)QFTGL%QPUWOGT2TQFWEVU.KOKVGFTCPMUQPVJG%&2+PFKC%NKOCVG
&KUENQUWTG.GCFGTUJKR+PFGZ

*&3/UHFRJQLVHGDVDQ,QGLDQOHDGHUIRUFOLPDWHFKDQJHWUDQVSDUHQF\


/WODCK0QXGODGT*RGUHM&RQVXPHU3URGXFWV/LPLWHG*&3/KDVUDQNHGRQ&'3
,QGLDV &OLPDWH 'LVFORVXUH /HDGHUVKLS ,QGH[ &'/, UHOHDVHG WRGD\ LQ WKH ,QGLD FOLPDWH
FKDQJHUHSRUW*&3/KDVEHHQDZDUGHGDSRVLWLRQDVDQ,QGLDQOHDGHUIRUUHSRUWLQJFOLPDWH
FKDQJHUHODWHGLQIRUPDWLRQWRLQYHVWRUVDQGWKHJOREDOPDUNHWSODFHWKURXJK&'3,QGLDWKH
QRWIRUSURILWWKDWGULYHVVXVWDLQDEOHHFRQRPLHV

$W WKH UHTXHVW RI  LQYHVWRUV ZKR UHSUHVHQW 86  WULOOLRQ LQ DVVHWV WKRXVDQGV RI
FRPSDQLHV VXEPLW DQQXDO FOLPDWH GLVFORVXUHV WR &'3 7KH LQIRUPDWLRQ SURYLGHG E\
FRPSDQLHV LV LQGHSHQGHQWO\ DVVHVVHG DJDLQVW&'3V ZLGHO\ UHVSHFWHG VFRULQJ PHWKRGRORJ\
DQGPDUNHGRXWRI2UJDQLVDWLRQVVFRULQJDERYHLQGLVFORVXUHVFRULQJFRQVWLWXWHWKH
&'/,7KLV\HDU*&3/KDVVFRUHG7KLVVFRUHLQGLFDWHVDKLJKOHYHORIWUDQVSDUHQF\LQWKH
GLVFORVXUHRIFOLPDWHFKDQJHUHODWHGLQIRUPDWLRQSURYLGLQJLQYHVWRUVZLWKDOHYHORIFRPIRUW
WR DVVHVV FRUSRUDWH DFFRXQWDELOLW\ DQG SUHSDUHGQHVV IRU FKDQJLQJ PDUNHW GHPDQGV DQG
HPLVVLRQVUHJXODWLRQ

&'3VDQQXDOFOLPDWHFKDQJHUHSRUWDORQJZLWKWKHFOLPDWHVFRUHVRIDOOFRPSDQLHVSXEOLFO\WDNLQJ
SDUWLQ&'3VFOLPDWHFKDQJHSURJUDPPHWKLV\HDULVDYDLODEOHRQWKHLUZHEVLWH

%QOOGPVKPIQPVJGCEJKGXGOGPV8KXGM)CODJKT/CPCIKPI&KTGEVQT)QFTGL%QPUWOGT
2TQFWEVUUCKF


:HDUHGHOLJKWHGWRUDQNRQWKH,QGLDQ&OLPDWH'LVFORVXUH/HDGHUVKLS,QGH[7KURXJK
*RGUHM *RRG  *UHHQ ZH DUH DLPLQJ WR SOD\ RXU SDUW LQ FUHDWLQJ D PRUH LQFOXVLYH DQG
*UHHQHU,QGLDE\LPSOHPHQWLQJ
VKDUHGYDOXH
LQLWLDWLYHVWKDWFUHDWHERWKVRFLDODQGEXVLQHVV
EHQHILWV

:HKDYHFOHDUO\GHILQHGREMHFWLYHVWRDFKLHYH]HURZDVWHWRODQGILOOFDUERQQHXWUDOLW\DQGD
SRVLWLYHZDWHUEDODQFHZKLOHUHGXFLQJVSHFLILFHQHUJ\FRQVXPSWLRQDQGRSWLPLVLQJWKHXVH
RIUHQHZDEOHHQHUJ\(QYLURQPHQWDOVXVWDLQDELOLW\LVDNH\SDUWRIRXUPDQXIDFWXULQJSURFHVV
DQG YDOXH FKDLQ :H DUH DOVR LQYHVWLQJ VLJQLILFDQWO\ LQ WHFKQRORJ\ VROXWLRQV WR PDS
XQGHUVWDQG DQG DQDO\VH RXU FRPSOHWH HQYLURQPHQWDO IRRWSULQW WR KHOS XV DFKLHYH RXU
VXVWDLQDELOLW\JRDOV

2CWN &KEMKPUQP GZGEWVKXG EJCKTOCP CPF EQHQWPFGT QH %&2 UC[U $V WKH ZRUOG ORRNV
EH\RQGWKH3DULVFOLPDWHFKDQJHQHJRWLDWLRQVDQGSUHSDUHVIRUDORZFDUERQIXWXUHUHOLDEOH
LQIRUPDWLRQ DERXW KRZ FRPSDQLHV DUH UHVSRQGLQJ WR WKH WUDQVLWLRQ ZLOO EH HYHU PRUH
YDOXDEOH)RUWKLVUHDVRQZHFRQJUDWXODWHWKRVHEXVLQHVVHVWKDWKDYHDFKLHYHGDSRVLWLRQRQ
&'3V&OLPDWH'LVFORVXUH/HDGHUVKLS,QGH[

*&3/VDSSURDFKWRVXVWDLQDELOLW\LVDSDUWRI*RRGDQG*UHHQWKH*RGUHM*URXSVRYHUDOOYLVLRQRI
FUHDWLQJDPRUHLQFOXVLYHDQGJUHHQHU,QGLD,QOLQHZLWKRXU*UHHQHU,QGLDFRPPLWPHQWZHKDYH
LGHQWLILHGILYHVXVWDLQDELOLW\JRDOV%\ZHZLOODFKLHYHDVWDWXVRIQHW]HURFDUERQHPLVVLRQV
UHGXFHWKHHQHUJ\FRQVXPHGWRPDQXIDFWXUHHDFKXQLWRIRXUSURGXFWE\HQVXUHZDWHU
SRVLWLYLW\]HURZDVWHWRODQGILOODQGLQFUHDVHWKHXVHWRUHQHZDEOHHQHUJ\E\7RUHDGPRUH
DERXWRXU*RRG *UHHQFRPPLWPHQWYLVLWZZZJRGUHMJRRGDQGJUHHQFRP




#$176)1&4',%1057/'4241&7%65

*RGUHM &RQVXPHU 3URGXFWV /LPLWHG LV WKH ODUJHVW KRPHJURZQ KRPH DQG SHUVRQDO FDUH
FRPSDQ\ LQ ,QGLD :H DUH FRQVWDQWO\ LQQRYDWLQJ WR GHOLJKW RXU FRQVXPHUV ZLWK PRUH
H[FLWLQJVXSHULRUTXDOLW\SURGXFWVDWDIIRUGDEOHSULFHV

:HKDYHEROGDPELWLRQVDQGDUHEHFRPLQJPRUHDJLOHDQGIXWXUHUHDG\:HUDQNQXPEHU
LQKDLUFRORXUKRXVHKROGLQVHFWLFLGHVDQGOLTXLGGHWHUJHQWVDQGQXPEHULQVRDSV,Q,QGLD
\RXJURZXSZLWKRXUEUDQGV*RRGNQLJKW&LQWKRO*RGUHM([SHUW*RGUHM1RDQGZH
DUHQRZRQRXUZD\WREHFRPLQJDQHPHUJLQJPDUNHWV)0&*OHDGHU

,Q OLQH ZLWK RXU ; DSSURDFK WR LQWHUQDWLRQDO H[SDQVLRQ ZH DUH EXLOGLQJ D SUHVHQFH LQ 
HPHUJLQJ PDUNHWV $VLD $IULFD /DWLQ $PHULFD DFURVV  FDWHJRULHV KRPH FDUH SHUVRQDO
ZDVK KDLU FDUH ,Q  ZH DFTXLUHG WKH ,QGRQHVLD EDVHG 0HJDVDUL JURXS D OHDGHU LQ
KRXVHKROGLQVHFWLFLGHVDLUIUHVKHQHUVDQGEDE\FDUH:LWKWKHDFTXLVLWLRQRI5DSLGRO.LQN\
DQG )ULND LQ 6RXWK $IULFD DQG WKH 'DUOLQJ *URXS D OHDGLQJ SDQ$IULFD KDLU FDUH FRPSDQ\
ZH KDYH D VWURQJ SUHVHQFH LQ WKH IDVW JURZLQJ $IULFDQ KDLU FDUH PDUNHW :H DFTXLUHG WKH
,VVXHDQG$UJHQFRVJURXSVLQ$UJHQWLQDOHDGHUVLQKDLUFRORXULQDQGH[SDQGHGRXU
IRRWSULQWWR&KLOHWKURXJKWKHDFTXLVLWLRQLQ&RVPHWLFD1DFLRQDO2XU8.EXVLQHVVDFTXLUHG
LQKDVDSOD\LQKDLUDQGSHUVRQDOFDUH:HDOVRRSHUDWHLQWKH0LGGOH(DVWDQGKDYHD
VWURQJSUHVHQFHDFURVV6$$5&FRXQWULHV

7RUHDGPRUHDERXW*&3/YLVLWZZZJRGUHMFSFRP