSV 1IQFIV
MQTVSZIH8LIWIGSRHMXMSRWEPSRK[MXLEHZIVWI VIHYGXMSRMRSZIVEPPGSWXSJTVSHYGXMSREVIFIMRK
 8LIVI LEW FIIR RS QEXIVMEP HITEVXYVI
GYVVIRX VEXMS MRHMGEXI XLI I\MWXIRGI SJ QEXIVMEP EHSTXIH
JVSQXLIFIWXTVEGXMGIWSJ'SVTSVEXI+SZIVRERGI 1V1YLEQQEH-QVER/LER 2SR)\IGYXMZI(MVIGXSV 1IQFIV
YRGIVXEMRX] VIKEVHMRK XLI JYXYVI STIVEXMSRW SJ ($51,1*63(56+$5( EWPMWXIHMRXLIPMWXMRKVIKYPEXMSRWSJXLI4EOMWXER
XLIGSQTER][LMGLQE]GEWXWMKRMƤGERXHSYFX
=SYV 'SQTER]W TSWXXE\ TVSƤX SJ 67  7XSGO)\GLERKI[LIVIXLI'SQTER]MWPMWXIH 8LI%YHMX'SQQMXXIIVIZMI[IHXLIUYEVXIVP]LEPJ
EFSYX XLI GSQTER]W EFMPMX] XS GSRXMRYI EW E
KSMRKGSRGIVRERHXLIVIJSVIGSQTER]QE]FI QMPPMSRXVERWPEXIWMRXSTVSƤXTIVWLEVI6WEW  /I]STIVEXMRKERHƤRERGMEPHEXEJSV PEWX ]IEVP]ERRYEPƤRERGMEPWXEXIQIRXWEPSRK[MXLXLI
GSQTEVIHTVSƤXTIVWLEVIWSJ6WPEWX]IEV WM\]IEVWMRWYQQEVM^IHJSVQMWERRI\IH VIPEXIH TEVX] XVERWEGXMSR VIKMWXIV FIJSVI
YREFPI XS VIEPM^I MXW EWWIXW ERH HMWGLEVKI MXW
WYFQMWWMSRXSXLI&SEVH8LI%YHMX'SQQMXXII
PMEFMPMXMIWMRXLIRSVQEPGSYVWISJFYWMRIWW  8LI4VSZMHIRX*YRHMWQEREKIHF]EHYP] EPWSVIZMI[IHMRXIVREPEYHMXSVWƤRHMRKWERHLIPH
8LI 'SQTER] LS[IZIV LEW FIIR WYGGIWWJYPP] &25325$7(*29(51$1&( I\IGYXIH WITEVEXI 8VYWX ERH XLI 8VYWX LEW WITEVEXI QIIXMRKW [MXL MRXIVREP ERH I\XIVREP
EFPIXSRIKSXMEXI[MXL2EXMSREP&EROSJ4EOMWXER MRZIWXIH6YTIIWQMPPMSREWEX7ITXIQFIV EYHMXSVWEWVIUYMVIHYRHIVXLI'SHISJ'SVTSVEXI
%HVW&RUSRUDWH3UDFWLFHV
(YFEM-WPEQMG&ERO0MQMXIH%WOEVM-WPEQMG&ERO 6YTIIWQMPPMSR  +SZIVRERGI
0MQMXIH ERH &ERO -WPEQM 4EOMWXER 0MQMXIH (MVIGXSVW EVI GSQQMXXIH XS KSSH GSVTSVEXI
-WPEQMG &EROMRK  ERH [MR XLI VIRI[EP ERH KSZIVRERGIERHGSQTP][MXLXLIVIUYMVIQIRXWSJ +XPDQ 5HVRXUFHV DQG 5HPXQHUDWLRQ +5 5
I\XIRWMSR SJ GSQTVILIRWMZI [SVOMRK GETMXEP XLI 0MWXIH 'SQTERMIW 'SHI SJ 'SVTSVEXI 3$77(51 2) 6+$5(+2/',1* $1' 6+$5(6 &RPPLWWHH
JEGMPMXMIWJSVXLIRI\XƤRERGMEP]IEV8LI +SZIVRERGI  6IKYPEXMSRW  ERH XLI 6YPI 75$'(' ,YQER VIWSYVGI TPERRMRK ERH QEREKIQIRX MW
'SQTER]LEWEPVIEH]WXEVXIHHVE[HS[RSJXLI &SSO SJ 4EOMWXER 7XSGO )\GLERKI 8LI %WXEXIQIRXSJXLITEXXIVRSJWLEVILSPHMRKEWEX SRI SJ XLI QSWX MQTSVXERX JSGYW TSMRXW EX XLI
[SVOMRKGETMXEPJEGMPMX]WMRGIMXWVIRI[EP WXEXIQIRX SJ GSQTPMERGI [MXL XLI ''+ 7ITXIQFIV   [LMGL MW VIUYMVIH XS FI LMKLIWXQEREKIQIRXPIZIP8LI'SQTER]LEWE
6IKYPEXMSRWMWIRGPSWIH HMWGPSWIH YRHIV XLI VITSVXMRK JVEQI[SVO MW ,YQER6IWSYVGIERH6IQYRIVEXMSR'SQQMXXII
8LI'SQTER]MRXLIIRXMVIX]SJMXWƤJX]SRI]IEV
LMWXSV]LEWRIZIVERHMWRSXMRHIJEYPX[MXLER] ERRI\IHXSXLMWVITSVX [LMGL MW MRZSPZIH MR XLI WIPIGXMSR IZEPYEXMSR
FERO SV ƤRERGMEP MRWXMXYXMSR ERH XLIVI EVI RS (IXEMP SJ XVERWEGXMSRW MR XLI WLEVIW SJ XLI GSQTIRWEXMSR ERH WYGGIWWMSR TPERRMRK SJ XLI
EHZIVWI VIQEVOW EKEMRWX XLI 'SQTER] MR XLI 'SQTER] F] (MVIGXSVW 'LMIJ )\IGYXMZI OI]QEREKIQIRXTIVWSRRIP-XMWEPWSMRZSPZIHMR
I'-& HEXE FIMRK QEMRXEMRIH F] 7XEXI &ERO SJ 'SQTER]7IGVIXEV]'LMIJ*MRERGMEP3JƤGIVXLIMV IRHSVWMRK MQTVSZIQIRXW MR 'SQTER]W LYQER
4EOMWXER *YVXLIV XLIVI EVI RS Ƥ\IH XIVQW WTSYWIWERHQMRSVGLMPHVIRMWEWYRHIV VIWSYVGI TSPMGMIW ERH TVSGIHYVIW ERH XLIMV

 
  

 TIVMSHMG ETTVEMWEP 8LI ,YQER 6IWSYVGIW ERH 52/( 2) &+$,50$1 $1' &+,() (;(&87,9( 8LIWEMHWGLIQI[EWETTVSZIHF]WLEVILSPHIVW *MRERGMEPEGGSYRXWSRUYEVXIVP]FEWMW
6IQYRIVEXMSR 'SQQMXXII GSQTVMWIW SJ XLI 2)),&(5 MR XLI )\XVE 3VHMREV] +IRIVEP 1IIXMRKWLIPH SR %2$5'(9$/8$7,21
JSPPS[MRKQIQFIVW 1E]8LIWEMHTIXMXMSRƤREPP]GSQIWYT
8LI 'LEMVQER ERH XLI 'LMIJ )\IGYXMZI 3JƤGIV 'SQTP]MRK [MXL XLI 'SHI SJ 'SVTSVEXI
JSV LIEVMRK SR (IGIQFIV   ERH XLI
(MVIGXSVW2EQIW 7XEXYW 'EXIKSV] LEZIWITEVEXIERHHMWXMRGXVSPIW8LI'LEMVQER +SZIVRERGIXLI&SEVHETTVSZIH7IPJ)ZEPYEXMSR
,SRSVEFPI 'SYVX LEW FIIR TPIEWIH XS ETTVSZI
LEW EPP XLI TS[IVW ZIWXIH YRHIV XLI 'SHI SJ QIGLERMWQJSVIZEPYEXMSRSJTIVJSVQERGISJXLI
1V%LQIH%PM8EVMU 2SR)\IGYXMZI(MVIGXSV 'LEMVQER XLITVSTSWIHQIVKIV,S[IZIVXLISVHIVSJXLI
'SVTSVEXI+SZIVRERGIERHTVIWMHIWSZIV&SEVH &SEVH MXW HMVIGXSVW ERH GSQQMXXIIW XLVSYKL
GSYVXLEWRSX]IXFIIRVIGIMZIHF]XLIGSQTER]
QIIXMRKW8LITVMRGMTEPVSPISJXLI'LEMVQERMWXS HMWGYWWMSR ERH UYIWXMSRW JSGYWMRK SR XLI
1V8EYƤU%LQEH/LER -RHITIRHIRX(MVIGXSV 1IQFIV
QEREKIERHXSTVSZMHIPIEHIVWLMTXSXLI&SEVHSJ &20081,&$7,21 & S E V H W  W G S T I   S F N I G X M Z I W   J Y R G X M S R W 
1V1YWXEJE%PM8EVMU 'LMIJ)\IGYXMZI3JƤGI 1IQFIV (MVIGXSVW SJ XLI 'SQTER] 8LI 'LEMVQER MW 8LI'SQTER]JSGYWIWSRXLIMQTSVXERGISJXLI VIWTSRWMFMPMXMIW XLI 'SQTER]W TIVJSVQERGI
EGGSYRXEFPI XS XLI &SEVH ERH EGXW EW E HMVIGX GSQQYRMGEXMSR [MXL XLI WLEVILSPHIVW 8LI ERHQSRMXSVMRK8LI&SEVHLEWIZEPYEXIHEPPXLI
0HHWLQJVRI%RDUGRI'LUHFWRUV PMEMWSRFIX[IIRXLI&SEVHERHXLIQEREKIQIRX ERRYEP LEPJ ]IEVP] ERH UYEVXIVP] VITSVXW EVI JEGXSVW FEWIH SR XLI MRTYXW SJ XLI (MVIGXSVW
SJ XLI 'SQTER] XLVSYKL XLI 'LMIJ )\IGYXMZI HMWXVMFYXIHXSXLIQ[MXLMRXLIXMQIWTIGMƤIHMR QEHIMRXLI&SEVH1IIXMRK
8LI&SEVHSJXLI'SQTER]QIXJSYVXMQIWHYVMRK 3JƤGIV 8LI 'LEMVQER MW MRHITIRHIRX JVSQ
XLI 'SQTERMIW %GX  8LI [IFWMXI SJ XLI ',5(&7256
5(081(5$7,21
XLIGYVVIRX]IEVMR4EOMWXERERHXLIEXXIRHERGI QEREKIQIRXERHJVIIJVSQER]MRXIVIWXERHER]
'SQTER] MW GSQTPMERX XS EPP VIUYMVIQIRXW SJ
SJXLIHMVIGXSVWMWWYQQEVM^IHFIPS[ FYWMRIWW SV SXLIV VIPEXMSRWLMT [LMGL GSYPH 8LVSYKLXLI%VXMGPIWSJXLI'SQTER]XLI&SEVH
7IGYVMXMIW ERH )\GLERKI 'SQQMWWMSR SJ
GSRƥMGX [MXL XLI 'LEMVQERW MRHITIRHIRX 4EOMWXER7)'4 ERHEPPXLIMRJSVQEXMSRVIPEXMRK SJ(MVIGXSVWMWEYXLSVM^IHXSƤ\VIQYRIVEXMSRSJ
2SSJ (MVIGXSVW JVSQ XMQI XS XMQI ,S[IZIV MR
1IIXMRKW
NYHKQIRX8LI'LMIJ)\IGYXMZI3JƤGIVTIVJSVQW XS XLI 'SQTER] MW EZEMPEFPI SR XLI [IFWMXI
LMWHYXMIWYRHIVXLITS[IVWZIWXIHF]XLIPE[ERH 7XEOILSPHIVWERHQIQFIVWSJXLIKIRIVEPTYFPMG EGGSVHERGI [MXL XLI 'SHI SJ 'SVTSVEXI
(MVIGXSVW2EQIW 7XEXYW %XXIRHIH
XLI&SEVHERHVIGSQQIRHWERHMQTPIQIRXWXLI GERZMWMXXLIGSQTER]W[IFWMXI[[[LYWIMRTO +SZIVRERGIMXMWIRWYVIHXLEXRS(MVIGXSVXEOIW
1V%LQIH%PM8EVMU 'LEMVQER  FYWMRIWW TPERW ERH MW VIWTSRWMFPI JSV SZIVEPP XSKIXXLIMVHIWMVIHMRJSVQEXMSR TEVX MR HIGMHMRK LMW S[R VIQYRIVEXMSR 8LI
GSRXVSPERHSTIVEXMSRSJXLI'SQTER] 'SQTER] HSIW RSX TE] VIQYRIVEXMSR XS RSR
1V1YWXEJE%PM8EVMU 'LMIJ)\IGYXMZI3JƤGIV  6$)(*8$5',1*2)5(&25'6 I\IGYXMZI HMVIGXSVW -R SVHIV XS VIXEMR XLI FIWX
',5(&725675$,1,1*352*5$0
1VW2YWVEX7LEQMQ 2SR)\IGYXMZI(MVIGXSV 
8LI GSQTER] TYXW KVIEX IQTLEWMW JSV WXSVEKI XEPIRXXLI'SQTER]WVIQYRIVEXMSRTSPMGMIWEVI
(IXEMPWLEZIFIIRTVSZMHIHMRXLI7XEXIQIRXSJ ERH WEJI GYWXSH] SJ MXW ƤRERGMEP VIGSVHW 8LI WXVYGXYVIHMRPMRI[MXLTVIZEMPMRKMRHYWXV]XVIRHW
1VW1EV]EQ,EFMF )\IGYXMZI(MVIGXSV  'SQTPMERGI [MXL XLI 'SHI SJ 'SVTSVEXI EGGIWW XS IPIGXVSRMG HSGYQIRXEXMSR LEW FIIR ERH FYWMRIWW TVEGXMGIW *SV MRJSVQEXMSR SR
+SZIVRERGI W I G Y V I H  X L V S Y K L  M Q T P I Q I R X E X M S R  S J  E VIQYRIVEXMSR SJ (MVIGXSVW ERH ')3 MR 
1V8EYƤU%LQIH/LER -RHITIRHIRX(MVIGXSV 
)(0$/(',5(&725 GSQTVILIRWMZITEWW[SVHTVSXIGXIHW]WXIQ TPIEWIVIJIVRSXIWXSXLI*MRERGMEP7XEXIQIRXW
1V%PM%WLJEU 2SR)\IGYXMZI(MVIGXSV  8LI VIUYMVIQIRX JSV E JIQEPI HMVIGXSV SR XLI +($/7+6$)(7<$1'(19,5210(17 (;7(51$/$8',7256
FSEVH SJ E PMWXIH GSQTER] LEW FIIR VIGIRXP] 8LITVIWIRX%YHMXSVW1W/VIWXSR,]HIV&LMQNM
;I WXVSRKP] FIPMIZI MR QEMRXEMRMRK XLI LMKLIWX
1V1YLEQQEH-JXMOLEV 2SR)\IGYXMZI(MVIGXSV 
QERHEXIH F] XLI RI[ 'SQTER] PE[W ,YWIMR
 'S 'LEVXIVIH %GGSYRXERXW VIXMVI EX XLI
WXERHEVHW MR LIEPXL WEJIX] ERH IRZMVSRQIRX XS
1V1YLEQQEH-QVER/LER 2SR)\IGYXMZI(MVIGXSV  7YKEV 1MPPW LEW EPVIEH] MRHYGXIH X[S JIQEPI GSRGPYWMSR SJ JSVXLGSQMRK %RRYEP +IRIVEP
IRWYVI XLI [IPPFIMRK SJ XLI TISTPI [LS [SVO
HMVIGXSVWSRMXWFSEVHSJHMVIGXSVW [MXLYWEW[IPPEWSJXLIGSQQYRMXMIW[LIVI[I 1IIXMRK ERH FIMRK IPMKMFPI LEZI SJJIVIH
1RWHV6IXMVIH[MXLIJJIGXJVSQ1E] 5(/$7('3$57,(675$16$&7,216 STIVEXI XLIQWIPZIWJSVVIETTSMRXQIRX%WWYKKIWXIHF]
 )PIGXIH[MXLIJJIGXJVSQ1E] 3267%$/$1&(6+((7(9(176 XLI %YHMX 'SQQMXXII MR XIVQW SJ XLI 'SHI SJ
%PPVIPEXIHTEVXMIWXVERWEGXMSRWIRXIVIHMRXSEVIEX
'SVTSVEXI +SZIVRERGI XLI &SEVH SJ (MVIGXSVW
0IEZIWSJEFWIRGIW[IVIKVERXIHXSXLIHMVIGXSVW EVQW PIRKXL FEWMW ERH [IVI VIZMI[IH ERH 7YFWIUYIRXXSFEPERGIWLIIXHEXIRSWMKRMƤGERX LEW VIGSQQIRHIH XLIMV ETTSMRXQIRX EW
[LSGSYPHRSXEXXIRHXLI&SEVHQIIXMRKW ETTVSZIHF]XLI&SEVH%YHMX'SQQMXXIIEW[IPP GLERKILEWSGGYVVIHSVGEQIXSXLIORS[PIHKI %YHMXSVW SJ XLI 'SQTER] JSV XLI ]IEV IRHMRK
EW XLI &SEVH SJ (MVIGXSVW SJ XLI 'SQTER] MR SJ XLI &SEVH XLEX [EVVERXW VITSV XMRK XS 7ITXIQFIV
&+$1*(,17+(&20326,7,212)7+(%2$5'
GSQTPMERGI [MXL XLI 'SHI SJ 'SVTSVEXI WLEVILSPHIVW
(YVMRKXLI]IEV1V%PM%WLJEULEWVIPMRUYMWLIH +SZIVRERGIERHXLI'SQTERMIW%GX
XLISJƤGISJ(MVIGXSVERHMRLMWTPEGIXLI&SEVH $'(48$&<2),17(51$/),1$1&,$/
8LIHIXEMPSJXVERWEGXMSRW[MXLXLIVIPEXIHTEVXMIW
LEW ETTSMRXIH 1V 1YLEQQEH -QVER /LER EW MWTVSZMHIHMRXLIƤRERGMEPWXEXIQIRXW &21752/6
(MVIGXSVSJXLI'SQTER][MXLIJJIGXJVSQ1E] 8LI &SEVH SJ (MVIGXSVW LEW QEHI ER IJƤGMIRX
0(5*(56&+(0(2)$55$1*(0(17
 JSV XLI VIQEMRHIV SJ XLI XIVQ SJ XLI W]WXIQ SJ MRXIVREP ƤRERGMEP GSRXVSPW 8LI]
SYXKSMRKHMVIGXSV (YVMRK XLI ]IEV YRHIV VIZMI[ XLI &SEVH SJ GSRƤVQ XS GSQTP] [MXL XLI 0MWXIH 'SQTERMIW
(MVIGXSVWSJXLI'SQTER]EXMXWQIIXMRKLIPHSR GSHI SJ GSVTSVEXI KSZIVRERGI I\GITX EW
8LI &SEVH SJ (MVIGXSVW [MWLIW XS VIGSVH MXW
.ERYEV]ETTVSZIHE7GLIQISJQIVKIV HMWGPSWIH MR 7XEXIQIRX SJ 'SQTPMERGI [MXL
ETTVIGMEXMSRJSVXLIZEPYEFPIWIVZMGIWVIRHIVIH
EVVERKIQIRX MR XIVQW SJ 7IGXMSRW  SJ ETTPMGEFPI PE[W VIKYPEXMSR ERH LEZI FIIR
F]1V%PM%WLJEUEWE(MVIGXSVERHI\XIRHWMXW
'SQTERMIW %GX  MRZSPZMRK QIVKIV SJ 1W IJJIGXMZIP]MQTPIQIRXIHERHQSRMXSVIH-RXIVREP
[EVQ[IPGSQIXS1V1YLEQQEH-QVER/LER
7X]PIW
8VIRHW4ZX 0MQMXIH[MXL,YWIMR7YKEV %YHMX JYRGXMSR SJ SYV GSQTER] VIKYPEVP]
EWXLIRI[(MVIGXSVSJXLI'SQTER]
1MPPW00MQMXIH ETTVEMWIW XLI ƤRERGMEP GSRXVSPW ERH %YHMX
GSQQMXXII VIZMI[W XLI MRXIVREP GSRXVSPW ERH

 
  

 $FNQRZOHGJPHQW
,WLVDQKRQRUDQGSULYLOHJHIRUWKHGLUHFWRUVWRWIVZISREGSQTER]XLEXLEWGSQTPIXIHƤJX]SRI]IEVW
SJI\GIPPIRGI;I[SYPHPMOIXSXEOIXLISTTSVXYRMX]XSXLEROXLIWXEOILSPHIVWXLEXLEZIQEHIXLMW
GSRXMRYIHI\GIPPIRGITSWWMFPI
8LI (MVIGXSVW SJ ]SYV 'SQTER] [SYPH PMOI XS XLERO XLI 7IGYVMXMIW
 )\GLERKI 'SQQMWWMSR SJ
4EOMWXER7)'4 KSZIVRQIRXJYRGXMSREVMIWFEROWƤRERGMEPMRWXMXYXMSRWERHMRWYVERGIGSQTERMIW
JSVXLIMVGSRXMRYIHWYTTSVXERHGSSTIVEXMSR8LI(MVIGXSVW[SYPHEPWSPMOIXSI\TVIWWXLIMVKVEXMXYHI
ERHETTVIGMEXMSRJSVXLIWYTTSVXTVSZMHIHF]SYVZEPYIHGYWXSQIVWERHWYTTPMIVW;IEPWSXLEROSYV
WLEVILSPHIVW[LSGSRXMRYIXSTPEGIXLIMVXVYWXERHGSRƤHIRGIMRXLI'SQTER]ERHEWWYVIXLIQSJ
SYV FIWX IJJSVXW XS IRWYVI STXMQYQ YXMPM^EXMSR SJ XLIMV MRZIWXQIRX MR XLI 'SQTER] *MREPP] XLI
(MVIGXSVWEPWS[MWLXSTPEGISRVIGSVHXLIMVETTVIGMEXMSRJSVXLIHIZSXMSRPS]EPX]ERHLEVH[SVOSJEPP
GEHVIWSJIQTPS]IIWXS[EVHWXLIKVS[XLERHWYGGIWWSJXLIGSQTER]

)RUDQGRQ%HKDOIRIWKH%RDUGRI'LUHFWRUV

/DKRUH 0,$10867$)$$/,7$5,4 0,$1$+0('$/,7$5,4

.ERYEV] 'LMIJ)\IGYXMZI3JƤGIV 'LEMVQER

 
  

 6$/(6$1$/<6,6 &$1(&586+,1*
*MZI=IEVW'SQTEVMWSRSJ7YKEVGERI'VYWLMRK
18SRW


6$/(6%5($.83&855(17<($5
 

4IVJSVQERGIEXE+PERGI • • •• • • • • • • • •






 

7YKEV &]4VSHYGXW

5(&29(5< 68*$5352'8&7,21

68*$55(&29(5<3(5&(17$*( 68*$5352'8&7,2107216



  

 

<($56

$*(
 
  

 
 
  

    


    
07216

 
  

 
  

 8LIGSQTER]LEWGSQTPMIH[MXLXLIVIUYMVIQIRXWSJXLI6IKYPEXMSRWMRXLIJSPPS[MRKQERRIV

8LIXSXEPRYQFIVSJHMVIGXSVWEVIEWTIVXLIJSPPS[MRK

'%8)+36= 233*(-6)'8367
1EPI(MVIGXSVW 

*IQEPI(MVIGXSVW 

7XEXIQIRX3J'SQTPMERGI 8LIGSQTSWMXMSRSJFSEVHMWEWJSPPS[W

'%8)+36= 2EQIW
;MXLPMWXIHGSQTERMIWGSHISJGSVTSVEXIKSZIVRERGI VIKYPEXMSRW
-RHITIRHIRX(MVIGXSV 1V8EYƤU%LQEH/LER
JSVXLI]IEVIRHIH6HSWHPEHU
1V1YWXEJE%PM8EVMU
)\IGYXMZI(MVIGXSVW
1VW1EV]EQ,EFMF

1V%LQIH%PM8EVMU
1VW2YWVEX7LEQMQ
2SR)\IGYXMZI(MVIGXSVW
1V1YLEQQEH-JXMOLEV
1V1YLEQQEH-QVER/LER

 8LIHMVIGXSVWLEZIGSRƤVQIHXLEXRSRISJXLIQMWWIVZMRKEWEHMVIGXSVSRQSVIXLERƤZIPMWXIH
GSQTERMIWMRGPYHMRKXLMWGSQTER]
8LIGSQTER]LEWTVITEVIHE'SHISJ'SRHYGXERHLEWIRWYVIHXLEXETTVSTVMEXIWXITWLEZIFIIR
XEOIRXSHMWWIQMREXIMXXLVSYKLSYXXLIGSQTER]EPSRK[MXLMXWWYTTSVXMRKTSPMGMIWERHTVSGIHYVIW
 8LIFSEVHLEWHIZIPSTIHEZMWMSRQMWWMSRWXEXIQIRXSZIVEPPGSVTSVEXIWXVEXIK]ERHWMKRMƤGERX
TSPMGMIWSJXLIGSQTER]%GSQTPIXIVIGSVHSJTEVXMGYPEVWSJWMKRMƤGERXTSPMGMIWEPSRK[MXLXLIHEXIW
SR[LMGLXLI][IVIETTVSZIHSVEQIRHIHLEWFIIRQEMRXEMRIH
%PPXLITS[IVWSJXLIFSEVHLEZIFIIRHYP]I\IVGMWIHERHHIGMWMSRWSRVIPIZERXQEXXIVWLEZIFIIR
XEOIR F] FSEVH WLEVILSPHIVW EW IQTS[IVIH F] XLI VIPIZERX TVSZMWMSRW SJ XLI %GX ERH XLIWI
6IKYPEXMSRW
8LIQIIXMRKWSJXLIFSEVH[IVITVIWMHIHSZIVF]XLI'LEMVQERERHMRLMWEFWIRGIF]EHMVIGXSV
IPIGXIHF]XLIFSEVHJSVXLMWTYVTSWI8LIFSEVHLEWGSQTPMIH[MXLXLIVIUYMVIQIRXWSJ%GXERHXLI
6IKYPEXMSRW[MXLVIWTIGXXSJVIUYIRG]VIGSVHMRKERHGMVGYPEXMRKQMRYXIWSJQIIXMRKSJFSEVH
  8LI FSEVH SJ HMVIGXSVW LEW E JSVQEP TSPMG] ERH XVERWTEVIRX TVSGIHYVIW JSV VIQYRIVEXMSR SJ
HMVIGXSVWMREGGSVHERGI[MXLXLI%GXERHXLIWI6IKYPEXMSRW
8LI&SEVHLEWEVVERKIH(MVIGXSVW8VEMRMRKTVSKVEQJSVXLIJSPPS[MRK(MVIGXSV

2%1)3*(-6)'836 ()7-+2%8-32
1V1YLEQQEH-JXMOLEV 2SR)\IGYXMZI(MVIGXSV

 
  

  8LIFSEVHLEWETTVSZIHETTSMRXQIRXSJ'*3'SQTER]7IGVIXEV]ERH,IEHSJ-RXIVREP%YHMX 8LIXIVQWSJVIJIVIRGISJXLIEJSVIWEMHGSQQMXXIIWLEZIFIIRJSVQIHHSGYQIRXIHERHEHZMWIH
MRGPYHMRKXLIMVVIQYRIVEXMSRERHXIVQWERHGSRHMXMSRWSJIQTPS]QIRXERHGSQTPMIH[MXLVIPIZERX XSXLIGSQQMXXIIJSVGSQTPMERGI
VIUYMVIQIRXWSJXLI6IKYPEXMSRW
8LIJVIUYIRG]SJQIIXMRKWUYEVXIVP]LEPJ]IEVP]]IEVP] SJXLIGSQQMXXII[IVIEWTIVJSPPS[MRK
 8LI'LMIJ)\IGYXMZIERH'LMIJ*MRERGMEPSJƤGIVWLEZIHYP]IRHSVWIHXLIƤRERGMEPWXEXIQIRXW
FIJSVIETTVSZEPSJXLIFSEVH D$XGLW&RPPLWWHH*SYVUYEVXIVP]QIIXMRKWHYVMRKXLIƤRERGMEP]IEVIRHIH7ITXIQFIV

8LIFSEVHLEWJSVQIHGSQQMXXIIWGSQTVMWMRKSJQIQFIVWKMZIRFIPS[ E+5DQG5HPXQHUDWLRQ&RPPLWWHH3RIQIIXMRKHYVMRKXLIƤRERGMEP]IEVIRHIH7ITXIQFIV

$XGLW&RPPLWWHH  8LIFSEVHLEWWIXYTERIJJIGXMZIMRXIVREPEYHMXJYRGXMSR[LSEVIGSRWMHIVIHWYMXEFP]UYEPMƤIH
ERH I\TIVMIRGIH JSV XLI TYVTSWI ERH EVI GSRZIVWERX [MXL XLI TSPMGMIW ERH TVSGIHYVIW SJ XLI
2%1)3*(-6)'836 ()7-+2%8-32
GSQTER]
1V8EYƤU%LQEH/LER 'LEMVQER
8LIWXEXYXSV]EYHMXSVWSJXLIGSQTER]LEZIGSRƤVQIHXLEXXLI]LEZIFIIRKMZIREWEXMWJEGXSV]
1V%LQIH%PM8EVMU 1IQFIV VEXMRKYRHIVXLIUYEPMX]GSRXVSPVIZMI[TVSKVEQSJXLI-'%4ERHVIKMWXIVIH[MXL%YHMX3ZIVWMKLX&SEVH
SJ4EOMWXERXLEXXLI]SVER]SJXLITEVXRIVWSJXLIƤVQXLIMVWTSYWIWERHQMRSVGLMPHVIRHSRSXLSPH
1V1YLEQQEH-QVER/LER 1IQFIV
WLEVIWSJXLIGSQTER]ERHXLEXXLIƤVQERHEPPMXWTEVXRIVWEVIMRGSQTPMERGI[MXL-RXIVREXMSREP
*IHIVEXMSRSJ%GGSYRXERXW-*%' KYMHIPMRIWSRGSHISJIXLMGWEWEHSTXIHF]XLI-'%4
+5DQG5HPXQHUDWLRQ&RPPLWWHH
8LIWXEXYXSV]EYHMXSVWSVXLITIVWSRWEWWSGMEXIH[MXLXLIQLEZIRSXFIIRETTSMRXIHXSTVSZMHI
2%1)3*(-6)'836 ()7-+2%8-32 SXLIV WIVZMGIW I\GITX MR EGGSVHERGI [MXL XLI %GX XLIWI VIKYPEXMSRW SV ER] SXLIV VIKYPEXSV]
VIUYMVIQIRXERHXLIEYHMXSVWLEZIGSRƤVQIHXLEXXLI]LEZISFWIVZIH-*%'KYMHIPMRIWMRXLMWVIKEVH
1V%LQIH%PM8EVMU 'LEMVQER
;IGSRƤVQXLEXEPPSXLIVVIUYMVIQIRXWSJXLI6IKYPEXMSRWLEZIFIIRGSQTPMIH[MXL
1V8EYƤU%LQEH/LER 1IQFIV

1V1YWXEJE%PM8EVMU 1IQFIV )RUDQGRQ%HKDOIRIWKH%RDUGRI'LUHFWRUV

'LUHFW
HFWRUV

/DKRUH 0,$10867$)$$/,7$5,4 0,$1$+0('$/,7$5,4

.ERYEV] 'LMIJ)\IGYXMZI3JƤGIV 'LEMVQER

 
  

 7RWKHPHPEHUVRI+XVHLQ6XJDU0LOOV/LPLWHG
5HYLHZ5HSRUWRQWKH6WDWHPHQWRI&RPSOLDQFHFRQWDLQHGLQ/LVWHG&RPSDQLHV&RGHRI&RUSRUDWH
*RYHUQDQFH5HJXODWLRQV

;I LEZI VIZMI[IH XLI IRGPSWIH 7XEXIQIRX SJ 'SQTPMERGI [MXL XLI 0MWXIH 'SQTERMIW 'SHI SJ
'SVTSVEXI+SZIVRERGI 6IKYPEXMSRWXLI6IKYPEXMSRW TVITEVIHF]XLI&SEVHSJ(MVIGXSVWSJ

-RHITIRHIRX%YHMXSVW ,YWIMR 7YKEV 1MPPW 0MQMXIH JSV XLI ]IEV IRHIH 7ITXIQFIV   MR EGGSVHERGI [MXL XLI
VIUYMVIQIRXWSJVIKYPEXMSRSJXLI6IKYPEXMSRW
8LI VIWTSRWMFMPMX] JSV GSQTPMERGI [MXL XLI 6IKYPEXMSRW MW XLEX SJ XLI &SEVH SJ (MVIGXSVW SJ XLI
6IZMI[6ITSVX8S8LI 'SQTER]3YVVIWTSRWMFMPMX]MWXSVIZMI[[LIXLIVXLI7XEXIQIRXSJ'SQTPMERGIVIƥIGXWXLIWXEXYWSJ
XLI'SQTER]WGSQTPMERGI[MXLXLITVSZMWMSRWSJXLI6IKYPEXMSRWERHVITSVXMJMXHSIWRSXERHXS

1IQFIVW LMKLPMKLXER]RSRGSQTPMERGI[MXLXLIVIUYMVIQIRXWSJXLI6IKYPEXMSRW%VIZMI[MWPMQMXIHTVMQEVMP]
XSMRUYMVMIWSJXLI'SQTER]WTIVWSRRIPERHVIZMI[SJZEVMSYWHSGYQIRXWTVITEVIHF]XLI'SQTER]
XSGSQTP][MXLXLI6IKYPEXMSRW
SRWXEXIQIRXSJGSQTPMERGI[MXLXLIGSHISJGSVTSVEXIKSZIVRERGI %WETEVXSJSYVEYHMXSJXLIƤRERGMEPWXEXIQIRXW[IEVIVIUYMVIHXSSFXEMRERYRHIVWXERHMRKSJXLI
EGGSYRXMRKERHMRXIVREPGSRXVSPW]WXIQWWYJƤGMIRXXSTPERXLIEYHMXERHHIZIPSTERIJJIGXMZIEYHMXETTVSEG
L ;I EVI RSX VIUYMVIH XS GSRWMHIV [LIXLIV XLI &SEVH SJ (MVIGXSVW WXEXIQIRX SR MRXIVREP GSRXVSP
GSZIVWEPPVMWOWERHGSRXVSPWSVXSJSVQERSTMRMSRSRXLIIJJIGXMZIRIWWSJWYGLMRXIVREPGSRXVSPWXLI
'SQTER]WGSVTSVEXIKSZIVRERGITVSGIHYVIWERHVMWOW
8LI 6IKYPEXMSRW VIUYMVI XLI 'SQTER] XS TPEGI FIJSVI XLI %YHMX 'SQQMXXII ERH YTSR
VIGSQQIRHEXMSRSJXLI%YHMX'SQQMXXIITPEGIFIJSVIXLI&SEVHSJ(MVIGXSVWJSVXLIMVVIZMI[ERHETTVSZEP
MXWVIPEXIHTEVX]XVERWEGXMSRWERHEPWSIRWYVIGSQTPMERGI[MXLXLIVIUYMVIQIRXWSJWIGXMSRSJXLI
'SQTERMIW%GX;IEVISRP]VIUYMVIHERHLEZIIRWYVIHGSQTPMERGISJXLMWVIUYMVIQIRXXSXLII\XIRX
SJXLIETTVSZEPSJXLIVIPEXIHTEVX]XVERWEGXMSRWF]XLI&SEVHSJ(MVIGXSVWYTSRVIGSQQIRHEXMSRSJ
XLI%YHMX'SQQMXXII;ILEZIRSXGEVVMIHSYXTVSGIHYVIWXSEWWIWWERHHIXIVQMRIXLI'SQTER]W
TVSGIWWJSV MHIRXMƤGEXMSRSJ VIPEXIHTEVXMIWERH XLEX[LIXLIVXLIVIPEXIHTEVX] XVERWEGXMSRW[IVI
YRHIVXEOIREXEVQWPIRKXLTVMGISVRSX
&EWIHSRSYVVIZMI[RSXLMRKLEWGSQIXSSYVEXXIRXMSR[LMGLGEYWIWYWXSFIPMIZIXLEXXLI7XEXIQIRX
SJ'SQTPMERGIHSIWRSXETTVSTVMEXIP]VIƥIGXXLI'SQTER]WGSQTPMERGIMREPPQEXIVMEPVIWTIGXW[MXL
XLI VIUYMVIQIRXW GSRXEMRIH MR XLI 6IKYPEXMSRW EW ETTPMGEFPI XS XLI 'SQTER] JSV XLI ]IEV IRHIH
7ITXIQFIV
&EWIH SR SYV VIZMI[ RSXLMRK LEW GSQI XS SYV EXXIRXMSR [LMGL GEYWIW YW XS FIPMIZI XLEX XLI
7XEXIQIRXSJ'SQTPMERGIHSIWRSXETTVSTVMEXIP]VIƥIGXXLI'SQTER]WGSQTPMERGIMREPPQEXIVMEPVIWTIGX
W[MXLXLIVIUYMVIQIRXWGSRXEMRIHMRXLI6IKYPEXMSRWEWETTPMGEFPIXSXLI'SQTER]JSVXLI]IEVIRHIH
7ITXIQFIV

/DKRUH-DQXDU\ .UHVWRQ+\GHU%KLPML &R

'LEVXIVIH%GGSYRXERXW

 
  

 7RWKHPHPEHUVRI+XVHLQ6XJDU0LOOV/LPLWHG
5HSRUWRQWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV

2SLQLRQ
;ILEZIEYHMXIHXLIERRI\IHƤRERGMEPWXEXIQIRXWSJ,YWIMR7YKEV1MPPW0MQMXIHXLI'SQTER] 
[LMGLGSQTVMWIWWXEXIQIRXSJƤRERGMEPTSWMXMSREWEX7ITXIQFIVXLIWXEXIQIRXSJTVSƤXSV
PSWWXLIWXEXIQIRXSJGSQTVILIRWMZIMRGSQIXLIWXEXIQIRXSJGLERKIWMRIUYMX]XLIWXEXIQIRXSJ
GEWLƥS[WJSVXLI]IEVXLIRIRHIHERHRSXIWXSXLIƤRERGMEPWXEXIQIRXWMRGPYHMRKEWYQQEV]SJ
WMKRMƤGERX EGGSYRXMRK TSPMGMIW ERH SXLIV I\TPEREXSV] MRJSVQEXMSR ERH [I WXEXI XLEX [I LEZI

-RHITIRHIRX SFXEMRIHEPPXLIMRJSVQEXMSRERHI\TPEREXMSRW[LMGLXSXLIFIWXSJSYVORS[PIHKIERHFIPMIJ[IVI
RIGIWWEV]JSVXLITYVTSWISJXLIEYHMX

%YHMXSVW6ITSVX ,QRXURSLQLRQ DQGWRWKHEHVWRIRXULQIRUPDWLRQ DQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVWKH

VWDWHPHQWRIͧQDQFLDOSRVLWLRQVWDWHPHQWRISURͧWRUORVVWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPH
VWDWHPHQWRIFKDQJHVLQHTXLW\DQGVWDWHPHQWRIFDVKͨRZVWRJHWKHUZLWKWKHQRWHVIRUPLQJSDUWWKHUHRI
FRQIRUPZLWKWKHDFFRXQWLQJDQGUHSRUWLQJ6WDQGDUGVDVDSSOLFDEOHLQ3DNLVWDQDQGJLYHWKHLQIRUPDWLRQ
UHTXLUHGE\WKH&RPSDQLHV$FW;,;RILQWKHPDQQHUVRUHTXLUHGDQGUHVSHFWLYHO\JLYHDWUXH
DQG IDLU YLHZ RI WKH VWDWH RI WKH FRPSDQ\
V DIIDLUV DV DW -XQH   DQG RI WKH SURͧW WKH RWKHU
FRPSUHKHQVLYHLQFRPHWKHFKDQJHVLQHTXLW\DQGLWVFDVKͨRZVIRUWKH\HDUWKHQHQGHG

%DVLVIRU2SLQLRQ
;IGSRHYGXIHSYVEYHMXMREGGSVHERGI[MXL-RXIVREXMSREP7XERHEVHWSR%YHMXMRK-7%W EWETTPMGEFPI
MR 4EOMWXER 3YV VIWTSRWMFMPMXMIW YRHIV XLSWI WXERHEVHW EVI JYVXLIV HIWGVMFIH MR XLI %YHMXSVW
6IWTSRWMFMPMXMIWJSVXLI%YHMXSJXLI*MRERGMEP7XEXIQIRXWWIGXMSRSJSYVVITSVX;IEVIMRHITIRHIRXSJ
XLI'SQTER]MREGGSVHERGI[MXLXLI-RXIVREXMSREP)XLMGW7XERHEVHW&SEVHJSV%GGSYRXERXW'SHISJ
)XLMGW JSV 4VSJIWWMSREP %GGSYRXERXW EW EHSTXIH F] XLI -RWXMXYXI SJ 'LEVXIVIH %GGSYRXERXW SJ
4EOMWXERXLI'SHI ERH[ILEZIJYPƤPPIHSYVSXLIVIXLMGEPVIWTSRWMFMPMXMIWMREGGSVHERGI[MXLXLI
'SHI;IFIPMIZIXLEXXLIEYHMXIZMHIRGI[ILEZISFXEMRIHMWWYJƤGMIRXERHETTVSTVMEXIXSTVSZMHIE
FEWMWJSVSYVSTMRMSR
0DWHULDO8QFHUWDLQW\UHODWLQJWR*RLQJ&RQFHUQ
;IHVE[EXXIRXMSRXSRSXIMRXLIƤRERGMEPWXEXIQIRXW[LMGLMRHMGEXIWXLEXXLI'SQTER]HIGPEVIH
EGGYQYPEXIHPSWWIWEQSYRXMRKXS6WQMPPMSR[MXLEHZIVWIGYVVIRXVEXMSEXXLIVITSVXMRKHEXI
%WWXEXIHMRRSXIXLIWIGSRHMXMSRWEPSRK[MXLSXLIVQEXXIVWEWWIXJSVXLMRRSXIMRHMGEXIXLEXE
QEXIVMEPYRGIVXEMRX]I\MWXWXLEXQE]GEWXWMKRMƤGERXHSYFXSRXLI'SQTER]WEFMPMX]XSGSRXMRYIEWE
KSMRKGSRGIVR3YVSTMRMSRMWRSXQSHMƤIHMRVIWTIGXSJXLMWQEXXIV
(PSKDVLVRI0DWWHU
;I HVE[ EXXIRXMSR XS RSXI  XS XLI ƤRERGMEP WXEXIQIRXW 7X]PIW
8VIRHW 4VMZEXI  0MQMXIH  ER
EWWSGMEXIHYRHIVXEOMRKMRXIRHWXSQIVKI[MXLERHMRXS1IWWVW,YWIMR7YKEV1MPPW0MQMXIH0IKEP
JSVQEPMXMIWMRXLMWVIKEVHEVIMRTVSGIWW3YVSTMRMSRMWRSXQSHMƤIHMRVIWTIGXSJXLMWQEXXIV
.H\$XGLW0DWWHUV
/I]EYHMXQEXXIVWEVIXLSWIQEXXIVWXLEXMRSYVTVSJIWWMSREPNYHKQIRX[IVISJQSWXWMKRMƤGERGIMR
SYVEYHMXSJXLIƤRERGMEPWXEXIQIRXWSJXLIGYVVIRXTIVMSH8LIWIQEXXIVW[IVIEHHVIWWIHMRXLI
GSRXI\XSJSYVEYHMXSJXLIƤRERGMEPWXEXIQIRXWEWE[LSPIERHMRJSVQMRKSYVSTMRMSRXLIVISRERH[I
HSRSXTVSZMHIEWITEVEXISTMRMSRSRXLIWIQEXXIVW

 
  

 )ROORZLQJDUHWKH.H\$XGLW0DWWHUV 61R .H\$XGLW0DWWHUV +RZWKH0DWWHUZDVDGGUHVVHGLQDXGLW

61R .H\$XGLW0DWWHUV +RZWKH0DWWHUZDVDGGUHVVHGLQDXGLW *YVXLIV WXSGO MR XVEHI MR ƤRERGMEP EWWIWWIH XLI QEREKIQIRXW TVSGIWW SJ
WXEXIQIRXW EW HMWGPSWIH MR RSXI   Q I E W Y V I Q I R X  S J  W X S G O T M P I W  E R H  X L I
 'ETMXEPM^EXMSRSJ4VSTIVX]4PERXERH)UYMTQIRX MRGPYHIW HIXIVQMREXMSR SJ ZEPYIW YWMRK GSRZIVWMSR SJ
ZSPYQIWXSXSXEP[IMKLX
8LI 'SQTER] LEW QEHI WMKRMƤGERX 3YVEYHMXTVSGIHYVIWXSEWWIWWXLIGETMXEPM^EXMSR &]TVSHYGXWGSQTVMWMRKTVIWWQYH
GETMXEP I\TIRHMXYVI SR FEPERGMRK ERH SJTVSTIVX]TPERXERHIUYMTQIRXEQSRKWXSXLIVW SFXEMRIHERHVIZMI[IHXLIMRZIRXSV]ZEPYEXMSR
Q S H I V R M ^ E X M S R  X S  M Q T V S Z I  T P E R X MRGPYHIHXLIJSPPS[MRK [SVOMRTVSKVIWW QEMRP] GSQTVMWMRK VITSVXSJXLII\XIVREPWYVZI]SVERHEWWIWWIH
IJƤGMIRG] ERH TVSHYGX UYEPMX] EW WYKEV MR TVSGIWW ERH QSPEWWIW MR MXWEGGYVEG]ERH
HMWGYWWIH MR RSXI   XS XLI ERRI\IH 9RHIVWXERHXLIHIWMKRERHMQTPIQIRXEXMSRSJ TVSGIWWERH
ƤRERGMEPWXEXIQIRXW QEREKIQIRXGSRXVSPWSZIVGETMXEPM^EXMSRERH
XIWXIH XLI 26: SJ XLI MRZIRXSVMIW LIPH F]
;I MHIRXMƤIH GETMXEPM^EXMSR SJ TVSTIVX] TIVJSVQMRKXIWXWSJGSRXVSPSZIVEYXLSVM^EXMSR ƤRMWLIHKSSHWMRXLIWLETISJVIƤRIH TVIJSVQMRK E VIZMI[ SJ WEPIW GPSWI XS ERH
TPERXERHIUYMTQIRXEWEOI]EYHMXQEXIV SJ GETMXEP I\TIRHMXYVI ERH EGGYVEG] SJ MXW WYKEV WYFWIUYIRXXSXLI]IEVIRH
FIGEYWI XLIVI MW E VMWO XLEX EQSYRXW VIGSVHMRKMRXLIW]WXIQ
FIMRK GETMXEPM^IH QE] RSX QIIX XLI 8LI TVIWW QYH MW WXSVIH MR XLI STIRIH
GETMXEPM^EXMSR GVMXIVME [MXL VIPEXIH 8IWXSREWEQTPIFEWMWXLIGSWXWMRGYVVIHSR EVIE MR XLI JSVQ SJ WXSGOTMPIW %W XLI
M Q T P M G E X M S R W  S R  GE T M X E P M ^ E X M S R  S J TVSNIGXW [MXL WYTTSVXMRK HSGYQIRXEXMSR ERH [IMKLMRKSJXLIWIMRZIRXSVMIWSJWXSGOMR
FSVVS[MRKGSWXWERHHITVIGMEXMSRGLEVKI GSRXVEGXW XVEHI MW RSX TVEGXMGEFPI QEREKIQIRX
JSVXLI]IEV EWWIWWIW XLI VIEWSREFPIRIWW SJ XLI
%WWIWW XLI REXYVI SJ GSWXW  MRGYVVIH JSV XLI U Y E R X M X M I W  S R  L E R H  F ]  S F X E M R M R K
GETMXEP TVSNIGXW XLVSYKL XIWXMRK SR WEQTPI QIEWYVIQIRXW SJ WXSGOTMPIW ERH
FEWMW SJ EQSYRXW VIGSVHIH ERH GSRWMHIVMRK GSRZIVXMRK XLIWI QIEWYVIQIRXW XS YRMX
[LIXLIVXLII\TIRHMXYVIQIIXWXLIGVMXIVMEJSV SJZSPYQIWF]YWMRKERKPISJVITSWI
GETMXEPM^EXMSR EW TIV XLI EGGSYRXMRK TSPMG]
(YI XS XLI WMKRMƤGERGI SJ MRZIRXSV]
HMWGYWWIH MR RSXI  XS XLI ƤRERGMEP
FEPERGIW SJ GSRWYQEFPI WXSVIW ERH
WXEXIQIRXW ERH ETTPMGEFPI EGGSYRXMRK
WTEVIW ERH WXSGO MR XVEHI ERH VIPEXIH
WXERHEVHWERH
IWXMQEXMSRW MRZSPZIH XLMW MW GSRWMHIVIH
EWEOI]EYHMXQEXXIV
ZIVMJ]WYTTSVXMRK HSGYQIRXWJSVXLIHEXISJ
GETMXEPM^EXMSR [LIR TVSNIGX [EW VIEH] JSV MXW
MRXIRHIHYWIXSEWWIWW[LIXLIVHITVIGMEXMSR
GSQQIRGIHJVSQXLEXHEXIERHEWWIWWMRKXLI
YWIJYPPMJIEWWMKRIHF]QEREKIQIRXMRGPYHMRK  6IZIRYI6IGSKRMXMSR
XIWXMRKXLIGEPGYPEXMSRSJVIPEXIHHITVIGMEXMSR
%WTIV-7%XLIVIMWETVIWYQIHVMWOSJ -R XLMW VIKEVH SYV EYHMX TVSGIHYVIW EQSRKWX
Q E X I V M E P  Q M W W X E X I Q I R X  H Y I  X S SXLIVWMRGPYHIHXLIJSPPS[MRK
 -RZIRXSV]
MRETTVSTVMEXI VIZIRYI VIGSKRMXMSR 8LMW
QE]IMXLIVVIWYPXJVSQERSZIVWXEXIQIRX 9RHIVWXERHMRK XLI TSPMGMIW ERH TVSGIHYVIW
%W EX 7ITXIQFIV   MRZIRXSV] 3YVEYHMXJSGYWIHSR[LIXLIVXLIZEPYEXMSRSJ]IEV SJ VIZIRYIW XLVSYKL TVIQEXYVI VIZIRYI ETTPMIH XS VIZIRYI VIGSKRMXMSR EW [IPP EW
GSQTVMWIW GSRWYQEFPI WXSVIW ERH IRHMRZIRXSV][EWMRPMRI[MXL-%78LMWMRGPYHIH VIGSKRMXMSR SV VIGSVHMRK ƤGXMXMSYW GSQTPMERGIXLIVI[MXLMRGPYHMRKEREREP]WMWSJ
WTEVIWERHWXSGOMRXVEHIEWHMWGPSWIHMR GLEPPIRKMRK NYHKIQIRXW XEOIR VIKEVHMRK VIZIRYIWSVYRHIVWXEXIQIRXSJVIZIRYIW XLIIJJIGXMZIRIWWSJGSRXVSPWVIPEXIHXSVIZIRYI
RSXI   ERH  VIWTIGXMZIP] XS XLI SFWSPIWGIRGIERHRIXVIEPM^EFPIZEPYITVSZMWMSRW XLVSYKLMQTVSTIVP]WLMJXMRKVIZIRYIWXSE VIGSKRMXMSR TVSGIWWIW IQTPS]IH F] XLI
ERRI\IHƤRERGMEPWXEXIQIRXW ;ISFXEMRIHEWWYVERGISZIVXLIETTVSTVMEXIRIWW PEXIVTIVMSH GSQTER]
8LIVIMWEVMWOMRIWXMQEXMRKXLIIZIRXYEP SJ QEREKIQIRXW EWWYQTXMSRW ETTPMIH MR
26:SJMXIQWLIPHEW[IPPEWEWWIWWMRK GEPGYPEXMRKXLIZEPYISJMRZIRXSV]F] 8LIWIVIZIRYIQE]EPWSFIQERMTYPEXIH 4IVJSVQMRKGYXSJJTVSGIHYVIWJSVEWEQTPISJ
[LMGL MXIQW QE] FI WPS[QSZMRK SV XLVSYKLXLIYWISJMRETTVSTVMEXIVEXIWJSV VIZIRYI XVERWEGXMSRW EX ]IEV IRH MR SVHIV XS
GLIGOMRK XLI IJJIGXMZIRIWW SJ GSRXVSPW XLI SZIVWXEXIQIRX  YRHIVWXEXIQIRX SJ
SFWSPIXI GSRGPYHISR[LIXLIVXLI][IVIVIGSKRM^IHEX
EWWSGMEXIH[MXLXLII\MWXIRGIERHGSRHMXMSRSJ VIZIRYI XS EGLMIZI HIWMVIH ƤRERGMEP
8LI 'SQTER]W TVMRGMTEP EGGSYRXMRK XLIQSQIRXXLIVIPEXIHKSSHWEGXYEPP]WSPH
MRZIRXSVMIW F] EXXIRHMRK MRZIRXSV] GSYRXW EX VIWYPXW
TSPMG]SRGSRWYQEFPIWXSVIWERHWTEVIW
]IEVIRH[MXLWEQTPIZIVMƤGEXMSRXIWX - R  Z M I [  S J  W M K R M Ƥ G E R X  Z E P Y I  S J
ERH WXSGO MR XVEHI ERH XLI GVMXMGEP
EGGSYRXMRK IWXMQEXIW NYHKIQIRXW ERH XVERWEGXMSRW ERH TVIWYQIH VMWO SJ
G V M X M G E P P ]  E W W I W W M R K  X L I  ' S Q T E R ]  W
EWWYQTXMSRWEVIHMWGPSWIHMRRSXIG 
TVSZMWMSRMRKTSPMG][MXLWTIGMƤGGSRWMHIVEXMSR
ERH  XS XLI ERRI\IH ƤRERGMEP
KMZIRXSEKIHWPS[QSZMRKMRZIRXSV]
WXEXIQIRXW

 
  

 61R .H\$XGLW0DWWHUV +RZWKH0DWWHUZDVDGGUHVVHGLQDXGLW 61R .H\$XGLW0DWWHUV +RZWKH0DWWHUZDVDGGUHVVHGLQDXGLW

8LI 'SQTER] LEW QEHI WMKRMƤGERX %REP]^MRKSXLIVEHNYWXQIRXWERHGVIHMXRSXIW  'SRXMRKIRGMIW

GETMXEP I\TIRHMXYVI SR FEPERGMRK ERH MWWYIHEJXIVXLIVITSVXMRKHEXI
Q S H I V R M ^ E X M S R  X S  M Q T V S Z I  T P E R X 8LI'SQTER]MWWYFNIGXXSERYQFIVSJ ;IEWWIWWIHERHXIWXIHXLIHIWMKRERHSTIVEXMRK
IJƤGMIRG] ERH TVSHYGX UYEPMX] EW 4IVJSVQMRKEREP]XMGEPTVSGIHYVIWSRIRXVMIWMR PIKEP VIKYPEXSV] XE\ ERH GSQTIXMXMSR I J J I G X M Z I R I W W  S J  X L I  G S R X V S P W  S Z I V  X L I
HMWGYWWIH MR RSXI   XS XLI ERRI\IH XLIHEMP]PIHKIVVIPEXIHXSVIZIRYIQEHIF]XLI QEXXIVW QER] SJ [LMGL EVI FI]SRH MXW MHIRXMƤGEXMSR IZEPYEXMSR TVSZMWMSRMRK ERH
ƤRERGMEPWXEXIQIRXW 'SQTER]8LIWITVSGIHYVIW[IVIGEVVMIHSYX GSRXVSP'SRWIUYIRXP]XLIQEREKIQIRX VITSVXMRKSJPIKEPXE\VIKYPEXSV]ERHGSQTIXMXMSR
TE]MRKWTIGMEPEXXIRXMSRXSEGGSYRXMRKIRXVMIW QEOI NYHKIQIRXW EFSYX XLI MRGMHIRGI QEXXIVW ;I HIXIVQMRIH XLEX [I GSYPH VIP] SR
VIGSVHIHGPSWIXSXLI]IEVIRHSVWYFWIUYIRXP] ERH UYERXYQ SJ WYGL PMEFMPMXMIW EVMWMRK XLIWIGSRXVSPWJSVXLITYVTSWIWSJSYVEYHMX
EW[IPPEWXLSWIHIIQIHYRYWYEPHYIEQSRK JVSQ PMXMKEXMSR XE\ ERH VIKYPEXSV] SV -RZMI[SJXLIWMKRMƤGERXNYHKIQIRXWVIUYMVIH[I
SXLIVVIEWSRWXSXLIMVREXYVIEQSYRXHEXISJ GSQTIXMXMSRGPEMQW[LMGLEVIWYFNIGXXS IZEPYEXIH XLI 'SQTER]W EWWIWWQIRX SJ XLI
SGGYVVIRGI XLIJYXYVISYXGSQISJPIKEPSVVIKYPEXSV] REXYVI ERH WXEXYW SJ PMXMKEXMSR GPEMQW ERH
TVSGIWWIW TVSZMWMSREWWIWWQIRXWMJER]ERHHMWGYWWIH[MXL
6IZMI[MRKHMWGPSWYVIWMRGPYHIHMRXLIRSXIWXS 8LIVI EVI E RYQFIV SJ PIKEP ERH QEREKIQIRXXSYRHIVWXERHXLIPIKEPTSWMXMSRERH
XLIERRI\IHƤRERGMEPWXEXIQIRXW VIKYPEXSV]QEXXIVWJSV[LMGLRSTVSZMWMSR XLI FEWMW SJ QEXIVMEP VMWO TSWMXMSRW ;I VIGIMZIH
LEW FIIR IWXEFPMWLIH EW HMWGYWWIH MR PIKEPPIXXIVWJVSQXLI'SQTER]WI\XIVREPGSYRWIP
RSXI ũ  XS XLI ERRI\IH ƤRERGMEP WIXXMRKSYXXLIMVZMI[WMRQENSVGEWIW
 8E\EXMSR WXEXIQIRXW 7TIGMƤGEPP] [I HMWGYWWIH [MXL QEREKIQIRX XLI
8LIVI MW ER MRLIVIRX VMWO XLEX PIKEP XMQMRK SJ VIGSKRMXMSR JSV GEWIW [LIVI XLIVI [EW
%WHIWGVMFIHMR7YQQEV]SJ7MKRMƤGERX ;I IZEPYEXIH XLI HIWMKR ERH MQTPIQIRXEXMSR SJ I \ T S W Y VI W  E VI  R S X  M H I R X M Ƥ I H  E R H TSXIRXMEPI\TSWYVIEWMX[EWRSXXLEXETVSZMWMSR
%GGSYRXMRK 4SPMGMIW MR RSXI ũ  GSRXVSPWMRVIWTIGXSJTVSZMWMSRWJSVGYVVIRXXE\ERH GSRWMHIVIH JSV ƤRERGMEP VITSV XMRK HIXIVQMREFPI [EW VIUYMVIH IK [LIVI SFXEMRMRK
WMKRMƤGERX NYHKQIRX MW VIUYMVIH MR XLIVIGSKRMXMSRSJHIJIVVIHXE\ TYVTSWIW SR E XMQIP] FEWMW XLIVIJSVI VIPMEFPIIWXMQEXIW[IVIRSXGSRWMHIVIHTSWWMFPI
HIXIVQMRMRKXLITVSZMWMSRJSVMRGSQIXE\ ;I HMWGYWWIH [MXL QEREKIQIRX XLI EHIUYEXI GSRWMHIVIH XS FI E OI] EYHMX QEXXIV %WWIXSYXMRXLIƤRERGMEPWXEXIQIRXWXLISYXGSQI
FSXL GYVVIRX ERH HIJIVVIH EW [IPP MQTPIQIRXEXMSRSJGSQTER]TSPMGMIWERHGSRXVSPW -QTSVXERXP] XLI HIGMWMSR XS VIGSKRM^I E SJPMXMKEXMSRERHVIKYPEXSV]GPEMQWEVIHITIRHIRX
EWWIWWQIRX SJ TVSZMWMSR JSV YRGIVXEMR VIKEVHMRKGYVVIRXERHHIJIVVIHXE\EW[IPPEWXLI TVSZMWMSRERHXLIFEWMWSJQIEWYVIQIRX SR XLI JYXYVI SYXGSQI SJ GSRXMRYMRK PIKEP ERH
XE\ TSWMXMSRW MRGPYHMRK IWXMQEXIW SJ VITSVXMRKSJYRGIVXEMRXE\TSWMXMSRW EVINYHKQIRXEP VIKYPEXSV] TVSGIWWIW ERH GSRWIUYIRXP] XLI
TIREPXMIW  HIJEYPX WYVGLEVKI [LIVI GEPGYPEXMSRW SJ XLI TVSZMWMSRW EVI WYFNIGX XS
;I I\EQMRIH XLI TVSGIHYVIW MR TPEGI JSV XLI
ETTVSTVMEXI MRLIVIRXYRGIVXEMRX]
GYVVIRX ERH HIJIVVIH XE\ GEPGYPEXMSRW JSV
8LI WXEXIQIRX SJ ƤRERGMEP TSWMXMSR GSQTPIXIRIWW ERH ZEPYEXMSR ERH EYHMXIH XLI
MRGPYHIWXE\VIJYRHHYIJVSQ+SZIVRQIRX VIPEXIHXE\GSQTYXEXMSRWERHIWXMQEXIWMRXLIPMKLX  &SVVS[MRKW
RIX SJ TVSZMWMSR SJ 6W  QMPPMSR SJSYVORS[PIHKISJXLIGMVGYQWXERGIW3YV[SVO
XSKIXLIV[MXLRIXHIJIVVIHXE\PMEFMPMX]SJ [EWGSRHYGXIH[MXLSYVƤVQWXE\HITEVXQIRX 8LI'SQTER]LEWWMKRMƤGERXEQSYRXWSJ -R VIWTSRWI XS XLMW QEXXIV SYV EYHMX TVSGIHYVIW
6W  QMPPMSR 8LI XE\ GVIHMX FSVVS[MRKW JVSQ ƤRERGMEP MRWXMXYXMSRW MRGPYHIH
;I GSRWMHIVIH QEREKIQIRX EWWIWWQIRX SJ XLI
VIGSKRM^IH MR XLI WXEXIQIRX SJ TVSƤX SV EQSYRXMRKXS6WQMPPMSRFIMRK
ZEPMHMX]ERHEHIUYEG]SJTVSZMWMSRJSVYRGIVXEMRXE\ 6IZMI[ SJ PSER EKVIIQIRXW  SJJIV PIXXIVW XS
PSWW MW 6W  QMPPMSR (IXEMP SJ  SJXSXEPGYVVIRXPMEFMPMXMIWEXVITSVXMRK
TVSZMWMSRIZEPYEXMRKXLIFEWMWSJEWWIWWQIRXERH EWGIVXEMR XLI XIVQW ERH GSRHMXMSRW SJ
HIJIVVIHXE\EXMSRERHXE\EXMSRI\TIRWI HEXI
VIZMI[MRK VIPIZERX GSVVIWTSRHIRGI ERH PIKEP VITE]QIRX ERH VEXIW SJ QEVOYT YWIH F]
GVIHMXMWHMWGPSWIHMRRSXIWERHXS
EHZMGI[LIVIEZEMPEFPIMRGPYHMRKER]MRJSVQEXMSR +MZIRXLIWMKRMƤGERXPIZIPSJFSVVS[MRKW QEREKIQIRX MR GEPGYPEXMSR SJ ƤRERGI GSWXW
XLI ERRI\IH ƤRERGMEP WXEXIQIRXW
VIKEVHMRK WMQMPEV GEWIW [MXL XLI VIPIZERX XE\ ƤRERGI GSWXW KIEVMRK VEXMS ERH XLI ERH XLSWI HMWGPSWIH F] QEREKIQIRX EVI
VIWTIGXMZIP]
EYXLSVMXMIW HMWGPSWYVI KMZIR F] XLI QEREKIQIRX MR GSVVIGX
(YIXSXLIMVWMKRMƤGERGIXSXLIƤRERGMEP ƤRERGMEP WXEXIQIRXW ERH GSQTPMERGI
-RVIWTIGXSJHIJIVVIHXE\EWWIXWERHPMEFMPMXMIW[I
WXEXIQIRXWEWE[LSPIGSQFMRI[MXLXLI [MXL ZEVMSYW PSER GSZIRERXW XLMW MW
EWWIWWIH XLI ETTVSTVMEXIRIWW SJ QEREKIQIRX :IVMƤGEXMSR SJ VITE]QIRXW QEHI F] XLI
NYHKIQIRX ERH IWXMQEXMSR VIUYMVIH XS GSRWMHIVIH XS FI E OI] EYHMX QEXXIV
EWWYQTXMSRWERHIWXMQEXIW 'SQTER]HYVMRKXLI]IEVSRWEQTPIFEWMWXS
HIXIVQMRIXLIMVZEPYIWXLIIZEPYEXMSRSJ
;I6IZMI[IHHMWGPSWYVIWMRGPYHIHMRXLIRSXIW GSRƤVQ XLEX VITE]QIRXW EVI FIMRK QEHI SR
GYVVIRX ERH HIJIVVIH XE\ FEPERGIW MW
ERHXSXLIERRI\IHƤRERGMEPWXEXIQIRXW XMQIERHRSHIJEYPXLEWFIIRQEHI
GSRWMHIVIHXSFIEOI]EYHMXQEXXIV
:IVMƤGEXMSR SJ HMWFYVWIQIRX SJ PSERW ERH MXW
YXMPM^EXMSRSRWEQTPIFEWMW

%WWIWWMRKTVSGIHYVIWHIWMKRIHF]
QEREKIQIRXXSGSQTP][MXLXLIHIFX
GSZIRERXW

 
  

 61R .H\$XGLW0DWWHUV +RZWKH0DWWHUZDVDGGUHVVHGLQDXGLW 61R .H\$XGLW0DWWHUV +RZWKH0DWWHUZDVDGGUHVVHGLQDXGLW

3FXEMRMRK I\XIVREP GSRƤVQEXMSRW JVSQ EW E OI] EYHMX QEXXIV MR ZMI[ SJ XLI
ƤRERGMEP MRWXMXYXMSRW SJ XLI 'SQTER] XS I\XIRWMZI MQTEGXW MR XLI ƤRERGMEP
GSRƤVQ FEPERGIW ERH XIVQW ERH GSRHMXMSRW WXEXIQIRXW HYI XS XLI 'SQTERMIW %GX
WXEXIH MR XLI PSER EKVIIQIRXW  SJJIV PIXXIVW 
ERHGSQTPMERGIXLIVISJ
)RWYVMRK XLEX XLI SYXWXERHMRK PMEFMPMXMIW ERH
XIVQW XLIVIXS LEZI FIIR TVSTIVP] GPEWWMƤIH ,QIRUPDWLRQ2WKHUWKDQWKH)LQDQFLDO6WDWHPHQWVDQG$XGLWRU
V5HSRUW7KHUHRQ
ERH EHIUYEXIP] HMWGPSWIH MR XLI ƤRERGMEP
WXEXIQIRXW 1EREKIQIRX MW VIWTSRWMFPI JSV XLI SXLIV MRJSVQEXMSR 8LI SXLIV MRJSVQEXMSR GSQTVMWIW XLI
MRJSVQEXMSRMRGPYHIHMRXLIERRYEPVITSVXFYXHSIWRSXMRGPYHIXLIƤRERGMEPWXEXIQIRXWERHEYHMXSVW
 *MVWXXMQIETTPMGEXMSRSJXLMVHERHJSYVXLWGLIHYPIWXSXLI'SQTERMIW%GX VITSVXXLIVISR
3YVSTMRMSRSRXLIƤRERGMEPWXEXIQIRXWHSIWRSXGSZIVXLISXLIVMRJSVQEXMSRERH[IHSRSXI\TVIWW
%W VIJIVVIH XS MR RSXI   H  XS XLI 3YVEYHMXTVSGIHYVIWEQSRKWXSXLIVWMRGPYHIHXLI ER]JSVQSJEWWYVERGIGSRGPYWMSRXLIVISR
ERRI\IH ƤRERGMEP WXEXIQIRXW XLI JSPPS[MRK
'SQTERMIW %GX  %GX  FIGEQI -R GSRRIGXMSR [MXL SYV EYHMX SJ XLI ƤRERGMEP WXEXIQIRXW SYV VIWTSRWMFMPMX] MW XS VIEH XLI SXLIV
ETTPMGEFPI JSV XLI ƤVWX XMQI JSV XLI 'SRWMHIVMRK XLI QEREKIQIRXW TVSGIWW XS MRJSVQEXMSRERHMRHSMRKWSGSRWMHIV[LIXLIVXLISXLIVMRJSVQEXMSRMWQEXIVMEPP]MRGSRWMWXIRX[MXL
TVITEVEXMSR SJ XLI 'SQTER]W ERRYEP MHIRXMJ]XLIRIGIWWEV]EQIRHQIRXWVIUYMVIHMR XLIƤRERGMEPWXEXIQIRXWSVSYVORS[PIHKISFXEMRIHMRXLIEYHMXSVSXLIV[MWIETTIEVWXSFIQEXIVMEPP]
ƤRERGMEP WXEXIQIRXW JSV XLI ]IEV IRHIH XLI'SQTER]WƤRERGMEPWXEXIQIRXW
QMWWXEXIH -J FEWIH SR XLI [SVO [I LEZI TIVJSVQIH [I GSRGPYHI XLEX XLIVI MW E QEXIVMEP
7ITXIQFIV8LI'SQTERMIW%GX QMWWXEXIQIRXSJXLMWSXLIVMRJSVQEXMSR[IEVIVIUYMVIHXSVITSVXXLEXJEGX;ILEZIRSXLMRKXSVITSVX
      M R G P Y H M R K  X L M VH  E R H  J S Y V X L )ZEPYEXMRK XLI VIWYPXW SJ QEREKIQIRXW
EREP]WMWERHOI]HIGMWMSRWXEOIRMRVIWTIGXSJ MRXLMWVIKEVH
WGLIHYPIW JSVQWERMRXIKVEPTEVXSJXLI
WXEXYXSV] ƤRERGMEP VITSVXMRK JVEQI[SVO XLI XVERWMXMSR YWMRK SYV ORS[PIHKI SJ XLI
5HVSRQVLELOLWLHVRI0DQDJHPHQWDQGWKH%RDUGRI'LUHFWRUVIRUWKH)LQDQFLDO6WDWHPHQWV
EW ETTPMGEFPI XS XLI 'SQTER] ERH VIPIZERX VIUYMVIQIRXW SJ XLI XLMVH ERH JSYVXL
EQSRKWX SXLIVW TVIWGVMFIW XLI REXYVI WGLIHYPIWXSXLI'SQTERMIW%GXERHSYV 1EREKIQIRXMWVIWTSRWMFPIJSVXLITVITEVEXMSRERHJEMVTVIWIRXEXMSRSJXLIƤRERGMEPWXEXIQIRXWMR
ERHGSRXIRXSJHMWGPSWYVIWMRVIPEXMSRXS YRHIVWXERHMRK SJ XLI 'SQTER]W STIVEXMSRW EGGSVHERGI[MXLEGGSYRXMRKERHVITSVXMRKWXERHEVHWEWETTPMGEFPIMR4EOMWXERXLIVIUYMVIQIRXWSJ
ZEVMSYW IPIQIRXW SJ XLI ƤRERGMEP ERHFYWMRIWW XLI'SQTERMIW%GX<-<SJ ERHJSVWYGLMRXIVREPGSRXVSPEWQEREKIQIRXHIXIVQMRIWMW
WXEXIQIRXW%WTEVXSJXLMWXVERWMXMSRXS RIGIWWEV]XSIREFPIXLITVITEVEXMSRSJƤRERGMEPWXEXIQIRXWXLEXEVIJVIIJVSQQEXIVMEPQMWWXEXIQIRX
XLI VIUYMVIQIRXW SJ XLI WEMH XLMVH ERH %WWIWWMRKXLIEHIUYEG]ERHETTVSTVMEXIRIWW
[LIXLIVHYIXSJVEYHSVIVVSV
JSYVXL WGLIHYPIW XLI QEREKIQIRX SJ XLI EHHMXMSREP HMWGPSWYVIW ERH GLERKIW XS
TIVJSVQIH E KET EREP]WMW XS MHIRXMJ] XLITVIZMSYWHMWGPSWYVIWQEHIMRXLIERRI\IH -R TVITEVMRK XLI ƤRERGMEP WXEXIQIRXW QEREKIQIRX MW VIWTSRWMFPI JSV EWWIWWMRK XLI 'SQTER]W
HMJJIVIRGIW FIX[IIR XLI TVIZMSYW ƤRERGMEP WXEXIQIRXW FEWIH SR XLI RI[ EFMPMX]XSGSRXMRYIEWEKSMRKGSRGIVRHMWGPSWMRKEWETTPMGEFPIQEXXIVWVIPEXIHXSKSMRKGSRGIVRERH
VITSVXMRK JVEQI[SVO ERH XLI GYVVIRX VIUYMVIQIRXW YWMRK XLI KSMRK GSRGIVR FEWMW SJ EGGSYRXMRK YRPIWW QEREKIQIRX IMXLIV MRXIRHW XS PMUYMHEXI XLI
VITSVXMRK JVEQI[SVO ERH EW E VIWYPX 'SQTER]SVXSGIEWISTIVEXMSRWSVLEWRSVIEPMWXMGEPXIVREXMZIFYXXSHSWS8LI&SEVHSJHMVIGXSVWMW
EWWIWWIHXLIEQIRHQIRXWEWWTIGMƤIH VIWTSRWMFPIJSVSZIVWIIMRKXLIGSQTER]WƤRERGMEPVITSVXMRKTVSGIWW
MRXLIRSXIW
  ERH  XS XLI ERRI\IH ƤRERGMEP
WXEXIQIRXW  VIPEXMRK XS HMWGPSWYVIW
VIUYMVIH MR XLI 'SQTER]W ƤRERGMEP
WXEXIQIRXW
*YVXLIVXLI'SQTER]LEWEPWSGLERKIH
M X W  E G G S Y R X M R K  T S P M G ]  VI P E X M R K  XS
TVITEVEXMSRERHQIEWYVIQIRXSJWYVTPYW
SR VIZEPYEXMSR SJ Ƥ\IH EWWIXW EW E
GSRWIUYIRGISJXLIETTPMGEXMSRSJXLI%GX
[MXLVIXVSWTIGXMZI IJJIGX8LIMQTEGXSJ
XLIWEMHGLERKIMREGGSYRXMRKTSPMG]LEW
FIIR HMWGPSWIH MR RSXI ũ  XS XLI
ERRI\IHƤRERGMEPWXEXIQIRXW
8LIEFSZIGLERKIWERHIRLERGIQIRXWMR
XLIƤRERGMEPWXEXIQIRXWEVIGSRWMHIVIH

 
  

 $XGLWRUV
5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV [I HIXIVQMRI XLEX E QEXXIV WLSYPH RSX FI GSQQYRMGEXIH MR SYV VITSVX FIGEYWI XLI EHZIVWI
GSRWIUYIRGIWSJHSMRKWS[SYPHVIEWSREFP]FII\TIGXIHXSSYX[IMKLXLITYFPMGMRXIVIWXFIRIƤXWSJ
3YVSFNIGXMZIWEVIXSSFXEMRVIEWSREFPIEWWYVERGIEFSYX[LIXLIVXLIƤRERGMEPWXEXIQIRXWEWE[LSPI
WYGLGSQQYRMGEXMSR
EVIJVIIJVSQQEXIVMEPQMWWXEXIQIRX[LIXLIVHYIXSJVEYHSVIVVSVERHXSMWWYIEREYHMXSVWVITSVX
XLEXMRGPYHIWSYVSTMRMSR6IEWSREFPIEWWYVERGIMWELMKLPIZIPSJEWWYVERGIFYXMWRSXEKYEVERXII 5HSRUWRQ2WKHU/HJDODQG5HJXODWRU\5HTXLUHPHQWV
XLEX ER EYHMX GSRHYGXIH MR EGGSVHERGI [MXL -7%W EW ETTPMGEFPI MR 4EOMWXER [MPP EP[E]W HIXIGX E
QEXIVMEP QMWWXEXIQIRX [LIR MX I\MWXW 1MWWXEXIQIRXW GER EVMWI JVSQ JVEYH SV IVVSV ERH EVI &EWIHSRSYVEYHMX[IJYVXLIVVITSVXXLEXMRSYVSTMRMSR
GSRWMHIVIHQEXIVMEPMJMRHMZMHYEPP]SVMRXLIEKKVIKEXIXLI]GSYPHVIEWSREFP]FII\TIGXIHXSMRƥYIRGI E TVSTIVFSSOWSJEGGSYRXLEZIFIIROITXF]XLI'SQTER]FVERGLIWEWVIUYMVIHF]XLI'SQTERMIW
XLIIGSRSQMGHIGMWMSRWSJYWIVWXEOIRSRXLIFEWMWSJXLIWIƤRERGMEPWXEXIQIRXW %GX<-<SJ 
%W TEVX SJ ER EYHMX MR EGGSVHERGI [MXL -7%W EW ETTPMGEFPI MR 4EOMWXER [I I\IVGMWI TVSJIWWMSREP F XLIWXEXIQIRXSJƤRERGMEPTSWMXMSRXLIWXEXIQIRXSJTVSƤXSVPSWWXLIWXEXIQIRXSJGSQTVILIRWMZI
NYHKQIRXERHQEMRXEMRTVSJIWWMSREPWOITXMGMWQXLVSYKLSYXXLIEYHMX;IEPWS MRGSQIXLIWXEXIQIRXSJGLERKIWMRIUYMX]ERHXLIWXEXIQIRXSJGEWLƥS[WXSKIXLIV[MXLXLIRSXIW
XLIVISRLEZIFIIRHVE[RYTMRGSRJSVQMX][MXLXLI'SQTERMIW%GX<-<SJ ERHEVIMR
-HIRXMJ]ERHEWWIWWXLIVMWOWSJQEXIVMEPQMWWXEXIQIRXSJXLIƤRERGMEPWXEXIQIRXW[LIXLIVHYIXS EKVIIQIRX[MXLXLIFSSOWSJEGGSYRXERHVIXYVRW
JVEYHSVIVVSVHIWMKRERHTIVJSVQEYHMXTVSGIHYVIWVIWTSRWMZIXSXLSWIVMWOWERHSFXEMREYHMX
G MRZIWXQIRXWQEHII\TIRHMXYVIMRGYVVIHERHKYEVERXIIWI\XIRHIHHYVMRKXLI]IEV[IVIJSVXLI
IZMHIRGI XLEX MW WYJƤGMIRX ERH ETTVSTVMEXI XS TVSZMHI E FEWMW JSV SYV STMRMSR8LI VMWO SJ RSX
TYVTSWISJXLI'SQTER]WFYWMRIWWERH
HIXIGXMRKEQEXIVMEPQMWWXEXIQIRXVIWYPXMRKJVSQJVEYHMWLMKLIVXLERJSVSRIVIWYPXMRKJVSQIVVSV
EWJVEYHQE]MRZSPZIGSPPYWMSRJSVKIV]MRXIRXMSREPSQMWWMSRWQMWVITVIWIRXEXMSRWSVXLISZIVVMHI H RS^EOEX[EWHIHYGXMFPIEXWSYVGIYRHIVXLI>EOEXERH9WLV3VHMRERGI<:---SJ 
SJMRXIVREPGSRXVSP
3FXEMR ER YRHIVWXERHMRK SJ MRXIVREP GSRXVSP VIPIZERX XS XLI EYHMX MR SVHIV XS HIWMKR EYHMX
8LIIRKEKIQIRXTEVXRIVSRXLIEYHMXVIWYPXMRKMRXLMWMRHITIRHIRXEYHMXSVWVITSVXMW7LEFMV%LQEH
TVSGIHYVIWXLEXEVIETTVSTVMEXIMRXLIGMVGYQWXERGIWFYXRSXJSVXLITYVTSWISJI\TVIWWMRKER
*'%
STMRMSRSRXLIIJJIGXMZIRIWWSJXLI'SQTER]WMRXIVREPGSRXVSP
)ZEPYEXIXLIETTVSTVMEXIRIWWSJEGGSYRXMRKTSPMGMIWYWIHERHXLIVIEWSREFPIRIWWSJEGGSYRXMRK
IWXMQEXIWERHVIPEXIHHMWGPSWYVIWQEHIF]QEREKIQIRX
'SRGPYHISRXLIETTVSTVMEXIRIWWSJQEREKIQIRXWYWISJXLIKSMRKGSRGIVRFEWMWSJEGGSYRXMRK
ERHFEWIHSRXLIEYHMXIZMHIRGISFXEMRIH[LIXLIVEQEXIVMEPYRGIVXEMRX]I\MWXWVIPEXIHXSIZIRXW
SVGSRHMXMSRWXLEXQE]GEWXWMKRMƤGERXHSYFXSRXLI'SQTRE]WEFMPMX]XSGSRXMRYIEWEKSMRK
GSRGIVR-J[IGSRGPYHIXLEXEQEXIVMEPYRGIVXEMRX]I\MWXW[IEVIVIUYMVIHXSHVE[EXXIRXMSRMRSYV /$+25(-DQXDU\ .5(6721+<'(5%+,0-, &2
.5(6721 +<'(5
<'(5 %+,0-, &2
EYHMXSVWVITSVXXSXLIVIPEXIHHMWGPSWYVIWMRXLIƤRERGMEPWXEXIQIRXWSVMJWYGLHMWGPSWYVIWEVI ',%68)6)(%''3928%287
MREHIUYEXIXSQSHMJ]SYVSTMRMSR3YVGSRGPYWMSRWEVIFEWIHSRXLIEYHMXIZMHIRGISFXEMRIHYT
XSXLIHEXISJSYVEYHMXSVWVITSVX,S[IZIVJYXYVIIZIRXWSVGSRHMXMSRWQE]GEYWIXLI'SQTER]XS
GIEWIXSGSRXMRYIEWEKSMRKGSRGIVR
)ZEPYEXIXLISZIVEPPTVIWIRXEXMSRWXVYGXYVIERHGSRXIRXSJXLIƤRERGMEPWXEXIQIRXWMRGPYHMRKXLI
HMWGPSWYVIW ERH [LIXLIV XLI ƤRERGMEP WXEXIQIRXW VITVIWIRX XLI YRHIVP]MRK XVERWEGXMSRW ERH
IZIRXWMREQERRIVXLEXEGLMIZIWJEMVTVIWIRXEXMSR

;IGSQQYRMGEXI[MXLXLI&SEVHSJ(MVIGXSVWVIKEVHMRKEQSRKSXLIVQEXXIVWXLITPERRIHWGSTIERH
XMQMRKSJXLIEYHMXERHWMKRMƤGERXEYHMXƤRHMRKWMRGPYHMRKER]WMKRMƤGERXHIƤGMIRGMIWMRMRXIVREP
GSRXVSPXLEX[IMHIRXMJ]HYVMRKSYVEYHMX
;IEPWSTVSZMHIXSXLI&SEVHSJ(MVIGXSVW[MXLEWXEXIQIRXXLEX[ILEZIGSQTPMIH[MXLVIPIZERXIXLMGEP
VIUYMVIQIRXWVIKEVHMRKMRHITIRHIRGIERHXSGSQQYRMGEXI[MXLXLIQEPPVIPEXMSRWLMTWERHSXLIV
QEXXIVWXLEXQE]VIEWSREFP]FIXLSYKLXXSFIEVSRSYVMRHITIRHIRGIERH[LIVIETTPMGEFPIVIPEXIH
WEJIKYEVHW
*VSQXLIQEXXIVWGSQQYRMGEXIH[MXLXLI&SEVHSJ(MVIGXSVW[IHIXIVQMRIXLSWIQEXXIVWXLEX[IVI
SJQSWXWMKRMƤGERGIMRXLIEYHMXSJXLIƤRERGMEPWXEXIQIRXWSJXLIGYVVIRXTIVMSHERHEVIXLIVIJSVIXLI
OI] EYHMX QEXXIVW ;I HIWGVMFI XLIWI QEXXIVW MR SYV EYHMXSVW VITSVX YRPIWW PE[ SV VIKYPEXMSR
TVIGPYHIW TYFPMG HMWGPSWYVI EFSYX XLI QEXXIV SV [LIR MR I\XVIQIP] VEVI GMVGYQWXERGIW

 
  

 *MRERGMEP7XEXIQIRX

 
  

 +86(,168*$50,//6/,0,7('
67$7(0(17b2)b),1$1&,$/b326,7,21b$6b$7b6(37(0%(5bb

6IWXEXIH 6IWXEXIH 6IWXEXIH 6IWXEXIH

     
1RWH 5XSHHV 6YTIIW 6YTIIW 1RWH 5XSHHV 6YTIIW 6YTIIW
(48,7<$1'/,$%,/,7,(6 $66(76
6+$5(&$3,7$/$1'5(6(59(6 121&855(17$66(76
,VVXHGVXEVFULEHGDQGSDLGXSRUGLQDU\VKDUHFDSLWDO 4VSTIVX]TPERXERHIUYMTQIRX    
QMPPMSR7ITXIQFIVQMPPMSR SVHMREV]     -RXERKMFPIEWWIXW    
WLEVIWSJ6YTIIWIEGL 0SRKXIVQHITSWMXW      
     
 
 
&DSLWDOUHVHUYHV    
7LEVITVIQMYQ       

7YVTPYWSRVIZEPYEXMSRSJTVSTIVX]TPERXERH    

  
IUYMTQIRX 
 
 

5HYHQXHUHVHUYHV   
+IRIVEPVIWIVZIW   
  
%GGYQYPEXIHPSWW   
  

 
 

(MVIGXSVWPSERWVIPEXIHTEVXMIW  
 
 


 
 

(ITSWMXJSVTYVGLEWISJWLEVIW 
 
 

121&855(17/,$%,/,7,(6
  
(IJIVVIHXE\PMEFMPMX]    

&855(17/,$%,/,7,(6    &855(17$66(76   

     
8VEHIERHSXLIVTE]EFPIW     'SRWYQEFPIWXSVIWERHWTEVIW    
     
%GGVYIHQEVOYTSRWIGYVIHFSVVS[MRKW  
 
 
 7XSGOMRXVEHI    
 
 
7LSVXXIVQFSVVS[MRKW  
 
 
 8VEHIERHSXLIVVIGIMZEFPIW    
   
0SERJVSQVIPEXIHTEVX]
  
 
 
 %HZERGIWHITSWMXWERHTVITE]QIRXW   
   
9RGPEMQIHHMZMHIRH    8E\VIJYRHHYIJVSQ+SZIVRQIRXMRGSQIXE\   

 
 
  
   
&217,1*(1&,(6$1'&200,70(176 
727$/(48,7<$1'/,$%,/,7,(6    727$/$66(76   

/$+25( &+,()(;(&87,9(2)),&(5 &+,()),1$1&,$/2)),&(5 ',5(&

',5(&725
5(&725

 
  

 +86(,168*$50,//6/,0,7(' +86(,168*$50,//6/,0,7('
67$7(0(172)352),725/266)257+(<($5(1'('6(37(0%(5 67$7(0(172)&2035(+(16,9(,1&20()257+(<($5(1'('6(37(0%(5

6IWXEXIH
 
1RWH 5XSHHV 6YTIIW  
5XSHHV 6YTIIW

1(76$/(6    352),7$)7(57$;$7,21  

&2672)6$/(6   
*5266352),7   27+(5&2035(+(16,9(,1&20(
23(5$7,1*(;3(16(6
,WHPVWKDWZLOOQHYHUEHUHFODVVLͧHGWRVWDWHPHQWRISURͧWRUORVV
%HQMRMWXVEXMZIERHKIRIVEPI\TIRWIW   
7IPPMRKERHHMWXVMFYXMSRGSWX    7YVTPYWSRVIZEPYEXMSRSJTVSTIVX]TPERXERHIUYMTQIRX  
3XLIVSTIVEXMRKI\TIRWIW    MQTEGXSJVIWXEXIQIRXRSXI
(IJIVVIHXE\WYVTPYWSRVIZEPYEXMSRSJTVSTIVX]TPERXERHIUYMTQIRX  
 
 
352),7)52023(5$7,216  

27+(5,1&20(   

),1$1&(&267    727$/&2035(+(16,9(,1&20()257+(<($5  
352),7%()25(7$;$7,21  

7$;$7,21   

352),7$)7(57$;$7,21  

($51,1*63(56+$5(2)583((6($&+%$6,&$1'',/87('   

/$+25( &+,()(;(&87,9(2)),&(5 &+,()),1$1&,$/2)),&(5 ',5(&725 /$+25( &+,()(;(&87,9(2)),&(5 &+,()),1$1&,$/2)),&(5 ',5(&725

 
  



+86(,168*$50,//6/,0,7('
67$7(0(172)&+$1*(6,1(48,7<)257+(<($5(1'('6(37(0%(5

5(6(59(6
&DSLWDO 5HYHQXH

6+$5(&$3,7$/ 6XUSOXVRQUHYDOXDWLRQ 727$/5(6(59(6 ',5(&7256

/2$16 727$/(48,7<
3UHPLXPRQLVVXHRI
RISURSHUW\SODQWDQG 6XEWRWDO *HQHUDO $FFXPXODWHGORVV 6XEWRWDO
ULJKWVKDUHV
HTXLSPHQW

̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃5XSHHṼ̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃̃

&EPERGIEWEX7ITXIQFIVTVIZMSYWP]VITSVXIH           
-QTEGXSJGLERKIWMREGGSYRXMRKTSPMG]RIXSJXE\RSXI          
&EPERGIEWEX7ITXIQFIVVIWXEXIH          

8VERWEGXMSRW[MXLS[RIVWSJXLI'SQTER]'SRXVMFYXMSRW
-WWYISJVMKLXWLEVIW          
8SXEPGSQTVILIRWMZIMRGSQIJSVXLI]IEVIRHIH7ITXIQFIV
VIWXEXIH
4VSƤXEJXIVXE\EXMSR          
3XLIVGSQTVILIRWMZIMRGSQI          
         

-RGVIQIRXEPHITVIGMEXMSREWWSGMEXIH[MXLWYVTPYWSRVIZEPYEXMSR          
SJTVSTIVX]TPERXERHIUYMTQIRXRIXSJHIJIVVIHXE\
)JJIGXSJGLERKIMRXE\VEXISRHIJIVVIHXE\VIPEXIHXSVIZEPYEXMSRWYVTPYWSJ          
TVSTIVX]TPERXERHIUYMTQIRX

(MVIGXSVWPSERW          

&EPERGIEWEX7ITXIQFIVVIWXEXIH           

&EPERGIEWEX7ITXIQFIVTVIZMSYWP]VITSVXIH          
-QTEGXSJGLERKIWMREGGSYRXMRKTSPMG]RIXSJXE\RSXI          
%DODQFHDVDW6HSWHPEHUUHVWDWHG          

8SXEPGSQTVILIRWMZIMRGSQIJSVXLI]IEVIRHIH7ITXIQFIV
4VSƤXEJXIVXE\EXMSR          
3XLIVGSQTVILIRWMZIMRGSQI          
         

-RGVIQIRXEPHITVIGMEXMSREWWSGMEXIH[MXLWYVTPYWSRVIZEPYEXMSR          
SJTVSTIVX]TPERXERHIUYMTQIRXRIXSJHIJIVVIHXE\
)JJIGXSJGLERKIMRXE\VEXISRHIJIVVIHXE\VIPEXIHXSVIZEPYEXMSRWYVTPYWSJ          
TVSTIVX]TPERXERHIUYMTQIRX

%HNYWXQIRXHYIXSVITE]QIRX          

%DODQFHDVDW6HSWHPEHU          

/$+25(&+,()(;(&87,9(2)),&(5 &+,()),1$1&,$/2)),&(5 ',5(&725




/$+25(
*MRERGIGSWX
(ITVIGMEXMSR

7XSGOMRXVEHI

-RGSQIXE\TEMH
*MRERGIGSWXTEMH
3URILWEHIRUHWD[DWLRQ

4VSƤXSRFEROHITSWMXW

'EWLERHFEROFEPERGIW
&DVKDQGFDVKHTXLYDOHQWV
8VEHIERHSXLIVTE]EFPIW

8IQTSVEV]FSSOSZIVHVEJX
8VEHIERHSXLIVVIGIMZEFPIW

4VSƤXSRFEROHITSWMXWVIGIMZIH
'ETMXEP[SVOMRTVSKVIWWMRGYVVIH

2IXMRGVIEWIMRPSRKXIVQHITSWMXW
4YVGLEWISJSTIVEXMRKƤ\IHEWWIXW
'SRWYQEFPIWXSVIWERHWTEVITEVXW

7LSVXXIVQFSVVS[MRKWSFXEMRIHRIX
%HZERGIWHITSWMXWERHTVITE]QIRXW

&$6+)/2:)520,19(67,1*$&7,9,7,(6
+EMRSRHMWTSWEPSJSTIVEXMRKƤ\IHEWWIXW

&$6+)/2:)520),1$1&,1*$&7,9,7,(6
&$6+)/2:)52023(5$7,1*$&7,9,7,(6

$GMXVWPHQWVIRUQRQFDVKDQGRWKHULWHPV

4VSZMWMSRJSVHSYFXJYPEHZERGIWXSWYTTPMIVW

6ITE]QIRXSJPSERSFXEMRIHJVSQVIPEXIHTEVX]

&DVKDQGFDVKHTXLYDOHQWVDWWKHHQGRIWKH\HDU
4VSGIIHWJVSQHMWTSWEPSJSTIVEXMRKƤ\IHEWWIXW

1(7&$6+,1)/2:6)520),1$1&,1*$&7,9,7,(6
&$6+287)/2:6,1)/2:6)52023(5$7,216

1(7&$6+287)/2:6)520,19(67,1*$&7,9,7,(6

4VSGIIHJVSQMWWYERGISJVMKLXWLEVIWHYVMRKXLI]IEV

&+,()(;(&87,9(2)),&(5
&$6+$1'&$6+(48,9$/(176$7(1'2)7+(<($5
4VSZMWMSRJSVFEPERGIWHSYFXJYPSJEHNYWXQIRXVIGSZIV]

6ITE]QIRXSJHMVIGXSVWPSERWYRWIGYVIHERHMRXIVIWXJVII
23(5$7,1*352),7%()25(:25.,1*&$3,7$/&+$1*(6

7KHUHFRQFLOLDWLRQLQFDVKDQGFDVKHTXLYDOHQWVLVDVIROORZV
&$6+$1'&$6+(48,9$/(176$7%(*,11,1*2)7+(<($5
1(7'(&5($6(,1&5($6(,1&$6+$1'&$6+(48,9$/(176
1(7&$6+287)/2:6,1)/2:6)52023(5$7,1*$&7,9,7,(6
+86(,168*$50,//6/,0,7('




&+,()),1$1&,$/2)),&(5

5XSHHV


67$7(0(172)&$6+)/2:6)257+(<($5(1'('6(37(0%(5










































',5(&725
6YTIIW











































 +86(,168*$50,//6/,0,7(' 1IWWVW ,YWIMR 7YKEV 1MPPW 0MQMXIH 8LI ,SRSYVEFPI 0ELSVI ,MKL 'SYVX 0ELSVI SVHIVIH XLI
'SQTER]XSMWWYIRSXMGITYVWYERXXS'SYVX3VHIVHEXIH%TVMPSJXLI,SRSYVEFPI0ELSVI
1RWHV7R7KH)LQDQFLDO6WDWHPHQWV)RU ,MKL'SYVX0ELSVIXSGEPPER)\XVESVHMREV]+IRIVEP1IIXMRKSJXLIQIQFIVWSJ1IWWVW,YWIMR
7KH<HDU(QGHG6HSWHPEHU 7YKEV1MPPW0MQMXIHERH1IWWVW7X]PIW
8VIRHW4VMZEXI 0MQMXIH8LIRSXMGI[EWMWWYIHSR1E]
ERHQIIXMRKW[IVILIPHSR7EXYVHE]1E]EX%1EX%)3PH*''
+YPFIVK---0ELSVIXSGSRWMHIVERHETTVSZIEHSTXXLI7GLIQISJ%VVERKIQIRXJSVXLIQIVKIV
 &25325$7($1'*(1(5$/,1)250$7,21 ERHEQEPKEQEXMSRSJ1IWWVW7X]PIWERH8VIRHW4VMZEXI 0MQMXIHMRXS1IWWVW,YWIMR7YKEV1MPPW
0MQMXIH
 /HJDOVWDWXVDQGRSHUDWLRQV
8LIWEMHTIXMXMSRƤREPP]GSQIYTJSVLIEVMRKSR(IGIQFIVERHXLI,SRSYVEFPI'SYVXLEW
,YWIMR7YKEV1MPPW0MQMXIHŰXLI'SQTER]ű MWETYFPMGPMQMXIHGSQTER]MRGSVTSVEXIHMR4EOMWXER FIIRTPIEWIHXSETTVSZIXLITVSTSWIHQIVKIV,S[IZIVXLISVHIVSJXLIGSYVXLEWRSX]IXFIIR
YRHIVXLI'SQTERMIW%GX2S[XLI'SQTERMIW%GX 8LIWLEVIWSJXLI'SQTER]EVI VIGIMZIHF]XLIGSQTER]
PMWXIHSR4EOMWXER7XSGO)\GLERKI0MQMXIH8LI'SQTER]MWTVMRGMTEPP]IRKEKIHMRXLIFYWMRIWW
SJTVSHYGXMSRERHWEPISJWYKEVERHMXWF]TVSHYGXW-XWVIKMWXIVIHSJƤGIMWWMXYEXIHEX%)  6XPPDU\RIVLJQL̨FDQWHYHQWVDQGWUDQVDFWLRQVLQWKHFXUUHQWUHSRUWLQJSHULRG
3PH*''+YPFIVK---0ELSVI[LIVIEWMXQMPPTPERXMWWMXYEXIHEX0ELSVI6SEH.EVER[EPEHMWXVMGX 8LI'SQTER]WƤRERGMEPTSWMXMSRERHTIVJSVQERGI[EWTEVXMGYPEVP]EJJIGXIHF]XLIJSPPS[MRK
*EMWEPEFEH IZIRXWERHXVERWEGXMSRWHYVMRKXLIVITSVXMRKTIVMSH
 *RLQJFRQFHUQDVVXPSWLRQ 8LIEGGSYRXMRKTSPMG]JSVWYVTPYWSRVIZEPYEXMSRSJTVSTIVX]TPERXERHIUYMTQIRXGLERKIH
HYVMRK XLI ]IEV 'SRWIUYIRXP] WSQI SJ XLI EQSYRXW VITSVXIH MR XLI TVMSV ]IEVW LEZI FIIR
8LI'SQTER]HIGPEVIEGGYQYPEXIHPSWWIWSJ6WQMPPMSR6WQMPPMSR [MXL
VIWXEXIH6IJIVXSRSXI 
EHZIVWIGYVVIRXVEXMSEXXLIXIVQMREPHEXI8LIWIGSRHMXMSRWMRHMGEXIXLII\MWXIRGISJQEXIVMEP
YRGIVXEMRX]VIKEVHMRKXLIJYXYVISTIVEXMSRWSJXLIGSQTER][LMGLQE]GEWXWMKRMƤGERXHSYFX (YIXSXLIƤVWXXMQIETTPMGEXMSRSJHMWGPSWYVIERHTVIWIRXEXMSRVIUYMVIQIRXWSJXLI'SQTERMIW
EFSYX XLI GSQTER]W EFMPMX] XS GSRXMRYI EW E KSMRK GSRGIVR ERH XLIVIJSVI GSQTER] QE] FI %GXWSQISJXLIEQSYRXWVITSVXIHJSVXLITVIZMSYWTIVMSHLEZIFIIRVIGPEWWMƤIH6IJIV
YREFPIXSVIEPM^IMXWEWWIXWERHHMWGLEVKIMXWPMEFMPMXMIWMRXLIRSVQEPGSYVWISJFYWMRIWW XSRSXI
,S[IZIV[MXLGSRXMRYSYWƤRERGMEPWYTTSVXSJXLIWTSRWSVMRKHMVIGXSVWERHƤRERGMEPMRWXMXYXMSRW 8LI 'SQTER] SFXEMRIH JYVXLIV WLSVX XIVQ FSVVS[MRKW JVSQ ƤRERGMEPMRWXMXYXMSRWHYVMRK XLI
EW[IPPEWFIXXIVVIWYPXWSJXLI'SQTER]MRXLIVIGIRX]IEVWXLISZIVEPPPMUYMHMX]TSWMXMSRSJXLI ]IEV6IJIVXSRSXI
'SQTER]LEWRS[MQTVSZIH*YVXLIVXLI'SQTER]LEWEPWSFIIRWYGGIWWJYPP]EFPIXSRIKSXMEXI
(YVMRKXLI]IEVHIGPMRIMRWYKEVTVMGIPSGEPP]ERHMRXIVREXMSREPP]HYIXSWYVTPYWTVSHYGXMSRLEW
[MXL2EXMSREP&EROSJ4EOMWXER(YFEM-WPEQMG&ERO0MQMXIH%WOEVM-WPEQMG&ERO0MQMXIHERH&ERO
WMKRMƤGERXP] EJJIGXIH XLI TIVJSVQERGI  TVSƤXEFMPMX] SJ WYKEV HMZMWMSR ,S[IZIV XLI
-WPEQM4EOMWXER0MQMXIH-WPEQMG&EROMRK ERH[MRXLIVIRI[EPERHI\XIRWMSRSJGSQTVILIRWMZI
+SZIVRQIRXERRSYRGIHI\TSVXWYFWMH]HYVMRKXLI]IEV[LMGLLEWWYTTSVXIHXSWSQII\XIRXFYX
[SVOMRKGETMXEPJEGMPMXMIWJSVXLIRI\XƤRERGMEP]IEV8LI'SQTER]LEWEPVIEH]WXEVXIH
MXWVIEPM^EXMSRMWE[EMXIH6IJIVXSRSXI
HVE[HS[RSJXLI[SVOMRKGETMXEPJEGMPMX]WMRGIMXWVIRI[EP
%REP]WMWSJƤRERGMEPTIVJSVQERGIERHƤRERGMEPTSWMXMSRMWTVSZMHIHMRHMVIGXSVWVITSVXERH
8LI'SQTER]EXTVIWIRXMWRSXMRHIJEYPX[MXLER]FEROSVƤRERGMEPMRWXMXYXMSRERHXLIVIEVIRS
XLVSYKLKVETLMGEPTVIWIRXEXMSR
EHZIVWI VIQEVOW EKEMRWX XLI 'SQTER] MR XLI I'-& HEXE FIMRK QEMRXEMRIH F] 7XEXI &ERO SJ
4EOMWXER*YVXLIVXLIVIEVIRSƤ\IHXIVQWFSVVS[MRKWETTVSEGLMRKQEXYVMX]ERHXLI'SQTER]MW
RSXVIP]MRKSRWLSVXXIVQFSVVS[MRKWXSƤRERGIPSRKXIVQEWWIXWEW[IPPEWXLIVIEVIRSPSER  67$7(0(172)&203/,$1&(
EKVIIQIRXW[LMGLXLI'SQTER]MWRSXEFPIXSGSQTP][MXL
8LIWIƤRERGMEPWXEXIQIRXWLEZIFIIRTVITEVIHMREGGSVHERGI[MXLXLIEGGSYRXMRKERHVITSVXMRK
*YVXLIVQSVIXLI'SQTER]IRNS]WZIV]KSSHVITYXEXMSR[MXLWYTTPMIVWSJVE[QEXIVMEPQEGLMRIV] WXERHEVHW EW ETTPMGEFPI MR 4EOMWXER 8LI EGGSYRXMRK ERH VITSVXMRK WXERHEVHW ETTPMGEFPI MR
QERYJEGXYVIVWERHWTEVITEVXW7MQMPEVP]XLIIRHTVSHYGXWSJXLI'SQTER]EVITVIJIVVIHF]XLI 4EOMWXERGSQTVMWISJ
FY]IVWERHJIXGLIWTVIQMYQS[MRKXSFIXXIVGSRWMWXIRXUYEPMX]
-RXIVREXMSREP *MRERGMEP 6ITSVXMRK 7XERHEVHW -*67 7XERHEVHW  MWWYIH F] XLI -RXIVREXMSREP
8LIQEREKIQIRXMWGSRƤHIRXXLEXEPPXLIEFSZIWXEXIHWXITW[MPPFVMRKXLI'SQTER]SYXSJXLI %GGSYRXMRK7XERHEVHW&SEVH-%7& EWRSXMƤIHYRHIVXLI'SQTERMIW%GX
TEWX EHZIVWI WMXYEXMSR ERH XLYW XLI 'SQTER] MW ZIV] QYGL E KSMRK GSRGIVR8LIWI ƤRERGMEP
-WPEQMG*MRERGMEP%GGSYRXMRK7XERHEVHW-*%7 MWWYIHF]XLI-RWXMXYXISJ'LEVXIVIH%GGSYRXERXW
WXEXIQIRXW XLIVIJSVI HS RSX MRGPYHI ER] EHNYWXQIRX VIPEXMRK XS VIEPM^EXMSR SJ MXW EWWIXW ERH
SJ4EOMWXEREWRSXMƤIHYRHIVXLI'SQTERMIW%GXERH
PMUYMHEXMSRSJER]PMEFMPMXMIWXLEXQMKLXFIRIGIWWEV]WLSYPHXLI'SQTER]FIYREFPIXSGSRXMRYIEW
EKSMRKGSRGIVR 4VSZMWMSRWSJERHHMVIGXMZIWMWWYIHYRHIVXLI'SQTERMIW%GX

 8LI'SQTER]ƤPIHETIXMXMSRYRHIVWIGXMSRWXSSJXLI'SQTERMIW%GXSR ;LIVITVSZMWMSRWSJERHHMVIGXMZIWMWWYIHYRHIVXLI'SQTERMIW%GXHMJJIVJVSQXLI-*67

1EVGL[MXL,SRSYVEFPI0ELSVI,MKL'SYVX0ELSVIJSVQIVKIVSJ1IWWVW 7XERHEVHWSV-*%7XLITVSZMWMSRWSJERHHMVIGXMZIWMWWYIHYRHIVXLI'SQTERMIW%GXLEZI
FIIRJSPPS[IH
7X]PIW
8VIRHW4VMZEXI 0MQMXIHEREWWSGMEXIHYRHIVXEOMRKMRXIRHWXSQIVKI[MXLERHMRXS

 
  

  %$6,62)0($685(0(17 6WDQGDUGRU,QWHUSUHWDWLRQ

D $FFRXQWLQJFRQYHQWLRQ ,$6  7XEXIQIRXSJ'EWL*PS[W(MWGPSWYVI-RMXMEXMZI%QIRHQIRX

8LIWIƤRERGMEPWXEXIQIRXWLEZIFIIRTVITEVIHYRHIVXLILMWXSVMGEPGSWXGSRZIRXMSRI\GITXJSV ,$6 -RGSQI8E\IWũ6IGSKRMXMSRSJ(IJIVVIH8E\%WWIXWJSV9RVIEPM^IHPSWWIW

JVIILSPHPERHFYMPHMRKWSRJVIILSPHPERHERHTPERXERHQEGLMRIV][LMGLEVIGEVVMIHEXVIZEPYIH %QIRHQIRXW
 
EQSYRXERHGIVXEMRƤRERGMEPMRWXVYQIRXW[LMGLEVIGEVVMIHEXXLIMVJEMVZEPYI
8LIEHSTXMSRSJXLIEFSZIEQIRHQIRXWXSEGGSYRXMRKWXERHEVHWHMHRSXLEZIER]IJJIGXSRXLI
E )XQFWLRQDODQGSUHVHQWDWLRQFXUUHQF\ ƤRERGMEPWXEXIQIRXW
8LI ƤRERGMEP WXEXIQIRXW EVI TVIWIRXIH MR 4EOMWXERM 6YTII 6W  [LMGL MW XLI 'SQTER]W 6WDQGDUGVLQWHUSUHWDWLRQVDQGDPHQGPHQWVWRDSSURYHGDFFRXQWLQJVWDQGDUGVWKDWDUHQRW\HW
JYRGXMSREPERHTVIWIRXEXMSRGYVVIRG] HIIHFWLYH
F &ULWLFDODFFRXQWLQJHVWLPDWHVMXGJHPHQWVDQGDVVXPSWLRQV 8LI JSPPS[MRK WXERHEVHW EQIRHQIRXW ERH MRXIVTVIXEXMSRW [MXL VIWTIGX XS XLI ETTVSZIH
8LI TVITEVEXMSR SJ ƤRERGMEP WXEXIQIRXW MR GSRJSVQMX] [MXL XLI EGGSYRXMRK ERH VITSVXMRK EGGSYRXMRKWXERHEVHWEWETTPMGEFPIMR4EOMWXER[SYPHFIIJJIGXMZIJVSQXLIHEXIWQIRXMSRIH
WXERHEVHWEWETTPMGEFPIMR4EOMWXERVIUYMVIWXLIYWISJGIVXEMRGVMXMGEPEGGSYRXMRKIWXMQEXIW-R FIPS[EKEMRWXXLIVIWTIGXMZIWXERHEVHSVMRXIVTVIXEXMSR
EHHMXMSRMXVIUYMVIWQEREKIQIRXXSI\IVGMWINYHKQIRXMRXLITVSGIWWSJETTP]MRKXLI'SQTER]W (IIHFWLYHGDWH
EGGSYRXMRKTSPMGMIW8LIEVIEWMRZSPZMRKELMKLHIKVIISJNYHKQIRXSVGSQTPI\MX]SVEVIEW[LIVI 6WDQGDUGRU,QWHUSUHWDWLRQ DQQXDOSHULRGVEHJLQQLQJ
EWWYQTXMSRWERHIWXMQEXIWEVIWMKRMƤGERXXSXLIƤRERGMEPWXEXIQIRXWEVIHSGYQIRXIHMRXLI RQRUDIWHU
JSPPS[MRKEGGSYRXMRKTSPMGMIWERHRSXIWERHVIPEXITVMQEVMP]XS
-*67 7LEVI&EWIH4E]QIRXW'PEWWMƤGEXMSRERH1IEWYVIQIRXWSJ .ERYEV]
7LEVI&EWIH4E]QIRXW8VERWEGXMSRW%QIRHQIRXW
'HVFULSWLRQ 1RWH
'YVVIRXMRGSQIXE\I\TIRWITVSZMWMSRJSVGYVVIRXXE\ERHVIGSKRMXMSRSJHIJIVVIHXE\ -*67 -RWYVERGI'SRXVEGXW%TTP]MRK-*67*MRERGMEP.ERYEV] .ERYEV]
EWWIXJSVGEVVMIHJSV[EVHXE\PSWWIW  -RWXVYQIRXW[MXL-*67-RWYVERGI'SRXVEGXW
%QIRHQIRXW
)WXMQEXMSRSJTVSZMWMSRW 
-*67 *MRERGMEP-RWXVYQIRXW.YP] .YP]
)WXMQEXMSRSJGSRXMRKIRXPMEFMPMXMIW 
9WIJYPPMZIWVIWMHYEPZEPYIWSJTVSTIVX]TPERXERHIUYMTQIRX  -*67 4VITE]QIRX*IEXYVIW[MXL2IKEXMZI'SQTIRWEXMSR .ERYEV]
%QIRHQIRXW
9WIJYPPMZIWVIWMHYEPZEPYIWERHEQSVXM^EXMSRQIXLSHSJMRXERKMFPIEWWIXW 
-*67 'SRWSPMHEXIH*MRERGMEP7XEXIQIRXWERH-%7-RZIWXQIRXMR 2SX]IXƤREPM^IH
*EMVZEPYISJTVSTIVX]TPERXERHIUYMTQIRX  %WWSGMEXIWERH.SMRX:IRXYVIW7EPISV'SRXVMFYXMSRSJ
-RZIRXSVMIWWXSGOMRXVEHIERHGSRWYQEFPIWXSVIWERHWTEVIW   %WWIXWFIX[IIRER-RZIWXSVERHMXW%WWSGMEXISV.SMRX
:IRXYVI%QIRHQIRX
-QTEMVQIRXSJXVEHIVIGIMZEFPIW 
-*67 6IZIRYIJVSQ'SRXVEGXW[MXL'YWXSQIVW .YP]
-QTEMVQIRXPSWWSJRSRƤRERGMEPEWWIXWSXLIVXLERMRZIRXSVMIW 
-*67 0IEWIW .ERYEV]
-QTEMVQIRXSJƤRERGMEPEWWIXWSXLIVXLERXVEHIVIGIMZEFPIW 
-%7 4PER%QIRHQIRX'YVXEMPQIRXSV7IXXPIQIRX%QIRHQIRXW .ERYEV]
8LIVIZMWMSRWXSEGGSYRXMRKIWXMQEXIWMJER] EVIVIGSKRM^IHMRXLITIVMSHMR[LMGLXLIIWXMQEXIMW
VIZMWIHMJXLIVIZMWMSREJJIGXWSRP]XLEXTIVMSHSVMRXLITIVMSHSJXLIVIZMWMSRERHJYXYVITIVMSHWMJ -%7 0SRKXIVQ-RXIVIWXWMR%WWSGMEXIWERH.SMRX:IRXYVIW .ERYEV]
XLIVIZMWMSREJJIGXWFSXLGYVVIRXERHJYXYVITIVMSHW %QIRHQIRXW

G 6WDQGDUGVLQWHUSUHWDWLRQVDQGDPHQGPHQWVDSSOLFDEOHWRWKH̨QDQFLDOVWDWHPHQWVIRU -%7 -RZIWXQIRX4VSTIVX]8VERWJIVWXS-RZIWXQIRX4VSTIVX] .ERYEV]

WKH\HDUHQGHG6HSWHPEHU %QIRHQIRXW

8LIEGGSYRXMRKTSPMGMIWEHSTXIHMRXLITVITEVEXMSRSJXLIWIƤRERGMEPWXEXIQIRXWEVIGSRWMWXIRX -*6-' *SVIMKR'YVVIRG]8VERWEGXMSRWERH%HZERGI'SRWMHIVEXMSR .ERYEV]

[MXLXLSWISJXLITVIZMSYWƤRERGMEP]IEVI\GITXEWHIWGVMFIHFIPS[
-*6-' 9RGIVXEMRX]SZIV-RGSQI8E\8VIEXQIRXW .ERYEV]
1HZ6WDQGDUGV,QWHUSUHWDWLRQVDQG$PHQGPHQWV
-R EHHMXMSR XS XLI EFSZI WXERHEVHW ERH EQIRHQIRXW MQTVSZIQIRXW XS ZEVMSYW EGGSYRXMRK
8LI'SQTER]LEWEHSTXIHXLIJSPPS[MRKEQIRHQIRXWSJ-*67W[LMGLFIGEQIIJJIGXMZIJSVXLI
WXERHEVHWLEZIEPWSFIIRMWWYIHF]XLI-%7&MR(IGIQFIVERH
GYVVIRX]IEV

 
  

 (IGIQFIV7YGLMQTVSZIQIRXWEVIKIRIVEPP]IJJIGXMZIJSVEGGSYRXMRKTIVMSHWFIKMRRMRKSR &XUUHQW
SVEJXIV.ERYEV]ERH.ERYEV]VIWTIGXMZIP]
4VSZMWMSRJSVGYVVIRXXE\EXMSRMWGEPGYPEXIHEWTE]EFPIXE\EJXIVXEOMRKMRXSEGGSYRXXE\GVIHMXW
8LI'SQTER]I\TIGXWXLEXXLIEHSTXMSRSJXLIEFSZIVIZMWMSREQIRHQIRXWERHMRXIVTVIXEXMSRSJ VIFEXIW ERH I\IQTXMSRW EZEMPEFPI MJ ER] TPYW XE\ HIHYGXIH XS FI XVIEXIH EW JYPP ERH ƤREP
XLIWXERHEVHW[MPPRSXEJJIGXXLI'SQTER]WƤRERGMEPWXEXIQIRXWMRXLITIVMSHSJMRMXMEPETTPMGEXMSR HMWGLEVKI4E]EFPIXE\MWLMKLIVSJRSVQEPXE\EXGSVTSVEXIXE\VEXIETTPMIHXSXE\EFPIMRGSQISV
I\GITXJSV-*67ũ6IZIRYIJVSQGSRXVEGXW[MXLGYWXSQIVWERH-*67ũ0IEWIWJSV[LMGL QMRMQYQXE\EXMSREXXLIVEXISJ SJXLIXYVRSZIVMRGEWIXLIVIMWKVSWWTVSƤXSVEPXIVREXMZI
QEREKIQIRXMWMRTVSGIWWSJGEPGYPEXMRKXLIMQTEGXSR'SQTER]WƤRERGMEPWXEXIQIRXW GSVTSVEXI XE\ EX XLI VEXI SJ   SJ EGGSYRXMRK TVSƤX EHNYWXEFPI EW TIV MRGSQI XE\ PE[W8LI
8LI -%7& LEW EPWS MWWYIH XLI VIZMWIH 'SRGITXYEP *VEQI[SVO JSV *MRERGMEP 6ITSVXMRK XLI 'SQTER] EPWS JEPPW YRHIV XLI ƤREP XE\ VIKMQI YRHIV WIGXMSR  ERH  SJ XLI -RGSQI8E\
'SRGITXYEP*VEQI[SVO MR1EVGL[LMGLMWIJJIGXMZIJSVERRYEPTIVMSHWFIKMRRMRKSRSVEJXIV 3VHMRERGIXSXLII\XIRXSJI\TSVXWEPIW
.ERYEV]JSVTVITEVIVWSJƤRERGMEPWXEXIQIRXW[LSHIZIPSTEGGSYRXMRKTSPMGMIWFEWIHSR 'HIHUUHG
XLI'SRGITXYEP*VEQI[SVO8LIVIZMWIH'SRGITXYEP*VEQI[SVOMWRSXEWXERHEVHERHRSRISJXLI
GSRGITXWSZIVVMHIXLSWIMRER]WXERHEVHSVER]VIUYMVIQIRXWMREWXERHEVH8LITYVTSWISJXLI (IJIVVIHXE\MWVIGSKRM^IHYWMRKXLIFEPERGIWLIIXPMEFMPMX]QIXLSHSREPPXIQTSVEV]HMJJIVIRGIW
'SRGITXYEP *VEQI[SVO MW XS EWWMWX -%7& MR HIZIPSTMRK WXERHEVHW XS LIPT TVITEVIVW HIZIPST FIX[IIRXLIGEVV]MRKEQSYRXWSJEWWIXWERHPMEFMPMXMIWJSVXLIƤRERGMEPVITSVXMRKTYVTSWIWERHXLI
GSRWMWXIRXEGGSYRXMRKTSPMGMIWMJXLIVIMWRSETTPMGEFPIWXERHEVHMRTPEGIERHXSEWWMWXEPPTEVXMIW EQSYRXWYWIHJSVXE\EXMSRTYVTSWIW
XSYRHIVWXERHERHMRXIVTVIXXLIWXERHEVHW (IJIVVIHXE\PMEFMPMX]MWVIGSKRM^IHJSVEPPXLIXE\EFPIXIQTSVEV]HMJJIVIRGIW(IJIVVIHXE\EWWIXMW
*YVXLIVJSPPS[MRKRI[WXERHEVHWLEZIFIIRMWWYIHF]-%7&[LMGLEVI]IXXSFIRSXMƤIHF]XLI VIGSKRM^IHJSVEPPXLIHIHYGXMFPIXIQTSVEV]HMJJIVIRGIWSRP]XSXLII\XIRXXLEXMXMWTVSFEFPIXLEX
7)'4JSVXLITYVTSWISJETTPMGEFMPMX]MR4EOMWXER JYXYVIXE\EFPITVSƤXW[MPPFIEZEMPEFPIEKEMRWX[LMGLXLIEWWIXQE]FIYXMPM^IH
,$6%(IIHFWLYHGDWH (IJIVVIHXE\EWWIXWERHPMEFMPMXMIWEVIQIEWYVIHEXXLIXE\VEXIWXLEXEVII\TIGXIHXSETTP]XSXLI
6WDQGDUGRU,QWHUSUHWDWLRQ DQQXDOSHULRGVEHJLQQLQJ TIVMSH[LIRXLIEWWIXMWVIEPM^IHSVXLIPMEFMPMX]MWWIXXPIHFEWIHSRXLIXE\VEXIWXLEXLEZIFIIR
RQRUDIWHU IREGXIHSVWYFWXERXMZIP]IREGXIHF]XLIVITSVXMRKHEXI-QTEGXSJJYXYVIMRGSQIWYFNIGXXSƤREP
-*67 WXXMQIEHSTXMSRSJ-RXIVREXMSREP*MRERGMEP6ITSVXMRK7XERHEVHW .YP] XE\EXMSRMWEPWSGSRWMHIVIHMREGGSVHERGI[MXLXLIVIUYMVIQIRXWSJ%GGSYRXMRK8IGLRMGEP6IPIEWI
ũSJXLI-RWXMXYXISJ'LEVXIVIH%GGSYRXERXWSJ4EOMWXERMJGSRWMHIVIHQEXIVMEP8LI'SQTER]
-*676IKYPEXSV](IJIVVEP%GGSYRXW .ERYEV] VIGSKRM^IWHIJIVVIHXE\PMEFMPMX]SRWYVTPYWSRVIZEPYEXMSRSJTVSTIVX]TPERXERHIUYMTQIRX[LMGL
-*67-RWYVERGI'SRXVEGXW .ERYEV] MWEHNYWXIHEKEMRWXXLIVIPEXIHWYVTPYW
'LERKIWMRHIJIVVIHXE\EWWIXWSVPMEFMPMXMIWEVIVIGSKRMWIHEWEGSQTSRIRXSJXE\MRGSQISV
 6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 I\TIRWI MR TVSƤX SV PSWW I\GITX [LIVI XLI] VIPEXI XS MXIQW XLEX EVI VIGSKRMWIH MR SXLIV
GSQTVILIRWMZIMRGSQIWYGLEWXLIVIZEPYEXMSRSJTVSTIVX]TPERXERHIUYMTQIRX SVHMVIGXP]MR
8LIWMKRMƤGERXEGGSYRXMRKTSPMGMIWEHSTXIHMRXLITVITEVEXMSRSJXLIWIƤRERGMEPWXEXIQIRXWEVIWIX IUYMX]MR[LMGLGEWIXLIVIPEXIHHIJIVVIHXE\MWEPWSVIGSKRMWIHMRSXLIVGSQTVILIRWMZIMRGSQISV
SYXFIPS[8LIWITSPMGMIWLEZIFIIRGSRWMWXIRXP]ETTPMIHXSEPPXLI]IEVWTVIWIRXIHYRPIWWSXLIV[MWI IUYMX]VIWTIGXMZIP]
WXEXIH
6DOHVWD[DQG)HGHUDO([FLVH'XW\
 6KDUHFDSLWDO
6IZIRYIWI\TIRWIWERHEWWIXWEVIVIGSKRM^IHRIXSJJEQSYRXSJWEPIWXE\JIHIVEPI\GMWIHYX]
3VHMREV]WLEVIGETMXEPMWVIGSKRM^IHEWIUYMX]8VERWEGXMSRGSWXWHMVIGXP]EXXVMFYXEFPIXSXLIMWWYI *)( I\GITX
SJSVHMREV]WLEVIWEVIVIGSKRM^IHEWHIHYGXMSRJVSQIUYMX]
;LIVIWEPIWXE\*)( MRGYVVIHSRETYVGLEWISJEWWIXSVWIVZMGIMWRSXVIGSZIVEFPIJVSQXLI
 'LYLGHQGDQGRWKHUDSSURSULDWLRQV XE\EXMSREYXLSVMX]MR[LMGLGEWIXLIWEPIWXE\MWVIGSKRM^IHEWTEVXSJXLIGSWXSJEGUYMWMXMSRSJ
XLIEWWIXSVEWTEVXSJXLII\TIRWIMXIQEWETTPMGEFPIERH
(MZMHIRHERHSXLIVETTVSTVMEXMSRWXSVIWIVZIWEVIVIGSKRM^IHMRXLIƤRERGMEPWXEXIQIRXWMRXLI
TIVMSHMR[LMGLXLIWIEVIETTVSZIH 6IGIMZEFPIWSVTE]EFPIWXLEXEVIWXEXIH[MXLXLIEQSYRXSJWEPIWXE\MRGPYHIH

 8LIRIXEQSYRXSJWEPIWXE\VIGSZIVEFPIJVSQSVTE]EFPIXSXLIXE\EXMSREYXLSVMX]MWMRGPYHIHEW
TEVXSJVIGIMZEFPIWSVTE]EFPIWMRXLIWXEXIQIRXSJƤRERGMEPTSWMXMSR
7D[DWLRQ
-XGJPHQWDQGHVWLPDWHV
-RGSQIXE\GSQTVMWIWSJGYVVIRXXE\ERHHIJIVVIHXE\-RGSQIXE\I\TIRWIMWVIGSKRM^IHMRXLI
WXEXIQIRX SJ TVSƤX SV PSWW I\GITX XS XLI I\XIRX XLEX MX VIPEXIW XS MXIQW VIGSKRM^IH MR SXLIV 7MKRMƤGERX NYHKQIRX MW VIUYMVIH MR HIXIVQMRMRK XLI MRGSQI XE\ I\TIRWIW ERH GSVVIWTSRHMRK
GSQTVILIRWMZI MRGSQI SV HMVIGXP] MR IUYMX] MJ ER]  ERH MR [LMGL GEWI XLI XE\ EQSYRXW EVI TVSZMWMSR JSV XE\ 8LIVI EVI QER] XVERWEGXMSRW ERH GEPGYPEXMSRW JSV [LMGL XLI YPXMQEXI XE\
VIGSKRM^IHHMVIGXP]MRMRSXLIVGSQTVILIRWMZIMRGSQISVIUYMX] HIXIVQMREXMSRMWYRGIVXEMRHYVMRKXLISVHMREV]GSYVWISJFYWMRIWW*YVXLIVXLIGEVV]MRKEQSYRXSJ
HIJIVVIH XE\ EWWIXW MW VIZMI[IH EX IEGL VITSVXMRK HEXI ERH MW EHNYWXIH XS VIƥIGX XLI GYVVIRX
EWWIWWQIRXSJJYXYVIXE\EFPITVSƤXW

 
  

 -JVIUYMVIHEZEPYEXMSREPPS[ERGIMWVIGSKRM^IHEKEMRWXHIJIVVIHXE\EWWIXWWSXLEXXLIRIXEQSYRX  &RQWLQJHQFLHVDQGFRPPLWPHQWV
IUYEPWXLILMKLIWXEQSYRXXLEXMWQSVIPMOIP]XLERRSXXSFIVIEPM^IHSRXLIFEWMWSJGYVVIRXSV
JYXYVIXE\EFPITVSƤX %GSRXMRKIRXPMEFMPMX]MWHMWGPSWIH[LIR

2IIVHWWLQJ
XLIVI MW E TSWWMFPI SFPMKEXMSR XLEX EVMWIW JVSQ TEWX IZIRXW ERH [LSWI I\MWXIRGI [MPP FI
(IJIVVIHXE\EWWIXWERHPMEFMPMXMIWEVISJJWIXMJXLIVIMWEPIKEPP]IRJSVGIEFPIVMKLXXSWIXSJJGYVVIRX
GSRƤVQIHSRP]F]XLISGGYVVIRGISVRSRSGGYVVIRGISJSRISVQSVIYRGIVXEMRJYXYVIIZIRXWRSX
XE\EWWIXWEKEMRWXGYVVIRXXE\PMEFMPMXMIWERHXLI]VIPEXIXSMRGSQIXE\IWPIZMIHF]XLIWEQIXE\
[LSPP][MXLMRXLIGSRXVSPSJXLI'SQTER]SV
EYXLSVMX]
XLIVIMWTVIWIRXSFPMKEXMSRXLEXEVMWIWJVSQTEWXIZIRXWFYXMXMWRSXTVSFEFPIXLEXERSYXƥS[SJ
 %RUURZLQJVORDQVDQGERUURZLQJFRVWV VIWSYVGIWIQFSH]MRKIGSRSQMGFIRIƤXW[MPPFIVIUYMVIHXSWIXXPIXLISFPMKEXMSRSVXLIEQSYRX
,QWHUHVWEHDULQJERUURZLQJV/RDQV SJXLISFPMKEXMSRGERRSXFIQIEWYVIH[MXLWYJƤGMIRXVIPMEFMPMX]

-RXIVIWXFIEVMRKFSVVS[MRKWPSERWEVIMRMXMEPP]VIGSKRM^IHEXJEMVZEPYIPIWWHMVIGXP]EXXVMFYXEFPI 'ETMXEPGSQQMXQIRXWYRPIWWXLSWIEVIEGXYEPPMEFMPMXMIWEVIRSXMRGSVTSVEXIHMRXLIFSSOWSJ
XVERWEGXMSRGSWXWMJER](MJJIVIRGIFIX[IIRXLIJEMVZEPYIERHXLITVSGIIHWSJFSVVS[MRKWMW EGGSYRXW
VIGSKRM^IHEWMRGSQISVI\TIRWIMRXLIWXEXIQIRXSJTVSƤXSVPSWW7YFWIUYIRXP]MRXIVIWXFIEVMRK
FSVVS[MRKWPSERWEVIQIEWYVIHEXEQSVXMWIHGSWXYWMRKXLIIJJIGXMZIMRXIVIWXQIXLSH
 3URSHUW\SODQWDQGHTXLSPHQW
,QWHUHVWIUHHORDQVSD\DEOHRQGLVFUHWLRQRIWKHFRPSDQ\  2SHUDWLQJ̨[HGDVVHWVWDQJLEOH
-RXIVIWXJVIIPSERWKMZIRF]HMVIGXSVWERHWTSRWSVWSJXLIGSQTER]ERHVITE]EFPIEXXLIHMWGVIXMSR
SJXLI'SQTER]EVIMRMXMEPP]QIEWYVIHERHWYFWIUYIRXP]VIGSKRM^IHMRPMRI[MXL8IGLRMGEP6IPIEWI 2ZQHG
86%GGSYRXMRK(MVIGXSVW0SER MWWYIHF]XLI-RWXMXYXISJ'LEVXIVIH%GGSYRXERXWSJ 4VSTIVX]TPERXERHIUYMTQIRXI\GITXJVIILSPHPERHFYMPHMRKWSRJVIILSPHPERHERHTPERXERH
4EOMWXER-'%4 XLIWIPSERWEVIWLS[REWTEVXSJIUYMX] QEGLMRIV]EVIWXEXIHEXGSWXPIWWEGGYQYPEXIHHITVIGMEXMSRERHEGGYQYPEXIHMQTEMVQIRXPSWWIW
MJER] *VIILSPHPERHMWWXEXIHEXVIZEPYIHEQSYRXPIWWEGGYQYPEXIHMQTEMVQIRXPSWWIWMJER] 
2YHUGUDIWV &YMPHMRKW SR JVIILSPH PERH ERH TPERX ERH QEGLMRIV] EVI WXEXIH EX VIZEPYIH EQSYRX PIWW
3ZIVHVEJXWMJER]EVIVITE]EFPIMRJYPPSRHIQERHERHEVIMRMXMEPP]QIEWYVIHERHWYFWIUYIRXP] EGGYQYPEXIH HITVIGMEXMSR ERH EGGYQYPEXIH MQTEMVQIRX PSWWIW MJ ER]  8LI EGGYQYPEXIH
WXEXIHEXJEGIZEPYIXLIEQSYRXSJXLIPSER  HITVIGMEXMSREXXLIHEXISJVIZEPYEXMSRMWIPMQMREXIHEKEMRWXXLIKVSWWGEVV]MRKEQSYRXSJXLIWI
EWWIXWERHXLIVIEJXIVXLIGEVV]MRKEQSYRXSJXLIWIEWWIXWEVIEHNYWXIHXSXLIVIZEPYIHEQSYRX
,QWHUHVWERUURZLQJFRVWV 'SWXSJTVSTIVX]TPERXERHIUYMTQIRXGSRWMWXWSJLMWXSVMGEPGSWXFSVVS[MRKGSWXTIVXEMRMRKXS
-RXIVIWXI\TIRWIFSVVS[MRKGSWXWEVIEGGSYRXIHJSVSRXLIFEWMWSJXLIIJJIGXMZIMRXIVIWXQIXLSH IVIGXMSRGSRWXVYGXMSRTIVMSHSJUYEPMJ]MRKEWWIXWERHSXLIVHMVIGXP]EXXVMFYXEFPIGSWXSJFVMRKMRK
ERHEVIMRGPYHIHMRƤRERGIGSWXW[LMGLEVIGLEVKIHXSMRGSQIMRXLITIVMSHMR[LMGLXLIWIEVI XLIEWWIXXS[SVOMRKGSRHMXMSR
MRGYVVIH  I\GITX FSVVS[MRK GSWXW HMVIGXP] EXXVMFYXEFPI XS XLI EGUYMWMXMSR GSRWXVYGXMSR SV 7YFWIUYIRXGSWXWEVIMRGPYHIHMRXLIEWWIXWGEVV]MRKEQSYRXSVVIGSKRM^IHEWEWITEVEXIEWWIX
TVSHYGXMSRSJUYEPMJ]MRKEWWIXW[LMGLEVIEWWIXWXLEXRIGIWWEVMP]XEOIEWYFWXERXMEPTIVMSHSJ EWETTVSTVMEXISRP][LIRMXMWTVSFEFPIXLEXJYXYVIIGSRSQMGFIRIƤXEWWSGMEXIH[MXLMXIQ[MPPƥS[
XMQIXSKIXVIEH]JSVXLIMVMRXIRHIHYWIEVIEHHIHXSXLIGSWXSJXLSWIEWWIXWYRXMPWYGLXMQIEWXLI XS XLI 'SQTER] ERH XLI GSWX SJ XLI MXIQ GER FI QIEWYVIH VIPMEFP] %PP SXLIV VITEMV ERH
EWWIXWEVIWYFWXERXMEPP]VIEH]JSVXLIMVMRXIRHIHYWI QEMRXIRERGIGSWXWEVIGLEVKIHXSWXEXIQIRXSJTVSƤXSVPSWWHYVMRKXLITIVMSHMR[LMGLXLI]EVI
MRGYVVIH
&SVVS[MRKW EVI VITSVXIH YRHIV EGGVYIH ƤRERGI GSWXW XS XLI I\XIRX SJ XLI EQSYRX VIQEMRMRK
YRTEMHERHEVIGPEWWMƤIHEWGYVVIRXPMEFMPMXMIWYRPIWWXLI'SQTER]LEWERYRGSRHMXMSREPVMKLXXS 'HUHFRJQLWLRQ
HIJIVWIXXPIQIRXSJXLIPMEFMPMX]JSVEXPIEWXX[IPZIQSRXLWEJXIVXLIVITSVXMRKHEXI %R MXIQ SJ TVSTIVX] TPERX ERH IUYMTQIRX MW HIVIGSKRM^IH YTSR HMWTSWEP SV [LIR RS JYXYVI
 7UDGHDQGRWKHUSD\DEOHV IGSRSQMG FIRIƤXW EVI I\TIGXIH JVSQ MXW YWI SV HMWTSWEP  %R] KEMR SV PSWW EVMWMRK SR HI
VIGSKRMXMSRSJXLIEWWIXMWMRGPYHIHMRXLIWXEXIQIRXSJTVSƤXSVPSWWMRXLI]IEVXLIEWWIXMWHI
0MEFMPMXMIW JSV XVEHI ERH SXLIV EQSYRXW TE]EFPI EVI MRMXMEPP] VIGSKRM^IH EX JEMV ZEPYI [LMGL MW VIGSKRM^IH
RSVQEPP]XLIXVERWEGXMSRGSWX
'HSUHFLDWLRQ
 3URYLVLRQV
(ITVIGMEXMSRSREPPSTIVEXMRKƤ\IHEWWIXWMWGLEVKIHXSWXEXIQIRXSJTVSƤXSVPSWWF]ETTP]MRKXLI
4VSZMWMSRWEVIVIGSKRM^IH[LIRXLI'SQTER]LEWETVIWIRXPIKEPSVGSRWXVYGXMZISFPMKEXMSREWE VIHYGMRK FEPERGI QIXLSH WS EW XS [VMXI SJJ XLI HITVIGMEFPI EQSYRX SJ XLI EWWIXW SZIV XLIMV
VIWYPXSJTEWXIZIRXWERHMXMWTVSFEFPIXLEXERSYXƥS[SJVIWSYVGIWIQFSH]MRKIGSRSQMGFIRIƤXW IWXMQEXIHYWIJYPPMZIWEXXLIVEXIWKMZIRMR2SXI8LIVIWMHYEPZEPYIWERHYWIJYPPMZIWEVI
[MPPFIVIUYMVIHXSWIXXPIXLISFPMKEXMSRERHEVIPMEFPIIWXMQEXISJXLISFPMKEXMSRGERFIQEHI VIZMI[IHF]XLIQEREKIQIRXEXIEGLƤRERGMEP]IEVIRHERHEHNYWXIHMJMQTEGXSRHITVIGMEXMSRMW
,S[IZIV TVSZMWMSRW EVI VIZMI[IH EX IEGL VITSVXMRK HEXI ERH EHNYWXIH XS VIƥIGX GYVVIRX FIWX WMKRMƤGERX(ITVIGMEXMSRSREHHMXMSRWMWGLEVKIHJVSQXLIHEXISR[LMGLXLIEWWIXWEVIEZEMPEFPI
IWXMQEXI JSVYWIERHSRHIPIXMSRWYTXSXLIHEXISR[LMGLXLIEWWIXWEVIHIPIXIH

 
  

 &DSLWDOZRUNLQSURJUHVV  ,QYHQWRULHV
'ETMXEP [SVOMRTVSKVIWW MW WXEXIH EX GSWX PIWW ER] MHIRXMƤIH MQTEMVQIRX PSWW ERH VITVIWIRXW 0HDVXUHPHQW
I\TIRHMXYVIMRGYVVIHSRTVSTIVX]TPERXERHIUYMTQIRXHYVMRKGSRWXVYGXMSRERHMRWXEPPEXMSR%PP
I\TIRHMXYVIGSRRIGXIH[MXLWTIGMƤGEWWIXWMRGYVVIHHYVMRKMRWXEPPEXMSRERHGSRWXVYGXMSRTIVMSH -RZIRXSVMIW GSQTVMWIW SJ VIƤRIH WYKEV TVIWW QYH ERH QSPEWWIW WYKEV MR TVSGIWW ERH
EVI GEVVMIH YRHIV GETMXEP [SVOMRTVSKVIWW 'SWX EPWS MRGPYHIW ETTPMGEFPI FSVVS[MRK GSWXW GSRWYQEFPIWWXSVIWERHWTEVIW
8VERWJIVW EVI QEHI XS VIPIZERX STIVEXMRK Ƥ\IH EWWIXW GEXIKSV] EW ERH [LIR XLI EWWIXW EVI -RZIRXSVMIWEVIWXEXIHEXXLIPS[IVSJGSWXERHRIXVIEPM^EFPIZEPYI'SWXMWGEPGYPEXIHSRXLI
EZEMPEFPIJSVYWI JSPPS[MRKFEWMW
5HYDOXDWLRQ )LQLVKHGJRRGVDQGZRUNLQSURFHVVRIVXJDU
%R]VIZEPYEXMSRMRGVIEWIEVMWMRKSRXLIVIZEPYEXMSRSJJVIILSPHPERHERHFYMPHMRKSRJVIILSPHPERH 8LIWIEVIZEPYIHEXXLIEZIVEKIERRYEPTVSHYGXMSRGSWX[LMGLGSQTVMWIGSWXSJHMVIGXQEXIVMEP
MWVIGSKRM^IHMRSXLIVGSQTVILIRWMZIMRGSQIERHTVIWIRXIHEWEWITEVEXIGSQTSRIRXSJIUYMX] PEFSYVERHETTVSTVMEXIQERYJEGXYVMRKSZIVLIEHW
EWŰ6IZEPYEXMSRWYVTPYWSRTVSTIVX]TPERXERHIUYMTQIRXűI\GITXXSXLII\XIRXXLEXMXVIZIVWIWE
VIZEPYEXMSRHIGVIEWIJSVXLIWEQIEWWIXTVIZMSYWP]VIGSKRM^IHMRTVSƤXSVPSWWMR[LMGLGEWIXLI 0RODVVHV̨QLVKHGJRRGVEDJDVVHDQGSUHVVPXG
MRGVIEWI MW GVIHMXIH XS TVSƤX SV PSWW XS XLI I\XIRX SJ XLI HIGVIEWI TVIZMSYWP] GLEVKIH %R] 8LIWIEVIZEPYIHEXXLIMVRIXVIEPM^EFPIZEPYI
HIGVIEWIMRGEVV]MRKEQSYRXEVMWMRKSRXLIVIZEPYEXMSRSJJVIILSPHPERHERHFYMPHMRKSRJVIILSPH
PERH MW GLEVKIH XS TVSƤX SV PSWW XS XLI I\XIRX XLEX MX I\GIIHW XLI FEPERGI MJ ER] LIPH MR XLI &RQVXPDEOHVWRUHVDQGVSDUHV
6IZEPYEXMSRWYVTPYWSRTVSTIVX]TPERXERHIUYMTQIRXVIPEXMRKXSETVIZMSYWVIZEPYEXMSRSJXLEX
'SRWYQEFPIWWXSVIWERHWTEVIWEVIZEPYIHTVMRGMTEPP]EX[IMKLXIHEZIVEKIGSWX[LMPIMXIQW
EWWIX 8LI WYVTPYW SR VIZEPYEXMSR SJ FYMPHMRK SR JVII LSPH PERH XS XLI I\XIRX SJ MRGVIQIRXEP
GSRWMHIVIH SFWSPIXI EVI GEVVMIH EX RMP ZEPYI -XIQW MR XVERWMX EVI ZEPYIH EX GSWX GSQTVMWMRK
HITVIGMEXMSRGLEVKIHRIXSJHIJIVVIHXE\ MWXVERWJIVVIHXSYRETTVSTVMEXIHTVSƤX
MRZSMGIZEPYITPYWSXLIVGLEVKIWTEMHXLIVISR
(YVMRKXLI]IEVXLI'SQTER]GLERKIHMXWEGGSYRXMRKTSPMG]MRVIWTIGXSJXLIEGGSYRXMRKERH
2IXVIEPM^EFPIZEPYIVITVIWIRXWXLIIWXMQEXIHWIPPMRKTVMGIMRXLISVHMREV]GSYVWISJXLIFYWMRIWW
TVIWIRXEXMSRSJVIZEPYEXMSRWYVTPYWSRTVSTIVX]TPERXERHIUYMTQIRX4VIZMSYWP]XLI'SQTER]W
PIWWEPPIWXMQEXIHGSWXWSJGSQTPIXMSRERHIWXMQEXIHGSWXWRIGIWWEV]XSFIMRGYVVIHMRSVHIVXS
EGGSYRXMRK TSPMG] [EW MR EGGSVHERGI [MXL XLSWI TVSZMWMSRW SJ XLI VITIEPIH  'SQTERMIW
QEOIXLIWEPI
3VHMRERGI  8LSWI TVSZMWMSRW ERH VIWYPXERX TVIZMSYW TSPMG] SJ XLI GSQTER] [EW RSX MR
EPMKRQIRX[MXLXLIEGGSYRXMRKXVIEXQIRXERHTVIWIRXEXMSRSJVIZEPYEXMSRWYVTPYWEWTVIWGVMFIHMR ,PSDLUPHQW
XLI-*67W,S[IZIVXLI'SQTERMIW%GXLEWRSXWTIGMƤIHER]EGGSYRXMRKXVIEXQIRXJSV
VIZEPYEXMSRWYVTPYWEGGSVHMRKP]XLI'SQTER]LEWGLERKIHXLIEGGSYRXMRKTSPMG]ERHMWRS[ %X IEGL VITSVXMRK HEXI MRZIRXSVMIW EVI EWWIWWIH JSV MQTEMVQIRX -J MRZIRXSV] MW MQTEMVIH XLI
JSPPS[MRKXLI-*67WTVIWGVMFIHEGGSYRXMRKXVIEXQIRXERHTVIWIRXEXMSRSJVIZEPYEXMSRWYVTPYW8LI GEVV]MRKEQSYRXMWVIHYGIHXSMXWWIPPMRKTVMGIPIWWGSWXWXSGSQTPIXIERHWIPP8LIMQTEMVQIRX
HIXEMPIHMRJSVQEXMSRERHMQTEGXSJXLMWGLERKIMRTSPMG]MWTVSZMHIHMRRSXIFIPS[ PSWWMWVIGSKRMWIHMQQIHMEXIP]MRXLIGSWXSJWEPIWMRXLIWXEXIQIRXSJTVSƤXSVPSWW

-XGJPHQWDQGHVWLPDWHV -XGJPHQWVDQGHVWLPDWHV

8LIYWIJYPPMZIWVIWMHYEPZEPYIWERHHITVIGMEXMSRQIXLSHEVIVIZMI[IHSREVIKYPEVFEWMW8LI 8LI 'SQTER] VIZMI[W XLI GEVV]MRK EQSYRX SJ WXSGOMRXVEHI SR E VIKYPEV FEWMW 'EVV]MRK
IJJIGXSJER]GLERKIWMRIWXMQEXIEGGSYRXIHJSVSRETVSWTIGXMZIFEWMW EQSYRX SJ WXSGOMRXVEHI MW EHNYWXIH [LIVI XLI RIX VIEPM^EFPI ZEPYI MW FIPS[ XLI GSWX 2IX
VIEPM^EFPI ZEPYI MW XLI IWXMQEXIH WIPPMRK TVMGI MR XLI SVHMREV] GSYVWI SJ FYWMRIWW PIWW XLI
 ,QWDQJLEOHV IWXMQEXIHGSWXWSJGSQTPIXMSRERHIWXMQEXIHGSWXWRIGIWWEV]XSQEOIXLIWEPI
)\TIRHMXYVI MRGYVVIH XS EGUYMVI GSQTYXIV WSJX[EVI MW GETMXEPM^IH EW ER MRXERKMFPI EWWIX ERH 8LI'SQTER]VIZMI[WXLIGSRWYQEFPIWXSVIWERHWTEVIWJSVTSWWMFPIMQTEMVQIRXSRERERRYEP
WXEXIHEXGSWXPIWWEGGYQYPEXIHEQSVXM^EXMSRJSVƤRMXIYWIJYPPMJISJMRXERKMFPIEWWIX ERHER] FEWMW %R] GLERKI MR IWXMQEXIW MR JYXYVI ]IEVW QMKLX EJJIGX XLI GEVV]MRK EQSYRXW SJ XLI
MHIRXMƤIHMQTEMVQIRXPSWW8LIIWXMQEXIHYWIJYPPMJIERHEQSVXM^EXMSRQIXLSHMWVIZMI[IHEXXLI VIWTIGXMZIMXIQWSJGSRWYQEFPIWXSVIWERHWTEVIW[MXLEGSVVIWTSRHMRKIJJIGXSRXLITVSZMWMSR
IRHSJIEGLERRYEPVITSVXMRKTIVMSH[MXLIJJIGXSJER]GLERKIWMRIWXMQEXIFIMRKEGGSYRXIHJSV
 7UDGHDQGRWKHUUHFHLYDEOHV
SRETVSWTIGXMZIFEWMW-RXERKMFPIEWWIXW[MXLƤRMXIYWIJYPPMJIEVIEQSVXM^IHYWMRKWXVEMKLXPMRI
QIXLSHSZIVMXWYWIJYPTIVMSH%QSVXM^EXMSRSREHHMXMSRWXSMRXERKMFPIEWWIXWMWGLEVKIHJVSQXLI 0HDVXUHPHQW
HEXI[LIREREWWIXMWTYXXSYWIERHSRHMWTSWEPYTXSXLIHEXISJHMWTSWEP
8VEHI VIGIMZEFPIW EVI VIGSKRM^IH ERH GEVVMIH EX SVMKMREP MRZSMGI ZEPYI PIWW ER EPPS[ERGI JSV
 /RQJWHUPGHSRVLWV MQTEMVQIRX&EHHIFXWEVI[VMXXIRSJJ[LIRMHIRXMƤIH
(ITSWMXWEVIRSRHIVMZEXMZIƤRERGMEPEWWIXW[MXLƤ\IHSVHIXIVQMREFPITE]QIRXWXLEXEVIRSX ,PSDLUPHQW
UYSXIHMREREGXMZIQEVOIX8LI]EVIMRGPYHIHMRRSRGYVVIRXEWWIXWJSVLEZMRKQEXYVMXMIWKVIEXIV
XLERQSRXLWEJXIVXLIVITSVXMRKHEXI %TVSZMWMSRJSVMQTEMVQIRXSJXVEHIVIGIMZEFPIWMWIWXEFPMWLIH[LIRXLIVIMWSFNIGXMZIIZMHIRGI
XLEXXLI'SQTER][MPPRSXFIEFPIXSGSPPIGXEPPEQSYRXWHYIEGGSVHMRKXSXLISVMKMREPXIVQWSJXLI
VIGIMZEFPIW8LIEQSYRXSJXLITVSZMWMSRMWVIGSKRM^IHMRXLIWXEXIQIRXSJTVSƤXSVPSWW

 
  

 &EHHIFXWEVI[VMXXIRSJJMRXLIMRGSQIWXEXIQIRXSRMHIRXMƤGEXMSR YRHIV XLI -NEVEL EVVERKIQIRXW EVI XVIEXIH EW STIVEXMRK PIEWI 6IRXW TE]EFPI YRHIV -NEVEL
EVVERKIQIRXWEVIVIGSKRM^IHEWERI\TIRWIMRXLIWXEXIQIRXSJTVSƤXSVPSWWSREWXVEMKLXPMRI
-XGJPHQWVDQGHVWLPDWHV FEWMWSZIVXLI-NEVELXIVQ
8LI EPPS[ERGI JSV HSYFXJYP HIFXW SJ XLI 'SQTER] MW FEWIH SR XLI EKIMRK EREP]WMW ERH
 )LQDQFLDOLQVWUXPHQWV
QEREKIQIRXW GSRXMRYSYW IZEPYEXMSR SJ XLI VIGSZIVEFMPMX] SJ XLI SYXWXERHMRK VIGIMZEFPIW -R
EWWIWWMRKXLIYPXMQEXIVIEPM^EXMSRSJXLIWIVIGIMZEFPIWQEREKIQIRXGSRWMHIVWEQSRKSXLIV *MRERGMEPEWWIXWERHƤRERGMEPPMEFMPMXMIWEVIVIGSKRM^IH[LIRXLI'SQTER]FIGSQIWETEVX]XSXLI
JEGXSVWXLIGVIHMX[SVXLMRIWWERHXLITEWXGSPPIGXMSRLMWXSV]SJIEGLGYWXSQIV GSRXVEGXYEP TVSZMWMSRW SJ XLI MRWXVYQIRX *MRERGMEP -RWXVYQIRXW GEVVMIH SR XLI WXEXIQIRX SJ
ƤRERGMEPTSWMXMSRMRGPYHIHITSWMXWXVEHIHIFXWEHZERGIWEHNYWXEFPIMRGEWLSXLIVVIGIMZEFPIW
 $GYDQFHVDQGRWKHUUHFHLYDEOHV GEWLERHFEROFEPERGIWWLSVXXIVQFSVVS[MRKWEGGVYIHQEVOYTXVEHIERHSXLIVTE]EFPIWERH
8LIWIEVIGEVVMIHEXGSWX[LMGLMWXLIJEMVZEPYISJXLIGSRWMHIVEXMSRXSFIVIGIMZIHMRJYXYVIPIWW HYIXSVIPEXIHTEVXMIW
ER]IWXMQEXIQEHIJSVFEPERGIWHSYFXJYPSJVIGSZIV]FEWIHSRVIZMI[SJFEPERGIWSYXWXERHMRKEX *MRERGMEPEWWIXWEVIHIVIGSKRM^IH[LIRXLI'SQTER]PSWIWGSRXVSPSJXLIGSRXVEGXYEPVMKLXWXLEX
XLI]IEVIRH&EPERGIWGSRWMHIVIHFEHF]XLIQEREKIQIRXEVI[VMXXIRSJJEWERH[LIRMHIRXMƤIH GSQTVMWIXLIƤRERGMEPEWWIX
 &DVKDQGFDVKHTXLYDOHQWV *MRERGMEPPMEFMPMXMIWEVIHIVIGSKRM^IH[LIRXLI]EVII\XMRKYMWLIHXLEXMW[LIRXLISFPMKEXMSR
'EWL ERH GEWL IUYMZEPIRXW EVI GEVVMIH MR XLI WXEXIQIRX SJ ƤRERGMEP TSWMXMSR EX GSWX *SV XLI WTIGMƤIHMRXLIGSRXVEGXMWHMWGLEVKIHGERGIPPIHSVI\TMVIH
TYVTSWISJWXEXIQIRXSJGEWLƥS[WGEWLERHGEWLIUYMZEPIRXWGSQTVMWIGEWLMRLERHGEWLEX %R]KEMRSVPSWWSRHIVIGSKRMXMSRSJƤRERGMEPEWWIXWERHƤRERGMEPPMEFMPMXMIWMWMRGPYHIHMRXLI
FEROWSRGYVVIRXWEZMRKERHHITSWMXEGGSYRXWERHSXLIVWLSVXXIVQLMKLP]PMUYMHMRWXVYQIRXWXLEX WXEXIQIRXSJTVSƤXSVPSWWJSVXLI]IEV
EVIVIEHMP]GSRZIVXMFPIMRXSORS[REQSYRXWSJGEWLRIXSJXIQTSVEV]FEROSZIVHVEJXW
*MRERGMEP MRWXVYQIRXW GEVVMIH SR XLI WXEXIQIRX SJ ƤRERGMEP TSWMXMSR MRGPYHIW WLSVX XIVQ
 ,PSDLUPHQWRIQRQ̨QDQFLDODVVHWVRWKHUWKDQLQYHQWRULHV MRZIWXQIRXW PSRK XIVQ HITSWMXW XVEHI ERH SXLIV VIGIMZEFPIW GEWL ERH FERO FEPERGIW
FSVVS[MRKW XVEHI ERH SXLIV TE]EFPIW ERH EGGVYIH QEVOYT 8LI TEVXMGYPEV QIEWYVIQIRX
8LIEWWIXWXLEXEVIWYFNIGXXSHITVIGMEXMSRSVEQSVXM^EXMSREVIEWWIWWIHEXIEGLVITSVXMRKHEXIXS
QIXLSHWEHSTXIHEVIHMWGPSWIHMRXLIMRHMZMHYEPTSPMG]WXEXIQIRXWEWWSGMEXIH[MXLIEGLMXIQ
HIXIVQMRI[LIXLIVXLIVIMWER]MRHMGEXMSRXLEXXLIEWWIXWEVIMQTEMVIH-JXLIVIMWERMRHMGEXMSRSJ
TSWWMFPIMQTEMVQIRXXLIVIGSZIVEFPIEQSYRXSJXLIEWWIXMWIWXMQEXIHERHGSQTEVIH[MXLMXW *MRERGMEP EWWIXW ERH PMEFMPMXMIW EVI SJJWIX ERH XLI RIX EQSYRX MW VITSVXIH MR XLI ƤRERGMEP
GEVV]MRKEQSYRX%RMQTEMVQIRXPSWWMWVIGSKRM^IHMJXLIGEVV]MRKEQSYRXSJEREWWIXI\GIIHWMXW WXEXIQIRXWSRP][LIRXLIVIMWEPIKEPP]IRJSVGIEFPIVMKLXXSWIXSJJXLIVIGSKRM^IHEQSYRXERHXLI
IWXMQEXIHVIGSZIVEFPIEQSYRX8LIMQTEMVQIRXPSWWMWVIGSKRM^IHMRXLIWXEXIQIRXSJTVSƤXSV 'SQTER]MRXIRHWIMXLIVXSWIXXPISRERIXFEWMWSVXSVIEPM^IXLIEWWIXWERHXSWIXXPIXLIPMEFMPMXMIW
PSWWYRPIWWXLIVIPIZERXEWWIXMWGEVVMIHEXEVIZEPYIHEQSYRXMR[LMGLGEWIXLIMQTEMVQIRXPSWW WMQYPXERISYWP]
MWXVIEXIHEWEVIZEPYEXMSRHIGVIEWI%RMQTEMVQIRXPSWWMWVIZIVWIHSRP]XSXLII\XIRXXLEXXLI
(IVMZEXMZI ƤRERGMEP MRWXVYQIRXW EVI MRMXMEPP] VIGSKRM^IH EX JEMV ZEPYI ER] HMVIGXP] EXXVMFYXEFPI
EWWIXGEVV]MRKEQSYRXHSIWRSXI\GIIHXLIGEVV]MRKEQSYRXXLEX[SYPHLEZIFIIRHIXIVQMRIH
XVERWEGXMSRGSWXWEVIVIGSKRM^IHMRWXEXIQIRXSJTVSƤXSVPSWWEWMRGYVVIH7YFWIUYIRXXSMRMXMEP
RIXSJHITVIGMEXMSRSVEQSVXM^EXMSRMJRSMQTEMVQIRXPSWWLEHFIIRVIGSKRM^IH8LI'SQTER]
VIGSKRMXMSRHIVMZEXMZIWEVIQIEWYVIHEXJEMVZEPYIER]GLERKIWXLIVIMREVIKIRIVEPP]VIGSKRM^IH
VIGSKRM^IWXLIVIZIVWEPMQQIHMEXIP]MRXLIWXEXIQIRXSJTVSƤXSVPSWWYRPIWWXLIEWWIXMWGEVVMIHEX
MRWXEXIQIRXSJTVSƤXSVPSWW
EVIZEPYIHEQSYRXMREGGSVHERGI[MXLXLIVIZEPYEXMSRQSHIP%R]VIZIVWEPSJERMQTEMVQIRXPSWW
SJEVIZEPYIHEWWIXMWXVIEXIHEWEVIZEPYEXMSRMRGVIEWI 2IIVHWWLQJRĮQDQFLDODVVHWVDQGOLDELOLWLHV
 ,PSDLUPHQWRĮQDQFLDODVVHWVRWKHUWKDQWUDGHUHFHLYDEOHV *MRERGMEPEWWIXWERHPMEFMPMXMIWEVISJJWIX[LIRXLI'SQTER]LEWEPIKEPP]IRJSVGIEFPIVMKLXXS
SJJWIXERHMRXIRHWXSWIXXPIIMXLIVSRERIXFEWMWSVXSVIEPM^IXLIEWWIXERHWIXXPIXLIPMEFMPMX]
8LIƤRERGMEPEWWIXWSXLIVXLERXLSWIXLEXEVIGEVVMIHEXJEMVZEPYIEVIEWWIWWIHEXIEGLVITSVXMRK
WMQYPXERISYWP]
HEXIXSHIXIVQMRI[LIXLIVXLIVIMWER]SFNIGXMZIIZMHIRGISJXLIMVMQTEMVQIRX%ƤRERGMEPEWWIXMW
MQTEMVIH MJ XLIVI MW SFNIGXMZI IZMHIRGI SJ MQTEMVQIRX EW E VIWYPX SJ SRI SV QSVI IZIRXW XLEX  5HYHQXHUHFRJQLWLRQ
SGGYVVIHEJXIVXLIMRMXMEPVIGSKRMXMSRSJXLIEWWIXERHXLEXPSWWIZIRXW LEHERMQTEGXSRXLI
IWXMQEXIHJYXYVIGEWLƥS[WSJXLEXEWWIXXLEXGERFIIWXMQEXIHVIPMEFP]8LIMQTEMVQIRXPSWWMW 6IZIRYIMWVIGSKRMWIHXSXLII\XIRXXLI'SQTER]LEWHIPMZIVIHKSSHWYRHIVEREKVIIQIRXXLI
VIGSKRM^IHMQQIHMEXIP]MRXLIWXEXIQIRXSJTVSƤXSVPSWWERHXLIGEVV]MRKEQSYRXSJXLIVIPEXIH EQSYRX SJ VIZIRYI GER FI QIEWYVIH VIPMEFP] ERH MX MW TVSFEFPI XLEX XLI IGSRSQMG FIRIƤXW
ƤRERGMEPEWWIXMWVIHYGIHEGGSVHMRKP]%RMQTEMVQIRXPSWWMWVIZIVWIHSRP]MJXLIVIZIVWEPGERFI EWWSGMEXIH[MXLXLIXVERWEGXMSR[MPPƥS[XSXLI'SQTER]6IZIRYIMWQIEWYVIHEXXLIJEMVZEPYISJ
VIPEXIHSFNIGXMZIP]XSERIZIRXSGGYVVMRKEJXIVXLIMQTEMVQIRXPSWW[EWVIGSKRM^IH XLIGSRWMHIVEXMSRVIGIMZIHSVVIGIMZEFPII\GPYWMZISJWEPIWXE\ERHXVEHIHMWGSYRXW

 2SHUDWLQJOHDVH 6DOHRIJRRGV

0IEWIW[LIVIWMKRMƤGERXTSVXMSRSJXLIVMWOERHVI[EVHWSJS[RIVWLMTEVIVIXEMRIHF]XLIPIWWSV 6IZIRYI JVSQ XLI WEPI SJ KSSHW MW VIGSKRMWIH [LIR XLI WMKRMƤGERX VMWOW ERH VI[EVHW SJ
EVIGPEWWMƤIHEWSTIVEXMRKPIEWIW4E]QIRXWQEHIYRHIVSTIVEXMRKPIEWIWEVIGLEVKIHXSXLI S[RIVWLMTSJXLIKSSHWLEWXVERWJIVVIHXSXLIFY]IV8LMWMWYWYEPP]EXXLITSMRXXLEXXLIGYWXSQIV
MRGSQISREWXVEMKLXPMRIFEWMWSZIVXLITIVMSHSJPIEWI'SRWMHIVMRKXLI763- HEXIH LEWWMKRIHJSVXLIHIPMZIV]SJXLIKSSHW
1E]MWWYIHF]7IGYVMXMIWERH)\GLERKI'SQQMWWMSRSJ4EOMWXERZILMGPIWSFXEMRIH

 
  

 2WKHULQFRPH TSPMGMIWHIWGVMFIHMRXLMWRSXI-RXIVWIKQIRXXVERWEGXMSRWEVIVIGSVHIHEXJEMVZEPYI7IKQIRX
GETMXEP I\TIRHMXYVI MW XLI XSXEP GSWX MRGYVVIH HYVMRK XLI ]IEV XS EGUYMVI TVSTIVX] TPERX ERH
3XLIVMRGSQIMJER]MWVIGSKRM^IHSREGGVYEPFEWMW IUYMTQIRXERHMRXERKMFPIEWWIXW
 6WDIIUHWLUHPHQWEHQH̨WV 8LI'SQTER]LEWSRP]SRIVITSVXEFPIWIKQIRXQERYJEGXYVMRKERHWEPISJVIƤRIHWYKEV SRXLI
8LI 'SQTER] STIVEXIW E JYRHIH TVSZMHIRX JYRH WGLIQI GSZIVMRK EPP TIVQERIRX IQTPS]IIW FEWMWSJTVSHYGXGLEVEGXIVMWXMGWERHXLIGVMXIVMEHIƤRIHF]XLI-*677IKQIRX6ITSVXMRK
)UYEPQSRXLP]GSRXVMFYXMSRWEVIQEHIXSXLIJYRHFSXLF]XLI'SQTER]ERHIQTPS]IIWEXXLIVEXI  &RPSUHKHQVLYHLQFRPH
SJTIVGIRXSJFEWMGTE]TPYWGSWXSJPMZMRKEPPS[ERGI
'SQTVILIRWMZIMRGSQIMWXLIGLERKIMRIUYMX]VIWYPXMRKJVSQXVERWEGXMSRWERHSXLIVIZIRXWSXLIV
 )RUHLJQFXUUHQFLHV XLERGLERKIWVIWYPXMRKJVSQXVERWEGXMSRW[MXLWLEVILSPHIVWMRXLIMVGETEGMX]EWWLEVILSPHIVW
8VERWEGXMSRWMRJSVIMKRGYVVIRG]HYVMRKXLI]IEVEVIMRMXMEPP]VIGSVHIHMRXLIJYRGXMSREPGYVVIRG]EX 8SXEP GSQTVILIRWMZI MRGSQI GSQTVMWIW EPP GSQTSRIRXW SJ TVSƤX SV PSWW ERH SXLIV
XLIVEXIWTVIZEMPMRKEXXLIHEXISJXVERWEGXMSR1SRIXEV]EWWIXWERHPMEFMPMXMIWHIRSQMREXIHMR GSQTVILIRWMZIMRGSQI3XLIVGSQTVILIRWMZIMRGSQIGSQTVMWIWMXIQWSJMRGSQIERHI\TIRWI
JSVIMKR GYVVIRGMIW EVI VIXVERWPEXIH EX JYRGXMSREP GYVVIRG] VEXIW SJ I\GLERKI TVIZEMPMRK EX XLI MRGPYHMRK VIGPEWWMƤGEXMSR EHNYWXQIRXW XLEX EVI RSX VIGSKRM^IH MR TVSƤX SV PSWW EW VIUYMVIH SV
VITSVXMRKHEXI%PPHMJJIVIRGIWEVIXEOIRXSXLIWXEXIQIRXSJTVSƤXSVPSWW TIVQMXXIHF]ETTVSZIHEGGSYRXMRKWXERHEVHW

 (DUQLQJVSHUVKDUH(36  &KDQJHLQDFFRXQWLQJSROLF\RIUHYDOXDWLRQVXUSOXVRQSURSHUW\SODQWDQGHTXLSPHQW

&EWMG)47MWGEPGYPEXIHF]HMZMHMRKXLITVSƤXSVPSWWEXXVMFYXEFPIXSSVHMREV]WLEVILSPHIVWSJXLI 3R3GXSFIVXLI'SQTER]GLERKIHMXWEGGSYRXMRKTSPMG]JSVXLIVIZEPYEXMSRWYVTPYWSR
'SQTER]F]XLI[IMKLXIHEZIVEKIRYQFIVSJSVHMREV]WLEVIWSYXWXERHMRKHYVMRKXLI]IEV TVSTIVX]TPERXERHIUYMTQIRXMREGGSVHERGI[MXLVIUYMVIQIRXWSJXLIEGGSYRXMRKERHVITSVXMRK
WXERHEVHWEWETTPMGEFPIMR4EOMWXERYRHIVXLI'SQTERMIW%GX4VIZMSYWP]XLI'SQTER]W
(MPYXIH)47MWGEPGYPEXIHF]EHNYWXMRKFEWMG)47F]XLI[IMKLXIHEZIVEKIRYQFIVSJSVHMREV] EGGSYRXMRKTSPMG]JSVWYVTPYWSRVIZEPYEXMSRSJTVSTIVX]TPERXERHIUYMTQIRX[EWMREGGSVHERGI
WLEVIWXLEX[SYPHFIMWWYIHSRGSRZIVWMSRSJEPPHMPYXMZITSXIRXMEPSVHMREV]WLEVIWMRXSSVHMREV] [MXL XLI TVSZMWMSRW SJ WIGXMSR  SJ XLI VITIEPIH 'SQTERMIW 3VHMRERGI  *YVXLIV XLI
WLEVIWERHTSWXXE\IJJIGXSJGLERKIWMRTVSƤXSVPSWWEXXVMFYXEFPIXSSVHMREV]WLEVILSPHIVWSJXLI VIZEPYEXMSRWYVTPYWSRTVSTIVX]TPERXERHIUYMTQIRX[EWWLS[REWEWITEVEXIMXIQFIPS[IUYMX]
'SQTER]XLEX[SYPHVIWYPXJVSQGSRZIVWMSRSJEPPHMPYXMZITSXIRXMEPSVHMREV]WLEVIWMRXSSVHMREV] MREGGSVHERGI[MXLXLITVIWIRXEXMSRVIUYMVIQIRXSJXLIVITIEPIH'SQTERMIW3VHMRERGI
WLEVIW
8LI 'SQTERMIW %GX  LEW RSX VIXEMRIH XLI EFSZI QIRXMSRIH WTIGMƤG EGGSYRXMRK ERH
 5HODWHGSDUW\WUDQVDFWLRQ TVIWIRXEXMSR VIUYMVIQIRXW SJ VIZEPYEXMSR WYVTPYW SR TVSTIVX] TPERX ERH IUYMTQIRX
%PPXVERWEGXMSRWEVMWMRKMRXLIRSVQEPGSYVWISJFYWMRIWWERHEVIGSRHYGXIHEXEVQWPIRKXLEX 'SRWIUYIRXP]XLMWMQTEGXIHXLI'SQTER]WEGGSYRXMRKTSPMG]JSVVIZEPYEXMSRWYVTPYWSRTVSTIVX]
RSVQEP GSQQIVGMEP VEXI SR XLI WEQI XIVQW ERH GSRHMXMSRW EW XLMVH TEVX] XVERWEGXMSRW YWMRK TPERXERHIUYMTQIRXERHRS[XLIVIPEXIHEGGSYRXMRKERHTVIWIRXEXMSRVIUYMVIQIRXWWIXSYXMR
ZEPYEXMSR QSHIW EW EHQMWWMFPI I\GITX MR VEVIP] I\XVIQI GMVGYQWXERGIW [LIVI WYFNIGX XS -%78LIRI[EGGSYRXMRKTSPMG]MWI\TPEMRIHYRHIVRSXIEFSZI*YVXLIVXLIVIZEPYEXMSR
ETTVSZEPSJXLI&SEVHSJ(MVIGXSVWMXMWMRXLIMRXIVIWXSJXLI'SQTER]XSHSWS4EVXMIWEVIWEMHXS WYVTPYWSRTVSTIVX]TPERXERHIUYMTQIRXMWRS[TVIWIRXIHMRXLIWXEXIQIRXSJƤRERGMEPTSWMXMSR
FIVIPEXIHMJXLI]EVIEFPIXSMRƥYIRGIXLISTIVEXMRKERHƤRERGMEPHIGMWMSRWSJXLI'SQTER]ERH ERHWXEXIQIRXSJGLERKIWMRIUYMX]EWEGETMXEPVIWIVZIMITEVXSJIUYMX]
ZMGIZIVWE 8LMWGLERKIMREGGSYRXMRKTSPMG]LEWFIIREGGSYRXIHJSVVIXVSWTIGXMZIP]MREGGSVHERGI[MXLXLI
VIUYMVIQIRXWSJ-%7%GGSYRXMRK4SPMGMIW'LERKIWMR%GGSYRXMRK)WXMQEXIWERH)VVSVWERH
 2SHUDWLQJVHJPHQWV
GSQTEVEXMZIƤKYVIWLEZIFIIRVIWXEXIH
%RSTIVEXMRKWIKQIRXMWEGSQTSRIRXSJXLI'SQTER]XLEXIRKEKIWMRFYWMRIWWEGXMZMXMIWJVSQ
[LMGLMXQE]IEVRVIZIRYIWERHMRGYVI\TIRWIWMRGPYHMRKVIZIRYIWERHI\TIRWIWXLEXVIPEXIWXS
XVERWEGXMSRW[MXLER]SJXLI'SQTER]WSXLIVGSQTSRIRXW3TIVEXMRKWIKQIRXWEVIVITSVXIHMRE 5HWURVSHFWLYH,PSDFWRIFKDQJHLQDFFRXQWLQJSROLF\
QERRIV GSRWMWXIRX [MXL XLI MRXIVREP VITSVXMRK WXVYGXYVI FEWIH SR XLI STIVEXMRK FYWMRIWW  $VDW2FWREHU $VDW6HSWHPEHU
WIKQIRXWSJXLI'SQTER] %RSTIVEXMRKWIKQIRXWSTIVEXMRKVIWYPXWEVIVIKYPEVP]VIZMI[IHF] $VSUHYLRXVO\
$GMXVWPHQWV $VUHVWDWHGRQ
$VSUHYLRXVO\
$GMXVWPHQWV $VUHVWDWHGRQ
UHSRUWHGRQ UHSRUWHGRQ
XLIQEREKIQIRXERHXLIGLMIJI\IGYXMZISJƤGIVJSVXLITYVTSWISJQEOMRKHIGMWMSRWVIKEVHMRK 6HSWHPEHU
LQFUHDVH 2FWREHU
6HSWHPEHU
LQFUHDVH 6HSWHPEHU
GHFUHDVH GHFUHDVH 
VIWSYVGIEPPSGEXMSRERHTIVJSVQERGIEWWIWWQIRX  
5XSHHV 5XSHHV
7IKQIRXVIWYPXWEWWIXWERHPMEFMPMXMIWMRGPYHIMXIQWHMVIGXP]EXXVMFYXEFPIXSWIKQIRXEW[IPPEW
6XUSOXVRQUHYDOXDWLRQRISURSHUW\SODQWDQGHTXLSPHQWZLWKLQWKHHTXLW\      
XLSWIXLEXGERFIEPPSGEXIHSREVIEWSREFPIFEWMW7IKQIRXEWWIXWGSRWMWXTVMQEVMP]SJTVSTIVX]
TPERXERHIUYMTQIRXMRXERKMFPIWGSRWYQEFPIWXSVIWERHWTEVIWWXSGOMRXVEHIERHSXLIVHIFXW 6XUSOXVRQUHYDOXDWLRQRISURSHUW\SODQWDQGHTXLSPHQWEHORZHTXLW\      
7IKQIRXPMEFMPMXMIWGSQTVMWISJSTIVEXMRKPMEFMPMXMIWERHI\GPYHIMXIQWXLEXEVIGSQQSRXSEPP
STIVEXMRK WIKQIRXW ,S[IZIV WYKEV WIKQIRX FIMRK XLI SRP] SRI WIKQIRX EPP EWWIXW ERH
PMEFMPMXMIWEVIEPPSGEXIHXSMX
%GGSYRXMRK TSPMGMIW SJ XLI VITSVXEFPI WIKQIRXW EVI XLI WEQI EW XLI 'SQTER]W EGGSYRXMRK

 
  

 6WDWHPHQWRIFRPSUHKHQVLYHLQFRPHIRUWKH\HDUHQGHG6HSWHPEHU


$VSUHYLRXVO\ ,QFUHDVH 5HVWDWHG  
UHSRUWHG 'HFUHDVH  6+$5(&$3,7$/ 1RWH 5XSHHV 5XSHHV

 $XWKRUL]HGFDSLWDO
«««5XSHHV 2UGLQDU\VKDUHFDSLWDO  
6XUSOXVRQUHYDOXDWLRQRISURSHUW\SODQWDQGHTXLSPHQW  
 PLOOLRQ6HSWHPEHUPLOOLRQRUGLQDU\VKDUHVRI5XSHHVHDFK
3UHIHUHQFHVKDUHFDSLWDO  
'HIHUUHGWD[VXUSOXVRQUHYDOXDWLRQRISURSHUW\SODQWDQGHTXLSPHQW  
 PLOOLRQ6HSWHPEHU1LOSUHIHUHQFHVKDUHVRI5XSHHVHDFK
 
  
 ,VVXHGVXEVFULEHGDQGSDLGXSVKDUHFDSLWDO

 
1XPEHURIVKDUHV
7KHUHLVQRLPSDFWRIWKHDERYHUHVWDWHPHQWRQWKHVWDWHPHQWRISUR̨WRUORVVDQGHDUQLQJV SHU
  2UGLQDU\VKDUHVRI5VHDFKIXOO\SDLGLQFDVK   
VKDUH
  2UGLQDU\ VKDUHV RI 5V  HDFK IXOO\ SDLG IRU  
FRQVLGHUDWLRQRWKHUWKDQFDVK

  2UGLQDU\ VKDUHV RI 5V  HDFK LVVXHG DV IXOO\ SDLG  
ERQXVVKDUHV
   

 1XPEHURIVKDUHVKHOGE\DVVRFLDWHV

0U$KPHG$OL7DULT  

0U0XVWDID$OL7DULT  
0UV1XVUDW6KDPLP  
0U7DX¿T$KPHG.KDQ  
0UV0DU\DP+DELE  
0U0XKDPPDG,IWLNKDU  
0U0XKDPPDG,PUDQ.KDQ0U$OL$VKIDT  
 
 6+$5(35(0,80$&&2817

2SHQLQJEDODQFH  

3UHPLXPRQULJKWVKDUHVLVVXHGGXULQJWKH\HDU   
 

 6KDUH SUHPLXP FDQ EH XWLOL]HG E\ WKH &RPSDQ\ RQO\ IRU WKH SXUSRVHV VSHFL¿HG LQ 6HFWLRQ  RI WKH
&RPSDQLHV$FW

 6853/86215(9$/8$7,212)3523(57<3/$17$1'(48,30(17
1(72)'()(55('7$;

%DODQFHDVDW2FWREHU  

)UHVKVXUSOXVDURVHGGXULQJWKH\HDU  
/HVV,QFUHPHQWDOGHSUHFLDWLRQIRUWKH\HDU  
%DODQFHDVDW6HSWHPEHU  
/HVV'HIHUUHGWD[DWWULEXWHGWRUHYDOXDWLRQVXUSOXV   
 

 5HFRQFLOLDWLRQRIGHIHUUHGWD[DWWULEXWHGWRUHYDOXDWLRQVXUSOXV
%DODQFHDVDW2FWREHU  
,QFUHPHQWDOGHSUHFLDWLRQIRUWKH\HDU  
6XUSOXVDURVHGGXULQJWKH\HDU  
7D[UDWHDGMXVWPHQW  
%DODQFHDVDW6HSWHPEHU  

 7KH VXUSOXV RQ UHYDOXDWLRQ RI SURSHUW\ SODQW DQG HTXLSPHQW LV QRW DYDLODEOH IRU GLVWULEXWLRQ WR WKH
VKDUHKROGHUVLQDFFRUGDQFHZLWKVHFWLRQRIWKH&RPSDQLHV$FW

 
  

    
1RWH 5XSHHV 5XSHHV 1RWH 5XSHHV 5XSHHV
 6HFXULW\GHSRVLWVLQWHUHVWIUHH
 ',5(&7256
/2$165(/$7('3$57,(6   
,WLQFOXGHV
8QVHFXUHGDQGLQWHUHVWIUHH
'HDOHUVVHFXULW\GHSRVLWV  
0U0XVWDID$OL7DULT  
(PSOR\HHYHKLFOHGHSRVLWV  
0U$KPHG$OL7DULT  
   
7UDQVIHUUHGIURPFXUUHQWOLDELOLWLHV
0U0XVWDID$OL7DULT     7KHVHVHFXULW\GHSRVLWVKDYHQRWEHHQNHSWLQDVHSDUDWHEDQNDFFRXQWDVUHTXLUHGE\VHFWLRQRIWKH
&RPSDQLHV$FW
 

 7KLV UHSUHVHQWV XQVHFXUHG LQWHUHVW IUHH ORDQ JLYHQ E\ GLUHFWRUV WR PHHW WKH OLTXLGLW\ UHTXLUHPHQWV RI WKH  7KLVLQFOXGHVUHQWSD\DEOHWR0UV5XNKVDQD-DYHGUHODWHGSDUW\DPRXQWLQJWR5V5V
&RPSDQ\ 7KHVH ORDQV DUH UHSD\DEOH DW WKH GLVFUHWLRQ RI WKH &RPSDQ\ ,Q OLQH ZLWK 7HFKQLFDO 5HOHDVH   
75   $FFRXQWLQJ 'LUHFWRUV
/RDQ LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI 3DNLVWDQ ,&$3
WKHVHORDQVDUHVKRZQDVSDUWRIHTXLW\
 ,WLQFOXGHVPDUNXSSD\DEOHWR+60/(PSOR\HHV
3URYLGHQW)XQG7UXVWUHODWHGSDUW\DPRXQWLQJWR5V
5VDFFUXHGDWWKHUDWHRISHUDQQXPSHUDQQXP

 '()(55('7$;/,$%,/,7<
7KHOLDELOLW\DVVHWIRUGHIHUUHGWD[DWLRQFRPSULVHVWHPSRUDU\GLIIHUHQFHVDULVLQJGXHWR  'XHWRZRUNHUV
SURÀWSDUWLFLSDWLRQIXQG:33)

7D[DEOHWHPSRUDU\GLIIHUHQFHV 2SHQLQJEDODQFH  

$FFHOHUDWHGWD[GHSUHFLDWLRQ   ,QWHUHVWRQIXQGVXWLOL]HGE\WKH&RPSDQ\  
6XUSOXVRQUHYDOXDWLRQRI¿[HGDVVHWV   $OORFDWLRQIRUWKH\HDU  
  &ORVLQJEDODQFH  
'HGXFWLEOHWHPSRUDU\GLIIHUHQFHV 7KLV FDUULHV LQWHUHVW DW WKH UDWH SUHVFULEHG XQGHU &RPSDQLHV 3UR¿W :RUNHUV 3DUWLFLSDWLRQ $FW  DQG
3URYLVLRQDJDLQVWGRXEWIXODVVHWV RWKHUV   HIIHFWLYHUDWHRILQWHUHVWDSSOLHGGXULQJWKH\HDUZDV
$YDLODEOHWD[ORVVHV  
7XUQRYHUWD[DYDLODEOHIRUFDUU\IRUZDUG  
   $&&58('0$5.83216(&85('%2552:,1*6
1HWGHIHUUHGWD[OLDELOLW\   )URPEDQNLQJFRPSDQLHV
 5HFRQFLOLDWLRQRIGHIHUUHGWD[FUHGLWIRUWKH\HDU 6KRUWWHUPERUURZLQJV  
2SHQLQJGHIHUUHGWD[OLDELOLW\  
'HIHUUHGWD[DWWULEXWHGWRUHYDOXDWLRQVXUSOXVDURVHGGXULQJWKH\HDU    6+2577(50%2552:,1*6
&ORVLQJGHIHUUHGWD[OLDELOLW\   )URPEDQNLQJFRPSDQLHVVHFXUHG
'HIHUUHGWD[DWWULEXWHGWRUHYDOXDWLRQVXUSOXVGXHWRFKDQJHLQWD[UDWH   1DWLRQDO%DQNRI3DNLVWDQ
'HIHUUHGWD[DWWULEXWHGWRVWDWHPHQWRISUR¿WRUORVVGXHWRFKDQJHLQWD[UDWH   
&DVK¿QDQFHK\SRWKHFDWLRQ   
1HWGHIHUUHGWD[FUHGLWFKDUJHUHFRJQL]HGLQVWDWHPHQWRISUR¿WRUORVV  
&DVK¿QDQFHSOHGJH   
 75$'($1'27+(53$<$%/(6
'XEDL,VODPLF%DQN3DNLVWDQ/LPLWHG
7UDGHFUHGLWRUV  
6DODPFXPZDNDOD   
$GYDQFHVIURPFXVWRPHUV  
6DODPFXP:DNDOD   
6HFXULW\GHSRVLWVLQWHUHVWIUHH   
%DQN,VODPL3DNLVWDQ/LPLWHG
$FFUXHGOLDELOLWLHV   
,VWLVQD¿QDQFH   
,QFRPHWD[GHGXFWHGDWVRXUFHSD\DEOH  
0HH]DQ%DQN/LPLWHG
7D[HVDQGGXWLHVSD\DEOH  
,VWLVQDWLMDUDK   
3D\DEOHWR+60/(PSOR\HHV
3URYLGHQW)XQG7UXVWUHODWHGSDUW\   
:RUNHU
V3UR¿W3DUWLFLSDWLRQ)XQGSD\DEOH    $VNDUL%DQN/LPLWHG,VODPLFEDQNLQJ   
,MDUDKUHQWDOVSD\DEOH   6DODP2773OHGJH
7KH%DQNRI3XQMDE
7HPSRUDU\ERRNRYHUGUDIWXQSUHVHQWHGFKHTXHV  
$JULFXOWXUDO¿QDQFH   
'LPLQLVKLQJ0XVKDUDNDKUHQWDOSD\DEOH  
 
5HWHQWLRQPRQH\SD\DEOH  
2WKHUV  
 

 
  

  8LMWGEWLƤRERGIJEGMPMX]LEWFIIRSFXEMRIHJVSQ2EXMSREP&EROSJ4EOMWXERSYXSJXLIXSXEPWERGXMSRIHPMQMXSJ  8LMWEKVMGYPXYVEPƤRERGIJEGMPMX][EWSFXEMRIHJVSQ&EROSJ4YRNEF[MXLXSXEPWERGXMSRIHPMQMXSJ6W
6WQMPPMSR6WQMPPMSR XSQIIX[SVOMRKGETMXEPVIUYMVIQIRXWSJXLIGSQTER]-XGEVVMIWQEVOYTEX QMPPMSR6WQMPPMSR ERH[EWVITEMHHYVMRKXLI]IEV-XGEVVMIHQEVOYTEXXLIVEXISJQSRXLW/-&36
XLIVEXISJQSRXLW/-&36 QSRXLW/-&36 TIVERRYQTE]EFPIUYEVXIVP]-XMWWIGYVIHF][E]  QSRXLW/-&36 TIVERRYQTE]EFPIUYEVXIVP]-X[EWWIGYVIHF][E]SJƤVWXTEVMTEWWYGLEVKI
SJƤVWXTEVMTEWWYGLEVKISZIVEPPTVIWIRXERHJYXYVIGYVVIRXEWWIXWSJXLIGSQTER]XSXLII\XIRXSJ6WQMPPMSR SZIVEPPTVIWIRXERHJYXYVIƤ\IHEWWIXWSJXLI'SQTER]XSXLII\XIRXSJ6WQMPPMSR6WQMPPMSR 
6WQMPPMSR ƤVWXTEVMTEWWYGLEVKISZIVƤ\IHEWWIXWSJXLIGSQTER]XSXLII\XIRXSJ6WQMPPMSR GSVTSVEXIKYEVERXIISJXLI'SQTER]ERHTIVWSREPKYEVERXIIWSJX[SHMVIGXSVWSJXLI'SQTER],S[IZIVGLEVKI
QIEWYVMRKEGVIWQEVEPEWMRGPYHMRKPERHFYMPHMRK
QEGLMRIV]LEZMRKQEVOIXZEPYISJ6WQMPPMSR SZIVEWWIXWLEWRSXFIIRZEGEXIHEXXLIVITSVXMRKHEXI
WMXYEXIHEX0ELSVI6SEH.EVER[EPEIZEPYEXIHF],EVZIWXIV7IVZMGIW4ZX 0MQMXIHEWSRERHTIVWSREP
KYEVERXIIWEPSRK[MXL4IVWSREP2IX;SVXL7XEXIQIRX42;7 SJXLIX[SHMVIGXSVWSJXLI'SQTER]  8LI'SQTER]LEWXSXEPGVIHMXJEGMPMXMIWJVSQEPPXLIFEROWEWQIRXMSRIHMRRSXIWXSEFSZIEQSYRXMRKXS
6WQMPPMSR6WQMPPMSR XLEXVIQEMRIHYRYXMPM^IHEXXLIXIVQMREPHEXI8LISZIVEPPGLEVKISRXLI
GYVVIRXERHƤ\IHEWWIXWSJXLI'SQTER]MWMRXLIWYQSJ6WFMPPMSRFMPPMSR EXXLIXIVQMREPHEXI
 8LMWGEWLƤRERGIJEGMPMX]LEWFIIRSFXEMRIHJVSQ2EXMSREP&EROSJ4EOMWXERSYXSJXLIXSXEPWERGXMSRIHPMQMXSJ
6W  QMPPMSR  6W  QMPPMSR  XS TVSGYVI VE[ QEXIVMEP MI WYKEVGERI JSV QERYJEGXYVMRK SJ VIƤRIH
 
WYKEVWXSGOMRXVEHIƤRERGMRK-XGEVVMIWQEVOYTEXXLIVEXISJQSRXL/-&36 QSRXL/-&36
5XSHHV 5XSHHV
 TIVERRYQTE]EFPIUYEVXIVP]-XMWWIGYVIHF][E]SJI\GPYWMZIGLEVKISJ6WQMPPMSR[MXL QEVKMR
 /2$1)5205(/$7('3$57<
EKEMRWXTPIHKIJEGMPMX]SJXLIGSQTER]VIKMWXIVIH[MXL7)'4TPIHKISJVIƤRIHWYKEVMRWXERHEVHFEKWSJOKW 8QVHFXUHGDQGLQWHUHVWIUHH
IEGLMRWLEVIHKSHS[RWVEROMRKGLEVKISJ6WQMPPMSR6WQMPPMSR EPVIEH]VIKMWXIVIH[MXL7)'4 %DODQFHDVRQ2FWREHU  
SZIVƤ\IHEWWIXWSJXLIGSQTER]EWEHHMXMSREPWIGYVMX]ERHTIVWSREPKYEVERXIIWEPSRK[MXL4IVWSREP2IX;SVXL $GGLWLRQVGXULQJWKH\HDU  
7XEXIQIRX42;7 SJX[SHMVIGXSVWSJXLI'SQTER] 5HSDLGGXULQJWKH\HDU  
 
7UDQVIHUUHGWRGLUHFWRUV
ORDQVXQVHFXUHGDQGLQWHUHVWIUHH   
 8LMWWEPEQGYQ[EOEPEJEGMPMX]LEWFIIRSFXEMRIHJVSQ(YFEM-WPEQMG&ERO0MQMXIHSYXSJXSXEPWERGXMSRIHPMQMX %DODQFHDVRQ6HSWHPEHU   
SJ 6W  QMPPMSR XS QIIX XLI [SVOMRK GETMXEP VIUYMVIQIRXW SJ XLI GSQTER] F] TYVGLEWMRK WYKEVGERI JVSQ  7KLVUHSUHVHQWVORDQREWDLQHGIURPWKHVSRQVRULQJGLUHFWRU0U0XVWDID$OL7DULTRIWKH&RPSDQ\WREULGJHDVVLVWLWVZRUNLQJFDSLWDO
JEVQIVWZEVMSYWWYTTPMIVWMRXLIPSGEPQEVOIXERHWYFWIUYIRXWEPI-XGEVVMIWTVSƤXEXXLIVEXISJVIPIZERX/-&36 UHTXLUHPHQWV,WLVXQVHFXUHGLQWHUHVWIUHHDQGSD\DEOHRQGHPDQG
 TIVERRYQTE]EFPIUYEVXIVP]-XMWWIGYVIHF][E]SJTPIHKISJ[LMXIVIƤRIHWYKEVWXSGO[MXL QEVKMR
GLEVKISJ6WQMPPMSRSZIVTPIHKIHWXSGOWMRGPYWMZISJ QEVKMR VEROMRKGLEVKISJ6WQMPPMSRSZIV
 &217,1*(1&,(6$1'&200,70(176
EPPTVIWIRXERHJYXYVIEWWIXWSJXLIGSQTER][MXL QEVKMRƤVWXTEVMTEWWYGLEVKISJ6WQMPPMSRSZIVEPP  &RQWLQJHQFLHV
TVIWIRXERHJYXYVIƤ\IHEWWIXWSJXLIGSQTER]MRGPYWMZISJ QEVKMRERHTIVWSREPKYEVERXIIWEPSRK[MXL  8LIXE\HITEVXQIRXVEMWIHHIQERHSJ6WQMPPMSRMRWLS[GEYWIRSXMGIMWWYIHXSXLI'SQTER]SR
42;7SJXLIX[SHMVIGXSVWSJXLIGSQTER] 2SZIQFIVEPPIKMRKXLEXXLI'SQTER]GLEVKIHJIHIVEPI\GMWIHYX]*)( EXXLIVEXISJ MRWXIEHSJ
 SRPSGEPWYTTPMIWQEHIHYVMRKXLITIVMSHJVSQ.ERYEV]XS.YRIEKEMRWXUYERXMX]SJ[LMXI
 8LMW7EPEQGYQ;EOEPEJEGMPMX]LEWFIIRSFXEMRIHJVSQ(YFEM-WPEQMG&EROSYXSJXLIXSXEPWERGXMSRIHPMQMXSJ6W GV]WXEPPMRIWYKEVI\TSVXIHXS%JKLERMWXER[LMGL[EWRSXMREGGSVHERGI[MXLGPEYWIH SJ763 
QMPPMSRXSQIIX[SVOMRKGETMXEPVIUYMVIQIRXWSJXLI'SQTER]F]TYVGLEWMRKWYKEVGERIJVSQJEVQIVW HEXIH*IFVYEV]'SRWIUYIRXP]XLI'SQTER]ƤPIHE[VMXTIXMXMSRSR2SZIQFIVEKEMRWXXLMW
ZEVMSYWWYTTPMIVMRXLIPSGEPQEVOIXERHWYFWIUYIRXWEPIWYRHIVEKIRG]-XGEVVMIWTVSƤXEXXLIVEXISJVIPIZERX RSXMGIMRXLI,SRSVEFPI0ELSVI,MKL'SYVX0ELSVISRXLIFEWMWXLEXXLI*)(EXXLIVEXISJ LEWFIIR
/-&36 TIVERRYQTE]EFPIUYEVXIVP]-XMWWIGYVIHF]TPIHKISJ[LMXIVIƤRIHWYKEVWXSGO[MXL QEVKMR GLEVKIHEWEPPS[IHF]XLISVHIVHEXIH2SZIQFIVTEWWIHMR;42S[LMGLHIGPEVIHXLEX
I\GPYHMRK WEPIW XE\  'LEVKI SJ 6W  QMPPMSR -RGPYWMZI SJ   QEVKMR  SZIV XLI TPIHKIH WXSGOW WLEPP FI GPEYWIH SJ7632S[EWYRPE[JYP8LI[VMXTIXMXMSRƤPIHF]XLI'SQTER]MWMRXLITVSGIWWSJ
VIKMWXIVIH[MXL7)'46EROMRKƤVWXTEVMTEWYGLEVKISJ6W1MPPMSRSZIVEPPTVIWIRXERHJYXYVI*M\IH%WWIXW LIEVMRK8LI 'SQTER] LEW EPWS ƤPIH ETTIEP HEXIH *IFVYEV]   EKEMRWX XLMW SVHIV FIJSVI XLI '-6
0ERH&YMPHMRKERH4PERXERH1EGLMRIV] SJXLIGSQTER]MRGPYWMZISJ QEVKMR %TTIEPW 0ELSVITIRHMRKEHNYHMGEXMSREXXLIXIVQMREPHEXI

 8LMWMWXMWREƤRERGIJEGMPMX]LEWFIIRSFXEMRIHJVSQ&ERO-WPEQM4EOMWXER0MQMXIHSYXSJXSXEPWERGXMSRIHPMQMXSJ  %WEVIWYPXSJ[MXLLSPHMRKXE\EYHMXJSVXLIXE\]IEVXLI(ITYX]'SQQMWWMSRIV-RPERH6IZIRYIVEMWIHE

6WQMPPMSR6WQMPPMSR JSVTVSHYGXMSRSJWYKEV-XGEVVMIWTVSƤXEXXLIVEXISJVIWTIGXMZI/-&36  HIQERHSJ6WQMPPMSRYRHIVWIGXMSRWSJXLI-RGSQI8E\3VHMRERGI8LI'-6%TTIEPW 
VIWTIGXMZI/-&36 TIVERRYQTE]EFPIUYEVXIVP]-XMWWIGYVIHF][E]SJS[RIVWLMTSJMWXMWREKSSHW 0ELSVILEWVINIGXIH'SQTER]WETTIEP'YVVIRXP]XLI'SQTER]MWMRETTIEPHEXIH%YKYWXFIJSVI
ƤVWXTEVMTEWWYGLEVKISZIVEPPJYXYVIERHTVIWIRXGYVVIRXEWWIXWSJXLI'SQTER]XSXLII\XIRXSJ6WQMPPMSR %TTIPPEXI 8VMFYREP -RPERH 6IZIRYI EKEMRWX XLMW SVHIV TIRHMRK EHNYHMGEXMSR EX XLI XIVQMREP HEXI
6WQMPPMSR ƤVWXTEVMTEWWYGLEVKISZIVEPPJYXYVIERHTVIWIRXƤ\IHEWWIXWSJXLIGSQTER]XSXLII\XIRX  *SVXLIXE\]IEVXLI-RGSQI8E\(ITEVXQIRXLEWGVIEXIHXE\HIQERHSJ6WQMPPMSRYRHIV
SJ6WQMPPMSR6WQMPPMSR ERHTIVWSREPKYEVERXIIWSJEPPXLIHMVIGXSVWSJXLI'SQTER] WIGXMSR8LI'SQTER]ƤPPIHETTIEPFIJSVIXLIPIEVRIH'-6%TTIEPW 0ELSVI[LSLEWHIPIXIHXE\
HIQERH XS XLI I\XIRX SJ 6W  QMPPMSR8LI 'SQTER] LEW ƤPIH WIGSRH ETTIEP FIJSVI XLI %TTIPPEXI
 8LMWMWXMWREƤRERGIJEGMPMX]LEWFIIRSFXEMRIHJVSQ1II^ER&ERO0MQMXIHSYXSJXSXEPWERGXMSRIHPMQMXSJ6W 8VMFYREP -RPERH 6IZIRYI 0ELSVI GSRWMHIVMRK XLI VIQEMRMRK HIQERH MW EPWS RSX MR EGGSVHERGI [MXL PE[
QMPPMSRJSVTYVGLEWISJVE[QEXIVMEPWWXSVIWERHWTEVIWERHXSQIIXXLI[SVOMRKGETMXEPVIUYMVIQIRXWSJXLI TIRHMRKEHNYHMGEXMSREXXLIXIVQMREPHEXI
GSQTER]-XGEVVMIWTVSƤXEXXLIVEXISJVIWTIGXMZI/-&36 TIVERRYQTE]EFPIUYEVXIVP]-XMWWIGYVIHF][E]SJ
 8LI(ITEVXQIRXLEWƤPPIHVIJIVIRGIFIJSVIXLI,SRSVEFPI0ELSVI,MKL'SYVX0ELSVIEKEMRWXXLISVHIVSJXLI
VEROMRKGLEVKISZIVEPPTVIWIRXERHJYXYVIEWWIXWFSXLGYVVIRXERHƤ\IH SJXLIGSQTER]XSXLII\XIRXSJ6W
QMPPMSR HYP]MRWYVIHVEROMRKGLEVKISZIVEPPTVIWIRXERHJYXYVIƤ\IHEWWIXWSJXLI'SQTER]TPIHKISJ[LMXI %TTIPPEXI 8VMFYREP -RPERH 6IZIRYI 0ELSVI HIPIXMRK XLI MRGSQI XE\ HIQERH SJ 6W  QMPPMSR JSV XLI
VIƤRIHGV]WXEPPMRIWYKEVXSXLII\XIRXSJ6WQMPPMSRTIVWSREPKYEVERXIIWSJXLVIIHMVIGXSVWSJXLIGSQTER] EWWIWWQIRX]IEVWERH8LMWVIJIVIRGILEWRSXFIIRLIEVHWSJEV
EPSRK[MXL42;7ERHGVSWWGSVTSVEXIKYEVERXIISJ7X]PIWERH8VIRHW4VMZEXI 0MQMXIHEREWWSGMEXIHGSQTER]  8LI'SQTER]LEWƤPIHETTIEPFIJSVIXLI'SQQMWWMSRIVSJ-RPERH6IZIRYI%TTIEPW 0ELSVIEKEMRWXXLI
3VHIVMRSVMKMREP RSTEWWIHF]('-6)RJSVGIQIRX^SRI---0890ELSVIJSVXLIXE\TIVMSH
 8LMW7EPEQ388JEGMPMX]LEWFIIRSFXEMRIHJVSQ%WOEVM&ERO0MQMXIHSYXSJXSXEPWERGXMSRIHPMQMXSJ6W .ERYEV]JSVMPPIKEPEHNYWXQIRXSJMRTYXWEPIXE\MRXLIWYQSJ6WSRXLIFMPPWSJ0ELSVI
)PIGXVMG7YTTP]'SQTER]EKEMRWXMXWPMEFMPMX]SJJIHIVEPI\GMWIHYX]MRQSRXLP]WEPIXE\VIXYVRMRWEPIXE\QSHI
QMPPMSRJSVTVSHYGXMSRSJ[LMXIVIƤRIHWYKEVJVSQWYKEVGERI-XGEVVMIWTVSƤXEXXLIVEXISJVIWTIGXMZI/-&36 
E P S R K  [ M X L  E H H M X M S R E P  X E \  E R H  T I R E P X ]  T I R H M R K  E H N Y H M G E X M S R  E X  X L I  V I T S V X M R K  H E X I 
TIVERRYQTE]EFPIUYEVXIVP]-XMWWIGYVIHF][E]SJVEROMRKGLEVKISZIVEPPTVIWIRXERHJYXYVIƤ\IHEWWIXWSJXLI
GSQTER]XSXLII\XIRXSJ6WQMPPMSR[MXL QEVKMRXLVSYKLGSRWXVYGXMZI138(ERHTPERX
QEGLMRIV]  *SVXLIXE\]IEVXLIGEWISJXLI'SQTER][EWWIPIGXIHF]'SQQMWWMSRIV-RPERH6IZIRYIYRHIVWIGXMSR
XLVSYKLPIXXIVWSJL]TSXLIGEXMSR VEROMRKGLEVKISZIVEPPTVIWIRXERHJYXYVIGYVVIRXEWWIXWSJXLIGSQTER]XSXLI 8LI(ITYX]'SQQMWWMSRIV-RPERH6IZIRYI%YHMX>SRI---0890ELSVITEWWIHERI\TEVXISVHIV
I\XIRXSJ6WQMPPMSR[MXL QEVKMRVEROMRKGLEVKISZIVTPIHKIHWXSGOWSJ[LMXIVIƤRIHWYKEVSJ YRHIVWIGXMSR H  SJXLI-RGSQI8E\3VHMRERGIHEXIHWYFWIUYIRXXSXLI
WIEWSRXSXLII\XIRXSJ6WQMPPMSR[MXL QEVKMRMRGPYWMZISJWEPIWXE\ WXSVIHEXXLIGSQTER]WTVIQMWIW VITSVXMRKHEXI ERHVEMWIHEXE\HIQERHSJ6WF]EQIRHMRKXLIHIIQIHEWWIWWQIRXJSVRSR
EXWLEVIHKSHS[RHYP]WXEGOIHERHWIKVIKEXIHMRGSYRXEFPITSWMXMSRERHMRWYVIHYRHIVXLIWYTIVZMWMSRSJXLI TVSZMWMSRWSJVIGSVHF]XLI'SQTER]%KEMRWXXLMWSVHIV'SQTER]LEWƤPIHERETTIEPFIJSVIXLIPIEVRIH'-6
F E R O W  E T T V S Z I H  Q Y G G E H Y Q  E R H  T I V W S R E P  K Y E VE R X I I W  S J  X [ S  H M V I G X S V W  S J  X L I  G S Q T E R ] %TTIEPW- 0ELSVI8LIETTIEPMWTIRHMRKEHNYHMGEXMSREXXLIVITSVXMRKHEXI

 
  

  % [VMX TIXMXMSR LEW FIIR ƤPIH F] XLI 'SQTER] EKEMRWX XLI EWWYQTXMSRW SJ NYVMWHMGXMSR F] XLI 'SQTIXMXMSR
'SQQMWWMSRSJ4EOMWXER[LIVIF]EWLS[GEYWIRSXMGIHEXIH(IGIQFIV LEHFIIRMWWYIHXSXLI
'SQTER]YRHIVWIGXMSRSJXLI'SQTIXMXMSR3VHMRERGI8LI'SQTER]LEWWSYKLXHIGPEVEXMSRXLEXWYGL  8LI'SQTER]MWGSRXMRKIRXP]PMEFPIJSVXLISYXWXERHMRKTVMRGMTEPERHQEVOYTSRXLI%KVMGYPXYVEPƤRERGMRK
WLS[GEYWIMW[MXLSYXPE[JYPEYXLSVMX]ERHSJRSPIKEPIJJIGXEWXLI'SQTIXMXMSR3VHMRERGIMXWIPJMWYPXVE
JEGMPMX]  XS XLI 'SQTER]W 7YKEVGERI +VS[IVW JVSQ %TRE &ERO 0MQMXIH 8LI 'SQTER] LEW EPWS KMZIR
ZMVIWXLI'SRWXMXYXMSRSJXLI-WPEQMG6ITYFPMGSJ4EOMWXEREW[IPPEWXLIPE[PEMHHS[RF]XLI7YTVIQI
GSVTSVEXIKYEVERXIIEQSYRXMRKXS6WQMPPMSR6WQMPPMSR EKEMRWXXLMWJEGMPMX]XS'SQTER]W
'SYVXSJ4EOMWXER
7YKEVGERI+VS[IVWJVSQ%TRE1MGVSƤRERGI&ERO0MQMXIH
 8LI'SQTER]LEWEPWSƤPIHE[VMXTIXMXMSRFIJSVI7MRH,MKL'SYVXEKEMRWXXLIEWWYQTXMSRSJNYVMWHMGXMSRF]
4EOMWXER7XERHEVHERH5YEPMX]'SRXVSP%YXLSVMX]475'% JSVMWWYMRKRSXMƤGEXMSRHIQERHMRKQEVOMRKJIIEXXLI  
1RWH 5XSHHV 6YTIIW
VEXISJ SJI\JEGXSV]TVMGISJEPPWEPIWEWXLIJIITE]EFPIJSVTPEGMRKXLI475'%WXERHEVHQEVOSRXLI  &RPPLWPHQWV
RSXMƤIHMXIQ8LIPIEVRIH,MKL'SYVXWXVYGOHS[RXLIRSXMƤGEXMSRERHHIGPEVIHXSFIZSMH8LI%TTIPPERXFIMRK
 'SQTER]MWGSQQMXXIHXSTE]XLIJSPPS[MRK
EKKVMIZIHEWWEMPIHXLINYHKIQIRXFIJSVIXLI7YTVIQI'SYVXSJ4EOMWXER[LMGLMWWXMPPTIRHMRKEHNYHMGEXMSR
,MDUDKUHQWDOV
8LIPIKEPEHZMWSVSJXLI'SQTER]MWSJXLIZMI[XLEXHYIXSGSQTPI\REXYVISJXLIPIKEPERHGSRWXMXYXMSREPPE[WMX
(YI[MXLMRSRI]IEV  
MW RSX TSWWMFPI XS EWWIWW XLI SYXGSQI SJ  XLIWI PIKEP TVSGIIHMRKW ERH XLI ƤRERGMEP MQTEGX XLIVISJ
(YIEJXIVSRI]IEVFYXRSXPEXIVXLERƤZI]IEVW  
'LPLQLVKLQJ0XVKDULNDKUHQWDOV
 8LI7MRHL,MKL'SYVXMRMXWSVHIVLEWHMWEPPS[IHXE\GVIHMXYWSJXLI-RGSQI8E\3VHMRERGIXS
(YI[MXLMRSRI]IEV  
GSQTERMIW[LMGLLEW2MPRSVQEPXE\HYIXSXE\PSWWIW8LISVHIVLEWFIIRGLEPPIRKIHMRXLI7YTVIQI'SYVXSJ
(YIEJXIVSRI]IEVFYXRSXPEXIVXLERƤZI]IEVW  
4EOMWXER[LMGLMWTIRHMRKJSVEHNYHMGEXMSREXXLIVITSVXMRKHEXI8LIWEQITSMRXSJPE[LEWEPWSFIIRFVSYKLX
 
FIJSVIXLI0ELSVI,MKL'SYVX[LSLEWSVHIVIHXLITIXMXMSRIVXSƤVWXVIJIVXLIQEXXIVFIJSVIXLIJSVYQWFIPS[
[LIVIVIQIH]GERFIWSYKLX*YVXLIVRSEHZIVWISVHIVWLEZIFIIRTEWWIHF]XLIXE\HITEVXQIRXEKEMRWXXLSWI
TIXMXMSRIVW8LI'SQTER]LEWEGGSYRXIHJSVXE\GVIHMXYWEQSYRXMRKXS6WQMPPMSR6W  'SQQMXQIRXEKEMRWX'%4)<  

QMPPMSR MRXLIWIƤRERGMEPWXEXIQIRXW8LIQEREKIQIRXSJ'SQTER]MWGSRƤHIRXXLEXXLIWIXE\GVIHMXW
[MPPFIEPPS[IHXSXLI'SQTER]MREGGSVHERGI[MXLXLITVSZMWMSRSJWIGXMSRERHMXWTEWXLMWXSV]ERHSJXLI  3523(57<3/$17$1'(48,30(17
ƤVQSTMRMSRXLEXXLIMRXIVTVIXEXMSRSJXLMWTVSZMWMSRWLEPPFIHIGMHIHMRJEZSYVSJXLI'SQTER]F]XLIETI\GSYVX
3TIVEXMRKƤ\IHEWWIXW   

 8LI*MRERGI%GXMRXVSHYGIHEXE\PIZ]YRHIVWIGXMSR%SJXLI-RGSQI8E\3VHMRERGISRIZIV]TYFPMG 'ETMXEP[SVOMRTVSKVIWW   

'SQTER]SXLIVXLEREWGLIHYPIHFEROSV1SHEVFEXLEXHIVMZIWTVSƤXWJSVXE\]IEVFYXHSIWRSXHMWXVMFYXIEX
PIEWX SJXLIEJXIVXE\TVSƤX[MXLMRWM\QSRXLWSJXLIIRHSJWEMHXE\]IEVXLVSYKLGEWLSVFSRYWWLEVIW*SV  
XLIXE\]IEVVIPIZERXXSXLIMRGSQI]IEVIRHIH7ITXIQFIVFSRYWWLEVISVGEWLHMZMHIRHWQE]FI  
HMWXVMFYXIH FIJSVI XLI HYI HEXI QIRXMSRIH MR WYFWIGXMSR  SJ WIGXMSR  JSV ƤPPMRK SJ MRGSQI XE\ VIXYVR
VIPIZERXXSXLIMRGSQI]IEVIRHIH7ITXIQFIV8LIGSQTER]HIGPEVIHTVSƤXEJXIVXE\MRXLIWYQSJ6W
QMPPMSRXLIVIJSVI SJXE\WLSYPHLEZIFIIRHMWXVMFYXIHEQSRKXLIWLEVILSPHIVXLVSYKLHMZMHIRHSV
FSRYWWLEVIW,S[IZIVXLIGSQTER]LEWRSXHMWXVMFYXIHHMZMHIRHMRXLIXE\]IEV -RXLIXE\]IEV
VIPIZERXXSXLIMRGSQI]IEVIRHIH7ITXIQFIVXLIGSQTER]HIGPEVIHETVSƤXEJXIVXE\MRXLIWYQSJ6W
QMPPMSR[LMGLEWTIVXLIVIZMWIHTVSZMWMSRSJWIGXMSR%SJXLI3VHMRERGIVIUYMVIWXLIGSQTER]XS
HMWXVMFYXI SJMXWTVSƤXEJXIVXE\,S[IZIVRSHMWXVMFYXMSR[EWEPWSQEHIMRXLMW]IEVEW[IPP%KEMRWXXLMW
PIZ]XLI'SQTER]ƤPI[VMXTIXMXMSRFIJSVIXLI,SRSYVEFPI0ELSVI,MKL'SYVX0ELSVIJSVXLIXE\]IEV
TIRHMRKEHNYHMGEXMSREXXLIVITSVXMRKHEXI8LIQEREKIQIRXSJXLI'SQTER]GSRWMHIVIHXLMWPIZ]EKEMRWXXLI
'SRWXMXYXMSRSJ4EOMWXERERHXERXEQSYRXXSHSYFPIXE\EXMSRXLIVIJSVIEJEZSYVEFPISYXGSQIMWI\TIGXIHMRXLMW
GEWI%GGSVHMRKP]RSTVSZMWMSRJSVXE\MRXLIWYQSJ6WQMPPMSRJSVXLIƤRERGMEP]IEVIRHIH7ITXIQFIV
VIPIZERXXSXE\]IEV6WQMPPMSRFIMRK SJEGGSYRXMRKTVSƤXFIJSVIXE\ FIMRK 
SJXLIEGGSYRXMRKTVSƤXFIJSVIXE\SRRSRHMWXVMFYXMSRHMZMHIRHMRGEWLSVOMRHLEWFIIRQEHIMRXLIWIƤRERGMEP
WXEXIQIRXW

8LIQEREKIQIRXSJXLI'SQTER]ERHMXWPIKEPXE\EHZMWSVWI\TIGXWEJEZSYVEFPISYXGSQISJXLIEFSZI
QIRXMSRIHGEWIWWYMXWLIRGIRSTVSZMWMSRLEWFIIRQEHIEKEMRWXGSRXMRKIRGMIWHMWGPSWIHMRXLI2SXI
XSXSXLIWIƤRERGMEPWXEXIQIRXW

 8LI'SQTER]MWGSRXMRKIRXP]PMEFPIJSVXLISYXWXERHMRKTVMRGMTEPERHQEVOYTSRXLI%KVM1YVEFELEJEGMPMX]
SFXEMRIHF]XLI'SQTER]W7YKEVGERI+VS[IVWJVSQ&ERO-WPEQM4EOMWXER0MQMXIH8LI'SQTER]LEWKMZIR
GSVTSVEXIKYEVERXIIEQSYRXMRKXS6WQMPPMSR6WQMPPMSR ERHVEROMRKGLEVKISZIVGYVVIRX
EWWIXWSJXLI'SQTER][MXL QEVKMREWWIGYVMX]EKEMRWX%KVM1YVEFELEJEGMPMX]XSXLIWYKEVGERIKVS[IVW
SFXEMRIHJVSQ&ERO-WPEQM4EOMWXER0MQMXIH

 
  


 2SHUDWLQJÀ[HGDVVHWVWDQJLEOH


&2675(9$/8('$02817 $&&808/$7(''(35(&,$7,21 1(7%22.
 %DODQFH $GGLWLRQV 7UDQVIHU 'HOHWLRQ 5HYDOXDWLRQ 'HSUHFLDWLRQ %DODQFH %DODQFH %DODQFH 9$/8(
)RUWKH 'HOHWLRQ 'HSUHFLDWLRQ
DVDW 6XUSOXV $GMXVWPHQW DVDW DVDW DVDW $6$7
5DWH \HDU $GMXVWPHQW
2FW 6HS  2FW 6HS 6HS

2ZQHG

)UHHKROGODQG               
%XLOGLQJVRQIUHHKROGODQG               
3ODQWDQGPDFKLQHU\               
6WDQGE\HTXLSPHQWV               
)DFWRU\HTXLSPHQWV              

*DVDQGHOHFWULFLQVWDOODWLRQV              

5DLOZD\VLGLQJV              

)XUQLWXUHDQG¿[WXUHV              

2I¿FHHTXLSPHQWV              

&RPSXWHUHTXLSPHQWV              

9HKLFOHV              


5XSHHV             


&2675(9$/8('$02817 $&&808/$7(''(35(&,$7,21 1(7%22.

%DODQFH $GGLWLRQV 7UDQVIHU 'HOHWLRQ 5HYDOXDWLRQ 'HSUHFLDWLRQ %DODQFH %DODQFH )RUWKH 'HOHWLRQ 'HSUHFLDWLRQ %DODQFH 9$/8(
DVDW 6XUSOXV DGMXVWPHQW DVDW DVDW DVDW $6$7
5DWH \HDU $GMXVWPHQW
2FW 6HS  2FW 6HS 6HS

2ZQHG
)UHHKROGODQG              
%XLOGLQJVRQIUHHKROGODQG              
3ODQWDQGPDFKLQHU\              
6WDQGE\HTXLSPHQWV              
)DFWRU\HTXLSPHQWV              
*DVDQGHOHFWULFLQVWDOODWLRQV              
5DLOZD\VLGLQJV              
)XUQLWXUHDQG¿[WXUHV              
 
2I¿FHHTXLSPHQWV              
 
&RPSXWHUHTXLSPHQWV              
 
9HKLFOHV              
 
5XSHHV             





9HKLFOHV
*VIILSPHPERH

4PERXERHQEGLMRIV]



,SRHE'MX]0)(
&YMPHMRKWSRJVIILSPHPERH

'HVFULSWLRQ
'SWXSJWEPIW

7GLSSP&YW7+7
)UHHKROGODQG

7IPPMRKERHHMWXVMFYXMSRGSWX


DPRXQW
3ODQWDQGPDFKLQHU\

%HQMRMWXVEXMZIERHKIRIVEPI\TIRWIW

&RVW
2SHQLQJFDUU\LQJ


 
 
 

 
[SYPHLEZIFIIREWYRHIV
%XLOGLQJRQIUHHKROGODQG




1RWH

WKH\HDU
$GGLWLRQGXULQJ



 

'HSUHFLDWLRQ
 

 

$FFXPXODWHG

   

   
   
 



5XSHHV

XVERWEGXMSRWMRXLIZMGMRMX]ERHQEVOIXXVIRHW

9DOXH

IRUWKH\HDU



'HSUHFLDWLRQ



 

1HW%RRN
 

 
5XSHHV

 

 
 
 

6YTIIW
DPRXQW

6DOH



 


3URFHHGV
&ORVLQJFDUU\LQJ

 
 
 

 






 (ITVIGMEXMSRGLEVKIJSVXLI]IEVLEWFIIREPPSGEXIHEWJSPPS[W






 (IXEMPSJSTIVEXMRKƤ\IHEWWIXWHMWTSWIHSJJHYVMRKXLI]IEVMWEWJSPPS[W
DPRXQW

*DLQ/RVV




2SHQLQJFDUU\LQJ

 


 
 

 

5XSHHV


\HDU

0RGHRI
'LVSRVDO
$GGLWLRQ

2IKSXMEXMSR
2IKSXMEXMSR


GXULQJWKH

 

 

JEGXSVJSVIEGLMXIQMWETTPMIHEGGSVHMRKXSXLIMVTL]WMGEPGSRHMXMSRYWEKIERHQEMRXIRERGI



IRUWKH\HDU

 
 
'HSUHFLDWLRQ

 
5XSHHV




1YLEQQEH8EVMUXLMVHTEVX]
DPRXQW

1YLEQQEH%OVEQXLMVHTEVX]
3DUWLFXODUVRISXUFKDVHUV
ETTVSEGLXSEVVMZIEXXLIJEMVZEPYISJXLI'SQTER]WTVSTIVXMIW8LIFEWMWYWIHJSVVIZEPYEXMSR[IVIEWJSPPS[W

&ORVLQJFDUU\LQJ

 
 


 
VITPEGIQIRX ZEPYIW HITVIGMEXMSR [EW GEPGYPEXIH XS HIXIVQMRI XLI GYVVIRX EWWIWWIH QEVOIX ZEPYI
WTIGMƤGEXMSRW MRHITIRHIRX QEVOIX MRUYMVMIW JVSQ TVSTIVX] HIEPIVW  IWXEXI EKIRXW VIGIRX QEXYVIH

EGGSVHMRK XS GSRWXVYGXMSR WTIGMƤGEXMSRW JSV GYVVIRX VITPEGIQIRX ZEPYIW %JXIV HIXIVQMRMRK GYVVIRX
PERHERHTPERXERHQEGLMRIV][EWGEVVMIHSR7ITXIQFIV 8LIZEPYEXMSRI\TIVXWYWIHEQEVOIXFEWIH
GEVVMIHSYXSR.YRI4VIZMSYWP]JVIILSPHPERH[EWGEVVMIHSR1EVGLERHFYMPHMRKSRJVIILSPH
EVIETTVSZIHF]4EOMWXER&EROW%WWSGMEXMSR4&% MRER]EQSYRXGEXIKSV] *VIWLZEPYEXMSRI\IVGMWIW[IVI

WYKEVTPERXJVSQWYTTPMIVWERHHMJJIVIRXWYKEVTPERXGSRWYPXERXWMR4EOMWXERERHEFVSEH*EMVHITVIGMEXMSR
'YVVIRXVITPEGIQIRXGSWX[EWHIXIVQMRIHF]GSPPIGXMRKMRJSVQEXMSRVIKEVHMRKGYVVIRXTVMGIWSJGSQTEVEFPI
'SRWXVYGXMSRWTIGMƤGEXMSRW[IVIRSXIHJSVIEGLFYMPHMRKERHWXVYGXYVIERHRI[GSRWXVYGXMSRVEXIWEVIETTPMIH
*EMVQEVOIXZEPYISJJVIILSPHPERH[EWEWWIWWIHXLVSYKLWYVZI]SJPERHXEOMRKMRXSGSRWMHIVEXMSRXLIPERH
ZEPYEXMSRWEVIGSRHYGXIHF]ERMRHITIRHIRXZEPYIVREQIP]1IWWVW,EVZIWXIV7IVZMGIW4VMZEXI 0MQMXIH[LS
HIXIVQMRIH F] TVSJIWWMSREP ZEPYIVW PIZIP  QIEWYVIQIRX YRHIV -*67 *EMV :EPYI 1IEWYVIQIRXW  8LI
 *VIILSPH PERH FYMPHMRK SR JVII LSPH PERH ERH TPERX ERH QEGLMRIV] LEZI FIIR GEVVMIH EX VIZEPYIH EQSYRXW

 ,EHXLIVIZEPYEXMSRWSJXLIWIEWWIXWRSXFIIRQEHIXLIGEVV]MRKZEPYISJXLIWIEWWIXWEWEX7ITXIQFIV


  8LI GSWX SJ STIVEXMRK Ƥ\IH EWWIXW MRGPYHIW JYPP] HITVIGMEXIH STIVEXMRK Ƥ\IH EWWIXW
  
[LMGLEVIWXMPPMRYWISJXLI'SQTER]8LIFVIEOYTSJGSWXSJWYGLEWWIXWMWEWJSPPS[W 1RWH 5XSHHV 6YTIIW
 &21680$%$/(6725(6$1'63$5(6

  7XSVIW  

5XSHHV 6YTIIW 7TEVITEVXW  
 
4PERXERHQEGLMRIV]    672&.,175$'(
:ILMGPIW   ;SVOMRTVSGIWW  
*MRMWLIHKSSHW  
   

 7XSGOMRXVEHI MRGPYHIW MRZIRXSV] EQSYRXMRK XS 6W  QMPPMSR  6W 
 *SVGIH WEPI ZEPYI ERH EWWIWWIH ZEPYI SJ XLIWI Ƥ\IH EWWIXW EW EX XLI HEXI SJ VIZEPYEXMSR
QMPPMSR GEVVMIHEXRIXVIEPM^EFPIZEPYI
MI.YRI [EWEWYRHIV

$VVHVVHGVDOH )RUFHGVDOHYDOXH  75$'($1'27+(55(&(,9$%/(6

YDOH 8QVHFXUHGDQG&RQVLGHUHGJRRG
8VEHIVIGIMZEFPIWPSGEP  
5XSHHV 5XSHHV
3XLIVVIGIMZEFPIWYRWIGYVIH
*VIILSPHPERH   #EETWGFOCTMWRQP2.5DCPMCEEQWPVU  
&YMPHMRKSRJVIILSPHPERH  
(TGKIJVUWDUKF[TGEGKXCDNGHTQO)QXGTPOGPV  
4PERXERHQEGLMRIV]  
  1VJGTTGEGKXCDNGU
 4EVXMGYPEVWSJMQQSZEFPITVSTIVX]MIPERH MRXLIREQISJXLI'SQTER]EVIEWJSPPS[W (TQOTGNCVGFRCTVKGU   
1VJGTU   
 
 
/RFDWLRQ 8VDJHRILPPRYDEOHSURSHUW\ $UHD
 5HFHLYDEOHVIURPUHODWHGSDUWLHVXQVHFXUHGDQGLQWHUHVWIUHH
1V%LQIH%PM8EVMU  
0ELSVI6SEH.EVVER[EP(MWXVMGX*EMWEPEFEH 1ERYJEGXYVMRKJEGXSV] /EREPWERH1EVPEW
1V1YWXEJE%PM8EVMU  
 &DSLWDOZRUNLQSURJUHVV  
7UDQVIHUWR 8LIWI VIGIMZEFPIW EVI [MXLMR XLI EKI FVEGOIX SJ  HE]W 8LI LMKLIWX EKKVIKEXI
2SHQLQJ &ORVLQJ
$GGLWLRQV RSHUDWLQJÀ[HG
%DODQFH %DODQFH FEPERGIHYVMRKER]QSRXL[EWWEQIEWSRXLIVITSVXMRKHEXI
DVVHWV

««««««««««««5XSHHV««««««««««««  2WKHUV

&LYLOZRUNDQGEXLOGLQJV     'SRWMHIVIHKSSH  


3ODQWDQGPDFKLQHU\     'SRWMHIVIHHSYFXJYP  
0IWW4VSZMWMSRJSVHSYFXJYPVIGIMZEFPIW  
$GYDQFHVIRUFDSLWDOH[SHQGLWXUHSODQWDQGPDFKLQHU\    
 
    
 

      $'9$1&(6'(326,76$1'35(3$<0(176

&RQVLGHUHGJRRG
$GYDQFHVWR
4VSZMWMSR JSV FEPERGIW HSYFXJYP SJ EHNYWXQIRX EKEMRWX EHZERGIW JSV GETMXEP I\TIRHMXYVI [EW QEHI HYVMRK XLI ]IEV MR XLI WYQ SJ 6W  QMPPMSR )QTPS]IIWEKEMRWXWEPEVMIWWIGYVIHERHMRXIVIWXJVII  
RMP  )QTPS]IIWEKEMRWXI\TIRWIWYRWIGYVIH  
7YTTPMIVWYRWIGYVIH   
'SRXVEGXSVWYRWIGYVIH  
 ,17$1*,%/($66(76 7YKEVGERIKVS[IVWYRWIGYVIH   
8LI 'SQTER] LEW JYPP] EQSVXM^IH MRXERKMFPI EWWIXW MI GSQTYXIV WSJX[EVI LEZMRK E GSWX SJ 6W  QMPPMSR  6W  QMPPMSR [LMGL EVI WXMPP MR YWI SJ XLI 0DUJLQGHSRVLWDJDLQVWOHWWHUVRIFUHGLW  
'SQTER] 3UHSD\PHQWV  
 
 
1RWH 5XSHHV 6YTIIW
 $GYDQFHVWRVXSSOLHUVXQVHFXUHG
 /21*7(50'(326,76
'SRWMHIVIHKSSH  
7IGYVMX]HITSWMXW  'SRWMHIVIHHSYFXJYP  
EKEMRWXMNEVELERHHMQMRMWLMRKQYWLEVMOELJEGMPMXMIW   0IWW4VSZMWMSRJSVHSYFXJYPEHZERGIW   
YXMPMXMIW    
   
 (YVMRK XLI ]IEV TVSZMWMSR EKEMRWX HSYFXJYP EHZERGIW EQSYRXMRK XS 6W
 8LMW GSRWMWXW SJ YRWIGYVIH RSRMRXIVIWX FIEVMRK PSRK XIVQ HITSWMXW TEMH XS FEROW ERH YXMPMX] GSQTERMIW 8LIWI FEPERGIW LEZI RSX FIIR 6W [EWQEHI
HMWGSYRXIHEWXLIMQTEGXSJXMQIZEPYISJQSRI]MWGSRWMHIVIHXSFIMQQEXIVMEP

 
  

    
1RWH 5XSHHV 6YTIIW 1RWH 5XSHHV 6YTIIW
 $GYDQFHVWRVXJDUFDQHJURZHUVXQVHFXUHG
)LQLVKHGJRRGV
'SRWMHIVIHKSSH  
'SRWMHIVIHHSYFXJYP   3TIRMRKWXSGO  
0IWW4VSZMWMSRJSVHSYFXJYPEHZERGIW  
  'PSWMRKWXSGO  
 
   

 &$6+$1'%$1.%$/$1&(6  7EPEVMIW [EKIW ERH SXLIV FIRIƤXW MRGPYHI 6W   6W  MR
VIWTIGX GSRXVMFYXMSR XS ,710 )QTPS]IIW 4VSZMHIRX *YRH 8VYWX  VIPEXIH TEVX] F] XLI
'EWLMRLERH  
'SQTER]
'EWLEXFEROMRPSGEPGYVVIRG]
'YVVIRXEGGSYRXW  
7EZMRKEGGSYRXW   
 $'0,1,675$7,9($1'*(1(5$/(;3(16(6
 
  (MVIGXSVWVIQYRIVEXMSR   
 6EXI SJ TVSƤX SR WEZMRK EGGSYRXW VERKIW JVSQ  XS    XS  7EPEVMIWERHSXLIVFIRIƤXW   
TIVERRYQ 8VEZIPPMRKERHGSRZI]ERGI  
'SQQYRMGEXMSR  
 1(76$/(6
6IRXVEXIWERHXE\IW  
0SGEPWEPIW   
4VMRXMRKERHWXEXMSRIV]  
)\TSVXWEPIWWYKEV  
*VIMKLXWYFWMH]   6ITEMVERHQEMRXIRERGI  
  :ILMGPIVYRRMRKERHQEMRXIRERGI  
*IIERHWYFWGVMTXMSR  
 /RFDOVDOHV
0IKEPERHTVSJIWWMSREP  
7YKEV   %YHMXSVWVIQYRIVEXMSR   
&]4VSHYGXW
)RXIVXEMRQIRX  
1SPEWWIW  
&EKEWWI   %HZIVXMWIQIRX  
4VIWWQYH   -RWYVERGI  
 
-NEVELVIRXEPW  
 
(MQMRMWLMRKQYWLEVEOELVIRXEP  
0IWW
(ITVIGMEXMSR   
7EPIWXE\SRQSPEWWIWFEKEWWIERHTVIWWQYH  
*IHIVEP)\GMWI(YX]SRPSGEPWEPISJWYKEV   1MWGIPPERISYW  
 
 
 
 7EPEVMIW ERH SXLIV FIRIƤXW MRGPYHI 6W   6W  MR VIWTIGX
GSRXVMFYXMSRXS,710)QTPS]IIW4VSZMHIRX*YRH8VYWXVIPEXIHTEVX]F]XLI'SQTER]
 &2672)6$/(6

5DZPDWHULDOFRQVXPHG
7YKEVGERITYVGLEWIH    $XGLWRUV
UHPXQHUDWLRQ
7YKEVGERIHIZIPSTQIRXGIWW  
1EVOIXGSQQMXXIIJII $XGLWVHUYLFHV
 
%RRYEPEYHMXJII  
 
,EPJ]IEVP]VIZMI[JII  
7EPEVMIW[EKIWERHSXLIVFIRIƤXW    3YXSJTSGOIXI\TIRWIW  
;SVOIVW[IPJEVII\TIRWI    
7XSVIWWTEVITEVXWERHPSSWIXSSPWGSRWYQIH   1RQDXGLWVHUYLFHV
'LIQMGEPWGSRWYQIH   8E\EHZMWSV]JII  
4EGOMRKQEXIVMEPGSRWYQIH   'IVXMƤGEXMSRJII  
*YIPERHTS[IV    
6ITEMVERHQEMRXIRERGI    
-RWYVERGI    6(//,1*$1'',675,%87,21&267
3XLIVJEGXSV]SZIVLIEHW   7EPEVMIWERHSXLIVFIRIƤXW   
(ITVIGMEXMSR    ,ERHPMRKERHHMWXVMFYXMSR  
  6ITEMVERHQEMRXIRERGI  
4VMRXMRKERHWXEXMSRIV]  
:RUNLQSURFHVV
'SQQMWWMSRXSWIPPMRKEKIRXW  
3TIRMRKWXSGO   (ITVIGMEXMSR   
'PSWMRKWXSGO    
 
'SWXSJKSSHWQERYJEGXYVIH    7EPEVMIW [EKIW ERH SXLIV FIRIƤXW MRGPYHI 6W   6W  MR VIWTIGX
GSRXVMFYXMSRXS,710)QTPS]IIW4VSZMHIRX*YRH8VYWXVIPEXIHTEVX]F]XLI'SQTER]

 
  

  5(081(5$7,212)&+,()(;(&87,9(',5(&7256$1'(;(&87,9(6
  %KKVIKEXI EQSYRX GLEVKIH MR XLIWI ƤRERGMEP WXEXIQIRXW JSV VIQYRIVEXMSR MRGPYHMRK EPP FIRIƤXW XS XLI GLMIJ I\IGYXMZI HMVIGXSVW ERH I\IGYXMZIW SJ XLI
1RWH 5XSHHV 6YTIIW 'SQTER]MWEWJSPPS[W
 27+(523(5$7,1*(;3(16(6

(SREXMSRW   
;SVOIVW4VSƤX4EVXMGMTEXMSR*YRH   ([HFXWLYH ([HFXWLYHV
4VSZMWMSRJSVHSYFXJYPEHZERGIWXSWYTTPMIVW    &KLHI([HFXWLYH GLUHFWRU
4VSZMWMSRJSVHSYFXJYPEHZERGIWEKEMRWX';-4   5V
4VSZMWMSRJSVFEPERGIWHSYFXJYPSJVIGSZIV]   1EREKIVMEPVIQYRIVEXMSR   
  ,SYWIVIRX   
 'SRXVMFYXMSRXSTVSZMHIRXJYRH   
8LIVIMWRSMRXIVIWXMRXLIHSRIIWJYRHSJER]HMVIGXSVSVXLIMVWTSYWIW
9XMPMXMIWQIHMGEPEPPS[ERGI   
3XLIVW   
 27+(5,1&20(
  
,QFRPHIURP̨QDQFLDODVVHWV
4VSƤXSRFEROHITSWMXW   2YQFIVSJTIVWSRW   
,QFRPHIURPQRQ̨QDQFLDODVVHWV

+EMRSRWEPISJJIVXMPM^IVW  
+EMRSRHMWTSWEPSJSTIVEXMRKƤ\IHEWWIXW   'LMIJ)\IGYXMZI )\IGYXMZI )\IGYXMZIW
HMVIGXSVW
1MWGIPPERISYW   6W
  
1EREKIVMEPVIQYRIVEXMSR   
 ),1$1&(&267 ,SYWIVIRX   
'SRXVMFYXMSRXSTVSZMHIRXJYRH   
1EVOYTSRWIGYVIHFSVVS[MRKW 9XMPMXMIWQIHMGEPEPPS[ERGI   
7LSVXXIVQFSVVS[MRKW   3XLIVW   
-RXIVIWXSRFEPERGITE]EFPIXSTVSZMHIRXJYRHXVYWXVIPEXIHTEVX]     
-RXIVIWXSR;SVOIVW4VSƤX4EVXMGMTEXMSR*YRH  
2YQFIVSJTIVWSRW   
&EROGLEVKIWERHGSQQMWWMSR   
   -R EHHMXMSR XS EFSZI XLI GLMIJ I\IGYXMZI HMVIGXSVW ERH SRI I\IGYXMZI MW TVSZMHIH [MXL XLI JVII YWI SJ XLI 'SQTER]W QEMRXEMRIH GEVW   
I\IGYXMZIWEVIEPWSTVSZMHIH[MXLJYVRMWLIHEGGSQQSHEXMSRMRGPYHMRKYXMPMXMIW
 7$;$7,21
&XUUHQWLQFRPHWD[  2SQIIXMRKJII[EWTEMHXSHMVIGXSVWHYVMRKXLI]IEV6W2MP 
8YVRSZIVXE\    2SVIQYRIVEXMSR[EWTEMHXSRSRI\IGYXMZIHMVIGXSVWSJXLI'SQTER]6W2MP 
4VIWYQTXMZIƤREPXE\VIKMQI  
4VMSV]IEV    (IƤRMXMSRSJI\IGYXMZIMRXLIJSYVXLWGLIHYPIXSXLI'SQTERMIW%GXLEWFIIRGLERKIHXLIIQTPS]IIW[LSWIERRYEPFEWMGWEPEV]MWIUYEPXS
SV QSVI XLER 6W  %GGSVHMRKP] XLI GSQTEVEXMZI ƤKYVIW SJ XLI VIQYRIVEXMSRW XS I\IGYXMZIW LEZI FIIR GLERKIH [LMGL IEVPMIV VITSVXIH
 
EW6WQMPPMSRJSVI\IGYXMZIW
'HIHUUHGLQFRPHWD[
8E\VEXIEHNYWXQIRX  
*SVXLI]IEV     *SV XLI ]IEV IRHIH 7ITXIQFIV   VIQYRIVEXMSR ERH FIRIƤXW SJ I\IGYXMZI HMVIGXSVW MRGPYHI VIQYRIVEXMSR ERH FIRIƤXW TEMH XS SRI HMVIGXSV
[LS VIQEMRIH I\IGYXMZI HMVIGXSV SJ XLI 'SQTER] SRP] JSV WIZIR QSRXLW ERH XLI VIQEMRMRK VIQYRIVEXMSR ERH FIRIƤXW SJ ƤZI QSRXLW EVI
 
MRGPYHIHMRXLIVIQYRIVEXMSRXS/I])\IGYXMZIW
 

 8LIVI MW RS VIPEXMSRWLMT FIX[IIR XE\ I\TIRWI ERH EGGSYRXMRK TVSƤX EW XLI TVSZMWMSR JSV GYVVIRX XE\EXMSR MW FEWIH SR XYVRSZIV XE\ XLIVIJSVI RS  75$16$&7,216:,7+5(/$7('3$57,(6
RYQIVMGEPVIGSRGMPMEXMSRLEWFIIRTVIWIRXIH8LI'SQTER]LEWGEVV]JSV[EVHXE\PSWWIWSJ6WQMPPMSR6WQMPPMSR 
 6IPEXIH TEVXMIW GSQTVMWI EWWSGMEXIH GSQTERMIW  YRHIVXEOMRKW GSQTERMIW [LIVI HMVIGXSVW EPWS LSPH HMVIGXSVWLMT VIXMVIQIRX FIRIƤXW JYRH ERH
OI]QEREKIQIRXTIVWSRRIP6IPEXIHTEVXMIWSJXLIGSQTER]EVIEWJSPPS[
 8LI 'SQTER] GSQTYXIW XE\ FEWIH SR XLI KIRIVEPP] EGGITXIH MRXIVTVIXEXMSRW SJ XLI XE\ PE[W XS IRWYVI XLEX WYJƤGMIRX TVSZMWMSR JSV XLI TYVTSWI SJ 1DPHVRIUHODWHGSDUWLHV 5HODWLRQVKLS %DVLVRIUHODWLRQVKLS
XE\EXMSR MW EZEMPEFPI 4VSZMWMSR JSV GYVVIRX XE\ MW QEHI $    SJ XLI XYVRSZIV ERH  SJ I\TSVX WEPIW RIX SJJ XE\ GVIHMX YW & EW &RPPRQGLUHFWRUVKLS
TIV TVSZMWMSR SJ XLI -RGSQI XE\ 3VHMRERGI  *YVXLIV GSQTEVMWSR SJ XE\ TVSZMWMSR EW TIV EGGSYRXW ZM^EZM^ XE\ EWWIWWQIRX JSV XLI PEWX XLVII SHUFHQWDJHVKDUHKROGLQJ
]IEVWMWEWJSPPS[

   0U$KPHG$OL7DULT &KDLUPDQRIWKH%RDUG 

͂͂͂͂͂͂͂5XSHHV͂͂͂͂͂͂͂͂͂ 1RQ([HFXWLYH'LUHFWRU
0U0XVWDID$OL7DULT 'LUHFWRU&KLHI([HFXWLYH2I¿FHU 
%WTIVXE\EWWIWWQIRX    0UV6DGLD$OL7DULT &ORVHUHODWLYHRI&KLHI([HFXWLYH2I¿FHU&KDLUPDQ 
0UV1XVUDW6KDPLP 1RQ([HFXWLYH'LUHFWRU 
%WTIVƤRERGMEPWXEXIQIRXW   
0U7DX¿T$KPHG.KDQ ,QGHSHQGHQW'LUHFWRU 
0UV0DU\DP+DELE ([HFXWLYH'LUHFWRU 
  0U0XKDPPDG,IWLNKDU 1RQ([HFXWLYH'LUHFWRU 
0U0XKDPPDG,PUDQ.KDQ 1RQ([HFXWLYH'LUHFWRU 
 ($51,1*63(56+$5(%$6,&$1'',/87(' 6W\OHV 7UHQGV3YW/LPLWHG $VVRFLDWHGFRPSDQ\ &RPPRQGLUHFWRUVKLS
4VSƤXEXXVMFYXEFPIXSSVHMREV]WLEVILSPHIVW 6YTIIW   +XVHLQ3RZHU&RPSDQ\3YW/LPLWHG $VVRFLDWHGFRPSDQ\ &RPPRQGLUHFWRUVKLS
;IMKLXIHEZIVEKIRYQFIVSJSVHMREV]WLEVIWSYXWXERHMRKHYVMRKXLI]IEV 2YQFIVW   7DULT&DSLWDO3YW/LPLWHG)RUPHUO\ $VVRFLDWHGFRPSDQ\ &RPPRQGLUHFWRUVKLS
)EVRMRKWTIVWLEVIFEWMG 6YTIIW   6KDPLP$QZDU&RPSDQ\3YW/LPLWHG
0UV5XNKVDQD-DYHG &ORVHUHODWLYHRI&(2DQG&KDLUPDQRIWKH%RDUG
2S ƤKYVI JSV HMPYXIH IEVRMRKW TIV WLEVI LEW FIIR TVIWIRXIH EW XLI 'SQTER] LEW RSX MWWYIH ER] MRWXVYQIRXW GEVV]MRK STXMSRW [LMGL [SYPH LEZI ER MQTEGX 0U:DVLP6DOHHP &KLHI)LQDQFLDO2I¿FHU .H\PDQDJHPHQWSHUVRQQHO
SRIEVRMRKWTIVWLEVI[LIRI\IVGMWIH 0U.KDOLG0DKPRRG &RPSDQ\6HFUHWDU\ .H\PDQDJHPHQWSHUVRQQHO
+60/(PSOR\HHV
3URYLGHQW)XQG7UXVW $VVRFLDWH (PSOR\HHVEHQH¿WSODQ

 
  

  &EPERGIW [MXL VIPEXIH TEVXMIW EVI HMWGPSWIH MR VIWTIGXMZI RSXIW XS XLIWI ƤRERGMEP WXEXIQIRXW [LIVIEW WMKRMƤGERX XVERWEGXMSRW [MXL XLIWI VIPEXIH  3529,'(17)81'5(/$7('',6&/2685(6
TEVXMIWHYVMRKXLI]IEVEVIEWYRHIV

 
1DPHRIUHODWHGSDUW\ 1DWXUHRIWUDQVDFWLRQ 5XSHHV 5XSHHV 8LI JSPPS[MRK MRJSVQEXMSR MW FEWIH SR YREYHMXIH ƤRERGMEP WXEXIQIRXW SJ XLI TVSZMHIRX JYRH EW SR  7ITXIQFIV
ERH7ITXIQFIV
0U$KPHG$OL7DULT 5HSD\PHQWRIGLUHFWRUV
ORDQ  
)XQGVSURYLGHG    
0U0XVWDID$OL7DULT 5HSD\PHQWRIGLUHFWRUV
ORDQ  
)XQGVSURYLGHG  
0DQDJHULDOUHPXQHUDWLRQV   7M^ISJXLIJYRH 6YTIIW  

0UV5XNKVDQD-DYHG %XLOGLQJRQUHQW   'SWXSJMRZIWXQIRXW 6YTIIW  

0UV0DU\DP+DELE 0DQDJHULDOUHPXQHUDWLRQV   4IVGIRXEKISJMRZIWXQIRXWQEHI 4IVGIRXEKI  
+60/(PSOR\HHV
3URYLGHQW)XQG7UXVW &RPSDQ\
VFRQWULEXWLRQIRUWKH\HDU  
*EMVZEPYISJMRZIWXQIRXW 6YTIIW  
.H\PDQDJHPHQWSHUVRQQHO 0DQDJHULDOUHPXQHUDWLRQV  

 &VIEOYTSJGSWXSJMRZIWXQIRXWMWEWJSPPS[W
   
3HUFHQWDJH 5XSHHV 6YTIIW
 5(/$7,216+,3:,7+7+(,6/$0,&$1'&219(17,21$/),1$1&,$/,167,787,21

8LI 'SQTER] MR XLI RSVQEP GSYVWI SJ FYWMRIWW HIEPW [MXL WSPI -WPEQMG ƤRERGMEP MRWXMXYXMSRW EW [IPP EW XLI ƤRERGMEP MRWXMXYXMSRW [LS STIVEXI FSXL XLI 8IVQHITSWMXVIGIMTXW    
GSRZIRXMSREP WMHI ERH -WPEQMG [MRHS[ (YVMRK XLI TIVMSH XLI 'SQTER] GEVVMIH SYX XVERWEGXMSRW [MXL FSXL XLI GSRZIRXMSREP WMHI EW [IPP EW -WPEQMG
[MRHS[SJƤRERGMEPMRWXMXYXMSRW8LIHIXEMPWSJWIKVIKEXMSRFIX[IIR7LEVMELGSQTPEMRXWERHGSRZIRXMSREPEWWIXWPMEFMPMXMIWERHMRGSQII\TIRHMXYVIEVI 2EXMSREPWEZMRKWGLIQI    
KMZIRFIPS[
&EROFEPERGIW    
 
1YXYEPJYRHW    
,VODPLF%DQNV &RQYHQWLRQDO 7RWDO ,VODPLF%DQNV &RQYHQWLRQDO 7RWDO
%DQNV %DQNV %HZERGIWXSQIQFIVW    
$FFRXQWEDODQFHV ««««««5XSHHV««««« ««««««5XSHHV«««««
6IGIMZEFPIJVSQ'SQTER]    
$FFUXHGPDUNXSRQVHFXUHGERUURZLQJV      
6KRUWWHUPERUURZLQJV       3XLIVW    
%DQNEDODQFHV          
,MDUDKUHQWDOV      
'LPLQLVKLQJ0XVKDULNDKUHQWDOV        %PP MRZIWXQIRXW SYX SJ TVSZMHIRX JYRH LEW FIIR QEHI MR EGGSVHERGI [MXL XLI TVSZMWMSRW SJ WIGXMSR  SJ XLI
'SQTERMIW%GXERHXLIGSRHMXMSRWWTIGMƤIHXLIVIYRHIV
&ODVVRIWUDQVDFWLRQV
,MDUDKDQGGLPLQLVKLQJPXVKDULNDKUHQWDOV      
 180%(52)(03/2<((6  
)LQDQFHFRVW      
,QFRPHIURP3/6EDQNDFFRXQWV       8LIRYQFIVSJIQTPS]IIWEWEX7ITXIQFIVERHEZIVEKIHYVMRKXLI]IEVMWEWJSPPS[W
2YQFIVSJIQTPS]IIWEWEX7ITXIQFIV
'LVFORVXUHV
HCEVQT[  
&RPPLWPHQWV
,MDUDKUHQWDOV       QVJGTU  
'LPLQLVKLQJ0XVKDULNDKUHQWDOV        
%ZIVEKIRYQFIVSJIQTPS]IIWHYVMRKXLI]IEV
  HCEVQT[  
 3/$17&$3$&,7<$1'$&78$/352'8&7,21 QVJGTU  
 
-RWXEPPIHGVYWLMRKGETEGMX]QEXVMGXSRQEXVMGXSR TIVHE]JSV
 [SVOMRKHE]W
1IXVMGXSRW  

%GXYEPGVYWLMRK 1IXVMGXSRW    ),1$1&,$/5,6.0$1$*(0(17

%GXYEPTVSHYGXMSR 1IXVMGXSRW    )LQDQFLDOULVNIDFWRUV
7YKEVVIGSZIV] 4IVGIRXEKI   8LI&SEVHSJ(MVIGXSVWSJXLI'SQTER]LEWSZIVEPPVIWTSRWMFMPMX]JSVXLIIWXEFPMWLQIRXERHSZIVWMKLXSJXLI
 7LSVXJEPPMREGXYEPTVSHYGXMSRJVSQMRWXEPPIHGETEGMX][EWHYIXSXLIWGEVGMX]WLSVXEKISJVE[QEXIVMEPWYKEVGERI WYTTP]
'SQTER]ŭWVMWOQEREKIQIRXJVEQI[SVO8LIEGGSYRXWHITEVXQIRXSJXLI'SQTER]EWWMWXXLI&SEVHMR
HIZIPSTMRK ERH QSRMXSVMRK XLI 'SQTER]ŭW VMWO QEREKIQIRX TSPMGMIW 6MWO QEREKIQIRX TSPMGMIW ERH
W]WXIQWEVIVIZMI[IHVIKYPEVP]XSVIƥIGXGLERKIWMRQEVOIXGSRHMXMSRWERHXLI'SQTER]ŭWEGXMZMXMIW

8LIVMWOQEREKIQIRXTSPMGMIWSJXLI'SQTER]EVIIWXEFPMWLIHXSMHIRXMJ]ERHEREP]WIXLIVMWOWJEGIHF]XLI
'SQTER]XSWIXETTVSTVMEXIVMWOPMQMXWERHGSRXVSPWERHXSQSRMXSVVMWOWERHEHLIVIRGIXSPMQMXWERH
JSGYWIWSREGXMZIP]WIGYVMRKXLI'SQTER]ŭWWLSVXXSQIHMYQXIVQGEWLƥS[WF]QMRMQM^MRKXLII\TSWYVI
XSƤRERGMEPQEVOIXW

 
  

 &DVK̩RZVHQVLWLYLW\DQDO\VLVIRUYDULDEOHUDWHLQVWUXPHQWV
-JMRXIVIWXVEXIWEXXLI]IEVIRHHEXIƥYGXYEXIWF] LMKLIVPS[IV[MXLEPPSXLIVZEVMEFPIWLIPHGSRWXERX
%PPHIVMZEXMZIEGXMZMXMIWJSVVMWOQEREKIQIRXTYVTSWIWEVIGEVVMIHSYXF]WTIGMEPMWXXIEQWXLEXLEZIXLI TVSƤXEJXIVXE\EXMSRJSVXLI]IEV[SYPHLEZIFIIRHIGVIEWIH MRGVIEWIHF]6WQMPPMSR6W
ETTVSTVMEXIWOMPPWI\TIVMIRGIERHWYTIVZMWMSR8LI'SQTER]HSIWRSXIRKEKIHMRXLIXVEHMRKSJƤRERGMEP QMPPMSR QEMRP]EWEVIWYPXSJLMKLIVPS[IVMRXIVIWXI\TIRWISRƥSEXMRKVEXIƤRERGMEPMRWXVYQIRXW
EWWIXWJSVWTIGYPEXMZITYVTSWIWRSVHSIWMX[VMXISTXMSRW 8LMWEREP]WMWMWTVITEVIHEWWYQMRKXLIEQSYRXWSJƤRERGMEPMRWXVYQIRXWMIFSVVS[MRKWRIXSJWEZMRKFERO
E G G S Y R X W  S Y X W X E R H M R K  E X  V I T S V X M R K  H E X I W  [ I V I  S Y X W X E R H M R K  J S V  X L I  [ L S P I  ] I E V
8LI 'SQTER]ŭW &SEVH %YHMX 'SQQMXXII SZIVWIIW LS[ QEREKIQIRX QSRMXSVW GSQTPMERGI [MXL XLI E &UHGLWULVN
'SQTER]ŭWVMWOQEREKIQIRXTSPMGMIWERHTVSGIHYVIWERHVIZMI[WXLIEHIUYEG]SJXLIVMWOQEREKIQIRX
JVEQI[SVOMRVIPEXMSRXSXLIVMWOWJEGIHF]XLI'SQTER]8LI%YHMX'SQQMXXIIMWEWWMWXIHMRMXWSZIVWMKLX 'VIHMXVMWOMWXLIVMWOSJƤRERGMEPPSWWXSXLI'SQTER]MJEGYWXSQIVSVGSYRXIVTEVX]XSEƤRERGMEPMRWXVYQIRX
VSPI F] -RXIVREP %YHMX -RXIVREP %YHMX YRHIVXEOIW FSXL VIKYPEV ERH EHLSG VIZMI[W SJ VMWO QEREKIQIRX JEMPWXSQIIXMXWGSRXVEGXYEPSFPMKEXMSRW8SQEREKIGVIHMXVMWOXLI'SQTER]QEMRXEMRWTVSGIHYVIWGSZIVMRK
GSRXVSPW ERH TVSGIHYVIW XLI VIWYPXW SJ [LMGL EVI VITSVXIH XS XLI &SEVH %YHMX 'SQQMXXII XLI ETTPMGEXMSR JSV GVIHMX ETTVSZEPW KVERXMRK ERH VIRI[EP SJ GSYRXIVTEVX] PMQMXW ERH QSRMXSVMRK SJ
I\TSWYVIWEKEMRWXXLIWIPMQMXW%WTEVXSJXLIWITVSGIWWIWXLIƤRERGMEPZMEFMPMX]SJEPPGSYRXIVTEVXMIWMW
VIKYPEVP] QSRMXSVIH ERH EWWIWWIH8LI 'SQTER] MW I\TSWIH XS GVIHMX VMWO JVSQ MXW STIVEXMRK EGXMZMXMIW
8LI'SQTER]MWI\TSWIHXSZEVMSYWVMWOWMRVIPEXMSRXSƤRERGMEPMRWXVYQIRXW8LIQEMRX]TIWSJVMWOWEVI
TVMQEVMP]JSVPSGEPXVEHIERHSXLIVVIGIMZEFPIWEHZERGIWEHNYWXEFPIMRGEWLHITSWMXWERHSXLIVƤRERGMEP
QEVOIXVMWOERHPMUYMHMX]VMWO
EWWIXW
D 0DUNHWULVN
1EVOIXVMWOMWXLIVMWOXLEXGLERKIWMRQEVOIXTVMGIWWYGLEWJSVIMKRI\GLERKIVEXIWMRXIVIWXVEXIWERH 8LIGEVV]MRKEQSYRXSJƤRERGMEPEWWIXWVITVIWIRXWXLIQE\MQYQGVIHMXI\TSWYVI8LIQE\MQYQI\TSWYVI
IUYMX]TVMGIW[MPPEJJIGXXLI'SQTER]ŭWMRGSQISVXLIZEPYISJMXWLSPHMRKWSJƤRERGMEPMRWXVYQIRXW8LI XSGVIHMXVMWOEWEXXLIIRHSJXLIVITSVXMRKTIVMSHMWEWJSPPS[W
SFNIGXMZISJQEVOIXVMWOQEREKIQIRXMWXSQEREKIERHGSRXVSPQEVOIXVMWOI\TSWYVIW[MXLMREGGITXEFPI  
TEVEQIXIVW[LMPISTXMQM^MRKVIXYVR ),1$1&,$/$66(76 1RWH 5XSHHV 6YTIIW

0SRKXIVQHITSWMXW  
 

,&XUUHQF\ULVN 
8VEHIERHSXLIVVIGIMZEFPIW 
 

'YVVIRG] VMWO MW XLI VMWO XLEX XLI JEMV ZEPYI SV JYXYVI GEWL ƥS[W SJ E ƤRERGMEP MRWXVYQIRX [MPP ƥYGXYEXI %HZERGIWERHHITSWMXW  
 

&EROFEPERGIW  
 

FIGEYWISJGLERKIWMRJSVIMKRI\GLERKIVEXIW8LI'SQTER]MWI\TSWIHXSGYVVIRG]VMWOXSXLII\XIRXXLEX 
 

XLIVIMWEQMWQEXGLFIX[IIRXLIGYVVIRGMIWMR[LMGLEHZERGIWWEPIWERHTYVGLEWIWERHFEROFEPERGIWEVI
8LIGVIHMXUYEPMX]SJƤRERGMEPEWWIXWXLEXEVIRIMXLIVTEWXHYIRSVMQTEMVIHGERFIEWWIWWIHF]VIJIVIRGIXS
HIRSQMREXIHERHXLIVIWTIGXMZIJYRGXMSREPGYVVIRG]SJXLI'SQTER]MI4EOMWXER6YTII8LIGYVVIRG]MR
I\XIVREPGVIHMXVEXMRKW-JEZEMPEFPI SVXSLMWXSVMGEPMRJSVQEXMSREFSYXGSYRXIVTEVX]HIJEYPXVEXI
[LMGLXLIWIXVERWEGXMSRWEVITVMQEVMP]HIRSQMREXIHMW97HSPPEVW4E]EFPIWI\TSWIHXSJSVIMKRGYVVIRG]EVI
RSXGSZIVIHXLVSYKLER]JSV[EVHJSVIMKRI\GLERKIGSRXVEGXWSVXLVSYKLLIHKMRK
5DWLQJ  
6KRUW7HUP /RQJWHUP $JHQF\ 5XSHHV 6YTIIW
'YVVIRXP]XLI'SQTER]MWRSXI\TSWIHXSJSVIMKRI\GLERKIVMWO %DQNV

%PPMIH&ERO0MQMXIH % %%% 4%'6%  

,O2WKHUSULFHULVN &ERO-WPEQM4EOMWXER0MQMXIH % % 4%'6%  
*E]WEP&ERO0MQMXIH % %% 4%'6%  
3XLIVTVMGIVMWOVITVIWIRXWXLIVMWOXLEXXLIJEMVZEPYISVJYXYVIGEWLƥS[WSJEƤRERGMEPMRWXVYQIRX[MPP
8LI&EROSJ4YRNEF % %% 4%'6%  
ƥYGXYEXIFIGEYWISJGLERKIWMRQEVOIXTVMGIWSXLIVXLERXLSWIEVMWMRKJVSQMRXIVIWXVEXIVMWOSVGYVVIRG] ,EFMF&ERO0MQMXIH % %%% .'6:-7  
VMWO [LIXLIVXLSWIGLERKIWEVIGEYWIHF]JEGXSVWWTIGMƤGXSXLIMRHMZMHYEPƤRERGMEPMRWXVYQIRXSVMXW 1II^ER&ERO0MQMXIH % %% .'6:-7  
MWWYIVSVJEGXSVWEJJIGXMRKEPPWMQMPEVƤRERGMEPMRWXVYQIRXWXVEHIHMRXLIQEVOIX 2EXMSREP&EROSJ4EOMWXER % %%% 4%'6%  
9RMXIH&ERO0MQMXIH % %%% .'6:-7  
%P&EVEOE&ERO4EOMWXER 0MQMXIH % % 4%'6%  
'YVVIRXP]XLI'SQTER]MWRSXI\TSWIHXSER]GSQQSHMX]TVMGIVMWO
7YQQMX&ERO0MQMXIH % % .'6:-7  
,OO,QWHUHVWUDWHULVN 2-&&ERO0MQMXIH % %% 4%'6%  
%TRE1MGVSƤRERGI&ERO0MQMXIH % &&& 4%'6%  
8LMW VITVIWIRXW XLI VMWO XLEX XLI JEMV ZEPYI SV JYXYVI GEWL ƥS[W SJ E ƤRERGMEP MRWXVYQIRX [MPP ƥYGXYEXI
(YFEM-WPEQMG&ERO0MQMXIH % %% .'6:-7  
FIGEYWISJGLERKIWMRQEVOIXMRXIVIWXVEXIW %WOEVM&ERO0MQMXIH % %% 4%'6%  
.7&ERO0MQMXIH % %% 4%'6%  
*MRGE1MGVSƤRERGI&ERO0MQMXIH % % .'6:-7  
8LI'SQTER]LEWRSPSRKXIVQMRXIVIWXFIEVMRKEWWIXWI\GITXJSVWEZMRKFEROEGGSYRXW7IRWMXMZMX]XS
7SRIVM&ERO0MQMXIH % %% 4%'6%  
MRXIVIWXVEXIVMWOEVMWIWJVSQQMWQEXGLSJƤRERGMEPEWWIXWERHƤRERGMEPPMEFMPMXMIWXLEXQEXYVISVVITVMGIMRE
,EFMF1IXVSTSPMXER&ERO0MQMXIH % %% 4%'6%  
KMZIR TIVMSH 8LI 'SQTER] QEREKIW XLIWI QMWQEXGLIW XLVSYKL VMWO QEREKIQIRX WXVEXIKMIW [LIVI 1'&&ERO0MQMXIH % %%% 4%'6%  
WMKRMƤGERXGLERKIWMRKETTSWMXMSRGERFIEHNYWXIH8LIWLSVXXIVQFSVVS[MRKWERHPSERWF]XLI'SQTER] &ERO%PJEPEL0MQMXIH % %% 4%'6%  
LEWZEVMEFPIVEXITVMGMRKXLEXMWQSWXP]HITIRHIRXSR/EVEGLM-RXIV&ERO3JJIV6EXIŰ/-&36ű EWMRHMGEXIHMR  
VIWTIGXMZIRSXIW
7UDGHUHFHLYDEOHV
%XXLIVITSVXMRKHEXIXLIMRXIVIWXVEXITVSƤPISJXLI'SQTER]ŭWMRXIVIWXFIEVMRKƤRERGMEPMRWXVYQIRXW[EW
'YWXSQIVMWGSYRXIVTEVX]XSPSGEPXVEHIVIGIMZEFPIWEKEMRWXWEPISJVIƤRIHWYKEV2I[GYWXSQIVMWEREP]WIH
  MRHMZMHYEPP]JSVGVIHMX[SVXLMRIWWFIJSVIXLI'SQTER]WWXERHEVHTE]QIRXERHHIPMZIV]XIVQW
GSRHMXMSRW
)ORDWLQJUDWHLQVWUXPHQWV 1RWH 5XSHHV 6YTIIW
EVISJJIVIH7EPIWPMQMXWEVIIWXEFPMWLIHJSVIEGLGYWXSQIVFEWIHSRMRXIVREPVEXMRKGVMXIVMEERHVIZMI[IH
)LQDQFLDODVVHWV
&EROFEPERGIWWEZMRKEGGSYRXW   
VIKYPEVP]%R]WEPIWI\GIIHMRKXLIWIPMQMXWVIUYMVIWTIGMEPETTVSZEP3YXWXERHMRKGYWXSQIVVIGIMZEFPIWEVI
VIKYPEVP]QSRMXSVIH8LIEREP]WMWSJEKIWSJXVEHIVIGIMZEFPIWSJXLI'SQTER]EWEXXLIVITSVXMRKHEXIMWEW
)LQDQFLDOOLDELOLWLHV
7LSVXXIVQFSVVS[MRKW  
JSPPS[W


 
  

  )DLUYDOXHVRĮQDQFLDOLQVWUXPHQWV
 
5XSHHV 6YTIIW *EMVZEPYIMWXLITVMGIXLEX[SYPHFIVIGIMZIHXSWIPPEREWWIXSVTEMHXSXVERWJIVEPMEFMPMX]MRERSVHIVP]
3DVWGXHEXWQRWLPSDLUHG XVERWEGXMSRFIX[IIRQEVOIXTEVXMGMTERXWEXXLIQIEWYVIQIRXHEXI8LIGEVV]MRKZEPYISJEPPƤRERGMEPEWWIXW
HE]W 
 
 ERHPMEFMPMXMIWVIƥIGXIHMRXLIƤRERGMEPWXEXIQIRXWETTVS\MQEXIXLIMVJEMVZEPYIW
3DVWGXHDQGLPSDLUHG
)DLUYDOXHKLHUDUFK\
1SVIXLERXLVII]IEVW 
 


 

-*67VIUYMVIWJEMVZEPYIQIEWYVIQIRXHMWGPSWYVIWYWMRKJSPPS[MRKXLVIIPIZIPJEMVZEPYILMIVEVGL]XLEX
(YI XS XLI 'SQTER]W PSRK WXERHMRK FYWMRIWW VIPEXMSRWLMTW [MXL GSYRXIV TEVX] ERH EJXIV KMZMRK HYI VIƥIGXWXLIWMKRMƤGERGISJXLIMRTYXWYWIHMRQIEWYVMRKJEMVZEPYISJƤRERGMEPMRWXVYQIRXW
GSRWMHIVEXMSR XS XLIMV WXVSRK ƤRERGMEP WXERHMRK XLI QEREKIQIRXHSIW RSX I\TIGX RSRTIVJSVQERGI F]  0IZIP
XLIWIGSYRXIVTEVXMIWSRXLIMVSFPMKEXMSRWXSXLI'SQTER]%GGSVHMRKP]XLIGVIHMXVMWOMWQMRMQEP  5YSXIHTVMGIWYREHNYWXIH MREGXMZIQEVOIXJSVMHIRXMGEPEWWIXWSVPMEFMPMXMIW
 0IZIP
F /LTXLGLW\ULVN  -RTYXWSXLIVXLERUYSXIHTVMGIWMRGPYHIH[MXLMRPIZIPXLEXEVISFWIVZEFPIJSVXLIEWWIXSVPMEFMPMX]
0MUYMHMX]VMWOMWXLIVMWOXLEXERIRXMX][MPPIRGSYRXIVHMJƤGYPX]MRQIIXMRKXLISFPMKEXMSRWEWWSGMEXIH[MXLMXW IMXLIVHMVIGXP]MIEWTVMGIW SVMRHMVIGXP]MIHVMZIJVSQTVMGIW 
ƤRERGMEPPMEFMPMXMIWXLEXEVIWIXXPIHF]HIPMZIVMRKGEWLSVERSXLIVƤRERGMEPEWWIXWSVXLEXWYGLSFPMKEXMSRW[MPP  0IZIP
LEZIXSFIWIXXPIHMREQERRIVYRJEZSYVEFPIXSXLI'SQTER]1EREKIQIRXGPSWIP]QSRMXSVWXLI'SQTER]ŭW  -RTYXWJSVEWWIXSVPMEFMPMX]XLEXEVIRSXFEWIHSRSFWIVZEFPIQEVOIXHEXEYRSFWIVZEFPIMRTYXW 
PMUYMHMX]ERHGEWLƥS[TSWMXMSR8LMWMRGPYHIWQEMRXIRERGISJFEPERGIWLIIXPMUYMHMX]VEXMSWHIFXSVWERH
GVIHMXSVWGSRGIRXVEXMSRFSXLMRXIVQWSJXLISZIVEPPJYRHMRKQM\ERHEZSMHERGISJYRHYIVIPMERGISRPEVKI
MRHMZMHYEPGYWXSQIVW
8LI 'SQTER] LEW RS ƤRERGMEP EWWIXW QIEWYVIH EX EFSZI QIRXMSRIH PIZIPW8LI GEVV]MRK ZEPYIW SJ EPP
8LI'SQTER]QEREKIWPMUYMHMX]VMWOF]QEMRXEMRMRKWYJƤGMIRXGEWLERHXLIEZEMPEFMPMX]SJJYRHMRKXLVSYKL ƤRERGMEP EWWIXW ERH PMEFMPMXMIW VIƥIGXIH MR XLI ƤRERGMEP WXEXIQIRXW ETTVS\MQEXI XLIMV JEMV ZEPYIW %W EX
EREHIUYEXIEQSYRXSJGSQQMXXIHGVIHMXJEGMPMXMIW8LI&SEVHSJ(MVIGXSVWLEWFYMPXERETTVSTVMEXIPMUYMHMX] 7ITXIQFIVXLI'SQTER]HMHRSXLSPHER]ƤRERGMEPMRWXVYQIRXWGEVVMIHEXJEMVZEPYI
VMWOQEREKIQIRXJVEQI[SVOJSVXLIQEREKIQIRXSJXLI'SQTER]ŭWWLSVXQIHMYQERHPSRKXIVQJYRHMRK
ERHPMUYMHMX]QEREKIQIRXVIUYMVIQIRXW8LI'SQTER]QEREKIWPMUYMHMX]VMWOF]QEMRXEMRMRKEHIUYEXI
VIWIVZIWFEROMRKJEGMPMXMIWERHVIWIVZIFSVVS[MRKJEGMPMXMIWF]GSRXMRYSYWP]QSRMXSVMRKJSVIGEWXERHEGXYEP  
1RWH 5XSHHV 6YTIIW
GEWLƥS[WERHQEXGLMRKXLIQEXYVMX]TVSƤPIWSJƤRERGMEPEWWIXWERHPMEFMPMXMIW%X7ITXIQFIVXLI
'SQTER] LEH 6YTIIW  QMPPMSR  6YTIIW  QMPPMSR  EZEMPEFPI GVIHMX PMQMXW JVSQ ƤRERGMEP  )LQDQFLDOLQVWUXPHQWVE\FDWHJRULHV
MRWXMXYXMSRW ERH 6YTIIW  QMPPMSR  6YTIIW  QMPPMSR  GEWL ERH FERO FEPERGIW 8LI
)LQDQFLDODVVHWV
QEREKIQIRX FIPMIZIW XLI PMUYMHMX] VMWO XS FI PS[ *SPPS[MRK EVI XLI GSRXVEGXYEP QEXYVMXMIW SJ ƤRERGMEP ORDQVDQGUHFHLYDEOHV
PMEFMPMXMIWMRGPYHMRKMRXIVIWXTE]QIRXW8LIEQSYRXHMWGPSWIHMRXLIXEFPIEVIYRHMWGSYRXIHGEWLƥS[W
0SRKXIVQHITSWMXW   
8VEHIERHSXLIVVIGIMZEFPIW    
'SRXVEGXYEPQEXYVMXMIWSJƤRERGMEPPMEFMPMXMIWEWEX7ITXIQFIV %HZERGIWERHHITSWMXW   
'EWLERHFEROFEPERGIW    
&RQWUDFWXDOFDVK 0RUHWKDQ
&DUU\LQJDPRXQW PRQWKRUOHVV PRQWKV <HDUV
̩RZV \HDUV  
5XSHHV )LQDQFLDOOLDELOLWLHVPHDVXUHGDWDPRUWL]HGFRVW

1RQGHULYDWLYH̨QDQFLDOOLDELOLWLHV 8VEHIERHSXLIVTE]EFPIW   

8VEHIERHSXLIVTE]EFPIW       %GGVYIHQEVOYTSRWIGYVIHFSVVS[MRKW   
%GGVYIHQEVOYT       7LSVXXIVQFSVVS[MRKW   
SRWIGYVIHFSVVS[MRKW 0SERJVSQVIPEXIHTEVX]
  
7LSVXXIVQFSVVS[MRKW       9RGPEMQIHHMZMHIRH
0SERJVSQVIPEXIHTEVX]      
 
9RGPEMQIHHMZMHIRH      
 
       &DSLWDOULVNPDQDJHPHQW
'SRXVEGXYEPQEXYVMXMIWSJƤRERGMEPPMEFMPMXMIWEWEX7ITXIQFIV 8LI 'SQTER]W SFNIGXMZIW [LIR QEREKMRK GETMXEP EVI XS WEJIKYEVH XLI 'SQTER]W EFMPMX] XS GSRXMRYI EW E KSMRK GSRGIVR MR SVHIV XS TVSZMHI VIXYVRW JSV WLEVILSPHIVW
ERH FIRIƤXW JSV SXLIV WXEOILSPHIVW ERH XS QEMRXEMR ER STXMQEP GETMXEP WXVYGXYVI XS VIHYGI XLI GSWX SJ GETMXEP -R SVHIV XS QEMRXEMR SV EHNYWX XLI GETMXEP WXVYGXYVI XLI
&RQWUDFWXDOFDVK 0RUHWKDQ 'SQTER]QE]EHNYWXXLIEQSYRXSJHMZMHIRHWTEMHXSWLEVILSPHIVWSVMWWYIRI[WLEVIW
&DUU\LQJDPRXQW PRQWKRUOHVV PRQWKV <HDUV
̩RZV \HDUV
5XSHHV  
5XSHHV 6YTIIW
2SRHIVMZEXMZIƤRERGMEPPMEFMPMXMIW
8SXEPHIFX  
8VEHIERHSXLIVTE]EFPIW      
8SXEPIUYMX]  
%GGVYIHQEVOYT      
SRWIGYVIHFSVVS[MRKW 8SXEPGETMXEPHIFXERHIUYMX]  
(IFXXSIUYMX]VEXMS  
7LSVXXIVQFSVVS[MRKW      
0SERJVSQVIPEXIHTEVX]       8SXEPHIFXWMXMRGPYHIWMRXIVIWXFIEVMRKHIFXWERHEGGVYIHQEVOYT  
8SXEPIUYMX]  
9RGPEMQIHHMZMHIRH      
8SXEPGETMXEPHIFXERHIUYMX]  

      (IFXXSIUYMX]VEXMS  

8LIVI [IVI RS GLERKIW MR XLI 'SQTER]ŭW ETTVSEGL XS GETMXEP QEREKIQIRX HYVMRK XLI ]IEV 8LI 'SQTER] MW RSX WYFNIGX XS I\XIVREPP] MQTSWIH GETMXEP
VIUYMVIQIRXW

 
  

  6(*0(17,1)250$7,21

 7EPIWSJWYKEVVITVIWIRXW  SJXLIXSXEPWEPIWSJXLI'SQTER]

 8LIWEPIWTIVGIRXEKIF]KISKVETLMGVIKMSRMWEWJSPPS[W  

4EOMWXER  

%JKLERMWXER  
'EREHE  
 

 %PPRSRGYVVIRXEWWIXWSJXLI'SQTER]EWEX7ITXIQFIVERH[IVIPSGEXIHMR4EOMWXER

    SJ XLI XSXEP WEPIW SJ WYKEV SJ XLI 'SQTER] EVI QEHI XS E WMRKPI GYWXSQIV MR
4EOMWXER

 '$7(2)$87+25,=$7,21
8LIWIƤRERGMEPWXEXIQIRXWLEZIFIIRETTVSZIHERHEYXLSVM^IHF]XLI&SEVHSJ(MVIGXSVWSJXLI'SQTER]JSV
MWWYISRCCCCCCCCCCCCCC

 &255(6321',1*),*85(6
*MKYVIW SJ XLI GSVVIWTSRHMRK TIVMSH LEZI FIIR VIEVVERKIH ERH VIKVSYTIH XS VITVIWIRX FIXXIV  XVYI
TVIWIRXEXMSR ERH XS JEGMPMXEXI ETTVSTVMEXI GSQTEVMWSR 1ENSV VIGPEWWMƤGEXMSR QEHI MR XLI GSVVIWTSRHMRK ƤKYVIW
JSVFIXXIVTVIWIRXEXMSREVIEWYRHIV

'HVFULSWLRQ 5HFODVVLÀFDWLRQ
)URP 7R  
2WKHUUHFHLYDEOHV 7UDGHDQGRWKHU
UHFHLYDEOHV 5XSHHV 5XSHHV
2WKHUUHFHLYDEOHV
$FFUXHGPDUNXSRQ3/6EDQNDFFRXQWV  
)UHLJKWVXEVLG\UHFHLYDEOHIURP*RYHUQPHQW  
0LVFHOODQHRXVUHFHLYDEOHV  
7UDGHDQGRWKHU 8QFODLPHGGLYLGHQG
8QFODLPHGGLYLGHQG SD\DEOHV SUHVHQWHGRQIDFHRI  
VWDWHPHQWRI¿QDQFLDO
SRVLWLRQ

/$+25( &+,()(;(&87,9(2)),&(5 &+,()),1$1&,$/2)),&(5 ',5(&725

 
  

 
  

 
  

 
  

 
  

 1RRI6KDUHKROGHUV 6KDUHKROGLQJ 7RWDO6KDUHVKHOG
)URP 7R

   

   

4EXXIVRSJ7LEVI,SPHMRK 












-RGSVTSVEXMSR2YQFIV    


   
2EQISJ8LI'SQTER] +XVHLQ6XJDU0LOOV/LPLWHG
   
4EXXIVRSJ,SPHMRKEWEX 6HSWHPEHU
   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

 
  

 1RRI6KDUHKROGHUV 6KDUHKROGLQJ 7RWDO6KDUHVKHOG &DWHJRULHVRI6KDUHKROGHUV 7RWDO DJH
)URP 7R 'LUHFWRUV&(27KHLU6SRXVHVDQG0LQRU&KLOGUHQ

    %JKGH'ZGEWVKXG1HƒEGT

    1MER1YWXEJE%PM8EVMU  

    &KTGEVQTU

    1MER%LQIH%PM8EVMU  
    1VW2YWVEX7LEQMQ  

    1VW1EV]EQ,EFMF  

    1V8EYƤU%LQIH/LER  

    1V1YLEQQEH-JXMOLEV  

    1V1YLEQQEH-QVER/LER  

     

    'ZGEWVKXG  

    $CPMU0$(%U&(+U6CMCHWN2GPUKQP(WPFU
    &EROW  
    4IRWMSR*YRHW  
   

1VJGT%QORCPKGU%QTRQTCVG$QFKGU6TWUVGVE  

#)GPGTCN2WDNKE
.QECN  

 

5JCTGJQNFGTU/QTG6JCP

1MER%LQIH%PM8EVMU  

1MER1YWXEJE%PM8EVMU  

 
  

 'HWDLORI3DWWHUQRI6KDUH+ROGLQJ
%WTIV6IUYMVIQIRXSJ'SHISJ'SVTSVEXI+SZIVRERGI
$VDW6HSWHPEHU

6U1R &DWHJRULHVRI6KDUHKROGHUV 7RWDO DJH 6U1R &DWHJRULHVRI6KDUHKROGHUV 7RWDO DJH

$ $VVRFLDWHG&RPSDQLHV8QGHUWDNLQJVDQGUHODWHGSDUWLHV  1W)ZIVJVIWL*EVQW4ZX 0MQMXIH  

% 0XWXDO)XQGV  1W7LEJƤ7IGYVMXMIW4ZX 0MQMXIH  

'LUHFWRUV&KLHI([HFXWLYH2̪FHUDQGWKHLUVSRXVHDQG  

& PLQRU&KLOGUHQ
 1W&YPO1EREKIQIRX4EOMWXER4ZX 0MQMXIH

 1MER%LQIH%PM8EVMU    1W;IWXFYV]4ZX 0MQMXIH  

 1MER1YWXEJE%PM8EVMU    1W2EHIIQ-RXIVREXMSREP4ZX 0MQMXIH  

 1VW2YWVEX7LEQMQ    1W,,1MWFEL7IGYVMXMIW4ZX 0MQMXIH  

 1VW1EV]EQ,EFMF    1W*EMV8VEHI'ETMXEP7IGYVMXMIW4ZX 0MQMXIH  

 1V8EYƤU%LQIH/LER    1W)*+,IVQIW4EOMWXER0MQMXIH  

 1V1YLEQQEH-JXMOLEV    1W4IEVP7IGYVMXMIW0MQMXIH  

 1V1YLEQQEH-QVER/LER    1W*MOVIIW4ZX 0MQMXIH  

   1W,MKL0ERH7IGYVMXMIW4ZX 0MQMXIH  

' 'ZGEWVKXG   

1W&E[E7IGYVMXMIW4ZX 0MQMXIH  

( 2WDNKE5GEVQT%QORCPKGU%QTRQTCVKQPU 727$/  

) $CPMU&GXGNQROGPV(KPCPEG+PUVKVWVKQPU0QP$CPMKPI , ,QYHVWPHQW&RPSDQLHV
(KPCPEG%QORCPKGU+PUWTCPEG%QORCPKGU6CMCHWN
/QFCTCDCUCPF2GPUKQP(WPFU - 2WKHUV

 ,EFMF&ERO0MQMXIH  

 4EOMWXER'PSXL1IVGLERXW%WWSGMEXMSR  
 2EXMSREP&EROSJ4EOMWXER  
 8LI3OLEM1IQSR%RNYQER  

 -RHYWXVMEP(IZIPSTQIRX&EROSJ4EOMWXER    8VYWXII2EXMSREP&EROSJ4EOMWXER)QTPS]IIW&IRIZSPIRX  

*YRH8VYWX
616#.  
 8VYWXII2EXMSREP&EROSJ4EOMWXER)QTPS]IIW4IRWMSR*YRH  

* 5JCTGJQNFKPIQTOQTG
 1W*EFXI\'SVTSVEXMSR  
 1MER%LQIH%PM8EVMU  
727$/  
 1MER1YWXEJE%PM8EVMU  
. *HQHUDO3XEOLF  

616#.  

*5$1'727$/  

+ -RLQW6WRFN&RPSDQLHV
7LEVILSPHIVWLEZMRK SVEFSZIWLEVIWI\MWXMRSXLIVGEXIKSVMIWXLIVIJSVIRSXMRGPYHIHMRXSXEP
 1W1YLEQQEH7LEƤ8ERRIVMIW4ZX 0MQMXIH  

 
  

 %PPXVEHIMRXLI'SQTER]WWLEVIWGEVVMIHSYXF]MXW(MVIGXSVW')3'*3'SQTER]7IGVIXEV]ERH
XLIMVWTSYWIWERHQMRSVGLMPHVIRHYVMRKXLI]IEVEVIEWYRHIV

6U1R 1DPHV 7UDQVIHUUHG2XW 3XUFKDVHG7UDQVIHUUHGLQ

 1MER%LQIH%PM8EVMU&KDLUPDQ 

 1MER1YWXEJE%PM8EVMU&(2 

 1VW1EV]EQ,EFMF([HFXWLYH'LUHFWRU 

 1VW7EHME%PM8EVMU6XEVWDQWLDO6KDUHKROGHU 

 
  

 0HHWLQJV 'DWHV

%YHMX'SQQMXXIIQIIXMRKXSGSRWMHIVERRYEPEGGSYRXWSJXLI
(IGIQFIV
'SQTER]JSVXLI]IEVIRHIH7ITXIQFIV

&SEVHSJ(MVIGXSVWQIIXMRKXSGSRWMHIVERRYEPEGGSYRXWSJXLI
(IGIQFIV
'SQTER]JSVXLI]IEVIRHIH7ITXIQFIV

'SVTSVEXI'EPIRHEV %YHMX'SQQMXXIIQIIXMRKXSGSRWMHIVMRXIVMQEGGSYRXWSJXLI
'SQTER]JSVXLIƤVWXUYEVXIVIRHIH(IGIQFIV
.ERYEV]


&SEVHSJ(MVIGXSVWQIIXMRKXSGSRWMHIVMRXIVMQEGGSYRXWSJXLI
.ERYEV]
'SQTER]JSVXLIƤVWXUYEVXIVIRHIH(IGIQFIV

%RRYEP+IRIVEPQIIXMRKSJ7LEVILSPHIVWXSGSRWMHIVERRYEP .ERYEV]
EGGSYRXWSJXLI'SQTER]JSVXLI]IEVIRHIH7ITXIQFIV

)\XVE3VHMREV]+IRIVEPQIIXMRKSJ7LEVILSPHIVWJSV1IVKIVSR 1E]
3VHIVSJ0ELSVI,MKL'SYVX0ELSVI

%YHMX'SQQMXXIIQIIXMRKXSGSRWMHIVMRXIVMQEGGSYRXWSJXLI 1E]
'SQTER]JSVXLIWIGSRHUYEVXIVIRHIH1EVGL

&SEVHSJ(MVIGXSVWQIIXMRKXSGSRWMHIVMRXIVMQEGGSYRXWSJXLI
'SQTER]JSVXLIWIGSRHUYEVXIVIRHIH1EVGLERHVMKLX 1E]
WLEVIWMWWYERGI

%YHMX'SQQMXXIIQIIXMRKXSGSRWMHIVMRXIVMQEGGSYRXWSJXLI .YP]
'SQTER]JSVXLIXLMVHUYEVXIVIRHIH.YRI

&SEVHSJ(MVIGXSVWQIIXMRKXSGSRWMHIVMRXIVMQEGGSYRXWSJXLI .YP]
'SQTER]JSVXLIXLMVHUYEVXIVIRHIH.YRI

 
  

 $)),;
&25325$7(
3267$*(

8LI'SQTER]7IGVIXEV]
+86(,168*$50,//6/,0,7('
%)3PH*''+YPFIVK---0ELSVI

 
  

 $)),;
&25325$7(
3267$*(

8LI'SQTER]7IGVIXEV]
+86(,168*$50,//6/,0,7('
%)3PH*''+YPFIVK---0ELSVI