COMICS INA FLASH! SUMMER 2014 CATALOGUE
Transcription
COMICS INA FLASH! SUMMER 2014 CATALOGUE
&20,&6,1$)/$6+ 6800(5 &$7$/2*8( 25'(5,1* ,16758&7,216 1R PLQLPXPRUGHU6+,33,1*RUIHZHUERRNV DGG DGG IRU VKLSSLQJ LQVXUDQFH 7KHVH UDWHV DUH IRU WKH FRQWLQHQWDO 86$ 2UGHUV IURP 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$/ VKLS ZLWKLQ D IHZ GD\V 3HUVRQDO FKHFNV PXVW FOHDU ,QGLDQD UHVLGHQWV DGGVDOHVWD[2UGHUZLWKFRQILGHQFH,¶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วจ &20,&6*2/'6,/9(5%521=( 3ULFHUHGXFWLRQVWDNHQWKURXJKRXW0DQ\ERRNVDWRUPRUHRII2YHUVWUHHW3ULFH*XLGH³H%D\´SULFLQJZLWKPXFKEHWWHU VHUYLFH$FFXUDWHJUDGLQJFDUHIXOSDFNDJLQJ\RXUVDWLVIDFWLRQJXDUDQWHHG&*&3*;ERRNVKDYHEHHQPRYHGWRWKLVVHFWLRQ $&7,21&20,&6 YJVW %L]DUUR // ERWK %L]DUUR¶V OHDYH HDUWK WR PDNH %L]DUUR DSS :RUOG WK 6XSHUJLUO«««« YJ««« IDLU««««« JG««««« YJ/RRNV QLFHU ODVWFHQWLVV« YJ6XSHUJLUO UHYHDOHGWRZRUOG YI««««« YJ IQ««« YJIQ«««« YI««««« YJ««««« YJ*«« IQYI«« IQ YI YIQP SJ JLDQW *«««««« YIQP«««« YI$GDPV FRYHU««««« YI««« YIQP QP««« YI««« QP $QQLYHUVDU\ LVVXH 1HDO $GDPVFRYHU«« SJVF YIQP$GDPV FRYHU YI«««« YI QP«« $&7,21&20,&6 YIGDWHVWDPSVW DSS&DSW6WURQJ QP*RULOOD *URGG FV*$EDFNXS« QPFFYU &*&ZKLWHVW DSS )DRUD +X8L IHPDOH .U\SWRQLDQ 9LOOLDQLQPRYLH &*&RIIZKLWH WRZKLWH YI QP«SJV QP/DVW(DUWK 6XSHUPDQ6WRU\ $'$03KRWRFYUV *ROG.H\79 IQ««««««« YI««««« $'9(1785(&20,&6 YJ««« 3*;FUHDPRZ VWDSS3KDQWRP=RQH *HQHUDO=RG JG««« YJVW 7DOHVRIWKH %L]DUUR :RUOG JUHDW FRYHU JGYJVW %L]DUUR 0U0[\]SWON YJ/6+ FDPHR YJ/6+ EHJLQV ««««« YJRULJLQ %RXQFLQJ %R\«««««« YJIQ«««« IQ««« YJ««« YJ«««« YJIQ«««« YJ«« YJ««« IQVW 'UHDP *LUO YJ« YJIQ« IQ««« YI««««« YI««« IQ««««« IQ YJ««« YJIQ«« YI««««« IQ««« YJIQVW 'XR 'DPVHO«««« YJ««« YJVW .DUDWH .LG 3ULQFHVV 3URMHFWD )HUUR/DG««« YJIQ«««« IQ««« IQ'HDWK RI )HUUR /DG«««««« IQ« $0$=,1* 63,'(5 0$1 IQ««««« 3ULFH FKHFN $GYHQWXUH &RPLFV )1 23*2XUSULFH RII23* YI««««« IQYI«««« YI««««« IQ,QWUR &KHPLFDO .LQJ KH DQG 7LPEHU :ROI MRLQ LQ ««««« YI,QWUR 7RUQDGR 7ZLQV««««« IQ YI,QWUR 4XDQWXP 4XHHQ««««« YI««« YI««« IQ«ODVW/6+ IQ6XSHUJLUOEJQV VWIXOOOHQJWKVWRU\VW VRORERRN« IQYI«« YIVW DSS 1HZ 6XSHUJLUO«««« QPJQW* YI««««« QPSJV« YISJV« YIQP6XSHUJLUO SJV«««« QP« QP«« $SDUR6SHFWUH IQ«««« YJ $'9(1785(6 2) %2%+23( IQ««««« $/,(167+(*ROG.H\ QP0DQQLQJ« QP«««« YIQP«««« YI«««««« $// $0(5,&1 0(1 2):$5'& YJ /LWWOH 6XUH6KRWSURW\SH IQ«« $//67$5:(67(51 QP««««« $0$=,1* $'9(1785(6 YIQP$GDPVDUW YI«««««« $0$=,1* 63,'(5 0$1 YJWK DSS ** &ULPHPDVWHUGLHV JGVW 0ROWHQ 0DQ ««««« YJIQ«««« YJ««««« IQ«««««« $0$=,1* 63,'(5 0$1 VW YJ 5KLQR« YJVW IXOO DSS RI 0-:««««« JGYJUG/L]DUG YJ0-: 3HWHU¶V VWGDWH«««« YJIQ««« YJIQVW DSS WKH .LQJSLQ« IQ«««« YJ«««« JG««««« YIVW FYU DSS 0-: VW%UDLQZDVKHU IQYI««««« JGYJ«««« YJ««««« YJIQ«««« JGYJ««« YI«««« YI««« YIQP«««« IQ««« YJ JGYJ IQ IQ«««« YI«.LQJSLQ IQYI.LQJSLQ« YIQP.LQSLQ YJIQ'HDWK RI &DSW 6WDF\««««« IQ««« YJVW DSS $UWKXU 6WDF\««««« IQ2ULJLQUHWROG YJ«««««« YJIQ 'UXJVWRULHVQRW DSSURYHGE\&&$ 3*; ZKLWH *UHHQ *REOLQ DSS GUXJLVVXH YI YJ««««« JG IQ«««««« YJIQ IQORRNVQLFHUWRS VWDSOHSRSSHGVWDSS 0RUELXV WKH /LYLQJ 9DPSLUH IQ0RUELXVFHQW JLDQW«««« YJ YJ« YJIQ«««« YJ/XNH &DJH FV«««««« YJIQVW0HQWLRQRI +DUU\ 2 EHFRPLQJ WKH *UHHQ*REOLQ«« QP«««« 6SLGHU QPVW PRELOH««««« YI««« $0$=,1* 63,'(5 0$1 YIQP«« QP«««« 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« YI««««« QP3XQLVKHU QP««««« *UQ*REOLQ,,, QP« YI««« IQYI«««« YI««««« YI2ULJLQ«« QP««««« QP«««« QP%\UQH DUW«««««« QP« &*&ZKLWHVW DSS RI WKH %ODFN &DW )HOLFLD+DUG\ QP«««« YIQP«« QP««« YIQP3XQLVKHU FRYHUVWRU\«« QP YI««««« QP QP%\UQHDUW QP««« QPVWDSS&DO\SVR ««««« QPUG DSS +REJREOLQ QP/HIW\ 'RQRYDQ JDLQV +REJREOLQ¶V SRZHU««««« QP3W RI SDUW 6SLGH\ 9V +REJREOLQ VWRU\DUF«««« QP'RQV QHZ EODFNFRVWXPH QPVW5RVH $0$=,1* 63,'(5 0$1 QP««««« QP2ULJLQ 0-: 6SLGH\LQROGFRVWXPHU +REJREOLQDSS« QP3DLQWHGFRYHUE\ 9HVV«««« QP3KRWRFYU QPVW 6LOYHU 6DEOH«« QP*LDQW VL]H +REJREOLQ FV 2ULJLQ UHWROG $118$/6 YJIQ«RQHQHZ VWRU\««««« YJQHZ SJ VWRU\ 7RUFK9V6SLGH\ JG,QWUR33¶VSDUHQWV QHZSJVW\«« IQ««« QP0LOOHUDUW QP3XQLVKHU $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« ±GRQ¶WH[LVW YJ3XUHKHDUW WKH 3RZHUIXOFV IQ«« $5&+,(¶6 *,5/6 %(77<9(521,&$ YJ2ULJLQVWDSS 6XSHUWHHQ $5&+,(¶6 3$/ -8*+($' IDLU«FRPSOHWH« $5&+,(¶6 3$/6 µ1¶ *$/6 YJ(DUO\ 6XSHUWHHQ VWRU\ ZLWK 3XUHKHDUW WKH3RZHUIXO«« $50<2)'$5.1(66 'DUN+RUVH QP%ROWRQ 3DLQWHG FD«««««« $55*+ YIQP6DWLUH 'UDFXOD FV $6721,6+,1*7$/(6 QP.LUE\:RRG QP6PLWK:RRG YI6PLWK:RRG YIQP5HG6NXOO YIQPSJJLDQW 0DQ IQYIUG $6721,6+,1*7$/(6 7KLQJ QP«,W 7KH /LYLQJ&RORVVXV« QP«VW DSS 'HDWKORN 3HUH]¶V VW ZRUN« $9(1*(56 &*&FUPRZVW DSS RI &DSWDLQ $PHULFD LQ WKH 6$ %RRN SUHVHQWV YHU\ ZHOO IRU WKH JUDGH DVVLJQHG IQ YJIQ:RRG LQNV«««««« YJ:RRGLQNV IQ:RRGLQNV« YJ´ VSOLW WRS RI VSLQHRZ9)« YJIQ«««« IQYIVPDOODPRXQWRI ZULWLQJRQ%&«« YJ« VW DSS 7KH &ROOHFWRU ZKR ZLOO SOD\ D ELJ UROH LQ WKH *XDUGLDQVRIWKH*DOD[\ PRYLH«« IQ«««««« YJ««« IQ«««« IQ« YJ««« IQ«««« YJ/RRNV QLFHU ZULWLQJ%&««« YI«««« IQ0DJQHWRFV IQVWDSSQHZ %ODFN.QLJKW«« YI«« YIQP$YHQJHUV 9V ;0HQ IQYI««««« $9(1*(56 IQVW DSS 6$ 9LVLRQ« YIRULJLQ RI WKH 9LVLRQ«««« IQ,QWUR <HOORZ -DFNHW YIQP« IQ«« YI««««« YJ«« IQYI««« QP6PLWKDUW QP««««« YJIQ«««« YJIQ YI««« IQ««« YIVW5HG:ROI YI«« QP««««« QP«««« YI2ULJLQ %ODFN 3DQWKHU«««« IQ««««« YIQP«««« YI YI&ODVVLF 1HDO $GDPVFYU««« YISJV 1HDO $GDPVFD«« IQ$GDPV«« IQ$GDPV FD«««««« YJIQ IQ««««« YI«6PLWKFD YI«««« IQ+DUODQ (OOLVRQ VWRU\«««««« QP«««« YIQP«« YI««««« QP««««« IQYI;0HQ 0DJQHWRDSS QP« QP« IQYI«««« YIQP«««« QP«« QP2UJLQ RI 9LVLRQUHYLVHG« QP««« YIQP QP«« YIQP1HZ OLQH XSJUHDW.LUE\FYU QPZRQGHU PDQ UHWXUQV««««« YI QP QP«%\UQH« QP 0V 0DUYHOMRLQV«« $118$/6 &*& ZKLWH SDJHV VW DSS RI 5RJXH DQG 0DGHO\Q 3U\RU %$5%,()$6+,21 QP3RO\EDJJHG FROOHFWRUVHGLWLRQ %$70$1 YI*LDQWJ1HZ 2ULJLQ%DWPDQ« YJIQ«««« YIQP«««« QP«««« IQ SDJHV $GDPVFD««« YJ -RNHU 3HQJXLQ FV«««««« QP« YIQP««« QP««« QP QP«««« &*& ZKLWH $ZHVRPH 0LNH *UHOO FRYHU QP6ORERGLDQ FROOHFWLRQZ&2$ YIQP QP-RNHUFV QP QP<HDU 2QH 0LOOHUDUW YI<HDURQH $QQXDOV JGYJ YJIQ« %$70$1 $'9(1785(6 $QQXDOQPUG DSS+DUOH\4XLQQ %$70$1$1'52%,1 1HZ QP %$70$1 '$5. .1,*+71HZ QP QP %$70$1)$0,/< $//JLDQWVL]H QP2ULJLQ %DWJLUO 5RELQWHDP«« VW YI 5HYLYDORIRULJ %DWZRPDQ««« QPQHZ VWRULHV EHJLQ0DQEDWFV QP5RJHUVDUW QP%DWZRPDQ %$70$1*5(1'(/ +HUR 3UHPLHUH (GLWLRQ XQRSHQHG XQUHDG %$70$16:25'2) $=5$(/ QP %$77/(67$5 *$/$&7,&$ QP %($*/(%2<6*. YJ««« %($*/( %2<6 YV 81&/(6&522*(*. YIQP«« %(1&$6(<'(// YJ'UXJXVHVW\ %(2:8/)GF QP %(:$5( 7+( &5((3(5 QP/RYHO\ FRS\ 'LWNRFD %(<21'7+(*5$9( &KDUOWRQ QP6XWWRQ FRYHU 'LWNRDUW« %/$&.*2/,$7+ QP«««««« %/$&.+$:. YI««« %/$&.0$*,& 3*; ZKLWH 6LPRQ .LUE\ DUW %/$&.3$17+(5 -DFN.LUE\FD QP««««« QP«« %/,7=.5,(*'& QP YIQP««« %/8(%((7/( YJ&KDUOWRQ 'LWNR FD 4XHVWLRQ E\ 'LWNREHJLQV«« %20%$7+(-81*/( %2<'& IQ«««««« %5$9(7+(%2/' YJQG +DZNPDQ WU\RXWVHULHVEJQV YJ«««««« 3*; RZZKLWH VW DSS RI WKH 7HHQ7LWDQV QP VW DSS 0HWDPRUSKR« YI:LOGFDUW QP««««« YI$GDP6WUJ QP6JW 5RFN ODVW FHQWLVVXH«« YIQP«««« QP««« YI'HPRQ QPSJV« YI««««« QP6JW5RFN %527+(5 32:(5 7+(*((.'& YIQP&ODVVLF +LSSLH JHQHUDWLRQERRN &$'(7 *5$< 2) :(6732,17'HOO*QW 1R 10 :LOOLDPVRQ %XVFHPD DUW*XLGH« &$37$,1$0(5,&$ YJODVW.LUE\LVVXH RULJLQUHWROG IQ««««« YI«««« YIVW IXOO DSS -DFN 0RQURH1RPDG QP QP .LUE\FDV QP«««« YIQP &$37$,1$0(5,&$ QP« YIQP«« QP &*& 10 :KLWH SJV VW DSS RI &URVVERQHV %URFN 5XPORZZKRDSSHDUV LQ&DSWDLQ$PHULFD DQG LV FOHDUO\ KHDGHG LQWRWKHWKLUGPRYLHDV DYLOODLQFDUULHGRIILQ DVWUHWFKHUDWWKHHQG RIWKHPRYLH« &$37$,1$720 YIQP'LWNR FD RQ &DSW$WRP1LJKWVKDGH E\$SDUR«««« &$37$,10$59(/µ &*& RZZKLWH 3UHVHQWVQLFHO\IRUWKH JUDGH YI««««« YJ««««« IQ««««««« YI«««««« YIQP««««« IQYI««««« YI««««« QP«« QP%DWWOHV,0 QP&RVWXPH YIQP«««« YIQPEDWWOHV WKH +XONODVWFHQW YI«««««« IQ6WDUOLQDUW7KDQRV FDPHR QP6WDUOLQ DUW 7KDQRVDSS« IQ&DSW 0DUYHO EDWWOHV7KDQRV« &$63(5 $1' 7+( *+267/<75,2 YJIQ &$77KH0DUYHO IQYI««««« &$9(:20$15$,1 QP &+$0%(5 2) '$5.1(66 IQ&RQDQ WU\ RXW E\ %6PLWK« &+$03,2167+( YIQP QP«« QP«« &+$5/,(0F&$57+< YJIQ1LFHFRS\ &+$5/721 35(0,(5( 9QP%OXH%HHWOH 3HDFHPDNHU«« &+,/'5(1 2) 7+( 1,*+71LJKWZLQG QP$PDWXHU3DOPLRWWL DUW":HLUGVWRU\ &/$66,&6 ,//8675$7(' YJVWSULQW«« &/$66,&6 ,//8675$7('-5 YJ««««« &/$66,&6 ,//8675$7(' 63(&,$/ WRWKH6WDUVJGYJ &/8(&20,&6+LOOPDQ YJQGDSS7KH*XQ 0DVWHU« &21$1 7+( %$5%$5,$1 IQ«««««« QP«««««« YI«««««« YIQP*LDQW« YI«*LDQW«« IQ6PLWKDUW.DQH :ULJKWVRQFYU«« YI«««««« QP(OULF«« IQYI««« IQ1R6PLWK« IQ«««««« YI«««««« YI YIVWDSS5HG6RQMD ««««« IQ«««««« QP )LUVW IXOO DSS 5HG 6RQMD /DVW 6PLWK DUW«««««« QP«««« $QQXDOV QP1HZVWRU\« &2:*,5/520$1&( )LFWLRQ+RXVH IQYI*UHDWFYU &5($785(6217+( /226( YI VW DSS .LQJ .XOO :ULJKWVRQ DUW««««««« YIQP««« QP«0DQZROI &5,0( '2(6 127 3$</HY*OHDVRQ YJIQ«««« &5,6,6 21 ,1),1,7( ($57+6'& QPGRXEOHVL]HGHDWK RI6XSHUJLUO«« YI'HDWK RI )ODVK %DUU\$OOHQ«« QP1HZ)ODVKGHDWK RI PDQ\ PLQRU *$ FKDUDFWHUV« &52:7+( &*& 6LJQHG -2 %DUURQ)& EOXHODEHO &52: &,7< 2) $1*(/6 3*; ZKLWH SDJHV '$5('(9,/ YJUHVWDSOHG:RRG $UW/RRNVQLFHU YJ«««««« YI«««««« IQ««««« IQ««««« IQYI«« YJ6SLGHU0DQ YI«««« YI«««««« QP YI«««««« YIQP«««« QP««««« IQ6PLWKDUW« YIQP6PLWKD YI/DVW FHQW LVV RULJLQUHWROG YI«««« YIQPUHYHDOV ,' WR .DUHQ 3DJH 'HDWK V +HDGDSS YI«««« IQ6SLGH\FV« YI«««««« &*& ZKLWH %ODFN :LGRZ EHJLQV«««« QP«««« YIQP««« YI««««« QP«« YI«««« QP«««« IQYI8UL *HOOHU FV ¶VLOOXVLRQLVW QP««««« QP QP«««« QP«««« 0LOOHUDUW &*& :KLWH 2ULJLQ VW DSS RI (OHNWUD 0LOOHU FYUVW\DUW QP« (OHNWUDDSS QP«««« YIQP«««« YI««« QP««««« QP«««« '$5('(9,/ YIQP«««« QP«««« QP3XQLVKHU FV GUXJLVVXHV««« QP« $QQXDOV QP'' YV %ODFN 3DQWKHU6XEE\ '$5,1* 1(: $'96 2)683(5*,5/ QPFRYHUXVHGIRU86 3RVWDJHVWDPS« '$==/(50DUYHO 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$*/ UHSULQWV««« YIQP YI QP«« YI«««« QP«««« QP(DUWK 6KDWWHULQJ 'LVDVWHU VWRU\*XLGH YI««««« QP 8QWROG 2ULJLQ -6$ +LWOHU FYU VWRU\ $GDPVFYU««« '&63(&,$/6(5,(6 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«« YI%DWPDQ 6SHFWFOU 5RJHUVDUW««« '&683(567$56 SJVFHQWV YIQP«$GDP QP6HFUHW2UJRI 6XSHU9LOODLQV« YIQP2UJLQ+XQWUHVV (DUWK ,, %DWPDQ &DWZRPDQZHG« QP««««« '($'2)1,*+7 QP««« YIVW DSS 6FDUHFURZ .DQH :ULJKWVRQFYU«« '($7+/2. QP6LOYHU LQN FRYHU '()(1'(56 &*& RZZ 'HIHQGHUV EHJLQ 79 VHULHV RQ 1HWIOL[LQ IQ&ODVVLF +XON 9V 7KRUEDWWOH««« QPODVWF« QP0DJQHWR (YLO0XWDQWV«« QP««««« QP««««« YI *27* SUHGDWHV 0DUYHO 3UHVHQWV«« '(0217KH.LUE\µ YI««««« IQ«««« QP««««« YI YI QP YIQP«««« YI«« QP '(7(&7,9(&20,&6 JGQLFH FRORU JORVV VPDOO DPRXQW WDSHRQVSLQH« IQ««««« YJ«JUHDWFRORUDQG JORVV VPDOO WDSH RQ LQVLGH)&««« YJ%DWZRPDQFRYHU DSS««««« YJ%DWZRPDQ YJIQ -¶RQQ -¶RQ]] UHWXUQVWR0DUV« IQ-RNHUFV IQ«««« IQYI$OIUHGUHWXUQV HDUO\6$DSSHDU YJVW DSS %DWJLUO VW 6$ DSS.LOOHU0RWK &*& FUPRZ QG DSS %DWJLUO *UHDW FRYHU YJ-RNHUFV IQYI«««« %DWJLUO««««« YJIQ«««« '(7(&7,9(&20,&6 1HDO IQYIVW $GDPV DUW RQ %DWPDQ FRYHU«« IQYI$GDPV FRYHU«« IQ««««« YIQP YI««« QP««««« YIQP«« ±SJVF $GDPVFYUV IQYI YI YJIQ.DOXWD FRYHU 5REELQVDUW QP«««« YIQP VW QHZ 0DQKXQWHU E\ 6LPRQVRQ««« SDJHV YI«««« YI««« IQ IQYI«««« IQ««« QP%DWPDQ 9V &UHHSHUFV QP««« YIQP««« QP««««« 05RJHUVEHJLQV QP5RJHUVRQ +DZPDQ« QP5RGJHUVFDRQ %DWPDQEHJLQV QP QPVW DSS 'U 3KRVSKRXV 6LPRQVRQ DUW««« QP«« YIQP«««« YIQPUHLQWUR'U +XJR6WUDQJH« IQYI YI« QPVW DSS 1HZ 'HDGVKRW QP&ODVVLF -RNHU FV E\ 0DUVKDOO 5RGJHUV QP«« 3ULFH&KHFN'HWHFWLYH IQ 23* 2XU SULFH IQ« IQ««« QP$GDPVUHSULQW 5RGJHUVDUW« IQVWDSSRIWKHUG &OD\IDFH«««« WKUXSDJHV QP5RGJHUVFD &OD\IDFHFV«« YI«««« QP««« YIQP««« YI««« &RPELQHV Z %DWPDQ )DPLO\SDJHV WKURXJK YI« '(7(&7,9(&20,&6 QP WK DQQLY LVV1HZWRQDUW« QP QP«««« QPSJV« '(9,/',126$85 3*; ZKLWH VW DSSRI'HYLO'LQRVDXU 0RRQ %R\ .LUE\ 5R\HUDUW ',&.75$&<+DUYH\ YJ««« '2&6$9$*( YI«««««« '2&725 62/$5 0$12)7+($720 QP 0DJQXV 5RERW )LJKWHUEHJLQV '2&725675$1*( IQ««« YIQP YI««« '2&725675$1*( YI%UXQQHU DUW VHULHVEHJLQV«« IQ«««««« QP««« YIQP««««« YI««««« QP«««« YIQP««««« $QQXDO QP SJV QHZDUWE\5XVVHO '2&725:+2 QP '21$/''8&. QP««« '2203$752/¶V YJ«««« QP«««« IQYI«« IQ'HDWK RI 'RRP 3DWURO««««« '225:$< 72 1,*+70$5( 3*; ZKLWH VW DSS 0DGDPH ;DQDGX .DOXWDFRYHU '8'/(< '25,*+7 &KDUORQ79 YJ«««« '<1$0,&&/$66,&6 QP SDJHV F $GDPV6LPRQVRQ '<1$0,&&20,&6 %DJJHG SDFNDJHV ZLWK WZRFRPLFVIRU ' $FWLRQ &RPLFV DQG 'HWHFWLYH &RPLFV 5RJHUV %RWK DSSHDU 10 EDJ XQRSHQHG««« '<1208770DUYHO QP +DQQD %DUEHUD 6FRRE\ 'RR %OXH)DOFRQ««« QP QP IQ 3$*(*,$176 YJ%DWPDQ WK DQQLYHUVDU\VSHF IQ««««« IQ««« (0$1&KDUOWRQ QPHDUO\ %\UQH DUWZRUN««« (6&$3( )520 :21'(5/$1' QP9HUVLRQ ( FRSLHV*DU]DFYU (7(51$/6.LUE\ QP QP««« YIQP««« (;3/2,762)'$1,(/ %221(4XDOLW\&RPLFV YJIQ«««« YJ«« YJF ZULWWHQ RQ FRYHU««««« )$//,1*,1/29('& QP««« )$1*6LUXV QP9DPSLUHVVPDOO SUHVVYLROHQW« )$17$*25/DVW*DVS YJ« 5LFKDUG &RUEHQVWHG )$17$67,&)285 3*;FUHDPRZ &ODVVLF +XON 9V 7KLQJEDWWOHLVV JG/RRNV QLFHU VWDSOHV SXOO )& VW 'U 6WUDQJH[RYHU« 3*; FUHDP WR ZKLWHSLHFHRIWDSH DW VSLQH ;0HQ ;RYHU JGYJ«««« YJ««« YJIQ«««« YJ««« IQ'DUHGHYLO 'RF 'RRP YJ YJ%ODFN %ROW FRYHU VWIXOODSS«« YJ««««« &*& RZZKLWH VW DSS 6LOYHU 6XUIHU*DODFWXV IQQG66«« IUJG«««« IQRULJLQ QG DSS %ODFN3DQWKHU« YJIQ«««« YJ,QIXPDQV )$17$67,&)285 YJIQ1LFHFRORUDQG JORVV FODVVLF7KLQJ9V 66FYU««««« JGYJ«««« 'U'RRPVWHDOV 6LOYHU6XUIHU¶VSRZHUV IQ YJIQ«««« YI YJ« IQ««« YJ«««««« YJIQ«««« IQ%HJLQSWRUJRI :DUORFN« YJ YJIQ6XEV FUHDVH RZ 9) FRS\ VW :DUORFN«««« YJ««««« YJ«««« IQ««««« YI««« JGYJ YJIQ6XUIHUFRYHU VWU\SUHGDWHV 6LOYHU6XUIHUFV YJIQ« IQYI««««« IQ««««« YJ««««« IQ«« YJIQ«««« IQ« YI«,QKXPDQV IQYI YI«'RRP YIODVWFLVV YJIQ«««« IQ««« IQYI««« IQ«««« IQ««««« IQ««««« IQ««««« YI««« YJ&ODVVLF7KLQJ9V +XONFV««« YI««««« IQYI«««« YIODVWF« IQ*LDQW YIQP«««« YI««««« YI««««« IQYI6XUIHU IQ««««« YI««««« )$17$67,&)285 QP««««« IQ««« YIQP QP«««« YI YI«««« IQYI«««« QP QP«« IQ«« YI« YIQP««« QP« QP6XUIHU« YI««« YI QP« QP QP YIQP«EDWWOHV *$ 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 JGYJ20HVVPHU FD«««««« JG0HVVPHU« YJ0HVVPHU« ),*+7,1¶$50< &KDUOWRQ YI3DW %R\HWWH FRYHU««««« ),*+7,1¶&KDUOWRQ YI IQ«« ),5(67250'& YIQP ),567,668(63(&,$/ *5($7¶6VHULHV QP«$WODV .LUE\ FDV*XLGH QP«&UHHSHU E\ 'LWNR««««« QP«««««« )/$6+7KH )520 %(<21' 7+( YIQP$GDPV */ 81.12:1'& EDFNXSVWRU\«« &*& RZZKW YI««««« 5LFKDUG 1L[RQ FRYHU QP«««« SDJHJQW QP *(1,PDJH YIQP««« QP QP««««« *+267/<+$8176 )/$6+*25'21.LQJ )RUPHUO\*KRVW0DQRU QP«««««« QP1HZWRQFD YI«««« YI'LWNRFD« )25%,''(1:25/'6 *+267/<7$/(6 IQYI &KDUOWRQ :LOOLDPVRQDUW« QP'LWNRFD )25(9(53(23/( IQYI/RYHO\ :D\QH &*& 10 2: +RZDUGFRYDUW« QG :KW SJV IXOO DSS YI'LWNRFD« 'DUNVHLG" *+2670$125 YJIQ &KDUOWRQQGVHULHVµ YI«««« YI'LWNR SDJHVFHQWV FYU«««««« QP««««« YIQP1HZWRQ¶V VW YI« SUR ZRUN 'LWNR IQYI««««« DUW6XWWRQFYU« YI« *+2675,'(5 )285&2/25 QP««««« YJ&KULVWPDVZLWK *+2675,'(5 0RWKHU*RRVH« QP«««««« IQ2VZDOG WKH YI«««««« 5DEELW««««« QP IDLUJG'RQDOG QP««« 'XFN LQ 0DOD\DOD\D %DUNVFRYHU«« YJ/LWWOH+LDZDWKD ««« QP««« YI %R]R QP6WDUOLQFYUVW\ WKH&DSLWRO&ORZQ DUW«««««« IQYI/L¶O%DG:ROI *,$176,=(0DUYHO ±««« *6&DSWDLQ$PHULFD IQ&KDUOLH YI«.LUE\ UHSULQWVRUJ 0F&DUWK\««« IURP726«« YI$URXQG WKH *6&RQDQ :RUOGLQGD\V QP3W ³+RXU RI YJ+DUG\ %R\V ± 'UDJRQ´DGDSW« 0LFNH\0VH&OXE QP««««« IQ'RQ¶W*LYH8S YIQP««««« WKH 6KLS -HUU\ /HZLV YI«««««« SKRWRFRYHU««« QP«««««« YJ-XQJOH &DW QP«««« SKRWRFRYHU««« *6'HIHQGHUV YJIQPRYLH6ZLVV QP.DQHFD )DPLO\5RELVRQ« 6RQRI6DWDQFV IQVPDOO DPRXQW QP««««« RI ZULWLQJ %& ± YIQP««««« *UDQGPD'XFN« YI«««««« )5$1.(167(,1 YIQP««««« IQYI««««« *6'UDFXOD YIQP«««« QP%RQGDJH FRYHU QP«« « QP««« QP«««««« )5(('20),*+7(56 *6+XON 5HLQWUR8QFOH6DP'ROO YI««««« 0DQ3KDQWRP/DG\ *60DQWKLQJ QPWRXJKLQ10GXH YIQP WREODFNFYU««« QP+RZDUG WKH YIQP««««« 'XFNE\%UXQQHU YI *60DVWHURI.XQJ)X )520 %(<21' 7+( QP«««««« 81.12:1'& YI«««««« YI *66SLGHU0DQ QPSJV««« YI«««««« YIQP *66XSHUYLOOLDQ7HDP IQ«SJV«« 8S QP QP«««« QP *66XSHUYLOOLDQ7HDP 8S QP««« YI««««« *,&20%$7 YJ««««« 3*; ZKLWH SDJHV VW DSS 7KH /RVHUV /RRNV QLFHU QP+DXQWHG 7DQN PHHWV :DU WKDW 7LPH)RUJRW *, -2( $ 5($/ $0(5,&$1+(52 &*& ZKLWH SRSXODU VHULHV IURP EHJLQV *,5/¶6/29('& QP«««« YI««««« *2'=,//$ 3*;RZZKLWH VWFRPLFERRN DSSHDUDQFH" YIQP *5((1/$17(51 YJ)ODVK«« YJIQVW6RQDU YJVW DSS 6WDU 6DSKLUH«««« YJ««««« IQ« YJ«««« *UHHQ /DWHUQ*UHHQ $UURZE\$GDPV IQQG LVVXH %ODFN &DQDU\FV««« YI««««« QP« YIQP«« IQYI &*& RZZ 'UXJLVVXH« &*&RZZ'UXJ LVV K\SRGHUPLF FRYHU«««« &*& RZZ VW -RKQ6WHZDUW« QP««««« QP««««« QP««««« QP«« YIQP«««« QP*LDQW VW DSS $LUZDYH,,««« QP««««« QPVWDSS *DUGQHUDV*/ *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 +$:.(<( &*& ZKLWH +DZNH\H LQ KLV ILUVW VROR ERRN LQWHUHVW LQ WKLVFKDUDFWHUERRN ZD\XS +$:.0$1 YJIQ««««« YJIQVW DSS=DWDQQD ««««« YJIQ««««« IQ«««««« +($'/,1(&20,&6 3UL]H&RPLFV YJ(GJDU +RRYHU SKRWRRQFRYHU« +($577+52%6'& IQ««« +(//%/$=(5 QPXSFRPLQJ 79 VHULHV +(52(6 ,1& 35(6(176&$121 1RQP:RRG'LWNR 5HHVHDUW««« +(52)25+,5( &*&RZZKLWH, UHDOO\ RXJKW WR VHQG WKLV EDFN LQ ZD\ WR VWULFWO\JUDGHG2ULJLQ VW DSS /XNH &DJH 79 VHULHV FRPLQJ WR 1HWIOL[ QP«««« QP««««« IQ«««««« YIQP«««« YI««« +(52(6 ,1& 35(6(176&$121 1RQP:RRG'LWNR 5HHVHDUW««« +286(2)0<67(5< 0\VWHU\)RUPDW YJIQ«««« +286(2)<$1* QP&KDUOWRQ 6DQKR.LPDUW« +2:$5'7+('8&. YI%UXQQHUFD6SLGH\ [RYHU««« +2:$5'7+('8&. YI QPVW DSS URFN JURXS .LVV LQ FRPLFVFDPHR QP««««« YIQP IQYI +80$1)/< QP +80$1725&+ YI««««« ,1&5(',%/(+8/. &*&RZZ+XON EHJLQV 2ULJLQ UHWROG« QP.D]DU«« YI+XONEDWWOHV 7KLQJ« IQYI«««« YI«««« QP66FV«« $QQXDO IQ6WHUDQNR FRYHU««««« ,1)(5,25),9( YI«««««« ,1+80$16 QP««« QP«««« ,17,0$7(/29( YJ7RWKDUW« ,19$'(56 QP«.LUE\«« YI««««« QP«««« QP5HSULQWV VW DSS 6XE0DULQHU IURP 03):HHNO\«« QPILQDOLVV ,521),67 QP«««« ,5210$1 3*; FUHDP WR ZKLWH ,URQ 0DQ EHJLQV RULJLQ UHWROG 3*; ZKLWH VW 'HPROLVKHU« 3*; ZKLWH 8QLFRUQ««« &*& ZKLWH ,0 EDWWOHV+XONDQGURLG «««« YIQPODVW FHQW LVVXH YIQP«« ,5210$1 YIQP«««« YI,URQ 0DQ EDWWOHV 6XE0DULQHU«« YI««« 3*; RZZ ,0 EDWWOHV7KRU0LOH+LJK ,, SHGLJUHH ZLWK &2$««««« QP QP«%XFNOHU« QP QP««««« QP6WDUNWUHDWHGIRU DOFRKROSUREOHP« QP««««« ,6,6'&79 QP:DOO\ :RRG LQNV2YHUORRNHGVHULHV EHJLQV««««« YI«««««« QP QP1HZORRN ,63<*ROG.H\ YJ5REHUW &XOS %LOO &RVE\SKRWRFYU YJSKRWRFYU -2+1 &$57(5 :$5/25'2)0$56 QP YIQP««««« -2+1 67((/( 6(&5(7$*(17 *ROG.H\ YI«ILOHFRS\« -21$++(; &*& RZZKW 6HULHVEJQV IQYI«««« QP«««« YI:ULJKWVRQFYU QP5HSULQWV VW DSS IURP $OO 6WDU :HVWHUQ«««« YI«««««« YIQP«««« YI««««« QP«««« QP««««« -8'*('5(''(DJOH QP %ULDQ %ROODQGFD«« QP««««« QP«««« -81*/($&7,21 QP«««««« YI%ODFN3DQWKHU EHJLQV IQYI6ROR%ON3DQWKHU VWRULHVEHJLQ«« -81*/( $'9(1785(6 QP«6N\ZDOG=DQJDU -R-RUHSULQWV« -81*/(7:,16*. QP 7RQR .RQR3DLQWHGFYU -867,&(/($*8(2) .,1*2)7+('($' QP)DQWDFR $0(5,&$ YJWDSH ODVW FHQW =RPELHV KDYH RYHUUXQ LVVXH««««« (QJODQG«««« JGYJ«««« .,1* 2)7+(52<$/ JG VW -6$-/$ [ 02817(''HOO RYHUFRQWLQXHV« IQ«« IQ«««««« .21*$&KDUOWRQ QP«««« YJORRNVQLFHU YIODVWFHQW .25$. 621 2) YJ«SJV 2ULJLQ 7$5=$1'& +RXUPDQ«««« QPVW '& LVVXH QP«SJV .XEHUW:HLVV.DOXWD YIQP 7KRUQHDUW««« QP««««« .25*%& YI$GDP6WUDQJH QP&KDUOWRQ $OODQDPDUU\« %R\HWWHFRYDUW YIVW(DUWK3ULPH- QP««««« 6FKZDUW] %DWHV YI«««««« 0DJJLQDSSHDU QP%R\HWWH FRYHU YIQP««« %U\QHWH[WLOORV« QP«««« QP««««« QP .8// 7+( QP &2148(525 QP$GDP6WUDQJH IQ«««««« FV$GDPVFYU« IQ«««««« IQ QP6HYHULQFYU JLDQWVL]H QP6HYHULQFYU /(*,21 2) 683(5 +(52(6-DQ QP 6XSHUER\ OHDYHV/6+«« /,)( 2) 323( -2+1 QP 3$8/,,0DUYHO QPJLDQWVL]H« QP /,)(:,7+$5&+,( YIQP QP3W IQ$UFKLH*DQJ7ULDO 0LQGZLSH ± VW ,GHQWLW\ FVEL]DUUH««« &ULVLV««««« /2*$1¶6581 FXOW .$0$1',.LUE\ QP$GDSWV FODVVLFPRYLH« &*& RZZKLWH VW YIQP 7KDQRVVROR .LUE\ V ORQJHVW 6WRU\««««« UXQQLQJ EURQ]H DJH 0$&+,1(0$1 VHULHVDW'& QP &*& RZZKLWH SDJHV QP««« QP23* LV QP$OSKD )OLJKW WLHV LQWR ;0HQ QP««« « YIQP«« 0$&5266&RPLFR YIQP«««« YIHDUO\ 0DJQD YI«««««« ERRN««««« QP«««««« 0$'+286($UFKLH QP«««««« QP0RUURZFD QP 0$'+286(*/$'6 $UFKLH QP«««« QPSJV .$=$5SJV 0$*186 52%27 YI«««««« ),*+7(5*ROG.H\ YI .$=$57+(6$9$*( IQYI««««« &*&RZZ 0$*186 52%27 %UHQW $QGHUVRQ DUW ),*+7(59DOLDQW 6KDQQDDSS«« QPZFDUG .((17((160( QP VW DSS 5DL IQ« *X\ 9DOLDQWV ILUVW RULJLQDO 0DGLVRQSKWRFYU FKDUDFWHU .,'&2/7287/$: QPVW DSS 7XURN LQ YIQP««« 9DOLDQWXQLYHUVH .,1*&21$1 0$1%$7 SDJHVFHQWV QP$SDURFRYHU'LWNR QP«««« DUWVW6KH%DW« 0$1)520$7/$17,6 79SDJHV QP6XWWRQDUW 0$17+,1* 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 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 &*& RZZKW VW DSS RI WKH 'HIHQGHUV 1HWIOL[ 79 VHULHV &*&ZKW YI'HIHQGHUV« YIQP'HIHQGHUV YJ'HIHQGHUV 0$59(/)($785( &*&ZKLWH DZHVRPH 5HG 6RQMD FRYHU E\ )UDQN 7KRUQH 0$59(/35(0,(5( YI:DUORFN«« 0$59(/35(0,(5( YI'U6WUDQJHVHULHV EHJLQV6PLWKFD IQ:DUORFN YJIQ««««« YJ«« QP««««« YIQP'U :KR QG $PHULFDQ DSS 7KH *RRG'RFWRUYHU\+27 QRZ«« 3*; ZKLWH'U :KRFRQWLQXHV 3*; ZKLWH 'U :KRFRQWLQXHV 0$59(/35(6(176 YIQP*XDUGLDQV RI WKH*DOD[\««« QP««««« 0$59(/¶6*5($7(67 &20,&6 YI*LDQW«« QP« YIQP*LDQW« QP5SUW)) 0$59(/ 0$59(/6327/,*+7 QPVW DSS RI 5HG :ROI«« YIQP«««« IQUGDSS*5 YI«««««« QP6RQ RI 6DWDQ««««« QP.LUE\ FYU 0RRQ .QLJKWFV« QP QP VW DSS 6SLGHU:RPDQ YI«««««« 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 3*;2: VW DSS &DSWDLQ 0DUYHO«««« IQYI6SLGH\ VROR VWRU\«««««« YIQP2ULJLQ %ODFN .QLJKW««««« IQ«««««« YI««««« QP'U'RRP QP«« YI«««««« YI YIQP«««« 0$59(/ 683(5 +(526(&5(7:$56 QP«««««« QPVWDSS9HQRPDV QHZ EODFN DOLHQ FRVWXPH«««« 0$59(/7$/(6 6SLGHU0DQUHSULQWV *LDQWVL]H IQUHSULQWV ;0HQ $YHQJHUV««« IQ QP««««« 0$59(/7$/(6 QP YIQP*LDQW YIJLDQW«« QPUHSULQWV $) 67«««« 0$59(/7($083 YI7HDP XSV EHJLQ +XPDQ7RUFK« QP6SLGH\ ;0HQ YV0RUELXV«« QP««««« 0$59(/ 75,3/( $&7,21 YIJLDQW« 0$59(/7:2,121( YI6KDUSFRS\7KLQJ WHDPXSVEHJLQ« YIQP*27*« QP9DON\ULH YIHDUO\ *KRVW 5LGHU DSS;PDVVWU\« $118$/6 &*&ZKLWH 6WDUOLQ FDV 7KDQRV VDJDHQGV 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< 0$59(/ :(67(51 YIQPFJQW 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(56 21 7+( 352:/ YI&ROXVXV«« 060$59(/ &*& ZKLWH VW 0V 0DUYHO &DURO 'DQYHUV YI«««««« QP««««« QP%ULHIFDPHRV RI0\VWLTXH««« YIQPVW )XOO DSS 0\VWLTXH««« 0877-())'& YJ««««« 0< *5($7(67 $'9(1785( IUJG.LUE\ DUW «««««« YJIQ«««« IQYI6KDUS FRSLHV««««« JG5RERWPDQ SURWRW\SH«««« YI'LQRVDXU DQG URFNHWVKLSV 0<67(5<,163$&( YJ« YJ« JG««««« YJ«««««« JG«««««« IQ«$GDP 6WUDQJH DWRPLFEODVWFYU« YJIQ««« IQVW$GDP6WUDQJH +DZNPDQ78«« IQ«««« YI««««« QP««««« 1(8752'HOO QP-DFN6SDUOLQJFD 8)2VWRU\««« 1(:*2'6.LUE\ QP.LUE\FDVEJQV VW DSS 2ULRQ WK DSS 'DUNVHLG««« YIODVWFLVVVWDSS %ODFN5DFHU *LDQW6L]H YI«««« YIVWWROGRULJLQ1HZ *RGVDVDJURXS YI«««««« IQ«««««« DSS YIQPVW )RUDJHU1LFH« YI«««««« QP««««« 1(:*2'6.LUE\ 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«« 127%5$1'(&++ 0DUYHO¶VVDWLUHFRPLF YI«««« YI«« YI««««« IQYI««« YI YI«JLDQW««« QP«JLDQW«« YI««««« YIQP«««« YI«««««« 129$ QP1RYD FRUSV ZLOO EHLQWKH*27*PRYLH KRWERRN««« YIQP«««« QP« QP«««««« QP««« 20$&.LUE\ QP«««« YI«««« YI«« YI«««««« IQYI«««« QP««« QP«« QP««« 20(*$ 7+( 81.12:1 QPVWDSS2PHJD *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 35(='& YJ««««« QP 3+$1720*ROG.H\ 381,6+(5PLQL IQ«««« QP«««««« YJ««««« QP«««««« IQ««««« 5$&()257+(0221 YJIQ«« +DUYH\ YI«VKDUS«« YJ.LUE\ DUW .LUE\ YIQP«««« :LOOLDPVRQFYU« QP««««« 5$*0$1'& YI YIQP YIQP1HZ 3KDQWRP 5$,9DOLDQW EHJLQV$SDURFD QP9DOLDQW¶V VW YI%ROOHFYU« RULJLQDOFKDUDFWHU YIQP1HZWRQFYU 5$:+,'(.,' SDLQWHGDUW YI«««««« YI1HZWRQ FYU 5($/ &/8( &5,0( SDLQWHGDUW« 6725,(6+LOOPDQ 3+$1720 9YJ6.FD 675$1*(5 9JGYJ8VHG LQ YJ/RRNV)1EXWKDV 627,SJ«« µ¶ZULWWHQRQ)& 9YJ««« YI$GDPVFYU 9YJ««« QP«$GDPV« 5(' &,5&/( YI$GDPV« 625&(5< QP%ODFN 2UFKLG QP0RUURZDUW EHJLQVWKDSS 5('621-$ QP'HDGPDQ 3*;ZKLWH 3/$67,&0$14XDOLW\ )UDQN7KRUQHFYUDUW IQ &RQDQFRYHU 3/23 VZLSH YIQP:ULJKWVRQ QP««««« $UDJRQHVDUW«« QP 32*2326680'HOO QP« :DOW.HOO\DUWDOO QP JG,QILQLW\FYU 5(':2/) YJ« YI«««««« IQ««««« 5(37,6$8586 YJIQ«««« IQ«&KDUOWRQ« 323(<( ('8&$7,21 5,&+,( 5,&+ &20,&6.LQJ '2//$57+('2* (QP(QYLRUQPHQWDO &DUHHUV«««« QPJLDQW««« 5,&+,(5,&+*(06 32:(50$1 YIWLWOH FKJ IURP QP««««« 5,&+ +HURIRU+LUH«« 5,&+,( QP««««« 0,//,216SDJHV YJIQ«««« 32:(55(&25'6 VW %RRNDQG5HFRUGVHWV YJIQ DSS 7KH 2QLRQ««««« 35YJ« 0DUN RI WKH 0DQZROI«««« YIQP«««« 35YI,QYDVLRQ RI YIQP«««« 'UDJRQPHQ««« 5,&+,( 5,&+ 021(< 35YI6WDU 7UHN :25/' VW 3DVVDJH0RDXY IQSJVF DSS 0D\GD0XQQ\« 32:(55(&25'6 1R FRPLF ERRN±MXVW 5,&+,(5,&+352),76 QP««««« UHFRUG )$PD]LQJ6SLGHU 5,&+,(5,&+5,&+(6 0DQ10VHDOHG QP««««« 5,&+ 10 6HDOHG 5,&+,( )ODVK$TXDPDQ 68&&(666725,(6 10 6HDOHG SJVFHQWV 3ODVWLF 0DQ IQ«««««« 0HWDPRUSKR YI«««««« YIQP VHDOHG 5,&+,( 5,&+ 9$8/7 6XSHUPDQ««« 2)0<67(5< )6WDU7UHN IQ IQ«««««« 35($&+(59HUWLJR QP« QP QP 5,0$ 7+( -81*/( *,5/'& 35(='& IQYI«VR¶V« *UHDW VWRU\ DUW E\ IQ«««« .XEHUW5HGRQGR1LQR QP«««««« QPXQUHDG 5,3 +817(5 7,0( 0$67(5 IQ««««« IQYI«([HFXWLRQHU FRYHU«««« 52%,1 QPVW DSS 6WHSKDQLH %URZQ 6SRLOHUDV5RELQ 5200DUYHO QPEDVHG RQ 3DUNHU %URWKHU¶V7R\«« QP;0HQ«« 52< 52*(56 &20,&6 IQ«««««« 52< 52*(56 52< 52*(5675,**(5 YI««« 6$' 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 IQ««««« QP«««« QP«««« 6$1'0$1 &*& ZKLWH VW DSS 0RUSKHXV 1HLO *DLPDQVWRULHVEHJLQ 0RYLHLQWKHZRUNVE\ -RVHSK *RUGRQ /HYLWW 6$5*(67((/FKUOWRQ QPJUHDW FRYHU ODVW LVVXH 6*7)85< IUJG &DSWDLQ $PHULFD %XFN\ FV .LUE\DUW«««« YI«««« YI«««««« YI&DSW 6DYDJH [ RYHU 3HDFH 6\PEROFYU«« QP«««« YI)ODJFYU« QP TXDOLILHG WRS VWDSOHSXOOHG«« QP««««« QP««««« 6*7)85< YI««««« $QQXDOV IQYI««« IQ DOO QHZ PDWHULDO«««« YI«««« QP««« 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(5*($17 35(6721 2) 7+( <8.21'HOO YJ%RQGDJHFYU YJ««««« 7+(:5$7+ QP$YDWDU 9LROHQFH VH[ ORZ SULQWUXQ«««« 6816(7675,3 IQ«««««« YJ«««««« 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 QP 6+$11$ 7+( 6+( '(9,/ QP6WHUDQNR FRYHU JUHDW VVWXII 6+$=$0 QP«VWUHYLYDORIRULJ &DSW 0DUYHO VLQFH *$ E\&&%HFN YIQP««« IQ««««« 6+2:&$6( 3*; FUPZKW VWDSSRI6LOYHU $JH$WRP YJIQVWDSS,QIHULRU )LYH QP0DQKXQWHU ODVWF« QP«« YIQP«« 6,036216&20,&6 &*&ZKLWH VW LVVXH RI ORQJ UXQQLQJ VHULHV WKDW LV VWLOOEHSXEOLVKHG3XOO RXWSRVWHUHG 6,;0,//,21'2//$5 0$1&KDUOWRQ QP YIQP1HDO $GDPV FRYHU««««« YIQP««« 6.8//7+(6/$<(5 YI 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 QP 6212)6$7$1 YI 6287+(51 1,*+7*2:1 3*; 10 :KLWH SJV $JJUHVVLYH &RPL[6'&&(G(EDV FYUVLJQHGE\(EDV -35RWKRQFYU 63$&(&KDUOWRQ HDUO\%\UQHDUW QP« YIQP««««« YI«««««« QP«««« YI««««« 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 3*;ZKLWH 2ULJLQUHWROG QP«0RUELXV« YIQP««««« QP QP0RRQ .QLJKW DSSHDUDQFH«« QP««««« QP0LOOHU¶V ILUVW DUW RQ'DUHGHYLO«« &*&ZKLWH 2ULJLQVWDSS&ORDN 'DJJHU QP&'« QP 2ULJLQ 3XQLVKHUUHWROG« QP+REJREOLQ JDLQV ** VSRZHUV«« QP1HZ EODFN &RVWXPH 7LHV ZLWK $06 $QQXDOV QP«««««« 63(&75( IQ«$GDPVFD 63,'(5:20$1 3*;RZZKW 2ULJLQ 6SLGHU:RPDQ -HVVLFD'UHZ QP«««««« 63,'(< 683(5 6725,(6 QP«««««« QPVWDSS-HQQLIHURI WKH-XQJOH" YI««««« YI«««««« 6322)0DUYHO YI«««««« 6381.< 7+( 60,/,1*6322. IQ«««««« 67$/.(5'& YIQP'LWNR:RRG DUW 67$5+817(56 QP1HZWRQDUW 67$5 63$1*/(' :$56725,(6 YI YJ«««« YI(QHP\ $FH E\ .XEHUW$GDPV YI(QHP\ $FH E\ .XEHUW««««« YIJUHDWFYU 67$575(.*ROG.H\ &*&RZVW6WDU 7UHN FRPLF ERRN %& FRYHUSKRWR« &*& RZZ 6KDWQHU1LPR\SKRWR FRYHU«««« 67$575(.*ROG.H\ IQ«««««« IQ««««« QP:KLWPDQ IQ:KLWPDQ YI 67$5 75(. 7+( (17(535,6(/2*6 IQSDJHVUHSULQWV LVVXHV RI *. VHULHV 67$575(.0DUYHO QP QP«« QPODVW LVVXH ORZ SULQWUXQ«««« 67$575(.'& QP6XWWRQDUW 67$5 75(. 5(9,6,7$7,216 1R FRYHU SULFHFRQG10« 67$5:$56 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 YI««« YI1HZ $GDP 6WUDQJHVWRU\«« QP««««« QPJLDQW YIQPJLDQW« 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«««« YJ6WHUDQNR YIQP6WHUDQNRDUW 2ULJLQ )XU\ UHWROG &DS $PHULFDFV««« YI6WHUDQNR DUW««««««« 675$1*(7$/(6 YIQP«%URWKHU 9RR'RR««« QP«:DUORFN E\ 6WDUOLQ FRQWLQXH LQ:DUORFN«« $QQXDO IUJGWK DSS 6SLGHU0DQ EDWWOHV +XPDQ 7RUFK .LUE\'LWNRDUW« 675$1*(:25/'6 0DUYHO IDLU .LUE\'LWNR DUW )O\LQJ6DXFHUFYU 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 &*& RZZKW +XON 6LOYHU 6XUIHU FV 3UHOXGH WR VW'HIHQGHUV &*&ZKLWH +XON 1DPRU DQG 66 WHDP XS WR EDWWOH $YHQJHUV VSHDN RI MRLQLQJ IRUFHV DJDLQ 3UHOXGH WR VW 'HIHQGHUV QP:ULJKWVRQ LQNV«««««« YIQP YI««««« YIQP«« QP««««« YISJV«« YISDJHV« YI'U'RRPFYU VWRU\ %LOO(YHUHWWFDV QP««««« QP««««« QP««««« $QQXDOV YIQP«« 683(5%2< IQ«««««« YJVWDSS8OWUD %R\/6+DSS«« IQYI«««« 683(5%2< YJIQ«««« YI««««« YJ««« YJIQ«««« YI*XLGH IQYI YI$GDPV FYUV«««««« YIJQW *2ULJLQ /6+«««««« YIQP$GDPV YI$GDPVFYU IQ/6+ VHULHV EHJLQV QP«««« QPZHGGLQJ %% ''«« IQSJV«« QP,QYLVLEOH .LG NLOOHGE\9DOLGXV« QP6XSHUJLUO UHVLJQV««««« YI«««« 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(5*,5/ YJ/RRNVQLFHU 683(50$1 IDLU«« IUJG«««« YJ««««« YJ««««« YJ/6+DSS JGVW DSS )ODPH ELUG1LJKWZLQJ YJ«««« YI;0DVFYU YI1HZ 2ULJLQ %UDLQLDF«««« YI««««« YI«JQW* IQ YI««««« IQ$GDPV FRYHU YI*1HDO $GDPVFRYHU«« QPJQW* YI IQYI«««« QP««««« &*& RZZ &ODVVLF 1HDO $GDPV FYU &ODUN .HQW EHFRPHV79UHSRUWHU DOO.U\SWRQLWHRQHDUWK GHVWUR\HG«« 683(50$1 IQYI«««« YIQP$GDPV FYU.DOXWDDUW« YI««««« IQ«« SJJLDQWV YI6DQG 6XSHUPDQ VWRU\ YIQP««« IQYI«« QP«««« YI«««« YIQP1HDO $GDPV FYUDUW«««« YI$GDPVFD QPVW DSS 6WHYH /RPDUG« QP«««« QP««««« YI SDJH JLDQW QP QP«««« YIQP $118$/6 JG««« YJIQ« YJIQ«« IQ6LOYHU $QQLY LVVXH««««« 683(50$1)$0,/< YISJV QPSJV« QPSJV YIQPSJV QPSJVF QP(DUWK,,%DWPDQ DQG &DWZRPDQ PDUU\««««« 683(50$1¶6 *,5/ )5,(1'/2,6/$1( JGYJ« JG«««« JGYJ«««« IQYI««««« IQ«««««« YIQP«««« YJ««««« JGSUHVHQWDEOHFRS\ VW6$&DWZRPDQ YIQPJQW* QP««««« YI««««« QPODVWF« QP:RQGHU:RPDQ FV«««««« 683(50$1¶6 *,5/ )5,(1'/2,6/$1( YIQPVW DSS 5RVH 7KRUQ«««« YJ«««« YIQP FODVVLF ³, DP &XULRXV %ODFN´ FV // FKDQJHV VNLQ FRORUWREODFN« IQYI««« YIQP QP« QP-/$ FV ERQGDJHFYU«« YI«JQW* SJV QP««««« YIQP YI5RVH7KRUQH FV««« QP«« $118$/6 YJ 683(50$1¶6 3$/ -,00<2/6(1 JG«««««« JGYJ««« IQ«««««« IQ«««««« YIQP ³5HG +HDGHG%HHWOHRI %&´VWRU\«««« IQ/6+DSS« YIUQP««« YIQP SJ JLDQW * .LUE\ IQ.LUE\ PRYHV WR '&EHJLQVWK:RUOG VWRU\OLQH«««« 3*;6LJQDWXUH 6HULHV FUPZKW SDJHV 6LJQHG E\ 1HDO $GDPV VW DSS'DUNVHLGYLOODLQLQ XSFRPLQJ -/$ PRYLH QPSDUWLDO SKRWR FRYHU.LUE\DUW« IQYI««« QP««« QP««« YI««««« IQ««««« YIQP QPVW 0U $FWLRQ««««« QP«««« 683(51$785$/ 7+5,//(56 YI,QYLVLEOH0DQ 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&ODVVLF :ULJKWVRQFYU« 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$OIUHG(1HZPDQ VZLSH««««« 7$/(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«««« 7+25 YIQPVW DSS 7KH :UHFNHU«««« YI««««« QP«««« IQ««««« YI««« YIQP2ULJLQUHWROG RULJLQ 'U %ODNH DZHVRPHFRYHU QP«« YIQP«««« YI2ULJLQ *DODFWXV QPQG EULHI DSS :DUORFN«««« YIQPUG EULHI DSS :DUORFN«««« IQVW IXOO DSS :DUORFN« YI:DUORFN EDWWOHV 7KRUJUHDWFYU« YI« YIQP2ULJLQ *DODFWXVFRQW« 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(:$53 SJV*UHDWDUW QP««« 720$+$:.'& JG7RPDKDZNVLGH NLFN'DQ+XQWHUEHJLQ E\)5D\ 720 $1' -(55< &20,&6'HOO YJ««««« IQ««««« 720%2)'5$&8/$ QP$GDPVFYU YJ«««« IQRULJLQ%ODGH YI««« QP«« YIQPVW DSSRULJ +DQQLEDO.LQJ« YI««««« QP«« 723&$7&KDUOWRQ IQ +DQQD %DUEHUDERRN« 72:(52)6+$'2:6 YI%DUU\6PLWK:DOO\ :RRGDUW«««« IQYI««««« YI«««««« 75$**$1'7+(6.< *2'6*ROG.H\ QP2ULJLQ« 75$16)250(56 QP««««« QP«« 7852. 621 2) 6721('HOO*ROG.H\ YIQP««« QP««««« YI«««« YIQP«««« QP««««« QP««««« 7:,/,*+7=21(*. )&YJ'HOO (YDQV &UDQGDOODUW«« YJ'HOO )UD]HWWDDUW QP««««« QP«««« 7:2),67('7$/(6 JG:LOOLDPVRQ DUW««««««« $ 63$&( 2'<66(<.LUE\ QP 81&/(6&522*( IQ23* JGYJ«««« YIQP LQ WKH 23*««««« YJ«««« YJ««««« YJ««««« 81'(5:25/' '6SXEOLFDWLRQV YJ«««««« 81(;3(&7('7+( )RUPHUO\7DOHVRI QP««««« QP«««« 81.12:162/',(5 QP«« QP««««« 81.12:1:25/'6 YJ+HUELH FDPHR «««««« 9$//(< 2) 7+( ',126$856+%µ QP+RZDUGDUW 9$8/72)(9,/ QP«« YIQP«««« :$/.,1* '($' ,PDJH QPQGSULVRQLVVXH 'HDWK-XOLH QP3ULVRQ LVVXH GHDWK RI 7KRPDV KDQJLQJFRYHU QP3ULVRQLVV QP &*& ZKLWH 0LFKRQQH UHYHQJH LVVXH :$/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&. QP«QG 7KDQRVVDJDE\6WDUOLQ EHJLQV««««« :(%2)63,'(50$1 QP«««« :(,5':$57$/(6 QP««««« :(,5' :(67(51 7$/(6 YIQP$GDPVFDEXW QR-RQDK+H[«« YIQP-RQDK +H[ 3*;RZVWRULJ -RQDK+H[ :(,5':25/'6 QP«««««« :(/&20( %$&. .277(5'&79 &*&RZEDVHG RQ$%&6LWFRP QP :(5(:2/) %< 1,*+7 YJ3ORRJ DUW EHJLQV«««« QP'UDFXOD« QP« YIQP«««« QP««««« QP««««« :+(5( &5($785(6 52$00DUYHO YI«««««« :,7&+,1*+285 &*&RZZ+DUG WRILQGILUVWLVVXH 7RWK $GDPV DUW /RRNV« QPSJV :2/9(5,1( )UDQN0LOOHUDUWDOO &*& ZKLWHVW VROR:ROYHULQHFRPLF 0LOOHUDUW«« &*& ZKLWHVW IXOO DSS RI <XNLR 0LOOHUDUW««« :2/9(5,1( &*& ZKLWH 0LOOHU¶VEHVWFRYHURQ WKH UXQ SRUWUD\LQJ :ROYHULQH DV SDLQHG WRUWXUHGKHUR« &*&ZKLWH)LQDO LVVXH &*&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««« 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 )ODVK UDFH ± $GDPV FRYHU««««« QP$GDPVFYU SJV7HHQ7LWDQV QP$GDPV FRYHU SJVF««« QP«««« QP«SJV YI«SJV QPODVW 6XSHU 6RQVLVVXHFV« QP««« DOOJLDQWVL]H QP$GDPVF YI$GDPVFYU QPSJV« YI&UHHSHU E\ 'LWNREHJLQV«« QP /DVW SDJHLVV««« QP««« :25/'¶681.12:1 IQYI««« ;0(1 YJIQ««««« IQVW DSS 8QXV WKH 8QWRXFKDEOH«« YJIQVW6$.D]DU =DEX««« IQVW6WUDQJHU YIVW DSS WKH 6HQWLQHOV««« IQ2ULJ%HDVW YJIQ«««« IQ««« IQYI««««« IQ««««« YJ«««««« YI«««« YI«««««« YJ««««« IQ«««« IQVW DSS 7KH %DQVKHH« YIQP«««« IQ«««« YI«««««« YIQP«« IQVW &KDQJHOLQJ 6SLGH\[RYHU« YI2ULJLQV RI WKH ; 0HQEHJLQV«« YI««««« YI««««« YJ««« YI««««« IQVW 3RODULV 6WHUDQNRFYU« YI6WHUDQNRFDVW 3RODULVRQFYU« IQ 6WHUDQNR FD RULJLQ%HDVW«« IQ YIVW%DUU\6PLWKDUW LQFRPLFV««« YIQPVW DSS $OH[ 6XPPHUV ZKR ODWHU EHFRPHV+DYRN YI6XPPHUV OHDUQV KHLVDPXWDQW¶¶¶¶ IQVW +DYRN LQ FRVWXPH$GDPV JGYJ$GDPV« YI$GDPV« YJIQ«$GDPV JGWDSH.D]DU $GDPVDUW«««« IQVW6XQILUH QPODVW QHZ VWRU\ XQWLO««« QPUHSULQWV EHJLQ HQG««« YIQP«««« YI««« 1(:;0(121 YJIQ««« YIQP'HDWK RI 7KXQGHUELUG«« QP««« IQ««««« YIQP«« QP«««« QP«««« YI««««« QPVW FDPHR RI 6WDUMDPPHUV« QP«««« QP«««« ;0(1 YI«VW IXOO DSS 6WDUMDPPHUV«« YI%U\QH DUW EHJLQV««««« QPVW DSS 9LQGLFDWRU QP YIQP«« YJIQ««« YIQP««« 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«««« QPODVW%\UQH QP««« QP««««« QP5RJXH« QP:ROYHULQH QP6PLWKDUW QP5RJXH MRLQV ; 0HQ«««««« QPJLDQW 3KRHQL[ UHWXUQV««««« QP««« QPVW &DEOH DV EDE\" QP0XWDQW 0DVVDFUHEHJLQV QP:ROYHULQH 9V 6DEHUWRRWKFV« DSS QPVW %LVKRS««««« VW QP 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« =2552*ROG.H\ YJ7RWKDSKRWR 6(76 6(76 $'9(1785(6 2) )25')$,5/$1( QP««««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«««« &/2$.$1''$**(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 *27+$0.1,*+76 QP%DWPDQ +$92. :2/9(5,1( 0(/7'2:1 QP +$:.(<( QP«««« +(5&8/(6 QP«« QP«« +286(2)0 QP +8/.*5$< QP ,'(17,7<&5,6,6 QP -/$ $9(1*(56 $9(1*(56-/$ QP JUHDW ORRNLQJERRNV -867,&( QPEUHDWKWDNLQJ $OH[5RVVFRYHUVJUHDW VWRU\ -867,&(/($*8( $QQXDO 6SHFWDFXODU6SHFLDO DYHUDJH10*UHDW UHDG23* -867,&(/($*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«« 20(*$0(1 $QQXDO IQQP VW /RER 3+$1720=21( QP«« 3/$1(72)7+($3(6 'DUN+RUVH 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(&5(7:$56,, QP 6*752&.7+(/267 %$77$/,21 QP 6.,1 *5$)7 7+( $'9(1785(6 2) $ 7$7722('0$1 QP 63$:1 6SDZQ %LEOH 6SDZQ%ORRG)HXG &XUVH RI WKH 6SDZQ 6SDZQ :LOGFDWV 0HGLHYDO 6SDZQ :LWFKEODGH $URXQG E\23* 648$'521 6835(0( 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 :25/'¶6),1(67µ QP*LEERQDUW5XGH FRYHUV«««««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« &YJ5SUQWVVWDSS :RQGHU:RPDQ &IQ6XSHUPDQ :KLWPDQ(GLW« )YI 5SUQWV :RQGHU :RPDQ«« /,07('&2//(&75¶6 (',7,21'& &YJ7DU]DQ« &YJIQ6XSHUPDQ )ODVKUDFH««« &IQYI%HVWRI'&± $GDPV FD 7RWK .XEHUWDUW««« &IQ 0$59(/ &20,&6 683(563(&,$/ YI%DWWOHVWDU *DODFWLFD JG«««««« 0$59(/ 63(&,$/ (',7,21)($785,1* QP6SHFWDFXODU 6SLGHU0DQ«« 0$59(/75($685< (',7,21 IQYI))«« IQ«+7'« YI$VWRQLVK6SLGHU 0DQ«« YJ«««««« YI6SLGHU0DQ IQ ',*(67 6,=( %(672)'& %OXH5LEERQ'LJHVW QP6XSHUPDQ IQ6WUDQJH 6SRUWV 6WRULHV««««« YI«««««« QP«$GDPV */*$ UHSULQWV«««« IQ«««««« '& $1' 0$59(/ 35(6(17%$70$1YV ,1&5(',%/(+8/. 5HSULQWVWUHDVXU\LQ3% IRUP10 '21$/' '8&. &20,&6 ',*(67 *ODGVWRQH QP%DUNVUHSUQW 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 &$5721,67 352),/(6 YI6HSW7UDGH SXEOLFDWLRQDLPHGDWWKH SURIHVVLRQDO FDUWRRQLVW«« &2%$/7 QR9DXJKQ%RGH &20,&6 %8<(5 6 *8,'(35,&(*8,'( 2FW'HF)1 &20,&65(98( QP '($'/< +$1'6 2) .81*)8 '($'/< +$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 ((5,(:DUUHQ YJ««««« IQ«««« IQYI«« YI««« QP«&RUEHQ $GDPVDUW««« YJ««««« JG«««« QP«««« QP«« QP«««« YI««« QP QP 9DPSLUHOOD FVSDJHV« YI««« QP«« YIORZ GLVWULEXWLRQ««« 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 )8''/('8''/( IQ *$60$GXOWWLWOHWR RUGHU.,66%& YJIQ««««« *$7(2),95(/ QP +$59$5'/$03221 3$5$'< 2) 1(:6:((. *UHDWFRYHU +(52(6 52/( 3/$<,1* *$0( $32.2/,36 6285&(%22. QP +2:$5'7+('8&. YI YI ,1&5(',%/(+8/. 7+,1*%,*&+$1*( 6WDUOLQ :ULJKWVRQ10 ,16,'(&20,&6 QP .8// $1' 7+( %$5%$5,$16 YIQP IQ /,)(0$*$=,1( 0DUFKIQ %DWPDQ$GDP:HVW FRYHUVWRU\ 0$'63(&,$/ QP QP QP««« 0$59(/ &20,&6 ,1'(; QP7DOHV RI 6XVSHQVH 0$59(/ &20,&6 683(563(&,$/ QP6DYDJH6ZRUGRI &RQDQ(DUO1RUHPFYU %XVFHPDDUW«« YIQP6DYDJH 6ZRUG RI&RQDQ QP6WDU/RUG QP(PSLUH 6WULNHV%DFN QP5HWXUQRIWKH -HGL« 0$59(/ *5$3+,& 129(/ YIQPVW DSS RI WKH 1HZ0XWDQWV QP6ZRUGV RI WKH 6ZDVKEXFNOHUV« 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,(: YIVW DSS 6WDU/RUG *XDUGLDQV RIWKH*DOD[\ YI6WDUOLQ 3DLQWHG FRYHU6WDU/RUG 0$59(/ 7+( <($5 ,15(9,(:3DURG\ QP 6SLGHU0DQ FRYHU«««««« 0(',$6,*+7 QP 02/(PXVWEH QP 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$GDPVDUWFRORU %: FRPLFV QXGLW\ WRRUGHU«« 1,*+70$5( :LQWHU 6SHFLDO 0RQVWHU6DQWDFRYHU 9) )1 YJ 3/$1(7 2) 7+( $3(6 YIQP«««« IQ3ORRJDUW«« YJ ORZ GLVWULEXWLRQ««« 52%2&230DUYHO QP 522.7KH:DUUHQ QP&RUEHQ FRYHU 1LQRDUW«« IQ««««« QP YI««««««« QP««« 6$9$*( 6:25' 2) &21$1 YJ&RQDQ EHJLQV LQ WKH %: PDWXUH IRUPDW 2ULJLQ %ODFNPDUNE\.DQHUG DSSRI5HG6RQMD%RULV FYU$GDPVDUW IQ$GDPV SDLQWHG FRYHU $GDPV &KD\NLQDUW«« YJIQ«« IQ6PLWK $GDPV DUW YJ&UXFLILFWLRQ FRYHU IQ QP QP IQYI««« YI«««««« QP IQ YI IQYI QP YIQP YJ IQ YI QP IYI QP 6$9$*( 6:25' 2) &21$1 YIQP QP YI IQ IQYI YJ YI«««« YJ IQ YI $QQXDOYI 6$9$*(7$/(6 IQ6PLWK %UXQQHU 0RUURZ QP $GDPV FRYHU $GDPV 6PLWK .DQH DUW -DVRQ $UJRQDXWV DUWLFOH SLFWXUHV«««« 63(&7$&8/$5 63,'(50$1 YJ%: YJFRORU 67$5/2* YIQPWLWOH UDQ LVVXHV RYHU D \HDU SHULRG FHDVLQJ SXEOLFDWLRQ LQ 3DLQWHG 6WDU 7UHN FRYHU 67 HSLVRGH JXLGHDUWLFOHVRQWKH %LRQLF :RPDQ DQG 6SDFH«« 67$5 75(. 029,( 352026 [ SDJHV JORVV\ *LYHQ RXW DW PRYLHSUHPLHUH3KRWRV RI FDVW DQG SURGXFWLRQ FUHZYHU\QLFHTXDOLW\ YIQPHDFK 67$5 75(. 7+( 027,213,&785( 67$5 75(. ,, 7+( :5$7+2).+$1 7$/(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 86 6HQDWH LQYHVWLJDWLRQV DQG WKH &RPLF &RGH $XWKRULW\ QGSULQWQRGXVWMDFNHW FRQGLWLRQ RYHUDOO 9* ZLWK VRPH WDSH VWDLQLQJ /LEUDU\ FRS\ ZLWK FDUG SRFNHW DQG GLVFKDUJHVWDPS 75$'( 3$3(5%$&.6 &2))((7$%/( %22.60,6& 8QOHVV RZ QRWHG ERRNVDUH10FRQG $$WRPLF3UHVV $(SLF±FRORU QPFYU« %$70$1 *27+,& 73%FYU« %8,/' $ %(77(5 /,)( %< 67($/,1* 2)),&( 6833/,(6 '2*%(57¶6 %,* %22.2)%86,1(66 'LOEHUW VWULSV E\ 6FRWW $GDPV)1FRQG« &<%(5$17,&6 'DUN +RUVH KDUGFRYHU FRYHU«« *2/(0¶6 7KH 0,*+7< 6:,1* E\ -DPHV 6WXUP ,QWHUHVWLQJVWRU\« -2(¶6 %$5 *UDSKLF 1RYHO«««« /22. $1' ),1' %$70$1 QP +DUGFRYHU *UDKDP 1RODQFRYHU«« 0$, 7+( 36<&+,& *,5/QP 21(7+(5LFN9HLWFK VWU\F10« 63$&( -$0 QP 6FKRODVWLF 81,7<6$*$ 9DOLDQW 8QLYHUVH VWRU\ FRYHU«« &20,& 5(/$7(' +$5'%$&. 3$3(5%$&.6 7+( $0$=,1* $'9(1785(6 2) .$9$/,(5$1'&/$< %\ 0LFKDHO &KDERQ 3XOLW]HU 3UL]H ZLQQLQJ QRYHO 9IQP FRQGLWRQ 5DQGRP +RXVH ILUVW SULQWVRIWFRYHU«« $1'<&$33)DZFHWW 7$.($%2:$1'< &$33 FHQWV 9* FRQGLWLRQ«««« <28¶5( 620( +(52 $1'< &$33 FHQWV9)FRQG &$7+< $ KDQG WR KROG DQ RSLQLRQ WR UHMHFWOSDJHV OLEUDU\FRS\9*« &$7+<,$0:20$1 +($5 0( 6125( SJV OLEUDU\ FRS\9*« '(11,6 7+( 0(1$&( 5,'(6 $*$,1 3RFNHW %RRNV YJ« '221(6%85< 48$/,7< 7,0( 21 7+( +,*+:$< SDJHVOLEUDU\ FRS\9*«««« )/$6+*25'21 $YRQILUVWSULQW YJ7KH /LRQ 0HQ RI 0RQJR««««« 0DUULDJH ,V DQ ,QYDVLRQ RI 3ULYDF\ ± $QG 2WKHU 'DQJHRXV 9LHZV -XOHV )HLIIHU SDJHV /LEUDU\ FRS\9*«««« 0$86$6859,925¶6 7$/( FRSLHVERWK10Z SULFHVWLFNHUVRQGXVW MDFNHW$UW6SLHJHOPDQ VWRU\DUW«««« 3($1876 3$3(5%$&.6 $OO E\ )DZFHWW &UHVW %RRNV9*WR9) HDFKH[FHSW ZKHUHQRWHG *22'2/¶61223< 67SULQWYJFRQG +(5( &20(6 &+$5/,(%52:1 9(5< )811< &+$5/,(%52:1 :(¶5( 21 <285 6,'( &+$5/,( %52:1 :+$7 1(;7 &+$5/,(%52:1" <28¶5( $ %5$9( 0$1 &+$5/,( %52:1 <28 $5( 722 08&+ &+$5/,( %52:1 <28¶5($:,11(5 &+$5/,(%52:1 <28¶5( 0< +(52 &+$5/,( %52:1 VW HGLWLRQYJIQFRQG 3(//8&,'$5$FH )1FRQGLWLRQQG SULQWLQJ)UD]HWWD FRYHU««««« 63,'(50$1 =$36 0U =2',$& %LJ /LWWOH %RRNE\:KLWPDQ3XE )19)FRQGLWLRQSXEO ««««« 67$575(.35,0( ',5(&7,9( 3RFNHW%RRNV9)« 67$5:$56-(', 48(676FKRODVWLF(G $QDNLQ¶VVWRU\YI 67$5:$56;:,1* 7+(%$&7$:$5 *'FRQGLWLRQH[ OLEUDU\FRS\««« 7$/(62)7+( %(('/(%$5' 10VWSULQWE\ -.!5RZOLQJ+DUU\ 3RWWHUWLHLQ«« 7$5=$1 :KLWPDQ +DUGFRYHUV 7DU]DQRIWKH$SHV 9) FRQG LOOXVWUDWHG E\ $QGHUVHQ 0DUVK VWSULQW"« 5HWXUQRI7DU]DQ9) FRQGLWLRQLOOXVWUDWHGE\ $QGHUVHQ 0RRUH VWSULQW" 7DU]DQ%DOODQWLQH YJIQWKH 6RQ RI 7DU]DQVW SULQW «««««« YJIQ7DU]DQ WKH 8QWDPHG WK SULQW 5REHUW $EEHW FRYHU«««««« :,=$5'2),')DZFHWW 7+( .,1* ,6 $ ),1.)1« 7+(5(¶6$)/<,10< 6:,//YJ =LWV 6NHWFKERRN SDJHVOLEUDU\FRS\ JGYJFRQGLWLRQ« 29(5675((7 &20,& %22. 35,&( *8,'(6 $OODUHVRIWFRYHU 10 $OIUHG ( 1HZPDQ FYU XQRSHQHG««« )1« 29(5675((7¶6 35,&(83'$7( 8SGDWHV WR WKH $QQXDO 3ULFH*XLGH YI««« 29(5675((7¶6 35,&(83'$7( QP««««« 29(5675((7¶6)$1 QP«««««« :,=$5' 7+( *8,'( 72&20,&6 QP««««« 67$5 75(. 67$5:$5 67$5 :$56 +DUGFRYHU %RRN &OXE (GLWLRQ%RRNQPFRYHU YI 67$5 :$56 0,66,21 )520 02817<2'$ 6FKRRO OLEUDU\ HGLWLRQ ZLWK FDUG EXW LQ H[FHOOHQW 10 VKDSH RWKHUZLVH««« 67$5 :$56 7+( (03,5( 675,.(6 %$&.+DUGFRYHU%RRN &OXE(GLWLRQ%RRN10 FRYHUIQYI +$1 62/2¶6 5(9(1*( $GYV RI /XNH 6N\ZDONHU +DUGFRYHU %RRN &OXE (GLWLRQ%RRNQPFRYHU YJ« +$1 62/2 $7 67$5¶6(1'$GYVRI /XNH 6N\ZDONHU +DUGFRYHU %RRN &OXE (GLWLRQ %RRN 10 FRYHUYI«« 0,&+$(/ 0225&2&. (OULF RI 0HOLQERQH '$: ERRNV VW SULQWYIFRQG«« 6DLORU RQ WKH 6HD RI )DWH'$:ERRNVYIVW SULQW««« :HLUG RI WKH :KLWH :ROI'$:ERRNV VWSULQWYI«««« 7KH 9DQLVKLQJ7RZHU '$: ERRNV VW SULQW9)««««« 7KH6ZRUGV7ULRORJ\ %HUNOH\ 0HGDOOLRQ UG SULQWIQYI« 6ZRUG RI WKH 'DZQ /DQFHUIQ« 52%(57(+2:$5' DQGRWKHUVRQ&RQDQ &RQDQ 0DUFKHUV RI 9DOKDOD%HUNOH\VW SULQW )UD]HWWD FYUP EF DQG IROG RXW SRVWHU YIQP«« &RQDQ DQG WKH 6RUFHUHU $FHVW SULQW FYU E\ 6DQMXOLDQ 0DURWRLOORVYI«« &RQDQ 7KH 6ZRUGVPDQ %DQWDP VW SULQW IROG RXW FRYHUIQYI««« &RQDQ7KH0HUFHQDU\ $FH VW SULQW 6DQMXOLDQ 0DURWR LOORV QPFRQG«««« &RQDQ 7KH 5RDG RI .LQJV %DQWDPVW SULQW )ROG RXW FRYHU WKDW DSSHDUV WR EH -XVNRYI«««« &RQDQWKH/LEHUDWRU %DQWDP VW SULQW ZUDS DURXQG IROG RXW FRYHUE\/DUNLQYI $OPXULF%HUNOH\ ZUDS DURXQG FRYHU IROGRXWSRVWHUIQ« .XOO%DQWDP/RX )HFN ZUDS DURXQG IROGRXWFRYHUIQYI 6RORPDQ .DQH 7KH +LOOV RI WKH 'HDG %DQWDP VW SULQW IROG RXW FRYHUIQYI 6RORPDQ.DQH6NXOOV LQ WKH 6WDUV %DQWDP VW SULQW IROG RXW FRYHUIQYI««« 52%(57(+2:$5' 7KH 6RZHUV RI WKH 7KXQGHU $FH VW SULQW 0DURWR FRYHU LOORVWKURXJKRXWYI 7KH +REELW %DOODQWLQH WK HGLWLRQ 10 FRQG EXW DSSHDUV WR KDYH D SURWHFWLYH ILOP DSSOLHG" 'XQH %HUNOH\ YIQP««««« 'XQH0HVVLDK%HUNOH\ YI««««« 6WDU 7UHN 7KH 7KUHH 0LQXWH 8QLYHUVH 3RFNHW ERRNV VW SULQW,WKLKN10« )UDQNHQVWHLQ 'HOO QG SULQWIQ«« $1'5(125721 1R 1LJKW :LWKRXW 6WDUV )DZFHWW YI««««««« <HDU RI WKH 8QLFRUQ $FHVWSULQW"9J FRQG«««««« 0\ /RUG %DUEDULDQ $QGUHZ 2IIXW 'HO 5D\ VW SULQW %RULV FRYHUYIFRQG«« 2XWFDVWV RI +HDYHQ %HOW 6LJQHW YJ FRQG«««««« 6KHUORFN +ROPHV (QWHUWKH/LRQ3OD\ER\ 3DSHUEDFNV RU "VWSULQW"IQ 6SDFH 3ODJXH E\ *HRUJH 2 6PLWK $YRQ VW $YRQ (GLWLRQ*GYFRQGZLWK WDQQLQJ SDJHV ,W¶V UHDOO\ROG 0,6&(//$1286 %22.6HDFK 2G\VVH\WZR $UPDJHGGRQ %XFN5RJHUVQRYHO &KDULRWV RI WKH *RGV" )HDU DQG 7\SHZULWHU LQWKH6N\ ,5RERW)DZFHWW -DPHV%RQG2Q+HU 0DMHVW\¶V6HFUHW6HUY -DPHV %RQG 7KH 6S\:KR/RYHG0H 7KLHYHV :RUGO %RRN 6WRUP6HDVRQ 25'(5)250²&20,&6,1$)/$6+ )HHO IUHH WR XVH D EODQN SLHFH RI SDSHU RU \RX FDQ XVH WKLV RUGHU IRUP ,I \RX QHHG PRUH VSDFH WR RUGHU RU OLVW DOWHUQDWHV MXVW ZULWH \RXU VHOHFWLRQ RQ D EODQN SLHFH RI SDSHURUFDOOID[HPDLOXV7KLVOLVWFDQDOVRPDNHDJUHDWKLQWIRUJLIWLGHDV%LUWKGD\ RUVRPHWKLQJHOVH"0DNH\RXUOLVWDQGOHDYHRXWIRUWKHVSRXVHFKLOGUHQIDPLO\WRVHH 7LWOH ,VVXH &RQG 3ULFH 4XDQWLW\ 7RWDO LWLRQ 25'(5)520 7RQ\6WDUNV &20,&6,1$)/$6+ 32%R[ (YDQVYLOOH,1 3+)$; (PDLO&RPLFIODVK#DROFRP 6XE7RWDO 6KLSSLQJRUOHVVERRNV ERRNV 6DOHV7D[±,QGLDQDRQO\[ *UDQG7RWDO