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$/ VKLS ZLWKLQ D IHZ GD\V 3HUVRQDO FKHFNV PXVW FOHDU ,QGLDQD UHVLGHQWV
DGGVDOHVWD[2UGHUZLWKFRQILGHQFH,¶PD6SHFLDODGYLVRUWRWKH2YHUVWUHHWSULFHJXLGH$OO
ERRNVPD\EHUHWXUQHGZLWKLQGD\VIRUDQRKDVVOHUHIXQGRIP\EXVLQHVVLVIURPUHSHDW
FXVWRPHUV,ZDQW\RXWREHKDSS\ZLWK\RXUSXUFKDVHDQGRUGHUDJDLQ
:(/&20( WR RXU 6800(5 FDWDORJXH 0DQ\ QHZ LWHPV KDYH EHHQ DGGHG ZH KDYH FRPSOHWHO\
UHVWUXFWXUHGWKHFDWDORJXH$OOFRPLFVSULFHGDQGDERYHLQFOXGLQJ&*&3*;ERRNVDUHQRZOLVWHG
LQ RQH VHFWLRQ DOSKDEHWLFDOO\ 0RVW FRPLF ERRNV LQ WKLV VHFWLRQ UHGXFHG SULFHV 7KH FDWDORJXH QRZ KDV
WKUHHQHZVHFWLRQVERRNVWKDWDUHDOORQHSULFH/DVWLVWKHVHFWLRQIRUPDJD]LQHVERRNV
+2: 72 25'(5 2UGHU E\ FDOOLQJ 0RQGD\ WKURXJK )ULGD\ EHIRUH SP &67 DQG
DQ\WLPHRQZHHNHQGV<RXPD\DOVRPDLO\RXURUGHURUVHQGDID[OHDYHDPHVVDJHDWDQ\WLPH(PDLOVFDQ
EHVHQWWRFRPLFIODVK#DROFRP7KLVLVDOVRRXU3$<3$/DGGUHVV
25'(5)520721<67$5.632%2;(9$169,//(,1
7+,6&$7$/2*8(*22'817,/2FWREHU
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««««
$//67$5%$70$1
52%,1 7+( %2<
:21'(5
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
\RXUV
IRU
RQO\
$9(1*(567+(
9ROXPH
DQQXDO
)LQDOH 7KH HQWLUH \HDU UXQ RI WKH
$YHQJHUV 9 DYHUDJH
1023*
$9(1*(56)25(9(5
QP
%$70$1$1'52%,1
QP
%$70$1%/$&.$1'
:+,7(
QPZULWHUV
DQG
DUWLVW
VJDOD
%$70$16(&5(76
QP
%$70$1 7+( '$5.
.1,*+7-DQ
QP
%$70$1816((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
*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«««««
=(52 +285 &5,6,6
,17,0(
QP
$//&20,&67+,66(&7,21
&RPLFV WKLV VHFWLRQ DUH DOO HDFK %RRNV LQ WKH VHFWLRQV UDQJH IURP IDLU WR QHDU PLQW
ODUJHO\GHSHQGLQJRQDJHYDOXH([DPSOH $FWLRQ&RPLFVORRNV)1EXWKDVQR EDFNFRYHU
$FWLRQLV)1DQGPRVWRWKHU$FWLRQ&RPLFVLVVXHVDUH9)WR10
7+($%20,1$7,216$&7,21&20,&6
$QQXDO$&7,213/$1(7&20,&6$'$0675$1*(GHOX[$'9(1785(&20,&6
$'9(1785(6 ,1 (/(&7521,&6
$'9(1785(62)&<&/236$1'3+2(1,;$'9(1785(62)683(50$1$'9(1785(62)%$55<
:((1%2<*(1,86$)7(50$7+$/,(1(1&2817(56$/,(1/(*,21$/,(1:25/'6$//,$1&(
7+($//1(:$720$//67$5%$70$152%,16SHFHG$//67$5648$'521
$/3+$)/,*+7$0$=,1*$'9(1785(6
$0$=,1*$'9(1785(69$0$=,1*+,*+$'9(1785(6
$0$=,1*63,'(50$1
$QQXDO$1*(/$,PDJH$11(5,&(
6,17(59,(::,7+$9$03,5($11(
5,&(
6:,7&+,1*+285$48$0$1$48$0$1PLQL6SHFLDO$48$0$1
$48$0$17,0($1'7,'($5&+(5$5067521*$5&+,(&20,&6
$5&+,()5,(1'6$5&+,($1'+,6)5,(1'6+(/35$,6(/,7(5$&<
$:$5(0(17 $5&+,( $1' 0( $5&+,(
6 *,5/6 %(77< $1' 9(521,&$ $5&+,(
6 3$/ -8*+($'
$5.+$0$6</80/,9,1*+(//$5,21$5025,1(6$57,)$&76$6721,6+,1*(;&,7(0(17
$6721,6+,1* 7$/(6 $6752 &,7</2&$/ +(52(6 $7/$17,6 &+521,&/(6 $9$7$5$9(1*(56$QQXDO$9(1*(56$9(1*(566327/,*+7
$9(1*(56 675.(),/( $9(1*(56 7+( 7(50,1$75,; 2%-(&7,9( $9(1*(56 813/8**(' %$%( %$&./$6+%$&./$6+63,'(50$1%$/'(57+(%5$9(%$5%:,5(73%%$70$1
$QQXDOV%$70$1
%(<21' %$70$1 &21),'(17,$/ %$70$1 &+521,&/(6 %$70$1 '($7+ 2) ,112&(176 7+( +25525 2)
/$1'01,(6%$70$1($57+21(%$70$1/(*(1'62)7+('$5..1,*+7
%$70$12'<66(<9%$70$16+$'2:2)7+(%$7%$70$1675,.(6%$70$17+(&(17
$'9(1785(%$70$17+(&(17$'9(1785(%$70$19635('$725'(/8;%($*/(%2<6%($87<$1'7+(
%($670$59(/%($87<$1'7+(%($6732575$,72)/29(%($9,6$1'%877+($'%(2:8/)%(672)7+(
%5$9($1'7+(%2/'%,*%$1*&20,&6%,.(50,&()5200$56%,//<7+(.,'%/$&.:+,7(%/$&.:+,7(
$35+52',7(,;%/$&.:8/)%/$&.)/$*%/$&.*2/,$7+%/$&.+$:.%/$&.0$*,&'&%/$&.
3$17(5 %/$=( %/,1'6,'( %/22'322/ %/22'6+227 %/22'675,.( %22) %25'(5 :25/' %25,6
.$5/2))7$/(62)0<67(5%2==&+521,&/(6%5$66%5$9($1'7+(%2/'
%5$9(1(::25/'%5,*$'(9%8&.$522%$1=$,&$%/(&$*(&$0(/27&$37$,1
$0(5,&$ &$37$,1 0$59(/ &$37$,1 0$59(/ &$7$/<67$*(1762)&+$1*(&(/(67,1(&+$//(1*(562)7+(81.12:1&+$03,21632576&+$3(/&+$5/721
&/$66,&6 35(6(176 &/$1'(67,1( &+,//,1* $'9(1785(6 ,1 625&(5< &/$66,&6 ,//8675$7(' ),567 &2817 2)
0217(&5,6&2&21$1&21$17+(%$5%$5,$1&21$1
7+(%$5%$5,$1029,(63(&,$/&21&5(7(&(/(%5$7(6($57+'$<&21&5(7(.,//(560,/(&21*25,//$&260,&
2'<66(<&2817'2:172,1),1,7(&5,6,6&2<27(HSLF&5($7856217+(/226(&5,0621$9(1*(5
&5,6,621,1),1,7(($57+6&52:5$=25.,//7+(3$,1&586$'(56&<%(5)25&(=(529&<%/$'(
6+,&<%(5(//$'$1*(581/,0,7(''$17(
6,1)(512'$5('(9,/'$5('(9,/9
1XPEHULQJUHYHUWVEDFNWR9DIWHU%HFRPHV
EODFNSDQWKHUPDQZLWKRXWIHDU$QQXDO'$5('(9,/9'$5('(9,/%/22'2)7+(
75$178/$ '$5('(9,/ 12,5 '$5('(9,/ %< (' %58%$.(5 6$*$ '$5.+$:. '$5. +256( 35(6(176 '+3%HVW2I'+3\HDUV'$5.(5,0$*('$5.*8$5''$5.1(66'$5.:$7(5'$57'$:1*(1(6,6(',7,21
:L]DUG'&&20,&635(6(176$QQXDO'&1$7,21683(56$03/(5'&63(&,$/'&683(567$56
'($'/<'82'($'/<)2(62)63,'(50$1'($'0$1'($7+7+(+,*+&2672)/,9,1*
'($7+%/2:'($7+*$//(5<'($7+/2.'($7+0$7(\HOORZFRSLHVEOXHFRSLHVUHGFRSLHVVLOYHU
FRSLHVEODFNFRSLHV'($7+7$/.6$%287/,)(FRSLHV'()(1'(56'(021
'(63(5$'2(6'(7(&7,9(&20,&6
$QQXDO'(9,/',126$85'(9,/.,'6'-$1*2$1*(/'2&6$9$*('2&725
62/$5*.'2&725675$1*('1$*(176'2206'$<'220
6,9'28%/('5$*21
'21$/' '8&. '5($'67$5 (SLF '5($'67$5 $1' &203$1< '9 ($57+:250 -,0 ($57+ ; (&72.,' (&72.,'81/($6+('(/)48(67(SLF
(/)48(67 .,1*6 2) 7+( %52.(1 :+((/ (/(.75$ $66$66,1 (/(.75$ )/$6+%$&. (/(.75$ 5227 2) (9,/ (/(0(17$/6&RPLFR(7(51$/6(7(51$/:$55,25<($5%22.(;&$/,%85
6SHFLDO(G)$/&21)$//(1$1*(/6)$17$67,&)285
$QQXDOV)$17$67,&)285)$17$67,&)285813/8**(')$17$67,&)25&(
)$7+20:,=$5'('),*+7,1
0$5,1(667)2/,2-RH.XEHUW6FKRRO),567,668(63(&,$/
)/$6+ )/$6+ *25'21 )/,16721(6 )/< 7+( )25(9(5
3(23/()25*(SJV)5($.)25&()5(('20),*+7(56
&20,&6&217,18(6
)5,(1'/<*+267&$63(5)5,*+7)($785,1*6212)'5$&8/$$WODV
)520+(//)811<%22.)85<),5(672507+(18&/($50$1
$QQXDOV )857+(5
$'9(17856 2) ,1',$1$ -21(6 )8785,$16 *$5*2</(6 *((. *(1(5$7,21;*+267/<7$/(6*+2670$125*+2675,'(5
*+2675,'(5$1'%/$=(*+2675,'(575$,/2)7($56*+267
5,'(5:2/9(5,1(381,6+(5FRSLHV*+2676*,$17
6,=(0$17+,1**,$176,=(:(5(:2/)*,&20%$7
*,-2($5($/$0(5,&$1+(52
*,/*$0(6+,,*,9(0(/,%(57<*2''(66*5$9(6721(
*5((1 $552: *5((1 /$17(51 $118$/*5((1/$17(51*5((1/$17(51*5((1/$17(51
&2536 *5((1 /$17(51 &2536 48$57(5/< *5((1 /$17(51 63(&,$/ *5,)),1 7+( *5,)7(5 *5,0-$&.*5,00*5227+(:$1'(5(5(SLF
*522&+521,&/(6*8$5',$1*8$5',$162)7+(*$/$;<
+$1'6 2) 7+( '5$*21 +$5%,1*(5 +$817(' 7$1. +$92. :2/9(5,1(
0(/7'2:1+$:.'29(+$:.(<(+$=$5'+(//%/$=(5
+(//%2<7+(&2536(+(//
6$1*(/+(//6+2&.+(//67250
+(5&8/(60DUYHO+(52$//,$1&(+(52$//,$1&((1'2)7+(*2/'(1$*(+(52=(52+,6725<2)
7+('&81,9(56(+2.80 +(;+22.+2:$5'7+('8&. +8/.FXWWLQJ(GJH+80$1)/< +80$1
725&++<3(5.,1'+<3(5.,1'81/($6+(',//80,1$725,03$&7:,17(563(&,$/,1&5(',%/(+8/.
9,1&5(',%/(+8/.$1':2/9(5,1(,1&5(',%/(
+8/.9648$6,02'2,1',$1$-21(6$1'7+(7(03/(2)'220,1),1,7(,1),1,17<:$5,1+80$16,19$'(56
)5200$56,5210$1,5210$1%$'%/22'-$&.(77+(SUHYLHZ-$0(6%21')25
<285(<(621/<-$0(6%221'-/$<($521(-2+1%2/721+$//62)+25525-2+1%<51(
61(;70(1
-21$+ +(; 5,'(56 2) 7+(:250 -2+1 6$%/( -6$ $// 67$56 -81*/($&7,21 -867,&( ,1& -867,&( /($*8( 2)
$0(5,&$-867,&(0$&+,1(&RPLFRIHDWXULQJWKH(OHPHQWDOV-867,&(62&,(7<2)
$0(5,&$.$0$1',.$5$7(.,'.$7<.((1(63(&,$/
5HG&LUFOH.$=$5.,'(7(51,7<
.,1'5('7+(.,6636<&+2&,5&86.,1*+70$5(.1,*+7675,.(.2%5$.8//7+(&2148(525
/$%0$1/$%5$76/($*8(2)(;75$25',1$5<*(17/(0(1
SJV/(*$&</(*(1'6/(*,211$,5(6/(*,21$,5(6/(*,212)1,*+7WSE/(*,212)
683(5+(52(6/(21$5'1,02<
63520257$/6/(7+$5*,&/$'/(;/87+257+(81$87+25,=('
%,2*5$3+</2%2/2,6/$1(/21*6+27/267,163$&(,QQRYDWLRQ0$&+,1(0$1
0$''2*0$'0$1&20,&6'DUN+RUVH/HJHQGV0$*,.0$*18652%27),*+7(59DOLDQW
V
<HDUERRN0$1%$70$1+817(5
0$17+,1* 0$1< *+2676 2) '2&725 *5$9(6 0$5.60$10$56$77$&.,PDJH0$57+$:$6+,1*721*2(672:$50$57,$10$1+817(5$0(5,&$16(&5(76
0$57,$1 0$1+817(5 0$59(/ $&7,21 +285 0$59(/ $*( $118$/ 0$59(/ &/$66,&6
&20,&6 0$59(/ &20,&6 35(6(176 0$59(/ )$1)$5( 0$59(/ 0,/(6721( (',7,21 7+(
$9(1*(56 )$17$67,& )285 0$59(/35(0,(5( 0$59(/ 35(6(176 0$59(/
5,27 0$59(/6 0$59(/ 6$*$ 0$59(/ 683(5+(52(6 &217(67 2) &+$03,216 0$59(/ 683(5+(52(6
)($785,1* )DOO 6SHFLDO 0$59(/ 683(5 +(52(66(&5(7:$56 0$59(/7$/(6
0$59(/ 7($083 0$59(/ 75,3/( $&7,21 0$59(/ 7:2,121( 0$59(/ 81,9(56( $9(1*(56 63,'(50$10$;; 7+( 0$=,1* 0$1 0$67(5:25. 6(5(,6 2) *5($7 &20,& %22.
$57,676 0(1 2) :$5 0(5&< 9HUWLJR WZR FRSLHV 0(7(25 0$1 0,&.(< 0286( $1' *22)< (;3/25( (1(5*<
&216(59$7,21WZRFRSLHV0,&521$8767+(1(:92<$*(60,'1,*+7(50,5$&/(0$10,5$&/(648$'0,67(5
0,5$&/(02':+((/6021.(<0$1$1'2
%5,(163(&,$/02167(50(17+(02167(5+817(560221
.1,*+7 0221 .1,*+7 ),672).+216+8 0225/2&. 02725+($' 06 0$59(/ 0<67(5<,1&25325$7('1$0251$0251(9(5:+(5(1(:$*(&20,&61(:$9(1*(56
FRSLHV 1(:$9(1*(56 $50<(;&+$1*( ,668( 1(:$9(1*(567+( 5(81,21 1(:)5217,(5 1(:*2'6 1(:0(11(:087$176
$118$/63(&,$/(',7,211(:7((17,7$16$QQXDO,%0
'58**,9($:$<ZLWKFHUWLILFDWHIURP1DQF\5HJDQ.((%/(5'58*$%86(*,9(:$<1(:7((17,7$16
$118$/1(::$55,256JROG1(;70$11(;860((760$'0$163(&,$/1,*+70$5(
1,*+70$6.1,*+75$9(1+286(2)&$5'61,*+7:$7&+1,1-$.12&7851(1)/683(5352120$'
1250$/0$10(*$7210$163(&,$/129$2)),&,$/+$1'%22.2)7+(0$59(/81,9(56(
'(/8;(',7,212)),&,$/0$59(/,1'(;727+($9(1*(5620$&20(*$0(1
20(*$ 7+( 81.12:1 25,*,1$/ *+267 5,'(5 27+(56 7+( 3$&7 7+( 3$&,),& 35(6716 3$,1.,//(5 -$1( '$5.&+</'( /267 ,1 $ '5($0 3(11< )25 <285 628/ QG SULQW 3+$1720 7+( 3+$1720 )25&(
,PDJH*HQHVLV3+$1720%/273+2(1,;3,12&&+,2%22.$1'5(&25'6(73,773/23325.<3,*32:'(5('
72$670$163(&,$/32:(5/(6632:(5/25'632:(53$&.35($&+(535('$725960$*186
52%27 ),*+7(5 35(= 35,0$/ )25&( 3523+(7 9 9 352:/(5 381,6+(5 $118$/381,6+(5*)25&(381,6+(5:$5=21(48$6$548(67,2148(67352%(
)($785,1*7+(+8/.5$&(5;5$',2%2<5$,5$9(55$<PLQL5$<%5$'%85<
&20,&65$=25/,1(3UHYLHZLVVXH5($/+(52(63L]]D+XWJLYHDZD\5(%(/65('621-$5('7251$'2
5(*8/$72565(78512)7+(-(',5,&+$5''5$*21.81*)8),*+7(55,&+,(5,&+-$&.32765,&+,(
5,&+021(<:25/'5,&+,(5,&+5,&+(65,&+,(5,&+9$8/72)0<67(5<5,&+,(5,&+=,//,216
5,0$7+(-81*/(*,5/5,3&/$:RQJRLQJ5,3/(<
6%(/,(9(,72512752%2&23
&20,&6&217,18(6
52%2&23)UDQN 0LOOHU
V52%2&23967(50,1$72552%,1
52&.(7((5 029,( $'$37$7,21 520 521,1 5,3/(<
6 %(/,(9( ,7
251276$%5(7227+6$'6$&.$50</,)(6$1'0$1
6$9$*('5$*21999V0(*$7210$1
6$9$*( 6+( +8/. 6&$5$% 6&+,0'$5 DGXOWV RQO\ 9 9 6&8'7+(',6326$%/($66$66,16&253,216(&21'/,)(2)'2&725
0,5$*( 6(&5(7 '()(1'(56 6(&5(7 25,*,16 $118$/ 6(&5(725,*,1663(&,$/6(&5(762&,(7<2)683(59,//,$,16
6(&5(7:($32166(&7$8566((.(566*7)85<
6(5*($17 35(6721 2) 7+( <8.21 )& 6(5*,21
$5*21(6 '(6752<6 '& 0$66$&5(6 0$59(/ 6+$'2 6+$'2:
6+$'2:$1''2&6$9$*(6+$'2:+$:.6+$'2:0$1
6+$0$1 7($56 6+$77(5(' ,0$*( 6+$'2: /,*+7 6+$'2::$52)+$:.0$16+$=$06+2:&$6(6+2:&$6(6+528'7+(6,/9(5$*(
&/$66,&6+266,/9(56$%/(6,/9(567$56,/9(5685)(5HSLF6,/9(5685)(5
$118$/6,1&,7<$'$0(72.,//)256,1&,7<+(//$1'
%$&.6,1&,7<-867$127+(56$785'$<1,*+71RZL]DUG6,1&,7<6(;9,2/(1&(126,1&,7<7+(
%$%(:25(5('6.8//%21(66/((3:$/.(56/8'(5(';0$662/$525,*,1$/
'2&72562/$562/262/2021.$1(629(5(,*16(9(163$:163(&75(
63,'(5%2<63,'(50$163,'(50$1$1';)$&72563,'(50$1&+$37(563,'(50$167250
$1'32:(50$163,'(50$17+(087$17$*(1'$63,'(50$163,'(5:20$163,5$/3$7+7+(
63,5,767$/.(567$/.(5667$5%5$1'67$5),5(67$5+817(5667$50$167$50$67(56
67$55($&+67$56/$<(567$563$1*/('&20,&667$563$1*/(':$56725,(667$575(.*.67$5
75(.0DUYHO67$575(.'&
$118$/67$575(.'&
$118$/63(&,$/67$575(.029,(63(&,$/667$575(.'((36$&(1,1(
0DOLEX'&67$575(.1(;7*(1(5$7,21'&PLQLVHULHVRQJRLQJ
$118$/ 63(&,$/ 67$5 75(. 1(;7 *(1(5$7,21 7+( 02'2/$
,03(5$7,9(6+$'2:+($5767$575(.67$5)/((7$&$'(0<67$575(.92<$*(567$575(.;0(167$5:$56
'$5.(03,5(67$7,&67((/67($0381.&$7(&+,60SURORJXH675$1*($'9(1785(6675$1*(
&20%$77$/(6675$1*(63257667250:$7&+675<.()25&(6783,'683(5%2<
683(5%2< 79 683(5%2< $118$/ 683(5*,5/ 683(5+(52 &$7$/2* 683(50$1 EDJJHG
63(&,$/683(50$1$118$/
683(50$1%$70$1683(50$1/$676212).5<372163(&,$/(',7,21683(50$15('683(50$1%/8(683(50$1
0$12)67((/683(50$1$/,(16683(50$1)25($57+683(50$1/(*$&<2)683(50$16$9(7+(3/$1(7
683(50$1 7+( ($57+ 67($/(56 683(50$172<0$13/$<,1* 528*+ 683(51$785$/ 7+5,//(56 683(532:(56
683(53$75,27683(562/',(5683(57($0)$0,/<6835(0(6:$037+,1*$118$/6:25'
2)625&(5<7$.,217$/(6)5207+(&5<377$/(62)7+(*5((1/$17(51&25367$/(62)7+(
7((17,7$16$118$/7$5*,77$5=$1)$0,/<7($0
$0(5,&$7($07((1$*(087$171,1-$7857/(61(:$1,0$7('$'9(1785(67((17,7$167(50,1$/&,7<
7(50,1$725VW'DUN+RUVHLVVXH*UDSKLF1RYHO12:7(5525,1&7+$1(7+(($7(567+,1*
7+25 7+25 &2536 7+5,//2*< 7+81'(5%2/7 7+81'(567,.( 7,&. .$50$
7251$'27,0(%$1',767,0(:$/.(57,7$1$(7202552:6725,(672372572;,&$9(1*(5
75(1&+(5 752// 7852. ',126$85 +817(5 7:,/,*+7=21(*. 12: GHOX[ $
63$&( 2'<66(< 7<3+2,' 8/75$)25&( 81&/( 6&522*( *. 81'(5:25/' 81/($6+(' 81,21 9 81,7<9DOLDQW81,9(56(8172/'7$/(62)63,'(50$1979VKRZ9$/,$1)5((
9,(: 9$/,$17 5($'(5 9$1*8$5' 9$/25 9(1*($1&( 2) 9$03,5(//$ 9(1*($1&( 648$' 9(50,//,219(57,*2-$09(57,*2)$&(9,*,/9,*,/$17(9,2/$7259V%$'52&.9,6,217+(
9,6,725:$//<:22'
67+81'(5$*(176:$/.,1*'($')&%':$/7',61(<
6&20,&6$1'6725,(6
:$/7 ',61(<
6 '21$/' '8&. $'9(1785(6 :$/7 ',61(<
6 0,&.(< $1' '21$/' :$5 :$5&+,/':$5+($''6:$5/2&.:$5/2&.$1'7+(,1),1,7<:$7&+:$5/25'
:$53:$52)
7+(*2'6:$55,2562)3/$60:$56725<-DQ$SULO:($321=(52:(%2)63,'(50$1
:(,5'6863(16(:(,5'7$/(6,//8675$7(':(,5':$57$/(6:(,5':(67(51
7$/(6:(,5':25/'6(5%:(5(:2/)%<1,*+7:(67&2$67
$9(1*(56PLQL$QQXDO:+$7,)VWQG:+$7
7+(""C:+2
6:+2'&81,9(56(:+2
6:+2,167$575(.:,/'&$76:,/''2*:,/'67$5
:,/'7+,1*:2/)3$&.:2/9(5,1(:2/9(5,1((9,/87,21:2/9(5,1(7+(-81*/($'9(1785(
:20(1287/$:6:21'(5:20$1$118$/:25/'2).5<3721
:25/'
6),1(67
:8/)7+(%$5%$5,$1
;
63(&,$/21(
6+27;)$&725$118$/;),/(6;)25&($118$/;0(1
1'
$118$/;0(1ILYHYHUVLRQVFRSLHVHDFK$118$/;0(17R\V
UXV;0(1;0(1'($'/<*(1(6,6;0(13+2(1,;(1'621*;0(10,&521$876;0(1&/$66,&6
; 0$12:$5 ;20%,( ;3$752/ ;7(50,1$7256<281*$//67$56<281*-867,&(
<281*%/22'<($5%22.=21(&217,180=(1,17(5*$/$7,&1,1-$=27
$//&20,&67+,66(&7,21
$&7,21&20,&6
$'9(1785( &20,&6 $/,(16
*(12&,'(73%$/3+$)/,*+7$0$=,1*$'9(1785(6
$0$=,1*63,'(50$1
$118$/ 63,'(50$1 $1' 32:(5 3$&. FKLOG
DEXVH JLYHDZD\ FRSLHV $0$=,1* 63,'(50$1 628/ 2) 7+( +817(5 73%$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$9(1*(56
%$70$1%$70$1/(*(1'2)7+('$5..1,*+7
%$70$1 )$0,/< %$70$1 7+( '$5. .1,*+7 %$70$1 2'<66(< $GDPV VNHWFK FYU
%$77/(),(/' $&7,21 %$77/(67$5 *$/$&7,&$ %((7/( %$,/(< %(2:8/) %(:$5(7+(&5((3(5%(<21'7+(*5$9(%/$&.)85<%/$&.*2/,$7+%/$&.+$:.
%/$&./,*+71,1*%/$&.0$*,&
%/$&.3$17+(5%/,7=.5,(*%5$9($1'7+(%2/'%8&.52*(56*.
%8*6%811<'HOO&$37$,1$0(5,&$
&$37$,1&$18&. &$37$,10$59(/&$37$,1
6$9$*( $1' /($7+(51(&. 5$,'(56 &$37$,1:,//< 6&+8/7= &$5((5 *,5/
520$1&(6 &$5 :+(5( $5( <28 &+$//(1*(56 2) 7+( 81.12:1 &+$0%(52)&+,//6&+$03,216&+$03,21632576&+$5/721%8//6(<(
&+,//,1* $'9(1785(6 ,1 625&(5< &/$66,&6 ,//8675$7(' +51 +51 +51 +51 +51 +51 +51 +51 +51 &/$: 7+(
81&2148(5('&20,&635,&(4827(6&21$17+(%$5%$5,$1
$118$/6&5,6,621,1),1,7(($57+6
&5<372)6+$'2:6'$))<'8&.'$5('(9,/
'$5,1*$'9(1785(6 2)683(5*,5/ '$5. +256( 35(6(176 $/,(16 9 '$==/(5'&61($.
35(9,(:6'&63(&,$/'&63(&,$/6(5,(69'&683(567$56
'()(1'(56'HOO'()(1'(560DUYHO
'(021
'(11,67+(0(1$&('(11$&(7+(0(1$&(,1+2//<:22''(7(&7,9(&20,&6
'. '2& 6$9$*( '2&725
675$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 &+521,&/(6 )$17$67,& )285 52$67 )$17$6< 0$67(53,(&(6 9 ),*+7,1* $0(5,&$1 LQFRPSOHWH ),*+7,1
0$5,1(6),*+7,11$9<67,668(63(&,$/
)/$6+ )/,16721(6 *. )25%,''(1 :25/'6 )25(9(5 3(23/( )285 &2/25 )285 67$5 63(&7$&8/$5 )5$1.(167,(10DUYHO)5(('20),*+7(56)5,(1'/<*+267&$63(5
0,/. &+((6( )857+(5 $'9(1785(6 2)
,1',$1$-21(6*+267/<+$8176*+267/<7$/(6*+2670$125
*+2675,'(5*+2676*,$176,=(
&21$1 7+( %$5%$5,$1 *,$17 6,=( '5$&8/$ *,$17 6,=( 0$17+,1* *,$17 6,=(
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*+2676725,(6*5,36*5,36$'9(1785(6*522
+$1'62)7+('5$*21+$817('+$817('/29(+($577+52%6
+(5&8/(6+(52)25+,5(+(52(6$*$,167+81*(5+(52(6)25+23(+27
52' $1' 5$&,1* &$56 +286( 2) 6(&5(76 +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(<,1720<67(5<-8'*('5(''(DJOH&+,/'48(67
-8'2 0$67(5 -81*/( $&7,21 -867,&( ,1& -867,&(
/($*8(2)$0(5,&$
.$0$1',7+(/$67%2<21($57+
&20,&6&217,18(
.$=$5.,1*('8&$7,21$/&20,&648,1&<.,1*&21$1
.,77< 35<'( $1' :2/9(5,1( .2%5$ .21* 7+( 817$0(' .5(( 6.8// :$5
67$55,1* 7+( $9(1*(56 .8// 7+( &2148(525 .58// .857
%86,(.
6$6752&,7<+RPDJH/$1&(/27/,1.6(&5(7&+,03/(*,212)683(5+(52(6
$118$/ /(*,21 2) 683(5+(52(6 /,21 7+( *. /2*$1
6 581 /21*6+27/221(<781(6/29($1'520$1&(0$&+,1(0$1
0$'$0(;$1$'80$'+286(0$*18652%27),*+7(5*.0$*18652%27
),*+7(5 9DOLDQW 0$1%$7 0$17+,1* 0$1< *+2676 2) '2&725
*5$9(60$59(/&/$66,&6&20,&60$59(/&20,&635(6(176;0(1PLQLFRPLF
FRSLHV0$59(/&20,&635(6(1760$59(/'28%/()($785(0$59(/)$1)$5(
0$59(/)($785(0$59(/35(0,(5(0$59(/
6*5($7(67&20,&60$59(/
63(&7$&8/$5 0$59(/ 6327/,*+7 9 0$59(/ 683(5
+(52(60$59(/7$/(60$59(/7($083
$118$/0$59(/7:2,121(0$59(/&20,&6
YV'&&20,&60$67(52).81*)80$;;7+(0,&.(<0286(*.
0,&521$876$118$/0,*+7<&586$'(56 0,*+7<
6$036210,5$&/(0$1'0,67(50,5$&/(
02167(5 +817(56 02167(56 21 7+( 352:/ 0251,1* */25,(6 QG SULQW 029,(
&/$66,&6 7+( +25,=217$/ /,(87(1$17 7+( 0286( 21 7+( 0221 06 0<67,& 086,1*6 0<67(5<,163$&(1(:$'9(1785(62)683(5%2<1(:087$176
1(:7((17,7$161,&.)85<$*(172)6+,(/'
18./$'HOO2&&8/7),/(62)'563(&7252)),&,$/35,1&(9$/,$1720(*$0(1
20$&21(0$1$50<20(*$7+(81.12:1
285$50<$7:$53$&,),&35(6(1763(33+$1720*.&KDUOWRQ
3+2(1,;3/$1(72)9$03,5(632:(53$&.35('$72573%35(=35,086381,6+(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' '5$*21 .81*),*+7(5 5,&+,( 5,&+ -$&.,(
-2.(565,&+,(5,&+-$&.32765,&+,(5,&+0,//,2165,&+,(5,&+021(<:25/'
5,&+,(5,&+68&&(665,0$7+(-81*/(*,5/5,3/(<
6%(/,(9(,725127*.
6$*$ 2) &<567$5 6$1'0$1 6$5*(6125.(/6&$5<7$/(66*7)85<
6(&5(725,*,166(&5(76,;6(&5(762&,(7<2)683(59,//$,16
6(&5(7:($3216 6(5*($17 35(6721 6(&5(76 2) 6,1,67(5
+286(6+$'2:6+$'2:0$16+2:&$6(6,1&,7<)$0,/<
9$/8(6 73%6,036216 &20,&6 6,; 0,//,21 '2//$5 0$1 6.8//7+( 6/$<(5 62/$563$:163(&7$&8/$563,'(50$1
$118$/63,'(5:20$1
6322)67$5),5(67$5+817(56
67$5 75(. 0DUYHO 67$5 75(. 67$5 75(. 1(;7 *(1(5$7,21 67$5:$5667$5:$565(78512)7+(-(',67$5:$567+((03,5(
675,.(6 %$&. 73% 675$1*( $'9(1785(6 675$1*(56 ,1 3$5$',6( 675$1*(632576675$1*(7$/(6PLVVLQJDGSDJHPLVVLQJDGSDJH
67$7,& 683(5%2< 683(5'8&.683(5)5,(1'6 683(5*,5/ 683(5
+(52(6%$77/(683(5*25,//$6683(50$1
$118$/
683(50$1 )$0,/< 683(50$1
6
*,5/)5,(1'/2,6/$1(683(50$1
63$/-,00<2/6(1683(51$785$/7+5,//(56
683(532:(56683(57($0)$0,/<683(59,//$,17($083
6:$03 7+,1* 6:((7+($576 7$/(6 2)
$6*$5'7$/(62)7+(/(*,212)683(5+(52(67$/(62)7+(1(:7((1
7,7$16 7$/(6 72 $6721,6+ 7$5*,77 7$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<725
72:(52)6+$'2:67852.6212)6721(7:,/,*+7=21(*.$63$&(2'<66(<869$//(<2)
7+(',126$8569$8/72)(9,/9(1*($1&(2)9$03,5(//$9(1*($1&(648$':$/7',61(<
6&20,&6
6725,(6
:$/7 ',61(<
6 '21$/' '8&. $'9(1785(6 :$17(' :$5 :$5 $1' $77$&. :$5 ,6 +(// :$5/25' :$5/25' 2) 0$56 GHMD WKRULV :(% 2) 63,'(50$1 $118$/ :(,5' 6863(16( :(,5'
:(67(517$/(6:(,5':21'(57$/(6:(5(:2/)%<1,*+7:,7&+,1*+285:21'(5:20$1
:25/'
6),1(67
:25/'
681.12:1:8/)7+(%$5%$5,$1:<$77($53;0(18QFDQQ\
$118$/ ;0(1 ;0(1&/$66,&6<281*/29(
<281*5(%(/6'HOO
$//&20,&67+,66(&7,21
$&7,21 &20,&6 $&7,21 &20,&6 1HZ $'$0 $'9(1785( &20,&6 3/$1(72)7+($3(6
$//1(:;0(1XQLPSUHVVHGFYU$//67$5&20,&6$//
67$5648$'521$/3+$)/,*+7$0$=,1*$'9(1785(6
$0$=,1*63,'(50$1
$118$/
$,0 *,9($:$< FRSLHV $// *,9($:$< $1*(/$ $1,0$/ 0$1 $48$0$1 $5$. $5&+(5$5067521*$5&+,(&20,&6$5&+,(*,$176(5,(6
$5&+,(
6 0$' +286( $5&+,(
6 3$/ -8*+($' $6721,6+,1*7$/(6$7$5,)25&($7207+(
$9(1*(56
$9(1*(568/75$9(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$152%,1$'9(1785(6
%$70$1 )$0,/< %$77/(67$5 *$/$&7,&$ %(1 &$6(< 'HOO %(5=(5.(5%(<21'7+(*5$9(%,//7('
6(;&(//(17&20,&%22.
%/$&. )85< %/$&. 0$*,& %/$&. 3$17+(5 %/,7=.5,(* %5$9( 7+( %2/' &$37$,1
0$59(/&$37$,1$0(5,&$
&$37$,19(1785(*.&+$//(1*(562)7+(
81.12:1&+$0%(52)&+,//6&/$: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'
'$5. +256( &20,&6 '& &20,&6 35(6(176 '&
63(&,$/ 6(5,(6 '& 683(567$56 '($'322/ :,=$5' '()(1'(56 '(021 '(11,67+(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 ),*+7,1
0$5,1(6 ),5(6725067,668(63(&,$/
)/$6+ )25%,''(1 :25/'6 )25(9(5 3(23/( )5,*+7 )285
&2/25 'HOO )285 67$5 63(&7$&8/$5 )5$1.(167(,1 )5(('20 ),*+7(56 )5,(1'/< *+267 &$63(5 *+267/<7$/(6*+2670$125*+2675,'(5
*,$176,=(&5($785(6*,$176,=(+8/.*,$17
6,=(0$17+,1**,$176,=(63,'(50$1*5((1/$17(51
*5((1 /$17(51 *5((1 $552: *522+$1'62)7+('5$*21+$5'&2536
+$817('+($577+52%6+($7+&/,))6WDU+(//%/$=(5
+(5&8/(6&KDUOWRQ+(5&8/(681%281''&+(52(6
,1&3UHVHQWV&$1121+286(2)0<67(5<+2:$5'7+('8&.$118$/
+80$1 )/< +80$1 725&+ , /29( <28 ,1&5(',%/(
+8/.:DOPDUWJLYHDZD\,19$'(56 ,19,1&,%/(
,5210$1,521-$:,5210$1
-2+1&$57(5:$5/25'2)0$56-2.(5
7+(-2+1%<51(
61(;70(1-21$++(;-8'20$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*+
/$:(5(1&(2)$5$%,$'HOO/(*,212)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 *. 9DOLDQW 0$1%$7
0$1'5$.( 7+( 0$*,&,$1 .LQJ 0$17+,1* 0$1<*+26762)'2&725*5$9(60$59(/$1''&35(6(17;0(1
1(: 7((1 7,7$16 0$59(/ &/$66,& &20,&6 0$59(/
&2//(&725
6 ,7(0 &/$66,&6 0$59(/ )($785( 0$59(/ 35(0,(5( 0$59(/6 0$59(/6327/,*+70$59(/683(5$&7,210$59(/683(5+(52(6
&20,&6&217,18(6
0$59(/ 7$/(6 0$59(/ 7($083 0$59(/
7:2,121(0$6.('5$,'(50$67(52).81*)80&.((9(5
$1' 7+( &2/21(/ 0*0
6 0286( 086.(7((56 0,&.(<
0286( *. 0,*+7< 6$03621 *. 0,//,( 7+( 02'(/ 0,5$&/(0$10,67(50,5$&/(
0221.1,*+7025/2&.06
0$59(/087,1<217+(%2817<*.
0< *5($7(67 $'9(1785( 0<67(5,(6 2) 81(;3/25(':25/'6 0<67(5< ,1 63$&( 1$=$ 6721( $*( :$55,25 'HOO 1(*$7,9( %851 1(: 087$176 1(: 3(23/( 7+(
'HOO 1(: 7((1 7,7$16 1,&. )85< $*(17 2) 6+,(/'
1,*+77+5$6+(520$&21(0$1$50<29(5
7+( ('*( 0DUYHO 3$76< $1' +('< 3(3 3+$1720 *. 3+$1720675$1*(3+2(1,;
3,1.3$17+(5 *. 3/$1(72)9$03,5(6 35($&+(535(=35,086381,6+(55$&.(7648$'
,1$&7,215$*0$15('621-$5('7251$'2
5,&+,( 5,&+ 5,&+,( 5,&+ 0,//,216 5,&+,( 5,&+
68&&(665,0$7+(-81*/(*,5/5,3/(<
6%(/,(9(
,7 25 127 520 6$' 6$&.:,7+ 6$5*( $1' 6$',( 6$1'0$16&253,216*7)85<$118$/6(&5(725,*,16
6(&5(76,;6(&5(762&,(7<2)683(59,//,$16
6(&5(762)6,1,67(5+286(6+$'(7+(&+$1*,1*0$16+$'2:
7+(6+2*81:$55,2566+2:&$6(
6,/9(5685)(5UGSULQW6,;0,//,21
'2//$50$1&KDUOWRQ612::+,7($1'7+(6(9(1':$5)6*.
6212))/8%%(5*.63$&(63$:163(&,$/
(',7,21;0(163(&7$&8/$563,'(50$163,'(50$1
:L]DUG 63,'(5:20$1 63,'(5:20$1 63,5,7 .LWFKHQ
6LQN67$/.(567$575(.*.67$575(.67$575(.7+(
1(;7*(1(5$7,2167$5:$5667((/7+(
,1'(6758&7,%/(0$1675$1*($'9(1785(6
675$1*(
$'9(1785(668%0$5,1(5
683(5%2< 683(5)5,(1'6 683(5*,5/ 683(50$1 3L]]D+XWJLYHDZD\QHZ683(50$1
$'9(1785(6 683(50$1
6 *,5/)5,(1' /2,6 /$1( 683(50$1 )$0,/<
683(50$1
63$/-,00<2/6(1
6:$03 7+,1* 1HZ 6:,1*:,7+
6&227(56:25'2)625&(5<7$/(6&$/&8/$7('72'5,9(<28%$76
7$/(6 2) 7+( 81(;3(&7(' 7$5*,77 7((1 $*( /29( 7((1$*( 087$17 1,1-$ 7857/(6 7+,1* 7+25 7+81'(5$*(1767RZHU7,*(50$1 7,0(:$53720-(55<&20,&6720%2)'5$&8/$725
75$16)250(567852.',126$85+817(5
7:,/,*+7 =21( *. 12: 7:2 *81 .,' 8/75$9(56( $9(1*(56 81(;3(&7(' 81.12:162/',(5856$0,1259(1*($1&(648$':$/7',61(<
6
&20,&6$1'6725,(6
:$/7 ',61(<
35(6(176 7+( 6:$03 )2; :$5/2&. :$5/25' :$53:$7&+0(1:(%2)63,'(50$1:(,5':$57$/(6
:(,5' :(67(51 7$/(6 :(,5' :21'(5 7$/(6 :(,5'
6863(16(:(5(:2/)%<1,*+7:+$7,)VWVHULHV
:,7&+,1*+285:21'(5:20$1:25/'
6),1(67
:25/'
681.12:1:8/)7+(%$5%$5,$1
;)$&725 ;),/(6 7RSSV ;0(1 8QFDQQ\ ;20$12:$5
0$*$=,1(63$3(5%$&.675($685,(6',*(676
75($685<
6,=(
'&63(&,$/6(5,(6
IQ6XSHUPDQ
)RUWUHVV6ROLWXGH
)$028667(',7,21
&IQ
5HSULQWV
'HWHFWLYH&RPLFV
VW
%DWPDQDSS«
&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

Similar documents