LDGA9D;MI
¹Ê &2!.#%u0
3IXu0HUNDREDu0"ÏNÏTEAUu0JOBSu0ATu0RISK
<79;:M?J>7bVg`Zii]Vi]Vh BZVhjgZhidYZVal^i]i]ZYgde 7u130cu130iZVj^ciZcYhid^cigdYjXZ gZiV^c*%%edh^i^dch!
XdcigVXiZYWn*%eZgXZci!;gZcX] ^cYZbVcY^cXajYZYi]ZXZhhVi^dc higViZ\^Zh^cXajY^c\kdajciVgn gZegZhZci^c\VgdjcYdcZ"i]^gYd[
WdViWj^aYZgi]Z7u130cu130iZVj<gdje d[iZbedgVgnXdcigVXihVcYi]Z YZeVgijgZh!ZcXdjgV\ZYeVgZciVa i]Z_dWhVig^h`#I]ZgZYjXi^dc^c
Zhi^bViZhi]Vii]ZXdbeVcn^h ^cigdYjXi^dcd[h]dgii^bZ aZVkZVcYeVgi"i^bZldg`!i]Z djihdjgX^c\^heaVccZYidhVkZ*%
dkZghiV[[ZYWn&!*.%edh^i^dch! ZbeadnbZcibZVhjgZh[gdb igVch[ZggVad[hiV[[iddi]Zg\gdje 7u130cu130iZVj_dWh#
Wji^ciZcYhidhV[Z\jVgYi]Z I]Z7u130cu130iZVj<gdje^hi]Z
Zfj^kVaZcid[&!%%%d[i]ZhZ_dWh# ldgaY¼hW^\\ZhiegdYjXZgd[
I]Z\gdjeegZhZciZY^iheaVc hV^aWdVihVcYdcZd[i]ZW^\\Zhih"ÏNÏTEAUu0ESTIMATESu0THATu0THEu0COMPANYu0ISu0
idYZVal^i]i]Z»Xg^h^hh^ijVi^dc bdidgWdVibVcj[VXijgZgh^cOVERSTAFFEDu0BYu0u0POSITIONSu0BUTu0INTENDSu0TOu0
dci]Z\adWVaXgj^h^c\bVg`Zi¼id :jgdeZ#7u130cu130iZVj^hVahdVbV_dgSAFEGUARDu0THEu0EQUIVALENTu0OFu0u0JOBSv
i]Z8ZcigVaLdg`h8djcX^a^c eaVnZgdci]Z:jgdeZVcaZ^hjgZ
ZVgan6eg^a#I]ZegdXZYjgZid ]dbZbVg`ZiVcY^hYZkZade^c\
[^cVa^hZi]ZaVnd[[hXdjaYiV`Z ?VcjVgn&"6j\jhi(&!'%%.# VXi^k^i^Zh!VcYVbZVhjgZY ^ihedh^i^dc^ci]ZgZh^YZci^Va
bdci]hidXdbeaZiZ# =dlZkZg!7u130cu130iZVjZmeZXihi]Z gZYjXi^dc^cdjihdjgX^c\# bVg`Zil^i]lddYZc[gVbZ
I]Zadhh^c7u130cu130iZVj¼h YdlcijgcidXdci^cjZ^cid'%&% GZYjX^c\i]ZXdhid[h]dgi ]djh^c\#>c'%%,$%-!7u130cu130iZVj¼h
Wjh^cZhh[dgi]Z'%%.hZVhdc^h VcYhVnhi]Vii]ZhZbZVhjgZh i^bZldg`^c\bZVhjgZhl^i]i]Z ijgcdkZgidiVaaZYæ&#%**Wc!-&
hd[VgZfj^kVaZciid'!,%%!%%% VgZcdl^chj[[^X^Zci# V^Yd[i]Z;gZcX]\dkZgcbZci¸ eZgXZcid[l]^X]lVh\ZcZgViZY
]djghd[egdYjXi^dc! IdXdjciZgVXii]ZdkZghiV[[^c\ l]^X]gZegZhZcihi]Zbdhi Wn^ihWdVi^c\Wjh^cZhh#>c6j\jhi
gZegZhZci^c\i]ZZfj^kVaZcid[ VcYgZYjXZi]ZcjbWZgd[ h^\c^[^XVciXdbedcZcid[i]ZeaVc '%%-!7u130cu130iZVjZbeadnZY+!%%%
'!'%%edh^i^dch# ediZci^VaaVnd[[hidVgdjcY+%%! ¸XdjaYbV`Z^iedhh^WaZid VidkZg'%egdYjXi^dch^iZh#
¹Ê )4!,9 %#/
"/!43u0
&ERRETTIu0RESTRUCTURINGu0
PLANu0GETSu0GREENu0LIGHT
?J7BO½I<;HH;JJ?IF7]Vh eaVcV^bZYVihigZc\i]Zc^c\i]Z ^hVahdVcZmiZch^dc[dgi]Z
gZXZ^kZYVeegdkVa[dg^ihYZWi ;ZggZii^<gdje¼h[^cVcX^Va gZeVnbZcid[Zm^hi^c\h]dgi"iZgb
gZhigjXijg^c\YZVa[gdbI]Z h^ijVi^dc!ºgZVYhVhiViZbZci# [VX^a^i^Zhd[æ')bWni]gZZ¹bV_dg
GdnVa7Vc`d[HXdiaVcYdcWZ]Va[ JcYZgi]ZeaVc!;ZggZii^l^aa [^cVcX^Va^chi^iji^dchº!l]^X]VgZ
d[i]ZhZc^dgadVcVcY[^cVcX^c\ gZYjXZ^ihadc\"iZgbYZWi[gdb VagZVYn[^cVcX^VaeVgicZghl^i]
eddad[bZooVc^cZaZcYZgh# VgdjcYæ&#&Wcidæ**%bVcYhZZ i]Z;ZggZii^<gdje#
CdgWZgid;ZggZii^VcYhZc^dg
bVcV\ZbZcil^aa]daY(-#*eZg 3WEDENSu0.IMBUSu0"OATSu0ANDu0
XZcid[i]Zh]VgZ]daYZg .AJADVARVETu0!"u0BOTHu0PICKEDu0UPu0h4HEu0AGREEMENTu0ISu0THEu0FIRSTu0STEPu0INu0THEu0
higjXijgZ!BZY^dWVcXVl^aa]VkZ Au0u0%NVIRONMENTALu0"OATu0OFu0THEu0IMPLEMENTATIONu0OFu0THEu0PLANu0AIMEDu0ATu0
-#*eZgXZci!VcYhZc^dgVcY 9EARu0!WARDu0ATu0THISu0YEARSu0STRENGTHENINGu0&ERRETTISu0FINANCIALu0SITUATIONv
bZooVc^cZaZcYZghl^aa]daY*( 3TOCKHOLMu0BOATu0SHOWu04HEu0
eZgXZci^cZm^ieVgi^X^eVi^dc .IMBUSu0.OVAu03u0WONu0INu0THEu0
JcYZgi]ZV\gZZbZci! Vc^c[jh^dcd[æ-*b^cXVe^iVa¸ g^\]ih#CdgWZgid;ZggZii^!hZc^dg CRUISINGu0CATEGORYu0WHILEu0THEu0
8:DCdgWZgid;ZggZii^VcY æ,%bd[l]^X]l^aaWZ bVcV\ZghVcYBZY^dWVcXVl^aa .AJADu0u0PICTURED u0ACHIEVEDu0
hZc^dgbVcV\ZghldjaY\V^c jcYZglg^iiZcWnCdgWZgid ]VkZ&%%eZgXZcid[i]Z<gdje¼h SUCCESSu0INu0THEu0SAILBOATu0CATEGORYu0
idiVaXdcigdad[i]ZXdbeVcn! ;ZggZii^VcYhZc^dgbVcV\ZbZci! kdi^c\g^\]ih# 4HEu0AWARDSu0WEREu0ESTABLISHEDu0BYu0
VcY[dgbZgh]VgZ]daYZgh VcYi]ZgZbV^cYZgegdk^YZYWn ¹DcXZi]^hV\gZZbZci^h THEu0%NVIRONMENTALu0#OMMITTEEu0OFu0
8VcYdkZgVcYEZgb^gVl^aacd BZY^dWVcXVHe6#Di]ZgbZY^jb" ^beaZbZciZY!i]Z;ZggZii^<gdje THEu03WEDISHu09ACHTINGu0
adc\ZgWZeVgid[i]Z<gdje¼h iZgbXgZY^i[VX^a^i^ZhVeegdkZYWn l^aa]VkZi]ZXVe^iVahigZc\i]VcY !SSOCIATIONu0INu0CONJUNCTIONu0WITHu0
h]VgZ]daYZghigjXijgZ# I]ZGdnVa7Vc`d[HXdiaVcY [^cVcX^Va[aZm^W^a^inid[VXZi]Z INDUSTRYu0BODYu03WEBOATu0ANDu0THEu0
¹I]ZV\gZZbZci^hi]Z[^ghi ^cXajYZegdk^Y^c\VYY^i^dcVa X]VaaZc\Zhdci]ZcVji^XVa -ARITIMEu03AFETYu0)NSPECTORATEu0
hiZe^ci]Z^beaZbZciVi^dcd[i]Z ldg`^c\XVe^iVad[æ+*b#I]ZgZ bVg`ZidkZgi]ZcZmi[ZlnZVgh#º
)  >ciZgcVi^dcVa7dVi>cYjhign  lll#^W^cZlh#Xdb q 6eg^a·BVn'%%.u153
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84