/<;25(7)
0217+/<5(3257 | -XQH
/<;258&,76(7)(852672;;',9,'(1'6
7LFNHU/',9/1
)81',1)250$7,21
'HVFULSWLRQ
+XWNQ RRDS,@M@FDLDMSŭ+XWNQŭ@VGNKKXNVMDCRTARHCH@QXNESGD2NBHDSD&DMDQ@KD&QNTOV@RENTMCDCHMVHSGSGD@HLNECDKHUDQHMFRTRS@HM@AKD
ODQENQL@MBDRNKTSHNMRNEEDQHMFDMG@MBDCSQ@MRO@QDMBXKHPTHCHSX@MCEKDWHAHKHSX6HSGLNQDSG@M@CDB@CDNEDWODQHDMBD+XWNQHR@FKNA@KOK@XDQHMENTQHMUDRSLDMS
BK@RRDR@KSDQM@SHUDHMUDRSLDMSR$3%RHMCDWHMFLTKSH@RRDS@MCRSQTBSTQDCHMUDRSLDMSR!@RDCNMQDRD@QBG@MCQHRJL@M@FDLDMS+XWNQeRATRHMDRRLNCDK
@KKNVRENQSGDDMFHMDDQHMFNERNTMC@MCHMMNU@SHUDHMUDRSLDMSRNKTSHNMR$LOKNXHMFLNQDSG@MOQNEDRRHNM@KR+XWNQHROQDRDMSHM@KKRSQ@SDFHBHMUDRSLDMS
KNB@SHNMRSGQNTFGNTSSGDVNQKCVHSGNEEHBDR@MC@EEHKH@SDRHM$TQNOD RH@@MC-NQSG LDQHB@+XWNQAQHMFRSNFDSGDQSGDQDRONMRHUDMDRRNE@MDMSQDOQDMDTQH@K
NQF@MHR@SHNM@MCSGDQDKH@AHKHSXNE@MDWO@MCHMFFKNA@KOK@XDQL@M@FHMFNUDQ!©HMFKNA@K@RRDSR!©NEVGHBG@QD$3%R
([FKDQJH7UDGHG)XQGV(7)V
$WBG@MFD3Q@CDC%TMCR$3%R@QDNODMDMCDC4"(32(5BNLOKH@MSHMUDRSLDMSETMCRSG@SSQ@BJSGDODQENQL@MBDNE@CHUDQRHEHDCHMCDWNE@SKD@RS@RRDSR+HJD
SQ@CHSHNM@KLTST@KETMCR$3%RDM@AKDHMUDRSNQRSN@BBDRR@VGNKDL@QJDSRDBSNQQDFHNMSGDLDBNLLNCHSXA@RJDSNQEHWDCHMBNLDRSQ@SDFXHM@RHMFKDETMC
4MKHJDLTST@KETMCR$3%R@QDKHRSDCNM@MDWBG@MFD@MCSQ@CDKHJD@RG@QD@S@MXSHLDCTQHMFL@QJDSGNTQR
5LVN)DFWRUV
(SHRHLONQS@MSENQONSDMSH@KHMUDRSNQRSNDU@KT@SDSGDQHRJRCDRBQHADCADKNV@MCHMSGDETMCOQNRODBSTRVGHBGB@MADENTMCNMVVVKXWNQDSEBNL
" /(3 + 31(2*$3%R@QDSQ@BJHMFHMRSQTLDMSR3GDHQQHRJOQNEHKDHRRHLHK@QSN@CHQDBSHMUDRSLDMSHMSGD4MCDQKXHMF(MCDW(MUDRSNQReB@OHS@KHRETKKX@SQHRJ@MC
HMUDRSNQRL@XMNSFDSA@BJSGD@LNTMSNQHFHM@KKXHMUDRSDC
1$/+(" 3(.-1(2*3GDETMCNAIDBSHUDRLHFGSMNSADQD@BGDCCTDSNTMDWODBSDCDUDMSRNMSGDTMCDQKXHMFL@QJDSRVGHBGVHKKHLO@BSSGDHMCDWB@KBTK@SHNM@MC
SGDDEEHBHDMSETMCQDOKHB@SHNM
".4-3$1/ 1381(2*(MUDRSNQR@[email protected]"2V@OVHSG2NBHDSD&DMDQ@KD(MKHMDVHSG4"(32FTHCDKHMDRSGDDWONRTQD
SN2NBHDSD&DMDQ@KDB@MMNSDWBDDCNESGDSNS@KETMC@RRDSR
4-#$1+8(-&1(2*3GD4MCDQKXHMF(MCDWNE@+XWNQ$3%L@XADBNLOKDW@MCUNK@SHKD6GDMHMUDRSHMFHMBNLLNCHSHDRSGD4MCDQKXHMF(MCDWHRB@KBTK@SDCVHSG
QDEDQDMBDSNBNLLNCHSXETSTQDRBNMSQ@BSRDWONRHMFSGDHMUDRSNQSN@KHPTHCHSXQHRJKHMJDCSNBNRSRRTBG@RBNRSNEB@QQX@MCSQ@MRONQS@SHNM$3%RDWONRDCSN
$LDQFHMF,@QJDSRB@QQX@FQD@SDQQHRJNEONSDMSH@KKNRRSG@MHMUDRSLDMSHM#DUDKNODC,@QJDSR@RSGDX@QDDWONRDCSN@VHCDQ@MFDNETMOQDCHBS@AKD$LDQFHMF
,@QJDSQHRJR
"411$-"81(2*$3%RL@XADDWONRDCSNBTQQDMBXQHRJHESGD$3%HRCDMNLHM@SDCHM@BTQQDMBXCHEEDQDMSSNSG@SNESGD4MCDQKXHMF(MCDWSGDX@QDSQ@BJHMF3GHR
LD@MRSG@SDWBG@MFDQ@SDEKTBST@SHNMRBNTKCG@UD@MDF@SHUDNQONRHSHUDDEEDBSNMQDSTQMR
+(0(4(#(381(2*+HPTHCHSXHROQNUHCDCAXQDFHRSDQDCL@QJDSL@JDQRNMSGDQDRODBSHUDRSNBJDWBG@MFDVGDQDSGD$3%HRKHRSDCHMBKTCHMF2NBHDSD&[email protected]
DWBG@MFDKHPTHCHSXL@XADKHLHSDC@R@QDRTKSNE@RTRODMRHNMHMSGDTMCDQKXHMFL@QJDSQDOQDRDMSDCAXSGD4MCDQKXHMF(MCDWSQ@BJDCAXSGD$3%@E@HKTQDHMSGD
RXRSDLRNENMDNESGDQDKDU@MSRSNBJDWBG@MFDR2NBHDSD&DMDQ@KDNQNSGDQL@QJDSL@JDQRXRSDLRNQ@M@AMNQL@KSQ@CHMFRHST@SHNMNQDUDMS
,QGH[LQIRUPDWLRQ
',9)3
6,&$9
<HV
)5
<HV
3K\VLFDO3OXV3HUIRUPDQFH6ZDS
(85
1R
1$9SHUVKDUH(85
6KDUH$X00(85
7RWDO)XQG$VVHWV0(85
8PEUHOOD0(85
0LQLPXP,QYHVWPHQW6KDUH
,QFRPHWUHDWPHQW
,QYHVWPHQW2EMHFWLYH
+XWNQ$WBG@MFD3Q@CDC%TMCR?$3%R@QD4"(32BNLOKH@MSETMCRVGHBGSQ@BJ@ADMBGL@QJHMCDWAXHMUDRSHMFHMKHRSDCDPTHSHDR@MCDMSDQHMFHMSNSNS@KNQOQHBD
QDSTQMRV@ORSN@BGHDUDSGDHMCDWODQENQL@MBD2V@ODMG@MBDC$3%R@QDSGDLNRSDEEHBHDMSV@XNEHMCDWSQ@BJHMFQDRTKSHMFHMKNVDQSQ@BJHMFDQQNQVGHKDSGDRV@O
BNTMSDQO@QSXAD@QRSGDQHRJ@MCBNRSNESQ@BJHMFSGDHMCDW
3GDHMUDRSLDMSNAIDBSHUDHRSNSQ@BJANSGTOV@QC@MCCNVMV@QCDUNKTSHNMNESGD$41.23.77#HUHCDMC/NHMS%TSTQDR(MCDW!KNNLADQF"NCD27$#%3SGD
f!DMBGL@QJ(MCDWtQDOQDRDMS@SHUDNE@RSQ@SDFXBNMRHRSHMFNEADHMFDWONRDCSNSGDFQNRRQDSTQMNESGD$41.23.77#HUHCDMC/NHMSR#5/ETSTQDRBNMSQ@BSR
KHRSDCNM$TQDWNMCHEEDQDMSL@STQHSHDR
llll$41.23.77#HUHCDMC/NHMSR%TSTQDR
7LFNHU3ULPDU\/LVWLQJ
)XQG7\SH
8&,76FRPSOLDQW
,6,1
8.)56
5HSOLFDWLRQPHWKRG
6KDUHFODVVFXUUHQF\
,QFHSWLRQ'DWH
1DYSHUVKDUHDWLQFHSWLRQ(85
7RWDO([SHQVH5DWLRSD
&XUUHQF\ULVN
'LVWULEXWLRQDQGRU&DSLWDOLVDWLRQ
'DWHLIGLVWULEXWLRQ
-XO\'HFHPEHU
/DVW$PRXQWLIGLVWULEXWLRQ(85
3GD3NS@K$WODMRD1@SHN3$1BNUDQR@KKBNRSRHMBTQQDCAXSGD,@M@FDLDMS"NLO@MXSNL@M@FD
SGDTMCDQKXHMF@RRDSR(SBNLOQHRDR@,@M@FDLDMS%DD@MC2SQTBSTQ@K"NRSRCDRBQHADC@RENKKNVR3GD
,@M@FDLDMS%DDQDOQDRDMSRSGDBNLODMR@SHNMENQSGD,@M@FDLDMS"NLO@MXRDQUHBDR3GD
2SQTBSTQ@K"NRSRQDOQDRDMSSGDBTRSNCH@MEDDSGD@CLHMHRSQ@SHUDEDDSGD@TCHSEDD@MC@KKNSGDQ
NODQ@SHMFBNRSRSG@SVHKKADO@HCAXSGD,@M@FDLDMS"NLO@MXSNNODQ@SDSGDETMCR
7UDGLQJ,QIRUPDWLRQ
3ODFH
2SHQLQJ
7LFNHU
&XUUHQF\
+RXUV*07
%ORRPEHUJ
1<6((XURQH[W3DULV
(85
',9)3
/6(
(85
',9/1
',9/
/6(
*%3
/',9/1
/',9/
5,&5HXWHUV
',93$
'HXWVFKH%RHUVH;HWUD
(85
%RUVD,WDOLDQD0LODQR
(85
/<40*< /<;6;(''(
',9,0
',90,
6,;6ZLVV([FKDQJH
(85
',96:
',96
%HQRS+HRSHMF/K@BD
3GD$41.23.77#5/%TSTQDRHMCDWHRCDRHFMDCSNOQNUHCD@RXMSGDSHB
DWONRTQDSNSGDFQNRRQDSTQMNESGD$41.23.77#HUHCDMC/NHMSR#5/ETSTQDR
BNMSQ@BSRNECHEEDQDMSL@STQHSHDRKHRSDCNM$TQDW3GHRHMCDWHRGHFGKXKHPTHC@MC
D@RXSNQDOKHB@SDCTDSNADHMFA@RDCNMSGD$TQDWETSTQDRNMSGD$41.23.77
#5/3GDHMCDWMNSHNM@KHRTRDCSNETKKXBNKK@SDQ@KHYDSGDETSTQDRBNMSQ@BSR
VHSGHMSDQDRS@BBQTHMF@S$.-( 3GDHMCDWHRL@CDNEDPT@KMTLADQNE#5/
%TSTQDRBNMSQ@BSRVHSGCHEEDQDMSL@STQHSHDR-
TMSHK-
RS@QSHMF#DBDLADQNE
XD@Q-
)XOOQDPH
(852672;;'LYLGHQG3RLQWV)XWXUHV
([SRVXUH
(XUR]RQH
$VVHW&ODVV
(TXLW\
,QGH[W\SH
7RWDO5HWXUQ
&XUUHQF\
(85
,QGH[5HXWHUV5,&
6;(')7
,QGH[%ORRPEHUJWLFNHU
6;(')7
)XUWKHULQIRUPDWLRQ
ZZZVWR[[FRP
6RXUFH%ORRPEHUJ/\[RU$0WR-XQ
llll+87.14"(32$3%$41.23.77#(5(#$-#2
#@S@HRQDA@RDCSNSNDM@AKDBNLO@QHRNMADSVDDMSGD$3%@MCSGD(MCDW
/ 23/$1%.1, -"$(2-.3 1$+( !+$(-#(" 3.1.%%4341$1$341-2
2NTQBD!KNNLADQF+XWNQ ,SN)TM
(7)3HUIRUPDQFHV
/<;258&,76(7)(852672;;',9,'(1'6
(852672;;'LYLGHQG3RLQWV)XWXUHV
7UDFNLQJ'LIIHUHQFH
/<;258&,76(7)(852672;;',9,'(1'6
(852672;;'LYLGHQG3RLQWV)XWXUHV
7UDFNLQJ'LIIHUHQFH
7UDFNLQJ(UURU
0RQWK
0RQWKV
0RQWKV
<HDUV
<HDUV
<7'
6LQFHLQFHSWLRQ
/<;258&,76(7)(852672;;',9,'(1'6
(852672;;'LYLGHQG3RLQWV)XWXUHV
7UDFNLQJ'LIIHUHQFH
2NTQBD!KNNLADQF+XWNQ ,SN)TM
/ 23/$1%.1, -"$(2-.3 1$+( !+$(-#(" 3.1.%%4341$1$341-2
"+($-32$15("$2[[VVVRFKHRSDCOQNCTBSRBNTJ[KHRSDCOQNCTBSRRFBHABNL
3DKDOGNMDB@KKRL@XADQDBNQCDC@MCNQLNMHSNQDCENQSQ@HMHMF@MCPT@KHSXOTQONRDR
/DQENQL@MBDRQDK@SDCSNCHRSQHATSHMF$3%@QDB@KBTK@SDCQDHMUDRSHMFCHUHCDMCR
HMSNSGD$3%ODQENQL@MBD1NKKHMFODQENQL@MBDR@KKODQENQL@MBDR@QDA@RDC
NMNEEHBH@KC@HKX- 5RB@KBTK@SDC@RNED@BGLNMSGDMC"@KDMC@Q
ODQENQL@MBDR@KKODQENQL@MBDR@QDA@RDCNMNEEHBH@KC@HKX- 5RB@KBTK@SDC@R
NED@BGXD@QDMC/DQENQL@MBDF@OQDOQDRDMSRSGDODQENQL@MBDCHEEDQDMBDR
ADSVDDMSGD$3%@MCSGD(MCDW3GD3Q@BJHMF$QQNQQDOQDRDMSRSGD@MMT@KHRDC
UNK@SHKHSXNESGDODQENQL@MBDCHEEDQDMBDRADSVDDMSGD$3%@MCSGDADMBGL@QJ
"G@MFDRNEADMBGL@QJL@XNBBTQ3NBNLO@QDSGDSQ@BJNESGD$3%VHSGHSR
ADMBGL@QJVDVHKKTRDSGDADKNVHMCDWDR
)URP
(852672;;'LYLGHQG3RLQWV)XWXUHV
7R
/<;25(7)
0217+/<5(3257 | -XQH
,19(6725
6127,&(
Ű
3'(2#."4,$-3(2(-3$-#$#%.11$3 (+"+($-32(-3'$4*.-+8
3GHRCNBTLDMSHRHRRTDCAXSGD+NMCNM!Q@MBGNE2NBHDSD&DMDQ@KD2NBHDSD&DMDQ@KDHR@%QDMBGBQDCHSHMRSHSTSHNMA@MJ@TSGNQHRDC@MCRTODQUHRDCAX
SGD TSNQHSġCD"NMSQŃKD/QTCDMSHDKDSCD1ġRNKTSHNMSGD%QDMBG/QTCDMSH@K"NMSQNK@MC1DRNKTSHNM TSGNQHSX@MCSGD/QTCDMSH@K1DFTK@SNQX TSGNQHSX@MC
RTAIDBSSNKHLHSDCQDFTK@SHNMAXSGD%HM@MBH@K"NMCTBS TSGNQHSX@MC/QTCDMSH@K1DFTK@SHNM TSGNQHSX#DS@HKR@ANTSSGDDWSDMSNENTQ@TSGNQHR@SHNM@MC
QDFTK@SHNMAXSGD/QTCDMSH@K1DFTK@SHNM TSGNQHSX@MCQDFTK@SHNMAXSGD%HM@MBH@K"NMCTBS TSGNQHSX@QD@U@HK@AKDEQNLTRNMQDPTDRS
Ű
3GDOQNCTBSCDRBQHADCVHSGHMSGHRCNBTLDMSHRMNSRTHS@AKDENQDUDQXNMD(MUDRSNQReB@OHS@KHR@SQHRJ(MUDRSNQRRGNTKCMNSCD@KHMSGHROQNCTBSTMKDRRSGDX
TMCDQRS@MCHSRM@STQD@MCSGDDWSDMSNESGDHQDWONRTQDSNQHRJ3GDU@KTDNESGDOQNCTBSB@MFNCNVM@RVDKK@RTO@MCB@MADRTAIDBSSNUNK@SHKHSXCTDSN
E@BSNQRRTBG@ROQHBDBG@MFDRHMSGDTMCDQKXHMFHMRSQTLDMS@MCHMSDQDRSQ@SDR/QHNQSN@MXHMUDRSLDMSHMSGHROQNCTBSXNTRGNTKCL@JDXNTQNVM
@OOQ@HR@KNESGDQHRJREQNL@EHM@MBH@KKDF@K@MCS@WODQRODBSHUDVHSGNTSQDKXHMFDWBKTRHUDKXNMSGDHMENQL@SHNMOQNUHCDCAXTR6DQDBNLLDMCSG@SXNT
BNMRTKSXNTQNVMHMCDODMCDMSOQNEDRRHNM@K@CUHRNQR3GD$3%L@XADCDMNLHM@SDCHM@BTQQDMBXCHEEDQDMSSNSG@SNESGDHMCDWSG@SHSSQ@BJRVGHBG
LD@MRSG@SDWBG@MFDQ@SDEKTBST@SHNMRBNTKCG@UD@MDF@SHUDDEEDBSNMQDSTQMR3GDRDBTQHSHDRB@MADMDHSGDQNEEDQDCMNQSQ@MREDQQDCHMSGD4MHSDC2S@SDR
+XWNQ$3%QDEDQQDCSNHMSGHRCNBTLDMSHR@MNODMDMCDCLTST@KHMUDRSLDMSETMCDRS@AKHRGDCTMCDQ%QDMBG+@V@MC@OOQNUDCAXSGD TSNQHSġCDR
,@QBGġR%HM@MBHDQRSGD%QDMBG%HM@MBH@K,@QJDSR TSGNQHSX3GDETMCHR4"(32BNLOKH@MS@MCHRQDBNFMHRDCTMCDQ2NESGD%HM@MBH@K2DQUHBDR@MC
,@QJDSR BS@MCL@XADOQNLNSDCSNQDS@HKHMUDRSNQRHMSGD4*
Ű
KKF@HMRNMSGDR@KDNE+XWNQ$3%RRG@QDR@MCCHUHCDMCCHRSQHATSHNMRL@CDAX+XWNQ$3%RL@XADRTAIDBSSNS@WNMSGDA@RHRNE@OOKHB@AKDS@W
QDFTK@SHNMR(MUDRSNQRLTRSRDDJSGDHQNVMS@W@CUHBDENQ@MXETQSGDQHMENQL@SHNM MXRS@SDLDMSHMQDK@SHNMSNS@WVGDQDL@CDHRFDMDQHB@MCMNM
DWG@TRSHUD@MCHRA@RDCNMNTQTMCDQRS@MCHMFNESGDK@VR@MCOQ@BSHBDHMENQBD@RNESGDC@SDNESGHRCNBTLDMS@MCHRRTAIDBSSN@MXBG@MFDRHMK@V@MC
OQ@BSHBD@MCSGDHMSDQOQDS@SHNM@MC@OOKHB@SHNMSGDQDNEVGHBGBG@MFDRBNTKCADL@CDVHSGQDSQN@BSHUDDEEDBS MXRTBGRS@SDLDMSLTRSMNSADBNMRSQTDC
@RS@W@CUHBD@MCLTRSMNSADQDKHDCTONM3GDS@WSQD@SLDMSNEHMUDRSLDMSRVHKK@LNMFRSNSGDQSGHMFRCDODMCNM@MHMCHUHCT@KeRBHQBTLRS@MBDR
(MUDRSNQRLTRSBNMRTKSVHSG@M@OOQNOQH@SDOQNEDRRHNM@KS@W@CUHRDQSN@RBDQS@HMENQSGDLRDKUDRSGDS@W@SHNMBNMRDPTDMBDRNE@BPTHQHMFGNKCHMF@MCNQ
CHRONRHMFNE@MXHMUDRSLDMSRLDMSHNMDCHMSGHRE@BSRGDDS
Ű
3GDHMCDWQDEDQQDCSNGDQDHMSGDŭ(MCDWŭHRMNSRONMRNQDC@OOQNUDCNQRNKCAX2NBHDSD&DMDQ@KDNQ+XWNQ$3%-DHSGDQ2NBHDSD&DMDQ@KDMNQ+XWNQ ,
RG@KK@RRTLD@MXQDRONMRHAHKHSXHMSGHRQDRODBS
"+($-32$15("$2[[VVVRFKHRSDCOQNCTBSRBNTJ[KHRSDCOQNCTBSRRFBHABNL
3DKDOGNMDB@KKRL@XADQDBNQCDC@MCNQLNMHSNQDCENQSQ@HMHMF@MCPT@KHSXOTQONRDR