September 2015

1R 0RQWK

%($87< 6(&5(76 5(9($/(' %HDXW\ 0DNH XS DQG )DVKLRQ VHFUHWV UHYHDOHG WR KHOS \RX FKRRVH \RXU 6LJQDWXUH 6W\OH

NBM

0RGHO LV ZHDULQJ 7KH 21( 3RZHU 6KLQH /LSVWLFN 7UHQG\ %HUU\ 7KH 21( ,OOX6NLQ )RXQGDWLRQ 1XGH 3LQN 7KH 21( ,OOXVNLQ %OXVK 3LQN *ORZ

7UHQG\

6KDGHV

5RVHZRRG *ORVV

3LQN 'D]]OH

5DVSEHUU\ 6RUEHW

%ULOOLDQW )XFKVLD

5HG 2YDWLRQ

7UHQG\ %HUU\

6H[\ 3OXP

&RFRD %XUVW

+,*+ ,03$&7 ² 32:(5 6+,1( /,367,&.

NBM 1(:

,1 )2&86

2))

32:(5 6+,1(

/,367,&. ,6

6+,1,(5

7+$1 5(*8/$5 /,367,&.

WHVWHG ZLWK D EULOOLDQFH PHWHU

,035(66,9( /,36 /29( 72 63$5./( $1' 6+,1( $OO GD\ K\GUDWLQJ FDULQJ

7KH 21( 3RZHU 6KLQH /LSVWLFN

ZZZ RULÁDPH FR LQ

'HHSO\ PRLVWXULVHG VRIW DQG VPRRWK OLSV ZLWK VSDUNOLQJ VKLQH

5HG 2YDWLRQ

%ULOOLDQW )XFKVLD

/,3 .,66 &203/(; ² 63) 5DVSEHUU\ 6RUEHW

:LWK LQWHQVHO\ UHÁHFWLYH 0HWD6KLQH 3HDUOV IRU DPSOLÀHG VKLQH DQG D VFLQWLOODWLQJ HIIHFW

J

C

C

/21* :($5 ² (9(5/$67,1* )281'$7,21

0RGHO LV ZHDULQJ 7KH 21( (YHU/DVWLQJ )RXQGDWLRQ 1DWXUDO %HLJH 7KH 21( /DVK 5HVLVWDQFH 0DVFDUD %ODFN 7KH 21( (\H /LQHU 6W\OR %ODFN 7KH 21( &RORXU 8QOLPLWHG /LSVWLFN 3LQN 8QOLPLWHG 7KH 21( /RQJ :HDU 1DLO 3ROLVK /LODF 6LON

)DLU 1XGH

1XGH 3LQN

1DWXUDO %HLJH

NBM %HVWVHOOLQJ (YHU/DVWLQJ

1(:

1(: ,03529('

,1 )2&86

2))

+2856

7+$7

287/$676 <285 '$<

0HGLXP WR IXOO FRYHUDJH 68,7$%/( IRU $// 6.,1 7<3(6 /,*+7:(,*+7 IHHO DQG &20)257$%/( WR ZHDU

/RQJ ODVWLQJ DQG WUDQVIHU UHVLVWDQW ² ZRQ·W VPXGJH RU UXE RQWR \RXU FORWKHV :DWHU UHVLVWDQW ² ZRQ·W JHW DIIHFWHG E\ \RXU VZHDW 3DWHQWHG 6NLQ5HQHZ &RPSOH[ UHYLWDOLVHV UHQHZV SURWHFWV VNLQ &OLQLFDOO\ WHVWHG )RXQGDWLRQ WUDQVIHU UHVLVWDQFH FOLQLFDOO\ WHVWHG &RQFHDOHU WUDQVIHU UHVLVWDQFH FRQVXPHU WHVWHG RQ ZRPHQ

7KH 21( (YHU/DVWLQJ )RXQGDWLRQ PO

ZZZ RULÁDPH FR LQ

)281'$7,21

C

C

&$5( ² /,3 63$ &$5( /,3 %$/0

0RGHO LV ZHDULQJ 7KH 21( /LS 6SD &DUH /LS %DOP 1DWXUDO 3LQN 7KH 21( ,OOX6NLQ )RXQGDWLRQ 3RUFHODLQ 7KH 21( &RORXU ,PSDFW &UHDP (\H 6KDGRZ 5RVH *ROG 7KH 21( 9ROXPH %ODVW 0DVFDUD %ODFN

7UDQVSDUHQW

1DWXUDO 3LQN

NBM 683(5 +<'5$7,1*

1(:

/,3 %$/0 :,7+ 63)

2)) ,1 )2&86

1DWXUDO 3LQN

)RU OLSV WKDW ORRN DQG IHHO OLNH WKH\ KDG D VSD GD\ RXW 'RXEOH FRUH EDOP ² WKH LQQHU FRUH SURWHFWV ZLWK 89 ÀOWHUV ZKLOH WKH RXWHU FRUH GHOLYHUV ORQJ ODVWLQJ OLS GUHQFKLQJ PRLVWXUH ZLWK WKH RSWLRQ RI D ÁDWWHULQJ KLQW RI FRORXU

7UDQ VSDUHQW

)25 62)7 6,/.< 6833/( /,36

0RLVWXULVHV VRIWHQV DQG VPRRWKHV OLSV +HOSV SUHYHQW ZDWHU ORVV E\ IRUPLQJ D EDUULHU

+2856

&217,18286 +<'5$7,21

,QQHU FRUH 3527(&76 ZLWK 89 ),/7(56 HPROOLHQWV 2XWHU FRUH 02,6785,6(6 ZLWK D GHOLFDWH +,17 2) &2/285

7KH 21( /LS 6SD &DUH /LS %DOP J

ZZZ RULÁDPH FR LQ

&OLQLFDOO\ WHVWHG ZLWK D &RUQHRPHWHU

C

C

0867 +$9( *UDZE WKHVH SRFNHW VL]HG OLSVWLFNV DW SRFNHW IULHQGO\ SULFHV 21/< $7

%ULJKWHU \RXQJHU ORRNLQJ H\HV ZLWK 'LDPRQG &HOOXODU (\H7UHDWPHQW

C

6$9(

C ,1 7+,6 &$7$/2*8( 3$*( %($87< 6(&5(76 5(9($/(' 7KH PRVW WDONHG DERXW EHDXW\ WLSV IRU \RX WR H[SHULPHQW 6.,1 &$5( 4XDOLW\ VNLQ FDUH SURGXFWV WR KHOS \RX IDFH OLIH PRUH FRQÀGHQWO\

3$*(

Q 4XLFN EX\ C

Q 4XLFN EX\ 3XUH &RORXU 2Q 7KH *R /LSVWLFN C

0$.( 83 $OO \RX QHHG WR NQRZ ZKHQ EX\LQJ FRVPHWLFV 3(5621$/ &$5( 'HOLFDWH FDUH IRU WKH FXWH OLWWOH RQHV )5$*5$1&( $Q DUUD\ RI EHDXWLIXO IUDJUDQFHV WR FRPSOLPHQW ZRPDQKRRG 0(1·6 &251(5 %HVW RI IUDJUDQFHV IRU WKH PRGHUQ PHQ WR JHW FORVH

7+( $// '$< /8;85< 2) ),50(5 6.,1

:(//1(66 *HWWLQJ WR JRRG KHDOWK KDV QHYHU EHHQ VR HDVLHU EHIRUH 0867 +$9(6 )257+,6 6($621 +HUH·V D OLVW RI DOO WKDW \RX QHHG WR ORRN DQG IHHO EHDXWLIXO 1R VWRSSLQJ

6$9(

21

C $%287 25,)/$0( 2ULÁDPH LV RQH RI WKH IDVWHVW JURZLQJ GLUHFW VHOOLQJ FRPSDQLHV WRGD\ 2YHU \HDUV RI 6ZHGLVK EHDXW\ H[SHUWLVH &RPELQLQJ WKH ZLVGRP RI QDWXUH ZLWK WKH ODWHVW VFLHQFH :LGH VHOHFWLRQ RI DIIRUGDEOH SUHPLXP SURGXFWV &KDULW\ DQG HGXFDWLRQ SURJUDPV DFURVV WKH ZRUOG ([FOXVLYH EXVLQHVV RSSRUWXQLW\ WKURXJK 2ULÁDPH

52<$/9(/9(7 +(52 6(7

3$*(

Q 4XLFN EX\ C

)25 $// 6.,1 7<3(6

,1 )2&86

NBM

,1 )2&86

%($87< (6&$3( ,W RIWHQ DPD]HV PH WKDW WKH QHZ DJH ZRPHQ KDYH VXFK GLYHUVH UROHV WR SOD\ 6KH FDQ EH D GHGLFDWHG KRXVHZLIH RU D GRWLQJ PRWKHU D KDUG FRUH SDUW\ SHUVRQ RU D VXFFHVVIXO HQWUHSUHQHXU DW WKH VDPH WLPH 7R FRPSOLPHQW WKLV GLYHUVLW\ ZH KDYH UHYHDOHG IRU \RX WKH XOWLPDWH EHDXW\ VHFUHWV WR KHOS \RX FKRRVH \RXU VLJQDWXUH VW\OH )XOÀO \RXU PRVW SDVVLRQDWH EHDXW\ GUHDP

2ULIODPH LV D SURXG PHPEHU RI WKH ,QGLDQ 'LUHFW 6HOOLQJ $VVRFLDWLRQ UHIOHFWLQJ RXU FRPPLWPHQW WR SUDFWLVLQJ WKH KLJKHVW OHYHO RI EXVLQHVV HWKLFV

7KURXJK RXU FROODERUDWLRQ ZLWK WKH 5DLQIRUHVW $OOLDQFH ZH VWULYH WR HQVXUH WKDW DOO WKH SDSHU LQ RXU FDWDORJXHV RULJLQDWHV IURP ZHOO PDQDJHG IRUHVWV

7R OHDUQ PRUH DERXW 2ULIODPH·V DQLPDO ZHOIDUH SROLF\ SOHDVH YLVLW ZZZ RULIODPH FR LQ

2XU RQJRLQJ FKDULW\ LQLWLDWLYHV VXSSRUW FKLOGUHQ DQG \RXQJ ZRPHQ WKURXJK D GLYHUVH UDQJH RI HGXFDWLRQ SURJUDPV

ZZZ RULÁDPH FR LQ

<2 8 5 ' 5 ( $ 0 6 ² 2 8 5 , 1 6 3 , 5 $7 , 2 1

1LNODV )ULVN 9LFH 3UHVLGHQW +HDG RI 6RXWK $VLD DQG 0DQDJLQJ 'LUHFWRU ,QGLD

2ULÁDPH SURGXFWV FDQ RQO\ EH VROG E\ DXWKRULVHG 2ULÁDPH &RQVXOWDQW 'LUHFW 6HOOHU

,1'8/*( ,1 7+( %($87< 2) */2:,1* :+,7(1(66

:KLWH 0XOEHUU\ H[WUDFW UHGXFHV VNLQ SLJPHQWDWLRQ DQG ZKLWHQV WKH VNLQ

&KHUU\ %ORVVRP IUDJUDQWO\ KHOSV EULQJ WKH RXW VNLQ路V QDWXUDO JORZ

NBM

2))

*HW VPRRWK VLON\ DQG IDLU VNLQ ZLWK 6LON %HDXW\ :KLWH *ORZ 6HW RQO\ IRU C ZKHQ \RX VSHQG C LQ WKLV &DWDORJXH

6LON %HDXW\ :KLWH *ORZ 6HW 7KLV VHW LQFOXGHV %RG\ :DVK %RG\ /RWLRQ DQG $QWL SHUVSLUDQW + 'HRGRUDQW %ULJKWHQ \RXU VNLQ WRQH ZLWK &KHUU\ %ORVVRP DQG :KLWH 0XOEHUU\ H[WUDFWV WKDW UHGXFH SLJPHQWDWLRQ DQG EULQJ RXW WKH VNLQ·V QDWXUDO JORZ

C

C

ZZZ RULÁDPH FR LQ

12: 25 1(9(5

12: 25 1(9(5

9(56$7,/( (<( 0$.( 83 :LWK 7+( 21(

0RGHO LV ZHDULQJ 7KH 21( .DMDO (\H /LQHU 6PRN\ &KDUFRDO 7KH 21( /DVK 5HVLVWDQFH 0DVFDUD %ODFN 7KH 21( &RORXU ,PSDFW &UHDP (\H 6KDGRZ 6KLPPHULQJ 6WHHO

8VH VRPH VPDUW PDNH XS WULFNV WR WUDQVIRUP \RXU ORRNV IURP FKLF WR VXOWU\ ZLWK KLJK SHUIRUPDQFH H\H PDNH XS WKDW SHUIRUPV EHWWHU DQG ODVWV ORQJHU

*(7 7+( /22.

5HWUR ² &ODVVLF $SSO\ NDMDO WR \RXU ORZHU DQG XSSHU ODVKOLQH WKHQ GUDZ D QLFH DUFK DW WKH HQG Ã&#x20AC;QLVK RII ZLWK PDVFDUD %ROG ² 6PRN\ 6WDUW ZLWK D GDUN H\H VKDGRZ DSSO\ WKH NDMDO KROGLQJ LW VLGHZD\V JHQWO\ VPXGJH LW PHUJLQJ ZHOO LQWR WKH H\H VKDGRZ

NBM ,1 )2&86 83 72

&5($6( 5(6,67$17 IRUPXOD IRU DOO GD\ ZHDU &RQVXPHU WHVWHG RQ ZRPHQ

,1 )2&86

2))

6SHFLDOO\ GHVLJQHG EUXVK FRDWV ODVKHV ZLWKRXW RYHUORDG IRU )/$.( )5(( ÀQLVK

5RVH *ROG

/RQJ ODVWLQJ 0(*$ ,03$&7 FRORXU

,QWHQVH 3OXP

*ROGHQ %URZQ

21( .DMDO (\H /LQHU

2OLYH *UHHQ

C 7KH

21( /DVK 5HVLVWDQFH 0DVFDUD

'HHS ,QGLJR

'HHS ,QGLJR

PO

C

7KH 21( &RORXU ,PSDFW &UHDP (\H 6KDGRZ J

C

C

*ROGHQ %URZQ

C

%ODFN

,QWHQVH 3OXP

ZZZ RULÁDPH FR LQ

C

6PRN\ &KDUFRDO

7KH J

6KLPPHULQJ 6WHHO

*LRUGDQL

*ROG $JH 'HI\LQJ 3UHVVHG 3RZGHU J

/LJKW

C

C

/LJKW WH[WXUH IRU D ÁDZOHVV FRYHUDJH

3RUFHODLQ

1DWXUDO

*LRUGDQL *ROG $JH 'HI\LQJ &RPSDFW )RXQGDWLRQ 63) J

C

C

3RUFHODLQ

/LJKW ,YRU\

1DWXUDO %HLJH

$PEHU %HLJH

6RIW ÀQLVK VSRQJH IRU SHUIHFW DSSOLFDWLRQ

1DWXUDO

NBM ,1 )2&86

2))

,1 )2&86

)/$:/(66 6.,1721( :LWK *,25'$1, *2/'

6DWLQ 6PRRWK 6NLQ 8VLQJ WKH FXVWRP VSRQJH DSSOLFDWRU OLJKWO\ DSSO\ FUHDP IRXQGDWLRQ RQWR VNLQ %OHQG ZHOO IRU ÁDZOHVV ÀQLVK ,QVWDQW WRXFK XS +LGH ÀQH OLQHV DQG JHW HYHQ VNLQ WRQH ZLWK WKLV SUHVVHG SRZGHU &DUU\ LW LQ \RXU SXUVH IRU LQVWDQW WRXFK XSV ZKHQHYHU UHTXLUHG

ZZZ RULÁDPH FR LQ

*(7 7+( /22.

0RGHO LV ZHDULQJ *LRUGDQL *ROG $JH 'HI\LQJ 3UHVVHG 3RZGHU /LJKW *LRUGDQL *ROG -HZHO /LSVWLFN 5RVH %ORVVRP

5HYHDO \RXU \RXWKIXO FRPSOH[LRQ ZLWK $JH 'HI\LQJ &RPSDFW )RXQGDWLRQ DQG 3UHVVHG 3RZGHU IRU WKDW LPSHFFDEOH VDWLQ VPRRWK ÀQLVK

6.,1 1285,6+,1* 5,78$/ :LWK 385( 1$785( *LYH \RXU IDFH D QRXULVKLQJ ULWXDO ZLWK WKLV IDFLDO NLW $ IDFLDO SURFHGXUH FOHDQVHV VNLQ UHPRYHV LPSXULWLHV GHDG FHOOV DQG EODFN KHDGV DQG LPSURYHV EORRG FLUFXODWLRQ ZKLOH DGGLQJ D KHDOWK\ JORZ WR WKH VNLQ

*(7 7+( /22. &OHDQVH *HW VRIW DQG JORZLQJ VNLQ $SSO\ RQ ZHW VNLQ WR FOHDQVH WKHQ ULQVH ZLWK ZDWHU 6FUXE 'HHSO\ FOHDQVH DQG H[IROLDWH E\ PDVVDJLQJ 6FUXE RQ ZHW IDFH IRU PLQXWHV 5LQVH ZLWK ZDWHU 0DVVDJH 0RLVWXULVH DQG VRRWKH \RXU VNLQ E\ PDVVDJLQJ )DFH &UHDP RQ GU\ IDFH IRU PLQXWHV *HQWO\ ZLSH RII 0DVN ,QWHQVHO\ K\GUDWH DQG UHYLWDOLVH VNLQ E\ DSSO\LQJ )DFH 0DVN /HDYH RQ IRU PLQXWHV WKHQ ZLSH RII ZLWK ZHW WLVVXH WR UHPRYH

NBM ,1 )2&86 6$9(

$//

$*(6

,1 )2&86

C

3XUH 1DWXUH 7URSLFDO )UXLWV )DFLDO .LW IRU 1RUPDO WR 'U\ 6NLQ 7KH NLW LQFOXGHV &OHDQVHU 6FUXE )DFH 0DVVDJH &UHDP DQG )DFH 0DVN :LWK H[WUDFWV RI QRXULVKLQJ DQG K\GUDWLQJ *XDUDQD 3DSD\D DQG 3LQHDSSOH WR KHOS UHVWRUH VNLQ UDGLDQFH DQG VRIWHQ WKH VNLQ

ZZZ RULÁDPH FR LQ

)25 1250$/ 72 '5< 6.,1

C

C

+(5(·6 :+$7 <28 6$,'

06 -2,7$ &21680(5

$V WKH VLJQV RI DJHLQJ VWDUWHG VKRZLQJ RQ P\ IDFH , GHFLGHG WR XSJUDGH P\ VNLQ FDUH URXWLQH :KLOH , ZDV GLVFXVVLQJ WKLV ZLWK DQ 2ULÁDPH FRQVXOWDQW ZKR LV DOVR P\ EHDXWLFLDQ VKH LQWURGXFHG PH WR 5R\DO 9HOYHW DQ DPD]LQJ DQWL DJHLQJ UDQJH IURP 2ULÁDPH WKDW KDV KHOSHG PH WR JHW ÀUPHU DQG \RXQJHU ORRNLQJ VNLQ 0\ VNLQ LV PRUH UDGLDQW DQG KDSS\ QRZ

6.,1 &$5( +($/7+< 6.,1 ,6 ,1 :LWK KHDOWK\ ORRNLQJ VNLQ \RX·OO DOZD\V EH KDSS\ DQG KDSS\ IDFHV ORRN WKH EHVW ,QYHVW LQ TXDOLW\ VNLQ FDUH SURGXFWV IURP 5R\DO 9HOYHW WKDW·OO LPSURYH WKH TXDOLW\ DQG WH[WXUH RI \RXU VNLQ KHOSLQJ \RX WR GR DZD\ ZLWK WKH SUREOHPV RI VNLQ DJHLQJ

5R\DO

9HOYHW 5R\DO 9HOYHW )LUPLQJ (\H 8OWUD )LUPLQJ &RQWRXU &UHDP &DSVXOHV SFV

PO

C

5R\DO

5R\DO 9HOYHW 5HSDLULQJ 1LJKW &UHDP

177 "!'

PO

C

5R\DO

9HOYHW 6RRWKLQJ 7RQHU PO

C

C

5R\DO 9HOYHW )LUPLQJ 'D\ &UHDP 63) PO

<2 8 5 ' 5 ( $ 0 6 ² 2 8 5 , 1 6 3 , 5 $7 , 2 1

C

9HOYHW &UHDP\ &OHDQVLQJ 0LON

C

'2 <28 :$17 72 +$9( ),50(5 $1'<281*(5 /22.,1* 6.,1"

6.,1 &$5(

NBM

/$81&+,1* ),567 7,0(

5R\DO 9HOYHW +(52 VHW

0,187(6 WZLFH D GD\

ZZZ RULÁDPH FR LQ

%\ FRPELQLQJ WKH ULJKW SURGXFWV DQG IROORZLQJ WKLV VLPSOH VWHSV GDLO\ URXWLQH \RX ZLOO WUXO\ PD[LPLVH WKH LPSDFW RI \RXU VNLQ FDUH

7KDW·V DOO LW WDNHV

7+( $// '$< /8;85< 2) ),50(5 6.,1 $ SUHVWLJLRXV ULWXDO IRU \RXU VNLQ WKH 5R\DO 9HOYHW 6HW LV D VHQVRULDO MRXUQH\ WKDW UHVWRUHV \RXU VNLQ·V \RXWKIXO DSSHDUDQFH 'LVFRYHU WKH SOHDVXUH RI LQGXOJHQFH ZLWK VXPSWXRXV FUHDP\ WH[WXUHV DQG GHOLFDWHO\ VFHQWHG IRUPXODV 6WDUW \RXU 5R\DO 9HOYHW GDLO\ ULWXDO QRZ

67(3

&/($16( $1' 721( D 6WDUW RII E\ FOHDQVLQJ WR UHPRYHV LPSXULWLHV H[FHVV RLO DQG DOORZ IRU VXEVHTXHQW SURGXFWV WR SHQHWUDWH GHHSHU DQG GHOLYHU EHWWHU UHVXOWV E 1H[W DSSO\ WRQHU WR UHPRYH ÀQDO WUDFHV RI PDNH XS WLJKWHQ WKH VNLQ WR UHGXFH SRUH DSSHDUDQFH ZKLOH VRRWKLQJ DQG EDODQFLQJ

67(3

(<( 75($70(17 )RU WKH GHOLFDWH VNLQ DUHD DURXQG WKH H\HV XVH D OLJKWO\ WH[WXUHG H\H FUHDP WR KHOS UHGXFH VLJQV RI DJHLQJ

67(3

6.,1 %2267(56 %RRVW \RXU VNLQFDUH ULWXDO XVLQJ WKHVH FDSVXOHV ZLWK ÀYH SUHFLRXV RLOV IRU VNLQ ÀUPLQJ ,W RIIHUV DGGLWLRQDO QRXULVKPHQW ZKHQ WKH VNLQ QHHGV LW

67(3

02,6785,6( D 6WDUW RII \RXU GD\ ZLWK D GD\ FUHDP WR UHWDLQ QDWXUDO PRLVWXUH ÀJKW RII ÀQH OLQHV DQG ZULQNOHV DQG JLYH \RXUVHOI VRPH VXQVFUHHQ E $W QLJKW ZKHQ WKH VNLQ LV UHVWLQJ DQG LV PRUH UHFHSWLYH LW LV EHVW WR XVH D ULFKHU DQG QRXULVKLQJ QLJKW FUHDP

%/$&. ,5,6 ,1)86,21 ² 52<$/ 9(/9(7

$ SRZHUIXO IXVLRQ RI ,ULV ÁRZHU LVRÁDYRQHV DQG SUHFLRXV PHWHRULWH PLQHUDOV WKLV PRGHUQ PLUDFOH UHLQIRUFHV WKH VNLQ·V UHVLOLHQFH DQG UHVWRUHV ERXQFH

NBM

D

6.,1 &$5(

)25 $// 6.,1 7<3(6

E D

5R\DO 9HOYHW 6HW 7KH VHW LQFOXGHV &OHDQVLQJ 0LON 6RRWKLQJ 7RQHU )LUPLQJ 'D\ &UHDP 5HSDLULQJ 1LJKW &UHDP )LUPLQJ (\H &RQWRXU &UHDP DQG 8OWUD )LUPLQJ &DSVXOHV 5HVWRUH WKH \RXWKIXO DSSHDUDQFH RI \RXU VNLQ ZLWK %ODFN ,ULV ,QIXVLRQ WR UHLQIRUFH \RXU VNLQ·V VWUXFWXUH WRQH K\GUDWLRQ DQG HODVWLFLW\

C

C

6$9(

5,&( %(67 3 7((' $1 *8$5

C

21

ZZZ RULÁDPH FR LQ

E

52<$/ 9(/9(7 +(52 6(7

<285 '5($0 6.,1

,1 -867 0,187( $ '$<

; 025( ())(&7,9( 7+$1 0$18$/ &/($16,1* *,9(6 $0$=,1* 5(68/76 ; 025( 5$',$1&( /(66 9,6,%/( 325(6 ,03529(' 6.,1 7(;785( 025( (9(1 6.,1 721( 237,0,6(' 6.,1&$5( $%62537,21

&OLQLFDO VWXG\ &RQVXPHU WHVW

NBM ($6< 67(36

1(:

*HQWOH HQRXJK IRU GDLO\ XVH

0RLVWHQ EUXVK KHDG

6.,1 &$5(

2))

$SSO\ IDYRXULWH FOHDQVHU WR IDFH 7$3(5(' %586+

527$7,1* +($'

VHF

VHF

63(('6

VHF

$8720$7(' 0,187( 7851 2))

&OHDQVH VNLQ E\ PRYLQJ GHYLFH LQ FLUFXODU PRWLRQV IRU PLQXWH

6NLQ3UR &OHDQVLQJ 6\VWHP 6NLQ3UR &OHDQVLQJ 6\VWHP LV DQ HIIHFWLYH VSHHG SRZHUHG FOHDQVLQJ EUXVK WKDW GHHSO\ FOHDQVHV DQG JHQWO\ PDVVDJHV WKH VNLQ 5HPRYLQJ PRUH GLUW PDNHXS DQG RLOV WKDQ PDQXDO FOHDQVLQJ UHVXOWLQJ LQ YLVLEO\ VPRRWKHU PRUH UDGLDQW VNLQ ZLWK D PRUH HYHQ VNLQ WRQH

C

C

6NLQ3UR

1RUPDO 6HQVLWLYH %UXVK +HDG 5HÀOO

C

C 7KRURXJKO\ ULQVH IDFH

6NLQ3UR

'HHS &OHDQVLQJ %UXVK +HDG 5HÀOO

ZZZ RULÁDPH FR LQ

VHF

C

C

EHDXW\ DFDGHP\

)$&76 <28 6+28/' .12: $%287 $17, $*,1* 6.,1 &$5( 5287,1( 6SHQG PLQXWHV WZLFH D GD\ HYHU\GD\ RQ \RXUVHOI WR PDLQWDLQ KHDOWKLHU DQG \RXQJHU ORRNLQJ VNLQ 'DLO\ FOHDQVLQJ DQG WRQLQJ LV HVVHQWLDO DV LW QRW RQO\ FOHDQVHV \RXU VNLQ·V VXUIDFH RI WKH GLUW PDNH XS DQG SROOXWLRQ EXW DOVR SUHSDUHV VNLQ IRU WKH FHOO UHJHQHUDWLRQ SURFHVV 5LFKO\ IRUPXODWHG FOHDQVHU VKRXOG EH FKRVHQ WKDW SXULÃ&#x20AC;HV WKH VNLQ ZKLOH UHYLWDOL]LQJ LW ZLWK DFWLYH LQJUHGLHQWV WR ERRVW WKH SURGXFWLRQ RI VNLQ FROODJHQ UHVHUYLQJ WKH HIIHFWV RI DJLQJ

6NLQ SHUIHFWLQJ WRQHU ZLWK D EUHDNWKURXJK WHFKQRORJ\ LV EHVW VXLWHG IRU PDWXUH VNLQ WKDW EDODQFHV UHIUHVKHV DQG H[IROLDWHV VNLQ ERRVWLQJ WKH UHQHZDO SURFHVV

(FROODJHQ

:ULQNOH &RUUHFWLQJ 'D\ &UHDP 63)

PO

! # !!6 . +. $3 * %1 4 + $# /% 4$" # 2+ # $. 6 ( . * "

8VH VNLQ FDUH SURGXFWV RI WKH VDPH EUDQG DV WKHVH KDYH WKH VDPH XQGHUO\LQJ WHFKQRORJ\ DQG DUH IRUPXODWHG WR ZRUN LQ V\QF IRU EHVW UHVXOWV

C

(FROODJHQ

:ULQNOH &RUUHFWLQJ DQG /LIWLQJ 6HUXP PO

C

(FROODJHQ

:ULQNOH &RUUHFWLQJ 1LJKW &UHDP

+2//< *5(1)(// 6NLQFDUH 6FLHQFH

PO

C

NBM

1(:

683(5 ()),&,(17 &/($16(56

(IIHFWLYHO\ UHPRYHV DOO LPSXULWLHV PDNH XS WUDFHV

3(5)(&7 $/21* :,7+ 6.,1 352

3ODQW 6WHP &HOOV $ SUHFLRXV VRXUFH RI HWHUQDO UHJHQHUDWLRQ LQ SODQWV 3ODQW 6WHP &HOO H[WUDFW LV QRZ SURYHQ WR ERRVW VNLQ FROODJHQ SURGXFWLRQ E\ RYHU 7KH QHZO\ SURGXFHG FROODJHQ KHOSV WR ÀOO RXW DQG UH SOXPS ZULQNOHV IURP ZLWKLQ VPRRWKHQLQJ WKH VNLQ 3ODQW 6WHP &HOO H[WUDFW WHVWHG LQ YLWUR

&OHDQVHV WRQHV WKH VNLQ

(FROODJHQ )RDPLQJ *HO :DVK 2QH GURS RI WKLV ULFKO\ IRDPLQJ VNLQ SXULÀHU LV HQRXJK WR WKRURXJKO\ ZDVK DZD\ LPSXULWLHV DQG UHYLWDOLVH \RXU VNLQ /HDYHV \RXU VNLQ UHIUHVKHG VRRWKHG DQG DPD]LQJO\ FRPIRUWDEOH &RQWDLQV 3ODQW 6WHP &HOO H[WUDFW $SSO\ ZLWK ZDWHU RQ \RXU IDFH ODWKHU WKHQ ULQVH RII PO

C

C (FROODJHQ 6NLQ 3HUIHFWLQJ 7RQHU 0RUH WKDQ D WRQHU ² D EUHDNWKURXJK EOHQG RI 3ODQW 6WHP &HOO H[WUDFW DQG +\UGR[\ $FLGV WR EDODQFH UHIUHVK DQG H[IROLDWH \RXU VNLQ 3ROLVKHV DQG SHUIHFWV WKH VNLQ DIWHU FOHDQVLQJ ERRVWV VNLQ UHQHZDO DV ZHOO DV KHOSV UHGXFH ZULQNOHV $SSO\ WR FRWWRQ SDG DQG VZHHS RYHU IDFH PO

ZZZ RULÁDPH FR LQ

)RU DOO VNLQ W\SHV

6.,1 &$5(

2))

C

EHDXW\ DFDGHP\

)$&76 <28 6+28/' .12: $%287 6.,1 &/($16,1* $YRLG EDU VRDSV IRU FOHDQVLQJ IDFH DV WKH\ FDQ VWULS \RXU GHOLFDWH VNLQ RI WKH HVVHQWLDO RLOV QHFHVVDU\ IRU NHHSLQJ LW VRIW DQG VXSSOH &KRRVH WKH ULJKW IDFLDO FOHDQVHU WKDW JRHV ZLWK \RXU VNLQ W\SH 7\SLFDOO\ D JHO FOHDQVHU RU IRDP ZDVK LV LGHDO IRU QRUPDO FRPELQDWLRQ RLO\ VNLQ W\SH DQG FUHDP EDVHG WH[WXUHV DUH ÀW IRU GU\ FRPELQDWLRQ VNLQ W\SH &OHDQVH \RXU IDFH WZLFH GDLO\ LQ WKH PRUQLQJ WR ZDVK DZD\ WKH RLOV DQG WR[LQV VHFUHWHG GXULQJ VNLQ UHJHQHUDWLRQ SURFHVV ZKLOH \RX ZHUH VOHHSLQJ DQG DW QLJKW WR UHPRYH DOO WUDFHV RI PDNH XS DQG SROOXWLRQ WKDW VWLFNV WR IDFH 8VH OXNHZDUP RU WHSLG ZDWHU ZKLOH ZDVKLQJ DV H[WUHPH WHPSHUDWXUHV FDQ EH KDUVK RQ \RXU VNLQ DQG GDPDJH WKH FDSLOODULHV 5LQVH WKRURXJKO\ 'RQ·W IRUJHW WR WRQH \RXU IDFH DIWHU FOHDQVLQJ 7RQHU QRW RQO\ ORZHUV VNLQ·V S+ OHYHO EXW DOVR EDODQFHV LW DIWHU FOHDQVLQJ DQG EHIRUH PRLVWXULVLQJ

/,1*21 3$7(17('$17,2;,'$177(&+12/2*<

)RU 0RUH %HDXWLIXO 6NLQ 6KLHOGV \RXU VNLQ DJDLQVW HQYLURQPHQWDO VWUHVV RQ D FHOOXODU OHYHO

2SWLPDOV :KLWH 2[\JHQ %RRVW 1LJKW &UHDP 1RUPDO &RPELQDWLRQ 6NLQ PO

C

+2//< *5(1)(// 6NLQFDUH 6FLHQFH

NBM

5(6725( 7+( 1$785$/

%($87< 2) <285 6.,1

: + , 7 (

&/($16(56 721(56 )RU QRUPDO WR FRPELQDWLRQ VNLQ

DOO DJHV

2SWLPDOV

:KLWH %DODQFLQJ 7RQHU 1RUPDO &RPELQDWLRQ 6NLQ

PO

3(5)(&7 $/21* :,7+ 6.,1 352

C

C 2SWLPDOV

:KLWH )RDPLQJ *HO 1RUPDO &RPELQDWLRQ 6NLQ PO

/LJKWHQV K\GUDWHV SURWHFWV VNLQ GXULQJ WKH GD\

C

C 2; < * ( 1 % 2 2 6 7 IRU QRUPDO FRPELQDWLRQ VNLQ

DOO DJHV

2SWLPDOV

:KLWH 2[\JHQ %RRVW 'D\ &UHDP 63) 1RUPDO &RPELQDWLRQ 6NLQ PO

C

ZZZ RULÁDPH FR LQ

5HPRYHV LPSXULWLHV WRQHV OLJKWHQV VNLQ

)RDPLQJ FOHDQVHU WR FOHDQVH DQG UHPRYH PDNH XS

6.,1 &$5(

2))

*HW YLVLEO\ OLJKWHU K\GUDWHG DQG KHDOWK\ ORRNLQJ VNLQ ZLWK SDWHQWHG DQWLR[LGDQW WHFKQRORJ\ DQG K\GUDWLQJ IRUPXOD FRQWDLQLQJ VNLQ OLJKWHQLQJ FRPSOH[

C

: + , 7 (

(9(1 287 IRU DOO VNLQ W\SHV

DOO DJHV

2SWLPDOV

(YHQ 2XW 'D\ &UHDP 63) PO

C

2SWLPDOV (YHQ 2XW 1LJKW &UHDP

PO

C

/,1*21 3$7(17('$17,2;,'$177(&+12/2*<

)RU 0RUH %HDXWLIXO 6NLQ 6KLHOGV \RXU VNLQ DJDLQVW HQYLURQPHQWDO VWUHVV RQ D FHOOXODU OHYHO

NBM

+2/' 2172<285 )/$:/(66 <287+

RXW RI

VDZ

¿ 5('8&(' ),1( /,1(6 2SWLPDOV :KLWH 6NLQ <RXWK 'D\ &UHDP 63)

¿ ',0,1,6+(' 325(6

PO

¿ */2:,1* 6.,1 1RXULVKHV OLJKWHQV UHGXFHV ÀQH OLQHV RYHUQLJKW

&RQVXPHU HYDOXDWLRQ RI WKH GD\ FUHDP RQ $VLDQ VNLQ ZRPHQ IRU ZHHNV

6.,1 <287+ IRU DOO VNLQ W\SHV

DOO DJHV

2SWLPDOV :KLWH 6NLQ <RXWK 1LJKW &UHDP 5HVWRUHV OLJKWHQV DQG VPRRWKHQV \RXU VNLQ DW QLJKWWLPH 9LVLEO\ UHGXFHV ÀUVW OLQHV SRUHV DQG URXJKQHVV :LWK VNLQ OLJKWHQLQJ FRPSOH[ VPRRWKHQLQJ PLFURVSKHUHV SDWHQWHG DQWLR[LGDQW /LQJRQ PO

C

C

ZZZ RULÁDPH FR LQ

C

6.,1 &$5(

2))

:LWK VNLQ OLJKWHQLQJ FRPSOH[ DQG VPRRWKHQLQJ PLFURVSKHUHV WKDW DFW RQ UHGXFLQJ WKH YLVLELOLW\ RI HQODUJHG SRUHV ÀQH OLQHV URXJK VNLQ WH[WXUH DQG RWKHU ÀUVW VLJQV RI DJHLQJ

2; < * ( 1 % 2 2 6 7 IRU QRUPDO FRPELQDWLRQ VNLQ

DOO DJHV

2SWLPDOV :KLWH 2[\JHQ %RRVW 6HUXP ,QWHQVLYH VHUXP WR ERRVW WKH VNLQ·V PRLVWXUH OHYHOV :LWK SDWHQWHG DQWLR[LGDQW /LQJRQ 2[\JHQ DFWLYH VNLQ OLJKWHQLQJ FRPSOH[ K\DOXURQLF DFLG IRU LQWHQVH K\GUDWLRQ DQG JO\FROLF DFLG WKDW KHOSV UHQHZ WKH VNLQ WR UHYHDO LWV LQQHU UDGLDQFH 8VH XQGHU \RXU GD\ QLJKW FUHDPV J

C

6((,1* ,6 %(/,(9,1* IRU DOO VNLQ W\SHV

/,1*21 3$7(17('$17,2;,'$177(&+12/2*<

)RU 0RUH %HDXWLIXO 6NLQ 6KLHOGV \RXU VNLQ DJDLQVW HQYLURQPHQWDO VWUHVV RQ D FHOOXODU OHYHO

DOO DJHV

2SWLPDOV :KLWH 6HHLQJ LV %HOLHYLQJ (\H &UHDP !&+ +$ . # * * ! + &2 # ! . # + # *$2# . 6 +' . & . #. #. $5 #. # $# 7 70 # # . 3 ' % "!'

C

NBM

2;<*(1 %2267 DOO DJHV

:KLWH 2[\JHQ %RRVW 'D\ &UHDP 63) 2LO\ 6NLQ

2SWLPDOV

2[\JHQ %RRVW )DFH %ORWWLQJ 7LVVXHV

O+\GUDWLQJ DQG PDWWLI\LQJ GD\ FUHDP FRQWDLQLQJ SDWHQWHG DQWLR[LGDQW /LQJRQ WKDW KHOSV SURWHFW VNLQ DJDLQVW HQYLURQPHQWDO VWUHVV OLJKWHQLQJ 5XPH[ DQG 2[\JHQ DFWLYH 63) $GDSWHG IRU RLO\ VNLQ $SSO\ HYHU\ PRUQLQJ PO

(DV\ WR XVH KLJKO\ DEVRUEHQW SDSHU WLVVXHV UHPRYHV H[FHVV RLO IRU VKLQH IUHH PDWWH VNLQ WLVVXHV LQFOXGHG SFV

C

C

2SWLPDOV

:KLWH 2[\JHQ %RRVW 1LJKW &UHDP 2LO\ 6NLQ

+\GUDWLQJ DQG QRXULVKLQJ QLJKW FUHDP FRQWDLQLQJ SDWHQWHG DQWLR[LGDQW /LQJRQ WKDW KHOSV SURWHFW VNLQ DJDLQVW HQYLURQPHQWDO VWUHVV OLJKWHQLQJ 5XPH[ DQG 2[\JHQ DFWLYH $GDSWHG IRU RLO\ VNLQ $SSO\ HYHU\ HYHQLQJ PO

C

6.,1 &$5(

2SWLPDOV

&/($16(5 721(5 IRU RLO\ VNLQ

2SWLPDOV

:KLWH &OHDQVLQJ *HO

2SWLPDOV

DOO DJHV

:KLWH 3XULI\LQJ 7RQHU

2LO\ 6NLQ

2LO\ 6NLQ

/LJKWZHLJKW JHO IRUPXOD WKDW HIIHFWLYHO\ SXULÀHV RLO\ VNLQ XQFORJV SRUHV DQG UHPRYHV PDNH XS KHOSLQJ WR OHDYH WKH VNLQ PDWWLÀHG DQG UHIUHVKHG :LWK SDWHQWHG DQWLR[LGDQW /LQJRQ DQG VNLQ OLJKWHQLQJ FRPSOH[ PO

$!!$4 6$2* ! #+ * 4 . . + &2* 6 # .$# * . . * "$3 + !! * " # # "&2* . + " .. + # !&+ .$ !$+ # . . # &$* +' . & . #. #. $5 #. # $# 7 70 # + # ! . # # $"&! 5' $2* + # + #$4 * 6 $* 6$2* 6 $* # . * "' 177 "!'

C

ZZZ RULÁDPH FR LQ

IRU RLO\ VNLQ

C

81/2&.7+( 6(&5(7672 $ VXSHULRU DQWL DJHLQJ QXWULHQW GHULYHG IURP 6R\ ZKLFK DFWV DW D JHQHWLF OHYHO 6HOHFWHG DIWHU QHDUO\ D GHFDGH RI H[WHQVLYH UHVHDUFK (QFDSVXODWHG WR UHDFK GHHSHU VNLQ OD\HUV 3URYHQ WR WDUJHW DOO QHHGV RI PDWXUH VNLQ

<281*(5 /22.,1* 6.,1 5HDFWLYDWH WKH \RXWK SRWHQWLDO RI PDWXUH VNLQ ZLWK SUHPLXP 7LPH 5HVHUYLQJ 6NLQ*HQLVW $ VHQVXDO EHDXW\ ULWXDO WR QXUWXUH ZHDNHQHG VNLQ FHOOV ÀOOLQJ WKHP ZLWK YLWDOLW\ DQG HQYHORSLQJ WKHP ZLWK FDUH

7LPH 5HYHUVLQJ 6NLQ*HQLVW 1LJKW &UHDP $ SRZHUIXO DQWL DJHLQJ IRUPXOD ZLWK HQFDSVXODWHG JHQLVWHLQ SURORQJV WKH VNLQ·V \RXWKIXO DSSHDUDQFH 5LFK OX[XULRXV WH[WXUH QRXULVKHV DQG UHQHZV \RXU VNLQ RYHUQLJKW ERRVWV VNLQ UHVLOLHQFH DQG GLPLQLVKHV ZULQNOHV PO 62<

7LPH

5HYHUVLQJ 6NLQ*HQLVW 'D\ 1LJKW (VVHQFH $ XQLTXH VNLQ FDUH WUHDW ZLWK UHYLWDOLVLQJ FRQFHQWUDWH RI JHQLVWHLQ62< 6WLPXODWHV %HDXW\ *HQHV WR SURPRWH WKH VNLQ·V UHJHQHUDWLRQ UHVXOWLQJ LQ UHVWRUHG FRPSOH[LRQ UHGXFWLRQ RI OLQHV DQG ZULQNOHV DQG PRUH YLEUDQW VXSSOHU DQG ILUPHU VNLQ DSSHDUDQFH PO

C

C 7LPH 5HYHUVLQJ 6NLQ*HQLVW 0XOWL &OHDQVHU

5HMXYHQDWLQJ DQG ZRQGHUIXOO\ UHIUHVKLQJ PXOWL SXUSRVH PLON FOHDQVHU ZLWK D SRZHUIXO EOHQG RI JHQLVWHLQ62< PRLVWXULVLQJ DQG QRXULVKLQJ DJHQWV /HDYHV \RXU VNLQ SHUIHFWO\ VPRRWK UDGLDQW DQG VRIW PO

C

7LPH 5HYHUVLQJ 6NLQ*HQLVW 'D\ &UHDP 63)

7LPH

([WUD SXUH HQFDSVXODWHG JHQLVWHLQ DFWV RQ WKH VNLQ·V %HDXW\ *HQHV WR KHOS PDLQWDLQ SOXPS VXSSOH VNLQ WKDW UDGLDWHV YLWDOLW\ DQG \RXWKIXOQHVV 3URWHFWV DJDLQVW IUHH UDGLFDOV DQG WKH VXQ PO

/LJKW \HW VXSHU QRXULVKLQJ H\H FUHDP WR DFW RQ VNLQ·V %HDXW\ *HQHV ZLWKLQ D PXOWL WDVNLQJ IRUPXOD WKDW UHGXFHV WKH DSSHDUDQFH RI ZULQNOHV DQG YLVLEO\ OLIWV DQG WLJKWHQV VNLQ DURXQG WKH H\HV :LWK 5RFN 5RVH IRU DQWLR[LGDQW SURWHFWLRQ 9LQH 2UFKLG IRU VNLQ VPRRWKHQLQJ DQG /LTXRULFH H[WUDFW WR KHOS UHGXFH GDUN FLUFOHV PO

62<

C

5HYHUVLQJ 6NLQ*HQLVW (\H &UHDP

C &RQVXPHU HYDOXDWLRQ ZRPHQ RYHU \HDUV

NBM

5HGLVFRYHU <RXWK 3RWHQWLDO LQ <RXU *HQHV

$TXDSRULQ &' DQG &DGKHULQ *HQHV

)25 0$785( 6.,1

1RXULVKLQJ FOHDQVLQJ FDUH IRU PDWXUH VNLQ

6.,1 &$5(

7KH OLPLWOHVV \RXWK SRWHQWLDO RI \RXU VNLQ LV HQFRGHG LQ WKH VNLQ %HDXW\ *HQHV *HQLVWHLQ62< DQ DGYDQFHG DQWL DJLQJ QXWULHQW LGHQWL¿HV DQG HPSRZHUV \RXU %HDXW\ *HQHV 5H DFWLYDWHG WKH\ KHOS \RX UHWDLQ WKDW \RXWKIXO DSSHDUDQFH \RX ZHUH ERUQ WR KDYH

6NLQ UHYLYLQJ H\H FUHDP

ZZZ RULÁDPH FR LQ

/X[XULRXV VLON\ HOL[LU RI \RXWK

%(67 35,&( 2) 7+( <($5

)25 $// 6.,1 7<3(6

NBM 6$9(

C

6.,1 &$5(

)25 5$',$17 <287+)8/ /22.,1* (<(6 &(//8/$5 $&7,21 'LDPRQG &HOOXODU ZRUNV DW D PROHFXODU OHYHO SURPRWLQJ FHOO UHJHQHUDWLRQ VORZLQJ GRZQ WKH VLJQV RI DJHLQJ DQG SURORQJLQJ \RXWKIXO ORRNLQJ VNLQ (WHUQDO<RXWK &RPSOH[ HQKDQFHV FROODJHQ SURGXFWLRQ UHSDLUV GDPDJH DQG KROGV PRLVWXUH LQ WKH H\H DUHD WR VPRRWKHQ ZULQNOHV

:+,7( ',$021' (/,;,5 $ VSHFLDOO\ FUHDWHG HOL[LU IRU H\HV ZLWK :KLWH 7UXIÁH LPSURYHV FRPSOH[LRQ EULJKWHQV VNLQ HYHQV SLJPHQWDWLRQ DQG LPSURYHV FLUFXODWLRQ JLYLQJ \RXU H\H DUHD D \RXWKIXO EULOOLDQFH 6PRRWK \RXWKIXO ORRNLQJ H\H DUHD

/X[XULRXV VLON\ WH[WXUHG IRUPXOD

'LDPRQG &HOOXODU 0XOWL 3HUIHFWLRQ (\H 7UHDWPHQW

'LDPRQG &HOOXODU 'LDPRQG &HOOXODU 0LFHOODU 6ROXWLRQ &OHDQVHU 1LJKW 5HVWRUDWLYH PO 7UHDWPHQW

C

'LDPRQG &HOOXODU $QWL $JHLQJ &UHDP

PO

PO

+LJK SHUIRUPDQFH H\H FDUH IRU \RXWKIXO ORRNLQJ H\HV 5HGXFHV GDUN FLUFOHV DQG SXIÀQHVV KHOSV FRUUHFWV ZULQNOHV DQG ÀQH OLQHV DQG LQWHQVLYHO\ K\GUDWHV VNLQ LQ WKH H\H DUHD PO C

C

ZZZ RULÁDPH FR LQ

C

C

6XQ =RQH 89 3URWHFWRU )DFH DQG ([SRVHG $UHDV 63) +LJK

6XQ =RQH /RWLRQ )DFH DQG %RG\ 63) 0HGLXP

(IIHFWLYH KLJK SURWHFWLRQ IRU VXQ VHQVLWLYH VNLQ )RUPXODWHG ZLWK VRIWHQLQJ DQG PRLVWXULVLQJ DFWLYHV )DVW DEVRUELQJ WH[WXUH :DWHU UHVLVWDQW PO

/LJKWO\ WH[WXUHG QRQ VWLFN\ IRUPXOD WKDW PHOWV LQWR WKH VNLQ PRLVWXULVHV DQG SURYLGHV PRGHUDWH VXQ SURWHFWLRQ :DWHU UHVLVWDQW PO

C

C

'HUPDWRORJLFDOO\ WHVWHG 7HVWHG WR EH JHQWOH WR \RXU VNLQ

6XQ =RQH ,QWHQVLYH %DOP )DFH $QG %RG\ $IWHU 6XQ

6XQ =RQH :KLWHQLQJ 3URWHFWRU )DFH DQG ([SRVHG $UHDV 63) +LJK

<RX·OO ORYH WKDW LQVWDQWO\ UHOLHYLQJ IHHO RI WKLV LQWHQVLYHO\ UHK\GUDWLQJ IRUPXOD ZLWK QDWXUDO $ORH 9HUD /HDYHV \RXU VNLQ YLVLEO\ UHFRYHUHG IURP WKH VWUHVV RI VXQ H[SRVXUH VRRWKHG DQG FDOPHG PO

$ OLJKWO\ WH[WXUHG ZKLWHQLQJ IDFH FUHDP WR K\GUDWH DQG SURWHFW \RXU FRPSOH[LRQ LQ WKH VXQ +HOSV WR OLJKWHQ WKH VNLQ IRU D EULJKWHU PRUH HYHQ DQG UDGLDQW FRPSOH[LRQ $SSO\ PLQXWHV EHIRUH JRLQJ RXWVLGH :LWK &HOOXODU 3URWHFWLRQ 7HFKQRORJ\ FRQWDLQLQJ 89$ DQG 89% Ã&#x20AC;OWHUV 63) 8VH LQVWHDG RU RQ WRS RI \RXU QRUPDO GD\ FUHDP RQ IDFH DQG H[SRVHG DUHDV OLNH QHFN HDUV DQG GpFROOHWp PO

C

C

NBM

352)(66,21$/ 681 &$5( )25 $// <285 1(('6

3URWHFW \RXU VNLQ IURP WKH VXQ·V KDUPIXO UD\V ZLWK 6RO )DPLO\ ² DGYDQFHG IDPLO\ VXQ FDUH ZLWK 89$ DQG 89% SURWHFWLRQ WKDW PHHWV (8 JXLGHOLQHV

$//

)25 $// 6.,1 7<3(6

$*(6

6.,1 &$5(

2))

6XQ FDUH FUHDP 63) 6XQ FDUH ORWLRQ 63) /LJKW ZDWHUSURRI VLON\ DQG PRLVWXULVLQJ IRUPXOD &RQWDLQV 9LWDPLQ ( DQG 6XQIORZHU 2LO WR NHHS WKH VNLQ VXSSOH DQG SURWHFWHG PO

C

0RLVWXULVLQJ FUHDP ZLWK 89$ DQG 89% ILOWHUV &RQWDLQV 9LWDPLQ ( DQG 6XQIORZHU 2LO WR GHOD\ WKH VLJQV RI DJHLQJ :DWHU UHVLVWDQW PO

ZZZ RULÁDPH FR LQ

1RXULVKLQJ

PRLVWXULVLQJ VXQ FUHDP

C

C

385,)<,1* 7($ 75(( 2,/< 6.,1 $// $*(6 '(50$72/2*,&$//< 7(67('

5HIUHVKLQJ IRDP IDFH ZDVK

'ULHV RXW EOHPLVKHV

&RROLQJ SXULI\LQJ WRQHU

2,/< 6.,1 /RRNV VKLQ\ DQG XQHYHQ ZLWK HQODUJHG SRUHV DQG EOHPLVKHV 1HHGV SXULI\LQJ JHQWOH FDUH WKDW KHOSV PDLQWDLQ D VKLQH IUHH FRPSOH[LRQ

7($75(( 2,/ ZLWK LWV DQWLPLFURELDO SURSHUWLHV LV NQRZQ WR KHOS WDUJHW EOHPLVKHV DQG SXULI\ WKH VNLQ

1RQ JUHDV\ PDWWLI\LQJ IDFH ORWLRQ

/RYH PO

/RYH PO

/RYH PO

/RYH PO

1DWXUH %OHPLVK 6ROYHU 7HD 7UHH

C 1DWXUH &OHDQVLQJ *HO 7HD 7UHH

C 1DWXUH )DFH 7RQHU 7HD 7UHH

C 1DWXUH )DFH /RWLRQ 7HD 7UHH

C

NBM 1285,6+,1* :,/' 526(

1250$/ 72 '5< 6.,1

5HPRYHV GLUW UHIUHVKHV VNLQ

$// $*(6

/RYH 1DWXUH 5RVH :DWHU :LOG 5RVH (DVLO\ DEVRUEHG ZDWHU EDVHG WRQLQJ IRUPXOD WKDW DFWV DV D PLOG DVWULQJHQW WR VRRWKH DQG UHYLWDOLVH \RXU VNLQ ,QIXVHG ZLWK ZLOG URVH H[WUDFWV ULFK LQ DQWLR[LGDQWV LW KHOSV SURWHFW DQG UHVWRUH VXSSOHQHVV WR WKH VNLQ ,W FDQ EH XVHG WKURXJKRXW WKH GD\ IRU DQ LQVWDQW EXUVW RI K\GUDWLRQ DQG UHIUHVKPHQW $LGV LQ UHPRYLQJ GLUW DFFXPXODWHG RQ WKH VNLQ PO

5HPRYHV LPSXULWLHV

6.,1 &$5(

:,/' 526(·V JHQWOH DQG QRXULVKLQJ H[WUDFWV KHOSV UHVWRUH FRPIRUW DQG VXSSOHQHVV WR \RXU VNLQ DQG OHDYHV LW YHOYHW\ VRIW

C

'5< 6.,1 $// $*(6 '(50$72/2*,&$//< 7(67('

1DWXUH LQ &OHDQVHU :LOG 5RVH

5LFK YHOYHW\ QLJKW FUHDP

LQ IDFLDO FOHDQVHU ZLWK D PLON\ IRUPXODWLRQ FRQWDLQLQJ QRXULVKLQJ :LOG 5RVH 2LO H[WUDFW ,W FOHDQVHV E\ HIIHFWLYHO\ UHPRYLQJ LPSXULWLHV DQG WUDFHV RI PDNH XS DQG QRXULVKHV WKURXJK HIIHFWLYH HPROOLHQWV WKDW SURYLGH D VXSSOH DQG VRIW DIWHU VNLQ IHHO 'HUPDWRORJLFDOO\ WHVWHG DQG VXLWDEOH IRU GDLO\ XVH PO

C

/RYH 1DWXUH 'D\ &UHDP :LOG 5RVH (DVLO\ DEVRUEHG \HW ULFK LQ QXWULWLRQ FRQWDLQV QDWXUDO :LOG 5RVH H[WUDFW WR VRIWHQ DQG VPRRWKHQ GU\ VNLQ DQG KHOS FRQWURO GU\QHVV DQG WLJKWQHVV E\ UHVWRULQJ FRPIRUW %ULQJV VXSSOHQHVV DQG SURWHFWLRQ WR WKH VNLQ DQG OHDYHV LW YHOYHW\ VRIW DQG K\GUDWHG 'HUPDWRORJLFDOO\ WHVWHG PO

ZZZ RULÁDPH FR LQ

/RYH

C

+<'5$7,1* $/2( 9(5$ 1250$/ 6.,1 $// $*(6 *HQWOH IRDPLQJ FOHDQVHU

'(50$72/2*,&$//< 7(67('

1250$/ 6.,1 KDV DQ LGHDO EDODQFH EHWZHHQ RLO DQG K\GUDWLRQ OHYHOV WKHUHIRUH VNLQ LV QHLWKHU JUHDV\ QRU GU\ $/2(9(5$ LV D UHQRZQHG ZRQGHU RI WKH SODQW ZRUOG NQRZQ IRU LWV PRLVWXULVLQJ K\GUDWLQJ DQG HPROOLHQW SURSHUWLHV

$FWLYHO\ UHMXYHQDWHV

+HOSV UHVWRUH UDGLDQFH

/RYH 1DWXUH *HO 0DVN $ORH 9HUD

&RROLQJ JHO PDVN IRUPXODWHG ZLWK K\GUDWLQJ $ORH 9HUD H[WUDFW WR PRLVWXULVH WKH VNLQ OHDYLQJ LW VPRRWKHU DQG PRUH UDGLDQW $SSO\ RQ FOHDQVHG IDFH OHDYH LW IRU PLQXWHV WKHQ ULQVH RII $YRLG (\H $UHD 8VH WLPHV D ZHHN 'HUPDWRORJLFDOO\ WHVWHG PO

C

/RYH 1DWXUH )DFH 6FUXE $ORH 9HUD ([IROLDWLQJ VFUXE IRUPXODWHG ZLWK K\GUDWLQJ $ORH 9HUD H[WUDFW WR GHHSO\ FOHDQVH DQG JHQWO\ UHPRYH GHDG FHOOV OHDYLQJ WKH VNLQ VRIW VPRRWK DQG UDGLDQW 0DVVDJH WKH VFUXE DYRLGLQJ H\H $UHD WKHQ ULQVH RII 8VH WZLFH D ZHHN 'HUPDWRORJLFDOO\ WHVWHG PO

C

/RYH 1DWXUH &OHDQVLQJ *HO $ORH 9HUD /LJKW IRDPLQJ FOHDQVHU ZLWK UHIUHVKLQJ $ORH 9HUD H[WUDFW 5HPRYHV DQ\ WUDFH RI PDNH XS DQG OHDYHV VNLQ IHHOLQJ UHIUHVKHG DQG FOHDQ ZLWKRXW RYHU GU\LQJ VNLQ 'HUPDWRORJLFDOO\ WHVWHG PO

C

NBM

3527(&7,1* 1((0 1250$/ &20%,1$7,21 6.,1

$// $*(6

1((0 LV ZLGHO\ NQRZQ IRU LWV DQWLEDFWHULDO SURSHUWLHV VRRWKHV DQG SURWHFWV WKH VNLQ KHOSV LQ FRQWUROOLQJ DQG UHFXUUHQFH RI DFQH DQG SLPSOHV

/LJKWZHLJKW QRQ JUHDV\ PRLVWXULVHU

&OHDUV VNLQ FORJJHG SRUHV

/RYH 1DWXUH )DFH :DVK 1HHP *HQWOH IDFH ZDVK ZLWK DQWLEDFWHULDO SURSHUWLHV RI 1HHP KHOSV SUHYHQW EOHPLVKHV DQG EDODQFHV 7 ]RQH ,W UHPRYHV LPSXULWLHV DQG H[FHVV RLO IURP WKH VNLQ OHDYLQJ LW VRIW DQG IUHVK ZLWKRXW RYHU GU\LQJ LW 0DVVDJH RQ WR ZHW IDFH DQG WKHQ ULQVH RII $YRLG H\H DUHD 'HUPDWRORJLFDOO\ WHVWHG PO

5HPRYHV H[FHVV RLO LPSXULWLHV

C

/RYH 1DWXUH &OD\ 0DVN 1HHP 5HIUHVKLQJ FOD\ PDVN ZLWK EHQHILWV RI 1HHP FOHDUV WKH VNLQ RI FORJJHG SRUHV LPSURYLQJ WKH VNLQ WH[WXUH UHYLYLQJ GXOO VNLQ 'UDZV RXW LPSXULWLHV DQG H[FHVV RLO IURP WKH VNLQ $SSO\ RQ FOHDQVHG IDFH DYRLGLQJ H\H DUHD /HDYH IRU PLQXWHV DQG WKHQ ULQVH RII 8VH WLPHV D ZHHN 'HUPDWRORJLFDOO\ WHVWHG PO

/RYH

C 1DWXUH )DFH 0RLVWXULVHU

1HHP /LJKWZHLJKW QRQ JUHDV\ PRLVWXULVHU ZLWK EHQHILWV RI 1HHP WKDW LV TXLFNO\ DEVRUEHG LQ WKH VNLQ OHDYLQJ LW UHIUHVKHG K\GUDWHG DQG VRIW *HQWO\ PHVVDJH RQ WR SHUIHFWO\ FOHDQVHG VNLQ DYRLGLQJ H\H DUHD 'HUPDWRORJLFDOO\ WHVWHG PO

ZZZ RULÁDPH FR LQ

1250$/ &20%,1$7,21 6.,1 2LOLHU LQ WKH 7 ]RQH FKLQ QRVH IRUHKHDG GULHU VNLQ RQ WKH FKHHNV DQG MDZOLQH 1HHGV FDUH WR EDODQFH RLOLHU DUHDV DQG K\GUDWH GULHU SDWFKHV

6.,1 &$5(

'(50$72/2*,&$//< 7(67('

C

)25 352%/(0 72 2,/< 6.,1

7,0( 72 *(7 025( '((3/<

3XUH 6NLQ 6FUXE )DFH :DVK 'HHS $FWLRQ PO

C

$ &203/(7( 5287,1( )25 2,/< 6.,1 :,7+ 7($ 75(( 526(0$5< )25 &20%,1$7,21 72 2,/< 6.,1

$//

$*(6

3XUH 1DWXUH 7HD 7UHH DQG 5RVHPDU\ )DFLDO .LW IRU &RPELQDWLRQ WR 2LO\ VNLQ

C

NBM 1$785(·6 %(67 &+26(1 6(&5(76 )25 +($/7+< */2:,1* 6.,1

%RWDQLFDO H[WUDFWV QDWXUDO EHDXW\ )25 $// 6.,1 7<3(6

$//

$*(6

3XUH 1DWXUH 6WUDZEHUU\ )UXLW ([WUDFW )DFH 0RLVWXULVHU

PO

C

/DVW WLPH LQ WKLV FDWDORJXH

3XUH 1DWXUH 3HDFK )UXLW ([WUDFW )DFH 0RLVWXULVHU

PO

C

6.,1 &$5(

/DVW WLPH LQ WKLV FDWDORJXH

3XUH 1DWXUH 2UDQJH )UXLW ([WUDFW )DFH 0RLVWXULVHU

PO

C

/DVW WLPH LQ WKLV FDWDORJXH

1DWXUH 3HDFK )UXLW ([WUDFW )DFH :DVK PO

C

3XUH

1DWXUH 2UDQJH )UXLW ([WUDFW )DFH :DVK

PO

C

3XUH

1DWXUH 6WUDZEHUU\ )UXLW ([WUDFW )DFH :DVK

ZZZ RULÁDPH FR LQ

3XUH

PO

C

)25 $// 6.,1 7<3(6

)2508/$7(' :,7+ &$5( $33/< :,7+ /29(

$//

(VVHQWLDOV PO

$*(6

C

)DLUQHVV /RWLRQ

(VVHQWLDOV PO

)DLUQHVV &UHDP 63)

C

(VVHQWLDOV PO

)DLUQHVV %RG\ /RWLRQ

C

(VVHQWLDOV

)DLUQHVV LQ

*HO :DVK PO

C

6.,1 /,*+7(1,1* &203/(; '(50$72/2*,&$//< 7(67(' 7(1'(5 &$5( )25 $// 6.,1 7<3(6

)2508/$7(' :,7+ &$5( $33/< :,7+ /29(

$//

)25 2,/< 6.,1 7<3(6

$*(6

(VVHQWLDOV PO

PO

C

)DLUQHVV *HO /RWLRQ

C

(VVHQWLDOV PO

7HQGHU &DUH

$//

$*(6

)DLUQHVV %DODQFLQJ 7RQHU

C

(VVHQWLDOV

)DLUQHVV %DODQFLQJ

&OHDQVHU PO

C

$// 7+( &$5( <285 6.,1 &$1 '5($0 2)

NBM

&+(5,6+ <285 6.,1 (9(5< '$<

)2508/$7(' :,7+ &$5( $33/< :,7+ /29(

)25 $// 6.,1 7<3(6

)25 $// 6.,1 7<3(6

$//

$*(6

08/7, 9,7$0,1 &203/(; '(50$72/2*,&$//< 7(67('

$//

$*(6

6.,1 &$5(

6.,1 /,*+7(1,1* &203/(; '(50$72/2*,&$//< 7(67('

(VVHQWLDOV )DLUQHVV LQ )DFH &UHDP /LJKWHQV K\GUDWHV QXUWXUHV SURWHFWV DQG VPRRWKHQV \RXU VNLQ ZLWK YLWDPLQV DQG 0XOEHUU\ H[WUDFW PO

C

(VVHQWLDOV *HQWOH LQ &OHDQVHU &OHDQVH QRXULVK DQG KHOS PRLVWXULVH 6RDS IUHH IRUPXOD ZLWK PXOWL YLWDPLQ FRPSOH[ )RU DOO VNLQ W\SHV PO

C

ZZZ RULÁDPH FR LQ

(VVHQWLDOV 1RXULVKLQJ 1LJKW &UHDP 5LFKHU IRUPXODWLRQ IRU RYHUQLJKW K\GUDWLRQ ZLWK PXOWL YLWDPLQ FRPSOH[ )RU DOO VNLQ W\SHV PO

C

+(5(·6 :+$7 <28 6$,'

%(67 %($87< %8<6 $PLGVW VR PDQ\ FRVPHWLF EUDQGV LW LV GLIÀFXOW WR FKRRVH WKH EHVW EX\V $ JRRG TXDOLW\ FRVPHWLFV UDQJH OLNH 9HU\ 0H WKDW KHOSV \RX WR VWD\ VW\OLVK URXQG WKH FORFN DQG ÀWV \RXU EXGJHW LV WKH LGHDO SLFN

*RGGHVV *UHHQ

, DP D IDVKLRQ IUHDN DQG ORYH WR H[SHULPHQW ZLWK FRORXUV , DP WRWDOO\ LQ ORYH ZLWK 9HU\ 0H 6RIW 1 *ODP (\H 6KDGRZ DYDLODEOH LQ GXDO VKDGHV IRU WKH SHUIHFW EOHQG DGGLQJ D ]LQJ WR P\ H\HV ,W·V HDV\ WR DSSO\ DQG VSUHDGV HYHQO\ IRU D VPRRWK DQG VRIW ÀQLVK 6RIW %URZQ LV P\ IDYRXULWH

0$.( 83

*RGGHVV *UHHQ

%OXH /DJRRQ

(OHFWULF 3XUSOH

HFWULF 3X (O

USOH

9HU\ 0H 'RXEOH 7URXEOH (\H 3HQFLOV J

C

<2 8 5 ' 5 ( $ 0 6 ² 2 8 5 , 1 6 3 , 5 $7 , 2 1

127( &RORXU VKDGHV UHSUHVHQWHG LQ WKLV FDWDORJXH PD\ VOLJKWO\ GLIIHU IURP WKH DFWXDO SURGXFW .LQGO\ FRQWDFW \RXU ORFDO 2ULÁDPH EUDQFK RU \RXU &RQVXOWDQW IRU D VDPSOH

&21680(5

%OXH /DJRRQ

06 *81-$1

NBM

0$.( 83

*LUO·V 1LJKW RXW IURP VRIW VKLPPHU WR 0HWDOOLF VKLQH %< 25,)/$0(

LPH WR VZLWFK ,W·V SP )ULGD\ 7 DQG KHDG RXW U RII WKH FRPSXWH HU DQG SDUW\ GLQQ IRU DIWHU ZRUN UQ RQ WKH 7X V UO JL ZLWK WKH DPRXU ZLWK GD\ WR QLJKW JO 9HU\0H

$TXD %OXH

&RFRD *OD]H

/DG\ /LODF

6ZHHW 2OLYH

'HHS *UHHQ

RZ

%U

IW 6R

9HU\ 0H 6RIW 1· *ODP (\H 6KDGRZ 7KH H\H VKDGRZ GXR WKDW·V DV YHUVDWLOH DV \RXU PRRG $SSO\ LW GU\ IRU D VRIW VKLPPHULQJ ÀQLVK DSSO\ LW ZHW IRU LQWHQVH PHWDOOLF JODPRXU J

C

ZZZ RULÁDPH FR LQ

6RIW %URZQ

Q

'RZQWRZQ *UH\

OXH XD % $T

/DG\ /LODF

3XUH FRORXU ² SXUH YDOXH

*" 2 +

#

& !2"

*$4 #

NBM

RQ WKH *R

+ *. $+

3RFNHW VL]H /LSVWLFN 3XUH &RORXU

0867 +$9(

%HDXW\

&KLF FRPSDFW FRORXU ,W·V DOO DERXW JUHDW FRORXU DQG YDOXH FRORXUIXO OLSVWLFNV IRU DQ XQEHOLHYDEOH SULFH *HW \RXU KDQGV RQ SXUH FRORXU DQG SXUH YDOXH E\ 2ULÁDPH

*6 *

#.

3XUH &RORXU 2Q 7KH *R /LSVWLFN 6PRRWK FRQGLWLRQLQJ OLSVWLFN LQ D KXJH VSHFWUXP RI FRORXU %ROG VKDGHV FUHDP\ WH[WXUH J

C

*6

*

!

21/< $7

. #

& "

4#

*$

C

ZZZ RULÁDPH FR LQ

!

3XUH FRORXU ² SXUH YDOXH 3XUH &RORXU ,QWHQVH /LSVWLFN J

/RYHO\ /LODF

'DULQJ %HUU\ )DEXORXV )XFKVLD )RUUHVW %HUULHV

&KHUU\ &RPSRWH 'DUN %XUJXQG\

-XLF\ 3OXP

3UHWW\ 3XUSOH

C

:DUP 5XVW

3UHWW\ 3XUSOH

&RFRD %URZQ

%DNHG %ULFN

9HU\ 0H 3HDFK 0H 3HUIHFW 6NLQ *ORZ PO

3XUH &RORXU .DMDO

C

J

C

9HU\ 0H 3HDFK 0H 3HUIHFW %RG\ *ORZ

%ODFN

PO

3XUH &RORXU 3UHVVHG 3RZGHU

/LJKW

'DUN

J

C

9HU\ 0H /LS $GGLFW J

C

/LJKW

/LJKW

/LJKW 0HGLXP

3XUH &RORXU 1DLO 3ROLVK 0LQL PO

0RFKD 'UHDP

)UHVK 3HDFK

5RFNVWDU 3LQN

3LQN %OXVK

)OLUW\ 3LQN

9LROHW 9LEH

+RW 5HG

3LQN .LVV

C

7UHQG\ 1XGH

7UHQG\ 1XGH

&ODVVLF 5HG

%URQ]HG %URZQ

6HUHQH *UHHQ

3LQN &UXVK

0DXYH 0LUDJH

%XUJXQG\ :LQH

0DULQH %OXH

+RW )XFKVLD

/XVW\ /DYHQGHU

0LGQLJKW %OXH

%OXH ,FH

9LROHW 9LEH

C

NBM

9HU\ 0H 6SRQJHV [ [ FP

9HU\ 0H ([WHQGDODVK 0DVFDUD

9HU\ 0H 6PRRWKLH )RXQGDWLRQ

PO

C

9HU\ 0H 3HDFK 0H 3HUIHFW 3RZGHU

0$.( 83

%DF N

&OHDU

C

PO

C

J

C

3RUFHODLQ

&OHDU

,YRU\

%URQ]H

9HU\ 0H 0LUURU *ORVV PO

&ORYHU +D]H

]H

3LQN %OXVK

6RIW &RUDO

&HULVH

+RW 5HG

9HU\ 0H 3HQFLO 6KDUSHQHU 0DWHULDOV 3RO\VW\UHQH 6WDLQOHVV 6WHHO [ [ FP

C

3

LQN

9HU\ 0H 0HWDOOLF 1DLO 3ROLVK , "!'

C

3LQN 3HDUO

6WHHO )URVW

6ZHHW &DQG\

7ZLOLJKW 'XVW

*ROG 5XVK

%OXH 3DVVLRQ

$TXD *UHHQ

*UHHQ (QY\

0RRQ OLJKW

&

RU DO

9HU\ 0H /LS &UD\RQ J

C

&RUDO

ZZZ RULÁDPH FR LQ

&OR YHU + D

6ZHHW &DQG\

C

3LQN

7KH 21( ,OOX6NLQ 3RZGHU

7KH 21( ,OOX6NLQ )RXQGDWLRQ

J

PO

C

7KH 21( ,OOX6NLQ &RQFHDOHU

C

PO

C

7KH 21( ,OOXVNLQ )DFH 3ULPHU

7KH 21( &RORXU 8QOLPLWHG /LSVWLFN J

C

3LQN *ORZ

6KLPPHU 5RVH

$EVROXWH %OXVK

)XFKVLD ([FHVV

$OZD\V &UDQEHUU\

(QGOHVV 5HG

3LQN 8QOLPLWHG

9LROHW ([WUHPH

)RUHYHU 3OXP

/XPLQRXV 3HDFK

7KH 21( /RQJ :HDU 1DLO 3ROLVK PO

'XVN\ 1XGH

&HULVH 3LQN +RQH\ &KHVWQXW

(WHUQDO 5HG

C

)XFKVLD $OOXUH

*LRUGDQL *ROG -HZHO /LSVWLFN J

C

%DOOHULQD 5RVH

/LODF 6LON

)XFKVLD $OOXUH

/RQGRQ 5HG

3XUSOH LQ 3DULV

6WUDZEHUU\ &UHDP

1LJKW 2UFKLG

5HG 6N\ DW 1LJKW

5XE\ 5RXJH

&DSSXFFLQR

0DXYH 'UHDP 3OXP 'HVLUH

5RVH %ORVVRP (WHUQDO 5HG

7KH 21( %DVH 7RS &RDW PO

C

)XFKVLD ([FHVV

C

PO

C

6KLPPHU 5RVH

1XGH 3LQN

$EVROXWH %OXVK

J

1DWXUDO %HLJH

2OLYH %HLJH

1XGH %HLJH

9LROHW ([WUHPH

7KH 21( ,OOX6NLQ %OXVK

1XGH 3LQN

)DLU /LJKW

0RFKD ,QWHQVLW\

'DUN

1DWXUDO %HLJH

/LJKW

0HGLXP

3RUFHODLQ

)DLU

0HGLXP

NBM 7KH 21( 0DWWH /LSVWLFN %

OXH

J

7KH 21( (\HOLQHU 6W\OR

C %ODFN

%OXH

'HVHUW 6DQG

7KH 21( 9ROXPH %ODVW 0DVFDUD

%URZQLH 'HOLJKW 3LQN 5DVSEHUU\ 0DUU\ 0DURRQ

1XWW\ 3OXP

:LOG 5RVH

&KHUU\ %URZQ

%HUU\OLFLRXV

0ROWHQ 0DXYH

5HG 6HGXFWLRQ

0$.( 83

N

PO 5HG 6HGXFWLRQ

%ODF

C

7KH 21( &RORXU 8QOLPLWHG /LS *ORVV

PO

PO

C

C

'HHS

5RVH 8QOLPLWHG

%ODFN

%ODFN

3OXP

7KH 21( +LJK ,PSDFW (\H 3HQFLO

5RVH 8QOLPLWHG

3LQN %RRVW

7UXH %OXVK

9HU\ )XFKVLD

7KH 21( LQ &RORXU 6W\OLVW &UHDP /LSVWLFN

2Q\[ %ODFN

0LGQLJKW %OXH

$PD]RQ *UHHQ

3H UIHFW

3LQN

7KH 21( &RORXU 6W\OLVW /LS /LQHU J

C

'HHS 3OXP

*DUQHW $WWUDFWLRQ

&RUDO ,GHDO

6PRNH 5HG

5HG &RSSHU

3LQN /DG\

/RQGRQ 5HG

%HLJH &ROOHFWLRQ

&ODVV\ %HUU\

0\VWHULRXV 3LQN

,UUHVLVWLEOH 5HG

& RUDO ,GHD O

3HUIHFW 3LQN

&ORYHU +D]H

9LEUDQW 3LQN

&RUDO ,GHDO

5HÀQHG 0DXYH 0HOWLQJ &KRFRODWH

*DUQHW $WWUDFWLRQ

C

ZZZ RULÁDPH FR LQ

J

J

C

3OXP %H\RQG

%HVW XVH ZLWK

1$785( 6(&5(7 0$1,&85( 6(7

%($87,)8/

1$,/6

)HDWXUHG RQ

3DJH

0$'( ($6<

'XUDEOH PHWDO Ã&#x20AC;OH DQG SLFN LV D FRQYHQLHQW PXOWL SXUSRVH WRRO

387<285 %(67 1$,/6 )25:$5' (VVHQWLDO SURGXFWV IRU D VLPSOH URXWLQH WKDW ZLOO NHHS \RXU QDLOV LQ JUHDW VKDSH &XWLFOH SXVKHU DQG UHPRYHU DOORZV \RX WR UHPRYH FXWLFOHV IRU QHDW KDQGV DOVR KHOSLQJ QDLOV JURZ VWURQJHU

6PRRWK \RXU URXJK QDLO HGJHV ZLWK WKLV VDQGLQJ Ã&#x20AC;OH

7KH 21( 0DQLFXUH .LW 0DQLFXUH NLW LQ LPLWDWLRQ OHDWKHU FDUU\LQJ FDVH ZLWK HVVHQWLDOV IRU ZHOO JURRPHG QDLOV &RQWDLQV Ã&#x20AC;YH WRROV IRU EHDXWLIXO PDQLFXUH 6L]H [ [ FP

1DLO VFLVVRUV DUH SHUIHFW IRU FXWWLQJ DZNZDUG VL]HG QDLOV

C

C 7KH QDLO FXWWHU LV GXUDEOH DQG OLJKWZHLJKW

&$5( ² 0$1,&85( .,7 1$,/ &$5( &2//(&7,21

NBM 0< 678',2 6(&5(7

1(: 83 72

-RQDV :UDPHOO

2ULÁDPH *OREDO %HDXW\ $UWLVWLF 'LUHFWRU

%($87,)8/

1$,/6

´5HPRYH ROG SROLVK LQ D ÁDVK EHIRUH \RX DGG D QHZ VKDGH µ

,1 )2&86

2))

$7<285 ),1*(57,36 (66(17,$/6 )25 $0$=,1* 1$,/6 0DNH QDLO FDUH D SDUW RI \RXU ZHHNO\ UHJLPHQ IRU EHDXWLIXOO\ PDQLFXUHG KDQGV

:,7+ 9,7$0,1 ( 5(029(6 1$,/ 32/,6+ 48,&./< $1' ($6,/< $&(721( )5(( IRU HDV\ UHPRYDO RI HYHQ GDUNHU VKDGHV

7KH 21( ,QVWDQW 1DLO 3ROLVK 5HPRYHU

ZZZ RULÁDPH FR LQ

$&(721( )5((

PO

C

C

+(5(·6 :+$7 <28 6$,'

05 .5,6+1$1 &21680(5

7KLV 2ULÁDPH EDE\ WDOF LV YHU\ VXLWDEOH IRU P\ QHZERUQ GDXJKWHU ,W·V UHDOO\ VRIW DQG VPRRWK RQ KHU VNLQ DQG , DOVR OLNH WKH VPHOO , DP JRLQJ WR FRQWLQXH XVLQJ WKLV UDQJH IRU P\ EDE\ DV LW VHHPV WKDW VKH LV DOVR HQMR\LQJ LW

3(5621$/ &$5( '(/,&$7( &$5( )25 %$%< 6.,1 3DUHQWV ZDQW QRWKLQJ EXW WKH EHVW IRU WKHLU EDE\·V VRIW VNLQ 7UXVW RQO\ FOLQLFDOO\ WHVWHG DQG SDHGLDWULFLDQ DSSURYHG %DE\ SURGXFWV ZLWK 2UJDQLF &RWWRQ ([WUDFW IRU WKH GHOLFDWH FDUH \RXU FKLOG QHHGV

%DE\ PO

0RLVWXULVLQJ &UHDP

C

%DE\ PO

2LO

C

%DE\ PO

+DLU %RG\ :DVK

C

%DE\ J

6RDS %DU

<2 8 5 ' 5 ( $ 0 6 ² 2 8 5 , 1 6 3 , 5 $7 , 2 1

C

NBM

6RRWKH DQG 6PRRWK IRU FXGGO\ VRIW VNLQ

21/<

3(5621$/ &$5(

C )RU WKH GLDSHU DUHD DV ZHOO DV WKH FXWH FKXEE\ IROGV ZKHUH ZDWHU JRHV WR KLGH

:LWK PRLVWXULVLQJ 2UJDQLF &RWWRQ

%DE\ 7DOF .HHS \RXU OLWWOH RQH IUHVK GU\ DQG FRPIRUWDEOH ZLWK WKLV JHQWOH EDE\ SRZGHU J

ZZZ RULÁDPH FR LQ

2UJDQLF &RWWRQ ([WUDFW WR PRLVWXULVH FRQGLWLRQ DQG VRIWHQ EDE\·V VNLQ

C

C

727$/ 3527(&7,21 &203/(7( &$5( 620(7+,1* 72 60,/( $%287 $&7,9( 3527(&7 &203/(; 2SWLIUHVK FRPELQHV SRZHUIXO LQJUHGLHQWV WKDW PDLQWDLQ IUHVK EUHDWK DQG SURPRWH KHDOWK\ RUDO FDUH $FWLYH 3URWHFW &RPSOH[ FRQWDLQV IUHVK &ORYH RLO =LQF VXOIDWH DQG )OXRULGH

&/,1,&$//< 3529(1 K SURWHFWLRQ DJDLQVW SODTXH FDYLWLHV WDUWDU EXLOG XS

2SWLIUHVK

6\VWHP 7RWDO 3URWHFWLRQ 7RRWKSDVWH

7RWDO 3URWHFWLRQ ZLWK IUHVK PLQW ÁDYRXU SURYLGHV KRXUV SURWHFWLRQ IRU SURWHFWLRQ PO

C

2SWLIUHVK

6\VWHP &U\VWDO :KLWH 7RRWKSDVWH

&U\VWDO :KLWH LV IRUPXODWHG ZLWK D :KLWHQLQJ $FWLYH LQJUHGLHQW WKDW JHQWO\ OLIWV VXUIDFH VWDLQV PO

C

$ /LIHWLPH RI 3URWHFWLRQ

6:(',6+ '(17$/ $662&,$7,21

NBM 1(: 21/<

*UHDW WDVWLQJ WRRWKSDVWH LV NH\ WR JHWWLQJ \RXU FKLOGUHQ WR ORYH EUXVKLQJ WKHLU WHHWK 1HZ 2SWLIUHVK 6WUDZEHUU\ 7RRWKSDVWH LV MXVW ZKDW WKH GHQWLVW RUGHUHG ² D GHOLFLRXV ÁDYRXU \RXU NLGV ZLOO ORYH ZLWK ÁXRULGH WR SURWHFW WKHLU WHHWK HYHU\ GD\

C

.HHSLQJ NLGV VPLOLQJ

3(5621$/ &$5(

675$:%(55< %8%%/(6

Z LQ JHO QR \ J Q L O N EHUU VSDU &RRO LRXV VWUDZ GHOLF ÁDYRXU

+HOSV SUHYHQW FDYLWLHV DQG VWUHQJWKHQ GHYHORSLQJ WHHWK

+HOSV ÀJKW SODTXH

2SWLIUHVK .LGV 6WUDZEHUU\ 7RRWKSDVWH &RQWDLQV WKH UHFRPPHQGHG GDLO\ GRVH RI ÁXRULGH IRU FOHDQLQJ DQG VWUHQJWKHQLQJ PLON WHHWK *HQWOH FOHDQLQJ VXLWDEOH IRU FKLOGUHQ IURP \HDUV ROG PO 7227+3$67( &217$,1,1* )/825,'( ,6 5(&200(1'(' %< 7+( 6:(',6+ '(17$/ $662&,$7,21

ZZZ RULÁDPH FR LQ

6SHFLDOO\ IRUPXODWHG IRU PLON WHHWK

C

+DSS\

6NLQ FDULQJ ERG\ ORWLRQ VHQVLWLYH VNLQ PO

C

+DSS\

6NLQ K\GUDWLQJ ERG\ ORWLRQ QRUPDO GU\ VNLQ

PO

C

+DSS\

6NLQ QRXULVKLQJ ERG\ PLON H[WUD GU\ VNLQ PO

C

+DSS\ 6NLQ QRXULVKLQJ ERG\ FUHDP H[WUD GU\ VNLQ

PO

C

'(50$72/2*,&$//< 7(67(' $/&2+2/ )5((

121 67,&.<

K

3527(&7,21

GU\ SURWHFWLRQ

$17,²:+,7( 0$5.6 $FWLYHOOH

$QWL SHUVSLUDQW K 'HRGRUDQW &RWWRQ 'U\ PO

0,1(5$/ 3527(&7 &203/(; ² UHOLDEOH DQWL SHUVSLUDQW SURWHFWLRQ WR HQVXUH DOO GD\ IUHVKQHVV ZKLOH FDULQJ IRU \RXU VNLQ

&27721 32:'(5 GHOLYHUV HIIHFWLYH SURWHFWLRQ RIIHULQJ WKH FRPIRUWLQJ VRIWQHVV RI FRWWRQ ZLWK WKH DEVRUEHQW SHUIRUPDQFH RI D SRZGHU

$FWLYHOOH $QWL SHUVSLUDQW K 'HRGRUDQW &RWWRQ 'U\ PO

(IIHFWLYHQHVV EDVHG RQ VHOI DVVHVVPHQW IURP ZRPHQ

C

C

NBM

6227+,1* :$6+ :,7+ (;75$ 9,7$0,16 3(21< )/2:(5 (;75$&7

3(5621$/ &$5(

ZLWK ZRPHQ LQ PLQG

&20)257$%/( ZLWK VRRWKLQJ :KLWH 3HRQ\ )ORZHU ([WUDFW

$ FUHDP\ LQWLPDWH ZDVK IRUPXODWHG ZLWK PRLVWXULVLQJ 6ZHHW $OPRQG 2LO H[WUD YLWDPLQV DQG VRRWKLQJ 3HRQ\ )ORZHU NQRZQ IRU LWV VRIWHQLQJ EHQHILWV WR NHHS \RXU LQWLPDWH DUHD FOHDQ DQG FRPIRUWDEOH 2IIHULQJ D GHOLFDWH IORUDO VFHQW \RX DUH OHIW ZLWK D IHHOLQJ RI IHPLQLQH FRQILGHQFH DIWHU HDFK XVDJH PO

C

ZZZ RULÁDPH FR LQ

)HPLQHOOH 6RRWKLQJ ,QWLPDWH :DVK

(IIHFWLYHQHVV EDVHG RQ VHOI DVVHVVPHQW XQGHU J\QHFRORJLFDO FRQWURO

0LON

+RQH\ *ROG +DLU 0DVN

0LON

+RQH\ *ROG &RQGLWLRQHU

0LON

PO

PO

PO

C

0LON

+RQH\ *ROG 6KDPSRR

PO

PO

+RQH\ *ROG 6PRRWKLQJ 6XJDU 6FUXE

C

0LON +RQH\ *ROG 0RLVWXULVLQJ 6KRZHU &UHDP

C

C

0LON

+RQH\ *ROG 1RXULVKLQJ +DQG %RG\ &UHDP PO

)HHW

8S $GYDQFHG &UDFNHG +HHO 5HSDLU )RRW &UHDP PO

C

)HHW

8S $GYDQFHG LQ 'HHS $FWLRQ )RRW 6FUXE PO

C

C

C

3(5621$/ &$5(

NBM

0RLVWXULVHV OLJKWHQV \RXU KDQGV

,QWHQVLYH 1RXULVKPHQW

[ 0RUH PRLVWXULVHV 0LON +RQH\ *ROG 0RLVWXULVLQJ +DQG &UHDP $ OX[XULRXVO\ ULFK DQG QRXULVKLQJ LQWHQVLYH FDUH KDQG FUHDP IRUPXODWHG ZLWK RUJDQLFDOO\ VRXUFHG 0LON 3URWHLQV DQG +RQH\ ([WUDFWV RIIHUV KU PRLVWXUH WR H[WUD GU\ VNLQ PO

C

ZZZ RULÁDPH FR LQ

6LON %HDXW\ :KLWH *ORZ +DQG &UHDP /X[XULRXV EOHQG RI QRXULVKLQJ LQJUHGLHQWV OHDYH KDQGV ORRNLQJ UDGLDQW DQG IHHOLQJ K\GUDWHG &RQGLWLRQLQJ 6LON 3URWHLQV DQG PRLVWXULVLQJ &KHUU\ %ORVVRP VRIWHQ KDQGV ZKLOH :KLWH 0XOEHUU\ KHOSV JLYH VNLQ DQ HYHQ IDLU DQG JORZLQJ ZKLWH FRPSOH[LRQ PO

C

,QVWUXPHQWDOO\ WHVWHG &RPSDUHG WR 2ULÁDPH VWDQGDUG KDQG FUHDP IRUPXODWLRQV

1(: $1' ,03529('

$// )2508/$6 12: :,7+

$1 7 , 2;, '$ 17 *,1 *(52/ 1285,6+(6 6&$/3 )25 9 , 6 , % /< % ( $ 8 7 , ) 8 / + $ , 5

%($87,)8/ +$,5 %(*,16 :,7+ $ +($/7+< 6&$/3

NBM ´%(&$86( (&$8 &$8 %, %,* ,* %( ($87, ($87,)8/ / %281&< % 81&< 1&< ,6 6 $/ /:$<6 /: :$<6 2175(1'µ 217 'µµ '

)25 ),1( +$,5 &(5$0,'( &203/(;

025( 92/80(

3(5621$/ &$5(

2))

²%($87,)8/92/80( DQG %2'< DIWHU ÀUVW XVH ²7+,&.(5 +($/7+,(5 )8//(5 ORRNLQJ KDLU

+DLU; 9ROXPH %RRVW 6KDPSRR $ ZHLJKWOHVV VKDPSRR WKDW JHQWO\ FOHDQV KDLU ZKLOH DGGLQJ ERG\ WR ÁDW KDLU )RUPXODWHG ZLWK &HUDPLGH &RPSOH[ WR KHOS VWUHQJWKHQ KDLU ÀEHUV WR LPSURYH YROXPH DQG VKDSH PO

C

C +DLU; 9ROXPH %RRVW /HDYH LQ &RQGLWLRQHU $ OHDYH LQ FRQGLWLRQHU WKDW KHOSV PDQDJH KDLU ZKLOH HIIHFWLYHO\ ERRVWLQJ YROXPH $ ZHLJKWOHVV IRUPXOD ZLWK &HUDPLGH &RPSOH[ WR LQMHFW KDLU ZLWK ERXQFH DQG ERG\ ZKLOH KHOSLQJ WR GHWDQJOH DQG FRQWURO KDLU PO

ZZZ RULÁDPH FR LQ

,QVWUXPHQWDO WHVW RI9ROXPH %RRVW VKDPSRR YV VWDQGDUG VKDPSRR 6HOI DVVHVVPHQW RI ZRPHQ XVLQJ VKDPSRR DQG OHDYH LQ WUHDWPHQW

C

C

1(: $1' ,03529('

6OHHN $OO IRUPXODV QRZ ZLWK

VDWLVIDFWLRQ

:+$7 ,6 .(5$7,1"

,W LV WKH PDLQ SURWHLQ QDWXUDOO\ IRXQG LQ \RXU KDLU SURYLGLQJ VWUHQJWK HODVWLFLW\ DQG SURWHFWLRQ .HUDWLQ KHOSV SURWHFW DJDLQVW WKH KHDW FKHPLFDO DQG HQYLURQPHQWDO VWUHVVRUV WKDW FDQ UHDOO\ GDPDJH \RXU KDLU

NBM 83 72

+U +DLU; 6PRRWK 6OHHN 6W\OLQJ &UHDP ORFNV RXW KXPLGLW\ IRU D VPRRWK JOHDPLQJ IUL]] IUHH KDLUVW\OH

+U +DLU; 6XSUHPH +ROG +DLU 6SUD\ JLYHV \RX XQVKDNHDEOH VW\OH ZLWK ÁH[LEOH PRYHPHQW IRU DQ LQFUHGLEOH KRXUV

3(5621$/ &$5(

2))

+DLU;

6W\OH 'LVWULEXWH D KD]HOQXW VL]H RI 6PRRWK 6OHHN &UHDP HYHQO\ LQWR GDPS KDLU %ORZ GU\

67(3

+ROG 6LPSO\ VSUD\ 6XSUHPH +ROG 6SUD\ IURP D GLVWDQFH RI FP DQG WKHQ XVLQJ \RXU ÀQJHU WLSV VPRRWK RXW VW\OH WKDW \RX ZLVK ZKLOH VSUD\ LV VWLOO ZHW

6PRRWK 6OHHN 6W\OLQJ +DLU &UHDP /LJKWZHLJKW VW\OLQJ FUHDP ZLWK .HUDWLQ RIIHUV + FRQWURO DQG DQWL IUL]] EHQHÀWV IRU D VOHHN ÀQLVK +ROG PO

C

C +DLU;

6XSUHPH +ROG 6W\OLQJ +DLUVSUD\

6XSUHPH + KROG KDLU VSUD\ ZLWK .HUDWLQ VHWV DQG SURWHFWV VW\OH ZKLOH RIIHULQJ ÁH[LEOH PRYHPHQW +ROG PO

ZZZ RULÁDPH FR LQ

67(3

C

C

)25 &2/285(' +$,5 1(: $1' ,03529('

+DLU;

&RORXU 3URWHFW &RQGLWLRQHU PO

C

+DLU; &RORXU 3URWHFW 6KDPSRR

PO

C

+DLU;

&RORXU 3URWHFW /HDYH ,Q 7UHDWPHQW PO

C

)25 )/$.< 6&$/3 +DLU;

'DQGUXII 5HVFXH 6KDPSRR

PO

PO

C

+DLU; 'DQGUXII 5HVFXH 7UHDWPHQW

C

)25 '$0$*(' +$,5 +DLU;

5HVWRUH 7KHUDS\ 6SOLW (QGV 6HUXP

+DLU;

PO

PO

+DLU;

5HVWRUH 7KHUDS\ 6KDPSRR

+DLU;

PO

PO

C

5HVWRUH 7KHUDS\ &RQGLWLRQHU

C

C

5HVWRUH 7KHUDS\ +DLU 0DVN

C

NBM

7+,6 ,6 0< 7,0(

72 6+,1( 0\ VHDUFK LV RYHU , IRXQG P\ 7UX&RORXU

$'9$1&(' 60$57 7(&+12/2*< /RQJ ODVWLQJ YLEUDQW FRORXU

,QWHQVH %URZQ

'DUN %URZQ

3(5621$/ &$5(

5$',$17 +$,5 &2/2856

0\ JRUJHRXV KDLU FRORXU JLYHV PH WKDW H[WUD HGJH 6XSHUVWDU TXDOLW\ PDNHV PH IHHO ZRQGHUIXOO\ VH[\ ZKLOH JLYLQJ PH WKH SRZHU WR VKLQH OLNH D VWDU

JUH\ FRYHUDJH

(;&(37,21$/ &$5( 5DGLDQW VKLQH

%OXH %ODFN

'HHS 0DKRJDQ\ &RSSHU

0DKRJDQ\

+DLU; 7UX&RORXU 7UX&RORXU·V ULFK VPRRWK FUHDP IRUPXOD FRQGLWLRQV DQG SHQHWUDWHV KDLU IRU LQWHQVH ORQJ ODVWLQJ FRORXU ,QFOXGHV LQVWUXFWLRQV JORYHV &RORXUDQW &UHDP *HO PO 'HYHORSHU PO DQG 3RVW 7UHDWPHQW PO

ZZZ RULÁDPH FR LQ

%ODFN

C

² WKH EOLVV RI VLPSOLFLW\ ²

1DWXUH

6HFUHWV &RQGLWLRQHU $QWL 'DQGUXII ZLWK %XUGRFN *UDSHIUXLW

PO

1DWXUH 6HFUHWV $QWL SHUVSLUDQW K 'HRGRUDQW ZLWK ,QYLJRUDWLQJ *LQVHQJ 3DVVLRQ )UXLW

1DWXUH

6HFUHWV 6KDPSRR $QWL 'DQGUXII ZLWK %XUGRFN *UDSHIUXLW

PO

C

C

PO

C

1DWXUH 6HFUHWV 6KRZHU *HO ZLWK LQYLJRUDWLQJ *LQVHQJ 3DVVLRQ IUXLW

PO

C 1DWXUH

6HFUHWV 6KDPSRR IRU 'U\ DQG 'DPDJHG +DLU :KHDW &RFRQXW

PO

1DWXUH 6HFUHWV 6KRZHU &UHDP ZLWK +\GUDWLQJ %DVLO 3HDFK

PO

C

1DWXUH

6HFUHWV 6RDS %DU ZLWK +\GUDWLQJ %DVLO 3HDFK J

C

6HFUHWV &RQGLWLRQHU IRU 'U\ DQG 'DPDJHG +DLU :KHDW &RFRQXW

1DWXUH

PO

C

1DWXUH

6HFUHWV +RW 2LO IRU 'U\ DQG 'DPDJHG +DLU :KHDW &RFRQXW PO

C

C

NBM

62)71(66 $1' 675(1*7+ )25 '5< '$0$*(' +$,5

21/<

3(5621$/ &$5(

C 3URWHFWV DQG VWUHQJWKHQV

*HQWO\ FOHDQVLQJ IUDJUDQW VKDPSRR ZLWK SURWHFWLQJ :KHDW SURWHLQV DQG VWUHQJWKHQLQJ &RFRQXW 2LO KHOSV FRPEDW GU\QHVV DQG GDPDJH DQG SUHYHQW EUHDNDJH PO

C

C

ZZZ RULÁDPH FR LQ

1DWXUH 6HFUHWV 6KDPSRR IRU 'U\ DQG 'DPDJHG +DLU :KHDW &RFRQXW

1(77/( /(021

/HPRQ HVVHQWLDO RLO LV XVHG IRU LWV VWLPXODWLQJ HIIHFWV DQG LWV DELOLW\ WR VRIWHQ DQG VWUHQJWKHQ WKH RXWHU OD\HUV RI WKH VNLQ ZKLOH 1HWWOH H[WUDFWV LV XVHG GXH WR LWV VRRWKLQJ DQG DVWULQJHQW HIIHFWV

1DWXUH 6HFUHWV 7DOF J &RROLQJ %UHH]H )ORUDO %RXTXHW 7URSLFDO %XUVW

/DVW WLPH LQ WKLV FDWDORJXH

C

(DFK DW

1DWXUH 6HFUHWV 7DOF J 7URSLFDO %XUVW )RUHVW *ODGH )ORUDO %RXTXHW &RROLQJ %UHH]H (DFK DW

C

)/$:/(66 DW KRPH SHGLFXUH SLHFH SHGLFXUH NLW RIIHUV VNLQ VRIWHQLQJ VRDN HIIHFWLYH H[IROLDWLRQ ORQJ ODVWLQJ K\GUDWLRQ DQG FXWLFOH FDUH IRU EHDXWLIXO IHHW

NBM

62)7(1

$GG VPDOO DPRXQW RI VRDN VROXWLRQ WR ZDUP ZDWHU DQG VRDN IHHW IRU PLQXWHV WR VRIWHQ

5XE VPDOO DPRXQW RI FXWLFOH VRIWHQHU RQ WKH WRHQDLO DQG WKHQ JHQWO\ SXVK EDFN FXWLFOH

6&58%

+<'5$7(

² WKH EOLVV RI VLPSOLFLW\ ²

$SSO\ H[IROLDWLQJ IRRW VFUXE LQ VPDOO FLUFXODU PRWLRQV 5LQVH ZKHQ ÀQLVKHG

3(5621$/ &$5(

62$.

1DWXUH 6HFUHWV 5HIUHVKLQJ 3HGLFXUH 6HW 1HWWOH /HPRQ 3XW \RXU EHVW IRRW IRUZDUG ZLWK D OLWWOH KHOS IURP WKLV SLHFH NLW 6WDUW ZLWK 6RDN WR VRIWHQ DQG FOHDQ 1H[W DSSO\ 6FUXE WR JHQWO\ H[IROLDWH DQG FRQGLWLRQ IHHW )ROORZ XS ZLWK &XWLFOH 6RIWHQHU DQG SXVK EDFN FXWLFOHV IRU KHDOWK\ ORRNLQJ IHHW )LQLVK ZLWK D PRLVWXULVLQJ IRRW FUHDP SFV

C

ZZZ RULÁDPH FR LQ

+(5(·6 :+$7 <28 6$,'

06 68-$7$ &21680(5

, OLNH PRVW RI WKH 2ULÁDPH SHUIXPHV EXW 3DUDGLVH LV P\ IDYRXULWH , ORYH WKH VZHHW IHPLQLQH VPHOO LW KDV WKDW MXVW VHHPV WR JHW EHWWHU RYHU WLPH 7R PDNH LW·V IUDJUDQFH ODVW ORQJHU , KDYH VWDUWHG XVLQJ WKH 3DUDGLVH ERG\ FUHDP DQG ERG\ VSUD\ WRR

)5$*5$1&( &(/(%5$7,1* :20$1+22' 7KH IUDJUDQFH RI D ZRPDQ QRW MXVW FRPSOLPHQWV KHU GUHVV EXW LV DOVR DV H[WHQVLRQ WR KHU SHUVRQDOLW\ 0XOWLSO\ WKH DIIHFWV RI \RXU SHUIXPH E\ DSSO\LQJ WKH ERG\ FUHDP ÀUVW WKHQ WKH ERG\ VSUD\ DQG ÀQDOO\ WKH SHUIXPH

3RVVHVV PO

(DX GH 3DUIXP

C

3RVVHVV PO

%RG\ &UHDP

C

3DUDGLVH PO

%RG\ &UHDP

C

3DUDGLVH PO

(DX GH 3DUIXP

C

<2 8 5 ' 5 ( $ 0 6 ² 2 8 5 , 1 6 3 , 5 $7 , 2 1

NBM 21/<

)RU WKH VWURQJ IUHH VSLULWHG ZRPDQ ZKR LV FKLF \HW UHOD[HG

C

)5$*5$1&(

(QMR\ WKH JODPRURXV OLIH

3,1.

3,1. 3(33(5 3(33(5 -$60,1( 3(7$/6 086.

086.6 -$60,1 3(7$/6

3DUDGLVH 'HRGRULVLQJ %RG\ 6SUD\ 6XPSWXRXVO\ VFHQWHG ERG\ VSUD\ LQIXVHG ZLWK WKH FKLF YLEUDQF\ RI 3DUDGLVH )RU XVH DOO RYHU ERG\ PO

C

C

ZZZ RULÁDPH FR LQ

/ , 9 ( < 2 8 5 / , ) ( % ( $ 8 7 , ) 8 / /<

%($87,)8/ )(0,1,1(

)5$*5$1&(6 )25 7+( )((/ *22' )$&725

)/25$/ :22'<

0$1'$5,1

6$1'$/:22'

526(

086. $&&25'

0$1'$5,1 %/26620

&$6+0(5$1

0$*12/,$ +(/,27523(

(FODW )HPPH (DX GH 7RLOHWWH

6HGXFWLYH 0XVN (DX GH 7RLOHWWH

7HQGHUO\ (DX GH 7RLOHWWH

-DVPLQH IORZHUV ZHUH FKRVHQ DV WKH VLJQDWXUH LQJUHGLHQW IRU WKHLU LQFUHGLEOH UDGLDQFH DQG QREOH HVVHQFH DQG DUH FXOWLYDWHG LQ WKH KLVWRULF KRPH RI ILQH IUDJUDQFHV LQ *UDVVH )UDQFH PO

7XUQ KHDGV ZLWK WKH VHQVXDO DSSHDO RI 6HGXFWLYH 0XVN (DX GH 7RLOHWWH DQG LWV LUUHVLVWLEOH QRWHV RI URVH PXVN DQG FDVKPHUDQ PO

7KH EHDXWLIXO IHPLQLQH SLQN PDJQROLD ÁRZHU LV WKH NH\ IUDJUDQFH QRWH $ V\PERO RI \RXWK LQQRFHQFH DQG SRVLWLYH OLIH IRUFH WKLV XQLTXH LQJUHGLHQW DVVHUWV LWV SUHVHQFH WKURXJK D ERXTXHW RI PHDGRZ ÁRZHUV SURYLGLQJ D VRIW VSULQJWLPH KHDUW IRU WKLV UDGLDQW VFHQW PO

-$60,1 3(7$/6

C

C

C

0$*1(7,60 +$6 $ 1(: 1$0(

)5$*5$1&(

NBM

)(0,1,1( 6(168$/,7<

$11$772 32:'(5

&5$1%(55<

5(' -$60,1(

6H[\ VWXQQLQJ DQG WDQWDOL]LQJ 0\ 5HG (DX GH 3DUIXP VHWV KHDUWV UDFLQJ ZLWK WKH GD]]OLQJ PDJQHWLVP RI HOXVLYH UHG MDVPLQH DQG LWV RSXOHQW ERXTXHW ,QWHQVHO\ IORUDO PRGHUQ DQG DXGDFLRXV WKLV LQWR[LFDWLQJ EORVVRP VHGXFHV ZLWK LWV DVWRQLVKLQJO\ UHG IDFHWV DQG KHDG\ VHQVXDOLW\ 7XUQ XS WKH LQWHQVLW\ GR LW LQ UHG PO

C

ZZZ RULÁDPH FR LQ

0\ 5HG (DX GH 3DUIXP

6XFFXPE WR SXUH GHVLUH

$PEHU (OL[LU 1LJKW (DX GH 3DUIXP PO

C

<RX¶YH :DLWHG /RQJ (QRXJK 1RZ 6XUUHQGHUª

/RYH

3RWLRQ %RG\

&UHDP PO

C

/RYH

3RWLRQ %RG\

6SUD\ PO

C

NBM

)5$*5$1&(

/·RUD G·RUR 7KH JROGHQ KRXU

*LRUGDQL PO

*ROG (DX GH 3DUIXP

C

*LRUGDQL *ROG $QWL SHUVSLUDQW + 'HRGRUDQW

*LRUGDQL PO

PO

*LRUGDQL *ROG 'HRGRULVLQJ %RG\ 6SUD\

*LRUGDQL *ROG )UDJUDQFHG %RG\ 7DOF

PO

J

C

C

*ROG %RG\ &UHDP

C

ZZZ RULÁDPH FR LQ

C

+(5(·6 :+$7 <28 6$,'

05 $=+$5 &21680(5

)UHVK 1DWXUH ('& IRU PHQ LV P\ IDYRXULWH IRU WKH IUHVK QDWXUDO DQG XQFRQWDPLQDWHG IHHO LW KDV 7KH IUHVKQHVV DQG ZDUPWK RI FDUGDPRP DQG YHWLYHU VWD\V VWURQJ WKURXJKRXW WKH GD\ ,W FRPHV LQ D PO VHH WKURXJK ERWWOH 7RWDO YDOXH IRU PRQH\

0(1·6 &251(5 *(77,1* 5($'< *HW UHDG\ WR FRQTXHU WKH ZRUOG ZLWK \RXU HQLJPDWLF FKDULVPD 7KH ZD\ \RX VPHOO LV DV LPSRUWDQW DV WKH ZD\ \RX DUH GUHVVHG %H YHU\ VHOHFWLYH ZKLOH FKRRVLQJ \RXU SHUIXPH

0HQ V

&ROOHFWLRQ 'DUN :RRG (DX GH 7RLOHWWH PO

C

0HQ V

&ROOHFWLRQ &LWUXV 7RQLF (DX GH 7RLOHWWH PO

C

3RZHU

0XVN (DX GH

7RLOHWWH PO

C

5LYDO

(DX GH

7RLOHWWH PO

<2 8 5 ' 5 ( $ 0 6 ² 2 8 5 , 1 6 3 , 5 $7 , 2 1

C

NBM

&KDUDFWHU 6HQVXDOLW\ (OHJDQW DQG PRGHUQ WKLV IUDJUDQFH LV DQ H[SUHVVLRQ RI FRQWHPSRUDU\ VRSKLVWLFDWLRQ ZLWK D GHOLFDWH WRXFK RI IUHVKQHVV

2))

0(1·6 &251(5

&RORJQH IRU PHQ

/(7 1$785( &$37,9$7( <28

$URPDWLF FDUGDPRP DGGV D VSLF\ \HW IUHVK IDFHW WR UHÀQHG YHWLYHU WR FUHDWH DQ HOHJDQW DQG YHU\ PDVFXOLQH VFHQW

PO

)UHVK 1DWXUH E\ 2ULIODPH &DUGDPRP DQG 9HWLYHU (DX GH &RORJQH IRU PHQ PO

C

C

ZZZ RULÁDPH FR LQ

5HQRZQHG IRU LWV PDVFXOLQH FKDUDFWHU YHWLYHU LV WKH TXLQWHVVHQWLDO LQJUHGLHQW LQ PHQ·V IUDJUDQFHV IRU HYRNLQJ VRSKLVWLFDWLRQ DQG VHQVXDOLW\

NBM

C 385( $//85(

0(1·6 &251(5

1(: 6$9(

75< 0(

(FODW +RPPH (DX GH 7RLOHWWH 7KLV HQGXULQJ IUDJUDQFH VWULNHV D SHUIHFW EDODQFH RI WLPHOHVVQHVV DQG PRGHUQLW\ 7KH VLJQDWXUH QRWH RI UDGLDQW PXVN GHOLYHUV D VRSKLVWLFDWHG PDVFXOLQH DOOXUH ² WKH HVVHQFH RI )UHQFK OX[XU\ PO

ZZZ RULÁDPH FR LQ

5XE WKH ERWWOH DQG WU\ WKH IUDJUDQFH

C

C

&+226( <285

6,*1$785( 67</(

$UFKLWHFW (DX GH 7RLOHWWH

)ODPER\DQW 3ULYp (DX GH 7RLOHWWH

PO

PO

C

7\FRRQ

$QWL SHUVSLUDQW + 'HRGRUDQW

C

PO

7\FRRQ PO

C (DX GH 7RLOHWWH

5HEHO %RG\ 6SUD\ PO

C

/DVW WLPH LQ WKLV FDWDORJXH

C

7KH QHZ PDOH VRSKLVWLFDWLRQ

*LRUGDQL 0DQ (DX GH 7RLOHWWH PO

0(1·6 &251(5

NBM

C

ZZZ RULÁDPH FR LQ

-RXUQH\ WR WKH KHDUW RI WKH ZLOG

9R\DJHU PO

(DX GH 7RLOHWWH

C

9R\DJHU

$QWL SHUVSLUDQW + 'HRGRUDQW PO

C

H[WUHPH FDUH IRU HYHU\ PDQ

1RUWK

)RU 0HQ $IWHU 6KDYH /RWLRQ PO

C

1RUWK

)RU 0HQ 0RLVWXULVLQJ )DLUQHVV &UHDP 63) J

C

1RUWK )RU 0HQ &OHDQVLQJ )DLUQHVV 6RDS %DU

J

C

NBM

&/26( (1&2817(56

21/<

C

0(1·6 &251(5

*(7 5($'< )25

)RU D VPRRWK FRPIRUWDEOH VKDYH

)RU 0HQ ² 1RUPDO 6NLQ 6KDYLQJ *HO !.* * " #)+ + 3 # ! 4 . ! . #$!$ 6 $* +"$$. * + 3 # ! ++ ** . . $#' ,7 "!'

C

C 1RUWK )RU 0HQ $FWLYH )DLUQHVV )DFH :DVK

#3 $* . # 4 + $* ! . * ! #+ $"&! 5 $# 4 . &*$. . 3 * . *$ # #

$! * . $"&! 5' PO

&OHDQVHU IRU D EULJKWHU VNLQ WRQH

ZZZ RULÁDPH FR LQ

1RUWK

C

+(5(·6 :+$7 <28 6$,'

06 .(7., &21680(5

, VWDUWHG WDNLQJ 1XWULVKDNH DIWHU RQH RI P\ FROOHDJXHV UHFRPPHQGHG LW VHHLQJ P\ XUJH WR ORRVH ZHLJKW :LWKLQ D VSDQ , KDG VWDUWHG WR QRWLFH WKH GLIIHUHQFH ² , ZDV ORRVLQJ WKH H[WUD NLORV DQG , ZDV PRUH HQHUJHWLF WKDQ EHIRUH ,W KDV GHÀQLWHO\ KHOSHG PH DFKLHYH P\ KHDOWK JRDOV EXW PRVW LPSRUWDQWO\ LW KDV KHOSHG PH WR DGRSW D SRVLWLYH DWWLWXGH WRZDUGV OLIH (YHU\RQH ORYHV WKH QHZ PH

:(//1(66 /,9( %(77(5 $1' +($/7+,(5 (QULFKHG ZLWK GLIIHUHQW VRXUFHV RI SURWHLQ SHDV VR\ DQG ZKH\ 1XWULVKDNH LV D PHDO VXSSOHPHQW WKDW DLGV LQ KHDOWK\ ZHLJKW ORVV 7DNH LW HYHU\GD\ DV D SDUW RI KHDOWK\ EUHDNIDVW DQG VDYRXU LWV \XPP\ WDVWH ZKHQ EOHQGHG LQWR GHOLFLRXV IUXLW VPRRWKLHV

0$,1 %(1(),76 %22676 (QHUJ\ DQG IRFXV 1$785$/ )ODYRXUV DQG QXWULWLRQDO LQJUHGLHQWV 5('8&(6 +XQJHU DQG FUDYLQJV 237,0$/ 1XWULWLRQ +LJK LQ SURWHLQ DQG ÀEUH

3XUSOH 6KDNHU DQG 6FRRS

)5(( )520 *OXWHQ DUWLÀFLDO FRORXUDQWV DQG SUHVHUYDWLYHV 1RQ *02

$ KDQG\ ZD\ WR VKDNH XS \RXU 1XWULVKDNH 0L[ RQH VFRRS J RI 1XWULVKDNH SRZGHU ZLWK PO FROG ZDWHU DQG VKDNH

&RQWDLQV $UWLÀFLDO 6ZHHWHQHU 6XFUDORVH

1RW UHFRPPHQGHG IRU FKLOGUHQ

<2 8 5 ' 5 ( $ 0 6 ² 2 8 5 , 1 6 3 , 5 $7 , 2 1

C

NBM

1875,6+$.( )25 +($/7+< $1' ())(&7,9( :(,*+7 0$1$*(0(17

6 8% 6 & 5,37,21 352 *5$0

:(//1(66

6XEVFULEH )HHO JUHDW IRU OHVV +RZ WR VXEVFULEH WR \RXU IDYRXULWH SURGXFWV 67(3 &KRRVH \RXU :HOOQHVV 1XWULVKDNH ÁDYRXU IRU 6HSW 67(3 &RQWLQXH WR EX\ :HOOQHVV 1XWULVKDNH IRU 2FW DQG 1RY 67(3 *HW WKH WK SDFN IRU )5(( LQVWDQWO\ DORQJ ZLWK \RXU UG RUGHU LQ 1RY 2&7

129

IRU N F D S

\ U H Y ( WK

( ( 5 )

1XWULVKDNH 1DWXUDO YDQLOOD ÁDYRXU VHUYLQJV

1XWULVKDNH 1DWXUDO PDQJR EDQDQD ÁDYRXU VHUYLQJV

1XWULVKDNH 1DWXUDO VWUDZEHUU\ ÁDYRXU VHUYLQJV

J

J

J

C

C

C

1XWULVKDNH 1DWXUDO YDQLOOD ÁDYRXU VHUYLQJV

1XWULVKDNH 1DWXUDO PDQJR EDQDQD ÁDYRXU VHUYLQJV

1XWULVKDNH 1DWXUDO VWUDZEHUU\ ÁDYRXU VHUYLQJV

J

J

J

C

C

ZZZ RULÁDPH FR LQ

6(37

C

1XWULVKDNH VXEVFULSWLRQ DYDLODEOH RQO\ IRU VHUYLQJV

1875,6283 )25 +($/7+< $1' 1$785$/ :(,*+7 /266

FDORULHV RQO\

(IIHFWLYH ZHLJKW ORVV UHVXOWV ZKHQ XVHG DFFRUGLQJ WR WKH 5RDGPDS

SHUFHQW VDWLHW\

5HGXFHV KXQJHU DQG FUDYLQJV

SHUFHQW QDWXUDO LQJUHGLHQWV ZLWK VRXUFHV RI YHJHWDULDQ SURWHLQ

720$72 $1' %$6,/ WRPDWR LV ULFK LQ DQWLR[LGDQWV VXFK DV O\FRSHQH WKDW KDV PDQ\ KHDOWK EHQHÀWV

7KH VRXS LV VSHFLDOO\ GHYHORSHG WR SURYLGH RSWLPDO QXWULWLRQ IRU \RXU ERG\ VR \RX IHHO IXOO IRFXVHG DQG HQHUJLVHG $ GHOLFLRXV KRW VQDFN RU SDUW RI D KHDOWK\ PHDO IRU DQ\ WLPH RI GD\

-XVW DGG KRW ZDWHU DQG VWLU 1XWULVRXS 7RPDWR %DVLO 6HUYLQJV $ KHDOWK\ GHOLFLRXV DQG QDWXUDO YHJHWDULDQ VRXS FRQWDLQLQJ WKUHH SURWHLQ VRXUFHV IRU RSWLPDO QXWULWLRQ DQG VDWLHW\ /RZ IDW UHFLSH ZLWK KHDOWK\ UDSH VHHG RLO J

C

'LUHFWLRQV 0L[ WZR WDEOH VSRRQV J RI WKH SRZGHU ZLWK PO RI KRW ERLOLQJ ZDWHU DQG VWLU XQWLO VPRRWK &RQWDLQV VHUYLQJV 3URGXFW GHFODUDWLRQ ² SHU SRUWLRQ RI J (QHUJ\ NFDO N- WKH HTXLYDOHQW RI RQH EDQDQD 3URWHLQV J &DUERK\GUDWHV J )DWV J

NBM

/HDUQ PRUH LQ \RXU :HOOQHVV

<RXU KLJK TXDOLW\ QDWXUDO DQG VXVWDLQDEOH VRXUFH RI 2PHJD IDWW\ DFLGV ZLWK PDQ\ KHDOWK DQG EHDXW\ EHQHÀWV

:(//1(66

3URGXFW *XLGH

7KH PDQ\ KHDOWK EHQHÀWV IURP WKH RFHDQ

3URGXFW *XLGH

<RXU FRPSOHWH JXLGH WR DOO :HOOQHVV E\ 2ULIODPH SURGXFWV

2PHJD

C

8&7 *8,'( :(//1(66 352'

+,1* (9(5<7 ( ( ' 72 <28 1 $%287 .12: (66 ,1 :(//1 $1'< 21( + (7 %22./

:HOOQHVV 3URGXFW *XLGH (QJOLVK

C

:HOOQHVV 3URGXFW *XLGH +LQGL

0$,1 %(1(),76 +($57

6.,1

,PSURYHG KHDUW KHDOWK DQG FKROHVWHURO OHYHOV

,PSURYHG PRLVWXUH DQG HODVWLFLW\

086&/(6 -2,176 'HFUHDVHG LQÁDPPDWLRQ

C

7KH ERRNOHW JLYHV GHWDLOHG LQIRUPDWLRQ RQ :HOOQHVV E\ 2ULÁDPH GHVFULSWLRQ RI SURGXFW UDQJH KRZ WR XVH JXLGHOLQHV ZHLJKW ORVV WLSV H[SHUW DGYLFH DQG )$4V

ZZZ RULÁDPH FR LQ

+LJK TXDOLW\ QDWXUDO ÀVK RLO FRQWDLQLQJ RPHJD IDWW\ DFLGV (3$ DQG '+$ IRU EHDXW\ DQG KHDOWK 6WXGLHV VKRZ WKDW 2PHJD VXSSRUWV EUDLQ IXQFWLRQ FDUGLRYDVFXODU KHDOWK KHOS VPRRWKHQ VNLQ DQG LQFUHDVHV LWV PRLVWXUH OHYHOV GD\V VXSSO\ FDSVXOHV

',5(&7,216 7DNH FDSVXOHV WRJHWKHU ZLWK PHDO HYHU\GD\

$'' 63,&( 72

<285 /,)( *HW UHDG\ JR RXW DQG KDYH IXQ $GG VSLFH WR \RXU OLIH ZLWK VHGXFWLYH SHUIXPHV WKDW VSHDN RI HOHJDQFH PRGHUQLW\ DQG VHQVXDOLW\ 7KH H[RWLF ÁRUDO QRWHV DUH ERXQG WR JHW \RX DOO WKH DWWHQWLRQ \RX GHVLUH

3,1. *5$3()58,7 25$1*( %/26620 9(7,9(5

9LYDFLW\ (DX GH 7RLOHWWH 9LEUDQW DQG IXOO RI MR\ 9LYDFLW\ (DX GH 7RLOHWWH LV WKH HVVHQFH RI WKH VSRQWDQHRXV IUHH VSLULWHG ZRPDQ 6SDUNOLQJ SLQN JUDSHIUXLW GHOLFDWH RUDQJH EORVVRP DQG VHQVXDO YHWLYHU VFHQWV PLQJOH EHDXWLIXOO\ ÀOOLQJ \RX ZLWK H[KLODUDWLRQ DQG GHOLJKW PO

C

C

NBM 352027,21 352027,21

2))

352027,21

6$9( 83 7283 72

*,1*(5 &2&2$ )/2:(5 &+2&2/$7(

/RYH 3RWLRQ (DX GH 3DUIXP ([SORUH WKH SOHDVXUHV RI ORYH ZLWK /RYH 3RWLRQ·V DSKURGLVLDFDO DOFKHP\ RI VSLF\ JLQJHU FRFRD EORVVRP DQG HQWLFLQJ FKRFRODWH PO

C

C

KWWS LQ RULÁDPH FRP ZZZ RULÁDPH FR LQ

67$< 63$5./,1*

ZLWK ZRPHQ LQ PLQG

&/($1 $1' )5(6+

(QMR\ WKLV VHDVRQ DOO WKH PRUH ZLWK /RWXV ÁRZHU H[WUDFWV DQG VWHS XS WR EHLQJ D PRUH FRQÀGHQW DQG UHIUHVKHG \RX $GG D ELW RI /DYHQGHU DQG )LJ WR \RXU SHUVRQDO FDUH URXWLQH DQG VKRZ RII WKRVH VSDUNOLQJ FOHDQ KDQGV

)HPLQHOOH 5HIUHVKLQJ ,QWLPDWH :DVK $ UHIUHVKLQJ LQWLPDWH ZDVK IRUPXODWHG ZLWK H[WUD YLWDPLQV DQG FRROLQJ /RWXV )ORZHU ([WUDFW GHOLYHUV D IHHOLQJ RI ORQJ ODVWLQJ IUHVKQHVV :LWK D GHOLFDWH IORUDO VFHQW \RX·OO IHHO ZRQGHUIXOO\ FOHDQ DQG FRQILGHQW PO

C

C 1DWXUH 6HFUHWV 5HOD[LQJ 0DQLFXUH 6HW /DYHQGHU )LJ 7DNH \RXU KDQGV WR WKH QH[W OHYHO RI SHUIHFWLRQ ZLWK WKLV SLHFH NLW 6WDUW ZLWK D 6RDN WR VRIWHQ DQG FOHDQ 1H[W DSSO\ WKH 6FUXE WR JHQWO\ H[IROLDWH DQG FRQGLWLRQ KDQGV )ROORZ XS ZLWK &XWLFOH 6RIWHQHU DQG SXVK EDFN FXWLFOHV IRU KHDOWK\ ORRNLQJ QDLOV )LQLVK ZLWK D PRLVWXULVLQJ KDQG FUHDP SFV

C

C (IIHFWLYHQHVV EDVHG RQ VHOI DVVHVVPHQW XQGHU J\QHFRORJLFDO FRQWURO

NBM 352027,21

² WKH EOLVV RI VLPSOLFLW\ ²

2))

62$.

352027,21

83 72

$GG VPDOO DPRXQW RI VRDN WR ZDUP ZDWHU DQG VRDN ÀQJHUV IRU PLQXWHV WR VRIWHQ

6&58%

62)7(1 5XE VPDOO DPRXQW RI FXWLFOH VRIWHQHU RQ WKH QDLO DQG WKHQ JHQWO\ SXVK EDFN FXWLFOHV

ZZZ RULÁDPH FR LQ

$SSO\ H[IROLDWLQJ KDQG VFUXE LQ VPDOO FLUFXODU PRWLRQV 5LQVH ZKHQ ÀQLVKHG

+<'5$7( )DVW DEVRUELQJ KDQG FUHDP FDQ EH VPRRWKHG RQWR KDQGV DV QHHGHG

%5($. )5(( )520 %5($.2876

7DUJHW WKRVH XQZDQWHG EUHDNRXWV KROGLQJ \RX IURP HQMR\LQJ WKH EHVW RI \RXU WLPH %RRVW \RXU URXWLQH ZLWK 3XUH 6NLQ 'HHS $FWLRQ )DFH :DVK &ODULI\LQJ 6FUXE DQG 3XULI\LQJ 0DVN :LSH RXW WKH VSRWV ZLWK 'HHS $FWLRQ *HO

NBM 352027,21

C 3XUH 6NLQ &ODULI\LQJ 6FUXE 3XULI\LQJ 0DVN

7ZR VWHS SXULI\LQJ V\VWHP WKDW UHGXFHV H[LVWLQJ RXWEUHDNV DQG KHOSV VWRS EODFNKHDGV DQG EOHPLVKHV EHIRUH WKH\ VWDUW [ PO VDFKHWV

C

352027,21

35,&(6 67$57,1* )520

C 3XUH 6NLQ 6SRW 626 *HO 'HHS $FWLRQ 6SRW HPHUJHQF\" 7U\ WKLV VLPSOH \HW HIIHFWLYH VROXWLRQ WR FRPEDW VSRWV LQ MXVW KRXUV :LWK 'HWHFW 7HFKQRORJ\ WR WDUJHW EDFWHULD DQG OLPLW VHEXP SURGXFWLRQ +LJKO\ HIIHFWLYH FRQFHQWUDWLRQ RI 6DOLF\OLF $FLG DFWLYHO\ WDUJHWV VSRWV DQG FOHDUV VNLQ IDVW PO

C

C

ZZZ RULÁDPH FR LQ

)25 352%/(0 72 2,/< 6.,1

)/,57,1* :,7+ )$1&< 1$,/6 $GG VRPH IUHVK QDLO SROLVK FRORXUV WR FUHDWH D JRRG PL[ 'UDZ VLPSOH GHVLJQV RQ \RXU QDLOV OLNH GLDJRQDO WLQ\ YHUWLFDO KRUL]RQWDO VWULSHV ]LJ ]DJ RU FKHFNHUHG XVLQJ WDSHV 'RQ·W IRUJHW WR DGG WKH WRS DQG EDVH FRDW IRU ORQJ ODVWLQJ VWD\

0RUH FRORXU IRU OHVV %ULJKWHQ XS \RXU OLIH

3XUH FRORXU ² SXUH YDOXH

/DYH QGHU

C

%DE\ 3LQN

*ORVV\ KLJK VKLQH QDLO SROLVK LQ D ZLGH UDQJH RI H[FLWLQJ VKDGHV *RUJHRXV ILQLVK IDQWDVWLF FRORXUV ² DQG ZKDW·V PRUH LW·V XQEHOLHYDEOH YDOXH :K\ QRW WU\ WKHP DOO" PO

6KLPPHU

3XUH &RORXU 1DLO 3ROLVK

NBM

)DQWDVWLF YDOXH QDLO SROLVK LQ DPD]LQJ VKDGHV

352027,21 352027,21

,QWHQVH 3LQN

&RUDO 5HG

/DYHQGHU 6KLPPHU

5HG &ODVVLF

5XE\ 3LQN

%HUU\ ,QWHQVH

'HHS 3OXP

5

HG

&OD

VVLF

KWWS LQ RULÁDPH FRP ZZZ RULÁDPH FR LQ

%DE\ 3LQN

,QWHQVH 3LQN

C

352027,21

6$9( 83 72 21/<

)5(6+(1 83 :,7+ $/2( 9(5$

)UHVKHQ XS \RXU WLUHG ORRNLQJ VNLQ ZLWK /RYH 1DWXUH $ORH9HUD UDQJH NQRZQ IRU LWV K\GUDWLQJ DQG VRRWKLQJ SURSHUWLHV $ VNLQFDUH URXWLQH ZLWK $ORH 9HUD FOHDQVHU WRQHU DQG JHO FUHDP LV D PXVW KDYH IRU WKLV VHDVRQ

/RYH 1DWXUH )DFH 7RQHU $ORH 9HUD ,QYLJRUDWLQJ WRQHU ZLWK $ORH 9HUD H[WUDFW +HOSV EDODQFH VNLQ·V S+ DQG PRLVWXUH OHYHOV 'HUPDWRORJLFDOO\ WHVWHG PO

C

C

)UHVK FRROLQJ WRQHU

NBM 352027,21

'(50$72/2*,&$//< 7(67('

1250$/ 6.,1 +DV DQ LGHDO EDODQFH EHWZHHQ RLO DQG K\GUDWLRQ OHYHOV WKHUHIRUH VNLQ LV QHLWKHU JUHDV\ QRU GU\ $/2( 9(5$ LV D UHQRZQHG ZRQGHU RI WKH SODQW ZRUOG NQRZQ IRU LWV PRLVWXULVLQJ K\GUDWLQJ DQG HPROOLHQW SURSHUWLHV

2))

/RYH 1DWXUH *HO &UHDP $ORH 9HUD $Q LQVWDQW EXUVW RI K\GUDWLRQ WKLV JHQWOH OLJKWZHLJKW JHO FUHDP K\GUDWHV VRIWHQV VPRRWKHQV DQG KHOSV UHVWRUH UDGLDQFH WR \RXU VNLQ OHDYLQJ LW VRIW DQG KHDOWK\ ORRNLQJ 'HUPDWRORJLFDOO\ WHVWHG PO

C

C

352027,21

83 72 1250$/ 6.,1 $// $*(6

ZZZ RULÁDPH FR LQ

+\GUDWLQJ EDODQFLQJ JHO FUHDP

'5< 6.,1 )HHOV GHK\GUDWHG WLJKW URXJK DQG ÁDN\ 1HHGV UHJXODU K\GUDWLRQ DQG QRXULVKPHQW :,/' 526(¶V JHQWOH DQG QRXULVKLQJ H[WUDFWV KHOSV UHVWRUH FRPIRUW DQG VXSSOHQHVV WR \RXU VNLQ DQG OHDYHV LW YHOYHW\ VRIW

:H EHOLHYH LQ GUHDPV %HFDXVH ZH EHOLHYH DQG XQGHUVWDQG \RXU GUHDPV KHUH·V /RYH 1DWXUH RXU XQLTXH VNLQ FDUH UDQJH IHDWXULQJ WKH PRVW WUXVWHG DQG FDUHIXOO\ VHOHFWHG H[WUDFWV IURP QDWXUH JLYLQJ \RX D WUXH QDWXUDO H[SHULHQFH HYHU\ GD\

<285 '5($06 ² 285 ,163,5$7,21

NBM

1285,6+,1* :,/' 526(

83 72

1(:

'5< 6.,1 $// $*(6

'(50$72/2*,&$//< 7(67('

,1 )2&86

6RIWHQV VRRWKHV GU\ VNLQ

2))

1(: /,0,7(' (',7,21 /RYH

1DWXUH &UqPH 0DVN :LOG 5RVH 0RLVWXULVLQJ FUqPH PDVN IRUPXODWHG ZLWK ZLOG URVH RLO H[WUDFWV WR VRIWHQ DQG VRRWKH GU\ VNLQ ,QWHQVH K\GUDWLRQ IRU GHK\GUDWHG VNLQ 8VH WLPHV SHU ZHHN $SSO\ WR FOHDQVHG VNLQ ULQVH RII DIWHU PLQXWHV $YRLG H\H DUHD 'HUPDWRORJLFDOO\ WHVWHG J

C

C /RYH

1DWXUH 1LJKW &UHDP :LOG 5RVH 5LFK DQG QRXULVKLQJ LQ WH[WXUH WKLV FUHDP PRLVWXULVHV DQG QXUWXUHV GU\ VNLQ GXULQJ WKH QLJKWWLPH /HDYHV VNLQ VRIW DQG VPRRWK 'HUPDWRORJLFDOO\ WHVWHG PO

C

C

ZZZ RULÁDPH FR LQ

5LFK YHOYHW\ QLJKW FUHDP

5HIUHVK 6RRWKH &DOP ZLWK 5RVHV

1(:

8SOLIW DQG UHIUHVK \RXU VHQVHV ZLWK WKLV DURPDWLF VRDS EDU LQIXVHG ZLWK QDWXUDO URVH H[WUDFWV WKDW KDYH VRRWKLQJ DQG FDOPLQJ EHQHÀWV

C

1DWXUH 6HFUHWV 6RDS %DU ZLWK VRRWKLQJ 5RVH ,QIXVHG ZLWK QDWXUDO URVH H[WUDFWV WKLV VRDS EDU ZLWK D SOHDVDQW IORZHU\ IUDJUDQFH JHQWO\ FOHDQVHV WKH VNLQ (QULFKHG ZLWK VRRWKLQJ DQG UHOD[LQJ SURSHUWLHV LWV GHOLFDWH DURPD ZLOO UHOLHYH \RXU VHQVHV ,W FDQ EH XVHG IRU WKH ZKROH IDPLO\ J

C

+HDG 2IILFH 2ULIODPH ,QGLD 3YW /WG *URXQG )ORRU &RUSRUDWH 2QH 3ORW 1R 1+&& -DVROD 1HZ 'HOKL ,1',$ &RQWDFW 8V (PDLO TXHU\#RULIODPH FR LQ ZZZ RULIODPH FR LQ

6XFK LV WKH EHOLHI LQ RXU TXDOLW\ WKDW ZH RIIHU D VDWLVIDFWLRQ JXDUDQWHH ,I \RX DUHQ·W FRPSOHWHO\ KDSS\ ZLWK SURGXFW SHUIRUPDQFH \RX PD\ UHWXUQ LW ZLWKLQ GD\V IRU D IXOO UHIXQG &RQGLWLRQV DSSO\ 3OHDVH YLVLW ZZZ RULIODPH FR LQ IRU GHWDLOV UHJDUGLQJ SROLF\ RQ PRQH\ EDFN JXDUDQWHH

ZZZ IDFHERRN FRP RULÁDPHLQ

WZLWWHU FRP RULÁDPHBLQGLD C

2ULÁDPH &RVPHWLFV 6$

21/<

² WKH EOLVV RI VLPSOLFLW\ ²