‡ 8&$ 48,&. )$&76 ‡
‡ 7$%/( 2) &217(176 ‡
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ÀOLDWLRQ 1&$$ 'LYLVLRQ , )&6 &RQIHUHQFH 6RXWKODQG 1LFNQDPH %HDUV &RORUV 3XUSOH DQG *UD\ 6WDGLXP (VWHV 6WDGLXP
8&$ 7LFNHW 0DQDJHU 7%$
3UHVV ER[ SKRQH RU +RPH UDGLR OLQH 9LVLWRU UDGLR OLQH $WKOHWLFV ZHEVLWH ZZZ XFDVSRUWV FRP
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
&RQZD\ $5
Â&#x2021; )25 7+( 0(',$ Â&#x2021;
&RQZD\ LV ORFDWHG LQ WKH FHQWUDO SDUW RI $UNDQVDV PLOHV QRUWK RI /LWWOH 5RFN DQG PLOHV IURP /LWWOH 5RFN 1DWLRQDO $LUSRUW 7KH FLW\ LV PLOHV ZHVW RI 0HPSKLV 71 DQG PLOHV HDVW RI )RUW 6PLWK $5 &RQZD\ GLUHFWO\ RII ,QWHUVWDWH LV RQH RI WKH IDVWHVW JURZLQJ FLWLHV LQ $UNDQVDV ZLWK D FXUUHQW SRSXODWLRQ RI PRUH WKDQ 7KH FLW\ LV KRPH WR RQH XQLYHUVLW\ DQG WZR FROOHJHV
$FFRPRGDWLRQV &RQZD\ KDV QXPHURXV PRWHOV WR VHUYH WKH QHHGV RI YLVLWRUV 6RPH RI WKHVH LQFOXGH DUHD FRGH
(;,7
)DLUÃ&#x20AC;HOG ,QQ 6XLWHV +LOWRQ *DUGHQ ,QQ +DPSWRQ ,QQ 'D\V ,QQ $PHULFDÒ&#x2039;V %HVW ,QQ 0LFURWHO ,QQ &RXQWU\ ,QQ 6XLWHV /D4XLQWD ,QQ 6XLWHV
(;,7 6XSHU +RZDUG -RKQVRQ 4XDOLW\ ,QQ 0RWHO +ROLGD\ ,QQ ([SUHVV &DQGOHZRRG 6XLWHV &RPIRUW ,QQ 6XLWHV %HVW :HVWHUQ
'LUHFWLRQV 7KH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV FDPSXV LV ORFDWHG DSSUR[LPDWHO\ WZR PLOHV IURP ,QWHUVWDWH RQ WKH VRXWK VLGH RI &RQZD\ )URP , WDNH ([LW DQG JR ZHVW RQ 'DYH :DUG 'ULYH $W WKH Ã&#x20AC;IWK VWRSOLJKW WXUQ ULJKW RQWR )DUULV 5RDG *R DSSUR[LPDWHO\ PLOH WR WKH URXQGDERXW DW %UXFH 6WUHHW 7XUQ ULJKW RQ %UXFH 6WUHHW 7KH VWDGLXP LV RQH EORFN RQ ULJKW 5HVHUYHG SUHVV SDUNLQJ LV RQH EORFN IURP WKH URXQGDERXW RQ WKH OHIW LQ IURQW RI 6WDGLXP 3DUN DSDUWPHQWV
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Ã&#x20AC;HOG :LUHG DQG ZLUHOHVV LQWHUQHW LV DOVR DYDLODEOH WKURXJKRXW (VWHV 6WDGLXP 3UH JDPH QRWHV URVWHUV PHGLD JXLGHV DQG SURJUDPV ZLOO EH IXUQLVKHG +DOIWLPH DQG SRVWJDPH VWDWLVWLFV ZLOO DOVR EH SURYLGHG 1R TXRWHV ZLOO EH IXUQLVKHG EXW D SRVWJDPH SUHVV FRQIHUHQFH LV KHOG LQ WKH +DOO RI )DPH 5RRP LQ WKH VWDGLXP 7KH YLVLWLQJ ORFNHU URRP XQGHUQHDWK WKH (DVW VWDQGV ZLOO EH RSHQ RQ D SHU WHDP EDVLV
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Ã&#x20AC;FHV WUDLQLQJ URRPV ORFNHU URRPV PHHWLQJ URRPV WKH 8&$ 6SRUWV +DOO RI )DPH URRP DQG SUHVV ER[ DOO EHKLQG D EULFN IDFDGH WR PDWFK WKH RWKHU FDPSXV EXLOGLQJV
1DWKDQ %URZQ 4XDUWHUEDFNV -HUHP\ +DPPRFN 7LJKW (QGV &RG\ 0RRUH ,QWHULRU 'HI /LQH 5HFUXLWLQJ &RRUGLQDWRU .HLWK 6FRWW $VVVWDQW 'HIHQVLYH %DFNV +HQU\ %ULVFRH 6WUHQJWK &RQGLWLRQLQJ 'DYLG 6WULFNODQG +HDG DWKOHWLF WUDLQHU 1LHO 6ZDQVRQ 9LGHR FRRUGLQDWRU
($67 6,'(B 7KH UHQRYDWHG YLVLWLQJ VLGH RI (VWHV 6WDGLXP (DVW VLGH RSHQHG IRU WKH VHDVRQ 7KH IDFLOLW\ IHDWXUHV D QHZ YLVLWLQJ GUHVVLQJ URRP QHZ UHVWURRPV DQG FRQFHVVLRQ VWDQGV DQG QHZ HQWUDQFHV WR WKH VWDGLXP $ EULFN DQG ZURXJKW LURQ IHQFH FRQQHFW WKH WZR VLGHV RQ WKH 1RUWK DQG 6RXWK HQGV $ORQJ ZLWK WKRVH UHQRYDWLRQV WKH WUDFN ZDV UHPRYHG DQG D QHZ JUDVV SOD\LQJ VXUIDFH ZDV LQVWDOOHG IRU WKH VHDVRQ DQG D QHZ YLGHRERDUG ZDV LQVWDOOHG LQ
0(',$ *8,'( 7KH FRYHU RI WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV )RRWEDOO 0HGLD *XLGH IHDWXUHV VHQLRUV 0DUNHOO &DUWHU +HQU\ 0LQRU $XVWLQ (PHUVRQ DQG (GGLH &DUPRQD DORQJ ZLWK WK \HDU KHDG FRDFK &OLQW &RQTXH 7KH 8&$ )RRWEDOO 0HGLD *XLGH ZDV SURGXFHG E\ WKH 8&$ 6SRUWV ,QIRUPDWLRQ RIÃ&#x20AC;FH 7KH JXLGH ZDV GHVLJQHG DQG ZULWWHQ E\ 6WHYH (DVW &RG\ 8VKHU DQG -RVK *RII 3KRWRJUDSK\ ZDV E\ 8&$ SKRWRJUDSKHU 0LNH .HPS -RVK *RII %LOO 3DWWHUVRQ 5RGQH\ 6WHHOH DQG 6WHYH (DVW
6WHYH (DVW EHJLQQLQJ KLV WK \HDU DW WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV LV WKH $VVLVWDQW $WKOHWLF 'LUHFWRU IRU 0HGLD 5HODWLRQV (DVW ZKR JUHZ XS LQ 6HDUF\ $UN LV D JUDGXDWH RI 8&$ ZLWK D GHJUHH LQ MRXUQDOLVP +H VSHQW QLQH \HDUV DV D VSRUWVZULWHU DW WKH $UNDQVDV 'HPRFUDW *D]HWWH LQ /LWWOH 5RFN EHIRUH UHWXUQLQJ WR KLV DOPD PDWHU LQ -XO\ (DVW LV WKH FRQWDFW IRU IRRWEDOO PHQÒ&#x2039;V EDVNHWEDOO DQG EDVHEDOO (DVW LV PDUULHG WR WKH IRUPHU &DUULH 0F&DGGHQ DOVR D 8&$ JUDGXDWH DQG D &RQZD\ QDWLYH (DVW LV D PHPEHU RI &R6,'$ &ROOHJH 6SRUWV ,QIRUPDWLRQ 'LUHFWRUV RI $PHULFD DQG LV WKH SDVW FKDLU RI WKH &KDULW\ &RPPLWWHH +H LV DOVR D SDVW PHPEHU RI WKH 1&$$ 'LYLVLRQ ,, +DUORQ +LOO $ZDUG FRPPLWWHH DQG WKH 'LYLVLRQ ,, )RRWEDOO +DOO RI )DPH FRPPLWWHH +H UHFHQWO\ VHUYHG DV SUHVLGHQW RI WKH &RQZD\ &DQFHU )RXQGDWLRQ ERDUG +LV KREELHV LQFOXGH JROI MRJJLQJ FDPSLQJ DQG ZDWHU VSRUWV
67(9( ($67 $VVW $' 0HGLD 5HODWLRQV
&2'< 86+(5 $VVLVWDQW 6,'
-26+ *2)) $VVLVWDQW 6,'
:HOFRPH WR WKH 81,9(56,7< 2) &(175$/ $5.$16$6
8&$ LV KRPH WR QHDUO\ VWXGHQWV RQ D FDPSXV WKDW LV DPRQJ WKH PRVW DWWUDFWLYH LQ WKH QDWLRQ 7KH XQLYHUVLW\·V VWDWH RI WKH DUW 'RQDOG : 5H\QROGV 3HUIRUPDQFH +DOO DQG WKH %UHZHU +HJHPDQ &RQIHUHQFH &HQWHU DUH YDOXDEOH WRROV LQ DWWUDFWLQJ TXDOLW\ HQWHUWDLQPHQW DQG EXVLQHVV PHHWLQJV WR FHQWUDO $UNDQVDV LQFOXGLQJ SHUIRUPDQFHV E\ *ODG\V .QLJKW 3DW *UHHQ *HQH ´7KH 'XNH RI (DUOµ &KDQGOHU 7KH 7HPSWDWLRQV 5LFN\ 6NDJJV -RQ ´1DSROHRQ '\QDPLWHµ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ÀUVW 5KRGHV VFKRODU 5KHWW 0DUWLQ $ SKLORVRSK\ PDMRU 0DUWLQ ZDV RQH RI RQO\ VWXGHQWV LQ WKH 8QLWHG 6WDWHV WR UHFHLYH WKH SUHVWLJLRXV DZDUG $QRWKHU PLOHVWRQH ZDV UHDFKHG ZKHQ 6KDQQRQ 3DOPHU D ELRORJ\ PDMRU EHFDPH WKH XQLYHUVLW\·V ÀUVW *ROGZDWHU 6FKRODU )LQH DUW DQG PXVLF FDQ EH IRXQG DOO DURXQG 8&$·V FDPSXV 6WXGHQW DUWZRUN LV FRPPRQO\ GLVSOD\HG LQVLGH DQG RXWVLGH XQLYHUVLW\ EXLOGLQJV 7KH 6LODV ' 6QRZ )LQH $UWV EXLOGLQJ LV WKH XQLYHUVLW\·V VKRZFDVH IRU WKH PDQ\ WDOHQWHG PXVLFLDQV RQ WKH FDPSXV 7KH &KDUOHV DQG 1DGLQH %DXP *DOOHU\ RI )LQH $UW LV DPRQJ WKH À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·V VWXGHQW KHDOWK FOLQLF D ZRPHQ·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ÀOLDWH PHPEHU LQ WKH 0LVVRXUL 9DOOH\ &RQIHUHQFH EHJLQQLQJ LQ 7KH 8&$ $WKOHWLF 'HSDUWPHQW RIIHUV D IXOO UDQJH RI DWKOHWLF RSSRUWXQLWLHV IRU VWXGHQWV RIIHULQJ YDUVLW\ VSRUWV )RRWEDOO ZRPHQ·V YROOH\EDOO PHQ·V DQG ZRPHQ·V EDVNHWEDOO PHQ·V DQG ZRPHQ·V JROI PHQ·V DQG ZRPHQ·V FURVV FRXQWU\ EDVHEDOO ZRPHQ·V VRIWEDOO PHQ·V DQG ZRPHQ·V WUDFN DQG ÀHOG ZRPHQ·V WHQQLV DQG PHQ·V DQG ZRPHQ·V VRFFHU DUH DOO 1&$$ VDQFWLRQHG VSRUWV DW 8&$ 7KH 3HSVL $PHULFDV ,QGRRU &HQWHU RSHQHG LQ DQG DOORZV DOO 8&$ VSRUWV WHDPV WR SUDFWLFH LQGRRUV GXULQJ LQFOHPHQW ZHDWKHU :LWK WKH RSHQLQJ RI WKH +3(5 FHQWHU LQ WKH VFKRRO \HDU D VWDWH RI WKH DUW IXOO VFDOH ÀWQHVV FHQWHU LV QRZ DYDLODEOH WR VWXGHQWV 7KH +3(5 FHQWHU IHDWXUHV D ZHLJKW URRP D FDUGLR URRP ZRRGHQ ÁRRU EDVNHWEDOO FRXUWV DQG D ZDONLQJ WUDFN )XWXUH SODQV IRU WKH +3(5 LQFOXGH D VZLPPLQJ SRRO +3(5 FHQWHU PHPEHUVKLS LV LQFOXGHG LQ WXLWLRQ IHHV +3(5 PHPEHUVKLS LV OLPLWHG WR 8&$ VWXGHQWV IDFXOW\ DQG VWDII RQO\ )ODJ IRRWEDOO VRIWEDOO EDVNHWEDOO ERZOLQJ YROOH\EDOO WHQQLV SLQJ SRQJ DQG UDFTXHWEDOO DUH DPRQJ WKH LQWUDPXUDO VSRUWV LQ ZKLFK VWXGHQWV FDQ FRPSHWH
$PHULFDQ ,GRO 8&$路V .ULV $OOHQ
'U $OOHQ & 0HDGRUV LV WKH QLQWK SUHVLGHQW RI WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV $ QDWLYH RI 9DQ %XUHQ $UN DV ZHOO DV DQ DOXPQXV RI 8&$ 0HDGRUV KDV D YDULHG EDFN JURXQG WKDW LV GHHSO\ URRWHG LQ KHDOWK FDUH DG PLQLVWUDWLRQ DQG HGXFDWLRQ $V DQ $LU )RUFH RI Ã&#x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Ò&#x2039; FRXQVHORU FRRUGLQDWHG ZLWK DSSURSULDWH VWDWH DQG IHGHUDO DJHQFLHV DQG WDXJKW KHDOWK PDQDJHPHQW ,Q 0HDGRUV EHFDPH DVVRFLDWH SURIHVVRU DQG GLUHFWRU LQ WKH 'LYLVLRQ RI +HDOWK $GPLQLVWUDWLRQ DW WKH 8QLYHUVLW\ RI 7H[DV DW *DOYHVWRQ +H OHIW WKDW SRVLWLRQ VHYHUDO \HDUV ODWHU WR EHFRPH WKH Ã&#x20AC;UVW H[HFX WLYH GLUHFWRU RI WKH 1RUWKZHVW $UNDQVDV 5DGLDWLRQ 7KHUDS\ ,Q VWLWXWH LQ KLV KRPH VWDWH RI $UNDQVDV ,W ZDV KLV UH VSRQVLELOLW\ WR EXLOG WKLV IUHH VWDQGLQJ UDGLDWLRQ WKHUDS\ IDFLO LW\ IURP WKH JURXQG XS ,Q KLV Ã&#x20AC;UVW \HDU PRUH WKDQ PLOOLRQ ZDV UDLVHG DQG HLJKW PRQWKV ODWHU WKH IDFLOLW\ ZDV GHEW IUHH 0HDGRUV UHWXUQHG WR KLJKHU HGXFDWLRQ DV SURIHV VRU DQG FKDLU RI WKH 'HSDUWPHQW RI +HDOWK $GPLQLVWUDWLRQ D W WKH 8QLYHUVLW\ RI 2NODKRPD DQG ODWHU VHUYHG DV WKH GHDQ RI WKH &ROOHJH RI 3XEOLF +HDOWK WKHUH IURP ,Q 0HDGRUV EHFDPH WKH Ã&#x20AC;UVW GHDQ RI WKH &RO OHJH RI +HDOWK 6RFLDO DQG 3XEOLF 6HUYLFHV DW (DVWHUQ :DVKLQJWRQ 8QLYHUVLW\ +H DOVR KHOG WKH IDFXOW\ UDQN RI SURIHVVRU 0HDGRUV WKHQ EHFDPH WKH &(2 DQG 'HDQ RI 3HQQ 6WDWH $OWRRQD 8Q GHU KLV OHDGHUVKLS HQUROOPHQW LQ
FUHDVHG IXQGUDLVLQJ LPSURYHG DQG LQWHUFROOHJLDWH VSRUWV ZHUH UHYLYHG ,Q IDFW 3HQQ 6WDWH $OWRRQD JUHZ IURP WKH Ã&#x20AC;IWK ODUJHVW WR WKH VHFRQG ODUJHVW FDPSXV GXULQJ KLV WHQXUH ,Q WKH 81& %RDUG RI *RYHUQRUV HOHFW HG KLP &KDQFHOORU RI 81& 3HPEURNH 8QGHU KLV OHDGHUVKLS WKHUH 81&3 WULSOHG LWV HQGRZPHQW HV WDEOLVKHG DQ KRQRUV FROOHJH GRXEOHG WKH QXPEHU RI HGXFDWLRQ PDMRUV ZDV JUDQWHG IXOO 6$&6 DF FUHGLWDWLRQ GRXEOHG LWV HQUROOPHQW VLJQLÃ&#x20AC;FDQWO\ LQFUHDVHG LQ LWV LQWHUQDWLRQDO SDUWQHUV DQG LQWHU QDWLRQDO HQUROOPHQW UDLVHG WKH HQWHULQJ IUHVKPHQ FODVV DYHUDJH 6$7 VFRUHV DQG *3$ WR DQ DOO WLPH KLJK DGGHG QHDUO\ QHZ IXOO WLPH WHQXUH OLQH IDFXOW\ UHFHLYHG VL[ RXWVWDQGLQJ Ã&#x20AC;QDQFLDO DXGLWV HVWDEOLVKHG VL[ QHZ HQGRZHG FKDLUV UDLVHG RYHU PLOOLRQ GROODUV LQ H[WHUQDO IXQGV DQG KDG RYHU PLOOLRQ GROODUV LQ QHZ IDFLOLWLHV DQG UHQRYDWLRQ SURMHFWV 0HDGRUV HDUQHG D EDFKHORUÒ&#x2039;V GHJUHH LQ EXVLQHVV DGPLQLVWUDWLRQ IURP 8&$ DQG WKHQ ZHQW RQ WR HDUQ IRXU PDVWHUÒ&#x2039;V GHJUHHV LQFOXGLQJ DQ 0%$ DQG UHFHLYHG KLV 3K ' LQ DGPLQLVWUDWLRQ DQG HGXFDWLRQ IURP 6RXWKHUQ ,OOLQRLV 8QLYHUVLW\ 2QH RI KLV ODVW DFDGHPLF HQGHDYRUV ZDV WR HQUROO LQ D FRPSXWHU VFLHQFHV SURJUDP DW 6DGGOHEDFN &ROOHJH LQ 0LVVLRQ 9LHMR &DOLIRUQLD ZKHUH KH HDUQHG DQ DVVRFLDWHÒ&#x2039;V GHJUHH +H KDV DOVR HDUQHG FHUWLÃ&#x20AC;FDWLRQ DV D )HOORZ LQ WKH $PHULFDQ &ROOHJH RI +HDOWKFDUH ([HFXWLYHV )$&+( KDV ZULWWHQ DQG VSRNHQ H[WHQVLYHO\ RQ KHDOWK FDUH LVVXHV DQG LV D PHPEHU RI QXPHURXV SURIHVVLRQDO DQG FLYLF RUJDQL]D WLRQV 'U DQG 0UV 0HDGRUV KDYH WZR VRQV 7\VRQ LV D JUDGXDWH RI WKH 8 6 1DYDO $FDGHP\ DQG -DUUHWW LV D JUDGXDWH RI (ORQ 8QLYHUVLW\
! :KHQ 'U %UDG 7HDJXH ZDV DQQRXQFHG DV WKH QHZ DWKOHWLF GLUHFWRU DW WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV RQ -DQ KH EURXJKW VWDELOLW\ D YLVLRQ DQG D SDVVLRQ WR DQ DOUHDG\ KLJKO\ VXFFHVVIXO 8&$ DWKOHWLF GHSDUWPHQW 7HDJXH VSHQW WKH SUHYLRXV IRXU \HDUV DV 'LUHFWRU RI $WKOHWLFV DW 'HOWD 6WDWH 8QLYHUVLW\ LQ &OHYHODQG 0LVV 7HDJXH RQH RI WKH QDWLRQÒ&#x2039;V RXWVWDQGLQJ \RXQJ DWKOHWLF GLUHFWRUV KDV SURYHQ WR EH WKH SHUIHFW Ã&#x20AC;W IRU 8&$Ò&#x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Ò&#x2039;V PHQÒ&#x2039;V DQG ZRPHQÒ&#x2039;V EDVNHWEDOO WHDPV DOVR UHFHLYHG D FRPSOHWH PDNHRYHU LQ DV GLG )DUULV )LHOG KRPH RI 8&$ VRIWEDOO 7HDJXH DQG KLV DGPLQLVWUDWLYH VWDII KDYH ZRUNHG WLUHOHVVO\ RYHU WKH SDVW IRXU \HDUV WR FRPSOHWH WKH DWKOHWLF GHSDUWPHQWÒ&#x2039;V Ã&#x20AC;YH \HDU WUDQVLWLRQ WR 1&$$ 'LYLVLRQ , D ORQJ DQG JUXHOLQJ SURFHVV WKDW LV H[SHFWHG WR SD\ GLYLGHQGV LPPHGLDWHO\ 7KH 8&$ 3XUSOH &LUFOH )RXQGDWLRQ WKH IXQGUDLVLQJ DUP IRU DWKOHWLFV KDV DOVR LQFUHDVHG PHPEHUVKLS DQG EHQHÃ&#x20AC;WV DQG XQGHU 7HDJXHÒ&#x2039;V JXLGDQFH LV DV KHDOWK\ DV LW KDV HYHU EHHQ 'XULQJ 7HDJXHÒ&#x2039;V WHQXUH DW KLV DOPD PDWHU 'HOWD 6WDWH WKH 6WDWHVPHQ DQG /DG\ 6WDWHVPHQ FDSWXUHG Ã&#x20AC;YH *XOI 6RXWK &RQIHUHQFH FKDPSLRQVKLSV DQG RQH 1&$$ 1DWLRQDO &KDPSLRQVKLS '68 ZRQ WKH *6& $OO 6SRUWV 7URSK\ LQ 'XULQJ WKH VFKRRO \HDU RI 'HOWD 6WDWHÒ&#x2039;V DWKOHWLF WHDPV VSHQW WLPH LQ WKHLU UHVSHFWLYH QDWLRQDO UDQNLQJV DQG VL[ FRPSHWHG IRU 1&$$ QDWLRQDO FKDPSLRQVKLSV 7HDJXH VSHDUKHDGHG VHYHUDO ODUJH IXQGUDLVLQJ SURMHFWV DW '68 LQFOXGLQJ FRQVWUXFWLRQ RI WKH %LOO\ 'RUJDQ -U 6WXGHQW 3HUIRUPDQFH &HQWHU WKH - $ ´%XGµ 7KLJSHQ -U %DVHEDOO $QQH[ DQG WKH 5REHUW / &UDZIRUG &HQWHU 7HDJXH D IRUPHU $OO $PHULFDQ SLWFKHU DW '68 ZDV DZDUGHG WKH SUHVWLJLRXV *XOI 6RXWK &RQIHUHQFH &RPPLVVLRQHUÒ&#x2039;V 7URSK\ DV WKH WRS VWXGHQW DWKOHWH LQ WKH *6& LQ 7HDJXH EHJDQ KLV SURIHVVLRQDO FDUHHU DV WKH DVVLVWDQW GLUHFWRU RI WKH 'HOWD 6WDWH $OXPQL IRXQGDWLRQ LQ DQG VHUYHG IRU IRXU \HDUV ,Q -XQH KH PRYHG WR WKH 8QLYHUVLW\ RI 0LVVLVVLSSL DV DVVLVWDQW WR WKH DWKOHWLF GLUHFWRU ,Q -XO\ RI KH ZDV QDPHG WKH $VVRFLDWH 'LUHFWRU RI WKH 2OH 0LVV /R\DOW\ )RXQGDWLRQ $ QDWLYH RI -DFNVRQ 0LVV 7HDJXH UHFHLYHG KLV EDFKHORUÒ&#x2039;V GHJUHH LQ PDWKHPDWLFV IURP 'HOWD 6WDWH LQ KLV 0DVWHUÒ&#x2039;V RI (GXFDWLRQ LQ $GPLQLVWUDWLRQ IURP '68 LQ DQG KLV 'RFWRU RI 3KLORVRSK\ LQ /HDGHUVKLS IURP 2OH 0LVV LQ +H LV PDUULHG WR WKH IRUPHU *LQD %HDFK RI 7XQLFD 0LVV 7KH\ KDYH D GDXJKWHU %HUULV DQG WKUHH VRQV 3DUNHU &RRSHU DQG +XWVRQ
!
'$55(// :$/6+ $VVRFLDWH $' ,QWHUQDO
1$7$/,( 6+2&. $VVLVWDQW $' 6:$
67(9( ($67 $VVW $' 0HGLD 5HODWLRQV
0$77 -25'$1 'LUHFWRU RI 0DUNHWLQJ
%,// -2+1621 'HYHORSPHQW $VVRFLDWH
.$/( *2%(5 'HYHORSPHQW $VVRFLDWH
)(/,&,$ /(21$5' 'LUHFWRU RI 3XUFKDVLQJ
0,/,6$ 0225( $WKOHWLFV $GPLQ $VVW
&$52/( *22' $WKOHWLF $GPLQ $VVW
%(&.< 5$61,&. $WKOHWLF $FDGHPLF $GYLVRU
&2'< 86+(5 $VVW 6SRUWV ,QIRUPDWLRQ
-26+ *2)) $VVW 6SRUWV ,QIRUPDWLRQ
"""
!
'DYLG 6WULFNODQG
+HDG $WKOHWLF 7UDLQHU
6WHYHQ 7XFNHU
$VVLVWDQW 3URIHVVRU
(OOHQ (SSLQJ $7(3 'LUHFWRU
$OLVRQ 0RRUH
$VVW $WKOHWLF 7UDLQHU
6WHYH +RUQRU
$VVW $WKOHWLF 7UDLQHU
$OOHQ &UDZIRUG
$VVW $WKOHWLF 7UDLQHU
%U\QQ 6FKXFNPDQ $VVW $WKOHWLF 7UDLQHU
&29(5,1* 7+( %($56 /RJ &DELQ 'HPRFUDW 'DYLG 0F&ROOXP
$UNDQVDV 'HPRFUDW *D]HWWH 1LFN :DONHU
.8&$ 5DGLR 0RQW\ 5RZHOO
&UHDWLYH 6SRUWV 1HWZRUN 0LNH +DUULVRQ
.$5. &KDQQHO .HUUL 2Ò&#x2039;+DUD
.$79 &KDQQHO 6WHYH 6XOOLYDQ 'DOH 1LFKROVRQ
.7+9 &KDQQHO :HVV 0RRUH 0DUN (GZDUGV
./57 )R[
'DYLG 5DDWK 0RUJDQ $GVLW
$VVRFLDWHG 3UHVV 1RDK 7ULVWHU
8&$ %($56 5$',2 1(7:25. B 3LFWXUHG ZLWK 8&$ KHDG FRDFK &OLQW &RQTXH WKH 8&$ %HDUV 5DGLR 1HWZRUN FUHZ LQFOXGHV O WR U 0RQW\ 5RZHOO RI .8&$ VLGHOLQH UHSRUWHU -XVWLQ $FUL RI 7KH %X]] FRORU FRPPHQWDU\ DQG 6WHYH 6XOOLYDQ RI .$79 &KDQQHO SOD\ E\ SOD\ 7KH JDPHV ZLOO EH FDUULHG OLYH VWDWHZLGH RQ 7KH %X]] RU LWV VLVWHU VWDWLRQ 7KH 3RLQW 7KH JDPHV ZLOO DOVR DLU RQ .8&$ 7KH %HDU 7KH %HDUV JDPHV ZLOO DOVR EH FDUULHG OLYH DQG VWUHDPHG OLYH RQ WKH LQWHUQHW DW ZZZ XFDVSRUWV FRP
'ULYHWLPH 6SRUWV 5DQG\ 5DLQZDWHU
6WHSKHQV 0HGLD +DUU\ .LQJ
.$%= 7KH %X]] -XVWLQ $FUL 3DW %UDGOH\ -RH )UDQNOLQ
.8&$
7KH %HDU
&UDLQ 0HGLD - 5 5XQ\RQ
ZZZ XFDVSRUWV FRP
7KH
8&$ )227%$// / 5(3257 ZLWK &/,17 &2148( -867,1 $&5, .$79 &KDQQHO S P 6XQGD\V
7KH
&/,17 &2148( &$// ,1 6+2: OLYH 7KXUVGD\ IURP --Ò&#x2039;V *ULOO S P RQ WKH %X]]
! #
! % 2Q 'HFHPEHU WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV VHOHFWHG &OLQW &RQTXH DV WKH PDQ WR WXUQ LWV IRRWEDOO SURJUDP DURXQG $ GHFDGH ODWHU &RQTXH KDV QRW RQO\ WXUQHG LW DURXQG ² EXW WXUQHG LW XS :LWK WKH SURJUDPÒ&#x2039;V VXFFHVV VXSSRUW DQG YLVLELOLW\ DW DOO WLPH KLJKV 8&$ KDV UDS LGO\ EORVVRPHG LQWR D SOD\HU RQ WKH QDWLRQDO 'LYLVLRQ , VFHQH DV &RQTXH SUHSDUHV WR HQWHU KLV WK VHDVRQ DW WKH %HDUVÒ&#x2039; KHOP 8QGHU &RQTXHÒ&#x2039;V JXLGDQFH WKH %HDUV KDYH VXFFHVVIXOO\ PDGH WKH WUDQVLWLRQ IURP 1&$$ 'LYLVLRQ ,, WR 'LYLVLRQ , )&6 ,Q ² WKHLU Ã&#x20AC;UVW 'LYLVLRQ , VHDVRQ WKH %HDUV H[FHHGHG H[SHFWDWLRQV ZLWK DQ UHFRUG DQG Ã&#x20AC;QLVKHG WKH VHDVRQ UDQNHG LQ WKH 7RS 7KH\ IROORZHG LW XS LQ E\ Ã&#x20AC;QLVKLQJ LQ D VHFRQG SODFH WLH LQ WKH WRXJK 6RXWKODQG &RQIHUHQFH LQ WKHLU Ã&#x20AC;UVW IXOO \HDU LQ WKH OHDJXH 7KHLU Ã&#x20AC;QDO JDPH RI WKH VHDVRQ DJDLQVW XQGHDIHDWHG 0F1HHVH 6WDWH RQ WKH URDG ZDV IRU D FKDQFH DW D FR 6/& FKDPSLRQVKLS ,Q RQO\ WKH VHFRQG VHDVRQ LQ WKH 6/& IRU 8&$ &RQTXHÒ&#x2039;V %HDUV SXW WRJHWKHU D VHDVRQ IRU WKH DJHV WKDW ZLOO JR GRZQ DV RQH RI WKH JUHDWHVW LQ \HDUV RI 8&$ IRRWEDOO 7KH %HDUV ZHQW ² RQH RI RQO\ WHDPV LQ )&6 IRRWEDOO WR UHDFK GRXEOH GLJLWV ² DQG KDG WKH EHVW UHFRUG LQ 6RXWKODQG SOD\ Ã&#x20AC;QLVKLQJ WKH \HDU DWRS WKH OHDJXH ZLWK D PDUN DIWHU EHLQJ VHOHFWHG IRXUWK E\ WKH OHDJXHÒ&#x2039;V FRDFKHV LQ WKH SUHVHDVRQ 8&$ Ã&#x20AC;QLVKHG WKH VHDVRQ UDQNHG 1R LQ WKH QDWLRQ ² LWV VHFRQG WLPH LQ WKUHH \HDUV RI ' , SOD\ WR Ã&#x20AC;QLVK LQ WKH 7RS ² DQG &RQTXH ZDV UHZDUGHG ZLWK WKH 6/& &RDFK RI WKH <HDU DZDUG DQG ZDV QDPHG WKH $PHULFDQ )RRWEDOO &RDFKHV $VVRFLDWLRQ $)&$ 5HJLRQ )&6 &RDFK RI WKH <HDU +H ZDV DOVR VHOHFWHG DV D Ã&#x20AC;QDOLVW IRU WKH (GGLH 5RELQVRQ $ZDUG ² JLYHQ DQQXDOO\ WR WKH QDWLRQÒ&#x2039;V WRS )&6 FRDFK DQG ZDV DZDUGHG +RQRUDEOH 0HQWLRQ IRU WKH 6SRUWLQJ 1HZVÒ&#x2039; &RDFK RI WKH <HDU DZDUG 7KH UHFRUG PDUNHG 8&$Ò&#x2039;V KLJKHVW ZLQQLQJ SHUFHQWDJH VLQFH DQG WKH IHZHVW ORVVHV LQ D VHDVRQ VLQFH 7KH ZLQ SODWHDX KDV EHHQ UHDFKHG RQO\ VHYHQ WLPHV LQ 8&$ KLVWRU\ DQG &RQTXH ² RQH RI RQO\ WZR FRDFKHV WR GR VR ² KDV QRZ GRQH LW WZLFH LQ WKH ODVW IRXU VHDVRQV &RQTXH QRZ KDV ZLQV LQ KLV FDUHHU ZLWK WKH %HDUV ² VHFRQG DOO WLPH DW WKH VFKRRO EHKLQG +DOO RI )DPHU +DUROG +RUWRQ 6LQFH 8&$ KDV EHHQ $UNDQVDVÒ&#x2039; ZLQQLQJHVW FROOHJLDWH SURJUDP ² JRLQJ WR ZLQ SHUFHQW RI LWV JDPHV RYHU WKH ODVW QLQH VHDVRQV ZLWK DQ DYHUDJH RI QHDUO\ HLJKW ZLQV SHU \HDU 7KURXJK WKUHH VHDVRQV RI 'LYLVLRQ , SOD\ WKH %HDUV DUH DQG KDYH UDFNHG XS D UHFRUG DJDLQVW 6/& WHDPV 7KH %HDUV VWUXJJOHG VRPHZKDW LQ Ã&#x20AC;QLVKLQJ RYHUDOO DQG LQ FRQIHUHQFH SOD\ 8&$ ORVW VHYHQ JDPHV E\ D WRWDO RI SRLQWV SSJ 7KH %HDUV GLG DFFRPSOLVK VRPHWKLQJ QR RWKHU 8&$ IRRWEDOO WHDP KDG HYHU GRQH EHIRUH EHDWLQJ DQ )%6 WHDP IRU WKH Ã&#x20AC;UVW WLPH 8&$ WZR ZHHNV DIWHU QHDUO\ NQRFNLQJ RII +DZDLL IROORZLQJ WKH JUXHOLQJ WULS WR +RQROXOX EHDW :HVWHUQ .HQWXFN\ RI WKH 6XQ %HOW &RQIHUHQFH RQ WKH URDG LQ %RZOLQJ *UHHQ .\ &RQTXH FXUUHQWO\ KDV VL[ IRUPHU 8&$ SOD\HUV SOD\ LQJ SURIHVVLRQDO IRRWEDOO LQFOXGLQJ ODVW \HDUÒ&#x2039;V Ã&#x20AC;IWK URXQG SLFN /DUU\ +DUW $ GHIHQVLYH HQG +DUW ZDV D WZR WLPH 6/& 'HIHQVLYH 3OD\HU RI WKH <HDU ZKR ZHQW WR WKH -DFNVRQYLOOH -DJXDUV ZLWK WKH UG RYHUDOO SLFN WKH KLJKHVW HYHU IRU D 8&$ SOD\HU 7ZR RWKHUV -DFRE )RUG ZLWK WKH 7HQQHVVHH 7LWDQV DQG 0DUTXH] %UDQVRQ ZLWK WKH 'HQYHU %URQFRV DUH LQ WKH 1)/ ZKLOH 7ULVWDQ -DFNVRQ 7D\ORU 6FRWW DQG $DURQ )DLURR] DUH SOD\LQJ LQ WKH &DQDGLDQ )RRWEDOO /HDJXH 7KH %HDUVÒ&#x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Ò&#x2039;V EHVW YHQXHV DW WKH )&6 OHYHO 'XULQJ &RQTXHÒ&#x2039;V WLPH DW 8&$ $
(VWHV KDV KRVWHG LWV Ã&#x20AC;UVW 'LYLVLRQ , JDPH LWV Ã&#x20AC;UVW 1&$$ SOD\RII JDPH DQG KDV EXVWHG DW WKH VHDPV ZLWK D QXPEHU RI UHFRUG FURZGV ² LQFOXGLQJ WKH FXUUHQW VFKRRO UHFRUG VHW LQ ZLWK RQ KDQG IRU WKH H[FLW LQJ RYHUWLPH +RPHFRPLQJ YLFWRU\ RYHU 1LFKROOV 6WDWH 7KH SURJUDP KDV LPSURYHG QRW RQO\ LQ WHUPV RI IDFLOLWLHV DQG DW PRVSKHUH XQGHU &RQTXH EXW DOVR LQ WDOHQW :LWK &RQTXH DW WKH KHOP 8&$ KDV VHQW SOD\HUV LQWR WKH SURIHVVLRQDO UDQNV ² ZLWK IRXU SOD\HUV IURP WKH WHDP DORQH ODQGLQJ RQ 1)/ URVWHUV &RQTXH KDV VHHQ KLV SOD\HUV VHOHFWHG $OO &RQIHUHQFH WLPHV $FDGHPLF $OO &RQIHUHQFH WLPHV DQG $OO 6RXWKHDVW 5HJLRQ WLPHV (OHYHQ %HDUV KDYH EHHQ QDPHG $OO $PHULFDQ XQGHU &RQTXHÒ&#x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Ò&#x2039;V UROH 'XULQJ D FRDFKLQJ FDUHHU WKDW KDV VSDQQHG \HDUV &RQTXH FRDFKHG WZR \HDUV LQ WKH /RXLVLDQD KLJK VFKRRO UDQNV DW 1LFKROOV 6WDWH 8QLYHUVLW\ 0F1HHVH 6WDWH 8QLYHUVLW\ 6DPIRUG 8QLYHUVLW\ DQG /RXLVLDQD 7HFK 8QLYHUVLW\ EHIRUH DFFHSWLQJ WKH KHDG FRDFKLQJ MRE DW &HQWUDO $U NDQVDV ,Q WKDW WLPH &RQTXH KDV VHUYHG XQGHU QRWDEOH 1DWLRQDO &RDFK RI WKH <HDU UHFLSLHQWV VXFK DV 7HUU\ %RZGHQ DQG *DU\ &URZWRQ ,Q &RQTXH ZDV KRQRUHG ZLWK WKH -RKQQ\ 9DXJKW +HDG &RDFKÒ&#x2039;V $FKLHYH PHQW $ZDUG E\ WKH $OO $PHULFDQ )RRWEDOO )RXQGDWLRQ )URP ² ZKLOH DW /RXLVLDQD 7HFK &RQTXH VHUYHG DV RIIHQ VLYH FRRUGLQDWRU UXQQLQJ EDFNV FRDFK VSHFLDO WHDPV FRRUGLQDWRU DQG UHFUXLWLQJ FRRUGLQDWRU 'XULQJ WKH VHDVRQ ZLWK &RQTXH DV RIIHQ VLYH FRRUGLQDWRU /RXLVLDQD 7HFK ZHQW DQG UDQNHG Ã&#x20AC;UVW LQ WKH QDWLRQ LQ SDVVLQJ RIIHQVH ² DYHUDJLQJ \DUGV SHU JDPH 7KH %XOOGRJV ZHUH DOVR VHFRQG LQ WKH QDWLRQ LQ WRWDO RIIHQVH DQG DYHUDJHG SRLQWV D JDPH $PRQJ WKHLU WULXPSKV ZHUH EDFN WR EDFN YLFWRULHV RYHU $ODEDPD LQ DQG LQ 0LVVLVVLSSL 6WDWH DQG WKH 8QLYHUVLW\ RI &DOLIRUQLD 6 L Q F H KLV KLU L Q J D W
! % 8&$ WKH %HDUV KDYH Ã&#x20AC;QLVKHG LQ WKH 7RS QDWLRQDOO\ LQ SDVVLQJ RIIHQVH LQ Ã&#x20AC;YH VHDVRQV DQG VFRULQJ RIIHQVH LQ IRXU DQG KDYH Ã&#x20AC;QLVKHG UDQNHG LQ WKH QDWLRQDO 7RS Ã&#x20AC;YH WLPHV 'XULQJ WKHLU VL[ \HDUV LQ 'LYLVLRQ ,, XQGHU &RQTXHÒ&#x2039;V WXWHODJH WKH %HDUV PDGH D SDLU RI SOD\RII DSSHDUDQFHV ² DGYDQFLQJ WR WKH TXDUWHUÃ&#x20AC;QDOV LQ E\ WRSSOLQJ KLJKHU UDQNHG RSSRQHQWV LQ $OEDQ\ 6WDWH DQG 3UHVE\WHULDQ RQ WKH URDG EHIRUH ORVLQJ DW KRPH WR 1RUWK $ODEDPD LQ RYHUWLPH 'XULQJ WKDW VHDVRQ WKH %HDUV ZRQ JDPHV ² W\LQJ WKH VFKRRO UHFRUG ² DQG FODLPHG DQ RXWULJKW *XOI 6RXWK &RQ IHUHQFH FKDPSLRQVKLS ,Q LQ RQO\ KLV VHFRQG VHDVRQ 8&$ Ã&#x20AC;QLVKHG RYHUDOO DQG ZDV *XOI 6RXWK &RQIHUHQFH UXQQHU XS 7KH $PHULFDQ )RRWEDOO &RDFKHV $VVRFLDWLRQ YRWHG 8&$ WK LQ WKH QDWLRQ ZLWKLQ WKH 'LYLVLRQ ,, )RRWEDOO UDQNLQJV 7KH %HDUV PDGH WKHLU Ã&#x20AC;UVW WULS HYHU WR WKH 1&$$ 1DWLRQDO 3OD\RIIV WKDW VHDVRQ 7KH\ ZHUH 1R LQ WKH QDWLRQ LQ SDVVLQJ RIIHQVH 1R LQ WRWDO RIIHQVH DYHUDJLQJ \DUGV SHU JDPH DQG WK LQ VFRULQJ RIIHQVH ² DYHUDJLQJ SRLQWV SHU JDPH ,Q 8&$ Ã&#x20AC;QLVKHG ZLWK D VHFRQG FRQVHFXWLYH 7RS QDWLRQDO UDQNLQJ ,Q WKDW VHDVRQ TXDUWHUEDFN =DN &ODUN EHFDPH WKH PRVW SUROLÃ&#x20AC;F VLQJOH VHDVRQ SDVVHU LQ $U NDQVDV FROOHJH IRRWEDOO KLVWRU\ ZLWK \DUGV &ODUN ZHQW RQ WR Ã&#x20AC;QLVK WK LQ WKH RYHUDOO YRWLQJ IRU WKH +DUORQ +LOO $ZDUG WKH 'LYLVLRQ ,, HTXLYDOHQW RI WKH +HLVPDQ 7URSK\ $ZDUG
7+( &2148( )$0,/< O WR U %HQWRQ $QJHOHÒ&#x2039; =DFKDU\ &OLQW &KDVVH DQG /LVD &RQTXH
,Q &HQWUDO $UNDQVDV Ã&#x20AC;QLVKHG DYHUDJLQJ SRLQWV DQG \DUGV LQ WRWDO RIIHQVH SHU JDPH ZKLOH VHWWLQJ DOO WLPH VWDGLXP DQG FRQ IHUHQFH DWWHQGDQFH UHFRUGV ,Q 8&$ Ã&#x20AC;QLVKHG RYHUDOO DQG ZRQ WKH *XOI 6RXWK &RQIHUHQFH &KDPSLRQVKLS RXWULJKW &RQTXH ZDV DOVR QDPHG WKH *6& &RDFK RI WKH <HDU 7KH %HDUV Ã&#x20AC;QLVKHG WKH VHDVRQ UDQNHG 1R LQ WKH QDWLRQ LQ WKH $)&$ SROO +LV WHDP DYHUDJHG SRLQWV SHU JDPH ZKLOH DOORZLQJ RQO\ SRLQWV SHU JDPH &RQTXH LV D PXFK VRXJKW DIWHU VSHDNHU DQG KDV VSRNHQ WKURXJKRXW $UNDQVDV DFURVV WKH QDWLRQ DQG KDV EUDQFKHG RXW LQWHUQDWLRQDOO\ ZLWK HQJDJHPHQWV LQ 0H[LFR +H DOVR KRVWV WKH DQQXDO &OLQW &RQTXH )RRWEDOO &DPS HDFK VXPPHU RQ WKH 8&$ FDPSXV +H LV PDUULHG WR WKH IRUPHU $QJHOHÒ&#x2039; -DFNVRQ 7KH\ KDYH WKUHH VRQV ² &KDVVH D 8&$ JUDGXDWH %HQWRQ FXUUHQWO\ DWWHQGLQJ :HVW 3RLQW DQG =DFKDU\ D KLJK VFKRRO TXDUWHUEDFN
&2148( $7 $ */$1&( <5
6&+22/ &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV &HQWUDO $UNDQVDV /RXLVLDQD 7HFK /RXLVLDQD 7HFK /RXLVLDQD 7HFK /RXLVLDQD 7HFK /RXLVLDQD 7HFK /RXLVLDQD 7HFK /RXLVLDQD 7HFK 6DPIRUG 8QLY 6DPIRUG 8QLY 6DPIRUG 8QLY 0F1HHVH 6WDWH 0F1HHVH 6WDWH 0F1HHVH 6WDWH 6W 7KRPDV 0RUH +6 5D\QH /D +6 1LFKROOV 6WDWH
326,7,21 +HDG &RDFK +HDG &RDFK +HDG &RDFK +HDG &RDFK +HDG &RDFK +HDG &RDFK +HDG &RDFK +HDG &RDFK +HDG &RDFK +HDG &RDFK 2IIHQVLYH &RRU 6SHFLDO 7HDPV &RRU 6SHFLDO 7HDPV &RRU 6SHFLDO 7HDPV &RRU 5XQQLQJ %DFNV 5% ,QVLGH :5 5% ,QVLGH :5 5XQQLQJ %DFNV 5XQQLQJ %DFNV 5XQQLQJ %DFNV 5XQQLQJ %DFNV 2XWVLGH /LQHEDFNHUV 2XWVLGH /LQHEDFNHUV 2IIHQVLYH &RRU 'HIHQVLYH &RRU *UDGXDWH $VVW
5(&25' A A
'LY ,, SOD\RIIV A 'LY , $$ SOD\RIIV
! %522.6 +2//,1*6:257+
0$77 :,//,$0621
&R 2IIHQVLYH &RRUGLQDWRU 2IIHQVLYH /LQH
'HIHQVLYH &RRUGLQDWRU /LQHEDFNHUV
('8&$7,21 JUDGXDWHG IURP /LWWOH 5RFN 3DUNYLHZ +LJK 6FKRRO UHFHLYHG KLV EDFKHORUÒ&#x2039;V GHJUHH IURP 8&$ LQ DQG KLV PDVWHUÒ&#x2039;V LQ
('8&$7,21 UHFHLYHG KLV EDFKHORUÒ&#x2039;V GHJUHH IURP 0LVVRXUL :HVWHUQ 6WDWH &ROOHJH JUDGXDWHG IURP 6W &KDUOHV +LJK 6FKRRO LQ 6W /RXLV <($56 21 67$)) IRXU \HDUV
<($56 21 67$)) \HDUV
3/$<,1* +,6725< ZDV D QRVHJXDUG DW 0LVVRXUL :HVWHUQ IURP ZDV D WKUHH WLPH $OO &RQIHUHQFH VHOHFWLRQ LQ WKH 0,$$ DQG ZDV D VHFRQG WHDP $OO $PHULFDQ LQ ZKHQ KH OHG WKH WHDP LQ WDFNOHV ZLWK
3/$<,1* +,6725< SOD\HG IRU WKH %HDUV EHJLQQLQJ LQ ZDV $OO $,& DQG KRQRUDEOH PHQWLRQ $OO $PHULFD DV DQ RIIHQVLYH OLQHPDQ RQ WHDPV WKDW ZHQW IURP DQG ZRQ WZR $,& FKDPSLRQVKLSV
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
&2$&+,1* +,6725< ZDV DQ DVVLVWDQW DW $UNDQVDV 7HFK IURP UHWXUQHG WR 8&$ DV RIIHQVLYH EDFNÃ&#x20AC;HOG FRDFK DQG SDVVLQJ JDPH FRRUGLQDWRU LQ ZHQW WR $78 DV KHDG FRDFK LQ DQG ZRQ WKH Ã&#x20AC;QDO $,& FKDPSLRQVKLS LQ EHIRUH WKH FRQIHUHQFH GLVVROYHG UHWXUQHG WR KLV DOPD PDWHU LQ WR FRDFK WKH RIIHQVLYH OLQH DQG UHFUXLWLQJ FRRUGLQDWRU ZHQW WR 0LQQHVRWD 6WDWH 0DQNDWR DV DQ DVVLVWDQW LQ UHWXUQHG WR 8&$ LQ VXPPHU RI
)$0,/< :LOOLDPVRQ DQG KLV ZLIH $QGUHD KDYH WZR VRQV =DFK DQG %URFN
)$0,/< ZLIH &DWK\ VRQ &DUWHU
$QGUHD 0DWW =DFK DQG %URFN :LOOLDPVRQ
&DWK\ %URRNV DQG &DUWHU +ROOLQJVZRUWK
! +8' -$&.621
0$77 0,''/(721
$VVRFLDWH +HDG &RDFK 5XQQLQJ %DFNV
&R 2IIHQVLYH &RRUGLQDWRU :LGH 5HFHLYHUV ('8&$7,21 JUDGXDWHG IURP /RXLVLDQD 7HFK 8QLYHUVLW\ LQ 5XVWRQ /D LQ ZLWK D EDFKHORUÒ&#x2039;V GHJUHH LQ VRFLRORJ\ ZLWK D PLQRU LQ VRFLDO VWXGLHV JUDGXDWHG IURP :HVW 0RQURH /D +LJK 6FKRRO LQ
('8&$7,21 UHFHLYHG KLV EDFKHORUÒ&#x2039;V GHJUHH IURP 0F1HHVH 6WDWH LQ SV\FKRORJ\ LQ JUDGXDWHG IURP ( ' :KLWH +LJK 6FKRRO LQ 7KLERGDX[ /D <($56 21 67$)) VL[ \HDUV
<($56 21 67$)) RQH \HDU 3/$<,1* +,6725< ZDV DQ $OO 6WDWH VHOHFWLRQ LQ IRRWEDOO DQG EDVHEDOO DW ( ' :KLWH +6 SOD\HG TXDUWHUEDFN DW 0F 1HHVH 6WDWH DQG ZDV 0RVW 9DOXDEOH 3OD\HU LQ EDVHEDOO IRU WKH &RZER\V
3/$<,1* +,6725< SOD\HG RQ DQ $PHULFDQ :HVW &RQIHU HQFH FKDPSLRQVKLS WHDP DW 0LVVLVVLSSL &ROOHJH LQ &OLQWRQ 0LVV LQ SOD\HG WZR \HDUV IRU WKH &KRFWDZV DV D ZLGH UHFHLYHU ZDV D ZLGH UHFHLYHU DW :HVW 0RQURH /D +6 ZKHUH KLV WHDP ZRQ D $$$$$ VWDWH FKDPSLRQVKLS LQ DQG ZDV D TXDUWHUÃ&#x20AC;QDOLVW LQ
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
&2$&+,1* +,6725< ZDV RIIHQVLYH FRRUGLQDWRU IRU D UHFRUG VHWWLQJ RIIHQVH DW $UNDQVDV 0RQWLFHOOR IURP ZDV ZLGH UHFHLYHUV FRDFK DW *UDQG 9DOOH\ 6WDWH 8QLYHUVLW\ LQ ZKHQ WKH WHDP UHDFKHG WKH 1&$$ 'LYLVLRQ ,, TXDUWHUÃ&#x20AC;QDOV ZDV D JUDGXDWH XQGHUJUDGXDWH FRDFK DW /RXLVLDQD 7HFK LQ IRU WKH :HVWHUQ $WKOHWLF &RQIHUHQFH FKDPSLRQ ZDV KHDG FRDFK DWKOHWLF GLUHFWRU DW &HQOD &KULVWLDQ 6FKRRO LQ 3LQHYLOOH /D LQ DQG DW &DOGZHOO 3DULVK +6 LQ DOVR FRDFKHG DW (YDQJHO &KULVWLDQ $FDGHP\
)$0,/< ZLIH 3DWULFLD VRQ :LOOLDP GDXJKWHUV $OH[LV %D OHLJK
)$0,/< VRQV /XNH DQG &DGHQ
:LOOLDP +XG 3DWULFLD %DLOH\ DQG $OH[LV -DFNVRQ
0DWW 0LGGOHWRQ
! '$1 $8*867,1(
3(55< (/,$12
'HIHQVLYH /LQH 6SHFLDO 7HDPV &RRU
$VVLVWDQW +HDG &RDFK 'HIHQVLYH %DFNV
('8&$7,21 HDUQHG KLV EDFKHORUÒ&#x2039;V GHJUHH LQ EXVLQHVV DGPLQLVWUDWLRQ IURP %D\ORU 8QLYHUVLW\ LQ ZLWK D PLQRU LQ FRUSRUDWH FRPPXQLFDWLRQV JUDGXDWHG IURP $XVWLQ +LJK 6FKRRO LQ (O 3DVR 7H[DV LQ
('8&$7,21 JUDGXDWHG IURP .LOOHHQ 7H[DV +LJK 6FKRRO LQ JUDGXDWHG IURP 6WHSKHQ ) $XVWLQ 6WDWH 8QLYHUVLW\ LQ
<($56 21 67$)) WZR \HDUV
<($56 21 67$)) VHYHQ \HDUV
3/$<,1* +,6725< SOD\HG OLQHEDFNHU IRU WKUHH VHDVRQV DW %D\ORU 8QLYHUVLW\ SOD\HG KLV VHQLRU \HDU RI KLJK VFKRRO IRRWEDOO DW $XVWLQ +LJK 6FKRRO LQ (O 3DVR 7H[DV
3/$<,1* +,6725< ZDV D VWURQJ VDIHW\ DW .LOOHHQ (OOLVRQ +6 IURP FRQWLQXHG KLV FDUHHU DW 6WHSKHQ ) $XVWLQ DV D VWURQJ VDIHW\
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
&2$&+,1* +,6725< VHUYHG DV D JUDGXDWH DVVLVWDQW FRDFK DW 6WHSKHQ ) $XVWLQ IURP FRDFKLQJ Ã&#x20AC;UVW WKH GHIHQVLYH EDFNV WKHQ WKH UXQQLQJ EDFNV MRLQHG WKH 8&$ VWDII LQ WKH VXPPHU RI DV UXQQLQJ EDFNV FRDFK VZLWFKHG WR ZLGH UHFHLYHUV LQ OHIW 8&$ WR FRDFK GHIHQVLYH VHFRQGDU\ DW 6DP +RXVWRQ 6WDWH LQ )$0,/< ZLIH 5HJHQLD VRQ $PDUL
)$0,/< ZLIH 0HJDQ GDXJKWHU 7DOLD 3DLJH
5HJHQLD 3HUU\ DQG $PDUL (OLDQR
0HJDQ 7DOLD 3DLJH DQG 'DQ $XJXVWLQH
! 1$7+$1 %52:1
-(5(0< +$002&.
4XDUWHUEDFNV
7LJKW (QGV
('8&$7,21 UHFHLYHG KLV EDFKHORUÒ&#x2039;V GHJUHH LQ EXVLQHVV HGXFDWLRQ IURP WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV LQ JUDGXDWHG IURP 5XVVHOOYLOOH $UN +LJK 6FKRRO LQ
('8&$7,21 JUDGXDWHG IURP WKH 8QLYHUVLW\ RI /RXLVLDQD DW 0RQURH LQ ZLWK D EDFKHORUÒ&#x2039;V GHJUHH LQ JHQHUDO VWXGLHV JUDGXDWHG IURP -RQHVERUR /D +LJK VFKRRO LQ
<($56 21 67$)) RQH \HDU
<($56 21 67$)) RQH \HDU
3/$<,1* +,6725< ZDV D UHFRUG VHWWLQJ IRXU \HDU VWDUWHU DW TXDUWHUEDFN DW 8&$ KH ZDV WKH 6RXWKODQG &RQIHUHQFH 3OD\HU RI WKH <HDU LQ DQG WKH 6/& 2IIHQVLYH 3OD\HU RI WKH <HDU LQ KH ZDV D 3D\WRQ $ZDUG Ã&#x20AC;QDOLVW LQ DQG ZDV D WKUHH WLPH $OO $PHULFDQ ZDV WKH Ã&#x20AC;UVW 8&$ SOD\HU WR SOD\ LQ WKH 6HQLRU %RZO LQ ZDV DOVR VHOHFWHG WR WKH (DVW :HVW 6KULQH *DPH VHW VWDWH FROOHJLDWH SDVVLQJ UHFRUGV IRU \DUGV DQG WRXFKGRZQV OHG WKH %HDUV WR WKH 1&$$ 'LYLVLRQ ,, TXDUWHUÃ&#x20AC;QDOV DV D UHGVKLUW IUHVKPDQ ZDV VLJQHG E\ WKH -DFNVRQYLOOH -DTXDUV DIWHU KLV VHQLRU VHDVRQ
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Ã&#x20AC;QLVK VHFRQG LQ WKH 6XQ %HOW LQ UXVKLQJ RIIHQVH
&2$&+,1* +,6725< VHUYHG DV D YROXQWHHU FRDFK IRU WKH %HDUV LQ
)$0,/< VLQJOH
)$0,/< ZLIH -HVVLFD
-HVVLFD DQG 1DWKDQ %URZQ
-HUHP\ +DPPRFN
! &2'< 0225(
.(,7+ 6&277
,QWHULRU 'HIHQVLYH /LQH 5HFUXLWLQJ &RRU
$VVLVWDQW 'HIHQVLYH %DFNV
('8&$7,21 UHFHLYHG KLV EDFKHORUÒ&#x2039;V GHJUHH LQ VFLHQFH KHDOWK DQG SK\VLFDO HGXFDWLRQ IURP 2NODKRPD 3DQKDQGOH 6WDWH 8QLYHUVLW\ LQ UHFHLYHG KLV PDVWHUÒ&#x2039;V RI HGXFDWLRQ VSRUWV DQG UHFUHDWLRQDO PDQDJHPHQW IURP +DUGLQ 6LPPRQV 8QLYHUVLW\ LQ JUDGXDWHG IURP 6WUDWIRUG +6 LQ $PDULOOR 7H[DV LQ
('8&$7,21 JUDGXDWHG IURP WKH 8QLYHUVLW\ RI $UNDQVDV DW 3LQH %OXII LQ ZLWK KLV EDFKHORUÒ&#x2039;V GHJUHH LQ SDUNV DQG FRP PXQLW\ UHFUHDWLRQ UHFHLYHG KLV PDVWHUÒ&#x2039;V GHJUHH LQ HGXFDWLRQ DGPLQLVWUDWLRQ LQ
<($56 21 67$)) RQH \HDU
&2$&+,1* (;3(5,(1&( ZDV D JUDGXDWH DVVLVWDQW FRDFK LQJ WKH GHIHQVLYH HQGV DW 3UDLULH 9LHZ $ 0 IURP DOVR VHUYHG DV DVVLVWDQW VWUHQJWK FRDFK FRDFKHG GHIHQVLYH EDFNV DW 0LVVLVVLSSL 9DOOH\ 6WDWH 8QLYHUVLW\ IURP ZDV GHIHQVLYH FRRUGLQDWRU DW 0968 LQ
<($56 21 67$)) RQH \HDU
&2$&+,1* (;3(5,(1&( VHUYHG DV D GHIHQVLYH JUDGX DWH DVVLVWDQW DW +DUGLQ 6LPPRQV 8QLYHUVLW\ IURP ZKHUH KH FRDFKHG GHIHQVLYH WDFNOHV DQG DVVLVWHG ZLWK VWUHQJWK DQG FRQGLWLRQLQJ ZDV GHIHQVLYH DGPLQLVWUDWLYH DV VLVWDQW DQG GHIHQVLYH TXDOLW\ FRQWURO DW $XEXUQ 8QLYHUVLW\ LQ ZDV D GHIHQVLYH TXDOLW\ FRQWURO FRDFK DW 7H[DV $ 0 8QLYHUVLW\ LQ
3/$<,1* +,6725< WKUHH \HDU VWDUWHU DV D GHIHQVLYH EDFN DW WKH 8QLYHUVLW\ RI $UNDQVDV DW 3LQH %OXII IURP WHDP FDSWDLQ LQ VHQLRU OHDGHUVKLS DZDUG ZLQQHU SDVV EUHDNXS OHDGHU LQ WKH 6:$& LQ
3/$<,1* +,6725< IRXU \HDU OHWWHUPDQ DW 2NODKRPD 3DQ KDQGOH 6WDWH IURP ZDV WHDP FDSWDLQ DQG ZDV QDPHG WR WKH $OO &RQIHUHQFH WHDP
)$0,/< VLQJOH
)$0,/< ZLIH .ULVWHQ GDXJKWHU %HQWOH\
&RG\ %HQWOH\ DQG .ULVWHQ 0RRUH
.HLWK 6FRWW
! +(15< %5,6&2( 6WUHQJWK DQG &RQGLWLRQLQJ +HQU\ %ULVFRH EHFDPH WKH %HDUVÒ&#x2039; Ã&#x20AC;UVW IXOO WLPH
VWUHQJWK DQG FRQGLWLRQLQJ FRDFK LQ VFKRRO KLVWRU\ LQ %ULVFRH ZDV QDPHG WKH )RRWEDOO &KDPSLRQVKLS 6XEGLYLVLRQ )&6 6DPVRQ 6WUHQJWK DQG &RQGLWLRQLQJ &RDFK RI WKH <HDU E\ $PHULFDQ )RRWEDOO 0RQWKO\ $Q DYLG ERG\EXLOGHU KH ZRQ WKH 0U $UNDQVDV WLWOH LQ %ULVFRH D IXOOEDFN DW 6RXWKZHVWHUQ /RXLVLDQD FRPSOHWHG KLV EDFKHORUÒ&#x2039;V GHJUHH IURP WKHUH LQ +H UHFHLYHG KLV PDVWHUÒ&#x2039;V GHJUHH IURP WKH 8QLWHG 6WDWHV 6SRUWV $FDGHP\ %ULVFRH ZRUNHG DW WKH 8QLYHUVLW\ RI 'HWURLW 0HUF\ DQG DW /RXLVLDQD 7HFK EHIRUH FRPLQJ WR 8&$ +H LV D FHUWLÃ&#x20AC;HG PHPEHU RI WKH 1DWLRQDO $VVRFLDWLRQ RI 6WUHQJWK DQG &RQGLWLRQLQJ DQG LV D FHUWLÃ&#x20AC;HG QXWULWLRQLVW
1,(/ 6:$1621 9LGHR &RRUGLQDWRU 1LHO 6ZDQVRQ KDV EHHQ WKH %HDUVÒ&#x2039; IXOO WLPH YLGHR FRRUGLQDWRU VLQFH WKH VHDVRQ 6ZDQVRQ D JUDGXDWH RI /LEHUW\ 8QLYHUVLW\ LV UHVSRQVLEOH IRU DOO DVSHFWV RI 8&$ YLGHR LQFOXGLQJ LQ JDPH WDSLQJ WDSH H[FKDQJH SUDFWLFH EUHDNGRZQ DUFKLYLQJ DQG KLJKOLJKW WDSHV DV ZHOO DV VHUYLQJ DV WKH OLDLVRQ IRU SURIHVVLRQDO VFRXWV
6&277 %5(=((
52%(57 836+$:
4XDOLW\ &RQWURO
7HDP &KDSODLQ
% & " ! % 4 7KH %HDUV ORVW VHYHQ JDPHV ODVW \HDU E\ D FRPELQHG SRLQWV HQ URXWH WR D RYHUDOO UHFRUG +RZ IUXVWUDWLQJ RI D VHDVRQ ZDV LW WR EH WKDW FORVH LQ VR PDQ\ JDPHV"
$ ,W ZDV YHU\ IUXVWUDWLQJ IRU HYHU\RQH LQYROYHG RU DQ\RQH ZKR IROORZV RXU SURJUDP , SHUVRQDOO\ KDYH QHYHU EHHQ DVVRFLDWHG ZLWK D WHDP ZKHQ HYHU\ ORVV ZDV GHFLGHG LQ WKH ODVW IRXU PLQXWHV RI HDFK JDPH :LWK WKDW VDLG \RX OHDUQ TXLFNO\ WKDW ´WKH GHYLO LV LQ WKH GHWDLO µ :H PXVW OHDUQ WR Ã&#x20AC;QLVK JDPHV WR ZLQ FKDPSLRQVKLSV 3OD\PDNHUV WHDP FKHPLVWU\ SHQDOWLHV DQG XQVHOÃ&#x20AC;VKQHVV DUH DUHDV ZH KDYH DGGUHVVHG WKLV RII VHDVRQ .H\ SUHVHDVRQ LQMXULHV ZHUH D KXJH VHWEDFN EXW LQ WKH HQG ZH GLGQÒ&#x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Ã&#x20AC;QLVK RXW JDPHV WKLV VHDVRQ ZLWK ZLQV 4 8&$ KDG WKH ELJJHVW VHQLRU FODVV LQ \RXU \HDUV DW WKH VFKRRO ODVW IDOO D JURXS RI VHQLRUV LQFOXGLQJ VRPH UHFRUG VHWWLQJ SOD\HUV +RZ KDUG KDV LW EHHQ WR UHSODFH D JURXS OLNH WKDW DQG ZKDWÒ&#x2039;V EHHQ WKH KDUGHVW SDUW RI LW"
$ :KHQHYHU \RX JUDGXDWH D ODUJH FODVV DV ZH GLG LQ D JUHDW GHDO RI WDOHQW DQG PDWXULW\ H[LWV \RXU SURJUDP $Q\WLPH \RX PXVW UHSODFH D WZR WLPH ´3OD\HU RI WKH <HDUµ /DUU\ +DUW DQ $OO $PHULFDQ UHFRUG VHW WLQJ UXQQLQJ EDFN %UHQW *ULPHV DQG RWKHUV WKDW ZHUH DOO FRQIHUHQFH SHUIRUPHUV WKHUH ZLOO EH FKDOOHQJHV 7KH ELJJHVW KXUGOH WR RYHUFRPH LQ LV QRW WDOHQW EXW WKH LQH[SHUL HQFH DQG SK\VLFDO PDWXULW\ RI RXU WHDP , IUDQNO\ EHOLHYH ZH KDYH D KLJK OHYHO RI WDOHQW EXW JDPH H[SHULHQFH DQG SK\VLFDO PDWXUD WLRQ LV VWLOO D ZRUN LQ SURJUHVV ([SHULHQFH LV HDUQHG RQ WKH Ã&#x20AC;HOG GXULQJ FRPSHWLWLRQ DQG RXU SK\VLFDO SUHSDUDWLRQ WKLV VXPPHU PXVW EH SUHVHQW +RZ TXLFNO\ ZH PDWXUH EHIRUH 6RXWKODQG &RQIHUHQFH FRPSHWLWLRQ ZLOO EH NH\ WR RXU VXFFHVV WKLV VHDVRQ 4 1RZ WKDW WKH EHDUV DUH Ã&#x20AC;QDOO\ HOLJLEOH IRU SRVW VHDVRQ SOD\ KDV WKH LQWHQVLW\ RU XUJHQF\ SLFNHG XS DPRQJ WKH FRDFKLQJ VWDII DQG SOD\HUV"
$ , KDYH EHHQ DVNHG WKLV TXHVWLRQ D ORW , ZRXOG OLNH WR WKLQN WKDW DV FRPSHWLWRUV ZH KDYH JRQH DERXW RXU EXVLQHVV WKH ODVW VHDVRQV ZLWK WKH VDPH DSSURDFK WKDW ZH ZLOO KDYH LQ WKH IXWXUH 'XULQJ WKLV WUDQVLWLRQ ZH KDYH DYHUDJHG ZLQV D VHDVRQ VLQFH RXU DQQRXQFHPHQW WR PRYH LQWR WKH 6RXWKODQG &RQIHUHQFH DQG 'LYLVLRQ , $UJXDEO\ ZH Ã&#x20AC;HOGHG WZR RI WKH Ã&#x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Ã&#x20AC;HOG 4 <RX GRQÒ&#x2039;W KDYH DQ HVWDEOLVKHG TXDUWHUEDFN UHWXUQLQJ WKLV IDOO EXW LW ORRNV OLNH \RX KDYH WKUHH RU IRXU TXDOLW\ JX\V DW WKDW SRVLWLRQ (YDOXDWH \RXU TXDUWHUEDFNV JRLQJ LQWR WKH IDOO
$ 7KH 6RXWKODQG &RQIHUHQFH KDV HVWDEOLVKHG LWVHOI LQ WKH ODVW \HDUV DV D TXDUWHUEDFN OHDJXH ,Q RXU SURJUDP , DP YHU\ SOHDVHG ZLWK WKH GHYHORSPHQW RI 1DWKDQ 'LFN DQG :\QULFN 6PRWKHUV %RWK KDYH D FOHDU XQGHUVWDQGLQJ RI RXU H[SHFWDWLRQV RI WKH TXDUWHUEDFN SRVLWLRQ LQ RXU RIIHQVH %DOO VHFXULW\ DQG HIÃ&#x20AC;FLHQF\ DUH DW WKH WRS RI WKH OLVW %RWK XQGHUVWDQG WKH RIIHQVH KDYH H[KLELWHG WKH VNLOOV DQG DELOLW\ QHHGHG WR VXFFHHG EXW 1DWKDQ DQG :\QULFN DUH VWLOO D ZRUN LQ SURJUHVV :H UHFUXLWHG D KLJK VFKRRO SOD\HU WKDW LV D FRDFKÒ&#x2039;V VRQ DQG XQGHUVWDQGV WKH JDPH DW D KLJK OHYHO 5\DQ +RZDUG LV D ´J\P UDWµ DQG ZLOO EH D QLFH DGGLWLRQ 7KLV VXPPHU ZH DOVR DGGHG -LP <RXQJEORRG D WUDQVIHU IURP WKH 8QLYHUVLW\ RI $UNDQVDV DQG &DPGHQ )DLUYLHZ +LJK 6FKRRO :H UHFUXLWHG -LP KDUG D FRXSOH RI \HDUV DJR -LP ZLOO EULQJ PDWXULW\ FRPSHWLWLYHQHVV DQG D GLIIHUHQW W\SH VNLOO VHW WR WKH SRVLWLRQ +H ORYHV FRPSHWLQJ ZLQQLQJ DQG OHDGLQJ :H ZLOO ´IDVW WUDFNµ KLV GHYHORSPHQW DQG WKURZ KLP LQWR WKH PL[ WKLV VXPPHU , EHOLHYH ZH KDYH WKH ULJKW PHQWDO PDNH XS DQG PDWXULW\ WR VXFFHHG :H ZLOO OHDUQ PRUH DERXW WKH OHDGHUVKLS DQG WKH LQWDQJLEOHV RI HDFK \RXQJ PDQ DV ZH SURJUHVV LQ WKH IDOO
% & " ! % 4 6WLFNLQJ ZLWK WKH RIIHQVH \RX ORVW D UHFRUG VHWWLQJ WDLOEDFN LQ %UHQW *ULPHV DQG DQRWKHU TXDOLW\ H[SHULHQFHG EDFN LQ /HRQDUG &HDVHU ERWK IRXU \HDU SOD\HUV :KDW GR \RX ORRN IRU RXW RI WKDW SRVLWLRQ WKLV IDOO" $ $V , PHQWLRQHG HDUOLHU LW LV DOZD\V GLIÀFXOW WR UHSODFH TXDOLW\ SOD\HUV *ULPHV DQG &HDVHU KDYH EHHQ À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ÀHOG DQG LQ UHFUXLWLQJ
4
:LWK WKH FKDQJH LQ VWDII ZLOO WKH RIIHQVH EH QRWLFHDEO\ GLIIHUHQW LQ "
$ , GRQҋW EHOLHYH RXU IDQV ZLOO QRWLFH VLJQLÀFDQW FKDQJHV LQ RXU RIIHQVH LQ (DFK \HDU ZH HYDOXDWH RXU VFKHPHV DQG FRQFHSWV 7KLV \HDU ZDV QR GLIIHUHQW :H KDYH DGGHG D IHZ LGHDV WR ERWK WKH UXQ DQG SDVV JDPH ZKLOH HOLPLQDWLQJ RWKHUV ,W LV WKH KRSH RI RXU RIIHQVLYH VWDII WKDW WKURXJK SOD\HU GHYHORSPHQW UHSHWLWLRQ DQG FRPSHWLWLRQ ZH JHW EDFN WR WKH OHYHO RI H[HFXWLRQ ZH KDYH PDLQWDLQHG IRU VR PDQ\ \HDUV 4 7KHUH DUH ELJ VKRHV WR ÀOO RQ WKH GHIHQVLYH VLGH DV ZHOO PRVW QRWDEO\ $OO $PHULFDQ GHIHQVLYH HQG /DUU\ +DUW DQG D QXPEHU RI WRS TXDOLW\ GHIHQVLYH EDFNV DQG OLQHEDFNHUV" +RZ GRHV WKH GHIHQVH VKDSH XS IRU WKH VHDVRQ"
$ ,Q D ZRUG ´\RXWKIXO µ :H KDYH WDOHQW DQG FRPSHWLWLRQ DW HYHU\ SRVLWLRQ +RZ TXLFNO\ WKH JDPH VORZV GRZQ IRU WKHVH \RXQJ PHQ ZLOO JR D ORQJ ZD\ WR RXU VXFFHVV &HUWDLQO\ 0DUNHOO &DUWHU LV D UHWXUQLQJ $OO 6/& SHUIRUPHU DQG QHHGV WR EH WKH OHDGHU RI WKH GHIHQVH +HQU\ 0LQRU /DPDU 0RRUH .LW &ROHPDQ 7UH\ /LSSH DQG 7RN 2SHOR\H DOO KDYH VLJQLÀFDQW H[SHULHQFH ,Q DQG 8&$ KDV ÀHOGHG WKH WRS VFRULQJ GHIHQVH LQ WKH 6RXWKODQG &RQIHUHQFH :H KDYH GHYHORSHG D FXOWXUH RI JUHDW GHIHQVH 2XU SOD\HUV FOHDUO\ XQGHUVWDQG ZKDW RXU H[SHFWDWLRQV DUH IRU WKLV VHDVRQ $JDLQ ZH PXVW UHVSHFW WKH SURFHVV WR DJDLQ EH D JUHDW GHIHQVH &RPSHWLWLRQ PDWXULW\ DQG SK\VLFDO GHYHORSPHQW PXVW EH D GDLO\ IRFXV 6HYHUDO QHZFRPHUV ZLOO EH JLYHQ DQ RSSRUWXQLW\ WR FRQWULEXWH LPPHGLDWHO\ RQ GHIHQVH DQG LQ WKH NLFNLQJ JDPH , DP FRQYLQFHG DQG FRQÀGHQW ZH ZLOO DJDLQ EH D KLJKO\ FRPSHWLWLYH GHIHQVH 2XU \RXQJ SHRSOH ZLOO QHHG WR JURZ XS DQG VWHS XS TXLFNO\ E\ KDYLQJ RZQHUVKLS DQG DFFRXQWDELOLW\ LQ WKHLU SUHSDUDWLRQ 4 :KHQ \RX UHÁHFW EDFN RQ D GHFDGH RI 8&$ IRRWEDOO XQGHU &OLQW &RQTXH ZKDW GR \RX UHPHPEHU RU FKHULVK WKH PRVW"
$ , ORRN EDFN DQG FKHULVK WKH UHODWLRQVKLSV ZLWK VR PDQ\ SOD\HUV WKDW KDYH FRPH WKURXJK RXU SURJUDP 7KH UHODWLRQVKLSV ZLWK VR PDQ\ RXWVWDQGLQJ FRDFKHV WKDW KHOSHG XV EXLOG WKLV SURJUDP :DWFKLQJ RXU FRDFKHV JURZ SURIHVVLRQDOO\ KDV EHHQ UHZDUGLQJ ,ҋYH EHHQ DW &HQWUDO $UNDQVDV ORQJ HQRXJK WR QRZ EH LQ D SRVLWLRQ WR KLUH IRUPHU SOD\HUV 1DWKDQ %URZQ VHH RXU IRUPHU SOD\HUV JHW PDUULHG DQG VWDUW IDPLOLHV $ GD\ GRHVQҋW JR E\ ZKHQ , GRQҋW KDYH VRPH IRUP RI FRQWDFW ZLWK D IRUPHU SOD\HU RU FRDFK 7KLV LV H[WUHPHO\ UHZDUGLQJ IRU P\ IDPLO\ DQG , 1DWXUDOO\ \RX UHPHPEHU WKH JUHDW ZLQV WKH FRQIHU HQFH FKDPSLRQVKLS WHDPV 1&$$ SOD\RII WHDPV DQG RI FRXUVH WKH QHDU PLVVHV 2EYLRXVO\ DQG ZHUH H[WUDRUGLQDU\ WHDPV DQG SOD\HUV , WKLQN RXU IDQV UHPHPEHU WKH JUHDW SOD\HUV DQG KRZ PXFK IXQ WKH\ ZHUH WR ZDWFK , DP FRQÀGHQW WKDW HDFK WHDP IRU WKH ODVW \HDUV KDV HDFK FRQWULEXWHG WR UDLVLQJ WKH SURÀOH RI 8&$ IRRWEDOO 2XU WUDGLWLRQ LV ÀUP DQG VROLG DV ZH PRYH IRUZDUG LQ 'LYLVLRQ ,
&OLQW &RQTXH LQWHUYLHZHG E\ WKH ODWH 3DXO (HOOV RI .$79 &KDQQHO
#
'
7KH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV %HDUV ZLOO KDYH D GHFLGHGO\ GLIIHUHQW ORRN ZKHQ WKH\ WDNH WKH ÀHOG IRU WKH ÀUVW WLPH
LQ 7KH %HDUV JUDGXDWHG D KXJH FODVV RI VHQLRUV IURP ODVW \HDUҋV VTXDG ZLWK D JRRG QXPEHU RI WKRVH VWDUWLQJ IRU PXOWLSOH VHDVRQV DQG RWKHUV WKDW DUH LQ WKH 8&$ UHFRUG ERRN 2QH GHIHQVLYH HQG /DUU\ +DUW ZDV GUDIWHG LQ WKH ÀIWK URXQG E\ WKH -DFNVRQYLOOH -DJXDUV WKH KLJKHVW HYHU IRU D 8&$ SOD\HU ZKLOH DQRWKHU EHFDPH WKH FDUHHU VFRULQJ OHDGHU DW 8&$ %UHQW *ULPHV $VLGH IURP LQH[SHULHQFH DQG \RXWK DQRWKHU FKDOOHQJH IDFLQJ KHDG FRDFK &OLQW &RQTXH LQ KLV WK VHDVRQ DW 8&$ LV EOHQGLQJ VHYHUDO QHZ IDFHV RQ WKH FRDFKLQJ VWDII )LYH QHZ FRDFKHV ZLOO PDNH WKHLU 8&$ GHEXW ZKHQ WKH %HDUV KRVW (OL]DEHWK &LW\ 6WDWH RQ 6HSW ,I WKDW ZDV QRW HQRXJK D FKDOOHQJLQJ JDPH VFKHGXOH DZDLWV WKH %HDUV ZKR KDYH À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ÀQLVKHG ZLWK D OHDJXH EHVW 6/& UHFRUG 8&$ҋV ÀUVW YLFWRU\ RI WKH VHDVRQ ZLOO SXW &RQTXH LQ D WLH IRU WKH PRVW YLFWRULHV LQ VFKRRO KLVWRU\ +LV FXUUHQW UHFRUG LV SXWWLQJ KLP RQH ZLQ EHKLQG +DOO RI )DPHU +DUROG +RUWRQ
2))(16( 7KH %HDUV ZLOO KDYH D QHZ VWDUWLQJ TXDUWHUEDFN IRU WKH VHFRQG FRQVHFXWLYH \HDU DIWHU WKH JUDGXDWLRQ RI 5REELH 3DUN ZKR VWDUWHG IRU RQH VHDVRQ DIWHU 1DWKDQ %URZQҋV UHFRUG VHWWLQJ FDUHHU HQGHG LQ ,Q IDFW WKH HQWLUH VWDUWLQJ EDFNÀHOG ZLOO EH QHZ DV UXQQLQJ EDFNV *ULPHV DQG /HRQDUG &HDVHU ZHUH ERWK LQ ODVW \HDUҋV VHQLRU FODVV &RQTXH QHZ RIIHQVLYH FRRUGLQDWRU 0DWW 0LGGOHWRQ DQG %URZQ WKH QHZ TXDUWHUEDFNV FRDFK ZLOO KDYH WKUHH FDSDEOH SOD\HUV WR FKRRVH IURP DW WKH TXDUWHUEDFN VSRW 7KH RQO\ UHWXUQHH ZLWK H[SHULHQFH LV $UNDQVDV WUDQVIHU 1DWKDQ 'LFN D MXQLRU ZKR EDFNHG XS 3DUN ODVW VHDVRQ LQ KLV ÀUVW \HDU RQ FDPSXV 'LFN ZKR VWDUWHG VHYHUDO JDPHV DW $UNDQVDV DV D IUHVKPDQ FRPSOHWHG RI SDVVHV IRU \DUGV LQ ÀYH JDPHV ODVW VHDVRQ IRU WKH %HDUV +H KDG D VROLG VSULQJ DFFRUGLQJ WR &RQTXH DQG VKRXOG RSHQ IDOO SUDFWLFH DV WKH VWDUWHU 5HGVKLUW IUHVKPDQ :\QULFN 6PRWKHUV ZLWK D \HDU LQ WKH V\VWHP DQG D VROLG VSULQJ LQ ZLOO DOVR ÀJXUH LQ WKH PL[
( '
7KH WKLUG TXDUWHUEDFN VRSKRPRUH -LP <RXQJEORRG LV DQ LQWULJXLQJ RQH <RXQJEORRG DOVR WUDQVIHUUHG IURP $UNDQVDV ZKHUH KH ZDV PRYHG WR WLJKW HQG DQG SOD\HG RQ VSHFLDO WHDPV ODVW VHDVRQ +H RQO\ DUULYHG DW 8&$ LQ WKH VXPPHU DQG ZLOO
-LP <RXQJEORRG 4% 62 &DPGHQ $5 $UNDQVDV :\QULFN 6PRWKHUV 4% 5V) 'HVWUHKDQ /$ 'HVWUHKDQ +6 -DFNLH +LQWRQ 5% 62 +RXVWRQ 7; +RXVWRQ 1DWKDQ 'LFN 4% -5 $OOHQ 7; $UNDQVDV 5\DQ +RZDUG 4% )5 9HVWDYLD +LOOV $/ 9HVWDYLD +LOOV +6 7HUHQFH %RER 5% 62 $WNLQV $5 $WNLQV +6 $QWKRQ\ %ODFNPRQ 5% 62 %HQWRQYLOOH $5 %HQWRQYLOOH +6 0DUFHO 7KUHDW 5% )5 5RVHQEHUJ 7; /DPDU &RQVROLGDWHG +6 &KULV 0F.QLJKW )% -5 0D\ÁRZHU $5 0D\ÁRZHU +6 -RQ :DWVRQ )% )5 &RQZD\ $5 &RQZD\ &KULVWLDQ +6
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
' KDYH WR SOD\ FDWFK XS ZKHQ IDOO GULOOV RSHQ 8&$ DOVR VLJQHG D KLJK VFKRRO TXDUWHUEDFN LQ 5\DQ +RZDUG IURP 9HVWDYLD +LOOV $OD 7KH UXQQLQJ EDFN VSRW ZLOO EH PDQQHG E\ D WKUHHVRPH RI VRSKRPRUHV LQFOXGLQJ -DFNLH +LQWRQ 7HUHQFH %RER DQG $QWKRQ\ %ODFNPRQ +LQWRQ D TXLFN VKLIW\ UXQQHU VDZ WKH PRVW DFWLRQ ODVW \HDU UXVKLQJ IRU \DUGV RQ FDUULHV DQG DOVR FDWFKLQJ SDVVHV IRU \DUGV %RER UHGVKLUWHG LQ DIWHU SOD\LQJ LQ JDPHV DV D WUXH IUHVKPDQ DQG UXVKLQJ IRU \DUGV
%ODFNPRQ SOD\HG LQ HLJKW JDPHV LQ UXVKLQJ IRU \DUGV DQG FDWFKLQJ SDVVHV IRU \DUGV DQG D WRXFKGRZQ
7KH %HDUVÒ&#x2039; UHFHLYLQJ FRUSV ZLOO ZHOFRPH DQ ROG IDFH EDFN LQ WKH IRUP RI MXQLRU :LOOLH /DQGHUV 8&$Ò&#x2039;V WRS GHHS WKUHDW ZKR PLVVHG WKH HQWLUH VHDVRQ DIWHU LQMXULQJ KLV NQHH RQ WKH Ã&#x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Ã&#x20AC;HOG -XQLRU /RJDQ 5RXELTXH VRSKRPRUH &RUH\ +RZDUG DQG MXQLRU 0DWW 'LFNHUVRQ DOO KDYH VRPH VWDUWLQJ H[SHULHQFH 5RJHULF *RYDQ -RH /HKRFN\ 1DWH 5LFKDUGV DQG 'RPLQLTXH $OOHQ VKRXOG Ã&#x20AC;OO RXW WKH URWDWLRQ
'()(16(
) !
7KH \RXQJ %HDUV ORVW WKHLU WRS WKUHH WDFNOHV IURP D \HDU DJR DQG IRXU RI WKH WRS Ã&#x20AC;YH 7KH WRS UHWXUQHH LV MXQLRU
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Ã&#x20AC;JXUH LQ WKH PL[ DV ZHOO DV FRXOG IUHVKPDQ 7D\ORU 6FKX\OHU IURP %L[E\ 2NOD 7KHUH LV TXDOLW\ H[SHULHQFH RQ WKH LQVLGH ZLWK VHQLRU WDFNOH +XWWRQ $QGUHZ DQG VHQLRU QRVHJXDUG .LW &ROHPDQ DV ZHOO DV VRSKRPRUHV /DUU\ 'XYDOO DQG 0DUVKDOO /R\G
63(&,$/ 7($06 8&$ UHWXUQV WKH WRS NLFNHU LQ WKH 6RXWKODQG &RQIHUHQFH LQ VHQLRU (GGLH &DUPRQD ZKR OHG WKH OHDJXH LQ SRLQW DIWHU SHUFHQWDJH RI DQG Ã&#x20AC;HOG JRDO SHUFHQWDJH RI &DUPRQD ZLOO DOVR WDNH RYHU WKH SXQWLQJ GXWLHV WKLV VHDVRQ ZLWK WKH JUDGXDWLRQ RI -RQDWKDQ %HDUG
( '
6HWK $OOLVRQ '% 62 6WXWWJDUW $5 6WXWWJDUW +6 0DUFXV 'XPDV '% 62 6W -DPHV /$ 6W -DPHV +6 0DUFXV 3HWHUV '% )5 'DLQJHUÃ&#x20AC;HOG 7; 'DLQJHUÃ&#x20AC;HOG +6 'RPLQLTXH %URZQ '% )5 *DOYHVWRQ 7; %DOO +6 +DUG\ 'LJJV '% )5 $UOLQJWRQ 7; $UOLQJWRQ +6 'DUUHOO 0DORQH '% 5V) %\KDOLD 06 %\KDOLD +6 'HVPRQG :LOFR[ '% 62 %HDXPRQW 7; 2]HQ +6 -HVWLQ /RYH '% 5V) :HVW 0HPSKLV $5 :HVW 0HPSKLV +6 -HUUHO 0F.QLJKW '% -5 *UDQG 3UDLULH 7; *UDQG 3UDLULH +6 $ORQWp 'DUGHQ '% )5 /RQJYLHZ 7; /RQJYLHZ +6 +HQU\ 0LQRU '% 65 %DWRQ 5RXJH /$ &DWKROLF +6 5DGDULXV :LQVWRQ '% 62 %DVWURS /$ %DVWURS +6 .DUO %UDG\ '% 5V) 0HPSKLV 71 5DOHLJK (J\SW +6
( '
)UDQN 1HZVRPH /% -5 3HWDO 06 3HDUO 5LYHU && 7RN 2SHOR\H /% 65 &HGDU +LOO 7; &HGDU +LOO +6 $QWKRQ\ 6XPPHUV /% 65 2OLYH %UDQFK 06 0LVVLVVLSSL 6WDWH -HVVLH 6LPV /% -5 %DNHU /$ %DNHU +6 6SHQFHU 1HXPDQQ /% )5 &DERW $5 &DERW +6 %UHWW 2UU /% 65 'HHUÃ&#x20AC;HOG %HDFK )/ +DUJURYH 0LOLWDU\ ,QVW 3KLOOLS :RUWK\ /% )5 6XJDUODQG 7; .HPSQHU +6 6SHQFHU 3KLOOLSV /% )5 &HGDU +LOO 7; &HGDU +LOO +6 /DPDU 0RRUH /% -5 0DJQROLD $5 0DJQROLD +6 -XVWLQ +HDUG /% 5V) :RRGODQG $/ :RRGODQG +6 .HDWRQ 6WLJJHU /% 5V) &ROOLHUYLOOH 71 &ROOLHUYLOOH +6 -DFRE %XQGULFN /% )5 6SULQJGDOH $5 +DU %HU +6
7KH UHWXUQ GXWLHV ZLOO DJDLQ IDOO WR WZR MXQLRU VSHHGVWHUV LQ 7 - $GDPV DQG ,VDLDK -DFNVRQ ZLWK VRSKRPRUH -DFNLH +LQWRQ DOVR D SRVVLELOLW\ ZLWK KLV JDPH EUHDNLQJ DELOLW\
'DQLHO +HUULQJWRQ '6 65 0DJHH 06 &R /LQ && (GGLH &DUPRQD 3. 3 65 &KDUOHVWRQ $5 &KDUOHVWRQ +6 'DYLG %DLOH\ 3 3. 62 /RQJYLHZ 7; .LOJRUH &ROOHJH .LUE\ 2Ò&#x2039;0HDUD '6 5V) *HRUJHWRZQ 7; 7&8 &DOHE 1RH 3. 3 )5 0W :DVKLQJWRQ .< %XOOLWW (DVW +6
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ÀHOG 7; 'DLQJHUÀHOG +6 'RPLQLTXH %URZQ '% )5 *DOYHVWRQ 7; %DOO +6 7HUHQFH %RER 5% 62 $WNLQV $5 $WNLQV +6 +DUG\ 'LJJV '% )5 $UOLQJWRQ 7; $UOLQJWRQ +6 $QWKRQ\ %ODFNPRQ 5% 62 %HQWRQYLOOH $5 %HQWRQYLOOH +6 'DUUHOO 0DORQH '% 5V) %\KDOLD 06 %\KDOLD +6 7UH\ /LSSH '( -5 9LQLWD 2. 9LQLWD +6 'HVPRQG :LOFR[ '% 62 %HDXPRQW 7; 2]HQ +6 -HVWLQ /RYH '% 5V) :HVW 0HPSKLV $5 :HVW 0HPSKLV +6 0DUFHO 7KUHDW 5% )5 5RVHQEHUJ 7; /DPDU &RQVROLGDWHG +6 -HUUHO 0F.QLJKW '% -5 *UDQG 3UDLULH 7; *UDQG 3UDLULH +6 -HVVLH 6LPV /% -5 %DNHU /$ %DNHU +6 $ORQWp 'DUGHQ '% )5 /RQJYLHZ 7; /RQJYLHZ +6 +HQU\ 0LQRU '% 65 %DWRQ 5RXJH /$ &DWKROLF +6 5DGDULXV :LQVWRQ '% 62 %DVWURS /$ %DVWURS +6 6SHQFHU 1HXPDQQ /% )5 &DERW $5 &DERW +6 'DQLHO +HUULQJWRQ '6 65 0DJHH 06 &R /LQ && %UHWW 2UU /% 65 'HHUÀHOG %HDFK )/ +DUJUDYH 0LOLWDU\ (GGLH &DUPRQD 3. 3 -5 &KDUOHVWRQ $5 &KDUOHVWRQ +6 3KLOOLS :RUWK\ /% )5 6XJDUODQG 7; .HPSQHU +6 &KULV 0F.QLJKW )% -5 0D\ÁRZHU $5 0D\Á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ҋ0HDUD '6 5V) *HRUJHWRZQ 7; 7&8 -RQ 0DUN +ROGHQ 2/ )5 %HQWRQYLOOH $5 %HQWRQYLOOH +6 %UDG -DNHO 2/ -5 :HVWRQ :, 8WDK 6WDWH
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
352181&,$7,21 *8,'(
%($56 %< 67$7( 7(;$6 +RXVWRQ &HGDU +LOO &ROOH\YLOOH *DOYHVWRQ /RQJYLHZ 6XJDUODQG $OOHQ $UOLQJWRQ %HDXPRQW %HFNYLOOH 'DLQJHUILHOG 'DOODV *HRUJHWRZQ *UDQG 3UDLULH .HOOHU 5RVHQEHUJ 7H[DUNDQD $5.$16$6 %HQWRQYLOOH &RQZD\ (O 'RUDGR )RUW 6PLWK 6SULQJGDOH :HVW 0HPSKLV $WNLQV %O\WKHYLOOH &DERW &DPGHQ &KDUOHVWRQ +RSH /LWWOH 5RFN 0DJQROLD 0DULDQQD 0D\ÁRZHU 1RUWK /LWWOH 5RFN 5XVVHOOYLOOH 6WXWWJDUW /28,6,$1$ 'HVWUHKDQ $PLWH %DNHU %DVWURS %DWRQ 5RXJH 'RQDOGVRQYLOOH /DNH &KDUOHV 0RQURH 3DWWHUVRQ 3RUW $OOHQ 6W -DPHV 0,66,66,33, %\KDOLD &KDUOHVWRQ *DXWLHU 0DJHH 2OLYH %UDQFK 3HWDO 8WLFD 2./$+20$ %DUWOHVYLOOH %L[E\ 'HO &LW\ 2ZDVVR 6SHUU\ 9LQLWD 7(11(66(( 0HPSKLV %ROWRQ &ROOLHUYLOOH &RUGRYD $/$%$0$ &KHURNHH 7KHRGRUH 9HVWDYLD +LOOV :RRGODQG $5,=21$ 7HPSH )/25,'$ 'HHUÀHOG %HDFK 0,66285, %OXH 6SULQJV 1(: 0(;,&2 $OEXTXHUTXH :,6&216,1 :HVWRQ
&RDFK &OLQW &RQTXH &21. $ORQWH 'DUGHQ XK /21 WD\ 5RJHULF *RYDQ 52- HU LFN *2 YDQ %UDG -DNHO -$.( XO /D0DUTXLV .LQJ OXK 0$5. XV &DUVRQ .QRZOWRQ .12// WRQ -RH /HKRFN\ OHH +2&. HH 7UH\ /LSSH /,3 HH -HUUHO 0F.QLJKW MXU 5(// 7RN 2SHOR\H 72.( 23( XK OR\H /RJDQ 5RXELTXH URR %($. .HDWRQ 6WLJJHU 67,** XU 0DUFHO 7KUHDW 7+5((7 5DGDULXV :LQVWRQ UXK '$5( H XV
( &ROOH\YLOOH 7; &ROOH\YLOOH +HULWDJH +6
'20,1,48( %52:1 '% *DOYHVWRQ 7; %DOO +6 WLPH $ DOO GLVWULFW VHOHFWLRQ DW UXQQLQJ EDFN DQG FRUQHU EDFN UXVKHG IRU \GV 7'V DV D VHQLRU UHFRUGHG WDFNOHV EUHDN XSV %D\RX %RZO VHOHFWLRQ WZR \HDU OHWWHUPDQ LQ WUDFN VWDU UDWHG E\ 6FRXW FRP
'LVWULFW $ )LUVW 7HDP VHOHFWLRQ IURP &ROOH\YLOOH +HULWDJH +LJK 6FKRRO $OO 7H[DV 6XSHU 7HDP Ã&#x20AC;UVW WHDP VHOHFWLRQ GLVWULFW 093 DV D VHQLRU UHFRUGHG WDFNOHV VDFNV DQG WDFNOHV IRU ORVV GXULQJ VHQLRU \HDU VHFRQG WHDP DOO GLVWULFW DV D MXQLRU %DEHÒ&#x2039;V %HVW 'DOODV )RUW :RUWK 0HWURSOH[ DZDUG ZLQQHU IRU DWKOHWLFV DQG DFDGHPLFV
-$&2% %81'5,&. /% 6SULQJGDOH $5 +DU %HU +6
63(1&(5 1(80$11 /% &DERW $5 &DERW +6
WLPH $ $UNDQVDV DOO VWDWH VHOHFWLRQ WLPH $ :HVW DOO FRQIHUHQFH WLPH .850 'UHDP 7HDP VHOHFWLRQ $OO $UNDQVDV OHDGLQJ WDFNOHU DW +DU %HU LQ $ 6WDWH &KDPSLRQV 5XQQHU 8S DQG 6HPL )L QDOLVW 0HPEHU RI 1DWLRQDO +RQRU 6RFLHW\ OLVWHG RQ (631 FRP
&2/( &$587+(56 2/ 6XJDUODQG 7; &OHPHQWV +6
7+20$6 +$57 7( $PLWH /$ $PLWH +6
WLPH $ DOO VWDWH VHOHFWLRQ WLPH $ &HQ WUDO DOO FRQIHUHQFH WLPH $ &HQWUDO $OO $F DGHPLF 7HDP 6WDWH )DUP 'HIHQVLYH 3OD\HU RI WKH <HDU )LQDOLVW $UNDQVDV 'HPR FUDW *D]HWWH 6XSHU 6RSKRPRUH 7HDP $OO $UNDQVDV 7HDP VHOHFWLRQ KRQRU VWXGHQW UHFRUGHG WDFNOHV VDFNV 7)/ LQW DQG IRUFHG IXPEOHV GXULQJ FDUHHU OLVWHG RQ 5LYDOV FRP
WLPH $ DOO GLVWULFW VHOHFWLRQ &OHPHQWV KDG WRS UXVKLQJ RIIHQVH LQ $ LQ QRPLQDWHG WLPHV DV &+6 2IIHQVLYH 093
$ /RXLVLDQD 6SRUWVZULWHUV $OO 6WDWH VH OHFWLRQ $ /RXLVLDQD &RDFKHV $OO 6WDWH 6HFRQG 7HDP $ &R 2IIHQVLYH 093 UHFRUGHG FDUHHU UHFHSWLRQV \GV 7'V WLPH $ DOO GLVWULFW $ $FDGHPLF $OO 6WDWH
-25'$1 &+5,60$1 '/ %OXH 6SULQJV 02 %OXH 6SULQJV +6
-21 0$5. +2/'(1 2/ %HQWRQYLOOH $5 %HQWRQYLOOH +6
WLPH $ $OO 'LVWULFW VHOHFWLRQ WLPH &ODVV $ $FDGHPLF $OO 6WDWH VHOHFWLRQ 5LYHU 3DU LVK %D\RX %RZO $OO 6WDU *DPH SDUWLFLSDQW WLPH $ DOO GLVWULFW LQ EDVNHWEDOO OLVWHG RQ 5LYDOV FRP
$OO $UNDQVDV VHOHFWLRQ WLPH $ :HVW DOO FRQIHUHQFH WLPH 1RUWKZHVW $UNDQVDV 1HZV $OO $UHD 7HDP .850 'UHDP 7HDP 9<3( 0DJD]LQH $OO 6WDWH OLVWHG RQ 5LYDOV FRP
0$5&86 3(7(56 '% 'DLQJHUÃ&#x20AC;HOG 7; 'DLQJHUÃ&#x20AC;HOG +6
WLPH 0LVVRXUL DOO VWDWH VHOHFWLRQ WLPH DOO FRQIHUHQFH %XFN %XFKDQDQ $ZDUG :LQ QHU EHVW GHIHQVLYH OLQHPDQ LQ .DQVDV &LW\ 0HWUR $UHD .DQVDV &LW\ $OO 0HWUR DQG 'HIHQVLYH 3OD\HU RI WKH <HDU UHFRUGHG VDFNV WDFNOHV IRU ORVV DV D VHQLRU WLPH 0LVVRXUL VWDWH Ã&#x20AC;QDOLVW LQ VKRW SXW VWDU UDWHG E\ 5LYDOV FRP
$/217e '$5'(1 '% /RQJYLHZ 7; /RQJYLHZ K6 WLPH $ 7H[DV $OO 6WDWH VHOHFWLRQ WLPH $OO (DVW 7H[DV WLPH $ DOO GLVWULFW UHDFKHG 7H[DV $ VWDWH Ã&#x20AC;QDOV WZLFH )LUVW 7HDP $OO 6PRDN\ FRP VHOHFWLRQ UH FRUGHG WDFNOHV LQW SDVV EUHDN XSV DQG 7)/ DV D VHQLRU \HDU OHWWHUPDQ LQ WUDFN DQG EDVHEDOO UHJLRQDO TXDOLÃ&#x20AC;HU LQ WKH [ PHWHU UHOD\ OLVWHG RQ 5LYDOV FRP DQG (631 FRP
+$5'< ',**6 '% $UOLQJWRQ 7; $UOLQJWRQ +6 $ DOO GLVWULFW VHOHFWLRQ UHFRUGHG FDUHHU WDFNOHV LQW IRUFHG IXPEOHV EORFNHG NLFNV PHPEHU RI 1DWLRQDO +RQRU 6RFLHW\ WLPH $ 7H[DV VHPL Ã&#x20AC;QDOLVW OLVWHG RQ 5LYDOV FRP
0$5.(,7+ *$,1(6 '( 7KHRGRUH $/ 7KHRGRUH +6 $ $ODEDPD 6SRUWVZULWHUV $OO 6WDWH VHOHFWLRQ 3UHVV 5HJLVWHU $ $OO 0HWUR WLPH 3UHVV 5HJLVWHU 3OD\HU RI WKH :HHN LQ FORFNHG D \G GDVK DW 5LYDOV FRPELQH UHFRUGHG WDFNOHV VDFNV DQG 7)/ GXULQJ MXQLRU DQG VHQLRU VHDVRQV VWDU UDWHG E\ 5LYDOV FRP
0$77+(: +251%8&./( '/ &ROOH\YLOOH 7; &ROOH\YLOOH +HULWDJH +6 8QLYHUVLW\ RI %XIIDOR 5HGVKLUWHG DW 8QLYHUVLW\ RI %XIIDOR WLPH $OO 'LV WULFW )LUVW 7HDP UHFRUGHG WDFNOHV 7)/ DQG VDFNV DV D VHQLRU UDQNHG UG EHVW GHIHQVLYH WDFNOH LQ FRXQWU\ E\ (631 FRP
5<$1 +2:$5' 4% 9HVWDYLD +LOOV $/ 9HVWDYLD +LOOV +6 $OO +RRYHU &RXQW\ )LUVW 7HDP ´2YHU WKH 0RXQWDLQµ )LUVW 7HDP %LUPLQJKDP 1HZV $OO $FDGHPLF 7HDP $ODEDPD $ 6SRUWVZULWHUV $OO 6WDWH UHFRUGHG PRUH WKDQ FDUHHU \GV SDVVLQJ 7'V LQW FRPSOH WLRQ UDWH \HDU VWDUWHU DQG WHDP FDSWDLQ \HDU VWDUWHU LQ EDVHEDOO OLVWHG RQ 5LYDOV FRP DQG (631 FRP
&+5,6 0F$/,67(5 :5 'HO &LW\ 2. 'HO &LW\ +6 2NODKRPD &RDFKHV $OO 6WDWH VHOHF WLRQ 2LO %RZO VHOHFWLRQ 9<3( 0DJD]LQH $OO 6WDWH OLVWHG RYHUDOO SURVSHFW LQ 2NODKRPD 5LYDOV UDWHG WRS ZLGH UHFHLY HUV LQ WKH QDWLRQ \GV DQG WRXFKGRZQV GXULQJ MXQLRU DQG VHQLRU \HDUV UHFHLYHG ZULWWHQ RIIHUV IURP :\RPLQJ &RORUDGR 6WDWH DQG :HEHU 6WDWH VWDU UDWHG E\ 5LYDOV FRP
-2+1 0,/(6 '(
0$77+(: 3($5&( '( 'RQDOGVRQYLOOH /$ $VFHQVLRQ &DWKR OLF
$ $OO 'LVWULFW WLPH 7H[DV $ VWDWH FKDPSLRQ \HDU OHWWHUPDQ LQ WUDFN SDUWLFL SDWHG LQ 7H[DV 5HOD\V VWDU UDWHG E\ 5LYDOV FRP
63(1&(5 3+,//,36 /% &HGDU +LOO 7; &HGDU +LOO +6 WLPH $ DOO GLVWULFW VHOHFWLRQ UHFRUGHG FDUHHU WDFNOHV LQW IRUFHG IXPEOHV SDV EUHDN XSV VWDU UDWHG E\ (631 FRP
'(67,1 5,1. 2/ 3DWWHUVRQ /$ 3DWWHUVRQ +6 WLPH $ /RXLVLDQD 6SRUWVZUWLHUV $OO 6WDWH VHOHFWLRQ WLPH $ DOO GLVWULFW %D\ RX %RZO $OO 6WDU JDPH VHOHFWLRQ /RXLVLDQD $ 6HPL )LQDOLVW DQG 4XDUWHU )LQDOLVW GXULQJ FDUHHU VWDU UDWHG E\ 6FRXW FRP
7$</25 6&+8</(5 '( %L[E\ 2. %L[E\ +6 $ 2NODKRPD &RDFKHV $OO 6WDWH VHOHF WLRQ 7XOVD $OO 0HWUR 7HDP UHFRUGHG WDFNOHV DQG VDFNV DV D VHQLRU $ $OO 6WDU VHOHFWLRQ OHG WHDP LQ WDFNOHV DQG VDFNV GXULQJ MX QLRU DQG VHQLRU VHDVRQV WLPH $ VWDWH Ã&#x20AC;QDOLVW VWDU UDWHG E\ (631 FRP
'(55,&. 67((/( :5 8WLFD 06 +LQGV &RXQW\ $JULFXOWXUDO +6 (DVW 0LVVLVVLSSL && 0LVVLVVLSSL %RZO 093 0LVVLVVLSSL
( &RPPXQLW\ &ROOHJH FKDPSLRQV SDUWLFLSDWHG LQ %HUQDUG %ODFNZHOO &ODVVLF UHFRUGHG FDWFKHV \GV 7' NLFN UHWXUQV \GV 7' DV D VRSKRPRUH KDG PDUNV RI IW LQ LQ ORQJ MXPS IW LQ WULSOH MXPS DQG VHF LQ PHWHU KXUGOHV LQ WUDFN DV D VHQLRU LQ KLJK VFKRRO
0$5&(/ 7+5($7 5% 5RVHQEHUJ 7; /DPDU &RQVROLGDWHG +6 WLPH $ DOO GLVWULFW VHOHFWLRQ $OO *UHDW HU +RXVWRQ 0HWUR 7HDP $ 093 VHOHF WLRQ +RXVWRQ 7RXFKGRZQ &OXE 2IIHQVLYH 3OD\HU RI WKH <HDU ÀQDOLVW WLPH $ $OO $FDGHPLF 7HDP 7H[DV $ $OO $FDGHPLF 7HDP 7H[DV $ VWDWH FKDPSLRQV UHFRUGHG FDUULHV IRU \GV DQG 7'V DV D VHQLRU VWDU UDWHG E\ 6FRXW FRP
&$/9,1 856,1 '/ 'HVWUHKDQ /$ 'HVWUHKDQ +6 $ /RXLVLDQD 6SRUWVZULWHUV $OO 6WDWH 7LPHV 3LFD\XQH $OO 0HWUR 7HDP WLPH $ DOO GLVWULFW UHFRUGHG WDFNOHV VDFNV DQG 7)/ GXULQJ FDUHHU \HDU VWDUWHU /RXL VLDQD $ 6WDWH &KDPSLRQV KRQRU VWXGHQW VWDU UDWHG E\ 5LYDOV FRP DQG (631 FRP
'$0,(1 :$776 :5 7H[DUNDQD 7; 3OHDVDQW *URYH +6 WLPH $ DOO GLVWULFW $OO 1RUWKHDVW 7H[ DV VHOHFWLRQ 7H[DUNDQD *D]HWWH $OO $UHD 7HDP $OO 6PRDN\ FRP 7KLUG 7HDP UH FRUGHG FDWFKHV \GV DQG 7'V DV D VHQLRU WLPH $ DOO GLVWULFW LQ EDVNHWEDOO
&HGDU +LOO 7; &HGDU +LOO +6 WLPH $ DOO GLVWULFW UHFRUGHG UHF \GV DQG 7'V GXULQJ FDUHHU \HDU VWDUWHU LQ EDVNHWEDOO WLPH 7RS EDVNHWEDOO SOD\HU LQ 7H[DV WLPH $ DOO GLVWULFW LQ 7H[DV OLVWHG RQ 5LYDOV FRP
3+,//,3 :257+< /% 6XJDUODQG 7; .HPSQHU +6 WLPH $ DOO GLVWULFW \HDU VWDUWHU UHFRUGHG WDFNOHV 7)/ VDFNV SDVV EUHDN XSV DQG IRUFHG IXPEOHV DV D VHQLRU \HDU OHWWHUPDQ LQ WUDFN 7H[DV 5HOD\V SDUWLFLSDQW LQ ORQJ MXPS [ DQG [ UHOD\V
-,0 <281*%/22' 4% &DPGHQ $5 )DLYLHZ +6 8QLYHUVLW\ RI $UNDQVDV WLPH $OO 6WDWH VHOHFWLRQ $OH[ (PÀQJHU $OO $PHUL FDQ WKUHZ IRU \DUGV DQG 7'V DQG UXVKHG IRU PRUH WKDQ \DUGV GXULQJ FDUHHU UHDFKHG VWDWH VHPLÀQDOV DQG WKUHZ IRU DQG 7'V DQG UDQ IRU \DUGV DQG 7'V DV D VHQLRU UDWHG 1R GXDO WKUHDW TXDWHUEDFN DQG 1R SURVSHFW LQ $UNDQVDV UDWHG 1R TXDUWHUEDFN DQG 1R SURVSHFW LQ VWDWH E\ 6FRXW FRP WLPH DOO VWDWH VHOHFWLRQ LQ EDVHEDOO
)227%$// 0,' <($5 6,*1(( -(5(0< -(67(5 7( *DWOLQEXUJ 71 3LWWPDQ +6 +DUJUDYH 0LO LWDU\ $FDGHP\ 8QLYHUVLW\ RI 7HQQHVVHH $ $OO 7HQQHVVHH VHOHFWLRQ WKUHH WLPH DOO FRQ IHUHQFH UHF 7'V DW +DUJUDYH LQ VWDU UDWHG E\ 5LYDOV FRP
2/,9(5 :(//6 :5
8&$ &21)(5(1&( 7,7/(6 $UNDQVDV ,QWHUFROOHJLDWH &RQIHUHQFH <HDU &RDFK :DUUHQ :RRGVRQ :DUUHQ :RRGVRQ :DUUHQ :RRGVRQ :DUUHQ :RRGVRQ )UDQN .RRQ )UDQN .RRQ 5D\PRQG %ULJKW 5D\PRQG %ULJKW .HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP
5HF
*XOI 6RXWK &RQIHUHQFH &OLQW &RQTXH
6RXWKODQG &RQIHUHQFH &OLQW &RQTXH
8&$ &2$&+,1* +,6725< 9,&725,(6 &RDFK +DUROG +RUWRQ &OLQW &RQTXH 0LNH ,VRP .HQ 6WHSKHQV )UDQN .RRQ 'DQ (VWHV :DUUHQ :RRGVRQ 5D\PRQG %ULJKW +RZDUG 0RQWJRPHU\ 5 / 1L[RQ -DPHV &UDIWRQ -HUU\ 'DOU\PSOH 2 ' /RQJVWUHWK /OR\G 5REHUWV &KDUOHV 0F*LEERQ\ 2 : 6WHSKHQVRQ : 2 :LOVRQ - & &RRN
<HDUV SUHV
5HFRUG
3FW
5HFRUG
3FW
:,11,1* 3(5&(17$*(
+HDG &RDFK &OLQW &RQTXH IRXUWK IURP OHIW LV SLFWXUHG LQ ZLWK VL[ IRUPHU 8&$ KHDG IRRWEDOO FRDFKHV 7KH\ LQFOXGHG O WR U +DUROG +RUWRQ .HQ 6WHSKHQV &KDUOHV Ҋ'XEҋ 0F*LEERQ\ 0LNH ,VRP
DQG 5D\PRQG %ULJKW &RDFK 0F*LEERQ\ DQG &RDFK %ULJKW ERWK SDVVHG DZD\ LQ
&RDFK +DUROG +RUWRQ :DUUHQ :RRGVRQ 5 / 1L[RQ .HQ 6WHSKHQV 0LNH ,VRP &OLQW &RQTXH +RZDUG 0RQWJRPHU\ )UDQN .RRQ 5D\PRQG %ULJKW 2 ' /RQJVWUHWK 'DQ (VWHV 2 : 6WHSKHQVRQ -HUU\ 'DOU\PSOH /OR\G 5REHUWV : 2 :LOVRQ -DPHV &UDIWRQ &KDUOHV 0F*LEERQ\ - & &RRN
<HDUV SUHV
( " * 2))(16( 4% RU 5% RU )% 7( RU /7 /* & 5* 57 : ; =
1$7+$1 ',&. :\QULFN 6PRWKHUV -LP <RXQJEORRG -$&.,( +,1721 7HUHQFH %RER $QWKRQ\ %ODFNPRQ &+5,6 0&.1,*+7 -RVK 5DJODQG 5,&2 0266 %UHQQDQ 5XVKLQJ -HUHP\ -HVWHU 52*(5,& *29$1 0DWW 'LFNHUVRQ &25(< +2:$5' -RH /HKRFN\ /2*$1 528%,48( 1DWH 5LFKDUGV $867,1 (0(5621 -RH /HKRFN\ %5$' -$.(/ 'RPLQLTXH $OOHQ 7- $'$06 -RVHSK +DUULV '20,1,48( &5220 :LOOLH /DQGHUV ,6$,$+ -$&.621 .HQQHWK 5REH\
-5 5V) 62 62 62 62 -5 -5 65 -5 62 62 -5 62 -5 -5 5V) 65 62 -5 5V) -5 -5 62 65 -5 65
$OOHQ 7; $UNDQVDV
'HVWUHKDQ /$ 'HVWUHKDQ +6
&DPGHQ $5 $UNDQVDV
+RXVWRQ 7; +RXVWRQ
$WNLQV $5 $WNLQV +6
%HQWRQYLOOH $5 %HQWRQYLOOH +6
0D\ÁRZHU $5 0D\ÁRZHU +6
%ROWRQ 71 %ROWRQ +6
+RSH $5 +RSH +6
7HPSH $= 3KRHQL[ &ROOHJH
*DWOLQEXUJ 71 7HQQHVVHH
/LWWOH 5RFN $5 0LGGOH 7HQQ 6W
0RQURH /$ 1HYLOOH +6
:LFKLWD )DOOV 7; 5LGHU +6
$OEXTXHUTXH 10 &LEROD +6
3RUW $OOHQ /$ &DWKROLF +6
.HOOHU 7; .HOOHU
6SHUU\ 2. 1( 2NOD $ 0
$OEXTXHUTXH 10 &LEROD +6
:HVWRQ :, 8WDK 6WDWH
+RXVWRQ 7; 0DGLVRQ +6
%HFNYLOOH 7; %HFNYLOOH +6
/DNH &KDUOHV /$ /D *UDQJH +6
&KHURNHH $/ &KHURNHH +6
(O 'RUDGR $5 (O 'RUDGR +6
&RQZD\ $5 &RQZD\ +6
&KDUOHVWRQ 06 1RUWKHDVW 0LVV &&
( " * '()(16( '( '( '7 RU RU 1* RU 6/% 0/% :/% &% &% 66 )6
0$5.(// &$57(5 7D\ORU 6FKX\OHU 75(< /,33( -HUPD\QH /HWW -867,1 :,//,$06 +87721 $1'5(: /$55< '89$// .,7 &2/(0$1 0DUVKDOO /R\G /OR\G /RJJLQV -867,1 +($5' /DPDU 0RRUH )5$1. 1(:620( .HDWRQ 6WLJJHU 72. 23(/2<( -HVVLH 6LPV +(15< 0,125 0DUFXV 'XPDV '(6021' :,/&2; 'DUUHOO 0DORQH 6(7+ $//,621 -HVWLQ /RYH 5$'$5,86 :,16721 -HUUHO 0F.QLJKW
3.
('',( &$5021$
3 35
65 )5 -5 -5 62 65 62 65 62 65 5V) -5 -5 5V) 65 -5 65 62 62 5V) 62 5V) 62 -5
63(&,$/ 7($06
%DUWOHVYLOOH 2. %DUWOHVYLOOH
%L[E\ 2. %L[E\ +6
9LQLWD 2. 9LQLWD +6
*DXWLHU 06 (DVW 0LVVLVVLSSL &&
*DOYHVWRQ 7; %DOO +6
2ZDVVR 2. 2ZDVVR +6
0DULDQQD $5 0DULDQQD +6
%O\WKHYLOOH $5 %O\WKHYLOOH +6
+RXVWRQ 7; $OGLQH 1LPLW] +6
'DOODV 7; &DUWHU +6
:RRGODQG $/ :RRGODQG +6
0DJQROLD $5 0DJQROLD
3HWDO 06 3HDUO 5LYHU &&
&ROOLHUYLOOH 71 &ROOLHUYLOOH +6
&HGDU +LOO 7; &HGDU +LOO +6
%DNHU /$ %DNHU +6
%DWRQ 5RXJH /$ &DWKROLF +6
6W -DPHV /$ 6W -DPHV +6
%HDXPRQW 7; 2]HQ +6
%\KDOLD 06 %\KDOLD +6
6WXWWJDUW $5 6WXWWJDUW +6
: 0HPSKLV $5 : 0HPSKLV
%DVWURS /$ %DVWURS
*UDQG 3UDLULH 7; *UDQG 3UDLULH
65
&KDUOHVWRQ $5 &KDUOHVWRQ +6
('',( &$5021$
65
&KDUOHVWRQ $5 &KDUOHVWRQ +6
,6$,$+ -$&.621 -DFNLH +LQWRQ
-5 62
&RQZD\ $5 &RQZD\ +6
+RXVWRQ 7; +RXVWRQ
.5
7- $'$06 ,6$,$+ -$&.621
-5 -5
%HFNYLOOH 7; %HFNYLOOH +6
&RQZD\ $5 &RQZD\ +6
'6
'$1,(/ +(55,1*721 65
0DJHH 06 &R /LQ &&
GHQRWHV UHWXUQLQJ VWDUWHUV
#
(
$SSHDUHG LQ FDUHHU JDPHV RQ WKH GHIHQVLYH OLQH UHFRUGHG WDFNOHV HLJKW VROR DVVLVWHG ZLWK WZR IRU ORVV IRU WKUHH \DUGV $SSHDUHG LQ JDPHV PDNLQJ RQH VWDUW UHFRUGHG VHYHQ WDFNOHV WKUHH VROR IRXU DVVLVWHG PDGH RQH WDFNOH IRU ORVV IRU RQH \DUG ZLWK WKUHH WDFNOHV DW +DZDLL $SSHDUHG LQ VHYHQ JDPHV PDNLQJ VL[ VWDUWV KDG WDFNOHV ZLWK WDFNOHV IRU ORVV KDG WZR WDFNOHV LQ HDFK RI WKUHH JDPHV ² +HQGHUVRQ 6WDWH 8& 'DYLV DQG 6DP +RXVWRQ 6WDWH $SSHDUHG LQ VL[ JDPHV UHFRUGLQJ RQH WDFNOH IRU ORVV DW /RXLVLDQD 7HFK
5HGVKLUWHG
+LJK 6FKRRO 2NODKRPD $ &RDFKHV $OO 6WDWH 6HFRQG 7HDP $OO 'LVWULFW DW 2ZDVVR +LJK 6FKRRO LQ 2NODKRPD
3UHVHDVRQ )LUVW 7HDP $OO 6RXWKODQG &RQIHUHQFH VHOHFWLRQ«HQ WHUV VHQLRU VHDVRQ WK RQ VFKRROÒ&#x2039;V FDUHHU VFRULQJ OLVW DQG QHHGV MXVW SRLQWV WR EUHDN LQWR FDUHHU WRS Ã&#x20AC;YH«LV VL[WK LQ FDUHHU 3$7V PDGH QHHGV WR FUDFN WRS Ã&#x20AC;YH DQG WR PRYH LQWR WKLUG«LV IRXUWK LQ FD UHHU )*V PDGH ZLWK QHHGV IRU VFKRRO UHFRUG«VHFRQG LQ FDUHHU )* 3FW DW RI «WKLUG LQ FDUHHU 3$7 3FW DW (DUQHG )LUVW 7HDP $OO 6RXWKODQG &RQIHUHQFH KRQRUV DIWHU OHDGLQJ OHDJXH LQ 3$7 SHUFHQWDJH ² Ã&#x20AC;QLVKLQJ D SHUIHFW IRU ² DQG Ã&#x20AC;QLVKLQJ VHFRQG LQ WKH OHDJXH LQ Ã&#x20AC;HOG JRDOV PDGH ZLWK RI ZKLFK WLHV 8&$ UHFRUG«PDGH FRQVHFXWLYH Ã&#x20AC;HOG JRDOV GDWLQJ EDFN WR SUH YLRXV VHDVRQ EUHDNLQJ VFKRRO UHFRUG«EURNH VFKRRO UHFRUG E\ PDN LQJ Ã&#x20AC;HOG JRDOV LQ VLQJOH JDPH DW 6RXWKHDVWHUQ /RXLVLDQD « KDG WZR JDPHV ZLWK WKUHH Ã&#x20AC;HOG JRDOV 6WHSKHQ ) $XVWLQ 7H[DV 6WDWH «KDG SRLQWV VL[WK KLJKHVW LQ WKH 6RXWKODQG«KDG D VHDVRQ ORQJ )* RI \DUGV DW 6/8«ZDV WZR WLPH 6RXWKODQG &RQIHUHQFH 6SHFLDO 7HDPV 3OD\HU RI WKH :HHN ² DIWHU VFRULQJ SRLQWV 3$7 )* DW 1RUWKZHVWHUQ 6WDWH DQG DIWHU VFRULQJ SRLQWV )* 3$7 DQG UHFRUGLQJ WKUHH WRXFKEDFNV RQ NLFNRIIV DW 6/8 $SSHDUHG LQ DOO JDPHV PDGH RI Ã&#x20AC;HOG JRDOV WLHG IRU VHFRQG PRVW LQ D VHDVRQ LQ 8&$ KLVWRU\ ZDV RI RQ H[WUD SRLQW DWWHPSWV JLYLQJ KLP WKH VHFRQG PRVW 3$7V LQ D VHDVRQ LQ VFKRRO KLVWRU\ VFRUHG SRLQWV DYHUDJLQJ SHU JDPH ² VHFRQG LQ WKH 6RXWKODQG &RQIHUHQFH LQ VFRULQJ DPRQJ NLFNHUV DQG VHYHQWK RYHUDOO ZDV IRXUWK LQ WKH OHDJXH LQ Ã&#x20AC;HOG JRDOV PDGH ORQJHVW Ã&#x20AC;HOG JRDO ZDV \DUGV ZDV QDPHG 6RXWKODQG 6SHFLDO 7HDPV 3OD\HU RI WKH :HHN IRU DIWHU KLWWLQJ ERWK Ã&#x20AC;HOG JRDOV DQG DOO Ã&#x20AC;YH H[WUD SRLQWV DJDLQVW $UNDQVDV 3LQH %OXII VFRUHG SRLQWV DJDLQVW 6DP +RXVWRQ 6WDWH ZLWK WZR Ã&#x20AC;HOG JRDOV DQG VL[ 3$7V KDG WZR WDFNOHV DQG WZR IXPEOH UHFRYHULHV +LJK 6FKRRO 7ZR WLPH $OO 6WDWH VHOHFWLRQ DW &KDUOHVWRQ +LJK 6FKRRO LQ $UNDQVDV QDPHG 093 RI WKH VWDWH FKDPSLRQVKLS JDPH WKUHH WLPH $OO &RQIHUHQFH FKRLFH DQG ZDV QDPHG WZR WLPH $VVRFLDWHG 3UHVV 6XSHU 7HDP )LUVW 7HDP $UNDQVDV 'HPRFUDW *D]HWWH 6XSHU 7HDP KDG FDUHHU ORQJ \DUG Ã&#x20AC;HOG JRDO DQG \DUG SXQW DYHUDJH
$
(
3UHVHDVRQ $OO 6RXWKODQG &RQIHUHQFH )LUVW 7HDP VHOHFWLRQ DQG SUHVHDVRQ VHFRQG WHDP $OO $PHULFDQ E\ 7KH 6SRUWV 1HWZRUN«HQ WHUV ÀQDO VHDVRQ ZLWK FDUHHU VDFNV QHHGLQJ ÀYH PRUH WR FUDFN VFKRROҋV FDUHHU WRS «KDV FDUHHU WDFNOHV DQG WDFNOHV IRU ORVV 6WDUWHG LQ DOO JDPHV HDUQHG $OO 6RXWKODQG &RQIHUHQFH 6HFRQG 7HDP KRQRUV DIWHU ÀQLVKLQJ IRXUWK LQ WKH OHDJXH ZLWK VDFNV DQG VL[WK ZLWK WDFNOHV IRU ORVV ZKLOH UHFRUGLQJ WZR IXPEOH UHFRYHULHV«KDG WDFNOHV LQFOXGLQJ FDUHHU KLJK VHYHQ DJDLQVW *OHQYLOOH 6WDWH RQ 6HSW «KDG VL[ WDFNOHV DW :HVWHUQ .HQWXFN\ RQ 6HSW LQ VFKRROҋV ÀUVW HYHU ZLQ RYHU )%6 RSSRQHQW«UHFRUGHG WZR VDFNV LQ HDFK RI WKH *68 DQG :.8 JDPHV«UHFRUGHG RQH SDVV EUHDNXS DJDLQVW *68 $SSHDUHG LQ DOO JDPHV UHFRUGLQJ WDFNOHV WDFN OHV IRU ORVV VDFNV WLHG IRU WKLUG RQ WHDP RQH IRUFHG IXPEOH DQG WZR IXPEOH UHFRYHULHV KDG VHDVRQ EHVW WKUHH WDFNOHV DJDLQVW 6RXWKHDVWHUQ /RXLVLDQD KDG WZR VDFNV IRU D ORVV RI \DUGV DJDLQVW $UNDQVDV 3LQH %OXII 3OD\HG LQ JDPHV WRWDOLQJ WDFNOHV ZLWK RQH VDFN IRXU WDFNOHV IRU ORVV DQ LQWHUFHSWLRQ DQG D SDVV GHÁHFWLRQ KDG VHDVRQ KLJK VL[ WDFNOHV DQG DQ LQWHUFHSWLRQ UHWXUQHG IRU \DUGV DW 0LVVRXUL 6WDWH DQG UHFRUGHG D SDLU RI VROR WDFNOHV DJDLQVW 7HQQHVVHH 0DUWLQ DQG 6WHSKHQ ) $XVWLQ KDG KDOI VDFNV LQ ZLQV RYHU 6DP +RXVWRQ 6WDWH DQG 6)$ +LJK 6FKRRO 5DWHG VWDU UHFUXLW E\ 0D[ (PÀQJHU DQG QDPHG WR WKH 2NODKRPD )DE SDUWLFLSDWHG LQ 0D[ (PÀQJHU $OO $PHULFDQ *DPH WZR WLPH $OO 0HWUR '( :5 DW %DUWOHVYLOOH +LJK 6FKRRO LQ UHFRUGHG WDFNOHV ZLWK VL[ VDFNV DQG DOVR KDG UHFHSWLRQV IRU \DUGV DQG WKUHH WRXFKGRZQV OHWWHUHG IRXU \HDUV LQ EDVNHWEDOO
$SSHDUHG LQ FDUHHU JDPHV RQ WKH GHIHQVLYH OLQH KDV WDN OHV VRORV DVVLVWHG ZLWK WZR WDFNOHV IRU ORVV DQG KDOI D VDFN $SSHDUHG DOO JDPHV PDNLQJ RQH VWDUW RQ WKH GHIHQVLYH OLQH KDG VHYHQ WDFNOHV ZLWK RQH IRU ORVV UHFRUGHG WDFNOH IRU ORVV IRU WKUHH \DUGV DQG KDG D IXPEOH UHFRYHU\ DJDLQVW 1RUWK 'DNRWD $SSHDUHG LQ JDPHV UHFRUGLQJ WDFNOHV ZLWK RQH WDFNOH IRU ORVV DQG KDOI D VDFN UHFRUGHG VHDVRQ EHVW ÀYH WDFNOHV DW 1LFKROOV 6WDWH LQFOXGLQJ IRXU VRORV
5HGVKLUWHG
$SSHDUHG LQ VL[ JDPHV
+LJK 6FKRRO 3OD\HG DW %O\WKHYLOOH +LJK 6FKRRO ZKHUH KH ZDV QDPHG $OO &RQIHUHQFH $OO 6WDWH DQG %HVW 8QGHU 7KH 6XQ E\ 7KH -RQHVERUR 6XQ VHOHFWHG WR WKH .$,7 6XSHU 7HDP WKH $UNDQVDV +LJK 6FKRRO $OO 6WDU *DPH DQG WKH $OO $PHULFDQ %RZO *DPH
3UHDVHDVRQ $OO 6RXWKODQG &RQIHUHQFH )LUVW 7HDP VHOHFWLRQ DS SHDUHG LQ FDUHHU JDPHV ZLWK VWDUWV RQ WKH RIIHQVLYH OLQH :DV QDPHG $OO 6RXWKODQG &RQIHUHQFH +RQRUDEOH 0HQWLRQ DQG HDUQHG 6RXWKODQG $OO $FDGHPLF KRQRUV« VWDUWHG DOO JDPHV KHOSHG WHDP WR WKLUG EHVW UXVKLQJ RIIHQVH LQ WKH 6/&« )LUVW 7HDP (631 7KH 0DJD]LQH &R6,'$ $FDGHPLF $OO 'LVWULFW VHOHFWLRQ OHW WHUHG IRU 8&$ WUDFN ÀHOG WHDP EUHDNLQJ VFKRRO UHFRUG LQ KDPPHU WKURZ DQG TXDOLI\LQJ IRU 6/& &KDPSLRQVKLSV LQ ERWK KDPPHU DQG VKRW SXW 3OD\HG LQ JDPHV PDNLQJ WKUHH VWDUWV RQ RIIHQVLYH OLQH WKDW KHOSHG 8&$ EHFRPH WKH WRS VFRULQJ RIIHQVH LQ WKH 6RXWKODQG &RQIHUHQFH OHWWHUHG IRU 8&$ WUDFN ÀHOG WHDP SDUWLFLSDWLQJ LQ WKH GLVFXV DQG VKRW SXW 3UHYLRXV 6FKRROV 3OD\HG DW 6SHUU\ +LJK 6FKRRO LQ 2NODKRPD ZKHUH KH ZDV QDPHG 'LVWULFW 2IIHQVLYH 3OD\HU RI WKH <HDU VHOHFWHG WR 2LO %RZO $OO 6WDU JDPH -LP 7KRUSH $OO 6WDU VHOHFWLRQ HDUQHG $OO 6WDWH KRQRUDEOH PHQWLRQ ZDV D WKUHH WLPH VWDWH TXDOLÀHU LQ ERWK VKRW SXW DQG GLVFXV SOD\HG HLJKW JDPHV DW 1( 2NODKRPD $ 0 LQ UHFRUGHG WDFNOHV WZR VDFNV DQG D IRUFHG IXPEOH
(
$SSHDUHG LQ DOO JDPHV DV WKH GHHS VQDSSHU UHFRUGHG WZR WDFNOHV RQ VSHFLDO WHDPV ² RQH DJDLQVW *OHQYLOOH 6WDWH DQG RQH DW 0F1HHVH 6WDWH 3UHYLRXV 6FKRROV /HWWHUHG DQG VWDUWHG IRU WZR \HDUV DV GHHS VKRUW VQDSSHU DW &RSLDK /LQFROQ &RPPXQLW\ &ROOHJH LQ :HVVRQ 0LVV ZDV D WKUHH \HDU OHWWHUPDQ DW 0DJHH +LJK 6FKRRO ZKHUH KH ZDV D KLJK VFKRRO DOO VWDU VHOHFWLRQ DQG DOO GLVWULFW VHOHFWLRQ ZDV DOVR D KRQRU JUDGXDWH
3UHVHDVRQ $OO 6RXWKODQG &RQIHUHQFH )LUVW 7HDP DSSHDUHG LQ FDUHHU JDPHV HQWHUV VHDVRQ ZLWK UHFHSWLRQV QHHGLQJ WR PRYH LQWR 8&$ FDUHHU WRS KDV FDUHHU UHFHLYLQJ \DUGV QHHGV WR FUDFN WRS KDV UHFHLYLQJ WRXFKGRZQV WZR VK\ RI WKH FDUHHU WRS DQG VL[ VK\ RI WKH WRS Ã&#x20AC;YH
0LVVHG HQWLUH VHDVRQ ZLWK D PHGLFDO UHGVKLUW
3OD\HG DQG VWDUWHG LQ DOO JDPHV HDUQLQJ $OO 6RXWKODQG &RQIHUHQFH +RQRUDEOH 0HQWLRQ ZDV WHDPÒ&#x2039;V WKLUG OHDGLQJ UHFHLYHU ZLWK UHFHSWLRQV IRU \DUGV DQG VHYHQ WRXFKGRZQV DYHUDJHG WHDP KLJK \DUGV SHU FDWFK ZDV IRXUWK RQ WHDP LQ VFRULQJ ZLWK SRLQWV KDG VHDVRQ KLJK UHFHLYLQJ \DUGV DW 7XOVD DOVR UHDFKHG WULSOH GLJLWV ZLWK \DUGV DJDLQVW 6DP +RXVWRQ 6WDWH KDG FDUHHU KLJK VL[ UHFHSWLRQV DJDLQVW 8& 'DYLV %HFDPH ELJ SOD\ WKUHDW LQ Ã&#x20AC;UVW VHDVRQ RQ WKH Ã&#x20AC;HOG DYHU DJLQJ D WHDP EHVW \DUGV SHU FDWFK KDG UHFHSWLRQV IRU \DUGV DQG Ã&#x20AC;YH WRXFKGRZQV VHFRQG PRVW RQ WKH WHDP KDG FDUHHU KLJKV LQ UHFHSWLRQV Ã&#x20AC;YH DQG \DUGV DW 0LVVRXUL 6WDWH ZKHUH KH DOVR FDXJKW KLV ORQJHVW SDVV RI WKH VHDVRQ IRU \DUGV KDG WZR WRXFKGRZQ JUDEV LQ 0LVVRXUL 6WDWH DQG 7H[DV 6WDWH JDPHV 5HGVKLUWHG +LJK 6FKRRO 7ZR \HDU VWDUWHU DQG OHWWHUPDQ DW (O 'RUDGR +LJK 6FKRRO QDPHG $UNDQVDV $$$$$ $OO 6WDWH DQG $$$$$ 6RXWK $OO &RQIHUHQFH LQ VHOHFWHG WR $UNDQVDV $OO 6WDU *DPH 1HZV 7LPHV 3OD\HU RI WKH <HDU Ã&#x20AC;QDOLVW KDG UHFHSWLRQV IRU \DUGV DQG WRXFKGRZQV GXULQJ FDUHHU DYHUDJLQJ \DUGV SHU FDWFK DOVR SDUWLFLSDWHG LQ EDVNHWEDOO DQG WUDFN
3OD\HG LQ FDUHHU JDPHV PDGH WDFNOHV WKUHH VROR QLQH DVVLVWHG ZLWK WKUHH WDFNOHV IRU ORVV IRU VHYHQ \DUGV
$SSHDUHG LQ WZR JDPHV RQ WKH GHIHQVLYH OLQH
3OD\HG LQ Ã&#x20AC;YH JDPHV UHFRUGHG VL[ WDFNOHV ZLWK D KDOI WDFN OH IRU ORVV KDG FDUHHU KLJK IRXU WDFNOHV DJDLQVW 1RUWKZHVWHUQ 6WDWH 3OD\HG LQ JDPHV DQG VWDUWHG WKUHH DV D WUXH IUHVKPDQ 5HFRUGHG VL[ WDFNOHV ZLWK IRU ORVV +DG WKUHH WDFNOHV LQ VHDVRQ Ã&#x20AC;QDOH DW 0F1HHVH 6WDWH +LJK 6FKRRO 7ZR WLPH $OO 'LVWULFW VHOHFWLRQ DW 'DOODV &DUWHU +LJK 6FKRRO QDPHG $OO $UHD DQG $OO &LW\ VHOHFWLRQ KDG WDFNOHV VDFNV WKUHH IRUFHG IXPEOHV DQG WZR IXPEOH UHFRYHULHV LQ GLVWULFW VKRW SXW FKDPSLRQ DQG D UHJLRQDO Ã&#x20AC;QDOLVW DOVR QDPHG :)$$ FRP 3OD\HU RI WKH :HHN DQG WR WKH ',6' 'DQG\ 'R]HQ SHUFHQW RI FODVV
(
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² 7HQQHVVHH 0DUWLQ 0LVVRXUL 6WDWH DQG 7H[DV 6WDWH +LJK 6FKRRO 5DWHG QDWLRQÒ&#x2039;V WK EHVW UXQQLQJ EDFN FRPLQJ RXW RI &DWKROLF +LJK 6FKRRO LQ %DWRQ 5RXJH /D KDG \DUGV UXVKLQJ DQG VL[ WRXFKGRZQV LQ DORQJ ZLWK \DUGV UHFHLYLQJ DQG WKUHH 7'V QDPHG $OO 0HWUR DQG $OO 'LVWULFW UDQ D PHWHU GDVK DQG ZDV D VWDWH Ã&#x20AC;QDOLVW LQ WKH [ P UHOD\ DQG WKH P RULJLQDOO\ FRPPLWWHG WR 8QLYHUVLW\ RI .HQWXFN\
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
$SSHDUHG LQ FDUHHU JDPHV ZLWK VWDUWV DV D OLQHEDFNHU UHFRUG HG WRWDO WDFNOHV VROR DVVLVWHG ZLWK IRU ORVV KDV WKUHH SDVV EUHDN XSV DQG WZR IRUFHG IXPEOHV 3OD\HG LQ DOO JDPHV PDGH WDFNOHV DQG KDG IRU ORVV IRU \DUGV ORVW FDPH XS ZLWK QLQH WDFNOHV DQG WZR IRU ORVV DJDLQVW 1LFK ROOV UHFRUGHG HLJKW WDFNOHV DJDLQVW 0LVVRXUL 6 7 3OD\HG LQ DOO JDPHV PDNLQJ IRXU VWDUWV IRXUWK RQ WHDP LQ WDFNOHV ZLWK VROR DVVLVWHG KDG RQH WDFNOH IRU ORVV DQG WZR IRUFHG IXPEOHV KDG WZR JDPHV RI VHYHQ WDFNOHV ² +HQGHUVRQ 6WDWH DQG DW 7XOVD 3OD\HG LQ JDPHV PDGH HLJKW VWDUWV ZDV WHDPÒ&#x2039;V Ã&#x20AC;IWK OHDG LQJ WDFNOHU ZLWK LQFOXGLQJ VROR WDFNOHV KDG WKUHH WDFNOHV IRU ORVV RQH LQWHUFHSWLRQ DW 6DP +RXVWRQ 6WDWH DQG WKUHH SDVV EUHDNXSV KDG Ã&#x20AC;YH JDPHV ZLWK VHYHQ RU PRUH WDFNOHV LQFOXGLQJ D FDUHHU KLJK DW 0F1HHVH 6WDWH LQ WKH VHDVRQ Ã&#x20AC;QDOH 5HGVKLUWHG +LJK 6FKRRO 7KUHH \HDU VWDUWHU DQG OHWWHUPDQ DW &HGDU +LOO +LJK 6FKRRO LQ 7H[DV YRWHG 'LVWULFW $ $OO 'LVWULFW WZR WLPHV QDPHG &HGDU +LOO 3OD\HU RI WKH <HDU DFFXPXODWHG WDFNOHV WDFNOHV IRU ORVV DQG VDFNV GXULQJ FDUHHU OHWWHUHG IRXU \HDUV LQ SRZHUOLIWLQJ ZKHUH KH ZDV D UHJLRQDO TXDOLÃ&#x20AC;HU DOVR SDUWLFLSDWHG LQ WUDFN DQG Ã&#x20AC;HOG
(
$SSHDUHG LQ FDUHHU JDPHV UHFRUGHG WDFNOHV VROR VL[ DVVLVWHG DQG WZR WDFNOHV IRU ORVV IRU VL[ \DUGV $SSHDUHG LQ JDPHV DV D UHVHUYH OLQHEDFNHU DQG RQ VSHFLDO WHDPV UHFRUGHG QLQH WDFNOHV VHYHQ VROR WZR DVVLVWHG ZLWK RQH WDFNOH IRU ORVV KDG FDUHHU KLJK Ã&#x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
$SSHDUHG LQ ODVW QLQH JDPHV RI WKH VHDVRQ DV D UHVHUYH ZLGH UHFHLYHU DQG RQ VSHFLDO WHDPV
5HGVKLUWHG
3UHYLRXV 6FKRROV 3OD\HG DW 1RUWKHDVW 0LVVLVVLSSL &RPPX QLW\ &ROOHJH ZKHUH KH ZDV WHDPÒ&#x2039;V VHFRQG OHDGLQJ UHFHLYHU ZLWK FDWFKHV IRU \DUGV DQG WZR WRXFKGRZQV VHOHFWHG IRU 0LVVLVVLSSL -XQLRU &ROOHJH $OO 6WDU JDPH UHFLSLHQW RI 7LJHU $ZDUG JLYHQ WR WRS VWXGHQW DWKOHWH DW 1RUWKHDVW 0LVVLVVLSSL &RP PXQLW\ &ROOHJH ZDV DOO VWDWH VHOHFWLRQ LQ WUDFN LQ KLJK VFKRRO
$SSHDUHG LQ JDPHV DW OLQHEDFNHU PDGH VHYHQ WDFNOHV ZLWK WZR IRU ORVV IRU \DUGV QRWFKHG Ã&#x20AC;YH WDFNOHV ZLWK WZR IRU ORVV DJDLQVW 0LVVRXUL 6 7
0LVVHG VHDVRQ GXH WR LQMXU\
5HGVKLUWHG DW 0LVVLVVLSSL 6WDWH 8QLYHUVLW\
3OD\HG LQ JDPHV DW 0LVVLVVLSSL 6WDWH
+LJK 6FKRRO :DV UDWHG 1R KLJK VFKRRO DWKOHWH LQ WKH QDWLRQ E\ 3UHS 6WDU 0DJD]LQH FRPLQJ RXW RI 2OLYH %UDQFK 0LVV UDQNHG 1R SOD\HU LQ WKH QDWLRQ UHJDUGOHVV RI SRVLWLRQ E\ 5LYDOV FRP ZKR DOVR WDEEHG KLP D IRXU VWDU UHFUXLW
( 7 - $'$06
7HUHQFH %2%2
:5 .5 Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; %HFNYLOOH 7; Â&#x2021; %HFNYLOOH
5% Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; $WNLQV $5 Â&#x2021; $WNLQV
$SSHDUHG LQ JDPHV UDQNV HLJKWK RQ 8&$Ò&#x2039;V FDUHHU NLFN UHWXUQ DYHUDJH ZLWK \DUGV SHU UHWXUQ KDV UH WXUQHG NLFNV IRU \DUGV FDXJKW SDVVHV IRU \DUGV DQG D WRXFKGRZQ UXVKHG WLPHV IRU \DUGV
5HGVKLUWHG $SSHDUHG LQ JDPHV DV D WUXH IUHVKPDQ ZDV WHDPÒ&#x2039;V IRXUWK OHDGLQJ UXVKHU Ã&#x20AC;QLVKLQJ ZLWK \DUGV RQ FDUULHV ZLWK RQH WRXFKGRZQ KDG VHD VRQ EHVW \DUGV RQ IRXU FDUULHV DJDLQVW +HQGHUVRQ 6WDWH KDG ORQJHVW UXQ RI \DUGV LQ VHDVRQ Ã&#x20AC;QDOH DJDLQVW 0F1HHVH 6WDWH KDG WKUHH UHFHSWLRQV IRU \DUGV DQG RQH WRXFKGRZQ ZLWK D \DUG 7' UHFHS WLRQ YV $UNDQVDV 3LQH %OXII
$SSHDUHG LQ JDPHV ZLWK WKUHH VWDUWV DW ZLGH UHFHLYHU FDXJKW QLQH SDVVHV IRU \DUGV DQG D WRXFK GRZQ KDG WKUHH FDWFKHV IRU \DUGV DQG D WRXFKGRZQ DJDLQVW *OHQYLOOH 6WDWH UXVKHG WKUHH WLPHV IRU \DUGV UHWXUQHG WKUHH NLFNRIIV IRU \DUGV PDGH WZR VSHFLDO WHDPV WDFNOHV
+LJK 6FKRRO 7ZR WLPH $ $OO 6WDWH VHOHFWLRQ DW $WNLQV +LJK 6FKRRO WRWDOHG UXVKLQJ \DUGV DQG WRXFKGRZQV IRU FDUHHU WKUHH WLPH $OO &RQIHUHQFH SLFN QDPHG WR $UNDQVDV 'HPR FUDW *D]HWWH 6XSHU 6RSKRPRUH 7HDP VHOHFWHG DV /LWWOH 5RFN 7RXFKGRZQ &OXE $ 093 6WDWH )DUP $ 2IIHQVLYH 3OD\HU RI WKH <HDU DQG ZDV D Ã&#x20AC;QDOLVW IRU WKH /DQGHUV $ZDUG QDPHG WR $VVRFLDWHG 3UHVV $OO $UNDQVDV 6XSHU 7HDP DQG ZDV WKH .$59 'UHDP 7HDP 3OD\HU RI WKH <HDU VHOHFWHG WR $UNDQVDV +LJK 6FKRRO $OO 6WDU *DPH UDQNHG 1R DWKOHWH LQ QDWLRQ E\ (631 FRP WZR VWDU UDWHG E\ 5LYDOV FRP VWDWH Ã&#x20AC;QDOLVW LQ P KXU GOHV
$SSHDUHG LQ DOO JDPHV DV D WUXH IUHVKPDQ DPDVVLQJ DOO SXUSRVH \DUGV OHG 6RXWKODQG &RQIHUHQFH DQG ZDV WK QDWLRQDOO\ ZLWK NLFN UHWXUQ DYHUDJH RI \DUGV QDPHG 6/& )UHVKPDQ RI WKH <HDU E\ WKH &ROOHJH 6SRUWLQJ 1HZV KDG UHWXUQV IRU \DUGV ² WKH WKLUG KLJKHVW VHDVRQ WRWDO LQ 8&$ KLVWRU\ KDG NLFN UHWXUQ \DUGV DW 7XOVD KDG VHDVRQ ORQJ UHWXUQ RI \DUGV LQ VHDVRQ Ã&#x20AC;QDOH DJDLQVW 0F1HHVH 6WDWH UXVKHG IRU \DUGV RQ FDUULHV UHFRUGHG HLJKW WDFNOHV VL[ VROR +LJK 6FKRRO )RXU \HDU OHWWHUPDQ DQG WZR WLPH $VVRFLDWHG 3UHVV $OO 6WDWH DW %HFNYLOOH +LJK 6FKRRO WZR WLPH $OO (DVW 7H[DV VHOHFWLRQ WKUHH WLPH $OO 'LVWULFW QDPHG 'LVWULFW 093 DPDVVHG FDUHHU UXVKLQJ \DUGV VWDWH WUDFN TXDOLÃ&#x20AC;HU LQ ORQJ MXPS DQG P UHOD\ PHPEHU RI 1DWLRQDO +RQRU 6RFLHW\ ZDV UDWHG 1R RYHUDOO SOD\HU LQ (DVW 7H[DV E\ 6PRDN\ FRP
.DUO %5$'< 'RPLQLTXH $//(1
'% Â&#x2021; 5V) Â&#x2021; Â&#x2021; Â&#x2021; 0HPSKLV 71 Â&#x2021; 5DOHLJK (J\SW
2/ Â&#x2021; 5V) Â&#x2021; Â&#x2021; Â&#x2021; +RXVWRQ 7; Â&#x2021; 0DGLVRQ
5HGVKLUWHG
+LJK 6FKRRO 7ZR WLPH $OO 6KHOE\ &RXQW\ 0HWUR 6HOHFWLRQ IRU 5DOHLJK (J\SW +LJK 6FKRRO LQ 0HP SKLV VHOHFWHG WR $XWR=RQH /LEHUW\ %RZO $OO 6WDU *DPH YRWHG 3UHS 6WDU 3OD\HU RI WKH :HHN 7UL 6WDWH 'HIHQGHU UDWHG DPRQJ WRS ZLG UHFHLYHUV LQ 7HQQHVVHH E\ (631 5HFUXLWLQJ FDXJKW SDVVHV IRU \DUGV DQG WKUHH WRXFKGRZQV DV D VHQLRU DOVR UDQ QLQH WLPHV IRU \DUGV DQG DYHUDJHG \DUGV SHU NLFNRII UHWXUQ UHFRUG Ã&#x20AC;YH LQWHUFHSWLRQV GXULQJ KLJK VFKRRO FDUHHU
5HGVKLUWHG
+LJK 6FKRRO 7ZR WLPH $ $OO 'LVWULFW VHOHF WLRQ IRU -DPHV 0DGLVRQ +LJK 6FKRRO LQ +RXVWRQ WKUHH \HDU VWDUWHU WKUHH \HDU OHWWHUZLQQHU LQ WUDFN DQG Ã&#x20AC;HOG KHOSHG -0+6 WR D UHFRUG DQG D $ TXDUWHU Ã&#x20AC;QDOV DSSHDUDQFH LQ
'RPLQLTXH &5220 6HWK $//,621
:5 Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; &KHURNHH $/ Â&#x2021; &KHURNHH $SSHDUHG LQ JDPHV ZLWK VHYHQ VWDUWV DV D WUXH IUHVKPDQ ZDV 8&$Ò&#x2039;V Ã&#x20AC;IWK OHDGLQJ UHFHLYHU ZLWK FDWFKHV IRU \DUGV DQG WZR WRXFKGRZQV KDG WKH QLQWK PRVW IUHVKPDQ UHFHLYLQJ \DUGV LQ VFKRRO KLVWRU\ UHFRUGHG D VHDVRQ EHVW Ã&#x20AC;YH FDWFKHV IRU \DUGV DW 6RXWKHDVWHUQ /RXLVLDQD DOVR KDG Ã&#x20AC;YH UHFHS WLRQV IRU \DUGV DJDLQVW 1RUWK 'DNRWD UHDFKHG WKH HQG]RQH ZLWK D \DUG FDWFK DJDLQVW 1LFKROOV DQG D \DUGHU DW 1RUWKZHVWHUQ 6WDWH
'% Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; 6WXWWJDUW $5 Â&#x2021; 6WXWWJDUW $SSHDUHG LQ JDPHV DV D UHVHUYH VDIHWH\ DQG VSHFLDO WHDPV SOD\HU UHFRUGHG WDFNOHV VROR DQG KDOI D WDFNOH IRU ORVV UHFRUGHG VHDVRQ EHVW Ã&#x20AC;YH WDFNOHV ZLWK DQ DVVLVW IRU ORVV LQ ZLQ DJDLQVW 0LVVRXUL 6 7 DOVR KDG WZR VROR WDFNOHV DJDLQVW 1RUWK 'DNRWD 5HGVKLUWHG +LJK 6FKRRO 7ZR WLPH DOO VWDWH VHOHFWLRQ DW 6WXWWJDUW +LJK 6FKRRO LQ $UNDQVDV WKUHH WLPH DOO FRQIHUHQFH VH OHFWLRQ OHG WHDP LQ WDFNOHV DV D VHQLRU WHDP FDS WDLQ DOVR DOO VWDWH EDVHEDOO VHOHFWLRQ KRQRU JUDGXDWH
+LJK 6FKRRO $ODEDPD $ $OO 6WDU VHOHFWLRQ IRU &KHURNHH +LJK 6FKRRO IRXU \HDU OHWWHUZLQQHU LQ IRRW EDOO EDVNHWEDOO DQG WUDFN WKUHH WLPH 6KRDOV $OO $UHD VHOHFWLRQ $ODEDPD $ 6WDWH ORQJ MXPS FKDPSLRQ WHDP FDSWDLQ LQ IRRWEDOO DQG EDVNHW EDOO UHFRUGHG UHFHWSLRQV IRU \DUGV DQG HLJKW WRXFKGRZQV DV D VHQLRU KDG FDU ULHV IRU \DUGV DQG VHYHQ WRXFKGRZQV QRWFKHG WDFNOHV DQG HLJKW LQWHUFHSWLRQV UDWHG E\ 6FRXW FRP PHPEHU RI 1DWLRQDO +RQRU 6RFLHW\
$QWKRQ\ %/$&.021 5% Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; %HQWRQYLOOH $5 Â&#x2021; %HQWRQYLOOH $SSHDUHG LQ QLQH JDPHV DV D UHVHUYH UXQQLQJ EDFN FDUULHG WKH EDOO WLPHV IRU \DUGV FDXJKW Ã&#x20AC;YH SDVVHV IRU \DUGV DQG D WRXFKGRZQ FDXJKW D \DUG WRXFKGRZQ SDVV DJDLQVW 0LVVRXUL 6 7 UHFRUGHG VHDVRQ KLJK HLJKW FDUULHV DJDLQVW 1LFKROOV UXVKHG IRU \DUGV LQ ZLQ DW 1RUWKZHVWHUQ 6WDWH
5HGVKLUWHG
+LJK 6FKRRO 5XVKHG IRU \DUGV DQG WRXFK GRZQV DW %HQWRQYLOOH +LJK 6FKRRO LQ ZDV QDPHG $ $OO 6WDWH .$51 0RVW 9DOXDEOH 3OD\HU /DQGHUV $ZDUG )LQDO LVW /LWWOH 5RFN 7RXFKGRZQ &OXE $ 093 DQG ZDV D +RRWHQÒ&#x2039;V $ZDUG Ã&#x20AC;QDOLVW ZDV WZLFH VHOHFWHG $OO &RXQW\ DQG $OO &RQIHU HQFH ZDV $UNDQVDV +LJK 6FKRRO $OO 6WDU *DPH VHOHFWLRQ ZDV VWDWH Ã&#x20AC;QDOLVW LQ P KXUGOHV PHPEHU RI 1DWLRQDO +RQRU 6RFLHW\
#
( 5RJHULF *29$1
1DWKDQ ',&.
2/ Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; /LWWOH 5RFN $5 Â&#x2021; 0LGGOH 7HQ QHVVHH 6WDWH
4% Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; $OOHQ 7; Â&#x2021; 8QLY RI $UNDQVDV $SSHDUHG LQ Ã&#x20AC;YH JDPHV DV D UHVHUYH TXDUWHU EDFN FRPSOHWHG RI SDVVHV IRU \DUGV ZDV IRU IRU \DUGV LQ ZLQ DW :HVWHUQ .HQWXFN\ UXVKHG VHYHQ WLPHV IRU \DUGV KDG WKUHH FDUULHV IRU \DUGV LQ ZLQ DJDLQVW 0LVVRXUL 6 7
$SSHDUHG LQ JDPHV DQG VWDUWHG RQH RQ WKH RIIHQVLYH OLQH KHOSHG WHDP WR WKLUG EHVW UXVKLQJ RIIHQVH LQ WKH 6RXWKODQG &RQIHUHQFH DQG WK EHVW LQ WKH QDWLRQ 5HGVKLUWHG DW 0LGGOH 7HQQHVVHH 6WDWH LQ 0XUIUHHVERUR
3UHYLRXV 6FKRROV 6WDUWHG WZR JDPHV DW 8QLYHUVLW\ RI $UNDQVDV LQ FRPSOHWHG RI SDVVHV IRU \DUGV DQG IRXU WRXFKGRZQV LQFOXGLQJ WKURZLQJ IRU \DUGV DQG WKUHH WRXFKGRZQV DJDLQVW 0LVVLVVLSSL 6WDWH UHGVKLUWHG DW 8$ LQ WKUHZ IRU \DUGV ZLWK WRXFKGRZQV DQG WKUHH LQWHUFHSWLRQV DQG KDG UXVKLQJ \DUGV DQG WRXFKGRZQV DV D VHQLRU DW $OOHQ 7H[DV +LJK 6FKRRO ZDV UDQNHG WKH QDWLRQÒ&#x2039;V 1R TXDUWHUEDFN E\ 5LYDOV FRP DQG ZDV UDWHG D VWDU UHFUXLW
+LJK 6FKRRO 7ZR WLPH DOO FRQIHUHQFH VHOHFWLRQ RQ RIIHQVH DQG GHIHQVH DW (SLVFRSDO &ROOHJLDWH LQ /LWWOH 5RFN WKUHH WLPH DOO FRQIHUHQFH LQ EDVNHWEDOO %HWD &OXE PHPEHU
-RVHSK +$55,6 0DWW ',&.(5621
:5 Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; /DNH &KDUOHV /$ Â&#x2021; /D *UDQJH 3OD\HG LQ FDUHHU JDPHV KDV IRXU FDWFKHV IRU \DUGV
2/ Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; 0RQURH /$ Â&#x2021; 1HYLOOH 3OD\HG LQ JDPHV PDNLQJ Ã&#x20AC;YH VWDUWV RQ WKH RI IHQVLYH OLQH
3OD\HG LQ IRXU JDPHV DV D UHVHUYH ZLGH UH FHLYHU KDG RQH FDWFK IRU QLQH \DUGV LQ ZLQ RYHU 0LV VRXUL 6 7
$SSHDUHG LQ JDPHV PDNLQJ WZR VWDUWV KHOSHG WHDP WR WKLUG EHVW UXVKLQJ RIIHQVH LQ WKH 6RXWK ODQG &RQIHUHQFH DQG WK EHVW LQ WKH QDWLRQ
$SSHDUHG LQ VL[ JDPHV DQG UHFRUGHG WKUHH UHFHSWLRQV IRU \DUGV KDG WZR FDWFKHV IRU \DUGV DJDLQVW 4XLQF\ DQG RQH IRU Ã&#x20AC;YH \DUGV DJDLQVW +HQ GHUVRQ 6WDWH UHFRUGLQJ D ORQJ RI \DUGV DJDLQVW 4XLQF\
3OD\HG LQ JDPHV VWDUWHG WKUHH RQ RIIHQ VLYH OLQH ZKLOH KHOSLQJ %HDUV WR WRS VFRULQJ RIIHQVH LQ 6RXWKODQG &RQIHUHQFH UHFRUGHG RQH WDFNOH
5HGVKLUWHG
+LJK 6FKRRO 7ZR \HDU VWDUWHU DW 1HYLOOH +LJK 6FKRRO LQ 0RQURH /D WZR WLPH $OO 'LVWULFW DQG $OO 1RUWKHDVW /RXLVLDQD ZKLOH OHDGLQJ WHDP WR UHFRUG DOVR SDUWLFLSDWHG LQ EDVHEDOO DQG WUDFN DQG Ã&#x20AC;HOG
5HGVKLUWHG
+LJK 6FKRRO +DG UHFHSWLRQV IRU \DUGV DQG QLQH WRXFKGRZQV GXULQJ VHQLRU \HDU DW /D *UDQJH +LJK 6FKRRO LQ /DNH &KDUOHV /D DOVR OHWWHUHG LQ WUDFN DQG Ã&#x20AC;HOG ZKHUH KH ZDV D VWDWH Ã&#x20AC;QDOLVW LQ WKH PHWHUV QDPHG $OO 'LVWULFW DQG $OO 6RXWKZHVW /RXLVLDQD LQ EDVNHWEDOO
0DUFXV '80$6
-XVWLQ +($5'
'% Â&#x2021; 6 Â&#x2021; Â&#x2021; Â&#x2021; 6W -DPHV /$ Â&#x2021; 6W -DPHV
/% Â&#x2021; 5V) Â&#x2021; Â&#x2021; Â&#x2021; :RRGODQG $/ Â&#x2021; :RRGODQG
SOD\HG LQ JDPHV DV D IUHVKPDQ UH FRUGHG WDFNOHV ZLWK D KLJK RI IRXU DVVLVWHG WDFNOHV DJDLQVW 0LVVRXUL 6 7
5HGVKLUWHG +LJK 6FKRRO &RQIHUHQFH 093 IRU :RRGODQG +LJK 6FKRRO LQ $ODEDPD DV D VHQLRU &RXQW\ 3OD\HU RI WKH <HDU DQG WKUHH WLPH $OO &RXQW\ VHOHFWLRQ WZR WLPH $QQLVWRQ 6WDUD $OO $UHD VHOHFWLRQ $OO 6WDWH KRQ RUDEOH PHQWLRQ DV D VHQLRU UHFRUGHG WDFNOHV ZLWK WZR LQWHUFHSWLRQV GXULQJ VHQLRU VHDVRQ DOVR UHWXUQHG NLFNRIIV DQG SXQWV UXVKHG WLPHV IRU \DUGV IRXU \HDU VWDUWHU DQG WZR \HDU WHDP FDSWDLQ KHOSHG :+6 WR D VWDWH UXQQHU XS Ã&#x20AC;QLVK DV D VRSKRPRUH UDWHG E\ 6FRXW FRP
+LJK 6FKRRO IRXU \HDU OHWWHUPDQ IRRWEDOO EDVNHW EDOO EDVHEDOO DW 6W -DPHV WHDP FDSWDLQ LQ IRRWEDOO EDVNHWEDOO WZR WLPH $OO 'LVWULFW VHOHFWLRQ $OO /RXLVLDQD VHOHFWLRQ /RXLVLDQD +6 7RS WHDP UDWHG SOD\HU LQ /RXLVLDQD E\ 'DQG\ 'RQÒ&#x2039;V 5HFUXLW LQJ Ã&#x20AC;YH WLPH /RXLVLDQD +6 SOD\RII SDUWLFLSDQW 1D WLRQDO +RQRU 6RFLHW\
/DUU\ '89$//
-DFNLH +,1721 -U
'/ Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; 0DULDQQD $5 Â&#x2021; 0DULDQQD
5% Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; +RXVWRQ 7; Â&#x2021; 8QLY RI +RX VWRQ
$SSHDUHG LQ WKUHH JDPHV DV D UHVHUYH GHIHQ VLYH OLQHPDQ
$SSHDUHG LQ HLJKW JDPHV ZLWK WZR VWDUWV %HDUVÒ&#x2039; WKLUG OHDGLQJ UXVKHU ZLWK FDUULHV IRU \DUGV DQG D WRXFKGRZQ DOVR FDXJKW WKUHH SDVVHV IRU \DUGV OHG WUHDP ZLWK \DUGV RQ NLFN UH WXUQV DOVR UHWXUQHG VL[ SXQWV IRU \DUGV VHFRQG RQ WHDP ZLWK DOO SXUSRVH \DUGV SHU JDPH Ã&#x20AC;UVW WRXFK RI WKH VHDVRQ ZDV D \DUG WRXFKGRZQ UXQ LQ ZLQ DW 1RUWKZHVWHUQ 6WDWH
5HGVKLUWHG +LJK 6FKRRO 1DPHG WR $ $OO 6WDWH DV D VHQLRU DW 0DULDQQD /HH +LJK 6FKRRO ZDV QDPHG $OO &RQIHUHQFH WKUHH WLPHV $OO &RXQW\ WZLFH DQG HDUQHG $FDGHPLF +RQRU 5ROO KRQRUV IRXU WLPHV VHOHFWHG IRU $UNDQVDV +LJK 6FKRRO $OO 6WDU *DPH ZDV D VWDWH Ã&#x20AC; QDOLVW LQ VKRW SXW DOVR OHWWHUHG LQ EDVNHWEDOO
3UHYLRXV 6FKRROV 3OD\HG LQ WKUHH JDPHV IRU WKH 8QLYHUVLW\ RI +RXVWRQ LQ EHIRUH UHFHLYLQJ UHG VKLUW UXVKHG VHYHQ WLPHV IRU \DUGV IRU WKH &RX JDUV DOVR KDG WZR FDWFKHV IRU WZR \DUGV WKUHH VWDU UHFUXLW E\ 5LYDOV FRP DQG 6FRXW FRP UDQNHG 1R QDWLRQDOO\ E\ 6FRXW FRP DQG 1R LQ WKH 7H[DV 7RS E\ 6XSHU
#
( 3UHS OHWWHUHG DW &KDQQHOYLHZ +LJK 6FKRRO PHPEHU RI +RXVWRQ &KURQLFOH $UHD 7RS 7HDP QDPHG Ã&#x20AC;UVW WHDP DOO GLVWULFW RQ RIIHQVH GHIHQVH DQG VSHFLDO WHDPV UXVKHG IRU \DUGV DQG WRXFKGRZQV DV D VHQLRU DOVR FDXJKW SDVVHV IRU \DUGV DQG D WRXFKGRZQ DV D MXQLRU UHFRUGHG UHFHSWLRQV IRU \DUGV DQG VHYHQ WRXFKGRZQV DV ZHOO DV WKUHH LQWHUFHSWLRQV \DUGV RQ NLFN UHWXUQV DQG \DUGV RQ SXQW UHWXUQV OHWWHUHG LQ EDVHEDOO
-HUHP\ -(67(5 7( Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; *DWOLQEXUJ 71 Â&#x2021; 8QLY RI 7HQQHVVHH 3UHYLRXV 6FKRROV 6SHQW D VHDVRQ RQ SUDF WLFH VTXDG DW WKH 8QLYHUVLW\ RI 7HQQHVVHH LQ .QR[ YLOOH $ $OO 7HQQHVVHH VHOHFWLRQ IRU 3LWWPDQ +LJK 6FKRRO WKUHH WLPH DOO FRQIHUHQFH WHDP PHP EHU UHFRUGHG FDWFKHV DQG Ã&#x20AC;YH WRXFKGRZQV DW +DUJUDYH 0LOLWDU\ $FDGHP\ LQ &KDWKDP 9D
&RUH\ +2:$5' 2/Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; :LFKLWD )DOOV 7; Â&#x2021; 5LGHU $SSHDUHG LQ DOO JDPHV ZLWK VWDUWV RQ WKH RIIHQVLYH OLQH KHOSHG WHDP WR WKLUG EHVW UXVKLQJ RIIHQVH LQ WKH 6RXWKODQG &RQIHUHQFH DQG WK EHVW LQ WKH QDWLRQ UHFRUGHG D WDFNOH DJDLQVW 6RXWKHDVWHUQ /RXLVLDQD
/D0DUTXLV .,1*
+LJK 6FKRRO 7ZR WLPH DOO GLVWULFW VHOHFWLRQ IRU 5LG HU +LJK 6FKRRO LQ 7H[DV WZR WLPH DOO VWDWH VHOHFWLRQ DQG 5+6 093 VWDUWHG YDUVLW\ JDPHV GXULQJ FDUHHU RULJLQDOO\ FRPPLWWHG WR $LU )RUFH $FDGHP\
'( Â&#x2021; 5V) Â&#x2021; Â&#x2021; Â&#x2021; +RXVWRQ 7; Â&#x2021; $OGLQH 1LPLW] 5HGVKLUWHG +LJK 6FKRRO 7KUHH \HDU VWDUWHU DQG OHWWHUPDQ IRU $OGLQH 1LPLW] +LJK 6FKRRO LQ +RXVWRQ KDG FDWFK HV IRU \DUGV DQG WKUHH WRXFKGRZQV DV D WLJKW HQG GXULQJ VHQLRU \HDU VWDUWLQJ RXWVLGH OLQHEDFNHU GXULQJ VRSKRPRUH DQG MXQLRU VHDVRQV ZKHQ KH PDGH WDFNOHV LQFOXGLQJ WKUHH IRU ORVV DYHUDJHG \DUGV RQ NLFNRII UHWXUQV DV D VHQLRU
,VDLDK -$&.621 :5 Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; &RQZD\ $5 Â&#x2021; &RQZD\ $SSHDUHG LQ FDUHHU JDPHV UDQNV WKLUG RQ 8&$Ò&#x2039;V FDUHHU SXQW UHWXUQ DYHUDJH OLVW DW \DUGV UDQNV VHYHQWK LQ FDUHHU NLFN UHWXUQ \DUGV ZLWK DQG WK LQ NLFN UHWXUQ DYHUDJH DW DOVR KDV FDWFKHV IRU \DUGV DQG D WRXFKGRZQ KDV UH FRUGHG FDUULHV IRU \DUGV
-RH /(+2&.<
3OD\HG LQ DOO JDPHV ZLWK IRXU VWDUWV DW ZLGH UHFHLYHU %HDUVÒ&#x2039; IRXUWK OHDGLQJ UHFHLYHU ZLWK FDWFKHV IRU \DUGV DQG D WRFXKGRZQ KDG D \DUG WRXFKGRZQ FDWFK LQ ZLQ DW 1RUWKZHVWHUQ 6WDWH FDXJKW Ã&#x20AC;YH SDVVHV IRU \DUGV DW 0F1HHVH 6WDWH VHFRQG RQ WHDP ZLWK DOO SXUSRVH \DUGV UHWXUQHG NLFNV IRU \DUGV DOVR KDG QLQH SXQW UHWXUQV IRU \DUGV UHFRUGHG WKH WKLUG EHVW SXQW UHWXUQ DYHUDJH LQ VFKRRO KLVWRU\ DW \DUGV KDG Ã&#x20AC;YH SXQW UHWXUQV IRU \DUGV WKH VHFRQG PRVW LQ VFKRRO KLVWRU\ DJDLQVW 0LVVRXUL 6 7 UHFRUGHG WZR VSHFLDO WHDPV WDFNOHV LQFOXGLQJ DQ DVVLVWHG WDFNOH IRU ORVV RQ D SXQW DWWHPSW
2/ Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; $OEXTXHUTXH 10 Â&#x2021; &LEROD $SSHDUHG LQ FDUHHU JDPHV RQ WKH RIIHQVLYH OLQH 3OD\HG LQ JDPHV DV D UHVHUYH RIIHQVLYH OLQHPDQ KHOSHG WHDP WR WKLUG EHVW UXVKLQJ RIIHQVH LQ WKH 6RXWKODQG &RQIHUHQFH DQG WK EHVW LQ WKH QD WLRQ
$SSHDUHG LQ DOO JDPHV FRQWULEXWLQJ SULPDULO\ RQ VSHFLDO WHDPV KDG IRXUWK KLJKHVW WRWDO LQ 8&$ KLVWRU\ ZLWK NLFN UHWXUQ \DUGV DYHUDJHG \DUGV SHU UHWXUQ RQ DWWHPSWV DYHUDJHG \DUGV SHU UHWXUQ DJDLQVW 1RUWKZHVWHUQ 6WDWH WKH IRXUWK EHVW IRU D JDPH LQ VFKRRO KLVWRU\ KDG ORQJHVW UHWXUQ RI \DUGV LQ WKDW JDPH DOVR UHWXUQHG WKUHH SXQWV IRU VL[ \DUGV KDG IRXU FDUULHV IRU \DUGV DQG WZR UHFHSWLRQV IRU RQH \DUG DOVR UHFRUGHG RQH VROR WDFNOH
$SSHDUHG LQ DOO JDPHV SOD\LQJ RQ RIIHQ VLYH OLQH WKDW KHOSHG 8&$ EHFRPH WKH WRS VFRULQJ RI IHQVH LQ WKH 6RXWKODQG &RQIHUHQFH
+LJK 6FKRRO 7ZR WLPH $ $OO 6WDWH VHOHFWLRQ DW &RQZD\ +LJK 6FKRRO ZDV VHOHFWHG IRU $UNDQVDV +LJK 6FKRRO $OO 6WDU *DPH /DQGHUVÒ&#x2039; $ZDUG )LQDOLVW WZR WLPH $ &HQWUDO $OO &RQIHUHQFH WKUHH WLPH $OO )DXONQHU &RXQW\ VHOHFWLRQ QDPHG 2XWVWDQGLQJ %DFN LQ $ &HQWUDO GXULQJ VHQLRU VHDVRQ DPDVVHG UXVKLQJ \DUGV DQG QLQH WRXFKGRZQV UHFHLYLQJ \DUGV UHWXUQ \DUGV DQG WZR WRXFKGRZQV UDQNHG 1R DWKOHWH LQ QDWLRQ E\ (631 FRP
5HGVKLUWHG
+LJK 6FKRRO )RXU \HDU OHWWHUPDQ DQG WKUHH \HDU VWDUWHU DW &LEROD +LJK 6FKRRO LQ 1HZ 0H[LFR WZR WLPH $OO 'LVWULFW WLJKW HQG VHOHFWLRQ DQG ZDV $OO 'LVWULFW GHIHQVLYH OLQHPDQ QDPHG $OO 0HWUR DQG $OO 6WDWH DW ERWK WLJKW HQG DQG GHIHQVLYH OLQH VHOHFWHG WR 1HZ 0H[LFR $OO 6WDU JDPH RQO\ VHFRQG IRXU \HDU IRRWEDOO OHWWHUPDQ LQ VFKRRO KLVWRU\
%UDG -$.(/ 2/ Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; :HVWRQ :, Â&#x2021; 8WDK 6WDWH $SSHDUHG LQ JDPHV DV D UHVHUYH RIIHQ VLYH OLQHPDQ KHOSHG WHDP WR WKLUG EHVW UXVKLQJ RI IHQVH LQ WKH 6RXWKODQG &RQIHUHQFH DQG WK EHVW LQ WKH QDWLRQ 3UHYLRXV 6FKRROV 6SHQW WZR VHDVRQV LQ WKH SUR JUDP DW 8WDK 6WDWH LQ /RJDQ 8WDK +RQRUDEOH 0HQ WLRQ $OO 6WDWH VHOHFWLRQ IRU ' & (YHUHVW +LJK 6FKRRO LQ :LVFRQVLQ IRXU \HDU OHWWHUZLQQHU LQ IRRWEDOO DQG WUDFN DQG Ã&#x20AC;HOG WZR WLPH DOO GLVWULFW $OO 6WDWH LQ VKRW SXW
#
( -HUPD\QH /(77 '( -5 *DXWLHU 06 (DVW 0LVVLVVLSSL && 3UHYLRXV 6FKRROV 0LVVLVVLSSL &RPPXQLW\ &ROOHJH $OO 1RUWK 'LYLVLRQ VHOHFWLRQ IRU (DVW 0LVVLVVLS SL &RPPXQLW\ &ROOHJH 7ULXPSKDQW 6SRUWV -X QLRU &ROOHJH $OO $PHULFDQ *DPH SDUWLFLSDQW KHOSHG (0&& WR D FRQIHUHQFH WLWOH UHFRUGHG WDFNOHV VDFNV DQG WDFNOHV IRU ORVV DV D VRSKRPRUH SOD\HG IRU *DXWLHU +LJK 6FKRRO LQ 0LVVLVVLSSL
7UH\ /,33(
0DUVKDOO /2<'
'( -5 9LQLWD 2. 9LQLWD
'/ 62 +RXVWRQ 7; $OGLQH 1LPLW]
3OD\HG LQ FDUHHU JDPHV DW GHIHQVLYH HQG DQG GHIHQVLYH WDFNOH UHFRUGHG WDFNOHV DQG WDFNOHV IRU ORVV
3OD\HG LQ FDUHHU JDPHV PDNLQJ ÀYH WDFNHV ZLWK RQH WDFNOH IRU ORVV $SSHDUHG LQ DOO JDPHV DV D UHVHUYH GH IHQVLYH OLQHPDQ PDGH IRXU WDFNOHV ZLWK RQH IRU ORVV KDG WZR VROR WDFNOHV DQG RQH IRU ORVV IRU WKUHH \DUGV LQ ZLQ DW :HVWHUQ .HQWXFN\
$SSHDUHG LQ DOO JDPHV DV D UHVHUYH GH IHQVLYH OLQHPDQ PDGH WDFNOHV VRORV HLJKW DVVLVWV DQG WDFNOHV IRU ORVV IRU \DUGV DOVR UHFRUGHG WKUHH SDVV EUHDNXSV DQG D EORFNHG NLFN UHFRUGHG D WDFNOH IRU ORVV DJDLQVW :HVWHUQ .HQWXFN\ *OHQYLOOH 6WDWH 1LFKROOV DQG 6RXWKHDVWHUQ /RXLVL DQD EURNH XS WZR SDVVHV DJDLQVW *OHQYLOOH EORFNHG DQ H[WUD SRLQW DWWHPSW DJDLQVW 6WHSKHQ ) $XVWLQ
3OD\HG LQ WZR JDPHV UHFRUGHG RQH WDFNOH LQ VHDVRQ RSHQHU DJDLQVW +HQGHUVRQ 6WDWH EHIRUH UH FHLYLQJ PHGLFDO UHGVKLUW +LJK 6FKRRO 7KUHH \HDU OHWWHUPDQ DQG WZR WLPH DOOFRQIHUHQFH VHOHFWLRQ DW $OGLQH 1LPLW] +LJK 6FKRRO LQ 7H[DV UHFRUGHG FDUHHU SDQFDNH EORFNV QDPHG WR $FDGHPLF +RQRU 5ROO IRXU WLPHV OHWWHUHG LQ ERWK EDVHEDOO DQG EDVNHWEDOO
3OD\HG LQ DOO JDPHV DV D WUXH IUHVKPDQ ZLWK RQH VWDUW DJDLQVW 7XOVD UH FRUGHG HLJKW WDFNOHV DQG WZR WDFNOHV IRU ORVV KDG ÀYH WDFNOHV DQG RQH WDFNOH IRU ORVV LQ ZLQ RYHU 4XLQF\ KDG RQH NLFN UHWXUQ IRU QLQH \DUGV +LJK 6FKRRO )RXU \HDU OHWWHUPDQ DQG VWDUWHU DW 9LQLWD +LJK 6FKRRO QDPHG WR 2NOD KRPD +LJK 6FKRRO $VVRFLDWLRQ $OO 6WDWH WHDP 2LO %RZO $OO 6WDU *DPH VHOHFWLRQ QDPHG $OO &RQIHUHQFH DQG &RQIHUHQFH 093 UHFRUGHG FDUHHU VDFNV DQG KDG FDUHHU UH FHSWLRQV DOVR OHWWHUHG LQ EDVNHWEDOO DQG WUDFN DQG ÀHOG
'DUUHOO 0$/21( '% 5VI %\KDOLD 06 %\KDOLD
-HVWLQ /29(
+LJK 6FKRRO )RXU \HDU OHWWHUPDQ LQ IRRWEDOO DQG WUDFN DQG ÀHOG IRU %\KDOLD +LJK 6FKRRO LQ 0LVVLVVLSSL WZR WLPH $ 5HJLRQDO DQG $OO 'LVWULFW VHOHFWLRQ WZR WLPH [ PHWHU UHOD\ VWDWH ÀQDOLVW UHFRUGHG UH FHSWLRQV IRU DQG WRXFKGRZQV DV D VHQLRU DOVR JUDEEHG WZR LQWHUFHSWLRQV
'% 5V) :HVW 0HPSKLV $5 : 0HPSKLV
5HGVKLUWHG
5HGVKLUWHG
+LJK 6FKRRO $OO $UNDQVDV VHOHFWLRQ IRU :HVW 0HPSKLV +LJK 6FKRRO WZR WLPH $OO $ (DVW VHOHFWLRQ +RRWHQҋV 6XSHU 6RQLF $OO $UNDQVDV WHDP WZR WLPH $FDGHPLF $OO &RQIHUHQFH WZR ZD\ VWDUWHU IRU $ VHPLÀQDOLVW WHDP DV D VHQLRU UHFRUGHG LQWHUFHSWLRQV DQG WKUHH EORFNHG NLFNV GXULQJ FD UHHU QDPHG WR $UNDQVDV 0DJD]LQHҋV 7RS SOD\HUV OLVW UDWHG E\ 6FRXW FRP
&KULV 0&.1,*+7 )% -5 0D\ÁRZHU $5 0D\ÁRZHU 3OD\HG LQ FDUHHU JDPHV DV D IXOOEDFN DQG VSH FLDO WHDPV PHPEHU $SSHDUHG LQ JDPHV ZLWK WZR VWDUWV DW IXOOEDFN EORFNHG IRU WKLUG EHVW UXVKLQJ RIIHQVH LQ WKH 6RXWKODQG &RQIHUHQFH DQG WK EHVW LQ WKH QDWLRQ 3OD\HG LQ VHYHQ JDPHV SULPDULO\ FRQWULEXW LQJ RQ VSHFLDO WHDPV UHFRUGHG QR VWDWLVWLFV 5HGVKLUWHG +LJK 6FKRRO 7ZR ZD\ VWDU DW 0D\ÁRZHU +LJK 6FKRRO ZKHUH KH ZDV QDPHG $OO 6WDWH DQG ZDV D WZR WLPH $OO &RQIHUHQFH DQG $OO )DXONQHU &RXQW\ VHOHFWLRQ QDPHG WKH $UNDQVDV 'HPRFUDW *D]HWWH $$$ 'HIHQVLYH 3OD\HU RI WKH <HDU DQG ZDV UXQQHU XS IRU WKH 6WDWH )DUP 3OD\HU RI WKH <HDU WZR WLPH %XUOVZRUWK $ZDUG ZLQQHU DQG ZDV WKH /RJ &DELQ 'HPRFUDW 093 KDG FDUHHU WDFNOHV DQG UXVKHG IRU \DUGV DV D VHQLRU
#
( 'HUHN 2:(16
-HUUHO 0F.1,*+7 '% Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; *UDQG 3UDLULH 7; Â&#x2021; *UDQG 3UDLULH
:5 Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; 5XVVHOOYLOOH $5 Â&#x2021; 5XVVHOOYLOOH
3OD\HG LQ FDUHHU JDPHV UHFRUGHG WDFNOHV ZLWK RQH IRU ORVV DOVR PDGH RQH SDVV EUHDNXS UH FRYHUHG D IXPEOH DQG EORFNHG D NLFN PDGH RQH SXQW UHWXUQ IRU \DUGV
3OD\HG LQ DOO JDPHV DV WKH KROGHU DQG UHVHUYH ZLGH UHFHLYHU KHOG IRU $OO 6RXWKODQG &RQIHU HQFH NLFNHU (GGLH &DUPRQD ZKR ZDV SHUIHFW RQ H[WUD SRLQW DWWHPSWV DQG RI RQ Ã&#x20AC;HOG JRDO DW WHPSWV FDXJKW RQH SDVV IRU \DUGV LQ ZLQ DJDLQVW *OHQYLOOH 6WDWH KDG RQH UXVK DWWHPSW IRU RQH \DUG DW 6DP +RXVWRQ 6WDWH
$SSHDUHG LQ QLQH JDPHV DV D UHVHUYH GH IHQVLYH EDFN PDGH VHYHQ WDFNOHV WKUHH VRORV IRXU DVVLVWHG ZLWK RQH WDFNOH IRU ORVV KDG D SDVV EUHDNXS DJDLQVW 7H[DV 6WDWH UHFRUGHG VHDVRQ EHVW IRXU WDFN OHV ZLWK RQH IRU LQ ZLQ RYHU 1LFKROOV
+LJK 6FKRRO 7ZR WLPH $OO 6WDWH VHOHFWLRQ IRU 5XVVHOOYLOOH +LJK 6FKRRO 6WDWH )DUP +RRWHQÒ&#x2039;V $U NDQVDV )RRWEDOO 2IIHQVLYH 3OD\HU RI WKH <HDU Ã&#x20AC;QDOLVW LQ 2OG 6SLFH 5HG]RQH 3OD\HU RI WKH <HDU DV D VHQLRU WKUHH WLPH DOO FRQIHUHQFH VHOHFWLRQ WKUHH \HDU OHWWHUZLQQHU LQ EDVHEDOO DQG EDVNHWEDOO DV ZHOO UHFRUGHG FDUHHU WRXFKGRZQV ZLWK \DUGV DQG UHFHSWLRQV LQGXFWHG LQWR 5+6 $WKOHWLF +DOO RI )DPH LQ
3OD\HG LQ DOO JDPHV UHFRUGHG WDFNOHV ZLWK HLJKW VRORV DQG DVVLVWHG KDG RQH IXPEOH UH FRYHU\ DQG RQH EORFNHG NLFN UHWXUQHG RQH SXQW IRU \DUGV KDG FDUHHU KLJK VL[ WDFNOHV DW 1LFKROOV 6WDWH 5HGVKLUWHG +LJK 6FKRRO 7RS '): $UHD UHFUXLW RXW RI *UDQG 3UDLULH +LJKW 6FKRRO QDPHG WR WKH )RUW :RUWK 6WDU 7HOHJUDP 7RS WHDP FDSWDLQ LQ DQG HDUQHG $OO 'LVWULFW DQG $OO $UHD KRQRUV *UHDW 7H[DV 6FKRODU $ZDUG ZLQQHU KDG WDFNOHV IRXU LQWHUFHSWLRQV Ã&#x20AC;YH WDFNOHV IRU ORVV WKUHH VDFNV SXQW UHWXUQV IRU \DUGV DQG D WRXFKGRZQ ZLWK D ORQJ RI \DUGV
-RVK 5$*/$1' 7( Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; %ROWRQ 71 Â&#x2021; %ROWRQ 3OD\HG LQ FDUHHU JDPHV DV D WLJKW HQG DQG + EDFN KDV RQH FDWFK IRU \DUGV
/DPDU 0225(
3OD\HG LQ QLQH JDPHV DV D UHVHUYH WLJKW HQG DQG K EDFN PDGH RQH FDWFK IRU \DUGV DW 6DP +RXVWRQ 6WDWH
/% Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; 0DJQROLD $5 Â&#x2021; 0DJQROLD $SSHDUHG LQ FDUHHU JDPHV ZLWK HLJKW VWDUWV DV D OLQHEDFNHU PDGH FDUHHU WDFNOHV ZLWK IRXU IRU ORVV WZR SDVV EUHDNXSV DQG D EORFNHG NLFN
$SSHDUHG LQ QLQH JDPHV DV D UHVHUYH WLJKW HQG +LJK 6FKRRO 7ZR WLPH $OO &RQIHUHQFH DQG $OO 5HJLRQ VHOHFWLRQ DW %ROWRQ +LJK 6FKRRO LQ 7HQ QHVVHH VHOHFWHG WR 0HPSKLV $UHD $XWR=RQH /LEHUW\ %RZO $OO 6WDU *DPH ZDV WZLFH QDPHG 2IIHQVLYH 093 VHOHFWHG DV 8 6 $UP\ 1DWLRQDO *XDUG SUHVHDVRQ DFDGHPLF DOO DPHULFDQ
3OD\HG LQ JDPHV ZLWK HLJKW VWDUWV DW OLQHEDFNHU WHDPÒ&#x2039;V IRXUWK OHDGLQJ WDFNOHU ZLWK VRORV DVVLVWV UDQNHG WK LQ WKH 6RXWKODQG &RQ IHUHQFH LQ WRWDO WDFNOHV PDGH IRXU WDFNOHV IRU ORVV RI VHYHQ \DUGV UHFRUGHG WZR SDVV EUHDNXSV PDGH VHYHQ WDFNOHV ZLWK D EORFNHG NLFN LQ ZLQ DW :HVWHUQ .HQWXFN\ KDG HLJKW VROR WDFNOHV DQG D EUHDNXS DW 6DP +RXVWRQ 6WDWH PDGH VHYHQ WDFNOHV ZLWK RQH IRU ORVV DJDLQVW 6RXWKHDVWHUQ /RXLVLDQD DOVR KDG VL[ WDFNOHV ZLWK IRU ORVV DQG D SDVV EUHDNXS LQ VKXWRXW ZLQ DW 1RUWKZHVWHUQ 6WDWH
1DWH 5,&+$5'6
$SSHDUHG LQ DOO JDPHV PDGH WDFNOHV ZLWK VL[ VRORV DQG Ã&#x20AC;YH XQDVVLVWHG KDG D VHDVRQ KLJK WKUHH WDFNOHV LQ ZLQ RYHU 1RUWKZHVWHUQ 6WDWH
2/ Â&#x2021; 5V) Â&#x2021; Â&#x2021; Â&#x2021; .HOOHU 7; Â&#x2021; .HOOHU
5HGVKLUWHG
5HGVKLUWHG
+LJK 6FKRRO 7ZR WLPH $ $OO 'LVWULFW VHOHFWLRQ IRU .HOOHU +LJK 6FKRRO LQ 7H[DV )RUW :RUWK 6WDU 7HOHJUDP 7RS VHOHFWLRQ $OO 7DUUDQW &RXQW\ WHDP 093 DQG WHDP FDSWDLQ DV D VHQLRU VHOHFWHG WR WKH 7H[DV 2LO %RZO $ $FDGHPLF $OO 6WDWH 7HDP PHPEHU
+LJK 6FKRRO $OO 6WDWH VHOHFWLRQ LQ DW 0DJQROLD +LJK 6FKRRO $OO &RQIHU HQFH VHOHFWLRQ $6RXWKZHVW 2XWVWDQGLQJ 'HIHQVLYH /LQHPDQ SOD\HG LQ $UNDQ VDV +LJK 6FKRRO &RDFKHV $VVRFLDWLRQ $OO 6WDU *DPH
)UDQN 1(:620( /% Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; 3HWDO 06 Â&#x2021; 3HDUO 5LYHU && 5HGVKLUWHG
/RJDQ 528%,48(
3UHYLRXV 6FKRROV 3OD\HG WZR \HDUV DW 3HDUO 5LY HU &RPPXQLW\ &ROOHJH LQ 3RSODUYLOOH 0LVV UHFRUGHG WDFNOHV WKUHH LQWHUFHSWLRQV WZR EORFNHG SXQWV DQG VFRUHG WZR WRXFKGRZQV PDGH FDUHHU WDFNOHV DW 3HWDO +LJK 6FKRRO LQ 0LVVLVVLSSL DQG ZDV D DOO VWDWH VHOHFWLRQ UDWHG VWDU UHFUXLW E\ 6FRXW FRP
2/ Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; 3RUW $OOHQ /$ Â&#x2021; &DWKROLF $SSHDUHG LQ VHYHQ FDUHHU JDPHV DV D UHVHUYH FHQ WHU $SSHDUHG LQ Ã&#x20AC;YH JDPHV DV D EDFNXS RIIHQ VLYH OLQHPDQ $SSHDUHG LQ WZR JDPHV DV D UHVHUYH FHQWHU 5HGVKLUWHG
XXX VDBTQPSUT DPN
+LJK 6FKRRO 7KUHH \HDU OHWWHUPDQ DQG WZR \HDU VWDUWHU DW &DWKROLF +LJK 6FKRRO LQ %DWRQ 5RXJH /D QDPHG $OO 6WDWH $OO 0HWUR DQG $OO 'LVWULFW LQ DOVR QDPHG $FDGHPLF $OO 6WDWH WHDP PDGH VWDWH VHPLÃ&#x20AC;QDOV WKUHH FRQVHFXWLYH \HDUV
##
( %UHQQDQ 586+,1*
'HVPRQG :,/&2;
7( Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; 7HPSH $= Â&#x2021; 3KRHQL[ &ROOHJH
'% Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; %HDXPRQW 7; Â&#x2021; 2]HQ
5HGVKLUWHG
3UHYLRXV 6FKRROV KDG UHFHSWLRQV IRU \DUGV \SF DQG Ã&#x20AC;YH WRXFKGRZQV IRU 3KRHQL[ &RO OHJH LQ 3KRHQL[ &ROOHJH Ã&#x20AC;QLVKHG UDQNHG QDWLRQDOO\ SOD\HG LQ WKH 9DOOH\ RI WKH 6XQ %RZO 0F&OLQWRFN $UL] +LJK 6FKRRO $OO 5HJLRQ VHOHFWLRQ +RQRUDEOH 0HQWLRQ $OO 6WDWH VHOHFWLRQ
$SSHDUHG LQ VDYH JDPHV DV D UHVHUYH GH IHQVLYH EDFN PDGH Ã&#x20AC;YH WDFNOHV IRXU VRORV RQH DV VLVWHG KDG WZR VROR WDFNOHV LQ ZLQ DW :HVWHUQ .HQ WXFN\
5HGVKLUWHG
+LJK 6FKRRO 7ZR \HDU OHWWHUPDQ DQG $OO &RQIHUHQFH VHOHFWLRQ DW 2]HQ +LJK 6FKRRO LQ %HDX PRQW 7H[DV UHFRUGHG WDFNOHV WZR LQWHUFHSWLRQV DQG SDVV EUHDNXSV GXULQJ VHQLRU VHDVRQ QDPHG WR $FDGHPLF +RQRU 5ROO IRXU WLPHV DQG ZDV LQ WRS SHUFHQW RI VHQLRU FODVV DOVR OHWWHUHG LQ EDVHEDOO
-HVVLH 6,06 -XVWLQ :,//,$06
/% Â&#x2021; -5 Â&#x2021; Â&#x2021; Â&#x2021; %DNHU /$ Â&#x2021; %DNHU
'/ Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; *DOYHVWRQ 7; Â&#x2021; %DOO
$SSHDUHG LQ FDUHHU JDPHV DV D OLQHEDFNHU DQG RQ VSHFLDO WHDPV PDGH WDFNOHV ZLWK IRU ORVV DQG D VDFN
$SSHDUHG LQ VHYHQ JDPHV DV D UHVHUYH GH IHQVLYH OLQHPDQ PDGH WKUHH WDFNOHV ZLWK D VDFN DQG WDFNOHV IRU ORVV KDG WZR VROR WDFNOHV DQG D VDFN IRU D ORVV RI WKUHH \DUGV DW 0F1HHVH 6WDWH KDG DQ DV VLVWHG WDFNOH IRU D ORVV RI D \DUG DJDLQVW 0LVVRXUL 6 7
3OD\HG LQ DOO JDPHV DV D UHVHUYH OLQH EDFNHU DQG RQ VSHFLDO WHDPV PDGH WDFNOHV WZR VRORV QLQH DVVLVWHG ZLWK IRU D ORVV RI VL[ \DUGV UHFRYHUHG D IXPEOH DW 1RUWKZHVWHUQ 6WDWH PDGH IRXU WDFNOHV ZLWK D VDFN LQ ZLQ DJDLQVW 1LFKROOV UHFRUGHG WKUHH WDFNOHV ZLWK DQ DVVLVWHG WDFNOH IRU ORVV DJDLQVW 0LVVRXUL 6 7
+LJK 6FKRRO 7ZR WLPH $ $OO 'LVWULFW VH OHFWLRQ IRU %DOO +LJK 6FKRRO LQ *DOYHVWRQ 7H[DV QDPHG WR *UHDWHU +RXVWRQ 7RS E\ WKH +RXVWRQ &KURQLFOH $ 093 DQG $OO 6WDWH KRQRUDEOH PHQ WLRQ DV D VHQLRU WKUHH \HDU OHWWHUZLQQHU LQ IRRWEDOO DQG EDVNHWEDOO PDGH FDUHHU WDFNOHV DQG VDFNV UDWHG VWDU UHFUXLW E\ 5LYDOV
$SSHDUHG LQ HLJKW JDPHV UHFRUGHG VHYHQ WDFNOHV WZR VROR Ã&#x20AC;YH DVVLVWHG KDG WZR WDFNOHV HDFK DJDLQVW 4XLQF\ DQG 6WHSKHQ ) $XVWLQ +LJK 6FKRRO 7ZR WLPH $OO &RQIHUHQFH VHOHFWLRQ DW %DNHU +LJK 6FKRRO LQ /RXLVLDQD ZDV QDPHG FRQIHUHQFH 093 LQ QDPHG %DWRQ 5RXJH $OO 0HWUR DQG ZDV $OO 6WDWH KRQRUDEOH PHQWLRQ VHOHFWHG IRU 5HG 6WLFN $OO 6WDU *DPH KDG WDFNOHV
5DGDULXV :,16721 '% Â&#x2021; 62 Â&#x2021; Â&#x2021; Â&#x2021; %DVWURS /$ Â&#x2021; %DVWURS
:\QULFN 6027+(56
3OD\HG LQ JDPHV ZLWK RQH VWDUW DV D WUXH IUHVKPDQ PDGH WDFNOHV Ã&#x20AC;YH VRORV Ã&#x20AC;YH DV VLVWHG UHFRUGHG WKUHH WDFNOHV LQ ZLQV RYHU *OHQYLOOH 6WDWH DQG DJDLQVW 1LFKROOV
4% Â&#x2021; 5V) Â&#x2021; Â&#x2021; Â&#x2021; 'HVWHUKDQ /$ Â&#x2021; 'HVWHUKDQ 5HGVKLUWHG
+LJK 6FKRRO 7ZR WLPH /RXLVLDQD $ $OO 6WDWH VH OHFWLRQ IRU %DWURS +LJK 6FKRRO WZR WLPH $ $OO 'LV WULFW VHOHFWLRQ $OO 1RUWKHDVW /RXLVLDQD DV D VHQLRU KHOSHG %+6 WR WKUHH $ VWDWH WLWOHV UHFRUGHG FDUHHU WDFNOHV DQG LQWHUFHSWLRQV OLVWHG RQ 5LYDOV FRP
+LJK 6FKRRO $ $OO 6WDWH +RQRUDEOH 0HQWLRQ IRU 'HVWUHKDQ +LJK 6FKRRO $ $OO 'LVWULFW VHOHFWLRQ IRU VWDWH FKDPSLRQ WHDP DV D VHQLRU 1HZ 2UOHDQV 4XDUWHUEDFN &OXE 3OD\HU RI WKH :HHN YV -RKQ (KUHW +LJK 6FKRRO ZRQ EDFN WR EDFN VWDWH /RXLVLDQD $ 6WDWH WLWOHV WKUHH \HDU OHWWHUPDQ LQ EDVNHWEDOO DV D VHQLRU ZDV RI IRU \DUGV WRXFK GRZQV DQG UDQ WLPHV IRU \DUGV DQG HLJKW WRXFKGRZQV OLVWHG RQ 5LYDOV FRP
.HDWRQ 67,**(5 /% Â&#x2021; 5V) Â&#x2021; Â&#x2021; Â&#x2021; &ROOLHUYLOOH 71 Â&#x2021; &ROOLHUYLOOH 5HGVKLUWHG +LJK 6FKRRO 7ZR WLPH $ 5HJLRQ $OO 5HJLRQ VH OHFWLRQ IRU &ROOLHUYLOOH +LJK 6FKRRO LQ 7HQQHVVHH VH OHFWHG %HVW RI WKH 3UHSV E\ &RPPHULFDO $SSHDO VH OHFWHG WR $XWR=RQH /LEHUW\ %RZO $OO 6WDU *DPH FDUHHU WDFNOHV WHDP 093 DQG FDSWDLQ DV D VHQLRU WKUHH \HDU OHWWHUZLQQHU LQ IRRWEDOO DQG EDVNHWEDOO PDGH WDFNOHV DQG WKUHH VDFNV DV D VHQLRU DOVR UDQ WLPHV IRU \DUGV DQG \DUGV SHU FDUU\
#$
" 7($0 67$7,67,&6
%($56 23321(17
6&25( %< 48$57(56 FXPXODWLYH
8&$ 233
6&25,1* 3RLQWV 3HU *DPH ),567 '2:16 5XVKLQJ 3DVVLQJ 3HQDOW\ 586+,1* <$5'$*( <DUGV JDLQHG UXVKLQJ <DUGV ORVW UXVKLQJ 5XVKLQJ $WWHPSWV $YHUDJH 3HU 5XVK $YHUDJH 3HU *DPH 7'V 5XVKLQJ 3$66,1* <$5'$*( &RPS $WW ,QW $YHUDJH 3HU 3DVV $YHUDJH 3HU &DWFK $YHUDJH 3HU *DPH 7'V 3DVVLQJ 727$/ 2))(16( 7RWDO 3OD\V $YHUDJH 3HU 3OD\ $YHUDJH 3HU *DPH .,&. 5(78516 <$5'6 3817 5(78516 <$5'6 ,17 5(78516 <$5'6 .,&. 5(7851 $9(5$*( 3817 5(7851 $9(5$*( ,17 5(7851 $9(5$*( )80%/(6 /267 3(1$/7,(6 <$5'6 $YHUDJH 3HU *DPH 38176 <$5'6 $YHUDJH 3HU 3XQW 1HW SXQW DYHUDJH 7,0( 2) 3266(66,21 *$0( 5' '2:1 &219(56,216 UG 'RZQ 3FW 7+ '2:1 &219(56,216 WK 'RZQ 3FW 6$&.6 %< <$5'6 0,6& <$5'6 728&+'2:16 6&25(' ),(/' *2$/6 $77(0376 3$7 $77(0376 $77(1'$1&( *DPHV $YJ 3HU *DPH 1HXWUDO 6LWH *DPHV
586+,1* %UHQW *ULPHV /HRQDUG &HDVHU -DFNLH +LQWRQ 5REELH 3DUN $QWKRQ\ %ODFNPRQ ,VDLDK -DFNVRQ 7UDH &RRN 1DWKDQ 'LFN -RQDWKDQ %HDUG 7- $GDPV &- &KDWHQ 'HUHN 2ZHQV -DPHV /RYHWW 7($0 7RWDO 2SSRQHQWV
*3
$WW
*DLQ
/RVV
3$66,1* 5REELH 3DUN 1DWKDQ 'LFN 7UDH &RRN %UHQW *ULPHV 7RWDO 2SSRQHQWV
*3
(IÃ&#x20AC;F
&RPS $WW ,QW
VW
QG
UG
WK
7RW
6&25( %< 48$57(56 DYHUDJH
8&$ 233
VW
QG
UG
WK
7RW
$77(1'$1&( ),*85(6 +RPH JDPHV $ZD\ JDPHV 1HXWUDO JDPHV 727$/
*PV
7RWDO
$YJ
5(68/76 '$7( 6HSW 6HSW 6HSW 2FW 2FW 2FW 2FW 2FW 1RY 1RY 1RY 1RY
23321(17 DW +DZDLL DW :HVWHUQ .HQWXFN\ *OHQYLOOH 6WDWH 0LVVRXUL 6 7 DW 1RUWKZHVWHQU 6WDWH 6WHSKHQ ) $XVWLQ 1LFKROOV DW 6RXWKHDVWHUQ /RXLVLDQD 7H[DV 6WDWH DW 6DP +RXVWRQ 6WDWH DW 0F1HHVH 6WDWH 1RUWK 'DNRWD
5(68/7 / : : : : / : / / / / /
$77
6RXWKODQG &RQIHUHQFH JDPH
5(&25' $// *$0(6 &21)(5(1&( 121 &21)
29(5$// +20(
1HW
$YJ
7'
/RQJ
$YJ *
3FW
<GV
7'
/QJ
$YJ *
#
$:$<
1(875$/
" 5(&(,9,1* -DPHV /RYHWW 3UHVWRQ (FKROV %UHQW *ULPHV ,VDLDK -DFNVRQ 'RPLQLTXH &URRP 'DUULXV 0F1HDO /HRQDUG &HDVHU 5LFR 0RVV 7- $GDPV $QWKRQ\ %ODFNPRQ -DFNLH +LQWRQ %UDQGRQ .HQQHPHU -RVK 5DJODQG &- &KDWHQ 'HUHN 2ZHQV -RVHSK +DUULV 5REELH 3DUN 0DWW &OLQNVFDOHV 7RWDO 2SSRQHQWV
*3
1R
<GV
$YJ
7'
3817 5(78516 ,VDLDK -DFNVRQ -DFNLH +LQWRQ $QWKRQ\ *DPEOHV +HQU\ 0LQRU 7- $GDPV 7RWDO 2SSRQHQWV
1R
<GV
$YJ
7'
/RQJ
,17(5&(37,216 'HUULFN %R\G -DPHV /DQFDVWHU /DUU\ +DUW 3LHUL )HD]HOO $QWKRQ\ *DPEOHV 7RWDO 2SSRQHQWV
1R
<GV
$YJ
7'
/RQJ
.,&. 5(78516 -DFNLH +LQWRQ ,VDLDK -DFNVRQ 7- $GDPV 7RWDO 2SSRQHQWV
1R
<GV
$YJ
7'
/RQJ
)80%/( 5(78516 7RWDO 2SSRQHQWV
1R
<GV
$YJ
7'
/RQJ
.,&.2))6 (GGLH &DUPRQD -RQDWKDQ %HDUG 7RWDO 2SSRQHQWV
1R
<GV
$YJ
7%
2%
3817,1* -RQDWKDQ %HDUG 7($0 (GGLH &DUPRQD 7RWDO 2SSRQHQWV
1R
<GV
$YJ
/RQJ
7%
/RQJ
$YJ *
'()(16,9( 67$7,67,&6
)&
,
#
%ON
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
" 6&25,1* %UHQW *ULPHV (GGLH &DUPRQD /HRQDUG &HDVHU -DPHV /RYHWW 3UHVWRQ (FKROV 5REELH 3DUN 'RPLQLTXH &URRP 'DUULXV 0F1HDO -DFNLH +LQWRQ 7- $GDPV ,VDLDK -DFNVRQ $QWKRQ\ %ODFNPRQ 7($0 7RWDO 2SSRQHQWV
)*V
_³³³ 3$7V ³³³_ .LFN 5XVK 5FY
727$/ 2))(16( * 5REELH 3DUN %UHQW *ULPHV /HRQDUG &HDVHU -DFNLH +LQWRQ 1DWKDQ 'LFN 7UDH &RRN $QWKRQ\ %ODFNPRQ ,VDLDK -DFNVRQ -RQDWKDQ %HDUG 7- $GDPV &- &KDWHQ -DPHV /RYHWW 'HUHN 2ZHQV 7($0 7RWDO 2SSRQHQWV
3OD\V
5XVK
3DVV
7RWDO
$YJ *
$// 385326( * %UHQW *ULPHV ,VDLDK -DFNVRQ /HRQDUG &HDVHU -DFNLH +LQWRQ 3UHVWRQ (FKROV -DPHV /RYHWW 'RPLQLTXH &URRP 'DUULXV 0F1HDO 7- $GDPV 5LFR 0RVV $QWKRQ\ %ODFNPRQ 5REELH 3DUN $QWKRQ\ *DPEOHV &- &KDWHQ 7UDH &RRN 'HUULFN %R\G %UDQGRQ .HQQHPHU -RVK 5DJODQG /DUU\ +DUW 1DWKDQ 'LFN -RQDWKDQ %HDUG 'HUHN 2ZHQV -RVHSK +DUULV 0DWW &OLQNVFDOHV +HQU\ 0LQRU 7($0 7RWDO 2SSRQHQWV
5XVK
5HF
35
.25
,5
#
7'
3DVV
';3
7RW
6DI
3QWV
$YJ *
"
,521 %($56 B 7KHVH VHYHQ SOD\HUV ZHUH QDPHG ,URQ %HDUV DIWHU 6SULQJ 3UDFWLFH EHFDXVH RI WKHLU FRPPLWPHQW WR WKH SURJUDP DQG WKHLU ZRUN HWKLF 3OD\HUV ZHUH DZDUGHG SRLQWV EDVHG RQ DWWHQGDQFH SXQFWXDOLW\ VSRUWVPDQVKLS GLVFLSOLQH DWWHQWLRQ WR GHWDLO DQG LQMXULHV 7KH ,URQ %HDUV LQFOXGH VHDWHG ,VDLDK -DFNVRQ DQG EDFN O WR U &RUH\ +RZDUG .LW &ROHPDQ %UHWW 2UU /OR\G /RJJLQV 6HWK $OOLVRQ DQG :\QULFN 6PRWKHUV
:((./< 3/$<(56 2) 7+( *$0( 23321(17
2))(16(
'()(16(
63(&,$/
%,* 67,&.
2)) 6&287
YV +DZDLL
/HRQDUG &HDVHU
$QWKRQ\ *DPEOHV
-RQDWKDQ %HDUG
3KLOOLS -RKQVRQ
:\QULFN 6PRWKHUV
'() 6&287 5RVV (VWHV
YV :HVWHUQ .HQWXFN\
5REELH 3DUN
-DPHV /DQFDVWHU
5DGDULXV :LQVWRQ
/ +DUW & 0F.QLJKW
0DUTXLV :DGOH\
'DYLV 6WHSKHQV
YV *OHQYLOOH 6WDWH
%UHQW *ULPHV
'HUULFN %R\G
(GGLH &DUPRQD
3LHUL )HD]HOO
1DWH 5LFKDUGV
.HDWRQ 6WLJJHU
YV 0LVVRXUL 6 7
-DPHV /RYHWW
0DUNHOO &DUWHU
,VDLDK -DFNVRQ
6HWK $OOLVRQ
.HQQHWK 5REH\
-XVWLQ +HDUG
YV 1RUWKZHVWHUQ 6W
5REELH 3DUN
/DUU\ +DUW
(GGLH &DUPRQD
-DFRE %DQH
'RPLQLTXH $OOHQ
-HVWLQ /RYH
YV 6WHSKHQ ) $XVWLQ
$XVWLQ (PHUVRQ
7D\ORU 6FRWW
1RQH
1RQH
1DWH 5LFKDUGV
/D0DUTXLV .LQJ
YV 1LFKROOV
2II /LQH 7LJKW HQGV
-DFRE %DQH
-RQDWKDQ %HDUG
7RN 2SHOR\H
:\QULFN 6PRWKHUV
-HVWLQ /RYH
YV 6RXWKHDVWHUQ /D
3UHVWRQ (FKROV
'HUULFN %R\G
( &DUPRQD - %HDUG
-DPHV /DQFDVWHU
&KDVH 'L[RQ
0LFKDHO 6KLHZ
YV 7H[DV 6WDWH
%UHQW *ULPHV
-DFRE %DQH
0DUFXV 'XPDV
1RQH
'RPLQLTXH $OOHQ
.HDWRQ 6WLJJHU
YV 6DP +RXVWRQ 6W
-DFNLH +LQWRQ
/DUU\ +DUW
-HVVLH 6LPV
7RN 2SHOR\H
1DWH 5LFKDUGV
-HVWLQ /RYH
YV 0F1HHVH 6WDWH
%UHQW *ULPHV
-DFRE %DQH
6HWK $OOLVRQ
&KULV 0F.QLJKW
.HQQHWK 5REH\
=DQH $OOFRUQ
YV 1RUWK 'DNRWD
%UHQW *UPLHV
- /DQFDVWHU 7 6FRWW
-DFNLH +LQWRQ
-DPHV /DQFDVWHU
'RPLQLTXH $OOHQ
/D0DUTXLV .LQJ
7KH 8&$ FRDFKLQJ VWDII FKRRVHV 3OD\HUV RI WKH :HHN DIWHU HDFK JDPH LQFOXGLQJ VFRXW WHDP SOD\HUV RI WKH ZHHN DQG WKH %LJ 6WLFN DZDUG IRU WKH ELJJHVW KLW LQ WKH JDPH
$
*( * +$:$,, &(175$/ $5.$16$6
&(175$/ $5.$16$6 :(67(51 .(178&.<
6HSWHPEHU Â&#x2021; $ORKD 6WDGLXP
6HSWHPEHU Â&#x2021; / 7 6PLWK 6WDGLXP
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Ò&#x2039;V %OD]H 6RDUHV 8&$ FDPH ULJKW EDFN ZKHQ VHQLRU OLQHEDFNHU -DPHV /DQFDVWHU IRUFHG DQG UHFRYHUHG D IXPEOH DW WKH 8&$ ZLWK WR SOD\ 7KH %HDUV ZHUH IRUFHG WR SXQW DIWHU D IDOVH VWDUW RQ WKLUG GRZQ FRVW WKHP Ã&#x20AC;YH \DUGV DQG WKH :DUULRUV WRRN RYHU RQ WKHLU ZLWK WR SOD\ 7KH Ã&#x20AC;UVW SOD\ ZDV WKH NQRFNRXW SXQFK IRU +DZDLL DV $OH[DQGHU KLW UHFHLYHU *UHJ 6DODV IRU \DUGV DOO WKH ZD\ GRZQ WR WKH 8&$ 7KUHH SOD\V ODWHU $OH[DQGHU FRQQHFWHG ZLWK %UDGOH\ IRU WKH Ã&#x20AC;QDO VFRUH 8&$ WRRN RYHU RQ LWV DIWHU WKH NLFNRII EXW 3DUN ZDV VDFNHG IRU DQ \DUG ORVV RQ Ã&#x20AC;UVW GRZQ 2Q WKH QH[W SOD\ 3DUN ZDV KLW ZKLOH DWWHPSWLQJ D SDVV DQG WKH SOD\ ZDV LQLWLDOO\ UXOHG DQ LQFRPSOHWH SDVV $IWHU DQ RIÃ&#x20AC;FLDOÒ&#x2039;V UHYLHZ LW ZDV FDOOHG D IXPEOH DQG +DZDLL WRRN RYHU RQ WKH 8&$ DQG UDQ RXW WKH FORFN LQ WZR SOD\V 7KH %HDUV KHOG WKH OHDG IRU WKH HQWLUH Ã&#x20AC;UVW KDOI RQ WKH VWUHQJWK RI D \DUG UXQ E\ VHQLRU %UHQW *ULPHV DQG D \DUG WRXFKGRZQ UHFHSWLRQ IURP 3DUN WR *ULPHV %XW WKH :DUULRUV ZKR JRW DQ HDUO\ VDIHW\ FDPH EDFN DQG VFRUHG FRQVHFXWLYH SRLQWV IURP ODWH LQ WKH VHFRQG TXDUWHU WKURXJK WKH WKLUG SHULRG 3DUN D VHQLRU IURP .HOOHU 7H[DV FRPSOHWHG RI SDVVHV IRU \DUGV ZLWK RQH WRXFKGRZQ DQG QR LQWHUFHSWLRQV *ULPHV UXVKHG WLPHV IRU \DUGV DQG D VFRUH DQG FDXJKW SDVVHV IRU \DUGV DQG DQRWKHU 7' 6HQLRU 3UHVWRQ (FKROV ZDV WKH %HDUVÒ&#x2039; OHDGLQJ UHFHLYHU ZLWK FDWFKHV IRU \DUGV )RU +DZDLL $OH[DQGHU ZDV RI IRU \DUGV DQG VFRUHV DQG DOVR OHG WKH :DUULRUV ZLWK \DUGV PRVWO\ LQ WKH VHFRQG KDOI 6DODV FDXJKW D JDPH KLJK UHFHSWLRQV IRU \DUGV +DZDLL KDG WRWDO \DUGV RI RIIHQVH SHU SOD\ ZKLOH 8&$ Ã&#x20AC;QLVKHG ZLWK \DUGV 7KH %HDUVÒ&#x2039; GHIHQVH IRUFHG IRXU IXPEOHV RQH LQWHUFHSWLRQ DQG WKUHH IXPEOHV 7KH %HDUV JUDEEHG WKH HDUO\ PRPHQWXP DQG TXLHWHG WKH ODUJHVW FURZG WKH\ KDG HYHU SOD\HG LQ IURQW RI WKDQNV WR $OO $PHULFDQ /DUU\ +DUW 7KH UHLJQLQJ 6RXWKODQG &RQIHUHQFH 'HIHQVLYH SOD\HU RI WKH <HDU PDGH KLV SUHVHQFH IHOW RQ WKH :DUULRUVÒ&#x2039; VHFRQG SOD\ RI WKH JDPH QDLOLQJ $OH[DQGHU EHKLQG WKH OLQH DQG IRUFLQJ D IXPEOH +DUWÒ&#x2039;V FRXQWHUSDUW DW GHIHQVLYH HQG 0DUNHOO &DUWHU IHOO RQ LW JLYLQJ WKH %HDUV WKH EDOO DW WKH +DZDLL $IWHU WZR SOD\V QHWWHG WZR \DUGV VHQLRU TXDUWHUEDFN 5REELH 3DUN KLW VHQLRU 3UHVWRQ (FKROV DW WKH )URP WKHUH VHQLRU %UHQW *ULPHV ZHQW LQ RYHU WKH ULJKW VLGH DQG (GGLH &DUPRQD DGGHG WKH NLFN IRU DQ HDUO\ 8&$ OHDG DW WKH PDUN 7KH :DUULRUV GURYH GHHS LQWR 8&$ WHUULWRU\ EHIRUH VHQLRU VDIHW\ 3LHUL )HD]HOO ZHQW KLJK LQ WKH HQG ]RQH WR LQWHUFHSW $OH[DQGHUÒ&#x2039;V SDVV 7KH %HDUV KRZHYHU ZHQW QRZKHUH DQG SXQWHG EDFN WR WKH :DUULRUV )HD]HOO D VHQLRU IURP 0RXQW 2OLYH 0LVV Ã&#x20AC;QLVKHG ZLWK WDFNOHV DQ LQWHUFHSWLRQ DQG D IRUFHG IXPEOH GHVSLWH EHLQJ NQRFNHG RXW RI WKH JDPH ZLWK DQ LQMXU\ RQ WKH Ã&#x20AC;UVW SRVVHVVLRQ RI WKH QLJKW 'HIHQVLYHO\ OLQHEDFNHU -DFRE %DQH WRSSHG WKH %HDUV ZLWK WDFNOHV LQFOXGLQJ WZR IRU ORVV ZKLOH VHQLRU 3KLOOLS -RKQVRQ KDG WDFNOHV LQFOXGLQJ D VDFN ,Q DOO 8&$ UHFRUGHG HLJKW SOD\V IRU PLQXV \DUGDJH LQFOXGLQJ IRXU VDFNV
%2:/,1* *5((1 .\ B 7KH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV %HDUV FRXOG QRW Ã&#x20AC;QLVK RII D YLFWRU\ RYHU 1&$$ )%6 )RRWEDOO %RZO 6XEGLYLVLRQ WHDP +DZDLL LQ WKHLU VHDVRQ RSHQHU WZR ZHHNV DJR EXW WKH\ Ã&#x20AC;JXUHG RXW KRZ WR 6DWXUGD\ QLJKW DJDLQVW :HVWHUQ .HQWXFN\ 8&$ UROOHG XS \DUGV RI WRWDO RIIHQVH WR UHFRUG LWV Ã&#x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Ã&#x20AC;UVW JDPH DQG D KDOI EXW FDXJKW IRXU SDVVHV IRU DQ HYHQ \DUGV LQ WKH VHFRQG KDOI 6DWXUGD\ LQFOXGLQJ WKH ZLGH RSHQ \DUGHU ´7KHVH JX\V KDYH OHIW D OHJDF\ DW 8&$ ZLWK WKLV ZLQ Ò&#x2039; VDLG 8&$ KHDG FRDFK &OLQW &RQTXH ´,Ò&#x2039;P YHU\ SOHDVHG IRU WKLV VHQLRU FODVV DQG WKLV IRRWEDOO WHDP WR EH WKH RQHV WR JHW RXU Ã&#x20AC;UVW )%6 ZLQ 7KLV LV DQ HQRUPRXV DFFRPSOLVKPHQW IRU RXU SURJUDP VRPHWKLQJ QR RWKHU 8&$ WHDP KDV EHHQ DEOH WR GR Ò&#x2039; $IWHU WKH ORQJ WRXFKGRZQ SDVV WKH 8&$ GHIHQVH WKHQ DQVZHUHG WKH FDOO ZKHQ VHQLRU OLQH EDFNHU -DPHV /DQFDVWHU LQWHUFHSWHG D :.8 SDVV DW WKH 8&$ ZLWK WKH +LOOWRSSHUV GULYLQJ 7KH %HDUV WKHQ VHDOHG LW ZLWK DQ \DUG WRXFKGRZQ UXQ IURP VHQLRU %UHQW *ULPHV ZLWK UHPDLQLQJ IRU D OHDG 7KH GULYH WRRN MXVW DQG IRXU SOD\V WR FRYHU WKH \DUGV DQG VHQG WKH +LOOWRSSHUV WR WKHLU WK FRQVHFXWLYH GHIHDW $IWHU WUDGLQJ SXQWV IRU DQ HQWLUH Ã&#x20AC;UVW TXDUWHU WKH %HDUV VWUXFN Ã&#x20AC;UVW ZKHQ &HDVHU EURNH D WDFNOH DURXQG ULJKW HQG DQG ZHQW \DUGV GRZQ WKH VLGHOLQH IRU D WRXFKGRZQ WR RSHQ WKH VHFRQG SHULRG 7KH UXQ FDSSHG D SOD\ \DUG GULYH WKDW WRRN RQO\ 7KH %HDUV IRUFHG WKHLU VHFRQG WXUQRYHU PLGZD\ WKURXJK WKH VHFRQG TXDUWHU DQG FDSLWDO L]HG RQ WKH :.8 PLVWDNH VFRULQJ LQ VHYHQ SOD\V 3DUN WKUHZ D \DUG VFRULQJ SDVV WR (FKROV DQG (GGLH &DUPRQD PDGH LW ZLWK WKH 3$7 ZLWK OHIW LQ WKH Ã&#x20AC;UVW KDOI 7KH +LOOWRSSHUV FORVHG WKH JDS LQ WKH Ã&#x20AC;QDO VHFRQGV RI WKH Ã&#x20AC;UVW KDOI FDSSLQJ D SOD\ \DUG GULYH ZLWK %REE\ 5DLQH\Ò&#x2039;V \DUG WRXFKGRZQ UXQ ZLWK MXVW VHFRQGV OHIW &DVH\ 7LQLXV PDGH LW ZLWK WKH SRLQW DIWHU 7KH GULYH ZDV JLYHQ QHZ OLIH ZKHQ 8&$ ZDV FDOOHG IRU KROGLQJ DIWHU IRUFLQJ D :.8 SXQW PLGZD\ WKURXJK WKH GULYH 3DUN D VHQLRU IURP .HOOHU 7H[DV FRPSOHWHG RI SDVVHV LQ WKH Ã&#x20AC;UVW KDOI IRU \DUGV DQG D WRXFKGRZQ (FKROV FDXJKW Ã&#x20AC;YH RI WKRVH SDVVHV IRU \DUGV DQG KLV Ã&#x20AC;UVW WRXFKGRZQ VLQFH WKH VHDVRQ 7KH %HDUVÒ&#x2039; GHIHQVH KHOG :.8 WR WRWDO \DUGV 6HQLRU VDIHW\ 'HUULFN %R\G KDG D WHDP KLJK WDFNOHV ZKLOH VHQLRU OLQHEDFNHU -DFRE %DQH DQG VRSKRPRUH /DPDU 0RRUH DGGHG HDFK 'HIHQVLYH HQGV /DUU\ +DUW DQG 0DUNHOO &DUWHU FRPELQHG IRU WDFNOHV IRU ORVV DQG 7D\ORU 6FRWW DQG +HQU\ 0LQRU UHFRYHUHG D IXPEOH DSLHFH 6HQLRU OLQHEDFNHU -DPHV /DQFDVWHU LQWHUFHSWHG D SDVV IRUFHG D IXPEOH DQG KDG WDFN OHV IRU ORVV
&(175$/ $5.$16$6 +$:$,,
³ ³
),567 48$57(5 8&$ %UHQW *ULPHV UXQ (GGLH &DUPRQD NLFN 8+ 7HDP VDIHW\ 6(&21' 48$57(5 8&$ *ULPHV SDVV IURP 5REELH 3DUN &DUPRQD NLFN 8+ *UHJ 6DODV SDVV IURP *UHJ $OH[DQGHU 6FRWW (QRV NLFN 7+,5' 48$57(5 8+ .HDORKD 3LUDOHV SDVV IURP $OH[DQGHU (QRV NLFN 8+ (QRV Ã&#x20AC;HOG JRDO )2857+ 48$57(5 8&$ *ULPHV UXQ 3DUN SDVV IDLOHG 8+ 5RGQH\ %UDGOH\ SDVV IURP $OH[DQGHU $OH[DQGHU NLFN IDLOHG
&(175$/ $5.$16$6 :(67(51 .(178&.<
³ ³
6(&21' 48$57(5 8&$ /HRQDUG &HDVHU UXQ (GGLH &DUPRQD NLFN 8&$ 3UHVWRQ (FKROV SDVV IURP 5REELH 3DUN &DUPRQD NLFN :.8 %UDQGRQ 6PLWK UXQ &DVH\ 7LQLXV NLFN 7+,5' 48$57(5 8&$ 'DUULXV 0F1HDO SDVV IURP 3DUN &DUPRQD NLFN )2857+ 48$57(5 8&$ %UHQW *ULPHV UXQ &DUPRQD NLFN
%($56 :$55,256 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU -DPHV /RYHWW 5REELH 3DUN
3$66,1* 5REELH 3DUN 5(&(,9,1* 3UHVWRQ (FKROV -DPHV /RYHWW ,VDLDK -DFNVRQ 7- $GDPV %UHQW *ULPHV 'RPLQLTXH &URRP 5LFR 0RVV /HRQDUG &HDVHU $77(1'$1&(
%($56 +,//7233(56 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* /HRQDUG &HDVHU %UHQW *ULPHV ,VDLDK -DFNVRQ 5REELH 3DUN 1DWKDQ 'LFN 7HDP
3$66,1* 5REELH 3DUN 1DWKDQ 'LFN 5(&(,9,1* 3UHVWRQ (FKROV 'DUULXV 0F1HDO -DPHV /RYHWW %UHQW *ULPHV /HRQDUG &HDVHU ,VDLDK -DFNVRQ 7- $GDPV
$77(1'$1&(
$
*( * &(175$/ $5.$16$6 */(19,//( 67$7(
&(175$/ $5.$16$6 0,66285, 6 7
6HSWHPEHU (VWHV 6WDGLXP
2FWREHU (VWHV 6WDGLXP
&21:$< $UN B 6HQLRU TXDUWHUEDFN 5REELH 3DUN WKUHZ IRU D FDUHHU KLJK \DUGV WR OHDG WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV %HDUV WR D YLFWRU\ RYHU *OHQYLOOH 6WDWH RQ 6DWXUGD\ DW )LUVW 6HFXULW\ )LHOG DW (VWHV 6WDGLXP 3DUN KLW VRSKRPRUH 7- $GDPV ZLWK D \DUG WRXFKGRZQ SDVV RQ 8&$Ò&#x2039;V Ã&#x20AC;UVW SRVVHVVLRQ RI WKH JDPH ,W ZDV WKH Ã&#x20AC;UVW FDUHHU WRXFKGRZQ UHFHSWLRQ IRU $GDPV IURP %HFNYLOOH 7H[DV DQG JDYH WKH %HDUV D OHDG WKH\ ZRXOG QHYHU UHOLQTXLVK DJDLQVW WKH 1&$$ 'LYLVLRQ ,, 3LRQHHUV 6HQLRU UXQQLQJ EDFN %UHQW *ULPHV ZHQW RYHU WKH \DUG UXVKLQJ PDUN IRU KLV FDUHHU ZLWK \DUGV RQ FDUULHV DQG QRZ KDV FDUHHU \DUGV +H DOVR FDXJKW VHYHQ SDVVHV IRU \DUGV ERWK FDUHHU KLJKV 8&$Ò&#x2039;V WKUHH TXDUWHUEDFNV FRPSOHWHG SDVVHV WR GLIIHUHQW UHFHLYHUV HQ URXWH WR WRWDO \DUGV RI RIIHQVH RI WKRVH WKURXJK WKH DLU 8&$Ò&#x2039;V GHIHQVH KHOG WKH 3LRQHHUV WR WRWDO \DUGV ZLWK MXVW QHW \DUGV RQ WKH JURXQG 7KH %HDUV UHFRUGHG WDFNOHV IRU ORVV LQFOXGLQJ Ã&#x20AC;YH VDFNV 'HIHQVLYH HQGV /DUU\ +DUW DQG 0DUNHOO &DUWHU KDG WZR VDFNV HDFK DQG VHQLRU QRVH WDFNOH 8ULDK 3HUU\ DGGHG WKH Ã&#x20AC;IWK +DUW DQG VDIHW\ 3LHUL )HD]HOO ERWK IRUFHG IXPEOHV +DUW PRYHG LQWR VL[WK LQ FDUHHU VDFNV DW 8&$ ZLWK $IWHU WKH %HDUV WRRN WKH HDUO\ OHDG *OHQYLOOH JRW D \DUG Ã&#x20AC;HOG JRDO IURP +XQWHU +DPULFN LQ WKH RSHQLQJ VHFRQGV RI WKH VHFRQG TXDUWHU *ULPHV FDSSHG DQ SOD\ \DUG GULYH ZLWK D \DUG WRXFKGRZQ UXQ DW WKH PDUN RI WKH SHULRG IRU D 8&$ OHDG 7KH %HDUV DGGHG RQH PRUH VFRUH EHIRUH KDOIWLPH RQ (GGLH &DUPRQDÒ&#x2039;V \DUG Ã&#x20AC;HOG JRDO DV WLPH H[SLUHG LQ WKH KDOI $IWHU WKDW WKH %HDUV PDQDJHG RQO\ \DUGV WKH UHVW RI WKH ZD\ SOD\LQJ EDFNXSV DQG UHVHUYHV IRU PRVW RI WKH VHFRQG KDOI 8&$ KDG D VHDVRQ KLJK WKUHH WXUQRYHUV WZR LQWHUFHSWLRQV DQG RQH ORVW IXPEOH 3DUN WKUHZ KLV Ã&#x20AC;UVW LQWHUFHSWLRQ RI WKH VHDVRQ DQG EDFN XS 1DWKDQ 'LFN ZDV LQWHUFHSWHG RQ D WLSSHG EDOO LQ WKH IRXUWK TXDUWHU 8&$Ò&#x2039;V IXPEOH FDPH DW WKH HQG RI D \DUG NLFNRII UHWXUQ E\ ,VDLDK -DFNVRQ WR VWDUW WKH VHFRQG KDOI 6HQLRU /HRQDUG &HDVHU VFRUHG IURP \DUG RXW WR JLYH WKH %HDUV D OHDG ODWH LQ WKH WKLUG SHULRG DQG *OHQYLOOH DGGHG WKH JDPHÒ&#x2039;V Ã&#x20AC;QDO VFRUH RQ 'H$QGUH -RKQVRQÒ&#x2039;V \DUG UXQ ZLWK WR SOD\ *OHQYLOOHÒ&#x2039;V -DPHV 0F&DQWV FRPSOHWHG RI SDVVHV IRU \DUGV ZLWK QR WRXFKGRZQ RU LQWHUFHSWLRQV -RKQVRQ WRSSHG WKH UXVKLQJ FKDUW ZLWK \DUGV RQ FDUULHV 8&$ KHDG FRDFK &OLQW &RQTXH VHFRQG RQ WKH DOO WLPH YLFWRULHV OLVW DW 8&$ EHFDPH WKH VHFRQG FRDFK LQ VFKRRO KLVWRU\ WR ZLQ KLV WK JDPH +H QRZ WUDLOV DOO WLPH OHDGHU DQG 8&$ 6SRUWV +DOO RI )DPHU +DUROG +RUWRQ E\ IRXU ZLQV
&21:$< $UN B $IWHU D VORZ VWDUW WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV %HDUV FUDQNHG XS WKH RIIHQVH DQG UROOHG SDVW WKH 0LVVRXUL 6 7 0LQHUV RQ 6DWXUGD\ LQ IURQW RI D +DOO RI )DPH :HHNHQG FURZG RI DW )LUVW 6HFXULW\ )LHOG DW (VWHV 6WDGLXP 7UDLOLQJ DIWHU WKH Ã&#x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Ã&#x20AC;JXUH WDFNOHV IRU ORVV -XQLRU $QWKRQ\ 6XPPHUV KDG WZR WDFNOHV IRU ORVV ZKLOH MXQLRU 0DUNHOO &DUWHU DQG VHQLRU -DFRE %DQH KDG HDFK 0LVVRXUL 6 7 Ã&#x20AC;QLVKHG ZLWK WRWDO \DUGV RI RIIHQVH DQG RQO\ Ã&#x20AC;UVW GRZQV DQG DYHUDJHG \DUGV SHU SOD\ GHVSLWH KDYLQJ WKH EDOO IRU QHDUO\ PLQXWHV 7KH %HDUV DYHUDJHG \DUGV SHU SOD\ RQ RIIHQVH $IWHU VSRWWLQJ WKH 0LQHUV D -RH 'UDKRV Ã&#x20AC;HOG JRDO RQ WKH Ã&#x20AC;UVW SRVVHVVLRQ RI WKH JDPH IROORZLQJ D VROLG QLQH SOD\ GULYH 8&$ KHOG WKHP VFRUHOHVV XQWLO WKH PDUN RI WKH IRXUWK TXDUWHU 0HDQZKLOH WKH %HDUV VFRUHG SRLQWV LQ WKH VHFRQG TXDUWHU PRUH LQ WKH WKLUG DQG DGGHG D Ã&#x20AC;QDO WRXFKGRZQ RQ *ULPHVÒ&#x2039; \DUG UXQ ZLWK UHPDLQLQJ LQ WKH JDPH $IWHU DQ SOD\ GULYH IRU WKHLU Ã&#x20AC;UVW WRXFKGRZQ 8&$ WKHQ VFRUHG LQ VL[ SOD\V Ã&#x20AC;YH SOD\V Ã&#x20AC;YH SOD\V DQG SOD\ RQ WKHLU QH[W IRXU WRXFKGRZQV 7KH RQH SOD\ GULYH ZDV D \DUG SDVV IURP 3DUN WR /RYHWW HDUO\ LQ WKH WKLUG TXDUWHU WKDW JDYH WKH %HDUV D FRPIRUWDEOH OHDG -XQLRU SODFHNLFNHU (GGLH &DUPRQD FRQQHFWHG RQ RI 3$7V DQG PDGH D \DUG Ã&#x20AC;HOG JRDO LQ WKH WKLUG SHULRG 6HQLRU /HRQDUG &HDVHU KDG D \DUG WRXFKGRZQ UXQ DQG /RYHWW KDG DQRWKHU \DUG 7' UHFHSWLRQ IURP 3DUN *ULPHV VFRUHG IURP \DUGV RXW DQG UHGVKLUW IUHVKPDQ $QWKRQ\ %ODFNPRQ VFRUHG KLV Ã&#x20AC;UVW FDUHHU WRXFKGRZQ RQ D \DUG SDVV IURP 3DUN 6HQLRU VDIHW\ 'HUULFN %R\G DQG MXQLRU OLQHEDFNHU 7RN 2SHOR\H KDG HLJKW WDFNOHV DSLHFH IRU 8&$ ZKLOH HLJKW RWKHUV KDG DW OHDVW IRXU WDFNOHV 6HQLRU $OO $PHULFDQ /DUU\ +DUW KDG D VDFN DQG IRUFHG D IXPEOH 8&$ SOD\HG ZLWKRXW VWDUWLQJ FRUQHUEDFN $QWKRQ\ *DPEOHV DQG GHIHQVLYH WDFNOH 7D\ORU 6FRWW DV ZHOO DV NLFN UHWXUQHU UHFHLYHU 7 - $GDPV ZKR ZHUH KHOG RXW EHFDXVH RI LQMXULHV
*/(19,//( 67$7( &(175$/ $5.$16$6
0,66285, 6 7 &(175$/ $5.$16$6
³ ³
³ ³
),567 48$57(5 8&$ 7- $GDPV SDVV IURP 5REELH 3DUN (GGLH &DUPRQD NLFN 6(&21' 48$57(5 *6& &ROVWRQ %D\OHVV Ã&#x20AC;HOG JRDO 8&$ %UHQW *ULPHV UXQ &DUPRQD NLFN 8&$ &DUPRQD Ã&#x20AC;HOG JRDO 7+,5' 48$57(5 8&$ /HRQDUG &HDVHU UXQ &DUPRQD NLFN )2857+ 48$57(5 *6& 'H$QGUH -RKQVRQ UXQ %D\OHVV NLFN
),567 48$57(5 067 -RH 'UDKRV Ã&#x20AC;HOG JRDO 6(&21' 48$57(5 8&$ /HRQDUG &HDVHU UXQ (GGLH &DUPRQD NLFN 8&$ -DPHV /RYHWW SDVV IURP 5REELH 3DUN &DUPRQD NLFN 8&$ %UHQW *ULPHV UXQ &DUPRQD NLFN 7+,5' 48$57(5 8&$ $QWKRQ\ %ODFNPRQ SDVV IURP 3DUN &DUPRQD NLFN 8&$ /RYHWW SDVV IURP 3DUN &DUPRQD NLFN 8&$ &DUPRQD Ã&#x20AC;HOG JRDO )2857+ 48$57(5 067 0DUWHUULFXV 7KRPDV SDVV IURP 6WHYH :DWVRQ 'UDKRV NLFN 8&$ *ULPHV UXQ &DUPRQD NLFN
3,21((56 %($56 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU 7UDH &RRN 1DWKDQ 'LFN $QWKRQ\ %ODFNPRQ 5REELH 3DUN
3$66,1* 5REELH 3DUN 1DWKDQ 'LFN 5(&(,9,1* %UHQW *ULPHV 'DUULXV 0F1HDO /HRQDUG &HDVHU 7- $GDPV 3UHVWRQ (FKROV ,VDLDK -DFNVRQ -DPHV /RYHWW 'HUHN 2ZHQV $QWKRQ\ %ODFNPRQ 5LFR 0RVV $77(1'$1&(
0,1(56 %($56 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU ,VDLDK -DFNVRQ 7UDH &RRN 1DWKDQ 'LFN 5REELH 3DUN $QWKRQ\ %ODFNPRQ &- &KDWHQ 3$66,1* 5REELH 3DUN 1DWKDQ 'LFN 5(&(,9,1* -DPHV /RYHWW 'DUULXV 0F1HDO 'RPLQLTXH &URRP $QWKRQ\ %ODFNPRQ /HRQDUG &HDVHU -RVHSK +DUULV 3UHVWRQ (FKROV 5LFR 0RVV %UDQGRQ .HQQHPHU $77(1'$1&(
$
*( * &(175$/ $5.$16$6 1257+:(67(51 67$7(
67(3+(1 ) $867,1 &(175$/ $5.$16$6
2FWREHU 7XUSLQ 6WDGLXP
2FWREHU (VWHV 6WDGLXP
1$7&+,72&+(6 /D B $ QHZFRPHU PDGH D VSDUNOLQJ GHEXW DQG D YHWHUDQ IRXQG \HW DQRWKHU ZD\ WR VFRUH 6DWXUGD\ QLJKW DV WKH QLQWK UDQNHG 8QLYHUVLW\ RI &HQWUDO $UNDQVDV %HDUV ZKLSSHG 1RUWKZHVWHUQ 6WDWH LQ WKH 6RXWKODQG &RQIHUHQFH RSHQHU IRU ERWK WHDPV LQ IURQW RI D VSDUVH FURZG DW 7XUSLQ 6WDGLXP -DFNLH +LQWRQ -U D UHGVKLUW IUHVKPDQ WUDQVIHU UXQQLQJ EDFN IURP +RXVWRQ ZKR VDW RXW 8&$ҋV ÀUVW IRXU JDPHV PDGH KLV SUHVHQFH IHOW WKH ÀUVW WLPH KH WRXFKHG WKH EDOO JRLQJ \DUGV RYHU WKH ULJKW VLGH IRU D WRXFKGRZQ RQ 8&$ҋV VHFRQG RIIHQVLYH SOD\ RI WKH JDPH (GGLH &DUPRQD PDGH LW ZLWK WKH 3$7 DW WKH PDUN RI WKH ÀUVW TXDUWHU 6HQLRU UXQQLQJ EDFN %UHQW *ULPHV WKH 6RXWKODQG &RQIHUHQFHҋV OHDGLQJ VFRUHU ODVW VHDVRQ WRRN D SLWFK ULJKW IURP TXDUWHUEDFN 5REELH 3DUN DQG WKHQ WKUHZ EDFN WR D ZLGH RSHQ 3DUN LQ WKH OHIW ÁDW IRU D \DUG WRXFKGRZQ WKDW JDYH 8&$ D KDOIWLPH OHDG ,W ZDV *ULPHVҋ VHFRQG FDUHHU 7' SDVV IROORZLQJ D \DUGHU WR ZLGH UHFHLYHU $DURQ )DLURR] DJDLQVW 6WHSKHQ ) $XVWLQ EDFN LQ 6RSKRPRUH ,VDLDK -DFNVRQ DQG IUHVKPDQ 'RPLQLTXH &URRP DOVR VFRUHG WKHLU ÀUVW FDUHHU WRXFKGRZQV LQ WKH VHFRQG KDOI DQG WKH 8&$ GHIHQVH SLWFKHG LWV ÀUVW URDG VKXWRXW VLQFH DV WKH %HDUV LPSURYHG WR DQG 168 UHPDLQV ZLQOHVV DW DQG 8&$ ÀQLVKHG WKH ÀUVW KDOI ZLWK \DUGV RI WRWDO RIIHQVH ZLWK RI WKRVH FRPLQJ RQ WKH JURXQG 7KH %HDUVҋ GHIHQVH KHOG WKH 'HPRQVҋ RIIHQVH XQGHU WKH GLUHFWRU RI IRUPHU 8&$ RIIHQVLYH FRRUGLQDWRU 7RGG &RROH\ WR \DUGV LQ WKH ÀUVW PLQXWHV DQG MXVW \DUGV WKURXJK WKUHH TXDUWHUV 1RUWKZHVWHUQ ÀQLVKHG ZLWK WRWDO \DUGV RQ SOD\V \DUGV SHU SOD\ ´:H SOD\HG SUHWW\ ZHOO LQ DOO WKUHH SKDVHV RI WKH JDPH ҋ VDLG 8&$ KHDG FRDFK &OLQW &RQTXH ZKR PRYHG ZLWKLQ WZR YLFWRULHV RI +DUROG +RUWRQҋV VFKRRO UHFRUG RI ZLQV ´7R FRPH RQ WKH URDG WR D WRXJK SODFH WR SOD\ LQ WKHVH UDLQ\ FRQGLWLRQV ,ҋP YHU\ SURXG RI RXU JX\V ҋ :LWK D WZR WRXFKGRZQ OHDG WKH %HDUV ZHQW WR FORFN PDQDJHPHQW LQ WKH WKLUG TXDUWHU DQG SXW WRJHWKHU FRQVHFXWLYH VFRULQJ GULYHV WKDW ERWK WRRN H[DFWO\ RII WKH FORFN %RWK HQGHG ZLWK &DUPRQD ÀHOG JRDOV IURP DQG \DUGV IRU D OHDG IRU WKH %HDUV KHDGLQJ LQWR WKH ÀQDO SHULRG 7KH %HDUV JRW D JLIW IURP WKH GHIHQVH DW WKH VWDUW RI WKH IRXUWK TXDUWHU ZKHQ $OO $PHULFDQ GHIHQVLYH HQG /DUU\ +DUW SLFNHG RII D 7\OHU :ROIH SDVV DW PLGÀHOG IRU KLV ÀUVW FDUHHU LQWHUFHSWLRQ 7KLV WLPH WKH %HDUV WRRN RQO\ RQH SOD\ DQG OHVV WKDQ VHFRQGV ZKHQ 3DUN KLW &URRP ZLWK D \DUG WRXFKGRZQ SDVV IRU D DGYDQWDJH 8&$ҋV &DUVRQ .QRZOWRQ WKHQ IRUFHG D IXPEOH RQ WKH HQVXLQJ NLFNRII UHWXUQ ZLWK -HVVH 6LPV UHFRYHULQJ 3DUN IRXQG ,VDLDK -DFNVRQ EHKLQG WKH 1RUWKZHVWHUQ VHFRQGDU\ IRU D \DUG WRXFKGRZQ SDVV DQG D OHDG ´2XU RIIHQVLYH VWDII KDG DQ RXWVWDQGLQJ SODQ ҋ &RQTXH VDLG ´:H ZHUH DEOH WR UXQ WKH IRRWEDOO ZLWK VRPH FRQVLVWHQF\ DQG LQ WKH VHFRQG KDOI ZH ZHUH DEOH WR WKURZ DQG FDWFK WKH EDOO /RYHWW FDXJKW D ELJ EDOO IRU XV DQG ,ҋP UHDOO\ KDSS\ IRU ,VDLDK DQG KLV WRXFKGRZQ ´$QG ,ҋYH NLQG RI KLQWHG DURXQG DERXW +LQWRQ D ORW GXULQJ FDPS DQG ZH LQYROYHG KLP LQ D OLPLWHG UROH WRQLJKW LQ KLV ÀUVW JDPH %XW IRU KLP WR WDNH WKH ÀUVW WRXFK DOO WKH ZD\ , WKLQN LW VKRZV KLV H[SORVLYHQHVV DQG WKH ELJ SOD\ DELOLW\ KH ZLOO JLYH XV ҋ 3DUN D VHQLRU IURP .HOOHU 7H[DV FRPSOHWHG RI SDVVHV IRU \DUGV DQG WZR WRXFKGRZQV DV 8&$ SLOHG XS \DUGV RI WRWDO RIIHQVH IRU WKH JDPH SHU SOD\ 6HQLRU /HRQDUG &HDVHU OHG DOO UXVKHUV ZLWK \DUGV RQ FDUULHV SHU SOD\ ZKLOH *ULPHV DGGHG \DUGV DQG +LQWRQ DPRQJ WKH UXVKLQJ \DUGV 168 TXDUWHUEDFNV :ROIH DQG -RKQ +XQGOH\ FRPSOHWHG RQO\ RI SDVVHV IRU \DUGV DQG QR WRXFKGRZQV
&21:$< $UN B $ IXULRXV UDOO\ E\ WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV IHOO VKRUW 6DWXUGD\ QLJKW ZKHQ 6WHSKHQ ) $XVWLQҋV (YDQ (QJZDOO NLFNHG D \DUG ÀHOG JRDO ZLWK WKUHH VHFRQGV OHIW JRRG IRU D YLFWRU\ EHIRUH D 6RXWKODQG &RQIHUHQFH 79 DXGLHQFH DW )LUVW 6HFXULW\ )LHOG DW (VWHV 6WDGLXP (LJKWK UDQNHG 8&$ GRZQ ODWH LQ WKH IRXUWK TXDUWHU VFRUHG SRLQWV LQ WKH ÀQDO LQFOXGLQJ D SHUIHFWO\ H[HFXWHG RQVLGH NLFN WR VHW XS WKH VHFRQG VFRUH DQG WLHG WKH JDPH DW ZLWK VHFRQGV OHIW %XW WKH WK UDQNHG /XPEHUMDFNV GURYH \DUGV LQ ÀYH SOD\V DQG RQ ÀUVW GRZQ IURP 8&$ҋV (QJZDOO FDPH RQ DQG GULOOHG WKH JDPH ZLQQHU ,W ZDV 8&$ҋV ÀUVW KRPH ORVV VLQFH WKH VHDVRQ DQG ÀUVW KRPH FRQIHUHQFH ORVV VLQFH ,W ZDV DOVR 8&$ҋV ÀUVW ORVV WR D WHDP IURP WKH VWDWH RI 7H[DV VLQFH MRLQLQJ WKH 6RXWKODQG &RQIHUHQFH LQ 7KH /XPEHUMDFNV ZKR NQRFNHG RII 7RS WHDP 0F1HHVH 6WDWH ODVW ZHHN MXPSHG RXW WR D OHDG HDUO\ LQ WKH VHFRQG TXDUWHU DLGHG E\ D 8&$ VSHFLDO WHDPV PLVFXH $IWHU IRUFLQJ D SXQW RQ 6)$ҋV ÀUVW SRVVHVVLRQ D PXIIHG SXQW E\ 8&$ JDYH WKH Ҋ-DFNV WKH EDOO DW WKH 8&$ 6)$ VFRUHG LQ WKUHH SOD\V IRU D TXLFN OHDG 8&$ JRW D \DUG ÀHOG JRDO ZKLFK WLHG D VHDVRQ ORQJ ZLWK OHIW LQ WKH ÀUVW TXDUWHU 7KH Ҋ-DFNV PDGH LW RQ -HUHP\ 0RVHVҋ \DUG WRXFKGRZQ SDVV WR $DURQ 5KHD DW WKH PDUN RI WKH VHFRQG SHULRG 8&$ VFRUHG RQFH PRUH EHIRUH KDOIWLPH FDSSLQJ D VHDVRQ KLJK SOD\ GULYH ZLWK D \DUG WRXFKGRZQ UXQ E\ %UHQW *ULPHV 6)$ GURYH WR WKH 8&$ EXW (QJZDOO PLVVHG D \DUG ÀHOG JRDO DWWHPSW ZLWK VHFRQGV UHPDLQLQJ 7KH %HDUV VFRUHG DJDLQ WR RSHQ WKH VHFRQG KDOI ZKHQ &DUPRQD PDGH D \DUG ÀHOG JRDO WR FORVH WKH JDS WR -DFNLH +LQWRQ VHW XS WKH VFRUH ZLWK D \DUG NLFNRII UHWXUQ DQG /HRQDUG &HDVHU JRW WKH %HDUV LQ ÀHOG JRDO SRVLWLRQ ZLWK D \DUG UXQ RQ ÀUVW GRZQ *ULPHV LQ SXUVXLW RI WKH VFKRRO VFRULQJ UHFRUG IRXQG WKH HQG ]RQH D VHFRQG WLPH IURP \DUGV RXW ZLWK OHIW LQ WKH WKLUG SHULRG WR PDNH LW *ULPHV D VHQLRU IURP %DWRQ 5RXJH LV QRZ IRXU WRXFKGRZQV EHKLQG UHFRUG KROGHU .HQWUHO 5RJHUV ZKR KDG IURP 6)$ DGGHG D \DUG ÀHOG JRDO IURP (QJZDOO DQG D \DUG WRXFKGRZQ UXQ E\ 9LQFHQW 3HUYLV EXW 8&$ҋV 7UH\ /LSSH EORFNHG WKH 3$7 DQG WKH Ҋ-DFNV OHG 8&$ TXDUWHUEDFN 5REELH 3DUN ZDV LQWHUFHSWHG RQ WKH %HDUVҋ QH[W SRVVHVVLRQ EXW WKH GHIHQVH JRW D ERRVW ZKHQ VHQLRU OLQHEDFNHU -DPHV /DQFDVWHU EORFNHG (QJZDOOҋV \DUG ÀHOG JRDO DWWHPSW 8&$ҋV 'HUULFN %R\G UHWXUQHG LW WR WKH 8&$ 7KH %HDUV GURYH WR WKH 6)$ EXW KDG WR VHWWOH IRU &DUPRQDҋV \DUG ÀHOG JRDO WKDW FORVHG WKH JDS WR ZLWK OHIW 7KH RQVLGH NLFN E\ &DUPRQD WR WKH OHIW VLGH ZDV ÀHOGHG SHUIHFWO\ E\ D OHDSLQJ -DPHV /RYHWW DQG 8&$ WRRN RYHU DW WKH 6)$ 3DUN WKHQ KLW VHQLRU 3UHVWRQ (FKROV EHWZHHQ GHIHQGHUV ZLWK D \DUG 7' SDVV RQ WKH ÀUVW SOD\ DQG &DUPRQDҋV NLFN WLHG LW DW ZLWK VHFRQGV OHIW 6)$ GURYH WR WKH 8&$ LQ ÀYH SOD\V DQG DIWHU WKUHH FRQVHFXWLYH WLPH RXWV (QJZDOO QDLOHG WKH \DUGHU IRU D OHDG 8&$ GRZQHG 6)$ҋV NLFN ZLWK WKUHH VHFRQGV OHIW EXW 3DUNҋV KDLO PDU\ SDVV ZDV EDWWHG GRZQ 7KH Ҋ-DFNV UXVKHG IRU RQO\ \DUGV DQG ZHUH KHOG \DUGV EHORZ WKHLU VHDVRQ DYHUDJH LQ WRWDO RIIHQVH 3DUN D VHQLRU IURP .HOOHU 7H[DV FRPSOHWHG D FDUHHU KLJK RI SDVVHV IRU \DUGV ZLWK WRXFKGRZQ DQG LQWHUFHSWLRQ 8&$ ÀQLVKHG ZLWK \DUGV RI WRWDO RIIHQVH *ULPHV OHG DOO UXVKHUV ZLWK \DUGV RQ FDUULHV
67(3+(1 ) $867,1 &(175$/ $5.$16$6
³ ³
),567 48$57(5 8&$ -DFNLH +LQWRQ UXQ (GGLH &DUPRQD NLFN
6(&21' 48$57(5 8&$ 5REELH 3DUN SDVV IURP %UHQW *ULPHV &DUPRQD NLFN 7+,5' 48$57(5 8&$ &DUPRQD ÀHOG JRDO 8&$ &DUPRQD ÀHOG JRDO )2857+ 48$57(5 8&$ 'RPLQLTXH &URRP SDVV IURP 3DUN &DUPRQD NLFN 8&$ ,VDLDK -DFNVRQ SDVV IURP 3DUN &DUPRQD NLFN
),567 48$57(5 6)$ $DURQ 5KHD SDVV IURP -HUHP\ 0RVHV (YDQ (QJZDOO NLFN 8&$ (GGLH &DUPRQD ÀHOG JRDO 6(&21' 48$57(5 6)$ 5KHD SDVV IURP 0RVHV (QJZDOO NLFN 8&$ %UHQW *ULPHV UXQ &DUPRQD NLFN 7+,5' 48$57(5 8&$ &DUPRQD ÀHOG JRDO 6)$ *UD\OQ &UDZIRUG SDVV IURP 0RVHV (QJZDOO NLFN 8&$ *ULPHV UXQ &DUPRQD NLFN )2857+ 48$57(5 6)$ (QJZDOO ÀHOG JRDO 6)$ 9LQFHQW 3HUYLV UXQ (QJZDOO NLFN EORFNHG 8&$ &DUPRQD ÀHOG JDRO 8&$ 3UHVWRQ (FKROV SDVV IURP 5REELH 3DUN &DUPRQD NLFN 6)$ (QJZDOO ÀHOG JRDO
%($56 '(0216 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* /HRQDUG &HDVHU %UHQW *ULPHV -DFNLH +LQWRQ 5REELH 3DUN $QWKRQ\ %ODFNPRQ 7HDP 1DWKDQ 'LFN
3$66,1* 5REELH 3DUN %UHQW *ULPHV 5(&(,9,1* -DPHV /RYHWW 3UHVWRQ (FKROV ,VDLDK -DFNVRQ 'RPLQLTXH &URRP 5REELH 3DUN /HRQDUG &HDVHU 'DUULXV 0F1HDO $77(1'$1&(
/80%(5-$&.6 %($56 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU 5REELH 3DUN -DFNLH +LQWRQ ,VDLDK -DFNVRQ 7HDP 3$66,1* 5REELH 3DUN 5(&(,9,1* -DPHV /RYHWW 3UHVWRQ (FKROV 'RPLQLTXH &URRP 'DUULXV 0F1HDO 5LFR 0RVV %UHQW *ULPHV 7- $GDPV $QWKRQ\ %ODFNPRQ $77(1'$1&(
&(175$/ $5.$16$6 1257+:(67(51 67$7(
³ ³
$
*( * 6287+($67(51 /$ &(175$/ $5.$16$6
&(175$/ $5.$16$6 1,&+2//6
2FWREHU 6WUDZEHUU\ 6WDGLXP
2FWREHU (VWHV 6WDGLXP
+$0021' /D B $ WHDP NQRZQ IRU LWV RIIHQVH PDGH WKH NH\ GHIHQVLYH SOD\V GRZQ WKH VWUHWFK DV 6RXWKHDVWHUQ /RXLVLDQD KHOG RQ IRU D YLFWRU\ RYHU WKH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV RQ 6DWXUGD\ DW 6WUDZEHUU\ 6WDGLXP 6/8 LQWHUFHSWHG 8&$ WKUHH WLPHV LQ WKH IRXUWK TXDUWHU WR PRYH LQWR D Ã&#x20AC;UVW SODFH WLH LQ WKH 6RXWKODQG &RQIHUHQFH VWDQGLQJV 1R 8&$ GURSSHG WR RYHUDOO DQG LQ OHDJXH SOD\ 7KH %HDUV IDFHG WKHLU ELJJHVW KDOIWLPH GHÃ&#x20AC;FLW RI WKH VHDVRQ WUDLOLQJ DW WKH EUHDN 8&$ KDG MXVW \DUGV RI RIIHQVH LQ WKH KDOI DQG KDG RQO\ WKUHH (GGLH &DUPRQD Ã&#x20AC;HOG JRDOV RI DQG \DUGV WR VKRZ IRU LW 7KH /LRQV SXW WRJHWKHU EDFN WR EDFN VFRULQJ GULYHV LQ WKH Ã&#x20AC;UVW TXDUWHU DQG WRRN D OHDG ZLWK UHPDLQLQJ LQ WKH Ã&#x20AC;UVW SHULRG $OO 6/& NLFNHU -HII 7XUQHU QDLOHG D \DUG Ã&#x20AC;HOG JRDO DQG EDFNXS TXDUWHUEDFN 7\OHU %HDWW\ KLW &KULV :LOVRQ ZLWK D \DUG WRXFKGRZQ SDVV &DUPRQD PDGH D \DUGHU LQ WKH Ã&#x20AC;UVW PLQXWH RI WKH VHFRQG TXDUWHU DQG DGGHG D \DUGHU DIWHU D \DUG SXQW E\ -RQ %HDUG SLQQHG WKH /LRQV GHHS LQ WKHLU RZQ WHUULWRU\ &DUPRQD WKHQ PDGH D VHDVRQ ORQJ \DUGHU LQ WKH Ã&#x20AC;QDO VHFRQGV RI WKH Ã&#x20AC;UVW KDOI WR SXOO WKH %HDUV ZLWKLQ HLJKW SRLQWV DW &DUPRQD VHW WZR VFKRRO UHFRUGV LQFOXGLQJ Ã&#x20AC;HOG JRDOV LQ D JDPH IRXU DQG FRQVHFXWLYH PDGH Ã&#x20AC;HOG JRDOV 7KH /LRQV SOD\HG ZLWKRXW WKUHH LQMXUHG VWDUWHUV RQ RIIHQVH LQFOXGLQJ VHQLRU TXDUWHUEDFN %ULDQ %DELQ DQG ZLGH UHFHLYHUV 6LPPLH <DUEURXJK DQG 0HUULFN /DQDX[ <DUEURXJK ZDV WKH 6RXWKODQG )UHVKPDQ RI WKH <HDU LQ 6HQLRU UHFHLYHU &KULV :LOVRQ DQG VRSKRPRUH UHFHLYHU .RU\ 7KHRGRUH SLFNHG XS WKH VODFN LQ WKH Ã&#x20AC;UVW KDOI :LOVRQ FDXJKW IRXU SDVVHV IRU \DUGV DQG D WRXFKGRZQ DQG 7KHRGRUH FDXJKW VHYHQ IRU \DUGV DQG WKH RWKHU VFRUH )RU WKH JDPH :LOVRQ FDXJKW VL[ IRU DQG WZR 7'V ZKLOH 7KHRGRUH KDG IRU 6HQLRU UXQQLQJ EDFN %UHQW *ULPHV JRW WKH %HDUV EDFN LQ WKH JDPH RQ WKH Ã&#x20AC;UVW GULYH RI WKH VHFRQG KDOI FDUU\LQJ DOO IRXU SOD\V IRU \DUGV FDSSHG E\ D \DUG WRXFKGRZQ UXQ ZLWK OHIW LQ WKH WKLUG SHULRG WKDW FORVHG WKH JDS WR 7KH WRXFKGRZQ WLHG WKH FDUHHU VFRULQJ UHFRUG RI WRXFKGRZQV KHOG E\ .HQWUHO 5RJHUV 7KH %HDUV WRRN WKHLU Ã&#x20AC;UVW OHDG RI WKH JDPH LQ WKH Ã&#x20AC;QDO PLQXWH RI WKH WKLUG TXDUWHU ZKHQ &DUPRQD PDGH KLV VFKRRO UHFRUG IRXUWK Ã&#x20AC;HOG JRDO RI WKH JDPH IURP \DUGV IRU D OHDG 7KH VFRUH FDPH DIWHU WKH JDPHÒ&#x2039;V Ã&#x20AC;UVW WXUQRYHU DQ 6/8 IXPEOH UHFRYHUHG E\ 8&$Ò&#x2039;V =DFK +\DWW 7KH %HDUV JRW DQRWKHU WXUQRYHU WZR SRVVHVVLRQV ODWHU D IXPEOH WKDW VHQLRU OLQHEDFNHU -DPHV /DQFDVWHU IHOO RQ DW WKH 8&$ %XW WKH %HDUV JDYH LW ULJKW EDFN ZKHQ 5HÒ&#x2039;.HHP :LOVRQ LQWHUFHSWHG 5REELH 3DUN DW WKH 6/8 DQG UHWXUQHG LW GHHS LQWR 8&$ WHUULWRU\ 7KH /LRQV PDGH WKH %HDUV SD\ ZKHQ %HDWW\ KLW &KULV :LOVRQ LQ WKH EDFN OHIW FRUQHU RI WKH HQG ]RQH IURP \DUGV RXW $ WZR SRLQW FRQYHUVLRQ SDVV IURP %HDWW\ WR /XLV 6REDOYDUUR JDYH 6/8 D OHDG ZLWK UHPDLQLQJ LQ WKH JDPH 3DUN FRPSOHWHG RI IRU \DUGV *ULPHV OHG DOO UXVKHUV ZLWK \DUGV RQ FDUULHV 6HQLRU -RQDWKDQ %HDUG KDG D FDUHHU EHVW \DUG DYHUDJH RQ VHYHQ SXQWV LQFOXGLQJ D \DUGHU
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Ã&#x20AC;UVW KRPH ORVV LQ WZR \HDUV ODVW ZHHN WRWDOHG D VHDVRQ KLJK \DUGV RI RIIHQVH RQ MXVW SOD\V \DUGV SHU SOD\ DQG KHOG 1LFKROOV WR MXVW \DUGV 8&$ VFRUHG WKH Ã&#x20AC;UVW SRLQWV RI WKH JDPH RQ WZR VROLG GULYHV *ULPHV ZHQW WKH Ã&#x20AC;QDO \DUGV RQ WKH Ã&#x20AC;UVW ZLWK MXQLRU (GGLH &DUPRQD DGGLQJ WKH 3$7 6HQLRU UXQQLQJ EDFN /HRQDUG &HDVHU GLG WKH KRQRUV WKH VHFRQG WLPH VFRULQJ IURP WKH &DUPRQDÒ&#x2039;V NLFN JDYH WKH %HDUV D OHDG ZLWK OHIW LQ WKH Ã&#x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Ã&#x20AC;UVW SOXV KDOI VLQFH D YLFWRU\ RYHU 7H[DV 6WDWH *ULPHV DGGHG KLV WKLUG WRXFKGRZQ RQ D QLIW\ \DUG WRXFKGRZQ UXQ LQ WKH Ã&#x20AC;UVW PLQXWH RI WKH WKLUG SHULRG EHIRUH UHWLULQJ IRU WKH QLJKW *ULPHV PRYHG ZLWKLQ RQH WRXFKGRZQ RI VFKRRO UHFRUG KROGHU .HQWUHO 5RJHUV DQG WLHG 3KLO &DOGZHOO IRU VHFRQG LQ FDUHHU UXVKLQJ WRXFKGRZQV +H LV DOVR QRZ LQ WKH 7RS LQ FDUHHU UXVKLQJ ZLWK \DUGV 7KH &RORQHOV DGGHG D IRXUWK TXDUWHU VFRUH RQ 5RELQVRQÒ&#x2039;V \DUG UXQ 3DUN Ã&#x20AC;QLVKHG RI SDVVLQJ IRU \DUGV DQG D SDLU RI WRXFKGRZQV &HDVHU DGGHG UXVKLQJ \DUGV DQG D WHDP KLJK UHFHLYLQJ \DUGV -XQLRU OLQHEDFNHU 7RN 2SHOR\H OHG WKH 8&$ GHIHQVH ZLWK QLQH WDFNOHV WZR IRU ORVV ZKLOH VHQLRU OLQHEDFNHU -DPHV /DQFDVWHU DGGHG HLJKW WDFNOHV
1,&+2//6 &(175$/ $5.$16$6
&(175$/ $5.$16$6 6287+($67(51 /$
³ ³
³ ³ ),567 48$57(5 6/8 -HII 7XUQHU Ã&#x20AC;HOG JRDO 6/8 &KULV :LOVRQ SDVV IURP 7\OHU %HDWW\ 7XUQHU NLFN 6(&21' 48$57(5 8&$ (GGLH &DUPRQD Ã&#x20AC;HOG JRDO 8&$ &DUPRQD Ã&#x20AC;HOG JRDO 6/8 .RU\ 7KHRGRUH SDVV IURP %HDWW\ 8&$ &DUPRQD Ã&#x20AC;HOG JRDO 7+,5' 48$57(5 8&$ %UHQW *ULPHV UXQ &DUPRQD NLFN 8&$ &DUPRQD Ã&#x20AC;HOG JRDO )2857+ 48$57(5 6/8 :LOVRQ SDVV IURP %HDWW\ /XLV 6REDOYDUUR SDVV IURP %HDWW\ 8&$ 7HDP VDIHW\
),567 48$57(5 8&$ %UHQW *ULPHV UXQ (GGLH &DUPRQD NLFN 8&$ /HRQDUG &HDVHU UXQ &DUPRQD NLFN 6(&21' 48$57(5 1,&+ $ 5RELQVRQ SDVV IURP / &DVWRQ 6FKH[QD\GHU NLFN EORFNHG 8&$ *ULPHV UXQ &DUPRQD NLFN 8&$ 'RPLQLTXH &URRP SDVV IURP 5REELH 3DUN &DUPRQD NLFN 8&$ -DPHV /RYHWW SDVV IURP 3DUN &DUPRQD NLFN 7+,5' 48$57(5 8&$ *ULPHV UXQ &DUPRQD NLFN )2857+ 48$57(5 1,&+ $ 5RELQVRQ UXQ 6FKH[QD\GHU NLFN &2/21(/6 %($56 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU -DFNLH +LQWRQ $QWKRQ\ %ODFNPRQ &- &KDWHQ 1DWKDQ 'LFN 5REELH 3DUN 7HDP
3$66,1* 5REELH 3DUN 7UDH &RRN 1DWKDQ 'LFN 5(&(,9,1* /HRQDUG &HDVHU 3UHVWRQ (FKROV -DPHV /RYHWW 'RPLQLTXH &URRP 5LFR 0RVV %UHQW *ULPHV &- &KDWHQ ,VDLDK -DFNVRQ $QWKRQ\ %ODFNPRQ 'DUULXV 0F1HDO A77(1'$1&(
%($56 /,216 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU 5REELH 3DUN ,VDLDK -DFNVRQ 7- $GDPV
3$66,1* 5REELH 3DUN 5(&(,9,1* 'RPLQLTXH &URRP 3UHVWRQ (FKROV %UHQW *ULPHV -DPHV /RYHWW 5LFR 0RVV -DFNLH +LQWRQ /HRQDUG &HDVHU 'DUULXV 0F1HDO
$77(1'$1&(
$#
*( * 7(;$6 67$7( &(175$/ $5.$16$6
6$0 +286721 67$7( &(175$/ $5.$16$6
1RYHPEHU (VWHV 6WDGLXP
1RYHPEHU %RZHUV 6WDGLXP
&21:$< $UNB 7KH 7H[DV 6WDWH %REFDWV VFRUHG WKH JR DKHDG WRXFKGRZQ ZLWK MXVW VHFRQGV UHPDLQLQJ WR XSVHW WKH WK UDQNHG 8QLYHUVLW\ RI &HQWUDO $UNDQVDV %HDUV LQ IURQW RI D 6RXWKODQG &RQIHUHQFH 7HOHYLVLRQ DXGLHQFH DW )LUVW 6HFXULW\ )LHOG DW (VWHV 6WDGLXP 7KH ODWH KHURLFV E\ WKH %REFDWV RYHUVKDGRZHG D VWHOODU SHUIRUPDQFH E\ 8&$ VHQLRU UXQQLQJ EDFN %UHQW *ULPHV 7KH %HDUV KDG WDNHQ WKH OHDG RQ D WZR \DUG WRXFKGRZQ UXQ E\ *ULPHV ZLWK OHIW WR SOD\ $ VHQLRU IURP %DWRQ 5RXJH *ULPHV Ã&#x20AC;QLVKHG ZLWK D FDUHHU KLJK UXVKLQJ \DUGV FDXJKW Ã&#x20AC;YH SDVVHV IRU \DUGV DQG DOVR WKUHZ D \DUG KDOIEDFN SDVV WR -DPHV /RYHWW WKDW VHW XS WKH %HDUVÒ&#x2039; Ã&#x20AC;QDO WRXFKGRZQ *ULPHV EURNH 8&$Ò&#x2039;V FDUHHU WRXFKGRZQV DQG FDUHHU SRLQWV UHFRUGV ZLWK D SDLU RI UXVKLQJ WRXFKGRZQV LQ WKH JDPH +H QRZ KDV FDUHHU WRXFKGRZQV DQG FDUHHU SRLQWV VXUSDVVLQJ .HQWUHO 5RJHUV LQ ERWK FDWHJRULHV +H EHFDPH WKH Ã&#x20AC;UVW 8&$ SOD\HU WR UHFRUG PRUH WKDQ UXVKLQJ \DUGV DQG UHFHLYLQJ \DUGV +H QRZ KDV FDUHHU UXVKLQJ \DUGV DQG UHFHLYLQJ \DUGV $IWHU *ULPHVÒ&#x2039; VFRUH WKH %HDUV ZHUH FDOOHG IRU D FRVWO\ SHUVRQDO IRXO RQ WKH SRLQW DIWHU DQG ZHUH IRUFHG WR NLFN RII IURP WKHLU RZQ 7KH %REFDWV TXLFNO\ WRRN DGYDQWDJH GULYLQJ \DUGV LQ HLJKW SOD\V LQ MXVW PRUH WKDQ D PLQXWH 6HQLRU TXDUWHUEDFN %UDGOH\ *HRUJH KLW 'DULXV %ROGHQ GRZQ WKH ULJKW VLGHOLQH IRU \DUGV DQG WKH JDPH ZLQQLQJ WRXFKGRZQ RQ VHFRQG DQG 5\DQ %DWFKHORUÒ&#x2039;V 3$7 PDGH LW ZLWK VHFRQGV OHIW 8&$ WRRN RYHU RQ LWV DIWHU WKH NLFNRII EXW WZR LQFRPSOHWH SDVVHV DQG D SDVV IRU PLQXV WKUHH \DUGV HQGHG WKH JDPH /HG E\ *ULPHV WKH %HDUV RXWJDLQHG WKH %REFDWV WR ZLWK DYHUDJLQJ \DUGV SHU SOD\ 6HQLRU TXDUWHUEDFN 5REELH 3DUN FRPSOHWHG RI SDVVHV IRU \DUGV DQG QR WRXFKGRZQV EXW GLG KDYH KLV Ã&#x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Ã&#x20AC;HOG JRDOV ZLWK KLV WK D \DUGHU LQ WKH Ã&#x20AC;UVW TXDUWHU EXW ODWHU PLVVHG IURP \DUGV
+81769,//( 7H[DV B 7KH PLVWDNH SURQH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV %HDUV PDGH LW FORVH DV XVXDO 6DWXUGD\ EXW VWLOO GURSSHG D GHFLVLRQ WR 6DP +RXVWRQ 6WDWH DW %RZHUV 6WDGLXP 7KH %HDUV ORVW IRU WKH Ã&#x20AC;IWK WLPH WKLV VHDVRQ DQG WKH IRXUWK WLPH LQ WKHLU SDVW Ã&#x20AC;YH JDPHV $QG IRU WKH Ã&#x20AC;IWK WLPH WKH\ ORVW E\ OHVV WKDQ D WRXFKGRZQ 8&$Ò&#x2039;V Ã&#x20AC;YH ORVVHV KDYH EHHQ E\ DQ DYHUDJH RI SRLQWV SHU JDPH 6DP +RXVWRQ 6WDWH LPSURYHG WR DQG 7KH %HDUV KDG D SXQW EORFNHG DQG UHWXUQHG IRU D WRXFKGRZQ D WRXFKGRZQ SDVV FDOOHG EDFN E\ SHQDOW\ DQG D Ã&#x20AC;HOG JRDO DWWHPSW WKDW QHYHU JRW RII WKH JURXQG EHFDXVH RI D EDG VQDS 6DP +RXVWRQÒ&#x2039;V EOLW]LQJ GHIHQVH KHOG 8&$ WR D VHDVRQ ORZ \DUGV RI RIIHQVH DQG MXVW \DUGV SHU SOD\ 7KH 8&$ GHIHQVH OHG E\ VHQLRUV 7D\ORU 6FRWW DQG /DUU\ +DUW DQG MXQLRU 0DUNHOO &DUWHU XS IURQW KHOG 6+68 WR WRWDO \DUGV DQG IRUFHG IRXU WXUQRYHUV WZR LQWHUFHSWLRQV WZR IXPEOHV &DUWHU DQG VHQLRU 3LHUL )HD]HOO IRUFHG IXPEOHV DQG VHQLRUV 'HUULFN %R\G DQG $QWKRQ\ *DPEOHV KDXOHG LQ LQWHUFHSWLRQV %XW 6+68Ò&#x2039;V TXLFN EOLW]LQJ GHIHQVH IRUFHG 8&$ LQWR ORQJ \DUGDJH VLWXDWLRQV DOO GD\ DQG UHFRUGHG \DUGV RI ORVVHV LQFOXGLQJ D SDLU RI VDFNV $IWHU D Ã&#x20AC;UVW TXDUWHU WKDW VDZ WKH WHDPV WUDGH WKUHH SXQWV DSLHFH 8&$ Ã&#x20AC;QDOO\ EURNH WKURXJK ZLWK D SOD\ \DUG VFRULQJ GULYH 7KH ELJ SOD\ ZDV D \DUG SDVV IURP 5REELH 3DUN WR -RVK 5DJODQG KLV Ã&#x20AC;UVW FDUHHU FDWFK WKDW VHW WKH %HDUV XS DW WKH 6+68 6HQLRU UXQQLQJ EDFN /HRQDUG &HDVHU ZHQW LQ IURP WKH GLYLQJ MXVW LQVLGH WKH OHIW S\ORQ IRU WKH WRXFKGRZQ DQG MXQLRU SODFHNLFNHU (GGLH &DUPRQD PDGH LW D OHDG 7KH %HDUNDWV FDPH EDFN DQG GURYH GHHS LQWR %HDU WHUULWRU\ EXW WKH 8&$ GHIHQVH KHOG DQG 6+68 KDG WR VHWWOH IRU D \DUG Ã&#x20AC;HOG JRDO E\ 0LJXHO $QWRQLR ZLWK OHIW LQ WKH KDOI 8&$ IRUFHG D IXPEOH ODWH LQ WKH TXDUWHU DQG &DUWHU UHFRYHUHG IRU 8&$ 7KH %HDUV ZHUH IRUFHG WR SXQW DJDLQ EXW WKH 6+68 UHWXUQHU IXPEOHG DQG )HD]HOO UHFRYHUHG DW WKH 6+68 7KH %HDUV WKRXJKW WKH\ KDG DGGHG WR WKHLU OHDG ZKHQ 5DJODQG PDGH D MXJJOLQJ FDWFK LQ WKH HQG ]RQH IURP \DUGV RXW EXW LW ZDV FDOOHG EDFN EHFDXVH RI D KROGLQJ SHQDOW\ 8&$ HYHQWXDOO\ DWWHPSWHG D \DUG Ã&#x20AC;HOG JRDO EXW WKH VQDS ZDV ORZ DQG KROGHU 'HUHN 2ZHQV ZDV IRUFHG WR UXQ DURXQG ULJKW HQG +H FDPH XS VKRUW RI WKH Ã&#x20AC;UVW GRZQ DQG WKH %HDUV WRRN D OHDG LQWR WKH ORFNHU URRP 7KH %HDUV JRW DQ LQWHUFHSWLRQ IURP VHQLRU *DPEOHV RQ WKH %HDUNDWVÒ&#x2039; Ã&#x20AC;UVW SRVVHVVLRQ RI WKH VHFRQG KDOI EXW DIWHU SHQDOWLHV DQG D VDFN 8&$ KDG WR SXQW 6+68Ò&#x2039;V 9LQFHQW 'RWVRQ EURNH WKURXJK XQWRXFKHG DQG EORFNHG %HDUGÒ&#x2039;V SXQW VFRRSHG XS WKH ORRVH EDOO DW WKH DQG ZHQW WKH GLVWDQFH WR JLYH 6+68 D OHDG ZLWK OHIW LQ WKH WKLUG TXDUWHU 7KH %HDUV GURYH GRZQ WR WKH 6+68 EXW SHQDOWLHV VWRSSHG WKHP DJDLQ DQG 3DUN ZDV LQWHUFHSWHG E\ 'DUUHOO 7D\ORU RQ D SDVV WR WKH HQG ]RQH $IWHU 7D\ORUÒ&#x2039;V UHWXUQ WKH %HDUNDWV WRRN RYHU QHDU PLGÃ&#x20AC;HOG 8&$Ò&#x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Ã&#x20AC;YH PLQXWHV OHIW 7KH %HDUV KDG IRXUWK DQG DW WKHLU RZQ DQG 3DUN WKUHZ GRZQ WKH ULJKW VLGHOLQH IRU IUHVKPDQ 'RPLQLTXH &URRP -DUYLV 3LSSLQV ZDV FDOOHG IRU LQWHUIHUHQFH DV &URRP WULHG WR FRPHEDFN IRU WKH SDVV VHWWLQJ WKH %HDUV XS DW WKH $JDLQ IDFLQJ IRXUWK GRZQ RQ WKHLU WKH %HDUV FRXOG QRW FRQYHUW DV D ORQJ SDVV GRZQ WKH PLGGOH ERXQFHG RXW RI WKH KDQGV RI (FKROV ZLWK OHIW WR SOD\ 8&$ JRW RQH ODVW VKRW DIWHU 6+68 IDLOHG WR UXQ WKH FORFN RXW LQ WKH Ã&#x20AC;QDO PLQXWH 3DUN KLW ,VDLDK -DFNVRQ IRU \DUGV WKUHZ LQFRPSOHWH WR &URRP DQG WKHQ ZDV LQWHUFHSWHG DW PLGÃ&#x20AC;HOG RQ D GHVSHUDWLRQ SDVV LQWHQGHG IRU D ZHOO FRYHUHG -DFNVRQ
7(;$6 67$7( &(175$/ $5.$16$6
³ ³
),567 48$57(5 7;67 )UDQN 5HGGLF UXQ 5\DQ %DWFKHORU NLFN IDLOHG 8&$ (GGLH &DUPRQD Ã&#x20AC;HOG JRDO 6(&21' 48$57(5 8&$ 5REELH 3DUN UXQ &DUPRQD NLFN 7;67 0LVKDN 5LYDV SDVV IURP %UDGOH\ *HRUJH %DWFKHORU NLFN 7+,5' 48$57(5 8&$ %UHQW *ULPHV UXQ &DUPRQD NLFN )2857+ 48$57(5 7;67 'DUHQ 'LOODUG SDVV IURP *HRUJH %DWFKHORU NLFN 8&$ *ULPHV UXQ &DUPRQD NLFN 7;67 'DULXV %ROGHQ SDVV IURP *HRUJH %DWFKHORU NLFN
&(175$/ $5.$16$6 6$0 +286721 67$7(
³ ³
6(&21' 48$57(5 8&$ /HRQDUG &HDVHU UXQ (GGLH &DUPRQD NLFN 6+68 0LJXHO $QWRQLR Ã&#x20AC;HOG JRDO 7+,5' 48$57(5 6+68 9LQFHQW 'RWVRQ EORFNHG SXQW UHWXUQ $QWRQLR NLFN )2857+ 48$57(5 6+68 &KULV 3RXOODUG UXQ $QWRQLR NLFN 8&$ %UHQW *ULPHV UXQ &DUPRQD NLFN
%2%&$76 %($56 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU 5REELH 3DUN 7HDP 3$66,1* 5REELH 3DUN %UHQW *ULPHV 5(&(,9,1* %UHQW *ULPHV -DPHV /RYHWW 3UHVWRQ (FKROV 5LFR 0RVV /HRQDUG &HDVHU $77(1'$1&(
$$
%($56 %($5.$76 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU -DFNLH +LQWRQ 7- $GDPV 'HUHN 2ZHQV ,VDLDK -DFNVRQ 5REELH 3DUN
3$66,1* 5REELH 3DUN 5(&(,91* 3UHVWRQ (FKROV ,VDLDK -DFNVRQ -RVK 5DJODQG -DFNLH +LQWRQ %UHQW *ULPHV $QWKRQ\ %ODFNPRQ /HRQDUG &HDVHU -DPHV /RYHWW $77(1'$1&(
*( * 0&1((6( 67$7( &(175$/ $5.$16$6
1257+ '$.27$ &(175$/ $5.$16$6
1RYHPEHU &RZER\ 6WDGLXP
1RYHPEHU (VWHV 6WDGLXP
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ҋV VL[ ORVVHV KDYH EHHQ E\ OHVV WKDQ D WRXFKGRZQ 7KH %HDUV KDG WKH EDOO ZLWK OHIW ZLWK QR WLPHRXWV WUDLOLQJ 6HQLRU TXDUWHUEDFN 5REELH 3DUN KLW VRSKRPRUH ,VDLDK -DFNVRQ IRU VL[ \DUGV DQG DJDLQ IRU ÀYH DQG WKH ÀUVW GRZQ DW WKH 6HQLRU 0DWW &OLQNVFDOHV FDXJKW KLV ÀUVW SDVV RI WKH VHDVRQ D \DUGHU RYHU WKH PLGGOH IROORZHG E\ D \DUGHU WR -DFNVRQ IRU DQRWKHU ÀUVW GRZQ DW WKH ZLWK WLPH ZLQGLQJ GRZQ 7KUHH VWUDLJKW LQFRPSOHWLRQV EURXJKW LW GRZQ WR RQH ÀQDO SOD\ 3DUN WKUHZ RYHU WKH PLGGOH WR D OHDSLQJ -DPHV /RYHWW EXW KH FRXOG QRW PDNH WKH FDWFK EHWZHHQ WZR GHIHQGHUV ´,ҋP UHDOO\ SURXG RI WKH ZD\ ZH FRPSHWHG WRQLJKW ҋ VDLG 8&$ KHDG FRDFK &OLQW &RQTXH ´:HҋOO FHUWDLQO\ EH DEOH WR JR EDFN DQG GLVVHFW FHUWDLQ DVSHFWV RI WKH JDPH EXW ZH FRPSHWHG KDUG ZH SOD\HG KDUG DQG ZH SOD\HG WR ZLQ *LYH 0F1HHVH FUHGLW WKH\ KDYH D YHU\ JRRG IRRWEDOO WHDP ´,ҋP MXVW UHDOO\ SURXG RI WKH ZD\ RXU SOD\HUV FRPSHWHG 7KH\ SUHSDUHG ZHOO WKLV ZHHN WKH\ FDPH RXW DQG VKRZHG LW WRQLJKW ҋ 7KH %HDUV RSHQHG WKH VFRULQJ ZLWK D \DUG ÀHOG JRDO E\ (GGLH &DUPRQD ZLWK OHIW LQ WKH ÀUVW TXDUWHU 7KH &RZER\V DQVZHUHG ZLWK D \DUG GULYH SOD\ GULYH DLGHG E\ D SDVV LQWHUIHUHQFH FDOO DJDLQVW WKH %HDUV 6HQLRU TXDUWHUEDFN 'HUULFN )RXUURX[ NHSW LW IURP WKH IRU WKH WRXFKGRZQ DQG D OHDG ZLWK OHIW LQ WKH VHFRQG TXDUWHU 8&$ À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ÀFLW WR ZLWK OHIWU LQ WKH WKLUG SHULRG 7KH &RZER\V VWUXFN ULJKW EDFN ZLWK D \DUG WRXFKGRZQ UXQ GRZQ WKH OHIW VLGHOLQH E\ MXQLRU ZLGH UHFHLYHU %HUQDUGR +HQU\ RQ WKH ÀUVW SOD\ RI WKH HQVXLQJ SRVVHVVLRQ IRU D OHDG $ ÁDJ ZDV WKURZQ LQ WKH 0F1HHVH EDFNÀHOG EXW ZDV ZDLYHG RII E\ WKH RIÀFLDOV 8&$ SXW WRJHWKHU RQH RI LWV PRVW GLYHUVH DQG VROLG RIIHQVLYH VHULHV RI WKH JDPH RQ WKH QH[W SRVVHVVLRQ GULYLQJ \DUGV LQ SOD\V 7KH %HDUV PL[HG LQ WKH RFFDVLRQDO :LOG %HDU SDFNDJH ZLWK UXQV E\ *ULPHV DQG &HDVHU ZKLOH 3DUN KLW ,VDLDK -DFNVRQ IRU \DUGV DQG %UDQGRQ .HQQHPHU IRU -DFNLH +LQWRQ KDG WZR VZHHSV RXW RI WKH EDFNÀHOG IRU \DUGV DSLHFH *ULPHV ZHQW LQ IURP WKH IRU KLV VHFRQG WRXFKGRZQ DQG &DUPRQD DGGHG WKH 3$7 IRU D PDUJLQ ZLWK OHIW WR SOD\ LQ WKH JDPH 8&$ҋV GHIHQVH KHOG DJDLQ JLYLQJ WKH RIIHQVH RQH ÀQDO VKRW 7KH %HDUV KHOG 3HQGODQG WKH OHDGLQJ UXVKHU DQG VFRUHU LQ WKH 6/& WR \DUGV RQ FDUULHV )RXUURX[ FRPSOHWHG RI SDVVHV EXW KDG QR WRXFKGRZQV 2YHUDOO WKH &RZER\V KDG MXVW \DUGV RI RIIHQVH FRPSDUHG WR IRU WKH %HDUV
&21:$< $UN B 7KH 8QLYHUVLW\ RI &HQWUDO $UNDQVDV %HDUV KDYH ORVW JDPHV LQ QHDUO\ HYHU\ ZD\ LPDJLQDEOH WKLV VHDVRQ DQG WKH\ IRXQG D QHZ ZD\ 6DWXUGD\ LQ WKHLU KRPH VHDVRQ ÀQDOH 7KH %HDUV KDG WZR ÀHOG JRDOV EORFNHG DQG PLVVHG DQRWKHU LQ WKH ÀQDO VL[ PLQXWHV DV WKH 1RUWK 'DNRWD )LJKWLQJ 6LRX[ KHOG RQ IRU D YLFWRU\ DW )LUVW 6HFXULW\ )LHOG DW (VWHV 6WDGLXP ,W ZDV 8&$ҋV VHYHQWK ORVV WKLV VHDVRQ E\ DQ DYHUDJH RI SRLQWV SHU JDPH 7KH %HDUV ZKR ÀQLVKHG KHOG D OHDG DIWHU MXQLRU (GGLH &DUPRQDҋV \DUG ÀHOG JRDO ZLWK OHIW LQ WKH WKLUG SHULRG 1RUWK 'DNRWDҋV -DNH /DQGU\ KLW 1RDK 'RPEURYVNL ZLWK D \DUG WRXFKGRZQ SDVV ZLWK OHIW LQ WKH WKLUG TXDUWHU WR FORVH WKH JDS WR $IWHU WKDW D UDVK RI VSHFLDO WHDPV EOXQGHUV DQG RQH FRVWO\ SHQDOW\ NLOOHG WKH %HDUV $Q LOO DGYLVHG IDNH SXQW DWWHPSW E\ VHQLRU SXQWHU -RQDWKDQ %HDUG GHHS LQ 8&$ WHUULWRU\ HDUO\ LQ WKH IRXUWK TXDUWHU JDYH WKH 6LRX[ WKH EDOO RQ WKH 8&$ 1RUWK 'DNRWD PDGH WKHP SD\ ZLWK D \DUG ÀHOG JRDO E\ %UDQGRQ +HOOHYDQJ JRRG IRU D OHDG ZLWK WR SOD\ %HDUG KDG FRQYHUWHG D IDNH HDUOLHU LQ WKH JDPH IRU D ÀUVW GRZQ 7KH %HDUV KDG VHYHUDO PRUH FKDQFHV DIWHU WKDW 7KH\ GURYH GRZQ WR WKH 1RUWK 'DNRWD EHIRUH &DUPRQDҋV \DUG DWWHPSW ZDV EORFNHG E\ VRSKRPRUH %URF %HOOPRUH 8&$ VHQLRU OLQHEDFNHU -DPHV /DQFDVWHU JRW WKH EDOO EDFN LPPHGLDWHO\ IRU 8&$ IRUFLQJ D IXPEOH RQ WKH 6LRX[ҋV ÀUVW SOD\ WKDW MXQLRU .LW &ROHPDQ UHFRYHUHG DW WKH 1' 8&$ DJDLQ GURYH GRZQ WKH ÀHOG WKLV WLPH WR WKH 1RUWK 'DNRWD &DUPRQD FDPH RQ DJDLQ EXW WKH OHIW IRRWHG MXQLRU SXOOHG D \DUG ÀHOG JRDO DWWHPSW ZLGH ULJKW ZLWK UHPDLQLQJ &DUPRQD WLHG WKH VLQJOH VHDVRQ VFKRRO UHFRUG HDUOLHU LQ WKH JDPH ZLWK KLV WK ÀHOG JRDO 8&$ҋV GHIHQVH IRUFHG D WKUHH DQG RXW DQG JRW WKH EDOO EDFN RQH ODVW WLPH DIWHU D 1RUWK 'DNRWD SXQW 7DNLQJ RYHU DW WKHLU RZQ WKH %HDUV JRW D \DUG SDVV IURP 5REELH 3DUN WR %UHQW *ULPHV DQG DQRWKHU \DUGHU WR *ULPHV WR SXW WKHP RQ WKH 1' 3DUN WKHQ KLW VHQLRU 3UHVWRQ (FKROV IRU \DUGV EHIRUH WKH %HDUV ZHUH FDOOHG IRU FOLSSLQJ RQ D \DUG SDVV IURP 3DUN WR 5LFR 0RVV SXVKLQJ WKHP EDFN RXW WR WKH $IWHU D \DUG SDVV WR 'RPLQLTXH &URRP &DUPRQD VHW XS IRU D \DUG ÀHOG JRDO DWWHPSW ZLWK VHFRQGV OHIW %XW %HOOPRUH DJDLQ FDPH VWRUPLQJ WKURXJK WKH ULJKW VLGH DQG EORFNHG LW *ULPHV D VHQLRU IURP %DWRQ 5RXJH ÀQLVKHG KLV FDUHHU ZLWK DQRWKHU VWHOODU HIIRUW UXVKLQJ IRU \DUGV DQG D WRXFKGRZQ DQG FDWFKLQJ SDVVHV IRU PRUH \DUGV +H ÀQLVKHG KLV FDUHHU ZLWK UXVKLQJ \DUGV DQG PRYHG LQWR IRXUWK SODFH DOO WLPH +H SDGGHG KLV FDUHHU WRXFKGRZQ PDUN ZLWK KLV WK DQG KLV SRLQWV UHFRUG ZLWK +H DOVR PRYHG LQWR IRXUWK LQ FDUHHU DOO SXUSRVH \DUGV ZLWK 6HQLRU TXDUWHUEDFN 5REELH 3DUN FRPSOHWHG D FDUHHU KLJK SDVVHV RI IRU \DUGV 6HQLRU -DPHV /RYHWW WLHG KLV FDUHHU KLJK ZLWK UHFHSWLRQV %HDUG SXQWHG WKUHH WLPHV IRU D \DUG DYHUDJH DQG FRQYHUWHG D IDNH SXQW LQ WKH ÀUVW KDOI UXQQLQJ IRU \DUGV DQG D ÀUVW GRZQ 'HIHQVLYHO\ 8&$ KHOG 1RUWK 'DNRWD WR MXVW WRWDO \DUGV 6HQLRU OLQHEDFNHUV -DPHV /DQFDVWHU DQG -DFRE %DQH FORVHG RXW WKHLU FDUHHUV ZLWK HLJKW WDFNOHV DSLHFH %DQH KDG WZR WDFNOHV IRU ORVV DQG /DQFDVWHU KDG D IRUFHG IXPEOH DQG EURNH XS D SDVV 6HQLRU WDFNOH 7D\ORU 6FRWW KDG WDFNOHV IRU ORVV DPRQJ KLV VL[ VWRSV ZKLOH VHQLRU HQG /DUU\ +DUW KDUDVVHG /DQGU\ DOO GD\ DQG KHOSHG IRUFH WZR LQWHQWLRQDO JURXQGLQJ FDOOV
&(175$/ $5.$16$6 0&1((6( 67$7(
³ ³
1257+ '$.27$ &(175$/ $5.$16$6
³ ³
),567 48$57(5 8&$ (GGLH &DUPRQD ÀHOG JRDO 6(&21' 48$57(5 0&1 'HUULFN )RXUURX[ UXQ -RVK /HZLV NLFN 0&1 7RGGULFN 3HQGODQG UXQ /HZLV NLFN 7+,5' 48$57(5 8&$ %UHQW *ULPHV UXQ &DUPRQD NLFN 0&1 %HUQDUGR +HQU\ UXQ /HZLV NLFN )2857+ 48$57(5 8&$ *ULPHV UXQ &DUPRQD NLFN
),567 48$57(5 8&$ %UHQW *ULPHV UXQ (GGLH &DUPRQD NLFN 8&$ &DUPRQD ÀHOG JRDO 6(&21' 48$57(5 8&$ &DUPRQD ÀHOG JRDO 81' &KULV $QGHUVRQ SDVV IURP -DNH /DQGU\ %UDQGRQ +HOOHYDQJ NLFN 7+,5' 48$57(5 8&$ &DUPRQD ÀHOG JRDO 81' 1RDK 'RPEURYVNL SDVV IURP /DQGU\ )2857+ 48$57(5 81' +HOOHYDQJ ÀHOG JRDO
%($56 &2:%2<6 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV /HRQDUG &HDVHU -DFNLH +LQWRQ 5REELH 3DUN 7HDP
3$66,1* 5REELH 3DUN 5(&(,9,1* ,VDLDK -DFNVRQ %UHQW *ULPHV 3UHVWRQ (FKROV 7- $GDPV %UDQGRQ .HQQHPHU 5LFR 0RVV 'RPLQLTXH &URRP 0DWW &OLQNVFDOHV /HRQDUG &HDVHU
$77(1'$1&(
),*+7,1* 6,28; %($56 )LUVW GRZQV 5XVKHV \GV 3DVVHV
7RWDO RIIHQVH
3XQWV DYJ )XPEOHV ORVW 3HQDOWLHV \GV 3RVVHVVLRQ WLPH 586+,1* %UHQW *ULPHV -RQDWKDQ %HDUG /HRQDUG &HDVHU 7- $GDPV 7HDP -DFNLH +LQWRQ 5REELH 3DUN
3$66,1* 5REELH 3DUN 5(&(,91* -DPHV /RYHWW %UHQW *ULPHV 3UHVWRQ (FKROV 'RPLQLTXH &URRP ,VDLDK -DFNVRQ -DFNLH +LQWRQ %UDQGRQ .HQQHPHU $77(1'$1&(
$
! "
),567 7($0
6(&21' 7($0
2))(16( 326 4% 5% 5% )% :5 :5 7( 2/ 2/ 2/ 2/ 2/
1$0( 'HUULFN )RXUURX[ 7RGGULFN 3HQGODQG %5(17 *5,0(6 0DUOLQ 0HHNV 'XDQH %URRNV -DVRQ 0DGNLQV :HV 0DQJDQ ' - +DOO /$1( )5(,:$/' +XQWHU 6FKPLGW &DVH\ 5LFKWHU .DUO *OLPS
6&+ 0&1 0&1 8&$ 1,&+ 6)$ 6+68 0&1 7;67 8&$ 6+68 0&1 6)$
'/ '/ '/ '/ /% /% '% '% '% '% '%
/$55< +$57 7LP .QLFN\ 'HVPLQG /LJKWHQ $OEHUW 6PLWK -DEDUD :LOOLDPV 0DUN 1HZELOO 5HÒ&#x2039;.HHP :LOVRQ 3,(5, )($=(// &RU\ %DUORZ 0DOFROP %URQVRQ 'DUUHOO -HQNLQV
8&$ 6)$ 0&1 1:/$ 6)$ 6/8 6/8 8&$ 6)$ 0&1 0&1
3. 3 56
('',( &$5021$ 3DWULFN 'RODQ 0LVKDN 5LYDV
8&$ 1,&+ 7;67
+7
:7
<5 65 65 65 65 65 65 65 62 65 65 -5 65
+20(72:1 (UDWK /$ 1HZWRQ 7; %DWRQ 5RXJH /$ *UHQDGD 06 ,UYLQJ 7; 0DUW 7; %UHQKDP 7; 3DOHVWLQH 7; /LWWOH 5RFN $5 $OYLQ 7; 3UDLULHYLOOH /$ +XWWR 7[
65 65 -5 65 -5 -5 -5 65 65 )5 62
0DGLVRQ 06 &HGDU 3DUN 7; 0RQURH /$ 0DWWKHZV /$ *DUULVRQ 7; 0RQURH /$ )UDQNOLQWRQ /$ 0RXQW 2OLYH 06 )ULHQGVZRRG 7; -DVSHU 7; %RQ :HLU 7;
-5 -5 62
&KDUOHVWRQ $5 0RELOH $/ :HVODFR 7;
'()(16(
63(&,$/ 7($06
'HIHQVH
6SHFLDO WHDPV
%ULDQ %DELQ 6/8
3LHUL )HD]HOO 8&$
(YDQ (QJZDOO 6)$
7RGGULFN 3HQGODQG 0&1 /XNH 0F&DOO 6+68
5REELH 3DUN 8&$
-DPHV /DQFDVWHU 8&$ (YDQ (QJZDOO 6)$
9LQFHQW 3HUYLV 6)$
6HWK 7KRPDV 0&1
(YDQ (QJZDOO 6)$
%ODNH -RVHSK 6+68
'HUULFN %R\G 8&$
0LJXHO $QWRQLR 6+68
-DVSHU 'XFNVZRUWK 6/8 -DEDUD :LOOLDPV 6)$
6LPPLH <DUERURXJK 6/8 0DUN 1HZELOO 6/8
1$0( -HUHP\ 0RVHV -DVSHU 'XFNVZRUWK 9LQFHQW 3HUYLV &RQWHUYLRXV 3DUNV 'DÒ&#x2039;0DUFXV *ULJJV $QWRQLR 5RELQVRQ 6LPPLH <DUERURXJK $ULF )ORZHUV 0D[ +ROPHV :,// 0(55,77 'DYLG :DUG 0LJXHO *DXWKUHDX[
'/ '/ '/ '/ /% /% '% '% '% '% '%
0$5.(// &$57(5 &KULV %URZQ .HQQHWK &KDUOHV 7UDYLV +RXVWRQ *HUHP\ 3LODWH 'HYLQ 'XFRWH '(55,&. %2<' :HVOH\ (FNOHV 6HWK 7KRPDV *DU\ 5LJJV -RUGDQ 1HYHOV
3. 3 56
(YDQ (QJZDOO 'UHZ 1HOVRQ &RQWUHYLRXV 3DUNV
<5 -5 65 65 65 -5 65 62 65 65 65 -5 62
'()(16( -5 65 -5 65 -5 62 65 65 )5 65 65
6&+22/ 6WHSKHQ ) $XVWLQ 6RXWKHDVWHUQ /D 6WHSKHQ ) $XVWLQ 6WHSKHQ ) $XVWLQ 7H[DV 6WDWH 1LFKROOV 6RXWKHDVWHUQ /D 1LFKROOV 6WHSKHQ ) $XVWLQ 8&$ 6RXWKHDVWHUQ /D 0F1HHVH 6WDWH
8&$ 6DP +RXVWRQ 6W 6WHSKHQ ) $XVWLQ 7H[DV 6WDWH 0F1HHVH 6WDWH 6WHSKHQ ) $XVWLQ 8&$ 1RUWKZHVWHUQ 6W 0F1HHVH 6WDWH 1RUWKZHVWHUQ 6W 1LFKROOV
63(&,$/ 7($06 )5 62 65
6WHSKHQ ) $XVWLQ 6WHSKHQ ) $XVWLQ 6WHSKHQ ) $XVWLQ
+2125$%/( 0(17,21
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
),1$/ 6/& 67$1',1*6
6/& 3OD\HUV RI WKH :HHN
:N 2IIHQVH
2))(16(
326 4% 5% 5% )% :5 :5 7( 2/ 2/ 2/ 2/ 2/
6FKRRO
6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 7H[DV 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 6DP +RXVWRQ 6WDWH &HQWUDO $UNDQVDV 1LFKROOV 1RUWKZHVWHUQ 6WDWH
0LJXHO $QWRQLR 6+68 -HII 7XUQHU 6/8
6/&
$//
3)
3$
'UHZ 1HOVRQ 6)$ (GGLH &DUPRQD 8&$ -HII 7XUQHU 6/8
-DPHV $VWRQ 6+68
-HUHP\ 0RVHV 6)$
'HYLQ 'XFWRH 6)$
-XVWLQ *DUHOLFN 7;67
%UDGOH\ *HRUJH 7;67
-RH %HOO 7;67
7RGGULFN 3HQGODQG 0&1 -RUGDQ 1HYHOV 1,&+
(GGLH &DUPRQD 8&$ %HDX 0RWKH 6/8
0DUN 1HZELOO 6/8
-HUHP\ 0RVHV 6)$
0DOFROP %URQVRQ 0&1
9LQFH 'RWVRQ 6+68
%UHQW *ULPHV 8&$
%REE\ )HOGHU 1,&+
'UHZ 1HOVRQ 6)$
/$55< +$57
6/& 3/$<(5 2) 7+( <($5 'HUULFN )RXUURX[ 068 -HUHP\ 0RVHV 6)$ 6/& &2$&+ 2) 7+( <($5 - & +DUSHU 6WHSKHQ ) $XVWLQ 6/& 2))(16,9( 3/$<(5 2) 7+( <($5 %UDGOH\ *HRUJH 7H[DV 6WDWH 6/& '()(16,9( 3/$<(5 2) 7+( <($5 /DUU\ +DUW 8&$ 7LP .QLFN\ 6)$ 6/& )5(6+0$1 2) 7+( <($5 0DOFROP %URQVRQ 0F1HHVH 6WDWH 6/& 1(:&20(5 2) 7+( <($5 $QGUH %DQNV 6WHSKHQ ) $XVWLQ
! "
6/& ,1',9,'8$/ 67$7,67,&6 586+,1* 3OD\HU 7HDP %UHQW *ULPHV 8&$ 7RGGULFN 3HQGODQG 0&1 9LQFHQW 3HUYLV 6)$ 0DUOLQ 0HHNV 1,&+ -DVSHU 'XFNVZRUWK 6/8 3DXO +DUULV 1:/$ 'HUULFN )RXUURX[ 0&1 &KULV 3RXOODUG 6+68 /HRQDUG &HDVHU 8&$
&O 65 65 65 65 65 )5 65 -5 65
*
$WW
&O -5 65 65 65 65 65 )5 )5 -5 62
*
&O -5 65 65 65 65 65 )5 65 )5 65
<GV
$YJ
7'
<GV *
&PS $WW ,QW
3FW
<GV
7'
*
5XVK
3OD\V
7RWDO
<GV *
&O 62 -5 65 65 65 65 )5 65 )5 -5
*
&PS $WW ,QW
3FW
<GV
7'
(II
&O 65 -5 62 65 65 65 65 65 65 )5
*
<GV
7'
$YJ &
5HF *
3$66,1* $9* *$0( 3OD\HU 7HDP -HUHP\ 0RVHV 6)$ %UDGOH\ *HRUJH 7;67 %ULDQ %DELQ 6/8 %ODNH -RVHSK 6+68 'HUULFN )RXUURX[ 0&1 5REELH 3DUN 8&$ 3DXO +DUULV 1:/$ /D4XLQWLQ &DVWRQ 1,&+ 7\OHU %HDWW\ 6/8 'DOWRQ :LOOLDPV 6)$
$YJ *
727$/ 2))(16( 3OD\HU 7HDP -HUHP\ 0RVHV 6)$ %UDGOH\ *HRUJH 7;67 %ODNH -RVHSK 6+68 'HUULFN )RXUURX[ 0&1 %ULDQ %DELQ 6/8 5REELH 3DUN 8&$ 3DXO +DUULV 1:/$ %UHQW *ULPHV 8&$ /D4XLQWLQ &DVWRQ 1,&+ 7RGGULFN 3HQGODQG 0&1
3DVV
3$66 ()),&,(1&< 3OD\HU 7HDP 'DOWRQ :LOOLDPV 6)$ -HUHP\ 0RVHV 6)$ 'HUULFN )RXUURX[ 0&1 %ULDQ %DELQ 6/8 %ODNH -RVHSK 6+68 %UDGOH\ *HRUJH 7;67 /D4XLQWLQ &DVWRQ 1,&+ 5REELH 3DUN 8&$ 3DXO +DUULV 1:/$ 7\OHU %HDWW\ 6/8
5(&(37,216 *$0( 3OD\HU 7HDP 'XDQH %URRNV 6)$ 'DÒ&#x2039;0DUFXV *ULJJV 7;67 6LPPLH <DUERURXJK 6/8 $DURQ 5KHD 6)$ -DVRQ 0DGNLQV 6+68 'DULXV 'XII\ 1:/$ -DPHV /RYHWW 8&$ 0HUULFN /DQDX[ 6/8 &RQWUHYLRXV 3DUNV 6)$ *UD\OQ &UDZIRUG 6)$
5HF
! " 6/& ,1',9,'8$/ 67$7,67,&6 5(&(,9,1* <'6 *$0( 3OD\HU 7HDP -DVRQ 0DGNLQV 6+68 'DÒ&#x2039;0DUFXV *ULJJV 7;67 'XDQH %URRNV 6)$ 6LPPLH <DUERURXJK 6/8 $DURQ 5KHD 6)$ *UDO\Q &UDZIRUG 6)$ 'DUHQ 'LOODUG 7;67 0HUULFN /DQDX[ 6/8 &KULV :LOVRQ 6/8 $QWRQLR 5RELQVRQ 1,&+
&O 65 -5 65 62 65 )5 62 65 65 65
*
5HF
<GV
7'
$YJ &
&O -5 65 )5 65 65 -5 62 65 )5 -5
*
,QW
<GV
7'
,QW *
<GV *
,17(5&(37,216 3OD\HU 7HDP 5HÒ&#x2039;.HHP :LOVRQ 6/8 :HVOH\ (FNOHV 1:/$ 6HWK 7KRPDV 0&1 4XLQWHQ 3LHUUH 6/8 &RU\ %DUORZ 6)$ &XUWLV 6WURQJ 6/8 %REE\ )HOGHU 1,&+ &KULV %URZQ 6+68 'DUQHOO 7D\ORU 6+68 -DUYLV 3LSSLQV 6+68
3817 5(7851 $9* 3OD\HU 7HDP 'XDQH %URRNV 6)$
&O 65
*
5HW
<GV
7'
$YJ
&O 65 62 )5 )5 65 )5 )5 65
*
5HW
<GV
7'
$YJ
&O -5 62 -5 65 62 )5 65 -5
*
3XQWV
<GV
$YJ
&O 65 65 )5 62 65 -5 )5 65 )5 65
*
7'
;37
)*
.,&. 5(7851 $9* 3OD\HU 7HDP &RQWUHYLRXV 3DUNV 6)$ 0LVKDN 5LYDV 7;67 %UDGOH\ %URZQ 1:/$ 3KLOOLS +DUYH\ 1:/$ $QWRQLR 5RELQVRQ 1,&+ 0HOYLV 3ULGH 6+68 &KDPSODLQ %DELQ 0&1 $ - :LOOLDPV 1,&+
3817,1* 3OD\HU 7HDP 3DWULFN 'RODQ 1,&+ 'UHZ 1HOVRQ 6)$ 0LFKDHO &DSSDUHOOL 6+68 -RQDWKDQ %HDUG 8&$ %HQ )ROOLV 7;67 %HDX 0RWKH 6/8 %HDX /DVVHLJQH 0&1 %UDGOH\ 5XVVR 1:/$
6&25,1* 3OD\HU 7HDP 7RGGULFN 3HQGODQG 0&1 %UHQW *ULPHV 8&$ (YDQ (QJZDOO 6)$ 6LPPLH <DUERURXJK 6/8 -HII 7XUQHU 6/8 (GGLH &DUPRQD 8&$ 0LJXHO $QWRQLR 6+68 $DURQ 5KHD 6)$ -RVK /HZLV 0&1 $OYLQ &DQDG\ 7;67
#
3WV
3WV *
! "
6/& 7($0 67$7,67,&6 6&25,1* 2))(16( 7HDP 0F1HHVH 6WDWH 6WHSKHQ ) $XVWLQ 7H[DV 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 6DP +RXVWRQ 6WDWH &HQWUDO $UNDQVDV 1LFKROOV 1RUWKZHVWHUQ 6WDWH
*
7'
;3
;3
';3
)*
6DI
3WV
$YJ
*
7'
;3
;3
';3
)*
6DI
3WV
$YJ
*
&PS $WW ,QW
3FW
<GV
$YJ
7'
<GV *
*
&PS $WW ,QW
3FW
<GV
$YJ
7'
<GV *
*
$WW
$YJ
7'
<GV *
6&25,1* '()(16( 7HDP &HQWUDO $UNDQVDV 6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 7H[DV 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 6DP +RXVWRQ 6WDWH 1RUWKZHVWHUQ 6WDWH 1LFKROOV
3$66,1* 2))(16( 7HDP 6WHSKHQ ) $XVWLQ 7H[DV 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 6DP +RXVWRQ 6WDWH &HQWUDO $UNDQVDV 0F1HHVH 6WDWH 1RUWKZHVWHUQ 6WDWH 1LFKROOV
3$66,1* '()(16( 7HDP &HQWUDO $UNDQVDV 0F1HHVH 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 6WHSKHQ ) $XVWLQ 7H[DV 6WDWH 6DP +RXVWRQ 6WDWH 1RUWKZHVWHUQ 6WDWH 1LFKROOV
586+,1* 2))(16( 7HDP 0F1HHVH 6WDWH 1LFKROOV &HQWUDO $UNDQVDV 1RUWKZHVWHUQ 6WDWH 6DP +RXVWRQ 6WDWH 7H[DV 6WDWH 6WHSKHQ ) $XVWLQ 6RXWKHDVWHUQ /RXLVLDQD
<GV
$
! " 6/& 7($0 67$7,67,&6 586+,1* '()(16( 7HDP &HQWUDO $UNDQVDV 6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 1RUWKZHVWHUQ 6WDWH 6DP +RXVWRQ 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 7H[DV 6WDWH 1LFKROOV
*
5XVK
<DUGV $YJ
7'
<GV *
*
5XVK
3DVV
3OD\V
<DUGV
$YJ 3
7'
<GV *
*
5XVK
3DVV
3OD\V
<DUGV
$YJ
7'
<GV *
*
5G=Q
3FW
7'V
5 3
)* $7
)EO ,QW 'QV 2WKHU
*
5G=Q
3FW
7'V
5 3
)* $7
)EO ,QW 'QV 2WKHU
727$/ 2))(16( 7HDP 6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 7H[DV 6WDWH &HQWUDO $UNDQVDV 6RXWKHDVWHUQ /RXLVLDQD 6DP +RXVWRQ 6WDWH 1RUWKZHVWHUQ 6WDWH 1LFKROOV
727$/ '()(16( 7HDP &HQWUDO $UNDQVDV 6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 7H[DV 6WDWH 1RUWKZHVWHUQ 6WDWH 6DP +RXVWRQ 6WDWH 1LFKROOV
5(' =21( 2))(16( 7HDP 0F1HHVH 6WDWH 7H[DV 6WDWH 6DP +RXVWRQ 6WDWH 1LFKROOV 6RXWKHDVWHUQ /RXLVLDQD &HQWUDO $UNDQVDV 6WHSKHQ ) $XVWLQ 1RUWKZHVWHUQ 6WDWH
5(' =21( '()(16( 7HDP &HQWUDO $UNDQVDV 7H[DV 6WDWH 6WHSKHQ ) $XVWLQ 1LFKROOV 6DP +RXVWRQ 6WDWH 1RUWKZHVWHUQ 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 0F1HHVH 6WDWH
! +, -./0 +/1 2 /3 !45 +26
,Q DQ HUD RI FRQVLGHUDEOH FKDQJH LQ LQWHUFROOHJLDWH DWKOHWLFV WKH 6RXWKODQG &RQIHUHQFH FRQWLQXHV WR EH D PRGHO RI LQQRYDWLRQ VWDELOLW\ DQG FRQVLVWHQW DFKLHYHPHQW DV LW FHOHEUDWHV WKH DFDGHPLF DQG DWKOHWLF DFFRPSOLVKPHQWV RI LWV PHPEHU LQVWLWXWLRQV :KDW EHJDQ DV D VPDOO JDWKHULQJ RI FROOHJH DGPLQLVWUDWRUV PRUH WKDQ \HDUV DJR WKH 6RXWKODQG &RQIHUHQFH KDV WUDQVIRUPHG LWVHOI LQWR D G\QDPLF DQG UHVSHFWHG FRQVRUWLXP RI PHPEHU XQLYHUVLWLHV LQ WKUHH VWDWHV %HJLQQLQJ ZLWK D KLVWRULF PHHWLQJ RI Ã&#x20AC;YH LQVWLWXWLRQV LQ 'DOODV RQ 0DUFK WKDW LQ FOXGHG FXUUHQW PHPEHUV /DPDU 8QLYHUVLW\ WKHQ /DPDU 6WDWH &ROOHJH RI 7HFKQRORJ\ DQG WKH 8QLYHUVLW\ RI 7H[DV DW $UOLQJWRQ WKHQ $UOLQJWRQ 6WDWH &ROOHJH WKH 6RXWKODQG &RQIHUHQFH VHW RQ DQ H[WUDRUGLQDU\ FRXUVH WKDW KDV SURYHQ VXFFHVVIXO ZHOO LQWR LWV Ã&#x20AC;IWK GHFDGH RI H[LVWHQFH 2Q -XO\ WKH 6RXWKODQG &RQIHUHQFH FRPPHPRUDWHG DQRWKHU PLOHVWRQH DV WKH OHDJXH PHPEHUVKLS UHDFKHG PDUNLQJ WKH ODUJHVW FRQÃ&#x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Ò&#x2039;V VSRUWV LQFOXGH EDVHEDOO EDVNHWEDOO FURVV FRXQWU\ IRRWEDOO JROI WHQQLV DQG LQGRRU DQG RXWGRRU WUDFN DQG Ã&#x20AC;HOG 7KH ZRPHQ FRPSHWH IRU QLQH FKDPSLRQVKLSV LQ EDVNHWEDOO FURVV FRXQWU\ JROI VRFFHU VRIWEDOO WHQQLV LQGRRU DQG RXWGRRU WUDFN DQG Ã&#x20AC;HOG DQG YROOH\EDOO 7KH FRQIHUHQFH HDUQV DXWRPDWLF TXDOLÃ&#x20AC;FDWLRQ WR 1&$$ FKDPSLRQVKLSV LQ EDVHEDOO PHQÒ&#x2039;V DQG ZRPHQÒ&#x2039;V EDVNHWEDOO PHQÒ&#x2039;V DQG ZRPHQÒ&#x2039;V FURVV FRXQWU\ IRRWEDOO PHQÒ&#x2039;V DQG ZRPHQÒ&#x2039;V JROI ZRPHQÒ&#x2039;V VRFFHU VRIWEDOO PHQÒ&#x2039;V DQG ZRPHQÒ&#x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Ã&#x20AC;UVW RI WKUHH FKDPSLRQVKLS JDPHV ZLOO EH SOD\HG 6RXWKODQG &RQIHUHQFH -DQ DW 3L]]D +XW 3DUN LQ )ULVFR ZKLFK KDV EHHQ KRPH WR WKH FRQIHUHQFH RIÃ&#x20AC;FH VLQFH )ULVFR ZDV UHFHQWO\ QDPHG WKH &RPPLVVLRQHU IDVWHVW JURZLQJ FLW\ LQ WKH QDWLRQ
7,1$ &+($7+$0
-,00< */(11
-$&. .(<
$VVRF &RPPLVVLRQHU &KDPSLRQVKLSV 6SRUWV $GPLQ
$VVW 'LUHFWRU RI 0HGLD 6HUYLFHV
$VVRF &RPPLVVLRQHU &KLHI )LQDQFLDO 2IÃ&#x20AC;FHU
72'' /$0% $VVW &RPPLVVLRQHU &RPPXQLFDWLRQV 0HGLD 5HODWLRQV
%58&( /8'/2:
67(3+$1,( 0F'21$/'
-(11< 0F*((
$VVRF &RPPLVVLRQHU 2SHUDWLRQV
$VVRF &RPPLVVLRQHU ,QVWLWXWLRQDO 6HUYLFHV
$VVRF &RPPLVVLRQHU ([WHUQDO 5HODWLRQV
! 6RXWKODQG &RQIHUHQFH IRRWEDOO UDQNV DPRQJ WKH EHVW )RRWEDOO &KDPSLRQVKLS 6XEGLYLVLRQ OHDJXHV LQ WKH QDWLRQ DQG HQMR\V DQ DQQXDO H[SHFWDWLRQ RI FRPSHWLQJ IRU WKH QDWLRQDO FKDPSLRQVKLS ZLWK PXOWLSOH WHDPV DGYDQFLQJ WR WKH 1&$$ SOD\RIIV HDFK \HDU ,Q DQG 0F1HHVH 6WDWH Ã&#x20AC;QLVKHG WKH UHJXODU VHDVRQ UDQNHG 1R LQ WKH QDWLRQ DQG DGYDQFHG WR WKH QDWLRQDO FKDPSLRQVKLS FRQWHVW WKH VL[WK VXFK WLWOH JDPH DSSHDUDQFH VLQFH WKH OHDJXH MRLQHG WKH )&6 LQ $OO WROG 6RXWKODQG WHDPV KDYH SOD\HG LQ 'LYLVLRQ , SOD\RII JDPHV LQ \HDUV ZLQQLQJ RI WKH FRQWHVWV +LVWRULFDOO\ WKH 6RXWKODQGÒ&#x2039;V VXFFHVVIXO IRRWEDOO KHULWDJH KDV VXVWDLQHG LWVHOI WKURXJK QXPHURXV PHPEHUVKLS DQG FODVVLÃ&#x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Ã&#x20AC;YH QDWLRQDO FKDPSLRQVKLSV LQFOXGLQJ &ROOHJH 'LYLVLRQ FKDPSLRQVKLSV WKURXJK IRUPHU PHPEHUV $UNDQVDV 6WDWH 83, DQG /RXLVLDQD 7HFK 1DWLRQDO )RRWEDOO )RXQGDWLRQ /RXLVLDQD 7HFK DOVR ZRQ WKH Ã&#x20AC;UVW HYHU 1&$$ VDQFWLRQHG QDWLRQDO WLWOH ZLQQLQJ WKH 'LYLVLRQ ,, SOD\RIIV LQ 7HFK IROORZHG WKDW ZLWK WKH 83,Ò&#x2039;V 'LYLVLRQ ,, QDWLRQDO FKDPSLRQVKLS LQ /RXLVLDQD 0RQURH ZRQ WKH )&6 QDWLRQDO WLWOH 0F1HHVH 6WDWH ZKLFK KDV PDGH DSSHDUDQFHV LQ WKH QDWLRQDO SOD\RIIV SOD\HG LQ WKH DQG 1&$$ 'LYLVLRQ , )&6 QDWLRQDO FKDPSLRQVKLS JDPHV ZKLOH 6WHSKHQ ) $XVWLQ SOD\HG LQ WKH WLWOH JDPH DQG KDV Ã&#x20AC;YH SOD\RII DSSHDUDQFHV UHDFKLQJ WKH TXDUWHUÃ&#x20AC;QDOV LQ 1RUWKZHVWHUQ 6WDWH KDV SOD\HG LQ WKH SOD\RIIV VL[ WLPHV DQG DGYDQFHG WR WKH VHPLÃ&#x20AC;QDOV LQ ZKLOH 6DP +RXVWRQ 6WDWH KDV HDUQHG IRXU WULSV WR WKH SRVWVHDVRQ LQFOXGLQJ WKH VHPLÃ&#x20AC;QDOV LQ 1LFK ROOV KDV SDUWLFLSDWHG WKUHH WLPHV LQ WKH SOD\RIIV ,Q 7H[DV 6WDWH PDGH LWV VHFRQG SRVWVHDVRQ DSSHDUDQFH LQ IRXU \HDUV ,QFOXGHG ZDV D WULS WR WKH VHPLÃ&#x20AC;QDOV LQ 2Q IRXU RFFDVLRQV WKH 6RXWKODQG KDV SODFHG WKUHH WHDPV LQ WKH QDWLRQDO WHDP SOD\RIIV 6L[ RI WKH HLJKW FXUUHQW IRRWEDOO SOD\LQJ PHPEHUV KDYH TXDOLÃ&#x20AC;HG IRU WKH )&6 SOD\RIIV ,Q DGGLWLRQ 7H[DV 6WDWH ZRQ 1&$$ 'LYLVLRQ ,, WLWOHV LQ DQG EHIRUH MRLQLQJ WKH 6RXWKODQG 7KH 6RXWKODQG KDV SURGXFHG Ã&#x20AC;UVW WHDP IRRWEDOO $OO $PHULFDQV GXULQJ LWV KLVWRU\ DQG KDV VHQW VXFK WDOHQW WR WKH SURIHVVLRQDO UDQNV LQFOXGLQJ 2DNODQGÒ&#x2039;V .HLWK 'DYLV 6DP +RXVWRQ 6WDWH &DUROLQDÒ&#x2039;V -RVK 0F&RZQ 6DP +RXVWRQ 6WDWH %XIIDORÒ&#x2039;V 7HUUHQFH 0F*HH 1RUWKZHVWHUQ 6WDWH .DQVDV &LW\Ò&#x2039;V % - 6DPV 0F1HHVH 6WDWH 'HWURLWÒ&#x2039;V .HYLQ 6PLWK 0F1HHVH 6WDWH 0LQQHVRWDÒ&#x2039;V )UHG (YDQV 7H[DV 6WDWH 7HQQHVVHHÒ&#x2039;V -DFRE )RUG &HQWUDO $UNDQVDV DQG 2DNODQGÒ&#x2039;V /XNH /DZWRQ 0F1HHVH 6WDWH 7KH 6RXWKODQG LV RQH RI WKUHH )&6 FRQIHUHQFHV ZLWK DW OHDVW VHOHFWLRQV LQ WKH 1DWLRQDO )RRWEDOO /HDJXH 'UDIW 7KH OHDJXH DOVR UDQNV WKLUG LQ WKH )&6 ZLWK SOD\HUV WDNHQ LQ WKH GUDIW VLQFH DQG KDV IRUPHU SOD\HUV RQ 1)/ URVWHUV WR VWDUW WKH VHDVRQ $PRQJ WKH IRUPHU 1)/ VWDUV IURP WKH 6RXWKODQG LQFOXGH )UHG 'HDQ ZKR ZDV LQGXFWHG WR WKH 3URIHVVLRQDO )RRWEDOO +DOO RI )DPH LQ WR EHFRPH WKH Ã&#x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Ã&#x20AC;HOGV DQG FRXUWV WKH 6RXWKODQG &RQIHUHQFH KDV UHSHDWHGO\ GHPRQVWUDWHG LWV FRPPLWPHQW WR WKH DFDGHPLF DQG DWKOHWLF VXFFHVV RI LWV VWXGHQW DWKOHWHV ,Q DGGLWLRQ WR IRRWEDOO WKH 6RXWKODQG &RQIHUHQFH FDQ SRLQW WR D QXPEHU RI DFFRPSOLVKPHQWV LQ DOO VSRUWV 0HQÒ&#x2039;V EDVNHWEDOO KDV H[SHULHQFHG D WUHPHQGRXV DPRXQW RI VXFFHVV GXULQJ WKH 6RXWKODQGÒ&#x2039;V SOXV \HDUV 7KH OHDJXH KDV VHQW WZR WHDPV WR WKH 1&$$ 6ZHHW 6L[WHHQ DV ZHOO DV D VTXDG WR WKH 1,7 )LQDO )RXU %DVNHWEDOO VWDUV .DUO 0DORQH -RH 'XPDUV -HII )RVWHU 'ZLJKW ´%Rµ /DPDU $QGUHZ 7RQH\ 'HYLQ %URZQ DQG 0LNH 2OLYHU SOD\HG LQ WKH 6RXWKODQG &RQIHUHQFH ,Q 1RUWKZHVWHUQ 6WDWH SOD\LQJ DV WKH 1R VHHG LQ WKH 1&$$ WRXUQDPHQW GHIHDWHG 1R VHHG ,RZD LQ Ã&#x20AC;UVW URXQG DFWLRQ ,Q WKH OHDJXH VDZ WZR SRVWVHDVRQ WHDPV 87 $UOLQJWRQ LQ WKH 1&$$ WRXUQDPHQW DQG 6WHSKHQ ) $XVWLQ LQ WKH 1,7 IRU WKH Ã&#x20AC;UVW WLPH VLQFH &RDFKHV VXFK DV %LOO\ 7XEEV 0LNH 9LQLQJ 6FRWW\ 5REHUWVRQ -DFN 0DUWLQ $QG\ 5XVVR %REE\ 3DVFKDO DQG 3DW )RVWHU KDYH OHG WHDPV LQ WKH 6RXWKODQG ,Q ZRPHQÒ&#x2039;V EDVNHWEDOO WKH 6RXWKODQG DOVR KDV LWV VKDUH RI WUDGLWLRQ ZLWK /RXLVLDQD 0RQURH DGYDQFLQJ WR WKH 1&$$ /RFDWLRQ 3RSXODWLRQ (QUROOPHQW 6WDGLXP FDSDFLW\ :RPHQÒ&#x2039;V )LQDO )RXU DQG 6WHSKHQ ) $XVWLQ VXVWDLQLQJ LWVHOI DV &HQWUDO $UNDQVDV &RQZD\ $5 (VWHV 6WDGLXP
0F1HHVH 6WDWH /DNH &KDUOHV /$ &RZER\ 6WDGLXP
RQH RI WKH PRVW VXFFHVVIXO SURJUDPV LQ WKH KLVWRU\ RI WKH VSRUW -RKQ / *XLGU\ 6WDGLXP
1LFKROOV 7KLERGDX[ /$ ,Q WKH /DG\MDFNV EHFDPH WKH HLJKWK SURJUDP LQ 1&$$ 1RUWKZHVWHUQ 6W 1DWFKLWRFKHV /$ 7XUSLQ 6WDGLXP
'LYLVLRQ , KLVWRU\ WR UHFRUG PRUH WKDQ ZLQV MRLQLQJ 7HQQHV 6DP +RXVWRQ 6W +XQWVYLOOH 7; %RZHUV 6WDGLXP
VHH /RXLVLDQD 7HFK 2OG 'RPLQLRQ 7H[DV -DPHV 0DGLVRQ 6RXWKHDVWHUQ /D +DPPRQG /$ 6WUDZEHUU\ 6WDGLXP
2KLR 6WDWH DQG 7HQQHVVHH 7HFK 6WHSKHQ ) $XVWLQ 1DFRJGRFKHV 7; +RPHU %U\FH 6WDGLXP
,Q IRU WKH Ã&#x20AC;UVW WLPH LQ 6RXWKODQG KLVWRU\ WKUHH OHDJXH 7H[DV 6WDWH 6DQ 0DUFRV 7; %REFDW 6WDGLXP
PHPEHUV DGYDQFHG WR WKH SRVWVHDVRQ DV /DPDU ZRQ LWV Ã&#x20AC;UVW
6287+/$1' &21)(5(1&( 7(/(9,6,21 1(7:25. 6&+('8/(
)227%$// %52$'&$67 $)),/,$7(6 7(;$6 'DOODV )RUW :RUWK :)$$ 79 &K +RXVWRQ .+28 79 &K 6DQ $QWRQLR .&:; 79 &K $XVWLQ .%92 79 &K +DUOLQJHQ :HVODFR %URZQVYLOOH 0F$OOHQ .5*9 79 &K :DFR 7HPSOH %U\DQ .&(1 79 &K 7\OHU /RQJYLHZ /XINLQ 1DFRJGRFKHV 0\7; %HDXPRQW 3RUW $UWKXU .8,/ 79 &K /28,6,$1$ 1HZ 2UOHDQV :83/ 79 &K 6KUHYHSRUW .3;- 79 &K %DWRQ 5RXJH :%75 79 &K /DNH &KDUOHV .9+3 79 &K $5.$16$6 /LWWOH 5RFN 3LQH %OXII .$5= 79 &K 7H[DUNDQD .3;- 79 &K
6DW 6HSW *DUGQHU :HEE DW 6DP +RXVWRQ 6WDWH S P 6DW 2FW 0F1HHVH 6WDWH DW 1RUWKZHVWHUQ 6WDWH S P 6DW 2FW 7H[DV 6WDWH DW 6RXWKHDVWHUQ /RXLVLDQD S P 6DW 2FW 8&$ DW 6WHSKHQ ) $XVWLQ S P 6DW 2FW 6WHSKHQ ) $XVWLQ DW 6DP +RXVWRQ 6WDWH S P 6DW 2FW 6RXWKHDVWHUQ /RXLVLDQD DW 8&$ S P 6DW 1RY &HQWUDO $UNDQVDV DW 7H[DV 6WDWH S P 6DW 1RY 1LFKROOV DW 1RUWKZHVWHUQ 6WDWH S P 7KX 1RY 6RXWKHDVWHUQ /RXLVLDQD DW 1LFKROOV S P 6DW 1RY :LOG &DUG *DPH S P $// 7,0(6 &(175$/ 6FKHGXOH 6XEMHFW WR &KDQJH
! FRQIHUHQFH WRXUQDPHQW WLWOH DQG SOD\HG LQ LWV VHFRQG 1&$$ WRXUQDPHQW 6WHSKHQ ) $XVWLQ ZDV VHOHFWHG WR SOD\ LQ LWV WKLUG :1,7 DQG 7H[DV $ 0 &RUSXV &KULVWL ZRQ D VFKRRO UHFRUG JDPHV HQ URXWH WR LWV GHHSHVW SRVWVHDVRQ UXQ DGYDQFHG WR WKH VHPLÃ&#x20AC;QDOV RI WKH LQDXJXUDO :RPHQÒ&#x2039;V %DV NHWEDOO ,QYLWDWLRQDO $ 6RXWKODQG WHDP KDV SOD\HG LQ WKH :1,7 WLPHV LQFOXGLQJ HDFK RI WKH ODVW IRXU \HDUV :RPHQÒ&#x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Ã&#x20AC;FDQW IRU WKH 6RXWKODQG DV WKH OHDJXH VDZ SOD\HUV GUDIWHG SXVKLQJ WKH DOO WLPH GUDIW WRWDO WR PRUH WKDQ VHOHFWLRQV 87 $UOLQJWRQÒ&#x2039;V 0LFKDHO &KRLFH EHFDPH WKH VHYHQWK 6RXWKODQG SOD\HU WDNHQ LQ WKH Ã&#x20AC;UVW URXQG VHOHFWHG E\ 2DNODQG ZLWK WKH WK RYHUDOO VHOHFWLRQ +H MRLQV %HQ 6KHHWV /RXLVLDQD 0RQURH DV WKH OHDJXHÒ&#x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Ã&#x20AC;HOG KDV DOVR VHUYHG DV D SURXG DVVHW IRU WKH 6RXWKODQG &RQIHUHQFH DV WKH OHDJXH KDV SURGXFHG QXPHURXV QDWLRQDO FKDPSLRQV DQG 2O\PSLF PHGDO LVWV 7KH 6RXWKODQG ERDVWV PHQ DQG WKUHH ZRPHQ VWXGHQW DWKOHWHV ZKR KDYH ZRQ 1&$$ WUDFN DQG Ã&#x20AC;HOG QDWLRQDO FKDPSLRQVKLSV LQFOXGLQJ $ 0 &RUSXV &KULVWLÒ&#x2039;V 6KDGUDFN 6RQJRN PHWHU UXQ LQ DQG DQG 0F1HHVH 6WDWHÒ&#x2039;V %UDG *HEDXHU SROH YDXOW LQ 7KH OHDJXH KDV DOVR SURGXFHG 8 6 2O\PSLF WUDFN DQG Ã&#x20AC;HOG PHGDOLVWV (DUO %HOO 7KRPDV +LOO $O -R\QHU DQG &KDUOHV $XVWLQ /LXGPLOD /LWYLQRYD DORQJ ZLWK RWKHU 2O\PSLDQV :LWK WKH DGGLWLRQ RI HLJKW PRUH $OO $PHULFDQ VHDVRQV LQ WKH OHDJXH FRQWLQXHV WR Ã&#x20AC;QG QDWLRQDO VXFFHVV LQ ERWK LQGRRU DQG RXWGRRU WUDFN DQG Ã&#x20AC;HOG ,Q WKH LQGRRU FLUFXLW WKH 6RXWKODQG ERDVWV XQLTXH DOO WLPH $OO $PHULFDQV WKDW KDYH ZRQ D FRPELQHG QDWLRQDO FKDPSLRQVKLSV /LNHZLVH LQ WKH VSULQJ RXWGRRU VHDVRQ WKH OHDJXH KDV VHHQ GLIIHUHQW $OO $PHULFDQV LQFOXGLQJ PHQ DQG ZRPHQ FRPELQH WR ZLQ QDWLRQDO FKDPSLRQ VKLSV *ROI KDV WUDGLWLRQDOO\ EHHQ D VWURQJ 6RXWKODQG VSRUW DV H[HPSOLÃ&#x20AC;HG E\ /DPDU PHQÒ&#x2039;V JROIHU &KULV 6WURXG ZKR Ã&#x20AC;QLVKHG WKLUG LQGLYLGXDOO\ DW WKH 1&$$ 1DWLRQDO &KDPSLRQVKLS DQG LV D PHPEHU RI WKH 3*$ 7RXU %RWK 6WURXG DQG IRUPHU 6RXWKHDVWHUQ /RXLVLDQD JROIHU +XJR /HRQ FRPSHWHG LQ WKH 8 6 2SHQ 7KH OHDJXH KDV VHQW PXOWLSOH WHDPV LQWR SRVWVHDVRQ SOD\ RQ QXPHURXV RFFDVLRQV LQFOXGLQJ LQ DV ERWK /DPDU DQG 87 $UOLQJWRQ TXDOLÃ&#x20AC;HG IRU UHJLRQDO SOD\ $GGLWLRQDOO\ GXU LQJ WKH SDVW WZR VHDVRQV WKH 6RXWKODQG KDV VHQW HLJKW JROIHUV WR FRPSHWH DV LQGLYLGXDOV LQ UHJLRQDO SOD\ ZLWK Ã&#x20AC;YH LQ DQG WKUHH PRUH LQ /DPDU ZRQ D SDLU RI 1&$$ 'LYLVLRQ ,, QDWLRQDO FKDPSLRQVKLSV LQ DQG DQG DOVR SURGXFHG 3*$ SOD\HU 5RQQLH %ODFN ,Q /DPDUÒ&#x2039;V 'DZLH 9DQ 'HU :DOW Ã&#x20AC;QLVKHG IRXUWK LQGLYLGXDOO\ DQG /DPDU WLHG IRU WK SODFH DW WKH 1&$$ 0HQÒ&#x2039;V *ROI &KDPSLRQVKLS EHIRUH WKH &DUGLQDOV WLHG IRU QLQWK LQ DQG WLHG IRU WKLUG LQ )RUPHU /DPDU JROIHU &DVH\ &OHQGHQRQ DGYDQFHG WR WKH VHPLÃ&#x20AC;QDOV RI WKH 8 6 $PDWHXU LQ 6RXWKODQG WHQQLV KDV DOVR H[SHULHQFHG QDWLRQDO SURPLQHQFH 87 $UOLQJWRQ $OO $PHULFDQ $QG\ /HEHU ZDV WKH ,7$ 7HG )DUQVZRUWK 1DWLRQDO 6HQLRU &R 3OD\HU RI WKH <HDU DIWHU D UHFRUG DQG HDUQLQJ WKH QDWLRQÒ&#x2039;V 1R UDQNLQJ ,Q ZRPHQÒ&#x2039;V WHQQLV 6RXWKHDVWHUQ /RXLVLDQD ZRQ FRQVHFXWLYH FRQIHUHQFH PDWFKHV GXULQJ D IRXU \HDU SHULRG WKDW EHJDQ LQ 7KH FRQIHUHQFH KDV LQFUHDVHG VSRQVRUVKLS DQG FKDPSLRQVKLS RSSRUWXQLWLHV IRU IHPDOH VWXGHQW DWKOHWHV LQ UHFHQW \HDUV DGGLQJ ZRPHQÒ&#x2039;V JROI DQG VRFFHU DV OHDJXH VSRUWV ,Q 6WHSKHQ ) $XVWLQ EHFDPH WKH Ã&#x20AC;UVW 6RXWKODQG VRFFHU WHDP WR VFRUH D JRDO LQ WKH 1&$$ WRXUQDPHQW ZKLOH 7H[DV 6WDWH EHFDPH WKH Ã&#x20AC;UVW ZRPHQÒ&#x2039;V JROI SURJUDP WR FRPSHWH LQ WKH 1&$$ WRXUQDPHQW 7KH 6RXWKODQG &RQIHUHQFH KDV UHSHDWHGO\ GHPRQVWUDWHG LWV FRPPLWPHQW WR WKH DFDGHPLF DQG DWKOHWLF VXFFHVV RI LWV VWXGHQW DWKOHWHV :LWK WKH ) / 0F'RQDOG 3RVWJUDGXDWH 6FKRODUVKLS $ZDUG WKH OHDJXH DQQXDOO\ KRQRUV RQH PDOH DQG RQH IHPDOH VFKRODU DWKOHWH ZLWK D VWLSHQG IRU SRVWJUDGXDWH VWXG\ 7KH 6FKRODU $WKOHWH $ZDUG LV JLYHQ WR HDFK LQVWLWXWLRQÒ&#x2039;V PDOH DQG IHPDOH VWXGHQW DWKOHWH ZLWK WKH KLJKHVW JUDGH SRLQW DYHUDJH 7KH 6WHYH 0F&DUW\ &LWL]HQVKLS $ZDUG LQLWLDWHG LQ DQG QDPHG DIWHU WKH IRUPHU 6WHSKHQ ) $XVWLQ DWKOHWLF GLUHFWRU SURSHUO\ UHFRJQL]HV DFFRPSOLVKPHQWV RII WKH FRXUW IRU D PDOH DQG IHPDOH VWXGHQW DWKOHWH $OVR VWXGHQW DWKOHWHV ZLWK JUDGH SRLQW DYHUDJHV DERYH DUH KRQRUHG RQ WKH 6RXWKODQGÒ&#x2039;V DQQXDO $OO $FDGHPLF WHDPV DQG &RPPLVVLRQHUÒ&#x2039;V +RQRU 5ROO $ UHFRUG VWXGHQW DWKOHWHV DSSHDUHG RQ WKH KRQRU UROO IROORZLQJ WKH VSULQJ VHPHVWHU ,Q DGGLWLRQ WR SURYLGLQJ H[SDQGLQJ RSSRUWXQLWLHV IRU VWXGHQW DWKOHWHV WKH 6RXWKODQG &RQIHUHQFH DQG LWV PHPEHU LQVWLWXWLRQV DUH YHU\ LQYROYHG LQ YDULRXV FRP PXQLW\ RXWUHDFK SURJUDPV 0DQ\ RI WKHVH SURJUDPV SURYLGH SRVLWLYH OLIH VNLOOV WUDLQLQJ VXFK DV DFDGHPLFV FLWL]HQVKLS DQG OHDGHUVKLS WR VFKRRO DJHG VWXGHQWV LQ 6RXWKODQG FRPPXQLWLHV
* Â&#x2021; ),567 7($0 2))(16( Â&#x2021; 326 4% 5% 5% )% +% :5 :5 7( 2/ 2/ 2/ 2/ 2/ 3.
1$0( -HUHP\ 0RVHV &KDPSODLQ %DELQ -$&.,( +,1721 5,&2 0266 'DÒ&#x2039;0DUFXV *ULJJV :,//,( /$1'(56 6LPPLH <DUERURXJK ' - +DOO 0LJXHO *DXWKUHDX[ $867,1 (0(5621 0LFKDHO %RRNHU -RQDWKDQ /DQGU\ ('',( &$5021$
6&+22/ 6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 8&$ 8&$ 7H[DV 6WDWH 8&$ 6RXWKHDVWHUQ /D 7H[DV 6WDWH 0F1HHVH 6WDWH 8&$ 1RUWKZHVWHUQ 6WDWH 0F1HHVH 6WDWH 8&$
+*7
:*7
<5 65 62 62 65 65 65 -5 -5 -5 65 65 62 65
+20(72:1 %D\WRZQ 7[ 'RQDOGVRQYLOOH /$ +RXVWRQ 7; +RSH $5 %D\ &LW\ 7; (O 'RUDGR $5 %URRNKDYHQ 06 3DOHVWLQH 7; 3ODTXHPLQH /$ 6SHUU\ 2. 3DULV 7; /DID\HWWH /$ &KDUOHVWRQ $5
('',( &$5021$
Â&#x2021; ),567 7($0 '()(16( Â&#x2021;
0$5.(// &$57(5
326 '/ '/ '/ '/ /% /% '% '% '% '% '% 3 56
1$0( 'HVPXQG /LJKWHQ 0$5.(// &$57(5 .HQQHWK &KDUOHV 6HDQ :DUUHQ -DEDUD :LOOLDPV 0DUN 1HZELOO 5HÒ&#x2039;.HHP :LOVRQ 0DOFROP %URQVRQ 'DUUHOO -HQNLQV 6HWK 7KRPDV 7RPP\ &RQQRUV 3DWULFN 'RODQ *UDO\Q &UDZIRUG
6&+22/ 0F1HHVH 6WDWH 8&$ 6WHSKHQ ) $XVWLQ 6WHSKHQ ) $XVWLQ 6WHSKHQ ) $XVWLQ 6RXWKHDVWHUQ /D 6RXWKHDVWHUQ /D 0F1HHVH 6WDWH 0F1HHVH 6WDWH 0F1HHVH 6WDWH 6RXWKHDVWHUQ /D 1LFKROOV 6WHSKHQ ) $XVWLQ
+*7
:*7
<5 65 65 65 65 65 65 65 62 -5 62 65 65 62
+20(72:1 0RQURH /$ %DUWOHVYLOOH 2. 0LVVRXUL &LW\ 7; 7H[DV &LW\ 7; *DUULVRQ 7; 0RQURH /$ )UDQNOLQWRQ /$ -DVSHU 7; %RQ :HLU 7; 2UDQJH 7; 1HZ 2UOHDQV /$ 0RELOH $/ 3DOHVWLQH 7;
Â&#x2021; 6(&21' 7($0 2))(16( Â&#x2021; 326 4% 5% 5% )% +% :5 :5 7( 2/ 2/ 2/ 2/ 2/ 3.
1$0( 3DXO +DUULV =HNH -RQHV 5RPDQWH +DPSWRQ *UDO\Q &UDZIRUG 'DUHQ 'LOODUG &KULV 5R\DO &RUGD\ &ODUN .HYLQ +XJKHV 7D\ORU -RKQVRQ *HRUJH %LDV =DFK &DVH %UDQGRQ :DUG 'UHZ 1HOVRQ
326 '/ '/ '/ '/ /% /% '% '% '% '% '% 3 56
1$0( 7HUUDQFH )UHHPDQ 'HYDQ :DONHU $GOH\ (VKUDJKLSRXU -RVK (OOLVRQ *HUHP\ 3LODWH 'HYLQ 'XFRWH %REE\ )HOGHU $QGUH %DQNV )RUG 6PHVQ\ +(15< 0,125 0DUFXV &ODUN 'UHZ 1HOVRQ %UDGOH\ %URZQ
6&+22/ 1RUWKZHVWHUQ 6WDWH 6RXWKHDVWHUQ /D 6WHSKHQ ) $XVWLQ 6WHSKHQ ) $XVWLQ 7H[DV 6WDWH 0F1HHVH 6WDWH 0F1HHVH 6WDWH 6RXWKHDVWHUQ /D 0F1HHVH 6WDWH 6WHSKHQ ) $XVWLQ 1RUWKZHVWHUQ 6WDW 1LFKROOV 6WHSKHQ ) $XVWLQ
+*7
:*7
<5 62 62 62 62 -5 65 65 65 -5 62 -5 65 -5
+20(72:1 %DWRQ 5RXJH /$ 6SULQJÃ&#x20AC;HOG /$ 7\OHU 7; 3DOHVWLQH 7; *DUODQG 7; %HDXPRQW 7; %DWRQ 5RXJH /$ 1HZ 2UOHDQV /$ /HDJXH &LW\ 7; +RXVWRQ 7; 0RUJDQ &LW\ /$ &RQURH 7; /LYLQJVWRQ 7;
35(6($621 &2$&+(6Ò&#x2039; 32// 5.
Â&#x2021; 6(&21' 7($0 '()(16( Â&#x2021; 6&+22/ 0F1HHVH 6WDWH 6RXWKHDVWHUQ /D 7H[DV 6WDWH 0F1HHVH 6WDWH 0F1HHVH 6WDWH 6WHSKHQ ) $XVWLQ 1LFKROOV 6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 8&$ 7H[DV 6WDWH 6WHSKHQ ) $XVWLQ 1RUWKZHVWHUQ 6WDWH
+*7
:*7
<5 65 62 -5 65 65 -5 -5 65 62 65 65 -5 62
+20(72:1 1HZWRQ 7; %DWRQ 5RXJH /$ $UOLQJWRQ 7; +RXVWRQ 7; &URZOH\ /$ %DWRQ 5RXJH /$ 0F&RPE 06 $XVWLQ 7; 'D\WRQ 7; %DWRQ 5RXJH /$ (YHUPDQ 7; /LYLQJVWRQ 7; %DWRQ 5RXJH /$
6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 6( /RXLVLDQD 7H[DV 6WDWH UCA 1RUWKZHVWHUQ 6WDWH 6DP +RXVWRQ 6WDWH 1LFKROOV
27
35(6($621 6,' 32// 5.
6WHSKHQ ) $XVWLQ 0F1HHVH 6WDWH 6( /RXLVLDQD 7H[DV 6WDWH UCA 6DP +RXVWRQ 6WDWH 1LFKROOV 1RUWKZHVWHUQ 6WDWH
29
7 ( ! 484/95 7KXUVGD\ 6HSW 1 S P 1 &RQZD\ $5 1 (VWHV 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; DW 6KDZ / DW -RKQVRQ & 6PLWK : 7XVFXOXP : &KRZDQ : DW 6W $XJXVWLQHÒ&#x2039;V : DW 9LUJLQLD 6WDWH / %RZLH 6WDWH / /LQFROQ 3$ : DW 6DLQW 3DXOÒ&#x2039;V : DW 9LUJLQLD 8QLRQ : YV 7XVNHJHH /
:$9(5/< 7,//$5 +HDG &RDFK
&5(9(1 32:(// 4XDUWHUEDFN
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Ã&#x20AC;QLVK 7 VW (DVW 'LY 6HULHV YV 8&$ Ã&#x20AC;UVW PHHWLQJ
Â&#x2021; 6&+('8/( Â&#x2021; $XJ -RKQVRQ & 6PLWK S P 6HSW DW &HQWUDO $UNDQVDV S P 6HSW YV )D\HWWHYLOOH 6WDWH S P 6HSW 6KDZ S P 2FW 6W 3DXOÒ&#x2039;V S P 2FW 9LUJLQLD 8QLRQ S P 2FW DW 9LUJLQLD 6WDWH S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU $SULO - (PRU\ 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ 6,' FHOO SKRQH ( PDLO DGGUHVV DHPRU\#PDLO HFVX HGX 3UHVV ER[ SKRQH :HEVLWH (&689LNLQJV FRP
2FW DW %RZLH 6WDWH 2FW &KRZDQ S P 1RY DW /LQFROQ 3$ S P
./ 25 6DWXUGD\ 6HSW 1 S P 1 &KDUOHVWRQ ,/ 1 2Ò&#x2039;%ULHQ )LHOG
Â&#x2021; 5(68/76 Â&#x2021; ,OOLQRLV 6WDWH : DW ,QGLDQD 6WDWH : DW 6RXWKHDVW 0LVVRXUL : DW $XVWLQ 3HD\ : (DVWHUQ .HQWXFN\ / DW 3HQQ 6WDWH / 7HQQHVVHH 7HFK : DW -DFNVRQYLOOH 6WDWH : DW 0XUUD\ 6WDWH : 7HQQHVVHH 0DUWLQ : 7HQQHVVHH 6WDWH / YV 6RXWKHUQ ,OOLQRLV /
%2% 6322 +HDG &RDFK
& - -$0(6 &RUQHUEDFN
$%287 7+( 3$17+(56 /RFDWLRQ &KDUOHVWRQ ,/ (QUROOPHQW &RQIHUHQFH 2KLR 9DOOH\ 1LFNQDPH 3DQWKHUV 6FKRRO FRORUV %OXH DQG *UD\ 6WDGLXP 2Ò&#x2039;%ULHQ )LHOG &DSDFLW\ 3OD\LQJ VXUIDFH 3UR *UDVV 3UHVLGHQW :LOOLDP / 3HUU\ $WKOHWLF 'LUHFWRU %DUEDUD %XUNH +HDG FRDFK %RE 6SRR 5HFRUG DW (,8 WK VHDVRQ
2YHUDOO UHFRUG VDPH $VVLVWDQW FRDFKHV 5RF %HOODQWRQL 5R\ :LWWNH 0DWWKHZ 6PLOH\ 0LNH /\QFK %REE\ %DELFK )RUUHVW -DFNVRQ %ULDQ &DOODKDQ &KDG &OHYHODQG -DVRQ )LVKHU &ROH 6SHQFHU 2IIHQVLYH IRUPDWLRQ 0XOWLSOH 3UR 6HW 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK VW SODFH 6HULHV YV 8&$ Ã&#x20AC;UVW PHHWLQJ
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW ,RZD 7%$ 6HSW &HQWUDO $UNDQVDV S P 6HSW DW 7HQQHVVHH 0DUWLQ 7%$ 6HSW -DFNVRQYLOOH 6WDWH S P 2FW 6RXWKHDVW 0LVVRXUL S P 2FW DW (DVWHUQ .HQWXFN\ 7%$ 2FW DW 7HQQHVVHH 7HFK 7%$ 2FW 0XUUD\ 6WDWH S P 2FW $XVWLQ 3HD\ S P 1RY DW 7HQQHVVHH 6WDWH S P 1RY DW ,OOLQRLV 6WDWH S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU 5LFK 0RVHU 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ 6,' FHOO SKRQH ( PDLO DGGUHVV UOPRVHU#HLX HGX 3UHVV ER[ SKRQH :HEVLWH (,83DQWKHUV FRP
.3 25
6DWXUGD\ 6HSW 1 S P 1 &RQZD\ $5 1 (VWHV 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; .HQWXFN\ :HVOH\DQ : DW 1 & 6WDWH / DW 0LVVRXUL 6WDWH / (DVWHUQ .HQWXFN\ / -DFNVRQYLOOH 6WDWH / DW 7HQQHVVHH 6WDWH : DW 7HQQHVVHH 0DUWLQ / (DVWHUQ ,OOLQRLV / $XVWLQ 3HD\ : DW 6RXWKHDVW 0LVVRXUL / DW 7HQQHVVHH 7HFK /
&+5,6 +$7&+(5 +HDG &RDFK
0$5&86 +$55,6 :LGH 5HFHLYHU
$%287 7+( 5$&(56 /RFDWLRQ 0XUUD\ .< (QUROOPHQW &RQIHUHQFH 2KLR 9DOOH\ 1LFNQDPH 5DFHUV 6FKRRO FRORUV 1DY\ %OXH DQG *ROG 6WDGLXP 5R\ 6WHZDUW 6WDGLXP &DSDFLW\ 3OD\LQJ VXUIDFH )LHOG7XUI 3UHVLGHQW 5DQG\ - 'XQQ $WKOHWLF 'LUHFWRU $OOHQ :DUG +HDG FRDFK &KULV +DWFKHU 5HFRUG DW 068 )LUVW VHDVRQ 2YHUDOO UHFRUG VHDVRQV
$VVLVWDQW FRDFKHV $VKOH\ $QGHUV 6KDZQ %RVWLFN %XVWHU )DXONQHU &KULV &RYLQJWRQ .HLWK +DWFKHU .HQQ\ 3DUNHU 0LNH 3ROO\ 0LWFK 6WHZDUW 2IIHQVLYH IRUPDWLRQ 6SUHDG 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK WK SODFH 6HULHV YV 8&$ 8&$ OHDGV /DVW PHHWLQJ 7LHG
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW .HQW 6WDWH S P 6HSW 6RXWKHDVW 0LVVRXUL S P 6HSW DW &HQWUDO $UNDQVDV S P 6HSW 7HQQHVVHH 0DUWLQ S P 2FW DW -DFNVRQYLOOH 6WDWH S P 2FW 0LVVRXUL 6WDWH S P 2FW DW (DVWHUQ ,OOLQRLV S P 2FW DW (DVWHUQ .HQWXFN\ 7%$ 1RY 7HQQHVVHH 7HFK S P 1RY DW $XVWLQ 3HD\ S P 1RY 7HQQHVVHH 6WDWH S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU -RKQ %UXVK 2IÃ&#x20AC;FH SKRQH &HOO SKRQH ( PDLO DGGUHVV MRKQ EUXVK#PXUUD\VWDWH HGX 3UHVV ER[ SKRQH 1 $ :HEVLWH *R5DFHUV FRP
#
#
+-0 / !,2243./
6DWXUGD\ 6HSW 1 S P 1 7XOVD 2. 1 + $ &KDSPDQ 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; DW 7XODQH : DW 1HZ 0H[LFR : DW 2NODKRPD / 6DP +RXVWRQ 6WDWH : DW 5LFH : %RLVH 6WDWH / DW 87(3 / 608 / +RXVWRQ / (DVW &DUROLQD / DW 6RXWKHUQ 0LVV / 0HPSKLV : RW
72'' *5$+$0 +HDG &RDFK
'(0$5,6 -2+1621 :LGH 5HFHLYHU
$%287 7+( *2/'(1 +855,&$1( /RFDWLRQ 7XOVD 2. (QUROOPHQW &RQIHUHQFH &RQIHUHQFH 86$ 1LFNQDPH *ROGHQ +XUULFDQH 6FKRRO FRORUV 2OG *ROG 5R\DO %OXH &ULPVRQ 6WDGLXP + $ &KDSPDQ 6WDGLXP &DSDFLW\ 3OD\LQJ VXUIDFH )LHOG7XUI 3UHVLGHQW 6WHDGPDQ 8SKDP $WKOHWLF 'LUHFWRU %XEED &XQQLQJKDP +HDG FRDFK 7RGG *UDKDP 5HFRUG DW 067 K VHDVRQ
2YHUDOO UHFRUG WK VHDVRQ $VVLVWDQW FRDFKHV . H L W K 3 D W W H U V R Q 3DXO 5DQGROSK +HUE +DQG -HVV /RHSS 9DQ 0DORQH $UFKLH 0F'DQLHO &KDG 0RUULV 0LNH 1RUYHOO %LOO %ODQNHQVKLS 2IIHQVLYH IRUPDWLRQ 6SUHDG 1R +XGGOH 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK WK :HVW 6HULHV YV 8&$ 78 OHDGV /DVW PHHWLQJ 7XOVD
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW (DVW &DUROLQD S P 6HSW %RZOLQJ *UHHQ S P 6HSW DW 2NODKRPD 6WDWH 7%$ 6HSW &HQWUDO $UNDQVDV S P 2FW DW 0HPSKLV 7%$ 2FW DW 608 S P 2FW 7XODQH S P 2FW DW 1RWUH 'DPH S P 1RY 5LFH 7%$ 1RY DW +RXVWRQ S P 1RY 87(3 7%$ 1RY 6RXWKHUQ 0LVV S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU 'RQ 7RPNDLVNL 2IÃ&#x20AC;FH SKRQH &HOO SKRQH 2IÃ&#x20AC;FH ID[ ( PDLO DGGUHVV GRQDOG WRPNDOVNL#XWXOVD HGX 3UHVV ER[ SKRQH :HEVLWH 7XOVD+XUULFDQH FRP
$
$
!" :+/5 6DWXUGD\ 2FW 1 S P 1 &RQZD\ $5 1 (VWHV 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; DW +RXVWRQ / DW *UDPEOLQJ 6WDWH / 1RUWK 'DNRWD / DW %D\ORU / &HQWUDO $UNDQVDV / DW 0F1HHVH 6WDWH / 7H[DV 6WDWH / DW 6DP +RXVWRQ 6WDWH / 6RXWKHDVWHUQ /RXLVLDQD / DW 1LFKROOV / 6WHSKHQ ) $XVWLQ /
%5$'/(< '$/( 3(9(72 +HDG &RDFK
/('(// /29( 'HIHQVLYH (QG
$%287 7+( '(0216 /RFDWLRQ 1DWFKLWRFKHV /$ (QUROOPHQW &RQIHUHQFH 6RXWKODQG 1LFNQDPH 'HPRQV 6FKRRO FRORUV 3XUSOH DQG :KLWH 6WDGLXP 7XUSLQ 6WDGLXP &DSDFLW\ 3OD\LQJ VXUIDFH 9 7XUI &KDQFHOORU 'U 5DQGDOO - :HEE $WKOHWLF 'LUHFWRU *UHJ %XUNH +HDG FRDFK %UDGOH\ 'DOH 3HYHWR 5HFRUG DW 168 QG VHDVRQ
2YHUDOO UHFRUG VDPH $VVLVWDQW FRDFKHV %UDG /DLUG 7RGG &RRO H\ -HUHP\ 2IIXWW -D\ 7KRPDV %UHQGDQ )DUUHOO 0DWW .XELFN &DUH\ 0HOYLQ -HUHPLDK )LVFXV 2IIHQVLYH IRUPDWLRQ 0XOWLSOH 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK WK SODFH 6HULHV YV 8&$ 8&$ OHDGV /DVW PHHWLQJ 8&$
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW $LU )RUFH S P 6HSW 6DPIRUG S P 6HSW 7DUOHWRQ 6WDWH S P 6HSW DW 1RUWK 'DNRWD S P 2FW 0F1HHVH 6WDWH S P 2FW DW &HQWUDO $UNDQVDV S P 2FW DW 7H[DV 6WDWH S P 2FW 6DP +RXVWRQ 6WDWH S P 1RY DW 6RXWKHDVWHUQ /D S P 1RY 1LFKROOV S P 1RY DW 6WHSKHQ ) $XVWLQ S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU 'RXJ ,UHODQG 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ 6,' FHOO SKRQH ( PDLO DGGUHVV LUHODQG#QVXOD HGX 3UHVV ER[ SKRQH :HEVLWH 168'HPRQV FRP
! ,:; 2<.385 6DWXUGD\ 2FW 1 S P 1 1DFRJGRFKHV 7; 1 +RPHU %U\FH 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; DW 608 / 7H[DV &ROOHJH : DW :HVWHUQ ,OOLQRLV : 1RUWK 'DNRWD : 0F1HHVH 6WDWH : DW &HQWUDO $UNDQVDV : 6DP +RXVWRQ 6WDWH : DW 7H[DV 6WDWH / 1LFKROOV : DW 6RXWKHDVWHUQ /RXLVLDQD : DW 1RUWKZHVWHUQ 6WDWH : (DVWHUQ :DVKLQJWRQ : DW 0RQWDQD /
- & +$53(5 +HDG &RDFK
-$%$5$ :,//,$06 /LQHEDFNHU
$%287 7+( /80%(5-$&.6 /RFDWLRQ 1DFRJGRFKHV 7; (QUROOPHQW &RQIHUHQFH 6RXWKODQG 1LFNQDPH /XPEHUMDFNV 6FKRRO FRORUV 3XUSOH DQG :KLWH 6WDGLXP +RPHU %U\FH 6WDGLXP &DSDFLW\ 3OD\LQJ VXUIDFH 0RPHQWXP 3UHVLGHQW 'U %DNHU 3DWLOOR $WKOHWLF 'LUHFWRU 5REHUW +LOO +HDG FRDFK - & +DUSHU 5HFRUG DW 6)$ WK VHDVRQ
2YHUDOO UHFRUG VDPH $VVLVWDQW FRDFKHV 6KDQQRQ 'DZVRQ 'DYLG *LEEV $UOLQJWRQ 1XQQ .XUW &RUELQ &RG\ )UHGHQEXUJ 7RGG 6FKRQKDU (ULN 6ODXJKWHU -DNH :LOOLQJKDP %UDQGRQ 1RUWK &KULV 7UDX[ 2IIHQVLYH IRUPDWLRQ 6SUHDG 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK WLHG IRU VW 6HULHV YV 8&$ 8&$ OHDGV /DVW PHHWLQJ 6)$
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW 7H[DV $ 0 7%$ 6HSW $OEDQ\ S P 6HSW DW 1RUWKHUQ ,RZD S P 6HSW /DPDU S P 2FW DW 0F1HHVH 6WDWH S P 2FW &HQWUDO $UNDQVDV S P 2FW YV 6DP +RXVWRQ 6W S P 2FW 7H[DV 6WDWH S P 1RY DW 1LFKROOV S P 1RY 6RXWKHDVWHUQ /D S P 1RY 1RUWKZHVWHUQ 6WDWH S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU -DPHV 'L[RQ 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ 6,' FHOO SKRQH ( PDLO DGGUHVV MGL[RQ#VIDVX HGX $VVLVWDQW 6,' %ULDQ 5RVV 3UHVV ER[ SKRQH
:HEVLWH 6)$-DFNV FRP
! +-+/ -5
6DWXUGD\ 2FW 1 S P 1 7KLERGDX[ /$ 1 *XLGU\ 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; DW $LU )RUFH / 'XTXHVQH : DW /RXLVLDQD 7HFK / -DFNVRQYLOOH 6WDWH / DW 6DP +RXVWRQ 6WDWH / 7H[DV 6WDWH / DW &HQWUDO $UNDQVDV / 0F1HHVH 6WDWH / DW 6WHSKHQ ) $XVWLQ / 1RUWKZHVWHUQ 6WDWH : DW 6RXWKHDVWHUQ /RXLVLDQD :
&+$5/,( 678%%6 +HDG &RDFK
%2%%< )(/'(5 &RUQHUEDFN
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Ã&#x20AC;QLVK WLHG IRU WK 6HULHV YV 8&$ 7LHG /DVW PHHWLQJ 8&$
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW 6DQ 'LHJR 6WDWH 7%$ 6HSW DW :HVWHUQ 0LFKLJDQ S P 6HSW DW 6RXWK $ODEDPD 7%$ 6HSW %DFRQH S P 2FW 6DP +RXVWRQ 6WDWH S P 2FW DW 7H[DV 6WDWH 7%$ 2FW &HQWUDO $UNDQVDV S P 2FW DW 0F1HHVH 6WDWH 7%$ 1RY 6WHSKHQ ) $XVWLQ S P 1RY DW 1RUWKZHVWHUQ 6WDWH S P 1RY 6RXWKHDVWHUQ /D S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU %UDQGRQ 5L]]XWR 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ 6,' FHOO SKRQH ( PDLO DGGUHVV EUDQGRQ UL]]XWR#QLFKROOV HGX 3UHVV ER[ SKRQH :HEVLWH *HDX[&RORQHOV FRP
! 4+/5 6DWXUGD\ 2FW 1 S P 1 &RQZD\ $5 1 (VWHV 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; 7H[DV $ 0 &RPPHUFH : 8QLRQ .< : DW 2OH 0LVV / DW 6RXWK 'DNRWD / DW 7H[DV 6WDWH : 6DP +RXVWRQ 6WDWH : DW 0F1HHVH 6WDWH / &HQWUDO $UNDQVDV : DW 1RUWKZHVWHUQ 6WDWH : 6WHSKHQ ) $XVWLQ / 1LFKROOV /
0,.( /8&$6 +HDG &RDFK
6,00,( <$5%528*+ :LGH 5HFHLYHU
$%287 7+( /,216 /RFDWLRQ +DPPRQG /$ (QUROOPHQW &RQIHUHQFH 6RXWKODQG 1LFNQDPH /LRQV 6FKRRO FRORUV *UHHQ DQG *ROG 6WDGLXP 6WUDZEHUU\ )LHOG &DSDFLW\ 3OD\LQJ VXUIDFH 6SULQ7XUI 3UHVLGHQW 'U -RKQ / &UDLQ $WKOHWLF 'LUHFWRU %DUW %HOODLUV +HDG FRDFK 0LNH /XFDV 5HFRUG DW 6/8 WK VHDVRQ
2YHUDOO UHFRUG VDPH $VVLVWDQW FRDFKHV $OOHQ 5XGROSK 0DWW :HEE $UW $VVHOWD 7UD %RJHU 3DWULFN *DUYLQ %UDQGRQ /DF\ 7\OHU 3DRSDR 7\URQHH :LOOLDPV 2IIHQVLYH IRUPDWLRQ 0XOWLSOH 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK WK SODFH 6HULHV YV 8&$ 8&$ OHDGV /DVW PHHWLQJ 6/8
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW 7XODQH S P 6HSW 7HQQHVVHH 0DUWLQ S P 6HSW /DPDU S P 6HSW DW /RXLVLDQD 0RQURH 7%$ 2FW 7H[DV 6WDWH S P 2FW DW 6DP +RXVWRQ 6WDWH S P 2FW 0F1HHVH 6WDWH S P 2FW DW &HQWUDO $UNDQVDV S P 1RY 1RUWKZHVWHUQ 6WDWH S P 1RY DW 6WHSKHQ ) $XVWLQ S P 1RY DW 1LFKROOV S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU 0DWW 6XOOLYDQ 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ 6,' FHOO SKRQH ( PDLO DGGUHVV UVXOOLYDQ#VHOX HGX 3UHVV ER[ SKRQH
:HEVLWH /LRQV6SRUWV QHW
= (+;3. 5
6DWXUGD\ 1RY 1 S P 1 6DQ 0DUFRV 7; 1 %REFDW 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; $QJHOR 6WDWH : DW 7&8 / 7H[DV 6RXWKHUQ : DW 6RXWKHUQ 8WDK / 6RXWKHDVWHUQ /RXLVLDQD / DW 1LFKROOV : DW 1RUWKZHVWHUQ 6WDWH : 6WHSKHQ ) $XVWLQ : DW &HQWUDO $UNDQVDV : 0F1HHVH 6WDWH / 6DP +RXVWRQ 6WDWH :
%5$' :5,*+7 +HDG &RDFK
0$5&86 &/$5. 'HIHQVLYH %DFN
$%287 7+( %2%&$76 /RFDWLRQ 6DQ 0DUFRV 7; (QUROOPHQW &RQIHUHQFH 6RXWKODQG 1LFNQDPH %REFDWV 6FKRRO FRORUV 0DURRQ DQG *ROG 6WDGLXP %REFDW 6WDGLXP &DSDFLW\ 3OD\LQJ VXUIDFH )LHOG7XUI 'XUDVSLQH 3UR 3UHVLGHQW 'U 'HQLVH 7UDXWK $WKOHWLF 'LUHFWRU 'U /DUU\ 7HLV +HDG FRDFK %UDG :ULJKW 5HFRUG DW 7H[DV 6WDWH WK VHDVRQ
2YHUDOO UHFRUG VDPH $VVLVWDQW FRDFKHV 6ODGH 1DJOH )UHG %LHOO %HQ 1RUWRQ 0LNH %DUHOD .HYLQ %URZQ 0LNH %XJDU 7HU URO 'LOORQ 6WHYH ,UYLQ &KDUOLH 5HHYH 2IIHQVLYH IRUPDWLRQ 0XOWLSOH 3UR 6HW 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK UG SODFH 6HULHV YV 8&$ 8&$ OHDGV /DVW PHHWLQJ 7;67
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW +RXVWRQ 7%$ 6HSW 6RXWKHUQ $UNDQVDV S P 6HSW &DO 3RO\ S P 6HSW 6RXWKHUQ 8WDK S P 2FW DW 6RXWKHDVWHUQ /D S P 2FW 1LFKROOV S P 2FW 1RUWKZHVWHUQ 6WDWH S P 2FW DW 6WHSKHQ ) $XVWLQ S P 1RY &HQWUDO $UNDQVDV S P 1RY DW 0F1HHVH 6WDWH S P 1RY DW 6DP +RXVWRQ 6WDWH S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU 5LFN 3RXOWHU 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ 6,' FHOO SKRQH ( PDLO DGGUHVV USRXOWHU#W[VWDWH HGX 3UHVV ER[ SKRQH :HEVLWH 7;6WDWH%REFDWV FRP
! ( .28. 5 6DWXUGD\ 1RY 1 S P 1 &RQZD\ $5 1 (VWHV 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; :HVWHUQ ,OOLQRLV / 1RUWK 'DNRWD 6WDWH : DW 7XOVD / 6DLQW -RVHSKÒ&#x2039;V ,1 : 1LFKROOV : DW 6RXWKHDVWHUQ /RXLVLDQD / DW 6WHSKHQ ) $XVWLQ / 1RUWKZHVWHUQ 6WDWH : DW 0F1HHVH 6WDWH / &HQWUDO $UNDQVDV : DW 7H[DV 6WDWH /
:,//,( )5,7= +HDG &RDFK
:,// +(15< /LQHEDFNHU
$%287 7+( %($5.$76 /RFDWLRQ +XQWVYLOOH 7; (QUROOPHQW &RQIHUHQFH 6RXWKODQG 1LFNQDPH %HDUNDWV 6FKRRO FRORUV 2UDQJH DQG :KLWH 6WDGLXP %RZHUV 6WDGLXP &DSDFLW\ 3OD\LQJ VXUIDFH 5HDO*UDVV 3UR 3UHVLGHQW 'U -DPHV *DHUWQHU $WKOHWLF 'LUHFWRU %REE\ :LOOLDPV +HDG FRDFK :LOOLH )ULW] 5HFRUG DW 6+68 )LUVW VHDVRQ 2YHUDOO UHFRUG WK VHDVRQ
$VVLVWDQW FRDFKHV %HQ %HDVOH\ -HII &RQZD\ %RE 'H%HVVH -RKQQ\ -HUQLJDQ $QWKRQ\ -RKQVRQ 6FRWW 6WRNHU 'HUHN :DUHKLPH 2IIHQVLYH IRUPDWLRQ 0XOWLSOH 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK WK SODFH 6HULHV YV 8&$ 8&$ OHDGV /DVW PHHWLQJ 6+68
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW DW %D\ORU 7%$ 6HSW DW :HVWHUQ ,OOLQRLV S P 6HSW *DUGQHU :HEE S P 2FW DW /DPDU S P 2FW DW 1LFKROOV S P 2FW 6RXWKHDVWHUQ /D S P 2FW YV 6WHSKHQ ) $XVWLQ S P 2FW DW 1RUWKZHVWHUQ 6WDWH S P 1RY 0F1HHVH 6WDWH S P 1RY DW &HQWUDO $UNDQVDV S P 1RY 7H[DV 6WDWH S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU 3DXO 5LGLQJV 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ ( PDLO DGGUHVV U LGLQJV # V KVX H G X $ W KOHW LF PHGLD V HU Y LF HV - DV RQ % DU I LH O G 3UHVV ER[ SKRQH :HEVLWH *R%HDUNDWV FRP
+>;+65
6DWXUGD\ 1RY 1 S P 1 &RQZD\ $5 1 (VWHV 6WDGLXP
Â&#x2021; 5(68/76 Â&#x2021; +HQGHUVRQ 6WDWH : DW $SSDODFKLDQ 6WDWH : 6DYDQQDK 6WDWH : DW 7XODQH / DW 6WHSKHQ ) $XVWLQ / 1RUWKZHVWHUQ 6WDWH : 6RXWKHDVWHUQ /RXLVLDQD : DW 1LFKROOV : 6DP +RXVWRQ 6WDWH : DW 7H[DV 6WDWH : &HQWUDO $UNDQVDV : 1HZ +DPSVKLUH /
0$77 9,$725 +HDG &RDFK
'(6081' /,*+7(1 'HIHQVLYH (QG
$%287 7+( &2:%2<6 /RFDWLRQ /DNH &KDUOHV /$ (QUROOPHQW &RQIHUHQFH 6RXWKODQG 1LFNQDPH &RZER\V 6FKRRO FRORUV %OXH DQG *ROG 6WDGLXP &RZER\ 6WDGLXP &DSDFLW\ 3OD\LQJ VXUIDFH *HR0D[ WXUI 3UHVLGHQW 'U 3KLOLS :LOOLDPV $WKOHWLF 'LUHFWRU 7RPP\ 0F&OHOODQG +HDG FRDFK 0DWW 9LDWRU 5HFRUG DW 068 WK VHDVRQ
2YHUDOO UHFRUG VDPH $VVLVWDQW FRDFKHV %URGHULFN )REEV 5HJJLH 1HOVRQ &DUORV 0F*UHH /DQFH )UHPLQ /DUN +HEHUW 0DQQ\ 0LFKHO 7LP /HJHU -' .DSSHOHU 0LNH &ROOLQV %XFN +DUULV 2IIHQVLYH IRUPDWLRQ 0XOWLSOH 3UR 'HIHQVLYH IRUPDWLRQ /HWWHUPHQ UHWXUQLQJ ORVW 2IIHQVLYH VWDUWHUV UHWXUQLQJ 'HIHQVLYH VWDUWHUV UHWXUQLQJ UHFRUG FRQIHUHQFH UHFRUG Ã&#x20AC;QLVK WLHG IRU VW 6HULHV YV 8&$ 068 OHDGV /DVW PHHWLQJ 8&$
Â&#x2021; 6&+('8/( Â&#x2021; 6HSW /DPDU S P 6HSW DW 0LVVRXUL 7%$ 6HSW &DO 3RO\ S P 2FW DW 1RUWKZHVWHUQ 6WDWH 7%$ 2FW 6WHSKHQ ) $XVWLQ S P 2FW DW /68 S P 2FW DW 6RXWKHDVWHUQ /D 7%$ 2FW 1LFKROOV S P 1RY DW 6DP +RXVWRQ 6WDWH 7%$ 1RY 7H[DV 6WDWH S P 1RY DW &HQWUDO $UNDQVDV S P
632576 ,1)250$7,21 2)),&( 6SRUWV LQIRUPDWLRQ GLUHFWRU /RXLV %RQQHWWH 2IÃ&#x20AC;FH SKRQH 2IÃ&#x20AC;FH ID[ 6,' FHOO SKRQH ( PDLO DGGUHVV OERQQHWWH#PFQHHVH HGX 3UHVV ER[ SKRQH :HEVLWH 0F1HHVH6WDWH6SRUWV FRP
! 6RXWKODQG &RQIHUHQFH &RPSRVLWH 6FKHGXOH 6HSW 7KXUVGD\ (OL]DEHWK &LW\ 6W DW &HQWUDO $UNDQVDV 6RXWKHDVWHUQ /RXLVLDQD DW 7XODQH
&RQZD\ $5 1HZ 2UOHDQV /$
S P S P
6HSW 6DWXUGD\ 1RUWKZHVWHUQ 6WDWH DW $LU )RUFH /DPDU DW 0F1HHVH 6WDWH 7H[DV 6WDWH DW +RXVWRQ 6DP +RXVWRQ 6WDWH DW %D\ORU 1LFKROOV DW 6DQ 'LHJR 6WDWH 6WHSKHQ ) $XVWLQ DW 7H[DV $ 0
&RORUDGR 6SUJV &2 /DNH &KDUOHV /$ +RXVWRQ 7; :DFR 7; 7%$ 6DQ 'LHJR &$ &ROOHJH 6WDWLRQ 7;
S P S P S P 7%$ 7%$
6HSW 6DWXUGD\ &HQWUDO $UNDQVDV DW (DVWHUQ ,OOLQRLV 6DPIRUG DW 1RUWKZHVWHUQ 6WDWH 7HQQHVVHH 0DUWLQ DW 6( /RXLVLDQD $OEDQ\ DW 6WHSKHQ ) $XVWLQ 6RXWKHUQ $UNDQVDV DW 7H[DV 6WDWH 1LFKROOV DW :HVWHUQ 0LFKLJDQ 0F1HHVH 6WDWH DW 0LVVRXUL
&KDUOHVWRQ ,/ 1DWFKLWRFKHV /$ +DPPRQG /$ 1DFRJGRFKHV 7; 6DQ 0DUFRV 7; .DODPD]RR 0, &ROXPELD 02
S P S P S P S P S P S P 7%$
6HSW 6DWXUGD\ 6DP +RXVWRQ 6WDWH DW :HVWHUQ ,OOLQRLV 6WHSKHQ ) $XVWLQ DW 1RUWKHUQ ,RZD 0XUUD\ 6WDWH DW &HQWUDO $UNDQVDV 7DUOHWRQ 6WDWH DW 1RUWKZHVWHUQ 6WDWH /DPDU DW 6RXWKHDVWHUQ /RXLVLDQD &DO 3RO\ DW 7H[DV 6WDWH 1LFKROOV DW 6RXWK $ODEDPD
0DFRPE ,/ &HGDU )DOOV ,$ &RQZD\ $5 1DWFKLWRFKHV /$ +DPPRQG /$ 6DQ 0DUFRV 7; 0RELOH $/
S P S P S P S P S P S P 7%$
6HSW 6DWXUGD\ %DFRQH DW 1LFKROOV 1RUWKZHVWHUQ 6WDWH DW 1RUWK 'DNRWD *DUGQHU :HEE DW 6DP +RXVWRQ 6W A /DPDU DW 6WHSKHQ ) $XVWLQ 6RXWKHUQ 8WDK DW 7H[DV 6WDWH &HQWUDO $UNDQVDV DW 7XOVD &DO 3RO\ DW 0F1HHVH 6WDWH 6( /RXLVLDQD DW /RXLVLDQD 0RQURH
7KLERGDX[ /$ *UDQG )RUNV 1' +XQWVYLOOH 7; 1DFRJGRFKHV 7; 6DQ 0DUFRV 7; 7XOVD 2. /DNH &KDUOHV /$ 0RQURH /$
S P S P S P S P S P S P S P 7%$
2FW 6DWXUGD\ 0F1HHVH 6WDWH DW 1RUWKZHVWHUQ 6WDWH A 6DP +RXVWRQ 6WDWH DW /DPDU
1DWFKLWRFKHV /D %HDXPRQW 7H[DV
S P 7%$
2FW 6DWXUGD\ 7H[DV 6WDWH DW 6( /RXLVLDQD A
+DPPRQG /$
S P
6DP +RXVWRQ 6WDWH DW 1LFKROOV 1RUWKZHVWHUQ 6WDWH DW &HQWUDO $UNDQVDV 6WHSKHQ ) $XVWLQ DW 0F1HHVH 6WDWH
7KLERGDX[ /$ &RQZD\ $5 /DNH &KDUOHV /$
S P S P S P
2FW 6DWXUGD\ &HQWUDO $UNDQVDV DW 6WHSKHQ ) $XVWLQ A 6( /RXLVLDQD DW 6DP +RXVWRQ 6W +& 1LFKROOV DW 7H[DV 6WDWH 0F1HHVH 6WDWH DW /68
1DFRJGRFKHV 7; +XQWVYLOOH 7; 6DQ 0DUFRV 7; %DWRQ 5RXJH /$
S P S P S P S P
2FW 6DWXUGD\ 6WHSKHQ ) $XVWLQ YV 6DP +RXVWRQ 6 A 1RUWKZHVWHUQ 6WDWH DW 7H[DV 6WDWH &HQWUDO $UNDQVDV DW 1LFKROOV 0F1HHVH 6WDWH DW 6( /RXLVLDQD +&
+RXVWRQ 7; 6DQ 0DUFRV 7; 7KLERGDX[ /$ +DPPRQG /$
S P S P S P S P
2FW 6DWXUGD\ 6( /RXLVLDQD DW &HQWUDO $UNDQVDV A +& &RQZD\ $5 7H[DV 6WDWH DW 6WHSKHQ ) $XVWLQ 1DFRJGRFKHV 7; 6DP +RXVWRQ 6W DW 1RUWKZHVWHUQ 6 +& 1DWFKLWRFKHV /$ 1LFKROOV DW 0F1HHVH 6WDWH /DNH &KDUOHV $
S P S P S P S P
1RY 6DWXUGD\ &HQWUDO $UNDQVDV DW 7H[DV 6WDWH A 6WHSKHQ ) $XVWLQ DW 1LFKROOV 1RUWKZHVWHUQ 6WDWH DW 6( /RXLVLDQD 0F1HHVH 6WDWH DW 6DP +RXVWRQ 6WDWH
6DQ 0DUFRV 7; 7KLERGDX[ /$ +DPPRQG /$ +XQWVYLOOH 7;
S P S P S P 7%$
1RY 6DWXUGD\ 1LFKROOV DW 1RUWKZHVWHUQ 6WDWH A 6( /RXLVLDQD DW 6WHSKHQ ) $XVWLQ 6DP +RXVWRQ 6WDWH DW &HQWUDO $UNDQVDV 7H[DV 6WDWH DW 0F1HHVH 6WDWH
1DWFKLWRFKHV /$ 1DFRJGRFKHV 7; &RQZD\ $5 /DNH &KDUOHV /$
S P S P S P S P
1RY 7KXUVGD\ 6RXWKHDVWHUQ /RXLVLDQD DW 1LFKROOV A
7KLERGDX[ /$
S P
1RY 6DWXUGD\ 1RUWKZHVWHUQ 6WDWH DW 6WHSKHQ ) $XVWLQ 1DFRJGRFKHV 7; 7H[DV 6WDWH DW 6DP +RXVWRQ 6WDWH +XQWVYLOOH 7; 0F1HHVH 6WDWH DW &HQWUDO $UNDQVDV &RQZD\ $5 A GHQRWHV 6RXWKODQG 79 JDPHV +& GHQRWHV +RPHFRPLQJ JDPHV DOO WLPHV VXEMHFW WR FKDQJH
S P S P S P
!
! #
! 6HDVRQ 5XVKLQJ <DUGV
&DUHHU 5XVKLQJ <DUGV 1DPH +RVHD .QRZOWRQ 9DXJKQ (GZDUGV 3KLO &DOGZHOO %UHQW *ULPHV .HQWUHO 5RJHUV 6KDZQ 0F*HKHH 1DWKDQLHO 'DQLHO &HGULF +ROW (UURQ %RER +HQU\ +DZN
<HDUV
<DUGV
<HDUV
$WW
<HDUV
<DUGV
1DPH 6KDZQ 0F*HKHH +RVHD .QRZOWRQ +RVHD .QRZOWRQ &HGULF +ROW 3KLO &DOGZHOO
<HDU
$WW
6HDVRQ 5XVKLQJ 7RXFKGRZQV
&DUHHU 5XVKLQJ 7RXFKGRZQV 1DPH %UHQW *ULPHV .HQWUHO 5RJHUV 3KLO &DOGZHOO +RVHD .QRZOWRQ %REE\ 7LQHU 9DXJKQ (GZDUGV
<HDU
6HDVRQ 5XVKLQJ $WWHPSWV
&DUHHU 5XVKLQJ $WWHPSWV 1DPH +RVHD .QRZOWRQ 3KLO &DOGZHOO 9DXJKQ (GZDUGV 6KDZQ 0F*HKHH %UHQW *ULPHV
1DPH 6KDZQ 0F*HKHH &HGULF +ROW +RVHD .QRZOWRQ 1DNLWD 5REHUWVRQ +RVHD .QRZOWRQ +RVHD .QRZOWRQ 9DXJKQ (GZDUGV .HQWUHO 5RJHUV %UHQW *ULPHV +HQU\ +DZN
7'V
1DPH .HQWUHO 5RJHUV %UHQW *ULPHV %UHQW *ULPHV 1DWKDQLHO 'DQLHO 6FRWW :LOOLDPV
<HDU
7'V
6HDVRQ $YHUDJH <DUGV 5XVK &DUHHU $YHUDJH <DUGV 5XVK 1DPH %HUQDUG 6FRWW $ODQ 0F&ODLQ +HQU\ +DZN -DPLH :DUG 6KDXQ 0LWFKHOO
<HDUV
$YJ
1DPH 6KDXQ 0LWFKHOO 5DSKDHO 0F&XLHQ .HQWUHO 5RJHUV +HQU\ +DZN %ULDQ 6WDOOZRUWK
<HDU
$YJ
6HDVRQ 5XVKLQJ <DUGV *DPH &DUHHU 5XVKLQJ <GV *DPH 1DPH 9DXJKQ (GZDUGV +RVHD .QRZOWRQ 3KLO &DOGZHOO 7HG 0F&RQQDXJKH\ 6KDZQ 0F*HKHH
<HDUV
$YJ
1DPH 9DXJKQ (GZDUGV $QGUH .LQJ +HQU\ +DZN &HGULF +ROW 9DXJKQ (GZDUGV
<HDU
$YJ
<($5 %< <($5 /($'(56 <HDU
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
<GV $YJ
5XVKLQJ *DPH 5HFRUGV
+RVHD .QRZOWRQ
6KDZQ 0F*HKHH
$
$WWHPSWV 9DXJKQ (GZDUGV YV 1RUWKZHVW 0LVVRXUL <DUGV 9DXJKQ (GZDUGV DW 2XDFKLWD %DSWLVW $YHUDJH :LOOLH +RSVRQ YV :HVW *HRUJLD 7RXFKGRZQV .HQWUHO 5RJHUV DW 2XDFKLWD %DSWLVW %UHQW *ULPHV DW 6WHSKHQ ) $XVWLQ /RQJHVW 5XVK 0D[ +DUULV DW +HQGHUVRQ 6WDWH $OH[ &ROEHUW DW 0LVVLVVLSSL &ROOHJH &RQVHFXWLYH <DUG *DPHV 6KDZQ 0F*HKHH
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Ã&#x20AC;HOG +RVHD .QRZOWRQ /DUU\ 0LOOHU )UDQN 5LFKDUGVRQ 3KLO &DOGZHOO :LOOLH +RSVRQ )UDQN 6FKLHEOH 3HGUR )HUJXVRQ 5REHUW 6WRQH (UURQ %RER 6KDXQ 0LWFKHOO 9DXJKQ (GZDUGV 9DXJKQ (GZDUGV
$WW <DUGV
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
'DWH
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
+RVHD .QRZOWRQ 6KDXQ 0LWFKHOO .HQWUHO 5RJHUV .HQWUHO 5RJHUV 5RVV %URZQ )UDQN 5LFKDUGVRQ 3KLO &DOGZHOO 6KDZQ 0F*HKHH +RVHD .QRZOWRQ +RVHD .QRZOWRQ (XJHQH 0HDERQ 6KDXQ 0LWFKHOO )UDQN 6FKLHEOH -LP )DXONQHU %LOO 7LQHU -DPHV +DOO 9DXJKQ (GZDUGV +RVHD .QRZOWRQ .HQWUHO 5RJHUV .HQ *LONH\ (UURQ %RER +RVHD .QRZOWRQ %UHQW *ULPHV 6DP &ROHPDQ .HQ *LONH\ 9DXJKQ (GZDUGV 9DXJKQ (GZDUGV 6KDZQ 0F*HKHH )UDQN 6FKLHEOH -LP :HDWKHULQJWRQ %REE\ 7LQHU 1DWKDQLHO 'DQLHO 6KDZQ 2OLYH .HQ &ROOXPV (XJHQH 0HDERQ -LP 6DQGHUV %LOO *UXEEV 3KLO &DOGZHOO &HGULF +ROW &HGULF +ROW 6KDZQ 2OLYH +RVHD .QRZOWRQ 3HGUR )HUJXVRQ )UDQN 5LFKDUGVRQ /DUU\ 0LOOHU 6DP &ROHPDQ 3KLO &DOGZHOO 3KLO &DOGZHOO 1DNLWD 5REHUWVRQ 6KDZQ 0F*HKHH +RVHD .QRZOWRQ 5DSKDHO 0F&XLHQ .HQWUHO 5RJHUV 5RVV %URZQ -DPLH :DUG )UDQN 5LFKDUGVRQ /D0RQWH %ROGLQJ .HQ *LONH\ /HRQ *UD\ .HLWK )ODQLJDQ .HQWUHO 5RJHUV :LOOLH +RSVRQ )UDQN 6FKLHEOH +HQU\ +DZN 5REHUW 6WRQH 6KDZQ 0F*HKHH :DUGHOO +HUPDQ 6KDXQ 0LWFKHOO %ULDQ 6WDOOZRUWK
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
*
<$5' 3$66,1* *$0(6 1DPH =DN &ODUN 1DWKDQ %URZQ $QG\ 5RJHUV =DN &ODUN 1DWKDQ %URZQ %ULDQ 6WDOOZRUWK %ULDQ 6WDOOZRUWK 5DQG\ +XIIVWLFNOHU
&RPS $WW <GV 7'
2SSRQHQW DW +HQGHUVRQ 6WDWH DW 3UHVE\WHULDQ DW 1LFKROOV 6WDWH DW $UNDQVDV 0RQWLFHOOR DW 0LVVRXUL 6WDWH 2XDFKLWD %DSWLVW $UNDQVDV 7HFK &DPHURQ
'DWH
2SSRQHQW DW 'HOWD 6WDWH DW :HVW *HRUJLD +HQGHUVRQ 6WDWH 9DOGRVWD 6WDWH DW 7HQQHVVHH 0DUWLQ DW 6RXWKHUQ $UNDQVDV DW $UNDQVDV 0RQWLFHOOR *OHQYLOOH 6WDWH DW :HVW $ODEDPD 'HOWD 6WDWH 1RUWKZHVWHUQ 6WDWH DW 6RXWKHDVWHUQ /RXLVLDQD DW $ELOHQH &KULVWLDQ DW 7HQQHVVHH 0DUWLQ DW 7XOVD 1LFKROOV 6WDWH DW 6WHSKHQ ) $XVWLQ +HQGHUVRQ 6WDWH DW 3RUWODQG 6WDWH DW 2XDFKLWD %DSWLVW :HVW $ODEDPD 7H[DV 6WDWH 1RUWK $ODEDPD 4XLQF\ DW 6DP +RXVWRQ 6WDWH DW +HQGHUVRQ 6WDWH 6RXWKZHVW %DSWLVW DW +HQGHUVRQ 6WDWH
'DWH
<$5' 3$66,1* *$0(6 1DPH =DN &ODUN .HYLQ 1DZUDFDM 1DWKDQ %URZQ &KULV )UHHPDQ %REE\ 7LQHU $QG\ 5RJHUV =DN &ODUN 5REELH 3DUN .HYLQ 1DZUDFDM .HYLQ 1DZUDFDM 1DWKDQ %URZQ 1DWKDQ %URZQ =DN &ODUN &KULV 5HLO 1DWKDQ %URZQ 1DWKDQ %URZQ 1DWKDQ %URZQ +HQU\ <RXQJ .HQ &ROOXPV $QG\ 5RJHUV &KULV 5HLO 1DWKDQ %URZQ $QG\ 5RJHUV 1DWKDQ %URZQ 1DWKDQ %URZQ =DN &ODUN $QG\ 5RJHUV 5DQG\ +XIIVWLFNOHU
&RPS $WW <GV 7'
<$5' 3$66(56 727$/ *$0(6 1DWKDQ %URZQ =DN &ODUN $QG\ 5RJHUV .HYLQ 1DZUDFDM 5DQG\ +XIIVWLFNOHU &KULV 5HLO %ULDQ 6WDOOZRUWK .HQ &ROOXPV &KULV )UHHPDQ 5REELH 3DUN %REE\ 7LQHU +HQU\ <RXQJ
<$5'6 96 23321(176 +HQGHUVRQ 6WDWH $UNDQVDV 0RQWLFHOOR 'HOWD 6WDWH 1LFKROOV 6WDWH
2XDFKLWD %DSWLVW 7HQQHVVHH 0DUWLQ :HVW $ODEDPD $ELOHQH &KULVWLDQ $UNDQVDV 7HFK &DPHURQ *OHQYLOOH 6WDWH 0LVVRXUL 6WDWH 1RUWK $ODEDPD 1RUWKZHVWHUQ 6WDWH 3RUWODQG 6WDWH 3UHVE\WHULDQ 4XLQF\ 6DP +RXVWRQ 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 6RXWKHUQ $UNDQVDV 6RXWKZHVW %DSWLVW 6WHSKHQ ) $XVWLQ 7H[DV 6WDWH 7XOVD 9DOGRVWD 6WDWH :HVW *HRUJLD
$QG\ 5RJHUV
9DXJKQ (GZDUGV .HYLQ 1DZUDFDM
<$5' 586+(56 727$/ *$0(6 +RVHD .QRZOWRQ 9DXJKQ (GZDUGV 3KLO &DOGZHOO 6KDZQ 0F*HKHH .HQWUHO 5RJHUV &HGULF +ROW %UHQW *ULPHV +HQU\ +DZN (XJHQH 0HDERQ )UDQN 5LFKDUGVRQ 1DWKDQLHO 'DQLHO 6KDXQ 0LWFKHOO (UURQ %RER :LOOLH +RSVRQ $QGUH .LQJ %HUQDUG 6FRWW 5RVV %URZQ .HQ *LONH\ 5DSKDHO 0F&XLHQ 1DNLWD 5REHUWVRQ 3HGUR )HUJXVRQ :DUGHOO +HUPDQ 6KDZQ 2OLYH )UDQN 6FKLHEOH 5REHUW 6WRQH 0DUYLQ $XVWLQ 6DP &ROHPDQ %LOO *UXEEV -DPHV +DOO
7HG 0F&RQQDXJKH\ $OOHQ 5RFN -DPLH :DUG /HRQ *UD\ /DUU\ 0LOOHU %ULDQ 6WDOOZRUWK /D0RQWH %ROGLQJ $OWULNLL %URZQ %XGG\ %ULJKW /HRQDUG &HDVHU -LPP\ &ODUN .HQQ\ &ODUN (ULF &OD\ .HQ &ROOXPV -LP )DXONQHU .HLWK )ODQLJDQ 6WHYH +DWKFRWH 5LFKDUG +HQGULFNVRQ $ODQ 0F&ODLQ 'RQ 0F+DQ 'RXJ 0LWFKHOO .HQQHWK 3LJJHH %HUQLH 3RUWHU 'DYLG 5HDG\ -LP 6DQGHUV /DUU\ 6WDQGÃ&#x20AC;HOG %LOO 7LQHU %REE\ 7LQHU -LP 7XUQHU -LP :HDWKHULQJWRQ
<$5'6 YV 23321(176 +HQGHUVRQ 6WDWH $UNDQVDV 7HFK 6RXWKHUQ $UNDQVDV +DUGLQJ $UNDQVDV 0RQWLFHOOR 2XDFKLWD %DSWLVW 'HOWD 6WDWH $UNDQVDV 3LQH %OXII :HVW $ODEDPD 1RUWKHDVWHUQ 6WDWH 6RXWKHDVW 0LVVRXUL &HQWUDO 0LVVRXUL 0LVVLVVLSSL &ROOHJH 2]DUNV $UN 1RUWK $ODEDPD 1RUWKZHVW 0LVVRXUL 6RXWKZHVWHUQ 2NODKRPD 7HQQHVVHH 0DUWLQ 7UXPDQ :HVW *HRUJLD 0LOOVDSV 0LVVRXUL 6RXWKHUQ 0RRUKHDG 6WDWH 7H[DV $ 0 &RPPHUFH 7H[DV 6WDWH 9DOGRVWD 6WDWH :HVW $ODEDPD
$OEDQ\ 6WDWH $XVWLQ &ROOHJH (DVW &HQWUDO (DVWHUQ 1HZ 0H[LFR &HQWUDO 0HWKRGLVW 0LVVLVVLSSL 9DOOH\ 6WDWH 1LFKROOV 6WHSKHQ ) $XVWLQ $ELOHQH &KULVWLDQ $UNDQVDV 6WDWH $XJXVWDQD 6 ' %DSWLVW &KULVWLDQ &DPHURQ &HQWUDO 6WDWH 2KLR (YDQJHO *UDFHODQG ,RZD :HVOH\DQ /RXLVLDQD &ROOHJH 0F1HHVH 6WDWH 0HVD 6WDWH 0LVVRXUL 6WDWH 1RUWK 'DNRWD 1RUWKZHVWHUQ 2NODKRPD 3LWWVEXUJ 6WDWH 6RXWKHDVWHUQ /RXLVLDQD 7HQQHVVHH &KDWWDQRRJD :HVWHUQ &RORUDGR
6HDVRQ 3DVVLQJ <DUGV
&DUHHU 3DVVLQJ <DUGV 1DPH 1DWKDQ %URZQ 5DQG\ +XIIVWLFNOHU =DN &ODUN .HQ &ROOXPV &KULV )UHHPDQ $QG\ 5RJHUV %REE\ 7LQHU .HYLQ 1DZUDFDM -HII )XVLOLHU 5REELH 3DUN
<HDUV
<DUGV
<HDUV
$WW
<HDUV
&RPS
<HDUV
1DPH $QG\ 5RJHUV =DN &ODUN 1DWKDQ %URZQ 1DWKDQ %URZQ =DN &ODUN
<HDU
$WW
1DPH =DN &ODUN 1DWKDQ %URZQ 1DWKDQ %URZQ $QG\ 5RJHUV =DN &ODUN
<HDU
$WW
6HDVRQ 3DVVLQJ 7RXFKGRZQV
&DUHHU 3DVVLQJ 7RXFKGRZQV 1DPH 1DWKDQ %URZQ 5DQG\ +XIIVWLFNOHU =DN &ODUN .HQ &ROOXPV .HYLQ 1DZUDFDM
<DUGV
6HDVRQ 3DVV &RPSOHWLRQV
&DUHHU 3DVV &RPSOHWLRQV 1DPH 1DWKDQ %URZQ =DN &ODUN 5DQG\ +XIIVWLFNOHU .HQ &ROOXPV &KULV )UHHPDQ
<HDU
6HDVRQ 3DVV $WWHPSWV
&DUHHU 3DVV $WWHPSWV 1DPH 1DWKDQ %URZQ 5DQG\ +XIIVWLFNOHU =DN &ODUN .HQ &ROOXPV &KULV )UHHPDQ
1DPH 1DWKDQ %URZQ =DN &ODUN 1DWKDQ %URZQ $QG\ 5RJHUV %ULDQ 6WDOOZRUWK =DN &ODUN 5REELH 3DUN .HYLQ 1DZUDFDM 1DWKDQ %URZQ 5DQG\ +XIIVWLFNOHU
7'V
&DUHHU 0LVF 3DVVLQJ 5HFRUGV ,QWHUFHSWLRQV 5DQG\ +XIIVWLFNOHU &RPS 3FW 1DWKDQ %URZQ 3DVV (IÃ&#x20AC;FLHQF\ %ULDQ 6WDOOZRUWK $YJ <DUGV 3DVV %ULDQ 6WDOOZRUWK $YJ <DUGV &RPS 5DQG\ +XIIVWLFNOHU <DUGV *DPH =DN &ODUN
1DPH 1DWKDQ %URZQ %ULDQ 6WDOOZRUWK 1DWKDQ %URZQ 1DWKDQ %URZQ =DN &ODUN =DN &ODUN
<HDU
7'V
6HDVRQ 0LVF 3DVVLQJ 5HFRUGV ,QWHUFHSWLRQV %REE\ 7LQHU &RPSOHWLRQ 3FW &KULV 5HLO 3DVV (IÃ&#x20AC;FLHQF\ %ULDQ 6WDOOZRUWK $YJ <DUGV 3DVV 5DQG\ +XIIVWLFNOHU $YJ <DUGV &RPS .HQ &ROOXPV <DUGV *DPH =DN &ODUN
<($5 %< <($5 /($'(56 <HDU
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
3DVVLQJ *DPH 5HFRUGV
=DN &ODUN
1DWKDQ %URZQ
7'
$WWHPSWV %REE\ 7LQHU DW 7HQQHVVHH 0DUWLQ &RPSOHWLRQV =DN &ODUN DW $UNDQVDV 0RQWLFHOOR &RPSOHWLRQ 3HUFHQWDJH =DN &ODUN YV ,RZD :HVOH\DQ &RQVHFXWLYH &RPSOHWLRQV %ULDQ 6WDOOZRUWK YV +HQGHUVRQ 6W 1DWKDQ %URZQ YV 7HQQHVVHH 0DUWLQ <DUGV =DN &ODUN DW +HQGHUVRQ 6WDWH 7RXFKGRZQV 1DWKDQ %URZQ YV 7H[DV 6WDWH ,QWHUFHSWLRQV 'DUUHOO +DWFKHWW YV $UNDQVDV 7HFK /RQJHVW &RPSOHWLRQ 6FRWW :LOOLDPV DW 6RXWKHUQ $UN .HQ &ROOXPV YV 'HOWD 6WDWH
&DUHHU 5HFHLYLQJ <DUGV 1DPH $DURQ )DLURR] 5RQ 0DOOHWW 0LFKDHO 1RUYHOO 7\UHH 'DYLV 'UD\ORQ *DOORZD\ 6WHYH :RRG 'RXJ 0LWFKHOO 7LP :RRGV :LOOLH 'DYLV &DUO 7KRPDV
6HDVRQ 5HFHLYLQJ <DUGV
<HDUV
<DUGV
<HDUV
5HF
&DUHHU 5HFHSWLRQV 1DPH 0LFKDHO 1RUYHOO $DURQ )DLURR] 'UD\ORQ *DOORZD\ 7\UHH 'DYLV 5RQ 0DOOHWW &DUO 7KRPDV %HQ )DLUHV %UHQW *ULPHV 6WHYH 1RODQ 7LP :RRGV
1DPH $DURQ )DLURR] 5RQ 0DOOHWW 7\UHH 'DYLV 7LP :RRGV &DUO 7KRPDV 6WHYH :RRG 5RQ 0DOOHWW 'RXJ 0LWFKHOO 0LFKDHO 1RUYHOO 6WHYH :RRG
<HDU
<DUGV
6HDVRQ 5HFHSWLRQV 1DPH $DURQ )DLURR] &DUO 7KRPDV 0LFKDHO 1RUYHOO 7\UHH 'DYLV 7LP :RRGV -HODQL /HZLV 0LFKDHO 1RUYHOO $DURQ )DLURR] 7\UHH 'DYLV 'UD\ORQ *DOORZD\ &DUO 7KRPDV
<HDU
5HF
&DUHHU 5HFHLYLQJ 7RXFKGRZQV 1DPH 5RQ 0DOOHWW $DURQ )DLURR] /DQGRQ 7UXVW\ -RKQ &DPHURQ 0DUTXH] %UDQVRQ &OLIWRQ (DO\ 7\UHH 'DYLV 'UD\ORQ *DOORZD\ 0LFKDHO 1RUYHOO &DUO 7KRPDV %HQ )DLUHV
<HDUV
7'V
<HDUV
1DPH 5RQ 0DOOHWW $DURQ )DLURR] 0DUTXH] %UDQVRQ &OLIWRQ (DO\ -RKQ &DPHURQ 5RQ 0DOOHWW (Q5LFR *UD\HU &DUO 7KRPDV /DQGRQ 7UXVW\ $DURQ )DLURR]
<HDU
7'V
6HDVRQ <DUGV &DWFK
&DUHHU <DUGV &DWFK 1DPH 7RPP\ 6RORPRQ -DPDHO 0F4XHHQ -RKQ &DPHURQ 5RQ 0DOOHWW :LOOLH & 'DYLV
6HDVRQ 5HFHLYLQJ 7RXFKGRZQV
$YJ
1DPH -RKQ &DPHURQ :LOOLH & 'DYLV 5RQ 0DOOHWW 7RPP\ 6RORPRQ -DPDHO 0F4XHHQ
<HDU
$YJ
<($5 %< <($5 /($'(56 <HDU
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
<GV
7'
5HFHLYLQJ *DPH 5HFRUGV
5RQ 0DOOHWW
$DURQ )DLURR]
5HFHSWLRQV $DURQ )DLURR] DW 7HQQHVVHH 0DUWLQ <DUGV 5RQ 0DOOHWW DW 2XDFKLWD %DSWLVW <DUGV 5HFHSWLRQ 5RQ 0DOOHWW YV +HQGHUVRQ 6W 7RXFKGRZQV -DPHV ´5HGµ 0RUJDQ DW 0HPSKLV 1DY\ &OLIWRQ (DO\ YV +DUGLQJ 5RQ 0DOOHWW YV +DUGLQJ /RQJHVW 5HFHSWLRQ :LOOLH & 'DYLV DW 6RXWKHUQ $UN -HURPH 'DYLV YV 'HOWD 6WDWH &RQVHFXWLYH *DPHV Z 5HFHSWLRQ $DURQ )DLURR]
*
<$5' 5(&(,9,1* *$0(6 1DPH 5RQ 0DOOHWW 7LP :RRGV 5RQ 0DOOHWW 5RQ 0DOOHWW
5HF <DUGV
2SSRQHQW DW 2XDFKLWD %DSWLVW DW 3RUWODQG 6WDWH +HQGHUVRQ 6WDWH +DUGLQJ
'DWH
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
'DWH
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
5HF <DUGV
<$5' 5(&(,9(56 727$/ *$0(6 $DURQ )DLURR] 7\UHH 'DYLV 5RQ 0DOOHWW 0LFKDHO 1RUYHOO 'RXJ 0LWFKHOO &DUO 7KRPDV 7LP :RRGV &OLIWRQ (DO\ 5DQG\ &URZHOO :LOOLH 'DYLV :LOOLH & 'DYLV 'HYHULFN 'HOSK 'UD\ORQ *DOORZD\ (Q5LFR *UD\HU -HODQL /HZLV
6WHYHQ 1RODQ (ULF :DUH 3UHVWRQ (FKROV :LOOLH +XIIPDQ 'DYLG -RKQVWRQ 6KDGULFN 0F$IHH -DPDHO 0F4XHHQ &KDG 0RUDQ 6FRWW 6FKZDUW] 7RPP\ 6RORPRQ 0DUTXH] %UDQVRQ $XVWLQ &DGH *UHJ &XPPLQV -HURPH 'DYLV %HQ )DLUHV
'DUUHOO +DWFKHWW +HQU\ +DZN 0DUN +RUWRQ &KH -RQHV $QWKRQ\ /DPSNLQ :LOOLH /DQGHUV 7RQ\ /RFNKDUW 'DUULXV 0F1HDO $QG\ 5RJHUV %LOO 6KLPHN -LP 7DUNLQJWRQ /DQGRQ 7UXVW\ /DUU\ :DOWRQ &OD\ :LQQHWWH
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
<$5'6 96 23321(176
+HQGHUVRQ 6WDWH 6RXWKHUQ $UNDQVDV $UNDQVDV 0RQWLFHOOR +DUGLQJ 2XDFKLWD %DSWLVW $UNDQVDV 7HFK 'HOWD 6WDWH 9DOGRVWD 6WDWH 1RUWK $ODEDPD &DPHURQ 0LVVLVVLSSL &ROOHJH 1LFKROOV 6WDWH 7HQQHVVHH 0DUWLQ 7H[DV $ 0 &RPPHUFH :HVW $ODEDPD
:HVW *HRUJLD $ELOHQH &KULVWLDQ 1RUWKHDVWHUQ 6WDWH 1RUWKZHVW 0LVVRXUL 6RXWKHDVWHUQ /RXLVLDQD 8& 'DYLV :HVW 7H[DV $ 0 $UNDQVDV 6WDWH &DWDZED &HQWUDO 6WDWH 2KLR (YDQJHO ,OOLQRLV 6WDWH ,RZD :HVOH\DQ /DQJVWRQ
/RXLVLDQD &ROOHJH 0LVVLVVLSSL 9DOOH\ 6WDWH 0LVVRXUL 6WDWH 0LVVRXUL 9DOOH\ 0RRUKHDG 6WDWH 1RUWKZHVWHUQ 6WDWH 3RUWODQG 6WDWH 3UHVE\WHULDQ 4XLQF\ 6RXWKHDVW 0LVVRXUL 6RXWKZHVWHUQ 2NODKRPD 7UXPDQ 7XOVD :HVWHUQ .HQWXFN\
) 6HDVRQ 7RWDO 2IIHQVH <DUGV
&DUHHU 7RWDO 2IIHQVH <DUGV 1DPH 1DWKDQ %URZQ 5DQG\ +XIIVWLFNOHU .HQ &ROOXPV %REE\ 7LQHU =DN &ODUN &KULV )UHHPDQ $QG\ 5RJHUV +RVHD .QRZOWRQ -HII )XVLOLHU .HYLQ 1DZUDFDM
<HDUV
<DUGV
1DPH 1DWKDQ %URZQ %ULDQ 6WDOOZRUWK 1DWKDQ %URZQ =DN &ODUN $QG\ 5RJHUV =DN &ODUN 5REELH 3DUN 1DWKDQ %URZQ .HYLQ 1DZUDFDM &KULV )UHHPDQ
<HDU
<DUGV
&DUHHU 7RXFKGRZQV 5HVSRQVLEOH )RU
6HDVRQ 7RXFKGRZQV 5HVSRQVLEOH )RU
1DPH 1DWKDQ %URZQ 5DQG\ +XIIVWLFNOHU %REE\ 7LQHU %UHQW *ULPHV .HQ &ROOXPV
1DPH %ULDQ 6WDOOZRUWK 1DWKDQ %URZQ 6FRWW :LOOLDPV $QG\ 5RJHUV 1DWKDQ %URZQ
<HDUV
7'V
&DUHHU 7RWDO 2IIHQVH *DPH 1DPH =DN &ODUN 1DWKDQ %URZQ .HYLQ 1DZUDFDM %REE\ 7LQHU 5DQG\ +XIIVWLFNOHU
<HDUV
$YJ
<HDUV
7'V
6HDVRQ 7RWDO 2IIHQVH *DPH 1DPH 1DWKDQ %URZQ =DN &ODUN 1DWKDQ %URZQ $QG\ 5RJHUV %ULDQ 6WDOOZRUWK
<HDU
$YJ
6HDVRQ $OO 3XUSRVH <DUGV
&DUHHU $OO 3XUSRVH <DUGV 1DPH +RVHD .QRZOWRQ 9DXJKQ (GZDUGV 7\UHH 'DYLV %UHQW *ULPHV 6KDZQ 0F*HKHH .HQWUHO 5RJHUV 3KLO &DOGZHOO (UURQ %RER +HQU\ +DZN 1DWKDQLHO 'DQLHO
<HDU
<DUGV
1DPH 6KDZQ 0F*HKHH +HQU\ +DZN %UHQW *ULPHV 9DXJKQ (GZDUGV %HUQDUG 6FRWW .HQWUHO 5RJHUV +RVHD .QRZOWRQ 1DNLWD 5REHUWVRQ 7\UHH 'DYLV 6KDZQ 0F*HKHH
<HDU
<DUGV
<($5 %< <($5 /($'(56 <HDU
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
5XVK
3DVV
7RWDO 2IIHQVH $OO 3XUSRVH *DPH 5HFRUGV
.HQ &ROOXPV
%ULDQ 6WDOOZRUWK
7RWDO 2IIHQVLYH 3OD\V $QG\ 5RJHUV YV 6RXWKZHVW %DSWLVW 7RWDO 2IIHQVLYH <GV 1DWKDQ %URZQ DW 3UHVE\WHULDQ 7RWDO 2IIHQVLYH <GV 3OD\ 1DWKDQ %URZQ YV 4XLQF\ $OO 3XUSRVH <GV 7\UHH 'DYLV YV $UN 0RQWLFHOOR $OO 3XUSRVH $WWHPSWV 9DXJKQ (GZDUGV YV 1RUWKZHVW 0R
&DUHHU 3RLQWV 6FRUHG 1DPH %UHQW *ULPHV .HQWUHO 5RJHUV 3KLO &DOGZHOO +RVHD .QRZOWRQ &XUWLV %XUURZ -XVWLQ 6PLWK 'DUUHOO +DPLOWRQ 6KDXQ 0LWFKHOO -DPHV 3DXO %REE\ 7LQHU 9DXJKQ (GZDUGV
<HDUV
6HDVRQ 3RLQWV 6FRUHG 3RLQWV
1DPH .HQWUHO 5RJHUV %UHQW *ULPHV %UHQW *ULPHV 1DWKDQLHO 'DQLHO 6FRWW :LOOLDPV +HQU\ +DZN +RVHD .QRZOWRQ (GGLH &DUPRQD 3KLO &DOGZHOO .HQWUHO 5RJHUV
<HDU
3RLQWV
6HDVRQ 7RXFKGRZQV 6FRUHG &DUHHU 7RXFKGRZQV 6FRUHG 1DPH %UHQW *ULPHV .HQWUHO 5RJHUV 3KLO &DOGZHOO +RVHD .QRZOWRQ 6KDXQ 0LWFKHOO 9DXJKQ (GZDUGV %REE\ 7LQHU 5RQ 0DOOHWW 1DWKDQLHO 'DQLHO $DURQ )DLURR]
<HDUV
7'V
&DUHHU ([WUD 3RLQWV 0DGH 1DPH -XVWLQ 6PLWK -DPHV 3DXO 'DUUHOO +DPLOWRQ *DUUHWW 0RUJDQ &XUWLV %XUURZ
<HDUV
3$7V
&DUHHU )LHOG *RDOV 0DGH 1DPH &XUWLV %XUURZ 'DUUHOO +DPLOWRQ -XVWLQ 6PLWK (GGLH &DUPRQD .HYLQ /HDFK -DPHV 3DXO 6WHYH 6WUDQJH *DUUHWW 0RUJDQ 0LFKDHO 0D\HX[ -LP :LOVRQ
<HDUV
1DPH .HQWUHO 5RJHUV %UHQW *ULPHV %UHQW *ULPHV 1DWKDQLHO 'DQLHO +HQU\ +DZN 6FRWW :LOOLDPV 3KLO &DOGZHOO .HQWUHO 5RJHUV 5RQ 0DOOHWW 3KLO &DOGZHOO %UHQW *ULPHV
<HDU
7'V
6HDVRQ ([WUD 3RLQWV 0DGH 1DPH -DPHV 3DXO (GGLH &DUPRQD -XVWLQ 6PLWK *DUUHWW 0RUJDQ -DPHV 3DXO
<HDU
3$7V
6HDVRQ )LHOG *RDOV 0DGH )*V
1DPH &XUWLV %XUURZ (GGLH &DUPRQD &XUWLV %XUURZ (GGLH &DUPRQD 6WHYH 6WUDQJH -XVWLQ 6PLWK 3HWH 3DUNV 'DUUHOO +DPLOWRQ .HYLQ /HDFK -DPHV 3DXO
<HDU
)*V
<($5 %< <($5 /($'(56 <HDU
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
6FRULQJ *DPH 5HFRUGV
.HQWUHO 5RJHUV
&XUWLV %XUURZ
3$7
)*
3WV
3RLQWV 5D\PRQG %XUQHWW YV $UNDQVDV 6WDWH 7RXFKGRZQV 5D\PRQG %XUQHWW YV $UNDQVD 6WDWH .HQWUHO 5RJHUV DW 2XDFKLWD %DSWLVW %UHQW *ULPHV DW 6WHSKHQ ) $XVWLQ 3$7V 0DGH +DUROG +HQGHUVRQ YV $UNDQVD 6WDWH *DUU\ 2GRP DW &HQWUDO 0HWKRGLVW )*V 0DGH (GGLH &DUPRQD DW 6RXWKHDVWHUQ /D /RQJHVW )* &XUWLV %XUURZ DW 6RXWKHUQ $UNDQVDV *DUUHWW 0RUJDQ YV 9DOGRVWD 6WDWH
&DUHHU 3XQW <DUGV 1DPH 5LFKLH :KLWH $OOHQ 3HUU\ 'UHZ 0D\ 6FRWW 6WHSKHQV -RKQ 1HZEHUU\ %X]] %ROGLQJ 'RXJ 6WUDQJH 5RQ 6PLWK 0DUN 2VEXUQ %LOO 6KLPHN
6HDVRQ 3XQWLQJ <DUGV
<HDUV
<DUGV
&DUHHU 3XQW $WWHPSWV 1DPH 5LFKLH :KLWH $OOHQ 3HUU\ 'UHZ 0D\ %X]] %ROGLQJ -RKQ 1HZEHUU\
<HDU
$WW
<HDUV
1DPH 5LFKLH :KLWH 5RQ 6PLWK 'RXJ 6WUDQJH 0DUN 2VEXUQ $OOHQ 3HUU\
<HDU
1DPH 6FRWW 6WHSKHQV -RKQ 1HZEHUU\ 5LFKLH :KLWH 6FRWW 6WHSKHQV 0DUN 2VEXUQ 0DUN 2VEXUQ -DPHV 3DXO -RQDWKDQ %HDUG -RKQ 1HZEHUU\ 6FRWW 6WHSKHQV -RKQ 1HZEHUU\
<HDU
6FRWW 6WHSKHQV
/21*(67 38176 <DUGV
$WW
6HDVRQ $YHUDJH <DUGV 3XQW $YJ
5D\ 'XQEDU
1DPH -DPHV 3DXO 0DUN 2VEXUQ 6FRWW 6WHSKHQV -DPHV 3DXO 0DUN 2VEXUQ 5LFKLH :KLWH -RQDWKDQ %HDUG 'UHZ 0D\ 6FRWW 6WHSKHQV
<DUGV
6HDVRQ 3XQW $WWHPSWV
<HDUV
&DUHHU $YHUDJH <DUGV 3XQW 1DPH 5D\ 'XQEDU 6FRWW 6WHSKHQV -RQDWKDQ %HDUG -DPHV 3DXO -RKQ 1HZEHUU\ 7KRPDV *DUODQG 0DUN 2VEXUQ 'UHZ 0D\ .HYLQ /HDFK 5LFKLH :KLWH
1DPH 5LFKLH :KLWH 5RQ 6PLWK 'RXJ 6WUDQJH 0DUN 2VEXUQ 'UHZ 0D\ $OOHQ 3HUU\ 5LFKLH :KLWH 'UHZ 0D\ 'RXJ 6WUDQJH $OOHQ 3HUU\
2SSRQHQW 6RXWK 'DNRWD 1RUWKZHVW 0LVVRXUL DW $UNDQVDV 6WDWH DW 6DP +RXVWRQ 6WDWH DW $UNDQVDV 0RQWLFHOOR DW +HQGHUVRQ 6WDWH DW 6RXWKHDVWHUQ /D DW &DPHURQ DW $UNDQVDV 0RQWLFHOOR
'DWH
$YJ
<($5 %< <($5 /($'(56 <HDU
1DPH :HQGHOO /DQJIRUG 'HQQLV )XOPHU %LOO +RVN\Q %RULV 0DOF]\FNL %RULV 0DOF]\FNL 'RQ 2ZHQ 'RQ 2ZHQ %LOO 6KLPHN %LOO 6KLPHN %X]] %ROGLQJ %X]] %ROGLQJ %X]] %ROGLQJ %X]] %ROGLQJ 'HZD\QH %UDJJ 5RQ 6PLWK 5RQ 6PLWK 5RQ 6PLWK 'DQQ\ /\RQV 'DQQ\ /\RQV $OOHQ 3HUU\ $OOHQ 3HUU\ 0DUN 2VEXUQ $OOHQ 3HUU\ $OOHQ 3HUU\ 0DUN 2VEXUQ 0DUN 2VEXUQ 7RPP\ %RJDUG 5LFKLH :KLWH 5LFKLH :KLWH 5LFKLH :KLWH 5LFKLH :KLWH 'UHZ 0D\ 'UHZ 0D\ 'UHZ 0D\ 'UHZ 0D\ 'RXJ 6WUDQJH 'RXJ 6WUDQJH 'RXJ 6WUDQJH .HLWK :LOH\ .HYLQ /HDFK .HLWK :LOH\ 6FRWW 6WHSKHQV 6FRWW 6WHSKHQV 6FRWW 6WHSKHQV 6FRWW 6WHSKHQV -RKQ 1HZEHUU\ -RKQ 1HZEHUU\ -RKQ 1HZEHUU\ -RKQ 1HZEHUU\ 7KRPDV *DUODQG 7KRPDV *DUODQG -DPHV 3DXO -DPHV 3DXO -RQDWKDQ %HDUG -RQDWKDQ %HDUG
$WW
<GV $YJ
3XQWLQJ *DPH 5HFRUGV
5LFKLH :KLWH
#
3XQWV -RKQ .RUQHJD\ DW $UNDQVDV 6WDWH <DUGV SXQWV 'UHZ 0D\ DW &DPHURQ $YHUDJH \GV -DPHV 3DXO DW 6RXWK 'DNRWD 6W 3XQWV ,QVLGH 7KRPDV *DUODQG YV 6RXWKHUQ $UN
&DUHHU 3XQW 5HWXUQ <DUGV 1DPH -RH &DUWHU 'DQQ\ -RKQVRQ 7\UHH 'DYLV &RU\ &DQJHORVL 7ULVWDQ -DFNVRQ +HQU\ +DZN *UHJ &XPPLQV 'UD\ORQ *DOORZD\ -RKQQ\ 6LPPRQV &KDG 0RUDQ
<HDUV
6HDVRQ 3XQW 5HWXUQ <DUGV <DUGV
&DUHHU 3XQW 5HWXUQV 1DPH -RH &DUWHU 'DQQ\ -RKQVRQ *UHJ &XPPLQV 7\UHH 'DYLV &RU\ &DQJHORVL
<HDUV
1DPH +HQU\ +DZN -RH &DUWHU 7\UHH 'DYLV -RH &DUWHU &RU\ &DQJHORVL *UHJ &XPPLQV 7ULVWDQ -DFNVRQ 7ULVWDQ -DFNVRQ 'DQQ\ -RKQVRQ 'DQQ\ -RKQVRQ
<HDU
<DUGV
6HDVRQ 3XQW 5HWXUQV 5HW
1DPH -RH &DUWHU 'UD\ORQ *DOORZD\ *UHJ &XPPLQV 7\UHH 'DYLV 'DQQ\ -RKQVRQ &RU\ &DQJHORVL
<HDU
5HW
&DUHHU 3XQW 5HWXUQ 7RXFKGRZQV 1DPH 7\UHH 'DYLV +HQU\ +DZN 5RQQLH 5RDFK %RE +DUWVÃ&#x20AC;HOG $DURQ )DLURR] 7ULVWDQ -DFNVRQ
<HDUV
7'V
6HDVRQ 3XQW 5HWXUQ 7RXFKGRZQV 1DPH 7\UHH 'DYLV +HQU\ +DZN 7ULVWDQ -DFNVRQ WLHG
<HDU
7'V
6HDVRQ <DUGV 5HWXUQ &DUHHU <DUGV 5HWXUQ 1DPH +HQU\ +DZN 7ULVWDQ -DFNVRQ ,VDLDK -DFNVRQ 5RQQLH 5RDFK 5RQQLH 6KDYHU -RKQQ\ 6LPPRQV 7LP :RRGV &RU\ &DQJHORVL -RH &DUWHU 7\UHH 'DYLV
<HDUV
$YJ
1DPH +HQU\ +DZN 7ULVWDQ -DFNVRQ ,VDLDK -DFNVRQ +HQU\ +DZN 7LP :RRGV 7\UHH 'DYLV -RKQQ\ 6LPPRQV -RH &DUWHU &RU\ &DQJHORVL 5RQQLH 6KDYHU
<HDU
$YJ
<($5 %< <($5 /($'(56 <HDU
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
<GV
$YJ
3XQW 5HWXUQ *DPH 5HFRUGV
+HQU\ +DZN 7\UHH 'DYLV
$
/RQJHVW 5HWXUQ -RKQQ\ 6LPPRQV DW 2]DUNV $UN 5HWXUQV 5D\PRQG %ULJKW DW $UNDQVDV 6WDWH -RH &DUWHU YV 1RUWKHDVWHUQ 6WDWH 3DXO 3DUNHU YV $UNDQVDV 0RQWLFHOOR <DUGV 7\UHH 'DYLV YV $UNDQVDV 0RQWLFHOOR $YHUDJH 7ULVWDQ -DFNVRQ YV 6 ) $XVWLQ
' ' &DUHHU .LFN 5HWXUQ <DUGV 1DPH $QWKRQ\ /DPSNLQ 5DSKDHO 0F&XLHQ 7\UHH 'DYLV 6KDZQ 0F*HKHH $OWULNLL %URZQ $ * 6LPV ,VDLDK -DFNVRQ 'DQQ\ /\RQV &DPHURQ .LQDUG (UURQ %RER
<HDUV
6HDVRQ .LFN 5HWXUQ <DUGV <DUGV
&DUHHU .LFN 5HWXUQV 1DPH 7\UHH 'DYLV $QWKRQ\ /DPSNLQ 6KDZQ 0F*HKHH $ * 6LPV 'DQQ\ /\RQV 'DYLG (YDQV
<HDUV
<HDUV
7'V
<HDUV
<DUGV
1DPH $QWKRQ\ /DPSNLQ -DFREH $XVWLQ 7RQ\ /RFNKDUW 0DOLN -RQHV $ * 6LPV $OWULNLL %URZQ &DPHURQ .LQDUG 7- $GDPV
<HDU
5HW
6HDVRQ .LFN 5HWXUQ 7RXFKGRZQV 1DPH WLHG
<HDU
7'V
6HDVRQ <DUGV 5HWXUQ
&DUHHU <DUGV 5HWXUQ 1DPH .HQWUHO 5RJHUV 5DSKDHO 0F&XLHQ 1DWKDQLHO 'DQLHO 7ULVWDQ -DFNVRQ -DFREH $XVWLQ 1DWH .ULJ %HUQDUG 6FRWW 7- $GDPV 3KLO &DOGZHOO ,VDLDK -DFNVRQ
<HDU
6HDVRQ .LFN 5HWXUQV 5HW
&DUHHU .LFN 5HWXUQ 7RXFKGRZQV 1DPH 5DSKDHO 0F&XLHQ $QWKRQ\ /DPSNLQ WLHG
1DPH $QWKRQ\ /DPSNLQ -DFREH $XVWLQ 7- $GDPV ,VDLDK -DFNVRQ 7RQ\ /RFNKDUW 5DSKDHO 0F&XLHQ $ * 6LPV $OWULNLL %URZQ 7\UHH 'DYLV (UURQ %RER
$YJ
1DPH -LP 7XUQHU 'DQLHO *UDKDP .HQWUHO 5RJHUV 1DWKDQLHO 'DQLHO 5DSKDHO 0F&XLHQ +HQU\ +DZN (UURQ %RER -LP )DXONQHU /HRQDUG &HDVHU 5DSKDHO 0F&XLHQ
<HDU
$YJ
<($5 %< <($5 /($'(56 <HDU
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
<GV
$YJ
.LFN 5HWXUQ *DPH 5HFRUGV
$QWKRQ\ /DPSNLQ
5DSKDHO 0F&XLHQ
/RQJHVW 5HWXUQ (ZHOO 7KRPSVRQ YV $UNDQVDV $ 0 &DPHURQ .LQDUG DW *HRUJLD 6RXWKHUQ 5HWXUQV 6KDGULFN 0F$IHH DW $UNDQVDV 6WDWH $OWULNLL %URZQ YV 9DOGRVWD 6WDWH &DPHURQ .LQDUG YV 'HOWD 6WDWH 7- $GDPV DW 7XOVD <DUGV +RZDUG 0RQWJRPHU\ YV )UHVQR 6WDWH $YHUDJH 3KLO &DOGZHOO DW $UN 0RQWLFHOOR
) ( &DUHHU ,QWHUFHSWLRQ 5HWXUQ <DUGV
6HDVRQ ,QWHUFHSWLRQ 5HWXUQ <DUGV
1DPH 0RQWH &ROHPDQ 5RGQH\ %URZQ %REE\ &KDWHQ 0HOYLQ %RKDQRQ 'HZD\QH (DO\
1DPH 0RQWH &ROHPDQ 5RGQH\ %URZQ -RKQQ\ 7\OHU %REE\ &KDWHQ -DUURG 'DOH
<HDUV
<DUGV
&DUHHU ,QWHUFHSWLRQV 1DPH 0DUN 7XUQHU 0RQWH &ROHPDQ &KULV 6PLWK 0HOYLQ %RKDQRQ -DPHV %HOO 'DYLG +HDOHD
<HDUV
<HDU
<DUGV
6HDVRQ ,QWHUFHSWLRQV ,QW
1DPH 0HOYLQ %RKDQRQ 0DUN 7XUQHU 0DUN 7XUQHU &KULV 6PLWK 'DQQ\ /\RQV
<HDU
,QW
6HDVRQ ,QWHUFHSWLRQ 5HW 7RXFKGRZQV &DUHHU ,QWHUFHSWLRQ 5HW 7RXFKGRZQV 1DPH 'DPLHQ /DQG %REE\ &KDWHQ
<HDUV
7'V
&DUHHU )XPEOH 5HWXUQ <DUGV 1DPH 'DQ 5HHG -DFRE )RUG *DU\ 'DYLV $OOHQ &UDZIRUG &KULV 3RSH
<HDUV
<GV
&DUHHU )XPEOH 5HWXUQV 1DPH -DFRE )RUG 'DQ 5HHG 5RGJHU 3DYDQ %ULDQ %DUQHWW &KULV 3RSH -LP 'DYLV *DU\ 'DYLV
<HDUV
5HW
&DUHHU )XPEOH 5HWXUQ 7RXFKGRZQV 1DPH 'DQ 5HHG 5RGJHU 3DYDQ
<HDUV
7'V
1DPH %RULV 0DO\F]\FNL 'DQQ\ /\RQV 5RGQH\ %URZQ 0HOYLQ %RKDQRQ $QWKRQ\ -HPHUVRQ 'DPLHQ /DQG 'DPLHQ /DQG 'DQQ\ -RKQVRQ %REE\ &KDWHQ
<HDU
7'V
6HDVRQ )XPEOH 5HWXUQ <DUGV 1DPH 'DQ 5HHG -DFRE )RUG *DU\ 'DYLV $OOHQ &UDZIRUG &KULV 3RSH
<HDU
<GV
6HDVRQ )XPEOH 5HWXUQV 1DPH 'DQ 5HHG %ULDQ %DUQHWW -DFRE )RUG
<HDU
5HW
6HDVRQ )XPEOH 5HWXUQ 7RXFKGRZQV 1DPH 'DQ 5HHG
<HDU
7'V
<($5 %< <($5 /($'(56 <HDU
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
<GV
$YJ
,QWHUFHSWLRQ )XPEOH 5HWXUQ *DPH 5HFRUGV
0DUN 7XUQHU
0HOYLQ %RKDQRQ
/RQJHVW ,QW 5HWXUQ &KDUOHV 6WURQJ DW 6RXWKHDVW 0R /RQJHVW )XPEOH 5HWXUQ 'DQQ\ 5HHG YV 7UR\ 6WDWH )XPEOH 5HWXUQV %ULDQ %DUQHWW DW 6RXWKHUQ $UN )XPEOH 5HWXUQ <DUGV 'DQQ\ 5HHG YV 7UR\ 6WDWH ,QWHUFHSWLRQV .HQ 6WHSKHQV DW 2]DUNV $UN 0DUN 7XUQHU YV $UNDQVDV 7HFK ,QWHUFHSWLRQ 5HWXUQ <DUGV -DUURG 'DOH YV 7HQQHVVHH 0DUWLQ $YJ ,QWHUFHSWLRQ -DUURG 'DOH YV 7HQQHVVHH 0DUWLQ
&DUHHU 7RWDO 7DFNOHV 1DPH <HDUV :LOOLDP )UDQNOLQ %REE\ -RH 0F'DQLHOV +DUROG /HZLV 5LFN 0DWKHQH\ -RH +RJDQ 'DYLG 5LOH\ &KULV 6PLWK 4XHQWLQ 0D[Ã&#x20AC;HOG &RU\ &DQJHORVL %ULDQ &DOODKDQ
6HDVRQ 7RWDO 7DFNOHV 77
&DUHHU 7DFNOHV )RU /RVV 1DPH &DUO +DUULV %DUW 5H\QROGV 0LNH &RIIPDQ 0LNH /RYHODG\ 'DYLG +HQVRQ
<HDUV
1DPH <HDU %REE\ -RH 0F'DQLHOV +DUROG /HZLV 0LFKDHO 3DLQWHU +DUROG /HZLV %REE\ -RH 0F'DQLHOV :LOOLDP )UDQNOLQ -RH +RJDQ -RG\ /HQVLQJ :LOOLDP )UDQNOLQ 7DYDUHV :\QQ
7DFNOHV
6HDVRQ 7DFNOHV )RU /RVV 7)/
1DPH &DUO +DUULV 'DYLG +HQVRQ 0LNH &RIIPDQ /DUU\ +DUW 0LNH &RIIPDQ
<HDU
7)/
&DUHHU <GV )URP 7DFNOH )RU /RVV
6HDVRQ <DUGV )URP 7DFNOH )RU /RVV
1DPH %DUW 5H\QROGV 0LNH /RYHODG\ &KULV 5LJJLQV 5LFN 6DZ\HU 'DYLG +HQVRQ
1DPH &UDLJ /LQFROQ -RQDWKDQ :RRGV 'DYLG +HQVRQ /DUU\ +DUW &KULV 3RSH
<HDUV
<DUGV
<HDUV
6DFNV
<HDUV
1DPH 0LNH &RIIPDQ /DUU\ +DUW 0LNH /RYHODG\ .HLWK +LOO .HLWK +LOO 'DYLG +HQVRQ
<HDU
6DFNV
6HDVRQ <DUGV )URP 6DFNV
&DUHHU <DUGV )URP 6DFNV 1DPH %DUW 5H\QROGV /DUU\ +DUW &KULV 3RSH -DFRE )RUG 6KDZQ +DPLOWRQ
<DUGV
6HDVRQ 6DFNV
&DUHHU 6DFNV 1DPH 0LNH &RIIPDQ 0LNH /RYHODG\ /DUU\ +DUW &DUO +DUULV .HLWK +LOO %DUW 5H\QROGV
<HDU
<DUGV
1DPH %DUW 5H\QROGV &KULV 3RSH &UDLJ /LQFROQ /DUU\ +DUW -DFRE )RUG
<HDU
<DUGV
<($5 %< <($5 /($'(56
<HDU <HDU
1DPH 7FNOV 6ROR +DUROG /HZLV +DUROG /HZLV 'H[WHU &ROHPDQ :LOOLDP )UDQNOLQ :LOOLDP )UDQNOLQ -RH +RJDQ 'DYLG 5LOH\ 'DYLG 5LOH\ %REE\ -RH 0F'DQLHOV %REE\ -RH 0F'DQLHOV %ULDQ &DOODKDQ %ULDQ &DOODKDQ 6KDZQ +DPLOWRQ -RG\ /HQVLQJ 6SHQFHU 2ZHQV %ULDQ %DUQHWW %ULDQ %DUQHWW %ULDQ %DUQHWW =HGULFN 0DUWLQ $UGHPLV :HVOH\ 'DUUHOO %U\DQW 7DYDUHV :\QQ 7RP )LVFR )DÒ&#x2039;4XDQ +DUULV 5DQQH\ 'DYLV &RU\ &DQJHORVL 4XHQWLQ 0D[Ã&#x20AC;HOG 4XHQWLQ 0D[Ã&#x20AC;HOG -DVSHU -RKQVRQ -DPHV /DQFDVWHU &RUH\ 0F0XUULDQ 3LHUL )HD]HOO -DFRE %DQH 6$&.6 /($'(56 1DPH 6DFNV 2WLV &KDQGOHU 2WLV &KDQGOHU 0LNH &RIIPDQ 0LNH &RIIPDQ &DUO +DUULV .HLWK +LOO .HLWK +LOO .H\WK +RZDUG 'DYLG +HQVRQ 0LNH /RYHODG\ &UDLJ /LQFROQ 0LNH /RYHODG\ &KULV 5LJJLQV &KULV 5LJJLQV %DUW 5H\QROGV -RQDWKDQ :RRGV &KULV 3RSH 'DPLHQ +LOO 7KRPSVRQ &KULV 3RSH 7DYDUHV :\QQ +DUU\ .RROHQ $OEHUW &ROHPDQ 6WDFH\ +LOO $QWKRQ\ 0RRUH 7DYDUHV :\QQ 6WDFH\ +LOO &KULV %HOO )DÒ&#x2039;4XDQ +DUULV 5DQQH\ 'DYLV &KDG 7D\ORU *DU\ 'DYLV &KDG 7D\ORU -DFRE )RUG -DFRE )RUG 7D\ORU 6FRWW /DUU\ +DUW /DUU\ +DUW
$VVW
'HIHQVLYH *DPH 5HFRUGV
&KULV 3RSH %DUW 5H\QROGV
%REE\ -RH 0F'DQLHOV
7DFNOHV 4XHQWLQ 0D[Ã&#x20AC;HOG YV 9DOGRVWD 6WDWH 6DFNV WLPHV 7DFNOHV IRU /RVV ,FVRP -RQHV DW 2XDFKLWD %DSWLVW )XPEOHV )RUFHG WLPHV )XPEOHV 5HFRYHUHG WLPHV
*( * 2))(16,9( 67$7,67,&6 <HDU
)LUVW 'RZQV 7RWDO 5XVK 3DVV 3HQ
0RVW 3RLQWV 6FRUHG 'DWH
2SSRQHQW 6FRUH $UNDQVDV 6WDWH $UNDQVDV 7HFK $UNDQVDV 6WDWH DW &HQWUDO 0HWKRGLVW $UNDQVDV &ROOHJH 2]DUNV $UN DW 6RXWKHDVWHUQ 2NOD DW +HQGHUVRQ 6WDWH 6RXWKHUQ 6WDWH $ELOHQH &KULVWLDQ
3KLO &DOGZHOO
5XVKLQJ $WW <DUGV $YJ 7'V
3DVVLQJ $WW &RP ,QW <DUGV $YJ 7'V
0RVW 3RLQWV $OORZHG 'DWH
2SSRQHQW DW $UNDQVDV 6WDWH +HQGUL[ +HQGUL[ $UNDQVDV 7HFK DW $UNDQVDV 7HFK DW 1HYDGD DW 9DOGRVWD 6WDWH DW 7XOVD DW $UNDQVDV DW 2XDFKLWD %DSWLVW
6FRUH
7RWDO 2IIHQVH <DUGV $YJ
3HQDOWLHV 1R <DUGV
0LOHVWRQH *DPHV 1R 'DWH
%REE\ 7LQHU
2SSRQHQW /LWWOH 5RFN +6 2XDFKLWD %DSWLVW DW 0LVVRXUL 5ROOD 6RXWKHUQ 6WDWH +HQGHUVRQ 6WDWH 2XDFKLWD %DSWLVW DW +DUGLQJ +DUGLQJ $UN 0RQWLFHOOR 1RUWKZHVWHUQ 6W
0LFKDHO 1RUYHOO
)XPEOHV 1R /RVW
6FRULQJ 7'V 3QWV $YJ
0LOHVWRQH :LQV 6FRUH
1R 'DWH
2SSRQHQW 6FRUH $UNDQVDV 0HGLFV DW $UNDQVDV &RO +HQGHUVRQ 6WDWH DW $UNDQVDV 7HFK DW $UN 0RQWLFHOOR DW +DUGLQJ +DUGLQJ $UN 3LQH %OXII 6RXWKHUQ $UN 4XLQF\
6KDXQ 0LWFKHOO
*( * '()(16,9( 67$7,67,&6 <HDU
)LUVW 'RZQV 7RWDO 5XVK 3DVV 3HQ
5XVKLQJ $WW <DUGV $YJ 7'V
3DVVLQJ $WW &RP ,QW <DUGV $YJ 7'V
7RWDO 2IIHQVH <DUGV $YJ
3HQDOWLHV 1R <DUGV
)XPEOHV 1R /RVW
6FRULQJ 7'V 3QWV $YJ
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
*( * <HDU
:
/
7
3FW
&RDFK 2 ' /RQJVWUHWK : 2 :LOVRQ : 2 :LOVRQ 5 / 1L[RQ 5 / 1L[RQ : 2 6WHSKHQVRQ - & &RRN 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV
&RDFK (VWHV ZDV LQ PLOLWDU\ GXW\ DQG WHDP ZDV FRDFKHG E\ .HLWK +ROORZD\ D SURIHVVRU DQG 6DP 'RQQHOO D SOD\HU
1R WHDP Ã&#x20AC;HOGHG 1R WHDP Ã&#x20AC;HOGHG 1R WHDP Ã&#x20AC;HOGHG 1R WHDP Ã&#x20AC;HOGHG
'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV 'DQ (VWHV -HUU\ 'DOU\PSOH -HUU\ 'DOU\PSOH :DUUHQ :RRGVRQ :DUUHQ :RRGVRQ :DUUHQ :RRGVRQ :DUUHQ :RRGVRQ :DUUHQ :RRGVRQ :DUUHQ :RRGVRQ /OR\G 5REHUWV
&KDUOHV 0F*LEERQ\ &KDUOHV 0F*LEERQ\ +RZDUG 0RQWJRPHU\ +RZDUG 0RQWJRPHU\ +RZDUG 0RQWJRPHU\ +RZDUG 0RQWJRPHU\ +RZDUG 0RQWJRPHU\ -DPHV &UDIWRQ -DPHV &UDIWRQ -DPHV &UDIWRQ )UDQN .RRQ )UDQN .RRQ )UDQN .RRQ )UDQN .RRQ )UDQN .RRQ )UDQN .RRQ )UDQN .RRQ )UDQN .RRQ )UDQN .RRQ )UDQN .RRQ 5D\PRQG %ULJKW 5D\PRQG %ULJKW 5D\PRQG %ULJKW 5D\PRQG %ULJKW 5D\PRQG %ULJKW 5D\PRQG %ULJKW 5D\PRQG %ULJKW .HQ 6WHSKHQV
.HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV .HQ 6WHSKHQV +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ +DUROG +RUWRQ 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP 0LNH ,VRP &OLQW &RQTXH &OLQW &RQTXH &OLQW &RQTXH &OLQW &RQTXH &OLQW &RQTXH &OLQW &RQTXH &OLQW &RQTXH &OLQW &RQTXH &OLQW &RQTXH &OLQW &RQTXH
:,11,1*(67 7($06 ,1 $5.$16$6 6,1&( 7+( 6($621 &HQWUDO $UNDQVDV $UNDQVDV 7HFK $UNDQVDV +DUGLQJ 6RXWKHUQ $UNDQVDV 8$ 3LQH %OXII 2XDFKLWD %DSWLVW $UNDQVDV 6WDWH +HQGHUVRQ 6WDWH 8$ 0RQWLFHOOR
'DQ (VWHV
+DUROG +RUWRQ
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
2YHUDOO
+RPH
5RDG
1HXWUDO
5(&25' 96 ,1$&7,9( 121 <($5 6&+22/6 'UDXJKRQ $UNDQVDV % 0HPSKLV 1DY\ +HQGUL[ $UNDQVDV /LWWOH 5RFN 1RUWKHDVWHUQ 2NOD $ 0 +RW 6SULQJV +6 $UNDQVDV 0HGLFV 1RUWKZRRG 7H[DV /LWWOH 5RFN &ROOHJH $UNDQVDV 6WDWH %HHEH 2NODKRPD %DSWLVW /LWWOH 5RFN +6 $WNLQV +6 2NODKRPD &LW\ /RQRNH +6 &DPHURQ 2]DUNV $UN /RXLVLDQD %DSWLVW &DPS 3LNH 5XVVHOOYLOOH +6 /\RQ &RQZD\ +6 7HQQHVVHH 0HGLFV
)LUVW *DPH
/DVW *DPH
&KULV 6PLWK
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
* &RDFK 2 ' /RQJVWUHWK 'DWH 2FW 2FW 2FW 1RY 1RY 1RY
: / / : / : : /
2SSRQHQW /LWWOH 5RFN +6 $UNDQVDV 0HGLFV DW 2]DUNV $UN /LWWOH 5RFN &ROOHJH $WNLQV +6 +HQGUL[
6FRUH
&RDFK : 2 :LOVRQ 'DWH 2FW 2FW 1RY 1RY 1RY
: / 7 : / / /
2SSRQHQW $UNDQVDV 0HGLFV DW 2]DUNV $UN 2XDFKLWD %DSWLVW /LWWOH 5RFN &ROOHJH +HQGUL[
6FRUH
&RDFK : 2 :LOVRQ 'DWH 2FW 2FW 1RY 1RY
: / : / / /
2SSRQHQW 2]DUNV $UN DW /LWWOH 5RFN +6 DW 2XDFKLWD %DSWLVW +HQGUL[
6FRUH
&RDFK 5 / 1L[RQ 'DWH 2FW 2FW 1RY 1RY 1RY
: / / : / : /
2SSRQHQW DW 5XVVHOOYLOOH $JJLHV &RQZD\ +6 DW 2]DUNV $UN 2]DUNV $UN +HQGUL[
6FRUH
: / : : : :
2SSRQHQW $UNDQVDV 0HGLFV 'UDXJKRQ &RQZD\ +6 DW 'UDXJKRQ
6FRUH
&RDFK : 2 6WHSKHQVRQ 'DWH 2FW 2FW 1RY 1RY 1RY
: / : : / / /
2SSRQHQW /LWWOH 5RFN &ROOHJH DW 'UDXJKRQ 5XVVHOOYLOOH $JJLHV +HQGUL[ DW 5XVVHOOYLOOH $JJLHV
6FRUH
&RDFK - & &RRN 'DWH : / 2SSRQHQW 2FW / &RQZD\ +6 2FW / &RQZD\ +6 2FW : DW /RQRNH +6 2FW / DW +RW 6SULQJV +6 1RY / 5XVVHOOYLOOH $JJLHV
6FRUH
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 2FW 1RY 1RY 1RY 1RY 1RY
: / : : : : : : / :
2SSRQHQW /LWWOH 5RFN &ROOHJH 2]DUNV $UN DW $UNDQVDV &ROOHJH $UNDQVDV &ROOHJH 5XVVHOOYLOOH $JJLHV DW 2]DUNV $UN +HQGUL[ DW $UNDQVDV 0HGLFV
6FRUH
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 1RY 1RY
: / / : : /
2SSRQHQW DW 2XDFKLWD %DSWLVW -RQHVERUR $JJLHV DW 2]DUNV $UN DW $UNDQVDV &ROOHJH
6FRUH
&RDFK 'DQ (VWHV 'DWH 2FW 1RY 1RY 1RY
: / : / / /
2SSRQHQW 5XVVHOOYLOOH $JJLHV DW -RQHVERUR $JJLHV DW 5XVVHOOYLOOH +6 DW /LWWOH 5RFN +6
6FRUH
1R 7HDP )LHOGHG &RDFK 'DQ (VWHV 'DWH : / 2SSRQHQW 2FW : 5XVVHOOYLOOH $JJLHV 2FW / DW &DPS 3LNH
: : : / /
DW +HQGHUVRQ %URZQ $UNDQVDV 6WDWH DW /LWWOH 5RFN &ROOHJH DW 2XDFKLWD %DSWLVW +HQGUL[
&RDFK 'DQ (VWHV 'DWH : / 2SSRQHQW 6FRUH 2FW / DW 5XVVHOOYLOOH $JJLHV 2FW : +HQGHUVRQ %URZQ 1RY : :HVW 7HQQHVVHH 6WDWH
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 2FW 1RY 1RY 1RY 1RY
: / : / / / / : /
2SSRQHQW 0DJQROLD $JJLHV DW 2XDFKLWD %DSWLVW 5XVVHOOYLOOH $JJLHV 2]DUNV $UN DW 7HQQHVVHH 0HGLFV DW -RQHVERUR $JJLHV /LWWOH 5RFN &ROOHJH
6FRUH
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 2FW 1RY 1RY 1RY 1RY
: / : : : 7 / / :
2SSRQHQW 6FRUH DW 2]DUNV $UN -RQHVERUR $JJLHV DW 0DJQROLD $JJLHV :HVW 7HQQHVVHH 6WDWH DW 5XVVHOOYLOOH $JJLHV $UNDQVDV &ROOHJH /LWWOH 5RFN &ROOHJH
&RDFK 'DQ (VWHV
&RDFK 5 / 1L[RQ 'DWH 2FW 1RY 1RY 1RY
2FW 2FW 2FW 1RY 1RY
6FRUH
'DWH : / 6HSW / 2FW : 2FW : 2FW : 2FW / 1RY / 1RY : 1RY : 1RY /
2SSRQHQW DW $UNDQVDV 0DJQROLD $JJLHV 2]DUNV $UN DW -RQHVERUR $JJLHV 5XVVHOOYLOOH $JJLHV DW $UNDQVDV &ROOHJH DW /LWWOH 5RFN &ROOHJH DW 0RQWLFHOOR $JJLHV :HVW 7HQQHVVHH 6WDWH
6FRUH
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 2FW 1RY 1RY 1RY 1RY
: / : 7 / : / : :
2SSRQHQW 6FRUH -RQHVERUR $JJLHV DW 2]DUNV $UN 2XDFKLWD %DSWLVW $UNDQVDV &ROOHJH DW +HQGHUVRQ %URZQ DW /LWWOH 5RFN &ROOHJH 0RQWLFHOOR $JJLHV
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 2FW 2FW 2FW 1RY 1RY 1RY
: / / / : / / / 7 /
2SSRQHQW DW 2XDFKLWD %DSWLVW 2]DUNV $UN +HQGHUVRQ %URZQ DW $UNDQVDV 7HFK /LWWOH 5RFN &ROOHJH DW -RQHVERUR $JJLHV DW $UNDQVDV &ROOHJH +HQGUL[
6FRUH
&RDFK 'DQ (VWHV 'DWH : / 6HSW / 2FW / 2FW : 2FW / 2FW / 1RY / 1RY 7 1RY / 1RY /
2SSRQHQW DW $UNDQVDV 2XDFKLWD %DSWLVW /LWWOH 5RFN &ROOHJH DW 2]DUNV $UN DW 0DJQROLD $JJLHV $UNDQVDV 7HFK -RQHVERUR $JJLHV DW +HQGHUVRQ %URZQ +HQGUL[
6FRUH
&RDFK 'DQ (VWHV 'DWH : / 6HSW : 2FW 7 2FW 7 2FW / 2FW / 1RY 7 1RY / 1RY /
2SSRQHQW 6FRUH DW +DUGLQJ 0DJQROLD $JJLHV DW $UNDQVDV $ 0 $UNDQVDV &ROOHJH +HQGUL[ DW /LWWOH 5RFN &ROOHJH DW $UNDQVDV 7HFK +HQGHUVRQ %URZQ
#
1RY :
2]DUNV $UN
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 2FW 2FW 1RY 1RY 1RY 1RY 1RY
: / 7 / : : / : : : /
2SSRQHQW 6FRUH +DUGLQJ DW +HQGHUVRQ %URZQ DW $UNDQVDV &ROOHJH $UNDQVDV $ 0 $UNDQVDV 7HFK DW /LWWOH 5RFN &ROOHJH DW 0DJQROLD $JJLHV +HQGUL[ DW 2]DUNV $UN
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 2FW 1RY 1RY 1RY 1RY
: / / / : / : / :
2SSRQHQW DW $UNDQVDV &ROOHJH DW 2XDFKLWD %DSWLVW DW $UNDQVDV 7HFK 2]DUNV $UN /LWWOH 5RFN &ROOHJH 0DJQROLD $JJLHV +HQGUL[
: / / / : / 7 / /
2SSRQHQW 1RUWKHDVWHUQ 6WDWH 2XDFKLWD %DSWLVW DW -RQHVERUR $JJLHV DW 2]DUNV $UN $UNDQVDV &ROOHJH DW $UNDQVDV $ 0 +HQGUL[
6FRUH
&RDFK 'DQ (VWHV 'DWH : / 2SSRQHQW 6FRUH 2FW / DW 1RUWKHDVWHUQ 6WDWH 2FW / DW $UNDQVDV &ROOHJH 2FW : -RQHVERUR $JJLHV 2FW / $UNDQVDV 7HFK 2FW / YV 2]DUNV $UN 1RY / +HQGHUVRQ 6WDWH 1RY / DW 0DJQROLD $JJLHV 1RY / $UNDQVDV $ 0 1RY / +HQGUL[ )RUW 6PLWK $UN
&RDFK 'DQ (VWHV 'DWH : / 6HSW / 2FW / 2FW 7 2FW / 2FW 7 1RY / 1RY : 1RY /
2SSRQHQW /LWWOH 5RFN &ROOHJH DW -RQHVERUR $JJLHV %HHEH $JJLHV DW +HQGHUVRQ 6WDWH $UNDQVDV $ 0 DW $UNDQVDV 7HF 0DJQROLD $JJLHV +HQGUL[
6FRUH
&RDFK -HUU\ 'DOU\PSOH 'DWH : / 6HSW : 2FW / 2FW / 2FW / 2FW / 1RY : 1RY / 1RY :
2SSRQHQW DW /LWWOH 5RFN -& $UNDQVDV 6WDWH DW 2XDFKLWD %DSWLVW +HQGHUVRQ 6WDWH DW $UNDQVDV $ 0 DW $UNDQVDV &ROOHJH DW 0DJQROLD $JJLHV +HQGUL[
$UNDQVDV 6WDWH +HQGUL[
&RDFK :DUUHQ :RRGVRQ 'DWH 2FW 2FW 2FW 2FW 1RY 1RY 1RY 1RY
: / : : : : : : : :
2SSRQHQW 6FRUH $UNDQVDV $ 0 1RUWKHDVW /RXLVLDQD 6W DW 0DJQROLD $JJLHV $UNDQVDV 7HFK +HQGHUVRQ 6WDWH :HVW 7HQQHVVHH 6WDWH DW $UNDQVDV 6WDWH +HQGUL[
&RDFK :DUUHQ :RRGVRQ 6FRUH
&RDFK 'DQ (VWHV 'DWH 2FW 2FW 2FW 2FW 1RY 1RY 1RY
1RY : 1RY /
6FRUH
'DWH : / 2SSRQHQW 6HSW : DW 6RXWKZHVW 0R 6W 6HSW : DW /RXLVLDQD &ROOHJH 2FW : $UNDQVDV $ 0 2FW : &XPEHUODQG 2FW : DW $UNDQVDV 7HFK 1RY : YV +RZDUG 3D\QH 1RY : $UNDQVDV 6WDWH 1RY : DW +HQGHUVRQ 6WDWH 'HF / YV )UHVQR 6WDWH 1RUWK /LWWOH 5RFN $UN &KDULW\ %RZO /RV $QJHOHV &DOLI
6FRUH
&RDFK :DUUHQ :RRGVRQ 'DWH : / 2SSRQHQW 6FRUH 6HSW : &XPEHUODQG 6HSW : DW 1HZ 0H[LFR $ 0 2FW / DW )UHVQR 6WDWH 2FW : DW 0R 6FKRRO RI 0LQHV 2FW : YV +HQGHUVRQ 6WDWH 1RY : YV +RZDUG 3D\QH 1RY : 2XDFKLWD %DSWLVW 1RY : $UNDQVDV 7HFK /LWWOH 5RFN $UN
&RDFK :DUUHQ :RRGVRQ 'DWH : / 2SSRQHQW 6FRUH 6HSW : 1RUWKHDVWHUQ 2NOD $ 0 6HSW / YV 1HZ 0H[LFR $ 0 2FW 7 $ELOHQH &KULVWLDQ 2FW : 0XUUD\ 6WDWH 2FW : 7ULQLW\ 7H[DV 2FW / DW +HQGHUVRQ 6WDWH 1RY : DW 2XDFKLWD %DSWLVW 1RY : 'HOWD 6WDWH 1RY 7 DW $UNDQVDV 7HFK /LWWOH 5RFN $UN
&RDFK :DUUHQ :RRGVRQ 'DWH : / 2SSRQHQW 6FRUH 6HSW / 2NODKRPD %DSWLVW 6HSW : DW 7ULQLW\ 7H[DV 2FW : YV $ELOHQH &KULVWLDQ 2FW 7 DW 0XUUD\ 6WDWH 2FW : +HQGHUVRQ 6WDWH 1RY : 2NODKRPD &LW\ 1RY : 2XDFKLWD %DSWLVW 1RY : DW 'HOWD 6WDWH 1RY : $UNDQVDV 7HFK 'HF : YV )UHVQR 6WDWH 1RUWK /LWWOH 5RFN $UN /LWWOH 5RFN $UN
&RDFK /OR\G 5REHUWV &RDFK -HUU\ 'DOU\PSOH 'DWH : / 6HSW 7 2FW / 2FW / 2FW / 2FW : 1RY / 1RY : 1RY /
2SSRQHQW /LWWOH 5RFN -& DW $UNDQVDV &ROOHJH 2XDFKLWD %DSWLVW DW +HQGHUVRQ 6WDWH DW $UNDQVDV 6WDWH $UNDQVDV 7HFK 0DJQROLD $JJLHV +HQGUL[
6FRUH
&RDFK :DUUHQ :RRGVRQ 'DWH 2FW 2FW 2FW 2FW 1RY
: / : : / : /
2SSRQHQW 6FRUH $UNDQVDV &ROOHJH DW :HVW 7HQQHVVHH 6WDWH DW 1RUWKHDVW /D 6W 0DJQROLD $JJLHV DW $UNDQVDV 7HFK
'DWH 2FW 2FW 2FW 2FW 2FW 1RY 1RY 1RY 1RY
: / : / / / / / : / :
2SSRQHQW 6FRUH 1RUWKHDVW 0LVVRXUL 6W 2XDFKLWD %DSWLVW $UNDQVDV 7HFK DW +HQGHUVRQ 6WDWH DW 2NODKRPD &LW\ DW 2XDFKLWD %DSWLVW +HQGHUVRQ 6WDWH DW +RZDUG 3D\QH DW $UNDQVDV 7HFK
1R 7HDP )LHOGHG &RDFK &KDUOHV 0F*LEERQ\ 'DWH : / 2SSRQHQW 2FW / $UNDQVDV 6WDWH 2FW : DW 2XDFKLWD %DSWLVW 1RY / DW $UNDQVDV 7HFK
6FRUH
* 1RY 1RY 1RY 1RY
/ / / /
2XDFKLWD %DSWLVW DW $UNDQVDV 6WDWH +HQGHUVRQ 6WDWH $UNDQVDV 7HFK
1RY 1RY 1RY 1RY
/ / / :
)ORUHQFH 6WDWH 2]DUNV $UN DW 0HPSKLV 1DY\ DW +HQGHUVRQ 6WDWH
&RDFK &KDUOHV 0F*LEERQ\
&RDFK -DPHV &UDIWRQ
'DWH : / 2SSRQHQW 6FRUH 6HSW / YV $UNDQVDV % 2FW / 2XDFKLWD %DSWLVW 2FW / DW /RXLVLDQD 7HFK 2FW / DW +HQGHUVRQ 6WDWH 1RY : $UNDQVDV $ 0 1RY / DW 2]DUNV $UN 1RY : DW 1RUWKHDVWHUQ 6WDWH 1RY / $UNDQVDV 6WDWH /LWWOH 5RFN $UN
'DWH : / 6HSW / 6HSW / 2FW : 2FW / 2FW / 2FW : 1RY : 1RY / 1RY : 1RY /
&RDFK +RZDUG 0RQWJRPHU\ 'DWH : / 2SSRQHQW 6FRUH 6HSW : /LWWOH 5RFN -& 2FW : DW 2XDFKLWD %DSWLVW 2FW : $UNDQVDV &ROOHJH 2FW : +HQGHUVRQ 6WDWH 2FW 7 DW $UNDQVDV 6WDWH 2FW : DW $UNDQVDV $ 0 1RY : .DQVDV 6WDWH 3LWWVEXUJ 1RY : 1RUWKHDVWHUQ 6WDWH 1RY : DW 2]DUNV $UN 'HF / DW +DUGLQ .LFNDSRR %RZO :LFKLWD )DOOV 7H[DV
2SSRQHQW 6FRUH DW 6RXWKHDVW 0LVVRXUL /RXLVLDQD &ROOHJH DW $UNDQVDV $ 0 DW &HQWUDO 6WDWH 2NOD $UNDQVDV 7HFK DW 6RXWKHUQ 6WDWH DW 0HPSKLV 1DY\ DW 2]DUNV $UN /LWWOH 5RFN -& DW +HQGHUVRQ 6WDWH
&RDFK )UDQN .RRQ
'DWH : / 6HSW : 2FW : 2FW : 2FW / 2FW / 2FW 7 1RY / 1RY : 1RY :
'DWH : / 6HSW / 2FW / 2FW / 2FW / 2FW / 2FW 7 1RY : 1RY / 1RY /
2SSRQHQW 6FRUH DW /LWWOH 5RFN -& 2XDFKLWD %DSWLVW DW $UNDQVDV &ROOHJH DW +HQGHUVRQ 6WDWH DW $UNDQVDV 7HFK $UNDQVDV $ 0 0DJQROLD $JJLHV DW .DQVDV 6W 3LWWVEXUJ 2]DUNV $UN
&RDFK )UDQN .RRQ
'DWH : / 6HSW / 6HSW / 2FW / 2FW 7 2FW / 2FW / 2FW 7 1RY : 1RY : 1RY :
'DWH : / 6HSW / 6HSW / 2FW / 2FW / 2FW / 2FW / 1RY / 1RY / 1RY / 1RY /
2SSRQHQW DW 6RXWKZHVW 0R 6W DW /LWWOH 5RFN -& DW 2XDFKLWD %DSWLVW $UNDQVDV &ROOHJH +HQGHUVRQ 6WDWH $UNDQVDV 7HFK DW $UNDQVDV $ 0 DW 0DJQROLD $JJLHV 1RUWKHDVWHUQ 6WDWH DW 2]DUNV $UN
6FRUH
2SSRQHQW 6RXWKHDVW 0LVVRXUL DW $UNDQVDV $ 0 2XDFKLWD %DSWLVW DW 2]DUNV $UN DW 0LVVRXUL 9DOOH\ +HQGHUVRQ 6WDWH $UNDQVDV $ 0 DW 2XDFKLWD %DSWLVW 2]DUNV $UN DW +HQGHUVRQ 6WDWH
&RDFK +RZDUG 0RQWJRPHU\
&RDFK )UDQN .RRQ
'DWH : / 6HSW : 6HSW 7 6HSW : 2FW : 2FW / 2FW : 2FW : 1RY / 1RY : 1RY :
'DWH : / 6HSW / 2FW : 2FW / 2FW / 2FW / 1RY / 1RY : 1RY / 1RY :
2SSRQHQW 6FRUH 6RXWKZHVW 0LVVRXUL 6W DW /LWWOH 5RFN -& 2XDFKLWD %DSWLVW DW $UNDQVDV &ROOHJH DW +HQGHUVRQ 6WDWH DW $UNDQVDV 7HFK $UNDQVDV $ 0 DW 0DJQROLD $JJLHV DW 1RUWKHDVWHUQ 6WDWH 2]DUNV $UN
&RDFK +RZDUG 0RQWJRPHU\ 'DWH : / 6HSW / 6HSW : 6HSW : 2FW / 2FW / 2FW / 1RY / 1RY / 1RY :
2SSRQHQW DW 6RXWKZHVW 0R 6W /LWWOH 5RFN -& DW 2XDFKLWD %DSWLVW +HQGHUVRQ 6WDWH $UNDQVDV 7HFK DW $UNDQVDV $ 0 6RXWKHUQ 6WDWH DW )ORUHQFH 6WDWH DW 2]DUNV $UN
6FRUH
&RDFK -DPHV &UDIWRQ 'DWH : / 6HSW / 2FW / 2FW / 2FW / 1RY /
2SSRQHQW DW /RXLVLDQD &ROOHJH $UNDQVDV $ 0 DW $UNDQVDV 7HFK 6RXWKHUQ 6WDWH DW /LWWOH 5RFN -&
6FRUH
2SSRQHQW $UNDQVDV $ 0 DW 2XDFKLWD %DSWLVW 2]DUNV $UN 0LVVRXUL 9DOOH\ DW +HQGHUVRQ 6WDWH DW $UNDQVDV $ 0 2XDFKLWD %DSWLVW DW 2]DUNV $UN +HQGHUVRQ 6WDWH
2SSRQHQW 7HQQHVVHH 0DUWLQ 2XDFKLWD %DSWLVW DW 2]DUNV $UN DW +HQGHUVRQ 6WDWH $UNDQVDV 7HFK DW 'HOWD 6WDWH DW $UNDQVDV $ 0 0LOOVDSV +HQGHUVRQ 6WDWH
6FRUH
2SSRQHQW DW 7HQQHVVHH 0DUWLQ DW 2XDFKLWD %DSWLVW 2]DUNV $UN 'HOWD 6WDWH DW $UNDQVDV 7HFK 6RXWKHUQ 6WDWH
2SSRQHQW (DVW &HQWUDO 6WDWH DW 7HQQHVVHH 0DUWLQ DW 2XDFKLWD %DSWLVW 2]DUNV $UN +DUGLQJ DW $UNDQVDV 7HFK 6RXWKHUQ 6WDWH $UNDQVDV $ 0 DW $XVWLQ &ROOHJH DW +HQGHUVRQ 6WDWH
'DWH : / 6HSW / 6HSW / 6HSW : 2FW : 2FW : 2FW : 2FW : 1RY : 1RY : 1RY :
2SSRQHQW DW (DVW &HQWUDO 6WDWH 7HQQHVVHH 0DUWLQ 2XDFKLWD %DSWLVW DW 2]DUNV $UN DW +DUGLQJ $UNDQVDV 7HFK DW 6RXWKHUQ 6WDWH DW $UNDQVDV $ 0 *UDFHODQG +HQGHUVRQ 6WDWH
'DWH : / 6HSW / 6HSW : 6HSW : 2FW : 2FW : 2FW 7 2FW : 1RY : 1RY /
2SSRQHQW 'HOWD 6WDWH DW 7HQQHVVHH 0DUWLQ DW 2XDFKLWD %DSWLVW 2]DUNV $UN +DUGLQJ DW $UNDQVDV 7HFK 6RXWKHUQ 6WDWH $UNDQVDV $ 0 DW +HQGHUVRQ 6WDWH
6FRUH
6FRUH
'DWH : / 6HSW / 6HSW : 6HSW : 2FW : 2FW : 2FW / 2FW / 2FW / 1RY :
2SSRQHQW DW 'HOWD 6WDWH 7HQQHVVHH 0DUWLQ 2XDFKLWD %DSWLVW DW 2]DUNV $UN DW +DUGLQJ $UNDQVDV 7HFK DW 6RXWKHUQ 6WDWH DW $UNDQVDV $ 0 +HQGHUVRQ 6WDWH
6FRUH
6FRUH
6FRUH
$
'DWH : / 6HSW : 6HSW : 2FW : 2FW : 2FW 7 2FW / 1RY : 1RY / 1RY /
2SSRQHQW DW 2XDFKLWD %DSWLVW 7UR\ 6WDWH +DUGLQJ DW $UNDQVDV 7HFK 6RXWKHUQ 6WDWH $UNDQVDV $ 0 DW /RXLVLDQD &ROOHJH DW +HQGHUVRQ 6WDWH DW 7HQQHVVHH 0DUWLQ
6FRUH
'DWH : / 6HSW : 6HSW : 2FW : 2FW : 2FW / 2FW : 1RY : 1RY / 1RY :
2SSRQHQW DW )ORUHQFH 6WDWH 2XDFKLWD %DSWLVW DW 0LVVRXUL 6RXWKHUQ /RXLVLDQD &ROOHJH $NDQVDV 7HFK DW 6RXWKHUQ 6WDWH &DPHURQ 6WDWH DW +HQGHUVRQ 6WDWH DW +DUGLQJ
6FRUH
&RDFK 5D\PRQG %ULJKW 'DWH : / 6HSW / 6HSW / 2FW : 2FW : 2FW / 2FW : 1RY / 1RY : 1RY / 1RY :
2SSRQHQW 6FRUH )ORUHQFH 6WDWH DW 2XDFKLWD %DSWLVW 0LVVRXUL 6RXWKHUQ DW 1RUWKZRRG 7H[DV DW $UNDQVDV 7HFK 6RXWKHUQ 6WDWH DW &DPHURQ 6WDWH $UNDQVDV $ 0 DW +HQGHUVRQ 6WDWH +DUGLQJ
&RDFK 5D\PRQG %ULJKW 'DWH : / 2SSRQHQW 6FRUH 6HSW / YV $UNDQVDV $0 1 6HSW / DW )ORUHQFH 6WDWH 6HSW / 2XDFKLWD %DSWLVW 2FW / DW 1RUWKHDVW 0LVVRXUL 6W 2FW : 1RUWKZRRG 7H[DV 2FW / $UNDQVDV 7HFK 2FW / DW 6RXWKHUQ 6WDWH 1RY : DW $UNDQVDV $ 0 1RY / +HQGHUVRQ 6WDWH 1RY / DW +DUGLQJ /LWWOH 5RFN $UN
&RDFK 5D\PRQG %ULJKW 6FRUH
'DWH : / 2SSRQHQW 6HSW / YV $UNDQVDV $0 1 6HSW : )ORUHQFH 6WDWH 2FW : 1RUWKHDVW 0LVVRXUL 6W 2FW / DW $UNDQVDV 7HFK 2FW / 6RXWKHUQ 6WDWH 2FW / DW 2XDFKLWD %DSWLVW 1RY / $UNDQVDV 0RQWLFHOOR 1RY 7 DW +HQGHUVRQ 6WDWH 1RY / +DUGLQJ /LWWOH 5RFN $UN
6FRUH
&RDFK 5D\PRQG %ULJKW
&RDFK .HQ 6WHSKHQV
'DWH : / 6HSW : 6HSW / 2FW : 2FW : 2FW : 2FW : 2FW 7 1RY : 1RY :
'DWH : / 6HSW : 6HSW : 6HSW / 2FW / 2FW / 2FW 7 2FW / 1RY / 1RY / 1RY /
2SSRQHQW DW 7HQQHVVHH 0DUWLQ DW 2XDFKLWD %DSWLVW 2]DUNV $UN +DUGLQJ DW $UNDQVDV 7HFK 6RXWKHUQ 6WDWH $UNDQVDV $ 0 0LVVLVVLSSL &ROOHJH DW +HQGHUVRQ 6WDWH
6FRUH
&RDFK 5D\PRQG %ULJKW
6FRUH
DW 0LVVLVVLSSL &ROOHJH +HQGHUVRQ 6WDWH
&RDFK 5D\PRQG %ULJKW
&RDFK )UDQN .RRQ
&RDFK )UDQN .RRQ 'DWH : / 6HSW : 2FW : 2FW : 2FW : 2FW : 2FW :
'DWH : / 6HSW : 6HSW : 6HSW : 2FW : 2FW : 2FW / 2FW / 1RY : 1RY / 1RY :
1RY / 1RY :
&RDFK 5D\PRQG %ULJKW 6FRUH
&RDFK )UDQN .RRQ
&RDFK )UDQN .RRQ 'DWH : / 6HSW / 2FW : 2FW : 2FW : 2FW : 1RY : 1RY / 1RY : 1RY :
'DWH : / 2SSRQHQW 6HSW : 7HQQHVVHH 0DUWLQ 2FW : 2XDFKLWD %DSWLVW 2FW : DW 2]DUNV $UN 2FW : DW +DUGLQJ 2FW / YV $UNDQVDV 7HFK 2FW : DW 6RXWKHUQ 6WDWH 1RY : DW $UNDQVDV $ 0 1RY : $XVWLQ &ROOHJH 1RY : +HQGHUVRQ 6WDWH /LWWOH 5RFN $UN
&RDFK )UDQN .RRQ
2SSRQHQW 6FRUH DW 6RXWKHDVW 0LVVRXUL $UNDQVDV $ 0 DW &HQWUDO 6WDWH 2NOD $UNDQVDV 7HFK DW 6RXWKHUQ 6WDWH 2XDFKLWD %DSWLVW DW 0HPSKLV 1DY\ DW 2]DUNV $UN DW +HQGHUVRQ 6WDWH
&RDFK +RZDUG 0RQWJRPHU\
&RDFK )UDQN .RRQ
2SSRQHQW 6FRUH 6RXWKHDVW 0LVVRXUL DW &HQWUDO 0LVVRXUL 6W DW $UNDQVDV $ 0 &HQWUDO 6WDWH 2NOD DW $UNDQVDV 7HFK 6RXWKHUQ 6WDWH DW 2XDFKLWD %DSWLVW 2]DUNV $UN DW /LWWOH 5RFN -& +HQGHUVRQ 6WDWH
&RDFK +RZDUG 0RQWJRPHU\
$UNDQVDV $ 0 DW 0LOOVDSV DW +HQGHUVRQ 6WDWH
&RDFK )UDQN .RRQ
&RDFK -DPHV &UDIWRQ 'DWH : / 6HSW / 6HSW / 2FW / 2FW / 2FW / 2FW / 2FW : 1RY / 1RY / 1RY /
1RY : 1RY : 1RY 7
'DWH : / 6HSW : 6HSW : 2FW / 2FW : 2FW / 2FW / 2FW :
2SSRQHQW 7HQQHVVHH 0DUWLQ 2XDFKLWD %DSWLVW DW 7UR\ 6WDWH DW +DUGLQJ $UNDQVDV 7HFK DW 6RXWKHUQ 6WDWH DW $UNDQVDV $ 0
6FRUH
2SSRQHQW 6FRUH &HQWUDO 0LVVRXUL 6WDWH 7H[DV /XWKHUDQ I
DW 1RUWKHDVW 0LVVRXUL 6W DW $UNDQVDV 0RQWLFHOOR 6RXWKHUQ 6WDWH DW 2XDFKLWD %DSWLVW $UNDQVDV 7HFK DW 0LVVLVVLSSL &ROOHJH +HQGHUVRQ 6WDWH DW +DUGLQJ
&RDFK .HQ 6WHSKHQV 'DWH : / 6HSW / 6HSW : 6HSW / 6HSW : 2FW : 2FW /
2SSRQHQW 6FRUH DW 81/9 DW &HQWUDO 0LVVRXUL 6W DW 7H[DV /XWKHUDQ 1RUWKHDVW 0LVVRXUL 6W $UNDQVDV 0RQWLFHOOR DW 6RXWKHUQ 6WDWH
* 2FW 2FW 1RY 1RY 1RY
: / : / :
2XDFKLWD %DSWLVW DW $UNDQVDV 7HFK 0LVVLVVLSSL &ROOHJH DW +HQGHUVRQ 6WDWH +DUGLQJ
2FW 2FW 1RY 1RY 1RY
: 7 : / :
2XDFKLWD %DSWLVW DW $UNDQVDV 7HFK DW (YDQJHO DW +HQGHUVRQ 6WDWH +DUGLQJ
&RDFK .HQ 6WHSKHQV
&RDFK .HQ 6WHSKHQV
'DWH : / 2SSRQHQW 6FRUH 6HSW / YV $ELOHQH &KULVWLDQ 6HSW : &HQWUDO 0LVVRXUL 6WDWH 6HSW : DW %DSWLVW &KULVWLDQ 2FW : DW 1RUWKHDVW 0LVVRXUL 6W 2FW : DW $UNDQVDV 0RQWLFHOOR 2FW / 6RXWKHUQ 6WDWH 2FW 7 DW 2XDFKLWD %DSWLVW 1RY : $UNDQVDV 7HFK 1RY : DW 0LVVLVVLSSL &ROOHJH 1RY / +HQGHUVRQ 6WDWH 1RY 7 DW +DUGLQJ /LWWOH 5RFN $UN
'DWH : / 2SSRQHQW 6HSW : (YDQJHO 6HSW : DW 6RXWKHDVW 0R 6W 6HSW : 1RUWKZHVW 0LVVRXUL 6W 2FW : $UNDQVDV 0RQWLFHOOR 2FW : DW 6RXWKHUQ $UNDQVDV 2FW : DW 2XDFKLWD %DSWLVW 1RY : $UNDQVDV 7HFK 1RY : +HQGHUVRQ 6WDWH 1RY : DW +DUGLQJ 'HF / (DVW 7H[DV 6WDWH 1$,$ 3OD\RIIV &RQZD\ $UN
&RDFK .HQ 6WHSKHQV 'DWH : / 6HSW / 6HSW : 6HSW / 2FW / 2FW : 2FW 7 2FW / 1RY : 1RY / 1RY / 1RY :
2SSRQHQW 6FRUH 1RUWKHDVWHUQ 2NOD 6W DW $XVWLQ 3HD\ 6WDWH DW &HQWUDO 0LVVRXUL 6W 1RUWKHDVW 0LVVRXUL 6WDWH $UNDQVDV 0RQWLFHOOR DW 6RXWKHUQ 6WDWH 2XDFKLWD %DSWLVW DW $UNDQVDV 7HFK 0LVVLVVLSSL &ROOHJH DW +HQGHUVRQ 6WDWH +DUGLQJ
6FRUH
&RDFK +DUROG +RUWRQ 'DWH : / 6HSW : 6HSW 7 6HSW / 2FW : 2FW 7 2FW / 2FW : 1RY 7 1RY :
2SSRQHQW 6FRUH 6RXWKHDVW 0LVVRXUL 6W DW &HQWUDO 0LVVRXUL 6W 1RUWKHDVWHUQ 2NOD 6W DW 1RUWKZHVW 0LVVRXUL 6W $UNDQVDV 0RQWLFHOOR DW 6RXWKHUQ $UNDQVDV 2XDFKLWD %DSWLVW DW $UNDQVDV 7HFK DW +HQGHUVRQ 6WDWH +DUGLQJ
'DWH : / 2SSRQHQW 6FRUH 6HSW : YV $UN 3LQH %OXII 6HSW : 6RXWKHDVW 0LVVRXUL 6W 6HSW : DW 6DJLQDZ 9DOOH\ 6WDWH 6HSW : DW 1RUWKZHVW 0R 6W 2FW : DW $UNDQVDV 0RQWLFHOOR 2FW : 6RXWKHUQ $UNDQVDV 2FW : 2XDFKLWD %DSWLVW 2FW : DW $UNDQVDV 7HFK 1RY : DW +HQGHUVRQ 6WDWH 1RY : +DUGLQJ 'HF : 1RUWKHDVWHUQ 2NOD 6W 'HF / DW 0HVD /LWWOH 5RFN $UN 1$,$ 3OD\RIIV &RQZD\ $UN
1$,$ &KDPSLRQ %RZO *UDQG -XQFWLRQ &ROR
&RDFK +DUROG +RUWRQ 'DWH : / 2SSRQHQW 6FRUH 6HSW : DW 6RXWKHDVW 0R 6W 6HSW / DW 1RUWKHDVWHUQ 2NOD 6W 6HSW : YV $UN 3LQH %OXII 6HSW / 1RUWKZHVW 0LVVRXUL 6W 2FW : $UNDQVDV 0RQWLFHOOR 2FW : DW 6RXWKHUQ $UNDQVDV 2FW : DW 2XDFKLWD %DSWLVW 2FW : $UNDQVDV 7HFK 1RY : +HQGHUVRQ 6WDWH 1RY : DW +DUGLQJ 'HF : 0RRUKHDG 6WDWH 'HF : &HQWUDO :DVKLQJWRQ 'HF 7 &DUVRQ 1HZPDQ /LWWOH 5RFN $UN 1$,$ 3OD\RIIV &RQZD\ $UN 1$,$ &KDPSLRQ %RZO &RQZD\ $UN
2SSRQHQW 6FRUH 1RUWKHDVW 0LVVRXUL 6W 6RXWKHDVW 0LVVRXUL 6W DW &HQWUDO 0LVVRXUL 6WDWH DW 1RUWKZHVW 0R 6W DW $UNDQVDV 0RQWLFHOOR 6RXWKHUQ $UNDQVDV
&RDFK +DUROG +RUWRQ 'DWH : / 2SSRQHQW 6FRUH 6HSW : 6RXWKHDVW 0LVVRXUL 6W 6HSW : 1RUWKHDVWHUQ 6WDWH
'DWH : / 2SSRQHQW 6FRUH 6HSW : DW (DVW &HQWUDO 6HSW : 1RUWKHDVWHUQ 6WDWH 6HSW : DW 6RXWKZHVWHUQ 2NOD 6W 6HSW : &HQWUDO 0LVVRXUL 6WDWH 2FW : DW $UNDQVDV 0RQWLFHOOR 2FW : 6RXWKHUQ $UNDQVDV 2FW : 2XDFKLWD %DSWLVW 2FW : DW $UNDQVDV 7HFK 1RY : DW +HQGHUVRQ 6WDWH 1RY : +DUGLQJ 1RY : 1RUWKZHVWHUQ 2NOD 6W 'HF / DW &DPHURQ 1$,$ 3OD\RIIV &RQZD\ $UN 1$,$ 3OD\RIIV /DZWRQ 2NOD
&RDFK +DUROG +RUWRQ
&RDFK +DUROG +RUWRQ
'DWH : / 2SSRQHQW 6FRUH 6HSW : DW 1RUWKHDVW 0LVVRXUL 6W 6HSW / DW 6RXWKHDVW 0LVVRXUL 6W 6HSW : &HQWUDO 0LVVRXUL 6WDWH 6HSW : 1RUWKZHVW 0LVVRXUL 6W 2FW : $UNDQVDV 0RQWLFHOOR 2FW : DW 6RXWKHUQ $UNDQVDV 2FW : DW 2XDFKLWD %DSWLVW 2FW : $UNDQVDV 7HFK 1RY : +HQGHUVRQ 6WDWH 1RY : DW +DUGLQJ 'HF / :HVWHUQ 6WDWH 1$,$ 3OD\RIIV &RQZD\ $UN
'DWH : / 6HSW : 6HSW : 6HSW : 6HSW : 2FW / 2FW 7
&RDFK +DUROG +RUWRQ
2SSRQHQW 6FRUH 1RUWKZHVW 0LVVRXUL 6W DW 6RXWKHDVW 0LVVRXUL 6W DW 1RUWKHDVWHUQ 2NOD 6W $UNDQVDV 0RQWLFHOOR DW 6RXWKHUQ $UNDQVDV DW 2XDFKLWD %DSWLVW $UNDQVDV 7HFK +HQGHUVRQ 6WDWH DW +DUGLQJ
&RDFK .HQ 6WHSKHQV
&RDFK .HQ 6WHSKHQV
'DWH : / 2SSRQHQW 6FRUH 6HSW / (DVW &HQWUDO 6HSW : DW 6RXWKHDVW 0LVVRXUL 6W 6HSW : 6RXWKZHVWHUQ 2NOD 6W 6HSW : DW $UNDQVDV 3LQH %OXII 2FW : $UNDQVDV 0RQWLFHOOR 2FW : DW 6RXWKHUQ $UNDQVDV 2FW : DW 2XDFKLWD %DSWLVW 1RY : $UNDQVDV 7HFK 1RY : +HQGHUVRQ 6WDWH 1RY : DW +DUGLQJ 'HF / DW &DPHURQ RW
1$,$ 3OD\RIIV /DZWRQ 2NOD
'DWH : / 2SSRQHQW 6FRUH 6HSW : 6RXWKHDVW 0LVVRXUL 6W 6HSW : 6DJLQDZ 9DOOH\ 6WDWH 6HSW / DW 1RUWKHDVWHUQ 2NOD 6W 2FW / DW 1HYDGD 2FW : DW $UNDQVDV 0RQWLFHOOR 2FW : 6RXWKHUQ $UNDQVDV 2FW : 2XDFKLWD %DSWLVW 2FW : DW $UNDQVDV 7HFK 1RY : DW +HQGHUVRQ 6WDWH 1RY : +DUGLQJ 'HF / &DPHURQ 1$,$ 3OD\RIIV &RQZD\ $UN
'DWH : / 2SSRQHQW 6FRUH 6HSW / DW 6RXWKHDVW 0LVVRXUL 6W 6HSW : &HQWUDO 0LVVRXUL 6WDWH 6HSW : DW 1RUWKHDVWHUQ 2NOD 6W 2FW : DW $UNDQVDV 0RQWLFHOOR 2FW : 6RXWKHUQ $UNDQVDV 2FW : DW 2XDFKLWD %DSWLVW 2FW : $UNDQVDV 7HFK 1RY : DW &HQWUDO 0HWKRGLVW 1RY : +HQGHUVRQ 6WDWH 1RY / DW +DUGLQJ 'HF : DW (ORQ 'HF / DW 7H[DV $ , 1$,$ 3OD\RIIV %XUOLQJWRQ 1 &
1$,$ &KDPSLRQ %RZO .LQJVYLOOH 7H[DV
'DWH : / 6HSW / 6HSW : 6HSW : 2FW : 2FW : 2FW / 2FW : 2FW : 1RY / 1RY :
&RDFK +DUROG +RUWRQ
&RDFK .HQ 6WHSKHQV
&RDFK .HQ 6WHSKHQV
&RDFK .HQ 6WHSKHQV
6HSW / DW 1RUWKZHVW 0LVVRXUL 6W 2FW : DW $UNDQVDV 0RQWLFHOOR 2FW : 6RXWKHUQ $UNDQVDV 2FW : 2XDFKLWD %DSWLVW 1RY : DW $UNDQVDV 7HFK 1RY : $UNDQVDV 3LQH %OXII 1RY / DW +HQGHUVRQ 6WDWH 1RY : +DUGLQJ 'HF : DW 3LWWVEXUJ 6WDWH 'HF : +HQGHUVRQ 6WDWH 'HF 7 +LOOVGDOH 1$,$ 3OD\RIIV 3LWWVEXUJ .DQ
1$,$ 3OD\RIIV &RQZD\ $UN
1$,$ &KDPSLRQ %RZO &RQZD\ $UN
'DWH : / 2SSRQHQW 6FRUH 6HSW : (DVW &HQWUDO 6HSW : DW 1RUWKHDVWHUQ 6WDWH 6HSW : DW &HQWUDO 0LVVRXUL 6W 2FW : YV $UN 3LQH %OXII 2FW : $UNDQVDV 0RQWLFHOOR 2FW : DW 6RXWKHUQ $UNDQVDV 2FW : DW 2XDFKLWD %DSWLVW 2FW : $UNDQVDV 7HFK 1RY : +HQGHUVRQ 6WDWH 1RY : DW +DUGLQJ 1RY / DW 6RXWKHDVWHUQ 2NOD /LWWOH 5RFN $UN 1$,$ 3OD\RIIV 'XUDQW 2NOD
&RDFK +DUROG +RUWRQ 'DWH : / 6HSW : 6HSW : 6HSW : 6HSW : 2FW : 2FW : 2FW : 2FW : 1RY : 1RY /
2SSRQHQW DW (DVW &HQWUDO 1RUWKHDVWHUQ 6WDWH DW $UNDQVDV 3LQH %OXII (PSRULD 6WDWH DW $UNDQVDV 0RQWLFHOOR 6RXWKHUQ $UNDQVDV 2XDFKLWD %DSWLVW DW $UNDQVDV 7HFK DW +HQGHUVRQ 6WDWH +DUGLQJ
6FRUH
&RDFK 0LNH ,VRP 'DWH : / 6HSW / 6HSW / 6HSW / 6HSW : 6HSW : 2FW : 2FW : 2FW : 2FW : 1RY :
2SSRQHQW 6FRUH DW 0LVVLVVLSSL 9DOOH\ 6W DW 1RUWKHDVWHUQ 6WDWH 6RXWKZHVWHUQ 2NOD 6W DW (PSRULD 6WDWH 2XDFKLWD %DSWLVW DW +DUGLQJ $UNDQVDV 0RQWLFHOOR DW +HQGHUVRQ 6WDWH 6RXWKHUQ $UNDQVDV DW $UNDQVDV 7HFK
1RY : 1RUWKHDVWHUQ 6WDWH 'HF / 0HVD 6WDWH 1$,$ 3OD\RIIV &RQZD\ $UN
&RDFK 0LNH ,VRP 'DWH : / 2SSRQHQW 6FRUH $XJ / DW 0LVVLVVLSSL &ROOHJH 6HSW / 0LVVLVVLSSL 9DOOH\ 6WDWH 6HSW : 'HOWD 6WDWH 6HSW 7 DW 6RXWKZHVWHUQ 2NOD 2FW : DW 2XDFKLWD %DSWLVW 2FW 7 +DUGLQJ 2FW : DW $UNDQVDV 0RQWLFHOOR 2FW : +HQGHUVRQ 6WDWH 1RY : DW 6RXWKHUQ $UNDQVDV 1RY : $UNDQVDV 7HFK 1RY : DW 1RUWKHDVWHUQ 6WDWH 'HF : 0RRUKHDG 6WDWH 'HF : DW &HQWUDO 6W 2KLR 1$,$ 3OD\RIIV 7DKOHTXDK 2NOD
1$,$ 3OD\RIIV &RQZD\ $UN
1$,$ &KDPSLRQVKLS *DPH :LOEHUIRUFH 2KLR
&RDFK 0LNH ,VRP 'DWH : / 2SSRQHQW 6FRUH 6HSW / (DVW 7H[DV 6WDWH 6HSW 7 DW 'HOWD 6WDWH 6HSW : DW )RUW +D\V 6WDWH 6HSW : DW 7HQQ &KDWWDQRRJD 2FW : 2XDFKLWD %DSWLVW 2FW : DW +DUGLQJ 2FW : $UNDQVDV 0RQWLFHOOR 2FW : DW +HQGHUVRQ 6WDWH 2FW : 6RXWKHUQ $UNDQVDV 1RY : DW $UNDQVDV 7HFK 1RY : DW 6RXWKZHVWHUQ 2NOD 'HF / DW &HQWUDO 6W 2KLR 1$,$ 3OD\RIIV :HDWKHUIRUG 2NOD
1$,$ 3OD\RIIV :LOEHUIRUFH 2KLR
Â&#x2021; 1&$$ ',9,6,21 ,, Â&#x2021; &RDFK 0LNH ,VRP 'DWH : / 6HSW / 6HSW 7 6HSW : 6HSW : 2FW : 2FW : 2FW : 2FW / 2FW : 1RY / 1RY /
2SSRQHQW 6FRUH DW (DVW 7H[DV 6WDWH DW 0LVVRXUL 6RXWKHUQ 6W )RUW +D\V 6WDWH DW :HVW *HRUJLD DW 'HOWD 6WDWH $UNDQVDV 3LQH %OXII /LYLQJVWRQ 1RUWK $ODEDPD +HQGHUVRQ 6WDWH DW 0LVVLVVLSSL &ROOHJH DW 3RUWODQG 6WDWH
&RDFK 0LNH ,VRP 'DWH : / 6HSW : 6HSW : 6HSW / 6HSW : 2FW : 2FW : 2FW : 2FW / 2FW : 1RY :
2SSRQHQW DW (DVW 7H[DV 6WDWH 0LVVRXUL 6RXWKHUQ 6W DW 0F1HHVH 6WDWH :HVW *HRUJLD 'HOWD 6WDWH DW $UNDQVDV 3LQH %OXII DW /LYLQJVWRQ DW 1RUWK $ODEDPD DW +HQGHUVRQ 6WDWH 0LVVLVVLSSL &ROOHJH
6FRUH
&RDFK 0LNH ,VRP 'DWH : / 6HSW : 6HSW / 6HSW : 6HSW : 6HSW : 2FW / 2FW / 2FW : 2FW : 1RY : 1RY /
2SSRQHQW 6FRUH DW (DVW 7H[DV 6WDWH DW 0LVVRXUL 6RXWKHUQ 6W DW $UNDQVDV 7HFK $UNDQVDV 0RQWLFHOOR 9DOGRVWD 6WDWH DW 'HOWD 6WDWH 1RUWK $ODEDPD :HVW $ODEDPD DW 0LVVLVVLSSL &ROOHJH DW 6RXWKHUQ $UNDQVDV +HQGHUVRQ 6WDWH
&RDFK 0LNH ,VRP 'DWH : / $XJ / 6HSW : 6HSW /
2SSRQHQW 6FRUH DW 6RXWKHUQ ,OOLQRLV DW 1RUWKHDVWHUQ 6WDWH DW 6RXWKHUQ $UNDQVDV
* 6HSW 2FW 2FW 2FW 2FW 1RY 1RY 1RY
: / / : : : / :
'HOWD 6WDWH DW $UNDQVDV 6WDWH :HVW *HRUJLD DW +HQGHUVRQ 6WDWH $UNDQVDV 0RQWLFHOOR DW 1RUWK $ODEDPD DW 9DOGRVWD 6WDWH $UNDQVDV 7HFK
&RDFK 0LNH ,VRP 'DWH : / 2SSRQHQW $XJ : 1RUWKHDVWHUQ 6WDWH 6HSW / DW $UNDQVDV 6WDWH 6HSW : 6RXWKHUQ $UNDQVDV 6HSW : DW 'HOWD 6WDWH 2FW / DW :HVW *HRUJLD 2FW : +HQGHUVRQ 6WDWH 2FW : DW $UNDQVDV 0RQWLFHOOR 1RY / 1RUWK $ODEDPD 1RY / 9DOGRVWD 6WDWH 1RY : DW $UNDQVDV 7HFK $OO KRPH JDPHV SOD\HG DW &RQZD\ +6
6FRUH
&RDFK 0LNH ,VRP 'DWH : / 6HSW : 6HSW / 6HSW / 2FW / 2FW : 2FW / 2FW : 2FW : 1RY / 1RY :
2SSRQHQW 6FRUH :HVW 7H[DV $ 0 :HVW *HRUJLD DW 1RUWK $ODEDPD DW 6RXWKHUQ $UNDQVDV $UNDQVDV 0RQWLFHOOR $UNDQVDV 7HFK DW 9DOGRVWD 6WDWH :HVW $ODEDPD DW 'HOWD 6WDWH +HQGHUVRQ 6WDWH
&RDFK 0LNH ,VRP 'DWH : / 6HSW : 6HSW / 6HSW / 2FW / 2FW : 2FW / 2FW / 2FW : 1RY : 1RY /
2SSRQHQW 6FRUH DW :HVW 7H[DV $ 0 DW :HVW *HRUJLD 1RUWK $ODEDPD 6RXWKHUQ $UNDQVDV DW $UN 0RQWLFHOOR RW
DW $UNDQVDV 7HFK 9DOGRVWD 6WDWH DW :HVW $ODEDPD 'HOWD 6WDWH DW +HQGHUVRQ 6WDWH
&RDFK &OLQW &RQTXH 'DWH : / $XJ / 6HSW : 6HSW / 6HSW / 6HSW / 2FW / 2FW : 2FW / 2FW / 1RY : 1RY /
2SSRQHQW 6FRUH DW 1LFKROOV 6WDWH 6RXWKZHVW %DSWLVW DW 2XDFKLWD %DSWLVW DW 9DOGRVWD 6WDWH 1RUWK $ODEDPD +DUGLQJ DW +HQGHUVRQ 6WDWH $UNDQVDV 0RQWLFHOOR 'HOWD 6WDWH DW 6RXWKHUQ $UNDQVDV DW $UNDQVDV 7HFK
6HSW / +HQGHUVRQ 6WDWH 6HSW / DW 2XDFKLWD %DSWLVW 2FW / $UNDQVDV 0RQWLFHOOR 2FW / 6RXWKHUQ $UNDQVDV 2FW / DW 9DOGRVWD 6WDWH 2FW / DW 1RUWK $ODEDPD 1RY : :HVW *HRUJLD 1RY : :HVW $ODEDPD 1RY : DW $UNDQVDV 7HFK &DSLWDO &LW\ &ODVVLF /LWWOH 5RFN $UN
&RDFK &OLQW &RQTXH 'DWH : / $XJ : 6HSW : 6HSW : 6HSW : 6HSW / 2FW / 2FW : 2FW : 2FW : 2FW / 1RY :
2SSRQHQW 6FRUH DW (DVWHUQ 1HZ 0H[LFR ,RZD :HVOH\DQ DW 6RXWKHUQ $UNDQVDV DW +HQGHUVRQ 6WDWH 9DOGRVWD 6WDWH DW 1RUWK $ODEDPD +DUGLQJ DW 'HOWD 6WDWH 2XDFKLWD %DSWLVW DW $UNDQVDV 0RQWLFHOOR $UNDQVDV 7HFK RW
&RDFK &OLQW &RQTXH 'DWH : / 2SSRQHQW 6FRUH $XJ : YV (DVWHUQ 1 0 6HSW / DW 7HQQHVVHH 0DUWLQ 6HSW : 6RXWKHUQ $UNDQVDV 6HSW : +HQGHUVRQ 6WDWH 6HSW / DW 9DOGRVWD 6WDWH 6HSW : 1RUWK $ODEDPD RW
2FW : DW +DUGLQJ 2FW : 'HOWD 6WDWH 2FW : DW 2XDFKLWD %DSWLVW 2FW : $UNDQVDV 0RQWLFHOOR 1RY : DW $UNDQVDV 7HFK 1RY : DW $OEDQ\ 6WDWH 1RY : DW 3UHVE\WHULDQ 1RY / 1RUWK $ODEDPD RW
&DSLWDO &LW\ &ODVVLF /LWWOH 5RFN $UN
1&$$ ,, 3OD\RIIV $OEDQ\ *D
1&$$ ,, 3OD\RIIV &OLQWRQ 6 &
1&$$ ,, 4XDUWHUÃ&#x20AC;QDOV &RQZD\ $UN
Â&#x2021; 1&$$ ',9,6,21 , )&6Â&#x2021;
&RDFK &OLQW &RQTXH 'DWH : / $XJ : 6HSW / 6HSW : 6HSW : 6HSW :
2SSRQHQW 6FRUH YV +HQGHUVRQ 6WDWH DW ,OOLQRLV 6WDWH 0LVVRXUL 6WDWH DW 6WHSKHQ ) $XVWLQ 6RXWK 'DNRWD
2FW / DW 6RXWK 'DNRWD 6WDWH 2FW / DW 8& 'DYLV 2FW : DW 6DP +RXVWRQ 6WDWH 1RY : 6RXWKHUQ $UNDQVDV 1RY : $XJXVWDQD 6 ' 1RY : DW *HRUJLD 6RXWKHUQ RW
&DSLWDO &LW\ &ODVVLF /LWWOH 5RFN $UN
&RDFK &OLQW &RQTXH 'DWH : / 6HSW / 6HSW / 6HSW : 6HSW / 2FW : 2FW : 2FW : 2FW : 1RY / 1RY : 1RY /
&RDFK &OLQW &RQTXH 'DWH : / 2SSRQHQW $XJ : +HQGHUVRQ 6WDWH 6HSW : 8& 'DYLV 6HSW : YV $UN 3LQH %OXII 6HSW : 4XLQF\ 6HSW / DW 7XOVD 2FW : 6DP +RXVWRQ 6WDWH 2FW : DW 7H[DV 6WDWH 2FW : 6RXWKHDVWHUQ /D 1RY / DW 1LFKROOV 6WDWH 1RY : 1RUWKZHVWHUQ 6WDWH 1RY : DW 6WHSKHQ ) $XVWLQ 1RY : 0F1HHVH 6WDWH /LWWOH 5RFN $UN
6FRUH
&RDFK &OLQW &RQTXH 'DWH : / 6HSW / 6HSW : 6HSW : 2FW : 2FW : 2FW / 2FW : 2FW / 1RY / 1RY / 1RY / 1RY /
2SSRQHQW DW +DZDLL DW :HVWHUQ .HQWXFN\ *OHQYLOOH 6WDWH 0LVVRXUL 6 7 DW 1RUWKZHVWHUQ 6WDWH 6WHSKHQ ) $XVWLQ 1LFKROOV DW 6RXWKHDVWHUQ /D 7H[DV 6WDWH DW 6DP +RXVWRQ 6WDWH DW 0F1HHVH 6WDWH 1RUWK 'DNRWD
6FRUH
1$,$ 1$7,21$/ &+$03,216+,36
&RDFK &OLQW &RQTXH 'DWH : / 2SSRQHQW 6HSW : $ELOHQH &KULVWLDQ 6HSW : DW 6RXWKHDVWHUQ 2NOD 6HSW : 2XDFKLWD %DSWLVW 6HSW / 9DOGRVWD 6WDWH 6HSW : DW 1RUWK $ODEDPD 2FW : DW +DUGLQJ 2FW : +HQGHUVRQ 6WDWH 2FW : DW $UNDQVDV 0RQWLFHOOR 2FW : DW 'HOWD 6WDWH 1RY : 6RXWKHUQ $UNDQVDV 1RY / $UNDQVDV 7HFK 1RY / DW &DWDZED 1&$$ ,, 3OD\RIIV 6DOLVEXU\ 1 &
2SSRQHQW 6FRUH DW /RXLVLDQD 7HFK DW 1RUWKZHVWHUQ 6WDWH 7HQQHVVHH 0DUWLQ DW 0LVVRXUL 6WDWH DW 6DP +RXVWRQ 6WDWH 7H[DV 6WDWH DW 6RXWKHDVWHUQ /D 1LFKROOV 6WDWH RW
6RXWK 'DNRWD 6WDWH 6WHSKHQ ) $XVWLQ DW 0F1HHVH 6WDWH
6FRUH
/ % -DFNPDQ $ZDUG 7KH / % -DFNPDQ $ZDUG LV JLYHQ WR WKH 093 RI WKH +RPHFRPLQJ *DPH DV YRWHG RQ E\ WKH ZRUNLQJ PHGLD
<HDU
3OD\HU +HQU\ +DZN 3HGUR )HUJXVRQ %XGG\ 9RHJHOH %LOO *UXEEV %REE\ 7LQHU -RH +XLH 5REHUW 6WRQH %REE\ 7LQHU %REE\ 7LQHU /DUU\ 0LOHU 5LFKDUG 0F&DXOH\ 3DXO 0F*LQQLV -DPHV +DOO %XGG\ %ULJKW =HOPRUH 'RUULV /HDWULFH %ULVFRH 0LFKDHO 3DLQWHU /DUU\ 6WDQGÃ&#x20AC;HOG 0LFKDHO 3DLQWHU 'DUU\O 0F&UHH +DUROG /HZLV 3KLO &DOGZHOO 3KLO &DOGZHOO 5RGQH\ %URZQ &XUWLV %XUURZ -HII )XVLOLHU 0HOYLQ %RKDQRQ &HGULF +ROW %REE\ -RH 0F'DQLHOV 6FRWW :LOOLDPV 0LNH :DOODFH 'DU\O 3DWWRQ .HQ &ROOXPV (UURQ %RER 7\UHH 'DYLV 0LNH /RYHODG\ .HQ &ROOXPV %ULDQ %DUQHWW $QGUH .LQJ 6KDGULFN 0F$IHH 'DPLHQ /DQG 7DYDUHV :\QQ &KULV -RUGDQ $QG\ 5RJHUV .HQWUHO 5RJHUV :LOOLH +RSVRQ %HUQDUG 6FRWW &RU\ &DQJHORVL %UHQW *ULPHV 1DWKDQ %URZQ /DUU\ +DUW %UHQW *ULPHV
&RDFK &OLQW &RQTXH 'DWH : / 6HSW : 6HSW : 6HSW : 6HSW : 2FW : 2FW / 2FW / 2FW / 1RY : 1RY : 1RY :
2SSRQHQW DW $ELOHQH &KULVWLDQ /DQJVWRQ DW +HQGHUVRQ 6WDWH 2XDFKLWD %DSWLVW DW $UNDQVDV 0RQWLFHOOR DW 6RXWKHUQ $UNDQVDV 9DOGRVWD 6WDWH 1RUWK $ODEDPD DW :HVW *HRUJLD DW :HVW $ODEDPD $UNDQVDV 7HFK
6FRUH
+DUROG +RUWRQ
&RDFK &OLQW &RQTXH 'DWH : / 2SSRQHQW 6HSW : $ELOHQH &KULVWLDQ 6HSW : YV $UN 3LQH %OXII
6FRUH
0LNH ,VRP
* $ -DVRQ $DURQ 3DUNHU $FXII -DFRE $GDPV 0DUW\ $GDPV 7- $GDPV 6DP $GNLVVRQ $QGUHZ $GORQJ $ & $GQH\ 'RQDOG $JHH -DPHV $KOI *HRUJH $OHZ\QH +DQN $OH[DQGHU 0LFKDHO $OH[DQGHU =DQH $OOFRUQ -RKQQ\ $OOHQ 8O\VVHV $OOHQ %REE\ $OOLVRQ (XJHQH $OOLVRQ 3HHO $OOLVRQ 6HWK $OOLVRQ %HUQLV $OVREURN 5HJJLH $PRV 7DUHN $QGHUVRQ %XG $QGHUVRQ +XWWRQ $QGUHZ 6WHYH $QWKRQ\ -DFN $UFKHU *HQH $UPLWDJH $UWKXU $UPVWURQJ /DZUHQFH $WNLQVRQ 0LWFK $XIGHUKHLGH -DFREH $XVWLQ 0DUYLQ $XVWLQ (GZLQ $YUD 3DW $\GHORWW :DOWHU $\HUV
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
5XIXV %HOO 5XVVHOO %HOO *UDKDP %HQQHWW +DUUHO %HQQHWW 0LNH %HQQHWW : $ %HQQHWW -RH\ %HWWLV 'RQ %LOOLQJVOH\ &ODUN %LQJ &DUUROO %LVKRS 5REHUW %LVKRS :LOOLDP %LVKRS 5XE\ %LWWQHU %RE %ODFN 0LOPR %ODFN :RRGURZ %ODFN $QWKRQ\ %ODFNPRQ 'RQWH %ODFNPRQ %XIRUG %ODFNZHOO 5D\ %ODLU 5REHUW %ODNHOH\ :LOODUG %ODQG %DUU\ %ODQWRQ 'HUULFN %OD\ORFN 0LNH %OD\ORFN *HQH %OHQGHQ 5DOSK %O\WKH (UURQ %RER 7HUHQFH %RER 7RPP\ %RJDUG $XQGUD %RKDQRQ 0HOYLQ %RKDQRQ %UDG %ROGLQJ &RQO\ ´%X]]µ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
5RGQH\ %URZQ 5RQQ\ %URZQ 5RVV %URZQ 6DPP\ %URZQ 7RPP\ %URZQ 7UDPDLQH %URZQ 7HDQ %URZQLQJ 'DUUHOO %U\DQW 5REHUW %U\DQW 9LFWRU %U\DQW 'RQ %XFKDQDQ $OOHQ %XFNOHU %DUU\ %XUFK .LUE\ %XUNV :HVOH\ %XUNV &OHOO %XUQHWW 5D\PRQG %XUQHWW 'DYLG %XUQHWWH +DUWVHOO %XUQKDP &XUWLV %XUURZ $OEHUW %XUWRQ %HQ %XUWRQ %LOO %XUWRQ %UXFH %XUWRQ (G %XUWRQ /\QQ %XUWRQ 5RJHU %XUWRQ )UDQN %XVK (XJHQH %XWOHU -RH %XWOHU 3DXO %X]EHH
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
' -DUURG 'DOH
* /H5R\ 'DQJHDX -RKQ 'DQLHO 1DWKDQLHO 'DQLHO *UHHU 'DQLHOV ,YRU\ 'DQLHOV -RQDWKDQ 'DQLHOV -RVHSK 'DQLHOV +HUEHUW 'DUGHQ %RE 'DUOLQJ 5D\ 'DXJKHUW\ 'DYLG 'DYHQSRUW 'DOH 'DYLV *DU\ 'DYLV -DPHV 'DYLV -LP 'DYLV -RKQQLH 'DYLV 5DQQH\ 'DYLV 7\UHH 'DYLV :LOOLH ´&LW\µ 'DYLV :LOOLH ´&RXQWU\µ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
( &OLIWRQ (DO\ 'HZD\QH (DO\ 7RPP\ (DUOH\
%UDQGRQ (DVRQ 2VERXUQH (DVWHU $QG\ (FKOLQ 3UHVWRQ (FKROV 'HQQLV (GZDUG 7HUU\ (GZDUGV 9DXJKQ (GZDUGV .HLWK (JJLQV 7KDG (LODQG 3DWULFN (ODP %REE\ (OOHQ 'DYLG (OOLRWW 0DUN (OOLV $XVWLQ (PHUVRQ 0DWW (PHWHULR 3DXO (QJOHU 'RQ (SSHUVRQ .HYLQ (UYLQ %LOO (VWHV &RU\ (VWHV %REE\ (XEDQNV %HUWUDQG (YDQV %REE\ (YDQV 'DYLG (YDQV 'DYLG (YDQV -DFNLH (YDQV :LOOLDP (YDQV $OOHQ (YHUHWWH
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
-HII )XVLOLHU
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ÀQ 5XIXV *ULIÀQ &ODUHQFH *ULJVE\ %XG *ULVKDP $OEHUW *UL]]OH : & *UL]]OH %LOO *UXEEV *DU\ *UXE\ -DVRQ *UXPPHU +XJK *XHV 5LFKDUG *XWKULH $PRV *XWKULGJH %XGG\ *X\
+ : & +DFNOHU /LVWRQ +DJDU -DPHV +DJHU 'LFN +DOEURRN %LOO +DOO 'DUUHOO +DOO 'HZD\QH +DOO )UHG +DOO -DPHV +DOO 'DUUHOO +DPLOWRQ *DUQHU +DPLOWRQ /HUR\ +DPLOWRQ 6KDZQ +DPLOWRQ -LPP\ +DPP 6WDQOH\ +DPSWRQ 7LP +DPSWRQ
'RQQLH +DPULF -LP +DQNLQV 7DWH +DQQD 6KDSSDUG +DQQHU %LOO +DUGLQ - % +DUGLQ 6WDF\ +DUGZLFN 7RPP\ +DUH -XVWLQ +DUJLV &DUO +DUULV &KLS +DUULV &RUH\ +DUULV 'D\URQL +DUULV )Dҋ4XDQ +DUULV -RVHSK +DUULV / : +DUULV 0D[ +DUULV 2UODQG +DUULV 7HUU\ +DUULV %LOO\ +DUULVRQ -HUU\ -RH +DUULVRQ -HUUHO +DUW /DUU\ +DUW %RE +DUWVÀHOG 0DWW +DUWVÀHOG %REE\ +DUYLOO 'DUUHOO +DWFKHWW 6WHYH +DWKFRWH +DQN +DZN +HQU\ +DZN (OGRQ +DZOH\ 'DQQ\ +D\HV 'DUU\O +D\QHV & % +D\QLH 'DQQ\ +D]HOZRRG 'DYLG +HDOHD (JEHUW +HDWK 6SHQFHU +HEHUW 5D\ +HÁH\ 6KHOE\ +HOPEHFN %LOUR\ +HQGHUVRQ &DUO +HQGHUVRQ +DUROG +HQGHUVRQ - 5 +HQGHUVRQ 5XVVHOO +HQGHUVRQ 5LFKDUG +HQGULFNVRQ ,VDDF +HQGUL[ -RKQ +HQOH\ &DUO +HQU\ &DURO +HQU\ )UHGG\ +HQU\ -RVK +HQU\ &HGULF +HQVRQ 'DYLG +HQVRQ :DUGHOO +HUPDQ %LOO +HURG %LOO +HUULQJ -RH +HUULQJ 'DQLHO +HUULQJWRQ .HYLQ +HUURQ %DUU\ +LFNLQJERWWRP 'RQ +LFNV -RH (G +LFNV /RXLV +LFNV 3KHQDUG +LFNV %ODLQH +LJJLQERWKDP :DOWHU +LJJLQV 0DUN +LJJV /DUU\ +LJK %REE\ +LOO %XGG\ +LOO &RUH\ +LOO -DPLH +LOO .HLWK +LOO .HQQ\ 5D\ +LO 0LFKDHO +LOO 0LNH +LOO 3DW +LOO 6WDFH\ +LOO 7UR\ +LOO
* 'DPLHQ +LOO 7KRPSVRQ (GGLH +LQGVPDQ -DFNLH +LQWRQ 1LOHV +LSS *HQH +REEV .HQ +RGJHV -RH +RJDQ *UHJ +RJXH )UDQN +ROEURRN (GJDU +ROLPDQ -DPHV +ROOHQVZRUWK %URRNV +ROOLQJVZRUWK 'DYLG +ROOLV 7LP +ROORZD\ (XJHQH +ROPDQ :RRGURZ +ROPDQ 7UDYLV +ROPHV &HGULF +ROW 5RVV +RQHD 'HUULFN +RRNHU +DQN +RRSHU - 9 +RRSHU %LOO +RRWHQ %XUFH +RSSHU :LOOLH +RSVRQ 2ULHQ +RUQ .HOYLQ +RUQH &ODUHQFH +RUQHFNHU 0DUN +RUWRQ %LOO +RVN\Q %HQWOH\ +RYLV &RUH\ +RZDUG -DFN +RZDUG .H\WK +RZDUG 7RP +RZDUG 6KDXZQ +RZHOO %LOO +XEEDUG %LOO +XGGOHVWRQ 0DWW +XGGOHVWRQ &KXFN +XII :LOOLH +XIIPDQ 5DQG\ +XIIVWLFNOHU *DU\ +XJJLQV 'RQDOG +XJKHV 7KXUVWRQ +XJKHV -RH +XLH -RKQQ\ +XPSKUH\ & & +XQQLFXWW (XJHQH +XQQLFXWW *HRUJH +XQW 0DXULFH +XUG +DUU\ +XUVW =DFK +\DWW %UDQGRQ +\VORS
, &OD\WRQ ,UH\ 5REHUW ,URQV 0LNH ,VRP
&OLIWRQ -DFNVRQ 'DQ -DFNVRQ ,VDLDK -DFNVRQ -DPHV -DFNVRQ 3DW -DFNVRQ 7ULVWDQ -DFNVRQ &RUH\ -DFREV 5LFKDUG -DFX]]L 5REHUW -DJJHUV %UDG -DNHO 'DQQ\ -DPHV 0F.LQQH\ -DPHV &KXFN -DPLVRQ $OODQ -DQVNH 5DOSK -DQVNL %UDQGRQ -D\ :D\QH -HIIULHV
$QWKRQ\ -HPHUVRQ 5RQQLH -HQQLQJV &KULV -RKQVRQ &RU\ -RKQVRQ 'DQQ\ -RKQVRQ 'DWKDQ -RKQVRQ )UDQN -RKQVRQ *UHJ -RKQVRQ +DUU\ -RKQVRQ -DVSHU -RKQVRQ 0DULRQ -RKQVRQ 0DXULFH -RKQVRQ 0LFKDHO -RKQVRQ 2Ò&#x2039;.HLWK -RKQVRQ 3KLOOLS -RKQVRQ 6DYLOOH -RKQVRQ 'DYLG -RKQVWRQ 6WHYH -RKQVWRQ $XVWLQ -RQHV %LOO -RQHV &KH -RQHV *HRUJH -RQHV +DUROG -RQHV ,FVRP -RQHV - & -RQHV -XVWLQ -RQHV 0DOLN -RQHV 0DUOR -RQHV 5LFN -RQHV 5REHUW -RQHV 9HUQRQH -RQHV &KULV -RUGDQ &KXFN -RUGDQ 7UH\ -RUGDQ *UHJ -XPSHU
. -RKQQ\ .DUU -LP .HDVOHU .HOO\ .HHJDQ (XJHQH .HDWRQ 'RXJODVV .HLWK - ( .HOODU 0LWFK .HOODU +HQU\ &OD\ .HOOH\ 'R\OH .HOVR -DPHV .HQQHG\ -RKQQ\ .HQQHG\ %UDQGRQ .HQQHPHU &KULV .HQQHU %REE\ .HQW %LOO .HRSSOH &DPHURQ .LQDUG $QGUH .LQJ %\URQ .LQJ 'LFN .LQJ ,UE\ .LQJ 0DVRQ .LQJ )OR\G .LUE\ 7LP .LUE\ 9HOWRQ .LUNVH\ 'RQQLH .LWWOHU -LP .QLJKW &DUVRQ .QRZOWRQ +RVHD .QRZOWRQ .LUN .RQHFQ\ +DUU\ .RROHQ 5D\PRQG .RRQFH (OEHUW .RUQHJD\ -RKQ .RUQHJD\ - : .UDXV 1DWH .ULJ $UQROG .X\NHQGDOO
/ 'DU\O /DFH 0DF /DFHÃ&#x20AC;HOG 0LNH /DOO\
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
0 'RUVH\ 0DEU\ -LP 0DEU\ /HR 0DEU\ 7RP 0DEU\ 'RQ 0DF)DUODQH &KLMXDQ 0DFN 0LNH 0DJE\ -RH 0DKDQ %RULV 0DOF]\FNL 0LNH 0DOKDP 5RQQLH 0DOOHWW &RQQLH 0DORFK :LOOLDP 5D\ 0DORQH &KDUOHV 0DQQ 'DQLHO 0DQQ )OHWFKHU 0DQVKDFN /HH 0DUEOH %XNH 0DUGDQORX *RUGRQ 0DUNOH &XUWLV 0DUNV 7RPP\ 0DUVKDOO
%LOO 0DUWLQ &OLQW 0DUWLQ 2VFDU 0DUWLQ 5LFKDUG 0DUWLQ =HGULFN 0DUWLQ /RZHOO 0DUWLQGDOH (GPXQGR 0DUWLQH] %LOO 0DVVH\ &RQZD\ 0DVVH\ 5D\PRQG 0DVVH\ < 0 0DVVH\ -DVRQ 0DVWHUV 5LFN 0DWKHQH\ 5RGQH\ 0DWKHQH\ 'RXJ 0DWKLV 5LWFKLH 0DWKLV 5RVV 0DWW 7RP 0DXOWVE\ %HUPDQ 0D[H\ 4XHQWLQ 0D[Ã&#x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´'XEµ 0F*LEERQ\ 6KDZQ 0F*LEERQ\ 3DXO 0F*LQQLV 'RQ 0F+DQ *HRUJH 0F+DQ /DZUHQFH 0F,QWRVK 'DQQ\ 0F.HQ]LH 'HUULFN 0F.HQ]LH .HOO\ 0F.HQ]LH &KULV 0F.QLJKW -HUUHO 0F.QLJKW )UHG 0F0LOODQ &RU\ 0F0XUULDQ 'DUULXV 0F1HDO .HQ 0F1HLO 'HQQLV 0F1XOW\ -DPDHO 0F4XHHQ /HZLV 0F5H\QROGV 0LOOHU 0F9D\ 'DUUHOO 0F:D\QH *HUDOG 0F:D\QH /DUU\ 0F:LOOLDPV (XJHQH 0HDERQ $OOHQ 0HDGRUV
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´'XWFKµ 0RRUH :LOVRQ 0RRUH &KDG 0RUDQ :DGH 0RUGHQ %REE\ 0RUJDQ *DUUHWW 0RUJDQ -DPHV ´5HGµ 0RUJDQ 'DOH 0RUULV - % 0RUULV 4XLQWRQ 0RUULV $OIUHG 0RRV &KULV 0RVHOH\ 5LFR 0RVV -RKQ 0RWOH\ %RE 0R\HUV /DZUHQFH 0XQQV 'HRQ 0XUSK\ 0LNH 0XUSK\ 0LFKDHO 0XUU\ 7LP 0XUU\ )UDQN 0\HUV .HQ 0\HUV
1 =DFK 1DQFH 7RQ\ 1DVVDU 6KHUPDQ 1DWKDQ .HYLQ 1DZUDFDM -DPHV 1HDO 0LNH 1HDO 5R\ 1HDO &KDUOHV 1HOOXPV 6WDQOH\ 1HOVRQ %REE\ 1HZ 0LNH 1HZ -RKQ 1HZEHUU\
+DUU\ 1HZNLUN -RKQ 1HZNLUN &KDUOHV 1HZPDQ )UDQN 1HZPDQ 1LFN 1HZPDQ *UHJ 1LFKHOV -LP 1LFKROVRQ 6WHYHQ 1RODQ *HUDOG 1RUPDQ 0LFKDHO 1RUYHOO 'DQQ\ 1XWW 7RE\ 1XWW /HUR\ 1XWWHU
2 *DUU\ 2GRP - ' 2OIRUG 6KDZQ 2OLYH &UDLJ 2OVHQ %LOO 'RQ 2Ò&#x2039;1HDO 7RN 2SHOR\H 'DYLG 2SSHQKHLP %UXFH 2Ò&#x2039;4XLQQ %UHWW 2UU 5LFNH\ 2UU :RRGURZ 2VERUQH 0DUN 2VEXUQ 0LNH 2WLV -RKQ 2XWODZ 7LP 2XWODZ 'RQ 2ZHQ +XJK 2ZHQ :D\QH 2ZHQ 'HUHN 2ZHQV *DU\ 2ZHQV /LRQHO 2ZHQV 6SHQFHU 2ZHQV
4 +RZDUG 4XDOOV
5
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
-HUHP\ 3LWWPDQ /HH 5R\ 3OXPPHU 6FRWW 3OXQNHWW *UHJ 3OXWK .HQQHWK 3RLQGH[WHU +DUROG 3RLQWHU /RXLV 3RON 'DYLG 3ROODUG &KULV 3RSH %HUQLH 3RUWHU 5REHUW 3RUWHU - ( 3RWWV -HURPH 3RZHUV %RE 3R\QHU 3HUU\ 3R\QHU %HUU\ 3UDWW %RE 3UHZLWW &KXFN 3ULFH 5RQ 3ULFH 7RPP\ 3ULFH $PRV 3ULGG\ 2WLV 3ULQFH 5DQGHOO 3ULQFH 'HDQ 3ULQH 5DQG\ 3ULQJOH %LOO\ 3ULWFKDUG 5RELQ 3URFN -LPP\ 3UXLWW -LP 3XFNHWW .HQQ\ 3XFNHWW :D\PRQG 3XUG\ +HVWHUO\ 3XULIR\ &KHVWHU 3\OH
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
.HQQHWK 5REH\ -DPHV 5REHUVRQ 1DNLWD 5REHUWVRQ )UDQN 5RELQV ,,, 'DYLG 5RELQVRQ 7HGG\ 5RELQVRQ 6FRWW 5REQHWW %UDQGRQ 5RFKHOOH $OOHQ 5RFN .HQQHWK 5RFNZHOO -RQ 5RGULJXH] $QG\ 5RJHUV %UHWW 5RJHUV .HQWUHO 5RJHUV 5 / 5RJHUV $ODQ 5RWWRQ /RJDQ 5RXELTXH 2GLV 5RZH +R\W 5RODQG -LP 5RZODQG 5LFKDUG 5XEOH -DPHV 5XVK *HUDOG 5XVVHOO -DVRQ 5XVVHOO -HUDG 5XVVHOO /HRQ 5XVVHOO 0DUW\ 5\DOO (G 5\ODQG
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
* 7HUU\ 6LPV (YHUHWW 6LQJOHWRQ 0LNH 6NLQQHU %UDG 6PLWK &DUORV 6PLWK &KULV 6PLWK 'DQQ\ 6PLWK 'DUUHOO 6PLWK 'HUHN 6PLWK )OR\G 6PLWK *HRUJH 6PLWK +HQGHUVRQ 6PLWK +XJK 6PLWK -RH 6PLWK -XVWLQ 6PLWK .HQQ\ 6PLWK /DQFH 6PLWK /DQH 6PLWK /DUU\ -RH 6PLWK 0DFN 6PLWK 1DWKDQ 6PLWK 3DWULFN 6PLWK 3KLO 6PLWK 5LFKDUG 6PLWK 5RQ 6PLWK 5RQQLH 6PLWK :D\QH 6PLWK :D\QH 6PLWK 2 7 6PLWKDUW %ULDQ 6PLWKSHWHUV -XVWLQ 6QHOVRQ &KDUOHV 6QRZGHQ 7RPP\ 6RORPQ &DUO 6RUUHOOV (G 6SDHWK /HH 6SHDU %RE 6SHFN /DUU\ 6SHQFHU 5R\ 6SHQFHU 9HUORQ 6SHQFHU $QG\ 6SKHHULV -RKQ 6SKHHULV 'DLQ 6SXUORFN %UXFH 6WDIIRUG -DPHV 6WDJJV 3KLOOLS 6WDJJV %ULDQ 6WDOOZRUWK /DUU\ 6WDQGÃ&#x20AC;HOG &KDUOHV 6WDQOH\ +DUROG 6WDQOH\ 7HUU\ 6WDUNH\ 7RPP\ 6WDUQHV )UDQN 6WHHG 0LNH 6WHHOH %LOO 6WHSKHQV .HQ 6WHSKHQV 6FRWW 6WHSKHQV .ULVWRII 6WHUOLQJ 6HDQ 6WHUOLQJ %HUQHU 6WHZDUW -LP 6WHZDUW /\QQ 6WHZDUW 0LNH 6WHZDUW 5HHG 6WHZDUW -LP 6WRFNODQG -RH 6WRFNWRQ 'DOH 6WRNHV -RKQ 6WROW )RUUHVW 6WRO]HU )UHHPDQ 6WRQH 5REHUW 6WRQH 'RXJ 6WUDQJH 6WHYH 6WUDQJH -U %LOO 6WULFNODQG &KDUOHV 6WURQJ 7LP 6WURXG 'RQ 6WUXHELQJ *URYHU 6WXEEV )OHWFKHU 6XOODUGV $QWKRQ\ 6XPPHUV
$QGUHZ 6XPPHUVHWW 6KHOE\ 6XUUDWW 'RQ 6XWSKLQ 'DQD 6XWWRQ &XUWLV 6ZDLPV $QG\ 6ZDUW
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Ã&#x20AC;HOG 0LNH :KLWPDQ 5RVV :KLWQH\ $OJLH :KLWWHQ 7UHQW :LHULFN %LOO :LJLQV -LP :LOEXUQ 'HVPRQG :LOFR[ .HLWK :LOH\ 2 + :LONHUVRQ $QGUHD :LOODUG $UWKXU :LOOLDPV %LOO :LOOLDPV &KULV :LOOLDPV )RUUHVW :LOOLDPV )UHG :LOOLDPV
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
9 1LFN 9DFKRQ 7 % 9DQFH 5D\ 9DQGHUJULII /HVWHU 9DQQ $ % 9DXJKDQ -RKQ 9DXJKDQ 5LFN\ 9DXJKDQ :D\PRQ 9DXOW *OHQQ 9LFN 5RGQH\ 9LQFHQW &ODUHQFH 9LQVRQ &O\GH 9LQVRQ 2GHO 9LQVRQ :LOOLH 9LQVRQ 5REHUW 9LUJLO %XGG\ 9RHJHOH 'DYH 9RWK
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
< 'DYLG <GHUVWDG +HQU\ <RXQJ -RH )UHG <RXQJ 0LFKDHO <RXQJ
= *UHJ =DNU]HZVNL %ULDQ =DVSHO $ODQ =LPPHUPDQ 5DOSK =LPPHUPDQ
ALL-AMERICANS
5D\PRQG %XUQHWW
+HQU\ +DZN
%REE\ 7LQHU
/HDWULFH %ULVFRH
'DUU\O 0F&UHH
/LWWOH $OO $PHULFDQ
/LWWOH $OO $PHULFDQ
/LWWOH $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
6HFRQG 7HDP
)LUVW 7HDP
)LUVW 7HDP
)LUVW 7HDP
+RQRUDEOH 0HQWLRQ
$UNDQVDV 6SRUWV
1$,$ $OO $PHULFDQ
$UNDQVDV 6SRUWV
6HFRQG 7HDP
+DOO RI )DPH ,QGXFWHH
+DOO RI )DPH ,QGXFWHH
$UNDQVDV 6SRUWV +DOO RI )DPH
0RQWH &ROHPDQ
5RQ 0DOOHWW
5DQG\ +XIIVWLFNOHU
2WLV &KDQGOHU
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
$)&$ $OO $PHULFDQ
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
1$,$ $OO $PHULFDQ )LUVW 7HDP
1$,$ $OO $PHULFDQ )LUVW 7HDP
&ROOHJH )RRWEDOO +DOO RI )DPH
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
1$,$ $OO $PHULFDQ
.RGDN $OO $PHULFDQ
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
+RQRUDEOH 0HQWLRQ
3KLO &DOGZHOO 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ
1$,$ $OO $PHULFDQ 6HFRQG 7HDP
1DNLWD 5REHUWVRQ
:LOOLDP )UDQNOLQ
5LFKLH :KLWH
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
6HFRQG 7HDP
6HFRQG 7HDP
&OHRQ %URZQ
'DYLG %XUQHWWH
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
1$,$ $OO $PHULFDQ 6HFRQG 7HDP
113
ALL-AMERICANS
&XUWLV %XUURZ
+HQU\ )ORUHQFH
0HOYLQ %RKDQRQ
7RP +RZDUG
6KDZQ 0F*HKHH
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
6HFRQG 7HDP
)LUVW 7HDP
)LUVW 7HDP
)LUVW 7HDP
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
)LUVW 7HDP
0DUN 7XUQHU
-RKQ &DPHURQ
5LFN\ 9DXJKDQ
&HGULF +ROW
6KDQH 0F&RQQHOO
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)RRWEDOO *D]HWWH $OO $PHULFDQ
1$,$ $OO $PHULFDQ
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
)LUVW 7HDP
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
)LUVW 7HDP
)RRWEDOO *D]HWWH $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
+RQRUDEOH 0HQWLRQ
)% *D] $OO $PHULFDQ
6HFRQG 7HDP
6HFRQG 7HDP
)LUVW 7HDP
$XQGUD %RKDQRQ
%REE\ -RH 0F'DQLHOV
%UHWW 5RJHUV
0LNH 6WHHOH
6FRWW :LOOLDPV
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
)LUVW 7HDP
)LUVW 7HDP
)LUVW 7HDP
1$,$ $OO $PHULFDQ
)RRWEDOO *D]HWWH $OO $PHULFDQ
)RRWEDOO *D]HWWH $OO $PHULFDQ
)RRWEDOO *D]HWWH $OO $PHULFDQ
)LUVW 7HDP
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
)RRWEDOO *D]HWWH $OO $PHULFDQ +RQRUDEOH 0HQWLRQ
)LUVW 7HDP
)RRWEDOO *D]HWWH $OO $PHULFDQ )LUVW 7HDP
ALL-AMERICANS
5REHUW 7DWH
$ 5 6LPV
'DYLG +HQVRQ
6KDZQ +DPLOWRQ
)RUUHVW 6WRO]HU
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
6HFRQG 7HDP
+RQRUDEOH 0HQWLRQ
6HFRQG 7HDP
+RQRUDEOH 0HQWLRQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
)LUVW 7HDP
)LUVW 7HDP
1$,$ $OO $PHULFDQ )LUVW 7HDP
$)&$ $OO $PHULFDQ )LUVW 7HDP
6WHYH 6WUDQJH
+RVHD .QRZOWRQ
&KULV 6PLWK
7\UHH 'DYLV
'DYLG +HDOHD
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ 6HFRQG 7HDP
)LUVW 7HDP
6HFRQG 7HDP
6HFRQG 7HDP
+RQRUDEOH 0HQWLRQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
)LUVW 7HDP
)LUVW 7HDP
)LUVW 7HDP
5RQQLH -HQQLQJV
1DWH 0LOOHU
%DUW 5H\QROGV
1$,$ $OO $PHULFDQ
1$,$ $OO $PHULFDQ
$)&$ $OO $PHULFDQ
6HFRQG 7HDP
6HFRQG 7HDP
)LUVW 7HDP
)RRWEDOO *D]HWWH $OO $PHULFDQ
'RQ 6WUXHELQJ
'U & 0 )UDQN $OO $PHULFDQ +RQRUDEOH 0HQWLRQ
)% *D] $OO $PHULFDQ 7KLUG 7HDP
6HFRQG 7HDP
&R6,'$ $OO $PHULFD
'U & 0 )UDQN $OO $PHULFDQ
)% *D] $OO $PHULFDQ
7KLUG 7HDP
$)4 $OO $PHULFDQ
)LUVW 7HDP )LUVW 7HDP )LUVW 7HDP
%ULDQ %DUQHWW 'U & 0 )UDQN $OO $PHULFDQ 7KLUG 7HDP
ALL-AMERICANS ALL-AMERICANS
6FRWW 6WHSKHQV
'DPLHQ /DQG
/DQGRQ 7UXVW\
=DN &ODUN
&RU\ &DQJHORVL
)% *D] $OO $PHULFDQ
' )RRWEDOO FRP $OO $PHULFDQ +RQRUDEOH 0HQWLRQ
)RRWEDOO *D]HWWH $OO $PHULFDQ
)RRWEDOO *D]HWWH
+RQRUDEOH 0HQWLRQ
)RRWEDOO *D]HWWH $OO $PHULFDQ
)% *D] $OO $PHULFDQ
7KLUG 7HDP
' )RRWEDOO FRP $OO $PHULFDQ
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
6HFRQG 7HDP
+DUORQ +LOO $ZDUG
&R6,'$ $OO $PHULFD
)% *D] $OO $PHULFDQ
)LQDOLVW
)LUVW 7HDP
+RQRUDEOH 0HQWLRQ
'DNWURQLFV $OO $PHULFD
' )RRWEDOO FRP $OO $PHULFDQ
)LUVW 7HDP
+RQRUDEOH 0HQWLRQ
.HQWUHO 5RJHUV
-DFRE )RUG
$DURQ )DLURR]
)RRWEDOO *D]HWWH $OO $PHULFDQ
'RSNH FRP $OO $PHULFDQ
' )RRWEDOO FRP $OO $PHULFDQ
+RQRUDEOH 0HQWLRQ
6HFRQG 7HDP
' )RRWEDOO FRP $OO $PHULFDQ
4XHQWLQ 0D[Ã&#x20AC;HOG
7ULVWDQ -DFNVRQ
'RSNH FRP $OO $PHULFDQ
7KH 6SRUWV 1HWZRUN $OO $PHULFDQ 7KLUG 7HDP
)LUVW 7HDP
7KLUG 7HDP
+RQRUDEOH 0HQWLRQ
)RRWEDOO *D]HWWH $OO $PHULFDQ
&65 $OO $PHULFDQ
7KLUG 7HDP
+RQRUDEOH 0HQWLRQ
)% *D]HWWH $OO $PHULFDQ
6HFRQG 7HDP
'RSNH FRP $OO $PHULFDQ 7KLUG 7HDP
)RRWEDOO *D]HWWH $OO $PHULFDQ
6HFRQG 7HDP
' )RRWEDOO FRP $OO $PHULFDQ
$OO $PHULFDQ 6HFRQG 7HDP
)LUVW 7HDP
1DWKDQ %URZQ
0DUTXH] %UDQVRQ
/DUU\ +DUW
7KH 6SRUWV 1HWZRUN $OO $PHULFDQ
7KH 6SRUWV 1HWZRUN $OO $PHULFDQ
:DOWHU &DPS )RXQGDWLRQ $OO $PHULFDQ
+RQRUDEOH 0HQWLRQ
+RQRUDEOH 0HQWLRQ
$3 )&6 $OO $PHULFDQ
6SRUWLQJ 1HZV )DEXORXV $OO $PHULFDQ
6SRUWLQJ 1HZV )DEXORXV $OO $PHULFDQ
6SRUWLQJ 1HZV )DEXORXV $OO $PHULFDQ
)LUVW 7HDP )LUVW 7HDP
)LUVW 7HDP
+RQRUDEOH 0HQWLRQ
)LUVW 7HDP
7KH 6SRUWV 1HWZRUN $OO $PHULFDQ
7KH 6SRUWV 1HWZRUN $OO $PHULFDQ
7KH 6SRUWV 1HWZRUN $OO $PHULFDQ
7KLUG 7HDP
)LUVW 7HDP
6HFRQG 7HDP
$3 )&6 $OO $PHULFDQ 6HFRQG 7HDP
%UHQW *ULPHV
(GGLH &DUPRQD
7KH 6SRUWV 1HWZRUN $OO $PHULFDQ
6SRUWLQJ 1HZV )DEXORXV $OO $PHULFDQ
7KLUG 7HDP
)LUVW 7HDP
ALL-AMERICANS +RQRUDEOH 0HQWLRQ $OO $PHULFDQV 3OD\HU 0LNH 3DLQWHU -RH &DUWHU /DUU\ &ODUN (ULF 'RHJH &OLIWRQ (DO\ *HRUJH 5LFKDUGVRQ 9DXJKQ (GZDUGV -DPHV %HOO %URRNV +ROOLQJVZRUWK +DUROG /HZLV 0LNH &RIIPDQ 'DOH 6WRNHV 0DUN +RUWRQ $OOHQ 5RFN 9HUORQ 6SHQFHU 0DUN )LHOGV -HII )XVLOLHU -RH +RJDQ 5LFN 0DWKHQH\ 6DP &RXQFH
<HDU
$ZDUG 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ
3OD\HU .HLWK +LOO 5RGQH\ 0DWKHQH\ 'DYLG 5LOH\ 'DUUHQ 6KUXP 3KLOOLS *DYLQ :D\QH %RZPDQ -HII *DEOH 'UHZ 0D\ 6KDZQ 2OLYH %ULDQ &DOODKDQ 'DU\O 3DWWRQ 0LNH /RYHODG\ 5LFN 6DZ\HU %DUU\ %ODQWRQ .HQ &ROOXPV 6SHQFHU 2ZHQV &KULV 5LJJLQV 1LFN 1HZPDQ 'DYLG 'DYHQSRUW
<HDU
$ZDUG 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 1$,$ $OO $PHULFDQ +RQRUDEOH 0HQWLRQ 'U & 0 )UDQN $OO $PHULFDQ +RQ 0HQWLRQ ' )RRWEDOO FRP $OO $PHULFDQ +RQ 0HQWLRQ
.HQ &ROOXPV 0LNH 3DLQWHU
9DXJKQ (GZDUGV
0DUN +RUWRQ 117
SLC AWARDS/HONORS $OO 6RXWKODQG &RQIHUHQFH 3OD\HU -DFRE %DQH -RQDWKDQ %HDUG 'HUULFN %R\G 0DUTXH] %UDQVRQ 1DWKDQ %URZQ (GGLH &DUPRQD 0DUNHOO &DUWHU 1LFN &RZJHU 3UHVWRQ (FKROV $XVWLQ (PHUVRQ 3LHUL )HD]HOO /DQH )UHLZDOG -HUHP\ )RUG $QWKRQ\ *DPEOHV %UDG *RUGRQ %UHQW *ULPHV /DUU\ +DUW 7ULVWDQ -DFNVRQ -DPHV /DQFDVWHU :LOOLH /DQGHUV &RUH\ 0F0XUULDQ :LOO 0HUULWW 5LFR 0RVV -DPHV 3DXO 7D\ORU 6FRWW &DVH\ 7KXUEHU (ULF :DUH
3RV /% 3 '% 7( 4% 3. '/ )% :5 2/ '% 2/ 2/ '% 2/ 5% '/ '% 56 /% :5 /% 2/ 7( 3 '( 2/ :5
<HDUV 7HDP
+0
QG
+0 QG
QG VW
VW VW
VW
QG
QG
QG +0
+0
VW VW
QG VW VW
+0 VW
VW
VW QG
+0 QG VW
VW VW
VW VW
+0 QG +0
+0
+0
QG
+0
QG
VW QG +0
+0
+0
(GGLH 5RELQVRQ $ZDUG )LQDOLVW &RDFK &OLQW &RQTXH
(DVW &RDVW %RZO 6HOHFWLRQV <HDU
%UDG *RUGRQ 7ULVWDQ -DFNVRQ -DVSHU -RKQVRQ -XVWLQ -RQHV -DPHV 3DXO
3OD\HU 1DWKDQ %URZQ
<HDU
6HQLRU %RZO 6HOHFWLRQV
3OD\HU 1DWKDQ %URZQ
<HDU
7H[DV YV 7KH 1DWLRQ %RZO 6HOHFWLRQV 3OD\HU 0DUTXH] %UDQVRQ /DUU\ +DUW
<HDU
&ROOHJH 6SRUWLQJ 1HZV 1DWLRQDO 3OD\HU RI WKH :HHN 3OD\HU 1DWKDQ %URZQ
'DWH &DWHJRU\
2IIHQVH
7KH 6SRUWV 1HWZRUN 1DWLRQDO 3OD\HU RI WKH :HHN 3OD\HU 1DWKDQ %URZQ
'DWH &DWHJRU\
2IIHQVH
)RRWEDOO *D]HWWH 1DWLRQDO 3OD\HU RI WKH :HHN
<HDUV
3OD\HU 1DWKDQ %URZQ
6/& 3OD\HU RI WKH <HDU 3OD\HU 1DWKDQ %URZQ
3OD\HU
(DVW :HVW 6KULQH *DPH 6HOHFWLRQV
6/& 2IIHQVLYH 3OD\HU RI WKH <HDU 3OD\HU 1DWKDQ %URZQ
<HDUV
'DWH &DWHJRU\
2IIHQVH
&R6,'$ $FDGHPLF $OO 'LVWULFW
<HDUV
3OD\HU $XVWLQ (PHUVRQ
<HDUV 7HDP
VW
6/& 'HIHQVLYH 3OD\HU RI WKH <HDU 3OD\HU /DUU\ +DUW
<HDUV
$FDGHPLF $OO 6RXWKODQG 3OD\HU 5RVV %URZQ 3UHVWRQ (FKROV $XVWLQ (PHUVRQ =DFK +\DWW -DPHV /RYHWW &DVH\ 7KXUEHU 7D\ORU 6FRWW
6/& &RDFK RI WKH <HDU &RDFK &OLQW &RQTXH
<HDUV
$)&$ 6RXWKHDVW 5HJLRQ &RDFK RI WKH <HDU &RDFK &OLQW &RQTXH
<HDUV
6SRUWLQJ 1HZV &RDFK RI WKH <HDU &RDFK &OLQW &RQTXH
6/& 3OD\HU RI WKH :HHN
<HDUV 7HDP
+0
3OD\HU 'HUULFN %R\G 1DWKDQ %URZQ (GGLH &DUPRQD 3LHUL )HD]HOO %UHQW *ULPHV /DUU\ +DUW 7ULVWDQ -DFNVRQ -DPHV /DQFDVWHU 5REELH 3DUN
3D\WRQ $ZDUG )LQDOLVW 3OD\HU 1DWKDQ %URZQ
<HDUV
%XFKDQDQ $ZDUG )LQDOLVW 3OD\HU /DUU\ +DUW
<HDUV
<HDUV
118
32: ' 2 67 ' 67 2 ' ' 67 ' 2
2008
10-2 overall record 6-1 Southland record 1st place in SLC #12 in final polls Red Beans & Rice Bowl champs
2 players invited to NFL Combine
SLC Player of the Year SLC Def. Player of the Year SLC Coach of the Year
119
GSC AWARDS/HONORS $OO *XOI 6RXWK &RQIHUHQFH 3OD\HU 8O\VVHV $OOHQ %ULDQ %DUQHWW +HQU\ %HUU\ (UURQ %RER :HV %RRNHU &RU\ &DQJHORVL =DN &ODUN .HQ &ROOXPV -RVHSK 'DQLHOV 'DYLG 'DYHQSRUW 5DQQH\ 'DYLV 'HYHULFN 'HOSK $UWHYLRXV 'XNH $DURQ )DLURR] 'DYLG )DUU -DFRE )RUG &KULV )UHHPDQ 7KRPDV *DUODQG &ROE\ *ROGHQ (Q5LFR *UD\HU )DÒ&#x2039;4XDQ +DUULV %RE +DUWVÃ&#x20AC;HOG 3DW +LOO :LOOLH +RSVRQ $QWKRQ\ -HPHUVRQ 'DQQ\ -RKQVRQ -DVSHU -RKQVRQ -XVWLQ -RQHV 0LWFK .HOODU +RVHD .QRZOWRQ 'DPLHQ /DQG .HYLQ /HDFK 0LNH /RYHODG\ -DVRQ 0DVWHUV 5RVV 0DWW 6KDGULFN 0F$IHH 5DSKDHO 0F&XLHQ -DPDHO 0F4XHHQ (XJHQH 0HDERQ *UHJ 0LOOV &KDG 0RUDQ .HYLQ 1DZUDFDM -RKQ 1HZEHUU\ 1LFN 1HZPDQ 0LFKDHO 1RUYHOO 0LNH 3HNUXO &KULV 3RSH %DUW 5H\QROGV -RQ 5RGULJXH] .HQWUHO 5RJHUV -DVRQ 5XVVHOO 3DWULFN 6PLWK %ULDQ 6WDOOZRUWK 6FRWW 6WHSKHQV -RH 6WRFNWRQ 'RQ 6WUXHELQJ &KDG 7D\ORU &DUO 7KRPDV /DQGRQ 7UXVW\ 7LP :RRGV 7DYDUHV :\QQ
3RV '% /% '/ 56 '% '% 4% 4% '% 2* /% 5% /% :5 %7 2* '/ 4% 3 3. :5 /% /% '/ 5% '% '% '% 27 27 5% '% 3 '/ 27 %7 5% 56 :5 5% '/ :5 4% 3 27 :5 '/ '/ '/ 27 5% 2* %7 4% 3 27 & '/ :5 7( :5 56 /%
<HDUV 7HDP
QG QG
QG VW VW
QG
VW
QG
QG VW VW
QG
QG
QG
QG QG
QG QG
QG
QG
VW QG
VW
VW
QG
QG
QG
VW
VW
QG
QG
VW
VW
QG QG
QG
VW
VW
VW
QG VW
QG
VW
VW VW
QG
VW
QG VW
QG
QG
QG
QG
VW
VW
VW VW
QG
QG
QG VW
QG VW
QG
VW
QG
QG
QG
VW QG VW
VW QG
VW VW
QG
QG
QG QG
QG VW QG
QG
$FDGHPLF $OO *6&
*6& )UHVKPDQ RI WKH <HDU &KDG 0RUDQ
'HIHQVLYH %DFNV :LGH 5HFHLYHUV /LQHEDFNHUV
5XQQLQJ %DFNV 4XDUWHUEDFNV 7LJKW (QGV
<HDUV
*6& 3OD\HU RI WKH :HHN *6& )UHVKPDQ RI WKH <HDU 0LFKDHO 1RUYHOO
*6& )UHVKPDQ RI WKH <HDU %HUQDUG 6FRWW
3OD\HU =DN &ODUN 'DPLHQ /DQG 6KDGULFN 0F$IHH .HQWUHO 5RJHUV 6FRWW 6WHSKHQV &RU\ &DQJHORVL 0LFKDHO 0D\DX[ -DPDHO 0F4XHHQ .HYLQ 1DZUDFDM &KULV 3RSH %ULDQ 6WDOOZRUWK 7DYDUHV :\QQ 8O\VVHV $OOHQ -DFREH $XVWLQ %ULDQ %DUQHWW 1DWKDQ %URZQ .HQ &ROOXPV 5DQQH\ 'DYLV $UWHYLRXV 'XNH 0DWW (PHWHULR $DURQ )DLURR] &KULV )UHHPDQ )DÒ&#x2039;4XDQ +DUULV :LOOLH +RSVRQ $QGUH .LQJ +RVHD .QRZOWRQ $QWKRQ\ /DPSNLQ 4XHQWLQ 0D[Ã&#x20AC;HOG 5DSKDHO 0F&XLHQ $QG\ 5RJHUV $UGHPLV :HVOH\
32: 2 ' 2 2 6 6 ' 6 2 2 ' 2 ' ' 6 ' 2 2 ' ' 6 2 2 ' 2 2 2 6 ' 2 2 '
2 2IIHQVLYH ' 'HIHQVLYH 6 6SHFLDO 7HDPV
$OO *XOI 6RXWK &RQIHUHQFH %\ 3RVLWLRQ 6SHFLDO 7HDPV 'HIHQVLYH /LQH 2IIHQVLYH /LQH
3OD\HU -DVRQ $DURQ %ULDQ %DUQHWW 6KD\ %UDQFK &RU\ &DQJHORVL .HQ &ROOXPV 'HUHN 'H3ULHVW 7HGG\ 'RGG 7RQ\ )LQFKHU 7RP )LVFR &ROE\ *ROGHQ 0LNH +LOO -XVWLQ -RQHV .HYLQ /HDFK -HODQL /HZLV &KULV 0F&OHQQ\ &KDG 0RUDQ 0LFKDHO 0XUU\ 0LFKDHO 1RUYHOO 0LNH 2WLV 5XVV 5DXOV /DQGRQ 7UXVW\ +HDWK 9DQFH 5RGQH\ 9LQFHQW 6WHYH :RRG
*6& 7HDP RI WKH V *6& )UHVKPDQ RI WKH <HDU 1DWKDQ %URZQ 120
6FRWW 6WHSKHQV 'RQ 6WUXHELQJ
3XQWHU &HQWHU
NCAA AWARDS/HONORS *6& &RPPLVVLRQHUÒ&#x2039;V 7URSK\
&R6,'$ $OO 6RXWK
3OD\HU &RU\ &DQJHORVL
3OD\HU %ULDQ %DUQHWW &KULV 3RSH %DUW 5H\QROGV 6FRWW 6WHSKHQV 'RQ 6WUXHELQJ
<HDUV
&R6,'$ $FDGHPLF $OO $PHULFD 3OD\HU &RU\ &DQJHORVL /DQGRQ 7UXVW\
<HDUV 7HDP
VW
VW VW
&R6,'$ $FDGHPLF $OO 'LVWULFW 3OD\HU &RU\ &DQJHORVL 7RP )LVFR &KDG 0RUDQ 0LFKDHO 0XUU\ /DQGRQ 7UXVW\
<HDUV 7HDP
VW
VW
VW
V
VW VW VW
1&$$ ,, 3RVW *UDGXDWH 6FKRODUVKLS 3OD\HU &RU\ &DQJHORVL /DQGRQ 7UXVW\
<HDU
1DWLRQDO )RRWEDOO )RXQGDWLRQ &ROOHJH +DOO RI )DPH 6FKRODUVKLS 3OD\HU &RU\ &DQJHORVL
<HDU
&DFWXV %RZO 6HOHFWLRQV 3OD\HU 'DYLG 'DYHQSRUW 0LWFK .HOODU -RKQ 1HZEHUU\ 0LNH 3HNUXO 3DWULFN 6PLWK %ULDQ 6WDOOZRUWK /DQGRQ 7UXVW\
<HDU
' )RRWEDOO FRP 3OD\HU RI WKH :HHN 3OD\HU $QG\ 5RJHUV =DN &ODUN $QWKRQ\ /DPSNLQ 4XHQWLQ 0D[Ã&#x20AC;HOG 1DWKDQ %URZQ 7KRPDV *DUODQG -DFRE )RUG
'DWH &DWHJRU\
2IIHQVH
2IIHQVH
6SHFLDO 7HDPV
'HIHQVH
2IIHQVH 6SHFLDO 7HDPV
'HIHQVH
)RRWEDOO *D]HWWH 3OD\HU RI WKH :HHN 3OD\HU 6FRWW 6WHSKHQV .HYLQ 1DZUDFDM $QG\ 5RJHUV %ULDQ 6WDOOZRUWK $QWKRQ\ /DPSNLQ .HQWUHO 5RJHUV 7KRPDV *DUODQG 1DWKDQ %URZQ &RU\ &DQJHORVL
'DWH &DWHJRU\
6SHFLDO 7HDPV
2IIHQVH
2IIHQVH
2II 2II
6SHFLDO 7HDPV
2IIHQVH
67 67
2IIHQVH 'HIHQVH
<HDUV 7HDP
QG
VW
QG
VW VW
QG VW
'DNWURQLFV $OO 6RXWKHDVW 3OD\HU &RU\ &DQJHORVL 'DYLG 'DYHQSRUW $DURQ )DLURR] -DFRE )RUG (Q5LFR *UD\HU )DÒ&#x2039;4XDQ +DUULV 0LWFK .HOODU 4XHQWLQ 0D[Ã&#x20AC;HOG .HQWUHO 5RJHUV %ULDQ 6WDOOZRUWK 6FRWW 6WHSKHQV /DQGRQ 7UXVW\ $UGHPLV :HVOH\ 7DYDUHV :\QQ
<HDUV 7HDP
VW
QG
VW
VW
QG
QG
QG QG
VW
VW
QG
VW
QG
QG
QG
*6& &RDFK RI WKH <HDU 6/& &RDFK RI WKH <HDU &OLQW &RQTXH
)RRWEDOO *D]HWWH $OO 6RXWKHDVW 3OD\HU &RU\ &DQJHORVL =DN &ODUN $DURQ )DLURR] 'DYLG )DUU -DFRE )RUG $QWKRQ\ /DPSNLQ -DVRQ 0DVWHUV 4XHQWLQ 0D[Ã&#x20AC;HOG -RKQ 1HZEHUU\ .HQWUHO 5RJHUV 3DWULFN 6PLWK /DQGRQ 7UXVW\
<HDUV 7HDP
VW
QG
VW
QG
VW
QG
UG
VW
QG UG
VW
UG
VW
-RKQ 1HZEHUU\
)RRWEDOO *D]HWWH $OO 6RXWK 3OD\HU -DFRE )RUG
<HDUV 7HDP
VW
,QWD-XLFH 1RUWK 6RXWK $OO 6WDU &ODVVLF 6HOHFWLRQV 3OD\HU -DFRE )RUG
%ULDQ 6WDOOZRUWK
<HDU
0DJQROLD *ULGLURQ &ODVVLF 6HOHFWLRQV 3OD\HU $DURQ )DLURR] -DFRE )RUG
<HDU
-RKQQ\ 9DXJKW +HDG &RDFKÒ&#x2039;V $FKLHYHPHQW $ZDUG &RDFK &OLQW &RQTXH
<HDU
86$ )RRWEDOO 3OD\HU RI WKH :HHN 3OD\HU $QG\ 5RJHUV
'DWH &DWHJRU\
2IIHQVH
0LFKDHO 0D\HX[ 121
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
<HDUV 7HDP
+0
+0
VW
VW
VW
+0
VW VW
+0 +0 VW
+0 VW
VW
+0
VW VW
VW VW
VW
QG VW
+0 VW VW VW
+0
VW VW
+0
+0
+0 +0 +0
+0
+0
+0 +0
+0 +0
+0
VW VW
VW VW
VW VW
+0 VW VW
+0 VW
QG
QG +0
+0 VW VW
VW
VW VW
VW
+0
VW
+0
VW
+0
QG
+0 VW VW
VW
+0
+0 VW
VW
+0 +0 VW VW VW
VW +0 +0
VW VW VW
VW +0
VW VW
VW
3OD\HU &KDUOLH &RPEV -RH &RQWL %XWFK &RRN +HUELH &RRN )UDQN &RRSHU &XUWLV &RSH 6DP &RXQFH -HII &RXUWZD\ $OYLQ &UDZIRUG %LOO &URPZHOO *UHJ &XPPLQV 0LNH &XPPLQV :RRG\ &XPPLQV 5DOSK &\UNLHO /HUR\ 'DQJHDX 1DWKDQLHO 'DQLHO %RE 'DUOLQJ 5D\ 'DXJKHUW\ 7\UHH 'DYLV :LOOLH 'DYLV :LOOLH & 'DYLV -LP 'H9D]LHU 'HQQLV 'LFNHUVRQ 6WHUOLQJ 'LFNVRQ 0HOYLQ 'REEV (ULF 'RHJH =HOPRUH 'RUULV 5D\ 'XQEDU .HOO\ 'XQODS 'DQ 'XUKDP 'DLQ 'XYDOO $QGUH '\HU &OLIWRQ (DO\ 'HZD\QH (DO\ 7HUU\ (GZDUGV 9DXJKQ (GZDUGV 3DWULFN (ODP %REE\ (OOHQ %LOO (VWHV %HUWUDQG (YDQV 'DYLG (YDQV $OOHQ (YHUHWWH +RZDUG )HOWV 6WRQH )DXONHQEHUU\ -LP )DXONQHU 0DUN )LHOGV +HQU\ )ORUHQFH &KDQH\ )OR\G :KLW )RZONHV :LOOLDP )UDQNOLQ 'RXJ )UHSSRQ 'HQQLV )XOPHU 'DQQ\ )XQGHUEHUJ -HII )XVLOLHU -HII *DEOH
<HDUV 7HDP
+0 VW
VW
+0 +0 VW
+0
VW VW
+0 VW
+0
+0
VW
+0
VW +0
+0
QG
+0 VW
+0
+0
VW VW VW
+0 +0 +0
QG QG
VW
+0
+0
+0 VW
+0 +0 UG
+0 VW VW
VW
+0
+0 +0
VW VW
+0 VW
+0
VW VW VW +0
+0
VW
VW
+0 +0
+0 +0 VW
+0 +0
VW
QG
QG VW
+0 VW
VW
+0 +0
+0
+0 +0 VW
+0
+0
VW
VW VW
+0 VW
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
-RH &DUWHU
<HDUV 7HDP
+0
QG QG +0
VW
QG
+0 VW
QG
+0 +0 VW
+0
VW
UG VW
+0 +0
VW
+0 VW VW QG
VW VW
+0
+0 +0 VW
VW VW VW
VW
+0 QG VW
QG
+0
+0 VW
VW VW VW
VW VW
+0 UG UG +0
VW VW VW
QG
+0
+0
VW VW
VW
+0
+0
VW
+0
+0 UG +0
VW
+0 +0
+0 VW
VW QG
+0
+0 UG
VW VW
+0 +0 QG
+0
+0
+0 VW
+0 +0 VW
QG VW VW VW
VW VW
+0
-RH )UHG <RXQJ
.HQ &ROOXPV 0LNH &RIIPDQ
1DWKDQLHO 'DQLHO
122
Y5 455+,24 . * *
Y5 %,4/36
# X $
$ X
* *
* *
* *
Y5 .: !+,5 +/
* *
Y5 ! /0 25+/
Y5 43 +--5 .
X $
X
X
#
X##
X $
X
X
X
Y5 455+,24 &
Y5 43 +--5
Y5 + 28./5.5
Y5 Z.5 .
Y5 .2 4/
V V
* *
* #*
*#*
* *
* $*
$
:LOOLH 'DYLV
-DFRE )RUG
%ULDQ 6WDOOZRUWK
0RQWH &ROHPDQ
/DUU\ +DUW
7\UHH 'DYLV
/DQGRQ 7UXVW\
3OD\HU <HDU 5G 3LFN 7HDP 0RQWH &ROHPDQ WK :DVKLQJWRQ 5HGVNLQV 1DNLWD 5REHUWVRQ WK &KLFDJR %HDUV 'DYLG %XUQHWWH WK ,QGLDQDSROLV &ROWV 'DYLG +HQVRQ WK 3KRHQL[ &DUGLQDOV 7\UHH 'DYLV WK 7DPSD %D\ -DFRE )RUG WK 7HQQHVVHH 7LWDQV /DUU\ +DUW WK -DFNVRQYLOOH -DJXDUV
1DWLRQDO )RRWEDOO /HDJXH 'UDIWHHV
( !
(ULF :DUH
$QG\ 5RJHUV
-HUHP\ 3LWWPDQ
%UXFH 0F*HH
-XVWLQ -RQHV
1DNLWD 5REHUWVRQ
-DVSHU -RKQVRQ
-DVRQ 5XVVHOO
7RP 0F&RQQDXJKH\
7ULVWDQ -DFNVRQ
+HQU\ +DZN
6KDGULFN 0F$IHH
&KULV 3RSH
0DUTXH] %UDQVRQ 'HQYHU %URQFRV 1)/
$KPDG %URZQ 7XOVD 7DORQV $) $UNDQVDV 7ZLVWHUV $)
1DWKDQ %URZQ -DFNVRQYLOOH -DJXDUV 1)/ 1HZ 2UOHDQV 6DLQWV 1)/
5D\PRQG %XUQHWW &KLFDJR &DUGLQDOV 1)/
7\UHH 'DYLV 0RQWUHDO $ORXHWWHV &)/ 7DPSD %D\ %XFFDQHHUV 1)/ &LQFLQQDWL %HQJDOV 1)/
6HDWWOH 6HDKDZNV 1)/
:LOOLH 'DYLV 2UODQGR 7KXQGHU :/$) .DQVDV &LW\ &KLHIV 1)/ +RXVWRQ 2LOHUV 1)/ 7HQQHVVHH 7LWDQV 1)/
'DYLG (YDQV 'HWURLW 'ULYH $)/ %LUPLQJKDP 6WDOOLRQV 86)/
$DURQ )DLURR] :LQQLSHJ %OXH %RPEHUV &)/ +DPLOWRQ 7LJHU &DWV &)/ $UNDQVDV 7ZLVWHUV $) 6DVNDWFKHZDQ 5LGHUV &)/ 6SRNDQH 6KRFN $)/
-DFRE )RUG 7HQQHVVHH 7LWDQV 1)/
'D\URQL +DUULV %ULWLVK &ROXPELD /LRQV &)/
+HQU\ +DZN +DPLOWRQ 7LJHU &DWV &)/
7ULVWDQ -DFNVRQ (GPRQWRQ (VNLPRV &)/
-DVSHU -RKQVRQ 'DOODV &RZER\V 1)/ :LQQLSHJ %OXHERPEHUV &)/
-XVWLQ -RQHV 1HZ <RUN *LDQWV 1)/
&DPHURQ .LQDUG $UNDQVDV 7ZLVWHU $)
-DPHV /DQFDVWHU $UNDQVDV 'LDPRQG ,)/
5RQQLH /HH %DNHUVÃ&#x20AC;HOG %OLW] $) $UNDQVDV 7ZLVWHUV $)
5RQ 0DOOHWW 2DNODQG ,QYDGHUV 86)/
6KDGULFN 0F$IHH 1HZ <RUN -HWV 1)/ (GPRQWRQ (VNLPRV &)/ /DID\HWWH 5RXJKQHFNV $) /DNH &KDUOHV /DQGVKDUNV $) 6RXWKZHVW /D 6ZDVKEXFNOHUV $) %RVVLHU &LW\ %DWWOHZLQJV $) /D 6ZDVKEXFNOHUV ,)/
7RP 0F&RQQDXJKH\ 1HZ 2UOHDQV 6DLQWV 1)/ 1HZ -HUVH\ *HQHUDOV 86)/
%UXFH 0F*HH %XIIDOR %LOOV 1)/
-DPHV 3DXO $UNDQVDV 7ZLVWHU $)
-HUHP\ 3LWWPDQ 7DPSD %D\ %XFFDQHHUV 1)/ 2UODQGR 3UHGDWRUV $)/
&KULV 3RSH 1HZ -HUVH\ 5HG 'RJV $)/ 1HZ -HUVH\ *ODGLDWRUV $)/ &DUROLQD &REUDV $)/ &ROXPEXV 'HVWUR\HUV $)/ :LQQLSHJ %OXH %RPEHUV &)/
&KULV 5HLO $UNDQVDV 7ZLVWHUV $)
-RQ 5RGULJXH] 6DQ -RVH 6DEHUFDWV $)/ $UNDQVDV 7ZLVWHUV $)
$QG\ 5RJHUV $UNDQVDV 7ZLVWHUV $)
-DVRQ 5XVVHOO $XVWLQ :UDQJOHUV $)/ ,QGLDQDSROLV &ROWV 1)/
7D\ORU 6FRWW 0RQWUHDO $ORXHWWHV &)/
3DWULFN 6PLWK 1HZ <RUN -HWV 1)/
%ULDQ 6WDOOZRUWK :LQQLSHJ %OXH %RPEHUV &)/ %RVVLHU &LW\ %DWWOHZLQJV $)
%REE\ 7LQHU $UNDQVDV 'LDPRQGV &RQWLQHQWDO
/DQGRQ 7UXVW\ 6DQ 'LHJR &KDUJHUV 1)/ 'DOODV &RZER\V 1)/ 'HQYHU %URQFRV 1)/
0DUN 7XUQHU 6W /RXLV &DUGLQDOV 1)/
(ULF :DUH (GPRQWRQ (VNLPRV &)/ $UNDQVDV 7ZLVWHUV $)
&KULV :LOOLDPV :LFKLWD :LOG 8,)
3ULQFH :LOOLDPV $UNDQVDV 7ZLVWHUV $)
+HQU\ <RXQJ $UNDQVDV 7ZLVWHUV $)
( !
8&$ KDG $FDGHPLF $OO $PHULFDQ DQG $FDGHPLF $OO 'LVWULFW VHOHFWLRQV DQG KDG WZR 6/& 6WXGHQW $WKOHWHV RI WKH <HDU 5HEHFFD 6RUHQVHQ LQ JROI &KORH 6PLWK LQ YROOH\EDOO LQ
8&$ KDG WRWDO VWXGHQW DWKOHWHV QDPHG WR WKH &DSLWDO 2QH 6RXWKODQG &RPPLVVLRQHUÒ&#x2039;V $FDGHPLF +RQRU 5ROO GXULQJ WKH VFKRRO \HDU 7KLUWHHQ %HDU DQG 6XJDU %HDU VWXGHQW DWKOHWHV ZHUH QDPHG WR WKH 6RXWKODQG &RQIHUHQFH $OO $FDGHPLF WHDPV
7KH 8&$ $WKOHWLF 'HSDUWPHQW LV SURXG RI LWV VWXGHQW DWKOHWHV RQ WKH Ã&#x20AC;HOG DV ZHOO DV LQ WKH FODVVURRP DQG ZH GR DOO ZH FDQ WR KHOS RXU VWXGHQW DWKOHWHV VXFFHHG LQ WKH DFDGHPLF ZRUOG
$&$'(0,& 68&&(66 &(17(5
$WKOHWLF $FDGHPLF $GYLVRU
%(&.< 5$61,&.
7KH %HDUV DOVR ZRUNHG RQ WKH VHW RI $%&Ò&#x2039;V ([WUHPH 0DNHRYHU +RPH (GLWLRQ WKUHH \HDUV DJR KHOSLQJ WR UHEXLOGLQJ D KRPH IRU D IDPLO\ LQ 0XUIUHHVERUR $UN
8&$Ò&#x2039;V SOD\HUV YLVLW &RQZD\ DUHD HOHPHQWDU\ VFKRROV RQ D UHJXODU EDVLV DV SDUW RI WKHLU 5HDG WR 6XFFHHG SURJUDP VSRQVRUHG E\ WKH &RQZD\ 0RUQLQJ 2SWLPLVW &OXE
7KH %HDUV DUH UHJXODU YLVLWRUV WR $UNDQVDV &KLOGUHQÒ&#x2039;V +RVSLWDO LQ /LWWOH 5RFN RQ WKH )ULGD\ DIWHUQRRQ RI HYHU\ KRPH JDPH
SURMHFWV WKURXJKRXW WKH VFKRRO \HDU
7KH 8&$ %HDUV SDUWLFLSDWH LQ QXPHURXV FRPPXQLW\ VHUYLFH
%($56 ,1 7+( &20081,7<
8&$ *$0('$<