Annual Report 2009

Transcription

Annual Report 2009

2#5&'%#PPWCN4GRQTV
CONTENTS
0QVKEGQH#PPWCN)GPGTCN/GGVKPI
5VCVGOGPV#EEQORCP[KPI0QVKEGQH
#PPWCN)GPGTCN/GGVKPI
)TQWR(KPCPEKCN5WOOCT[
%QTRQTCVG5VTWEVWTG
&KTGEVQTUŏ4GURQPUKDKNKV[5VCVGOGPV
5VCVGOGPVQP+PVGTPCN%QPVTQN
#WFKV%QOOKVVGG4GRQTV
%QTRQTCVG^*WOCP4GUQWTEG'XGPVUŎ %QTRQTCVG+PHQTOCVKQP
(KPCPEKCN5VCVGOGPVU
#PCN[UKUQH5JCTGJQNFKPIU
.KUVQH2TQRGTVKGU
%QTRQTCVG&KTGEVQT[
2TQſNGQH&KTGEVQTU
/CPCIGOGPV6GCO
.GVVGTHTQO%JCKTOCP
2TQZ[(QTO
%QTRQTCVG)QXGTPCPEG5VCVGOGPV
INTRODUCTION
2CUFGE*QNFKPIU$GTJCF
ő2#5&'%ŒKUCNGCFKPIRTQRGTV[FGXGNQRGTKP2CJCPINKUVGFQPVJG/CKP
$QCTFQHVJG$WTUC/CNC[UKC5GEWTKVKGU$GTJCF
5VQEM%QFGWPFGTVJGRTQRGTV[EQWPVGTUKPEG
1EVQDGT
2#5&'% KU TGURQPUKDNG HQT EQQTFKPCVKPI CPF OCTMGVKPI 2CJCPIŏU XCUV TGUQWTEGU VQ ETGCVG PGY
QRRQTVWPKV[HQTITQYVJCPFRTQURGTKV[+VURTGUGPVCWVJQTKUGFCPFRCKFWRECRKVCNKU4/OKNNKQP
CPF4/OKNNKQPTGURGEVKXGN[
#UCPKPXGUVOGPVJQNFKPIEQORCP[VJGRTKPEKRCNCEVKXKVKGUQH2#5&'%VJTQWIJKVUUWDUKFKCTKGUKPENWFG
RTQRGTV[FGXGNQROGPVRTQLGEVOCPCIGOGPVVTCFKPIQHDWKNFKPIOCVGTKCNUGPICIKPIKPEQPUVTWEVKQP
DWUKPGUUOCPWHCEVWTKPIQHDTKEMUCPFHCEKNKVKGUCPFTGUQTVOCPCIGOGPV
2#5&'%ŏU EQPUVCPVN[ GZRCPFKPI KPXGUVOGPV RQTVHQNKQ KU EJCPPGNNGF VJTQWIJ PWOGTQWU UWDUKFKCT[
EQORCPKGUCPFLQKPVXGPVWTGU
1
2
2#5&'%#PPWCN4GRQTV
NOTICE OF ANNUAL GENERAL MEETING
016+%' +5 *'4'$; )+8'0 6*#6 VJG (QWTVGGPVJ VJ #PPWCN )GPGTCN /GGVKPI QH 2#5&'%
*1.&+0)5$'4*#&YKNNDGJGNFCV/GTCPVK*[CVV4GIGPE[-WCPVCP4GUQTV6GNQM%JGORGFCM
-WCPVCP2CJCPI&CTWN/CMOWTQP/QPFC[,WPGCVCOHQTVJGHQNNQYKPI
RWTRQUGU
#)'0&#
6QCRRTQXG&KTGEVQTUŏHGGUHQTVJG[GCTGPFGF&GEGODGT
4GUQNWVKQP
6Q TGCRRQKPV /GUUTU *CPCſCJ 4CUNCP /QJCOCF
CU #WFKVQTU CPF VQ CWVJQTKUG VJG &KTGEVQTU VQ ſZ VJGKT
TGOWPGTCVKQP
4GUQNWVKQP
6QEQPUKFGTCP[QVJGTDWUKPGUUQHYJKEJFWGPQVKEGUJCNN
JCXGDGGPIKXGP
6Q TGEGKXG VJG CWFKVGF ſPCPEKCN UVCVGOGPVU HQT VJG [GCT
GPFGF&GEGODGTVQIGVJGTYKVJVJGTGRQTVUQHVJG
&KTGEVQTUCPF#WFKVQTUVJGTGQP
4GUQNWVKQP
6Q TGGNGEV VJG HQNNQYKPI &KTGEVQTU YJQ TGVKTG KP
CEEQTFCPEGYKVJ#TVKENGQHVJG%QORCP[ŏU#TVKENGUQH
#UUQEKCVKQP
C
D
6Q EQPUKFGT CPF KH VJQWIJV ſV VQ RCUU VJG HQNNQYKPI
1TFKPCT[ 4GUQNWVKQP KP CEEQTFCPEG YKVJ 5GEVKQP QH
VJG%QORCPKGU#EV
$[1TFGT1H6JG$QCTF
ő6JCV RWTUWCPV VQ 5GEVKQP QH VJG %QORCPKGU #EV
&CVQŏ/QJCOGF#OKPDKP*CLK&CWFYJQKUQXGT
VJGCIGQHUGXGPV[
[GCTUDGTGCRRQKPVGFCU&KTGEVQT
QH VJG %QORCP[ VQ JQNF QHſEG WPVKN VJG PGZV #PPWCN
)GPGTCN/GGVKPIŒ
4GUQNWVKQP
5*#-'4#*'0#;'6#.+
%QORCP[5GETGVCT[
&CVQŏ5TK-JCNKFDKP/QJCOCF,KYC 4GUQNWVKQP
&CVQŏ#DFWNNCJDKP#4CUQN
4GUQNWVKQP
-WCPVCP
/C[
016'5
#OGODGTGPVKVNGFVQCVVGPFCPFXQVGCVVJGOGGVKPIOC[CRRQKPVPQVOQTGVJCPVYQRTQZKGUVQCVVGPFCPFXQVGKPJKUUVGCFDWVUWEJCRRQKPVOGPVUJCNNDGKPXCNKF
WPNGUUJGURGEKſGUVJGRTQRQTVKQPUQHJKUJQNFKPIUHQTGCEJRTQZ[#RTQZ[OC[DWVPGGFPQVDGCOGODGTQHVJG%QORCP[CPFVJGRTQXKUKQPUQH5GEVKQP
D
QHVJG%QORCPKGU#EVUJCNNPQVCRRN[VQVJG%QORCP[
#OGODGTQHVJG%QORCP[YJQKUCPCWVJQTKUGFPQOKPGGCUFGſPGFWPFGTVJG5GEWTKVKGU+PFWUVT[
%GPVTCN&GRQUKVQTKGU#EVOC[CRRQKPVCVNGCUVQPGRTQZ[
DWVPQVOQTGVJCPVYQRTQZKGUKPTGURGEVQHGCEJUGEWTKVKGUCEEQWPV
6JGKPUVTWOGPVCRRQKPVKPICRTQZ[OWUVDGUKIPGFD[VJGCRRQKPVGTQTJKUCVVQTPG[FWN[CWVJQTKUGFKPYTKVKPIQTKHVJGCRRQKPVGTKUCEQTRQTCVKQPGKVJGTWPFGTEQOOQP
UGCNQTWPFGTVJGJCPFQHCPCVVQTPG[QTCPQHſEGTFWN[CWVJQTKUGF
6JGKPUVTWOGPVCRRQKPVKPICRTQZ[OWUVDGFGRQUKVGFCVVJG4GIKUVGTGF1HſEGQHVJG%QORCP[CVVJ(NQQT/GPCTC6GTWPVWO,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWTPQVNGUUVJCPHQTV[GKIJV
JQWTUDGHQTGVJGVKOGCRRQKPVGFHQTJQNFKPIVJGOGGVKPIQTCP[CFLQWTPOGPVVJGTGQH
STATEMENT ACCOMPANYING NOTICE OF ANNUAL
GENERAL MEETING
6JGTGURGEVKXGRTQſNGUQHVJG&KTGEVQTUYJQCTGUVCPFKPIHQTTGGNGEVKQPCPFTGCRRQKPVOGPVWPFGT+VGOCPFTGURGEVKXGN[QH
VJG0QVKEGQH(QWTVGGPVJ#PPWCN)GPGTCN/GGVKPICTGUGVQWVKPVJG2TQſNGQH&KTGEVQTUQPRCIGUVQQHVJKU#PPWCN4GRQTV
6JGKTKPVGTGUVUKPVJGUGEWTKVKGUQHVJG%QORCP[CPFKVUUWDUKFKCTKGUCTGFKUENQUGFQPRCIGQHVJKU#PPWCN4GRQTV
3
2#5&'%#PPWCN4GRQTV
GROUP FINANCIAL SUMMARY
TURNOVER
(RM’million)
PROFIT/(LOSS) FOR THE YEAR
(RM’million)
NET ASSETS
(RM’million)
120
400
100
80
107
106
97
103
327
2005
2006
300
72
60
40
20
0
325
2005
2007
2006
2008
2009
25
20
15
10
5
0
-5
-10
-15
-20
-25
26
5
2005
349
350
346
2007
2008
2009
200
100
4
1
2006
2007
2008
(9)
0
2009
NET ASSETS PER SHARE
(RM)
EARNINGS/(LOSS) PER SHARE
(SEN)
15.34
2
1.75
1.5
1.58
1.59
1.69
1.70
12
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
1.68
1.25
1
0.75
0.5
0.25
0
2005
2006
2007
2008
2009
2.92
2005
2.17
0.55
2006
(2.15)
2007
2008
2009
;GCT'PFGF&GEGODGT
6WTPQXGT
2TQſV
.QUU#HVGT6CZCVKQP
0GV#UUGVU 0GV#UUGVU2GT5JCTG
4/
'CTPKPIU
.QUU2GT5JCTG
5GP
4/ŏ
4/ŏ
4/ŏ
4/ŏ
4/ŏ
4
2#5&'%#PPWCN4GRQTV
CORPORATE STRUCTURE
100%
100%
100%
Pasdec Corporation Sdn. Bhd.
Pasdec Putra Sdn. Bhd.
40%
Pasdec Cempaka Sdn. Bhd.
40%
Genting View Resort
Development Sdn. Bhd.
20%
Prima Prai Sdn. Bhd.
100%
Pahang Aircraft Industries Sdn. Bhd.
100%
Pasdec Trading Sdn. Bhd.
100%
Kuantan Bricks Sdn. Bhd.
Kuantan Tembeling Resort Sdn. Bhd.
Pasdec Land Sdn. Bhd.
100%
Pasdec Mega Sdn. Bhd.
100%
Sumbangan Sakti Sdn. Bhd.
100%
Mutiara Pasdec Sdn. Bhd.
100%
Pasdec Bina Sdn. Bhd.
70%
Pasdec Pintas Sdn. Bhd.
70%
Bentong Aquarium & Sanctuary Park Sdn. Bhd.
51%
100%
Property Development/
Management
Construction
Trading
Others
Kimdec Corporation Sdn. Bhd.
Manufacturing
2#5&'%#PPWCN4GRQTV
5
CORPORATE INFORMATION
$1#4&1(&+4'%6145
;#$&#61ŏ54+*#,+#&0#0$+0*#,+;##-1$
0QP+PFGRGPFGPV0QP'ZGEWVKXG%JCKTOCP
;*&#61ŏ*#,+/1*#/#&014$+0#.+
0QP+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQT
;*&#61ŏ#$&7.)*#0+$+057.#+/#0
0QP+PFGRGPFGPV0QP'ZGEWVKXG&GRWV[%JCKTOCP
;*&#61ŏ/1*#/'&#/+0$+0*#,+&#7&
5GPKQT+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQT
;*&#61ŏ*#,+.+#5$+0/1*&0114
;*&#61ŏ54+-*#.+&$+0/1*#/#&,+9#
+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQT
;*&#61ŏ*#/&#0$+0,##(#4
;*&#61ŏ#$&7..#*$+0#4#51.
%*+'(':'%76+8'1((+%'4
%1/2#0;5'%4'6#4;
/1*&-*#+47&&+0*,#$&7./#0#0
5*#-'4#*'0#;'6#.+
4')+56'4'&1((+%'
#7&+6145
6KPIMCV/GPCTC6GTWPVWO
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG
(CEUKOKNG
*CPCſCJ4CUNCP/QJCOCF
2WDNKE#EEQWPVCPVU
4')+564#4
5GEWTKVKGU5GTXKEGU
*QNFKPIU5FP$JF
.GXGN/GPCTC/KNGPKWO
,CNCP&COCPNGNC2WUCV$CPFCT&COCPUCTC
&COCPUCTC*GKIJVU-WCNC.WORWT
6GNGRJQPG
(CEUKOKNG
24+0%+2#.$#0-'45
%+/$$CPM$GTJCF
4*$$CPM$GTJCF
#/$CPM$GTJCF
'10$CPM$GTJCF
561%-':%*#0)'.+56+0)
/CKP$QCTFQH$WTUC/CNC[UKC5GEWTKVKGU$GTJCF
$WKNFKPI
6
2#5&'%#PPWCN4GRQTV
1WT
%QTG 5VTGPIVJ
2#5&'%#PPWCN4GRQTV
BOARD OF DIRECTORS
&CVQŏ*CLK.KCUDKP/QJF0QQT
&CVQŏ#DFWN)JCPKDKP5WNCKOCP
&CVQŏ5TK*CLK#FPCPDKP*CLK;CCMQD
&CVQŏ*COFCPDKP,CCHCT
&CVQŎ/QJCOGF#OKPDKP*CLK&CWF
&CVQŏ*CLK/QJCOCF0QTDKP#NK
&CVQŏ5TK-JCNKFDKP/QJCOCF,KYC
/QJF-JCKTWFFKP*L#DFWN/CPCP
2TGUKFGPV%JKGH'ZGEWVKXG1HſEGT
7
8
2#5&'%#PPWCN4GRQTV
PROFILE OF DIRECTORS
%JCKTOCP
&CVQŏ 5TK *CLK #FPCP DKP *CLK ;CCMQD C /CNC[UKCP CIGF YCU
CRRQKPVGFCU%JCKTOCPCPF&KTGEVQTQH2CUFGE*QNFKPIU$GTJCFQP
,CPWCT[*GJQNFUC$#
*QPUCPF&KRNQOC+P'FWECVKQP
HTQO7PKXGTUKV[QH/CNC[C
# YGNNMPQYP RQNKVKEKCP JG KU C OGODGT QH VJG 2CJCPI 5VCVG
.GIKUNCVKXG #UUGODN[ TGRTGUGPVKPI VJG 2GNCPICK %QPUVKVWGPE[ UKPEG
&CVQŏ5TK*CLK#FPCPJCUDGGPVJG%JKGH/KPKUVGTQH2CJCPI
UKPEG /C[ *G KU CNUQ VJG %JCKTOCP QH VJG 5VCVG 'ZGEWVKXG
%QWPEKNQH2CJCPICPFJQNFURQTVHQNKQUKPXCTKQWUEQOOKVVGGU
&CVQŏ5TK*CLK#FPCPKUVJG%JCKTOCPQH/GPVKIC%QTRQTCVKQP$GTJCF
CPF UVCVG QYPGF CIGPEKGU UWEJ CU 2GTDCFCPCP -GOCLWCP 0GIGTK
2CJCPI 2-02 2CJCPI 5VCVG (QWPFCVKQP #OCPCJ 5CJCO 2CJCPI
#52# -WORWNCP 2GTOQFCNCP $WOKRWVGTC 2CJCPI -7/+2#
.GODCIC -GOCLWCP 2GTWUCJCCP 2GTVCPKCP .-22 CPF 2GTDCFCPCP
2GTRWUVCMCCP#YCO2CJCPI
22#2
Dato’ Sri Haji Adnan
Bin Haji Yaakob
*G FQGU PQV JCXG CP[ HCOKN[ TGNCVKQPUJKR YKVJ CP[ QVJGT FKTGEVQT
CPFQT OCLQT UJCTGJQNFGT PQT CP[ EQPƀKEV QH KPVGTGUV YKVJ 2CUFGE
*QNFKPIU$GTJCF*GJCUPQVDGGPEQPXKEVGFHQTCP[QHHGPEGU
QVJGT
VJCPVTCHſEQHHGPEGUYKVJKPVJGRCUV[GCTU
&GRWV[%JCKTOCP
&CVQŏ #DFWN )JCPK DKP 5WNCKOCP C /CNC[UKCP CIGF YCU
CRRQKPVGF CU &GRWV[ %JCKTOCP CPF &KTGEVQT QH 2CUFGE *QNFKPIU
$GTJCFQP#RTKN*GITCFWCVGFYKVJCFGITGGKP$CEJGNQTQH
#TVU
*QPQWTUHTQOVJG7PKXGTUKV[QH/CNC[CKPCPFUGTXGFCU
CP1HſEGTQHVJG/CNC[UKCP#FOKPKUVTCVKXGCPF&KRNQOCVKE5GTXKEGKP
XCTKQWUIQXGTPOGPVCIGPEKGU5WDUGSWGPVN[JGQDVCKPGFJKU&KRNQOC
KP&GXGNQROGPV#FOKPKUVTCVKQPHTQO/CPEJGUVGT7PKXGTUKV[7PKVGF
-KPIFQOKPCHVGTYJKEJJGEQPVKPWGFVQJQNFXCTKQWURQUVUKP
IQXGTPOGPVCIGPEKGUKPENWFKPIVJGRQUVQH/CNCEEC5VCVG(KPCPEKCN
1HſEGT 5CTCYCM 5VCVG &GXGNQROGPV 1HſEGT )GPGTCN /CPCIGT QH
2GPCPI 4GIKQPCN &GXGNQROGPV #WVJQTKV[ 2'4&# CPF &KTGEVQT QH
2C[CPF#NNQYCPEG&KXKUKQP2WDNKE5GTXKEGU&GRCTVOGPV/CNC[UKC
&CVQŏ#DFWN)JCPKYGPVQPVQUGTXGCUVJG5VCVG5GETGVCT[QH2CJCPI
KPDGHQTGTGVKTKPIKP2TGUGPVN[JGKUVJG&GRWV[%JCKTOCP
QH2CJCPI5VCVG#RRGCN$QCTFCPF%JCKTOCPQHCHGYQVJGTRTKXCVG
EQORCPKGU*GKUVJG%JCKTOCPQHVJG4GOWPGTCVKQP%QOOKVVGGQH
QVJGT
Dato’ Abdul Ghani
Bin Sulaiman
2#5&'%#PPWCN4GRQTV
(CONTINUED)
&CVQŏ*CLK.KCUDKP/QJF0QQTC/CNC[UKCPCIGFYCUCRRQKPVGF
VQVJG$QCTFQP#WIWUV*GKUC$#
'EQPU
*QPUITCFWCVG
QH7PKXGTUKVK-GDCPIUCCP/CNC[UKC+PJGCVVGPFGFVJG5VCPHQTF
'ZGEWVKXG 2TQITCO CV 5VCPHQTF 7PKXGTUKV[ 75# CPF NCVGT KP GCTPGFCP/$#HTQO7PKXGTUKVK-GDCPIUCCP/CNC[UKC
*G KU VJG %JKGH 'ZGEWVKXG 1HſEGT QH 2GTDCFCPCP -GOCLWCP 0GIGTK
2CJCPI 2-02 2TKQT VQ DGKPI RTQOQVGF VQ JKU RTGUGPV RQUV QP ,CPWCT[JGYCUVJG#EVKPI%JKGH'ZGEWVKXG1HſEGTCPF&GRWV[
)GPGTCN/CPCIGTQH2-02*GCNUQUKVUQPVJG$QCTFQH#UVCPC)QNH
4GUQTV$GTJCFCPF2CUEQTR2CRGT+PFWUVTKGU$GTJCF&CVQŏ*CLK.KCU
KU VJG %JCKTOCP QH VJG 'ZGEWVKXG %QOOKVVGG CPF C OGODGT QH VJG
0QOKPCVKQP %QOOKVVGG CPF 4GOWPGTCVKQP %QOOKVVGG QH 2CUFGE
*QNFKPIU$GTJCF
QVJGT
Dato’ Haji Lias
Bin Mohd Noor
&CVQŏ*COFCPDKP,CCHCTC/CNC[UKCPCIGFCPFCP'EQPQOKEU
)TCFWCVGHTQO7PKXGTUKV[/CNC[CYCUCRRQKPVGFVQVJG$QCTFQP
0QXGODGT7RQPITCFWCVKQPKPJGLQKPGF2GTDCFCPCP
-GOCLWCP0GIGTK2CJCPI
2-02CUCP#FOKPKUVTCVKXG1HſEGT
*GUGTXGFKPXCTKQWUFGRCTVOGPVUYKVJKPVJG2-02)TQWRCPFYGPV
QPVQDGEQOGVJG&GRWV[)GPGTCN/CPCIGTDGHQTGDGKPIRTQOQVGF
VQ %JKGH 'ZGEWVKXG QH 2-02 C RQUV YJKEJ JG JGNF HTQO VQ
*GYCUCRRQKPVGFCUCP'ZGEWVKXG&KTGEVQTQH2CUFGE*QNFKPIU
$GTJCFKP&GEGODGTCPFUWDUGSWGPVN[KP0QXGODGTJG
YCU UGEQPFGF VQ 2CUFGE *QNFKPIU $GTJCF CU VJG )TQWR /CPCIKPI
&KTGEVQT YJGTG JG UGTXGF WPVKN GCTN[ ,CPWCT[ DGHQTG DGKPI
ECNNGFDCEMVQ2-02WPVKNJKUTGVKTGOGPVKP2TGUGPVN[JGKU
TWPPKPIJKUQYPDWUKPGUU*KUGZRGTKGPEGTCPIGUHTQOVQYPUJKRCPF
TGCN GUVCVG FGXGNQROGPV VQ OCLQT UQEKQGEQPQOKE FGXGNQROGPV KP
2CJCPI&CVQŏ*COFCPKUCNUQCOGODGTQHVJG#WFKV%QOOKVVGG
CPF6GPFGT%QOOKVVGGQH2CUFGE*QNFKPIU$GTJCF
QVJGT
Dato’ Hamdan
Bin Jaafar
9
10
2#5&'%#PPWCN4GRQTV
(CONTINUED)
&CVQŏ *CLK /QJCOCF 0QT DKP #NK C /CNC[UKCP CIGF YCU
CRRQKPVGFVQVJG$QCTFQP#WIWUV*CXKPIITCFWCVGFHTQO
7PKXGTUKV[ QH /CNC[C YKVJ C $# *QPU 5QEKQNQI[ KP &CVQŏ
*CLK /QJCOCF 0QT YGPV QP VQ VCMG JKU &KRNQOC KP /CPCIGOGPV
5EKGPEG CPF UWDUGSWGPVN[ GCTPGF CP /$# +PXGUVOGPVU CPF
/$1 HTQO 0QTVJTQR 7PKXGTUKV[ 75# *G KU C (GNNQY QH %CPCFKCP
%QORTGJGPUKXG#WFKVKPI(QWPFCVKQP
%%#(UKPEG
*GJCUXCUVGZRGTKGPEGKPVJGCWFKVſGNFJCXKPIUGTXGFKPVJG2WDNKE
5GEVQT CU &KTGEVQT QH #WFKV KP XCTKQWU UVCVGU KPENWFKPI 2CJCPI
6GTGPIICPW ,QJQT CPF 5GNCPIQT *G YCU VJG #UUKUVCPV #WFKVQT
)GPGTCNKPDGHQTGDGKPIRTQOQVGFVQ&GRWV[#WFKVQT)GPGTCNC
RQUVJGJGNFWPVKNJKUTGVKTGOGPVKP2TGUGPVN[JGKUTWPPKPIJKU
QYPCECFGO[CUVJG2TGUKFGPVQH/QFGTP+PVGNNGEVWCN&GXGNQROGPV
#ECFGO[*GKU%JCKTOCPQHVJG6GPFGT%QOOKVVGGCPFCOGODGT
QHVJG'ZGEWVKXG%QOOKVVGGCPF4GOWPGTCVKQP%QOOKVVGGQH2CUFGE
*QNFKPIU$GTJCF
QVJGT
Dato’ Haji Mohamad Nor
Bin Ali
5GPKQT+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQT
&CVQŏ /QJCOGF #OKP DKP *CLK &CWF C /CNC[UKCP CIGF YCU
CRRQKPVGF VQ VJG $QCTF QP #RTKN *G KU C $CTTKUVGTCVNCY
QH VJG *QPQTCDNG 5QEKGV[ QH /KFFNG 6GORNG CPF YCU ECNNGF VQ VJG
'PINKUJ $CT KP 0QXGODGT 7RQP TGVWTPKPI VQ /CNC[UKC JG
LQKPGF/GUUTU+DCO5FP$JFKPCU%QORCP[5GETGVCT[CPFYCU
NCVGTRTQOQVGFVQ&GRWV[)GPGTCN/CPCIGT QHVJGUCOGEQORCP[
5WDUGSWGPVN[JGYGPVQPVQUGVWRJKUQYPNCYRTCEVKEGYKVJVYQ
QVJGTNCY[GTUKP-WCPVCP
*G YCU C /GODGT QH 2CTNKCOGPV QH 2GMCP 2CJCPI HTQO VQ
CPF 4QORKP 2CJCPI HTQO VQ *G UGTXGF CU VJG
&GRWV[ 5RGCMGT QH &GYCP 4CM[CV /CNC[UKC HTQO WPVKN *GYCUVJG%JCKTOCPQH.GODCIC-GOCLWCP2CJCPI6GPIICTCHTQO
WPVKNCPF%JCKTOCPQH-WCPVCP2QTV#WVJQTKV[HTQO
WPVKN&CVQŏ/QJCOGF#OKPUGTXGUCU%JCKTOCPQHVJG#WFKV
%QOOKVVGG CPF VJG 0QOKPCVKQP %QOOKVVGG CPF C OGODGT QH VJG
4GOWPGTCVKQP%QOOKVVGGQH2CUFGE*QNFKPIU$GTJCF
QVJGT
Dato’ Mohamed Amin
Bin Haji Daud
2#5&'%#PPWCN4GRQTV
(CONTINUED)
&CVQŏ 5TK -JCNKF DKP /QJCOCF ,KYC C /CNC[UKCP CIGF YCU
CRRQKPVGFVQVJG$QCTFQH2CUFGE*QNFKPIU$GTJCFQP#RTKN
*GKUCNUQCOGODGTQHVJG#WFKV%QOOKVVGG0QOKPCVKQP%QOOKVVGG
CPF6GPFGT%QOOKVVGGQH2CUFGE*QNFKPIU$GTJCF
*G CNUQ EWTTGPVN[ UKVU QP VJG $QCTF QH &(< %CRKVCN $GTJCF CPF
RTGXKQWUN[QPVJG$QCTFQH0CNWTK%QTRQTCVKQP$GTJCF#VNCP*QNFKPIU
$GTJCF #UKCP %QORQUKVG /CPWHCEVWTKPI 5FP $JF CPF 7PKVGF
+PFWUVTKGU 5FP $JF &CVQŏ 5TK -JCNKF KU CNUQ VJG )TQWR 'ZGEWVKXG
%JCKTOCP QH -%QTRQTCVKQP 5FP $JF CPF KVU ITQWR QH EQORCPKGU
FGCNKPIYKVJEQPUVTWEVKQPRTQRGTV[OCPCIGOGPVEQUOGVKERTQFWEVU
URGEKCNKUGFVTCFKPI+6CPFOGFKCUGTXKEGUCPFCITKEWNVWTGCEVKXKVKGU
&CVQŏ5TK-JCNKFKUCDWUKPGUUITCFWCVGCPFJCFRTGXKQWUN[YQTMGF
KPVJGſPCPEKCNUGEVQTCHVGTEQORNGVKPIJKUUVWFKGUKP*GVJGP
NGHV VJG DCPM VQ UVCTV JKU QYP DWUKPGUU YKVJ XCUV GZRGTKGPEG CPF
MPQYNGFIG KP ſPCPEKCN DWUKPGUU *G KU VJG %JCKTOCP CPF (QWPFGT
QH;C[CUCP0WTLKYCYJKEJJCUDGGPCEVKXGN[KPXQNXGFKPEJCTKV[CPF
UQEKCNCEVKXKVKGU
Dato’ Sri Khalid Bin
Mohamad Jiwa
QVJGT
&CVQŏ#DFWNNCJDKP#4CUQNC/CNC[UKCPCIGFYCUCRRQKPVGF
VQ VJG $QCTF QP /C[ &CVQŏ #DFWNNCJ KU C (GNNQY QH VJG
%JCTVGTGF#UUQEKCVKQPQH%GTVKſGF#EEQWPVCPVU7PKVGF-KPIFQOCPF
C%JCTVGTGF#EEQWPVCPVYKVJVJG/CNC[UKCP+PUVKVWVGQH#EEQWPVCPVU
*GKURTGUGPVN[&KTGEVQT%QTRQTCVG#HHCKTUQH'FGP+PE$GTJCF
2TKQTVQLQKPKPI'FGP+PE$GTJCFJGYCUVJG'ZGEWVKXG&KTGEVQTCPF
%JKGH 'ZGEWVKXG 1HſEGT QH #OCPCJ )GPGTCN +PUWTCPEG $GTJCF *G
UGTXGF VJG #OCPCJ %CRKVCN )TQWR UKPEG KPKVKCNN[ UGTXKPI CU
VJG (KPCPEG /CPCIGT QH #OCPCJ /GTEJCPV $CPM $GTJCF #/$$
CPF OQXKPI QP VQYCTFU EQTRQTCVG DCPMKPI CPF UWDUGSWGPVN[ CU
VJG)GPGTCN/CPCIGTQH#/$$*KUVCUMUYJKNUVCV#/$$KPENWFG
OCTMGVKPICPFGXCNWCVKQPQHETGFKVHCEKNKVKGUOCPCIGOGPVQHCUUGVU
ſPCPEKCN CFXKUQT[ GSWKV[ TGUVTWEVWTKPI CPF RTQLGEV ſPCPEKPI *G
ICKPGF CWFKV CPF CEEQWPVKPI GZRGTKGPEG KP %QQRGTU .[DTCPF
)WVJTKG/CNC[UKC*QNFKPIU$JFCPF2GTPCU%QPUVTWEVKQP5FP$JF
RTKQT VQ LQKPKPI #/$$ &CVQŏ #DFWNNCJ UGTXGU CU C OGODGT QH VJG
#WFKV%QOOKVVGGQH2CUFGE*QNFKPIU$GTJCF
QVJGT
Dato’ Abdullah
Bin A. Rasol
11
12
2#5&'%#PPWCN4GRQTV
PROFILE OF PRESIDENT/CHIEF EXECUTIVE OFFICER
(CONTINUED)
/QJF-JCKTWFFKP*L#DFWN/CPCPC/CNC[UKCPCIGFYCUCRRQKPVGF
CU%JKGH'ZGEWVKXG1HſEGTQH2CUFGE*QNFKPIU$GTJCFQP/CTEJ
*G JQNFU C $# *QPU KP 5VTCVGIKE 'PXKTQPOGPVCN 2NCPPKPI
5VWFKGUHTQO.KXGTRQQN,QJP/QQTGU7PKXGTUKV['PINCPF
/QJF -JCKTWFFKP UVCTVGF JKU ECTGGT CU C (QTGECUVGT&GOQITCRJGT
CV$KPCHQP5FP$JFCHVGTITCFWCVKPIKPCPFYGPVQPVQICKP
GZRGTKGPEG CPF KP FGRVJ MPQYNGFIG KP VJG RTQRGTV[ FGXGNQROGPV
CPFEQPUVTWEVKQPKPFWUVT[YJKNGUGTXKPI4KOOCP+PVGTPCVKQPCN5FP
$JF *QWUGEQHH 5FP $JF CPF 2CPLK 6KOQT 5FP $JF CU 2TQLGEV
/CPCIGTCPF)GPGTCN/CPCIGT
*G XGPVWTGF KPVQ JKU QYP RTQRGTV[ FGXGNQROGPV CPF EQPUVTWEVKQP
DWUKPGUU KP CPF JCU WPFGTVCMGP RTQLGEVU KP 5GTGODCP -NCPI
8CNNG[2CJCPICPF-GFCJRTKQTVQLQKPKPI2CUFGE*QNFKPIU$GTJCF
CU%JKGH'ZGEWVKXG1HſEGT#OQPIVJGPQVCDNGRTQLGEVUWPFGTVCMGP
D[/QJF-JCKTWFFKPCTGVJG6GTOKPCN1PGCPF.KIJV+PFWUVTKCN2CTM
KP5GTGODCP9CVGT6TGCVOGPV2NCPVKP*CDW%COGTQP*KIJNCPFU
CPF.CPIMCYK*QURKVCNKP-WCJ.CPIMCYK
/QJF-JCKTWFFKPKUCNUQCOGODGTQHVJG/CNC[%QNNGIG1NF$Q[Uŏ
#UUQEKCVKQP QH VJG /CNC[ %QNNGIG -WCNC -CPIUCT CPF C EQOOKVVGG
OGODGTQHKVU0GIGTK5GODKNCPDTCPEJ
*G FQGU PQV JCXG CP[ HCOKN[ TGNCVKQPUJKR YKVJ CP[ FKTGEVQT CPFQT
OCLQTUJCTGJQNFGTPQTCP[EQPƀKEVQHKPVGTGUVYKVJ2CUFGE*QNFKPIU
$GTJCF*GJCUPQVDGGPEQPXKEVGFHQTCP[QHHGPEGU
QVJGTVJCPVTCHſE
QHHGPEGUYKVJKPVJGRCUV[GCTUCPFFQGUPQVJQNFCP[UJCTGUKP
2CUFGE*QNFKPIU$GTJCFQTKVUUWDUKFKCTKGU
Mohd Khairuddin
Bin Hj Abdul Manan
2#5&'%#PPWCN4GRQTV
TOP MANAGEMENT TEAM
Mohd Khairuddin Bin Hj Abdul Manan
Mohd Azman bin Sa’ad
5GPKQT8KEG2TGUKFGPV2TQRGTV[
%QORCP[5GETGVCT[
Shakerah Enayetali
Goh Song Han
5GPKQT8KEG2TGUKFGPV%QTRQTCVG4GUQWTEGU
13
14
2#5&'%#PPWCN4GRQTV
LETTER FROM CHAIRMAN
&GCT5JCTGJQNFGTU
1PDGJCNHQHVJG$QCTFQH&KTGEVQTU
+ CO RNGCUGF VQ RTGUGPV VJG #PPWCN
4GRQTV CPF (KPCPEKCN 5VCVGOGPVU QH
2CUFGE *QNFKPIU $GTJCF 2#5&'%
HQT VJG ſPCPEKCN [GCT GPFGF &GEGODGT
12'4#6+0)'08+410/'06
6JG [GCT UCY EQPVTCEVKQP QH VJG /CNC[UKCP GEQPQO[
D[KPVCPFGOYKVJVJGINQDCNGEQPQOKEETKUKU6JGHWNN
KORCEVQHVJGINQDCNGEQPQOKETGEGUUKQPYCUHGNVKPVJGſTUV
SWCTVGTYJGPVJGFQOGUVKEGEQPQO[EQPVTCEVGFD[
(QTVWPCVGN[ VJG )QTXGTPOGPVŏU UWRRQTVKXG CEVKQPU VJTQWIJ
CNNQECVKQP QH GEQPQOKE UVKOWNWU RCEMCIGU OQUVN[ HQT
KPHTCUVTWEVWTGRTQLGEVUJGNRGFOKVKICVGVJGKORCEVQHVJGINQDCN
EQPVTCEVKQPQPVJGFQOGUVKEGEQPQO[CPFUKIPUQHTGEQXGT[
YGTGUGGPKPVJGHQWTVJSWCTVGTQH
6JGQXGTCNNRGTHQTOCPEGQHVJG/CNC[UKCPRTQRGTV[OCTMGVKP
YCUCHHGEVGFD[VJGEJCNNGPIKPIſPCPEKCNCPFGEQPQOKE
GPXKTQPOGPV VJCV ECWUGF OCP[ FGXGNQRGTU VQ FGHGT CPF
UECNGFQYPVJGKTNCWPEJGUHQEWUKPIKPUVGCFQPENGCTKPIVJGKT
KPXGPVQT[
&#61ŏ54+*#,+#&0#0$+0;##-1$
%JCKTOCP
6JGTGUKFGPVKCNUGEVQTŏURGTHQTOCPEGYCUTGCNVKXGN[OKZGFKP
VJG[GCTWPFGTTGXKGY'XGPVJQWIJKPVJGſTUVSWCTVGTFGOCPF
HQT RTQRGTVKGU YGCMGPGF FWG VQ WPEGTVCKPV[ QXGT VJG EQWTUG
QH VJG GEQPQOKE TGEGUUKQP VJG UGEQPF SWCTVGT UJQYGF CP
WRYCTFVTGPFKPFGOCPFHQNNQYKPIPWOGTQWUOGCUWTGUUWEJ
CUNQYGTDQTTQYKPIEQUVUFWGVQTGFWEVKQPQHVJG1XGTPKIJV
2QNKE[4CVG
124D[VJG%GPVTCN$CPMVCZTGNKGHHQTJQWUKPI
NQCPKPVGTGUVRC[OGPVUCPFCVVTCEVKXGſPCPEKCNRCEMCIGU.QCP
CRRNKECVKQPUCPFCRRTQXCNUKPETGCUGFDGVYGGPVJGUGEQPFCPF
HQWTVJSWCTVGTQHYKVJUVTQPIGTITQYVJKPNQCPUHQTVJG
RWTEJCUGQHRTQRGTVKGURTKEGFCDQXG4/6JGRTQRGTV[
OCTMGV TGEQXGT[ YCU HWTVJGT CKFGF D[ KPPQXCVKXG RTKEKPI
CPF EQORGVKVKXG OQTVICIG UVTWEVWTGU QHHGTGF D[ RTQRGTV[
FGXGNQRGTUUWRRQTVGFD[UVTQPIOCTMGVKPIECORCKIPU
2#5&'%#PPWCN4GRQTV
(+0#0%+#.2'4(14/#0%'
+ YQWNF NKMG VQ CPPQWPEG VJCV VJG )TQWR RGTHQTOGF HCKTN[
YGNN KP VJG [GCT WPFGT TGXKGY FGURKVG VJG EJCNNGPIKPI OCTMGV
GPXKTQPOGPV6JG)TQWRTGEQTFGFTGXGPWGQH4/OKNNKQP
KP CP KPETGCUG HTQO VJG RTGXKQWU [GCTŏU TGXGPWG QH
4/OKNNKQP
*QYGXGTVJG)TQWRŏUCEJKGXGOGPVYCUCHHGEVGFYKVJCPGVNQUU
QH 4/ OKNNKQP CICKPUV VJG PGV RTQſV QH 4/ HTQO VJG
RTGXKQWU[GCT6JGNQUUYCUCVVTKDWVCDNGVQEGTVCKPRTQXKUKQPUHQT
FQWDVHWNFGDVKORCKTOGPVQHCUUGVUCPFNQUUCTKUKPIHTQOFKURQUCN
QHNCPF
.QUURGTUJCTGHQTYCUTGEQTFGFCVUGPEQORCTGFVQ
VJGRTGXKQWU[GCTŏUGCTPKPIURGTUJCTGQHUGP
%14214#6'&'8'.12/'06
# ,QKPV 8GPVWTG #ITGGOGPV YCU GZGEWVGF QP ,WN[ DGVYGGP VJG )TQWRŏU YJQNN[QYPGF UWDUKFKCT[ 2CUFGE
%QTRQTCVKQP 5FP $JF CPF -WORWNCP 2GTWDCVCP ,QJQT 5FP
$JFCYJQNN[QYPGFUWDUKFKCT[QH-2,*GCNVJECTG$GTJCF6JG
EQNNCDQTCVKQPXKCCLQKPVXGPVWTGEQORCP[RTQXKFGUVJGUVCTVKPI
RQKPVHTQOYJKEJYGYKNNFGXGNQREQORNGVGCPFVCMGQYPGTUJKR
QHCJQURKVCNDWKNFKPIQPCETGUQHUVTCVGIKENCPFCV6CPLWPI
.WORWT-WCPVCPQYPGFD[2CUFGE%QTRQTCVKQP5FP$JF6JG
HQTOCVKQP QH VJG LQKPV XGPVWTG EQORCP[ CPF VJG RNCPU HQT VJG
JQURKVCNCTGEWTTGPVN[DGKPIſPCNKUGF
2CUFGE%QTRQTCVKQP5FP$JFCNUQGPVGTGFKPVQC,QKPV8GPVWTG
#ITGGOGPVYKVJCFGXGNQRGTQP(GDTWCT[VQFGXGNQRVYQ
RKGEGUQHNCPFCV$CPFCT&COCPUCTC-WCPVCPKPVQCEQOOGTEKCN
EWOKPFWUVTKCNGUVCVG6JGFGXGNQROGPVKUEWTTGPVN[KPRTQITGUU
4CKPDQY'ZEJCPIGCDNG$QPFU
4'$UEQPVKPWGFVQDGTGFGGOGF
YKVJ 4/ OKNNKQP PQOKPCN COQWPV QH 4'$U WPFGT 5GTKGU TGFGGOGFFWTKPIVJG[GCTWPFGTTGXKGY5WDUGSWGPVN[CHWTVJGT
4/OKNNKQP4'$UQH5GTKGUYGTGTGFGGOGFKP,CPWCT[
6QFCVGVJGGPVKTG4/OKNNKQPPQOKPCNCOQWPVQH4'$UWPFGT
5GTKGUCPF4/OKNNKQPHTQO4/OKNNKQPPQOKPCNCOQWPV
QH4'$UWPFGT5GTKGUJCXGDGGPTGFGGOGF
4'8+'91(12'4#6+105
;GCT UCY VJG )TQWR UVTGCONKPKPI KVU HQEWU KP RTQRGTV[
FGXGNQROGPV VQ ECRKVCNK\G QP KVU EQTG ECRCDKNKVKGU YJKNUV
EQPVKPWKPI KVU EQPUKFGTCDNG RTGUGPEG KP VJG OCPWHCEVWTKPI
VTCFKPIEQPUVTWEVKQPCPFRTQRGTV[OCPCIGOGPVUGEVQTU
15
(CONTINUED)
# VQVCN QH TGUKFGPVKCN CPF EQOOGTEKCN WPKVU YKVJ )TQUU
&GXGNQROGPV 8CNWG )&8 QH 4/ OKNNKQP YGTG NCWPEJGF
KP VJG [GCT WPFGT TGXKGY 6JG )TQWR IGPGTCVGF VWTPQXGT QH
4/OKNNKQPHTQOVJGUCNGQHWPKVUQHRTQRGTVKGUYKVJKP
KVU QPIQKPI FGXGNQROGPV RTQLGEVU KP -WCPVCP 4QORKP 4CWD
CPF,GTCPVWVFWTKPIVJG[GCTYJGTGKPUQOG4/OKNNKQPYQTVJ
QH UCNGU YGTG ECRVWTGF FWTKPI 2#5&'% 5CNGU %CTPKXCN KP ,WN[
CV -WCPVCPŏU $GTLC[C /GICOCNN 6JG [GCT CNUQ YKVPGUUGF
JCPFQXGTQHMG[UVQRWTEJCUGTUQHQWTEQORNGVGFRJCUGUQH
2CUFGE&COCPUCTCCPF4QORKP2GTOCKRTQLGEVU
9JKNGVJG)TQWRŏUƀCIUJKRTGUKFGPVKCNRTQLGEVUCV$CPFCT2WVTC
2CUFGE &COCPUCTC CPF $CNWM 2GTFCPC EQPVKPWGF VQ ƀQWTKUJ
VJG NCWPEJ QH 2WVTC $WUKPGUU %GPVTG C EQOOGTEKCN JWD YKVJKP
$CPFCT2WVTCVQYPUJKRKP,WPGOCTMGFCHWTVJGTRTQITGUU
6JG EQOOGTEKCN CPF DWUKPGUU EGPVTG YKVJ C VQVCN QH WPKVU
KUCFXCPEKPIYGNNKPRTQITGUUCPFKPUCNGU6JG-WCPVCP2GMCP
2CPVCK5GRCVFQWDNGECTTKCIGYC[YJKEJQRGPGFKP1EVQDGT
UGTXGU CU C ECVCN[UV VQ GPJCPEG VJG FGXGNQROGPV CEVKXKVKGU QH
$CPFCT2WVTCVQYPUJKR
1WT2WVTC5SWCTGLQKPVXGPVWTGEQOOGTEKCNRTQLGEVKPVJGJGCTVQH
-WCPVCPTGEGKXGFCPGPFQTUGOGPVHQTKVU+PHQTOCVKQP6GEJPQNQI[
KPKVKCVKXGUYJGPVJG2TKOG/KPKUVGTQHſEKCNN[NCWPEJGFVJG+%6
*WDVJGTGKP,WN[
16
2#5&'%#PPWCN4GRQTV
%14214#6'51%+#.4'52105+$+.+6;
6JG)TQWRKUEQOOKVVGFVQGPJCPEKPIUJCTGJQNFGTXCNWGKPCP
GVJKECN CPF UQEKCNN[ TGURQPUKDNG OCPPGT D[ EQPUKFGTKPI VJG
KPVGTGUVUQHCNNQWTUVCMGJQNFGTUKPENWFKPIKPXGUVQTUGORNQ[GGU
EWUVQOGTU CPF NQECN EQOOWPKVKGU #V 2#5&'% VJGTG KU CP
WPFGTN[KPI DGNKGH CPF NQPI UVCPFKPI EQOOKVOGPV VQ IQQF
EQTRQTCVGEKVK\GPUJKRDCUGFWRQPVJGDGNKGHVJCVDWUKPGUUECPDG
DQVJRTQſVCDNGCPFTGURQPUKDNG
1WT2GQRNG
6JG )TQWR UVTKXGF VQYCTFU KPETGCUKPI LQD UCVKUHCEVKQP D[
GPJCPEKPI GORNQ[GG DGPGſVU CU RCTV QH KVU %QTRQTCVG
5QEKCN 4GURQPUKDKNKV[ RWUJ )TQWR YKFG EQOOWPKECVKQP YCU
GORJCUK\GF D[ VJG UQNKFKſECVKQP QH KPVGTPCN TGNCVKQPU VJTQWIJ
EQQRGTCVKXG EQOOWPKECVKQP CPF HTGSWGPV OCPCIGOGPVUVCHH
UGUUKQPUCPFFKCNQIWGU
#UWTXG[WPFGTVCMGPFWTKPIVJG[GCTUJQYGFVJCVLQDUCVKUHCEVKQP
YKVJKPVJG)TQWRTQUGRQUKVKXGN[HTQOVJGNGXGNUQHVJGRTGXKQWU
[GCTU6JKUCEJKGXGOGPVURQMGQHQWTEQOOKVOGPVKPFGXGNQRKPI
QPGQHQWTDWKNFKPIDNQEMUQWTJWOCPECRKVCNVJCVTGKPHQTEGUVJG
HQWPFCVKQPQHVJG)TQWR
# PGY 1TICPK\CVKQP 5VTWEVWTG YCU KORNGOGPVGF KP 1EVQDGT
VQGPJCPEGVJGTGRQTVKPINKPGUVJCVKORCEVVJGFGNKXGT[QH
TGUWNVUHTQOVJGDWUKPGUUCPFQRGTCVKQPKPKVKCVKXGU
9G DGNKGXG VJCV D[ GORQYGTKPI JKIJN[SWCNKſGF CPF UMKNNGF
GORNQ[GGU KP VJGKT MG[ RQUKVKQPU UWRRNGOGPVGF D[ KPUKIJVHWN
UWEEGUUKQP RNCPPKPI CU YGNN CU EQPVKPWCN VTCKPKPI VQ JQPG VJG
UMKNNUQHQWTJWOCPECRKVCNVJG)TQWRECPCEJKGXGDGVVGTJGKIJVU
HQTOWVWCNDGPGſVU
(CONTINUED)
6JG%QOOWPKV[CPF'PXKTQPOGPV
6JG )TQWR ECTGU HQT GPXKTQPOGPVCN EQPEGTPU KP KVU
GPFGCXQWTUYKVJKPRTQRGTV[FGXGNQROGPVHQTYGWPFGTUVCPF
VJCVCUCTGURQPUKDNGFGXGNQRGTYGJCXGCTQNGVQRNC[KPVJG
RTGUGTXCVKQPQHVJGGPXKTQPOGPVCPFEQOOWPKV[
1WT GPXKTQPOGPVCN TGURQPUKDKNKVKGU FQ PQV UVQR CV DWKNFKPI
ITGGP CTGCU CU YG CNUQ EQPUKFGT UCHG CPF UGEWTG NKXKPI
GPXKTQPOGPV CU PQPPGIQVKCDNG RCTVU QH VJG GSWCVKQP 9G
EQPVKPWGQWTEQOOWPCNTGURQPUKDKNKV[VQVJGTGUKFGPVUQHVJG
RTQLGEVUVJCVYGJCXGFGXGNQRGFD[DGKPIOKPFHWNQHVJGKT
EQPEGTPU
9G EQPVTKDWVGF VQ VJG UQEKGV[ KP OCP[ YC[U VJTQWIJQWV
VJG [GCT WPFGT TGXKGY C EQOOWPKV[ RTQITCOOG LQKPVN[
QTICPK\GFYKVJQWTOCLQTUJCTGJQNFGT2GTDCFCPCP-GOCLWCP
0GIGTK2CJCPI
2-02HQTVJG#YCN/WJCTTCOEGNGDTCVKQP
FQPCVKQPQHUEJQQNUWRRNKGUVQRQQTCPFPGGF[UVWFGPVUCPF
C $NQQF &QPCVKQP &TKXG JGNF FWTKPI VJG 2#5&'% 5CNGU
%CTPKXCN
#U RCTV QH QWT GHHQTVU VQ EQPVTKDWVG VQYCTFU GFWECVKQPCN
FGXGNQROGPVVJG)TQWRRNC[GFCMG[TQNGKPVJG/QVKXCVKQPCN
%NKPKEUHQTUVWFGPVUUKVVKPIHQTVJGKT7LKCP2GPKNCKCP5GMQNCJ
4GPFCJGZCOUQTICPK\GFD[2'4-+/6GOGTNQJ
.11-+0)#*'#&
# ITQYVJ QH VQ KU RTQLGEVGF HQT VJG /CNC[UKCP
GEQPQO[ KP VJG [GCT UWRRQTVGF D[ UVTQPI FQOGUVKE
FGOCPFCPFKORTQXKPIGZVGTPCNGPXKTQPOGPV6JGGEQPQO[
KUGZRGEVGFVQDGFTKXGPD[ITGCVGTRTKXCVGUGEVQTCEVKXKVKGU
CPFTQDWUVGZVGTPCNFGOCPFHTQOTGIKQPCNEQWPVTKGU
2#5&'%#PPWCN4GRQTV
17
(CONTINUED)
6JG EQWPVT[ŏU ſTUV 5RGEKCN 'EQPQOKE <QPG 5'< KPVTQFWEGF
KP #WIWUV YKVJKP VJG 'CUV %QCUV 'EQPQOKE 4GIKQP
'%'4 UVTGVEJKPI HTQO -GTVKJ %JWMCK -WCPVCP 2QTV %KV[
-WCPVCP)CODCPIVQ2GMCPKUUGVVQCEEGNGTCVGVJGITQYVJCPF
FGXGNQROGPVQHVJGGEQPQO[6JG5'<YJKEJHQEWUGUQPJKIJ
VGEJPQNQI[MPQYNGFIGDCUGFCEVKXKVKGUCPFVJGUGTXKEGUUGEVQT
QHHGTUOCP[URGEKCNKPEGPVKXGUCPFCKOUVQIGPGTCVGKPXGUVOGPVU
YQTVJ4/DKNNKQPCPFETGCVGLQDUD[
6JG RTQRGTV[ UGEVQT VJG RTKOCT[ HQEWU QH VJG )TQWR NQQMU
RTQOKUKPIYKVJEQPUWOGTFGOCPFRTGFKEVGFVQKPETGCUGKPXKGY
QH HCXQTCDNG OGCUWTGU VJCV KPENWFG VJG CRRTQXGF WVKNKUCVKQP
QH 'ORNQ[GG 2TQXKFGPV (WPF UCXKPIU HQT JQOG RWTEJCUGU
HCXQWTCDNG KPVGTGUV TCVGU KPETGCUGF CEEGUU VQ ſPCPEKPI CPF C
ITQYKPIRQRWNCVKQPQH[QWPIGTDW[GTU
*QYGXGT YG CTG CYCTG VJCV VJG TGKPUVCVGOGPV QH VJG 4GCN
2TQRGTV[ )CKPU 6CZ CPF EJCNNGPIGU KP VJG HQTO QH )QQFU CPF
5GTXKEGU6CZCPFWPCPVKEKRCVGFTKUGKPTCYOCVGTKCNRTKEGUOC[
KORCEVVJGRTQRGTV[OCTMGVCEVKXKV[
6JG )TQWR YKNN GODCTM QP PGEGUUCT[ RTQOQVKQPCN CEVKXKVKGU VQ
OCTMGVKVUITQYKPIOKZQHFGXGNQROGPVRTQLGEVUCPFGZRGEVUVQ
NCWPEJPWOGTQWUWPKVUQHEQOOGTEKCNCPFTGUKFGPVKCNRTQRGTVKGU
YQTVJ OQTG VJCP 4/ OKNNKQP KP CETQUU $CPFCT 2WVTC
2CUFGE &COCPUCTC $CPFCT $CNWM 2GTFCPC CPF QVJGT RTKOG
NQECVKQPU KP-WCPVCP CPF 6GOGTNQJ DGUKFGU EQPVKPWKPI YKVJ KVU
EWTTGPVFGXGNQROGPVU
#%-019.'&)'/'06
1PDGJCNHQHVJG$QCTFQH&KTGEVQTU+YKUJVQGZRTGUUO[OQUV
UKPEGTG ITCVKVWFG VQ QWT EWUVQOGTU UJCTGJQNFGTU DWUKPGUU
RCTVPGTUCPFIQXGTPOGPVCWVJQTKVKGUHQTVJGKTWPYCXGTKPIUWRRQTV
CPFVTWUVKPVJG)TQWR
+OWUVVJCPMVJG5VCVG':%1OGODGTUCPFVJG5VCVG)QXGTPOGPV
QH 2CJCPI HQT VJGKT WPEQORTQOKUKPI CPF EQPUVCPV UWRRQTV QH
2#5&'%
1WT HQEWU YKNN TGOCKP QP FGXGNQRKPI CHHQTFCDNG OKFTCPIG
RTKEGFNKPMJQWUGUCPFUGOKFGVCEJGFJQWUGUQHXCTKQWUFGUKIPU
4GEQIPK\KPIVJGPGGFVQECVGTHQTVJGCHƀWGPVOCTMGVYGJCXG
VJGDWPICNQYUCV#UVCPC8KNNCDQWVKSWGNKPMCPFUWRGTXKNNCUCV
8KNNC"2GNKPFWPICPFGZENWUKXGEQPFQOKPKWOUCV%QPFQ8KNNC
KPQWTRCNGVVGQHQHHGTKPIU
+ YQWNF NKMG VQ GZVGPF O[ FGGRGUV CRRTGEKCVKQP VQ O[ HGNNQY
&KTGEVQTUHQTVJGKTKPXCNWCDNGXKGYUKPUKIJVUCPFTGUQNWVGUWRRQTV
5RGEKCNVJCPMUIQVQ&CVQŏ/CLKFDKP/QJCOCFYJQTGUKIPGFKP
#RTKNCHVGTUGTXKPIVJGDQCTFHQTPGCTN[UGXGP[GCTU
9GGZRGEVVQTGEGKXGQWTUJCTGQHRTQſVHTQOVJG2WVTC5SWCTG
FGXGNQROGPVYJGPVJGEWTTGPVRJCUGQHUJQRNQVUQHſEGVQYGT
CPFJQVGNKUEQORNGVGFKPVJGHQWTVJSWCTVGTQH
(KPCNN[VQCNNUVCHH+VJCPM[QWHQT[QWTVKTGNGUUEQOOKVOGPVCPF
FGFKECVKQP 6JTQWIJ EJCNNGPIKPI CPF VGPVCVKXG VKOGU [QW CTG
VJGDCEMDQPGQHVJG)TQWRCPFYKVJEQNNGEVKXG GHHQTVUYGECP
IWCTCPVGGQWTHWVWTGUWEEGUUCPFGZEGNNGPEG
9G UCNWVG VJG )QXGTPOGPVŏU GHHQTV KP GPEQWTCIKPI OQTG ITGGP
JQOGUYKVJVJG)TGGP$WKNFKPI+PFGZ%GTVKſECVGVCZKPEGPVKXG9G
RNCPVQKPEQTRQTCVGGEQHTKGPFN[HGCVWTGUCPFITGGPEQPUVTWEVKQP
VGEJPQNQI[KPQWTFGXGNQROGPVVQKPETGCUGVJGSWCNKV[QHJQOGU
CPFNKHGUV[NGQHQWTRWTEJCUGTU
/QXKPIHQTYCTFVJG)TQWRKUEQPſFGPVQHHQTOKPIPGYXGPVWTGU
VJCV YKNN NGXGTCIG QP VJG EQORGVKVKXG CFXCPVCIG QH VJG UVCVG QH
2CJCPIYJGTGKPHTCUVTWEVWTGFGXGNQROGPVQRRQTVWPKVKGUCUYGNN
CUUVTCVGIKENCPFDCPMCTGCXCKNCDNGYKVJUWRRQTVHTQOVJG5VCVG
)QXGTPOGPV+PNKPGYKVJQWTUVTCVGIKERNCPYGCEVKXGN[UGGM
HQT FGXGNQROGPV QRRQTVWPKVKGU CPF PGY DWUKPGUU CESWKUKVKQPU
DG[QPFVJGUVCVGCPFPCVKQPCNDQTFGTUVJCVYKNNRQUKVKXGN[KORCEV
VJGITQYVJQHVJG)TQWR
6JCPM;QW
&#61ŏ54+*#,+#&0#0$+0*#,+;##-1$
%JCKTOCP
18
2#5&'%#PPWCN4GRQTV
%TGCVKPI
'PFWTKPI
8CNWG
2#5&'%#PPWCN4GRQTV
19
CORPORATE GOVERNANCE STATEMENT
6JG$QCTFQH&KTGEVQTUQH2CUFGE*QNFKPIU$GTJCFTGEQIPK\GUVJGKORQTVCPEGQHIQQF
EQTRQTCVGIQXGTPCPEGVQVJGUWEEGUUQHVJG)TQWR6JG$QCTFEQPUKUVGPVN[UVTKXGUVQ
GPUWTGJKIJUVCPFCTFQHEQTRQTCVGIQXGTPCPEGKUDGKPIRTCEVKEGFVJTQWIJQWVVJG)TQWR
KPGPUWTKPIEQPVKPWCNCPFUWUVCKPCDNGITQYVJHQTVJGKPVGTGUVUQHCNNUVCMGJQNFGTU
%QTRQTCVG)QXGTPCPEGKP2CUFGE*QNFKPIU$GTJCFCFJGTGUVQVJGRTKPEKRNGUCPFDGUVRTCEVKEGUQHEQTRQTCVGIQXGTPCPEGCURTGUETKDGF
KPVJG/CNC[UKCP%QFGQH%QTRQTCVG)QXGTPCPEG4GXKUGF
VJG%QFG6JG$QCTFKURNGCUGFVQRTQXKFGVJGHQNNQYKPIUVCVGOGPVU
YJKEJQWVNKPGUJQYVJGITQWRJCUCRRNKGFVJGRTKPEKRNGNCKFFQYPKPVJG%QFGFWTKPIVJGſPCPEKCNGPFGF&GEGODGT
6*'$1#4&1(&+4'%6145
%QORQUKVKQPQHVJG$QCTF
6JG$QCTFEWTTGPVN[JCUGKIJV
OGODGTUEQORTKUKPIQHC0QP'ZGEWVKXG%JCKTOCPC0QP'ZGEWVKXG&GRWV[%JCKTOCPVJTGG
+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQTUCPFVJTGG
0QP+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQTU
6JG$QCTFŏUEQORQUKVKQPTGRTGUGPVUCOKZQHMPQYNGFIGUMKNNUCPFGZRGTVKUGTGNGXCPVVQVJG%QORCP[ŏUQRGTCVKQPUVQRTQXKFGUVTQPI
CPFGHHGEVKXGNGCFGTUJKRCPFEQPVTQNQHVJG)TQWR6JGRTQſNGQHGCEJ&KTGEVQTKUUGVQWVQPRCIGUVQQHVJKU#PPWCN4GRQTV
6JG0QP'ZGEWVKXG&KTGEVQTUCNNQHYJQOCTGTGURGEVGFDWUKPGUUNGCFGTUKPVJGKTQYPTKIJVRNC[CPKORQTVCPVTQNGKPVJG$QCTFŏU
FGEKUKQPUCPFRTQXKFGWPDKCUGFCPFKPFGRGPFGPVXKGYUCFXKEGCPFLWFIOGPVKPVJGFGEKUKQPOCMKPIRTQEGUU
6JGTQNGUQHVJG%JCKTOCPCPFVJG%JKGH'ZGEWVKXG1HſEGTCTGFKUVKPEVCPFGCEJJCUENGCTN[FGſPGFTGURQPUKDKNKVKGUVQGPUWTGCDCNCPEG
QHRQYGTCPFCWVJQTKV[6JG%JCKTOCPKURTKOCTKN[TGURQPUKDNGHQTGPUWTKPIQTFGTN[EQPFWEVCPFGHHGEVKXGPGUUQHVJG$QCTFYJKNUVVJG
%JKGH'ZGEWVKXG1HſEGTJCUVJGRTKPEKRCNTGURQPUKDKNKV[QHTGRQTVKPIENCTKH[KPICPFEQOOWPKECVKPIOCVVGTUTGNCVKPIVQVJGFC[VQFC[
QRGTCVKQPUQHVJG%QORCP[VQVJG$QCTF
$QCTF4GURQPUKDKNKV[
6JG$QCTFKUTGURQPUKDNGHQTQXGTCNNRGTHQTOCPEGQHVJG%QORCP[CPFVJG)TQWR
+PFKUEJCTIKPIVJGKTFWVKGUVJG$QCTFRGTHQTOUVJGHQNNQYKPIMG[FWVKGUCPFTGURQPUKDKNKVKGU
K
KK
KKK
KX
X
GPUWTGVJGHQTOWNCVKQPQHUVTCVGIKERNCPCPFUVTCVGIKEFKTGEVKQPQHVJG)TQWR
CRRTQXGVJG)TQWRŏUCPPWCNDWUKPGUURNCPCPFCPPWCNDWFIGV
EQPVKPWQWUN[ TGXKGY VJG )TQWRŏU DWUKPGUU QRGTCVKQPU CPF OQPKVQTKPI QH )TQWRŏU RGTHQTOCPEG CICKPUV VJG DWUKPGUU RNCP CPF
DWFIGV
CRRTQXGOCLQTDWUKPGUUVTCPUCEVKQPUCPF
KORNGOGPVCPFTGXKGYVJGCRRTQRTKCVGRTQEGUUGUCPFKPVGTPCNEQPVTQNUVQOCPCIGDWUKPGUUTKUMU
)GPGTCNN[VJG$QCTFKUTGURQPUKDNGVQGPUWTGVJCVVJG)TQWRKUDGKPIOCPCIGFCPFEQPFWEVGFKPCEEQTFCPEGYKVJJKIJUVCPFCTFUQH
CEEQWPVCDKNKV[CPFVTCPURCTGPE[
20
2#5&'%#PPWCN4GRQTV
(CONTINUED)
$QCTF/GGVKPIU
6JG$QCTFOGGVUCVNGCUVſXG
VKOGUC[GCT#FFKVKQPCNOGGVKPIUCTGEQPXGPGFYJGPPGEGUUCT[&WTKPIVJGſPCPEKCN[GCTGPFGF
&GEGODGTUGXGP
$QCTFOGGVKPIUYGTGJGNFCPFVJGCVVGPFCPEGQHGCEJ&KTGEVQTCPFVJG2TGUKFGPV%JKGH'ZGEWVKXG1HſEGT
CVVJG$QCTFOGGVKPIUKUCUHQNNQYU
&KTGEVQT &CVQŏ5TK*CLK#FPCPDKP*CLK;CCMQD
&CVQŏ/CLKFDKP/QJCOGF
&CVQŏ/QJCOGF#OKPDKP*CLK&CWF
/QJF-JCKTWFFKP*L#DFWN/CPCP
%JKGH'ZGEWVKXG1HſEGT
0QQH/GGVKPIU#VVGPFGF
0QVG
4GUKIPGFQP
#RRQKPVGFQP
5WRRN[QH+PHQTOCVKQP
6JGCIGPFCCPF$QCTFRCRGTUCTGFKUVTKDWVGFYGNNKPCFXCPEGQHGCEJ$QCTFOGGVKPIVQGPCDNGVJG&KTGEVQTUVQHWNN[EQPUKFGTCPF
CRRTGEKCVGVJGOCVVGTUCTKUKPIHQTFKUEWUUKQPCPFVQUGGMCFFKVKQPCNKPHQTOCVKQPQHVJGUCOGKHPGEGUUCT[6JG%JKGH'ZGEWVKXG1HſEGT
CVVGPFUVJG$QCTFOGGVKPIUCPFUGPKQTOCPCIGOGPVUVCHHOC[CNUQDGKPXKVGFVQRCTVKEKRCVGCVVJG$QCTFOGGVKPIUVQRTQXKFGVJG$QCTF
YKVJFGVCKNGFGZRNCPCVKQPUCPFENCTKſECVKQPUQPKUUWGUVJCVCTGDGKPIFGNKDGTCVGF
#NNVJG&KTGEVQTUJCXGCEEGUUVQVJGCFXKEGCPFUGTXKEGUQHVJG%QORCP[5GETGVCT[CPFVJGUGPKQTOCPCIGOGPVUVCHHKPVJG)TQWR6JG
&KTGEVQTUOC[CNUQUGGMKPFGRGPFGPVRTQHGUUKQPCNCFXKEGYJGTGPGEGUUCT[KPVJGHWTVJGTCPEGQHVJGKTFWVKGUCVVJG)TQWRŏUGZRGPUG
$QCTF%QOOKVVGGU
6JG$QCTFJCUFGNGICVGFURGEKſETGURQPUKDKNKVKGUVQQVJGT$QCTFEQOOKVVGGUYJKEJQRGTCVGYKVJENGCTN[FGſPGFVGTOUQHTGHGTGPEG
C
#WFKV%QOOKVVGG
6JG#WFKV%QOOKVVGGTGRQTVFGVCKNKPIKVUOGODGTUJKRKVUVGTOUQHTGHGTGPEGCPFCEVKXKVKGUFWTKPIVJG[GCTKUUGVQWVKPRCIGU
VQQHVJKU#PPWCN4GRQTV
D
0QOKPCVKQP%QOOKVVGG
6JG PQOKPCVKQP EQOOKVVGG EQORTKUGU QH VYQ +PFGRGPFGPV 0QP'ZGEWVKXG &KTGEVQTU CPF QPG 0QP+PFGRGPFGPV 0QP
'ZGEWVKXG&KTGEVQTVJGOCLQTKV[QHYJQOCTGKPFGRGPFGPV
%JCKTOCPŌ5GPKQT+PFGRGPFGPV0QP'ZGEWVKXG
+PFGRGPFGPV0QP'ZGEWVKXG
0QP+PFGRGPFGPV0QP'ZGEWVKXG
2#5&'%#PPWCN4GRQTV
21
(CONTINUED)
6JG%QOOKVVGGKURTKOCTKN[TGURQPUKDNGHQTVJGHQNNQYKPI
K
KK
KKK
VQTGXKGYCPFTGEQOOGPFPGYECPFKFCVGUHQTCRRQKPVOGPVVQVJG$QCTF
VQTGXKGYCPFTGEQOOGPFCRRQKPVOGPVUVQEQOOKVVGGUQHVJG$QCTFCPF
VQ CUUKUV VJG $QCTF KP TGXKGYKPI QP CP CPPWCN DCUKU VJG TGSWKTGF OKZ QH UMKNNU CPF GZRGTKGPEG QH VJG &KTGEVQTU QH VJG
%QORCP[
E
4GOWPGTCVKQP%QOOKVVGG
6JG4GOWPGTCVKQP%QOOKVVGGEQORTKUGUQHHQWT
0QP'ZGEWVKXG&KTGEVQTUQPGQHYJQOKUKPFGRGPFGPV
%JCKTOCPŌ0QP+PFGRGPFGPV0QP'ZGEWVKXG
5GPKQT+PFGRGPFGPV0QP'ZGEWVKXG
F
1VJGT%QOOKVVGG
+PCFFKVKQPVQVJGCHQTGOGPVKQPGFEQOOKVVGGUVJG$QCTFJCUCNUQGUVCDNKUJGFC6GPFGT%QOOKVVGGVQGPUWTGEQPVTQNQXGTCYCTF
QHEQPVTCEVUCPFCP'ZGEWVKXG%QOOKVVGGVQEQPVTQNHWPEVKQPUQHKPXGUVOGPVCPFEGTVCKPNGXGNUQHQRGTCVKQPQHVJG)TQWR
6JG%QOOKVVGGKURTKOCTKN[TGURQPUKDNGHQTOCMKPITGEQOOGPFCVKQPVQVJG$QCTFQPCNNGNGOGPVUQHTGOWPGTCVKQPCPFVGTOUQH
GORNQ[OGPVQHVJG'ZGEWVKXG&KTGEVQTCPF%JKGH'ZGEWVKXG1HſEGTFTCYKPIHTQOQWVUKFGCFXKEGKHPGEGUUCT[
4GGNGEVKQPQH&KTGEVQTU
+PCEEQTFCPEGYKVJVJG%QORCP[ŏU#TVKENGUQH#UUQEKCVKQPCNN&KTGEVQTUYJQCTGCRRQKPVGFD[VJG$QCTFFWTKPIVJG[GCTCTGUWDLGEVVQ
TGGNGEVKQPD[UJCTGJQNFGTUCVVJG#PPWCN)GPGTCN/GGVKPIJGNFHQNNQYKPIVJGKTCRRQKPVOGPV
6JG%QORCP[ŏU#TVKENGUQH#UUQEKCVKQPCNUQRTQXKFGVJCVCVNGCUVQPGVJKTF
QHVJG&KTGEVQTUKPENWFKPIVJG/CPCIKPI&KTGEVQTUJCNN
TGVKTGHTQOQHſEGCVGCEJ#PPWCN)GPGTCN/GGVKPI#NN&KTGEVQTUUJCNNTGVKTGHTQOQHſEGQPEGCVNGCUVKPGXGT[VJTGG
[GCTUDWVUJCNN
DGGNKIKDNGHQTTGGNGEVKQP
&KTGEVQTUŏ6TCKPKPI
#NNVJG&KTGEVQTUJCXGCVVGPFGFVJG/CPFCVQT[#EETGFKVCVKQP2TQITCOOGEQPFWEVGFD[$WTUC/CNC[UKC5GEWTKVKGU$GTJCF6JG&KTGEVQTU
CTGGPEQWTCIGFVQCVVGPFUGOKPCTUHQTWOUVTCKPKPIRTQITCOOGUCPFEQPHGTGPEGUKPQTFGTVQGPJCPEGVJGKTUMKNNUCPFMPQYNGFIGCPF
VQMGGRCDTGCUVYKVJVJGTGNGXCPVEJCPIGUKPNCYTGIWNCVKQPUCPFVJGDWUKPGUUGPXKTQPOGPVVQGPCDNGVJGOVQFKUEJCTIGVJGKTTQNGUCPF
TGURQPUKDKNKVKGUGHHGEVKXGN[
&WTKPIVJGſPCPEKCN[GCTVJGFKTGEVQTUCVVGPFGFXCTKQWUUGOKPCTUEQPHGTGPEGUCPFVTCKPKPIRTQITCOOGUQTICPK\GFD[XCTKQWUCIGPEKGU
EQXGTKPICTGCUVJCVKPENWFGFEQTRQTCVGIQXGTPCPEGTGIWNCVQT[WRFCVGUKPFWUVT[WRFCVGUCPFDWUKPGUUFGXGNQROGPVUKPENWFKPICOQPI
QVJGTUVJGHQNNQYKPI
$WKNFKPICPF/CKPVCKPKPICP'HHGEVKXG$QCTFQH&KTGEVQTU
4GIWNCVQTUŏ)WKFGQP6TCPUCEVKQPD[&KTGEVQTUCPF2TCEVKECN+UUWGUCPF5QNWVKQPCPF
5RGEKCN#WFKV%QOOKVVGG(QTWO$QCTFTQQO#IGPFC(QT&KTGEVQT%'1
22
2#5&'%#PPWCN4GRQTV
(CONTINUED)
&+4'%6145ŏ4'/70'4#6+10
4GOWPGTCVKQP QH VJG 'ZGEWVKXG &KTGEVQT KU TGEQOOGPFGF D[ VJG 4GOWPGTCVKQP %QOOKVVGG VQ VJG $QCTF CPF KU UVTWEVWTGF VQ NKPM
TGYCTFUVQEQTRQTCVGCPFKPFKXKFWCNRGTHQTOCPEG
6JG$QCTFCUCYJQNGFGEKFGUQPVJGTGOWPGTCVKQPQH0QP'ZGEWVKXG&KTGEVQTUYKVJVJGKPFKXKFWCN&KTGEVQTEQPEGTPGFCDUVCKPKPI
HTQOFKUEWUUKQPQHJKUQYPTGOWPGTCVKQP&KTGEVQTUŏHGGUCTGRCKFVQVJG&KTGEVQTUYKVJCRRTQXCND[VJGUJCTGJQNFGTUCVVJG#PPWCN
)GPGTCN/GGVKPI
6JGCIITGICVGTGOWPGTCVKQPQH&KTGEVQTUQHVJG%QORCP[HQTVJGſPCPEKCN[GCTGPFGF&GEGODGTECVGIQTKUGFD[EQORQPGPVU
CPFTCPIGQHTGOWPGTCVKQPECPDGHQWPFKP0QVG
2CIGCPFQH0QVGUVQVJG(KPCPEKCN5VCVGOGPVUKPVJKU#PPWCN4GRQTV
5*#4'*1.&'45
4GNCVKQPUYKVJ5JCTGJQNFGTUCPF+PXGUVQTU
6JG$QCTFTGEQIPKUGUVJGKORQTVCPEGQHVTCPURCTGPE[CPFCEEQWPVCDKNKV[VQKVUUJCTGJQNFGTUCPFEQOOWPKECVGUYKVJKVUUJCTGJQNFGTU
CPFUVCMGJQNFGTUTGIWNCTN[VJTQWIJVKOGN[TGNGCUGQHſPCPEKCNTGUWNVUQPCSWCTVGTN[DCUKURTGUUTGNGCUGUCPFCPPQWPEGOGPVUYJKEJ
RTQXKFGUJCTGJQNFGTUYKVJCPQXGTXKGYQHVJG)TQWRŏURGTHQTOCPEGQRGTCVKQPUCPFOCLQTFGXGNQROGPVU
6JG#PPWCN)GPGTCN/GGVKPIUGTXGUCUVJGRTKOCT[EJCPPGNHQTEQOOWPKECVKPIYKVJUJCTGJQNFGTU5JCTGJQNFGTUYJQCTGWPCDNGVQ
CVVGPFCTGCNNQYGFVQCRRQKPVRTQZKGUVQCVVGPFCPFXQVGQPVJGKTDGJCNH6JG%JCKTOCPCPFVJG$QCTFYKNNTGURQPFVQVJGSWGUVKQPU
TCKUGFD[VJGUJCTGJQNFGTUFWTKPIVJG#PPWCN)GPGTCN/GGVKPI
5JCTGJQNFGTUCPFVJGIGPGTCNRWDNKEOC[QDVCKPWRVQFCVGKPHQTOCVKQPTGNCVKPIVQVJGXCTKQWUCEVKXKVKGUQHVJG)TQWRD[CUUGUUKPIKVU
YGDUKVGCVYYYRCUFGEEQOO[6JG)TQWRŏURTGUUTGNGCUGUCPFNCVGUVſPCPEKCNCPFPQPſPCPEKCNCPPQWPEGOGPVUECPCNUQDGHQWPF
KPVJKUYGDUKVG
#%%1706#$+.+6;#0&#7&+6
(KPCPEKCN4GRQTVKPI
+PRTGUGPVKPIVJGCPPWCNſPCPEKCNUVCVGOGPVUCPFSWCTVGTN[CPPQWPEGOGPVVQVJGUJCTGJQNFGTUVJG$QCTFKUEQOOKVVGFVQRTGUGPVKPI
C DCNCPEGF CPF HCKT CUUGUUOGPV QH VJG )TQWRŏU ſPCPEKCN RQUKVKQP RGTHQTOCPEG CPF RTQURGEVU YJKNG EQORN[KPI YKVJ CNN CRRNKECDNG
TGIWNCVKQPUCPFCEEQWPVKPIUVCPFCTFU6QVJKUGPFVJG#WFKV%QOOKVVGGCUUKUVUVJG$QCTFKPFKUEJCTIKPIKVUſFWEKCT[FWVKGUTGNCVKPIVQ
EQTRQTCVGCEEQWPVCDKNKV[CPFTGRQTVKPIRTCEVKEGUQHVJG)TQWR
+PVGTPCN%QPVTQN
6JG &KTGEVQTU CEMPQYNGFIG VJGKT TGURQPUKDKNKVKGU HQT VJG KPVGTPCN EQPVTQN U[UVGO KP VJG )TQWR YJKEJ KPENWFG ſPCPEKCN EQPVTQNU
QRGTCVKQPCN EQPVTQNU EQORNKCPEG OQPKVQTKPI CU YGNN CU TKUM OCPCIGOGPV KP QTFGT VQ UCHGIWCTF UJCTGJQNFGTUŏ KPXGUVOGPV CPF VJG
%QORCP[ŏUCUUGVU6JG)TQWRŏU5VCVGOGPVQH+PVGTPCN%QPVTQNKUUGVQWVQPRCIGQHVJKU#PPWCN4GRQTV
4GNCVKQPUJKRYKVJ'ZVGTPCN#WFKVQTU
6JG$QCTFOCKPVCKPUCHQTOCNCPFVTCPURCTGPVRTQHGUUKQPCNTGNCVKQPUJKRYKVJVJGGZVGTPCNCWFKVQTUVJTQWIJVJG#WFKV%QOOKVVGG6JG
#WFKV%QOOKVVGGJCUDGGPGORQYGTGFVQEQOOWPKECVGFKTGEVN[YKVJDQVJVJGKPVGTPCNCPFGZVGTPCNCWFKVQTU
6JGGZVGTPCNCWFKVQTUJCXGCPQDNKICVKQPVQDTKPIUKIPKſECPVFGHGEVUVQVJG)TQWRŏUU[UVGOQHEQPVTQNCPFEQORNKCPEGVQVJGCVVGPVKQP
QHVJGOCPCIGOGPVCPFKHPGEGUUCT[VQVJG#WFKV%QOOKVVGGCPFVJG$QCTF
2#5&'%#PPWCN4GRQTV
23
(CONTINUED)
#&&+6+10#.%1/2.+#0%'+0(14/#6+10
/CVGTKCN%QPVTCEVU+PXQNXKPI&KTGEVQTUŏCPF/CLQT5JCTGJQNFGTŏU+PVGTGUVU
0QPG QH VJG &KTGEVQTU CPF OCLQT UJCTGJQNFGTU JCF CP[ OCVGTKCN EQPVTCEVU YKVJ VJG %QORCP[ FWTKPI VJG ſPCPEKCN [GCT GPFGF &GEGODGT
5CPEVKQPUCPFQT2GPCNVKGU+ORQUGF
6JGTGYGTGPQUCPEVKQPUCPFQTRGPCNVKGUKORQUGFQPVJG%QORCP[D[VJGTGNGXCPVTGIWNCVQT[DQFKGUFWTKPIVJGſPCPEKCN[GCTGPFGF
&GEGODGT
0QP#WFKV(GGU
6JGCOQWPVHQTPQPCWFKVHGGURCKFQTRC[CDNGVQVJGGZVGTPCNCWFKVQTUCPFVJGKTCUUQEKCVGUHQTVJGſPCPEKCN[GCTGPFGF&GEGODGT
KU4/
24
2#5&'%#PPWCN4GRQTV
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
6JG&KTGEVQTUCTGTGURQPUKDNGHQTVJGRTGRCTCVKQPQHſPCPEKCNUVCVGOGPVUHQTGCEJſPCPEKCN[GCTVQIKXGCVTWGCPFHCKTXKGYQHVJGUVCVG
QHCHHCKTUQHVJG)TQWRCPFQHVJG%QORCP[CPFQHVJGTGUWNVUCPFECUJƀQYUQHVJG)TQWRCPFQHVJG%QORCP[HQTVJGſPCPEKCN[GCT
VJGPGPFGF
+PGPUWTKPIVJGRTGRCTCVKQPQHVJGUGſPCPEKCNUVCVGOGPVUVJG&KTGEVQTUJCXG
GPUWTGFEQORNKCPEGYKVJCRRNKECDNGCRRTQXGFCEEQWPVKPIUVCPFCTFU
CFQRVGFUWKVCDNGCEEQWPVKPIRQNKEKGUCPFCRRN[VJGOEQPUKUVGPVN[CPF
OCFGLWFIOGPVUCPFGUVKOCVGUVJCVCTGTGCUQPCDNGCPFRTWFGPV
6JG&KTGEVQTUCTGTGURQPUKDNGHQTGPUWTKPIVJCVVJG%QORCP[CPFVJG)TQWROCKPVCKPCEEQWPVKPITGEQTFUVJCVFKUENQUGYKVJTGCUQPCDNG
CEEWTCE[VJGſPCPEKCNRQUKVKQPKPQTFGTVQGPUWTGVJCVVJGſPCPEKCNUVCVGOGPVUEQORN[YKVJVJG%QORCPKGU#EV6JGUVCVGOGPVQH
&KTGEVQTURWTUWCPVVQ5GEVKQP
QHVJG%QORCPKGU#EVKUUGVQWVQPRCIGQHVJKU#PPWCN4GRQTV
6JG&KTGEVQTUJCXGIGPGTCNTGURQPUKDKNKVKGUHQTVCMKPIUWEJUVGRUVJCVCTGTGCUQPCDN[CXCKNCDNGVQVJGOVQUCHGIWCTFVJGCUUGVUQHVJG
)TQWRCPFVQRTGXGPVCPFFGVGEVHTCWFCPFQVJGTKTTGIWNCTKVKGU
2#5&'%#PPWCN4GRQTV
25
STATEMENT ON INTERNAL CONTROL
2CTCITCRJ
DQHVJG.KUVKPI4GSWKTGOGPVUQHVJG$WTUC/CNC[UKC5GEWTKVKGU$GTJCFTGSWKTGUVJG$QCTFQH&KTGEVQTUQHCNKUVGF
EQORCP[VQKPENWFGKPKVUCPPWCNTGRQTVCőUVCVGOGPVCDQWVVJGUVCVGQHKPVGTPCNEQPVTQNQHVJGEQORCP[CUCITQWRŒ
5GVQWVDGNQYKUVJG2CUFGE*QNFKPIU$GTJCF$QCTFŏU5VCVGOGPVQP+PVGTPCN%QPVTQN
-G[GNGOGPVUQHVJG)TQWRŏUKPVGTPCNEQPVTQNU[UVGOCTGFGUETKDGFDGNQY
K
%NGCTN[ FGſPGF NKPGU QH CWVJQTKV[ CPF C FKXKUKQPCNKUGF QTICPK\CVKQP UVTWEVWTG HQT OQPKVQTKPI VJG EQPFWEV CPF QRGTCVKQPU QH
KPFKXKFWCNDWUKPGUUWPKVUCPFUWRRQTVUGTXKEGUFGRCTVOGPVU
KK
%NGCTN[ FKXKUKQP CPF FGNGICVKQP QH TGURQPUKDKNKVKGU HTQO VJG $QCTF VQ $QCTF %QOOKVVGGU CPF VQ QRGTCVKPI WPKVU KPENWFKPI
CWVJQTK\CVKQPNGXGNUHQTCURGEVUQHVJGDWUKPGUUUGVQWVKPVJG)TQWRŏU.KOKVUQH#WVJQTKV[
KKK
'UVCDNKUJOGPVQH6GPFGT%QOOKVVGGVQGPUWTGVTCPURCTGPE[CPFKPVGITKV[QHVJGCYCTFRTQEGUU
KX
#FGVCKNGFDWFIGVKPIRTQEGUUYJGTGQRGTCVKPIWPKVURTGRCTGDWFIGVUHQTEQOKPI[GCTVJCVCTGCRRTQXGFDQVJCVQRGTCVKPIWPKV
NGXGNCPFD[VJG$QCTF
X
2GTKQFKETGRQTVKPIQHCEVWCNTGUWNVUCPFTGXKGYCICKPUVVJGDWFIGV
XK
4GIWNCT KPHQTOCVKQP RTQXKFGF D[ /CPCIGOGPV VQ VJG $QCTF CPF KVU EQOOKVVGGU EQXGTKPI ſPCPEKCN RGTHQTOCPEG CPF MG[
RGTHQTOCPEGKPFKECVQTUKPENWFKPIUVCHHWVKNK\CVKQPCPFſPCPEKCNECUJƀQY
XKK 4GIWNCTKPVGTPCNCWFKVXKUKVUCPFTGXKGYUYJKEJRTQXKFGKPFGRGPFGPVCUUWTCPEGQPVJGGHHGEVKXGPGUUQHKPVGTPCNEQPVTQNUCUYGNN
CUCFXKUKPI/CPCIGOGPVQPCTGCUHQTHWTVJGTKORTQXGOGPVU
XKKK %NGCTN[FQEWOGPVGFKPVGTPCNRQNKEKGUCPFRTQEGFWTGUVJCV VCMGKPVQCEEQWPVTKUMHCEVQTU6JGRQNKEKGUCPFRTQEGFWTGUCTGUGV
QWVKPCUGTKGUQHUVCPFCTFQRGTCVKPIOCPWCNUYJKEJKURGTKQFKECNN[TGXKGYHQTKORTQXGOGPVUCPFTGƀGEVEJCPIGUKPDWUKPGUU
UVTWEVWTGUCPFRTQEGUUGUCUYGNNCUEJCPIGUKPGZVGTPCNGPXKTQPOGPVU
6JG $QCTF CEMPQYNGFIGU KVU TGURQPUKDKNKV[ QH GPUWTKPI VJG GHHGEVKXGPGUU CPF CFGSWCE[ QH VJG KPVGTPCN EQPVTQN U[UVGO VQ EQXGT TKUM
OCPCIGOGPVſPCPEKCNQRGTCVKQPCNCPFEQORNKCPEGEQPVTQNUYKVJKPVJG)TQWR6JG$QCTFUJCNNCNUQRGTKQFKECNN[TGXKGYCNNKPVGTPCN
EQPVTQNOGEJCPKUOUQCUVQGPUWTGKVUUVTGPIVJUCTGDGKPIOCKPVCKPGFCPFYGCMPGUUGUCTGDGKPITGOGFKGF6JG$QCTFJQYGXGTFQGU
PQVTGIWNCTN[TGXKGYVJGKPVGTPCNEQPVTQNU[UVGOQHKVUCUUQEKCVGFEQORCPKGUCUVJG$QCTFFQGUPQVJCXGCP[FKTGEVEQPVTQNQXGTVJGKT
QRGTCVKQPU
26
2#5&'%#PPWCN4GRQTV
AUDIT COMMITTEE REPORT
2CUFGE*QNFKPIU$GTJCF$QCTFQH&KTGEVQTUJCUGPUWTGFVJCVVJGDGUVRTCEVKEGUCPFRTKPEKRNGUQHVJG%QFGKPTGNCVKQPVQ#WFKV%QOOKVVGG
JCXGDGGPCRRNKGF6JG#WFKV%QOOKVVGGJCUDGGPHQTOGFVQGORJCUK\GQPVJGKORQTVCPEGQHIQQFIQXGTPCPEGCEEQWPVCDKNKV[CPF
VTCPURCTGPE[KPCNNCURGEVUQHVJG)TQWR
%1/215+6+101(#7&+6%1//+66''
6JGOGODGTUQHVJG#WFKV%QOOKVVGGCTG
%JCKTOCP5GPKQT+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQT
/GODGT+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQT
/GODGT+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQT
/GODGT0QP+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQT
/''6+0)5
6JG#WFKV%QOOKVVGGEQPXGPGFUGXGP
OGGVKPIUKPVJGſPCPEKCN[GCTGPFGF&GEGODGT6JGFGVCKNUQHCVVGPFCPEGQHGCEJ
#WFKV%QOOKVVGGOGODGTCVVJG#WFKV%QOOKVVGGOGGVKPIUCTGCUHQNNQYU
&KTGEVQT &CVQŏ/QJCOGF#OKPDKP*CLK&CWF
0QQH/GGVKPIU#VVGPFGF
2GTEGPVCIG
QWVQH
QWVQH
QWVQH
QWVQH
6'4/51(4'('4'0%'
1DLGEVKXGU
6JGRTKOCT[QDLGEVKXGQHVJG#WFKV%QOOKVVGGKUVQCUUKUVVJG$QCTFQH&KTGEVQTUKPVJGGHHGEVKXGFKUEJCTIGQHKVUſFWEKCT[TGURQPUKDKNKVKGU
HQTEQTRQTCVGIQXGTPCPEGſPCPEKCNTGRQTVKPITKUMOCPCIGOGPVKPVGTPCNEQPVTQNCPFEQORNKCPEGQHUVCVWVQT[CPFNGICNTGSWKTGOGPVU
6JG#WFKV%QOOKVVGGKUVQTGXKGYVJGSWCNKV[QHVJGCWFKVUEQPFWEVGFDQVJD[VJGKPVGTPCNCPFGZVGTPCNCWFKVQTUQHVJG%QORCP[
/GODGTUJKR
6JGOGODGTUQHVJG#WFKV%QOOKVVGGUJCNNDGCRRQKPVGFD[VJG$QCTFHTQOCOQPIUVVJGKTPWODGTCPFUJCNNDGEQORQUGFQHPQHGYGT
VJCPVJTGG
OGODGTUYKVJCOCLQTKV[QH+PFGRGPFGPV0QP'ZGEWVKXG&KTGEVQTU
#VNGCUVQPGOGODGTQHVJG#WFKV%QOOKVVGG
C
/WUVDGCOGODGTQHVJG/CNC[UKCP+PUVKVWVGQH#EEQWPVCPVUQT
2#5&'%#PPWCN4GRQTV
D
27
(CONTINUED)
+HJGKUPQVCOGODGTQHVJG/CNC[UKC+PUVKVWVGQH#EEQWPVCPVUJGOWUVJCXGCVNGCUV[GCTUYQTMKPIGZRGTKGPEGCPF
K
KK
JGOWUVJCXGRCUUGFVJGGZCOKPCVKQPUURGEKſGFKP2CTV+QHVJG5EJGFWNGQHVJG#EEQWPVCPVU#EVQT
JGOWUVDGCOGODGTQHQPGQHVJGCUUQEKCVKQPUQHCEEQWPVCPVUURGEKſGFKP2CTV++QHVJGUV5EJGFWNGQHVJG#EEQWPVCPVU
#EV
6JG%JCKTOCPQHVJG#WFKV%QOOKVVGGUJCNNDGCPKPFGRGPFGPV0QP'ZGEWVKXG&KTGEVQTCRRQKPVGFD[VJG$QCTF0QCNVGTPCVGFKTGEVQT
UJCNNDGCRRQKPVGFCUCOGODGTQHVJG#WFKV%QOOKVVGG
6JG$QCTFUJCNNTGXKGYVJGRGTHQTOCPEGQHVJG#WFKV%QOOKVVGGCPFGCEJQHKVUOGODGTUCVNGCUVQPEGKPGXGT[VJTGG
[GCTUVQ
FGVGTOKPGVJCVVJG[JCXGECTTKGFQWVVJGKTFWVKGUKPCEEQTFCPEGYKVJVJGKTVGTOUQHTGHGTGPEG
6JG$QCTFUJCNNYKVJKPVJTGG
OQPVJUQHCXCECPE[QEEWTTKPIKPVJG#WFKV%QOOKVVGGYJKEJTGUWNVUKPVJGPWODGTQHOGODGTU
TGFWEGFVQDGNQYVJTGG
CRRQKPVUWEJPWODGTQHPGYOGODGTUCUOC[DGTGSWKTGFVQOCMGWRVJGOKPKOWOPWODGTQHVJTGG
OGODGTU
0QVKEGQH/GGVKPICPF#VVGPFCPEG
6JGCIGPFCHQT#WFKV%QOOKVVGGOGGVKPIUUJCNNDGEKTEWNCVGFDGHQTGGCEJOGGVKPIVQOGODGTUQHVJG%QOOKVVGG6JGSWQTWOHQTGCEJ
OGGVKPIUJCNNEQORTKUGQHCVNGCUVVYQ
OGODGTUCPFVJGOCLQTKV[QHOGODGTURTGUGPVUJCNNDG+PFGRGPFGPV&KTGEVQTU
6JG#WFKV%QOOKVVGGJCUVJGFKUETGVKQPVQKPXKVGQVJGT&KTGEVQTUOGODGTUQHVJGOCPCIGOGPVCPFGORNQ[GGUQHVJG)TQWRCPFQT
VJGGZVGTPCNCWFKVQTUVQKVUOGGVKPIU
6JG%QORCP[5GETGVCT[QHVJG%QORCP[UJCNNDGVJG5GETGVCT[QHVJG%QOOKVVGG
(TGSWGPE[QH/GGVKPIU
6JG%QOOKVVGGUJCNNOGGVCVNGCUVHQWT
VKOGUFWTKPIGCEJſPCPEKCN[GCT#FFKVKQPCNOGGVKPIOC[DGECNNGFCP[VKOGCVVJGFKUETGVKQP
QHVJG%JCKTOCPQHVJG%QOOKVVGG
#WVJQTKV[
6JG#WFKV%QOOKVVGGJCUVJGHQNNQYKPICWVJQTKV[CUGORQYGTGFD[VJG$QCTF
C
D
E
F
G
H
VQKPXGUVKICVGCP[CEVKXKV[QHVJG%QORCP[YKVJKPKVUVGTOQHTGHGTGPEG
JCXGVJGTGUQWTEGUYJKEJCTGTGSWKTGFVQRGTHQTOKVUFWVKGU
JCXGHWNNCPFWPTGUVTKEVGFCEEGUUVQCP[KPHQTOCVKQPCPFRGTUQPPGNRGTVCKPKPIVQVJG)TQWR
JCXGFKTGEVEQOOWPKECVKQPEJCPPGNUYKVJVJGGZVGTPCNCPFKPVGTPCNCWFKVQTU
VQEQPXGPGOGGVKPIUYKVJVJGGZVGTPCNCWFKVQTUGZENWFKPIVJGCVVGPFCPEGQHVJGGZGEWVKXGOGODGTUQHVJG%QOOKVVGGYJGPGXGT
FGGOGFPGEGUUCT[CPF
VQQDVCKPKPFGRGPFGPVRTQHGUUKQPCNCFXKEGCUPGEGUUCT[
28
2#5&'%#PPWCN4GRQTV
(CONTINUED)
&WVKGUCPF4GURQPUKDKNKVKGU
+PHWNſNNKPIKVURTKOCT[QDLGEVKXGUVJG#WFKV%QOOKVVGGUJCNNWPFGTVCMGVJGHQNNQYKPIFWVKGUCPFTGURQPUKDKNKVKGU
4GXKGYVJGSWCTVGTN[TGUWNVUCPF[GCTGPFſPCPEKCNUVCVGOGPVURTKQTVQVJGCRRTQXCND[VJG$QCTFQH&KTGEVQTUHQEWUKPIRCTVKEWNCTN[
QP
C
D
E
F
IQKPIEQPEGTPCUUWORVKQPU
EJCPIGUKPQTKORNGOGPVCVKQPQHOCLQTCEEQWPVKPIRQNKE[
UKIPKſECPVCPFWPWUWCNGXGPVUCPF
EQORNKCPEGYKVJCEEQWPVKPIUVCPFCTFUTGIWNCVQT[CPFQVJGTNGICNTGSWKTGOGPVU
4GXKGYCPFFKUEWUUYKVJVJGGZVGTPCNCWFKVQTUQHVJGHQNNQYKPI
C
D
E
F
G
VJGCWFKVRNCPRTKQTVQVJGEQOOGPEGOGPVQHCWFKV
VJGKTCWFKVTGRQTV
VJGKTGXCNWCVKQPQHVJGU[UVGOQHKPVGTPCNEQPVTQN
RTQDNGOUCPFTGUGTXCVKQPUCTKUKPIHTQOKPVGTKOCPFſPCNGZVGTPCNCWFKVUCPFCP[OCVVGTUVJGGZVGTPCNCWFKVQTUOC[YKUJVQ
FKUEWUU
KPVJGCDUGPEGQHOCPCIGOGPVYJGTGPGEGUUCT[CPF
VJGKTOCPCIGOGPVNGVVGTCPFOCPCIGOGPVŏUTGURQPUG
4GXKGYCP[TGNCVGFRCTV[VTCPUCEVKQPCPFEQPƀKEVQHKPVGTGUVUKVWCVKQPVJCVOC[CTKUGYKVJKPVJG%QORCP[QTVJG)TQWRKPENWFKPI
CP[VTCPUCEVKQPRTQEGFWTGQTEQWTUGQHEQPFWEVVJCVTCKUGUSWGUVKQPUQHOCPCIGOGPVKPVGITKV[
4GXKGYVJGHQNNQYKPIKPTGURGEVQH+PVGTPCN#WFKVQTU
C
D
E
F
G
H
I
CFGSWCE[QHVJGUEQRGHWPEVKQPUCPFTGUQWTEGUQHVJGKPVGTPCNCWFKVHWPEVKQPCPFVJCVKVJCUVJGPGEGUUCT[CWVJQTKV[VQECTT[
QWVKVUYQTM
KPVGTPCNCWFKVRTQITCOOGRTQEGUUGUCPFTGUWNVUQHVJGKPVGTPCNCWFKVRTQITCOOGRTQEGUUGUQTKPXGUVKICVKQPWPFGTVCMGP
CPFYJGVJGTQTPQVCRRTQRTKCVGCEVKQPUCTGVCMGPQPVJGTGEQOOGPFCVKQPUQHVJGKPVGTPCNCWFKVHWPEVKQP
GHHGEVKXGPGUUQHVJGU[UVGOQHKPVGTPCNEQPVTQN
OCLQTſPFKPIUQHKPVGTPCNCWFKVKPXGUVKICVKQPUCPFOCPCIGOGPVŏUTGURQPUG
TGXKGYCP[CRRTCKUCNQTCUUGUUOGPVQHVJGRGTHQTOCPEGQHVJGUVCHHQHVJGKPVGTPCNCWFKVHWPEVKQP
CRRTQXGCP[CRRQKPVOGPVQTVGTOKPCVKQPQHUGPKQTUVCHHOGODGTQHVJGKPVGTPCNCWFKVHWPEVKQPCPF
PQVGTGUKIPCVKQPUQHKPVGTPCNCWFKVUVCHHOGODGTUCPFRTQXKFGVJGTGUKIPKPIUVCHHOGODGTCPQRRQTVWPKV[VQUWDOKVJKUJGT
TGCUQPHQTTGUKIPCVKQP
%QPUKFGT CPF TGEQOOGPF VJG PQOKPCVKQP CPF CRRQKPVOGPV VJG CWFKV HGG CPF CP[ SWGUVKQPU QH TGUKIPCVKQP FKUOKUUCN QT TG
CRRQKPVOGPVQHVJGGZVGTPCNCWFKVQTU
4GRQTVRTQORVN[VQ$WTUC/CNC[UKC5GEWTKVKGU$GTJCFQPCP[OCVVGTTGRQTVGFD[KVVQVJG$QCTFQH&KTGEVQTUYJKEJJCUPQVDGGP
UCVKUHCEVQTKN[TGUQNXGFTGUWNVKPIKPVJGDTGCEJQHVJG.KUVKPI4GSWKTGOGPVU
%CTT[QWVUWEJQVJGTTGURQPUKDKNKVKGUHWPEVKQPUQTURGEKCNCUUKIPOGPVUCUOC[DGFGſPGFLQKPVN[D[VJG#WFKV%QOOKVVGGCPF
$QCTFQH&KTGEVQTUHTQOVKOGVQVKOG
2#5&'%#PPWCN4GRQTV
29
(CONTINUED)
+06'40#.#7&+6
2CUFGE*QNFKPIU$GTJCFUWRRQTVUKPVGTPCNCWFKVCUCPKPFGRGPFGPVCRRTCKUCNHWPEVKQPVQGZCOKPGCPFGXCNWCVGKVUCEVKXKVKGUCUCXCNWG
CFFGFUGTXKEGVQVJGOCPCIGOGPV6JG+PVGTPCN#WFKV&GRCTVOGPVYCUKPEGRVGFVQRTQXKFGKPVGTPCNCWFKVUGTXKEGUVQVJG)TQWR6JG
KPVGTPCNCWFKVHWPEVKQPKUKPFGRGPFGPVQHVJGCEVKXKVKGUVJG[CWFKVCPFRGTHQTOGFYKVJKORCTVKCNKV[RTQſEKGPE[CPFRTQHGUUKQPCNFWG
ECTG
6JGKPVGTPCNCWFKVVGCOCUUKUVUVJG#WFKV%QOOKVVGGKPRTQXKFKPICUUWTCPEGQPVJGGZKUVGPEGQHUQWPFU[UVGOQHKPVGTPCNEQPVTQNUYKVJKP
VJG)TQWR6JGCPPWCNCWFKVRNCPKURTGUGPVGFVQVJG#WFKV%QOOKVVGGHQTCRRTQXCN#WFKVſPFKPIUQPKPVGTPCNEQPVTQNYGCMPGUUGUCPF
TGEQOOGPFCVKQPUHQTKORTQXGOGPVUKPVJGCWFKVTGRQTVUCTGRTGUGPVGFVQ#WFKV%QOOKVVGG
&WTKPI VJG ſPCPEKCN [GCT GPFGF &GEGODGT VJG KPVGTPCN CWFKV HWPEVKQP YCU RGTHQTOGF KPJQWUG CPF VJG EQUV KPEWTTGF KU
4/
57//#4;1(#%6+8+6+'51(6*'#7&+6%1//+66''
6JG #WFKV %QOOKVVGG JCU FKUEJCTIGF KVU HWPEVKQPU CPF FWVKGU D[ KPVTQFWEKPI C U[UVGOCVKE CPF FKUEKRNKPGF OGVJQF VQ KORTQXG VJG
GHHGEVKXGPGUUQHTKUMOCPCIGOGPVKPVGTPCNEQPVTQNCPFIQXGTPCPEGRTQEGUUHQTVJG)TQWR5WOOCT[QHVJGMG[CEVKXKVKGUCTGCUHQNNQYU
K
(KPCPEKCN5VCVGOGPV
C
D
E
F
KK
6JG)TQWRŏUSWCTVGTN[ſPCPEKCNTGUWNVUCPPQWPEGOGPVU
6JG)TQWRŏUCPPWCNCWFKVGFſPCPEKCNUVCVGOGPVUCPFTGEQOOGPFGFVQVJG$QCTFHQTCRRTQXCN
4GXKGYGFTGNCVGFRCTV[VTCPUCEVKQPUYKVJKPVJG)TQWR
4GXKGYVJG)TQWRŏUCPPWCNDWFIGVCPFTGEQOOGPFGFVQVJG$QCTFHQTCRRTQXCN
+PVGTPCN#WFKV
C
D
E
4GXKGYGFVJGTGUWNVUQHVJGTKUMCUUGUUOGPVGZGTEKUGCPFCPPWCNKPVGTPCNCWFKVRNCP
+PUVTWEVHQNNQYWRCWFKVUVQFGVGTOKPGVJGUVCVWUQHKORNGOGPVCVKQPQHVJGTGEQOOGPFCVKQPUOCFGD[+PVGTPCN#WFKVCPF
4GXKGYGFCWFKVTGRQTVUſPFKPIUCPFTGEQOOGPFCVKQPURTGUGPVGFD[*GCFQH+PVGTPCN#WFKVKPTGURGEVQHKPVGTPCNEQPVTQN
CPFU[UVGOYGCMPGUUGU
KKK 'ZVGTPCN#WFKV
C
D
6JG GZVGTPCN CWFKVQTŏU TGRQTVU KP TGNCVKQP VQ VJG CWFKV CPF CEEQWPVKPI KUUWGU CTKUKPI HTQO KVU CWFKV CPF WRFCVGU QH PGY
FGXGNQROGPVUQPCEEQWPVKPIUVCPFCTFUKUUWGFD[/CNC[UKCP#EEQWPVKPI5VCPFCTF$QCTFCPF
'ZVGTPCN#WFKVQTUŏCPPWCNCWFKVUVTCVGI[CPFRNCP
30
2#5&'%#PPWCN4GRQTV
(QEWU
1P
5WUVCKPCDNG
)TQYVJ
2#5&'%#PPWCN4GRQTV
31
CORPORATE | HUMAN RESOURCE EVENTS ‘09
,#07#4;
(CTGYGNNHWPEVKQPHQTVJGHQTOGT)TQWR/CPCIKPI&KTGEVQT;*&CVQŏ
;WUQH#NKDKP*L/QJCOGF<CKPCPF(QTOGT$WUKPGUU&GXGNQROGPV
)GPGTCN/CPCIGT;*&CVQŏ*CLK/QJF-JCTWFFKPDKP/QJF#NKCV
-QORNGMU6GTWPVWO-WCPVCP
,#07#4;
4G%GTVKſECVKQP#WFKV/5+51D[5+4+/
('$47#4;
*CPFQXGTQHMG[UVQVJGDW[GTUQH%JGPFQT7VCOC*QWUKPI2JCUG+
2CEMCIG
,CPWCT[
('$47#4;
,CPWCT[
5KIPKPIQH/GOQTCPFWOQH7PFGTUVCPFKPI
/17DGVYGGP2#5&'%
CPF7PKXGTUKV[/CNC[UKC2CJCPI
7/2CV7/2%CORWU)CODCPI
-WCPVCPYKVPGUUGFD[;#$&CVQŏ5TK0CLKD6WP4C\CM
/#4%*
2WDNKE 5RGCMKPI 2TGUGPVCVKQP 5MKNNU CV TF (NQQT '&% 5GOKPCT
*CNN-QORNGMU6GTWPVWO-WCPVCP
/#4%*
5VCHH CPF /CPCIGOGPV )CVJGTKPI CV TF (NQQT '&% 5GOKPCT *CNN
#24+.
2CTVKEKRCVKQPKP/#2':CV$GTLC[C/GICOCNN-WCPVCPQHſEKCVGF
D[;CPI&KRGTVWCQH-WCPVCP/WPKEKRCN%QWPEKN;*&CVQŏ#\K\CP
#JOCF
/CTEJ
(GDTWCT[
#24+.
6CNM1P5CNGU2TQOQVKQPCPF/CTMGVKPI
HQT5CNGUCPF/CTMGVKPI
UVCHHCV-WCPVCP6GODGNKPI4GUQTV-WCPVCP
#24+.
(CTGYGNNHWPEVKQPHQTHQTOGT5GPKQT6GEJPKECN/CPCIGT/T.GG6JCK
CV-QORNGMU6GTWPVWO-WCPVCP
#24+.
9QTMUJQR 1P ,QD #PCN[UKU'XCNWCVKQP HQT 'ZGEWVKXG CV TF (NQQT
'&%5GOKPCT*CNN-QORNGMU6GTWPVWO-WCPVCP
#RTKN
#RTKN
32
2#5&'%#PPWCN4GRQTV
#24+.
$TKGſPIQP.KEGPUKPICPF5CNGU2GTOKV#FXGTVKUGOGPVD[QHſEGTU
HTQO 6JG /KPKUVT[ QH *QWUKPI CPF .QECN #WVJQTKV[ CV -WCPVCP
6GODGNKPI4GUQTV
/#;
(TKGPFN[)QNH6QWTPCOGPVYKVJVJG2CJCPI5VCVG)QXGTPOGPVŏU
*GCFQH&GRCTVOGPVU#IGPEKGUCV4Q[CN2CJCPI)QNH%NWD-WCPVCP
,70'
*CPFQXGTQHMG[UVQDW[GTUQH2#5&'%&COCPUCTC2JCUG+
,70'
,WPG
VJ#PPWCN)GPGTCN/GGVKPIQH2CUFGE*QNFKPIU$GTJCFCV/GTCPVK
+*[CVV4GIGPE[-WCPVCP4GUQTV6GNWM%JGORGFCM-WCPVCP
/C[
,70'
5VCHH CPF /CPCIGOGPV )CVJGTKPI CV TF (NQQT '&% 5GOKPCT *CNN
,7.;
2#5&'% 5CNGU %CTPKXCN CV %QPEQWTUG $GTLC[C /GICOCNN
QHſEKCVGFD[%JKGH'ZGEWVKXG1HſEGT
,7.;
$NQQF &QPCVKQP %CORCKIP KP EQPLWPEVKQP YKVJ 2#5&'% 5CNGU
%CTPKXCN
,7.;
2-022#5&'% %NQUG (WVUCN 6QWTPCOGPV CV -CORWPI 6KTCO (WVUCN
%QWTV-WCPVCP
,WPG
,WN[
,7.;
#YCTGPGUU 2TQITCOOG 1P 7PFGTUVCPFKPI CPF +ORNGOGPVCVKQP QH
/5+51HQT/CPCIGTU2TQEGUU1YPGTU
,7.;
%QOOWPKV[ 2TQITQOOG CV /GPVCMCD QP 7LKCP 2GPKNCKCP 5GMQNCJ
4GPFCJ 72545VWFGPV %NKPKE QTICPK\GF D[ 2'4-+/ 6GOGTNQJ
$TCPEJCV6GOGTNQJ/WPKEKRCN%QWPEKN*CNN/GPVCMCD2CJCPI
,WN[
2#5&'%#PPWCN4GRQTV
33
,7.;
5KIPKPIQH,QKPV8GPVWTG#ITGGOGPVDGVYGGP-WORWNCP2GTDCFCPCP
,QJQT
-2,CPF2#5&'%HQTVJGGUVCDNKUJOGPVQHCLQKPVXGPVWTGVQ
DWKNFCWPKVUDGFRTKXCVGJQURKVCNCV6CPLWPI.WORWT-WCPVCP
CV-QORNGMU&CICPICP/CJMQVC$CPFCT+PFGTC/CJMQVC-WCPVCP
YKVPGUUGFD[%JKGH/KPKUVGTQH2CJCPICPF-2,ŏU%JCKTOCP
#7)756
6JG QHſEKCN NCWPEJKPI QH /5% +%6 *WD +PKVKCVKXGU CV 2WVTC 5SWCTG
-WCPVCPD[6JG*QPQTCDNG2TKOG/KPKUVGT;#$&CVQŏ5TK0CLKDDKP
6WP#DFWN4C\CM
#7)756
,WN[
*CPFQXGTQHMG[UVQVJGDW[GTUQHUJQRNQVUCPF5KPING5VQTG[6GTTCEG
5GOK&*QWUGQH$C[CPCV$CNQM2GTFCPC<QP#
#WIWUV
#7)756
9QTMUJQR QP VJG 7PFGTUVCPFKPI CPF +ORNGOGPVCVKQP QH /5 +51
HQT0QPGZGEWVKXGUUVCHH
#7)756
5VCHHCPF/CPCIGOGPV)CVJGTKPICVTF(NQQT'&%5GOKPCT*CNN
#7)756
(CTGYGNNHWPEVKQPHQTHQTOGT&KTGEVQT;*&CVQŏ/CLKF$KP/QJCOCF
KP-WCNC.WORWT
1%61$'4
2CTVKEKRCVKQPKP'FWECVKQPKP#GTQURCEG5EKGPEGCPF+%6'ZJKDKVKQP
CV$GTLC[C/GICOCNN-WCPVCPQHſEKCVGFD[;$&CVWM5GTK2CPINKOC
*L .CLKO DKP *L 7MKO &GRWV[ /KPKUVGT QH /KPKUVT[ QH *QWUKPI .QECN#WVJQTKV[
1EVQDGT
1EVQDGT
1%61$'4
2CTVKEKRCVKQPKP/#2':++QHſEKCVGFD[;$#&706GTWPVWO
%JCPI*QPI5GQPICV-WCPVCP2CTCFG-WCPVCP
1%61$'4
2-022#5&'%*CTK4C[C#KFKNſVTK%GNGDTCVKQPCPF5VCHH
)CVJGTKPICV-QORNGMU&CICPICP/CJMQVC$CPFCT+PFGTC/CJMQVC
-WCPVCPCVVGPFGFD[;#$%JKGH/KPKUVGTQH2CJCPI
1EVQDGT
1EVQDGT
34
2#5&'%#PPWCN4GRQTV
1%61$'4
$TCKPUVQTOKPI 5GUUKQP HQT 2#5&'% 5GPKQT /CPCIGOGPV CV %QNOCT
6TQRKECNG$GTLC[C*KNNU$GPVQPI2CJCPI
018'/$'4
2TQFWEV 3WCNKV[ +PURGEVKQP HQT 7PKVU QH 6GTTCEG /GFKWO .QY
%QUVNKPMGFJQWUGU
RCEMCIG#CV$CPFCT2WVTC-WCPVCP
018'/$'4
9QTMUJQR QP &QEWOGPVU %QPUWNVCVKQP CPF &QEWOGPVU 4GXKGYKPI
VQYCTFU/5+51HQTCNN&GRCTVOGPVU
&GEGODGT
&'%'/$'4
1EV
%QOOWPKV[ 2TQITCOOG YKVJ VJG -I %JGTQM 2CNQJ EQOOWPKV[
XKNNCIGTUKPEQPLWPEVKQPYKVJŎ#YCN/WJCTTCOŏEGNGDTCVKQP
&'%'/$'4
2#5&'%ŏ5 HTKGPFN[ DQYNKPI VQWTPCOGPV YKVJ OGFKC CV /GICNCPGU
$GTLC[C/GICOCNN-WCPVCP
&GEGODGT
&GEGODGT
FINANCIAL STATEMENTS
&KTGEVQTUŏTGRQTV
5VCVGOGPVD[FKTGEVQTU
5VCVWVQT[FGENCTCVKQP
+PFGRGPFGPVCWFKVQTUŏTGRQTV
+PEQOGUVCVGOGPVU
$CNCPEGUJGGVU
%QPUQNKFCVGFUVCVGOGPVQH
EJCPIGUKPGSWKV[
%QORCP[UVCVGOGPVQH
EJCPIGUKPGSWKV[
%CUJƀQYUVCVGOGPVU
0QVGUVQVJGſPCPEKCNUVCVGOGPVU
36
2#5&'%#PPWCN4GRQTV
DIRECTORS’ REPORT
6JGFKTGEVQTUJCXGRNGCUWTGKPRTGUGPVKPIVJGKTTGRQTVVQIGVJGTYKVJVJGCWFKVGFſPCPEKCNUVCVGOGPVUQHVJG)TQWRCPFQHVJG%QORCP[
HQTVJGſPCPEKCN[GCTGPFGF&GEGODGT
24+0%+2#.#%6+8+6+'5
6JGRTKPEKRCNCEVKXKVKGUQHVJG%QORCP[CTGKPXGUVOGPVJQNFKPICPFRTQXKUKQPQHOCPCIGOGPVUGTXKEGUVQVJGUWDUKFKCTKGU
6JGRTKPEKRCNCEVKXKVKGUQHVJGUWDUKFKCTKGUCTGFGUETKDGFKP0QVGVQVJGſPCPEKCNUVCVGOGPVU
6JGTGJCXGDGGPPQUKIPKſECPVEJCPIGUKPVJGPCVWTGQHVJGRTKPEKRCNCEVKXKVKGUFWTKPIVJGſPCPEKCN[GCT
4'57.65
)TQWR
4/
%QORCP[
4/
.QUURTQſVHQTVJG[GCT
#VVTKDWVCDNGVQ
'SWKV[JQNFGTUQHVJG%QORCP[
/KPQTKV[KPVGTGUVU 6JGTGYGTGPQOCVGTKCNVTCPUHGTUVQQTHTQOTGUGTXGUQTRTQXKUKQPUFWTKPIVJGſPCPEKCN[GCTQVJGTVJCPCUFKUENQUGFKPVJGſPCPEKCN
UVCVGOGPVU
+PVJGQRKPKQPQHVJGFKTGEVQTUVJGTGUWNVUQHVJGQRGTCVKQPUQHVJG)TQWRCPFQHVJG%QORCP[FWTKPIVJGſPCPEKCN[GCTYGTGPQV
UWDUVCPVKCNN[CHHGEVGFD[CP[KVGOVTCPUCEVKQPQTGXGPVQHCOCVGTKCNCPFWPWUWCNPCVWTG
&+8+&'0&5
6JGFKTGEVQTUFQPQVTGEQOOGPFVJGRC[OGPVQHCP[FKXKFGPFHQTVJGſPCPEKCN[GCTGPFGF&GEGODGT
&+4'%6145
6JGPCOGUQHVJGFKTGEVQTUQHVJG%QORCP[KPQHſEGUKPEGVJGFCVGQHVJGNCUVTGRQTVCPFCVVJGFCVGQHVJKUTGRQTVCTG
&CVQŏ#DFWN)JCPKDKP.5WNCKOCP
&CVQŏ#DFWNNCJ"/QJCOCF0QTDKP#NK
&CVQŏ/CLKFDKP/QJCOCF
TGUKIPGFQP#RTKN
2#5&'%#PPWCN4GRQTV
37
DIRECTORS’ REPORT
&+4'%6145ŏ$'0'(+65
0GKVJGTCVVJGGPFQHVJGſPCPEKCN[GCTPQTCVCP[VKOGFWTKPIVJCV[GCTFKFVJGTGUWDUKUVCP[CTTCPIGOGPVVQYJKEJVJG%QORCP[YCU
CRCTV[YJGTGD[VJGFKTGEVQTUOKIJVCESWKTGDGPGſVUD[OGCPUQHVJGCESWKUKVKQPQHUJCTGUKPQTFGDGPVWTGUQHVJG%QORCP[QTCP[
QVJGTDQF[EQTRQTCVG
5KPEG VJG GPF QH VJG RTGXKQWU ſPCPEKCN [GCT PQ FKTGEVQT JCU TGEGKXGF QT DGEQOG GPVKVNGF VQ TGEGKXG C DGPGſV QVJGT VJCP DGPGſVU
KPENWFGFKPVJGCIITGICVGCOQWPVQHGOQNWOGPVUTGEGKXGFQTFWG CPFTGEGKXCDNGD[VJGFKTGEVQTUQTVJGſZGFUCNCT[QHCHWNNVKOG
GORNQ[GGQHVJG%QORCP[CUUJQYPKP0QVGVQVJGſPCPEKCNUVCVGOGPVUD[TGCUQPQHCEQPVTCEVOCFGD[VJG%QORCP[QTCTGNCVGF
EQTRQTCVKQPYKVJCP[FKTGEVQTQTYKVJCſTOQHYJKEJJGKUCOGODGTQTYKVJCEQORCP[KPYJKEJJGJCUCUWDUVCPVKCNſPCPEKCNKPVGTGUV
&+4'%6145ŏ+06'4'56
0QPGQHVJGFKTGEVQTUKPQHſEGCVVJGGPFQHVJGſPCPEKCN[GCTJCFCP[KPVGTGUVKPUJCTGUKPVJG%QORCP[QTKVUTGNCVGFEQTRQTCVKQPU
FWTKPIVJGſPCPEKCN[GCT
':%*#0)'#$.'$10&5
1P0QXGODGTVJG%QORCP[KUUWGF4/OKNNKQP4CKPDQY'ZEJCPIGCDNG$QPFU
ő4'$UŒCVQHKVUPQOKPCNXCNWG
EQORTKUKPIVYQ
UGTKGUCUHQNNQYU
C
4/OKNNKQP4'$U
ő5GTKGUŒGZEJCPIGCDNGKPVQQTFKPCT[UJCTGUQH4QCF$WKNFGT
/*QNFKPIU$GTJCFKUUWGFHQTC
OCVWTKV[QH[GCTUHTQOVJGKUUWGFCVGCPF
D
4/OKNNKQP4'$U
ő5GTKGUŒGZEJCPIGCDNGKPVQQTFKPCT[UJCTGUQH;6.%GOGPV$GTJCFKUUWGFHQTCOCVWTKV[QH
[GCTUHTQOVJGKUUWGFCVG
&WTKPIVJG[GCT4/OKNNKQPQH5GTKGU4'$UJCXGDGGPGZEJCPIGF&GVCKNUQHVJG4'$UCTGFKUENQUGFKP0QVGVQVJGſPCPEKCN
UVCVGOGPVU
16*'456#67614;+0(14/#6+10
C
D
$GHQTGVJGKPEQOGUVCVGOGPVUCPFDCNCPEGUJGGVUQHVJG)TQWRCPFQHVJG%QORCP[YGTGOCFGQWVVJGFKTGEVQTUVQQMTGCUQPCDNG
UVGRU
K
VQCUEGTVCKPVJCVRTQRGTCEVKQPJCFDGGPVCMGPKPTGNCVKQPVQVJGYTKVKPIQHHQHDCFFGDVUCPFVJGOCMKPIQHRTQXKUKQPHQT
FQWDVHWNFGDVUCPFUCVKUſGFVJGOUGNXGUVJCVCNNMPQYPDCFFGDVUJCFDGGPYTKVVGPQHHCPFVJCVCFGSWCVGRTQXKUKQPJCF
DGGPOCFGHQTFQWDVHWNFGDVUCPF
KK
VQ GPUWTG VJCV CP[ EWTTGPV CUUGVU YJKEJ YGTG WPNKMGN[ VQ TGCNKUG VJGKT XCNWG CU UJQYP KP VJG CEEQWPVKPI TGEQTFU KP VJG
QTFKPCT[EQWTUGQHDWUKPGUUJCFDGGPYTKVVGPFQYPVQCPCOQWPVYJKEJVJG[OKIJVDGGZRGEVGFUQVQTGCNKUG
#VVJGFCVGQHVJKUTGRQTVVJGFKTGEVQTUCTGPQVCYCTGQHCP[EKTEWOUVCPEGUYJKEJYQWNFTGPFGT
K
VJGCOQWPVYTKVVGPQHHHQTDCFFGDVUQTVJGCOQWPVQHVJGRTQXKUKQPHQTFQWDVHWNFGDVUKPVJGſPCPEKCNUVCVGOGPVUQHVJG
)TQWRCPFQHVJG%QORCP[KPCFGSWCVGVQCP[UWDUVCPVKCNGZVGPVCPF
KK
VJGXCNWGUCVVTKDWVGFVQVJGEWTTGPVCUUGVUKPVJGſPCPEKCNUVCVGOGPVUQHVJG)TQWRCPFQHVJG%QORCP[OKUNGCFKPI
38
2#5&'%#PPWCN4GRQTV
DIRECTORS’ REPORT
16*'456#67614;+0(14/#6+10
%106+07'&
E
#VVJGFCVGQHVJKUTGRQTVVJGFKTGEVQTUCTGPQVCYCTGQHCP[EKTEWOUVCPEGUYJKEJJCXGCTKUGPYJKEJYQWNFTGPFGTCFJGTGPEGVQ
VJGGZKUVKPIOGVJQFQHXCNWCVKQPQHCUUGVUQTNKCDKNKVKGUQHVJG)TQWRCPFQHVJG%QORCP[OKUNGCFKPIQTKPCRRTQRTKCVG
F
#VVJGFCVGQHVJKUTGRQTVVJGFKTGEVQTUCTGPQVCYCTGQHCP[EKTEWOUVCPEGUPQVQVJGTYKUGFGCNVYKVJKPVJKUTGRQTVQTVJGſPCPEKCN
UVCVGOGPVUQHVJG)TQWRCPFQHVJG%QORCP[YJKEJYQWNFTGPFGTCP[COQWPVUVCVGFKPVJGſPCPEKCNUVCVGOGPVUOKUNGCFKPI
G
#UCVVJGFCVGQHVJKUTGRQTVVJGTGFQGUPQVGZKUV
H
K
CP[EJCTIGQPVJGCUUGVUQHVJG)TQWRQTQHVJG%QORCP[YJKEJJCUCTKUGPUKPEGVJGGPFQHVJGſPCPEKCN[GCTYJKEJUGEWTGU
VJGNKCDKNKVKGUQHCP[QVJGTRGTUQPQT
KK
CP[EQPVKPIGPVNKCDKNKV[QHVJG)TQWRQTQHVJG%QORCP[YJKEJJCUCTKUGPUKPEGVJGGPFQHVJGſPCPEKCN[GCT
+PVJGQRKPKQPQHVJGFKTGEVQTU
K
PQEQPVKPIGPVQTQVJGTNKCDKNKV[JCUDGEQOGGPHQTEGCDNGQTKUNKMGN[VQDGEQOGGPHQTEGCDNGYKVJKPVJGRGTKQFQHVYGNXG
OQPVJUCHVGTVJGGPFQHVJGſPCPEKCN[GCTYJKEJYKNNQTOC[CHHGEVVJGCDKNKV[QHVJG)TQWRQTQHVJG%QORCP[VQOGGVVJGKT
QDNKICVKQPUYJGPVJG[HCNNFWGCPF
KK
PQKVGOVTCPUCEVKQPQTGXGPVQHCOCVGTKCNCPFWPWUWCNPCVWTGJCUCTKUGPKPVJGKPVGTXCNDGVYGGPVJGGPFQHVJGſPCPEKCN
[GCTCPFVJGFCVGQHVJKUTGRQTVYJKEJKUNKMGN[VQCHHGEVUWDUVCPVKCNN[VJGTGUWNVUQHVJGQRGTCVKQPUQHVJG)TQWRQTQHVJG
%QORCP[HQTVJGſPCPEKCN[GCTKPYJKEJVJKUTGRQTVKUOCFG
5+)0+(+%#06'8'065
6JGUKIPKſECPVGXGPVUFWTKPIVJG[GCTCTGCUFKUENQUGFKP0QVGVQVJGſPCPEKCNUVCVGOGPVU
57$5'37'06'8'06
&GVCKNUQHVJGUWDUGSWGPVGXGPVCTGFKUENQUGFKP0QVGVQVJGſPCPEKCNUVCVGOGPVU
#7&+6145
6JGCWFKVQTU*CPCſCJ4CUNCP/QJCOCFJCXGGZRTGUUGFVJGKTYKNNKPIPGUUVQEQPVKPWGKPQHſEG
5KIPGFQPDGJCNHQHVJG$QCTFKPCEEQTFCPEGYKVJCTGUQNWVKQPQHVJGFKTGEVQTUFCVGF#RTKN
&#61ŏ54+*#,+#&0#0$+0*#,+;##-1$
&#61ŏ#$&7.)*#0+$+0.57.#+/#0
2#5&'%#PPWCN4GRQTV
STATEMENT BY DIRECTORS
39
PURSUANT TO SECTION 169 (15) OF THE COMPANIES ACT 1965
9G&CVQŏ5TK*CLK#FPCPDKP*CLK;CCMQDCPF&CVQŏ#DFWN)JCPKDKP.5WNCKOCPDGKPIVYQQHVJGFKTGEVQTUQH2CUFGE*QNFKPIU
$GTJCFFQJGTGD[UVCVGVJCVKPVJGQRKPKQPQHVJGFKTGEVQTUVJGCEEQORCP[KPIſPCPEKCNUVCVGOGPVUUGVQWVQPRCIGUVQCTGFTCYP
WRKPCEEQTFCPEGYKVJ(KPCPEKCN4GRQTVKPI5VCPFCTFUCPFVJG%QORCPKGU#EVKP/CNC[UKCUQCUVQIKXGCVTWGCPFHCKTXKGYQHVJG
ſPCPEKCNRQUKVKQPQHVJG)TQWRCPFQHVJG%QORCP[CUCV&GEGODGTCPFQHVJGTGUWNVUCPFVJGECUJƀQYUQHVJG)TQWRCPF
QHVJG%QORCP[HQTVJG[GCTVJGPGPFGF
5KIPGFQPDGJCNHQHVJG$QCTFKPCEEQTFCPEGYKVJCTGUQNWVKQPQHVJGFKTGEVQTUFCVGF#RTKN
&#61ŏ54+*#,+#&0#0$+0*#,+;##-1$
STATUTORY DECLARATION
&#61ŏ#$&7.)*#0+$+0.57.#+/#0
Pursuant to Section 169 (16) of the Companies Act 1965
+)QJ5QPI*CPDGKPIVJGQHſEGTRTKOCTKN[TGURQPUKDNGHQTVJGſPCPEKCNOCPCIGOGPVQH2CUFGE*QNFKPIU$GTJCFFQUQNGOPN[CPF
UKPEGTGN[FGENCTGVJCVVJGCEEQORCP[KPIſPCPEKCNUVCVGOGPVUUGVQWVQPRCIGUVQCTGKPO[QRKPKQPEQTTGEVCPF+OCMGVJKU
UQNGOPFGENCTCVKQPEQPUEKGPVKQWUN[DGNKGXKPIVJGUCOGVQDGVTWGCPFD[XKTVWGQHVJGRTQXKUKQPUQHVJG5VCVWVQT[&GENCTCVKQPU#EV
5WDUETKDGFCPFUQNGOPN[FGENCTGFD[VJGCDQXGPCOGF
)QJ5QPI*CPCV-WCPVCPKPVJGUVCVGQH2CJCPI&CTWN
/CMOWTQP#RTKN $GHQTGOG
)1*510)*#0
40
2#5&'%#PPWCN4GRQTV
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF PASDEC HOLDINGS BERHAD (INCORPORATED IN MALAYSIA)
4'2146106*'(+0#0%+#.56#6'/'065
9GJCXGCWFKVGFVJGſPCPEKCNUVCVGOGPVUQH2CUFGE*QNFKPIU$GTJCFYJKEJEQORTKUGVJGDCNCPEGUJGGVUCUCV&GEGODGTQH
VJG)TQWRCPFQHVJG%QORCP[CPFVJGKPEQOGUVCVGOGPVUUVCVGOGPVUQHEJCPIGUKPGSWKV[CPFECUJƀQYUVCVGOGPVUQHVJG)TQWR
CPFQHVJG%QORCP[HQTVJG[GCTVJGPGPFGFCPFCUWOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGUCPFQVJGTGZRNCPCVQT[PQVGUCUUGVQWV
QPRCIGUVQ
&KTGEVQTUŏTGURQPUKDKNKV[HQTVJGſPCPEKCNUVCVGOGPVU
6JGFKTGEVQTUQHVJG%QORCP[CTGTGURQPUKDNGHQTVJGRTGRCTCVKQPCPFHCKTRTGUGPVCVKQPQHVJGUGſPCPEKCNUVCVGOGPVUKPCEEQTFCPEG
YKVJ(KPCPEKCN4GRQTVKPI5VCPFCTFUCPFVJG%QORCPKGU#EVKP/CNC[UKC6JKUTGURQPUKDKNKV[KPENWFGUFGUKIPKPIKORNGOGPVKPI
CPFOCKPVCKPKPIKPVGTPCNEQPVTQNTGNGXCPVVQVJGRTGRCTCVKQPCPFHCKTRTGUGPVCVKQPQHſPCPEKCNUVCVGOGPVUVJCVCTGHTGGHTQOOCVGTKCN
OKUUVCVGOGPVYJGVJGTFWGVQHTCWFQTGTTQTUGNGEVKPICPFCRRN[KPICRRTQRTKCVGCEEQWPVKPIRQNKEKGUCPFOCMKPICEEQWPVKPIGUVKOCVGU
VJCVCTGTGCUQPCDNGKPVJGEKTEWOUVCPEGU
#WFKVQTUŏTGURQPUKDKNKV[
1WTTGURQPUKDKNKV[KUVQGZRTGUUCPQRKPKQPQPVJGUGſPCPEKCNUVCVGOGPVUDCUGFQPQWTCWFKV9GEQPFWEVGFQWTCWFKVKPCEEQTFCPEG
YKVJCRRTQXGFUVCPFCTFUQPCWFKVKPIKP/CNC[UKC6JQUGUVCPFCTFUTGSWKTGVJCVYGEQORN[YKVJGVJKECNTGSWKTGOGPVUCPFRNCPCPF
RGTHQTOVJGCWFKVVQQDVCKPTGCUQPCDNGCUUWTCPEGYJGVJGTVJGſPCPEKCNUVCVGOGPVUCTGHTGGHTQOOCVGTKCNOKUUVCVGOGPV
#PCWFKVKPXQNXGURGTHQTOKPIRTQEGFWTGUVQQDVCKPCWFKVGXKFGPEGCDQWVVJGCOQWPVUCPFFKUENQUWTGUKPVJGſPCPEKCNUVCVGOGPVU6JG
RTQEGFWTGUUGNGEVGFFGRGPFQPQWTLWFIGOGPVKPENWFKPIVJGCUUGUUOGPVQHTKUMUQHOCVGTKCNOKUUVCVGOGPVQHVJGſPCPEKCNUVCVGOGPVU
YJGVJGTFWGVQHTCWFQTGTTQT+POCMKPIVJQUGTKUMCUUGUUOGPVUYGEQPUKFGTKPVGTPCNEQPVTQNTGNGXCPVVQVJGGPVKV[ŏURTGRCTCVKQPCPF
HCKT RTGUGPVCVKQP QH VJG ſPCPEKCN UVCVGOGPVU KP QTFGT VQ FGUKIP CWFKV RTQEGFWTGU VJCV CTG CRRTQRTKCVG KP VJG EKTEWOUVCPEGU DWV PQV
HQTVJGRWTRQUGQHGZRTGUUKPICPQRKPKQPQPVJGGHHGEVKXGPGUUQHVJGGPVKV[ŏUKPVGTPCNEQPVTQN#PCWFKVCNUQKPENWFGUGXCNWCVKPIVJG
CRRTQRTKCVGPGUU QH VJG CEEQWPVKPI RQNKEKGU WUGF CPF VJG TGCUQPCDNGPGUU QH CEEQWPVKPI GUVKOCVGU OCFG D[ VJG FKTGEVQTU CU YGNN CU
GXCNWCVKPIVJGQXGTCNNRTGUGPVCVKQPQHVJGſPCPEKCNUVCVGOGPVU
9GDGNKGXGVJCVVJGCWFKVGXKFGPEGYGJCXGQDVCKPGFKUUWHſEKGPVCPFCRRTQRTKCVGVQRTQXKFGCDCUKUHQTQWTCWFKVQRKPKQP
1RKPKQP
+P QWT QRKPKQP VJG ſPCPEKCN UVCVGOGPVU JCXG DGGP RTQRGTN[ FTCYP WR KP CEEQTFCPEG YKVJ (KPCPEKCN 4GRQTVKPI 5VCPFCTFU CPF VJG
%QORCPKGU#EVKP/CNC[UKCUQCUVQIKXGCVTWGCPFHCKTXKGYQHVJGſPCPEKCNRQUKVKQPQHVJG)TQWRCPFQHVJG%QORCP[CUCV
&GEGODGTCPFQHVJGKTſPCPEKCNRGTHQTOCPEGCPFECUJƀQYUHQTVJG[GCTVJGPGPFGF
2#5&'%#PPWCN4GRQTV
41
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF PASDEC HOLDINGS BERHAD(continued) (INCORPORATED IN MALAYSIA)
4'21461016*'4.')#.#0&4')7.#614;4'37+4'/'065
+PCEEQTFCPEGYKVJVJGTGSWKTGOGPVUQHVJG%QORCPKGU#EVKP/CNC[UKCYGCNUQTGRQTVVJGHQNNQYKPI
C
+P QWT QRKPKQP VJG CEEQWPVKPI CPF QVJGT TGEQTFU CPF VJG TGIKUVGTU TGSWKTGF D[ VJG #EV VQ DG MGRV D[ VJG %QORCP[ CPF KVU
UWDUKFKCTKGUJCXGDGGPRTQRGTN[MGRVKPCEEQTFCPEGYKVJVJGRTQXKUKQPUQHVJG#EV
D
9GCTGUCVKUſGFVJCVVJGCEEQWPVUQHVJGUWDUKFKCTKGUVJCVJCXGDGGPEQPUQNKFCVGFYKVJVJGſPCPEKCNUVCVGOGPVUQHVJG%QORCP[
CTGKPHQTOCPFEQPVGPVCRRTQRTKCVGCPFRTQRGTHQTVJGRWTRQUGUQHVJGRTGRCTCVKQPQHVJGEQPUQNKFCVGFſPCPEKCNUVCVGOGPVUCPF
YGJCXGTGEGKXGFUCVKUHCEVQT[KPHQTOCVKQPCPFGZRNCPCVKQPUTGSWKTGFD[WUHQTVJQUGRWTRQUGU
E
6JGCWFKVQTUŏTGRQTVUQPVJGCEEQWPVUQHVJGUWDUKFKCTKGUYGTGPQVUWDLGEVVQCP[SWCNKſECVKQPCPFFKFPQVKPENWFGCP[EQOOGPV
TGSWKTGFVQDGOCFGWPFGT5GEVKQP
QHVJG#EV
6JKUTGRQTVKUOCFGUQNGN[VQVJGOGODGTUQHVJG%QORCP[CUCDQF[KPCEEQTFCPEGYKVJ5GEVKQPQHVJG%QORCPKGU#EVKP
/CNC[UKCCPFHQTPQQVJGTRWTRQUG9GFQPQVCUUWOGTGURQPUKDKNKV[VQCP[QVJGTRGTUQPHQTVJGEQPVGPVQHVJKUTGRQTV
*#0#(+#*4#5.#0/1*#/#&
#( %JCTVGTGF#EEQWPVCPVU
-WCPVCP2CJCPI/CNC[UKC
#RTKN
0+-4#*/#6-#/#47.<#/#0$+00+-#$4#*/#0
0Q
,
%JCTVGTGF#EEQWPVCPV
42
2#5&'%#PPWCN4GRQTV
INCOME STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2009
0QVG
4GXGPWG %QUVQHUCNGU )TQWR
%QORCP[
4/
4/
4/
4/
)TQUURTQſV 1VJGTKPEQOG #FOKPKUVTCVKXGGZRGPUGU
1VJGTGZRGPUGU 1RGTCVKPI
NQUURTQſV
(KPCPEGEQUVU 5JCTGQHNQUUQHCUUQEKCVGU
.QUURTQſVDGHQTGVCZ
+PEQOGVCZGZRGPUG
.QUURTQſVHQTVJG[GCT
#VVTKDWVCDNGVQ
'SWKV[JQNFGTUQHVJG%QORCP[
/KPQTKV[KPVGTGUVU
'CTPKPIURGTUJCTGCVVTKDWVCDNG
VQGSWKV[JQNFGTUQHVJG%QORCP[
UGP
$CUKEHQT
NQUURTQſVHQTVJG[GCT
6JGCEEQORCP[KPIPQVGUHQTOCPKPVGITCNRCTVQHVJGſPCPEKCNUVCVGOGPVU
2#5&'%#PPWCN4GRQTV
BALANCE SHEETS
AS AT 31 DECEMBER 2009
#UUGVU
0QPEWTTGPVCUUGVU
2TQRGTV[RNCPVCPFGSWKROGPV
.CPFJGNFHQTRTQRGTV[FGXGNQROGPV
+PXGUVOGPVRTQRGTVKGU
2TGRCKFNCPFNGCUGRC[OGPVU
+PXGUVOGPVUKPUWDUKFKCTKGU
+PXGUVOGPVUKPCUUQEKCVGU
/CTMGVCDNGUGEWTKVKGU
&GHGTTGFVCZCUUGVU +PVCPIKDNGCUUGV %WTTGPVCUUGVU
2TQRGTV[FGXGNQROGPVEQUVU
+PXGPVQTKGU 6TCFGTGEGKXCDNGU 1VJGTTGEGKXCDNGU %CUJCPFDCPMDCNCPEGU
43
0QVG
4/
C
)TQWR
%QORCP[
4/
TGUVCVGF
4/
4/
TGUVCVGF
D
6QVCNCUUGVU
5JCTGJQNFGTUŏGSWKV[ /KPQTKV[KPVGTGUVU 6QVCNGSWKV[
'37+6;#0&.+#$+.+6+'5
'SWKV[CVVTKDWVCDNGVQGSWKV[JQNFGTUQHVJG%QORCP[
5JCTGECRKVCN 5JCTGRTGOKWO 4GVCKPGFGCTPKPIU
#EEWOWNCVGFNQUUGU
0QPEWTTGPVNKCDKNKVKGU
4GVKTGOGPVDGPGſVQDNKICVKQPU
$QTTQYKPIU &GHGTTGFVCZNKCDKNKVKGU
%WTTGPVNKCDKNKVKGU
4GVKTGOGPVDGPGſVQDNKICVKQPU
$QTTQYKPIU 6TCFGRC[CDNGU 1VJGTRC[CDNGU 6CZRC[CDNG 6QVCNNKCDKNKVKGU
6QVCNGSWKV[CPFNKCDKNKVKGU
44
2#5&'%#PPWCN4GRQTV
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
#VVTKDWVCDNGVQGSWKV[JQNFGTUQHVJG%QORCP[
0QPFKUVTKDWVCDNG
&KUVTKDWVCDNG
5JCTG
5JCTG
4GVCKPGF
ECRKVCN
RTGOKWO
GCTPKPIU
4/
4/
4/
6QVCN
4/
/KPQTKV[
KPVGTGUVU
4/
6QVCN
4/
#V,CPWCT[ 2TQſV
NQUUHQTVJG[GCT
0GVEJCPIGUKPVJGKPVGTGUV
QHOKPQTKV[UJCTGJQNFGTU
&KXKFGPFU
0QVG
#V&GEGODGT
#V,CPWCT[ .QUUHQTVJG[GCT #V&GEGODGT
2#5&'%#PPWCN4GRQTV
45
COMPANY STATEMENT OF CHANGES IN EQUITY
0QP&KUVTKDWVCDNG
&KUVTKDWVCDNG
2TQſV
5JCTG
5JCTG #EEWOWNCVGF
ECRKVCN
RTGOKWO
NQUUGU
4/
4/
4/
#V,CPWCT[ 2TQſVHQTVJG[GCT &KXKFGPFU
0QVG
#V&GEGODGT
6QVCN
4/
#V,CPWCT[ 2TQſVHQTVJG[GCT #V&GEGODGT
46
2#5&'%#PPWCN4GRQTV
CASH FLOW STATEMENTS
)TQWR
4/
%QORCP[
4/
4/
4/
%CUJƀQYUHTQOQRGTCVKPICEVKXKVKGU
.QUURTQſVDGHQTGVCZCVKQP
#FLWUVOGPVUHQT
#OQTVKUCVKQPQHRTGRCKFNCPFNGCUGRC[OGPVU
2TQRGTV[RNCPVCPFGSWKROGPVYTKVVGPQHH
4GXGTUCNQHRTQXKUKQPHQTFQWDVHWNFGDVU
$CFFGDVUTGEQXGTGF
&GRTGEKCVKQPQHRTQRGTV[RNCPVCPFGSWKROGPV
&GRTGEKCVKQPQHKPXGUVOGPVRTQRGTVKGU
)CKPNQUUQPFKURQUCNQHKPXGUVOGPVU
.QUUQPFKURQUCNQHNCPFJGNFHQTRTQRGTV[FGXGNQROGPV )CKPNQUUQPFKURQUCNQHRTQRGTV[RNCPVCPFGSWKROGPV
$CFFGDVUYTKVVGPQHH
2TQXKUKQPHQTKORCKTOGPVNQUUGUKPKPXGPVQTKGU
4GXGTUCNQHRTQXKUKQPHQTKORCKTOGPVNQUUGUKPKPXGPVQTKGU
2TQXKUKQPHQTKORCKTOGPVNQUUGUKPKPXGUVOGPVUKP
OCTMGVCDNGUGEWTKVKGU
2TQXKUKQPHQTKORCKTOGPVNQUUGUKPKPXGUVOGPVUKPUWDUKFKCTKGU
4GXGTUCNQHRTQXKUKQPHQTKORCKTOGPVNQUUGUKPKPXGUVOGPVU
4GXGTUCNQHRTQXKUKQPHQTKORCKTOGPVNQUUGUKPKPXGUVOGPVUKP
+ORCKTOGPVQHKPVCPIKDNGCUUGVU
+ORCKTOGPVQHRTQRGTV[FGXGNQROGPVEQUVU
+ORCKTOGPVQHNCPFJGNFHQTRTQRGTV[FGXGNQROGPV
5JCTGQHNQUUQHCUUQEKCVGFEQORCPKGU
4GXGTUCNQHRTQXKUKQPHQTTGENCOCVKQPEQUVU
2TQRGTV[FGXGNQROGPVEQUVUYTKVVGPQHH
2TQXKUKQPHQTTGVKTGOGPVDGPGſVU
2TQXKUKQPHQTFQWDVHWNFGDVU
+PVGTGUVGZRGPUG +PVGTGUVKPEQOG &KXKFGPFKPEQOG
1RGTCVKPIRTQſV
NQUUDGHQTGYQTMKPIECRKVCNEJCPIGU
+PETGCUGFGETGCUGKPTGEGKXCDNGU
+PETGCUGFGETGCUGKPKPXGPVQTKGU
&GETGCUG
KPETGCUGKPNCPFJGNFHQTFGXGNQROGPV
&GETGCUG
KPETGCUGKPRTQRGTV[FGXGNQROGPVEQUVU
+PETGCUG
FGETGCUGKPRC[CDNGU
%CUJWUGFKPQRGTCVKQPU
+PVGTGUVRCKF 6CZGURCKF 4GVKTGOGPVDGPGſVURCKF
0GVECUJWUGFKPQRGTCVKPICEVKXKVKGU
2#5&'%#PPWCN4GRQTV
CASH FLOW STATEMENTS
%CUJƀQYUHTQOKPXGUVKPICEVKXKVKGU
#FFKVKQPCNKPXGUVOGPVKPCUWDUKFKCT[
2TQEGGFUHTQOFKURQUCNQHKPXGUVOGPV
2WTEJCUGQHRTQRGTV[RNCPVCPFGSWKROGPV
2TQEGGFUHTQOFKURQUCNQHRTQRGTV[RNCPVCPFGSWKROGPV
2TQEGGFUHTQOFKURQUCNQHNCPFJGNFHQTFGXGNQROGPV
+PVGTGUVTGEGKXGF &KXKFGPFUTGEGKXGF 0GVECUJIGPGTCVGFHTQOKPXGUVKPICEVKXKVKGU
47
)TQWR
4/
%QORCP[
4/
4/
4/
&TCYFQYPQHVGTONQCPU
&TCYFQYPQHTGXQNXKPIETGFKVU
4GRC[OGPVQHDCPMGTUŏCEEGRVCPEGU
4GRC[OGPVQHVGTONQCPU
2C[OGPVQHJKTGRWTEJCUGETGFKVQTU
+PVGTGUVRCKF &KXKFGPFURCKF 0GVECUJIGPGTCVGFHTQO
WUGFKPſPCPEKPICEVKXKVKGU
0GV
FGETGCUGKPETGCUGKPECUJCPFECUJGSWKXCNGPVU
%CUJCPFECUJGSWKXCNGPVUCVDGIKPPKPIQH[GCT
%CUJCPFECUJGSWKXCNGPVUCVGPFQH[GCT
0QVG
%CUJƀQYUHTQOſPCPEKPICEVKXKVKGU
48
2#5&'%#PPWCN4GRQTV
Notes to the financial statements
31 DECEMBER 2009
%14214#6'+0(14/#6+10
6JG%QORCP[KUCRWDNKENKOKVGFNKCDKNKV[EQORCP[KPEQTRQTCVGFCPFFQOKEKNGFKP/CNC[UKCCPFKUNKUVGFQPVJG/CKP/CTMGV
QH$WTUC/CNC[UKC5GEWTKVKGU$GTJCF6JGTGIKUVGTGFQHſEGQHVJG%QORCP[KUNQECVGFCVVJ(NQQT-QORNGMU6GTWPVWO,CNCP
/CJMQVC-WCPVCP2CJCPI&CTWN/CMOWT
6JGJQNFKPIEQTRQTCVKQPQHVJG%QORCP[KU2GTDCFCPCP-GOCLWCP0GIGTK2CJCPICUVCVWVQT[DQF[KPEQTRQTCVGFKP/CNC[UKC
WPFGTVJG2CJCPI5VCVG'PCEVOGPV0Q
6JG RTKPEKRCN CEVKXKVKGU QH VJG %QORCP[ CTG KPXGUVOGPV JQNFKPI CPF RTQXKUKQP QH OCPCIGOGPV UGTXKEGU VQ VJG UWDUKFKCTKGU
6JGRTKPEKRCNCEVKXKVKGUQHVJGUWDUKFKCTKGUCTGFGUETKDGFKP0QVGVQVJGſPCPEKCNUVCVGOGPVU6JGTGJCXGDGGPPQUKIPKſECPV
EJCPIGUKPVJGPCVWTGQHVJGRTKPEKRCNCEVKXKVKGUFWTKPIVJGſPCPEKCN[GCT
6JGſPCPEKCNUVCVGOGPVUYGTGCWVJQTKUGFHQTKUUWGD[VJG$QCTFQH&KTGEVQTUKPCEEQTFCPEGYKVJCTGUQNWVKQPQHVJGFKTGEVQTUQP
#RTKN
5+)0+(+%#06#%%1706+0)21.+%+'5
$CUKUQHRTGRCTCVKQP
6JGſPCPEKCNUVCVGOGPVUEQORN[YKVJVJG(KPCPEKCN4GRQTVKPI5VCPFCTFU
ő(45UŒCPFVJG%QORCPKGU#EVKP/CNC[UKC
6JGſPCPEKCNUVCVGOGPVUQHVJG)TQWRCPFQHVJG%QORCP[JCXGCNUQDGGPRTGRCTGFQPCJKUVQTKECNEQUVDCUKU
6JGſPCPEKCNUVCVGOGPVUCTGRTGUGPVGFKP4KPIIKV/CNC[UKC
ő4/Œ
5WOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGU
C
5WDUKFKCTKGUCPFDCUKUQHEQPUQNKFCVKQP
K
5WDUKFKCTKGU
5WDUKFKCTKGUCTGGPVKVKGUQXGTYJKEJVJG)TQWRJCUVJGCDKNKV[VQEQPVTQNVJGſPCPEKCNCPFQRGTCVKPIRQNKEKGUUQ
CUVQQDVCKPDGPGſVUHTQOVJGKTCEVKXKVKGU6JGGZKUVGPEGCPFGHHGEVQHRQVGPVKCNXQVKPITKIJVUVJCVCTGEWTTGPVN[
GZGTEKUCDNGQTEQPXGTVKDNGCTGEQPUKFGTGFYJGPCUUGUUKPIYJGVJGTVJG)TQWRJCUUWEJRQYGTQXGTCPQVJGT
GPVKV[
+PVJG%QORCP[ŏUUGRCTCVGſPCPEKCNUVCVGOGPVUKPXGUVOGPVUKPUWDUKFKCTKGUCTGUVCVGFCVEQUVNGUUKORCKTOGPV
NQUUGU 1P FKURQUCN QH UWEJ KPXGUVOGPVU VJG FKHHGTGPEG DGVYGGP PGV FKURQUCN RTQEGGFU CPF VJGKT ECTT[KPI
COQWPVUKUKPENWFGFKPRTQſVQTNQUU
KK
$CUKUQHEQPUQNKFCVKQP
6JGEQPUQNKFCVGFſPCPEKCNUVCVGOGPVUEQORTKUGVJGſPCPEKCNUVCVGOGPVUQHVJG%QORCP[CPFKVUUWDUKFKCTKGUCU
CVVJGDCNCPEGUJGGVFCVG6JGſPCPEKCNUVCVGOGPVUQHVJGUWDUKFKCTKGUCTGRTGRCTGFHQTVJGUCOGTGRQTVKPIFCVG
CUVJG%QORCP[
5WDUKFKCTKGUCTGEQPUQNKFCVGFHTQOVJGFCVGQHCESWKUKVKQPDGKPIVJGFCVGQPYJKEJVJG)TQWRQDVCKPUEQPVTQN
CPFEQPVKPWGVQDGEQPUQNKFCVGFWPVKNVJGFCVGVJCVUWEJEQPVTQNEGCUGU+PRTGRCTKPIVJGEQPUQNKFCVGFſPCPEKCN
UVCVGOGPVU KPVTCITQWR DCNCPEGU VTCPUCEVKQPU CPF WPTGCNKUGF ICKPU QT NQUUGU CTG GNKOKPCVGF KP HWNN 7PKHQTO
CEEQWPVKPI RQNKEKGU CTG CFQRVGF KP VJG EQPUQNKFCVGF ſPCPEKCN UVCVGOGPVU HQT NKMG VTCPUCEVKQPU CPF GXGPVU KP
UKOKNCTEKTEWOUVCPEGU
2#5&'%#PPWCN4GRQTV
49
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
C
5WDUKFKCTKGUCPFDCUKUQHEQPUQNKFCVKQP
%QPVKPWGF
KK
$CUKUQHEQPUQNKFCVKQP
%QPVKPWGF
#ESWKUKVKQPUQHUWDUKFKCTKGUCTGCEEQWPVGFHQTWUKPIVJGRWTEJCUGOGVJQF6JGRWTEJCUGOGVJQFQHCEEQWPVKPI
KPXQNXGUCNNQECVKPIVJGEQUVQHVJGCESWKUKVKQPVQVJGHCKTXCNWGQHVJGCUUGVUCESWKTGFCPFNKCDKNKVKGUCPFEQPVKPIGPV
NKCDKNKVKGUCUUWOGFCVVJGFCVGQHCESWKUKVKQP6JGEQUVQHCPCESWKUKVKQPKUOGCUWTGFCUVJGCIITGICVGQHVJG
HCKTXCNWGUCVVJGFCVGQHGZEJCPIGQHVJGCUUGVUIKXGPNKCDKNKVKGUKPEWTTGFQTCUUWOGFCPFGSWKV[KPUVTWOGPVU
KUUWGFRNWUCP[EQUVUFKTGEVN[CVVTKDWVCDNGVQVJGCESWKUKVKQP
#P[GZEGUUQHVJGEQUVQHVJGCESWKUKVKQPQXGTVJG)TQWRŏUKPVGTGUVKPVJGPGVHCKTXCNWGQHVJGKFGPVKſCDNGCUUGVU
NKCDKNKVKGU CPF EQPVKPIGPV NKCDKNKVKGU TGRTGUGPVU IQQFYKNN #P[ GZEGUU QH VJG )TQWRŏU KPVGTGUV KP VJG PGV HCKT
XCNWGQHVJGKFGPVKſCDNGCUUGVUNKCDKNKVKGUCPFEQPVKPIGPVNKCDKNKVKGUQXGTVJGEQUVQHCESWKUKVKQPKUTGEQIPKUGF
KOOGFKCVGN[KPRTQſVQTNQUU
/KPQTKV[KPVGTGUVUTGRTGUGPVVJGRQTVKQPQHRTQſVQTNQUUCPFPGVCUUGVUKPUWDUKFKCTKGUPQVJGNFD[VJG)TQWR+V
KUOGCUWTGFCVVJGOKPQTKVKGUŏUJCTGQHVJGHCKTXCNWGQHVJGUWDUKFKCTKGUŏKFGPVKſCDNGCUUGVUCPFNKCDKNKVKGUCVVJG
CESWKUKVKQPFCVGCPFVJGOKPQTKVKGUŏUJCTGQHEJCPIGUKPVJGUWDUKFKCTKGUŏGSWKV[UKPEGVJGP
D
#UUQEKCVGU
#UUQEKCVGUCTGGPVKVKGUKPYJKEJVJG)TQWRJCUUKIPKſECPVKPƀWGPEGCPFVJCVKUPGKVJGTCUWDUKFKCT[PQTCPKPVGTGUVKP
CLQKPVXGPVWTG5KIPKſECPVKPƀWGPEGKUVJGRQYGTVQRCTVKEKRCVGKPVJGſPCPEKCNCPFQRGTCVKPIRQNKE[FGEKUKQPUQHVJG
KPXGUVGGDWVPQVKPEQPVTQNQTLQKPVEQPVTQNQXGTVJQUGRQNKEKGU
+PXGUVOGPVU KP CUUQEKCVGU CTG CEEQWPVGF HQT KP VJG EQPUQNKFCVGF ſPCPEKCN UVCVGOGPVU WUKPI VJG GSWKV[ OGVJQF QH
CEEQWPVKPI7PFGTVJGGSWKV[OGVJQFVJGKPXGUVOGPVKPCUUQEKCVGKUECTTKGFKPVJGEQPUQNKFCVGFDCNCPEGUJGGVCV
EQUVCFLWUVGFHQTRQUVCESWKUKVKQPEJCPIGUKPVJG)TQWRŏUUJCTGQHPGVCUUGVUQHVJGCUUQEKCVG6JG)TQWRŏUUJCTGQH
VJGPGVRTQſVQTNQUUQHVJGCUUQEKCVGKUTGEQIPKUGFKPVJGEQPUQNKFCVGFRTQſVQTNQUU9JGTGVJGTGJCUDGGPCEJCPIG
TGEQIPKUGFFKTGEVN[KPVJGGSWKV[QHVJGCUUQEKCVGVJG)TQWRTGEQIPKUGUKVUUJCTGQHUWEJEJCPIGU
+PCRRN[KPIVJGGSWKV[OGVJQFWPTGCNKUGFICKPUCPFNQUUGUQP VTCPUCEVKQPUDGVYGGPVJG)TQWRCPFVJGCUUQEKCVG
CTG GNKOKPCVGF VQ VJG GZVGPV QH VJG )TQWRŏU KPVGTGUV KP VJG CUUQEKCVG #HVGT CRRNKECVKQP QH VJG GSWKV[ OGVJQF VJG
)TQWRFGVGTOKPGUYJGVJGTKVKUPGEGUUCT[VQTGEQIPKUGCP[CFFKVKQPCNKORCKTOGPVNQUUYKVJTGURGEVVQVJG)TQWRŏU
PGVKPXGUVOGPVKPVJGCUUQEKCVG6JGCUUQEKCVGKUGSWKV[CEEQWPVGFHQTHTQOVJGFCVGVJG)TQWRQDVCKPUUKIPKſECPV
KPƀWGPEGWPVKNVJGFCVGVJG)TQWREGCUGUVQJCXGUKIPKſECPVKPƀWGPEGQXGTVJGCUUQEKCVG
9JGPVJG)TQWRŏUUJCTGQHNQUUGUKPCPCUUQEKCVGGSWCNUQTGZEGGFUKVUKPVGTGUVKPVJGCUUQEKCVGKPENWFKPICP[NQPI
VGTO KPVGTGUVU VJCV KP UWDUVCPEG HQTO RCTV QH VJG )TQWRŏU PGV KPXGUVOGPV KP VJG CUUQEKCVGU VJG )TQWR FQGU PQV
TGEQIPKUGHWTVJGTNQUUGUWPNGUUKVJCUKPEWTTGFQDNKICVKQPUQTOCFGRC[OGPVUQPDGJCNHQHVJGCUUQEKCVG
6JGOQUVTGEGPVCXCKNCDNGCWFKVGFſPCPEKCNUVCVGOGPVUQHVJGCUUQEKCVGUCTGWUGFD[VJG)TQWRKPCRRN[KPIVJGGSWKV[
OGVJQF9JGTGVJGFCVGUQHVJGCWFKVGFſPCPEKCNUVCVGOGPVUWUGFCTGPQVEQVGTOKPQWUYKVJVJQUGQHVJG)TQWRVJG
UJCTGQHTGUWNVUKUCTTKXGFCVHTQOVJGNCUVCWFKVGFſPCPEKCNUVCVGOGPVUCXCKNCDNGCPFOCPCIGOGPVſPCPEKCNUVCVGOGPVU
VQ VJG GPF QH VJG CEEQWPVKPI RGTKQF 7PKHQTO CEEQWPVKPI RQNKEGU CTG CFQRVGF HQT NKMG VTCPUCEVKQPU CPF GXGPVU KP
UKOKNCTEKTEWOUVCPEGU
1PFKURQUCNQHUWEJKPXGUVOGPVUVJGFKHHGTGPEGDGVYGGPPGVFKURQUCNRTQEGGFUCPFVJGKTECTT[KPICOQWPVUKUKPENWFGF
KPRTQſVQTNQUU
50
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
E
+PVCPIKDNGCUUGVU
)QQFYKNN
)QQFYKNNCESWKTGFKPCDWUKPGUUEQODKPCVKQPKUKPKVKCNN[OGCUWTGFCVEQUVDGKPIVJGGZEGUUQHVJGEQUVQHDWUKPGUU
EQODKPCVKQP QXGT VJG )TQWRŏU KPVGTGUV KP VJG PGV HCKT XCNWG QH VJG KFGPVKſCDNG CUUGVU NKCDKNKVKGU CPF EQPVKPIGPV
NKCDKNKVKGU(QNNQYKPIVJGKPKVKCNTGEQIPKVKQPIQQFYKNNKUOGCUWTGFCVEQUVNGUUCP[CEEWOWNCVGFKORCKTOGPVNQUUGU
)QQFYKNNKUPQVCOQTVKUGFDWVKPUVGCFKVKUTGXKGYGFHQTKORCKTOGPVCPPWCNN[QTOQTGHTGSWGPVN[KHGXGPVUQTEJCPIGU
KPEKTEWOUVCPEGUKPFKECVGVJCVVJGECTT[KPIXCNWGOC[DGKORCKTGF)CKPUCPFNQUUGUQPVJGFKURQUCNQHCPGPVKV[
KPENWFGVJGECTT[KPICOQWPVQHIQQFYKNNTGNCVKPIVQVJGGPVKV[UQNF
F
2TQRGTV[RNCPVCPFGSWKROGPVCPFFGRTGEKCVKQP
#NNKVGOUQHRTQRGTV[RNCPVCPFGSWKROGPVCTGKPKVKCNN[TGEQTFGFCVEQUV5WDUGSWGPVEQUVUCTGKPENWFGFKPVJGCUUGVŏU
ECTT[KPICOQWPVQTTGEQIPKUGFCUCUGRCTCVGCUUGVCUCRRTQRTKCVGQPN[YJGPKVKURTQDCDNGVJCVHWVWTGGEQPQOKE
DGPGſVU CUUQEKCVGF YKVJ VJG KVGO YKNN ƀQY VQ VJG )TQWR CPF VJG EQUV QH VJG KVGO ECP DG OGCUWTGF TGNKCDN[ 6JG
ECTT[KPICOQWPVQHVJGTGRNCEGFRCTVKUFGTGEQIPKUGF#NNQVJGTTGRCKTUCPFOCKPVGPCPEGCTGEJCTIGFVQVJGKPEQOG
UVCVGOGPVFWTKPIVJGſPCPEKCNRGTKQFKPYJKEJVJG[CTGKPEWTTGF
5WDUGSWGPVVQTGEQIPKVKQPRTQRGTV[RNCPVCPFGSWKROGPVCTGUVCVGFCVEQUVNGUUCEEWOWNCVGFFGRTGEKCVKQPCPFCP[
CEEWOWNCVGFKORCKTOGPVNQUUGU
%QPUVTWEVKQPYQTMKPRTQITGUUKUPQVFGRTGEKCVGF&GRTGEKCVKQPQHQVJGTRTQRGTV[RNCPVCPFGSWKROGPVKURTQXKFGF
HQTQPCUVTCKIJVNKPGDCUKUVQYTKVGQHHVJGEQUVQHGCEJCUUGVVQKVUTGUKFWCNXCNWGQXGTVJGGUVKOCVGFWUGHWNNKHGCVVJG
HQNNQYKPICPPWCNTCVGU
$WKNFKPIU
2NCPVCPFOCEJKPGT[
/QVQTXGJKENGU
1HſEGGSWKROGPV
1HſEGTGPQXCVKQP
(WTPKVWTGCPFſVVKPIU
5KIPDQCTF
6JGTGUKFWCNXCNWGUWUGHWNNKHGCPFFGRTGEKCVKQPOGVJQFCTGTGXKGYGFCVGCEJſPCPEKCN[GCTGPFVQGPUWTGVJCVVJG
COQWPV OGVJQF CPF RGTKQF QH FGRTGEKCVKQP CTG EQPUKUVGPV YKVJ RTGXKQWU GUVKOCVGU CPF VJG GZRGEVGF RCVVGTP QH
EQPUWORVKQPQHVJGHWVWTGGEQPQOKEDGPGſVUGODQFKGFKPVJGKVGOUQHRTQRGTV[RNCPVCPFGSWKROGPV
#PKVGOQHRTQRGTV[RNCPVCPFGSWKROGPVKUFGTGEQIPKUGFWRQPFKURQUCNQTYJGPPQHWVWTGGEQPQOKEDGPGſVUCTG
GZRGEVGF HTQOKVUWUGQTFKURQUCN6JGFKHHGTGPEG DGVYGGP VJGPGVFKURQUCN RTQEGGFU KHCP[CPFVJGPGVECTT[KPI
COQWPVKUTGEQIPKUGFKPRTQſVQTNQUU
G
+PXGUVOGPVRTQRGTVKGU
+PXGUVOGPVRTQRGTVKGUCTGRTQRGTVKGUYJKEJCTGJGNFGKVJGTVQGCTPTGPVCNKPEQOGQTHQTECRKVCNCRRTGEKCVKQPQTHQT
DQVJ5WEJRTQRGTVKGUCTGOGCUWTGFCVEQUVKPENWFKPIVTCPUCEVKQPEQUVU
+PXGUVOGPVRTQRGTVKGUCTGFGTGEQIPKUGFYJGPGKVJGTVJG[JCXGDGGPFKURQUGFQHQTYJGPVJGKPXGUVOGPVRTQRGTV[KU
RGTOCPGPVN[YKVJFTCYPHTQOWUGCPFPQHWVWTGGEQPQOKEDGPGſVKUGZRGEVGFHTQOKVUFKURQUCN#P[ICKPUQTNQUUGU
QPVJGTGVKTGOGPVQTFKURQUCNQHCPKPXGUVOGPVRTQRGTV[CTGTGEQIPKUGFKPRTQſVQTNQUUKPVJG[GCTKPYJKEJVJG[CTKUG
6JG FGRTGEKCVKQP RQNKE[ HQT KPXGUVOGPV RTQRGTVKGU KU KP CEEQTFCPEG YKVJ VJCV HQT FGRTGEKCDNG RTQRGTV[ RNCPV CPF
GSWKROGPVCUFGUETKDGFKP0QVG
F
2#5&'%#PPWCN4GRQTV
51
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
H
.CPFJGNFHQTRTQRGTV[FGXGNQROGPVCPFRTQRGTV[FGXGNQROGPVEQUVU
K
.CPFJGNFHQTRTQRGTV[FGXGNQROGPVEQPUKUVUQHNCPFYJGTGPQFGXGNQROGPVCEVKXKVKGUJCXGDGGPECTTKGFQWVQT
YJGTGFGXGNQROGPVCEVKXKVKGUCTGPQVGZRGEVGFVQDGEQORNGVGFYKVJKPVJGPQTOCNQRGTCVKPIE[ENG5WEJNCPF
KUENCUUKſGFYKVJKPPQPEWTTGPVCUUGVUCPFKUUVCVGFCVEQUVNGUUCP[CEEWOWNCVGFKORCKTOGPVNQUUGU
.CPFJGNFHQTRTQRGTV[FGXGNQROGPVKUTGENCUUKſGFCUFGXGNQROGPVRTQRGTVKGUCVVJGRQKPVYJGPFGXGNQROGPV
CEVKXKVKGUJCXGEQOOGPEGFCPFYJGTGKVECPDGFGOQPUVTCVGFVJCVVJGFGXGNQROGPVCEVKXKVKGUECPDGEQORNGVGF
YKVJKPVJGPQTOCNQRGTCVKPIE[ENG
KK
2TQRGTV[FGXGNQROGPVEQUVUEQORTKUGCNNEQUVUVJCVCTGFKTGEVN[CVVTKDWVCDNGVQFGXGNQROGPVCEVKXKVKGUQTVJCV
ECPDGCNNQECVGFQPCTGCUQPCDNGDCUKUVQUWEJCEVKXKVKGU
9JGP VJG ſPCPEKCN QWVEQOG QH C FGXGNQROGPV CEVKXKV[ ECP DG TGNKCDN[ GUVKOCVGF RTQRGTV[ FGXGNQROGPV
TGXGPWG CPF GZRGPUGU CTG TGEQIPKUGF KP VJG KPEQOG UVCVGOGPV D[ WUKPI VJG UVCIG QH EQORNGVKQP OGVJQF
6JGUVCIGQHEQORNGVKQPKUFGVGTOKPGFD[VJGRTQRQTVKQPVJCVRTQRGTV[FGXGNQROGPVEQUVUKPEWTTGFHQTYQTM
RGTHQTOGFVQFCVGVQVJGGUVKOCVGFVQVCNRTQRGTV[FGXGNQROGPVEQUVU
9JGTGVJGſPCPEKCNQWVEQOGQHCFGXGNQROGPVCEVKXKV[ECPPQVDGTGNKCDN[GUVKOCVGFRTQRGTV[FGXGNQROGPV
TGXGPWG KU TGEQIPKUGF QPN[ VQ VJG GZVGPV QH RTQRGTV[ FGXGNQROGPV EQUVU KPEWTTGF VJCV KU RTQDCDNG YKNN DG
TGEQXGTCDNGCPFRTQRGTV[FGXGNQROGPVEQUVUQPRTQRGTVKGUUQNFCTGTGEQIPKUGFCUCPGZRGPUGKPVJGRGTKQFKP
YJKEJVJG[CTGKPEWTTGF
#P[GZRGEVGFNQUUQPCFGXGNQROGPVRTQLGEVKPENWFKPIEQUVUVQDGKPEWTTGFQXGTVJGFGHGEVUNKCDKNKV[RGTKQFKU
TGEQIPKUGFCUCPGZRGPUGKOOGFKCVGN[
2TQRGTV[FGXGNQROGPVEQUVUPQVTGEQIPKUGFCUGZRGPUGCTGTGEQIPKUGFCUCUUGVYJKEJKUOGCUWTGFCVVJGNQYGT
QHEQUVCPFPGVTGCNKUCDNGXCNWG
6JGGZEGUUQHTGXGPWGTGEQIPKUGFKPVJGKPEQOGUVCVGOGPVQXGTDKNNKPIUVQRWTEJCUGTUKUENCUUKſGFCUCEETWGF
DKNNKPIUYKVJKPVTCFGTGEGKXCDNGUCPFVJGGZEGUUQHDKNNKPIUVQRWTEJCUGTUQXGTTGXGPWGTGEQIPKUGFKPVJGKPEQOG
UVCVGOGPVKUENCUUKſGFCURTQITGUUDKNNKPIUYKVJKPVTCFGRC[CDNGU
I
%QPUVTWEVKQPEQPVTCEVU
9JGTGVJGQWVEQOGQHCEQPUVTWEVKQPEQPVTCEVECPDGTGNKCDN[GUVKOCVGFEQPVTCEVTGXGPWGCPFEQPVTCEVEQUVUCTG
TGEQIPKUGFCUTGXGPWGCPFGZRGPUGUTGURGEVKXGN[D[WUKPIVJGUVCIGQHEQORNGVKQPOGVJQF6JGUVCIGQHEQORNGVKQP
KUOGCUWTGFD[TGHGTGPEGVQVJGRTQRQTVKQPQHEQPVTCEVEQUVUKPEWTTGFHQTYQTMRGTHQTOGFVQFCVGVQVJGGUVKOCVGFVQVCN
EQPVTCEVEQUVU
9JGTGVJGQWVEQOGQHCEQPUVTWEVKQPEQPVTCEVECPPQVDGTGNKCDN[GUVKOCVGFEQPVTCEVTGXGPWGKUTGEQIPKUGFVQVJG
GZVGPVQHEQPVTCEVEQUVUKPEWTTGFVJCVKVKURTQDCDNGYKNNDGTGEQXGTCDNG%QPVTCEVEQUVUCTGTGEQIPKUGFCUGZRGPUGUKP
VJGRGTKQFKPYJKEJVJG[CTGKPEWTTGF
9JGPKVKURTQDCDNGVJCVVQVCNEQPVTCEVEQUVUYKNNGZEGGFVQVCNEQPVTCEVTGXGPWGVJGGZRGEVGFNQUUKUTGEQIPKUGFCUCP
GZRGPUGKOOGFKCVGN[
9JGPVJGVQVCNQHEQUVUKPEWTTGFQPEQPUVTWEVKQPEQPVTCEVURNWUTGEQIPKUGFRTQſVU
NGUUTGEQIPKUGFNQUUGUGZEGGFU
RTQITGUUDKNNKPIUVJGDCNCPEGKUENCUUKſGFCUCOQWPVFWGHTQOEWUVQOGTUQPEQPVTCEVU9JGPRTQITGUUDKNNKPIUGZEGGF
EQUVUKPEWTTGFRNWUTGEQIPKUGFRTQſVU
NGUUTGEQIPKUGFNQUUGUVJGDCNCPEGKUENCUUKſGFCUCOQWPVFWGVQEWUVQOGTU
QPEQPVTCEVU
52
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
J
+PXGPVQTKGU
+PXGPVQTKGUCTGUVCVGFCVNQYGTQHEQUVCPFPGVTGCNKUCDNGXCNWG
%QUVKUFGVGTOKPGFWUKPIVJGſTUVKPſTUVQWVOGVJQF6JGEQUVQHTCYOCVGTKCNUEQORTKUGUEQUVQHRWTEJCUG6JGEQUVU
QH ſPKUJGF IQQFU CPF YQTMKPRTQITGUU EQORTKUG TCY OCVGTKCNU FKTGEV NCDQWT QVJGT FKTGEV EQUVU CPF CRRTQRTKCVG
RTQRQTVKQPUQHRTQFWEVKQPQXGTJGCFU
6JG EQUV QH WPUQNF RTQRGTVKGU EQORTKUGU EQUV CUUQEKCVGF YKVJ VJG RWTEJCUG QH NCPF FKTGEV EQUVU CPF CRRTQRTKCVG
RTQRQTVKQPUQHEQOOQPEQUVU
0GV TGCNKUCDNG XCNWG KU VJG GUVKOCVGF UGNNKPI RTKEG KP VJG QTFKPCT[ EQWTUG QH DWUKPGUU NGUU VJG GUVKOCVGF EQUVU QH
EQORNGVKQPCPFVJGGUVKOCVGFEQUVUPGEGUUCT[VQOCMGVJGUCNG
K
+ORCKTOGPVQHPQPſPCPEKCNCUUGVU
6JGECTT[KPICOQWPVUQHCUUGVUQVJGTVJCPKPXGUVOGPVRTQRGTV[EQPUVTWEVKQPEQPVTCEVCUUGVURTQRGTV[FGXGNQROGPV
EQUVU CPF KPXGPVQTKGU CTG TGXKGYGF CV GCEJ DCNCPEG UJGGV FCVG VQ FGVGTOKPG YJGVJGT VJGTG KU CP[ KPFKECVKQP QH
KORCKTOGPV+HCP[UWEJKPFKECVKQPGZKUVUVJGCUUGVŏUTGEQXGTCDNGCOQWPVKUGUVKOCVGFVQFGVGTOKPGVJGCOQWPVQH
KORCKTOGPVNQUU
(QTIQQFYKNNVJGTGEQXGTCDNGCOQWPVKUGUVKOCVGFCVGCEJDCNCPEGUJGGVFCVGQTOQTGHTGSWGPVN[YJGPKPFKECVQTUQH
KORCKTOGPVCTGKFGPVKſGF
(QTVJGRWTRQUGQHKORCKTOGPVVGUVKPIQHVJGUGCUUGVUTGEQXGTCDNGCOQWPVKUFGVGTOKPGFQPCPKPFKXKFWCNCUUGVDCUKU
WPNGUUVJGCUUGVFQGUPQVIGPGTCVGECUJƀQYUVJCVCTGNCTIGN[KPFGRGPFGPVQHVJQUGHTQOQVJGTCUUGVU+HVJKUKUVJG
ECUGTGEQXGTCDNGCOQWPVKUFGVGTOKPGFHQTVJGECUJIGPGTCVKPIWPKV
%)7VQYJKEJVJGCUUGVDGNQPIUVQ)QQFYKNN
CESWKTGFKPCDWUKPGUUEQODKPCVKQPKUHTQOVJGCESWKUKVKQPFCVGCNNQECVGFVQGCEJQHVJG)TQWRŏU%)7UQTITQWRU
QH%)7UVJCVCTGGZRGEVGFVQDGPGſVHTQOVJGU[PGTIKGUQHVJGEQODKPCVKQPKTTGURGEVKXGQHYJGVJGTQVJGTCUUGVUQT
NKCDKNKVKGUQHVJG)TQWRCTGCUUKIPGFVQVJQUGWPKVUQTITQWRUQHWPKVU
#PCUUGVŏUTGEQXGTCDNGCOQWPVKUVJGJKIJGTQHCPCUUGVŏUQT%)7ŏUHCKTXCNWGNGUUEQUVUVQUGNNCPFKVUXCNWGKPWUG+P
CUUGUUKPIXCNWGKPWUGVJGGUVKOCVGFHWVWTGECUJƀQYUCTGFKUEQWPVGFVQVJGKTRTGUGPVXCNWGWUKPICRTGVCZFKUEQWPV
TCVGVJCVTGƀGEVUEWTTGPVOCTMGVCUUGUUOGPVUQHVJGVKOGXCNWGQHOQPG[CPFVJGTKUMUURGEKſEVQVJGCUUGV9JGTGVJG
ECTT[KPICOQWPVQHCPCUUGVGZEGGFUKVUTGEQXGTCDNGCOQWPVVJGCUUGVKUEQPUKFGTGFKORCKTGFCPFKUYTKVVGPFQYP
VQKVUTGEQXGTCDNGCOQWPV+ORCKTOGPVNQUUGUTGEQIPKUGFKPTGURGEVQHC%)7QTITQWRUQH%)7UCTGCNNQECVGFſTUV
VQTGFWEGVJGECTT[KPICOQWPVQHCP[IQQFYKNNCNNQECVGFVQVJQUGWPKVUQTITQWRUQHWPKVUCPFVJGPVQTGFWEGVJG
ECTT[KPICOQWPVQHVJGQVJGTCUUGVUKPVJGWPKVQTITQWRUQHWPKVUQPCRTQTCVCDCUKU
#PKORCKTOGPVNQUUKUTGEQIPKUGFKPRTQſVQTNQUUKPVJGRGTKQFKPYJKEJKVCTKUGUWPNGUUVJGCUUGVKUECTTKGFCVC
TGXCNWGFCOQWPVKPYJKEJECUGVJGKORCKTOGPVNQUUKUCEEQWPVGFHQTCUCTGXCNWCVKQPFGETGCUGVQVJGGZVGPVVJCVVJG
KORCKTOGPVNQUUFQGUPQVGZEGGFVJGCOQWPVJGNFKPVJGCUUGVTGXCNWCVKQPTGUGTXGHQTVJGUCOGCUUGV
+ORCKTOGPV NQUU QP IQQFYKNN KU PQV TGXGTUGF KP C UWDUGSWGPV RGTKQF #P KORCKTOGPV NQUU HQT CP CUUGV QVJGT VJCP
IQQFYKNNKUTGXGTUGFKHCPFQPN[KHVJGTGJCUDGGPCEJCPIGKPVJGGUVKOCVGUWUGFVQFGVGTOKPGVJGCUUGVŏUTGEQXGTCDNG
COQWPV UKPEG VJG NCUV KORCKTOGPV NQUU YCU TGEQIPKUGF 6JG ECTT[KPI COQWPV QH CP CUUGV QVJGT VJCP IQQFYKNN KU
KPETGCUGFVQKVUTGXKUGFTGEQXGTCDNGCOQWPVRTQXKFGFVJCVVJKUCOQWPVFQGUPQVGZEGGFVJGECTT[KPICOQWPVVJCV
YQWNFJCXGDGGPFGVGTOKPGF
PGVQHCOQTVKUCVKQPQTFGRTGEKCVKQPJCFPQKORCKTOGPVNQUUDGGPTGEQIPKUGFHQTVJG
CUUGVKPRTKQT[GCTU#TGXGTUCNQHKORCKTOGPVNQUUHQTCPCUUGVQVJGTVJCPIQQFYKNNKUTGEQIPKUGFKPRTQſVQTNQUU
2#5&'%#PPWCN4GRQTV
53
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
L
(KPCPEKCNKPUVTWOGPVU
(KPCPEKCNKPUVTWOGPVUCTGTGEQIPKUGFKPVJGDCNCPEGUJGGVYJGPVJG)TQWRJCUDGEQOGCRCTV[VQVJGEQPVTCEVWCN
RTQXKUKQPUQHVJGKPUVTWOGPV
(KPCPEKCN KPUVTWOGPVU CTG ENCUUKſGF CU NKCDKNKVKGU QT GSWKV[ KP CEEQTFCPEG YKVJ VJG UWDUVCPEG QH VJG EQPVTCEVWCN
CTTCPIGOGPV+PVGTGUVFKXKFGPFUICKPUCPFNQUUGUTGNCVKPIVQCſPCPEKCNKPUVTWOGPVENCUUKſGFCUCNKCDKNKV[CTGTGRQTVGF
CUGZRGPUGQTKPEQOG&KUVTKDWVKQPUVQJQNFGTUQHſPCPEKCNKPUVTWOGPVUENCUUKſGFCUGSWKV[CTGEJCTIGFFKTGEVN[VQ
GSWKV[(KPCPEKCNKPUVTWOGPVUCTGQHHUGVYJGPVJG)TQWRJCUCNGICNN[GPHQTEGCDNGTKIJVVQQHHUGVCPFKPVGPFUVQUGVVNG
GKVJGTQPCPGVDCUKUQTVQTGCNKUGVJGCUUGVCPFUGVVNGVJGNKCDKNKV[UKOWNVCPGQWUN[
K
%CUJCPFECUJGSWKXCNGPVU
(QTVJGRWTRQUGUQHVJGECUJƀQYUVCVGOGPVUECUJCPFECUJGSWKXCNGPVUKPENWFGECUJKPJCPFCPFCVDCPMCPF
FGRQUKVUCVECNNYJKEJJCXGCPKPUKIPKſECPVTKUMQHEJCPIGUKPXCNWGPGVQHQWVUVCPFKPIDCPMQXGTFTCHVU
KK
/CTMGVCDNGUGEWTKVKGUCTGECTTKGFCVVJGNQYGTQHEQUVCPFOCTMGVXCNWGFGVGTOKPGFQPCPCIITGICVGDCUKU%QUV
KUFGVGTOKPGFQPVJGYGKIJVGFCXGTCIGDCUKUYJKNGOCTMGVXCNWGKUFGVGTOKPGFDCUGFQPSWQVGFOCTMGVXCNWGU
+PETGCUGUQTFGETGCUGUKPVJGECTT[KPICOQWPVQHOCTMGVCDNGUGEWTKVKGUCTGETGFKVGFQTEJCTIGFVQVJGKPEQOG
UVCVGOGPV1PFKURQUCNQHOCTMGVCDNGUGEWTKVKGUVJGFKHHGTGPEGDGVYGGPPGVFKURQUCNRTQEGGFUCPFVJGECTT[KPI
COQWPVKUEJCTIGFQTETGFKVGFVQVJGKPEQOGUVCVGOGPV
KKK
6TCFGTGEGKXCDNGU
6TCFGTGEGKXCDNGUCTGECTTKGFCVCPVKEKRCVGFTGCNKUCDNGXCNWGU$CFFGDVUCTGYTKVVGPQHHYJGPKFGPVKſGF#P
GUVKOCVGKUOCFGHQTFQWDVHWNFGDVUDCUGFQPCTGXKGYQHCNNQWVUVCPFKPICOQWPVUCUCVVJGDCNCPEGUJGGVFCVG
KX
6TCFGRC[CDNGU
6TCFGRC[CDNGUCTGUVCVGFCVVJGHCKTXCNWGQHVJGEQPUKFGTCVKQPVQDGRCKFKPVJGHWVWTGHQTIQQFUCPFUGTXKEGU
TGEGKXGF
X
+PVGTGUVDGCTKPINQCPUCPFDQTTQYKPIU
#NNNQCPUCPFDQTTQYKPIUCTGKPKVKCNN[TGEQIPKUGFCVVJGHCKTXCNWGQHVJGEQPUKFGTCVKQPTGEGKXGFNGUUFKTGEVN[
CVVTKDWVCDNGVTCPUCEVKQPEQUVU#HVGTKPKVKCNTGEQIPKVKQPKPVGTGUVDGCTKPINQCPUCPFDQTTQYKPIUCTGUWDUGSWGPVN[
OGCUWTGFCVCOQTVKUGFEQUVWUKPIVJGGHHGEVKXGKPVGTGUVOGVJQF
XK
'SWKV[KPUVTWOGPVU
1TFKPCT[UJCTGUCTGENCUUKſGFCUGSWKV[&KXKFGPFUQPQTFKPCT[UJCTGUCTGTGEQIPKUGFKPGSWKV[KPVJGRGTKQFKP
YJKEJVJG[CTGFGENCTGF
54
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
M
.GCUGU
K
%NCUUKſECVKQP
# NGCUG KU TGEQIPKUGF CU C ſPCPEG NGCUG KH KV VTCPUHGTU UWDUVCPVKCNN[ VQ VJG )TQWR CNN VJG TKUMU CPF TGYCTFU
KPEKFGPVCNVQQYPGTUJKR.GCUGUQHNCPFCPFDWKNFKPIUCTGENCUUKſGFCUQRGTCVKPIQTſPCPEGNGCUGUKPVJGUCOG
YC[CUNGCUGUQHQVJGTCUUGVUCPFVJGNCPFCPFDWKNFKPIUGNGOGPVUQHCNGCUGQHNCPFCPFDWKNFKPIUCTGEQPUKFGTGF
UGRCTCVGN[HQTVJGRWTRQUGUQHNGCUGENCUUKſECVKQP#NNNGCUGUVJCVFQPQVVTCPUHGTUWDUVCPVKCNN[CNNVJGTKUMUCPF
TGYCTFUCTGENCUUKſGFCUQRGTCVKPINGCUGU
KK
(KPCPEGNGCUGUVJG)TQWRCUNGUUGG
#UUGVU CESWKTGF D[ YC[ QH JKTG RWTEJCUG QT ſPCPEG NGCUGU CTG UVCVGF CV CP COQWPV GSWCN VQ VJG NQYGT QH
VJGKT HCKT XCNWGU CPF VJG RTGUGPV XCNWG QH VJG OKPKOWO NGCUG RC[OGPVU CV VJG KPEGRVKQP QH VJG NGCUGU NGUU
CEEWOWNCVGFFGRTGEKCVKQPCPFKORCKTOGPVNQUUGU6JGEQTTGURQPFKPINKCDKNKV[KUKPENWFGFKPVJGDCNCPEGUJGGV
CUDQTTQYKPIU+PECNEWNCVKPIVJGRTGUGPVXCNWGQHVJGOKPKOWONGCUGRC[OGPVUVJGFKUEQWPVHCEVQTWUGFKUVJG
KPVGTGUVTCVGKORNKEKVKPVJGNGCUGYJGPKVKURTCEVKECDNGVQFGVGTOKPGQVJGTYKUGVJG%QORCP[ŏUKPETGOGPVCN
DQTTQYKPITCVGKUWUGF#P[KPKVKCNFKTGEVEQUVUCTGCNUQCFFGFVQVJGECTT[KPICOQWPVQHUWEJCUUGVU
KKK
1RGTCVKPINGCUGUVJG)TQWRCUNGUUGG
.GCUG RC[OGPVU CTG CRRQTVKQPGF DGVYGGP VJG ſPCPEG EQUVU CPF VJG TGFWEVKQP QH VJG QWVUVCPFKPI NKCDKNKV[
(KPCPEG EQUVU YJKEJ TGRTGUGPV VJG FKHHGTGPEG DGVYGGP VJG VQVCN NGCUKPI EQOOKVOGPVU CPF VJG HCKT XCNWG QH
VJGCUUGVUCESWKTGFCTGTGEQIPKUGFKPVJGRTQſVQTNQUUQXGTVJGVGTOQHVJGTGNGXCPVNGCUGUQCUVQRTQFWEGC
EQPUVCPVRGTKQFKETCVGQHEJCTIGQPVJGTGOCKPKPIDCNCPEGQHVJGQDNKICVKQPUHQTGCEJCEEQWPVKPIRGTKQF
6JG FGRTGEKCVKQP RQNKE[ HQT NGCUGF CUUGVU KU KP CEEQTFCPEG YKVJ VJCV HQT FGRTGEKCDNG RTQRGTV[ RNCPV CPF
GSWKROGPVCUFGUETKDGFKP0QVG
F
1RGTCVKPINGCUGRC[OGPVUCTGTGEQIPKUGFCUCPGZRGPUGQPCUVTCKIJVNKPGDCUKUQXGTVJGVGTOQHVJGTGNGXCPV
NGCUG6JGCIITGICVGDGPGſVQHKPEGPVKXGURTQXKFGFD[VJGNGUUQTKUTGEQIPKUGFCUCTGFWEVKQPQHTGPVCNGZRGPUG
QXGTVJGNGCUGVGTOQPCUVTCKIJVNKPGDCUKU
+PVJGECUGQHCNGCUGQHNCPFCPFDWKNFKPIUVJGOKPKOWONGCUGRC[OGPVUQTVJGWRHTQPVRC[OGPVUOCFGCTG
CNNQECVGFYJGPGXGTPGEGUUCT[DGVYGGPVJGNCPFCPFVJGDWKNFKPIUGNGOGPVUKPRTQRQTVKQPVQVJGTGNCVKXGHCKT
XCNWGUHQTNGCUGJQNFKPVGTGUVUKPVJGNCPFGNGOGPVCPFDWKNFKPIUGNGOGPVQHVJGNGCUGCVVJGKPEGRVKQPQHVJG
NGCUG6JGWRHTQPVRC[OGPVTGRTGUGPVURTGRCKFNGCUGRC[OGPVUCPFCTGCOQTVKUGFQPCUVTCKIJVNKPGDCUKUQXGT
VJGNGCUGVGTO
N
+PEQOGVCZ
+PEQOGVCZQPVJGRTQſVQTNQUUHQTVJG[GCTEQORTKUGUEWTTGPVCPFFGHGTTGFVCZ%WTTGPVVCZKUVJGGZRGEVGFCOQWPVQH
KPEQOGVCZGURC[CDNGKPTGURGEVQHVJGVCZCDNGRTQſVHQTVJG[GCTCPFKUOGCUWTGFWUKPIVJGVCZTCVGUVJCVJCXGDGGP
GPCEVGFCVVJGDCNCPEGUJGGVFCVG
2#5&'%#PPWCN4GRQTV
55
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
N
+PEQOGVCZ
%QPVKPWGF
&GHGTTGFVCZKURTQXKFGFHQTWUKPIVJGNKCDKNKV[OGVJQF+PRTKPEKRNGFGHGTTGFVCZNKCDKNKVKGUCTGTGEQIPKUGFHQTCNN
VCZCDNGVGORQTCT[FKHHGTGPEGUCPFFGHGTTGFVCZCUUGVUCTGTGEQIPKUGFHQTCNNFGFWEVKDNGVGORQTCT[FKHHGTGPEGUWPWUGF
VCZNQUUGUCPFWPWUGFVCZETGFKVUVQVJGGZVGPVVJCVKVKURTQDCDNGVJCVVCZCDNGRTQſVYKNNDGCXCKNCDNGCICKPUVYJKEJ
VJGFGFWEVKDNGVGORQTCT[FKHHGTGPEGUWPWUGFVCZNQUUGUCPFWPWUGFVCZETGFKVUECPDGWVKNKUGF&GHGTTGFVCZKUPQV
TGEQIPKUGFKHVJGVGORQTCT[FKHHGTGPEGCTKUGUHTQOIQQFYKNNQTPGICVKXGIQQFYKNNQTHTQOVJGKPKVKCNTGEQIPKVKQPQHCP
CUUGVQTNKCDKNKV[KPCVTCPUCEVKQPYJKEJKUPQVCDWUKPGUUEQODKPCVKQPCPFCVVJGVKOGQHVJGVTCPUCEVKQPCHHGEVUPGKVJGT
CEEQWPVKPIRTQſVPQTVCZCDNGRTQſV
&GHGTTGFVCZKUOGCUWTGFCVVJGVCZTCVGUVJCVCTGGZRGEVGFVQCRRN[KPVJGRGTKQFYJGPVJGCUUGVKUTGCNKUGFQTVJG
NKCDKNKV[ KU UGVVNGF DCUGF QP VCZ TCVGU VJCV JCXG DGGP GPCEVGF QT UWDUVCPVKXGN[ GPCEVGF CV VJG DCNCPEG UJGGV FCVG
&GHGTTGFVCZKUTGEQIPKUGFCUKPEQOGQTCPGZRGPUGCPFKPENWFGFKPVJGRTQſVQTNQUUHQTVJGRGTKQFGZEGRVYJGP
KVCTKUGUHTQOCVTCPUCEVKQPYJKEJKUTGEQIPKUGFFKTGEVN[KPGSWKV[KPYJKEJECUGVJGFGHGTTGFVCZKUCNUQTGEQIPKUGF
FKTGEVN[KPGSWKV[QTYJGPKVCTKUGUHTQOCDWUKPGUUEQODKPCVKQPVJCVKUCPCESWKUKVKQPKPYJKEJECUGVJGFGHGTTGFVCZ
KUKPENWFGFKPVJGTGUWNVKPIIQQFYKNNQTVJGCOQWPVQHCP[GZEGUUQHVJGCESWKTGTŏUKPVGTGUVKUVJGPGVHCKTXCNWGQHVJG
CESWKTGGŏUKFGPVKſCDNGCUUGVUNKCDKNKVKGUCPFEQPVKPIGPVNKCDKNKVKGUQXGTVJGEQUVQHVJGEQODKPCVKQP
O
'ORNQ[GGDGPGſVU
K
5JQTVVGTODGPGſVU
9CIGUUCNCTKGUDQPWUGUCPFUQEKCNUGEWTKV[EQPVTKDWVKQPUCTGTGEQIPKUGFCUCPGZRGPUGKPVJG[GCTKPYJKEJ
VJGCUUQEKCVGFUGTXKEGUCTGTGPFGTGFD[GORNQ[GGU5JQTVVGTOCEEWOWNCVKPIEQORGPUCVGFCDUGPEGUUWEJCU
RCKFCPPWCNNGCXGCTGTGEQIPKUGFYJGPUGTXKEGUCTGTGPFGTGFD[GORNQ[GGUVJCVKPETGCUGVJGKTGPVKVNGOGPVVQ
HWVWTGEQORGPUCVGFCDUGPEGUCPFUJQTVVGTOPQPCEEWOWNCVKPIEQORGPUCVGFCDUGPEGUUWEJCUUKEMNGCXGCTG
TGEQIPKUGFYJGPVJGCDUGPEGUQEEWT
KK
&GſPGFEQPVTKDWVKQPRNCPU
&GſPGFEQPVTKDWVKQPRNCPUCTGRQUVGORNQ[OGPVDGPGſVRNCPUWPFGTYJKEJVJG)TQWRRC[UſZGFEQPVTKDWVKQPU
KPVQUGRCTCVGGPVKVKGUQTHWPFUCPFYKNNJCXGPQNGICNQTEQPUVTWEVKXGQDNKICVKQPVQRC[HWTVJGTEQPVTKDWVKQPU
KHCP[QHVJGHWPFUFQPQVJQNFUWHſEKGPVCUUGVUVQRC[CNNGORNQ[GGDGPGſVUTGNCVKPIVQGORNQ[GGUGTXKEGUKP
VJGEWTTGPVCPFRTGEGFKPI ſPCPEKCN [GCTU 5WEJEQPVTKDWVKQPU CTGTGEQIPKUGF CUCPGZRGPUGKPVJGRTQſVQT
NQUUCUKPEWTTGF#UTGSWKTGFD[NCYVJG)TQWRCPFVJG%QORCP[OCMGUWEJEQPVTKDWVKQPUVQVJG'ORNQ[GGU
2TQXKFGPV(WPF
ő'2(Œ
KKK
&GſPGFDGPGſVRNCPU
6JG )TQWR QRGTCVGU CP WPHWPFGF FGſPGF DGPGſV 4GVKTGOGPV $GPGſV 5EJGOG őVJG 5EJGOGŒ HQT GNKIKDNG
GORNQ[GGU QH C UWDUKFKCT[ 6JG )TQWRŏU QDNKICVKQP WPFGT VJG 5EJGOG ECNEWNCVGF WUKPI VJG 2TQLGEVGF 7PKV
%TGFKV/GVJQFVJTQWIJYJKEJVJGCOQWPVQHDGPGſVVJCVGORNQ[GGUJCXGGCTPGFKPTGVWTPHQTVJGKTUGTXKEGUKP
VJGEWTTGPVCPFRTKQT[GCTUKUGUVKOCVGF6JCVDGPGſVKUFKUEQWPVGFKPQTFGTVQFGVGTOKPGKVURTGUGPVXCNWG
#EVWCTKCNICKPUCPFNQUUGUCTGTGEQIPKUGFCUKPEQOGQTGZRGPUGQXGTVJGGZRGEVGFCXGTCIGTGOCKPKPIYQTMKPI
NKXGUQHVJGRCTVKEKRCVKPIGORNQ[GGUYJGPVJGEWOWNCVKXGWPTGEQIPKUGFCEVWCTKCNICKPUQTNQUUGUHQTVJG5EJGOG
GZEGGFQHVJGJKIJGTQHVJGRTGUGPVXCNWGQHVJGFGſPGFDGPGſVQDNKICVKQPCPFVJGHCKTXCNWGQHRNCPCUUGVU
2CUVUGTXKEGEQUVUCTGTGEQIPKUGFCUCPGZRGPUGQPCUVTCKIJVNKPGDCUKUQXGTVJGCXGTCIGRGTKQFWPVKNVJGDGPGſVU
DGEQOGXGUVGF+HVJGDGPGſVUCTGCNTGCF[XGUVGFKOOGFKCVGN[HQNNQYKPIVJGKPVTQFWEVKQPQHQTEJCPIGUVQC
RGPUKQPRNCPRCUVUGTXKEGEQUVUCTGTGEQIPKUGFKOOGFKCVGN[
56
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
O
'ORNQ[GGDGPGſVU
%QPVKPWGF
KKK
&GſPGFDGPGſVRNCPU
%QPVKPWGF
6JGCOQWPVTGEQIPKUGFKPVJGDCNCPEGUJGGVTGRTGUGPVUVJGRTGUGPVXCNWGQHVJGFGſPGFDGPGſVQDNKICVKQPU
CFLWUVGFHQTWPTGEQIPKUGFCEVWCTKCNICKPUCPFNQUUGUCPFWPTGEQIPKUGFRCUVUGTXKEGEQUVUCPFTGFWEGFD[VJG
HCKTXCNWGQHRNCPCUUGVU#P[CUUGVTGUWNVKPIHTQOVJKUECNEWNCVKQPKUNKOKVGFVQVJGPGVVQVCNQHCP[WPTGEQIPKUGF
RCUVUGTXKEGEQUVUCPFRTGUGPVXCNWGQHCP[GEQPQOKEDGPGſVUKPVJGHQTOQHTGHWPFUHTQOVJGRNCPQTTGFWEVKQPU
KPHWVWTGEQPVTKDWVKQPUVQVJGRNCP
P
4GXGPWGTGEQIPKVKQP
4GXGPWGKUTGEQIPKUGFVQVJGGZVGPVVJCVKVKURTQDCDNGVJCVVJGGEQPQOKEDGPGſVUYKNNƀQYVQVJG)TQWRCPFVJG
TGXGPWGECPDGTGNKCDN[OGCUWTGF6JGHQNNQYKPIURGEKſETGEQIPKVKQPETKVGTKCOWUVCNUQDGOGVDGHQTGTGXGPWGKU
TGEQIPKUGF
K
5CNGQHRTQRGTVKGU
4GXGPWGHTQOUCNGQHRTQRGTVKGUKUCEEQWPVGFHQTD[VJGUVCIGQHEQORNGVKQPOGVJQFCUFGUETKDGFKP0QVG
H
KK
KK
4GXGPWGHTQOEQPUVTWEVKQPEQPVTCEVUKUCEEQWPVGFHQTD[VJGUVCIGQHEQORNGVKQPOGVJQFCUFGUETKDGFKP0QVG
I
KKK
5CNGQHIQQFU
4GXGPWGKUTGEQIPKUGFPGVQHUCNGUVCZGUCPFWRQPVTCPUHGTQHUKIPKſECPVTKUMUCPFTGYCTFUQHQYPGTUJKRVQVJG
DW[GT4GXGPWGKUPQVTGEQIPKUGFVQVJGGZVGPVYJGTGVJGTGCTGUKIPKſECPVWPEGTVCKPVKGUTGICTFKPITGEQXGT[QH
VJGEQPUKFGTCVKQPFWGCUUQEKCVGFEQUVUQTVJGRQUUKDNGTGVWTPQHIQQFU
KX
4GXGPWGHTQOUGTXKEGU
4GXGPWGHTQOUGTXKEGUKUTGEQIPKUGFPGVQHUGTXKEGVCZGUCPFFKUEQWPVUCUCPFYJGPVJGUGTXKEGUCTGRGTHQTOGF
X
&KXKFGPFKPEQOG
&KXKFGPFKPEQOGKUTGEQIPKUGFYJGPVJGTKIJVVQTGEGKXGRC[OGPVKUGUVCDNKUJGF
XK
4GPVCNKPEQOG
4GPVCNKPEQOGHTQOKPXGUVOGPVRTQRGTV[KUTGEQIPKUGFQPCUVTCKIJVNKPGDCUKUQXGTVJGVGTOQHVJGNGCUG
XKK +PVGTGUVKPEQOG
+PVGTGUVKPEQOGKUTGEQIPKUGFQPCPCEETWCNDCUKUWUKPIVJGGHHGEVKXGKPVGTGUVOGVJQF
XKKK /CPCIGOGPVHGGU
/CPCIGOGPVHGGUCTGTGEQIPKUGFYJGPUGTXKEGUCTGTGPFGTGF
2#5&'%#PPWCN4GRQTV
57
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
Q
$QTTQYKPIEQUVU
$QTTQYKPIEQUVUFKTGEVN[CVVTKDWVCDNGVQVJGCESWKUKVKQPEQPUVTWEVKQPQTRTQFWEVKQPQHSWCNKH[KPICUUGVUYJKEJCTG
CUUGVUVJCVPGEGUUCTKN[VCMGCUWDUVCPVKCNRGTKQFQHVKOGVQIGVTGCF[HQTVJGKTKPVGPFGFWUGQTUCNGCTGCFFGFVQVJG
EQUVQHVJQUGCUUGVUWPVKNUWEJVKOGCUVJGCUUGVUCTGUWDUVCPVKCNN[TGCF[HQTVJGKTKPVGPFGFWUGQTUCNG+PXGUVOGPV
KPEQOGGCTPGFQPVJGVGORQTCT[KPXGUVOGPVQHURGEKſEDQTTQYKPIURGPFKPIVJGKTGZRGPFKVWTGQPSWCNKH[KPICUUGVUKU
FGFWEVGFHTQOVJGDQTTQYKPIEQUVUGNKIKDNGHQTECRKVCNKUCVKQP
#NNQVJGTDQTTQYKPIEQUVUCTGTGEQIPKUGFKPRTQſVQTNQUUKPVJGRGTKQFKPYJKEJVJG[CTGKPEWTTGF
R
2TQXKUKQPU
2TQXKUKQPUCTGTGEQIPKUGFYJGPVJG)TQWRJCUCRTGUGPVQDNKICVKQPCUCTGUWNVQHCRCUVGXGPVCPFKVKURTQDCDNG
VJCVCPQWVƀQYQHTGUQWTEGUGODQF[KPIGEQPQOKEDGPGſVUYKNNDGTGSWKTGFVQUGVVNGVJGQDNKICVKQPCPFCTGNKCDNG
GUVKOCVGQHVJGCOQWPVECPDGOCFG2TQXKUKQPUCTGTGXKGYGFCVGCEJDCNCPEGUJGGVFCVGCPFCFLWUVGFVQTGƀGEVVJG
EWTTGPVDGUVGUVKOCVG9JGTGVJGGHHGEVQHVJGVKOGXCNWGQHOQPG[KUOCVGTKCNRTQXKUKQPUCTGFKUEQWPVGFWUKPIC
EWTTGPVRTGVCZTCVGVJCVTGƀGEVUYJGTGCRRTQRTKCVGVJGTKUMUURGEKſEVQVJGNKCDKNKV[9JGTGFKUEQWPVKPIKUWUGFVJG
KPETGCUGKPVJGRTQXKUKQPFWGVQVJGRCUUCIGQHVKOGKUTGEQIPKUGFCUſPCPEGEQUV
S
(QTGKIPEWTTGPEKGU
K
(WPEVKQPCNCPFRTGUGPVCVKQPEWTTGPE[
6JGKPFKXKFWCNſPCPEKCNUVCVGOGPVUQHGCEJGPVKV[KPVJG)TQWRCTGOGCUWTGFWUKPIVJGEWTTGPE[QHVJGRTKOCT[
GEQPQOKE GPXKTQPOGPV KP YJKEJ VJG GPVKV[ QRGTCVGU őVJG HWPEVKQPCN EWTTGPE[Œ 6JG EQPUQNKFCVGF ſPCPEKCN
UVCVGOGPVUCTGRTGUGPVGFKP4KPIIKV/CNC[UKC
ő4/ŒYJKEJKUCNUQVJG%QORCP[ŏUHWPEVKQPCNEWTTGPE[
KK
(QTGKIPEWTTGPE[VTCPUCEVKQPU
+PRTGRCTKPIVJGſPCPEKCNUVCVGOGPVUQHVJGKPFKXKFWCNGPVKVKGUVTCPUCEVKQPUKPEWTTGPEKGUQVJGTVJCPGPVKV[ŏU
HWPEVKQPCN EWTTGPE[ HQTGKIP EWTTGPEKGU CTG TGEQTFGF KP VJG HWPEVKQPCN EWTTGPEKGU WUKPI VJG GZEJCPIG TCVGU
RTGXCKNKPICVVJGFCVGQHVJGVTCPUCEVKQPU#VGCEJDCNCPEGUJGGVFCVGOQPGVCT[KVGOUFGPQOKPCVGFKPHQTGKIP
EWTTGPEKGUCTGVTCPUNCVGFCVVJGTCVGRTGXCKNKPIQPVJGDCNCPEGUJGGVFCVG0QPOQPGVCT[KVGOUCTGECTTKGFCVHCKT
XCNWGVJCVCTGFGPQOKPCVGFKPHQTGKIPEWTTGPEKGUCTGVTCPUNCVGFCVVJGTCVGURTGXCKNKPIQPVJGFCVGYJGPVJGHCKT
XCNWGYCUFGVGTOKPGF0QPOQPGVCT[KVGOUVJCVCTGOGCUWTGFKPVGTOUQHJKUVQTKECNEQUVKPCHQTGKIPEWTTGPE[
CTGPQVVTCPUNCVGF
'ZEJCPIGFKHHGTGPEGUCTKUKPIQPVJGUGVVNGOGPVQHOQPGVCT[KVGOUCPFQPVJGVTCPUNCVKQPQHOQPGVCT[KVGOU
CTGKPENWFGFKPRTQſVQTNQUUHQTVJGRGTKQFGZEGRVHQTGZEJCPIGFKHHGTGPEGUCTKUKPIQPOQPGVCT[KVGOUVJCV
HQTORCTVQHVJG)TQWRŏUPGVKPXGUVOGPVKPHQTGKIPQRGTCVKQPU'ZEJCPIGFKHHGTGPEGUCTKUKPIQPOQPGVCT[KVGOU
VJCVHQTORCTVQHVJG)TQWRŏUPGVKPXGUVOGPVKPHQTGKIPQRGTCVKQPUYJGTGVJCVOQPGVCT[KVGOKUFGPQOKPCVGF
KPGKVJGTVJGHWPEVKQPCNEWTTGPE[QHVJGTGRQTVKPIGPVKV[QTVJGHQTGKIPQRGTCVKQPCTGKPKVKCNN[VCMGPFKTGEVN[VQ
VJG HQTGKIP EWTTGPE[ VTCPUNCVKQP TGUGTXG YKVJKP GSWKV[ WPVKN VJG FKURQUCN QH VJG HQTGKIP QRGTCVKQPU CV YJKEJ
VKOGVJG[CTGTGEQIPKUGFKPRTQſVQTNQUU'ZEJCPIGFKHHGTGPEGUCTKUKPIQPOQPGVCT[KVGOUVJCVHQTORCTVQHVJG
)TQWRŏUPGVKPXGUVOGPVKPCHQTGKIPQRGTCVKQPYJGTGVJCVOQPGVCT[KVGOKUFGPQOKPCVGFKPCEWTTGPE[QVJGT
VJCPVJGHWPEVKQPCNEWTTGPE[QHGKVJGTVJGTGRQTVKPIGPVKV[QTVJGHQTGKIPQRGTCVKQPCTGTGEQIPKUGFKPRTQſVQT
NQUUHQTVJGRGTKQF
58
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
S (QTGKIPEWTTGPEKGU
%QPVKPWGF
KK (QTGKIPEWTTGPE[VTCPUCEVKQPU
%QPVKPWGF
'ZEJCPIG FKHHGTGPEGU CTKUKPI QP OQPGVCT[ KVGOU VJCV HQTO RCTV QH VJG %QORCP[ŏU PGV KPXGUVOGPV KP HQTGKIP
QRGTCVKQPUTGICTFNGUUQHVJGEWTTGPE[QHVJGOQPGVCT[KVGOCTGTGEQIPKUGFKPRTQſVQTNQUUKPVJG%QORCP[ŏU
ſPCPEKCNUVCVGOGPVUQTVJGKPFKXKFWCNſPCPEKCNUVCVGOGPVUQHVJGHQTGKIPQRGTCVKQPCUCRRTQRTKCVG
'ZEJCPIGFKHHGTGPEGUCTKUKPIQPVJGVTCPUNCVKQPQHPQPOQPGVCT[KVGOUECTTKGFCVHCKTXCNWGCTGKPENWFGFKPRTQſV
QTNQUUHQTVJGRGTKQFGZEGRVHQTVJGFKHHGTGPEGUCTKUKPIQPVJGVTCPUNCVKQPQHPQPOQPGVCT[KVGOUKPTGURGEVQH
YJKEJICKPUCPFNQUUGUCTGTGEQIPKUGFFKTGEVN[KPGSWKV['ZEJCPIGFKHHGTGPEGUCTKUKPIHTQOUWEJPQPOQPGVCT[
KVGOUCTGCNUQTGEQIPKUGFFKTGEVN[KPGSWKV[
5VCPFCTFUCPF+PVGTRTGVCVKQPUKUUWGFDWVPQV[GVGHHGEVKXG
#VVJGFCVGQHVJGCWVJQTKUCVKQPQHVJGſPCPEKCNUVCVGOGPVUVJGHQNNQYKPIPGY(45UCPF+PVGTRTGVCVKQPUCPFCOGPFOGPVU
VQEGTVCKP5VCPFCTFUCPF+PVGTRTGVCVKQPUYGTGKUUWGFDWVPQV[GVGHHGEVKXGCPFJCXGPQVDGGPCRRNKGFD[VJG)TQWRCPFVJG
%QORCP[YJKEJCTG
'HHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCHVGT,WN[
(45
1RGTCVKPI5GIOGPVU
'HHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCHVGT,CPWCT[
(45
(45
(45
(45
(45
#OGPFOGPVUVQ(45
CPF(45
#OGPFOGPVUVQ(45
#OGPFOGPVUVQ(45
#OGPFOGPVUVQ(45
(45CPF+%+PVGTRTGVCVKQP
#OGPFOGPVUVQ(45U
+%+PVGTRTGVCVKQP
+%+PVGTRTGVCVKQP
+%+PVGTRTGVCVKQP
+%+PVGTRTGVCVKQP
+%+PVGTRTGVCVKQP
64K
+PUWTCPEG%QPVTCEVU
(KPCPEKCN+PUVTWOGPVU&KUENQUWTGU
2TGUGPVCVKQPQH(KPCPEKCN5VCVGOGPVU
TGXKUGF
$QTTQYKPI%QUVU
(KPCPEKCN+PUVTWOGPVU4GEQIPKVKQPCPF/GCUWTGOGPV
(KTUVVKOG#FQRVKQPQH(KPCPEKCN4GRQTVKPI5VCPFCTFUCPF%QPUQNKFCVGFCPF5GRCTCVG
(KPCPEKCN5VCVGOGPVU%QUVQHCP+PXGUVOGPVKPC5WDUKFKCT[,QKPVN[%QPVTQNNGF'PVKV[
QT#UUQEKCVG
5JCTGDCUGF2C[OGPV8GUVKPI%QPFKVKQPUCPF%CPEGNNCVKQPU
(KPCPEKCN+PUVTWOGPVU2TGUGPVCVKQP
(KPCPEKCN+PUVTWOGPVU4GEQIPKVKQPCPF/GCUWTGOGPV
&KUNQUWTGUCPF4GCUUGUUOGPVQH'ODGFFGF&GTKXCVKXGU
+ORTQXGOGPVVQ(45U
4GCUUGUUOGPVQH'ODGFFGF&GTKXCVKXGU
+PVGTKO(KPCPEKCN4GRQTVKPICPF+ORCKTOGPV
(45)TQWRCPF6TGCUWT[5JCTG6TCPUCEVKQPU
%WUVQOGT.Q[CNV[2TQITCOOGU
(456JG.KOKVQPC&GſPGF$GPGſV#UUGV/KPKOWO(WPFKPI4GSWKTGOGPVUCPF
6JGKT+PVGTCEVKQP
2TGUGPVCVKQPQH(KPCPEKCN5VCVGOGPVUQH+UNCOKE(KPCPEKCN+PUVKVWVKQPU
2#5&'%#PPWCN4GRQTV
59
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
'HHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCHVGT/CTEJ
#OGPFOGPVUVQ(45
%NCUUKſECVKQPQH4KIJVU+UUWGU
'HHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCHVGT,WN[
(45
(45
(45
#OGPFOGPVUVQ(45
#OGPFOGPVUVQ(45
#OGPFOGPVUVQ(45
#OGPFOGPVUVQ
+%+PVGTRTGVCVKQP
+%+PVGTRTGVCVKQP
+%+PVGTRTGVCVKQP
+%+PVGTRTGVCVKQP
+%+PVGTRTGVCVKQP
(KTUVVKOG#FQRVKQPQH(KPCPEKCN4GRQTVKPI5VCPFCTFU
$WUKPGUU%QODKPCVKQPU
TGXKUGF
%QPUQNKFCVGFCPF5GRCTCVG(KPCPEKCN5VCVGOGPVU
COGPFGF
5JCTGDCUGF2C[OGPV
0QPEWTTGPV#UUGVU*GNFHQT5CNGCPF&KUEQPVKPWGF1RGTCVKQPU
+PVCPIKDNG#UUGVU
4GCUUGUUOGPVQH'ODGFFGF&GTKXCVKXGU
5GTXKEG%QPEGUUKQP#TTCPIGOGPVU
#ITGGOGPVUHQTVJG%QPUVTWEVKQPQH4GCN'UVCVG
*GFIGUQHC0GV+PXGUVOGPVKPC(QTGKIP1RGTCVKQP
&KUVTKDWVKQPUQH0QPECUJ#UUGVUVQ1YPGTU
'HHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCHVGT,CPWCT[
#OGPFOGPVUVQ(45
#OGPFOGPVUVQ(45
.KOKVGF'ZGORVKQPHTQO%QORCTCVKXG(45&KUENQUWTGUHQT(KTUVVKOG#FQRVGTU
+ORTQXKPI&KUENQUWTGUCDQWV(KPCPEKCN+PUVTWOGPVU
6JG )TQWRCPF VJG %QORCP[ RNCP VQ CFQRV VJG CDQXG RTQPQWPEGOGPVU YJGP VJG[ DGEQOG GHHGEVKXG KP VJG TGURGEVKXG
ſPCPEKCNRGTKQF7PNGUUQVJGTYKUGFGUETKDGFDGNQYVJGUGRTQPQWPEGOGPVUCTGGZRGEVGFVQJCXGPQUKIPKſECPVKORCEVVQ
VJGſPCPEKCNUVCVGOGPVUQHVJG)TQWRCPFVJG%QORCP[WRQPVJGKTKPKVKCNCRRNKECVKQP
2TQPQWPEGOGPVUGHHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCHVGT,WN[
(451RGTCVKPI5GIOGPV
(45TGRNCEGU(455GIOGPV4GRQTVKPICPFTGSWKTGUCŎOCPCIGOGPVCRRTQCEJŏWPFGTYJKEJUGIOGPVKPHQTOCVKQP
KURTGUGPVGFQPCUKOKNCTDCUKUVQVJCVWUGFHQTKPVGTPCNTGRQTVKPIRWTRQUGU#UCTGUWNVVJG)TQWRŏUGZVGTPCNUGIOGPVCN
TGRQTVKPIYKNNDGDCUGFQPVJGKPVGTPCNTGRQTVKPIVQVJGőEJKGHGZGEWVKXGQHſEGTFGEKUKQPOCMGTŒYJQOCMGUFGEKUKQPUQP
VJGCNNQECVKQPQHTGUQWTEGUCPFCUUGUUGUVJGRGTHQTOCPEGQHVJGTGRQTVCDNGUGIOGPVU#UVJKUKUCFKUENQUWTGUVCPFCTFVJGTG
YKNNDGPQKORCEVQPVJGſPCPEKCNRQUKVKQPQTTGUWNVUQHVJG)TQWR
2TQPQWPEGOGPVUGHHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCHVGT,CPWCT[
(452TGUGPVCVKQPQH(KPCPEKCN5VCVGOGPVU
TGXKUGF
6JGTGXKUGF(45UGRCTCVGUQYPGTCPFPQPQYPGTEJCPIGUKPGSWKV[6JGTGHQTGVJGEQPUQNKFCVGFUVCVGOGPVQHEJCPIGU
KPGSWKV[YKNNPQYKPENWFGQPN[FGVCKNUQHVTCPUCEVKQPUYKVJQYPGTU#NNPQPQYPGTEJCPIGUKPGSWKV[CTGRTGUGPVGFCUC
UKPINGNKPGNCDGNNGFCUVQVCNEQORTGJGPUKXGKPEQOG6JG5VCPFCTFCNUQKPVTQFWEGUVJGUVCVGOGPVQHEQORTGJGPUKXGKPEQOG
RTGUGPVKPICNNKVGOUQHKPEQOGCPFGZRGPUGTGEQIPKUGFKPVJGKPEQOGUVCVGOGPVVQIGVJGTYKVJCNNQVJGTKVGOUQHTGEQIPKUGF
KPEQOGCPFGZRGPUGGKVJGTKPQPGUKPINGUVCVGOGPVQTKPVYQNKPMGFUVCVGOGPVU6JG)TQWRKUEWTTGPVN[GXCNWCVKPIVJG
HQTOCV VQ CFQRV +P CFFKVKQP C UVCVGOGPV QH ſPCPEKCN RQUKVKQP KU TGSWKTGF CV VJG DGIKPPKPI QH VJG GCTNKGUV EQORCTCVKXG
RGTKQFHQNNQYKPICEJCPIGKPCEEQWPVKPIRQNKE[VJGEQTTGEVKQPQHCPGTTQTQTVJGTGENCUUKſECVKQPQHKVGOUKPVJGſPCPEKCN
UVCVGOGPVU6JKUTGXKUGF(45FQGUPQVJCXGCP[KORCEVQPVJGſPCPEKCNRQUKVKQPCPFTGUWNVUQHVJG)TQWRCPFVJG%QORCP[
60
2#5&'%#PPWCN4GRQTV
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
%QPVKPWGF
(45$QTTQYKPI%QUVU
6JKU5VCPFCTFUWRGTUGFGU(45$QTTQYKPI%QUVUVJCVTGOQXGUVJGQRVKQPQHGZRGPUKPIDQTTQYKPIEQUVUCPFTGSWKTGU
ECRKVCNKUCVKQPQHUWEJEQUVUVJCVCTGFKTGEVN[CVVTKDWVCDNGVQVJGCESWKUKVKQPEQPUVTWEVKQPQTRTQFWEVKQPQHCSWCNKH[KPICUUGV
CURCTVQHVJGEQUVQHVJCVCUUGV1VJGTDQTTQYKPIEQUVUCTGTGEQIPKUGFCUCPGZRGPUG6JG)TQWRŏUEWTTGPVCEEQWPVKPIRQNKE[
KUVQGZRGPUGVJGDQTTQYKPIEQUVUKPVJGRGTKQFYJKEJVJG[CTGKPEWTTGF+PCEEQTFCPEGYKVJVJGVTCPUKVKQPCNRTQXKUKQPUQH
VJG5VCPFCTFVJG)TQWRYKNNCRRN[VJGEJCPIGKPCEEQWPVKPIRQNKE[RTQURGEVKXGN[HQTYJKEJVJGEQOOGPEGOGPVFCVGHQT
ECRKVCNKUCVKQPQHDQTTQYKPIEQUVQPSWCNKH[KPICUUGVUKUQPQTCHVGTVJGſPCPEKCNRGTKQF,CPWCT[
(45(KPCPEKCN+PUVTWOGPVU4GEQIPKVKQPCPF/GCUWTGOGPV(45(KPCPEKCN+PUVTWOGPVU&KUENQUWTGUCPF#OGPFOGPVU
VQ(45(KPCPEKCN+PUVTWOGPVU4GEQIPKVKQPCPF/GCUWTGOGPV(45(KPCPEKCN+PUVTWOGPVU&KUENQUWTGU
6JGPGY5VCPFCTFQP(45(KPCPEKCN+PUVTWOGPVU4GEQIPKVKQPCPF/GCUWTGOGPVGUVCDNKUJGURTKPEKRNGUHQTTGEQIPKUKPI
CPFOGCUWTKPIſPCPEKCNCUUGVUſPCPEKCNNKCDKNKVKGUCPFUQOGEQPVTCEVUVQDW[CPFUGNNPQPſPCPEKCNKVGOU4GSWKTGOGPVUHQT
RTGUGPVKPIKPHQTOCVKQPCDQWVſPCPEKCNKPUVTWOGPVUCTGKP(45(KPCPEKCN+PUVTWOGPVU2TGUGPVCVKQPCPFVJGTGSWKTGOGPVU
HQTFKUENQUKPIKPHQTOCVKQPCDQWVſPCPEKCNKPUVTWOGPVUCTGKP(45(KPCPEKCN+PUVTWOGPVU&KUENQUWTGU
(45 (KPCPEKCN +PUVTWOGPVU &KUENQUWTGU KU C PGY 5VCPFCTF VJCV TGSWKTGU PGY FKUENQUWTGU KP TGNCVKQP VQ ſPCPEKCN
KPUVTWOGPVU6JG5VCPFCTFKUEQPUKFGTGFVQTGUWNVKPKPETGCUGFFKUENQUWTGUDQVJSWCPVKVCVKXGCPFSWCNKVCVKXGQHVJG)TQWRŏU
CPF%QORCP[ŏUGZRQUWTGVQTKUMUGPJCPEGFFKUENQUWTGTGICTFKPI EQORQPGPVUQHVJG)TQWRŏUCPF%QORCP[ŏUſPCPEKCN
RQUKVKQP CPF RGTHQTOCPEG CPF RQUUKDNG EJCPIGU VQ VJG YC[ QH RTGUGPVKPI EGTVCKP KVGOU KP VJG ſPCPEKCN UVCVGOGPVU +P
CEEQTFCPEG YKVJ VJG TGURGEVKXG VTCPUKVKQPCN RTQXKUKQPU VJG )TQWR CPF VJG %QORCP[ CTG GZGORVGF HTQO FKUENQUKPI VJG
RQUUKDNGKORCEVVQVJGſPCPEKCNUVCVGOGPVUWRQPVJGKPKVKCNCRRNKECVKQP
#OGPFOGPVUVQ(45 (KTUVVKOG#FQRVKQP QH(KPCPEKCN 4GRQTVKPI5VCPFCTFU CPF(45%QPUQNKFCVGF CPF5GRCTCVG
(KPCPEKCN5VCVGOGPVU%QUVQHCP+PXGUVOGPVKPC5WDUKFKCT[,QKPVN[%QPVTQNNGF'PVKV[QT#UUQEKCVG
6JG COGPFOGPV VQ (45 CNNQY ſTUVVKOG CFQRVGTU VQ WUG EQUVU FGVGTOKPGF KP CEEQTFCPEG YKVJ (45 QT FGGOGF
EQUV QH GKVJGT HCKT XCNWG KP CEEQTFCPEG YKVJ (45 QT VJG ECTT[KPI COQWPV WPFGT RTGXKQWU CEEQWPVKPI RTCEVKEG VQ
OGCUWTGVJGKPKVKCNEQUVQHKPXGUVOGPVUKPUWDUKFKCTKGULQKPVN[EQPVTQNNGFGPVKVKGUCPFCUUQEKCVGUKPVJGUGRCTCVGQRGPKPI(45
DCNCPEGUJGGV+PVJGCOGPFOGPVVQ(45VJGTGKUPQNQPIGTCFKUVKPEVKQPDGVYGGPRTGCESWKUKVKQPCPFRQUVCESWKUKVKQP
FKXKFGPFU
6JGCOGPFOGPVCNUQTGSWKTGUVJGEQUVQHVJGKPXGUVOGPVQHCPGYRCTGPVKPCITQWR
KPCTGQTICPKUCVKQPOGGVKPIEGTVCKP
ETKVGTKC VQ DG OGCUWTGF CV VJG ECTT[KPI COQWPV QH KVU UJCTG QH GSWKV[ CU UJQYP KP VJG UGRCTCVG ſPCPEKCN UVCVGOGPVU QH
VJGRTGXKQWURCTGPV6JGCOGPFOGPVUCNUQTGOQXGVJGFGſPKVKQPQHVJGEQUVOGVJQFHTQO(45CPFYKNNDGCRRNKGF
RTQURGEVKXGN[VJCVCHHGEVQPN[VJGſPCPEKCNUVCVGOGPVUQHVJG%QORCP[CPFFQPQVJCXGCPKORCEVQPVJGſPCPEKCNUVCVGOGPVU
QHVJG)TQWR
#OGPFOGPVUVQ(45UŎ+ORTQXGOGPVUVQ(45U
ŏ
(45(KPCPEKCN+PUVTWOGPVU&KUENQUWTGU%NCTKſGUQPVJGRTGUGPVCVKQPQHſPCPEGEQUVUYJGTGD[KPVGTGUVKPEQOGKUPQVC
EQORQPGPVQHſPCPEGEQUVU
(45 1RGTCVKPI 5GIOGPVU %NCTKſGU VJCV UGIOGPV KPHQTOCVKQP YKVJ TGURGEV VQ VQVCN CUUGV KU TGSWKTGF QPN[ KH VJG[ CTG
KPENWFGFKPOGCUWTGUQHUGIOGPVRTQſVQTNQUUVJCVCTGWUGFD[VJGŎEJKGHQRGTCVKPIFGEKUKQPOCMGTŏ
(452TGUGPVCVKQPQH(KPCPEKCN5VCVGOGPVU%NCTKſGUVJCVſPCPEKCNKPUVTWOGPVUENCUUKſGFCUJGNFHQTVTCFKPIKPCEEQTFCPEG
YKVJ (45 (KPCPEKCN +PUVTWOGPVU 4GEQIPKVKQP CPF /GCUWTGOGPV CTG PQV CWVQOCVKECNN[ RTGUGPVGF CU EWTTGPV KP VJG
DCNCPEGUJGGV6JGCOGPFOGPVHWTVJGTENCTKſGUVJCVVJGENCUUKſECVKQPQHVJGNKCDKNKV[EQORQPGPVQHCEQPXGTVKDNGKPUVTWOGPV
CUEWTTGPVQTPQPEWTTGPVKUPQVCHHGEVGFD[VJGVGTOUVJCVEQWNFCVVJGQRVKQPQHVJGJQNFGTTGUWNVKPUGVVNGOGPVQHVJG
NKCDKNKV[D[VJGKUUWGQHGSWKV[KPUVTWOGPVU
31 DECEMBER 2009
2#5&'%#PPWCN4GRQTV
61
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
%QPVKPWGF
ŏ
%QPVKPWGF
(455VCVGOGPVQH%CUJ(NQYU
HQTOGTN[MPQYPCU%CUJ(NQY5VCVGOGPVU%NCTKſGUVJCVQPN[GZRGPFKVWTGUVJCVTGUWNV
KPCTGEQIPKUGFCUUGVKPVJGUVCVGOGPVQHſPCPEKCNRQUKVKQPECPDGENCUUKſGFCUKPXGUVKPICEVKXKVKGUKPVJGUVCVGOGPVQHECUJ
ƀQYU
(45#EEQWPVKPI2QNKEKGU%JCPIGUKP#EEQWPVKPI'UVKOCVGUCPF'TTQTU%NCTKſGUVJCVQPN[KORNGOGPVCVKQPIWKFCPEG
VJCVKUCPKPVGITCNRCTVQHCP(45KUOCPFCVQT[YJGPUGNGEVKPICEEQWPVKPIRQNKEKGU
(45'XGPVUCHVGTVJG4GRQTVKPI2GTKQF
HQTOGTN[MPQYPCU'XGPVU#HVGTVJG$CNCPEG5JGGV&CVG%NCTKſGUVJCVFKXKFGPFU
FGENCTGFCHVGTVJGGPFQHVJGTGRQTVKPIRGTKQFCTGPQVNKCDKNKVKGUCUCVVJGDCNCPEGUJGGVFCVG
(452TQRGTV[2NCPVCPF'SWKROGPV6JGCOGPFOGPVTGRNCEGUVJGVGTOőPGVUGNNKPIRTKEGŒYKVJőHCKTXCNWGNGUUEQUVU
VQUGNNŒ+VCNUQENCTKſGUVJCVKVGOUQHRTQRGTV[RNCPVCPFGSWKROGPVJGNFHQTTGPVCNVJCVCTGTQWVKPGN[UQNFKPVJGQTFKPCT[
EQWTUGQHDWUKPGUUCHVGTTGPVCNCTGVTCPUHGTTGFVQKPXGPVQT[YJGPTGPVCNEGCUGUCPFVJG[CTGJGNFHQTUCNG
(45.GCUGU%NCTKſGUQPVJGENCUUKſECVKQPQHNGCUGUQHNCPFCPFDWKNFKPIU6JG)TQWRKUUVKNNCUUGUUKPIVJGRQVGPVKCN
KORNKECVKQPCUCTGUWNVQHVJGTGENCUUKſECVKQPQHKVUWPGZRKTGFNCPFNGCUGUCUQRGTCVKPIQTſPCPEGNGCUGU(QTVJQUGNCPF
GNGOGPV JGNF WPFGT QRGTCVKPI NGCUGU VJCV CTG TGSWKTGF VQ DG TGENCUUKſGF CU ſPCPEG NGCUGU VJG )TQWR UJCNN TGEQIPKUG C
EQTTGURQPFKPICUUGVCPFNKCDKNKV[KPVJGſPCPEKCNUVCVGOGPVUYJKEJYKNNDGCRRNKGFTGVTQURGEVKXGN[WRQPKPKVKCNCRRNKECVKQP
*QYGXGTKPCEEQTFCPEGYKVJVJGVTCPUKVKQPCNRTQXKUKQPVJG)TQWRKURGTOKVVGFVQTGCUUGUUNGCUGENCUUKſECVKQPQPVJGDCUKU
QHVJGHCEVUCPFEKTEWOUVCPEGUGZKUVKPIQPVJGFCVGKVCFQRVUVJGCOGPFOGPVUCPFTGEQIPKUGVJGCUUGVCPFNKCDKNKV[TGNCVGF
VQCNCPFNGCUGPGYN[ENCUUKſGFCUCſPCPEGNGCUGCVVJGKTHCKTXCNWGUQPVJCVFCVGCP[FKHHGTGPEGDGVYGGPVJQUGHCKTXCNWGU
KUTGEQIPKUGFKPTGVCKPGFGCTPKPIU6JG)TQWRKUEWTTGPVN[KPVJGRTQEGUUQHCUUGUUKPIVJGKORCEVQHVJKUCOGPFOGPV
(454GXGPWG6JGCOGPFOGPVRTQXKFGUCFFKVKQPCNIWKFCPEGQPYJGVJGTCPGPVKV[KUCEVKPICUCRTKPEKRCNQTCPCIGPV
+VCNUQCNKIPUVJGFGſPKVKQPQHEQUVUKPEWTTGFKPQTKIKPCVKPICſPCPEKCNCUUGVVJCVUJQWNFDGFGHGTTGFCPFTGEQIPKUGFCUCP
CFLWUVOGPVVQVJGGHHGEVKXGKPVGTGUVD[TGRNCEKPIVJGVGTOŎFKTGEVEQUVUŏYKVJŎVTCPUCEVKQPEQUVUŏCUFGſPGFKP(45
(45'ORNQ[GG$GPGſVU6JGCOGPFOGPVTGXKUGUVJGFGſPKVKQPQHŎRCUVUGTXKEGEQUVUŏŎTGVWTPQPRNCPCUUGVUŏCPFŎUJQTV
VGTOŏCPFŎQVJGTNQPIVGTOŏGORNQ[GGDGPGſVU+VENCTKſGUVJCVVJGEQUVUQHCFOKPKUVGTKPIVJGRNCPOC[DGGKVJGTTGEQIPKUGF
KPVJGTCVGQHTGVWTPQPRNCPCUUGVUQTKPENWFGFKPVJGCEVWCTKCNCUUWORVKQPUWUGFVQOGCUWTGVJGFGſPGFDGPGſVQDNKICVKQP
6JGCOGPFOGPVHWTVJGTENCTKſGUVJCVCOGPFOGPVVQRNCPUVJCVTGUWNVKPCTGFWEVKQPKPDGPGſVUTGNCVGFVQHWVWTGUGTXKEGUCTG
EWTVCKNOGPVU+VCNUQFGNGVGFVJGTGHGTGPEGVQVJGTGEQIPKVKQPQHEQPVKPIGPVNKCDKNKVKGUVQGPUWTGEQPUKUVGPE[YKVJ(45
2TQXKUKQPU%QPVKPIGPV.KCDKNKVKGUCPF%QPVKPIGPV#UUGVU
(45$QTTQYKPI%QUVU6JGFGſPKVKQPQHDQTTQYKPIEQUVUKUCNKIPGFYKVJ(45D[TGHGTTKPIVQVJGWUGQHGHHGEVKXG
KPVGTGUVTCVGCUCEQORQPGPVQHDQTTQYKPIEQUV
(45%QPUQNKFCVGFCPF5GRCTCVG(KPCPEKCN5VCVGOGPVU6JGCOGPFOGPVENCTKſGUVJCVYJGPCRCTGPVGPVKV[CEEQWPVUHQT
CUWDUKFKCT[CVHCKTXCNWGKPCEEQTFCPEGYKVJ(45KPKVUUGRCTCVGſPCPEKCNUVCVGOGPVUVJKUVTGCVOGPVEQPVKPWGUYJGPVJG
UWDUKFKCT[KUUWDUGSWGPVN[ENCUUKſGFCUJGNFHQTUCNG
(45+PXGUVOGPVUKP#UUQEKCVGU6JGCOGPFOGPVENCTKſGUVJCVKHCPCUUQEKCVGKUCEEQWPVGFHQTCVHCKTXCNWGKPCEEQTFCPEG
YKVJ(45QPN[VJGTGSWKTGOGPVQH(45VQFKUENQUGVJGPCVWTGCPFGZVGPVQHCP[UKIPKſECPVTGUVTKEVKQPUQPVJGCDKNKV[
QHVJGCUUQEKCVGVQVTCPUHGTHWPFUVQVJGKPXGUVQTKPVJGHQTOQHECUJQTTGRC[OGPVQHNQCPUCRRNKGU+VHWTVJGTENCTKſGUVJCVCP
KPXGUVOGPVKPCPCUUQEKCVGKUVTGCVGFCUCUKPINGCUUGVHQTVJGRWTRQUGQHKORCKTOGPVVGUVKPI6JGTGHQTGCP[KORCKTOGPVNQUU
KUPQVUGRCTCVGN[CNNQECVGFVQVJGIQQFYKNNKPENWFGFKPVJGKPXGUVOGPVDCNCPEG
62
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
%QPVKPWGF
%QPVKPWGF
ŏ
%QPVKPWGF
(45+PVGTKO(KPCPEKCN4GRQTVKPI%NCTKſGUVJCVGCTPKPIURGTUJCTGKUVQDGFKUENQUGFKPKPVGTKOſPCPEKCNTGRQTVUKHCP
GPVKV[KUYKVJKPVJGUEQRGQH(45'CTPKPIURGT5JCTG
(45+PVGTGUVUKP,QKPV8GPVWTGU6JGCOGPFOGPVENCTKſGUVJCVKHCLQKPVXGPVWTGKUCEEQWPVGFHQTŎCVHCKTXCNWGVJTQWIJ
RTQſVQTNQUUŏKPCEEQTFCPEGYKVJ(45QPN[VJGTGSWKTGOGPVUQH(45VQFKUENQUGVJGEQOOKVOGPVUQHVJGXGPVWTGT
CPFVJGLQKPVXGPVWTGCUYGNNCUUWOOCT[ſPCPEKCNKPHQTOCVKQPCDQWVVJGCUUGVUNKCDKNKVKGUKPEQOGCPFGZRGPUGYKNNCRRN[
(45+ORCKTOGPVQH#UUGVU%NCTKſGUVJCVYJGPFKUEQWPVGFECUJƀQYUCTGWUGFVQGUVKOCVGŎHCKTXCNWGNGUUEQUVVQUGNNŏ
CFFKVKQPCNFKUENQUWTGKUTGSWKTGFCDQWVVJGFKUEQWPVTCVGEQPUKUVGPVYKVJFKUENQUWTGUTGSWKTGFYJGPVJGFKUEQWPVGFECUJ
ƀQYUCTGWUGFVQGUVKOCVGŎXCNWGKPWUGŏ6JGCOGPFOGPVHWTVJGTENCTKſGUVJCVVJGNCTIGUVECUJIGPGTCVKPIWPKVHQTITQWRQH
WPKVUVQYJKEJIQQFYKNNUJQWNFDGCNNQECVGFHQTRWTRQUGUQHKORCKTOGPVVGUVKPIKUCPQRGTCVKPIUGIOGPVCUFGſPGFKP(45
(45 (KPCPEKCN +PUVTWOGPVU 4GEQIPKVKQP CPF /GCUWTGOGPV %NCTKſGU VJCV EJCPIGU KP EKTEWOUVCPEGU TGNCVKPI VQ
FGTKXCVKXGUCTGPQVTGENCUUKſECVKQPUCPFVJGTGHQTGOC[DGGKVJGTTGOQXGFHTQOQTKPENWFGFKPVJGŎHCKTXCNWGVJTQWIJRTQſV
QTNQUUŏENCUUKſECVKQPCHVGTKPKVKCNTGEQIPKVKQP+VCNUQENCTKſGUQPVJGUEQRGGZGORVKQPHQTDWUKPGUUEQODKPCVKQPEQPVTCEVU
6JGCOGPFOGPVUTGOQXGVJGTGHGTGPEGKP(45VQCŎUGIOGPVŏYJGPFGVGTOKPKPIYJGVJGTCPKPUVTWOGPVSWCNKſGUCUC
JGFIGCPFTGSWKTGUVJGWUGQHVJGTGXKUGFGHHGEVKXGKPVGTGUVTCVGYJGPTGOGCUWTKPICFGDVKPUVTWOGPVQPVJGEGUUCVKQPQHHCKT
XCNWGJGFIGCEEQWPVKPI+VCNUQRTQXKFGUCFFKVKQPCNIWKFCPEGQPFGVGTOKPKPIYJGVJGTNQCPRTGRC[OGPVRGPCNVKGUTGUWNVKP
CPGODGFFGFFGTKXCVGUVJCVPGGFUVQDGUGRCTCVGF+PCFFKVKQPVJGCOGPFOGPVUUVCVGVJCVVJGICKPUQTNQUUGUQPCJGFIGF
KPUVTWOGPVUJQWNFDGTGENCUUKſGFHTQOGSWKV[VQRTQſVQTNQUUFWTKPIVJGRGTKQFVJCVVJGJGFIGFHQTGECUVECUJƀQYUKORCEV
RTQſVQTNQUU
+%+PVGTRTGVCVKQP+PVGTKO(KPCPEKCN4GRQTVKPICPF+ORCKTOGPV
+%+PVGTRTGVCVKQP(456JG.KOKVQPC&GſPGF$GPGſV#UUGV/KPKOWO(WPFKPI4GSWKTGOGPVUCPFVJGKT+PVGTCEVKQP
6JKU+%RTQJKDKVUKORCKTOGPVNQUUGUTGEQIPKUGFKPCPKPVGTKORGTKQFQPIQQFYKNNQTKPXGUVOGPVUKPGSWKV[KPUVTWOGPVUQT
ſPCPEKCNCUUGVUECTTKGFCVEQUVVQDGTGXGTUGFCVCUWDUGSWGPVDCNCPEGUJGGVFCVG
6JKU+%RTQXKFGUIWKFCPEGQPJQYVQCUUGUUVJGNKOKVWPFGT(45'ORNQ[GG$GPGſVUQPVJGCOQWPVQHUWTRNWUKPC
FGſPGFDGPGſVUEJGOGVJCVECPDGTGEQIPKUGFCUCPCUUGVCPFGZRNCKPUJQYVJGOKPKOWOHWPFKPITGSWKTGOGPVUYKNNCHHGEV
VJGFGſPGFDGPGſVCUUGVCPFCFFTGUUGUYJGPOKPKOWOHWPFKPITGSWKTGOGPVUOC[IKXGTKUGVQCNKCDKNKV[
2TQPQWPEGOGPVUGHHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCVJGT,WN[
(45(KTUVVKOG#FQRVKQPQH(KPCPEKCN4GRQTVKPI5VCPFCTFU
(45$WUKPGUU%QODKPCVKQPU
TGXKUGFCPF(45%QPUQNKFCVGFCPF5GRCTCVG(KPCPEKCN5VCVGOGPVU
COGPFGF
6JKU(45UWRGTUGFGU(45
KUUWGFKPCPFCOGPFGFKP/C[6JG5VCPFCTFUGVUQWVVJGRTQEGFWTGUVJCVCPGPVKV[
OWUVHQNNQYYJGPKVCFQRVU(45UHQTVJGſTUVVKOGCUVJGDCUKUHQTRTGRCTKPIKVUſPCPEKCNUVCVGOGPVU
(45
TGXKUGFKPVTQFWEGUCPWODGTQHEJCPIGUVQVJGCEEQWPVKPIHQTDWUKPGUUEQODKPCVKQPUQEEWTTKPIQPQTCHVGT,WN[
6JGUGKPENWFGEJCPIGUVJCVCHHGEVVJGXCNWCVKQPQHPQPEQPVTQNNKPIKPVGTGUVVJGCEEQWPVKPIHQTVTCPUCEVKQPEQUVUVJG
KPKVKCN TGEQIPKVKQP CPF UWDUGSWGPV OGCUWTGOGPV QH C EQPVKPIGPV EQPUKFGTCVKQP CPF DWUKPGUU EQODKPCVKQPU CEJKGXGF KP
UVCIGU6JGUGEJCPIGUYKNNKORCEVVJGCOQWPVQHIQQFYKNNTGEQIPKUGFVJGTGRQTVGFTGUWNVUKPVJGRGTKQFVJCVCPCESWKUKVKQP
QEEWTUCPFHWVWTGTGRQTVGFTGUWNVU
2#5&'%#PPWCN4GRQTV
%QPVKPWGF
2TQPQWPEGOGPVUGHHGEVKXGHQTſPCPEKCNRGTKQFUDGIKPPKPIQPQTCHVGT,WN[
%QPVKPWGF
(45 $WUKPGUU %QODKPCVKQPU TGXKUGF CPF (45 %QPUQNKFCVGF CPF 5GRCTCVG (KPCPEKCN 5VCVGOGPVU COGPFGF
%QPVKPWGF
(45
COGPFGFTGSWKTGUVJCVCEJCPIGKPVJGQYPGTUJKRKPVGTGUVQHCUWDUKFKCT[
YKVJQWVNQUUQHEQPVTQNKUCEEQWPVGF
HQTCUCVTCPUCEVKQPYKVJQYPGTUKPVJGKTECRCEKV[CUQYPGTUCPFVQDGTGEQTFGFKPGSWKV[6JGTGHQTGUWEJVTCPUCEVKQPYKNN
PQNQPIGTIKXGTKUGVQIQQFYKNNPQTYKNNKVIKXGTKUGVQCICKPQTNQUU(WTVJGTOQTGVJGCOGPFGF5VCPFCTFEJCPIGUVJG
CEEQWPVKPIHQTNQUUGUKPEWTTGFD[VJGUWDUKFKCT[CUYGNNCUNQUUQHEQPVTQNQHCUWDUKFKCT[
6JGEJCPIGUD[(45
TGXKUGFCPF(45
COGPFGFYKNNDGCRRNKGFRTQURGEVKXGN[CPFQPN[CHHGEVHWVWTGCESWKUKVKQPQT
NQUUQHEQPVTQNQHUWDUKFKCTKGUCPFVTCPUCEVKQPUYKVJPQPEQPVTQNNKPIKPVGTGUVU
5KIPKſECPVCEEQWPVKPIGUVKOCVGUCPFLWFIGOGPVU
C
%TKVKECNLWFIGOGPVUOCFGKPCRRN[KPICEEQWPVKPIRQNKEKGU
6JGTG YGTG PQ UKIPKſECPV LWFIGOGPVU OCFG KP CRRN[KPI VJG CEEQWPVKPI RQNKEKGU QH VJG )TQWR YJKEJ OC[ JCXG
UKIPKſECPVGHHGEVUQPVJGCOQWPVUTGEQIPKUGFKPVJGſPCPEKCNUVCVGOGPVU
D
-G[UQWTEGUQHGUVKOCVKQPWPEGTVCKPV[
6JGMG[CUUWORVKQPUEQPEGTPKPIVJGHWVWTGCPFQVJGTMG[UQWTEGUQHGUVKOCVKQPWPEGTVCKPV[CVVJGDCNCPEGUJGGVFCVG
VJCVJCXGCUKIPKſECPVTKUMQHECWUKPIOCVGTKCNCFLWUVOGPVVQVJGECTT[KPICOQWPVQHCUUGVUCPFNKCDKNKVKGUYKVJKPVJG
PGZVſPCPEKCN[GCTCTGFKUEWUUGFDGNQY
K
6JGEQUVQHRNCPVCPFOCEJKPGT[KUFGRTGEKCVGFQPCUVTCKIJVNKPGDCUKUQXGTVJGCUUGVUŏWUGHWNNKXGU/CPCIGOGPV
GUVKOCVGUVJGWUGHWNNKXGUQHVJGUGRTQRGTV[RNCPVCPFGSWKROGPVVQDGYKVJKPVQ[GCTU6JGUGCTGEQOOQP
NKHG GZRGEVCPEKGU CRRNKGF HQT VJG CUUGVU QYPGF D[ VJG )TQWR %JCPIGU KP VJG GZRGEVGF NGXGN QH WUCIG CPF
VGEJPQNQIKECNFGXGNQROGPVUYQWNFPQVUKIPKſECPVN[KORCEVVJGGEQPQOKEWUGHWNNKXGUCPFVJGTGUKFWCNXCNWGU
QHVJGUGCUUGVUVJGTGHQTGVJGHWVWTGFGRTGEKCVKQPEJCTIGUYQWNFPQVXCT[UKIPKſECPVN[
KK
2TQRGTV[FGXGNQROGPV
6JG)TQWRTGEQIPKUGURTQRGTV[FGXGNQROGPVTGXGPWGCPFGZRGPUGUKPVJGKPEQOGUVCVGOGPVD[WUKPIVJGUVCIG
QHEQORNGVKQPOGVJQF6JGUVCIGQHEQORNGVKQPKUFGVGTOKPGFD[VJGRTQRQTVKQPVJCVRTQRGTV[FGXGNQROGPV
EQUVUKPEWTTGFHQTYQTMRGTHQTOGFVQFCVGDGCTVQVJGGUVKOCVGFVQVCNRTQRGTV[FGXGNQROGPVEQUVU
5KIPKſECPVLWFIGOGPVKUTGSWKTGFKPFGVGTOKPKPIVJGUVCIGQHEQORNGVKQPVJGGZVGPVQHVJGRTQRGTV[FGXGNQROGPV
EQUVUKPEWTTGFVJGGUVKOCVGFVQVCNRTQRGTV[FGXGNQROGPVTGXGPWGCPFEQUVUCUYGNNCUVJGTGEQXGTCDKNKV[QHVJG
FGXGNQROGPVRTQLGEVU+POCMKPIVJGLWFIGOGPVVJG)TQWRGXCNWCVGUDCUGFQPRCUVGZRGTKGPEGCPFD[TGN[KPI
QPVJGYQTMQHURGEKCNKUVU
31 DECEMBER 2009
5+)0+(+%#06#%%1706+0)21.+%+'5
%106+07'&
63
KKK +ORCKTOGPVQHIQQFYKNN
6JG)TQWRFGVGTOKPGUYJGVJGTIQQFYKNNKUKORCKTGFCVNGCUVQPCPCPPWCNDCUKU6JKUTGSWKTGUCPGUVKOCVKQPQH
VJGXCNWGKPWUGQHVJGECUJIGPGTCVKPIWPKVU
ő%)7ŒVQYJKEJIQQFYKNNKUCNNQECVGF'UVKOCVKPICXCNWGKPWUG
COQWPVTGSWKTGUOCPCIGOGPVVQOCMGCPGUVKOCVGQHVJGGZRGEVGFHWVWTGECUJƀQYUHTQOVJG%)7CPFCNUQVQ
EJQQUGCUWKVCDNGFKUEQWPVTCVGKPQTFGTVQECNEWNCVGVJGRTGUGPVXCNWGQHVJQUGECUJƀQYU6JGECTT[KPICOQWPV
QHIQQFYKNNCUCV&GEGODGTYCU4/
4/
64
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
4'8'07'
)TQWR
4/
4/
5CNGQHRTQRGTVKGU
2TQLGEVOCPCIGOGPVHGGU
5CNGQHIQQFU /CPCIGOGPVHGGU
4GPVCNKPEQOG
&KXKFGPFKPEQOG
%QORCP[
4/
4/
%1561(5#.'5
0QVG
D
#FFKVKQPCNEQUVUHQTEQORNGVGFRTQLGEV
%QUVQHNCPFJGNFHQTRTQRGTV[FGXGNQROGPVUQNF
0QVG
C
%QUVQHKPXGPVQTKGUUQNF
%QUVQHUGTXKEGUTGPFGTGF
%QUVQHEQPUVTWEVKQPEQPVTCEVU
#FFKVKQPCNEQUVHQTFKURQUCNQHNCPFJGNFHQTFGXGNQROGPV
)TQWR
4/
4/
)TQWR
4/
4/
4/
4/
(+0#0%'%1565
%QORCP[
+PVGTGUVGZRGPUGQP
*KTGRWTEJCUG
6GTONQCPU
1XGTFTCHVU 4GXQNXKPIETGFKVU
%QOOKVOGPVHGGU
4CKPDQY'ZEJCPIGCDNG$QPFU
1VJGTKPVGTGUVU
2#5&'%#PPWCN4GRQTV
65
31 DECEMBER 2009
.155241(+6$'(14'6#:
6JGHQNNQYKPICOQWPVUJCXGDGGPKPENWFGFKPCTTKXKPICV
NQUURTQſVDGHQTGVCZ
'ORNQ[GGDGPGſVUGZRGPUG
0QVG
0QPGZGEWVKXGFKTGEVQTUŏTGOWPGTCVKQP
0QVG
#WFKVQTUŏTGOWPGTCVKQP
%WTTGPV[GCT
7PFGTRTQXKUKQPKPRTKQT[GCT
2TQRGTV[RNCPVCPFGSWKROGPVYTKVVGPQHH
1HſEGTGPVCN 4GPVCNKPEQOG
$CFFGDVUTGEQXGTGF
&KXKFGPFKPEQOG
2TQRGTV[FGXGNQROGPVEQUVUYTKVVGPQHH
#OQTVKUCVKQPQHRTGRCKFNCPFNGCUGRC[OGPVU
0QVG
0QVG
&GRTGEKCVKQPQHKPXGUVOGPVRTQRGTVKGU
0QVG
+ORCKTOGPVQHNCPFJGNFHQTRTQRGTV[
FGXGNQROGPV
0QVG
C
+ORCKTOGPVQHRTQRGTV[FGXGNQROGPVEQUVU
0QVG
D
+ORCKTOGPVQHKPVCPIKDNGCUUGVU
2TQXKUKQPHQTKORCKTOGPVNQUUGUKPKPXGPVQTKGU
2TQXKUKQPHQTKORCKTOGPVQUUGUKPKPXGUVOGPVU
KPUWDUKFKCTKGU
2TQXKUKQPHQTKORCKTOGPVNQUUGUKPKPXGUVOGPVUKP
+PVGTGUVKPEQOG
4GXGTUCNQHRTQXKUKQPHQTTGENCOCVKQPEQUVU
4GXGTUCNQHRTQXKUKQPHQTKORCKTOGPVNQUUGUKP
KPXGUVOGPVUKPUWDUKFKCTKGU
4GXGTUCNQHRTQXKUKQPHQTKORCKTOGPV
NQUUGUKPKPXGPVQTKGU
4GXGTUCNQHRTQXKUKQPHQTKORCKTOGPVNQUUGUKP
KPXGUVOGPVUKPOCTMGVCDNGUGEWTKVKGU
4GXGTUCNQHRTQXKUKQPHQTFQWDVHWNFGDVU
$CFFGDVUYTKVVGPQHH
.QUUQPFKURQUCNQHNCPFJGNFHQTFGXGNQROGPV
)CKPNQUUQPFKURQUCNQHRTQRGTV[RNCPVCPFGSWKROGPV
)CKPNQUUQPFKURQUCNQHKPXGUVOGPVU
)TQWR
4/
4/
%QORCP[
4/
4/
66
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
'/2.1;''$'0'(+65':2'05'
+PENWFGFKPGORNQ[GGDGPGſVUGZRGPUGQHVJG)TQWRCPFQHVJG%QORCP[CTGGZGEWVKXGFKTGEVQTUŏTGOWPGTCVKQPCOQWPVKPIVQ
4/
4/CPF4/0KN
4/TGURGEVKXGN[CUHWTVJGTFKUENQUGFKP0QVG
&+4'%6145ŏ4'/70'4#6+10
9CIGUCPFUCNCTKGU
5QEKCNUGEWTKV[EQPVTKDWVKQPU
5JQTVVGTOCEEWOWNCVKPIEQORGPUCVGFCDUGPEGU
%QPVTKDWVKQPUVQFGſPGFEQPVTKDWVKQPRNCP
2GPUKQPEQUVUFGſPGFDGPGſVRNCP
0QVG
1VJGTUVCHHTGNCVGFGZRGPUGU
)TQWR
4/
4/
'ZGEWVKXGFKTGEVQTUŏTGOWPGTCVKQP
0QVG
(GGU 1VJGTGOQNWOGPVU
6QVCNFKTGEVQTUŏTGOWPGTCVKQP
4/
0QPGZGEWVKXGFKTGEVQTUŏTGOWPGTCVKQP
0QVG
(GGU 1VJGTGOQNWOGPVU
%QORCP[
4/
)TQWR
4/
4/
%QORCP[
4/
4/
2#5&'%#PPWCN4GRQTV
67
31 DECEMBER 2009
&+4'%6145ŏ4'/70'4#6+10
%106+07'&
6JGPWODGTQHFKTGEVQTUQHVJG%QORCP[YJQUGVQVCNTGOWPGTCVKQPFWTKPIVJGſPCPEKCN[GCTHGNNYKVJKPVJGHQNNQYKPIDCPFUKU
CPCN[UGFDGNQY
'ZGEWVKXGFKTGEVQTU
4/Ō4/
0QPGZGEWVKXGFKTGEVQTU
7RVQ4/
4/Ō4/
4/Ō4/
)TQWR
4/
4/
4/
4/
0WODGTQH&KTGEVQTU
+0%1/'6#:':2'05'
+PEQOGVCZ
/CNC[UKCPKPEQOGVCZ
1XGTRTQXKUKQPWPFGTRTQXKUKQPKPRTKQT[GCT
%QORCP[
&GHGTTGFVCZ
0QVG
4GNCVKPIVQQTKIKPCVKPICPFTGXGTUCNQH
VGORQTCT[FKHHGTGPEGU
4GNCVKPIVQEJCPIGUKPVCZTCVGU
1XGTRTQXKUKQPKPRTKQT[GCT
6QVCNKPEQOGVCZGZRGPUG
&QOGUVKEKPEQOGVCZKUECNEWNCVGFCVVJG/CNC[UKCPUVCVWVQT[VCZTCVGQH
QHVJGGUVKOCVGFCUUGUUCDNGRTQſVHQT
VJG[GCT
68
2#5&'%#PPWCN4GRQTV
+0%1/'6#:':2'05'
%106+07'&
+PVJGRTKQT[GCTEGTVCKPUWDUKFKCTKGUQHVJG%QORCP[DGKPI/CNC[UKCPTGUKFGPVEQORCPKGUYKVJRCKFWRECRKVCNQH4/OKNNKQP
QTNGUUSWCNKſGFHQTVJGRTGHGTGPVKCNVCZTCVGUWPFGT2CTCITCRJ#5EJGFWNGQHVJG+PEQOG6CZ#EVCUHQNNQYU
1PVJGſTUV4/QHEJCTIGCDNGKPEQOG
+PGZEGUUQH4/QHEJCTIGCDNGKPEQOG
*QYGXGTRWTUWCPVVQ2CTCITCRJ$5EJGFWNGQHVJG+PEQOG6CZ#EVVJCVYCUKPVTQFWEGFYKVJGHHGEVHTQOVJG[GCTQH
CUUGUUOGPVVJGUWDUKFKCTKGUPQNQPIGTSWCNKH[HQTVJGCDQXGRTGHGTGPVKCNVCZTCVGU
31 DECEMBER 2009
#TGEQPEKNKCVKQPQHKPEQOGVCZGZRGPUGCRRNKECDNGVQRTQſV
NQUUDGHQTGVCZCVKQPCVVJGUVCVWVQT[KPEQOGVCZTCVGVQKPEQOGVCZ
GZRGPUGCVVJGGHHGEVKXGKPEQOGVCZTCVGQHVJG)TQWRCPFQHVJG%QORCP[KUCUHQNNQYU
4/
4/
)TQWR
.QUURTQſVDGHQTGVCZCVKQP
6CZCVKQPCV/CNC[UKCPUVCVWVQT[VCZTCVGQH
'HHGEVQHEJCPIGUKPVCZTCVGUQPQRGPKPIDCNCPEGQHFGHGTTGFVCZ
6CZKPEGPVKXGQDVCKPGFHTQOFKHHGTGPVKCNKPVCZTCVG 7VKNKUCVKQPQH)TQWRTGNKGH
'HHGEVQHKPEQOGPQVUWDLGEVVQVCZ
'HHGEVQHGZRGPUGUPQVFGFWEVKDNGHQTVCZRWTRQUGU 'HHGEVQHWVKNKUCVKQPQHRTGXKQWUN[WPTGEQIPKUGFVCZNQUUGUCPFWPCDUQTDGFECRKVCNCNNQYCPEGU
&GHGTTGFVCZCUUGVUPQVTGEQIPKUGFKPTGURGEVQHEWTTGPV[GCTŏUVCZNQUUGUCPF
WPCDUQTDGFECRKVCNCNNQYCPEGU
1XGTRTQXKUKQPQHFGHGTTGFVCZKPRTKQT[GCT
1XGTWPFGTRTQXKUKQPQHKPEQOGVCZKPRTKQT[GCT 6CZGZRGPUGHQTVJG[GCT
%QORCP[
2TQſVDGHQTGVCZCVKQP
6CZCVKQPCV/CNC[UKCPUVCVWVQT[VCZTCVGQH
'HHGEVQHKPEQOGPQVUWDLGEVVQVCZ
'HHGEVQHGZRGPUGUPQVFGFWEVKDNGHQTVCZRWTRQUGU 'HHGEVQHWVKNKUCVKQPQHRTGXKQWUN[WPTGEQIPKUGFVCZNQUUGU
&GHGTTGFVCZCUUGVUPQVTGEQIPKUGFKPTGURGEVQHEWTTGPV[GCTŏUVCZNQUUGU
6CZGZRGPUGHQTVJG[GCT
2#5&'%#PPWCN4GRQTV
69
31 DECEMBER 2009
'#40+0)52'45*#4'
C $CUKE
$CUKEGCTPKPIURGTUJCTGCOQWPVKUECNEWNCVGFD[FKXKFKPIRTQſVHQTVJG[GCTCVVTKDWVCDNGVQQTFKPCT[GSWKV[JQNFGTUQHVJG
%QORCP[D[VJGYGKIJVGFCXGTCIGPWODGTQHQTFKPCT[UJCTGUKPKUUWGFWTKPIVJGſPCPEKCN[GCT
.QUURTQſVCVVTKDWVCDNGVQQTFKPCT[GSWKV[JQNFGTUQHVJG%QORCP[
4/
9GKIJVGFCXGTCIGPWODGTQHQTFKPCT[UJCTGUKPKUUWG
WPKV
$CUKEGCTPKPIURGTUJCTG
UGP
D
&KNWVGF
0Q FKNWVGF GCTPKPIU RGT UJCTG YGTG RTGUGPVGF CU VJGTG YGTG PQ RQVGPVKCN FKNWVKXG QTFKPCT[ UJCTGU QWVUVCPFKPI CU CV &GEGODGT
&+8+&'0&5
&KXKFGPFUKPTGURGEV
QH[GCT 4/
4/
&KXKFGPFU
4GEQIPKUGFKP[GCT
4/
4/
)TQWR
4GEQIPKUGFFWTKPIVJG[GCT
(KTUVCPFſPCNFKXKFGPFHQT
NGUUVCZCVKQPQPQTFKPCT[UJCTGU
UGPRGTQTFKPCT[UJCTG
(KTUVCPFſPCNFKXKFGPFHQT
NGUUVCZCVKQPQPQTFKPCT[UJCTGU
UGPRGTQTFKPCT[UJCTG
%QORCP[
70
2#5&'%#PPWCN4GRQTV
2412'46;2.#06#0&'37+2/'06
31 DECEMBER 2009
$WKNFKPIU
4/
%QPUVTWEVKQP
YQTMKP
RTQITGUU
4/
2NCPVCPF
OCEJKPGT[
4/
1VJGT
CUUGVU
4/
6QVCN
4/
%QUV
#V,CPWCT[
4GENCUUKſECVKQP
#FFKVKQPU &KURQUCNU 9TKVGQHH #V&GEGODGT
#V&GEGODGT
0GVECTT[KPICOQWPV
#V&GEGODGT
)TQWR
#V&GEGODGT
#EEWOWNCVGFFGRTGEKCVKQP
#V,CPWCT[
4GENCUUKſECVKQP
%JCTIGHQTVJG[GCT
0QVG
&KURQUCNU 9TKVGQHH #V&GEGODGT
0GVECTT[KPICOQWPV
#V&GEGODGT
#V&GEGODGT
%QUV
#V,CPWCT[
#FFKVKQPU &KURQUCNU 9TKVGQHH #V&GEGODGT
#V,CPWCT[
%JCTIGHQTVJG[GCT
0QVG
&KURQUCNU 9TKVGQHH 1VJGTCUUGVUEQPUKUVQHQHſEGTGPQXCVKQPHWTPKVWTGCPFſVVKPIUQHſEGGSWKROGPVOQVQTXGJKENGUCPFUKIPDQCTF
2#5&'%#PPWCN4GRQTV
71
31 DECEMBER 2009
2412'46;2.#06#0&'37+2/'06
%106+07'&
1HſEG
GSWKROGPV
4/
/QVQT
XGJKENGU
4/
6QVCN
4/
%QORCP[
#V&GEGODGT
%QUV
#V,CPWCT[
&KURQUCN #V&GEGODGT
%QUV
#V,CPWCT[
#FFKVKQP #V&GEGODGT
#V,CPWCT[
%JCTIGHQTVJG[GCT
0QVG
#V&GEGODGT
#V,CPWCT[
%JCTIGHQTVJG[GCT
0QVG
&KURQUCNHQTVJG[GCT
#V&GEGODGT
0GVECTT[KPICOQWPV
#V&GEGODGT
#V&GEGODGT
0GVECTT[KPICOQWPV
#V&GEGODGT
72
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
2412'46;2.#06#0&'37+2/'06
%106+07'&
&WTKPIVJGſPCPEKCN[GCTVJG)TQWRCPFVJG%QORCP[CESWKTGFRTQRGTV[RNCPVCPFGSWKROGPVCVCIITGICVGEQUVUQH4/
4/CPF4/0KN
4/QHYJKEJ4/
4/CPF4/0KN
4/
YGTGCESWKTGFD[OGCPUQHJKTGRWTEJCUG0GVECTT[KPICOQWPVUQHRTQRGTV[RNCPVCPFGSWKROGPVJGNFWPFGTJKTGRWTEJCUG
CTTCPIGOGPVUCTGCUHQNNQYU
/QVQTXGJKENGU
2NCPVCPFOCEJKPGTKGU
)TQWR
4/
4/
%QORCP[
4/
4/
.GCUGJQNF
NCPF
4/
6QVCN
4/
.#0&*'.&(142412'46;&'8'.12/'06#0&2412'46;&'8'.12/'06%1565
C
(TGGJQNF
NCPF
4/
)TQWR
#V&GEGODGT
%QUV
#V,CPWCT[
#FFKVKQPU
&KURQUCNU
6TCPUHGTHTQORTQRGTV[FGXGNQROGPVEQUVU
0QVG
D
6TCPUHGTVQRTQRGTV[FGXGNQROGPVEQUVU
0QVG
D
#V&GEGODGT
#EEWOWNCVGFKORCKTOGPVNQUUGU
#V,CPWCT[&GEGODGT
%CTT[KPICOQWPVCV&GEGODGT
2#5&'%#PPWCN4GRQTV
73
31 DECEMBER 2009
.#0&*'.&(142412'46;&'8'.12/'06#0&2412'46;&'8'.12/'06%1565
%106+07'&
C
%QPVKPWGF
(TGGJQNF
NCPF
4/
.GCUGJQNF
NCPF
4/
6QVCN
4/
)TQWR
%QPVKPWGF
#V&GEGODGT
%QUV
#V,CPWCT[
#FFKVKQPU
&KURQUCNU
6TCPUHGTHTQORTQRGTV[FGXGNQROGPVEQUVU
0QVG
D
6TCPUHGTVQRTQRGTV[FGXGNQROGPVEQUVU
0QVG
D
#V&GEGODGT
#V,CPWCT[
+ORCKTOGPVNQUUHQTVJG[GCT
0QVG
#V&GEGODGT
%CTT[KPICOQWPVCV&GEGODGT
D 2TQRGTV[FGXGNQROGPVEQUVU
(TGGJQNF
NCPF
4/
.GCUGJQNF &GXGNQROGPV
NCPF
EQUVU
4/
4/
6QVCN
4/
)TQWR
%QPVKPWGF
#V&GEGODGT
%WOWNCVKXGRTQRGTV[FGXGNQROGPVEQUVU
#V,CPWCT[
%QUVUKPEWTTGFFWTKPIVJG[GCT
6TCPUHGTHTQONCPFJGNFHQTRTQRGTV[FGXGNQROGPV
0QVG
C
4GENCUUKſECVKQP
&KURQUCN
9TKVVGPQHH
6TCPUHGTVQNCPFJGNFHQTRTQRGTV[FGXGNQROGPV
0QVG
C
7PUQNFWPKVUVTCPUHGTTGFVQKPXGPVQTKGU
4GXGTUCNQHEQORNGVGFRTQLGEVU
#V&GEGODGT
74
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
.#0&*'.&(142412'46;&'8'.12/'06#0&2412'46;&'8'.12/'06%1565
%106+07'&
D
%QPVKPWGF
(TGGJQNF
NCPF
4/
.GCUGJQNF &GXGNQROGPV
NCPF
EQUVU
4/
4/
#V,CPWCT[
+ORCKTOGPVNQUUHQTVJG[GCT
0QVG
#V&GEGODGT
6QVCN
4/
)TQWR
%QPVKPWGF
#V&GEGODGT
%WOWNCVKXGEQUVUTGEQIPKUGFKPKPEQOGUVCVGOGPV
#V,CPWCT[
0QVG
#V&GEGODGT
2TQRGTV[FGXGNQROGPVEQUVUCV&GEGODGT
#V&GEGODGT
%WOWNCVKXGRTQRGTV[FGXGNQROGPVEQUVU
#V,CPWCT[
%QUVUKPEWTTGFFWTKPIVJG[GCT
6TCPUHGTHTQONCPFJGNFHQTRTQRGTV[FGXGNQROGPV
0QVG
C
4GENCUUKſECVKQP
6TCPUHGTVQNCPFJGNFHQTRTQRGTV[FGXGNQROGPV
0QVG
C
7PUQNFWPKVUVTCPUHGTTGFVQKPXGPVQTKGU
#V&GEGODGT
%WOWNCVKXGEQUVUTGEQIPKUGFKPKPEQOGUVCVGOGPV
#V,CPWCT[
0QVG
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2TQRGTV[FGXGNQROGPVEQUVUCV&GEGODGT
2#5&'%#PPWCN4GRQTV
75
31 DECEMBER 2009
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6JGHTGGJQNFNCPFCPFNGCUGJQNFNCPFQHEGTVCKPUWDUKFKCTKGUYKVJCECTT[KPIXCNWGQH4/
4/JCXG
DGGPEJCTIGFCUUGEWTKV[HQTUJQTVVGTODQTTQYKPIU
6KVNGUVQNGCUGJQNFNCPFQHCUWDUKFKCT[YKVJCECTT[KPIXCNWGQH4/0KN
4/CTGTGIKUVGTGFWPFGTVJGPCOGQHKVU
JQNFKPIEQTRQTCVKQP6JGVTCPUHGTQHVJGVKVNGYKNNDGFQPGWRQPEQORNGVKQPQHFGXGNQROGPVQHVJGRTQRGTVKGU
6JGVKVNGQHNGCUGJQNFNCPFJGNFHQTFGXGNQROGPVQHCUWDUKFKCT[YKVJCECTT[KPIXCNWGQH4/
4/
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6JGVKVNGQHHTGGJQNFNCPFJGNFHQTFGXGNQROGPVQHCUWDUKFKCT[YKVJCECTT[KPIXCNWGQH4/
4/KU
UVKNNRGPFKPIVTCPUHGTVQVJGUWDUKFKCT[ŏUPCOGHTQOVJGXGPFQT
+08'56/'062412'46+'5
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#V,CPWCT[ %JCTIGHQTVJG[GCT
0QVG
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0GVECTT[KPICOQWPV
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2CTVQHVJGNGCUGJQNFDWKNFKPIQHCUWDUKFKCT[YKVJECTT[KPIXCNWGCOQWPVKPIVQ4/
4/KURNGFIGFVQ
ſPCPEKCNKPUVKVWVKQPUHQTETGFKVHCEKNKVKGUITCPVGFVQCUWDUKFKCT[CUFGVCKNGFKP0QVG
76
2#5&'%#PPWCN4GRQTV
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#EEWOWNCVGFCOQTVKUCVKQPCPFKORCKTOGPV
#V,CPWCT[ +ORCKTOGPVNQUU
0QVG
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C
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31 DECEMBER 2009
+ORCKTOGPVNQUUQPIQQFYKNNTGEQIPKUGF
)QQFYKNN QH VJG )TQWR CTKUGU HTQO CESWKUKVKQP QH EGTVCKP UWDUKFKCTKGU YKVJKP VJG )TQWR 6JG OCPCIGOGPV JCU ECTTKGF
QWVCPKORCKTOGPVVGUVQPVJGIQQFYKNNCUUQOGQHVJGUWDUKFKCTKGUJCXGDGGPOCMKPINQUUGUCPFEGCUGFQRGTCVKQPU6JG
KORCKTOGPVVGUVNGFVQVJGTGEQIPKVKQPQHCPKORCKTOGPVNQUUQPIQQFYKNNQH4/
4/0KNCUFKUENQUGFKP0QVG
VQVJGſPCPEKCNUVCVGOGPVU
-G[CUUWORVKQPUWUGFKPXCNWGKPWUGECNEWNCVKQPU
6JG TGEQXGTCDNG COQWPV QH VJG IQQFYKNN HQT RWTRQUG QH VJG KORCKTOGPV VGUVKPI KU FGVGTOKPGF DCUGF QP XCNWGKPWUG
ECNEWNCVKQPUWUKPIECUHƀQYRTQLGEVKQPU6JGMG[CUUWORVKQPUWUGFHQTXCNWGKPWUGECNEWNCVKQPUCTGITQUUOCTIKPQH
CPFFKUEQWPVTCVGQH
77
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
+08'56/'065+057$5+&+#4+'5
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4/
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0COGUQH
5WDUKFKCTKGU
2CUFGE%QTRQTCVKQP5FP$JF
%QWPVT[QH
KPEQTRQTCVKQP
2TKPEKRCNCEVKXKVKGU
/CNC[UKC
2TQRGTV[FGXGNQROGPVCPF
RTQLGEVOCPCIGOGPV
-WCPVCP6GODGNKPI4GUQTV5FP$JF
/CNC[UKC
2TQRGTV[FGXGNQROGPVCPF
RTQLGEVOCPCIGOGPV
2CUFGE.CPF5FP$JF
/CNC[UKC
2TQRGTV[FGXGNQROGPV
2CUFGE$KPC5FP$JF
/CNC[UKC
$WKNFKPICPFEKXKNEQPUVTWEVKQP
-KOFGE%QTRQTCVKQP5FP$JF
/CNC[UKC
2TQRGTV[FGXGNQROGPV
-WCPVCP$TKEMU5FP$JF
/CNC[UKC
$TKEMUOCPWHCEVWTKPI
5WODCPICP5CMVK5FP$JF
/CNC[UKC
2TQRGTV[FGXGNQROGPV
2CUFGE/GIC5FP$JF
/CNC[UKC
2TQRGTV[FGXGNQROGPV
2CUFGE2KPVCU5FP$JF
/CNC[UKC
&QTOCPV
2CUFGE2WVTC5FP$JF
/CNC[UKC
2TQRGTV[FGXGNQROGPV
/WVKCTC2CUFGE5FP$JF
/CNC[UKC
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2CJCPI#KTETCHV+PFWUVTKGU5FP$JF
/CNC[UKC
&QTOCPV
2CUFGE6TCFKPI5FP$JF
/CNC[UKC
6TCFKPIQHDWKNFKPIOCVGTKCNUCPF
RTQXKUKQPQHKPUWTCPEGUGTXKEGU
$GPVQPI#SWCTKWO5CPEVWCT[2CTM
5FP$JF
/CNC[UKC
1RGTCVQTQHCSWCTKWOCPF
VJGOGRCTM
2TQRQTVKQPQH
QYPGTUJKR
5WDUKFKCT[QH2CUFGE$KPC5FP$JF6JGCWFKVQTUŏTGRQTVQHVJKUEQORCP[TGHGTUVQVJGIQKPIEQPEGTPCUUWORVKQPCPFVJCV
VJGUWDUKFKCT[KUFGRGPFGPVWRQPVJGſPCPEKCNUWRRQTVHTQOVJGRGPWNVKOCVGJQNFKPIEQORCP[6JGTGRQTVKUPQVSWCNKſGF
5WDUKFKCT[QH2CUFGE%QTRQTCVKQP5FP$JF
5WDUKFKCT[ QH /WVKCTC 2CUFGE 5FP $JF 6JG CWFKVQTUŏ TGRQTV QH VJKU EQORCP[ TGHGTU VQ VJG IQKPI EQPEGTP CUUWORVKQP
CPFVJCVVJGUWDUKFKCT[KUFGRGPFGPVWRQPVJGſPCPEKCNUWRRQTVHTQOVJGRGPWNVKOCVGJQNFKPIEQORCP[6JGTGRQTVKUPQV
SWCNKſGF
6JGCWFKVQTUŏTGRQTVQHVJKUEQORCP[TGHGTUVQVJGIQKPIEQPEGTPCUUWORVKQPCPFVJCVVJGUWDUKFKCT[KUFGRGPFGPVWRQPVJG
ſPCPEKCNUWRRQTVHTQOVJGJQNFKPIEQORCP[6JGTGRQTVKUPQVSWCNKſGF
78
2#5&'%#PPWCN4GRQTV
+08'56/'065+0#551%+#6'5
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7PSWQVGFUJCTGUCVEQUV
5JCTGQHRQUVCESWKUKVKQPTGUGTXGU
.GUU#EEWOWNCVGFKORCKTOGPVNQUUGU
31 DECEMBER 2009
)TQWR
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5JCTGQHPGVCUUGVU
0COGUQH
CUUQEKCVGU
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KPEQTRQTCVKQP
2TKPEKRCN
CEVKXKVKGU
2TQRQTVKQPQH
QYPGTUJKRKPVGTGUV
2TQRQTVKQPQH
XQVKPIRQYGT
2TKOC2TCK5FP$JF
)GPVKPI8KGY4GUQTV
&GXGNQROGPV5FP$JF
2CUFGE%GORCMC5FP$JF
/CNC[UKC
2TQRGTV[FGXGNQROGPV
/CNC[UKC
2TQRGTV[FGXGNQROGPV
CPF%QPUVTWEVKQP
/CNC[UKC
&QTOCPV
6JGſPCPEKCNUVCVGOGPVUQHVJGCDQXGCUUQEKCVGUCTGEQVGTOKPQWUYKVJVJQUGQHVJG)TQWRGZEGRVHQT2TKOC2TCK5FP$JFYJKEJ
JCUCſPCPEKCN[GCTGPFQH/CTEJ(QTVJGRWTRQUGQHCRRN[KPIVJGGSWKV[OGVJQFQHCEEQWPVKPIVJGOCPCIGOGPVCEEQWPVU
QH2TKOC2TCK5FP$JFHQTVJGRGTKQFGPFGF&GEGODGTJCXGDGGPWUGF
+08'0614+'5
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.CPF (KPKUJGFIQQFU
&KGUGNCPFNWDTKECPV
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2#5&'%#PPWCN4GRQTV
79
31 DECEMBER 2009
64#&'4'%'+8#$.'5
6TCFGTGEGKXCDNGU
4GVGPVKQPUWOTGEGKXCDNGU
0QVG
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.GUU2TQXKUKQPHQTFQWDVHWNFGDVU
)TQWR
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OCKPN[QPETGFKV6JGETGFKVVGTOKUIGPGTCNN[HQTCRGTKQFQHVQFC[U6JG)TQWRUGGMUVQOCKPVCKPUVTKEVEQPVTQNQXGTKVU
QWVUVCPFKPITGEGKXCDNGUCPFJCUCETGFKVEQPVTQNFGRCTVOGPVVQOKPKOKUGETGFKVTKUM1XGTFWGDCNCPEGUCTGTGXKGYGFTGIWNCTN[
D[UGPKQTOCPCIGOGPV+PXKGYQHVJGCHQTGOGPVKQPGFCPFVJGHCEVVJCVVJG)TQWRŏUVTCFGTGEGKXCDNGUTGNCVGVQCNCTIGPWODGTQH
FKXGTUKſGFEWUVQOGTUVJGTGKUPQUKIPKſECPVEQPEGPVTCVKQPQHETGFKVTKUM6TCFGTGEGKXCDNGUCTGPQPKPVGTGUVDGCTKPI
16*'44'%'+8#$.'5
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5WPFT[TGEGKXCDNGU
.GUU
6JKTFRCTVKGU
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80
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
16*'44'%'+8#$.'5
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4/DGCTKPVGTGUVQH
RGTCPPWO
CPFCTGTGRC[CDNGQPFGOCPF6JGCOQWPVUCTGWPUGEWTGFCPFCTGVQDGUGVVNGFKPECUJ
6JGTGOCKPKPICOQWPVUFWGHTQOTGNCVGFRCTVKGUQHVJG)TQWRCPFQHVJG%QORCP[CTGPQPKPVGTGUVDGCTKPICPFTGRC[CDNGQP
FGOCPF6JGUGCOQWPVUCTGWPUGEWTGFCPFCTGVQDGUGVVNGFKPECUJ
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61%7561/'4510%1064#%65
%QPUVTWEVKQPEQUVUKPEWTTGFVQFCVG
#VVTKDWVCDNGRTQſVU
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4GVGPVKQPUWOQPEQPVTCEVUKPENWFGFYKVJKPVTCFGTGEGKXCDNGU
0QVG .GUU2TQITGUUDKNNKPIU
/#4-'6#$.'5'%74+6+'5
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81
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
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4/D[CUWDUKFKCT[CTGRNGFIGF
VQſPCPEKCNKPUVKVWVKQPUHQTKUUWCPEGQH4/OKNNKQP4CKPDQY'ZEJCPIGCDNG$QPFU
ő4'$UŒ
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%GTVCKPKPXGUVOGPVUKPSWQVGFUJCTGUD[CUWDUKFKCT[YKVJECTT[KPICOQWPVQH4/
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4/JGNFRWTUWCPVVQ5GEVKQP#QHVJG
*QWUKPI&GXGNQROGPV
%QPVTQNCPF.KEGPUKPI#EVCPFVJGTGHQTGTGUVTKEVGFHTQOWUGKPQVJGTQRGTCVKQPU
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4/CTGRNGFIGFVQDCPMUHQTETGFKV
HCEKNKVKGUITCPVGFVQEGTVCKPUWDUKFKCTKGU
0QVG
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%CUJCPFDCPMDCNCPEGU
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UGTXKEGQTTGVKTGOGPVCIGQH
82
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
4'6+4'/'06$'0'(+61$.+)#6+105
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7PTGEQIPKUGFVTCPUKVKQPQDNKICVKQP
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0QVG
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KK
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6JGCOQWPVUTGEQIPKUGFKPVJGKPEQOGUVCVGOGPVCTGCUHQNNQYU
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83
31 DECEMBER 2009
4'6+4'/'06$'0'(+61$.+)#6+105
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&KUEQWPVTCVG
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#EVWCTKCNXCNWCVKQPHQTVJG5EJGOGKUEQPFWEVGFD[CPKPFGRGPFGPVCEVWCT[CVTGIWNCTKPVGTXCNU6JGNCUVXCNWCVKQPRGTHQTOGF
HQTVJG5EJGOGYCUQP5GRVGODGT
#UUWORVKQPUTGICTFKPIHWVWTGOQTVCNKV[CTGDCUGFQPRWDNKUJGFUVCVKUVKEUCPFOQTVCNKV[VCDNGU
KX *KUVQTKECNKPHQTOCVKQP
6JGJKUVQT[QHGZRGTKGPEGCFLWUVOGPVUKUCUHQNNQYU
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84
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31 DECEMBER 2009
$14419+0)5
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EJCTIG QXGT NQPI VGTO NGCUGJQNF NCPF CPF DWKNFKPI QH EGTVCKP UWDUKFKCTKGU ſZGF CPF ƀQCVKPI EJCTIGU QXGT EGTVCKP CUUGVU QH
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6JGUGEWTGFTGXQNXKPIETGFKVUQHVJG)TQWRCTGHQTCRGTKQFQHUKZOQPVJUCPFCTGUGEWTGFCICKPUVſZGFNGICNEJCTIGQXGTEGTVCKP
HTGGJQNFNCPFQHCUWDUKFKCT[RTQRQTVKQPCVGEQTRQTCVGIWCTCPVGGD[VJG%QORCP[QHWRVQCPFLQKPVCPFUGXGTCNIWCTCPVGG
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2#5&'%#PPWCN4GRQTV
85
31 DECEMBER 2009
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FKUENQUGFKP0QVG
6JGUGEWTGFJKTGRWTEJCUGNKCDKNKVKGUQHVJG)TQWRCTGUGEWTGFCICKPUVEQTRQTCVGIWCTCPVGGD[CUWDUKFKCT[EQORCP[
*+4'274%*#5'2#;#$.'5
/KPKOWONGCUGRC[OGPVU
0QVNCVGTVJCP[GCT
.CVGTVJCP[GCTCPFPQVNCVGTVJCP[GCTU
.CVGTVJCP[GCTU
.GUU(WVWTGſPCPEGEJCTIGU
2TGUGPVXCNWGQHNGCUGNKCDKNKVKGU
#PCN[UGFCU
&WGYKVJKPOQPVJU
0QVG
5GEWTGF 7PUGEWTGF &WGCHVGTOQPVJU
0QVG
5GEWTGF 7PUGEWTGF
)TQWR
4/
4/
%QORCP[
4/
4/
86
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
4#+0$19':%*#0)'#$.'$10&5
1P0QXGODGTVJG%QORCP[KUUWGF4/OKNNKQP4CKPDQY'ZEJCPIGCDNG$QPFU
ő4'$UŒCVQHKVUPQOKPCN
XCNWGEQORTKUKPIVYQUGTKGUCUHQNNQYU
K 5GTKGU
WRVQ4/OKNNKQP4'$UQTUWEJQVJGTCOQWPVGZEJCPIGCDNGKPVQQTUWEJQVJGTCRRTQRTKCVGPWODGT
QHQTFKPCT[UJCTGUKP4QCF$WKNFGT
/*QNFKPIU$GTJCF
ő4$*Œ
ő'ZEJCPIG5JCTGUŒCPF
KK 5GTKGU
WRVQ4/OKNNKQP4'$UQTUWEJQVJGTCOQWPVGZEJCPIGCDNGKPVQQTUWEJQVJGTCRRTQRTKCVG
PWODGTQHQTFKPCT[UJCTGUKP;6.%GOGPV$GTJCF
ő'ZEJCPIG5JCTGUŒ
6JGUCNKGPVHGCVWTGUQH4'$UKUUWGFD[VJG%QORCP[CTGCUHQNNQYU
C 6JGVGPQTUQHVJGQH5GTKGUCPFCTGCPF[GCTUTGURGEVKXGN[
D 6JG4'$UECTT[CPKPVGTGUVQTEQWRQPTCVGQHſXGRGTEGPVRGTCPPWOHQTDQVJQHVJG4'$UUGTKGUCPFRC[CDNGUGOKCPPWCNN[
KPCTTGCTUHTQOVJGFCVGQHKUUWGQHVJG4'$UYKVJVJGNCUVEQWRQPRC[OGPVVQDGOCFGQPVJGTGURGEVKXGOCVWTKV[FCVGU
E 'CEJ4'$GPVKVNGUVJG4'$UJQNFGTUVQGZEJCPIGHQTQPG'ZEJCPIG5JCTGCVVJG'ZEJCPIG2TKEGYJKEJKUKPFKECVKXGN[UGVCVC
RTGOKWOQHVQHTQOſXGFC[9GKIJVGF#XGTCIG/CTMGV2TKEGQHVJGTGNGXCPV'ZEJCPIG5JCTGURTKQTVQVJGRTKEG
ſZKPIFCVGQTCVRCTYJKEJGXGTKUJKIJGTCVCP[VKOGCHVGTVJG5GEWTKVKGU%QOOKUUKQPŏUCRRTQXCNHQTVJGTGNGXCPVUGTKGUCV
CP[VKOGFWTKPIVJG'ZEJCPIG2GTKQF
F 6JG4'$UCTGUGEWTGFD[VJGHQNNQYKPI
K #2WV1RVKQPYTKVVGPD[VJG2WV1RVKQP9TKVGTVQCESWKTGVJG'ZEJCPIG5JCTGUCVCPCITGGF1RVKQP2TKEGWRQPVJG
VGTOUCPFEQPFKVKQPUEQPVCKPGFKPVJG2WV1RVKQPCITGGOGPVU
KK &GRQUKVRNGFIGQHVJG'ZEJCPIG5JCTGUYKVJVJG5GEWTKV[6TWUVGGHQTVJGDGPGſVQHVJG4'$UJQNFGTU
KKK #UUKIPOGPVEJCTIG QH CP 'UETQY #EEQWPV C &KUDWTUGOGPV #EEQWPV ő&#Œ CPF &GDV 5GTXKEG 4GUGTXG #EEQWPV
ő&54#ŒKPHCXQWTQHVJG5GEWTKV[6TWUVGGHQTVJG4'$UJQNFGTUCPF
KX #UUKIPOGPV QH VJG RTQEGGFU WPFGT CP KTTGXQECDNG 5VCPFD[ .KPG HTQO C ſPCPEKCN KPUVKVWVKQP ő.KSWKFKV[ 4GUGTXG
2TQXKFGTŒGSWKXCNGPVVQQPG
EQWRQPRC[OGPVRC[CDNGFWTKPI VJGVGPQTQHVJG4'$UKPHCXQWTQHVJG5GEWTKV[
6TWUVGGHQTVJG4'$U*QNFGTUQT
+H PQ 5VCPFD[ .KPG KU GUVCDNKUJGF CP CUUKIPOGPVEJCTIG QH C .KSWKFKV[ 4GUGTXG #EEQWPV ő.4#Œ KPVQ YJKEJ CP
COQWPVGSWKXCNGPVVQQPG
EQWRQPRC[OGPVRC[CDNGFWTKPIVJGVGPQTQHVJG4'$UUJCNNDGFGRQUKVGF
G
6JG1RVKQP2TKEGYKVJTGICTFUVQ5GTKGUCPFCTGCUHQNNQYU
5GTKGU VJGQWVUVCPFKPICOQWPVUQYKPIQTRC[CDNGD[VJG%QORCP[VQVJG4'$UJQNFGTUWPFGTVJGTGNGXCPV6TCPUCEVKQP
&QEWOGPVUCUCVVJGFCVGQHVJGRWVQRVKQPPQVKEGCUTGHGTTGFVQKPVJG2WV1RVKQPCITGGOGPVU
5GTKGU VJGQWVUVCPFKPICOQWPVUQYKPIQTRC[CDNGD[VJG%QORCP[VQVJG4'$UJQNFGTUWPFGTVJGTGNGXCPV6TCPUCEVKQP
&QEWOGPVUCUCVVJGFCVGQHVJGRWVQRVKQPPQVKEGNGUUVJGCOQWPVQH
CP[UVCPFD[HCEKNKVKGURTQEWTGFD[VJG%QORCP[CPF
CP[ECUJFGRQUKVUD[VJG%QORCP[KPVQVJG&54#
2#5&'%#PPWCN4GRQTV
87
31 DECEMBER 2009
4#+0$19':%*#0)'#$.'$10&5
%106+07'&
H 6JG4'$UUJCNNDGTGFGGOGFD[VJG+UUWGTQPVJGTGURGEVKXGOCVWTKV[FCVGUCVCRRTQZKOCVGN[VQQHVJG+UUWG
2TKEGQHVJGTGNGXCPV5GTKGUUCXGCPFGZEGRVHQTVJGHQNNQYKPIEKTEWOUVCPEGU
K
KK
6JG4'$UCTGGZEJCPIGCDNGCVCP[VKOGD[VJG4'$UJQNFGTUKPVQVJG'ZEJCPIG5JCTGUFWTKPIVJGVGPQTUQHVJG4'$U
6JG4'$UOC[DGTGFGGOGFD[VJG+UUWGTCHVGTVJGGZRKT[QHVJTGG
[GCTUHTQOVJGKUUWGFCVGQHVJG4'$UCPFUWDLGEV
VQVJGOCTMGVRTKEGQHVJGTGNGXCPV'ZEJCPIG5JCTGUCUVTCFGFQP$WTUC/CNC[UKC5GEWTKVKGU$GTJCFDGKPICVNGCUV
QHVJG'ZEJCPIG2TKEGQHVJGTGNGXCPV'ZEJCPIG5JCTGU
KKK 6JG+UUWGTOC[CVCP[VKOGRWTEJCUGVJG4'$UCVCP[RTKEGKPVJGQRGPOCTMGVQTD[RTKXCVGVTGCV[
KX 6JG4'$UUJCNNDGECPEGNNGFCPFECPPQVDGTGKUUWGFKHVJG4'$UJCXGDGGPGZEJCPIGFKPVQVJG'ZEJCPIG5JCTGUD[
VJG4'$UJQNFGTUTGFGGOGFD[VJG+UUWGTCHVGT[GCTCPFQTRWTEJCUGFD[VJG+UUWGTKPVJGQRGPOCTMGV
6JG4'$UCTGCEEQWPVGFHQTKPVJGDCNCPEGUJGGVUQHVJG)TQWRCPFQHVJG%QORCP[CUHQNNQYU
0QOKPCNXCNWGKUUWGFCPFHWNN[RCKF
#V,CPWCT[ 'ZEJCPIGFKPVQ'ZEJCPIG5JCTGU
#V&GEGODGT
4GFGORVKQPRTGOKWO
#V&GEGODGT
6QVCNKPENWFGFYKVJKPNQPIVGTODQTTQYKPIU
0QVG
)TQWRCPF%QORCP[
4/
4/
64#&'2#;#$.'5
6TCFGRC[CDNGUCTGPQPKPVGTGUVDGCTKPICPFVJGPQTOCNVTCFGETGFKVVGTOITCPVGFVQVJG)TQWRTCPIGUHTQOVQFC[U
88
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
16*'42#;#$.'5
#OQWPVUFWGVQTGNCVGFRCTVKGU
&WGVQCEQTRQTCVGUJCTGJQNFGTQHUWDUKFKCT[EQORCPKGU
&WGVQCUWDUKFKCT[EQORCP[
&WGVQQVJGTTGNCVGFEQORCPKGU
&WGVQJQNFKPIEQTRQTCVKQP
1VJGTRC[CDNGU
#EETWCNU %QWRQPQPDQPFU
)TQWR
4/
4/
%QORCP[
4/
4/
6JGCOQWPVUFWGVQTGNCVGFRCTVKGUCTGPQPKPVGTGUVDGCTKPICPFCTGTGRC[CDNGQPFGOCPF6JGUGCOQWPVUCTGWPUGEWTGFCPFCTG
VQDGUGVVNGFKPECUJ
5*#4'%#2+6#.
#WVJQTKUGF
,CPWCT[&GEGODGT
+UUWGFCPFHWNN[RCKF
,CPWCT[&GEGODGT
0WODGTQHQTFKPCT[
UJCTGUQH4/GCEJ
#OQWPV
4/
4/
6JGJQNFGTUQHQTFKPCT[UJCTGUCTGGPVKVNGFVQTGEGKXGFKXKFGPFUCUFGENCTGFHTQOVKOGVQVKOGCPFCTGGPVKVNGFVQQPGXQVGRGT
UJCTGCVIGPGTCNOGGVKPIUQHVJG%QORCP[#NNQTFKPCT[UJCTGUTCPMGSWCNN[YKVJTGICTFVQVJG%QORCP[ŏUTGUKFWCNCUUGVU
&'('44'&6#:
#V,CPWCT[ 4GEQIPKUGFKPVJGKPEQOGUVCVGOGPV
0QVG
#V&GEGODGT
)TQWR
4/
4/
89
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
&'('44'&6#:
%106+07'&
2TGUGPVGFCHVGTCRRTQRTKCVGQHHUGVVKPICUHQNNQYU
&GHGTTGFVCZCUUGVU
&GHGTTGFVCZNKCDKNKVKGU
)TQWR
4/
4/
6JGEQORQPGPVUCPFOQXGOGPVUQHFGHGTTGFVCZNKCDKNKV[CPFFGHGTTGFVCZCUUGVUFWTKPIVJGſPCPEKCN[GCTCTGCUHQNNQYU
&GHGTTGFVCZNKCDKNKV[QHVJG)TQWR
2TQRGTV[
RNCPVCPF
GSWKROGPV
4/
#V,CPWCT[
4GEQIPKUGFKPKPEQOGUVCVGOGPV
#V&GEGODGT
#V,CPWCT[
#V&GEGODGT
2TQXKUKQP
CPF
QVJGTU
4/
4GVKTGOGPV
DGPGſV
QDNKICVKQPU
4/
7PWUGFVCZ
NQUUGUCPF
WPCDUQTDGF
ECRKVCN
CNNQYCPEGU
4/
6QVCN
4/
#V,CPWCT[
#V&GEGODGT
#V,CPWCT[
#V&GEGODGT
&GHGTTGFVCZCUUGVUQHVJG)TQWR
90
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
&'('44'&6#:
%106+07'&
&GHGTTGFVCZCUUGVUJCXGPQVDGGPTGEQIPKUGFKPTGURGEVQHVJGHQNNQYKPIKVGOU
7PWUGFVCZNQUUGU
7PCDUQTDGFECRKVCNCNNQYCPEGU
2TQXKUKQPUCPFQVJGTU
)TQWR
4/
4/
%QORCP[
4/
4/
6JG WPWUGF VCZ NQUUGU QH VJG TGURGEVKXG UWDUKFKCTKGU CTG CXCKNCDNG HQT QHHUGVVKPI CICKPUV HWVWTG VCZCDNG RTQſVU UWDLGEV VQ PQ
UWDUVCPVKCN EJCPIGUKPUJCTGJQNFKPIU QHVJQUGUWDUKFKCTKGU WPFGTVJG+PEQOG6CZ#EVCPFIWKFGNKPGU KUUWGFD[VJGVCZ
CWVJQTKV[
%106+0)'06.+#$+.+6+'5
7PUGEWTGF
%QTRQTCVGIWCTCPVGGUHQTHCEKNKVKGUITCPVGFVQ
UWDUKFKCTKGU
CTGNCVGFEQORCP[
$CPMIWCTCPVGGU
2GTHQTOCPEGDQPFU
)TQWR
4/
4/
%QORCP[
4/
4/
4'.#6'&2#46;&+5%.1574'5
C +PCFFKVKQPVQVJGVTCPUCEVKQPUFGVCKNGFGNUGYJGTGKPVJGſPCPEKCNUVCVGOGPVUVJG)TQWRCPFVJG%QORCP[JCFVJGHQNNQYKPI
VTCPUCEVKQPUYKVJTGNCVGFRCTVKGUFWTKPIVJGſPCPEKCN[GCT
*QNFKPIEQTRQTCVKQP
QHſEGTGPVCNCPFUGTXKEGEJCTIG
5WDUKFKCTKGU
KPVGTGUVKPEQOG
OCPCIGOGPVHGGKPEQOG
ITQUUFKXKFGPFKPEQOG
)TQWR
4/
4/
%QORCP[
4/
4/
9KVJVJGGZEGRVKQPQHFKXKFGPFKPEQOGVJGFKTGEVQTUCTGQHVJGQRKPKQPVJCVCNNVJGVTCPUCEVKQPUCDQXGJCXGDGGPGPVGTGF
KPVQKPVJGPQTOCNEQWTUGQHDWUKPGUUCPFJCXGDGGPGUVCDNKUJGFQPVGTOUCPFEQPFKVKQPUVJCVCTGPQVOCVGTKCNN[FKHHGTGPV
HTQOVJQUGQDVCKPCDNGKPVTCPUCEVKQPUYKVJWPTGNCVGFRCTVKGU
2#5&'%#PPWCN4GRQTV
91
31 DECEMBER 2009
4'.#6'&2#46;&+5%.1574'5
%106+07'&
D %QORGPUCVKQPQHMG[OCPCIGOGPVRGTUQPPGN
6JGTGOWPGTCVKQPQHFKTGEVQTUCPFQVJGTOGODGTUQHMG[OCPCIGOGPVFWTKPIVJG[GCTYCUCUHQNNQYU
)TQWR
%QORCP[
4/
4/
4/
4/
5JQTVVGTOGORNQ[GGDGPGſVU
2QUVGORNQ[OGPVDGPGſVU
&GſPGFEQPVTKDWVKQPRNCP
&GſPGFDGPGſVRNCP
+PENWFGFKPVJGVQVCNMG[OCPCIGOGPVRGTUQPPGNCTG
&KTGEVQTUŏTGOWPGTCVKQP
)TQWR
4/
4/
%QORCP[
4/
4/
(+0#0%+#.+05647/'065
C (KPCPEKCNTKUMOCPCIGOGPVQDLGEVKXGUCPFRQNKEKGU
6JG )TQWRŏU ſPCPEKCN TKUM OCPCIGOGPV RQNKE[ UGGMU VQ GPUWTG VJCV CFGSWCVG ſPCPEKCN TGUQWTEGU CTG CXCKNCDNG HQT VJG
FGXGNQROGPVQHVJG)TQWRŏUDWUKPGUUGUYJKNUVOCPCIKPIKVUKPVGTGUVTCVGTKUMU
DQVJHCKTXCNWGCPFECUJƀQYNKSWKFKV[TKUM
CPFETGFKVTKUM6JG$QCTFTGXKGYUCPFCITGGURQNKEKGUHQTOCPCIKPIGCEJQHVJGUGTKUMUCPFVJG[CTGUWOOCTKUGFDGNQY+V
KUCPFJCUDGGPVJTQWIJQWVVJG[GCTWPFGTTGXKGYVJG)TQWRŏURQNKE[VJCVPQVTCFKPIKPFGTKXCVKXGſPCPEKCNKPUVTWOGPVU
UJCNNDGWPFGTVCMGP
D +PVGTGUVTCVGTKUM
6JG)TQWRKUGZRQUGFVQKPVGTGUVTCVGTKUMVJTQWIJVJGKORCEVQHTCVGEJCPIGUQPKPVGTGUVDGCTKPIFGDVUCPFCUUGVU6JG
KPXGUVOGPVKPſPCPEKCNCUUGVUKUUJQTVVGTOKPPCVWTGCPFVJG[CTGPQVJGNFHQTURGEWNCVKXGRWTRQUGUDWVJCXGDGGPOQUVN[
RNCEGFKPſZGFFGRQUKVUYKVJNKEGPUGFſPCPEKCNKPUVKVWVKQPU
6JG)TQWRŏUKPVGTGUVTCVGTKUMCTKUGURTKOCTKN[HTQOKPVGTGUVDGCTKPIDQTTQYKPIU$QTTQYKPIUCVƀQCVKPITCVGUGZRQUGVJG
)TQWRVQECUJƀQYKPVGTGUVTCVGTKUM$QTTQYKPIUQDVCKPGFCVſZGFTCVGUGZRQUGVJG)TQWRVQHCKTXCNWGKPVGTGUVTCVGTKUM
6JG)TQWROCPCIGUKVUKPVGTGUVTCVGGZRQUWTGD[OCKPVCKPKPICOKZQHſZGFCPFƀQCVKPITCVGDQTTQYKPIU
92
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
(+0#0%+#.+05647/'065
%106+07'&
D +PVGTGUVTCVGTKUM
%QPVKPWGF
6JGHQNNQYKPIVCDNGUUGVQWVVJGECTT[KPICOQWPVUVJGYGKIJVGFCXGTCIGGHHGEVKXGKPVGTGUVTCVGU
9#'+4CUCVVJGDCNCPEG
UJGGVFCVGCPFVJGTGOCKPKPIOCVWTKVKGUQHVJG)TQWRŏUſPCPEKCNKPUVTWOGPVUVJCVCTGGZRQUGFVQKPVGTGUVTCVGTKUM
9KVJKP
/QTGVJCP
0QVG
9#'+4
[GCT
[GCTU
[GCTU
6QVCN
4/
4/
4/
4/
#V&GEGODGT
(KZGFTCVG
6GTONQCPU
*KTGRWTEJCUGNKCDNKVKGU
4'$U
(NQCVKPITCVG
(KZGFFGRQUKVU
$CPMQXGTFTCHVU
4GXQNXKPIETGFKVU
%QORCP[
(KZGFTCVG
&WGHTQOUWDUKFKCTKGU
4'$U
(NQCVKPITCVG
(KZGFFGRQUKVU
#V&GEGODGT
)TQWR
)TQWR
(KZGFTCVG
6GTONQCPU
*KTGRWTEJCUGNKCDNKVKGU
4'$U
2#5&'%#PPWCN4GRQTV
93
31 DECEMBER 2009
(+0#0%+#.+05647/'065
%106+07'&
D +PVGTGUVTCVGTKUM
%QPVKPWGF
#V&GEGODGT
0QVG
9#'+4
9KVJKP
[GCT
4/
[GCTU
4/
/QTGVJCP
[GCTU
4/
6QVCN
4/
)TQWR
(NQCVKPITCVG
(KZGFFGRQUKVU
$CPMQXGTFTCHVU
4GXQNXKPIETGFKVU
%QORCP[
(KZGFTCVG
&WGHTQOUWDUKFKCTKGU
4'$U
(NQCVKPITCVG
(KZGFFGRQUKVU
+PVGTGUVQPſPCPEKCNKPUVTWOGPVUUWDLGEVVQƀQCVKPIKPVGTGUVTCVGUKUEQPVTCEVWCNN[TGRTKEGFCVKPVGTXCNUQHNGUUVJCPOQPVJU
CPF CPPWCNN[ +PVGTGUV QP ſPCPEKCN KPUVTWOGPVU CV ſZGF TCVGU CTG ſZGF WPVKN VJG OCVWTKV[ QH VJG KPUVTWOGPV 6JG QVJGT
ſPCPEKCNKPUVTWOGPVUQHVJG)TQWRVJCVCTGPQVKPENWFGFKPVJGCDQXGVCDNGUCTGPQVUWDLGEVVQKPVGTGUVTCVGTKUMU
E
.KSWKFKV[TKUM
6JG )TQWR OCPCIGU KVU FGDV OCVWTKV[ RTQſNG QRGTCVKPI ECUJ ƀQYU CPF VJG CXCKNCDKNKV[ QH HWPFKPI UQ CU VQ GPUWTG VJCV
TGſPCPEKPI TGRC[OGPV CPF HWPFKPI PGGFU CTG OGV #U RCTV QH KVU QXGTCNN NKSWKFKV[ OCPCIGOGPV VJG )TQWR OCKPVCKPU
UWHſEKGPVNGXGNUQHECUJQTECUJEQPXGTVKDNGKPXGUVOGPVUVQOGGVKVUYQTMKPIECRKVCNTGSWKTGOGPVU+PCFFKVKQPVJG)TQWR
UVTKXGUVQOCKPVCKPCXCKNCDNGDCPMKPIHCEKNKVKGUCVCTGCUQPCDNGNGXGNVQKVUQXGTCNNFGDVRQUKVKQP#UHCTCURQUUKDNGVJG)TQWR
TCKUGUEQOOKVVGFHWPFKPIHTQODQVJECRKVCNOCTMGVUCPFſPCPEKCNKPUVKVWVKQPUCPFDCNCPEGUKVURQTVHQNKQYKVJUQOGUJQTV
VGTOHWPFKPIUQCUVQCEJKGXGQXGTCNNEQUVGHHGEVKXGPGUU
F
%TGFKVTKUM
6JG)TQWRŏUETGFKVTKUMKURTKOCTKN[CVVTKDWVCDNGVQVTCFGTGEGKXCDNGU6JG)TQWRVTCFGUQPN[YKVJTGEQIPKUGFCPFETGFKVYQTVJ[
VJKTFRCTVKGU+VKUVJG)TQWRŏURQNKE[VJCVCNNEWUVQOGTUYJQYKUJVQVTCFGQPETGFKVVGTOUCTGUWDLGEVVQETGFKVXGTKſECVKQP
RTQEGFWTGU+PCFFKVKQPTGEGKXCDNGDCNCPEGUCTGOQPKVQTGFQPCPQPIQKPIDCUKUCPFVJG)TQWRŏUGZRQUWTGVQDCFFGDVUKU
PQVUKIPKſECPV6JG)TQWRFQGUPQVQHHGTETGFKVVGTOUYKVJQWVVJGURGEKſECRRTQXCNQHVJG*GCFQH%TGFKV%QPVTQN5KPEGVJG
)TQWRVTCFGUQPN[YKVJTGEQIPKUGFCPFETGFKVYQTVJ[VJKTFRCTVKGUVJGTGKUPQTGSWKTGOGPVHQTEQNNCVGTCN
6JGETGFKVTKUMQHVJG)TQWRŏUQVJGTſPCPEKCNCUUGVUYJKEJEQORTKUGECUJCPFECUJGSWKXCNGPVUOCTMGVCDNGUGEWTKVKGUCPF
PQPEWTTGPVKPXGUVOGPVUCTKUGUHTQOFGHCWNVQHVJGEQWPVGTRCTV[YKVJCOCZKOWOGZRQUWTGGSWCNVQVJGECTT[KPICOQWPV
QHVJGUGſPCPEKCNCUUGVU
6JG)TQWRFQGUPQVJCXGCP[UKIPKſECPVGZRQUWTGVQCP[KPFKXKFWCNEWUVQOGTQTEQWPVGTRCTV[PQTFQGUKVJCXGCP[OCLQT
EQPEGPVTCVKQPQHETGFKVTKUMTGNCVGFVQCP[ſPCPEKCNCUUGVU
94
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
(+0#0%+#.+05647/'065
%106+07'&
G
(CKTXCNWGU
6JG ECTT[KPI COQWPVU QH ſPCPEKCN CUUGVU CPF NKCDKNKVKGU QH VJG )TQWR CPF QH VJG %QORCP[ CV VJG DCNCPEG UJGGV FCVG
CRRTQZKOCVGFVJGKTHCKTXCNWGUGZEGRVHQTVJGHQNNQYKPI
0QVG
%CTT[KPI
COQWPV
4/
(CKT
XCNWG
4/
)TQWR
#V&GEGODGT
6GTONQCPU
*KTGRWTEJCUGRC[CDNGU
4'$U #V&GEGODGT
6GTONQCPU
4'$U #V&GEGODGT
4'$U %QORCP[
#V&GEGODGT
4'$U 6JGHCKTXCNWGQHDQTTQYKPIUKUGUVKOCVGFD[FKUEQWPVKPIVJGGZRGEVGFHWVWTGECUJƀQYUWUKPIVJGEWTTGPVKPVGTGUVTCVGUHQT
NKCDKNKVKGUYKVJUKOKNCTTKUMRTQſNGU
6JGOGVJQFCPFCUUWORVKQPWUGFD[OCPCIGOGPVVQFGVGTOKPGVJGHCKTXCNWGUQHOCTMGVCDNGUGEWTKVKGUKUD[TGHGTGPEGVQ
UVQEMGZEJCPIGSWQVGFOCTMGVDKFRTKEGUCVVJGENQUGQHVJGDWUKPGUUQPVJGDCNCPEGUJGGVFCVG
2#5&'%#PPWCN4GRQTV
95
31 DECEMBER 2009
5+)0+(+%#06'8'065
C &WTKPIVJG[GCT4/OKNNKQPPQOKPCNCOQWPVQH4CKPDQY'ZEJCPIGCDNG$QPFU
ő4'$UŒWPFGT5GTKGUYGTGTGFGGOGF
6QFCVGVJGGPVKTG4/OKNNKQPPQOKPCNCOQWPVQH4'$UWPFGT5GTKGUCPF4/OKNNKQPHTQO4/OKNNKQPPQOKPCN
COQWPVQH4'$UWPFGT5GTKGUJCXGDGGPTGFGGOGF
D 1P(GDTWCT[2CUFGE%QTRQTCVKQP5FP$JFJCUGPVGTGFKPVQC,QKPV8GPVWTG#ITGGOGPV
ő,8#ŒYKVJCFGXGNQRGT
VQFGXGNQRVYQRKGEGUQHNCPFCV$CPFCT&COCPUCTC-WCPVCP2CJCPI&CTWN/CMOWTKPVQCEQOOGTEKCNEWOKPFWUVTKCN
GUVCVG
E 1P ,WN[ VJG )TQWR XKC KVU YJQNN[ QYPGF UWDUKFKCT[ 2CUFGE %QTRQTCVKQP 5FP $JF GPVGTGF KPVQ C ,8# YKVJ
-WORWNCP2GTWDCVCP
,QJQT5FP$JF
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HQTOCVKQPQHCLQKPVXGPVWTGEQORCP[VQFGXGNQREQORNGVGCPFQYPCJQURKVCNDWKNFKPIQPCRCTEGNQHNCPFOGCUWTKPI
CETGUCV6CPLWPI.WORWT-WCPVCP2CJCPI&CTWN/CMOWT6JGNCPFKUQYPGFD[2CUFGE%QTRQTCVKQP5FP$JF%WTTGPVN[
DQVJ-2,CPFVJG%QORCP[CTGſPCNKUKPIVJGHQTOCVKQPQHVJGLQKPVXGPVWTGEQORCP[CPFRNCPPKPIHQTVJGJQURKVCN
57$5'37'06'8'06
C 1P ,CPWCT[ 4/ OKNNKQP PQOKPCN COQWPV QH 4CKPDQY 'ZEJCPIGCDNG $QPFU ő4'$UŒ WPFGT 5GTKGU YGTG
TGFGGOGF
D 1P/CTEJ2CUFGE%QTRQTCVKQP5FP$JFJCFGPVGTGFKPVQC,8#YKVJ2GTWPFKPI<0#
#UKC5FP$JFHQTVJG
HQTOCVKQP QH C LQKPV XGPVWTG EQORCP[ VQ RTQXKFG 8CNWG 'PIKPGGTKPI &GUKIP CPF QVJGT GPXKTQPOGPVCN CPF EQUV UCXKPI
VGEJPQNQI[CPFFGUKIPUGTXKEGUHQTVJGEQPUVTWEVKQPKPFWUVT[6JGLQKPVXGPVWTGEQORCP[MPQYPCU2CUFGE'PIKPGGTKPI
5FP$JFYKNNRTQXKFGUGTXKEGUVQVJGEQORCPKGUYKVJKPVJG)TQWRCUYGNNCUQVJGTRCTVKGU
%1/2#4#6+8'5
%GTVCKPEQORCTCVKXGUJCXGDGGPCFLWUVGFVQEQPHQTOYKVJEWTTGPV[GCTŏURTGUGPVCVKQP
5')/'06+0(14/#6+10
C 4GRQTVKPIHQTOCV
6JGUGIOGPVTGRQTVKPIHQTOCVKUFGVGTOKPGFVQDGDWUKPGUUUGIOGPVUCUVJG)TQWRŏUTKUMUCPFTCVGUQHTGVWTPCTGCHHGEVGF
RTGFQOKPCPVN[D[FKHHGTGPEGUKPVJGRTQFWEVUCPFUGTXKEGURTQFWEGF6JGQRGTCVKPIDWUKPGUUGUCTGQTICPKUGFCPFOCPCIGF
UGRCTCVGN[ CEEQTFKPI VQ VJG PCVWTG QH VJG RTQFWEVU CPF UGTXKEGU RTQXKFGF YKVJ GCEJ UGIOGPV TGRTGUGPVKPI C UVTCVGIKE
DWUKPGUU WPKV VJCV QHHGTU FKHHGTGPV RTQFWEVU CPF UGTXGU FKHHGTGPV OCTMGVU 0Q UGIOGPV TGRQTVKPI D[ IGQITCRJKECN CTGC KU
RTGRCTGFCUVJG)TQWRŏUCEVKXKVKGUCTGECTTKGFQWVKP/CNC[UKC
D $WUKPGUUUGIOGPVU
6JG)TQWREQORTKUGUVJGHQNNQYKPIOCKPDWUKPGUUUGIOGPVU
K +PXGUVOGPVJQNFKPIRTQXKUKQPQHOCPCIGOGPVUGTXKEGU
KK 2TQRGTV[FGXGNQROGPVVJGFGXGNQROGPVQHTGUKFGPVKCNCPFEQOOGTEKCNRTQRGTVKGU
KKK 6TCFKPIKPDWKNFKPIOCVGTKCNU
KX /CPWHCEVWTKPIOCPWHCEVWTKPICPFUCNGUQHDTKEMUCPF
X %QPUVTWEVKQPEQPUVTWEVKQPQHTGUKFGPVKCNCPFEQOOGTEKCNRTQRGTVKGU
96
2#5&'%#PPWCN4GRQTV
31 DECEMBER 2009
5')/'06+0(14/#6+10
+PXGUVOGPV
2TQRGTV[
*QNFKPI &GXGNQROGPV
4/
4/
6TCFKPI %QPUVTWEVKQP
4/
4/
1VJGTU
4/
6QVCN
4/
'NKOKPCVKQP %QPUQNKFCVGF
4/
4/
&GEGODGT
4GXGPWG
5CNGUVQGZVGTPCNEWUVQOGTU
+PVGTUGIOGPVUCNGU
6QVCNTGXGPWG
4GUWNVU
5GIOGPVTGUWNVU
(KPCPEGEQUVU
5JCTGQHNQUUQHCUUQEKCVGU
2TQſV
NQUUDGHQTGVCZ
+PEQOGVCZGZRGPUG
0GVNQUUHQTVJG[GCT
/KPQTKV[KPVGTGUVU
.QUUCHVGTVCZ
#UUGVU
5GIOGPVCUUGVU
+PXGUVOGPVKPCUUQEKCVGU
6QVCNCUUGVU
.KCDKNKVKGU
5GIOGPVNKCDKNKVKGU
1VJGTUGIOGPVKPHQTOCVKQP
%CRKVCNGZRGPFKVWTG
&GRTGEKCVKQPQHRTQRGTV[
RNCPVCPFGSWKROGPV
&GRTGEKCVKQPQHKPXGUVOGPV
RTQRGTV[
+ORCKTOGPVNQUUGUTGEQIPKUGF
KPKPEQOGUVCVGOGPV
4GXGTUCNQHKORCKTOGPVNQUUGU
4GXGTUCNQHRTQXKUKQPHQT
TGENCOCVKQPEQUVU
1VJGTUKIPKſECPVPQPECUJ
GZRGPUGU
2TQXKUKQPU
+PETGCUGKPNKCDKNKV[HQTFGſPGF
DGPGſVRNCP
2#5&'%#PPWCN4GRQTV
97
31 DECEMBER 2009
5')/'06+0(14/#6+10
%106+07'&
+PXGUVOGPV
2TQRGTV[
*QNFKPI &GXGNQROGPV
4/
4/
6TCFKPI
4/
%QPUVTWEVKQP
4/
1VJGTU
4/
6QVCN
4/
'NKOKPCVKQP %QPUQNKFCVGF
4/
4/
&GEGODGT
4GXGPWG
5CNGUVQGZVGTPCNEWUVQOGTU
+PVGTUGIOGPVUCNGU
6QVCNTGXGPWG
4GUWNVU
5GIOGPVTGUWNVU
(KPCPEGEQUVU
5JCTGQHNQUUQHCUUQEKCVGU
2TQſV
NQUUDGHQTGVCZ
+PEQOGVCZGZRGPUG
0GVRTQſVHQTVJG[GCT
/KPQTKV[KPVGTGUVU
2TQſVCHVGTVCZ
#UUGVU
5GIOGPVCUUGVU
+PXGUVOGPVKPCUUQEKCVGU
6QVCNCUUGVU
.KCDKNKVKGU
5GIOGPVNKCDKNKVKGU
1VJGTUGIOGPVKPHQTOCVKQP
%CRKVCNGZRGPFKVWTG
&GRTGEKCVKQPQHRTQRGTV[
RNCPVCPFGSWKROGPV
&GRTGEKCVKQPQHKPXGUVOGPV
RTQRGTV[
+ORCKTOGPVNQUUGUTGEQIPKUGF
KPKPEQOGUVCVGOGPV
4GXGTUCNQHKORCKTOGPVNQUUGU 1VJGTUKIPKſECPVPQPECUJ
GZRGPUGU
2TQXKUKQPU
+PETGCUGKPNKCDKNKV[HQTFGſPGF
DGPGſVRNCP
98
2#5&'%#PPWCN4GRQTV
ANALYSIS OF SHAREHOLDINGS
#WVJQTKUGF5JCTG%CRKVCN
+UUWGFCPF2CKFWR5JCTG%CRKVCN
%NCUUQH5JCTGU
8QVKPI4KIJVU
#PCN[UKUD[UK\GQHUJCTGJQNFKPIU
5K\GQH5JCTGJQNFKPIU
#UCV#RTKN
4/
4/
1TFKPCT[UJCTGUQH4/GCEJ
1PGXQVGRGTUJCTGJQNFGTQPCUJQYQHJCPFUQTQPGXQVGRGTQTFKPCT[UJCTGQPCRQNN
0QQH5JCTGJQNFGTU
CPFCDQXG
616#.
4GOCTMU .GUUVJCPQHKUUWGFJQNFKPIU
CPFCDQXGQHKUUWGFJQNFKPIU
0QQH*QNFKPIU
57$56#06+#.5*#4'*1.&'45
':%.7&+0)$#4'64756''5
0COG
&KTGEV
0QQH5JCTGU*GNF
+PFKTGEV
0QQH5JCTGU
2GTDCFCPCP-GOCLWCP0GIGTK2CJCPI
%KTK'JUCP5FP$JF
*QPI.GQPI(WPF/CPCIGOGPV
5FP$JFHQT2GODKPCCP5TKLCVK
5FP$GTJCF
99
2#5&'%#PPWCN4GRQTV
ANALYSIS OF SHAREHOLDINGS
#UCV#RTKN
.KUV1H.CTIGUV5JCTGJQNFGTU
0Q 0COG
0QQH5JCTGU
%KTK'JUCP5FP$JF
*.)0QOKPGG
6GORCVCP5FP$JF
*QPI.GQPI(WPF/CPCIGOGPV5FP$JFHQT2GODKPCCP5TK,CVK5FP$GTJCF
;GQJ-GCP*WC
2QQ%JQQ"1PI2QQ%JQK
#NNKCPEGITQWR0QOKPGGU
6GORCVCP5FP$JF
2NGFIGF5GEWTKVKGU#%HQT6CP-KCP%JWCP
%KRVCCP/GTKCPI5FP$JF
(GCD2TQRGTVKGU5FP$JF
%JWCJ%JGY*KPI
<GPKVJ#KO5FP$JF
2WDNKE0QOKPGGU
6GORCVCP5FP$JF
2NGFIGF5GEWTKVKGU#%HQT6CP6GCPI;CO
6GJ$GG)CKM
%JKP-KCP(QPI
%JQQPI;GCP;CY
6GY-KO6JKP
.GG%JGG*GCPI
15-0QOKPGGU
6GORCVCP5FP$JF
2NGFIGF5GEWTKVKGU#%HQT6CP)CKM5WCP
/QJF(CW\KDKP/QJF#PWCT
6%.0QOKPGGU
6GORCVCP5FP$JF
2NGFIGF5GEWTKVKGU#%HQT%JKP-KCO*UWPI
6CP5YGG*GPI
;GQJ/GPI)JGG
6#0QOKPGGU
6GORCVCP5FP$JF
2NGFIGF5GEWTKVKGU#%HQT%JWCPI0GG9CPI-KO.KGP
1QK%JCK6KGY
%KVKITQWR0QOKPGGU
6GORCVCP5FP$JF
2NGFIGF5GEWTKVKGU#%HQT2JGPI;KP*WCJ
%JWCPI5JQY%JWCP
;GQJ2JGM.GPI
;GQJ5YGG.GPI
#NNKCPEGITQWR0QOKPGGU
6GORCVCP5FP$JF
2NGFIGF5GEWTKVKGU#%HQT6CP-KCP#KM
%JKP5KP.KP
6QVCN &KTGEVQTUŏ+PVGTGUV+P6JG%QORCP[
0Q 0COG
&KTGEV
0QQH1TFKPCT[5JCTGU*GNF
+PFKTGEV
100
2#5&'%#PPWCN4GRQTV
LIST OF PROPERTIES
241,'%66+6.'.1%#6+10
6'074'
&'5%4+26+101(
2412'46;
':+56+0)75'
-7#06#0
-QORNGMU6GTWPVWO
.QV
.QV
.QV
.QV)
VJƀQQT
20.QV5GM
/CUVGTVKVNG
$CPFCT-WCPVCP&CGTCJ-WCPVCP
2TQRGTVKGU.CPFDCPM
.GCUGJQNF
[TU
$WKNFKPI%QOOGTEKCN
.GCUGJQNF
[TU
$WKNFKPI%QOOGTEKCN
'ZRKTKPI #E
$7+.672
#4'#5
/53
.#0&
#4'#
#%4'5
[GCTU
ő
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0'6$11-8#.7'"
4/
20.QV
/GFCP,CLC$+/
/WMKO-WCNC-WCPVCP&CGTCJ-WCPVCP
2TQLGEV2JI%GOGPV5$
HQTJQWUKPI
*5
&26
/WMKO7NW-WCPVCP&CGTCJ-WCPVCP
2TQLGEV/CJMQVC5SWCTG
20.QV5GM
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF
[TU
'ZRKTKPI
2TQLGEV-WCPVCP9CVGTHTQPV
/GFCP2GNCPEWPI
20.QV5GE
*5
&26
2TQLGEV$CPFCT$CTW)GDGPI
$CNQM2GTFCPC
20.QV
<QP
/WMKO5I-CTCPI&CGTCJ-WCPVCP
2TQLGEV1PRNCPPKPI
.GCUGJQNF
[TU
%QOOGTEKCN
'ZRKTKPI 5JQR.QVU
[GCTU
2TQLGEV1PRNCPPKPI
.GCUGJQNF
[TU
8CECPVNCPF
'ZRKTKPI $WKNFKPI4GUKFGPVKCN
*C
*C
OR
OR
2TQLGEV1PIQKPI
.GCUGJQNF
[TU
$WKNFKPI%QOOGTEKCN
'ZRKTKPI (QQF%QWTV
OR
.GCUGJQNF
[TU
'ZRKTKPI
$CNQM2GTFCPC
20.QV
<QP
$CNQM2GTFCPC
20.QV
<QP##
$CNQM2GTFCPC
20.QV
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$CNQM2GTFCPC
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&26CPFQVJGTU
<QP#
$CNQM2GTFCPC
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&26CPFQVJGTU
<QP#
$CNQM2GTFCPC
*5
&26
<QP$%QOO
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&26
<QP%%QOO
20.QV
<QP
#FLCEGPV/#9+..#
2TQLGEV1PIQKPI
8CECPVNCPF
$WKNFKPI%QOOGTEKCN
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
$WKNFKPI%QOOGTEKCN
#)'1(
$7+.&+0)
;'#45
2TQLGEV1PRNCPPKPI
.GCUGJQNF
[TU
8CECPVNCPF
2TQLGEV1PIQKPI
.GCUGJQNF
[TU
8CECPVNCPF
2TQLGEV1PRNCPPKPI
.GCUGJQNF
[TU
8CECPVNCPF
2TQLGEV1PIQKPI
$WKNFKPI%QOOGTEKCN
2TQLGEV1PRNCPPKPI
.GCUGJQNF
[TU
8CECPVNCPF
'ZRKTKPI $WKNFKPI%QOOGTEKCN
$WKNFKPI4GUKFGPVKCN
OR
OR
OR
2#5&'%#PPWCN4GRQTV
LIST OF PROPERTIES
241,'%66+6.'.1%#6+10
6'074'
&'5%4+26+101(
2412'46;
':+56+0)75'
2TQLGEV%JGPFQT7VCOC
*5
&26
CPFQVJGTU
2TQLGEV%JGPFQT7VCOC
%QPOGTEKCN
20.QV
2JCUG#
2TQLGEV%JGPFQT7VCOC
*5
&26
*5
&26
*5
&26
2TQLGEV2WVTC5SWCTG
6TCPUKV3WCTVGTU
*5
&26
CPFQVJGTU
*CDQWT2CTMŏ)GDGPI
+PFWUVTKCN.CPF
.CPFVKVNGCRRNKECVKQP26-
2TQLGEV#UVCPC)QNH4GUQTV
*QWUKPI8KNNCU
*5
/26CPFQVJGTU
*5
/26
*5
/26
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF
[TU
'ZRKTKPI
2TQLGEV1PIQKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
2TQLGEV1PRNCPPKPI
8CECPVNCPF
%QOOGTEKCN&GX
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
.GCUGJQNF
[TU
'ZRKTKPI
2TQLGEV/CJMQVC+FCOCP
5GMVQT+++
*5
/26
*5
/26
*5
/26
*5
/26
*5
/26
*5
/26
*5
/26
2TQLGEV/CJMQVC2GTFCPC+++
5GMVQT+++
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&26
2TQLGEV$CNQM2GTOCK
2JCUG
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CPFQVJGTU
101
#)'1(
$7+.&+0)
;'#45
$7+.672
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.#0&
#4'#
#%4'5
0'6$11-8#.7'"
4/
OR
OR
OR
OR
2TQLGEV1PIQKPI
*QVGN1HſEG%QPXGPVKQP*CNN
$WKNFKPI%QOOGTEKCN
.GCUGJQNF[TU
'ZRKTKPI
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
+PFWUVT[
.GCUGJQNF
[TU
'ZRKTKPI
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
%QOOGTEKCN
*QVGN
/CKPVGPCPEG%GPVTG
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF
[TU
'ZRKTKPI
2TQRGTVKGU.CPFDCPM
$WKNFKPI%QOOGTEKCN
[GCTU
OR
OR
OR
OR
OR
OR
OR
OR
2TQLGEV1PIQKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
2TQLGEV1PIQKPI
.GCUGJQNF
[TU
8CECPVNCPF
102
2#5&'%#PPWCN4GRQTV
LIST OF PROPERTIES
241,'%66+6.'.1%#6+10
6'074'
&'5%4+26+101(
2412'46;
':+56+0)75'
#)'1(
$7+.&+0)
;'#45
$7+.672
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.#0&
#4'#
#%4'5
#RCTVOGPV/GFCP9CTKUCP
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&26OR
/CUVGT6KVNG
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&26OR
/CUVGT6KVNG
$CPFCT-WCPVCP
.QV)$NQEM)
.QV)$NQEM$
.QV)$NQEM$
.QV)$NQEM$
.QV)$NQEM$
.QV$NQEM$
.QV$NQEM$
.QV$NQEM$
.QV$NQEM$
.QV$NQEM$
.QV$NQEM$
.QV$NQEM$
.QV$NQEM$
.GCUGJQNF[TU
'ZRKTKPI
2TQRGTVKGU.CPFDCPM
5VQTG[5JQR#RCTVOGPV
$WKNFKPI%QOOGTEKCN
[GCTU
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
.GCUGJQNF[TU
'ZRKTKPI
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF[TU
'ZRKTKPI
2TQLGEV1PRNCPPKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
2TQLGEV1PRNCPPKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
2TQLGEV2CUFGE2GUQPC20.QV
2TQLGEV2CUFGE8KNNC
$WMKV2GTFCPC
*5
&26
CPFQVJGTU
-QORNGMU6GTWPVWO
.QV
20.QV5GM
/CUVGTVKVNG
$CPFCT-WCPVCP
2#5&'%$KPC5FP$JF
$TKEM(CEVQT[
20.QV
/WMKO-WCNC-WCPVCP
&CGTCJ-WCPVCP
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0'6$11-8#.7'"
4/
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$WKNFKPI%QOOGTEKCN
[GCTU
.GCUGJQNF[TU
'ZRKTKPI
+PFWUVT[
$TKEM(CEVQT[
[GCTU
(TGGJQNF
2TQLGEV1PIQKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
(TGGJQNF
2TQLGEV1PRNCPPKPI
8CECPVNCPF#ITKEWNVWTG
$WKNFKPI%QOOGTEKCN
.GCUGJQNF[TU
'ZRKTKPI
2TQLGEV1PRNCPPKPI
8CECPVNCPF
$WKNFKPI%QOOGTEKCN
2TQLGEV$CPFCT2WVTC2JCUG
*5
&26CPFQVJGTU
2#5&'%2WVTC5FP$JF
2TQLGEV$CPFCT2WVTC2JCUG
*5
&26
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&262WVTC$WUKPGUU%GPVGT
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&262NQV
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2/.QV
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OR OR
OR
OR
OR
OR
2#5&'%#PPWCN4GRQTV
LIST OF PROPERTIES
6'074'
&'5%4+26+101(
2412'46;
':+56+0)75'
2TQLGEV$CPFCT&COCPUCTC-WCPVCP
*5
&26CPFQVJGTU
(TGGJQNF
2TQLGEV1PIQKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
.GCUGJQNF
[TU
'ZRKTKPI
2TQLGEV1PRNCPPKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
.GCUGJQNF
[TU
'ZRKTKPI
(TGGJQNF
2TQRGTVKGU.CPFDCPM
-I5GODC[CP
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF
[TU
'ZRKTKPI
2TQRGTVKGU7PUQNF
$WKNFKPI%QOOGTEKCN
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
$WKFKPI4GUKFGPVKCN
.GCUGJQNF
[TU
'ZRKTKPI
41/2+0
#ITKEWNVWTGNCPFCV5WOOGTUGV4QORKP
*5
&26
*5
&26
/WMKO4QORKP&CGTCJ4QORKP
2TQLGEV2QPVKCP2GTOCK
*5
/26
CPFQVJGTU
/WMKO2QPVKCP&CGTCJ4QORKP
$'0670)
2WUCV-QOGTUKN5TK-GVCTK
*5
&26
5&VQ5VTCVC
*5
&26
5&VQ5VTCVC
$CPFCT$GPVQPI&CGTCJ$GPVWPI
20.QV5GM/CUVGT6KVNG
$WMKV6KPIIK
*5
&26
/WMKO$GPVWPI&CGTCJ$GPVWPI
/#4#0
3WCTT[.CPF-I-WCNC5GPVWN
*5
&26
/WMKO%JGPQT&CGTCJ/CTCP
2'-#0
5JQRJQWUGU$CPFCT$CTW2GTCOW
NQVU
*5
/26
CPFQVJGTU
/WMKO2GMCP&CGTCJ2GMCP
2TQLGEV2WUCV-QOGTUKN2GTCOW
*5
&26
CPFQVJGTU
*5
&26
*5
&26
*5
&26
*5
&26
/WMKO2GMCP&CGTCJ2GMCP
241,'%66+6.'.1%#6+10
2TQLGEV*QWUKPI5GEVQT$+/
/GPVKIC.CPF
*5
&26
103
#)'1(
$7+.&+0)
;'#45
$7+.672
#4'#5
/53
.#0&
#4'#
#%4'5
0'6$11-8#.7'"
4/
OR
OR
OR
OR
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
+PFWUVTKGU
3WCTT[
.GCUGJQNF
[TU
'ZRKTKPI
2TQRGTVKGU7PUQNF
$WKNFKPI%QOOGTEKCN
[GCTU
.GCUGJQNF
[TU
'ZRKTKPI
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
$WKNFKPI%QOOGTEKCN
2GFGUVTKCP/CNN
%QOOGTEKCN%GPVGT
542
9CVGT6CPM
OR
OR
OR
OR
104
2#5&'%#PPWCN4GRQTV
LIST OF PROPERTIES
241,'%66+6.'.1%#6+10
6'074'
&'5%4+26+101(
2412'46;
':+56+0)75'
6'/'4.7*
2WUCV-QOGTUKN6GOGTNWJ
NQVU
*5
&26
/WMKO2GTCM&CGTCJ6GOGTNWJ
2WUCV-QOGTUKN6GOGTNWJ
*5
&26
/WMKO2GTCM&CGTCJ6GOGTNWJ
2#5&'%/GIC5FP$JF
)GTCP.QV
/WMKO/GPVCMCD&CGTCJ6GOGTNWJ
)GTCP.QV
/WMKO/GPVCMCD&CGTCJ6GOGTNWJ
6GOGTNWJ+PFWUVTKCN2CTMU
%6.QV
%6.QV
%6.QV
.QV
/WMKO/GPVCMCD&CGTCJ6GOGTNQJ
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF
[TU
(TGGJQNF
(TGGJQNF
(TGGJQNF
2TQRGTVKGU.CPFDCPM
$WKNFKPI%QOOGTEKCN
2TQRGTVKGU.CPFDCPM
$WKNFKPI%QOOGTEKCN
'ZRKTKPI
8CECPVNCPF
+PFWUVT[%QOOGTEKCN
8CECPVNCPF
+PFWUVT[%QOOGTEKCN
4#7$
2TQLGEV4CWD2GTFCPC
,8&[PCDWOK.KPM
*5
&26
*5
&26
/WMKO)CNK&CGTCJ4CWD
2TQLGEV4CWD2GTFCPC
*5
&26
CPFQVJGTU
/WMKO)CNK&CGTCJ4CWD
3WCTT[.CPF-I$GUW
.QV
*5
&26
/WMKO5GIC&CGTCJ4CWD
$'4#
5JQRNQV$CPFCT6TKCPI
*5
&26
*5
&26
/WMKO6TKCPI&CGTCJ$GTC
#)'1(
$7+.&+0)
;'#45
$7+.672
#4'#5
/53
.#0&
#4'#
#%4'5
0'6$11-8#.7'"
4/
[GCTU
OR
OR
[GCTU
OR
2TQLGEV1PIQKPI
8CECPVNCPF
$WKFKPI4GUKFGPVKCN
.GCUGJQNF
[TU
'ZRKTKPI
.GCUGJQNF
[TU
'ZRKTKPI
2TQLGEV1PRNCPPKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
2TQLGEV1PIQKPI
$WKNFKPI%QOOGTEKCN
.GCUGJQNF
[TU
8CECPVNCPF
'ZRKTKPI +PFWUVTKGU
3WCTT[
.GCUGJQNF
[TU
'ZRKTKPI
2TQRGTVKGU7PUQNF
$WKNFKPI%QOOGTEKCN
[GCTU
OR
OR
2#5&'%#PPWCN4GRQTV
LIST OF PROPERTIES
6'074'
&'5%4+26+101(
2412'46;
':+56+0)75'
#)'1(
$7+.&+0)
;'#45
$7+.672
#4'#5
/53
,'4#0676
2GTWOCJCP-WCNC6GODGNKPI
*5
&26
*5
&26
*5
&26
*5
&26
/WMKO-6GODGNKPI&CGTCJ,GTCPVWV
.GCUGJQNF
[TU
'ZRKTKPI
2TQRGTVKGU.CPFDCPM
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
.GCUGJQNF
[TU
'ZRKTKPI
2TQRGTVKGU7PUQNF
8CECPVNCPF
+PFWUVTKCN
[GCTU
.GCUGJQNF
[TU
'ZRKTKPI
'ZRKTKPI
8CECPVNCPF
$WKNFKPI4GUKFGPVKCN
OR
OR
(TGGJQNF
2TQLGEV1PIQKPI
$WKNFKPI4GUKFGPVKCN
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
(TGGJQNF
2TQRGTVKGU7PUQNF
$WKNFKPI%QOOGTEKCN
5VQTG[5JQR1HſEG
OR
OR
OR
OR
OR
OR
OR
9QTMUJQR+PFWUVTK,GTCPVWV
NQVU
*5
/26
CPFQVJGTU
/WMKO2GFCJ&CGTCJ,GTCPVWV
2GTWOCJCP+PFGTCRWTC(CUC%
*5
/26
*5
/26
/WMKO2GFCJ&CGTCJ,GTCPVWV
2#5&'%/GIC5FP$JF
.#0&
#4'#
#%4'5
0'6$11-8#.7'"
4/
5'.#0)14
2TQLGEV-QVC9CTKUCP5GRCPI
*5
&262TGEKPV
$WPICNQY.CPF
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
*5
&262TGEKPV
$WPICNQY.CPF
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
*5
&262TGEKPV
$WPICNQY.CPF
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
/WMKO&GPIMKN&CGTCJ5GRCPI
5GNCPIQT
241,'%66+6.'.1%#6+10
105
2TQLGEV-QVC9CTKUCP5GRCPI
UVQTG[5JQR1HſEG
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
*5
&26
/WMKO&GPIMKN&CGTCJ5GRCPI
5GNCPIQT
106
2#5&'%#PPWCN4GRQTV
CORPORATE DIRECTORY
2#5&'%*1.&+0)5$'4*#&
&
6KPIMCV/GPCTC6GTWPVWO,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG(CEUKOKNG
9GDUKVGYYYRCUFGEEQOO[
2#5&'%%14214#6+105&0$*&
2
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
-7#06#06'/$'.+0)4'5146
5&0$*&
8
,CNCP2CFCPI)QNH-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
-7#06#0$4+%-55&0$*&
#
2GVK5WTCV,C[C)CFKPI
-WCPVCP2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
/76+#4#2#5&'%5&0$*&
6
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
2#5&'%2+06#55&0$*&
2
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
$'0670)#37#4+7/
5#0%67#4;2#4-5&0$*&
/
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
2#5&'%.#0&5&0$*&
#
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
2#5&'%$+0#5&0$*&
*
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
-+/&'%%14214#6+105&0$*&
7
0Q,CNCP+PFWUVTK
6COCP2GTKPFWUVTKCP6GOGTNQJ
/GPVCMCD
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
2#*#0)#+4%4#(6+0&7564+'5
5&0$*&
9
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
2#5&'%%'/2#-#5&0$*&
2#5&'%2764#5&0$*&
/
$CPFCT2WVTC-WCPVCP++
.QV6CPLWPI.WORWT
-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
2#5&'%64#&+0)5&0$*&
-
.QV6KPIMCV$NQEM$/GFCP
9CTKUCP.QTQPI5TK6GTWPVWO
6CPCJ2WVKJ-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
2#5&'%/')#5&0$*&
-
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
57/$#0)#05#-6+5&0$*&
6
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
#
.QV#.GXGN
'CUV9KPI
$GTLC[C6KOGU5SWCTG0Q
,CNCP+ODK-WCNC.WORWT
6GNGRJQPG (CEUKOKNG
24+/#24#+5&0$*&
8
5WKVGVJ(NQQT
9KUOC71#,CNCP2KPCPI
-WCNC.WORWT
6GNGRJQPG (CEUKOKNG
)'06+0)8+'94'5146
&'8'.12/'065&0$*&
-
-/)GPVKPI*KIJNCPFU
2CJCPI&CTWN/CMOWT
6GNGRJQPG (CEUKOKNG
PROXY FORM
+9G
(7..0#/'+0$.1%-.'66'45
QH
#&&4'55
DGKPICOGODGTQH2#5&'%*1.&+0)5$'4*#&JGTGD[CRRQKPV
QH
(7..0#/'+0$.1%-.'66'45
#&&4'55
QTHCKNKPIJKOJGTVJG%JCKTOCPQHVJGOGGVKPICUO[QWTRTQZ[VQCVVGPFCPFXQVGHQTOGWUQPO[QWTDGJCNHCVVJG(QWTVGGPVJ
VJ#PPWCN)GPGTCN/GGVKPIQHVJG%QORCP[VQDGJGNFCV/GTCPVK+*[CVV4GIGPE[-WCPVCP4GUQTV6GNWM%JGORGFCM
-WCPVCP2CJCPI&CTWN/CMOWTQP/QPFC[,WPGCVCOCPFCVCP[CFLQWTPOGPVVJGTGQH
14&+0#4;4'51.76+10
(14
#)#+056
6QTGEGKXGVJGCWFKVGFſPCPEKCNUVCVGOGPVUCPFTGRQTVUHQTVJG[GCT
GPFGF&GEGODGT
4GGNGEVKQPQH&CVQŏ5TK-JCNKFDKP/QJCOCF,KYC
#TVKENG
4GGNGEVKQPQH&CVQŏ#DFWNNCJDKP#4CUQN
#TVKENG
4GGNGEVKQPQH&CVQŏ/QJCOGF#OKPDKP*CLK&CWF
5GEVKQP
#RRTQXCNQH&KTGEVQTUŏ(GGU
4GCRRQKPVOGPVQH/GUUTU*CPCſCJ4CUNCP/QJCOCFCU#WFKVQTU
2NGCUGKPFKECVGYKVJCPő:ŒKPVJGCRRTQRTKCVGURCEGURTQXKFGFCDQXGCUVQJQY[QWYKUJ[QWTXQVGVQDGECUV+H[QWFQPQVFQUQ
VJGRTQZ[YKNNXQVGQTCDUVCKPHTQOXQVKPICVJKUFKUETGVKQP
#UYKVPGUUO[JCPFVJKU
FC[QH
0QQHUJCTGUJGNF
5KIPCVWTG5GCN
0QVGU
# OGODGT GPVKVNGF VQ CVVGPF CPF XQVG CV VJG OGGVKPI OC[ CRRQKPV PQV OQTG VJCP VYQ RTQZKGU VQ CVVGPF CPF XQVG KP JKU UVGCF DWV UWEJ
CRRQKPVOGPVUJCNNDGKPXCNKFWPNGUUJGURGEKſGUVJGRTQRQTVKQPUQHJKUJQNFKPIUHQTGCEJRTQZ[#RTQZ[OC[DWVPGGFPQVDGCOGODGTQHVJG
%QORCP[CPFVJGRTQXKUKQPUQH5GEVKQP
DQHVJG%QORCPKGU#EVUJCNNPQVCRRN[VQVJG%QORCP[
# OGODGT QH VJG %QORCP[ YJQ KU CP CWVJQTKUGF PQOKPGG CU FGſPGF WPFGT VJG 5GEWTKVKGU +PFWUVT[ %GPVTCN &GRQUKVQTKGU #EV OC[
CRRQKPVCVNGCUVQPGRTQZ[DWVPQVOQTGVJCPVYQRTQZKGUKPTGURGEVQHGCEJUGEWTKVKGUCEEQWPV
6JGKPUVTWOGPVCRRQKPVKPICRTQZ[OWUVDGUKIPGFD[VJGCRRQKPVGTQTJKUCVVQTPG[FWN[CWVJQTKUGFKPYTKVKPIQTKHVJGCRRQKPVGTKUCEQTRQTCVKQP
GKVJGTWPFGTEQOOQPUGCNQTWPFGTVJGJCPFQHCPCVVQTPG[QTCPQHſEGTFWN[CWVJQTKUGF
6JG KPUVTWOGPV CRRQKPVKPI C RTQZ[ OWUV DG FGRQUKVGF CV VJG 4GIKUVGTGF 1HſEG QH VJG %QORCP[ CV VJ (NQQT /GPCTC 6GTWPVWO ,CNCP
/CJMQVC-WCPVCP2CJCPI&CTWN/CMOWTPQVNGUUVJCPHQTV[GKIJV
JQWTUDGHQTGVJGVKOGCRRQKPVGFHQTJQNFKPIVJGOGGVKPIQTCP[
CFLQWTPOGPVVJGTGQH
(QNFVJKUƀCRHQTUGCNKPI
6JGPHQNFJGTG
56#/2
6JG%QORCP[5GETGVCT[
2#5&'%*1.&+0)5$'4*#&
VJ(NQQT/GPCTC6GTWPVWO
,CNCP/CJMQVC-WCPVCP
2CJCPI&CTWN/CMOWT
UVHQNFJGTG

Annual Report 2009

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