COMICS INA FLASH! SUMMER 2015 CATALOGUE

Transcription

COMICS INA FLASH! SUMMER 2015 CATALOGUE
&20,&6,1$)/$6+
6800(5&$7$/2*8(
25'(5,1*,16758&7,216
1R PLQLPXP RUGHU 6+,33,1* RU IHZHU ERRNV
DGG DGG IRU VKLSSLQJ LQVXUDQFH
7KHVHUDWHVDUHIRUWKHFRQWLQHQWDO86$2UGHUVIURP
RXWVLGH WKH 86$ DUH ZHOFRPH DUH FKDUJHG H[DFW
VKLSSLQJ FRVWV LQFOXGLQJ LQVXUDQFH )RUHLJQ RUGHUV
SOHDVH XVH HLWKHU D FUHGLW FDUG RU FDOOZULWH IRU
VKLSSLQJ UDWHV 0RQH\ RUGHUV 9,6$
0$67(5&$5' 3$<3$/ VKLS ZLWKLQ D IHZ GD\V
3HUVRQDO FKHFNV PXVW FOHDU ,QGLDQD UHVLGHQWV DGG VDOHV WD[ 2UGHU ZLWK FRQILGHQFH ,¶P D
6SHFLDODGYLVRUWRWKH2YHUVWUHHWSULFHJXLGH$OOERRNVPD\EHUHWXUQHGZLWKLQGD\VIRUDQR
KDVVOHUHIXQGRIP\EXVLQHVVLVIURPUHSHDWFXVWRPHUV,ZDQW \RXWREHKDSS\ZLWK \RXU
SXUFKDVHDQGRUGHUDJDLQ
:(/&20( WRRXU6XPPHUFDWDORJXH/RWVRI*5($7QHZERRNVKDYHEHHQDGGHGWRWKHFDWDORJ
:HDOVRFRQWLQXHZLWKWKRXVDQGVRIERRNVWKDWDUHDOOSULFHGDWHDFK
+2: 72 25'(5 7R 2UGHU E\ SKRQH FDOO DQ\ GD\ EHWZHHQ SP WR SP &67
(PDLOV FDQ EH VHQW WR FRPLFIODVK#DROFRP 7KLV LV DOVR RXU 3$<3$/ DGGUHVV <RX PD\ DOVR PDLO \RXU
RUGHURUVHQGDID[OHDYHDPHVVDJHDWDQ\WLPH
25'(5)520721<67$5.632%2;(9$169,//(,1
7+,6&$7$/2*8(*22'817,/2FW
&ORVHG6HSWHPEHU
วจ
&20,&6*2/'6,/9(5%521=(
0DQ\ERRNVDWRUPRUHRII2YHUVWUHHW3ULFH*XLGH$FFXUDWHJUDGLQJFDUHIXOSDFNDJLQJ\RXUVDWLVIDFWLRQJXDUDQWHHG
$&7,21&20,&6
YJVW %L]DUUR //
%L]DUUR¶VOHDYHHDUWKWR
PDNH%L]DUUR:RUOGWK
DSS6XSHUJLUO
YJ«««
IDLU«««««
JG«««««
YJ6XSHUJLUO
UHYHDOHGWRZRUOG
YI«««««
YJ
YI«««««
YJ«««««
YJ*««
IQYI««
IQ
YI
YIQP SJ JLDQW
*««««««
YIQP««««
YI$GDPV
FRYHU«««««
YIQP
QP«««
QP $QQLYHUVDU\
LVVXH 1HDO
$GDPVFRYHU««
SJVF
YIQP$GDPV
FRYHU
YI«««
YI
QP««
YIGDWHVWDPSVW
DSS&DSW6WURQJ
QP*RULOOD *URGG
FV*$EDFNXS«
QPFFYU
$&7,21&20,&6
&*&ZKLWHVW
DSS )DRUD +X8L
IHPDOH .U\SWRQLDQ
9LOOLDQLQPRYLH
&*&RIIZKLWH
WRZKLWH
YI
QP«SJV
QP/DVW(DUWK
6XSHUPDQ6WRU\
$'9(1785(&20,&6
YJ«««
JG«««
JGYJVW %L]DUUR
0U0[\]SWON
YJ«««
YJ««««
YJ««
YJ«««
IQVW
'UHDP
*LUO
YJIQ«
IQ«««
YI«««
IQ«««««
YJ«««
YJIQ««
YI«««««
IQ
IQ«««
YJIQVW
'XR
'DPVHO««««
YJ«««
YJIQ««««
YJ
IQ«
IQ
IQ
63,'(5
$'9(1785(&20,&6 $0$=,1*
3ULFH
FKHFN 0$1
$GYHQWXUH
&RPLFV JGYJUG/L]DUG
)1 23* YJ0-: 3HWHU¶V
VW
2XUSULFH GDWH««««
YJIQ«««
RII23*
VW
YJIQ YJIQ DSS WKH
YI««««« .LQJSLQ«
IQYI«««« IQ««««
YI««««« YJ««««
VW
IQ,QWUR YI FYU DSS 0-:
VW
%UDLQZDVKHU
&KHPLFDO .LQJ KH DQG
7LPEHU :ROI MRLQ LQ IQYI«««««
««««« YJ«««««
IQ YJIQ««««
YI,QWUR 4XDQWXP YI««««
4XHHQ««««« YI«««
YI««« YIQP««««
YI««« IQ«««
IQYI«« YJ
YIVW DSS 1HZ JGYJ
6XSHUJLUO«««« IQ
QPJQW* YI«.LQJSLQ
YI««««« IQYI.LQJSLQ«
QPSJV« YIQP.LQSLQ
$'9(1785(&20,&6 YJIQ'HDWK RI &DSW
YISJV« 6WDF\«««««
YIQP6XSHUJLUO YJ«««
SJV«««« IQYI,FHPDQ
VW
QP« YJ DSS $UWKXU
QP«« 6WDF\«««««
$SDUR6SHFWUH IQ2ULJLQUHWROG
IQ«««« YJ««««««
10
YJ IQYIORRNV
$'9(1785(6
2) ORZHU VWDSOH SRS IURP
)&
%2%+23(
IQ««««« YJIQ
'UXJVWRULHVQRW
$/)79
QP DSSURYHGE\&&$
QP5LVTXH
6HDO YI
&RYHU VHOGRP RIIHUHG YJ«««««
IRUVDOH IQ««««««
$/,(167+(*ROG.H\ YJIQ
QP0DQQLQJ« IQORRNVQLFHUWRS
VW
QP«««« VWDSOHSRSSHG DSS
0RUELXV
WKH
/LYLQJ
YIQP««««
YI«««««« 9DPSLUH
$// $0(5,&$1 0(1 IQ0RUELXVFHQW
JLDQW««««
2):$5'&
YJ /LWWOH YJ«
6XUH6KRWSURW\SH YJIQ««««
IQ«« QPEDWWOHV /XNH
$//67$5:(67(51 &DJH
VW
QP««««« YJIQ 0HQWLRQRI
+DUU\
2
EHFRPLQJ
WKH
$0$=,1*
*UHHQ*REOLQ««
$'9(1785(6
YIQP$GDPVDUW &%&6 :KLWH
YI«««««« VW DSS 7KH
$0$=,1*
63,'(5 3XQLVKHU
0$1
IQYI2QH RI P\ &%&6 2::
IDYRULWH
FRYHUV VW3XQLVKHU
6DQGPDQDSS JGVW 0ROWHQ 0DQ IQVW DSS WKH
6HYHUDO
««««« 3XQLVKHU
YJ««««« VPDOO VWDLQV PRVWO\
IQ«««««« %& RWKHUZLVH KLJK
YJVW5KLQR« JUDGH
YJVW IXOO DSS RI 0-:««««« QP««««
$0$=,1*
63,'(5
0$1
QPVW
6SLGHU
PRELOH«««««
YI«««
YIQP««
QP«««««
IQYIVW &\FORQH
*ZHQ6WDF\FORQH
YI«««
IQ«««
QP&ORQH
YIQP
YIQP6SLGHU0DQ
FORQH EHJLQV FORQH
GLHV««««««
IQ6SLGHU0DQ
GHFLGHV KH LV QRW WKH
FORQH«««««
YIQP««
YI«««««
QP«««««
QP««
YI«««
QP
YIQP
YI«««««
QP
3XQLVKHU
QP3XQLVKHU
*UQ*REOLQ,,,
QP«
IQYI««««
YI«««««
YI2ULJLQ««
QP«««««
QP««««
QP%\UQH
DUW««««««
YI%\UQHDUW0DQ
:ROIFV
QP«
QP«««
YIQP
QP«««
YIQP3XQLVKHU
FRYHUVWRU\««
QP
YI«««««
QP
QP
QP%ODFN &DW
UHWXUQV
QP%\UQHDUW
QP«««
QPVWDSS&DO\SVR
«««««
QP
YI
QP5HLQWUR 0-:
DIWHU\HDUDEV
QPUG
DSS
+REJREOLQ
$0$=,1*
63,'(5
0$1
QP/HIW\ 'RQRYDQ
JDLQV
+REJREOLQ¶V
SRZHU«««««
QP
QP3W RI SDUW
6SLGH\ 9V +REJREOLQ
VWRU\DUF««««
QPVW5RVH
QP«««««
QP2ULJLQ 0-:
6SLGH\LQROGFRVWXPHU
+REJREOLQDSS«
QP
QP+REJREOLQ
QP3DLQWHGFRYHUE\
9HVV««««
QP
QP3KRWRFYU
QPVW
6LOYHU
6DEOH««
QP9V
)LUHORUG
QP*LDQW
VL]H
+REJREOLQ FV 2ULJLQ
UHWROG
QP
YIQP
QP+REJREOLQ
XQPDVNHG
QP *DQJ
:DU ZLWK +REJREOLQ
3XUQLVKHU
YIQP*LDQW 'HDWK
RI VW +REJREOLQ 1HG
/HHGV
0DFHQGDOH
EHFRPHV
QHZ
+REJREOLQ
QP3HWHU
SURSRVHVWR0-
QP0-
DFFHSWV
PDUULDJHSURS
QP.UDYHQ 6RXO RI
WKH
+XQWHU
VWRU\
DZHVRPH JUDYH\DUG
FRYHU
0F)DUODQHDUW
QP
QP
QP6DEHUWRRWK
QP6SLGH\9V+XON
ODVW0F)DUODQH
$118$/6
YJIQ«RQHQHZ
VWRU\«««««
YJQHZ SJ VWRU\
7RUFK9V6SLGH\
IQ«««
YIVW
+XPDQ
)O\
QP
QP0LOOHUDUW'U
6WUDQJHFV
QP1HZ
&DSWDLQ
0DUYHO
$0$=,1*
63,'(5
0$1
$118$/6
QP:HGGLQJ ERWK
YHUVLRQVDYDLODEOH
QPVW
DSS
6SHHGEDOO
$0$=,1*
63,'(5
0$1(;75$
&%&66LJ6HULHV
:KLWH 6LJQHGE\-D\
/HLVWHQ
&%&66LJQDWXUH
VHULHVZKLWH
$48$0$1
YJ
QP VHULHV
UHYLYHG DIWHU VL[ \HDUV
$SDURFD«««
$5&+,($1'0(
YI««*LDQW«
$5&+,(&20,&6
$118$/
IQYI««««
$5&+,(
*,$17
6(5,(6
YJ:RUOG
RI
-XJKHDG«
YJ3XUHKHDUW WKH
3RZHUIXOFV
IQ««
$5&+,(¶6
3$/
-8*+($'
IDLU«FRPSOHWH«
$5&+,(¶6 3$/6 µ1¶
*$/6
YJ(DUO\ 6XSHUWHHQ
VWRU\ ZLWK 3XUHKHDUW
WKH3RZHUIXO««
$5,21 /25' 2)
$7/$17,6
QP
$50<2)'$5.1(66
'DUN+RUVH
QP%ROWRQ 3DLQWHG
FD««««««
$6721,6+,1*7$/(6
QP.LUE\:RRG
QP6PLWK:RRG
YI6PLWK:RRG
YIQP5HG6NXOO
YIQPSJJLDQW
IQYIUG0DQ
7KLQJ
$9(1*(56
IQ
YJIQ:RRGLQN
YJ´ VSOLW WRS RI
VSLQHRZ9)«
YJIQ
$9(1*(56
IQYIVPDOODPRXQWRI
ZULWLQJRQ%&««
IQ««««««
YJ«««
IQ««««
IQ«
YJ«««
IQ««««
YJ/RRNVQLFHU
YI««««
IQ0DJQHWRFV
YI««
YIQP$YHQJHUV 9V
;0HQ
&%&6 2:: VWDSS8OWRQ
&%&6
2::VW DSS 7KH
9LVLRQ
IQYI«««««
YIQP«
IQ««
YI«««««
YJ««
IQYI«««
YJIQ««««
IQ«««
YIVW5HG:ROI
YI«««
YJIQ
QP«««««
QP««««
YIQP««
YI««
YISJV
1HDO
$GDPVFD««
IQ$GDPV««
IQ$GDPV
FD««««««
YJIQ
IQ«««««
YI«6PLWKFD
IQ+DUODQ (OOLVRQ
VWRU\««««««
QP««««
YIQP««
YI«««««
QP«««««
IQYI;0HQ
0DJQHWRDSS
QP«
IQYI««««
QP«
YIQP««««
QP««
QP2UJLQRI9LVLRQ
UHYLVHG«
QP«««
QP««
YIQP
YIQP&ODVVLF.LUE\
FYU1HZ/LQH8S
YI
QP&ROOHFWRU GLHV
.RUYDFVDJD
QP%\UQH
&%&6 ZKLWH
VLJQDWXUH
VHULHV
VLJQHG%RE+DOO
%$70$1
$9(1*(56
WLPH
&%&6 :KLWH QPVW
VLJQDWXUH
VHULHV $UNKDP +RVSLWDO LV
VLJQHG%RE+DOO FDOOHG $UNKDP $V\OXP
7ZR SDUW $UNKDP VWRU\
%$5%,()$6+,21
EHJLQV
QP3RO\EDJJHG
FROOHFWRUVHGLWLRQ QP%DWPDQLQPDWH
%$570$1%RQJR RI$UNKDP$V\OXP
VROR
QP%RWK FRSLHV QPVW
IRU &DWZRPDQVWRU\
%$70$1
YJIQ QP
YI IQ QP
IQQG 6$ DSSHDU QP-DVRQ 7RGG LQ
RIWKH3HQJXLQ 5HG*UHHQFRVWXPH
JGYJ EHFRPHV 5RELQ QH[W
LVVXH
IQQG 6$ DSSHDU
5LGGOHU
QP
YI
YI<HDURQH
IQ
$QQXDOV
YJVW
6$
JGYJ
6FDUHFURZ
%$70$1$1'52%,1
YJ3HQJXLQ
YJ 1HZ
IQWK
6$ QP
'$5.
&DWZRPDQ VW %DWJLUO %$70$1
.1,*+71HZ
LQ%DWPDQ
&%&6 2:: QP
DQQLYHUVDU\ LVV QP
1HDO$GDPVFYU %$70$1)$0,/<
QP«««« $//JLDQWVL]H
VW
YJ6KDGRZFRYHU YI 5HYLYDORIRULJ
%DWZRPDQ«««
VWRU\
VWRULHV
QP« QPQHZ
YJ*LDQW EHJLQ0DQEDWFV
QP5RJHUVDUW
QP%DWZRPDQ
%$70$1*5(1'(/
YIQP««« +HUR 3UHPLHUH (GLWLRQ
QP««« XQRSHQHG XQUHDG
QP %$77/(67$5
*$/$&7,&$
YI QP
%($*/(%2<6*.
YJ«««
%($*/( %2<6 YV
QP«««« 81&/(6&522*(*.
&*& ZKLWH YIQP««
7+(
*UHOOFRYHU %($87<
%($67,QQRYDWLRQ
QP6ORERGLDQ
FROOHFWLRQZ&2$ QPEDVHG 79 VHULHV
QP-RNHU VLJQHG
QP %(2:8/)GF
3*;RZZ
3*;RZZ
QP
QP %(:$5(0DUYHO
QP %DWJLUO FRYHU 3*;2::
VWRU\ %(:$5(
7+(
QP5RELQUWQV &5((3(5
QP/RYHO\
FRS\
QP 'LWNRFD
QP-RNHU
YI
QP-RNHUFV
%(<21'7+(*5$9(
QP
&KDUOWRQ
&DWPDQ &DWZRPDQ
QP'LWNRDUW
VWRU\DUF
%/$&.*2/,$7+
QP««««««
%/$&.+$:.
YI«««
%/$&./,*+71,1*
QP IQYI
%/$&.0$*,&
3*; ZKLWH
6LPRQ .LUE\ DUW
%/$&.3$17+(5
-DFN.LUE\FD
QP«««««
QP««
%/,7=.5,(*'&
QP
YIQP«««
%20%$7+(-81*/(
%2<'&
IQ««««««
%5$0
672.(5
6
'($7+6+,3,':
&%&6 ZKLWH 66
VLJQHGE\DUWLVW6WXDUW
6D\JHU
QP6LJQHG E\ 6WXDUW
6D\JHU
QP73% FROOHFWV DOO
LVVXHV
%5$9(7+(%2/'
YI
6XLFLGH
6TXDG
QG
YJ +DZNPDQ
WU\RXWVHULHVEJQV
YJ««««««
YI:LOGFDUW
QP«««««
YI$GDP6WUJ
QP6JW 5RFN ODVW
FHQWLVVXH««
YIQP««««
QP«««
YI'HPRQ
QPSJV«
YI«««««
QP6JW5RFN
%527+(5 32:(5
7+(*((.'&
YIQP&ODVVLF +LSSLH
JHQHUDWLRQERRN
%8//:,1./(
52&.<6WDU
QP
QP5RQDOG 5HDJDQ
FRYHU
&$'(7 *5$< 2)
:(6732,17'HOO*QW
1R
10
:LOOLDPVRQ %XVFHPD
DUW*XLGH«
&$37$,1$0(5,&$
YI6KDUS FRS\
VWRUHVWDPS)&
IQ
IQ
YI
YI
IQYI
QP
IQ«««««
YI««««
YI
YIQP
IQYI
QP
YIQP
YI%ODFN 3DQWKHU
FV
YI;0HQ
&$37$,1$0(5,&$
QP&DSTXLWV
QP,QWUR1HZ&DS
$PHULFD
YIQP
10
.LUE\FDV
QP.LUE\ UHWXUQV
*UHDWFRYHU
QP««
YIQP
YI
QP«
YIQP
QP
QP0LOOHUDUW''[
RYHU
QP%\UQH
QP%DURQ %ORRG
DSS%\UQHDUW
QP2ULJLQUHWROG
0LOOHUFYU
QP1HZ %XFN\
1RPDG
QP&DS
9V
9LSHU
&*& 10
:KLWH SJV VW DSS RI
&URVVERQHV %URFN
5XPORZZKRDSSHDUV
LQ&DSWDLQ$PHULFD
9LOODLQ
LQ
QH[W
PRYLH
$QQXDOV
YJIQ
YIQP
QP QHZ .LUE\
FD
YIQP
QP QHZ .LUE\
FD
YIQP:ROYHULQH
&$37$,1$720
YI'LWNRFDRQ&DSW
$WRP 1LJKWVKDGH E\
$SDUR««««
&$37$,1&$18&.
&%&6 ZKLWH \HDUVROGWRGD\
&$37$,10$59(/µ
IQYI««««
YJ«««««
IQ«««««««
YI««««««
YIQP«««««
IQYI«««««
YI«««««
QP««
QP%DWWOHV,0
QP&RVWXPH
YIQPEDWWOHV
WKH
+XONODVWFHQW
YI««««««
IQ6WDUOLQDUW7KDQRV
FDPHR
QP6WDUOLQ
DUW
7KDQRVDSS«
&$63(5 $1' 7+(
*+267/<75,2
YJIQ
&$9(:20$15$,1
QP
&+$0%(5
2)
'$5.1(66
IQ&RQDQ WU\ RXW E\
%6PLWK«
&+$03,2167+(
YIQP
YI
QP««
QP««
&+$5/,(0F&$57+<
YJIQ1LFHFRS\
&+$5/721
35(0,(5(
9QP%OXH%HHWOH
3HDFHPDNHU««
&$63(5 $1' +,6
)5,(1'6+DUYH\
QP
&+,/'5(1 2) 7+(
1,*+71LJKWZLQG
QP$PDWXHU3DOPLRWWL
DUW":HLUGVWRU\
&+(55<3237$57
&*& RZZ VW
SULQW &ODVVLF $UFKLH
XQGHUJURXQG VSRRI
WRRUGHU
&/8(&20,&6+LOOPDQ
YJQGDSS7KH*XQ
0DVWHU«
&21$1
7+(
%$5%$5,$1
QP««««««
YI««««««
IQ6PLWKDUW.DQH
:ULJKWVRQFYU««
YI««««««
QP(OULF««
IQYI«««
IQ1R6PLWK«
IQ««««««
YI««««««
YI
YIVWDSS5HG6RQMD
«««««
IQ««««««
QP )LUVW IXOO DSS
5HG 6RQMD /DVW 6PLWK
DUW««««««
$QQXDOV
QP1HZVWRU\«
&2:*,5/520$1&(
)LFWLRQ+RXVH
IQYI*UHDWFYU
&5($785(6217+(
/226(
YI VW DSS
.XOO:ULJKWVRQDUW
YIQP«««
QP«0DQZROI
&5,0( '2(6 127
3$</HY*OHDVRQ
YJIQ««««
&5,6,6 21 ,1),1,7(
($57+6'&
YI'HDWK RI )ODVK
%DUU\$OOHQ««
&52: &,7< 2)
$1*(/6
3*; ZKLWH
SDJHV
'$*$5
7+(
,19,1&,%/(*.
YI
'$5('(9,/
YJUHVWDSOHG:RRG
$UW/RRNVQLFHU
YJ««««««
YI««««««
IQYI««
YI««««
YI««««««
QP
YI««««««
IQYIEDWWOHV
'U
'RRP
YIQP««««
QP«««««
YIQP6PLWKD
YJ/DVW FHQW LVV
RULJLQUHWROG
YIQPUHYHDOV ,' WR
.DUHQ3DJH
YI«««
&*&ZKLWH%ON
:LGRZEHJLQV
YIQP
QP««««
YIQP«««
QP««
YI««««
QP««««
IQYI8UL *HOOHU FV
¶VLOOXVLRQLVW
YI
QP«««««
QP
QP««««
QP««««
0LOOHUDUW
QP«
QP««««
YIQP««««
YI«««
QP«««««
QP««««
YIQP««««
QP««««
QP3XQLVKHU FV
GUXJLVVXHV«««
QP«
'$5('(9,/
$QQXDOV
QP1HZVWRU\
QP'' YV %ODFN
3DQWKHU6XEE\
'$5,1* 1(: $'96
2)683(5*,5/
QPFRYHUXVHGIRU86
3RVWDJHVWDPS«
'$5./21
7+(
0<67,&3&
QP
'$==/(50DUYHO
&%&62::VW
GLUHFWWRFRPLFVKRSV
FRPLF
D
FURVV
SURPRWLRQ EHWZHHQ
0DUYHO &DVDEODQFD
5HFRUGV
QP«
'&
&20,&6
35(6(176
YIQP««««
YI«««««
YI««««
QPSJV«
'&3$*(683(5
63(&7$&8/$5
IQ:RUOG¶V *UHDWHVW
+HURHV $GDPV ZUDS
DURXQGFRYHU««
IQYI%DWPDQ«
IQ6XSHUPDQ
YJ%DWPDQ«
'&63(&,$/
$OOJLDQWVL]H
QP$OO,QIDQWLQR
,VVXH«««««
IQYI««««
YJ««««««
IQ
YI9LNLQJ3UQF
YIQP««««
QP6XSHU+HURHV
YV6XSHU*RULOODV
QP(DUO\ *UHHQ
/DQWHUQUSWV««
QP«(DUO\6$*/
UHSULQWV«««
YIQP
YI
QP««
YI««««
QP««««
QP(DUWK
6KDWWHULQJ
'LVDVWHU
VWRU\*XLGH
YI«««««
'&63(&,$/6(5,(6
$OO*LDQW6L]H
YI6WDU6XSHU+HUR
6SHFWDFXODU
YI
QP
2ULJLQDO
6ZDPS 7KLQJ 6DJD
QHZ:ULJKWVRQFYU
IQ6XSHUPDQ
6SHFWDFXODU
YIQP'LWNR
::
6ZDVWLNDFYU««
IQ
QP62 RI 6XSHU
+HURHV««««
'&63(&,$/6(5,(6
QP6ZDPS 7KLQJ
UHSULQWV««
'&683(567$56
SJVFHQWV
YIQP«$GDP
QP6HFUHW2UJRI
6XSHU9LOODLQV«
QP«««««
'($'2)1,*+7
QP«««
'($'322/
QP:L]DUG
'($7+/2.
QP6LOYHU
LQN
FRYHU
'($7+ 7+( +,*+
&2672)/,9,1*
QP6LJQHG
ZLWK
&2$
'()(1'(56
&*& RZZ
'HIHQGHUV
EHJLQ
79 VHULHV RQ
1HWIOL[LQ
YJ
IQ&ODVVLF +XON 9V
7KRUEDWWOH«««
QPODVWF«
QP0DJQHWR (YLO0XWDQWV««
QP«««««
QP«««««
YI *27*
SUHGDWHV
0DUYHO
3UHVHQWV««
'(0217KH.LUE\µ
YI«««««
IQ««««
QP«««««
YI
YI
QP
YIQP««««
YI««
QP
'(7(&7,9(&20,&6
JGQLFH FRORU JORVV VPDOO DPRXQW
WDSHRQVSLQH«
IQ«««««
YJ«JUHDWFRORUDQG
JORVV VPDOO WDSH RQ
LQVLGH)&«««
YJ%DWZRPDQFRYHU
DSS«««««
YJ%DWZRPDQ
YJIQ -¶RQQ -¶RQ]]
UHWXUQVWR0DUV«
JGYJ/RRNV QLFHU
VW 1HZ /RRN
%DWPDQ (ORJDQDWHG
0DQEHJLQV
IQYIVW
1HDO
$GDPV DUW RQ %DWPDQ
FRYHU««
IQYI$GDPV
FRYHU««
IQ«««««
YIQP
YI«««
QP«««««
YIQP««
'(7(&7,9(&20,&6
±SJVF
$GDPVFYUV
IQYI
YI
YJIQ.DOXWD FRYHU
5REELQVDUW
QP««««
YIQP
VW
QHZ 0DQKXQWHU E\
6LPRQVRQ«««
SDJHV
YI«««
IQ
IQYI««««
IQ«««
QP%DWPDQ
9V
&UHHSHUFV
QP«««
YIQP«««
QP«««««
05RJHUVEHJLQV
QP5RJHUVRQ
+DZPDQ«
QP5RGJHUVFDRQ
%DWPDQEHJLQV
QP
QPVW DSS 'U
3KRVSKRXV 6LPRQVRQ
DUW«««
QP««
YIQP««««
YIQPUHLQWUR'U
+XJR6WUDQJH«
IQYI
YI«
YIVW
DSS
'HDGVKRW
6XLFLGH
6TXDGPRYLH
QP&ODVVLF
-RNHUFVE\5RGJHUV
QP««
3ULFH&KHFN'HWHFWLYH
IQ 23* 2XU
SULFH
IQ«
IQ«««
QP$GDPVUHSULQW
5RGJHUVDUW«
IQVWDSSRIWKHUG
&OD\IDFH««««
WKUXSDJHV
QP5RGJHUVFD
&OD\IDFHFV««
YI««««
QP«««
YIQP«««
YI«««
&RPELQHV Z %DWPDQ
)DPLO\SDJHV
WKURXJK
YI«
QPWKDQQLYLVV
1HZWRQDUW«
QP
QP««««
QPSJV«
'(9,/',126$85
3*; ZKLWH VW
DSSRI'HYLO'LQRVDXU
0RRQ %R\ .LUE\ 5R\HUDUW
',&.75$&<+DUYH\
YJ«««
'2&6$9$*(
&*&2::0DQ
RI%URQ]HEJQV
YI««««««
'2&725
62/$5
0$12)7+($720
QP 0DJQXV 5RERW
)LJKWHUEHJLQV
'2&725675$1*(
IQIQ VW
LVVXH 0RYLH 1RY JUHDW FRORU JORVV
YJ1LFH FRORU JORVV
IQ«««
YIQP
'2&725675$1*(
&*&ZKLWH
VWLVVXH
QP«««
YIQP«««««
YI«««««
QP««««
$QQXDO QP SJV
QHZDUWE\5XVVHO
'2&725:+2
&*& :KLWHVW
LVVXH ,QWHUHVW LQ 'U
:KRZD\XS
&*&:KLWH
QP
'21$/''8&.
QP«««
'2203$752/¶V
YJ««««
QP««««
IQYI««
'8'/(< '25,*+7
&KDUORQ79
YJ««««
'<1$0,&&/$66,&6
QP SDJHV F
$GDPV6LPRQVRQ
'<1$0,&&20,&6
%DJJHG SDFNDJHV ZLWK
WZRFRPLFVIRU
' $FWLRQ &RPLFV
DQG 'HWHFWLYH
&RPLFV 5RJHUV
EDJXQRSHQHG
'<1$027RZHU
YJ:RRGFD
'<1208770DUYHO
QP
+DQQD
%DUEHUD 6FRRE\ 'RR
%OXH)DOFRQ«««
QP
IQ
3$*(*,$176
YJ%DWPDQ
WK
DQQLYHUVDU\VSHF
IQ«««««
IQ«««
('*( 2) 63,'(5
9(56(
QPVWDSSRI6SLGHU
*ZHQ
(0$1&KDUOWRQ
YIQP'LWNRDUW
QPHDUO\ %\UQH
DUWZRUN«««
(6&$3(
)520
:21'(5/$1'
QP9HUVLRQ ( FRSLHV*DU]DFYU
(7(51$/6.LUE\
&%&6ZKLWHVW
(WHUQDOV E\ -DFN
.LUE\
&%&6ZKW
QP
YIQP««
YI
)$%8/286
)85<
)5($.%527+(56
QP
)$//,1*,1/29('&
QP«««
)$1*6LUXV
QP9DPSLUHVVPDOO
SUHVVYLROHQW«
)$17$*25/DVW*DVS
YJ« 5LFKDUG
&RUEHQVWHG
)$17$67,&)285
FRYHUOHVV VW DSS
'RFWRU'RRP
JG/RRNV
QLFHU
VWDSOHV SXOO )& VW 'U
6WUDQJH[RYHU«
3*; FUHDP WR
ZKLWHSLHFHRIWDSH
DW VSLQH ;0HQ
;RYHU
JGYJ««««
YJ«««
YJIQ««««
YJ«««
YJ
YJQG IXOO DSS
,QKXPDQVVWIXOODSS
FYU%ODFN%ROW
YJ«««««
IQQG66««
IUJG««««
IQRULJLQ QG DSS
%ODFN3DQWKHU«
YJIQ««««
YJ,QIXPDQV
YJIQ1LFHFRORUDQG
JORVV FODVVLF7KLQJ9V
66FYU«««««
JGYJ««««
'U'RRPVWHDOV
6LOYHU6XUIHU¶VSRZHUV
IQ
YJIQ««««
)$17$67,&)285
YI
YJ«
IQ«««
YJ
IQ%HJLQSWRUJRI
:DUORFN«
YJ
IQ«««««
YI«««
JGYJ
YJIQ6XUIHUFRYHU
VWU\SUHGDWHV
6LOYHU6XUIHUFV
YJIQ«
IQYI«««««
IQ«««««
YJ«««««
IQ««
YJIQ««««
IQ«
YI«,QKXPDQV
IQYI
YI«'RRP
YJIQ««««
IQ«««
IQYI«««
IQ««««
IQ«««««
IQ«««««
IQ«««««
YI«««
YI«««««
IQYI««««
YIODVWF«
YIQP««««
YI«««««
IQYI6XUIHU
IQ«««««
YI«««««
QP«««««
IQ«««
YIQP
QP««««
YI
YI««««
IQYI««««
QP
QP««
IQ««
YI«
YIQP«««
QP«
YI«««
YI
QP«
QP
QP
YIQP«EDWWOHV *$
7RUFKRULJLQUHWROG
$118$/6
YIUSW«
QP«««
QPQHZDUW
)$17$67,&
)285
&+521,&/(6)DQWDFR
QP%\UQH
)$17$67,&92<$*(6
2)6,1%$'*.
YJ
)$17$6<
0$67(53,(&(6
IQYI«««««
YJ5HSULQWVVWDSS
)LQ)DQJ)RRP«
YI««««««
FJLDQWV
YI««««««
IQYI««««
)($5
IQWK DSS 0DQ
7KLQJ VHULHV EHJLQV
«««««
0RUELXVEHJLQV
QP«««««
)(/,;7+(&$7'HOO
7RE\RQ
JGYJ««
JG0HVVPHU«
YJ0HVVPHU«
),*+7,1¶$50<
&KDUOWRQ
YI3DW %R\HWWH
FRYHU«««««
),*+7,1¶&KDUOWRQ
YI
IQ««
),567,668(63(&,$/
*5($7¶6VHULHV
QP«$WODV .LUE\
FDV*XLGH
QP«&UHHSHU
E\
'LWNR«««««
QP««««««
)/$6+7KH
YIQP$GDPV */
EDFNXSVWRU\««
YI«««««
QP««««
QP
YIQP«««
QP«««««
)/$6+*25'21.LQJ
QP««««««
YI««««
)25%,''(1:25/'6
IQYI
:LOOLDPVRQDUW«
)25(9(53(23/(
3*; 10 2:
:KW SJV QG IXOO DSS
'DUNVHLG"
YJIQ
YI««««
SDJHVFHQWV
QP«««««
YI«
IQYI«««««
YI«
)22)856WDU&RPLFV
QP
)285&2/25
YJ&KULVWPDVZLWK
0RWKHU*RRVH«
IQ2VZDOG WKH
5DEELW«««««
IDLUJG'RQDOG
'XFN LQ 0DOD\DOD\D
%DUNVFRYHU««
YJ/LWWOH+LDZDWKD
«««
)285&2/25
*,$176,=(0DUYHO
YI %R]R *6&DSWDLQ$PHULFD
WKH&DSLWRO&ORZQ YI«.LUE\ UHSULQWVRUJ
IQYI/L¶O%DG:ROI IURP726««
񮮮 IQ
IQ&KDUOLH
*6&RQDQ
0F&DUWK\««« QP3W ³+RXU RI
YI$URXQG
WKH 'UDJRQ´DGDSW«
:RUOGLQGD\V QP«««««
IQ'RQ¶W*LYH8S YIQP«««««
WKH 6KLS -HUU\ /HZLV YI««««««
SKRWRFRYHU««« QP««««««
YJ-XQJOH &DW QP««««
SKRWRFRYHU««« *6&UHDWXUHV
YJIQPRYLH6ZLVV IQYIVW
DSS
)DPLO\5RELVRQ« 7LJUD
IQVPDOO DPRXQW *6'HIHQGHUV
RI ZULWLQJ %& ± QP.DQHFD
*UDQGPD'XFN« 6RQRI6DWDQFV
)5$1.(167(,1
YIQP«««««
IQYI««««« YI««««««
YIQP«««« YIQP«««««
QP«« *6'UDFXOD
QP««« QP%RQGDJH FRYHU
)5(('20),*+7(56 «
5HLQWUR8QFOH6DP'ROO *6+XON
0DQ3KDQWRP/DG\
YI«««««
QPWRXJKLQ10GXH *6,URQ0DQ
WREODFNFYU««« 3*; ZKLWH
YIQP«««««
'28%/( &29(5 $
YI
UDUH ILQG 7KH ODVW )520 %(<21' 7+(
VROG ZDV IRU 81.12:1'&
7KLVRQHKDVDGRXEOH
YI
FRYHU
QPSJV«««
YIQP *60DQWKLQJ
IQ«SJV«« YIQP
QP QP+RZDUG WKH
QP 'XFNE\%UXQQHU
&*& RZZKW *60DVWHURI.XQJ)X
5LFKDUG 1L[RQ FRYHU QP««««««
YI««««««
SDJHJQW
*66SLGHU0DQ
)85<2)),5(67250
YI««««««
1HZ
*66XSHUYLOOLDQ7HDP
QPVW DSS &DLWOLQ
6QRZ .LOOHU )URVW 8S
)ODVK79VKRZ QP««««
*66XSHUYLOOLDQ7HDP
*(1,PDJH
QP 8S
QP«««
*+267/<+$8176
)RUPHUO\*KRVW0DQRU YI«««««
QP1HZWRQFD *,&20%$7
YI'LWNRFD« YJ«««««
3*; ZKLWH
*+267/<7$/(6
SDJHV VW DSS
&KDUOWRQ
YIQG LVVXH'LWNR 7KH /RVHUV /RRNV
DUW QLFHU
QP'LWNRFD QP+DXQWHG
IQYI/RYHO\ :D\QH 7DQN PHHWV :DU WKDW
+RZDUGFRYDUW« 7LPH)RUJRW
YI'LWNRFD« *, -2( $ 5($/
$0(5,&$1+(52
*+2670$125
&KDUOWRQQGVHULHVµ &*& ZKLWH
YI'LWNR SRSXODU VHULHV IURP
FYU«««««« EHJLQV
YIQP1HZWRQ¶V VW *,5/¶6/29('&
SUR ZRUN 'LWNR QP««««
DUW6XWWRQFYU« *,:$57$/(6'&
*+2675,'(5
3*;ZKLWH
QP««««« *UHDWFRYHU
QP *2'=,//$
YIQP
*5((1/$17(51
YJ)ODVK««
QP«««
*5((1/$17(51
YJIQVW6RQDU
YJVW DSS 6WDU
6DSKLUH««««
YJ«««««
YJ««««
*UHHQ /DWHUQ*UHHQ
$UURZE\$GDPV
IQQG LVVXH %ODFN
&DQDU\FV«««
YI«««««
QP«
YIQP««
IQYI
&*&RZZ'UXJ
LVV
K\SRGHUPLF
FRYHU««««
&*& RZZ VW
-RKQ6WHZDUW«
QP«««««
QP«««««
QP«««««
QP««
YIQP««««
QP*LDQW VW DSS
$LUZDYH ,, 6LJQHG E\
0LNH *UHOO DW ,QGLDQD
&RPLF&RQ««
QP«««««
*5,006
*+267
6725,(6*.
YJIQ««
*522
7+(
:$1'(5(53&
QP««««««
QP««««
QP««««
*522
7+(
:$1'(5(50DUYHO
QP«««
+$5%,1*(5
73% WKDW FROOHFWV ILUVW
IRXU LVVXHV FRPHV
ZLWKLVVXH10
+$817('&KDUOWRQµ
QP«««««
QP'LWNRFD«
+$817('/29(
QP6XWWRQFYU
+$:.'29(
YJIQ'LWNR
FD
&ODVVLF
DQWLZDU
9LHWQDPHUDERRN
+$:.0$1
YJIQ«««««
+($'/,1(&20,&6
3UL]H&RPLFV
YJ(GJDU +RRYHU
SKRWRRQFRYHU«
+($577+52%6'&
IQ«««
+(//%/$=(5
&*& ZKLWH
&RQVWDQWLQH VWDUWV LQ
KLVRZQERRN
QP
+(52(6
,1&
35(6(176&$121
1RQP:RRG'LWNR
5HHVHDUW«««
+(52)25+,5(
QP««««
QP«««««
IQ««««««
+(52)25+,5(
YIQP««««
YI«««
+(52(6
,1&
35(6(176&$121
1RQP:RRG'LWNR
5HHVHDUW«««
+286(2)0<67(5<
0\VWHU\)RUPDW
YJIQ$GDPVF
YI$GDPVF.DOXWD
:LOOLDPVRQD
IQ$GDPV FRYHU
:ULJKWVRQDUW
YI:ULJKWVRQ
FRYHU
QP:ULJKWVRQFD
6ZDPS
&UHDWXUH VWRU\ E\
:ULJKWVRQ VLPLODU WR
+26
YI$GDPVF
IQYI:ULJKWVRQ
FD
YI:ULJKWVRQ
6WDUOLQ5HGRQGR
+286(2)<$1*
QP&KDUOWRQ 6DQKR.LPDUW«
YIQP
+2:$5'7+('8&.
&%&6 2::
$SSHDUHG LQ
*27* :KDW
V QH[W
IRU+RZDUG"
QPVW DSS
URFN JURXS .LVV LQ
FRPLFVFDPHR
QP«««««
YIQP
IQYI
,1&5(',%/(+8/.
&*& RZZ
+XON EHJLQV 2ULJLQUHWROG
,1&5(',%/(+8/.
QP.D]DU««
YI+XONEDWWOHV
7KLQJ«
IQYI««««
YI««««
&%&6 2::
VW DSS FDPHR
:ROYHULQH
&*&2::VW
IXOO DSS RI :ROYHULQH
:2:
&*& 2:
VW IXOO DSS RI
:ROYHULQH
QP66FV««
,1)(5,25),9(
YI««««««
,1+80$16
&*& ZKLWH
,QKXPDQV EHJLQ LQ
RZQ VHULHV +27
ERRN
YJ
QP«««
QP««««
,17,0$7(/29(
YJ7RWKDUW«
,19$'(56
QP«.LUE\««
YI«««««
QP««««
QP5HSULQWV VW
DSS 6XE0DULQHU IURP
03):HHNO\««
QPILQDOLVV
,521),67
QP««««
&%&6:KLWHVW
DSS 6DEUHWRRWK 9HU\
VKDUS FRS\ ORRNV
PRUH
,5210$1
3*; FUHDP WR
ZKLWH ,URQ 0DQ
EHJLQV RULJLQ
UHWROG
YIQPODVW FHQW
LVVXH
YIQP««
YIQP««««
QP
QP«%XFNOHU«
QP
QP«««««
QP6WDUNWUHDWHGIRU
DOFRKROSUREOHP«
QP«««««
,5210$1$1'68%
0$5,1(5
IQJUHDW RQH
VKRWWKDWWLHVLQWR6XEE\
,URQ0DQ
,6,6'&79
&%&6 :KLWH
%DVHG RQ 79 VHULHV
VWDUULQJ
-R$QQD
&DPHURQ
&%&6ZKLWH
QP:DOO\ :RRG
LQNV2YHUORRNHGVHULHV
EHJLQV«««««
YI««««««
QP
QP1HZORRN
,63<*ROG.H\
YJ5REHUW &XOS %LOO
&RVE\SKRWRFYU
-2+1
&$57(5
:$5/25'2)0$56
QP
YIQP«««««
-2+1
67((/(
6(&5(7$*(17
*ROG.H\
YI«ILOHFRS\«
-21$++(;
&%&6:KLWH+H[
EHJLQV LQ KLV RZQ
WLWOH
IQYI««««
YI:ULJKWVRQFYU
QP5HSULQWV VW DSS
$OO6WDU:HVWHUQ
YI««««««
YIQP««««
YI«««««
QP««««
QP«««««
-8'*('5(''(DJOH
QP
%ULDQ
%ROODQGFD««
QP«««««
QP««««
-81*/($&7,21
QP««««««
YI%ODFN 3DQWKHU
EHJLQV PRYLH -XO\
-81*/(
.21*$&KDUOWRQ
YJORRNVQLFHU
$'9(1785(6
QP«6N\ZDOG=DQJDU .25$. 621 2)
-R-RUHSULQWV« 7$5=$1*.'&
-81*/( 7$/(6 2) YIQP
5XVV
7$5=$1&KDUOWRQ 0DQQLQJDUW
IQ*ODQ]PDQD QPVW '& LVVXH
-81*/(7:,16*.
.XEHUW:HLVV.DOXWD
QP 7RQR 7KRUQHDUW«««
.RQR3DLQWHGFYU .25*%&
-867,&(/($*8(2) QP&KDUOWRQ
%R\HWWHFRYDUW
$0(5,&$
YJWDSHFLVV QP«««««
JGYJ«««« YI««««««
FRYHU
JG VW -6$-/$ [ QP%R\HWWH
RYHUFRQWLQXHV« %U\QHWH[WLOORV«
IQ«««««« QP«««««
7+(
YIODVWFHQW .8//
QP«SJV 2ULJLQ &2148(525
+RXUPDQ«««« IQ««««««
QP«SJV RULJLQ IQ««««««
-/$UHWROG QP6HYHULQFYU
YIQP QP6HYHULQFYU
QP««««« .8//
7+(
YI$GDP6WUDQJH &2148(525
$OODQDPDUU\« QP6LJQHG E\ -RH
YIVW(DUWK3ULPH- -XVNR#,QGLDQD&RPLF
6FKZDUW]%DWHV &RQ
YIQP««« /(*(1' 2) 2= 7+(
QP«««« :,&.(':(67
QP &%&6 ZKLWH
QP *UHDWVWRU\
QP$GDP6WUDQJH /$55< +$5021
6
FV$GDPVFYU«
/$85(/$1'+$5'<
IQ
IQYIVFDUFH
JLDQWVL]H
/(*,21 2) 683(5
+(52(6-DQ
QP 6XSHUER\
OHDYHV/6+««
/,)( 2) 323( -2+1
QP 3$8/,,0DUYHO
QPJLDQWVL]H«
QP /,)(:,7+$5&+,(
YIQP IQ$UFKLH*DQJ7ULDO
QP3W FVEL]DUUH«««
0LQGZLSH ± VW ,GHQWLW\ /2*$1¶6581
FXOW
&ULVLV««««« QP$GDSWV
FODVVLFPRYLH«
$118$/6
QPVWDSS9LEH 0$&+,1(0$1
.$0$1',.LUE\ QP
QP23*
LV QP««« QP«««
YIQP«« QP$OSKD)OLJKW
YIQP«««« 0$'+286($UFKLH
YI«««««« QP0RUURZFD
QP«««««« 0$'+286(*/$'6
QP«««««« $UFKLH
QP QPSJV
52%27
0$*186
QP«««« ),*+7(5*ROG.H\
YI
.((17((160(
IQ«
*X\ IQYI«««««
52%27
0DGLVRQSKWRFYU 0$*186
),*+7(59DOLDQW
.,1*&21$1
QPZFDUG
SDJHVFHQWV
QP«««« QP VW DSS 5DL
9DOLDQWV ILUVW RULJLQDO
.,1*2)7+('($'
QP)DQWDFR
FKDUDFWHU
VW
=RPELHV KDYH RYHUUXQ QP DSS 7XURN LQ
(QJODQG«««« 9DOLDQWXQLYHUVH
.,1* 2)7+(52<$/ 0$17+,1*
&%&62::QG
02817(''HOO
IQ«« DSS+7'
0$17+,1*
3*;
QP««««««
0$17+,1*
QP
0$5. 0,//$5 7+(
81'($'$YDWDU
1R 103ODWLQXP)RLO
(GLWLRQZ&2$«
0$5.
67((/
-RXUQH\RI'LVFRYHU\
QP1HDO$GDPV
DUW«««««
0$59(/
'&
35(6(17 )($75,1*
7+(
81&$11<
;B0(1 7+( 1(:
7((17,7$16
QP0DUYHO'& [
RYHU 'DUNVHLG VWRU\
6LPRQVRQ$XVWLQ
QP««««
YIQP«««««
0$59(/&+,//(56
YI,QWUR 0RGUHG WKH
0\VWLF
QP7LJUDILQDOLVVXH
5HG:ROIDSS
0$59(/ &/$66,&6
&20,&6
6(5,(6
)($785,1*
SJVF1R$GV
YIQP«+*:HOOV7LPH
0DFKLQH«««
QPVW 0 *ROGHQ
FRYHUDUW«««
0$59(/
&2//(&7256 ,7(0
&/$66,&6
YJQLFH FRORU JORVV«««««
IQ««««««
IQ««««
IQ«««««
QP««««
IQYI«««««
YI««««««
QP«UHSULQWV77$
VW$QWPDQ««
0$59(/ &20,&6 3$&.SRO\EDJ
$YHQJHUV''
*,-RHQP
0$59(/
'28%/(
)($785(
QP$ZHVRPH FRYHU
KDUGWRILQGLQ10
0$59(/)($785(
±67VHULHV
&%&62::VW
DSS'HIHQGHUV$GDPV
FRYHU 1HWIOL[ VHULHV
SODQQHG
IQYIVW
DSS
'HIHQGHUV
$GDPV
FYU
IQ'HIHQGHUV
YIQP'HIHQGHUV
YJ'HIHQGHUV
0$59(/ )($785(
&*&ZKLWH
5HG 6RQMD E\ )UDQN
7KRUQH
0$59(/ *8,'( 72
&2//(&7,1*&20,&6
&%&6 2::
VRIW FYU VHOGRPVHHQ
0$59(/35(0,(5(
YI:DUORFN««
0$59(/35(0,(5(
IQ:DUORFN
YI'U6WUDQJHVHULHV
EHJLQV6PLWKFD
YJIQ«««««
YJ««
QP«««««
&%&62::VW
DSS6FRWW/DQJDV$QW
0DQ
&%&6:KLWH$QW
0DQVWRU\FRQW
YIQP'U :KR QG
$PHULFDQ DSS 7KH
*RRG'RFWRUYHU\+27
QRZ««
QP'U:KR
&*&ZKLWHQG
$PHULFDQFRPLFERRN
DSSHDUDQFH 'U :KR
VW0DUYHO
3*; ZKLWH'U
:KRFRQWLQXHV
3*; ZKLWH 'U
:KRFRQWLQXHV
0$59(/35(6(176
QP«««««
0$59(/6
QPVLJQHG E\ .XUW
%XVLHN DW 0HWURSROLV
6XSHUPDQ
)HVWLYDO
0$59(/¶6*5($7(67
&20,&6
YI*LDQW««
QP«
YIQP*LDQW«
QP5SUW))
0$59(/
0$59(/6327/,*+7
YIQPVW DSS RI 5HG
:ROI««
IQUGDSS*5
YI««««««
QP6RQ
RI
6DWDQ«««««
QP.LUE\ FYU 0RRQ
.QLJKWFV«
0$59(/
0$59(/6327/,*+7
QP
QP VW DSS
6SLGHU:RPDQ
IQ
QP'HDWKORNFVVW
DSS'HYLO6OD\HU«
0$59(/6327/,*+7
9 &*& ZKLWH
1R QXPEHU RQ FRYHU
YDULDQWUDUH
0$59(/
683(5
$&7,21
YIQPUHSULQWV &DS
$PHULFD
0$59(/
683(5
+(52(6
YIVW0DUYHORQHVKRW
UHSULQWV''
0$59(/
683(5
+(52(6
3*; 2::
VWDSS&DSWDLQ
0DUYHO««««
&%&6 2II
:KLWHVWDSS&DSWDLQ
0DUYHO
&%&6RZZVW
DSS&DURO'DQYHUV0V
0DUYHO
IQYI6SLGH\
VROR
VWRU\««««««
YIQP2ULJLQ %ODFN
.QLJKW«««««
IQ««««««
YJVW DSSHDUDQFH
*XDUGLDQV RI WKH
*DOD[\
JGYJ
YI«««««
QP'U'RRP
QP««
YI««««««
YI
YIQP««««
0$59(/
683(5
+(526(&5(7:$56
QP««««««
&%&6 :KLWH
6LJQDWXUH
6HULHV
VLJQHG E\ =HFN %HDWW\
QPVWDSS9HQRPDV
QHZ
EODFN
DOLHQ
FRVWXPH««««
0$59(/7$/(6
6SLGHU0DQUHSULQWV
*LDQWVL]H
IQ
QP«««««
QP
YIQP*LDQW
YIJLDQW««
QPUHSULQWV $) 67««««
0$59(/7($083
YI7HDP XSV EHJLQ
+XPDQ7RUFK«
0$59(/7($083
QP6SLGH\ ;0HQ
YV0RUELXV««
QP«««««
0$59(/
75,3/(
$&7,21
YIJLDQW«
0$59(/7:2,121(
YI6KDUSFRS\7KLQJ
WHDPXSVEHJLQ«
QP9DON\ULH
YIHDUO\ *KRVW 5LGHU
DSS;PDVVWU\«
0(/9,1
7+(
02167(5$WODV
YJ«««««
0(/9,102167(5
YJ 'HOO %\
-RKQ6WDQOH\«
0(7$0253+2
YI
0,&.(<0286(
QP*ODGVWRQH
0,&521$876
3*; ZKLWH
*ROGHQ DUW VW DSS
%DURQ.DU]D
QP«
0,'1,*+77$/(6
&KDUOWRQ
QP&KDUOWRQ
0,*+7<&586$'(56
5DGLR&RPLFV
IQ2ULJLQ6KLHOG
0,*+7<
0253+,1
32:(55$1*(56
QP
0,*+7<6$0621
IQYI
0,66
$0(5,&$
0$*$=,1(
0LVV$PHULFD3XEO&RP
9JGYJ
9YJIQ
YJ
0,67(5
0,5$&/(
YJ«.LUE\
YI«ODVWF
QP««««««
QP««««««
02167(5+817(56
&KDUOWRQ
QP'LWNRFD
02167(5 ,1 0<
32&.(7+DUYH\
QPQHZVWDQGHG
02167(56 21 7+(
352:/
YI&ROXVXV««
060$59(/
&*& ZKLWH VW
&DURO 'DQYHUV DV 0V
0DUYHO&DSWDLQ0DUYHO
PRYLH SODQQHG ZLWK&DURO'DQYHUVDV
&DSW0DUYHO
&*& RZZ VW
WROG
2ULJLQ
0V
0DUYHO
YIQP
QP
08167(5679&RPLFV
&%&6 :KLWH
6LJQDWXUH
6HULHV
6LJQHG E\ (GGLH
%XWFK3DWULFN
0877-())'&
YJ«««««
0<
*5($7(67
$'9(1785(
IUJG.LUE\
DUW
««««««
YJIQ««««
IQYI6KDUS
FRSLHV«««««
JG5RERWPDQ
SURWRW\SH««««
0<67(5<,163$&(
YJ«
YJ«
JG«««««
YJ««««««
JG««««««
YJIQ«««
IQVW$GDP6WUDQJH
+DZNPDQ78««
IQ««««
YI«««««
QP«««««
1(8752'HOO
QP-DFN6SDUOLQJFD
8)2VWRU\«««
1(:*2'6.LUE\
YIODVWFLVVVWDSS
%ODFN5DFHU
*LDQW6L]H
YI««««
YIVWWROGRULJLQ1HZ
*RGVDVDJURXS
YI««««««
IQ««««««
YIQPVW
DSS
)RUDJHU1LFH«
YI««««««
QP«««««
YIQP««
1(:087$176
$QQXDO
QP VW DSS
3V\ORFNH«««
1(:7((17,7$16
'&
QPVW DSS %URWKHU
%ORRG VW DSS 1LJKW
)RUFH
1,&.)85<$*(17
2)6+,(/'0DUYHO
3*; FUPRZ
1LFN)XU\EHJLQV
E\6WHUDQNR
IQYI«««««
YI&ODVVLFYU«
IQYI6PLWKFD
IQVWFHQW
3*; RZZ
'RXEOH FRYHU VW DSS DQG GHDWK RI
%XOOV(\H
1,*+7675((76
QP$UURZ««
1,*+7:,1*
QP
127%5$1'(&++
YI««««
YI««
YI«««««
IQYI«««
YI
YI«JLDQW«««
QP«JLDQW««
YIQP««««
YI««««««
129$
QP1RYD FRUSV ZLOO
EHLQWKH*27*PRYLH
KRWERRN«««
YIQP««««
QP«
QP««««««
QP«««
20$&.LUE\
QP««««
YI««««
YI««
YI««««««
IQYI««««
QP«««
QP««
QP«««
20(*$0(1
QP
20(*$
7+(
81.12:1
QP VW DSS 2PHJD
*HUEHUVFULSWV«
QP«VWDSS
285$50<$7:$5
QP
YIQP««««
285
),*+7,1*
)25&(6
YI.LUE\FDV
3$575,'*()$0,/<
IQJUHDWFYU«
3$8/
7(55<¶6
&20,&66W-RKQ
IQ««««
3(7(55$%%,7$YRQ
YJ«««««
3+$1720*ROG.H\
YJ«««««
IQ«««««
YJIQ««
YI«VKDUS««
YIQP««««
QP«««««
YI
YIQP1HZ 3KDQWRP
EHJLQV$SDURFD
YI%ROOHFYU«
YIQP1HZWRQFYU
SDLQWHGDUW
YI1HZWRQ FYU
SDLQWHGDUW«
3+$1720
675$1*(5
YJ/RRNV)1EXWKDV
µ¶ZULWWHQRQ)&
YI$GDPVFYU
QP«$GDPV«
YI$GDPV«
QP%ODFN
2UFKLG
EHJLQVWKDSS
QP'HDGPDQ
3/$67,&0$14XDOLW\
IQ
3/23
YIQP:ULJKWVRQ
$UDJRQHVDUW««
32*2326680'HOO
:DOW.HOO\DUWDOO
JG,QILQLW\FYU
YJ«
IQ«««««
YJIQ««««
323(<(+DUYH\
QP
323(<( ('8&$7,21
&20,&6.LQJ
(QP(QYLRUQPHQWDO
&DUHHUV««««
32:(50$1
QP«««««
32:(55(&25'6
%RRNDQG5HFRUGVHWV
35YJ« 0DUN RI WKH
0DQZROI««««
32:(55(&25'6
%RRNDQG5HFRUGVHWV
35YI,QYDVLRQ
RI
'UDJRQPHQ«««
35YI6WDU
7UHN
3DVVDJH0RDXY
32:(55(&25'6
1R FRPLF ERRN±MXVW
UHFRUG
)$PD]LQJ6SLGHU
0DQ10VHDOHG
10 6HDOHG
)ODVK$TXDPDQ
10 6HDOHG
3ODVWLF
0DQ
0HWDPRUSKR
YIQP VHDOHG
6XSHUPDQ«««
)6WDU7UHN
35($&+(59HUWLJR
QP«
QP
35(='&
IQYI«VR¶V«
IQ««««
QP««««««
QP
381,6+(5PLQL
QP««««««
QP««««««
5$&()257+(0221
+DUYH\
YJ.LUE\ DUW .LUE\
:LOOLDPVRQFYU«
5$*0$1'&
&*& :KLWH VW
DSS .XEHUW FYU DQG
5HGRQGR DUW $OZD\V
OLNHGWKLVERRN
YIQP
5$:+,'(.,'
YI««««««
5($'0</,360DOLEX
10
XQRIILFLDO
ELRJUDSK\ RI *HRUJH
%XVK
5($/ &/8( &5,0(
6725,(6+LOOPDQ
9YJ6.FD
9JGYJ8VHG
LQ
627,SJ««
5($/ &/8( &5,0(
6725,(6+LOOPDQ
9YJ«««
9YJ«««
5('
&,5&/(
625&(5<
QP0RUURZDUW
5('621-$
3*;ZKLWH)UDQN
7KRUQH FYUDUW &RQDQ
FYUVZLSH
QP«««««
QP
QP«
QP
5(37,6$8586
IQ«&KDUOWRQ«
5,&+$5' '5$*21
.81*)8),*+7(5
QPVWDSS+RW
ERRN
5,&+,(
5,&+
'2//$57+('2*
QPJLDQW«««
5,&+,(5,&+*(06
QP«««««
5,&+,(
5,&+
0,//,216SDJHV
YJIQ««««
YJIQVW DSS 7KH
2QLRQ«««««
YIQP««««
YIQP««««
5,&+,( 5,&+ 021(<
:25/'
IQSJVFVWDSS
0D\GD0XQQ\«
5,&+,(5,&+352),76
QP«««««
5,&+,(5,&+5,&+(6
QP«««««
5,&+,(
5,&+
68&&(666725,(6
SJVFHQWV
IQ««««««
YI««««««
5,&+,(
5,&+
6800(5%21$1=$
QPSDJHV
5,&+,( 5,&+ 9$8/7
2)0<67(5<
IQ
IQ««««««
QP
5,0$ 7+( -81*/(
*,5/'&
*UHDW VWRU\ DUW E\
.XEHUW5HGRQGR1LQR
QPXQUHDG
5,3 +817(5 7,0(
0$67(5
IQ«««««
IQYI«([HFXWLRQHU
FRYHU««««
52%,1
QPVW
DSS
6WHSKDQLH
%URZQ
6SRLOHUDV5RELQ
52< 52*(56 52<
52*(5675,**(5
YI«««
6$' 6$&. $1' 7+(
6$5*(+DUYH\
QP*LDQW
6$'6$&.&20,&6
QP««
6$' 6$&. /$8*+
63(&,$/+DUYH\
QP*LDQW
6$1'0$1
&*&RZZKWVW
%URQ]H$JH6DQGPDQ
ODVW 6LPRQ .LUE\
FROODERUDWLRQ
QP23*
IQ«««««
QP««««
QP««««
6*7)85<
IUJG
&DSWDLQ
$PHULFD %XFN\ FV
.LUE\DUW««««
YI««««
YI««««««
QP««««
YI)ODJFYU«
QP TXDOLILHG WRS
VWDSOHSXOOHG««
QP«««««
QP«««««
YI«««««
$QQXDOV
IQYI«««
IQ DOO QHZ
PDWHULDO««««
QP«««
6$9$*(6+(+8/.
&*&ZKLWH
VWDSS
6&$/3(''&
6SHFLDO (G QP79
VHULHVSODQQHG
6&$5<7$/(6
QP'LWNRFD
6($+817'HOO
IQ5XVV
0DQQLQJDUW««
YI««««««
YI5XVV 0DQQLQJ
DUW««««««
6(&5(725,*,16
IUJG««
6(&5(76,;'&
IQ««««««
YI«««««
YIQP««««
YI««««««
6(&5(762&,(7<2)
683(59,//$,16'&
QP«««««
YI««««««
QP««
6(&5(7
6725<
520$1&(6
YJJUHDWURPDQFH
FRYHU«««««
6(&7$856
QP
6(5*($17
35(6721 2) 7+(
<8.21'HOO
YJ%RQGDJHFYU
YJ«««««
7+(:5$7+ QP$YDWDU
9LROHQFH VH[ ORZ
SULQWUXQ««««
6+$'(
7+(
&+$1*,1*0$1
QP«'LWNRFD«
QP«««««
6+$'2:'&
QP.DOXWD
QP.DOXWD
DUW
EHJLQV«««««
YIQP«««««
YI«««««
IQ«««««
QP
YIQP««««
QP/DVW
.DOXWD
LVVXH««««««
QP«««««
6+$'2:0$19DOLDQW
&%&6 :KLWH
6LJQDWXUH
6HULHV
6LJQHG
E\
%RE
+DOO
QP
6+$11$ 7+( 6+(
'(9,/
QP6WHUDQNR FRYHU
JUHDW
VVWXII
6+$=$0'&
&%&62::VW
DSS0DUYHO)DPLO\'&
XQLYHUVH
PRYLH
&%&6
2::
YI
6+2:&$6(
YJIQVWDSS,QIHULRU
)LYH
QP0DQKXQWHU
ODVWF«
QP««
YIQP««
6,036216&20,&6
&*&ZKLWH
VW LVVXH RI ORQJ
UXQQLQJ VHULHV WKDW LV
VWLOOEHSXEOLVKHG3XOO
RXWSRVWHUHG
YIZSRVWHU
6,036216 &20,&6
$1'6725,(6%RQJR
QP &ROOHFWRU
V
(GZSRVWHU
6,;0,//,21'2//$5
0$1&KDUOWRQ
QP
YIQP1HDO $GDPV
FRYHU«««««
YIQP«««
6085)60DUYHO
QP
YIQP
62$323(5$/29(
YI«ORZSULQWUXQ
62$3
23(5$
520$1&(6
YIORZSULQWUXQ
YI««««««
YIQP««««
YI«««««
62/$5 0$1 2) 7+(
$7209DOLDQW
QP
621,&
7+(
+('*(+2*
3*; ZKLWH VW
LVVXH RI LVVXH
VHULHVVWLOOSXEO
6212)6$7$1
YI
63$&(&KDUOWRQ
HDUO\%\UQHDUW
QP«
YIQP«««««
YI««««««
QP««««
YI«««««
63$&(
)$0,/<
52%,1621*.
YJIQ
63$&(:$5&KDUOWRQ
YI««««««
63$:1,PDJH
QP0F)DUODQH
V
VHULHVEHJLQV
63(&,$/
(',7,21
63,'(50$1+8/.
&+,&$*275,%81(
QP SDJHV
VFDUFH«««««
63(&,$/
0$59(/
(',7,21
QP7KRU
UHSULQWV
JLDQWVL]H«««
QP«*LDQW««
63(&,$/:$56(5,(6
&KDUOWRQ
IQYIVW DSS -XGR
0DVWHU
63(&7$&8/$5
63,'(50$1
YI
YIQP«««««
QP
QP0RRQ
.QLJKW
DSSHDUDQFH««
QP«««««
QP&'«
QP 2ULJLQ
3XQLVKHUUHWROG«
QP+REJREOLQ JDLQV
**
VSRZHUV««
QP1HZ
EODFN
&RVWXPH 7LHV ZLWK
$06
$QQXDOV
QP««««««
63(&75(
IQ«$GDPVFD
63,'(50$1:L]DUG
QP :L]DUG
H[FOXVLYH ZLWK &2$ LQ
WKHLUEDJ
63,'(5:20$1
3*; 2::
2ULJLQ
63,'(<
683(5
6725,(6
QPVWDSS-HQQLIHURI
WKH-XQJOH"
YI«««««
YI««««««
6322)0DUYHO
YI««««««
67$/.(5'&
YIQP'LWNR:RRG
DUW
67$5+817(56
&*& :KLWH
1HZWRQ /D\WRQ DUW
%XFNOHU /D\WRQ
FRYHU
QP1HZWRQDUW
67$5
63$1*/('
:$56725,(6
YI
YJ««««
67$5
63$1*/('
:$56725,(6
YI(QHP\ $FH E\
.XEHUW$GDPV
YI(QHP\ $FH E\
.XEHUW«««««
YIJUHDWFYU
67$575(.*ROG.H\
IQ««««««
IQ«««««
QP:KLWPDQ
IQ:KLWPDQ
YI
67$575(.0DUYHO
QP
QP««
QPODVW LVVXH ORZ
SULQWUXQ««««
67$575(.'&
QP6XWWRQDUW
67$5 75(. 7+(
1(;7 *(1(5$7,21
'&
QP
67$5
75(.
5(9,6,7$7,216
1R FRYHU
SULFHFRQG10«
67$5:$56
&%&6 :KLWH
5HDG\ IRU WKH PRYLH"
/RYH WKH IUDQFKLVH"
7+,6 LV LW 6HYHUDO
VDOHVIRUVRIDU
WKLV \HDU 3ULFHG DW
DYHUDJH
YIQP«««««
QP«««««
QP«««««
QPSDLQWHGFYU
67((/ 7+( ,1'(6
758&7,%/(0$1
QP
675$,*+7$552:
JG&ODVVLF 6WRU\ ±
7KH &DQ\RQ %HDVW´ 7
5H[VWRU\««««
675$1*($'96
YI'HDGPDQ E\
$GDPV'DOODV6WHSKHQV
FRS\ZLWK&2$
JGYJ«««
YJ««
IQ«««««
YJIQ$GDPV
QP$GDPV
'HDGPDQ
675$1*( 683(16(
6725,(6&KDUOWRQ
YI $WRP %RPE
FRYHUE\'LWNR«
675$1*(7$/(6
YJ«««««
YJIQ««««
IQYI««««
YJ1LFH FS\ 7KLQJ
DSS««««««
YI/DVW
+7
:DWFKHUVWRU\««
YJ VW DSS
&RO 1LFN )XU\ RI
6+,(/'««««
YJ««««
YJ
YJ6WHUDQNR
YIQP6WHUDQNRDUW
2ULJLQ )XU\ UHWROG &DS
$PHULFDFV«««
YI6WHUDQNR
DUW«««««««
YIQP«%URWKHU
9RR'RR«««
QP«:DUORFN E\
6WDUOLQ FRQWLQXH
LQ:DUORFN««
675$1*(:25/'6
0DUYHO
IDLU .LUE\'LWNR DUW
)O\LQJ6DXFHUFYU
675((7),*+7(5
QP0DOLEX
67817'2*6+DUYH\
QP
68%0$5,1(5
&*&FUPRZ
RULJLQUHWROG
YJIQ1LFH FRORU JORVV VRPH GLVWULEXWRU
RYHUVSUD\)&««
YI««««««
YIQP«««««
IQYI«««««
YI««««««
IQYIVW DSS 7LJHU
6KDUN««
YI««««
YIQP3KRWRFYU
YI««««««
QP«««««
YI««««
QP«««
QPVW DSS 6WLQJ
5D\ /HH
5RPLWD +HFN (YHUHWW
.LUE\FDPHRDSS
QP'U6WUDQJH
6SLGH\[RYHUV«
QP«««««
YIQP
QP:ULJKWVRQ
LQNV««««««
68%0$5,1(5
YIQP
YI«««««
YIQP««
QP«««««
YISJV««
YI'U'RRPFYU
VWRU\
%LOO(YHUHWWFDV
QP«««««
QP«««««
683(5%2<
YJVWDSS8OWUD
%R\/6+DSS««
YJIQ««««
YI«««««
YJ«««
YJIQ««««
YI*XLGH
IQYI
YI$GDPV
FYUV««««««
YIJQW *2ULJLQ
/6+««««««
YIQP$GDPV
YI$GDPVFYU
IQ/6+
VHULHV
EHJLQV
QP««««
QPZHGGLQJ %%
''««
IQSJV««
QP,QYLVLEOH .LG
NLOOHGE\9DOLGXV«
QP6XSHUJLUO
UHVLJQV«««««
QP««««
QP«««««
QP««««
QP«««
YIQP««««
QP«««««
QPDOOJLDQWV
QP«
683(5&20,&6'HOO
JGORRNV
QLFHU
6PLOLQ-DFNFV«
683(5)5,(1'6'&
QP«79
QP
QP«««««
683(50$1
IDLU««
IUJG««««
YJ«««««
YJ«««««
683(50$1
YI;0DVFYU
YI1HZ
2ULJLQ
%UDLQLDF««««
YI«JQW*
IQ
YI«««««
IQ$GDPV
FRYHU
YI*1HDO
$GDPVFRYHU««
QPJQW*
IQYI««««
QP«««««
&*& RZZ
&ODVVLF 1HDO $GDPV
FYU &ODUN .HQW
EHFRPHV79UHSRUWHU
DOO.U\SWRQLWHRQHDUWK
GHVWUR\HG««
YIQP$GDPV
FYU.DOXWDDUW«
YI«««««
IQ««
SJJLDQWV
YI6DQG 6XSHUPDQ
VWRU\
QP««««
YIQP1HDO $GDPV
FYUDUW««««
QPVW DSS 6WHYH
/RPDUG«
QP««««
QP«««««
QP
QP««««
YIQP
$118$/6
JG«««
YJIQ«
YJIQ««
683(50$1)$0,/<
YISJV
QPSJV«
QPSJV
YIQPSJV
QPSJVF
QP(DUWK,,%DWPDQ
DQG
&DWZRPDQ
PDUU\«««««
683(50$1¶6 *,5/
)5,(1'/2,6/$1(
JGYJ«
JG««««
JGYJ««««
IQYI«««««
IQ««««««
YIQP««««
YJ«««««
YIQPJQW*
QP«««««
YI«««««
QPODVWF«
QP:RQGHU:RPDQ
FV««««««
YIQPVWDSS5RVH
7KRUQH«««
YJ««««
YIQP FODVVLF ³,
DP &XULRXV %ODFN´
FV // FKDQJHV VNLQ
FRORUWREODFN«
683(50$1¶6 *,5/
)5,(1'/2,6/$1(
IQYI«««
YIQP
QP«
QP-/$
FV
ERQGDJHFYU««
YI«JQW*
SJV
QP«««««
YIQP
YI5RVH7KRUQH
FV«««
QP««
683(50$1¶6 3$/
-,00<2/6(1
JG««««««
JGYJ«««
IQ««««««
IQ««««««
YIQP ³5HG
+HDGHG%HHWOHRI
%&´VWRU\««««
IQ/6+DSS«
YIUQP«««
.LUE\
IQ.LUE\ PRYHV WR
'&EHJLQVWK:RUOG
VWRU\OLQH««««
QPSDUWLDO SKRWR
FRYHU.LUE\DUW«
IQYI«««
QP«««
QP«««
YI«««««
IQ«««««
YIQP
QPVW
0U
$FWLRQ«««««
QP««««
683(51$785$/
7+5,//(56
QP/LYLQJ 0XPP\
VHULHVEHJLQV««
YI«««««
683(57($0)$0,/<
YI«SJVF
QP1HZ
VWRULHV
683(59,//,$17($0
83
YI««««««
QP««
6863(16($WODV
IDLU&RPSOHWH
6:$037+,1*
:ULJKWVRQFD
YJ:ULJKWVRQ FD
EHJLQV«««««
YIQP$ZHVRPH
:ULJKWVRQFYUV
YI
YI%DWPDQFV
YI
YI«««««
QP
6:$037+,1*
QPQG DSS -RKQ
&RQVWDQWLQH
QPWK DSS -RKQ
&RQVWDQWLQH
6:((7+($576&KDUO
YJ««««
QP«««
6:,1*
:,7+
6&227(5'&
YI««««««
Y-/$FDPHR
YI««««««
IQ$OIUHG(1HZPDQ
VZLSH«««««
7$/(6 &$/&8$/7('
72'5,9(<28%$76
&*&RZZ
)O\LQJVDXFHUFR
7$/(62)6863(16(
DSS
IQQG
+DZNH\H«««
YJIQ««««
YJ«««««
YJIQ1LFH
IQYI««
YI««««««
IQ««««««
IQORRNV QLFHU EXW
KDVVPDOOVSLQHVSOLWVW
DSS:KLSODVK«
IQILQDO LVV VW\ FRQW
,0&DS«
7$/(6
2)
7+(
0<67(5,286
75$9(/(5&KDUOWRQ
9 &*& 10
ZKWSJV'LWNRFD
ORZSULQWUXQ«
7$/(672$6721,6+
YJ$QWPDQ
YJ/RRNVQLFHU
YI6XE0DULQHU
EHJLQV«
IQYI+XON
EDWWOHV
6LOYHU6XUIHU«
7$5=$1'&
YISJV2ULJLQ
7DU]DQ.XEHUW
YIQP««
YIQP
7$5=$10DUYHO
QP««««««
YIQP«««««
7$67(()5((=
&20,&6+DUYH\
YI10 EXW VSLQH
WHDU'LFN7UDF\
7(// ,7 72 7+(
0$5,1(67RE\
JGYJ««««
7+25
YIQP««««
IQYI««««
YIQPVW DSS 7KH
:UHFNHU««««
YI«««««
IQ«««««
YI«««
YIQP2ULJLQUHWROG
RULJLQ
'U
%ODNH
DZHVRPHFRYHU
QP««
YIQP««««
YI2ULJLQ
*DODFWXV
QPQG EULHI DSS
:DUORFN««««
YIQPUG EULHI DSS
:DUORFN««««
7+25
IQVW
IXOO
DSSHDUDQFH
RI
:DUORFN
YI«
QP2ULJLQ*DODFWXV
FRQFOXGHV«««
IQ«««
QP«««««
QP««««
YI«««
IQ«««««
IQYI««««
QP6LOYHU 6XUIHU
[RYHUSJV«
QP
YIQP««
IQ«««««
QP««««
YI«««««
YI«
YIQP««««
QP«««««
QP«««««
$QQXDOV
YIQP««
QP«««
7,0(:$53
SJV*UHDWDUW
QP«««
720$+$:.'&
JG7RPDKDZN
EHJLQE\)5D\
720 $1' -(55<
&20,&6'HOO
YJ«««««
IQ«««««
720%2)'5$&8/$
QP$GDPVFYU
YJ««««
IQRULJLQ%ODGH
YI«««
QP««
YIQPVW DSSRULJ
+DQQLEDO.LQJ«
QP««
723&$7&KDUOWRQ
IQ
+DQQD
%DUEHUDERRN«
72:(52)6+$'2:6
IQYI%DUU\
6PLWK
:DOO\:RRGDUW«
YI««««««
75$**$1'7+(6.<
*2'6*ROG.H\
QP2ULJLQ«
75$16)250(56
QP«««««
QP««
7852. 621 2)
6721('HOO*ROG.H\
YIQP«««
QP«««««
YI««««
YIQP««««
QP«««««
QP«««««
7:,/,*+7=21(*.
)&YJ'HOO (YDQV
&UDQGDOODUW««
YJ'HOO
)UD]HWWDDUW
7:,/,*+7=21(*.
QP«««««
QP««««
$
63$&(
2'<66(<.LUE\
QP
81&$11<7$/(6
YI
81&/(6&522*(
IQ23*
JGYJ««««
YJ««««
YJ«««««
YJ«««««
81'(5:25/'
'6SXEOLFDWLRQV
YJ««««««
81(;3(&7('7+(
)RUPHUO\7DOHVRI
QP«««««
QP««««
81.12:162/',(5
QP««
QP«««««
9$//(< 2) 7+(
',126$856+%µ
QP+RZDUGDUW
9$8/72)(9,/
QP««
YIQP««««
:$/7
',61(<¶6
&20,&66725,(6
QP:KLWPDQORZHU
FLUFXODWLRQ««
QP:KLWPDQORZHU
GLVWULEXWLRQ«««
QP
QPVW *ODGVWRQH
LVV' 'XFN E\ 'DDQ
-LSSHVEJQVVWLQ86
%DUNVUHSULQWV«
QP
:$17(' :25/'¶6
0267 '$1*(5286
9,//,$16'&
QP««««««
:$5&KDUOWRQ
YIQPJUHDW SDLQWHG
FYUE\6XWWRQ
:$5,6+(//0DUYHO
QP««««««
QP«««««
QP
LQWUR
'HDWK
:$5/2&.
IQ
QP«QG
7KDQRVVDJDE\6WDUOLQ
EHJLQV«««««
:$5/25'
QP6LJQHG E\ 0LNH
*UHOO # ,QGLDQD &RPLF
&RQ
:(%2)63,'(50$1
QP««««
:(,5':$57$/(6
QP«««««
:(,5'
:(67(51
7$/(6
YIQP$GDPVFDEXW
QR-RQDK+H[««
:(,5'
:(67(51
7$/(6
YIQP-RQDK
+H[
3*;RZVWRULJ
-RQDK+H[
:(,5'
:21'(5
7$/(60DUYHO
3*;RZZ
:(,5':25/'6
QP««««««
:(/&20(
%$&.
.277(5'&79
&*&RZEDVHG
RQ$%&6LWFRP
QP
:(5(:2/)
%<
1,*+7
QP'UDFXOD«
YIQP««««
QP«««««
QP«««««
:+(5( &5($785(6
52$00DUYHO
YI««««««
:,7&+%/$'(
&%&6 ZKLWH
2ULJLQVWDSS
:,7&+,1*+285
&*&RZZ+DUG
WRILQGILUVWLVVXH
7RWK $GDPV DUW
/RRNV«
QPSJV
:2/9(5,1(
)UDQN0LOOHUDUWDOO
&*&ZKLWH
YIQP«««
QP««««
IQ«««««
QP
YI««««««
YI««««««
:21'(5:20$1
&*&RZZ::
JLYHV XS SRZHUV DQG
FRVWXPH DQG KRRNV
XS ZLWK 2ULHQWDO
0DVWHU
,&KLQJ
&ODVVLF FRYHU YHU\
KDUG WR ILQG LQ KLJK
JUDGH««««
YI&ODVVLF FRYHU
::JLYHVXSSRZHUV
FRVWXPH XQWLO LVV VWXGLHV XQGHU RULHQWDO
PDVWHU,&KLQJ«
QP«««««
YI«««
:21'(5:20$1
IQ«««««
YI%RQGDJH
&RYHU«««««
IQ«««
QP
QPJLDQW
YIQP-HII -RQHV
%RQGDJHFYU
QP«&DWZRPDQ
DSS««««««
QP«««
QP«««««
:25/'¶6),1(67
YJVW &RPSRVLWH
6XSHUPDQ«««
YI«««
QP«««««
YIQP*«
YJUG 6XSHUPDQ
)ODVKUDFH««
QP$GDPVFYU
SJV7HHQ7LWDQV
QP$GDPV FRYHU
SJVF«««
QP««««
QP«SJV
QPODVW
6XSHU
6RQVLVVXHFV«
QP«««
DOOJLDQWVL]H
QP$GDPVF
YI$GDPVFYU
QPSJV«
YI&UHHSHU
E\
'LWNREHJLQV««
QP /DVW SDJHLVV«««
QP«««
:25/'¶681.12:1
IQYI«««
;0(1
YJIQ«««««
IQVW DSS 8QXV WKH
8QWRXFKDEOH««
&%&6 :KLWH
VW
DSS
6HQWLQHOV
IQ2ULJ%HDVW
YJIQ««««
IQ«««
IQYI«««««
YJ««««««
YI««««
YI««««««
YJ«««««
IQ««««
IQVW DSS 7KH
%DQVKHH«
YIQP««««
IQ««««
YI««««««
YIQP««
IQVW &KDQJHOLQJ
6SLGH\[RYHU«
YI2ULJLQV RI WKH ;
0HQEHJLQV««
YI«««««
YI«««««
YJ«««
&%&6 :KLWH
6LJQDWXUH 6HULHVVW
3RODULV VLJQHG E\
6WHUDQNR
;0(1
&%&6 2::
6LJQDWXUH
6HULHV
VLJQHG E\ 6WHUDQNR
RULJLQ%HDVW««
YIVW%DUU\6PLWKDUW
LQFRPLFV«««
YIQPVW DSS $OH[
6XPPHUV ZKR ODWHU
EHFRPHV+DYRN
IQVW +DYRN LQ
FRVWXPH$GDPV
JGYJ$GDPV«
YJIQ«$GDPV
JGWDSH.D]DU
$GDPVDUW««««
IQVW6XQILUH
QPODVW QHZ VWRU\
XQWLO«««
QPUHSULQWV EHJLQ
HQG«««
YIQP««««
YI«««
1(:;0(121
QP
YIQP««
QP««««
YI«««««
QPVW FDPHR RI
6WDUMDPPHUV«
QP««««
QP««««
YI«VW IXOO DSS
6WDUMDPPHUV««
YI%U\QH
DUW
EHJLQV«««««
QPVW
DSS
9LQGLFDWRU
QP
YIQP««
YJIQ«««
YIQP«««
&*& ZKLWH
VW DSSHDUDQFH
$OSKD)OLJKW
YIQP
QP«««««
QP«««
YIQP«««
YIQPVW
DSS
'D]]OHUE\%\UQH
YI«««««
YI«««««
QP«««««
YIQP3KRHQL[
EHFRPHV
'DUN
3KRHQL[
QP;0HQ EDWWOH
'DUN3KRHQL[««
QPGHDWK
RI
3KRHQL[««««
QP&\FORSV OHDYHV
;0HQ«««««
YIQP.LWW\ 3U\GH
MRLQV QHZ :ROYHULQH
FRVWXPH««««
YI««««
QP'D\VRI)XWXUH
3DVW
$OWHUQDWH
:ROYHULQH &RORVVXV 6WRUPGLH
QPODVW%\UQH
;0(1
QP«««
QP«««««
QP5RJXH«
QP:ROYHULQH
QP6PLWKDUW
QP5RJXH MRLQV ;
0HQ««««««
QPJLDQW 3KRHQL[
UHWXUQV«««««
QP«««
QPVW &DEOH DV
EDE\"
QP0XWDQW
0DVVDFUHEHJLQV
QPVW
DSS
%LVKRS«««««
QPVW IXOO DSS
%LVKRS«««««
$118$/6
QPQHZ VWRU\
0LOOHUDUW««««
YIQP««
QP«««««
;20$12:$5
QP
<26(0,7(6$0*.
QP/RZGLVW«
<281*/29('&
QPSJV««
QPVWRUH
SULFH
VWLFNHU)&«
IQSJV
<281*520$1&(
IQSJV«
=$3&20,;$SH[
3*; ZKLWH VW
SULQW EXW QRW PLVFXW
5REHUW&UXPEFRYHU
DUW
6(76
6(76
$'9(1785(6
2)
)25')$,5/$1(
QP««««
$5,21 /25' 2)
$7/$17,6
6SHFLDOQPQP
$9(1*(567+(
DQQXDOV DYHUDJH10
0LVVLQJ D IHZ LVVXHV
EXW WKHUH DUH D IHZ
GXSOLFDWHV DV ZHOO
%HDXWLIXO LVVXH
FRSSHUWKURXJKPRGHUQ
UXQRIWKLVSRSXODUWLWOH
23*ZRXOGEHFORVHWR
RQO\
$9(1*(567+(
9ROXPH
DQQXDO
)LQDOH 7KH HQWLUH \HDU UXQ RI WKH
$YHQJHUV 9 DYHUDJH
10 ,VVXH DQG VLJQHGE\.XUW%XVLHN
DW WKH 0HWURSROLV ,/
6XSHUPDQ)HVW-XQ
23*
$9(1*(56)25(9(5
QP
)LUVW
LVVXH VLJQHG E\ .XUW
%XVLHN DW 0HWURSROLV
6XSHUPDQ)HVWLYDO-XQH
%$70$1$1'52%,1
QP
%$77/(67$5
*$/$&7,&$
QPQP3HUHQLDOO\
SRSXODU VHULHV *XLGH
««««
&/2$.$1''$**(5
QP««
'$5('(9,/)$7+(5
QP
'$5('(9,/
7+(
0$1:,7+287)($5
QP
IRLO
HPERVVHGFYUV
'$5('(9,/63,'(5
0$1
QP
'$5. 72:(5 7+(
*816/,1*(5%251
QP%DVHG
RQ
6WHSKHQ .LQJ
V ERRNV
QLFHVWXII
'30DUYHO
$QQXDOQP««
(/)48(676(,*($7
%/8(02817$,1
:DUS*UDSKLFV
VNHWFKERRN
QP
+$92.
:2/9(5,1(
0(/7'2:1
QP
+$:.(<(
QP««««
+(5&8/(6
QP««
QP««
+8/.*5$<
QP
-867,&(
QPEUHDWKWDNLQJ
$OH[5RVVFRYHUVJUHDW
VWRU\
-867,&(/($*8(
1HZ
QP
.5<3721
&+521,&/(6
QP««
/(*,211$,5(6
QP«««««
0$59(/.1,*+76
QP
0221.1,*+7
YIQP
0$6. +817 )25
*5((12&72%(5
QP
1(:$9(1*(567+(
QP
1(::$9((FOLSVH
QP««
3+$1720=21(
QP««
3/$1(72)7+($3(6
'DUN+RUVH
QP
5('67$5,PDJH
QP
52%,1,,
QP
KRORJUDP
FRYHUV
52%2&23 9(5686
7(50,1$725
QP0LOOHU VFULSWV 6LPVRQDUW
6(&5(76 2) 7+(
/(*,21 2) 683(5
+(52(6
QP«««««
6*752&.7+(/267
%$77$/,21
QP
6.,1 *5$)7 7+(
$'9(1785(6 2) $
7$7722('0$1
QP
67$5 :$56 7$/(6
2)7+(-(',
QP
683(50$11'VHULHV
0DQ RI 6WHHO
PLQL VHULHV QP
6SHFLDO%U\QH¶VQHZ
6XSHUPDQ 0LJKW EH
PLVVLQJ LVV RU WZR EXW
ZLOO DOVR EH H[WUDV
%DJJHGQHZVVWDQGRI
LQFOXGHG««
683(50$1
35(6(176
7+(
.5<3721
&+521,&/(6
QP
7$/(6 2) 7+( 1(:
7((17,7$16
QP«««««
9,6,21 $1' 7+(
6&$5/(7:,7&+
QP«««
QP««««
:,//7232:(5
QP
=(52 +285 &5,6,6
,17,0(
QP
$//&20,&67+,66(&7,21
&RPLFVWKLVVHFWLRQDUHDOOHDFK%RRNVLQWKHVHFWLRQVUDQJHIURPIDLUWRQHDUPLQW
ODUJHO\GHSHQGLQJRQDJHYDOXH
$%&6.(7&+%22.$&7,21&20,&6
$'$0675$1*(
GHOX[H$'9(1785(&20,&6$'9(1785(6,1(/(&7521,&6$'9(1785(6
2)&<&/236$1'3+2(1,;$/,(1/(*,21$/3+$)/,*+7
$0$=,1* $'9(1785(6 $0$=,1* $'9(1785(6 9 $0$=,1* +,*+ $'9(1785(6 $11( 5,&(
6 ,17(59,(: :,7+ $ 9$03,5( $11( 5,&(
6
:,7&+,1*+285$48$0$1$48$0$1$48$0$1$5$.$5&+(5
$5067521* $5,21 $50$*('221 63(&,$/ $50$*('221 7+( $/,(1 $*(1'$ $5025,1(6 $57,)$&76 $57 2) 0(17$/ 678',26 QQ $6721,6+,1* (;&,7(0(17 $6752 &,7</2&$/ +(52(6 $7/$17,6 &+521,&/(6 $9(1*(56 $QQXDO $9(1*(56 $9(1*(56 7+( 7(50,1$75,; 2%-(&7,9( $=5$(/ %$%( %$/'(5 7+( %5$9( %$70$1 $QQXDOV %$70$1
&+521,&/(6%$70$1/(*(1'62)7+('$5..1,*+7%$70$1
2'<66(< 9 %$70$1 6+$'2: 2) 7+( %$7 %$70$1 675,.(6 %$70$1
7+( &(17 $'9(1785( %($87< $1' 7+( %($67 0$59(/ %(2:8/) %(67 2) 7+(
%5$9( $1' 7+( %2/' %/$&. :+,7( %/$&. :+,7( $35+52',7( ,; %/$&.:8/) %/$&. )/$* %/,1'6,'( %/22'6+27 %22) %2== &+521,&/(6 %5$9( 1(:
:25/' %5,*$'( 9 %8&.$522 %$1=$, &$%%27 %/22'817(5 &$%/( &$*(&$0(/27&$37$,1$0(5,&$
$118$/ &$37$,1 0$11(56 &$37$,1 0$59(/ &$7$/<67 $*(176 2) &+$1*( &(/(67,1( &+$03,21 632576 &+$3(/ &+$5/(0$*1( &/$1'(67,1( &20,& 48(67
6+2:&$6(&21$1&21$1'DUNKRUVH&21$17+(%$5%$5,$1
&21&5(7( &(/(%5$7(6($57+ '$< &21&5(7( .,//(5 60,/( &21*25,//$
&2<27( HSLF &5,0,1$/ 0$&$%5( QQ &52:5$=25 .,// 7+( 3$,1 &586$'(56 &<%(5)25&(=(529'$1*(581/,0,7(''$17(
6,1)(512'$5('(9,/9
1XPEHULQJUHYHUWVEDFNWR9DIWHU%HFRPHVEODFNSDQWKHUPDQZLWKRXW
IHDU '$5('(9,/ 9 '$5('(9,/ 12,5 '$5('(9,/ %< (' %58%$.(5 6$*$ '$5.+$:. '$5.(5 ,0$*( '$5. :$7(5 '$57'&&20,&67+(1(:'&1$7,21683(56$03/(5'($'/<)2(62)63,'(50$1
'($'0$1'($7+7+(+,*+&2672)/,9,1*'($7+%/2:'($7+/2.
'($7+0$7(<HOORZ%OXH5HG6LOYHU%ODFN'($7+7$/.6$%287/,)('()(1'(56
'(7(&7,9(&20,&6
$QQXDO',126$856
)25+,5(',67$1762,/'-$1*2$1*(/'2&0$&$%5('2&725675$1*(
'1$*(176'220
6,9'28%/('5$*21'5($'67$5(SLF'5($'67$5$1'&203$1<
'5($0 7($0 '9 ($57+ ; (&72.,' (&72.,' 81/($6+(' (/(.75$ $66$66,1 (/(.75$)/$6+%$&.(/(.75$52272)(9,/(/(0(17$/6&RPLF(/)48(67
(SLF(/)48(67
.,1*6 2) 7+( %52.(1 :+((/ (7(51$/6 (7(51$/ :$55,25 <($5%22.(;&$/,%856SHFLDO(G)$//(1$1*(/6)$17$67,&)285
$QQXDOV)$17$67,&)285)$17$67,&)25&(
)$7( )(55(7 )/$925 2) )($5 )(8' ),567 ,668( 63(&,$/ )5($. )25&( )5(('20 ),*+7(56 )520 +(// )811< %22. QQ )857+(5 $'9(17856 2) ,1',$1$
-21(6)85<),5(672507+(18&/($50$1
$QQXDOV*$5*2</(6*(1(5$7,21*+2675,'(5*+267
5,'(5 $1' %/$=( *+267 5,'(5 75$,/ 2) 7($56 *+267 5,'(5 :2/9(5,1( 381,6+(5
*+2676*,-2($5($/$0(5,&$1+(52*,/*$0(6+,,*,9(0(
/,%(57<*2''(66*22'*8<6*5((1$552:*5((1/$17(51
*5((1/$17(51*5((1/$17(51
*5((1 /$17(51 &2536 *5((1 /$17(51 &2536 48$57(5/< *5,)),1 *5,)7(5*5,0-$&.*5,00*5227+(:$1'(5(5(SLF
*522&+521,&/(6*8$5',$1*8$5',$162)7+(*$/$;<*81),5(+$5%,1*(5
+$92. :2/9(5,1( 0(/7'2:1 +$:. '29(
+$:.(<( +$:.0$1 +$:.0$1 +$=$5' +(&./(5+(//%/$=(5
+(//%2< 7+( 02/( )&'+(//6+2&. +(//
6 $1*(/ +(//6+2&. +(//67250 +(5&8/(60DUYHO+(52$//,$1&(+(52$//,$1&((1'2)7+(*2/'(1$*(
+(52=(52+(;+2.80+(;+22.+2:72'5$::L]DUG)&'+80$1)/<
+80$1725&++<3(5.,1',//80,1$725,03$&7:,17(563(&,$/,1&5(',%/(
+8/.9,1&5(',%/(+8/.9648$6,02'2,19$'(56)5200$56
&20,&6&217,18(
,19,6,%/(6,5210$1,5210$1%$'%/22'-$0(6%21')25
<285 (<(6 21/< -$0(6 %221' -/$ -/$ <($5 21( -2+1
%2/721 +$//6 2) +25525 -2+1 %<51(
6 1(;7 0(1 -2+1 &$57(5 :$5/25' 2) 0$56
-21$+ +(; 5,'(56 2) 7+(:250 -6$ $// 67$56 -8'*( '5('' -8'*(
'5(''/(*(1'62)7+(/$:-867,&(/($*8(2)$0(5,&$)&'-867,&(
0$&+,1( &RPLF IHDWXULQJ WKH (OHPHQWDOV -867,&( 62&,(7< 2)
$0(5,&$.$=$5
.(//(50$1/
$0285)&'.,&.(56.,'(7(51,7<.,1'5('7+(.,1*
&21$1 'DUN +RUVH .,1*+70$5( .1,*+7675,.( .2%$/7 .2%5$ .8// 7+(
&2148(525.8////$%0$1
/$%5$76/($*8(2)(;75$25',1$5<*(17/(0(1SJV/(*$&</(*(1'6
/(*,21$,5(6 /(*,21 /(*,21 2) 683(5+(52(6 /(21$5'
1,02<
63520257$/6/(7+$5*,&/$'/2%2/2%2%/$=,1*&+$,12)/29(/2%2
,1)$17,&,'(/2%232575$,72)$9,&7,0/2%2&23/2*$1
6581/21*6+27
/267,163$&(,QQRYDWLRQ0$&+,1(0$10$''2*0$'0$1&20,&6
'DUN+RUVH/HJHQGV0$*,.0$*18652%27),*+7(59DOLDQW
V
<HDUERRN0$1)520$7/$17,60$1+817(5
0$5.60$1 0$56 $77$&. ,PDJH 0$57+$ :$6+,1*721 *2(6 72 :$5 0$57,$1
0$1+817(5 $0(5,&$1 6(&5(76 0$57,$1 0$1+817(5 0$59(/ $&7,21 +285 0$59(/$*(0$59(/&/$66,&6&20,&60$59(/&20,&635(6(176
0$59(/'28%/()($785(0$59(/)$1)$5(0$59(/0,/(6721((',7,21
7+($9(1*(56)$17$67,&)2850$59(/35(0,(5(0$59(/12:
0$59(/60$59(/6$*$0$59(/
6*5($7(67&20,&6))UHSULQWV
0$59(/ 6($621 *8,'( 0$59(/ 63(&7$&8/$5 0$59(/ 683(5 $&7,21 0$59(/ 683(5+(52(6 )($785,1* )DOO 6SHFLDO 0$59(/ 683(5 +(52(6 6(&5(7
:$560$59(/7$/(6
0$59(/7($0830$59(/75,3/($&7,21
0$59(/7:2,121( 0$59(/ 81,9(56( $9(1*(56 63,'(50$1 0$67(5 2) .81* )8
0$=,1*0$10(5&<9HUWLJR0(7$0253+20(7(250$1
0,&.(<0286($1'*22)<(;3/25((1(5*<&216(59$7,210,&521$8767+(1(:92<$*(6
0,'1,*+7(50,5$&/(648$'0,67(50,5$&/(02':+((/6021.(<0$1$1'
2
%5,(163(&,$/ 0221 .1,*+7 0225/2&. 0<67(5<,1&25325$7(' 1$0251$0251(9(5:+(5(1(:$9(1*(561(:)5217,(51(:
*2'61(:*8$5',$161(:0(11(:087$176
$118$/63(&,$/(',7,21
1(: 7((1 7,7$16 $QQXDO 1(: 7((1 7,7$16 $118$/ 1(: 7((1 7,7$16 '& 0LOOHQQLXP (G 1(: :$55,256 1(;7 0$1 1(;86 0((76 0$'0$1 63(&,$/
1,*+70$5(1,*+70$6.1,*+75$9(1+286(2)&$5'61,*+7:$7&+1,1-$.12&7851(120$'
1250$/0$10(*$7210$163(&,$/129$2%(5*(,677+((037<62&.(72)),&,$/+$1'%22.2)7+(
0$59(/81,9(56('(/8;(',7,212)),&,$/0$59(/,1'(;727+()$17$67,&)28520$&20(*$
7+( 81.12:1 25,*,1 2) 7+( '(),$17 81,9(56 27+(56 7+( 3$&7 7+( 3$&,),& 35(6(176 3+$1720 )25&(
,PDJH *HQHVLV 3,77 32:(5/(66 32:(5 /25'6 32:(53$&. 32:(50$1 35($&+(5 35('$725960$*18652%27),*+7(535(6667$5735(=35,0$/)25&(3523+(799352:/(5381,6+(5
$118$/381,6+(5*)25&(381,6+(5:$5=21(48$6$548(67,215$&(5;5$',2
%2<5$,5$9(55$:+,'(.,'5$<PLQL5$<%5$'%85<&20,&65$=25/,1(3UHYLHZLVVXH
5(%(/6 5(' 7251$'2 5(*8/$7256 5,3&/$: RQJRLQJ 52%2&23 52%2&23 )UDQN0LOOHU
V 52%2&23 96 7(50,1$725 520 521,1 581( 6$1'0$1 6$9$*( '5$*21 9 9 6&$5$% 6&+,0'$5 DGXOWV RQO\ 9 6&253,21 6 &8' 7+( ',6326$%/( $66$66,1 6(&21' /,)( 2) '2&725 0,5$*( 6(&5(7
62&,(7<2)683(59,//,$,166(&5(7:($32166((.(566*7)85<6+$'26+$'2:6+$'2:
+$:.6+$'2:0$16+$0$17($566+$'2:/,*+76+$'2::$52)+$:.0$16+2:&$6(
6+2:&$6(6+528'7+(6,/9(5$*(&/$66,&6+266,/9(567$56,/9(5685)(5
$118$/6,03621&20,&6$1'6725,(66,1&,7<-867$127+(56$785'$<1,*+7:L]DUG6,1
&,7<7+(%$%(:25(5('6/((=(%527+(566/8'*(5(';0$662/$525,*,1$/'2&725
62/$5 62/2 62/2021 .$1( 629(5(,*1 6(9(1 63$:1 63,5$/ 3$7+ 7+( 63,5,7 63/,77,1*
,0$*(67$/.(5667$5%5$1'67$5),5(67$5+817(5667$50$167$50$67(5667$55($&+
67$56/$<(567$563$1*/(':$56725,(667$575(.0DUYHO67$575(.'&
$118$/67$5
75(.'&$118$/67$575(.029,(63(&,$/667$575(.,,,7+(6($5&+)25632&.
67$575(.'((36$&(1,1(0DOLEX'&67$575(.1(;7*(1(5$7,21'&PLQLVHULHVRQJRLQJ
$118$/67$575(.1(;7*(1(5$7,217+(02'2/$,03(5$7,9(
67$5 75(. 67$5)/((7 $&$'(0< 67$5 75(. 92<$*(5 67$5 75(. 1(;7 *(1(5$7,21 6+$'2:+($57 67$5 75(.
67$5)/((7 $&$'(0< 67$5 75(.92<$*(5 67$5:$56 026735(&,286:($321 67((/ 675$:0$1 67250:$7&+6783,'683(5%2<683(5%2<$118$/683(5+(52&$7$/2*683(50$1
$118$/683(50$1
$118$/683(50$1%$70$1683(50$17+(&(17$'9(1785(683(50$17+(0$12)67((/
683(532:(566835(0(6:$037+,1*$118$/6:25'2)625&(5<7$.,217$/(62)
7+( 7((1 7,7$16 $118$/ 7$5*,7 7$5=$1 )$0,/< 7($0 $0(5,&$ 7($0 7((17,7$16
7(50,1$/&,7<7(50,1$725VW'DUN+RUVHLVVXH7(5525,1&7+$1(7+(($7(567+,1*
7+25&25367+81'(5%2/77+81'(567,.(7,&..$50$7251$'27,0(%$1',767,0(:$/.(57,7$1$(
7202552: 6725,(6 723 725 75(1&+(5 752// 7852. ',126$85 +817(5 7<3+2,'7<5$1781&/(6&522*(*.81,21981,7<9DOLDQW81,9(56(979VHULHV
9$/,$17 )5((9,(: 9$/,$17 5($'(5 9$1*8$5' 9$/25 9(1*($1&( 648$' 9(50,//,21 9(57,*2-$09(57,*2)$&(9,*,/9,2/$7259V%$'52&.9,6,217+(9,6,725:$//<:22'
67+81'(5
$*(176 :$/.,1* '($' )&%' :$/7 ',61(<
6 &20,&6 $1' 6725,(6 :$5&+,/':$5/2&.:$50$&+,1(:$52)7+(*2'6:$53:$55,2562)3/$60:$56725<-DQ
$SULO :($321 =(52 :(% 2) 63,'(50$1 :(,5' 6863(16( :(,5' :$5 7$/(6 :(,5'
:(67(51 7$/(6 :(,5' :21'(5 7$/(6 :(,5' :25/'6 (5% :(5(:2/) %< 1,*+7 :(67 &2$67 $9(1*(56
PLQL:+$77+("":+2
6:+2'&81,9(56(:,/'&$76:,/''2*:,/'67$5:,/'
7+,1*:2/)3$&.:,=$5'7+(*8,'(72&20,&6:2/9(5,1(
:21'(5:20$1 :25/' 2) .5<3721 :25/'
6 %(67 &20,&66$03/(5:25/'
6
),1(67
;
63(&,$/;21(6+27727+(
+($';)$&725$118$/;),/(6;)25&($118$/;0(1
$118$/;0(1)285YHUVLRQV;0(1
7R\VUXV;0(1;0(1'($'/<*(1(6,6;0(13+2(1,;(1'621*;0(10,&521$876;0(1&/$66,&6
;0(1&856(2)7+(087$176$*$IUHHRQHVKRW;0$12:$5;20%,(;7(50,1$7256
<281*$//67$56<281*%/22'<($5%22.=21(&217,180=(1,17(5*$/$7,&1,1-$=25520$59(/=27
$//&20,&67+,66(&7,21
$&7,21&20,&6
$'9(1785($/,(16*(12&,'(
73%$/3+$)/,*+7$0$=,1*$'9(1785(6$0$=,1*
63,'(50$1
$118$/63,'(50$1$1'32:(53$&.
FKLOG DEXVH JLYHDZD\ $0(7+<67 35,1&(66 2) *(0:25/' PLQL $1,0$/ 0$1 $48$0$1 $5&+,( $1' 0( $5&+,( &20,&6 $5&+,(
6
/$8*+,1$5&+,(
63$/-8*+($'$6721,6+,1*7$/(6
%$70$1%$70$1/(*(1'2)7+(
'$5..1,*+7%$70$1)$0,/<%$70$17+('$5..1,*+7%$70$12'<66(<
$GDPV VNHWFK FDU %$70$1 6:25' 2) $=5$(/ %$77/(),(/' $&7,21 %$77/(67$5
*$/$&7,&$ %(<21' 7+( *5$9( %/$&. )85< %/$&. *2/,$7+ %/$&.+$:. %/$&.
/,*+71,1*%/$&.0$*,&%/$&.3$17+(5%5$9($1'
7+(%2/'&$37$,1$0(5,&$
&$37$,1$0(5,&$%22.$1'5(&25'6(735&$37$,16$9$*($1'/($7+(51(&.5$,'(56
&$37$,1:,//<6&+8/7=&$63(57+()5,(1'/<*+267&+$//(1*(56
2) 7+( 81.12:1 &+$0%(5 2) &+,//6 &+$03,216 &+$03,21 632576 &/$: 7+( 81&2148(5(' &20,&635,&(4827(6&21$17+(%$5%$5,$1
$118$/6 &5($758(6 21 7+( /226( &5,6,6 21 ,1),1,7( ($57+6 &5<37 2)
6+$'2:6'$5('(9,/'$5,1*$'9(1785(62)683(5*,5/'$5.+256(35(6(176
$/,(169'$==/(5'&
61($.35(9,(:6'&63(&,$/'&63(&,$/6(5,(69'&683(567$56'($7+2)683(50$173%
'()(1'(560DUYHO'(021'(11,6
7+(0(1$&('(11$&(7+(0(1$&(,1+2//<:22''(7(&7,9(&20,&6'.
'2&6$9$*('2&725675$1*('21$/''8&.*.
'5$*1
:+((/6'5,)70$5/2'HOO(7(51$/6
(7(51$/:$55,25)$17$67,&)285
$118$/6 )$17$67,& )285 52$67 )$17$6<
0$67(53,(&(69),*+7,1*$0(5,&$1LQFRPSOHWH),*+7,1
0$5,1(6),*+7,1
1$9<67,668(63(&,$/)/$6+)/,16721(6*.)285&2/25)28567$5
63(&7$&8/$5)5$1.(167,(10DUYHO)5(('20),*+7(56)5,(1'/<*+267&$63(5
0,/.&+((6()857+(5$'9(1785(62),1',$1$-21(6*+267/<+$8176
*+267/< 7$/(6 *+2670$125 *+267 5,'(5 *+2676 *,$17 6,=(
'5$&8/$*,$176,=(0$17+,1**,$176,=(683(59,//,$17($083*,&20%$7
*,-2($5($/$0(5,&$1+(52*25*2*5((1/$17(51
*5((1 /$7(51 *5((1 $552: *5(*25< 73% *5,0 -$&. *5,00
6 *+267 6725,(6 *5,36 *5,36
$'9(1785(6*522+$1'62)7+('5$*21+$817('+$817('/29(+($57
7+52%6+(5&8/(6+(52(6)25+23(+2752'$1'5$&,1*&$56+2:$5'7+('8&.
+8(<'(:(<$1'/28,(+8/.+80$1)/<,1&5(',%/(+8/.,1+80$16,19$'(56
,521),67,5210$1$118$/-2.(5-2+1&$57(5:$5/25'2)0$56
-21$+ +(; -2851(< ,172 0<67(5< -8'*( '5('' (DJOH -8'*( '5('' &+,/'
48(67-8'20$67(5-81*/($&7,21-867,&(,1&-867,&(/($*8(2)$0(5,&$
.$0$1',
7+(/$67%2<21($57+.$=$5.,'&2/7287/$:
.,1*('8&$7,21$/&20,&648,1&<.,1*&21$1.,77<35<'($1':2/9(5,1(.2%5$.21*
7+( 817$0(' .58// .8// 7+( &2148(525 .857 %86,(.
6 $6752 &,7< +RPDJH /$1&(/27 /,1.
6(&5(7&+,03/(*,212)683(5+(52(6
$118$//(*,212)683(5+(52(6/,217+(*./2*$1
6581/21*6+27
/221(<781(6/29($1'520$1&(0$&+,1(0$10$'$0(;$1$'80$'+286(
0$*18652%27),*+7(5*.0$*18652%27),*+7(59DOLDQW0$17+,1*0$59(/
&20,&6&217,18(
&/$66,&6 &20,&6 0$59(/ &20,&6 35(6(176 ;0(1 PLQL FRPLF 0$59(/
'28%/()($785(0$59(/)$1)$5(0$59(/)($785(0$59(/35(0,(5(
0$59(/35(6(176*27*0$59(/
6*5($7(67&20,&60$59(/6327/,*+7
90$59(/683(5$&7,210$59(/683(5+(52(60$59(/
7$/(60$59(/7($083$118$/0$59(/7:2,121(
0$59(/&20,&6YV'&&20,&60$67(52).81*)8
0$;;7+(0,&.(<0286(*.0,*+7<&586$'(56
0,*+7< 6$03621 0,5$&/(0$1 ' 02167(5 +817(56 0251,1**/25,(6QGSULQW060$59(/060<67,&086,1*60<67(5<,163$&(
1(:087$1761(:7((17,7$161,&.)85<
$*(172)6+,(/'18./$'HOO2&&8/7),/(62)'563(&7252)),&,$/35,1&(
9$/,$1720$&21(0$1$50<20(*$0(120(*$7+(81.12:1
285 $50< $7 :$5 3$&,),& 35(6(176 3(3 3+2(1,; 3/$1(7 2)
9$03,5(6 32:(5 3$&. 32:(5 0$1 35('$725 73% 35(= 35,086 381,6+(5
381,6+(5 381,6+(5 :$5 -2851$/ 5$,'(56 2) 7+( /267 $5. 5$*0$1
5$,5$,'(562)7+(/267$5.5$:+,'(.,'5('621-$
JLDQW VL]H 5,&+,( 5,&+ -$&.,( -2.(56 5,&+,( 5,&+
-$&.3276 5,&+,( 5,&+ 0,//,216 5,&+,( 5,&+ 021(< :25/' 5,&+,( 5,&+
68&&(665,0$7+(-81*/(*,5/5,3/(<
6%(/,(9(,725127*.6$*$
2)&<567$56$1'0$16$5*(6125.(/
6&$5<7$/(66*7)85<6(&5(725,*,16
6(&5(76,;6(&5(762&,(7<2)683(59,//$,166(&5(7:($3216
6(5*($1735(67216(&5(762)6,1,67(5+286(6+$'2:6+2:&$6(
6,036216&20,&66,;0,//,21'2//$50$16.8//
7+(6/$<(562/$563$:163(&7$&8/$563,'(50$1
$118$/63,'(5:20$1
63,'(<
683(56725,(66322)67$5),5(67$5+817(5667$575(.
67$5 75(. 1(;7 *(1(5$7,21 67$5 75(. 1(;7 *(1(5$7,21 67$5
:$5667$5:$565(78512)7+(-(',675$1*($'9(1785(6
675$1*(56 ,1 3$5$',6( 675$1*( 632576 675$1*( 7$/(6 67$7,& 683(5%2< 683(5'8&.683(5)5,(1'6683(5*,5/683(5
+(52(6%$77/(683(5*25,//$6683(50$1 $118$/683(50$1)$0,/<
683(50$1
63$/-,00<2/6(1683(51$785$/7+5,//(56683(532:(56
683(57($0 )$0,/< 683(59,//$,1 7($083 6:$03 7+,1* 6:$03
7+,1*6DJDRI6:((7+($5767$/(62)$6*$5'7$/(62)7+(/(*,212)683(5+(52(6
7$/(672$6721,6+7$5*,777$5=$1 7$5=$1)$0,/<7((1
&21)(66,2167(0386)8*,7,9(7+$7:,/.,1%2<7+,1*7+25
7,*(57,0()25/29(7,0(:$53720$1'
-(55<7257852.6212)6721(869$//(<2)7+(',126$8569$8/72)(9,/9(1*($1&(
648$':$/7',61(<
6&20,&66725,(6$OOFHQWFRYHUFHQWFRYHU
DOOFHQWFRYHU
FHQW FRYHU :$/7 ',61(<
6 '21$/' '8&.
$'9(1785(6:$17(':$5:$5$1'$77$&.:$5,6+(//:$5/25'2)0$56GHMDWKRULV:(%2)63,'(5
0$1$118$/:(,5':21'(57$/(6:,7&+,1*+285:21'(5:20$1:21'(5:20$1
:25/'
6),1(67:25/'
681.12:1
:8/)7+(%$5%$5,$1;0(18QFDQQ\$118$/;0(1;0(1
&/$66,&6<281*/29(
$//&20,&67+,66(&7,21
$&7,21&20,&6$'9(1785(&20,&6
3/$1(7 2) 7+( $3(6 $// 67$5 &20,&6 $// 67$5
648$'521$/3+$)/,*+7$0$=,1*$'9(1785(6 $0$=,1*63,'(50$1
$118$/ $,0 *,9($:$< FRSLHV $48$0$1 $5$. $5&+(5 $5067521* $5&+,( &20,&6 $5&+,( *,$17 6(5,(6 $5&+,(
6 0$'
+286($5&+,(
63$/-8*+($'$6721,6+,1*7$/(6$7$5,)25&(
$9(1*(56$9(1*,1*63,'(50$1$=5$(/
%$5%$5,$16IHDWXULQJ,URQ-DZ%$5%$5,&$'9(1785(6,URQ-DZ%$5%:,5(%$70$1
%$70$1)$0,/<%$77/(67$5
*$/$&7,&$%(5=(5.(5%(<21'7+(*5$9(%/$&.)85<%/$&.0$*,&
%/$&.3$17+(5%5$9(7+(%2/'&$37$,1$0(5,&$
$118$/&$37$,10$59(/
&$37$,1 $0(5,&$1 $1' 7+( )$/&21 &$37$,1 9(1785( *. &+$//(1*(56 2) 7+(
81.12:1 &+$0%(5 2) &+,//6 &+$03,216 &/$: 7+( 81&2148(5(' &/2$. $1'
'$**(5&21$17+(%$5%$5,$1$118$/&28*$57+(&5,77(5
%',&5<372)6+$'2:6&<%(5&586+'$5('(9,/9:,=$5'
22&20,&6&217,18(
'$5. +256( &20,&6 '& &20,&6 35(6(176 '& 63(&,$/ 6(5,(6 '&
683(567$56 '()(1'(56 '(021 '(11,6 7+( 0(1$&( '(6758&725 '(7(&7,9( &20,&6 '2&725 675$1*(
'<1$0,& &/$66,&6 (0$1 &KDUOWRQ (7(51$/6 (7(51$/:$55,25)$//,1*,1/29()$17$67,&)285
)$17$6< 0$67(53,(&(6 )($5 ,76(/) ),*+7,1
0$5,1(6),5(6725067,668(63(&,$/)/$6+
)25%,''(1:25/'6)25(9(53(23/()5$1.(167(,1)5,*+7)285
&2/25'HOO)28567$563(&7$&8/$5)5(('20),*+7(56)5,(1'/<
*+267&$63(5*+267/<7$/(6*+2670$125*+2675,'(5
*5((1 /$17(51 *5((1
/$17(51 *5((1 $552: *522 +$1'6 2) 7+( '5$*21 +$5' &2536 +$817(' +($57 7+52%6 +($7+&/,)) 6WDU +(//%/$=(5 +(5&8/(6 &KDUOWRQ +(5&8/(6 81%281' '& +286( 2) 0<67(5< +2:$5' 7+(
'8&.$118$/+80$1)/<+80$1725&+,/29(<28,1&5(',%/(+8/.
,19$'(56,19,1&,%/(,5210$1,521-$:,5210$1
-2+1 &$57(5 :$5/25' 2) 0$56 -/$ -2+1
%<51(
6 1(;7 0(1 -21$++(; -8'2 0$67(5 -81*/($&7,21 -867,&( ,1&
-867,&(/($*8(2)$0(5,&$.$0$1',7+(/$67%2<
21($57+.,1*&21$1.,66'DUN+RUVH.21*7+(817$0('.25*
%& .8// /$'< 6835(0( /$8*+ /(*,21 2) 683(5
+(52(6/2*$1
6581/29(520$1&(60$&+,1(0$1
0$'0$1 &20,&6 'DUN +RUVH 0$*186 52%27 ),*+7(5 *. 9DOLDQW0$1%$70$1'5$.(7+(0$*,&,$1.LQJ0$17+,1*0$1<
*+2676 2) '2&725 *5$9(6 0$59(/ $1' '& 35(6(17 ;0(1 1(: 7((1 7,7$16 0$59(/&/$66,&&20,&60$59(/&2//(&725
6,7(0&/$66,&60$59(/
)($785(0$59(/35(0,(5(0$59(/35(6(176
0$59(/6327/,*+70$59(/683(5$&7,210$59(/683(5+(52(6
0$59(/ 7$/(6 0$59(/ 7($083 0$59(/ 7:2,121( 0$6.('5$,'(50$67(52).81*)80,&.(<0286(*.0,*+7<6$03621
*.0,5$&/(0$10,67(50,5$&/(025/2&.
0286( 086.(7((56 06 0$59(/ 0< *5($7(67
$'9(1785(0<67(5,(62)81(;3/25(':25/'66RQRI9XOFDQ0<67(5<,163$&(
1$=$6721($*(:$55,25'HOO1(*$7,9(%8511(:087$176
1(:3(23/(7+('HOO1(:7((17,7$161,&.)85<$*(172)6+,(/'
1,*+77+5$6+(520$&21(0$1$50<29(57+(('*(0DUYHO3(3
3+$1720 675$1*(5 3+2(1,; 3/$1(7 2) 9$03,5(6 323(<( $1' (19,520(17$/ &$5((56 QXQ 35($&+(5 35(= 35,086 381,6+(55$&.(7648$',1$&7,215$*0$15('621-$
5(' 7251$'2 5(1 67,03< 6+2: 5,&+,( 5,&+ 5,&+,( 5,&+ 0,//,216 5,&+,(5,&+68&&(665,0$7+(-81*/(*,5/5,3/(<
6%(/,(9(,725127
520 6&253,21 6*7 )85< $118$/ 6(&5(7 25,*,16 6(&5(76,;6(&5(762&,(7<2)683(59,//,$166(&5(762)
6,1,67(5 +286( 6+$'( 7+( &+$1*,1* 0$1 6+$'2: 7+( 6+2*81
:$55,2566+2:&$6(6,/9(5685)(5UGSULQW6,;
0,//,21 '2//$5 0$1 &KDUOWRQ 612: :+,7( $1' 7+( 6(9(1 ':$5)6 *. 63$&(63$:163(&,$/(',7,21;0(163(&7$&8/$563,'(50$163,5,7
.LWFKHQ 6LQN 67$/.(5 7$5 75(. 67$5 75(. 7+( 1(;7 *(1(5$7,21 67$5 :$56 67((/ 7+( ,1'(6758&7,%/( 0$1 675$1*(
$'9(1785(6675$1*(7$/(668%0$5,1(5
683(5%2<683(5)5,(1'6
683(5*,5/683(50$1683(50$1QHZ
683(50$1 $'9(1785(6 683(50$1
6 *,5/)5,(1' /2,6 /$1( 683(50$1 )$0,/<
683(50$1
6 3$/ -,00< 2/6(1 683(51$785$/ 7+5,//(56 683(5 7($0 )$0,/< 685) 1
:+((/6 6:$03 7+,1* 6:$03 7+,1*
1HZ6:,1*:,7+6&227(56:25'2)625&(5<7$/(6&$/&8/$7('72'5,9(
<28 %$76 7$/(62) 7+( 81(;3(&7(' 7$/(672 $6721,6+ 7$5*,77 7((1
$*( /29( 7((1$*( 087$17 1,1-$ 7857/(6 7+,1* 7+25 7+81'(5$*(1767RZHU7,*(50$17,0(:$53720-(55<&20,&6
720% 2) '5$&8/$ 725 75$16)250(56 7852. ',126$85
+817(57:,/,*+7=21(12:7:2*81.,'81(;3(&7('
81.12:1 62/',(5 856$ 0,125 9(1*($1&( 648$' :$/7 ',61(<
6 &20,&6
$1' 6725,(6 $// FHQWFRYHU SULFH
$//FHQWFRYHU
SULFH:$/7',61(<35(6(1767+(6:$03)2;:$5/2&.
:$53:(,5'6863(16(:(,5':$57$/(6:(,5':(67(51
7$/(6 :(,5' :21'(5 7$/(6 :,7&+,1* +285 :21'(5 :20$1 :25/'
6),1(67:25/'
681.12:1:8/)7+(%$5%$5,$1;)$&725
;),/(67RSSV;0(18QFDQQ\
;20$12:$5
0$*$=,1(6
0$*$=,1(63$3(5%$&.675($685,(6',*(676
3$3(5%$&.675($685,(6',*(676
',*(676
75($685<
'&63(&,$/6(5,(6
IQ6XSHUPDQ
)RUWUHVV6ROLWXGH
)$028667(',7,21
&IQ
5HSULQWV
'HWHFWLYH&RPLFV
VW
%DWPDQDSS«
&YJ5SUQWVVWDSS
:RQGHU:RPDQ
)YI 5SUQWV :RQGHU
:RPDQ««
/,07('&2//(&75¶6
(',7,21'&
&IQ
0$59(/
&20,&6
683(563(&,$/
YI%DWWOHVWDU
*DODFWLFD
JG««««««
0$59(/ 63(&,$/
(',7,21)($785,1*
QP6SHFWDFXODU
6SLGHU0DQ««
0$59(/75($685<
(',7,21
QP$60
IQ«+7'«
YI$VWRQLVK6SLGHU
0DQ««
YJ««««««
YI6SLGHU0DQ
IQ
',*(676
%(672)'&
%OXH5LEERQ'LJHVW
QP6XSHUPDQ
IQ6WUDQJH 6SRUWV
6WRULHV«««««
YI««««««
QP«$GDPV */*$
UHSULQWV««««
IQ««««««
'& $1' 0$59(/
35(6(17 %$70$1
YV,1&5(',%/(+8/.
5HSULQWVWUHDVXU\LQ3%
IRUP10
'21$/'
'8&.
&20,&6
',*(67
*ODGVWRQH
QP%DUNV
UHSUQW
QP«
0,&.(<
0286(
&20,&6',*(67
QP«*ODGVWRQH
QP««««««
63,'(50$1 =$36
0U=2',$.
%/%YI
:$/7
',61(<¶6
&20,&6',*(67*.
YJIQ««
*ODGVWRQH
QP««««««
QP«««««
:25/'2).5<3721
3DSHUEDFN UHSULQW 9)
FRQGLWLRQ
0$*$=,1(6
%,==$55(
$'9(1785(6
YI.XOO
&$*(67XQGUD
QP'DYH0FNHDQ
VWRU\DUWEHJLQ
QP
&$5721,67
352),/(6
YI6HSW7UDGH
SXEOLFDWLRQ
&2%$/7
QR9DXJKQ%RGH
&20,&6
%8<(5
6
*8,'(35,&(*8,'(
2FW'HF)1
&20,&65(98(
QP
&5((3<
YIQPVW DSS 8QFOH
&UHHS\ 'DYLV FRYHU
)UD]HWWDDUW
'($'/< +$1'6 2)
.81*)8
'($'/< +$1'6 2)
.81*)8
YI5RJHUV DUW VW
'WUVRI'UDJRQ«
'(6752<(50DUYHO
QP%DVHGRQ5HPR
:LOOLDPVPRYLHSDSHU
EDFNV««
((5,(:DUUHQ
YJ:ULJKWVRQ&RUEHQ
DUWSDJHVFRORU
JGSDJHV
QP:RRG
DUW
0XPPLHVVWRU\«
QP:ULJKWVQ&RUEHQ
DUWSDJHFRORU
YJIQ6WDUOLQ2ULJLQ
'DUNORQWKH0\VWLF
YJIQ
YJ«««««
IQ««««
IQYI««
YI«««
QP«&RUEHQ
$GDPVDUW«««
YJ«««««
JG««««
QP««««
QP««
QP««««
YI«««
QP
QP 9DPSLUHOOD
FVSDJHV«
YI«««
QP««
YIORZGLVW«
YJ«««««
$QQXDO9)
(3,&,//8675$7('
QP«)UD]HWWD FRYHU
6WDUOLQ3LQLDUW
QP&RUEHQ FYU
%LVVHWWH9LHWFK
)$028602167(56
2)),/0/$1'
QP6WDU:DUVLVV
9DGHU&32FYU
IQ««
QP DQQ
SDJHV$OLHQ«
QP««««
IQ«««
YIQP«
YIQP«)ULGD\WK
PRYLHLVVXH««
)$1*25,$
YJIQ3XEOLVKHG
\HDUV ± LVVXHV
VWLOO JRLQJ *RG]LOOD
FRYHU
*$60$GXOWWLWOHWR
RUGHU.,66%&
YJIQ«««««
+2:$5'7+('8&.
YI
YI
.8// $1' 7+(
%$5%$5,$16
YIQP
IQ
/,)(0$*$=,1(
0DUFKIQ
%DWPDQ$GDP:HVW
FRYHUVWRU\
0$59(/
&20,&6
,1'(;
QP726
0$59(/
&20,&6
683(563(&,$/
QP6DYDJH6ZRUGRI
&RQDQ(DUO1RUHPFYU
%XVFHPDDUW««
YIQP6DYDJH 6ZRUG
RI&RQDQ
QP6WDU/RUG
0$59(/
683(5
63(&,$/
&*& :KLWH
(PSLUH 6WULNHV %DFN
758(VWDSSHDUDQFH
RI <RGD %RED )HWW
6WDU :DUV 5(35,176
WKLV
PDJD]LQH
&*&:
YI
QP5HWXUQRIWKH
-HGL«
0$59(/ *5$3+,&
129(/
YIQPVW DSS RI WKH
1HZ0XWDQWV
QPEXFNOHUV«
12 $P] 6SLGHU0DQ
3DUDOOHO /LYHV 10
FRQGLWLRQ«««
12 $PD]LQJ 6SLGHU
0DQ 6SLULWV RI WKH
(DUWK10FRQG«
125RJHU5DEELW7KH
5HVXUUHFWLRQ RI 'RRP
10««
125RJHU5DEELWLQ
7XPP\7URXEOH«
QP:ROISDFN«
0$59(/35(9,(:
&*& RZSDJHV
VW DSS 6WDU
/RUG *XDUGLDQV RI
WKH*DOD[\
1$7,21$//$03221
35(6(176
&$572216(9(1:(
:28/'1¶7
'$5(
35,17*UHDWWLWOH
1R IQ &RQGLWLRQ
EZFDUWRRQV«
1$7,21$//$03221
7+()811<3$*(6
1R QXPEHU 9*
FRQGLWLRQ KDV PDLOLQJ
ODEHO6XSHUPDQSDURG\
FRYHU $GDPV DUW
QXGLW\WRRUGHU
1,*+70$5(
:LQWHU 6SHFLDO
0RQVWHU6DQWDFRYHU
9)
)1
3/$1(7 2) 7+(
$3(6
YIQP««««
IQ3ORRJDUW««
YJ«««
52%2&230DUYHO
QP
522.7KH:DUUHQ
QP&RUEHQ FRYHU
1LQRDUW««
IQ«««««
QP
YI«««««««
QP«««
6$9$*( 6:25' 2)
&21$1
IQ$GDPV SDLQWHG
FRYHU
$GDPV
&KD\NLQDUW««
YJIQ««
IQ6PLWK
$GDPV
DUW
YJ&UXFLILFWLRQ
IQ
QP
QP
IQYI«««
YI««««««
QP
IQ
YI
IQYI
QP
YIQP
YJ
IQ
YI
QP
IYI
QP
YIQP
QP
YI
IQ
IQYI
$QQXDOYI
6$9$*(7$/(6
IQ6PLWK %UXQQHU
0RUURZ
QP $GDPV
FRYHU $GDPV 6PLWK
.DQHDUW«««
67$5/2*
YIQPWLWOH UDQ LVVXHV RYHU D \HDU
SHULRG««
7$/(6 )520 7+(
720%(HULH3XEO
/XULGJUXHVRPHFRYHUV
9YJIQ««
7(55257$/(6(HULH
/XULGJUXHVRPHFYUV
99IQ«
99IQ«
9YJIQ
9YI««««
7+( <($5 :(
0$.(&217$&7
QPPRYLH
81.12:1 :25/'6
2)6&,(1&(),&7,21
YI
YI
YIQP
IQ
6SHFLDOYISDJHV
1HZWRQ
SDLQWHG
FRYHU«««««
9$03,5(//$
QP«««««
YIQP«««
QP««
YJ««««
YI««
QP«
IQQLFH
VPDOO
WHDUERWWRPRI)&
XS±ORZSULQWUXQ
YI
YIQP«««
IQ««««
QP)LQDO :DUUHQ
LVVXH««
:$55(135(6(176
YI7KH5RRN«
YJ««««««
:(,5'(HULH
/XULGJUXHVRPHFRYHUV
9YJ«««
:(,5'
:25/'6
(HULH
9IDLU««
9QP«
9QP«««
:+,7(,1',$1
10 12 UHSULQWV
)UD]HWWDDUW««
:,7&+(6¶7$/(6
(HULH3XEOLFDWLRQV
/XULGJUXHVRPHFRYHUV
9 9 9
9IQ«
%RRNV
6HGXFWLRQ RI WKH
,QQRFHQW E\ )UHGULF
:HUWKDP0'
7KH ERRN WKDW OHDG WR
WKH &RPLF &RGH
$XWKRULW\ QG SULQW QR
GXVW MDFNHW FRQGLWLRQ
RYHUDOO 9* ZLWK VRPH
WDSH VWDLQLQJ /LEUDU\
FRS\ ZLWK FDUG SRFNHW
DQG
GLVFKDUJH
VWDPS
29(5675((7
&20,& %22.
35,&(*8,'(6
$OODUHVRIWFRYHU
10 $OIUHG
(
1HZPDQ
FYU
XQRSHQHG«««
)1«
25'(5)250²&20,&6,1$)/$6+
)HHO IUHH WR XVH D EODQN SLHFH RI SDSHU RU \RX FDQ XVH WKLV RUGHU IRUP ,I \RX QHHG
PRUH VSDFH WR RUGHU RU OLVW DOWHUQDWHV MXVW ZULWH \RXU VHOHFWLRQ RQ D EODQN SLHFH RI
SDSHURUFDOOID[HPDLOXV7KLVOLVWFDQDOVRPDNHDJUHDWKLQWIRUJLIWLGHDV%LUWKGD\V
HWF0DNH\RXUOLVWDQGOHDYHRXWIRUWKHVSRXVHFKLOGUHQIDPLO\WRVHH
7LWOH
,VVXH &RQG 3ULFH 4XDQWLW\ 7RWDO
LWLRQ
25'(5)520
7RQ\6WDUNV
&20,&6,1$)/$6+
32%R[
(YDQVYLOOH,1
3+)$;
(PDLO&RPLFIODVK#DROFRP
6XE7RWDO
6KLSSLQJRUOHVVERRNV
ERRNV
6DOHV7D[±,QGLDQDRQO\[
*UDQG7RWDO
25'(5)250²&20,&6,1$)/$6+
)HHO IUHH WR XVH D EODQN SLHFH RI SDSHU RU \RX FDQ XVH WKLV RUGHU IRUP ,I \RX QHHG
PRUH VSDFH WR RUGHU RU OLVW DOWHUQDWHV MXVW ZULWH \RXU VHOHFWLRQ RQ D EODQN SLHFH RI
SDSHURUFDOOID[HPDLOXV7KLVOLVWFDQDOVRPDNHDJUHDWKLQWIRUJLIWLGHDV%LUWKGD\V
HWF0DNH\RXUOLVWDQGOHDYHRXWIRUWKHVSRXVHFKLOGUHQIDPLO\WRVHH
7LWOH
,VVXH &RQG 3ULFH 4XDQWLW\ 7RWDO
LWLRQ
25'(5)520
7RQ\6WDUNV
&20,&6,1$)/$6+
32%R[
(YDQVYLOOH,1
3+)$;
(PDLO&RPLFIODVK#DROFRP
6XE7RWDO
6KLSSLQJRUOHVVERRNV
ERRNV
6DOHV7D[±,QGLDQDRQO\[
*UDQG7RWDO