Ninth Annual Production Sale Monday, March, 21, 2011 at 1:00 p.m. Sylvester Bull Development, Wamego, KS
! " # $ % & ' ' ! ( $ % ! & ' " " " "$ % ' & ' ' ! & " " ) " ' ! & $ % " * " ! ! ! " ' + , , , , $ -
& , ! .
& & ' " ( & & / ! 0$12 '$3 42 $ % ' & , " $ , ! ' ! ' & !! ! $ / ! ' & ' & ' + &&&$ " ' " $ " & ' & , , ! ' " " $ 5 ! " ! " ' & !! " 624
" ! & & ! ' $ / ' ' " ' "
( " ! 5* 7 & ! 8 *7 ' $ / / " ' * ! / " 9: : ! ; < = 9' " </ ;$ -
! " & $ / > ' ! ' ( ' ' $ ! ?( 5 " $ "
' ! ' " @ ! & ' " "
' $ " ' " ' ( ! & " ! $ % , ! $ , ! & " $ 8
& ' $
B004 8 , ? ' C $ D 2 8 , ? ' C $ # DD24 # DD24 + BE2*21B* 0 + BE2*BBD*B1 2 : + BE2*22D*41E2 , F, $
' , F, $ &&&$' , $
204 : , C $ # DD24 4B42 : , C $ + BE2*21G*0G11 # DD20G , F , $ + BE2*0G0*E2DD
F, $ 2 4 : , C $ # DD24 + BE2*21 *G E , BF $
< /
! ! "#! "$## #%$$ & & ! ' ( ! /RFDWLRQ
6DOH 'D\ 3KRQH 1XPEHUV
0 ! " =& $ 0H D$2 " C $ ! "
C , , : , , ,
6DOH 6FKHGXOH
+44*0+44 $ $ H ' " 4+44 $ $ : !! "
< : 8
+44 $ $
$XFWLRQHHU
BE2*22D*41E2 BE2*BB4* GBB BE2*2EB*2GDE BE2*0 4*BE2D BE2*02D*0G0G
$QQRXQFHPHQWV /
3 ! ' , " , * $ / " & ,$ !! 3 & ' ' ! ) " 3 $
: $ * BE2*2D2*
6DOH 6WDII /LYHVWRFN 3UHVV
/ & * .DQVDV 6WRFNPDQ BE2*02D*012
+HDOWK 0DQDJHPHQW
* +LJK 3ODLQV -RXUQDO BE2*02D*01G4 .
* .6 1HEUDVND )DUPHU BE2*ED2*DD 0
/ ' 5 C 7 1 C 7 B*& ' , "H &
! 5 * ( 9! ( ;$ 5 ' & & 782 9 & 8 *= * ) J ! ;$ / ' & ! ' ' " ! 53 7 $
6SHFLDO *XHVWV 8 C ' $PHULFDQ 6LPPHQWDO $VVRF 04D*2GG* 1G0 ? : $PHULFDQ 6LPPHQWDO $VVRF 2B1*E 1*2D12
$FFRPPRGDWLRQV
%XOOV )HUWLOLW\ *XDUDQWHH
" 5
I * =& $ 0 I 8 8 " # EEE*GBE* G00 ! & " $
/ ' & ! ' $ 8
7 # " ' ! > ' " " G* 2* $ % "
' " 3 ! 9 " " K $;$ 5 ' ' & ' & ' " * ' $
,QVXUDQFH 5 & ' ' . 8 , /" $ . * BE2* D * D$ " " ! , ' ' ! ' ! $
'DWD 5HSRUWHG
) " " ( ! 5 L ' & $
3LFN 8S 'LVFRXQW $IWHU 6DOH 'HOLYHU\ / 624 '
' ' & , ' 9 ( 6 44 ' ;$ & ! ' ! ! & , ! ! 6 $44 ! 14 9/ 2 4 ;$ & ' ! 44 ! " $ & & , & ' $
6HPHQ ,QWHUHVW ? & " 30 '
&
$ L " & ! & ! ' $ 5 ' & " & ' * ' $ ' ' ' 3 ' , ' ' & 30 ! > " $
6DOH 7HUPV DQG &RQGLWLRQV /
! ' ' $
7KH 9DOXH RI 3HUIRUPDQFH
8OWUDVRXQG 0HDVXUHPHQWV ([SODLQHG
/ " ' 14*24 ' $ & " & " ' & "* & ! & ! ! &
$ 5 ! ! / " & , " & ! ( $ - " ! ' " ! 2 ! 0 14 ' $ " & " & " ! 6 143 44 ' $ & ' & 61 G44 ! '
& " & "$ M ! & " & " 14 ' $ ! " ( $
) * * 1 ' $ ! ! , ' ' " H & ! ' ! $ * * * 1 ' @ $ C?/ ! - / " ! ' ! $ 8 " ' ' "
' " ! $ M " ' $ @ 3 44 '$ ! & " " ' " ' $ = & ( " ' 9T $1 @ 3 44 '$ ! & " ; ' $
L & , ! & " ! ! ! , ! / / / 5 ( 9/ 5; " ) ' ! ! " !! " ' $ L ( ' & / 5 ! 14 & ' & 614 ! & / 5 ! 44$ - " & ( / 5 ! ' 14 ! 0 !! ' & & ' 61 D44
+- * " ! 5 L 9R5 L; " ! ' * ! 1 '$ 5 ! ' " & ! - / @ " ! $ R5 L ! " ' " ! " ! $2 0$4R$ / 3 * ? ! M !
$ M - / " " ! " R !! " $ - / "
' *2 & " & " R H 2 " ! " * & & R $ M " ' 4 $2 1$G $ % " " ! " & ' ' $ * $E$
%HQH¿WV RI &URVVEUHHGLQJ
: O " Q Q ' ' " * ' ' ! $ ' ' "*
> " ! & ' - / /" C < ' , $ % & E4 ' & " * ' ! 44 " ' & " " ' % 4R '
!> & ! ! ' & & ! & ' " ! &' $ : ' & * " ' & " " ! ! $ % ! ! ! $ : ' ! " $ 5 ! " " ! ' & & ! ' > ! , ! $
(3'V :?
: " ? * R
' ! & * ! $ " *
! ' & " " " *
! & " & " " & $ M M " " *
! " & " " & $ :? :? * R
' ! " " $ , *
! & " & " Q ,$ *
! & " & " Q , " & $ : : " *
! & " $ M M * ! " $ ' " * ! ' " R5 L L , L C ' L * ! ' , ! , $ C?/ C ' / * @ ! ' / 5 / 5 ( * 6 & (
* * $ %5 % 5 ( * 6 & (
* * $
- " / " ' / * " ' & ' ' ! " & O $ / " 9/ " C / " ; ' !
! ! C * -$ $ / C : & / " ' , > " : ' $ - " / " ' 9 3 130; / " ! O ( E2R ! ' ! *' ' " " $ % '
!! ! !! ' ! ' $ % ' O ( 24R : ( 24R ' "$ 5 * / " ' " " $
6LPPHQWDO 6LUHV
&( %: :: <: 0&( 0LON 0: &: <* 0DUE
%) 5($ $3, 7,
*: /XFN\ 'LFH +
'LNHPDQV 6XUH %HW
*: /XFN\ 0DQ 1
7- - 7KH *DPEOHU
7ULSOH & %HWWLV 6 -
1LFKROV 0DQLIHVW 7
+RRN¶V ,Q¿QLWL 8
&OLQHV 'UHDP &RPH 7UXH
+73 69) ,Q 'HZ 7LPH
+& +XPPHU 0
%R] 5HGFRDW
$QNRQLDQ 5HG &DHVDU
(OOLQJVRQ /HJDF\ 0
66 (ERQ\V *UDQGPDVWHU
&16 'UHDP 2Q /
7ULSOH & ,QYDVLRQ 5 .
%URRNV %/. .DQVDV
-6 6XUH %HW 7
1/& )RUWXQDWH 6RQ 1
%URRNV 7RR %ODFN
$YHUDJH (3'V IRU 3XUHEUHG 6LPPHQWDOV
6LP $QJXV 6LUHV
&( %: :: <: 0&( 0LON 0: &: <* 0DUE
%) 5($ $3, 7,
6& 02 0DJLF 6
+RRNV 7LWXV 7
$QJXV 6LUHV
&( %: :: <: 0&( 0LON 0: &: <* 0DUE
*$5 86 3UHPLXP %HHI
6$) &RQQHFWLRQ
7ULSOH-'HVLJQ 2I )R[&URVV
'XII %DVLF ,QVWLQFW
6$9 3UHGRPLQDQW
0\WW\ ,Q )RFXV
1
%) 5($ $3, 7,
3XUHEUHG %XOOV
0GNDMHW 8
7DWWRR ; +RPR 3ROOHG +RPR %ODFN (7 3XUHEUHG
+DUWV %ODFN &DVLQR % 7- - 7KH *DPEOHU 7- 1HOOLH &
$GM %:
*: /XFN\ 'LFH + 0HJDQ 0 %ODFN .DOOL
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
,NS
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
-@SQHW 8
7DWWRR ; +RPR 3ROOHG +RPR %ODFN
*: /XFN\ &KDUP . *: /XFN\ 0DQ 1 *: 0LVV 8 -
$GM %:
1LFKROV /HJDF\ * /HJDF\V 5DFKHO 5 /LVD /
3XUHEUHG
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
,NS
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV SXUHEUHG 6LPPHQWDO LV YHU\ ORQJ ERGLHG DQG UHDOO\ WKLFN DQG KHDY\ PXVFOHG +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG +H LV DYHUDJH RQ FDOYLQJ HDVH (3' EXW $// RI KLV RWKHU (3'V DQG ,QGH[HV DUH EHWWHU WKDQ EUHHG DYHUDJH +H KDV D JUHDW GLVSRVLWLRQ +H ZRXOG ZRUN JUHDW RQ $QJXV DQG $QJXV FURVVEUHG FRZV +H ZRXOG HYHQ VLUH VRPH JRRG VKRZ VWHHUV
"QNNJR 3TQD 4GHMF
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 3XUHEUHG
69) 1-& 02 7RZQ 0 -6 6XUH %HW 7 -6 %ODFN 0DJLF :RPDQ 3 %ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
6XUH WKLQJ LV D YHU\ LPSUHVVLYH ORRNLQJ EXOO ZLWK D ZHDQLQJ ZHLJKW RI OEV +H LV KHDY\ PXVFOHG DQG \HW LV VPRRWK HQRXJK PDGH WR PDNH YHU\ DWWUDFWLYH GDXJKWHUV 6XUH WKLQJ LV DQ (7 DQG D IXOO VLE WR WKH IDOO EXOO /RW
,NS 0
3XUHEUHG %XOOV
"QNNJR &NQSTM@SD "TKK
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 3XUHEUHG
656 )RUWXQH 1/& )RUWXQDWH 6RQ 1 1/& * *DOL[
$GM %:
6&
$'*
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM :: $GM <:
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
,NS
2ZQHG E\ %URRNV 6LPPHQWDOV
)RUWXQDWH %XOO LV D IXOO EURWKHU WR /RWV %LJ ERGLHG KHDY\ PXVFOHG DQG ORWV RI SRZHU 8VH KLP RQ $QJXV FRZV DQG JHW DQ H[WUD WR SRXQGV IURP \RXU FDOYHV ZKLFK LV DQRWKHU WR SHU FDOI 7KH GDP LV WKH IDPRXV . *
$H@LNMC $ (TL ' 8
7DWWRR ;
3ROOHG
:/( 3RZHU 6WURNH +& +XPPHU 0 /%5 'HVWLQ\V 'UHDP .
%ODFN
$GM %:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
,NS
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
$H@LNMC $ (TL ' 8
7DWWRR ;
3ROOHG
:/( 3RZHU 6WURNH +& +XPPHU 0 /%5 'HVWLQ\V 'UHDP .
%ODFN
$GM %:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
0LVV .DQVDV . * 'DP RI /RWV DQG
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
)XOO EURWKHU WR /RWV DQG
2
3XUHEUHG %XOOV
3&) -@RSDQ 0K@M 8 ,
7DWWRR ; / +RPR 3ROOHG +RPR %ODFN
39) %) %) %ODFN -RNHU 66 (ERQ\V *UDQGPDVWHU 626) (ERQ\V -R\ /
$GM %:
1LFKROV %ON 'HVWLQ\ ' 6), 0LVV 0LQQL / 6), $GYDQWDJH +
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 6FKDDNH )DUPV
,NS
0DVWHU 3ODQ KDV EHHQ RQH RI P\ IDYRULWHV VLQFH GD\ RQH +H LV VPRRWK JRRG ORRNLQJ DQG FRPHV IURP D JUHDW FRZ IDPLO\ +LV SURJHQ\ ZLOO EH EODFN SROOHG DQG HDV\ WR PDUNHW <RX ZLOO OLNH WKH SRWHQWLDO RI WKLV RQH +H UDWLRHG IRU ,0) DQG IRU 5($ H[FHOOHQW VFDQ ¿JXUHV
*@W 8
7DWWRR ;
3ROOHG
7ULSOH & ,QYDVLRQ 5 . +RRN¶V ,Q¿QLWL 8 +RRNV 6DULWD 6 7- - 7KH *DPEOHU 7KUHH 7LPHV $ /DG\ 7 6&5 %XFNDURRV '
%ODFN $GM %:
3XUHEUHG
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV SXUHEUHG LV D YHU\ WKLFN VWRXW KHDY\ ERQHG EXOO ZLWK H[FHOOHQW FRQIRUPDWLRQ +LV ZHDQLQJ ZHLJKW \HDUOLQJ ZHLJKW DQG PDUEOLQJ (3'V DQG 7, UDQN LQ WKH WRS RI 6LP PHQWDOV 1RWLFH KLV ODUJH ULEH\H WRR +H ZRXOG DGG JURZWK WKLFNQHVV VWRXWQHVV DQG VW\OH WR PDWXUH PRGHUDWHO\ ODUJH $QJXV DQG %ULWLVK FURVVEUHG FRZV $ '1$ WHVW IRU KRPR ]\JRXV EODFN DQG KRPR]\JRXV SROOHG LV SHQGLQJ
,NS
,DWL@QJ 7
7DWWRR :
3ROOHG
/&+0$1 /XFN\ %XFN & *: /XFN\ 'LFH + ' 656 - 3UHIHUUHG %HHI 3HSSHUPLQW 3 ,ULVK )ORZHU
%ODFN
$GM %:
6&
$'*
3XUHEUHG
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
7KLV EXOO LV D ³WDQN´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
$GM %:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM 5($ $FW ,0)
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 3XUHEUHG
656 )RUWXQH 1/& )RUWXQDWH 6RQ 1 1/& * *DOL[
$GM :: $GM <:
$GM 5)
"QNNJR &NQSTM@SD 3NM
2ZQHG E\ %URRNV 6LPPHQWDOV
)RUWXQDWH 6RQ LV RQH RI IRXU IXOO EURWKHUV /RWV LQ WKH VDOH 7KH GDP 0LVV .DQVDV . * WUDQVPLWV KHU PDVVLYH PLGGOH DQG PXVFOH DORQJ ZLWK ODUJH 5($ 7KHVH )RUWXQDWH 6RQV ZLOO DGG SRXQGV WR WKHLU FDOYHV
D
3XUHEUHG %XOOV
"QNNJR &NQSTM@SD
656 )RUWXQH 1/& )RUWXQDWH 6RQ 1 1/& * *DOL[
$GM %:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
3XUHEUHG
6&
$'*
7DWWRR ; +
3ROOHG
%XUQV %XOO ; 8 6), 0LVV ; + ) 6), )
$GM 5($ $FW ,0)
3&) &TKK 3DQUHBD 8 (
1LFKROV /HJDF\ * &16 'UHDP 2Q / &16 6KHH]D 'UHDP . :
$GM :: $GM <:
$GM 5)
7DWWRR ; +RPR 3ROOHG +RPR %ODFN
%ODFN
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
2ZQHG E\ 6FKDDNH )DUPV
)RUWXQDWH LV D IXOO EURWKHU WR /RWV 7KH GDP LV 0LVV .DQVDV . * ZKR LV WKH FRZ LQ WKH 6LPPHQWDO EUHHG IRU WKH QXPEHU RI FDOYHV UHJLVWHUHG WR KHU 6KH KDV UHJLVWHUHG FDOYHV DQG LV VWLOO SURGXFLQJ 7KLV EXOO H[HPSOL¿HV ZKDW VKH LV DOO DERXW
)XOO 6HUYLFH LV D XQLTXH LQGLYLGXDO +H LV D OHDGHU IRU VHYHUDO WUDLWV UDWLRLQJ IRU ZHDQ LQJ IRU \HDUOLQJ IRU $'* DQG IRU 5($ VTXDUH LQFKHV 7R IXUWKHU HQKDQFH KLV YDOXH KH LV SKHQRW\SLFDOO\ ZLWKWRXW IDXOW
$H@LNMC $ (TL ' 8
7DWWRR ;
3ROOHG
:/( 3RZHU 6WURNH +& +XPPHU 0 /%5 'HVWLQ\V 'UHDP .
%ODFN
$GM %:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
(7
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
,NS
)XOO EURWKHU WR /RWV DQG
$H@LNMC $ )$4 * 8
7DWWRR ;
3ROOHG
&16 'UHDP 2Q / +73 69) ,Q 'HZ 7LPH +73 69) +RQH\GHZ
%ODFN
$GM %:
%+ 5LJKW 7LPH ( 'LDPRQG ' 5 7LPH 3 'LDPRQG ' +HUF 3 *
(7
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
,NS
7KLV EODFN SROOHG VRQ RI ,Q 'HZ 7LPH KDV D &( RI \HDUOLQJ ZW RI PDUEOLQJ RI DQG $3, RI DOO UDQNLQJ LQ WKH WRS RI WKH EUHHG +H LV D ORQJ ERGLHG KHDY\ PXVFOHG EXOO WKDW VKRXOG SURGXFH H[FHOOHQW FRPPHUFLDO RU SXUHEUHG FDOYHV
B
3XUHEUHG %XOOV
(TWKX 8
7DWWRR ;
3ROOHG
1LFKROV /HJDF\ 0 1LFKROV 0DQLIHVW 7 1LFKROV 0&0 1
%ODFN $GM %:
7- - 7KH *DPEOHU 7RS &DW 7 6&5 %XFNDURRV '
3XUHEUHG
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
,NS
7KLV SXUHEUHG LV RXW RI DQ H[FHOOHQW \RXQJ FRZ +H LV LGHDO LQ VL]H DQG KDV JUHDW FRQIRU PDWLRQ DQG YHU\ JRRG GLVSRVLWLRQ +LV ZHDQLQJ DQG \HDUOLQJ ZHLJKW (3'V UDQN LQ WKH WRS RI 6LPPHQWDOV DQG KLV $3, DQG 7, UDQN LQ WKH WRS +LV (3' DQG LQGH[ SUR¿OH LV EHWWHU WKDQ VRPH $, VLUHV $ '1$ WHVW IRU KRPR]\JRXV EODFN DQG SROOHG LV SHQGLQJ <RX ZLOO UHDOO\ OLNH WKLV EXOO IRU KLV PRGHUDWH VL]H FRUUHFWQHVV WKLFNQHVV JHQHWLF SRWHQWLDO DQG GLVSRVLWLRQ
-@CCNW 8
7DWWRR ; +RPR 3ROOHG +RPR %ODFN (7 3XUHEUHG
+DUWV %ODFN &DVLQR % 7- - 7KH *DPEOHU 7- 1HOOLH & *: /XFN\ 'LFH + 0HJDQ 0 %ODFN .DOOL
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
,NS
"QNNJR "K@BJ 'QHEEDX
7DWWRR ;
3ROOHG
&16 'UHDP 2Q / %URRNV %ON .DQVDV .68 0LVV 7RR %ODFN 1 &&5 *ULIIH\ 5& 0LVV *ULIIH\ 1 5& 0LVV 5HGFDW +
%ODFN
$GM %:
$'*
$GM 5)
3XUHEUHG
7DWWRR ; +RPR 3ROOHG +RPR %ODFN $GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM 5($ $FW ,0)
"QNNJR &NQSTM@SD %CHSHNM
656 )RUWXQH 1/& )RUWXQDWH 6RQ 1 1/& * *DOL[
$GM :: $GM <:
6&
7KLV SXUHEUHG LV DQ HPEU\R WUDQVIHU RXW RI DQ H[FHOOHQW GRQRU FRZ +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG DGQ D IXOO EURWKHU WR 'LNHPDQV 6XUH %HW OHDVHG E\ $%6 +H LV PRGHUDWH LQ VL]H DQG KDV JUHDW FRQIRUPDWLRQ +LV $3, LV LQ WKH WRS RI 6LPPHQWDOV <RX ZLOO OLNH WKLV EXOO IRU KLV EDODQFHG (3'V DQG JRRG GLVSRVLWLRQ
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
2ZQHG E\ %URRNV 6LPPHQWDOV
2ZQHG E\ %URRNV 6LPPHQWDOV
)RUWXQDWH (GLWLRQ LV D IXOO EURWKHU WR /RWV 8VH KLP RQ PRGHUDWH IUDPHG $QJXV FRZV DQG JHW DQ H[WUD WR SRXQGV DW ZHDQLQJ ZHLJKW ZKLFK LV WR PRUH SHU FDOI
%ODFN *ULIIH\ LV DQ DOO DURXQG GR HYHU\WKLQJ EXOO +DUG WR VKRRW KROHV LQ KLP
E
3XUHEUHG %XOOV
-@WHLTR 8
$H@LNMC $ (TL ' 8
7DWWRR ; +RPR 3ROOHG +RPR %ODFN (7 3XUHEUHG
*: /XFN\ &KDUP . *: /XFN\ 0DQ 1 *: 0LVV 8 -
$GM %:
*: /XFN\ 'LFH + 0DULO\Q 0 0LVV %ODFN\ -HQQ\
6&
$'*
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
3ROOHG
%ODFN
$GM %:
6&
$'*
$GM 5)
3XUHEUHG
$GM :: $GM <:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM 5($ $FW ,0)
7DWWRR ;
:/( 3RZHU 6WURNH +& +XPPHU 0 /%5 'HVWLQ\V 'UHDP .
$GM :: $GM <:
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
7KLV SXUHEUHG EXOO LV DQ HPEU\R WUDQVIHU RXW RI DQ H[FHOOHQW GRQRU FRZ DQG LV D IXOO EURWKHU WR ; +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG 1RWLFH KLV H[FHOOHQW $'* DQG \HDUOLQJ ZHLJKW +H LV ORQJ ERGLHG WKLFN DQG ODUJH IUDPHG +LV ELUWK ZHLJKW \HDUOLQJ ZHLJKW DQG PDUEOLQJ (3'V $3, DQG 7, DUH LQ WKH WRS RI 6LPPHQWDOV +H ZRXOG ZRUN JUHDW RQ PRGHUDWH VL]HG $QJXV DQG %ULWLVK FURVVEUHG FRZV
)XOO EURWKHU WR /RWV DQG
$H@LNMC $ (TL ' 8
7DWWRR ;
3ROOHG
:/( 3RZHU 6WURNH +& +XPPHU 0 /%5 'HVWLQ\V 'UHDP .
%ODFN
$GM %:
6&
$'*
$GM 5)
3XUHEUHG
$GM :: $GM <:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
0LVV .DQVDV . * 'DP RI /RWV DQG
)XOO EURWKHU WR /RWV DQG
$H@LNMC $ $DVSHLD 8
7DWWRR ;
3ROOHG
&16 'UHDP 2Q / +73 69) ,Q 'HZ 7LPH +73 69) +RQH\GHZ .68 9HQRP 0 'LDPRQG ' 9 & 3 5 'LDPRQG ' 8 3 &
%ODFN
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
,NS
7KLV EODFN SROOHG ,Q 'HZ 7LPH VRQ LV D WKLFN WRSSHG ORQJ VLGHG YHU\ VW\OLVK EXOO +LV FDOYLQJ HDVH LV LQ WKH WRS RI WKH EUHHG DQG KLV (3'V DUH ZHOO EDODQFHG +H LV D QLFH EDODQFHG EXOO WKDW PRYHV IUHH DQG HDV\ RQ KLV IHHW DQG OHJV
G
3XUHEUHG %XOOV
%WSQ@NQCHM@QX 8
7DWWRR ; +RPR 3ROOHG +RPR %ODFN
7- - 7KH *DPEOHU 'LNHPDQV 6XUH %HW 0HJDQ 0 1LFKROV %ON 'HVWLQ\ ' 0LVV %ODFN -HQQ\ &LQG\ %\ %ODFN ,ULVK
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
,NS
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV SXUHEUHG LV RXW RI D SURYHQ SURGXFWLYH FRZ 1RWLFH KLV GHVLUDEOH FDOYLQJ HDVH DQG ORZ ELUWK ZHLJKW (3'V WRS RI WKH EUHHG DQG KLV H[FHOOHQW $3, WKDW UDQNV LQ WKH WRS RI WKH EUHHG +H LV KRPR]\JRXV DQG VROLG EODFN DQG KRPR]\JRXV SROOHG <RX ZLOO OLNH KLP
*ROG %XOOLRQ 6DOH 4XDOLW\ 6LPPHQWDO DQG $QJXV *HQHWLFV
3&) )M #NLL@MC 8 -
7DWWRR ; 0
3ROOHG
1LFKROV /HJDF\ * &16 'UHDP 2Q / &16 6KHH]D 'UHDP . : 39) %) %) %ODFN -RNHU 6), .DQGL .LVVHV 0 6), % =
%ODFN
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
E\ 5RQ :LOVRQ 3RHW /DULDW
3XUHEUHG
7KH *ROG %XOOLRQ 6DOH LV DQ RSSRUWXQLW\ 7R DFFHVV JUHDW JHQHWLFV IRU WKH EHHI FRPPXQLW\
-XVW DV UHDO *ROG %XOOLRQ KDV D PDUNHW YDOXH WKDW·V GHDU 7KHVH EHHI FDWWOH JHQHWLFV KDYH EHQHILWV WKDW DUH FOHDU
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
)RXU IDPLOLHV KDYH FRPH WRJHWKHU LQ WKH *ROG %XOOLRQ *URXS 7R PDUNHW WRJHWKHU LQ RQH IHOO VZRRS
2ZQHG E\ 6FKDDNH )DUPV
7KLV \RXQJHU EXOO VXUH GHVHUYHV \RXU DWWHQWLRQ +LV GDP .DQGL .LVVHV GRHV D SHUIHFW MRE HYHU\ \HDU +H VFDQQHG ZLWK D ULEH\H DQG ZDV WKH FRQWHPSRUDU\ OHDGHU IRU ,0) DW UDWLR +H LV VRXQG WKLFN DQG KDV KHUG VLUH SRWHQWLDO
0@WSNM 8
7KHVH IDPLOLHV RIIHU KLJK TXDOLW\ 6LPPHQWDO DQG $QJXV EUHHGLQJ :LWK WKH ODWHVW (3'V DQG XOWUDVRXQG GDWD IRU \RXU UHDGLQJ (DFK IDPLO\ LQ WKLV VHOOLQJ JURXS KDV DQ H[FHOOHQW KLVWRU\ 2I RXWVWDQGLQJ FDWWOH EUHHGLQJ IRU WKH EHHI LQGXVWU\
7DWWRR ; +RPR 3ROOHG +RPR %ODFN (7 3XUHEUHG
*: /XFN\ &KDUP . *: /XFN\ 0DQ 1 *: 0LVV 8 *: /XFN\ 'LFH + 0DULO\Q 0 0LVV %ODFN -HQQ\
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
7KH %URRNV DQG WKH 6FKDDNHV WKH 'LNHPDQV DQG 'UDNHV +DYH GHPRQVWUDWHG WKDW WKHLU FDWWOH KDYH ZKDW LW WDNHV
7KHLU RIIHULQJV LQ SDUWQHUVKLS ZLWK 6\OYHVWHU %XOO 'HYHORSPHQW 0HDQ WKDW \RXU EHHI LPSURYHPHQW GROODUV ZLOO EH ZHOO VSHQW
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
7KH EXOO VDOH LQ WKH VSULQJ DQG WKH IHPDOH VDOH HYHU\ RWKHU IDOO 3URGXFH RSSRUWXQLWLHV IRU KHUG LPSURYHPHQW IRU DOO
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV SXUHEUHG 6LPPHQWDO EXOO LV DQ HPEU\R WUDQVIHU RXW RI DQ H[FHOOHQW GRQRU FRZ +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG 1RWLFH KLV H[FHOOHQW $'* RI OE GD\ +LV ELUWK ZHLJKW \HDUOLQJ ZHLJKW DQG PDUEOLQJ (3'V $3, DQG 7, DUH LQ WKH WRS RI 6LP PHQWDOV 1RWLFH KLV ODUJH ULEH\H +H ZLOO PDNH D JUHDW SXUHEUHG RU FRPPHULFDO EXOO WKDW ZRXOG SURGXFH VRPH H[FHOOHQW UHSODFHPHQW IHPDOHV
7KHVH FDWWOH ZLOO ZRUN IRU \RX ZLWKRXW IDLO 6R ZH LQYLWH \RX WR SDUWLFLSDWH LQ WKH *ROG %XOOLRQ 6DOH
4
6LP$QJXV %XOOV
"QNNJR 0QDCNLHM@SD
7DWWRR ; +RPR 3ROOHG
6$9 7UDYHOHU 6$9 3UHGRPLQDQW 6$9 (PEO\QHWWH
$GM %:
$GM :: $GM <:
6&
$'*
67) 7RR 5HG * .68 0LVV 7RR %ODFN 1 0LVV .DQVDV . *
%ODFN 6LP $QJXV
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
,NS
, FRXOG XVH DOO NLQGV RI ZRUGV FDOYLQJ HDVH PXVFOH FDUFDVV DQG ORWV RI JURZWK LQ D PRGHU DWH IUDPH WR GHVFULEH WKLV EXOO EXW ZKHQ \RX VHH KLP LV ZKHQ \RX ZLOO EH LPSUHVVHG +LV GDP KDV SURGXFHG EXOOV LQ WKH *ROG %XOOLRQ 6DOH ZLWK RQH JRLQJ LQWR VWXG DW $FFHOHUDWHG *HQHWLFV 7KLV LV D FRZPDQV NLQG RI EXOO
"QNNJR 4HSTR -@M
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
0\WW\ ,Q )RFXV +RRNV 7LWXV 7 +RRNV 3DVVLRQ 3 %ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
7LWXV 0DQ VWRRG RXW VLQFH ELUWK $Q OE ELUWK ZHLJKW DQ WKHQ H[SORGHG DIWHU WKDW +H ZHLJKHG RQ 2FW WK DQG WKHQ RQ -DQ 7KH KHWHURVLV HIIHFW DORQJ ZLWK WKH JHQHWLFV UHDOO\ ZRUNHG KHUH +H KDV ERWK KLJK PDUEOLQJ DQG ODUJH ULEH\H 7KLV LV DQ (7 RXW RI WKH IDPRXV . * FRZ
-@MMHW 8
,NS
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
% 5 1HZ 'HVLJQ 7ULSOH-'HVLJQ 2I)R[&URVV 7ULSOH - )RUHYHUODG\ 'LNHPDQV 6XUH %HW 0LVV 8QGHQLDEOH 8 3DWW\ 3
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV 6LP$QJXV EXOO LV RXW RI D UHDOO\ QLFH ¿UVW FDOI KHLIHU +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG +H KDV H[FHOOHQW FRQIRUPDWLRQ DQG LV LGHDO LQ IUDPH VL]H +LV GLVSR VLWLRQ LV VXSHU 1RWLFH KLV H[FHOOHQW PDUEOLQJ (3' +LV $3, DQG 7, DUH LQ WKH WRS RI 6LP$QJXV 1RWLFH KLV H[FHOOHQW $'* <RX ZLOO UHDOO\ OLNH WKLV EXOO
,NS
6LP$QJXV %XOOV
-Q 3KX &NW 8
3&) )MRSHMBSHUD 8 5
7- - 7KH *DPEOHU 'LNHPDQV 6XUH %HW 0HJDQ 0 ,URQZRRG 1HZ /HYHO 7LQD 7 0LVV 5LWR /
$GM %:
6&
$'*
2&& 0LVVLQJ /LQN 0 'XII %DVLF ,QVWLQFW 2&& 'L[LH (ULFD *
$GM :: $GM <:
$GM 5)
6), :DUULRU 5 / 6), 3UHFLRXV /RYLQ 8 6), 0LVV %HORYHG 1 '
$GM 5($ $FW ,0)
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV 6LP$QJXV EXOO LV RXW RI D YHU\ JRRG \RXQJ $QJXV FRZ +H LV YHU\ WKLFN DQG VWUXFWXU DOO\ FRUUHFW DQG KDV ORWV RI YROXPH +H LV KRP]\JRXV EODFN DQG KRPR]\JRXV SROOHG +H KDV D JUHDW GLVSRVLWLRQ DQG LV LGHDO LQ IUDPH VL]H +LV $3, DQG 7, DUH LQ WKH WRS RI 6LP$QJXV DQG KH KDV DQ H[FHOOHQW PDUEOLQJ (3' <RX ZLOO UHDOO\ OLNH WKLV EXOO
-@WHLHYDQ 8
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
7DWWRR ; 8 3ROOHG +RPR %ODFN 6LP $QJXV
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
2ZQHG E\ 6FKDDNH )DUPV
7KLV EXOO SDFNV D ELJ SXQFK +H LV FRQVHUYDWLYH LQ KLV IUDPH \HW SRZHUIXO DQG PXVFXODU LQ KLV VKDSH +H LV VXUH WR LPSURYH WKH UHG PHDW \LHOG RI KLV RIIVSULQJ
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
7- - 7KH *DPEOHU 'LNHPDQV 6XUH %HW 0HJDQ 0 ,URQZRRG 1HZ /HYHO 0LVV 8QGH¿OHG 8 6PRRWK 'HVLJQ 6
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
,NS
7KLV 6LP$QJXV EXOO LV RXW RI DQ H[FHOOHQW ¿UVW FDOI $QJXV KHLIHU +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG +H LV LGHDO LQ IUDPH VL]H DQG KDV YHU\ JRRG FRQIRUPDWLRQ +LV PDUEOLQJ (3' $3, DQG 7, DUH LQ WKH WRS RI 6LP$QJXV 1RWLFH KLV ODUJH ULEH\H
3&) 5KSQ@ #GNHBD 8 5
7DWWRR ; 8 +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
6$) )RFXV RI (5 0\WW\ ,Q )RFXV 0\WW\ &RXQWHVV & 0DFKR 0 %= 6), 0LVV $PHULFD 8 0LVV .DQVDV . *
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 6FKDDNH )DUPV
8OWUD &KRLFH KDV WKDW UDUH FRPELQDWLRQ RI ORZ ELUWK DQG KLJK JURZWK $GG WR WKH SLFWXUH KLV VFDQ ¿JXUHV UDWLR IRU ,0) DQG IRU 5($ PDNHV KLP WKH SHUIHFW FRPPHUFLDO EXOO
6), 0LVV EHORYHG 1 ' 'DP RI /RWV *UDQGGDP RI /RW
6LP$QJXV %XOOV
"QNNJR 530" 8
7DWWRR ;
3ROOHG
*$5 3UHFLVLRQ *$5 86 3UHPLXP %HHI *$5 (;7
$GM %:
$GM :: $GM <:
6&
$'*
.68 9HQRP 0 .68 0LVV 9HQRP 6 .68 0LVV 0RPHQWXP 0
%ODFN 6LP $QJXV
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
,NS
7KLV LV D EXOO ZLWK D YHU\ ORZ ELUWK ZHLJKW (3' EXW VWLOO KDG DQ DGMXVWHG ZHDQLQJ ZHLJKW RI OEV +H LV WKLFN PDGH DQG GHHS ERGLHG +H KDV D ,0) DQG 5($ :RXOG ZRUN JRRG WR UHWDLQ \RXU FDOYHV DQG VHOO IRU FDUFDVV SUHPLXPV
"QNNJR 8 -@M
7DWWRR ; +RPR 3ROOHG
&16 'UHDP 2Q / %URRNV %/. .DQVDV .68 0LVV 7RR %ODFN 1
$GM %:
$OEHUGD 7UDYHOHU %URRNV 0LVV 7DPP\ %URRNV 3HUIHFW /LQGD
$DWSDQ 8
6&
$'*
$GM 5)
69) *'$5 /7' 6$) &RQQHFWLRQ 6$) 5R\DO 4XHHQ +& +XPPHU 0 0LVV 8QULYDOHG 8 /HJDF\V 5DFKHO 5
$GM :: $GM <:
$GM 5($ $FW ,0)
2ZQHG E\ %URRNV 6LPPHQWDOV
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
% 5 1HZ 'HVLJQ 7ULSOH-'HVLJQ 2I)R[&URVV 7ULSOH - )RUHYHUODG\ *: /XFN\ 'LFH + 0LVV 8WRSLD 8 0LVV %ODFN -R\FH
$GM %:
6&
$'*
$GM 5)
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
#QNTHW 7
7DWWRR :
69) *'$5 /7' 6$) &RQQHFWLRQ 6$) 5R\DO 4XHHQ
+& +XPPHU 0 0LVV 8QFDQQ\ 8 %ODFN 'HVWD
$GM 5($ $FW ,0)
$GM :: $GM <:
7KLV 6LP$QJXV EXOO LV RXW RI D UHDOO\ QLFH ¿UVW FDOI KHLIHU +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG +H FRXOG EH XVHG RQ KHLIHUV ZLWK KLV ORZ ELUWK ZHLJKW (3' +LV GDXJKWHUV ZRXOG PDNH JUHDW UHSODFHPHQW IHPDOHV EHFDXVH RI KLV PRGHUDWH VL]H DQG YHU\ JRRG PLON (3' +LV PDUEOLQJ (3' DQG $3, UDQN LQ WKH WRS RI 6LP$QJXV
$GM :: $GM <:
$GM %:
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
; 0DQ LV D WKLFN EXOO WKDW ZLOO DGG SRXQGV WR \RXU FDOYHV +H FRPHV IURP DQ LPSUHVVLYH EORRGOLQH RQ ERWK VLGHV
!KDW 8
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
%ODFN 6LP $QJXV
3ROOHG
%ODFN 6LP $QJXV $GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV 6LP$QJXV EXOO LV RXW RI D UHDOO\ QLFH ¿UVW FDOI KHLIHU ZLWK D EHDXWLIXO XGGHU +H FRXOG EH XVHG RQ KHLIHUV ZLWK KLV ORZ ELUWK ZHLJKW (3' WRS RI 6LP$QJXV LQ WKH EUHHG +LV PLON (3' $3, DQG 7, DUH LQ WKH WRS RI 6LP$QJXV LQ WKH $6$ GDWD EDVH
7KLV 6LP$QJXV EXOO LV RXW RI DQ H[FHOOHQW ¿UVW FDOI KHLIHU +LV GDP LV D IDYRULWH RI SHRSOH ZKR KDYH ORRNHG DW RXU FRZV +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG +LV (3' SUR¿OH LV EHWWHU WKDQ PRVW 6LP$QJXV $, VLUHV +LV PDUEOLQJ (3' $3, DQG 7, DUH LQ WKH WRS RI 6LP$QJXV &KHFN RXW KLV KLJK $'*
1
6LP$QJXV %XOOV
3&) 3VDDS -@IHB 8 2
7DWWRR ; 5
3ROOHG
69) 1-& 02 %HWWHU 0 6& 02 0DJLF 6 $NHUV 5XE\
%ODFN 6LP $QJXV
$GM %:
6), 6XSHU ; 1 & 6), 0LVV 6ZHHW $6 0( 6), 0LVV 7RR 6ZHHW 1 .
)DOO %XOOV
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
"QNNJR "K@BJ 2HUDQ
%R] 5HGFRDW %URRNV 7RR %ODFN .68 0LVV 7RR %ODFN 1 5LWR , RI % %URRNV 0LVV 3HJJ\ %URRNV 3HUIHFW /LQGD
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 6FKDDNH )DUPV
7DWWRR :6 +RPR 3ROOHG %ODFN 6LP $QJXV $GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
6ZHHW 0DJLF LV D ELJ VWRXW SHUIRUPDQFH GULYHQ EXOO WKDW ZLOO DGG YDOXDEOH SRXQGV WR KLV FDOI FURS :KDW¶V WKLV EDOG\ EXOO ZRUWK LI KH FDQ DGG DQ DGGLWLRQDO SRXQGV DW ZHDQLQJ WR HDFK FDOI KH VLUHV"
%ODFN 5LYHU LV D IXOO VLE WR /RW +H LV D WKLFN ERGLHG EXOO WKDW LV PRQWKV ROG DQG UHDG\ WR JR WR ZRUN 7KH IDOO EXOOV KDYH ORZHU <: DQG VFDQ UHVXOWV EHFDXVH WKH\ ZHUH ZHDQHG DQG WKHQ WXUQHG EDFN RQ JUDVV ZLWK D OLPLWHG DPRXQW RI JUDLQ XQWLO IDOO
"QNNJR "K@BJ "TC
7DWWRR :6 +RPR 3ROOHG %ODFN 6LP $QJXV
%R] 5HGFRDW %URRNV 7RR %ODFN .68 0LVV 7RR %ODFN 1 5LWR , RI % %URRNV 0LVV 3HJJ\ %URRNV 3HUIHFW /LQGD
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
,NS
3&) -@FHB -@M 8
7DWWRR ;
3ROOHG
69) 1-& 02 %HWWHU 0 6& 02 0DJLF 6 $NHUV 5XE\ 6), . & 6), 0LVV %HORYHG 1 ' ' %
2ZQHG E\ %URRNV 6LPPHQWDOV
%ODFN %XG LV D WKLFN ERGLHG EXOO WKDW LV EUHHG DYHUDJH IRU ELUWK ZHLJKW EXW DERYH DYHUDJH IRU JURZWK DQG LV D IXOO EURWKHU WR /RW +LV VLUH ZDV WKH KLJK VHOOLQJ EXOO LQ WKH VDOH %ODFN %XG GRHVQ¶W FDUU\ DV PXFK FRQGLWLRQ DV WKH RWKHU EXOOV EHFDXVH KH ZDV XVHG WR EUHHG FRZV LQ P\ IDOO KHUG WKHUHIRUH KH GRHV QRW TXDOLI\ DV YLUJLQ VWDWXV
%ODFN 6LP $QJXV
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 6FKDDNH )DUPV
,I \RX OLNH WKHP VWRXW DQG UXJJHG WKHQ \RX DUH VXUH WR EH LPSUHVVHG ZLWK WKLV RQH +LV GDP 6), %HORYHG LV D FDWWOHPHQ¶V IDYRULWH
%URRNV 0LVV 3HJJ\ 'DP RI /RW
0
)DOO %XOOV
3XUHEUHG %XOOV
$H@LNMC $ (TL ' 8
7DWWRR ;
3ROOHG
:/( 3RZHU 6WURNH +& +XPPHU 0 /%5 'HVWLQ\V 'UHDP .
%ODFN
$GM %:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
$GM %:
$GM :: $GM <:
5LWR , RI % %URRNV 0LVV 3HJJ\ %URRNV 3HUIHFW /LQGD
6&
$'*
$GM 5)
$H@LNMC $ (TL ' 8
7DWWRR ;
3ROOHG
:/( 3RZHU 6WURNH +& +XPPHU 0 /%5 'HVWLQ\V 'UHDP .
%ODFN
$GM %:
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM 5($ $FW ,0)
)XOO EURWKHU WR /RWV DQG
7DWWRR : +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
0\WW\ ,Q )RFXV +RRNV 7LWXV 7 +RRNV 3DVVLRQ 3
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
,NS
"QNNJR -HFGSX 4HSTR
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
0LJKW 7LWXV LV WKH QDWXUDO FDOI RXW RI P\ EORRG GRQRU %URRNV 0LVV 3HJJ\ +H LV D OLWWOH \RXQJHU WKDQ WKH RWKHU IDOO EXOOV DQG VR KH LV D OLWWOH OLJKWHU EXW D GHHS ERGLHG KHDY\ PXVFOHG PHDW EXOO
"QNNJR "K@BJ "DS
%ODFN ,ULVK .DQVDV 0LVV .DQVDV . * 0LVV 0LFN . (
$GM %:
6&
$'*
)XOO EURWKHU WR /RWV DQG
7DWWRR ;
3ROOHG
5HG
$GM %:
%+ 5LJKW 7LPH ( 'LDPRQG '5 7LPH 3 'LDPRQG ' +HUF 3 *
$GM 5($ $FW ,0)
+HUFXOHV 3 %R] 5HGFRDW %R] 5HG /DG\
$GM 5)
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
$GM :: $GM <:
$H@LNMC $ 2# * 8
7DWWRR : +RPR 3ROOHG +RPR %ODFN 3XUHEUHG
69) 1-& 0R 7RZQ 0 -6 6XUH %HW 7 -6 %ODFN 0DJLF :RPDQ 3
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
%ODFN %HW LV D IXOO VLE WR /RW +H LV ORQJ WKLFN DQG FOHDQ IURQWHG +H ZRXOG PDNH YHU\ IDQF\ GDXJKWHUV DQG DGG SRXQGV WR D FDOI FURS .HHS LQ PLQG KH KDV D <: EHLQJ RQ JUDVV
7KLV (7 5HG &RDW VRQ LV RXW RI WKH EHVW UHG FRZ LQ P\ KHUG +LV \HDUOQLJ (3' RI UDQNV LQ WKH WRS RI WKH EUHHG DQG KLV PDUEOLQJ DQG $3, (3'V DUH ZHOO DERYH DYHUDJH $ YHU\ WKLFN WRSSHG PRGHUDWH IUDPHG GRFLOH EXOO
2
3XUHEUHG %XOOV
3&) .DV $DLHMRHNM 8 ( ,DMMNW 8
7DWWRR ; +
3ROOHG
39) %) %) %ODFN -RNHU 66 (ERQ\V *UDQGPDVWHU 626) (ERQ\V -R\ /
%ODFN
$GM %:
3XUHEUHG
$GM :: $GM <:
6&
$'*
6), ( 6), $GYDQWDJH + 6), ( :
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 6FKDDNH )DUPV
,I \RX DUH LQ QHHG RI D OLWWOH H[WUD IUDPH DQG TXDOLW\ LQ QH[W \HDU¶V FDOI FURS WKHQ EH VXUH WR ORRN XS 1HZ 'LPHQVLRQ +LV GDP LV \HDUV ROG DQG VXSHU SURGXFWLYH <RX ZLOO DSSUHFL DWH WKH UHSODFHPHQW IHPDOHV RXW RI WKLV RQH
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 6LP $QJXV
1LFKROV /HJDF\ 0 1LFKROV 0DQLIHVW 7 1LFKROV 0&0 1
$GM %:
6&
$'*
:/( 3RZHU 6WURNH 1LVVDQ 1 -HZHOOV .DUHQ
$GM :: $GM <:
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV 6LPPHQWDO [ $QJXV LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG +LV GDP LV D IDYRULWH RI SHRSOH ZKR YLHZ RXU FRZV IRU KHU PRGHUDWH VL]H EDODQFH VWUXFWXUDO FRUUHFW QHVV IHPLQLW\ DQG GLVSRVLWLRQ +H ZLOO PDNH D JUHDW FRPPHUFLDO EXOO
'Q@MC 0QHW 8
7DWWRR ; +RPR 3ROOHG +RPR %ODFN (7 3XUHEUHG
*: /XFN\ &KDUP . *: /XFN\ 0DQ 1 *: 0LVV 8 -
$GM %:
*: /XFN\ 'LFH + 0DULO\Q 0 0LVV %ODFN -HQQ\
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
,NS
,DWHMFSNM 8
7DWWRR ;
3ROOHG
%ODFN
2DW 8
3XUHEUHG
&LUFOH 6 /HDFKPDQ 8 /LWWOH %ODFN 0LVV\ 0LVV\
$GM 5)
656 - 3UHIHUUHG %HHI 7HUHVD 7 0LVV %ODFN ,FRQ
$GM 5($ $FW ,0)
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
3ROOHG
%ODFN $GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
7DWWRR ;
+RRNV 6KHDU )RUFH . 7ULSOH & %HWWLV 6 /XFDV -RVLH .
&16 'UHDP 2Q / $GM %: $GM :: $GM <: &OLQHV 'UHDP &RPH 7UXH /(& 3RZGHU / *& ) & $'*
7KLV EXOO LV DQ HPEU\R WUDQVIHU RXW RI D YHU\ JRRG GRQRU FRZ EXW QRW VR JRRG UHFLSLHQW GDP +H KDV D YHU\ JRRG (3' SUR¿OH ZLWK DOO EXW RQH RI KLV (3'V DQG KLV LQGH[HV EHLQJ EHWWHU WKDQ EUHHG DYHUDJH 7KLV \RXQJ EXOO ZLOO RQO\ JHW EHWWHU DV KH JHWV ROGHU +H LV KRPR]\ JRXV EODFN DQG KRPR]\JRXV SROOHG
6&
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
7KLV SXUHEUHG LV D JRRG \RXQJ 6LPPHQWDO FRZ +LV GDXJWKHUV ZLOO PDNH JRRG UHSODFHPHQW IHPDOHV +H KDV D KLJKHU VWUXQJ GLVSRVLWLRQ WKDQ PRVW RI RXU EXOOV <RX ZLOO OLNH KLP IRU KLV EDODQFH RI IUDPH VL]H DQG (3' SUR¿OH
7KLV SXUHEUHG EXOO LV RXW RI D \HDU ROG FRZ EXW QRWLFH KLV ZHDQLQJ ZHLJKW :H GLG QRW NHHS KLV GDP DURXQG IRU \HDUV IRU QRWKLQJ 1RWLFH KLV $'* RI OE GD\ 7KLV EXOO LV ORQJ ERGLHG WKLFN FRUUHFW DQG VW\OLVK +H VKRXOG SURGXFH VRPH YHU\ JRRG GDXJKWHUV WKDW ZLOO ZHDQ KHDY\ FDOYHV
D
3XUHEUHG %XOOV
"QNNJR 3TQD '@LAKD
$GM %:
$GM :: $GM <:
7DWWRR ; +RPR 3ROOHG %ODFN
69) 1-& 0R 7RZQ 0 -6 6XUH %HW 7 -6 %ODFN 0DJLF :RPDQ 3
6&
$'*
&16 'UHDP 2Q / %URRNV 0LVV 6WDU 8 0LVV .DQVDV . *
$GM 5)
$H@LNMC $ -@MHEDRS 8
3XUHEUHG
'LDPRQG ' 55 3 3 'LDPRQG ' &8 3 6 'LDPRQG ' %%6 3 /
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
%ODFN
$GM %:
(7
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
6XUH *DPEOH LV RXW RI D ¿UVW FDOI KHLIHU DQG KDV EHORZ DYHUDJH ELUWK ZHLJKW DQG DERYH DYHUDJH FDOYLQJ HDVH DQG \HW PDLQWDLQV EUHHG DYHUDJH IRU JURZWK
"QNNJR *NJDQ
3ROOHG
1LFKROV /HJDF\ 0 1LFKROV 0DQLIHVW 7 1LFKROV 0&0 1
$GM 5($ $FW ,0)
7DWWRR ;
7KLV 0DQLIHVW VRQ GHVHUYHV \RXU DWWHQWLRQ DV KLV \HDUOLQJ ZHLJKW (3' RI UDQNV LQ WKH WRS RI WKH EUHHG $ YHU\ PXVFXODU EXOO ZLWK EDODQFHG (3'V DGQ DQ $3, RI
7DWWRR ; +RPR 3ROOHG +RPR %ODFN 3XUHEUHG
&16 'UHDP 2Q / %URRNV %ON .DQVDV .68 0LVV 7RR %ODFN 1
$GM %:
39) %) %) %ODFN -RNHU %URRNV 0LVV 3HUIHFW %URRNV 3HUIHFW /LQGD
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ %URRNV 6LPPHQWDOV
,NS
-RNHU LV DQ DOO DURXQG EDODQFHG PRGHUDWH IUDPHG EXOO +DUG WR VKRRW KROHV LQ KLP
$H@LNMC $ #@DR@Q 8
7DWWRR ;
3ROOHG
%R[ 5HGFRDW $QNRQLDQ 5HG &DHVDU *), &DQGDFH *
5HG
$GM %:
%R] 5HGFDW ' 556 *UHW 1 556 *UHW '
(7
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
$ 5:) VRQ RI 5HG &DHVDU WKDW LV D EXQGOH RI PXVFOH JDLQLQJ SRXQGV GDLO\ RQ WHVW +H LV GRFLOH DQG GHVHUYHV \RXU DWWHQWLRQ LI \RX FDQ XVH UHG
B
3XUHEUHG %XOOV
$H@LNMC $ '-@RSDQ 8 -@WVDKK 8
7DWWRR ;
3ROOHG
39) %) %) %ODFN -RNHU 66 (ERQ\V *UDQGPDVWHU 626) (ERQ\V -R\ /
%ODFN
$GM %:
&LUFOH 6 /HDFKPDQ 8 'LDPRQG ' 8 3 'LDPRQG ' &3 3 *
3XUHEUHG
6&
$'*
$GM %:
656 - 3UHIHUUHG %HHI 0LVV 5R\DOW\ 5 ,ULVK )ORZHU
$GM 5($ $FW ,0)
7DWWRR ; 3ROOHG +RPR %ODFN 7ZLQ 3XUHEUHG
1LFKROV /HJDF\ 0 1LFKROV 0DQLIHVW 7 1LFKROV 0&0 1
$GM :: $GM <:
$GM 5)
$GM :: $GM <:
6&
$'*
$GM 5)
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
7KLV SXUHEUHG ZDV D WZLQ 2EYLRXVO\ KLV ZHDQLQJ ZHLJKW LV QRW LPSUHVVLYH EXW QRWLFH KLV H[FHOOHQW $'* RI OE GD\ +LV \HDUOLQJ ZHLJKW (3' UDQNV LQ WKH WRS RI 6LPPHQWDOV DQG KLV PDUEOLQJ $3, DQG 7, UDQN LQ WKH WRS +LV GDP LV YHU\ PRGHUDWH LQ VL]H DQG KDV D ORW RI YROXPH
7KLV EODFN SROOHG EXOO ZDV VLUHG E\ *UDQGPDVWHU DQG RXW RI D 8 FRZ +H LV D QLFH EDODQFHG WKLFN PXVFOHG EXOO ZLWK D &( RI
"NWDQ 8
7DWWRR ; +RPR 3ROOHG +RPR %ODFN
+DUWV %ODFN &DVLQR % 7- - 7KH *DPEOHU 7- 1HOOLH &
$GM %:
*: /XFN\ 'LFH + 0HJDQ 0 %ODFN .DOOL
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
,NS
$H@LNMC $ /KHD 8
7DWWRR ;
3ROOHG
1LFKROV /HJDF\ * (OOLQJVRQ /HJDF\ 0 (OOLQJVRQ 06 3VWRFN .
%ODFN
$GM %:
:+) *UDQG 6ODP + 'LDPRQG ' *6 3 5 'LDPRQG ' 5% 3 1
6&
$'*
3&) #NMBKTRHNM 8
6), . & 6), 0LVV %HORYHG 1 ' ' %
3ROOHG
+RPR %ODFN
$GM %:
$GM :: $GM <:
6&
$'*
$GM 5)
3XUHEUHG
$GM 5($ $FW ,0)
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
&( %: :: <: 0&( 00 0: &: <* 0% %) 5($ $3, 7,
7DWWRR ;
656 - 3UHIHUUHG %HHI 7ULSOH & ,QYDVLRQ 5 . +RRNV .DUULH .
$GM 5($ $FW ,0)
7KLV SXUHEUHG LV RXW RI DQ H[FHOOHQW GRQRU FRZ +H LV KRPR]\JRXV EODFN DQG KRPR]\JRXV SROOHG +LV $3, UDQNV LQ WKH WRS RI 6LPPHQWDOV +H LV YHU\ PRGHUDWH LQ VL]H KDV ORWV RI YROXPH D ODUJH ULEH\H DQG D JRRG GLVSRVLWLRQ
$GM :: $GM <:
$GM 5)
3XUHEUHG
2ZQHG E\ 'LNHPDQ 6LPPHQWDOV
2ZQHG E\ 6FKDDNH )DUPV
2ZQHG E\ 'UDNH 'LDPRQG ' 6LPPHQWDOV
,I \RX QHHG WR DGG D OLWWOH ³VWUHWFK´ WR \RXU FDOI FURS WR JHW VRPH H[WUD SRXQGV WKHQ EH VXUH WR ORRN XS WKLV RQH <RX ZLOO OLNH WKH UHVXOWV ZLWK %HORYHG DV KLV GDP
; ZDV $, VLUHG E\ WKH SRSXODU $%6 ³2OLH´ EXOO +H LV EODFN ZLWK D VSODVK RI ZKLWH RQ KLV KHDG DQG PX]]OH +LV &( *URZWK 0DUEOLQJ DQG $3, (3'V DUH ZHOO DERYH DYHUDJH +H LV D VWUDLJKW WRSSHG YHU\ FRUUHFW EXOO
E
*ROG %XOOLRQ +LJK 6HOOHU
'LNHPDQV 'RXEOH 'RZQ : $6$
&(
%:
:: <: 0&( 00
0: &:
<*
0%
%)
5($ $3, 7,
'RXEOH 'RZQ ZDV WKH UHFRUG VHWWLQJ 6LPPHQWDO EXOO VHOOLQJ IRU WR 6HOHFW 6LUHV DQG %URRNV 6LPPHQWDO
G
23
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¶V 7RWDO +HUG (QUROOPHQW WKH 6LPPHQWDO ,' V\VWHP DQG WKH 3HUIRUPDQFH $GYRFDWH SURJUDP :H SULPDULO\ ZRUN RXU FDWWOH RQ IRRW ZLWK WKH DLG RI RXU %RUGHU &ROOLH GRJ 6XJDU VR GLVSRVLWLRQ LV YHU\ LPSRUWDQW WR XV :H DUH ERWK RQ WKH IDFXOW\ DW . 6WDWH WKHUHIRUH RXU FDWWOH KDYH WR EH HDV\ WR KDQGOH ZLWK RXU OLPLWHG WLPH WR PDQDJH WKHP 2XU SULPDU\ JRDO LV WR SURGXFH EXOOV IRU FRPPHUFLDO FRZ FDOI SURGXFHUV :H HPSKDVL]H ¶FRQYHQLHQFH WUDLWV¶ WRWDO SHUIRUPDQFH DQG PDWHUQDO WUDLWV 2XU PRGHUDWH VL]HG KHUG RI DOO $, VLUHG DOO SROOHG DOO EODFN IHPDOHV DUH PRGHUDWH IUDPHG DQG IXQFWLRQDO LQ WKH )OLQW +LOOV HQYLURQPHQW :H EDODQFH SKHQRW\SH DFWXDO SHUIRUPDQFH DQG (3'V (DUOLQH ³6XJDU´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³&RFKLVH´ $GU\DQQD 'DUUHQ 7KH 6FKDDNH¶V KDYH EHHQ EUHHGLQJ 6LPPHQWDO FDWWOH VLQFH DIWHU DQ LQWURGXFWLRQ WR WKH EUHHG ZKHQ 6FRWW VKRZHG WKH *UDQG &KDPSLRQ VWHHU 6LPPHQWDO [ +HUHIRUG DW WKH FRXQW\ IDLU $UWLILFLDOO\ EUHHGLQJ RXU EODFN FRZV WR 6LPPHQWDO EXOOV JDYH XV RXU VWDUW LQ EODFN IDFWRUHG 6LPPHQWDO JHQHWLFV LQ ,Q IDFW PDQ\ RI RXU OHDGLQJ FRZ IDPLOLHV WUDFH EDFN WR ³&KLSSHU 1 ´ ZKR GHILQHG WKH ZRUG ³ORQJHYLW\´ 6KH UHPDLQHG D SURGXFWLYH GRQRU FRZ WR WKH DJH RI \HDUV &XUUHQWO\ RXU SURJUDP XWLOL]HV DUWLILFLDO LQVHPLQDWLRQ DQG HPEU\R WUDQVIHU 6HOHFWLRQ SUHVVXUH IRU FDOYLQJ HDVH PDWHUQDO LQIOXHQFH PRGHUDWH JURZWK GLVSRVLWLRQ DQG D PDQDJHDEOH PDWXUH VL]H KDV EHHQ VWUHVVHG IRU VHYHUDO JHQHUDWLRQV $WWHQWLRQ WR VWUXFWXUDO FRUUHFWQHVV IOHVKLQJ DELOLW\ DQG PDUNHWLQJ DSSHDO KDV EHHQ D SULRULW\ VLQFH GD\ RQH 6KDQH 6KLOR 6FRWW .DQGL
GOLD BULLION B004 8 , ? ' C $ # DD24
35657 ),567 &/$66 8 6 3RVWDJH 3$,' *DUGQHU .6 3HUPLW 1R
! ! "#! "$## #%$$ & & ! ' ( !