6
7 2 & . 0 $ 1 (/(&7
% 8 / / 6 $ / (
& 2 0 0 ( 5 & , $ / 2 3 ( 1 5(3/$&(0(17 +(,)(56
6 $7 8 5 ' $<
0$5&+ : , 1 '< + , / / / , 9 ( 6 72 & .
3 0 &6 7 - 2 + 1 6 7 2 1 ( $ 8 & 7 , 2 1 0 $ 5 7 0 2 2 6 ( - $ : 6 .
7 5 , 3 / ( $ + ( 5 ( ) 2 5 ' 6
$ 1 ' ( 5 6 2 1 & $7 7 / ( & 2
% 5 ( ( ' 6 0 2 5 ( 2 3 7 , 2 1 6
+ 2 5 1 ( ' + ( 5 ( ) 2 5 ' 7: 2 < ( $ 5 2 / ' < ( $ 5 / , 1 * % 8 / / 6
9 , ( : 7 + ( & $7$ / 2 * 8 ( 2 1 / , 1 ( Z Z Z M RKQVW RQHDXFW L RQ F D
3 2 / / ( ' + ( 5 ( ) 2 5 ' < ( $ 5 / , 1 * % 8 / /
5 <$ 1 ' 2 5 5 $ 1 $8&7,21((5
5 ( ' $ 1 * 8 6 7: 2 < ( $ 5 2 / ' < ( $ 5 / , 1 * % 8 / / 6
6&277 %2+5621 % 2 + 5 6 2 1 0 $ 5 . ( 7 , 1 * 6(59,&(6
% / $ & . $ 1 * 8 6 < ( $ 5 / , 1 * % 8 / / 6
1 $7 ( 0 $ 5 , 1 6 $ / ( 6 6 7$ ) )
2 3 ( 1 & 2 0 0 ( 5 & , $ / 5(3/$&0(17 +(,)(56
6 & 27 7 - 2 + 1 6 72 1 ( 5 , 1 * 6 7$ ) ) 0 $ 5 . 6 72 & . 5 , 1 * 6 7$ ) )
& + 5 , 6 3 ( 7 ( 5 6 2 1 & $7 7 / ( % 8 6 , 1 ( 6 6 : ( ( . /<
5 ( ' $ 1 * 8 6 ' , 9 , 6 , 2 1 : , 1 ' < + , / / / , 9 ( 6 7 2 & .
0 , . ( 6 + $ 1 1 2 1 5 ( * $ 1 ' / 2 8 , 6 0 & ' 2 1 $ / ' 0 2 2 6 ( - $ : 6 .
7 ( / & ( / /
+(5()25' ',9,6,21 7 5 , 3 / ( $ + ( 5 ( ) 2 5 ' 6
0 8 5 5 $< % 5 , ' * ( 7 / 8 . ( $ 1 ' 5 ( : 6 5 8 6 6 ( / / ) $< ( $ 1 ' 5 ( : 6 0 2 2 6 ( - $ : 6 .
7 ( / & ( / / 5 8 6 6 ( / /
/ 8 1 & + : , / / % ( 6 ( 5 9 ( ' 3 5 , 2 5 7 2 7 + ( 6 $ / (
%/$&. $1*86 ',9,6,21 $ 1 ' ( 5 6 2 1 & $7 7 / ( & 2 * ( 2 ) ) $ 1 ' ( 5 6 2 1 % ( 7 + 8 1 ( 6 .
7 ( /
:,1'< +,// /,9(672&. +HOOR DQG ZHOFRPH WR RXU DQQXDO 6WRFNPDQ 6HOHFW EXOO VDOH $V \RX Ã&#x20AC;LS WKURXJK WKH QH[W IHZ SDJHV , KRSH \RX JHW DV H[FLWHG DV , GR 7KHUH DUH D KDQGIXO RI IHDWXUH EXOOV WKDW , DP YHU\ SURXG RI DQG PRUH LPSRUWDQWO\ LV WKH TXDOLW\ WKURXJKRXW WKH HQWLUH RIIHULQJ 2QO\ D FRXSOH RI TXLFN SRLQWV WR WRXFK RQ DQG FODULI\ ZLWK P\ RIIHULQJ WKH :LQG\ +LOO EXOOV DUH WKH VDPH DV DOZD\V VWDUWLQJ ZLWK D VWULFW FXOOLQJ RQ P\ IHPDOHV DQG HQGLQJ LQ WKH EXOO JLYLQJ \RX D YHU\ FRQVLVWHQW SURGXFW 1RZ RQ WR WKH &ULSSV SUH¿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
0LNH 6KDQQRQ 5HJ DQG /RXLV 0F'RQDOG :LQG\ +LOO /LYHVWRFN
66
/27
5HG :LQG\ +LOO &DVK < :+/) < -DQ
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 2&& 02216+,1( 0 &52:)227 %$5%$5$ 3 5&
5(' &52:)227 %51',1$ /
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
7KH SHGLJUHH RQ WKLV EXOO LV QRW D PLVSULQW QRU KLV KH D PLVWDNH <RX FDQ QHYHU KDYH WRR PXFK RI D JRRG WKLQJ DQG WKH GDP 3 LV D YHU\ JRRG WKLQJ 7KLV EXOO ZDV UDQNHG DW DQG GD\V DPRQJ KLV FRQWHPSRUDU\ JURXS ZLWK ORWV RI EODFN LQ KLV SHGLJUHH PDNHV KLP WKDW PXFK PRUH LQWHUHVWLQJ
5HIHUHQFH 6LUH 5HG :LQG\ &DVK : 7KLV LV D EXOO , RZQ LQ SDUWQHUVKLS ZLWK WKH %DXFN IDPLO\ DW &KDSOLQ 7KLV LV KLV ¿UVW FDOI FURS DQG LW LV TXLWH HYLGHQW KH LV GRLQJ D JUHDW MRE ZLWK D FRQVLVWHQW VHW RI VRQV RQ RIIHU 6LUH RI /RWV
5(' $1*86 %8//6 66
5HG :LQG\ +LOO &DVK < :+/) < -DQ
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 5(' %$5 ( / 1$32/(21 1 5(' :,1'< +,// 06 1$32/(21 8 5(' (**(1 )
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
9HU\ ELJ KLS DQG WRS LQ WKLV EXOO WDNH \RXU SLFN RQ DQ\ RI WKHVH EURWKHUV ,W LV QRW JRLQJ WR EH D JDPEOH
/27
66
5HG :LQG\ +LOO &DVK < :+/) < )HE
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 5(' %$5 ( / 1$32/(21 1 5(' :,1'< +,// (5,&$ 7 5(' (**(1 %$6,& ,167,1&7 06 +
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/LNH DOO RI P\ &DVK¶V YHU\ HUHFW PDGH DQG DWWUDFWLYH WKURXJK WKH IURQW HQG DQG VNXOO
/27
66
5HG :LQG\ +LOO &DVK < :+/) < )HE
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 5(' %$5 ( / 1$32/(21 1 5(' :,1'< +,// 06 1$32/(21 6 5(' %$5 % 0,66 ,167,1&7 +
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
$ PDWHUQDO EURWKHU WR WKH OHDG RII DQG KLJK VHOOLQJ 5HG $QJXV EXOO ODVW \HDU WKDW ZHQW WR 6L[ 0LOH 5HG $QJXV
/27
:,1'< +,// /,9(672&. 66
/27
5HG :LQG\ +LOO &DVK < :+/) < -DQ
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 5(' %$5 ( / 1$32/(21 1 5(' :,1'< +,// 0 1$32/(21 5 5(' (**(1 *5$9,7< - 0,66 0
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
$ IDYRULWH DQG VWDQGRXW VLQFH ELUWK GHHS ULEEHG ZLWK D KHUG EXOO ³ORRN´ WKURXJK KLV IURQW
5HG (JJHQ *UDYLW\ - 0LVV 0 *UDQG 'DP WR /RWV DQG
66
5HG :LQG\ +LOO &DVK < :+/) < -DQ
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 5(' %$5 ( / 1$32/(21 1 5(' :,1'< +,// 06 1$32/(21 6 5(' (**(1 *5$9,7< - 0,66 0
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
7KLV EXOO LV D IXOO ERUWKHU WR :+/) < /RW 2Q SDSHU WKH WZR GDPV WR WKHVH EURWKHUV DUH JUHDW EXW WKH JUDQG GDP ZDV DOZD\V D IDYRULWH D VROLG SURGXFHU
5(' $1*86 %8//6 66
5HG :LQG\ +LOO &DVK < :+/) < -DQ
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 :,:$ &5((. 5,72 ¶ :,1'< +,// 48((1 8 5&
5(' (**(1 3281' 0$.(5 0,66 -
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
,W GLGQ¶W UHDOO\ VHHP WR PDWWHU ZKDW , EUHG WKLV &DVK EXOO WR KH VWDPSHG WKHP VLPLODU DQG FRQVLVWHQW D WUXH WHVWDPHQW RI D EUHHGLQJ EXOO
/27
66
5HG :LQG\ +LOO &DVK < :+/) < )HE
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 :,:$ &5((. 5,72 ¶ :,1'< +,// 0221%($0 8 5(' 622 /,1( 06 5$%67$5
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
$JDLQ DQRWKHU FODVV\ DWWUDFWLYH &DVK VRQ RXW RI D %ODFN 5HG JHQH FDUULHU
5HG :LQG\ +LOO &DVK < :+/) < -DQ
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 5(' (**(1 *5$9,7< 5(' :,1'< +,// 06 *5$9,7< 1 5(' (**(1 +,*+ 0$5. + 06 .
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
$ ELJ IUDPHG ORQJ VSLQHG &DVK VRQ WKDW LV GHHS UHG 9DXJKQ +XWFKLVRQ ZLWK +HQGHUVRQ ,QVXUDQFH ZLOO EH DYDLODEOH VDOH GD\ WR LQVXUH \RXU EXOOV
:,1'< +,// /,9(672&. 66
5HG :LQG\ +LOO &DVK < :+/) -DQ <
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 5(' :,/'0$1 5,2 *5$1'( 5 5(' ',$021' 7 5,2¶6 0$< ¶ 5(' ',$021' 0$< ¶
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
%LJ SRZHUIXO EXOO RXW RI D OLWWOH FRZ SXUFKDVHG IURP 'LDPRQG 7 &DWWOH &R 7KLV FRZ¶V VWRFN JRHV XS HYHU\ GD\ LQ P\ ERRN
/27
5HG :LQG\ +LOO &DVK < :+/) )HE <
5(' 622 /,1( &$6+ 5(' :,1'< +,// &$6+ : &52:)227 %$5%$5$ 3 %$5 66 5,72 . :,:$ &5((. 526(%8' 1 ¶ :,:$ &5((. 526(%8' + ¶
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
7KLV ZLOO EH WKH EHVW %ODFN 5HG JHQH FDUULHU EXOO WR VHOO DOO GD\
:LZD &UHHN 5RVHEXG 1 ¶ 'DP WR /RW
66
/27
5(' $1*86 %8//6 66
/27
5HG &ULSSV ; ** ; 0D\
5(' %$5 ( / 5,%(<( 5 5(' +2:( $&(6 :,/' 8 5(' +2:( /$66 0 5(' 1257+/,1( 52%621 3 5(' &5,336 0$;,1( 7 5(' 666 0$;,1( )
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
5HG +RZH $FHV :LOG 8 ³$FH´ FDPH DV D SDFNDJH GHDO ZKHQ , ERXJKW &ULSSV &DWWOH &R¶V KHUG RI FDWWOH :KHQ \RX FRPH DFURVV D EXOO OLNH WKLV ZLWK VRQV OLNH WKH RQHV LQ WKH FDWDORJXH DQG IHPDOHV OLNH WKH RQHV VWDQGLQJ LQ WKH SHQ DW KRPH KH LV ZKDW , FDOO D ´QHHG WR RZQ´ NLQG RI EXOO +H LV WKH QH[W VWHS LQ EXLOGLQJ D PXFK EHWWHU SURJUDP 6LUH RI /RWV
7KLV EXOO LV DV FRPSOHWH DV WKH\ FRPH EORRG UHG KDLU\ GDUN IRRWHG DQG DWWUDFWLYH QRW WR PHQWLRQ KH ZLOO EUHHG D WRQ RI FRZV
:,1'< +,// /,9(672&. 66
/27
5HG &ULSSV < ** < $SU
5(' %$5 ( / 5,%(<( 5 5(' +2:( $&(6 :,/' 8 5(' +2:( /$66 0 5(' 1257+/,1( 52% 52< . 5(' &5,336 +($7+(5 7 5(' &5,336 +($7+(5 0
,I \RX OLNH ELJ ULEEHG VRJJ\ VRIW FDWWOH WKLV LV WKH RQH $OVR WKH TXLHWHVW LQ WKH SHQ
%: OEV $GM 'D\ :: OEV $GM 'D\ <: 1$ %: :: <: 0 70
5(' $1*86 %8//6 $QRWKHU VHW RI ERUWKHUV $FHV RXW RI %HGURFNV 7KLV FURVV LV D ELJ UHDVRQ , SXUFKDVHG WKLV KHUG IURP &ULSSV &DWWOH &R , ORYH WKHVH EXOOV IRU WKHLU KDLU FRDWV FRORU PDWXULW\ DQG FKDUDFWHU DW D \RXQJHU DJH
66
5HG &ULSSV $FHU < ** < $SU
5(' %$5 ( / 5,%(<( 5 5(' +2:( $&(6 :,/' 8 5(' +2:( /$66 0 5(' 666 %('52&. + 5(' &5,336 (08/< 6 5(' 666 (08/< )
%: OEV $GM 'D\ :: OEV $GM 'D\ <: 1$ %: :: <: 0 70
/27
66
5HG &ULSSV $FHU < ** < $SU
5(' %$5 ( / 5,%(<( 5 5(' +2:( $&(6 :,/' 8 5(' +2:( /$66 0 5(' 666 %('52&. + 5(' &5,336 /8/8 6 5(' &5,336 /8/8 +
%: OEV $GM 'D\ :: OEV $GM 'D\ <: 1$ %: :: <: 0 70
/27
66
5HG &ULSSV $FHU < ** < 0D\
5(' %$5 ( / 5,%(<( 5 5(' +2:( $&(6 :,/' 8 5(' +2:( /$66 0 5(' 666 %('52&. + 5(' &5,336 +($7+(5 5 5(' '(92/$1( +($7+(5 )
%: OEV $GM 'D\ :: OEV $GM 'D\ <: 1$ %: :: <: 0 70
/27
:,1'< +,// /,9(672&. 66
/27
5HG &ULSSV < ** < 0D\
5(' %$5 ( / 5,%(<( 5 5(' +2:( $&(6 :,/' 8 5(' +2:( /$66 0 5(' 6/& 67250 3 5(' &5,336 +($7+(5 6 5(' &5,336 +($7+(5 0
7KLV EXOO GRHV D ORW RI WKLQJV ULJKW 6WDUWLQJ ZLWK FRORU DQG KDLU DQG PRYLQJ RQ WR KLV DWWUDFWLYHQHVV WKDW VWDUWV DW KLV QRVH DQG HQGV DW KLV WDLO
%: OEV $GM 'D\ :: OEV $GM 'D\ <: 1$ %: :: <: 0 70
%RKUVRQ 0DUNHWLQJ 6HUYLFHV
5HG &ULSSV 7RDVW <
%R[ &DUVWDLUV $% 7 0 1
** < $SU
5(' ),1( /,1( 08/%(55< 3 5(' %5</25 72$67 7 5(' %5</25 6'/ 0,66 /80,( 3 5(' %5</25 1(: 75(1' ' 5(' &5,336 +($7+(5 : 5(' '(92/$1( +($7+(5 )
%: OEV $GM 'D\ :: OEV $GM 'D\ <: 1$ %: :: <: 0 70
/RW DQG DUH EURWKHUV VLUHG E\ 7RDVW ZKLFK ZDV D EXOO %U\DQ 0DF.HQ]LH V\QGLFDWHG D IHZ \HDUV DJR
ERKUVRQPDUNHWLQJ#JPDLO FRP ZZZ ERKUVRQ FRP 6FRWW %RKUVRQ *HRII $QGHUVRQ &ROWRQ +DPLOWRQ
5(' $1*86 %8//6 66
5HG &ULSSV 7RDVW < ** < 0DU
5(' ),1( /,1( 08/%(55< 3 5(' %5</25 72$67 7 5(' %5</25 6'/ 0,66 /80,( 3 5(' / 1256(0$1 .,1* 5(' &5,336 +($7+(5 : 5(' &5,336 +($7+(5 5
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
7KHVH WZR 7RDVW EXOOV DUH OLNH SHDV LQ D SRG VWDPSHG LGHQWLFDO
/27
66
5HG &ULSSV < ** < $SU
5(' / 1256(0$1 .,1* 5(' &5,336 : 5(' &5,336 587+ 7 5(' 1257+/,1( 52%621 3 5(' &5,336 (08/< 7 5(' 666 (08/< )
%: OEV $GM 'D\ :: OEV $GM 'D\ <: 1$ %: :: <: 0 70
7KHVH 1RUVHPDQ .LQJ EUHG EXOOV DUH YHU\ DWWUDFWLYH DQG ZLOO VWDQG RXW VDOH GD\
/27
66
5HG &ULSSV < ** < 0D\
5(' / 1256(0$1 .,1* 5(' &5,336 : 5(' &5,336 587+ 7 5(' ':$-2 -2.(5 :,/' 6 5(' &5,336 (08/< 8 5(' &5,336 (08/< 6
%: OEV $GM 'D\ :: OEV $GM 'D\ <: 1$ %: :: <: 0 70
$ VPDOOHU IUDPHG 1RUVHPDQ .LQJ EUHG EXOO ZLWK D ORW RI PXVFOH VKDSH DQG ELJ WRS
/27
:,1'< +,// /,9(672&. 66
5HG &ULSSV ; ** ; 0D\
666 %/$&. 75(1' % 5&
5(' %5</25 1(: 75(1' ' 5(' 0($'2: &. 0,66 6($0$1 $ 5(' /($&+0$1 +($9(1/< 5(' '(92/$1( +($7+(5 ) 5(' '(92/$1( 0,66 '(6,*1 '
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27 7KHVH WZR KDOI EURWKHUV DUH RXW RI WKH VDPH EUHHG OHJHQG 1HZ 7UHQG ' ,I \RX DUH ORRNLQJ WR PDNH FRZV WKHVH DUH \RXU EXOOV \RX MXVW GRQ¶W FXOO 1HZ 7UHQG IHPDOHV
66
5HG &ULSSV ; ** ; 0D\
666 %/$&. 75(1' % 5&
5(' %5</25 1(: 75(1' ' 5(' 0($'2: &. 0,66 6($0$1 $ 5(' 1257+/,1( 52% 52< . 5(' &5,336 +($7+(5 7 5(' &5,336 +($7+(5 0
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
66
5HG &ULSSV ; ** ; 0D\
5(' :,/' 526( 52%,1 +22' ) 5(' 1257+/,1( 52% 52< . 5(' %$5 ( / 6<%,/ ( 5(' %-5 7+( '8.( 5(' 666 -2$11$ ) 5(' .$( %$%%(77(
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
$QRWKHU EXOO RXW RI WKH JUHDW ROG VLUH 1RUWK /LQH 5RE 5R\ . SRVVLEO\ RQH RI WKH EHVW ERGLHG 5HG $QJXV EXOOV WR GDWH 7KLV EXOO LV H[WUHPHO\ ORQJ ERGLHG VTXDUH DQG KDV DORW RI KDUG PVXFOH
%/$&. $1*86 %8//6 :HOFRPH WR WKH %ODFN $QJXV GLYLVLRQ RI WKH 6WRFNPHQ¶V 6HOHFW %XOO VDOH :H DUH LQ PRVW RSWLPLVWLF WLPHV LQ WKH $JULFXOWXUDO LQGXVWU\ DV ERWK JUDLQ DQG OLYHVWRFN SURGXFHUV DUH VKRZLQJ H[FLWLQJ SUR¿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¶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
66
/27
$QGHUVRQ ,QLWLDWLYH *(2) < )HE
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 -867 52&. 62/,' 3 35,0( 7,0(¶6 + 58%< ¶ 7+20$621 0,66 58%< )
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
6RR /LQH 0RWLYH 6LUH RI /RWV
,QLWLDWLYH KDV EHHQ D IDYRULWH VLQFH GD\ RQH +H ZDV VKRZQ DW $JULELWLRQ ZKHUH KH ZDV VHFRQG LQ D YHU\ FRPSHWLWLYH FODVV +H LV DQ HDV\ GRLQJ ORQJ VWRXW PDGH 0RWLYH ZKR LV YHU\ DWWUDFWLYH DQG KDV WUHPHQ GRXV KDLU FRDW ,QLWLDWLYH ZLOO EH RQH RI WKH PRVW H[FLWLQJ EXOOV WR VHOO WKLV VSULQJ
$1'(5621 &$77/( &2 66
$QGHUVRQ 0RWLYH *(2) < $SSOLHG )HE
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 %52&.+,// 3523+(&< 3 622 /,1( /$'< '5</$1' /$'<
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
0RWLYH LV D VWRXW PDGH FDOI ZLWK JUHDW PXVFOH VKDSH +H LV D VRJJ\ PRGHUDWH FOHDQ PDGH 0RWLYH +LV 3URSKHF\ PRWKHU LV RQH RI WKH ELJJHVW PLGGOHG TXLHWHVW FRZV LQ WKH KHUG
66
$QGHUVRQ 0RWLYH *(2) < -DQ
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 &$5 75(1'6(77(5 6,; 0,/( 48((1 : %(9(5/< +,//6 48((1
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
0RWLYH < LV DQRWKHU VWRXW PDGH 0RWLYH RXW RI D EHDXWLIXO XGGHUHG ¿UVW FDOI KHLIHU $ EXOO WKDW FRXOG EH XVHG LQ HLWKHU SDVWXUH
/27
66
$QGHUVRQ 0RWLYH *(2) < -DQ
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 %$5 ( / 6$)$5, 6 6,; 0,/( -(675(66 : */(1'25 -(675(66 .
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
9HU\ VLPLODU LQ PDNH XS WR D OLJKW ELUWK ZHLJKW EXOO ZLWK D WRQ RI VKDSH DQG PLGGOH +LV 6DIDUL PRWKHU ZLOO EH D FRUQHUVWRQH FRZ LQ WKH IXWXUH
%/$&. $1*86 %8//6 66
$QGHUVRQ 0RWLYH < *(2) < -DQ
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 -&*/ 672&.0$1 / 7+20$621 $11,( . 3 ($6721'$/( $11,( . ¶
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
0RWLYH LV RQH RI WKH PRVW XQLTXH EXOOV LQ WKH RIIHULQJ $QRWKHU OLJKW ELUWK 0RWLYH EXW RQH WKDW LV VXSHU VWRXW KXJH PLGGOHG DQG D JUHDW KDLUHG $ EXOO WKDW ZLOO JLYH FDOYHV ZLWK D ORW RI VXEVWDQFH
66
$QGHUVRQ 0RWLYH < *(2) < )HE
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 :,:$ &5((. %$1'2/,(5 ¶ */(1'$5 (;75$ 3 */(1'$5 (;75$ )
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: 1$ :: 1$ <: 1$ 0 1$ 70 1$
LV WKH ORQJHVW PDGH 0RWLYH VRQ +LV %DQGROLHU PRP LV SRZHU FRZ ZLWK D JUHDW XGGHU $ 0RWLYH VRQ ZLWK D ELW PRUH IUDPH DQG SRZHU
/27
66
$QGHUVRQ 0RWLYH < *(2) < $SSOLHG -DQ
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 -867$0(5( 5,*+7 21 7,0( 5 6,; 0,/( (5,&$ : )5(<%851 (5,&$ 0
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV DQRWKHU 0RWLYH WKDW FRXOG EH XVHG LQ HLWKHU SDVWXUH 2XW RI D ¿UVW FDOYH KHLIHU D ORQJ ERGLHG VPRRWK PDGH EXOO ZLWK D JUHDW KDLU FRDW
/27
$1'(5621 &$77/( &2 66
$QGHUVRQ 0RWLYH < *(2) < $SSOLHG )HE
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 2 & & (0%/$=21 ( /,0(6721( 35,'( 7 6287+(51 35,'(
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: 1$ :: 1$ <: 1$ 0 1$ 70 1$
/27
LV D YHU\ DWWUDFWLYH GHHS ERGLHG 0RWLYH VRQ +LV (PEOD]RQ PRWKHU LV D PRGHUDWH GHHS ERGLHG SHUIHFW XGGHUHG FRZ WKDW FDPH IURP /LPHVWRQH LQ 2NODKRPD
66
$QGHUVRQ 0RWLYH < *(2) < )HE
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 6721(+$9(1 5 &+$57(5 7 6,; 0,/( 58%< : 35,0( 7,0(¶6 + 58%< ¶
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV D 0RWLYH RXW RI D ¿UVW FDOYH &KDUWHU GDXJKWHU /RZ ELUWK JUHDW KDLU ORQJ ERGLHG ZLWK D ORW RI VKDSH
/27
$QGHUVRQ 0RWLYH < *(2) < -DQ
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 +2//%522. 0$; ( +2//%522. 62&,$/,7( 0 +2//%522. 75(1'< (
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV D 0RWLYH RXW RI D ELJ SRZHUIXO +ROOEURRN FRZ $JDLQ D 0RWLYH ZLWK D JUHDW KDLU FRDW VTXDUH KLS DQG D VXSHU ORRN
$QGHUVRQ 0RWLYH < *(2) < -DQ
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 7& 672&.0$1 6,; 0,/( 06 %/$&.:22' : +2//%522. %/$&.:22' 5
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
$ 0RWLYH RXW RI D ¿UVW FDOI 6WRFNPDQ GDXJKWHU $ YHU\ ORZ ELUWK FDOI ZLWK D OLWWOH H[WUD IUDPH
%/$&. $1*86 %8//6
$QGHUVRQ 0RWLYH < *(2) < -DQ
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 %$5 ( / 5$,10$1 5 6,; 0,/( $11,( 8 7+20$621 $11,( *
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV D YHU\ W\SLFDO 0RWLYH /RZ ELUWK ZHLJKW KDLU\ ZLWK ORWV RI VKDSH
$QGHUVRQ 0RWLYH < *(2) < )HE
+) .2',$. 5 622 /,1( 027,9( 7/$ %($87< 5 6$1'< %$5 %$5'/,(5 % */(1'25 -(675(66 . */(1'25 -(675(66 (
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
$ 0RWLYH VRQ WKDW FRXOG EH XVHG RQ KHLIHUV RU FRZV KLV PRWKHU KDV EHHQ D QR PLVV FRZ
66
/27
$QGHUVRQ 7LJHU < *(2) < -DQ
+) .2',$. 5 +) 7,*(5 7 +) (&+2 5 +) 32:(5 6285&( 0 +) '(/,$ 7 6$1'< %$5 '(/,$ 3
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV WKH KHDYLHVW EXOO LQ WKH EODFN GLYLVLRQ 6LUHG E\ WKH :RUOG &KDPSLRQ 7LJHU FDPH LQ GDP IURP +DPLOWRQV +LV 3RZHUVRXUFH GDP LV ORQJ ERGLHG DQG SRZHUIXO +H ZLOO VXUH WR EH D VWDQG RXW RQ VDOH GD\
$1'(5621 &$77/( &2 66
$QGHUVRQ 7LJHU < *(2) < -DQ
+) .2',$. 5 +) 7,*(5 7 +) (&+2 5 %:% 75$9(/(5 3 +) '(/,$ 6 6$1'< %$5 '(/,$ 3
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
$ ORQJ ERGLHG DWWUDFWLYH 7LJHU VRQ +LV 7UDYHOHU GDP LV D PRGHO $QJXV FRZ
66
$QGHUVRQ 7LJHU < *(2) < )HE
+) .2',$. 5 +) 7,*(5 7 +) (&+2 5 +) '21( 5,*+7 5 +) 7,%%,( 7 +) 7,%%,( -
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
$ 7LJHU VRQ ZKR LV VPRRWK PDGH ORQJ DQG KDLU\
/27
66
$QGHUVRQ (O 7LJUH < *(2) < -DQ
+) .2',$. 5 +) (/ 7,*5( 8 +) (&+2 5 &5((.9,(: $'9$17$*( 3 695 (9(1,1* 7,1*( 6 '28%/( )285 (9(1,1* 7,1*( -
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
/27
LV VLUHG E\ WKH SRZHU EXOO (O 7LJUH (O 7LJUH LV D D IXOO EURWKHU WR 7LJHU LV D ORQJ ELJ WRSSHG EXOO ZKR ZLOO GH¿QLWHO\ DGG VRPH SRXQGV
%/$&. $1*86 %8//6
6$9 %LVPDUN 6LUH RI /RWV
66
$QGHUVRQ %LVPDUN < *(2) < -DQ
*$5 *5,' 0$.(5 6$9 %,60$5&. 6$9 $%,*$/( 5,72 ' 2) 09) +, /,7( : 09) +, /,7( 6
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV D %LVPDUFN VRQ ZKR KDV DV PXFK PLGGOH DV DQ\ EXOO LQ WKH VDOH +H FDPH LQ GDP IURP WKH 0RXQWDLQ 9LHZ GLVSHUVDO +LV 5LWR EUHG GDP LV VTXDUH PDGH GHHS DQG KDV D EHDXWLIXO XGGHU
/27
66
$QGHUVRQ )LQDO $QVZHU < *(2) < )HE
6$9 ),1$/ $16:(5 )9 ),1$/ $16:(5 : )9 . 526(%8' 7 %$5 ( / 6$)$5, 6 6,; 0,/( $11,( . : ($6721'$/( $11,( . ¶
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV VLUHG E\ D )LQDO $QVZHU VRQ ZKR ZDV WKH KLJK VHOOLQJ EXOO WKURXJK WKH )HUWLOH 9DOOH\ 6DOH 2XW RI D ¿UVW FDOI KHLIHU D EXOO ZLWK OHQJWK KDLU ERQH DQG WRS
/27
$1'(5621 &$77/( &2
$QGHUVRQ +HPL <
66
*(2) < )HE
6$9 35('20,1$17 +) +(0, 7 +) 7,%%,( 0 +) 35(0,80 3/86 . +) %/$&.:22' /$'< 7 +) %/$&.:22' /$'< 3
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV D IRU VXUH SRZHU EXOO %LJ WRSSHG VWRXW PDGH D EXOO WKDW ZLOO DGG SRXQGV
$QGHUVRQ ([FOXVLYH <
/27
66
*(2) < -DQ
6287+/$1' )5(( 5,'( 5 6287+/$1' (;&/86,9( 8 6287+/$1' 686$1 / '85$/7$ 0 5($/,67 5 +) 526(%8' 7 +) 526(%8' 3
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
$ ORQJ ERGLHG KDLU\ ([FOXVLYH FDOI +LV 5HDOLVW PRWKHU LV D WDQN RI D FRZ
$QGHUVRQ ([FOXVLYH <
/27
66
*(2) < -DQ
*$0%/(6 +27 52' /2&867 *529( +27 52' 7 /2&867 *529( %/$&.%,5' 0 *5((16 0$56+$// //% %$5%$5$ 0&+(15< 0 '28%/( - %$5%$5$ '
%: OEV $GM 'D\ :: OEV $GM 'D\ <: OEV %: :: <: 0 70
LV D YHU\ SRZHUIXO +RW 5RG VRQ ZKR FDPH LQ 'DP IURP //% +LV 0DUVKDOO EUHG GDP LV ELJ ERGLHG WDQN\ DQG KDV D JUHDW XGGHU $ EXOO WKDW LV GHHS DQG VXSHU ORQJ 7KLV ZLOO EH RQ RI WKH KHDYLHVW EXOOV VDOH GD\
/27