Annual Report

468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
'SQTER]4VS´PI
468[EWJSVQIHMRXSIREFPIIQTPS]IIWSJWIZIVEPJSVQIV
&VMXMWL 'SPYQFME KSZIVRQIRX JSVIWX RYVWIVMIW XS MRZIWX MR XLI
TYVGLEWISJXLIRYVWIVMIW7MRGIXLIR[ILEZIFIGSQI'EREHE«W
PEVKIWX JSVIWX RYVWIV] GSQTER] ERH XLI PEVKIWX TVSHYGIV SJ
GSRXEMRIVM^IHJSVIWXWIIHPMRKWMR2SVXL%QIVMGE;MXLRYVWIVMIW
MR 'EREHE ERH XLI 9RMXIH 7XEXIW [I LEZI ERRYEP TVSHYGXMSR
GETEGMX]JSVQSVIXLERQMPPMSRJSVIWXWIIHPMRKW
YVFYWMRIWWMWJSYRHIHSRXLIXLVIIGSVRIVWXSRIWSJGYWXSQIV
3
WIVZMGIVIPMEFMPMX]WIVZMGIERHZEPYI8LMWJSYRHEXMSRWYWXEMRWER
EGXMZIKVS[XLWXVEXIK]SJQEREKIHEGUYMWMXMSRERHI\TERWMSR
/I]XSSYVWYGGIWWMWSYVWXVEXIK]SJPSGEXMRKSYVJEGMPMXMIWRIEV
SYV GYWXSQIVW 8LMW TVSZMHIW SYV GYWXSQIVW [MXL XLI FIRI´XW
SJ PSGEP WIVZMGI GSQFMRIH [MXL XLI VIWSYVGIW SJ E RIX[SVO SJ
RYVWIVMIW[MXLZEVMIHI\TIVXMWI
68LEWIWXEFPMWLIHEPIEHIVWLMTTSWMXMSRF]VIWTSRHMRKEWXYXIP]XS
4
JSVIWXMRHYWXV]XVIRHW;ITVSZMHISYVGYWXSQIVW[MXLGSQTIXMXMZIP]
TVMGIHTVSHYGXWERHMRXIKVEXIHWIVZMGIWXLEXLIPTXLIQIJ´GMIRXP]
QEREKIXLIMVWIIHPMRKVIUYMVIQIRXW
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
*MRERGMEP,MKLPMKLXW
6ITSVXXS9RMXLSPHIVW
1EREKIQIRX«W(MWGYWWMSR
%REP]WMW
1EREKIQIRX«W6IWTSRWMFMPMX]
%YHMXSVW«6ITSVX
'SRWSPMHEXIH*MRERGMEP7XEXIQIRXW
2SXIWXS'SRWSPMHEXIH*MRERGMEP7XEXIQIRXW
'SVTSVEXI-RJSVQEXMSR
-&'
3YV1MWWMSR8STVSZMHIWIIHPMRKWYTTP]WIVZMGIWFIWXWYMXIHXSXLI
RIIHWSJIEGLGYWXSQIV
3YV:MWMSR8SFIXLIPIEHIVMRWIIHPMRKTVSHYGXMSR
3YV4VMRGMTPIW;IEVIKYMHIHF]XLIJSPPS[MRKTVMRGMTPIWMRJYP´PPMRK
SYVQMWWMSRERHMRTYVWYMRKSYVZMWMSR
ˆ ;I[SVOGPSWIP][MXLSYVGYWXSQIVWXSYRHIVWXERHXLIMV
YRMUYIRIIHWWS[IGERWXVMZIXSTVSZMHIMHIEPWIIHPMRK
WYTTP]WSPYXMSRW
ˆ ;ITVSZMHISYVIQTPS]IIW[MXLXLISTTSVXYRMX]XSEGLMIZI
WYGGIWWMREWEJI[SVOIRZMVSRQIRX
ˆ ;IJSPPS[TVSZIRERHVITVSHYGMFPITVEGXMGIWXSIRWYVI
VIPMEFMPMX]SJSYVGSVIWIIHPMRKWIVZMGIW
ˆ ;IWIIOGSRXMRYSYWMQTVSZIQIRXF][SVOMRKXSKIXLIVF]
PMWXIRMRKXSSXLIVWERHF]IRGSYVEKMRKMRRSZEXMSR
ˆ ;I[MPPRSXPIXWYGGIWWQEOIYWGSQTPEGIRXSVEPPS[
JEMPYVIXSTVIZIRXYWJVSQGSRXMRYSYWP]XV]MRKXSMQTVSZI
*SPPS[MRKXLIWITVMRGMTPIW[I[MPPQEOIXLIFIWXYWISJSYVLYQER
TL]WMGEP ERH ´RERGMEP VIWSYVGIW [I [MPP TVSZMHI ZEPYI XS SYV
GYWXSQIVWERHSYVWLEVILSPHIVWERH[I[MPPQEOITVSKVIWWXS[EVH
SYVZMWMSR
%FSYXXLI*YRH
8LI468*SVIWX6IKIRIVEXMSR-RGSQI*YRHMWERSTIRIRHIHWMRKPITYVTSWIXVYWX[LMGLS[RWEPP
SJXLIGSQQSRWLEVIWERHWYFSVHMREXIHRSXIWSJ4EGM´G6IKIRIVEXMSR8IGLRSPSKMIW-RG¨468©
9RMXWSJXLI*YRHEVIXVEHIHSRXLI8SVSRXS7XSGO)\GLERKIYRHIVXLIXVEHMRKW]QFSP46892
8LI*YRH«WTSPMG]MWXSHMWXVMFYXIXS9RMXLSPHIVWVIKYPEVEQSYRXWVIGIMZIHJVSQ468SREQSRXLP]
FEWMWERHHMZMHIRHWVIGIMZIHSREGGSYRXSJXLITVMSV]IEV«WSTIVEXMSRWSRERERRYEPFEWMW7MRGI
MX«WMRGITXMSRMRXLI*YRHLEWHMWXVMFYXIHSZIVQMPPMSRXS9RMXLSPHIVW[LMPIQEMRXEMRMRK
ERHWMKRM´GERXP]I\TERHMRKMXWTVSHYGXMZIGETEGMX]ERHKISKVETLMGFEWISJSTIVEXMSRW
60
Revenue and Operating Earnings History
Distribution History
$1.20
50
$1.00
40
$0.80
30
$0.60
20
$0.40
10
$0.20
0
$0.00
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Operating earnings
Revenue
*MRERGMEP,MKLPMKLXWMRQMPPMSRWSJHSPPEVWI\GITXTIV9RMXEQSYRXW
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Top-up
Regular
=IEVIRHIH
(IGIQFIV
6IZIRYI
3TIVEXMRKIEVRMRKW
2IXIEVRMRKWPSWW
4IV8VYWX9RMX
'EWLKIRIVEXIHJVSQSTIVEXMSRWFIJSVIRIXGLERKIMRRSRGEWL[SVOMRK
GETMXEPMXIQW
'EWLEZEMPEFPIJSVHMWXVMFYXMSR
4IV8VYWX9RMX 'EWLHMWXVMFYXMSRWTIV8VYWX9RMX
2IXEHHMXMSRWXSGETMXEPEWWIXWMRGPYHMRKEGUYMWMXMSRW
8SXEPEWWIXW
9RMXLSPHIVW«IUYMX]
4IV8VYWX9RMX
4VMGIVERKITIVYRMXSRXLI8SVSRXS7XSGO)\GLERKI
,MKL
0S[
'PSWMRKTVMGIEX(IGIQFIV
=IEVIRHIH
(IGIQFIV =IEVIRHIH
(IGIQFIV
(I´RIHEWIEVRMRKWFIJSVIMRXIVIWXHITVIGMEXMSRERHEQSVXM^EXMSRMRGSQIXE\IWKEMRWSVPSWWIWSREWWIXWEPIWERHSXLIVRSRSTIVEXMRKMRGSQISVPSWWMXIQW
-RGPYHMRKHMZMHIRHHIGPEVIHMRWYFWIUYIRX´WGEP]IEVSREGGSYRXSJGYVVIRX]IEV«WSTIVEXMSRW
3TIVEXMRKIEVRMRKWERHHMWXVMFYXEFPIGEWLEVIXIVQW[LMGLHSRSXLEZIWXERHEVHM^IHQIERMRKYRHIV'EREHMERKIRIVEPP]EGGITXIHEGGSYRXMRKTVMRGMTPIW
ERHQE]RSXFIGSQTEVEFPIXSWMQMPEVQIEWYVITVSZMHIHF]SXLIVVITSVXMRKIRXMXMIW
-RGPYHMRKKSSH[MPPMQTEMVQIRXGLEVKISJQMPPMSR
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
6ITSVXXS9RMXLSPHIVW
;IORI[[SYPHFIGLEPPIRKMRK&YX[IHMHRSXERXMGMTEXIXLEXXVSYFPIWMRXLI97LSYWMRKQEVOIX[SYPHVIWYPXMRSRISJXLIQSWXHMJ´GYPX
]IEVWMRHIGEHIWJSVSYVGYWXSQIVWMRXLI'EREHMERJSVIWXMRHYWXV]%WLEVTHIGPMRIMR97LSYWMRKWXEVXWGSQFMRIH[MXLEWXVSRKIV'EREHMER
HSPPEVXSGEYWIEHIITG]GPMGEPHS[RXYVRMRXLIWIGXSV[LMGLPIHXSPS[IVVIJSVIWXEXMSREGXMZMXMIW
3YVGSVISTIVEXMSRWVIQEMRIHJYRHEQIRXEPP]WSPMHHIWTMXIXLIEHZIVWIQEVOIXGSRHMXMSRWMR)\GITXJSVSRIXMQIEHQMRMWXVEXMZIGSWXW
[ISJJWIXQYGLSJXLIMQTEGXSJXLIWPS[HS[R[MXLWEPIWXSRI[QEVOIXWERH[MXLMQTVSZIQIRXWMRSYVKVSWWTVS´XQEVKMRW2IZIVXLIPIWW
SYV´RERGMEPTIVJSVQERGIJSVXLI]IEV[EWHMWETTSMRXMRK
6IZIRYIWHIGVIEWIHXSQMPPMSRSTIVEXMRKIEVRMRKWHIGVIEWIHXSQMPPMSRERHGEWLEZEMPEFPIJSVHMWXVMFYXMSRHIGVIEWIH
XSQMPPMSR'EWLEZEMPEFPIJSVHMWXVMFYXMSRTIVYRMXHIGPMRIHXSEYRMXFIGEYWISJGIVXEMRSRIXMQIGSWXWERHPS[IVWIIHPMRK
SVHIVW1IER[LMPIGSRXVEGXIHWIIHPMRKFPSGOZSPYQIWJIPPXSQMPPMSR
;II\TIGXJSVIWXWIIHPMRKQEVOIXWXSVIFSYRHSRGIXLIRIKEXMZIEWTIGXSJXLIJSVIWXMRHYWXV]G]GPIVYRWMXWGSYVWI-RXLIQIERXMQISYV
HSQMRERXQEVOIXWLEVIERHPSRKXIVQJSGYWSRVYRRMRKPIERSTIVEXMSRWPIEZIYW[IPPTSWMXMSRIHXSGETMXEPM^ISRKVS[XLSTTSVXYRMXMIW[LIR
VIJSVIWXEXMSREGXMZMXMIWVIXYVRXSRSVQEPPIZIPW
%QEVOIXMRXVERWMXMSR
-RTEWX]IEVWXLIYRHIVP]MRKWXEFMPMX]SJXLIWMPZMGYPXYVIWIGXSVTVSXIGXIHYWJVSQTIVMSHMGJSVIWXMRHYWXV]HS[RXYVRW8LIQEKRMXYHISJXLI
VIGIRXHIGPMRIMR97LSYWMRKWXEVXWEFIPP[IXLIVSJXLIMRHYWXV]WXVMTTIHE[E]WSQISJXLMWTVSXIGXMSR&](IGIQFIVLSYWMRKWXEVXWLEH
JEPPIRJVSQEQEVOIXTIEOSJQMPPMSRYRMXWMR.ERYEV]XSEWIEWSREPP]EHNYWXIHERRYEPVEXISJQMPPMSRXLIPS[IWXWMRGI
*SVSYV'EREHMERGYWXSQIVWEWXVSRKIV'EREHMERHSPPEVGSYTPIH[MXLPS[IV97LSYWMRKWXEVXWPIHXS[IEOPYQFIVHIQERHERHMRXYVR
VIHYGIHXMQFIVGYXXMRKERHVIJSVIWXEXMSR-RWSQIGEWIWQEVOIXGSRHMXMSRWVIWYPXIHMRQMPPGPSWYVIWERHGEWLµS[TVIWIVZEXMSRQIEWYVIWWYGL
EWXLITSWXTSRIQIRXSJKSZIVRQIRXQERHEXIHVIJSVIWXEXMSR%PXLSYKLHMWETTSMRXMRKMRXLIWLSVXXIVQXLIWITSWXTSRIQIRXWGSRXVMFYXIXSE
KVS[MRKFEGOPSKSJVITPERXMRKERHWXVIRKXLIRPSRKXIVQHIQERHJSVWIIHPMRKWMR'EREHE
9RXMPWIIHPMRKHIQERHHSIWMQTVSZILS[IZIVWSQIWQEPPIVMRHITIRHIRXGSQTERMIWMRXLIWMPZMGYPXYVIMRHYWXV][MPPWXVYKKPIXSWYVZMZI-RJEGX
WIZIVEPGSQTIXMXSVWVIGIRXP]I\MXIHXLIFYWMRIWW;IZMI[XLIVIWYPXMRKVIHYGXMSRMRKVIIRLSYWIKVS[MRKGETEGMX]EWELIEPXL]EHNYWXQIRXMR
SYVQEVOIXW468IRNS]WEWSPMHGSQTIXMXMZITSWMXMSRERI\GIPPIRXVITYXEXMSRERHWMKRM´GERXWIIHPMRKKVS[MRKGETEGMX]%PPXLIWIJEGXSVW[MPP
GVIEXIKVS[XLSTTSVXYRMXMIW[LIRGSRHMXMSRWMQTVSZIMRXLIJSVIWXMRHYWXV]
1EREKMRKJSVPSRKXIVQZEPYI
;ILEZI[SVOIHHMPMKIRXP]JSVQER]]IEVWXSQEMRXEMRLMKLWEJIX]TVEGXMGIW[MXLSYV3GGYTEXMSREP,IEPXLERH7EJIX]4PER-RXLISRKSMRK
IJJSVXWSJWXEJJERHQEREKIQIRXVIWYPXIHMRXLIFIWXTIVJSVQERGIMRGSQTER]LMWXSV]HE]WPSWXTIV[SVOIV]IEV2SEQSYRXSJXMQIPSWX
XSEGGMHIRXWMWEGGITXEFPIFYXVMWOWHSI\MWX7SXLMWEGLMIZIQIRXMWXIWXEQIRXXSXLIGSQQMXQIRXSJSYVIQTPS]IIWXSQEMRXEMRWEJI[SVO
GSRHMXMSRWERHXS[SVOWEJIP]
*I[GSQTERMIWSTIVEXMRKMR[IWXIVR'EREHELEZIEZSMHIHXLIMQTEGXSJXLIXMKLXPEFSYVQEVOIXWGEYWIHF]XLIFSSQMRKGSRWXVYGXMSRERH
IRIVK]WIGXSVW%WEPIEHIVMRSYVMRHYWXV]LS[IZIV[IGSRXMRYIXSEXXVEGXERHVIXEMRXLIXEPIRX[IRIIHXSQEREKIERHFYMPHSYVSVKERM^EXMSR
8LMWIRLERGIWSYVGSQTIXMXMZIEHZERXEKISZIVWQEPPIVRYVWIVMIWXLEXXIRHXSGSQTIXISRTVMGIERHXLEXQE]FIYREFPIXSQEMRXEMREWOMPPIH
PEFSYVJSVGI[LIRXMQIWKIXXSYKL
;IEPWSKEMRXLIEHZERXEKISJI\TIVMIRGIERHMRRSZEXMSRJVSQPSRKXIVQIQTPS]IIW3YVI\TIVXMWIJSVMRWXERGIMRGSRXEMRIVM^IHKVS[MRKXIGLRSPSK]
IREFPIWYWXSFIXXIVYXMPM^IKVIIRLSYWIWTEGIERHVIHYGIIRIVK]GSRWYQTXMSRF]WXEVXMRKWSQIWIIHPMRKWMRWQEPPIVGSRXEMRIVW;IXLIRXVERWTPERXXLI
WQEPPWIIHPMRKWXSPEVKIVGSRXEMRIVWYWMRKEXVERWTPERXMRKQEGLMRIXLEX[ILEZIEHETXIHJSVTSVXEFMPMX]WSXLEXMXGERFIWLEVIHEQSRKSYVRYVWIVMIW
;IGSRXMRYIQSVISZIVXSWLMJXSYVWIIHPMRKTVSHYGXMSRXSSYXHSSVKVS[MRKGSQTSYRHWXLEXVIUYMVIPIWWIRIVK]ERHPS[IVQEMRXIRERGIXLER
KVIIRLSYWIGVSTW0IWWSRWPIEVRIHEFSYXGSRXVSPPMRKLYQMHMX]EXSYVRS[GPSWIH2IZEHERYVWIV]QEOIMXTSWWMFPIJSVYWXSKVS[QSVIWTIGMIW
WYGLEWWTVYGISYXHSSVW
3YVSYXHSSVKVS[MRKGSQTSYRHWEPWSEPPS[YWXSTVSHYGIQSVIX[S]IEVSPHWXSGO8LIWIGVSTWTVSZMHIERYQFIVSJEHZERXEKIWSZIVSRI
]IEVSPHWIIHPMRKWXLIWIIHPMRKWEVIQSVIVSFYWXHIPMZIV]MWTSWWMFPIMRWYQQIVSVWTVMRKERHWIIHPMRKTVMGIWEVIPS[IV8LIWLMJXSYXHSSVW
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
[MPPIREFPIYWXSUYMGOP]VEMWISYVTVSHYGXMSRSJWIIHPMRKWXLEX[MPPFIRIIHIHXSQIIXVIJSVIWXEXMSRHIQERHJSVPERHWMRJIWXIHF]XLI1SYRXEMR
4MRI&IIXPIMR&VMXMWL'SPYQFME
8LIITMHIQMGFIIXPIMRJIWXEXMSRMWRS[XLIPEVKIWXREXYVEPHMWXYVFERGISJMXWOMRHMRXLI[SVPH(IWTMXIIJJSVXWXSGSRXVSPMXXLIFIIXPIWGSRXMRYI
XSOMPPQEXYVITMRIXVIIWERHLEZIWTVIEHIEWXSJXLI6SGO]1SYRXEMRWMRXSXLI4IEGI6MZIVVIKMSRERH%PFIVXE6IGIRXWYVZI]WWLS[EFSYX
QMPPMSRLIGXEVIWSJ&'JSVIWXWEVIEJJIGXIH;MXLMRXLMWEVIEERIWXMQEXIHQMPPMSRGYFMGQIXIVWSJQIVGLERXEFPIXMQFIVMWHIEH§IUYMZEPIRX
XS]IEVWSJRSVQEPLEVZIWXJSVXLITVSZMRGI«WGIRXVEPERHWSYXLIVRMRXIVMSVVIKMSRW
%JVEQI[SVOJSVKVS[XL
3YVFYWMRIWWKVS[XLWXVEXIK]GSQFMRIWSVKERMGKVS[XL[MXLXLIEGUYMWMXMSRSJMRHITIRHIRXRYVWIVMIW8SHE]«WMRHYWXV]HS[RXYVRXIQTIVWXLMWWXVEXIK]
WSQI[LEXFYX[II\TIGXGSRHMXMSRWXS[SVOMRSYVJEZSYVSZIVXLIQMHXSPSRKXIVQ;ILEZIXLILYQERERHJMRERGMEPVIWSYVGIWERHXLITVSHYGXMSR
GETEGMX]XSKVS[SYVSTIVEXMSRW[MXLSYXJYVXLIVEGUYMWMXMSRW;II\TIGXLS[IZIVXLEXEWXLIJYPPIGSRSQMGMQTEGXSJXLIHS[RXYVR[SVOWMXW[E]
XLVSYKLXLIWMPZMGYPXYVIMRHYWXV]PS[IVFYWMRIWWZEPYEXMSRWGSYPHQEOIEGUYMWMXMSRWMRGVIEWMRKP]EXXVEGXMZI
;IGSRXMRYIMRXLIQIERXMQIXSXEOIJYPPEHZERXEKISJGYVVIRXMRGSQIXVYWXPIKMWPEXMSRFIJSVIMXMWWGLIHYPIHXSIRHMR6IKEVHPIWWSJ
SYVXE\WXVYGXYVI[IJSVIWIISRKSMRKMRZIWXSVHIQERHJSVLMKL]MIPHHMZMHIRHTE]MRKWXSGOW;IRIZIVXLIPIWWMRYRHIVXSSOEVIZMI[SJ
XLIPSRKXIVQMQTPMGEXMSRWSJEGLERKIXSXLIMRGSQIXVYWXPIKMWPEXMSRMRGPYHMRKMXWTSWWMFPIMQTEGXSRSYVKVS[XL;IGSRWMHIVIHEPXIVREXMZIW
SJGSRXMRYMRKSYVI\MWXMRKKVS[XLWXVEXIK][MXLMRXLIJSVIWXWIIHPMRKWIGXSVSJMQTPIQIRXMRKEFVSEHIVKVS[XLWXVEXIK]SVSJWIPPMRKSV
VIWXVYGXYVMRKSYVMRGSQIXVYWXJYRH
8LIXVYWXIIWGSRGPYHIHXLEXSYVIWXEFPMWLIHWXVEXIK]XSEGUYMVIGSQTEXMFPIFYWMRIWWIWVIQEMRWZMEFPI3YVPSRKIVXIVQJSGYWXLIVIJSVIMWXS
FYMPHQEVOIXWMRXLIJSVIWXWIIHPMRKWIGXSVERHXSI\TPSVISTTSVXYRMXMIWMRVIPEXIHMRHYWXVMIW;IEPWSWIITSXIRXMEPXSHMZIVWMJ]SYVGYWXSQIV
FEWIXSWIVZIGEVFSRWIUYIWXVEXMSRTVSNIGXWERHSXLIVKSZIVRQIRXHVMZIRGPMQEXIGLERKIMRMXMEXMZIW
%WTEVXSJXLIWXVEXIKMGVIZMI[TVSGIWW[IXSSOEHZERXEKISJERSTTSVXYRMX]XSWXVIEQPMRIKSZIVRERGIERHVIWXVYGXYVIXLIJYRHF]MRXIVREPM^MRK
QEREKIQIRX;II\TIGXXLIWIGLERKIWXSQSHIWXP]VIHYGISYVEHQMRMWXVEXMSRGSWXWMRHYIGSYVWI
0SSOMRKELIEH
3YVGSVISTIVEXMSRWVIQEMRWSYRHERH[II\TIGXXSQEMRXEMRSYVQEVOIXWLEVIMR;IEVILS[IZIVMRXLIQMHWXSJEXSYKLG]GPIXLEX
[MPPVIWYPXMRPS[IVWIIHPMRKZSPYQIWERHTVMGIWEWWYVTPYWGETEGMX]GSQIWEZEMPEFPIMRXLIMRHYWXV])ZIRXLSYKLKSZIVRQIRXQEREKIHXVII
TPERXMRKTVSKVEQWGSRXMRYIXSMRGVIEWIWIIHPMRKHIQERH[IHSRSXI\TIGXSVHIVWJVSQXLIWITVSKVEQWXSSJJWIXXLIHVEQEXMGEPP]VIHYGIH
HIQERHJVSQJSVIWXMRHYWXV]GYWXSQIVWMR
%GGSVHMRKP]SYVMQQIHMEXIKSEPMWXSWXEFMPM^IGEWLµS[ERHSTIVEXMSRWYRXMPXLIJSVIWXMRHYWXV]VIXYVRWXSRSVQEP;II\TIGXXLI97LSYWMRK
QEVOIX[MPPWLS[MQTVSZIQIRX[MXLMRXLIRI\XX[S]IEVW8LMW[MPPPIEHXSEVIWYQTXMSRSJVSFYWXHIQERHJSVJSVIWXWIIHPMRKWEWXMQFIVLEVZIWXMRK
PIZIPWMRGVIEWIERHGSQTERMIWGEXGLYT[MXLER]TSWXTSRIHQERHEXIHTPERXMRKVIUYMVIQIRXW-RXLIQIERXMQI[ILEZIVIZMI[IHSYVTPERRIH
WTIRHMRKERHGETEGMX]YXMPM^EXMSRERH[MPPQEOIVIHYGXMSRW[LIVI[IGER[MXLSYXWEGVM´GMRKPSRKXIVQWXVEXIKMGMRMXMEXMZIW
8LI&'KSZIVRQIRX«W1SYRXEMR4MRI&IIXPI%GXMSR4PERMRGPYHIWMRGVIEWIHLEVZIWXPIZIPWSJQIVGLERXEFPIXMQFIV,S[IZIVEKVIEXHIEP
SJXLIJSVIWXOMPPIHF]XLIFIIXPISYXFVIEOGSRXEMRWXVIIWSJPMXXPISVRSGSQQIVGMEPZEPYI8LIVIMWGSRWMHIVEFPIHIFEXISZIVLS[XSVIWXSVI
XLIWIJSVIWXW;IFIPMIZIXLEXVIJSVIWXEXMSRMWEZMEFPIEPXIVREXMZIERHXLEXTEVXWSJXLIWIPERHW[MPPIZIRXYEPP]FIVITPERXIHEWTEVXSJXLI
KSZIVRQIRX«WWXVEXIKMGVIJSVIWXEXMSRIJJSVXW
;IEVI[MXRIWWMRKEWLMJXMRKSZIVRQIRXERHTYFPMGXLMROMRKXSEHHVIWWGPMQEXIGLERKIMWWYIWERHEWYFWXERXMEPGLERKIMRJSVIWXTSPMG]ERH
TVEGXMGIW8LI&'KSZIVRQIRXVIGIRXP]ERRSYRGIHTPERWXSTYVWYIEKSEPSJ^IVSRIXHIJSVIWXEXMSRERHXSTYXXLEXKSEPMRXSPE[F]-R
XLIMRXIVMQXLIKSZIVRQIRX«W*SVIWXWJSV8SQSVVS[TVSKVEQ[MPPTPERXEREHHMXMSREPQMPPMSRWIIHPMRKWSZIVXLIRI\XJSYV]IEVW
;IXLEROSYVGYWXSQIVWERHMRZIWXSVWJSVXLIMVPS]EPX]ERHGSR´HIRGI;IEPWSEGORS[PIHKISYVIQTPS]IIWJSVXLIMVLEVH[SVOMR
IWTIGMEPP]SYVWEPIWJSVGI[LMGLHMHEXIVVM´GNSFQEMRXEMRMRKQEVOIXWLEVIYRHIVLMKLP]GSQTIXMXMZIGSRHMXMSRW
3RFILEPJSJXLIXVYWXIIWERHQEREKIQIRX
'SPMR%(SFIPP
.SLR/MXGLIR
8VYWXIIERH'LEMVQER
4VIWMHIRX
')3
4EGM´G6IKIRIVEXMSR8IGLRSPSKMIW-RG
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
'SQTER]&YMPHIVW
8SYKLXS´RH8SYKLIVXSWE]KSSHF]I
;IPSWXX[SJVMIRHWMR[LSLIPTIHJSYRHERHFYMPHSYVGSQTER]'LEVPMI.SLRWSRERH
'LVMW;SVXL]FSXLHMIHHYVMRKXLI]IEV
'LEVPMI .SLRWSR [EW LIEH SJ XLI WMPZMGYPXYVI HITEVXQIRX SJ XLI &' KSZIVRQIRX [LIR XLEX
KSZIVRQIRXHIGMHIHXSI\MXXLIVIJSVIWXEXMSRFYWMRIWWMR,INYQTIHEXXLISTTSVXYRMX]
XSFYMPHEGSQTER]ERHXS[SVOMRXLITVMZEXIWIGXSV
'LEVPMI«WZMWMSR[EWJSVXLIIQTPS]IIWXSFY]XLIKSZIVRQIRX«WWIIHPMRKRYVWIVMIWERMHIEXLEX
EPQSWXEPPSJXLIJYPPXMQIWXEJJFSYKLXMRXS&YXXLIZMWMSRRIIHIHETPERERHIZIRXYEPP]QSVI
XLEREPMXXPIQSRI]7S'LEVPMIXYVRIHXS:MGXSVMEFEWIHQEREKIQIRXGSRWYPXERX'LVMW;SVXL]
XSLIPTHIZIPSTEFYWMRIWWTPERJSVXLIRI[GSQTER]'LVMWPMOIHXLIMHIEERHVIGSQQIRHIH
EWXVYGXYVIJSVGVIEXMRKERIQTPS]IIS[RIHGSQTER]
'LEVPMI'LVMW)ZZER)IVHIRERH(ER(EZMIWXLIRJSVQIHXLIRYGPIYWSJEWQEPPHIHMGEXIH
XIEQ XLEX [SVOIH HE] ERH RMKLX JSV QSRXLW XS TYX XSKIXLIV E FMH XS FY] XLI RYVWIVMIW
9RJSVXYREXIP] XLI KSZIVRQIRX VINIGXIH XLI XIEQ«W ´VWX FMH 9RHIXIVVIH XLI XIEQ QEHI E
WIGSRHWYFQMWWMSRXLEXXLIKSZIVRQIRX´REPP]EGGITXIHEJXIVQSRXLWSJRIKSXMEXMSRW
4EGM´G6IKIRIVEXMSR8IGLRSPSKMIW-RG[EWEVIEPMX]&YXXLI[SVO[EWR«XHSRI-R[MXL'LEVPMI
EWTVIWMHIRXERH'LVMWEWZMGIGLEMVQER468FIKERXLITVSGIWWSJKSMRKTYFPMGEWERMRGSQI
XVYWX-XWMRMXMEPTYFPMGSJJIVMRKWSPHSYXVEMWMRKQMPPMSR8LIVIWXEWXLI]WE]MWLMWXSV]
8SHE]XLIZMWMSRERHGSRXVMFYXMSRSJXLIWIX[SGSQTER]FYMPHIVWXSSYVKVS[XLERHWYGGIWWMW
IZIVQSVIETTEVIRXMRXLI[SVOLEFMXWSJXLSWIXLI]QIRXSVIH;I«PPQMWW]SYSPHJVMIRHW
;I PSWX X[S JVMIRHW MR [LS LIPTIH JSYRH ERH FYMPH SYV
GSQTER] 'LVMW;SVXL] PIJX ERH 'LEVPMI .SLRWSR VMKLX FSXL
HMIHHYVMRKXLI]IEV
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
;MRHWSJ'LERKI
-RXLIIEVP]QSVRMRKLSYVWSJ(IGIQFIVE[MRHWXSVQ[MXLKYWXWRIEVMRKOMPSQIXIVW
TIVLSYVVMTTIHEW[EXLXLVSYKL7XERPI]4EVO:ERGSYZIV«WGVS[RNI[IP&]XLIXMQIXLIWXSVQ
FPI[MXWIPJSYXRIEVP]SJXLITEVO«WLIGXEVIW[EWFEHP]FVYMWIHERHFVSOIR8LI´REPXSPP
ETTVS\MQEXIP]XVIIWHS[RERHERIWXMQEXIHGPIERYTERHVIWXSVEXMSRFMPPSJQMPPMSR
%WEFRSVQEPEWXLMWIZIRXETTIEVIHEFPS[HS[RSJXLMWQEKRMXYHIMWEREXYVEPIZIRXMRQEXYVI
JSVIWXW8LIYVFERTYFPMGLS[IZIVVEVIP]WIIWWYGLHEQEKI7SMX[EWUYMXIEWLSGOJSVXLSWI
[LSORS[ERHPSZI7XERPI]4EVO7XMPPMXWLSYPHR«XLEZIFIIREFMKWYVTVMWI4VSJIWWMSREPJSVIWXIVW
TVIHMGXIHWYGLERIZIRXRIEVP]]IEVWEKSFEWIHSRXLIMVWXYH]SJXLIJSVIWX«WLIEPXL
468TPE]IHERMQTSVXERXVSPIMRIJJSVXWXSFVMRK7XERPI]4EVOFEGOXSMXW
JSVQIVKPSV]F]HSREXMRKWIIHPMRKW
%PP MR EPP XLI [MRHWXSVQ HEQEKI WIVZIH E XMQIP] TYVTSWI 9VFER JSVIWXW EVI MRGVIEWMRKP]
VIGSKRM^IH JSV XLIMV EFMPMX] XS WYWXEMR LIEPXL] GSQQYRMXMIW 8LI] TVSZMHI LEFMXEX ERH JSSH
WSYVGIWJSV[MPHPMJIGSSP[EXIVGSYVWIWQMXMKEXIRSMWIERHHYWXPIZIPWMQTVSZIEMVERH[EXIV
UYEPMX]EFWSVFTSPPYXERXWWIUYIWXIVGEVFSRERHLIPTGSRWIVZIIRIVK]
%KVS[MRKETTVIGMEXMSRSJXLIWIFIRI´XWERHXLIWXVSRKIQSXMSREPFSRHQER]TISTPILEZI
[MXL7XERPI]4EVOLIPTIHVEPP]TYFPMGWYTTSVXJSVMXWVIWXSVEXMSR1SVIXLERMRHMZMHYEPW
ERHGSVTSVEXMSRWHSREXIHQMPPMSRERHXLVIIPIZIPWSJKSZIVRQIRXIEGLGSRXVMFYXIH
QMPPMSRXSJYRHXLI7XERPI]4EVO6IWXSVEXMSR4PERFYHKIXSJQMPPMSR
%KSEPSJXLITPERMWXSIWXEFPMWLERHQEMRXEMRGSRHMXMSRWMR[MRHWXSVQHEQEKIHEVIEWXLEX
JSWXIVEVIWMPMIRXGSEWXEPJSVIWX[MXLEHMZIVWMX]SJREXMZIXVIIERHSXLIVWTIGMIWERHLEFMXEXW
468 TPE]IH ER MQTSVXERX VSPI MR IJJSVXW XS FVMRK 7XERPI] 4EVO FEGO XS MXW JSVQIV KPSV] F]
HSREXMRKWIIHPMRKW;ITVSZMHIH[IWXIVRVIHGIHEVERHGSEWXEP(SYKPEW´V
WIIHPMRKWXLEX&VMROQERERH%WWSGMEXIW6IJSVIWXEXMSR[MPPTPERXF]HSREXMSRMRWTVMRK
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
4EVXRIVWMR6IRI[EP
%WXLIPEVKIWXTPERXSRIEVXLXLIXVIILEWFIIREQENSVWSYVGISJWXMQYPEXMSRXSXLIQ]XLMG
MQEKMREXMSR 1ER] GYPXYVIW LEZI MRZIWXIH XVIIW [MXL E HMKRMX] ERH UYEPMXMIW YRMUYI XS XLIMV
REXYVI8SHE]XLIXVIIMWZMI[IHMRGVIEWMRKP]EWEQIERWXSMRZIWXMRXLILIEPXLSJSYVTPERIX
F]GSQFEXMRKGPMQEXIGLERKI
'PMQEXIGLERKIMW[MHIP]GSRWMHIVIHXSFIXLIFMKKIWXIRZMVSRQIRXEPMWWYIXLMWGIRXYV](SMRK
WSQIXLMRK EFSYX MX LS[IZIV VIQEMRW E WMKRM´GERX GLEPPIRKI 8LI TVSFPIQ WIIQW SZIVP]
GSQTPI\ERHXSSSZIV[LIPQMRKJSVER]SRISJYWXSQEOIEHMJJIVIRGI
8LIWMQTPIEGXSJTPERXMRKEJSVIWXWIIHPMRKLS[IZIVGERLEZIETS[IVJYPERHPEWXMRKMQTEGX
8LIWMQTPMGMX]ERHWXVIRKXLSJXLMWWSPYXMSRLEWRSXFIIRPSWXSRKSZIVRQIRXWGSVTSVEXMSRW
ERHSVKERM^EXMSRWWIIOMRK[E]WXSMQTPIQIRXIRZMVSRQIRXEPWXI[EVHWLMTTVSKVEQW
;I WII XLIWI MRGVIEWMRKP] TSTYPEV GSRWIVZEXMSR ERH IRZMVSRQIRXEP
MRMXMEXMZIWEWEKVS[MRKRI[QEVOIXJSVSYVJSVIWXWIIHPMRKW
8LI8VII'EREHE*SYRHEXMSRJSVI\EQTPILIPTWSVKERM^EXMSRWXYVRGSRJIVIRGIWXVEHIWLS[W
SVERRYEPQIIXMRKWMRXSGEVFSRRIYXVEPIZIRXW8LIJSYRHEXMSRSJJWIXWXLIEQSYRXSJGEVFSR
KIRIVEXIHXLVSYKLXVEZIPLIEXMRKPMKLXMRKERHSXLIVEGXMZMXMIWF]TPERXMRKXVIIW%PWSGSQTYXIV
QERYJEGXYVIV (IPP LEW PEYRGLIH MXW 4PERX E8VII JSV 1I TVSKVEQ [LMGL QEOIW MX IEW] ERH
EJJSVHEFPIJSVMRHMZMHYEPWGSVTSVEXMSRWSVIZIRIRXMVIGSQQYRMXMIWXS¨KS^IVS©8LITVSKVEQ
QIEWYVIW ERH XLIR TPERXW XVIIW XS SJJWIX GEVFSR IQMWWMSRW EWWSGMEXIH [MXL XLI IPIGXVMGMX]
KIRIVEXIHXSTS[IV-8TVSHYGXW
;IWIIXLIWIMRGVIEWMRKP]TSTYPEVGSRWIVZEXMSRERHIRZMVSRQIRXEPMRMXMEXMZIWEWEKVS[MRKRI[
QEVOIXJSVSYVJSVIWXWIIHPMRKW;SVOMRK[MXLSYVGYWXSQIVW[ILEZIEGXMZIP]WSYKLX[E]WXS
GETMXEPM^ISRSTTSVXYRMXMIWXSLIPTKVIIRXLI[SVPH%WEVIWYPX[ISJJIVGSQQIQSVEXMZI468
7MRKPIW8LIWIWMRKPIJSVIWXWIIHPMRKWEVIMHIEPJSVKSSHGEYWIWYRHIVXEOIRJSVI\EQTPIF]
7GSYXXVSSTWERHFEPPXIEQWERHEWTEVXSJTEVEHIWQEVEXLSRWERHSXLIVGSQQYRMX]IZIRXW
6IGIRXP]468TVSZMHIHGSQQIQSVEXMZIWIIHPMRKWXSXLI%WWSGMEXMSRSJ&'*SVIWX4VSJIWWMSREPW
XS LIPT GIPIFVEXI *SVIWXV] ;IIO MR 'EREHE XS XLI 4SVXPERH 1EVEXLSR ERH XS XLI 9RMSR SJ
&VMXMWL'SPYQFME1YRMGMTEPMXMIWJSVMXWGSRZIRXMSR'PMQEXIWSJ'LERKI
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
)GSRSQMGKVS[XL
XLVSYKLGEVFSRGETXYVI
*SVIWXWERHWSMPWLEZIEWMKRM´GERXMRµYIRGISREXQSWTLIVMGPIZIPWSJGEVFSRHMS\MHI§XLI
QSWXMQTSVXERXSJXLIKPSFEP[EVQMRKKEWWIWIQMXXIHF]LYQEREGXMZMXMIW
8IVVIWXVMEPGEVFSRWIUYIWXVEXMSRMWXLITVSGIWWXLVSYKL[LMGLGEVFSRHMS\MHIJVSQXLIEXQSWTLIVI
MWEFWSVFIHF]XVIIWERHGVSTW8LMWTVSGIWWORS[REWTLSXSW]RXLIWMWWXSVIWGEVFSRMRXLI
FMSQEWWSJXVIIXVYROWFVERGLIWJSPMEKIERHVSSXWERHMRWSMPW%KVMGYPXYVIERHJSVIWXV]EGXMZMXMIW
GEREPWSVIPIEWIGEVFSRHMS\MHIMRXSXLIEXQSWTLIVI;LEXMWORS[REWEGEVFSR¨WMRO©SGGYVW
[LIRGEVFSRWIUYIWXVEXMSRMWKVIEXIVXLERXLIGEVFSRVIPIEWIHSZIVXMQI
8LI8VIIWJSV8SQSVVS[TVSKVEQ[MPPTPERXQMPPMSRWSJXVIIWMRFEGO]EVHW
WGLSSP]EVHWLSWTMXEPKVSYRHWGMZMGTEVOWGEQTYWIWTEVOMRKPSXWERH
SXLIVTYFPMGWTEGIWXLVSYKLSYX&VMXMWL'SPYQFME
%GGSVHMRK XS XLI -RXIVKSZIVRQIRXEP 4ERIP SR 'PMQEXI 'LERKI E WGMIRXM´G FSH] WIX YT F]
XLI;SVPH1IXISVSPSKMGEP3VKERM^EXMSRERHF]XLI9RMXIH2EXMSRW)RZMVSRQIRX4VSKVEQXVII
TPERXMRKJSVIWXTVIWIVZEXMSRERHMQTVSZIHEKVMGYPXYVEPQEREKIQIRXGSYPHVIWYPXMRFMPPMSR
XSRRIWSJGEVFSRFIMRKWIUYIWXIVIHSZIVXLIRI\X]IEVW8LMW[SYPHSJJWIXJVSQXS
SJXLI[SVPH«WTVSNIGXIHJSWWMPJYIPIQMWWMSRW
8LIVIEVIXLVIIFVSEHQIERWF][LMGLEKVMGYPXYVEPERHJSVIWXV]TVEGXMGIWGERVIHYGIKVIIRLSYWI
KEWIW
ˆ EZSMHIQMWWMSRWF]QEMRXEMRMRKI\MWXMRKGEVFSRWXSVEKIMRXVIIWERHWSMPWIKF]´VI
TVIZIRXMSR
ˆ MRGVIEWIGEVFSRWXSVEKI[MXLEGXMZMXMIWWYGLEWXVIITPERXMRKERHGSRZIVXMRKJVSQ
GSRZIRXMSREPXSGSRWIVZEXMSRXMPPEKITVEGXMGIWSREKVMGYPXYVEPPERHW
ˆ WYFWXMXYXIJSWWMPJYIP[MXLJYIPWHIVMZIHJVSQXVIIWERHSXLIVTPERXW[LMGLVIQSZI
GEVFSRHMS\MHIJVSQXLIEXQSWTLIVI[LMPIKVS[MRK
6IGSKRM^MRK XLI RIIH JSV GEVFSR SJJWIX TVSNIGXW XLEX TVSHYGI QIERMRKJYP ERH QIEWYVEFPI
KVIIRLSYWIKEWVIHYGXMSRWXLI&'KSZIVRQIRXVIGIRXP]ERRSYRGIHMXWMRXIRXMSRXSGVIEXIE
4EGM´G'EVFSR8VYWX8LIXVYWX[MPPJSWXIVIGSRSQMGKVS[XLJVSQSTTSVXYRMXMIWMRGEVFSRGVIHMX
XVEHMRKERHGEVFSRSJJWIXWMRGPYHMRKTVSNIGXWMRGEVFSRGETXYVIERHERI[YVFEREJJSVIWXEXMSR
MRMXMEXMZI8VIIWJSV8SQSVVS[8LMWTVSKVEQ[MPPTPERXQMPPMSRWSJXVIIWMRFEGO]EVHWWGLSSP]EVHW
LSWTMXEPKVSYRHWGMZMGTEVOWGEQTYWIWTEVOMRKPSXWERHSXLIVTYFPMGWTEGIWXLVSYKLSYX&VMXMWL
'SPYQFME
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
1EREKIQIRX«W(MWGYWWMSR
%REP]WMW
;IEVITPIEWIHXSTVIWIRXXLIERRYEPVITSVXJSVXLI468*SVIWX6IKIRIVEXMSR-RGSQI*YRH8LMWWIGXMSRTVIWIRXW
QEREKIQIRX«WZMI[SJXLISTIVEXMRKVIWYPXWGEWLµS[W´RERGMEPTSWMXMSRERHFYWMRIWWSJXLI*YRHERHMXW[LSPP]S[RIH
STIVEXMRKWYFWMHMEV]4EGM´G6IKIRIVEXMSR8IGLRSPSKMIW-RG¨468©
5IJTEJTDVTTJPODPOUBJOTGPSXBSEMPPLJOHTUBUFNFOUTUIBUJOWPMWFSJTLTBOEVODFSUBJOUJFT5IFTFGPSXBSEMPPLJOHTUBUFNFOUT
SFMBUFUPBNPOH PUIFS UIJOHT FYQFDUBUJPOT GPS GVUVSF PSEFS WPMVNFT QSJDJOH PQFSBUJOH DPTUT BOE PUIFS FYQFOEJUVSFT
UIFGVUVSFJNQBDUPGBDRVJTJUJPOTUIFPVUMPPLGPSGVUVSFFOFSHZQSJDFTQMBOTBOEPQQPSUVOJUJFTGPSDBQJUBMTQFOEJOHBOE
PUIFSTUBUFNFOUTDPOUBJOFEJOUIJTEJTDVTTJPOUIBUBSFOPUIJTUPSJDBMGBDU8PSETTVDIBT²BOUJDJQBUF³²FYQFDU³²QPUFOUJBM³
²JOUFOET³²PQQPSUVOJUZ³²CFMJFWFT³²NBZ³²XJMM³BOEWBSJBUJPOTPGTVDIXPSETBOETJNJMBSFYQSFTTJPOTBSFJOUFOEFEUP
JEFOUJGZTVDIGPSXBSEMPPLJOHTUBUFNFOUT5IFTFTUBUFNFOUTBSFCBTFEPONBOBHFNFOUµTDVSSFOUFYQFDUBUJPOTBOECFMJFGT
BOEBDUVBMFWFOUTPSSFTVMUTNBZEJGGFSNBUFSJBMMZ3JTLTBOEVODFSUBJOUJFTJODMVEFCVUBSFOPUMJNJUFEUPBHSJDVMUVSBMSJTLTBOE
DSPQZJFMETGVUVSFDPNNPEJUZQSJDFTFYDIBOHFSBUFSJTLTUIFPVUMPPLGPSUIFGPSFTUJOEVTUSZUIFSJTLUIBUBDRVJTJUJPOTNBZ
OPUCFJOUFHSBUFEBTQMBOOFEUIFJNQBDUPGQSPQPTFEDIBOHFTUPJODPNFUSVTUUBYBUJPOBOEPUIFSSJTLTJEFOUJGJFEGSPNUJNF
UPUJNFJOUIF'VOEµTBOOVBMSFQPSUBOOVBMJOGPSNBUJPOSFUVSOQSPTQFDUVTBOEPUIFSGJMJOHEPDVNFOUT5IFTFEPDVNFOUT
BSF BWBJMBCMF JO FMFDUSPOJD GPSN BU XXXTFEBSDPN PS CZ DPOUBDUJOH UIF 'VOE EJSFDUMZ 'PSXBSEMPPLJOH TUBUFNFOUT BSF
CBTFEPODVSSFOUFYQFDUBUJPOTBOEUIFDPNQBOZBTTVNFTOPPCMJHBUJPOUPVQEBUFTVDIJOGPSNBUJPOUPSFGMFDUMBUFSFWFOUTPS
EFWFMPQNFOUTFYDFQUBTSFRVJSFECZMBX
3FBEFSTBSFDBVUJPOFEOPUUPQMBDFVOEVFSFMJBODFPOGPSXBSEMPPLJOHTUBUFNFOUT
8LMWQEREKIQIRX«WHMWGYWWMSRERHEREP]WMWLEWFIIRTVITEVIHFEWIHSRMRJSVQEXMSREZEMPEFPIEWEX*IFVYEV]
-RVIGIRX]IEVW468LEWI\TIVMIRGIHSTIVEXMRKGLEPPIRKIWMRGPYHMRKLMKLIVGSWXWGEYWIHF]VMWMRKIRIVK]TVMGIWQEVOIX
HMWVYTXMSRWVIWYPXMRKJVSQXLIWSJX[SSHPYQFIVHMWTYXIERHWSJXIV97HSPPEVERHSXLIVJEGXSVW&]LS[IZIVQEVOIX
GSRHMXMSRWFIKERXSMQTVSZIWSQI[LEXEWWMPZMGYPXYVIWTIRHMRKVIXYVRIHXSQSVIRSVQEPPIZIPWHYIMRTEVXXSELMKLVEXI
SJGYXF]JSVIWXMRHYWXV]GYWXSQIVWXSQIIX97PYQFIVHIQERHERHF]MRGVIEWIHXMQFIVGYXXMRKMR&'XSWEPZEKIHEQEKIH
XMQFIV-REWIXXPIQIRX[EWVIEGLIHMRXLIWSJX[SSHPYQFIVXVEHIHMWTYXI[LMGLVIQSZIHWSQIYRGIVXEMRX]JVSQ
JSVIWXV]QEVOIXW468[EWEFPIXSMRGVIEWIWIIHPMRKSVHIVZSPYQIWMRXLMWIRZMVSRQIRXERHWYTTPIQIRXIHXLMWEHHIH
FYWMRIWW[MXLX[SRYVWIV]EGUYMWMXMSRWHYVMRK[LMGLGSRXVMFYXIHXSMQTVSZIH´RERGMEPTIVJSVQERGIMRERH
,S[IZIVF]EHS[RXYVRMR97LSYWIGSRWXVYGXMSRPIHXSVIHYGIHPYQFIVHIQERHERHGSQFMRIH[MXL
97HSPPEVHITVIGMEXMSRVIWYPXIHMRPS[IVPSKKMRKEGXMZMX]MR468«WTVMQEV]QEVOIXW[LMGLMRXYVRVIWYPXIHMRPS[IVJSVIWX
WIIHPMRKSVHIVW0YQFIVQEVOIXGSRHMXMSRWLEZIGSRXMRYIHXSHIXIVMSVEXIMRXSI\EGIVFEXIHF]PS[TVMGIWERH
GSRXMRYIH[IEOIRMRKSJXLI97HSPPEVERHEGGSVHMRKP]WIIHPMRKQEVOIXWEVII\TIGXIHXSFI[IEOXLVSYKL
3TIVEXMRK6IWYPXW
'PSUIF:FBS&OEFE%FDFNCFS
3TIVEXMRKIEVRMRKWMR[IVIHS[RWSQI[LEXHYIXSXLIMQTEGXSJPS[IVGSRXVEGXZSPYQIWERHGIVXEMRSRIXMQI
I\TIRWIWSJXLI*YRH
6IZIRYIWJSVXLI]IEVHIGVIEWIHF]QMPPMSRJVSQSRXLIPS[IVGSRXVEGXZSPYQIWERH[IEOIV97HSPPEVTEVXMEPP]
SJJWIXF]LMKLIVVIZIRYIWJSVXVIITPERXMRKERHSXLIVWIVZMGIW
468QIEWYVIWTVSHYGXMSRZSPYQIWMRWIIHPMRKFPSGOW[LMGLMWEYRMJSVQQIEWYVISJKVS[MRKWTEGIVITVIWIRXIHF]E
WXERHEVH7X]VSFPSGO81KVS[MRKGSRXEMRIV8LMWQIEWYVIMWGSRWMHIVIHQSVIQIERMRKJYPXLERXLIRYQFIVSJXVIIWWMRGI
XVIIWM^IWZEV][MHIP]FIX[IIRQEVOIXWERHGYWXSQIVWERHXVIITVMGIWZEV]EGGSVHMRKP]6IZIRYIWKIRIVEXIHTIVWIIHPMRK
FPSGOXIRHXSFIQSVIYRMJSVQEWXLIRYQFIVSJWIIHPMRKWTVSHYGIHTIVFPSGOERHTVMGITIVXVII[MPPZEV]TVSTSVXMSREXIP]
[MXLXLIWM^ISJXLIWIIHPMRK
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
'SRXVEGXIHWIIHPMRKFPSGOZSPYQIW[IVIPS[IVSRE]IEV
SZIV]IEVFEWMWMR4EVXMEPP]SJJWIXXMRKXLIHIGVIEWIH
Annual Blocks Sown and Block Revenue Index
2500
100
2000
80
UYEVXIVSJGVST]MIPHEHNYWXQIRXWMRXLITVMSVTIVMSH
1500
ERHLMKLIVXVIITPERXMRKVIZIRYIWVIPEXMZIXS
468«WEZIVEKIVIEPM^IHWIIHPMRKTVMGMRKMR[EWWPMKLXP]
LMKLIVXLERHYIXSXLIMQTEGXSJTVSHYGXQM\GLERKIW
1000
Price Index (1997=100)
GSRXVEGXW XLEX [IVI RSX GSQTPIXIH YRXMP XLI ´VWX
Blocks (000’s)
FPSGO ZSPYQIW [IVI IEVRIH VIZIRYI GSRXVMFYXMSRW JVSQ
500
ERHQSHIWXTVMGIMRGVIEWIW
'SWXWSJTVSHYGXMSREWETIVGIRXEKISJVIZIRYIJIPPWPMKLXP]
XSJVSQMRXLITVMSV]IEV4VSHYGXMSRGSWXWHIGPMRIH
SZIVEPP[MXLXLIPS[IVZSPYQIERH[MXLPS[IVIRIVK]GSWXW[LMPI
0
97
98
99
00
01
02
03
04
05
06
07
60
40
20
0
Seedling blocks sown
Impact of acquisitions
Block revenue index
QEVKMRWEPWSMQTVSZIH[MXLMQTVSZIHTVMGIWERHEHIGVIEWIMR
XLITVSTSVXMSRSJGIVXEMRPS[IVQEVKMRTVSHYGXW8LMW[EWTEVXMEPP]SJJWIX[MXLGPSWYVIGSWXWEXXLI2IZEHERYVWIV]
+VIIRLSYWILIEXMRKGSWXWHIGVIEWIHMRHYIXSPS[IVIRIVK]TVMGIWERHQSHIWXP]PS[IVGSRWYQTXMSRXLMW[EW
MQTEGXIHF]XLIQM\SJGVSTWMRGPYHMRKQSVISVHIVW[MXLPEXIVWIEWSRWS[MRKHEXIW%WETIVGIRXEKISJVIZIRYILIEXMRK
GSWXWJIPPXSETTVS\MQEXIP]JVSQMR-R468GSRXVEGXIHJSV[EVHETTVS\MQEXIP]SJMXWIWXMQEXIH
ERRYEPKEWRIIHWXSVIHYGII\TSWYVIXSGSQQSHMX]TVMGIµYGXYEXMSRWERHEXTVMGIWWPMKLXP]FIPS[XLSWITEMHMR
;MXLXLMWJSV[EVHFY]MRKWXVEXIK]MRTPEGIQEREKIQIRXIWXMQEXIWXLEXXLI*YRH«WWIRWMXMZMX]XSREXYVEPKEWTVMGIGLERKIW
MRMWETTVS\MQEXIP]TIVYRMXSJHMWXVMFYXEFPIGEWLµS[JSVIZIV]TIVKMKENSYPIGLERKIMRXLIEZIVEKI
ERRYEPGSWXSJREXYVEPKEWERHXLEXEGLERKIMRGSRWYQTXMSR[SYPHMQTEGXHMWXVMFYXEFPIGEWLF]ETTVS\MQEXIP]
TIVYRMX
Greenhouse Heating Cost/Consumption Trend
30
20
Megajules
per block month
40
10
0
'SQFMRIH7IPPMRK+IRIVEPERH%HQMRMWXVEXMSRGSWXW[LMGL
Heating cost as a % of revenue
50
00
01
02
03
04
05
06
07
MRGPYHIW PSGEP RYVWIV] QEREKIQIRX [IVI QMPPMSR
6%
LMKLIV SZIVEPP ERH EW E TIVGIRXEKI SJ VIZIRYIW 7+
%
5
GSWXW KVI[ XS JVSQ PEWX ]IEV 4EVX SJ XLI
4
MRGVIEWIVIPEXIWXSETTVS\MQEXIP]QMPPMSRMRSRIXMQI
3
GSWXWVIPEXIHXSI\XVESVHMREV]TVS\]WSPMGMXEXMSREGXMZMXMIW
JSVXLI*YRH«W%RRYEP+IRIVEP1IIXMRKMR.YRIEW[IPP
2
EWGSWXWEWWSGMEXIH[MXLXLITVIZMSYWP]ERRSYRGIHVIZMI[
1
SJWXVEXIKMGEPXIVREXMZIW%JXIVVIQSZMRKXLIIJJIGXSJXLIWI
0
RSRVIGYVVMRKI\TIRWIWXLI7+
%GSWXEWETIVGIRXEKISJ
VIZIRYI[EW[MXLXLIMRGVIEWITVMQEVMP]HYIXSXLI
Consumption in Mj per b lock month
Percentage of revenue
PS[IVVIZIRYIWMR
-RGPYHIHMR7IPPMRK+IRIVEPERH%HQMRMWXVEXMSRGSWXWMWXLIQEREKIQIRXJIIXS4681EREKIQIRX-RG¨41-©JSVGSVTSVEXI
QEREKIQIRXERHEHQMRMWXVEXMSR%WHMWGYWWIHPEXIVMRXLMWVITSVX41-[EWEQEPKEQEXIHMRXS468MR2SZIQFIVFYXTVMSV
XSXLEX41-[EWS[RIHF]GYVVIRXERHJSVQIVIQTPS]IIWSJJMGIVWERHHMVIGXSVWSJ468ERHEWWYGL[EWEVIPEXIHTEVX]*IIW
TE]EFPIXS41-[IVIHIXIVQMRIHFEWIHSRVIMQFYVWIQIRXSJ41-«WEGXYEPGSWXW[MXLSYXEPPS[ERGIJSVTVSJMXERHXLIXIVQWSJ
XLIEKVIIQIRXEVIHMWGPSWIHMRXLIRSXIWXSXLI*YRH«WJMRERGMEPWXEXIQIRXW
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
1EREKIQIRX«W(MWGYWWMSR
%REP]WMWGSRXMRYIH
25
-RVIGIRX]IEVWXLI*YRHI\TERHIHMXWFYWMRIWWMRXSXLI97
Selling General & Administrative Expense
as a Percentage of Revenue
ERHLEHIWXEFPMWLIHRYVWIVMIWXLIVIXSWIVZMGIGYWXSQIVWMR
FSXLQEVOIXW97WSYVGIHKVS[MRKGSRXVEGXWGYVVIRXP]I\GIIH
97 KVS[MRK GETEGMX] VIWYPXMRK MR E RIX JSVIMKR I\GLERKI
I\TSWYVI8SLIPTJYVXLIVVIHYGIXLMWI\TSWYVIXLIGSQTER]
20
LEWGVIEXIHEREXYVEPGYVVIRG]LIHKIF]´RERGMRK97HSPPEV
EWWIXW[MXL97HSPPEVHIRSQMREXIHHIFX468QE]EPWSYWI
15
JSV[EVHI\GLERKIGSRXVEGXWJSVXLMWTYVTSWI%GGSVHMRKP]SR
RIXI\TSWYVIXLI'SQTER]VIGSVHIHEQMPPMSRI\GLERKI
10
KEMRQEMRP]SRXLIXVERWPEXMSRSJ97HSPPEVHIFX
98
99
00
SG&A Ratio
01
02
03
04
05
06
Normalized SG&A
07
*SVIMKRGYVVIRG]I\GLERKIKEMRWERHPSWWIWQE]FIVIEPM^IH
SVYRVIEPM^IH8LI*YRHVIGSVHWVIEPM^IHJSVIMKRI\GLERKI
KEMRWERHPSWWIWSRXLIWIXXPIQIRXWSJQSRIXEV]MXIQWERH
VIGSVHWYRVIEPM^IHKEMRWERHPSWWIWSRXLIXVERWPEXMSRSJJSVIMKRGYVVIRG]GEWLFEPERGIWERHRSRGEWLQSRIXEV]FEPERGIW
3RP]VIEPM^IHJSVIMKRI\GLERKIKEMRWERHPSWWIWEVIMRGPYHIHMRXLIHIXIVQMREXMSRSJGEWLEZEMPEFPIJSVHMWXVMFYXMSR
1EREKIQIRXIWXMQEXIWJSVXLEXXLI*YRH«WWIRWMXMZMX]XSXLI'EREHMER97HSPPEVI\GLERKIVEXIMWPIWWXLERMR
TIVYRMXHMWXVMFYXEFPIGEWLµS[JSVIZIV]'%GLERKIMRVIPEXMZIZEPYISJXLI'EREHMERHSPPEV
-RXIVIWXI\TIRWIJSVXLI]IEVHIGVIEWIHF]QMPPMSRTVMQEVMP]EWEVIWYPXSJWPMKLXP]PS[IVSTIVEXMRKPMRIVIUYMVIQIRXWERH
PS[IVXIVQHIFXFEPERGIWHYIXSQMRMQM^IHGETMXEPWTIRHMRKHYVMRKXLIGYVVIRXQEVOIXHS[RXYVR
(ITVIGMEXMSRERHEQSVXM^EXMSRGLEVKIWMRGVIEWIH]IEVSZIV]IEVHYIXSVIZMWMSRWMRXLIIWXMQEXIHYWIJYPPMJISJGIVXEMR
RYVWIV]EWWIXWSRPIEWIHTVSTIVX]ERHTVSZMWMSRWQEHIJSVEWWIXWVIXMVIHJVSQWIVZMGI
468LEWEIUYMX]MRZIWXQIRXMREGSQTER]MRZSPZIHMRHIZIPSTMRKWSJX[EVIJSVWMPZMGYPXYVIQEREKIQIRXF]JSVIWX
GSQTERMIWERHMWYWMRKXLMWWSJX[EVIXSIPIGXVSRMGEPP]TVSZMHIWIIHPMRKGSRXVEGXMRJSVQEXMSRXSMXWGYWXSQIVW8LIIUYMX]MR
PSWWSJXLIMRZIWXIIMWTVMQEVMP]GVIEXIHF]EQSVXM^EXMSRSJMRXERKMFPIEWWIXWFSSOIHSRXLIMRMXMEPTYVGLEWIERHXLIVIJSVI
HSIWRSXMQTEGX468«WSTIVEXMRKGEWLµS[
-RXLIWTVMRKSJ468GPSWIHMXW2IZEHERYVWIV]JEGMPMX]XSMQTVSZIGVSTVIPMEFMPMX]ERHIGSRSQMIWSJWGEPI8LI
2IZEHERYVWIV][EWERMQTSVXERXTMPSXTVSNIGXWXIQQMRKJVSQ468«WWXVEXIK]XSHIZIPSTQSVIIRIVK]IJ´GMIRXKVS[MRK
XIGLRMUYIW)\TIRHMXYVIWXSHMWQERXPIERHVIPSGEXITVSHYGXMSREWWIXWXSXEPPIHQMPPMSRERHEVIGPEWWM´IHEW¨)\MX
EGXMZMX]GLEVKIW©MRXLI´RERGMEPWXEXIQIRXW-R(IGIQFIVETSVXMSRSJXLIVIEPIWXEXIEWWIXW[IVIWSPH]MIPHMRKEREWWIX
HMWTSWEPKEMRSJQMPPMSR8LI)\MXEGXMZMX]GSWXW[IVIJYRHIHJVSQXLITVSGIIHWJVSQXLIWEPISJXLI2IZEHEVIEPIWXEXI
EWWIXWERHEGGSVHMRKP]HSRSXMQTEGXXLI*YRH«WGEPGYPEXMSRSJHMWXVMFYXEFPIGEWL
(YVMRKXLIJSYVXLUYEVXIVXLI*YRHI\IGYXIHEHI´RMXMZIEKVIIQIRXTVSZMHMRKJSVXLIMRXIVREPM^EXMSRSJMXWQEREKIQIRX
XLVSYKLXLIEGUYMWMXMSRSJ41-XLI*YRH«WI\XIVREPQEREKIV8LIXVERWEGXMSR[EWGSQTPIXIHF][E]SJEQEPKEQEXMSRSJ
41-[MXLERI[P]MRGSVTSVEXIH[LSPP]S[RIHWYFWMHMEV]SJ4680IKEPERHEGGSYRXMRKGSWXWJSVXLIEQEPKEQEXMSR[IVI
'SRWMHIVEXMSRJSVXLIEGUYMWMXMSRSJ41-[EWGEWLTPYWXLIGSRXMRKIRXVMKLXXSYRMXWSJXLI*YRH¨)EVR3YX
9RMXW©8LI)EVR3YX9RMXWEVIMWWYEFPISRXLIHEXIXLI8VYWXIIWSJXLI*YRHVIGSQQIRHEXVERWEGXMSRJSVXLIWEPISJXLI*YRH
ER]SJMXWWYFWMHMEVMIWFYWMRIWWSVEWWIXW8LIIRXMXPIQIRXXSXLI)EVR3YX9RMXWI\TMVIWSR.ERYEV]MJRSWYGLXVERWEGXMSR
MWVIGSQQIRHIHF]XLI8VYWXIIWF]XLEXHEXIYRPIWWXLI8VYWXIIWMRXLIMVHMWGVIXMSRHIXIVQMRIXLEXXLI)EVR3YX9RMXWWLEPPFI
MWWYEFPIMRER]IZIRX*SPPS[MRKXLI%QEPKEQEXMSRXLII\MWXMRKQEREKIQIRXEVVERKIQIRXW[IVIMRXIVREPM^IH
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
41-[EWTVIZMSYWP]GSRWSPMHEXIH[MXLXLI*YRHEWEZEVMEFPIMRXIVIWXIRXMX]YRHIV'EREHMER+%%4%WWYGLEWEGSRWSPMHEXIH
WYFWMHMEV]EX(IGIQFIVXLIVIEVIRSWMKRM´GERXGLERKIWXSXLI´RERGMEPVITSVXMRK,S[IZIVGSWXWXSGSQTPIXI
XLIXVERWEGXMSRMRGPYHMRKXLII\GIWWSJXLITYVGLEWITVMGISZIVXLIXERKMFPIEWWIXWEGUYMVIHLEZIFIIRVIGSVHIHEWE
¨'SRXVEGX'ERGIPPEXMSR'SWX©MRXLI'SRWSPMHEXIH7XEXIQIRXSJ)EVRMRKWMREGGSVHERGI[MXL)-'SJXLILERHFSSOSJ
XLI'EREHMER-RWXMXYXISJ'LEVXIVIH%GGSYRXERXW
9RHIV'EREHMER+%%4KSSH[MPPMWRSXEQSVXM^IHFYXMWWYFNIGXXSERERRYEPMQTEMVQIRXXIWX[LMGLQEREKIQIRXTIVJSVQW
IZIV]%YKYWXXLMWXIWXMWVIJIVIRGIHXSXLI*YRH«WYRMXXVEHMRKTVMGI7YFWIUYIRXXSXLIERRYEPMQTEMVQIRXXIWXJSV
QEREKIQIRXERRSYRGIHVIHYGIHHMWXVMFYXMSRWXSYRMXLSPHIVWJSVXLIWIVIHYGXMSRWEVIPEVKIP]EVIWYPXSJPS[IV
JSVIGEWXIHVIZIRYIERHGEWLµS[KIRIVEXMSRJSV
8LIERRSYRGIQIRXVIWYPXIHMREHIGPMRIMRXLI*YRH«WYRMXXVEHMRKTVMGI%WEVIWYPXQEREKIQIRXHIXIVQMRIHXLEXXLI
VIGSVHIHZEPYISJKSSH[MPPI\GIIHIHJEMVZEPYIERHVIGSVHIHERIWXMQEXIHKSSH[MPPMQTEMVQIRXGLEVKISJ
QMPPMSR8LMWMQTEMVQIRXMWERSRGEWLGLEVKIERHLEWRSMQTEGXSRGEWLEZEMPEFPIJSVHMWXVMFYXMSR(YVMRKSYVERRYEPERH
WYFWIUYIRXMQTEMVQIRXXIWXMRKRSMQTEMVQIRXXSXLIZEPYISJSXLIVMHIRXM´EFPIMRXERKMFPIEWWIXWSVTVSTIVX]TPERXERH
IUYMTQIRX[EWMHIRXM´IH1EREKIQIRX[MPPGSQTPIXIXLIIZEPYEXMSRSJKSSH[MPPMQTEMVQIRXMRERHER]EHNYWXQIRX
XSXLIIWXMQEXIHMQTEMVQIRXFEWIHSRXLIGSQTPIXMSRSJXLIQIEWYVIQIRXSJXLIMQTEMVQIRXPSWW[MPPFIVIGSKRM^IHMR
XLIWYFWIUYIRXVITSVXMRKTIVMSH
)\GPYHMRKXLIRSRGEWLKSSH[MPPMQTEMVQIRXGLEVKI[MXLXLIPS[IVZSPYQIWXLISRIXMQII\TIRWIWLMKLIVHITVIGMEXMSR
GLEVKIWERHGSWXWEWWSGMEXIH[MXLXLI2IZEHEGPSWYVITVIXE\IEVRMRKWHIGPMRIHF]QMPPMSRVIPEXMZIXS
8LI*YRHVIGSVHIHEQMPPMSRXE\VIGSZIV]JSV[LMGL[EWLMKLIVXLERXLIVIGSZIV]MRHYIXSPS[IVSTIVEXMRK
MRGSQIXLIMQTEGXSJVIHYGXMSRWMRJYXYVIMRGSQIXE\VEXIWERHVIGSKRMXMSRSJXE\EWWIXWRSXTVIZMSYWP]VIGSVHIH
2IXIEVRMRKWJSVXLI]IEVHIGVIEWIHF]QMPPMSR)\GPYHMRKXLIRSRGEWLKSSH[MPPMQTEMVQIRXGLEVKIRIXIEVRMRKW
HIGPMRIHF]QMPPMSR)EVRMRKWHIGPMRIHF]TIV9RMXXSEPSWWSJTIV9RMX)\GPYHMRKXLIRSRGEWLKSSH[MPP
MQTEMVQIRXGLEVKIIEVRMRKWHIGPMRIHF]TIV9RMXXSIEVRMRKWSJTIV9RMX
7XERHEVHM^IH(MWXVMFYXEFPI'EWL
'EWL%ZEMPEFPIJSV(MWXVMFYXMSR
)JJIGXMZI3GXSFIVXLI*YRHEHSTXIHXLIVIGSQQIRHEXMSRWTVSZMHIHMR'-'%«WMRXIVTVIXMZIVIPIEWI4UBOEBSEJ[FE
%JTUSJCVUBCMF$BTIJO*ODPNF5SVTUTBOE0UIFS'MPX5ISPVHI&OUJUJFT°(VJEBODFPO1SFQBSBUJPOBOE%JTDMPTVSFERHXLMW1(
%
MREPPQEXIVMEPVIWTIGXWMWMREGGSVHERGI[MXLXLIKYMHERGI-RXLIRI[KYMHERGIWYWXEMREFMPMX]GSRGITXWEVIHMWGYWWIHERH
WXERHEVHM^IHHMWXVMFYXEFPIGEWLMWHI´RIHEWGEWLµS[JVSQSTIVEXMRKEGXMZMXMIWEJXIVEHNYWXMRKJSVGETMXEPI\TIRHMXYVIW
VIWXVMGXMSRWSRHMWXVMFYXMSRWEVMWMRKJVSQGSQTPMERGI[MXL´RERGMEPGSZIRERXWVIWXVMGXMZIEXXLIXMQISJVITSVXMRKERHQMRSVMX]
MRXIVIWXW8LI*YRHLEWRSQMRSVMX]MRXIVIWXWERHGEPGYPEXIW7XERHEVHM^IH(MWXVMFYXEFPI'EWLEWJSPPS[W
(I´RMXMSRERH(MWGPSWYVISJ7XERHEVHM^IH(MWXVMFYXEFPI'EWL
-R«WI\GITXTIVYRMXEQSYRXW
'EWL*PS[JVSQSTIVEXMRKEGXMZMXMIW
0IWWEHNYWXQIRXJSV
8LVIIQSRXLWIRHIH(IGIQFIV
'ETMXEP)\TIRHMXYVIW
*MRERGMRKVIWXVMGXMSRWGEYWIHF]HIFX
§
7XERHEVHM^IH(MWXVMFYXEFPI'EWL
§
=IEVIRHIH(IGIQFIV
§
§
7XERHEVHM^IH(MWXVMFYXEFPI'EWLTIVYRMX 468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
1EREKIQIRX«W(MWGYWWMSR
%REP]WMWGSRXMRYIH
8LI *YRH HIXIVQMRIW 'EWL%ZEMPEFPI JSV (MWXVMFYXMSR JSVQIVP] (MWXVMFYXEFPI 'EWL F] JYVXLIV EHNYWXMRK 7XERHEVHM^IH
(MWXVMFYXEFPI'EWLJSVXLIGEWLµS[MQTEGXWSJSTIVEXMSREPERHXIVQ´RERGMRKWEW[IPPEWVIWIVZIWJSVWIIHPMRKGSRXEMRIVW
ERHWYWXEMRMRKGETMXEPERHWYGLSXLIVVIWIVZIWEWXLIFSEVHSJ468ERHXLI8VYWXIIWSJXLI*YRHQE]GSRWMHIVETTVSTVMEXI
8LI*YRHGEPGYPEXIW'EWL%ZEMPEFPIJSV(MWXVMFYXMSREWJSPPS[W
(I´RMXMSRERH(MWGPSWYVISJ'EWL%ZEMPEFPIJSV(MWXVMFYXMSRJSVQIVP](MWXVMFYXEFPI'EWL
-R«WI\GITXTIVYRMXEQSYRXW
7XERHEVHM^IH(MWXVMFYXEFPI'EWL
JVSQEFSZI
8LVIIQSRXLWIRHIH(IGIQFIV
=IEVIRHIH(IGIQFIV
3TIVEXMSREP*MRERGMRKGLERKIW
MRRSRGEWL[SVOMRKGETMXEP
*MRERGIHIEVRMRKWIRLERGMRK
GETMXEPI\TIRHMXYVIW
*MRERGIHI\MXEGXMZMX]GLEVKIW
§
§
§
6ITE]QIRXSJPSRKXIVQHIFX
6IWIVZIJSV7IIHPMRK'SRXEMRIVVITPEGIQIRX
MRI\GIWWSJEGXYEPI\TIRHMXYVIW
*MRERGIH41-MRXIVREPM^EXMSRGSWXW
§
§
7YWXEMRMRKGETMXEPVIWIVZI
§
§
§
'EWL%ZEMPEFPIJSV(MWXVMFYXMSR
7IEWSREPGEWLµS[HI´GMXI\GIWWVIPEXMZI
XSHMWXVMFYXMSRWHIGPEVIHETTPMIH
XS[SVOMRKGETMXEP
(MWXVMFYXMSRWHIGPEVIH
'EWL%ZEMPEFPIJSV(MWXVMFYXMSRTIVYRMX
(MWXVMFYXMSRWHIGPEVIHTIVYRMX
'EWL%ZEMPEFPIJSV(MWXVMFYXMSRJSVQIVP](MWXVMFYXEFPI'EWLMWEXIVQXLEXHSIWRSXLEZIEWXERHEVHM^IHQIERMRKYRHIV'EREHMER
KIRIVEPP]EGGITXIHEGGSYRXMRKTVMRGMTPIWERHQE]RSXFIGSQTEVEFPIXSWMQMPEVQIEWYVIWTVSZMHIHF]SXLIVVITSVXMRKIRXMXMIW
*SVFSXL]IEVWIRHMRK(IGIQFIVHMWXVMFYXMSRWHIGPEVIHTIVYRMXMRGPYHIHE¨XSTYT©HMZMHIRHSJTIVYRMXHIGPEVIHJVSQ
XLITVMSV]IEVW«GEWLµS[
'IVXEMRI\TIRWIMXIQW[LMGLEVIMRGYVVIHEWTEVXSJIEVRMRKWIRLERGMRKGETMXEPTVSNIGXWQE]FII\GPYHIHJVSQXLI
HIXIVQMREXMSRSJ'EWL%ZEMPEFPIJSV(MWXVMFYXMSRMJXLISZIVEPPTVSNIGXVIXYVRQIIXWMRXIVREPMRZIWXQIRXLYVHPIVEXIWXSFI
IPMKMFPIJSVJYRHMRKJVSQI\XIVREPWSYVGIWWYGLEWXIVQHIFXSVIUYMX]´RERGMRK8LI*YRHGSRWMHIVWGEWLEZEMPEFPIJSV
HMWXVMFYXMSREWHI´RIHXSFIEYWIJYPQIEWYVISJXLIJVIIGEWLµS[JVSQSTIVEXMSRWEZEMPEFPIJSVQEOMRKYRMXLSPHIV
HMWXVMFYXMSRWEWMXMWHIXIVQMRIHEJXIVTVSZMHMRKJSVXLIQEMRXIRERGIERHVITPEGIQIRXSJ468«WYRHIVP]MRKEWWIXFEWIEW
[IPPEWTVSZMHMRKJSVXLI´RERGMRKSJI\TERWMSREV]TVSNIGXWTIRHMRK
'EWL%ZEMPEFPIJSV(MWXVMFYXMSRJSVXLI]IEV[EWSZIVQMPPMSRPS[IVXLERMREWEVIWYPXSJRSRVIGYVVMRKSRIXMQITVS\]
WSPMGMXEXMSRERHWXVEXIKMGVIZMI[I\TIRWIWERHHMQMRMWLIHGEWLµS[JVSQSTIVEXMSRW'EWLµS[JVSQSTIVEXMSRWMRXYVR
HIGPMRIHHYIXSPS[IVSVHIVZSPYQIWTEVXMEPP]SJJWIXF]MQTVSZIHKVSWWQEVKMRWERHPS[IVWYWXEMRMRKGETMXEPI\TIRHMXYVIW
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
8LIJSPPS[MRKMWEWYQQEV]SJ7XERHEVHM^IH(MWXVMFYXEFPI'EWL'EWL%ZEMPEFPIJSV(MWXVMFYXMSRERHTIVYRMXERHVEXMS
HMWGPSWYVIW
4IV9RMXERH6EXMS(MWGPSWYVIW
-R«WI\GITXTIVYRMXEQSYRXW
8LVIIQSRXLWIRHIH
(IGIQFIV
=IEVIRHIH
'YQYPEXMZI%QSYRXW
(IGIQFIV
WMRGI8VYWX-RGITXMSR
.YP]
7XERHEVHM^IH(MWXVMFYXEFPI'EWL
7XERHEVHM^IH(MWXVMFYXEFPI'EWL
TIVYRMX
'EWL%ZEMPEFPIJSV(MWXVMFYXMSRTIVYRMX (MWXVMFYXMSRWHIGPEVIHTIVYRMX
4E]SYX6EXMS7XERHEVHM^IH
(MWXVMFYXEFPI'EWL
'EWL%ZEMPEFPIJSV(MWXVMFYXMSR
(MWXVMFYXMSRWHIGPEVIHTIVYRMX
4E]SYX6EXMS'EWL%ZEMPEFPI
JSV(MWXVMFYXMSR
(MWXVMFYXMSRWHIGPEVIHTIVYRMXLEZIFIIREHNYWXIHJSVE¨XSTYT©HMZMHIRHSJTIVYRMXHIGPEVIHVIPEXIHXSXLITVMSV]IEVW«
GEWLµS[
3RETIVYRMXFEWMW'EWL%ZEMPEFPIJSV(MWXVMFYXMSRJIPPF]TIVYRMXMRXLMWHIGPMRI[EWETTVS\MQEXIP]TIV
YRMX[LIRRSRVIGYVVMRKSRIXMQIGSWXWEVIVIQSZIHERHXLILMKLIVTE]SYXVEXMS[EW´RERGIHJVSQ[SVOMRKGETMXEP
4VSHYGXMZI'ETEGMX]
%WTVIZMSYWP]HMWGYWWIH468QIEWYVIWTVSHYGXMSRZSPYQIWMRWIIHPMRKFPSGOW[LMGLMWEYRMJSVQQIEWYVISJKVS[MRK
WTEGIVITVIWIRXIHF]EWXERHEVH7X]VSFPSGO©\©KVS[MRKGSRXEMRIV8LMWQIEWYVIMWGSRWMHIVIHQSVIQIERMRKJYP
XLERXLIRYQFIVSJXVIIWWMRGIXVIIWM^IWZEV][MHIP]FIX[IIRQEVOIXWWTIGMIWERHGYWXSQIVWERHXVIITVMGIWZEV]
EGGSVHMRKP]468«WTVSHYGXMZIGETEGMX]MWHI´RIHF]XLIRYQFIVSJWX]VSFPSGOWF]JEGMPMX]¦KVIIRLSYWISVSTIRGSQTSYRH
%WWYGLWX]VSFPSGOGETEGMX]MWEQSVIETTVSTVMEXIQIEWYVISJTVSHYGXMZIGETEGMX]XLERWTEGIEGVIWSVFYMPHMRKEVIE
KVIIRLSYWIW1SWXSJ468«WRYVWIVMIWLEZIXLIGETEGMX]XSKVS[XVIIWMRIMXLIVKVIIRLSYWISVSTIRGSQTSYRH[MXLXLI
GYVVIRXWXVEXIK]FIMRKXSQSZIQSVITVSHYGXMSRXSSTIRGSQTSYRHHYIXSMXWMQTSVXERXGSWXERHUYEPMX]FIRI´XWJSV
468ERHMXWGYWXSQIVW
4VSHYGXMZIGETEGMX]LMWXSV]MWEWJSPPS[W
4VSHYGXMZI'ETEGMX],MWXSV]ERH9WEKI
SJWX]VSFPSGOW
+VIIRLSYWIGETEGMX]
3TIR'SQTSYRHGETEGMX]
8SXEP4VSHYGXMZI'ETEGMX]
1E\MQYQ&PSGOWSR7MXI
'ETEGMX]YWEKI
1E\MQYQ&PSGOWSR7MXIEVIXLIQE\MQYQRYQFIVSJFPSGOWSRIEGLWMXIEXSRIXMQIHYVMRKXLI]IEV1E\MQYQ&PSGOWSR7MXIMW
XLIFIRGLQEVOQIEWYVIJSVGETEGMX]YWEKIEWMXWLS[WLS[QER]FPSGOWLSPHGVSTWEXWSQITSMRXMRXLI]IEV[LMGLEPPS[WSV
EHNYWXWXSXEPTVSHYGXMZIGETEGMX]JSVQYPXMGVSTTMRKERHQYPXM]IEVGVSTW
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
1EREKIQIRX«W(MWGYWWMSR
%REP]WMWGSRXMRYIH
3TIVEXMRK6IWYPXW
5ISFF.POUIT&OEFE%FDFNCFSDPNQBSFEUP5ISFF.POUIT&OEFE%FDFNCFS
6IZIRYIWMRXLIJSYVXLUYEVXIVSJHIGVIEWIHF]QMPPMSRVIPEXMZIXSXLIWEQITIVMSHPEWX]IEV8LMW[EWQEMRP]
GEYWIHF]PS[IVSZIVEPPSVHIVZSPYQIWSJJWIXTEVXMEPP]F]PEXIVWIEWSRGVSTWMR
'SWXWSJTVSHYGXMSR[IVIWPMKLXP]LMKLIVMRXLIJSYVXLUYEVXIVSJHYIXSLMKLIVVIPEXMZIPEFSYVGSWXWERHXLIXMQMRK
SJVITEMVWERHQEMRXIRERGII\TIRHMXYVIWERHMRGVIEWIHEWETIVGIRXEKISJVIZIRYIWHYIXSXLIWILMKLIVGSWXWERHXS
TSSVJEPPGVST]MIPHWEXX[SWMXIW
7IPPMRKKIRIVEPERHEHQMRMWXVEXMSRGSWXW[IVILMKLIVXLERXLIWEQITIVMSHMREJJIGXIHF]XLIWEQIJEGXSVWSYXPMRIH
MRXLIX[IPZIQSRXLHMWGYWWMSREFSZI
*MRERGMRKGSWXW[IVIVIPEXMZIP]WXEFPIMRXLIJSYVXLUYEVXIVEWEVIWYPXSJMRGVIEWIH[SVOMRKGETMXEPVIUYMVIQIRXWXIQTIVIH
F]VIHYGIHXIVQHIFXMRXIVIWX
(ITVIGMEXMSRERHEQSVXM^EXMSRI\TIRWIW[IVIQMPPMSRLMKLIVMRXLITIVMSHJSVXLIWEQIVIEWSRWSYXPMRIHJSVXLI
]IEV¦VIZMWMSRWMRXLIIWXMQEXIHYWIJYPPMJISJGIVXEMRRYVWIV]EWWIXWSRPIEWIHTVSTIVX]ERH[VMXIHS[RWSJGIVXEMREWWIXW
VIXMVIHJVSQWIVZMGI
8LI*YRHVIGSVHIHEPEVKIVJYXYVIMRGSQIXE\VIGSZIV]MRXLIUYEVXIVHYIXSPS[IVSTIVEXMSRMRGSQIXLIMQTEGXSJ
VIHYGXMSRWMRJYXYVIMRGSQIXE\VEXIWERHVIGSKRMXMSRSJXE\EWWIXWRSXTVIZMSYWP]VIGSVHIH
2IXIEVRMRKWJSVXLIUYEVXIVHIGVIEWIHF]QMPPMSREJXIVI\GPYHMRKXLIEJJIGXWSJXLIKSSH[MPPMQTEMVQIRXGLEVKISJ
QMPPMSRERHXLIQMPPMSR41-GSRXVEGXGERGIPPEXMSRGSWXSYXPMRIHMRXLIX[IPZIQSRXLHMWGYWWMSREFSZI
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MRGVIEWIHJSYVXLUYEVXIVTVSHYGXMSRERHSZIVLIEHWTIRHMRKSJJWIXWSQI[LEXF]XLIWLMJXMRSTIVEXMRKIEVRMRKWXSXLI
JSYVXLUYEVXIVGEYWIHF]XLIGVSTQM\MR3RETIVYRMXFEWMWGEWLEZEMPEFPIJSVHMWXVMFYXMSR[EWEWGSQTEVIH
XSMRXLIJSYVXLUYEVXIVSJ
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ERHSRIXMQIGSWXWHYVMRKXLI]IEVEWHIXEMPIHMRXLISTIVEXMRKVIWYPXWHMWGYWWMSREFSZI
2SRGEWL[SVOMRKGETMXEPGLERKIWGSRXVMFYXIHQMPPMSRXSGEWLµS[VITVIWIRXMRKEQMPPMSR]IEVSZIV]IEVHIGPMRI
8LMW[EWTVMQEVMP]HYIXSPS[IVEGGSYRXWVIGIMZEFPISJJWIXF]LMKLIVYRFMPPIHVIZIRYIFEPERGIWFIGEYWISJPEXIVGVST
LEVZIWXWEXGIVXEMRPSGEXMSRWXLMW]IEV
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HMWXVMFYXMSR[LMGLGSQQIRGIH[MXLXLI1E]HMWXVMFYXMSR
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GSQTEVIHXSMR[LMGLEPWSMRGPYHIHEXSTYTHMWXVMFYXMSR3JXLIGYVVIRX]IEVEQSYRX[EWHIWMKREXIH
EWEVIXYVRSRGETMXEPERHEWEVIXYVRSJGETMXEPJSV'EREHMERMRGSQIXE\TYVTSWIW%WHMWXVMFYXMSRWHIGPEVIHJVSQ
GYVVIRX]IEVGEWLµS[[IVIQSVIXLERXLITIVYRMXSJ'EWL%ZEMPEFPIJSV(MWXVMFYXMSRRSXSTYTHMWXVMFYXMSRLEWFIIR
HIGPEVIHJVSQGEWLµS[8LII\GIWWJYRHWHMWXVMFYXIHLEZIFIIRTVSZMHIHJVSQ[SVOMRKGETMXEPERH´RERGIH[MXL
XLI*YRH«WSTIVEXMRKPMRI
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
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%ZEMPEFPIJSV(MWXVMFYXMSRXSJYRHGSRXEMRIVVITPEGIQIRXXLI'SQTER][EWEFPIXSVIHYGIMXWSTIVEXMRKPMRIFEPERGIF]
QMPPMSRMR468LEWYTXSQMPPMSREZEMPEFPIYRHIVXLMWJEGMPMX]WYFNIGXXSGIVXEMRQEVKMRVIUYMVIQIRXW%X
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(YVMRKXLI]IEV468TYVGLEWIHTVSTIVX]TPERXERHIUYMTQIRXXSXEPPMRKQMPPMSREHIGVIEWISJQMPPMSRJVSQXLI
TVMSV]IEV'ETMXEPRIIHW[IVIVIHYGIH[MXLXLIPS[IVSVHIVZSPYQIWXLMW]IEVERHGSRWMWXIHTVMQEVMP]SJWYWXEMRMRKGETMXEP
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7YWXEMRMRKGETMXEPTVSNIGXW
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TVIZMSYWP]I\MWXIHMR468¨WYWXEMRMRK©SV[LIXLIVXLIEWWIXI\TIRHMXYVIMWFIMRKQEHIXSIRLERGIJYXYVIIEVRMRKW
IMXLIVXLVSYKLMRGVIEWIHVIZIRYITSXIRXMEPSVF]PS[IVMRKSTIVEXMRKGSWXW¨IEVRMRKWIRLERGMRK©'IVXEMRVEXISJVIXYVR
FIRGLQEVOWEVIETTPMIHXSXLIIZEPYEXMSRSJIEVRMRKWIRLERGMRKGETMXEPTVSNIGXWERHMJXLIWIEVIRSXI\TIGXIHXSFI
EGLMIZIHXLIRXLI*YRHGSRWMHIVWXLII\TIRHMXYVIXSFIWYWXEMRMRK7YWXEMRMRKGETMXEPI\TIRHMXYVIWEVIX]TMGEPP]PIWWXLER
HITVIGMEXMSRGLEVKIWHYIXSXLIPSRKPMJIREXYVISJKVIIRLSYWIEWWIXW[LMGLGERFII\XIRHIHXLVSYKLEVIKYPEVVITEMV
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GETMXEPGSWXKVS[MRKJEGMPMXMIW
7MKRM´GERXIEVRMRKWIRLERGMRKGETMXEPTVSNIGXWHYVMRKXLI]IEVMRGPYHIHI\TERWMSRSJSYXHSSVKVS[MRKGSQTSYRHWERH
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7YWXEMRMRKGETMXEPWTIRHMRKMW´RERGIHJVSQSTIVEXMRKGEWLµS[[LMPIXLIVITPEGIQIRXSJWIIHPMRKGSRXEMRIVWMW´RERGIH
JVSQGEWLVIWIVZIWGVIEXIHWTIGM´GEPP]JSVXLMWTYVTSWIJVSQ'EWL%ZEMPEFPIJSV(MWXVMFYXMSR)EVRMRKWIRLERGMRKGETMXEPMW
KIRIVEPP]´RERGIHJVSQHVE[WEKEMRWXXLI'SQTER]«WFEROXIVQHIFXJEGMPMXMIW3RP]IEVRMRKWIRLERGMRKMRZIWXQIRXWEVI
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QIIXMRKGIVXEMRGSZIRERXWSJ[LMGLQMPPMSRVIQEMRIHEZEMPEFPIEX]IEVIRHXS´RERGII\TERWMSREV]GETMXEPWTIRHMRK
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EVIX]TMGEPP]PSRKPMJIEWWIXW8LI*YRHHVI[QMPPMSRSRMXWXIVQHIFXJEGMPMXMIWHYVMRKXLI]IEVXSVI´RERGIXLI´REP
MRWXEPQIRXSJXLIZIRHSV´RERGMRKEWWSGMEXIH[MXLXLI3VIKSRRYVWIV]TYVGLEWIMR%WMQMPEVHVE[[EWQEHIMR
JSVXLI´VWXMRWXEPQIRX6ITE]QIRXWSJHIFXMRFSXL]IEVWGSRWMWXIHTVMQEVMP]SJWGLIHYPIHEQSVXM^EXMSRSRXIVQPSERW
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2IZEHERYVWIV]ERHEPWSMRGPYHIHEQMPPMSRVITE]QIRXSJZIRHSV´RERGMRKEWWSGMEXIH[MXLETVMSVEGUYMWMXMSR
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
1EREKIQIRX«W(MWGYWWMSR
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MRGPYWMZISJ[SVOMRKGETMXEPERH[EW´RERGIHXLVSYKLEGSQFMREXMSRSJXIVQHIFXERHZIRHSVLSPHFEGOW
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QMPPMSRMRGPYWMZISJ[SVOMRKGETMXEPERHVIPEXIHGSWXWERH[EW´RERGIH[MXLXIVQHIFXERHSTIVEXMRKHIFX
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MQTVSZIQIRXSJQMPPMSR8LMW[EWHYIXSVIHYGIH[SVOMRKGETMXEPMRZIWXQIRXFIGEYWISJPS[IVGSRXVEGXZSPYQIW
(MWXVMFYXMSRWTIVXVYWXYRMXHYVMRKXLIJSYVXLUYEVXIV[IVIPS[IVEXZIVWYWMR8LMW[EWHYIXSXLI
TIVYRMXVIHYGXMSRMRXLIQSRXLP]HMWXVMFYXMSR[LMGLGSQQIRGIH[MXLXLI1E]HMWXVMFYXMSREWTVIZMSYWP]
HMWGYWWIH8SXEPHMWXVMFYXMSRWMRXLIUYEVXIV[IVIQMPPMSRPS[IVVIµIGXMRKXLIVIHYGIHQSRXLP]HMWXVMFYXMSRVEXI
468MRGYVVIHQMPPMSRMRGETMXEPWTIRHMRKMRXLIUYEVXIVXLIWEQIEWMRXLIJSYVXLUYEVXIVSJ8LMW[EWTVMQEVMP]
VIPEXIHXSGSQTPIXMSRSJIEVRMRKWIRLERGMRKERHWYWXEMRMRKGETMXEPTVSNIGXW8LMWGETMXEPWTIRHMRKLEWFIIR´RERGIHJVSQ
XLI*YRH«WSTIVEXMRKPMRI
8LIVI[IVIRSXIVQHIFXHVE[MRKWHYVMRKXLIUYEVXIVMRIMXLIVSV
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QMPPMSR8LMW[EWQEMRP]EVIWYPXSJERMRGVIEWIMRXLIGYVVIRXTSVXMSRSJPSRKXIVQHIFXHMWXVMFYXMSRWMRI\GIWWSJGEWL
EZEMPEFPIERHGETMXEPI\TIRHMXYVIWXIQTSVEVMP]JYRHIHJVSQ[SVOMRKGETMXEP8LI*YRHVIHYGIHHMWXVMFYXMSRWMRSVHIVXS
VIGSZIVSRIXMQIGSWXWSZIVERI\XIRHIHTIVMSH-REHHMXMSRXLI[SVOMRKGETMXEPYWIHXSJYRHGETMXEPI\TIRHMXYVIW[MPPFI
VITPEGIH[MXLGEWLJVSQPSRKXIVQ´RERGMRKERHSXLIVWSYVGIWERHJYVXLIVXLI*YRHERXMGMTEXIWVI´RERGMRKGIVXEMRXIVQ
PSERWIKQIRXWEWXLI]FIGSQIHYI;MXLI\MWXMRKGVIHMXPMRIWERHEXXLIVIHYGIHHMWXVMFYXMSRPIZIPXLI*YRH«W[SVOMRK
GETMXEPTSWMXMSRMWI\TIGXIHXSFIEHIUYEXIVIPEXMZIXSMXWSTIVEXMRKRIIHW
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8LIHIGVIEWIMWEXXVMFYXEFPIXSGYVVIRXTIVMSHGETMXEPI\TIRHMXYVIWFIMRKPIWWXLERXSXEPHITVIGMEXMSRGLEVKIWERHXLI
FEPERGIWLIIXVIGPEWWM´GEXMSRSJEWWIXWLIPHJSVWEPIEXXLIJSVQIV2IZEHERYVWIV]WMXI
9RMXLSPHIVW«)UYMX]EX(IGIQFIV[EWQMPPMSREHIGVIEWISJQMPPMSRWMRGIXLIIRHSJ%RSRGEWL
KSSH[MPPMQTEMVQIRXGLEVKIHMWGYWWIHYRHIV3TIVEXMRK6IWYPXWEFSZISJQMPPMSREGGSYRXWJSVXLIFYPOSJXLIHIGPMRI
8LIVIQEMRMRKHIGPMRIMRIUYMX][EWHYIXSHMWXVMFYXMSRWHIGPEVIHI\GIIHMRKRIXIEVRMRKWJSVXLITIVMSHHMWXVMFYXMSRW
HIGPEVIHMRGPYHIHETIVYRMXXSTYTHMWXVMFYXMSRHYVMRKSREGGSYRXSJVIWYPXW'EWL%ZEMPEFPIJSV(MWXVMFYXMSR
JVSQXLI*YRHMWX]TMGEPP]LMKLIVXLERVITSVXIHIEVRMRKWWMRGIHITVIGMEXMSRGLEVKIWKIRIVEPP]I\GIIHXLII\TIRHMXYVIW
VIUYMVIHJSVEWWIXVITPEGIQIRX[LMPIEWWIXQEMRXIRERGII\TIRHMXYVIWEVIEPVIEH]MRGPYHIHEWEGSQTSRIRXSJRIXMRGSQI
1SWXKVIIRLSYWIEWWIXWGERFIQEMRXEMRIHMRYWIMRHI´RMXIP][MXLEVIKYPEVVITEMVERHQEMRXIRERGITVSKVEQ
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
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JYXYVIIQTPS]IITYVGLEWIWXSFIQEHIEWQEVOIXFEWIHTYVGLEWIWMRWXIEHSJXVIEWYV]FEWIHTYVGLEWIWHYIXS468«W
VIHYGIHGETMXEPRIIHW
3YXWXERHMRK9RMX(EXE
8LI*YRHLEWSRIGPEWWSJZSXMRKIUYMX]WIGYVMXMIWSJ[LMGLYRMXWEVISYXWXERHMRK9TXSYRMXWLEZI
FIIRVIWIVZIHJSVMWWYERGIYRHIVMXW9RMX3TXMSR4PERLS[IZIVXSHEXIRSSTXMSRWLEZIFIIRKVERXIH-RGSRRIGXMSR
[MXLXLI41-MRXIVREPM^EXMSRXVERWEGXMSRXLI*YRHMWWYIHEGSRXMRKIRXVMKLXXS)EVR3YX9RMXWWIIHMWGYWWMSR
YRHIV3TIVEXMRK6IWYPXWJSVXLI8[IPZI1SRXLWIRHIH(IGIQFIVEFSZI8LIVIEVIRSSXLIVWIGYVMXMIWGYVVIRXP]
SYXWXERHMRK[LMGLQE]FIGSRZIVXIHMRXSYRMXWSJXLI*YRH
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468YWIWMRXIVIWXVEXIW[ETGSRXVEGXWXS´\MRXIVIWXVEXIWSRMXWZEVMEFPIVEXIPSRKXIVQHIFX4E]QIRXWERHVIGIMTXW
YRHIVMRXIVIWXVEXIW[ETWEVIVIGSKRM^IHEWEHNYWXQIRXWXSMRXIVIWXI\TIRWIMREQERRIVXLEXQEXGLIWXLIQXSMRXIVIWX
TE]QIRXWYRHIVµSEXMRKVEXI´RERGMEPPMEFMPMXMIW
7[ETXIVQWEVIQEXGLIHXSXLIQEXYVMX]SJXLIYRHIVP]MRKPSERSFPMKEXMSR,S[IZIVXLI'SQTER]GSYPHMRGYVEKEMRSV
PSWWSRXLIGSRXVEGXMRXLIIZIRXXLIW[ET[EWGERGIPPIHFIJSVIXLIWGLIHYPIHQEXYVMX]HEXI468TIVMSHMGEPP]SFXEMRW
QEVOXSQEVOIXZEPYEXMSRWSRMXWW[ETGSRXVEGXW%X(IGIQFIVXLIJEMVZEPYISJXLI'SQTER]«WSYXWXERHMRK
MRXIVIWXVEXIW[ETWETTVS\MQEXIHXLIMVGEVV]MRKEQSYRXFEWIHSRVIJIVIRGIXSGYVVIRXQEVOIXMRXIVIWXVEXIW
468QE]YWIJSVIMKRGYVVIRG]JSV[EVHWEPIWGSRXVEGXWXSQEREKIGYVVIRG]I\TSWYVISRRIX97HSPPEVGEWLµS[WWII
HMWGYWWMSRSJ*SVIMKR)\GLERKI6MWOWFIPS[8LIXIVQWSJWYGLGSRXVEGXWEVIHIWMKRIHXSQEXGLXLIVIGIMTXSJ97HSPPEVW
YRHIVWIIHPMRKWEPIWGSRXVEGXW3YXWXERHMRKJSVIMKRGYVVIRG]JSV[EVHWEPIWGSRXVEGXWEVIVIZEPYIHSREQEVOXSQEVOIX
FEWMWEXXLIIRHSJIEGLVITSVXMRKTIVMSHERHER]VIWYPXMRKKEMRWSVPSWWIWEVIVIGSVHIHMRMRGSQIHYVMRKXLITIVMSH%X
(IGIQFIVXLIVI[IVIRSJSVIMKRGYVVIRG]JSV[EVHWEPIWGSRXVEGXWSYXWXERHMRK
%GGSYRXMRK4SPMG]'LERKIW
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8LI'-'%MWWYIH´ZIRI[,ERHFSSO7IGXMSRW[LMGLETTPMIHXSXLI*YRHEWSJ.ERYEV]7IGXMSR¨*MRERGMEP
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SYXWXERHEVHW[LMGLEHHVIWWXLITVIWIRXEXMSRSJ´RERGMEPMRWXVYQIRXWERHRSR´RERGMEPHIVMZEXIWERHMHIRXMJ]XLI
VIPEXIHMRJSVQEXMSRXLEXWLSYPHFIHMWGPSWIH7IGXMSR[LMGLMWSTXMSREPTVSZMHIWEPXIVREXMZIXVIEXQIRXWXS7IGXMSR
JSVUYEPMJ]MRKXVERWEGXMSRWXLEXEVIHIWMKREXIHEWLIHKIWJSVEGGSYRXMRKTYVTSWIW7IGXMSRMRXVSHYGIWRI[
VIUYMVIQIRXWJSVWMXYEXMSRW[LIRGIVXEMRKEMRWERHPSWWIWQYWXFIXIQTSVEVMP]TVIWIRXIHSYXWMHISJRIXMRGSQIMRE
RI[7XEXIQIRXSJ'SQTVILIRWMZI-RGSQI[LMGL[LIRETTPMGEFPI[MPPFITVIWIRXIH[MXLIUYEPTVSQMRIRGIXSXLI
VIKYPEV-RGSQI7XEXIQIRX468LEWIPIGXIHRSXXSYXMPM^ILIHKIEGGSYRXMRKSRMXWI\MWXMRKHIVMZEXMZI´RERGMEPMRWXVYQIRXW
[LMGLEVIHMWGYWWIHFIPS[YRHIV-RXIVIWX6EXI6MWOERH*SVIMKR)\GLERKI6MWO%WEVIWYPXXLIWIMRWXVYQIRXW[LMGL
[IVITVIZMSYWP]RSXVIGSKRM^IHSRXLIFEPERGIWLIIX[MPPFIVIGSVHIHSRXLIFEPERGIWLIIXEXJEMVZEPYIERHKEMRWERH
PSWWIW[LMGL[IVITVIZMSYWP]RSXVIGSKRM^IHYRXMPXLIGSRXVEGXW[IVII\IVGMWIH[MPPFIVIGSVHIHHYVMRKIEGLTIVMSH%TEVX
JVSQXLIMRGVIEWIHMRJSVQEXMSRHMWGPSWYVIXLIVILEZIFIIRRSWMKRM´GERXGLERKIWXSFEPERGIWSVEQSYRXWEWEVIWYPXSJ
EHSTXMRKXLIWIWXERHEVHW468LEWRSKEMRWSVPSWWIWEJJIGXIHF]7IGXMSRERHXLIVIJSVIRSWITEVEXIWXEXIQIRXSJ
GSQTVILIRWMZIMRGSQIMWVIUYMVIH
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
1EREKIQIRX«W(MWGYWWMSR
%REP]WMWGSRXMRYIH
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8LI'-'%LEWMWWYIHXLIJSPPS[MRKRI[WXERHEVHWXLEXQE]EJJIGXXLI´RERGMEPHMWGPSWYVIWERHVIWYPXWSJSTIVEXMSRWSJXLI
GSQTER]8LIGSQTER][MPPEHSTXXLIVIUYMVIQIRXWGSQQIRGMRKMRXLI]IEVIRHIH(IGIQFIVERHMWGYVVIRXP]
GSRWMHIVMRKXLIMVMQTEGX
7IGXMSR§'ETMXEP(MWGPSWYVIW
8LMWWIGXMSRIWXEFPMWLIWWXERHEVHWJSVHMWGPSWMRKMRJSVQEXMSREFSYXERIRXMX]«WGETMXEPERHLS[MXMWQEREKIH9RHIVXLMW
WXERHEVHXLIGSQTER][MPPFIVIUYMVIHXSHMWGPSWIMRJSVQEXMSREFSYXMXWSFNIGXMZIWTSPMGMIWERHTVSGIWWIWJSVQEREKMRK
MXWGETMXEP
7IGXMSR§-RZIRXSVMIW
8LMWWIGXMSRTVIWGVMFIWXLIEGGSYRXMRKXVIEXQIRXJSVMRZIRXSVMIWERHTVSZMHIWKYMHERGISRXLIHIXIVQMREXMSRSJGSWXWERH
MXWWYFWIUYIRXVIGSKRMXMSREWERI\TIRWIMRGPYHMRKER][VMXIHS[RXSRIXVIEPM^EFPIZEPYI-XEPWSTVSZMHIWKYMHERGISR
XLIGSWXJSVQYPEWXLEXEVIYWIHXSEWWMKRGSWXWXSMRZIRXSVMIW
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6IZIRYI6IGSKRMXMSR
468EGGSYRXWJSVVIZIRYIYRHIVWIIHPMRKGSRXVEGXWFEWIHSRTIVGIRXEKIGSQTPIXMSRGSRXVEGXEGGSYRXMRK4IVGIRXEKI
GSQTPIXMSRMWHIXIVQMRIHEWXLIVEXMSSJHMVIGXKVS[MRKI\TIRWIWMRGYVVIHXSXSXEPI\TIGXIHHMVIGXKVS[MRKGSWXWSZIV
XLIGVSTG]GPI;LMPIQSWXGVSTWEVIGSQTPIXIHF]XLIIRHSJXLI*YRH«W´WGEP]IEVHYVMRKMRXIVMQTIVMSHWQEREKIQIRX
QYWXQEOIIWXMQEXIWSJXSXEPI\TIGXIHHMVIGXKVS[MRKGSWXWJSVXLI´WGEP]IEV-REHHMXMSRXSXEPERRYEPVIZIRYIYRHIV
KVS[MRKGSRXVEGXWMWIWXMQEXIHFEWIHSRI\TIGXIHERRYEPGVST]MIPHW8SMRGVIEWIXLIEGGYVEG]SJXLIWIIWXMQEXIW468
LEWMRXIVREPTSPMGMIWERHTVSGIHYVIW[LMGLVIUYMVITIVMSHMGVIZMWMSRWXSGSWXJSVIGEWXWERHGVST]MIPHJSVIGEWXW[LIRIZIV
EQEXIVMEPZEVMERGIMWORS[RSVI\TIGXIH8LITSXIRXMEPJSVIVVSVWMRIWXMQEXMSRMWX]TMGEPP]PMQMXIHXSMRXIVMQTIVMSHWEWMR
QSWXMRWXERGIW´REPGVST]MIPHWERHGSWXWEVIORS[RF]XLIIRHSJXLI´WGEP]IEV
*YXYVI-RGSQI8E\IW
-REGGSVHERGI[MXL'-'%VIGSQQIRHEXMSRWXLI*YRHVIGSKRM^IWJYXYVIMRGSQIXE\EWWIXW[LIRMXMWQSVIPMOIP]XLERRSX
XLEXXLIJYXYVIMRGSQIXE\EWWIXW[MPPFIVIEPM^IH8LMWEWWYQTXMSRMWFEWIHSRQEREKIQIRX«WFIWXIWXMQEXISJJYXYVI
GMVGYQWXERGIWERHIZIRXW-JXLIWIIWXMQEXIWERHEWWYQTXMSRWEVIGLERKIHMRXLIJYXYVIXLIZEPYISJXLIJYXYVIMRGSQI
XE\EWWIXWGSYPHFIVIHYGIHSVMRGVIEWIHVIWYPXMRKMRERMRGSQIXE\I\TIRWISVVIGSZIV]8LI*YRHVIIZEPYEXIWMXWJYXYVI
MRGSQIXE\EWWIXWSREVIKYPEVFEWMW
-QTEMVQIRXSJ+SSH[MPP
+SSH[MPP[LMGLMWXLII\GIWWSJXLITYVGLEWITVMGITEMHJSVEREGUYMWMXMSRSZIVXLIJEMVZEPYISJXLIRIXMHIRXM´EFPI
EWWIXWEGUYMVIHMWRSXEQSVXM^IHFYXMWEWWIWWIHERRYEPP]JSVMQTEMVQIRXSVQSVIJVIUYIRXP]MJIZIRXWSVGMVGYQWXERGIW
MRHMGEXI XLEX MX QE] FI MQTEMVIH%R IWXMQEXIH MQTEMVQIRX MR ZEPYI [EW VIGSKRM^IH MR WII HMWGYWWMSR SJ
STIVEXMRKVIWYPXWEFSZI
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
7IPIGXIH%RRYEP-RJSVQEXMSR*MKYVIWEVITVIWIRXIHMR«WI\GITXRYQFIVSJ9RMXWERHTIV8VYWX9RMXEQSYRXW
3TIVEXMRK7XEXMWXMGW
6IZIRYIW
6IZIRYI+VS[XL6EXI=IEVSZIV=IEV
+VSWW1EVKMRTIVGIRXEKI
3TIVEXMRK-RGSQI
2IX)EVRMRKW
SJVIZIRYI
&EWMGERH*YPP](MPYXIH)EVRMRKWTIV9RMX
7XERHEVHM^IH(MWXVMFYXEFPI'EWL
6IXYVRSR%ZIVEKI)UYMX]
'ETI\7TIRHMRK
7XERHEVHM^IH(MWXVMFYXEFPI'EWLTIV9RMX
'EWL%ZEMPEFPIJSV(MWXVMFYXMSR
'EWL%ZEMPEFPIJSV(MWXVMFYXMSRTIV9RMX
(MWXVMFYXMSRW(IGPEVIH
(MWXVMFYXMSRW(IGPEVIHTIV9RMX
7YWXEMRMRK'ETMXEPI\GPYHIWVIWIVZIW
SJVIZIRYI
)EVRMRKWIRLERGMRK
7YFXSXEP
7IIHPMRK'SRXEMRIVW
8SXEP
%GUYMWMXMSRW
§
§
*MRERGMEP4SWMXMSR
;SVOMRK'ETMXEP
1EMRXIRERGII\TIRHMXYVIW
1EMRXIRERGI
7YWXEMRMRK'ETMXEPI\TIRHMXYVIW
EWETIVGIRXEKISJVIZIRYI
§
-RXIVIWX&IEVMRK(IFX4SWMXMSR
3TIVEXMRK
8IVQMRGPYHMRKGYVVIRXTSVXMSR
8SXEP
8IVQ(IFXXS)UYMX]
8SXEP%WWIXW
1EVOIX'ETMXEPM^EXMSRFEWIHSRGPSWMRKYRMXTVMGI
9RMXW3YXWXERHMRKEX)RHSJ4IVMSH
9RMX4VMGI6ERKI
,MKL
0S[
'PSWI(IGIQFIV :SPYQI
2SXI 8LMWWYQQEVM^IHJMRERGMEPHEXEMWTVIWIRXIHMR'EREHMERHSPPEVWERHLEWFIIRTVITEVIHMREGGSVHERGI[MXL'EREHMERKIRIVEPP]EGGITXIHEGGSYRXMRKTVMRGMTPIW
2SXI 'EWL%ZEMPEFPIJSV(MWXVMFYXMSRERH3TIVEXMRK-RGSQIEVIXIVQW[LMGLHSRSXLEZIWXERHEVHM^IHQIERMRKYRHIV'EREHMERKIRIVEPP]EGGITXIHEGGSYRXMRK
TVMRGMTPIWERHQE]RSXFIGSQTEVEFPIXSWMQMPEVQIEWYVIWTVSZMHIHF]SXLIVVITSVXMRKIRXMXMIW
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
1EREKIQIRX«W(MWGYWWMSR
%REP]WMWGSRXMRYIH
(MWGYWWMSRSJ,MWXSVMGEP%RRYEP6IWYPXW
&IX[IIRERH468«WSTIVEXMSRW[IVIEHZIVWIP]EJJIGXIHF]HMJ´GYPXGSRHMXMSRWMRXLIJSVIWXMRHYWXV][LMGLMQTEGXIH
WIIHPMRKTVMGMRKERHZSPYQIW-REHHMXMSRWMRGIIRIVK]TVMGIWLEZIVMWIRWYFWXERXMEPP]VIWYPXMRKMRMRGVIEWIHGSWXWSJ
TVSHYGXMSRSZIVXLMWTIVMSH-RXLI*YRHMRGYVVIHJSVIMKRI\GLERKIPSWWIWSRMXW97HSPPEVWIIHPMRKGSRXVEGXW[LMGL
MQTEGXIHIEVRMRKWJSVXLITIVMSHF]QMPPMSR-RXLI*YRHVIXMVIHMXWXIVQHIFXJVSQXLITVSGIIHWSJEQMPPMSR
IUYMX]SJJIVMRKERHMRXLITVSGIWWMRGYVVIHEPSWWSRGERGIPPEXMSRSJMRXIVIWXVEXIW[ETWSJQMPPMSR-RXLI*YRH
MRGYVVIHWMXIGSRWSPMHEXMSRGSWXWSJQMPPMSRXSGPSWIERHVIPSGEXIRYVWIV]WMXIWERHMRXLI*YRHVIGSVHIHEKEMRSR
WEPISJEGPSWIHRYVWIV]WMXISJQMPPMSR-RSTIVEXMSRW[IVIEKEMREJJIGXIHF]MRGVIEWMRKP]HMJ´GYPXQEVOIXGSRHMXMSRW
JSVXLIJSVIWXMRHYWXV](YVMRKXLEX]IEVXLI*YRHGPSWIHMXW2IZEHERYVWIV]ERHMRXIVREPM^IHMXWQEREKIQIRXVIWYPXMRKMR
GLEVKIWXSIEVRMRKWSJQMPPMSRERHQMPPMSRVIWTIGXMZIP]8LIVI[IVIEPWSGIVXEMRRSRVIGYVVMRKGSWXWXSXEPMRK
QMPPMSRMRGYVVIHVIPEXMRKXSTVS\]WSPMGMXEXMSRERHEWXVEXIKMGVIZMI[-REHHMXMSR[MXL[IEOIRMRKQEVOIXGSRHMXMSRWXLI*YRH
VIGSKRM^IHEQMPPMSRMQTEMVQIRXSJMXWKSSH[MPP3ZIVXLI*YRH«WSTIVEXMRKLMWXSV]XLIVILEZIFIIRRSEHNYWXQIRXWXS
IEVRMRKWJSVHMWGSRXMRYIHSTIVEXMSRWSVI\XVESVHMREV]MXIQW
7YQQEV]SJ5YEVXIVP]6IWYPXW
*MKYVIWFIPS[EVITVIWIRXIHMR«WI\GITXJSVTIVXVYWXYRMX´KYVIW
WX5 3TIVEXMRK6IWYPXW RH5 VH5 XL5 .ERYEV]XS (IGIQFIV WX5 RH5 VH5 XL5.ERYEV]XS
(IGIQFIV
6IZIRYIW
2IXIEVRMRKW
'EWL%ZEMPEFPI
JSV(MWXVMFYXMSR 4IV9RMX
4IV9RMX
(MWXVMFYXMSRW
HIGPEVIH
4IV9RMX
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2SXI&EWMGERH*YPP](MPYXIH
5IFBCPWFTVNNBSJ[FEGJOBODJBMEBUBJTQSFTFOUFEJO$BOBEJBOEPMMBSTBOEIBTCFFOQSFQBSFEJOBDDPSEBODFXJUI$BOBEJBO
HFOFSBMMZBDDFQUFEBDDPVOUJOHQSJODJQMFTXJUIUIFFYDFQUJPOPG$BTI"WBJMBCMFGPS%JTUSJCVUJPOBNPVOUT$BTI"WBJMBCMF
GPS%JTUSJCVUJPOJTBUFSNXIJDIEPFTOPUIBWFTUBOEBSEJ[FENFBOJOHVOEFS$BOBEJBOHFOFSBMMZBDDFQUFEBDDPVOUJOH
QSJODJQMFTBOENBZOPUCFDPNQBSBCMFUPTJNJMBSNFBTVSFTQSPWJEFECZPUIFSSFQPSUJOHFOUJUJFT
(MWGYWWMSRSJ5YEVXIVP]6IWYPXW
8LI*YRH«WSTIVEXMRKVIWYPXWEVIWIEWSREPHVMZIRF]XLIZEV]MRKPIZIPWSJEGXMZMX]VIUYMVIHXLVSYKLSYXXLIWIIHPMRKKVS[MRK
G]GPIEW[IPPEWXLIWIEWSREPREXYVISJWMPZMGYPXYVIWIVZMGIW6IZIRYIWERHGEWLµS[EVIEJJIGXIHF]468«WWIIHPMRKGVST
G]GPIWGVSTQM\ERHF]XLIWIEWSREPMX]SJ468«WGYWXSQIVW«TPERXMRKWIEWSRW468VIGSKRM^IWVIZIRYIYRHIVGSRXVEGXW
SRETIVGIRXEKIGSQTPIXMSRFEWMW[MXLGSWXWMRGYVVIHEWEFEWI6IZIRYIJVSQRSRGSRXVEGXIHKSSHWERHWIVZMGIWMW
VIGSKRM^IH[LIRXLIKSSHWEVIHIPMZIVIHSVXLIWIVZMGILEWFIIRWYFWXERXMEPP]VIRHIVIH%WWYGLµYGXYEXMSRWFIX[IIR
UYEVXIVWSGGYVHITIRHMRKYTSRXLIEGXMZMXMIWMRXLIUYEVXIV'SQTEVEXMZIP]LMKLGSWXEGXMZMXMIWWYGLEWLEVZIWXMRKX]TMGEPP]
SGGYVMRXLIWIGSRHERHJSYVXLUYEVXIVWERHEGGSVHMRKP]XLIWIUYEVXIVWRSVQEPP]VIµIGXELMKLIVTVSTSVXMSRSJERRYEP
VIZIRYIW3TIVEXMRKVIWYPXWMRXLIJSYVXLUYEVXIVSJ[IVIPS[IVXLERXLIWEQITIVMSHSJHYIXSPS[IVZSPYQIW
ERHERSRGEWLKSSH[MPPMQTEMVQIRXGLEVKI(MWXVMFYXMSRWHIGPEVIHMRXLI´VWXUYEVXIVTIVMSHQE]MRGPYHIEXSTYT
HMWXVMFYXMSRHIGPEVIHJVSQEZEMPEFPIHMWXVMFYXEFPIGEWLµS[SJXLITVMSV]IEV%TIVYRMXXSTYTHMWXVMFYXMSR[EW
HIGPEVIHMRXLI´VWXUYEVXIVSJFSXLERH
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
6MWOWERH6MWO1EREKIQIRX
%KVMGYPXYVEP
8LI'SQTER]«WFYWMRIWWMRZSPZIWXLIGYPXMZEXMSRERHKVS[MRKSJJSVIWXWIIHPMRKWEREKVMGYPXYVEPGVST%WWYGLXLIFYWMRIWW
SJ468MWWYFNIGXXSVMWOWMRLIVIRXMREREKVMGYPXYVEPFYWMRIWW8SQEREKIXLIWIVMWOW468KVS[WMXWGVSTEXQYPXMTPIWMXIW
[MXLHMZIVWIPSGEXMSRW[MXLXLIQENSVMX]SJXLIGVSTKVS[RMRGPMQEXIGSRXVSPPIHKVIIRLSYWIW8VEMRIHKVS[MRKTIVWSRRIP
QSRMXSVXLIKVS[MRKGSRHMXMSRWMRFSXLKVIIRLSYWIWERHSYXHSSVGSQTSYRHW[MXLXLIEMHSJGSQTYXIVM^IHIRZMVSRQIRXEP
GSRXVSPEPEVQERHSXLIVQEREKIQIRXW]WXIQW8LIWIW]WXIQWEVIERMRXIKVEPTEVXSJXLI'SQTER]«WJSVQEPM^IHGVST
VMWOQEREKIQIRXTPERWERHXLI'SQTER]EPWSQEMRXEMRWMRWYVERGISZIVMRHSSVGVSTWEKEMRWXGIVXEMRX]TIWSJTL]WMGEP
HEQEKI
'SQQSHMX]'SWXW
7SQISJ468«WGSWXWEVIWYFNIGXXSZEVMEXMSRWGEYWIHF]QSZIQIRXWMRGSQQSHMX]TVMGIW*SVI\EQTPIIRIVK]TVMGIW
LEZIFIIRZSPEXMPIMRVIGIRX]IEVW[LMGLLEWEHZIVWIP]MQTEGXIH468«WSTIVEXMRKQEVKMRWERHQE]GSRXMRYIXSHSWS8LI
'SQTER]X]TMGEPP]TVMGIWMXWTVSHYGXWYRHIVERRYEPWEPIWGSRXVEGXWERHMWKIRIVEPP]RSXEFPIXSVIZMWIMXWWEPIWTVMGIWMRXLI
WLSVXXIVQXSSJJWIXGSQQSHMX]TVMGIZSPEXMPMX]8SVIHYGIXLMWVMWO468TYVGLEWIWIRIVK]JVSQEZEVMIX]SJVIKYPEXIHERH
RSRVIKYPEXIHWSYVGIW[LMGLHMZIVWM´IWXLIXMQMRKERHIJJIGXSJWLSVXXIVQGLERKIWMRGSQQSHMX]TVMGIW8LI'SQTER]
EPWSIRXIVWMRXSJSV[EVHTYVGLEWIGSRXVEGXWJSVETSVXMSRSJJYXYVIIRIVK]VIUYMVIQIRXW[LIVIQEREKIQIRXGSRWMHIVWMX
EHZERXEKISYWXSHSWS
*SVIMKR)\GLERKI
8LI*YRHIRXIVWMRXSWIIHPMRKKVS[MRKGSRXVEGXWMRFSXL'EREHMERERH97HSPPEVW)\GLERKIVEXIWLEZIFIIRERHQE]
GSRXMRYIXSFIZSPEXMPIERHEWWXEXIHEFSZIXLI'SQTER]X]TMGEPP]TVMGIWMXWTVSHYGXWYRHIVERRYEPWEPIWGSRXVEGXWERH
MWKIRIVEPP]RSXEFPIXSVIZMWIMXWWEPIWTVMGIWMRXLIWLSVXXIVQXSSJJWIXI\GLERKIVEXIZSPEXMPMX]8SVIHYGIXLMWVMWO468LEW
IWXEFPMWLIHE97FEWIHTVSHYGXMSRJEGMPMX]ERHMW´RERGMRKXLITYVGLEWISJXLEXJEGMPMX][MXL97HSPPEVHIRSQMREXIHHIFX
MRSVHIVXSTVSZMHIWSQISJJWIXXMRKI\GLERKIVEXII\TSWYVIEKEMRWXXLI97HSPPEVVIZIRYIWXVIEQ468QE]EPWSIRXIVMRXS
JSV[EVHGYVVIRG]I\GLERKIGSRXVEGXWXSJYVXLIVLIHKII\TSWYVISRRIX97HSPPEVGEWLµS[W
-RHYWXV]6MWO
8LIFYWMRIWWSJ468MWLMKLP]HITIRHIRXSRXLIJSVIWXMRHYWXV]MR'EREHE;LMPIXLI'SQTER]MWRSXQEXIVMEPP]HITIRHIRX
SRER]SRIGYWXSQIVVIKMSREPQEVOIXWQE]FIMQTEGXIHF]GLERKIWMRKPSFEPQEVOIXWERHKSZIVRQIRXVIKYPEXMSRWERH
F]QSVIGSRWSPMHEXIHFY]MRKHIGMWMSRWF]PEVKIVGYWXSQIVW468LEWXEOIRWXITWXSHMZIVWMJ]MXWSTIVEXMSRWEGVSWWE[MHIV
ZEVMIX]SJGYWXSQIVWERHTVSZMRGMEPERHWXEXINYVMWHMGXMSRWMRSVHIVXSVIHYGIWYGLWLSVXXIVQMQTEGXW
Seedling Revenues by Market Area
-RXIVIWX6EXIW
8LI'SQTER]MRXIRHWXSYWIXIVQHIFX´RERGMRKXSJYRHIEVRMRKWIRLERGMRK
GETMXEPI\TIRHMXYVIWMRXLIGYVVIRXPS[MRXIVIWXVEXIIRZMVSRQIRX-RXIVIWXVEXI
BC 54%
VMWOMWQEREKIHF]´\MRKXIVQHIFXVEXIWJSVZEV]MRKXIVQWYWMRKMRXIVIWXVEXI
Sask/Man 8%
USA 11%
Alberta 16%
Ontario 11%
W[ETW;SVOMRKGETMXEPPSERWEVIWLSVXXIVQMRREXYVIERHEGGSVHMRKP]468
HSIWRSXLIHKIMRXIVIWXVEXIVMWOSRXLMWHIFX
)RZMVSRQIRXEP
8LITVSHYGXMSRSJJSVIWXWIIHPMRKWLEWPMQMXIHMQTEGXSRXLIIRZMVSRQIRX
7IIHPMRKWEVIKVS[RMRGSRXVSPPIHKVIIRLSYWIWSVMRHI´RIHSTIRGSQTSYRHW8SQEREKIER]TSXIRXMEPIRZMVSRQIRXEP
VMWOW468LEWIWXEFPMWLIHER)RZMVSRQIRXEP1EREKIQIRX7]WXIQ)178LI)17GSRWMWXWSJERIRZMVSRQIRXEPTSPMG]
GSHIWSJGSRHYGXTIVMSHMGWMXIEYHMXWIQTPS]IIXVEMRMRKERHE[EVIRIWWIRZMVSRQIRXEPQSRMXSVMRKIQIVKIRG]TVIZIRXMSR
ERHVIWTSRWITVSGIHYVIWERHTIVMSHMGVITSVXMRK
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
1EREKIQIRX«W(MWGYWWMSR
%REP]WMWGSRXMRYIH
-RGSQI8VYWX8E\EXMSR
3R3GXSFIVXLI'EREHMER*IHIVEP+SZIVRQIRXERRSYRGIHTVSTSWIHTPERWXSETTP]EXE\SRTYFPMGP]XVEHIH
MRGSQIXVYWXWWYGLEWXLI*YRH8LIWITPERWLEZIRS[FIIRTEWWIHMRXSPE[*SVI\MWXMRKMRGSQIXVYWXWXLIVIMWEJSYV
]IEVXVERWMXMSRTIVMSHYRXMPXLIXE\EXMSR]IEVFIJSVIXLIXE\[SYPHFIETTPMGEFPI8LIGLERKIWEPWSSYXPMRIGIVXEMR
TVSZMWMSRWXSPMQMXXLI¨YRHYII\TERWMSR©SJMRGSQIXVYWXWHYVMRKXLIXVERWMXMSRTIVMSHMJXLI*YRH[IVIXSI\GIIHXLIWI
PMQMXWXLIGSRWIUYIRGI[SYPHFIEPSWWSJXLIKVERHJEXLIVIHXE\WXEXYWHYVMRKXLIXVERWMXMSRTIVMSH
%XXLIXMQIXLEXXLIXE\MWETTPMIHXLI*YRH[MPPFIWYFNIGXXSIRXMX]PIZIPXE\EXMSR[LMGL[MPPVIHYGIXLIEQSYRXSJGEWLEZEMPEFPI
JSVHMWXVMFYXMSRERHQE]VIWYPXMRPS[IVHMWXVMFYXMSRWFIMRKQEHIXSYRMXLSPHIVW6IGIRXFYHKIXEQIRHQIRXWLEZIWIXXLI
TVSTSWIHVEXISJXE\EXMSRSRGIVXEMRVIGIMTXWF]XLIXVYWXEXJSVERHXLIVIEJXIV(MWXVMFYXMSRWF]XLIXVYWXXLEX
EVIQEHIJVSQWYGLXE\IHVIGIMTXW[SYPHFIXVIEXIHEWIPMKMFPI'EREHMERHMZMHIRHMRGSQIF]YRMXLSPHIVW[LSEVI'EREHMER
MRHMZMHYEPXE\TE]IVW%WWYQMRKWYGLYRMXLSPHIVWEVIWYFNIGXXSXLILMKLIWXQEVKMREPVEXISJJIHIVEPERHTVSZMRGMEPMRGSQIXE\
XLI][SYPHVIGIMZIEREJXIVXE\VIXYVRJVSQXLIMVRS[VIHYGIHHMWXVMFYXMSRSJMRGSQIETTVS\MQEXIP]IUYEPXSXLIEJXIVXE\VIXYVRMJ
TVIXE\MRGSQISJXLIMRGSQIXVYWXLEHFIIRHMWXVMFYXIHHMVIGXP]XSXLIMRZIWXSVERHXE\IHMRXLILERHSJXLIMRZIWXSV,S[IZIV
VIHYGIHHMWXVMFYXMSRW[MPPFIEREFWSPYXIGSWXXSSXLIVX]TIWSJMRZIWXSVWMRGPYHMRKTIRWMSRJYRHW6IKMWXIVIH6IXMVIQIRX7EZMRKW
4PERWERHRSRVIWMHIRXW[LS[SYPHRSXFIRIJMXJVSQGLEVEGXIVM^EXMSRSJXLIHMWXVMFYXMSREWHMZMHIRHW
2SEWWYVERGIGERFIKMZIRXLEXXLI*YRH[MPPFIEFPIXSQEMRXEMRMXWGYVVIRXKVERHJEXLIVIHWXEXYWYRXMP.ERYEV]
(MWGPSWYVI'SRXVSPWERH-RXIVREP'SRXVSPWSZIV*MRERGMEP6ITSVXMRK
8LI*YRHLEWIWXEFPMWLIHHMWGPSWYVIGSRXVSPWERHTVSGIHYVIWXSIRWYVIXLEXER]QEXIVMEPMRJSVQEXMSRMWTVSTIVP]VIGSVHIH
TVSGIWWIHWYQQEVM^IHERHVITSVXIHXSXLI&SEVHSJ8VYWXIIWERHXLI%YHMX'SQQMXXII468«WGLMIJI\IGYXMZISJ´GIV')3
ERHGLMIJ´RERGMEPSJ´GIV'*3LEZIIZEPYEXIHERHEVIWEXMW´IH[MXLXLIIJJIGXMZIRIWWEXXLIVIEWSREFPIEWWYVERGIPIZIP
SJXLIWIHMWGPSWYVIGSRXVSPWERHTVSGIHYVIWJSVXLITIVMSHIRHMRK(IGIQFIV
8LI*YRHLEWIWXEFPMWLIHMRXIVREPGSRXVSPSZIV´RERGMEPVITSVXMRK-'*6ERHXLI')3ERH'*3GSR´VQXLEXXLIVI[IVIRS
GLERKIWMRXLIWIGSRXVSPWXLEXSGGYVVIHHYVMRKXLIMRXIVMQTIVMSHIRHIH(IGIQFIV[LMGLQEXIVMEPP]EJJIGXIHSV
EVIVIEWSREFP]PMOIP]XSQEXIVMEPP]EJJIGXXLI'SQTER]«W-'*6
3YXPSSO
8LIQEVOIXSYXPSSOJSVLEW[IEOIRIHJYVXLIVEWEVIWYPXSJEWIZIVIHS[RXYVRMRXLIJSVIWXMRHYWXV]-RXLMW
IRZMVSRQIRX468LEWI\TIVMIRGIHYRTVIGIHIRXIHPEXIVIHYGXMSRWMRQENSVSVHIVW8LIJSVIWXMRHYWXV]MWFIMRKMQTEGXIH
F]XLIGSQFMRIHIJJIGXWSJEWLEVTJEPPSJJMR97LSYWMRKWXEVXWE[IEOIV97HSPPEVERHPS[PYQFIVTVMGIW8LMWLEWVIWYPXIH
MRQMPPGPSWYVIWVIHYGIHPSKKMRKEGXMZMX]ERHGSWXVIHYGXMSRMRMXMEXMZIW[LMGLMRXYVRVIHYGIWXLIHIQERHJSVWIIHPMRKW
2I[WIIHPMRKZSPYQIWEVIRS[I\TIGXIHXSHIGPMRIF]SVQSVIMRVIPEXMZIXS[LMGL[SYPHFIETTVS\MQEXIP]
FIPS[XLIMVPIZIPMR-RXLMWIRZMVSRQIRXEZIVEKIFPSGOVIZIRYIWEVII\TIGXIHXSHIGPMRIEWTVSHYGIVWGSQTIXI
XS´PPWYVTPYWGETEGMX]8LIGSQFMRIHMQTEGXSJPS[IVZSPYQIWERHTVMGIW[MPPVIHYGIGEWLEZEMPEFPIJSVHMWXVMFYXMSRERH
MR(IGIQFIVXLI*YRHERRSYRGIHETVSZMWMSREPVIHYGXMSRMRHMWXVMFYXMSRWXSTIVYRMXTIVQSRXLTIRHMRK
´REPHIXIVQMREXMSRSJSVHIVWJSVXLI]IEV1EVOIXGSRHMXMSRWLEZIHIXIVMSVEXIHJYVXLIVWMRGIXLEXXMQIERHXLI&SEVH
ERHQEREKIQIRXHIXIVQMRIHXLEXEJYVXLIVVIHYGXMSRXSTIVYRMXTIVQSRXLWLSYPHFIQEHI[LMGL[EWIJJIGXMZI
[MXLXLI1EVGLHMWXVMFYXMSRHIGPEVEXMSR8LI&SEVH[MPPGSRXMRYIXSQSRMXSVVIWYPXWXLVSYKLSYXXLI]IEVERHQE]EHNYWX
HMWXVMFYXMSRWXSOIITXLIQMRPMRI[MXLGYVVIRXGEWLµS[I\TIGXEXMSRW
468*SVIWX6IKIRIVEXMSR-RGSQI*YRH
%RRYEP6ITSVX
8LI*YRHFIPMIZIWXLEXGYVVIRXQEVOIXGSRHMXMSRWLEZIFIIRTVMQEVMP]GEYWIHF]G]GPMGEPVEXLIVXLERWXVYGXYVEPGLERKIWMR
XLIJSVIWXMRHYWXV]97LSYWMRKWXEVXW[LMGLLEZIVIGIRXP]JEPPIRJVSQVIGSVHLMKLWXSWIZIVIPS[WEVII\TIGXIHXSVIXYVR
XSXLIRSVQEPM^IHPSRKXIVQXVIRHSRGIXLI97IGSRSQ]ERHGVIHMXQEVOIXWVIGSZIV8LMW[MPPWTYVEHHMXMSREPHIQERHJSV
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