CPI Detailed Report
Data for April 2015
Editors
Malik Crawford
Jonathan Church
Bradley Akin
Contents
Page
Consumer Price Movements, April 2015 .....................................................................................................
CPI-U 12-Month Changes............................................................................................................................
Technical Notes ...........................................................................................................................................
CPI–U
Index tables
Table
U.S. city average:
Expenditure categories; commodity, service groups ..............................
Seasonally adjusted expenditure categories; ..........................................
commodity, service groups .................................................................
Detailed expenditure categories .............................................................
Seasonally adjusted detailed expenditure categories ..............................
Special detailed categories .....................................................................
Historical:...............................................................................................
All items, 1913-present .......................................................................
Commodity and service groups and detailed
expenditures, indexes ......................................................................
Commodity and service groups and detailed
expenditures, percent change from previous December ..................
Selected areas:
All items indexes ....................................................................................
Regions ..................................................................................................
Population classes ..................................................................................
Regions and population classes cross-classified ....................................
Food at home expenditure categories .....................................................
Areas priced monthly: percent changes over the month .........................
City indexes and percent changes ..........................................................
i
1
3
112
CPI–W
Page
Table
Page
1
4
6
24
2
3
4
5
6
8
15
22
7
8
9
26
28
34
24
70
27
88
25
74
28
92
26
81
29
98
10
11
12
13
14
15
16
40
41
43
45
49
50
51
17
18
19
20
21
22
23
55
56
58
60
64
65
66
CPI Detailed Report-April 2015
&RQWHQWV²&RQWLQXHG
&3,±8 7DEOH3DJH
$YHUDJHSULFHWDEOHV
86FLW\DYHUDJH
(QHUJ\
5HVLGHQWLDOXQLWVDQGFRQVXPSWLRQUDQJHV
*DVROLQH
5HWDLO)RRG
3
3
3
&
&
&
&
&KDLQHG&3,8&&3,8WDEOHV
86FLW\DYHUDJHH[SHQGLWXUHFDWHJRULHVDQGFRPPRGLW\
DQGVHUYLFHJURXSV
86FLW\DYHUDJHDOOLWHPVLQGH[
+LVWRULFDO86FLW\DYHUDJHH[SHQGLWXUHFDWHJRULHVDQGFRPPRGLW\
DQGVHUYLFHJURXSVLQGH[HV
+LVWRULFDO86FLW\DYHUDJHH[SHQGLWXUHFDWHJRULHVDQGFRPPRGLW\
DQGVHUYLFHJURXSVSHUFHQWFKDQJHVIURPSUHYLRXV'HFHPEHU
6FKHGXOHGUHOHDVHGDWHV
&RQVXPHU3ULFH,QGH[GDWDDUHVFKHGXOHGIRULQLWLDOUHOHDVHRQWKHIROORZLQJGDWHV
,QGH[PRQWK
5HOHDVHGDWH
,QGH[PRQWK
5HOHDVHGDWH
0D\
-XQH
-XO\
-XQH
-XO\
$XJXVW
$XJXVW
6HSWHPEHU
2FWREHU
6HSWHPEHU
2FWREHU
1RYHPEHU
LL
&3,'HWDLOHG5HSRUW$SULO
&21680(535,&(029(0(176
$35,/
7KH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,8LQFUHDVHGSHUFHQWLQ$SULORQDVHDVRQDOO\DGMXVWHGEDVLVWKH
86 %XUHDX RI /DERU 6WDWLVWLFV UHSRUWHG WRGD\ 2YHU WKH ODVW PRQWKV WKH DOO LWHPV LQGH[ GHFOLQHG SHUFHQW EHIRUH VHDVRQDO
DGMXVWPHQW
7KHLQGH[IRUDOOLWHPVOHVVIRRGDQGHQHUJ\URVHSHUFHQWLQ$SULODQGOHGWRWKHVOLJKWLQFUHDVHLQWKHVHDVRQDOO\DGMXVWHGDOO
LWHPVLQGH[7KHLQGH[IRUVKHOWHUURVHDVGLGWKHLQGH[HVIRUPHGLFDOFDUHKRXVHKROGIXUQLVKLQJVDQGRSHUDWLRQVXVHGFDUVDQGWUXFNV
DQGQHZYHKLFOHV,QFRQWUDVWWKHLQGH[HVIRUDSSDUHODQGDLUOLQHIDUHVGHFOLQHGLQ$SULO
7KHHQHUJ\LQGH[GHFOLQHGLQ$SULOZKLOHWKHIRRGLQGH[ZDVXQFKDQJHG7KHLQGH[HVIRUJDVROLQHQDWXUDOJDVDQGIXHORLODOO
GHFOLQHGZKLOHWKHHOHFWULFLW\LQGH[ZDVXQFKDQJHG7KHIRRGDWKRPHLQGH[GHFOLQHGIRUWKHVHFRQGPRQWKLQDURZRIIVHWWLQJDQ
LQFUHDVHLQWKHLQGH[IRUIRRGDZD\IURPKRPH0DMRUJURFHU\VWRUHIRRGJURXSLQGH[HVZHUHPL[HG
7KHDOOLWHPVLQGH[GHFOLQHGSHUFHQWIRUWKHPRQWKVHQGLQJ$SULO7KLVUHSUHVHQWHGDVOLJKWO\ODUJHUGHFUHDVHWKDQWKH
SHUFHQWGHFOLQHIRUWKHPRQWKVHQGLQJ0DUFK7KHGHFOLQHZDVGULYHQE\WKHHQHUJ\LQGH[ZKLFKIHOOSHUFHQWRYHUWKHODVW
PRQWKVZLWKDOOWKHPDMRUFRPSRQHQWVGHFOLQLQJH[FHSWHOHFWULFLW\7KHIRRGLQGH[URVHSHUFHQWRYHUWKHODVW\HDUDQGWKHLQGH[IRU
DOOLWHPVOHVVIRRGDQGHQHUJ\URVHSHUFHQW
7DEOH$3HUFHQWFKDQJHVLQ&3,IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJH
6HDVRQDOO\DGMXVWHGFKDQJHVIURPSUHFHGLQJPRQWK
2FW
$OOLWHPV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH (QHUJ\ (QHUJ\FRPPRGLWLHV *DVROLQHDOOW\SHV )XHORLO (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\
FRPPRGLWLHV 1HZYHKLFOHV 8VHGFDUVDQGWUXFNV $SSDUHO 0HGLFDOFDUHFRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 6KHOWHU 7UDQVSRUWDWLRQVHUYLFHV 0HGLFDOFDUHVHUYLFHV 1RY
'HF
-DQ
)HE
0DU
$SU
8Q
DGMXVWHG
PRV
HQGHG
$SU
1RWVHDVRQDOO\DGMXVWHG
&RQVXPHU3ULFH,QGH['DWDIRU$SULO
)RRG
7KHIRRGLQGH[ZDVXQFKDQJHGLQ$SULODIWHUDSHUFHQWGHFOLQHLQ0DUFK7KHIRRGDWKRPHLQGH[ZKLFKGHFOLQHGSHUFHQW
LQ0DUFKIHOOSHUFHQWLQ$SULO7KHLQGH[IRUGDLU\DQGUHODWHGSURGXFWVSRVWHGWKHODUJHVWGHFOLQHRIWKHPDMRUJURFHU\VWRUHIRRG
JURXSVIDOOLQJSHUFHQWLWVIRXUWKFRQVHFXWLYHGHFUHDVH7KHLQGH[IRUPHDWVSRXOWU\ILVKDQGHJJVIHOOSHUFHQWZLWKWKHEHHI
LQGH[ULVLQJIRUWKHILIWHHQWKPRQWKLQDURZEXWWKHLQGH[HVIRUSRUNSRXOWU\DQGHJJVDOOGHFOLQLQJ7KHLQGH[IRUFHUHDOVDQGEDNHU\
SURGXFWVDOVRGHFOLQHGLQ$SULOIDOOLQJSHUFHQW,QFRQWUDVWWKHLQGH[IRUQRQDOFRKROLFEHYHUDJHVURVHSHUFHQWLQ$SULODIWHU
&3,'HWDLOHG5HSRUW$SULO
GHFOLQLQJLQ0DUFK7KHLQGH[IRUIUXLWVDQGYHJHWDEOHVDOVRWXUQHGXSLQ$SULOULVLQJSHUFHQWDIWHUIDOOLQJLQHDFKRIWKHSUHYLRXV
PRQWKV7KHLQGH[IRURWKHUIRRGDWKRPHDOVRLQFUHDVHGVOLJKWO\ULVLQJSHUFHQW7KHLQGH[IRUIRRGDWKRPHKDVLQFUHDVHGSHUFHQW
IRUWKHPRQWKVHQGLQJ$SULOWKLVLVWKHVPDOOHVWPRQWKLQFUHDVHVLQFHWKH\HDUHQGLQJ)HEUXDU\7KHLQGH[IRUIRRGDZD\
IURPKRPHURVHSHUFHQWLQ$SULODQGKDVULVHQSHUFHQWRYHUWKHODVWPRQWKV
(QHUJ\
7KHHQHUJ\LQGH[GHFOLQHGSHUFHQWLQ$SULODIWHUULVLQJLQ)HEUXDU\DQG0DUFK7KHJDVROLQHLQGH[ZKLFKURVHSHUFHQWLQ
0DUFK IHOO SHUFHQW LQ $SULO %HIRUH VHDVRQDO DGMXVWPHQW JDVROLQH SULFHV ZHUH XQFKDQJHG LQ $SULO7KH LQGH[ IRU IXHO RLO IHOO
VKDUSO\LQ$SULOGHFOLQLQJSHUFHQW7KHLQGH[IRUQDWXUDOJDVDOVRIHOOLWVSHUFHQWGHFUHDVHZDVLWVIRXUWKGHFOLQHLQDURZ7KH
HOHFWULFLW\LQGH[ZKLFKGHFOLQHGLQ0DUFKZDVXQFKDQJHGLQ$SULO7KHHOHFWULFLW\LQGH[KDVLQFUHDVHGSHUFHQWRYHUWKHODVW
PRQWKVEXWWKHRWKHUHQHUJ\LQGH[HVKDYHVKDUSO\GHFOLQHGRYHUWKHODVW\HDU7KHJDVROLQHLQGH[KDVIDOOHQSHUFHQWWKHIXHORLO
LQGH[KDVGHFUHDVHGSHUFHQWDQGWKHLQGH[IRUQDWXUDOJDVKDVGHFOLQHGSHUFHQW
$OOLWHPVOHVVIRRGDQGHQHUJ\
7KHLQGH[IRUDOOLWHPVOHVVIRRGDQGHQHUJ\LQFUHDVHGSHUFHQWLQ$SULOLWVODUJHVWLQFUHDVHVLQFH-DQXDU\7KHVKHOWHU
LQGH[LQFUHDVHGSHUFHQWWKHVDPHLQFUHDVHDVLQ0DUFK7KHLQGH[HVIRUUHQWRZQHUV
HTXLYDOHQWUHQWDQGORGJLQJDZD\IURPKRPH
DOOURVHSHUFHQW7KHPHGLFDOFDUHLQGH[URVHSHUFHQWLWVODUJHVWLQFUHDVHVLQFH-DQXDU\7KHLQGH[IRUPHGLFDOFDUHVHUYLFHV
URVHSHUFHQWZLWKWKHKRVSLWDOVHUYLFHVLQGH[ULVLQJSHUFHQW7KHLQGH[IRUKRXVHKROGIXUQLVKLQJVDQGRSHUDWLRQVURVHSHUFHQW
LWVODUJHVWLQFUHDVHVLQFH6HSWHPEHU7KHLQGH[IRUXVHGFDUVDQGWUXFNVLQFUHDVHGSHUFHQWDQGWKHQHZYHKLFOHVLQGH[URVH
SHUFHQW7KHLQGH[HVIRUDOFRKROLFEHYHUDJHVDQGIRUWREDFFRZHUHERWKXQFKDQJHGLQ$SULO7KHDSSDUHOLQGH[GHFOLQHGIRUWKHILUVWWLPH
VLQFH'HFHPEHUIDOOLQJSHUFHQW7KHLQGH[IRUDLUOLQHIDUHVFRQWLQXHGWRGHFOLQHIDOOLQJSHUFHQWDIWHUDSHUFHQWGHFOLQHLQ
0DUFK
7KHLQGH[IRUDOOLWHPVOHVVIRRGDQGHQHUJ\KDVULVHQSHUFHQWRYHUWKHSDVWPRQWKVWKHVDPHLQFUHDVHDVIRUWKHPRQWKV
HQGLQJ0DUFK7KLVLVVOLJKWO\EHORZLWVSHUFHQWDQQXDOL]HGLQFUHDVHRYHUWKHSDVW\HDUV7KHVKHOWHULQGH[KDVULVHQSHUFHQW
RYHUWKHODVW\HDUDQGWKHPHGLFDOFDUHLQGH[KDVDGYDQFHGSHUFHQW7KHLQGH[IRUDLUOLQHIDUHVIHOOSHUFHQWRYHUWKHODVW\HDU
DQGWKHLQGH[HVIRUDSSDUHODQGIRUXVHGFDUVDQGWUXFNVKDYHDOVRGHFOLQHG
1RWVHDVRQDOO\DGMXVWHG&3,PHDVXUHV
7KH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,8GHFUHDVHGSHUFHQWRYHUWKHODVWPRQWKVWRDQLQGH[OHYHORI
)RUWKHPRQWKWKHLQGH[URVHSHUFHQWSULRUWRVHDVRQDODGMXVWPHQW
7KH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:GHFUHDVHGSHUFHQWRYHUWKHODVWPRQWKV
WRDQLQGH[OHYHORI )RUWKHPRQWKWKHLQGH[URVHSHUFHQWSULRUWRVHDVRQDODGMXVWPHQW
7KH&KDLQHG&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&&3,8GHFUHDVHGSHUFHQWRYHUWKHODVWPRQWKV)RUWKH
PRQWKWKHLQGH[URVHSHUFHQWRQDQRWVHDVRQDOO\DGMXVWHGEDVLV3OHDVHQRWHWKDWWKHLQGH[HVIRUWKHSDVWWRPRQWKVDUHVXEMHFW
WRUHYLVLRQ
7KH&RQVXPHU3ULFH,QGH[IRU0D\LVVFKHGXOHGWREHUHOHDVHGRQ7KXUVGD\-XQHDW
DP('7
&3,'HWDLOHG5HSRUW$SULO
&3,80RQWK&KDQJHVWR3UHVHQW
3HUFHQW
3HUFHQW
$OO,WHPV
$OO,WHPV/HVV
)RRGDQG(QHUJ\
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQG
VHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
,WHPDQGJURXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV 0HDWVSRXOWU\ILVKDQGHJJV 'DLU\DQGUHODWHGSURGXFWV )UXLWVDQGYHJHWDEOHV 1RQDOFRKROLFEHYHUDJHVDQGEHYHUDJHPDWHULDOV 2WKHUIRRGDWKRPH 6XJDUDQGVZHHWV )DWVDQGRLOV 2WKHUIRRGV 2WKHUPLVFHOODQHRXVIRRGV )RRGDZD\IURPKRPH 2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV (QHUJ\VHUYLFHV :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV +RXVHKROGRSHUDWLRQV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO ,QIDQWV¶DQGWRGGOHUV¶DSSDUHO )RRWZHDU 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 1HZDQGXVHGPRWRUYHKLFOHV 1HZYHKLFOHV 8VHGFDUVDQGWUXFNV 0RWRUIXHO *DVROLQHDOOW\SHV 0RWRUYHKLFOHSDUWVDQGHTXLSPHQW 0RWRUYHKLFOHPDLQWHQDQFHDQGUHSDLU 3XEOLFWUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQG
VHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQGJURXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
+RVSLWDODQGUHODWHGVHUYLFHV 5HFUHDWLRQ 9LGHRDQGDXGLR (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ (GXFDWLRQDOERRNVDQGVXSSOLHV 7XLWLRQRWKHUVFKRROIHHVDQGFKLOGFDUH &RPPXQLFDWLRQ ,QIRUPDWLRQDQGLQIRUPDWLRQSURFHVVLQJ 7HOHSKRQHVHUYLFHV ,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHV 3HUVRQDOFRPSXWHUVDQGSHULSKHUDOHTXLSPHQW 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV 3HUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
&RPPRGLWLHV )RRGDQGEHYHUDJHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV $SSDUHO 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH (QHUJ\VHUYLFHV :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV +RXVHKROGRSHUDWLRQV 7UDQVSRUWDWLRQVHUYLFHV 0HGLFDOFDUHVHUYLFHV 2WKHUVHUYLFHV 6SHFLDOLQGH[HV
$OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 3XUFKDVLQJSRZHURIWKHFRQVXPHUGROODU 3XUFKDVLQJSRZHURIWKHFRQVXPHUGROODU 1RWVHDVRQDOO\DGMXVWHG
,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHE\H[SHQGLWXUHFDWHJRU\
DQGFRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
$OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV 0HDWVSRXOWU\ILVKDQGHJJV 'DLU\DQGUHODWHGSURGXFWV )UXLWVDQGYHJHWDEOHV 1RQDOFRKROLFEHYHUDJHVDQGEHYHUDJHPDWHULDOV 2WKHUIRRGDWKRPH 6XJDUDQGVZHHWV )DWVDQGRLOV 2WKHUIRRGV 2WKHUPLVFHOODQHRXVIRRGV )RRGDZD\IURPKRPH 2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV (QHUJ\VHUYLFHV :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV +RXVHKROGRSHUDWLRQV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO ,QIDQWV¶DQGWRGGOHUV¶DSSDUHO )RRWZHDU 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 1HZDQGXVHGPRWRUYHKLFOHV 1HZYHKLFOHV 8VHGFDUVDQGWUXFNV 0RWRUIXHO *DVROLQHDOOW\SHV 0RWRUYHKLFOHSDUWVDQGHTXLSPHQW 0RWRUYHKLFOHPDLQWHQDQFHDQGUHSDLU 3XEOLFWUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV ([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHE\H[SHQGLWXUHFDWHJRU\
DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
+RVSLWDODQGUHODWHGVHUYLFHV 5HFUHDWLRQ 9LGHRDQGDXGLR (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ (GXFDWLRQDOERRNVDQGVXSSOLHV 7XLWLRQRWKHUVFKRROIHHVDQGFKLOGFDUH &RPPXQLFDWLRQ ,QIRUPDWLRQDQGLQIRUPDWLRQSURFHVVLQJ 7HOHSKRQHVHUYLFHV ,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHV 3HUVRQDOFRPSXWHUVDQGSHULSKHUDOHTXLSPHQW 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV 3HUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV ([SHQGLWXUHFDWHJRU\
&RPPRGLW\DQGVHUYLFHJURXS
&RPPRGLWLHV )RRGDQGEHYHUDJHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV $SSDUHO 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH (QHUJ\VHUYLFHV :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV +RXVHKROGRSHUDWLRQV 7UDQVSRUWDWLRQVHUYLFHV 0HGLFDOFDUHVHUYLFHV 2WKHUVHUYLFHV 6SHFLDOLQGH[HV
$OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 1RWVHDVRQDOO\DGMXVWHG
,QGH[HVRQD'HFHPEHU EDVH
7KLV LQGH[ VHULHV ZDV FDOFXODWHG XVLQJ D /DVSH\UHV HVWLPDWRU $OO RWKHU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRUDOO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHGHWDLOHGH[SHQGLWXUHFDWHJRULHV
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV &HUHDOVDQGFHUHDOSURGXFWV )ORXUDQGSUHSDUHGIORXUPL[HV %UHDNIDVWFHUHDO 5LFHSDVWDFRUQPHDO 5LFH %DNHU\SURGXFWV %UHDG :KLWHEUHDG %UHDGRWKHUWKDQZKLWH )UHVKELVFXLWVUROOVPXIILQV &DNHVFXSFDNHVDQGFRRNLHV &RRNLHV )UHVKFDNHVDQGFXSFDNHV 2WKHUEDNHU\SURGXFWV )UHVKVZHHWUROOVFRIIHHFDNHVGRXJKQXWV &UDFNHUVEUHDGDQGFUDFNHUSURGXFWV )UR]HQDQGUHIULJHUDWHGEDNHU\SURGXFWVSLHVWDUWV
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
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRUDOO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
)UXLWVDQGYHJHWDEOHV )UHVKIUXLWVDQGYHJHWDEOHV )UHVKIUXLWV $SSOHV %DQDQDV &LWUXVIUXLWV 2UDQJHVLQFOXGLQJWDQJHULQHV 2WKHUIUHVKIUXLWV )UHVKYHJHWDEOHV 3RWDWRHV /HWWXFH 7RPDWRHV 2WKHUIUHVKYHJHWDEOHV 3URFHVVHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWV &DQQHGYHJHWDEOHV )UR]HQIUXLWVDQGYHJHWDEOHV )UR]HQYHJHWDEOHV 2WKHUSURFHVVHGIUXLWVDQGYHJHWDEOHVLQFOXGLQJGULHG
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
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRUDOO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
8QDGMXVWHG
LQGH[HV
0DU
$SU
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV $OFRKROLFEHYHUDJHVDWKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDWKRPH 'LVWLOOHGVSLULWVDWKRPH :KLVNH\DWKRPH 'LVWLOOHGVSLULWVH[FOXGLQJZKLVNH\DWKRPH :LQHDWKRPH $OFRKROLFEHYHUDJHVDZD\IURPKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDZD\IURPKRPH :LQHDZD\IURPKRPH 'LVWLOOHGVSLULWVDZD\IURPKRPH +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH +RXVLQJDWVFKRROH[FOXGLQJERDUG 2WKHUORGJLQJDZD\IURPKRPHLQFOXGLQJKRWHOVDQGPRWHOV
2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV )XHORLO 3URSDQHNHURVHQHDQGILUHZRRG (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV :DWHUDQGVHZHUDJHPDLQWHQDQFH *DUEDJHDQGWUDVKFROOHFWLRQ +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV :LQGRZDQGIORRUFRYHULQJVDQGRWKHUOLQHQV )ORRUFRYHULQJV :LQGRZFRYHULQJV 2WKHUOLQHQV )XUQLWXUHDQGEHGGLQJ %HGURRPIXUQLWXUH /LYLQJURRPNLWFKHQDQGGLQLQJURRPIXUQLWXUH 2WKHUIXUQLWXUH ,QIDQWV¶IXUQLWXUH $SSOLDQFHV 0DMRUDSSOLDQFHV /DXQGU\HTXLSPHQW 2WKHUDSSOLDQFHV 2WKHUKRXVHKROGHTXLSPHQWDQGIXUQLVKLQJV &ORFNVODPSVDQGGHFRUDWRULWHPV ,QGRRUSODQWVDQGIORZHUV 'LVKHVDQGIODWZDUH 1RQHOHFWULFFRRNZDUHDQGWDEOHZDUH 7RROVKDUGZDUHRXWGRRUHTXLSPHQWDQGVXSSOLHV 7RROVKDUGZDUHDQGVXSSOLHV 2XWGRRUHTXLSPHQWDQGVXSSOLHV +RXVHNHHSLQJVXSSOLHV +RXVHKROGFOHDQLQJSURGXFWV +RXVHKROGSDSHUSURGXFWV 0LVFHOODQHRXVKRXVHKROGSURGXFWV +RXVHKROGRSHUDWLRQV 'RPHVWLFVHUYLFHV *DUGHQLQJDQGODZQFDUHVHUYLFHV 1$
1$
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRUDOO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
0RYLQJVWRUDJHIUHLJKWH[SHQVH 5HSDLURIKRXVHKROGLWHPV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO 0HQ¶VDSSDUHO 0HQ¶VVXLWVVSRUWFRDWVDQGRXWHUZHDU 0HQ¶VIXUQLVKLQJV 0HQ¶VVKLUWVDQGVZHDWHUV 0HQ¶VSDQWVDQGVKRUWV %R\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO :RPHQ¶VDSSDUHO :RPHQ¶VRXWHUZHDU :RPHQ¶VGUHVVHV :RPHQ¶VVXLWVDQGVHSDUDWHV :RPHQ¶VXQGHUZHDUQLJKWZHDUVSRUWVZHDUDQG
DFFHVVRULHV *LUOV¶DSSDUHO )RRWZHDU 0HQ¶VIRRWZHDU %R\V¶DQGJLUOV¶IRRWZHDU :RPHQ¶VIRRWZHDU ,QIDQWV¶DQGWRGGOHUV¶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
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRUDOO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
8QDGMXVWHG
LQGH[HV
0DU
$SU
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
,QWHUFLW\EXVIDUH ,QWHUFLW\WUDLQIDUH 6KLSIDUH ,QWUDFLW\WUDQVSRUWDWLRQ ,QWUDFLW\PDVVWUDQVLW 1$
1$
0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFLQDOGUXJV 3UHVFULSWLRQGUXJV 1RQSUHVFULSWLRQGUXJV 0HGLFDOHTXLSPHQWDQGVXSSOLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 3K\VLFLDQV¶VHUYLFHV 'HQWDOVHUYLFHV (\HJODVVHVDQGH\HFDUH 6HUYLFHVE\RWKHUPHGLFDOSURIHVVLRQDOV +RVSLWDODQGUHODWHGVHUYLFHV +RVSLWDOVHUYLFHV ,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 1XUVLQJKRPHVDQGDGXOWGD\VHUYLFHV &DUHRILQYDOLGVDQGHOGHUO\DWKRPH +HDOWKLQVXUDQFH 5HFUHDWLRQ 9LGHRDQGDXGLR 7HOHYLVLRQV &DEOHDQGVDWHOOLWHWHOHYLVLRQDQGUDGLRVHUYLFH 2WKHUYLGHRHTXLSPHQW 9LGHRGLVFVDQGRWKHUPHGLDLQFOXGLQJUHQWDORIYLGHRDQG
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
H[HUFLVHV $GPLVVLRQV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRUDOO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
8QDGMXVWHG
LQGH[HV
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
$SU
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
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
LQIRUPDWLRQLWHPV 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV &LJDUHWWHV 7REDFFRSURGXFWVRWKHUWKDQFLJDUHWWHV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV +DLUGHQWDOVKDYLQJDQGPLVFHOODQHRXVSHUVRQDOFDUH
SURGXFWV &RVPHWLFVSHUIXPHEDWKQDLOSUHSDUDWLRQVDQG
LPSOHPHQWV 3HUVRQDOFDUHVHUYLFHV +DLUFXWVDQGRWKHUSHUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV /HJDOVHUYLFHV )XQHUDOH[SHQVHV /DXQGU\DQGGU\FOHDQLQJVHUYLFHV $SSDUHOVHUYLFHVRWKHUWKDQODXQGU\DQGGU\FOHDQLQJ )LQDQFLDOVHUYLFHV &KHFNLQJDFFRXQWDQGRWKHUEDQNVHUYLFHV 7D[UHWXUQSUHSDUDWLRQDQGRWKHUDFFRXQWLQJIHHV 0LVFHOODQHRXVSHUVRQDOJRRGV 6WDWLRQHU\VWDWLRQHU\VXSSOLHVJLIWZUDS ,QIDQWV¶HTXLSPHQW ([SHQGLWXUHFDWHJRU\
$GPLVVLRQWRPRYLHVWKHDWHUVDQGFRQFHUWV $GPLVVLRQWRVSRUWLQJHYHQWV )HHVIRUOHVVRQVRULQVWUXFWLRQV 5HFUHDWLRQDOUHDGLQJPDWHULDOV 1HZVSDSHUVDQGPDJD]LQHV 5HFUHDWLRQDOERRNV 6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 2WKHUVHUYLFHV $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRUDOO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV $SSDUHOOHVVIRRWZHDU 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 'RPHVWLFDOO\SURGXFHGIDUPIRRG 8WLOLWLHVDQGSXEOLFWUDQVSRUWDWLRQ 3XUFKDVLQJSRZHURIWKHFRQVXPHUGROODU 3XUFKDVLQJSRZHURIWKHFRQVXPHUGROODU 1$
1RWVHDVRQDOO\DGMXVWHG
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHU
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDGHTXDWHIRUSXEOLFDWLRQ
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
$OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV &HUHDOVDQGFHUHDOSURGXFWV )ORXUDQGSUHSDUHGIORXUPL[HV %UHDNIDVWFHUHDO 5LFHSDVWDFRUQPHDO 5LFH %DNHU\SURGXFWV %UHDG :KLWHEUHDG %UHDGRWKHUWKDQZKLWH )UHVKELVFXLWVUROOVPXIILQV &DNHVFXSFDNHVDQGFRRNLHV &RRNLHV )UHVKFDNHVDQGFXSFDNHV 2WKHUEDNHU\SURGXFWV )UHVKVZHHWUROOVFRIIHHFDNHVGRXJKQXWV &UDFNHUVEUHDGDQGFUDFNHUSURGXFWV )UR]HQDQGUHIULJHUDWHGEDNHU\SURGXFWVSLHVWDUWV
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
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
-XO\
2FW
-DQ
$SU
2FW
$SU
([SHQGLWXUHFDWHJRU\
)UXLWVDQGYHJHWDEOHV )UHVKIUXLWVDQGYHJHWDEOHV )UHVKIUXLWV $SSOHV %DQDQDV &LWUXVIUXLWV 2UDQJHVLQFOXGLQJWDQJHULQHV 2WKHUIUHVKIUXLWV )UHVKYHJHWDEOHV 3RWDWRHV /HWWXFH 7RPDWRHV 2WKHUIUHVKYHJHWDEOHV 3URFHVVHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWV &DQQHGYHJHWDEOHV )UR]HQIUXLWVDQGYHJHWDEOHV )UR]HQYHJHWDEOHV 2WKHUSURFHVVHGIUXLWVDQGYHJHWDEOHVLQFOXGLQJGULHG
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
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV $OFRKROLFEHYHUDJHVDWKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDWKRPH 'LVWLOOHGVSLULWVDWKRPH :KLVNH\DWKRPH 'LVWLOOHGVSLULWVH[FOXGLQJZKLVNH\DWKRPH :LQHDWKRPH $OFRKROLFEHYHUDJHVDZD\IURPKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDZD\IURPKRPH :LQHDZD\IURPKRPH 'LVWLOOHGVSLULWVDZD\IURPKRPH +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH +RXVLQJDWVFKRROH[FOXGLQJERDUG 2WKHUORGJLQJDZD\IURPKRPHLQFOXGLQJKRWHOVDQG
PRWHOV 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV )XHORLO 3URSDQHNHURVHQHDQGILUHZRRG (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV :DWHUDQGVHZHUDJHPDLQWHQDQFH *DUEDJHDQGWUDVKFROOHFWLRQ +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV :LQGRZDQGIORRUFRYHULQJVDQGRWKHUOLQHQV )ORRUFRYHULQJV :LQGRZFRYHULQJV 2WKHUOLQHQV )XUQLWXUHDQGEHGGLQJ %HGURRPIXUQLWXUH /LYLQJURRPNLWFKHQDQGGLQLQJURRPIXUQLWXUH 2WKHUIXUQLWXUH ,QIDQWV¶IXUQLWXUH $SSOLDQFHV 0DMRUDSSOLDQFHV /DXQGU\HTXLSPHQW 2WKHUDSSOLDQFHV 2WKHUKRXVHKROGHTXLSPHQWDQGIXUQLVKLQJV &ORFNVODPSVDQGGHFRUDWRULWHPV ,QGRRUSODQWVDQGIORZHUV 'LVKHVDQGIODWZDUH 1RQHOHFWULFFRRNZDUHDQGWDEOHZDUH 7RROVKDUGZDUHRXWGRRUHTXLSPHQWDQGVXSSOLHV 7RROVKDUGZDUHDQGVXSSOLHV 2XWGRRUHTXLSPHQWDQGVXSSOLHV +RXVHNHHSLQJVXSSOLHV +RXVHKROGFOHDQLQJSURGXFWV +RXVHKROGSDSHUSURGXFWV 0LVFHOODQHRXVKRXVHKROGSURGXFWV +RXVHKROGRSHUDWLRQV 'RPHVWLFVHUYLFHV *DUGHQLQJDQGODZQFDUHVHUYLFHV ([SHQGLWXUHFDWHJRU\
1$
1$
1$
1$
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
0RYLQJVWRUDJHIUHLJKWH[SHQVH 5HSDLURIKRXVHKROGLWHPV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO 0HQ¶VDSSDUHO 0HQ¶VVXLWVVSRUWFRDWVDQGRXWHUZHDU 0HQ¶VIXUQLVKLQJV 0HQ¶VVKLUWVDQGVZHDWHUV 0HQ¶VSDQWVDQGVKRUWV %R\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO :RPHQ¶VDSSDUHO :RPHQ¶VRXWHUZHDU :RPHQ¶VGUHVVHV :RPHQ¶VVXLWVDQGVHSDUDWHV :RPHQ¶VXQGHUZHDUQLJKWZHDUVSRUWVZHDUDQG
DFFHVVRULHV *LUOV¶DSSDUHO )RRWZHDU 0HQ¶VIRRWZHDU %R\V¶DQGJLUOV¶IRRWZHDU :RPHQ¶VIRRWZHDU ,QIDQWV¶DQGWRGGOHUV¶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
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-DQ
)HE
0DU
$SU
-XO\
2FW
-DQ
PRQWKV
HQGHG²
$SU
2FW
$SU
([SHQGLWXUHFDWHJRU\
,QWHUFLW\EXVIDUH ,QWHUFLW\WUDLQIDUH 6KLSIDUH ,QWUDFLW\WUDQVSRUWDWLRQ ,QWUDFLW\PDVVWUDQVLW 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFLQDOGUXJV 3UHVFULSWLRQGUXJV 1RQSUHVFULSWLRQGUXJV 0HGLFDOHTXLSPHQWDQGVXSSOLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 3K\VLFLDQV¶VHUYLFHV 'HQWDOVHUYLFHV (\HJODVVHVDQGH\HFDUH 6HUYLFHVE\RWKHUPHGLFDOSURIHVVLRQDOV +RVSLWDODQGUHODWHGVHUYLFHV +RVSLWDOVHUYLFHV ,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 1XUVLQJKRPHVDQGDGXOWGD\VHUYLFHV &DUHRILQYDOLGVDQGHOGHUO\DWKRPH +HDOWKLQVXUDQFH 5HFUHDWLRQ 9LGHRDQGDXGLR 7HOHYLVLRQV &DEOHDQGVDWHOOLWHWHOHYLVLRQDQGUDGLRVHUYLFH 2WKHUYLGHRHTXLSPHQW 9LGHRGLVFVDQGRWKHUPHGLDLQFOXGLQJUHQWDORIYLGHRDQG
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
H[HUFLVHV $GPLVVLRQV 1$
1$
1$
1$
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
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
LQIRUPDWLRQLWHPV 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV &LJDUHWWHV 7REDFFRSURGXFWVRWKHUWKDQFLJDUHWWHV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV +DLUGHQWDOVKDYLQJDQGPLVFHOODQHRXVSHUVRQDOFDUH
SURGXFWV &RVPHWLFVSHUIXPHEDWKQDLOSUHSDUDWLRQVDQG
LPSOHPHQWV 3HUVRQDOFDUHVHUYLFHV +DLUFXWVDQGRWKHUSHUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV /HJDOVHUYLFHV )XQHUDOH[SHQVHV /DXQGU\DQGGU\FOHDQLQJVHUYLFHV $SSDUHOVHUYLFHVRWKHUWKDQODXQGU\DQGGU\FOHDQLQJ )LQDQFLDOVHUYLFHV &KHFNLQJDFFRXQWDQGRWKHUEDQNVHUYLFHV 7D[UHWXUQSUHSDUDWLRQDQGRWKHUDFFRXQWLQJIHHV 0LVFHOODQHRXVSHUVRQDOJRRGV 6WDWLRQHU\VWDWLRQHU\VXSSOLHVJLIWZUDS ,QIDQWV¶HTXLSPHQW ([SHQGLWXUHFDWHJRU\
6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HDVRQDOO\DGMXVWHG86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-DQ
)HE
0DU
$SU
-XO\
2FW
-DQ
PRQWKV
HQGHG²
$SU
2FW
$SU
6SHFLDODJJUHJDWHLQGH[HV
2WKHUVHUYLFHV $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV $SSDUHOOHVVIRRWZHDU 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 'RPHVWLFDOO\SURGXFHGIDUPIRRG 8WLOLWLHVDQGSXEOLFWUDQVSRUWDWLRQ 1$
1RWVHDVRQDOO\DGMXVWHG
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHU
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDGHTXDWHIRUSXEOLFDWLRQ
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHXQDGMXVWHGLQGH[HVIRUVSHFLDOGHWDLOHG
H[SHQGLWXUHFDWHJRULHV
XQOHVVRWKHUZLVHQRWHG
PRQWK
SHUFHQWFKDQJHV
HQGHG²
,QGH[HV
3HUFHQW
FKDQJHWR
$SU
IURP²
,WHP
-DQ
)HE
0DU
$SU
-DQ
)HE
0DU
$SU
$SU
)RRGDQGEHYHUDJHV
5LFH :KLWHEUHDG %UHDGRWKHUWKDQZKLWH )UHVKFDNHVDQGFXSFDNHV &RRNLHV )UHVKVZHHWUROOVFRIIHHFDNHVGRXJKQXWV &UDFNHUVEUHDGDQGFUDFNHUSURGXFWV )UR]HQDQGUHIULJHUDWHGEDNHU\SURGXFWVSLHVWDUWVWXUQRYHUV
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
,QIDQWV¶IXUQLWXUH /DXQGU\HTXLSPHQW 1$
1$
1$
1$
7UDQVSRUWDWLRQ
1HZFDUVDQGWUXFNV 1HZFDUV 1HZWUXFNV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 9HKLFOHSDUWVDQGHTXLSPHQWRWKHUWKDQWLUHV 0RWRURLOFRRODQWDQGIOXLGV 3DUNLQJIHHVDQGWROOV $XWRPRELOHVHUYLFHFOXEV ,QWHUFLW\EXVIDUH ,QWHUFLW\WUDLQIDUH 6KLSIDUH ,QWUDFLW\PDVVWUDQVLW 1$
1$
1$
1$
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHXQDGMXVWHGLQGH[HVIRUVSHFLDOGHWDLOHG
H[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
PRQWK
SHUFHQWFKDQJHV
HQGHG²
,QGH[HV
3HUFHQW
FKDQJHWR
$SU
IURP²
,WHP
-DQ
)HE
0DU
$SU
-DQ
)HE
0DU
$SU
$SU
0HGLFDOFDUH
,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 5HFUHDWLRQ
9LGHRGLVFVDQGRWKHUPHGLD 5HQWDORIYLGHRRUDXGLRGLVFVDQGRWKHUPHGLD 3HWIRRG 3XUFKDVHRISHWVSHWVXSSOLHVDFFHVVRULHV 3HWVHUYLFHV 9HWHULQDULDQVHUYLFHV )LOPDQGSKRWRJUDSKLFVXSSOLHV 3KRWRJUDSKLFHTXLSPHQW 3KRWRJUDSKHUIHHV )LOPSURFHVVLQJ 7R\VJDPHVKREELHVDQGSOD\JURXQGHTXLSPHQW $GPLVVLRQWRPRYLHVWKHDWHUVDQGFRQFHUWV $GPLVVLRQWRVSRUWLQJHYHQWV (GXFDWLRQDQGFRPPXQLFDWLRQ
&ROOHJHWH[WERRNV 2WKHUJRRGVDQGVHUYLFHV
&KHFNLQJDFFRXQWDQGRWKHUEDQNVHUYLFHV 7D[UHWXUQSUHSDUDWLRQDQGRWKHUDFFRXQWLQJIHHV 6WDWLRQHU\VWDWLRQHU\VXSSOLHVJLIWZUDS ,QIDQWV¶HTXLSPHQW 7KLV LQGH[ VHULHV ZDV FDOFXODWHG XVLQJ D /DVSH\UHV HVWLPDWRU $OO RWKHU
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
1$ 'DWDQRWDGHTXDWHIRUSXEOLFDWLRQ
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHE\H[SHQGLWXUHFDWHJRU\
DQGFRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
,WHPDQGJURXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV 0HDWVSRXOWU\ILVKDQGHJJV 'DLU\DQGUHODWHGSURGXFWV )UXLWVDQGYHJHWDEOHV 1RQDOFRKROLFEHYHUDJHVDQGEHYHUDJHPDWHULDOV 2WKHUIRRGDWKRPH 6XJDUDQGVZHHWV )DWVDQGRLOV 2WKHUIRRGV 2WKHUPLVFHOODQHRXVIRRGV )RRGDZD\IURPKRPH 2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV (QHUJ\VHUYLFHV :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV +RXVHKROGRSHUDWLRQV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO ,QIDQWV¶DQGWRGGOHUV¶DSSDUHO )RRWZHDU 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 1HZDQGXVHGPRWRUYHKLFOHV 1HZYHKLFOHV 8VHGFDUVDQGWUXFNV 0RWRUIXHO *DVROLQHDOOW\SHV 0RWRUYHKLFOHSDUWVDQGHTXLSPHQW 0RWRUYHKLFOHPDLQWHQDQFHDQGUHSDLU 3XEOLFWUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHE\H[SHQGLWXUHFDWHJRU\
DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQGJURXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
+RVSLWDODQGUHODWHGVHUYLFHV 5HFUHDWLRQ 9LGHRDQGDXGLR (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ (GXFDWLRQDOERRNVDQGVXSSOLHV 7XLWLRQRWKHUVFKRROIHHVDQGFKLOGFDUH &RPPXQLFDWLRQ ,QIRUPDWLRQDQGLQIRUPDWLRQSURFHVVLQJ 7HOHSKRQHVHUYLFHV ,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHV 3HUVRQDOFRPSXWHUVDQGSHULSKHUDOHTXLSPHQW 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV 3HUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
&RPPRGLWLHV )RRGDQGEHYHUDJHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV $SSDUHO 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH (QHUJ\VHUYLFHV :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV +RXVHKROGRSHUDWLRQV 7UDQVSRUWDWLRQVHUYLFHV 0HGLFDOFDUHVHUYLFHV 2WKHUVHUYLFHV 6SHFLDOLQGH[HV
$OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 3XUFKDVLQJSRZHURIWKHFRQVXPHUGROODU 3XUFKDVLQJSRZHURIWKHFRQVXPHUGROODU 1RWVHDVRQDOO\DGMXVWHG
,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HDVRQDOO\DGMXVWHG86FLW\DYHUDJHE\
H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
$OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV 0HDWVSRXOWU\ILVKDQGHJJV 'DLU\DQGUHODWHGSURGXFWV )UXLWVDQGYHJHWDEOHV 1RQDOFRKROLFEHYHUDJHVDQGEHYHUDJHPDWHULDOV 2WKHUIRRGDWKRPH 6XJDUDQGVZHHWV )DWVDQGRLOV 2WKHUIRRGV 2WKHUPLVFHOODQHRXVIRRGV )RRGDZD\IURPKRPH 2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV (QHUJ\VHUYLFHV :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV +RXVHKROGRSHUDWLRQV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO ,QIDQWV¶DQGWRGGOHUV¶DSSDUHO )RRWZHDU 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 1HZDQGXVHGPRWRUYHKLFOHV 1HZYHKLFOHV 8VHGFDUVDQGWUXFNV 0RWRUIXHO *DVROLQHDOOW\SHV 0RWRUYHKLFOHSDUWVDQGHTXLSPHQW 0RWRUYHKLFOHPDLQWHQDQFHDQGUHSDLU 3XEOLFWUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV ([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HDVRQDOO\DGMXVWHG86FLW\DYHUDJHE\
H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
+RVSLWDODQGUHODWHGVHUYLFHV 5HFUHDWLRQ 9LGHRDQGDXGLR (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ (GXFDWLRQDOERRNVDQGVXSSOLHV 7XLWLRQRWKHUVFKRROIHHVDQGFKLOGFDUH &RPPXQLFDWLRQ ,QIRUPDWLRQDQGLQIRUPDWLRQSURFHVVLQJ 7HOHSKRQHVHUYLFHV ,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHV 3HUVRQDOFRPSXWHUVDQGSHULSKHUDOHTXLSPHQW 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV 3HUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV ([SHQGLWXUHFDWHJRU\
&RPPRGLW\DQGVHUYLFHJURXS
&RPPRGLWLHV )RRGDQGEHYHUDJHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV $SSDUHO 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH (QHUJ\VHUYLFHV :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV +RXVHKROGRSHUDWLRQV 7UDQVSRUWDWLRQVHUYLFHV 0HGLFDOFDUHVHUYLFHV 2WKHUVHUYLFHV 6SHFLDOLQGH[HV
$OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 1RWVHDVRQDOO\DGMXVWHG
,QGH[HVRQD'HFHPEHU EDVH
7KLV LQGH[ VHULHV ZDV FDOFXODWHG XVLQJ D /DVSH\UHV HVWLPDWRU $OO RWKHU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV &HUHDOVDQGFHUHDOSURGXFWV )ORXUDQGSUHSDUHGIORXUPL[HV %UHDNIDVWFHUHDO 5LFHSDVWDFRUQPHDO %DNHU\SURGXFWV %UHDG )UHVKELVFXLWVUROOVPXIILQV &DNHVFXSFDNHVDQGFRRNLHV 2WKHUEDNHU\SURGXFWV 0HDWVSRXOWU\ILVKDQGHJJV 0HDWVSRXOWU\DQGILVK 0HDWV %HHIDQGYHDO 8QFRRNHGJURXQGEHHI 8QFRRNHGEHHIURDVWV 8QFRRNHGEHHIVWHDNV 8QFRRNHGRWKHUEHHIDQGYHDO 3RUN %DFRQEUHDNIDVWVDXVDJHDQGUHODWHGSURGXFWV +DP 3RUNFKRSV 2WKHUSRUNLQFOXGLQJURDVWVDQGSLFQLFV 2WKHUPHDWV 3RXOWU\ &KLFNHQ 2WKHUSRXOWU\LQFOXGLQJWXUNH\ )LVKDQGVHDIRRG )UHVKILVKDQGVHDIRRG 3URFHVVHGILVKDQGVHDIRRG (JJV 'DLU\DQGUHODWHGSURGXFWV 0LON &KHHVHDQGUHODWHGSURGXFWV ,FHFUHDPDQGUHODWHGSURGXFWV 2WKHUGDLU\DQGUHODWHGSURGXFWV )UXLWVDQGYHJHWDEOHV )UHVKIUXLWVDQGYHJHWDEOHV )UHVKIUXLWV $SSOHV %DQDQDV &LWUXVIUXLWV 2WKHUIUHVKIUXLWV )UHVKYHJHWDEOHV 3RWDWRHV /HWWXFH 7RPDWRHV 2WKHUIUHVKYHJHWDEOHV 3URFHVVHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWVDQGYHJHWDEOHV )UR]HQIUXLWVDQGYHJHWDEOHV 2WKHUSURFHVVHGIUXLWVDQGYHJHWDEOHVLQFOXGLQJGULHG
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
1RQDOFRKROLFEHYHUDJHVDQGEHYHUDJHPDWHULDOV -XLFHVDQGQRQDOFRKROLFGULQNV &DUERQDWHGGULQNV )UR]HQQRQFDUERQDWHGMXLFHVDQGGULQNV 1RQIUR]HQQRQFDUERQDWHGMXLFHVDQGGULQNV %HYHUDJHPDWHULDOVLQFOXGLQJFRIIHHDQGWHD &RIIHH 2WKHUEHYHUDJHPDWHULDOVLQFOXGLQJWHD 2WKHUIRRGDWKRPH 6XJDUDQGVZHHWV 6XJDUDQGDUWLILFLDOVZHHWHQHUV &DQG\DQGFKHZLQJJXP 2WKHUVZHHWV )DWVDQGRLOV %XWWHUDQGPDUJDULQH 6DODGGUHVVLQJ 2WKHUIDWVDQGRLOVLQFOXGLQJSHDQXWEXWWHU 2WKHUIRRGV 6RXSV )UR]HQDQGIUHH]HGULHGSUHSDUHGIRRGV 6QDFNV 6SLFHVVHDVRQLQJVFRQGLPHQWVVDXFHV %DE\IRRG 2WKHUPLVFHOODQHRXVIRRGV )RRGDZD\IURPKRPH )XOOVHUYLFHPHDOVDQGVQDFNV /LPLWHGVHUYLFHPHDOVDQGVQDFNV )RRGDWHPSOR\HHVLWHVDQGVFKRROV )RRGIURPYHQGLQJPDFKLQHVDQGPRELOHYHQGRUV 2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV $OFRKROLFEHYHUDJHVDWKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDWKRPH 'LVWLOOHGVSLULWVDWKRPH :LQHDWKRPH $OFRKROLFEHYHUDJHVDZD\IURPKRPH +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH +RXVLQJDWVFKRROH[FOXGLQJERDUG 2WKHUORGJLQJDZD\IURPKRPHLQFOXGLQJKRWHOVDQGPRWHOV
2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV )XHORLO 3URSDQHNHURVHQHDQGILUHZRRG (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV :DWHUDQGVHZHUDJHPDLQWHQDQFH *DUEDJHDQGWUDVKFROOHFWLRQ +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV :LQGRZDQGIORRUFRYHULQJVDQGRWKHUOLQHQV )ORRUFRYHULQJV :LQGRZFRYHULQJV 2WKHUOLQHQV )XUQLWXUHDQGEHGGLQJ %HGURRPIXUQLWXUH /LYLQJURRPNLWFKHQDQGGLQLQJURRPIXUQLWXUH 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
2WKHUIXUQLWXUH $SSOLDQFHV 0DMRUDSSOLDQFHV 2WKHUDSSOLDQFHV 2WKHUKRXVHKROGHTXLSPHQWDQGIXUQLVKLQJV &ORFNVODPSVDQGGHFRUDWRULWHPV ,QGRRUSODQWVDQGIORZHUV 'LVKHVDQGIODWZDUH 1RQHOHFWULFFRRNZDUHDQGWDEOHZDUH 7RROVKDUGZDUHRXWGRRUHTXLSPHQWDQGVXSSOLHV 7RROVKDUGZDUHDQGVXSSOLHV 2XWGRRUHTXLSPHQWDQGVXSSOLHV +RXVHNHHSLQJVXSSOLHV +RXVHKROGFOHDQLQJSURGXFWV +RXVHKROGSDSHUSURGXFWV 0LVFHOODQHRXVKRXVHKROGSURGXFWV +RXVHKROGRSHUDWLRQV 'RPHVWLFVHUYLFHV *DUGHQLQJDQGODZQFDUHVHUYLFHV 0RYLQJVWRUDJHIUHLJKWH[SHQVH 5HSDLURIKRXVHKROGLWHPV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO 0HQ¶VDSSDUHO 0HQ¶VVXLWVVSRUWFRDWVDQGRXWHUZHDU 0HQ¶VIXUQLVKLQJV 0HQ¶VVKLUWVDQGVZHDWHUV 0HQ¶VSDQWVDQGVKRUWV %R\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO :RPHQ¶VDSSDUHO :RPHQ¶VRXWHUZHDU :RPHQ¶VGUHVVHV :RPHQ¶VVXLWVDQGVHSDUDWHV :RPHQ¶VXQGHUZHDUQLJKWZHDUVSRUWVZHDUDQG
DFFHVVRULHV *LUOV¶DSSDUHO )RRWZHDU 0HQ¶VIRRWZHDU %R\V¶DQGJLUOV¶IRRWZHDU :RPHQ¶VIRRWZHDU ,QIDQWV¶DQGWRGGOHUV¶DSSDUHO -HZHOU\DQGZDWFKHV :DWFKHV -HZHOU\ 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 1HZDQGXVHGPRWRUYHKLFOHV 1HZYHKLFOHV 8VHGFDUVDQGWUXFNV /HDVHGFDUVDQGWUXFNV &DUDQGWUXFNUHQWDO 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 2WKHUPRWRUIXHOV 0RWRUYHKLFOHSDUWVDQGHTXLSPHQW 7LUHV 9HKLFOHDFFHVVRULHVRWKHUWKDQWLUHV 0RWRUYHKLFOHPDLQWHQDQFHDQGUHSDLU 0RWRUYHKLFOHERG\ZRUN 0RWRUYHKLFOHPDLQWHQDQFHDQGVHUYLFLQJ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
0RWRUYHKLFOHUHSDLU 0RWRUYHKLFOHLQVXUDQFH 0RWRUYHKLFOHIHHV 6WDWHPRWRUYHKLFOHUHJLVWUDWLRQDQGOLFHQVHIHHV 3DUNLQJDQGRWKHUIHHV 3XEOLFWUDQVSRUWDWLRQ $LUOLQHIDUH 2WKHULQWHUFLW\WUDQVSRUWDWLRQ ,QWUDFLW\WUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFLQDOGUXJV 3UHVFULSWLRQGUXJV 1RQSUHVFULSWLRQGUXJV 0HGLFDOHTXLSPHQWDQGVXSSOLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 3K\VLFLDQV¶VHUYLFHV 'HQWDOVHUYLFHV (\HJODVVHVDQGH\HFDUH 6HUYLFHVE\RWKHUPHGLFDOSURIHVVLRQDOV +RVSLWDODQGUHODWHGVHUYLFHV +RVSLWDOVHUYLFHV ,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 1XUVLQJKRPHVDQGDGXOWGD\VHUYLFHV &DUHRILQYDOLGVDQGHOGHUO\DWKRPH +HDOWKLQVXUDQFH 5HFUHDWLRQ 9LGHRDQGDXGLR 7HOHYLVLRQV &DEOHDQGVDWHOOLWHWHOHYLVLRQDQGUDGLRVHUYLFH 2WKHUYLGHRHTXLSPHQW 9LGHRGLVFVDQGRWKHUPHGLDLQFOXGLQJUHQWDORIYLGHRDQG
DXGLR $XGLRHTXLSPHQW $XGLRGLVFVWDSHVDQGRWKHUPHGLD 3HWVSHWSURGXFWVDQGVHUYLFHV 3HWVDQGSHWSURGXFWV 3HWVHUYLFHVLQFOXGLQJYHWHULQDU\ 6SRUWLQJJRRGV 6SRUWVYHKLFOHVLQFOXGLQJELF\FOHV 6SRUWVHTXLSPHQW 3KRWRJUDSK\ 3KRWRJUDSKLFHTXLSPHQWDQGVXSSOLHV 3KRWRJUDSKHUVDQGILOPSURFHVVLQJ 2WKHUUHFUHDWLRQDOJRRGV 7R\V 6HZLQJPDFKLQHVIDEULFDQGVXSSOLHV 0XVLFLQVWUXPHQWVDQGDFFHVVRULHV 2WKHUUHFUHDWLRQVHUYLFHV &OXEGXHVDQGIHHVIRUSDUWLFLSDQWVSRUWVDQGJURXS
H[HUFLVHV $GPLVVLRQV )HHVIRUOHVVRQVRULQVWUXFWLRQV 5HFUHDWLRQDOUHDGLQJPDWHULDOV 1HZVSDSHUVDQGPDJD]LQHV 5HFUHDWLRQDOERRNV (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ (GXFDWLRQDOERRNVDQGVXSSOLHV 7XLWLRQRWKHUVFKRROIHHVDQGFKLOGFDUH &ROOHJHWXLWLRQDQGIHHV (OHPHQWDU\DQGKLJKVFKRROWXLWLRQDQGIHHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
8QDGMXVWHG
LQGH[HV
0DU
$SU
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
([SHQGLWXUHFDWHJRU\
&KLOGFDUHDQGQXUVHU\VFKRRO 7HFKQLFDODQGEXVLQHVVVFKRROWXLWLRQDQGIHHV &RPPXQLFDWLRQ 3RVWDJHDQGGHOLYHU\VHUYLFHV 3RVWDJH 'HOLYHU\VHUYLFHV ,QIRUPDWLRQDQGLQIRUPDWLRQSURFHVVLQJ 7HOHSKRQHVHUYLFHV :LUHOHVVWHOHSKRQHVHUYLFHV /DQGOLQHWHOHSKRQHVHUYLFHV ,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHV 3HUVRQDOFRPSXWHUVDQGSHULSKHUDOHTXLSPHQW &RPSXWHUVRIWZDUHDQGDFFHVVRULHV ,QWHUQHWVHUYLFHVDQGHOHFWURQLFLQIRUPDWLRQSURYLGHUV 7HOHSKRQHKDUGZDUHFDOFXODWRUVDQGRWKHUFRQVXPHU
LQIRUPDWLRQLWHPV 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV &LJDUHWWHV 7REDFFRSURGXFWVRWKHUWKDQFLJDUHWWHV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV +DLUGHQWDOVKDYLQJDQGPLVFHOODQHRXVSHUVRQDOFDUH
SURGXFWV &RVPHWLFVSHUIXPHEDWKQDLOSUHSDUDWLRQVDQG
LPSOHPHQWV 3HUVRQDOFDUHVHUYLFHV +DLUFXWVDQGRWKHUSHUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV /HJDOVHUYLFHV )XQHUDOH[SHQVHV /DXQGU\DQGGU\FOHDQLQJVHUYLFHV $SSDUHOVHUYLFHVRWKHUWKDQODXQGU\DQGGU\FOHDQLQJ )LQDQFLDOVHUYLFHV 0LVFHOODQHRXVSHUVRQDOJRRGV 6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 2WKHUVHUYLFHV $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHGHWDLOHGH[SHQGLWXUH
FDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
,WHPDQG*URXS
5HODWLYH
LPSRUWDQFH
'HFHPEHU
8QDGMXVWHG
LQGH[HV
0DU
$SU
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
$SU
6HDVRQDOO\DGMXVWHG
SHUFHQWFKDQJHIURP²
0DU
-DQWR
)HE
)HEWR
0DU
0DUWR
$SU
6SHFLDODJJUHJDWHLQGH[HV
$SSDUHOOHVVIRRWZHDU 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 'RPHVWLFDOO\SURGXFHGIDUPIRRG 8WLOLWLHVDQGSXEOLFWUDQVSRUWDWLRQ 3XUFKDVLQJSRZHURIWKHFRQVXPHUGROODU 3XUFKDVLQJSRZHURIWKHFRQVXPHUGROODU 1RWVHDVRQDOO\DGMXVWHG
,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHU
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HDVRQDOO\DGMXVWHG86FLW\DYHUDJH
GHWDLOHGH[SHQGLWXUHFDWHJRULHV
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
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
([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HDVRQDOO\DGMXVWHG86FLW\DYHUDJH
GHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-DQ
)HE
0DU
$SU
-XO\
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
PRWHOV 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV )XHORLO 3URSDQHNHURVHQHDQGILUHZRRG (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV :DWHUDQGVHZHUDJHPDLQWHQDQFH *DUEDJHDQGWUDVKFROOHFWLRQ +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV :LQGRZDQGIORRUFRYHULQJVDQGRWKHUOLQHQV )ORRUFRYHULQJV :LQGRZFRYHULQJV 2FW
PRQWKV
HQGHG²
-DQ
$SU
2FW
$SU
([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HDVRQDOO\DGMXVWHG86FLW\DYHUDJH
GHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
2WKHUOLQHQV )XUQLWXUHDQGEHGGLQJ %HGURRPIXUQLWXUH /LYLQJURRPNLWFKHQDQGGLQLQJURRPIXUQLWXUH 2WKHUIXUQLWXUH $SSOLDQFHV 0DMRUDSSOLDQFHV 2WKHUDSSOLDQFHV 2WKHUKRXVHKROGHTXLSPHQWDQGIXUQLVKLQJV &ORFNVODPSVDQGGHFRUDWRULWHPV ,QGRRUSODQWVDQGIORZHUV 'LVKHVDQGIODWZDUH 1RQHOHFWULFFRRNZDUHDQGWDEOHZDUH 7RROVKDUGZDUHRXWGRRUHTXLSPHQWDQGVXSSOLHV 7RROVKDUGZDUHDQGVXSSOLHV 2XWGRRUHTXLSPHQWDQGVXSSOLHV +RXVHNHHSLQJVXSSOLHV +RXVHKROGFOHDQLQJSURGXFWV +RXVHKROGSDSHUSURGXFWV 0LVFHOODQHRXVKRXVHKROGSURGXFWV +RXVHKROGRSHUDWLRQV 'RPHVWLFVHUYLFHV *DUGHQLQJDQGODZQFDUHVHUYLFHV 0RYLQJVWRUDJHIUHLJKWH[SHQVH 5HSDLURIKRXVHKROGLWHPV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO 0HQ¶VDSSDUHO 0HQ¶VVXLWVVSRUWFRDWVDQGRXWHUZHDU 0HQ¶VIXUQLVKLQJV 0HQ¶VVKLUWVDQGVZHDWHUV 0HQ¶VSDQWVDQGVKRUWV %R\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO :RPHQ¶VDSSDUHO :RPHQ¶VRXWHUZHDU :RPHQ¶VGUHVVHV :RPHQ¶VVXLWVDQGVHSDUDWHV :RPHQ¶VXQGHUZHDUQLJKWZHDUVSRUWVZHDUDQG
DFFHVVRULHV *LUOV¶DSSDUHO )RRWZHDU 0HQ¶VIRRWZHDU %R\V¶DQGJLUOV¶IRRWZHDU :RPHQ¶VIRRWZHDU ,QIDQWV¶DQGWRGGOHUV¶DSSDUHO -HZHOU\DQGZDWFKHV :DWFKHV -HZHOU\ 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 1HZDQGXVHGPRWRUYHKLFOHV 1HZYHKLFOHV 8VHGFDUVDQGWUXFNV /HDVHGFDUVDQGWUXFNV &DUDQGWUXFNUHQWDO 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP ([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HDVRQDOO\DGMXVWHG86FLW\DYHUDJH
GHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-DQ
)HE
0DU
$SU
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¶VHUYLFHV 'HQWDOVHUYLFHV (\HJODVVHVDQGH\HFDUH 6HUYLFHVE\RWKHUPHGLFDOSURIHVVLRQDOV +RVSLWDODQGUHODWHGVHUYLFHV +RVSLWDOVHUYLFHV ,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 1XUVLQJKRPHVDQGDGXOWGD\VHUYLFHV &DUHRILQYDOLGVDQGHOGHUO\DWKRPH +HDOWKLQVXUDQFH 5HFUHDWLRQ 9LGHRDQGDXGLR 7HOHYLVLRQV &DEOHDQGVDWHOOLWHWHOHYLVLRQDQGUDGLRVHUYLFH 2WKHUYLGHRHTXLSPHQW 9LGHRGLVFVDQGRWKHUPHGLDLQFOXGLQJUHQWDORIYLGHRDQG
DXGLR $XGLRHTXLSPHQW $XGLRGLVFVWDSHVDQGRWKHUPHGLD 3HWVSHWSURGXFWVDQGVHUYLFHV 3HWVDQGSHWSURGXFWV 3HWVHUYLFHVLQFOXGLQJYHWHULQDU\ 6SRUWLQJJRRGV 6SRUWVYHKLFOHVLQFOXGLQJELF\FOHV 6SRUWVHTXLSPHQW 3KRWRJUDSK\ 3KRWRJUDSKLFHTXLSPHQWDQGVXSSOLHV 3KRWRJUDSKHUVDQGILOPSURFHVVLQJ 2WKHUUHFUHDWLRQDOJRRGV 7R\V 6HZLQJPDFKLQHVIDEULFDQGVXSSOLHV 0XVLFLQVWUXPHQWVDQGDFFHVVRULHV 2WKHUUHFUHDWLRQVHUYLFHV &OXEGXHVDQGIHHVIRUSDUWLFLSDQWVSRUWVDQGJURXS
H[HUFLVHV $GPLVVLRQV )HHVIRUOHVVRQVRULQVWUXFWLRQV 5HFUHDWLRQDOUHDGLQJPDWHULDOV -XO\
PRQWKV
HQGHG²
2FW
-DQ
$SU
2FW
$SU
([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HDVRQDOO\DGMXVWHG86FLW\DYHUDJH
GHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-XO\
2FW
-DQ
PRQWKV
HQGHG²
-DQ
)HE
0DU
$SU
$SU
2FW
$SU
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
LQIRUPDWLRQLWHPV 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV &LJDUHWWHV 7REDFFRSURGXFWVRWKHUWKDQFLJDUHWWHV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV +DLUGHQWDOVKDYLQJDQGPLVFHOODQHRXVSHUVRQDOFDUH
SURGXFWV &RVPHWLFVSHUIXPHEDWKQDLOSUHSDUDWLRQVDQG
LPSOHPHQWV 3HUVRQDOFDUHVHUYLFHV +DLUFXWVDQGRWKHUSHUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV /HJDOVHUYLFHV )XQHUDOH[SHQVHV /DXQGU\DQGGU\FOHDQLQJVHUYLFHV $SSDUHOVHUYLFHVRWKHUWKDQODXQGU\DQGGU\FOHDQLQJ )LQDQFLDOVHUYLFHV 0LVFHOODQHRXVSHUVRQDOJRRGV ([SHQGLWXUHFDWHJRU\
6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 2WKHUVHUYLFHV $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HDVRQDOO\DGMXVWHG86FLW\DYHUDJH
GHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HDVRQDOO\DGMXVWHGDQQXDOUDWHSHUFHQW
FKDQJHIRU
6HDVRQDOO\DGMXVWHGLQGH[HV
PRQWKVHQGHG²
,WHPDQGJURXS
-DQ
)HE
0DU
$SU
-XO\
2FW
-DQ
PRQWKV
HQGHG²
$SU
2FW
$SU
6SHFLDODJJUHJDWHLQGH[HV
$SSDUHOOHVVIRRWZHDU 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 'RPHVWLFDOO\SURGXFHGIDUPIRRG 8WLOLWLHVDQGSXEOLFWUDQVSRUWDWLRQ 1RWVHDVRQDOO\DGMXVWHG
,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHU
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HOHFWHGDUHDVDOOLWHPVLQGH[
XQOHVVRWKHUZLVHQRWHG
$OOLWHPV
,QGH[HV
$UHD
3HUFHQWFKDQJHWR
$SUIURP²
3ULFLQJ
VFKHGXOH
3HUFHQWFKDQJHWR
0DUIURP²
-DQ
)HE
0DU
$SU
0
1RUWKHDVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0
0
0
0LGZHVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQOHVVWKDQ
0
0
0
0
6RXWKXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQOHVVWKDQ
0
0
0
0
:HVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0
0
0
0
0
0
&KLFDJR*DU\.HQRVKD,/,1:, /RV$QJHOHV5LYHUVLGH2UDQJH&RXQW\&$ 1HZ<RUN1RUWKHUQ1-/RQJ,VODQG
1<1-&73$ 0
0
0
%RVWRQ%URFNWRQ1DVKXD0$1+0(&7 &OHYHODQG$NURQ2+ 'DOODV)RUW:RUWK7; :DVKLQJWRQ%DOWLPRUH'&0'9$:9 $WODQWD*$ 'HWURLW$QQ$UERU)OLQW0, +RXVWRQ*DOYHVWRQ%UD]RULD7; 0LDPL)RUW/DXGHUGDOH)/ 3KLODGHOSKLD:LOPLQJWRQ$WODQWLF&LW\
3$1-'(0' 6DQ)UDQFLVFR2DNODQG6DQ-RVH&$ 6HDWWOH7DFRPD%UHPHUWRQ:$ 86FLW\DYHUDJH $SU
)HE
0DU
0DU
-DQ
)HE
5HJLRQDQGDUHDVL]H
6L]HFODVVHV
$ %& ' 6HOHFWHGORFDODUHDV
)RRGVIXHOVDQGVHYHUDORWKHULWHPVSULFHGHYHU\PRQWKLQDOODUHDV
PRVWRWKHUJRRGVDQGVHUYLFHVSULFHGDVLQGLFDWHG
0(YHU\PRQWK
-DQXDU\0DUFK0D\-XO\6HSWHPEHUDQG1RYHPEHU
)HEUXDU\$SULO-XQH$XJXVW2FWREHUDQG'HFHPEHU
5HJLRQVGHILQHGDVWKHIRXU&HQVXVUHJLRQV6HHPDSLQWHFKQLFDO
QRWHV
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QDGGLWLRQWKHIROORZLQJPHWURSROLWDQDUHDVDUHSXEOLVKHGVHPLDQQXDOO\
DQGDSSHDULQ7DEOHVDQGRIWKH-DQXDU\DQG-XO\LVVXHVRIWKH&3,
'HWDLOHG5HSRUW$QFKRUDJH$.&LQFLQQDWL+DPLOWRQ2+.<,1
'HQYHU%RXOGHU*UHHOH\&2+RQROXOX+,.DQVDV&LW\02.6
0LOZDXNHH5DFLQH:,0LQQHDSROLV6W3DXO01:,3KRHQL[0HVD$=
3LWWVEXUJK3$3RUWODQG6DOHP25:$6W/RXLV02,/6DQ'LHJR&$
7DPSD6W3HWHUVEXUJ&OHDUZDWHU)/
,QGH[HVRQD1RYHPEHU EDVH
'DWDQRWDYDLODEOH
127(/RFDODUHDLQGH[HVDUHE\SURGXFWVRIWKHQDWLRQDO&3,SURJUDP(DFK
ORFDOLQGH[KDVDVPDOOHUVDPSOHVL]HWKDQWKHQDWLRQDOLQGH[DQGLVWKHUHIRUH
VXEMHFWWRVXEVWDQWLDOO\PRUHVDPSOLQJDQGRWKHUPHDVXUHPHQWHUURU$VD
UHVXOWORFDODUHDLQGH[HVVKRZJUHDWHUYRODWLOLW\WKDQWKHQDWLRQDOLQGH[
DOWKRXJKWKHLUORQJWHUPWUHQGVDUHVLPLODU7KHUHIRUHWKH%XUHDXRI/DERU
6WDWLVWLFVVWURQJO\XUJHVXVHUVWRFRQVLGHUDGRSWLQJWKHQDWLRQDODYHUDJH&3,
IRUXVHLQWKHLUHVFDODWRUFODXVHV
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,85HJLRQVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFH
JURXS
XQOHVVRWKHUZLVHQRWHG
1RUWKHDVW
,WHPDQGJURXS
,QGH[
$SU
0LGZHVW
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
6RXWK
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
:HVW
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV
2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\
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
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV
1RQGXUDEOHVOHVVIRRGEHYHUDJHV
DQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,85HJLRQVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFH
JURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
1RUWKHDVW
,WHPDQGJURXS
,QGH[
$SU
0LGZHVW
3HUFHQW
FKDQJHIURP²
$SU
0DU
6RXWK
3HUFHQW
FKDQJHIURP²
,QGH[
$SU
$SU
0DU
,QGH[
$SU
:HVW
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
&RPPRGLW\DQGVHUYLFHJURXS
2WKHUVHUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\
FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 5HJLRQVGHILQHGDVWKHIRXU&HQVXVUHJLRQV6HHPDSLQWHFKQLFDO
QRWHV
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHU
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQV
HVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,83RSXODWLRQVL]HFODVVHVE\H[SHQGLWXUHFDWHJRU\DQG
FRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
6L]HFODVV$
,WHPDQGJURXS
,QGH[
$SU
6L]HFODVV%&
3HUFHQWFKDQJH
IURP²
$SU
3HUFHQWFKDQJH
IURP²
,QGH[
$SU
0DU
6L]HFODVV'
$SU
0DU
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶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
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,83RSXODWLRQVL]HFODVVHVE\H[SHQGLWXUHFDWHJRU\DQG
FRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6L]HFODVV$
,WHPDQGJURXS
,QGH[
$SU
6L]HFODVV%&
3HUFHQWFKDQJH
IURP²
$SU
0DU
,QGH[
$SU
6L]HFODVV'
3HUFHQWFKDQJH
IURP²
$SU
0DU
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
0DU
&RPPRGLW\DQGVHUYLFHJURXS
2WKHUVHUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 6HHUHJLRQDQGDUHDVL]HRQ7DEOHIRULQIRUPDWLRQDERXWSRSXODWLRQ
VL]HFODVVHV
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
7KH¶$OOLWHPV¶LQGH[VL]H%&LVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OO
RWKHULWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQV
HVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,8&URVVFODVVLILFDWLRQRIUHJLRQVDQGSRSXODWLRQVL]H
FODVVHVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
1RUWKHDVW
6L]HFODVV%&
6L]HFODVV$
,WHPDQGJURXS
,QGH[
3HUFHQWFKDQJHIURP²
$SU
$SU
3HUFHQWFKDQJHIURP²
,QGH[
$SU
0DU
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,8&URVVFODVVLILFDWLRQRIUHJLRQVDQGSRSXODWLRQVL]H
FODVVHVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
0LGZHVW
6L]HFODVV%&
6L]HFODVV$
,WHPDQGJURXS
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
6L]HFODVV'
3HUFHQW
FKDQJHIURP²
,QGH[
$SU
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,8&URVVFODVVLILFDWLRQRIUHJLRQVDQGSRSXODWLRQVL]H
FODVVHVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6RXWK
6L]HFODVV%&
6L]HFODVV$
,WHPDQGJURXS
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
6L]HFODVV'
3HUFHQW
FKDQJHIURP²
,QGH[
$SU
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,8&URVVFODVVLILFDWLRQRIUHJLRQVDQGSRSXODWLRQVL]H
FODVVHVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
:HVW
6L]HFODVV%&
6L]HFODVV$
,WHPDQGJURXS
,QGH[
3HUFHQWFKDQJHIURP²
$SU
$SU
3HUFHQWFKDQJHIURP²
,QGH[
$SU
0DU
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHUHJLRQDQGDUHDVL]HRQ7DEOHIRULQIRUPDWLRQDERXWFURVVFODVVLILFDWLRQV
,QGH[HVRQD'HFHPEHU EDVH
7KH¶$OOLWHPV¶LQGH[VL]H%&LVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,8)RRGDWKRPHVHOHFWHGDUHDV
XQOHVVRWKHUZLVHQRWHG
)RRGDWKRPH
,QGH[HV
$UHD
3HUFHQWFKDQJHWR
$SUIURP²
3ULFLQJ
VFKHGXOH
3HUFHQWFKDQJHWR
0DUIURP²
-DQ
)HE
0DU
$SU
0
1RUWKHDVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0
0
0
0LGZHVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQOHVVWKDQ
0
0
0
0
6RXWKXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQOHVVWKDQ
0
0
0
0
:HVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0
0
0
0
0
0
&KLFDJR*DU\.HQRVKD,/,1:, /RV$QJHOHV5LYHUVLGH2UDQJH&RXQW\&$ 1HZ<RUN1RUWKHUQ1-/RQJ,VODQG
1<1-&73$ 0
0
0
%RVWRQ%URFNWRQ1DVKXD0$1+0(&7 &OHYHODQG$NURQ2+ 'DOODV)RUW:RUWK7; :DVKLQJWRQ%DOWLPRUH'&0'9$:9 $WODQWD*$ 'HWURLW$QQ$UERU)OLQW0, +RXVWRQ*DOYHVWRQ%UD]RULD7; 0LDPL)RUW/DXGHUGDOH)/ 3KLODGHOSKLD:LOPLQJWRQ$WODQWLF&LW\
3$1-'(0' 6DQ)UDQFLVFR2DNODQG6DQ-RVH&$ 6HDWWOH7DFRPD%UHPHUWRQ:$ 86FLW\DYHUDJH $SU
)HE
0DU
0DU
-DQ
)HE
5HJLRQDQGDUHDVL]H
6L]HFODVVHV
$ %& ' 6HOHFWHGORFDODUHDV
)RRGVIXHOVDQGVHYHUDORWKHULWHPVSULFHGHYHU\PRQWKLQDOODUHDV
PRVWRWKHUJRRGVDQGVHUYLFHVSULFHGDVLQGLFDWHG
0(YHU\PRQWK
-DQXDU\0DUFK0D\-XO\6HSWHPEHUDQG1RYHPEHU
)HEUXDU\$SULO-XQH$XJXVW2FWREHUDQG'HFHPEHU
5HJLRQVGHILQHGDVWKHIRXU&HQVXVUHJLRQV6HHPDSLQWHFKQLFDO
QRWHV
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QDGGLWLRQWKHIROORZLQJPHWURSROLWDQDUHDVDUHSXEOLVKHGVHPLDQQXDOO\
DQGDSSHDULQ7DEOHVDQGRIWKH-DQXDU\DQG-XO\LVVXHVRIWKH&3,
'HWDLOHG5HSRUW$QFKRUDJH$.&LQFLQQDWL+DPLOWRQ2+.<,1
'HQYHU%RXOGHU*UHHOH\&2+RQROXOX+,.DQVDV&LW\02.6
0LOZDXNHH5DFLQH:,0LQQHDSROLV6W3DXO01:,3KRHQL[0HVD$=
3LWWVEXUJK3$3RUWODQG6DOHP25:$6W/RXLV02,/6DQ'LHJR&$
7DPSD6W3HWHUVEXUJ&OHDUZDWHU)/
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,8$UHDVSULFHGPRQWKO\E\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\
DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
86
FLW\
DYHUDJH
,WHPDQGJURXS
,QGH[
$SU
&KLFDJR
*DU\
.HQRVKD,/,1:,
3HUFHQW
FKDQJHIURP²
$SU
0DU
3HUFHQW
FKDQJHIURP²
,QGH[
$SU
$SU
1HZ<RUN
1RUWKHUQ1-
/RQJ,VODQG
1<1-&73$
/RV$QJHOHV
5LYHUVLGH
2UDQJH&RXQW\&$
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV
2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\
UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV
'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HOHFWHGDUHDVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQG
VHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
0RQWKO\FLWLHVDQGSULFLQJVFKHGXOH
86
FLW\
DYHUDJH
&KLFDJR
*DU\
.HQRVKD
,/,1:,
$WODQWD*$
,WHPDQGJURXS
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HOHFWHGDUHDVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQG
VHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
0RQWKO\FLWLHVDQGSULFLQJVFKHGXOH
'HWURLW
$QQ$UERU
)OLQW0,
+RXVWRQ
*DOYHVWRQ
%UD]RULD7;
/RV$QJHOHV
5LYHUVLGH
2UDQJH&RXQW\&$
,WHPDQGJURXS
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HOHFWHGDUHDVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQG
VHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
0RQWKO\FLWLHVDQGSULFLQJVFKHGXOH
1HZ<RUN
1RUWKHUQ1-
/RQJ,VODQG
1<1-&73$
0LDPL
)RUW/DXGHUGDOH)/
,WHPDQGJURXS
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3KLODGHOSKLD
:LOPLQJWRQ
$WODQWLF&LW\
3$1-'(0'
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,86HOHFWHGDUHDVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\
DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
0RQWKO\FLWLHVDQGSULFLQJVFKHGXOH
6DQ)UDQFLVFR
2DNODQG
6DQ-RVH
&$
,WHPDQGJURXS
6HDWWOH
7DFRPD
%UHPHUWRQ:$
3HUFHQWFKDQJHIURP²
,QGH[
$SU
$SU
,QGH[
)HE
$SU
3HUFHQWFKDQJHIURP²
$SU
)HE
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 1$
5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ $UHDVRQSULFLQJVFKHGXOHVHH7DEOHZLOODSSHDUQH[WPRQWK
,QGH[RQD1RYHPEHU EDVHLQ0LDPL
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
1$ 'DWDQRWDGHTXDWHIRUSXEOLFDWLRQ
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HOHFWHGDUHDVDOOLWHPVLQGH[
XQOHVVRWKHUZLVHQRWHG
$OOLWHPV
,QGH[HV
$UHD
3HUFHQWFKDQJHWR
$SUIURP²
3ULFLQJ
VFKHGXOH
3HUFHQWFKDQJHWR
0DUIURP²
-DQ
)HE
0DU
$SU
0
1RUWKHDVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0
0
0
0LGZHVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQOHVVWKDQ
0
0
0
0
6RXWKXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQOHVVWKDQ
0
0
0
0
:HVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0
0
0
0
0
0
&KLFDJR*DU\.HQRVKD,/,1:, /RV$QJHOHV5LYHUVLGH2UDQJH&RXQW\&$ 1HZ<RUN1RUWKHUQ1-/RQJ,VODQG
1<1-&73$ 0
0
0
%RVWRQ%URFNWRQ1DVKXD0$1+0(&7 &OHYHODQG$NURQ2+ 'DOODV)RUW:RUWK7; :DVKLQJWRQ%DOWLPRUH'&0'9$:9 $WODQWD*$ 'HWURLW$QQ$UERU)OLQW0, +RXVWRQ*DOYHVWRQ%UD]RULD7; 0LDPL)RUW/DXGHUGDOH)/ 3KLODGHOSKLD:LOPLQJWRQ$WODQWLF&LW\
3$1-'(0' 6DQ)UDQFLVFR2DNODQG6DQ-RVH&$ 6HDWWOH7DFRPD%UHPHUWRQ:$ 86FLW\DYHUDJH $SU
)HE
0DU
0DU
-DQ
)HE
5HJLRQDQGDUHDVL]H
6L]HFODVVHV
$ %& ' 6HOHFWHGORFDODUHDV
)RRGVIXHOVDQGVHYHUDORWKHULWHPVSULFHGHYHU\PRQWKLQDOODUHDV
PRVWRWKHUJRRGVDQGVHUYLFHVSULFHGDVLQGLFDWHG
0(YHU\PRQWK
-DQXDU\0DUFK0D\-XO\6HSWHPEHUDQG1RYHPEHU
)HEUXDU\$SULO-XQH$XJXVW2FWREHUDQG'HFHPEHU
5HJLRQVGHILQHGDVWKHIRXU&HQVXVUHJLRQV6HHPDSLQWHFKQLFDO
QRWHV
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QDGGLWLRQWKHIROORZLQJPHWURSROLWDQDUHDVDUHSXEOLVKHGVHPLDQQXDOO\
DQGDSSHDULQ7DEOHVDQGRIWKH-DQXDU\DQG-XO\LVVXHVRIWKH&3,
'HWDLOHG5HSRUW$QFKRUDJH$.&LQFLQQDWL+DPLOWRQ2+.<,1
'HQYHU%RXOGHU*UHHOH\&2+RQROXOX+,.DQVDV&LW\02.6
0LOZDXNHH5DFLQH:,0LQQHDSROLV6W3DXO01:,3KRHQL[0HVD$=
3LWWVEXUJK3$3RUWODQG6DOHP25:$6W/RXLV02,/6DQ'LHJR&$
7DPSD6W3HWHUVEXUJ&OHDUZDWHU)/
,QGH[HVRQD1RYHPEHU EDVH
'DWDQRWDYDLODEOH
127(/RFDODUHDLQGH[HVDUHE\SURGXFWVRIWKHQDWLRQDO&3,SURJUDP(DFK
ORFDOLQGH[KDVDVPDOOHUVDPSOHVL]HWKDQWKHQDWLRQDOLQGH[DQGLVWKHUHIRUH
VXEMHFWWRVXEVWDQWLDOO\PRUHVDPSOLQJDQGRWKHUPHDVXUHPHQWHUURU$VD
UHVXOWORFDODUHDLQGH[HVVKRZJUHDWHUYRODWLOLW\WKDQWKHQDWLRQDOLQGH[
DOWKRXJKWKHLUORQJWHUPWUHQGVDUHVLPLODU7KHUHIRUHWKH%XUHDXRI/DERU
6WDWLVWLFVVWURQJO\XUJHVXVHUVWRFRQVLGHUDGRSWLQJWKHQDWLRQDODYHUDJH&3,
IRUXVHLQWKHLUHVFDODWRUFODXVHV
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:5HJLRQVE\H[SHQGLWXUHFDWHJRU\DQG
FRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
1RUWKHDVW
,WHPDQGJURXS
,QGH[
$SU
0LGZHVW
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
6RXWK
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
:HVW
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV
2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\
UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 1HZDQGXVHGPRWRUYHKLFOHV 1HZYHKLFOHV 8VHGFDUVDQGWUXFNV 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV
1RQGXUDEOHVOHVVIRRGEHYHUDJHV
DQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 2WKHUVHUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:5HJLRQVE\H[SHQGLWXUHFDWHJRU\DQG
FRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
1RUWKHDVW
,WHPDQGJURXS
,QGH[
$SU
0LGZHVW
3HUFHQW
FKDQJHIURP²
$SU
0DU
6RXWK
3HUFHQW
FKDQJHIURP²
,QGH[
$SU
$SU
0DU
,QGH[
$SU
:HVW
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\
FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 5HJLRQVGHILQHGDVWKHIRXU&HQVXVUHJLRQV6HHPDSLQWHFKQLFDO
QRWHV
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHU
LWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQV
HVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:3RSXODWLRQVL]HFODVVHVE\H[SHQGLWXUH
FDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
6L]HFODVV$
,WHPDQGJURXS
,QGH[
$SU
6L]HFODVV%&
3HUFHQWFKDQJH
IURP²
$SU
3HUFHQWFKDQJH
IURP²
,QGH[
$SU
0DU
6L]HFODVV'
$SU
0DU
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶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
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:3RSXODWLRQVL]HFODVVHVE\H[SHQGLWXUH
FDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6L]HFODVV$
,WHPDQGJURXS
,QGH[
$SU
6L]HFODVV%&
3HUFHQWFKDQJH
IURP²
$SU
0DU
,QGH[
$SU
6L]HFODVV'
3HUFHQWFKDQJH
IURP²
$SU
0DU
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
0DU
&RPPRGLW\DQGVHUYLFHJURXS
2WKHUVHUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 6HHUHJLRQDQGDUHDVL]HRQ7DEOHIRULQIRUPDWLRQDERXWSRSXODWLRQVL]H
FODVVHV
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
7KH¶$OOLWHPV¶LQGH[VL]H%&LVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:&URVVFODVVLILFDWLRQRIUHJLRQVDQG
SRSXODWLRQVL]HFODVVHVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
1RUWKHDVW
6L]HFODVV%&
6L]HFODVV$
,WHPDQGJURXS
,QGH[
3HUFHQWFKDQJHIURP²
$SU
$SU
3HUFHQWFKDQJHIURP²
,QGH[
$SU
0DU
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:&URVVFODVVLILFDWLRQRIUHJLRQVDQG
SRSXODWLRQVL]HFODVVHVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
0LGZHVW
6L]HFODVV%&
6L]HFODVV$
,WHPDQGJURXS
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
6L]HFODVV'
3HUFHQW
FKDQJHIURP²
,QGH[
$SU
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:&URVVFODVVLILFDWLRQRIUHJLRQVDQG
SRSXODWLRQVL]HFODVVHVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6RXWK
6L]HFODVV%&
6L]HFODVV$
,WHPDQGJURXS
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
6L]HFODVV'
3HUFHQW
FKDQJHIURP²
,QGH[
$SU
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:&URVVFODVVLILFDWLRQRIUHJLRQVDQG
SRSXODWLRQVL]HFODVVHVE\H[SHQGLWXUHFDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
:HVW
6L]HFODVV%&
6L]HFODVV$
,WHPDQGJURXS
,QGH[
3HUFHQWFKDQJHIURP²
$SU
$SU
3HUFHQWFKDQJHIURP²
,QGH[
$SU
0DU
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV'HFHPEHU )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHUHJLRQDQGDUHDVL]HRQ7DEOHIRULQIRUPDWLRQDERXWFURVVFODVVLILFDWLRQV
,QGH[HVRQD'HFHPEHU EDVH
7KH¶$OOLWHPV¶LQGH[VL]H%&LVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:)RRGDWKRPHVHOHFWHGDUHDV
XQOHVVRWKHUZLVHQRWHG
)RRGDWKRPH
,QGH[HV
$UHD
3HUFHQWFKDQJHWR
$SUIURP²
3ULFLQJ
VFKHGXOH
3HUFHQWFKDQJHWR
0DUIURP²
-DQ
)HE
0DU
$SU
0
1RUWKHDVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0
0
0
0LGZHVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQOHVVWKDQ
0
0
0
0
6RXWKXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQOHVVWKDQ
0
0
0
0
:HVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0
0
0
0
0
0
&KLFDJR*DU\.HQRVKD,/,1:, /RV$QJHOHV5LYHUVLGH2UDQJH&RXQW\&$ 1HZ<RUN1RUWKHUQ1-/RQJ,VODQG
1<1-&73$ 0
0
0
%RVWRQ%URFNWRQ1DVKXD0$1+0(&7 &OHYHODQG$NURQ2+ 'DOODV)RUW:RUWK7; :DVKLQJWRQ%DOWLPRUH'&0'9$:9 $WODQWD*$ 'HWURLW$QQ$UERU)OLQW0, +RXVWRQ*DOYHVWRQ%UD]RULD7; 0LDPL)RUW/DXGHUGDOH)/ 3KLODGHOSKLD:LOPLQJWRQ$WODQWLF&LW\
3$1-'(0' 6DQ)UDQFLVFR2DNODQG6DQ-RVH&$ 6HDWWOH7DFRPD%UHPHUWRQ:$ 86FLW\DYHUDJH $SU
)HE
0DU
0DU
-DQ
)HE
5HJLRQDQGDUHDVL]H
6L]HFODVVHV
$ %& ' 6HOHFWHGORFDODUHDV
)RRGVIXHOVDQGVHYHUDORWKHULWHPVSULFHGHYHU\PRQWKLQDOODUHDV
PRVWRWKHUJRRGVDQGVHUYLFHVSULFHGDVLQGLFDWHG
0(YHU\PRQWK
-DQXDU\0DUFK0D\-XO\6HSWHPEHUDQG1RYHPEHU
)HEUXDU\$SULO-XQH$XJXVW2FWREHUDQG'HFHPEHU
5HJLRQVGHILQHGDVWKHIRXU&HQVXVUHJLRQV6HHPDSLQWHFKQLFDO
QRWHV
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QDGGLWLRQWKHIROORZLQJPHWURSROLWDQDUHDVDUHSXEOLVKHGVHPLDQQXDOO\
DQGDSSHDULQ7DEOHVDQGRIWKH-DQXDU\DQG-XO\LVVXHVRIWKH&3,
'HWDLOHG5HSRUW$QFKRUDJH$.&LQFLQQDWL+DPLOWRQ2+.<,1
'HQYHU%RXOGHU*UHHOH\&2+RQROXOX+,.DQVDV&LW\02.6
0LOZDXNHH5DFLQH:,0LQQHDSROLV6W3DXO01:,3KRHQL[0HVD$=
3LWWVEXUJK3$3RUWODQG6DOHP25:$6W/RXLV02,/6DQ'LHJR&$
7DPSD6W3HWHUVEXUJ&OHDUZDWHU)/
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:$UHDVSULFHGPRQWKO\E\H[SHQGLWXUH
FDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
86
FLW\
DYHUDJH
,WHPDQGJURXS
,QGH[
$SU
&KLFDJR
*DU\
.HQRVKD,/,1:,
3HUFHQW
FKDQJHIURP²
$SU
0DU
3HUFHQW
FKDQJHIURP²
,QGH[
$SU
$SU
1HZ<RUN
1RUWKHUQ1-
/RQJ,VODQG
1<1-&73$
/RV$QJHOHV
5LYHUVLGH
2UDQJH&RXQW\&$
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
,QGH[
$SU
3HUFHQW
FKDQJHIURP²
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV
2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\
UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV
'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HOHFWHGDUHDVE\H[SHQGLWXUHFDWHJRU\
DQGFRPPRGLW\DQGVHUYLFHJURXS
XQOHVVRWKHUZLVHQRWHG
0RQWKO\FLWLHVDQGSULFLQJVFKHGXOH
86
FLW\
DYHUDJH
&KLFDJR
*DU\
.HQRVKD
,/,1:,
$WODQWD*$
,WHPDQGJURXS
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HOHFWHGDUHDVE\H[SHQGLWXUHFDWHJRU\
DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
0RQWKO\FLWLHVDQGSULFLQJVFKHGXOH
'HWURLW
$QQ$UERU
)OLQW0,
+RXVWRQ
*DOYHVWRQ
%UD]RULD7;
/RV$QJHOHV
5LYHUVLGH
2UDQJH&RXQW\&$
,WHPDQGJURXS
3HUFHQWFKDQJH
IURP²
,QGH[
$SU
$SU
,QGH[
$SU
)HE
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV 1$
&RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HOHFWHGDUHDVE\H[SHQGLWXUHFDWHJRU\
DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
0RQWKO\FLWLHVDQGSULFLQJVFKHGXOH
1HZ<RUN
1RUWKHUQ1-
/RQJ,VODQG
1<1-&73$
0LDPL
)RUW/DXGHUGDOH)/
,WHPDQGJURXS
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3KLODGHOSKLD
:LOPLQJWRQ
$WODQWLF&LW\
3$1-'(0'
3HUFHQWFKDQJH
IURP²
$SU
)HE
,QGH[
$SU
3HUFHQWFKDQJH
IURP²
$SU
)HE
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:6HOHFWHGDUHDVE\H[SHQGLWXUH
FDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
0RQWKO\FLWLHVDQGSULFLQJVFKHGXOH
6DQ)UDQFLVFR
2DNODQG
6DQ-RVH
&$
,WHPDQGJURXS
6HDWWOH
7DFRPD
%UHPHUWRQ:$
3HUFHQWFKDQJHIURP²
,QGH[
$SU
$SU
,QGH[
)HE
$SU
3HUFHQWFKDQJHIURP²
$SU
)HE
([SHQGLWXUHFDWHJRU\
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 0HGLFDOFDUH 1$
5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
$OOLWHPV &RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 'XUDEOHV 6HUYLFHV 6SHFLDODJJUHJDWHLQGH[HV
$OOLWHPVOHVVPHGLFDOFDUH $OOLWHPVOHVVVKHOWHU &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHV 1RQGXUDEOHVOHVVIRRG 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ $UHDVRQSULFLQJVFKHGXOHVHH7DEOHZLOODSSHDUQH[WPRQWK
,QGH[RQD1RYHPEHU EDVHLQ0LDPL
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
1$ 'DWDQRWDGHTXDWHIRUSXEOLFDWLRQ
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHDOOLWHPV
XQOHVVRWKHUZLVHQRWHG
<HDU
-DQ
)HE
0DU
$SU
0D\
-XQH
-XO\
$XJ
6HS
2FW
1RY
'HF
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ
&RQVXPHUV&3,886FLW\DYHUDJHDOO
LWHPV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HPLDQQXDO
DYHUDJHV
$QQXDO
DYJ
<HDU
VW
KDOI
QG
KDOI
3HUFHQWFKDQJH
IURPSUHYLRXV
$QQXDO
DYJ
'HF
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHDOOLWHPV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
<HDU
-DQ
)HE
0DU
$SU
0D\
-XQH
-XO\
$XJ
6HS
2FW
1RY
'HF
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ
&RQVXPHUV&3,886FLW\DYHUDJHDOO
LWHPV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HPLDQQXDO
DYHUDJHV
$QQXDO
DYJ
<HDU
VW
KDOI
QG
KDOI
3HUFHQWFKDQJH
IURPSUHYLRXV
$QQXDO
DYJ
'HF
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHG
H[SHQGLWXUHFDWHJRULHV
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV &HUHDOVDQGFHUHDOSURGXFWV )ORXUDQGSUHSDUHGIORXUPL[HV %UHDNIDVWFHUHDO 5LFHSDVWDFRUQPHDO 5LFH %DNHU\SURGXFWV %UHDG :KLWHEUHDG %UHDGRWKHUWKDQZKLWH )UHVKELVFXLWVUROOVPXIILQV &DNHVFXSFDNHVDQGFRRNLHV &RRNLHV )UHVKFDNHVDQGFXSFDNHV 2WKHUEDNHU\SURGXFWV )UHVKVZHHWUROOVFRIIHHFDNHVGRXJKQXWV
&UDFNHUVEUHDGDQGFUDFNHUSURGXFWV )UR]HQDQGUHIULJHUDWHGEDNHU\SURGXFWV
SLHVWDUWVWXUQRYHUV 0HDWVSRXOWU\ILVKDQGHJJV 0HDWVSRXOWU\DQGILVK 0HDWV %HHIDQGYHDO 8QFRRNHGJURXQGEHHI 8QFRRNHGEHHIURDVWV 8QFRRNHGEHHIVWHDNV 8QFRRNHGRWKHUEHHIDQGYHDO 3RUN %DFRQEUHDNIDVWVDXVDJHDQGUHODWHG
SURGXFWV %DFRQDQGUHODWHGSURGXFWV %UHDNIDVWVDXVDJHDQGUHODWHGSURGXFWV
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
([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHG
H[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
)UHVKIUXLWVDQGYHJHWDEOHV )UHVKIUXLWV $SSOHV %DQDQDV &LWUXVIUXLWV 2UDQJHVLQFOXGLQJWDQJHULQHV 2WKHUIUHVKIUXLWV )UHVKYHJHWDEOHV 3RWDWRHV /HWWXFH 7RPDWRHV 2WKHUIUHVKYHJHWDEOHV 3URFHVVHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWV &DQQHGYHJHWDEOHV )UR]HQIUXLWVDQGYHJHWDEOHV )UR]HQYHJHWDEOHV 2WKHUSURFHVVHGIUXLWVDQGYHJHWDEOHV
LQFOXGLQJGULHG 'ULHGEHDQVSHDVDQGOHQWLOV 1RQDOFRKROLFEHYHUDJHVDQGEHYHUDJH
PDWHULDOV -XLFHVDQGQRQDOFRKROLFGULQNV &DUERQDWHGGULQNV )UR]HQQRQFDUERQDWHGMXLFHVDQGGULQNV 1RQIUR]HQQRQFDUERQDWHGMXLFHVDQGGULQNV
%HYHUDJHPDWHULDOVLQFOXGLQJFRIIHHDQGWHD
&RIIHH 5RDVWHGFRIIHH ,QVWDQWDQGIUHH]HGULHGFRIIHH 2WKHUEHYHUDJHPDWHULDOVLQFOXGLQJWHD 2WKHUIRRGDWKRPH 6XJDUDQGVZHHWV 6XJDUDQGDUWLILFLDOVZHHWHQHUV &DQG\DQGFKHZLQJJXP 2WKHUVZHHWV )DWVDQGRLOV %XWWHUDQGPDUJDULQH %XWWHU 0DUJDULQH 6DODGGUHVVLQJ 2WKHUIDWVDQGRLOVLQFOXGLQJSHDQXWEXWWHU
3HDQXWEXWWHU 2WKHUIRRGV 6RXSV )UR]HQDQGIUHH]HGULHGSUHSDUHGIRRGV 6QDFNV 6SLFHVVHDVRQLQJVFRQGLPHQWVVDXFHV 6DOWDQGRWKHUVHDVRQLQJVDQGVSLFHV 2OLYHVSLFNOHVUHOLVKHV 6DXFHVDQGJUDYLHV 2WKHUFRQGLPHQWV %DE\IRRG 2WKHUPLVFHOODQHRXVIRRGV 3UHSDUHGVDODGV )RRGDZD\IURPKRPH )XOOVHUYLFHPHDOVDQGVQDFNV /LPLWHGVHUYLFHPHDOVDQGVQDFNV )RRGDWHPSOR\HHVLWHVDQGVFKRROV )RRGDWHOHPHQWDU\DQGVHFRQGDU\VFKRROV
)RRGIURPYHQGLQJPDFKLQHVDQGPRELOH
YHQGRUV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHG
H[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV $OFRKROLFEHYHUDJHVDWKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDWKRPH
'LVWLOOHGVSLULWVDWKRPH :KLVNH\DWKRPH 'LVWLOOHGVSLULWVH[FOXGLQJZKLVNH\DWKRPH
:LQHDWKRPH $OFRKROLFEHYHUDJHVDZD\IURPKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDZD\
IURPKRPH :LQHDZD\IURPKRPH 'LVWLOOHGVSLULWVDZD\IURPKRPH +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH +RXVLQJDWVFKRROH[FOXGLQJERDUG 2WKHUORGJLQJDZD\IURPKRPHLQFOXGLQJKRWHOV
DQGPRWHOV 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH
7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV )XHORLO 3URSDQHNHURVHQHDQGILUHZRRG (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV
:DWHUDQGVHZHUDJHPDLQWHQDQFH *DUEDJHDQGWUDVKFROOHFWLRQ +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV :LQGRZDQGIORRUFRYHULQJVDQGRWKHUOLQHQV )ORRUFRYHULQJV :LQGRZFRYHULQJV 2WKHUOLQHQV )XUQLWXUHDQGEHGGLQJ %HGURRPIXUQLWXUH /LYLQJURRPNLWFKHQDQGGLQLQJURRPIXUQLWXUH
2WKHUIXUQLWXUH ,QIDQWV¶IXUQLWXUH $SSOLDQFHV 0DMRUDSSOLDQFHV /DXQGU\HTXLSPHQW 2WKHUDSSOLDQFHV 2WKHUKRXVHKROGHTXLSPHQWDQGIXUQLVKLQJV &ORFNVODPSVDQGGHFRUDWRULWHPV ,QGRRUSODQWVDQGIORZHUV 'LVKHVDQGIODWZDUH 1RQHOHFWULFFRRNZDUHDQGWDEOHZDUH 7RROVKDUGZDUHRXWGRRUHTXLSPHQWDQG
VXSSOLHV 7RROVKDUGZDUHDQGVXSSOLHV 2XWGRRUHTXLSPHQWDQGVXSSOLHV +RXVHNHHSLQJVXSSOLHV +RXVHKROGFOHDQLQJSURGXFWV +RXVHKROGSDSHUSURGXFWV 0LVFHOODQHRXVKRXVHKROGSURGXFWV +RXVHKROGRSHUDWLRQV 'RPHVWLFVHUYLFHV *DUGHQLQJDQGODZQFDUHVHUYLFHV ([SHQGLWXUHFDWHJRU\
1$
1$
1$
1$
1$
1$
1$
1$
1$
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHG
H[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
0RYLQJVWRUDJHIUHLJKWH[SHQVH 5HSDLURIKRXVHKROGLWHPV 1$
$SSDUHO 0HQ¶VDQGER\V¶DSSDUHO 0HQ¶VDSSDUHO 0HQ¶VVXLWVVSRUWFRDWVDQGRXWHUZHDU 0HQ¶VIXUQLVKLQJV 0HQ¶VVKLUWVDQGVZHDWHUV 0HQ¶VSDQWVDQGVKRUWV %R\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO :RPHQ¶VDSSDUHO :RPHQ¶VRXWHUZHDU :RPHQ¶VGUHVVHV :RPHQ¶VVXLWVDQGVHSDUDWHV :RPHQ¶VXQGHUZHDUQLJKWZHDUVSRUWVZHDU
DQGDFFHVVRULHV *LUOV¶DSSDUHO )RRWZHDU 0HQ¶VIRRWZHDU %R\V¶DQGJLUOV¶IRRWZHDU :RPHQ¶VIRRWZHDU ,QIDQWV¶DQGWRGGOHUV¶DSSDUHO -HZHOU\DQGZDWFKHV :DWFKHV -HZHOU\ 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 1HZDQGXVHGPRWRUYHKLFOHV 1HZYHKLFOHV 1HZFDUVDQGWUXFNV 1HZFDUV 1HZWUXFNV 8VHGFDUVDQGWUXFNV /HDVHGFDUVDQGWUXFNV &DUDQGWUXFNUHQWDO 0RWRUIXHO *DVROLQHDOOW\SHV *DVROLQHXQOHDGHGUHJXODU *DVROLQHXQOHDGHGPLGJUDGH *DVROLQHXQOHDGHGSUHPLXP 2WKHUPRWRUIXHOV 0RWRUYHKLFOHSDUWVDQGHTXLSPHQW 7LUHV 9HKLFOHDFFHVVRULHVRWKHUWKDQWLUHV 9HKLFOHSDUWVDQGHTXLSPHQWRWKHUWKDQWLUHV
0RWRURLOFRRODQWDQGIOXLGV 0RWRUYHKLFOHPDLQWHQDQFHDQGUHSDLU 0RWRUYHKLFOHERG\ZRUN 0RWRUYHKLFOHPDLQWHQDQFHDQGVHUYLFLQJ 0RWRUYHKLFOHUHSDLU 0RWRUYHKLFOHLQVXUDQFH 0RWRUYHKLFOHIHHV 6WDWHPRWRUYHKLFOHUHJLVWUDWLRQDQGOLFHQVH
IHHV 3DUNLQJDQGRWKHUIHHV 3DUNLQJIHHVDQGWROOV $XWRPRELOHVHUYLFHFOXEV 3XEOLFWUDQVSRUWDWLRQ $LUOLQHIDUH 2WKHULQWHUFLW\WUDQVSRUWDWLRQ ([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHG
H[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
,QWHUFLW\EXVIDUH ,QWHUFLW\WUDLQIDUH 6KLSIDUH ,QWUDFLW\WUDQVSRUWDWLRQ ,QWUDFLW\PDVVWUDQVLW 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFLQDOGUXJV 3UHVFULSWLRQGUXJV 1RQSUHVFULSWLRQGUXJV 0HGLFDOHTXLSPHQWDQGVXSSOLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 3K\VLFLDQV¶VHUYLFHV 'HQWDOVHUYLFHV (\HJODVVHVDQGH\HFDUH 6HUYLFHVE\RWKHUPHGLFDOSURIHVVLRQDOV +RVSLWDODQGUHODWHGVHUYLFHV +RVSLWDOVHUYLFHV ,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 1XUVLQJKRPHVDQGDGXOWGD\VHUYLFHV &DUHRILQYDOLGVDQGHOGHUO\DWKRPH +HDOWKLQVXUDQFH ([SHQGLWXUHFDWHJRU\
5HFUHDWLRQ 9LGHRDQGDXGLR 7HOHYLVLRQV &DEOHDQGVDWHOOLWHWHOHYLVLRQDQGUDGLRVHUYLFH
2WKHUYLGHRHTXLSPHQW 9LGHRGLVFVDQGRWKHUPHGLDLQFOXGLQJUHQWDORI
YLGHRDQGDXGLR 9LGHRGLVFVDQGRWKHUPHGLD 5HQWDORIYLGHRRUDXGLRGLVFVDQGRWKHUPHGLD
$XGLRHTXLSPHQW $XGLRGLVFVWDSHVDQGRWKHUPHGLD 3HWVSHWSURGXFWVDQGVHUYLFHV 3HWVDQGSHWSURGXFWV 3HWIRRG 3XUFKDVHRISHWVSHWVXSSOLHVDFFHVVRULHV 3HWVHUYLFHVLQFOXGLQJYHWHULQDU\ 3HWVHUYLFHV 9HWHULQDULDQVHUYLFHV 6SRUWLQJJRRGV 6SRUWVYHKLFOHVLQFOXGLQJELF\FOHV 6SRUWVHTXLSPHQW 3KRWRJUDSK\ 3KRWRJUDSKLFHTXLSPHQWDQGVXSSOLHV )LOPDQGSKRWRJUDSKLFVXSSOLHV 3KRWRJUDSKLFHTXLSPHQW 3KRWRJUDSKHUVDQGILOPSURFHVVLQJ 3KRWRJUDSKHUIHHV )LOPSURFHVVLQJ 2WKHUUHFUHDWLRQDOJRRGV 7R\V 7R\VJDPHVKREELHVDQGSOD\JURXQG
HTXLSPHQW 6HZLQJPDFKLQHVIDEULFDQGVXSSOLHV 0XVLFLQVWUXPHQWVDQGDFFHVVRULHV 2WKHUUHFUHDWLRQVHUYLFHV &OXEGXHVDQGIHHVIRUSDUWLFLSDQWVSRUWVDQG
JURXSH[HUFLVHV $GPLVVLRQV 1$
1$
1$
1$
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHG
H[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
$GPLVVLRQWRPRYLHVWKHDWHUVDQGFRQFHUWV $GPLVVLRQWRVSRUWLQJHYHQWV )HHVIRUOHVVRQVRULQVWUXFWLRQV 5HFUHDWLRQDOUHDGLQJPDWHULDOV 1HZVSDSHUVDQGPDJD]LQHV 5HFUHDWLRQDOERRNV (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ (GXFDWLRQDOERRNVDQGVXSSOLHV 7XLWLRQRWKHUVFKRROIHHVDQGFKLOGFDUH &ROOHJHWXLWLRQDQGIHHV (OHPHQWDU\DQGKLJKVFKRROWXLWLRQDQGIHHV &KLOGFDUHDQGQXUVHU\VFKRRO 7HFKQLFDODQGEXVLQHVVVFKRROWXLWLRQDQGIHHV
&RPPXQLFDWLRQ 3RVWDJHDQGGHOLYHU\VHUYLFHV 3RVWDJH 'HOLYHU\VHUYLFHV ,QIRUPDWLRQDQGLQIRUPDWLRQSURFHVVLQJ 7HOHSKRQHVHUYLFHV :LUHOHVVWHOHSKRQHVHUYLFHV /DQGOLQHWHOHSKRQHVHUYLFHV ,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHV
3HUVRQDOFRPSXWHUVDQGSHULSKHUDOHTXLSPHQW
&RPSXWHUVRIWZDUHDQGDFFHVVRULHV ,QWHUQHWVHUYLFHVDQGHOHFWURQLFLQIRUPDWLRQ
SURYLGHUV 7HOHSKRQHKDUGZDUHFDOFXODWRUVDQGRWKHU
FRQVXPHULQIRUPDWLRQLWHPV 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV &LJDUHWWHV 7REDFFRSURGXFWVRWKHUWKDQFLJDUHWWHV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV +DLUGHQWDOVKDYLQJDQGPLVFHOODQHRXV
SHUVRQDOFDUHSURGXFWV &RVPHWLFVSHUIXPHEDWKQDLOSUHSDUDWLRQV
DQGLPSOHPHQWV 3HUVRQDOFDUHVHUYLFHV +DLUFXWVDQGRWKHUSHUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV /HJDOVHUYLFHV )XQHUDOH[SHQVHV /DXQGU\DQGGU\FOHDQLQJVHUYLFHV $SSDUHOVHUYLFHVRWKHUWKDQODXQGU\DQGGU\
FOHDQLQJ )LQDQFLDOVHUYLFHV &KHFNLQJDFFRXQWDQGRWKHUEDQNVHUYLFHV 7D[UHWXUQSUHSDUDWLRQDQGRWKHUDFFRXQWLQJ
IHHV 0LVFHOODQHRXVSHUVRQDOJRRGV 6WDWLRQHU\VWDWLRQHU\VXSSOLHVJLIWZUDS ,QIDQWV¶HTXLSPHQW 1$
([SHQGLWXUHFDWHJRU\
6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHG
H[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
6SHFLDODJJUHJDWHLQGH[HV
'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 2WKHUVHUYLFHV $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV $SSDUHOOHVVIRRWZHDU 6HUYLFHVOHVVUHQWRIVKHOWHU 6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 'RPHVWLFDOO\SURGXFHGIDUPIRRG 8WLOLWLHVDQGSXEOLFWUDQVSRUWDWLRQ 1$
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDGHTXDWHIRUSXEOLFDWLRQ
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQG
VHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
$OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV &HUHDOVDQGFHUHDOSURGXFWV )ORXUDQGSUHSDUHGIORXUPL[HV %UHDNIDVWFHUHDO 5LFHSDVWDFRUQPHDO 5LFH %DNHU\SURGXFWV %UHDG :KLWHEUHDG %UHDGRWKHUWKDQZKLWH )UHVKELVFXLWVUROOVPXIILQV &DNHVFXSFDNHVDQGFRRNLHV &RRNLHV )UHVKFDNHVDQGFXSFDNHV 2WKHUEDNHU\SURGXFWV )UHVKVZHHWUROOVFRIIHHFDNHVGRXJKQXWV &UDFNHUVEUHDGDQGFUDFNHUSURGXFWV )UR]HQDQGUHIULJHUDWHGEDNHU\SURGXFWVSLHV
WDUWVWXUQRYHUV 0HDWVSRXOWU\ILVKDQGHJJV 0HDWVSRXOWU\DQGILVK 0HDWV %HHIDQGYHDO 8QFRRNHGJURXQGEHHI 8QFRRNHGEHHIURDVWV 8QFRRNHGEHHIVWHDNV 8QFRRNHGRWKHUEHHIDQGYHDO 3RUN %DFRQEUHDNIDVWVDXVDJHDQGUHODWHGSURGXFWV
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
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQG
VHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
)UHVKIUXLWVDQGYHJHWDEOHV )UHVKIUXLWV $SSOHV %DQDQDV &LWUXVIUXLWV 2UDQJHVLQFOXGLQJWDQJHULQHV 2WKHUIUHVKIUXLWV )UHVKYHJHWDEOHV 3RWDWRHV /HWWXFH 7RPDWRHV 2WKHUIUHVKYHJHWDEOHV 3URFHVVHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWVDQGYHJHWDEOHV &DQQHGIUXLWV &DQQHGYHJHWDEOHV )UR]HQIUXLWVDQGYHJHWDEOHV )UR]HQYHJHWDEOHV 2WKHUSURFHVVHGIUXLWVDQGYHJHWDEOHVLQFOXGLQJ
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
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQG
VHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV $OFRKROLFEHYHUDJHVDWKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDWKRPH 'LVWLOOHGVSLULWVDWKRPH :KLVNH\DWKRPH 'LVWLOOHGVSLULWVH[FOXGLQJZKLVNH\DWKRPH :LQHDWKRPH $OFRKROLFEHYHUDJHVDZD\IURPKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDZD\IURPKRPH
:LQHDZD\IURPKRPH 'LVWLOOHGVSLULWVDZD\IURPKRPH +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH +RXVLQJDWVFKRROH[FOXGLQJERDUG 2WKHUORGJLQJDZD\IURPKRPHLQFOXGLQJKRWHOVDQG
PRWHOV 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV )XHORLO 3URSDQHNHURVHQHDQGILUHZRRG (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV :DWHUDQGVHZHUDJHPDLQWHQDQFH *DUEDJHDQGWUDVKFROOHFWLRQ +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV :LQGRZDQGIORRUFRYHULQJVDQGRWKHUOLQHQV )ORRUFRYHULQJV :LQGRZFRYHULQJV 2WKHUOLQHQV )XUQLWXUHDQGEHGGLQJ %HGURRPIXUQLWXUH /LYLQJURRPNLWFKHQDQGGLQLQJURRPIXUQLWXUH 2WKHUIXUQLWXUH ,QIDQWV¶IXUQLWXUH $SSOLDQFHV 0DMRUDSSOLDQFHV /DXQGU\HTXLSPHQW 2WKHUDSSOLDQFHV 2WKHUKRXVHKROGHTXLSPHQWDQGIXUQLVKLQJV &ORFNVODPSVDQGGHFRUDWRULWHPV ,QGRRUSODQWVDQGIORZHUV 'LVKHVDQGIODWZDUH 1RQHOHFWULFFRRNZDUHDQGWDEOHZDUH 7RROVKDUGZDUHRXWGRRUHTXLSPHQWDQGVXSSOLHV 7RROVKDUGZDUHDQGVXSSOLHV 2XWGRRUHTXLSPHQWDQGVXSSOLHV +RXVHNHHSLQJVXSSOLHV +RXVHKROGFOHDQLQJSURGXFWV +RXVHKROGSDSHUSURGXFWV 0LVFHOODQHRXVKRXVHKROGSURGXFWV +RXVHKROGRSHUDWLRQV 'RPHVWLFVHUYLFHV *DUGHQLQJDQGODZQFDUHVHUYLFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQG
VHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
0RYLQJVWRUDJHIUHLJKWH[SHQVH 5HSDLURIKRXVHKROGLWHPV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO 0HQ¶VDSSDUHO 0HQ¶VVXLWVVSRUWFRDWVDQGRXWHUZHDU 0HQ¶VIXUQLVKLQJV 0HQ¶VVKLUWVDQGVZHDWHUV 0HQ¶VSDQWVDQGVKRUWV %R\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO :RPHQ¶VDSSDUHO :RPHQ¶VRXWHUZHDU :RPHQ¶VGUHVVHV :RPHQ¶VVXLWVDQGVHSDUDWHV :RPHQ¶VXQGHUZHDUQLJKWZHDUVSRUWVZHDUDQG
DFFHVVRULHV *LUOV¶DSSDUHO )RRWZHDU 0HQ¶VIRRWZHDU %R\V¶DQGJLUOV¶IRRWZHDU :RPHQ¶VIRRWZHDU ,QIDQWV¶DQGWRGGOHUV¶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
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQG
VHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
,QWHUFLW\EXVIDUH ,QWHUFLW\WUDLQIDUH 6KLSIDUH ,QWUDFLW\WUDQVSRUWDWLRQ ,QWUDFLW\PDVVWUDQVLW 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFLQDOGUXJV 3UHVFULSWLRQGUXJV 1RQSUHVFULSWLRQGUXJV 0HGLFDOHTXLSPHQWDQGVXSSOLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 3K\VLFLDQV¶VHUYLFHV 'HQWDOVHUYLFHV (\HJODVVHVDQGH\HFDUH 6HUYLFHVE\RWKHUPHGLFDOSURIHVVLRQDOV +RVSLWDODQGUHODWHGVHUYLFHV +RVSLWDOVHUYLFHV ,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 1XUVLQJKRPHVDQGDGXOWGD\VHUYLFHV &DUHRILQYDOLGVDQGHOGHUO\DWKRPH +HDOWKLQVXUDQFH 5HFUHDWLRQ 9LGHRDQGDXGLR 7HOHYLVLRQV &DEOHDQGVDWHOOLWHWHOHYLVLRQDQGUDGLRVHUYLFH 2WKHUYLGHRHTXLSPHQW 9LGHRGLVFVDQGRWKHUPHGLDLQFOXGLQJUHQWDORIYLGHR
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
H[HUFLVHV $GPLVVLRQV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQG
VHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
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
7HOHSKRQHKDUGZDUHFDOFXODWRUVDQGRWKHUFRQVXPHU
LQIRUPDWLRQLWHPV 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV &LJDUHWWHV 7REDFFRSURGXFWVRWKHUWKDQFLJDUHWWHV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV +DLUGHQWDOVKDYLQJDQGPLVFHOODQHRXVSHUVRQDO
FDUHSURGXFWV &RVPHWLFVSHUIXPHEDWKQDLOSUHSDUDWLRQVDQG
LPSOHPHQWV 3HUVRQDOFDUHVHUYLFHV +DLUFXWVDQGRWKHUSHUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV /HJDOVHUYLFHV )XQHUDOH[SHQVHV /DXQGU\DQGGU\FOHDQLQJVHUYLFHV $SSDUHOVHUYLFHVRWKHUWKDQODXQGU\DQGGU\FOHDQLQJ
)LQDQFLDOVHUYLFHV &KHFNLQJDFFRXQWDQGRWKHUEDQNVHUYLFHV 7D[UHWXUQSUHSDUDWLRQDQGRWKHUDFFRXQWLQJIHHV 0LVFHOODQHRXVSHUVRQDOJRRGV 6WDWLRQHU\VWDWLRQHU\VXSSOLHVJLIWZUDS ,QIDQWV¶HTXLSPHQW 6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&3,886FLW\DYHUDJHE\FRPPRGLW\DQG
VHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
6SHFLDODJJUHJDWHLQGH[HV
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
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU
$OORWKHULWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULF
PHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHDOO
LWHPV
XQOHVVRWKHUZLVHQRWHG
<HDU
-DQ
)HE
0DU
$SU
0D\
-XQH
-XO\
$XJ
6HS
2FW
1RY
'HF
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ
:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\
DYHUDJHDOOLWHPV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HPLDQQXDO
DYHUDJHV
$QQXDO
DYJ
<HDU
VW
KDOI
QG
KDOI
3HUFHQWFKDQJH
IURPSUHYLRXV
$QQXDO
DYJ
'HF
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHDOO
LWHPV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
<HDU
-DQ
)HE
0DU
$SU
0D\
-XQH
-XO\
$XJ
6HS
2FW
1RY
'HF
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ
:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\
DYHUDJHDOOLWHPV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
6HPLDQQXDO
DYHUDJHV
$QQXDO
DYJ
<HDU
VW
KDOI
QG
KDOI
3HUFHQWFKDQJH
IURPSUHYLRXV
$QQXDO
DYJ
'HF
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFH
JURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
$OOLWHPV $OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV &HUHDOVDQGFHUHDOSURGXFWV )ORXUDQGSUHSDUHGIORXUPL[HV %UHDNIDVWFHUHDO 5LFHSDVWDFRUQPHDO %DNHU\SURGXFWV %UHDG )UHVKELVFXLWVUROOVPXIILQV &DNHVFXSFDNHVDQGFRRNLHV 2WKHUEDNHU\SURGXFWV 0HDWVSRXOWU\ILVKDQGHJJV 0HDWVSRXOWU\DQGILVK 0HDWV %HHIDQGYHDO 8QFRRNHGJURXQGEHHI 8QFRRNHGEHHIURDVWV 8QFRRNHGEHHIVWHDNV 8QFRRNHGRWKHUEHHIDQGYHDO 3RUN %DFRQEUHDNIDVWVDXVDJHDQGUHODWHG
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
LQFOXGLQJGULHG 1RQDOFRKROLFEHYHUDJHVDQGEHYHUDJH
PDWHULDOV -XLFHVDQGQRQDOFRKROLFGULQNV &DUERQDWHGGULQNV )UR]HQQRQFDUERQDWHGMXLFHVDQGGULQNV 1RQIUR]HQQRQFDUERQDWHGMXLFHVDQGGULQNV
([SHQGLWXUHFDWHJRU\
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFH
JURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
%HYHUDJHPDWHULDOVLQFOXGLQJFRIIHHDQGWHD
&RIIHH 2WKHUEHYHUDJHPDWHULDOVLQFOXGLQJWHD 2WKHUIRRGDWKRPH 6XJDUDQGVZHHWV 6XJDUDQGDUWLILFLDOVZHHWHQHUV &DQG\DQGFKHZLQJJXP 2WKHUVZHHWV )DWVDQGRLOV %XWWHUDQGPDUJDULQH 6DODGGUHVVLQJ 2WKHUIDWVDQGRLOVLQFOXGLQJSHDQXWEXWWHU
2WKHUIRRGV 6RXSV )UR]HQDQGIUHH]HGULHGSUHSDUHGIRRGV 6QDFNV 6SLFHVVHDVRQLQJVFRQGLPHQWVVDXFHV %DE\IRRG 2WKHUPLVFHOODQHRXVIRRGV )RRGDZD\IURPKRPH )XOOVHUYLFHPHDOVDQGVQDFNV /LPLWHGVHUYLFHPHDOVDQGVQDFNV )RRGDWHPSOR\HHVLWHVDQGVFKRROV )RRGIURPYHQGLQJPDFKLQHVDQGPRELOH
YHQGRUV 2WKHUIRRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV $OFRKROLFEHYHUDJHVDWKRPH %HHUDOHDQGRWKHUPDOWEHYHUDJHVDWKRPH
'LVWLOOHGVSLULWVDWKRPH :LQHDWKRPH $OFRKROLFEHYHUDJHVDZD\IURPKRPH +RXVLQJ 6KHOWHU 5HQWRISULPDU\UHVLGHQFH /RGJLQJDZD\IURPKRPH +RXVLQJDWVFKRROH[FOXGLQJERDUG 2WKHUORGJLQJDZD\IURPKRPHLQFOXGLQJKRWHOV
DQGPRWHOV 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH
7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV )XHORLO 3URSDQHNHURVHQHDQGILUHZRRG (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV
:DWHUDQGVHZHUDJHPDLQWHQDQFH *DUEDJHDQGWUDVKFROOHFWLRQ +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV :LQGRZDQGIORRUFRYHULQJVDQGRWKHUOLQHQV )ORRUFRYHULQJV :LQGRZFRYHULQJV 2WKHUOLQHQV )XUQLWXUHDQGEHGGLQJ %HGURRPIXUQLWXUH /LYLQJURRPNLWFKHQDQGGLQLQJURRPIXUQLWXUH
2WKHUIXUQLWXUH $SSOLDQFHV 0DMRUDSSOLDQFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFH
JURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
1$
1$
$SSDUHO 0HQ¶VDQGER\V¶DSSDUHO 0HQ¶VDSSDUHO 0HQ¶VVXLWVVSRUWFRDWVDQGRXWHUZHDU 0HQ¶VIXUQLVKLQJV 0HQ¶VVKLUWVDQGVZHDWHUV 0HQ¶VSDQWVDQGVKRUWV %R\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO :RPHQ¶VDSSDUHO :RPHQ¶VRXWHUZHDU :RPHQ¶VGUHVVHV :RPHQ¶VVXLWVDQGVHSDUDWHV :RPHQ¶VXQGHUZHDUQLJKWZHDUVSRUWVZHDU
DQGDFFHVVRULHV *LUOV¶DSSDUHO )RRWZHDU 0HQ¶VIRRWZHDU %R\V¶DQGJLUOV¶IRRWZHDU :RPHQ¶VIRRWZHDU ,QIDQWV¶DQGWRGGOHUV¶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
2WKHUDSSOLDQFHV 2WKHUKRXVHKROGHTXLSPHQWDQGIXUQLVKLQJV &ORFNVODPSVDQGGHFRUDWRULWHPV ,QGRRUSODQWVDQGIORZHUV 'LVKHVDQGIODWZDUH 1RQHOHFWULFFRRNZDUHDQGWDEOHZDUH 7RROVKDUGZDUHRXWGRRUHTXLSPHQWDQG
VXSSOLHV 7RROVKDUGZDUHDQGVXSSOLHV 2XWGRRUHTXLSPHQWDQGVXSSOLHV +RXVHNHHSLQJVXSSOLHV +RXVHKROGFOHDQLQJSURGXFWV +RXVHKROGSDSHUSURGXFWV 0LVFHOODQHRXVKRXVHKROGSURGXFWV +RXVHKROGRSHUDWLRQV 'RPHVWLFVHUYLFHV *DUGHQLQJDQGODZQFDUHVHUYLFHV 0RYLQJVWRUDJHIUHLJKWH[SHQVH 5HSDLURIKRXVHKROGLWHPV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFH
JURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
6WDWHPRWRUYHKLFOHUHJLVWUDWLRQDQGOLFHQVH
IHHV 3DUNLQJDQGRWKHUIHHV 3XEOLFWUDQVSRUWDWLRQ $LUOLQHIDUH 2WKHULQWHUFLW\WUDQVSRUWDWLRQ ,QWUDFLW\WUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFLQDOGUXJV 3UHVFULSWLRQGUXJV 1RQSUHVFULSWLRQGUXJV 0HGLFDOHTXLSPHQWDQGVXSSOLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 3K\VLFLDQV¶VHUYLFHV 'HQWDOVHUYLFHV (\HJODVVHVDQGH\HFDUH 6HUYLFHVE\RWKHUPHGLFDOSURIHVVLRQDOV +RVSLWDODQGUHODWHGVHUYLFHV +RVSLWDOVHUYLFHV ,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 1XUVLQJKRPHVDQGDGXOWGD\VHUYLFHV &DUHRILQYDOLGVDQGHOGHUO\DWKRPH +HDOWKLQVXUDQFH 5HFUHDWLRQ 9LGHRDQGDXGLR 7HOHYLVLRQV &DEOHDQGVDWHOOLWHWHOHYLVLRQDQGUDGLRVHUYLFH
2WKHUYLGHRHTXLSPHQW 9LGHRGLVFVDQGRWKHUPHGLDLQFOXGLQJUHQWDORI
YLGHRDQGDXGLR $XGLRHTXLSPHQW $XGLRGLVFVWDSHVDQGRWKHUPHGLD 3HWVSHWSURGXFWVDQGVHUYLFHV 3HWVDQGSHWSURGXFWV 3HWVHUYLFHVLQFOXGLQJYHWHULQDU\ 6SRUWLQJJRRGV 6SRUWVYHKLFOHVLQFOXGLQJELF\FOHV 6SRUWVHTXLSPHQW 3KRWRJUDSK\ 3KRWRJUDSKLFHTXLSPHQWDQGVXSSOLHV 3KRWRJUDSKHUVDQGILOPSURFHVVLQJ 2WKHUUHFUHDWLRQDOJRRGV 7R\V 6HZLQJPDFKLQHVIDEULFDQGVXSSOLHV 0XVLFLQVWUXPHQWVDQGDFFHVVRULHV 2WKHUUHFUHDWLRQVHUYLFHV &OXEGXHVDQGIHHVIRUSDUWLFLSDQWVSRUWVDQG
JURXSH[HUFLVHV $GPLVVLRQV )HHVIRUOHVVRQVRULQVWUXFWLRQV 5HFUHDWLRQDOUHDGLQJPDWHULDOV 1HZVSDSHUVDQGPDJD]LQHV 5HFUHDWLRQDOERRNV (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ (GXFDWLRQDOERRNVDQGVXSSOLHV 7XLWLRQRWKHUVFKRROIHHVDQGFKLOGFDUH &ROOHJHWXLWLRQDQGIHHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFH
JURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
(OHPHQWDU\DQGKLJKVFKRROWXLWLRQDQGIHHV &KLOGFDUHDQGQXUVHU\VFKRRO 7HFKQLFDODQGEXVLQHVVVFKRROWXLWLRQDQGIHHV
&RPPXQLFDWLRQ 3RVWDJHDQGGHOLYHU\VHUYLFHV 3RVWDJH 'HOLYHU\VHUYLFHV ,QIRUPDWLRQDQGLQIRUPDWLRQSURFHVVLQJ 7HOHSKRQHVHUYLFHV :LUHOHVVWHOHSKRQHVHUYLFHV /DQGOLQHWHOHSKRQHVHUYLFHV ,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHV
3HUVRQDOFRPSXWHUVDQGSHULSKHUDOHTXLSPHQW
&RPSXWHUVRIWZDUHDQGDFFHVVRULHV ,QWHUQHWVHUYLFHVDQGHOHFWURQLFLQIRUPDWLRQ
SURYLGHUV 7HOHSKRQHKDUGZDUHFDOFXODWRUVDQGRWKHU
FRQVXPHULQIRUPDWLRQLWHPV 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV &LJDUHWWHV 7REDFFRSURGXFWVRWKHUWKDQFLJDUHWWHV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV +DLUGHQWDOVKDYLQJDQGPLVFHOODQHRXV
SHUVRQDOFDUHSURGXFWV &RVPHWLFVSHUIXPHEDWKQDLOSUHSDUDWLRQV
DQGLPSOHPHQWV 3HUVRQDOFDUHVHUYLFHV +DLUFXWVDQGRWKHUSHUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV /HJDOVHUYLFHV )XQHUDOH[SHQVHV /DXQGU\DQGGU\FOHDQLQJVHUYLFHV $SSDUHOVHUYLFHVRWKHUWKDQODXQGU\DQGGU\
FOHDQLQJ )LQDQFLDOVHUYLFHV 0LVFHOODQHRXVSHUVRQDOJRRGV ([SHQGLWXUHFDWHJRU\
6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO
'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 2WKHUVHUYLFHV $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV $SSDUHOOHVVIRRWZHDU 6HUYLFHVOHVVUHQWRIVKHOWHU 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFH
JURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
6SHFLDODJJUHJDWHLQGH[HV
6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 'RPHVWLFDOO\SURGXFHGIDUPIRRG 8WLOLWLHVDQGSXEOLFWUDQVSRUWDWLRQ ,QGH[HVRQD'HFHPEHU EDVH
7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU$OORWKHULWHP
1$
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDGHTXDWHIRUSXEOLFDWLRQ
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
VWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULFPHDQVHVWLPDWRU
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJH
E\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
$OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH &HUHDOVDQGEDNHU\SURGXFWV &HUHDOVDQGFHUHDOSURGXFWV )ORXUDQGSUHSDUHGIORXUPL[HV %UHDNIDVWFHUHDO 5LFHSDVWDFRUQPHDO %DNHU\SURGXFWV %UHDG )UHVKELVFXLWVUROOVPXIILQV &DNHVFXSFDNHVDQGFRRNLHV 2WKHUEDNHU\SURGXFWV 0HDWVSRXOWU\ILVKDQGHJJV 0HDWVSRXOWU\DQGILVK 0HDWV %HHIDQGYHDO 8QFRRNHGJURXQGEHHI 8QFRRNHGEHHIURDVWV 8QFRRNHGEHHIVWHDNV 8QFRRNHGRWKHUEHHIDQGYHDO 3RUN %DFRQEUHDNIDVWVDXVDJHDQGUHODWHGSURGXFWV
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
GULHG 1RQDOFRKROLFEHYHUDJHVDQGEHYHUDJHPDWHULDOV -XLFHVDQGQRQDOFRKROLFGULQNV &DUERQDWHGGULQNV )UR]HQQRQFDUERQDWHGMXLFHVDQGGULQNV 1RQIUR]HQQRQFDUERQDWHGMXLFHVDQGGULQNV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJH
E\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
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
PRWHOV 2ZQHUV¶HTXLYDOHQWUHQWRIUHVLGHQFHV 2ZQHUV¶HTXLYDOHQWUHQWRISULPDU\UHVLGHQFH 7HQDQWV¶DQGKRXVHKROGLQVXUDQFH )XHOVDQGXWLOLWLHV +RXVHKROGHQHUJ\ )XHORLODQGRWKHUIXHOV )XHORLO 3URSDQHNHURVHQHDQGILUHZRRG (QHUJ\VHUYLFHV (OHFWULFLW\ 8WLOLW\SLSHGJDVVHUYLFH :DWHUDQGVHZHUDQGWUDVKFROOHFWLRQVHUYLFHV :DWHUDQGVHZHUDJHPDLQWHQDQFH *DUEDJHDQGWUDVKFROOHFWLRQ +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV :LQGRZDQGIORRUFRYHULQJVDQGRWKHUOLQHQV )ORRUFRYHULQJV :LQGRZFRYHULQJV 2WKHUOLQHQV )XUQLWXUHDQGEHGGLQJ %HGURRPIXUQLWXUH /LYLQJURRPNLWFKHQDQGGLQLQJURRPIXUQLWXUH 2WKHUIXUQLWXUH $SSOLDQFHV 0DMRUDSSOLDQFHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJH
E\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
2WKHUDSSOLDQFHV 2WKHUKRXVHKROGHTXLSPHQWDQGIXUQLVKLQJV &ORFNVODPSVDQGGHFRUDWRULWHPV ,QGRRUSODQWVDQGIORZHUV 'LVKHVDQGIODWZDUH 1RQHOHFWULFFRRNZDUHDQGWDEOHZDUH 7RROVKDUGZDUHRXWGRRUHTXLSPHQWDQGVXSSOLHV 7RROVKDUGZDUHDQGVXSSOLHV 2XWGRRUHTXLSPHQWDQGVXSSOLHV +RXVHNHHSLQJVXSSOLHV +RXVHKROGFOHDQLQJSURGXFWV +RXVHKROGSDSHUSURGXFWV 0LVFHOODQHRXVKRXVHKROGSURGXFWV +RXVHKROGRSHUDWLRQV 'RPHVWLFVHUYLFHV *DUGHQLQJDQGODZQFDUHVHUYLFHV 0RYLQJVWRUDJHIUHLJKWH[SHQVH 5HSDLURIKRXVHKROGLWHPV $SSDUHO 0HQ¶VDQGER\V¶DSSDUHO 0HQ¶VDSSDUHO 0HQ¶VVXLWVVSRUWFRDWVDQGRXWHUZHDU 0HQ¶VIXUQLVKLQJV 0HQ¶VVKLUWVDQGVZHDWHUV 0HQ¶VSDQWVDQGVKRUWV %R\V¶DSSDUHO :RPHQ¶VDQGJLUOV¶DSSDUHO :RPHQ¶VDSSDUHO :RPHQ¶VRXWHUZHDU :RPHQ¶VGUHVVHV :RPHQ¶VVXLWVDQGVHSDUDWHV :RPHQ¶VXQGHUZHDUQLJKWZHDUVSRUWVZHDUDQG
DFFHVVRULHV *LUOV¶DSSDUHO )RRWZHDU 0HQ¶VIRRWZHDU %R\V¶DQGJLUOV¶IRRWZHDU :RPHQ¶VIRRWZHDU ,QIDQWV¶DQGWRGGOHUV¶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
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJH
E\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
6WDWHPRWRUYHKLFOHUHJLVWUDWLRQDQGOLFHQVHIHHV 3DUNLQJDQGRWKHUIHHV 3XEOLFWUDQVSRUWDWLRQ $LUOLQHIDUH 2WKHULQWHUFLW\WUDQVSRUWDWLRQ ,QWUDFLW\WUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFLQDOGUXJV 3UHVFULSWLRQGUXJV 1RQSUHVFULSWLRQGUXJV 0HGLFDOHTXLSPHQWDQGVXSSOLHV 0HGLFDOFDUHVHUYLFHV 3URIHVVLRQDOVHUYLFHV 3K\VLFLDQV¶VHUYLFHV 'HQWDOVHUYLFHV (\HJODVVHVDQGH\HFDUH 6HUYLFHVE\RWKHUPHGLFDOSURIHVVLRQDOV +RVSLWDODQGUHODWHGVHUYLFHV +RVSLWDOVHUYLFHV ,QSDWLHQWKRVSLWDOVHUYLFHV 2XWSDWLHQWKRVSLWDOVHUYLFHV 1XUVLQJKRPHVDQGDGXOWGD\VHUYLFHV &DUHRILQYDOLGVDQGHOGHUO\DWKRPH +HDOWKLQVXUDQFH 5HFUHDWLRQ 9LGHRDQGDXGLR 7HOHYLVLRQV &DEOHDQGVDWHOOLWHWHOHYLVLRQDQGUDGLRVHUYLFH 2WKHUYLGHRHTXLSPHQW 9LGHRGLVFVDQGRWKHUPHGLDLQFOXGLQJUHQWDORIYLGHR
DQGDXGLR $XGLRHTXLSPHQW $XGLRGLVFVWDSHVDQGRWKHUPHGLD 3HWVSHWSURGXFWVDQGVHUYLFHV 3HWVDQGSHWSURGXFWV 3HWVHUYLFHVLQFOXGLQJYHWHULQDU\ 6SRUWLQJJRRGV 6SRUWVYHKLFOHVLQFOXGLQJELF\FOHV 6SRUWVHTXLSPHQW 3KRWRJUDSK\ 3KRWRJUDSKLFHTXLSPHQWDQGVXSSOLHV 3KRWRJUDSKHUVDQGILOPSURFHVVLQJ 2WKHUUHFUHDWLRQDOJRRGV 7R\V 6HZLQJPDFKLQHVIDEULFDQGVXSSOLHV 0XVLFLQVWUXPHQWVDQGDFFHVVRULHV 2WKHUUHFUHDWLRQVHUYLFHV &OXEGXHVDQGIHHVIRUSDUWLFLSDQWVSRUWVDQGJURXS
H[HUFLVHV $GPLVVLRQV )HHVIRUOHVVRQVRULQVWUXFWLRQV 5HFUHDWLRQDOUHDGLQJPDWHULDOV 1HZVSDSHUVDQGPDJD]LQHV 5HFUHDWLRQDOERRNV (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ (GXFDWLRQDOERRNVDQGVXSSOLHV 7XLWLRQRWKHUVFKRROIHHVDQGFKLOGFDUH &ROOHJHWXLWLRQDQGIHHV 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJH
E\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
(OHPHQWDU\DQGKLJKVFKRROWXLWLRQDQGIHHV &KLOGFDUHDQGQXUVHU\VFKRRO 7HFKQLFDODQGEXVLQHVVVFKRROWXLWLRQDQGIHHV &RPPXQLFDWLRQ 3RVWDJHDQGGHOLYHU\VHUYLFHV 3RVWDJH 'HOLYHU\VHUYLFHV ,QIRUPDWLRQDQGLQIRUPDWLRQSURFHVVLQJ 7HOHSKRQHVHUYLFHV :LUHOHVVWHOHSKRQHVHUYLFHV /DQGOLQHWHOHSKRQHVHUYLFHV ,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHV 3HUVRQDOFRPSXWHUVDQGSHULSKHUDOHTXLSPHQW &RPSXWHUVRIWZDUHDQGDFFHVVRULHV ,QWHUQHWVHUYLFHVDQGHOHFWURQLFLQIRUPDWLRQSURYLGHUV
7HOHSKRQHKDUGZDUHFDOFXODWRUVDQGRWKHUFRQVXPHU
LQIRUPDWLRQLWHPV 2WKHUJRRGVDQGVHUYLFHV 7REDFFRDQGVPRNLQJSURGXFWV &LJDUHWWHV 7REDFFRSURGXFWVRWKHUWKDQFLJDUHWWHV 3HUVRQDOFDUH 3HUVRQDOFDUHSURGXFWV +DLUGHQWDOVKDYLQJDQGPLVFHOODQHRXVSHUVRQDO
FDUHSURGXFWV &RVPHWLFVSHUIXPHEDWKQDLOSUHSDUDWLRQVDQG
LPSOHPHQWV 3HUVRQDOFDUHVHUYLFHV +DLUFXWVDQGRWKHUSHUVRQDOFDUHVHUYLFHV 0LVFHOODQHRXVSHUVRQDOVHUYLFHV /HJDOVHUYLFHV )XQHUDOH[SHQVHV /DXQGU\DQGGU\FOHDQLQJVHUYLFHV $SSDUHOVHUYLFHVRWKHUWKDQODXQGU\DQGGU\FOHDQLQJ )LQDQFLDOVHUYLFHV 0LVFHOODQHRXVSHUVRQDOJRRGV 6SHFLDODJJUHJDWHLQGH[HV
&RPPRGLWLHV &RPPRGLWLHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGDQGEHYHUDJHV 1RQGXUDEOHVOHVVIRRGEHYHUDJHVDQGDSSDUHO 'XUDEOHV 6HUYLFHV 5HQWRIVKHOWHU 7UDQVSRUWDWLRQVHUYLFHV 2WKHUVHUYLFHV $OOLWHPVOHVVIRRG $OOLWHPVOHVVVKHOWHU $OOLWHPVOHVVPHGLFDOFDUH &RPPRGLWLHVOHVVIRRG 1RQGXUDEOHVOHVVIRRG 1RQGXUDEOHVOHVVIRRGDQGDSSDUHO 1RQGXUDEOHV $SSDUHOOHVVIRRWZHDU 6HUYLFHVOHVVUHQWRIVKHOWHU 6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH+LVWRULFDO&RQVXPHU3ULFH,QGH[IRU8UEDQ:DJH(DUQHUVDQG&OHULFDO:RUNHUV&3,:86FLW\DYHUDJH
E\FRPPRGLW\DQGVHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV&RQWLQXHG
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
6SHFLDODJJUHJDWHLQGH[HV
6HUYLFHVOHVVPHGLFDOFDUHVHUYLFHV (QHUJ\ $OOLWHPVOHVVHQHUJ\ $OOLWHPVOHVVIRRGDQGHQHUJ\ &RPPRGLWLHVOHVVIRRGDQGHQHUJ\FRPPRGLWLHV (QHUJ\FRPPRGLWLHV 6HUYLFHVOHVVHQHUJ\VHUYLFHV 'RPHVWLFDOO\SURGXFHGIDUPIRRG 8WLOLWLHVDQGSXEOLFWUDQVSRUWDWLRQ 7KLVLQGH[VHULHVZDVFDOFXODWHGXVLQJD/DVSH\UHVHVWLPDWRU
$OORWKHULWHPVWUDWXPLQGH[VHULHVZHUHFDOFXODWHGXVLQJDJHRPHWULF
PHDQVHVWLPDWRU
6SHFLDOLQGH[EDVHGRQDVXEVWDQWLDOO\VPDOOHUVDPSOH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
,QGH[HVRQD'HFHPEHU EDVH
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
&3,'HWDLOHG5HSRUW$SULO
7DEOH3$YHUDJHUHVLGHQWLDOXQLWSULFHVDQGFRQVXPSWLRQUDQJHVIRUXWLOLW\SLSHGJDVDQGHOHFWULFLW\IRU86FLW\
DYHUDJHDQGVHOHFWHGDUHDV
$UHDUHJLRQDQGSRSXODWLRQVL]HFODVV
$YHUDJHSULFHSHU
WKHUPRIXWLOLW\
SLSHGJDV
5DQJHRIWKHUP
FRQVXPSWLRQIRU
$SU
0DU
$SU
1RUWKHDVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0LGZHVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQ
OHVVWKDQ $YHUDJHSULFH
SHU.:+RI
HOHFWULFLW\
5DQJHRI.:+
FRQVXPSWLRQIRU
$SU
0DU
$SU
6RXWKXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQ
OHVVWKDQ :HVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR &KLFDJR*DU\.HQRVKD,/,1:, /RV$QJHOHV5LYHUVLGH2UDQJH&RXQW\&$ 1HZ<RUN1RUWKHUQ1-/RQJ,VODQG1<1-&73$ %RVWRQ%URFNWRQ1DVKXD0$1+0(&7 &OHYHODQG$NURQ2+ 'DOODV)RUW:RUWK7; :DVKLQJWRQ%DOWLPRUH'&0'9$:9 $WODQWD*$ 'HWURLW$QQ$UERU)OLQW0, +RXVWRQ*DOYHVWRQ%UD]RULD7; 0LDPL)RUW/DXGHUGDOH)/ 3KLODGHOSKLD:LOPLQJWRQ$WODQWLF&LW\3$1-'(0' 6DQ)UDQFLVFR2DNODQG6DQ-RVH&$ 6HDWWOH7DFRPD%UHPHUWRQ:$ 86FLW\DYHUDJH /RZ
+LJK
/RZ
+LJK
5HJLRQDQGDUHDVL]H
6L]HFODVVHV
$ %& ' 6HOHFWHGORFDODUHDV
5HJLRQVGHILQHGDVWKHIRXU&HQVXVUHJLRQV6HHPDSLQWHFKQLFDOQRWHV
&3,'HWDLOHG5HSRUW$SULO
7DEOH3$YHUDJHSULFHVIRUJDVROLQH86FLW\DYHUDJHDQGVHOHFWHGDUHDV
*DVROLQH
$OOW\SHV
*DVROLQH
8QOHDGHG
UHJXODU
$UHDUHJLRQDQGSRSXODWLRQVL]HFODVV
*DVROLQH
8QOHDGHG
PLGJUDGH
*DVROLQH
8QOHDGHG
SUHPLXP
$XWRPRWLYH
'LHVHOIXHO
0DU
$SU
0DU
$SU
0DU
$SU
0DU
$SU
0DU
$SU
1RUWKHDVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 0LGZHVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQ
OHVVWKDQ 6RXWKXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR 6L]H'1RQPHWURSROLWDQ
OHVVWKDQ :HVWXUEDQ 6L]H$0RUHWKDQ 6L]H%&WR &KLFDJR*DU\.HQRVKD,/,1:, /RV$QJHOHV5LYHUVLGH2UDQJH&RXQW\&$ 1HZ<RUN1RUWKHUQ1-/RQJ,VODQG1<1-&73$ %RVWRQ%URFNWRQ1DVKXD0$1+0(&7 &OHYHODQG$NURQ2+ 'DOODV)RUW:RUWK7; :DVKLQJWRQ%DOWLPRUH'&0'9$:9 $WODQWD*$ 'HWURLW$QQ$UERU)OLQW0, +RXVWRQ*DOYHVWRQ%UD]RULD7; 0LDPL)RUW/DXGHUGDOH)/ 3KLODGHOSKLD:LOPLQJWRQ$WODQWLF&LW\3$1-'(0' 6DQ)UDQFLVFR2DNODQG6DQ-RVH&$ 6HDWWOH7DFRPD%UHPHUWRQ:$ 86FLW\DYHUDJH 5HJLRQDQGDUHDVL]H
6L]HFODVVHV
$ %& ' 6HOHFWHGORFDODUHDV
$OVRLQFOXGHVW\SHVRIJDVROLQHQRWVKRZQVHSDUDWHO\
5HJLRQVGHILQHGDVWKHIRXU&HQVXVUHJLRQV6HHPDSLQWHFKQLFDOQRWHV
&3,'HWDLOHG5HSRUW$SULO
7DEOH3$YHUDJHUHWDLOIRRGSULFHV86FLW\DYHUDJHDQGIRXUUHJLRQV
86FLW\DYHUDJH
1RUWKHDVW
0LGZHVW
6RXWK
:HVW
)RRGDQGXQLW
&HUHDOVDQGEDNHU\SURGXFWV
)ORXUZKLWHDOOSXUSRVHSHUOEJP 5LFHZKLWHORQJJUDLQXQFRRNHGSHUOEJP 6SDJKHWWLDQGPDFDURQLSHUOEJP %UHDGZKLWHSDQSHUOEJP %UHDG)UHQFKSHUOEJP %UHDGZKROHZKHDWSDQSHUOEJP &RRNLHVFKRFRODWHFKLSSHUOEJP &UDFNHUVVRGDVDOWHGSHUOEJP 0HDWVSRXOWU\ILVKDQGHJJV
0HDWV
%HHIDQGYHDO
*URXQGFKXFNEHHISHUOEJP *URXQGEHHIEHHISHUOEJP *URXQGEHHIOHDQDQGH[WUDOHDQSHUOEJP $OOXQFRRNHGJURXQGEHHISHUOEJP &KXFNURDVWJUDGHGDQGXQJUDGHGH[FOXGLQJ86'$3ULPH
DQG&KRLFHSHUOEJP &KXFNURDVW86'$&KRLFHERQHOHVVSHUOEJP 5RXQGURDVW86'$&KRLFHERQHOHVVSHUOEJP 5RXQGURDVWJUDGHGDQGXQJUDGHGH[FOXGLQJ86'$3ULPH
DQG&KRLFHSHUOEJP $OO8QFRRNHG%HHI5RDVWVSHUOEJP 6WHDNURXQG86'$&KRLFHERQHOHVVSHUOEJP 6WHDNURXQGJUDGHGDQGXQJUDGHGH[FOXGLQJ86'$3ULPH
DQG&KRLFHSHUOEJP 6WHDNVLUORLQJUDGHGDQGXQJUDGHGH[FOXGLQJ86'$3ULPH
DQG&KRLFHSHUOEJP 6WHDNVLUORLQ86'$&KRLFHERQHOHVVSHUOEJP 6KRUWULEVDQ\SULPDOVRXUFHERQHLQSHUOEJP %HHIIRUVWHZERQHOHVVSHUOEJP $OO8QFRRNHG%HHI6WHDNVSHUOEJP $OO8QFRRNHG2WKHU%HHI([FOXGLQJ9HDO
SHUOEJP 3RUN
%DFRQVOLFHGSHUOEJP &KRSVFHQWHUFXWERQHLQSHUOEJP &KRSVERQHOHVVSHUOEJP $OO3RUN&KRSVSHUOEJP +DPUXPSRUVKDQNKDOIERQHLQVPRNHG
SHUOEJP +DPERQHOHVVH[FOXGLQJFDQQHGSHUOEJP $OO+DP([FOXGLQJ&DQQHG+DPDQG/XQFKHRQ6OLFHV
SHUOEJP +DPFDQQHGRUOEVSHUOEJP 6KRXOGHUSLFQLFERQHLQVPRNHGSHUOEJP $OO2WKHU3RUN([FOXGLQJ&DQQHG+DPDQG/XQFKHRQ
6OLFHV
SHUOEJP 6DXVDJHIUHVKORRVHSHUOEJP 2WKHUPHDWV
)UDQNIXUWHUVDOOPHDWRUDOOEHHISHUOEJP %RORJQDDOOEHHIRUPL[HGSHUOEJP /DPEDQGPXWWRQERQHLQSHUOEJP 3RXOWU\
&KLFNHQIUHVKZKROHSHUOEJP &KLFNHQEUHDVWERQHLQSHUOEJP &KLFNHQEUHDVWERQHOHVVSHUOEJP &KLFNHQOHJVERQHLQSHUOEJP 7XUNH\IUR]HQZKROHSHUOEJP )LVKDQGVHDIRRG
7XQDOLJKWFKXQNSHUOEJP (JJV
*UDGH$ODUJHSHUGR] *UDGH$$ODUJHSHUGR] 'DLU\SURGXFWV
0LONIUHVKZKROHIRUWLILHGSHUJDOOLW 0LONIUHVKZKROHIRUWLILHGSHUJDOOLW 0LONIUHVKORZIDWSHUJDOOLW 0DU
$SU
0DU
$SU
0DU
$SU
0DU
$SU
0DU
$SU
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
6HHIRRWQRWHVDWHQGRIWDEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH3$YHUDJHUHWDLOIRRGSULFHV86FLW\DYHUDJHDQGIRXUUHJLRQV&RQWLQXHG
86FLW\DYHUDJH
1RUWKHDVW
0LGZHVW
6RXWK
:HVW
)RRGDQGXQLW
0DU
'DLU\SURGXFWV
0LONIUHVKORZIDWSHUJDOOLW %XWWHUVDOWHGJUDGH$$VWLFNSHUOEJP $PHULFDQSURFHVVHGFKHHVHSHUOEJP &KHGGDUFKHHVHQDWXUDOSHUOEJP ,FHFUHDPSUHSDFNDJHGEXONUHJXODUSHUJDOOLW <RJXUWQDWXUDOIUXLWIODYRUHGSHUR]JP )UXLWVDQGYHJHWDEOHV
)UHVKIUXLWVDQGYHJHWDEOHV
$SSOHV5HG'HOLFLRXVSHUOEJP %DQDQDVSHUOEJP 2UDQJHV1DYHOSHUOEJP 2UDQJHV9DOHQFLDSHUOEJP &KHUULHVSHUOEJP *UDSHIUXLWSHUOEJP *UDSHV7KRPSVRQ6HHGOHVVSHUOEJP /HPRQVSHUOEJP 3HDFKHVSHUOEJP 3HDUV$QMRXSHUOEJP 6WUDZEHUULHVGU\SLQWSHUR]JP 3RWDWRHVZKLWHSHUOEJP /HWWXFHLFHEHUJSHUOEJP /HWWXFHURPDLQHSHUOEJP 7RPDWRHVILHOGJURZQSHUOEJP %URFFROLSHUOEJP &DEEDJHSHUOEJP &DUURWVVKRUWWULPPHGDQGWRSSHGSHUOEJP &HOHU\SHUOEJP &RUQRQWKHFRESHUOEJP &XFXPEHUVSHUOEJP 2QLRQVGU\\HOORZSHUOEJP 3HSSHUVVZHHWSHUOEJP 3URFHVVHGIUXLWVDQGYHJHWDEOHV
$SSOH6DXFHDQ\YDULHW\DOOVL]HVSHUOEJP 2UDQJHMXLFHIUR]HQFRQFHQWUDWHR]FDQ
SHUR]PO 3HDFKHVDQ\YDULHW\DOOVL]HVSHUOEJP %HDQVGULHGDQ\W\SHDOOVL]HVSHUOEJP &RUQFDQQHGDQ\VW\OHDOOVL]HVSHUOEJP 3RWDWRHVIUR]HQ)UHQFKIULHGSHUOEJP 7RPDWRHVFDQQHGZKROHSHUOEJP 7RPDWRHVFDQQHGDQ\W\SHDOOVL]HVSHUOEJP 2WKHUIRRGVDWKRPH
6XJDUDQGVZHHWV
6XJDUZKLWHDOOVL]HVSHUOEJP 6XJDUZKLWHR]SNJSHUOEJP )DWVDQGRLOV
0DUJDULQHVWLFNSHUOEJP 0DUJDULQHVRIWWXEVSHUOEJP 6KRUWHQLQJYHJHWDEOHRLOEOHQGVSHUOEJP 3HDQXWEXWWHUFUHDP\DOOVL]HVSHUOEJP 1RQDOFRKROLFEHYHUDJHV
&RODQRQGLHWFDQVR]SNSHUR]PO &RODQRQGLHWSHUOLWHUVR] &RIIHHJURXQGURDVWDOOVL]HVSHUOEJP &RIIHHJURXQGURDVWR]FDQ
SHUOEJP &RIIHHLQVWDQWSODLQUHJXODUDOOVL]HVSHUOEJP 2WKHUSUHSDUHGIRRGV
3RWDWRFKLSVSHUR]JP $OFRKROLFEHYHUDJHVDWKRPH
0DOWEHYHUDJHVDOOW\SHVDOOVL]HVDQ\RULJLQ
SHUR]PO 9RGNDDOOW\SHVDOOVL]HVDQ\RULJLQSHUOLWHUR] :LQHUHGDQGZKLWHWDEOHDOOVL]HVDQ\RULJLQ
SHUOLWHUR] $SU
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
0DU
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
$SU
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
0DU
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
$SU
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
0DU
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
$SU
1$
1$
1$
1$
1$
1$
1$
1$
0DU
1$
1$
1$
1$
1$
1$
1$
1$
1$
$SU
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
'HSRVLWPD\EHLQFOXGHGLQSULFH
1$ 'DWDQRWDGHTXDWHIRUSXEOLFDWLRQ
'DWDQRWDYDLODEOH
&3,'HWDLOHG5HSRUW$SULO
7DEOH&&KDLQHG&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&&3,886FLW\DYHUDJHE\H[SHQGLWXUH
FDWHJRU\DQGFRPPRGLW\DQGVHUYLFHJURXS
'HFHPEHU XQOHVVRWKHUZLVHQRWHG
,WHPDQGJURXS
8QDGMXVWHG
SHUFHQWFKDQJHWR
$SUIURP²
8QDGMXVWHG
LQGH[HV
5HODWLYH
LPSRUWDQFH
0DU
$SU
$SU
0DU
([SHQGLWXUHFDWHJRU\
$OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU )XHOVDQGXWLOLWLHV +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 3XEOLFWUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFDOFDUHVHUYLFHV 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ &RPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
6HUYLFHV &RPPRGLWLHV 'XUDEOHV 1RQGXUDEOHV $OOLWHPVOHVVIRRGDQGHQHUJ\ (QHUJ\ 127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
,QGH[HV DUH LVVXHG DV LQLWLDO HVWLPDWHV ,QGH[HV DUH UHYLVHG HDFK TXDUWHU ZLWK WKH SXEOLFDWLRQ RI -DQXDU\ $SULO -XO\ DQG 2FWREHU GDWD DV
XSGDWHGH[SHQGLWXUHHVWLPDWHVEHFRPHDYDLODEOH7KH&&3,8LQGH[HVDUHXSGDWHGTXDUWHUO\XQWLOWKH\EHFRPHILQDO-DQXDU\0DUFKLQGH[HV
DUHILQDOLQ-DQXDU\RIWKHIROORZLQJ\HDU$SULO-XQHLQGH[HVDUHILQDOLQ$SULORIWKHIROORZLQJ\HDU-XO\6HSWHPEHULQGH[HVDUHILQDOLQ-XO\RIWKH
IROORZLQJ\HDU2FWREHU'HFHPEHULQGH[HVDUHILQDOLQ2FWREHURIWKHIROORZLQJ\HDU
&3,'HWDLOHG5HSRUW$SULO
7DEOH&+LVWRULFDO&KDLQHG&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&&3,886FLW\DYHUDJHDOOLWHPV
'HFHPEHU XQOHVVRWKHUZLVHQRWHG
<HDU
-DQ
)HE
0DU
$SU
0D\
-XQH
-XO\
$XJ
6HS
2FW
1RY
'HF
$QQXDO
DYJ
3HUFHQWFKDQJH
IURPSUHYLRXV
$QQXDO
DYJ
'HF
'DWDQRWDYDLODEOH
127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
,QGH[HVDUHLVVXHGDVLQLWLDOHVWLPDWHV,QGH[HVDUHUHYLVHGHDFKTXDUWHUZLWKWKHSXEOLFDWLRQRI-DQXDU\$SULO-XO\DQG2FWREHUGDWDDVXSGDWHGH[SHQGLWXUHHVWLPDWHVEHFRPH
DYDLODEOH7KH&&3,8LQGH[HVDUHXSGDWHGTXDUWHUO\XQWLOWKH\EHFRPHILQDO-DQXDU\0DUFKLQGH[HVDUHILQDOLQ-DQXDU\RIWKHIROORZLQJ\HDU$SULO-XQHLQGH[HVDUHILQDOLQ
$SULORIWKHIROORZLQJ\HDU-XO\6HSWHPEHULQGH[HVDUHILQDOLQ-XO\RIWKHIROORZLQJ\HDU2FWREHU'HFHPEHULQGH[HVDUHILQDOLQ2FWREHURIWKHIROORZLQJ\HDU
&3,'HWDLOHG5HSRUW$SULO
7DEOH&+LVWRULFDO&KDLQHG&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&&3,886FLW\DYHUDJHE\FRPPRGLW\DQGVHUYLFHJURXSDQG
GHWDLOHGH[SHQGLWXUHFDWHJRULHV
'HFHPEHU XQOHVVRWKHUZLVHQRWHG
8QDGMXVWHGLQGH[HV
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
$OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU )XHOVDQGXWLOLWLHV +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 3XEOLFWUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFDOFDUHVHUYLFHV 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ &RPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
6HUYLFHV &RPPRGLWLHV 'XUDEOHV 1RQGXUDEOHV $OOLWHPVOHVVIRRGDQGHQHUJ\ (QHUJ\ 127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
,QGH[HVDUHLVVXHGDVLQLWLDOHVWLPDWHV,QGH[HVDUHUHYLVHGHDFKTXDUWHUZLWKWKHSXEOLFDWLRQRI-DQXDU\$SULO-XO\DQG2FWREHUGDWDDVXSGDWHGH[SHQGLWXUHHVWLPDWHVEHFRPH
DYDLODEOH7KH&&3,8LQGH[HVDUHXSGDWHGTXDUWHUO\XQWLOWKH\EHFRPHILQDO-DQXDU\0DUFKLQGH[HVDUHILQDOLQ-DQXDU\RIWKHIROORZLQJ\HDU$SULO-XQHLQGH[HVDUHILQDOLQ$SULORI
WKHIROORZLQJ\HDU-XO\6HSWHPEHULQGH[HVDUHILQDOLQ-XO\RIWKHIROORZLQJ\HDU2FWREHU'HFHPEHULQGH[HVDUHILQDOLQ2FWREHURIWKHIROORZLQJ\HDU
&3,'HWDLOHG5HSRUW$SULO
7DEOH&+LVWRULFDO&KDLQHG&RQVXPHU3ULFH,QGH[IRU$OO8UEDQ&RQVXPHUV&&3,886FLW\DYHUDJHE\FRPPRGLW\DQG
VHUYLFHJURXSDQGGHWDLOHGH[SHQGLWXUHFDWHJRULHV
3HUFHQWFKDQJHIURPSUHYLRXV'HFHPEHU
,WHPDQGJURXS
'HFHPEHU
$SU
([SHQGLWXUHFDWHJRU\
$OOLWHPV )RRGDQGEHYHUDJHV )RRG )RRGDWKRPH )RRGDZD\IURPKRPH $OFRKROLFEHYHUDJHV +RXVLQJ 6KHOWHU )XHOVDQGXWLOLWLHV +RXVHKROGIXUQLVKLQJVDQGRSHUDWLRQV $SSDUHO 7UDQVSRUWDWLRQ 3ULYDWHWUDQVSRUWDWLRQ 3XEOLFWUDQVSRUWDWLRQ 0HGLFDOFDUH 0HGLFDOFDUHFRPPRGLWLHV 0HGLFDOFDUHVHUYLFHV 5HFUHDWLRQ (GXFDWLRQDQGFRPPXQLFDWLRQ (GXFDWLRQ &RPPXQLFDWLRQ 2WKHUJRRGVDQGVHUYLFHV &RPPRGLW\DQGVHUYLFHJURXS
6HUYLFHV &RPPRGLWLHV 'XUDEOHV 1RQGXUDEOHV $OOLWHPVOHVVIRRGDQGHQHUJ\ (QHUJ\ 127(,QGH[DSSOLHVWRDPRQWKDVDZKROHQRWWRDQ\VSHFLILFGDWH
,QGH[HVDUHLVVXHGDVLQLWLDOHVWLPDWHV,QGH[HVDUHUHYLVHGHDFKTXDUWHUZLWKWKHSXEOLFDWLRQRI-DQXDU\$SULO-XO\DQG2FWREHUGDWDDVXSGDWHGH[SHQGLWXUH
HVWLPDWHVEHFRPHDYDLODEOH7KH&&3,8LQGH[HVDUHXSGDWHGTXDUWHUO\XQWLOWKH\EHFRPHILQDO-DQXDU\0DUFKLQGH[HVDUHILQDOLQ-DQXDU\RIWKHIROORZLQJ\HDU
$SULO-XQHLQGH[HVDUHILQDOLQ$SULORIWKHIROORZLQJ\HDU-XO\6HSWHPEHULQGH[HVDUHILQDOLQ-XO\RIWKHIROORZLQJ\HDU2FWREHU'HFHPEHULQGH[HVDUHILQDOLQ
2FWREHURIWKHIROORZLQJ\HDU
&3,'HWDLOHG5HSRUW$SULO
7HFKQLFDO1RWHV
%ULHI([SODQDWLRQRIWKH&3,
7KH &RQVXPHU 3ULFH ,QGH[ &3, LV D PHDVXUH RI WKH DYHUDJH FKDQJH LQ SULFHV RYHU WLPH RI JRRGV DQG VHUYLFHV SXUFKDVHG E\
KRXVHKROGV7KH86%XUHDXRI/DERU6WDWLVWLFV%/6SXEOLVKHV&3,VIRUWZRSRSXODWLRQJURXSV7KH&3,IRU8UEDQ:DJH(DUQHUV
DQG&OHULFDO:RUNHUV&3,:ZKLFKFRYHUVKRXVHKROGVRIZDJHHDUQHUVDQGFOHULFDOZRUNHUVWKDWFRPSULVHDSSUR[LPDWHO\SHUFHQW
RIWKHWRWDOSRSXODWLRQDQGWKH&3,IRU$OO8UEDQ&RQVXPHUV&3,8 DQGWKH&KDLQHG&3,IRU$OO8UEDQ&RQVXPHUV&&3,8
ZKLFKFRYHUVDSSUR[LPDWHO\SHUFHQWRIWKHWRWDOSRSXODWLRQDQGLQFOXGHLQDGGLWLRQWRZDJHHDUQHUDQGFOHULFDOZRUNHUKRXVHKROGV
JURXSVVXFKDVSURIHVVLRQDOPDQDJHULDODQGWHFKQLFDOZRUNHUVWKHVHOIHPSOR\HGVKRUWWHUPZRUNHUVWKHXQHPSOR\HGDQGUHWLUHHV
DQGRWKHUVQRWLQWKHODERUIRUFH
7KH&3,VDUHEDVHGRQSULFHVRIIRRGFORWKLQJVKHOWHUDQGIXHOVWUDQVSRUWDWLRQIDUHVFKDUJHVIRUGRFWRUV¶DQGGHQWLVWV¶VHUYLFHV
GUXJVDQGRWKHUJRRGVDQGVHUYLFHVWKDWSHRSOHEX\IRUGD\WRGD\OLYLQJ3ULFHVDUHFROOHFWHG HDFKPRQWK LQXUEDQDUHDVDFURVVWKH
FRXQWU\IURPDERXWKRXVLQJXQLWV DQGDSSUR[LPDWHO\UHWDLOHVWDEOLVKPHQWV²GHSDUWPHQWVWRUHVVXSHUPDUNHWVKRVSLWDOV
ILOOLQJVWDWLRQVDQGRWKHUW\SHVRIVWRUHVDQGVHUYLFHHVWDEOLVKPHQWV$OOWD[HVGLUHFWO\DVVRFLDWHGZLWKWKHSXUFKDVHDQGXVHRILWHPVDUH
LQFOXGHGLQWKHLQGH[3ULFHVRIIXHOVDQGDIHZRWKHULWHPVDUHREWDLQHGHYHU\PRQWKLQDOOORFDWLRQV3ULFHVRIPRVW RWKHUFRPPRGLWLHV
DQGVHUYLFHVDUHFROOHFWHGHYHU\PRQWKLQWKHWKUHHODUJHVWJHRJUDSKLFDUHDVDQGHYHU\RWKHUPRQWKLQRWKHUDUHDV3ULFHVRIPRVWJRRGV
DQGVHUYLFHVDUHREWDLQHGWKURXJKSHUVRQDOYLVLWVRUWHOHSKRQHFDOOVE\%/6WUDLQHGUHSUHVHQWDWLYHV
,QFDOFXODWLQJWKHLQGH[SULFHFKDQJHVIRUWKHYDULRXVLWHPVLQHDFKORFDWLRQDUHDYHUDJHGWRJHWKHUZLWKZHLJKWVWKDWUHSUHVHQWWKHLU
LPSRUWDQFHLQWKHVSHQGLQJRIWKHDSSURSULDWHSRSXODWLRQJURXS/RFDOGDWDDUHWKHQFRPELQHGWRREWDLQD86FLW\DYHUDJH)RUWKH
&3,8DQG&3,:VHSDUDWHLQGH[HVDOVRDUHSXEOLVKHGE\VL]HRIFLW\E\UHJLRQRIWKHFRXQWU\IRUFURVVFODVVLILFDWLRQVRIUHJLRQVDQG
SRSXODWLRQVL]HFODVVHVDQGIRUORFDODUHDV$UHDLQGH[HVGRQRWPHDVXUHGLIIHUHQFHVLQWKHOHYHORISULFHVDPRQJFLWLHVWKH\PHDVXUH
RQO\WKHDYHUDJHFKDQJHLQSULFHVIRUHDFKDUHDVLQFHWKHEDVHSHULRG)RUWKH&&3,8GDWDDUHLVVXHGRQO\DWWKHQDWLRQDOOHYHO,WLV
LPSRUWDQWWRQRWHWKDWWKH&3,8DQG&3,:DUHFRQVLGHUHGILQDOZKHQUHOHDVHGEXW WKH&&3,8LVLVVXHGLQSUHOLPLQDU\IRUPDQGLV
VXEMHFWWRWZRDQQXDOUHYLVLRQV
7KHLQGH[PHDVXUHVSULFHFKDQJHIURPDGHVLJQDWHGUHIHUHQFHGDWH)RUWKH&3,8DQGWKH&3,:WKHUHIHUHQFHEDVHLV±
7KHUHIHUHQFHEDVHIRUWKH&&3,8LV 'HFHPEHU $QLQFUHDVHRISHUFHQWIURPWKHUHIHUHQFHEDVHIRUH[DPSOH
LVVKRZQDV7KLVFKDQJHDOVRFDQEH H[SUHVVHGLQGROODUVDVIROORZVWKHSULFHRIDEDVHSHULRGPDUNHWEDVNHWRIJRRGVDQG
VHUYLFHVLQWKH&3,KDVULVHQIURPLQ±WR
)RUIXUWKHUGHWDLOVYLVLWWKH&3,KRPHSDJHRQWKH,QWHUQHWDWKWWSZZZEOVJRYFSLRUFRQWDFWRXU&3,,QIRUPDWLRQDQG$QDO\VLV
6HFWLRQDW
&DOFXODWLQJLQGH[FKDQJHV
0RYHPHQWVRIWKHLQGH[HVIURPRQHPRQWKWRDQRWKHUXVXDOO\DUHH[SUHVVHGDVSHUFHQWFKDQJHVUDWKHUWKDQFKDQJHVLQLQGH[SRLQWV
EHFDXVHLQGH[SRLQWFKDQJHVDUHDIIHFWHGE\WKHOHYHORIWKHLQGH[LQUHODWLRQWRLWVEDVHSHULRGZKHUHDVSHUFHQWFKDQJHVDUHQRW7KH
H[DPSOHVKRZQLQWKHER[RQWKLVSDJHLOOXVWUDWHVWKHFRPSXWDWLRQRILQGH[SRLQWDQGSHUFHQWFKDQJHV
,QGH[SRLQWFKDQJH
&3,
/HVVSUHYLRXVLQGH[
(TXDOVLQGH[SRLQWFKDQJH
3HUFHQWFKDQJH
,QGH[SRLQWGLIIHUHQFH
'LYLGHGE\WKHSUHYLRXVLQGH[
(TXDOV
5HVXOWVPXOWLSOLHGE\RQHKXQGUHG[
(TXDOVSHUFHQWFKDQJH
&3,'HWDLOHG5HSRUW$SULO
5HJLRQVGHILQHG
7KHVWDWHVLQWKHIRXUUHJLRQV DUH OLVWHG EHORZ
7KH 1RUWKHDVW&RQQHFWLFXW 0DLQH 0DVVDFKXVHWWV 1HZ +DPSVKLUH 1HZ <RUN 1HZ -HUVH\ 3HQQV\OYDQLD 5KRGH ,VODQG DQG
9HUPRQW
7KH 0LGZHVW,OOLQRLV ,QGLDQD ,RZD .DQVDV 0LFKLJDQ 0LQQHVRWD 0LVVRXUL 1HEUDVND 1RUWK 'DNRWD 2KLR 6RXWK 'DNRWD DQG
:LVFRQVLQ
7KH6RXWK$ODEDPD$UNDQVDV'HODZDUH)ORULGD*HRUJLD.HQWXFN\/RXLVLDQD0DU\ODQG0LVVLVVLSSL1RUWK&DUROLQD2NODKRPD
6RXWK&DUROLQD7HQQHVVHH7H[DV9LUJLQLD:HVW9LUJLQLDDQGWKH'LVWULFWRI&ROXPELD
7KH :HVW$ODVND $UL]RQD &DOLIRUQLD &RORUDGR +DZDLL ,GDKR 0RQWDQD 1HYDGD 1HZ 0H[LFR 2UHJRQ 8WDK :DVKLQJWRQ DQG
:\RPLQJ
(QHUJ\SULFHV
3ULFHVXVXDOO\DUHDYDLODEOHIRUWKH86FLW\DYHUDJHODUJHPHWURSROLWDQDUHDVWKHFHQVXVUHJLRQVVL]HFODVVLILFDWLRQVDQG
DUHDVUHIOHFWLQJWKHFHQVXVUHJLRQVFURVVFODVVLILHGE\WKHSRSXODWLRQVL]HV+RZHYHUQRWDOOHQHUJ\FRPPRGLWLHVDQGVHUYLFHV
DUHXVHGLQHYHU\DUHDRIWKHFRXQWU\)XHORLOIRUH[DPSOHLVQRWDFRPPRQKHDWLQJIXHOLQVRPHXUEDQDUHDVSDUWLFXODUO\LQWKH6RXWK
DQG:HVW:KHUHQRDYHUDJHSULFHVDUHDYDLODEOHWKHGHVLJQDWLRQ1$DSSHDUV7KLVGHVLJQDWLRQDOVRDSSHDUVLIWKHGDWDVXIILFLHQF\
FULWHULDKDYHQRWEHHQPHWLQDQ\JLYHQPRQWK)RUH[DPSOHLIWKHUHDUHIHZHUWKDQILYHXVDEOHIXHORLOSULFHVIRUDSXEOLVKHGFLW\RU
UHJLRQVL]HFODVVQRIXHORLOSULFHVIRUWKHDUHDZLOOEHSXEOLVKHG
$OOSULFHVDUHFROOHFWHGPRQWKO\E\%/6UHSUHVHQWDWLYHVLQWKHXUEDQDUHDVSULFHGIRUWKH&3,3ULFHVIRUQDWXUDOJDVDQGHOHFWULFLW\
LQFOXGHIXHODQGSXUFKDVHGJDVDGMXVWPHQWVDQGDOODSSOLFDEOHWD[HV)XHORLODQGJDVROLQHSULFHVLQFOXGHDSSOLFDEOH)HGHUDO6WDWHDQG
ORFDOWD[HV
1DWXUDOJDVDQGHOHFWULFLW\1DWXUDOJDVSULFHVDUHUHSRUWHGLQWKHUPVZKLFKDUHDPHDVXUHRIKHDWLQJYDOXH(OHFWULFLW\SULFHVDUH
JLYHQLQNLORZDWWKRXUVNZK,WVKRXOGEHQRWHGWKDWELOOVSULFHGIRUWKH&3,QRWRQO\DUHIRUGLIIHUHQWFRQVXPSWLRQDPRXQWVEXWPD\
DOVR EH FDOFXODWHG IURP GLIIHUHQW W\SHV RI UHVLGHQWLDO UDWH VFKHGXOHV 7KH DYHUDJH SULFHV SHU WKHUP DQG SHU NLORZDWW KRXU DUH QRW
WKHUHIRUHJHQHUDOO\VXLWDEOHIRUXVHLQSODFHWRSODFHSULFHFRPSDULVRQV
)XHORLO2QO\IXHORLOKRPHKHDWLQJRLOLVSULFHG3ULFHVDUHFROOHFWHGLQPRVWFDVHVIRUTXDQWLWLHVJUHDWHUWKDQJDOORQ
7KHVHSULFHVDUHFRQYHUWHGWRDJDOORQSULFHIRUWKLVSURJUDP)XHORLOSULFHVUHIOHFWGLVFRXQWVIRUTXDQWLW\RUTXLFNSD\PHQW
*DVROLQHDQGDXWRPRWLYHGLHVHOIXHO *DVROLQHDQGGLHVHOSULFHVVKRZQLQWDEOH3DUHFROOHFWHGDWWKHSXPSIURPDVDPSOHRI
IXOOVHUYLFHPLQLVHUYLFHDQGVHOIVHUYLFHJDVVWDWLRQV $SSUR[LPDWH%ULWLVK7KHUPDO8QLW%78YDOXHVIRUVRPHHQHUJ\LWHPVDUHDV
IROORZVDFFRUGLQJWRWKHVRXUFHLQGLFDWHG
WKHUP %78V86'HSDUWPHQWRI(QHUJ\
NZK %78V(GLVRQ(OHFWULF,QVWLWXWH
JDOORQIXHORLO %78V86'HSDUWPHQWRI(QHUJ\
)RRGDQGEHYHUDJHSULFHV
$FWXDOZHLJKWHGDYHUDJHSULFHVIRUIRRGDQGEHYHUDJHVDUHFDOFXODWHGHDFKPRQWKDWWKHQDWLRQDOOHYHODQGIRUWKHIRXUFHQVXV
JHRJUDSKLFUHJLRQVDVVKRZQLQWDEOH3$VDUHVXOWRIFKDQJHVLQSULFHFROOHFWLRQPHWKRGRORJ\DQGVDPSOHVL]HVDYHUDJH
SULFHV IRULQGLYLGXDOFLWLHVFDQQRWLQJHQHUDOEHSURGXFHG,WLVKRSHGKRZHYHUWKDWUHJLRQDODYHUDJHSULFHVZLOOKHOSWRVDWLVI\WKH
QHHGIRUORFDODUHDGDWD,WVKRXOGEHQRWHGWKDWWKHDYHUDJHSULFHVIRUIRRGLQWKLVUHSRUWUHIOHFWYDULDWLRQVLQEUDQGTXDOLW\DQGVL]H
DPRQJJHRJUDSKLFDUHDV8VHUVRIDYHUDJHIRRGSULFHVVKRXOGEHDZDUHWKDWWKHVHGLIIHUHQFHVH[LVW
%HFDXVHDQXPEHURIIRRGFRPPRGLWLHVDUHQRWDYDLODEOHLQDOODUHDVRQD\HDUURXQGEDVLVSULFHVZLOOQRWDSSHDULQVRPHPRQWKV
IRUVRPHUHJLRQVRUIRUWKH86FLW\DYHUDJH,QRWKHULQVWDQFHVVXIILFLHQWSULFHVPD\QRWEHDYDLODEOHGXHWRWHPSRUDU\GLVUXSWLRQVLQ
VXSSOLHV:KHUHQRDYHUDJHSULFHVDUHDYDLODEOHWKHGHVLJQDWLRQ1$DSSHDUV:KHQDSULFHLVQRWDYDLODEOHIURPDQLQGLYLGXDOVWRUHLQ
DQ\PRQWKDQHVWLPDWHGSULFHZLOOEHFDOFXODWHGIRUWKHPLVVLQJLWHPDQGXVHGLQFRPSXWLQJWKHDYHUDJHSULFH)RUFDVHVLQZKLFKWKH
SURSRUWLRQRIHVWLPDWHGSULFHVXVHGWRFDOFXODWHWKHDYHUDJHLVFRQVLGHUHGWRRKLJKWKHDYHUDJHSULFHLVQRWSXEOLVKHGDQG1$DSSHDUV
IRUWKDWLWHPLQWKHWDEOH
%HFDXVHRIVSDFHOLPLWDWLRQVLQWKHWDEOHWKHGHVFULSWLRQIRUHDFKLWHPLVDEEUHYLDWHG'HWDLOHGVSHFLILFDWLRQVDUHDYDLODEOHIURP
%/6LQIRUPDWLRQRIILFHVRUIURPWKH:DVKLQJWRQRIILFHXSRQUHTXHVW
&3,'HWDLOHG5HSRUW$SULO
$1RWHRQ6HDVRQDOO\$GMXVWHGDQG8QDGMXVWHG'DWD
%HFDXVHSULFHGDWDDUHXVHGIRUGLIIHUHQWSXUSRVHVE\GLIIHUHQWJURXSVWKH%XUHDXRI/DERU6WDWLVWLFVSXEOLVKHVVHDVRQDOO\DGMXVWHG
DVZHOODVXQDGMXVWHGFKDQJHVHDFKPRQWK
)RUDQDO\]LQJJHQHUDOSULFHWUHQGVLQWKHHFRQRP\VHDVRQDOO\DGMXVWHGFKDQJHVDUHXVXDOO\SUHIHUUHGVLQFHWKH\HOLPLQDWHWKHHIIHFW
RIFKDQJHVWKDWQRUPDOO\RFFXUDWWKHVDPHWLPHDQGLQDERXWWKHVDPHPDJQLWXGHHYHU\\HDUVXFKDVSULFHPRYHPHQWVUHVXOWLQJIURP
FKDQJLQJFOLPDWLFFRQGLWLRQVSURGXFWLRQF\FOHVPRGHOFKDQJHRYHUVKROLGD\VDQGVDOHV
7KHXQDGMXVWHGGDWDDUHRISULPDU\LQWHUHVWWRFRQVXPHUVFRQFHUQHGDERXWWKHSULFHVWKH\DFWXDOO\SD\8QDGMXVWHGGDWDDOVRDUH
XVHG H[WHQVLYHO\ IRU HVFDODWLRQ SXUSRVHV 0DQ\ FROOHFWLYH EDUJDLQLQJ FRQWUDFW DJUHHPHQWV DQG SHQVLRQ SODQV IRU H[DPSOH WLH
FRPSHQVDWLRQFKDQJHVWRWKH&RQVXPHU3ULFH,QGH[EHIRUHDGMXVWPHQWIRUVHDVRQDOYDULDWLRQ
6HDVRQDOIDFWRUVXVHGLQFRPSXWLQJWKHVHDVRQDOO\DGMXVWHGLQGH[HVDUHGHULYHGE\WKH;$5,0$6($766HDVRQDO$GMXVWPHQW
0HWKRG6HDVRQDOO\DGMXVWHGLQGH[HVDQGVHDVRQDOIDFWRUVDUHFRPSXWHGDQQXDOO\(DFK\HDUWKHODVWILYH\HDUVRIVHDVRQDOO\DGMXVWHG
GDWDDUHUHYLVHG'DWDIURP-DQXDU\WKURXJK'HFHPEHUZHUHUHSODFHGLQ-DQXDU\([FHSWLRQVWRWKHXVXDOUHYLVLRQ
VFKHGXOHZHUHWKHXSGDWHGVHDVRQDOGDWDDWWKHHQGRIUHSODFHGGDWDIURPWKURXJKDQGLQ-DQXDU\GHSHQGHQWO\
VHDVRQDOO\ DGMXVWHG VHULHV ZHUH UHYLVHG IRU -DQXDU\ 'HFHPEHU DV D UHVXOW RI D FKDQJH LQ WKH DJJUHJDWLRQ ZHLJKWV IRU
GHSHQGHQWO\DGMXVWHGVHULHV)RUIXUWKHULQIRUPDWLRQSOHDVHVHH³$JJUHJDWLRQRI'HSHQGHQWO\$GMXVWHG6HDVRQDOO\$GMXVWHG6HULHV´LQ
WKH2FWREHULVVXHRIWKH&3,'HWDLOHG5HSRUW
(IIHFWLYHZLWKWKHSXEOLFDWLRQRIGDWDIURP-DQXDU\WKURXJK'HFHPEHULQ-DQXDU\WKH9LGHRDQGDXGLRVHULHVDQG
WKH,QIRUPDWLRQWHFKQRORJ\KDUGZDUHDQGVHUYLFHVVHULHV ZHUHFKDQJHGIURPLQGHSHQGHQWO\DGMXVWHGWRGHSHQGHQWO\ DGMXVWHG7KLV
UHVXOWHGLQDQLQFUHDVHLQWKHQXPEHURIVHDVRQDOFRPSRQHQWVXVHGLQGHULYLQJVHDVRQDOPRYHPHQWRIWKH$OOLWHPVDQGRWKHU ORZHU
OHYHODJJUHJDWLRQVIURPIRUWKHSXEOLFDWLRQRI-DQXDU\WKURXJK'HFHPEHUGDWDWRIRUWKHSXEOLFDWLRQRIVHDVRQDOO\
DGMXVWHGGDWDIRU-DQXDU\DQGODWHU(DFK\HDUWKHVHDVRQDOVWDWXVRIHYHU\VHULHVLVUHHYDOXDWHGEDVHGXSRQFHUWDLQVWDWLVWLFDO
FULWHULD,IDQ\RIWKHFRPSRQHQWVFKDQJHWKHLUVHDVRQDODGMXVWPHQWVWDWXVIURPVHDVRQDOO\DGMXVWHGWRQRWVHDVRQDOO\DGMXVWHGQRW
VHDVRQDOO\DGMXVWHGGDWDZLOOEHXVHGLQWKHDJJUHJDWLRQRIWKHGHSHQGHQWVHULHVIRUWKHODVWILYH\HDUVEXWWKHVHDVRQDOO\DGMXVWHGLQGH[HV
EHIRUHWKDWSHULRGZLOOQRWEHFKDQJHG1RWHRIWKHFRPSRQHQWVDUHQRWVHDVRQDOO\DGMXVWHGIRU
6HDVRQDOO\DGMXVWHGGDWDLQFOXGLQJWKHDOOLWHPVLQGH[OHYHOVDUHVXEMHFWWRUHYLVLRQIRUXSWRILYH\HDUVDIWHUWKHLURULJLQDOUHOHDVH
)RUWKLVUHDVRQ%/6DGYLVHVDJDLQVWWKHXVHRIWKHVHGDWDLQHVFDODWLRQDJUHHPHQWV
(IIHFWLYH ZLWK WKH FDOFXODWLRQ RI WKH VHDVRQDO IDFWRUV IRU WKH %XUHDX RI /DERU 6WDWLVWLFV KDV XVHG DQ HQKDQFHG VHDVRQDO
DGMXVWPHQW SURFHGXUH FDOOHG ,QWHUYHQWLRQ $QDO\VLV 6HDVRQDO $GMXVWPHQW IRU VRPH &3, VHULHV ,QWHUYHQWLRQ $QDO\VLV 6HDVRQDO
$GMXVWPHQWDOORZVIRUEHWWHUHVWLPDWHVRIVHDVRQDOO\DGMXVWHGGDWD([WUHPHYDOXHVDQGRUVKDUSPRYHPHQWVZKLFKPLJKWGLVWRUWWKH
VHDVRQDOSDWWHUQDUHHVWLPDWHGDQGUHPRYHGIURPWKHGDWDSULRUWRFDOFXODWLRQRIVHDVRQDOIDFWRUV%HJLQQLQJZLWKWKHFDOFXODWLRQRI
VHDVRQDOIDFWRUVIRU;$5,0$VRIWZDUHZDVXVHGIRU,QWHUYHQWLRQ$QDO\VLV6HDVRQDO$GMXVWPHQW,QIRUWKH
UHYLVLRQVWKH%XUHDXRI/DERU6WDWLVWLFVEHJDQXVLQJ;$5,0$6($76WRSHUIRUPWKHVHDVRQDODGMXVWPHQWRI&3,VHULHVLQFOXGLQJ
,QWHUYHQWLRQ$QDO\VLV6HDVRQDO$GMXVWPHQWIRUFHUWDLQVHULHV
)RUWKHVHDVRQDOIDFWRUVLQWURGXFHGLQ-DQXDU\%/6DGMXVWHGVHULHVXVLQJ,QWHUYHQWLRQ$QDO\VLV6HDVRQDO$GMXVWPHQW
LQFOXGLQJVHOHFWHGIRRGDQGEHYHUDJHLWHPVPRWRUIXHOVHOHFWULFLW\DQGYHKLFOHV)RUH[DPSOHWKLVSURFHGXUHZDVXVHGIRUWKH0RWRU
IXHOVHULHVWRRIIVHWWKHHIIHFWVRIHYHQWVVXFKDVWKHUHVSRQVHLQFUXGHRLOPDUNHWVWRWKHZRUOGZLGHHFRQRPLFGRZQWXUQLQ
)RUDFRPSOHWHOLVWRI,QWHUYHQWLRQ$QDO\VLV6HDVRQDO$GMXVWPHQWVHULHVDQGH[SODQDWLRQVSOHDVHUHIHUWRWKHDUWLFOH³,QWHUYHQWLRQ
$QDO\VLV6HDVRQDO$GMXVWPHQW´ORFDWHGRQRXUZHEVLWHDWKWWSZZZEOVJRYFSLFSLVDSDJHKWP
)RUDGGLWLRQDOLQIRUPDWLRQRQVHDVRQDODGMXVWPHQWLQWKH&3,SOHDVHZULWHWRWKH%XUHDXRI/DERU6WDWLVWLFV'LYLVLRQRI&RQVXPHU
3ULFHVDQG3ULFH,QGH[HV:DVKLQJWRQ'&RUFRQWDFW&KULV*UDFLDWRUE\HPDLODWJUDFLFKULVWRSKHU#EOVJRY
RUFRQWDFW&DUO\OH-DFNVRQDWRUE\HPDLODWMDFNVRQFDUO\OH#EOVJRY ,I\RXKDYHJHQHUDOTXHVWLRQVDERXWWKH&3,
SOHDVHFDOORXULQIRUPDWLRQVWDIIDW
0HWURSROLWDQDUHDV
%/6SXEOLVKHVSULFHLQGH[HVIRUWKUHHPDMRUPHWURSROLWDQDUHDVPRQWKO\
&KLFDJR*DU\.HQRVKD,/,1:,
/RV$QJHOHV5LYHUVLGH2UDQJH&RXQW\&$
1HZ<RUN1RUWKHUQ1HZ-HUVH\/RQJ,VODQG
1<1-&73$
'DWDIRUDQDGGLWLRQDOPHWURSROLWDQDUHDVDUHSXEOLVKHGHYHU\RWKHUPRQWK>RQDQRGG-DQXDU\0DUFKHWFRUHYHQ)HEUXDU\
$SULODQGVRIRUWKPRQWKVFKHGXOH@IRUWKHIROORZLQJDUHDV
&3,'HWDLOHG5HSRUW$SULO
$WODQWD*$
HYHQ
%RVWRQ%URFNWRQ1DVKXD0$
1+ 0(&7 RGG
&OHYHODQG$NURQ2+
RGG
'DOODV)RUW:RUWK7;
RGG
'HWURLW$QQ$UERU)OLQW0, HYHQ
+RXVWRQ*DOYHVWRQ%UD]RULD7; HYHQ
0LDPL)RUW/DXGHUGDOH)/
HYHQ
3KLODGHOSKLD:LOPLQJWRQ
$WODQWLF &LW\3$1-'(0' HYHQ
6DQ)UDQFLVFR2DNODQG
6DQ-RVH&$ HYHQ
6HDWWOH7DFRPD%UHPHUWRQ:$
HYHQ
:DVKLQJWRQ%DOWLPRUH
'&0'9$:9
RGG
1RWH7KHGHVLJQDWLRQHYHQRURGGUHIHUVWRWKHPRQWKGXULQJZKLFKWKHDUHD¶VSULFHFKDQJHLVPHDVXUHG'XHWRWKHWLPHQHHGHGIRU
SURFHVVLQJGDWDDUHUHOHDVHGWRZHHNVLQWRWKHIROORZLQJPRQWK
'DWDDUHSXEOLVKHGIRUDQRWKHUJURXSRIPHWURSROLWDQDUHDVRQDVHPLDQQXDOEDVLV7KHVHLQGH[HVZKLFKUHIHUWRWKHDULWKPHWLF
DYHUDJHIRUWKHPRQWKSHULRGVIURP-DQXDU\WKURXJK-XQHDQG-XO\WKURXJK'HFHPEHUDUHSXEOLVKHGZLWKUHOHDVHRIWKH&3,IRU-XO\
DQG-DQXDU\UHVSHFWLYHO\LQ$XJXVWDQG)HEUXDU\IRU
$QFKRUDJH$.
&LQFLQQDWL+DPLOWRQ2+.<,1
'HQYHU%RXOGHU*UHHOH\&2
+RQROXOX+,
.DQVDV&LW\02.6
0LOZDXNHH5DFLQH:,
0LQQHDSROLV6W3DXO01:,
3KRHQL[0HVD$=
3LWWVEXUJK3$
3RUWODQG6DOHP25:$
6DQ'LHJR&$
6W/RXLV02,/
7DPSD6W3HWHUVEXUJ&OHDUZDWHU)/
+RZWR2EWDLQ&RQVXPHU3ULFH,QGH[,QIRUPDWLRQ
&3, LQIRUPDWLRQ LV DYDLODEOH IURP %/6 HOHFWURQLFDOO\ WKURXJK SXEOLFDWLRQ VXEVFULSWLRQV DQG YLD WHOHSKRQH DQG ID[ WKURXJK
DXWRPDWHGUHFRUGLQJV,QIRUPDWLRQVSHFLDOLVWVDOVRDUHDYDLODEOHLQWKHQDWLRQDODQGLQIRUPDWLRQRIILFHVWRSURYLGHKHOSDQGWRUHVSRQG
WRTXHVWLRQV
(OHFWURQLFDFFHVVWR&3,GDWD
%/6RQWKH,QWHUQHW 7KURXJKWKH,QWHUQHW%/6 SURYLGHVIUHHFRQWLQXRXVDFFHVVWRSXEOLVKHG&3, GDWDDQGSUHVVUHOHDVHV7KH
PRVWUHFHQWPRQWK¶V&3,LVPDGHDYDLODEOHLPPHGLDWHO\DWWKHWLPHRIUHOHDVH$GGLWLRQDOO\DGDWDEDVHFDOOHG/$%67$7FRQWDLQLQJ
FXUUHQWDQGKLVWRULFDOGDWDIRUWKH&3,LVDFFHVVLEOH
:RUOG :LGH :HE %/6 PDLQWDLQV D :HE VLWH DW KWWSZZZEOVJRY RQ WKH ,QWHUQHW 7KLV %/6 KRPHSDJH SURYLGHV DFFHVV WR
/$%67$7DVZHOODVOLQNVWRSURJUDPVSHFLILFKRPHSDJHV7KH&3,KRPHSDJH KWWSZZZEOVJRYFSL SURYLGHVRWKHU&3,LQIRUPDWLRQ
DV ZHOO DV LQGH[HV 7KLV LQFOXGHV D EULHI H[SODQDWLRQ RI PHWKRGRORJ\ IUHTXHQWO\ DVNHG TXHVWLRQV DQG DQVZHUV FRQWDFWV IRU IXUWKHU
LQIRUPDWLRQDQGH[SODQDWLRQVRIKRZWKH&3,SURJUDPKDQGOHVVSHFLDOLWHPVVXFKDVPHGLFDOFDUHDQGKRXVLQJ,QDGGLWLRQ&3,SUHVV
UHOHDVHVDQGKLVWRULFDOGDWDIRUPHWURSROLWDQDUHDVFDQEHDFFHVVHGE\OLQNLQJWRWKHUHJLRQDORIILFHKRPHSDJHVIURPWKHPDLQ%/6:HE
VLWHOLVWHGDERYH
&3,'HWDLOHG5HSRUW$SULO
5HFRUGHG&3,GDWD
6XPPDU\&3,GDWDDUHSURYLGHGRQKRXUUHFRUGHGPHVVDJHV'HWDLOHG&3,LQIRUPDWLRQPD\EHREWDLQHGE\FDOOLQJ
$WRXFKWRQHWHOHSKRQHLVUHFRPPHQGHGDVWKLVV\VWHPDOORZVWKHXVHUWRVHOHFWVSHFLILFLQGH[HVIURPOLVWVRIDYDLODEOHGDWD
5HFRUGHGVXPPDULHVRI&3,GDWDDOVRPD\EHREWDLQHGE\FDOOLQJDQ\RQHRIWKHPHWURSROLWDQDUHD&3,KRWOLQHVOLVWHGQH[W7KHVH
KRWOLQHVXPPDULHVW\SLFDOO\LQFOXGHGDWDIRUWKH86FLW\DYHUDJHDVZHOODVIRUWKHVSHFLILHGDUHD7KHUHFRUGLQJVDUHDSSUR[LPDWHO\
PLQXWHVLQOHQJWKGRQRWUHTXLUHDWRXFKWRQHWHOHSKRQHDQGDUHDYDLODEOHKRXUVDGD\GD\VDZHHN
$UHD
+RWOLQHQXPEHU
$WODQWD %DOWLPRUH 2.DVLV
%RVWRQ &KLFDJR 'HQYHU 'HWURLW +RQROXOX +RXVWRQ ,QGLDQDSROLV .DQVDV&LW\ /RV$QJHOHV 0LOZDXNHH
0LQQHDSROLV6W3DXO
1HZ<RUN
3KLODGHOSKLD 3KRHQL[0HVD 3LWWVEXUJK
3RUWODQG 6DQ'LHJR
6DQ)UDQFLVFR 6HDWWOH 6W/RXLV :DVKLQJWRQ'&
2WKHUVRXUFHVRI&3,GDWD
7HFKQLFDOLQIRUPDWLRQPD\EHREWDLQHGGXULQJQRUPDOZRUNLQJKRXUV0RQGD\WKURXJK)ULGD\E\FDOOLQJWKH:DVKLQJWRQ'&
QDWLRQDORIILFHDWRUDQ\RIWKHLQIRUPDWLRQRIILFHV OLVWHGEHORZ
2IILFH
7HOHSKRQH
$WODQWD
%RVWRQ
&KLFDJR
'DOODV
.DQVDV&LW\
1HZ<RUN
3KLODGHOSKLD
6DQ)UDQFLVFR
:DVKLQJWRQ'&
+LVWRULFDOWDEOHV 7KHVHLQFOXGHDOOSXEOLVKHGLQGH[HVIRUHDFKRIWKHGHWDLOHG&3,FRPSRQHQWV7KHVHWDEOHVPD\EHREWDLQHGYLD
WKH,QWHUQHWE\FDOOLQJLQWKHQDWLRQDORIILFHRUE\FRQWDFWLQJDQ\ RIWKHLQIRUPDWLRQRIILFHVMXVWOLVWHG
&3,'HWDLOHG5HSRUW$SULO
'HVFULSWLYH SXEOLFDWLRQV 7KHVH SXEOLFDWLRQV GHVFULEH WKH &3, DQG ZD\V LQ ZKLFK WR XVH LW 7KH\ LQFOXGH VLPSOH IDFWVKHHWV
GLVFXVVLQJVSHFLILFWRSLFVDERXWWKH&3,DEURDGHUQRQWHFKQLFDORYHUYLHZRIWKH&3,LQDTXHVWLRQDQGDQVZHUIRUPDWDQGDWHFKQLFDO
DQGWKRURXJKGHVFULSWLRQRIWKH&3,DQGLWVPHWKRGRORJ\7KHVHSXEOLFDWLRQVPD\EHREWDLQHGE\FDOOLQJDQGPDQ\DUH
LQFOXGHGRQWKH&3,KRPHSDJHRQWKH,QWHUQHW
6SHFLDOSXEOLFDWLRQV $OVRDYDLODEOHDUHYDULRXVVSHFLDOSXEOLFDWLRQVVXFKDV5HODWLYH,PSRUWDQFHRI&RPSRQHQWVLQWKH&RQVXPHU
3ULFH,QGH[ DQGPDWHULDOVGHVFULELQJWKHDQQXDOUHYLVLRQVRIVHDVRQDOO\DGMXVWHG&3,GDWD)RUPRUHLQIRUPDWLRQFDOO
)XUWKHU LQIRUPDWLRQ FDQ EH REWDLQHG E\ ZULWLQJ WKH 2IILFH RI 3ULFHV DQG /LYLQJ &RQGLWLRQV %XUHDX RI /DERU 6WDWLVWLFV 0DVVDFKXVHWWV$YHQXH1(5RRP:DVKLQJWRQ'&RUE\FDOOLQJDQ\RIWKHLQIRUPDWLRQRIILFHVOLVWHGHDUOLHU
&3,'HWDLOHG5HSRUW$SULO
© Copyright 2026 Paperzz