9RRU ELM GH ERUUHO )LQJHUIRRG %URRG %UHDG 0HW NUXLGHQERWHU ZLWK KHUEEXWWHU ([WUD WRPDWHQWDSHQDGH ROLMYHQWDSHQGD HQ ERWHU
([WUD WRPDWR WDSHQDGH ROLYH WDSHQDGH DQG EXWWHU
¼ ¼
6SDDQVH WDSDV 6SDQLVK WDSDV (HQ PL[ YDQ ZDUPH HQ NRXGH KDSMHV PHW HHQ 6SDDQV WLQWMH $ YDULHW\ RI FROG DQG ZDUP GHOLFDFLHV %LWWHUJDUQLWXXU ³'H +RRIGZDFKW´ 6QDFNV ³'H +RRIGZDFKW´ :DUPH KDSMHV PHW VDXVMHV HQ FKLSV $ YDULHW\ RI IULHG VQDFNV 6QDFNV 3RUWLH ELWWHUEDOOHQ 'XWFK FURTXHWWHV
3RUWLH IULNDQGHOOHQ 'XWFK PHDWUROOV
3RUWLH NLSSHQYOHXJHOWMHV &KLFNHQZLQJV
3RUWLH VSDUH ULEV 3RUF ULEV 3RUWLH NDDVVRXIIOpV &KHHVH VRXIIOH
3RUWLH NLSQXJJHWV &KLFNHQ QXJJHWV
3RUWLH YODPPHWMHV )ULHG VSULQJUROOV ILOOHG ZLWK VSLF\ PHDW
3RUWLH EXWWHUIO\ JDUQDOHQ %XWWHUIO\ VKULPSV
3RUWLH RXGH NDDV 9HU\ PDWXUH FKHHVH 3RUWLH EHOHJHQ NDDV 0DWXUH FKHHVH
¼
¼
¼ ¼ ¼ ¼ ¼ ¼ ¼ ¼ ¼ ¼
%URRGMHV RI 3LVWROHWMHV WRW XXU
%UHDGURO RU )UHQFK %UHDG WLOO
%HOHJHQ NDDV 0DWXUH FKHHVH 2XGH NDDV 9HU\ PDWXUH FKHHVH $FKWHUKDP +DP 5RVELHI 5RDVW EHHI 9DQ 'REEHQ NURNHW 'XWFK FURTXHWWH )ULNDQGHO 'XWFK PHDWUROO 6HUUDQR KDP 0HW ROLMYHQ ]RQJHGURRJGH WRPDDW EDVLOLFXP HQ SLMQERRPSLWWHQ :LWK ROLYHV VXQGULHG WRPDWRHV EDVLO DQG SLQHWUHH NHUQHOV 5RRPEULH %ULH &KHHVH 7RQLMQVDODGH 7XQD VDODG *HURRNWH ]DOP 6PRNHG VDOPRQ 0HW NDSSHUWMHV HQ XLWMHV :LWK FDSHUV DQG RQLRQV )LOHW DPpULFDQ PHW XLWMHV 6WHDN WDUWDUH ZLWK RQLRQV *HURRNWH NLS ILOHW 6PRNHG FKLFNHQ ILOOHW 0HW FKHUU\WRPDDW WXLQNHUV HQ LMVEHUJVOD :LWK WRPDWR DQG OHWWXFH &DUSDFFLR 0HW 3DUPH]DDQVH NDDV ELHVORRN HQ VSHNMHV :LWK 3DUPHVDQ FKHHVH FKLYH DQG EDFRQ )RFDFFLD PHW *HLWHQNDDV WRPDDW HQ KRQLQJ XLW GH RYHQ )RFDFFLD ZLWK *RDWCV FKHHVH WRPDWR DQG KRQH\ IURP WKH RYHQ )RFDFFLD PHW %DVLOLFXP WRPDDW HQ PR]]DUHOOD XLW GH RYHQ )RFDFFLD ZLWK %DVLO WRPDWR DQG PR]]DUHOOD IURP WKH RYHQ
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼ ¼
8LWVPLMWHUV WRW XXU )ULHG HJJV WLOO 1DWXUHO 3ODLQ .DDV &KHHVH +DP +DP 6SHN %DFRQ +DP HQ NDDV +DP DQG FKHHVH .DDV HQ VSHN &KHHVH DQG EDFRQ 6SHFLDDO 6SHFLDO 0HW KDP NDDV URVELHI HQ WRPDDW :LWK KDP FKHHVH URDVW EHHI DQG WRPDWR %HOJLVFKH XLWVPLMWHU 0HW ILOHW DPHULFDLQ HQ XLWMHV :LWK VWHDN WDUWDU DQG RQLRQV
¼ ¼ ¼ ¼ ¼ ¼ ¼
¼
/XQFKJHUHFKWHQ WRW XXU /XQFK GLVKHV WLOO
6DWp YDQ YDUNHQVKDDV PHW VDWp VDXV 3RUN WHQGHUORLQ ZLWK SHDQXW VDXFH ¼ *HVHUYHHUG PHW VWRNEURRG DWMDU VDODGH HQ NURHSRHN 6HUYHG ZLWK )UHQFK EUHDG ,QGLDQ SLFNOHV VDODG DQG SUDZQ FUDFNHUV ,HUVH JULOOEXUJHU ,ULVK JULOOEXUJHU ¼ ,WDOLDDQVH ERO PHW LMVEHUJVOD WRPDDW XL NRPNRPPHU HQ HHQ JHJULOGH ,HUVH EXUJHU ,WDOLDQ EXQ ZLWK OHWWXFH WRPDWR RQLRQ FXFXPEHU DQG D JULOOHG ,ULVK EXUJHU 6WRNEURRGMH ZDUP YOHHV )UHQFK EUHDG ZLWK ZDUP PHDW ¼ *HEUDGHQ IULFDQGHDX PHW XL SDSULND SUHL FKDPSLJQRQV HQ VDWp VDXV 5RDVWHG SRUF WRSVLGH ZLWK RQLRQ EHOOSHSSHU OHDN PXVKURRPV DQG SHDQXW VDXFH &OXE VDQGZLFK ¼ 0HW NLS NDDV VSHN VDODPL WRPDDW NRPNRPPHU VOD HQ HL :LWK FKLFNHQ ILOOHW FKHHVH EDFRQ VDODPL WRPDWR FXFXPEHU OHWXFFH DQG HJJ XXUWMH ³ 2¶FORFN´ ¼ 'ULH ERWHUKDPPHQ PHW NDDV VDODPL KX]DUHQVDODGH HQ HHQ NURNHW 7KUHH VDQGZLFKHV ZLWK FKHHVH VDODPL 5XVVLDQ VDODG DQG D 'XWFK FURTXHWWH 5XQGHUFDUSDFFLR 7KLQ VOLFHG EHHI FDUSDFFLR ¼ 0HW 3DUPH]DDQVH NDDV SLMQERRPSLWWHQ VSHNMHV HQ DFHWR EDOVDPLFR GUHVVLQJ :LWK 3DUPHVDQ FKHHVH SLQHWUHH NHUQHOV EDFRQ DQG DFHWR EDOVDPLFR GUHVVLQJ 6HUUDQR KDP PHW PHORHQ 6HUUDQR KDP ZLWK PHORQ ¼ :UDS ¼ :UDS JHYXOG PHW JHURRNWH ]DOP JHVHUYHHUG PHW HHQ PRVWHUG PD\RQDLVH :UDS ZLWK VPRNHG VDOPRQ VHUYHG ZLWK D PXVWDUG PD\RQQDLVH *HX]HQWRDVW ¼ 7RDVW PHW GLYHUVH VRRUWHQ JHURRNWH YLV HQ JDUQDDOWMHV 7RDVW ZLWK D YDULHW\ RI VPRNHG ILVK DQG VKULPSV :UDS :UDS JHYXOG PHW JHURRNWH NLS WRPDWHQVDOVD HQ FUHPH IUDLFKH ¼ :UDS ZLWK VPRNHG FKLFNHQ WRPDWRVDOVD HQ FUHPH IUDLFKH
3DQQHQNRHNHQ WRW XXU 3DQFDNHV WLOO 1DWXUHO 3ODLQ %RWHU %XWWHU +RQLQJ +RQH\ +DP .DDV &KHHVH .HUVHQ &KHUULHV $QDQDV 3LQHDSSOH 6SHN %DFRQ 9DQLOOH LMV 9DQLOOD LFH FUHDP $SSHO $SSOH
¼ ¼ ¼ ¼ ¼ ¼ ¼
¼ ¼ ¼
6DODGHV 6DODGV (HQ IULVVH VDODGH PHW JHURRNWH NLS HL FKHUU\ WRPDDW HQ VSHNMHV $ VDODG ZLWK VPRNHG FKLFNHQ HJJ WRPDWR DQG EDFRQ 6DODGH QLoRLVH 1LoRLVH VDODG 6DODGH PHW VHUUDQR KDP ROLMYHQ ]RQJHGURRJGH WRPDDW HQ EDVLOLFXPSHVWR 6DODG ZLWK VHUUDQR KDP ROLYHV VXQGULHG WRPDWR DQG EDVLOSHVWR
¼ ¼ ¼
9RRUJHUHFKWHQ 6WDUWHUV 5XQGHU FDUSDFFLR %HHI FDUSDFFLR ¼ 0HW 3DUPH]DDQVH NDDV ELHVORRN VSHNMHV SLMQERRPSLWWHQ HQ HHQ GUHVVLQJ YDQ DFHWR EDOVDPLFR :LWK SDUPHVDQ FKHHVH FKLYH EDFRQ SLQHWUHH NHUQHOV DQG D DFHWR EDOVDPLFR GUHVVLQJ 8LW WH EUHLGHQ PHW HHQGHQOHYHU NUXOOHQ ([WUD ¼ &RFNWDLO ³'H +RRIGZDFKW´ &RFNWDLO ³'H KRRIGZDFKW´ ¼ 0HW JHURRNWH ]DOP JHURRNWH KHLOERW 1RRUVH JDUQDDOWMHV FRFNWDLO VDXV :LWK VPRNHG VDOPRQ VPRNHG KDOLEXW VKULPSV FRFNWDLO VDXFH *DPED¶V 6KULPSV ¼ *DPED¶V LQ SLWWLJH ROLMIROLH 6KULPSV LQ VSLF\ ROLYH RLO $QWL SDVWD ¼ 3URHYHULM YDQ LWDOLDDQVH KHHUOLMNKHGHQ 3DVWHL YDQ :LOG ¼ %HUHLG PHW JHVWRRIGH ZLOG]ZLMQ HQ SDGGHQVWRHOHQ 6DODGH 3HULJRUG ¼ 0HW JHURRNWH HHQG JHLWHQNDDV HHQGHQOHYHU WUXIIHO ZDOQRWHQ HQ DSSHO :LWK VPRNHG 'XFN ZDOQXWV WUXIIOH DSSHO JRDWV FKHHVH DQG IRLH JUDV 6DVKLPL YDQ WRQLMQ ¼ 7RQLMQ PHW HHQ IULVVH VDODGH PHW HHQ VRMD ZDVDEL GUHVVLQJ 6DVKLPL ZLWK 7XQHILVK VRMD DQG ZDVDELGUHVLQJ
6RHSHQ 6RXSV 7RPDWHQ VRHS 7RPDWR VRXS ¼ 0HW JHKDNWEDOOHWMHV HQ HHQ YOHXJMH URRP :LWK PHDWEDOOV DQG D WRXFK RI FUHDP .UHHIWHQVRHS /REVWHU VRXS ¼ 0HW FUqPH IUDLFKH HQ JDUQDDOWMHV :LWK FUqPH IUDvFKH DQG VKULPSV 5RPLJH PRVWHUGVRHS &UHDP\ PXVWDUG VRXS ¼ 0HW VSHNMHV :LWK EDFRQ )UDQVH 8LHQVRHS 2QLRQ 6RXS ¼ +XLVJHPDDNWH XLHQVRHS PHW FURXWRQ
+RRIGJHUHFKWHQ YOHHV 0DLQ FRXUVHV PHDW 9DUNHQVKDDV 3RUNWHQGHUORLQ ¼ *HEDNNHQ YDUNHQVKDDV JHVHUYHHUG PHW FKDPSLJQRQURRPVDXV %DNHG SRUNWHQGHUORLQ VHUYHG ZLWK D PXVKURRP FUHDP VDXFH 5XQGHU ULE H\H 6WHDN 5LE H\H ¼ *HJULOGH UXQGHU ULE H\H JHVHUYHHUG PHW ZDUPH NQRIORRNVDXV *ULOOHG ULE H\H VHUYHG ZLWK """""""" .DOIV ULE H\H 9HDO 5LE H\H ¼ *HJULOGH NDOIV ULE H\H PHW JRUJRQ]ROD VDXV *ULOOHG ZLWK JRUJRQ]ROD VDXFH 3HSHUVWHDN 3HSSHU VWHDN ¼ *HEDNNHQ SHSHUVWHDN JHVHUYHHUG PHW SHSHUURRPVDXV %DNHG SHSSHU VWHDN VHUYHG ZLWK D SHSSHU FUHDP VDXFH .LSILOHW 3DUPDKDP &KLFNHQ ILOHW """""" ¼ .LSILOHW JHYXOG PHW SDUPDKDP HQ EDVLOLFXP JHJUDWLQHHUG PHW PR]]DUHOD RS HHQ EHGMH YDQ NUXLGHQ SDVWD &KLFNHQ ILOOHW ZLWK EDVLO PR]]DUHOH DQG KHUEVSDVWD 6SDUH ULEV ¼ 7ZHH NDPPHQ JHVHUYHHUG PHW NQRIORRNVDXV HQ VDOVD VDXV .HX]H XLW ]RHW RI SLWWLJ 7ZR VODEV VHUYHG ZLWK JDUOLF VDXFH DQG VDOVD VDXFH 6SLF\ RU VZHHW 6DWp YDQ YDUNHQVKDDV 3RUN WHQGHUORLQ ZLWK SHDQXW VDXFH ¼ *HVHUYHHUG PHW NURHSRHN DWMDU KX]DUHQVDODGH HQ VDWp VDXV 6HUYHG ZLWK SUDZQ FUDFNHUV ,QGLDQ SLFNOHV 5XVVLDQ VDODG DQG SHDQXW VDXFH 0L[ YDQ YOHHV 0L[ RI PHDW ¼ 9LMI VRRUWHQ YOHHV JHVHUYHHUG PHW NQRIORRNVDXV HQ EDUEHFXH VDXV )LYH NLQGV RI PHDW VHUYHG ZLWK JDULF VDXFH DQG EDUEHFXH VDXFH 9DUNHQVVFKQLW]HO 3RUN VFKQLW]HO ¼ *HEDNNHQ YDUNHQVVFKQLW]HO JHVHUYHHUG PHW JHEDNNHQ FKDPSLJQRQV XL HQ VSHN 3RUN VFKQLW]HO VHUYHG ZLWK PXVKURRPV RQLRQV DQG EDFRQ 7RXUQHGRV )LOOHW GH %RHXI ¼ 0HW HHQ KHHUOLMNH VDXV QDDU NHX]H 7RXUQHGRV 5RVVLQL )LOOHW GH %RHXI 5RVVLQL ¼ 0HW JHEDNNHQ HHQGHQOHYHU HQ WUXIIHOVDXV .DOIVFOXEVWHDN ¼ 0HW JURHQH DVSHUJHV ERVSDGGHQVWRHOHQ HQ NUXLGHQERWHU &RQILW GH &DQDUG ¼ /DQJ]DDP JHJDDUGH HHQGHQSRRW PHW ZLVVHOHQGH VWDPSRW HQ MXV
+RRIGJHUHFKWHQ YLV 0DLQFRXUVHV ILVK 6OLSWRQJHWMHV 'RYHU VROH *HEDNNHQ VOLSWRQJHWMHV JHVHUYHHUG PHW NQRIORRNVDXV %DNHG GRYHU VROH VHUYHG ZLWK JDUOLF VDXFH 6ROH PHXQLHUH DC JU ,Q GH URRPERWHU JHEDNNHQ ]HHWRQJ *DPED¶V 6KULPSV (OI LQ NQRIORRN JHEDNNHQ JDPED¶V 7HQ VKULPSV EDNHG LQ JDUOLF 9LV SODWHDX )LVK SODWWHU 6OLSWRQJ ]DOP HQ JDUQDOHQ JHVHUYHHUG PHW HHQ UHPRXODGH VDXV 'RYHU VROH VDOPRQ DQG VKULPSV VHUYHG ZLWK UHPRXODGH VDXFH =DOP ILOHW 6DOPRQ ILOOHW *HEDNNHQ ]DOP ILOHW PHW GULH JHEDNNHQ JDPED¶V JHVHUYHHUG PHW HHQ GLOOH VDXV %DNHG VDOPRQ ILOOHW ZLWK WKUHH EDNHG VKULPSV VHUYHG ZLWK D GLOO VDXFH
¼
¼ ¼
¼
¼
3DVWD 7DJOLDWHOOH PHW WRQLMQ 7DJOLDWHOOH ZLWK WXQD ¼ 0HW SHWHUVHOLH NQRIORRN HQ VSDDQVH SHSHU 6SDJKHWWL PHW ERVSDGGHVWRHOHQ ¼ 0HW GDDURS HHQ UR]H JHEDNNHQ NDOIVPHGDLOORQ :LWK EDNHG YHDL PHGDLOORQV DQG PXVKURRPV
9HJHWDULVFKH KRRIGJHUHFKWHQ 9HJHWDULDQ PDLQFRXUVHV 3DVWD GL 9HJD ¼ 0HW URRP EDVLOLFXP HQ SDUPH]DDQVH NDDV *HYXOGH 3RUWREHOORCV ¼ 0HW VSLQD]LH HQ JHLWHQNDDV XLW GH RYHQ *HYXOGH SDULND 6WXIIHG SDSULND ¼ 5RGH SDSULND JHYXOG PHW UDWDWRXLOOH HQ JHJUDWLQHHUG PHW JHLWHQNDDV :LWK UDWDWRXLOOH DQG JUDWLQDWHG ZLWK JRDWCV FKHHVH 4XLFKH ¼ 9HJHWDULVFKH 4XLFKH PHW VDODGH
%LMJHUHFKWHQ 6LGH RUGHUV *HPHQJGH VDODGH 0L[HG VDODG %URRG %UHDG 0HW NUXLGHQERWHU ZLWK KHUEEXWWHU ([WUD WRPDWHQWDSHQDGH ROLMYHQWDSHQGD HQ ERWHU
([WUD WRPDWR WDSHQDGH ROLYH WDSHQDGH DQG EXWWHU
¼ ¼ ¼
1DJHUHFKWHQ 'HVVHUWV /XLNVH :DIHO ¼ :DIHO PHW ZDUPH NHUVHQ HQ SXUH FKRFRODGH PRXVVH 'DPH %ODQFKH ¼ 'ULH EROOHQ YDQLOOH LMV PHW FKRFRODGHVDXV HQ VODJURRP 3URHYHULM 6RUEHW ¼ 'ULH VRRUWHQ VRUEHWLMV PHW URRG IUXLW %URRGSXGGLQJ ¼ 0HW HHQ EROOHWMH YDQLOOHLMV HQ VODJURRP .DDVSODQNMH ¼ 6HOHFWLH YDQ YHUVFKLOOHQGH ND]HQ QRWHQEURRG HQ KRQLQJ $PEDFKWHOLMNH DSSHOSXQW PHW VODJURRP ¼ ¼
.RIILH 7KHH (VSUHVVR &DSSXFKLQR NRIILH YHUNHHUG
¼ ¼
6SHFLDO FRIIHHV Y D
¼
'H KRRIGZDFKW FRIIHH PHW NDQHHO OLNHXU
,ULVK FRIIHH )UHQFK FRIIHH ,WDOLDQ FRIIHH
&RJQDF
6SDQLVK FRIIHH )UDQJHOLFR FRIIHH ' 2 0 FRIIHH
Y D ¼
5HP\ 0DUWLQ *UDQG &UX 5HP\ 0DUWLQ 9623 5HP\ 0DUWLQ ;2
$UPDJQDF 9623 -RVHSK *X\ 96 *UDSSD
0DUWHOO 96 &DOYDGRV
%ODFN ODEHO 'LPSOH 5HG ODEHO -DPHVRQ
-DFN 'DQLHOV )RXU 5RVHV 6RXWKHUQ &RPIRUW
:KLVNH\V Y D ¼ /DJDYXOOLQ *OHQQ )LGGLFK &KLYDV )DPRXV JURXVVH
.RIILH /LNHXUHQ Y D ¼ 6DPEXFD &RLQWUHDX .DKOXD 7LD 0DULD 'UDPEXLH $PDUHWWR /LNHXU &XDUHQWD \ WUHV *UDQG 0DUQLHU ' 2 0 %HQHGLFWLQH 'HXV 2SWLPD 0D[LPR JHZLMG DDQ *RG GH JURRWVWH