KZN291 Mandeni Annual Report 2006-07
1%2()2-192-'-4%0-8=
%229%06)4368
8%&0)3*'328)287
4%+)7
%GORS[PIHKIQIRXW +PSWWEV] %FFVIZMEXMSRWERH%GVSR]QW 1E]SV W*SVI[SVH 1YRMGMTEP1EREKIV W*SVI[SVH ',%48)6 3ZIVZMI[SJXLI1YRMGMTEPMX]
+ISKVETLMGEPERH(IQSKVETLMG4VSJMPI
7SGMSIGSRSQMG4VSJMPI
)RZMVSRQIRXEP4VSJMPI
)\IGYXMZI'SYRGMPERHSXLIVGSYRGMPQIQFIVW
1EREKIQIRX
',%48)6 0IEHIVWLMTERH1EREKIQIRX
',%48)6 :MWMSRERH1MWWMSR
:MWMSR
1MWWMSR
',%48)6 3ZIVZMI[SJ1YRMGMTEP4IVJSVQERGI
-(4(IZIPSTQIRX4PERRMRK
'SVTSVEXI7IVZMGIW
0SGEP)GSRSQMG(IZIPSTQIRX
8IGLRMGEP7IVZMGIW
'SQQYRMX]7IVZMGIW
4IVJSVQERGIF]XLIWIVZMGITVSZMHIVW
*MRERGI
%YHMXSV+IRIVEP W6ITSVXSR%RRYEP*MRERGMEP7XEXIQIRX
%YHMXSV+IRIVEP W6ITSVXSR4IVJSVQERGI1IEWYVIQIRX
6ITSVXSJXLI%YHMX'SQQMXXII
%RRYEP*MRERGMEP7XEXIQIRXW
4EKI
%'/23;0)(+)1)287 ;IWMRGIVIP]LSRSYVERHXLEROXLIGSRXVMFYXMSRWQEHIF]EPPWXEOILSPHIVWXSQEOIXLITYFPMGEXMSRSJXLMWVITSVXEWYGGIWW *SVQSVIMRJSVQEXMSRSVXSSFXEMREHHMXMSREPGSTMIWGSRXEGXXLI1YRMGMTEP1EREKIV W3JJMGISR SVIQEMPGIS$QERHIRMSVK^E 'SSVHMREXSVSJXLI%RRYEP6ITSVX (MVIGXSV 'SVTSVEXI7IVZMGIW 0)( )HMXSVMEP8IEQ 1IQFIVW (MVIGXSV 'SVTSVEXI7IVZMGIW'*3ERH1YRMGMTEP1EREKIV (IWMKRERH0E]SYX 1%2'3 4VMRXMRK 1ERHIRM1YRMGMTEPMX]
4EKI
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
4EKI
192-'-4%01%2%+)6 1YRMGMTEP1EREKIV W*SVI[SVH 3RFILEPJSJ1ERHIRM1YRMGMTEPMX]QEREKIQIRXERHEHQMRMWXVEXMSR-[SYPHPMOIXSI\TVIWWXLI[SVHWSJKVEXMXYHIJSVKIXXMRK ERSXLIVZEPYEFPISTTSVXYRMX]XSTVIWIRXXS]SYSYV%RRYEP6ITSVX 8LIQYRMGMTEPMX]LEWWIIRWSQIWMKRMJMGERXGLERKIWMR8LIWIGLERKIWLEZIFIIREGVSWWXLIJYRGXMSRWSJXLI QYRMGMTEPMX]ERHEPWSWIVZMGIWXLEXEVIHIPMZIVIHXSSYVTISTPI8LIQYRMGMTEPMX]LEWKEXLIVIHQSQIRXYQMRXLIHIPMZIV]SJ LSYWIW MRXIKVEXIH LYQER WIXXPIQIRX VSEHW ERH FEWMG MRJVEWXVYGXYVI 4YFPMG TEVXMGMTEXMSR TVSGIWWIW EW TEVX SJ KSZIVRERGI LEZI MQTVSZIH WMKRMJMGERXP] [MXL EPP [EVHW LEZMRK JYPP] JYRGXMSREP [EVH GSQQMXXIIW 8LIVI LEW FIIR MQTVSZIQIRX MR XLI TVSZMWMSR SJ EQIRMXMIW XS SYV TISTPI % ZIV] KSSH -(4 LEW FIIR HIZIPSTIH ERH GSQQYRMXMIW LEZI EPVIEH]WLS[RWMKRWSJS[RIVWLMT %PXLSYKL[ILEZILEHWSQIEGLMIZIQIRXWMRGIVXEMREVIEW[IWXMPPLEZIEWIVMSYWGLEPPIRKIMRQYRMGMTEPJMRERGMEPZMEFMPMX] ;IYVKISYVGSQQYRMXMIWFYWMRIWWTISTPIERHWIGXSVHITEVXQIRXWXSWYTTSVXYWMRXLMWVIKEVHF]TE]MRKTVSQTXP][LEXMW S[IH XS XLI QYRMGMTEPMX] WS XLEX MR VIXYVR WIVZMGIW GER FI HIPMZIVIH ;I [SYPH EPWS ETTVIGMEXI MRZIWXQIRX MR XLI EVIE FIGEYWIXLMW[MPPRSXSRP]IRLERGISYVVIZIRYIFYX[MPPEPWSGSRXVMFYXITSWMXMZIP]XS[EVHWPSGEPIGSRSQMGHIZIPSTQIRXXLYW MQTVSZMRKXLIWSGMEPJMFVISJSYVTISTPI 3RGIEKEMR-[MWLXSXLEROTSPMXMGEPPIEHIVWLMTSJJMGMEPWFYWMRIWWIWERHXLIGSQQYRMX]EXPEVKIJSVXLIWYTTSVXXLI]LEZI EPWSWLS[RXSXLI1YRMGMTEPMX] CCCCCCCCCCCCCCCCCCCCC (61&2+9&%2) 192-'-4%01%2%+)6
4EKI
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
8LIEVIESJ1ERHIRM1YRMGMTEPMX]LEWFSXLXLI7ETTM4ETIV1MPPERHXLI-WMXLIFI-RHYWXVMEP)WXEXI[LMGLLEZIGVIEXIHPSXW SJNSFSTTSVXYRMXMIWMRXLITEWX-REHHMXMSRXLIQYRMGMTEPEVIEMRGPYHIWWYFWXERXMEPEVIEWSJGSQQIVGMEPEKVMGYPXYVI[MXLXLI FYPO SJ XLIWI EVIEW YRHIV WYKEV GERI 8LI GSQQIVGMEP EKVMGYPXYVEP WIGXSV EPWS SJJIVW GSRWMHIVEFPI WGSTI JSV EHHMXMSREP IGSRSQMGKVS[XL8LIEVIEIRNS]WLMKLVEMRJEPPKSSHWSMPWERHTVS\MQMX]XSXVERWTSVXMRJVEWXVYGXYVIMRGPYHMRKXLITVSTSWIH /MRK7LEOE%MVTSVXEX0E1IVG]ERH(YFI8VEHITSVX8LIEVIEMWXLIVIJSVIZIV][IPPTSWMXMSRIHXSHMZIVWMJ]MRXSLMKLZEPYI PS[IV QEWW RMGLI TVSHYGXW JSV I\TSVX WYGL EW JPS[IVW ERH LMKL ZEPYI ZIKIXEFPIW (ITEVXQIRX %KVMGYPXYVEP WYTTSVX LEW FIIR ZIV] MQTSVXERX TEVXMGYPEVP] XS WQEPP WGEPI JEVQIVW JVSQ TVIZMSYWP] HMWEHZERXEKIH GSQQYRMXMIW [MXL XLI MRXIRXMSR XS GVIEXISTTSVXYRMXMIWJSVIWXEFPMWLQIRXSJEKVMGYPXYVEPGSSTIVEXMZIW )RZMVSRQIRXEPTVSJMPI 8LI QYRMGMTEP EVIE LEW ER I\XVIQIP] VMGL PSGEP REXYVEP IRZMVSRQIRX 8LMW MW GIRXVIH SR XLI 8YKIPE 6MZIV ZEPPI] XLI %QEXMOYPY6MZIVZEPPI]ERHXLIJYPPPIRKXLSJXLIWXMPPTVMWXMRIGSEWXEPWXVMTSJETTVS\MQEXIP]OQWMRPIRKXL-REHHMXMSR XLIVI EVI EVIEW WYGL EW XLI 2HYPMRHI ,MPPW ERH XLI PERHQEVO LMPPW EVSYRH XLI GIRXVI SJ 1ERHIRM [LMGL JSVQ EXXVEGXMZI FEGOHVSTW XS HIZIPSTQIRX MR XLI EVIE ERH [LMGL QYWX FI LERHPIH [MXL GEVI 3YV )RZMVSRQIRXEP 4PER WLS[W XLI QSWX MQTSVXERX EVIEW SJ WTIGMEP IRZMVSRQIRXEP GSRGIVR WSYVGIH JVSQ 2EXYVI 'SRWIVZEXMSR 7IVZMGIW MRGPYHMRK XLI REXYVI VIWIVZIWREQIP]XLI%QEXMOYPY2EXYVI6IWIVZI,EVSPH.SLRWSR2EXYVI6IWIVZIERHXLI2K[IR]E2EXYVI6IWIVZI 4EKI
',%48)6 0)%()67,-4%2(1%2%+)1)28
)41EOLSFE
'PPV(17LERHY
'PPV&41KEHM
'PPV26IHH]
'PPV(11ETLYQYPS
1IQFIVWSJXLI)\IGYXMZI'SQQMXXII
3XLIV'SYRGMPPSVW 'PPV+47&YWERI
'PPV)0(YFI
'PPV&%/LYQEPS
'PPV.)0YXLYPM
'PPV7:1ERUIPI
'PPV11EXLSRWM
'PPV1.1EXLSRWM
'PPV2.1FYWM
'PPV8:1HPIXWLI
'PPV171HYRKI
'PPV411XLIQFY
'PPV411]I^E
'PPV72HPSZY
'PPV/'2KGSFS 7YFWXMXYXIH7.>MFERI 'PPV,2KIQE
'PPV2*2XYPM
'PPV&82OEFMRHI
'PPV.&2^Y^E
'PPV7(7LIRKI
'PPV067LIQFI
'PPV..:MPEOE^M
'PPV.1>SRHM
'PPV8.>SRHS
'PPV7&>YPY
'PPV+2>YRKY
1%2%+)1)28
7IRMSV1EREKIQIRX 1&2KYFERI 1YRMGMTEP1EREKIV
:EGERX (MVIGXSV 'SQQYRMX]7IVZMGIW
1.4IEVWSR'LMIJ*MRERGMEP3JJMGIV 2+/YQEPS(MVIGXSV 'SVTSVEXI7IVZMGIW
0)(
67I[HYPEV (MVIGXSV 8IGLRMGEP7IVZMGIW
2+1RG[ERKS1EREKIV 'SQQYRMX]7IVZMGIW
221LPYRKY1EREKIV 'SVTSVEXI7IVZMGIW ;(SSVEWEQ]1EREKIV *MRERGMEP7IVZMGIW
7/LER]MPI 1EREKIV -RXIKVEXIH(IZIPSTQIRX4PERRMRK6,IWPST ,IEH 4YFPMG7EJIX] 7IGYVMX]
4EKI
',%48)6 :-7-32%2(1-77-32
:MWMSR
;IXLIGSQQYRMX]%QEOLSWM'SYRGMPPSVWERHWXEJJSJ1ERHIRM1YRMGMTEPMX]LIVIF]VIWSPZIXLEXSYV1YRMGMTEPMX][MPPWXVMZI JSVI\GIPPIRGIMRXLIIJJIGXMZIERHIJJMGMIRXQEREKIQIRXSJMXWJMRERGMEPLYQERGETMXEPERHHIZIPSTQIRXEPVIWSYVGIW ;IWLEPPWXVMZIXSQE\MQM^ISTTSVXYRMXMIWJSVKVS[XLERHHIZIPSTQIRXJSVEPPTISTPIMRSYVGSQQYRMX] EW [IPP EW
XLIREXYVEPVIWSYVGIW[MXLMRSYV1YRMGMTEPEVIE ;IVIGSKRMWIXLEXSYVIGSRSQ]MWMRHYWXVMEPERHEKVMGYPXYVEPMRMXWREXYVIERHWLEPPXLIVIJSVIWXVMZIXSQE\MQM^I
STTSVXYRMXMIWJSVKVS[XLMRXLIMRHYWXVMEPERHEKVMGYPXYVEPIGSRSQMIW ;IEVITVSYHSJXLILMWXSV]ERHLIVMXEKISJSYV1YRMGMTEPEVIEERHGSQQMXSYVWIPZIWXSXLI
KVS[XLSJSYVLMWXSVMGEPERHLIVMXEKIVIWSYVGIWMRXLIXSYVMWQIGSRSQ] ;I[MPPIRHIEZSYVXSQMRMQMWIXLIWTVIEHSJHMWIEWIWWYGLEW,-:%-(7GLSPIVEXYFIVGYPSWMW ERHSXLIVW -REPPSYVIRHIEZSYVWERHIJJSVXW1ERHIRMWLEPPFIXLIFIWXVYRYVFERVYVEP1YRMGMTEPMX]MRXLI TVSZMRGI
1MWWMSR
3YV QMWWMSR MW XS QE\MQM^I WSGMEP HIZIPSTQIRX IGSRSQMG KVS[XL ERH LYQER VIWSYVGIW QEREKIQIRX XLVSYKL GSPPIGXMZI ERH WIPJPIWW HIHMGEXMSR XS SYV GEPPW ERH VIWTSRWMFMPMXMIW VIKEVHPIWW SJ VEGI GSPSYV GVIIH WI\ ERH KIRHIV SV TSPMXMGEP EJJMPMEXMSR
4EKI
',%48)6 3:)6:-);3*192-'-4%04)6*361%2') ():)0341)2840%2-2+-(4(-:-7-32 8LI(IZIPSTQIRX4PERRMRK-(4HMZMWMSRMWHMVIGXP]PMROIHXSXLI1YRMGMTEP1EREKIV WSJJMGIERHMWVIWTSRWMFPIJSVXLIX[S WITEVEXIFYXMRXIVVIPEXIHJYRGXMSRWSJ(IZIPSTQIRX4PERRMRKEW[IPPEWXLI-RXIKVEXIH(IZIPSTQIRX4PERRMRK -(4 8LI EFSZIQIRXMSRIHHMZMWMSRMWRI[[MXLMRXLI1YRMGMTEPMX]ERHXLI1EREKIV-(4(IZIPSTQIRX4PERRMRK[EWETTSMRXIHSR .ERYEV]
8,)(-:-7-32 7%6)%3**3'97 -(4
(E]XSHE]QEREKIQIRXSJ-(4ERHTVSGIWWIWEWMRZSPZIH )RWYVMRKWXEOILSPHIVVITVIWIRXEXMSRERHTYFPMGTEVXMGMTEXMSR (IGMHMRKSRTPERRMRKTVSGIWW 1SRMXSVMRK-(4TVSGIWWERHMQTPIQIRXEXMSRSJHIZIPSTQIRXSFNIGXMZI 3ZIVEPPQEREKIQIRXERHGSSVHMREXMSR (E]XSHE]QEREKIQIRXSJXLITVSGIWW 3ZIVWII EPMKRQIRX ERH MRXIKVEXMSR SJ EGXMZMXMIW
79'')773*8,)-(4 49&0-'4%68-'-4%8-32 8LI1YRMGMTEPMX]MWGSRJMHIRXXLEXMXLEWEHIUYEXIP]IQFVEGIHXLITVSZMWMSRWSJXLI1YRMGMTEP7]WXIQW%GX2SSJ VIKEVHMRKGSQQYRMX]TEVXMGMTEXMSR7IGXMSRSJXLI%GXVIUYMVIWXLEXEGYPXYVISJGSQQYRMX]TEVXMGMTEXMSRMWHIZIPSTIHERH 7IGXMSRSJXLI%GXXEPOWEFSYXQIGLERMWQWTVSGIWWIWERHTVSGIHYVIWJSVGSQQYRMX]TEVXMGMTEXMSR 8LI 1ERHIRM 1YRMGMTEPMX] YWIH EPP XLI ETTVSTVMEXI QIGLERMWQW ERH TVSGIHYVIW XS IRWYVI XLEX XLVSYKL XLI EGXMZI TEVXMGMTEXMSRSJEPPXLIMQTSVXERXWXEOILSPHIVWERHXLIMRZSPZIQIRXSJGSQQYRMX]MRXLIEJJEMVWSJXLI1YRMGMTEPMX]HIGMWMSRW EVIQEHIMREHIQSGVEXMGERHXVERWTEVIRXQERRIV-RXLI-(46IZMI[VIWSYVGIW[IVIYWIHMRIQTS[IVMRKXLI WXVYGXYVIW WYGL EW 1YRMGMTEP 7IGXSV *SVYQW ;EVH 'SQQMXXIIW 'SYRGMPPSVW 2SR+SZIVRQIRXEP 3VKERM^EXMSRW ERH (IZIPSTQIRX 'SQQMXXII XSKIXLIV [MXL OI] WXEOILSPHIVW WIVZMGI TVSZMHIVW ERH KSZIVRQIRX HITEVXQIRXW %PP XLIWI WXVYGXYVIW [IVI RSXMJMIH ERH MRZMXIH XS TEVXMGMTEXI MR ZEVMSYW -(4 QIIXMRKW XS IRWYVI XLEX GSQQYRMX] I\TIVXMWI ERH MRZSPZIQIRXGERFIJSGYWWIHSRHIPMZIV]EVSYRH-(4TVMSVMX]MWWYIW 4EKI
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
4EKI
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
4EKI
;EVH 'SQQMXXIIW [IVI YRHIVXEOIR -R EHHMXMSR XS XLEX E WMXYEXMSREP EREP]WMW [EW GSRHYGXIH MR [LMGL GYVVIRX PERH YWI WYVZI]IRZMVSRQIRXEPEREP]WMWWIXXPIQIRXTEXXIVRERHXLIGSPPIGXMSRSJHEXE[EWYRHIVXEOIR 8LI[SVOHSRIWSJEVVIGSVHIHMRTVMRGMTPIXLEXJYPPXS[RTPERRMRKWGLIQIGSRXVSP[MPPFITYXMRTPEGIJSVXLIYVFERGIRXIVW REQIP]1ERHIRM7YRHYQFMPM-WMXLIFI2]SRM8YKIPEERH8YKIPE1SYXLMRXLIJSVQSJJSVQEPXS[RTPERRMRKWGLIQIW-X [EWRSXIHXLEXWSQISJXLIWIEVIEWEVIGSZIVIHF]WITEVEXIWGLIQIWEXXLMWXMQI
8LIVIQEMRHIVSJXLIEVIESJXLI1YRMGMTEPMX]MWTVSTSWIHXSFIGSZIVIHF]EQSVIWMQTPIJSVQSJPERHYWIGSRXVSP[LMGL VIJPIGXWXLITSPMGMIWSJXLI-(4FYX[LMGLJEGMPMXEXIWQEREKIQIRXSJHIZIPSTQIRXMRXLIVYVEPEVIEW8LITVIGMWIREXYVISJ XLMWGSRXVSP[MPPRS[FIJSVQYPEXIHJSV[SVOWLSTTMRK[MXLXLIVIPIZERX[EVHGSQQMXXIIW
()4%681)28 '36436%8)7)6:-')7%2(03'%0)'3231-'
():)0341)28
8LI(ITEVXQIRXSJ'SVTSVEXI7IVZMGIWERH0SGEP)GSRSQMG(IZIPSTQIRXMWLIEHIHF]XLI(MVIGXSV 'SVTSVEXI7IVZMGIW ERH0)( ()4%681)28 '36436%8)7)6:-')7 8LI'SVTSVEXI7IVZMGIW(ITEVXQIRXMWLIEHIHF]XLI1EREKIV 'SVTSVEXI7IVZMGIW[LSXLIRFIGSQIWVIWTSRWMFPIJSVXLI JSPPS[MRKWIGXMSRW ,YQER6IWSYVGIW1EREKIQIRX +IRIVEP%HQMRMWXVEXMSR -RJSVQEXMSR8IGLRSPSK]YRMX ERH 'SQQMXXIIW9RMX 8LIEFSZIQIRXMSRIHWIGXMSRWTVSZMHIXLIJSPPS[MRKWIVZMGIWXSXLIPMRIJYRGXMSRSJXLIQYRMGMTEPMX] ,YQER6IWSYVGI1EREKIQIRX 6IGVYMXQIRXERHWIPIGXMSR
1EREKIQIRXSJFIRIJMXW
,YQERGETMXEPHIZIPSTQIRX
0EFSYVVIPEXMSRW
7XEJJFYHKIXMRK
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,IEPXLERH7EJIX]
6ITSVXSR)QTPS]QIRX)UYMX]4PER
6ITSVXMRKSR;SVOTPEGI7OMPPW4PER ;74
4EKI
+IRIVEP%HQMRMWXVEXMSR
6IKMWXV]IRWYVMRKXLEXVIGSVHWEVIOITXTVSTIVP] 1EREKIQIRXSJ'SQQMXXII[SVO[LMGLMRGPYHIW
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8IPITLSRIQEREKIQIRX
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QYRMGMTEP[IFWMXI
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4EKI
3GGYTEXMSREP
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2SRTIVQERIRX
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4EKI
%443-281)28%7*631.90=83.92) 2YQFIV
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7IVZMGIW
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8VEJJMG3JJMGIVW
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1YRMGMTEP1EREKIV
1YRMGMTEP1EREKIV
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8IVQMREXMSRW[MXLMRXLMWJMRERGMEP]IEV 8)61-2%8-327%7%8.90=83.92)
1YRMGMTEP 1EREKIV W3JJMGI
4YFPMG7EJIX]
8VEJJMG3JJMGIV
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7IVZMGIW
0MFVEVMER
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4EKI
8IGLRMGEP7IVZMGIW
1EREKIV8IGLRMGEP7IVZMGIW
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8IGLRMGEP7IVZMGIW
16IEHIVXS+%WW)PIGXVMGMER
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7IGVIXEV]XS'EWLMIV
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8LI )QTPS]II ;IPPRIWW 4SPMG] LEW FIIR JSVQYPEXIH ERH [SVOWLSTTIH XS EPP XLI VIPIZERX WXEOILSPHIVW MI WXEJJ YRMSRW WLSWXI[EVHWERH'SYRGMPPSVWERH[EWEHSTXIHF]'SYRGMPSRXLI .YRI
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8LI1YRMGMTEPMX]EPWSIQTPS]IHJSYVPSGEPTISTPIEWXSYVMWQQSRMXSVWEX(SOSH[IRM&IEGLHYVMRKXLMWTIVMSHERHTISTPI [LSZMWMXIHXLIFIEGLETTVIGMEXIHXLIWIVZMGI
4EKI
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4EKI
8LIGSSTIVEXMZIW[IVIJYVXLIVEHHVIWWIHF]1W1HPEPSWIJVSQ1EWMJYRHMWERI3VKERM^EXMSRETTSMRXIHF]XLI(ITEVXQIRX SJ)GSRSQMG(IZIPSTQIRXXSXVEMRXLIGSSTIVEXMZIW ',%00)2+)7-2 :EGERG]SJXLI0)(1EREKIV -RWYJJMGMIRXJYRHWXSVYRWYGGIWWJYP0)(TVSNIGXW 46-36-8-)7*36-(4 8SJSVQYPEXI711)ERH8SYVMWQWXVEXIK] -QTPIQIRXEXMSRSJTSZIVX]EPPIZMEXMSRTVSNIGXW 'SRGPYWMSRSJXLIJSVQYPEXMSRSJXLI0)(7XVEXIK] )WXEFPMWLQIRXSJXLI=SYXL%HZMWSV]'IRXVI =%'
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4EKI
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
4EKI
;%8)6 7%2-8%8-32 !
% ;%8)6 ! !
03'%0 192-'-4%0-8= 1ERHIRM /[E(YOY^E 2H[IH[I 1ETLYQYPS 8SXEP %GGIWWXS;EXIV &EGOPSKW %GLMIZIQIRXW
43490%8-32
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9;4&%'/03+)78-1%8)7
,397),30(7;-8,%'')7783;%8)6
&%'/03+ ,397),30(7
%'')77 ,397),30(7
&%'/03+ ,397),30(7
%'')77 ,397),30(7
! ! & 7%2-8%8-32 03'%0 192-'-4%0-8= 1ERHIRM /[E(YOY^E 2H[IH[I 1ETLYQYPS 8SXEP %GGIWWXS 7ERMXEXMSR &EGOPSKW %GLMIZIQIRXW
43490%8-32
,397),30(7
9;4&%'/03+)78-1%8)7
,397),30(7;-8,%'')77837%2-8%8-32
1IGLERMGEP(MZMWMSR -XGSSVHMREXIWERHGSRXVSPWXLIWIXYT[SVOMRTVSKVIWWERHGSQTPIXMSRSJWTIGMEPM^IHXEWOWEGXMZMXMIWEWWSGMEXIH [MXLXLIQIGLERMGEPQEMRXIRERGIERHVITEMVSJHMIWIPTIXVSPTS[IVIHLIEZ]TPERXZILMGPIWERHSVPMKLXIUYMTQIRX MRGPYHMRKQSRMXSVMRKERHGSVVIGXMRKXLITVSHYGXMZMX]ERHTIVJSVQERGISYXTYXWSJWYTTSVXTIVWSRRIPGSQQYRMGEXMRK [MXLWYTTPMIVWERHEXXIRHMRKXSVSYXMRIKIRIVEPEHQMRMWXVEXMZIVIGSVHMRKVIUYMVIQIRXW +-7-RJSVQEXMSR7]WXIQ 'SSVHMREXIW XLI ETTPMGEXMSR ERH MQTPIQIRXEXMSR SJ MRJSVQEXMSR W]WXIQ VIPEXIH TVSGIHYVIW XS IREFPI EWWIQFP] WXSVEKIQERMTYPEXMSRHMWTPE]ERHVITSVXMRKSJKISKVETLMGEPP]VIJIVIRGIHMRJSVQEXMSREWERIJJIGXMZIWYTTSVXXSSPXS QEREKIQIRXHIGMWMSRQEOMRKTVSGIWWIWERHTPERRMRKWIUYIRGIERHEXXIRHMRKXSXLIEHQMRMWXVEXMZIVIGSVHMRKERH VIGSVHOIITMRKVIUYMVIQIRXWJSVXLIWIGXMSR %',-):)1)287;-8,-28,)8)',2-'%07)6:-')7()4%681)28 63%(7
4EKI
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
()4%681)283*'31192-8=7)6:-')7 7869'896)3*8,)()4%681)28
4EKI
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
8LIWIGSQTYXIVW[MPPFIGSRRIGXIHXS-RXIVRIXERHXLIGSQQYRMX]ERHPMFVEV]YWIVW[MPPLEZIEGLERGIXSFIXVEMRIH SRGSQTYXIVWOMPPW0MFVEV]WXEJJEXXIRHIHZEVMSYWXVEMRMRKTVSKVEQQIW %HHMXMSREP PMFVEV] % VIWIEVGL ERH E TVSTSWEP [EW TVITEVIH ERH JSV[EVHIH XS /[E>YPY 2EXEP 4VSZMRGMEP 0MFVEV] 7IVZMGIW JSV XLI EHHMXMSREPPMFVEV]XSFIGSRWXVYGXIHMR-WMXLIFIEVIE
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Ì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
4EKI
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
4EKI
&PSGOW
&VMGOPE]MRK
'EVTIRXV]
4PEWXIVMRK
%PQSWXFIRIJMGMEVMIW[IVIETTVSZIHF]XLI(ITEVXQIRXSJ,SYWMRKERHMXMWLSTIHXLEXJMREPETTVSZEP[MPPFIJSVXLGSQMRK FIJSVIXLIIRHSJ )2)1&) 1%8,327-696%0 ,397-2+463.)'8 6IKMWXVEXMSRSJFIRIJMGMEVMIW[EWGSQTPIXIH TISTPI[IVIXVEMRIHF]XLI(ITEVXQIRXSJ0EFSYVSRXLIJSPPS[MRK 4PYQFMRK
&PSGOW
&VMGOPE]MRK
'EVTIRXV]
4PEWXIVMRK
2&8LIVI[EWRSQSZIQIRXMRXLI1EGEQFMRM-WMOLSR]ERIERH-R]SRM,SYWMRK4VSNIGXWPEVKIP]HYIXSXLIJEGXXLEXXLI ETTPMGEXMSRW[IVIE[EMXMRKETTVSZEPJVSQXLI(ITEVXQIRXSJ,SYWMRK0ERHMWWYIWSR8LSVR]4EVOERH)PFS[*EVQ,SYWMRK 4VSNIGXW [IVI RSX JMREPMWIH ERH XLI] LIPH XLI TVSNIGXW FEGO HIWTMXI QYRMGMTEP MRXIVZIRXMSRW FIX[IIR XLI (ITEVXQIRX SJ ,SYWMRKERHS[RIVWSJPERH ',%00)2+)7*%')(&='31192-8=7)6:-')7 'ETEGMX] 46-36-8-)7*36-(4 6SPPMRKQSVILSYWMRKTVSNIGXW
4)6*361%2')&=8,)7)6:-')463:-()67
1%2()2-*-6782%8-32%0&%2/
4EKI
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
%229%06)4368
8%&0)3*'328)287
4%+)7
%GORS[PIHKIQIRXW +PSWWEV] %FFVIZMEXMSRWERH%GVSR]QW 1E]SV W*SVI[SVH 1YRMGMTEP1EREKIV W*SVI[SVH ',%48)6 3ZIVZMI[SJXLI1YRMGMTEPMX]
+ISKVETLMGEPERH(IQSKVETLMG4VSJMPI
7SGMSIGSRSQMG4VSJMPI
)RZMVSRQIRXEP4VSJMPI
)\IGYXMZI'SYRGMPERHSXLIVGSYRGMPQIQFIVW
1EREKIQIRX
',%48)6 0IEHIVWLMTERH1EREKIQIRX
',%48)6 :MWMSRERH1MWWMSR
:MWMSR
1MWWMSR
',%48)6 3ZIVZMI[SJ1YRMGMTEP4IVJSVQERGI
-(4(IZIPSTQIRX4PERRMRK
'SVTSVEXI7IVZMGIW
0SGEP)GSRSQMG(IZIPSTQIRX
8IGLRMGEP7IVZMGIW
'SQQYRMX]7IVZMGIW
4IVJSVQERGIF]XLIWIVZMGITVSZMHIVW
*MRERGI
%YHMXSV+IRIVEP W6ITSVXSR%RRYEP*MRERGMEP7XEXIQIRX
%YHMXSV+IRIVEP W6ITSVXSR4IVJSVQERGI1IEWYVIQIRX
6ITSVXSJXLI%YHMX'SQQMXXII
%RRYEP*MRERGMEP7XEXIQIRXW
4EKI
%'/23;0)(+)1)287 ;IWMRGIVIP]LSRSYVERHXLEROXLIGSRXVMFYXMSRWQEHIF]EPPWXEOILSPHIVWXSQEOIXLITYFPMGEXMSRSJXLMWVITSVXEWYGGIWW *SVQSVIMRJSVQEXMSRSVXSSFXEMREHHMXMSREPGSTMIWGSRXEGXXLI1YRMGMTEP1EREKIV W3JJMGISR SVIQEMPGIS$QERHIRMSVK^E 'SSVHMREXSVSJXLI%RRYEP6ITSVX (MVIGXSV 'SVTSVEXI7IVZMGIW 0)( )HMXSVMEP8IEQ 1IQFIVW (MVIGXSV 'SVTSVEXI7IVZMGIW'*3ERH1YRMGMTEP1EREKIV (IWMKRERH0E]SYX 1%2'3 4VMRXMRK 1ERHIRM1YRMGMTEPMX]
4EKI
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
4EKI
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
4EKI
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
8LIEVIESJ1ERHIRM1YRMGMTEPMX]LEWFSXLXLI7ETTM4ETIV1MPPERHXLI-WMXLIFI-RHYWXVMEP)WXEXI[LMGLLEZIGVIEXIHPSXW SJNSFSTTSVXYRMXMIWMRXLITEWX-REHHMXMSRXLIQYRMGMTEPEVIEMRGPYHIWWYFWXERXMEPEVIEWSJGSQQIVGMEPEKVMGYPXYVI[MXLXLI FYPO SJ XLIWI EVIEW YRHIV WYKEV GERI 8LI GSQQIVGMEP EKVMGYPXYVEP WIGXSV EPWS SJJIVW GSRWMHIVEFPI WGSTI JSV EHHMXMSREP IGSRSQMGKVS[XL8LIEVIEIRNS]WLMKLVEMRJEPPKSSHWSMPWERHTVS\MQMX]XSXVERWTSVXMRJVEWXVYGXYVIMRGPYHMRKXLITVSTSWIH /MRK7LEOE%MVTSVXEX0E1IVG]ERH(YFI8VEHITSVX8LIEVIEMWXLIVIJSVIZIV][IPPTSWMXMSRIHXSHMZIVWMJ]MRXSLMKLZEPYI PS[IV QEWW RMGLI TVSHYGXW JSV I\TSVX WYGL EW JPS[IVW ERH LMKL ZEPYI ZIKIXEFPIW (ITEVXQIRX %KVMGYPXYVEP WYTTSVX LEW FIIR ZIV] MQTSVXERX TEVXMGYPEVP] XS WQEPP WGEPI JEVQIVW JVSQ TVIZMSYWP] HMWEHZERXEKIH GSQQYRMXMIW [MXL XLI MRXIRXMSR XS GVIEXISTTSVXYRMXMIWJSVIWXEFPMWLQIRXSJEKVMGYPXYVEPGSSTIVEXMZIW )RZMVSRQIRXEPTVSJMPI 8LI QYRMGMTEP EVIE LEW ER I\XVIQIP] VMGL PSGEP REXYVEP IRZMVSRQIRX 8LMW MW GIRXVIH SR XLI 8YKIPE 6MZIV ZEPPI] XLI %QEXMOYPY6MZIVZEPPI]ERHXLIJYPPPIRKXLSJXLIWXMPPTVMWXMRIGSEWXEPWXVMTSJETTVS\MQEXIP]OQWMRPIRKXL-REHHMXMSR XLIVI EVI EVIEW WYGL EW XLI 2HYPMRHI ,MPPW ERH XLI PERHQEVO LMPPW EVSYRH XLI GIRXVI SJ 1ERHIRM [LMGL JSVQ EXXVEGXMZI FEGOHVSTW XS HIZIPSTQIRX MR XLI EVIE ERH [LMGL QYWX FI LERHPIH [MXL GEVI 3YV )RZMVSRQIRXEP 4PER WLS[W XLI QSWX MQTSVXERX EVIEW SJ WTIGMEP IRZMVSRQIRXEP GSRGIVR WSYVGIH JVSQ 2EXYVI 'SRWIVZEXMSR 7IVZMGIW MRGPYHMRK XLI REXYVI VIWIVZIWREQIP]XLI%QEXMOYPY2EXYVI6IWIVZI,EVSPH.SLRWSR2EXYVI6IWIVZIERHXLI2K[IR]E2EXYVI6IWIVZI 4EKI
',%48)6 0)%()67,-4%2(1%2%+)1)28
)41EOLSFE
'PPV(17LERHY
'PPV&41KEHM
'PPV26IHH]
'PPV(11ETLYQYPS
1IQFIVWSJXLI)\IGYXMZI'SQQMXXII
3XLIV'SYRGMPPSVW 'PPV+47&YWERI
'PPV)0(YFI
'PPV&%/LYQEPS
'PPV.)0YXLYPM
'PPV7:1ERUIPI
'PPV11EXLSRWM
'PPV1.1EXLSRWM
'PPV2.1FYWM
'PPV8:1HPIXWLI
'PPV171HYRKI
'PPV411XLIQFY
'PPV411]I^E
'PPV72HPSZY
'PPV/'2KGSFS 7YFWXMXYXIH7.>MFERI 'PPV,2KIQE
'PPV2*2XYPM
'PPV&82OEFMRHI
'PPV.&2^Y^E
'PPV7(7LIRKI
'PPV067LIQFI
'PPV..:MPEOE^M
'PPV.1>SRHM
'PPV8.>SRHS
'PPV7&>YPY
'PPV+2>YRKY
1%2%+)1)28
7IRMSV1EREKIQIRX 1&2KYFERI 1YRMGMTEP1EREKIV
:EGERX (MVIGXSV 'SQQYRMX]7IVZMGIW
1.4IEVWSR'LMIJ*MRERGMEP3JJMGIV 2+/YQEPS(MVIGXSV 'SVTSVEXI7IVZMGIW
0)(
67I[HYPEV (MVIGXSV 8IGLRMGEP7IVZMGIW
2+1RG[ERKS1EREKIV 'SQQYRMX]7IVZMGIW
221LPYRKY1EREKIV 'SVTSVEXI7IVZMGIW ;(SSVEWEQ]1EREKIV *MRERGMEP7IVZMGIW
7/LER]MPI 1EREKIV -RXIKVEXIH(IZIPSTQIRX4PERRMRK6,IWPST ,IEH 4YFPMG7EJIX] 7IGYVMX]
4EKI
',%48)6 :-7-32%2(1-77-32
:MWMSR
;IXLIGSQQYRMX]%QEOLSWM'SYRGMPPSVWERHWXEJJSJ1ERHIRM1YRMGMTEPMX]LIVIF]VIWSPZIXLEXSYV1YRMGMTEPMX][MPPWXVMZI JSVI\GIPPIRGIMRXLIIJJIGXMZIERHIJJMGMIRXQEREKIQIRXSJMXWJMRERGMEPLYQERGETMXEPERHHIZIPSTQIRXEPVIWSYVGIW ;IWLEPPWXVMZIXSQE\MQM^ISTTSVXYRMXMIWJSVKVS[XLERHHIZIPSTQIRXJSVEPPTISTPIMRSYVGSQQYRMX] EW [IPP EW
XLIREXYVEPVIWSYVGIW[MXLMRSYV1YRMGMTEPEVIE ;IVIGSKRMWIXLEXSYVIGSRSQ]MWMRHYWXVMEPERHEKVMGYPXYVEPMRMXWREXYVIERHWLEPPXLIVIJSVIWXVMZIXSQE\MQM^I
STTSVXYRMXMIWJSVKVS[XLMRXLIMRHYWXVMEPERHEKVMGYPXYVEPIGSRSQMIW ;IEVITVSYHSJXLILMWXSV]ERHLIVMXEKISJSYV1YRMGMTEPEVIEERHGSQQMXSYVWIPZIWXSXLI
KVS[XLSJSYVLMWXSVMGEPERHLIVMXEKIVIWSYVGIWMRXLIXSYVMWQIGSRSQ] ;I[MPPIRHIEZSYVXSQMRMQMWIXLIWTVIEHSJHMWIEWIWWYGLEW,-:%-(7GLSPIVEXYFIVGYPSWMW ERHSXLIVW -REPPSYVIRHIEZSYVWERHIJJSVXW1ERHIRMWLEPPFIXLIFIWXVYRYVFERVYVEP1YRMGMTEPMX]MRXLI TVSZMRGI
1MWWMSR
3YV QMWWMSR MW XS QE\MQM^I WSGMEP HIZIPSTQIRX IGSRSQMG KVS[XL ERH LYQER VIWSYVGIW QEREKIQIRX XLVSYKL GSPPIGXMZI ERH WIPJPIWW HIHMGEXMSR XS SYV GEPPW ERH VIWTSRWMFMPMXMIW VIKEVHPIWW SJ VEGI GSPSYV GVIIH WI\ ERH KIRHIV SV TSPMXMGEP EJJMPMEXMSR
4EKI
',%48)6 3:)6:-);3*192-'-4%04)6*361%2') ():)0341)2840%2-2+-(4(-:-7-32 8LI(IZIPSTQIRX4PERRMRK-(4HMZMWMSRMWHMVIGXP]PMROIHXSXLI1YRMGMTEP1EREKIV WSJJMGIERHMWVIWTSRWMFPIJSVXLIX[S WITEVEXIFYXMRXIVVIPEXIHJYRGXMSRWSJ(IZIPSTQIRX4PERRMRKEW[IPPEWXLI-RXIKVEXIH(IZIPSTQIRX4PERRMRK -(4 8LI EFSZIQIRXMSRIHHMZMWMSRMWRI[[MXLMRXLI1YRMGMTEPMX]ERHXLI1EREKIV-(4(IZIPSTQIRX4PERRMRK[EWETTSMRXIHSR .ERYEV]
8,)(-:-7-32 7%6)%3**3'97 -(4
(E]XSHE]QEREKIQIRXSJ-(4ERHTVSGIWWIWEWMRZSPZIH )RWYVMRKWXEOILSPHIVVITVIWIRXEXMSRERHTYFPMGTEVXMGMTEXMSR (IGMHMRKSRTPERRMRKTVSGIWW 1SRMXSVMRK-(4TVSGIWWERHMQTPIQIRXEXMSRSJHIZIPSTQIRXSFNIGXMZI 3ZIVEPPQEREKIQIRXERHGSSVHMREXMSR (E]XSHE]QEREKIQIRXSJXLITVSGIWW 3ZIVWII EPMKRQIRX ERH MRXIKVEXMSR SJ EGXMZMXMIW
79'')773*8,)-(4 49&0-'4%68-'-4%8-32 8LI1YRMGMTEPMX]MWGSRJMHIRXXLEXMXLEWEHIUYEXIP]IQFVEGIHXLITVSZMWMSRWSJXLI1YRMGMTEP7]WXIQW%GX2SSJ VIKEVHMRKGSQQYRMX]TEVXMGMTEXMSR7IGXMSRSJXLI%GXVIUYMVIWXLEXEGYPXYVISJGSQQYRMX]TEVXMGMTEXMSRMWHIZIPSTIHERH 7IGXMSRSJXLI%GXXEPOWEFSYXQIGLERMWQWTVSGIWWIWERHTVSGIHYVIWJSVGSQQYRMX]TEVXMGMTEXMSR 8LI 1ERHIRM 1YRMGMTEPMX] YWIH EPP XLI ETTVSTVMEXI QIGLERMWQW ERH TVSGIHYVIW XS IRWYVI XLEX XLVSYKL XLI EGXMZI TEVXMGMTEXMSRSJEPPXLIMQTSVXERXWXEOILSPHIVWERHXLIMRZSPZIQIRXSJGSQQYRMX]MRXLIEJJEMVWSJXLI1YRMGMTEPMX]HIGMWMSRW EVIQEHIMREHIQSGVEXMGERHXVERWTEVIRXQERRIV-RXLI-(46IZMI[VIWSYVGIW[IVIYWIHMRIQTS[IVMRKXLI WXVYGXYVIW WYGL EW 1YRMGMTEP 7IGXSV *SVYQW ;EVH 'SQQMXXIIW 'SYRGMPPSVW 2SR+SZIVRQIRXEP 3VKERM^EXMSRW ERH (IZIPSTQIRX 'SQQMXXII XSKIXLIV [MXL OI] WXEOILSPHIVW WIVZMGI TVSZMHIVW ERH KSZIVRQIRX HITEVXQIRXW %PP XLIWI WXVYGXYVIW [IVI RSXMJMIH ERH MRZMXIH XS TEVXMGMTEXI MR ZEVMSYW -(4 QIIXMRKW XS IRWYVI XLEX GSQQYRMX] I\TIVXMWI ERH MRZSPZIQIRXGERFIJSGYWWIHSRHIPMZIV]EVSYRH-(4TVMSVMX]MWWYIW 4EKI
-REHHMXMSRXLITYFPMGEXMSRRSXMJ]MRKEPPMRXIVIWXIHERHEJJIGXIHTEVXMIWSJXLI-(46ITVIWIRXEXMZI*SVYQQIIXMRK[EWTPEGIH MRXLIPSGEPRI[WTETIVERHRSXMGIFSEVHW8LI6ITVIWIRXEXMZI*SVYQMWXLITPEXJSVQMR[LMGLZEVMSYWWXEOILSPHIVWWYGLEW &YWMRIWW4ISTPI6EXI4E]IVW %WWSGMEXMSRW7IGXSV(ITEVXQIRXWEVIGEPPIHXSQEOIVITVIWIRXEXMSRXSXLI-(4VIZMI[ 79')77-28,)-140)1)28%8-323*8,)-(4 -X WLSYH FI RSXIH XLEXXLI FEWI-(4 VIGSVHIH TVMSVMX] TVSNIGXW WYGL[EW EHSTXIHEW XLITVMSVMX] TVSNIGXW XS FI MQTPIQIRXIHF]HYVMRKXLIJMZI]IEVXIVQ-XGERFIVIGSHIVHXLEXEPQSWX TIVGIRXSJXLIMHIRXMJMIHTVSNIGXW[IVIEPVIEH] MQTPIQIRXIHERHQSWXLEZIFIGSQISTIVEXMSREP 8LITVSKVIWWXSHEXIMWXSFIRSXIHERHEREREP]WMWSJXLMWXEFPIWLS[WTVSKVIWWSYXSJ TVMSVMX]TVSNIGXWPMWXIHMRXLI -(46IZMI[HSGYQIRX EVIGSQTPIXIHERHLEZIFIGSQISTIVEXMSREPTVSNIGXW[MXLMRXLI1YRMGMTEPMX]JSV[LMGL/4-WQYWXFITVITEVIHEW TEVXSJXLI417 0% ERH EVI GSQTPIXI 0% ERH EVIQSVIXLER GSQTPIXIERHEVIEPVIEH]YRHIV[E]ERHHYIJSVGSQTPIXMSR[MXLMRXLIGYVVIRXJMRERGMEP]IEV 0% ERH EVI YRHIV[E] FYX PIWW XLER GSQTPIXIH FYX EPP SJ XLIWI MRZSPZI GSSVHMREXMSR [MXL SYXWMHI FSHMIW WYGL EW KSZIVRQIRXHITEVXQIRXWERH7%47ERHXLI1YRMGMTEPMX]LEWRSGSRXVSPSZIVVIWTSRWIXMQIW 0% ERH TVSNIGXLEWFIIRVIEPPSGEXIHXSXLI(MWXVMGX1YRMGMTEPMX]HYIXSEGLERKIMRTS[IVWERHJYRGXMSRW 0% XS(' 8LMWWLS[WXLEXGSRWMHIVEFPITVSKVIWWLEWFIIRQEHIMRMQTPIQIRXMRKXLI-(4 8LI4IVJSVQERGI1EREKIQIRX7]WXIQSJXLI1YRMGMTEPMX]QYWXRS[FIEQIRHIHXSIRWYVIXLEXXLITVMSVMX]MWWYIW[LMGL RS[ FIGSQI STIVEXMSREP MWWYIW EVI EPPSGEXIH XS WTIGMJMG SJJMGMEPW [MXL /I] 4IVJSVQERGI -RHMGEXSVW EW TEVX SJ 1YRMGMTEPMX] W417 8LMWVEXISJTVSKVIWWJSVQIHXLIQEMRMWWYIHMWGYWWIH[MXLXLI6ITVIWIRXEXMZI*SVYQEXXLIQIIXMRKLIPHSR*IFVYEV] 8LIVI[EWGSRWIRWYWXLEXXLMWMWEJEMVVIJPIGXMSRSJXLITVSKVIWWQEHIF]XLMW1YRMGMTEPMX]MREHHVIWWMRKXLITVMSVMX] MWWYIWEKVIIH[MXLXLIGSQQYRMX]SJ1ERHIRMMR 46-36-8-)7*36-(4 8SGSRXMRYIMQTPIQIRXMRKXLI-(4TVMSVMXMIWTVSNIGXW 8SWXVIKXLIRXLIIJJIGXMZIPSGEPERHHMWXVMGXVIPEXMSRWLMT 8SGSRXMRYIWSYVGMRKJYRHMRKJSVTVSNIGXW 8SGSRXMRYIIRGSYVEKMRKXLIMRZSPZIQIRXSJPSGEPGSQQYRMXMIWXSQEXXIVWSJXLI1YRMGMTEPMX]
4EKI
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
4EKI
;EVH 'SQQMXXIIW [IVI YRHIVXEOIR -R EHHMXMSR XS XLEX E WMXYEXMSREP EREP]WMW [EW GSRHYGXIH MR [LMGL GYVVIRX PERH YWI WYVZI]IRZMVSRQIRXEPEREP]WMWWIXXPIQIRXTEXXIVRERHXLIGSPPIGXMSRSJHEXE[EWYRHIVXEOIR 8LI[SVOHSRIWSJEVVIGSVHIHMRTVMRGMTPIXLEXJYPPXS[RTPERRMRKWGLIQIGSRXVSP[MPPFITYXMRTPEGIJSVXLIYVFERGIRXIVW REQIP]1ERHIRM7YRHYQFMPM-WMXLIFI2]SRM8YKIPEERH8YKIPE1SYXLMRXLIJSVQSJJSVQEPXS[RTPERRMRKWGLIQIW-X [EWRSXIHXLEXWSQISJXLIWIEVIEWEVIGSZIVIHF]WITEVEXIWGLIQIWEXXLMWXMQI
8LIVIQEMRHIVSJXLIEVIESJXLI1YRMGMTEPMX]MWTVSTSWIHXSFIGSZIVIHF]EQSVIWMQTPIJSVQSJPERHYWIGSRXVSP[LMGL VIJPIGXWXLITSPMGMIWSJXLI-(4FYX[LMGLJEGMPMXEXIWQEREKIQIRXSJHIZIPSTQIRXMRXLIVYVEPEVIEW8LITVIGMWIREXYVISJ XLMWGSRXVSP[MPPRS[FIJSVQYPEXIHJSV[SVOWLSTTMRK[MXLXLIVIPIZERX[EVHGSQQMXXIIW
()4%681)28 '36436%8)7)6:-')7%2(03'%0)'3231-'
():)0341)28
8LI(ITEVXQIRXSJ'SVTSVEXI7IVZMGIWERH0SGEP)GSRSQMG(IZIPSTQIRXMWLIEHIHF]XLI(MVIGXSV 'SVTSVEXI7IVZMGIW ERH0)( ()4%681)28 '36436%8)7)6:-')7 8LI'SVTSVEXI7IVZMGIW(ITEVXQIRXMWLIEHIHF]XLI1EREKIV 'SVTSVEXI7IVZMGIW[LSXLIRFIGSQIWVIWTSRWMFPIJSVXLI JSPPS[MRKWIGXMSRW ,YQER6IWSYVGIW1EREKIQIRX +IRIVEP%HQMRMWXVEXMSR -RJSVQEXMSR8IGLRSPSK]YRMX ERH 'SQQMXXIIW9RMX 8LIEFSZIQIRXMSRIHWIGXMSRWTVSZMHIXLIJSPPS[MRKWIVZMGIWXSXLIPMRIJYRGXMSRSJXLIQYRMGMTEPMX] ,YQER6IWSYVGI1EREKIQIRX 6IGVYMXQIRXERHWIPIGXMSR
1EREKIQIRXSJFIRIJMXW
,YQERGETMXEPHIZIPSTQIRX
0EFSYVVIPEXMSRW
7XEJJFYHKIXMRK
.SFIZEPYEXMSR
,IEPXLERH7EJIX]
6ITSVXSR)QTPS]QIRX)UYMX]4PER
6ITSVXMRKSR;SVOTPEGI7OMPPW4PER ;74
4EKI
+IRIVEP%HQMRMWXVEXMSR
6IKMWXV]IRWYVMRKXLEXVIGSVHWEVIOITXTVSTIVP] 1EREKIQIRXSJ'SQQMXXII[SVO[LMGLMRGPYHIW
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8IPITLSRIQEREKIQIRX
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QYRMGMTEP[IFWMXI
79'')77)7-2 2);70)88)63649&0-'4%68-'-4%8-32 8LI (ITEVXQIRX IRWYVIH XLEX XLIVI MW GSRWMWXIRX GSQQYRMGEXMSR [MXL XLI TYFPMG (YVMRK XLI JMVWX UYEVXIV E XIRHIV [EW MWWYIHXSIQTPS]XLIWIVZMGITVSZMHIVXSEWWMWX[MXLXLIGSQTMPEXMSRSJXLI2I[WPIXXIVMRIZIV]UYEVXIV8LIVILEZIFIIRX[S ZSPYQIWXLEXLEZIFIIRMWWYIHXLYWJEV[MXLSRP]SRIHYIF]XLIIRHSJXLMWJMRERGMEP]IEV*MVWXMWWYI[EWMR(IGIQFIV JSPPS[IHF]XLISRIMWWYIHMRXLIFIKMRRMRKSJ%TVMP 'SYRGMPEKIRHEWERHQMRYXIWLEZIEP[E]WFIIRWYTTPMIHXSXLIPMFVEV]EWWSSREWXLI]LEZIFIIREHSTXIH )PIGXMSRWSJ[EVHGSQQMXXIIWMREPP[EVHW[IRXWYGGIWWJYPP]ERH[IVIMRMREYKYVEXIHMR.YP]7YFWIUYIRXP]XLI] [IVIWYFNIGXIHXSMRXIRWMZIXVEMRMRKHYVMRKXLIQSRXLSJ%YKYWX'SYRGMPXSSOEHIGMWMSRXSTE]XVEZIPPMRKEPPS[ERGIMJ [EVH GSQQMXXII QIQFIVW LEZI FIIR MRZMXIH XS EXXIRH 1YRMGMTEP QIIXMRKW 1IQFIVW SJ [EVH GSQQMXXIIW [IVI EPWS EPPSGEXIHMRXSTSVXJSPMSWF]ZMVXYISJXLIWXVYGXYVIWSVWIGXSVWMR[LMGLXLI]EVIEPVIEH]EGXMZIEWQIQFIVWSJ GMZMPWSGMIX] ;EVH'SQQMXXIIWLEZIFIIRIRGSYVEKIHXSQIIXQSVIJVIUYIRXP]MRXLIMV[EVHWERHJSV[EVHXLIMVQMRYXIWXSXLISJJMGISJ XLI7TIEOIV 79'')77-32)1403=1)28)59-8=40%2 %HVEJX7YGGIWWMSR)QTPS]QIRX)UYMX]4PER[EWTVITEVIHF]'SVTSVEXI7IVZMGIW(ITEVXQIRXHYVMRKXLIQSRXLWSJ.YP]XS 7ITXIQFIV-X[EWHSRIXLVSYKLGSRWYPXEXMSR[MXLVIPIZERXWXVYGXYVIWWYGLEW)QTPS]QIRX)UYMX]ERH0SGEP0EFSYV *SVYQW 8LI7YGGIWWMSR)QTPS]QIRX)UYMX]4PERSJJMZI]IEVWXSKIXLIV[MXLXLI)QTPS]QIRX)UYMX]6ITSVX[EWWYFQMXXIHMRXMQI FIJSVIXLIHIEHPMRISJXLIIRHSJ7ITXIQFIV
4EKI
3GGYTEXMSREP
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4EKI
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7IVZMGIW
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1YRMGMTEP1EREKIV
1YRMGMTEP1EREKIV
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1YRMGMTEP 1EREKIV W3JJMGI
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8VEJJMG3JJMGIV
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7IVZMGIW
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4EKI
8IGLRMGEP7IVZMGIW
1EREKIV8IGLRMGEP7IVZMGIW
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8IGLRMGEP7IVZMGIW
16IEHIVXS+%WW)PIGXVMGMER
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7IGVIXEV]XS'EWLMIV
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8LI )QTPS]II ;IPPRIWW 4SPMG] LEW FIIR JSVQYPEXIH ERH [SVOWLSTTIH XS EPP XLI VIPIZERX WXEOILSPHIVW MI WXEJJ YRMSRW WLSWXI[EVHWERH'SYRGMPPSVWERH[EWEHSTXIHF]'SYRGMPSRXLI .YRI
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4EKI
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4EKI
8LIGSSTIVEXMZIW[IVIJYVXLIVEHHVIWWIHF]1W1HPEPSWIJVSQ1EWMJYRHMWERI3VKERM^EXMSRETTSMRXIHF]XLI(ITEVXQIRX SJ)GSRSQMG(IZIPSTQIRXXSXVEMRXLIGSSTIVEXMZIW ',%00)2+)7-2 :EGERG]SJXLI0)(1EREKIV -RWYJJMGMIRXJYRHWXSVYRWYGGIWWJYP0)(TVSNIGXW 46-36-8-)7*36-(4 8SJSVQYPEXI711)ERH8SYVMWQWXVEXIK] -QTPIQIRXEXMSRSJTSZIVX]EPPIZMEXMSRTVSNIGXW 'SRGPYWMSRSJXLIJSVQYPEXMSRSJXLI0)(7XVEXIK] )WXEFPMWLQIRXSJXLI=SYXL%HZMWSV]'IRXVI =%'
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4EKI
UYEPMXEXMZI VITSVXW TVSGIWWMRKETTVSZMRK WTIGMJMG XVERWEGXMSREP [SVOW HSGYQIRXEXMSR ERH MWWYMRK GSQTPMERGI RSXMGIWXSEPMKRTVEGXMGIW 'MZMP(MZMWMSR 6SEHWERH7XSVQ[EXIV -XIRWYVIWXLIMQTPIQIRXEXMSRQSRMXSVMRKIZEPYEXMSRERHVITSVXMRKWIUYIRGIWSJSYXGSQIWEWWSGMEXIH[MXLTPERW ERH TVSKVEQW HIJMRMRK XLI QEMRXIRERGI SJ GMZMP VSEH WXVYGXYVIW ERHSV GSRWXVYGXMSR SJ HVEMREKI W]WXIQW ERH GSSVHMREXMRK FYMPHMRK VITEMV SV VIWXSVEXMSR ETTPMGEXMSRW GSRXVSPPMRK MRXIVZIRXMSRW ERH EGXMSRW ERH I\IGYXMRK GSVVIGXMZIQIEWYVIWXSEHHVIWWHIZMEXMSRWMRSVHIVXSIRWYVIJYRGXMSRWERHEGXMZMXMIWEVIEPMKRIHERHGSSVHMREXIH XS[EVHWXLIEGGSQTPMWLQIRXSJOI]WIVZMGIHIPMZIV]SFNIGXMZIW 4EVOW+EVHIRWERH6IJYWI6IQSZEP -X GSSVHMREXIW ERH GSRXVSPW XLI OI] TIVJSVQERGI EVIEW EWWSGMEXIH [MXL XLI TVSZMWMSR SJ ER IJJIGXMZI WSPMH [EWXI GSPPIGXMSRERHHMWTSWEPWIVZMGIERHXLIQEMRXIRERGISJSTIRTYFPMGWTEGIWXLVSYKLEREP]WMWERHMRXIVTVIXEXMSRSJ VIUYMVIQIRXW ERH TVSZMWMSR SJ KYMHIPMRIW JSVQYPEXMRK ERH MQTPIQIRXMRK STIVEXMSREP TPERW MRZIWXMKEXMRK XLI ETTPMGEFMPMX] SJ GLERKIW EHNYWXQIRXW SV XLI MRXVSHYGXMSR SJ RI[ ETTVSEGLIW ERH GSQQYRMGEXMRK ERH VITSVXMRK SYXGSQIWMRSVHIVXSIRWYVITVSGIHYVIWEVIGSQTPMIH[MXLERHOI]WIVZMGIHIPMZIV]SFNIGXMZIWEVIEGGSQTPMWLIH &YMPHMRKQEMRXIRERGI -X TVSZMHIW GSSVHMREXMSR GSRXVSP ERH QEMRXIRERGI SJ'SYRGMPW FYMPHMRKW MR EGGSVHERGI XS E ]IEV QEMRXIRERGI TPER'SRWXVYGXWRI[TPERRIHFYMPHMRKW[LMGLMRGPYHIEPPXVEHIWVIUYMVIH )PIGXVMJMGEXMSR(MZMWMSR -XGSSVHMREXIWERHGSRXVSPWXLITPERRMRKERHI\IGYXMSRSJWTIGMEPM^IHXEWOWSVEGXMZMXMIWEWWSGMEXIH[MXLQIHMYQSV PS[ZSPXEKIIPIGXVMGEPMRWXEPPEXMSRQEMRXIRERGIERHVITEMVTVSZMHMRKKYMHERGIXSWTIGMEPMWXERHWYTTSVXTIVWSRRIP SRETTPMGEXMSRWERHTVSKVEQVIUYMVIQIRXWERHVITSVXMRKSRXLITVSHYGXMZMX]TIVJSVQERGIERHTVSKVIWW[MXLVIWTIGX XSEGGSQTPMWLMRKMQQIHMEXIWIVZMGIHIPMZIV]TVMSVMXMIWERHSFNIGXMZIW 7XEXMWXMGWSR)PIGXVMGMX]ERH7SPMH;EWXI6IQSZEP 8SXEPRYQFIVSJLSYWILSPHWMR1ERHIRM1YRMGMTEPMX]EWTIVGYVVIRX-(4! 2YQFIVSJLSYWILSPHW[MXLFEWMGPIZIPSJWSPMH[EWXIVIQSZEP!! ! FEGOPSK 2YQFIVSJLSYWILSPHW[MXLSYXIPIGXVMGMX] FEGOPSK ! ! EWTIVM0IQFI(1)RIVK]1EWXIV4PER
4EKI
;%8)6 7%2-8%8-32 !
% ;%8)6 ! !
03'%0 192-'-4%0-8= 1ERHIRM /[E(YOY^E 2H[IH[I 1ETLYQYPS 8SXEP %GGIWWXS;EXIV &EGOPSKW %GLMIZIQIRXW
43490%8-32
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9;4&%'/03+)78-1%8)7
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%'')77 ,397),30(7
&%'/03+ ,397),30(7
%'')77 ,397),30(7
! ! & 7%2-8%8-32 03'%0 192-'-4%0-8= 1ERHIRM /[E(YOY^E 2H[IH[I 1ETLYQYPS 8SXEP %GGIWWXS 7ERMXEXMSR &EGOPSKW %GLMIZIQIRXW
43490%8-32
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9;4&%'/03+)78-1%8)7
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4EKI
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
()4%681)283*'31192-8=7)6:-')7 7869'896)3*8,)()4%681)28
4EKI
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
8LIWIGSQTYXIVW[MPPFIGSRRIGXIHXS-RXIVRIXERHXLIGSQQYRMX]ERHPMFVEV]YWIVW[MPPLEZIEGLERGIXSFIXVEMRIH SRGSQTYXIVWOMPPW0MFVEV]WXEJJEXXIRHIHZEVMSYWXVEMRMRKTVSKVEQQIW %HHMXMSREP PMFVEV] % VIWIEVGL ERH E TVSTSWEP [EW TVITEVIH ERH JSV[EVHIH XS /[E>YPY 2EXEP 4VSZMRGMEP 0MFVEV] 7IVZMGIW JSV XLI EHHMXMSREPPMFVEV]XSFIGSRWXVYGXIHMR-WMXLIFIEVIE
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Ì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
4EKI
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
4EKI
&PSGOW
&VMGOPE]MRK
'EVTIRXV]
4PEWXIVMRK
%PQSWXFIRIJMGMEVMIW[IVIETTVSZIHF]XLI(ITEVXQIRXSJ,SYWMRKERHMXMWLSTIHXLEXJMREPETTVSZEP[MPPFIJSVXLGSQMRK FIJSVIXLIIRHSJ )2)1&) 1%8,327-696%0 ,397-2+463.)'8 6IKMWXVEXMSRSJFIRIJMGMEVMIW[EWGSQTPIXIH TISTPI[IVIXVEMRIHF]XLI(ITEVXQIRXSJ0EFSYVSRXLIJSPPS[MRK 4PYQFMRK
&PSGOW
&VMGOPE]MRK
'EVTIRXV]
4PEWXIVMRK
2&8LIVI[EWRSQSZIQIRXMRXLI1EGEQFMRM-WMOLSR]ERIERH-R]SRM,SYWMRK4VSNIGXWPEVKIP]HYIXSXLIJEGXXLEXXLI ETTPMGEXMSRW[IVIE[EMXMRKETTVSZEPJVSQXLI(ITEVXQIRXSJ,SYWMRK0ERHMWWYIWSR8LSVR]4EVOERH)PFS[*EVQ,SYWMRK 4VSNIGXW [IVI RSX JMREPMWIH ERH XLI] LIPH XLI TVSNIGXW FEGO HIWTMXI QYRMGMTEP MRXIVZIRXMSRW FIX[IIR XLI (ITEVXQIRX SJ ,SYWMRKERHS[RIVWSJPERH ',%00)2+)7*%')(&='31192-8=7)6:-')7 'ETEGMX] 46-36-8-)7*36-(4 6SPPMRKQSVILSYWMRKTVSNIGXW
4)6*361%2')&=8,)7)6:-')463:-()67
1%2()2-*-6782%8-32%0&%2/
4EKI
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
