Annual Report of the National Heritage Board 2011/2012 S. 89 of

Annual Report of the National Heritage Board 2011/2012 S. 89 of

Annual Report of the National Heritage Board
2011/2012
S. 89 of 2012
Presented to Parliament pursuant to Statute.
Ordered by Parliament to lie upon the Table:
24 September 2012
1
3
TELLING THE
SINGAPORE STORY,
TOGETHER
!8"4"/05)&3&7&/5'6-:&"3'035)&"5*0/"-&3*5"(&0"3%
*5)5)&*/7"-6"#-&46110350'0631"35/&34
"/%5)&$0..6/*5:8&)"7&130(3&44&%8&--*/.",*/()&3*5"(&"1"350'&7&3:0/&<4-*7&4&7&3:%":"/%&7&3:8)&3&
6$))"4#&&/%0/&50&/("(&.03&*/("103&"/4*/0634)"3&%)*4503:"/%)&3*5"(&503"*4&.03&"8"3&/&44"#065
)08'"38&)"7&$0.&"4"/"5*0/8)*-&&.#3"$*/(8)"5*53&"--:.&"/450#&"*/("103&"/50%":
3&"5&''035"-408&/550.",*/()&3*5"(&.03&'6/"/%&/("(*/('03*/("103&"/4"/%7*4*5034:06/("/%0-%
9)*#*5*0/4'&"563*/(5)&#&450'*/("103&"48&--"45)"50'063*/5&3/"5*0/"-/&*()#06348&3&4)08/"5063/"5*0/"-
.64&6.4"/%)&3*5"(&*/45*565*0/4&:0/%5)&..03&0653&"$)*/*5*"5*7&48&3&-"6/$)&%50&9$*5&7*4*5034"#0655)&
$6-563"-%*7&34*5:5)"5.",&464406/*26&"4"$06/53:
".7&3:&/$063"(&%#:5)&104*5*7&3&410/4&50063&''0354*4*5034)*150063/"5*0/"-.64&6.4"/%0653&"$)&7&/54
"5.*--*0/"/%
.*--*0/)"4)*5"/"--5*.&)*()*4(&"3&%6150%0&7&/.03&50"$)*&7&0637*4*0/0'
.",*/()&3*5"(&"/&/3*$)*/(1"350'&7&3:0/&<4-*'&
/5)&61$0.*/(:&"348&8*--#&$)"--&/(*/(0634&-7&4#:5",*/()&3*5"(&&/("(&.&/5505)&/&95-&7&-;
&.108&3.&/5
&8"/550/63563&*/"--*/("103&"/4"4&/4&0'08/&34)*1508"3%40634)"3&%1"45"/%*%&/5*5:
8*--)"7&130(3"..&450)&-15)&$0..6/*5:50#&"$5*7&$0/53*#65034505)&5&--*/(0'5)&*/("103&503:
)*48*--#&%0/&5)306()7"3*0648":4#:453&/(5)&/*/(063*/'3"4536$563&46$)"40633&7".1&%)&3*5"(&*/45*565*0/4
/".&-:5)&6/!"5&/"/:"/(&.03*"-"--"-":&3*5"(&&/53&"/%61$0.*/(/%*"/&3*5"(&&/53&"48&--
"4#6*-%*/(0/5)&$0/5&/540'063/"5*0/"-.64&6.4
&8*--$0/5*/6&5003("/*4&&9)*#*5*0/4"/%130(3"..&45)"5
3&40/"5&8*5)*/("103&"/4"/%*/8)*$)&7&3:0/&$"/#&"/"$5*7&$0/53*#6503
806-%-*,&505)"/,.:'&--08.&.#&340'5)&0"3%"48&--"45)&3&41&$5*7&0"3%40'.64&6.4"/%
*/45*565*0/4'035)&*37"-6"#-&"%7*$&"/%(6*%"/$&30'&44030..:0)3)&0/(00/&"/3"/*&-&03
"/*&-!6/3"65"."/&3+&&30)&0,)*.4&-&/)*"43&/&/(3*..:":408)")&,
4636("*"/*3."-""/%3&5&3/($0/$-6%&%5)&*35&3.0'4&37*$&'30.5)&0"3%*/6(645"/%8&
&95&/%505)&.063#&458*4)&4*/"--:806-%-*,&505)"/,5)&."/"(&.&/50'"/%'035)&*3)"3%803,"/%
$0..*5.&/550063.*44*0/
)&5&--*/(0'5)&*/("103&503:*4"1&3."/&/55)&.&8)*$)$"/0/-:"$)*&7&8*5)5)&46110350'."/:05)&34
&/$&8&"3&7&3:(3"5&'6-5006353&"463&%1"35/&34;$0..6/*5:1"35/&3446$)"44$)00-4(3"443005403("/*4"5*0/4
"/%"440$*"5*0/413*7"5&1"35/&3446$)"4*/%*7*%6"-4"/%$03103"5*0/40631"530/4"/%70-6/5&&34.64&6.
$06/5&31"354#05))&3&"/%"#30"%"/%."/:.03&!0634611035)"4&/"#-&%6450453&/(5)&/5)&5&--*/(0'5)&
*/("103&503:'035)&#&/&'*50'063'6563&(&/&3"5*0/4
)"*3."/
EXPANDING COMMUNITY
OUTREACH WITH
OUR STRONG FOUNDATIONS
44)&7&"$4*6&-9#2*/()&2*4"(&40&6&290/&&6&297)&2&&6&29%"9
&3)"2&4)&
*/("102&4029"44*.&37*4)'"/'"2&"/%"404)&24*.&30/"1&230/"--&6&-/!
7&120%5$&%06&2
&8)*#*4*0/3&%5$"4*0/"-"/%0542&"$)120(2"..&3"3052
$0..*4.&/440&/352&4)"4)&2*4"(&*37*4)*/2&"$)"/%"$$&33*#-&40"--
>3$0..&.02"4*0/0'4)&4)"//*6&23"290'4)&"44-&'02*/("102&)0/052&%
"/*.1024"/4$)"14&2*/052)*340291"*%42*#54&404)03&7)0)"%'05()43&-'-&33-9'02*/("102&%52*/(4)&7"2"/%2&"$)&%054
40"--*/("102&"/30$"-"/%'02&*(/7"26&4&2"/3"37&--"315#-*$"/%12*6"4&1"24/&23$".&40(&4)&2%52*/(4)&3&2*&30'
$0..&.02"4*6&120(2"..&37)*$)"-30&%5$"4&%"/%405$)&%4)&)&"2430'052905/(&2(&/&2"4*0/0/4)&."/9-*'&-&330/34)"4
$"/#&-&"2/&%'20.052&-%&23
&2&01&/&%4)&5/!"4&/"/9"/(&.02*"-"--!7)&2&6*3*4023"2&2&.*/%&%0'4)&$0/42*#54*0/3#9052/"4*0/>3
1*0/&&23404)&'05/%*/(0'.0%&2/)*/"0'524)&2&/)"/$&"/%1206*%&(2&"4&2)*3402*$"-*/3*()43,&9"24&'"$43"2$)*6"-
."4&2*"-3"/%%0$5.&/437&2&("4)&2&%'20.4)&$0..5/*49*/$-5%*/(4)&%&3$&/%"/430'25/!"4&/=3,&93511024&23"/%
04)&212*6"4&$0--&$4023/*43'*234.0/4)4)&!%2&7"2&$02%)*()0'6*3*4023".0/(344)&.*/("102&"/3"/%
'02&*(/6*3*40230'"--&4)/*$*4*&3
527*%&42"6&--*/(&8)*#*4*0/3+052/&9&%*/404)&)&"240'052$0..5/*4*&3"4$0..5/*49$&/42&3-*#2"2*&33$)00-3"/%
3)011*/($&/42&3)&9$"22*&%401*$34)"42&30/"4&%7&--7*4)*/("102&"/335$)"342"%*4*0/"-1206*3*0/3)0137&4."2,&43
"/%*/("102&'&34*6"-3-40(&4)&2.*--*0/)&"243"/%.*/%3"205/%*/("102&7&2&405$)&%&70542&"$)*/*4*"4*6&3#94)&
2&3&26"4*0/0'0/5.&/430"2%35$)"34)&"--4*.&1015-"2%$*#$)""! $%*'(0'052/"4*0/"-.0/5.&/43#205()44)&
$0..5/*4951$-03&404)&3&)*3402*$"--9"/%"2$)*4&$452"--93*(/*'*$"/43425$452&34)"4"2&-*6*/(7*4/&33&3404)&."/9$)"14&23
*/4)&*/("102&4029)&"--4*.&1015-"2%$*#$)""! $%*'(0'052/"4*0/"-.0/5.&/43&/("(&%60-5/4&&2(5*%&3"/%
345%&/40/5.&/4.#"33"%0237)*$)3"74)&.3)"2*/(4)&*21"33*0/"/%,/07-&%(&7*4)4)&2&340'4)&$0..5/*49
&-"5/$)&%/&7/"4*0/"-)&2*4"(&42"*-335$)"34)&$% %%##*$ )-' )' "4)&"() '%##*$ )-' )' "
"/%4)&%'"'' )' ")&3&42"*-37&2&&/2*$)&%7*4)3402*&3"/%&81&2*&/$&3$0/42*#54&%#9*/("102&"/37)0)"%
-*6&%"/%702,&%*/4)&3&"2&"352*$0/*$$0..5/*490542&"$)'&34*6"-3-*,& $&%'' )() "'$/((%$"/% )
() +"&/("(&%06&2.*--*0/6*3*40230'"--"(&3
5#-*$"4*0/3#9/"22"4&%052/"4*0/"-34029"/%$0..&.02"4&%,&9&6&/43"/%*/%*6*%5"-3'".*-*"240"--*/("102&"/3)&
"4*0/"-2$)*6&3120%5$&%47035$)/04"#-&15#-*$"4*0/3<4)&'*2340/'052%&$"%&30'31&&$)&3"/%*/4&26*&73#9*/("102&>3
'05/%*/('"4)&22&&7"/!&7*/&'(%*$,"/%4)&3&$0/%*(,-0/4)&)5."/34029#&)*/%4)&
#5*-%*/(0'4)&"53&7"9"/%4)&1&01-&7)053&*4"-3015#-*3)&%470&/("(*/($)*-%2&/>3#00,3 )-$"/%)%' (%
) $&%'& ' ))&15#-*$"4*0/%#*()
%)"%('7"3%*342*#54&%40)0.&3
4052"4*0/"-53&5.37&$0/4*/5&%05215235*40'.53&5.&8$&--&/$&"/%7&2&2&7"2%&%7*4)"2&$02%#2&",*/(.*--*0/
6*3*4023)*1
&$0/4*/5&%404&--4)&*/("102&40294)205()".5-4*45%&0'7"9340"11&"-40052"5%*&/$&3<'02&8".1-&$)
%%%'%$(#%'$ )- $&%'%#$"44)&"4*0/"-53&5.0'*/("102&"/%'%$-'$!$( %$
$)($)'$) %$"%*'("44)&&2"/","/53&5.
&2&$&*6&%"$$0-"%&3'02'&"452*/()0.&(207/"24*34*$4"-&/4"44)&
*/("102&2453&5.*/ $&%'%,*)*''%%
*/("102&"/3&81&2*&/$&%4)&$5-452&30'052(-0#"-/&*()#05237*4)/04"#-&&8)*#*4*0/335$)"3'#($" )-7)*$)
'&"452&%*$0/*$5201&"/."34&21*&$&3'20.4)&53:&%>23"9*/"2*3"37&--"3''%))'' %'( '()#&'%'$ (
-7)*$)12&3&/4&%4)&-&(&/%"294&22"$044""2.9'20.4)&)""/8*1206*/$&*/)*/"04)&8)*#*4*0/37&2&#*()*437*4)4)&
15#-*$"442"$4*/("/%6*3*40232&31&$4*6&-9521"24/&23)*17*4)4)&%*$) %$/( $)*'')' .#205()4
$0/4&.102"29"24'20."$2033054)&"343*""/%4)&"$*'*$404)&*/("102&2453&5.
&4)"/,0521"24/&2360-5/4&&23#&/&'"$4023"/%."/93511024&23'02#&*/("-0/(3*%&53*/052$0/4*/5&%+052/&9404&--4)&
*/("102&4029"/%.",&)&2*4"(&"/&/2*$)*/(1"240'&6&290/&>3-*'&
&)01&.02&*/("102&"/37*--34&1'027"2%40)&-153
3)"2&4)&*/("102&40297*4)&6&290/&9$0--&"(5&3"/%3*/$&2&-94)"/,&6&290/&'02"/04)&2(00%9&"2"4 )*&'8&$54*6&''*$&2
5
WITH THE
COMMUNITY
#! "" " ' "%! #"$ "!" ## !"$!" "" !" $&"! $ ! #"'"#"!" "
%""!"% "" !"
#%"# !"""#!#! "!""#"!"
! " "$ '(!$!$ ''
$ '% 7
SINGAPORE HERITAGEFEST
&2/7/.A53+@%.'9%+5;+(5:99B J==318+>?</-977?83>C/81+1/7/8>/@/8></>?<8/.98+8/@/8
6+<1/<=-+6/38
+?8-2/.,C"<37/383=>/<//=3/89981+>81939!/4-'657++7/9'-++89!
2+.%381+:9</+8=</06/->38198>2/>2381=A/69@/+,9?>9?<3=6+8.297/+8.A2+>7+5/=%381+:9</=9=:/-3+6+8.
./+<>9?=$/=3./8>=9081939:+<>3-3:+>/.,C+->3@/6C-98><3,?>381>9</=/+<-209<>2/4-5/5533:4/9>
+7/9'-+"7'/26+?8-2/.38-984?8->398A3>2!
6>91/>2/<>2/</A/</838/@/8?/=+<9?8.%381+:9</+8.
:+<>8/<9<1+83=/<=+8.-97:+83/=38@96@/.
%37:6/
7366398%381+:9</+8="$=+8.
/A3>3D/8=-+7/>91/>2/<>9
-/6/,<+>/>2/3<69@/09<%381+:9</
>2/3<297/+>!
7/+83810?6
+8.79=>
37:9<>+8>6C
/.?-+>398+66C
=318303-+8>
+=/.98+@3=3>9</81+1/7/8>
=?<@/C90@3=3>9<=A29
:+<>3-3:+>/.=+A!
+=+;?+63>C-977?83>C
/81+1/7/8>/@/8>
+3(+75,6:(2/)
<.5;/8/9+*9.++=./(/9/54
54<+**/4-):89538
"<37/383=>/<//=3/899811<+-381>2/6+?8-290!
+>81939/=>3@+6?,6/0>A23-20/+>?</.+6+<1/377/<=3@//B23,3>398+=A/66+=
-97:6/7/8>+<C-?6>?<+6:/<09<7+8-/=-995381./798=><+>398=38>/<+->3@/:<91<+77/=+8.+->3@3>3/=
9
NIGHT
FESTIVAL
A$5>'-+B>2/09?<>2/.3>398
90 J=/+1/<6C+8>3-3:+>/.
+88?+6/-.9+89/;'223>+</-9<.
2312+>>/8.+8-/A3>2
@3=3>9<=9@/<>A9A//5/8.=&2/
0/=>3@+6=+A>2/<+=+=+2.3=><3->
,?DD381A3>27?=3-+8..+8-/
:/<09<7+8-/=0367=-<//8381=
+8.+=:/->+-?6+<9?>.99<+/<3+6
:/<09<7+8-/>3>6/.57'?54+
4-+2+8/4'7'*/8+,C/613?7
1<9?:&2/+>/<&!/-.9/-.98
2/6.38-984?8->398A3>2 ?3>
6+8-2/"+<3=0<97<+8-/+6=9
A9A/.>2/-<9A.=A3>2.+DD6381
6312>38=>+66+>398=+>>2/ +>398+6
?=/?790%381+:9</%381+:9</
<>?=/?7%%-299690>2/
<>=+8.%381+:9</+8+1/7/8>
'83@/<=3>C
(3=3>9<=.+DD6/.,C>2/9?>.99<+/<3+6:/<09<7+8-/57'?54+4-+2+8/4'7'*/8+
+>>2/ +>398+6?=/?7
'71/4-'*+6'71/4-+4,52/+,C/8/./>>9?0+6389
06//>90(96@9-+<=A+=
:+<5/.9?>=3./%+8.>2/
'365:4+99+8,C&&
+>398+6?=/?7+=:+<>
90>2/38=>+66+>398'71/4-
'*+6'71/4-+4;52/+
,C/8/./>>9?0+6389&2/
-+<=06+=2/.6312>=0<97>2/3<
A38.9A==97/>37/=38+
0</8D3/.-98@/<=+>398A3>2
98/+89>2/<=97/>37/=38
=C8-2<983=/.:+>>/<8=
".+/8."7++,C
/6.+>@+<39?=69-+>398=+<9?8.>2/<+=
+=+2.3=><3->@3=3>9<=</@/66/.387?=3-
+8..+8-/:/<09<7+8-/=+8.A/</></+>/.
>99?>.99<=29A-+=/=90=:/->+-?6+<6312>
38=>+66+>398=
11
CHILDREN S
SEASON
./2*7+4D8!+'854
!
A+=,311/<>2+8/@/<A3>279</
>2+8?=/?7$9?8.>+,6/
7/7,/<=+8.>2/"</=/<@+>39890
98?7/8>=9+<."493838138
>2/0?8+6981=3./+8-29<900/<381=
38-6?.381>2/23126C:9:?6+<79
'7*+4+>%+8.".+2'>53+
+>>2/ +>398+6?=/?7!
/B>/8./.,/C98.>2/7?=/?7=A3>2
>2/03<=>./2*7+4D8!+'854:(
7).'7* 5'*&2/C9?8198/=+6=9
19>>9,<381+:3/-/90>2/0/=>3@+6
297/A3>2>2/6+?8-290/-.9>
+4+=/-98.38>2/=/<3/=90
-236.</8J=,995=0/+>?<3818+>398+6
+8.%9?>2/+=>=3+82/<9/=+=
A/66+=+8/B-6?=3@/<+81/90*
2/<3>+1/-<+0>53>=+:>6C8+7/.
&
6+>/.-236.</8+>%'>'4-2'>!9'-++>>2/ +>398+6?=/?72+@3810?8:/<09<7381=>9<3/=98+
0+,<3-38=:3</.79./<8.<+7+>3-=/>
>900/</.-</+>3@/
:<91<+77/=>2+>38><9.?-/.
7C03@/C/+<96.=98>99?<
2/<3>+1/+<>+8.-?6>?</&2/
6/+<8381:<9-/==A+==90?8
+8.7/79<+,6/09<,9>290?=
>2+>A/A366,/38><9.?-381>23=
C/+<J=?:-97381/.3>398>97C
C9?81/<=98+=A/66
78!/3'6'7+49;/8/957
'9./2*7+4D8!+'854
236.</86/>>381>2/3<37+138+>39806C+>>2/
C!/4-'657+"'1+82/-.9DA9<5=29:+>>2/
%381+:9</"236+>/63-?=/?7
*9?81@3=3>9<=/81+138138-<+0>+->3@3>3/=
+>79'7*+4+>%
236.</8,/381?+?6+809<+.+C+>>2/=3+83@363=+>398=?=/?7J=*;+49:7+8</9.:2'4
+736C,98.381+>>2/"/<+8+5+8?=/?7
EXPLORE
SINGAPORE!
/6/,<3>C+<5//6/+.381+1<9?:90@3=3>9<=98+>9?<+>>2/%?8*+>%/8 +8C+81/79<3+6+66
=6257+!/4-'657+
2+.%381+:9</+8=,9>2C9?81+8.96./7,+<5381
98+A+7/9'-+56'(5:9BA3>269-+6-97/.3+8=+<5//+8.%?2+373*?=90
38+83=6+8.A3./+.@/8>?</>9%381+:9</J=7?=/?7=+8.9>2/<2/<3>+1/
./=>38+>398=9<>2/03<=>>37/:+<>3-3:+8>=@3=3>/.909?<8+>398+6
798?7/8>=F=97/90A23-2A/</8/@/<9:/8/.>9>2/:?,63-,/09</=?-2
+=>2/9?=/90&+8*/95 //F3854:3+496+45:8+!>2/<G03<=>=H
38-6?./.+8377/<=3@/1?3./.8312>>9?<909<>%369=9+=A/66+=+49?<8/C
>2<9?12>2/-6+8=38238+>9A8
13
ISTANA
ART
EVENT
&2/+88?+69?></+-2/@/8>2/6.38
-984?8->398A3>2>2/=>+8+J='9/54'2
'>6+45:8+%J=89'4'79
;+49
A+=98-/+1+38+2?1/
23>A3>2%381+:9</+8=0<97+66A+65=
90630/9</>2+8
1+>2/</.+>
>2/,/+?>30?61<9?8.=90>2/=>+8+
>9:+<>3-3:+>/38+A3./@+<3/>C90
+->3@3>3/=38-6?.381>2/4".+!659
79536+9/9/54+8.>2/798'4*
+7/9'-+$/22'-+
"</=3./8>%$ +>2+8@3/A381>2/
/8><3/=09<>2/4".+!65979536+9/9/54
&2/13+8>,3<>2.+C-+<.+<>
38=>+66+>398-97:<3=381
,3<>2.+C1<//>381=09<%381+:9</
A/</-98><3,?>/.,C:+<>3-3:+8>=
8+>398A3./
NATIONAL DAY CELEBRATION
9<>2/03<=>>37/0<///8><CA+=900/</.>9+66%381+:9</+8=+8."/<7+8/8>$/=3./8>=
09<>2/798>290?1?=>>9+66 7?=/?7=98/38-/6/,<+>39890%381+:9</J= >2
,3<>2.+C>23=:<9@3./.%381+:9</+8=A3>2>2/-2+8-/>90?66C/B:/<3/8-/+8./849C>2/
.3@/<=/900/<381=+>9?<7?=/?7=
/B>/8./.>2/-/6/,<+>398>9297/=+8.=-2996=>2<9?12>2/+88?+6 +>398+6+C
@3./9:<9.?-/.38-966+,9<+>398A3>2>2/383=><C90809<7+>398977?83-+>398=+8.
>2/<>=A23-2A+=,<9+.-+=>/.988+>398+6>/6/@3=398+>+66=-2996=+8.,9>2
:?,63-+8.:<3@+>/9<1+83=+>398=.?<381>2/3< +>398+6+C!,=/<@+8-//</7983/=66
"<37+<C3@/=>?./8>=38%381+:9</=-2996=A/</+6=913@/8>2/ +>398+606+1>9:<979>/
+,/>>/<?8./<=>+8.381909?<8+>398+6=C7,96=8+..3>398 :+<>8/</.>2/ +>398+6
+C"+<+./ "
B/-?>3@/9773>>//>9./@/69:+8/B23,3>398>3>6/.".+
!/4-'657+!6/7/9A23-223126312>/.=>9<3/=+,9?>>2/:398//<=+8.8+>398+6=C7,96=90
%381+:9</+=A/66+=>2/ +>398+6+C:+<+./=>2<9?12>2/C/+<=
1//883>CA+=+8/A:+<>8/<A9<5381A3>2 :</=/8>3812/<3>+1/:<91<+77/=
+>>2/ 1//883>C3@3-"6+D+&2/5797'/985,!/4-'657+/B23,3>3980/+>?</.>2/
.300/</8>=>9<3/=90%381+:9</+=/B:</==/.,C69-+6+<>3=>=+8.A<3>/<=
(3=3>9<=+>".+!/4-'657+!6/7/9/B23,3>398=:/-3+66C2/6.38-984?8->398A3>2 +>398+6+C>9=2+</
>2/%381+:9</%>9<C
981;?/?/=90@3=3>9<=>9=3+83@363=+>398=?=/?7+>>2/ +>398+6
+C!:/89?=/
15
7+<5/.>2/ >2+883@/<=+<C
90>2/+>>6/09<%381+:9</ 6+?8-2/.+=/<3/=90+->3@3>3/=38
-977/79<+>3989098/90>2/79=>
=318303-+8>+8.:9318+8>-2+:>/<=38
%381+:9</J=23=>9<C&23=A+=.98/
>91/>2/<A3>2+8.:<3@+>/
:+<>8/<==?-2+=>2/%381+:9</
/<3>+1/%9-3/>C%%+8.&2/
2+813?=/?7
B23,3>398==?-2+='>8/4
+(7:'7>*'3'719.+'89'992+
+8.3'-+85,49+743+49".+>+
795,%/22/'3'=<579.,9>22/6.+>
>2/ +>398+63,<+<C9+<.0/+>?</.
+<>/0+->=?8/+<>2/.0<97.+7"+<5
,C%%7+1/=9038>/<87/8>.<+A8
,C09<7/<"<3=98/<90)+<)3663+7
+BA9<>2A/</+6=90/+>?</.
%381+:9</J=986C:</A+<-3@363+8
+3<<+3.=2/6>/<+>&3981+2<?A+=
=:/-3+66C9:/8/.A3>21?3./.>9?<=
+8.+-97:6/7/8>+<C-977?83>C
/B23,3>398
>91/>2/<A3>2+6=9
6+?8-2/.+8/A%572*%'7
%%"7'/2+8. +8/2/+4)+"7'/28
>938-</+=/+::</-3+>39890
%381+:9</J=23=>9<C+8.2/<3>+1/
/=:/-3+66C09<>2/:9=>A+<
1/8/<+>398=&2/%%"7'/2-98=3=>=
9023=>9<3-+67+<5/<=:</=/8>381
3809<7+>398+8.37+1/=90@+<39?=
=3>/=</6+>/.>9>2/A+<A236/
>2/ +8/2/+4)+"7'/28+=/<3/=90
>2/7+>3-A+65381><+36=23126312>381
%381+:9</J=2/<3>+1/+</./=318/.
>98?<>?</+=/8=/90</=363/8-/
+7981=>9?<:/9:6/ ?3./.>9?<=>9>2/+3<<+3.=2/6>/<
&2/:9318+8>/@/8>-?7?6+>/.
38+ +3+3(7'4)++7+354>+>
<+843)+</79<3+698
/,<?+<C
!<1+83=/.,C>2/ +>398+6
<-23@/=90%381+:9</ %+8.
&2/2+813?=/?7>2/-/</798C
A+=+>>/8./.,C69-+6+8.09</318
A+<@/>/<+8=/+.=903:697+>3-
3==398=38%381+:9</+8.
-98>381/8>=90=/<@3-/:/<=988/6
0<9797798A/+6>28+>398=
&91/>2/<>2/C:+3.><3,?>/>9
>2/?83>C+8.,<+@/<C909?<A+<
2/<9/=
%:/+5/<90"+<63+7/8><3-2+/6"+67/<
6+C381+A</+>2+>>2/ +3+3(7'4)++7+354>
+><+843)+</79<3+638-977/79<+>39890
>29=/A292+.0+66/8.?<381))
&2/6+?8-290>2/%%"7'/2+8. +8/2/+4)+"7'/2898
/,<?+<C
=+A79</>2+8
%/-98.+<C=>?./8>=0<97)99.1<9@/%/-98.+<C%-2996A+65381:+<>90+ +8/2/+4)+"7'/2>91/>2/<
A3>2383=>/<90<*++-9,,<+237
%381+:9</+8=-+889A/7,+<5
98>2/%%"7'/2>916/+879</
3809<7+>398+,9?>@+<39?==3>/=
</6+>/.>9>2/A+<+=A/66+=
+=/<3/=90 +8/2/+4)+"7'/28>9
.3=-9@/<%381+:9</J=2/<3>+1/
)3663+7+BA9<>2966/->398-9?<>/=C90 %
17
<+=+=+2?13="</-38->3=>2/<>=+8./<3>+1/3=><3->38>2/2/+<>90
%381+:9</J=-3@3--/8></&2/:</-38->2+=+?83;?/73B90>2/<3-22/<3>+1/90
%381+:9</J=:+=>4?B>+:9=/.A3>279./<8+<>+8.+<-23>/->?</3=+63@381
</:</=/8>+>39890+79./<8-3>C>2+>>2<3@/=983>=@3,<+8>+8./8/<1/>3--</+>3@/
-977?83>3/=A236/+6=9></+=?<381>2/2/<3>+1/>2+>9?<09</0+>2/<=6+3. &2/:</-38->A+=><+8=09<7/.38>9+@3,<+8>2?,38
A2/8 38><9.?-/.
+=/<3/=90/B-3>381383>3+>3@/=>9+>><+->@3=3>9<=>9%381+:9</J=+<>=+8.-?6>?<+6
,/6>&2/383>3+>3@/==+A,9>2:+<>8/<=+8.>2/-977?83>C+->3@/6C-98><3,?>381>9
>2/:<979>39890>2/:</-38->J=+<>=+8.2/<3>+1/+8.:<9@3./.@+<39?=:6+>09<7=
09<69-+6>+6/8>=+8.38./:/8./8>+<>1<9?:=>9=29A-+=/>2/3<A9<5=
8+7/9'-+254-5596'9.8=><//>,+<,/<=09<>?8/>/66/<=+8.1').'4-6:9+.
=/66/<=98-/+1+38:63/.>2/3<A+</=+6981>2/099>:+>2=90+669A381>2/
:?,63->9</@3=3>>2/=/><+./=90C/=>/<C/+<'2255454'4?'=+A6+<1/<>2+8
630/,+6699838=>+66+>398=2+8.-<+0>/.,C+<>3=>=98.3=:6+C+>@+<39?=69-+>398=
+<9?8.>2/:</-38->A236/>2/!97++979750+)9:<9@3./.+0/+=>09<>2/
/C/=A3>2+<>A9<5=909?<7?=/?7=+8.2/<3>+1/,C</89A8/.=><//>+<>3=>
9/366+>?13=?8->398 +6=9-966+,9<+>/.A3>2=>?./8>=0<97>2/ +8C+81
&/-2896913-+6'83@/<=3>C98>2/!/4-'657+55967/498:<94/->A23-2900/</.0<//
1?3./.>9?<=+<9?8.5/C2/<3>+1/=3>/=38>2/<+=+=+2+8.?13=+</+
B:69</>2/:</-38->38C9?<9A8
>37/+8.:+-/A3>2>2/+::
A+=,69A8+A+C,C>2/=2//<
,/+?>C+8.-</+>3@3>C38@96@/.
A+=</+66C2+::C>97//>
9/36638%381+:9</
+44+9.&54-'!/4-'657+
'4'-+3+49#4/;+78/9>
:4*+7-7'*:'9+<.5;/+<+*
5+/22D8'79<571/49.+
!97++979750+)9
(3=3>9<=98+=>?./8>6/.>9?<+<9?8.>2/
:</-38->+=:+<>90>2/!/4-'657+55967/498
:<94/->
19
/<3>+1/A+=38.//./@/<CA2/</A3>2 J=<+81/90><+@/66381/B23,3>398=7+8C90A23-2A/</.98/38-966+,9<+>398
A3>2>2/-977?83>C09<>2/-977?83>CB:69<381>9:3-=-69=/>9>2/2/+<>=90%381+:9</+8=>2/=//B23,3>398=
><+@/66/.+66+<9?8.>2/3=6+8.,<3813819?<7?6>3-?6>?<+62/<3>+1/>9>2/.99<=>/:=90%381+:9</+8=+>=2+</.=:+-/=
=?-2+==-2996=63,<+<3/=-977?83>C-/8></=+8./@/8A/>7+<5/>=
".+"7'*/9/54'275;/8/54!.568=./(/9/54A+=+
-966+,9<+>398A3>2>2/%381+:9</"<9@3=398%29:
<3/8.6C==9-3+>398+8.-977?83>C:29>91<+:2/<=
&2//B23,3>398.9-?7/8>/.>2//@96?>39890>2/
><+.3>398+6:<9@3=398=29:+8.23126312>/.>2/3<
-2+<+->/<3=>3-=+8.-2+66/81/=
".+!/4-'657+!6/7/9A+=:<9.?-/.
38-966+,9<+>398A3>2>2/ "
B-9+=:+<>90>2/,?36.
?:>9>2/ "
-/6/,<+>398=
&2//B23,3>398/8-9?<+1/.
%381+:9</+8=>9/B:</==A2+>>2/
G%381+:9</%:3<3>H7/+8=>9>2/7
)/>7+<5/>=+89>2/<37:9<>+8>+=:/->90%381+:9</J=
2/+<>6+8.2/<3>+1/A/</:</=/8>/.38!/4-'657+D8%+9
'71+98@++9/4-++*8'4*:/2*/4-533:4/9/+8&2/
/B23,3>398><+-/.>2/23=>9<C+8../@/69:7/8>90A/>7+<5/>=
38%381+:9</+=A/66+=>2/3<?83;?/-2+<+->/<3=>3-=+8.>2/
-2+66/81/=>2/C0+-/ /312,9?<381=-2996=+6=9:+<>8/</.
>9-98.?->6/+<838149?<8/C=>9>2/=/A/>7+<5/>=
&2/9<3138=+8.-?=>97=90+<3
$+C+A/</,<9?12>>9630/38
+89/;'285,!/4-'657+@'7/ '>'
/*/2,/97/>2<9?12>2/-</+>3@/+8.
38>/<+->3@/?=/90>/B>:29>91<+:2=
+8.>/-289691C&2//B23,3>398
A+=9003-3+66C6+?8-2/.+>>2/+6+C
(366+1/+=:+<>90>2/'7/ '>'
/-.9:6;+49
9<1+83=/.,C
+463="?=+>
/+>?<3818+>398+6798?7/8>=
"J=:29>91<+:2C/B23,3>398,
54:3+498'4*+357/+8><+@/66/.
>9
=-2996=+=A/66+=>2/&9+
"+C92?,38
09669A381
3>==?--/==0?6<?8+>9>2/<:?,63-
@/8?/=&2<9?12>2//B23,3>398+>9>+6
90@3=3>9<=6/+<8>+,9?>>2/
-98><3,?>398=7+./,C%381+:9</J=
09</0+>2/<=>2<9?129?<,?36>2/<3>+1/
J=><+@/66381/B23,3>398=+</
:+<>90+6+<1/<:6+8>9</+-2
9?>>9>2/-977?83>C>2<9?12
9?></+-2:<91<+77/=+8.
/81+1381,/C98.>2/7?=/?7=
69@/>9=2+</A3>2>2/77C
0+736C+8.0<3/8.=>2/,6+-5
+8.A23>/:3->?</==29A38129A
$+7+.2+8+8.+<3$+C+A/</
-/6/,<+>/.38>2/96..+C=90/+<6C
%381+:9</&2+85C9?09<</63@381
>29=/89=>+613-7/79<3/=
A3=2>9=2+</>23=>/B>0<97>2/A/>
7+<5/>/B23,3>398A3>27C-236.</88
+..3>39829:/>23=>/B>A366/8-9?<+1/
>2/7>9@3=3>A/>7+<5/>=+8.038.9?>>2/
38>/</=>381:+<>=+,9?>>2/7+<5/>&23=
A9?6.2/6:>2/7>9?8./<=>+8.9?<-?6>?</
+8.:</=/<@/9?<2/<3>+1/
!'.'7:*/4!'.'
!+)7+9'7>+4+7'2'02/8:8'9
$/)1>-3+3(+75,6:(2/) 21
=:+<>909?<9819381/009<>=>9./@/69:%381+:9</J=-?6>?<+638=>3>?>398=+8.=><+>/13-+66C/82+8-/>2/9@/<+662/<3>+1/
6+8.=-+:/ 2+=,//8A9<5381-69=/6CA3>2>2/69-+6-977?83>3/=>9</:9=3>398>2/2/<3>+1/38=>3>?>398=+=09-+6:938>=09<
>2/238/=/+6+C+8.8.3+8.3+=:9<+=8=9.9381>2/38=>3>?>398=A366/82+8-/>2/7?6>3-?6>?<+66+8.=-+:/38%381+:9</
-977/79<+>/>2/-98><3,?>398=909?<69-+6-977?83>3/=+8.23126312>%381+:9</J=6385=A3>2>2/</1398
SUN YAT SEN
NANYANG MEMORIAL HALL
9669A381+C/+<90</./@/69:7/8>>2/</@+7:/.%?8*+>%/8 +8C+81
/79<3+6+66%*% </9:/8/.98!->9,/<
/+>?<38103@/8/A
1+66/<3/=9<3138+6+<>/0+->=8/@/<.3=:6+C/.,/09</+8.-</+>3@/7?6>37/.3+
.3=:6+C=>2/</0?<,3=2/.7/79<3+62+66900/<=@3=3>9<=38=312>=38>9>2/63@/=90
<%?8*+>%/8J=69-+6=?::9<>/<==?-2+=&/9819-5+8.&+829< +7+8.
23126312>=>2/:3@9>+6<96/>2+>%381+:9</+8. +8C+81:6+C/.38>2/=?--/==90
>2/
$/@96?>398 !?<C9?>2=A29@3=3>/.)+8
#381*?+8/849C/.>2/7=/6@/=
377/8=/6C+8.6/+<8>+1</+>
./+69029A>2/238/=/
37731<+8>=0<97238+:6+C/.
+837:9<>+8><96/38>2/
8-984?8->398A3>23>=</9:/8381>2/%*% +6=96+?8-2/.>2/38+?1?<+6%'4
/4-:29:7++89
+-?6>?<+6/B><+@+1+8D++37/.+>09=>/<381+1</+>/<
+::</-3+>39890238/=/+<>=-?6>?</+8.2/<3>+1/38%381+:9</&2/>2<//A//5
0/=>3@+6?8./<>2/-</+>3@/.3</->9<=23:90</89A8/.69-+603677+5/<$9C=>98
&+8900/</.:/<09<7+8-/=,C69-+6=981,3<.932?+@/>/<+8-+9'/=381/<3?
381381/=>+,63=2/.9:/<+><9?:/238/=/&2/+></3<-6/+8.7+8C79</
9>2>2/</9:/8381+8.0/=>3@+6A/</2?1/=?--/==/=F384?=>98/798>2903>=
9:/8381@3=3>9<=069-5/.>9>2/7/79<3+62+66/+<8381<+@/</@3/A=0<97
,9>2%381+:9</+8=+8.9@/<=/+=@3=3>9<=
238/=/</@96?>398
8'//4-=/:
+497+557*/4'957&5:9. +').
!/4-'657+885)/'9/54,57+49'2+'29.
!5)/'2!+7;/)+:("/54-'.7:
9</>2+8
9<3138+6+<>/0+->=8/@/<
.3=:6+C/.,/09</A/</=29A-+=/.09<
>2/03<=>>37/38-6?.381+:29>91<+:2
A3>2<+</-6+<3>C90<%?8*+>%/8+8.
7/7,/<=90>2/%381+:9</-2+:>/<90
>2/238/=/$/@96?>398+<C663+8-/
&981/81?3+>>2/%*% %>?./8>1?3./=0<97A+29818=>3>?>3986/+.381/:?>C"<37/383=>/<&/92///+8+8.
383=>/<90<*++-9,,<+23798+>9?<+<9?8.>2/8/A6C</9:/8/.%*% 23
MALAY
HERITAGE
CENTRE
)#% %#
%#%$! "$!%$
#'!" %(!#$ ($%!#) !%#'"
%#(%%$%!#)
!"! $"!#%
%!( $!($%# %
$"%$!)&%&# #%%%!# %#!
% !)
#"!%
($!%%! %! %( %#%!)$ "!# %"#$ %(
!( %"#!#$$!%
)!& %) %# )
! %#&%! $
& #! #'!" %(!#$ %#!&!&%#"#!#$
& %$ &&#
!## "#% #$"(%
"! $%!#$"&%&#$#$$($%"!"&#
%&# )#%$ &%&#"#!# $! %$%#%$!"! #'"#!" %$!!#$ "%#
INDIAN
HERITAGE
CENTRE
C-236.</8+</+8.C/+<=
96.&2/CA/</37:</==/.A3>2
>2/I//>>2/2+5>3"9/>=J
38>/<+->3@/>A+=+6=9/+=C09<
7/>9/B:6+38>2//B23,3>398
>9>2/7&2+85C9?)/+</
/B:/->38179</38>2/8/+<
0?>?</0<97>2/"6/+=/
-98>38?/>2/199.A9<5
++*(')1,7533+3(+75,
9.+6:(2/)<.5;/8/9+*9.+
*57/4-$/8.4:+=./(/9/54
&2/8.3+8/<3>+1//8></9<1+83=/.+8+<-23>/->?<+6./=318-97:/>3>398
09<>2/8/A,?36.381>91+>2/<:?,63-0//.,+-5+8.>2/09?<=29<>63=>/.
./=318=A/</=29A-+=/.38+><+@/66381/B23,3>398+8.98>2/A/,=3>/&2/
A388381./=3180<97$9,/<></1%2+8.<-23>/->=-+:>?</.>2/7?6>30+-/>/.
8+>?</908.3+8-?6>?</>2<9?12>2/-6/@/<?=/90+><+8=6?-/8>=2377/<381
0+E+./A23-2A366=//>2/><+8=09<70<97+G=2383814/A/6H90>2/8.3+8
-977?83>C38>2/.+C>9+G169A3816+8>/<8H+>.?=5
8+..3>398>9>2/./=318-97:/>3>3989<1+83=/.+=/<3/=90+->3@3>3/=
38-6?.381+=3>/./.3-+>398-/</798CA23-20/+>?</.>2/?8@/3638190+09?8.+>398
:6+;?/+>3>=:</73=/=383>>6/8.3+,C"</=3./8>%$ +>2+838
-966+,9<+>398A3>2>2/38.?8.9A7/8>=9+<.+6=96+?8-2/.3>=03<=>900=3>/
/B23,3>398>3>6/.*57/4-$/8.4:$'/8.4';'"7'*/9/548/4!5:9.'4*!5:9.+'898/'
+>>2/%<3%<383@+=+"/<?7+6&/7:6/&2//B23,3>398/B:69</.>2/23=>9<C90>2/
19../==(3=28?>2<9?1237+1/=90@3=?+6+8.:/<09<7381+<>><+.3>398=38%9?>2
+8.%9?>2/+=>=3++8.0/+>?</.38>/<+->3@/=>+>398=09<-236.</8
"</=3./8>%$ +>2+8-/8></383=>/<90<*++-9,,<+237/:?>C"<37/383=>/<
&2+<7+8%2+87?1+<+>8+7"<90%+C+5?7+<+8.383=>/<38>2/"<37/383=>/<J=!003-/%=A+<+8
+>J==3>/./.3-+>398-/</798C
25
=:+<>90 J=/009<>=>9.9-?7/8>+8.:</=/8>>2/23=>9<C+8.=9-3+67/79<3/=90:6+-/=38%381+:9</9?<29=>90
8+>398+62/<3>+1/><+36=,<381%381+:9</+8=+=>/:-69=/<>9>2/%381+:9</%>9<C&2/><+36=A/</./@/69:/.A3>2>2/
38>/8>90,<381381,+-5098.7/79<3/=+=A/66+=37:+<>3816/==/<589A80+->=90%381+:9</J=<3-22/<3>+1/+=>C/+<38
+..3>398>9>2//B3=>381><+368/>A9<5 6+?8-2/.>2<//8/A><+36=F>2/4-5/5533:4/9>+7/9'-+"7'/2'2+89/+7
533:4/9>+7/9'-+"7'/2+8.%%"7'/238-</+=381>2/>9>+68?7,/<90><+36=>9838/
ANG MO KIO COMMUNITY
HERITAGE TRAIL
BALESTIER COMMUNITY
HERITAGE TRAIL
+?8-2/.,C"<37/383=>/<
//=3/89981+8.>2/81
939<9?:$/:</=/8>+>398
98=>3>?/8-C.@3=9<=38
-984?8->398A3>2!
>2/
4-5/5533:4/9>+7/9'-+
"7'/2A+=-</+>/.38:+<>8/<=23:
A3>21<+==<99>=9<1+83=+>398=
=-2996=6981>37/</=3./8>=
,?=38/==9A8/<=3881939
+=A/66+=69-+6/7,/<=90
"+<63+7/8>%?-2+-977?83>C
-966+,9<+>398+669A/. >9
A/+@/:/<=98+67/79<3/=+8.
=>9<3/=38>9>2/><+36J=7+<5/<=
+8.,<9-2?</>2?=.9-?7/8>381
>2/<3-223=>9<C+8.2/<3>+1/90
98/90%381+:9</J=96./=>>9A8=
&2//82+8-/.'2+89/+7
533:4/9>+7/9'-+"7'/2
6+?8-2/.38-984?8->398
A3>2>2/</9:/838190>2/
%*% 38!->9,/<
0/+>?</=8/A2/<3>+1/
7+<5/<=+>3-983-6+8.7+<5=
38+6/=>3/<+6/=>3/<3=
589A809<3>=<3-2099.
2/<3>+1/+=7?-2+=3>=
><+.3>398+6+<-23>/->?</
&2/</@+7:/.2/<3>+1/><+36
:<9@3./=%381+:9</+8=+
89=>+613-><3:.9A87/79<C
6+8/A3>2>2/96.+<>./-9
=29:29?=/=><+.3>398+6
><+./=+8.199.69-+6
2+A5/<0+</
&23=:<94/->2+=
+669A/.7/>9589A
79</+,9?>819
39J=23=>9<C>2+=
2/6:/.7/?8./<=>+8.
7C<99>=,/>>/<+8.
0//6-69=/<>9>2/
?83;?/7?6>3<+-3+6
-977?83>C>2+>J738
>7/+'9.'4
!9:*+497+8+49+7
54;+495,9.+52>4,'49+8:8
J=2/<3>+1/7+<5/<=69-+>/.38
+6/=>3/<+=A/66+==><//>8+7/
:9=>=A/</./=318/.A3>2=?1+<-+8/
79>30=>9</06/->3>=:+=>23=>9<C+=+
=?1+<-+8/:6+8>+>398
27
"</+-2/.9?>>9>2/-977?83>C38>2/:+=>C/+<A3>279</>9?<=+8./@/8>=09<%381+:9</+8=>9.3=-9@/<79</
+,9?>9?<8+>398J=8+>398+6798?7/8>=&2/=/8/A383>3+>3@/=38-6?./.+89/;'28'99.+54:3+498+8.=:/-3+6
>9?<=>909=>/<+A+</8/==90%381+:9</J=798?7/8>=F=?-2+=>9?<=-98.?->/.+>%381+:9</J=8/A6C1+D/>>/.8+>398+6
798?7/8>>2/&+84981"+1+<$+36A+C%>+>398A23-2A/</+>>/8./.,C79</>2+8
:/9:6/"+6=9A9<5/.A3>2
:+<>8/<==?-2+=>2/ +>398+6"9:?6+>398+8.&+6/8>3@3=398>938><9.?-/%381+:9</>98/A-3>3D/8=>2<9?129?<8+>398+6
798?7/8>=
?<381$+7+.+8>2/?=6370+=>381798>2"@96?8>//<1?3./=,<9?12>:+<>3-3:+8>=98+8377/<=3@//B:/<3/8-/90
>2/0/=>3@/=/+=98+=>2/C@3=3>/.>A990%381+:9</J=96./=>79=;?/=38+7:981/6+7F>2/%?6>+89=;?/+8.+44+2
+>37+29=;?/"+<>3-3:+8>=19>>9@3=3>>2/798?7/8>=+8.:+<>3-3:+>/.38>2/,</+5381900+=>+>>2//8.90>2/>9?<
=:+<>90"J=-98>38?381/81+1/7/8>A3>2798?7/8>9A8/<="A9<5/.A3>2>2/ +>398+6"+<5=9+<.>99<1+83=/
54:3+49'22'>-75:4*2/6.+>>2/=:6+8+./"+<5/79<3+6=236.</8A/</13@/8>2/-2+8-/>96/+<879</+,9?>>2/
/89>+:2379%/81/79<3+6+8.&+837%/819?8>+38>2<9?12+->3@3>3/==?-2+=+></+=?</2?8>+<9?8.>2/:+<5
=>9<C>/66381=/==398=+8.-<+0>+->3@3>3/=
"J=/009<>=>9/81+1/>2/C9?81-98>38?/.A3>2>2/6+?8-290>2/:9:7++357>';/2/54+>>2/ +>398+6?=/?7
!<1+83=/.,C>2/<3>3=29?8-3638:+<>8/<=23:A3>2"+8.>2/$9C+6-+./7C90<>=-2996=A/</38@3>/.986/+<8381
49?<8/C=>9>2/';/2/54+8.7?=/?7>96/+<8+,9?>>2/=318303-+8-/90>A97+>/<3+6=F3-/+8.=+8.F38%381+:9</J=
23=>9<C+8.:98./<+,9?>:</=/<@+>398+8.7/79<3/=
"+37=>9=+0/1?+<.%381+:9</J=8+>398+6798?7/8>=09<>2/-977?83>C+=>2/=/798?7/8>=:<9@3./@3>+66385=
>99?<:+=>+8.</:</=/8>>2/7?6>30+-/>/.-2+<+->/<90%381+:9</J=23=>9<C+8.2/<3>+1/8
"1+D/>>/.>2/
9<7/<&+84981"+1+<$+36A+C%>+>398+=+8+>398+6798?7/8>/=318/.,C%A+8+8.+-6+</8+8.9:/8/.38
>2/
&+84981"+1+<$+36A+C%>+>3983=+?<9:/+8=>C6/.,?36.3810<98>/.,C09?<6+<1/<>2+8630/=>+>?/=</:</=/8>381>2/09?<
/-98973-:366+<=>2+>-98><3,?>/.>9+6+C+J=A/+6>2F-977/<-/+1<3-?6>?</><+8=:9<>+8.38.?=><C
6690"J=&+84981"+1+<
$+36A+C%>+>398=:/-3+6>9?<=
-98.?->/.,/>A//8+C
+8.?8/
A/</0?66C
=?,=-<3,/.+=:+<>3-3:+8>=
-+?12>>2/6+=>797/8>=90
>2/,?36.381+=+0?8->398381
<+36A+C=>+>398,/09</3>-/+=/.
9:/<+>398=98
?6C
(96?8>//<1?3./=,<381381:+<>3-3:+8>=98+>9?<>9>2/
%?6>+89=;?/98/90%381+:9</J=96./=>79=;?/=
29
AT OUR MUSEUMS
AND INSTITUTIONS
%"$ %#%##"&$ %$))!" &#$#
# %"#$ %"$ $$) # %###
'$ $! "$ ")$ &#$ "#
#$ ")"$'"$ $" %)" ')#,
##" $! "' $! "")#
#$"!#) " "$#$#! $ "!# ! "%##%#$%!"
%"$
! "-##$ $' "'"# $
"$ #'$$"$ %#%##$$%$ ##%
#$%#*-"#)"# "
$$
$ %#% ! "#'#$(" &
%$%"#%"%(
%$%""$" $ $" "# '# $")$"" $$'"" "#$
$#
&#$ #%#% #$#%($ #"#
! "-#! $' "%$%"!
31
IN THE MOOD FOR CHEONGSAM:
MODERNITY & SINGAPORE WOMEN
/2,
1'-,*20#2+-$',%.-/#
/!',%1&#&'01-/6,""#3#*-.+#,1-$1&#-,#
.'#!#1/"'1'-,*"/#001&##5&' '1'-,#5.*-/#"
1&#$0!',1',%01-/'#0-$',%.-/#4-+#,4&-
4-/#1&#!&#-,%0+,"1&##!-,-+'!!-,"'1'-,0
4&'!&"#$',#"1&#'/"/#000#,0#&#+20#2+80
-4,!-**#!1'-,-$!&#-,%0+"1',%$/-+1&#0
1-1&#./#0#,140"'0.*6#"*-,%0'"#0.#!'*
0#*#!1'-,4-/, 61&#4'3#0-$',%.-/#80.-*'1'!*
*#"#/002!&01&#*1#/0##2,#4/0,%
#,%&#-,%/0##'+##,"1&#*1#/0
#,(+',&#/#0
.2 *'!1'-,40*0-*2,!&#"',!-,(2,!1'-,4'1&
1&##5&' '1'-,'1*#"
1&#.2 *'!1'-,$#12/#"1&#1'-,*20#2+80
!-**#!1'-,-$!&#-,%0+$-/1&#$'/011'+#
'*)01',!&#-,%0+
',%.-/#
-,1#" 6/0*'7 #1&&-6
1'-,*20#2+-$',%.-/#
*##3#*#00 /-!"#!&#-,%0+',
%-*"0',%.-/#
-,1#" 6/##2,#4
1'-,*20#2+-$',%.-/#
33
SARONG
KEBAYA:
PERANAKAN
FASHION AND ITS
INTERNATIONAL
SOURCES
#%#%
%!!(&( &'"%&*%'%''")&(
&'"+$(&'%&!
'(&!&&','%
'&'"%,!)"('"!"'&
(!$("&'( ,&"%!'
"*%!!&"!*&
!(!,"'%"
(!'&
!"*')"#'&"*!
(!$(%'%
!!
%"*%&!%'"(&
"%" !"&''!'(%,
+
"''"!%*!!#!'%&&'! "%!',
-&!)&'"!&(&(
%"!,&*'
"!'
#"%%,'*&'"!!
""%'"!*'&
""'%'&'""'"'
%(!*,&#%'"'
35
THE SINGAPORE SHOW:
FUTURE PROOF
%
')
%'&))+,*,$
%$% %+&$ #0&,+&+##0&,&.
$,%!&0+/ + &%.*)##0
'#*%+#0*,)') *% $')**0+
(,# +0&+#&#)+ *+*+ ## "
THE COLLECTORS SHOW:
CHIMERA
$ % $ % +&)%
%
)
%'&))+,*,$
% %+)*+ %!,/+'&* + &%&+*+# *
%+$) %+*+,%% %%+(, )"0
&+/ + &%*&%&,).&)"*0#&#
%) &%#&%+$'&))0)+ *+*+,) % &%+$'&))0* %$*+)' *).%)&$
$'&)+%+') -+&##+ &%*)&**+#&
-- * +&)*+,% (,&''&)+,% +0
+&- .))*'+,#).&)"*. .&,#
&+). *%&+** #&$'%0 %
/ + &%&%&+ *+
*&.*-&++& %'&))+ *+* %)%+
0)**&.*.&)"*&+%.%)+ &%
&)+ *+*.&. ##) -+%/+.-&
&%+$'&))0)+-#&'$%+ % %'&)
"0'")0'+ ++*+ ).##&+*')+&!
%*+##+ &%- .& 0&!&"&%) &%%)+
#$! $ #
! "#
$ "#$# 37
SHADOW
SPACES:
PHOTOGRAPHS
OF THE OLD
SUPREME COURT
)(
*!&!-!$!*+!'&*,*,%
'+')( *0'*&$*
*( '+')( )&,&&
')++ ,+0'%(+0
*(*$0).!+ %%')!*
.!+ !&+ $,()%',)+1'&
'!&(')4*%'*+!'&!&+!'&$
%'&,%&+*1&'+ ),!$!&*
TRANSFORMING
LANDSCAPES,
IMPROVING LIVES:
50 YEARS OF
ECONOMIC
DEVELOPMENT
,&(
+!'&$,*,%'
!&(')
'($&2.)*+')!*3+''#
&+)*+!&+ !*/ !!+!'&.!+ ()*'&$&'+*&!&+)-!.*
()'-!!&$!%(*!&+' '.
$!-*.)+)&*')%$'&*!
!&(')4*'&'%!-$'(%&+
$!&'&",&+!'&.!+ + '&'%!-$'(%&+')4*
+ &&!-)*)0+ !*/ !!+!'&&$ !&(')&*+')$+,('&+ ',&+)04*'&'%!)'.+ '+ (*+&,+,)
( '+')( '+ *',+ &+)&'+ $,()%',)+0&,&&
THE GOH
SENG CHOO
GALLERY:
THE WILLIAM
FARQUHAR
COLLECTION OF
NATURAL HISTORY
DRAWINGS
)+!-()!)/ %.+'4"-*(
!+*)2- .
/%*)'0.!0(*"%)#+*-!
$%'!.!-1%)#.!.% !)/) *(() )/*"!'&"-*(
/*
%''%(-,0$-( !.!1!-'
%(+*-/)/*/)%') 5**'*#%'
%.*1!-%!.) (..! .%5'!
*''!/%*)*")/0-'$%./*-4 -2%)#.
$!*(+'!/!.!/*" -2%)#.
*)/! 4-*$!*&$%($1!
"*0) +!-()!)/$*(!//$!*$
!)#$**''!-4%)/$!/%*)'
0.!0(*"%)#+*-!)(! %)$*)*0-
*"-*$7.'/!"/$!-
'4)+%-!!
!)/!-$*2.!-,0$-7.**'*#%'*)/-%0/%*).
(#!6/%*)'0.!0(*"%)#+*-!*''!/%*)
4"/$!-2.'24.
%)/!-!./! %))/0-!) !.+!%''4
*/)4) #-!2
0+2%/$/$!.(!+..%*)/$/
(4"/$!-$ $!)
! !
#"2./'*#0! ) *""!-! "*-.'!4/$!*4'
.%/%*%!/4/$-*0#$*/$!47.
%)2.-!'0/)//*.!!/$!
*''!/%*)-*&!)0+) .*' .
.!+-/! -2%)#.!0.!/$!
*''!/%*).2$*'!$.(0$
(*-!$%./*-%'1'0!!)!
( !/$! !%.%*)/*,0%-!/$!
2$*'!*''!/%*).*./*&!!+%/
%)//) /*(&!%/1%''!"*-
"0/0-!#!)!-/%*).
0/(!## 3+!-%(!)/'- !)%)#
(#!6/%*)'0.!0(*"%)#+*-!*''!/%*)
39
AMANDA HENG:
SPEAK TO ME, WALK WITH ME
+&
"& ('))+,*,%
&'"& (')1*%'*+*+$"*!'&+%('))0)+"*+*%&& ("+,)$+"**+#&'.&')'(+"& &"&+)"*"($"&)0(()'!"&
/($')"& +!%*'*$)()*&++"'&'%%,&"+0"&+"+0&!"*+')"$
%%')0!"*/!""+"'&.*+!*'&"&*)"*'/!""+"'&*.!"!
',**'&"'&"'&+%('))0)+"*+*)'%"& (')
&)
,)*"&'%%,&"+0',*
'$$')+"'&0+!,)*"&
**'"+"'&&+'
'%%%')++!
+!&&"-)*)0
'')+, ,*()*&"&',+!*+
*"+!/!""+"'&')"&*" !+*
"&+'+!)''+*'+!%')&0
,)*"&'%%,&"+0"&"& (')
!/!""+"'&!**"&&
"&')(')+"&+'&.()%&&+
$$)0++!,)*"&'%%,&"+0
',*.!"!+)*+!")&+
*+)&*',)*"&!)"+ 2*#.
',%.-/#&'*1#*'!20#2+
&##5&' '1'-,40!-** -/1'-, #14##,1&#',%.-/#&'*1#*'!20#2+
,"2,1#,,6,%#+-/'***1-!-++#+-/1#1&#
1&,,'3#/0/6-$1&##3-*21'-,1',3'1#"3'0'1-/01-*#/,+-/# -21
1&#*'$#-$/2,1#,&'0'"#-*-%'#0,"1&#/-*#',%.-/#.*6#"',&'0
/#3-*21'-,/6#$$-/10,"'0.*64#/#/1#$!10-,*-,$/-+1&#04#**
001+.0$/-+1&#.#/0-,*!-**#!1'-,-$#'(',%.&'*1#*'01/#,%&--,%
&#.&'*1#*'!+1#/'*0-,
*-,$/-+/#,%4&'!&
!+#$/-+**-3#/1&#
4-/*"',!*2"',%#01#/,
!-2,1/'#01--)&'+0-+#
6#/01-+00
SINGAPORE
TAKES
FLIGHT:
A HUNDRED YEARS
/!1
',%.-/#&'*1#*'!20#2+
&'0#5&' '1'-,!#*# /1#"1&#
!#,1#,/6-$1&#$'/01$*'%&1',
',%.-/#4'1&"'0.*6-$.'!12/#
.-01!/"0.-01%#01+.0,"
$'/01"6!-3#/04&'!&1/!#"-2/
,1'-,703'1'-,&'01-/6
./'31#!-**#!1'-,-$+-"#*
'/!/$10-,*-,$/-+.'*-1
/*.&#/'%3#3'0'1-/01&#
!&,!#1-1)#0,#).#)
41
THE NATIONAL ART
GALLERY, SINGAPORE
#*$ ( '% %$)%!$ ' !%%
&!% %$ !( (!&'$!$ #! #$% #)
*#%'$ %# % !$ ##&!#
&#%
%*&$$( #!&!# #$
'# %#%)% $#*$ (' !
)% %%!# #$!#!#% #%$ !%(
'$&#%$$%%&% (!#$%$%$!"&%$ &%$%$! ##%#%()% $%%(%
'%'$% #$ &%$%$! ##% %
%(%%( #
# !$ (## &%%%&$% $%$
$%#%%&$+)$%$(#% !#$#'$
!#% %#$%%&$$% &%$ % #%%&#
%$#%! $#'% #$###* &%%#
%$%$# '$% #*$%$%#&%&#$%%$ # $%
#$% #% ( #$ #$&$"&%#$%% $
%$%$'#' #%#$$%#&%&#$%%(#!#' &$*
(%%!$$ %!&( &% %
!$ %$$$ !#' &$*$% #*# # %
&$+ &#&!$%(%#* !$%$ #$
43
LIU KANG:
A CENTENNIAL
CELEBRATION
1)
0
&1+$&/3&!")5."$.!"!
/,+",#&+$-,."6/*,/0
&*-,.0+0.0&/0/+!$1&!&+$
#&$1."&+0%"!"2"),-*"+0,#
&+$-,."6/.0/ "+"%&/
"4%&&0&,+-.,2&!"!&+/&$%0/&+0,
&1+$6/ ,+0.&10&,+/0,0%"
2&/1).0/#&")!#.,*0%" ."0&,+
,#.03,.(/0,-)5&+$ "+0.)
.,)"&+"!1 0&,++! .&0& &/*
")!&+ ,**"*,.0&,+,#0%"
.0&/06/ "+0"++&)5".,#&.0%0%"
"4%&&0&,+#"01."!3,.(/5
&1+$
, "+0/#.,*1(&0+'+$&$% %,,)!&+/.&*.5 %,,)##)"/+/0&010&,++!
"/0$.,2".&*.5 %,,)3%,3"."-.0,#0%"))".56/.0*//!,.-.,$.**"3".",+
%+!0,"4-)&+0%".03,.(/0,$1"/0/
&1+$
,&),+ +2/4 *
,))" 0&,+,#0&,+)".&0$",.!
33 ,8'-,&
(,) ,#"-*-30-,
. .$06"+"-**$"2(-,-% 2(-, *$0(2 &$- 0#
SEEING THE
KITE AGAIN
SERIES II
3,-4
33 ,8'-,& !
-(*-,!- 0#6"+
"-**$"2(-,-% 2(-, *$0(2 &$- 0#
'-5" 1(,&1$*$"2$#. (,2(,&1
%0-+2'$33 ,8'-,&#-, 2(-,
92'$* 0&$12&(%2-% 025-0)1(,2'$
'(12-07-%(,& .-0$
(1 ,$6'(!(2(-,(,1.(0$#
!733 ,8'-,&:1+$2 .'-0-%
2'$)(2$0-+2'$13' 1
.0-#3"$# &0$ 2,3+!$0-%5-0)1
! 1$#-,'(1'-+$(,2'$-32'-%
'(, '(1"'(*#'--# 15$** 12'$
4(** &$1 ,#2-5,1'$5$,22-
NOTABLE ACQUISITIONS EXHIBITION 2011:
FEATURING THE WORKS OF TAN OE PANG
.0
$!
'$!%$ 230$#0$"$,2
"/3(1(2(-,1 ,##-, 2(-,12-2'$ **$07,.0(*
2'$ 2(-, *02 **$07(,& .-0$%$ 230$# 1$*$"2(-,
-%5-0)1!7 ,$ ,&-,$-%(,& .-0$:1$12 !*(1'$#
(,) 02(121#0 5,%0-+ #-, 2(-,-% ,:15-0)12-2'$
**$07(1# 0(,&31$-%(,) ,#4(4(#"-+.-1(2(-,(, 02
.31'$12'$!-3,# 0($1-%'(,$1$(,).0 "2("$ ,#+ 0)1
'(+ 1-,$-%2'$+-12(,,-4 2(4$.0 "2(2(-,$01(,2'$
+$#(3+2-# 7
#-, 2(-,"$0$+-,75 1'$*#-,.0(* 1 &$1230$-%2' ,)12-0$-0&$3$)%-0'(1&$,$0-31
#-, 2(-,-%-% ,:1 025-0)12-2'$ **$0722$,#$#
!7"*-1$2-
&3$1212'$,' (0+ ,0-%$11-0
-++7-'5 12'$3$12-%-,-30
45
DREAMS AND REALITY:
MASTERPIECES OF PAINTING, DRAWING AND
PHOTOGRAPHY FROM THE MUS E D ORSAY, PARIS
7C6%:357,:,-0)75-4
)9)27,38+,,%9)&))2
7386?)(C56%<
! '7
)&
%7-32%086)813*
"-2+%435)
5317,)'300)'7-323*7,):350(
5)23:2)(86?)(C56%<39)5
4%-27-2+6(5%:-2+6%2(
4,373+5%4,6*5317,)1-(
7,
')2785<737,))%50< 7,')2785<
);4035)(7,)5)%'7-323*1%2
73:%5(613()52-7<%77,)7852
3*7,)')2785<-+,0-+,763*7,)
);,-&-7-32-2'08()( %80?=%22)C6
!%2(#-2')27
9%23+,C6!
"-2+%435)%26)2.3<)(631)3*7,)
:350(C6*-2)67'300)'7-3263*13()52
%575-+,7,)5)%7,31)-2"-2+%435)
43575%-73*)35+)60)1)2')%8
&<>(38%5(%2)775%9)00)(
);'086-9)0<73"-2+%435)
!
B
&<#-2')279%23+,
B
-032'%29%6;'1
32%7-323*%2(1)!3&)57%,2"5-&)5
@!86?)(C56%<)59?):%2(3:6/-
$382+9-6-7356:%7',-2+%1%67)54%-27)5%7:35/(85-2+7,)
!6',330453+5%11)
ABBAS,
45 YEARS IN
PHOTOGRAPHY
' "
&! '%'! "!$
"!&!$"$
%%$%&!'&%
"$%"&(% %$%&
$&$!%"&(*&! !
(%'+%&$ )&
"!&!$"% !'$'!
(%'"%%$!&
"$%&!'%"!&! + '
% %&! &!&
%&$'%)& $ &%!&%
% "'%)+ )!$
, % )%""$%
TREASURES OF VACHERON CONSTANTIN:
A LEGACY OF WATCHMAKING SINCE 1755
' '
&! '%'! "!$
% & %&!$+!+%$&% %
&$$&! % &%&!$+!&" )%$!' &&$!'&%"+!
*#'%&&"%+&)!$.%!%&)&
'&'$$*&! &&
+!$! ! %& & %)%&
$ .%'&& & !!+$&%&$+ $&% %"
-$! ! %& &
47
TERRACOTTA
WARRIORS:
THE FIRST EMPEROR
AND HIS LEGACY
3-"2
1( -(4(+(1 2(.-131$3,
'$1( -(4(+(1 2(.-131$3,
!0.3&'22'$2$00 ".22 0,7
+.-&5(2'.2'$0, &-(%("$-2 -
-#(-.!)$"212..32'$ 121( %.02'$%(0122(,$(-2'(1$6'(!(2(.-
"..0& -(1$#5(2'2'$' -6(
0.4(-"( +3+230 +$+("130$ 3
-#2'$' -6(3+230 +$0(2 &$
0.,.2(.-$-2$0.0$2' -
4(1(2.0182'$'(&'$12
&0.11(-&$6'(!(2(.-2.# 2$8
1 52'$$6'(!(2(.- -#+$ 0-$#
!.32$ 0+7'(- 910("'"3+230 +
+$& "72'0.3&'12.0($1 !.322'$
(012,/$0.0'(13-(%(" 2(.-.%
'(- -#'(1,.-3,$-2 +!30( +
".,/+$6
'$$6'(!(2(.-$6/$0($-"$5 1
$-' -"$#!7 -('.-$ //8
2'$%(012.%(21*(-#".,!(-(-&
3&,$-2$#0$ +(27+." 2(.-! 1$#
& ,(-& -#(-2$0 "2(4$%$ 230$1
!)$"21(-2'$$6'(!(2(.-" ,$ +(4$
2'0.3&'2'$31$.%2$"'-.+.&72' 2
13/$0(,/.1$# -(, 2$#.!)$"21
.-2.2'$$6'(!(2(.-1/ "$2'$+/$#
0$(-%.0"$2'$$6'(!(2(.-9112.07+(-$
-#, #$(2,.0$ //$ +(-& -#
0$+$4 -22.7.3-&$0 3#($-"$1
'$$6'(!(2(.-5 1 "".,/ -($#
!7
-#
'$
%.0,$00$(, &(-$#2'$2$00 ".22 0,7(- #0$ ,+(*$-(&'21$22(-&
!+$-#(-&$12$0-/./ 025(2'
20 #(2(.- + 12$0-(, &$075'(+$
2'$+ 22$0(-20.#3"$#2'$!0. #
0 -&$.%'(-$1$%3-$0 07.!)$"21
%0.,2'$ -#7- 127
'$$00 ".22 ('.-$ //' 1
!$$-#.5-+. #$#2(,$1
1(-"$(21+ 3-"' -#' 1 "'($4$#
12 00 2(-&.-(3-$1! 1$#
.-"312.,$00$4($51
%+
*$
($+"()%$(*(*#
%')$
$$)-)"(
,)()'!$&))'$($')
%"%*'(,'%$(&".$)(
-)%$)""$($)$)"
%$)'*")*'"-$%()".
%"")$%*)()(,)
(%#%+'.'(%")(
-)'%'$'.)-)"(,')'
'%*$),%'"%'$)*'(
(*&&%')('('$)%))'
$()%'"($$%$$
)-)"($(*%'),(
%$'$%'$($%$ *$)%$
,))-)%$)*'$
()$*(&$"%$)'$)%$"
#($-&')(
$$
"'"%,'($
')%*(
%'%#$"%())$)*'.
-
#
%))%$',$$&$)'(()$
#%'$).
/($+"()%$(*(*#
49
!.5.
3)!.)6),)3!4)/.353%5.!3()072%#+7!3$)3#/6%2%$).3(!,,/77!4%2.%!2%,)45.'3,!.$).
4(%!6!%!%!452).'()'(,)'(43/&4()3%842!/2$).!29&).$).#,5$).'%815)3)4%
-%4!,7!2%3!.$2!2%#%2!-)#/"*%#434()3%8()")4)/.),,5342!4%$4(%%!2,942!$).'
.%47/2+3"%47%%.().!/54(%!343)!!.$)$$,%3)!
HYUNG KOO KANG:THE BURNING GAZE
#4%#
).'!0/2%2453%5()3%84%.3)6%3526%9-!00%$/2%!.
0/242!)4!24)3495.'//!.':36!34
2%0%24/)2%/&7/2+3/6%24(%,!34$%#!$%
/2%4(!.
/&()30/05,!20%23/.!,)49
0/242!)43!.$(!5.4).'3%,&0/242!)43
!37%,,!330/.4!.%/53#!2)#!452%!.$
3#5,0452%37%2%!6!),!",%&/205",)#
6)%7).'&/24(%&)2344)-%
2/-,%&42%..%4((/%/!2$-%-"%25%34/&/./52(//.-"!33!$/2/&
4(%%05",)#/&/2%!4/).'!0/2%!24)3495.'//!.'!.$30/53%2)#(!%,/(
2 !.//.5))2%#4/2!.$2!6)$(%752!4/2!44(%%8()")4)/./0%.).'/&
4.
%0
).'!0/1%1342%4-!*/1#/,,!"/1!3)/."%36%%.
!.$%.31%/-0)$/43(%%7()")3)/.
6!2!5!,4!",%/00/134.)383/
2(/6#!2%3(%6/1+2/&/43(%!23
2)!.!13)23224#(!2%% %.).(
9!.$1!8!!2$*!1-1%!1.2//+
).3(%.!3)/.!,#/,,%#3)/.!,/.'2)$%
).3%1.!3)/.!,,81%./6.%$!13)232
).#,4$).'!-4.%!)+),,)/,!
14#%!4-!.%!.4#/$!1$
)%11%48'(%!.$2!!#4,)%.
(%%7()")3)/.6!23(%&14)3)/./&!
%-/1!.$4-/&.$%123!.$).'3(!3
"/3(0!13)%22)'.%$).!83/
&!#),)3!3%%7#(!.'%2/&#/.3%-0/1!18
!13"%36%%.).'!0/1%!.$1!.#%
(%!13)232!.$/1'!.)2%12/&3(%%7()")3)/.6)3(4%23/&/./41,)5%1!1/.
-"!22!$/1/&3(%%04",)#/&1!.#%&1/.31/6-)$$,%
.23!,,!3)/.5)%6/&
"8).(9!33(%
%7()")3)/.!3
51
MESSAGE ME
*#*#
#%$'!)!*(*"
*####-%'#
$'"!(#!'#
-%!$')"%$')#$
$""*#)$##)(+!$%"#)
'$"))$#
)$"$'#.
)'$*)"*(*"0($!!)$#
$$+'%$()()"%(#
$""*#)$#&*%"#) ELEPHANT
STAMPEDE
$+.
#%$'!)!*(*"
()$'()')+$!*)$#
$!%#)(#*#$+'
#)'()#)($*)!%#)(
))-)$#
$!!)$#$
!%#)( *!!)*( #"$!'$#
!$#'$")!(*(*"$
$+'().(',(!($
(%!.-)$#,(!
#$#*#)$#,)
'*#*!!$!(*!%)$'#')()
')*#&*!.(#/!%#)0
"*%$%$()()"%(
."!.#/!%#)0$+',)%$()()"%((#.!$!%#)'#
(*!%)$''*#*!
THE
ADVENTURES
OF TINTIN
(%)-2)-#.++%#2).-
)2%,1.-$)1/+!75%0%
,.12+7.-+.!-"7!
+.#!+#.++%#2.0
.4
3-
)-'!/.0%()+!2%+)#31%3,
2(--)4%01!07.&)-2)%+')3,
%!230)-'2(%&3++0!-'%.&)-2)-
/.12!'%12!,/1)113%$"7%+')3,
0!-#%!-$2(%%2(%0+!-$1&0.,
2(%:1#.++%#2).-2(%%6()")2).-
#%+%"0!2%$2(%5.0*.&&!,.31
%+')!-#.,)#!02)12%.0'%1%,)
!+1.*-.5-!1%0'8%6/+.0%$2(%
)-&+3%-#%1)-2(%1/!-.&()1#!0%%0
!-$0%4%!+%$2(%$%4%+./,%-2.&
#(!0!#2%01)-2(%/./3+!0#.,)#
)1)2.015%0%20%!2%$2.0!0%+71%%-
.0)')-!+12!,/!025.0*1#.+.3020)!+1
!-$.2(%0/()+!2%+)#,!2%0)!+1&0.,
2(%31%3,..0.,,3-)#!2)%)-
2(%%2(%0+!-$1!-$:$0%11%318%
$%!.12%)-0!-#%
3%12.&.-.30.+!-$!-%,..02%+%,"!11!$.0620!.0$)-!07!-$
+%-)/.2%-2)!07.7!+,"!117.&%+')3,.-!2.30$30)-'2(%.&&)#)!+./%-)-'.&2(%%6()")2).-
./%&2
%+')!-.,)#1
%+')3,
%!01.&%0'8
%+')3,
53
WITH THE WORLD
55
COMMONWEALTH ASSOCIATION OF MUSEUMS TRIENNIAL
CONFERENCE 2011
&&(%!)-!* * &$$&%-#* ))&!*!&%&+)+$)* (!%%!#&%(%!%!%'&()-$+)+$'(&))!&%#)(&$
&+%*(!)'(*!!'*!%!%!)+))!&%)&%* * $&&$$&%-#* $+)+$)%$#/+#*+(&%&$/#!$* %%/&+* !)
'()%*-!* '#*&($*&) &-)!*)* &+ *#() !'!%
$+)&#&!#()( )+(!%'&)!*!,$!%) (&"/'()&%#!*!)!%
* (!*%$+)+$-&(#
((*!%(()!%*&!,!%* -#&$())** (!%%!#&%(%
THE BIRTH AND DEVELOPMENT OF SINGAPORE ART:
AN EXHIBITION CELEBRATING THE PARTNERSHIP BETWEEN
THE FUKUOKA ASIAN ART MUSEUM AND THE NATIONAL ART GALLERY, SINGAPORE
*!&%#(*##(/!%'&(
%* +"+&")!%(*+)+$
,)*#!) #&%*($
&%&&&'(*!&%*&!#!*** . %&. !!*!&%)()( %
)*&$("* )*(*&* !))'!#
(#*!&%) !'* ##(/*(,##
)#*(*-&(")/)*$
!%'&(,!)+#(*!)*)!$"!
% &%&&!%*&!%
( &(%. !!*!&%- ! .'#&(* !)*&(/%,#&'$%*
&,!)+#(*)!%!%'&( !)
'()%*)'!#&''&(*+%!*/
&(* '%)*&)(*-&(")&
!%'&(0)*-&$)*((*!)*)- &)
-&(")&($%))%*!#'(*&* )*&(/&!%'&((*
(#%+(*&(** *!&%#(*##(/!%'&(!,!%)'!###(/#"** +"+&")!%(*+)+$
SINGAPORE ART
MUSEUM ABROAD
1..18,0*46&&(44,7(23(4(05$5,104
$55+(3:(3564(6/,0($55.(
!$4+,0*5105$5($0'
$..(3:,0135+1%$3'$4/$0,$
6453$.,$5+(,0*$213(3564(6/
(9+,%,5,10
(0'(',544,$$&,),&5163
,06*6458,5+$23(4(05$5,10
$55+($3$64(6/1)105(/213$3:
35,01-:1$2$0+(.$454+18,0
$2$0'3(8
7,4,5134%3,0*,0*5+(
515$.7,4,5134+,2515+(5+3((17(34($4
/64(6/4$0'*$..(3,(451
31/.()533(713(($..(3:1$3'/(/%(33,&+$(.'8$3'4$..(3:,3(&513
3$01106,,3(&5133,0*!10*$35,45$0'3$0*66(0*6(45&63$513
FRIENDS TO
OUR SHORES MARKERS
,(50$/<43(4,'(053610*$0$0*.()5$0',0*$213(<4,0,45(3)130)13/$5,10
1//60,&$5,104$0'5+(3543#$$&1%%3$+,//,''.(607(,.,0*5+(1+,,0+$3-(3
<4,4$4(3,(41)
+,4513,&/$3-(345+$5&1//(/13$5(47,4,54%:
(/,0(052(3410$.,5,(451,0*$213($0'$,/4
51,0&3($4(,0*$213($04<60'(345$0',0*1)
163+,4513:$0'+188($3(,053,&$5(.:.,0-('
515+(813.'$3160'645,42$351)<4
10*1,0*())135451'((2(0&6.563$.5,(4$0'
)13*(+(3,5$*(&1..$%13$5,1048,5+1633(*,10$.
$0',05(30$5,10$.0(,*+%1634+((0*
",$12,0*/$3-(3607(,.(',017(/%(3
8$45+()1635+/$3-(3,05+,44(3,(4
0(25(/%(3,0*$213(<4,0,45(3)13
0)13/$5,101//60,&$5,104$0'5+(354
3#$$&1%%3$+,/$0' ,(50$/<43(4,'(05
3610*$0$0*607(,.('$%6451)3(4,'(05
1+,,0+;5+()160',0*)$5+(31)/1'(30
,(50$/$55+(4,$0,7,.,4$5,10464(6/
3((0+(%645,4$0$'',5,1051
5+((9,45,0*1+,,0+$3-(3105+(
3((08+,&+&1/23,4(4$4513:%1$3''(5$,.,0*
1+,,0+<44,*0,),&$05&1053,%65,10451
,(50$/<4,0'(2(0'(0&($0'+,47,4,5451
,0*$213(
0',$<43,/(,0,45(33$0/1+$0,0*+$0',0*$213(<4/(3,564(0,13,0,45(3
31++1-10*$55+(607(,.,0*1)5+(&1//(/13$5,7(/$3-(3'(',&$5('51$0',5
$8$+$3.$.(+36
13($)),3/+,4513,&$.5,(4%(58((0,0*$213(
$0'0',$,0*$213(<4/(3,564(0,13
,0,45(331++1-10*$0'0',$<43,/(
,0,45(33$0/1+$0,0*+607(,.('$
%645$0'&1//(/13$5,7(/$3-(3'(',&$5('
51$0',5$8$+$3.$.(+365+(),3453,/(
,0,45(31)0',$$55+(3((0,0
17(/%(3+(/$3-(345$0'4$4$
53,%65(51(+36<47,4,10$0'$&+,(7(/(054$4
$.($'(38+1.('+,4&16053:51,0'(2(0'(0&(
$0'&+$/2,10('2($&($0'41.,'$3,5:$/10*
0$5,104
57
"'+" '"' ,!&(*'-&('*+,'"' /",!',*(&)"(-
"'1,('!',!.%()&','+!(/+((',&)(**1*,
,/'"' )(*'*'',!,"('%-+-&("' )(*
!.(',*"-,,(,!"' )(**'*&/(*$(-%,-*%(%%(*,"('+
,!*(- !,!(%%(/"' "'",",".+"'
!$ *)-/$./*-4
' /$*)!-*(/# )/- *(+$*0
)$)"+*- -/0. 0(*'' /$*).0!"","(',',!- (.)
'$/4./ -+$ .*!$)/$)"-2$)")#*/*"-+#4!-*(/# 0.5 7-.4-$.0!"","(',,!,"('%-+-&/*&#(*(%%(*,"('+
,/'(-*&-+-&+'',*(&)"(-!(*&*-%&"',"'#("',
"',*',"('%)-%","('(**',%( -('(-,!+,+"'."(*,
"' %(%(',0,
-*,!*,(,!0!"","(''",*(&+$"%%+'.%()&',,*"'"' *&/(*$,/'*''"' )(*'!%&1/!*+,
('",*(&',,!&',,,!/"'"',''
)*,&',,',*(&)"(-
*-"%%-&(-1*'!*&'',
*,*1 "."' ,!$1'(,+)!,
,!'-03 ($)-
,!*)*( *&&+/!"!,-*3+(%%(*,"('/",!*'!*,"+,+
"'%--/- )-*"' #$'- )7. .*),+/%%+$"#/
$"#/.+)*,(3+''-%$"#/ ./$1'!(%%(*,"('(*$"#/
$"#/.+//(*$"' /",!,(,%('"'(',&)(**1*'!*,"+,+
%+((%%(*,/",!'+,",-,*'2"+',!*'!"'"+,*1(
-%,-*'(&&-'","('+('('1+&"'*(-+"' ('-"'
.%()&',"',!*,+'-%,-*!'-03 ($)-)*(."
)%,(*&(*"%( -,/'!*", )*(++"('%+*(&*''
"' )(*+/%%+'())(*,-'",1,(-*,!*&',*%,"('+!")+
,/'*'!'"' )(*!*", "'+,",-,"('+!$1'(,+)$*
(*,!+&"'*/+*&'',*,*1(,!"'"+,*1(-%,-*'
(&&-'","('+*'*-"%%-&(-1
-4.%-(- -).**&2*') /.
4-$' -.+ /$1 -.+ /$1 4-$,0 1
*!",,-*
VISITS BY FOREIGN DIGNITARIES
+20$2+04$/$'-,-2/$#1-' 3$+ ,6(,1$/, 1(-, *001$..(,&1'/-2&'1'$(/#--/0(,
4$*"-+$#
(05"$**$,"6/$2,#$*$/-+$
12 /1/(+$(,(01$/-%
/! #-0
(05"$**$,"6/ -( ,+(,&
/-0$"21-/$,$/ *-%'(, $'(, # /2##(,1'+ ,/2,$(
(,(01$/-%-+$%% (/0 ,#
(05"$**$,"6/2-,& , ,&
/$0(#$,1-%1'$-"( *(01$.2!*("
-%($1, +
/-+(,$,13(0(1-/01-1'$ 1(-, *
20$2+-%(,& .-/$(,"*2#$#
/-0$.' !(* ! ,&$1'$
/$0(#$,1-%1'$$+-"/ 1("
$.2!*("-%1'$-,&-
# + ('( ,'1'$(/01
#6-%($1, +
(05"$**$,"6#+-,#
5'(, 01-$.216/(+$
(,(01$/-%1'$$.2!*("-%
*! ,( ,#
02/$*( /(")-/$(&,
(,(01$/-%1'$/(,"(. *(16-%
($"'1$,01$(,
1$/-6 *(&',$00/(,"$00
/ '-%/2,$(3(0(1$#
! ,#1'$
"
'$$/ , ) ,20$2+.* 6$#'-01
1-(05"$**$,"63(&#-/($!$/+ ,
$.216/(+$(,(01$/-%0/ $* ,#
$,$/ *( ,&2 ,&*($$%$,"$
(,(01$/-%'(, /(,"$00 / '-%/2,$(3(0(1(,&
!1-. ,#1'$
" 1
04$** 01'$ 1(-, *
/"'(3$0-%(,& .-/$ *0-' #1'$
.*$ 02/$-%'-01(,& /2,$(20$2+0
$. /1+$,13(0(1(,$.1$+!$/
4'("'(,"*2#$#(0-6 *(&',$00
/(,"$+ /*(-%/2,$(
59
WITH OUR
PARTNERS
!
!
!
61
HERITAGE INDUSTRY INCENTIVE PROGRAMME
$) $.-'/)#$)4-
#-*).$)/ .*-+/,.# ",*1.#*!$))*0.$0 # ,$." +,*/.-
) 0 ).-- ) 1(/- /()# ,$." 0 )./, --1 ''- 0 '*+
+,$0. )*((/)$.3+,.) ,-1$.#$)$)"+*, 4-# ,$." *-3-. (
# - #0 , -/'. $)", . ,0,$ .3*!# ,$." +,*/.-)
2+ ,$ ) -!*,$)"+*, )-.*+,.& $)) )%*3
) !/) *0 ,
+,*% .-$)'/$)".# , .$*)*!1 - *). ).+/'$.$*)-!$'(-)$))*0.$0 # ,$." ( ,#)$- *,
2(+' .# , , # ,.1,($)"-.*,$ -!,*('*' ' ,'3$).# 0$ *
'*" ).$.' ).,$.$*)' ,)&)-*)"-1$.#
*). (+*,,3.1$-.3.# ,)&)--*$.$*)'!-#$*) )*-.'"$
)& )$). , -.$).# +, - ,0.$*)*!$)"+*, 4-# ,$." )
( (*,$ -1 , ).,'.*()3*!.# +,*% .-
*((/)$.3$)0*'0 ( ).1--$")$!$).$)1$.#*,")$-.$*)--/#-
.# )$) -./,).---*$.$*)*!$)"+*, )/#(+$*)$)"
# ,$." # !*,( ,+,*/ +/'$.$*).,$)".# #$-.*,3).,$.$*)*!.# )$)/'$),3- ) $)$)"+*, .#,*/"#
, $+ -!,*(!*,.3+ ,-*)'$.$ -1#$' .# '.. ,+,*/ *'' .$*)*!
!($'$,'3./) -!*,#$', )$).$.' $)"+*, )-'-* (, .# *((/)$.3-+$,$.), *)) . 1$.#
.# $,,**.-$)) 0 ).30*'/). ,*,")$-.$*)
,*/)+)$.$.$0 .* )*/," .$0 *((/)$.3+,.$$+.$*)
.#,*/"#1*,&-#*+-)+,*",(( -
# #$).*1)/-$) ----*$.$*)4-,)" *!*). (+*,,3-*/0 )$,-$)'/$)"*''-$)-+$, 3
#$).*1)4-,$##$-.*,3)/'./,
,.$$+).-*!*,")$- 3' ,)$)"*/.!,($)".# *'!-#$*) 13
)"#&&%&#"!$,)((
"('"$(#""
'')$$#&( #'(#
$&#('+(! #"
#((#&#+#!!)"(,
#+"&'$""(&$&")&'$
""$#&-'&(
# ##"
%)$'#"!"!!"")$!$'#
!"",#"#"
%$&%!,%)*&('"
#$""(&"#'#"$$& "''#&'&(,"' &#)(#"'
'+&"'$&,)$'+ #*(&(#" &""" ,''&(
63
BUSINESS OF
HERITAGE
CONFERENCE
%"2.&,1/1/&+"//-"./-" 0&2"/&+1/&+$%".&0$"
/*"+/0,+"+!-.,!1 0."%,)&/0& --., %
0,%".&0$"-.,!1 0$"+".0&,+
%"#,1.0%
3/%")!&+
0,".3&0%0%"0%"*"
61++&+$,.)!)//1/"1*/
+!(&+$".&0$",.(7
,0"3,.0%4/-"("./&+ )1!"!
..+(,3.0%&." 0,.
,#0%"
1/0.)&+1/"1*
4!+"4/)&5"0%1$$)
&." 0,.,#+0".+0&,+)
1/"1*.,#"//&,+)!1 0&,+
.,$.**"00%"*&0%/,+&+
+/0&010&,+/3"))/.
"+'*&+1,#,1+!".,#
,,!/,#"/&.",+$
,+$
%" ,+#"."+ ")/,#"01."!
%".&0$"*))3%& %/%,3 /"!
0%"-.,!1 0/,# ." &-&"+0/
)),3&+$!")"$0"/+
,--,.01+&040,/""0%"#&+&/%"!
-.,!1 0//3"))/*&+$)"3&0%
0%" ."0&2"#,. "/"%&+!0%"*
+"))&/0/,#0%" ,+#"."+ ".,+$,"+$/" ,+!#.,*)"#0
."+'*&+*-"/&))")0&+!.,.!,+,##
."+'*&+1+!.,1$)/,1+$*&!!)"03,#,1+!"./,#
& ,+& ,+$,+$.+!,,!/,#"/&."3&0%-.0& &-+0/,#
0%" ,+#"."+ "
MUSEUM
ROUNDTABLE
*0-041&# '/1&-$1&#
',2%2/*
4/"04&'!&/#!-%,'0#"
#5!#**#,!#',',%.-/#:0+20#2+
0#!1-/!#*# /1#"+20#2+ #01
./!1'!#0,"/'0#"1&#*-!*
,"',1#/,1'-,*./-$'*#0-$-3#/
+20#2+0',!*2"',%./'31#
+20#2+0
/!- /&'+','01#/-$,$-/+1'-,-++2,'!1'-,0,"1&#/10$-2/1&$/-+*#$1'0
(-',#" 61&#-/%,'0#/0,"1&#4',,#/0-$1&#4/"07'3'*#$#,!##/'1%#**#/6!'#,!#
#,1/#',%.-/#1'-,*' //6',%.-/#,"&#,1,
3#/$/##/#".!)#104#/#
!-**#!1#" 63'0'1-/01
+20#2+0,"&#/'1%#%**#/'#0
"2/',%1&#0#!-,"2,/
#4#/./-+-1'-,02!!#00$2**6
%',',%&#/10&/#$-/1&#
./1'!'.1',%+20#2+0,"%**#/'#0
"2/',%1&#$#01'3#0#0-,
:001/-,%#$$-/10',-,*',##,%%#+#,1,"0-!'*+#"'!-,1',2#"',2/!# --).%#
11/!1#"+-/#1&,8*')#09*016#/02 01,1'*
',!/#0#$/-+1&#./#3'-206#/&#.%#*0-04
',!/#0#"./1'!'.1'-,$/-+1&#!-++2,'164'1&20#$2*$##" !)/#!#'3#","!-,1#,1%#,#/1#" 6$,0
&#6#/*0-041&#%/-41&-$-2//'#,"0-$#01#/"6$+'*64&#,-,#-$'10.'-,##/',%+#+ #/0/+&2,
##./-"2!#" --)',0.'/#" 6&'0.#/0-,* *-%1'1*#"
,3'"&#/'1%# *-%%#/4&-&0
##,!-,1/' 21',%1--2/
.-/1*0',!#/+:0$'/01.2 *'!1'-,"-!2+#,10',%.-/#',1&#:0
,":01&/-2%&&'0!&'*"&--"+#+-/'#0
65
PATRON OF
HERITAGE
AWARDS
#(*!*))!.* !%
'(!#*&* %"&+('*(&%)%)+''&(*()- & ,
%(&+)#/&%*(!+**&* (!*+)'*(&%)
&$'(!)!%&(%!)*!&%)%! *!%!,!+#)-(
(&%!)&(* !( (*#*&%*(!+*!&%)*&!%'&(0)
(!*** *!&%#+)+$%*&*#+#*+(#
%*&()&%*(!+*$&(* %$!##!&%-&(* &) )'&%)&() !')!%"!%&%*!&%)%(**
&%*!&%) )-%*#&%-/!%))!)*!%&+(
$+)+$)%!%)*!*+*!&%)!%* '()%**!&%&$&(
.!*!%. !!*!&%)%&+*( '(&($$)&(* &$$+%!*/*#(
*-)#)&%&+(!%*&%&** *$&(* % #&* '*(&%)-(%-)+''&(*()& (!*!%'&(%)
)*''+'!%!-/*&&* &(%!)*!&%) #
-(!%'&(&$'%!))"!%*&&* !('(*&(
&+($+#*!* !)*&(/% (!*
+###!)*&-()%&+%&%'
(&( !$!%!)*(&(%&($*!&%&$$+%!*!&%)%* (*)-!* (!'!%*)&(* 67
FABRIC
OF INDIA:
ASIAN CIVILISATIONS
MUSEUM GALA 2011
% (%&! %'%'
)%
! ' &! )&&
'%'-%
*&! $+
$% && '%&% !+ ( %"$+&!!'$%! ' &$&! '%
"$!$ %'&'&
"$!&! ! &,
%! %!)! &! %
$%&$!'&% $) &
&!)$%*" & &! !&! &$!'&#'%&! ! )!&% &! &%"*&! % "$!$%&&'%'
$% && ! +%) &!$ %$%()%&
*&!
&"$!&! "" ! &,
IN THE
MOOD FOR
CHEONGSAM:
MODERNITY & SINGAPORE
WOMEN EXHIBITION
OPENING FUNDRAISER
($#!)')"$#%$&')%%$&(
-(#'$"#0'
''$($#!
'%!)#&'&$&(,($#
'%!*##$$!+$&!&"
#!!(#'#$'(*#(%&$'+!!
')%%$&((")')"0',($#'#(
$#'&*($#$(#($#!$!!($#
'&$"(#'$"#0'
''$($#( #($(/&)#+-0)&#
..!#'$#'$+
THE MONUMENTAL BALL
#))&!!$'(-(&'&*($#$$#)"#('$&
+'!#
%&!($&'+&#''
$#%$&0'#($#!"$#)"#(''+!!'!(("%$&(#
$)(#)()&#&($#'$)($)&#($#!"$#)"#('$(
$&%$&($#'##*)!''$+(&%''$#$&#%$&0')!(
&(+(!$'($!"!!$##'%&$'&'&$"(*#(
&'((-#$&""&$(
($#!)')"$#%$&#&'#(
$(#'$"#0'
''$($#
&'#((##&'(#+($&#'&'$
69
ASIA PACIFIC BREWERIES FOUNDATION
SIGNATURE ART PRIZE 2011 AWARDS CEREMONY
)&31*&..*", # "!!"!%
*2")",,-"1+/'%*23*.$3*/."6"1%&%3/"13*2326)/2&"136/1+21&01&2&.3"
2*(.*'*$".3%&5&,/0-&.3*.$/.3&-0/1"185*24","13*.3)&2*""$*'*$1&(*/.
)&"6"1%2&1*&2*23)&1&24,3/'"8&"10"13.&12)*0"../4.$&%*.$3/#&1
#&36&&.3)&*.("0/1&1342&4-".%3)&/4.%"3*/.3/
%&5&,/0".%01/-/3&$/.3&-0/1"185*24","13*.3)&2*""$*'*$1&(*/..
/4.%"3*/.%/4#,&%*32'4.%*.('1/-
-*,,*/.'/1'*5&&%*3*/.2
3/-*,,*/.".%&70".%&%3)&1*9&3/*.$,4%&./-*."3*/.2'1/-3)&6)/,&
2*""$*'*$1&(*/.
"238&"1:2$&1&-/.8"6"1%&%"13*23/%&,"0"8"'1/-3)&)*,*00*.&23)&
%'/1)*2"136/1+ !"
"""!!"!)1&&" &# 6&.33/".*&,1//+2)&#"))"$))*".%*%""+/3/6)*,&3)&& #'/13)&-/23.4-#&1/'04#,*$5/3&26&.33/*.("0/1&:25&18
/6.*$)"&,&&
!*..*.("13*23/%&,"0"8"1&$&*5*.(
3)&1".%1*9&'1/-4&23/'/./41
21"$&4&.*/1*.*23&1/'3"3&'/1
.'/1-"3*/./--4.*$"3*/.2".%3)&132
!$
*(*3",1*.3/."1$)*5",
0"0&1
7
$-&%*3*/./'
2&3/'&0*2/%&2
/,,&$3*/./'*$)"&,&&
*2*3/125*&6*.(3)&6*..*.("136/1+ !"
"""!!"!#8/%&,"0"8"/'3)&)*,*00*.&2
(#!,(
(&%$))&(&(%*&!%'&(%)%**&!
!($%&** &'%!%&* !. !!*!&%
SINGAPORE ART
MUSEUM AND CREDIT
SUISSE AG RENEWAL
OF THREE YEAR
PARTNERSHIP
%%
(!*+!))
#)&%%&+%* (%-#
&* !(* (/('(*%() !'
.*%!%!**!##$(
!)$(")&%&* #&%)*
*($$+)+$&##&(*!&%)!%
* (!&%(#*!%)*(&%
&$$!*$%*/&* &(%!)*!&%)
*&-&("*&* (*&) &-)
* )*&&+* )*)!%%
!%*(%*!&%#&%*$'&((/(**&
,!)!*&(). !!*!&%)!%* *
,()+#*(&$* !)'(*%() !'
!%#+
!%
!)!*&(),!-!%/&$&"&&%&!"*
. !!*!&%*
71
PATRON OF HERITAGE
FRIEND OF HERITAGE
! "
!
4*""$*'*$3&8&3*&406/%"5*0/
&$"69*/("103&5&5%
! "
!
0645&"%*/("103&5%
&654$)&"/,
3"4&34&/53&10*/5"--4
3&/$).#"44:
3*%0..6/*$"5*0/4
&-653"/4
&90(0/0-65*0/5&5%
0/(&0/(06/%"5*0/
0/46-5"/54
&11&-03103"5*0/
*/(*/( 0/(
04*/536$563&5&5%
&&06/%"5*0/
&40/53&43&(6&5
"55)&8!"113"/%
-*$&!"1134
007&&%*"
&.#&30'0.'035&-(30
/&&01-&4(
)"/(3*"05&-*/("103&
/7&45.&/545&5%
0$*&5&&/&3"-&03103"5& /7&45.&/5"/,*/(065)"454*"
5"3)6#"#-&*4*0/*.*5&%
5&*/8":"--&3:*/("103&
)&5&(*4*/("103&
*/("103&5&5%
0"4509#:3&"%5"-,
&-0$*5:
07&/"26"3&
!65","4".63"3
PARTNER OF HERITAGE
! "
!
--4*"&5803,4
(/&4"/*.8*4
3&%*56*44&
"3*-&-"05&-4*/("103&5&5%
03("/06/%"5*0/
8"/.)0/(00%)0&.1-&
&&*1&&334
&%*"$0315&5%
*/("103&045*.*5&%
*/("103&3&440-%*/(4
0$*&5:')*/&4&35*454
)&6--&350/&3*5"(&
!&0!"/(8&&%.
CASH DONORS
(/&4"/%."/%&5&3&&3
/*-)"%"/*334
4*""$*'*$3&8&3*&406/%"5*0/
6%&."34*(6&5
63*$"$*'*$-0#"-5&5%
"/,0'*/("103&
0645&"%*/("103&*.*5&%
)&/(&/(63/*563&05&5%
)&8&,*"/(4
)*/&4& 0.&/<4440$*"5*0/
)00&*&&/4
)01"3%4*"5&5%
*5:&7&-01.&/545&*.*5&%
3&%*56*44&
5&5%
&654$)&"/,
"3"453("/*;"5*0/
&/+".*/*/("103&5&5%
3&/$).#"44:
0&5)&/45*565&
0/(&0/(0-%*/(4*.*5&%
00:0, "*3
00:":"*3
/%&""1*5"-5&5%
/%0)*/& "5&3'30/55&5%
04&1)3*.#&3(3
8"/.)0/(00%)0&.1-&
&&)00/6"/3645
&&06/%"5*0/*/("103&
&&6&5&3/34
&40/53&43&(6&5
*."/%"/&$63*5*&4 6&&/53&&55&5%
"5*0/"-/5&(3"5*0/06/$*(&&//0/(4*
/&&01-&4(
30(3&44*7&%6$"5*0/06/%"5*0/
0)&50-"/*3
"5"-)"55"3334
)"/()"*)0/(&&63/*563&
0/4536$5*0/5&5%
)"/(3*"05&-*/("103&
*/("103&00-45&*.*5&%
*/("103&045*.*5&%
*/("103&05"-*4"5030"3%
*/("103&063*4.0"3%
0$*&5&&/&3"-&
5"1)/*&"/(4
5"36#"#-&*4*0/
6/3": 00%$3"'55&5%
64"//""/(4
!'4./4!;'45;4*':/54
!'4;'?/'4-8
!.+;22+8:54+8/:'-+
!+4:'2 ;8-+549:+:*
$8)./:+):9:+:*
$/22/'3/38
8/'4'3(8/228
./2*8+45,/;'4-889
‡/LX7KDL.HU'U0UV
‡/LX+XDQJ0UV
‡/LX/LDQJ0U0UV
‡/LX.DK7HFN0U
‡/LX7RZ6HQ0V
.8/9:56.+8'8<+?'228
549:'4)+ .+'8+99
'<+4%;4-8+4$;8
522+):/54
-4+9!'4/3=/9/43+358?5,
522+):/54
!;4!'4.+4-5)1
*354*./48
8:!85<+:+:*C/)52'/'854<54
"+>1;228'4*;+1 /+=/4-8 2+6.'4:'8'*+9/':+:*
8/)!'48
'8/('9'41
54-55+849
'8?.+4-.+4-9
8'412/4.5=8
.;'!+)1 /4-8
+3++4:+3;9+;3+4''/3.$'.*3
+2+4'++9
'3/2?5,!'4!0/+4 /'4'4'*5
54-54-/238)./<+9
+*+8':/545,./4+9+2'4995)/':/54
54-54-;9+;35,/9:58?
8'4)/4+++;+?%/9
+'4!9'/9
5.=++./4*3
+8+3?'**?8
8+4+/39
#+22'?'66'48
'954!5.8
.'=!+/155/8
+,,8+?!+58
.555.+589
59+6./4+!'49
4/-.:2+44+?'9/4-'389
5..!5.8
D*8+99+;9A+*+'59:+
';++554*3
';8'='4-9
++/6++889
++'4-/3588/98
++;'4%+=8)5
/4*+455#'8-/9.9
!+5= +54-='8
5;/9!'4!/'4-54-889
/4*+455#'8-/9.9
?+$'/.554-8
'8?+'*(+::+89
'::.+=%'668'4*2/)+%'6689 '4/+2'3+9+'8
'.'8;1.+9'/89
+/+/558+89
'62+:8++4<+9:3+4:9:+:*
':/54'2'8195'8*
'8/'66'4+:).3+4548
+5..'68
+4-&.'554-8
-.++ ;49
;9A+*D89'?'8/9
+:+82'81+854(+.'2,5,
;9+;3#558533;4/)':/+
+44?'4*8;+2'81+
':/54'2;9+;3+=+2./
;+1 55!+4-8
':/54'2;9+;35,:.4525-?+/*+4
'4*?!+4-89
" ;9+;3
+8-+'15;8
+/'?./4;4+9
/4-'658+8'-54(5':995)/':/54
+:+8++8
/4-'658+'::'44*;9:8?995)/':/54
+:+8$++8
/4-'658+ =/33/4-995)/':/54
',,2+9;9+;35,
/4-'658+%5;:.2?36/)'3+9
/5*/<+89/:?+9+'8).
!'4/3=/-4+9*3
'26.+8/'8
!+54- +4-8
/).'8*;8
!5. 554;':'4*,'3/2?
5(+8:)+5*8
%+5%'4-=++*3
5(+8:$5=58':.+8
%;:'1'9'3;8'8
5(+8:''4-;+1-5.*3
&.;5%;.;4*3
5-+85;/9'8/+::+889
.'4*8'5.'48
+'4;4-'48
.''4>/85</4)/'2;2:;8'2+2/)9
(*;2'./3/4(*;2'2/28
;8+';'4* .''4>/;2:;8'2
2/'4*34''7</889
+8/:'-+8535:/54+4:+8
8:.;8/38
.'=+4:+89:+:*
ARTEFACT DONORS
LENDERS
.+22?++89
./../4 .+48522+):/54
/4-'658+./4+9+/829D ).552
/4-'658+!5;8/935'8*
8/4*'.'4/8/.'*9
;((/'.'19.3'4'48
;4/23'8'9;8/?'8
!'-;)./8:522+):/54
!'4.554/38
!'4%554-8
!.+8).'+525-/)'2 ;8<+?5,4*/'
!.+8'419 ;99522+):/54
!.+4-'3/2?
!.+$++'3/2?
!/85).+++54522+):/54
8:#'4:'-+:*
!856+43;9+;3
"2/ /--8
#/):58/48
#/):58/'.'4'2'?8
#/18'3.'4*8
$+84+8!85+9).8
$!'489
%;'4 .'5/'4-8
IN KIND SPONSORSHIP
/<+
!229/'+:=5819
54:+3658'8?#/9;'28:
;2:;8+85'*9.++:
8'9+89+4:8+65/4:'229
8+4).3('99?
533;4/)':/549
+2;:8'49
+>5-54 52;:/54:+:*
445<':/54;4*/3/:+*
549;2:'4:9
/4-/4-$54 :8;):;8+:+:*
+45<5
+*/')586.'44+2+=99/'
4:+84':/54'2
55<++*/'
+3(+85,53,58:+2-85
'9+2':+8/4- :+:*
+4*+@<5;98'4*
/4-'658+/82/4+9
/4-'658+59:/3/:+*
/4-'658+8+9952*/4-9
!4<+9:3+4:9:+:*
:'8;('(2+#/9/54/3/:+*
:+/4='?'22+8? /4-'658+
!.+;22+8:54+8/:'-+
!.+ :+-/9 /4-'658+
! /4-'658+:*:*
!;4-51+9:';8'4:9
#+25)/:?5<+4' 7;'8+
73
;*79-*>*&78@8+&2.1>4+2:8*:2;41:39**78&3))4(*398-&8,74<3+742897*3,9-94897*3,9-(4:39.3,&243,89
9-*288:(-&89-*7.*3)84+9-*:8*:2&3)9-*:8*:2#41:39**7874:5#&8<*11&8.3).;.):&18
<-4&7*8.251>5&88.43&9*&'4:98-&7.3,9-*.714;*+47!.3,&547*@8-.8947>&3)-*7.9&,*"-*.7?*&1&3)*39-:8.&82.8
842*9-.3,.8;*7>,7&9*+:1+47
3
<*1(42*)
3*<)4(*39894.98+&2.1>'7.3,.3,9-*.7949&13:2'*794
"-*;41:39**78&(9.;*1>
8:55479*)@82:8*:28.3(1:).3,9-*3*<1>7*45*3*)!:3%&9!*3&3>&3,*247.&1&11!%!'>574;.).3,
94:78.33,1.8-&3)&7.3&3)&5&3*8*945*72&3*39&3)85*(.&1*=-.'.9.438"4(4251*2*39!.3,&547*@88(-441
(:77.(:1:289:)*3994:78<*7*)*;*145*)&99-*!&3)*7&3&0&3:8*:2<-.1**=.89.3,94:78<*7*
897*3,9-*3*)94(&9*794;.8.94784+&11&,*8
*<.3.9.&9.;*8&3)574,7&22*8<*7*&1841&:3(-*).3(1:).3,9-*@87.)&>*;*3.3,94:78&3)2439-1>94:78.3
7*3(-&3)47*&3&8<*11&8574,7&22*8+47,:.).3,(-.1)7*3.3974):(*)'>9-*)4(*398&99-*&9.43&1:8*:2@8
<**01>' "# !&8*7.*84++7**1*(9:7*88-&7.3,247*&'4:9!.3,&547*@8&79&3)-*7.9&,*<*7*
;*7><*117*(*.;*)'>!.3,&547*&3888:(-.3!*59*2'*7
1&:3(-*)&3*<2439-1>1*(9:7*8*7.*8437.)&>
*;*3.3,8.3(411&'47&9.43<.9-9-*
"-*#74:5<-.(-.824891>2&)*:54+<470.3,&):1981*)
94:78+47247*9-&3;.8.9478&9@8
2:8*:28&3)9-*!%!$.9-!.3,&547*&382&0.3,:5247*9-&34+9-*2*2'*789-*#74:5.8(*79&.31>
&8-.3.3,*=&251*4+-4<!.3,&547*&38&7*8-4<.3,&,7*&9*7.39*7*89.3(4397.':9.3,944:78-&7*)-.8947>&3)-*7.9&,*
49&'1*&(-.*;*2*3981&89>*&7.3(1:)*)&,74:54+
#,:.)*8(4251*9.3,9-*.7)4(*3997&.3.3,+479-*!%!&8
<*11&897&.3**8(4251*9.3,9-*#"7&.3.3,4:78*94,:.)*&99-*#2*2'*787&!<&344&3)7&33(>
$43,<*7*7*(.5.*3984+9-*"% +479-*.78*7;.(*94@82:8*:28
$.9-9-*#"# !&-:,*-.9&243,89!.3,&547*&389-*7*(7:.9*)3*<&):19;41:39**7,:.)*8
&3)
89:)*3943:2*392'&88&)478+47.98*):(&9.43&3)4:97*&(-574,7&22*8948(-4418&3)9-*,*3*7&15:'1.(
"-*8*-*7.9&,*(-&25.4388-&7*)9-*.7034<1*),*&3)5&88.43+47!.3,&547*@8':.19-*7.9&,*9-74:,-,:.)*)<&10.3,
94:78944:73&9.43&1243:2*398.*1)97.58&3)-&3)8438*88.438<*7*&18447,&3.8*)'>9-*94*6:.59-*,:.)*8
<.9-&(4257*-*38.;*:3)*789&3).3,4+4:73&9.43&1243:2*398&3)9-*.77.(--.8947.(&18.,3.+.(&3(*
<&8&184&>*&74+9-*>4:3,89*55.3,:5&8,:.)*8+47-*7.9&,*8.)*+742@843:2*392'&88&)478
&184<470*)<.9-8(-44188:(-&8<&-43,389.9:9.439497&.39-*.789:)*398&8)4(*398&99-*3*<1>7*45*3*)
!%!!9:)*398+742&>+14<*77.2&7>&1848*7;*)&8,:.)*8949-*.7>4:3,*75**789-74:,-1*&73.3,/4:73*>894
@8 )!" "!("!##"!*=-.'.9.43):7.3,.987:3&9*':3&7:
&70*93(411&'47&9.43<.9-9-*&9.43&1.'7&7>4&7)9-*>4:3, *&).3,2'&88&)478574;.)*)94:78+479-*5:'1.(&9
@8 " $!!&"<-*3.997&;*11*)&74:3)1.'7&7.*8.3!.3,&547*
#41:39**7,:.)*8+7429-*!%!8-&7.3,83.55*984+.3+472&9.43<.9-
94:75&79.(.5&398
;41:39**7,:.)*8'7.3,.3,5&79.(.5&39894;.8.94:73&9.43&1
243:2*398
FRIENDS OF THE MUSEUMS (SINGAPORE)
JAPANESE
DOCENTS
#%!&#
#!#''*!+ !,
#!,+-' *2/
,+-#'!$$
!#!&'-
! !*''
!+&'-
!+!&'
#,*!&&'.
-%!#'#%','
!'
!#*!,+-&'
!&#'/&*!
!*'#!+
!+-2-#!
!+1'','
-$! *
-&#',+-,&!
-&#'+%-*
#'
1%
&#'!
'*!-*'+
'*!'+ !
2-#'#/
!#'
!#'
*
!#'&'#- !
!#'!1#
!%!# + !
-%!#','#
1'#'%-*
!#'%- !
'#&#
' *
#!#'/%,
#!#'
&%!,'
*!#'#+ !%
+#',
+,'!,'
1-#'
+ !- !
1-%!!%'2!&
!#'&'+/
! !1'!%
!'*!%2! ''+ ! *
!+&!
!+-2-/
!/- !
!1#'"!%
','#' !#1+ '#'*+#!
'%!*!%
*-%!# + !
,+-%!-&%'*!
'*!#'!2/
'*!#' !%!2!'1+ !
!-'
!#-*!,
!#'+ !
!%!#','
1'#''#!
1'#'-*,
#!#','
/#'#%','
!#'#"!%
-%!
*
##'++ '
##''
'1'%!!'#'*'
**,/
+-#'-*!1%
'#'/- !
'#'#%','
'+ !+/
-#/+/
-#!#'','
-#!#''2-#'+-!
-*!#'
!*&'
--%!-*! *
ASIAN
CIVILISATIONS
MUSEUM DOCENTS
',,!&
.&,' *!+,!&
&'.*
*!$
$&
!2/'*!#'
&&' !&!
(($1*!&
*'* *%!$
##*!&%&
!!
$+-*%&!&
- + !&!
$,1.++%
&*!&&!
&$'( !
**1-*
++**!&
!'&!1&&
'-".&!$
'-.,$&,!&
-++- *$',,
!+$1$
$$!%'&!$
+&'.!'$
*(&,!*!&
,,*" $!&
- *1'( !
&''&!&
*
'&$!&
!*!,
!, %''**!%
$#'&&
'!
11-&
'&
'' $-1
!
*!+,!&+&&.!$$
--%(*,
!&
'&*&&*"'*!
'-(!&!$&
*/&
$$*1
*!*'$!&
*'+*!
.!$$!*+ !*1
&&
!,!+ !%$!&
!0'&, *!&
'+'&'*!
*%-+!+&
-'!+*'$!&
-1*&
$+'&*1&
&'.#,*!&
$ &
&,'&-$!
**!&-*&!
'*,1-*
'*+$$1*$
*&'!+&&'( !
*11&&
*!&+*%&
'($+/%1
&"&!
*!!'&!, *!&
*-&$!0
-*'&
$&
-!*,$*!
-! *,/1
$*!
-!',,!!
-!' -
**!)-
-,!**2'-$,'&
*!$'
,
++$*!&
&'#,( &!
&+&%*
**'$!+$$
*.1'!
1&+, *1&
* *!+,!&
%%!*-*
**
**!$
'**!&
75
-,%,,##
--1#,**7)',
**7-,,#
#%%'3#&*'!&
#0#,
,0"&,&1&'
5"&3*')
7,2&##,
#'*
#, 02
"5'%#
#,1#,'!&-*1
&0'12',
#-,%-3*'#
#-,%3,%&##
#0-,'!
#.1#,'*'7
-*'!-#30-1##
-30#+ 31'
3* &7*
#,,#"7,'
3,'2
&,"#*50##2'
&--#*#,3,%
'+'#-,
'0)#0-,12,!#
-,,'#
-#*,1.#0%#0
,%),
&'0',!&7'2'3
*5,'0'+
+ #024',-
2&*'#
37,2&'
33#'##
30#,27"'#
#" #22#007
#!&#4*'#0*'0#
## '%'*
#++#,1#,"7
'#,0"-0",#
'+&#,%##
,%#*
-#*&-#$$#*0'1
-,%#,"7
-0,#3"#
3+',,'#
&0 0
0',#1!304#7
-"'!
02',0&
!,3%&2,*'!#
#&203,"&2'
#&2,'3,'2
#8#0#2#,#"'!2#
00-0',#
%'50&
'!&-*1-,,'2,#
')+-0'
--0"3'(,#**#)#
-0+,#,,'$#0
0'#,2(
"',-2#**7
,%-,12,!#
,%3*',#
1!&-$$0!#7
"&7#0##,
2#*'47
2+,0',
#,%3',
#,',7*4'#
#0,%,,#
#2#01-,,#
$'12#00'22
'*!&%"*#,
3#),,#-,%
,%
%&4#,"0',"&3
()3+007
+'**-,0',#
+.*'
80-*
#4#00# 0',#
'!&0"1-,,,
&0*-22#
-&"#02',
"*#031,
0.2#$,-4'!
'*#,
2-)3,"#01'+,#
!*'3!',
!&+'"1 -0,#
4#*7,#
!&0-#"#0,,#22#
#&%*'1-.'!)
#,' '
&&##+
&#0'",'0%','
&#1&1&7##
"&')
&'3'!&#**#
&0'+.2-,0'12',
'* #012#', ',#
*2#0&&,8
+'2&'!&#**#
,%0',3',%
-* -&0'12',1#,
,%4'**
-3/3#2
*'1 #2&
0'.0'7&'2&+--0
3,"003,"&2'
3.0+,'+0%7
30'"&3
$','#*
)&1&''+'#
,-0#,
,&--)-,%
,#,"7
'-,%--,
7##&
&7'*0',
&,%!/3#*',#
'#,'*
-,%2&#0',
13'3*'
0++0'2
'%&1&'
-,!&5#0"2,#0
03"'
###227
#*!&20'!'
(*,"
'**'+131,
,121'
',"3"
-,%&-77
0'%&2-,,
0+32-,'2
#-&'',%
-3,%-1'*7,
-3,%0&,,#
3"'12'5,&73
#0",
'**'!3131,
NATIONAL
MUSEUM DOCENTS
&+#"+0,
,!-#*#,
0,#2'*"#3,"#4**
7+#17*4'#
*#130
007-1#.&',#
-,0"#*#2'230#
-3*2#00!#
0-5,'-,
0.#,2#0#,"7
&,*0
&#-,%
*',#
&-,%#
&-,%'2#,%
*0)-3'1#
-3.',
'*##,
0#5"-,#*#,
302'1,,'!)
**#070'#
0-*',#
#))#0#,,7
#-++#0#3
30#,!#
#'!&#+-,2
#0*"',#
#*,-'(,'2
3!)5-02&
&0'12',#
7+-!)#'
-0 #1#**70*
-0"'!2-0'
&'40#**-
*#-,-0
(#,%#"*,%$0'"
-4'#0&0'11'#
-$$#00',#
-,%,,##
-31#+,#*#,
+ #02
*-"'#
,2,'117
%*',
*-"'#
+#1,%&0"
-&,1-,1381,,
5+2)')#,,#"73"&'*"
&--7*4'
',,#
4
-#*,1.#0%#0 ,%),
## '%'*
##&0'12',#
##3'&'##'2
##-&--,
##10!#7
#'12',,7
#,8*',
'+0 0
'+&#7&#,%
-&#'-)#
-5'6',
-520'!'
!+3**',3,#
&0 0
!,#'*2&#0',#
#8#0#2#,#"'!2#
-,2%-+#07,'!#
-12!&$'#0*"',#
-301'+'
00-0',#
%-&'**'+
,%-,12,!#
,%3*',#
*+#0,#
0#)&&-,
007,%#*
&3&3*',#
-&'.,%
#%*,,0'#
+3#*##,3
*'8 #2&
+3#*'+*
,)0,
2-)-
!&*)'"7
'+#0#,!#
+'2&-1
,-5"-,',"
,&--)
,'-)&#,%
&-+10#+-(
-++702',
&0*-22#
,#0*3'1'0(+
'211'#
###227
##-1'#
'**'+1-"7
--,'**',
,%7,
.##--,
.-,
#--!)&
PERANAKAN
MUSEUM DOCENTS
,,"- 2'7
..*#70"',
-#7#*',"
-,0"#*#2'230#
30%#113#
1,-4'!)7
&#-,%
*',#
&#-,%0&
&#1&#00&+
&'+,,#
&','23'
&-#3*',#
&-,%#
&-,%#3)-&
*3"-,2&'*"#
--.#0#007
0 5,
#&-+11-,',#
#))#0&0'1#**
#*$-1,%0'"
3$$70#,
3#0-,#*#,#
02%#0',),%#
1&'+#%30'
320'!'
3%&#13,#
32!&'1-,#*'
**-38#4'2*
#$$0#7#1*#7
-&,1-,&'*'..
3,%)3,8*'
,-.&'
02&#0-*
&5-,
&--7*4'
&--4-,,#
-,%#-,%&#5
30'7+13)3
'**#,
33#'##
3+!5
""&*&+,/&"
""&.+!
"""$$5
&"3.,)&+"
&*%"5%"+$
&11+%&+!5
,.+"1!"
1 %.&/0&+"
5,+.5/0&+
%..
..&++)&/,+
+05."*")
,."5."+
10 %&,+
1./"))*.
+$,+/0+ "
+$3"+
+$1)&+"
."#& "%&.)"5
3"+/0%)""+
+$%.,+
.(,,,1+$
"%5)2&
& %.!/,+++
0,(,
%*106"..+1!
%&1& %"))"
&"3&""+
&)"./0"&+&+"
+"+.5
+&+!
+,/)&+!
+%,,(
5""%
%*!!&"
%,*-/,++ 5
,*)&+,+& +*"."+
++"("
"".$%+0
+$)*
,+ %3".!0+".
.1!5
"""005
,,!*+/"",/&"
**,0,"&(,
",""%"+$
&+("0/5
SINGAPORE ART
MUSEUM DOCENTS
+ ,")"+
+3.&*".)5
0.2&0
"+.&"++&
"..& (+!.
%10+&&+!1
,+$"./..&"00"
,/0, (
)&/"0%
.,"(%1&6"+&)&+
1.."0&.$&+&"
%+!./"(%.+ 1*&
%01.2"!&/*&+"
%,5&"+$
)5"0%".
)5.0&+"
7+/16
&/)"//+!.
,%!3)1..&5%
.+ %"00&,)
+1)&+"
&/,+""
,+6)"6.1+
!.&+
,2&)""0&
1".,+")"+"
3!,+& ,)
"))/-,+$1.""+
,./1.$0"
+0.0".*
!)" ,2+
%,,1)
)"&'+
2")&"+
,%++&+$
,+$,+$5
,+$"+&+
."*".."5".
."+
."*"./")*&"
)3+&.&*
""",.$&+
""".&
&*""&+$
&*
)/
&*&%3
&1+).
%..
.0,+"++&/"
!,3"))"+!5
,).&"
,, %%)//5
+!%
")/,+&/%
"1#")!1"
&4,+&+
+$,."&/
7&,.!+.& &
+$,+&
. &+&,."!+
.*.+')&
") "+".2"// )
"0.,-,1),/
.&++"
,,+0.& &
'(1*..5
&6 %1
,/"+(.+6
))"+
.-0"#+,2& &)"+
"+.&5
%%&01
&)"./0"&+&+"
&-&"."&.$&+&
+$5
1$&%.0,"
%&.&0&.!%&%
&+0"
+"+$,3
+%,,(
,+5
*,%".&)5+
+!"./,++&")
00&++&"
,+$,/"-%&+"
,,+$&",+$
1& %"))"
3"0/),,0).0'"
SUN YAT SEN
NANYANG
MEMORIAL HALL
DOCENTS
%+&+
%",+$
)&+"
%,+$"
.3+
"(("."++5
.0$".&+(+$"
,##"..&+"
%,,5)2&
,")+/-".$".+$(+
&))"+
""&0
5,+.5/0&+
10 %&,+
+$,+/0+ "
"%5)2&
".+$++"
0,(,
%&1& %"))"
,+$0)&+
.**.&0
"""005
"",/&"
-"",,+
",%&&+$
77
MUSEUM VOLUNTEERS
*#15**
**1%%*#
%+* %4**
1 #!+/
$4 %
1* 4
$*%*
$*#,$*!
$42%.++ $.0$%
$!*!*
$!*4
$!*10$
$!*#(%!
$!+*#(%!
$!+*#0*(!4
$!.*%+1*#
$!3*#!(
$!3!*.%!00
$!3.%//
$%*#.!*
$%( /%0+.%*!
$*#%+*
$+*#!*!!
$++*!!
$+34*0$%
$1%1*
$1%%$!*#
$1*#%%
!**/$%
+*#*%*#+4!
+*#4*
+$$%+'
+51)%$!((!
++$*
+*%
+#*%$!(
++%0!
++*1!
++*!!%*#
/)*%(%(
/*%1.550%0!
4+/+*
*#+41*
!*#!.!*!
$***&4
+!' 1*
+$%(%*
1)./)4* .
3!'%1%!*
+..%*!
1%*
1!%*!*#
* .!
!!%%*#
!!*+*#
!!!(*%!
!!!+3$+*#
!!++*$%1
%%+*
%+**!
%*$*
%)!!!*#
%)++*$1*
%)2%
%)$.+*
%)%*41*+**!
%)$%$%*
%**!1.%*
%*!/!(%
+$+*!*#
%*!*0
+$$1$%*#
+$%*#%*#
+'%%
+++**%!
+3++*$%*
+3!*
+3!**!0$
+3#1*%*#
+3$%-%
3*++
'$!'+*#
1*#0$!.4*
%.3*%1/$,
+'!(%* +'%*%*#
+'((!*
%.
40$.%
.'/$
!+!**%/
#%/
#$4!**
1.550%0!/*%
*#*#1%
*#.!*!
*#$.+*
3!+*#%*#
*#!%(%
.'1*#%*
.*!((4,,*
!$4(%!
$1$1(%*!
++*#!/(!4
.'/)(%5!0$
3!!%)+0$4
14!*#$
1!'#*0%1/
/$% !**
4,,*.*!((
! 51*$)0
!%/)*2%
!**%4+'*
* .1)./)4
0$%/*%*!/$
!!!**%"!.
!!)1!(
$*)1#)$*0
$%1%$!((!
%)*#%!
%)$+.++*
+$$+*#!*#
''+!+$
***!
*2.%(
*++*%*#
*$!!%*
*$+1%*#
*(%*!
*
!.0.1 !
*!(!*
*1%$!*#
*+**
*!!10
*!..4
*!(4*
*!(*%!
*!**
*!3
1*
*#$+*#%*#
!$+(4*
!+!(!*
*#!(2%*
+*#+%1%
/%$.%/0!(
/%!*
* !.!*
$.%/0%*!
.,./ $%0.
!./0.!0!0!(%&*
*#* .!
*#*%*#
!!3!!%*
!!1%*#
!!++***
4)+* !!+*#+
!**!0$
!%%4%*#
!($0.%%
+*# %*
+*#+*#!*#
+*#**4
+*#1 4
+*#%(4
+*#++*%
++((4
,+%*
,4
!$/1!%1.!4
!+%%*#
!+!*
!+%+'!
!+*#
'+*#
!*
!1*#!!
%)**%!
+*#**%!
$1*#1*+*#
%0+.
OTHER VOLUNTEERS
ASIAN
CIVILISATIONS
MUSEUM AND
PERANAKAN
MUSEUM
MANDARIN GUIDES
NATIONAL
MUSEUM
MANDARIN
DOCENTS
PRESERVATION
OF MONUMENTS
BOARD
VOLUNTEERS
SINGAPORE
PHILATELIC
MUSEUM
VOLUNTEERS
*#!!%*
$*#,$*!
//+%0%+*+"%*#,+.!$%(0!(%/0/
$%$1$1*
$!3.%//
$11%+*#.
$*#%*#+*#*
$15 %
$1*#!.*. *#!!%*
$!*+1+.%/
(+*!(,$+*/!
1*1*#5*#//+%0%+*
!.**5/!1*
$!*#+$
$
+""!..%*!
3$+*#*/0%010%+*
$!*$1%!//%!
$$1'%*#
+$%+*#
.!05!.0),+%!05
$!*#+$
$
$%%!*#0!((
+3$%%
+3!*#*
$%%!*#0!((
$%*#%+*#
+6.%+1(
+3%/+$**5
$%)1*#%,
$++!*#$++/0$!.
++*$3!!
1($%.!!*
$+33!!!+3
$11%#+$1 5
*!.0.1 !
""(!/*/0%010%+*
$1+$!*#
%*!!1
*1%$!*#
%*+*#
+*#%'1!%
+3!!%*!!
*1%%*#
%*#,+.!$%(0!(%+%!05
)1!5%
$++%!3%)
5
%*
%*#,+.!0),(1
+%+3$!*#
$++$)++*
/%!*
1*#!%-%*#
+$++++*
+*#%((
1*#%+$1*#
)++**!**%"!.
++ )*/!!+/**!
.*%/
11+%*2!(5*
%%*/$
!!%$+5
$++3*
!!+'!+*#
+$++3
!!!!*
!!!!+5
%)!!5.5
!!).
%)!!
!!!%%$
%)%!3%*
SINGAPORE ART
MUSEUM CHINESE
RESEARCH GROUP
VOLUNTEERS
%)!!5.5
+*#$%*!*#
$!*+(*#.%%((
%)%!3!!
+3$!*#
$+3%!!1!!*%!
%)3!!!!
+3%!3#+$
$1*#++*3!%
+*#$%*!*#
+5%*#!*#
+'!*#!+*#
'$!'+*#
'+%
1+1$1)
#!!%*
!*#
*#
!!$+.*)!/
#+'$3*
#10$++*
!*#%(%
*#$!!!*#
#+'$3*
%+*#!%
*#%+*#*# #++*+3
%)$%%*#**
!+3%!3!!
*#$!!!*#
%*1+.+*#*!1.%*
%)++*10
*#+$!*#
%1$!!
*#
*$+*#+$
*#%+*#*#
+11.
*1%$!*#
1/**%*##
1)
%0$
*%1*#.%
5!!+1
*#++*10(,$
$)%)%+*#
++1!'#+$.#.!0
1*%"*
+*#1%1*
*53
!+!+'3!!
+*#!*#+*#
*!*#$5!
!+%4%*
+*#%*#)!(
!+3$%+31
*#1****#!(%*!
!*$%**!%%
!.!/+%
*#$*#%**%!
!+++*#+$
$!%+'&3*+/!/
*#%*#!##5
!+*#%!3$!*#
$1)
$+%*#1.
+*#
(+.!*!
+*#1%1*
$+*$1% 5
,3!!1*
$+1
*(!4
,5!*
SUN YAT SUN
NANYANG
MEMORIAL HALL
VOLUNTEER GUIDES
$%%!*#0!((
$%)$++*
$+33!!!+3
$1'%*#
$11 5
%*!!1
+3!!%*!!
%*##1/**
+$++++*
1+1$1)
%)!!5.5
%)5*#+1%/!
+*#$%*!*#
+3$!*#
+3%*+*#
#10$++*
#1%%*#
#+'$3*
*#+$!*#
*++*%*#
5!+'*#
$!%+'&3*
*#
+*#*
!*$%**!%%
!+!!*
!+$+.++*
!+*#
!+$+.++*
%+15$%*#
$+++*#.
79
FOR
EVERYONE
81
4*3#1'2112$$," #*'#4#1',2&#+6'+'1',%-$#!&',"'4'"3*81.-2#,2'*2-2&#$3**#12&'15'**',230,*#"
2-%0#2#0(- 12'1$!2'-,,"12$$#$$'!'#,!7'12&31"#"'!2#"2-,30230',%*#"#01&'.2***#4#*1,"2&#
.0-$#11'-,*"#4#*-.+#,2-$12$$2&0-3%&20',',%1-12-#,!-30%#!3*230#-$!-,2',3-31*#0,',% ,0#!-%,'2'-,-$-3012$$81,##"2-%0-5,""#4#*-.$3,"10,%#-$50"12-$!'*'22#*#0,',%,"
"#4#*-.+#,2,13..-02#"25-',"'4'"3*1'!&#**#-,",2&-,7311'12,2-,1#042-01$0-+
2&##0'2%#-,1#042'-,#,20#3,"#02&#0',',%50"$0+#5-0)#*1-.02'!'.2#"',2&#
! ,"1#!30#",50"$-0-&,#-#.327'0#!2-0202#%'!*,,',%,"-*'!72-
.3013#12#01','12-07-$021,"0!&#-*-%722&##5-0),'4#01'27,'2#"22#1
0',',%22!&+#,215'2&-4#01#1',12'232'-,10#+"#.-11' *#2&0-3%&2&#%#,#0-31"-,2'-,-$4*3#".02,#01
3,"#02&# ,"2&#&#1#22!&+#,21
#, *#-307-3,%-$$'!#012- #,#$'2$0-+2&##6.-130#2-',2#0,*.0!2'!#1,"&#*.2- 3'*"4*3 *#*',)1,"$-12#0
.02,#01&'.-..-023,'2'#12!&#""-**0$-0"-**0 75#15$-3012$$ #',%50"#"2&#%0,21',2-
$302&#0"#4#*-.!302-0'*!-,1#042'-,#"3!2'-,,".0-%0++',%1)'**1',.0#12'%'-31-4#01#1',12'232'-,1
!&-*01&'.1 70#%'4#,2-"#4#*-..0-+'1',%*-!*2*#,21.3013',%3,"#0%0"32#,".-12%0"32#123"'#1
',2&#$'#*"1-$&#0'2%#,"+31#3+15--3212,"',%7-3,%+#,-+','!-5,",,5#0#%'4#,2&#1#
1!&-*01&'.1',
,""'2'-,
5-0)1&-.1,"*#!230#1-,+31#3+1.#!'$'!2-.'!1,"25-!-,$#0#,!#15#0#-0%,'1#"$-0
12$$,"5#0##62#,"#"2-',"31207.0-$#11'-,*15-',2#,1'4#5-0)1&-.1$-!31',%-,!-0#+31#3+1)'**113!&1
!302'-,,"#6&' '2'-,.0-(#!2+,%#+#,25#0#*1-!-,"3!2#" #,#$'2',%.0-$#11'-,*1&#1#5-0)1&-.1
5#0#0#13*2-$#+-0,"3+-$%0##+#,21'%,#"5'2&2&#+'2&1-,',,12'232'-,2-!-"#4#*-.,"-0%,'1#
20',',%5-0)1&-.1-4#0.#0'-"-$25-7#01&1*1-','2'2#"/302#0*71&0',%1#11'-,1$-0#6&' '2'-,12$$2-
#,!-30%#%0#2#01&0',%-$ #12.0!2'!#1
+'2&1-,',,12'232'-,5-0)1&-.-,!302'-,
0-+*#$21!&-*01-+','!-5,",,5'2&
!
0#!'.'#,2-&,#-
SEMINARS
""($"#
" "& "$ !(#
%$ %$(
$$$ "&#
! "
"#
#!" " $ & #"
%# $##%#
##%"" %$!" &# ##$ "&#$#" $' "$ (#"
$$"$$ $ !"$!$#
" &"$#
"&%! #$&
$ %#%# "#
!" % '
#"&#$"#!"(
!$ " "#"#""#
"#$ $"$'$
%# $$"!( "($$( )
'
$"#$#!"#
# %
#
$$
$"$ "$ $ "&# %#$"'#%#$
#!"$$#"
&$
"" #" "%
!" $ !#$ %"
"" $%' "
" $!
"!
83
" %#(% %+%)#-/)%"/&#&$+)+$)% %
* )-)%%*(&+. * &%)%'(&($$))' ##/* #&(*&
* %*()*)&*/&+%
**
) % , # )* &%)+)+$
%*(%"%+)+$%)
&%%#$%*) %*##( )'(&, */&+%- *&''&(*+% * )
&((#* &%%(* , */&*$+)+$)* ,#/-&("- ** % )*(/
&+* &%&%*%* &%#+(( +#+$*( % %*()%%(* %
()&+()%$*( #)&()*+%*, ) *)
)#)&%-&(" %
#&)#/- ** %'&(()
$/&(**)&%*0
)&(
(*1'(&($$-('( $(/)&&#)*+%*)(*(* )* %#(% %
(#* &%) %()'&%)*&)#*&!*)(&$*$+)+$1)&##* &%
** %'&(
(*+)+$
'($%%*
. * &%)&-) %(*-&(")(&$
1)'($%%*&##* &% $)*&
%+(*+((*(''( * &%&((*%,#&'(* ,%%#/* #
* %" %$&%, ) *&()&+(*(*'+# 1)+%()*% %& %'&(
%&+*)*
) %&%*$'&((/(*
'(&+* , */)*)%
'+# * &%)*& %*(&+&%*$'&((/(**& #(%%/&+*)%
,#&'&$'(%) ,+* &%" * %&##&(* &%- *#&#(* )*
-%*(*&(&*'&'+#(#*(+%%/
#)&$, ) *)*&
$&()) #&( #(%(&$)&&#)
%( * )
&%""%&
!#"$$%
+"$&&%#$"$
!%'&"$%!("#!
'&"!$%"'$%"$%&'!&%%"!
*&"!%
"'
%%"#$"(&&&"!!%&&'&"'&"!"$$&&$&$!%&"$! "$"'&"!'&!(%'
$&%'&"!! '%' %
($&&&"!'%' "!#"$'&"!#$"$
%"$%&'!&%"%$"$&""%&+
$%%!&"!'&"!!&%'&%"%&"$+!%"%&'%!%""%%#$"$
%$
%'## !&+$+&"'$%"$!*#$!&! '%' !&$##$"&"&$!!"!#"$,%%&"$+
!& '%' '!!)#$"$
%)&($"'%#$&!$%!'!# " %!!$))%"("#)&"&&$" #!+
!$+$%
85
PUBLICATIONS ON LIU KANG
$!0%+*(.0((!.5%*#,+.!%*0.+ 1! /!.%!/+",1(%0%+*/"+.
((#!/%*+*&1*0%+*3%0$0$!!*0!**%(5!.+"%.0$+""%./0#!*!.0%+*
%*#,+.!.0%/0%1*#
1*$! 00$!'
!!&!!$&"!!4$%%0%+*3/'
!
""'$'"$!%&3$%$!4,(+.!/%1*#7/!*##!)!*03%0$1.+,!** $%*!/!)+ !.*%/)/%*(+(+*0!40*+0$!.,1(%0%+*
""$&
3/%*/,%.! 50$!.0%/07/+%(,%*0%*#6*&($$!!++'2!./%+*
3/(1*$! /1/!-1!*0(5* ).'! 0$!((!.57/"%./02!*01.!%*0+ %#%0(
,1(%/$%*#
'
!%%*%"!$&!'&'$3/(1*$! 00$!'
!$"#
!'$"+.1)#0$!.%*#+",*!(+"!/0(%/$! .0%/0/* /$+(./
0+ %/1//0$!(+(* %*0!.*0%+*(,!./,!0%2!/+"%1*#$!!//5/
3$%$%1*#3.+0!+2!.
5!./+""!./*%*/%#$0%*0+0$!.0%/07/)5.% +"
%*0!.!/0/* $%/0$+1#$0/* % !/+10.0/+%!0%!/0$! !2!(+,)!*0+".0
! 10%+** 0$!#.+30$+".0%*%*#,+.!* 0$!.!#%+*+(+1.%*#++'
!$")#!&"!&'
!%*0.+ 1! 0$!3+.( +"%1*#
0+5+1*#$%( .!*0$.+1#$"1*0%2%0%!/* +(+1."1(,%*0%*#//$+3/%*#0$!
%*"(1!*!/+"1(01.($!.%0#!* .0".+)1.+,!* /%
STORIES OF THE SINGAPORE SPIRIT
&"$%"&!#"$#$&%/+((!0%+*
+"/0+.%!/"!01.%*#*+0(!%* %2% 1(/%*
%*#,+.!7/$%/0+.5/1$/1%.% %)!!
++*..*!/0+*0!%.+* .*#,*5
$!++'(/+%*(1 ! !4!.,0/0'!*".+)
3%**%*#!*0.%!/+"&+%*00%+*(%..5
+. 0%+*(5. !
/0+.53.%0%*#+),!0%0%+*$!,1(%0%+*%/
&+%*0(5 !2!(+,! 50$!* 0$!
4!10%2!+))%00!!+,5+"0$!,1(%0%+*
3/%*(1 ! %*!2!.5#++ %!#
MIGHTY MEN
7//!+* %*/!.%!/+"$%( .!*7/++'/
+*$!.+!/.!+1*0/0$!(%2!/+"*%*!+. %*.5
)!*/1$/)(!!* .1*0!*
3$+.+/!)% /0 2!./%05* ) !
%""!.!*!0+0$!%.*0%+*/$!"1((5%((1/0.0! ,1(%0%+*3/(/+ !/%#*! /#1% !"+.
$%( .!** ")%(%!/0+$%/0+.%/%0!/* 1%( %*#/%*%*#,+.!3$%$.!+**!0! 0+0$!$!.+!/"!01.! %*0$!++'$!++'
3('! 353%0$03+3. /00$!$&(&*
!&$!&"!)$%+*!+"0$!(+*#!/0
.1**%*#%* !,!* !*0%*0!.*0%+*( 2!.0%/%*#
* #.,$% !/%#*+),!0%0%+*/%*0$!3+.( HOME JUST
GOT CLOSER
)%(! +,%!/+"
" '%&"&"%$0+!2!.5
$+1/!$+( 3%0$0$!$+,!+"%*/,%.%*#
%*#,+.!*/0+0'!0$0!40./0!,
0+#!00+'*+3+*!*+0$!.!00!.
$!,1(%0%+*,.+ 1! "+((+3%*#
,+/%0%2!,1(%"!! '"+.7/
"%!"'!&$%"&
!
,+/0!.),%#*+*/%/0/+" ,0! .!((%"!$!.03.)%*#/0+.%!/
#0$!.! ".+)0$!),%#*
THE PAPERS OF
LEE KUAN YEW
2,!&#" 6,"#,%%#
#/,',%0'1&#.2 *'!1'-,
$#12/#0$-/+#/','01#/#,1-/
/##2,#4700.##!&#0,"
',1#/3'#40!-,"2!1#" #14##,
,"/4,$/-+1&#
!-**#!1'-,0-$,"+1#/'*0
"#.-0'1#" 63/'-20%#,!'#0
',!*2"',%1&#/'+#','01#/70
$$'!#,"1&#','01/6-$
,$-/+1'-,-++2,'!1'-,0,"
1&#/101&#.2 *'!1'-,0#/3#00
)#6/#0#/!&+1#/'*$-/0!&-*/0
/#0#/!&#/0,"%#,#/*/#"#/0',
#5+',',%/##701&-2%&10,"
"#!'0'-,+)',%./-!#00-3#/
.-*'1'!*!/##/4&'!&0.,,#"-3#/
$-2/"#!"#0&#0#!-,".&0#-$
1&#.2 *'!1'-,!-3#/',%1-
4'** #*2,!&#"',#,"
/##2,#40#!-,"$/-+*#$1'0./#0#,1#"4'1&!-.6-$1&#.2 *'!1'-, 6-,*"
2,,/#0'"#,1,"-$#,%%##/,',%&#6/#(-',#" 6','01#/$-/,$-/+1'-,
-++2,'!1'-,0,"1&#/10/!- /&'+,"/,%#421&'/+,-$
THE CAUSEWAY
1&#0#!-,"(-',1.2 *'!1'-,#$$-/1 61&#,"1&#1'-,*/!&'3#0-$*60''01&#$'/01-$
'10)',"',1#**',%1&#&2+,01-/6 #&',"1&# 2'*"',%-$1&#20#46,"1&#.#-.*#4&-20#'1&# --)40
*2,!&#"',2*2+.2/',-3#+ #/ 6/!- /&'+','01#/$-/,$-/+1'-,-++2,'!1'-,0,"
1&#/10,"&'0*60',!-2,1#/./11-7#/'1+/'01'+','01#/-$,$-/+1'-,-++2,'!1'-,0
,"2*12/#
3*2 *#./1-$
-2/&#/'1%#4-/1&
"-!2+#,1',%
,"#"2!1',%
-2/.#-.*#
/#,%4##'1
','01#/$-/"2!1'-,
&#+-1'-,-$(-',1
#$$-/10 6',%.-/#,"
*60'1-!-++#+-/1#
1&#./-5'+'16-$1&#14-
,1'-,0'0 -1&',%#,'-20
,"+#,',%$2*
/'!&/"2
/-2.2,,%
87
$%""%')%$,)$&%'
')()(($'("%"&')$'(
$##'(%)%##*$).
%$)(
#*(*#(&'($)%"")%$
%,""($$*$)%$"
#'$($(&'.)
$)%$"%"")%$$%*'
('')'%*)(
&'%*)(,)"")$&%'
)%'.$*$&')"$
&)+)$,.
('($(&'.)$$)-)"($$&%'/($)%$"%"")%$,(
"*$$%$ *$)%$,)
/(
-)%$
(&%!
&"*()%.'"(
$"')%$%)*$','
()()(""$'$$""*()')$!.#*(*#($
))')%$($$&%'/(')($')()')%$*$)%$"#'$((*(#*(
%()'(%$%+'($)%)(
"
"
"
!
""
"
!
"
!"
#
89
6 2 %14(3%4+8$ 1%.13'$$1(3 &$.-2$15 3(.-$-31$1(.1(38
6 2&(5$-3.!.3'(,/1.5$3'$, - &$,$-3.%3'$- 3(.- +".++$"3(.- 26$++
2% "(+(3 3$&1$ 3$1 ""$22'$# '#"& &&'#""%"%#'
-#3'$".,/+$3$# '#"&'#'"%#'36.-$6/1.)$"32+ 4-"'$#
3.1$5($63'$- 3(.- +".++$"3(.-24//.13$#92231 3$&("3'14233.#$5$+./ ,.1$2423 (- !+$ -#".23$%%$"3(5$- 3(.- +".++$"3(.-, - &$,$-3%1 ,$6.1*
'$2$/1.)$"32 1$$7/$"3$#3.!$".,/+$3$#(-
-3'$8$ 13'$ ##$# %413'$1 13$% "323.92.-+(-$1$/.2(3.18
)))&## &, *(-& 5 (+ !+$ 3.3 +.% 13$% "32%1.,3'$
- 3(.- +".++$"3(.-%.1.-+(-$!1.62(-&6 2 +2.(-5(3$#3./ 13("(/ 3$(-3'$
..&+$131.)$"3.%6'("' 136.1*2%1.,3'$5(24 + 13".++$"3(.-%$ 341(-&
13(232%1.,(-& /.1$ -#1$23.%.43'$ 232( 1$-.6'.23$#.-..&+$13
- ##(3(.-1$-#$1$#24//.133.
$7'(!(3(.-2'.23$# 3!.3',42$4,2
-#.%%2(3$+." 3(.-2'$2$(-"+4#$#92''%"&#%""*' &
#%*$#%'
3'$ 3(.- +42$4,92"'###%#"&!
#%"'+""$#%#!" -#92"$#%#)('(%%##
'$$-31$ +2.!$& -/1.5(#(-&".++$"3(.-2, - &$,$-3 -#".-2$15 3(.-
24//.133.3'$3'1$$'$1(3 &$(-23(343(.-21$+(,(- 186.1* +2.!$& -%.1
3'$-$6 3(.- +13 ++$18.-3'$%(- +2$+$"3(.-.%6.1*2%1.,3'$- 3(.- +
".++$"3(.-%.1(32(- 4&41 +$7'(!(3(.--3.3 +' -#+$#1$04$2323. ""$22
-#5($6"+.2$3.
13$% "32+ 238$ 1 -#".-2$15 3(.-31$ 3,$-36 2
" 11($#.43.- 13$% "32 -# 136.1*2
' 1(-&3'$1$2/.-2(!(+(38%.1".++$"3(.-2" 1$3'$$-31$".-3(-4$#3./1.5(#$
(-'.42$31 (-(-&3.23 %%.$-' -"$92/1.%$22(.- +".,/$3$-"($2
, #$(-5$23,$-323.31 (-3'$-$73&$-$1 3(.-.%+." +".-2$15 3.12-$
.%%("$124""$22%4++8".,/+$3$#'$1/.23&1 #4 3$234#($2(-/ /$1".-2$15 3(.-
6..3'$12 1$#4$3.".,/+$3$3'$(1 23$12234#($2(-3$73(+$ -#/1$5$-3(5$
".-2$15 3(.-(-
2 ".-31(!43(-&,$,!$1.%3'$(-3$1- 3(.- +".,,4-(383..*(-3'1$$
(-3$1-2%1.,.134& +-#.-$2( -#14-$('$2$2'.133$1, ##(3(.-2/1.5(#$#
+$ 1-(-&.//.134-(3($2%.1!.3'23 %% -#3'$(-3$1-2'$'(&'+(&'3.%3'$8$ 16 2
3'$".,/+$3(.-.% /1.)$"33.".-2$15$6.1*2.% 13.-/ /$1(-3'$".++$"3(.-
.%3'$41(4*(2 -42$4,(- +(-5(3$# -#2/.-2.1$#!83'$$3'$1+ -#29
4#.+%.--$3.4-# 3(.-3'$/1.)$"36 2 -$731$,$+81 1$.//.134-(38%.1.41
/ /$1".-2$15 3.123.$7/$1($-"$ -#6.1*.- 2(&-(%(" -3".++$"3(.-
".-2$15 3.12 36.1*
ASIAN CIVILISATIONS MUSEUM & PERANAKAN MUSEUM
&*!+ &'&**
&!"+, &!+ &* , &,-*0
)-!*0, +!&!.!$!+,!'&+-+-%*'%, ,-*,*0$ '$$,!'&
++)#'-#'!.-(#-,,#3#-
)#-,-"-+'%%(/+,"
'+#,"'.-,-'#'!#,"'!+"
)#'-#'!,,.",-"#,+%2+#%'
)(-#0#-"1*.#,#- #'',,'
%#/%2+ -,&',"#)
"++/+2 01-'-)#'-#'!,('
%(-"'( ,."&('.&'-%,#3
+(&-"#,"'!+","((%&$#'!
-"#,)#'-#'!++,0%%,.-# .%
,&!&- &,*$ !$&
0-,, 0(*!'
, , &,-*!+
)-!*0, +!&!.!$!+,!'&+-+-%
$*!$$-%!&,-*3&
'-, +,
+!(*'$0&'&+!
, '* , &,-*0
!,'&!1&)$-% '0
"#,())+%%(2#&!( ,-'#'!
."",-" (+&%,2&&-+2
,,(#-0#-"2.--"2)+#(
+- +('-%)(,-.+-%% %&
#'#%+#,#'! +(&-"-()( -""
'+(-"- %+,,2&&-+#%%2
(.-0+,-(-",#,%'+
.+/#'!+&,0#-"%('!,#'.(.,"',
+%,( -.+,( -"#,)+#(0"#"
+ %--"%!2( -" &(.,
.$"(-"#+-,-2%(.'#'
2#'!"('!2.--"2
+)+,'-,-" %(.+#,"#'!( "#
+(2%.%-.+
(.-",-,#'.+7',7)+(.
&#'%2#'%2,#''(',#
,"(0!+-/+#-2( ,#!',#'
-"#+#%%.&#'-#('"(+-#/
%&'-,(0%#--%-(,%&#
&'.,+#)-)+(.-#(' .+-"+0,-
',&-("/+#/ +(&
#'#!'(.,&(-# ,
"-"+%/#,"%2,#!''
(+-(.%)!()'#'!,
-(!-"+0#-"-"%+!,#3( -"#,
&'.,+#)-,.!!,-,-"-#-0,
(&&#,,#('20%-"2)-+('
)+"),&&+( -"+(2%(.+-
!&#*'-& -(-/!, , &%2&3
!&
!$, , &,-*0
!,'
&+&!%/!!&%%'*0'
-&& &'#
"#,('-#('( +'$'
)(+%#'(+2('20+(',#,-,( #')#,0"#"('%('!-(
'#&'!)+(&#''-''!
"#',%+( -"%-
-"'-.+2
#!"%#!"-,( -"('-#('#'%.
,-( 0"#-)(+%#' (+-",'#
(&"&0#-"-" &#%2&+$0"#"
+,4(%%-#('( #&'!50"#-
!+(.'6 (.+,,(',7#''(.-,-,
0%%,.'.,.%'#'-+,-#'!+%#+
1&)%,( 2('20+
91
SINGAPORE PHILATELIC MUSEUM
34$/63$$0$7,'45$/2&1..(&513'10$5('$2+,.$5(.,&
&1..(&5,105,5.('"#!
!.$45:($3(45$35('5+,4
,0*$213(&1..(&5,108+(0+(8$4813-,0*+(3()31/
51
+(&1..(&5,10+$4%((0(9+,%,5('$5
;';3$5,1005(30$5,10$.('(+,.$5;.,("13.'5$/2
9+,%,5,10,0$2$0
!"
34$/63$=4)$7163,5(,5(/,05+(&1..(&5,10,4$&17(34(05)31/
,0*$213(51#1-1+$/$$2$0,0 +(&17(3)31/,0*$213(
51$2$0,05+(4,47(3:3$3( +(&17(3$.414+1845+(7(3:
($3.:64(1)5+(),3453(*6.$3,446(1)53$,54(55.(/(05445$/2
NATIONAL MUSEUM OF SINGAPORE
!
!
+,4,45+(($3.,(45-0180'3$8,0*1),0*$213('10(,0
%:/,'4+,2/$01+0,&+$(.16*+51016*+510
8$410%1$3'5+(,4&17(3:8+,&+$&&1/2$0,('
$)).(451,0*$213($0'5+,4'3$8,0*8$42144,%.:'10(
$55+(5,/($)).(4.$0'('105+(,4.$0'10$06$3:
!,..$*(4(55.(/(054$.10*5+(,0*$213(,7(3$3(
'(2,&5(',05+,47,(88,5+8+$5,4018-0180$4135
$00,0*,..,05+(%$&-*3160'
,0*$213($4'(2,&5('
,05+,4$0/(3,&$0
2145(3,4(2,51/,4('%:
$8(.&1/,0*%$&-'312
1)+,0(4(8(..8,4+(4
5+()$/,.,$3453((54,*+5
1)17(3+$0*,0*.$60'3:
$0'$53,4+$8 +,4,4
$0,/2135$05$35()$&5
,..6453$5,0*5+(8$:,0
8+,&+,0*$213(8$4
7,(8('(95(30$..:$4$0
13,(05$.,4(''(45,0$5,10
)1353$7(..(34
!
+,4,4$2$013$/,&7,(81)(8$3%163(22(.$3%16351'$:$45$-(0/145.,-(.:)31/(0514$,4.$0'%:
2+151*3$2+(3$/%(35$/%(35=42$013$/,&7,(841),0*$213(1))(3$7$.6$%.(4637(:1)5+(,4.$0'=4.$0'4&$2(
,05+(.$5( 5+&(0563:
SINGAPORE ART MUSEUM
&&/+"'&
$#$("&+)*"&&*+$"+"'&
/
/%
"& ('))+,*,%'$$+"'&
%()%<)%5%*7)5%7)5535-67%77%'/-2-281&%-2(-%&&/+"'&
*)%785)6%6'804785)3*%0%5+)57,%20-*)/)536)2)6739)*-00)(:-7,135)7,%2
-1%+)63*%2-1%06()4-'7)(-27,)*5-)=)6%77,)67%7-326-27,)35-+-2%0
*5-)=)6%2-1%06%5)()4-'7)(()9385-2+7,):)%/)532)6:,-0)'0-2+-2+32
739%5-3867,-2+668',%643763**33(%2(40%276)2%'7-2+6')2)67,)%57-67
()6'5-&)6%6>237820-/)7,)(%-0<+5-2(3*6859-9%07,%77,-67)51-2%0435',
:-72)66)6)9)5<(%<? ,):35/-6%()4-'7-323*%00)+35-'%06')2)63*%'3267%27
,81%26758++0)-2%'38275<68',%62(-% ,)6'804785),%6&))2(867)(:-7,
+5%4,-7)43:()5:,-',+-9)67,)6'804785)%6,))2&87%06368++)676%(%5/
&8527);4)2()(%2(5%7,)55)(82(%275)6385')
-7-6,%00%7&81&%-2(-%+5%(8%7)(*5317,)-5%16)7.)))).)&,3<
',3303*57-2)-6/23:273'326758'7,-6%57%5382(03'%0-668)6%2(
+)3+5%4,<%2(&&/+"'&-6%'0%66-');%140)3*,-645%'7-')),%6);,-&-7)(
:-()0<-2-27)52%7-32%06303%2(+53846,3:6-29)28)6-2'08(-2+7,)57
267-787)3*,-'%+3!2-7)(7%7)6-00)
-00)5%2')%2(
386)3*#350(80785)6)50-2)51%2<
$$"&*$'.,+
"& $!&&$"'
,)+"'&%"&*
"& ('))+,*,%'$$+"'&
$',"&
)%"' *+,)*+$($+*&($*+"),"+*
"%&*"'&*-)"$
"& ('))+,*,%'$$+"'&
$$"&*$'.,+7%/)67,)9-):)57,538+,7,)1326332
(5%-263*-2+%435)(5%:-2+%77)27-32737,)9%672)7:35/3*
$'& #& *7,)03'%07)51*357,)1%66-9)1326332(5%-26
:,-',*351%282-27)2()(1%43*7,)'38275<2*351)(&<
-1A63:2);4)5-)2')%6%*351)52%7-32%06%-0357,):35/
-66,%4)(&<:,%77,)%57-674)5')-9)6%6%4%5%(3;-'%0
5)0%7-326,-47,%7-2+%435)%26,%9)73:%5(6:%7)5%2(
7,)6)%-9-2+-2%()26)0<43480%7)(%2(85&%2-6)(
)29-5321)27*):5)6-()276327,)-60%2(6,3:%2%785%0
%**-2-7<*357,)9)5<7,-2+7,%7'-5'816'5-&)6-766,35)6
$',"&-008675%7)67,)237-323*>)147<,34)?35
>$'%$'%$& $& ?-2 ,%-%2(%57-67%/%5-258)A6
675))7(3+6'%2320<(5)%13*%2%07)52%7-9)0-*)3*
%135))0)9%7)(67%786<43575%<-2+7,)'31132
675%<%6:-2+)(%2+)00-/))27-7-)6<)7&382(&<7,)-5
-267-2'7-9)2%785)7,)%57-6745)6)276%75%+-'%2(<)7
*%5'-'%04%53(<3* ,%-63'-%05)%0-7-)6 ,):35/%063
5)*0)'76%/%5-2A68((,-67&)0-)*63*7,)0-1-7%7-326%2(
-2,)5)27)147-2)663*(5)%16%2(6)0*()086-32
,%50)6-1&
-2+%435),%64%57-'-4%7)(-2
);,-&-7-32668',%6%2-*)67%3'81)27%%66)0
)51%2<%2(*-01*)67-9%060-/)7,) 5-&)'%-01
)67-9%0 ,-6:35/45)1-)5)(%77,)-2+%435)
-)22%0)%2(%9)56-323*-7:%6%0636)0)'7)(*35
'314)7-7-32%77,)")2-')-01)67-9%0
%/%5-2&%),32+6352 ,%-0%2(+5%(8%7)(
*531-0%4%/352!2-9)56-7<%2+/3/-2 ,%-0%2(
-64%676303);,-&-7-326-2'08()@038(-2)A%7
32632%00)5<-2%2+/3/%2(@$)003:-140)A%7
4)25764%')-2%2+/3/%2(37,)5237%&0)
);,-&-7-326-27,)-27)52%7-32%0%5)2%-2'08()6,-6
4%57-'-4%7-32-27,)")2-')-)22%0)-2%2(
%6:)00%63'81)27%%66)0)51%2<-2
93
THE NATIONAL ART GALLERY,
SINGAPORE
7..-(-(-& /.0$.0*$091$12(-&.(+.-" -4 16
",".++$"2(.-.% 2(.- +$0(2 &$. 0#
2(('#'5,.0*$091$12(-&#,'1&)%+2(#%
%#,-)#'-#'!-)+( #%,!+(.)( 0(+$+, +(&-#&+
-(+2-$#'!+,)#-"+-#,-#'-'-()-.+-"
"+,"#)( -",&'2+0#'!--'-#('-(-"#+)"2,#*.
'(2%'!.!0"#%)(,#-#('#'!-"&,"+(,( ,(#-2,"(0'-"+(.!"-"#++,(%/'*.#-#!'#-2
()
-.!$02.' !$2'(+(//(-$1 2+(- 2$ 311( - (-2(-&
0$, #$(-/+75..# "07+(",$2 +!0 "*$21!.6%0 ,$5(2'/ /$0!. 2
6
6",".++$"2(.-.% 2(.- +$0(2 &$. 0#
#!"-.!$02.' !$2'$+%(%$311( - (-2(-&
0$, #$(-
/+75..#,$2 +!0 "*$2166",".++$"2(.-.% 2(.- +$0(2 &$. 0#
(--(&
-.!$02.' !$2 2+(-(-&7/2311( - (-2(-&
0$, #$(-
/+75..#,$2 +!0 "*$21 -#!.6%0 ,$5(2'!..*66",
".++$"2(.-.% 2(.- +$0(2 &$. 0#
#!"-.!$02.' !$2 2+(- -#.311( - (-2(-&
0$, #$(-
/+75..#,$2 +!0 "*$21 -# "07+("6
6",".++$"2(.-.%
2(.- +$0(2 &$. 0#
&!+#- (+311( - (-2(-&'.2.".302$17.%(-&.-&02
0.)$"21-+(,(2$#'.2.&0 /'7!7(-&.3-. -
&!+#- (+311( - (-2(-&12.
'.2.1".302$17.%(-&.-&
020.)$"21-+(,(2$#'.2.&0 /'7!73
311( - (-2(-&12.
#,)+-( ,+#,( #/(')-.%
0(+$,+- (+-"+-#,-5,
,(%(1"##-#('-.3
%%+2#''#%'(0' (+"#,,(-+##,&'+.#-
)%2 .%',,-"+-#,-",#',#,--"--",-"+#&',#('%
(',-+.-#(',#')%20((+)#'-#'!,+-"+-"',.%)-.+,
-(($#',)#+-#(' +(&-")#'-#'!+%# ,( .,,#'/'-
!++-#,-%#&#+-%#'#-"-"(+#!#'%,,-+(2'-"
)"(-(!+)"#+(+( -" # -"0(+$%(,--", (.+4)#'-#'!,5
0+-"('%2(',+)+(. (+-"%'&+$,.+/2
1"##-#('8.$.-2(-3$#9#'#'!)(+0"#"%-+-+/%%
-(-".%-.+%'-+( -""#%#))#',#'"#,#&)(+-'-
1"##-#(''(-('%2)#-+#.--("-.-%,(+(!'#,
"#&,)#('+(')-.%+-#,-#'(.-",-,#
$.-&$-&(-& /.0$$20(!32(.-$%.0$$(-" 0- 2(.-
1$0($1.%
1"3+/230$14 0(.31,$#( 4 0( !+$#(,$-1(.-1&(%2.%$.-&$-&
%,($'(0',$20(!32(.-$%.0$$(-" 0- 2(.-
#,('( -"+-#,-5,&(,-)(0+ .%'#('#0(+$,"
,+#,( ,.%)-.+,#,#',)#+2-"+)+,'--#('
( -"'(.+-,( %%-"-#,0%%$'(0'--+-#('#'
#'!)(+5,"#',&2-"(%(!#%-"&)+$-"0
+#%%"+ +'-(-"-(+-.+#&)%&'-,'
-"%#+-.,( #,+)%,-#('-#'+,%%.-(
#'+,#'!%/%,( ,-+,,')(%%.-#('#'(.+(,2,-&
INDIAN HERITAGE CENTRE
# '!(
#&("
%)&*(""&("(&
4$'(567',(59(4($0,//(05(.;2127.$46+(/(,01/2$0;5&+11.
2$,06,0*1)6+( 6+ 6+&(0674;2(4,1'6+$6).174,5+('$6',))(4(06
&(064(5,00',$6,5$70,37(5&+11.1)2$,06,0*6+$6'(8(.12('1761)
7412($0,0).7(0&(1064$',6,10$.2$,06,0* 4$',6,10$.64$'(557&+$5
6+,510(1)$*1.'5/,6+$8$0,5+,0*64$'($.5124$&6,5(',0,0*$214(
5(48($0,..7564$6('4()(4(0&(616+(241)(55,10$.$0'51&,1&7.674$.41165
1)51/(1)6+(0',$0&1//70,6,(5,0,0*$214(
SUN YAT SEN NANYANG MEMORIAL HALL
! "
(#!) "##
)"'))"
(#&)!#""
(#&
&"'#
+,5).$*9$55(90%;,$1,0*"70
9+1/$'(,6$&&14',0*616+('(5,*0
241215('%;470"$6(09+(05+(
9$5567';,0*,0 1-;1 +,5).$*9$5
75(''74,0*6+(7,<+17!24,5,0*,0
7%5(37(06.;,$1,0*"70
%417*+66+().$*%$&-617$0*<+17
$0'(064756(',661+(4'$7*+6(4,0
.$99+12$55(',6'190616+(0(:6
*(0(4$6,10 +().$*+$5%((0-(26
$6',))(4(062.$&(5%;6+()$/,.;,0
7$0*<+1710*10*$0'7$.$
7/274%()14(,6$44,8(',0,0*$214(
$0'9$557%5(37(06.;'10$6('616+(
/(/14,$.+$..
+(+,0(5((81.76,10$4;$46;
9$5(56$%.,5+(',0$2$0,014'(4
6118(46+419"7$0+,+$, +(5(
%10'59(4(),456,557(',06+(0$/(
1)6+(+,0(5((81.76,10$4;$46;,0
1-;1,0
$0'9(4(51.'616+(
18(45($5+,0(5(614$,5()70'5)14
6+(8$4,1754(81.76,10$4;$&6,8,6,(5
0$..),8(6;2(51)%10'59(4(,557('
9,6+6+()$&(8$.7(1)
$0'07/%(41)6+(/
9(4(274&+$5('%;470"$6(0=5
5722146(4557&+$5(0*#(7$0'
7+(0*$0*0$..6+(18(45($5
+,0(5(+(.2('614$,5($57/1)
6+417*+6+(5$.(1)%10'5
+(+$0*+$,,$0*"174,06,0*1
27%.,5+('6+,5)$$ !"(&*'')
"#!!!#&(#"#&)"(
"
(&#("'$) ,018(/%(406+,5,557(
07/(41752+161*4$2+5$0'$46,&.(5
4(.$6('61470"$6(0$0'6+(
(81.76,109(4(27%.,5+('
,0&.7',0*6912+161*4$2+56+$6
)($674('470"$6(0$0'+,5
,0*$214(5722146(45 (10*1&-
$0' $0+14$/
95
97
99
101
103
105
107
NATIONAL
HERITAGE
BOARD
Financial Year 2011/2012
Contents
Our Mandate: Vision/Mission/Values
01
Corporate Information
02
Organisational Structure
03
Corporate Governance
04
Financial Statements
';
!"#"$%$&"'()'*+#,-'.$%($,/
';
0&-$1$&-$&"'23-4"+,/5'6$1+,"
';
74&#&84#9/
';
:+"$/'"+'74&#&84#9'!"#"$%$&"/
06
07
10
18
!"#$%&"'()*"$(+",**-"%-.*-.%/-(001"0*2.",0(-3"!
Our Mandate
!"#"$%
!"#$%&'#(')*+%,'#-.#/.)*01*.,#2%)+#"3#/4')5".'67#8*3'
&"##"$%
!"#9"7+')#:%+*".1"";<#=;'.+*+5#-.;#>)'%+*4*+5#!1)"?,1#(')*+%,'#-.;#>?@+?)%@#A'4'@"BC'.+
!'()*#
:(D67#0")'#4%@?'7#%)'#,?*;*.,#B)*.0*B@'7#+1%+#)'B)'7'.+#E1%+#E'#7+%.;#3")F
+,-./0123
+#45"627*2/$5482
G'#+)?7+#%.;#)'7B'0+#'%01#"+1')#%.;#H'@*'4'#*.#+'%CE")&F
I',%);@'77#"3#;*4*7*".#%.;#)%.&<#E'#)'7B'0+#'%01#*.;*4*;?%@#%7#%#4%@?%H@'#C'CH')#+"#"?)#+'%CF#J?)#4*7*".#0%.#H'#3?@@5#
)'%@*7';#E1'.#'4')5".'#E")&7#+",'+1')#+"E%);7#%01*'4*.,#"?)#0"CC".#,"%@F
,)56)5*82
G'#%)'#0"CC*++';#+"#@*3'@".,#@'%).*.,#%.;#E'#0%)'#3")#"?)#0"@@'%,?'7F
K+%33#;'4'@"BC'.+#%.;#*.4"@4'C'.+#%)'#'.0"?)%,';#+1)"?,1#+)%*.*.,#%.;#E'@3%)'#%0+*4*+*'7F#G'#+%&'#0%)'#"3#"?)#"E.#E'@@#
H'*.,#%.;#%)'#0".7*;')%+'#"3#"+1')76#.'';7#%7#E'@@F
-*("'9"("6:82
G'#%)'#;';*0%+';#%.;#B)"3'77*".%@F
J?)#0"CC*+C'.+#+"#;'4'@"B*.,#K*.,%B")'67#0?@+?)%@#7'0+")#*7#+1'#1*,1')#B?)B"7'#+1%+#;)*4'7#"?)#%0+*".7F#D'%)*.,#+1*7#*.#
C*.;<#E'#E*@@#H'#%00"?.+%H@'#+"#'%01#"+1')#%.;#)'7B".7*H@'#*.#"?)#E")&#'+1*0F
.%6*;5"6:82
G'#%)'#1".'7+#%.;#3%*)F
G'#%)'#+)%.7B%)'.+#%.;#'+1*0%@#*.#"?)#;'0*7*".LC%&*.,#B)"0'77#%.;#*.+')%0+*".#E*+1#%@@#"?)#7+%&'1"@;')7F
/5*'6"<"6:82
G'#%)'#B)"%0+*4'#%.;#*.."4%+*4'F
G'#0".7+%.+@5#7''&#.'E#%.;#*.."4%+*4'#E%57#+"#*CB)"4'#+1'#E%5#E'#E")&<#%.;#+)%.7@%+'#3)'71#*;'%7#*.+"#)'%@*+5F
/)#6$=*52>5"*%6'6"$%8
G'#4%@?'#"?)#0?7+"C')7#%.;#7+%&'1"@;')7F
,QRXUGDLO\ZRUNZHDUHSUHSDUHGWRJREH\RQGWKHFDOORIGXW\WRVHUYHRXUFXVWRPHUVDQGVWULYHWRSXWWKHPÀUVWLQ
'4')5+1*.,#E'#;"F
1'44*%"%;82
G'#C%&'#+1*.,7#1%BB'.#*.#'M0*+*.,#%.;#3?.#E%57F
J?)#'4')5;%5#+%7&7#%)'#C")'#+1%.#N?7+#E")&F#G'#'.N"5#"?)#E")&#%.;#%)'#;'@*,1+';#*.#;'@*4')*.,#+1'#H'7+#)'7?@+7#*.#'4')5+1*.,#
E'#;"F
1
Corporate Information
!"#$%&#'()*&'+&,-)./0')%&!"#$%&'(#)*""+,"#-.&/0#)*")1
-&2#345#678#9:.;#!<0.'&1
-=2#<0.45#9877#>77#?$%%@'4;7A#"#$:5#*BC
D&2#<0:.#$'#E'4#
-=2#F.47#G;;@5'#?$%%@'4;7A#"#$:5#*HC
-&2#F@=7#G='A&@#>2#!E';@1#<.I./0@#?$%%@'4;7A#"#$:5#*JC
-&2#K@0#L7@8#<0:.4#?$%%@'4;7A#"#$:5#BJC
-&2#K8.#<0@45#M:.4#?$%%@'4;7A#"#$:5#*JC
-&=2#E77#L:7;#N7&4#?$%%@'4;7A#"#$:5#*OC
-&2#E@0#E'P#Q745#
-&2#-'/0.7(#K@0#?$%%@'4;7A#"#L7%#*RC
-&2#Q.:(#-.#
-&2#S2#F.T./0.4A&.4#
-&2#S'/0.&A#U:#
-&2#V.4#<0745#M.T#?$%%@'4;7A#"#$:5#*BC#
##!-7IW7&#@X#G4Y7=;I74;#<@II';;77#.4A#>9N#-.4.57I74;#<@II';;77#X&@I#"#$:5#)**B#;@#,"#F:(#)*""1
-&2#V0.I#V:/P#<07@45#?$%%@'4;7A#"#$:5#*BC
-AI2#Z:&.'A.0#['4;7#$WA:((.0#?$%%@'4;7A#"#$:5#*BC
120.)3(4&5.6(4&7*8-%')%&
>@#7\;7&4.(#(75.(#.AY'=@&=#87&7#:=7A#A:&'45#;07#&7(7Y.4;#%7&'@A2#>9[]=#'4+0@:=7#(75.(#/@:4/'(#:4';#%&@Y'A7A#.AY'/7#@4#.((#(75.(#
I.;;7&=#=:/0#.=#;07#A&.X;'45^Y7;;'45#@X#/@4;&./;=#;0.;#=:%%@&;#;07#8@&P#@X#;07#>9[#&.45'45#X&@I#;07#%&@/:&7I74;#@X#5@@A=#.4A#
=7&Y'/7=#;@#;07#./_:'=';'@4#@&#(@.4#@X#.&;8@&P=#.4A#.&;7X./;=#!807;07&#'4#(75.((T#W'4A'45#/@4;&./;=#@&#4@4+(75.((T#W'4A'45#-3`=1a#
'4;7&%&7;.;'@4#@X#(75'=(.;'@4a#.AY'='45#@4#&75:(.;@&T#'==:7=#&7(.;'45#;@#;07#%&7=7&Y.;'@4#@X#4.;'@4.(#I@4:I74;=a#.4A#.AY'='45#@4#
'==:7=#%7&;.'4'45#;@#'4;7((7/;:.(#%&@%7&;T#.4A#/@%T&'50;=2############
930.)3(4&7:*-0')
SL-#U;0@=#Q;7#E;A
Q&'/78.;7&0@:=7<@@%7&=#EEQ
;)-3/-<(4&#(3=.)
D[L#[.4P#E;A
>?()-0@&A&9;>&B0(0:%
!(0-'3(4&".)-0(6.&#'()*
`U>#>@b#LBO<<"*RJK
<0.&';T#S75'=;&.;'@4#D.;7b#)H#F.4:.&T#"BBO
U=;.W('=0I74;#D.;7b#"#$:5:=;#"BB,
!(0-'3(4&".)-0(6.&C:3*
`U>#>@2b#V*,<<"J"JK
<0.&';T#c#GQ<#U=;.W('=0I74;#D.;7b#"#$:5:=;#)**,
UXX7/;'Y7#Q7&'@Ab#"#$:5:=;#)*""#;@#,"#F:(T#)*"d
;).%.)8(0-'3&'+&D'3:E.30%&C:3*
`U>#>@2b#V*,<<"RRB<
<0.&';T#c#GQ<#U=;.W('=0I74;#D.;7b#)"#-.&/0#)**,
UXX7/;'Y7#Q7&'@Ab#"#F.4:.&T#)**H#;@#,"#D7/7IW7&#)*")
Organisational Structure
!"#$%&'()**'+',*'-.$'()*(/
012
*(+,*%-.')/,01.
!"##3%4567'*'"89'()):/
W456$4.&'"87%5
<6.7
*$+,!35,!",6.%35
!>%&&'*Y'2H5'()**/
"II%I5.45'012
!03$#3$.56'D6E6&3#F645/
*(+,D'3,01G,71),
!M$3F'X'C6#'()**/
D6#85A'012
!<6$%5.96'D6E6&3#F645/
*$+,2/'%3),45
!>%&&'*G'"#$'()**/
-8I68FU<6$%5.96'1RH6&&64H6
03FF84%5A'149.96F645
<6$%5.96'C8##3$5%49'M84H5%34I
"I%.4'0%E%&%I.5%34I'-8I68F'J'
K6$.4.L.4'-8I68F
D%$6H53$
9(+,:/'3,6.135
178H.5%34'J'285$6.H?
D%$6H53$
*$+,D.'35'FF',0'(8.%5)$"
<6$%5.96'034I6$E.5%34'0645$6
D%$6H53$
*$+,;1.,7)35,41%
;.5%34.&'-8I68F'3O'C%49.#3$6
D%$6H53$
*$+,;)),6.1(,;%3
M6I5%E.&I'J'K$6H%4H5'D6E6&3#F645
D6#85A'D%$6H53$
*$+,:35)/%8',D)1
!M$3F'()'D6H'()**/
=8I%46II'D6E6&3#F645
D%$6H53$
*$+,?'"/%3),?35
!>%&&',*'-.A'()**/
*$+,A)$$%),C.
!M$3F'*'P84'()**/
C%49.#3$6'"$5'-8I68F
D%$6H53$
*(+,D'3,E113,7"%
<6$%5.96'W4I5%585%34I
D%$6H53$
*(+,:/J%3,D'3
D6E6&3#F645
D%$6H53$
*$+,A'3),E%3G$
K$6I6$E.5%34'3O'-348F645I'=3.$7
D%$6H53$
*$+,A)'3,>))
03$#3$.56'M84H5%34I
N69.&'C6$E%H6I
@646$.&'0384H%&
*(+,2(%-,6.%3
<8F.4'T6I38$H6'J'
"7F%4I5$.5%34
D%$6H53$
*$+,H'I'$<'(%
C5$.569%H'K&.44%49'J'K3&%HA
D%$6H53$
*$+,A1'33),B"1
1I5.56'-.4.96F645'J'C6H8$%5A
D6#85A'D%$6H53$
*(+,9'3%)/,D)1
!M$3F'(V'C6#'()**/
M%4.4H6'J'K$3H8$6F645
M%4.4H%.&'0345$3&&6$
*$+,6."',E113,6.)(
-.$L65%49'J'03$#3$.56'
03FF84%H.5%34I
D%$6H53$
*$+,6.)(@/,01.
W4O3$F.5%34'>6H?43&39A
&KLHI,QIRUPDWLRQ2IÀFHU
*$+,:35%),6.)<
!>%&&'(('"89'()**/
D6#85A'D%$6H53$
*(+,9'J%&,K1135
!M$3F':'P84'()**/
;.5%34.&'"$H?%E6I'3O'C%49.#3$6
D%$6H53$
*(+,?%88,0"'3,>'.
!T65%$67',)'P84'()**/
*(+,2(%-,D'3
!M$3F'*'P8&'()**/
!"#$%&%'(%)$
>?6';.5%34.&'"$5'@.&&6$AB'C%49.#3$6
012
*(+,*%-.')/,01.
;.5%34.&'<6$%5.96'=3.$7
012
*(+,*%-.')/,01.
>?6';.5%34.&'"$5'@.&&6$AB'C%49.#3$6
&KLHI2SHUDWLQJ2IÀFHU
*(+,6.35,71,0%'8
!>%&&',*'D6H'()**/
08$.53$%.&'J'03&&6H5%34I
"H5%49'D%$6H53$
*(+,;1<,!=),>))
!M$3F'(*'C6#'()**/
D6E6&3#F645
D%$6H53$
*(+,01/',;""
!M$3F'*'P.4'()*(/
03$#3$.56'C6$E%H6I
D%$6H53$
*$+,?)33@,6.'3
!>%&&'*)'-.$'()*(/
178H.5%34'J'K$39$.FF6I
D%$6H53$
*$+,!")33),*)5'3,D'3
K$3Q6H5IB'1R?%S%5%34'-.4.96F645'
J'2#6$.5%34I
D%$6H53$
*$+,!"$.F',B1.
C5$.569%H'K&.44%49B'K3&%HA'
J'-.$L65%49'03FF84%H.5%34I
D%$6H53$
*(+,>'/8)(,;%F
>?6';.5%34.&'"$5'@.&&6$AB'C%49.#3$6
C64%3$'"7E%I3$
*(+,0<1G,0%'3,6.1<
!M$3F'*'2H5'()**/
C%49.#3$6'K?%&.56&%H'-8I68F
@646$.&'-.4.96$
*$+,D()$3'<'8%,?(%.'&%
3
Corporate Governance
!"#$%&'#(()$*
!"#$%&'$'()*+$,(-.*/0#0$12$3()*+$-#-3#*0$+*)45$6*(-$7"#$.839/,$)5+$.*/:)7#$0#,7(*0;$</7"$+/:#*0#$#=.#*7/0#$/5,98+/5>$
9#>)9?$3)5@/5>?$)*,"/7#,78*)9?$),)+#-/,$)5+$,(--85/7A?$7"#$-#-3#*0$.*(:/+#$:)98)39#$/50/>"70$7($7"#$'()*+;$$
!"#$'()*+$-##70$*#>89)*9A?$)7$9#)07$(5,#$#:#*A$B8)*7#*?$7($)+:/0#$(5$7"#$07*)7#>/,$.(9/,/#0$(6$%&'?$)..*(:#$7"#$)558)9$
38+>#7?$)5+$*#:/#4$7"#$.#*6(*-)5,#$(6$%&'$3)0#+$(5$B8)*7#*9A$)5+$6899CA#)*$*#08970;$D)5)>#-#57$#5>)>#0$7"#$'()*+$
WRGLVFXVVDQGVHHNDGYLFHRQVLJQLÀFDQWLVVXHV%RDUGPHPEHUVDUHSURYLGHGZLWKVXIÀFLHQWLQIRUPDWLRQSULRUWRWKH
'()*+$-##7/5>;$D/587#0$(6$'()*+$-##7/5>0$)*#$*#,(*+#+?$)5+$'()*+$-#-3#*0$)*#$@#.7$/56(*-#+$)5+$8.+)7#+$(5$)99$-)E(*$
+#:#9(.-#570;
!"#$,8**#57$'()*+$4/99$0#*:#$6*(-$1$F8>807$GH11$7($I1$J89A$GH1I;$$
!"#$%&+"'',(())*
-./&011234567458&9&:76;47:05324&<26635577
D*0;$K##$L8#7$M#*5$NO")/*P$QF..(/57#+$1$F8>$HRS
D*;$T;$J)A),")5+*)5$ND#-3#*P
D*;$!)5$O"#5>$U)A$ND#-3#*P
0U0LFKDHO.RK0HPEHU²H[RIÀFLR
-=/&0;>35&<26635577
D*;$V)89$D)$NO")/*P$QF..(/57#+$1$F8>$HRS
D0;$O")5>$&4##$%##$ND#-3#*P
D*;$J(0#$W0/+*($%;$NK/7(P$O)-),"($ND#-3#*P
D*;$!")-$!8,@$O"#(5>$ND#-3#*P$QF..(/57#+$1$F8>$HRS
$
-?/&@;4>:03834A&<26635577
D*;$J(0#$W0/+*($%;$NK/7(P$O)-),"($NO")/*P$QF..(/57#+$1$F8>$HRS
D*;$K("$K/@$V#5>$ND#-3#*P
0U0LFKDHO.RK0HPEHU²H[RIÀFLR
-B/&4053240C&D7:350A7&@;4>&-4D@/&6040A76745&<26635577
D0;$O")5>$&4##$%##$NO")/*P$QF..(/57#+$1$M#3$GH1HS
X*;$O"8)$F/$K/5$ND#-3#*P
D*;$T/,")*+$Y8$ND#-3#*P
D+-;$Z8*)/+)"$'/57#$F3+899)"$ND#-3#*P$QF..(/57#+$1$F8>$HRS
-E/&1:787:F05324&2@&624;67458&@;4>&-16@/&6040A76745&<26635577
D*;$!")-$!8,@$O"#(5>$NO")/*P
D*;$D(@$<#/$<#/$NX#.87A$O")/*P
D*;$K#*$L#5>$F55$ND#-3#*P
D*;$L/#4$D)5$[(@$ND#-3#*P
D*;$\/5,#57$&((5>$ND#-3#*P
D*;$F5+*#4$]#($ND#-3#*P
D*;$!)5$V8)A$&/)5>$ND#-3#*P
D*;$L")5@)*$%$T)-)0)-A$ND#-3#*P
D*;$O"#4$[#)7$O"8)5$ND#-3#*P
F00(,;$V*(6#00(*$K##$U8)5$[/5$ND#-3#*P
D*;$D8")-)+$W-)+8++/#5$F3+89$[)*/-$ND#-3#*P
D*;$T#5#$!)5$ND#-3#*P
!"#$#%"$&'($#$)*+*#,'$#-'./#,0/&
!"#$%&'$&()*+,($&-$).,/&00$1)-+/)0$2/&3,4)/5$+%&+$,-'6/,'$+%&+$&'',+'$&/,$'&2,76&/(,(8$*/)*,/$&11)6-+9-7$/,1)/('$&/,$3&9-+&9-,($
DQGÀQDQFLDOLQIRUPDWLRQLVUHOLDEOH7KHIUDPHZRUNLQFOXGHV
$QRUJDQLVDWLRQVWUXFWXUHZLWKFOHDUO\GHÀQHGDXWKRULW\DQGGHOHJDWLRQOLPLWVDSSURYHGE\WKH%RDUGIRUSURFXUHPHQWDQG
RWKHUÀQDQFLDOPDWWHUV
$QQXDOEXGJHWLQJDQGTXDUWHUO\ÀQDQFLDOUHSRUWLQJWRVHQLRUPDQDJHPHQWOHYHOVDQGWRWKH%RDUGWRFRQWURODQGUHJXODUO\
PRQLWRUWKHXVHRIIXQGV
:)3*09&-1,$49+%$+%,$*/).9'9)-'$)2$+%,$!&+9)-&0$",/9+&7,$#)&/($E1+$@:%&*+,/$FGHEA8$K9-7&*)/,$L9-&-19&0$M,*)/+9-7$K+&-(&/('$
2)/$K+&+6+)/<$#)&/('8$:)(,$)2$I).,/-&-1,$2)/$:%&/9+9,'$&-($J-'+9+6+9)-'$)2$&$N6>091$:%&/&1+,/8$&-($I).,/-3,-+$J-'+/61+9)-$
0DQXDOVIRUSROLFLHVDQGSURFHGXUHVUHODWLQJWRÀQDQFLDOFRQWUROV
($#$)*+*#,'/1',2*'3$,"/#$&'./&&*%,"/#
!"#$%&'$&-$).,/&00$2/&3,4)/5$2)/$3&-&79-7$+%,$!&+9)-&0$:)00,1+9)-$1).,/9-7$+%,$&1;69'9+9)-8$(&<=+)=(&<$3&-&7,3,-+$&-($(,=
&11,''9)-9-7$)2$)>?,1+'$@4%,/,$-,1,''&/<A8$+)$,-'6/,$+%&+$/,1)/('$&/,$5,*+$&-($+%&+$+%,$1)00,1+9)-$9'$*/)*,/0<$&11)6-+,($2)/B$C%,$
2/&3,4)/5$9-106(,'D=$
&OHDUO\GHÀQHGDXWKRULW\DQGGHOHJDWLRQOLPLWVDSSURYHGE\WKH%RDUGIRUWKHDFTXLVLWLRQRIDQGGHDFFHVVLRQLQJRIREMHFWV
@4%,/,$-,1,''&/<A$2/)3$+%,$!&+9)-&0$:)00,1+9)-B$#&',($)-$+%,$!&+9)-&0$",/9+&7,$#)&/($E1+$@:%&*+,/$FGHEA8$+%,$O9-9'+,/$)2$
J-2)/3&+9)-8$:)336-91&+9)-'$P$+%,$E/+'Q$&**/).&0$9'$/,;69/,($2)/$+%,$(,=&11,''9)-9-7$)2$)>?,1+'$2/)3$+%,$!&+9)-&0$:)00,1+9)-B
$
R6&/+,/0<$/,*)/+'$+)$+%,$#)&/($)-$+%,$6+909'&+9)-$)2$+%,$&1;69'9+9)-$>6(7,+$&-($'611,''260$&1;69'9+9)-'$+)$+%,$:)00,1+9)-B$
C%,$2/&3,4)/5$1)3*09,'$49+%$+%,$*/).9'9)-'$)2$+%,$!&+9)-&0$",/9+&7,$#)&/($E1+$@:%&*+,/$FGHEA$&-($+%,$I).,/-3,-+$J-'+/61+9)-$
0DQXDOVRQWKHSROLFLHVDQGSURFHGXUHVUHODWLQJWRÀQDQFLDOFRQWUROVDQGWKHPDQDJHPHQWRIDVVHWV
&RQÁLFWRI,QWHUHVW3ROLF\
7KH1DWLRQDO+HULWDJH%RDUGKDVLPSOHPHQWHGDFRQÁLFWRILQWHUHVWSROLF\WKDWFRYHUVERWK%RDUGPHPEHUVDVZHOODVVWDII7KH
GRFXPHQWHGSURFHGXUHVUHTXLUH%RDUGPHPEHUVDQGVWDIIWRPDNHDGHFODUDWLRQRIDFWXDORUSRWHQWLDOFRQÁLFWRILQWHUHVWVLWXDWLRQVDW
WKHVWDUWRIWKHLUWHUPRIRIÀFHDQGDWWKHVWDUWRIWKHLUHPSOR\PHQWUHVSHFWLYHO\%RDUGPHPEHUVDQGVWDIIDUHWKHUHDIWHUUHTXLUHGWR
3&5,$'61%$(,10&/&+9)-'$)-$&-$&--6&0$>&'9'B$
8QGHUWKHSROLF\D&RQÁLFWRI,QWHUHVW&RPPLWWHHKDVDOVREHHQHVWDEOLVKHG7KLVFRPPLWWHHZLOOLQYHVWLJDWHDOOFRQÁLFWRILQWHUHVW
'9+6&+9)-'$+%&+$&/,$(,10&/,($)/$)+%,/49',$6-1).,/,($+)$3&9-+&9-$+%,$9-+,7/9+<$)2$(,19'9)-'$3&(,$&-($&1+9)-'$+&5,-$&+$+%,$!&+9)-&0$
",/9+&7,$#)&/(B
5
Statement by Board Members
!"#$%&#$'("($")
*+,
WKHDFFRPSDQ\LQJÀQDQFLDOVWDWHPHQWVRI1DWLRQDO+HULWDJH%RDUGWKH´%RDUGµDQGLWVVXEVLGLDULHVWKH´*URXSµVHWRXW
$"#'+=/>#?@<#3$#?@AB#+&/#5&+C"#%'#>$#+>#3$#'&/>/"3#2+(&1D)#("#+11#7+3/&(+1#&/>'/E3>)#30/#>3+3/#$2#+22+(&>#$2#30/#F&$%'#+"5#30/#
4$+&5#+>#+3#G<#H+&E0#8;<8#+"5#30/#>3+3/7/"3>#$2#E$7'&/0/">(I/#("E$7/#+"5#>3+3/7/"3>#$2#E0+"=/>#("#E+'(3+1#+"5#&/>/&I/>#
RIWKH*URXSDQGWKH%RDUGDQGWKHVWDWHPHQWRIFDVKÁRZVRIWKH*URXSIRUWKH\HDUHQGHGRQWKDWGDWHLQDFFRUGDQFHZLWK
30/#'&$I(>($">#$2#30/#J+3($"+1#K/&(3+=/#4$+&5#LE3#*60+'3/&#<MNL,)#@("=+'$&/#60+&(3(/>#LE3#*60+'3/&#G9,#+"5#@3+3%3$&D#4$+&5#
)LQDQFLDO5HSRUWLQJ6WDQGDUGVDQG
*-,
+3#30/#5+3/#$2#30(>#>3+3/7/"3)#30/&/#+&/#&/+>$"+-1/#=&$%"5>#3$#-/1(/I/#30+3#30/#4$+&5#C(11#-/#+-1/#3$#'+D#(3>#5/-3>#+>#+"5#
C0/"#30/D#2+11#5%/O
7KH0HPEHUVRIWKH%RDUGKDYHRQWKHGDWHRIWKLVVWDWHPHQWDXWKRULVHGWKHVHÀQDQFLDOVWDWHPHQWVIRULVVXH
."#-/0+12#$2#30/#4$+&5
!"#$%&'$()*+
60+(&7+"
,-./*&0$12/
&KLHI([HFXWLYH2IÀFHU
89#:%"/#8;<8
Independent Auditors’ Report
!"#$"%&'()'*+"',(-%.'
/-*0(1-2'3"%0*-4"',(-%.
5HSRUWRQWKHÀQDQFLDOVWDWHPHQWV
:HKDYHDXGLWHGWKHÀQDQFLDOVWDWHPHQWVRI1DWLRQDO+HULWDJH%RDUGWKH´%RDUGµDQGLWVVXEVLGLDULHVWKH´*URXSµZKLFKFRPSULVH
WKHVWDWHPHQWVRIÀQDQFLDOSRVLWLRQRIWKH*URXSDQGWKH%RDUGDVDW0DUFKWKHVWDWHPHQWVRILQFRPHDQGH[SHQGLWXUHDQG
VWDWHPHQWVRIFKDQJHVLQFDSLWDODQGUHVHUYHVRIWKH*URXSDQGWKH%RDUGDQGVWDWHPHQWRIFDVKÁRZVRIWKH*URXSIRUWKH\HDUWKHQ
HQGHGDQGDVXPPDU\RIVLJQLÀFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQDVVHWRXWRQSDJHVWR
0DQDJHPHQW·VUHVSRQVLELOLW\IRUWKHÀQDQFLDOVWDWHPHQWV
0DQDJHPHQWLVUHVSRQVLEOHIRUWKHSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQRIWKHVHÀQDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWKWKHSURYLVLRQV
RIWKH1DWLRQDO+HULWDJH%RDUG$FW&KDSWHU$WKH´$FWµ6LQJDSRUH&KDULWLHV$FW&KDSWHUDQG6WDWXWRU\%RDUG)LQDQFLDO
5HSRUWLQJ6WDQGDUGVDQGIRUVXFKLQWHUQDOFRQWURODVPDQDJHPHQWGHWHUPLQHVLVQHFHVVDU\WRHQDEOHWKHSUHSDUDWLRQRIÀQDQFLDO
&*-*"#"1*&'*+-*'-%"')%""')%(#'#-*"%0-2'#0&&*-*"#"1*5'6+"*+"%'.7"'*(')%-7.'(%'"%%(%8
!"#$%&'()*'+(,&-($.$/$%0
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHÀQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFH
60*+'9014-:(%"'9*-1.-%.&'(1';7.0*0148'<+(&"'&*-1.-%.&'%"=70%"'*+-*'6"'>(#:2?'60*+'"*+0>-2'%"=70%"#"1*&'-1.':2-1'-1.':"%)(%#'*+"'
DXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHÀQDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
$QDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDPRXQWVDQGGLVFORVXUHVLQWKHÀQDQFLDOVWDWHPHQWV
<+"':%(>".7%"&'&"2">*".'.":"1.'(1'*+"'-7.0*(%@&'A7.4"#"1*5'01>27.014'*+"'-&&"&&#"1*'()'*+"'%0&B&'()'#-*"%0-2'#0&&*-*"#"1*'()'*+"'
ÀQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU,QPDNLQJWKRVHULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUVLQWHUQDOFRQWUROUHOHYDQW
WRWKHHQWLW\·VSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQRIWKHÀQDQFLDOVWDWHPHQWVLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWH
01'*+"'>0%>7#&*-1>"&5'$7*'1(*')(%'*+"':7%:(&"'()'"C:%"&&014'-1'(:010(1'(1'*+"'"))">*0D"1"&&'()'*+"'"1*0*?@&'01*"%1-2'>(1*%(28';1'-7.0*'
-2&('01>27."&'"D-27-*014'*+"'-::%(:%0-*"1"&&'()'->>(71*014':(20>0"&'7&".'-1.'*+"'%"-&(1-$2"1"&&'()'->>(71*014'"&*0#-*"&'#-."'$?'
PDQDJHPHQWDVZHOODVHYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKHÀQDQFLDOVWDWHPHQWV
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIÀFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQ
7
!"#$#%$
,QRXURSLQLRQWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWVRIWKH*URXSDQGWKHVWDWHPHQWRIÀQDQFLDOSRVLWLRQVWDWHPHQWRILQFRPHDQG
!"#!$%&'()!*+$%*,'+'!-!$'*./*01+$2!,*&$*0+#&'+3*+$%*)!,!)4!,*./*'1!*5.+)%*+)!*#).#!)36*%)+7$*(#*&$*+00.)%+$0!*7&'1*'1!*#).4&,&.$,*
./*'1!*80'9*:&$2+#.)!*;1+)&'&!,*80'*+$%*:'+'('.)6*5.+)%*<&$+$0&+3*=!#.)'&$2*:'+$%+)%,*'.*#)!,!$'*/+&)369*&$*+33*-+'!)&+3*)!,#!0',9*'1!*
,'+'!*./*+//+&),*./*'1!*>).(#*+$%*'1!*5.+)%*+,*+'*?@*A+)01*BC@B*+$%*'1!*)!,(3',*+$%*01+$2!,*&$*)!,!)4!,*./*'1!*>).(#*+$%*./*'1!*
%RDUGDQGFDVKÁRZVRIWKH*URXSIRUWKH\HDUHQGHGRQWKDWGDWH
!"#$%&'$('$&)"%'*"+,*',(-'%"+.*,&$%/'%"0.1%"2"(&3
0DQDJHPHQW·VUHVSRQVLELOLW\IRUFRPSOLDQFHZLWKOHJDODQGUHJXODWRU\UHTXLUHPHQWV
A+$+2!-!$'*&,*)!,#.$,&D3!*/.)*!$,()&$2*'1+'*'1!*)!0!&#',9*!"#!$%&'()!9*&$4!,'-!$'*./*-.$!6,*+$%*'1!*+0E(&,&'&.$*+$%*%&,#.,+3*./*
+,,!',9*+)!*&$*+00.)%+$0!*7&'1*'1!*#).4&,&.$,*./*'1!*80'F*G1&,*)!,#.$,&D&3&'6*&$03(%!,*&-#3!-!$'&$2*+00.($'&$2*+$%*&$'!)$+3*0.$').3,*+,*
-+$+2!-!$'*%!'!)-&$!,*+)!*$!0!,,+)6*'.*!$+D3!*0.-#3&+$0!*7&'1*'1!*#).4&,&.$,*./*'1!*80'F
8(%&'.),H*)!,#.$,&D&3&'6
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQPDQDJHPHQW·VFRPSOLDQFHEDVHGRQRXUDXGLWRIWKHÀQDQFLDOVWDWHPHQWV:H
0.$%(0'!%*.()*+(%&'*&$*+00.)%+$0!*7&'1*:&$2+#.)!*:'+$%+)%,*.$*8(%&'&$2F*I!*#3+$$!%*+$%*#!)/.)-!%*'1!*0.-#3&+$0!*+(%&'*'.*.D'+&$*
)!+,.$+D3!*+,,()+$0!*+D.('*71!'1!)*'1!*)!0!&#',9*!"#!$%&'()!9*&$4!,'-!$'*./*-.$!6,*+$%*'1!*+0E(&,&'&.$*+$%*%&,#.,+3*./*+,,!',9*+)!*
&$*+00.)%+$0!*7&'1*'1!*#).4&,&.$,*./*'1!*80'F
J()*0.-#3&+$0!*+(%&'*&$03(%!,*.D'+&$&$2*+$*($%!),'+$%&$2*./*'1!*&$'!)$+3*0.$').3*)!3!4+$'*'.*'1!*)!0!&#',9*!"#!$%&'()!9*&$4!,'-!$'*
RIPRQH\VDQGWKHDFTXLVLWLRQDQGGLVSRVDORIDVVHWVDQGDVVHVVLQJWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHÀQDQFLDOVWDWHPHQWV
/).-*$.$K0.-#3&+$0!9*&/*+$69*D('*$.'*/.)*'1!*#()#.,!*./*!"#)!,,&$2*+$*.#&$&.$*.$*'1!*!//!0'&4!$!,,*./*'1!*!$'&'6H,*&$'!)$+3*0.$').3F*
5!0+(,!*./*'1!*&$1!)!$'*3&-&'+'&.$,*&$*+$6*+00.($'&$2*+$%*&$'!)$+3*0.$').3*,6,'!-9*$.$K*0.-#3&+$0!,*-+6*$!4!)'1!3!,,*.00()*+$%*$.'*
D!*%!'!0'!%F
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIÀFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXURSLQLRQRQ
-+$+2!-!$'H,*0.-#3&+$0!F
!"#$#%$
!"#$%&#$'("($")
*+,
123#+..$%"1("0#+"6#$123&#&3.$&64#$5#12$43#4%-4(6(+&(34#(".$&'$&+136#("#A("0+'$&3#$5#B2(.2#B3#+&3#123#+%6(1$&4#2+:3#-33"#
'&$'3&9;#C3'1#("#+..$&6+".3#B(12#123#A("0+'$&3#D$8'+"(34#E.17#D2+'13&#F?G
*-,
123#&3.3('147#3H'3"6(1%&37#(":34183"1#$5#8$"3;4#+"6#123#+.I%(4(1($"#+"6#6(4'$4+9#$5#+44314#-;#123#J$+&6#6%&("0#123#;3+&#+&37#
LQDOOPDWHULDOUHVSHFWVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWDQG
*.,#
'&$'3&#+..$%"1("0#+"6#$123&#&3.$&64#2+:3#-33"#C3'17#(".9%6("0#&3.$&64#$5#+99#+44314#$5#123#J$+&6#B23123&#'%&.2+4367#
6$"+136#$&#$123&B(43G
/%&("0#123#.$%&43#$5#$%&#+%6(17#"$12("0#2+4#.$83#1$#$%&#+113"1($"#12+1#.+%434#%4#1$#-39(3:3#12+1#6%&("0#123#;3+&)
*+,
123#%43#$5#6$"+1($"#8$"3;4#B+4#"$1#("#+..$&6+".3#B(12#123#$-K3.1(:34#$5#123#L+1($"+9#M3&(1+03#N%"6#+"6#O&343&:+1($"#$5#
0RQXPHQWV)XQGDVUHTXLUHGXQGHU5HJXODWLRQRIWKH&KDULWLHV,QVWLWXWLRQVRID3XEOLF&KDUDFWHU5HJXODWLRQVDQG
*-,
123#L+1($"+9#M3&(1+03#N%"6#+"6#O&343&:+1($"#$5#P$"%83"14#N%"6#2+:3#"$1#.$8'9(36#B(12#123#&3I%(&383"14#$5#Q30%9+1($"#@F#
*5%"6R&+(4("0#3H'3"434,#$5#123#D2+&(1(34#*!"41(1%1($"4#$5#+#O%-9(.#D2+&+.13&,#Q30%9+1($"4G
!"#$%&&"
3XEOLF$FFRXQWDQWVDQG
&HUWLÀHG3XEOLF$FFRXQWDQWV
'()*+,-./
<=#>%"3#<?@<
9
Statements of Financial Position
!"#$%#&'#($)*+#,-',
7'"&0
8"+'2
!")(
9:;9
<
9:;;
<
9:;9
<
9:;;
<
./)0%$1/#2$%/)0$3"
L#
&',8&IJ8'K,#
,KM8&&'8K&M
&''8'I'8-NM
,KN8'MI8,'-
4)56/)%78#63$9%#$9:#/;<062/9%#
N
'-,8''L8J-'#
''J8ILJ8N-K
'-'8I-K8L,K
''J8N',8NK'
=<>"0:0$)0/"
M#
@#
4)/6$0:#3/$"/"#
I#
'8L,M8ML&#
!?$03$>3/@A5)@"$3/#09?/"%2/9%
K
!"#$%&''(#)*+,,(),
,
,
'8L,M8ML&
'8LJ'8LJM
@#
'8LJ'8LJM
N-8---
@
N-8---
L'N8J,-8I,M
L-I8M,,8KL-
L'L8&-M8',J
L-M8,,'8,KJ
'-&8-IM
'-N8'-I
@
@
,M8'&J8&NK
&K8JKL8-JJ
,M8-IN8KMI
&K8I-&8II-
JN8LM'8KJI
J&8'',8NJL
KM8,LI8,NN
',I8&,I8IM,
'&L8NN'8'-&
''J8'KK8LM'
',L8JN'8-,N
NL&8,LK8LKK
NL,8'I&8JL&
N&&8LJL8NJ-
N&'8'I,8&'L
@#
-&''(#)*+,,(),
B9?/9%5)0/"
C%+/)#)/*/0?$>3/"8#:/65"0%"
###$9:#6)/6$72/9%"
J#
D$"+#$9:#*$"+#/;<0?$3/9%"
'-
.")+/*+,,(),
#'-'8-KN8&,K#
-+01)+/*+#2*'(,('3(,
D$60%$3#$**5<9%
''#
K,8'&M8''K
M,8'J'8LNJ
K,8'&M8''K
M,8'J'8LNJ
./)0%$1/#*$60%$3#)/"/)?/#
',
J&8'',8M&M
J,8J--8M&L
KJ8KL,8&M&
KJ8M&-8&M'
'&
'&8'NL8J,M
'L8M&&8I'L
',8KJM8'&,
'L8,LN8M&,
'MM8KLK8LK'
'M&8M'K8&'L
'MM8M&I8I-'
'M&8LN'8-&L
L8,LJ8MMN
L8,-'8JJM
@
@
&NJ8N-'8K,M
&&I8NLM8''I
&N'8N',8&'L
&,J8N'K8LKM
'L
J-8,IL8,MK
'--8-''8KJI
KJ8KMI8III
JJ8K,'8,,I
'N
,I8NL&8IJL
,I8M-N8KLI
,M8'KK8,JJ
,M8'KI8&MM
E)$9%"#)/*/0?/:#09#$:?$9*/#H/A/))/:# O#'I#
N&8IJI8&,L
M&8KLI8J'-
N&8IJI8&,L
M,8L-I8LI'
:59$%059"
',8'&'8,IM
'&8'M,8'I,
',8',K8KIM
'&8,&I8IML
J&8LI,8&JL
'-L8M'N8J,J
J,8''L8LJJ
'-'8K&,8M-'
'K&8ILM8MM,
,-L8M,I8K,M
'K'8JK,8,IM
,-'8MN&8K,K
NL&8,LK8LKK
NL,8'I&8JL&
N&&8LJL8NJ-
N&'8'I,8&'L
L-8,I-
@
L8,KJ8J&N
L8,-'8JJM
!**<2<3$%/:#"<)63<"
@#E/9/)$3#A<9:#F#5%+/)"
@#E/9/)$3#A<9:#F#:59$%/:
###+/)0%$1/#2$%/)0$3"#$9:####
###6)56/)%78#63$9%#$9:####
###/;<062/9%
'&#
@#G/"%)0*%/:#A<9:"
'&
!"#$%&''(#)*/1+41/1)5
H/A/))/:#*$60%$3#1)$9%"
-&''(#)*/1+41/1)1(,
C%+/)#6$7$>3/"
'M#
'K
.")+/*/1+41/1)1(,
.")+/*%+01)+/*+#2*'(,('3(,*
***+#2*/1+41/1)1(,
!()*+,,(),*"6*)'&,)*6&#2,
'J
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHÀQDQFLDOVWDWHPHQWV
Consolidated Statement of Comprehensive Income
!"#$%"&'"'%()%*#$+,%-.)-
6)$1(
>$+&
6&"&)*3.41"0
:;<:
:;<<
=
=
7&8+),#+&0.41"08
:;<:
:;<<
=
=
9$+*3
:;<:
=
:;<<
=
!"#$%&
/$+,01#2%3"$10+"3
U-V?V--%
45&6$078605&3%#&'%+#3,%'5&#605&3
VWX?).Z%
:
:
U-V?V--
VWX?).Z
(?YYX?-XZ
-?VYZ?-(-
W?X-U?ZX.
Z?.-.?WXU
:
:
(?-(.?)XY
W?)Y.?.VU
)-?..X
Z(?(XU
-?).Z?VZV
-?.(U?WV)
)?VW(?)UX
)?)ZX?((Y
%%%830&C%+#3,%'5&#605&3
(?-(.?)XY%
W?)Y.?.VU
/'A03305&%=""3
-?.U-?VZ-%
)?UUX?-)-
(ZV?YVV%
(W-?-UZ
:
:
(ZV?YVV
(W-?-UZ
(?.WU?ZXZ%
(?Y..?U.)
:
V?Y.Y
(?.WU?ZXZ
(?Y.U?X.V
95&#605&3:0&:;0&'%#&'%<8$+,#3"%%%
%%%5=%<$5<"$6>?%<2#&6%#&'%
%%%"@80<A"&6B%,"$06#C"%A#6"$0#23%
D<5&35$3,0<%=$5A%D0&C#<5$"%E536%
%%%#&'%56,"$%5$C#&03#605&3
F"&6#2%0&+5A"
G&6"$"36%0&+5A"
WVW?--)
-UV?.X.
Z)?)X.
-Z?V(V
X-X?(V)
(--?VUV
H5$;3,5<3BD"A0&#$3
ZVW?V.V
ZXW?)WX
(WV
)Y?.XV
ZVX?)XX
ZV-?--Z
45&3826#&+>BE$5I"+6%A#&#C"A"&6
(..?().
((-?VZU
)?-..
:
(.)?W).
((-?VZU
45AA03305&BF5>#260"3B45&30C&A"&6
(--?X(Z
)WW?X.(
))?X)(
:
((Z?-ZY
)WW?X.(
D#2"3%#6%D0&C#<5$"%E,02#6"20+%*83"8A
W.?W-Y
(X?UWY
:
:
W.?W-Y
(X?UWY
4#$<#$;%+522"+605&
-U?(.-
(.?YWU
:
:
-U?(.-
(.?YWU
3URÀWRQGLVSRVDORISURSHUW\
:
Z()?YWU
:
:
:
Z()?YWU
V.Z?Z.V
)?(.-?Z-U
V?---
)Y?-ZY
V)-?X(.
)?()U?XYX
)Z?.U)?ZVU
)X?-YW?W.U
(?VW.?V-(
-?UVW?ZX)
)Y?UZ-?()-
)U?-X.?UY.
-.
[(X?V(.?)WU\
[((?(WY?))(\
[Y?U(V?V(Y\
[W?YZZ?Z.W\
[ZZ?YXV?UUX\
[(U?).)?W)V\
W
[(.?XZ.?UXX\
[-U?YV)?-UZ\
[-V)?.YV\
[((X?--Y\
[(.?U--?.ZZ\
[(.?))Y?W-)\
[)-?(VU?)YV\
[)-?(XZ?ZW-\
[XZW?)V.\
[WU(?.(Z\
[)(?.(Z?(WV\
[)-?UWY?ZVX\
[V?.YW?((-\
[W?VVW?.(W\
[-(.?YZW\
[-.Y?(ZX\
[V?(.X?.YY\
[X?.U-?(V)\
[)-?U)-?)WY\
[U?VYV?W)Z\
[(?V)-?VWU\
[)?UY)?.Y-\
[)X?Y-W?.)X\
[))?VZU?WVX\
%%%<2#&6%#&'%"@80<A"&6
J6,"$3
'(&)*+,"-.&/(&"0,+1)&
D6#==%+5363
9"<$"+0#605&%5=%<$5<"$6>?%<2#&6%%%
%%%#&'%"@80<A"&6%
F"&6#2%5=%<$"A03"3B"@80<A"&6
K602060"3
LM,070605&%"M<"&3"3
[V?X-.?(.U\
[Y?Z.Y?.UZ\
[W()?W-Z\
[Z((?(Y-\
[U?)W)?V((\
[Y?VZ.?ZXX\
[)(?(Y-?-)-\
[)X?XU.?)YW\
[)?Y(X?-V.\
[)?-VV?(ZY\
[)W?).V?ZU-\
[)Y?UYV?W--\
N55'3%#&'%3"$10+"3%6#M%"M<"&3"3
[(?X(Y?ZVX\
[(?XX.?UXW\
[(-.?V--\
[W?Y.)\
[(?UWV?(.V\
[(?XXX?XXX\
D8<<20"3%#&'%A#6"$0#23
[)?V(U?(WX\
[)?UZ(?.UZ\
[((-?XY(\
[ZXY?ZX)\
[-?)Y-?.-U\
[-?Z).?WWW\
F"<#0$3%#&'%A#0&6"&#&+"
J6,"$%3"$10+"3%#&'%=""3
J86$"#+,?%<8720+06>%#&'%<8720+%
[))?)Z)?.YV\
[Y?YVX?-)U\
[)?-U(?V.)\
[)?W--?UW-\
[)-?Z(Z?VYU\
[U?(.U?)Y)\
D"+8$06>%3>36"A3%#&'%3"$10+"3
[-?W-V?U(V\
[-?)WW?(W(\
[-WY?X)V\
[-(W?..X\
[-?YVX?WWX\
[-?(U.?(WU\
D6#==%O"2=#$"%#&'%'"1"25<A"&6
[)?-U)?))Z\
[)?)(X?ZYZ\
[)(V?))-\
[YZ?UZX\
[)?Z-U?--X\
[)?-))?Z-.\
[)?(-X?))V\
[)?)(W?)(U\
[)VX?Z.-\
[-Y)?-.Y\
[)?W)-?W-.\
[)?Z.X?(ZX\
[ZZ?)YZ\
[Y(?(..\
[V?.U-\
[(?X.V\
[W-?-XX\
[YX?U.V\
%%%$"2#605&3
-)
P$#&3<5$6?%<536#C"%#&'%
%%%+5AA8&0+#605&3
Q$"0C,6%+,#$C"3
R533%5&%'03<53#2%5=%<$5<"$6>?%
%%%<2#&6%#&'%"@80<A"&6
S5#$'%A"A7"$3T%#225O#&+"3
2*3*"#&.#*)),&0.4$)5*)0
--
[(VV\
:
[Z?VYV\
:
[W?-XX\
:
[-WX?ZWV\
[-.U?W(Y\
:
:
[-WX?ZWV\
[-.U?W(Y\
[)ZZ?U.W?Z-(\
[)((?ZX(?YWV\
[)Y?Y)V?U.)\
[)(?)WZ?XVZ\
[)X-?X-Z?(-Z\
[)ZX?X)V?ZZ-\
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHÀQDQFLDOVWDWHPHQWV
11
Consolidated Statement of Comprehensive Income
!"#$%"&'"'%()%*#$+,%-.):*.&
!"#"$%&'()*+,-.'/*)0")1
/01$234#231&%15%6$"6#3'%7"#4"4
M
81$"39&%":+,#&9"%9#3&
2&$&)"#'/+$1
GLBG
GLBB
M
M
K&3.)7%.&1'/+$13
GLBG
GLBB
M
M
=*."#
GLBG
M
GLBB
M
F)GG=H.I=G-(J
F)((=GK(=MILJ
F)M=M)L=H.)J
F)(=)IG=KLGJ
F)K-=K-G=(-GJ
F)GK=K)L=GG-J
FKG=LI(J
FKG=LGKJ
N
N
FKG=LI(J
FKG=LGKJ
G(=II(
KG=GGG
N
N
G(=II(
KG=GGG
;$16"$2<=%67#&2%#&'%">?360"&2%
%%%@$322"&%155
FMI=HKIJ
F)=.L.J
F)-=...J
N
FLM=HKIJ
F)=.L.J
F)GI=..-=KLLJ
F)((=GKI=-G.J
F)M=M(.=H.)J
F)(=)IG=KLGJ
F)K-=M((=ILHJ
F)GK=K)H=H-GJ
F)(.=H))=)HHJ
F))M=)LH=M()J
F)(=LL.=.MLJ
F).=)KH=--(J
F)GG=MH)=-MMJ
F)-M=(IL=HIGJ
)G
-M=KIL=)I(
-H=MMM=L(L
-L)=.ML
((K=--M
-M=H(H=-()
(.=))G=.KI
)M
).I=..G=G-I
H-=K.G=LH(
)(=KGK=KKH
H=LMH=L-H
))L=KI)=.HG
).-=GLG=M--
)(-=KK-=IML
)--=(L-=M()
)(=H-M=MGM
).=-)K=.IK
)GK=IH.=(-I
)(-=IHL=MLM
)=MI)=(MH
I=)H(=...
GM=KKH
GK=L((
)=MHH=.GL
I=-(H=L((
N
N
N
N
N
N
)=MI)=(MH
I=)H(=...
GM=KKH
GK=L((
)=MHH=.GL
I=-(H=L((
G%O%)-
-)-=..-
G)=HK-
N
N
-)-=..-
G)=HK-
G%O%)-
N
FLH=.M.J
N
N
N
FLH=.M.J
-)-=..-
FGM=).LJ
N
N
-)-=..-
FGM=).LJ
)=HK(=(L)
I=)GI=LH-
GM=KKH
GK=L((
-=.))=.I.
I=)H-=M-I
AB?CDE?DEEF
GG?HBB
CD?IIH
CI?EJJ
AB?CJB?BBHF
IH?DCC
'HÀFLWEHIRUHJUDQWV
2)"$.3
A"5"$$"'%+#632#7%9$#&24%
%%%#01$234"'
B$#&24%$"+"3C"'%5$10%
%%%B1C"$&0"&2
4+)5#+3'/*)'.-&'6&")'(&/*)&'
%%%7$%*8&'."9
D&+10"%2#:%":6"&4"
-(
:&.'3+)5#+3'/*)'.-&'6&")
;.-&)'%*85)&-&$37<&'7$%*8&
/+>?343231&%15%,"$32#9"%
%%%0#2"$3#74%?43&9%91C"$&0"&2%
%%%9$#&24
E"2?$&%15%,"$32#9"%0#2"$3#74%
%%%6?$+,#4"'%?43&9%91C"$&0"&2%
%%%9$#&24
;.-&)'%*85)&-&$37<&'
%%%7$%*8&
=*."#'%*85)&-&$37<&'7$%*8&'
%%%/*)'.-&'6&")
1HWGHÀFLWVXUSOXVIRUWKH
%%%6&")'(&/*)&'1*$".7*$3>7$>%%%
%%%NLQGKHULWDJHPDWHULDOV
%%%5)*5&).6?'5#"$.'"$1'
%%%&@+758&$.'"%@+7)&1'
%%%+37$,'%"3-'1*$".7*$3
GC
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHÀQDQFLDOVWDWHPHQWV
Statement of Comprehensive Income
!"#$%"&'"'%()%*#$+,%-.)-
2$*)0
>$+&
6&"&)*3.41"0
:;<:
:;<<
=
=
7&8+),#+&0.41"08
:;<:
:;<<
=
=
9$+*3
:;<:
=
:;<<
=
!"#$%&
U-V?V--
VWX?).Z
:
:
U-V?V--
VWX?).Z
)?VW(?)UX
)?)ZX?((Y
(?YWZ?Z)Z
-?WU-?X.U
W?X.Y?X).
(?Y(V?UZX
%%%830&C%+#3,%'5&#605&3
(?)VX?XXY
W?)Y.?.VU
:
:
(?)VX?XXY
W?)Y.?.VU
/'A03305&%=""3
-?.(Y?YW)
)?UZY?WZW
)-?..X
Z(?(XU
-?.ZU?YWY
)?UU.?U)Z
D"&6#2%0&+5A"
(?.WU?ZXZ
(?Y..?U.)
:
V?Y.Y
(?.WU?ZXZ
(?Y.U?X.V
E&6"$"36%0&+5A"
WX-?.ZW
-Y-?(YX
:
:
WX-?.ZW
-Y-?(YX
F5$;3,5<3BG"A0&#$3
(XV?-V(
(()?(..
(WV
)Y?.XV
(XV?XZ)
(ZV?(XV
-.?...
)X?W..
:
:
-.?...
)X?W..
-VZ?VV.
)--?V)Y
X?ZXX
:
-U)?(ZX
)--?V)Y
-U?(.-
(.?YWU
:
:
-U?(.-
(.?YWU
/$+,01#2%3"$10+"3
45&6$078605&3%#&'%+#3,%'5&#605&3
95&#605&3:0&:;0&'%#&'%<8$+,#3"%%%
%%%5=%<$5<"$6>?%<2#&6%#&'%
%%%"@80<A"&6B%,"$06#C"%A#6"$0#23%
45&3826#&+>BH$5I"+6%A#&#C"A"&6
45AA03305&BD5>#260"3B45&30C&A"&6
4#$<#$;%+522"+605&
3URÀWRQGLVSRVDORISURSHUW\
:
Z()?YWU
:
:
:
Z()?YWU
)?.YX?-).
)?-Y-?YZ)
V?.X.
)?)WV
)?.VZ?-Y.
)?-Y(?VUU
)(?Z.X?X-.
)W?-UU?--V
(?YV)?(.Z
-?XX-?U))
)Y?)VY?U-Z
)Y?UX-?)(U
-.
[(W?VY(?UVY\
[(-?(U)?)U)\
[-?X).?U-W\
[)?W..?UXZ\
[(V?ZVZ?U)-\
[((?VU-?)WW\
W
[(.?X-U?X(V\
[-U?Y)-?UU-\
[)XX?VZ(\
[-Z(?.(Y\
[(.?YUX?ZV)\
[-U?UWX?.-U\
[)-?-))?YVX\
[)-?)VY?.X.\
[W.?Y)Z\
[WW?.YV\
[)-?-X-?W..\
[)-?-Z-?)(V\
[V?.)V?(W-\
[W?VZ-?).W\
[-.U?(-(\
[)U.?WXX\
[V?--Y?XYW\
[X?.(-?XY)\
[)-?WYV?(X)\
[V?VXZ?..V\
[(?YVV?Z((\
[)?XVU?UXV\
[)X?(XX?YUZ\
[).?WW(?UYX\
%%%<2#&6%#&'%"@80<A"&6
J6,"$3
'(&)*+,"-.&/(&"0,+1)&
G6#==%+5363
9"<$"+0#605&%5=%<$5<"$6>?%<2#&6%%%
%%%#&'%"@80<A"&6%
D"&6#2%5=%<$"A03"3B"@80<A"&6
K602060"3
LM,070605&%"M<"&3"3
[V?ZVU?)Z.\
[Y?-UU?YW.\
[ZZ)?XZ.\
[(-W?(U-\
[V?U(.?YV.\
[Y?X-W?)Z-\
[)(?(ZV?WXW\
[)X?).Z?ZZX\
[)?)Z.?Y).\
[WWX?Z(-\
[)Z?ZVU?-YW\
[)X?XX.?VYV\
N55'3%#&'%3"$10+"3%6#M%"M<"&3"3
[(?X(Y?ZVX\
[(?XX.?UXW\
[(-.?V--\
[Z?UUY\
[(?UWV?(.V\
[(?XXW?UX-\
G8<<20"3%#&'%A#6"$0#23
[)?V.-?.(V\
[)?U.-?(-V\
[)X(?Z)V\
[)YU?XYW\
[)?UXW?ZWX\
[-?.V-?..(\
D"<#0$3%#&'%A#0&6"&#&+"
J6,"$%3"$10+"3%#&'%=""3
J86$"#+,?%<8720+06>%#&'%<8720+%
[))?.V-?WUU\
[Y?Y(-?YX(\
[)?--)?.-(\
[YYX?ZYW\
[)-?(.(?X--\
[V?W.U?-(V\
G"+8$06>%3>36"A3%#&'%3"$10+"3
[-?W-V?U(V\
[-?)WW?(W(\
[-(-?Y((\
[)(Y?-)-\
[-?YX)?XY)\
[-?-U-?WXW\
G6#==%O"2=#$"%#&'%'"1"25<A"&6
[)?-Y-?).V\
[)?))-?)U)\
[YX?)U-\
[)U?.Y-\
[)?(ZV?(..\
[)?)()?-X(\
[)?-UV?YZV\
[)?)--?Z.Y\
[V)?)Z-\
[V.?YWX\
[)?(YU?VU.\
[)?-.(?)X(\
[ZZ?)YZ\
[Y(?(..\
[(?X..\
[W)-\
[ZY?YYZ\
[Y(?V)-\
%%%$"2#605&3
-)
P$#&3<5$6?%<536#C"%#&'%
%%%+5AA8&0+#605&3
Q$"0C,6%+,#$C"3
R533%5&%'03<53#2%5=%<$5<"$6>?%
%%%<2#&6%#&'%"@80<A"&6
S5#$'%A"A7"$3T%#225O#&+"3
2*3*"#&.#*)),&0.4$)5*)0
--
[(VV\
:
[Z?VYV\
:
[W?-XX\
:
[-WX?ZWV\
[-.U?W(Y\
:
:
[-WX?ZWV\
[-.U?W(Y\
[)Z(?.Y-?YXX\
[)(.?(Y.?(UX\
[).?W)-?(UX\
[W?YX.?)(X\
[)W(?WVW?)X-\
[)(X?)(.?W(-\
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHÀQDQFLDOVWDWHPHQWV
13
Statement of Comprehensive Income
!"#$%"&'"'%()%*#$+,%-.):*.&
!"#"$%&'()*+,-.'/*)0")1
/01$234#231&%15%6$"6#3'%7"#4"4
H
81$"39&%":+,#&9"%9#3&
2&$&)"#'/+$1
IGBI
IGBB
K
K
J&3.)7%.&1'/+$13
IGBI
IGBB
K
K
=*."#
IGBI
K
IGBB
K
F)G(=.H-=HIIJ
F)(.=(H.=(MIJ
F).=L)-=(MIJ
FL=HI.=)(IJ
F)L(=LKL=)I-J
F)(I=)(.=L(-J
FIG=KL(J
FIG=KGIJ
N
N
FIG=KL(J
FIG=KGIJ
G(=LL(
IG=GGG
N
N
G(=LL(
IG=GGG
;$16"$2<=%67#&2%#&'%">?360"&2%
%%%@$322"&%155
FHL=MILJ
F)=.K.J
F)-=...J
N
FKH=MILJ
F)=.K.J
F)G(=)H.=.()J
F)(.=(H)=KHKJ
F).=L-G=(MIJ
FL=HI.=)(IJ
F)L(=IMG=G-HJ
F)(I=)(-=.)GJ
F)-M=HI(=G))J
F))L=.H-=IL.J
FI=HG(=.M-J
F(=.MH=--LJ
F)(I=L.I=L.(J
F))K=)IM=KHLJ
)G
-H=IGI=K)M
-M=HHH=K(K
)II=KG(
-G(=.(H
-H=K)(=II-
(.=.-.=KHL
)I
).(=ML(=HLM
M.=M)I=KL)
I=LHI=-GM
-=KLG=)KK
)).=L(.=..K
M(=HH)=.(M
)()=I..=LHK
)-.=IMG=IKM
I=HG(=.M-
(=.MH=--L
)(K=(G(=IH.
)-(=HM)=M)G
)=K(H=)IH
L=I--=.(M
N
N
)=K(H=)IH
L=I--=.(M
N
N
N
N
N
N
)=K(H=)IH
L=I--=.(M
N
N
)=K(H=)IH
L=I--=.(M
G%O%)-
-)-=..-
G)=MI-
N
N
-)-=..-
G)=MI-
G%O%)-
N
%FKM=.H.J
N
N
N
FKM=.H.J
-)-=..-
FGH=).KJ
N
N
-)-=..-
FGH=).KJ
-=.GM=)IM
L=LHG=M()
N
N
-=.GM=)IM
L=LHG=M()
AB?CDE?FGGH
DFB?EFG
N
N
AB?CDE?FGGH
DFB?EFG
'HÀFLWEHIRUHJUDQWV
2)"$.3
A"5"$$"'%+#632#7%9$#&24%
%%%#01$234"'
B$#&24%$"+"3C"'%5$10%
%%%B1C"$&0"&2
4+)5#+3'/*)'.-&'6&")'(&/*)&'
%%%7$%*8&'."9
D&+10"%2#:%":6"&4"
-(
:&.'3+)5#+3'/*)'.-&'6&")
;.-&)'%*85)&-&$37<&'7$%*8&
/+>?343231&%15%,"$32#9"%
%%%0#2"$3#74%?43&9%91C"$&0"&2%
%%%9$#&24
E"2?$&%15%,"$32#9"%0#2"$3#74%
%%%6?$+,#4"'%?43&9%91C"$&0"&2%
%%%9$#&24
;.-&)'%*85)&-&$37<&'
%%%7$%*8&
=*."#'%*85)&-&$37<&'7$%*8&'
%%%/*)'.-&'6&")
1HWGHÀFLWVXUSOXVIRUWKH
%%%6&")'(&/*)&'1*$".7*$3>7$>%%%
%%%NLQGKHULWDJHPDWHULDOV
%%%5)*5&).6?'5#"$.'"$1'
%%%&@+758&$.'"%@+7)&1'
%%%+37$,'%"3-'1*$".7*$3
ID
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHÀQDQFLDOVWDWHPHQWV
Consolidated Statement of Changes in Capital and Reserves
!"#$%"&'"'%()%*#$+,%-.)?'')9)&"%-014).#&)4
C(%-
,.()#
9:%)%9;$<=%-.).
5-.$%"6-1
'"#$%"&
.-4-.7+
!"#$%"&
"''()*%
+
,-*-."&
/)*01810(*"%-01
3-.$%"69"%-.$"&41"*01
#.(#-.%:;1
#&"*%1"*01
,-*-."&
/)*0121(%3-.4 -<)$#9-*%
+
+
=-4%.$'%-01
/)*04
+
>(%"&
+
/.011)02.2
4-04/101/-
)/05).06.(
)260//60--2
/0)220)5(
().04((0/(6
3
3
--04))
20)1.0.64
/506((
20-(406((
/%J%)-
3
/)045-
3
3
3
/)045-
/%J%)-
3
7640.1.8
3
3
3
7640.1.8
3
7/10).68
--04))
20)1.0.64
/506((
20)4-01-2
-)0/)4042/
3
3
3
3
-)0/)4042/
>?$;=?@%AB$%:,"%C"#$
@%3-.1'(9#.-3-*4$7-1
%%%$*'(99+D?<@<:<B&%BA%,"$<:#E"%
%%%F#:"$<#=@%?@<&E%EBG"$&F"&:%
%%%E$#&:@
H":?$&%BA%,"$<:#E"%F#:"$<#=@%
%%%;?$+,#@"'%?@<&E%EBG"$&F"&:%
%%%E$#&:@
>(%"&1'(9#.-3-*4$7-1$*'(9-1
%%%/(.1%3-1:-".
>."*4"'%$(*41A$%31(A*-.41
%%%.-'(.0-010$.-'%&:1$*1-<)$%:
!(*%.$B)%$(*41B:1(A*-.4
))
I@@?"%BA%@,#$"%+#;<:#=
>(%"&1%."*4"'%$(*41A$%31
%%%(A*-.4
-)0/)4042/
3
3
3
3
-)0/)4042/
9:%()%*#$+,%-.))
5-0)4)0/24
4-04..05(/
)/05((01)/
)5(05)60()/
/0-.)0445
((102/50))1
9:%)%9;$<=%-.))
5-0)4)0/24
4-04..05(/
)/05((01)/
)5(05)60()/
/0-.)0445
((102/50))1
3
3
7)0/1601668
(0-(.0)51
/10554
)01440./6
3
-)-0..-
3
3
3
-)-0..-
-)-0..-
7)0/1601668
(0-(.0)51
/10554
-0.))0.2.
3
3
3
3
)404//0524
6XUSOXV'HÀFLWIRUWKH\HDU
@%3-.1'(9#.-3-*4$7-1
%%%$*'(99+D?<@<:<B&%BA%,"$<:#E"%
%%%F#:"$<#=@%?@<&E%EBG"$&F"&:%
/%J%)-
%%%E$#&:@
>(%"&1'(9#.-3-*4$7-1$*'(9-1
%%%/(.1%3-1:-".
>."*4"'%$(*41A$%31(A*-.41
%%%.-'(.0-010$.-'%&:1$*1-<)$%:
!(*%.$B)%$(*41B:1(A*-.4
I@@?"%BA%@,#$"%+#;<:#=
))
)404//0524
>(%"&1%."*4"'%$(*41A$%31
%%%(A*-.4
)404//0524
3
3
3
3
)404//0524
9:%()%*#$+,%-.)-
6-0)(50))6
4(0))-05(5
)(0)2/04-5
)5506/60/6)
/0-/40552
(2402.)06-5
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHÀQDQFLDOVWDWHPHQWV
15
Statement of Changes in Capital and Reserves
!"#$%"&'"'%()%*#$+,%-.)-
?'')9)&"%-014).#&)4
C(%-
>(".0
9:%)%9;$<=%-.).
5-.$%"6-1
'"#$%"&
.-4-.7+
!"#$%"&
"''()*%
+
,-*-."&
/)*0121(%3-.4
+
,-*-."&
/)*01810(*"%-013-.$%"69"%-.$"&41"*01#.(#-.%:;1
#&"*%1"*01-<)$#9-*%
+
=(%"&
+
/.011)02.2
6405110/54
)(014(056-
)260-6.04/2
(.-02-(05.)
3
3
/2)042.
20)1.0.64
205--0.(4
/%J%)-
3
/)045-
3
3
/)045-
/%J%)-
3
7640.1.8
3
3
7640.1.8
3
7/10).68
/2)042.
20)1.0.64
2021/04()
-)0/)4042/
3
3
3
-)0/)4042/
>?$;=?@%AB$%:,"%C"#$
@%3-.1'(9#.-3-*4$7-1
%%%$*'(99+D?<@<:<B&%BA%,"$<:#E"%
%%%F#:"$<#=@%?@<&E%EBG"$&F"&:%
%%%E$#&:@
H":?$&%BA%,"$<:#E"%F#:"$<#=@%
%%%;?$+,#@"'%?@<&E%EBG"$&F"&:%
%%%E$#&:@
=(%"&1'(9#.-3-*4$7-1$*'(9-1
%%%/(.1%3-1:-".
=."*4"'%$(*41A$%31(A*-.41
%%%.-'(.0-010$.-'%&:1$*1-<)$%:
!(*%.$B)%$(*41B:1(A*-.4
))
I@@?"%BA%@,#$"%+#;<:#=
=(%"&1%."*4"'%$(*41A$%31
%%%(A*-.4
-)0/)4042/
3
3
3
-)0/)4042/
9:%()%*#$+,%-.))
5-0)4)0/24
6405(.0(5)
)/0-/205(-
)5(0/2)0.(/
(-402)60/65
9:%)%9;$<=%-.))
5-0)4)0/24
6405(.0(5)
)/0-/205(-
)5(0/2)0.(/
(-402)60/65
3
3
7)0(/402..8
(0)650551
)06(10)51
3
-)-0..-
3
3
-)-0..-
3
-)-0..-
7)0(/402..8
(0)650551
-0./40)54
)404//0524
3
3
3
)404//0524
6XUSOXV'HÀFLWIRUWKH\HDU
@%3-.1'(9#.-3-*4$7-1
%%%$*'(99+D?<@<:<B&%BA%,"$<:#E"%
%%%F#:"$<#=@%?@<&E%EBG"$&F"&:%
/%J%)-
%%%E$#&:@
=(%"&1'(9#.-3-*4$7-1$*'(9-1
%%%/(.1%3-1:-".
=."*4"'%$(*41A$%31(A*-.41
%%%.-'(.0-010$.-'%&:1$*1-<)$%:
!(*%.$B)%$(*41B:1(A*-.4
I@@?"%BA%@,#$"%+#;<:#=
))
=(%"&1%."*4"'%$(*41A$%31
%%%(A*-.4
)404//0524
3
3
3
)404//0524
9:%()%*#$+,%-.)-
6-0)(50))6
6406/-0(5(
)-06450)(-
)5505(101.)
(2)02)-0()/
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHÀQDQFLDOVWDWHPHQWV
Consolidated Statement of Cash flows
!"#$%"&'"'%()%*#$+,%-.)!-#"
8968
:
8966
:
&DVKÁRZVIURPRSHUDWLQJDFWLYLWLHV
'HÀFLWEHIRUHJUDQWV
L)MM<NO)<-NNP
L)-N<(SR<OSMP
(.<))N<S-)
/'01234"&32%56$7
8"9$"+:#3:6&%65%9$69"$3;<%9=#&3%#&'%">1:94"&3
S
(.<O--<.MM
/46$3:2#3:6&%65%9$"9#:'%="#2"2
N
QM<RS(
QM<RMQ
LS<Q-O<MQ.P
LM<.-.<SQOP
L(<-(.<)QNP
LS<)N.<.ROP
LQ-Q<(R)P
L(--<RORP
S<-QQ
LM()<NSOP
?6&3$:@13:6&%#&'%+#2,%'6&#3:6&2
86&#3:6&2A:&AB:&'%#&'%91$+,#2"%65%9$69"$3;<%9=#&3%#&'%">1:94"&3C,"$:3#D"%4#3"$:#=2%
%%%%12:&D%+#2,%'6&#3:6&2
E&3"$"23%:&+64"
/RVV3URÀWRQGLVSRVDORISURSHUW\SODQWDQGHTXLSPHQW
F$69"$3;<%9=#&3%#&'%">1:94"&3%G$:33"&%655
RN<OQS
)<.R.
L)-(<)ON<)SNP
L).N<)-.<R--P
?,#&D"2%:&%:&H"&36$:"2
?,#&D"2%:&%63,"$%$"+":H#@="2<%'"962:32%#&'%9$"9#;4"&32
-<.()
LN<RONP
)-<R-(<N.(
L((<ONN<.ORP
?,#&D"2%:&%63,"$%9#;#@="2
!"#$%&'($)'"*$+,$-."/&#+,0$&%#+1+#+"'
LQ-<.S(P
R<.)-<QNM
L)).<M((<MNQP
L)((<.O(<)M(P
&DVKÁRZVIURPLQYHVWLQJDFWLYLWLHV
/+>1:2:3:6&%65%,"$:3#D"%4#3"$:#=2
M
L-M<)QM<QORP
L)O<RRO<)-MP
/+>1:2:3:6&%65%9$69"$3;<%9=#&3%#&'%">1:94"&3
S
L)(<(OS<O.(P
L-.<O)N<R(QP
QMN<M)O
(Q)<.M.
F$6+""'2%5$64%':2962#=%65%9$69"$3;<%9=#&3%#&'%">1:94"&3
)S<-(S
MQN<R))
F$6+""'2%5$64%':2962#=%65%/IJ%:&H"234"&3
S.<...
A
A
RO<.N.
E&3"$"23%$"+":H"'
F$6+""'2%5$64%$"31$&%65%,"$:3#D"%4#3"$:#=2%91$+,#2"'%12:&D%D6H"$&4"&3%D$#&32
?#2,%4#&#D"'%1&'"$%+"&3$#=:2"'%=:>1:':3;%4#&#D"4"&3
!"#$%&'($)'"*$+,$+,1"'#+,0$&%#+1+#+"'
).<.QS<NQN
LR<NR-<QO.P
L-Q<NR-<)R.P
LMR<QN)<N-OP
&DVKÁRZVIURPÀQDQFLQJDFWLYLWLHV
E221#&+"%65%2,#$"%+#9:3#=
))
)O<OMM<QSO
-)<M)O<OSM
K6H"$&4"&3%D$#&32%$"+":H"'
)N
)-N<.)M<))-
)-)<N.S<R-N
86&#3:6&2%$"+":H"'
1HWFDVKIURPÀQDQFLQJDFWLYLWLHV
1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV
?#2,%#&'%+#2,%">1:H#="&32%#3%)%/9$:=
2&'($&,*$%&'($"3)+1&4",#'$&#$56$7&/%(
).
S<OMQ<.R(
)-<SON<N)O
)S-<O.M<RSM
)SS<N-(<S..
)S<QRO<)OR
L-Q<.M)<(N-P
M<-(R<N(M
(.<-R.<).Q
)O<O-N<O(-
M<-(R<N(M
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHÀQDQFLDOVWDWHPHQWV
17
Notes to the Financial Statements
'
7KHVHQRWHVIRUPDQLQWHJUDOSDUWRIWKHÀQDQFLDOVWDWHPHQWV
'
7KHÀQDQFLDOVWDWHPHQWVZHUHDXWKRULVHGIRULVVXHE\WKH0HPEHUVRIWKH%RDUGRQ-XQH
!
"#$%&%'()*+,)*&-%.%-%(/
)
1DWLRQDO+HULWDJH%RDUGWKH´%RDUGµZDVHVWDEOLVKHGRQ$XJXVWXQGHUWKH1DWLRQDO+HULWDJH%RDUG$FW&KDSWHU
$,WVUHJLVWHUHGRIÀFHLVDW6WDPIRUG5RDG6WDPIRUG&RXUW6LQJDSRUHDQGLWVSULQFLSDOSODFHRI
!"#$%&##'$#'$%'($%)*+,-&.
/0&'1,*-2'$#'#"!3&45&2'5,'50&'4,%5-,6',7'$5#'#"+&-8$#,-9':$%$#5-9;'<$%$#5-9',7'=%7,-:*5$,%;'>,::"%$4*5$,%#'*%2'/0&'?-5#'
@<=>?A;'*%2'$#'-&B"$-&2'5,'7,66,C'50&'+,6$4$&#'*%2'$%#5-"45$,%#'$##"&2'7-,:'5$:&'5,'5$:&'!9'<=>?'*%2',50&-'),8&-%:&%5'
:$%$#5-$&#'*%2'2&+*-5:&%5#'#"40'*#'50&'<$%$#5-9',7'D$%*%4&'@<EDA.
/0&'+-$%4$+*6'*45$8$5$&#',7'50&'1,*-2'*-&F
@*A'
5,'&Q+6,-&'*%2'+-&#&%5'50&'0&-$5*)&'*%2'%*5$,%0,,2',7'50&'+&,+6&',7'($%)*+,-&'$%'50&'4,%5&Q5',7'50&$-'*%4&#5-*6'
4"65"-&#;'50&$-'6$%G#'C$50'(,"50RS*#5'?#$*;'?#$*'*%2'50&'T,-62'50-,")0'50&'4,66&45$,%;'+-&#&-8*5$,%'*%2'2$#+6*9',7'
REMHFWVDQGUHFRUGV
@!A
5,'+-,:,5&'+"!6$4'*C*-&%&##;'*++-&4$*5$,%'*%2'"%2&-#5*%2$%)',7'50&'*-5#;'4"65"-&'*%2'0&-$5*)&;'!,50'!9':&*%#',7'50&'
%RDUG·VFROOHFWLRQVDQGE\VXFKRWKHUPHDQVDVLWFRQVLGHUVDSSURSULDWH
@4A
WRSURPRWHWKHHVWDEOLVKPHQWDQGGHYHORSPHQWRIRUJDQLVDWLRQVFRQFHUQHGZLWKWKHQDWLRQDOKHULWDJHRI6LQJDSRUH
@2A
WRSURYLGHDSHUPDQHQWUHSRVLWRU\RIUHFRUGVRIQDWLRQDORUKLVWRULFDOVLJQLÀFDQFHDQGWRIDFLOLWDWHDFFHVVWKHUHWR
@&A'
WRFRQGXFWUHFRUGVPDQDJHPHQWSURJUDPPHVIRUWKH*RYHUQPHQW
@7A
WRUHFRUGSUHVHUYHDQGGLVVHPLQDWHWKHKLVWRU\RI6LQJDSRUHWKURXJKRUDOKLVWRU\PHWKRGRORJ\RURWKHUPHDQVDQG
@)A
5,'*28$#&'50&'U,8&-%:&%5'$%'-&#+&45',7':*55&-#'-&6*5$%)'5,'50&'%*5$,%*6'0&-$5*)&',7'($%)*+,-&.
/0&'1,*-2'0*#'!&&%'5*#G&2'5,'2-$8&'*%2'#"++,-5'50&'2&8&6,+:&%5',7'4,::"%$59'0&-$5*)&'$%#5$5"5$,%#'@H=A.'/0&-&'*-&'
4"--&%569'5C,'#"40'H=#;'%*:&69'50&'<*6*9'H&-$5*)&'>&%5-&'@<H>A'*%2'50&'("%'I*5'(&%'J*%9*%)'<&:,-$*6'H*66'@(I(J<HA.'
1,50'50&'H=#'C&-&',-$)$%*669'&#5*!6$#0&2'*%2':*%*)&2'!9'#&+*-*5&'4,:+*%$&#'@C$50'50&$-',C%'!,*-2',7'2$-&45,-#A'50*5'*-&'%,5'
-&6*5&2'5,'50&'1,*-2.'/0&'<H>'C*#'&#5*!6$#0&2'*%2':*%*)&2'!9'50&'<*6*9'H&-$5*)&'D,"%2*5$,%'@<HDA'*%2'50&'(I(J<H'C*#'
&#5*!6$#0&2'*%2':*%*)&2'!9'50&'("%'I*5'(&%'J*%9*%)'<&:,-$*6'H*66'>,.'K52.'@(I(J<H'>,.'K52.A.'=5'0*#'!&&%'*%%,"%4&2'50*5'
*'50$-2'H='C$66'!&'&#5*!6$#0&2'L'50&'=%2$*%'H&-$5*)&'>&%5-&'@=H>A.'?'#&+*-*5&'4,:+*%9'C$50'$5#',C%'!,*-2',7'2$-&45,-#'C$66'*6#,'
!&'7,-:&2'$%'-&#+&45',7'50&'=H>.'<&:,-*%2":#',7'M%2&-#5*%2$%)'@<EM#A'C&-&'&%5&-&2'$%5,'$%'NOOP'!&5C&&%'JH1'*%2'50&'
<HD;'50&'(I(J<H'>,.'K52.'*%2'50&'(5&&-$%)'>,::$55&&'7,-'50&'=H>;'-&#+&45$8&69;'5,',"56$%&'50&'#4,+&',7'50&'#"++,-5'5,'!&'
JLYHQE\WKH%RDUG7KH%RDUGLVFXUUHQWO\LQWKHSURFHVVRIÀQDOLVLQJWKHVHDUUDQJHPHQWVWKURXJKPRUHIRUPDODJUHHPHQWV
/0&'5&-:#',7'50&'<EM#'*%2'50&'5&-:#',7'50&'2-*75'7,-:*6'*)-&&:&%5#'4,%5&:+6*5&'50*5'50&'*##&5#'*%2'6$*!$6$5$&#'*4B"$-&2'
50-,")0'"#&',7'50&'7"%2#'+-,4"-&2'7-,:'<=>?'*%2'/,5&'1,*-2'@5,'!&'"#&2'!9'50&'1,*-2'5,'2-$8&'*%2'#"++,-5'50&'2&8&6,+:&%5'
,7'H=#A'C$66'!&6,%)'5,'50&'1,*-2'*%2'%,5'50&'#&+*-*5&'4,:+*%$&#.
!"#$%&'()$*+$(#,-*(#)$./$0123$4&$'++*+4$*5$6'5'7*57$4"#$8-5)*57$(#,-*(#6#54+$&8$4"#$9*57':&(#$!/;#($<(*54$15+4*4-4#$=9!<1>$
'5)$"'+$.##5$(#?#*@*57$&:#('4*57$'5)$?':*4';$7('54+$8(&6$0123$4&$8-5)$4"#$'?4*@*4*#+$&8$4"#$9!<1A$3+$(#,-#+4#)$./$0123B$4"#$
%&'()$C*;;$;#'+#$4"#$:(*5?*:';$:;'?#+$&8$.-+*5#++$8(&6$4"#$9*57':&(#$D'5)$3-4"&(*4/$4"(&-7"$4#5'5?/$'7(##6#54+A$E#5&@'4*&5$
C&(F+$8-5)#)$./$0123$'(#$(#?&()#)$*5$4"#$%&'()G+$'??&-54*57$(#?&()+$'5)$4"#$:(#6*+#+$'(#$;#'+#)$&-4$4&$9!<1$4"(&-7"$+-.H
;#'+#$'7(##6#54+A
!"#$9*57':&(#$<"*;'4#;*?$0-+#-6$=9<0>$*+$'$4(-+4$C"*?"$C'+$+#:'('4#;/$(#7*+4#(#)$'+$'$?"'(*4/$=E#7*+4('4*&5$I&J$
&RQ-DQXDU\7KHXVHRIWKHPRQLHVLQ630LVUHVWULFWHGWRSXUSRVHVVSHFLÀHGLQWKHWUXVWGHHGDQG
(#,-*(#+$4"#$'::(&@';$&8$4"#$4(-+4##+$&8$9<0A
!"#$%&'()$C'+$'5$15+4*4-4#$&8$<-.;*?$2"'('?4#($=1<2>$-5)#($9#?4*&5$KL=M>=?>$&8$4"#$2"'(*4*#+$3?4$+*5?#$*4+$8&(6'4*&5$*5$NOOKB$
-5)#($C"*?"$*4$?'5$7('54$4'P$)#)-?4*&5+$4&$*4+$)&5&(+A$!"#$0*5*+4(/$&8$Q*5'5?#$8#;4$4"'4$4"#(#$+"&-;)$.#$'$)*+4*5?4*&5$.#4C##5$
4"#$?"'(*4'.;#$8-5?4*&5+$'5)$4"#$')6*5*+4('4*@#$8-5?4*&5+$&8$+4'4-4&(/$.&'()+$4&$';;&C$8&($7(#'4#($4('5+:'(#5?/$'5)$:-.;*?$
'??&-54'.*;*4/A$14$C'+$)#?*)#)$4"'4$1<2$+4'4-+$+"&-;)$.#$7('54#)$4&$:(&R#?4+$&($'-+:*?#+$&8$8-5)+$6'5'7#)$./$4"#$+4'4-4&(/$
.&'()$*4+#;8A$!"#$%&'()$"'+$#+4'.;*+"#)$'5$&65*.-+$8-5)$4&$C"*?"$1<2$+4'4-+$C'+$4('5+8#((#)A
'XULQJWKHÀQDQFLDO\HDUVDQGWKH%RDUGDSSURYHGWKHVHWXSRIWKH1DWLRQDO+HULWDJH)XQG1+)DQ,3&
Q-5)$'+$C#;;$'+$4"#$7&@#(5*57$*5+4(-6#54+$&8$4"#$8-5)A$S*4"$#88#?4$8(&6$N$3-7-+4$MTTKB$';;$)&5'4*&5+$*5$+-::&(4$&8$IU%G+$
?"'(*4'.;#$&.R#?4+$C&-;)$.#$6')#$:'/'.;#$4&$4"#$IUQ$*5$&()#($4&$#5R&/$4'P$)#)-?4*&5+A$V#4'*;+$&8$+-?"$)&5'4*&5+$'(#$+#4$&-4$
*5$5&4#$MWA
V-#$4&$4"#$6#(7#($&8$4"#$%&'()$C*4"$4"#$<(#+#(@'4*&5$&8$0&5-6#54+$%&'()$*5$MTTOB$4"#$<(#+#(@'4*&5$&8$0&5-6#54+$Q-5)B$'5$
1<2$Q-5)B$*5$4-(5$8&(6+$:'(4$&8$4"#$%&'()A$V#4'*;+$&8$+-?"$)&5'4*&5+$'(#$+#4$&-4$*5$5&4#$MXA
7KHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWVUHODWHWRWKH%RDUGDQGLWVVXEVLGLDULHVDQGWKH6LQJDSRUH3KLODWHOLF)XQGWRJHWKHU
UHIHUUHGWRDVWKH´*URXSµ7KHSULQFLSDODFWLYLWLHVRIWKHVXEVLGLDULHVDUHDVVWDWHGLQQRWH
!
"#$%$&'(&)*+)#*#,%'7KHÀQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH1DWLRQDO+HULWDJH%RDUG$FW&KDSWHU
$DQG6WDWXWRU\%RDUG)LQDQFLDO5HSRUWLQJ6WDQGDUGV´6%)56µ6%)56LQFOXGHV6WDWXWRU\%RDUG)LQDQFLDO5HSRUWLQJ
94'5)'()+B$154#(:(#4'4*&5+$&8$9%H$QE9$'5)$9%HQE9$Y-*)'5?#$I&4#+$'+$:(&6-;7'4#)$./$4"#$3??&-54'54HY#5#(';A
7KHÀQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQWKHKLVWRULFDOFRVWEDVLVH[FHSWIRUFHUWDLQÀQDQFLDODVVHWVDQGOLDELOLWLHV
C"*?"$'(#$6#'+-(#)$'4$8'*($@';-#$'+$+4'4#)$*5$4"#$(#+:#?4*@#$'??&-54*57$:&;*?*#+$)#4'*;#)$.#;&CA
7KHÀQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ6LQJDSRUHGROODUVZKLFKLVWKH%RDUG·VIXQFWLRQDOFXUUHQF\
7KHSUHSDUDWLRQRIÀQDQFLDOVWDWHPHQWVLQFRQIRUPLW\ZLWK6%)56UHTXLUHVPDQDJHPHQWWRPDNHMXGJHPHQWVHVWLPDWHVDQG
'++-6:4*&5+$4"'4$'88#?4$4"#$'::;*?'4*&5$&8$'??&-54*57$:&;*?*#+$'5)$4"#$(#:&(4#)$'6&-54+$&8$'++#4+B$;*'.*;*4*#+B$*5?&6#$'5)$
#P:#5+#+A$3?4-';$(#+-;4+$6'/$)*88#($8(&6$4"#+#$#+4*6'4#+A
19
$%&'()&*%+),-+.,-*/01',2+)%%.(3&'4,%+)/*+/*5'*6*-+4,+),+4,24',2+7)%'%"+8*5'%'4,%+&4+)994.,&',2+*%&'()&*%+)/*+/*942,'%*-+
',+&:*+3*/'4-+',+6:'9:+&:*+*%&'()&*%+)/*+/*5'%*-+),-+',+),1+;.&./*+3*/'4-%+);;*9&*-"
,QSDUWLFXODULQIRUPDWLRQDERXWVLJQLÀFDQWDUHDVRIHVWLPDWLRQXQFHUWDLQW\DQGFULWLFDOMXGJHPHQWVLQDSSO\LQJDFFRXQWLQJ
SROLFLHVWKDWKDYHWKHPRVWVLJQLÀFDQWHIIHFWRQWKHDPRXQWVUHFRJQLVHGLQWKHÀQDQFLDOVWDWHPHQWVDUHGHVFULEHGLQQRWH²
5)0.)&'4,+4;+:*/'&)2*+()&*/')0%"
!"#$%&'($'#))*+$,($%'-*.()(&/
,GHQWLÀFDWLRQRIUHODWHGSDUW\UHODWLRQVKLSVDQGUHODWHGSDUW\GLVFORVXUHV
<,+&:*+3/*5'4.%+1*)/=+&:*+>/4.3+-'-+,4&+:)5*+&4+94(301+6'&:+&:*+/*?.'/*(*,&%+4;+3)/)2/)3:%+#@+&4+AA+4;+BCDE8B+AF+8*0)&*-+
G)/&1+H'%904%./*%+6'&:+/*%3*9&+&4+&:*+-'%904%./*%+4;+&/),%)9&'4,%+),-+7)0),9*%+6'&:+3)/*,&+I','%&/1+),-+4&:*/+%&)&*D94,&/400*-+
*,&'&'*%"
E/4(+#+J3/'0+AK##=+&:*+>/4.3+:)%+)330'*-+&:*+/*5'%*-+BCDE8B+AF+8*0)&*-+G)/&1+H'%904%./*%+&4+'-*,&';1+3)/&'*%+&:)&+)/*+
/*0)&*-+&4+&:*+>/4.3+),-+&4+-*&*/(',*+&:*+-'%904%./*%+&4+7*+()-*+4,+&/),%)9&'4,%+),-+4.&%&),-',2+7)0),9*%=+',90.-',2+
FRPPLWPHQWVEHWZHHQWKH*URXSDQGLWVUHODWHGSDUWLHV5HYLVHG6%)56VLPSOLÀHGWKHGHÀQLWLRQRIDUHODWHGSDUW\LQ
RUGHUWRHOLPLQDWHLQFRQVLVWHQFLHVDQGHQVXUHV\PPHWULFDOLGHQWLÀFDWLRQRIUHODWLRQVKLSVEHWZHHQWZRSDUWLHV
L:*+/*5'%*-+BCDE8B+AF+3/45'-*-+)+3)/&')0+*M*(3&'4,+;/4(+&:*+-'%904%./*+/*?.'/*(*,&%+;4/+245*/,(*,&D/*0)&*-+*,&'&'*%"+
*RYHUQPHQWUHODWHGHQWLWLHVDUHH[HPSWHGIURPGLVFORVLQJVSHFLÀFUHODWHGSDUW\WUDQVDFWLRQVZKHQWKHLUGLVFORVXUHRI
VXFKVSHFLÀFUHODWHGSDUW\WUDQVDFWLRQVFRXOGEHGHWULPHQWDOWRWKHQDWLRQDOLQWHUHVW7KHGLVFORVXUHRIWUDQVDFWLRQVZLWK
>45*/,(*,&D/*0)&*-+*,&'&'*%+4&:*/+&:),+I','%&/'*%=+N/2),%+4;+B&)&*+),-+4&:*/+B&)&.&4/1+C4)/-%=+)/*+,4&+/*?.'/*-+.,0*%%+&:*/*+
)/*+9'/9.(%&),9*%+&4+',-'9)&*+&:)&+&:*%*+&/),%)9&'4,%+)/*+.,.%.)0+),-+&:*'/+-'%904%./*+64.0-+7*+4;+',&*/*%&+&4+&:*+/*)-*/%+4;+
WKHÀQDQFLDOVWDWHPHQWV
7KHDGRSWLRQRIUHYLVHG6%)56DIIHFWVRQO\WKHGLVFORVXUHVPDGHLQWKHÀQDQFLDOVWDWHPHQWV7KHUHLVQRÀQDQFLDOHIIHFW
RQWKHUHVXOWVDQGÀQDQFLDOSRVLWLRQRIWKH*URXSIRUWKHFXUUHQWDQGSUHYLRXVÀQDQFLDO\HDUV7KHUHODWHGSDUW\WUDQVDFWLRQV
4;+&:*+>/4.3+'%+-'%904%*-+',+O4&*+AP"
!
6XPPDU\RIVLJQLÀFDQWDFFRXQWLQJSROLFLHV
7KHDFFRXQWLQJSROLFLHVVHWRXWEHORZKDYHEHHQFRQVLVWHQWO\DSSOLHGWRDOOSHULRGVSUHVHQWHGLQWKHVHÀQDQFLDOVWDWHPHQWV
),-+:)5*+7**,+94,%'%&*,&01+)330'*-+71+>/4.3+*,&'&'*%=+*M9*3&+)%+*M30)',*-+',+,4&*+A=+6:'9:+)--/*%%*%+9:),2*%+',+)994.,&',2+
340'9'*%"
!"#
C)%'%+4;+94,%40'-)&'4,
0+1/(2(#3(&/
6XEVLGLDULHVDUHHQWLWLHVFRQWUROOHGE\WKH*URXS7KHÀQDQFLDOVWDWHPHQWVRIVXEVLGLDULHVDUHLQFOXGHGLQWKHFRQVROLGDWHG
ÀQDQFLDOVWDWHPHQWVIURPWKHGDWHWKDWFRQWUROFRPPHQFHVXQWLOWKHGDWHWKDWFRQWUROFHDVHV7KHDFFRXQWLQJSROLFLHVRI
%.7%'-')/'*%+:)5*+7**,+9:),2*-+6:*/*+,*9*%%)/1+&4+)0'2,+&:*(+6'&:+&:*+340'9'*%+)-43&*-+71+&:*+>/4.3"
!"#$%#&'()$%*+,(-($#'+.*)$*&)$%),(.#'()$
%&'()*+(,-./0)1)&234/)&5/'()&4)2'6,&47/)&5/)&8/-&(3)16435/6&2,93/,(/3:.3&434/)(646&+/;(,9/6&'()*+(,-./'()&4)2'6,&47/
DUHHOLPLQDWHGLQSUHSDULQJWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV8QUHDOLVHGORVVHVDUHHOLPLQDWHGLQWKHVDPHZD\DV
-&(3)16435/+)6&47/0-'/,&18/',/'<3/3:'3&'/'<)'/'<3(3/64/&,/3=653&23/,;/69.)6(93&'"
/&&)0$'($1*2)"*%03%(.(#"(+%
,QYHVWPHQWVLQVXEVLGLDULHVDUHVWDWHGLQWKH%RDUG·VVWDWHPHQWRIÀQDQFLDOSRVLWLRQDWFRVWOHVVDFFXPXODWHGLPSDLUPHQW
1,4434"
!"#
>,(36+&/2-((3&28/'()&4)2'6,&4
?()&4)2'6,&4/6&/;,(36+&/2-((3&2634/)(3/'()&41)'35/',/'<3/(34.32'6=3/;-&2'6,&)1/2-((3&2634/,;/'<3/@(,-./3&'6'634/)'/3:2<)&+3/
()'34/)'/'<3/5)'34/,;/'<3/'()&4)2'6,&4"/A,&3')(8/)443'4/)&5/16)0616'634/53&,96&)'35/6&/;,(36+&/2-((3&2634/)'/'<3/3&5/,;/
(3.,('6&+/.3(6,5/)(3/(3'()&41)'35/',/'<3/;-&2'6,&)1/2-((3&28/)'/'<3/3:2<)&+3/()'3/)'/'<)'/5)'3"/?<3/;,(36+&/2-((3&28/+)6&/,(/
1,44/,&/9,&3')(8/6'394/64/'<3/56;;3(3&23/03'B33&/)9,('6435/2,4'/6&/'<3/;-&2'6,&)1/2-((3&28/)'/'<3/03+6&&6&+/,;/'<3/83)(7/
)5C-4'35/;,(/3;;32'6=3/6&'3(34'/)&5/.)893&'4/5-(6&+/'<3/83)(7/)&5/'<3/)9,('6435/2,4'/6&/;,(36+&/2-((3&28/'()&41)'35/)'/'<3/
3:2<)&+3/()'3/)'/'<3/3&5/,;/'<3/83)("
D,&*9,&3')(8/)443'4/)&5/16)0616'634/53&,96&)'35/6&/;,(36+&/2-((3&2634/'<)'/)(3/93)4-(35/)'/;)6(/=)1-3/)(3/(3'()&41)'35/',/'<3/
;-&2'6,&)1/2-((3&28/)'/'<3/3:2<)&+3/()'3/)'/'<3/5)'3/'<)'/'<3/;)6(/=)1-3/B)4/53'3(96&35"/D,&*9,&3')(8/6'394/6&/)/;,(36+&/
2-((3&28/'<)'/)(3/93)4-(35/6&/'3(94/,;/<64',(62)1/2,4'/)(3/'()&41)'35/-46&+/'<3/3:2<)&+3/()'3/)'/'<3/5)'3/,;/'<3/'()&4)2'6,&"/
>,(36+&/2-((3&28/56;;3(3&234/)(646&+/,&/(3'()&41)'6,&/)(3/(32,+&6435/6&/'<3/4')'393&'/,;/2,9.(3<3&46=3/6&2,93/E4-(.1-4/,(/
GHÀFLWH[FHSWIRUGLIIHUHQFHVDULVLQJRQDYDLODEOHIRUVDOHLQYHVWPHQWZKLFKDUHUHFRJQLVHGLQRWKHUFRPSUHKHQVLYHLQFRPH
!"!
F3(6')+3/9)'3(6)14
F3(6')+3/9)'3(6)14/.-(2<)435/08/'<3/@(,-./)(3/93)4-(35/)'/2,4'/1344/69.)6(93&'/1,44347/6;/)&8"/F3(6')+3/9)'3(6)14/(3236=35/
08/'<3/G,)(5/)4/5,&)'6,&4/)(3/(32,+&6435/)'/'<3/=)1-)'6,&/53'3(96&35/08/'<3/)..()64)1H)2I-646'6,&/2,996''33/,;/'<3/
(34.32'6=3/9-43-94/)'/'<3/'693/,;/(3236.'/,;/'<3/9)'3(6)14"
7KHKHULWDJHPDWHULDOVDUHKHOGLQSHUSHWXLW\ZLWKDQLQGHÀQLWHHFRQRPLFOLIHVSDQDQGDUHQRWGHSUHFLDWHG
J(2<6=)1/9)'3(6)14/'()&4;3((35/;(,9/'<3/@,=3(&93&'/)(3/4')'35/)'/'<3/&,96&)1/=)1-3/,;/KL/.3(/6'39/6((34.32'6=3/,;/9356)"
!"$
M(,.3('87/.1)&'/)&5/3I-6.93&'
%'394/,;/.(,.3('87/.1)&'/)&5/3I-6.93&'/)(3/93)4-(35/)'/2,4'/1344/)22-9-1)'35/53.(326)'6,&/)&5/)22-9-1)'35/69.)6(93&'/
1,4434"
N,4'/6&21-534/3:.3&56'-(3/'<)'/64/56(32'18/)''(60-')013/',/'<3/)2I-646'6,&/,;/'<3/)443'"/?<3/2,4'/,;/431;*2,&4'(-2'35/)443'4/
6&21-534/'<3/2,4'/,;/9)'3(6)14/)&5/56(32'/1)0,-(7/)&8/,'<3(/2,4'4/56(32'18/)''(60-')013/',/0(6&+6&+/'<3/)443'4/',/)/B,(O6&+/
2,&56'6,&/;,(/'<36(/6&'3&535/-437/)&/34'69)'3/,;/'<3/2,4'4/,;/5649)&'16&+/)&5/(39,=6&+/'<3/6'394/)&5/(34',(6&+/'<3/46'3/,&/
B<62</'<38/)(3/1,2)'35/B<3&/'<3/@(,-./<)4/)&/,016+)'6,&/',/(39,=3/'<3/)443'/,(/(34',(3/'<3/46'37/)&5/2).6')16435/0,((,B6&+/
2,4'4"/M-(2<)435/4,;'B)(3/'<)'/64/6&'3+()1/',/'<3/;-&2'6,&)16'8/,;/'<3/(31)'35/3I-6.93&'/64/2).6')16435/)4/.)('/,;/'<)'/
3I-6.93&'"
21
%&'()*+,-.)/0)+()1-'2)/0)*,/*',-34)*5+(-)+(6)'781*2'(-)&+9')6100','(-)8.'085)519'.4)-&'3)+,')+::/8(-'6)0/,)+.).'*+,+-')1-'2.)
;2+</,):/2*/('(-.=)/0)*,/*',-34)*5+(-)+(6)'781*2'(-"
>&')?+1()/,)5/..)/()61.*/.+5)/0)+()1-'2)/0)*,/*',-34)*5+(-)+(6)'781*2'(-)1.)6'-',21('6)@3):/2*+,1(?)-&')*,/:''6.)
0,/2)61.*/.+5)A1-&)-&'):+,,31(?)+2/8(-)/0)*,/*',-34)*5+(-)+(6)'781*2'(-4)+(6)1.),':/?(1.'6)('-)1()-&').-+-'2'(-)/0)
FRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLW
>&'):/.-)/0),'*5+:1(?)+):/2*/('(-)/0)+()1-'2)/0)*,/*',-34)*5+(-)+(6)'781*2'(-)1.),':/?(1.'6)1()-&'):+,,31(?)+2/8(-)/0)-&')
LWHPLILWLVSUREDEOHWKDWWKHIXWXUHHFRQRPLFEHQHÀWVHPERGLHGZLWKLQWKHFRPSRQHQWZLOOÁRZWRWKH*URXSDQGLWVFRVW
:+()@')2'+.8,'6),'51+@53")>&'):+,,31(?)+2/8(-)/0)-&'),'*5+:'6):/2*/('(-)1.)6',':/?(1.'6")>&'):/.-.)/0)-&')6+3B-/B6+3)
VHUYLFLQJRISURSHUW\SODQWDQGHTXLSPHQWDUHUHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWDV
1(:8,,'6"
'HSUHFLDWLRQLVEDVHGRQWKHFRVWRIDQDVVHWOHVVLWVUHVLGXDOYDOXH6LJQLÀFDQWFRPSRQHQWVRILQGLYLGXDODVVHWVDUHDVVHVVHG
+(6)10)+):/2*/('(-)&+.)+)8.'085)510')-&+-)1.)6100','(-)0,/2)-&'),'2+1(6',)/0)-&+-)+..'-4)-&+-):/2*/('(-)1.)6'*,':1+-'6)
.'*+,+-'53"
'HSUHFLDWLRQLVUHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWRQDVWUDLJKWOLQHEDVLVRYHUWKH
'.-12+-'6)8.'085)519'.)/0)'+:&):/2*/('(-)/0)+()1-'2)/0)*,/*',-34)*5+(-)+(6)'781*2'(-")C'+.'6)+..'-.)+,')6'*,':1+-'6)/9',)
-&').&/,-',)/0)-&')5'+.')-',2)+(6)-&'1,)8.'085)519'.)8(5'..)1-)1.),'+./(+@53):',-+1()-&+-)-&')D,/8*)A155)/@-+1()/A(',.&1*)@3)-&')
'(6)/0)-&')5'+.')-',2"
>&')'.-12+-'6)8.'085)519'.)0/,)-&'):8,,'(-)+(6):/2*+,+-19')3'+,.)+,')+.)0/55/A.E
F81561(?)12*,/9'2'(-.
!)-/)NO)3'+,.)
G':&+(1:+5)+(6)'5':-,1:+5)'781*2'(-)
P)3'+,.
H861/)91.8+5)+(6)21:,/?,+*&1:)'781*2'(-)
$)-/)P)3'+,.)
)XUQLWXUHÀWWLQJVDQGRIÀFHHTXLSPHQW
$)-/)P)3'+,.)
I/2*8-',.
!)-/)#)3'+,.)
G/-/,)9'&1:5'.
P)3'+,.
J'*,':1+-1/()2'-&/6.4)8.'085)519'.)+(6),'.168+5)9+58'.)+,'),'91'A'6)+-)-&')'(6)/0)'+:&),'*/,-1(?)*',1/6)+(6)+6<8.-'6)10)
+**,/*,1+-'")%/,KB1(B*,/?,'..)+,')(/-)6'*,':1+-'6"
!"#
L,'*+16)5'+.'.
L,'*+16)5'+.'.)+,').-+-'6)+-):/.-)5'..)+::8285+-'6)+2/,-1.+-1/()+(6)12*+1,2'(-)5/..'.")H2/,-1.+-1/()/()*,'*+16)5'+.'.)1.)
UHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUPRI
3'+,."
!"$
M1(+(:1+5)1(.-,82'(-.
!"#
1RQGHULYDWLYHÀQDQFLDODVVHWV
7KH*URXSLQLWLDOO\UHFRJQLVHVORDQVDQGUHFHLYDEOHVRQWKHGDWHWKDWWKH\DUHRULJLQDWHG$OORWKHUÀQDQFLDODVVHWVDUH
,':/?(1.'6)1(1-1+553)/()-&')-,+6')6+-'4)A&1:&)1.)-&')6+-')-&+-)-&')D,/8*)@':/2'.)+)*+,-3)-/)-&'):/(-,+:-8+5)*,/91.1/(.)/0)-&')
1(.-,82'(-"
7KH*URXSGHUHFRJQLVHVDÀQDQFLDODVVHWZKHQWKHFRQWUDFWXDOULJKWVWRWKHFDVKÁRZVIURPWKHDVVHWH[SLUHRULWWUDQVIHUV
WKHULJKWVWRUHFHLYHWKHFRQWUDFWXDOFDVKÁRZVRQWKHÀQDQFLDODVVHWLQDWUDQVDFWLRQLQZKLFKVXEVWDQWLDOO\DOOWKHULVNVDQG
UHZDUGVRIRZQHUVKLSRIWKHÀQDQFLDODVVHWDUHWUDQVIHUUHG$Q\LQWHUHVWLQWUDQVIHUUHGÀQDQFLDODVVHWVWKDWLVFUHDWHGRU
,'-+1('6)@3)-&')D,/8*)1.),':/?(1.'6)+.)+).'*+,+-')+..'-)/,)51+@151-3"
)LQDQFLDODVVHWVDQGOLDELOLWLHVDUHRIIVHWDQGWKHQHWDPRXQWSUHVHQWHGLQWKHVWDWHPHQWRIÀQDQFLDOSRVLWLRQZKHQDQGRQO\
!"#$%&'"#&()*+,&"-.&-&/#0-/&)10"'&'*&*22.#'&'"#&-3*+$'.&-$4&1$'#$4.&#1'"#)&'*&.#''/#&*$&-&$#'&5-.1.&*)&'*&)#-/1.#&'"#&-..#'&-$4&
.#''/#&'"#&/1-51/1'6&.13+/'-$#*+./67
7KH*URXS·VQRQGHULYDWLYHÀQDQFLDODVVHWVFRPSULVHORDQVDQGUHFHLYDEOHVDQGDYDLODEOHIRUVDOHÀQDQFLDODVVHWV
/RDQVDQGUHFHLYDEOHV
/RDQVDQGUHFHLYDEOHVDUHÀQDQFLDODVVHWVZLWKÀ[HGRUGHWHUPLQDEOHSD\PHQWVWKDWDUHQRWTXRWHGLQDQDFWLYHPDUNHW
8+9"&-..#'.&-)#&)#9*0$1.#4&1$1'1-//6&-'&2-1)&:-/+#&,/+.&-$6&41)#9'/6&-'')15+'-5/#&')-$.-9'1*$&9*.'.7&8+5.#;+#$'&'*&1$1'1-/&
)#9*0$1'1*$%&/*-$.&-$4&)#9#1:-5/#.&-)#&3#-.+)#4&-'&-3*)'1.#4&9*.'&+.1$0&'"#&#22#9'1:#&1$'#)#.'&3#'"*4%&/#..&-$6&13,-1)3#$'&
/*..#.7
<*-$.&-$4&)#9#1:-5/#.&9*3,)1.#&*'"#)&)#9#1:-5/#.&-$4&4#,*.1'.&-$4&9-."&-$4&9-."&#;+1:-/#$'.7&=-."&-$4&9-."&#;+1:-/#$'.&
9*3,)1.#&9-."&5-/-$9#.&-$4&5-$>&4#,*.1'.&!1'"&*)101$-/&3-'+)1'1#.&*2&'")##&3*$'".&*)&/#..7
$YDLODEOHIRUVDOHÀQDQFLDODVVHWV
$YDLODEOHIRUVDOHÀQDQFLDODVVHWVDUHQRQGHULYDWLYHÀQDQFLDODVVHWVWKDWDUHGHVLJQDWHGDVDYDLODEOHIRUVDOH$YDLODEOHIRU
VDOHÀQDQFLDODVVHWVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHSOXVDQ\GLUHFWO\DWWULEXWDEOHWUDQVDFWLRQFRVWV6XEVHTXHQWWRLQLWLDO
)#9*0$1'1*$%&'"#6&-)#&3#-.+)#4&-'&2-1)&:-/+#&-$4&9"-$0#.&'"#)#1$%&*'"#)&'"-$&2*)&13,-1)3#$'&/*..#.%&-)#&)#9*0$1.#4&1$&*'"#)&
9*3,)#"#$.1:#&1$9*3#&-$4&,)#.#$'#4&1$&'"#&2-1)&:-/+#&)#.#):#&1$&9-,1'-/&-$4&)#.#):#7&?"#$&-$&1$:#.'3#$'&1.&4#)#9*0$1.#4%&
'"#&0-1$&*)&/*..&-99+3+/-'#4&1$&9-,1'-/&-$4&)#.#):#&1.&')-$.2#))#4&'*&'"#&.'-'#3#$'&*2&9*3,)#"#$.1:#&1$9*3#&@.+),/+.&*)&
GHÀFLW
$YDLODEOHIRUVDOHÀQDQFLDODVVHWVFRPSULVHHTXLW\VHFXULWLHV
!""#
1RQGHULYDWLYHÀQDQFLDOOLDELOLWLHV
A1$-$91-/&/1-51/1'1#.&-)#&)#9*0$1.#4&1$1'1-//6&*$&'"#&')-4#&4-'#%&!"19"&1.&'"#&4-'#&'"-'&'"#&()*+,&5#9*3#.&-&,-)'6&'*&'"#&
FRQWUDFWXDOSURYLVLRQVRIWKHLQVWUXPHQW7KH*URXSGHUHFRJQLVHVDÀQDQFLDOOLDELOLW\ZKHQLWVFRQWUDFWXDOREOLJDWLRQVDUH
41.9"-)0#4%&9-$9#//#4&*)&#B,1)#7
)LQDQFLDODVVHWVDQGOLDELOLWLHVDUHRIIVHWDQGWKHQHWDPRXQWSUHVHQWHGLQWKHVWDWHPHQWRIÀQDQFLDOSRVLWLRQZKHQDQGRQO\
!"#$%&'"#&()*+,&"-.&-&/#0-/&)10"'&'*&*22.#'&'"#&-3*+$'.&-$4&1$'#$4.&#1'"#)&'*&.#''/#&*$&-&$#'&5-.1.&*)&'*&)#-/1.#&'"#&-..#'&-$4&
.#''/#&'"#&/1-51/1'6&.13+/'-$#*+./67
7KH*URXS·VQRQGHULYDWLYHÀQDQFLDOOLDELOLWLHVFRPSULVHRWKHUSD\DEOHV
6XFKÀQDQFLDOOLDELOLWLHVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHSOXVDQ\GLUHFWO\DWWULEXWDEOHWUDQVDFWLRQFRVWV6XEVHTXHQWWR
LQLWLDOUHFRJQLWLRQWKHVHÀQDQFLDOOLDELOLWLHVDUHPHDVXUHGDWDPRUWLVHGFRVWXVLQJWKHHIIHFWLYHLQWHUHVWPHWKRG
!"""#
$%&"'%(
6KDUHVDUHFODVVLÀHGDVFDSLWDODQGUHVHUYH,QFUHPHQWDOFRVWVGLUHFWO\DWWULEXWDEOHWRWKHLVVXHRIVKDUHVDUHUHFRJQLVHGDVD
4#4+9'1*$&2)*3&9-,1'-/&-$4&)#.#):#%&$#'&*2&'-B&#22#9'.7
23
!"#
$%&'()%*+,
!"#
1RQGHULYDWLYHÀQDQFLDODVVHWV
$ÀQDQFLDODVVHWQRWFDUULHGDWIDLUYDOXHWKURXJKVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWLVDVVHVVHGDWWKH
HQGRIHDFKUHSRUWLQJSHULRGWRGHWHUPLQHZKHWKHUWKHUHLVDQ\REMHFWLYHHYLGHQFHWKDWLWLVLPSDLUHG$ÀQDQFLDODVVHWLV
(%&'()*-.(/.012*3,(4*.*4(-*+3*.(+-(3',*5.,6',.'.7055.*4*+,.6'5.0338))*-.'/,*).,6*.(+(,('7.)*309+(,(0+.0/.,6*.'55*,:.'+-.,6',.,6*.
ORVVHYHQWKDVDQHJDWLYHHIIHFWRQWKHHVWLPDWHGIXWXUHFDVKÁRZVRIWKDWDVVHWWKDWFDQEHHVWLPDWHGUHOLDEO\
2EMHFWLYHHYLGHQFHWKDWÀQDQFLDODVVHWVLQFOXGLQJHTXLW\VHFXULWLHVDUHLPSDLUHGFDQLQFOXGHGHIDXOWRUGHOLQTXHQF\E\
'.-*1,0):.)*5,)83,8)(+9.0/.'+.'%08+,.-8*.,0.,6*.;)08&.0+.,*)%5.,6',.,6*.;)08&.<087-.+0,.30+5(-*).0,6*)<(5*:.(+-(3',(0+5.
,6',.'.-*1,0).0).(558*).<(77.*+,*).1'+=)8&,3>:.'-4*)5*.36'+9*5.(+.,6*.&'>%*+,.5,',85.0/.10))0<*)5.0).(558*)5.(+.,6*.;)08&:.
*30+0%(3.30+-(,(0+5.,6',.30))*7',*.<(,6.-*/'87,5.0).,6*.-(5'&&*')'+3*.0/.'+.'3,(4*.%')=*,./0).'.5*38)(,>".$+.'--(,(0+:./0).'+.
LQYHVWPHQWLQDQHTXLW\VHFXULW\DVLJQLÀFDQWRUSURORQJHGGHFOLQHLQLWVIDLUYDOXHEHORZLWVFRVWLVREMHFWLYHHYLGHQFHRI
(%&'()%*+,"
/RDQVDQGUHFHLYDEOHV
7KH*URXSFRQVLGHUVHYLGHQFHRILPSDLUPHQWIRUORDQVDQGUHFHLYDEOHVDWERWKDVSHFLÀFDVVHWDQGFROOHFWLYHOHYHO$OO
LQGLYLGXDOO\VLJQLÀFDQWORDQVDQGUHFHLYDEOHVDUHDVVHVVHGIRUVSHFLÀFLPSDLUPHQW$OOLQGLYLGXDOO\VLJQLÀFDQWORDQVDQG
UHFHLYDEOHVIRXQGQRWWREHVSHFLÀFDOO\LPSDLUHGDUHWKHQFROOHFWLYHO\DVVHVVHGIRUDQ\LPSDLUPHQWWKDWKDVEHHQLQFXUUHG
EXWQRW\HWLGHQWLÀHG/RDQVDQGUHFHLYDEOHVWKDWDUHQRWLQGLYLGXDOO\VLJQLÀFDQWDUHFROOHFWLYHO\DVVHVVHGIRULPSDLUPHQWE\
9)08&(+9.,09*,6*).70'+5.'+-.)*3*(4'17*5.<(,6.5(%(7').)(5=.36')'3,*)(5,(35"
$+.'55*55(+9.3077*3,(4*.(%&'()%*+,:.,6*.;)08&.85*5.6(5,0)(3'7.,)*+-5.0/.,6*.&)01'1(7(,>.0/.-*/'87,:.,6*.,(%(+9.0/.)*304*)(*5.'+-.
,6*.'%08+,.0/.7055.(+38))*-:.'-285,*-./0).%'+'9*%*+,?5.28-9*%*+,.'5.,0.<6*,6*).38))*+,.*30+0%(3.'+-.3)*-(,.30+-(,(0+5.
')*.5836.,6',.,6*.'3,8'7.7055*5.')*.7(=*7>.,0.1*.9)*',*).0).7*55.,6'+.5899*5,*-.1>.6(5,0)(3'7.,)*+-5"
$QLPSDLUPHQWORVVLQUHVSHFWRIDÀQDQFLDODVVHWPHDVXUHGDWDPRUWLVHGFRVWLVFDOFXODWHGDVWKHGLIIHUHQFHEHWZHHQLWV
FDUU\LQJDPRXQWDQGWKHSUHVHQWYDOXHRIWKHHVWLPDWHGIXWXUHFDVKÁRZVGLVFRXQWHGDWWKHDVVHW·VRULJLQDOHIIHFWLYHLQWHUHVW
UDWH/RVVHVDUHUHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWDQGUHÁHFWHGLQDQDOORZDQFH
'3308+,.'9'(+5,.)*3*(4'17*5".$+,*)*5,.0+.,6*.(%&'()*-.'55*,.30+,(+8*5.,0.1*.)*309+(5*-".@6*+.'.5815*A8*+,.*4*+,.B*"9".
)*&'>%*+,.1>.'.-*1,0)C.3'85*5.,6*.'%08+,.0/.(%&'()%*+,.7055.,0.-*3)*'5*:.,6*.-*3)*'5*.(+.(%&'()%*+,.7055.(5.)*4*)5*-.
WKURXJKWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLW
$YDLODEOHIRUVDOHÀQDQFLDODVVHWV
,PSDLUPHQWORVVHVRQDYDLODEOHIRUVDOHÀQDQFLDODVVHWVDUHUHFRJQLVHGE\UHFODVVLI\LQJWKHORVVHVDFFXPXODWHGLQWKH
IDLUYDOXHUHVHUYHLQFDSLWDODQGUHVHUYHWRWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLW7KHFXPXODWLYH
ORVVWKDWLVUHFODVVLÀHGIURPWKHIDLUYDOXHUHVHUYHWRWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWLVWKH
-(//*)*+3*.1*,<**+.,6*.'3A8(5(,(0+.305,:.+*,.0/.'+>.&)(+3(&'7.)*&'>%*+,.'+-.'%0),(5',(0+:.'+-.,6*.38))*+,./'().4'78*:.7*55.'+>.
LPSDLUPHQWORVVSUHYLRXVO\UHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLW&KDQJHVLQLPSDLUPHQW
SURYLVLRQVDWWULEXWDEOHWRDSSOLFDWLRQRIWKHHIIHFWLYHLQWHUHVWPHWKRGDUHUHÁHFWHGDVDFRPSRQHQWRILQWHUHVWLQFRPH$Q\
5815*A8*+,.)*304*)>.(+.,6*./'().4'78*.0/.'+.(%&'()*-.'4'(7'17*D/0)D5'7*.*A8(,>.5*38)(,>.(5.)*309+(5*-.(+.0,6*).30%&)*6*+5(4*.
LQFRPHVXUSOXVRUGHÀFLW
!""#
1RQÀQDQFLDODVVHWV
7KHFDUU\LQJDPRXQWVRIWKH*URXS·VQRQÀQDQFLDODVVHWVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWHWRGHWHUPLQHZKHWKHUWKHUHLV
%&'()&*)+%,)-&(-.()/0%)1/2&,"(3.(%&'(45+6()&*)+%,)-&(27)4,4(,62&8(,62(%442,94(12+-:21%;<2(%/-5&,()4(24,)/%,2*"
=62(12+-:21%;<2(%/-5&,(-.(%&(%442,(-1(+%46>?2&21%,)&?(5&),(@ABCD()4(,62(?12%,21(-.(),4(:%<52()&(542(%&*(),4(.%)1(:%<52(<244(
FRVWVWRVHOO,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKÁRZVDUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJDSUHWD[
GLVFRXQWUDWHWKDWUHÁHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFLÀFWRWKHDVVHWRI
ABC"(E-1(,62(0510-42(-.()/0%)1/2&,(,24,)&?8(%442,4(,6%,(+%&&-,(;2(,24,2*()&*):)*5%<<'(%12(?1-502*(,-?2,621()&,-(,62(4/%<<24,(
JURXSRIDVVHWVWKDWJHQHUDWHFDVKLQÁRZVIURPFRQWLQXLQJXVHWKDWDUHODUJHO\LQGHSHQGHQWRIWKHFDVKLQÁRZVRIRWKHU
%442,4(-1(ABC"
F&()/0%)1/2&,(<-44()4(12+-?&)42*().(,62(+%11')&?(%/-5&,(-.(%&(%442,(-1(),4(12<%,2*(ABC(27+22*4(),4(24,)/%,2*(12+-:21%;<2(
DPRXQW,PSDLUPHQWORVVHVDUHUHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLW,PSDLUPHQWORVVHV
12+-?&)42*()&(12402+,(-.(ABC4(%12(%<<-+%,2*(,-(12*5+2(,62(+%11')&?(%/-5&,4(-.(,62(%442,4()&(,62(ABC(@?1-50(-.(ABC4D(-&(%(
01-(1%,%(;%4)4"
3/0%)1/2&,(<-4424(12+-?&)42*()&(01)-1(021)-*4(%12(%442442*(%,(2%+6(120-1,)&?(*%,2(.-1(%&'()&*)+%,)-&4(,6%,(,62(<-44(6%4(
*2+12%42*(-1(&-(<-&?21(27)4,4"(F&()/0%)1/2&,(<-44()4(12:2142*().(,6212(6%4(;22&(%(+6%&?2()&(,62(24,)/%,24(542*(,-(*2,21/)&2(
,62(12+-:21%;<2(%/-5&,"(F&()/0%)1/2&,(<-44()4(12:2142*(-&<'(,-(,62(27,2&,(,6%,(,62(%442,94(+%11')&?(%/-5&,(*-24(&-,(27+22*(
,62(+%11')&?(%/-5&,(,6%,(G-5<*(6%:2(;22&(*2,21/)&2*8(&2,(-.(*2012+)%,)-&(-1(%/-1,)4%,)-&8().(&-()/0%)1/2&,(<-44(6%*(;22&(
12+-?&)42*"
!"#
3&:2&,-1)24
,QYHQWRULHVDUHPHDVXUHGDWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH7KHFRVWRILQYHQWRULHVLVEDVHGRQWKHÀUVWLQÀUVW
-5,(01)&+)0<28(%&*()&+<5*24(2702&*),512()&+5112*()&(%+H5)1)&?(,62()&:2&,-1)248(01-*5+,)-&(-1(+-&:214%,)-&(+-4,4(%&*(-,621(
+-4,4()&+5112*()&(;1)&?)&?(,62/(,-(,62)1(27)4,)&?(<-+%,)-&(%&*(+-&*),)-&"
I2,(12%<)4%;<2(:%<52()4(,62(24,)/%,2*(42<<)&?(01)+2()&(,62(-1*)&%1'(+-5142(-.(;54)&2448(<244(,62(24,)/%,2*(+-4,4(-.(+-/0<2,)-&(
%&*(42<<)&?(2702&424"
!"$
B1%&,4
B-:21&/2&,(?1%&,4(%12(12+-?&)42*()&),)%<<'(%,(,62)1(.%)1(:%<52(G6212(,6212()4(12%4-&%;<2(%4451%&+2(,6%,(,62(?1%&,(G)<<(;2(
12+2):2*(%&*(%<<(12H5)12*(+-&*),)-&4(G)<<(;2(+-/0<)2*(G),6"
B-:21&/2&,(?1%&,4(.-1(,62(051+6%42(-.(*2012+)%;<2(%442,4(%12(,%J2&(,-(,62(*2.2112*(+%0),%<(?1%&,(%++-5&,"(=62(*2.2112*(
FDSLWDOJUDQWVDUHUHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWRYHUWKHSHULRGVQHFHVVDU\WR
/%,+6(,62(*2012+)%,)-&KG1),2>-..(%&*K-1()/0%)1/2&,(<-44(-.(,62(%442,4(051+6%42*8(G),6(,62(12<%,2*(?1%&,4"
B-:21&/2&,(?1%&,4(5,)<)42*(.-1(,62(051+6%42(-.(621),%?2(/%,21)%<4(%12(,%J2&(,-(,62(621),%?2(+%0),%<(12421:2(%4(%&*(G62&(,62(
621),%?2(/%,21)%<4(%12(%+H5)12*K12+2):2*"
B-:21&/2&,(?1%&,4(12+2):2*(;'(,62(B1-50(,-(/22,(,62(+5112&,('2%194(-021%,)&?(2702&424(%12(12+-?&)42*(;'(,62(B1-50(%4(
)&+-/2()&(,62('2%1(,6242(-021%,)&?(2702&424(%12()&+5112*"(B1%&,4(12+2):2*()&(%*:%&+2(%12(12+-1*2*()&(,62(4,%,2/2&,(-.(
ÀQDQFLDOSRVLWLRQRIWKH*URXS
25
!"#$
&'()*
$VVHWVDQGOLDELOLWLHVRIWKHJHQHUDOIXQGDQGUHVWULFWHGIXQGVDUHSRROHGLQWKHVWDWHPHQWRIÀQDQFLDOSRVLWLRQ
!"#
$%&%'()*+,&,QFRPHDQGH[SHQGLWXUHUHODWLQJWRWKHPDLQDFWLYLWLHVRIWKH*URXSDQGWKH%RDUGDUHDFFRXQWHGIRULQWKH´*HQHUDO)XQGµ
+,-'.(/,0/123/*1413.3(1/,0/+,.56323(*783/7(+,.3"
!""#
.%/0'"10%-*+,&-/
,QFRPHDQGH[SHQGLWXUHUHODWLQJWRIXQGVUHFHLYHGIRUVSHFLÀFSXUSRVHVDQGIRUZKLFKVHSDUDWHGLVFORVXUHLVQHFHVVDU\DV
123*3/0'()*/463/.413674-/4()/12363/463/-394-/4()/,1236/63*167+17,(*/,(/123/4:7-71;/,0/123/<,46)/1,/)7*167:'13/,6/,1236=7*3/455-;/
WKHVHIXQGVDUHDFFRXQWHGIRULQWKH´5HVWULFWHG)XQGVµFROXPQLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHDQGGLVFORVHG
VHSDUDWHO\LQQRWHWRWKHÀQDQFLDOVWDWHPHQWV
!"##
>31/4**31*/,0/16'*1/0'()*
?6'*1/0'()*/463/0'()*/0,6/=27+2/123/<,46)/4+1*/4*/4/+'*1,)74(@/16'*133@/.4(4936/,6/493(1/:'1/),3*/(,1/3A36+7*3/+,(16,-/,836/
123/0'()*"
7KHDVVHWVDQGOLDELOLWLHVRIWKHVHIXQGVKHOGLQWUXVWDUHSUHVHQWHGDVDOLQHLWHPDWWKHERWWRPRIWKHVWDWHPHQWRIÀQDQFLDO
SRVLWLRQZLWKDGGLWLRQDOGLVFORVXUHVLQWKHQRWHVWRWKHÀQDQFLDOVWDWHPHQWVDVSUHVFULEHGE\6%)56*XLGDQFH1RWH
?23/7(+,.3/4()/3A53()71'63/713.*/63-417(9/1,/123*3/0'()*/463/4++,'(13)/0,6/)763+1-;/7(/123*3/0'()*"/B3147-*/,0/7(+,.3@/
3A53()71'63@/4**31*/4()/-74:7-7173*/,0/123/16'*1/0'()*/463/)7*+-,*3)/7(/(,13/#C"
!"#%
D34*3*
23%&*%&0"0"%/*4"03"&*03%*$'5,6*('%*)%//%%/*57*(&*56%'(0"&8*)%(/%
E2363/123/F6,'5/24*/123/'*3/,0/4**31*/'()36/,536417(9/-34*3*@/54;.3(1*/.4)3/'()36/123/-34*3*/463/63+,9(7*3)/7(/123/
VWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWRQDVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHOHDVH/HDVHLQFHQWLYHV
UHFHLYHGDUHUHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWDVDQLQWHJUDOSDUWRIWKHWRWDOOHDVH
H[SHQVHRYHUWKHWHUPRIWKHOHDVH/HDVHGDVVHWVDUHQRWUHFRJQLVHGLQWKH*URXS·VVWDWHPHQWRIÀQDQFLDOSRVLWLRQ
23%&*%&0"0"%/*4"03"&*03%*$'5,6*('%*)%//5'*57*(&*56%'(0"&8*)%(/%
G**31*/*':H3+1/1,/,536417(9/-34*3*/463/7(+-')3)/7(/56,5361;@/5-4(1/4()/3I'75.3(1/4()/463/*1413)/41/+,*1/-3**/4++'.'-413)/
)3563+7417,(/4()/4++'.'-413)/7.5476.3(1/-,**3*"/J3(14-/7(+,.3/7*/63+,9(7*3)/,(/4/*1647921K-7(3/:4*7*/,836/123/-34*3/136."
9%0%':"&"&8*43%03%'*(&*(''(&8%:%&0*15&0("&/*(*)%(/%
$WLQFHSWLRQRIDQDUUDQJHPHQWWKH*URXSGHWHUPLQHVZKHWKHUVXFKDQDUUDQJHPHQWLVRUFRQWDLQVDOHDVH$VSHFLÀFDVVHW
LVWKHVXEMHFWRIDOHDVHLIIXOÀOPHQWRIWKHDUUDQJHPHQWLVGHSHQGHQWRQWKHXVHRIWKDWVSHFLÀHGDVVHW$QDUUDQJHPHQW
+,(83;*/123/67921/1,/'*3/123/4**31/70/123/4664(93.3(1/+,(83;*/1,/123/F6,'5/123/67921/1,/+,(16,-/123/'*3/,0/123/'()36-;7(9/
4**31"
&'()*+,-').*(./(0-.*(/,122,223,*'(.4('5,(1//1*6,3,*'7('5,(8/.0-(2,-1/1',2(-193,*'2(1*:(.'5,/(+.*2):,/1').*(/,;0)/,:(
<9(20+5(1*(1//1*6,3,*'()*'.('5.2,(4./('5,(=,12,(1*:('5.2,(4./(.'5,/(,=,3,*'2(.*('5,(<12)2(.4('5,)/(/,=1')>,(41)/(>1=0,2"(
,IWKH*URXSFRQFOXGHVIRUDÀQDQFHOHDVHWKDWLWLVLPSUDFWLFDEOHWRVHSDUDWHWKHSD\PHQWVUHOLDEO\WKHQDQDVVHWDQGD
=)1<)=)'9(1/,(/,+.6*)2,:(1'(1*(13.0*'(,;01=('.('5,(41)/(>1=0,(.4('5,(0*:,/=9)*6(122,'"(?0<2,;0,*'=97('5,(=)1<)=)'9()2(/,:0+,:(12(
SD\PHQWVDUHPDGHDQGDQLPSXWHGÀQDQFHFKDUJHRQWKHOLDELOLW\LVUHFRJQLVHGXVLQJWKH*URXS·VLQFUHPHQWDOERUURZLQJ
/1',"
!"#!
@/.>)2).*2
&(-/.>)2).*()2(/,+.6*)2,:()47(12(1(/,20='(.4(1(-12'(,>,*'7('5,(A.3-1*9(512(1(-/,2,*'(=,61=(./(+.*2'/0+')>,(.<=)61').*('51'(
FDQEHHVWLPDWHGUHOLDEO\DQGLWLVSUREDEOHWKDWDQRXWÁRZRIHFRQRPLFEHQHÀWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQ
3URYLVLRQVDUHGHWHUPLQHGE\GLVFRXQWLQJWKHH[SHFWHGIXWXUHFDVKÁRZVDWDSUHWD[UDWHWKDWUHÁHFWVFXUUHQWPDUNHW
DVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFLÀFWRWKHOLDELOLW\7KHXQZLQGLQJRIWKHGLVFRXQWLVUHFRJQLVHGDV
1++/,').*(,B-,*2,()*('5,(2'1',3,*'(.4(+.3-/,5,*2)>,()*+.3,"
!"#$
(PSOR\HHEHQHÀWV
!"#
'HÀQHGFRQWULEXWLRQSODQV
$GHÀQHGFRQWULEXWLRQSODQLVDSRVWHPSOR\PHQWEHQHÀWSODQXQGHUZKLFKDQHQWLW\SD\VÀ[HGFRQWULEXWLRQVLQWRDVHSDUDWH
HQWLW\DQGZLOOKDYHQROHJDORUFRQVWUXFWLYHREOLJDWLRQWRSD\IXUWKHUDPRXQWV2EOLJDWLRQVIRUFRQWULEXWLRQVWRGHÀQHG
FRQWULEXWLRQSHQVLRQSODQVDUHUHFRJQLVHGDVDQHPSOR\HHEHQHÀWH[SHQVHLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPH
VXUSOXVRUGHÀFLWLQWKHSHULRGVGXULQJZKLFKVHUYLFHVDUHUHQGHUHGE\HPSOR\HHV
!""#
6KRUWWHUPEHQHÀWV
6KRUWWHUPHPSOR\HHEHQHÀWREOLJDWLRQVDUHPHDVXUHGRQDQXQGLVFRXQWHGEDVLVDQGDUHH[SHQVHGDVWKHUHODWHGVHUYLFHLV
-/.>):,:"(&(=)1<)=)'9()2(/,+.6*)2,:(4./('5,(13.0*'(,B-,+',:('.(<,(-1):(0*:,/(25./'C',/3(+125(<.*02()4('5,(8/.0-(512(1(-/,2,*'(
=,61=(./(+.*'/1+'01=(.<=)61').*('.(-19('5)2(13.0*'(12(1(/,20='(.4(-12'(2,/>)+,(-/.>):,:(<9('5,(,3-=.9,,(1*:('5,(.<=)61').*(
+1*(<,(,2')31',:(/,=)1<=9"
!"""#
$%&'()**+'*,-*+*./"/'*%*./
D3-=.9,,(,*')'=,3,*'2('.(1**01=(=,1>,(1/,(/,+.6*)2,:(E5,*('5,9(1/,(1++/0,:('.(,3-=.9,,2"(&(-/.>)2).*()2(31:,(4./('5,(
,2')31',:(=)1<)=)'9(4./(1**01=(=,1>,(12(1(/,20='(.4(2,/>)+,2(/,*:,/,:(<9(,3-=.9,,2(0-('.('5,(/,-./')*6(:1',"
!"#%
F,>,*0,(/,+.6*)').*
5HYHQXHLVUHFRJQLVHGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHÀWVZLOOÁRZWRWKH*URXSDQGWKHUHYHQXHFDQ
<,(/,=)1<=9(3,120/,:"(F,>,*0,()2(3,120/,:(1'('5,(41)/(>1=0,(.4('5,(+.*2):,/1').*(/,+,)>,:(./(/,+,)>1<=,"
!"#
01%"22"(.+3**2
&:3)22).*(4,,2(1/,(/,+.6*)2,:(0-.*('5,(21=,(.4(')+G,'2('.(>)2)'./2(1'('5,(302,032"
!""#
4*./,'+".5(%*+,.1+,6*.5)+3**2
F,*'1=()*+.3,(1*:(16,*+9(4,,2(1/,(/,+.6*)2,:(.*(1(2'/1)65'C=)*,(<12)2(.>,/('5,(=,12,(1*:(2,/>)+,(-,/).:"
27
!"""#
%&'()*+,-()+-*&.*-"&/+(,+0*-$"'*0
&'()*+,-.)*,.+'/+.0'1,)-,2+.30(+2,4.+,.+()1'02+/,56+',76+,2+.30(+2,643+,8++',.+'/+.+/"
!"$#
1(&2-"342"(&0+5&.+(26*-+07(&0(-06"70
9)'7.08:70)'2,4'/,)76+.,2;)'2).260;2,<)76+.,764',76)2+,-).,(4;074=,+>;+'/07:.+,4'/,6+.0741+,*47+.04=2?@,4.+,.+()1'02+/,42,
0'()*+,56+',76+,.0167,7),.+(+03+,76+,()'7.08:70)'2,4'/,)76+.,2;)'2).260;2,642,8++',+2748=026+/"
!$#
8(&52"(&0
'RQDWLRQVZKHWKHURIFDVKRUDVVHWVVKDOOEHUHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLW
0',76+,;+.0)/,07,02,.+(+03+/,).,.+(+0348=+,56+',76+,A.):;,642,)8740'+/,()'7.)=,)-,76+,/)'470)',).,76+,.0167,7),.+(+03+,76+,
GRQDWLRQWKHDPRXQWRIWKHGRQDWLRQFDQEHPHDVXUHGUHOLDEO\DQGLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHÀWVFRPSULVLQJWKH
GRQDWLRQZLOOÁRZWRWKH*URXS'RQDWHGDVVHWVDUHUHFRJQLVHGDWWKHYDOXDWLRQGHWHUPLQHGE\DSDQHORIYDOXHUVFRQVLVWLQJ
)-,;.)-+220)'4=,274--,47,76+,70*+,)-,.+(+0;7,)-,76+,422+72"
B)'470)'2,5076,.+27.0(70)',4'/C).,()'/070)'2,4774(6+/,264==,8+,.+()1'02+/,42,2:.;=:2,0-,76+,.+27.0(70)'2,4'/,()'/070)'2,4.+,
:'/+.,76+,A.):;D2,;:.30+5,4'/,07,02,;.)848=+,7647,76+2+,.+27.0(70)'2,4'/,()'/070)'2,5):=/,8+,*+7",E76+.502+@,76+2+,/)'470)'2,
DUHUHFRJQLVHGDQGWDNHQWRWKH´GHIHUUHGGRQDWLRQVµDFFRXQWXQWLOWKHDERYHFULWHULDDUHIXOÀOOHGRUZKHQWKHUHVWULFWLRQV
4'/C).,()'/070)'2,4.+,*+7"
!$"#
%&2*-*02+"&'()*
&'7+.+27,0'()*+,02,.+()1'02+/,42,07,4((.:+2@,:20'1,76+,+--+(703+,0'7+.+27,*+76)/"
!"#$
&'()*+,74>,+>;+'2+
F6+,G)4./,4'/,072,2:820/04.0+2,4.+,74>H+>+*;7+/,0'2707:70)'2,:'/+.,76+,;.)3020)',)-,76+,&'()*+,F4>,I(7,<94;,#!J@,KLLJ,
M+302+/,N/070)'?"
!"#%
O+5,4(():'70'1,274'/4./2,4'/,0'7+.;.+7470)'2,')7,P+7,4/);7+/
I,':*8+.,)-,'+5,274'/4./2@,4*+'/*+'72,7),274'/4./2,4'/,0'7+.;.+7470)'2,4.+,+--+(703+,-).,4'':4=,;+.0)/2,8+10''0'1,
DIWHU$SULODQGKDYHQRWEHHQDSSOLHGLQSUHSDULQJWKHVHÀQDQFLDOVWDWHPHQWV1RQHRIWKHVHLVH[SHFWHGWRKDYHD
VLJQLÀFDQWHIIHFWRQWKHÀQDQFLDOVWDWHPHQWV
!
"#$%&'(#)*'&#$%'+,
;$246
72&#
.,%'/
0%1%+%,'&%2/,
34,#4*
7'&%2/'+
34,#4*)28
5%/('62$#
5%/('62$#
.$&)
34,#4*
7'&%2/'+
.$9:%1#,)
28
5%/('62$#
7'&%2/'+
.$&);'++#$<
;21#$/*#/&
?/,&%&4&%2/
59:#*#
.$&)='/>
59:#*#
@:%+'&#+%9
92++#9&%2/
A2&'+
-
-
-
-
-
-
-
-
-
$G)>)EF>HHD
)>D$G>)IC
1
$>EHE>F)D
HED>H)G
&RVW9DOXDWLRQ
!"#$#!%&'(#)*$*
D*>)E$>))D
CC>HFC>HIG
$>$EC>EEE )E)>**E>CF*
!+,-'.'"'/0
1###2&/3#
####4/56&0360"####
####4&70".
$)
1###2&/3#8/07"'/0.
)E>CFG
1
$>C)F
$H>)HI
1
1
1
1
H$>IE)
G$)>E*D
1
$C)>*F*
1
1
1
1
1
EHH>EFD
G>$FE>HFI
FHH>**E
G>*D)>*GD
CHC>)CD
D>D$I>GCD
CE>$FI
1
1
$I>)*$>G$G
1###2&/3#6,-'"9#
####'0:6+"'/0.#2&/3#
####";6#<'0'."&9#/2#
####=02/&37"'/0>#
####?/33-0'+7"'/0.#
####708#";6#!&".
1###2&/3#+7.;#
####4606&7"68#2&/3#
####/%6&7"'/0.
@/07"'/01'01A'08
1
1
1
1
1
1
1
IE*
IE*
GG$>DDF
EG>IG)
HGC>HD)
1
C>HG)>I**
$>C**
1
1
H>G)G>H*)
1
JFI>*D*K
B6"-&0#/2#;6&'"746#
####37"6&'7(.#
####%-&+;7.68#
####-.'04#
####4/56&0360"#
####4&70".
$)
!"#C$#<7&+;#)*$$
JFI>*D*K
1
1
1
1
1
1
DE>HHI>H$E
CH>CIC>HGC
$GD>I)D>CFH
C>*D)>DDI
$$>$D)>HCD
$>EFH>C$E
HED>H)G
$>$EH>E)E )FE>CC$>FCE
!+,-'.'"'/0
1###2&/3#
####4/56&0360"#
D>$GF
$*>$$F
$C>IF$
1
D*>***
$$*>DHG
1
1
)$)>**)
$>)EH>)C*
1
)G>GC*
1
1
1
1
1
$>)FE>DE*
$$>II*>GC$
$>C)*>FCC
H>CGE>GEE
$$G>E*F
H>FC$>D$$
G*>EFD
1
1
))>EEG>ICE
$>*FG>H*I
GF>GF*
$*E>GGI
1
GFF>E**
1
1
HC>G**
$>FF)>EHF
I*>DIC>DHH
CG>DF)>IFH
$E)>HC*>*)*
C>$FF>CFD
$E>EE)>DHF
$>FHG>DHF
HED>H)G
$>)*F>$)E C$)>CDI>$F)
!"#+/."
CD>$DD>GEE
E>IID>IH)
CE>CD$>IF)
)>GID>*E*
D>D$I>GCD
$>EFC>*$E
HED>H)G
$>$E)>$)E
!"#57(-7"'/0
CI>)D$>FG*
)D>CIG>G$$
$)$>GGG>H*)
HDG>D$I
C>HG)>I**
$>C**
1
)>G** $I)>$GG>$F)
DE>HHI>H$E
CH>CIC>HGC
$GD>I)D>CFH
C>*D)>DDI
$$>$D)>HCD
$>EFH>C$E
HED>H)G
$>$EH>E)E )FE>CC$>FCE
$>$E)>$)E $$F>CH$>CG)
####4&70".
1###2&/3#8/07"'/0.
$)
1###2&/3#6,-'"9#
####'0:6+"'/0.#2&/3#
####";6#<'0'."&9#/2#
####=02/&37"'/0>#
####?/33-0'+7"'/0.#
####708#";6#!&".
@/07"'/01'01A'08
!"#C$#<7&+;#)*$)
!"#C$#<7&+;#)*$$
#
IH>$DE>EGH
!"#C$#<7&+;#)*$)
!"#+/."
G*>HCE>HFG
F>C)F>FIC
H*>DEF>*GI
)>D$)>EEF
$)>E)$>)HF
$>FHH>HHF
HED>H)G
!"#57(-7"'/0
H*>CGD>)GI
)D>HGH>*I$
$)$>EE$>IE$
HDG>D$I
H>*H$>G**
$>C**
1
HE>*** $IH>*CD>FC*
I*>DIC>DHH
CG>DF)>IFH
$E)>HC*>*)*
C>$FF>CFD
$E>EE)>DHF
$>FHG>DHF
HED>H)G
$>)*F>$)E C$)>CDI>$F)
29
;+%3?
5+*.
"#$%&
'$($)$#%*$+&#
,-#.-/
5%*$+&%)
,-#.-/4+6
0$&1%2+3.
0$&1%2+3.
"3*4,-#.-/
!
!
!
5%*$+&%)
"378$(.#4+6
0$&1%2+3.
!
5%*$+&%)
"3*49%)).3:
9+(.3&/.&*
=&#*$*-*$+&
078./.
"3*4;%&<
078./.
>+*%)
!
!
!
!
)E*>FH)>D$H
&RVW9DOXDWLRQ
!"#$#!%&'(#)*$*
D*>)E$>))D
CC>HFC>HIG
$G)>)EF>HHD
)>D$G>)IC
1
$>EHE>F)D
HED>H)G
!+,-'.'"'/0
1###2&/3#
####4/56&0360"####
####4&70".
$)
1###2&/3#8/07"'/0.
)E>CFG
1
$>C)F
$H>)HI
1
1
1
H$>IE)
G$)>E*D
1
$C)>*F*
1
1
1
1
EHH>EFD
G>$FE>HFI
FHH>**E
G>*D)>*GD
CHC>)CD
D>D$I>GCD
CE>$FI
1
$I>)*$>G$G
GG$>DDF
EG>IG)
HGC>HD)
1
C>HG)>I**
$>C**
1
H>G)G>H*)
1###2&/3#6,-'"9#
####'0:6+"'/0.#2&/3#
####";6#<'0'."&9#/2#
####=02/&37"'/0>#
####?/33-0'+7"'/0.#
####708#";6#!&".
@/07"'/01'01A'08
B6"-&0#/2#;6&'"746#
####37"6&'7(.#
####%-&+;7.68#
####-.'04#
####4/56&0360"#
####4&70".
$)
!"#C$#<7&+;#)*$$
JFI>*D*K
1
1
1
1
1
1
JFI>*D*K
DE>HHI>H$E
CH>CIC>HGC
$GD>I)D>CFH
C>*D)>DDI
$$>$D)>HCD
$>EFH>C$E
HED>H)G
)FG>$ED>)$*
!+,-'.'"'/0
1###2&/3#
####4/56&0360"#
D>$GF
$*>$$F
$C>IF$
1
D*>***
$$*>DHG
1
)$)>**)
$>)E$>)C*
1
)G>GC*
1
1
1
1
$>)FE>DE*
$$>II*>GC$
$>C)*>FCC
H>CGE>GEE
$$G>E*F
H>FC$>D$$
G*>EFD
1
))>EEG>ICE
$>*FG>H*I
GF>GF*
$*E>GGI
1
GFF>E**
1
1
$>FCI>$HF
I*>DIC>DHH
CG>DF)>IFH
$E)>HC*>*)*
C>$FF>CFD
$E>EE)>DHF
$>FHG>DHF
HED>H)G
C$$>$D$>*GE
!"#+/."
CD>$DD>GEE
E>IID>IH)
CE>CD$>IF)
)>GID>*E*
D>D$I>GCD
$>EFC>*$E
HED>H)G
IC>*$H>G)F
!"#57(-7"'/0
CI>)D$>FG*
)D>CIG>G$$
$)$>GGG>H*)
HDG>D$I
C>HG)>I**
$>C**
1
$I)>$G)>EF)
DE>HHI>H$E
CH>CIC>HGC
$GD>I)D>CFH
C>*D)>DDI
$$>$D)>HCD
$>EFH>C$E
HED>H)G
)FG>$ED>)$*
####4&70".
1###2&/3#8/07"'/0.
$)
1###2&/3#6,-'"9#
####'0:6+"'/0.#2&/3#
####";6#<'0'."&9#/2#
####=02/&37"'/0>#
####?/33-0'+7"'/0.#
####708#";6#!&".
@/07"'/01'01A'08
!"#C$#<7&+;#)*$)
!"#C$#<7&+;#)*$$
#
!"#C$#<7&+;#)*$)
!"#+/."
G*>HCE>HFG
F>C)F>FIC
H*>DEF>*GI
)>D$)>EEF
$)>E)$>)HF
$>FHH>HHF
HED>H)G
$$D>$DI>))E
!"#57(-7"'/0
H*>CGD>)GI
)D>HGH>*I$
$)$>EE$>IE$
HDG>D$I
H>*H$>G**
$>C**
1
$IC>II$>FC*
I*>DIC>DHH
CG>DF)>IFH
$E)>HC*>*)*
C>$FF>CFD
$E>EE)>DHF
$>FHG>DHF
HED>H)G
C$$>$D$>*GE
!"#$%&'"()&%"#$&*+(,-(%."(-,#)"#(/&%$,0&*(12+"2)3(/&%$,0&*(4#5.$6"+(&07(8#&*(!$+%,#9(:";&#%)"0%(,-(%."(%."0(1$0$+%#9(,-(
<0-,#)&%$,0(&07(%."(4#%+(="#"(%#&0+-"##"7(%,(%."(>,&#7(,0($%+("+%&?*$+.)"0%($0(@AABC(D."(."#$%&'"()&%"#$&*+(5,);#$+$0'(
&#%=,#E+(&07(&#%"-&5%+(="#"(6&*2"7(?9(%."(4#%+(4;;#&$+&*(F,))$%%""3(12+"2)(F2#&%,#+(,#("G%"#0&*(6&*2"#+(,0(&(5*&++(?&+$+(
H"'C(5,$0+3(5"#&)$5+I(&07(&),20%"7(%,(JBB3A@K3LAA(&+(&%(B@(1&#5.(KM@K(&07(KM@@C(D."9(&#"(#"5,#7"7(&+(;&#%(,-(."#$%&'"(
5&;$%&*(#"+"#6"(H5&;$%&*(&55,20%IC
7KH$UW%DQN6FKHPHDQGWKH*RYHUQPHQW,QVWLWXWLRQ6FKHPHDUHVFKHPHVWRSXUFKDVHDUWZRUNVIRUWKH*RYHUQPHQWRIÀFHV
7KHREMHFWLYHVRIWKHVHVFKHPHVDUHWRLPSURYHWKHDPELHQFHRIWKHSDUWLFLSDWLQJ*RYHUQPHQWRIÀFHVDVZHOODVWRLPSURYH
&#%(&;;#"5$&%$,0(&),0'+%(N,6"#0)"0%(+%&--C
<0(KM@@3(JOA3MPM(,-(."#$%&'"()&%"#$&*+(;2#5.&+"7(2+$0'(',6"#0)"0%('#&0%+(=&+(#"%2#0"7(-,#(%."(>,&#7(&07(%."(N#,2;(&07(
#"-207(=&+(#"5"$6"7C
!"#$%&'"('&)*+,-*+".'#.%&$*-+.*/'-.0'1#02,&.*
!"#$%&'"(&++"%+(#"5"$6"7(?9(%."(N#,2;(&+(7,0&%$,0+(&#"(#"5,'0$+"7(&%(%."(6&*2&%$,0(7"%"#)$0"7(?9(%."(N#,2;Q+(;&0"*(,-(
YDOXHUVFRQVLVWLQJRISURIHVVLRQDOVWDIIDWWKHWLPHRIUHFHLSWRIWKHDVVHWV6LJQLÀFDQWMXGJHPHQWLVUHTXLUHGLQGHWHUPLQLQJ
%."(6&*2&%$,0(,-(%."(7,0&%"7(."#$%&'"(&++"%+C(<0()&E$0'(%."(R27'")"0%3(%."(N#,2;()&E"+(#"-"#"05"+(%,(&25%$,0(;#$5"+(&07(
%#&0+&5%"7(;#$5"+(,-(+$)$*&#(&++"%+C(D."(&),20%(,-(#"5,#7"7(."#$%&'"(&++"%+(&07(&552)2*&%"7(+2#;*2+(=,2*7(7$--"#($-(%."(
N#,2;()&7"(7$--"#"0%(R27'")"0%+3(#"+2*%$0'($0(7$--"#"0%(6&*2&%$,0+(?"$0'(7"%"#)$0"7C
31
!
"#$%&#'()*%+,-'*,-.*&/01%2&-'
C#$0%
<$'&
901+.1-7
12%#$:&2&-'4
=&6;,-16,+*
,-.
&+&6'#16,+
&/01%2&-'
50.1$*
:140,+*,-.
216#$7#,%;16
&/01%2&-'
>0#-1'0#&)
ÀWWLQJV
DQGRIÀFH
&/01%2&-'
3$2%0'&#4
=$'$#
:&;16+&4
?$#@A1-A
%#$7#&44
B$',+
8
8
8
8
8
8
8
8
3$4'
!"#$#!%&'(#)*$*
!++'"',-.
CDC;EFG;*CG
$C;*HH;HG)
E;H*F;I$$
$*;DH*;)*)
$*;E**;$*I
GH;F**
$H;GHI;F)I
D*);DCH;DDH
$ED;DED
C)*;*I$
DEF;E*I
$;$*$;HFI
CE$;E)F
6
$E;DD*;*DE
)*;F$I;ECG
$;*EF;EG*
6
)GF;HHD
$$D;DIE
$;FCC;ECE
6
JC;D*I;IC*K
6
6
6
6
6
6
6
J)H;I)*;EECK
J)H;I)*;EECK
/&0-.12&#1&,3#
####4,&56'-6%&,7&2..
/&0-.12&#",#8'-'."&9#
####,1#:-1,&30"',-;#
####<,33=-'>0"',-.#
####0-+#"?2#!&".
$E
@'.%,.0(.A
####B&'"26,11.
!"#C$#80&>?#)*$$
!++'"',-.
6
J$*I;*GCK
J$HG;I)$K
J$);CFCK
J$;G$$;$CIK
6
6
J$;EEI;C$DK
CDH;$I*;CE*
$C;)GE;HI*
F;$$);CH$
$$;GHC;EED
$$;H*D;GCI
GH;F**
D;FGF;CG)
CFH;IDH;*ED
H*E;IH$
)GI;FC*
HCH;C)E
)CG;)IG
HID;G)*
6
$$;)I);FFE
$C;CFH;F*C
);GFH;DFF
$HE;D))
C));C*E
C;ECH;G)I
C)*;H)$
6
JI;CC);CIIK
6
/&0-.12&#1&,3#
####4,&56'-6%&,7&2..
@'.%,.0(.A
####B&'"26,11.
!"#C$#80&>?#)*$)
J$E);HEHK
J$$;CF*K
JDC;CDEK
J))$;*EGK
J);G)H;GDDK
6
6
JC;*ED;*HCK
CDE;$F);*DH
$C;GEC;HC)
F;F)G;GCF
$H;H*D;I*$
F;IID;$CD
GH;F**
E;F*F;FEC
D*G;*HG;FCD
)$*;DCE;$$*
$$;GIC;FHH
I;)$H;EGH
E;CCD;FF$
F;FFF;D$G
GH;F**
6
)DI;I)E;)CI
)G;EH);DEE
G*F;EH)
HDD;$)D
I*H;FFG
$;D*H;*G$
6
6
C*;$$I;H)$
566020+,'&.*
.&%#&61,'1$!"#$#!%&'(#)*$*
@2%&2>'0"',-#
####>?0&72#1,&#
####"?2#920&
@'.%,.0(.A
####B&'"26,11.
!"#C$#80&>?#)*$$
6
J$*G;IEEK
J$HH;F$GK
J$);CFCK
J$;HIH;*EHK
6
6
J$;EH*;$E)K
)CI;)F*;HFE
$);$II;*$F
I;G*D;*IC
F;*)E;HFD
F;E)F;CF)
GH;F**
6
)IH;FFH;HIG
)I;$FE;H)F
HF$;)D*
HHI;DDG
$;)D);CEC
$;CC);DDG
6
6
C*;F));*DD
@2%&2>'0"',-#
####>?0&72#1,&#
####"?2#920&
@'.%,.0(.A
####B&'"26,11.
JFC;$DHK
J$$;CF*K
JD);C*IK
J)*C;$*$K
J);G)H;GDDK
6
6
J);FIH;HEIK
)GD;CFH;FE)
$);IHG;EGF
E;$$F;)$)
$*;*GI;EIG
E;HCG;$FD
GH;F**
6
C*C;FD);*CC
!"#$#!%&'(#)*$*
$CC;DHI;F)G
$;CE$;G*I
$;)FC;EDG
);$$H;)$$
E**;GF$
6
$H;GHI;F)I
$HD;I*I;)*E
!"#C$#80&>?#)*$$
$*I;EIF;IE)
$;*F$;HH$
$;H*E;)IE
);G)H;)F*
$;GIH;)DH
6
D;FGF;CG)
$$F;IDF;H*E
!"#C$#80&>?#)*$)
EC;IFG;*GC
F)G;GGC
$;E*I;D)I
H;DCG;E)H
$;)CI;FD*
6
E;F*F;FEC
$*);$$D;F*$
!"#C$#80&>?#)*$)
3,##(1-7*,2$0-'
5"*/,
9"$+
5'0),013
0(./"6+(+1$#
:+&7*10&*)*1,
+)+&$/0&*)
+8'0.(+1$
%',0"60#'*)-*1,
(0&/"3/*.70&
+8'0.(+1$
;'/10$'/+<
ÀWWLQJV
DQGRIÀFH
+8'0.(+1$
!"(.'$+/#
="/>?01?
./"3/+##
@"$*)
4
4
4
4
4
4
4
CDC;)CE;*FF
$);FFE;))F
J;E*F;G$$
F;)G);CJC
$*;GG$;*JJ
$E;H*$;)EG
D**;CJD;GHG
$EE;GG$
C)*;*G$
DJF;J*G
$;$*$;EFG
CHH;JEE
$J;DD*;*DJ
)*;JGD;$DF
$;*CC;$F*
6
)HF;EED
$$D;DGJ
$;FCC;JCJ
IC;CE$;*H*K
6
6
6
6
6
6
I)E;G)*;JJCK
I)E;G)*;JJCK
!"#$
!"#$#!%&'(#)*$*
!++'"',-.
/&0-.12&#1&,3#
####4,&56'-6%&,7&2..
/&0-.12&#",#8'-'."&9#
####,1#:-1,&30"',-;#
####<,33=-'>0"',-.#
####0-+#"?2#!&".
$J
@'.%,.0(.A
####B&'"26,11.
!"#C$#80&>?#)*$$
!++'"',-.
6
I$*G;*HCK
I$EH;G)$K
I$);CFCK
I$;H$$;$CGK
6
I$;JJG;C$DK
CDD;D)D;*H*
$C;)*J;)CG
F;$$);CE$
$*;DGH;*HE
$$;DH*;HDD
D;FHF;CH)
CFC;HE*;G$F
E*G;)**
)HG;FC*
EC);CGH
)CH;)GH
)JD;*$D
$$;)G);FFJ
$C;$**;GFD
);HFE;DFF
$EJ;D))
C));C*J
C;JCE;H)G
C)*;E)$
IG;CC);CGGK
6
/&0-.12&#1&,3#
####4,&56'-6%&,7&2..
@'.%,.0(.A
####B&'"26,11.
!"#C$#80&>?#)*$)
I$J);EJEK
I$$;CF*K
IDC;CDJK
I)$J;FCGK
I);H$F;HFDK
6
IC;*GE;FEDK
CDG;DDD;$GD
$C;H)C;$FF
F;F)C;HJG
$D;C)F;*C$
F;DDE;DJE
J;F*F;FJC
D*C;HGE;EEF
)$*;*GE;)CE
$$;H$C;H))
G;)$E;JHE
G;$EG;$G)
F;FG*;CFG
6
)DH;*C);)F$
)H;HF$;D$$
H*F;JE)
EDD;$)D
G*E;FFH
$;D*D;HDH
6
)F;FEH;*)F
%&&'(')*$+,,+./+&0*$0"1
!"#$#!%&'(#)*$*
@2%&2>'0"',-#
####>?0&72#1,&#
####"?2#920&
@'.%,.0(.A
####B&'"26,11.
!"#C$#80&>?#)*$$
6
I$*H;GJJK
I$EE;F$HK
I$);CFCK
I$;EGE;*JEK
6
I$;JE*;$J)K
)CH;GHH;HDH
$);$$H;HJH
G;H*D;*GC
G;JE*;GGE
F;GFF;FEJ
6
)GD;$CJ;$CJ
)G;*F);DC)
EF$;)D*
EEH;FED
$;)D);CJC
$;C$C;DG)
6
C*;GFH;DJ$
@2%&2>'0"',-#
####>?0&72#1,&#
####"?2#920&
@'.%,.0(.A
####B&'"26,11.
IFC;$DEK
I$$;CF*K
ID);C*GK
I)**;FE)K
I);H$F;HFDK
6
I);FHG;DJJK
)HC;GHE;FCC
$);HFH;ECH
J;$$J;G)*
J;JF);)*H
J;DFC;GCH
6
C*$;FHG;$C$
!"#$#!%&'(#)*$*
$CC;$EF;JHD
$;CJ$;H*G
$;)FC;JDH
);$$E;)$$
J**;HF$
$E;H*$;)EG
$ED;CE);DGH
!"#C$#80&>?#)*$$
$*G;HEG;D$D
$;*F$;EE$
$;E*J;)GJ
);H)E;)F*
$;HH*;HJH
D;FHF;CH)
$$F;E$);EJ$
!"#C$#80&>?#)*$)
JC;HGJ;)D$
F)H;HHC
$;J*D;FHG
E;DCH;J)E
FE$;GDF
J;F*F;FJC
$*$;G*J;D)J
!"#C$#80&>?#)*$)
!*//2013-*("'1$
/?2#03,=-"#,1#%&,%2&"9;#%(0-"#0-+#2L='%32-"#"?0"#?0.#M22-#1=((9#+2%&2>'0"2+#1,&#"?2#N,0&+#0-+#"?2#O&,=%#0.#0"#C$#80&>?#)*$)#40.#
P$JE;CJG;FFJ#I)*$$Q#P$$J;C)J;$EJK#0-+#P$JH;G$);FG*#I)*$$Q#P$$F;HH$;))FK#&2.%2>"'R2(9S
33
)
)
,
=
!"#$%&%'(%)$
,
,
)
)
,,
, ,
,,
)
)
;-'(&
BCDD
) BCDB
)
) ) )
<
<
)
)
)
!"#$%&'()%*(+",*-)./,*'.0),&)1%.&)
C
C) )
2'&,+3.)%4)&/').$5.+(+,*+'.),*'),.)4%33%6.7
5-"16(2,-.
LQFRUSRUDWLRQ
3(%1/%0'8,08'/),
-.,#"$%1)$$
, ,
3)(/)16'9),-.
,)@"%62,A)8&
,
,
) )
BCDB
BCDD
E
E
*'+),-.,/-+0'12
3(%1/%0'8,'/6%?%6%)$
6LQJDSRUH3KLODWHOLF0XVHXP
=/+3,&'3+1
;+"F,<%*'
BDD
) )
BDD
8/')9$.'$:);/%<)=&')>&()?
2%*:,"&
;+"F,<%*'
BDD
) )
BDD
7KH1DWLRQDO$UW*DOOHU\6LQJDSRUH
A*&.),"()1$3&$*'
;+"F,<%*'
BDD
) )
BDD
) )
?)@%&)*'#$+*'()&%)5'),$(+&'()5-)3,6)+")&/')1%$"&*-)%4)+"1%*<%*,&+%"
$XGLWHGE\.30*//3
>
,,
3()0'%&,4)'$)$
5-$6
A&)B)A<*+3)CDBD0)EB)9,*1/)CDBB),"()EB)9,*1/)CDBC
:(-"0,'1&,
;-'(&
<
B0KLM0LCE
7//"+"8'6)&,'+-(6%$'6%-1
A&)B)A<*+3)CDBD
A:%*&+.,&+%")1/,*F')4%*)&/')-',*)
A&)EB)9,*1/)CDBB
A:%*&+.,&+%")1/,*F')4%*)&/')-',*)
A&)EB)9,*1/)CDBC
ENK0DNB
OL0NLO
LME0KCP
OL0NME
MBN0PND
5'((2%19,'+-"16
A&)B)A<*+3)CDBD)
B0MMO0ELC
A&)EB)9,*1/)CDBB)
B0LKB0LKO
A&)EB)9,*1/)CDBC
B0LCO0OLE
8/'.')*'3,&')&%)3',.')<,-:'"&.):,(')+"),(G,"1')4%*)&/')$.')%4)&/')3,"()%")6/+1/)&/')H%*()H,1&%*-)I$+3(+"F):$.'$:)*'.+('.J)
7KHDPRUWLVDWLRQRIWKHSUHSDLGOHDVHLVUHFRJQLVHGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHVXUSOXVRUGHÀFLWRYHUWKH
&'*:)%4)&/')3',.'J
)
)
=
!"#$%#&%'()*+(,#%'-$."',/0'./
-
-
)
)
)
)
--
-
-
:+*;6-#.5-<*#+5
?@A?
)
B
?@AA
)
B
)
!"#$%&'()'#$*&+),'-$.*&*',
)
U
RKCKKK
/0')1.%$2),&3&',)*&,)$"#$%&'()'#$*&+),'-$.*&*',)3&)-%,&)4',,)*523*.5'"&)4%,,',)3,)&0','),'-$.*&*',)(%)"%&)036')3)#$%&'()
53.7'&)2.*-')*")3")3-&*6')53.7'&)3"()0'"-')*&,)83*.)634$')-3""%&)9')5'3,$.'().'4*394+:
>
1/2'+-+'3'$"#&%',4-5'6*,$/,-#.5-6+'6#70'./,
?@A?
B
1.3"&).'-'*6394'
;"&'.',&).'-'*6394'
<&0'.).'-'*6394',)="'&>
?'2%,*&,
8*#.,-#.5-+'3'$"#&%',
@.'23+5'"&,
:+*;6
?@AA
B
?@A?
B
<*#+5
?@AA
B
JJCJRMCSEG
GECKJGCMHE
JJCJRMCSEG
SMCGTE
TKCSHS
SHCRRG
GECKJGCMHE
EJCSRE
GCKHMCMJH
HCDMECHJJ
GCHEJCJKT
HCTMKCSGE
TKJCMDR
EETCSHG
REJCTRG
RJTCHDH
JECKGHCTSR
GDCERTCDER
JECKJRCMTE
GDCSKGCMDM
HKTCEHG
GJECJGS
SMCDMH
JMMCTDH
JECHGMCGRD
GDCMDSCKMM
JECKTRCDET
GDCTKGCTTK
/0')53A*5$5)'A2%,$.')&%)-.'(*&).*,7)8%.)%&0'.).'-'*6394',)='A-4$(*"B)('2%,*&,)3"()2.'23+5'"&,>)3&).'2%.&*"B)(3&')*,)
UHSUHVHQWHGE\WKHFDUU\LQJDPRXQWRIWKHUHVSHFWLYHÀQDQFLDODVVHWVLQWKHVWDWHPHQWRIÀQDQFLDOSRVLWLRQ
7KH*URXS·VH[SRVXUHWRFUHGLWULVNDULVHVWKURXJKLWVORDQVDQGUHFHLYDEOHV7KH*URXS·VPRVWVLJQLÀFDQWGHEWRUWKH
,$2'.6*,%.+)5*"*,&.+C)3--%$"&,)8%.)DEF)%8)&0')4%3",)3"().'-'*6394',)-3..+*"B)35%$"&)3&)GH)I3.-0)JKHJ)=JKHHL)MGF>:)N3,'()
%")&0')1.%$2O,)0*,&%.*-34)'A2'.*'"-')*")&0')-%44'-&*%")%8)4%3",)3"().'-'*6394',C)53"3B'5'"&)9'4*'6',)&03&)"%)*523*.5'"&)
4%,,)*,).'#$*.'()&%)9')53(')%")&0')%$&,&3"(*"B)9343"-',:
906#$+0'./-%*,,',
/0')3B'*"B)%8)4%3",)3"().'-'*6394',)3&).'2%.&*"B)(3&')*,L
:+*;6
?@A?
B
:+*,,
?@AA
B
JRCGHHCGTK
GDCGRTCJTJ
@3,&)($')K)Q)GK)(3+,)
RJKCEKH
JHHCRKG
@3,&)($')GH)Q)GER)(3+,
HMMCTTS
DMCKMK
JECKGHCTSR
GDCERTCDER
JRCSGTCGKK
GDCHHGCTJJ
SMECKHG
JHHCHDR
P%&)23,&)($'
<*#+5
P%&)23,&)($'
@3,&)($')K)Q)GK)(3+,)
@3,&)($')GH)QGER)(3+,
MJCEEG
TMCKDJ
JECKJRCMTE
GDCSKGCMDM
35
23
!"#$%"&'%("#$%)*+,-".)&/#
7327
8
451+0
7322
8
7327
8
61"5'
7322
8
VPBHJZBHQQ
!"#$%"&'%("&)%("*"&+,#%
VJBQJZBWVZ
OHBZFPBZOF
VWBFFHBQOJ
-./,'%',01#.2#
FPBQWZBOJF
HBZJQBFIP
FIBIIIBIII
@
FIFBIVQBWHV
OQBJPFBVOZ
OWBFFHBQOJ
VPBHJZBHQQ
RVFBFQZBWOPS
ROFBHHWBFPWS
FOBOHZBOWH
JBHWVBZWJ
3,##4%!"#$%5"&"6,'%(7%89:%2$;1<6$%
%%%%%%%%%!,&2;"*.#,'%3.=<.'.27%>"&"6,5,&2
!"#$%"&'%+"#$%,=<.?"*,&2#%.&%2$,%
FRQVROLGDWHGVWDWHPHQWRIFDVKÁRZV
7KHZHLJKWHGDYHUDJHHIIHFWLYHLQWHUHVWUDWHSHUDQQXPRIÀ[HGGHSRVLWVIRUWKH%RDUGDQGWKH*URXSDWWKHUHSRUWLQJGDWH
ZDV1LODQGUHVSHFWLYHO\,QWHUHVWUDWHVUHSULFHXSRQPDWXULW\RIWKHÀ[HGGHSRVLWVZKLFK
";,%;1**,'@1?,;%"2%.&2,;?"*#%1A%2$;,,B%#./%1;%2C,*?,%51&2$#D
22
!"0,/".%"((1+&/
451+0%"&'%61"5'
91:%1;%
91:%1;%
#$"5)#%
#$"5)#%
7327
7322
82%(,6.&&.&6%1A%2$,%7,";%
PHBFOFBJQO
JIBZZFBQIQ
E##<,%1A%#$";,#
FOBOJJBPQO
HFBJFOBOQJ
82%,&'%1A%7,";
VHBFWPBFFV
PHBFOFBJQO
7KHFDSLWDODFFRXQWUHSUHVHQWVHTXLW\LQMHFWLRQVE\WKH0LQLVWU\RI)LQDQFH´02)µLQLWVFDSDFLW\DVVKDUHKROGHUXQGHUWKH
',(2@,=<.27%A;"5,C1;)%A1;%#2"2<21;7%(1";'#B%.50*,5,&2,'%C.2$%,AA,+2%A;15%F%G,02,5(,;%HIIJD%K&',;%2$.#%A;"5,C1;)B%+"0.2"*%
0;1L,+2#%C.**%(,%0";2."**7%A<&','%(7%>M-%"#%,=<.27%.&L,+2.1&B%"&'%2$,%("*"&+,%2$;1<6$%*1"&#%1;%6,&,;"*%A<&'#%1A%2$,%N1";'D
:<;.&6%2$,%7,";B%2$,%N1";'%.##<,'%FOBOJJBPQO%RHIFF4%HFBJFOBOQJS%#$";,#%"2%TF%,"+$D%U$,%#$";,#%$"?,%(,,&%A<**7%0".'%A1;%
"&'%";,%$,*'%(7%2$,%>M-B%"%(1'7%.&+1;01;"2,'%(7%2$,%>.&.#2;7%A1;%-.&"&+,%RE&+1;01;"2.1&S%8+2%R!$"02,;%FVWB%FOVQ%X,"*.#,'%
,'.2.1&SD%U$,%$1*',;#%1A%#$";,#%";,%,&2.2*,'%21%;,2<;&#%1&%,=<.27%A;15%2.5,%21%2.5,D
!"#$%"&'(")"*+(+)%
!"0.2"*%+1&#.#2#%1A%+"0.2"*%"++1<&2B%$,;.2"6,%+"0.2"*%;,#,;?,%"&'%"++<5<*"2,'%#<;0*<#%1A%2$,%9;1<0D%U$,%N1";'Y#%1(L,+2.?,#%
C$,&%5"&"6.&6%+"0.2"*%.#%21%5".&2".&%"%#2;1&6%+"0.2"*%("#,%#1%"#%21%#<#2".&%.2#%10,;"2.1&#%"&'%2$,%A<2<;,%',?,*105,&2%1A%
2$,%N1";'D%U$,%+"0.2"*%#2;<+2<;,%1A%2$,%N1";'%5".&*7%+1&#.#2#%1A%+"0.2"*%;,+,.?,'%A;15%.2#%,=<.27%$1*',;%"&'%6;"&2#%A;15%2$,%
61?,;&5,&2D
U$,;,%C,;,%&1%+$"&6,#%.&%2$,%N1";'Y#%"00;1"+$%21%+"0.2"*%5"&"6,5,&2%'<;.&6%2$,%7,";D%U$,%N1";'%.#%&12%#<(L,+2%21%"&7%
,/2,;&"**7%.501#,'%+"0.2"*%;,=<.;,5,&2#D
<=
!"#$%&'"()&*$%&+(#","#-"
C3%"
!"#$%&'(('(&#)*#"+%#,%-.
!/01'2'"')(2#*.)3#&)4%.(3%("#&.-("2#
M
=A<=
B
?#38*
=A<<
B
=A<=
B
@3&#2
=A<<
B
HB<IJE<DKA
HB<IKK<JKB
HB<IJE<JIA
HB<IKK<MIB
DAD<EED
MA<BID
DAD<EED
MA<BID
=HB<EKEG
5%"1.(#)*#+%.'"-&%#3-"%.'-62#71./+-2%8#12'(&
####&)4%.(3%("#&.-("2
M
AI#N#AK
!"#%(8#)*#"+%#,%-.
L
=HB<EKEG
L
DAD<EED
=MK<AEHG
DAD<EED
=MK<AEHG
HB<HMD<DKJ
HB<IJE<DKA
HB<HMD<JIJ
HB<IJE<JIA
./$+&%"+$)(&,,"%,(%#&0,1"##"2(1#34(
((((5013)344(6"-"+3*4"0%(78%/3#$%9(31(
####:$0'&*3#";
9-6-(/%#-"#$%&'(('(&#-(8#-"#%(8#)*#"+%#,%-.
J<DKE<JIJ
J<DKE<JIJ
L
L
BJ<AAD<IJI
BD<BEE<IJM
HB<HMD<JIJ
HB<IJE<JIA
:+%#+%.'"-&%#/-7'"-6#.%2%.4%#/)37.'2%2#&.-("2#*.)3#"+%#;)4%.(3%("#1"'6'2%8#*).#"+%#71./+-2%#)*#+%.'"-&%#3-"%.'-62<#
/)(".'$1"')(2#*.)3#)"+%.#).&-('2-"')(2#-(8#7%.2)(2#'(#"+%#*).3#)*#+%.'"-&%#3-"%.'-62#*).#"+%#%2"-$6'2+3%("#)*#"+%#9)-.8#=2%%#
QRWHDQGWKHWUDQVIHURISKLODWHOLFDVVHWVIURP,QIRFRPP'HYHORSPHQW$XWKRULW\RI6LQJDSRUH´,'$µZKRZDVDPHPEHU
)*#"+%#>'(&-7).%#?+'6-"%6'/#@12%13#*.)3#ABBC#")#DEEAF
<>
7))848+&%"2(,8#*+8,
=-G
;%(%.-6#*1(8#L#)"+%.2
O(/)3%#-(8#%P7%(8'"1.%#.%6-"'(&#")#"+%#3-'(#-/"'4'"'%2#)*#"+%#;.)17#-(8#9)-.8#-.%#-//)1("%8#*).#"+.)1&+#"+%#&%(%.-6#
*1(8#'(#"+%#;.)17Q2#-(8#"+%#9)-.8Q2#2"-"%3%("2#)*#/)37.%+%(2'4%#'(/)3%F#;%(%.-6#*1(8#=)"+%.2G#%P/618%2#'(/)3%#-(8#
%P7%(8'"1.%#.%6-"'(&#")#&%(%.-6#*1(8#=+%.'"-&%#3-"%.'-62#-(8#7.)7%.",<#76-("#-(8#%01'73%("G#-2#8%2/.'$%8#$%6)RF
=$G
;%(%.-6#*1(8#S#8)(-"%8#+%.'"-&%#3-"%.'-62#-(8#7.)7%.",<#76-("#-(8#%01'73%("
O(/)3%#-(8#%P7%(8'"1.%#.%6-"'(&#")#8)(-"')(L'(LT'(8#=/)37.'2'(&#+%.'"-&%#3-"%.'-62#-(8#7.)7%.",<#76-("#-(8#
%01'73%("G<#-2#R%66#-2#()(L&)4%.(3%("#&.-("2#12%8#*).#"+%#71./+-2%#)*#+%.'"-&%#3-"%.'-62#-(8#7.)7%.",<#76-("#-(8#
%01'73%("#-.%#-//)1("%8#*).#"+.)1&+#"+'2#*1(8#'(#"+%#;.)17Q2#-(8#"+%#9)-.8Q2#2"-"%3%("2#)*#/)37.%+%(2'4%#'(/)3%F#
U%.'"-&%#3-"%.'-62#.%/%'4%8#$,#"+%#;.)17#-2#8)(-"')(2#-.%#()"#'("%(8%8#*).#".-8'(&#).#*).#2-6%F
=/G
5%2".'/"%8#V1(82
7KH*URXS·VUHVWULFWHGIXQGVFRPSULVHGRQDWLRQVUHFHLYHGIRUVSHFLÀFSXUSRVHVIRUZKLFKWKHUHDUHUHVWULFWLRQVRQ
WKH*URXSLQUHODWLRQWRWKHDSSOLFDWLRQRIWKRVHIXQGV7KHVHLQFOXGHVSHFLÀFGRQDWLRQVUHFHLYHGIRUH[KLELWLRQV
-(8#7.)&.-32#-2#R%66#-2#*).#"+%#7+'6-"%6'/#*1(8F#:+%#$-2'2#)*#-//)1("'(&#'(#.%6-"')(#")#"+%2%#*1(82#'2#-2#8%2/.'$%8#'(#
()"%2#D#-(8#JF#V1(82#.%6-"%8#")#"+%#>'(&-7).%#?+'6-"%6'/#V1(8#-(8#"+%#W-"')(-6#!."#;-66%.,#V1(8#-.%#'(/618%8#'(#"+%#
;.)17Q2#.%2".'/"%8#*1(82#$1"#()"#'(#"+%#9)-.8Q2#.%2".'/"%8#*1(82#-2#"+%,#-.%#*1(82#+%68#$,#-#21$2'8'-.,#)*#"+%#;.)17#$1"#
/)(2"'"1"%#".12"#*1(82#-"#"+%#9)-.8F
37
!"#$%&'$"()*+,(#)'-./%&#")$0")*-11-2&,34
)
!"#$%&'%()*+
,)-.&/$
5&,36/-%")70&16$"1&')8+,(
7%-.-$&,3)6,()#$&.+16$&,3)6,)&,$"%"#$)&,)/0&16$"1<A).6,63&,3)$0")/0&16$"1&')
6%'0&B61).6$"%&61#A)6,()"#$6C1&#0&,3)6,().6,63&,3)6)/-#$61).+#"+.A)$0")
5&,36/-%")70&16$"1&')D+#"+.E
96$&-,61):%$);611"%<)7%"=-/",&,3)8+,(
8-%)$0")/%"=-/",&,3)-/"%6$&,3)"F/",(&$+%")-*)$0")96$&-,61):%$);611"%<A)
5&,36/-%")$-)C+&1()5&,36/-%")6#)6)%"3&-,61)0+C)*-%)B&#+61)6%$#)6,()$-)*-'+#)
-,)$0")(&#/16<A)/%-.-$&-,A)%"#"6%'0)6,()#$+(<)-*)5-+$0"6#$):#&6,)6%$A)
&,'1+(&,3)5&,36/-%")6%$E
>"%&$63")?,#$&$+$&-,)8+,(
5+//-%$&,3)$0")%"("B"1-/.",$)-*)$0")G)0"%&$63")&,#$&$+$&-,#)H>?#IA),6."1<)
$0")D616<)>"%&$63")J",$%")HD>JIA)5+,)K6$)5",)96,<6,3)D".-%&61)>611)
H5K59D>I)6,()$0")/%-/-#"()?,(&6,)>"%&$63")J",$%")H?>JIA)6#)2"11)6#)$0")
-/"%6$&-,#)-*)$0")>?#)$-)",#+%")$0")1-,3=$"%.)#+#$6&,6C&1&$<)-*)$0")(&**"%",$)
&,#$&$+$&-,#E
@$0"%)8+,(#
5"$)+/)*-%)/+%/-#"#)%"16$&,3)$-)$0")L-6%(M#)6,()$0");%-+/M#)-/"%6$&-,#E
!"#$%&#'()*+,$*-$."#$/,0*1#2$#34#,)/.5&#2$'66#.6$',)$7/'%/7/./#6$*-$."#$&#6.&/0.#)$-5,)6$-*&$."#$8&*54$'&#$'6$-*77*+69
B.$-)
9+":;)$.&1<=+>;,&>+#1
?-"*
5675
8
@;,+$";>1A.,1B;>>&.31
?-"*
5677
8
5675
8
5677
8
C&.+,;:&1!"0,+,-,+$"1
?-"*0
5675
8
5677
8
D,=&.1?-"*0
5675
8
E$,;>
5677
8
5675
8
5677
8
!"#$%&
:*,.&/%5./*,$',)$0'6"$)*,'./*,6
M
M
RN2WQV
RWN2URO
RV2VVV
O2TXW
O2SOT2TNT
R2QWX2NNN
O2SSU2RUT
R2WST2ROR
;)1/66/*,$-##6
M
M
M
M
NR2VVU
TO2OUX
M
M
NR2VVU
TO2OUX
<#,.'7$/,0*1#
M
M
M
M
M
W2SVS
M
M
M
W2SVS
RO2QRN
NQ2ROS
NS2UOX
X2UVN
M
M
M
M
TN2NUV
RT2WOW
>*&(6"*4?@#1/,'&6
M
M
M
M
OQW
NS2VUW
M
M
OQW
NS2VUW
:*,657.',0A?B&*C#0.$1','D#1#,.
M
M
N2RVV
M
M
M
M
M
N2RVV
M
:*11/66/*,?<*A'7./#6?:*,6/D,1#,.
M
M
Q2NTS
M
U2TUU
M
M
M
NN2UNO
M
E."#&6
M
M
NUR
NU2VWX
W2VUV
N2NQW
M
M
W2RRR
NS2RTS
RO2QRN
NQ2ROS
TQ2XXW
OVS2ONO
TU2WXV
SO2WVV
O2SOT2TNT
R2QWX2NNN
O2WQV2WRO
R2XWQ2TUN
M
M
YQ2ORS2XNRZ
YT2RTO2TTNZ
YR2UNV2XRQZ
YN2QVV2XUTZ
M
M
YS2XOW2WOSZ
YQ2STT2TVQZ
=,.#&#6.$/,0*1#
'()&"*+,-.&
@.'--$0*6.6
F#4&#0/'./*,$*-$4&*4#&.A2$47',.$',)$
$$$$#G5/41#,.
M
M
YNNT2ROQZ
YXO2NXVZ
M
YTV2UWUZ
YNUU2WTOZ
YRVR2OQNZ
YRWN2VSWZ
YOOU2RRSZ
<#,.'7$*-$4&#1/6#6?#G5/41#,.
M
M
YQXT2TUUZ
YQOS2XQUZ
YTN2XNTZ
YQQ2VSWZ
YW2WVVZ
M
YUTQ2NWVZ
YQXO2VOTZ
H./7/./#6
M
M
YRN2TRRZ
YNU2SWVZ
YNXV2UXRZ
YNXV2QUUZ
YNW2UONZ
M
YROV2STQZ
YRVS2OTUZ
I3"/%/./*,$#34#,6#6
M
M
YRT2TRUZ
YRWN2NVTZ
YN2TXR2QQUZ
YNTO2TRXZ
YR2RXQ2WSSZ
YN2QTU2QOXZ
YO2WNR2WQXZ
YN2XSN2VSRZ
<#4'/&6$',)$1'/,.#,',0#
M
M
YWX2WWTZ
YNVS2XWVZ
YTOS2WNTZ
YRWX2RTNZ
YO2WRUZ
YOU2NQNZ
YQON2QRTZ
YTOO2OSRZ
E."#&$6#&J/0#6$',)$-##6
M
M
YQXQ2QSVZ
YSON2XNQZ
YXTW2QUNZ
YNRV2STQZ
YNXR2NTXZ
YTOQ2UWSZ
YN2SOU2RWVZ
YN2RWW2OTSZ
8**)6$',)$6#&J/0#6$.'3$#34#,6#6
M
M
M
YSVTZ
YONN2QTVZ
M
YX2RWRZ
YT2XXSZ
YORV2WRRZ
YQ2SVNZ
@5447/#6$',)$1'.#&/'76
M
M
YNUX2RQQZ
YRWS2SWUZ
YNQV2OOOZ
YSR2TUWZ
YNO2VWQZ
YNVS2RVSZ
YOOR2USOZ
YTUS2TUNZ
E5.&#'0"2$45%7/0/.A$',)$45%7/0$&#7'./*,6
M
M
YSR2SSWZ
YSTU2TSSZ
YXQ2RSWZ
YOOX2UQRZ
YN2NRQ2STQZ
YTOU2WROZ
YN2RXO2WVNZ
YN2QRR2XQRZ
@#05&/.A$6A6.#16$',)$6#&J/0#6
M
M
YRT2WWQZ
YXS2SXTZ
YROR2TXOZ
YNOS2RNRZ
YRTVZ
M
YRQS2UNWZ
YROQ2VVUZ
@.'--$+#7-'&#$',)$)#J#7*41#,.
M
M
YUN2XRVZ
YQQ2WSTZ
YOS2OSXZ
YNR2WSTZ
YOW2WNOZ
YU2NXWZ
YNOW2NNRZ
YST2XTUZ
!&',64*&.2$4*6.'D#$',)$0*115,/0'./*,6
M
M
YNVQ2RUVZ
YNXV2TQNZ
YQO2WXUZ
YUQ2UTSZ
YRS2RTUZ
YNQ2NVXZ
YNWU2TVRZ
YRSN2RVSZ
$$$$#G5/41#,.
M
M
M
M
YT2WSWZ
M
M
M
YT2WSWZ
M
L&#/D".$0"'&D#6
M
M
YT2TXRZ
YO2VXUZ
YR2WWVZ
YNNRZ
YSRVZ
YTVVZ
YW2VXRZ
YO2UVWZ
M
M
M
M
YNR2VVVZ
M
M
M
YNR2VVVZ
M
M
M
YS2RVU2QVQZ
YS2OXT2QTWZ
YU2URO2NOXZ
YR2XUW2USTZ
YO2XVN2RQSZ
YR2SXN2TURZ YNS2SOV2XVNZ YNO2NQT2UWTZ
6XUSOXV'HÀFLWEHIRUHJUDQWV
RO2QRN
NQ2ROS
YS2NUV2QVSZ
YS2VWS2ROQZ
YU2QSU2RTXZ
YR2WXT2WSTZ
YNUU2WTOZ
YRVR2OQNZ YNO2WWV2VSWZ YNV2NUX2RROZ
8&',.6$&#0#/J#)$-&*1$8*J#&,1#,.
M
M
S2VSV2TRV
S2VRQ2UTN
U2QSU2RTX
R2WQT2NWW
M
M
NO2UTU2UUX
X2WSX2WRX
F#-#&&#)$0'4/.'7$D&',.6$'1*&./6#)
M
M
NNT2ROQ
XO2NXV
M
TV2UWU
NUU2WTO
RVR2OQN
RWN2VSW
OOU2RRS
RO2QRN
NQ2ROS
RT2NTW
ON2QXU
M
M
M
M
TS2UUX
TU2WOO
;005157'.#)$65&4756$'.$N$;4&/7
T2NSV2TVV
T2NQQ2NUO
ON2QXU
M
M
M
M
M
T2RVN2XXU
T2NQQ2NUO
;005157'.#)$65&4756$'.$ON$P'&0"
T2NXO2XRN
T2NSV2TVV
QQ2STT
ON2QXU
M
M
M
M
T2RTX2UUQ
T2RVN2XXU
T2NXO2XRN
T2NSV2TVV
QQ2STT
R2RRX2NUX
M
M
M
M
T2RTX2UUQ
M
M
M
YR2NXS2QSOZ
M
M
M
M
T2NXO2XRN
T2NSV2TVV
QQ2STT
ON2QXU
M
M
M
M
K*66$*,$)/64*6'7$*-$4&*4#&.A2$47',.$',)$
B&*4#&.A2$47',.$',)$#G5/41#,.$
$$$$+&/..#,M*--
1HWGHÀFLWIRUWKH\HDU
/&).&0&",&*1234
:'6"$',)$0'6"$#G5/J'7#,.6
K#669$8&',.6$&#0#/J#)$/,$')J',0#
U2OXX2QUX
YR2NXS2QSOZ
T2RTX2UUQ
T2RVN2XXU
39
F.2)'%2*6+"E#)"1)$.2)&#,"02>)2B72#+&$(%2>)*--2$-)*#+)4&*'&4&$&2-)"1)$.2)%2-$%&,$2+)1(#+-)1"%)$.2)X"*%+)*%2)*-)1"44"E-Y
;$5.*
<&.+,5=&1!"3,+,-,+$"12-"*3
7897
7899
:
:
/,0&.12-"*3
7897
7899
:
:
4$,56
7897
:
7899
:
!"#$%&
!"#$%&'($&"#)*#+),*-.)+"#*$&"#-
NO>OOO
L>STR
L>WLS>SKS
N>QRT>KKK
L>WQS>SKS
N>QTN>POT
/+0&--&"#)122-
KN>OOP
SL>LPT
J
J
KN>OOP
SL>LPT
J
R>WOW
J
J
J
R>WOW
LQR
KW>OPR
J
J
LQR
KW>OPR
32#$*4)&#,"02
5"%6-."78920&#*%!"00&--&"#83":*4$&2-8!"#-&;#02#$
P>SPP
J
J
J
P>SPP
J
<$.2%-
R>OPO
K>KQR
J
J
R>OPO
K>KQR
SP>RTO
WL>ROO
L>WLS>SKS
N>QRT>KKK
L>WRK>LOS
N>PPN>TKK
UN>PKO>TNQV
UK>QOO>TPSV
J
J
UN>PKO>TNQV
UK>QOO>TPSV
UNSL>OLWV
'()&"*+,-.&
9$*11),"-$=27%2,&*$&"#)"1)7%"72%$:>)74*#$)*#+)
)))2?(&702#$
32#$*4)"1)7%20&-2-82?(&702#$
@$&4&$&2-
J
USO>PRPV
UKPP>RSLV
UNON>LQKV
UKPP>RSLV
USK>TKSV
UQQ>OWRV
UR>ROOV
J
UQO>WKSV
UQQ>OWRV
UKTO>PTNV
UKTO>QPPV
UKR>PLKV
J
UNOT>LNLV
UKTO>QPPV
UK>STN>QQPV
UKSL>SNTV
UN>NTQ>RWWV
UK>QSP>QLTV
UL>WRR>SLLV
UK>PRT>TPRV
327*&%-)*#+)0*&#$2#*#,2
USLW>RKSV
UNRT>NSKV
UL>RNPV
ULP>KQKV
USSK>PSOV
ULNQ>LTNV
<$.2%)-2%C&,2-)*#+)122-
UTSR>QPKV
UKNO>WSQV
UKTN>KSTV
USLQ>PRWV
UK>KSO>WKOV
UQQP>SLNV
D""+-)*#+)-2%C&,2-)$*B)2B72#-2-
ULKK>QSOV
J
UT>NRNV
US>TTWV
ULNO>RNNV
US>TTWV
9(774&2-)*#+)0*$2%&*4-
UKQO>LLLV
UWN>SPRV
UKL>ORQV
UKOW>NOWV
UKPL>SKRV
UKWT>PWQV
AB.&'&$&"#)2B72#-2-
UTQ>NWRV
ULLT>PQNV
UK>KNQ>WSQV
USLP>RNLV
UK>NNK>ONLV
UWWP>SWQV
92,(%&$:)-:-$20-)*#+)-2%C&,2-
UNLN>STLV
UKLW>NKNV
UNSOV
J
UNLN>WLLV
UKLW>NKNV
9$*11)E241*%2)*#+)+2C24"702#$
ULW>LWTV
UKN>RWSV
ULR>RKLV
UP>KTRV
UWP>KTNV
UKT>OWNV
UQL>RTPV
UPQ>PSWV
UNW>NSPV
UKQ>KOTV
URK>KSNV
URO>WQPV
<($%2*,.>)7('4&,&$:)*#+)7('4&,)%24*$&"#-
F%*#-7"%$>)7"-$*;2)*#+)
))),"00(#&,*$&"#G"--)"#)+&-7"-*4)"1)7%"72%$:>)74*#$)
)))*#+)2?(&702#$
US>RWRV
J
J
J
US>RWRV
J
H%2&;.$),.*%;2-
UN>RROV
UKKNV
UWNOV
USOOV
UL>POOV
UQKNV
I%"72%$:>)74*#$)*#+)2?(&702#$)E%&$$2#J"11
UKN>OOOV
J
J
J
UKN>OOOV
J
UP>PNL>KLTV
UN>TPR>PWSV
UL>TOK>NQWV
UN>WTK>SPNV
UKO>QNS>LTPV
UQ>WPO>KLPV
UP>QWP>NSTV
UN>RTS>RWSV
UKPP>RSLV
UNON>LQKV
UP>WSL>OTNV
UL>OTW>NNQV
D%*#$-)%2,2&C2+)1%"0)D"C2%#02#$
P>QWP>NST
N>RQS>KRR
J
J
P>QWP>NST
N>RQS>KRR
=212%%2+),*7&$*4);%*#$-)*0"%$&-2+
J
SO>PRP
KPP>RSL
NON>LQK
KPP>RSL
NSL>OLW
1HWGHÀFLWIRUWKH\HDU
J
J
J
J
J
J
/,,(0(4*$2+)-(%74(-)*$)K)/7%&4
J
J
J
J
J
J
/,,(0(4*$2+)-(%74(-)*$)LK)M*%,.
J
J
J
J
J
J
'HÀFLWEHIRUHJUDQWV
45
!"#"$$"%&'()*+(,&-$(.+/
>8+"
!"#"$%&'"(')&*+$$+$*',-'(.&'/&"0'
;<4;
=
7$89)
;<44
=
;<4;
=
:8($%
;<44
=
CDD>DCC>EFG
CHI>JGG>GEC
FF>EHC>HHG
CHI>CED>FLG
CE>HDC>IDH
L>GDJ>EKH
CG>EID>HCH
L>IIC>CIK
HG>EJC>EGE
LD>CDK>EFD
HG>GCI>LDF
HF>FKI>DHF
IJ>EKL
IJ>EJI
IJ>EKL
IJ>EJI
1223
40"$(5'0&%&+6&2'-,0'%"7+("#
''&87&$2+(90&'(0"$5-&00&2'-0,:
''4,6&0$:&$('*0"$(5'
CI'M'CG
;&553
40"$(5'("<&$'(,'5("(&:&$(',-'
''%,:70&.&$5+6&'+$%,:&
='2&70&%+"(+,$',-'70,7&0(/>'7#"$('
''"$2'&?9+7:&$(
='":,0(+5"(+,$',-'70&7"+2'#&"5&5
=',$'@0+(&=,--5',-'70,7&0(/>'7#"$(
''"$2'&?9+7:&$('
!"#"$%&'"('&$2',-'(.&'/&"0
46
'LH>KDD
=
LH>KDD
=
HG>FLF>HLC
LD>CGD>GLI
HG>ECL>IIH
LD>DHD>EGK
FD>HGJ>HIE
CDD>DCC>EFG
EF>EIG>GGG
FF>EHC>HHG
0+1"$&)(2(3,"/
;<4;
=
1%%09"#5'-,0'5("--'%,5(5'
A(.&0'7"/")#&5
7$89)
;<44
=
;<4;
=
:8($%
;<44
=
E>LDL>JFI
E>JFE>GHH
G>GJG>IDE
G>GIF>DKE
CF>HJD>HFE
CF>CDG>CHK
CE>JJD>IFC
CE>JCE>LDE
HG>KJL>GFJ
HG>IDK>EJG
HI>CEE>HFF
HI>CEG>LII
A(.&0'7"/")#&5':"+$#/'%,:70+5&'":,9$(5'29&'(,'6&$2,05'-,0'&8.+)+(+,$'&87&$5&5>'790%."5&',-'.&0+("*&':"(&0+"#5'"$2'
:"+$(&$"$%&'5&06+%&5B
7KHFRQWUDFWXDOXQGLVFRXQWHGFDVKÁRZVRIRWKHUSD\DEOHVDUHHTXLYDOHQWWRWKHLUFDUU\LQJDPRXQWDQGDUHH[SHFWHGWR
,%%90'@+(.+$',$&'/&"0B
41
0<
()"*%5'),6,$7,8'$*'"87"*6,'9':3")8
23%"&
43%,
./0.
1
./00
1
!"#$%"&'()"*%
./0.
./00
1
1
+#,)"%$*-'()"*%
./0.
./00
1
1
!"#"$%&'"(')&*+$$+$*',-'
'''(.&'/&"0
=>?@AB?@BC
@=?EC>?@AD
C?FGE?@AB
CCD?DD>?ABE
CCG?>FA?CEF
CF>?GDD?E@=
CED?BD>?E=B
C>
8>C>?AA>9
C@
C?DAG?BAA
=A?EB>?A=@
@@?=AF?BAD
G?>ED?=AB
H
CC=?BG>?@=F
CCG?>FA?CEF
E?ADE?AC@
C?DAG?BAA
CBB?GA@?EG>
CEB?FFF?F=B
@B?CAF
8BG?F=G9
=C?GEB
8CGF?CGD9
8C@?>@D9
8CB?F=A?>C>9
8G?==C?C=E9
8C?DB>?AEA9
8@D?DEE9
8CE?FFF?C=>9
8G?=CC?>CA9
8CCA?EGA?AAF9
8DG?BBC?AGD9
8C?@@A9
8BD?=DE9
8CCA?E>F?E=F9
8DG?=DC?G@@9
EG?BDB?G>@
=>?@AB?@BC
G?A@B?==C
C?FGE?@AB
EA?B@D?==G
=A?EB>?A=@
C?GGE?E@C?CBD
C?>CE?E@D?CA@
@CF?CEG?AD>
@C@?FDG?@FE
DCB?GFF?AFB
FAA?=EE?=CD
10"$(2'0&%&+3&4'450+$*'
'''(.&'/&"0
67,5$(2'(0"$2-&00&4'
'''8(,9:-0,7'.&0+("*&'
'''%";+("#'0&2&03&
67,5$(2'(0"$2-&00&4'(,'
'''4&-&00&4'%";+("#'*0"$(2
67,5$(2'(0"$2-&00&4'
'''(,'2("(&7&$(',-'
'''%,7;0&.&$2+3&'+$%,7&
!"#"$%&'"('&$4',-'
'''(.&'/&"0
<,("#'*0"$(2'0&%&+3&4'
'''2+$%&'&2(")#+2.7&$(
<.&')"#"$%&',-'IG?A@B?==C'8>ACCJ'IC?FGE?@AB9'+$'%";+("#'*0"$(2'"2'"('GC'K"0%.'>AC>'%,7;0+2&2'"7,5$(2'&"07"0L&4'-,0'
;0,M&%(2H+$H;0,*0&22'"2'N&##'"2'"7,5$(2'&"07"0L&4'-,0';0,M&%(2'N.&0&';0,*0&22'."2')&&$'2#+*.(#/'4&#"/&4O
0=
()"*%5'),6,$7,8'$*'"87"*6,'9'()3;#
23%"&
43%,
./0.
1
./00
1
!"#$%"&'()"*%
./0.
./00
1
1
+#,)"%$*-'()"*%
./0.
./00
1
1
!"#"$%&'"(')&*+$$+$*',-'
'''(.&'/&"0
=G?F@B?DCA
@F?>F@?E@D
C?FGE?@AB
C>B?AC@?CC>
C>C?BAE?F>B
CDA?F=>?A>>
C=D?DDA?GB=
C>
8>C>?AA>9
C@
C?DAG?BAA
=>?AC>?EAG
@=?GFA?F@D
G?>ED?=AB
H
C>G?BE@?EAE
C>C?BAE?F>B
E?ADE?AC@
C?DAG?BAA
CFE?B=B?AAF
C=F?AF=?=B=
@B?CAF
8BG?F=G9
=C?GEB
8CGF?CGD9
8C@?>@D9
8CF?>AC?=A>9
8G?BA@?FE>9
8C?DB>?AEA9
8@D?DEE9
8C=?>>D?EE>9
8G?=E@?FDB9
8CCF?=EC?AD@9
8CA>?@F@?B>>9
8C?@@A9
8BD?=DE9
8CCF?=@D?=E@9
8CA>?@AE?A>B9
EG?BDB?G>@
=G?F@B?DCA
G?A@B?==C
C?FGE?@AB
EA?B@D?==G
=>?AC>?EAG
C?GED?EAA?=DG
C?>G>?@F=?EFC
@CF?CEG?AD>
@C@?FDG?@FE
D@C?G@B?=AC
FCB?EDG?AD=
10"$(2'0&%&+3&4'450+$*'
'''(.&'/&"0
67,5$(2'(0"$2-&00&4'
'''8(,9:-0,7'.&0+("*&'
'''%";+("#'0&2&03&
67,5$(2'(0"$2-&00&4'(,'
'''4&-&00&4'%";+("#'*0"$(2
67,5$(2'(0"$2-&00&4'
'''(,'2("(&7&$(',-'
'''%,7;0&.&$2+3&'+$%,7&
!"#"$%&'"('&$4',-'
'''(.&'/&"0
<,("#'*0"$(2'0&%&+3&4'
'''2+$%&'&2(")#+2.7&$(
<.&')"#"$%&',-'IG?A@B?==C'8>ACCJ'IC?FGE?@AB9'+$'%";+("#'*0"$(2'"2'"('GC'K"0%.'>AC>'%,7;0+2&2'"7,5$(2'&"07"0L&4'-,0'
;0,M&%(2H+$H;0,*0&22'"2'N&##'"2'"7,5$(2'&"07"0L&4'-,0';0,M&%(2'N.&0&';0,*0&22'."2')&&$'2#+*.(#/'4&#"/&4O
-.
!"#"$$"%&%'()*+'(,
34-3
5
!"#$%&'(('(&#)*#"+%#,%-.
/$'01
QI;QOD;QFD
34-5
IG;HPI;PDQ
34-3
5
2')$%
QI;DIF;FOT
34-5
IG;HIT;HFG
!//0
1)(-"')(2#.%3%'4%/#/5.'(&#"+%#,%-.
E;DOI;PHG
H;PDE;FIF
E;DQE;QPD
H;FDI;DHE
QH;TDO;QED
IP;HQP;OEH
QH;TED;PEO
IP;EEH;QEE
=O;DEQ;EDI@
=PQO;IEP@
=O;DHG;FDF@
=EFP;DOT@
=DE;FDG;HHI@
6%220
!7)5("2#".-(2*%..%/#")#"+%#2"-"%7%("2
###)*#3)78.%+%(2'4%#'(3)7%#
!7)5("2#".-(2*%..%/#")#9'('2".,#)*
###:(*).7-"')(;#<)775('3-"')(2#-(/
###"+%#!."2#=2%%#()"%#$%>)?@#
A%*5(/#")#/)().2
!"#%(/#)*#"+%#,%-.
U
=DE;FDG;HHI@
U
=TI;IEI@
=DG;DTT@
=TI;IEI@
=DG;DTT@
QD;QIQ;DFO
QI;QOD;QFD
QD;QDH;HFO
QI;DIF;FOT
2Q2FWREHU6LQJDSRUH/DQG$XWKRULW\´6/$µLQIRUPHGWKH0LQLVWU\RI,QIRUPDWLRQ&RPPXQLFDWLRQVDQGWKH$UWV
´0,&$µWKDWWKH1DWLRQDO$UW*DOOHU\´1$*µVLWHKDGEHHQDOORFDWHGDQGKDQGHGRYHUWR0,&$'RQDWLRQVSUHYLRXVO\
5"'>'2%/#-(/#3-8'"->'2%/#$,#"+%#B)-./#-2#/%4%>)87%("#3)2"#-7)5("'(&#")#CDE;FDG;HHI#?-2#-33)./'(&>,#".-(2*%..%/#*.)7#"+%#
B)-./#")#9:<!J
K+%#B)-./#?'>>#3)("'(5%#")#)4%.2%%#"+%#/%4%>)87%("#)*#L!M#5("'>#'"2#3)78>%"')(#-(/#-3"#-2#-(#-&%("#")#9:<!#")#)8%.-"%#"+%#
*5(/2#*.)7#K)"%#B)-./#'(#.%>-"')(#")#"+%#/%4%>)87%("#)*#L!MJ#!(,#%N'2"'(&#5(5"'>'2%/#(%?#/)(-"')(2#*.)7#K)"%#B)-./#?'>>#$%#
+%>/#'(#".52"#$,#"+%#B)-./#)(#$%+->*#)*#9:<!J#CFD;ODI;PQG#=DGQQ0CQH;GGO;GGP@#)*#5(5"'>'2%/#/)(-"')(2#-.%#+%>/#'(#".52"#$,#"+%#
M.)58#-(/#B)-./#-2#-"#IQ#9-.3+#DGQDJ
7KHUHPDLQLQJGHIHUUHGGRQDWLRQVPDLQO\UHODWHWRGRQDWLRQVUHFHLYHGIRUVSHFLÀFSXUSRVHVVXFKDVIRUH[KLELWLRQVRU
85.3+-2%#)*#3%."-'(#+%.'"-&%#7-"%.'->2J#:(#-33)./-(3%#?'"+#"+%#<+-.'"'%2#=:(2"'"5"')(2#)*#-#R5$>'3#<+-.-3"%.@#A%&5>-"')(2#DGGF#
VHFWLRQSDUDJUDSKDQ\XQXWLOLVHGVSHFLÀFGRQDWLRQVLVWREHUHIXQGHGWRWKHGRQRURUEHXVHGIRUSXUSRVHVDSSURYHG
$,#"+%#S%3").#!/7'('2".-").J#!2#253+;#"+%#.%3)&('"')(#)*#253+#/)(-"')(2#-.%#/%*%..%/#5("'>#"+%#B)-./#-(/#"+%#M.)58#+-4%#
3)(".)>#)*#"+%2%#/)(-"')(2J
43
!"
#$%&'(($%(&)*&%+,(%&*,-.(
!"#$%&'('$)*$&++),-.(-/$(-$0#1&.()-$.)$.0,'.$*,-2'$('$2#'+0(%#2$(-$-).#'$3$&-2$45
!"#$-&.,0#$)*$."#$.0,'.$*,-2'$)*$."#$6)&02$('$&'$%#1)78
9&:$
G"(1&.#1(+$*,-2$7"(+"$('$#'.&%1('"#2$*)0$."#$<,0<)'#$)*$<0)?).(-/$&-2$'.(?,1&.(-/$&-$(-.#0#'.$(-$<"(1&.#1>H$?&-&/(-/$."#$
<"(1&.#1(+$&0+"(E&1$?&.#0(&1'H$&-2$#'.&%1('"(-/$&-2$?&-&/(-/$&$<)'.&1$?,'#,?H$."#$A(-/&<)0#$G"(1&.#1(+$I,'#,?5$@->$
,'#$)*$."#$<"(1&.#1(+$*,-2$7"(+"$('$-).$(-$&++)02&-+#$7(."$."#$<,0<)'#'$&-2$/,(2#1(-#'$0#J,(0#'$."#$<0()0$&<<0)E&1$)*$
WKH%RDUG7KHSKLODWHOLFIXQGKDVEHHQSUHVHQWHGDVDUHVWULFWHGIXQGLQWKH*URXS·VFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV
&'$."#$*,-2$('$"#12$)-$%#"&1*$*)0$&$',%'(2(&0>$)*$."#$;0),<H$A(-/&<)0#$G"(1&.#1(+$I,'#,?5
9%:
)XQGVWKDWDUHKHOGRQEHKDOIRIWKH$6($1&RPPLWWHH´$6($1&2&,µDVWKH%RDUGPDQDJHVSURMHFWVRQ&XOWXUHDQG
K-*)0?&.()-H$)-$%#"&1*$)*$&-2$7"(+"$&0#$*,-2#2$%>$."#$@AB@C$L)??(..##5
9+:
C&.()-&1$@0.$;&11#0>$G0#M)<#-(-/$F,-2$."&.$('$"#12$)-$%#"&1*$)*$(.'$',%'(2(&0>H$!"#$C&.()-&1$@0.$;&11#0>H$A(-/&<)0#$*)0$
."#$,'#$(-$."#$)<#0&.(-/$&+.(E(.(#'$)*$."#$',%'(2(&0>5
92:
C&.()-&1$@0.$;&11#0>$D#E#1)<?#-.$F,-2$."&.$('$"#12$)-$%#"&1*$)*$."#$I(-('.0>$)*$K-*)0?&.()-H$L)??,-(+&.()-'$&-2$."#$
@0.'$*)0$,'#$(-$."#$2#E#1)<?#-.$)*$."#$C&.()-&1$@0.$;&11#0>$9-).#$NO:5
!"#$;0),<='$.0,'.$*,-2'$')1#1>$+)?<0('#$*,-2'$."&.$&0#$"#12$)-$%#"&1*$)*$."#$@AB@C$+)??(..##$&-2$."#$C&.()-&1$@0.$;&11#0>$
D#E#1)<?#-.$F,-25
!"#$%&#'()*+,-$%#.+,$+/$0"#$1-2+3#4$#56#-*107&#$'-*$'88#08$+/$0"#$0&780$/7-*8$"'9#$%##-$6&#6'&#*$/&+3$0"#$&#2+&*8$+/$0"#$0&780$
IXQGVDQGUHÁHFWRQO\WKHWUDQVDFWLRQVKDQGOHGE\WKH%RDUGDQGWKH*URXS
K(#,4
D-/>#"$>/*'32&4
@AB@
C
<!6<?'EFE5'32&4
@ABB
C
@AB@
C
@ABB
C
?#"/(&#>'<,"'G#>>$,:'
D,$H(+$&/&I'32&4
@AB@
C
@ABB
C
?#"/(&#>'<,"'G#>>$,:
J$0$>(+%$&"'32&4
@AB@
C
1("#>
@ABB
C
@AB@
C
@ABB
C
!"#"$%$&"'()'*(%+,$-$&./0$'/&*(%$
$$$()'1,2."'32&4.'5&*(%$
5&*(%$
:+-0&1%701+-8$'-*$2'8"$*+-'01+-8
)
)
)
)
OK4WNS
OWK4ROL
)
)
OK4WNS
OWK4ROL
OL4NOK
KN4OLP
)
)
KP4RLV
V4RSK
)
)
QK4KRS
OQ4WLW
:+-87.0'-2<=>&+?#20$3'-'@#3#-0
)
)
)
)
K4OSS
)
)
)
K4OSS
)
:+331881+-=&+<'.01#8=2+-81@-3#-0
)
)
)
)
N4KQP
)
)
)
N4KQP
)
A0"#&8
)
)
PL4OKP
)
KRO
KR4SWV
)
)
PL4LPV
KR4SWV
OL4NOK
KN4OLP
PL4OKP
)
QN4VVW
LSP4LKL
)
)
KQO4PLR
LOO4NNS
B0'//$2+808
)
)
)
)
TN4LOP4VKOU
TQ4OQL4QQKU
)
)
TN4LOP4VKOU
TQ4OQL4QQKU
C#6&#21'01+-$+/$6&+6#&0<4$6.'-0$'-*$#D7163#-0
)
)
)
)
TKKQ4OLNU
TVL4KVSU
)
)
TKKQ4OLNU
TVL4KVSU
E#-0'.$+/$6&#318#8=#D7163#-0
)
)
TK4OSSU
)
TNVQ4QRRU
TNLP4VNRU
)
)
TNVN4RRRU
TNLP4VNRU
F01.101#8
)
)
)
)
TOK4QOOU
TKR4PWSU
)
)
TOK4QOOU
TKR4PWSU
G5"1%101+-$#56#-8#8
)
)
)
)
TOQ4QORU
TOWK4KSQU
)
)
TOQ4QORU
TOWK4KSQU
E#6'1&8$'-*$3'1-0#-'-2#
)
)
)
)
TWV4WWQU
TKSP4VWSU
)
)
TWV4WWQU
TKSP4VWSU
A0"#&$8#&912#8$'-*$/##8
)
)
TL4VNNU
TK4NOPU
TVSK4NVSU
TK4QVO4NKRU
)
)
TVSN4NQNU
TK4QVQ4SQLU
H++*8$'-*$8#&912#8$0'5$#56#-8#8
)
)
)
)
)
TPSQU
)
)
)
TPSQU
B766.1#8$'-*$3'0#&1'.8
)
)
TK4PVPU
)
TKRV4ONNU
TOWP4PWRU
)
)
TKPK4SNOU
TOWP4PWRU
A70&#'2"4$67%.1210<$'-*$67%.12$&#.'01+-8
)
)
TP4ONKU
)
TPO4PPWU
TPQR4QPPU
)
)
TWS4SOVU
TPQR4QPPU
B#27&10<$8<80#38$'-*$8#&912#8
)
)
)
)
TOQ4WWNU
TVP4PVQU
)
)
TOQ4WWNU
TVP4PVQU
B0'//$,#./'&#$'-*$*#9#.+63#-0
)
)
)
)
TRK4VOSU
TNN4WPQU
)
)
TRK4VOSU
TNN4WPQU
!&'-86+&04$6+80'@#$'-*$2+337-12'01+-8
)
)
TKW4PQQU
)
TKSN4ORSU
TKVS4QNKU
)
)
TKOQ4SSQU
TKVS4QNKU
I&#1@"0$2"'&@#8
)
)
)
)
TQ4QVOU
TL4SVRU
)
)
TQ4QVOU
TL4SVRU
)
)
TLO4VQPU
TK4NOPU
TP4NKO4NONU
TW4KNN4KQVU
)
)
TP4NQN4QPOU
TW4KNR4RPRU
6XUSOXV'HÀFLWEHIRUHJUDQWV
OL4NOK
KN4OLP
QS4OPS
TK4NOPU
TP4QRR4NOPU
TP4WQP4WLRU
)
)
TP4QSO4PLRU
TP4WLQ4KORU
H&'-08$&#2#19#*$/&+3$H+9#&-3#-0
)
)
)
)
P4LPR4QQS
P4PWR4OQO
)
)
P4LPR4QQS
P4PWR4OQO
C#/#&&#*$2'610'.$@&'-08$'3+&018#*
)
)
)
)
KKQ4OLN
VL4KVS
)
)
KKQ4OLN
VL4KVS
OL4NOK
KN4OLP
QS4OPS
TK4NOPU
OQ4KQW
LK4NVR
)
)
WP4VLV
QN4LSR
)
)
)
TON4OVSU
)
)
)
)
)
TON4OVSU
J22737.'0#*$87&6.78$'0$K$J6&1.
Q4KPS4QSS
Q4KNN4KRL
)
OR4WKP
LK4NVR
)
)
)
Q4OSK4VVR
Q4KWK4VWS
J22737.'0#*$87&6.78$'0$LK$M'&2"
Q4KVL4VOK
Q4KPS4QSS
QS4OPS
)
NN4PQQ
LK4NVR
)
)
Q4OWV4VLN
Q4OSK4VVR
>.'-0$'-*$#D7163#-0
)
)
)
)
LPK4NQN
KVS4RPK
)
)
LPK4NQN
KVS4RPK
A0"#&$&#2#19'%.#84$*#6+8108$'-*$6&#6'<3#-08
)
)
)
)
LLO4QPO
KQS4WSV
LK4ORO4OSL
KW4PQV4LKL
LK4NVQ4RPN
KW4WVS4KOO
Q4KVL4VOK
Q4KPS4QSS
QS4OPS
)
K4KRQ4RVW
O4OVL4OKS
QL4ONS4OLS
PWK4QKW
QW4RQV4KKV
P4OQN4SOW
Q4KVL4VOK
Q4KPS4QSS
QS4OPS
)
K4WRW4PKN
O4ROQ4RVS
PQ4NKO4QLL
KV4NLS4PLK
WS4RKN4LLV
OR4LON4WOK
C#/#&&#*$2'610'.$@&'-08
)
)
)
)
LPK4NQN
KVS4RPK
)
)
LPK4NQN
KVS4RPK
>&+9181+-$/+&$&#80+&'01+-$2+80
)
)
)
)
WO4NNS
WO4NNS
)
)
WO4NNS
WO4NNS
A0"#&$6'<'%.#8
)
)
)
)
K4LNR4QPR
K4KNS4RRP
K4WWW4NOL
K4NOQ4POO
L4OQQ4VVV
O4RPN4LWV
H&'-08$&#2#19#*$1-$'*9'-2#
)
)
)
)
)
K4KQQ4VNR
)
)
)
KV4KNS4VRN
C#/#&&#*$*+-'01+-8
)
)
)
)
O4QSS
OQ4ONS
PO4ROL4VKS
KW4SSR4SSV
PO4ROR4LKS
OQ4ONS
)
)
)
)
K4WKO4VPK
O4NVL4SVQ
PQ4NKO4QLL
KV4NLS4PLK
PR4LON4QSQ
OO4KOL4WON
Q4KVL4VOK
Q4KPS4QSS
QS4OPS
)
NN4PQQ
LK4NVR
)
Q4OWV4VLN
Q4OSK4VVR
;-0#&#80$1-2+3#
67+$&4/"2,$
1HWVXUSOXVGHÀFLWIRUWKH\HDU
E#07&-$+/$/7-*8
8$+,$.$&"$4'9:;
<..$".
:'8"$'-*$2'8"$#D719'.#-08
=/#9/>/"/$.
?$"'#..$".
45
;$%!9&%*N6,O)!,-!#$%!0)5,/%8!%P.%)60#3&%8!*''%#'!*)6!+0*90+0#0%'!,-!#$%!&%'#&05#%6!-3)6'!-,&!#$%!Q,*&6!*&%!*'!-,++,O'R
@,(2+
?#"/(&#>'<,"'@#>>$,:
A$0$>(+%$&"'32&4
BCDB
BCDD
E
E
<!6<?'FGF5'32&4
BCDB
BCDD
E
E
1("#>
BCDB
E
BCDD
E
!"#"$%$&"'()'*(%+,$-$&./0$'
!!!/&*(%$'()'1,2."'32&4.'
5&*(%$
"#$%&'
C?8D>C
L
L
L
C?8D>C
L
67+$&4/"2,$
(%)#*+!,-!.&%/0'%'1%230./%)#
E>8DFFG
L
L
L
E>8DFFG
L
"#$%&!'%&405%'!*)6!-%%'
E?8HIIG
E>8IDCG
L
L
E?8HIIG
E>8IDCG
73..+0%'!*)6!/*#%&0*+'
E>8CHCG
L
L
L
E>8CHCG
L
EC8DI>G
L
L
L
EC8DI>G
L
E>J8CKKG
L
L
L
E>J8CKKG
L
E?D8HKCG
E>8IDCG
L
L
E?D8HKCG
E>8IDCG
KF8DCF
E>8IDCG
L
L
KF8DCF
E>8IDCG
L
EDI8DHFG
L
L
L
EDI8DHFG
"3#&%*5$8!.39+050#:!*)6!.39+05!
!!!&%+*#0,)'
;&*)'.,&#8!.,'#*<%!*)6!
!!!5,//3)05*#0,)'
'HÀFLWEHIRUHJUDQWV
(%#3&)!,-!-3)6'
=553/3+*#%6!'3&.+3'!*#!>!=.&0+
=553/3+*#%6!'3&.+3'!*#!?>!@*&5$
L
DM8J>C
L
L
L
DM8J>C
KF8DCF
L
L
L
KF8DCF
L
>J8CKH8?>?
8$+,$.$&"$4'9:;
<..$".
"#$%&!&%5%04*9+%'8!6%.,'0#'!*)6
!!!.&%.*:/%)#'
L
L
?>8DMD8DF?
>J8CKH8?>?
?>8DMD8DF?
KF8DCF
L
K?8DIF8D?F
CJ>8K>J
K?8DHF8IFF
CJ>8K>J
KF8DCF
L
CK8I>D8K??
>H8I?F8C?>
CK8IID8CF?
>H8I?F8C?>
"#$%&!.*:*9+%'
L
L
>8JJJ8ID?
>8IDK8CDD
>8JJJ8ID?
>8IDK8CDD
B%-%&&%6!6,)*#0,)'
L
L
CD8MD?8H>F
>J8FFM8FFH
CD8MD?8H>F
>J8FFM8FFH
L
L
CK8I>D8K??
>H8I?F8C?>
CK8I>D8K??
>H8I?F8C?>
KF8DCF
L
L
L
KF8DCF
L
A*'$!*)6!5*'$!%2304*+%)#'
=/#9/>/"/$.
?$"'#..$".
;<
!"#$$%&'("(
;<=;
B
>+'*/
8'#+5
;<==
B
;<=;
B
J>KLK>MNO
O>LRM>PRL
R>NPP>JSP
O>PNN>MON
OK>KMM>LPQ
OJ>PJP>RJS
OR>NML>KSK
OQ>SMJ>MPP
O>RMO
O>LPN
O>RMO
O>LPN
RR>SMK>LLM
OL>PQP>JPK
OK>RKR>LPN
OO>KLN>PJJ
O>LJN>MKM
O>NPL>KPQ
O>NKQ>OMP
N>SSK>MKM
;<==
B
!"#$%&'&("%"')$*"+,-''".
VKRUWWHUPHPSOR\HHEHQHÀWV
/)0"+$"%*.-#"",
VKRUWWHUPHPSOR\HHEHQHÀWV
SRVWHPSOR\PHQWEHQHÀWV
1%*.-#"+2,$3-')+456)4-'$)$$$$7"')+&.$8+-94:"')$;6':$4'3.6:":
LQVKRUWWHUPHPSOR\HHEHQHÀWV
!"#$%&'&("%"')$*"+,-''".$-<$)0"$=+-6*$&+"$)0-,"$*"+,-',$0&94'($)0"$&6)0-+4)#$&':$+",*-',454.4)#$<-+$*.&''4'(>$:4+"3)4'($
DQGFRQWUROOLQJWKHDFWLYLWLHVRIWKHHQWLW\7KH&KLHI([HFXWLYH2IÀFHUDQG'LUHFWRUVDUHFRQVLGHUHGNH\PDQDJHPHQW
*"+,-''".$-<$)0"$=+-6*?
;=
)*"+,#&-.%/*012&2"3%#45%/*012&%+,1#"2'4(%#45%"+#4(/'+".%/'("#6,%#45
&'77*42&#"2'4(
;<=;
B
1')"+)&4'%"')$
@+&9".A+".&)":$"B*"',",
;;
8'#+5%7,70,+(9%#11':#4&,(
70&4+%&'
>+'*/
;<=;
B
;<==
B
8'#+5
;<==
B
SK>MLL
JS>PQS
SQ>KLN
RK>LMS
KPP>OJR
SNJ>OJQ
SJM>JOL
JJR>JSK
>+'*/%?;<=;@
A11':#4&,%/,+%#44*7
8'#+5%?;<==@
A11':#4&,%/,+%#44*7
C#24%8'#+5 !*0D0'#+5(
B
B
C#24%8'#+5 !*0D0'#+5(
B
B
NN>JQQ
A
PJ>QQQ
A
PM>KSJ
A
PP>NJQ
A
PP>NJQ
A
S>JQQ
A
J>MNJ
N>KPO
O>SJQ
P>KSJ
PP>NJQ
A
S>JQQ
A
J>MNJ
N>KPO
O>SJQ
P>KSJ
1RQ3XEOLF6HFWRU2IÀFHUV
70&4+%&'$-<$1B3-CD6:4)$7-%%4))""
E"%5"+$-<$1B3-CD6:4)$7-%%4))""$&':$
$$$$70&4+%&'$-<$F65A5-&+:,
E"%5"+,
3XEOLF6HFWRU2IÀFHUV
E"%5"+$-<$1B3-C&6:4)$7-%%4))""$&':$
$$$$70&4+%&'$-<$F65A5-&+:,
E"%5"+,
1DWLRQDO+HULWDJH%RDUGUHIHUUHGWRDV´0DLQ%RDUGµKDVIRXUVXEERDUGVQDPHO\$VLD&LYLOL]DWLRQ0XVHXPV%RDUG1DWLRQDO
D+3049",$-<$F4'(&*-+"$G-&+:>$H&)4-'&.$E6,"6%$-<$F4'(&*-+"$G-&+:$&':$F4'(&*-+"$D+)$E6,"6%$G-&+:$I+"<"++":$)-$&,$
´6XEERDUGVµ
47
/0
!"#$%&'()*'&*+&",&
!"#$%&'()*&+$,#-('&.#$/)&-0$(1$&$'&23#2#45'#0$(*1'('6'()*$6*0#-$'"#$5-)7(1()*1$)8$'"#$9*:)4#$!&2$;:'$<=&5>$?@AB$CDDA$
E#7(1#0$F0('()*G>
!"#$16H1(0(&-IB$J(*.&5)-#$K"(+&'#+(:$L61#64$<JKLGB$M&1$-#.(1'#-#0$&1$&$:"&-('I$6*0#-$'"#$="&-('I$;:'$?NNA>$K-()-$')$'"#$
O#&-$)8$;11#114#*'$CDDPB$JKL$M&1$#2#45'#0$8-)4$'&2$&1$&'$+#&1'$PDQ$)8$('1$(*:)4#$(1$&55+(#0$8)-$:"&-('&H+#$56-5)1#1>$R('"$
#88#:'$8-)4$O#&-$)8$;11#114#*'$CDDPB$JKL$#*S)I1$&6')4&'(:$(*:)4#$'&2$#2#45'()*$M('")6'$H#(*.$-#T6(-#0$')$4##'$'"#$PDQ$
15#*0(*.$-6+#>
!"#$16H1(0(&-IB$!"#$%&'()*&+$;-'$U&++#-IB$M"(:"$(1$(*:)-5)-&'#0$)*$?V$W&*6&-I$CDDN$(1$&+1)$-#.(1'#-#0$&1$&$:"&-('I$6*0#-$'"#$
="&-('I$;:'$?NNAB$&*0$#*S)I1$&6')4&'(:$(*:)4#$'&2$#2#45'()*$M('")6'$H#(*.$-#T6(-#0$')$4##'$'"#$PDQ$15#*0(*.$-6+#>
/1
1HWGHÀFLWVXUSOXVIRUWKH\HDUEHIRUHGRQDWLRQVLQNLQGKHULWDJH
PDWHULDOVSURSHUW\SODQWDQGHTXLSPHQWDFTXLUHGXVLQJFDVK
-$")(.$",
/67/
8
%#'$16-5+61$8)-$'"#$I#&-
23$4+
5$)3-
/677
8
/67/
8
/677
8
?B]NNBDAP
^BC@NBP@@
?BP@]B?V]
^BVCCBD@N
<?BPPCBVAPG
<AB^C^BADCG
<?BP@NB?APG
<AB^C^BADCG
<?B@A]B^?NG
<VAABVP]G
<?B@A]B^?NG
<VAABVP]G
<?BA@?B??NG
VNB]AA
<?B@ANB^DDG
A^?BN^D
X#11Y
Z)*&'()*13(*3[(*0
,#-('&.#$4&'#-(&+1\5-)5#-'IB$5+&*'$&*0
$$$#T6(54#*'$&:T6(-#0$61(*.$:&1"$
$$$0)*&'()*1
9:
!"#$%&"'()*+$#",*(-.&/
!"#$%#&'#($)*+,#)-*-./%"#$01#2%.3."$%.40#45#140$%.40"#6+-)-78#%$9:1-12*%.40"#$)-#$;$.3$73-#$)-#$"#543346"<
=+%.>("&/(?%"+/
9@AA
9@A9
B
B
!%#'#!/).3
E,FG&,HIH
J,'IF,EE'
F,JKK,KHI
&,HKJ,JKH
LG,H&',HKGM
LN,GKN,N&EM
!11<
=40$%.40"#)-*-.;-1#12).0>#%+-#8-$)#
?-""<
@9/-01.%2)-#12).0>#%+-#8-$)#
A-5201#%4#1404)"
!%#&'#($)*+
9;
LF&,&G&M
LFG,NFFM
J,'EH,HNI
E,FG&,HIH
0+*1*+2"#$%&(%3(4%&.5*&#1(-.&/
!"#$%#&'#($)*+,#)-*-./%"#$01#2%.3."$%.40#45#140$%.40"#6+-)-78#%$9:1-12*%.40"#$)-#$;$.3$73-#$)-#$"#543346"<
=+%.>("&/(?%"+/
9@AA
9@A9
B
B
!%#'#!/).3
N,KGI,NGJ
N,KJF,IEH
J'G,'K&
FFH,''G
!11<
=40$%.40"#)-*-.;-1#12).0>#%+-#8-$)#
?-""<
9<
@9/-01.%2)-#12).0>#%+-#8-$)
L&HK,JENM
LFG&,H&EM
!%#&'#($)*+
N,NI&,JHE
N,KGI,NGJ
6%55$#5*&#1
!"#$%#&'#($)*+,#%+-#B)42/#$01#%+-#C4$)1#+$1#%+-#543346.0>#*4DD.%D-0%"<
=+%.>("&/(?%"+/
9@A9
9@AA
B
B
7"8
6">$#"'(C%55$#5*&#1
:#*40%)$*%-1#72%#04%#/)4;.1-1#54)
:#$2%+4)."-1#72%#04%#*40%)$*%-1#54)
G&N,J'&
',HJN,GKJ
G,KEE,KKE
NN,I'G,&EI
49
!"#
3,&-()1/4+'&(0&+$2551)5&/)0+67&-&+)7&+8-29,+10+)7&+'&00&&
7KHRSHUDWLQJOHDVHFRPPLWPHQWVUHODWHWRWKHOHDVLQJRIRIÀFHSUHPLVHVDWWKHYDULRXVPXVHXPVRWKHUKHULWDJH
RUJDQLVDWLRQVDQGSKRWRFRSLHUV7KHOHDVHVRIWKHRIÀFHSUHPLVHVDWYDULRXVPXVHXPVDQGRWKHUKHULWDJH
&(4'1*+',*&1+$I*00$#E9*(#$/#,I##1$:L$59(*0$CM:C$'1)$:D$N-0.$CM:O$'1)$,"#$6-((#1,$(#1,$9'.'/0#$&1$,"#$0#'+#+$('14#$
G(&F$PLO$,&$P:Q;7;LQ$9#($F&1,"$'1)$,"#$9"&,&6&9*#($*+$-1)#($'$0#'+#$&G$O$.#'(+=
5,$,"#$(#9&(,*14$)',#7$,"#$6&FF*,F#1,+$*1$(#+9#6,$&G$+-6"$1&1@6'16#00'/0#$&9#(',*14$0#'+#+$I#(#$'+$G&00&I+R
:=>:
?
8-29,
:=>>
?
2&,$0',#($,"'1$&1#$.#'(
:C7LMM7:D<
:M7:QC7:OS
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQÀYH\HDUV
CM7DCM7SCS
S7LLO7SQD
:=>:
?
<2(-*
:=>>
?
2&,$0',#($,"'1$&1#$.#'(
:C7CC;7CCS
;7<CO7D:;
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQÀYH\HDUV
CM7DCM7SCS
S7SMD7D<:
!$#
3,&-()1/4+'&(0&+$2551)5&/)0+67&-&+)7&+8-29,+10+)7&+'&002!"#+#$0#'+#$6&FF*,F#1,+$(#G#(+$,&$(#1,'0$*16&F#$(#6#*>#)$G(&F$,#1'1,+$6'((.*14$&-,$/-+*1#++#+$*1$,"#$>'(*&-+$
PXVHXPVDQGRIÀFHSUHPLVHV$WWKHUHSRUWLQJGDWHWKHFRPPLWPHQWVLQUHVSHFWRIVXFKFDQFHOODEOHRSHUDWLQJOHDVHV
I*,"$'$,#(F$&G$F&(#$,"'1$&1#$.#'($I#(#$'+$G&00&I+R
8-29,+(/*+<2(-*
:=>:
:=>>
?
?
:;
2&,$0',#($,"'1$&1#$.#'(
:7<;O7<MC
:7DS;7Q;C
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQÀYH\HDUV
:7:DO7;QD
L<Q7D<O
%&'()&*+,(-).+)-(/0($)12/0
'HÀQLWLRQRIUHODWHGSDUWLHV
!"#$%&'()$*+$'$+,',-,&(.$/&'()$#+,'/0*+"#)$-1)#($,"#$2',*&1'0$3#(*,'4#$%&'()$56,7$8"'9,#($:;<5=$5+$'$+,',-,&(.$/&'()7$
JRYHUQPHQWUHODWHGHQWLWLHVWKDWDUHFRQWUROOHGMRLQWO\FRQWUROOHGRUVLJQLÀFDQWO\LQÁXHQFHGE\DJRYHUQPHQWDUHGHHPHG
,&$/#$(#0',#)$9'(,*#+$,&$,"#$%&'()=$!"#$(#>*+#)$?%@AB?$CD$9(&>*)#)$'$9'(,*'0$#E#F9,*&1$G(&F$,"#$)*+60&+-(#$(#H-*(#F#1,+$G&($
4&>#(1F#1,@(#0',#)$#1,*,*#+=$!"#$)*+60&+-(#$&G$,('1+'6,*&1+$I*,"$4&>#(1F#1,@(#0',#)$#1,*,*#+$&,"#($,"'1$J*1*+,(*#+7$K(4'1+$
&G$?,',#$'1)$&,"#($?,',-,&(.$%&'()+7$'(#$1&,$(#H-*(#)$-10#++$,"#(#$'(#$6*(6-F+,'16#+$,&$*1)*6',#$,"',$,"#+#$,('1+'6,*&1+$'(#$
XQXVXDODQGWKHLUGLVFORVXUHZRXOGEHRILQWHUHVWWRWKHUHDGHUVRIWKHÀQDQFLDOVWDWHPHQWV
'XULQJWKHÀQDQFLDO\HDURWKHUWKDQDVGLVFORVHGHOVHZKHUHLQWKHÀQDQFLDOVWDWHPHQWVWKHVLJQLÀFDQWWUDQVDFWLRQVZLWK
!"#$%"&'($!%)"*'+,)-,'+"!"'-$!!)"&'./%')0'%,"'0.!1$#'-./!*"'.2'3/*)0"**'$!"'$*'2.##.+*4
1231
4
./$*0
1233
4
5!$0%'!"-")6"&
PPX;WOW;PPN
PPO;NNR;JJQ
7'>$%).0$#'=!%*'<./0-)#
P;XQO;OOO
R;YPK;YKX
7'?.%"'@.$!&
N;QJN;KOY
V
PO;YRP;PNY
Q;JKX;XWK
7'8)0)*%!9'.2':02.!1$%).0;'<.11/0)-$%).0*'$0&'%,"'=!%*'
A"0%$#'($)&B($9$3#"'%.'C)0D$(.!"'E$0&'=/%,.!)%9
:?'-,$!D"*'($)&B($9$3#"'%.':02.-.11'F"6"#.(1"0%
'''=/%,.!)%9'.2'C)0D$(.!"
15
N;OYK;XQN
P;KPK;QJN
PRN;YJW;WRJ
PNX;WNR;PJN
!"#$#%"$&'"#()*+,-#)(
!"#$#%"$&'(")*'+$#$,-+-#.'/01-%."2-)'$#3'4/&"%"-)
A)*G'1$0$D"1"0%')*')0%"D!$#'%.'%,"'+,.#"'$-%)6)%)"*'.2'%,"'5!./(H'?,"'5!./(',$*'$'*9*%"1'.2'-.0%!.#*')0'(#$-"'%.'-!"$%"'$0'
$--"(%$3#"'3$#$0-"'3"%+""0'%,"'-.*%'.2'!)*G*'.--/!!)0D'$0&'%,"'-.*%'.2'1$0$D)0D'%,"'!)*G*H'?,"'5!./('-.0%)0/$##9'1.0)%.!*'
)%*'!)*G'1$0$D"1"0%'(!.-"**'%.'"0*/!"'%,$%'$0'$((!.(!)$%"'3$#$0-"'3"%+""0'!)*G'$0&'-.0%!.#')*'$-,)"6"&H'A)*G'1$0$D"1"0%'
SROLFLHVDQGV\VWHPVDUHUHYLHZHGUHJXODUO\WRUHÁHFWFKDQJHVLQPDUNHWFRQGLWLRQVDQGWKH*URXS·VDFWLYLWLHV
5(-3".'(")*
&UHGLWULVNLVWKHULVNRIÀQDQFLDOORVVWRWKH*URXSLIDFXVWRPHURUFRXQWHUSDUW\WRDÀQDQFLDOLQVWUXPHQWIDLOVWRPHHWLWV
-.0%!$-%/$#'.3#)D$%).0*;'$0&'$!)*"*'(!)0-)($##9'2!.1'%,"'5!./(I*'#.$0*'$0&'!"-")6$3#"*H
=*'$%'!"(.!%)0D'&$%";'%,"'*/("!6)*.!9'1)0)*%!9'$--./0%"&'2.!'JKL'MNOPP4'QRLS'.2'%.%$#'#.$0*'$0&'!"-")6$3#"*H'<$*,'$0&'-$*,'
HTXLYDOHQWVDUHSODFHGZLWKÀQDQFLDOLQVWLWXWLRQVZKLFKDUHUHJXODWHG7KHFDVKZLWK$FFRXQWDQW*HQHUDO·V'HSDUWPHQW$*'
XQGHU&HQWUDOLVHG/LTXLGLW\0DQDJHPHQW&/0DUHSODFHGZLWKKLJKFUHGLWTXDOLW\ÀQDQFLDOLQVWLWXWLRQVDQGDUHDYDLODEOH
/(.0'!"T/"*%H
6"78"3".9'(")*
?,"'5!./('!"-")6"*')%*'2/0&*'2!.1'%,"'5.6"!01"0%'.2'C)0D$(.!"'+,)-,'$!"'&!$+0'&.+0'.0'$'!"D/#$!'3$*)*'%.'1""%')%*'2/0&)0D'
!"T/)!"1"0%*;'$*'+"##'$*'&.0$%).0*'2!.1'2./0&$%).0*;'-.!(.!$%).0*'$0&')0&)6)&/$#*H'=##'"U-"**'-$*,'2!.1'%,"'5!./(I*'3$0G'
$--./0%*'$!"'$DD!"D$%"&'$0&'-"0%!$##9'1$0$D"&'39'%,"'=5F'.0'$'&$)#9'3$*)*H
7KHFDVKXQGHU&/0LVVHSDUDWHO\GLVFORVHGLQQRWHDV´&DVKPDQDJHGE\$*'WKURXJK&HQWUDOLVHG/LTXLGLW\
0DQDJHPHQWµ
<$*,'1$0$D"&'39'=5F'!"2"!*'%.'%,"'-$*,'%,$%'$!"'1$0$D"&'39'=5F'/0&"!'<E8'$*'*"%'./%')0'%,"'=--./0%$0%V5"0"!$#I*'
<)!-/#$!'>.H'WBNOOQ'<"0%!$#)*"&'E)T/)&)%9'8$0$D"1"0%'2.!'C%$%/%.!9'@.$!&*'$0&'8)0)*%!)"*H
51
!"#$%$&#'%(#$'%)&*
([SRVXUHWRLQWHUHVWUDWHULVNUHODWHSULPDULO\WRWKHLQWHUHVWHDUQLQJÀQDQFLDODVVHWVRIWKH*URXSZKLFKPDLQO\FRPSULVH
À[HGGHSRVLWV+HQFHDQ\YDULDWLRQVLQLQWHUHVWUDWHVZLOOQRWKDYHDPDWHULDOLPSDFWRQWKHUHVXOWVRIWKH*URXS
7KHLQWHUHVWUDWHIRUFDVKZLWK$*'DUHEDVHGRQGHSRVLWUDWHVGHWHUPLQHGE\WKHÀQDQFLDOLQVWLWXWLRQVZLWKZKLFKWKHFDVK
!"#$%#&'()*#%$!+%$!"#$#,&#-*#%$*'$.'/#$)+$*!+%#.$0)*1$.!"2#*$)+*#"#(*$"!*#$.'/#.#+*(3
7KHLQWHUHVWUDWHRIFDVKZLWK$*'GHÀQHGDVWKHUDWLRRIWKHLQWHUHVWHDUQHGWRWKHDYHUDJHFDVKEDODQFHUDQJHIURP
*'$43567$894::;$43<<7$*'$435=7>3
$WWKHHQGRIWKHUHSRUWLQJSHULRGWKH*URXSGRHVQRWKDYHVLJQLÀFDQWH[SRVXUHWRLQWHUHVWUDWHULVN
+,%$)-"'./%%$".0'%)&*
?1#$@"'A&$1!($#,&'(A"#$*'$B'"#)C+$#,-1!+C#$")(2$!($*1#D$&A"-1!(#$1#")*!C#$.!*#")!E($!+%$'*1#"$!((#*($)+$B'"#)C+$-A""#+-)#(3$
?1#(#$#,&'(A"#($!"#$.!+!C#%$FD$'F*!)+)+C$.!*-1)+C$@'/#"+.#+*$C"!+*($!+%$%'+!*)'+($)+$B'"#)C+$-A""#+-)#(3$G($!*$*1#$
UHSRUWLQJGDWHWKH*URXSGLGQRWKDYHVLJQLÀFDQWH[SRVXUHWRIRUHLJQFXUUHQF\ULVN
1&#)2(#),"',3'3()%'4(5/$&
$YDLODEOHIRUVDOHLQYHVWPHQWV
?1#$A+HA'*#%$#HA)*D$(#-A")*)#($!"#$(*!*#%$!*$-'(*$E#(($).&!)".#+*$E'((#($!($*1#(#$(#-A")*)#($%'$+'*$1!/#$!$HA'*#%$.!"2#*$
&")-#$)+$!+$!-*)/#$.!"2#*$!+%$)*($B!)"$/!EA#$-!++'*$F#$.#!(A"#%$"#E)!FED3
2WKHUÀQDQFLDODVVHWVDQGOLDELOLWLHV
7KHFDUU\LQJDPRXQWVRIÀQDQFLDODVVHWVDQGOLDELOLWLHVZLWKDPDWXULW\RIOHVVWKDQRQH\HDULQFOXGLQJRWKHUUHFHLYDEOHV
%#&'()*($!+%$&"#&!D.#+*(I$-!(1$!+%$-!(1$#HA)/!E#+*($!+%$'*1#"$&!D!FE#(>$!"#$!((A.#%$*'$!&&"',).!*#$*1#)"$B!)"$/!EA#($
F#-!A(#$'B$*1#$(1'"*$&#")'%$*'$.!*A")*D3
+)"(".)(5')"&#%/2$"#&'60'.(#$-,%0
6HWRXWEHORZLVDFRPSDULVRQE\FDWHJRU\RIFDUU\LQJDPRXQWVRIDOOWKH*URXS·VDQG%RDUG·VÀQDQFLDOLQVWUXPHQWVWKDWDUH
FDUULHGLQWKHÀQDQFLDOVWDWHPHQWV
8109:
70'&
$-*),*+,&./01.
VDOHÀQDQFLDO
*%%&'%
;
(0*2%3*24
1&5&)-*+,&%
;
2WKHUÀQDQFLDO
,)*+),)')&%
;
60'*,
;
!"#!
$%%&'%
J*1#"$"#-#)/!FE#($!+%$%#&'()*($
K!(1$!+%$-!(1$#HA)/!E#+*(
6
L
95I4M:I=<N
L
95I4M:I=<N
:4
L
:4:I4ONIM9O
L
:4:I4ONIM9O
L
:9=I::=I4=M
L
:9=I::=I4=M
L
L
9=IN<MI=6<
9=IN<MI=6<
()*+),)')&%
J*1#"$&!D!FE#(
:N
=/.2>
<.'&
$6*),*+,&89./8
VDOHÀQDQFLDO
*%%&'%
?
(.*4%5*40
/&:&)6*+,&%
?
2WKHUÀQDQFLDO
,)*+),)')&%
?
;.'*,
?
!"##
$%%&'%
!"#$%#&%'()*+(,#%'-$."',/0'./
J
B=?===
(
(
B=?===
1/2'+-+'3'$"#&%',-#.4-4'5*,$/,
M
(
HJ?KBL?JKB
(
HJ?KBL?JKB
6#,2-#.4-3#,2-'78$"#%'./,
>=
(
MB?AK>?JML
(
MB?AK>?JML
B=?===
>HA?>>M?LK<
(
>HA?>KM?LK<
>B
(
(
<L?K=B?JAL
<L?K=B?JAL
M
(
<K?=<B?MLK
(
<K?=<B?MLK
>=
(
MH?>><?BMA
(
MH?>><?BMA
(
>>M?>HJ?BL=
(
>>M?>HJ?BL=
(
(
<K?>JJ?<MM
<K?>JJ?<MM
()*+),)')&%
1/2'+-5#9#&%',
-.*/0
!"#!
$%%&'%
1/2'+-+'3'$"#&%',-#.4-4'5*,$/,
6#,2-#.4-3#,2-'78$"#%'./,
()*+),)')&%
1/2'+-5#9#&%',
>B
!"##
$%%&'%
!"#$%#&%'()*+(,#%'-$."',/0'./
J
B=?===
(
(
B=?===
1/2'+-+'3'$"#&%',-#.4-4'5*,$/,
M
(
HJ?A=H?MJM
(
HJ?A=H?MJM
6#,2-#.4-3#,2-'78$"#%'./,
>=
(
JK?<AL?<BB
(
JK?<AL?<BB
B=?===
><A?KB>?<AA
(
><A?L=>?<AA
(
(
<K?>JL?HKK
<K?>JL?HKK
()*+),)')&%
1/2'+-5#9#&%',
7"
>B
12+%&32&4'5&6&4'%
:.-;#9-<=><?-/2'-,85'+"$,*+9-0$.$,/+9-2#4-#55+*"'4-@AB-0$%%$*.-C+#./,-/*-&'-4$,&8+,'4-/*-D2'-E#/$*.#%-!+/-F#%%'+9?G$.C#5*+'-)+*0-<=>H-/*-<=>BI
53
!"#$%&"'()*"$(+",**-"%-.*-.%/-(001"0*2.",0(-3"!
61 S ta mfo r d Ro a d
# 0 3-0 8 S ta mfo r d C o ur t
S in ga po re 1 78 8 92
w w w .n h b.gov .sg