nn~' Wlhp

1i[j~lotR:, litl~t

o~n[~~Ho!"l 9ut~regisre(e:i 'With thi;!; flame ~~l!Ir,:ipta afId Gl,I!ariElmly 'G'onN,Jiati!1rt Of1 .JliJ1'18 16i '1'~~ I.!1I1;(ter (:.e:Iljfi):a['e, ,of Ifir:Ol'pCra~M No_ Q.iWil5e 1Jli,J~~~~ ~ '~'e' rro'li!i.oiorn!l ~ SOCOOfl 46, ef I.h~ Cctrp~tOOi'I ~dl) of lh~ PIli1f;lpi1Q~ 8~ I?~bam~~, ~~, ~$\ ~[I~"!~~i.f 00 },ikI4' l,-gOO, In tt E.);BroM~~ No, ~5. '~hjt~fMay',~'9J@_ 1

Ea:st ~~iJl,Yt;!et.Si Aa~i;I,l1iiil~aJil'I' (Ilere'iooi-te:l' refmed ro ~ 'ot:!ltJlilizi!~'l J"-.

e,~$§ a$ ~

~'{..3M.

relm

11£ P~I"/

m~ililE'llEe5 aJild ~ro~

,~$Im! ;(1M aafeglWd (~ iOO~ ill1LBre$1,.'W~1-~g., a:Il-rl '''''$If;a~ of thi!! ~!lre. E~llE:reoo~V€i H!)Jl:IC$looatmli a'bJg Fi9Ii:-r A.....am~. caif'll:a, '~~l. amd ~ lJ1~ige.. g; mt:irI~n 1~~mm!.mil~ 'd81,!~menli afit~ qJElr~kID. ill ,ilOOC11dail;!1;!'Wrln tfle ~mw~~ QlIltJI;i e~1jngcf:aws.ic:aDI~ to its. €illi,~~"

tPlJrp&S$

i~, ~ P~~. 1
l;;J'!'fflE'..l'9

D~

Th€ ~S8r:r1:1ru~ii1le$.$. ~i:ld~ ~'tfua o~,-oi~liOn-i!ii bi;:~~ ItlDateCI ~hllffgR:{il ~I,\IE!, t~nt;l.R~;i!l

rn ere @mDBoo~'

of 'IfI11~e fioot E::.x:e\I!lM2: H01R~

The' 'OTg:'at'llzaUOlj liS,. ~i~i! :w~m Ihe' ,S'-ll'.reau IwlM1' RavemJ'a es ,;I prl\r~te, rom-stool:, no~r-O'~~ a~1'! Unt.;1i TIN 000-51Q"'!n.mlp 8r~ CeJilifJCate af. ReJi~rn.t:oo HaL (leN ~.{IOO17~'![,lssu:OO, on Ji!!1J!~l)' 1, 19Q~ ~ Re'reo~ Clislrjet am~, tro, 10116;at Rai:J"eQ Ragicm t-.~, 001. ,It'lS ~!~rfled Wider 'a~l.ies {r~Q'lta' fIMIfI1.:wrstf~lJIga~~~

0'

~JE_c. fS~mi.

TllE! l11Io:wlm:g ~1~:=Jon~ or 'Ih~ ~1l'larlil:t9, ..t!i!lknal'lliItem Re!renure ~e:'

O~t.1IilattlFl, ~

'rotkr..-.'M!:

of the F~irwPines ~11

ij!lJ :1:Il1e:

a) I~ ls C01l£id'erelJ ,21T~:-M:rempt Sl~'V- Wr.litef SliDtkln,:30i!: of'IhClpfitl¥~li~ Nalitll14 irnl'arnal !R@I.--eh'~ CMi:: of I.ti~ F'11.'Uppt~ ,retali'oo 10 IJ,~~, DasigM.ted ~Ye!i!'Ue~ :lfId i~l;in:le ;fI' 'frQlI] i~ me:m!~ ;atli!I tl!\iMli'i3tiooo in RI;J~liIit Gf tii!3 pu~ 'for ~il;t] ~ i',l< 'Wg~Il~d ~d iFi&r~~. ~c:e it'is e!(E!lT'i~d '[rom Pii)'liig, :31ii;f-1I;i~ '01'1 ~~ tE~n~ e:n!!li U1o;;1me; . 'b~ II i'i ~~bj~tt_g1hl;! ~.ptme!i~1 i~m~ re'lem~ ~5 ilTl~' under !IJleSed:i-OO'l) of M:;iji~~1 JwLero~! Revelllie' C!)lfe ,of iOOl on ~ an~Ffle der:i"l~ 'from ally of ~:sI¥O~~, rea'! er pg~ r- '01' ail)! O=j1.er blI!Silless actM1y oondue:red fj)f p~11. ~I~~ !!I~ !ti~ dlSfiO~llhlm h~f, 'Vihk:h Ii;'M:O~ ~hpuld b€l ff!iJJ~ fu!r ~~~1i, IiiI ~~ rnS2INIl" ~ I-s ,~l!b,~ 'ip 1nB .P!3roEi41~B'1.a;{ ,Qf'lhfEEi p:a1't?Ai~~%)~r vali,ta AdW:id 1~ ~12'K~, ",,~II .s !Q 'IfljEi' ooim~pon.;IilJ:gl ~D?lili;;!' T~' ~ri Iilcgm't8 ~erille" Dn~~ .,~m~)j!IT1Eii'Mjifg ~ €

~w~

b!.l;5'iIle~ ~{:*Jies,if !itrW; . c} IJ!i 'Irrlem ~OOO1Tl{!from CLmOO~ bank IiIG[)OOlIs, and tJIiflj :OJ iii")! iJlflw mrorl2~ lbtneflfs 'from ,de~ls ~llIb~~u~.e 1ilS'lrI;Im~Il~~, from !ii:I~ f~d'$: .and ~Iar ;;Ifoi arrail!J!i'IlfIrll$. ~~ 1'Q!,(a1~, as ~f1f~ froi)1 $gu~,wiLhi~ tfle ~W~il'lies ~_Pe $\Ilti~' ~ ·tIi1e_a% ~nal lii,itiiMoWrlq 1~l:,~O\!Hl,*,-I h~e\'(fJ, t1~~ ~ i~~r~g i~ ~md from ,ff' ~po!:i~ry 'b'OO~ !.J1deJ the ~~rrl,ed f«e:l~l!I or~:t1J ~l:pooit'!J)'$1:ern 5ho~1l t-e' o :9ilJ'b~ iD 7m firrr~ 'wi~!rmMil'l!J' W p!JIBOOfI~ ta'Se~ 2(tD~(:h 'retBJiolll ~ ~iD_n gv (A). both ri'fhe" m
T:a~ COOe' Of 100i'~ ~

,~

It is Q.) ilSlilll lEd' as ,ijj v~itfi1tid::1l~ i3~t of IfiIB gO'ieilii'!i$lt if it ilClS as am >err~oy.:er aD!!: any of ilE emvJoyee<.s·f\'e:t:eiYes o:::mpe~ in~, sufJ~d 1;0, w;:JiiJilI&lg laX, Qr"if il' rn,a,ke~iiileoMa jj~meM'$ ~
iMil.iIdll~ISi a {;Jr~~(l1U s1Jh;iatffQ. tile @:tpfIfrJoo ~1lU1ollfilg la-t.I!fD.Yi~, for in ~ lJn}.:i,7(~ f'lat'hmal rnremal Revelt'ue' Cl!tde of 199'l (ffiR. Rtlli -w INQ, S.J$.01~99 ~~~~ h~al'f ,:M, 19~,

d~

:\

OPE~ T~onAL. A(;;"m\f,ll1i55.

Tire af9~~f4[fS,'o~ng
and a-Mil' ~rr~d ~

'rM'S,~~t

i~:bank: d~P05il~_

e f@1Mi

reWif.l~,~

fWl'ltOe tlie ci

priroorllj,! ~~ded c:,r its as&l::dfll~ meo'Tilbers: irEll>~.;~mentls ( ,vi _ga ,CfubDSIZ:', 'mcllllls5 aid light 6f wa~, ~ru:llb'y 1Fi.e'irrIBrlWl

Tlie .s'ig~~fIIi s,~iTI6Q{i1 pot~ s' 'liIm~Ized bBbw_

thiil~1~\rE !;Jeen

!JI:S~

Ir~ Ibe p-r~r,_

m tfuese

'lWtiiill

:s~t;1t!;

au;.

The 'Ilnl;looi _ :staklrn9R'~ c4 ttle Qf2aJ'1i:!;~lj0i11I:a'lE!'!:leea pn1~tel;iI 0IIi a g0i~fo::iliio;~1'! b.t:J:;~, ~1d.1 ooosfdel'$ lfie real~.atio" ~ ~ets :end se-ttl'_llmBJl1 ,of Iiahilities IA IIJe. l'Ii:;1fJlila! oomr:s~ii'rliis. opt1!1iatiI;iM, ill acoocda!lQ@,I,.y;-1Il ~litatjg. PI~p.!i1e' rq10rtitr Iramewmi:,~ ~ ftrTih in Phi~i '$! Fi!'1ag Repilrlii'lg'StttndarosfOi Smaff amd ~eaium~ En~~~!j1fM fcr.SME~). f

'nnaOOw

'Itle or

Thes:e 41'ma:n6.la1 !S·ta{i;:!tI~nlS presen1 filly 1iIi:! ilil!lll~~al p:isit):m, fiM:;!I1ti.a1 pgrfdrmaflOS1 and eesh 'IkJws of too D~:!ililadtJni alJheriil311~ f:;i.1Mu'1 mp~l1taaa(j of la s'ffedt!;lthe ~(!ISa:::lfmlilS, 'eilner· e~nts aoo ~dluons in :!II::l)~rdiIIIl ~ v.ri 1m ~hedeffinillloo s .all d rEco,gnJOOiii e,6Mti a fo¥f ~ ~s ..· 1IatI1Il11e:!l\ inOJ me. 8f.I d ,@RPf!'riSi9S as .se!: forttl ftl ~ IPtii!ip.rrne F.i1fl~OC~~oro!it.a} standar& fQfJ'$m~JI,gnd ~iLl~ ,ehlfres.:(fimS, for' $PrES).
"IfaU1::lititH'I

to tlw·P,PRS for S"'iE~

j

:S~g Itte 6tital ye~r 1009 e org~niZJ;lliQIl i1i6~ adDp.'IOO1n(!1 re~aI'h ~'Jslol'I.s .of It.e Pnlppjlle' Rnaociat Repolil1lrg'S~l1Imarn il'tiI Small 81'1J1i M8d~Jm:-si;red Ef11i'1~ ~PFR]; ft1r SMI!s~ll Ihl!lllr,e~IiUl~ 'of Is. 'Hnanc;lai: stateme~'. r~llE(I bytne 1~1n~.i\jf'l~ ~ntinQ Siafldai'ds :aId iF! oompiblfltt!to 1me 5lEC..-t4i:IflCIl ~1JI1!d' by me' tQmmiS$br.l Ell 8'aoc Is::!t.le(!i ~ e.bru~rf 9'" 201111 ~nil'l;J ~ irnrte:rl!I;!n'li"'lll GLIkI81i~ ~!'t1a:ldr6:S loonail'll ts!lLIi~'9, 100 ,i!Mfqpliom qf 1~,Pf-RS. for SMEs" wJJidl ~tamd amcmg ~r:5: tlm'l'ol_g; (!of) 1, Tra ~j~: Qj' NP;llJIis. itom PjI;.S ~([I1'~ PfRS 'fnr SM~ NPAE,!;, tMtlt are oorr~ll'iI.Y t1sililg PAS 'ffiI11ii1a)' 'QlfiaIiFr as. S ~Es uMat 'ltJe PfRS br ,SJ:ti1ESl ~Itd1~ SEC '~J~fl, If 'lha-;Y'_.g~if)', 'Hiley rna)' OOE!l1~ PFRS ~N SMEs _,Qnd wiU bli! Ut1lstd'a~ as ~rnt-{ime

. ;Qol)1er ~ IiIo I'I'R$ for SMEll• ..r.~Id

.. pl'lll p ... gr..:>h< ~.1 ... ~ 35.2.

.if.

:35.1 This ~UQfi aw_lias 00< (!J :firnt-'lirne a~~ 01 'me' IPRS for SMEs: ~r4m::S of Wlitelil'ier I~ p1$lJ4'i.J& ~ullliig it~Il'le~r~ '(fa::!, ftJn Irns, 0Ii' aft~ ~ of genetall~' 81;~pl:e1jl I3tGOl,Mri'!i~ j;too~~, (GAAp)'sooh ai its matiarlla:la~i'lUng :s1:9~itlfi. or i3~Ile[' 'f~m~ soot! ;e-s the kri~, i~metar-:: 35.2 M e~.tL(~fm ,[r~!'5t~m ~ a(iolIJl:ff!r '1)1~IW"FRS~ME:4 I Giiil1G:i1Ci;!. . FinaIDi..aJ _OJtill] rrareQIJrk: c{ El'l'lfllru;"ntit ~ b~ efWler !tie 'MI :~ (IF PFRS·br S!i.~E~ Mi!::fo..OOsJne:ss emIHe,s; h~ 100JI~'IiOIi~ l!~~' a~ 01' tM..~·~a..'les of ~(i!.miiIlg iii ~ prip~r,m~t of 'iheir 'li'rIa~d Stilr'3fflt:Mts: ~a} hi) Pf1IYS.~b} PF.RS Kif SMEs, rn' (c) ,~1l0mef' a~tab~ .IJ~ of

~sro.

'

hoolJl1~mg_

~I):,~t iltitfUi$iQrw;l 0' Uile PFIttS :for SMEs o:rga~ID..iI~':;I~ falk;!'m:

(the ~lmi1lrr

~rcss;

WEre ffL8' frull fpJ{$'il' ai!cpted ~ ~fte.

fi~t TJrne "f;.chJp'~OIl (If Il1Itemali'Jrm'l Filldfle!el R81Wo111g Sl!i!lld~s. :Fiocial 'St~.l~rnant f'ta'Gtfilallor~ :Sl~rmiID~of f~ancij;ll ~IM ,~i:l1sfliE'lll fif~r;e'~~ue I~ 1!WlNT'e,ghj~1'IIt:I; ,&'a1B~ll;lf thi_lil!}!l'3 in 8l\!i~ S~~_~m.,=f!.~ '~~,~ FlowS O UwI~ wt!leFinw~~em

Me

~J!I1lj'n!J

p,~~,

~~i

;md

EflOO~

'QasOC: Fill2f1aallrLS1flM};fJ1S ~

llf)\jllmes:

01~ ~fi.aOO4~ Ins:rurnent1E:sues

~m.~~J'l?Ia~t anti! 5g;uipJJielll

leases,
~1!18.
~iiI~~E!n1; ~
/

f'[o~l~iOJ~ alil,1'(;O:n1ingermi~ (FIf;:;QJ~fmlS~ Q:}fiting.e-.1i LWililHies alilm liat6!tlffiilmd: ,Ell wLy

PAS, ~ E!tA-S 1 I?:I!;S 1 PAS 1 P~l PM,1 F.'ASS PM ~~ M. PFRS: r P,AS1. P~1~ 1?J4~V F,iA>S, 1, S2 E"AS 17'

FFRS 1

l';:oilli~i:li'lt

~$~

IE rnp ~ IlTtlillifte '~

Jl:.S:sets flEtlefits
!~J!.ijl$l~

1?~1~ l?~t3&

m19

1E·~q~ ~rw,r l~ End·of1JJJ~ Rep_~·IP~oc.d .. ~l9!ted Pi;l~y [i."sl}ll;tsures

IPll!rnll~e~ ~1:I!301d:t~dllfl,Jt'tw mi:lpUoo oH'FR's
of!::!f

Flllfelf,i'l.tilil1'9r:'1t1

I?AS:t,.:l,
S.M~

P:);s 12 PAS 21 i?1!.;S, 10

lo lM'

I~ arlo,P'liog ~ PFf:l.$ !Qr SMEs. UttaiiJgarll!a1i~ has oooo~·w 1M qwat1m~e \1h~I~J]AAffie. ~6:iblrte9 ihrrt fl~~1J1'i p~id.~ iIi!, th$,nnan)jj~ ~wreme[).'l5;.fur ij~'lbetiier!1Se o~ 'Ihe !IS'€f~~rl~:8~H'h_~ ~&m I1!f umre!'5ttlld~lii1', reh:m:moe (iJiili:e Iiia HY;, lrefiab!'i~v'.5!JOOtaoce iJi.IIir'roml, jIiUdet..ot. OOlflpll1@11e:9S,~
J

d:lm~-ala'§fltty. ~11~s

~1id li&ililities,"!'iI~ iW~1i Is item~·a3a5&et:s ~~I i'l1biliWs iflme p;r;RSror'$M~ do...~ 1IiIiJl ,&e' ~(ilj.sl¥ r;oollgnl'led uroii3 i])e jprellio!13 1im:I~'f~! .-ep!1ril1g 'f~me\,[~· as me type of ~~r. liabllil:r cfll',oom~errtill ~ ;g_S'&C't~ woo~r PFRS f~ sN'.fs::, ,(<:l,) epp'~ 1l1~FAtS I[m SMEs In measwil:lg an ~nl~Edi,~salS rlild' t:.lbmie:&j in 1:..18 I:'II:imflai ~(rl:'(~'!lij C!~UOfil8"
i'E'(jlmob11ff~ PFR$ ~'"S~~~2); i'~r~r!ille ~l1!11it ,~ttfI ~niti:on; (3) recJa!1sij)' [1_

b $Mes..1M orgi!i'li~liJi'I Ii~ ooi~e~

ami ecllielling a ,Ml.i!lOO8 ~~

~1) !be ~~an~ of ell a~

be:rohlil, ard t.(ISL Ul<eh\f~e,~n ;;adQp1ir.g~me PFRS

not

,.

'ih~'

F'yr!.helr• tile mgariilalioTIi has OOilleidared It!e. 'fo.llow'kJt! 'G~1'!'i!:i"lm Ii rn 'n n!ill1~! sta 00 illenls.. iiiS b'l 0 'iI~!Ii

ai'ltl

OOtDun.1ing polk:iw il tlte pi\C:fP-ar,mm o.f

IT e 1e:~merri3 of the sta~t lof litiElfiripl ~iGn ;;are assets UalXliries· i;IIiIQ rJ:$1 ~s (equity). An asset is a re:9Dture (ijfjrrnl~ b~ <In t"<.il'Iy ~!lI1iIl{1' from past allenlb~ 'Wilh ~.cte:l inHow DOOJiOOlie Md. Qf l1.iiiltilit'jl ~ a P~ll iliiH,~. anisiIT(l' from, past [evan,'~\ 1.\i;ij'1' e~pe-c1M oofflaw {rf iX:OJl(Jl'fIHJ; ~afils. Net a~ 'equi~j are i;IS!lea,~~ !ia ~ities. •' e elements (1 p~~ru::e ars i~o:!Jite and e:~nses.. tmltlIDe is. ~lfIa~!i1ts1ioorea~s in assets and d~r~ in lIatMlll.ias, Ua1 fEoSUi! ill iOO:re.i3Si3S, il rI~[ ,asselG t~) olf:Jer t!1a-l'II ~iX~OOJj01Mlitioo 'room membefS. EXfjefilS8:5'<I~-edeJl~~~ of ~ts: 2I1d irll::jjrre'!~ ~ !is!lt@es tliIatreslJlt ,fjli1ctf.c~es rn FIe'!: m;.oo·~s,~ { IJliner 1h~ll dfs!rib .• m ib mem~_ '.' Frnf:ilKliBJi stajgme_nlS, am 00 tOO li)Fer.l(wa.':I1 lu.Sil'.{l ttle ~r:ru;al I){Jsls: 4 MCQUIiI ill.g' (e::«:ept ifar 'c~1iI How ii1lIDrm;fDl), Tbe~"'i ba$~ ~Fltres eMlnl!1rt1s. ~I.e_ 8~Es, liabililje~r net $S€!ts (~lIiy1. loo~ or [B~S!aS) w i'€fl ~1ite1 fiStist}' 11}ede itlOIM:and r~liiitkm 'C-iT!:eriill 'rQ[ these ibelll1s. • 'hE1 lIeOO,[Jnlfrln' ~nd~ ~ . i!~ aD e:le~1 Is [0, 00 ~n~ed YffieJl if Jis ~00fu1~ tnat 'ruttJr-B ~Qmle lJoil.n~fit willli':tI!;\j1 ~m E:f1 en~; ,t.md ~llIQotam lias, 3J t.D!1it 'OJ uah.Ff!-tlil;:rt~ !be IllElillSWEId' reliably_ l use' of ~~ab'j,a, aSfi'lUle:s ~ ilil essemi.al ~aFLO'f Aottr~:O.t:" 9 I;i!ld {~i)lffl; IlOt wlllfumllM: te r~lIab]ll)i of tns Illn!lfilclal '~MilEi~~. ~~IT.'lf!iI! j:4fifll:;i~ie, iG l~ ~'ess: el~ d~ttilnmlrilng rmooe~ iiimooo1s. an if:fI~W uses in !lreaoorintll ilI~E!t$, ~l!IiliLill!:s.' i~' and >9~fI:;a$, The - FRS fur :SM~ flIi"Ovhi£!s: W;) OOnHrLOn rMSli!ireft'$i me OOSI n:,;:l~,,!tie i~1 otXo,t (~,g.,[ui&I,!I'It~d(j)'J arHI~~n;aniUhe·!iair ...·eJ'f18 (e.g_ amolllm "" 'k1J .-. M ass.~ OO'JId be '8"xehar~e-din SfJii:!:9 l'erugjh lJansar:doll}_ " An €l1fdij m.allmol ~-r~1 as:s~!S aoo' Timlitles. Of Inroma ard rEo:~!ie~ ul1le" r~l!Jirecl 011" pafiilfl:i'lJ:ed by '1M IPFRS fj)i SiMes, r.l0'~. measwfrrg assets liIactof .iii 'IlBItr.a!l;l1i1 ~Ib~ce (e.g. <allowance'rar iM'EIi .«1 Clb~!I~rt.e) i5- ,I'D Ofii3etrJlg, n" IIOOiJlai~~g ii'IQ'ITvilies (t{ an e.1!I~l)' do. tint ili~iud8 !;itJying aDlJl Stlli!'ijj OOJl.VUllrell!:1' asse"lS, Vn.c!)j!ftlg ~'te~I11~ ifld opefdfjmiJ ;a~<s} ~1iaJfI ~ :elltity reports, Ille ~1filJ'm(r~ dispo:sal of soo~ Items. ~;jt r-~ ,bill5i$:,

ne

~ r~

une

m.e

Bast:d '00 rtt'le eotj;llDmi~ Sf,!bsl;;ilnJ;le of l1l1eOOdQi't5'lflg att.um~~?'fe~~,tsII~ .0 the organrzatibi!l. lts 'rlJoclI'olU!1 CUlmiltY has ,beeI:H1e'lo~TIlil'1eo,1l~ fJethe fhilWh '~B;Ct 'lih'B ~Irre~ 'is 11il'egtijm~ ltliXI~ .g1l",li'UIlfIJ~IiIL Bn 'r.mi~1iI ~.~ o~i latIcm cood'u!;il2; Hn~1Q._'\a1 i!tili'li~~$.. 1.tls: wne;;rq 'l~ilt If!I:irtl ~ li\l1lf$;lc:a~ its fS\iSfWa:;:
~d eiCpeooes.

~ns

..

The fllafICia1 statements 1t11 ~a:nil:f!~ 11M are ~reGBm.edl IIf! Pfllli~F!e ~ ~1iI"e!Ifi.l', and all 'I;l$JelI, mp~1 alio:sotl)lte' ~nl5: [ext:ep'L oMI€ln '!J!tiBIW!se. ~l~tailSacUtlrtsB]omirmred ill ~.ign cwreoo/. If { ai'llf. illiB I~ed il -ite.irPiniH~e Peso Qijl,l ~le[:lll;lSili(l:an ~Ii!ange ra':e • lr~'l dill~. ~lYj j}Jlrn (if ibS$, i i;lfi!!!! 1;11 ~bJ~1 'e):li]8r(1:e.' b ~MI'ed'as Gairn or l.oss f'rdm F«Elign E»l::hPllg8. I~ ,tjil~ Iiil{jntl~ pOOe!d It thieOCCLmetl. A c~g .r~ is:applied to tr:ans19~ Wi& 'fofEigril OOIie~ '~OI)lJm~ ~rt11) Pf',W mtl .a1·1h~ amd of 1M'

f1llinc:ial yea(.

The' caim!1"l11.arnowlill:s: (it ~t.a!)les, i"' ffl~. are ~1IimJl· ~ '1M lE:(id of ~t.h fililantlaj ~r 00. determine 'l!.tJ€!ltier Iile~ ~ :aftJ j~je¢li\i-e e\&leoce 1tiat 11w. ilIT~lJm~ ~~' ~o1{er~·le 1!1r ~t II t~ are .a«O'lll'll'f~' dBB1I':IiKI iIfacol,!e~e, 00 fm~aimreflt k&3 Is raCQ{l~~ ilil i!he .st\7,I'eJ~l~ 1M ActM1i9t 'Qf ~ ~@ar Je;¥ .if
OOMffl~ ~

iPr-o .'.. rl1f andl iSquipm~Jit

i1s PiimoilSJ;' W..e andl am!{ dir~Uy. atlfi!i:lI.!ti.b'le. OtiS[$. ID ·ro .1m~g c-t(Jdilil;ffJ. ~d kH:alibiil ~Il:il"ils ,intelld~ 1!S!l!: ~mmlqS: [(i1~rred lifter 1tJe, Pi'Q~ri1J ~!ld eqlJ~f1t tfa'iEI' lleeru IP!!~ iBID OJXl~tJlKm~,suQh· ~ ~~flfS, Nlil'l.en;ance' a!tl iHetllil!!iFIJ oosts, are mcrmall!' ·d1a~ IlJ qH;IratiQJl:;l ilil1he p.€rbd 'iJrJE'58~e~~LlJE!SI arf IOO!lllTeO, In SibJaoon ~ - . CSfII ~e C:leart; !iefoorlSllal;ed Ul.;it the :sakt expel'ill 'itlQ& lha.rJa resuLl~ in an iOOe:asg' iifI' {lie . '!mI'e' ,ei))OClfI1i'e bene1lts ,w:.p~ted !iO be oblaifiJil;!:d'r~rm !.he'·~ of.itI1 ilem. ~ p;1.rty 800 eqlii.p.ifi:!(l~ b~ its (]~nalt!f ~~~ st-omiard of pe~'. ·the ,e:ll:Pe_OOiture~;are,~italiZfMl.a:g art[ ~alrCO~ of ~p.ettt( 300 e"ql1ii~~ Mtll::~' OO'd s II to U;e (l:;!!i)Wl 9 am 01.11m. J:!' ·tIiIe sa j d 1te m, Th~

l:i:rI~ii"Ig.tile,;fI~

I'IUlsl ~1 'l1f Pfilp:2ft}.l aRl! ~UII='''lEnt OO~$

'IMlefil ;fISSe1.s: ,am Sti~ or il;Iijr~. ~h:e.ir OXIS· ,and ,aro!.mI!ulal:em ~B',pmdaooll, amtlrlil:il!:ior.. ~OO ImpaJfffi~lll. !o!N6, 'r any·, 2i1e elirninal~ fitlm 'It!€! ~ro::~iJf'llSarid 81i1}1 @lllii 01' g ~1i'IJ thl;iir dis~.is IlIIelill&Kl .iI' Illa 'Ste~iiitoi AtfM!~ of.1he·fi'rrumG~ ~Wl1en it't.:apJ)~ed, p..fl 'item of propeHy aM E!q!Jjp.mtlrit m:a~ be d'eroooafli~ lJll(Ii'!I ~:tal' 'W "'ifl~ flO ftitufIEI $ootiCiin~.~em~fiw areA!l(IMdM fu, 'rf)e 'from i!he 00 jlnuoo .U5iS 01 the·asset. ~"I.)ln Orc Ibss aTl'sihg Oil ~ognrl00 (I~ '!he iilooe{
(ealtJll13::ed ;ij;S Ij!ie dtff.QmOOB b~ ioc~.mIetIi(\ i:iJe:S~t of ~~ tI1e~diS[lOsaJ p~ds aM ,thl1! ca~g in tfie· i1~~ia1 yeiilr (If dere.eogl'lilifijt

nre

8rnl)un~:Of ttle item} Is

1!emB fjf 11'0~ af}ll ~ui~ are :fI¥.fas!!l~ ~sI. IMS. ~tOm:!1uIErled depr<ooJa1ioo and arr,. oowlJil.draed _rrni?1i1 kI~$, \CIepfecim1: is,C~M $,0 ;[Iii to"rlo~NI"~ '1;l:;I~.gJ !::!~f.le.1:s 100:'8~ Ih~il,g9Ijrnmd 1J~h.!1 ,Usliil!:ll e SlJaigh1 Li~'Me1Ilix1_ -

TM

lGefullife Df e:rrllrllr 'lilIa Prwert't :(100,e~fpmE'nl ~ e,h.red OOS8!i an the l1y.erYoltJidl fh.e asset is e~kfd'1D be <l'iaira'M;!, for use. Sud'i e.s:1lfii'l.a'~ i~'lJia!)f!d C!m aJ colJee.:lw"B a~m'U of 'lflJilU~4f pr.oc.llce·aM e.rref'lI::f1 -wilhi $im r ~s. ~ thtmi· Is. ,a:'I iindi~IiQI) m;![~ Bneilfi2!S~ t! Si'gliltfh:..=nrt.ch3fftQG,ln dB,~'ectatiom r'ata, tl~uillife or resiei.W ""ahre·a~ an ~I1!L the d~crl!M cl jt~J as-set is !"e1,I~OOlINflW~IV '!p. riBltecftme ~ e:llpr:g~oo!"lS ..

~oo

A I ~bjli4lf i~a: 1lI~1 dhlig[:j'~1IDI f:ItiE ijffi~' aitiil'l9 Frnrn past 6'Ilelllts, !tie !>8t1~mer:!t af. rdlidJ .is ~cted o il'UtilU ilil ;;r~ Q1.I;ffio.'w from lhe.,en1ity of ~a$o!n. aFIOOdyiJijjl e;r:oo_o,mlc; liemE'lll:$.. .-,teS

to

h:r~1~thai.

'rite pay~lie!) O'f . or~12aijM.afiEI ~i~e.mr8 on 1trJ~ hail~ o.f f1CitimJl~Fedl:ileJmS ilJfId tb. 00'1. bear ,j 1£018 S!, ~ dB'~lflal$\l im a flJoef.gru CtDre~¥r •. <IiI'!. <!IE;! 'l:rans~ into r1iiHpJ}ine:Paso ~ing, ~e o~g €l~:dhe~ r,e.ffl: iDe repgrliRiD.! cl\are.

ilie deferr:erl

W«:f'lOO 1$a p.re~l3r1t fi!!bill1!j iJ leu o. its 1Et1,nre~s.,'nneame~ r~e liiI r1ie' OI.l!!TeJ~·ll8 ij!3i511ear. f y The or;ganizat.X:.n rereI'I8S p"I;!)'men 1:1' fifLembtmip dl:ies· awlicat:fe La 'lh9 subse(Went 'f!f!a..~J y.eft" 1'ilirklh are ret0~)lIlf:d in BiB'. in>i!n~ial !J.la'.ememts.as.a b~' ~nr,

.~

C~b\l.lCU'o:m

Ixmc ilftllGBlfs
b··.:.1' ...· 'DJ ..."".. 'I'I'JIlII " . L!it~ a~i11 JlfJI;:J,JI"",-OO Ili'II me, .00"'1 .... ., ,~""i'_ ~;., I. ~ . L!!I!.:JI~ 11nlIIJ:!e lY11~~' ~t E.!IlOOJ~l{e Hamesr R!. Fell;.:'liil/,e,r]ue. 'L;airtla. Ri22i~. "PI\I;!~ are no,J"':irnl'E!i1I11f S
"~ 01,

~TltIDe:g£h [OOtid de!l~,ar:$ Too Grgarll2a1k:i.Jlf ~iile~

1(!rg"€In~;aIi(iI\'S> Y$ge '~jj~ arl:l!ll,tl~i'hIndaQli;lTi j~ tu!il~m~ ftom !I~ QrganitttLiQ'liS COliillliih: 00

'I,'" b~

[t.... ,,., ed c

oM ~";..lIf'-IkI-' 'fo1 ~h8 "'" '!r.';;'I:. , ~~I IS_: Il!Iii .. I _ """"fW, lI'J.!lOIr

bow .d'e~ilS'

pill:S~!.lia)lil1

j'l'Offl

i~ I~ m its IiltZIJl'ie ~ re(lI['1~iilfe de~J:{II ~5, membem;« I,){l(1tro.~ to ig~~~

:S~M1:,~

a mU~i3nte,e. lili2'lr1@mpiamoo ~tIi1

ilfgineeli'lg. ~~t '\!ioltll~:;, of ire,Deed (ij' ResfFillKwl5i 00 the f!'8i1 .of~: ittliilj

membeir 'or COlltIFiiltIDJ J!lp~,h~II~1!ID itlff.lJ§r ~~~ o.:'.df!ariii"l~' 11~ csn be lil#BilEtl in tfll;! ,S!lI;!ti'I'oflG p[4!l\U
~r"O'l'(I[]tiilr~h;lr. '

~tJJl~ is 1lie fesjr;ll,l~J irrt:eresl: 1m1~ ~~ W OO! ,elili~i al'iEf·,iJloomefllg ,~I 1m liabPm~l &g_r!ln'ii!;B1iD:n1 'is, pr'ES~~ j:B :;!~~t1' in 'IMeffll~ilii :staJ:~mert'ls.
!~

The e.fjtlil)'

Q~

lire

1M otg~~;t.~ ~j'~$ tE~nug' :;I~ a ~ iloo,l'l of ocolPffr bgllftfi~rlllu-nQ '1M i~l~fYUI'l.{ll ~f!ilioo i;I~~g' im ~ile~.mie ci its lomili1~]}' acli'rili..a.s reslil:ilIg ~ili Una i~~of'iI!;,~ ::I!;.Si!!t$ ~t~l!Jil)'}, TM Ofg antLi!iUo iii as a: 'OOIi'HSirJdI: i"I&rl;-pM1fiI,)3tilitJ 'deqi~ :i1:'5i ~nt.m rna"'I/lI\!:,~its associ_ m~:bl~fS; \dues, ilsse~iits aM Itllh!:'l fEles~" ~ mEl' r~ 'from ~t.eus~:~uot'lfs ·j'lII.~e OIut:i11~:use3fld ~~ QiNh~ ~€! frlmr~l eiili'l~ JrQriI1 ilB ,ban} d!;!~$. Titles!;! if;! Jel&lgnize:l ~ re!feoo~s,.·in !tie perhd ~ al"'.e~L I:n 'lhl~tIIl\reFit or ~,qmalit;;i~ Gf glms~ KiJij~ ~ 1he wse cl ~anl~oom, 1ltiu ~atQ~ t?]ir\,,aliJ~ ls 1"G'Ctl~ iii Ih~ fin a ruial
pejllorj

~es:e -are ~~~

me

E:.M~ ~~!)~ion
'1Ilireo.rg\:ifliZ1ii~'QIll ~nizes.~n:se:s,.:u 'ttleJ[ ,~ttlal',oost atJt1£:: lime of)OOlFo~tlli1~
,iilti Ofi.Ii'I~I!JMp'UI)'Il.

e-~P'h~fE!tli '~n~,
8m~ ~efi~ are a!1 WNliiS ~f ~m~em1ion,s ,gjf4!1:t ~ 1M org~i:;!'ff!ioll iri ~ctiia~e' 'fOrsce",~ Drils elit1pfo)'~. I~ 'i~~des; s'~, !JEH\~I.'$ .i!Wtd pos~em~rnefi~'b2rients-;-

~~FEd

Thsij ~ ~t;!fi~ 01ret JJl~iiI ~~rni;l~M or ~rab ~~·wlid! f~l, due WiI.h!1l tM, l'i1d af tile fWU'lclal peiLOO in "titjj ~I!J)'BOO render I]]~ r€1~lOO S€~1~. The b8"~' [$ rftl'ld!1I~Bd -as,~fjSQ if! Hie flnamc:lal~ar ~ 1i:.s ~G.mlc t=en&:llt ~~_

oom af ~~.t:Jffi

oo~'@ (1211QQJl~~ ~S1

~i;i~e

Re1~B~s
UnOO'r Republic' Acl1M1 tkrtLNm a$/Ihe Re'ijre.men Pay tlrH il'! the: :FtJiI!j1pliteS). In ill ~elilt8 of a ~ '1I1't!'II'II8ff1t ploo or ~~E prt1i1lilhg 'for re&emefii !lrenefits 6C e:mp14Jyec-s : ti1e ~are St3troc'. alii emlJilt!~ ~PDli' ~hlng fiw ,~8 01 or mor-e, bu~ Ii;)1 b~'ooj of'age, ,~o nas 81!fi't!d af 1B~8.'I (6).~f,s" III ~ a I=fl~oo mp.a~, may rca1lreerr.IJ~all bs I:!rmued to rn::1jr~mt p~ ,j}(jwh,l;:nel:'l! ro at 1~·~'IT~IiI.5:;1IP1)':lW ,evall' ~r 0" :sal'!ikie, OJ fr;t.;CUIm Qf at Ie'd!ll!i six (6) Il'a1t1i1s~Ing i5C1~ilial\'E!d EfS D~ (1) w21ale year,

aoyaa~,

~,ym

Irll::Ciifle, ta~, if ,MI~. ~!lC.lud:ij:S,~" (i'(Jmesh, EIIlQ rore~1I ~ 1tJa1 are tJasl;!rli ~ ~'i'!OCatille p:rcr~~\ 5;]~ ~ £151;10 .Iocl~es. '1aJ.::eG. SiJ;)J:j5:9- Mfu'hOltJ!.nQ ~ Ihat are ~;:)btB ~ a :s~dii;l!1', 'Oi!~ia~ tf :;pnt ve, we (If .'i$lrib\l !¢fIS to the ~rlin:g e' ~ 'tj 'Gn an .eiltlIy pa~5 di'libds, I) [50 $1J'(1!'e:h(j1~ app~le' to lstodi int3 pr-dfit G.o.f1l'Oradooz;)_ ihe required 'tiJol s'Ii:dJlbe 'liI htlel in bebG!lf~: the redprem ~~~ers bl1t,s1Wi 100 oliJil~1 ikI tl1e @jjl.:Jlty a3 part· ~ tl'Nl: illi'ffdl;!ri;!s. In tJle' e~Ief!1:9·IMI there. .ar€:; fill.trGSB~af:J1B clJliiBfiI'l and Mum tax Il)l)'J1$BqlJlM~ or '!rani:;::II:b:;()S! aid olfiler e'I.'e;n s i}];!If ih'&'Pfl: beon ~rn~.e:d iIn tl'.a. ~"~rn:ia.l :5tate!WI'fI~, if ,iliI¥, ;!:m~dlf>(::hlS~herewillil.

M ooMy dlan detelJliiine ~he ~~ be5js at an ,as.~ fialJiliLy.

(it OIfuer itelJ! in a~:rff1Ge'· Ih erI'B~ or sllbsltrnfili.!;l~· elil~t~ 1;;[#, 1~:1h ~(itoo ~ .:ra~rred ~ ~sset or: lia~lil'r. fur tWlJlllFaly. (fff~J«lC$. (1) ilhal are e;i:~ tl) ioorea~ liI(!itle ;p:ml'Ll in jl-t.$1 fl,dture-; (1), tm.(ll;f!J'e expfOl)}{11 D 1fQi!I1JI!;le ta.>l~1te ptol1t frI rna iflJb.:we;.~} aM Io:r ~l" uan)l' h'ard ~ Ulii~ lax_ lut$ses and ',Hn,~ .~ ~dllS. De'far~ 1~",:eS. shau lOOt :I)oa COJ'tSJ:le rOO .00 paJII ,o! 'ih 8 turren! i!l5S8'I_$.., The e:c:p ill' date Q'f ~ . . tmti-es, ~II be diSdOse~,

'I~srn~UI!O~ reolJgnire ,a defeJJed rex ~tor 1:ta '.ilil!! b' ~II ~pOra)' giijere.n!;€!s bf (1' l{llfemilltd fl'iilmff:J[JS frlQ!iTil 'wr,e.g!ii: !S!lJbsjdJ!i1es.· ibrn~c.m. a:ssodatas :~M j~~ '\',eldJHE!5:. I-D :Ihe '¥lBnt' ~t JIie' fI'IeSllfmB:11i is essentie:Jllf pe:rrru:l1'IroI1 [n oibJ ra1l Oil, unl~ ~~ is :aP:Piferirt 1h~' 1he tef11po;rn~ (L4'ene:lltb '00 ~.i$Q' ill lIte: fl)resee~bb flJwrg:; i i rtO!lgfliltlCfl of ~'.'!;iII,

Am.;;;tl Y. sha 01fSe'I ct.m'em re:( assets ,a.rtd aJJrefft tax bili1j~, Ill( ~t del~rTeti !~~'(!&Se~ an deferred ~M ~aoi ~,0I1ij \UJen Ii lhiIs iff ~i!lItj' ef.l~2I~ ~liIt W. set ~ flie. amOlm& if1~ ~mfe~l#s e;f1le.r 'ti:I. setrte· 0111a
l1e~

oo:~ or til realtre

tire f:[S&eAand s-e1U!'mel!tabi

m-u1t.!;n~!iI;r.

Too, oGlgani!alio:J as. at mtl~~ ..'liili~ .dEirh"«l ~, 'Hile mtiliTiii:! ~aiRE;d in ~Ctfe 2 IDa I'1fe§k:

twt ~"P '~' e!1t1¥

W,ll5ii!~.. : [!$ ~

m:s e'.l'flfllp~ from payl!ftg intOIillEi .h~ Oli Irs mpelafulg refi,-ste~ pu~ b"~.it; 'sl.ilIqad:"'Ool)fi= ~~pon;:.l!Jil!, '~oces.a5 dJ~s ,fJ.Ifd 1't141~~lis.$).

fri)1,lision~, f1l $:f, ar1li fflOOglliz@:ljj 'fflllfi'l tJ'1l3crgemi;::~liQJiI h.3~ ~ pre,.~. QNlgalkm (}egt! ,or to:M~Ii're) .a5- :)! l'eil!Jlt ~ ~ ~$1. e.VElf'I~ arnlll It lEi pru.bablEo lfui;!['i- en ~O\IM9'!'I of ~rtlFe·s emboo;)ilg e.oo.rID'.fIi::;. ~[~. "Dr be ~Ili'ad to s elite· !~ d;i;!ig;;rtkt; 11'ru~ iii relli!bJ iii 'e 9~mre lOOn bI:. ~€! o't ~ .al1itat!J nt ~!!.IBen ~h;I o~al1on. ~~Ilen

Hm

~'T'l6.\lIl-s ~rll~

~'ts..

are not ~fI~~ pos:dtlilly (If iiJf!!

h atJc;:i;;i s.1~lel'il$lflb b4iti are disi1.o~ -' ifle Watat ,00benefits m troltia'de, 6irew.~e.i OmlfuJgenl Ua~il~, if: ,ml:r', 1m~I~' TInai1C4!ll;9t3l);!m'HiItrl~ b1!~are ren'octe_d ilflllie ~/areS:Ji)Pffl~~ ~GmS1'iirs I,Ifl1ta;3S 1iI:!i: ,o~w ~ r0001.l:!i.te$ em'lxldyilri eooJl()mrr:: ller0'llt is i'W'OO!a .
if ,any, are' moo.,reeogFi@di in

of

~omb

Rdiitedl[Prirt'J!' lIiIIlJIs;a,eflo.m:,.and leiano:n~J1!p~ Related ~ rela~'om1lb ..€~~s, v.meu CirlBJPart'i ha.\!l t2la 3'~I~, to cOifltd. ~ Or jlOOi'~H¥ truD~M gOO or I'iIlOiTe h;ri:e~i8~ tfI~,ddJl!l[ pa~ Cfc ~~ $iafli~nt tij"k!e!iiW g\!er the otherjllOOy·in lillaJ:jl7llrfil'1allOial ff'ld o~~!irlg dE:clsroltS. $udl rm~nship ~ ~i5lS b~' ~df(lr 8!1i1O'flg efl6r:a:m WlLfOh; wooer ccmll"OOn ~ IXlfIrIol ildllii ttl a' ~rU~ ~1 ,~,ar ~h! a-rnNl)'[' arnoIT!oJlllhe rB:p<frting ~~~l% ml'la lit~&.el!' MaMg8melit p8.~OOfii:!I" di~Ol$, i!;IJ '111$~~1t ~r :5ht:!reli!ttle~embeJS, In OOIlE~::h::r~ng .,ed pOSSi~ Oll"'la~ ,~~ re~~diip', atl~&i!i is.fi~ b 1001 alJ~~ance {I~ '!be relaUol!t:it1p; .DIm IH)1 mere[:l!1i!i!i legal fann. n$f:!5ii1~ij.gb$iiJelJfl.~n ref.ited pooiW. !Jre a~rrted 'fer at prkes ~ 0IfI oo~"rns: Ii!lf '10 ItJOSI;! ~r~i ~ ~Q ootfl-, r'Ellaf~ ,oo_Hti~ iM a"rileG~l:f OOI!'"lJl'{!ra'1:ie marI1.et ,!I1d ~~lNi"IIm.t3nt MQOIlJmilll9 J'u:qm!lll'li"!;

~ltIi:If ESllmilittls

Til€: IPm])iYflik!n 0' 'lhi:: rilar.ti::lal ,~1i'I1E ~)!Ji~ ij;Je'i41i"g[;lniUltWr! iID male e5lima~ 'ltiat mfect the ~d amOIlli1'lS, ,pt a~, liab!i~s, ~jjBS am;! di5!;r~rnelills. FlJtlJre e'reflm m&l OiA;Uf 1{jhkJ:! '1\61'~lime ttle .I~)llli!lf:Its, diii~ ~1,U!il~iafJs I,js~d irl a.litl!in.,w at ll:Je, 'wiihl are 9, to. dili~1ge, TlIl~~f(~':::IS .fir aT~)' cl)i!:In.jJe IFI j[j~JI'~IfI~ sli;'lji ~metes;;are r;gH~ iii! fue fimooeOO.l s1ateTnffif:S as, ~~ OOOMri£l liJIaso.:il:Ib~ d~IEmU"L<:Ib1e. J;udgrrneni~ 8[T!j e!iimm~.:r.::e $ion.1irnrelly ·wahJ(ltfid iill!ll r)]ljl ~~ M tii:fflDOOaJ E();pmElOO8 ~(fjt1~f" '~, imcli.!l@'i1g~r.eotatii)M ~ flilJJre ellel'l'is fuat are 11Je!~!i'ed 'Ip tGe' ,fe;3~ni;iUe' ullde:r.' Ute ~irol.R'Sta~. fIi; tha pr,ocoo~01 applyi~ 'ine .m:ganiloYlHlcJ'~ at.oOOli!ij!il~ pl)!ijjes.;" the ~~~n(:.g~~ ali: joo'gmffiis ~p:Mil '(ro,rn t~ ii"lWlI'iiilg la5~i'iialfun, 'l,ifJlidlc ~a\l'l;! (I~ ~t 5fgr-tllk-arlt e~t (im'!tic' ~lJID1Jmts~f1I~ r 'ni lt~eAlll~ei3J
I

m~

S'ii!l18ni~~,

The'

Iroa flnaii'ltla1 rnpO"JiLli'ig date, tli>at

and a.srump~ooo OOrlc.aliltlQ'lf!~ rij!J.Q,~ ~d d~ar~!I :SOlJi'oa~ ClI'e~E;b1i1 Q~'!.mJ~rtaii:rW pl. f.ji~jW~1:a s!ii'!iIT~frt risk; ~I/.isl~ at mareik'i ,.~IIi1Ef1~ '[line c.myi~ 81J1ti!.\mts. QI ass'Sl$ i;!rOOltI~il~_~ ¥iittli[fllW;l' S~:Ql!!v"'1li ffneoo:iaJy.e.E!llJre di$1J53ed iteIDwI

rey eu:t1es,

Tlhe a 1kJ.w?JIOE:fur dooblfuli aOC;(l.llmrls: bil~ on :asses~mE!'M' .pj'.$p1!,Grr:~ ,~l;ill:i'~ w't.en;! ltf~'S't!J9!!fl~8IiM M~ ls. rflfoooatil;lffl t'll.at P3liaitl deb1CN!l ;an;!! iJll~1;I 'OO!['li1~ ~!rtin.jJJii!}iF.ll a~lgffij~, 1111 '1!aS€!, 'ffie j~mem ~lKlt. ~J~,g is tJ~ @'I1~el hezt~'f!iill;l~ 1'~t g51C ali(';Ulii!!ii1M.~1t

11M ~1_0f:I far'~t ~'f(~m~i1Il '~Il~QB DarnE1llsIs IJ~ UJl ass.e:r-sm~t !lidrr~ afl\&.~!Jim-errl ~tfs of 1'I~ pr~~Blitpar.sDru'J.81. Iiii' soc~ ~a, IIiB j~Ffi8m; ~$d on iji~ b§$~ ~~til~ '~ct~' ~ifQumS't~~.

l,J~a ~

Too ij~ ~'lE:S I';tt' ,~p~ ,ii1rill ,equf!;lmel\'l are' '1i!5ti~ted lia:~~ton U~ pe.r5xl rn.'eJ 1M1ie~'ine ~t!) are ~dM il:!' ~ av'S~1e ror ud. TIle ~[rl"l:atea IJSefu I Ij¥e;il ,of proJ)2!t'J ,~d f:qu~pm~i'iI1Nl; re!,rleJ.'ied 8 pi;lriodi:~tl:t ar.ur IJ~ wl.em n~5-S~J'f if ~m:ibll6,diffell TIDIIiI 12 ill:'Ii 0 1lS, 8~ilh::!!B5 "'jiB to pfty.si~'1 & ~;;,J ~d ~. tedll:yt.iali)f cornlJle;r(iie-ll,ClkBol~oooce',aoo ~r)lllri»lhl!r~, on ~!l! 1I~ ~ 1iIE! ~~iiS.

are

Pa~ 9'

i~ lif a$$.e . i!;l· ,ev~~re.d I~I'J:I, ~i 'IiitleJtia!r'\W ltJere ¥iEI ~~ Q:( O~~ iI· Jiitu~fjiJces' irni&:a'lin:g.llllii1'1, 1~ ilYafl)'i!l9 ,plT"l;u;nd rull assOO'Eln'f 004 be. r~Q1$. (If llie need to rwogJlile my imJIairiflilZllt I~~ ~ ,~e:~~d by i)RII]lP1l!~ iJli thll! oo~g Wlh.:lSl Qf!.Me iilS$.at.a~ai)i~· t:le.li1i!11er of net ~Iill!ll ~~ gOO !tiJue ir. use,

An aSS~&JIi"I{l:;jt is. im~e ~, eat..h: 3f!ljiliG rear eM 'fimmool ~tttJn k! de1eftli', 8 'ffllelt1E!f ere i!;j, ail obtlo'il\ie. wjlj.;;!'it¢e that Ii! $~Q.fl(; final'Jl:f(d 1Y nrm-fj)allClai aeset flW.\i1fH!l tnwairM. I:'{:~ evi~~ce' e::.:i::its,"'81) Impm:rmernt Ij}!j~. -$hall ij~ ~Ot9ni:ieodl ili11fte ~m1~t ot Ar::i:h/~'~' 1h!l1 OfijiiJIiz:;3li:m fur ,~, roarnri!!l!
~~r

~ar .'i,\jhMe'ie~ EI¥idSl\'OO lii>:i5ts tnet fu-e (i~

r3MOlliH

I@ilct 1~Dt!_

F na-ndil m~.k IM8;lIggemem.

[ill O~1i to o!lal1l)' 00 Its mlooi.I!JilififId Qf '.reporti~l oote.

The OrgeJii;mlXlri~, GtlJootL'te.' woon miilli'.lI!J11IgIrs rrull'iiJ~i$ IO.5.i!tegl,!!!i(rd ih at:li, till! !liO~tiM as.: a {IcMilI! mi)OOfil ooJI}(;:i1'ii1I$.. The 'fl!l~ of ~e ffiJa~Jl1 ae snll Ifs (lp~ftl1;g1 slrui::lJJJ'ieas.

The mrg~Il~,htJ;'& 8{.."im!~ ete eocpo~

mimi"r!al - 'aool rri'sk So ~ i~ ~f~, prQje!Jt: aid emle~ouli :a;m d'EiMliimirfl9:ll1;rr I1e d:J!l!:;r~o~ :arnil·gtfts reo~1_ HO-r.\i8l.!et lila ~jan~e!t!em implemen~ Optl!lmtio~.~jlleiEs,· 10 ~~glll~rQ ~lfq!.lK:lit~r(o>!;fl~I[re·il$ \ria~itr as. :!Iig1lti~'tlD~,i;'fIi1. ._

Niy PQ9l

~M-i!l'l8iil:S IIJP' b ~ da~,c of ~J~ ap~ (If 1:Il.eMali~er.lt anti Bo-a((J' 04.Trn.!S1·e~ (lUna fiilmdQI S~.t.'i'I1lin1!!i ·Iha'! jif~8' .a;tI'diilol)8jJ iffrormafi1J] aboon tIMli o~i~~oril's fina:nti.)!1 1~~lK!1l ~t {h.~ :skltril'i1I'IariI'L t4 a~ if1cllia~i _i de~ ~j!Js!ing t;j'l9I1I'~J.;lIe rn~ ~ 1M~'ffnanoJal sl3temerd!r~ hly ~t ~ri:OO.8'f.ep!i.lthat '(I11e adju:su.~! ~Cs afG dl&c~ n!Jl ill iJ'!~ :fi1ii~~I'!J,1atel1il~re Yrile 'materiaf.

ocr.~ ~

1iPe e;asi! slid' '~Ml Eq:!r~l~ POllilion, lI:le:se are unre9&idedl The'C:a@h. mdtJcl8S. eu~~

IS

of '!he cl'ieml~lfOi'I arB ~g;fIile\lll at 'fa~ value ~ lie' s.'Im~1 !;fjd imJ:J'ledliltcly il!IIICl13ilils, for U!;ii3 iJi·e\llIJoo. operalW.liI3., flems; tI:1o&e Iol:w de.~tL iiILd emil! ~ng

of 'Fina~

00n~ The e~rn eq/!lilJ9~t-5 are. sn'Qr1-temJ h~ I~ qlkl' ifl\tllS~m!S that ar.e rEledt'1 ooo~l~lJhil 1.0 cas:H .wlth
dtI~mrll;~rn'I; QI -nge ill Iffll!re-

or ~

runiis" as well ;;IS dQpi)Stts in

r~u:ibihll1s ~.f:a1~ I:el1k ilI~n:t f't1r ea® rl,!ll!iUr~~ a~r.rt f(w rund I~idttr rrw~ltclliin.g FlClv,lever., uwns-ferto01l'O-\'fiiilWwiIJfH~f~ of f1iRd from clIMr 1i1Ji'l~me <I~frt i$ being ;Qb$eMtd b'j' fl1e' Mai13ge~ , iii t~ e1l-aM Uilal a: 00 "lin ftu~J1rt~ ~Ulflt irntiillretil in~l,;I~biemi;)' Q~ ID dela)lw cash '~. rran$I'err'"~~~~t",,'MiiIwn' rids. am' '~fitre11!i1it..ed! b:t 'the' ON(!Mlng .1lIfI!:IiIIY....ome {lceQI:IFlt i~1 i~ liquiltlil a1k¥~. ~n

Too' crpizaooFl

~~.

fh:e tCiilsh aF!~ ,ca~1haQi,!flll,a:ij~~ ~11!'.iist cl: ~t!:Jo1oYiiFtlJ,

·P:m.OIlI~~
YE~~:2(i~~

,'"

1"-

P{~I~ ,~~,'fuild ,[Pesol ~Jf.ed lEa_riiriWl""'dijiOf'~ ~~I)SO~Wt$):

$,doo ~1.l5~

II

YUR2Q.1Q

'f~1f.t 2I!lO!! 25,000 tl1,2S9f U-9J!IDl_

1~20:~

'£5.000
'~5

-~lW"oor'~orniID',4,\flI3
;E!.iOOO~

fS.cIDi!nW@rsM,:J-d1!l9~

fw~fJg~~r,a'L~ls
..

:!rli!f-2l71
,~~lt9~1
3'(lf7

moHi"
SSU~f

AtooU4'L! 'W oolff~f'iUtilim-. (j~t!s itS

~!"IJIH(if

w~

au~

7~i

,2,~1'J49;,
~~5

1~,on OO'5""~
1~1J~ll1tif~
1,IIiB9,047

Acob11fl1 for

liTt;IifIte!llf.J1~~~

1M ,,'i-U 1491.1~5 I

AcooiHl~fbniY'M O':way
~l,I(Jt ~OO'!efed 't1j'uJi
r.;aIlaQ8iE'1$'jj~

,~'3jl
Furt11 ~UI9~

1M;119:a
~

Ac0wnt 6lt-A~~ Total

j'l:JUe

~5138f'

tl~~

1f1~ :~ft~I;!Jill~ ~fiI:i!te ,of the ~r:in~n i;Qn:Sisi:sef' 1fI01l-li\~f'OOU~r~~ t-Jfol1§'".!U,~IlI@ ~~j\;ilil 'Ftj:r IilQIJ't;fftJ! ;i!CC(iI.;mts ;[!:S '!hE! ml!lil&ggrn81~ 'bellal,l~QSltt'<lt :ill, awlp~~dirn-g ~".1!blW oa::M[e, a5 '!h~ ~II &ie, 1~~~1Ii,

'Vh$'e~i5' 1i,1tiI ~''deBrni$iil

rOOf!i\la'lte~~,

uf 1iI~'~l&.r.ii~gt:

11,j$4

,5,62'11

Total

~O,921"m

Q
•

'The 'rrrern-ber::::trp d!.I;IGsand ...~ 85 of fi5~!;fl ~ ef(d, ?

,illu:es;' 'i;:Q.[iJsisf U"r:l,pai~ ~;;:'~'9: o~

I'ilerRl:Er:s~lp dl.il~ .an·d wilf$ a~l!Il'rls.

T~~ ~I!l:s fhocr~ Il!I'fIib;!rs. IiIld ii~W o;::oosJst i!if od ,~ces fJf 00$.0CJa"k.fi_ Tiie':ii;!' ilr'e iJ;!tJj~ b Ikl!.lld:ri~~

me

'WItIt~ 'WeN!: 'l00ildEd: far o~·~_

aewities

Pronerty ,fJld equfpmant: al'l;!! Slated at o:.~ ilrt ji'tmal ~~r'emenl SCOl.!f!1.IIJlatell.jl'tni; ~ yalue. The dep~.a&.n and 8IV1D.rl~UQil 'Oller fJl~ u~.efiJ~n:w:s qr 1iiJIJ~BI:S, 8~ icitaws.:

t'

~$

;fI~lll ~Li!aklrl

aocurntt=ted d~i~Uoo .and arw (In ~, $.'l~h~lifie Metood

'Olu

arml-oog ~I.!md ooikIrtm alta f'adlil~ Offiee' eq!1fial":lf'l~ &JmibH~a.,fi>l~r05 T~~ aad' eq!JJI,ji£Q3t'1f w~~ i!nd irfrtmr'Q1.!~ts
IC_i,!ISe

. 25ym
15.
5<
~Il$

Swi:llifIT7i g

~0.1

5 \!tiara

.5 ~ai'S

~aars

T er1Ei'lis ilti':l t~-g8

I'€!~

jr. ie!i!li,

ttre ~tirna~
,,1':,

,~

lfir.at'lelsl

~Ii!i"jli,,,,.,

Talll

~,

Ar,,,,,,,,_

'Wjoj.'lm

!;~2@

J't~~~~

l',IQ!I_!iIJ"

~~riQ
I b~

!I-f:;W-

,~~ <lW,ltf
~.1~M{ll!~~'

~I,;t~r

l _l..

~ 1 ~I!_

_1;!i'.!a"~
~~;EIlS

lJjo1.:.l.iJU

~"d"J ~. _ill. :r~!,

J -,

These' ;are' 11m0radi'llmlioris lr.lileSIi'reflIis ill prefer (Merab).

ea ~

(1 O'f., 'CI.lIII'I~rr~\2il j. o

.EI~

8edtlb COIl1R~:r

P,al11~ iRerer~le"from
P,i'lifMcas'i P.~l'IissB~.I[PBPJ
,i3:; Scm: ~s1rue.tiOil~

"Ii'EAR :2il111 13i4l'$~ ,tine.

YlE.AR. 20<10

YiAR,.21)OO
t~sati-,S~~.

1,s.tA~3

Reoeivable. 'frnm Mam~.z

1'o~8B·,:344

U~«
1~e\A:36 -

tj86;~~4
1,4'9,4~
7B,A~

f.l:@0$ iV.~d31£! IT:cro ~\rern, ~'

PEP [oti

'f'~A3fJl
m

Recei'iJab~ from fonner emllb~6, Ca,9fl in bank· B DO

P~e.s 0

Ff;1'!1)!l':ia-

sa-v. il'~lS.

~n(lI~23

1.1.2D.,OOO
is,9'1!B;S52i

rar:!~

,2;71~.w, ..

'VI1ese·;.,;";)[";tI!JlL1s, ~'ID a~ dlitJ, peOOi'ng aitFli ..~' ~ !lIed by te ocgm]il3r n (In A~ 26~:2{f(IO 'l,\j'ftt"i he lM~aJ rliial CD.LI1 cfCa1'lbagaif!ShW ~ falimel(![:~{:tli'tg~t .OY8es. relaJ~'et() ',~m~ m(till\!'abre, frorrdooller e.rn~i;;'; and 11'$ ~Of caseS: fil5!il! by tile S!lW w,'0 'fQIifB I(l{JlFlII!'ti~ tI :1h8sama :P'!~rw1~ ~ N:r1IDflal'R.abl)f RalrdtlMS. CO!t'IIiliSSiol~ ~LRq" ag'8ii'lS't 1me~rgili'Ltz~ 1li'J ilMtla1 ,ffi5mistsl.~tr."e.:ta ~~ .aoco1,i'(J~ '~$II! in ba . ~Bfdloo ilfe OrQ ~ mega sal,!1rJ)]~)IM1i<1'O CinUiit.ra·~_. 0n,!M~ 1O.laO~, ~ NI.RC iiSiiJIed iid~~ f1 favoT of ~IrefQrmaf er'l1f!lDY~ oNlarliiQ .1hB orgalllzi1l.~ 10 roei '!ij,a'le1t1l~~1'l 1hEf i)Jrng' !o ~s~ng 'with tlTlet o::;;C WI)Lm en~nt of f.hBir' senii)'Jity rii,_, 'ts aoo- ~W'~, In adliit!«rl, 'Ihe (J"Q81»zaH:lII"L!S1t:tl1, 1l'Q¥ 100 ~Frl:.o~ P-Jr. 1,1 :2Q"QEQ for· e 001% w~e'91 GfJtie SiS~ Qrnp~ The. ~amlbti flkt;;I:.air, app-Bi>'1 wHn lfue'Nn.,gc ttl i;jefer ttie p~m~, (If the ml)~~ ~ o'f~, clBClsiOJl, heoo~ '1nSl ~il'l 'm rssr.re:tl"1e supew Ibcr~ ~lIi!l3J!lIIlU fo 1ne s~ i!..gg:regate. bilJotk wagi3S ~ 'Bir51JIiB ULS ~1rfi.8'rlrt O! 11'H:! $Sid ba(ik ",,~e:s in ihe,e-~' 'ltte NlRCdeeisicn 0000~ final alttl ~Ui:i. . qrcg~i~ h~ oo'ij"iJifed"Wi 1Me NlRC reillStare.me:Jlt orrlor d'r tfuJ,:t, 2000. HD.W;'\'..9"I ~I¥ oo.e emp~ a'liiIiled~' it wl* l~ re~, opi:OO to.. 'l'h'lh'i,}l'lh~_i i'lghlS.. On .Julia 2n ~cI;! tnRC 'Ws,yeoi:I ~rnissal a orde.r on tn@ appeal of 'lfue ~~~~ ailrl fuliijl_er i~ad.~ m.Win~ IJ!Qne~ ,~ b'f oro m in !':I ~ll?Bra1b1t p;!I'I fPJ 'lire em~G; in ~ a:gg~?~ ~nl c 'Pflr1 01,000. The C!~~nlzaUolIr hilS ,eieVited liS di~~on I,l) ~r~ NlRri .e~isKm to lite C~r;t.of AP~90 00 ~er 1.J, 2.1)00_ IDI.Jri~ the Qlbl't~'5. a oompromi5e agreement 'fflIS mlJiua11f' .;;,t]f~ inti) ily11w O1II'aftiz.a1ioo and Ih1I: efr1p-lo~eeGwf;Jereif! 'tile lJF!JarliIa1f~ ~a1I p,3)lthe' aggTeg:ite IlllTli~.m~ 00' P:lTlp700,OODto. !~;a,~1!J~B.ll!S, sltaJl i~i.W ,[)Ii 05fiida:~1of rle!il~~nre to di:smi.ss 'Ilii1l!.COUflOOi:i2glFOJ,ii_ fiJ'e.od Ibr tile l'1filll[~If.on egn"!:;t ~e ~j)I~~, lii!ilI':i ,9t1~11 .ofI"'1J;re e[FI~~ ~nl:S in th8,b~ O'f 1h~ wrile ~ar.k~~ .The ~n.romisa atftemenI ViaS i!1fJ'PJIJ't'OOy the Co ill111'f ~pea~ Ci.l'J; .Jan~ra!y 27 i 2010. IOn b o IFrtllofWSI}27, 201iQ, ,Ile Bamc!)·de Oro d"epl!6.~:'OtiS dOSed iii!:d ~l1eprot~s were ~lied ID Pa)! !he'

.aoo~~

:lDoo.

c:t

Pooe 13
Phpc1 . , )100 10.':' e·em oyees i~ he rer,Il:aII'1~9 balallW ili(:l,r!liil'lg the ~ tlterBliit iHBte WI'llM ~r .0. tie ~~~~_ 0tI1 It# same' date, 1M' organizEfDi tnrzy-tSh 'its" -nollmben1 F.'rtisidM1. ~ Em am~~ Qf ;;J!lI~~1$11~with the MWIl'ktlpall Tnal COli'tI 'i:ff ~ird);! reF" the'M mlm'ilal ,i::;;im, ~s stated, The ~tl{libIe ~Ufl~ f~ !It»e ~r c;m.!io~~ WQJe vrnltoo 'off in Y!ltar:ro1'O ptase]'i:,~' 3S,'~: d'~~ wri!reN df' _ lfIe ~~ts of AclNltimL.

This. iMlttI~R11iJ8~8 i~ ~ Ime ~nt d'u a frr:Hm dna $<Iio d'e'fE! ~r of iile ViII;1iill::' EtI~ E~~"a;!' tbJ"~~ (C!!iint,ai, r.::i~, ~1iiJ;hOlJ:5r~r :;iu.1X;liIJi5iofl whi::i~ is b9l~ lifji1'ii'l39~ Of.gMlilaliClfh ~~r to Nar~ f f ID1" relt;rled maLMo Ru~lV~bte from ~rg~~L~IIJ COI!JJi'lJ(illon.ll1c_ j:MMe~)f);

hi ~~

This ~111~ ~ims. to the ad\lIDKl8S mad:!: ~ Iii! O!lft!~tIOJil to ltits OOi'lbmr:rur i'Bli!I1i¥E ,il~ Inll~e clubho'JS&. fi'AI' . ID Hat.e 12~lr rela~tI matrern_ ~13~l!Ib'Je !f2m pMJlltb"~!3Ir::$
Q

to: til? 1J000SlIillCltol1 ,of

'PEIl!i r,t.tifme,l:t APlllQJJ,

1hi{; J;Qfl!;ij~, o~ ii1~ts

doo

fTml'I

bll}~ 'Of PEP kt.:;, Refer 00. NOJ~ 1~'!'or rE!la:~.gi!h:r~'e~,

He ,o~fc!i!tal:io_l1 (VE:HA~ has erd

d ift~ :an ~reemeff! roW:ifJOObtf· a l'itefitlQril',dutrl 13'".AjJreemenl dared D;~r 5. 2002 ,jjlItr Mta~iNd~ 'lI.. Pll'irnee~t ProplllfiIls, 'if;(:: tPEP).~ ~ ~OI=8" of 1~ hou~g ~1JlJ.dii,risj~r. rJa~ Vill1!g8 E::iSl. Ei(E!cJ.!~ Ho~ ~VEEH) tJca~ .ajo~! F, Fel~ Avenl,re, C:!Illlta, R12al, MictJ is i)g1n.9 flIi:ifiaged ,~. the, (!rg~iiaU'afi, Th~ ~in 'PL!'fPJJSEtof r 8 agreemil!Ill Il kit rt a ~tll~1Ii£'i:'It. ~ UI1~,~oped iProje<:tswilhilll tOO VEEH,

aoo

j.

be done'or~isMed.,

VEHAI 'ShaQ e"~st.'E!~,

(i

its OWJi rflltla~'ro. ~'t!ISOliltoe$ e>l~5.e, do tlf :3i::ooiijf! .?lilt! tA' eaused ~be~a:ldl'ilirooI~'OI1l:sillll:Je S;;lri11;!!.!b~iMli!!Iel:llj~e(d i byU.iliS a~fooald:
I'I~'

to.

1, Th;iJt aside· from sum 'ii'~ al~y iden1in'e~ as a.be.Said ~ e· CItf€lr' $UO wu~ the. ~ :Siib:lfliisl'M of wli6::l1 ,PEP rn~ be ~:e r-e:s.jXffi~ble [br,

qlfll

be d[]n~ tn

3. TIm;!t r4l"wtltrtsrerllhllQ 1tiers.e a'~na I;Wtk~. VBVJ he-rein reeogrMzes till!! {oct 'ina'!: Uw samg !iIIl~k!ri Ilad alr~d~ oo.er1;a. !he l£ta@"·;sI,!.!;~teH&ljr;!l:r (:Wllie~d p€!'r tHE! ool1lrltaNts ,Of ~1G'1km i~e~ Ib'J IHILIJRB j"f'J;jKjti:Jr~ abtrfs {AIi~~ MA' 'to 1 ar:.:l.lh<il ~ 'WIU ~r.a,» and ~n. a'S It I:tireb'y ~r.a1~ a.M j. ns F'a? ill h~vi~ the same rerID.r~ rn.fJJ~~sd b:v Hll)RB in 0' , .. for RHl10 8~Q witf!Qut,lJInlif.<~ruy. dehrrt, ~M'oolllalfo~ to \~HAr ,and/er ~!Mu iGfpaity eM Cal!l1H, es till;! Ci!~, may 00. (If the w:s.., '@a:sililOOffltfi, ~rk~. smd. ·~m Sj:;l~\ fAlk, 00· prolfided ~:t I~; Thai pe~ hsrebV blOO'slisen firml~ aw irr~'OO~' '1l1l' tlridelWrite. n iIle mannti:rer.g;.ti~I'1El:' provided, the Q"~I¥~ ~ :s~I~ ~oJti$ wlli.tf1 i:s neJooy es'tab~ecl ID 00thBi amollfi'lt of 'THIRTY l"WQ MILLION FI'r;!IE' llINDRED T nrsjJ}_N1) ~rP~,60mf,tlID.M~ ~ ~ ~t;l" in oom5iger~oon i3f. It5 1000ng r, e'red or fCre¥~r iiI~ fNll'n a~ Btid.i;lU re5pQiI !lilil;ies Kil :9oclitYIOrb; ~

.5. Tha~ irl g~1i" 1.p 'fuJn!1l·!;Jl!ch·I!.IIil~S,

;illd,l'or

PE~' t1i~1I~s~gl~ ro. VENAi ~1'5 illi ~e -afq~~ii1~' :!iiuilMii!ii~!Jn 'in Vill~e: E~t II~;!liIi(!)!)'J1CiIo ~ .~d.lmt ill \il1I~~ Ea~t III, illi BiIJ~q.I1!;flp RillaL !ilIl~1Qf iii the [itlt~r IlQlfti~l.pro±€ld$_~· PE.fi·~~FI1iII:M1 1l?h.~,500'iOnww oo:IFImi1mentmll tialle be-m mill' ~jj blf~\ialii:e-~ruen ~tt a.s:;ign;;9.,~ ~rei;!~ WIXll ~'!Fie~;

~we:;a~

is. Tha~ oomrt&iglYr IDEP '1111l!!i lliB~¥ CEDE', l'AAN8FER. ab~Ili'lB ,cmc ille~iB, ail of lh~ f.61:$ {;lIll..!m~r®:dmllll ~r,elcsp~dilig!b' Votilfi fu$1nE5pe!Jljve aLBM.

ruld ASWI~. lIfilO \lEBAI. fl. iJ.ekYw !by 1~a"r'OO'iElring

.

'rei

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