5ZQF7.]]%. 5ZQF7.]]%.
XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN
#BTJDWFSTJPO #BTJDWFSTJPO
5BCMF$POUSPMMFS
5BCMF$POUSPMMFS
$PEJOH %FTDSJQUJPO
-
5IFQPXFSDPOUSPMMFSXJUIFYBDUIZQFSCPMJDDVSWFJTVTFEJOUIFDBTFPGHSFBUMZWBSZJOH
QSFTTVSFTXIFSFUIFESJWFNPUPSNVTUBMTPCFQSPUFDUFEBHBJOTUPWFSMPBEJOH5IFESJWF
UPSRVFJTMJNJUFEBMPOHUIFMJOF1SFTTVSF(FPNFUSJDEJTQMBDFNFOU$POTUBOUCZUIF
TQFDJBMTUSVDUVSF*GGPSFYBNQMFUIFQSFTTVSFEPVCMFTBUDPOTUBOUSPUBUJPOTQFFEUIF
EFMJWFSZPXJTBVUPNBUJDBMMZIBMWFE&YUFSOBMNFDIBOJDBMBEKVTUNFOUDBOCFNBEFUP
UIFESJWFUPSRVFBUBOZUJNF
0OMZJODPNCJOBUJPOXJUIQSFTTVSFDPOUSPMMFS1PXDPOUSPM7PSMPBETFOTJOHDPOUSPMMFS
-41
0SEFSDPEJOHFYBNQMF
7.3%'/99-1
7.3%'/99--41$
7
5IFDPOUSPMMFS7JTVTFEUPDPOUSPMGMPXPSTQFFEJOFMFDUSPOJDPSDPNQVUFSDPOUSPMMFE
TZTUFNT5IF7DPOUSPMMFSDPOTJTUTPGBQSPQPSUJPOBMTPMFOPJEBDUJOHPOBTFSWPWBMWFUIBU
EFUFSNJOFTUIFQPTJUJPOPGUIFQVNQTFUUJOHQJTUPO5IFEJTQMBDFNFOUPGUIFQVNQJT
QSPQPSUJPOBMUPUIFDVSSFOUUISPVHIUIF7%$TPMFOPJEBCPVUN"*OPSEFSUP
NJOJNJ[FWBMWFIZTUFSFTJTBQVMTFXJEUINPEVMBUFEDPOUSPMTJHOBMPGBQQSPY)[
GSFRVFODZJTSFDPNNFOEFE
&.$)
5IFFMFDUSPIZESBVMJDEFMJWFSZPXDPOUSPMMFSBEKVTUTUIFEJTQMBDFNFOUWPMVNFPGUIF
QVNQCFUXFFO[FSPBOENBYJNVNJOQSPQPSUJPOUPBOFMFDUSJDBMJOQVUTJHOBMUBSHFU
7PSN"
5IFQPXFSGPSUIFBEKVTUNFOUJTUBLFOGSPNUIFIJHIQSFTTVSFMJOF'PSTZTUFNQSFTTVSFT
CFMPXCBSBOBEEJUJPOBMBVYJMJBSZQVNQJTSFRVJSFEUISVTIBGU
5IFDPOUSPMTZTUFNDPOTJTUTPGUIFQVNQBEKVTUNFOUTZTUFNBO/(QSPQEJSFDUJPOBM
WBMWFBOEBQJWPUJOHBOHMFQJDLVQDPEJOHGPSBDUVBMWBMVFEFUFSNJOBUJPO
$POUSPMFMFDUSPOJDTDPEJOH$)UZQF%"$DPNQBSFUIFTFUQPJOUBOEBDUVBMWBMVFT
BOETVQQMZUIFTPMFOPJEWBMWFTXJUIUIFBQQSPQSJBUFDVSSFOU5IFDPOUSPMFMFDUSPOJDT
VTFEPFSBXJEFSBOHFPGPQUJPOTGPSJOEJWJEVBMBEBQUBUJPOTVDIBTSBNQTBOETFUQPJOU
SFDBMM
5IFBEKVTUNFOUDBOCFDPNCJOFEXJUIQSFTTVSFDPOUSPMMFSTDPEJOH11.714BOEPS
QPXFSDPOUSPMMFSTDPEJOH-UPMJNJUQSFTTVSFBOEPSQPXFS
0SEFSDPEJOHFYBNQMF
7.3%'/99&.1$)$;WFSTJPOXJUIQSFTTVSFMJNJUBUJPO
7.3%'/99&.-41$)$;WFSTJPOXJUIMPBE
TFOTJOHDPOUSPMMFS
7.3%'/99&.$)$;WFSTJPOXJUIPVUQSFTTVSFMJNJUBUJPO
5BCMF"EEJUJPOBMGVODUJPOTQJWPUJOHBOHMFJOEJDBUPS
5BCMFB4USPLFMJNJUBUJPO
$PEJOH %FTDSJQUJPO
/POF
8JUIJOEJDBUPS
8JUIQJWPUJOHBOHMFQJDLVQ)BMMTFOTPS
$PEJOH %FTDSJQUJPO
4USPLFMJNJUBUJPOBEKVTUBCMF
'BDUPSZTFUUJOHDN
SFW
4USPLFMJNJUBUJPOYFEXJUITQFDJDBUJPOPGUIFTFU
HFPNFUSJDEJTQMBDFNFOU7
H
DN
SFW
/PUF
5IFBEKVTUNFOUUJNFTBSFBQQSPYNT
/PUF
*OBEEJUJPOBTFQBSBUFMZBTTJHOFEPWFSQSFTTVSFQSPUFDUJPOQSFTTVSFMJNJUJOHWBMWF
JTBMTPUPCFQSPWJEFEJOUIFIZESBVMJDDJSDVJUUPBWPJEQSFTTVSFQFBLT
$PEJOH
%FTDSJQUJPO
1
1SFTTVSFDPOUSPMMFSXJUIBEKVTUBCMFQSFTTVSFPOUIFJOUFHSBUFEQJMPUWBMWFBOE
QPSUGPSFYUFSOBMQJMPUWBMWF5IFQSFTTVSFDPOUSPMMFSBVUPNBUJDBMMZNBJOUBJOT
BDPOTUBOUTZTUFNQSFTTVSFJOEFQFOEFOUMZPGUIF SFRVJSFEEFMJWFSZGMPX
5IFSFGPSFJUJTTVJUFEUPDPOTUBOUQSFTTVSFTZTUFNTXIFSFEJGGFSJOHEFMJWFSZ
PXTBSFSFRVJSFEPSGPSFDJFOUQSFTTVSFMJNJUBUJPOPGBIZESBVMJDTZTUFN
1C
$PEJOH1CXJUIFYUFSOBMGFFECBDLPGUIFQVNQQSFTTVSFUPDPNQFOTBUFGPSB
QSFTTVSFMPTTJOUIFQVNQQSFTTVSFMJOF
-41
-PBETFOTJOHDPOUSPMMFSXJUIQSFTTVSFMJNJUBUJPO
4UBOECZQSFTTVSFBEKVTUBCMFGSPNCBS
%FGBVMUEJFSFOUJBMQSFTTVSFTFUUJOHCBS
-41C
$PEJOH-41CXJUIFYUFSOBMGFFECBDLPGUIFQVNQQSFTTVSFUPDPNQFOTBUFGPSB
QSFTTVSFMPTTJOUIFQVNQQSFTTVSFMJOF
խխխխխ
1.714
խխխխխ
1SFTTVSFSBOHF
CBS
CBS
CBS
(4PMFOPJEWPMUBHF
"EEJUJPOBMEJSFDUMZNPVOUFEQSPQPSUJPOBMQSFTTVSF
MJNJUJOHWBMWFGPSTFUQPJOUBEKVTUNFOUGPSUIFQSFTTVSF
DPOUSPMMFSOPNJOBMWPMUBHF7 %$ PS 7 %$ XJUI
TQFDJDBUJPOPGUIFSFMFWBOUNBYQSFTTVSFSBOHF$BO
CFDPNCJOFEXJUIBMMDPOUSPMMFSTMJTUFEBCPWF7BMWF
UZQF1.714JTVTFEJOBDDPSEBODFXJUI%
3FUSPUUJOHJTQPTTJCMFBUBOZUJNF
#71.
4&OFSHJTFEDMPTFE
EFFOFSHJTFEPQFO
3&OFSHJTFEPQFO
EFFOFSHJTFEDMPTFE
"EEJUJPOBMEJSFDUMZNPVOUFEXBZEJSFDUJPOBMTFBUFE
WBMWFGPSQVNQEJSFDUJPOTXJUDIJOHOPNJOBMQSFTTVSF
TUBOECZQSFTTVSF
(
(
4խ(
3խ(