FSU Women's Basketball Media Guide 08-09

Page 1


-1Ê - /

Óään ä Ê7 i ½ÃÊ >à iÌL> Ê i` >Ê Õ `i -1Ê >à iÌL>

&RQIHUHQFH $ZDUGV 4XLFN )DFWV $FDGHPLF $ZDUGV %DVNHWEDOO 7UDLQLQJ &HQWHU $OO 7LPH /HWWHUZLQQHUV 'RQDOG / 7XFNHU &LYLF &HQWHU $OO 7LPH -HUVH\ 1XPEHUV $FDGHPLF 6XSSRUW

/ iÊ,iV À`Ê

Óään ä Ê-i>Ã Ê"ÕÌ

3RVWVHDVRQ +LVWRU\ 5RVWHU &RQIHUHQFH +LVWRU\ 5RVWHU %UHDNGRZQ 5DQNHG 2SSRQHQWV 6HDVRQ 2XWORRN ,QGLYLGXDO 5HFRUGV 7HDP 5HFRUGV 0LVFHOODQHRXV 5HFRUGV -1Ê >V }Ê-Ì>vv +HDG &RDFK 6XH 6HPUDX <HDUO\ /HDGHUV $VVRFLDWH +HDG &RDFK &RUL &ORVH &RDFKLQJ 5HFRUGV $VVLVWDQW &RDFK $QJLH -RKQVRQ 6HULHV 5HFRUGV $VVLVWDQW &RDFK /DQFH :KLWH <HDUO\ 5HVXOWV 'LU 2I 2SHUDWLRQV 0HOLVVD %UXQHU 6XSSRUW 6WDII / iÊ"«« i ÌÃÉ/ iÊ

9LGHR &RRUGLQDWRU 7\OHU &OHYHUO\ 2SSRQHQW 3URÀ OHV (TXLSPHQW $&& 2IÀ FH 0DQDJHUV 2WKHU 6WDII 7UDYHO +HDGTXDUWHUV 6WUHQJWK &RQGLWLRQLQJ $&& &RPSRVLWH 6FKHGXOH $WKOHWLF 7UDLQLQJ 7KLV ,V 7KH $&& $&& 7RXUQDPHQW 1&$$ 7RXUQDPHQW * >ÞiÀÊ Ã 7DQDH 'DYLV &DLQ 0DUD )UHVKRXU i` >Ê v À >Ì $QJHO *UD\ )68 6SRUWV ,QIRUPDWLRQ $O\VKD +DUYLQ )68 0HGLD 2XWOHWV -DFLQWD 0RQURH 5DGLR &D\OD 0RRUH 6HPLQROHV 2Q 7KH $LU $QWLRQHWWH +RZDUG 5DGLR 79 &KDUW ,QVLGH %DFN &RYHU &KULVWLDQ +XQQLFXWW &RXUWQH\ :DUG .HRXJK 'HOX]LR -*",/-Ê ", /" \ %UDYDUG &OD\WRQ .QRZ <RXU 1ROHV 2IÀ FH 3KRQH

ÓääÇ änÊ-i>à Ê,iÛ iÜ

6HDVRQ ,Q 5HYLHZ ,QGLYLGXDO 6WDWLVWLFV 5HVXOWV /HDGHUV 7HDP +LJKV /RZV ,QGLYLGXDO +LJKV *DPH E\ *DPH %R[ 6FRUHV $&& 5HYLHZ $&& 7HDP 6WDWV $&& ,QGLYLGXDO 6WDWV

/ iÊ1 ÛiÀÃ ÌÞ

7KLV ,V 7DOODKDVVHH 7KLV ,V )ORULGD 6WDWH 8QLYHUVLW\ )DFWV 3URPLQHQW $OXPQL $WKOHWLF $GPLQLVWUDWLRQ 6WXGHQW 6HUYLFHV 3UHPLHU 3URJUDPV 1&$$ &RPSOLDQFH 6HPLQROH %RRVWHUV &RPPXQLW\ 6HUYLFH 6HPLQROH 6SLULW

ÀÃÊ> `Ê Ü>À`Ã

0DWW 6FKPDXFK $ZDUG 5RQDOGD 3LHUFH $ZDUG +DOO RI )DPH 5HWLUHG 1XPEHUV $OO $PHULFDQV 1DWLRQDO 7HDPV )68·V :1%$ &RQQHFWLRQV $ 0HPRUDEOH 'UDIW 'D\

2IÀ FH )D[ 3UHVV 5RZ :HEVLWH ZZZ VHPLQROHV FRP 6SRUWV ,QIRUPDWLRQ 'LUHFWRU 7LQD 'HFKDXVD\ $VVRFLDWH 'LUHFWRUV (OOLRWW )LQHEORRP &KXFN :DOVK $VVLVWDQW 'LUHFWRUV $FH +XQW -DVRQ /HWXUP\ .DW\ %DNHU 'LUHFWRU RI 'LJLWDO 0HGLD 5\DQ 3HQV\ *UDGXDWH $VVLVWDQWV /D\QH +HUGW 7DQLD )HUQDQDGH] 3URJUDP $VVLVWDQW 0DU\MDQH *DUGQHU

7 i ½ÃÊ >à iÌL> Ê Ì>VÌ\ $VVLVWDQW 'LUHFWRU $FH +XQW 2IÀ FH 3KRQH &HOO 3KRQH ( 0DLO DRKXQW#IVX HGX 2YHUQLJKW 0DLOLQJ $GGUHVV 6WDGLXP 'ULYH :HVW 5RRP ' 7DOODKDVVHH )/

Ài` ÌÃ\ (GLWRU $FH +XQW 5HVHDUFK (GLWLQJ 7LQD 'HFKDXVD\ 0DU\MDQH *DUGQHU 0LFKDHO 6PRRVH &KXFN :DOVK DQG =DFK 0HQGHOVRQ 3KRWRJUDSK\ )68 3KRWR /DE 0LFKHOH (GPXQGV %LOO /D[ 5\DOV /HH -U &RUL &ORVH /DQFH :KLWH %UDQGRQ *RRGPDQ 1%$ 3KRWRV 5RVV 2EOH\ 7LQD 'HFKDXVD\ 86$ %DVNHWEDOO DQG 0LFKDHO 6PRRVH 'HVLJQ :LUHJUDVV 'HVLJQ 6WXGLR 7DOODKDVVHH )OD 3ULQWLQJ %R\G %URWKHUV ,QF 3DQDPD &LW\ )OD

4HIS DOCUMENT IS AVAILABLE UPON REQUEST IN ALTERNATE FORMATS FOR INDIVIDUALS WITH PRINT RELATED DISABILITIES #ONTACT THE !$! /Fl CE ! 5NIVERSITY #ENTER 4ALLAHASSEE &, FOR MORE INFORMATION

7" ½-Ê - /

£


-1Ê - / Óään änÊ+Õ V Ê >VÌÃ 1 ÛiÀÃ ÌÞÊ v À >Ì

/RFDWLRQ 7DOODKDVVHH )OD )RXQGHG (QUROOPHQW 3UHVLGHQW 'U 7 . :HWKHUHOO 6\PERO 6HPLQROHV &RORUV *DUQHW *ROG +RPH &RXUW 'RQDOG / 7XFNHU &LYLF &HQWHU 7XFNHU &HQWHU 3UHVV 5RZ 3KRQH $IÀ OLDWLRQ 1&$$ 'LYLVLRQ , &RQIHUHQFH $WODQWLF &RDVW

Ì iÌ VÃÊ ` ÃÌÀ>Ì

$WKOHWLFV 'LUHFWRU 5DQG\ 6SHWPDQ 6SHWPDQ·V 3KRQH 6HQLRU $VVRF $' %DVNHWEDOO .HOOLH (OOLRWW (OOLRWW·V 3KRQH

-« ÀÌÃÊ v À >Ì

>Ã iÌL> Ê-Ì>vv

+HDG &RDFK 6XH 6HPUDX &DOLIRUQLD 6DQ 'LHJR ·

5HFRUG DW )68 <HDUV &DUHHU 5HFRUG <HDUV 6DPH $&& 5HFRUG

$VVRFLDWH +HDG &RDFK &RUL &ORVH WK 6HDVRQ 8& 6DQWD %DUEDUD ·

$VVLVWDQW &RDFKHV $QJLH -RKQVRQ WK 6HDVRQ /RXLVYLOOH · /DQFH :KLWH WK 6HDVRQ 7H[DV 7HFK ¶

%DVNHWEDOO 2IÀ FH 3KRQH 'LUHFWRU RI %DVNHWEDOO 2SHUDWLRQV 0HOLVVD %UXQHU %UXQHU·V 2IÀ FH 3KRQH %DVNHWEDOO $WKOHWLF 7UDLQHU &KHU\O 3IHLO 7UDLQLQJ 5RRP 3KRQH %DVNHWEDOO 6WUHQJWK &RDFK 'DYH 3OHWWO :HLJKW 5RRP 3KRQH

ÓääÇ änÊ,iÃÕ ÌÃ

6SRUWV ,QIRUPDWLRQ 'LUHFWRU 7LQD 'HFKDXVD\ $VVLVWDQW 6,' :%% $FH +XQW (PDLO $GGUHVV DRKXQW#IVX HGX +XQW·V 2IÀ FH 3KRQH +XQW·V &HOO 3KRQH 6,' )D[ $WKOHWLFV :HEVLWH ZZZ VHPLQROHV FRP

2YHUDOO 5HFRUG $&& 5HFRUG 3ODFH 7 WK +RPH $&&

$ZD\ $&&

1HXWUDO 3RVWVHDVRQ 1&$$ 6HFRQG 5RXQG 1XPEHU RI :HHNV 5DQNHG )LQDO 5DQNLQJ $59 86$ 7RGD\ (631 &RDFKHV 3ROO

,>` Ê À >`V>ÃÌ

Óään ä Ê*iÀÃ i

6WDWLRQV :1/6 1HZVUDGLR $0 ZZZ VHPLQROHV FRP 3OD\ E\ 3OD\ 5\DQ 3HQV\ 6L[WK 6HDVRQ

USHQV\#IVX HGX &RORU $QDO\VW 0HOLVVD %UXQHU 7KLUG 6HDVRQ

*À }À> Ê ÃÌ ÀÞ

)LUVW <HDU RI %DVNHWEDOO $OO WLPH 5HFRUG

2YHUDOO $&& 5HFRUG

1&$$ 7RXUQDPHQW $SSHDUDQFHV 1&$$ 7RXUQDPHQW 5HFRUG )LUVW 1&$$ $SSHDUDQFH /DVW 1&$$ $SSHDUDQFH 5HVXOW VW 5RXQG GHIHDWHG 2KLR 6WDWH QG 5RXQG ORVW WR 2NODKRPD 6WDWH 27

1R <HDUV LQ :1,7

:1,7 5HFRUG

6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 1HZFRPHUV

-Ì>ÀÌiÀÃÊ,iÌÕÀ }

7DQDH 'DYLV &DLQ 6U * SSJ USJ 0DUD )UHVKRXU 6U * SSJ USJ DSJ -DFLQWD 0RQURH -U ) & SSJ USJ &RXUWQH\ :DUG 6R * SSJ DSJ

"Ì iÀÊ iÞÊ,iÌÕÀ }Ê* >ÞiÀÃ

$O\VKD +DUYLQ -U * SSJ USJ $QWLRQHWWH +RZDUG )U * ) SSJ USJ &D\OD 0RRUH -U ) SSJ SSJ &KULVWLDQ +XQQLFXWW )U * SSJ USJ $QJHO *UD\ -U * SSJ USJ

iÞÊ ÃÃiÃ

6KDQWH :LOOLDPV 6U * SSJ USJ DSJ %ULWDQ\ 0LOOHU -U & SSJ USJ

iÜV iÀÃ

&LHUUD %UDYDUG & )U 6DQGXVN\ 2KLR 3HUNLQV

&KDVLW\ &OD\WRQ * ) )U $OH[DQGULD 9D (GLVRQ

$OH[D 'HOX]LR ) )U :LQGHPHUH )OD )LUVW $FDGHP\

.D\OL .HRXJK ) )U /DQG 2· /DNHV )OD /DQG 2· /DNHV

Ó

", Ê-/ / Ê1 6 ,- /9


-1Ê - /

-1Ê - / 7" ½-Ê - /

Î


-1Ê - / >Ã iÌL> Ê/À> }Ê i ÌiÀ

º Ê}iÌÊiÝV Ìi`ÊiÛiÀÞÊ`>ÞÊÌ >ÌÊ ÊV iÊÌ ÊÜ À Ê> `Êvii Ê«À Õ`ÊÌ ÊÜ> Ê Ê Ì Ê ÕÀÊwÊÀÃÌÊV >ÃÃÊÌÀ> }Êv>V ÌÞ°Ê ÛiÀÞÌ }ÊÌ >ÌÊ ÕÀÊÃÌÕ`i Ì >Ì iÌiÃÊ ii`ÊÌ ÊLiÊÃÕVViÃÃvÕ Ê Ê vi]ÊÃV ]Ê> `ÊL>à iÌL> Ê ÃÊ ÕÃi`ÊÕ `iÀÊ iÊÀ v°Ê/ ÃÊÌÀ> }ÊVi ÌiÀÊ ÃÊ>ÊÌiÃÌ> i ÌÊÌ Ê > ÞÊ« >ÞiÀÃ]ÊV >V iÃÊ > `ÊÃÌ>vvÊÜ Ê >ÛiÊ« ÕÀi`ÊÌ i Ãi ÛiÃÊ Ì Ê À `>Ê-Ì>ÌiÊ7 i ½ÃÊ >à iÌL> °Ê» ÊpÊ i>`Ê >V Ê-ÕiÊ-i À>Õ

7KH WKLUG OHYHO HQWUDQFH ORFDWHG RQ WKH QRUWK VLGH RI WKH FRPSOH[ FRQQHFWV WR D ZDONZD\ OHDGLQJ GLUHFWO\ WR WKH 7XFNHU &LYLF &HQWHU

º7iÊ ÛiÊÌ iÊv>V ÌÞ°Ê Ì½ÃÊ>Ê L iÃà }ÊLiV>ÕÃiÊ ÌÊiÛiÀÞÊÃV Ê >ÃÊ>Êv>V ÌÞÊ iÊÜiÊ` °Ê ̽ÃÊ}Ài>ÌÊ Ì Ê >ÛiÊ>Ê V iÀÊÀ ÊÜ iÀiÊÞ ÕÊ V> ÊÃÌÕ`Þ]Ê > }Ê ÕÌÊÜ Ì ÊÌ iÊ Ì iÀÊ } À ÃÊ> `Ê«Ài«>ÀiÊv ÀÊÌ iÊ}> i°Ê ̽ÃÊ Ài> ÞÊ> Ê> iÊv>V ÌÞ°» pÊ Õ ÀÊ >V Ì>Ê À i

7ZR UHJXODWLRQ VL]HG EDVNHWEDOO FRXUWV DUH ORFDWHG RQ WKH VHFRQG Á RRU RI WKH IDFLOLW\ 7KH FXVKLRQLQJ IRU WKH FRXUWV LV FRPSRVHG RI JURXQG XS 1LNH VKRHV

7KH WHDP PHHWLQJ URRP VWUHQJWK DQG FRQGLWLRQLQJ URRP DQG DWKOHWLF WUDLQLQJ 7KH FRDFKHV RIÀ FH VXLWH LV RQ WKH WKLUG Á RRU ZKLFK KDV D EDOFRQ\ RYHUORRNLQJ URRP DUH ORFDWHG RQ WKH VHFRQG Á RRU MXVW DFURVV WKH KDOO IURP WKH SUDFWLFH WKH SUDFWLFH FRXUWV FRXUWV

{

", Ê-/ / Ê1 6 ,- /9


>Ã iÌL> Ê/À> }Ê i ÌiÀ

-1Ê - / º ÊÜ>ÃÊÛiÀÞÊ «ÀiÃÃi`ÊÜ Ì Ê Ì iÊv>V ÌÞÊÜ i Ê ÊV> iÊ Ê ÞÊ ÀiVÀÕ Ì }ÊÛ Ã ÌÊ> `Ê ÌÊÀi> ÞÊ Ãi«>À>Ìi`Ê À `>Ê-Ì>ÌiÊvÀ Ê>Ê ÌÊ vÊÃV Ã°Ê ÛiÀÞÌ }Ê ÃÊ > `Ê ÕÌÊ Ü Ì ÊL>à iÌL> Ê Ê `ÆÊÞ ÕÊ` ½ÌÊ >ÛiÊÌ Ê} ÊÌ Ê> Ì iÀÊv>V ÌÞÊÌ Ê }iÌÊà iÌ }Ê` i°Ê ̽ÃÊ> ÊÀ } ÌÊ iÀi°» pÊ- « ÀiÊ Ì iÌÌiÊ Ü>À`

º/ iÊ / ÊÃÌ> `ÃÊ>L ÛiÊÌ iÊ Ì iÀÊë ÀÌÃÊv>V Ì iÃÊ ÊV> «ÕÃÊ LiV>ÕÃiÊ ÌÊ ÃÊÌ iÊ ÞÊv>V ÌÞÊ Lià `iÃÊ > Ê > «Li ÊÌ >ÌÊ «À Û `iÃÊV >V iÃÊ> `Ê>Ì iÌiÃÊ Ü Ì Ê> ÞÌ }ÊÌ iÞÊV Õ `ÊiÛiÀÊ ii`°Ê/ iÊ / Ê >ÃÊiÛiÀÞÌ }Ê Þ ÕÊ ii`ÊÌ ÊLiV iÊÌ iÊ«iÀviVÌÊ >Ì iÌi°Ê/ iÊ ÞÊÌ }ÊÜiÊ` ½ÌÊ ` Ê Ê ÕÀÊv>V ÌÞÊ ÃÊ« >ÞÊ}> ið»Ê pÊ-i ÀÊ >À>Ê Àià ÕÀ

7KH ORFNHU URRP ORFDWHG RQ WKH À UVW Á RRU FRQVLVWV RI IRXU URRPV WKH SOD\HU ORXQJH WKH VWXG\ URRP WKH GUHVVLQJ DQG ORFNHU URRP DQG WKH UHVWURRP DQG VKRZHU DUHD

7" ½-Ê - /

x


-1Ê - /

> `Ê °Ê/ÕV iÀÊ Û VÊ i ÌiÀ

)ORULGD 6WDWH EDVNHWEDOO JDPH DW WKH 'RQDOG / 7XFNHU &LYLF &HQWHU LV DV H[FLWLQJ DV LW JHWV )68 IDQV DUH VSRLOHG E\ PRUH WKDQ MXVW D JUHDW EDVNHWEDOO WHDP SOD\LQJ LQ WKH QDWLRQ·V À QHVW FRQIHUHQFH WKH\ DOVR JHW WR ZDWFK WKH JDPH LQ VXUURXQGLQJV WKDW DUH DV PRGHUQ DV DQ\ LQ WKH FRXQWU\ 7KH 7XFNHU &HQWHU LV WKH KRPH IRU 6HPLQROH EDVNHWEDOO DQG WKH PXOWL SXUSRVH IDFLOLW\ FRPHV DOLYH RQ JDPH GD\ 6R LPSUHVVLYH LV WKH DWPRVSKHUH WKH 7XFNHU &HQWHU DQG )ORULGD 6WDWH 8QLYHUVLW\ KDYH VHUYHG DV KRVWV IRU 1&$$ %DVNHWEDOO À UVW DQG VHFRQG URXQGV ³ EDFN LQ RQ WKH PHQ·V VLGH DQG LQ IRU WKH ZRPHQ·V WRXUQDPHQW 7KH 7XFNHU &HQWHU ZLOO RQFH DJDLQ KRVW 1&$$ DFWLRQ QH[W VHDVRQ ZKHQ )68 KRVWV WKH À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À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·V UHV WDXUDQW WKH 6SRWOLJKW *ULOO 7KLV VHDW DUHQD YLHZ UHVWDXUDQW

È

LQFOXGHV DQ RXWGRRU SDWLR DQG OHGJH VHDWLQJ IRU YLHZLQJ DUHQD HYHQWV 7KH PXOWL SXUSRVH IDFLOLW\ ZKLFK RSHQHG LWV GRRUV LQ FRYHUV RYHU DFUHV LQ WKH KHDUW RI 7DOODKDVVHH·V WKULYLQJ GRZQWRZQ GLVWULFW 7KH 7XFNHU &HQWHU LV RQO\ WZR EORFNV IURP WKH &DSLWRO EXLOGLQJ DQG LV MXVW DFURVV WKH VWUHHW IURP )68·V QDWLRQDOO\ DFFODLPHG /DZ 6FKRRO 7KH FRPSOH[ FRYHUV RYHU VTXDUH IHHW ZLWK IRRW FHLOLQJV LQ WKH PDLQ DUHQD 7KH 7XFNHU &HQWHU LV DFWXDOO\ WKUHH GLIIHUHQW DUHDV FRPELQHG XQGHU RQH URRI 7KH PDLQ DUHQD ZKHUH )68 KRVWV LWV KRPH JDPHV LV DOVR WKH FHQWHU IRU VRPH RI WKH QDWLRQ·V WRS PXVLFDO FRQFHUWV DQG %URDGZD\ SOD\V DQG HYHQ D FLUFXV 7KH ([KLELWLRQ +DOO ZKLFK MRLQV WKH PDLQ DUHQD YLD D VSDWLDO KDOOZD\ FDQ VHDW IRU DQ HYHQW RU VHUYH DV DQ LQ GRRU GLVSOD\ DUHD 7KH FRPSOH[ DOVR IHDWXUHV D WHUUDFH ZKLFK LV SRSXODU IRU RXWGRRU KRVWLQJ $V RQH RI )ORULGD·V EXVLHVW YHQXHV WKH 7XFNHU &HQWHU UHFHQWO\ FRPSOHWHG D PLOOLRQ UHQRYDWLRQ WR LWV VL[ PHHW LQJ URRPV FRYHULQJ VRPH VTXDUH IHHW %HFDXVH RI LWV YHUVDWLOLW\ DQG DFFHVVLELOLW\ WKH 7XFNHU &HQWHU FRQWLQXHV WR EH D SRSXODU ORFDWLRQ IRU WUDGH VKRZV DQG FRQYHQWLRQV ,Q WKH ODWH ·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´0RVW (IIHFWLYH 0HPEHU RI 7KH /HJLVODWXUH µ

", Ê-/ / Ê1 6 ,- /9


V>`i VÃ

-1Ê - / Ì iÌ VÊ V>`i VÊ-Õ«« ÀÌÊ ÃÃ Ê-Ì>Ìi i Ì

7KH SULPDU\ PLVVLRQ RI WKH $WKOHWLF $FDGHPLF 6XSSRUW SURJUDP LV WR SURYLGH DQ HQYLURQPHQW WKDW IDFLOLWDWHV WKH DFDGHPLF VXFFHVV RI HDFK VWXGHQW DWKOHWH 7KH IRFXV LV WR SURYLGH D FRPSUHKHQVLYH VXSSRUW SURJUDP LQWHJUDWHG ZLWK WKH WRWDO 8QLYHUVLW\ WKDW ZLOO DVVLVW DOO VWXGHQW DWKOHWHV ZLWK WKH WUDQVLWLRQ LQWR FROOHJH DQG SURYLGH FRQWLQXHG VXSSRUW LQ DOO SKDVHV RI DFDGHPLF DQG SURIHVVLRQDO GHYHORSPHQW FXOPLQDWLQJ ZLWK JUDGXDWLRQ MRE SODFHPHQW RU JUDGXDWH VFKRRO

\OLH $PDWR D QDWLYH RI 7RRPVXED 0LVVLVVLSSL MRLQHG WKH )ORULGD 6WDWH $WKOHWLF $FDGHPLF 6XSSRUW VWDII DV D 3RVW *UDGXDWH ,QWHUQ DQG ZDV SURPRWHG WR $FDGHPLF &RXQVHORU LQ )DOO $PRWR RYHUVHHV WKH DFDGHPLF SURJ UHVV RI WKH :RPHQ·V %DVNHWEDOO :RPHQ·V 6RFFHU DQG 0HQ·V DQG :RPHQ·V 6ZLP PLQJ 'LYLQJ WHDPV 6KH LV UHVSRQVLEOH IRU DGYLVLQJ WKH VWXGHQW DWKOHWHV LQ WKHLU FRXUVH VHOHFWLRQ DV Þ iÊ >Ì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

FRQVLGHUDWLRQ DOO YDULDEOHV ZKLFK ZRXOG HQKDQFH RU LPSHGH HDFK VWXGHQW·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À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À F DUHD RI VWXG\ 0HQWRUV DUH DFDGHPLF UROH PRGHOV ZKR KDYH GHPRQVWUDWHG WKH DELOLW\ WR WHDFK DQG JLYH JXLGDQFH LQ DUHDV RI DFDGHPLF GHYHORSPHQWDO VNLOOV 7KH\ DUH UHVSRQVLEOH IRU SURYLGLQJ DV VLVWDQFH LQ WKH GHYHORSPHQW RI VNLOOV VXFK DV QRWH WDNLQJ WHVW SUHSDUDWLRQ DQG FRPPXQLFDWLRQ ZLWK IDFXOW\ ,Q HVVHQFH PHQ WRUV EHFRPH DQ H[WHQVLRQ RI WKH DFDGHPLF FRXQVHORU DV WKH\ NHHS WKH DFDGHPLF SHUIRUPDQFH RI WKHLU VWXGHQW DWKOHWHV XQGHU FORVH REVHUYDWLRQ DQG UHSRUW WR WKH DFDGHPLF FRXQVHORUV HDFK ZHHN $OO PHQWRUV DUH JUDGXDWH RU 3K' OHYHO VWXGHQWV ZKR KDYH RXWVWDQGLQJ DFDGHPLF EDFNJURXQGV

7" ½-Ê - /

Ç


-1Ê - / V>`i VÃ

V>`i VÊ ÀÃÊEÊ Ü>À`Ã )ORULGD 6WDWH 8QLYHUVLW\ VWXGHQW DWKOHWHV KDYH DFKLHYHG JUHDW VXFFHVV LQ REWDLQLQJ UHFRJQLWLRQ IRU DFDGHPLF H[FHO OHQFH 0RUH WKDQ LQ 3RVWJUDGX DWH 6FKRODUVKLS PRQLHV KDV EHHQ JUDQWHG WR )68 VWXGHQW DWKOHWHV RYHU WKH SDVW \HDUV DV ZHOO DV QXPHURXV RWKHU DFDGHPLF KRQRUV DQG DZDUGV 'XULQJ WKH DFDGHPLF \HDU D SDLU RI 6HPLQROH VWXGHQW DWKOHWHV ZHUH QDPHG 1DWLRQDO $FDGHPLF $OO $PHUL FDQV DV 7RP /DQFDVKLUH WUDFN FURVV FRXQWU\ DQG -DYLHU *DUFLD 7XQRQ WUDFN À HOG ZHUH UHFRJQL]HG IRU WKH VHFRQG \HDU LQ D URZ ,Q DGGLWLRQ WR /DQFDVKLUH DQG *DUFLD 7XQRQ PRUH VWXGHQW DWK OHWHV ZHUH UHFRJQL]HG ZLWK $FDGHPLF $OO 'LVWULFW DFFRODGHV 1LNNL $QWKRQ\ DQG $OLFLD *ODGGHQ ZRPHQ·V EDVNHWEDOO 5RP\ $OWPDQ 6ZLPPLQJ 'LYLQJ -RQDV %OLW] 0HQ·V *ROI 6DUDK *ULIÀ Q 9ROOH\EDOO $OH[ .HQQRQ 6ZLPPLQJ 'LYLQJ $QGUHZ /HPRQFHOOR 7UDFN )LHOG &URVV &RXQWU\ .DWULQ 6FKPLGW DQG 0DPL <DPDJXFKL 6RFFHU &DUR OLQH :HVWUXS :RPHQ·V *ROI DQG 'UHZ :HDWKHUIRUG )RRWEDOO )ORULGD 6WDWH 8QLYHUVLW\ QDPHG D UHFRUG VWXGHQW DWKOHWHV WR WKH $WODQWLF &RDVW &RQIHUHQFH +RQRU 5ROO $W WKH FRQFOXVLRQ RI WKH VFKRRO \HDU HLJKW RI )ORULGD 6WDWH·V DWKOHWLF WHDPV KDG D RU EHWWHU FXPXODWLYH JUDGH SRLQW DYHUDJH ,Q WKH VSULQJ VHPHVWHU 6HPLQROHV DFKLHYHG D PLQLPXP VHPHVWHU *3$ ,Q DGGLWLRQ VWXGHQW DWKOHWHV ZHUH QDPHG WR WKH 3UHVLGHQW·V /LVW ZLWK D *3$ ZKLOH VWXGHQW DWKOHWHV HDUQHG 'HDQ·V /LVW KRQRUV IRU KDYLQJ D *3$ RU KLJKHU 7KH DYHUDJH WHDP VHPHVWHU *3$ DW WKH HQG RI WKH VSULQJ RI ZDV DV RI RI WKH VSRUWV WHDPV KDG D WHDP VHPHVWHU *3$ DERYH 6HQLRU VZLPPHU $OH[ .HQQRQ ² ZKR LV RQH RI WKUHH 6HPLQROH VWXGHQW DWKOHWHV FXUUHQWO\ LQ PHGLFDO VFKRRO ² 'DYLG &DV WLOOR IRRWEDOO DQG $OYDUR %DGD WUDFN DQG À HOG ² HDUQHG WKH 1&$$ 3RVWJUDGXDWH 6FKRODUVKLS .HQQRQ 6DUDK *ULIÀ Q 7RP /DQFDVKLUH DQG .HOO\ 5RZODQG VRFFHU HDUQHG IRXU RI WKH $WODQWLF &RDVW &RQIHUHQFH VFKRODU DWKOHWHV WR EH QDPHG UHFLSLHQWV RI WKH $&& :HDYHU -DPHV &RUULJDQ 3RVWJUDGXDWH 6FKRODUVKLS LQ 6HQLRU ZRPHQ·V EDVNHWEDOO SOD\HU $OLFLD *ODGGHQ ZDV RQH RI WKH VL[ )ORULGD 6WDWH VWXGHQW DWKOHWHV WR WKH SUHVWLJLRXV $UWKXU $VKH -XQLRU 6SRUWV 6FKRODUVKLS $ZDUG 7KH $UWKXU $VKH -U 6SRUWV 6FKRO DU $ZDUGV ZHUH HVWDEOLVKHG LQ DQG VHUYH WR KRQRU PLQRULW\ VWXGHQW DWKOHWHV ZKR H[KLELW DFDGHPLF H[FHOOHQFH DQG

n

Ê V>`i VÊ ÀÊ, Ê-i iVÌ Ã

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À Q\ %XFNHOHZ 0DUD )UHVKRXU $OLFLD *ODGGHQ +ROO\ -RKQVRQ /D4XLQWD 1HHO\ 'UDQDGLD 5RF 1LFN\ $QWKRQ\ 7LIIDQ\ %XFNHOHZ 0DUD )UHVKRXU $OLFLD *ODGGHQ &KULVWLH /DXWVFK 0DUD )UHVKRXU &KULVWLDQ +XQQLFXWW

V>`i VÊ

$UOHVKLD 'DYLGVRQ :HQG\ +DPSWRQ %URRNH :\FNRII -HQ 5RELQVRQ %URRNH :\FNRII 0ROO\ %HDO %URRNH :\FNRII 0ROO\ %HDO 9DQHVVD )XFKV %URRNH :\FNRII /LQQHD /LOMHVWUDQG +ROO\ -RKQVRQ *DQL\DW $GHGXQWDQ /DXUHQ %UDGOH\ *DQL\DW $GHGXQWDQ /LQQHD /LOMHVWUDQG *DQL\DW $GHGXQWDQ $OLFLD *ODGGHQ +ROO\ -RKQVRQ /D4XLQWD 1HHO\ 1LFN\ $QWKRQ\ $OLFLD *ODGGHQ 0DUD )UHVKRXU 0DUD )UHVKRXU

FRPPXQLW\ DFWLYLVP DV ZHOO DV DWKOHWLF SURZHVV 7KH $FDGHPLF 6XSSRUW 3URJUDP LV FRPPLWWHG WR UHFRJQL]LQJ WKH DFDGHPLF VXFFHVV RI DOO VWXGHQW DWKOHWHV 7KH DWK OHWLFV GHSDUWPHQW LQ FRQMXQFWLRQ ZLWK 6HPLQROH %RRVWHUV ,QF SXWV RQ WKH DQQXDO ´*ROGHQ 7RUFK *DOD µ D EODFN WLH DFDGHPLF DZDUGV EDQTXHW HDFK IDOO 7KH $&& +RQRU 5ROO VWXGHQW DWKOHWHV DV ZHOO DV WKH LQGLYLGXDOV ZLWK WKH KLJKHVW *3$ RQ WKHLU UHVSHFWLYH WHDPV DQG WKH PHQ·V DQG ZRPHQ·V WHDPV ZLWK WKH KLJKHVW *3$ DUH UHFRJQL]HG DW WKLV HYHQW

7HDP PHHWLQJV DUH KHOG HDFK \HDU GXULQJ ZKLFK WLPH VWXGHQW DWKOHWHV DUH QRWLÀ HG RI SRWHQWLDO KRQRUV DQG DZDUGV DQG DUH HQFRXUDJHG WR DSSO\ &RPELQLQJ D VWURQJ JUDGH SRLQW DYHUDJH ZLWK DWKOHWLF DFFRPSOLVKPHQWV FRPPXQLW\ VHUYLFH DF WLYLWLHV DQG OHDGHUVKLS H[SHULHQFHV PDNH IRU D VWXGHQW DWKOHWH FDSDEOH RI REWDLQLQJ XQOLPLWHG DFDGHPLF KRQRUV DZDUGV DQG SRVWJUDGXDWH RSSRUWXQLWLHV

", Ê-/ / Ê1 6 ,- /9


-1Ê - /

V>`i Và HDP PHHWLQJV DUH KHOG HDFK \HDU GXULQJ ZKLFK WLPH VWXGHQW DWKOHWHV DUH QRWLÀ HG RI SRWHQWLDO KRQRUV DQG DZDUGV DQG DUH HQFRXUDJHG WR DSSO\ &RP ELQLQJ D VWURQJ JUDGH SRLQW DYHUDJH ZLWK DWKOHWLF DFFRPSOLVKPHQWV FRPPXQLW\ VHUYLFH DFWLYLWLHV DQG OHDGHUVKLS H[SHUL HQFHV PDNH IRU D VWXGHQW DWKOHWH FDSDEOH RI REWDLQLQJ XQOLPLWHG DFDGHPLF KRQRUV DZDUGV DQG SRVWJUDGXDWH RSSRUWXQLWLHV 7 i ½ÃÊ >à iÌL> Ê V>`i VÊ-ÕVViÃà 1RW RQO\ KDV 6XH 6HPUDX FKDQJHG WKH IDFH RI )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO RQ WKH FRXUW EXW VKH KDV DOVR WXUQHG WKH SURJUDP DURXQG LQ WKH FODVVURRP :KLOH VFKRROV OLNH 'XNH :DNH )RUHVW DQG 9LU JLQLD PD\ JHW PRUH DFDGHPLF QRWRULHW\ )ORULGD 6WDWH KDV EHHQ WKH WRS VFKRRO LQ WKH FRQIHUHQFH LQ WHUPV RI DFDGHPLF KRQRUV \HDUV DJR WKH $FDGHPLF $OO $&& :RPHQ·V %DVNHWEDOO 7HDP ZDV HVWDE OLVKHG ,Q WKRVH \HDUV )ORULGD 6WDWH KDV HLWKHU KDG WKH KLJKHVW QXPEHU RI UHFLSLHQWV RU WLHG IRU WKH FRQIHUHQFH OHDG LQ RI WKRVH \HDUV 'XULQJ WKH DFDGHPLF \HDU WKH 6HPLQROHV VHW D UHFRUG ZLWK IRXU PHPEHUV RI WKH DOO DFDGHPLF WHDP 7KH 6HPLQROHV DOVR OHG DOO FRQIHUHQFH VFKRROV ZLWK WKUHH SOD\HUV RQ WKH $OO $&& $FDGHPLF :RPHQ·V %DVNHWEDOO 7HDP EXW OHDGLQJ WKH ZD\ DFDGHPLFDOO\ KDV EHHQ QRWKLQJ QHZ IRU )68 6LQFH LWV LQFHSWLRQ LQ )ORULGD 6WDWH KDV KDG VWXGHQW DWKOHWHV QDPHG WR WKH $OO $&& $FDGHPLF 7HDP ZKLFK LV HLJKW PRUH WKDQ WKH QH[W FORVHVW OHDJXH VFKRRO 6LQFH OHDJXH H[SDQVLRQ LQ WKH 6HPLQROHV· VHOHFWLRQV LV WKH PRVW ,Q DGGLWLRQ VLQFH 6HPUDX WRRN RYHU WKH SURJUDP LQ )68 KDV KDG $&& $FDGHPLF +RQRU 5ROO VHOHFWLRQV ZKLFK LV WRSV LQ WKH OHDJXH 3ULRU WR KHU DUULYDO WKH PRVW VWXGHQW DWKOHWHV ZRPHQ·V EDVNHWEDOO KDG SXW RQ WKH KRQRU UROO ZDV À YH 8QGHU 6HPUDX·V GLUHFWLRQ )68 KDV DYHUDJHG QHDUO\ VHYHQ UHFLSLHQWV SHU \HDU LQFOXGLQJ D SURJUDP EHVW HLJKW LQ 5HFRJQLWLRQ IRU ZRPHQ·V EDVNHWEDOO DFDGHPLF DFKLHYHPHQWV DUH QR ORQJHU OLP LWHG WR MXVW WKH FRQIHUHQFH ,Q 1LNNL $QWKRQ\ DQG $OLFLD *ODGGHQ ZHUH QDPHG WR WKH (631 7KH 0DJD]LQH $FDGHPLF $OO 'LVWULFW 7KLUG 7HDP ZKLOH 0DUD )UHVKRXU ZDV D VHFRQG WHDP VHOHFWLRQ ODVW VHDVRQ *DQL\DW $GHGXQWDQ ZDV WKH À UVW SOD\HU XQGHU 6HPUDX WR EULQJ KRPH WKDW KRQRU LQ ,Q DGGLWLRQ %URRN :\FNKRII SLFNHG XS WKH SURJUDP·V VHFRQG $&& 3RVWJUDGX DWH 6FKRODUVKLS LQ

ÓääÇ änÊ À `>Ê-Ì>ÌiÊ

Ê V>`i VÊ7 i ½ÃÊ >à iÌL> Ê/i> Ê -i iVÌ

>À>Ê Àià ÕÀ / iÊ

Ê V>`i VÊ7 i ½ÃÊ >à iÌL> Ê/i> Ê-i iVÌ Ã

)ORULGD 6WDWH 'XNH 0DU\ODQG :DNH )RUHVW &OHPVRQ 9LUJLQLD 9LUJLQLD 7HFK 1RUWK &DUROLQD 1& 6WDWH *HRUJLD 7HFK %RVWRQ &ROOHJH 0LDPL - ViÊÓää{ äx )ORULGD 6WDWH 9LUJLQLD 7HFK 0DU\ODQG %RVWRQ &ROOHJH 'XNH

7" ½-Ê - /


-1Ê - / V>`i VÃ

Ê- Õ ÌÃ KRHYHU VDLG ´\RX FDQ QHYHU JR KRPH DJDLQµ GRHVQ·W NQRZ %LOO 6KXOWV EHFDXVH DIWHU VHUYLQJ PRUH WKDQ \HDUV LQ DWKOHWLFV DGPLQLV WUDWLRQ DW WKH 8QLYHUVLW\ RI &RQQHFWLFXW 6KXOWV KDV UHWXUQHG WR )ORULGD 6WDWH ZKHUH KH ZDV D PHPEHU RI WKH DWKOHWLFV VWDII IRU QHDUO\ \HDUV WR DVVXPH WKH SRVLWLRQ RI 'LUHFWRU RI $WKOHWLF $FDGHPLF 6XSSRUW )LUVW DV VZLPPLQJ FRDFK DW )ORULGD 6WDWH IURP WKURXJK DQG WKHQ DV DVVLVWDQW GLUHFWRU IRU FRPSOL DQFH VWXGHQW VHUYLFHV IURP 6KXOWV KHOSHG OD\ WKH IRXQGDWLRQ IRU WKH 6HPLQROHV·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À UVW GDWD H[FKDQJH EHWZHHQ D FROOHJLDWH PDLQIUDPH GDWDEDVH DQG 1&$$ VRIWZDUH +H ZDV DOVR LQYROYHG LQ WKH FUHDWLRQ RI 8&RQQ·V 6WX GHQW :HOIDUH $FDGHPLF 7HDP 6:$7 ZKLFK GLVFXVVHV VWXGHQW DWKOHWH FRQFHUQV ZLWK WKH 5HJLVWUDU·V 2IÀ FH )LQDQ FLDO $LG &RXQVHOLQJ 3URJUDP IRU ,QWHUFROOHJLDWH $WKOHWHV DQG WKH &RPSOLDQFH 2IÀ FH WKXV LQFUHDVLQJ FRPPXQLFDWLRQ ZLWK DWKOHWLFV DQG WKH FDPSXV 6KXOWV GHYHORSHG DQG DGYLVHG WKH 8&RQQ 6WXGHQW $WKOHWH $GYLVRU\ &RPPLWWHH 6$$& IURP D VPDOO ´FDSWDLQ·V FRXQFLOµ WR DQ RUJDQL]DWLRQ ZLWK PHPEHUV ZKLFK UHFHLYHG WKH 8QLYHUVLW\·V 6WXGHQW /LIH $ZDUG IRU 2XWVWDQGLQJ &RPPXQLW\ 6HUYLFH LQ DQG $GGLWLRQDOO\ KH IRUPHG D FORVH DIÀ OLDWLRQ ZLWK WKH )%, DQG VSRNH WR DJHQWV DW WKH )%, $FDGHP\ UHJDUGLQJ WKH 6SRUWV 3UHVHQWDWLRQ 3URJUDP DQG WKHLU QDWLRQDO JDPEOLQJ SUHYHQWLRQ LQLWLDWLYHV 6KXOWV DOVR VHUYHG DV FRPSOLDQFH FRRUGLQDWRU IRU WKH &ROOHJH 6ZLP &RDFKHV $VVRFLDWLRQ RI $PHULFD GLUHFWLQJ WKDW RUJDQL]DWLRQ·V FRPSOLDQFH SURJUDP RQ D QDWLRQDO EDVLV 7KLV IDOO 6KXOWV ZDV KRQRUHG ZKHQ WKH 8QLYHUVLW\ RI &RQQHFWLFXW UHQDPHG WKH 6HQLRU +XVN\ ([FHOOHQFH $ZDUG LQ KLV QDPH ´, DP WUXO\ KRQRUHG WKDW WKH VWXGHQW DWKOHWHV DQG DWKOHW LFV DGPLQLVWUDWLRQ UHFRJQL]HG P\ HIIRUWV DW 8&RQQ µ 6KXOWV VDLG 'XULQJ KLV SUHYLRXV WLPH DW )68 6KXOWV SURYHG WR EH ERWK DQ H[FHOOHQW FRDFK DQG DGPLQLVWUDWRU $V WKH KHDG VZLP FRDFK KH WRRN RYHU D SURJUDP WKDW KDG QRW EHHQ QD WLRQDOO\ UDQNHG LQ VRPH WLPH DQG WKURXJK WLUHOHVV UHFUXLWLQJ DQG HIIHFWLYH WUDLQLQJ JXLGHG WKH 6HPLQROHV WR D QDWLRQDO

£ä

UDQNLQJ RI WK 6KXOWV EXLOW XS DQ DOXPQL EDVH IURP YHU\ IHZ PHPEHUV WR RYHU DFWLYH DOXPV LQFUHDVHG IXQGUDLV LQJ DQG FUHDWHG DQ DOXPQL QHZVOHWWHU +LV VWXGHQW DWKOHWHV ZHUH HTXDOO\ DV VXFFHVVIXO DV 6KXOWV SHUVRQDOO\ WUDLQHG DQG FRDFKHG WKUHH $OO $PHULFDQV $FWLYH QDWLRQDOO\ 6KXOWV FUH DWHG WKH $OO $FDGHPLF 7HDP IRU WKH &ROOHJH 6ZLP &RDFKHV RI $PHULFD ,QF DQG KDG VHYHUDO WHDPV HDUQ WKDW SUHVWLJLRXV DZDUG 9RWHG E\ KLV SHHUV WR EHFRPH WKH À UVW 3UHVLGHQW RI WKH 1DWLRQDO ,QGHSHQGHQW 6ZLP &RDFKHV $VVRFLDWLRQ DQG ODWHU WKH 0HWUR &RQIHUHQFH 6KXOWV ZDV DOVR DVNHG WR VHUYH RQ WKH 1&$$ 6ZLPPLQJ DQG 'LYLQJ &RPPLWWHH $V DQ DWKOHWLFV DGPLQLVWUDWRU IRU WKH 6HPLQROHV 6KXOWV KHOSHG IRUP WKH IRXQGDWLRQ IRU RQH RI WKH PRVW UHVSHFWHG FRPSOLDQFH SURJUDPV LQ WKH FRXQWU\ +H GHVLJQHG WKH FRP SXWHU EDVHG V\VWHP IRU WKH FRPSOLDQFH RIÀ FH FUHDWLQJ WKH À UVW QHWZRUNHG RIÀ FH DQG ZDV DVNHG E\ WKH 1&$$ WR WHVW WKH QHZ FRPSOLDQFH VRIWZDUH DQG ODWHU FUHDWHG D XVHU JURXS IRU DOO FRPSOLDQFH DGPLQLVWUDWRUV QDWLRQZLGH $Q DGYRFDWH IRU VWXGHQW DWKOHWHV 6KXOWV FUHDWHG WKH À UVW C%ODFN 7LH· HYHQW WR KRQRU DFDGHPLF DFKLHYHPHQW IRU DOO VSRUWV WR UHFRJQL]H VWXGHQW DWKOHWH H[FHOOHQFH LQ WKH FODVVURRP DQG GHYHORSHG DQG LQVWLWXWHG D 9DUVLW\ $ZDUGV V\VWHP IRU DOO VSRUW OHWWHU ZLQQHUV 7KH *ROGHQ 7RUFK *DOD LV VWLOO DQ DQQXDO HYHQW DW )68 WR UHFRJQL]H VWXGHQW DWKOHWH DFDGHPLF VXFFHVV -HII +DWKDZD\ 'LUHFWRU RI $WKOHWLFV DW WKH 8QLYHUVLW\ RI &RQQHFWLFXW VDLG ´)LUVW DQG IRUHPRVW %LOO 6KXOWV LV DQ RXWVWDQGLQJ SHUVRQ ZKR LV FRPPLWWHG WR WKH VWXGHQW DWK OHWHV FRDFKHV DQG LQWHJULW\ RI WKH ,QVWLWXWLRQ +DYLQJ EHHQ D ORQJWLPH FRDFK DQG DGPLQLVWUDWRU DW RXWVWDQGLQJ LQVWLWX WLRQV KH KDV DQ H[FHOOHQW VHQVH RI ERWK WKH DWKOHWLF DQG DFDGHPLF DVSHFWV RI D XQLYHUVLW\ +LV VWURQJ FRPPLWPHQW WR YDOXHV DQG SULQFLSOHV FRPELQHG ZLWK KLV GHVLUH IRU H[FHO OHQFH PDNHV KLP D YDOXDEOH DVVHW WR DQ\ RUJDQL]DWLRQ µ 6KXOWV LV D JUDGXDWH RI WKH 8QLYHUVLW\ RI 1HZ +DPSVKLUH ZKHUH KH ZDV D FROOHJLDWH VZLPPHU +H HDUQHG D PDVWHU·V GHJUHH LQ HGXFDWLRQ DGPLQLVWUDWLRQ IURP /D6DOOH 8QLYHUVLW\ LQ +H EHJDQ KLV SURIHVVLRQDO FDUHHU DV D SK\VLFDO HGXFDWLRQ LQVWUXFWRU DW 7ULQLW\ &ROOHJH ZKHUH KH DOVR ZDV KHDG FRDFK RI ZDWHU SROR DQG DVVLVWDQW FRDFK RI PHQ·V DQG ZRPHQ·V VZLPPLQJ DQG GLYLQJ +H ZDV KHDG VZLPPLQJ FRDFK DW 1HZ +DPSVKLUH SULRU WR PRYLQJ RQ WR )ORULGD 6WDWH $FFRUGLQJ WR 5LFN (YUDUG DW WKH SUHVWLJLRXV ODZ À UP RI %RQG 6FKRHQHFN .LQJ LQ .DQVDV &LW\ ´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µ ´,·P H[FLWHG WR UHWXUQ WR )68 DQG WR EH XQGHU WKH QHZ GLUHFWLRQ RI 5DQG\ 6SHWPDQ DQG , ORRN IRUZDUG WR WKH FKDO OHQJHV DKHDG µ 6KXOWV VDLG 0DUULHG \HDUV WR WKH IRUPHU /LQGD &DUOWRQ WKH FRXSOH KDV WZR VRQV 6WHYHQ DQG 5LFN\

", Ê-/ / Ê1 6 ,- /9


Óään ä Ê"1/ ""

Óään ä Ê - -" Ê"1/ "" 7" ½-Ê - /

££


Óään ä Ê"1/ ""

Óään ä Ê À `>Ê-Ì>ÌiÊ7 i ½ÃÊ >à iÌL> Ê, ÃÌiÀ Õ iÀ V>

1R

3OD\HU +JW 3RV <U +RPHWRZQ +LJK 6FKRRO /DVW 6FKRRO

&KDVLW\ &OD\WRQ * ) )U $OH[DQGULD 9D (GLVRQ

$QJHO *UD\ * -U 6WRQH 0RXQWDLQ *D 6WRQH 0RXQWDLQ

$O\VKD +DUYLQ * -U 'DQLD )OD 6RXWK %URZDUG

$OH[D 'HOX]LR * )U :LQGHPHUH )OD )LUVW $FDGHP\

&D\OD 0RRUH ) -U $OEDQ\ *D :HVWRYHU

&KULVWLDQ +XQQLFXWW * 6R -RQHVERUR *D /DQGPDUN &KULVWLDQ

0DUD )UHVKRXU * 6U 1DVKYLOOH ,QG %URZQ &RXQW\

&RXUWQH\ :DUG * 6R 0RQWJRPHU\ $OD -HIIHUVRQ 'DYLV

$QWLRQHWWH +RZDUG ) 6R 6QHOOYLOOH *D 6RXWK *ZLQQHWW

7DQDH 'DYLV &DLQ * 6U 'DZVRQ *D 7HUUHOO &RXQW\

.D\OL .HRXJK ) )U /DQG 2· /DNHV )OD /DQG 2· /DNHV

-DFLQWD 0RQURH ) & -U )W /DXGHUGDOH )OD 6WUDQDKDQ

&LHUUD %UDYDUG & )U 6DQGXVN\ 2KLR 3HUNLQV

« >LiÌ V>

1R

3OD\HU +JW 3RV <U +RPHWRZQ /DVW 6FKRRO

&LHUUD %UDYDUG & )U 6DQGXVN\ 2KLR 3HUNLQV

&KDVLW\ &OD\WRQ * ) )U $OH[DQGULD 9D (GLVRQ

7DQDH 'DYLV &DLQ * 6U 'DZVRQ *D 7HUUHOO &RXQW\

$OH[D 'HOX]LR * )U :LQGHPHUH )OD )LUVW $FDGHP\

0DUD )UHVKRXU * 6U 1DVKYLOOH ,QG %URZQ &RXQW\

$QJHO *UD\ * -U 6WRQH 0RXQWDLQ *D 6WRQH 0RXQWDLQ

$O\VKD +DUYLQ * -U 'DQLD )OD 6RXWK %URZDUG

$QWLRQHWWH +RZDUG ) 6R 6QHOOYLOOH *D 6RXWK *ZLQQHWW

&KULVWLDQ +XQQLFXWW * 6R -RQHVERUR *D /DQGPDUN &KULVWLDQ

.D\OL .HRXJK ) )U /DQG 2· /DNHV )OD /DQG 2· /DNHV

-DFLQWD 0RQURH ) & -U )W /DXGHUGDOH )OD 6WUDQDKDQ

&D\OD 0RRUH ) -U $OEDQ\ *D :HVWRYHU

&RXUWQH\ :DUG * 6R 0RQWJRPHU\ $OD -HIIHUVRQ 'DYLV

+HDG &RDFK 6XH 6HPUDX WK <HDU $VVRFLDWH +HDG &RDFK &RUL &ORVH $VVLVWDQW &RDFKHV $QJLH -RKQVRQ /DQFH :KLWH 'LUHFWRU RI %DVNHWEDOO 2SHUDWLRQV 0HOLVVD %UXQHU

£Ó

", Ê-/ / Ê1 6 ,- /9


Ê ÃiÀÊ °°°

Óään ä Ê"1/ ""

ÞÊ-Ì>Ìi\

ÞÊ* Ã Ì \

*HRUJLD

7DQDH 'DYLV &DLQ 'DZVRQ

$QJHO *UD\ 6WRQH 0RXQWDLQ $QWLRQHWWH +RZDUG 6QHOOYLOOH

&KULVWLDQ +XQQLFXWW -RQHVERUR

&D\OD 0RRUH $OEDQ\

*XDUGV

&KDVLW\ &OD\WRQ 7DQDH 'DYLV &DLQ $OH[D 'HOX]LR 0DUD )UHVKRXU $QJHO *UD\ $O\VKD +DUYLQ &KULVWLDQ +XQQLFXWW &RXUWQH\ :DUG

)ORULGD

$OH[D 'HOX]LR :LQGHPHUH

$O\VKD +DUYLQ 'DQLD .D\OL .HRXJK /DQG 2·/DNHV

-DFLQWD 0RQURH )W /DXGHUGDOH

$ODEDPD

&RXUWQH\ :DUG 0RQWJRPHU\

,QGLDQD

0DUD )UHVKRXU 1DVKYLOOH

)RUZDUGV

$QWLRQHWWH +RZDUG .D\OL .HRXJK &D\OD 0RRUH &HQWHUV &LHUUD %UDYDUG -DFLQWD 0RQURH

2KLR

&LHUUD %UDYDUG 6DQGXVN\

£

£

£ £

x {

9LUJLQLD

&KDVLW\ &OD\WRQ $OH[DQGULD

ÞÊ >ÃÃ\ 6HQLRUV

7DQDH 'DYLV &DLQ 0DUD )UHVKRXU

ÞÊ i } Ì\

-XQLRUV

$QJHO *UD\ $O\VKD +DUYLQ -DFLQWD 0RQURH &D\OD 0RRUH

&LHUUD %UDYDUG -DFLQWD 0RQURH &D\OD 0RRUH &KDVLW\ &OD\WRQ 0DUD )UHVKRXU .D\OL .HRXJK 7DQDH 'DYLV &DLQ $QWLRQHWWH +RZDUG $O\VKD +DUYLQ &KULVWLDQ +XQQLFXWW $OH[D 'HOX]LR $QJHO *UD\ &RXUWQH\ :DUG

6RSKRPRUHV

$QWLRQHWWH +RZDUG &KULVWLDQ +XQQLFXW &RXUWQH\ :DUG )UHVKPHQ

&LHUUD %UDYDUG &KDVLW\ &OD\WRQ $OH[D 'HOX]LR .D\OL .HRXJK

7" ½-Ê - /

£Î


Óään ä Ê"1/ ""

-i>Ã Ê*ÀiÛ iÜ

7DQDH 'DYLV &DLQ

YHU\ FRDFK LQ FROOHJH EDVNHWEDOO VWULYHV WR KDYH D WHDP WKDW FDQ EH GHVFULEHG DV EDODQFHG DQG YHUVD WLOH 7KRVH WZR IXQGDPHQWDOV WR VXFFHVV FDQ SHUPLW D WHDP WR UHDFK JUHDW KHLJKWV HYHQ FRQVLGHULQJ WKDW WKH RSSRVLWLRQ PD\ LQFOXGH VRPH RI WKH WRXJKHVW WKH QDWLRQ KDV WR RIIHU RQ D QLJKWO\ EDVLV 7KH )ORULGD 6WDWH ZRPHQ·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´$ JRRG ZD\ WR SXW RXU RIIHQVH LV YHUVDWLOH µ WK \HDU KHDG FRDFK 6XH 6HP UDX VDLG EHIRUH WKH VHDVRQ EHJDQ ´:H DUH JRLQJ WR KDYH D YHU\ EDODQFHG DWWDFN /DVW \HDU ZH ZHUH YHU\ JXDUG RULHQWHG EHFDXVH 0DUD )UHVKRXU DQG 7DQDH 'DYLV &DLQ WRRN RQ VR PXFK RI WKH VFRULQJ ORDG ZLWK WKH DEVHQFH RI NH\ DWKOHWHV LQ WKH PLGGOH 1RZ WKDW ZH KDYH PRUH VWUHQJWK LQ WKH PLGGOH , WKLQN WKDW ZH ZLOO UHDOO\ GHYHORS LQWR D YHU\ EDODQFHG DWWDFN µ 7KH WZR ELJ UHDVRQV IRU WKH VXFFHVV WKURXJK YHUVDWLOLW\ RI WKH )ORULGD 6WDWH

£{

0DUD )UHVKRXU

DWWDFN WKLV VHDVRQ ZLOO EH WKH SOD\ RI LWV WZR VHQLRUV 0DUD )UHVKRXU DQG 7DQDH 'DYLV &DLQ ´7KH VHQLRUV DUH JRLQJ WR EH WKH FRU QHUVWRQH RI WKH SURJUDP µ 6HPUDX VDLG ´:H DUH EXLOGLQJ HYHU\WKLQJ DURXQG WKHP EHFDXVH ZH NQRZ JDPH LQ DQG JDPH RXW ZKDW WKH\ DUH JRLQJ WR EULQJ 0DUD DQG 7DQDH ERWK KDYH GLIIHUHQW VWUHQJWKV DQG ZH QHHG WKHP ERWK GHVSHUDWHO\ µ 'DYLV &DLQ LV D SOD\HU WKDW EXUVW RQWR WKH VFHQH IRXU VHDVRQV DJR GLVSOD\LQJ D GHIW WRXFK ZLWK KHU SRLQW VKRW 6KH KDV JURZQ LQWR VR PXFK PRUH RYHU KHU RXWVWDQGLQJ FDUHHU 'DYLV &DLQ LV DOVR D VWDQG RXW GHIHQGHU D SRZHUIXO GULYHU WR WKH EDVNHW DV ZHOO DV D JXDUG ZKR KDV SURYHQ WKDW VKH FDQ EH DQ HIIHFWLYH UH ERXQGHU 'DYLV &DLQ UHWXUQV IRU ILQDO FDPSDLJQ FRPLQJ RII D MXQLRU VHDVRQ LQ ZKLFK VKH SDFHG WKH WHDP ZLWK D SSJ DYHUDJH ZKLOH FRQQHFWLQJ RQ SRLQW À HOG JRDOV 'DYLV &DLQ ZDV FUHGLWHG ZLWK VWHDOV RQ WKH GHIHQVLYH HQG RI WKH Á RRU DQG SXOOHG GRZQ UHERXQGV SHU JDPH )RU KHU HIIRUWV ODVW VHDVRQ 'DYLV &DLQ HDUQHG $OO $&& +RQRUDEOH 0HQWLRQ VWDWXV JLYLQJ WKH 6HPLQROHV DW OHDVW RQH SRVWVHDVRQ FRQIHUHQFH KRQRUHH LQ HDFK RI WKH ODVW VHDVRQV ´7DQDH KDV EHHQ RQH RI WKH KDUGHVW ZRUNLQJ SOD\HUV WKDW , KDYH HYHU FRDFKHG RQ ERWK HQGV RI WKH Á RRU µ 6HPUDX FRP PHQWHG RQ WKH VHQLRU IURP 'DZVRQ *D ´6KH LV H[WUHPHO\ VROLG 'HIHQVLYHO\ ZH

KHDG FRDFK 6XH 6HPUDX

FDQ SXW KHU RQ DQ\ SOD\HU RQ WKH Á RRU DQG ZH NQRZ WKDW VKH LV JRLQJ WR ORFN XS 6KH LV E\ IDU DQG DZD\ RXU EHVW RYHUDOO GHIHQGHU DQG VKH LV DOVR RXU OHDGLQJ VFRUHU 6KH LV DQ DWKOHWH WKDW LV GHVWLQHG WR JR RQ DQG SOD\ DW WKH QH[W OHYHO 6KH KDV GHYHORSHG KHU RIIHQVLYH JDPH IURP EHLQJ DQ H[FOXVLYH SRLQW WKUHDW WR DOVR JHWWLQJ WR WKH ULP DV ZHOO DV GUDZLQJ DQ H[WUD GHIHQGHU DQG JHWWLQJ WKH EDOO WR DQ RSHQ SOD\HU µ 7KH RWKHU NH\VWRQH RI WKH )68 ZRPHQ·V EDVNHWEDOO WHDP ZLOO EH WKH SOD\ RI )UHVKRXU ZKR KDLOV IURP 1DVKYLOOH ,QG 6KH SRVVHVVHV DQ DFFXUDWH VWURNH IURP GHHS UDQJH DV VKH OHG WKH WDOHQW ULFK $WODQWLF &RDVW &RQIHUHQFH LQ SRLQW À HOG JRDO SHUFHQWDJH ODVW VHDVRQ ZLWK D EOD]LQJ PDUN RI SHUFHQW )UHVKRXU SRXUHG LQ SSJ DQG VHW WKH )68 VLQJOH VHDVRQ UHFRUG ZLWK WUH\V RQH \HDU DJR 6KH DOVR FRQYHUWHG RI WULSV WR WKH IUHH WKURZ OLQH IRU DQ SHUFHQW FOLS WKDW ZDV DOVR RQH RI WKH EHVW SHUFHQWDJHV LQ WKH OHDJXH ODVW \HDU ´0DUD KDV SOD\HG HYHU\ SRVLWLRQ IRU XV IURP SRLQW JXDUG WR FHQWHU µ 6HPUDX PHQWLRQHG ´:H KRSH WKDW ZH DUH JRLQJ WR EH DEOH WR QDUURZ KHU IRFXV D OLWWOH ELW DQG SXW KHU PRUH LQ D JXDUG·V UROH 6KH LV VXFK D WKUHDW EHFDXVH VKH FDQ VKRRW LW GHHS VKH FDQ WDNH WKH EDOO WR WKH KROH DQG VKH FDQ SDVV DV ZHOO DV DQ\RQH HOVH RQ RXU WHDP 6KH ZLOO EH DEOH WR FUHDWH D ORW RI PDWFK XS SUREOHPV IRU RXU RSSRQHQWV

", Ê-/ / Ê1 6 ,- /9


Óään ä Ê"1/ ""

-i>Ã Ê*ÀiÛ iÜ WKLV VHDVRQ 0DUD KDV WKH DELOLW\ WR PDNH HYHU\RQH HOVH RQ WKH WHDP EHWWHU EHFDXVH VKH FDQ DQWLFLSDWH PDNLQJ D SOD\ WKDW ZLOO SXW KHU WHDPPDWHV LQ D JUHDW SRVLWLRQ WR EH VXFFHVVIXO µ :KLOH WKH WZR VHQLRUV MRLQ IRUFHV RQ WKH FRXUW WR WDNH GRZQ WKH RSSRVLWLRQ ERWK KDYH MXVW RQH PRUH VHDVRQ WR FHPHQW WKHLU RZQ VWDQGLQJ LQ SRLQW VKRRWLQJ ORUH DW )68 &XUUHQWO\ :HQG\ +DPSWRQ KROGV WKH PDUN DW WULSOHV 'DYLV &DLQ FXUUHQWO\ OHDGV )UHVKRXU E\ IRXU DW WR ZKLOH 'DYLV &DLQ DOVR RZQV WKH OHDG LQ WKH UDFH WR FDUHHU SRLQWV KDYLQJ PDUNHUV WR )UHVKRXU·V ´1HLWKHU RQH RI RXU VHQLRUV DUH H[ WUHPHO\ YRFDO DQG QHLWKHU DUH JRLQJ WR EH DQ LQ \RXU IDFH W\SH RI WHDPPDWH µ 6HPUDX FRQFOXGHG DERXW KHU WZR VHQLRUV ´%RWK DUH JRLQJ WR OHDG E\ H[DPSOH 7KH\ KDYH GRQH WKDW LQ \HDUV SDVW 7KH\ KDYH GRQH WKDW LQ WKH SUHVHDVRQ DQG , DP UH DOO\ H[FLWHG WKDW ERWK RI RXU VHQLRUV DUH JRLQJ WR SOD\ VLJQLÀ FDQW UROHV IRU XV WKLV \HDU µ $OVR EDFN WKLV VHDVRQ ZLOO EH MXQLRU IRUZDUG FHQWHU -DFLQWD 0RQURH ZKRVH ORIW\ SUHVHQFH LQ WKH PLGGOH KDV SURYHG WR EH URXJK ZDWHUV WR QDYLJDWH IRU WKH 6HPLQROH RSSRVLWLRQ /DVW VHDVRQ 0RQURH VZDWWHG D WHDP EHVW VKRWV ZKLFK ZHUH WZR VKRUW RI WKH VFKRRO·V VLQ $QJHO *UD\ &RXUWQH\ :DUG

JOH VHDVRQ UHFRUG 0RQURH·V EORFNHG VKRWV SHU JDPH UDQNHG UG QDWLRQDOO\ )RU KHU FDUHHU 0RQURH KDV DPDVVHG EORFNV ZKLFK PHDQV VKH QHHGV RQO\ PRUH EORFNV WR WDNH RYHU WKH DOO WLPH VFKRRO VWDQGDUG RI 0RQURH ZDV RQH IRU IRXU 6HPLQROHV WR DYHUDJH GRXEOH ILJXUH VFRULQJ ODVW VHDVRQ DV VKH SRVWHG SSJ DQG SXOOHG GRZQ D WHDP EHVW UHERXQGV SHU RXWLQJ 0RQURH ZDV DOVR D FRQVLVWHQW IRUFH LQVLGH DV VKH KLW RI À HOG JRDOV IRU SHUFHQW ´:LWK KHU PDWXULW\ -DFLQWD 0RQURH KDV WKH DELOLW\ WR QRW RQO\ EORFN D ORW RI VKRWV EXW VKH ZLOO DOVR DOWHU D ORW RI RWK HUV µ 6HPUDX PHQWLRQHG ZKHQ DQDO\]LQJ WKH SOD\ RI 0RQURH ´%ORFNLQJ VKRWV ZLOO EH LPSRUWDQW IRU XV RQ WKH GHIHQVLYH HQG EHFDXVH LW LV OLNH D WXUQRYHU LQ WKDW LW FUH DWHV KDYRF ZLWK WKH EDOO VR ZH FDQ JHW RXW DQG UXQ µ %HKLQG WKH WRS WKUHH UHWXUQLQJ VFRU HUV IRU )68 MXQLRU $O\VKD +DUYLQ DQG VRSKRPRUH &RXUWQH\ :DUG ZLOO SURYLGH D FRQWLQXHG VWDSOH RI GHSWK DURXQG WKH SHULPHWHU +DUYLQ VWDUWHG JDPHV ODVW VHDVRQ DQG DYHUDJHG SSJ ZKLOH :DUG ZDV WKURZQ LQWR WKH À UH HDUO\ E\ VWDUWLQJ JDPHV DV D WUXH IUHVKPDQ EXW SHU IRUPHG ZHOO DV VKH GLVKHG RXW DVVLVWV D QXPEHU ZKLFK UDQNHG WK EHVW LQ WKH $&& RQH \HDU DJR &D\OD 0RRUH

7" ½-Ê - /

6RSKRPRUH IRUZDUG $QWLRQHWWH +RZ DUG SRVWHG SSJ DQG VWDUWHG D SDLU RI JDPHV DV VKH KLW À YH SRLQW À HOG JRDOV RQ WKH VHDVRQ +RZDUG ZDV DOVR DEOH WR PL[ LW XS LQVLGH DQG JRW WR WKH IUHH WKURZ OLQH WLPHV RYHU WKH FRXUVH RI WKH \HDU &D\OD 0RRUH UHWXUQV IRU KHU MXQLRU VHDVRQ DIWHU DYHUDJLQJ SSJ IURP WKH JXDUG SRVLWLRQ DV D IUHVKPDQ 6KH KLW RYHU SHUFHQW RI KHU VKRWV IURP WKH À HOG DQG ZDV FUHGLWHG ZLWK VWHDOV RQ WKH VHDVRQ $OVR EDFN DUH VRSKRPRUH JXDUG &KULVWLDQ +XQQLFXWW DQG MXQLRU JXDUG $QJHO *UD\ ZKR ZLOO SURYLGH GHSWK DW NH\ SRVLWLRQV $OO RI WKLV LV EROVWHUHG E\ WKH SOD\ RI IRXU WHUULÀ F IUHVKPHQ LQFOXGLQJ IUHVK PDQ FHQWHU &LHUUD %UDYDUG ZKR MRLQV WKH SURJUDP IURP 6DQGXVN\ 2KLR %UDYDUG EULQJV DQ LQVLGH SUHVHQFH WR WKH WHDP WKDW SURYHG WR EH VRPHZKDW RI D OLPLWDWLRQ ODVW VHDVRQ -RLQLQJ %UDYDUG LQVLGH ZLOO EH IUHVKPDQ ZLQJ SOD\HU &KDVLW\ &OD\WRQ ZKLFK JLYHV WKH 6HPLQROHV DGGHG RSWLRQV ERWK LQ WKH SDLQW DQG DOVR DURXQG WKH RXWVLGH 7KH IUHVKPDQ FODVV LV URXQGHG RXW E\ JXDUG $OH[D 'HOX]LR DQG IRUZDUG .D\OL .HRXJK (YHQ WKRXJK QHDUO\ SHUFHQW RI ODVW VHDVRQ·V VFRULQJ UHWXUQV IRU WKH FDPSDLJQ WKH WHDP ZLOO VWLOO EH \RXQJ ZLWK MXVW WZR VHQLRUV RQ WKH URVWHU &KULVWLDQ +XQQLFXWW

£x


Óään ä Ê"1/ ""

-i>Ã Ê*ÀiÛ iÜ

&LHUUD %UDYDUG

´:H KDYH WR EH JRRG WRJHWKHU DQG ZH KDYH WR UHO\ RQ HDFK RWKHU µ 6HPUDX FRP PHQWHG ´:H DUH JRLQJ WR KDYH WR VFRUH LQ D ORW RI GLIIHUHQW ZD\V EXW ZH IHHO OLNH ZH KDYH HQRXJK ZHDSRQV WR GR WKDW 7KDW LV ZKDW PDNHV WKLV WHDP H[FLWLQJ µ 7KH 6HPLQROHV KDYH PDGH JUHDW VWULGHV GXULQJ WKH UHFHQW IRXU VHDVRQ UXQ RI WDNLQJ WHDPV WR WKH 1&$$ 7RXUQDPHQW ODUJHO\ LQ SDUW WR VXFFHVV RQ WKH GHIHQVLYH VLGH RI WKH EDOO /DVW VHDVRQ WKH 6HPL QROHV FUHDWHG RSSRQHQW WXUQRYHUV DQG UHFRUGHG VWHDOV )68 ZDV RQO\ VOLJKWO\ RXW UHERXQGHG IRU WKH VHDVRQ DQG ZHUH DEOH WR DEOH WR JHW WKHLU SDZV RQ PRUH VKRWV WKDQ WKH RSSRVLWLRQ ZDV DEOH WR ´)RU XV WKH EUHDG DQG EXWWHU KDV WR VWDUW RQ WKH GHIHQVLYH VLGH RI WKH Á RRU µ 6HPUDX QRWHG ZKHQ DSSUDLVLQJ WKH WHDP·V GHIHQVH ´:H KDYH WR EH JUHDW GHIHQVLYHO\ LQ RUGHU WR EH D JUHDW EDVNHWEDOO WHDP , WKLQN LW LV LPSRUWDQW IRU XV WR DOVR EHFRPH D EHWWHU UHERXQGLQJ WHDP ZLWK RXU SUHV HQFH LQVLGH ,I ZH FDQ GRPLQDWH LQ WKDW ZD\ LW ZLOO EH DEOH WR IXHO RXU RIIHQVH µ 7KH VFKHGXOH ZLOO EH RQH WKDW SUR YLGHV PDQ\ FKDOOHQJHV WKURXJKRXW WKH HQWLUH VHDVRQ LQ D ORW RI GLIIHUHQW SODFHV $IWHU RSHQLQJ WKH VHDVRQ RQ 1RYHPEHU DJDLQVW )ORULGD *XOI &RDVW WKH 6HPLQROHV ZLOO WDNH WR WKH URDG WR IDFH 1RUWK )ORULGD WZR GD\V ODWHU

£È

&RXUWQH\ :DUG

)68 ZLOO HQGHDYRU WR FRQWLQXH LWV VXSUHPDF\ RYHU WHDPV IURP WKH 6XQVKLQH 6WDWH ZKHQ WKH 6HPLQROHV WDNH RQ WKH DUFK ULYDO )ORULGD *DWRUV 1RY )ORULGD 6WDWH KDV ZRQ VXFFHVVLYH FRQWHVWV YHUVXV LQ VWDWH IRHV +RPH JDPHV DOVR DUH VODWHG DJDLQVW 3HQQ 6WDWH LQ WKH VHFRQG DQQXDO $&& %LJ 7HQ &KDOOHQJH DV ZHOO DV 7H[DV $ 0 )68 ZLOO WUDYHO WR &RORUDGR 6WDWH·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À UVW URXQG JDPHV XQGHU WKH OHDGHUVKLS RI 6HPUDX ´2XU JRDO HYHU\ \HDU LV WR EH DV SUH SDUHG DV ZH FDQ EH IRU VXFFHVV LQ $&& SOD\ DV ZHOO DV LQ WKH OHDJXH WRXUQDPHQW

.D\OL .HRXJK

DQG RI FRXUVH WKH 1&$$ 7RXUQDPHQW µ 6HPUDX VDLG ´$V DQ H[SHULHQFHG FRDFK , KDYH OHDUQHG WKDW LW LV LPSRUWDQW WR ZLQ JDPHV LQ RUGHU WR UHDFK WKH WRXUQDPHQW EXW ZKDW·V DOVR LPSRUWDQW LV WKH NLQG RI JDPHV WKDW \RX ZLQ DQG LQ WKH NLQG RI JDPHV WKDW \RX SOD\ :H DUH WKULOOHG ZLWK WKH OHYHO RI FRPSHWLWLRQ WKDW ZH DUH JRLQJ WR IDFH WKLV \HDU µ -XVW RQH \HDU UHPRYHG IURP D 1&$$ 6ZHHW DSSHDUDQFH GXULQJ WKH FDPSDLJQ DQG D KHDUWEUHDNLQJ FORVH FDOO DZD\ IURP UHWXUQLQJ ODVW \HDU 6HPUDX KDV WKH SURJUDP SRLVHG WR UHDFK WR WKH QH[W OHYHO DQG IRFXV RQ WKH KHUH DQG QRZ RI WKH SURJUDP DQG QRW UHO\ RQ SDVW VXFFHVVHV 7KH WHDP LV QRZ IRFXVHG RQ FRQWLQXLQJ WR EXLOG DQG LPSURYH HDFK GD\ PRYLQJ IRUZDUG ´7KH 1&$$ 7RXUQDPHQW LV DQ H[SHF WDWLRQ IRU XV HYHU\ \HDU µ 6HPUDX FRQWLQ XHG ´:H ZDQW WR EH D 1&$$ 5HJLRQDO WHDP EHFDXVH RI WKH ZD\ WKDW ZH SUHSDUH WR JHW WR WKDW OHYHO , NQRZ WKDW RXU SOD\HUV DUH FRPPLWWHG WR WKDW DQG ZH DVN RI WKHP D KLJKHU FRPPLWPHQW OHYHO HYHU\ \HDU :H UHDOO\ EHOLHYH WKDW )ORULGD 6WDWH LV D SODFH WKDW LV DERXW FKDPSLRQVKLSV 2XU DWKOHWLF GHSDUWPHQW KDV KDG VR PDQ\ VXF FHVVIXO WHDPV LQ WKH SDVW DQG ZH EHOLHYH WKDW ZH KDYH EXLOW D IRXQGDWLRQ ZKHUH LW LV ZRPHQ·V EDVNHWEDOO·V WLPH WR PRYH WR WKDW OHYHO DV ZHOO µ

", Ê-/ / Ê1 6 ,- /9


-1Ê

" Ê-/ 7" ½-Ê - /

£Ç


" -ÕiÊ-i À>Õ i>`Ê >V £ÓÌ Ê-i>à ­1 -> Ê i} ]ʼnx®

UHDW WKLQJV FRQWLQXH WR KDSSHQ IRU )ORULGD 6WDWH :RPHQ·V %DVNHWEDOO XQGHU WKH GLUHFWLRQ RI WK \HDU KHDG FRDFK 6XH 6HPUDX DV WKH SURJUDP VRDUV WR JUHDWHU KHLJKWV HDFK VHDVRQ /DVW VHDVRQ 6HPUDX OHG WKH 6HPLQROHV WR WKHLU IRXUWK FRQVHFXWLYH WULS WR WKH 1&$$ 7RXUQDPHQW LQFOXGLQJ D À UVW URXQG YLFWRU\ RYHU 2KLR 6WDWH LQ 'HV 0RLQHV ,RZD 7KH 6HPLQROHV WRRN GRZQ WKH QDWLRQDOO\ UDQNHG %XFNH\HV E\ D VFRUH RI WR HDUQ WKH SURJUDP YLFWRULHV GXULQJ WKH À UVW URXQG RI WKH 1&$$ 7RXUQDPHQW LQ HDFK RI WKH ODVW IRXU VHDVRQV ,Q IDFW WKH YLFWRU\ RYHU 268 JDYH 6HPUDX D SHUIHFW PDUN LQ WKH À UVW URXQG RI WKH 1&$$ 7RXUQDPHQW 6HPUDX OHG WKH 6HPLQROHV WR QDWLRQDO DF FODLP DV WKH\ EHJDQ WKH VHDVRQ QDWLRQ DOO\ UDQNHG DQG FOLPEHG DV KLJK DV WK GXULQJ WKH FRXUVH RI WKH VHDVRQ 7KH 1R QDWLRQDO UDQNLQJ PDUNV WKH KLJKHVW LQ WKH KLVWRU\ RI WKH )68 ZRPHQ·V EDVNHWEDOO SURJUDP 1RW RQO\ D IRUFH QDWLRQDOO\ )ORULGD 6WDWH KDV EHHQ GRPLQDQW ZLWKLQ WKH 6XQVKLQH 6WDWH DV ZHOO DV 6HPUDX KDV GLUHFWHG WKH SURJUDP WR FRQVHFXWLYH YLFWRULHV RYHU LQ VWDWH ULYDOV 7KH ODWHVW YLFWRU\ LQ WKH VWULQJ ZDV D WKULOOLQJ YLFWRU\ RYHU 0LDPL GXULQJ WKH À QDO ZHHN RI WKH UHJXODU VHDVRQ ,QGLYLGXDOO\ 7DQDH 'DYLV &DLQ ZDV UHF RJQL]HG IRU KHU VHDVRQ ORQJ HIIRUWV E\ HDUQLQJ +RQRUDEOH 0HQWLRQ $OO $&& $FFRODGHV E\ WKH $WODQWLF &RDVW 6SRUWV 0HGLD $VVRFLDWLRQ 'DYLV &DLQ ZDV WKH WK 6HPLQROH WR HDUQ $OO

£n

$&& KRQRUV LQ WKH KLVWRU\ RI WKH SURJUDP DQG H[WHQGHG WKH SURJUDP·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·V WK VHDVRQ GXULQJ FXOPLQDWHG ZLWK )ORULGD 6WDWH UHDFKLQJ WKH 1&$$ 7RXUQDPHQW 6ZHHW IRU WKH À UVW WLPH LQ VFKRRO KLVWRU\ ,Q DGGLWLRQ WKH 6HPLQROHV KDG DQRWKHU ´À UVWµ DV WKH\ HQGHG WKH \HDU UDQNHG WK LQ WKH 86$ 7RGD\ (631 ZRPHQ·V FRDFKHV SROO ,W ZDV WKH KLJKHVW )68 KDV HYHU EHHQ UDQNHG DW WKH FRQFOXVLRQ RI WKH VHDVRQ DQG PDWFKHG WKH KLJKHVW UDQNLQJ DW DQ\ SRLQW LQ WKH \HDU 7KH 6HPLQROHV UDQ WKHLU VWULQJ RI ZLQ VHDVRQV WR WKUHH SRVWLQJ D RYHUDOO PDUN ZKLOH À QLVKLQJ IRXUWK LQ WKH $&& DW IRU WKH VHFRQG \HDU LQ D URZ

/ iÊ-i À>ÕÊ i (GXFDWLRQ

8QLYHUVLW\ RI &DOLIRUQLD 6DQ 'LHJR %DFKHORU·V GHJUHH LQ FRPPXQLFDWLRQV 8QLYHUVLW\ RI 6RXWKHUQ &DOLIRUQLD 0DVWHU·V GHJUHH LQ DWKOHWLF DGPLQLVWUDWLRQ

&RDFKLQJ ([SHULHQFH

2FFLGHQWDO &ROOHJH +HDG &RDFK $VVLVWDQW $WKOHWLF 'LUHFWRU 1RUWKHUQ ,OOLQRLV 8QLYHUVLW\ $VVLVWDQW &RDFK 5HFUXLWLQJ &RRUGLQDWRU 8QLYHUVLW\ RI :LVFRQVLQ $VVLVWDQW &RDFK 5HFUXLWLQJ &RRUGLQDWRU )ORULGD 6WDWH 8QLYHUVLW\ SUHVHQW +HDG &RDFK

3OD\LQJ ([SHULHQFH

8QLYHUVLW\ RI 3XJHW 6RXQG 8QLYHUVLW\ RI &DOLIRUQLD 6DQ 'LHJR

7KHUH ZDV DQ HDUO\ LQGLFDWLRQ WKDW WKH FDPSDLJQ ZDV JRLQJ WR EH D VSHFLDO RQH IRU WKH 6HPLQROHV DV WKH\ VWDUWHG WKH \HDU E\ ZLQQLQJ RI WKHLU À UVW JDPHV LQFOXGLQJ D SRLQW WKURWWOLQJ RI LQ VWDWH ULYDO )ORULGD $ WZR JDPH VHWEDFN DW WKH HQG RI WKH FDOHQGDU \HDU RQO\ UHIRFXVHG )ORULGD 6WDWH DV LW VWDUWHG WKH $&& VODWH E\ ZLQQLQJ LWV À UVW IRXU JDPHV 7KH IRXU FRQIHUHQFH ORVVHV FDPH WR 1DWLRQDO &KDPSLRQ 0DU\ODQG )LQDO )RXU SDUWLFLSDQW 1RUWK &DUROLQD UHJXODU VHDVRQ FKDPSLRQ 'XNH DQG $&& 7RXUQDPHQW À QDOLVW 1& 6WDWH

", Ê-/ / Ê1 6 ,- /9


" -

$ WKLUG VWUDLJKW WULS WR WKH 1&$$ 7RXU QDPHQW DZDLWHG WKH 6HPLQROHV DV WKH\ ZHUH PDWFKHG XS ZLWK 2OG 'RPLQLRQ LQ WKH À UVW URXQG RI WKH )UHVQR 5HJLRQDO 7KH 6HPLQROHV HDUQHG WKHLU WKLUG VWUDLJKW RSHQLQJ URXQG YLF WRU\ E\ GLVSHQVLQJ WKH /DG\ 0RQDUFKV DQG VHW XS D VHFRQG URXQG PDWFK XS DJDLQVW 6WDQIRUG RQ LWV KRPH FRXUW /RRNLQJ WR JHW EDFN DW WKH &DUGLQDO DIWHU LW NQRFNHG )68 RXW RI WKH WRXUQDPHQW WKH 6HPLQROHV SOD\HG WKHLU EHVW GRZQ WKH VWUHWFK DQG SXOOHG DZD\ IRU WKH WULXPSK DQG WKH VFKRRO·V À UVW VSRW LQ WKH 6ZHHW 8Q IRUWXQDWHO\ WKH PDJLFDO UXQ HQGHG LQ )UHVQR DV )ORULGD 6WDWH UDQ LQWR D KRW /68 WHDP RQ LWV ZD\ WR )LQDO )RXU 7KH 7LJHUV HQGHG WKH 6HPLQROHV VHDVRQ ZLWK WKH GHFLVLRQ 1XPHURXV LQGLYLGXDO DZDUGV ZHUH EH VWRZHG XSRQ WKH 6HPLQROHV LQ 6HQLRU $OLFLD *ODGGHQ ZDV QDPHG 7KLUG 7HDP $OO $&& DQG IRU WKH WKLUG WLPH LQ IRXU \HDUV )68 ZDV UHSUHVHQWHG RQ WKH $&& $OO )UHVKPDQ 7HDP ZLWK -DFLQWD 0RQURH·V VHOHFWLRQ ,Q DGGLWLRQ *ODGGHQ ZDV FKRVHQ IRU WKH $&& $OO 'HIHQVLYH 7HDP IRU WKH WKLUG \HDU LQ D URZ $&& DFFRODGHV DUH QRWKLQJ QHZ IRU 6HPUDX·V SOD\HUV DV )68 KDV EHHQ EULQJLQJ KRPH VRPH VHULRXV KDUGZDUH RYHU WKH ODVW \HDUV 7KH ODWHVW OHDJXH KRQRUV IRU WKH 6HPL QROHV JLYH )68 $OO $&& DZDUGV GXULQJ 6HPUDX·V WHQXUH WR JR DORQJ ZLWK D SDLU RI $&& &RDFK RI WKH <HDU DFFRODGHV )ORULGD 6WDWH SOD\HUV KDYH JDUQHUHG QD WLRQDO DWWHQWLRQ XQGHU 6HPUDX·V ZDWFK )ROORZ LQJ WKH VWDUW RI )68·V FXUUHQW WKUHH \HDU 1&$$ UXQ LQ 5RQHHND +RGJHV ZDV QDPHG $OO $PHULFDQ 7KH À UVW 6HPUDX SURGLJ\ WR HDUQ $OO $PHULFD KRQRUV ZDV %URRNH :\FNRII ZLWK KHU 6HFRQG 7HDP VHOHFWLRQ LQ %RWK SOD\HUV DUH FXUUHQWO\ SOD\LQJ SURIHVVLRQDOO\ LQ WKH :1%$ DQG DUH WZR RI )68·V IRXU SOD\HUV WR EH GUDIWHG LQWR WKH :1%$ $V ZHOO DV )ORULGD 6WDWH KDV GRQH RQ WKH FRXUW GXULQJ 6HPUDX·V \HDUV WKH VWXGHQW DWKOHWHV KDYH EHHQ HYHQ PRUH VXFFHVVIXO LQ WKH FODVVURRP 7KH 6HPLQROHV OHG DOO FRQIHUHQFH VFKRROV ZLWK WKUHH SOD\HUV RQ WKH $OO $&& $FDGHPLF :RPHQ·V %DVNHWEDOO 7HDP EXW OHDGLQJ WKH ZD\ DFDGHPLFDOO\ KDV EHHQ QRWKLQJ QHZ IRU )ORULGD 6WDWH

6LQFH LWV LQFHSWLRQ LQ )ORULGD 6WDWH KDV KDG PHPEHUV RQ WKH $OO $&& $FDGHPLF :RPHQ·V %DVNHWEDOO 7HDP ZKLFK LV HLJKW PRUH WKDQ WKH QH[W FORVHVW VFKRRO ,Q DGGLWLRQ VLQFH 6HPUDX WRRN RYHU WKH SURJUDP )68 KDV KDG $&& $FDGHPLF +RQRU 5ROO VHOHFWLRQV ZKLFK DOVR OHDGV WKH FRQIHUHQFH /RFDO EDVNHWEDOO HQWKXVLDVWV DUH WDNLQJ QRWH DV KRPH DWWHQGDQFH FRQWLQXHV WR JURZ ,Q D UHFRUG VHDVRQ WLFNHWV ZHUH VROG LQFUHDVH RI 7KH DYHUDJH KRPH DWWHQGDQFH WZR \HDUV DJR ZDV LQFUHDVH RI ZKLFK LQFOXGHG VL[ JDPHV WKDW PDGH WKH 7RS $WWHQGDQFH /LVW IRU )68 ZRPHQ·V EDVNHWEDOO 7RSSLQJ WKH FKDUW ZDV WKH UHFRUG IDQV WKDW DWWHQGHG WKH )68 0DU\ODQG JDPH $WWHQGDQFH FRQWLQXHG WR EH VWURQJ ODVW VHDVRQ DV WKH 6HPLQROHV DYHUDJHG IDQV SHU JDPH ZKLFK UDQNHG WK EHVW LQ WKH QDWLRQ :KLOH 6HPUDX QRWHV WKH FRXUDJH RI WKH SOD\HUV VKH·V KDG LQ KHU SURJUDP SHUKDSV VKH VKRXOG UHDOL]H WKDW WKRVH SOD\HUV ZHUH MXVW IROORZLQJ LQ KHU IRRWVWHSV EHFDXVH 6HPUDX ZLOO GR MXVW DERXW DQ\WKLQJ IRU KHU ZRPHQ·V EDVNHWEDOO SURJUDP 6KH SURYHG MXVW WKDW ZKHQ VKH FDPSHG RXWVLGH RI WKH 'RQDOG / 7XFNHU &HQWHU IRU WZR GD\V DQG WZR QLJKWV LQ DQ HIIRUW WR VHOO WLFNHWV IRU WKH ODVW KRPH JDPH RI WKH VHDVRQ ,W·V QRW OLNH 6HPUDX OLNHV WKH JUHDW RXWGRRUV EXW ZKHQ VKH SXWV KHU PLQG WR VRPHWKLQJ WKHUH·V XVXDOO\ QR VWRSSLQJ KHU ´7KH WKLQJ , ORYH PRVW DERXW )ORULGD 6WDWH LV WKH SHRSOH ZKR VXSSRUW XV µ 6HPUDX VDLG ´,W·V XQEHOLHYDEOH WR EH DW DQ )68 IRRWEDOO JDPH ZLWK DZHVRPH IDQV , ZDQW P\ SOD\HUV ZKR KDYH GRQH VR PXFK WR HOHYDWH RXU ZRPHQ·V EDVNHWEDOO SURJUDP WR H[SHUL HQFH WKDW VSHFLDO DWPRVSKHUH µ 6HPUDX VDLG WKH ZHHN RI KHU 7HQWV IRU 7LFNHWV FDPSDLJQ $Q DUHD RXWVLGH RI WKH 7XFNHU &HQWHU WLFNHW ZLQGRZ EHFDPH D KRPH DZD\ IURP KRPH IRU 6HPUDX IROORZLQJ WKH 6HPLQROHV· ZLQ RYHU :DNH )RUHVW RQ )HEUXDU\ UG -XVW VKRUWO\ DIWHU S P WKDW 6DWXUGD\ 6HPUDX DQG KHU ´7HQW IRU 7LFNHWVµ FDPSDLJQ EHFDPH YLFWRULRXV ZKHQ VKH VROG WKH WK WLFNHW ,Q IDFW D WRWDO RI WLFNHWV ZHUH VROG IRU WKH ZRPHQ·V EDVNHWEDOO VHDVRQ À QDOH YV QDWLRQ DOO\ UDQNHG %RVWRQ &ROOHJH DQG E\ JDPH WLPH D WKHQ UHFRUG IDQV ZHUH LQ DWWHQGDQFH

7" ½-Ê - /

:LWK D UHFRUG LQ )68 HDUQHG EDFN WR EDFN ZLQ VHDVRQV IRU WKH À UVW WLPH XQGHU 6HPUDX·V GLUHFWLRQ DQG MXVW WKH VHFRQG WLPH LQ SURJUDP KLVWRU\ 7KH VHDVRQ VWDUWHG HDUOLHU WKDQ XVXDO IRU WKH 6HPLQROHV ZKHQ WKH VTXDG LQFOXGLQJ WKH VL[ LQFRPLQJ IUHVKPHQ JDWKHUHG LQ HDUO\ $XJXVW IRU GD\V RI SUDFWLFH LQ SUHSDUDWLRQ IRU )ORULGD 6WDWH·V WULS WR ,WDO\ ODWHU WKDW PRQWK 'XULQJ WKRVH GD\V WKH 6HPLQROHV ZRXOG UHDOL]H WKHLU WDVN DKHDG 1RW RQO\ ZRXOG WKH\ KDYH WR UHSODFH WKH H[SORVLYHQHVV DQG OHDGHUVKLS RI GHSDUWLQJ VHQLRUV 5RQHHND +RGJHV DQG /LQQHD /LOMHVWUDQG WKH\ ZRXOG KDYH WR À JXUH RXW D ZD\ WR PHVK VL[ QHZFRPHUV ZLWK QLQH UHWXUQLQJ 6HPLQROHV 8QIRUWXQDWHO\ GXH WR 1&$$ UXOHV WKH LQFRPLQJ IUHVKPHQ ZHUH QRW DOORZHG WR WUDYHO WR ,WDO\ EXW WKH\ ZHUH QHYHU IDU IURP WKH 6HPLQROHV·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·W ZDLW VKDUH LW ZLWK WKH IUHVKPHQ DW KRPH :KLOH WKH 6HPLQROHV IHOW VRPH JURZLQJ SDLQV HDUO\ LQ WKH VHDVRQ WKH\ SXOOHG WRJHWKHU DQG 6HPUDX JXLGHG WKHP WR HLJKW ZLQV LQ WKH À QDO UHJXODU VHDVRQ JDPHV :KLOH D IRXUWK SODFH À QLVK LQ WKH QDWLRQ·V 1R UDWHG FRQIHUHQFH ZDV D IHDW LQ LWVHOI WKH IDFW WKDW WKH OHDJXH·V WRS WKUHH WHDPV ZHUH UDQNHG LQ WKH WRS À YH LQ WKH QDWLRQ DQG DGYDQFHG WR WKH )LQDO )RXU PDGH LW HYHQ PRUH LPSUHVVLYH

£


" -

7KH VXFFHVV RI ZDV MXVW D FRQ WLQXDWLRQ RI WKH SURFHVV E\ ZKLFK 6HPUDX KDV EXLOW WKH )ORULGD 6WDWH SURJUDP 3ULRU WR WKH VHDVRQ 6HPUDX LQWURGXFHG 3KDVH 7ZR RI WKH SURJUDP :KLOH WKH IRXQGDWLRQ DQG WKH VWUHQJWK RI WKH SURJUDP ZRXOG UHPDLQ DQ XQZDYHULQJ FRPPLWPHQW WR WKH WRWDO FROOHJLDWH H[SHULHQFH 6HPUDX PDGH VLJQLÀ FDQW FKDQJHV LQFOXGLQJ DQ DWWLWXGLQDO VKLIW ZLWKLQ WKH SUR JUDP ZKLFK ZDV JHDUHG WRZDUG D KLJKHU OHYHO RI SHUVRQDO UHVSRQVLELOLW\ VHOÁ HVVQHVV DQG WKH GHYHORSPHQW RI D FKDPSLRQVKLS PHQWDOLW\ ´:KHQ , DUULYHG DW )ORULGD 6WDWH VHYHQ \HDUV DJR ZH ZHUH ZLQOHVV LQ WKH $&& DQG KDG EHHQ D FHOODU GZHOOHU IRU TXLWH VRPHWLPH µ 6HPUDX H[SODLQHG DW WKH WLPH ´:H KDG WR GR VRPH WKLQJV WR MXPSVWDUW RXU SURJUDP :H KDG D ORW RI FRXUDJHRXV \RXQJ SHRSOH WKDW VWHSSHG LQWR RXU SURJUDP ZKR ZHUH YHU\ WDOHQWHG EXW PD\EH GLGQ·W KDYH WKDW HOLWH OHYHO ZRUN HWKLF WKDW \RX ZRXOG KRSH LQ D FRQWHQGHU WKDW ZDV \HDU LQ DQG \HDU RXW LQ WKH 7RS :LWK 3KDVH 7ZR ZH·YH WDNHQ D PDMRU VKLIW LQ RXU SURJUDP WR FRPPLW WR D OLWWOH GLIIHUHQW ZD\ RI GRLQJ WKLQJV µ 6KH DVNHG WKH SOD\HUV WR ´EHOLHYHµ LQ 3KDVH 7ZR LQ DQG LQ LW ZDV WLPH IRU WKHP WR WRWDOO\ ´FRPPLWµ WKHPVHOYHV WR LW 6HPUDX DOVR DOWHUHG KHU RZQ FRDFKLQJ VW\OH ZLWK 3KDVH 7ZR LQ RUGHU WR PRYH WKH SURJUDP D VWHS FORVHU WR LWV JRDOV %HJLQQLQJ ZLWK WKH VHDVRQ 6HPUDX PDGH DV VRFLDWH KHDG FRDFK &RUL &ORVH WKH RIIHQVLYH FRRUGLQDWRU DVVLVWDQW FRDFK /DQFH :KLWH WKH GHIHQVLYH FRRUGLQDWRU DQG DVVLVWDQW FRDFK $QJLH -RKQVRQ WKH UHFUXLWLQJ FRRUGLQDWRU 7KH SUHYLRXV VHYHQ \HDUV 6HPUDX LQYROYHG KHUVHOI LQ HYHU\ PRYH DQG HYHU\ GHFLVLRQ RI KHU

Óä

SURJUDP DQG VKH IHOW LW ZDV WLPH WR DOORZ KHU DVVLVWDQWV WR WDNH RZQHUVKLS DQG KDYH DXWKRULW\ ZLWK UHVSRQVLELOLW\ ´, QHHGHG WR PDNH VRPH FKDQJHV IRU WKH SURJUDP·V DQG P\ GHYHORSPHQW·V VDNH µ 6HPUDX VDLG 7KH UHVXOWV ZHUH LPPHGLDWH DQG KDYH SURYHQ VXFFHVVIXO RYHU WKH ORQJ KDXO ZLWK D UHFRUG DQG DQ 1&$$ 7RXUQDPHQW VHFRQG URXQG DSSHDUDQFH LQ 6HPUDX DQG KHU VWDII JXLGHG WKH 6HPLQROHV WR RQH RI WKH SURJUDP·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À YH SOD\HG WKH VHDVRQ EHIRUH RQH ZDV FRPLQJ EDFN IURP D PHGLFDO UHGVKLUW VHDVRQ DQG IRXU RWKHUV KDG QHYHU SOD\HG D VLQJOH PLQXWH DV D 6HPLQROH ´7KHUH DUH D ORW RI GLIIHUHQW ZD\V WKDW , WKLQN WKLV WHDP FRXOG KDYH JRQH DV D UHVXOW RI VXFK D WUDJHG\ RFFXUULQJ LQ RXU SURJUDP µ 6HPUDX VDLG ´,W·V EHHQ LQFUHGLEOH WR ZDWFK WKH VWUHQJWK DQG WKH FKDUDFWHU WKDW KDV EHHQ EXLOW LQWR D JURXS RI SHRSOH DV D UHVXOW RI ORVLQJ VRPHRQH ZH DOO ORYHG GHDUO\ , UHDOO\ EHOLHYH WKDW LW·V JRLQJ WR PDNH D GLIIHUHQFH IRU XV WKLV \HDU QRW RQO\ RQ WKH EDVNHWEDOO FRXUW DV ZH HQWHU LQWR 3KDVH 7ZR RI RXU SURJUDP EXW DOVR DV ZH FRQWLQXH RQ ZLWK RXU OLYHV RXWVLGH RI EDVNHWEDOO µ )68 GHÀ HG WKH RGGV LQ DQG IRU WKH À UVW WLPH LQ SURJUDP KLVWRU\ WKH 6HPL QROHV PDGH D QDWLRQDO SRVWVHDVRQ WRXUQDPHQW DSSHDUDQFH IRU D WKLUG VWUDLJKW VHDVRQ )68·V IRXUWK SODFH $&& ILQLVK LQ WKH H[SDQGHG OHDJXH UDFH ZDV QR ZKHUH QHDU ZKDW WKH PHGLD KDG SUHGLFWHG $W $&& 0HGLD 'D\ WKH PHGLD SLFNHG )68 WR À QLVK HLJKWK LQ WKH WHDP

OHDJXH ZKLFK SURYHG WR EH IRXU VSRWV WRR ORZ 7KH 6HPLQROHV EHJDQ WKH VHDVRQ RQ D PLVVLRQ DQG ZLWK D SHUIHFW UHFRUG ,W ZDV QRW RQO\ WKH EHVW VWDUW LQ SURJUDP KLVWRU\ EXW WKH PRVW FRQVHFXWLYH ZLQV DQ )68 ZRPHQ·V EDVNHWEDOO WHDP KDV HYHU VWUXQJ WRJHWKHU %XW WKDW ZDV MXVW WKH EHJLQQLQJ RI WKH ´À UVWVµ 6HPUDX ZRXOG OHDG )68 WR LQ 2QFH WKH $&& VHDVRQ EHJDQ WKH 6HPLQROHV ZRQ WKUHH VWUDLJKW RYHUWLPH JDPHV LQ WKH VDPH ZHHN RYHU UDQNHG OHDJXH WHDPV )68 EURNH LQWR WKH QDWLRQDO UDQNLQJV LQ -DQXDU\ DQG VSHQW À YH ZHHNV WKHUH ,W ZDV WKH À UVW WLPH )68 KDG EHHQ UDQNHG LQ WKH 86$ 7RGD\ (631 &RDFKHV 3ROO VLQFH 'HFHPEHU DQG WKH 6HPLQROHV HDUQHG WKHLU KLJKHVW UDQNLQJ HYHU LQ WKH SROO DW 1R :KHQ WKH WHDP EURNH LQWR WKH $V VRFLDWHG 3UHVV UDQNLQJV LW ZDV WKH À UVW WLPH VLQFH ,Q )HEUXDU\ WKH WHDP HDUQHG LWV WK YLFWRU\ RI WKH VHDVRQ ,W ZDV WKH À UVW WLPH VLQFH WKDW )68 KDG HDUQHG RU PRUH ZLQV DQG MXVW WKH À IWK WLPH HYHU LQ WKH SURJUDP·V KLVWRU\ 6HPUDX KHUVHOI DGPLWV WKDW RYHU WKH \HDUV VKH KDV JURZQ LQ PDQ\ ZD\V DV D KHDG FRDFK DQG LQ WKDW SURFHVV VKH KDV WULHG WR SDW WHUQ KHU FRDFKLQJ SKLORVRSKLHV DIWHU FRDFKHV WKDW VKH DGPLUHV DQG UHVSHFWV 2QH RI WKRVH FRDFKHV LV )ORULGD 6WDWH·V YHU\ RZQ %REE\ %RZGHQ 6XUH ZKR ZRXOGQ·W ZDQW WR LPLWDWH WKH DFWLRQV RI D FRDFKLQJ OHJHQG" %XW ZKDW SHRSOH PD\ QRW UHDOL]H LV WKDW ZKHQ &RDFK %RZGHQ DUULYHG LQ 7DOODKDVVHH LQ KH ZDV IDFLQJ D VLWXDWLRQ WKDW ZDV YHU\ VLPLODU WR ZKDW 6HPUDX IDFHG ZKHQ VKH FDPH WR )68 LQ 7KH 6HPLQROH IRRWEDOO WHDP KDG ZRQ MXVW IRXU JDPHV FRPELQHG LQ WKH WZR \HDUV EH IRUH %RZGHQ DUULYHG 7KH 6HPLQROH ZRPHQ·V EDVNHWEDOO WHDP KDG ZRQ MXVW À YH JDPHV DQG KDG JRQH LQ WKH $&& WKH VHDVRQ SULRU WR 6HPUDX·V DUULYDO %RWK KDG KXJH FKDOOHQJHV DKHDG RI WKHP DQG ERWK FRPPLWWHG WKHPVHOYHV WR UHYLWDOL]LQJ WKHLU UHVSHFWLYH SURJUDPV %RZGHQ·V VXFFHVV VSHDNV IRU LWVHOI +H WRRN D IRRWEDOO SURJUDP WKDW )68 ZDV FRQVLGHULQJ GLVFRQWLQXLQJ DQG WXUQHG LW LQWR D QDWLRQDO SRZHU ,Q VHDVRQV 6HPUDX KDV WDNHQ D SURJUDP IURP WKH FHOODU RI WKH $&& DQG WXUQHG LW LQWR D SURJUDP WKDW LV UHVSHFWHG QRW RQO\ LQ WKH VWDWH RI )ORULGD DQG LQ WKH $&& EXW LQ WKH QDWLRQ DV ZHOO

", Ê-/ / Ê1 6 ,- /9


7KH GDXQWLQJ WDVN WKDW IDFHG 6HPUDX LQ ZKHQ VKH ZDV QDPHG )ORULGD 6WDWH·V WKLUG KHDG FRDFK LQ DV PDQ\ \HDUV FHUWDLQO\ ZRXOG KDYH SHUVXDGHG RWKHUV WR UXQ WKH RWKHU ZD\ EXW QRW 6HPUDX 6KH KDG D SDVVLRQ DQG D GHVLUH WR EXLOG DQG VKH ZDVQ·W JRLQJ WR OHW DQ\WKLQJ JHW LQ KHU ZD\ 1RZ )ORULGD 6WDWH LV UHDSLQJ WKH EHQHÀ WV RI 6HPUDX·V GHWHUPLQDWLRQ DQG )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO LV GHÀ QLWHO\ EDFN RQ WKH PDS 8QGHU 6HPUDX·V GLUHFWLRQ WKH 6HPLQROHV KDYH PDGH VHYHQ SRVWVHDVRQ DSSHDUDQFHV LQ WKH SDVW HLJKW \HDUV LQFOXGLQJ D SURJUDP EHVW VL[ VWUDLJKW KDYH EHHQ QDWLRQ DOO\ UDQNHG DQG KDYH À QLVKHG LQ WKH $&& WRS IRXU À YH WLPHV 2YHU WKH \HDUV 6HPUDX KDV JXLGHG WKH SURJUDP WR PDQ\ PLOHVWRQHV LQFOXGLQJ GH IHDWLQJ &OHPVRQ DW &OHPVRQ LQ IRU WKH À UVW WLPH LQ )68 KLVWRU\ ,Q IDFW )68 KDG EHDWHQ &OHPVRQ MXVW RQFH LQ WULHV DQG QRW VLQFH DQG ZRQ VWUDLJKW JDPHV RYHU WKH 7LJHUV SULRU WR GURSSLQJ D WKULOOHU WKLV SDVW VHDVRQ ,Q WKH 6HPLQROHV HDUQHG WKHLU À UVW YLFWRU\ DW 9LUJLQLD +DYLQJ QHYHU EHDWHQ WKH &DYDOLHUV XQWLO WKH VHDVRQ )68 UHFRUGHG HLJKW YLFWRULHV RYHU WKH $&& IRH LQFOXGLQJ WKH SURJUDP·V À UVW VZHHS RI WKH &DYDOLHUV LQ 7KH 7ULEH KDV DOVR EHFRPH VRPHZKDW RI D WKRUQ LQ 'XNH·V VLGH RYHU WKH SDVW IHZ \HDUV :KHQ 6HPUDX JXLGHG WKH 6HPLQROHV WR DQ ZLQ RYHU WKH 1R UDQNHG %OXH 'HYLOV RQ )HEUXDU\ LW ZDV QRW RQO\ WKH KLJKHVW UDQNHG RSSRQHQW )68 KDG HYHU EHDWHQ EXW LW VQDSSHG 'XNH·V $&& JDPH ZLQQLQJ VWUHDN ,Q WKH 6HPLQROHV WRRN GRZQ ULYDO )ORULGD LQ *DLQHVYLOOH VQDSSLQJ D JDPH ORVLQJ VNLG WR WKH *DWRUV DQG VSOLW WKH VHULHV WKDW VHDVRQ ,W ZDV HYLGHQW WKDW 6HPUDX ZDV JDLQLQJ JURXQG RQ WXUQLQJ WKH SURJUDP DURXQG LQ ZKHQ VKH OHG WKH 6HPLQROHV WR D 1R À QDO UDQNLQJ ZLWK D UHFRUG D IRXUWK SODFH À QLVK LQ WKH $&& DQG LWV À UVW 1&$$ 7RXUQD PHQW VLQFH ,W ZDV )ORULGD 6WDWH·V À UVW ZLQQLQJ VHDVRQ VLQFH DV ZHOO DV WKH

VFKRRO·V EHVW OHDJXH À QLVK VLQFH MRLQLQJ WKH $&& LQ 7KH 6HPLQROHV ZHUH WKH RQO\ WHDP LQ WKH QDWLRQ WR GHIHDW 'XNH RQ LWV KRPH FRXUW LQ DQG HDUQHG WKHLU KLJKHVW HYHU VHHG LQ WKH $&& 7RXUQH\ DW 1R DQG DGYDQFHG WR WKH WRXUQDPHQW·V VHPLÀ QDOV IRU WKH À UVW WLPH 2WKHU À UVWV LQFOXGHG GHIHDWLQJ 9LUJLQLD IRU WKH À UVW WLPH DQG )68 WRRN WZR RI WKUHH IURP WKH &DYDOLHUV LQFOXGLQJ D ZLQ LQ WKH $&& 7RXUQDPHQW 7KH 6HPLQROHV· ZLQ RYHU 7XODQH LQ WKH 1&$$ 7RXUQDPHQW PDUNHG WKH À UVW WLPH WKDW )68 KDV UHFRUGHG D SRVWVHDVRQ YLFWRU\ DZD\ IURP 7DOODKDVVHH 6HPUDX UHFHLYHG KHU À UVW $WODQWLF &RDVW &RQIHUHQFH &RDFK RI WKH <HDU KRQRU E\ WKH $WODQWLF &RDVW 6SRUWV :ULWHUV $VVRFLDWLRQ LQ DIWHU )ORULGD 6WDWH·V YDVW LPSURYHPHQW 6HPUDX·V SKLORVRSK\ LQ UHEXLOGLQJ WKH )ORULGD 6WDWH SURJUDP KDV EHHQ D VLPSOH RQH 6HPUDX UXQV KHU SURJUDP LQ VXFK D ZD\ ZKHUH SOD\HUV DUH WUHDWHG DV SHRSOH À UVW VWXGHQWV VHFRQG DQG DWKOHWHV WKLUG ,W LV WKLV UHVSHFW IRU KHU SOD\HUV WKDW KDV JRWWHQ WKH SURJUDP ZKHUH LW LV WRGD\ 6HPUDX·V VW\OH KDV EHHQ HPEUDFHG E\ DOO ZKR KDYH FRPH LQ FRQWDFW ZLWK KHU 6KH KDV ZRQ WKH KHDUWV RI WKH )ORULGD 6WDWH PHGLD IDQV DQG PRVW LPSRUWDQWO\ WKH VWXGHQW DWKOHWHV ZKLFK KDV EHFRPH YHU\ HYLGHQW LQ KHU UHFUXLWLQJ VXF FHVV 6HPUDX DQG KHU VWDII KDYH EURXJKW LQ VL[ RI WKH QDWLRQ·V WRS UHFUXLWLQJ FODVVHV VLQFH WKHLU DUULYDO )RXU SOD\HUV KDYH DOVR EHHQ GUDIWHG WR WKH :1%$ XQGHU 6HPUDX·V WXWHODJH ZLWK +RGJHV EHFRPLQJ )68·V KLJKHVW GUDIW SLFN JRLQJ 1R RYHUDOO WR WKH +RXVWRQ &RPHWV LQ )RUPHU 6HPLQROH VWDQGRXW :\FNRII ZKR ZDV GUDIWHG LQ MXVW À QLVKHG KHU VHYHQWK VHDVRQ LQ WKH OHDJXH DQG KHOSHG JXLGH WKH &RQQHFWLFXW 6XQ WR WKH :1%$ À QDOV LQ 6KH KDV VSHQW WKH ODVW WKUHH VHDVRQV ZLWK WKH &KLFDJR 6N\ +HU FRPPLWPHQW WR FRPPXQLW\ VHUYLFH KDV DOVR EHHQ D SULRULW\ IRU WKH SURJUDP 7KH 6HPLQROHV KDYH SHUIRUPHG D YDULHW\ RI VHU YLFHV WKURXJKRXW WKH 7DOODKDVVHH DUHD DQG KDYH EHHQ NQRZQ WR H[WHQG D KHOSLQJ KDQG ZKHQ RQ WKH URDG PDNLQJ YLVLWV WR WKH %R\V DQG *LUOV &OXE DW WKH &RDOLWLRQ IRU WKH +RPHOHVV LQ 2UODQGR DQG HOHPHQWDU\ VFKRROV LQ +DUOHP :HVW &KHVWHU DQG :DGVZRUWK 2KLR DQG 0DU WLQVYLOOH ,QG DV ZHOO DV WKH 'XNH +RVSLWDO LQ 'XUKDP 1 & ´$Q\WLPH ZH FDQ GR VRPHWKLQJ WR KHOS SHRSOH ZKHQ ZH·UH RQ WKH URDG LW VLQNV LQ D OLWWOH GHHSHU WKDQ HYHQ ZKHQ ZH DUH LQ RXU RZQ FRPPXQLW\ µ 6HPUDX VDLG ´,W·V QRW RQO\ LPSRUWDQW ZKHQ ZH DUH LQ 7DOODKDVVHH EXW DQ\ZKHUH ZH JR WKHUH·V D QHHG µ 3ULRU WR FRPLQJ WR )68 6HPUDX VHUYHG WKUHH \HDUV DV DQ DVVLVWDQW FRDFK DQG UHFUXLWLQJ FRRUGLQDWRU DW WKH 8QLYHUVLW\ RI :LVFRQVLQ XQGHU -DQH $OEULJKW ZKHUH VKH FRQWULEXWHG WR WKH %DGJHUV· WKUHH VWUDLJKW ZLQQLQJ VHDVRQV DQG WZR 1&$$ WRXUQDPHQW DSSHDUDQFHV LQFOXGLQJ WKH SURJUDP·V À UVW HYHU EDFN WR EDFN ZLQ VHDVRQV 6HPUDX ZDV DOVR QRWHG IRU KHU UHFUXLWLQJ HIIRUWV DW :LVFRQVLQ ZLWK D UHFUXLWLQJ FODVV WKDW UDQNHG HLJKWK LQ WKH FRXQWU\ E\ %OXH 6WDU ,QGH[ 6HPUDX À UVW MRLQHG $OEULJKW DW 1RUWKHUQ ,OOLQRLV LQ ZKHUH VKH DVVLVWHG LQ OHDGLQJ 1,8 WR WKUHH FRQVHFXWLYH 1&$$ WRXUQDPHQW DSSHDUDQFHV 3ULRU WR KHU KLULQJ DW 1RUWKHUQ ,OOLQRLV 6HPUDX VHUYHG DV KHDG ZRPHQ·V EDVNHWEDOO FRDFK DQG DVVLVWDQW DWKOHWLF GLUHFWRU DW 2FFL GHQWDO &ROOHJH LQ /RV $QJHOHV IRU IRXU \HDUV ZKHUH VKH FRPSLOHG D RYHUDOO UHFRUG

" -

7" ½-Ê - /

6KH DOVR FRDFKHG VRFFHU IRU WZR VHDVRQV DQG ZDV UHVSRQVLEOH IRU WKH DGPLQLVWUDWLYH GXWLHV RI IXQGUDLVLQJ DQG SURPRWLRQV DW WKH 'LYLVLRQ ,,, LQVWLWXWLRQ $W 2FFLGHQWDO 6HPUDX ZDV D PHPEHU RI WKH 1&$$ UHJLRQDO VHOHFWLRQ FRPPLWWHH DQG FKDLUHG WKH 6RXWKHUQ &DOLIRU QLD ,QWHUFROOHJLDWH $WKOHWLF &RQIHUHQFH IRU ZRPHQ·V EDVNHWEDOO 6HPUDX DOVR ZRUNHG DV WKH SXEOLF UHOD WLRQV DQG SURPRWLRQV GLUHFWRU IRU WKH / $ +HDW SURIHVVLRQDO VRFFHU WHDP IURP DQG WKH SXEOLF UHODWLRQV GLUHFWRU IRU WKH 6HDWWOH 6WRUP VRFFHU WHDP LQ WKH SUHYLRXV \HDU $ QDWLYH RI 6HDWWOH :DVK 6HPUDX LV D JUDGXDWH RI 6KRUHFUHVW +LJK 6FKRRO 6KH ZHQW RQ WR DWWHQG WKH 8QLYHUVLW\ RI 3XJHW 6RXQG IRU WZR \HDUV 6HPUDX WUDQVIHUUHG WR WKH 8QLYHU VLW\ RI &DOLIRUQLD 6DQ 'LHJR LQ ZKHUH VKH À QLVKHG KHU FDUHHU UDQNLQJ WK LQ DOO WLPH VFRULQJ DQG IRXUWK LQ DOO WLPH DVVLVWV 6KH JUDGXDWHG LQ ZLWK D EDFKHORU·V GHJUHH LQ FRPPXQLFDWLRQV DQG UHFHLYHG KHU PDVWHU·V GHJUHH LQ DWKOHWLF DGPLQLVWUDWLRQ IURP WKH 8QLYHUVLW\ RI 6RXWKHUQ &DOLIRUQLD LQ $Q DFFRPSOLVKHG VSHDNHU 6HPUDX LV D YHU\ SRSXODU JXHVW VSHDNHU LQ WKH FRPPXQLW\ DV ZHOO DV ZLWK DOXPQL JURXSV DURXQG WKH VWDWH 6KH LV DOVR DFWLYH DV D YROXQWHHU ZLWK YDULRXV PLQLVWULHV &XUUHQWO\ VKH VHUYHV RQ WKH %RDUG RI 'LUHFWRUV IRU WKH :RPHQ·V %DVNHWEDOO &RDFKHV $VVRFLDWLRQ

Ó£


" -i À>ÕÊÛÃ°Ê Ê"«« i Ìà $NURQ $ODEDPD %LUPLQJKDP $ODEDPD 6WDWH $XEXUQ $XVWLQ 3HD\ %RVWRQ &ROOHJH &DO 6WDWH )XOOHUWRQ &HQWUDO )ORULGD &KDUOHVWRQ 6RXWKHUQ &KDUORWWH &KDWWDQRRJD &KLFDJR 6WDWH &OHPVRQ &ROJDWH &RQQHFWLFXW &RSSLQ 6WDWH 'D\WRQ 'H3DXO 'XNH 'XTXHVQH (DVW &DUROLQD (DVW 7HQQHVVHH 6WDWH (DVWHUQ .HQWXFN\ )DLUÀ HOG )DLUOHLJK 'LFNLQVRQ )ORULGD )ORULGD $WODQWLF )ORULGD $ 0 )ORULGD *XOI &RDVW )ORULGD ,QWHUQDWLRQDO )RUGKDP

*HRUJLD *HRUJLD 6RXWKHUQ *HRUJLD 6WDWH *HRUJLD 7HFK +DUYDUG +LJK 3RLQW +RIVWUD ,QGLDQD ,838, ,RZD 6WDWH -DFNVRQYLOOH /LSVFRPE /RQJ %HDFK 6WDWH /68 /RXLVLDQD 7HFK /RXLVYLOOH /R\ROD &KLFDJR 0DU\ODQG 0HUFHU 0LDPL 0LDPL 2+ 0LVVLVVLSSL 0LVVLVVLSSL 6WDWH 0LVVRXUL 6WDWH 0RQWDQD 1HZ 2UOHDQV 81& $VKHYLOOH 1RUWK &DUROLQD 1& 6WDWH 1RUWKHUQ $UL]RQD 1RUWK )ORULGD 2DNODQG

2KLR 6WDWH 2NODKRPD 6WDWH 2OG 'RPLQLRQ 3HSSHUGLQH 5LFKPRQG 6DPIRUG 6DQ )UDQFLVFR 6DYDQQDK 6WDWH 6W )UDQFLV 1< 6W -RVHSK·V 6W -RKQ·V 6W 0DU\·V 6RXWK $ODEDPD 6RXWK )ORULGD 6RXWKHDVW 0LVVRXUL 6WDWH 6WDQIRUG 6WHWVRQ 87 $UOLQJWRQ 7&8 7H[DV $ 0 7RZVRQ 6WDWH 7UR\ 7XODQH 7XOVD 9LUJLQLD 9LUJLQLD 7HFK :DNH )RUHVW :DVKLQJWRQ :HVWHUQ &DUROLQD 8: 0LOZDXNHH :ULJKW 6WDWH ;DYLHU

-ÕiÊ-i À>ÕÊ9i>À LÞ 9i>À 6HDVRQ 2YHUDOO 5HFRUG $&& 5HFRUG 3ODFH 3RVWVHDVRQ WK

WK

WK

WK 1&$$ 6HFRQG 5RXQG WK

WK :1,7 6HFRQG 5RXQG WK :1,7 6HFRQG 5RXQG WK 1&$$ 6HFRQG 5RXQG WK 1&$$ 6HFRQG 5RXQG WK 1&$$ 6ZHHW WK 1&$$ 6HFRQG 5RXQG 7RWDOV 6HYHQ 3RVWVHDVRQ $SSHDUDQFHV

ÓÓ

", Ê-/ / Ê1 6 ,- /9


" -

££Ê9i>ÀÃÊÜ Ì Ê-ÕiÊ-i À>Õ £ Ç nÊ

68( 6(05$8 LV KLUHG DV )ORULGD 6WDWH·V KHDG FRDFK ³ WKH SURJUDP·V WKLUG QHZ FRDFK LQ WKUHH \HDUV 7KH SURJUDP LV FRPLQJ RII RI D VHDVRQ LQFOXGLQJ D ZLQOHVV VHDVRQ LQ $&& SOD\ DW ,Q KHU À UVW VHDVRQ DW WKH KHOP RI WKH SURJUDP 6XH 6HPUDX OHDGV )ORULGD 6WDWH WR LWV PRVW YLFWRULHV VLQFH DQG LWV EHVW $&& UHFRUG DQG À QLVK VLQFH LQFOXGLQJ LWV ODUJHVW YLFWRU\ E\ PDUJLQ RYHU DQ $&& RSSRQHQW RYHU *HRUJLD 7HFK /DWDYLD &ROHPDQ ZDV QDPHG 6HFRQG 7HDP $OO $&& ZKLOH %URRNH :\FNRII ZDV QDPHG WR WKH $&& $OO )UHVKPDQ 7HDP

7+( 6(0,12/(6 ZHUH ZKHQ OHDGLQJ VFRUHU /DWDYLD &ROHPDQ ZDV ORVW IRU WKH VHDVRQ ZLWK D WRUQ $&/ DQG WKH WHDP ZRQ MXVW WZR PRUH JDPHV WKH UHVW RI WKH VHDVRQ DQG À QLVKHG 6XH 6HPUDX DQG KHU VWDII VLJQHG WKH 1R UDQNHG UHFUXLWLQJ FODVV LQ WKH QDWLRQ %URRNH :\FNRII ZDV QDPHG 7KLUG 7HDP $OO $&& ZKLOH $SULO 7UD\ORU ZDV QDPHG WR WKH $&& $OO )UHVKPDQ 7HDP

6HPUDX SURYLGHG WKH VWUHQJWK DQG OHDGHUVKLS WR SXOO KHU WHDP WKURXJK WKH GHYDVWDWLRQ DQG LQWURGXFHG 3KDVH 7ZR RI WKH SURJUDP ZKLFK ZDV DERXW SHUVRQDO UHVSRQVLELOLW\ VHOÁ HVVQHVV DQG D FKDPSLRQVKLS PHQWDOLW\ 7KH 6HPLQROHV Á RXULVKHG LQ WKH QHZ V\VWHP DQG HVWDEOLVKHG WKH EHVW VWDUW LQ VFKRRO KLVWRU\ RQ WKHLU ZD\ WR WKH SURJUDP·V À UVW ZLQ VHDVRQ VLQFH :LWK D VHFRQG URXQG DSSHDUDQFH LQ WKH 1&$$ 7RXUQDPHQW )68 PDGH LWV WKLUG VWUDLJKW SRVWVHDVRQ WRXUQDPHQW DSSHDUDQFH DQG IRXUWK LQ D À YH \HDU VWUHWFK )68 VSHQW À YH ZHHNV QDWLRQDOO\ UDQNHG DQG HDUQHG LWV À UVW $VVRFLDWHG 3UHVV UDQNLQJ VLQFH 6HPUDX ZKR JXLGHG )68 WR DQRWKHU IRXUWK SODFH $&& À QLVK ZDV UHFRJQL]HG ZLWK KHU VHFRQG $&& &RDFK RI WKH <HDU DZDUG ZKLOH 5RQHHND +RGJHV EHFDPH WKH WKLUG 6HPLQROH WR HDUQ )LUVW 7HDP $OO $&& KRQRUV *DQL\DW $GHGXQWDQ DQG $OLFLD *ODGGHQ HDUQHG +RQRUDEOH 0HQWLRQ $OO $&& UHFRJQLWLRQ ZKLOH *ODGGHQ ZDV DOVR QDPHG WR WKH $&& $OO 'HIHQVLYH 7HDP +RGJHV HDUQHG .RGDN 5HJLRQ $OO $PHULFDQ KRQRUV ZDV D :%&$ $OO 6WDU DQG EHFDPH )68·V KLJKHVW :1%$ 'UDIW SLFN DV WKH À UVW SOD\HU FDOOHG LQ WKH VHFRQG URXQG DQG WKH WK SLFN RYHUDOO

£ ääÊ

Óääx äÈÊ

£ n Ê

68( 6(05$8 /(' )68 WR DQ UHFRUG ZKLOH WKH 6HPLQROHV SOD\HG JDPHV DJDLQVW 1&$$ 7RXUQDPHQW WHDPV DQG HLJKW QDWLRQDOO\ UDQNHG WHDPV 7KH 6HPLQROHV ZHUH FRPSHWLWLYH DV VHYHQ RI WKH WHDP·V $&& ORVVHV ZHUH E\ À YH SRLQWV RU OHVV )68 ZRQ LWV À UVW URXQG JDPH DW WKH $&& 7RXUQDPHQW ZLWK D YLFWRU\ RYHU 0DU\ODQG PDUNLQJ WKH À UVW WLPH WKH 6HPLQROHV KDG ZRQ D JDPH LQ WKH DFWXDO WRXUQDPHQW /DWDYLD &ROHPDQ VFRUHG SRLQWV LQ WKDW JDPH DQG EHFDPH WKH À UVW 6HPLQROH VLQFH WR HDUQ $&& 7RXUQDPHQW )LUVW 7HDP KRQRUV )RU WKH VHDVRQ &ROHPDQ ZDV QDPHG 6HFRQG 7HDP $OO $&& %URRNH :\FNRII ZDV QDPHG 7KLUG 7HDP $OO $&& DQG WR WKH $OO 'HIHQVLYH 7HDP ZKLOH $SULO 7UD\ORU HDUQHG +RQRUDEOH 0HQWLRQ KRQRUV &ROHPDQ EHFDPH WKH À UVW 6HPLQROH WR EH GUDIWHG WR WKH :1%$ DV D WKLUG URXQG VHOHFWLRQ DQG WKH WK SLFN RYHUDOO

Óäää ä£Ê

,1 68( 6(05$8·6 IRXUWK \HDU VKH OHG )ORULGD 6WDWH WR WKH SURJUDP·V EHVW VHDVRQ LQ D GHFDGH :KDW D \HDU LW ZDV DQG LW VWDUWHG HDUO\ DV WKH 6HPLQROHV SUDFWLFHG GD\V LQ $XJXVW EHIRUH HPEDUNLQJ RQ D GD\ (XURSHDQ DGYHQWXUH WR )UDQFH DQG 6ZLW]HUODQG ZKHUH WKH\ SOD\HG IRXU JDPHV DQG ZRQ WKHP E\ DQ DYHUDJH RI SRLQWV 7KH 6HPLQROHV ZHQW RQ WR UHFRUG WKH SURJUDP·V PRVW ZLQV LQ \HDUV DGYDQFHG WR WKH 1&$$ 7RXUQDPHQW IRU WKH À UVW WLPH VLQFH WKH VHDVRQ DQG KDG WKHLU À UVW ZLQQLQJ VHDVRQ VLQFH )68·V $&& UHFRUG ZDV WKH SURJUDP·V EHVW UHFRUG DQG À QLVK WLHG IRU UG LQ OHDJXH SOD\ )68 À QLVKHG UDQNHG 1R QDWLRQDOO\ WKH SURJUDP·V À UVW QDWLRQDO UDQNLQJ VLQFH 6HPUDX ZDV QDPHG $&& &RDFK RI WKH <HDU %URRNH :\FNRII ZDV QDPHG D )LUVW 7HDP $OO $&& VHOHFWLRQ DQG ZDV WKH À UVW )68 SOD\HU VLQFH WR JDUQHU VXFK VWDWXV 6KH DOVR HDUQHG $&& $OO 'HIHQVLYH 7HDP KRQRUV IRU WKH VHFRQG VWUDLJKW VHDVRQ /HY\V 7RUUHV DQG $SULO 7UD\ORU ZHUH QDPHG 7KLUG 7HDP $OO $&& :\FNRII ZDV VHOHFWHG LQ WKH VHFRQG URXQG DV WKH WK RYHUDOO SLFN LQ WKH :1%$ 'UDIW ZKLOH 7RUUHV ZDV D WKLUG URXQG VHOHFWLRQ WK SLFN

Óää£ äÓÊ

7+( 6(0,12/(6 RQFH DJDLQ SOD\HG VRPH RI WKH QDWLRQ·V WRXJKHVW RSSRQHQWV ZLWK À YH JDPHV DJDLQVW 7RS RSSRQHQWV JDPHV WRWDO DJDLQVW 7RS WHDPV DQG JDPHV DJDLQVW 1&$$ 7RXUQDPHQW WHDPV 6L[ RI )68·V ORVVHV ZHUH E\ IRXU SRLQWV RU OHVV 7DVKHLND 0RUULV HDUQHG 7KLUG 7HDP $OO $&& KRQRUV $SULO 7UD\ORU ZDV +RQRUDEOH 0HQWLRQ $OO $&& ZKLOH *HQHVLV &KRLFH ZDV QDPHG WR WKH $&& $OO )UHVKPDQ 7HDP

ÓääÓ äÎÊ

)/25,'$ 67$7( PDGH LWV VHFRQG SRVW VHDVRQ WRXUQDPHQW DSSHDUDQFH LQ WKUHH \HDUV SOD\LQJ LQ WKH :1,7 DQG DGYDQFLQJ WR WKH VHFRQG URXQG 6XH 6HPUDX JXLGHG WKH 6HPLQROHV WR DQRWKHU ZLQQLQJ VHDVRQ WKH VHFRQG LQ WKUHH \HDUV DQG WR D IRXUWK SODFH À QLVK LQ WKH $&& ZKLFK ZDV UDWHG 1R DPRQJ FRQIHUHQFHV LQ 53, UDQNLQJV 7DVKHLND 0RUULV HDUQHG 6HFRQG 7HDP $OO $&& KRQRUV ZKLOH *DQL\DW $GHGXQWDQ JDUQHUHG +RQRUDEOH 0HQWLRQ $&& $OO )UHVKPDQ 7HDP KRQRUV

ÓääÎ ä{Ê

'(63,7( 7+( /266 RI VWDUWHU /D4XLQWD 1HHO\ MXVW VL[ JDPHV LQWR WKH VHDVRQ 6XH 6HPUDX OHG WKH 6HPLQROHV WR DQRWKHU :1,7 DSSHDUDQFH PDUNLQJ WKH WKLUG SRVWVHDVRQ WRXUQDPHQW DSSHDUDQFH LQ IRXU \HDUV DQG WR D UHFRUG 7DVKHLND 0RUULV $OOHQ ZDV QDPHG 6HFRQG 7HDP $OO $&& ZKLOH URRNLH 6KDQWH :LOOLDPV HDUQHG +RQRUDEOH 0HQWLRQ $OO $&& KRQRUV DQG $OO )UHVKPDQ 7HDP DFFRODGHV

Óää{ äxÊ

7+( )/25,'$ 67$7( ZRPHQ·V EDVNHWEDOO SURJUDP VXIIHUHG D WUDJHG\ ZLWK WKH VXGGHQ GHDWK RI ULVLQJ VRSKRPRUH 5RQDOGD 3LHUFH LQ -XQH 6XH

)2//2:,1* $ '$< WRXU RI ,WDO\ LQ $XJXVW LQ ZKLFK WKH 6HPLQROHV ZHQW DQG DYHUDJHG SRLQWV SHU JDPH ZKLOH KROGLQJ RSSRQHQWV WR SRLQWV SHU JDPH )68 FRQWLQXHG WKH VXFFHVV LW HQMR\HG LQ )RU MXVW WKH VHFRQG WLPH LQ SURJUDP KLVWRU\ DQG À UVW VLQFH DQG )ORULGD 6WDWH SDUWLFLSDWHG LQ EDFN WR EDFN 1&$$ 7RXUQDPHQWV DV 6XH 6HPUDX JXLGHG WKH 6HPLQROHV WR D DQG D VHFRQG URXQG 1&$$ 7RXUQH\ DSSHDUDQFH 7KH 6HPLQROHV DOVR HQMR\HG EDFN WR EDFN ZLQ VHDVRQV IRU MXVW WKH VHFRQG WLPH LQ SURJUDP KLVWRU\ 7KH 6HPLQROHV HDUQHG WKHLU PRVW $&& ZLQV ZLWK D UHFRUG DQG DQRWKHU IRXUWK SODFH À QLVK 6HPUDX EHFDPH )68 ZRPHQ·V EDVNHWEDOO·V ZLQQLQJHVW FRDFK E\ YLFWRULHV $OLFLD *ODGGHQ HDUQHG 7KLUG 7HDP $OO $&& KRQRUV DQG ZDV QDPHG WR WKH $&& $OO 'HIHQVLYH 7HDP IRU WKH VHFRQG VWUDLJKW VHDVRQ %ULWDQ\ 0LOOHU JDUQHUHG $&& $OO )UHVKPDQ 7HDP KRQRUV )68 KDG D ORW WR FHOHEUDWH ZLWK WKH &ODVV RI 7KH À UVW FODVV WR OHDG )68 WR VHYHQ RU PRUH $&& YLFWRULHV LQ IRXU FRQVHFXWLYH VHDVRQV WKLV JURXS OHG WKH WHDP WR D UHFRUG IRXUWK VWUDLJKW SRVWVHDVRQ DSSHDUDQFH DQG DYHUDJHG ZLQV SHU VHDVRQ ZKLFK LV WKH PRVW LQ WKH 6HPUDX HUD DQG VHFRQG PRVW LQ )68 KLVWRU\

ÓääÈ äÇÊ

7+( 7+ 6($621 XQGHU 6XH 6HPUDX FRXOGQ·W KDYH EHHQ DQ\ VZHHWHU DV KHU VTXDG PDGH VFKRRO KLVWRU\ $ YLFWRU\ RYHU 6WDQIRUG LQ WKH VHFRQG URXQG RI WKH 1&$$ 7RXUQDPHQW VHQW WKH 6HPLQROHV WR WKHLU À UVW 1&$$ 7RXUQDPHQW 6ZHHW )ORULGD 6WDWH KDG LWV PDJLFDO UXQ FXW VKRUW E\ /68 LQ WKH VHPLÀ QDOV RI WKH )UHVQR 5HJLRQDO 7KH 6HPLQROHV HQGHG WKH VHDVRQ ZLWK D UHFRUG WR PDUN WKH À UVW WLPH LQ VFKRRO KLVWRU\ WKDW WKH SURJUDP SXW WRJHWKHU WKUHH VWUDLJKW ZLQ VHDVRQV DQG ZHQW WR WKH 1&$$ 7RXUQDPHQW WKUHH \HDUV LQ D URZ )ORULGD 6WDWH FUDFNHG WKH WRS RI WKH À QDO 86$ 7RGD\ &RDFKHV 3ROO DV LWV 1R UDQNLQJ LV WKH KLJKHVW HQG RI \HDU UDQNLQJ DQG PDWFKHG WKH KLJKHVW UDWLQJ HYHU DW DQ\ SRLQW LQ WKH VHDVRQ 6HQLRU $OLFLD *ODGGHQ À QLVKHG KHU FDUHHU DV WKH 6HPLQROHV· DOO WLPH OHDGHU LQ VWHDOV DW VZLSHV RQ KHU ZD\ WR KHU VHFRQG 7KLUG 7HDP $OO $&& VHOHFWLRQ 5RRNLH IRUZDUG -DFLQWD 0RQURH VZDWWHG EDOOV ² WKH WKLUG KLJKHVW WRWDO LQ VFKRRO KLVWRU\ ² WR HDUQ KHU D VSRW RQ WKH $&& $OO )UHVKPDQ WHDP :LWKLQ WKH OHDJXH UDQNV )ORULGD 6WDWH PDWFKHG D SURJUDP EHVW E\ À QLVK WKH OHDJXH OHGJHU DW

ÓääÇ änÊ

*22' 7,0(6 FRQWLQXHG WR UROO DORQJ IRU WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SURJUDP DV 6XH 6HPUDX OHG WKH 1ROHV WR WKHLU IRXUWK FRQVHFXWLYH WULS WR WKH 1&$$ 7RXUQDPHQW ZKHUH WKH\ ZRQ D À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À IWK SODFH LQ WKH OHDJXH 7KRVH VHYHQ YLFWRULHV JDYH 6HPUDX D WRWDO RI $&& WULXPSKV IRU KHU FDUHHU ZKLFK LV WKH HLJKWK EHVW PDUN LQ WKH KLVWRU\ RI WKH OHDJXH ,Q DGGLWLRQ VHQLRU 6KDQWH :LOOLDPV EURNH WKH VFKRRO UHFRUG IRU FDUHHU DVVLVWV ZLWK DIWHU SXWWLQJ WRJHWKHU WKUHH VHDVRQV LQ ZKLFK VKH WDOOLHG DW OHDVW GLVKHV 6HPUDX FRQWLQXHG WR WKH OHDG )68 WR LQ VWDWH GRPLQDQFH DV WKH 6HPLQROHV ZRQ FRQVHFXWLYH JDPHV DJDLQVW ULYDOV IURP WKH 6XQVKLQH 6WDWH WRSSHG E\ D WKULOOLQJ YLFWRU\ RYHU 0LDPL GXULQJ WKH À QDO ZHHN RI WKH UHJXODU VHDVRQ )ORULGD 6WDWH ZDV RQH RI WKH WRS WKUHH SRLQW VKRRWLQJ WHDPV LQ WKH FRQIHUHQFH DQG GURSSHG LQ D VFKRRO UHFRUG WKUHH SRLQWHUV EHVWLQJ WKH ROG PDUN E\ ,Q DGGLWLRQ WR EHLQJ SUROLÀ F WKH 6HPLQROHV ZHUH DFFXUDWH IURP EHKLQG WKH DUF KLWWLQJ SHUFHQW ZKLFK LV WKH EHVW UDWH VLQFH WKH VTXDG VHW WKH UHFRUG RI SHUFHQW WKH \HDU WKH WKUHH SRLQW OLQH ZDV LQVWLWXWHG 6HWWLQJ WKH UHFRUG ZDV D WHDP HIIRUW DV VHYHQ SOD\HUV PDGH DW OHDVW RQH WKUHH SRLQWHUV DQG À YH KLW DW OHDVW WKUHH EDOOV GXULQJ WKH VHDVRQ

7" ½-Ê - /

ÓÎ


" À Ê Ãi ÃÃ V >ÌiÊ i>`Ê >V

wÊvÌ Ê-i>à ­1 -> Ì>Ê >ÀL>À>Ê£ ή

XULQJ KHU ILUVW VHYHQ \HDUV DV )ORULGD 6WDWH·V KHDG FRDFK 6XH 6HPUDX DVVHPEOHG DOO WKH SLHFHV QHFHVVDU\ WR WXUQ WKH 6HPLQROHV LQWR D SHUHQQLDO 1&$$ 7RXUQDPHQW WHDP +RZHYHU WKHUH ZDV RQH SLHFH WKDW ZDV PLVVLQJ )RXU \HDUV DJR 6HPUDX IRXQG WKH FRUQHU SLHFH WKDW DQFKRUV WKH ZKROH SX]]OH WRJHWKHU ZKHQ VKH KLUHG &RUL &ORVH DV KHU DVVRFLDWH KHDG FRDFK LQ 0D\ RI 7KH HDVLHVW FRUUHODWLRQ EHWZHHQ &ORVH·V DUULYDO DQG )ORULGD 6WDWH·V VXF FHVV KDV FRPH LQ WKH IRUP RI DQ XQSUHF HGHQWHG UXQ RI IRXU VWUDLJKW WULSV WR WKH 1&$$ 7RXUQDPHQW DQG À YH SRVWVHDVRQ YLFWRULHV GXULQJ WKDW VWUHWFK ,Q WKH \HDUV SULRU WR KHU DUULYDO )ORULGD 6WDWH KDG RQO\ EHHQ WR WKH %LJ 'DQFH IRXU WLPHV DQG ZRQ D SDLU RI JDPHV 2QH RI WKH EHVW RIIHQVLYH PLQGV LQ WKH FRXQWU\ &ORVH KDVQ·W WXUQHG )ORULGD 6WDWH LQWR DQ RIIHQVLYH MXJJHUQDXW WKDW VWULYHV WR SXW WULSOH À JXUHV RQ WKH VFRUH ERDUG EXW UDWKHU VKH KDV À QH WXQHG WKH 6HPLQROHV LQWR D PRUH SURGXFWLYH WHDP RQ WKH RIIHQVLYH HQG RI WKH Á RRU 2QH DUHD WKDW KDV VHHQ D GUDPDWLF LPSURYH PHQW LV WKH SRLQW JXDUG SRVLWLRQ DV )68·V

Ó{

Á RRU OHDGHUV KDYH GLVKHG RXW DV VLVWV LQ WKH ODVW IRXU \HDUV ZKLFK LV WKH EHVW IRXU \HDU SURGXFWLRQ LQ RYHU \HDUV $ PRUH HIÀ FLHQW RIIHQVH KDV DOORZHG IRU PRUH RSHQ VKRWV DQG D KLJKHU VKRRW LQJ SHUFHQWDJH )ORULGD 6WDWH KDV VKRW DW OHDVW IURP WKH À HOG WKH ODVW IRXU VHD VRQV VRPHWKLQJ LW KDVQ·W GRQH VLQFH WKH FDPSDLJQV %HKLQG WKH SRLQW OLQH WKH 6HPLQROHV KDYH GRQH VRPHWKLQJ WKH\ KDYH QHYHU DFFRPSOLVKHG DV IRU WKH À UVW WLPH LQ VFKRRO KLVWRU\ WKH\ KDYH VKRW RU EHWWHU IRU WKUHH \HDUV LQ D URZ ,Q )68 ZDV GHDGO\ EHKLQG WKH DUF GUDLQLQJ D VFKRRO UHFRUG WUH\V DQG KLWWLQJ DW FOLS /HDGLQJ WKH ZD\ IRU )ORULGD 6WDWH EHKLQG WKH SRLQW OLQH ZDV 0DUD )UH VKRXU ZKR UHVHW WKH VFKRRO·V SRLQW À HOG JRDO UHFRUG 7KH MXQLRU KLW WKUHH EDOOV ODVW VHDVRQ EUHDNLQJ /LQQHD /LOMHVWUDQG·V PDUN RI VHW LQ LQFOXGLQJ LQ KHU ODVW WKUHH JDPHV 6KH RQO\ QHHGHG JDPHV WR EUHDN WKH PDUN GRLQJ LW DJDLQVW &OHPVRQ ZKHUHDV /LOMHVWUDQG VHW WKH UHFRUG LQ JDPHV )UHVKRXU WRRN WKUHH SRLQW DWWHPSWV RQ WKH \HDU ZKLFK UDWHV DV WKH

/ iÊ ÃiÊ i (GXFDWLRQ

8QLYHUVLW\ RI &DOLIRUQLD 6DQWD %DUEDUD %DFKHORU·V GHJUHH LQ VRFLRORJ\ 8QLYHUVLW\ RI &DOLIRUQLD /RV $QJHOHV 0DVWHU·V GHJUHH LQ HGXFDWLRQDO DGPLQLVWUDWLRQ

&RDFKLQJ ([SHULHQFH

8QLYHUVLW\ RI &DOLIRUQLD /RV $QJHOHV $VVLVWDQW &RDFK 8QLYHUVLW\ RI &DOLIRUQLD 6DQWD %DUEDUD $VVLVWDQW &RDFK

$VVRFLDWH +HDG &RDFK

)ORULGD 6WDWH 8QLYHUVLW\ SUHVHQW $VVRFLDWH +HDG &RDFK 5HFUXLWLQJ &RRUGLQDWRU

3OD\LQJ ([SHULHQFH

8QLYHUVLW\ RI &DOLIRUQLD 6DQWD %DUEDUD )LUVW 7HDP $OO %LJ :HVW &RQIHUHQFH %:& 7RXUQDPHQW 093

IRXUWK PRVW LQ D VHDVRQ 6KH À QLVKHG WKH VHDVRQ UDWHG IRXUWK LQ WKH $&& DW WKUHH SRLQWHUV SHU JDPH $QRWKHU NH\ FRJ LQ WKH 6HPLQROHV ZKHHO RIIHQVLYHO\ LQ ZDV WKH SOD\ RI JXDUG 7DQDH 'DYLV &DLQ ZKR WRRN RYHU WKH 6HPLQROHV· IHDWXUHG VFRU LQJ GXWLHV 6KH XSSHG KHU DYHUDJH E\ RYHU À YH SRLQWV SHU JDPH WR SSJ +HOSLQJ WKLV VFRULQJ RQVODXJKW ZDV VL[ JDPHV RI SRLQWV RU PRUH LQFOXG

", Ê-/ / Ê1 6 ,- /9


LQJ WKUHH JDPHV LQ D URZ ZKLFK LV WKH EHVW UXQ RI SRLQW JDPHV VLQFH $OO $PHULFDQ 5RQHHND +RGJHV SXW XS LQ IRXU VWUDLJKW 'XULQJ WKH PLGGOH RI WKH VHDVRQ 'DYLV &DLQ UHDFKHG GRXEOH GLJLWV LQ VWUDLJKW JDPHV )RU WKHLU HIIRUWV LQ 'DYLV &DLQ ZDV QDPHG DQ $OO $&& +RQRUDEOH 0HQWLRQ VHOHFWLRQ DQG )UHVKRXU WRRN KRPH $OO $&& $FDGHPLF 7HDP DFFR ODGHV )ORULGD 6WDWH·V VTXDG ZDV RQH RI WKH EHVW RIIHQVLYH WHDPV LQ 6HPLQROH ORUH )68 VFRUHG DW DQ LPSUHV VLYH SRLQWV SHU JDPH ZKLFK LV WKH VHFRQG KLJKHVW UDWH E\ DQ\ 6HPLQROH WHDP VLQFH 7KH WHDP UHGXFHG LWV WXUQRYHUV WR MXVW ZKLFK LV WKH WKLUG ORZHVW WRWDO LQ VFKRRO KLVWRU\ $V RIIHQVLYH FRRUGLQDWRU &ORVH LV UHVSRQVLEOH IRU GHYHORSLQJ WKH RIIHQVLYH VFKHPHV WKDW EHVW VXLW )68·V SHUVRQQHO +HU DELOLW\ WR SUHSDUH LQIRUPDWLRQ DQG GLVVHPLQDWH LW WR WKH SOD\HUV KDV EHHQ D SHUIHFW UHFLSH IRU VXFFHVV ,W·V QR FRLQFLGHQFH WKDW 5RQHHND +RGJHV ZDV WKH VHFRQG OHDGLQJ VFRUHU LQ WKH $&& LQ ZLWK D UDWH RI SRLQWV SHU JDPH WKDW ZDV WKH KLJKHVW VFRULQJ DYHU DJH DW )ORULGD 6WDWH LQ RYHU D GHFDGH ,W·V DOVR SUREDEO\ QRW E\ FKDQFH WKDW HYHU\ SOD\HU RQ ODVW \HDU·V URVWHU XSSHG WKHLU VFRULQJ DYHUDJH HLWKHU ,Q DGGLWLRQ WR KHU FRDFKLQJ UHVSRQVL ELOLWLHV &ORVH LV LQVWUXPHQWDO LQ UHFUXLW LQJ DQG FRRUGLQDWHV WKH HIIRUWV RI WKH 6HPLQROH *LUOV %DVNHWEDOO &DPSV 6KH DOVR ZRUNV FORVHO\ ZLWK WKH 6HPLQROH 6SRUWV 0DUNHWLQJ GHSDUWPHQW LQ WKHLU HIIRUWV WR SURPRWH WKH SURJUDP &ORVH D OLIHORQJ UHVLGHQW RI &DOL IRUQLD WRRN D OHDS RI IDLWK ZKHQ VKH PRYHG DFURVV FRXQWU\ WR )ORULGD WR MRLQ WKH )68 SURJUDP 6KH ZDV FRQWHQW DW 8& 6DQWD %DUEDUD ZKHUH VKH KDG VSHQW QLQH VHDVRQV ZLWK WKH *DXFKRV· SURJUDP LQFOXGLQJ WKUHH \HDUV DV DVVRFLDWH KHDG FRDFK EXW WKHUH ZDV VRPHWKLQJ GUDZLQJ KHU WR )ORULGD 6WDWH DQG LW GLGQ·W WDNH ORQJ IRU KHU WR IHHO ULJKW DW KRPH &ORVH·V FRDFKLQJ VW\OH PDGH DQ LPPHGLDWH LP SDFW $ GHPDQGLQJ GHWDLO RULHQWHG DQG RIIHQVLYH PLQGHG FRDFK VKH SURYHG WR EH WKH SHUIHFW FRPSOLPHQW WR 6HPUDX DQG KHU VWDII :KLOH DW 8&6% &ORVH KDG WKH RSSRUWXQLW\ WR H[SDQG KHU NQRZOHGJH ZLWK D ZLGH YDULHW\ RI UHVSRQVLELOLWLHV WKURXJKRXW KHU WHQXUH 6RPH RI KHU GXWLHV LQFOXGHG RYHUVHHLQJ WKH VNLOO GHYHORSPHQW RI WKH SOD\HUV RQ FRXUW RIIHQVLYH FRDFKLQJ UHFUXLWLQJ DQG VFKHG XOLQJ IRU WKH SURJUDP 8QGHU &ORVH·V FRRUGLQDWLRQ 8&6%·V QRQ FRQIHUHQFH VODWH WXUQHG LQWR RQH RI WKH QDWLRQ·V PRVW FKDOOHQJLQJ HDFK \HDU

$V 8&6%·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

" -

7" ½-Ê - /

ERRVWHU SURJUDP +HU HIIRUWV UHVXOWHG LQ D VXEVWDQWLDO DWWHQGDQFH LQFUHDVH ZKLFK PDGH 8&6% ZRPHQ·V EDVNHWEDOO WKH ODUJHVW UHYHQXH SURGXFLQJ SURJUDP LQ WKH GHSDUWPHQW RI DWKOHWLFV $V D SOD\HU &ORVH ZDV D IRXU \HDU VWDUWLQJ SRLQW JXDUG DQG FDSWDLQHG 6DQWD %DUEDUD·V WZR 1&$$ 7RXUQDPHQW WHDPV LQ DQG OHDGLQJ ERWK WR WKH VHFRQG URXQG 7KH 0LOSLWDV &DOLI QDWLYH ZDV DQ $OO %LJ :HVW À UVW WHDP VHOHFWLRQ DQG WKH 093 RI WKH FRQIHUHQFH WRXUQDPHQW LQ 7KH ILUVW SOD\HU LQ 8& 6DQWD %DUEDUD KLVWRU\ WR UHFRUG PRUH WKDQ SRLQWV DQG DVVLVWV LQ D FDUHHU &ORVH UDQNHG DPRQJ WKH WRS LQ VHYHQ *DXFKR FDUHHU VWDWLVWLFDO FDWHJRULHV &ORVH JUDGXDWHG IURP 8&6% LQ DIWHU PDMRULQJ LQ VRFLRORJ\ DQG ZDV WKH UHFLSLHQW RI 8&6%·V 'LVWLQJXLVKHG 6HQLRU $ZDUG 6KH ZDV D PHPEHU RI WKH %UXLQV· FRDFKLQJ VWDII IRU WZR VHDVRQV ZKLOH HDUQLQJ D PDVWHU·V GH JUHH LQ HGXFDWLRQDO DGPLQLVWUDWLRQ IURP 8&/$ 2Q $SULO &ORVH ZDV LQGXFWHG LQWR WKH 8&6% $WKOHWLFV +DOO RI )DPH

Óx


" } iÊ Ã Ãà ÃÌ> ÌÊ >V £ÓÌ Ê-i>à ­ Õ ÃÛ iÊ£ £®

QH RI WKH PRVW LPSRUWDQW MREV LQ )ORULGD 6WDWH ZRPHQ·V EDVNHW EDOO SURJUDP OLHV VTXDUHO\ RQ WKH VKRXOGHUV RI DVVLVWDQW FRDFK $QJLH -RKQVRQ (QWHULQJ KHU WK VHDVRQ ZLWK WKH 6HPLQROHV -RKQVRQ·V ´JHW LW GRQHµ SHUVRQDOLW\ KDV PDGH KHU WKH SHUIHFW SHU VRQ WR KHDG XS WKH 6HPLQROHV· UHFUXLWLQJ HIIRUWV +HU ZRUN RYHU WKH ODVW IHZ VHD VRQV KDV EURXJKW VRPH RI WKH EHVW WDOHQW LQ WKH FRXQWU\ WR 7DOODKDVVHH -RKQVRQ KDV VHHQ KHU UROH ZLWK 6HPL QROH ZRPHQ·V EDVNHWEDOO H[SDQG ZLWK HDFK VHDVRQ 6KH KDV OLWHUDOO\ EHHQ LQ WKH PL[ LQ HYHU\ DVSHFW RI WKH SURJUDP DQG LW·V KHU DWWHQWLRQ WR GHWDLO DQG FUHDWLYLW\ WKDW KDYH PDGH KHU D SHUIHFW FDQGLGDWH IRU WKHVH UHVSRQVLELOLWLHV 3ULRU WR WKH VWDUW RI WKH VHDVRQ KHDG FRDFK 6XH 6HPUDX PDGH VRPH FKDQJHV ZLWK WKH UHVSRQVLELOLWLHV RI KHU VWDII DQG HQWUXVWHG -RKQVRQ ZLWK D YLWDO FRPSRQHQW RI WKH SURJUDP ZKHQ VKH SXW KHU LQ FKDUJH RI WKH UHFUXLWLQJ HIIRUWV $V )68·V UHFUXLWLQJ FRRUGLQDWRU -RKQVRQ RUJDQL]HV DOO FRUUHVSRQGHQFH ZLWK SURVSHFWLYH VWXGHQW DWKOHWHV FRRU GLQDWHV UHFUXLWLQJ YLVLWV DQG WUDYHO DQG VFRXUV WKH FRXQWU\ HYDOXDWLQJ WDOHQW DQG À QGLQJ WKRVH VWXGHQW DWKOHWHV ZKR EHVW À W

ÓÈ

WKH 6HPLQROH SURJUDP -RKQVRQ·V DELOLW\ LQ WKLV HIIRUW LV REYLRXV DV )ORULGD 6WDWH VLJQHG VL[ IUHVKPHQ IRU WKH VHD VRQ PDUNLQJ WKH ODUJHVW UHFUXLWLQJ FODVV LQ WKH 6HPUDX HUD /DVW IDOO -RKQVRQ·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· WK EHVW FHQWHU SURVSHFW DQG &RXUWQH\ :DUG ZDV WKH WK EHVW SOD\HU RYHUDOO DQG WKH 1R SRLQW JXDUG 7KH FODVV ZDV UDQNHG HLJKWK QD WLRQDOO\ E\ +RRS*XUO] FRP DQG ZDV RQH RI MXVW VHYHQ FODVV QDWLRQDOO\ WKDW IHDWXUHG D SDLU RI 7RS VLJQHHV &LHUUD %UDYDUG ZDV UDQNHG 1R QDWLRQDOO\ DQG ZDV

/ iÊ Ã Ê i (GXFDWLRQ

8QLYHUVLW\ RI /RXLVYLOOH %DFKHORU·V GHJUHH LQ ELRORJ\

&RDFKLQJ ([SHULHQFH

3DXO * %OD]HU +LJK 6FKRRO $VVLVWDQW &RDFK 8QLYHUVLW\ RI :LVFRQVLQ $VVLVWDQW &RDFK )ORULGD 6WDWH 8QLYHUVLW\ SUHVHQW $VVLVWDQW &RDFK

3OD\LQJ ([SHULHQFH

8QLYHUVLW\ RI /RXLVYLOOH

WDEEHG DV WKH QDWLRQ·V VHFRQG EHVW SRVW SOD\HU ZKLOH &KDVLW\ &OD\WRQ HDUQHG D 1R QDWLRQDO UDQNLQJ DQG ZDV WKH FRXQWU\·V 1R ZLQJ SOD\HU 7KH FODVV ZDV URXQGHG RXW E\ .D\OL .HRXJK ZKR ZDV UDQNHG DV WKH QDWLRQ·V WK EHVW IRUZDUG ZKLOH $OH[D 'H/X]LR LV WKH FRXQWU\·V WK EHVW JXDUG $QRWKHU DVSHFW RI WKH WHDP WKDW KDV Á RXULVKHG XQGHU -RKQVRQ·V ZDWFK LV WKH 6HPLQROHV· ZRUN LQ WKH FODVVURRP 2YHU WKH \HDUV VKH KDV ZRUNHG FORVHO\ ZLWK )ORULGD 6WDWH·V DWKOHWLF DFDGHPLF VXSSRUW VWDII LQ PRQLWRULQJ WKH DFDGHPLF SURJUHVV RI WKH 6HPLQROHV

", Ê-/ / Ê1 6 ,- /9


3ULRU WR MRLQLQJ WKH %DGJHU VWDII -RKQVRQ ZDV WKH DVVLVWDQW EDVNHWEDOO FRDFK DW 3DXO * %OD]HU +LJK 6FKRRO LQ KHU KRPHWRZQ RI $VKODQG .\ 6KH ZDV D IRXU \HDU OHWWHU ZLQQHU DW WKH 8QLYHUVLW\ RI /RXLVYLOOH IURP $ FHQWHU

" -

VKH UDQNHG DPRQJ WKH 8 RI / 7RS LQ FDUHHU UHERXQGV DQG JDPHV SOD\HG -RKQVRQ ZKR HDUQHG KHU GHJUHH LQ ELRORJ\ ZDV WKH UHFLSLHQW RI WKH (G .DOOD\ 6HQLRU $ZDUG LQ DQG ZDV D :RRGIRUG 5 3RUWHU 6FKRODU

2YHU WKH SDVW VHYHUDO VHDVRQV )68 ZRPHQ·V EDVNHWEDOO KDV FDUYHG LWV SODFH DV RQH RI WKH PRVW VXFFHVVIXO $&& VFKRROV LQ WKH FODVVURRP 7KH 6HPLQROHV OHG DOO FRQIHUHQFH VFKRROV ZLWK WKUHH SOD\HUV RQ WKH $OO $&& $FDGHPLF :RPHQ·V %DVNHWEDOO 7HDP EXW OHDGLQJ WKH ZD\ DFDGHPLFDOO\ KDV EHHQ QRWKLQJ QHZ IRU )ORULGD 6WDWH 6LQFH LWV LQFHSWLRQ LQ )ORULGD 6WDWH KDV KDG PHPEHUV RQ WKH $OO $&& $FDGHPLF :RPHQ·V %DVNHWEDOO 7HDP ZKLFK LV HLJKW PRUH WKDQ WKH QH[W FORVHVW VFKRRO ,Q DGGLWLRQ VLQFH )68 KDV KDG $&& $FDGHPLF +RQRU 5ROO VHOHF WLRQV ZKLFK DOVR OHDGV WKH FRQIHUHQFH ,Q 0DUD )UHVKRXU HDUQHG $FDGHPLF $OO $&& KRQRUV DV ZHOO DV (631 7KH 0DJD]LQH $FDGHPLF $OO 'LVWULFW SODX GLWV 'XULQJ KHU WHQXUH DW )68 -RKQVRQ KDV ZRUNHG FORVHO\ ZLWK WKH ZRPHQ·V EDV NHWEDOO VXSSRUW FOXE WKH +RRS 7URRS KDG RYHUVLJKW RI WKH WHDP PDQDJHUV DQG KDV DOVR DVVLVWHG ZLWK WKH GHVLJQ DQG RUGHULQJ RI HTXLSPHQW 6KH LV DOVR DFWLYH ZLWK WKH 6HPLQROH *LUOV %DVNHWEDOO &DPSV HDFK VXPPHU -RKQVRQ OLNH 6HPUDX FDPH WR )ORULGD 6WDWH LQ IURP WKH 8QLYHUVLW\ RI :LVFRQVLQ ZKHUH VKH VHUYHG DV WKH %DGJHUV· DVVLVWDQW IRU WKUHH \HDUV 6RPH RI KHU UHVSRQVLELOLWLHV DW 8: LQFOXGHG RSSRQHQW VFRXWLQJ FRRUGLQDWLQJ YLGHR H[FKDQJH DQG DUUDQJLQJ VWXGHQW DWKOHWHV FRPPXQLW\ VHUYLFH -RKQVRQ KHOSHG FRDFK DQG UHFUXLW D SDLU RI SOD\HUV ZKR PDGH LW WR WKH :1%$ WZR $OO $PHULFDQV DQG IRXU $OO %LJ 7HQ VHOHFWLRQV ,Q KHU À QDO VHDVRQ DW 8: VKH DOVR VHUYHG DV WKH WHDP·V DFDGHPLF OLDLVRQ -RKQVRQ ZDV DOVR DFWLYH ZLWK WKH %DG JHU%DOO %RRVWHU &OXE WKH -DQH·V *HP NLGV FOXE DQG ZDV FR GLUHFWRU RI WKH %DGJHU%DOO *LUOV +RRSV &DPS IRU WZR VXPPHUV

7" ½-Ê - /

ÓÇ


" > ViÊ7 Ìi Ãà ÃÌ> ÌÊ >V - ÝÌ Ê-i>à ­/iÝ>ÃÊ/iV Ê£ È®

R VD\ WKDW VL[WK \HDU DVVLVWDQW FRDFK /DQFH :KLWH KDV KDG D SURIRXQG LPSDFW RQ )ORULGD 6WDWH·V GHIHQVH PD\ EH RQH RI WKH XQGHUVWDWHPHQWV RI WKH GHFDGH &RQVLGHUHG E\ KHDG FRDFK 6XH 6HPUDX DV RQH RI WKH ULVLQJ VWDUV RI WKH FRDFKLQJ SURIHVVLRQ ZKHQ VKH KLUHG KLP LQ -XQH RI :KLWH KDV KHOSHG )ORULGD 6WDWH ULVH WR QHZ KHLJKWV DQG KDV EURXJKW DQ HQHUJ\ WR WKH SURJUDP WKDW KDV EHFRPH FRQWDJLRXV )RXU \HDUV DJR 6HPUDX DSSRLQWHG :KLWH DV GHIHQVLYH FRRUGLQDWRU DQG LQ WKLV UROH KH IDFLOLWDWHV DOO DVSHFWV RI WKH WHDP·V GHIHQVLYH HIIRUW LQFOXGLQJ WHDFKLQJ UH YLHZLQJ DQG LPSOHPHQWLQJ WKH GHIHQVLYH SKLORVRSK\ IRU WKH SURJUDP $GGLWLRQDO UHVSRQVLELOLWLHV LQFOXGH UHFUXLWLQJ À OP DQG RSSRQHQW EUHDNGRZQ DQG DVVLVWLQJ ZLWK WKH 6HPLQROH *LUOV· %DVNHWEDOO &DPS HDFK VXPPHU +H DOVR ZRUNV FORVHO\ ZLWK FRDFK &ORVH RQ LQGLYLGXDO VNLOO GHYHORSPHQW )ORULGD 6WDWH KDG SHUKDSV WKH EHVW GH IHQVLYH HIIRUW LQ VFKRRO KLVWRU\ GXULQJ WKH VHDVRQ DV LW OLPLWHG RSSRQHQWV WR SRLQWV SHU JDPH ² WKH ORZHVW DYHUDJH HYHU E\ DQ RSSRQHQW ,Q DGGLWLRQ RSSRV

Ón

LQJ WHDPV RQO\ VKRW IURP WKH Á RRU DQG IURP WKUHH SRLQW UDQJH ZKLFK DUH WKH VHFRQG ORZHVW UDWHV LQ VFKRRO KLV WRU\ 7KH WHDP VWHDOV ZHUH WKH KLJKHVW WRWDO LQ VHYHQ \HDUV )URP XQWLO )ORULGD 6WDWH·V RSSRQHQW·V VFRULQJ DYHUDJH À HOG JRDO SHUFHQWDJH DQG WKUHH SRLQW SHUFHQW DJH KDYH UDWHG DV WKUHH RI WKH IRXU ORZHVW LQ VFKRRO KLVWRU\ 7KH FDPSDLJQ ZDV WKH À UVW WLPH LQ D ZKLOH WKDW WKH 6HPL QROHV FUDFNHG WKH WRS KDOI RI WKH $&& LQ VFRULQJ GHIHQVH À HOG JRDO SHUFHQWDJH GHIHQVH DQG WKUHH SRLQW À HOG JRDO SHUFHQW DJH :KLWH·V VWDU SXSLO RQ GHIHQVH IRU WKUHH VHDVRQV ZDV JXDUG $OLFLD *ODGGHQ ,Q KLV À UVW \HDU DV GHIHQVLYH FRRUGLQDWRU VKH VHW D VLQJOH VHDVRQ VFKRRO UHFRUG ZLWK VWHDOV 6KH FRPSOHWHG KHU 6HPLQROH WHQXUH DV WKH SURJUDP·V DOO WLPH OHDGHU DW VZLSHV DQG EHFDPH WKH À UVW SOD\HU LQ VFKRRO KLVWRU\ WR HDUQ D WULR RI $&& $OO 'HIHQVLYH 7HDP DZDUGV $ ULVLQJ VWDU LQ WKH :KLWH GHIHQVLYH V\VWHP LV IRUZDUG -DFLQWD 0RQURH ,Q VKH UDQNHG VL[WK LQ WKH FRXQWU\ DPRQJVW IUHVKPHQ ZLWK EORFNHG VKRWV

/ iÊ7 ÌiÊ i (GXFDWLRQ

7H[DV 7HFK 8QLYHUVLW\ %DFKHORU·V GHJUHH LQ H[HUFLVH DQG VSRUWV VFLHQFH 7H[DV 7HFK 8QLYHUVLW\ 0DVWHU·V GHJUHH LQ VSRUWV DGPLQLVWUDWLRQ

&RDFKLQJ ([SHULHQFH

7H[DV 7HFK 8QLYHUVLW\ *UDGXDWH $VVLVWDQW

$VVLVWDQW &RDFK

)ORULGD 6WDWH 8QLYHUVLW\ SUHVHQW $VVLVWDQW &RDFK

ZKLFK LV WKH IRXUWK KLJKHVW VLQJOH VHDVRQ WRWDO LQ 6HPLQROH ORUH 6KH WRSSHG WKDW HIIRUW DV D VRSKRPRUH ZKHQ VKH WDLOHG EORFNHG VKRWV SHU JDPH ZKLFK UDQNHG VHFRQG LQ WKH $&& DV ZHOO DV UG LQ WKH 1&$$ :KLWH ZDV ZHOO SUHSDUHG ZKHQ KH DUULYHG DW )ORULGD 6WDWH +H FDPH IURP 7H[DV 7HFK ZKHUH KH VSHQW VHDVRQV LQ FOXGLQJ VHYHQ \HDUV DV DQ DVVLVWDQW FRDFK ZLWK WKH /DG\ 5DLGHUV· 7RS SURJUDP 6RPH RI :KLWH·V UHVSRQVLELOLWLHV DW 7H[DV 7HFK LQFOXGHG LQGLYLGXDO ZRUN RXWV VFRXWLQJ UHSRUWV SHULPHWHU DQG SRVW

", Ê-/ / Ê1 6 ,- /9


SOD\HU GHYHORSPHQW DQG DOO DVSHFWV RI UHFUXLWLQJ LQFOXGLQJ PDLO FRUUHVSRQGHQFH DQG UHFUXLWLQJ YLVLWV :KLWH DOVR VHUYHG DV WKH DFDGHPLF OLDLVRQ IRU WKH ZRPHQ·V EDVNHWEDOO WHDP GLUHFWLQJ VWXG\ KDOO DQG PRQLWRULQJ DFDGHPLF SURJUHVV ZKLOH DOVR KDQGOLQJ SOD\HU UHODWLRQV 'XULQJ :KLWH·V WHQXUH 7H[DV 7HFK ZRQ WKUHH %LJ ;,, FKDPSLRQVKLSV DQG DGYDQFHG WR VHYHQ VWUDLJKW 1&$$ 7RXU QDPHQWV LQFOXGLQJ À YH 6ZHHW 6L[WHHQ DQG WZR (OLWH (LJKW DSSHDUDQFHV +H ZDV D VWXGHQW DVVLVWDQW RQ 7HFK·V 1DWLRQDO &KDPSLRQVKLS WHDP DQG D JUDGXDWH DVVLV WDQW FRDFK IRU WZR VHDVRQV EHIRUH EHLQJ HOHYDWHG WR D IXOO WLPH FRDFK :KLOH LQ /XEERFN :KLWH ZRUNHG ZLWK VRPH RI WKH EHVW SOD\HUV WKH JDPH KDV HYHU VHHQ $PRQJ WKH SOD\HUV KH LQÁ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·V GHJUHH LQ ([HUFLVH DQG 6SRUWV 6FLHQFH +H ZHQW RQ WR UHFHLYH D 0DVWHU·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À HG UHFUXLWHU DQG PHPEHU RI WKH :RPHQ·V %DVNHWEDOO &RDFKHV $VVRFLDWLRQ +H LV PDUULHG WR WKH IRUPHU 0HODQLH 6PLWK ZKR DGGHG ´'U µ WR KHU QDPH LQ WKH VSULQJ RI 6KH LV D SURIHVVRU DW )ORULGD $ 0 8QLYHUVLW\ 7KH FRXSOH DUH WKH SURXG SDUHQWV RI 4XHQWLQ DQG 9LYLDQ

" -

7" ½-Ê - /

Ó


" i ÃÃ>Ê ÀÕ iÀ

ÀiVÌ ÀÊ vÊ >à iÌL> Ê"«iÀ>Ì Ã / À`Ê-i>à ­ iÊ i}iÊ£ {®

Q RUGHU WR HQVXUH WKDW HYHU\WKLQJ LV UXQ QLQJ VPRRWKO\ DZD\ IURP WKH EDVNHWEDOO FRXUW )ORULGD 6WDWH QHHGV D ´FRDFKµ EHKLQG WKH VFHQHV 1RZ LQ KHU WKLUG VHDVRQ ZLWK WKH 6HPLQROH ZRPHQ·V EDVNHWEDOO SURJUDP 'LUHFWRU RI %DVNHWEDOO 2SHUDWLRQV 0HOLVVD %UXQHU KDV WKH GDXQWLQJ WDVN RI NHHSLQJ HYHU\RQH RQ WKH VDPH SDJH $V WKH 'LUHFWRU RI %DVNHWEDOO 2SHUD WLRQV %UXQHU KDV D ZLGH UDQJH RI UHVSRQ VLELOLWLHV LQ DOO IDFHWV RI WKH SURJUDP 6KH FRRUGLQDWHV DOO DUHDV RI WHDP WUDYHO DQG LV DOVR LQ FKDUJH RI IDFLOLW\ XVDJH DQG JDPH PDQDJHPHQW RI DOO SUDFWLFHV DQG JDPHV 6KH DVVLVWV +HDG &RDFK 6XH 6HPUDX ZLWK VFKHGXOLQJ DQG VHUYHV DV WKH SURJUDP·V OLDLVRQ ZLWK WKH DWKOHWLFV GHSDUWPHQW·V DGPLQLVWUDWLRQ %UXQHU RYHUVHHV WKH HTXLS PHQW RSHUDWLRQV IRU WKH SURJUDP DQG DVVLVWV ZLWK WKH 6HPLQROH JLUOV· VXPPHU FDPSV %UXQHU FDPH WR )ORULGD 6WDWH DIWHU VHUY LQJ IRXU VHDVRQV DV $VVLVWDQW $WKOHWLFV 'L UHFWRU DQG +HDG :RPHQ·V %DVNHWEDOO &RDFK DW &RH &ROOHJH LQ &HGDU 5DSLGV ,RZD 7KH .RKDZNV UHDFKHG WKH ,,$& 7RXUQDPHQW DOO IRXU \HDUV RI KHU WHQXUH DQG DGYDQFHG WR

Îä

WKH TXDUWHUÀ QDOV KHU À QDO VHDVRQV %UXQHU·V SOD\HUV HDUQHG VL[ DOO FRQIHUHQFH KRQRUV %UXQHU DQG 6HPUDX SUHYLRXVO\ ZRUNHG WRJHWKHU IRU WZR VHDVRQV DW WKH 8QLYHUVLW\ RI :LVFRQVLQ 0DGLVRQ ZKLOH 6HPUDX ZDV DQ DVVLVWDQW FRDFK %UXQHU ZDV 'LUHFWRU RI :RPHQ·V %DVNHWEDOO 2SHUDWLRQV IRU WKH %DGJHUV IRU VHYHQ \HDUV ZKHUH VKH DVVLVWHG LQ SXEOLF UHODWLRQV WHDP WUDYHO DQG SUDFWLFH DUUDQJHPHQWV 3ULRU WR KHU GXWLHV DW :LVFRQVLQ %UXQHU HDUQHG D PDVWHU·V GHJUHH LQ SK\VLFDO HGXFDWLRQ ZLWK D FRQFHQWUDWLRQ LQ DWKOHWLF DGPLQLVWUDWLRQ IURP 2KLR 8QLYHUVLW\ LQ -XQH 6KH UHFHLYHG KHU EXVLQHVV DG PLQLVWUDWLRQ DQG DFFRXQWLQJ GHJUHH ZLWK D PLQRU LQ SK\VLFDO HGXFDWLRQ IURP &RH LQ $V D .RKDZN %UXQHU HDUQHG $FD GHPLF $OO 0LGZHVW &RQIHUHQFH KRQRUV LQ VRIWEDOO EDVNHWEDOO WHQQLV DQG YROOH\EDOO ,Q UHFRJQLWLRQ IRU KHU DWKOHWLF DQG DFDGHPLF DFKLHYHPHQWV VKH ZDV QDPHG D QDWLRQDO *7( $FDGHPLF $OO $PHULFDQ KHU VHQLRU \HDU

/ iÊ ÀÕ iÀÊ i (GXFDWLRQ

&RH &ROOHJH %DFKHORU·V GHJUHH LQ EXVLQHVV DGPLQLVWUDWLRQ DQG DFFRXQWLQJ 2KLR 8QLYHUVLW\ 0DVWHU·V GHJUHH LQ SK\VLFDO HGXFDWLRQ

&RDFKLQJ ([SHULHQFH

8QLYHUVLW\ RI :LVFRQVLQ 'LUHFWRU RI %DVNHWEDOO 2SHUDWLRQV &RH &ROOHJH +HDG &RDFK $VVLVWDQW $WKOHWLF 'LUHFWRU )ORULGD 6WDWH 8QLYHUVLW\ SUHVHQW 'LUHFWRU RI %DVNHWEDOO 2SHUDWLRQV

3OD\LQJ ([SHULHQFH

&RH &ROOHJH

", Ê-/ / Ê1 6 ,- /9


> >Ê,i Ìâ À>`Õ>ÌiÊ ÃÃ ÃÌ> Ì

-iV `Ê-i>à ­ Ûi > ÌÊ i}iÊʼäÈ®

RDQQD 5HLW] LV HQWHULQJ KHU VHFRQG \HDU DV D JUDGXDWH DVVLVWDQW ZLWK WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SURJUDP DIWHU KDYLQJ SUHYLRXVO\ ZRUNHG DV D VWXGHQW PDQDJHU ,Q KHU UROH 5HLW] DVVLVWV WKH FRDFKHV LQ HYHU\ IDFHW RI WKH JDPH IURP SUDFWLFH SOD\HU GHYHORSPHQW VFRXWLQJ UHFUXLWLQJ DQG FRP PXQLW\ UHODWLRQV ,Q DGGLWLRQ 5HLW] RYHUVHHV WKH WHDP PDQDJHUV DV ZHOO DV WKH VSULQJ OHDJXH 6KH LV FXUUHQWO\ SXUVXLQJ KHU PDVWHU·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·V VLQJOH JDPH FDUHHU KLJK ZDV SRLQWV DQG VKH HDUQHG )LUVW 7HDP $OO &RQIHUHQFH +RQRUV KHU VHQLRU \HDU 6KH JUDGXDWHG 6XPPD &XP /DXGH IURP &RYHQDQW LQ ZLWK D GHJUHH LQ QDWXUDO VFLHQFH DV ZHOO DV PLQRUV LQ ELEOLFDO VWXGLHV DQG SK\VLFDO HGXFDWLRQ 'XULQJ KHU SUHS GD\V 5HLW] ZDV D VWDQG RXW SOD\HU DW 'HQYHU &KULVWLDQ +LJK 6FKRRO 7KH &UXVDGHUV TXDOLÀ HG IRU WKH VWDWH WRXUQD PHQW DOO IRXU \HDUV RI KHU FDUHHU DQG SODFHG DV KLJK DV WKLUG LQ $ IRXU \HDU VWDUWHU 5HLW] HDUQHG )LUVW 7HDP $OO 6WDWH KRQRUV KHU VHQLRU \HDU DQG ZDV D WZR \HDU DOO FRQIHUHQFH VHOHFWLRQ ,Q DGGLWLRQ VKH SOD\HG IRXU \HDUV RI YROOH\EDOO DQG VRFFHU

" ,>« i> Ê >ÀÀ Ã Õ iÊ À Ü Ê À>`Õ>ÌiÊ ÃÃ ÃÌ> Ì

-«iV > Ê*À iVÌÃ

-iV `Ê-i>à ­ À `>Ê-Ì>ÌiÊʼäÇ®

ÀÃÌÊ-i>à ­, `iÃÊ i}iʼnÇ®

DSKHDO +DUULV EHJLQV KLV VHFRQG VHDVRQ ZLWK WKH 6HPLQROH ZRPHQ·V EDVNHWEDOO SURJUDP DV D JUDGXDWH DVVLVWDQW $V D JUDGXDWH DVVLVWDQW +DUULV DVVLVWV WKH FRDFKHV LQ HYHU\ IDFHW RI WKH JDPH IURP SUDFWLFH SOD\HU GHYHORSPHQW VFRXWLQJ UH FUXLWLQJ DQG FRPPXQLW\ UHODWLRQV *LYHQ KLV H[SHULHQFH ZLWK WKH VFRXW WHDP +DUULV LV D QDWXUDO WR RYHUVHH WKDW JURXS ZKLOH DOVR ZRUN LQJ ZLWK YLGHR FRRUGLQDWRU 7\OHU &OHYHUO\ RQ À OP H[FKDQJH )RU WKH À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·V GHJUHH LQ UHFUHDWLRQ DQG OHLVXUH VHUYLFH DGPLQLVWUD WLRQ ZLWK D VSHFLDOL]DWLRQ LQ VSHFLDO HYHQWV +H LV FXUUHQWO\ SXUVLQJ KLV PDVWHU·V GHJUHH LQ VSRUW PDQDJHPHQW

HJLQQLQJ KHU ILUVW VHDVRQ ZLWK WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SURJUDP DV WKH 'LUHFWRU RI 6SHFLDO 3URMHFWV LV -XOLH %URZQ %URZQ LV DFWXDOO\ LQ KHU IRXUWK VHDVRQ RI ZRUN ZLWK WKH WHDP DV VKH VSHQW WKH FDPSDLJQ DV D JUDGX DWH DVVLVWDQW XQGHU KHDG FRDFK 6XH 6HPUDX DQG ZDV DOVR D JUDGXDWH DVVLVWDQW ZLWKW WKH 6HPLQROHV IURP %URZQ D JUDGXDWH RI 5KRGHV &RO OHJH LQ 0HPSKLV 7HQQ UHWXUQV WR 7DOODKDVVHH DQG ZLOO KDQGOH DOO VSHFLDO SURMHFWV IRU WKH WHDP DQG ZLOO EH LQ FKDUJH RI WKH SURJUDP·V LQWHUQV DQG VWXGHQW ZRUNHUV DV ZHOO DV WHDP VFKHGXOLQJ $IWHU OHDYLQJ )68 LQ KDYLQJ FRP SOHWH DOO FRXUVHZRUN WRZDUG D PDVWHU·V GHJUHH LQ 6SRUW 3V\FKRORJ\ %URZQ ZRUNHG DV DQ DVVLVWDQW FRDFK DW +DUWIRUG %DOO 6WDWH DQG 7XOVD EH IRUH OHDYLJQ FRDFKLQJ WR EHFRPH WKH 1DWLRQDO 'LUHFWRU RI 3URJUDPV DQG WKHQ ODWHU 1DWLRQDO 'LUHFWRU RI ,QQRYDWLRQV IRU WKH )HOORZVKLS RI &KULVWLDQ $WKOHWHV )&$ 6KH ODWHU UHS UHVHQWHG WKH )&$ DV WKH QHWZRUN FRRUGLQDWRU IRU WKH :LQWHU 2O\PSLFV IRU WKH 8WDK *DPHV 1HWZRUN %URZQ FDPH WR )ORULGD 6WDWH IURP 6DOW /DNH &LW\ ZKHUH VKH HDUQHG D 0DVWHU·V GHJUHH LQ 7KHRORJLFDO 6WXGLHV LQ IURP 6DOW /DNH 7KHRORJLFDO 6HPLQDU\

7" ½-Ê - /

Σ


" -

/Þ iÀÊ

iÛiÀ Þ 6 `i Ê À` >Ì À -iV `Ê-i>à ­ > Ê-Ì>ÌiʼäÈ®

LWK D ZHDOWK RI NQRZOHGJH LQ YLGHR WHFKQRORJ\ DIWHU \HDUV RI H[SHULHQFH LQ SURIHVVLRQDO EDVNHWEDOO DV ZHOO DV KLV LPPHDVXUDEOH HQWKXVLDVP IRU WKH VSRUW 7\OHU &OHYHUO\ ZDV DQ HDV\ VHOHFWLRQ IRU )ORULGD 6WDWH KHDG ZRPHQ·V EDVNHWEDOO FRDFK 6XH 6HPUDX WR EH WKH 6HPLQROH ZRPHQ·V EDVNHWEDOO YLGHR FRRUGLQDWRU &OHYHUO\ HQWHUV KLV VHFRQG VHDVRQ RI VHUYLQJ WKH SURJUDP·V YLGHR QHHGV ,Q KLV UROH ZLWK WKH 6HPLQROHV &OHYHUO\ LV UHVSRQVLEOH IRU WKH HQWLUH À OP EUHDNGRZQ IRU ERWK )ORULGD 6WDWH DQG LWV RSSR QHQWV 7KURXJK KLV ZRUN ZLWK WKH ;26 YLGHR HGLWLQJ VRIWZDUH FRDFKHV DQG SOD\HUV ZLOO EH DEOH WR UHYLHZ JDPHV DQG SUDFWLFHV DOPRVW LPPHGLDWHO\ DIWHU WKHLU FRQFOXVLRQ )RU WKH SUHYLRXV WKUHH \HDUV &OHYHUO\ KDV EHHQ D YLGHR LQWHUQ IRU ERWK WKH ,QGLDQD 3DFHUV DQG ,QGLDQD )HYHU :LWK ERWK RUJDQL]DWLRQV KH SURYLGHG EUHDNGRZQV RI WHDPV· JDPHV IRU FRDFKHV SOD\HUV DQG VFRXWV DV ZHOO DV RSSRQHQW YLGHR IRU WKH XVH LQ VFRXWLQJ UHSRUWV ,Q DGGLWLRQ KH FRPSLOHG VWDWLVWLFDO LQIRUPDWLRQ DQG ZURWH SHUVRQQHO UHSRUWV RQ RSSRQHQWV 7R JR DORQJ ZLWK KLV YLGHR DFXPHQ &OHYHUO\ KDV KDQGV RQ H[SHULHQFH IURP WKH FRDFK·V YDQWDJH SRLQW KDYLQJ FRDFKHG WZR \HDUV ZKLOH ZRUNLQJ RQ KLV XQGHUJUDG DQG JUDGXDWH GHJUHHV &OHYHUO\ HDUQHG ERWK RI KLV GHJUHHV IURP %DOO 6WDWH 8QLYHU VLW\ LQ 0XQFLH ,QG +H JUDGXDWHG LQ 0D\ RI ZLWK D EDFKH ORU·V GHJUHH LQ VSRUW DGPLQLVWUDWLRQ ZLWK D PLQRU LQ IRXQGDWLRQV RI PDQDJHPHQW $ \HDU ODWHU KH UHFHLYHG KLV PDVWHU·V GHJUHH LQ

ÎÓ

7\OHU &RXUWQH\ &OHYHUO\

SK\VLFDO HGXFDWLRQ ZLWK DQ HPSKDVLV RQ VSRUW DGPLQLVWUDWLRQ ,Q DGGLWLRQ WR KLV ZRUN ZLWK WKH %DOO 6WDWH DWKOHWLF GHSDUWPHQW DQG VSRUW DGPLQLVWUDWLRQ SURJUDPV KH ZRUNHG WKH %LJ 7HQ 0HQ·V %DVNHWEDOO 7RXUQDPHQW $ QDWLYH RI $XEXUQ ,QG &OHYHUO\ LV PDUULHG WR WKH IRUPHU &RXUWQH\ 2OLYHU 7KH WZR ZHUH ZHG LQ -XO\ RI

", Ê-/ / Ê1 6 ,- /9


À V Ê >ÃÌ

" > iÞÊ >Ì

µÕ « i ÌÊ > >}iÀ -iV `Ê-i>à ­ À `>Ê-Ì>ÌiÊʼäÈ®

ULFN &DVWR LV LQ KLV VHFRQG VHDVRQ DV WKH HTXLSPHQW PDQDJHU IRU WKH EDVNHWEDOO SURJUDP DW )ORULGD 6WDWH +H KDV EHHQ D YDOXHG PHPEHU RI WKH WHDP VLQFH ZKHQ KH EHJDQ D WZR \HDU WHQXUH DV WKH 6HPLQROHV· PHQ·V EDVNHWEDOO PDQDJHU D SRVW ZKLFK SUHSDUHG KLP ZHOO WR PRYH LQWR KLV FXUUHQW SRVLWLRQ LQ +H RYHUVHHV WKH HTXLSPHQW RSHUDWLRQV IRU ERWK WKH PHQ·V DQG ZRPHQ·V EDVNHWEDOO WHDPV DW )ORULGD 6WDWH &DVWR SHUIRUPV QXPHURXV WDVNV WKDW LQFOXGH GLVWULEXWLRQ RI DOO WHDP HTXLSPHQW WR WKH 6HPLQROH SOD\HUV DQG FRDFKHV %HIRUH FRPLQJ WR )ORULGD 6WDWH LQ &DVWR ZDV WKH KHDG EDVNHWEDOO PDQDJHU DW 0LVVLVVLSSL 6WDWH 8QLYHUVLW\ &DVWR·V UHVSRQVLELOL WLHV LQFOXGHG RYHUVHHLQJ WKH PDQDJHULDO VWDII DQG FRPSOHWLQJ WDVNV IRU WKH FRDFKLQJ VWDII DQG PHPEHU RI WKH GHSDUWPHQW RI DWKOHWLFV 'XULQJ KLV FDUHHU DW 0LVVLVVLSSL 6WDWH &DVWR KHOSHG WKH %XOOGRJV HDUQ WKH 6(& :HVWHUQ 'LYLVLRQ &KDPSLRQVKLS LQ DQG WKH 6(& &KDPSLRQVKLS LQ 0LVVLVVLSSL 6WDWH DGYDQFHG WR WKH 1&$$ 7RXUQDPHQW LQ ERWK VHDVRQV &DVWR ZDV WKH +HDG 6WXGHQW %DVNHWEDOO 0DQDJHU IURP IRU WKH QDWLRQDOO\ UHFRJQL]HG 2NDORRVD :DOWRQ &RPPXQLW\ &ROOHJH PHQ·V EDVNHWEDOO WHDP ,Q WKH 5DLG HUV À QLVKHG VL[WK LQ WKH QDWLRQ DW WKH 1-&$$ 7RXUQH\ :KLOH DW 2 : &DVWR ZDV UHVSRQVLEOH IRU WUDFNLQJ RI DOO WKH LQYHQWRU\ DQG HTXLSPHQW IRU WKH PHQ·V EDVNHWEDOO SURJUDP ,Q DGGLWLRQ &DVWR ZRUNHG ZLWK WKH YLVLWLQJ WHDPV DQG VHUYHG DV WKH WHDP·V YLGHRJUDSKHU DW KRPH DQG RQ WKH URDG &DVWR HDUQHG KLV EDFKHORU·V GHJUHH LQ VSRUW PDQDJHPHQW IURP )ORULGD 6WDWH LQ &DVWR HDUQHG 'HDQ·V /LVW UHFRJQL WLRQ DQG ZDV D PHPEHU RI WKH 1DWLRQDO +RQRU 6RFLHW\ WKURXJK RXW KLV DFDGHPLF FDUHHU ,Q $XJXVW RI &DVWR DQG KLV ZLIH $P\ ZHUH PDU ULHG

À>`Õ>ÌiÊ Ãà ÃÌ> Ì ÀÃÌÊ-i>à ­ À `>Ê-Ì>Ìiʼän®

Q KHU À UVW VHDVRQ DV JUDGXDWH DVVLVWDQW HTXLSPHQW PDQJHU DW )ORULGD 6WDWH LV .DLOH\ +DWK 6KH ZLOO ZRUN ZLWK WKH 6HPLQROH EDVNHWEDOO SURJUDPV ZKOH ZRUNLQJ WRZDUGV D PDVWHU·V GHJUHH LQ 6SRUWV 0DQDJHPHQW $ QDWLYH RI %RFD 5DWRQ )OD ZKHUH VKH DWWHQGHG 3RSH -RKQ 3DXO ,, +LJK 6FKRRO +DWK EHJDQKHU DWKOHWLFV FDUHHU GXULQJ KHU VHQLRU \HDU DW )68 E\ LQWHUQLQJ ZLWK WKH )DFLOLWLHV DQG (YHQW 0DQDJPHQW 'HSDUWPHQW $ JUDGXDWH RI )ORULGD 6WDWH VKH HDUQHG D EDFKHORU·V GHJUHH LQ VSRUWV PDQDJHPHQW ZLWK D PLQRU LQ FRPPXQLFDWLRQV 6KH FXUUHQWO\ DVVLVWV (TXLSPHQW 0DQDJHU (ULFN &DVWUR ZLWK WKH WRWDO HTXLSPHQW RSHUDWLRQV IRU ERWK WKH PHQ·V DQG ZRPHQ·V EDVNHWEDOO WHDPV DW )68

7" ½-Ê - /

ÎÎ


" -

-Õ«« ÀÌÊ-Ì>vvÊEÊ > >}iÀÃ

%UHQW 'L*LDFRPR 6HPLQROH $WKOHWLFV 0DUNHWLQJ

'UHZ /RQJHQHFNHU 6HPLQROH $WKOHWLFV 0DUNHWLQJ $VVLVWDQW

(PLO\ 6FKXPDQ 3URJUDP $VVLVWDQW

3DWULFN 0DUWLQ 7LFNHW 0DQDJHU

0DQDJHUV

%DFN 5RZ &RU\ *ULPHV 5HHVH 0LOOHU .\OH 0LOOHU -RVK 3HWHUVHQ )URQW 5RZ (ULQ %R\OH 6K\UD 6HVOHU 0LFKHOOH &KULVWLH

Î{

", Ê-/ / Ê1 6 ,- /9

0DUN %UHVQDKDQ )DFLOLWLHV %DVNHWEDOO 7UDLQLQJ &HQWHU


-ÌÀi }Ì ÊEÊ ` Ì }

" -

>ÛiÊ* iÌÌ Ãà ÃÌ> ÌÊ-ÌÀi }Ì Ê EÊ ` Ì }Ê >V Ì Ê-i>à ­ À>` ʼ £®

DYH 3OHWWO ZKR LV LQ KLV QLQWK \HDU DV DQ DVVLVWDQW VWUHQJWK DQG FRQGLWLRQLQJ FRDFK DW )ORULGD 6WDWH ZRUNV SULPDULO\ ZLWK WKH ZRPHQ·V EDVNHWEDOO DQG PHQ·V DQG ZRPHQ·V WHQQLV SURJUDPV +H LQGLYLGXDOO\ FXVWRPL]HV SURJUDPV IRU HDFK RI WKH DWKOHWHV EHJLQQLQJ ZLWK SUH FRQGLWLRQLQJ EHIRUH WKH VHDVRQ JHWV XQGHUZD\ , Q WKH VSULQJ RI 3OHWWO D QDWLYH RI %DLOH\ &ROR ZDV QDPHG 0DVWHU 6WUHQJWK DQG &RQGLWLRQLQJ &RDFK E\ WKH &ROOHJLDWH 6WUHQJWK DQG &RQGLWLRQLQJ &RDFKHV DVVRFLDWLRQ &6&&D 7KH KRQRU LV WKH KLJKHVW JLYHQ LQ WKH VWUHQJWK DQG FRQGLWLRQ LQJ SURIHVVLRQ DQG KLJKOLJKWHG WKH RUJDQL]DWLRQ·V FRQIHUHQFH KHOG LQ 6DOW /DNH &LW\ ´7KLV LV DQ LQFUHGLEOH KRQRU IRU 'DYH µ &6&&D ([HFXWLYH 'LUHFWRU &KXFN 6WLJJLQV VDLG ´%HLQJ QDPHG D 0DVWHU 6WUHQJWK DQG &RQGLWLRQ LQJ &RDFK VLJQLÀ HV D FRPPLWPHQW WR VWXGHQW DWKOHWHV D FRPPLWPHQW WR )ORULGD 6WDWH 8QLYHUVLW\ DWKOHWLFV DQG D FRPPLWPHQW WR KLV SURIHVVLRQ :H DUH KRQRUHG WR KDYH 'DYH DV D PHPEHU RI RXU DVVRFLDWLRQ +H LV WUXO\ D VWDQGDUG EHDUHU WR DOO VWUHQJWK DQG FRQGLWLRQLQJ FRDFKHV QDWLRQZLGH µ 3OHWWO DQG VL[ RWKHU FRDFKHV ZKR UHFHLYHG WKH KRQRU LQ 0D\ MRLQHG WKH WKHQ 0DVWHU 6WUHQJWK &RQ GLWLRQLQJ &RDFKHV EULQJLQJ WKH WRWDO QXPEHU RI 06&&·V LQ WKH ZRUOG WR ´'DYH LV VR GHVHUYLQJ RI WKLV SUHVWLJLRXV DZDUG µ )68 ZRPHQ·V EDVNHWEDOO FRDFK 6XH 6HPUDX VDLG ´+LV UROH DV VWUHQJWK DQG FRQGLWLRQLQJ FRDFK IRU RXU WHDP KDV SOD\HG D YLWDO UROH LQ WKH VXFFHVV RI RXU SURJUDP +LV NQRZOHGJH DQG DELOLW\ WR FRQQHFW ZLWK SHRSOH LV VHFRQG WR QRQH µ

3OHWWO LV D JUDGXDWH RI WKH 8QLYHUVLW\ RI &RORUDGR ZKHUH KH HDUQHG D %DFKHORU·V GHJUHH LQ SROLWL FDO VFLHQFH DQG KLVWRU\ +H FDPH WR )ORULGD 6WDWH IURP WKH 8QLYHUVLW\ RI 7H[DV ZKHUH KH VHUYHG WZR \HDUV DV DQ DVVLVWDQW VWUHQJWK DQG FRQGLWLRQLQJ FRDFK ZLWK WKH IRRWEDOO PHQ·V WHQQLV ZRPHQ·V JROI DQG URZLQJ SURJUDPV :KLOH DW &RORUDGR 3OHWWO ZRUNHG DV D VWXGHQW DVVLVWDQW DWKOHWLF WUDLQHU KLV À UVW \HDU DQG WKHQ PRYHG WR WKH VWUHQJWK DQG FRQGLWLRQLQJ VWDII LQ ZKHUH KH VSHQW WKH QH[W \HDUV 3OHWWO ZDV D VWXGHQW DVVLVWDQW JUDGXDWH DVVLVWDQW IURP WKH LQWHULP FRDFK IURP DQG DVVRFLDWH VWUHQJWK DQG FRQGLWLRQLQJ FRDFK IURP 3OHWWO UHFHLYHG 0DVWHU VSH FLDOLVW LQ 6SRUWV &RQGLWLRQLQJ IURP WKH ,QWHUQDWLRQDO 6SRUWV 6FLHQFHV $VVRFLDWLRQ LQ 6HSWHPEHU DV ZHOO DV E\ WKH &ROOHJLDWH 6WUHQJWK DQG &RQGLWLRQLQJ &RDFKHV $VVRFLDWLRQ LQ 0D\ +H DQG KLV ZLIH WKH IRUPHU &KULVWD 0LOOHU DUH WKH SURXG SDUHQWV RI GDXJKWHUV /\GLD 5RVH DQG 5H EHFFD 5RVH DQG VRQ 6DPXHO

7" ½-Ê - /

Îx


" -

-ÌÀi }Ì ÊEÊ ` Ì } Õ ` }Ê > « Ã 7KH )68 VWUHQJWK DQG FRQGLWLRQLQJ SURJUDP LV GHVLJQHG WR LPSURYH DWKOHWLF SHUIRUPDQFH WKURXJK DQ LQGLYLGXDOL]HG UHJLPHQ RI VWUHWFKLQJ OLIWLQJ VSHHG SRZHU DJLOLW\ DQG FRQGLWLRQLQJ GULOOV 7KH JRDO RI WKH SURJUDP LV WR PD[LPL]H WKH RQ FRXUW SHUIRUPDQFH RI HDFK DWKOHWH ZKLOH UHGXFLQJ WKH ULVN RI LQMXU\ 3K\VLFDO GHYHORSPHQW LV FULWLFDO LQ RUGHU WR H[FHO DW WKH FRO OHJLDWH OHYHO )68·V VWUHQJWK DQG FRQGLWLRQLQJ VWDII LV FRQWLQX RXVO\ UHVHDUFKLQJ DQG IROORZLQJ WKH PRVW VFLHQWLÀ FDOO\ VRXQG DQG XS WR GDWH SULQFLSOHV RI VWUHQJWK WUDLQLQJ WR VDIHO\ PD[LPL]H WKH DWKOHWLF SRWHQWLDO RI LWV SOD\HUV 7KH )68 VWUHQJWK DQG FRQGLWLRQLQJ VWDII·V IRFXV FRQWLQXHV WR UHYROYH DURXQG EXLOGLQJ ³ EXLOGLQJ VWURQJHU DQG EHWWHU DWKOHWHV DV ZHOO DV EXLOGLQJ QHZ IDFLOLWLHV 7KLV LV DQ H[FLWLQJ WLPH IRU WKH 6HPLQROH VWUHQJWK DQG FRQGLWLRQLQJ SURJUDP )68·V JRDO LV WR SURYLGH WKH EHVW DWKOHWHV LQ WKH QDWLRQ ZLWK WKH EHVW UHVRXUFHV DQG WRROV LQ WKH QDWLRQ 7KLV LQFOXGHV SURYLGLQJ WKH PRVW VWDWH RI WKH DUW IDFLOLWLHV DQG HTXLSPHQW )ORULGD 6WDWH·V QHZ EDVNHWEDOO VWUHQJWK DQG FRQGLWLRQLQJ IDFLOLW\ ORFDWHG LQ WKH QHZ )68 %DVNHW EDOO 7UDLQLQJ &HQWHU JLYHV WKH 6HPLQROH VWDII WKH EHVW SODWIRUP WR WUDLQ LWV DWKOHWHV WR WKHLU IXOO DWKOHWLF SRWHQWLDO

/ iÊ-i iÊ >Ã iÌL> Ê-ÌÀi }Ì Ê> `Ê ` Ì }Ê >V ÌÞ 7KH EDVNHWEDOO VWUHQJWK DQG FRQGLWLRQLQJ IDFLOLW\ ORFDWHG RQ WKH VHFRQG Á RRU RI WKH )ORULGD 6WDWH %DVNHWEDOO 7UDLQLQJ &HQWHU LV D VTXDUH IRRW FRPSOH[ WKDW LQFOXGHV VWDWH RI WKH DUW DHURELF DQG EDVNHWEDOO VSHFLÀ F ZHLJKW WUDLQLQJ HTXLSPHQW DV ZHOO DV D VWDWH RI WKH DUW VRXQG V\VWHP 7KH IDFLOLW\ LV SODFHG ULJKW QH[W WR WKH 6HPLQROH WUDLQLQJ URRP DQG MXVW DFURVV WKH KDOO IURP WKH EDVNHWEDOO SUDFWLFH Á RRU 6WUHQJWK FRDFK 'DYH 3OHWWO·V RIÀ FH LV ORFDWHG ZLWKLQ WKH DUHD PDNLQJ KLP YHU\ DFFHVVLEOH WR QRW RQO\ WKH DWKOHWHV ZKR DUH ZRUNLQJ RXW LQ WKH IDFLOLW\ EXW WKH SOD\HUV ZKR DUH FRQGLWLRQLQJ DQG SUDFWLFLQJ RQ WKH FRXUW DV ZHOO ´7KLV EDVNHWEDOO IDFLOLW\ KDV EHHQ FUHDWHG LQ VXFK D ZD\ ZKHUH LW JLYHV HDFK DWKOHWH D FKDQFH WR WUDLQ LQ DQ\ ZD\ µ 3OHWWO VDLG ´,W·V JRW VWDWH RI WKH DUW HTXLSPHQW ZKLFK DOORZV XV WR DSSO\ HYHU\ VLQJOH SULQFLSOH SRVVLEOH WR JHW NLGV IDVWHU VWURQJHU DQG EHWWHU ,·P YHU\ H[FLWHG DERXW LW ,W·V MXVW IRU EDVNHWEDOO DQG QRW YHU\ PDQ\ SURJUDPV KDYH WKH OX[XU\ RI KDYLQJ LWV RZQ VWUHQJWK DQG FRQGLWLRQLQJ IDFLOLW\ µ

/ iÊ*À }À> Ê ´1RW KDYLQJ D SODQ LV SODQQLQJ WR IDLO µ &RQGLWLRQLQJ IRU EDVNHW EDOO PXVW EH FDUHIXOO\ SODQQHG RXW RWKHUZLVH \RX FDQ PDNH WKH PLVWDNH RI FUHDWLQJ ERG\EXLOGHUV SRZHU OLIWHUV PDUDWKRQ UXQQHUV RU IRRWEDOO SOD\HUV :H 0867 EDVNHWEDOO EXLOG 7KH RQO\ ZD\ WR EDVNHWEDOO EXLOG LV WR XQGHUVWDQG WKH SULQFLSOHV WKDW JRYHUQ WKH JDPH LWVHOI WKHQ DSSO\ WKH H[HUFLVHV VHWV UHSV DQG LQWHQVLW\ WKDW PDWFK WKRVH FKDUDFWHULVWLFV RI WKH JDPH %XW EHIRUH LPSURYLQJ RXU SK\VLFDO OHYHO RI SOD\ D PRUH LPSRUWDQW HOHPHQW ZLOO $/:$<6 FRPH À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À YH DVSHFWV RI FRQGLWLRQLQJ VSHHG VWUHQJWK DJLO LW\ HQGXUDQFH DQG Á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À QDOO\ \HDU DIWHU \HDU WKH HQG UHVXOW LV \RX KDYH D KLJKO\ WUDLQHG EDVNHWEDOO PDFKLQH

ÎÈ

", Ê-/ / Ê1 6 ,- /9


" -

Ì iÌ VÊ/À> }

iÀÞ Ê *vi Ãà ÃÌ> ÌÊ Ì iÌ VÊ/À> iÀ / À`Ê-i>à ­ À `>Ê-Ì>Ìiʼ䣮

/ Ê* 9- -

,°Ê " Ê",- " 7HDP 2SWRPHWULVW

KLOH &KHU\O 3IHLO LV LQ KHU WKLUG VHDVRQ DV WKH DWKOHWLF WUDLQHU IRU WKH ZRPHQ·V EDVNHWEDOO WHDP VKH LV QR VWUDQJHU WR )ORULGD 6WDWH DWKOHWLFV 6KH KDV EHHQ LQYROYHG LQ DWK OHWLF WUDLQLQJ DW )ORULGD 6WDWH LQ VRPH FDSDFLW\ IRU QHDUO\ D GHFDGH $ )68 JUDGXDWH 3IHLO ZDV RQ WKH VLGHOLQH DV DQ DWKOHWLF VWXGHQW WUDLQHU GXULQJ WZR QDWLRQDO FKDPSLRQ VKLS IRRWEDOO JDPHV DQG ZRUNHG ZLWK À YH GLIIHUHQW VSRUWV LQ IRXU \HDUV RI VHUYLFH WKH )68 WUDLQLQJ URRP LQ FOXGLQJ RQH VHDVRQ ZLWK WKH ZRPHQ·V EDVNHWEDOO SURJUDP $IWHU JUDGXDWLRQ ZLWK D EDFKHORU·V GHJUHH LQ ([HUFLVH 6FLHQFH 3IHLO PRYHG RQ WR /RXLVLDQD 6WDWH 8QLYHUVLW\ LQ %DWRQ 5RXJH /D ZKHUH VKH KHOG WKH SRVLWLRQ RI JUDGX DWH DVVLVWDQW DWKOHWLF WUDLQHU IRU WZR \HDUV ,Q KHU WLPH ZLWK WKH 7LJHUV 3IHLO ZRUNHG ZLWK WKH IRRWEDOO DQG ZRPHQ·V YROOH\EDOO SURJUDPV ZKLOH REWDLQLQJ KHU PDVWHU·V GHJUHH LQ 6SRUW 3HGDJRJ\ 3IHLO EHJDQ KHU VHFRQG VWLQW DW )ORULGD 6WDWH LQ DV DQ DVVLVWDQW DWK OHWLF WUDLQHU 6KH KDG WKH UHVSRQVLELOLW\ RI FRRUGLQDWLQJ WKH PRYH RI DOO VSRUWV PHGLFLQH VWDII DQG DVVHWV IURP WKH ROG IDFLOLW\ WR WKH QHZ DWKOHWLF FHQWHU DQG ZDV DOVR UHVSRQVLEOH IRU WKH RYHUVLJKW RI DOO DWKOHWLF WUDLQLQJ RSHUDWLRQV ,Q

,°Ê , -Ê-/"7 ,-Ê 7HDP 3K\VLFLDQ

VKH ZDV QDPHG PHGLFDO FRRUGLQDWRU IRU WKH À UVW DQG VHFRQG URXQGV RI WKH 1&$$ :RPHQ·V %DVNHWEDOO &KDPSLRQVKLS KHOG LQ 7DOODKDVVHH 3IHLO OHIW )68 IRU D EULHI WLPH WR SXUVXH D FDUHHU LQ PHGLFDO HTXLSPHQW VDOHV EXW UHWXUQHG WR )ORULGD 6WDWH LQ 6HSWHPEHU 6KH LV D 1$7$%2& &HUWL À HG 0HPEHU DQ $SSURYHG &XUULFXOXP ,QVWUXFWRU DQ $PHULFDQ 5HG &URVV 3UR IHVVLRQDO 5HVFXHU DQG DQ $WKOHWLF 7UDLQ HUV· $VVRFLDWLRQ RI )ORULGD 0HPEHU $ QDWLYH RI &RQ\HUV *D 3IHLO DQG LV PDUULHG WR -DNH 3IHLO DOVR DQ DV VLVWDQW DWKOHWLF WUDLQHU DW )68

,°Ê7 Ê/ " *-" 7HDP 3K\VLFLDQ

7" ½-Ê - /

,°Ê " Ê6 Ê/ -- Ê 7HDP &KLURSUDFWRU

ÎÇ


" Ì iÌ VÊ/À> }

/ Ê- " ÊÊ - / Ê / / Ê/, Ê /9

$OWKRXJK WKH EDVNHWEDOO DWKOHWLF WUDLQLQJ IDFLOLW\ LV FRQVLGHUHG D ´VDWHOOLWHµ WUDLQ LQJ URRP WKH VTXDUH IRRW DUHD FDQ VWDQG RQ LWV RZQ /RFDWHG RQ WKH VHFRQG Á RRU RI WKH )ORULGD 6WDWH %DVNHWEDOO 7UDLQLQJ &HQWHU WKH EDVNHWEDOO DWKOHWLF WUDLQLQJ IDFLOLW\ LV IXOO\ HTXLSSHG DQG RSHUDWLRQDO 7KH IDFLOLW\ XVHG VROHO\ IRU WKH PHQ·V DQG ZRPHQ·V EDVNHWEDOO SURJUDPV LQFOXGHV UHKDELOLWDWLRQ HTXLSPHQW PHGLFDO VXSSOLHV WDSLQJ VXSSOLHV GRFWRU·V HTXLSPHQW IRXU ZKLUOSRROV VL[ WUHDWPHQW WDEOHV D WDSLQJ WDEOH DQG VL[ VWLP PDFKLQHV ,W LV SODFHG ULJKW QH[W WR WKH 6HPLQROH VWUHQJWK DQG FRQGLWLRQLQJ IDFLOLW\ DQG MXVW DFURVV WKH KDOO IURP WKH EDVNHWEDOO SUDFWLFH Á RRU :RPHQ·V %DVNHWEDOO $WKOHWLF 7UDLQHU &KHU\O 3IHLO KDV DQ RIÀ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

În

", Ê-/ / Ê1 6 ,- /9


* 9 ,-

* 9 , "-

7" ½-Ê - /

Î


* 9 , ÓäÊ/> >iÊ >Û Ã > Ê Ê Ê Ê

x ££ÊUÊ Õ>À`ÊUÊ-i À

>ÜÃ ]Ê >° ­/iÀÀi Ê Õ ÌÞÊ °-°®

ÓääÇ änÊ-i>à \Ê

>ÀiiÀÊ } Ã 3RLQWV DW *D 7HFK

5HEV 7ZLFH

%ORFN YV /D 7HFK

$VVLVWV DW 9LUJLQLD

6WHDOV )RXU WLPHV

72V YV 0LDPL

)*0 DW 81&

)*$ YV 2KLR 6W

)*0 DW *D 7HFK

)*$ DW )ORULGD

)70 DW 9LUJLQLD

)7$ DW 9LUJLQLD

0LQXWHV 7ZLFH

$Q $OO $&& +RQRUDEOH 0HQWLRQ VHOHFWLRQ 6HFRQG LQ VFKRRO KLVWRU\ ZLWK SRLQWHUV :DV WKH WHDP·V OHDGLQJ VFRUHU WDOO\LQJ SRLQWV SHU JDPH 5DWHG ILIWK RQ )68 VLQJOH VHDVRQ SRLQW OLVW ZLWK WUH\V DQG ZDV WLHG IRU À IWK ZLWK DWWHPSWV 5HDFKHG GRXEOH À JXUHV LQ WKH RI KHU ODVW JDPHV 3XW XS D FDUHHU KLJK SRLQWV DW *HRUJLD 7HFK 1DLOHG D SHUVRQDO EHVW VL[ SRLQWHUV YHUVXV WKH <HOORZ -DFNHWV 3RXUHG LQ SRLQWV DW )ORULGD 7LHG FDUHHU EHVWV ZLWK À HOG JRDOV DJDLQVW WKH *DWRUV 7DFNHG SRLQWV RQ 2KLR 6WDWH LQ WKH )LUVW 5RXQG RI WKH 1&$$ 7RXUQD PHQW LQFOXGLQJ À YH SRLQWHUV ZKLOH JUDEELQJ VHYHQ UHERXQGV $WWHPSWHG ILHOG JRDOV YHUVXV WKH %XFNH\HV ZKLFK ZDV WKH QG PRVW DWWHPSWV E\ D SOD\HU LQ D VLQJOH JDPH GXULQJ WKH \HDU LQ WKH HQWLUH $&& 6FRUHG HLJKW SRLQWV YHUVXV 2NODKRPD 6WDWH LQ WKH 6HFRQG 5RXQG RI WKH %LJ 'DQFH 6FRUHG SRLQWV DW 1R 1RUWK &DUROLQD ZKLOH DOVR SXOOLQJ LQ VHYHQ UHERXQGV

DQG SRVWLQJ WKUHH VWHDOV 3RVWHG SRLQWV DW 9LUJLQLD LQ VHWWLQJ FDUHHU KLJKV ZLWK D RI OHGJHU DW WKH IUHH WKURZ OLQH SOXV IRXU DVVLVWV DQG D FD UHHU KLJK W\LQJ À YH VWHDOV 6FRUHG SRLQWV ZLWK IRXU UHERXQGV WZR DVVLVWV DQG WZR VWHDOV DJDLQVW 1R 'XNH LQ WKH $&& 7RXUQDPHQW 5HFRUGHG RI KHU SRLQWV DJDLQVW %RVWRQ &ROOHJH LQ WKH ILUVW KDOI 6FRUHG SRLQWV LQFOXGLQJ D FDUHHU EHVW RI DW WKH IUHH WKURZ OLQH DW &OHPVRQ 6FRUHG RI KHU SRLQWV LQ WKH VHFRQG KDOI YHUVXV :DNH )RUHVW ZKLOH DOVR WDOO\LQJ À YH UHERXQGV WKUHH DVVLVWV DQG WZR VWHDOV 3RVWHG SRLQWV LQ FOXGLQJ LQ WKH VHFRQG KDOI YHUVXV 1& 6WDWH 1DLOHG D WKUHH SRLQWHU LQ RYHUWLPH DW 0LDPL WKDW ZDV WKH HYHQWXDO JDPH ZLQQHU 6FRUHG SRLQWV DQG KDG IRXU UHERXQGV DJDLQVW WKH +XUULFDQHV 5HFRUGHG SRLQWV DQG UHERXQGV DW )ORULGD *XOI &RDVW

ÓääÈ äÇÊ-i>à \

6HW D VLQJOH VHDVRQ VFKRRO UHFRUG ZLWK SRLQW DWWHPSWV +DG D

", Ê-/ / Ê1 6 ,- /9


WHDP KLJK SRLQWHUV ZKLFK LV WKH WKLUG KLJKHVW VLQJOH VHDVRQ WRWDO LQ VFKRRO KLVWRU\ 5DQNHG WK LQ WKH $&& DW SRLQWHUV SHU JDPH DQG ZHQW XS D VSRW GXULQJ FRQIHUHQFH JDPHV ZLWK SHU JDPH 3OD\HG LQ JDPHV ZLWK VWDUWV DQG DYHUDJHG SRLQWV WKLUG RQ WKH WHDP DQG UHERXQGV SHU JDPH 6FRUHG SRLQWV WR OHDG WKH 6HPLQROHV LQ WKH YLFWRU\ RYHU 2OG 'RPLQLRQ LQ WKH À UVW URXQG RI WKH 1&$$ 7RXUQDPHQW +LW IRXU SRLQWHUV DJDLQVW 2'8 W\LQJ WKH )68 UHFRUG IRU WKUHHV LQ D WRXUQDPHQW JDPH 6FRUHG LQ GRXEOH À JXUHV WLPHV DQG KDG WKUHH SOXV SRLQW JDPHV 6( 0LVVRXUL 6WDWH 7XOVD DQG 2OG 'RPLQLRQ /HG WKH WHDP LQ VFRU LQJ IRXU WLPHV DQG UHERXQGLQJ RQFH *UDEEHG D FDUHHU KLJK QLQH UHERXQGV YV *HRUJLD 0DGH DW OHDVW RQH WKUHH SRLQWHU LQ JDPHV DQG PXOWLSOH WKUHHV LQ JDPHV +LW D FDUHHU KLJK À YH WKUHH SRLQWHUV LQ WKH ZLQ DW 6RXWK HDVW 0LVVRXUL 6WDWH

:DV DQ $OO 6WDU *LUOV 5HSRUW $OO $PHULFD &DPS 8SSHUFODVV $OO 6WDU DQG UDQNHG WK E\ $*6 (DUQHG PRVW RXWVWDQGLQJ SOD\HU DQG OHDGLQJ UH ERXQGHU DZDUGV 2XWVWDQGLQJ DWKOHWH ZKR ZDV D OHWWHU ZLQQHU LQ EDVNHWEDOO \HDUV JROI \HDUV FURVV FRXQWU\

* 9 ,-

\HDUV DQG VRIWEDOO \HDUV DW 7HUUHOO &RXQW\

*iÀÃ > \Ê %RUQ -XQH 0DMRULQJ LQ FULPLQRORJ\

Óääx äÈÊ-i>à \Ê 3OD\HG LQ DOO JDPHV LQFOXGLQJ WKUHH VWDUWV +LW WKUHH SRLQWHUV ZKLFK ZDV WKLUG RQ WKH WHDP 7RS DPRQJVW $&& URRNLHV IRU VFRULQJ IUHH WKURZ SHUFHQWDJH DQG SRLQW SHUFHQW DJH 5HDFKHG GRXEOH À JXUHV LQ QLQH FRQWHVWV LQFOXGLQJ D VHDVRQ KLJK YV :DVKLQJWRQ DV SDUW RI KHU SSJ VFRULQJ DYHUDJH +LW WZR ELJ WKUHH SRLQWHUV LQ WKH 1&$$ 7RXUQDPHQW DV SDUW RI KHU SRLQWV LQ WKH ZLQ RYHU /RXLVLDQD 7HFK 6FRUHG QLQH SRLQWV DW 1R 0DU\ODQG DQG SRLQWV RII RI WKH EHQFK DW 1R 'XNH LQ D VHDVRQ KLJK PLQXWHV $WWHPSWHG D VHDVRQ KLJK À HOG JRDOV DJDLQVW /LSVFRPE 6FRUHG SRLQWV YV *HRUJLD 6RXWKHUQ LQ KHU FROOHJLDWH GHEXW 0DGH D VHDVRQ KLJK WKUHH SRLQWHUV LQ WKH ;DYLHU JDPH +DG D VHDVRQ KLJK À YH UHERXQGV LQ WKH 0LVVLVVLSSL 6WDWH )RUGKDP DQG *HRUJLD 7HFK ZLQV

} Ê-V \Ê $YHUDJHG SRLQWV UHERXQGV DQG DVVLVWV SHU JDPH 1DPHG WKH $OEDQ\ +HUDOG·V $OO $UHD *LUO·V %DVNHWEDOO 3OD\HU RI WKH <HDU DV ZHOO DV ILUVW WHDP DOO DUHD $ DOO VWDWH KRQRUDEOH PHQWLRQ VHOHFWLRQ LQ

>ÀiiÀÊ-Ì>Ì ÃÌ VÃ <($5 727$/

* *6

03* )*0 )*$

3&7 )* )*$ 3&7 )70 )7$ 3&7 5(% $9* 3) '4 $6

7" ½-Ê - /

72

%.

67

376 $9*


* 9 , £äÊ >À>Ê Àià ÕÀ Ê Ê Ê Ê

È £ÊUÊ Õ>À`ÊUÊ-i À >Ã Û i]Ê `° ­ À Ü Ê Õ ÌÞ®

ÓääÇ änÊ-i>à \Ê

>ÀiiÀÊ } Ã 3RLQWV YV )RUGKDP

5HEV YV 2KLR 6W

%ORFNV )RXU WLPHV

$VVLVWV DW 7H[DV $ 0

6WHDOV YV &OHPVRQ

72V YV /68

)*0 YV )RUGKDP

)*$ DW 0DU\ODQG

)*0 )RXU WLPHV

)*$ DW 0DU\ODQG

)70 DW ,QGLDQD

)7$ DW 'H3DXO

0LQXWHV 7ZLFH

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À HOG JRDO SHUFHQWDJH ZDV WRSV LQ WKH $&& DQG UDQNHG WK QDWLRQ DOO\ ZKLOH DOVR EHLQJ WKH VHFRQG EHVW PDUN LQ WKH KLVWRU\ RI WKH SURJUDP 6HFRQG RQ WKH )ORULGD 6WDWH VLQJOH VHDVRQ IUHH WKURZ SHUFHQWDJH FKDUW DW KLWWLQJ RI FKDULW\ WRVVHV :DV VHFRQG LQ WKH $&& DQG WK LQ WKH 1&$$ LV IUHH WKURZ SHUFHQWDJH 1DPHG WR WKH 'H3DXO ,QYLWDWLRQDO

$OO 7RXUQDPHQW 7HDP 0HPEHU RI WKH ),8 )XQ 6XQ &ODVVLF $OO 7RXU QDPHQW 7HDP DIWHU VFRULQJ SRLQWV DJDLQVW 1R *HRUJLD 6FRUHG SRLQWV VL[ WLPHV LQFOXGLQJ WZR RI KHU ODVW IRXU JDPHV DW 1R 0DU\ODQG YHUVXV &OHPVRQ 5HDFKHG GRXEOH À JXUHV VFRULQJ LQ JDPHV :DV WKH RQO\ SOD\HU RQ WKH WHDP WR VWDUW DOO JDPHV 5HFRUGHG KHU ILUVW FROOHJLDWH GRXEOH GRXEOH ZLWK SRLQWV DQG UHERXQGV DW 8$% $GGHG WZR VWHDOV DQG RQH EORFN DJDLQVW WKH %OD]HUV $GGHG KHU VHFRQG GRXEOH GRXEOH ZLWK SRLQWV DQG D FDUHHU KLJK UHERXQGV DJDLQVW 2KLR 6WDWH WR JR DORQJ ZLWK WKUHH VWHDOV DV ZHOO DV D WULR RI DV VLVWV 6FRUHG D FDUHHU KLJK SRLQWV DJDLQVW )RUGKDP RQ D SHUVRQDO EHVW À HOG JRDOV ZKLOH HTXDOLQJ KHU EHVW RI À YH SRLQWHUV 3XW XS DW ,QGLDQD ZKLOH FRQQHFWLQJ RQ D FDUHHU KLJK QLQH IUHH WKURZV DJDLQVW WKH +RRVLHUV /HG WKH WHDP ZLWK SRLQWV ZKLOH W\LQJ D FDUHHU KLJK ZLWK PLQXWHV SOD\HG DJDLQVW 2NODKRPD

", Ê-/ / Ê1 6 ,- /9


6WDWH LQ WKH 1&$$ 7RXUQDPHQW 6HFRQG 5RXQG 0DWFKHG DQ $&& 7RXUQDPHQW KLJK ZLWK SRLQWV YHUVXV 1R 'XNH DQG QDLOHG D WULR RI SRLQWHUV ZLWK IRXU UHERXQGV DQG WKUHH DVVLVWV LQ PLQXWHV RI SOD\ 6HW D SHUVRQDO EHVW ZLWK HLJKW DVVLVWV DW 7H[DV $ 0 6KRW RI IURP WKH ร HOG LQFOXGLQJ IRXU SRLQW HUV DV SDUW RI KHU SRLQW SHUIRUPDQFH DJDLQVW :DNH )RUHVW :DV D SHUIHFW IRU DW WKH IUHH WKURZ OLQH DW 9LUJLQLD 7HFK ZKLFK ZDV WLHG IRU WKH WKLUG EHVW SHUIRUPDQFH LQ WKH $&& GXULQJ WKH \HDU

ร รครคร ย รคร ร -i>ร ย ย \ร

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ร JXUHV LQ JDPHV LQFOXGLQJ ERWK )LUVW DQG 6HFRQG 5RXQG 1&$$ 7RXUQDPHQW JDPHV 1RWFKHG D FDUHHU KLJK SRLQWV LQFOXGLQJ D FDUHHU KLJK ร YH SRLQWHUV DQG DGGHG IRXU UHERXQGV DV ZHOO DV VL[ DVVLVWV LQ WKH $&& 7RXUQDPHQW ZLQ RYHU :DNH )RUHVW +DG D FDUHHU KLJK VL[ DVVLVWV LQ VHYHQ JDPHV LQFOXGLQJ WKH 1&$$ 7RXUQDPHQW ZLQ RYHU 2OG 'RPLQLRQ 6HFRQG RQ WKH WHDP ZLWK SRLQWHUV 5HDFKHG SRLQWV WKUHH WLPHV LQFOXGLQJ WKH ZLQ DW %RVWRQ &ROOHJH LQ ZKLFK VKH VFRUHG DOO LQ WKH VHFRQG KDOI 3XOOHG GRZQ D FDUHHU KLJK UHERXQGV YHUVXV )DLUร HOG /HG WKH WHDP LQ VFRULQJ IRXU WLPHV DQG UHERXQGLQJ RQFH $&& +RQRU 5ROO 0HPEHU

* 9 ,-

ร JXUHV RII WKH EHQFK LQ WKUHH JDPHV 6QDJJHG D VHDVRQ KLJK HLJKW UHERXQGV WR JR ZLWK SRLQWV DW )$8 $PRQJ FRQIHUHQFH URRNLHV VKH ZDV WKLUG LQ SRLQW SHUFHQWDJH DQG ร IWK LQ IUHH WKURZ SHUFHQWDJH 6FRUHG HLJKW SRLQWV DQG JUDEEHG ร YH UHERXQGV DW 0LDPL +DG WKH EHVW JDPH RI KHU ร UVW \HDU ZLWK D WHDP KLJK SRLQWV LQ WKH ZLQ RYHU 8&) LQFOXGLQJ IRXU SRLQWHUV 'UDLQHG D WULR RI SRLQWHUV DV SDUW RI KHU SRLQWV DJDLQVW 7XOVD $YHU DJHG PLQXWHV SOD\HG SHU JDPH 2QH RI IRXU SOD\HUV RQ WKH WHDP ZLWK DW OHDVW SRLQWHUV $&& +RQRU 5ROO 0HPEHU

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

ย }ย ร -Vย ย ย ย \ร

*iร ร ย ย >ย \ร

7KUHH WLPH 6WUHHW 6PLWKยทV %RUQ $SULO 0DMRULQJ LQ +RQRUDEOH 0HQWLRQ $OO $PHULFDQ VSRUW PDQDJHPHQW (DUQHG /RXLVYLOOH &RXULHU

ร รครคxย รคร ร -i>ร ย ย \ร

3OD\HG LQ DOO JDPHV LQFOXG LQJ WZR VWDUWV 6FRUHG LQ GRXEOH

>ร iiร ร -ร >ร ย ร ร ย Vร <($5 727$/

* *6

03* )*0 )*$

3&7 )* )*$ 3&7 )70 )7$ 3&7 5(% $9* 3) '4 $6 72

7" ยฝ-ร - /

%.

67

376 $9*

{ร


* 9 , £Ê }i Ê À>Þ Ê Ê Ê Ê

x ÊUÊ Õ>À`ÊUÊ Õ À -Ì iÊ Õ Ì> ]Ê >° ­-Ì iÊ Õ Ì> Ê -®

ÓääÇ änÊ-i>à \Ê

>ÀiiÀÊ } Ã 3RLQWV DW 'H3DXO

5HEV 7ZLFH

%ORFNV YV ),8

$VVLVWV 7ZLFH

6WHDOV 7KUHH 7LPHV

72 YV 2DNODQG

)*0 DW 'H3DXO

)*$ DW 'H3DXO

)*0 1 $ )*$ DW *D 7HFK

)70 7ZLFH

)7$ YV )DLUÀ HOG

0LQXWHV 7KUHH 7LPHV

{{

6WDUWHG WKH À UVW JDPH RI KHU FROOH JLDWH FDUHHU DJDLQVW )RUGKDP 6FRUHG D FDUHHU KLJK HLJKW SRLQWV RQ RI VKRRWLQJ DW 'H3DXO *UDEEHG D FDUHHU KLJK VL[ UHERXQGV LQ KHU 1&$$ WRXUQDPHQW GHEXW YHUVXV 2KLR 6WDWH 7LHG D FDUHHU KLJK ZLWK PLQXWHV SOD\HG DJDLQVW WKH %XFNH\HV :DV FUHGLWHG ZLWK À YH UHERXQGV DJDLQVW ),8 +DG D SDLU RI UHERXQGV LQ À YH $&& FRQWHVWV $YHUDJHG SRLQWV DQG UHERXQGV SHU JDPH 'LVKHG RXW DVVLVWV DQG KDG SLOIHUV

ÓääÈ äÇÊ-i>à \Ê

$YHUDJHG PLQXWHV SHU JDPH RII WKH EHQFK ZKLFK ZDV OHDGLQJ DOO IRXU IUHVKPHQ 6FRUHG LQ JDPHV DYHUDJLQJ SRLQWV DQG UHERXQGV SHU JDPH 3OD\HG D VHDVRQ KLJK PLQXWHV YV )DLUÀ HOG DQG SOD\HG RU PRUH PLQXWHV LQ VHYHQ JDPHV 7LHG KHU FDUHHU KLJK ZLWK VL[ SRLQWV DW :DVKLQJWRQ 6FRUHG VL[

SRLQWV DQG GLVKHG RXW D FDUHHU KLJK IRXU DVVLVWV DW )RUGKDP 7LHG KHU FDUHHU KLJK ZLWK IRXU DVVLVWV YV (DVW &DUROLQD +DG D VHDVRQ KLJK À YH UHERXQGV LQ WKH ZLQ RYHU )ORULGD

} Ê-V \Ê

5DWHG DPRQJ WKH FODVV RI ·V 7RS SOD\HUV LQ WKH QDWLRQ E\ $OO 6WDUV *LUOV 5HSRUW 1DPHG 6WUHHW 6PLWK·V +RQRUDEOH 0HQWLRQ $OO $PHULFDQ 6KRW +RRSV 6HFRQG 7HDP $OO 6WDWH KRQRUHH 5DQNHG VHFRQG LQ 'H.DOE &RXQW\ ZLWK SRLQWV DQG VWHDOV SHU JDPH DQG LQ IUHH WKURZ SHUFHQWDJH DW SHUFHQW )LQLVKHG KHU FDUHHU ZLWK SRLQWV 1RPLQDWHG IRU WKH :%&$ $OO $PHULFDQ JDPH DQG SOD\HG LQ WKH 1RUWK 6RXWK *HRUJLD $OO 6WDU DQG (DVW :HVW 0HWUR $WODQWD JDPHV 7KUHH WLPH UHFLSLHQW RI WKH 1DLVPLWK 7HDP RI WKH 0RQWK $ZDUG (DUQHG WHDP·V 0RVW 9DOXDEOH 3OD\HU DZDUG IRU WKUHH VWUDLJKW VHDVRQV 6HOHFWHG

", Ê-/ / Ê1 6 ,- /9


* 9 ,-

DV WKH 'HNDOE &RXQW\ 3OD\HU RI WKH <HDU 3HJJHG DV WKH $WODQWD -RXUQDO &RQVWLWXWLRQ·V &ODVV $ 3OD\HU RI WKH <HDU LQ 7HDP FDSWDLQ DOO IRXU \HDUV 6HOHFWHG WR WKH (QG RI WKH 2UHJRQ 7UDLO $OO 7RXUQDPHQW 7HDP DV D PHPEHU RI WKH *$ /LQD HUV $$8 WHDP

*iÀÃ > \

%RUQ 'HFHPEHU 0DMRU LQJ LQ VSRUW PDQDJHPHQW

>ÀiiÀÊ-Ì>Ì ÃÌ VÃ <($5 727$/

* *6 03* )*0 )*$

3&7 )* )*$ 3&7 )70 )7$ 3&7 5(% $9* 3) '4 $6

7" ½-Ê - /

72

%.

67

376 $9*

{x


* 9 ,ย ร ร ย ร ร ย >ร >ร ร ย ย ร ร ร ร

>ร iiร ร ย }ย ร 3RLQWV YV 9D 7HFK

5HEV 7ZLFH

%ORFNV 6L[ 7LPHV

$VVLVWV DW : )RUHVW

6WHDOV YV $OD 6W

72 DW &OHPVRQ

)*0 YV 9D 7HFK

)*$ 7KUHH 7LPHV

)*0 )LYH WLPHV

)*$ YV 6DPIRUG

)70 7ZLFH

)7$ 7ZLFH

0LQXWHV YV 6DPIRUG

{ร

xย ยฃรคร Uร ร >ร `ร Uร ร ย ย ย ร

>ย ย >]ร ย >ยฐ ยญ-ย ร ร ย ร ร ย ร >ร `ยฎ

ร รครคร ย รคnร -i>ร ย ย \ร 5HFRUGHG D FDUHHU KLJK SRLQWV DJDLQVW 9LUJLQLD 7HFK $OVR NQRFNHG GRZQ D SHUVRQDO EHVW VHYHQ ร HOG JRDOV DQG HTXDOHG D FDUHHU KLJK ZLWK VHYHQ UHERXQGV DJDLQVW WKH +RNLHV 3XW XS SRLQWV IRXU UHERXQGV DQG WZR DVVLVWV LQ EDFN WR EDFN JDPHV DJDLQVW %RVWRQ &ROOHJH DQG DW 0DU\ODQG 6FRUHG SRLQWV LQ KHU ร UVW JDPH RI WKH VHDVRQ DJDLQVW $ODEDPD 6WDWH 3XW XS SRLQWV RQ RI VKRRWLQJ DQG ร YH UHERXQGV DJDLQVW &OHPVRQ 6HW D FDUHHU KLJK ZLWK IRXU VWHDOV DJDLQVW WKH +RUQHWV 1RWFKHG SRLQWV RQ RI VKRRWLQJ DJDLQVW :DNH )RUHVW 7RVVHG LQ SRLQWV LQFOXGLQJ D SDLU RI SRLQWHUV DW *HRUJLD 7HFK 7LHG D FDUHHU KLJK E\ KLW WLQJ RI IURP WKH IUHH WKURZ OLQH DW 1R 1RUWK &DUROLQD 1RWFKHG SRLQWV DJDLQVW 1R

'XNH LQ WKH TXDUWHUร QDOV RI WKH $&& 7RXUQDPHQW 5HDFKHG GRXEOH ร JXUHV ZLWK SRLQWV RII WKH EHQFK DJDLQVW %RVWRQ &ROOHJH $OVR KDG IRXU UHERXQGV WZR DV VLVWV DQG WZR VWHDOV YHUVXV WKH (DJOHV 3RVWHG SRLQWV ZLWK D EORFN DQG D VWHDO LQ KHU UHWXUQ WR 6RXWK )ORULGD DJDLQVW +RIVWUD LQ WKH ),8 )XQ 6XQ &ODVVLF $YHUDJHG SRLQWV DQG UHERXQGV SHU JDPH

ร รครคร ย รคร ร -i>ร ย ย \ร 3OD\HG LQ DOO JDPHV DQG VWDUWHG WKH ODVW ร YH JDPHV RI WKH VHDVRQ $YHUDJHG SRLQWV DQG UHERXQGV SHU JDPH &DPH RQ VWURQJ WRZDUG WKH HQG RI WKH VHDVRQ DQG DYHUDJHG SSJ LQ WKH ร QDO JDPHV 6FRUHG D FDUHHU KLJK SRLQWV LQ WKH UHJXODU VHDVRQ ร QDOH DW :DNH )RUHVW 3OD\HG D FDUHHU KLJK PLQXWHV YV :DNH )RUHVW LQ WKH $&& 7RXUQD

", ร -/ / ร 1 6 ,- /9


PHQW GXULQJ KHU À UVW FDUHHU VWDUW 5HFRUGHG GRXEOH GLJLW VFRULQJ VL[ WLPHV DQG )68 ZHQW LQ WKRVH JDPHV 6HFRQG RQ WKH WHDP LQ IUHH WKURZ SHUFHQWDJH DW +DG SRLQWV DQG D FDUHHU KLJK VHYHQ UHERXQGV DW %RVWRQ &ROOHJH +LW SRLQWHUV ZKLFK UDQNHG WKLUG RQ WKH WHDP

* 9 ,-

} Ê-V \Ê 6WUHHW 6PLWK·V +RQRUDEOH 0HQWLRQ $OO $PHULFDQ 1DPHG WKH 6RXWK )ORULGD 6XQ 6HQWLQHO &ODVV $ $ $ 3OD\HU RI WKH <HDU 2UODQGR 6HQWLQHO $OO 6RXWK +RQRUDEOH 0HQWLRQ DQG $ $OO 6WDWH )LUVW 7HDP VHOHFWLRQ $YHUDJHG SRLQWV UHERXQGV DQG À YH DVVLVWV KHU VHQLRU VHDVRQ 5DWHG 1R DPRQJ VKRRWLQJ JXDUGV DFURVV WKH FRXQWU\ E\ $OO 6WDU *LUOV 5HSRUW 5DQNHG 1R DPRQJ WKH 7RS SOD\HUV LQ WKH VWDWH RI )ORULGD E\ )ORULGD+RRSV FRP $YHUDJHG SRLQWV UHERXQGV DQG DVVLVWV SHU JDPH DV DQ $OO %URZDUG &RXQW\ )LUVW 7HDP VHOHFWLRQ LQ *DUQHUHG DGLGDV 7RS &DPS 8QGHUFODVV $OO 6WDU KRQRUV LQ $OVR D WUDFN DQG FURVV FRXQWU\ VWDQGRXW :DV WHDPPDWHV ZLWK -DFLQWD 0RQURH RQ WKH +ROO\ZRRG 6XQV $$8 VXPPHU WHDP *iÀÃ > \Ê %RUQ $XJXVW 0DMRU LQJ LQ VRFLDO VFLHQFH 1LFNQDPH LV /HH OHH

>ÀiiÀÊ-Ì>Ì ÃÌ VÃ <($5 727$/

* *6 03* )*0 )*$

3&7 )* )*$ 3&7 )70 )7$ 3&7 5(% $9* 3) '4 $6

7" ½-Ê - /

72

%.

67

376 $9*


* 9 , xäÊ >V Ì>Ê À i Ê Ê Ê Ê

>ÀiiÀÊ } Ã 3RLQWV YV 8$%

5HEV YV 8$%

%ORFNV YV $OD 6WDWH

$VVLVWV 7ZLFH

6WHDOV 7ZLFH

72V 7KUHH 7LPHV

)*0 YV 8$%

)*$ 7ZLFH

)*0 DW 1& 6WDWH

)*$ 7ZLFH

)70 YV : )RUHVW

)7$ YV : )RUHVW

0LQXWHV DW 0LDPL

{n

È {ÊUÊ ÀÜ>À`ÊUÊ Õ À ÀÌÊ >Õ`iÀ`> i]Ê >° ­-ÌÀ> > > Ê °-°®

ÓääÇ änÊ-i>à \Ê 7LHG D VFKRRO UHFRUG E\ VKRRW LQJ D SHUIHFW RI IURP WKH À HOG DJDLQVW )ORULGD *XOI &RDVW 'LG QRW PLVV D À HOG JRDO LQ IRXU GLIIHUHQW JDPHV )HOO RQH EORFNHG VKRW VKRUW RI W\LQJ WKH VLQJOH JDPH VFKRRO UHFRUG ZLWK VHYHQ VZDWV DJDLQVW $ODEDPD 6WDWH +DG EORFNV ZKLFK LV VHFRQG RQ WKH )68 VLQJOH VHDVRQ FKDUW :DV VHFRQG LQ WKH $&& DQG UG LQ WKH FRXQWU\ DW EORFNV SHU JDPH 6HFRQG LQ VFKRRO KLVWRU\ ZLWK EORFNHG VKRWV 7LHG D FDUHHU KLJK ZLWK SRLQWV LQ WKH VHDVRQ RSHQHU DW )ORULGD *XOI &RDVW 5HFRUGHG KHU À UVW GRXEOH GRXEOH RI WKH VHDVRQ WKH VL[WK RI KHU FDUHHU ZLWK SRLQWV DQG UHERXQGV DJDLQVW 1RUWK )ORULGD 6HFRQG GRXEOH GRXEOH ZDV SRLQWV DQG UHERXQGV DW &OHPVRQ 5HFRUGHG KHU

ILUVW SRVWVHDVRQ GRXEOH GRXEOH ZLWK SRLQWV DQG UHERXQGV LQ WKH VHFRQG URXQG DJDLQVW 2NOD KRPD 6WDWH 3XW EDFN WKH JDPH ZLQQHU DW WKH EX]]HU DJDLQVW 6DPIRUG $OVR VFRUHG SRLQWV DQG JUDEEHG QLQH ERDUGV YHUVXV WKH %XOOGRJV 6FRUHG SRLQWV LQFOXGLQJ D VHDVRQ EHVW RI DW WKH IUHH WKURZ OLQH DQG JUDEEHG HLJKW UHERXQGV DV ZHOO DV IRXU EORFNV DW 0LDPL +DG SRLQWV DQG HLJKW UHERXQGV LQ WKH YLFWRU\ DJDLQVW 9LUJLQLD 7HFK 1RWFKHG SRLQWV À YH ERDUGV DQG KDG WZR VWHDOV YV :DNH )RU HVW 5HFRUGHG SRLQWV QLQH UHERXQGV DQG IRXU EORFNV DJDLQVW 9LUJLQLD 6FRUHG SRLQWV ZLWK VHYHQ UHERXQGV DQG WZR EORFNV DQG VWHDOV DJDLQVW :DNH )RUHVW LQ WKH $&& 7RXUQDPHQW 5HDFKHG GRXEOH À JXUHV LQ RI JDPHV *UDEEHG À YH RU PRUH

", Ê-/ / Ê1 6 ,- /9


UHERXQGV LQ JDPHV 6ZDWWHG WZR RU PRUH VKRWV LQ FRQWHVWV )LQLVKHG WKH VHDVRQ ZLWK D SSJ DYHUDJH ZKLFK ZDV WKH WK EHVW PDUN LQ WKH $&&

ÓääÈ äÇÊ-i>à \Ê 1DPHG WR WKH $&& $OO )UHVK PDQ 7HDP 7KUHH WLPH $&& 5RRNLH RI WKH :HHN KRQRUHH /HG WKH WHDP ZLWK EORFNV ZKLFK LV WKH IRXUWK KLJKHVW VLQJOH VHDVRQ WRWDO LQ VFKRRO KLVWRU\ &UDFNHG WKH VLQJOH VHDVRQ 7RS OLVW ZLWK D RI VKRRWLQJ SHUFHQW DJH $PRQJ WKH OHDJXH OHDGHUV IRU EORFNV WK À HOG JRDO SHU FHQWDJH WK DQG UHERXQGLQJ WK +HU EORFNV SHU JDPH ZDV WRSV E\ DQ $&& URRNLH DQG WKH VL[WK LQ WKH FRXQWU\ ZLWKLQ WKH IUHVKPHQ UDQNV $OVR RQ WKH $&& URRNLH FKDUWV IRU SRLQWV WKLUG UHERXQGLQJ WKLUG DQG À HOG JRDO SHUFHQWDJH VHFRQG )RXUWK GXULQJ FRQIHUHQFH JDPHV DW EORFNV SHU JDPH DQG VHYHQWK ZLWK D À HOG JRDO SHUFHQWDJH $YHU DJHG SRLQWV DQG ZDV VHFRQG RQ WKH WHDP DW UHERXQGV 3OD\HG LQ DOO JDPHV DQG VWDUWHG JDPHV LQFOXGLQJ $&& FRQWHVWV +DG D FDUHHU KLJK À YH EORFNV LQ WKH ZLQ RYHU 2OG 'RPLQLRQ GXULQJ WKH %LJ 'DQFH ZKLFK LV WKH PRVW E\ D 6HPLQROH LQ DQ 1&$$ 7RXUQDPHQW JDPH 3URGXFHG RQH RI WKH EHVW GHEXWV LQ VFKRRO KLVWRU\ ZLWK SRLQWV RQ RI VKRRWLQJ DQG UHERXQGV WKH KLJKHVW VLQJOH JDPH WRWDO LQ WKH $&& DJDLQVW 8$% +DG À YH GRXEOH GRXEOHV LQFOXGLQJ SRLQWV DQG UHERXQGV YV :DNH )RUHVW LQ WKH $&& 7RXUQDPHQW 6FRUHG LQ GRXEOH À JXUHV WLPHV DQG OHG WKH WHDP LQ VFRULQJ WZLFH LQFOXG LQJ SRLQWV YV /68 LQ WKH 6ZHHW 6L[WHHQ /HG WKH WHDP LQ UHERXQGLQJ HLJKW WLPHV

} Ê-V \Ê 1DPHG WKH *DWRUDGH )ORULGD *LUOV· %DVNHWEDOO 3OD\HU RI WKH <HDU $$8 8 $OO $PHULFDQ DQG 6WUHHW 6PLWK·V +RQRUDEOH 0HQWLRQ $OO $PHULFDQ LQ (DUQHG )ORULGD 6SRUWV :ULWHUV $VVRFLDWLRQ *LUOV· $ $OO 6WDWH KRQRUV LQ À UVW WHDP WKLUG WHDP DQG VHFRQG WHDP $YHUDJHG SRLQWV UHERXQGV EORFNV DQG VWHDOV LQ 5DWHG 1R DPRQJ FHQWHUV DFURVV WKH FRXQWU\ E\ $OO 6WDU *LUOV 5HSRUW 2QH RI WKUHH %URZDUG &RXQW\ DWKOHWHV UHFRJ QL]HG E\ 6FKRRO6SRUWV 0DJD]LQH IRU DFFRPSOLVKPHQWV LQ DQG DPRQJ VL[ IURP WKH 0LDPL

* 9 ,-

'DGH %URZDUG DUHD VHOHFWHG WR EH SDUW RI WKH $WKOHWH RI WKH <HDU LVVXH 7KUHH WLPH )LUVW 7HDP $OO %UR ZDUG &RXQW\ VHOHFWLRQ 5DQNHG 1R DPRQJ WKH 7RS SOD\HUV LQ WKH VWDWH E\ )ORULGD+RRSV FRP 2UODQGR 6HQWLQHO $OO 6RXWK +RQRUDEOH 0HQWLRQ VHOHFWLRQ $Y HUDJHG SRLQWV UHERXQGV DQG DVVLVWV SHU JDPH DV D MXQLRU $OVR FRPSHWHG LQ YROOH\EDOO DQG WUDFN 3OD\HG RQ WKH VDPH +RO O\ZRRG 6XQV $$8 WHDP DV IHOORZ 6HPLQROH $O\VKD +DUYLQ

*iÀÃ > \Ê %RUQ 6HSWHPEHU 0D MRULQJ LQ FULPLQRORJ\

>ÀiiÀÊ-Ì>Ì ÃÌ VÃ <($5 727$/

* *6 03* )*0 )*$

3&7 )* )*$ 3&7 )70 )7$ 3&7 5(% $9* 3) '4 $6

7" ½-Ê - /

72

%.

67

376 $9*

{


* 9 , {Ê >Þ >Ê Ài Ê Ê Ê Ê

È ÓÊUÊ ÀÜ>À`ÊUÊ Õ À L> Þ]Ê >° ­7iÃÌ ÛiÀ® ÓääÇ änÊ-i>à \Ê

>ÀiiÀÊ } Ã 3RLQWV YV ),8

5HE 7ZLFH

%ORFNV DW &OHPVRQ

$VVLVWV )RXU 7LPHV

6WHDOV YV )RUGKDP

72 DW )*&8

)*0 YV ),8

)*$ YV ),8

)*0 1 $ )*$ 1 $ )70 YV &OHPVRQ

)7$ YV &OHPVRQ

0LQXWHV YV )RUGKDP

*UDEEHG D FDUHHU KLJK UHERXQGV LQ WKH ZLQ DW 8$% (TXDOHG WKDW UHERXQG QXPEHU WR JR DORQJ ZLWK VL[ SRLQWV DQG WZR EORFNV DW &OHPVRQ $OVR VFRUHG VHYHQ SRLQWV DQG KDG D SDLU RI VWHDOV DJDLQVW WKH %OD] HUV 5HDFKHG GRXEOH GLJLWV IRU WKH À UVW WLPH LQ KHU FDUHHU ZLWK SRLQWV DJDLQVW )ORULGD ,QWHUQDWLRQDO *RW WKH VWDUWLQJ QRG IRU WKH À UVW WLPH DV D 6HPLQROH DJDLQVW WKH 3DQWKHUV 6QDJJHG D JDPH KLJK QLQH UHERXQGV YV 1R /68 3XOOHG LQ QLQH UHERXQGV YHUVXV )RUGKDP 6HW D FDUHHU KLJK ZLWK VHYHQ IUHH WKURZ DWWHPSWV DJDLQVW &OHPVRQ *UDEEHG HLJKW RU PRUH UHERXQGV LQ IRXU JDPHV $YHUDJHG SRLQWV DQG UHERXQGV SHU JDPH ZLWK VWHDOV

ÓääÈ äÇÊ-i>à \Ê

Óääx äÈÊ-i>à \Ê

6DW RXW WKH VHDVRQ DV D UHGVKLUW

} Ê-V \

7KUHH \HDU +RQRUDEOH 0HQWLRQ $OO 6WDWH VHOHFWLRQ 1DPHG +RQRUDEOH 0HQWLRQ $OO $UHD E\ WKH $OEDQ\ +HUDOG LQ (DUQHG +HUDOG $OO 5HJLRQ DQG $OO 0HWUR KRQRUV LQ :DV UHJDUGHG DV RQH RI WKH 7RS SRZHU IRUZDUGV LQ WKH QDWLRQ E\ $OO 6WDU *LUOV 5HSRUW $*6 $OO $PHULFD &DPS 8S SHUFODVV $OO 6WDU (DUQHG :HVWRYHU·V 0RVW ,PSURYHG DQG %HVW 5HERXQGHU DZDUGV GXULQJ KHU FDUHHU +HOSHG WHDP WR DW OHDVW ZLQV LQ HDFK RI KHU IRXU VHDVRQV /HWWHUHG IRXU \HDUV LQ EDV NHWEDOO DQG WUDFN DQG À HOG :RQ VKRW SXW DW WKH &ODVV $ VWDWH FRPSHWLWLRQ LQ ZLWK D WKURZ RI · µ DQG ZDV WKH UHJLRQ UXQQHU XS LQ ERWK WKH KLJK MXPS DQG PHWHU KXUGOHV

5HGVKLUW IUHVKPDQ ZKR SOD\HG LQ JDPHV 3OD\HG QLQH PLQXWHV DW *iÀÃ > \Ê 0LVVLVVLSSL 6WDWH DQG KDG À YH %RUQ 'HFHPEHU 0DMRU UHERXQGV D EORFN DQG PDGH KHU RQO\ LQJ LQ VRFLDO VFLHQFH VKRW DWWHPSW +DG IRXU SRLQWV VL[ UHERXQGV DQG DQ DVVLVW LQ D VHDVRQ KLJK PLQXWHV DW )RUGKDP

", Ê-/ / Ê1 6 ,- /9


* 9 ,-

>ÀiiÀÊ-Ì>Ì ÃÌ VÃ <($5 727$/

* *6 03* )*0 )*$

3&7 )* )*$ 3&7 )70 )7$ 3&7 5(% $9* 3) '4 $6

7" ½-Ê - /

72

%.

67

376 $9*


* 9 , £xÊ Ì iÌÌiÊ Ü>À` Ê Ê äÊUÊ Õ>À`É ÀÜ>À`ÊUÊ- « Ài È Ê - i Û i]Ê >° Ê ­- ÕÌ Ê Ü iÌÌ®

>ÀiiÀÊ } Ã 3RLQWV DW )*&8

5HEV YV +RIVWUD

%ORFNV YV +RIVWUD

$VVLVWV DW ,QGLDQD

6WHDOV 7ZLFH

72V 7ZLFH

)*0 YV ),8

)*$ YV ),8

)*0 )RXU 7LPHV

3*$ 7KUHH 7LPHV

)70 DW )*&8

)7$ DW )*&8

0LQXWHV 7ZLFH

ÓääÇ änÊ-i>à \Ê 6FRUHG SRLQWV LQ KHU FROOHJLDWH GHEXW DJDLQVW )ORULGD *XOI &RDVW 5HFRUGHG KHU ILUVW )68 GRXEOH GRXEOH ZLWK SRLQWV DQG UHERXQGV DW ,QGLDQD +DG DQRWKHU GRXEOH GRXEOH ZLWK SRLQWV DQG UHERXQGV YHUVXV +RIVWUD 1RWFKHG SRLQWV DJDLQVW 1R /68 6FRUHG HLJKW SRLQWV DQG WLHG D FDUHHU KLJK ZLWK WKUHH VWHDOV DW 1R 1RUWK &DUROLQD 5HDFKHG GRXEOH À JXUHV VFRULQJ LQ À YH JDPHV *UDEEHG À YH RU PRUH UHERXQGV LQ IRXU JDPHV 6QDWFKHG D FDUHHU KLJK WKUHH VWHDOV DW 8$% +DG SRLQWV DJDLQVW )ORULGD ,QWHUQDWLRQDO 6FRUHG QLQH RU PRUH SRLQWV HLJKW WLPHV 6WDUWHG D SDLU RI JDPHV 1R 'H3DXO DQG ),8 /HG WKH WHDP ZLWK HLJKW SRLQWV DW 1R 'XNH 6FRUHG SRLQWV DQG SXOOHG GRZQ UHERXQGV SHU JDPH

0D[3UHSV $OO $PHULFDQ $YHUDJHG SRLQWV DQG UHERXQGV SHU JDPH LQ OHDGLQJ 6RXWK *ZLQQHWW WR WKH VWDWH VHPLÀ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

} Ê-V \Ê

*HRUJLD·V &ODVV $ 3OD\HU *iÀÃ > \Ê %RUQ $XJXVW 0DMRULQJ RI WKH <HDU 6WUHHW 6PLWK·V +RQRUDEOH 0HQWLRQ $OO $PHULFDQ LQ VRFLDO VFLHQFH

", Ê-/ / Ê1 6 ,- /9


* 9 ,-

>ÀiiÀÊ-Ì>Ì ÃÌ VÃ <($5 727$/

* *6 03* )*0 )*$

3&7 )* )*$ 3&7 )70 )7$ 3&7 5(% $9* 3) '4

7" ½-Ê - /

$6

72

%.

67

376 $9*


* 9 , xÊ À ÃÌ > Ê Õ VÕÌÌ Ê Ê x £äÊUÊ Õ>À`ÊUÊ- « Ài Ê iÃL À ]Ê >° Ê ­ > ` >À Ê À ÃÌ > ®

ÓääÇ änÊ-i>à \Ê

>ÀiiÀÊ } Ã 3RLQWV YV 6DPIRUG

5HE YV 0LDPL

%ORFNV 6HYHQ 7LPHV

$VVLVWV DW 0DU\ODQG

6WHDOV YV 0LDPL

72 YV 0LDPL

)*0 7ZLFH

)*$ DW 81& )*0 YV 6DPIRUG

)*$ YV +RIVWUD

)70 7ZLFH

)7$ DW 9LUJLQLD

0LQXWHV YV /68

x{

0DGH KHU ILUVW FROOHJLDWH VWDUW DJDLQVW :DNH )RUHVW DQG VFRUHG IRXU SRLQWV DQG KDG IRXU UHERXQGV DQG WZR DVVLVWV LQ PLQXWHV 6WDUWHG VHYHQ JDPHV GXULQJ WKH FRXUVH RI WKH VHDVRQ 2ULJLQDOO\ VHW QHDUO\ DOO RI KHU FROOHJLDWH KLJKV LQ WKH ZLQ RYHU $ODEDPD 6WDWH E\ VFRULQJ SRLQWV DQG JUDEELQJ À YH UHERXQGV LQ PLQXWHV RI DFWLRQ 3RVWHG D FD UHHU KLJK SRLQWV RQ RI VKRRWLQJ DJDLQVW 6DPIRUG ZKLOH DOVR QDLOLQJ D SDLU RI SRLQW À HOG JRDOV DQG VQDJJLQJ À YH UHERXQGV LQ PLQXWHV RI DFWLRQ *UDEEHG D SHUVRQDO EHVW HLJKW UHERXQGV DQG WKUHH VWHDOV LQ WKH ZLQ RYHU 0LDPL 5HFRUGHG D FDUHHU KLJK IRXU DVVLVWV DW 1R 0DU\ ODQG 6FRUHG SRLQWV LQ PLQXWHV DW 1R 1RUWK &DUROLQD 6QDJJHG VHYHQ UHERXQGV LQ WKH ZLQ RYHU 1& 6WDWH +DG D EORFN LQ WKH À QDO PLQXWH WKDW KHOSHG VHDO WKH YLFWRU\ RYHU WKH :ROISDFN +DG IRXU UHERXQGV DQG LQ D VHDVRQ KLJK PLQXWHV YHUVXV 1R /68 3URGXFHG HLJKW

SRLQWV LQFOXGLQJ RI VKRRWLQJ IURP WKH IUHH WKURZ OLQH DW *HRUJLD 7HFK 6FRUHG VHYHQ SRLQWV LQ KHU À UVW FROOHJLDWH JDPH DW )ORULGD *XOI &RDVW *UDEEHG IRXU UHERXQGV DQG VFRUHG À YH SRLQWV DW 1R 'XNH

} Ê-V \Ê 7ZR WLPH *$&$ $ )LUVW 7HDP $OO 6WDWH VHOHFWLRQ $YHUDJHG SRLQWV UHERXQGV VWHDOV DQG DVVLVWV SHU JDPH KHU VHQLRU VHDVRQ 3OD\HG LQ WKH *HRUJLD +LJK 6FKRRO $VVRFLDWLRQ $OO 6WDU JDPH +HULWDJH %DQN &ODVVLF 7RXUQDPHQW 093 $WODQWD 7LS 2II &OXE 6RXWKZHVW 0HWUR 3OD\HU RI WKH 0RQWK 7ZR \HDU WHDP 093 +HOSHG /DQGPDUN &KULVWLDQ WR WKH 5HJLRQ $ &KDPSLRQVKLS $YHU DJHG SSJ USJ DQG VSJ DV D MXQLRU &RDFKHG E\ -LP :DOOHU DW /DQGPDUN

*iÀÃ > \ÊÊ %RUQ )HEUXDU\ 0DMRU LQJ LQ FRPPXQLFDWLRQ GLVRUGHUV

", Ê-/ / Ê1 6 ,- /9


* 9 ,-

>ÀiiÀÊ-Ì>Ì ÃÌ VÃ <($5 727$/

* *6 03* )*0 )*$

3&7 )* )*$ 3&7

)70 )7$

3&7 5(% $9* 3) '4

7" ½-Ê - /

$6

72

%.

67

376 $9*

xx


* 9 , £ÓÊ ÕÀÌ iÞÊ7>À` Ê Ê x ÈÊUÊ Õ>À`ÊUÊ- « Ài Ê Ì} iÀÞ]Ê >° Ê ­ ivviÀÃ Ê >Û Ã®

ÓääÇ änÊ-i>à \Ê

>ÀiiÀÊ } Ã 3RLQWV YV +RIVWUD

5HEV 7ZLFH

%ORFNV 7KUHH 7LPHV

$VVLVWV 7ZLFH

6WHDOV 7ZLFH

72V YV )RUGKDP

)*0 7ZLFH

)*$ YV *HRUJLD

)*0 YV *HRUJLD

)*$ 7ZLFH

)70 YV +RIVWUD

)7$ 7ZLFH

0LQXWHV YV *HRUJLD

6FRUHG DQ )68 EHVW SRLQWV LQ WKH ZLQ RYHU +RIVWUD 7ZLFH JUDEEHG VL[ UHERXQGV RQFH DJDLQVW 1R *HRUJLD DQG WKHQ DJDLQ YHUVXV :DNH )RUHVW 1RWFKHG SRLQWV RQ À YH À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

} Ê-V \Ê

7KUHH \HDU $OO 6WDWH VHOHFWLRQ LQ FOXGLQJ D SDLU RI )LUVW 7HDP DZDUGV KHU ODVW WZR VHDVRQV 5DWHG WK RYHUDOO RQ WKH +RRS*XUO] FRP +RW 6FRXW FRP OLVWHG KHU DV WKH 1R JXDUG LQ WKH FRXQWU\ 6HOHFWHG WR $ODEDPD $ $OO 6WDWH 7RXUQDPHQW DIWHU OHDGLQJ -HIIHUVRQ 'DYLV WR WKH VWDWH WLWOH $OVR QDPHG UHJLRQDO 093 1RPLQDWHG IRU $ODEDPD·V 0LVV %DVNHWEDOO $ZDUG 1DPHG 093 RI WKH $ODEDPD VTXDG DW WKH $ODEDPD 0LVVLVVLSSL $OO 6WDU JDPH DIWHU VFRULQJ SRLQWV SXOOLQJ GRZQ VHYHQ UHERXQGV DQG DGGLQJ À YH DVVLVWV DQG WKUHH VWHDOV $OVR SOD\HG IRU WKH 6RXWK VTXDG LQ WKH $ODEDPD 1RUWK 6RXWK $OO 6WDU *DPH /HG WKH VWDWH LQ DVVLVWV KHU VHQLRU \HDU $YHUDJHG SRLQWV DVVLVWV DQG VWHDOV SHU JDPH DV D MXQLRU 3OD\HG IRU WKH $ODEDPD 5RDGUXQQHUV WUDYHOLQJ WHDP XQGHU WKH GLUHFWLRQ RI *UHJ :LOOLDPV

*iÀÃ > \Ê %RUQ $XJXVW 0DMRULQJ LQ VRFLDO VFLHQFH

", Ê-/ / Ê1 6 ,- /9


* 9 ,-

>ÀiiÀÊ-Ì>Ì ÃÌ VÃ <($5 727$/

* *6 03* )*0 )*$

3&7 )* )*$ 3&7 )70 )7$ 3&7 5(% $9* 3) '4 $6 72

7" ½-Ê - /

%.

67

376 $9*


* 9 , ÓÓÊ >Þ Ê i Õ} Ê Ê È £ÊUÊ ÀÜ>À`ÊUÊ Àià > Ê > `Ê"½ > iÃ]Ê >°Ê Ê ­ > `Ê"½ > iî

} Ê-V \Ê

3HUKDSV WKH PRVW YHUVDWLOH SOD\HU LQ WKH IUHVKPDQ FODVV .HRXJK FDQ SOD\ DQ\ QXPEHU RI SRVLWLRQV RQ WKH Á RRU $ 6SRUWLQJ 1HZV $OO $PHULFDQ QRPLQHH DV D VHQLRU 1DPHG WR WKH )$&$ $OO 6WDU 7HDP :DV D À UVW WHDP DOO VWDWH VHOHF WLRQ 7DPSD 7ULEXQH 3OD\HU RI WKH <HDU DV ZHOO DV )HPDOH $WKOHWH RI WKH <HDU $OVR QDPHG WKH 1RUWK 6XQFRDVW 3OD\HU IR WKH <HDU $OVR HDUQHG 7DPSD 7ULEXQH 3OD\HU RI WKH <HDU KRQRUV DV D YROOH\EDOO SOD\HU 7ZR \HDU +RQRUDEOH 0HQWLRQ $OO $PHULFD VHOHFWLRQ E\ 6WUHHW 6PLWK VKH FROOHFWHG KHU À UVW $ $OO 6WDWH KRQRUV IURP WKH )ORULGD 6SRUWV $VVRFLDWLRQ DV D MXQLRU $YHUDJHG SSJ USJ

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

+RQRUDEOH 0HQWLRQ $OO 6WDWH VHOHFWLRQ /HWWHUHG IRU RQH VHDVRQ DV ZHOO DV LQ WUDFN 3OD\HG IRU FRDFK /DXULH 3DFKRONH DW /DQG 2·/DNHV +LJK 6FKRRO *UDGXDWHG LQ WKH 7RS RI KHU FODVV 1DPHG WR WKH 'HDQ·V /LVW 0HPEHU RI WKH 1DWLRQDO (QJOLVK +RQRU 6RFLHW\ DV ZHOO DV WKH 1D WLRQDO 6RFLHW\ RI +LJK 6FKRRO +RQRUV 1DPHG WKH 7DPSD 7ULEXQH 6FKRODU $WK OHWH RI WKH <HDU :DV QDPHG WKH 0RVW 2XWVWDQGLQJ 6HQLRU DW /DQG 2·/DNHV

*iÀÃ > \Ê

%RUQ -XO\ 0DMRULQJ LQ VRFLRO RJ\ )DWKHU 0LFKDHO .HRXJK SOD\HG TXDUWHUEDFN DW 7HQQHVVHH 7HFK

ÎÊ iÝ>Ê i Õâ Ê Ê x ÊUÊ Õ>À`ÊUÊ Àià > Ê 7 `i iÀi]Ê >° Ê ­/ iÊ ÀÃÌÊ V>`i Þ®

} Ê-V \Ê

2YHU WKH ODVW KHU IRXU \HDU FDUHHU 'H/X]LR KDV EHHQ RQH RI WKH PRVW GHFRUDWHG SOD\HUV LQ )ORULGD 7ZR WLPH $$8 $OO $PHULFDQ VKH HDUQHG 6WUHHW 6PLWK +RQRUDEOH 0HQWLRQ $OO $PHULFD DFFRODGHV WKH ODVW WZR \HDUV RI KHU FDUHHU 'H/X]LR LV QR VWUDQJHU WR ZLQQLQJ FKDPSLRQ VKLSV DV KHU 2UODQGR &RPHWV FRDFKHG E\ -DFN *LYHQV ZRQ WKH $$8 8 1DWLRQDO &KDPSLRQVKLS DQG KHU )LUVW $FDGHP\ WHDP LV D WZR WLPH

xn

)+6$$ $ 6WDWH &KDPSLRQ 1DPHG KHU WHDP·V 0RVW 9DOXDEOH 3OD\HU DOO IRXU \HDUV )RXU WLPH )LUVW 7HDP $OO 6WDWH VHOHFWLRQ DV ZHOO DV IRXU WLPH PHPEHU RI WKH DOO FRXQW\ WHDP $V D MXQLRU VKH DYHUDJHG SSJ USJ DQG DVVLVWV SHU JDPH RQ KHU ZD\ WR KHU VHFRQG &ODVV $ $OO 6WDWH VHOHFWLRQ IURP WKH )ORULGD 6SRUWVZULWHUV $VVRFLDWLRQ $V D VRSKRPRUH VKH ZDV QDPHG $ 3OD\HU RI WKH <HDU ZKLOH HDUQLQJ WKH À UVW RI

WZR )+6$$ $OO 7RXUQDPHQW 7HDP KRQRUV /DVW VHDVRQ VKH ZDV FKRVHQ IRU WKH )LQDO )RXU $OO 7RXUQDPHQW WHDP (DUQHG D WULR RI $OO &HQWUDO )ORULGD )LUVW 7HDP DZDUGV WR JR DORQJ ZLWK WZR UHJLRQDO VHOHFWLRQV

*iÀÃ > \Ê

%RUQ 6HSWHPEHU 0DMRULQJ LQ FKLOG GHYHORSPHQW )DWKHU 'RQ 'HOX]LR SOD\HG FROOHJLDWH IRRWEDOO DW &RORUDGR

", Ê-/ / Ê1 6 ,- /9


* 9 , x{Ê iÀÀ>Ê À>Û>À` Ê Ê È {ÊUÊ i ÌiÀÊUÊ Àià > Ê -> `Õà Þ]Ê" Ê Ê ­*iÀ î } Ê-V \Ê

/HWWHUHG IRU IRXU VHDVRQV XQGHU FRDFK 5D\ 1HLOO DW 3HUNLQV +LJK 6FKRRO 6FKRRO·V DOO WLPH OHDGLQJ VFRUHU ZLWK FDUHHU SRLQWV 7DOOLHG SRLQWV LQ D VLQJOH JDPH ZKLFK LV D VFKRRO UHFRUG 3RVWHG UHERXQGV DQG EORFNHG VKRWV ERWK RI ZKLFK DUH QHZ VFKRRO VWDQGDUGV $V D VHQLRU ZDV

QDPHG À UVW WHDP DOO FRQIHUHQFH DOO GLVWULFW DQG DOO VWDWH 2KLR 3OD\HU RI WKH <HDU DQG D :%&$ $OO $PHULFD $V D MXQLRU ZDV D À UVW WHDP DOO FRQIHU HQFH DOO GLVWULFW DQG DOO VWDWH VHOHFWLRQ )LQDOLVW IRU 2KLR 0V %DVNHWEDOO (DUQHG À UVW WHDP DOO FRQIHUHQFH DOO GLVWULFW DQG DOO VWDWH KRQRUV DV D VRSKRPRUH 6WDUUHG DV IUHVKPDQ

HDUQLQJ DOO FRQIHUHQFH DQG DOO GLVWULFW KRQRUV ZKLOH DOVR WDNLQJ KRQRUDEOH PHQWLRQ DOO VWDWH VWDWXV DV ZHOO 0HPEHU RI WKH 60$& 6KRZWLPH &OXE 7HDP

*iÀÃ > \Ê

%RUQ 6HSWHPEHU 0DMRULQJ LQ VRFLRORJ\

ääÊ >à ÌÞÊ >ÞÌ Ê ÊÈ £ÊUÊ Õ>À`É ÀÜ>À`ÊUÊ Àià > Ê iÝ> `À >]Ê6>°Ê Ê ­ ` à ®

} Ê-V \Ê

/HWWHUHG IRU IRXU VHDVRQV DW 7KRPDV (GLVRQ +6 IRU FRDFK 'LDQH /HZLV $ IRXU \HDU +RQRUDEOH 0HQWLRQ $OO $PHULFDQ E\ 6WUHHW DQG 6PLWK $ 9,6*%$ 'LYLVLRQ , $OO 6WDWH VHOHF WLRQ LQ VKH DOVR HDUQHG $','$6 7RS 7HQ &DPS 8QGHUFODVV $OO 6WDU DFFRODGHV WKDW \HDU $ IRXU VWDU UH

FUXLW +RRSJXUO] FRP OLVWHG &OD\WRQ DV WKH HLJKWK EHVW SOD\HU DW KHU SRVL WLRQ $V D MXQLRU &OD\WRQ DYHUDJHG SSJ DQG USJ JDPH WR HDUQ +RQRUDEOH 0HQWLRQ 9LUJLQLD 3UHS *URXSV $$$ DV ZHOO DV $OO 0HWUR +RQRUDEOH 0HQWLRQ KRQRUV 7HDP ZDV D WZR WLPH &ODVV $$$ UXQQHU XS DW WKH VWDWH WRXUQDPHQW &OD\WRQ

7" ½-Ê - /

DOVR SOD\HG IRU -DPHV 1LFKROV· 7HDP 8QLTXH $88 VTXDG

*iÀÃ > \Ê

%RUQ )HEUXDU\ 0DMRULQJ LQ ELRORJ\ &RXVLQ %HUW 5HHG FXU UHQWO\ SOD\V IRRWEDOO DW )ORULGD 6WDWH

x


* 9 ,-

ÜÊ9 ÕÀÊ ià >V Ì>Ê À i

)DYRULWH 3UR 6SRUWV 7HDP / $ /DNHUV )D YRULWH $WKOHWH /H%URQ -DPHV )DYRULWH )RRG &DULEEHDQ )RRG )DYRULWH 7HDP 7UDGLWLRQ /DXJKLQJ )LUVW -RE &RXQVHORU $W %R\V *LUOV &OXE 2QH 6XSHUSRZHU <RX :LVK <RX +DG $ELOLW\ WR IDVW IRUZDUG WKURXJK SUHVHDVRQ ZRUNRXWV 2Q $YHUDJH , 6HQG 7H[W 0HVVDJHV 3HU 'D\

ÕÀÌ iÞÊ7>À`

)DYRULWH 79 6KRZ 0DNLQJ 7KH %DQG )D YRULWH $WKOHWH &KULV 3DXO :KR 0DNHV <RX /DXJK -DFLQWD 0RQURH 7DOHQW , :RXOG /LNH 7R +DYH 'XQNLQJ 2QH 7KLQJ , &DQ·W /LYH :LWKRXW &HOO 3KRQH 0RVW ,QÁ XHQWLDO 3HUVRQ ,Q <RXU /LIH 0RP )DFHERRN RU 0\6SDFH )DFHERRN

>Þ >Ê Ài

)DYRULWH 3UR 6SRUWV 7HDP 1HZ (QJODQG 3D WULRWV /DVW 0RYLH <RX 6DZ 7KH 'DUN .QLJKW )DYRULWH 7HDP 7UDGLWLRQ 6LJQLQJ DXWRJUDSKV DIWHU JDPHV :K\ 'LG <RX 3LFN )68" 7UDGL WLRQ DQG (QYLURPHQW )LUVW -RE 'DQFH WHDFKHU DW HOHPHQWDU\ VFKRRO 2QH 7KLQJ , &DQ·W /LYH :LWKRXW 2[\JHQ 0RVW ,QÁ XHQWLDO 3HUVRQ 0\ VWURQJ EHDXWLIXO QXUWXULQJ PRWKHU

iÝ>Ê i Õâ

)DYRULWH 79 6KRZ 7\UD %DQNV 6KRZ )DYRULWH 7HDP 7UDGLWLRQ 0DNLQJ 8S *RRI\ 6RQJV )LUVW -RE $EHUFURPELH )LWFK 'UHDP 'DWH 'LQQHU WKHQ ZDON RQ WKH EHDFK 3UHJDPH ULWXDO 3UD\ %HIRUH (YHU\ *DPH 'UHDP 9DFDWLRQ -DPDLFD :K\ )68" /RYH 7KH 7HDP $QG 3OD\ ,Q 7KH $&&

/> >iÊ >Û Ã >

)DYRULWH 79 6KRZ $Q\WKLQJ RQ $QLPDO 3ODQHW )DYRULWH )RRG *ULOOHG &KHHVH ZLWK H[WUD FKHHVH :KR 0DNHV <RX /DXJK" 6SRQJHERE DQG -DFLQWD 0RQURH 'UHDP 'DWHV 7RP -HUU\ 2Q $YHUDJH , 6HQG 7H[W 0HVVDJHV 3HU 'D\ )DFHERRN 2U 0\6SDFH )DFHERRN , .QRZ ,WV *DPHWLPH :KHQ , SXW RQ P\ XQLIRUP

iÀÀ>Ê À>Û>À`

)DYRULWH 3UR 6SRUWV 7HDP 'HWURLW 3LVWRQV )DYRULWH )RRG 6SDJKHWWL 2·V :KR 0DNHV <RX /DXJK" $OH[D 'HOX]LR 7DOHQW , :LVK , +DG 3OD\LQJ 3LDQR :RUGV 7R /LYH %\ 3URYH (YHU\ERG\ :URQJ )DYRULWH 6SRW 2Q &DPSXV 7KH *\P )LUVW -RE ,FH &UHDP 6WRUH

>Þ Ê i Õ}

0RVW 5HFHQW 6RQJ /LVWHQHG 7R ´&KDQJHµ 7D\ORU 6ZLIW 'UHDP 9DFDWLRQ $Q\ZKHUH EHDFK\ )DYRULWH )RRG &KRFRODWH VWHDN )LUVW -RE 5HFHSWLRQLVW :RUGV 7R /LYH %\ (YHU\WKLQJ +DSSHQV )RU $ 5HDVRQ :KDW ,V 2QH 6XSHUSRZHU <RX :LVKHG )RU %H DEOH WR Á \ 2Q $YHUDJH , 6HQG 7H[W 0HV VDJH 3HU 'D\

À ÃÌ > Ê Õ VÕÌÌ

)DYRULWH 3UR $WKOHWH /LVD /HVOLH 'UHDP 9DFDWLRQ +DZDLL )DYRULWH .LGV &DUWRRQ $UWKXU 2QH 7KLQJ , &DQ·W /LYH :LWKRXW 0\ 0XVLF :KHQ ,·P $W +RPH , /LNH 7R 5HOD[ :DWFK 79 3UHJDPH 5LWXDO 3UD\ )DYRULWH )RRG &UDEOHJV

ÞÃ >Ê >ÀÛ

)DYRULWH 3UR 6SRUWV 7HDP 2UODQGR 0DJLF )D YRULWH 79 6KRZ 3UHYLHZ *XLGH &KDQQHO )LUVW -RE :RUNLQJ $W :LQQ 'L[LH 7DOHQW , :LVK , +DG 6LQJLQJ 2Q $YHUDJH , 6HQG 7H[W 0HVVDJHV 3HU 'D\ )DFHERRN 2U 0\6SDFH %RWK :KHQ , $P $W +RPH , 6OHHS

>À>Ê Àià ÕÀ

)DYRULWH 3UR 6SRUWV 7HDP &KLFDJR &XEV )LUVW -RE 5HIHUHH DW <0&$ :KHQ ,·P $W +RPH , 5HOD[ $QG :DWFK 0RYLHV 0RVW ,QÁ XHQWLDO 3HUVRQ 0\ 0RWKHU )DFHERRN RU 0\6SDFH )DFHERRN 2QH 7KLQJ , &DQ·W /LYH :LWKRXW 0\ )DLWK %HVW 9HQXH <RX +DYH &RPSHWHG $W $VVHPEO\ +DOO

Èä

}i Ê À>Þ

)DYRULWH 79 6KRZ )DPLO\ *X\ 6XSHUVWLWLRQV 0DNH P\ ODVW VKRW LQ ZDUP XS )LUVW -RE *UDQGPRWKHU·V 'D\FDUH 2QH $YHUDJH , 6HQG 7H[W 0HVVDJHV 3HU 'D\ )DYRULWH )RRGV &DMXQ DQG -DSDQHVH )RRG :KR 0DNHV <RX /DXJK" -DFLQWD 0RQURH $QWLRQHWWH +RZDUG %HVW 0HPRU\ $W )68 %HDWLQJ 6WDQIRUG 7R 5HDFK 7KH 6ZHHW

>Ã ÌÞÊ >ÞÌ

)DYRULWH 3UR 6SRUWV 7HDP %RVWRQ &HOWLFV 'UHDP 9DFDWLRQ 5XVVLD )DYRULWH 7HDP 7UDGLWLRQ 3UH JDPH PHDO :K\ 'LG <RX 3LFN )68" 7KH &RDFKLQJ 6WDII :KDW ,·P $W +RPH , WDON RQ WKH SKRQH 0RVW ,QÁ XHQ WLDO 3HUVRQ 0\ JUDQGPRWKHU )DFHERRN RU 0\6SDFH )DFHERRN

Ì iÌÌiÊ Ü>À`

'UHDP 9DFDWLRQ $Q\ZKHUH ZLWKRXW VWUHVV :KR 0DNHV <RX /DXJK" &KULVWLDQ +XQQLFXWW -D FLQWD 0RQURH 7DOHQW , :LVKHG , +DG 'XQNLQJ :RUGV 7R /LYH %\ *R +DUG 2U *R +RPH 2QH 6XSHUSRZHU , :LVKHG , +DG 0LQG 5HDGHU 0RVW ,QÁ XHQWLDO 3HUVRQ 0\ 0RP :K\ 'LG <RX 3LFN )68" )DPLO\ OLNH 'HVLUH 7R :LQ &KDPSLRQVKLS

", Ê-/ / Ê1 6 ,- /9


ÓääÇ änÊ, 6 7

ÓääÇ än - -" Ê, 6 7 7" ½-Ê - /

È£


ÓääÇ änÊ, 6 7

-i>Ã Ê,iÛ iÜ

-i iÃÊ ,i>V Ê Ê / ÕÀ > -1Ê ` }Ê

Ê / ÕÀ > i ÌÊ LW ZDV KHUV 6KDQWH :LOOLDPV GLVKHG RXW KHU WK DVVLVW DW WKH PDUN RI WKH i ÌÊ ÀÊ ÕÀÌ -ÌÀ> } ÌÊ-i>Ã Ê -ÕVViÃÃÊ

,Q WKH SDVW D WULS WR WKH 1&$$ 7RXUQD PHQW ZDV DQ DGGHG ERQXV WR WKH VHDVRQ IRU )ORULGD 6WDWH 1RZ LW·V EHFRPH D UXOH )RU WKH IRXUWK VWUDLJKW VHDVRQ WKH 6HPLQROHV ZHUH SDUW RI WKH )LHOG RI LQ WKH 1&$$ 7RXUQDPHQW )ORULGD 6WDWH VHHGHG WK ZDV VHQW WR 'HV 0RLQHV ,RZD IRU WKH À UVW WZR URXQGV RI WKH 1HZ 2UOHDQV 5HJLRQDO ,Q DGGLWLRQ WR PDNLQJ WKHLU IRXUWK FRQVHFX WLYH %LJ 'DQFH LW ZDV WKH 6HPLQROHV· VL[WK VWUDLJKW SRVW VHDVRQ DSSHDUDQFH )68 ZDV D VHFRQG DZD\ IURP PDNLQJ EDFN WR EDFN 6ZHHW DSSHDUDQFHV DV LW IHOO WR 1R DQG WKLUG VHHGHG 2NODKRPD 6WDWH LQ WKH VHFRQG URXQG

$V ZHOO DV WKH 6HPLQROHV KDYH GRQH LQ WKH 1&$$ 7RXUQDPHQW WKDW ZDVQ·W WKH FDVH GXULQJ WKH FRQIHUHQFH WRXUQDPHQW XQWLO UHFHQWO\ )RU WKH VHFRQG \HDU LQ D URZ )ORULGD 6WDWH SLFNHG XS D À UVW URXQG YLFWRU\ LQ WKH $&& 7RXUQDPHQW ,URQLFDOO\ IRU WKH VHFRQG \HDU LQ D URZ WKH 6HPLQROHV WRRN GRZQ :DNH )RUHVW RQ WKH À UVW GD\ RI WKH WRXUQDPHQW )ORULGD 6WDWH EDWWOHG 1R 'XNH LQ WKH TXDUWHUÀ QDOV DQG KDG D OHDG PLGZD\ WKURXJK WKH VHFRQG KDOI EHIRUH IDOOLQJ

VHFRQG KDOI 6KH GURYH WR WKH ODQH IURP WKH OHIW ZLQJ DQG GLVKHG WR 0DUD )UHVKRXU ZKR NQRFNHG GRZQ D MXPSHU IURP MXVW LQVLGH WKH IUHH WKURZ OLQH :LOOLDPV EURNH WKH ROG PDUN RI VHW E\ -HQ 5RELQVRQ 1RW RQO\ GLG VKH EUHDN WKH PDUN EXW VKH PD\ KDYH SXW LW RXW RI UHDFK IRU VRPH WLPH DV VKH À QLVKHG KHU FDUHHU ZLWK DVVLVWV DIWHU KHU WKLUG VHDVRQ RI DVVLVWV RU PRUH

7 > ÃÊ À ÃÃiÃÊ£]äää * ÌÊ >ÀÀ iÀÊ

6KH·OO EH NQRZQ IRU EHLQJ WKH EHVW

-i À>ÕÊ ÛiÃÊ1«Ê" Ê

Ê7 ÃÊ SDVVHU LQ )ORULGD 6WDWH KLVWRU\ EXW 6KDQWH :LOOLDPV ZDV DOVR D YHU\ SUROLÀ F VFRUHU ÃÌÊ

-XVW WZR ZLQV GXULQJ FRQIHUHQFH $W 0DU\ODQG RQ )HEUXDU\ VKH UHDFKHG

-1Ê/> iÃÊ Ü Ê °ÊÓxÊ" Ê-Ì>ÌiÊ SOD\ PRYHG KHDG FRDFK 6XH 6HPUDX XS D WKH QXPEHU WKDW GHÀ QHV \RXU DELOLW\ WR SXW Ê Ê/ ÕÀ > i ÌÊ ÀÃÌÊ, Õ `Ê QRWFK RQ WKH $&& FRDFKLQJ UDQNV IRU $&& WKH EDOO LQ WKH EDVNHW $W WKH PDUN 6RPH GHWUDFWRUV IHOW )ORULGD 6WDWH VKRXOGQ·W KDYH EHHQ LQ WKH 1&$$ 7RXUQD PHQW EXW WKH 6HPLQROHV SURYHG HYHU\RQH ZURQJ )ORULGD 6WDWH RSHQHG WKH 7RXUQDPHQW ZLWK D UHVRXQGLQJ YLFWRU\ RYHU WK UDQNHG 2KLR 6WDWH 7KH 6HPLQROHV QHYHU WUDLOHG WKH WKLUG VHHGHG %XFNH\HV WKH HQWLUH JDPH DQG KDG D SRLQW OHDG LQ WKH VHFRQG KDOI )ORULGD 6WDWH KDV ZRQ LWV RSHQLQJ URXQG 1&$$ 7RXUQD PHQW JDPH LQ HDFK RI WKH ODVW IRXU VHDVRQV DQG DOO À YH WULSV XQGHU 6XH 6HPUDX

ÈÓ

YLFWRULHV :LWK YLFWRULHV GXULQJ FRQIHU HQFH DFWLRQ 6HPUDX UDWHV HLJKWK DOO WLPH 6KH QHHGV HLJKW PRUH $&& YLFWRULHV WR FDWFK IRUPHU *HRUJLD 7HFK FRDFK $JQXV %HUHQDWR IRU WKH VHYHQWK VSRW 6HPUDX LV WULXPSKV DZD\ IURP VXUSDVVLQJ %HUHQDWR RQ WKH RYHUDOO ZLQV OLVW

RI WKH VHFRQG KDOI VKH ZHQW WR WKH ZHOO IRU KHU VL[WK SRLQW RI WKH GD\ ZKLFK SXVKHG KHU RYHU WKH SRLQW EDUULHU IRU KHU FDUHHU :LOOLDPV À QLVKHG KHU FDUHHU ZLWK SRLQWV 7KH VW PHPEHU RI WKH )ORULGD 6WDWH SRLQW FOXE VKH À QLVKHG KHU WHQXUH UDQNHG WK LQ FDUHHU VFRULQJ

7 > ÃÊ /> iÊ Ü Ê -1Ê ÃÃ ÃÌÊ iV Ê"ÕÌÊ/ iÊ }Ê À> Ê" Ê >À>Ê ,I \RX ZHUH ORRNLQJ IRU WKH GHÀ QLWLRQ ,iV À`Ê

,W ZDV WKH UHFRUG VKH ZDV GHVWLQHG RI D VWXGHQW DWKOHWH RQH ZRXOG KDYH WR WR EUHDN VLQFH GD\ RQH DQG RQ -DQXDU\ ORRN QR IDUWKHU WKDQ )ORULGD 6WDWH JXDUG

", Ê-/ / Ê1 6 ,- /9


ÓääÇ änÊ, 6 7

-i>Ã Ê,iÛ iÜ

6KDQWH :LOOLDPV

7DQDH 'DYLV &DLQ

$O\VKD +DUYLQ

0DUD )UHVKRXU 7RS WKUHH RQ WKH WHDP LQ VFRULQJ UHERXQGLQJ DQG DVVLVWV WKH MXQLRU DOVR H[FHOOHG LQ WKH FODVVURRP )UHVKRXU ZDV KRQRUHG IRU KHU HIIRUWV LQ ERWK ZLWK D &R6,'$ (631 7KH 0DJD]LQH 6HFRQG 7HDP $FDGHPLF $OO 'LVWULFW 6HOHFWLRQ ,Q DGGLWLRQ VKH SLFNHG XS KHU VHFRQG $FDGHPLF $OO $&& :RPHQ·V %DVNHWEDOO KRQRU $ VSRUW PDQDJHPHQW PDMRU ZLWK D *3$ VKH·V WKH WHDP·V *ROGHQ 7RUFK ZLQQHU IRU KDYLQJ WKH KLJKHVW *3$ RQ WKH WHDP EHHQ RQ WKH 3UHVLGHQW·V /LVW WZLFH *3$ DQG RQFH RQ WKH 'HDQ·V /LVW *3$ RU KLJKHU

>Û Ã > Ê } Ì }Ê1«Ê/ iÊ -V ÀiL >À`Ê

-1Ê Ì ÕiÃÊ > ViÊ"vÊ/ iÊ >Ì ÀÃÊ

>Û Ã > Ê >À ÃÊ

Ê VV >`iÃÊ

6KH ZDV WKH FDWDO\VW IRU WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO WHDP DQG 7DQDH 'DYLV &DLQ ZDV UHFRJQL]HG IRU KHU HIIRUWV E\ EHLQJ QDPHG +RQRUDEOH 0HQWLRQ $OO $&& E\ WKH $WODQWLF &RDVW 6SRUWV 0HGLD $VVRFLDWLRQ DV DQQRXQFHG E\ WKH OHDJXH RIÀ FH 'DYLV &DLQ LV WKH WK 6HPLQROH WR EH KRQRUHG E\ WKH OHDJXH·V PHGLD DVVRFLD WLRQ DQG JDYH )ORULGD 6WDWH DQ $OO $&& VHOHFWLRQ IRU WKH WK VHDVRQ LQ D URZ 6KH LV WKH WK GLIIHUHQW SOD\HU XQGHU 6XH 6HPUDX WR HDUQ $OO $&& KRQRUV

$IWHU WZR \HDUV RI EHLQJ D UROH SOD\HU JXDUG 7DQDH 'DYLV &DLQ WRRN RYHU WKH 6HPLQROHV· VFRULQJ GXWLHV 6KH XSSHG KHU DYHUDJH E\ RYHU À YH SRLQWV SHU JDPH WR SSJ +HOSLQJ WKLV VFRULQJ RQVODXJKW ZDV VL[ JDPHV RI SRLQWV RU PRUH LQFOXG LQJ WKUHH JDPHV LQ D URZ ZKLFK LV WKH EHVW UXQ RI SRLQW JDPHV VLQFH $OO $PHULFDQ 5RQHHND +RGJHV DFFRPSOLVKHG WKH IHDW LQ IRXU FRQVHFXWLYH JDPHV GXULQJ WKH FDPSDLJQ ,Q WKH PLGGOH RI WKH VHDVRQ 'DYLV &DLQ UHDFKHG GRXEOH GLJLWV LQ VWUDLJKW JDPHV

ÛiÀÞ iÊ iÌÃÊ/ i ÀÊ- ÌÊ

7KH 6HPLQROHV ZHUH WKH RQO\ WHDP LQ WKH $&& ODVW VHDVRQ WR KDYH HYHU\ SOD\HU RQ WKH URVWHU VWDUW DW OHDVW RQH JDPH DQG HYHU\ 6HPLQROH VWDUWHG DW OHDVW WZR ,Q DOO )ORULGD 6WDWH XVHG GLIIHUHQW VWDUWLQJ OLQH XSV WKURXJKRXW WKH FRXUVH RI WKH \HDU 2I WKH FRPELQDWLRQV WKH RQH JURXS WKDW VWDUWHG WRJHWKHU WKH PRVW ZDV WKH TXLQWHW RI -DFLQWD 0RQURH $O\VKD +DUYLQ 6KDQWH :LOOLDPV &RXUWQH\ :DUG DQG 0DUD )UHVKRXU ZKR VWDUWHG VHYHQ WLPHV

7" ½-Ê - /

2YHU WKH ODVW IRXU \HDUV )ORULGD 6WDWH KDV KDG )ORULGD·V QXPEHU LQ WKHLU DQQXDO VHULHV $ 0DUD )UHVKRXU IUHH WKURZ ZLWK VHFRQGV UHPDLQLQJ SXW WKH 6HPLQROHV XS WKUHH DQG D 8) GHVSHUDWLRQ KHDYH IHOO VKRUW DV 1R )ORULGD 6WDWH SUHYDLOHG RQ 1RYHPEHU )68 KDV ZRQ IRXU RI WKH ODVW $OLFLD *ODGGHQ RQ 6HQLRU 'D\ À YH DIWHU GURSSLQJ WKH SUHYLRXV DJDLQVW WKH *DWRUV 7KH ZLQ ZDV MXVW WKH VHFRQG IRU WKH 6HPLQROHV LQ *DLQHVYLOOH VLQFH WKH VHDVRQ

-i iÃÊ ÀiÊ-Ì>ÌiÊ > «ÃÊ

7KH ODVW WZR DQG KDOI \HDUV WKH 6HPL QROHV KDYH EHHQ WKH TXHHQV RI WKH 6XQVKLQH VWDWH 7KH YLFWRU\ RYHU 0LDPL GXULQJ WKH À QDO ZHHN RI WKH UHJXODU VHDVRQ PRYHG WKHLU XQEHDWHQ VWUHDN WR RYHU LQ VWDWH IRHV )68 KDV QRW ORVW D JDPH WR DQ LQ VWDWH RSSRQHQW VLQFH D ORVV DW )ORULGD RQ -DQXDU\ $W KRPH WKH 6HPLQROHV KDYH ZRQ WKHLU ODVW JDPHV WR VFKRROV IURP WKH VWDWH VLQFH GURSSLQJ D GHFL VLRQ WR )ORULGD RQ 'HFHPEHU

ÈÎ


ÓääÇ änÊ, 6 7

-i>Ã Ê,iÛ iÜ

$QJHO *UD\

&RXUWQH\ :DUG

0DUD )UHVKRXU

-i iÃÊ iÊ"ÕÌÊ6 VÌ À ÕÃÊ Ê UHFRUG ZDV D WHDP HIIRUW DV VHYHQ SOD\HUV PDUNLQJ WKH KLJKHVW WKH SURJUDP KDV HYHU >Õ}ÕÀ> Ê

É }Ê/i Ê > i }iÊ PDGH DW OHDVW RQH SRLQWHU DQG À YH KLW DW UDQNHG $ ZLQ RYHU 2KLR 6WDWH LQ WKH À UVW

)ORULGD 6WDWH GLG LWV SDUW WR KHOS RXW WKH OHDJXH GXULQJ WKH LQDXJXUDO $&& %LJ 7HQ :RPHQ·V %DVNHWEDOO &KDOOHQJH 0DUD )UHVKRXU ZKR JUHZ XS PLQXWHV HDVW RI %ORRPLQJWRQ VFRUHG SRLQWV WR KHOS WKH 6HPLQROHV GHIHDW ,QGLDQD /HG E\ )UHVKRXU )ORULGD 6WDWH KDG À YH SOD\HUV LQ GRXEOH À JXUHV )UHVKPDQ $QWLRQHWWH +RZ DUG FDPH RII WKH EHQFK WR SURGXFH KHU À UVW FROOHJLDWH GRXEOH GRXEOH ZLWK SRLQWV DQG UHERXQGV 7KH 6HPLQROHV· YLFWRU\ KHOSHG WKH FRQIHUHQFH ZLQ WKH FKDOOHQJH

-i iÃÊ-iÌÊÎ * ÌÊ,iV À`Ê

$ GHSOHWHG LQWHULRU JDPH IRUFHG WKH 6HPLQROHV WR UHO\ RQ WKH SOD\ RI WKHLU SHULPHWHU SOD\HUV DQG WKH\ GLG QRW GLVDS SRLQW )ORULGD 6WDWH ZDV RQH RI WKH WRS SRLQW VKRRWLQJ WHDPV LQ WKH FRQIHUHQFH DQG GURSSHG LQ D VFKRRO UHFRUG WUH\V EHVWLQJ WKH ROG PDUN E\ ,Q DGGLWLRQ WR EHLQJ SUROLÀ F WKH 6HPLQROHV ZHUH DFFXUDWH IURP EHKLQG WKH DUF KLWWLQJ SHUFHQW ZKLFK LV WKH EHVW UDWH VLQFH WKH VTXDG VHW WKH UHFRUG RI SHUFHQW WKH \HDU WKH SRLQW OLQH ZDV LQVWLWXWHG 6HWWLQJ WKH

È{

OHDVW WKUHH EDOOV GXULQJ WKH VHDVRQ

URXQG RI WKH 1&$$ 7RXUQDPHQW DQG D FORVH FDOO ZLWK 2NODKRPD 6WDWH ZDUUDQWHG Àià ÕÀÊ/> iÃÊ Ü ÊÎ * ÌÊ YRWHV IRU WKH 6HPLQROHV DV WKH\ ZUDSSHG ,iV À`Ê XS WKH \HDU UHFHLYLQJ YRWHV LQ WKH 86$ 'LUHFWO\ FRQWULEXWLQJ WR )ORULGD 6WDWH 7RGD\ (631 &RDFKHV· 3ROO EUHDNLQJ WKH VLQJOH VHDVRQ UHFRUG ZDV 0DUD )UHVKRXU UHVHWWLQJ WKH VFKRRO·V ÕL i ÕL iÊ/À ÕL iÊ SRLQW UHFRUG 7KH MXQLRU KLW WUH\V WKLV VHD 7KH 6HPLQROHV JRW VHYHQ GRXEOH VRQ EUHDNLQJ /LQQHD /LOMHVWUDQG·V PDUN RI GRXEOHV WKLV VHDVRQ IURP D WULR RI SOD\HUV VHW LQ LQFOXGLQJ LQ KHU ODVW LQFOXGLQJ D SDLU LQ WKH 1&$$ 7RXUQDPHQW WKUHH JDPHV 6KH RQO\ QHHGHG JDPHV 3LFNLQJ XS WKUHH RI WKH VHYHQ ZDV -DFLQWD WR EUHDN WKH PDUN ZKHUHDV /LOMHVWUDQG VHW 0RQURH LQFOXGLQJ LQ WKH VHDVRQ RSHQHU WKH UHFRUG LQ JDPHV )UHVKRXU WRRN ZLWK SRLQWV DQG UHERXQGV YHUVXV SRLQW DWWHPSWV RQ WKH \HDU ZKLFK UDWHV DV 1RUWK )ORULGD DQG WKH À QDOH ZLWK SRLQWV WKH IRXUWK PRVW LQ D VHDVRQ 6KH À QLVKHG DQG UHERXQGV DJDLQVW 2NODKRPD 6WDWH WKH VHDVRQ UDWHG IRXUWK LQ WKH $&& DW LQ WKH VHFRQG URXQG RI WKH 1&$$ 7RXU SRLQWHUV SHU JDPH QDPHQW -XQLRU 0DUD )UHVKRXU WXUQHG LQ KHU À UVW WZR FROOHJLDWH GRXEOH GRXEOHV -i iÊ >À Ê } iÃÌÊ,> }Ê Ê LQFOXGLQJ SRLQWV DQG UHERXQGV LQ -V Ê ÃÌ ÀÞÊ WKH 1&$$ 7RXUQDPHQW YLFWRU\ RYHU 2KLR %HIRUH WKH VHDVRQ VWDUWHG )ORULGD 6WDWH 6WDWH )UHVKPDQ $QWLRQHWWH +RZDUG JRW ZDV DOUHDG\ PDNLQJ KLVWRU\ 7KH 6HPLQROHV LQWR WKH DFW ZLWK D SDLU LQFOXGLQJ KHU HI EHJDQ WKH \HDU UDQNHG WK LQ ERWK WKH IRUWV DW ,QGLDQD LQ WKH %LJ 7HQ $&& &KDO $VVRFLDWHG 3UHVV DQG 86$ 7RGD\ (631 OHQJH &RDFKHV· 3ROO HTXDOLQJ WKH KLJKHVW UDQNLQJ LQ VFKRRO KLVWRU\ -XVW RQH ZHHN LQWR WKH VHDVRQ )ORULGD 6WDWH GLG LWVHOI RQH EHWWHU DV LW PRYHG XS WR 1R LQ WKH $3 3ROO

", Ê-/ / Ê1 6 ,- /9


ÓääÇ änÊ, 6 7

-i>Ã Ê,iÛ iÜ

>Û Ã > Ê `Ê Àià ÕÀÊ ,>V }Ê /> >iÊ >Û Ã > Ê `Ê ÕÀÌ iÞÊ >V Ì>Ê À Ê/ iÊ V Ê / Ü>À`Ê >ÀiiÀÊÎ * ÌÊ,iV À`Ê 7>À`Ê L iÊ / Ê ÌÊ À Ê Ü -DFLQWD 0RQURH LV ZHOO RQ KHU ZD\ 7KH UDFH LV RQ EHWZHHQ 7DQDH 'DYLV Ì Ü Ê WR EHFRPLQJ WKH JUHDWHVW VKRW EORFNHU LQ

&DLQ DQG 0DUD )UHVKRXU IRU WKH VFKRRO·V FDUHHU SRLQW UHFRUG &XUUHQWO\ :HQG\ +DPSWRQ KROGV WKH PDUN DW WULIHFWDV *RLQJ LQWR WKHLU VHQLRU VHDVRQ 'DYLV &DLQ OHDGV )UHVKRXU E\ IRXU DW WR 'DYLV &DLQ KDV DQ DGYDQWDJH LQ WKH UDFH WR FDUHHU SRLQWV DV ZHOO KDYLQJ PDUNHUV WR )UHVKRXU·V

0DUD )UHVKRXU ZDVQ·W WKH RQO\ H[DFW VKRRWHU IURP SRLQW UDQJH ODVW VHDVRQ 7KLV \HDU·V WHDP IHDWXUHG WKUHH RI WKH PRVW DFFXUDWH VKRRWHUV LQ VFKRRO KLVWRU\ )UHVKPDQ &RXUWQH\ :DUG KLW SHUFHQW IURP EHKLQG WKH DUF ZKLFK UDWHV QLQWK RQ WKH VLQJOH VHDVRQ FKDUWV 7DQDH 'DYLV &DLQ ZDV D VSRW EHKLQG :DUG DV VKH VKRW D FD UHHU EHVW SHUFHQW IURP GRZQWRZQ

Àià ÕÀÊ ÃÊ i>`Ê" Ê À Ê i `Ê / iÊ iÊ Àià ÕÀÊ/> iÃÊ"ÛiÀÊ >ÀiiÀÊ ÀiiÊ :KLOH LW PD\ EH XS IRU GHEDWH ZKR LV / À ÜÊ >À ÆÊ ,> ÃÊ -iV `Ê " Ê WKH PRUH SUROLÀ F SRLQW VKRRWHU WKHUH·V - } i -i>Ã Ê ÃÌ QR TXHVWLRQ WKDW 0DUD )UHVKRXU LV WKH PRVW DFFXUDWH 7KH MXQLRU KDG WKH PRVW SUHFLVH SRLQW VKRRWLQJ VHDVRQ IRU )68 LQ QHDUO\ WZR GHFDGHV DV VKH OHG WKH $&& DQG ZDV WK LQ WKH FRXQWU\ ZLWK D UDWH RI SHU FHQW ,Q DGGLWLRQ VKH FRQWLQXHG WR PRYH WRZDUGV )ORULGD 6WDWH·V DOO WLPH SRLQW UHFRUG +HU UDWH ODVW VHDVRQ SXVKHG KHU WR D FDUHHU SHUFHQW ZKLFK LV SHUFHQW EHKLQG 5RELQ 6WRU\·V FDUHHU PDUN RI DQG LV QLQWK LQ $&& KLVWRU\

+HU DFFXUDF\ IURP IHHW LV MXVW DV JRRG DV IURP )LWWLQJO\ HQRXJK 0DUD )UHVKRXU WRRN RYHU WKH 1R VSRW RQ WKH )68 FDUHHU IUHH WKURZ OLVW PLOHV IURP ZKHUH VKH KRQHG KHU FUDIW 7KH MXQLRU ZHQW RI IURP WKH OLQH DW ,QGLDQD WR VHW WKH QHZ PDUN 6KH À QLVKHG KHU WKLUG VHDVRQ DW SHUFHQW ZKLFK DOVR SODFHV KHU WK RQ WKH FDUHHU $&& FKDUW )UHVKRXU Á LUWHG ZLWK WKH VLQJOH VHDVRQ UHFRUG VKRRWLQJ SHUFHQW ZKLFK ZDV MXVW EHKLQG +ROO\ -RKQVRQ·V UHFRUG RI SHUFHQW VHW LQ

$QWLRQHWWH +RZDUG

VFKRRO KLVWRU\ 6KH QHDUO\ EURNH %URRNH :\FNRII·V VLQJOH VHDVRQ UHFRUG RI EORFNV DV VKH VZDWWHG VKRWV IRU DQ DYHU DJH RI EORFNV SHU JDPH WKDW UDWHG KHU WK LQ WKH FRXQWU\ 7KURXJK WZR VHDVRQV 0RQURH KDV EORFNV ZKLFK LV MXVW WKUHH EDFN RI :\FNRII·V WRWDO GXULQJ KHU À UVW WZR FDPSDLJQV $ ELJ GLIIHUHQFH EHWZHHQ WKH WZR SOD\HU·V SURGXFWLRQ LV WKDW :\FNRII·V EORFN WRWDOV ZHQW GRZQ DIWHU KHU IUHVKPDQ \HDU ZKLOH 0RQURH KDG PRUH VWXIIV DV D VRSKRPRUH WKDQ VKH GLG KHU IUHVKPDQ \HDU 0RQURH KHDGV LQWR KHU MXQLRU VHDVRQ QHHGLQJ RQO\ EORFNV WR WDNH RYHU WKH DOO WLPH UHFRUG RI :LWK D FDUHHU UDWH RI SHU JDPH WKDW LV VHYHQWK LQ $&& KLVWRU\ VKH ZRXOG EUHDN WKH UHFRUG LQ JDPHV DW WKDW UDWH RU DFFRPSOLVK LW LQ JDPHV LI VKH VWD\V ZLWK ODVW VHDVRQ·V SURGXFWLRQ

-DFLQWD 0RQURH

7" ½-Ê - /

Èx


ร รครคร ย รคnร , 6 7

ย `ย ร ย `ร >ย ร -ร >ร ย ร ร ย Vร ย ย ร >ย iร ร 5(&25' $// *$0(6 &21)(5(1&( 121 &21)(5(1&(

29(5$//

3OD\HU *3 6 7DQDH 'DYLV &DLQ 0DUD )UHVKRXU -DFLQWD 0RQURH 6KDQWH :LOOLDPV %ULWDQ\ 0LOOHU $O\VKD +DUYLQ &RXUWQH\ :DUG $QWLRQHWWH +RZDUG &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QJHO *UD\ 70 7($0 7RWDO 2SSRQHQWV

0LQ $YJ

+20(

)* $

3FW

$:$< )* $

3FW

1(875$/ )7 $

3FW

6&25( %< 3(5,2'6 67 )/25,'$ 67$7( 23321(176

1'

27

727$/

'($'%$// 5(%281'6 )/25,'$ 67$7( 23321(176

2))

'()

727$/

+20(

$:$<

1(875$/

2II

'HI

7RW

$YJ 3) )2 $

2II

'HI

7RW $YJ

72

%ON 6WO 3WV $YJ

72

%ON 6WO 3WV

ย ย viร iย Viร >ย iร ร 5(&25' $// *$0(6

29(5$//

3OD\HU *3 6 7DQDH 'DYLV &DLQ 0DUD )UHVKRXU 6KDQWH :LOOLDPV -DFLQWD 0RQURH $O\VKD +DUYLQ &RXUWQH\ :DUG &KULVWLDQ +XQQLFXWW &D\OD 0RRUH $QWLRQHWWH +RZDUG $QJHO *UD\ 70 7($0 7RWDO 2SSRQHQWV

0LQ $YJ

6&25( %< 3(5,2'6 )ORULGD 6WDWH 2SSRQHQWV '($'%$// 5(%281'6 )ORULGD 6WDWH 2SSRQHQWV

ร ร

67

)* $

1' 2))

3FW

)* $

27 '()

3FW

)7 $ 3FW

727$/ 727$/

", ร -/ / ร 1 6 ,- /9

3) )2 $

$YJ


,iÃÕ ÌÃÊEÊ i>`iÀÃ

ÓääÇ änÊ, 6 7

>ÌiÊ "«« i ÌÊ Ê ÊÊ -V ÀiÊÊ Ê ÌÌi `Ê } Ê* ÌÃÊ } Ê,iL Õ `Ã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

),8 )XQ DQG 6XQ &ODVVLF 0LDPL )OD

$&& *DPHV $&& 7RXUQDPHQW *UHHQVERUR 1 &

A 1&$$ 7RXUQDPHQW )LUVW 6HFRQG 5RXQGV 'HV 0RLQHV ,RZD

ÌÌi `> ViÊ-Õ >ÀÞ +20( $:$< 1(875$/ 727$/

*$0(6

727$/6

$9* *$0(

7" ½-Ê - /

ÈÇ


ÓääÇ änÊ, 6 7

/i> Ê } ÃÊEÊ ÜÃ

>Ìi} ÀÞÊ

Ê

À `>Ê-Ì>ÌiÊ

"«« i Ì

3RLQWV VW +DOI +LJK DW )ORULGD *XOI &RDVW DW 7H[DV $ 0

/RZ YV 6DPIRUG DW &OHPVRQ

3RLQWV QG +DOI +LJK YV $ODEDPD 6WDWH DW 1RUWK &DUROLQD

/RZ DW 'XNH YV )RUGKDP

YV 6DPIRUG

7RWDO 3RLQWV +LJK YV $ODEDPD 6WDWH DW 1RUWK &DUROLQD

/RZ DW 'XNH DW &OHPVRQ

)LHOG *RDOV 0DGH +LJK YV $ODEDPD 6WDWH DW 1RUWK &DUROLQD

/RZ DW 'XNH YV $ODEDPD 6WDWH

)LHOG *RDO $WWHPSWV +LJK DW 0DU\ODQG YV 2NODKRPD 6WDWH

/RZ DW 7H[DV $ 0 YV 1RUWK )ORULGD

DW *HRUJLD 7HFK YV /68

)LHOG *RDO +LJK DW )ORULGD *XOI &RDVW DW 0DU\ODQG

/RZ DW 'XNH DW &OHPVRQ

3W )* 0DGH +LJK )LYH 7LPHV /DVW YV 2KLR 6WDWH YV :DNH )RUHVW

/RZ DW 7H[DV $ 0 DW 'XNH

YV 1& 6WDWH 3W )* $WWHPSWV +LJK DW 0DU\ODQG DW 8$%

/RZ DW ,QGLDQD YV :DNH )RUHVW

3W )* +LJK DW ,QGLDQD YV /68

/RZ YV 1& 6WDWH DW 'XNH

)UHH 7KURZV 0DGH +LJK DW ,QGLDQD DW 0DU\ODQG

/RZ DW 'XNH YV 6DPIRUG

YV 0LDPL

YV 2KLR 6WDWH

)UHH 7KURZ $WWHPSWV +LJK DW ,QGLDQD DW 1RUWK &DUROLQD

/RZ DW 2DNODQG YV )RUGKDP

YV 0LDPL

YV 2KLR 6WDWH

)UHH 7KURZ +LJK DW )ORULGD *XOI &RDVW YV 'XNH

/RZ DW 'XNH YV 6DPIRUG

2IIHQVLYH 5HERXQGV +LJK YV *HRUJLD DW 8$% YV 9LUJLQLD 7HFK

/RZ DW 7H[DV $ 0 YV /68

'HIHQVH 5HERXQGV +LJK DW &OHPVRQ DW 'XNH

/RZ YV 'XNH YV )RUGKDP

7RWDO 5HERXQGV +LJK DW &OHPVRQ DW 'XNH

/RZ DW 'XNH DW )ORULGD *XOI &RDVW

$VVLVWV +LJK YV $ODEDPD 6WDWH DW 'H3DXO

/RZ YV 1& 6WDWH YV $ODEDPD 6WDWH

YV 0LDPL

%ORFNV +LJK DW 7H[DV $ 0 DW 'XNH

/RZ DW 'H3DXO E\ (LJKW 7HDPV /DVW YV 2NODKRPD 6WDWH

YV /68

DW 0DU\ODQG

6WHDOV +LJK YV $ODEDPD 6WDWH DW 'XNH

/RZ YV *HRUJLD DW 0DU\ODQG

YV /68

7XUQRYHUV +LJK DW 1RUWK &DUROLQD YV $ODEDPD 6WDWH

/RZ DW 0DU\ODQG DW 7H[DV $ 0

YV *HRUJLD

YV 2NODKRPD 6WDWH

3HUVRQDO )RXOV +LJK DW 1RUWK &DUROLQD DW ,QGLDQD

/RZ YV )RUGKDP YV 6DPIRUG

Èn

", Ê-/ / Ê1 6 ,- /9


ÓääÇ änÊ, 6 7

` Û `Õ> Ê } Ã

>Ìi} ÀÞÊ

À `>Ê-Ì>ÌiÊ

"«« i Ì

3RLQWV VW +DOI E\ )UHVKRXU YV )RUGKDP E\ 6WDUNV RI 7H[DV $ 0

3RLQWV QG +DOI E\ :LOOLDPV YV 2NODKRPD 6WDWH E\ :LOOLDPV RI 'H3DXO

7RWDO 3RLQWV E\ 'DYLV &DLQ DW *HRUJLD 7HFK E\ 6WDUNV RI 7H[DV $ 0

)LHOG *RDOV 0DGH E\ 'DYLV &DLQ DW 1RUWK &DUROLQD 6WDUNV RI 7H[DV $ 0

)LHOG *RDO $WWHPSWV E\ 'DYLV &DLQ YV 2KLR 6WDWH E\ 5LOH\ RI 2NODKRPD 6WDWH

)LHOG *RDO 0LQ )*0 E\ 0RQURH DW )ORULGD *XOI &RDVW E\ :LOOLDPV RI 'H3DXO

3W )* 0DGH E\ 'DYLV &DLQ DW *HRUJLD 7HFK E\ 0LWLGLHUR RI 'H3DXO

3W )* $WWHPSWV E\ )UHVKRXU DW 0DU\ODQG E\ 3HWHUVRQ RI 8$%

E\ +DUGHPDQ RI 2NODKRPD 6WDWH

3W )* 0LQ )*0 E\ )UHVKRXU DW &OHPVRQ E\ /LQQ RI ,QGLDQD

)UHH 7KURZV 0DGH E\ )UHVKRXU DW ,QGLDQD E\ /LWWOHV RI 9LUJLQLD

E\ 'DYLV &DLQ DW 9LUJLQLD E\ /DQJKRUQH RI 0DU\ODQG

)UHH 7KURZV $WWHPSWV E\ )UHVKRXU DW ,QGLDQD /LWWOHV RI 9LUJLQLD

E\ :LOOLDPV DW ,QGLDQD E\ %UHODQG RI 1RUWK &DUROLQD

E\ /DQJKRUQH RI 0DU\ODQG

)UHH 7KURZ 0LQ )70 E\ )UHVKRXU YV 9LUJLQLD 7HFK E\ 5HLVLQJ RI 2DNODQG

E\ :LOOLDPV YV /68

2IIHQVLYH 5HERXQGV E\ )UHVKRXU YV 0LDPL E\ 5RELQVRQ RI *HRUJLD

E\ 0RKDPPHG RI 9LUJLQLD

'HIHQVH 5HERXQGV E\ )UHVKRXU DW 8$% E\ 0RKDPPHG RI 9LUJLQLD

E\ +RZDUG YV +RIVWUD

E\ 0RQURH DW &OHPVRQ

7RWDO 5HERXQGV E\ 0RQURH YV 2NODKRPD 6WDWH E\ 0RKDPPHG RI 9LUJLQLD

$VVLVWV E\ :LOOLDPV YV $ODEDPD 6WDWH E\ %ULPVOH\ RI 0LDPL

%ORFNV E\ 0RQURH YV $ODEDPD 6WDWH E\ :LOFRWV RI +RVWUD

6WHDOV E\ 0LOOHU YV $ODEDPD 6WDWH E\ 5HLG RI 0LDPL

7XUQRYHUV E\ :DUG YV )RUGKDP E\ /XPSNLQ RI $ODEDPD 6WDWH

E\ 0RKDPPHG RI 9LUJLQLD

7DQDH 'DYLV &DLQ

-DFLQWD 0RQURH

7" ½-Ê - /

0DUD )UHVKRXU

È


ร รครคร ย รคnร , 6 7

>ย iย Lร ย >ย i 2SSRQHQW 'DWH DW )ORULGD *XOI &RDVW 1257+ )/25,'$ DW 'H3DXO YV )ORULGD ,QWHUQDWLRQDO )25'+$0 DW )ORULGD DW ,QGLDQD DW 2DNODQG DW 7H[DV $ 0 $/$%$0$ 67$7( DW 8$% 6$0)25' YV *HRUJLD YV +RIVWUD /68 9,5*,1,$ 7(&+ DW 'XNH :$.( )25(67 DW &OHPVRQ DW 0LDPL 9,5*,1,$ DW *HRUJLD 7HFK 1& 67$7( DW 9LUJLQLD DW 1RUWK &DUROLQD %26721 &2//(*( DW 0DU\ODQG 0,$0, &/(0621 YV :DNH )RUHVW YV 'XNH YV 2KLR 6WDWH YV 2NODKRPD 6WDWH )ORULGD 6WDWH 2SSRQHQWV

727$/ 6FRUH

: / : : / : : : : / / : : : / RW : / : / : : : RW / RW / : / / : / RW : / : / : / RW

3756

)* )*$ 3FW )* )*$

5(%281'6

3FW )7 )7$ 3FW 2II 'HI 7RW $YJ 3) $ 72 %ON 6WO 3WV

$YJ

)/25,'$ 67$7( *DPHV SOD\HG 3RLQWV JDPH )* 3FW )* 3FW )7 3FW 5HERXQGV JDPH $VVLVWV JDPH 7XUQRYHUV JDPH $VVLVW WXUQRYHU UDWLR 6WHDOV JDPH %ORFNV JDPH 23321(176 *DPHV SOD\HG 3RLQWV JDPH )* 3FW )* 3FW )7 3FW 5HERXQGV JDPH $VVLVWV JDPH 7XUQRYHUV JDPH $VVLVW WXUQRYHU UDWLR 6WHDOV JDPH %ORFNV JDPH

ร รค

", ร -/ / ร 1 6 ,- /9


ÓääÇ änÊ, 6 7

ÝÊ-V Àià > iÊ£\Ê £ Ê À `>Ê-Ì>ÌiÊ Î]Ê À `>Ê Õ vÊ >ÃÌÊxÎ ££Éä ÉäÇÊ>ÌÊ ÀÌÊ ÞiÀÃ]Ê >°Ê­ V Ê Ài >® 9,6,7256 )ORULGD 6WDWH 3OD\HU -DFLQWD 0RQURH I %ULWDQ\ 0LOOHU F 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J $QJHO *UD\ &D\OD 0RRUH & +XQQLFXWW $ +RZDUG 6KDQWH :LOOLDPV 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

9,6,7256 )ORULGD 6WDWH SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 )ORULGD *XOI &RDVW 3OD\HU +$(*(/( 0&1$//< '( /$ 7255( 3,(5&( '(50<(5 &$55(5$6 7+,(/ +(50$1 0F.(1=,( 0853+< 1(:3+(5 7($0 7RWDOV

I I I J J

WRW IJ IJ IJD

IJ

SW IJD IW IWD

RI

UHERXQGV GH WRW SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV $WWHQGDQFH 6FRUH E\ 3HULRGV )ORULGD 6WDWH )*&8

VW

QG

> iÊÎ\Ê £nÊ À `>Ê-Ì>ÌiÊÈn]Ê Ó{Ê i*>Õ ÊÇ ££É£ÈÉäÇÊ>ÌÊ V>} ]Ê °Ê­ V À>Ì Ê Ài >® V

LQ P

'($'%$// 5(%281'6

WR EON

V

LQ P

'($'%$// 5(%281'6

7RWDO

> iÊÓ\Ê £ Ê À `>Ê-Ì>ÌiÊ Î]Ê ÀÌ Ê À `>Ê{n ££Éä ÉäÇÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 1RUWK )ORULGD 3OD\HU - *8/'$*(5 I $ 5($0(6 I 6 6+()),(/' I 6 0225( J - %2:(1 J - 6<48,2 7 :,//,$06 % %85721 % -21(6 ' %$5%26$ : :,1'+$0 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

727$/ )* VW +DOI QG +DOI 3W )* VW +DOI QG +DOI ) 7KURZ VW +DOI QG +DOI

+20( 7($0 )ORULGD 6WDWH 3OD\HU -DFLQWD 0RQURH I %ULWDQ\ 0LOOHU F 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J $QJHO *UD\ &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 6KDQWH :LOOLDPV 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

WS

D

SI

WS

WR EON

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 'H3DXO 3OD\HU 1 :,//,$06 & 60,7+ $ 48,*/(< 0,7,',(52 1$8*+721 7 3,.(6 ( &$77(// & 7+5($77 & -2+1621 ( &$51(< + 0('/(< ) &+(67(5 7($0 7RWDOV

I I J J J

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

WR EON

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV /LVD 0DWWLQJO\ 'HQQLV 0D\HU -HQQLIHU $OLEHUWL $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 'H3DXO

> iÊ{\Ê À `>Ê-Ì>ÌiÊÇä]Ê À `>Ê ÌiÀ >Ì > Êxä ££É£ÇÉäÇÊ>ÌÊ V>} ]Ê °Ê­ V À>Ì Ê Ài >® V

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV .DWKOHHQ /\QFK %LOO\ 6PLWK 5HLG %URFNHWW $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO 1RUWK )ORULGD )ORULGD 6WDWH

WRW IJ IJ IJD

9,6,7256 )ORULGD ,QWHUQDWLRQDO SI

*DPH *DPH *DPH

UHERXQGV IW IWD RI GH WRW

3OD\HU $ +RZDUG I -DFLQWD 0RQURH I 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J $QJHO *UD\ &D\OD 0RRUH 6KDQWH :LOOLDPV 7($0 7RWDOV

V PLQ

'($'%$// 5(%281'6

3OD\HU -HQNLQV -DVPLQH I $GOH\ 0DUTXLWD I &LJODU ,YD J %RVLOM 0RQLND J / )HUJXVRQ J 'UDNH 7DELWKD +XWODVVD )DQQL -HNDEVRQH /LHQH .UDMDFLF 0DMD 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 )ORULGD 6WDWH 3OD\HU &D\OD 0RRUH I $ +RZDUG I 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J $QJHO *UD\ &KULVWLDQ +XQQLFXWW 6KDQWH :LOOLDPV -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV 5D\ %RPHOL $QJLH (QOXQG %RE (QWHUOLQH $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG )ORULGD ,QWHUQDWLRQDO )ORULGD 6WDWH

7" ½-Ê - /

V

LQ P

'($'%$// 5(%281'6

WR EON

V

LQ P

'($'%$// 5(%281'6

7RWDO

Ç£


ÓääÇ änÊ, 6 7

ÝÊ-V ÀiÃ

> iÊx\Ê ÓäÊ À `>Ê-Ì>ÌiÊÇÇ]Ê À` > Ê{Ó ££ÉÓäÉäÇÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 )RUGKDP 3OD\HU (DUO 7DNLWD I . +XPSKULHV F %HOO .ULVWLQD J 0 0DKRQH\ J =RSI $QQLH J 6SHQFHU 5DLQD =DPRUD $OH[DQGULD 7URXWW %HWK 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

727$/ )* VW +DOI QG +DOI 3W )* VW +DOI QG +DOI ) 7KURZ VW +DOI QG +DOI

+20( 7($0 )ORULGD 6WDWH 3OD\HU &D\OD 0RRUH I $QJHO *UD\ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 6KDQWH :LOOLDPV -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

SI

WS

D

*DPH *DPH *DPH

UHERXQGV RI GH WRW

SI

WS

WR EON

V

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

> iÊÇ\Ê ÓäÊ À `>Ê-Ì>ÌiÊnx]Ê ` > >ÊÇn ££ÉÎäÉäÇÊ>ÌÊ }Ì ]Ê `°Ê­ ÃÃi L ÞÊ > ® >Õ}ÕÀ> Ê7 i ½ÃÊ

É }Ê/i Ê > i }i

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV -RH &XQQLQJKDP %U\DQ (QWHUOLQH .HQQHWK :HLDQG $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )RUGKDP )ORULGD 6WDWH

WRW IJ 3OD\HU IJ IJD &D\OD 0RRUH I $QJHO *UD\ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J $QWLRQHWWH +RZDUG 6KDQWH :LOOLDPV -DFLQWD 0RQURH 7($0 7RWDOV

SW IJ IJD

+20( 7($0 )ORULGD WRW IJ IJ IJD

SW IJ IJD

WRW IJ IJ IJD

IW IWD

UHERXQGV RI GH WRW

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 ,QGLDQD 3OD\HU 7KRPDV : I -DFNVRQ $PEHU I 6PLWK 1LNNL J %UDXQ -DPLH J 'DYLV -RUL J -DFNVRQ (ERQ\ /LQGVD\ :KLWQH\ /LQQ +D\OLH )ROOPHU *HRUJLD 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

V

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

> iÊn\Ê"> > `Ênx]Ê ÓäÊ À `>Ê-Ì>ÌiÊÇx £ÓÉÓÉäÇÊ>ÌÊ, V iÃÌiÀ]Ê V °Ê­ Ì iÌ VÃÊ"½,i >® 9,6,7256 )ORULGD 6WDWH

UHERXQGV IW IWD RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

3OD\HU 'RWVRQ 0 I +HQU\ $QHLND F %URRNV 6KD J 7KRPDV % J %RZGHQ ' J 7KRPSVRQ / &ULWWRQ .LP 6PLWK 6KDULHOOH &UDZIRUG (ERQLH 7($0 7RWDOV

3OD\HU -DFLQWD 0RQURH I $QJHO *UD\ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J &D\OD 0RRUH $QWLRQHWWH +RZDUG 6KDQWH :LOOLDPV %ULWDQ\ 0LOOHU 7($0 7RWDOV

2IÀ FLDOV 5D\ *XOEH\DQ -RKQ 0RUQLQJVWDU (ULND +HUULPDQ $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH ,QGLDQD

> iÊÈ\Ê ÓäÊ À `>Ê-Ì>ÌiÊn£]Ê À `>ÊÇn ££ÉÓÎÉäÇÊ>ÌÊ > iÃÛ i]Ê >°Ê­"½ i Ê i ÌiÀ® 9,6,7256 )ORULGD 6WDWH

9,6,7256 )ORULGD 6WDWH

SI

WS

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

V

LQ P

'($'%$// 5(%281'6

3OD\HU -DFLQWD 0RQURH F $QJHO *UD\ J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J &D\OD 0RRUH &KULVWLDQ +XQQLFXWW &RXUWQH\ :DUG $QWLRQHWWH +RZDUG %ULWDQ\ 0LOOHU 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 2DNODQG 3OD\HU 5(,6,1* + I 3,.( -HVVLFD J -(/7(0$ 0 J 7(5$9$ 5 J .,'' $SULO J )$55(// 6 3$75,772 $ &$51$*2 % *5((5 &KDUOHVH %5<(5 5DFKHO 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

2IÀ FLDOV :HVOH\ 'HDQ 1DQHWWH 6LVN 'RXJ &ORXG $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG )ORULGD 6WDWH )ORULGD

7RWDO

ÇÓ

", Ê-/ / Ê1 6 ,- /9

2IÀ FLDOV 0LFKHOOH 'H/XRFR &DU\ 0F*HKHH %RE (QWHUOLQH $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 2DNODQG

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

V

LQ P

'($'%$// 5(%281'6


ÓääÇ änÊ, 6 7

ÝÊ-V Àià > iÊ \Ê ££Ê/iÝ>ÃÊ E Ên£]Ê À `>Ê-Ì>ÌiÈÇ £ÓÉÈÉäÇÊ>ÌÊ i}iÊ-Ì>Ì ]Ê/iÝ>ÃÊ­,ii`ÊÊ Ài >® 9,6,7256 )ORULGD 6WDWH 3OD\HU 0DUD )UHVKRXU 7 'DYLV &DLQ 6KDQWH :LOOLDPV %ULWDQ\ 0LOOHU -DFLQWD 0RQURH $QJHO *UD\ &KULVWLDQ +XQQLFXWW &RXUWQH\ :DUG $QWLRQHWWH +RZDUG 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 7H[DV $ 0 3OD\HU 6WDUNV 7DNLD )UDQNOLQ $ 0LFKHDX[ / +RUWRQ $VKODD *DQW 'DQLHOOH %XFKDQDQ 'DPLWULD *XOOH\ /D7R\D %DNHU 0DU\DQQ 5HDGR 3DWULFH /LPEDKD .DWULQD &ROVRQ 6\GQH\ 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV 6FRWW <DUEURXJK -RH &XQQLQJKDP DQG 7RPP\ 6DOHUQR $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 7H[DV $ 0

> iÊ£ä\Ê À `>Ê-Ì>ÌiÊ {]Ê >L> >Ê-Ì>ÌiÊ{Ó £ÓÉ£ÈÉäÇÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 $ODEDPD 6WDWH

WRW IJ 3OD\HU IJ IJD )8/*+$0 $ I 0(55,77 6 F 6$1)25' - J 52%,1621 6 J /803.,1 ( J '$9,6 . 72:16(1' '2:'(// 0DULH -$&.621 7DQLND '(/$1(< &DQGDFH +$55,6 %ULWQH\ 7($0 7RWDOV

SW IJ IJD

UHERXQGV IW IWD RI GH WRW

9,6,7256 )ORULGD 6WDWH SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 )ORULGD 6WDWH

WRW IJ 3OD\HU IJ IJD %ULWDQ\ 0LOOHU F $O\VKD +DUYLQ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 6KDQWH :LOOLDPV J &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG -DFLQWD 0RQURH 7($0 7RWDOV

SW IJ IJD

UHERXQGV IW IWD RI GH WRW

SI

WS

WR EON

V

PLQ

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV %U\DQ %UXQHWWH (FLWU\P /DPDUU 5HLG %URFNHWW $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO $ODEDPD 6WDWH )ORULGD 6WDWH

> iÊ££\Ê À `>Ê-Ì>ÌiÊÈÈ]Ê1 ÊxÓ £ÓÉÓäÉäÇÊ>ÌÊ À } > ]Ê >°Ê­ >ÀÌ ÜÊ Ài >®

V

LQ P

'($'%$// 5(%281'6

3OD\HU -DFLQWD 0RQURH I $O\VKD +DUYLQ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 6KDQWH :LOOLDPV J &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 8$% 3OD\HU 52*(56 ' I %(55< % I ,1*5$0 & F 0&)$''(1 & J 6$/$$0 ) J 3(7(5621 $ 0855$< /D.LWKD -21(6 %ULWQH\ +(5521 &KDVLW\ 6&277 $PDQGD 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

WR EON

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV :HVOH\ 'HDQ 0HDGRZ 2YHUVWUHHW %LOO\ 6PLWK $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 8$%

7" ½-Ê - /

ÇÎ


ÓääÇ änÊ, 6 7

ÝÊ-V ÀiÃ

> iÊ£Ó\Ê À `>Ê-Ì>ÌiÊxÓ]Ê-> v À`Êx£ £ÓÉÓÇÉäÇÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 6DPIRUG 3OD\HU 2.2/, &KLND I +,// 6 I 72:16 7DU\Q J 0$;:(// 0 J /21'21 ( 6358,(// 0 081'$< $OH[ (/.,16 -HQQLIHU 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

727$/ )* VW +DOI QG +DOI 3W )* VW +DOI QG +DOI ) 7KURZ VW +DOI QG +DOI

+20( 7($0 )ORULGD 6WDWH 3OD\HU -DFLQWD 0RQURH I $O\VKD +DUYLQ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 6KDQWH :LOOLDPV J &D\OD 0RRUH &KULVWLDQ + $QWLRQHWWH + 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

9,6,7256 )ORULGD 6WDWH SI

WS

D WR EON

*DPH *DPH *DPH

UHERXQGV RI GH WRW

> iÊ£{\Ê À `>Ê-Ì>ÌiÊÇÓ]Ê vÃÌÀ>Êx{ £ÓÉÎäÉäÇÊ>ÌÊ > ]Ê >°Ê­* >À i`Ê Ài >® V

LQ P

'($'%$// 5(%281'6

WS

D

WR EON

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV :HVOH\ 'HDQ &DUOD )RXQWDLQ 'DZQ 0DUVK $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO 6DPIRUG )ORULGD 6WDWH

> iÊ£Î\Ê ÇÊ i À} >ÊÇ£]Ê À `>Ê-Ì>ÌiÊÈÓ £ÓÉÓ ÉäÇÊ>ÌÊ > ]Ê >°Ê­* >À i`Ê Ài >® WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

WS

WRW IJ 3OD\HU IJ IJD $O\VKD +DUYLQ 0DUD )UHVKRXU &RXUWQH\ :DUG 6KDQWH :LOOLDPV -DFLQWD 0RQURH &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

SW IJ IJD

UHERXQGV IW IWD RI GH WRW

SI

WS

2IÀ FLDOV /HVOLH &OD\EURRN (ULF .RFK -RKQ )OHWFKHU $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 27 *HRUJLD )ORULGD 6WDWH

Ç{

7RWDO

V

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

QG

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

VW

V

V

LQ P

'($'%$// 5(%281'6

7RWDO

> iÊ£x\Ê ££Ê -1ÊÇÎ]Ê À `>Ê-Ì>ÌiÊÈ£ £ÉÎÉänÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ®

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 )ORULGD 6WDWH

3OD\HU )ULSS 1DWW\ %ULJKDP 6DP &DPSEHOO . :LOOLDPV 1LNL 4XDPPH /LQQ %HOORFFKLR & 7HUU\ $DPLUD 5RGJHUV %ULWQH $OL ,QGLD :LOFRWV $VKOH\ %LHGQ\ &KULVWLQD 7($0 7RWDOV

9,6,7256 /68 SI

SW IJ IJD

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

2IÀ FLDOV (ULF .RFK $WWHQGDQFH 6FRUH E\ 3HULRGV )ORULGD 6WDWH +RIVWUD

$O\VKD +DUYLQ

9,6,7256 *HRUJLD

WRW IJ IJ IJD

+20( 7($0 +RIVWUD SI

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

3OD\HU $VKOH\ +RXWV $QJHOD 3XOHR 0HJDQ 'DUUDK $QJHO 5RELQVRQ 7 +XPSKUH\ -DOHHVD 5KRGHQ 5HEHFFD 5RZVH\ 7($0 7RWDOV

3OD\HU $O\VKD +DUYLQ 0DUD )UHVKRXU &RXUWQH\ :DUG 6KDQWH :LOOLDPV -DFLQWD 0RQURH &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

V

LQ P

'($'%$// 5(%281'6

3OD\HU 7+20$6 $ I :,//,$06 0 F :+,7( (ULFD J /H%/$1& 5 J &+$1(< 4 J *5$+$0 . 0,7&+(// . +,*+72:(5 $ )2:/(6 6\OYLD 0255,6 .ULVWHQ 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 )ORULGD 6WDWH 3OD\HU -DFLQWD 0RQURH I $O\VKD +DUYLQ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 6KDQWH :LOOLDPV J &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV /DZVRQ 1HZWRQ 6XVDQ %ODXFK %U\DQ %UXQHWWH $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO /68 )ORULGD 6WDWH

", Ê-/ / Ê1 6 ,- /9

V

LQ P

'($'%$// 5(%281'6

WR EON

V

LQ P

'($'%$// 5(%281'6


ÓääÇ änÊ, 6 7

ÝÊ-V Àià > iÊ£È\Ê À `>Ê-Ì>ÌiÊÈÇ]Ê6 À} >Ê/iV ÊÈÎ £ÉÈÉänÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 9LUJLQLD 7HFK $&& 3OD\HU 8WDK\D 'U\H I $PEHU +DOO I /LQGVD\ %LJJV J %ULWWDQ\ &RRN J /DXUD +DVNLQV J (OHDQRU %UHQWQDOO /DNHLVKD /RJDQ 6KDQL *UH\ 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

> iÊ£nÊ À `>Ê-Ì>ÌiÊnä]Ê7> iÊ ÀiÃÌÊxÎ £É£ÇÉänÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 :DNH )RUHVW $&&

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 )ORULGD 6WDWH $&& 3OD\HU -DFLQWD 0RQURH F $O\VKD +DUYLQ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 6KDQWH :LOOLDPV J &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV 'HQQLV 'H0D\R 1DQ 6LVN $QJHOLFD 6XIIUHQ $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO 9LUJLQLD 7HFK )ORULGD 6WDWH

3OD\HU %URZQ &KULVWHQ I *URYHV &RUULQH I 7FKDQJRXH $ J 0RUULV & J 5RXOKDF 7LIIDQ\ J &ROOLHU &DPLOOH &DLQ -HVVLH :LOVRQ .HP :DWHUV %ULWWDQ\ 5LGGOH 6DUDK 9DOHQWLQH 0HNLD 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 )ORULGD 6WDWH $&& 3OD\HU &D\OD 0RRUH I & +XQQLFXWW J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 6KDQWH :LOOLDPV J $O\VKD +DUYLQ $QWLRQHWWH +RZDUG -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV )HOLFLD *ULQWHU %LOO\ 6PLWK 5RQ /HGLQJWRQ $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO :DNH )RUHVW )ORULGD 6WDWH

> iÊ£Ç\Ê £ÓÊ Õ iÊÇä]Ê À `>Ê-Ì>ÌiÊÎn £É££ÉänÊ>ÌÊ ÕÀ > ]Ê ° °Ê­ > iÀ Ê ` ÀÊ-Ì>` Õ ® 9,6,7256 )ORULGD 6WDWH $&& 3OD\HU -DFLQWD 0RQURH F $O\VKD +DUYLQ J 0DUD )UHVKRXU J &RXUWQH\ :DUG J 6KDQWH :LOOLDPV J &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

727$/ )* VW +DOI QG +DOI 3W )* VW +DOI QG +DOI ) 7KURZ VW +DOI QG +DOI

+20( 7($0 'XNH $&& 3OD\HU -R\ &KHHN I &KDQWH %ODFN F $EE\ :DQHU J -DVPLQH 7KRPDV J :DQLVKD 6PLWK J (PLO\ :DQHU .DULPD &KULVWPDV %ULGJHWWH 0LWFKHOO &DUUHP *D\ .HWXUDK -DFNVRQ .U\VWDO 7KRPDV 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

SI

WS

D

*DPH *DPH *DPH

UHERXQGV RI GH WRW

SI

WS

WR EON

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV 'HH .DQWQHU :HVOH\ 'HDQ 'HQQLV 'H0D\R $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 'XNH

7" ½-Ê - /

Çx


ÓääÇ änÊ, 6 7

ÝÊ-V ÀiÃ

> iÊ£ \Ê À `>Ê-Ì>ÌiÊÈÎ]Ê i à ÊÎ £ÉÓäÉänÊ>ÌÊ i à ]Ê-° °Ê­ ÌÌ i Ê ÃiÕ ® 9,6,7256 )ORULGD 6WDWH $&& 3OD\HU &D\OD 0RRUH 0DUD )UHVKRXU &RXUWQH\ :DUG 7 'DYLV &DLQ 6KDQWH :LOOLDPV $QJHO *UD\ $O\VKD +DUYLQ &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

> iÊÓ£ÊÊ6 À} >ÊÈÈ]Ê À `>Ê-Ì>ÌiÊÈ £ÉÓÈÉänÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 9LUJLQLD $&&

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 &OHPVRQ $&&

WRW IJ 3OD\HU IJ IJD +$5'< /HOH I //2<' ' I '$9,6 0 F %52:1 & J 7+20$6 6 J :5,*+7 .LUVW\Q 3$5.(5 $SULO 7$7( -DVPLQH +22' :KLWQH\ &$03%(// 0 7($0 7RWDOV

SW IJ IJD

UHERXQGV IW IWD RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV -RH &XQQLQJKDP 7RQ\ /LSSD %RQQLH 3HWWXV $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH &OHPVRQ

3OD\HU /LWWOHV /\QGUD I 0RKDPPHG $ F .HOOXP 3DXOLVKD J =ROO 6KDUQHH J :ULJKW 0RQLFD J 0LOOQHU %ULWQHH 5REHUWVRQ $EE\ 6WRYDOO (QRQJH +DUWLJ .HOO\ 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

9,6,7256 )ORULGD 6WDWH $&& WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 0LDPL $&& 3OD\HU & &ODUN I &DUOD :LOOLDPV F 0DXULWD 5HLG J $OEUH\ *ULPVOH\ J ( :RRGVRQ J /DPHVH -DPHV /D7R\D 'UDNH / &XQQLQJKDP 'LDQH %DUQHV 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

3OD\HU &D\OD 0RRUH I $O\VKD +DUYLQ J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J &KULVWLDQ +XQQLFXWW &RXUWQH\ :DUG $QWLRQHWWH +RZDUG -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

2IÀ FLDOV -RDQQH $OGULFK 'DYLG .UDPHU $QJHOLFD 6XIIUH $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 27 )ORULGD 6WDWH 0LDPL

ÇÈ

SI

WS

D WR EON

IW IWD

UHERXQGV RI GH WRW

SI

WS

V

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV /DZVRQ 1HZWRQ -DQLFH $OLEHUWL &DUOD )RXQWDLQ $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 27 9LUJLQLD )ORULGD 6WDWH

LQ P

V

UHERXQGV RI GH WRW

+20( 7($0 )ORULGD 6WDWH $&&

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

IWD

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

> iÊÓä\Ê À `>Ê-Ì>ÌiÊÇx]Ê > ÊÇäÊ­"/® £ÉÓ{ÉänÊ>ÌÊ À> Ê >L iÃ]Ê >°Ê­ > Ê1 Ìi`Ê i ÌiÀ® 3OD\HU &D\OD 0RRUH I $O\VKD +DUYLQ J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ &KULVWLDQ +XQQLFXWW &RXUWQH\ :DUG -DFLQWD 0RQURH 7($0 7RWDOV

IW

LQ P

'($'%$// 5(%281'6

7RWDO

", Ê-/ / Ê1 6 ,- /9

7RWDO

V

LQ P

'($'%$// 5(%281'6


ÓääÇ änÊ, 6 7

ÝÊ-V Àià > iÊÓÓ\Ê i À} >Ê/iV ÊnÎ]Ê À `>Ê-Ì>ÌiÊÇÎ ÓÉÎÉänÊ>ÌÊ Ì > Ì>]Ê >°Ê­ iÝ> `iÀÊ i À > ® 9,6,7256 )ORULGD 6WDWH $&& 3OD\HU &D\OD 0RRUH I 0DUD )UHVKRXU I $O\VKD +DUYLQ J &RXUWQH\ :DUG J 6KDQWH :LOOLDPV J $QJHO *UD\ &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7DQDH 'DYLV &DLQ -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

> iÊÓ{\Ê6 À} >ÊÇÇ]Ê À `>Ê-Ì>ÌiÊxn ÓÉ£äÉänÊ>ÌÊ >À ÌÌiÃÛ i]Ê6>Ê­ Ê*>Õ Ê iÃÊ Ài >® 9,6,7256 )ORULGD 6WDWH $&&

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 &OHPVRQ $&& 3OD\HU 0LWFKHOO -DQLH I 0RQWJRPHU\ $ I +HPLQJZD\ , I :LOOLDPV -DFTXD J 1QDPDND & J ,QJUDP -LOO )RVWHU 'HMD $UGRVVL %ULJLWWH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

WS

D WR EON

V

LQ P

'($'%$// 5(%281'6

7RWDO

3OD\HU :KLWWLQJWRQ . -RUGDQ &KDQLWD *DUWUHOO 1LNLWWD )LHOGV 6KD\OD %HDO 6KDUQLVH :KLWH $PEHU (OOLVRQ /XF\ 7($0 7RWDOV

I F J J J

WRW IJ IJ IJD

SW IJ IJD

UHERXQGV IW IWD RI GH WRW

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D

SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV .DWKOHHQ /\QFK /XLV *RQ]DOH] $QJHOLFD 6XIIUHQ $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO 1& 6WDWH )ORULGD 6WDWH

UHERXQGV RI GH WRW

SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

3OD\HU /LWWOHV /\QGUD I 6WRYDOO (QRQJH I 0RKDPPHG $ F =ROO 6KDUQHH J :ULJKW 0RQLFD J .HOOXP 3DXOLVKD 0LOOQHU %ULWQHH /RQGRQ .ULVWHQ 0F.QLJKW 7DUD 5REHUWVRQ $EE\ +DUWLJ .HOO\ 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

WR EON

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

V

LQ P

'($'%$// 5(%281'6

> iÊÓx\Ê ÎÊ ÀÌ Ê >À >Ê Ç]Ê À `>Ê-Ì>ÌiÊÇÇ ÓÉ£ÇÉänÊ>ÌÊ >«i Ê ]Ê ° °Ê­ >À V >i Ê Õ` Ì À Õ ®

WR EON

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 )ORULGD 6WDWH $&& WRW IJ IJ IJD

IW IWD

9,6,7256 )ORULGD 6WDWH $&&

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

3OD\HU -DFLQWD 0RQURH I 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $O\VKD +DUYLQ &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

SW IJ IJD

2IÀ FLDOV %RQLWD 7RQ\ /LSSD :HVOH\ 'HDQ 'LDQD 'HSDXO $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 9LUJLQLD

> iÊÓÎÊÊ À `>Ê-Ì>ÌiÊxÇ]Ê Ê-Ì>ÌiÊxÎ ÓÉÇÉänÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 1& 6WDWH $&&

WRW IJ IJ IJD

+20( 7($0 9LUJLQLD $&& SI

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV %RQLWD 6SHQFH %HYHUO\ 5REHUWV 'RF 6LVN $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG )ORULGD 6WDWH *HRUJLD 7HFK

3OD\HU -DFLQWD 0RQURH F 0DUD )UHVKRXU J &RXUWQH\ :DUG J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ $O\VKD +DUYLQ &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

WR EON

V

LQ P

'($'%$// 5(%281'6

3OD\HU 0DUD )UHVKRXU I -DFLQWD 0RQURH I &RXUWQH\ :DUG J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ $O\VKD +DUYLQ &D\OD 0RRUH &KULVWLDQ +XQQLFXWW $QWLRQHWWH +RZDUG 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 1RUWK &DUROLQD $&& 3OD\HU /DUNLQV (UODQD I 3ULQJOH /D7R\D I &OD\WRU +HDWKHU J 'H*UDIIHQUHLG & J 0F&DQWV 5 J %XUVH\ 7ULQLW\ %DUU\ /DXUD *UD\ 5HEHFFD $XVWLQ 0HJKDQ :RRG 0DUWLQD /XFDV ,WDOHH %UHODQG -HVVLFD 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV 0DUN +DUGFDVWOH 'LDQD 'H3DXO 7DTXLD 6WHZDUW $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 1RUWK &DUROLQD

7" ½-Ê - /

ÇÇ


ÓääÇ änÊ, 6 7

ÝÊ-V ÀiÃ

> iÊÓÈÊÊ À `>Ê-Ì>ÌiÊÇ£]Ê ÃÌ Ê i}iÊÈx ÓÉÓ£ÉänÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 %RVWRQ &ROOHJH $&& 3OD\HU 0XUSK\ 6WHIDQLH I 6ZRUGV &DURO\Q F %URZQ $\OD J 7KRPDQ -DFO\Q J -RKQVRQ % J 3UDWW / .HQWLVK .D\GLD 5XVLQ &RUH\ 3LFFR 0LFNHO :LOVRQ 9HURQLFD 0LOHV 5HEHFFD 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

> iÊÓnÊÊ À `>Ê-Ì>ÌiÊxä]Ê > Ê{ ÓÉÓnÉänÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ® 9,6,7256 0LDPL $&&

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 )ORULGD 6WDWH $&&

WRW IJ 3OD\HU IJ IJD -DFLQWD 0RQURH I & +XQQLFXWW J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ $O\VKD +DUYLQ &D\OD 0RRUH &RXUWQH\ :DUG $QWLRQHWWH +RZDUG 7($0 7RWDOV

SW IJ IJD

UHERXQGV IW IWD RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV 6XVDQ %ODXFK 5RQ /HGLQJWRQ 'DYLG .UDPHU $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO %RVWRQ &ROOHJH )ORULGD 6WDWH

> iÊÓÇ\Ê {Ê >ÀÞ > `Ê Ó]Ê À `>Ê-Ì>ÌiÊn{ ÓÉÓ{ÉänÊ>ÌÊ i}iÊ*>À ]Ê `°Ê­ V>ÃÌÊ i ÌiÀ® 9,6,7256 )ORULGD 6WDWH $&& 3OD\HU &D\OD 0RRUH I & +XQQLFXWW J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ $O\VKD +DUYLQ &RXUWQH\ :DUG -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

3OD\HU +DUSHU /DXUD I 3HUU\ -DGH I /DQJKRUQH & F 7ROLYHU .ULVWL J 1HZPDQ $ J 6WULFNODQG 0DUDK 0LQJR 'UH\ &ROHPDQ 0DULVVD 7HDP 7RWDOV

UHERXQGV IW IWD RI GH WRW

WS

D WR

Çn

IW

IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 )ORULGD 6WDWH $&&

3OD\HU &D\OD 0RRUH I & +XQQLFXWW J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ $O\VKD +DUYLQ &RXUWQH\ :DUG $QWLRQHWWH +RZDUG -DFLQWD 0RQURH

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

D

WR

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

EON

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV /DZVRQ 1HZWRQ (G 6LGODVN\ -HQQLIHU 5H]DF $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO 0LDPL )ORULGD 6WDWH

EON

V

LQ P

'($'%$// 5(%281'6

3OD\HU //2<' ' I '$9,6 0 I %52:1 & J +$5'< /HOH J &$03%(// 0 J :5,*+7 . 7+20$6 6 7$7( - +22' : 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

LQ P

'($'%$// 5(%281'6

+20( 7($0 )ORULGD 6WDWH $&& SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV (ULF %UHZWRQ 6XVDQ %ODXFK $QJHOD /HZLV $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 27 )ORULGD 6WDWH 0DU\ODQG

SW IJ IJD

> iÊÓ ÊÊ i à ÊÇÓ]Ê À `>Ê-Ì>ÌiÊÇä ÎÉ£ÉänÊ>ÌÊ/> > >ÃÃii]Ê >°Ê­/ÕV iÀÊ i ÌiÀ®

+20( 7($0 0DU\ODQG $&& SW IJ IJD

WRW IJ IJ IJD

9,6,7256 &OHPVRQ $&& SI

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH WRW IJ IJ IJD

3OD\HU & &ODUN I 'LDQH %DUQHV I 'DPLVKD 0RRUH J 0DXULWD 5HLG J / &XQQLQJKDP J /DPHVH -DPHV /D7R\D 'UDNH %UL\DQD %ODLU 9LWDOLMD 9DVFLXQDLWH &DUOD :LOOLDPV 7($0 7RWDOV

7RWDO

V

LQ P

'($'%$// 5(%281'6

3OD\HU &D\OD 0RRUH I & +XQQLFXWW J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ $O\VKD +DUYLQ &RXUWQH\ :DUG $QWLRQHWWH +RZDUG -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV %U\DQ (QWHUOLQH 7RPP\ 6DOHUQR 'RF 6LVN $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO &OHPVRQ )ORULGD 6WDWH

", Ê-/ / Ê1 6 ,- /9

V

LQ P

'($'%$// 5(%281'6


ÓääÇ änÊ, 6 7

ÝÊ-V Àià > iÊÎäÊÊ À `>Ê-Ì>ÌiÊxÇ]Ê7> iÊ ÀiÃÌÊxÓ ÎÉÈÉänÊ>ÌÊ Àii ÃL À ]Ê ° °Ê­ Àii ÃL À Ê ÃiÕ ® 9,6,7256 :DNH )RUHVW 3OD\HU *URYHV &RUULQH I 9DOHQWLQH 0HNLD I 7FKDQJRXH $OH[ J 0RUULV & J :DWHUV %ULWWDQ\ J :LOVRQ .HP %URZQ &KULVWHQ 5LGGOH 6DUDK 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

9,6,7256 )ORULGD 6WDWH SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 )ORULGD 6WDWH 3OD\HU &D\OD 0RRUH I & +XQQLFXWW J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ $O\VKD +DUYLQ &RXUWQH\ :DUG -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

> iÊÎÓÊ À `>Ê-Ì>ÌiÊÈä]Ê ÓxÊ" Ê-Ì>ÌiÊ{ ÎÉÓÓÉänÊ>ÌÊ iÃÊ iÃ]Ê Ü>Ê­7i ÃÊ >À} Ê Ài >®

SI

WS

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

V

V PLQ

'($'%$// 5(%281'6

2IÀ FLDOV 6XH %ODXFK 'LDQD 'H3DXO 0DUN +DUGFDVWOH $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO :DNH )RUHVW )ORULGD 6WDWH

3OD\HU -DFLQWD 0RQURH I 0DUD )UHVKRXU J +DUYLQ $O\VKD J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ &RXUWQH\ :DUG $QWLRQHWWH +RZDUG &D\OD 0RRUH &KULVWLDQ +XQQLFXWW 7($0 7RWDOV

9,6,7256 )ORULGD 6WDWH WRW IJ IJ IJD

SW IJ IJD

IW IWD

3OD\HU &KDQWH %ODFN I -R\ &KHHN I $EE\ :DQHU J -DVPLQH 7KRPDV J :DQLVKD 6PLWK J .DULPD &KULVWPDV %ULWWDQ\ 0LWFK &DUUHP *D\ .HWXUDK -DFNVRQ .U\VWDO 7KRPDV 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

+20( 7($0 2KLR 6WDWH 3OD\HU 7UHELOFRFN $ /LWWOH 6KDYHOOH 3DFNHU 0DUVFLOOD /DYHQGHU -DQWHO 5LOH\ 7DPDUDK -DFNVRQ $OLVRQ 0RHOOHU 0DULD -DPHQ $OLFH 0DVRQ &R[ / -RKQVRQ %ULWWDQ\ :DONHU $QGUHD $OOHQ 6WDU 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW

IWD

UHERXQGV RI GH WRW

SI

WS

V

LQ P

'($'%$// 5(%281'6

D WR EON

V

LQ P

'($'%$// 5(%281'6

2IÀ FLDOV %U\DQ (QWHUOLQH 7HUHVD 'DKOHP 'DZQ 0DUVK $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 2KLR 6WDWH

UHERXQGV RI GH WRW

UHERXQGV RI GH WRW

> iÊÎÎÊ À `>Ê-Ì>ÌiÊÇÓ]Ê £ÎÊ" > >Ê-Ì>ÌiÊÇÎ ÎÉÓ{ÉänÊ>ÌÊ iÃÊ iÃ]Ê Ü>Ê­7i ÃÊ >À} Ê Ài >® 9,6,7256 )ORULGD 6WDWH

SI

WS

D WR EON

SI

WS

V

LQ P

'($'%$// 5(%281'6

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV /DZVRQ 1HZWRQ %RQLWD 6SHQFH -HQ 5H]DF $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 7RWDO )ORULGD 6WDWH 'XNH

IW

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 'XNH

SW IJ IJD

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

> iÊÎ£Ê ££Ê Õ iÊn£]Ê À `>Ê-Ì>ÌiÊÈÇ ÎÉÇÉänÊ>ÌÊ Àii ÃL À ]Ê ° °Ê­ Àii ÃL À Ê ÃiÕ ® 3OD\HU &D\OD 0RRUH I & +XQQLFXWW J 0DUD )UHVKRXU J 7 'DYLV &DLQ J 6KDQWH :LOOLDPV J $QJHO *UD\ $O\VKD +DUYLQ &RXUWQH\ :DUG $QWLRQHWWH +RZDUG -DFLQWD 0RQURH 7($0 7RWDOV

WRW IJ IJ IJD

V

LQ P

'($'%$// 5(%281'6

3OD\HU 0DUD )UHVKRXU +DUYLQ $O\VKD 7 'DYLV &DLQ 6KDQWH :LOOLDPV -DFLQWD 0RQURH *UD\ $QJHO &RXUWQH\ :DUG $QWLRQHWWH +RZDUG +XQQLFXWW &KULVWLDQ 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D WR EON

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH

+20( 7($0 2NODKRPD 6WDWH 3OD\HU 5LOH\ $QGUHD +DUGHPDQ 7 &RUGHUR 0DULD *UHHQ 'DQLHOOH 6PLWK 6KDXQWH· %\IRUG 0HJDQ 6SHDUV 6K\YRQ 5LFKDUGVRQ $OH[ +HUQDQGH] .ULVWLQ 7($0 7RWDOV

WRW IJ IJ IJD

SW IJ IJD

IW IWD

UHERXQGV RI GH WRW

SI

WS

D

727$/ )* VW +DOI QG +DOI *DPH 3W )* VW +DOI QG +DOI *DPH ) 7KURZ VW +DOI QG +DOI *DPH 2IÀ FLDOV /DZVRQ 1HZWRQ %U\DQ (QWHUOLQH 7HUHVD 'DKOHP $WWHQGDQFH 6FRUH E\ 3HULRGV VW QG 27 )ORULGD 6WDWH 2NODKRPD 6WDWH

7" ½-Ê - /

V

LQ P

'($'%$// 5(%281'6

WR EON

V

LQ P

'($'%$// 5(%281'6

7RWDO

Ç


ÓääÇ änÊ, 6 7

Ê > Ê-Ì> ` }Ã

viÀi ViÊ 7HDP 1RUWK &DUROLQD 0DU\ODQG 'XNH 9LUJLQLD *HRUJLD 7HFK )ORULGD 6WDWH %RVWRQ &ROOHJH 1& 6WDWH &OHPVRQ 9LUJLQLD 7HFK :DNH )RUHVW 0LDPL

:

/

3FW

Ê/ ÕÀ > i ÌÊ

),567 5281' ,RZD 6WDWH GHI *HRUJLD 7HFK )ORULGD 6WDWH GHI 2KLR 6WDWH 1RUWK &DUROLQD GHI %XFNQHOO 0DU\ODQG GHI &RSSLQ 6WDWH 'XNH GHI 0XUUD\ 6WDWH 9LUJLQLD GHI 8& 6DQWD %DUEDUD 6(&21' 5281' 2NODKRPD 6WDWH GHI )ORULGD 6WDWH 27

'XNH GHI $UL]RQD 6WDWH 2OG 'RPLQLRQ GHI 9LUJLQLD 27

1RUWK &DUROLQD GHI *HRUJLD 0DU\ODQG GHI 1HEUDVND 6:((7 1RUWK &DUROLQD GHI /RXLVYLOOH 0DU\ODQG GHI 9DQGHUELOW 7H[DV $ 0 GHI 'XNH

6(&21' 5281' %RVWRQ &ROOHJH GHI 9HUPRQW 1& 6WDWH GHI 6RXWK &DUROLQD

/

Ê/ ÕÀ > i Ì

VW $QQXDO $&& 7RXUQDPHQW *UHHQVERUR &ROLVHXP *UHHQVERUR 1 & 7KXUVGD\ 0DUFK *HRUJLD 7HFK GHI 0LDPL &OHPVRQ GHI 1R 1& 6WDWH RW

%RVWRQ &ROOHJH GHI 9LUJLQLD 7HFK )ORULGD 6WDWH GHI :DNH )RUHVW )ULGD\ 0DUFK 9LUJLQLD GHI *HRUJLD 7HFK 1RUWK &DUROLQD GHI &OHPVRQ 0DU\ODQG GHI %RVWRQ &ROOHJH 'XNH GHI )ORULGD 6WDWH

$ZD\

6HFRQG 7HDP 0LFNHO 3LFFR %RVWRQ &ROOHJH &U\VWDO /DQJKRUQH 0DU\ODQG :DQLVKD 6PLWK 'XNH -R\ &KHHN 'XNH &HWHUD 'H*UDIIHQUHLG 1RUWK &DUROLQD

$&& &RDFK RI WKH <HDU 6\OYLD +DWFKHOO 1RUWK &DUROLQD $&& 3OD\HU RI WKH <HDU &U\VWDO /DQJKRUQ 0DU\ODQG

)LUVW 7HDP &U\VWDO /DQJKRUQH 0DU\ODQG .ULVWL 7ROLYHU 0DU\ODQG .KDGLMDK :KLWWLQJWRQ 1RUWK &DUROLQD 6WDWH (UODQD /DUNLQV 1RUWK &DUROLQD /D7R\D 3ULQJOH 1RUWK &DUROLQD

),1$/ )285 0LFKLJDQ 6WDWH GHI 1& 6WDWH

+RPH

Ê ivi à ÛiÊ/i>

(/,7( (,*+7 1 & 6WDWH GHI 6W -RKQ·V

3FW

Ê / ÕÀ > i ÌÊ/i> )LUVW 7HDP (UODQD /DUNLQV 1RUWK &DUROLQD ³ 7RXUQDPHQW 093 5DVKDQGD 0F&DQWV 1RUWK &DUROLQD /D7R\D 3ULQJOH 1RUWK &DUROLQD $EE\ :DQHU 'XNH 0RQLFD :ULJKW 9LUJLQLD

$&& WK 3OD\HU RI WKH <HDU -HVVLFD %UHODQG 1RUWK &DUROLQD

7+,5' 5281' 6W -RKQ·V GHI %RVWRQ &ROOHJH 1 & 6WDWH GHI )ORULGD

"ÛiÀ> :

$&& 5RRNLH RI WKH <HDU 6WHIDQLH 0XUSK\ %RVWRQ &ROOHJH

7 i ½ÃÊ /

6XQGD\ 0DUFK 1RUWK &DUROLQD GHI 'XNH

$ZD\

$&& 'HIHQVLYH 3OD\HU RI WKH <HDU /DWR\D 3ULQJOH 1RUWK &DUROLQD

(/,7( (,*+7 6WDQIRUG GHI 0DU\ODQG /68 GHI 1RUWK &DUROLQD

6DWXUGD\ 0DUFK 1RUWK &DUROLQD GHI 9LUJLQLD 'XNH GHI 0DU\ODQG

+RPH

6HFRQG 7HDP 0RQLFD :ULJKW 9LUJLQLD 5DVKDQGD 0F&DQWV 1RUWK &DUROLQD &KDQWH %ODFN 'XNH 0DULVVD &ROHPDQ 0DU\ODQG %ULWWDQ\ &RRN 9LUJLQLD 7HFK 7KLUG 7HDP -DQLH 0LWFKHOO *HRUJLD 7HFK /DXUD +DUSHU 0DU\ODQG $EE\ :DQHU 'XNH 6KDUQHH· =ROO 9LUJLQLD /\QGUD /LWWOHV 9LUJLQLD +RQRUDEOH 0HQWLRQ $LVKD 0RKDPPHG 9LUJLQLD 6WHIDQLH 0XUSK\ %RVWRQ &ROOHJH 7DQDH 'DYLV &DLQ )ORULGD 6WDWH 0DXULWD 5HLG 0LDPL &KLRPD 1QDPDND *HRUJLD 7HFK

1HXWUDO

/D7R\D 3ULQJOH 1RUWK &DUROLQD 0DXULWD 5HLG 0LDPL .KDGLMDK :KLWWLQJWRQ 1& 6WDWH -DFTXD :LOOLDPV *HRUJLD 7HFK 0RQLFD :ULJKW 9LUJLQLD

Ê Àià > Ê/i>

6WHIDQLH 0XUSK\ %RVWRQ &ROOHJH &HWHUD 'H*UDIIHQUHLG 1RUWK &DUROLQD &DURO\Q 6ZRUGV %RVWRQ &ROOHJH $OH[ 0RQWJRPHU\ *HRUJLD 7HFK $QGUHD %DUERXU 9LUJLQLD 7HFK

À>L iÊ i Ì Ê Àià >

0DUDK 6WULFNODQG 0DU\ODQG -DVPLQH 7KRPDV 'XNH

Ê* >ÞiÀÊ vÊÌ iÊ7ii

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

Ê, iÊ vÊÌ iÊ7ii

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

", Ê-/ / Ê1 6 ,- /9


ร รครคร ย รคnร , 6 7

ร -ร >ร ย ร ร ย Vร /i>ย ร ร -ร >ร ย ร ร ย Vร 6&25,1* 2))(16( 7HDP * : / 1RUWK &DUROLQD 0DU\ODQG 9LUJLQLD 'XNH *HRUJLD 7HFK )ORULGD 6WDWH 9LUJLQLD 7HFK 1& 6WDWH %RVWRQ &ROOHJH &OHPVRQ 0LDPL :DNH )RUHVW 6&25,1* '()(16( 7HDP :DNH )RUHVW 1& 6WDWH 'XNH *HRUJLD 7HFK %RVWRQ &ROOHJH 0LDPL 9LUJLQLD 1RUWK &DUROLQD 0DU\ODQG )ORULGD 6WDWH 9LUJLQLD 7HFK &OHPVRQ 6&25,1* 0$5*,1 7HDP 1RUWK &DUROLQD 0DU\ODQG 'XNH 9LUJLQLD *HRUJLD 7HFK 1& 6WDWH )ORULGD 6WDWH %RVWRQ &ROOHJH 9LUJLQLD 7HFK :DNH )RUHVW 0LDPL &OHPVRQ

*

3WV

3WV

$YJ

)5(( 7+52: 3(5&(17$*( 7HDP * )70 0DU\ODQG 9LUJLQLD 7HFK 9LUJLQLD 1RUWK &DUROLQD %RVWRQ &ROOHJH *HRUJLD 7HFK 1& 6WDWH 'XNH )ORULGD 6WDWH &OHPVRQ :DNH )RUHVW 0LDPL

)7$

3FW

%/2&.(' 6+276 7HDP * 1RUWK &DUROLQD 'XNH 1& 6WDWH 9LUJLQLD 7HFK )ORULGD 6WDWH 0DU\ODQG &OHPVRQ :DNH )RUHVW *HRUJLD 7HFK 0LDPL 9LUJLQLD %RVWRQ &ROOHJH

$YJ

32,17 ),(/' *2$/ 3(5&(17$*( 7HDP * )* )*$ 0DU\ODQG 9LUJLQLD )ORULGD 6WDWH :DNH )RUHVW *HRUJLD 7HFK 1& 6WDWH %RVWRQ &ROOHJH 9LUJLQLD 7HFK 0LDPL 1RUWK &DUROLQD 'XNH &OHPVRQ

3FW

$66,676 7HDP 1RUWK &DUROLQD %RVWRQ &ROOHJH 0DU\ODQG 'XNH 9LUJLQLD 9LUJLQLD 7HFK &OHPVRQ 1& 6WDWH 0LDPL :DNH )RUHVW *HRUJLD 7HFK )ORULGD 6WDWH

*

32,17 ),(/' *2$/ '()(16( 7HDP * )* )*$ 1RUWK &DUROLQD 1& 6WDWH 0DU\ODQG *HRUJLD 7HFK 9LUJLQLD )ORULGD 6WDWH :DNH )RUHVW &OHPVRQ 9LUJLQLD 7HFK 'XNH %RVWRQ &ROOHJH 0LDPL

3FW

67($/6 7HDP *HRUJLD 7HFK 1RUWK &DUROLQD 'XNH &OHPVRQ 0LDPL 1& 6WDWH 9LUJLQLD 9LUJLQLD 7HFK )ORULGD 6WDWH :DNH )RUHVW %RVWRQ &ROOHJH 0DU\ODQG

*

5(%281',1* 7HDP 1RUWK &DUROLQD 0DU\ODQG 'XNH 1& 6WDWH :DNH )RUHVW )ORULGD 6WDWH 9LUJLQLD 9LUJLQLD 7HFK &OHPVRQ %RVWRQ &ROOHJH *HRUJLD 7HFK 0LDPL

$YJ

* )6 2SS 0DUJLQ

),(/' *2$/ 3(5&(17$*( 7HDP * )* 0DU\ODQG 1RUWK &DUROLQD %RVWRQ &ROOHJH 9LUJLQLD 'XNH 9LUJLQLD 7HFK )ORULGD 6WDWH *HRUJLD 7HFK 1& 6WDWH &OHPVRQ :DNH )RUHVW 0LDPL

)*$

3FW

),(/' *2$/ 3(5&(17$*( '()(16( 7HDP * )* )*$ 3FW 1RUWK &DUROLQD 'XNH 1& 6WDWH :DNH )RUHVW 0DU\ODQG %RVWRQ &ROOHJH )ORULGD 6WDWH 9LUJLQLD 9LUJLQLD 7HFK *HRUJLD 7HFK 0LDPL &OHPVRQ

*

5HE

5(%281',1* 0$5*,1

7HDP 0DU\ODQG 1RUWK &DUROLQD %RVWRQ &ROOHJH 'XNH 9LUJLQLD 1& 6WDWH :DNH )RUHVW *HRUJLD 7HFK 9LUJLQLD 7HFK )ORULGD 6WDWH 0LDPL &OHPVRQ

* )6 $YJ 2SS

%ORFNV

$YJ

$VVLVWV

$YJ

6WHDOV

$YJ

$66,67 785129(5 5$7,2 7HDP

* $VW $YJ 7R $YJ $ 7

0DU\ODQG 1RUWK &DUROLQD %RVWRQ &ROOHJH 'XNH 9LUJLQLD 0LDPL 1& 6WDWH 9LUJLQLD 7HFK &OHPVRQ *HRUJLD 7HFK )ORULGD 6WDWH :DNH )RUHVW

$YJ 7RWDO

7" ยฝ-ร - /

nยฃ


ร รครคร ย รคnร , 6 7

ร -ร >ร ย ร ร ย Vร ย `ย ร ย `ร >ย ร

ร -ร >ร ย ร ร ย Vร 6&25,1* 3OD\HU 7HDP %ULWWDQ\ &RRN 97 0RQLFD :ULJKW 9$ &U\VWDO /DQJKRUQH 0' .ULVWL 7ROLYHU 0' .KDGLMDK :KLWWLQJWRQ 67 0DUD )UHVKRXU )6 -DFLQWD 0RQURH )6 6KDQWH :LOOLDPV )6

&O -5 62 65 -5 65 -5 62 65

5(%281',1* 3OD\HU 7HDP &O .KDGLMDK :KLWWLQJWRQ 67 65 (UODQD /DUNLQV 1& 65 &U\VWDO /DQJKRUQH 0' 65 $LVKD 0RKDPPHG 9$ -5 /DXUD +DUSHU 0' 65 -DFLQWD 0RQURH )6 62

*

*

),(/' *2$/ 3(5&(17$*( 3OD\HU 7HDP &O &U\VWDO /DQJKRUQH 0' 65 &DURO\Q 6ZRUGV %& )5 6WHIDQLH 0XUSK\ %& )5 $LVKD 0RKDPPHG 9$ -5 &KDQWH %ODFN '8 -5 $66,676 3OD\HU 7HDP &O .ULVWL 7ROLYHU 0' -5 6KDUQHH =ROO 9$ 65 /DXUD +DVNLQV 97 -5 -DFO\Q 7KRPDQ %& )5 6KDQWH :LOOLDPV )6 65 &RXUWQH\ :DUG )6 )5 67($/6 3OD\HU 7HDP -DFTXD :LOOLDPV *7 0DXULWD 5HLG 80 -LOO ,QJUDP *7 /HOH +DUG\ &8 $EE\ :DQHU '8

)* )* )7

&O -5 65 65 62 -5

2II

*

'HI

3WV $YJ

7RWDO

)* )*$

$YJ 3FW

* $VVLVWV

$YJ

* 6WHDOV

$YJ

32,17 ),(/' *2$/ 3(5&(17$*( 3OD\HU 7HDP &O * 0DUD )UHVKRXU )6 -5 0DUDK 6WULFNODQG 0' )5 &KLRPD 1QDPDND *7 65 .ULVWL 7ROLYHU 0' -5 0LFNHO 3LFFR %& 62

)* )*$

3FW

32,17 ),(/' *2$/6 0$'( 3OD\HU 7HDP &O &KLRPD 1QDPDND *7 65 0DXULWD 5HLG 80 65 .ULVWL 7ROLYHU 0' -5 0DUD )UHVKRXU )6 -5 0LFNHO 3LFFR % 62

* )*

$YJ

%/2&.(' 6+276 3OD\HU 7HDP /D7R\D 3ULQJOH 1& -DFLQWD 0RQURH )6 &KDQWH %ODFN '8 -HVVLFD %UHODQG 1& $PEHU +DOO 97

* %ORFNV

$YJ

&O 65 62 -5 62 -5

$66,67 785129(5 5$7,2 3OD\HU 7HDP &O * $VVW $YJ 7R $YJ 5DWLR 6KDUQHH =ROO 9$ 65 .ULVWL 7ROLYHU 0' -5 /DXUD +DVNLQV 97 -5 -LOO ,QJUDP *7 65 6KD\OD )LHOGV 67 -5 6KDQWH :LOOLDPV )6 65 &RXUWQH\ :DUG )6 )5

nร

", ร -/ / ร 1 6 ,- /9


/ Ê 1 6 ,- /9 7" ½-Ê - /


/ ÊÊ1 6 ,- /9 / ÃÊ ÃÊ/> > >ÃÃii

7$//$+$66((·6 $1 $// $0(5,&$1 &,7<

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´7KLV LV FOHDUO\ RQH RI WKH PRVW H[FLWLQJ WKLQJV WR HYHU KDSSHQ WR 7DOODKDVVHH µ VDLG D MXELODQW 0D\RU 6FRWW 0DGGR[ ´)RU WKRVH RI XV ZKR FDOO 7DOODKDVVHH KRPH WKH $OO $PHULFD &LW\ DZDUG YHULÀ HV ZKDW ZH·YH NQRZQ IRU VR ORQJ ³ WKDW ZH KDYH RQH RI WKH JUHDWHVW FLWLHV LQ DOO RI $PHULFD µ PRQJ ORZ UROOLQJ KLOOV GRZQ PRVV GUDSHG FDQRS\ URDGV ZLWKLQ SLFWXUHVTXH KLVWRULFDO GLVWULFWV DQG DFURVV VHDV RI Á RZHULQJ D]DOHDV OLHV D PDJLFDO SDUW RI WKH 6XQVKLQH 6WDWH ³7DO ODKDVVHH ³ )ORULGD·V FDSLWDO FLW\ :LWK LWV LQWULJXLQJ FRPELQDWLRQ RI SRZHU SOD\ SROLWLFV DQG FODVVLF FKDUDFWHU VSODVKHG ZLWK D WZLVW RI EHDXW\ DQG FKDUP 7DO ODKDVVHH LV D JHQWHHO 6RXWKHUQ EHOOH ZLWK JRRG PDQQHUV ROG SODQWDWLRQ KRPHV DQG \·DOO FRPH KRVSLWDOLW\ ³ D VLGH RI )ORULGD IHZ H[SHFW WR À QG :LWK WKH *XOI RI 0H[LFR MXVW PLOHV VRXWK DQG WKH *HRUJLD ERUGHU RQO\ PLOHV QRUWK 7DOODKDVVHH UHVWV EHWZHHQ WKH IRRWKLOOV RI WKH $SSDODFKLDQ 0RXQWDLQV DQG WKH MXQFWXUH RI )ORULGD·V SDQKDQGOH DQG SHQLQVXOD LQ DQ DUHD NQRZQ DV ´7KH %LJ %HQG µ 1HDUHU LQ PLOHV WR $WODQWD WKDQ WR 0LDPL 7DOODKDVVHH PRUH FORVHO\ UHVHPEOHV LWV· *HRUJLD QHLJKERU WKDQ )ORULGD LQ WRSRJUDSK\ FOLPDWH DQG OLIHVW\OH /LNH WKH FLW\ LWVHOI WKH VWRU\ RI KRZ 7DOODKDVVHH ZDV FKRVHQ DV WKH VWDWH FDSLWDO LV ULFK LQ KLVWRU\ ,Q WZR H[SORUHUV VHW RXW ³ RQH RQ KRUVHEDFN IURP 6W

n{

$XJXVWLQH DQG WKH RWKHU E\ ERDW IURP 3HQVDFROD ³ WR HVWDEOLVK D SHUPDQHQW FHQWUDO ORFDWLRQ IRU WKH VHDW RI JRYHUQ PHQW 7KH WZR PHW DW D EHDXWLIXO VLWH WKDW WKH &UHHN DQG 6HPLQROH ,QGLDQV FDOOHG ´WDOODKDVVHHµ ³ GHULYHG IURP WKH ZRUGV ´WDOZD µ PHDQLQJ WRZQ DQG ´DKDVVHH µ PHDQLQJ ROG 7KLV KLVWRULF PHHWLQJ SODFH UHPDLQV )ORULGD·V FDSLWDO WRGD\ 7KH 1HZ &DSLWRO EXLOGLQJ ULVHV DW WKH FHQWHU RI 7DOODKDVVHH·V GRZQWRZQ DV D VOHHN PRGHUQ VWUXFWXUH MX[WDSRVHG QH[W WR WKH 2OG &DSLWRO EXLOW LQ WKH PRUH FODVVLF GRPHG VW\OH $ JDOOHU\ DWRS WKH VWRU\ 1HZ &DSLWRO SURYLGHV D VZHHSLQJ YLHZ RI WKH KLOO\ FLW\ DQG LWV WUHH OLQHG VWUHHWV )URP LW \RX FDQ VHH DOO WKH ZD\ WR *HRU JLD PLOHV DZD\ $URXQG WKH FDSLWRO FRPSOH[ D EORFN KLVWRULF GLVWULFW VSUHDGV SUHVHUYLQJ WKH WRZQ·V JUDFLRXV ROG KRPHV DORQJ D OLQHDU SDUN DQG KROGLQJ D KLVWRULF LQQ EDUV DQG UHVWDXUDQWV SDWURQL]HG E\ 6HQDWRUV DQG VRSKRPRUHV DOLNH :LWK QR VKRUWDJH RI FXOWXUH GRZQWRZQ DOVR RIIHUV PXVH XPV WKHDWHU DQG DUW JDOOHULHV $UWLVWV KDYH WXUQHG WKH ROG ZDUHKRXVHV RI 'RZQWRZQ ,QGXVWULDO 3DUN LQWR WKH VWXGLRV DQG FDIHV

", Ê-/ / Ê1 6 ,- /9


/ ÊÊ1 6 ,- /9

/ ÃÊ ÃÊ/> > >ÃÃii RI 5DLOURDG 6TXDUH 7KH 0XVHXP RI )ORUL GD +LVWRU\ QHDUE\ LV KLJKO\ DFFODLPHG IRU LWV VFDQ RI WKH VWDWH·V SDVW DQG 7KH 0DU\ %URJDQ 0XVHXP RI $UW 6FLHQFH DORQJ ZLWK FKDQJLQJ DUW H[KLELWV EULQJV OHDUQLQJ WR D NLG·V OHYHO ZLWK KDQGV RQ H[KLELWV 2WKHU VLJKWVHHLQJ IDYRULWHV LQFOXGH WKH Á RUDO PDVWHUSLHFH RI $OIUHG % 0DFOD\ 6WDWH *DUGHQV %UDGOH\·V &RXQWU\ 6WRUH )$08 %ODFN $UFKLYHV DQG WKH 7DOODKDV VHH $QWLTXH &DU 0XVHXP 7KH DUHD VXUURXQGLQJ 7DOODKDVVHH UHYHDOV QXPHURXV RWKHU KLVWRULF DQG DUFKDHRORJLFDO WUHDVXUHV VXFK DV 'H 6RWR 6WDWH $UFKDHRORJLFDO DQG +LVWRULFDO 6LWH /DNH -DFNVRQ 6WDWH $UFKDHRORJLFDO 6LWH 0LVVLRQ 6DQ /XLV 1DWXUDO %ULGJH %DWWOHÀ HOG DQG 6DQ 0DUFRV GH $SDODFKH 9LVLWRUV FDQ H[SORUH SUHKLVWRULF )ORULGD DW WKH 0XVHXP RI )ORULGD +LVWRU\ ZKHUH WKH\ DUH JUHHWHG E\ D JLDQW \HDU ROG PDVWRGRQ SXOOHG IURP QHDUE\ :DNXOOD 6SULQJV 2Q WKH VKRUHV RI :DNXOOD 6SULQJV DOOLJDWRUV VWLOO OD]H XQGHU WKH ZDWFKIXO H\HV RI ´VQDNH ELUGVµ SHUFKHG RQ WZLVWHG F\SUHVV WUHHV 7KH VLWH RI PDQ\ XQGHUZD WHU VFHQHV LQ ´7DU]DQµ PRYLHV LW·V RQH RI WKH ZRUOG·V GHHSHVW IUHVKZDWHU VSULQJV *ODVV ERWWRPHG ERDW WRXUV DFURVV WKHVH P\VWLFDO ZDWHUV DUH DYDLODEOH 1HDUE\ VPDOO WRZQV RIIHU IDVFLQDWLQJ H[FXUVLRQV WR SODFHV VXFK DV 3HEEOH +LOO 3ODQWDWLRQ )ORULGD &DYHUQV 6WDWH 3DUN 0RQWLFHOOR 2SHUD +RXVH DQG 6W *HRUJH ,VODQG

7$//$+$66(( 83 &/26(

7" ½-Ê - /

7DOODKDVVHH LV KRPH WR PRUH WKDQ FROOHJH VWXGHQWV EH WZHHQ )ORULGD 6WDWH 8QLYHUVLW\ )ORULGD $ 0 8QLYHUVLW\ DQG 7DO ODKDVVHH &RPPXQLW\ &ROOHJH

7KLUW\ SHUFHQW RI 7DOODKDVVHH·V SRSXODWLRQ LV \HDUV ROG

7KH DYHUDJH PD[LPXP WHPSHUD WXUH LQ 7DOODKDVVHH LV GHJUHHV DQG DOPRVW WZHQW\ À YH SHUFHQW RI WKH \HDU WKH WHPSHUDWXUH LV DERYH GHJUHHV

7KHUH DUH RYHU SHRSOH OLYLQJ LQ WKH 7DOODKDVVHH DUHD DQG RYHU LQ WKH PHWURSROLWDQ DUHD

7KH FDSLWDO RI WKH 6WDWH RI )ORULGD KDV EHHQ ORFDWHG LQ 7DOODKDVVHH VLQFH

nx


/ ÊÊ1 6 ,- /9 / ÃÊ ÃÊ/> > >ÃÃii

7+( &$3,72/ 2QH RI À YH WRZHU &DSLWROV LQ WKH 8 6 IHDWXUHV SDQRUDPLF YLHZ IURP Á RRU REVHUYDWRU\ DUW JDOOHU\ +RXVH DQG 6HQDWH YLHZLQJ JDOOHULHV

&+$//(1*(5 /($51,1* &(17(5 7KH &KDOOHQJHU /HDUQLQJ &HQWHU RI 7DOODKDVVHH LV D VTXDUH IRRW IDFLOLW\ ORFDWHG RQ EHDXWLIXO .OHPDQ 3OD]D LQ GRZQWRZQ 7DOODKDVVHH 7KH &KDOOHQJHU /HDUQLQJ &HQWHU LV WKH . RXWUHDFK IDFLOLW\ RI WKH )ORULGD $ 0 8QLYHUVLW\ ³ )ORULGD 6WDWH 8QLYHUVLW\ &ROOHJH RI 0$5< %52*$1 086(80 2) $57 (QJLQHHULQJ DQG D YLVLWRU GHVWLQDWLRQ 7KH &HQWHU IHDWXUHV D VWDWH RI WKH DUW 6&,(1&( ,QWHUDFWLYH KDQGV RQ VFLHQFH FHQWHU 6SDFH 0LVVLRQ 6LPXODWRU DQG XWLOL]HV WKH DQG QDWLRQDO WUDYHOLQJ DUW DQG VFLHQFH LPPHUVLYHQHVV RI DQ ,0$; WKHDWUH DQG D GLJLWDO GRPHG SODQHWDULXP WR FUHDWH DQ H[KLELWLRQV XQIRUJHWWDEOH H[SHULHQFH IRU DOO 0$&/$< 67$7( *$5'(16 (QFKDQWLQJ Á RUDO DUFKLWHFWXUH VXUURXQGV V KRPH RI 1< À QDQFLHU $OIUHG % 0DFOD\ ,PSUHVVLYH JURXQGV IHDWXUH Á RUDO YDULHWLHV SOXV KLNLQJ ELNLQJ DQG QDWXUH WUDLOV VZLPPLQJ À VKLQJ DQG ERDWLQJ

0,66,21 6$1 /8,6 6LWH RI 6SDQLVK ,QGLDQ YLOODJH VHWWOHG IURP 2QJRLQJ H[FDYDWLRQV H[KLELWV UHFRQVWUXFWLRQV 086(80 $1' &8/785( 0868(0 2) )/25,'$ +,6725< 3HUPDQHQW H[KLELWV LQFOXGH D QLQH IRRW PDVWRGRQ 6SDQLVK JDOOHRQ WUHDVXUHV &LYLO :DU PHPRUDELOLD UHFRQVWUXFWHG VWHDPERDW DQG 3UHKLVWRULF )ORULGD SOXV WUDYHOLQJ H[KLELWV 285 &$3,72/ 086(80 5HVWRUHG WR DSSHDUDQFH IHDWXULQJ UHG FDQG\ VWULSHG DZQLQJV VWDLQHG JODVV GRPH +RXVH DQG 6HQDWH &KDPEHUV 6XSUHPH &RXUW DQG *RYHUQRU·V RIÀ FH 7$//$+$66(( $17,48( &$5 086(80 ,PSUHVVLYH VKRZURRP IHDWXUHV DZDUG ZLQQLQJ &KHY\V RQH RI D NLQG )RUG 5RDGVWHU &DU1DWLRQ 7RXUHU 'XHVHQEHUJ 7 %LUG 'HORUHDQ &DGLOODFV &RUYHWWHV DQG PRUH 3OXV WZR RULJLQDO %DW 0RELOHV

7KH IHGHUDO ,QVWLWXWH RI 0XVHXP DQG /LEUDU\ 6HUYLFHV ,0/6 QDPHG WKH 7DOODKDVVHH 0XVHXP RI +LVWRU\ DQG 1DWXUDO 6FLHQFH DV RQH RI WKH QDWLRQ·V H[HPSODU\ PXVHXPV RQ 6HSWHPEHU 7KH 7DOODKDVVHH 0XVHXP DORQJ ZLWK RWKHU PXVHXPV ZDV VHOHFWHG RXW RI D À HOG RI DSSOLFDWLRQV IURP PXVHXPV WKURXJKRXW WKH QDWLRQ LQ D KLJKO\ FRPSHWLWLYH FRPSHWLWLRQ 7KH PXVHXP IHDWXUHV D DFUH QDWXUDO KDELWDW ]RR QDWXUH WUDLOV DXWKHQWLF V IDUPVWHDG KDQGV RQ 'LVFRYHU\ &HQWHU ELUGV RI SUH\ DYLDU\ UHSWLOH H[KLELWV DQQXDO HYHQWV DQG PRUH

", Ê-/ / Ê1 6 ,- /9


/ ÃÊ ÃÊ/> > >ÃÃii

/ ÊÊ1 6 ,- /9

:+(5(·6 7+( %($&+" :KHUH VXQQ\ GD\V DUH À OOHG ZLWK WKH JUHDW RXWGRRUV ZKHUH WLPH LV PHDVXUHG E\ WLGHV DQG OLIH·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À VKLQJ PLOHV VRXWKZHVW RI 7DOODKDVVHH 6+(// 32,17 /RYHO\ VPDOO SHQLQVXOD VXUURXQGHG E\ 6W 0DUNV :LOGOLIH UHIXJH 6HFOXGHG EHDFK DQG FOHDU ZDWHU WKDW LV SRSXODU IRU VDLOLQJ DQG ZLQGVXUÀ QJ PLOHV VRXWK RI 7DOODKDVVHH &$123< 52$'6 7KH DEXQGDQFH RI WUHHV DQG WLPEHU LV D UHVRXUFH XQFRPPRQ WR PDQ\ RWKHU DUHDV RI WKH VWDWH 7KH EHDXW\ RI WKH ORFDO WUHHV LV H[HPSOLÀ HG LQ 0DFOD\ *DUGHQV 6WDWH 3DUN ZKLFK LV WKH VLWH RI VHYHUDO RI )ORULGD·V FKDPSLRQ WUHHV LQFOXGLQJ WKH Á RZHULQJ 'RJZRRG WKH +DZWKRUQ WUHH WKH +RUVHVXJDU WUHH WKH 6ZHHWED\ 0DJQROLD DQG WKH 6LOYHUEHOO WUHH 7KHVH WUHHV DQG RWKHUV RIWHQ H[WHQG WKHLU EUDQFKHV RYHU WKH URDGZD\ WR FUHDWH D FDQRSLHG HIIHFW D IHDWXUH WKDW LV KHOG LQ KLJK HVWHHP E\ ORFDO UHVLGHQWV DQG YLVLWRUV

7" ½-Ê - /


/ ÊÊ1 6 ,- /9 / ÃÊ ÃÊ À `>Ê-Ì>Ìi

URP LWV SUH &LYLO :DU EHJLQQLQJV DV WKH 6HPLQDU\ :HVW RI WKH 6XZDQ QHH WR D QHDUO\ IRXU GHFDGH VWLQW DV WKH )ORULGD 6WDWH &ROOHJH IRU :RPHQ WR LWV UHWXUQ WR FRHGXFDWLRQDO VWDWXV DV D XQLYHU VLW\ )ORULGD 6WDWH 8QLYHUVLW\ KDV HYROYHG LQWR DQ LQWHUQDWLRQDOO\ UHFRJQL]HG UHVHDUFK LQVWLWXWLRQ &RPPLWWHG WR SUHSDULQJ JUDGX DWHV IRU WKH HYHU H[SDQGLQJ RSSRUWXQLWLHV RI D JOREDO VRFLHW\ )68 LV FHOHEUDWHG QRW RQO\ IRU LWV ZRUOG FODVV UHVHDUFK EXW DOVR IRU LWV WHDFKLQJ DQG UHFRUG RI SXEOLF VHU YLFH

)ORULGD 6WDWH LV D &DUQHJLH 'RFWRUDO 5HVHDUFK ([WHQVLYH LQVWLWXWLRQ DZDUGLQJ PRUH WKDQ JUDGXDWH DQG SURIHVVLRQDO GHJUHHV HDFK \HDU 'RFWRUDO IDFXOW\ LQ À YH DFDGHPLF DUHDV KDYH EHHQ UDQNHG DPRQJ WKH WRSV LQ WKH QDWLRQ DFFRUGLQJ WR WKH )DF XOW\ 6FKRODUO\ 3URGXFWLYLW\ ,QGH[ VRFLDO ZRUN ² 6SDQLVK ² PDUNHWLQJ ² RFHDQRJUDSK\ ² DQG DWPRVSKHULF VFL HQFHV ² )68 KDV PDQ\ XQGHUJUDGXDWH DQG JUDGXDWH DFDGHPLF SURJUDPV WKDW FRQ VLVWHQWO\ UDQN DPRQJ WKH QDWLRQ·V WRS DW SXEOLF XQLYHUVLWLHV DPRQJ WKHP SURJUDPV LQ EXVLQHVV FKHPLVWU\ FRPPXQLFDWLRQ GLV RUGHUV FUHDWLYH ZULWLQJ FULPLQRORJ\ HFRO RJ\ DQG HYROXWLRQDU\ ELRORJ\ HGXFDWLRQ LQIRUPDWLRQ ODZ PHWHRURORJ\ RFHDQRJUD SK\ SK\VLFV SROLWLFDO VFLHQFH SV\FKRORJ\ SXEOLF SROLF\ VRFLRORJ\ DQG VWDWLVWLFV

)ORULGD 6WDWH 8QLYHUVLW\ HQUROOV DERXW XQGHUJUDGXDWH JUDGXDWH DQG SURIHV VLRQDO VWXGHQWV RI ZKLFK QHDUO\ SHUFHQW DUH PLQRULWLHV DQG SHUFHQW DUH ZRPHQ )68 VWXGHQWV FRPH IURP HYHU\ FRXQW\ LQ )ORULGD DOO VWDWHV DQG WKH 'LVWULFW RI &R $W )ORULGD 6WDWH VWXGHQWV KDYH WKH OXPELD DQG PRUH WKDQ FRXQWULHV RSSRUWXQLW\ WR ZRUN DQG VWXG\ DORQJVLGH 7KH XQLYHUVLW\ RIIHUV DQ LPSUHVVLYH PHPEHUV RI WKH SUHVWLJLRXV 1DWLRQDO $FDG EUHDGWK RI DFDGHPLF GHJUHH SURJUDPV LQ HP\ RI 6FLHQFHV PHPEHUV RI WKH $PHULFDQ FOXGLQJ DW WKH EDFKHORU·V GHJUHH OHYHO $FDGHP\ RI $UWV DQG 6FLHQFHV ZLQQHUV RI DW WKH PDVWHU·V OHYHO DW DQ DGYDQFHG WKH 3XOLW]HU 3UL]H *XJJHQKHLP )HOORZV D PDVWHU·V VSHFLDOLVW·V OHYHO DW WKH GRF 1REHO ODXUHDWH DQG RWKHU JOREDOO\ UHFRJ WRUDO OHYHO DQG WZR DW D SURIHVVLRQDO GH QL]HG WHDFKHUV DQG UHVHDUFKHUV LQFOXGLQJ JUHH OHYHO &RXUVHV DUH RIIHUHG WKURXJK IDFXOW\ ZKR OHDG VHYHUDO VFKRODUO\ À HOGV LQ FROOHJHV ³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

IRUHFDVWLQJ ODZ DQG RWKHU HQYLURQPHQWDO FRXUVHV DQG SURJUDPV RU ZRUN DORQJVLGH IDFXOW\ WR IRUJH QHZ UHODWLRQVKLSV DPRQJ SURIHVVLRQV LQFOXGLQJ PHGLFLQH WKH SK\VL FDO VFLHQFHV HQJLQHHULQJ EXVLQHVV DQG ODZ 6WXGHQWV DW )ORULGD 6WDWH DOVR DUH HQ FRXUDJHG WR SDUWLFLSDWH LQ LQWHUQDWLRQDO HG XFDWLRQ WKURXJK WKH XQLYHUVLW\·V SURJUDPV LQ (QJODQG ,WDO\ 6ZLW]HUODQG )UDQFH 3DQDPD &KLQD &RVWD 5LFD 6SDLQ 5XV VLD WKH &]HFK 5HSXEOLF *UHHFH &URDWLD *HUPDQ\ ,UHODQG DQG WKH &DULEEHDQ 7KH XQLYHUVLW\·V VWXG\ VLWHV LQ 9DOHQFLD 6SDLQ )ORUHQFH ,WDO\ DQG /RQGRQ (QJODQG DUH FRQVLGHUHG E\ PDQ\ WR EH DPRQJ WKH QD WLRQ·V EHVW 7+( 81,9(56,7< /2**(' 0$1< 127(:257+< $&+,(9(0(176 ,1 $ODQ * 0DUVKDOO )68·V 5REHUW 2 /DZWRQ 3URIHVVRU RI &KHPLVWU\ DQG %LR FKHPLVWU\ DQG GLUHFWRU RI WKH ,RQ &\FORWURQ 5HVLVWDQFH 3URJUDP DW WKH 1DWLRQDO +LJK 0DJQHWLF )LHOG /DERUDWRU\ UHFHLYHG WKH 5DOSK DQG +HOHQ 2HVSHU $ZDUG IURP WKH &LQFLQQDWL 6HFWLRQ RI WKH $PHULFDQ &KHPLFDO 6RFLHW\ ²² HLJKW RI WKH SDVW DZDUGHHV RI WKH SUHVWLJLRXV 2HVSHU DZDUG ZHQW RQ WR ZLQ WKH 1REHO 3UL]H 3URIHVVRU .DWKOHHQ <DQFH\ GLUHFWRU RI WKH (QJOLVK GHSDUWPHQW·V JUDGXDWH SUR JUDP LQ 5KHWRULF DQG &RPSRVLWLRQ EH FDPH SUHVLGHQW RI WKH 1DWLRQDO &RXQFLO RI 7HDFKHUV RI (QJOLVK 0D[ *XQ]EXUJHU D )UDQFLV (SSHV 3URIHVVRU DQG GLUHFWRU RI WKH 6FKRRO RI &RPSXWDWLRQDO 6FLHQFH HDUQHG WKH GLV WLQJXLVKHG : 7 DQG ,GDOLD 5HLG 3UL]H LQ 0DWKHPDWLFV IURP WKH 6RFLHW\ IRU ,QGXV WULDO DQG $SSOLHG 0DWKHPDWLFV 6,$0 IRU KLV ZRUN LQ FRPSXWDWLRQDO PDWKHPDWLFV DQG KLV PDWKHPDWLFDO PRGHOV RI VFLHQFH DQG HQJLQHHULQJ SUREOHPV )68 6WXGHQW *RYHUQPHQW 3UHVLGHQW -RH 2·6KHD EHFDPH RQH RI MXVW 8 6 FRO OHJH VWXGHQWV VHOHFWHG IRU D 5KRGHV 6FKRODUVKLS WKH ROGHVW DQG PRVW SUHVWL

nn

", Ê-/ / Ê1 6 ,- /9


/ ÃÊ ÃÊ À `>Ê-Ì>Ìi

/ ÊÊ1 6 ,- /9 SHUWDLQLQJ WR HQHUJ\ FOLPDWH DQG WKH HQYLURQPHQW ²² ZLWK D SDUWLFXODU IRFXV RQ SURPRWLQJ UHQHZDEOH HQHUJ\ )ORULGD *RY &KDUOLH &ULVW VLJQHG LQWR ODZ D FRP SUHKHQVLYH HQHUJ\ ELOO HVWDEOLVKLQJ WKH FRQVRUWLXP DQG SURYLGLQJ D WRWDO RI PLOOLRQ LQ IXQGLQJ WR EH GLYLGHG DPRQJ IRXU FRUH LQVWLWXWLRQV ³ )68 ZLWK PLOOLRQ WKH 8QLYHUVLW\ RI &HQWUDO )ORUL GD WKH 8QLYHUVLW\ RI )ORULGD DQG WKH 8QL YHUVLW\ RI 6RXWK )ORULGD

JLRXV LQWHUQDWLRQDO VWXG\ DZDUG EHVWRZHG RQ $PHULFDQ VWXGHQWV 2·6KHD ZKR ZRQ D 7UXPDQ 6FKRODUVKLS LQ DOVR ZDV RQH RI MXVW XQGHUJUDGXDWHV QDPHG WR 86$ 7RGD\·V $OO 86$ &ROOHJH $FDGHPLF )LUVW 7HDP )68 )LOP 6FKRRO VWXGHQW 3DXO 6HHWDFKLWW FUDIWHG D VHFRQG SXEOLF VHU YLFH DQQRXQFHPHQW WKDW WRRN À UVW SODFH LQ D QDWLRQDO FRPSHWLWLRQ VSRQVRUHG E\ WKH &HQWHU IRU ,QWHUQDWLRQDO 'LVDVWHU 5HOLHI +RQRUV ZRQ E\ RWKHU )LOP 6FKRRO VWX GHQWV RYHU WKH SDVW \HDU LQFOXGHG D 6WX GHQW $FDGHP\ $ZDUG WZR FROOHJLDWH OHYHO ´(PP\µ DZDUGV DQG WZR 'LUHFWRUV *XLOG RI $PHULFD DZDUGV IRU WKH QDWLRQ·V EHVW PLQRULW\ DQG IHPDOH VWXGHQW À OPPDNHUV 2YHU WKH SDVW \HDU WKH XQLYHUVLW\ KDV ZRQ UHVHDUFK JUDQWV WRWDOLQJ PRUH WKDQ PLOOLRQ )68 ZDV UDQNHG 1R LQ WKH QDWLRQ DPRQJ WRS UHVHDUFK XQLYHUVLWLHV LQ JUDGXD WLRQ UDWHV IRU $IULFDQ $PHULFDQV )68 LV FXUUHQWO\ GHYHORSLQJ GHVLJQ LQJ EUHDNLQJ JURXQG IRU RU FRQVWUXFWLQJ DERXW PLOOLRQ ZRUWK RI IDFLOLWLHV DQG WKH QHZ &KHPLFDO 6FLHQFHV /DERUDWRU\ DQG WKH -DPHV ( ´-LPµ .LQJ /LIH 6FLHQF HV %XLOGLQJ DUH ZRUOG FODVV H[DPSOHV WKDW KHUDOG WKH GDZQ RI D QHZ HUD IRU )ORULGD 6WDWH·V VFLHQFH FRPPXQLW\

LQ WKH TXHVW WR LPSURYH KHDOWK FDUH RXW FRPHV IRU )ORULGLDQV DQG DOO $PHULFDQV 7KH DJUHHPHQW FDOOV IRU LQWHUDFWLRQ DQG FROODERUDWLRQ EHWZHHQ UHVHDUFKHUV DW )68 DQG 0D\R &OLQLF LQ -DFNVRQYLOOH )OD WKH HVWDEOLVKPHQW RI MRLQW UHVHDUFK SURJUDPV DQG WKH H[FKDQJH RI VFLHQWLÀ F DQG HGXFD WLRQDO OLWHUDWXUH DQG UHVHDUFK ² DQG RSHQV XS XQLTXH RSSRUWXQLWLHV WR WXUQ EDVLF VFL HQFH LQWR QHZ FXUHV IRU D YDULHW\ RI GLV HDVHV IURP FDQFHU WR $O]KHLPHU·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À HOGV WR GHYHORS QHZ VWUDWHJLHV IRU GHDOLQJ ZLWK )ORULGD·V HQHUJ\ FKDOOHQJHV 7KH QHZ )ORULGD (QHUJ\ 6\VWHPV &RQVRUWLXP LV D FROODERUDWLYH HIIRUW DPRQJ WKH VWDWH·V SXEOLF XQLYHUVLWLHV WR DGGUHVV NH\ LVVXHV

7KH XQLYHUVLW\ KDV EHHQ VHOHFWHG DV WKH OHDG LQVWLWXWLRQ IRU WKH QHZ )ORULGD &HQWHU IRU $GYDQFHG $HUR 3URSXOVLRQ D FROODERUDWLYH SURMHFW IHDWXULQJ WKH VWDWH·V SUHPLHU UHVHDUFKHUV LQ DHURVSDFH DQG DYLDWLRQ 2I PLOOLRQ LQ IXQGLQJ DSSURSULDWHG WR FUHDWH WKH FHQWHU )68 ZLOO JHW WKH ODUJHVW SRUWLRQ ³ QHDUO\ PLOOLRQ ³ WR RYHUVHH FHQWHU RSHUDWLRQV DQG GHYHORS UHVHDUFK DQG SROLF\ WKDW XQLWHV VFKRODUV IURP YDULRXV GLVFLSOLQHV DQG XQLYHUVLWLHV )ORULGD 6WDWH·V PDLQ FDPSXV LV VSUHDG RYHU DFUHV LQ 7DOODKDVVHH :LWKLQ WKH VWDWH WKH XQLYHUVLW\ PDLQWDLQV IDFLOLWLHV LQ 3DQDPD &LW\ DW LWV &RDVWDO DQG 0DULQH /DERUDWRU\ RQ WKH *XOI RI 0H[LFR DQG DW WKH $VROR 3HUIRUPLQJ $UWV &HQWHU LQ 6DUDVRWD 7KH XQLYHUVLW\ DOVR RSHUDWHV WKH 5LQJOLQJ &HQWHU IRU WKH &XOWXUDO $UWV LQ 6DUDVRWD ZKLFK LQFOXGHV WKH -RKQ DQG 0DEOH 5LQJOLQJ 0XVHXP RI $UW ²² WKH ODUJHVW PXVHXP XQLYHUVLW\ FRPSOH[ LQ WKH QDWLRQ /LEUDU\ KROGLQJV DW )ORULGD 6WDWH LQ FOXGH PLOOLRQ ERRN WLWOHV DQG PLO OLRQ PLFURIRUPV DQG UDQN DPRQJ WKRVH DW WKH QDWLRQ·V WRS SXEOLF UHVHDUFK XQL YHUVLWLHV &ROOHFWLYHO\ WKH )68 OLEUDULHV EHORQJ WR WKH $VVRFLDWLRQ RI 5HVHDUFK /L EUDULHV ZKRVH PHPEHUVKLS LV FRPSULVHG RI WKH WRS UHVHDUFK XQLYHUVLW\ OLEUDULHV LQ WKH 8QLWHG 6WDWHV

7KH )68 WUDFN DQG À HOG WHDP ZRQ LWV WKLUG LQ D URZ 1&$$ FKDPSLRQVKLS 7KLUWHHQ )68 VWXGHQW DWKOHWHV DQG FRDFKHV IURP WKUHH VSRUWV UHSUHVHQWHG WKH 6HPLQROHV DQG HLJKW GLIIHUHQW FRXQWULHV DW WKH 6XPPHU 2O\PSLF *DPHV LQ %HL MLQJ &KLQD $QG FORVHU WR KRPH D FRP PLWPHQW WR FRPPXQLW\ VHUYLFH SXW )68 VWXGHQW DWKOHWHV DW WKH WRS RI WKH 2XWUHDFK +RQRU 5ROO IURP WKH 1DWLRQDO &RQVRUWLXP IRU $FDGHPLFV DQG 6SRUWV 7ZR OHDGHUV LQ PHGLFLQH )ORULGD 6WDWH 8QLYHUVLW\ DQG 0D\R &OLQLF VLJQHG DQ DJUHHPHQW WR ZRUN DV UHVHDUFK SDUWQHUV

7" ½-Ê - /

n


/ ÊÊ1 6 ,- /9 1 ÛiÀÃ ÌÞÊ >VÌÃ

%$&.*5281' 7KH )ORULGD 6WDWH 8QLYHUVLW\ LV RQH RI HOHYHQ XQLWV RI WKH 'L YLVLRQ RI &ROOHJHV DQG 8QLYHUVLWLHV RI WKH )ORULGD %RDUG RI (GXFDWLRQ ,W ZDV HVWDEOLVKHG DV WKH 6HPLQDU\ :HVW RI WKH 6XZDQQHH E\ DQ DFW RI WKH )ORULGD /HJ LVODWXUH LQ DQG À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À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·V GHJUHH LQ GHJUHH SURJUDPV WR WKH DGYDQFHG PDVWHU·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·V IDFXOW\ LQFOXGHV VRPH SDVW JUDGXDWHV VXFK DV IRUPHU DVWURQDXWV 'U 1RUP 7KDJDUG ZKR WHDFKHV (OHFWULFDO (QJLQHHU LQJ DQG :LQVWRQ 6FRWW ZKR VHUYHV DV 9LFH 3UHVLGHQW RI 6WXGHQW $IIDLUV )68·V IDFXOW\ KDV LQFOXGHG VL[ G\QDPLF 1REHO /DXUHDWHV PHPEHUV HOHFWHG WR 1D WLRQDO $FDGHP\ RI 6FLHQFHV PHPEHUV RI WKH $PHULFDQ $FDGHP\ RI $UWV DQG 6FLHQFHV DQG WZR 3XOLW]HU 3UL]H ZLQQHUV (OOHQ 7 =ZLOLFK DQG 5REHUW 2OHQ %XWOHU ('8&$7,21$/ $'9$17$*(6 )ORULGD 6WDWH 8QLYHUVLW\ KDV D XQLTXHQHVV LQ SURYLGLQJ SURJUDPV WKDW DUH FRQVLVWHQW LQ H[FHOOHQFH DFURVV WKH ERDUG IURP À QH DUWV DQG KXPDQLWLHV WR WKH KDUG VFLHQFHV 7KH EDODQFH RI SURJUDPV LV EDVHG RQ )68·V ORQJ WUDGLWLRQ DV D OHDGLQJ OLEHUDO DUWV LQVWLWXWLRQ FRPELQHG ZLWK LWV SRVL WLRQ DV RQH RI WKH WRS XQLYHUVLWLHV LQ JHQHUDWLQJ UHVHDUFK EDVHG UHYHQXHV )68 ZDV UDQNHG WK PRVW FRQQHFWHG XQLYHUVLW\ LQ WKH QDWLRQ E\ <DKRR ,QWHUQHW /LIH ('8&$7,21$/ 23325781,7,(6 $%52$' )68 RIIHUV D YDULHW\ RI RYHU VHDV VWXG\ RSSRUWXQLWLHV IRU VWXGHQWV GXULQJ WKH UHJXODU DFDGHPLF \HDU )68 KDV VWXG\ FHQWHUV ORFDWHG LQ )ORUHQFH ,WDO\ 3DQDPD &LW\ 5HSXEOLF RI 3DQDPD 9D OHQFLD 6SDLQ DQG /RQGRQ (QJODQG &RXUVHV DW WKH VWXG\ FHQWHUV DUH RIIHUHG HDFK VHPHVWHU DQG FRYHU D ZLGH UDQJH RI VXEMHFW DUHDV SHUIHFW IRU PHHWLQJ JHQHU DO DQG OLEHUDO VWXGLHV UHTXLUHPHQWV ,QWHUQDWLRQDO 3URJUDPV DOVR RIIHUV VWXG\ SUR JUDPV VRPH JHQHUDO DQG VRPH PDMRU VSHFLÀ F LQ &DLUQV $XVWUDOLD 6DOYDGRU %UD]LO 7LDQMLQ &KLQD 6DQ -RVH &RVWD 5LFD 'XEURYQLN &URDWLD 3UDJXH &]HFK 5HSXEOLF 1DSR (FXDGRU /RQGRQ (QJODQG 3DULV )UDQFH 'XEOLQ ,UHODQG 7R N\R -DSDQ 0RVFRZ 5XVVLD DQG /H\VLQ 6ZLW]HUODQG $ VXPPHU /DZ SURJUDP LV RIIHUHG LQ 2[IRUG (QJODQG 7KHUH LV RQH /LQNDJH ,QVWLWXWH )/25,&$ LQ &RVWD 5LFD DQG %H\RQG %RUGHUV SURJUDPV LQ 7XUULDOED &RVWD 5LFD .LQJVWRQ -DPDLFD DQG 'UHVGHQ *HUPDQ\ (;75$&855,&8/$5 $&7,9,7,(6 )68 KDV RYHU VWXGHQW RUJDQL]DWLRQV WKDW DOORZ VWXGHQWV WR À QG WKHLU RZQ QLFKH ),1$1&,$/ $,' )68 RIIHUV WZR W\SHV RI À QDQFLDO DVVLVWDQFH QHHG EDVHG DQG PHULW EDVHG 2YHU PLOOLRQ LV JLYHQ DZD\ IRU À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

ä

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

/($',1* 67$7(6 2) 25,*,1

)ORULGD *HRUJLD 9LUJLQLD 1HZ <RUN 7H[DV 1RUWK &DUROLQD 3HQQV\OYDQLD 1HZ -HUVH\ 0DU\ODQG &DOLIRUQLD

À `>Ê-Ì>ÌiÊ >À`Ê vÊ/ÀÕÃÌiiÃ

-LP 6PLWK

+DUROG .QRZOHV

'HUULFN %URRNV

6XVDQ %XVFK 7UDQVRX

(PLO\ )OHPLQJ 'XGD

'DYLG )RUG

0DQQ\ *DUFLD

:LOOLDP $QGUHZ +DJJDUG

5LFKDUG 0&)DUODLQ

/D\PRQ $ +LFNV

/HVOLH 3DQWLQ -U

&KDLUPDQ 7DOODKDVVHH )/

0LGZD\ )/

:LQWHU 6SULQJV )/

9LFH &KDLUPDQ 7DOODKDVVHH )/

)RUW 0\HUV )/

1HZ <RUN 1<

2YLHGR )/

&RUDO *DEOHV )/

-DPHV ( .LQVH\ -U

7DPSD )/

6WXGHQW *RYHUQPHQW $VVRFLDWH 3UHVLGHQW

-D\QH 0 6WDQGOH\ 7DOODKDVVHH )/

", Ê-/ / Ê1 6 ,- /9

7DOODKDVVHH )/

0LDPL )/

'U 7 . :HWKHUHOO )68 3UHVLGHQW


/ ÊÊ1 6 ,- /9

*À i ÌÊ Õ , , Ê ,, -

Ê ",-" 1,/Ê, 9 " -

, Ê , -/Ê

" Ê , , / Ê ""

* 1 Ê -" ", Ê/ ,

/" 9Ê ,1-- /, 9 ",Ê "7 ,

27+(5 ',67,1*8,6+(' $/801, -/," 1/&DURO\Q 6 *ULQHU :LQVWRQ 6FRWW

, Ê,

,°Ê/" Ê-/ 7 ,/

/ ,/ ,'DQLHO %DNNHGDKO )D\H 'XQQDZD\ 'DYLV *DLQHV &KHU\O +LQHV &KULVWLQH /DKWL 6RQQ\ 6KUR\HU 5REHUW 8ULFK / --Ê 8* ,/ 5LFKDUG 6LPPRQV 1 ,9 .HQQHWK % %HOO 6XVDQ + %ODFN 5DRXO * &DQWHUR ,,,

/ ,9Ê ,5RQ - )ULHGPDQ -D\ *DUQHU )UDQNOLQ / +DJHQEHFN 3DXO 'DYLG 0LOOHU .HQQHWK 0LQLKDQ --Ê , 7DUD 'DZQ +ROODQG &KULVWHQVHQ 1- 5D\ .H\ 6HDQ 0DFNLQ -LP 0RUULVRQ &KDUOHV * 5H[ &ODXGLD :DLWH 'DYLG :DUG 6WHLQPDQ 'U 9DOLQW 9D]VRQ\L

7" ½-Ê - /

*" / Ê ,-DVRQ $OWPLUH 5HXELQ $VNHZ -LP %DFFKXV $OOHQ %R\G -U .DWK\ &DVWRU 3DUULV *OHQGHQQLQJ -HII .RWWNDPS 0HO 0DUWLQH] -LP 7RZH\ *1 /< ,Ê*, < Ê 7 ,'RXJ 0DUOHWWH (OOHQ 7DDIIH =ZLOOLFK 7, / ,$ODQ %DOO

£


/ ÊÊ1 6 ,- /9 Ì iÌ VÊ ` ÃÌÀ>Ì / >ÃÊ i ÌÊ º/° °»Ê7iÌ iÀi

81,9(56,7< $'0,1,675$7,21

3UHVLGHQW

U 7KRPDV .HQW ´7 . µ :HWKHUHOO EHFDPH WKH WK SUHVLGHQW RI )ORULGD 6WDWH 8QLYHUVLW\ RQ -DQXDU\ +H LV WKH À UVW XQLYHUVLW\ DOXPQXV WR VHUYH DV SUHVLGHQW RI )ORULGD 6WDWH $ FDUHHU HGXFDWRU ZLWK PRUH WKDQ \HDUV RI H[SHULHQFH LQ WKH 6WDWH RI )ORULGD·V HGX FDWLRQDO V\VWHP 'U :HWKHUHOO LV DOVR WKH RQO\ )68 SUHVLGHQW ZLWK H[SHULHQFH LQ DOO IRXU PDMRU GLYLVLRQV ZLWKLQ KLJKHU HGXFDWLRQ KDYLQJ KHOG SRVLWLRQV LQ WKH RIÀ FHV RI DFDGHPLF DIIDLUV VWXGHQW VHUYLFHV EXVLQHVV DIIDLUV DQG FROOHJH GHYHORSPHQW +H KDV KHOG OHDGHUVKLS SRVLWLRQV LQ WZR \HDU DV ZHOO DV IRXU \HDU FROOHJHV DQG KH KDV VHUYHG DV D IDFXOW\ PHPEHU LQ ERWK SXEOLF DQG SULYDWH LQVWLWXWLRQV RI KLJKHU HGXFDWLRQ 'U :HWKHUHOO LV UHFRJQL]HG DV D KLJK HQHUJ\ VWXGHQW RULHQWHG SUHVLGHQW +H LV DQ LQQRYDWRU ZKR FKDOOHQJHV IDFXOW\ VWDII DQG DGPLQLVWUDWRUV WR VHW KLJK SURIHVVLRQDO DQG SHUVRQDO VWDQGDUGV 'XULQJ KLV WHQXUH DV SUHVLGHQW )ORULGD 6WDWH UHDOL]HG LWV GUHDP RI HVWDEOLVKLQJ UHFHLYLQJ IXOO DFFUHGLWDWLRQ DQG JUDGXDWLQJ WKH À UVW FODVV RI WKH QDWLRQ·V À UVW SXEOLF QHZ DOORSDWKLF PHGLFDO VFKRRO LQ WKH ODVW \HDUV 8QGHU 'U :HWKHUHOO·V OHDGHUVKLS )ORULGD 6WDWH KDV XQGHUWDNHQ WKH XQLYHUVLW\·V PRVW H[WHQVLYH FRQVWUXFWLRQ SURJUDP DGGLQJ WKUHH QHZ UHVLGHQFH KDOOV D JHQHUDO SXUSRVH FODVVURRP EXLOGLQJ QHZ IRRG VHUYLFHV IDFLOLWLHV SDUNLQJ JDUDJHV DQ DOXPQL FHQWHU UHVHDUFK IDFLOLWLHV PDVVLYH UHQRYDWLRQ SURM HFWV D +HULWDJH :DON V\VWHP WKURXJKRXW FDPSXV DV ZHOO DV WKH FRQVWUXFWLRQ RI D QHZ PHGLFDO VFKRRO 'U :HWKHUHOO HVWDEOLVKHG WKH 3DWKZD\V RI ([ FHOOHQFH SURJUDP GHVLJQHG WR HQKDQFH )ORULGD 6WDWH 8QLYHUVLW\·V VWDWXUH DV D SXEOLF JUDGXDWH UHVHDUFK XQLYHUVLW\ 7KH 3DWKZD\V RI ([FHOOHQFH SURJUDP LV GHVLJQHG ZLWK WKH $VVRFLDWLRQ RI $PHULFDQ 8QLYHU VLWLHV HYDOXDWLRQ FULWHULD DV LWV EDVLV ,Q DGGLWLRQ WR LVVXLQJ D FKDOOHQJH WR WKH XQLYHUVLW\·V FRPPXQLW\ WR UHDFK D KLJKHU OHYHO DFDGHPLFDOO\ 'U :HWKHUHOO DOVR PDGH DYDLODEOH RQOLQH GDWD WKDW ZLOO DOORZ WKH SXEOLF DQG LQGLYLGXDO IDFXOW\ WR PRQLWRU WKH XQLYHUVLW\·V DQG WKHLU UHVSHFWLYH DFDGHPLF GHSDUWPHQW·V VXFFHVV LQ WKLV HQGHDYRU 'U :HWKHUHOO LV DQ RXWVWDQGLQJ DGYRFDWH IRU KLJKHU HGXFDWLRQ DQG KDV EHHQ FDOOHG WKH VWDWH·V PRVW ´SROLWLFDOO\ DVWXWH SUHVLGHQW µ ,Q DGGLWLRQ WR KLV SROLWLFDO LQVLJKW 'U :HWKHUHOO LV H[SHUW LQ UHVRXUFH GHYHORSPHQW DQG OHG WKH XQLYHUVLW\ WR VXFFHVVIXOO\ FRPSOHWH )ORULGD 6WDWH·V VHFRQG PDMRU FDSLWDO FDP SDLJQ 'XULQJ WKH FDPSDLJQ 'U :HWKHUHOO JDYH WKH ODUJHVW JLIW D VHDWHG SUHVLGHQW RI D SXEOLF UHVHDUFK XQLYHUVLW\ KDG HYHU JLYHQ WR DQ LQVWLWXWLRQ LQ WKH 8QLWHG 6WDWHV $V SUHVLGHQW 'U :HWKHUHOO KDV DOVR EHHQ WKH XQLYHUVLW\·V PRVW YRFDO DGYRFDWH IRU D FRPPXQLW\ VHUYLFH SURJUDP DV SDUW RI VWXGHQWV· FROOHJH H[SHULHQFH 'U :HWKHUHOO KDV EHHQ LQGXFWHG LQWR )ORULGD 6WDWH 8QLYHUVLW\·V +DOO RI )DPH DQG ZDV WKH UH FLSLHQW RI WKH SUHVWLJLRXV 0RRUH 6WRQH $ZDUG WKH &LUFOH RI *ROG $ZDUG DQG WKH XQLYHUVLW\·V 'LVWLQJXLVKHG 6HUYLFH $ZDUG ,Q DGGLWLRQ KH KDV DOVR EHHQ DZDUGHG DQ KRQRUDU\ 'RFWRUDWH RI /HWWHUV IURP )ODJOHU &ROOHJH 'U :HWKHUHOO VHUYHG LQ WKH )ORULGD +RXVH RI 5HSUHVHQWDWLYHV IURP WR WKH ODVW WZR \HDUV DV 6SHDNHU RI WKH +RXVH 'XULQJ KLV WHQXUH LQ WKH +RXVH KH VHUYHG DV FKDLUPDQ RI WKH DSSURSULDWLRQV FRPPLWWHH DQG WKH KLJKHU HGXFDWLRQ FRPPLWWHH 7KH 0LDPL +HUDOG QDPHG KLP RQH RI WKH 7RS 7HQ /HJLVODWLYH /HDGHUV LQ WKH +RXVH HDFK

Ó

*Àià `i ÌÊ°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° À°Ê/° °Ê7iÌ iÀi *À Û ÃÌÊEÊ ÝiVÕÌ ÛiÊ6 ViÊ*Àià `i ÌÊv ÀÊ V>`i VÊ vv> ÀÃÊ°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° À°Ê >ÜÀi ViÊ °Ê Li i

i> Ê vÊÌ iÊ >VÕ Ì iÃÊEÊ i«ÕÌÞÊ*À Û ÃÌÊ°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° À°Ê iÊ, Üi 6 ViÊ*Àià `i ÌÊv ÀÊ,iÃi>ÀV Ê°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° À°Ê ÀLÞÊ7°Ê i «iÀ 6 ViÊ*Àià `i ÌÊv ÀÊ-ÌÕ`i ÌÊ vv> ÀÃÊ°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° >ÀÞÊ °Ê LÕÀ -i ÀÊ6 ViÊ*Àià `i ÌÊv ÀÊ > ViÊEÊ ` ÃÌÀ>Ì Ê°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° Ê,°Ê >À >} 6 ViÊ*Àià `i ÌÊv ÀÊ1 ÛiÀà ÌÞÊ,i >Ì ÃÊ°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° iiÊ °Ê i 6 ViÊ*Àià `i ÌÊv ÀÊ* > }ÊEÊ*À }À> ÃÊ°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° , LiÀÌÊ À>` iÞ i iÀ> Ê Õ Ãi Ê°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° iÌÌÞÊ °Ê-Ìivvi Ã

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·V DQG PDVWHU·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·V SHU VRQDO LQWHUHVWV LQFOXGH RXWGRRU UHFUHDWLRQ WUDYHO DQG DYLDWLRQ

,> `ÞÊ-«iÌ >

'LUHFWRU RI $WKOHWLFV ORULGD 6WDWH 8QLYHU VLW\ 3UHVLGHQW 'U 7 . :HWKHUHOO LQWURGXFHG 5DQG\ DV WKH XQLYHUVLW\·V QHZ 'LUHFWRU RI $WKOHWLFV RQ )HEUXDU\ HQGLQJ D QDWLRQDO VHDUFK WKDW EHJDQ LQ 'HFHPEHU 6SHWPDQ D IRUPHU $LU )RUFH FRORQHO WDNHV RYHU DW )68 DIWHU VHUYLQJ DV $WKOHWLFV 'LUHFWRU DW 8WDK 6WDWH VLQFH -XO\ DQG DW WKH 8QLWHG 6WDWHV $LU )RUFH $FDGHP\ IURP ´5DQG\ 6SHWPDQ KDV D VWURQJ UHFRUG RI OHDG HUVKLS ZLWK KRQHVW\ DQG LQWHJULW\ +LV H[SHULHQFH DQG RUJDQL]DWLRQDO DQG PDQDJHPHQW VNLOOV VHW KLP DSDUW DV RQH RI WKH EHVW DWKOHWLFV GLUHFWRUV LQ WKH FRXQWU\ µ :HWKHUHOO VDLG ´:H·UH YHU\ SOHDVHG WKDW KH LV MRLQLQJ WKH )ORULGD 6WDWH )DPLO\ µ 6SHWPDQ ZDV ODXGHG RYHU KLV WHQXUH DW 8WDK 6WDWH IRU WKH VXFFHVV RI WKH $JJLHV· DWK OHWLF SURJUDPV ERWK RQ WKH À HOG RU FRXUW DQG LQ WKH FODVVURRP 8WDK 6WDWH MRLQHG WKH :HVWHUQ $WKOHWLF &RQIHUHQFH :$& LQ DQG 8WDK 6WDWH FODLPHG IRXU FRQIHUHQFH FKDPSLRQVKLSV LQ LWV ILUVW WZR \HDUV (YHQ PRUH LPSUHVVLYH LV WKH IDFW WKDW 868·V VWXGHQW DWKOHWHV OHDG WKH :$& ZLWK D SHUFHQW JUDGXDWLRQ UDWH DQG KDYH PDLQWDLQHG RYHU D FXPXODWLYH JUDGH SRLQW DYHUDJH 8QGHU 6SHWPDQ·V OHDGHUVKLS 8WDK 6WDWH PRYHG IRUZDUG ZLWK VHYHUDO IDFLOLW\ SURMHFWV LQ FOXGLQJ KLJK SURÀ OH LPSURYHPHQWV WR WKH IRRWEDOO VWDGLXP +H DOVR VSHDUKHDGHG IXQGUDLVLQJ DQG EXLOGLQJ HIIRUWV IRU D PLOOLRQ IDFLOLW\ WKDW ZLOO VHUYH WR PHHW WKH DFDGHPLF DQG DWKOHWLF QHHGV RI WKH LQWHUFROOHJLDWH VSRUWV DW 8WDK 6WDWH +H FUDIWHG D XQLTXH EXVLQHVV SDUWQHUVKLS IRU PHGLFDO KHDOWK FRYHUDJH WKDW LPSURYHG WKH RYHUDOO FRYHUDJH

RI 868 VWXGHQW DWKOHWHV DQG UHGXFHG PHGLFDO FRVWV ,Q DGGLWLRQ KH QHJRWLDWHG D OXFUDWLYH QHZ PDUNHWLQJ DJUHHPHQW IRU $JJLH $WKOHWLFV ZLWK /HDUÀ HOG 6SRUWV 3URSHUWLHV ´)ORULGD 6WDWH 8QLYHUVLW\ LV RQH RI WKH À QHVW FROOHJH DWKOHWLFV SURJUDPV LQ WKH QDWLRQ µ VDLG 6SHW PDQ ´7R EH DVNHG WR VHUYH DV LWV DWKOHWLFV GLUHFWRU LV D JUHDW FRPSOLPHQW DQG , ZDV WKULOOHG WR DFFHSW , SURXGO\ VHUYHG P\ FRXQWU\ IRU PDQ\ \HDUV ZLWK KRQRU FRPPLWPHQW DQG SULGH $QG , QRZ ORRN IRU ZDUG WR EULQJLQJ P\ VNLOOV DV DQ DWKOHWLFV GLUHFWRU WR WKLV XQLYHUVLW\ DQG VHUYLQJ )ORULGD 6WDWH 8QLYHUVLW\ ZLWK WKH VDPH KRQRU FRPPLWPHQW DQG SULGH µ 3ULRU WR KLV VWLQW DW 8WDK 6WDWH 6SHWPDQ VSHQW HLJKW VXFFHVVIXO \HDUV DV 'L UHFWRU RI $WKOHWLFV DW WKH 8QLWHG 6WDWHV $LU )RUFH $FDGHP\ LQ &RORUDGR 6SULQJV &R 'XULQJ KLV WHQXUH KH DGPLQLVWHUHG WKH VFKRRO·V VSRUW LQWHU FROOHJLDWH SURJUDP DV ZHOO DV WKH SK\VLFDO HGXFDWLRQ DQG LQWUDPXUDO SURJUDPV 8QGHU KLV FRPPDQG DWKOHWLFV WHDPV DW WKH $FDGHP\ HQMR\HG XQPDWFKHG VXFFHVV DV WKH IRRWEDOO WHDP SDUWLFLSDWHG LQ IRXU ERZO JDPHV %RUQ DQG UDLVHG LQ &RXQFLO %OXIIV ,RZD 6SHWPDQ JUDGXDWHG IURP WKH $LU )RUFH $FDGHP\ LQ +H HDUQHG WKUHH OHWWHUV DV D GHIHQVLYH HQG IRU WKH )DOFRQV DQG ZDV D WHDP FDSWDLQ DV D VHQLRU +H DOVR ZRQ D SDLU RI KHDY\ZHLJKW :LQJ 2SHQ %R[LQJ &KDPSLRQVKLSV 6SHWPDQ·V \HDU PLOLWDU\ FDUHHU WRRN KLP DURXQG WKH ZRUOG LQ D YDULHW\ RI SRVLWLRQV $ FRP PDQG SLORW ZLWK PRUH WKDQ KRXUV RI Á LJKW WLPH 6SHWPDQ·V UDQJH RI SRVLWLRQV WRRN KLP IURP DVVLVWDQW IRRWEDOO FRDFK DW KLV DOPD PDWHU WR D SLORW DQG IURP WKH &KLHI RI %RPEHU 3ODQQLQJ LQ 2SHUD WLRQV 'HVHUW 6KLHOG DQG 'HVHUW 6WRUP WR VHUYLQJ DV &KLHI &RPPDQG DQG &RQWURO 'LYLVLRQ 2SHUDWLRQV 'LUHFWRUDWH RI WKH 8 6 (XURSHDQ &RPPDQG LQ 6WXWWJDUW *HUPDQ\ $ JUDGXDWH IURP 6TXDGURQ 2IÀ FHU 6FKRRO KH DWWHQGHG WKH 1DWLRQDO :DU &ROOHJH DQG HDUQHG D PDVWHU·V GHJUHH LQ 1DWLRQDO 6HFXULW\ 6WUDWHJ\ 6SHWPDQ DOVR KROGV D PDVWHU·V LQ PDQDJHPHQW DQG VXSHUYLVLRQ IURP &HQWUDO 0LFKLJDQ 8QLYHUVLW\ +H LV FXUUHQWO\ WKH À UVW 9LFH 3UHVLGHQW RI WKH 1DWLRQDO $VVRFLDWLRQ RI &ROOHJLDWH 'LUHFWRU·V RI $WKOHWLFV 1$&'$ +H DQG KLV ZLIH WKH IRUPHU %HFN\ /XKULQJ RI 'HV 0RLQHV ,RZD DUH WKH SDUHQWV RI WZR JURZQ FKLOGUHQ %ULDQ DQG .LP

$7+/(7,&6 $'0,1,675$7,21 (;(&87,9( 67$))

.HOOLH (OOLRWW

0RQN

*DU\ +XII

'HSXW\ $WKOHWLF %RQDVRUWH 6HQLRU 'LUHFWRU 6:$ 6HQLRU $VVRFLDWH $VVRFLDWH $WKOHWLF 'LUHFWRU 'LUHFWRU RI $WKOHWLFV

", Ê-/ / Ê1 6 ,- /9


-ÌÕ`i ÌÊ-iÀÛ ViÃ

/ ÊÊ1 6 ,- /9

/,)( 6.,//6 -/1 / / / 'HYHORSHG E\ WKH )ORULGD 6WDWH 8QLYHUVLW\ 'HSDUWPHQW RI $WKOHWLFV 6 -",9Ê "1 WKH 1 2 / ( 6 SURJUDP UHSUHVHQWV D FRPPLWPHQW WR WKH WRWDO JURZWK DQG GHYHORSPHQW RI HDFK VWXGHQW DWKOHWH 7KH SURJUDP HVWDEOLVKHV DQ DGPLQLVWUDWLYH FRPPLWPHQW WR DFDGHPLF DQG DWKOHWLF $OOHQ 7RUL :75 H[FHOOHQFH 7KRVH HIIRUWV ZLOO EH VXSSRUWHG ZLWK SURJUDPV DQG $ODEL 6DORPRQ 0%% VHUYLFHV LQ SHUVRQDO DQG FDUHHU GHYHORSPHQW VHUYLFH %UDQGL 6WXDUW

$VVLVWDQW $WKOHWLFV 'LUHFWRU

3(5621$/ '(9(/230(17 )RVWHULQJ WKH GHYHORSPHQW RI SHUVRQDO JURZWK LV D IXQGDPHQWDO FRPSRQHQW RI WKH 1 2 / ( 6 SURJUDP 7KH VXSSRUW SURJUDPV HQVXUH WKDW WKH VWXGHQW DWKOHWH ZLOO EH SURYLGHG ZLWK RSSRUWXQLWLHV WR IRFXV RQ SHUVRQDO JURZWK DUHDV VXFK DV YDOXH FODULÀ FDWLRQ JRDO VHWWLQJ À VFDO SODQQLQJ GHFLVLRQ PDNLQJ DQG SHUVRQDO UHVSRQVLELOLW\ 3URJUDPPLQJ IRFXVHV RQ KHOSLQJ WKH VWXGHQW DWKOHWH GHYHORS D KHDOWK\ OLIHVW\OH ZKLOH WKH\ DUH DW )ORULGD 6WDWH DQG KDELWV WKDW ZLOO EHQHÀ W WKHP IRU OLIH

%DUU\ %ULDQQD :9% %RZHUPDQ /DXUD 6HF :&& %R\DMLDQ 5\DQ 07( %UDGIRUG 'DQ 06: %URZQ (YHUHWWH 0)% &DEDVVRO 0HODQLH :6:

&$5((5 '(9(/230(17 3UHSDULQJ IRU OLIH DIWHU FROOHJH LV D PDMRU IRFXV RI WKH 1 2 / ( 6 SURJUDP 7KH SURJUDP LV GHVLJQHG WR ZRUN LQ FRRSHUDWLRQ ZLWK )ORULGD 6WDWH·V &DUHHU &HQWHU WR DFTXDLQW VWXGHQWV ZLWK WKH MRE VHDUFK SURFHVV SURYLGH QHWZRUNLQJ RSSRUWXQLWLHV DQG XOWLPDWHO\ DVVLVW ZLWK MRE SODFHPHQW 7KH SURJUDP SODFHV D SULRULW\ RQ WKH GHYHORSPHQW RI WKH WRWDO SHUVRQ ZLWK WKH JRDO RI GHYHORSLQJ LQGLYLGXDOV ZKR ZLOO KDYH UHZDUGLQJ FDUHHUV DQG SURGXFWLYH OLIHVW\OHV DIWHU WKH\ OHDYH )ORULGD 6WDWH 7KH QHZHVW DGGLWLRQ WR WKH &DUHHU 'HYHORSPHQW SURJUDP LV WKH 6HQLRU 7UDQVLWLRQ 6HPLQDU RIIHUHG WKURXJK WKH 2IÀ FH RI 6WXGHQW 6HUYLFHV 7KH FRXUVH LV RIIHUHG WR DOO VHQLRU VWXGHQW DWKOHWHV ZLWK H[KDXVWLQJ HOLJLELOLW\ DQG LV GHVLJQHG WR DVVLVW ZLWK UHVXPH EXLOGLQJ QHWZRUNLQJ ZLWK IRUPHU VWXGHQW DWKOHWHV DQG WLSV RQ WUDQVLWLRQLQJ IURP LQWHUFROOHJLDWH DWKOHWLFV LQWR WKH ZRUNLQJ ZRUOG

&DUU -HVVLH :6:

&20081,7< 6(59,&( 6HUYLQJ WKH FRPPXQLW\ LV WKH IRFXV RI WKH 6HPLQROH 6SLULW SURJUDP 6WXGHQW DWKOHWHV DUH FKDOOHQJHG WR SURYLGH VHUYLFH WR RXU FRPPXQLW\ DQG LQGLYLGXDOV ZKR DUH LQ QHHG :LWK D FOHDUO\ GHÀ QHG SURJUDP RI VHUYLFH VWXGHQW DWKOHWHV DUH JLYHQ WKH RSSRUWXQLW\ WR GHYHORS OLIHORQJ FRPPLWPHQW WR YROXQWHHULVP 2YHU WKH \HDUV WKH FRPPLWPHQW WR FRPPXQLW\ VHUYLFH KDV JURZQ OHDSV DQG ERXQGV 7KH )68 DWKOHWLF GHSDUWPHQW ZDV UHFHQWO\ UHFRJQL]HG E\ WKH 1DWLRQDO &RQVRUWLXP IRU $FDGHPLFV DQG 6SRUWV IRU WKH PRVW VXFFHVVIXO RXWUHDFK DQG FRPPXQLW\ VHUYLFH SURJUDP LQ ZKLFK )68 VWXGHQW DWKOHWHV LPSDFWHG WKH OLYHV RI RYHU \RXWKV

.D]ERXU 0DULVVD :62

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

2·6KHD 0LFKDHO 07(

-RKQ /DWD

'LUHFWRU RI 6WXGHQW 6HUYLFHV

<DVKLYD (GZDUGV $VVLVWDQW 'LUHFWRU RI 6WXGHQW 6HUYLFHV

&ROHPDQ &DLOD :7. &UX] -DYR 0&& 'HUQHU 6FRWW 06: (FKHIX 8FKH 0%% (GZDUGV %HFN\ :62 (ULFNVRQ 6KDZQ 06: )UHVKRXU 0DUD :%% *DQR *UDKDP 0)% *DUFLD 7XQRQ -DYLHU 3UHV 075 .QLJKW &DPHURQ 0*2 .XKQ -DPLH :*2 0DFIDUODQH /DXUHQ :7( 0RRQ $VKOHH :9% 0RRUH &D\OD :%% 3XJKVOH\ $XMD :7. 5ROOH 0\URQ 9 3 0)% 5\QDU]HZVND $QLD :7( 6DYDJH 0DWW 0*2 6WHLQKDXHU 6WHYL :6: 6PLWK +HDWKHU :&& 6QLHUFLDN /XNH 0%$ 6Q\GHU 0LFKHOOH :6% 9LJXH 5\DQ 0%$ :HUQNH 0DWWKHZ 07. :HVWUXS &DUROLQH :*2 :LOOHPVH /\GLD :&&

7" ½-Ê - /

Î


{

", Ê-/ / Ê1 6 ,- /9


7" ½-Ê - /

x


È

", Ê-/ / Ê1 6 ,- /9


Ê « > Vi

/ ÊÊ1 6 ,- /9

)/25,'$ 67$7( 81,9(56,7< &203/,$1&( 2)),&(

7KH IROORZLQJ LQIRUPDWLRQ LV SURYLGHG E\ WKH )ORULGD 6WDWH 2IÀ FH RI &RPSOLDQFH IRU SURVSHFWLYH VWXGHQW DWKOHWHV ,W LV LQWHQGHG DV D JXLGHOLQH WR LQWURGXFH \RX WR VRPH RI WKH UXOHV JRYHUQLQJ 1&$$ DWKOHWLFV %ULDQ %DWWOH

$VVRFLDWH $WKOHWLFV 'LUHFWRU IRU &RPSOLDQFH

.(< '(),1,7,216 <28 6+28/' .12:

5HSUHVHQWDWLYH RI $WKOHWLFV ,QWHUHVWV $ UHSUHVHQWDWLYH RI WKH LQVWLWXWLRQ·V DWKOHWLFV LQWHUHVWV $.$ %RRVWHU LV DQ LQGLYLGXDO ZKR LV NQRZQ RU VKRXOG KDYH EHHQ NQRZQ E\ D PHPEHU RI WKH LQVWLWXWLRQ·V DWKOHWLF GHSDUWPHQW WR

-RG\ 6PLWK

$VVLVWDQW $WKOHWLFV 'LUHFWRU IRU &RPSOLDQFH

(OL]DEHWK %RRNZDOWHU &RPSOLDQFH &RRUGLQDWRU

+DYH SDUWLFLSDWHG LQ RU WR EH D PHPEHU RI DQ DJHQF\ RU RUJDQL]DWLRQ SURPRWLQJ WKH LQVWLWXWLRQ·V LQWHUFROOHJLDWH DWKOHWLFV SURJUDP +DYH PDGH À QDQFLDO FRQWULEXWLRQV WR WKH DWKOHWLFV GHSDUWPHQW RI WR DQ DWKOHWLFV ERRVWHU RUJDQL]DWLRQ RI WKDW LQVWLWXWLRQ %H DVVLVWLQJ RU WR KDYH EHHQ UHTXHVWHG E\ WKH DWKOHWLFV GHSDUWPHQW VWDII WR DVVLVW LQ WKH UHFUXLWPHQW RI SURVSHFWV %H DVVLVWLQJ RU WR KDYH DVVLVWHG LQ SURYLGLQJ EHQHÀ WV WR HQUROOHG VWXGHQW DWKOHWHV RU WKHLU IDPLOLHV RU +DYH EHHQ RWKHUZLVH LQ SURPRWLQJ WKH LQVWLWXWLRQ·V DWKOHWLFV SURJUDP

$ 3URVSHFW RI $Q\ $JH &RXOG 5HFHLYH WKH )ROORZLQJ )URP D &RDFK 4XHVWLRQQDLUH &DPS EURFKXUH 1&$$ HGXFDWLRQDO LQIRUPDWLRQ %XVLQHVV &DUG 1RQH DWKOHWLFV LQVWLWXWLRQDO SXEOLFDWLRQV $IWHU 6HSWHPEHU RI D 3URVSHFW·V -XQLRU <HDU D &RDFK &RXOG 3URYLGH :ULWWHQ FRUUHVSRQGHQFH LQFOXGLQJ OHWWHUV DQG H PDLOV *DPH SURJUDPV RQO\ RQ DQ RIÀ FLDO RU XQRIÀ FLDO YLVLW

0HGLD *XLGH 2IÀ FLDO DFDGHPLF DGPLVVLRQ DQG VWXGHQW VHUYLFHV SXEOLFDWLRQV DQG YLGHRWDSHV SURGXFHG E\ WKH LQVWLWXWLRQ DQG DUH DYDLODEOH WR DOO VWXGHQWV $Q\ RWKHU LQIRUPDWLRQ P\ EH SURYLGHG YLD WKH LQVWLWXWLRQ·V ZHE VLWH

:+2 ,6 3(50,77(' 72 5(&58,7 )25 )/25,'$ 67$7("

2QO\ )ORULGD 6WDWH 8QLYHUVLW\ FRDFKHV ZKR KDYH VXFFHVVIXOO\ FRPSOHWHG WKH 1&$$ 5HFUXLWLQJ 5XOHV ([DPLQDWLRQ RQ DQ DQQXDO EDVLV PD\ EH LQYROYHG LQ WKH UHFUXLWPHQW SURFHVV %RRVWHUV PD\ QRW PDNH DQ\ UHFUXLWLQJ FRQWDFWV 7KLV LQFOXGHV OHWWHUV WHOHSKRQH FDOOV RU IDFH WR IDFH FRQWDFW RQ RU RII FDPSXV ZLWK D SURVSHFW RU WKH SURVSHFW·V SDUHQWV

$/801, $1' %2267(56 '2·6 $1' '21·76

2QFH DQ LQGLYLGXDO LV LGHQWLÀ HG DV D UHSUHVHQWDWLYH WKH SHUVRQ UHWDLQV WKDW LGHQWLW\ IRUHYHU

3URVSHFWLYH 6WXGHQW $WKOHWH $ SURVSHFWLYH VWXGHQW DWKOHWH ´SURVSHFWµ LV D VWXGHQW ZKR KDV VWDUWHG FODVVHV IRU WKH QLQWK JUDGH UHJDUGOHVV ZKHWKHU KH RU VKH SDUWLFLSDWHV LQ DWKOHWLFV $ SURVSHFWLYH VWXGHQW DWKOHWH PDLQWDLQV KLV RU KHU LGHQWLW\ DV D SURVSHFW HYHQ DIWHU KH RU VKH VLJQV D 1DWLRQDO /HWWHU RI ,QWHQW RU À QDQFLDO DLG DJUHHPHQW XQWLO KH RU VKH DWWHQGV WKH À UVW GD\ RI SUDFWLFH RU SDUWLFLSDWHV LQ DQ RIÀ FLDO WHDP SUDFWLFH ZKLFKHYHU LV HDUOLHU &RQWDFW $ FRQWDFW LV DQ\ IDFH WR IDFH HQFRXQWHU %UHW &RZOH\ &RPSOLDQFH EHWZHHQ D SURVSHFW RU WKH SURVSHFW·V SDUHQWV $VVLVWDQW UHODWLYHV RU OHJDO JXDUGLDQ V DQG DQ LQVWLWXWLRQDO VWDII PHPEHU GXULQJ ZKLFK DQ\ GLDORJXH RFFXUV LQ H[FHVV RI DQ H[FKDQJH RI D JUHHWLQJ (YDOXDWLRQ $Q HYDOXDWLRQ LV DQ\ RII FDPSXV DFWLYLW\ GHVLJQHG WR DVVHVV \RXU DFDGHPLF TXDOLÀ FDWLRQV RU DWKOHWLF DELOLW\ LQFOXGLQJ DQ\ YLVLW WR \RXU KLJK VFKRRO GXULQJ ZKLFK QR FRQWDFW RFFXUV RU WKH REVHUYDWLRQ RI DQ\ SUDFWLFH RU FRPSHWLWLRQ LQ ZKLFK \RX SDUWLFLSDWH

3KRQH FDOOV IURP FRDFKHV EXW QRW ERRVWHUV DUH SHUPLWWHG EHJLQQLQJ -XO\ EHIRUH \RXU VHQLRU \HDU LQ KLJK VFKRRO $ FRDFK LV OLPLWHG WR RQH SKRQH FDOO SHU ZHHN H[FHSW WKDW XQOLPLWHG SKRQH FDOOV PD\ EH PDGH

3+21( &$//6 $1' /(77(56

'XULQJ WKH À YH GD\V LPPHGLDWHO\ EHIRUH \RXU RIÀ FLDO YLVLW WR WKH XQLYHUVLW\ 2Q WKH GD\ RI D FRDFK·V RII FDPSXV FRQWDFW ZLWK \RX 'XULQJ WKH WLPH EHJLQQLQJ ZLWK WKH 1DWLRQDO /HWWHU RI ,QWHQW VLJQLQJ GDWH WKURXJK WKH WZR GD\V DIWHU WKH VLJQLQJ GDWH DQG DIWHU D 1DWLRQDO /HWWHU RI ,QWHQW RU VFKRODUVKLS DJUHHPHQW LV VLJQHG

<28 0$< IRUZDUG LQIRUPDWLRQ DERXW SURVSHFWLYH VWXGHQW DWKOHWHV WR WKH DSSURSULDWH FRDFKHV <28 0$< KDYH FRQWDFW ZLWK D SURVSHFW UHJDUGLQJ SHUPLVVLEOH SUH HQUROOPHQW DFWLYLWLHV VXFK DV VXPPHU HPSOR\PHQW SURYLGHG WKH SURVSHFW KDV DOUHDG\ VLJQHG D 1DWLRQDO /HWWHU RI ,QWHQW DQG WKH &RPSOLDQFH 2IÀ FH LV DZDUH \RX DUH PDNLQJ WKHVH FRQWDFWV LQ UHJDUG WR HPSOR\PHQW <28 0$< KDYH D WHOHSKRQH FRQYHUVDWLRQ ZLWK D SURVSHFW RQO\ LI WKH SURVSHFW LQLWLDWHV WKH FDOO 6XFK D FDOO PD\ QRW EH SUHDUUDQJHG E\ DQ LQVWLWXWLRQDO VWDII PHPEHU DQG \RX DUH QRW SHUPLWWHG WR KDYH D UHFUXLWLQJ FRQYHUVDWLRQ EXW PD\ H[KLELW QRUPDO FLYLOLW\ <RX PXVW UHIHU DQ\ TXHVWLRQV DERXW RXU DWKOHWLF SURJUDPV WR DQ DWKOHWLFV GHSDUWPHQW VWDII PHPEHU FRDFK <28 0$< YLHZ D SURVSHFW·V FRQWHVW DW \RXU RZQ LQLWLDWLYH SURYLGHG \RX GR QRW FRQWDFW WKH SURVSHFW RU KLV KHU SDUHQWV ,Q DGGLWLRQ \RX PD\ QRW FRQWDFW D SURVSHFW·V FRDFK SULQFLSDO RU FRXQVHORU LQ DQ DWWHPSW WR HYDOXDWH WKH SURVSHFW <28 0$< FRQWLQXH HVWDEOLVKHG IDPLO\ UHODWLRQVKLSV ZLWK IULHQGV DQG QHLJKERUV &RQWDFWV ZLWK VRQV DQG GDXJKWHUV RI WKHVH IDPLOLHV DUH SHUPLWWHG DV ORQJ DV WKH\ DUH QRW PDGH IRU UHFUXLWLQJ SXUSRVHV RU HQFRXUDJHG E\ )ORULGD 6WDWH 8QLYHUVLW\ FRDFKHV <28 0$< 127 EHFRPH LQYROYHG LQ PDNLQJ DUUDQJHPHQWV WR UHFHLYH PRQH\ RU À QDQFLDO DLG RI DQ\ NLQG IRU D SURVSHFW RU WKH SURVSHFW·V IDPLO\ DQG IULHQGV <28 0$< 127 PDNH FRQWDFW ZLWK D SURVSHFWLYH VWXGHQW DWKOHWH DQG KLV KHU SDUHQWV ZKHQ WKH SURVSHFW LV RQ FDPSXV IRU DQ RIÀ FLDO RU XQRIÀ FLDO UHFUXLWLQJ YLVLW <28 0$< 127 WUDQVSRUW SD\ RU DUUDQJH IRU SD\PHQW RI WUDQVSRUWDWLRQ FRVWV IRU D SURVSHFW DQG KLV KHU UHODWLYHV RU IULHQGV WR YLVLW FDPSXV RU HOVHZKHUH <28 0$< 127 SD\ RU DUUDQJH IRU SD\PHQW RI VXPPHU FDPS UHJLVWUDWLRQ IHHV IRU D SURVSHFW <28 0$< 127 SURYLGH DQ\WKLQJ WR D SURVSHFW WKH SURVSHFW·V IDPLO\ RU IULHQGV ZLWKRXW SULRU DSSURYDO IURP WKH &RPSOLDQFH 2IÀ FH

)RU PRUH LQIRUPDWLRQ SOHDVH FRQWDFW WKH )ORULGD 6WDWH &RPSOLDQFH 2IÀ FH DW

7" ½-Ê - /

Ç


/ ÊÊ1 6 ,- /9 ÃÌiÀÃ

7 i ½ÃÊ >à iÌL> Ê ` Üi`Ê-V >Àà «Ã

URP 0LDPL WR 0LQQHDSROLV DQG IURP :DU VDZ WR :DOOD :DOOD \RXQJ PHQ DQG ZRPHQ FRPH WR )ORULGD 6WDWH 8QLYHUVLW\ WR HPEUDFH LWV HGXFDWLRQDO H[FHOOHQFH DQG WR FRPSHWH DV D 6HPLQROH 0DQ\ ZRXOG QRW KDYH WKH RSSRUWXQLW\ WR UHFHLYH WKDW FROOHJH HGXFDWLRQ ZLWKRXW WKHLU DWK OHWLF VFKRODUVKLS 7KHVH \RXQJ SHRSOH ZRUN KDUG DQG SURXGO\ UHSUHVHQW )ORULGD 6WDWH DV D ZLQQHU RQ WKH QDWLRQDO VWDJH DWWUDFWLQJ WKH DWWHQWLRQ WR RXU 8QLYHUVLW\ WKDW ZLQQHUV EULQJ &KDUOHV ) 7XQQLFOLII

6XH *DONDQWDV

)ORULGD 6WDWH DWKOHWLFV SURYLGHV HDFK RI RXU PHQ·V DQG ZRPHQ·V WHDPV ZLWK WKH PD[LPXP QXPEHU RI VFKRODUVKLSV DOORZHG E\ WKH 1&$$ ,Q DGGLWLRQ WR WKH VWXGHQW DWKOHWH FRPSHWLWRUV VFKRODUVKLSV DUH DOVR SURYLGHG WR VWXGHQW WUDLQHUV PDQDJHUV DQG JUDGXDWH DVVLVWDQWV ZKR DUH YLWDO WR DQ DWKOHWLFV SURJUDP (VWDEOLVKHG LQ XQGHU WKH GLUHFWLRQ RI :LOOLDP 0 3DUNHU RI &OHDUZDWHU WKH 6HPLQROH %RRVWHUV (QGRZHG 6FKRODUVKLS 3URJUDP LV WKH À QDO VWHS WRZDUG SHUSHWXDO IXQGLQJ RI DOO VFKRODU VKLSV IRU VWXGHQW DWKOHWHV DW )ORULGD 6WDWH 7KRVH LQGLYLGXDOV ZKR FRQWULEXWH WR WKH HQGRZPHQW IXQG IRU DWKOHWLF VFKRODUVKLSV DW )ORULGD 6WDWH 8QLYHU VLW\ JDLQ PHPEHUVKLS LQ WKH 6HPLQROH +HULWDJH )RXQGDWLRQ 7KDQNV WR WKH HIIRUWV RI &KDUOHV ) 7XQQLFOLII D JURXS VFKRODUVKLS LQ WKH QDPH RI 6HPLQROH JUHDW 6XH *DONDQWDV DQG DQ DQRQ\PRXV GRQRU WKH HQ GRZPHQW RI WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SURJUDP LV ZHOO RQ LWV ZD\

Q WKH EDVNHWEDOO DUHQD WKH +RRS 7URRS LV ZKDW EULGJHV WKH JDS EHWZHHQ WKH FRXUW DQG WKH VWDQGV ,W EULQJV IDQV \RXQJ DQG ROG WRJHWKHU ZLWK D FRPPRQ JRDO WR VHH )68·V ZRPHQ·V EDV NHWEDOO WHDP XS FORVH DQG WR EH WKH IRUFH EHKLQG LWV VXFFHVV RQ DQG RII WKH FRXUW ,Q VLPSOH WHUPV WKH +RRS 7URRS LV WKH ERRVWHU FOXE IRU WKH WHDP 7KH SOD\HUV DQG FRDFKHV DUH HQFRXUDJHG E\ WKH +RRS 7URRS·V HQHUJ\ DQG HQWKXVLDVP DW KRPH DQG DZD\ JDPHV 6RPH RI WKH +RRS 7URRS VSRQVRUHG HYHQWV LQFOXGH EXV WULSV WR DZD\ JDPHV WKH +RRS 7URRS *ROI &ODVVLF DQG DXFWLRQ DQG &KDON 7DONV ZLWK WKH )ORULGD 6WDWH FRDFKLQJ VWDII &RXUWVLGH .LGV LV WKH ´MXQLRU YHUVLRQµ RI +RRS 7URRS .LGV OHDUQ HDUO\ KRZ PXFK IXQ LW LV WR EH D SDUW RI WKH WHDP ´&RXUWVLGHµ PHDQV WKDW NLGV JHW WR SDUWLFLSDWH FRXUWVLGH DQG KHOS NHHS WKH JDPH Á RRU WRZHOHG GU\ GXULQJ JDPHV 7KH\ JHW WR LQWHUDFW ZLWK WKH SOD\ HUV DQG FRDFKHV DW VSHFLDO ´PHPEHUV RQO\µ SL]]D SDUWLHV DQG FOLQLFV DV ZHOO DV UHFHLYH OHWWHUV IURP WKH SOD\HUV DQG SHUVRQDOL]HG ELUWKGD\ FDUGV 7KHUH DUH HYHQ PRUH EHQHÀ WV EXW WKH ODVWLQJ LPSUHVVLRQ RI SRVLWLYH UROH PRGHOV VKDUHG IDPLO\ IXQ DQG WRJHWKHUQHVV DUH SULFHOHVV

0HPEHUV RI WKH +RRS 7URRS WUDYHOHG WR 1HZ <RUN ZLWK WKH WHDP ODVW VHDVRQ IRU WKH )RUGKDP JDPH

n

", Ê-/ / Ê1 6 ,- /9


Õ ÌÞÊ-iÀÛ Vi

/ ÊÊ1 6 ,- /9

/ iÊ À `>Ê-Ì>ÌiÊ7 i ½ÃÊ >à iÌL> Ê/i> Ê > iÃÊ Õ ÌÞÊ-iÀÛ ViÊ>Ê*À À ÌÞ 6FKRROV JUDGHV . WR LQWURGXFH WKH $QQXDO 6HPLQROH %RRN &KDOOHQJH 7KH SXUSRVH RI WKH HIIRUW LV WR HQFRXUDJH WKH LPSRUWDQFH RI UHDGLQJ E\ RIIHULQJ D UHZDUG WR VWXGHQWV WKDW UHDG DW OHDVW À YH ERRNV IURP WKH UHTXLUHG UHDGLQJ OLVW RYHU D À YH PRQWK SHULRG 6HSW )HE 6WXGHQWV· SURJUHVV ZLOO EH WUDFNHG E\ WKHLU WHDFKHU YLD D WUDFNLQJ SRVWHU SURYLGHG DQG KXQJ LQ HDFK FODVVURRP 2Q 1RYHPEHU WK )ORULGD 6WDWH KRVWHG LWV DQQXDO ´7R\V IRU 7RWVµ 7R\ 'ULYH DW WKH KRPH JDPH YHUVXV WKH )ORULGD *DWRUV /DVW VHDVRQ RYHU WR\V ZHUH GRQDWHG WR WKH 8 6 0DULQHV 7R\V IRU 7RWV SURJUDP ZKLFK KHOSV EULJKWHQ WKH OLYHV RI PDQ\ IDPLOLHV WKURXJKRXW WKH QDWLRQ DQG ULJKW KHUH LQ 7DOODKDVVHH

KH PDQWUD RI WKH )ORULGD 6WDWH ZRP HQ·V EDVNHWEDOO SURJUDP LV SHRSOH À UVW VWXGHQWV VHFRQG DQG DWKOHWHV WKLUG 3DUW RI IXOÀ OOLQJ WKH JRDOV RI EHLQJ D EHWWHU SHUVRQ LV WR JLYH EDFN WR WKH FRP PXQLW\ WKDW·V ZK\ KHDG FRDFK 6XH 6HPUDX KDV PDGH JLYLQJ EDFN WR WKH FRPPXQLW\ RQH RI WKH WRS SULRULWLHV RI KHU SURJUDP ´7R ZKRP PXFK KDV EHHQ JLYHQ PXFK LV UHTXLUHG µ ³ ZRUGV WKDW 6HPUDX DQG KHU SOD\HUV FKRRVH WR OLYH E\ :LWK WKH DV

VLVWDQFH RI )ORULGD 6WDWH $WKOHWLFV 6WXGHQW 6HUYLFHV 2IÀ FH WKH ZRPHQ·V EDVNHWEDOO SURJUDP FRQWLQXHV WR SUDFWLFH D SURJUDP GHYLVHG XSRQ 6HPUDX·V DUULYDO DW )68 LQ ZKLFK HDFK ZRPHQ·V EDVNHWEDOO SOD\HU SHUIRUPV DW OHDVW WKUHH KRXUV RI FRPPXQLW\ VHUYLFH SHU PRQWK ZKLOH LQ VHDVRQ DQG VL[ KRXUV RI VHUYLFH SHU PRQWK ZKHQ QRW LQ VHDVRQ /DVW \HDU WKH ZRPHQ·V EDVNHWEDOO WHDP SDUWQHUHG ZLWK /HRQ &RXQW\ 3XEOLF

7" ½-Ê - /

)URP IDFH SDLQWLQJ DW WKH 'RZQWRZQ *HWGRZQ WR WKH WHDP·V 6HPLQROH %RRN &KDOOHQJH )ORULGD 6WDWH ZRPHQ·V EDVNHW EDOO JHWV LQYROYHG LQ VHUYLQJ WKH FRPPXQLW\ EXW WKHUH ZHUH WZR LQGLYLGXDOV WKDW UHDOO\ DQVZHUHG WKH FDOO ODVW VHDVRQ ZKHQ LW FDPH WR &RPPXQLW\ 6HUYLFH $W WKH WHDP EDQTXHW IRUPHU 6HPLQROHV 1LNNL $Q WKRQ\ DQG &KULVWLH /DXWVFK ZHUH KRQRUHG ZLWK WKH &RPPXQLW\ 6HUYLFH $ZDUG ´, WKLQN LW·V UHDOO\ LPSRUWDQW WR KDYH D ZHOO URXQGHG UHVXPH· VR , OLNH WR JLYH P\ WLPH WR RWKHU RUJDQL]DWLRQV DQG WR FRP PXQLW\ VHUYLFH EHFDXVH , IHHO OLNH LW ZLOO PDNH PH D EHWWHU SHUVRQ IRU WKH IXWXUH DQG LI LW PDNHV PH D EHWWHU SHUVRQ PD\EH , FDQ PDNH VRPHERG\ HOVH D EHWWHU SHUVRQ µ /DXWVFK VDLG


/ ÊÊ1 6 ,- /9

Õ ÌÞÊ-iÀÛ Vi

2QH H[DPSOH RI $QWKRQ\·V GHGLFDWLRQ WR WKH FRPPXQLW\ FDPH LQ WKH DIWHUPDWK RI RQH RI WKH QDWLRQ·V ZRUVW QDWXUDO GLVDVWHUV ,Q WKH ZDNH RI +XUULFDQH .DWULQD LQ FRQMXQF WLRQ ZLWK WKH )68 $WKOHWLFV 6WXGHQW 6HUYLFHV 2IÀ FH WKH ZRPHQ·V EDVNHWEDOO WHDP KHOG D %ORRG 'ULYH LQ WKH 'RQDOG / 7XFNHU &HQWHU ,W ZDV $QWKRQ\ ZKR À UVW FDPH XS ZLWK WKH LGHD ´, MXVW EUDLQVWRUPHG DQG WKRXJKW RI D IHZ WKLQJV WKDW ZH FRXOG GR WR KHOS WKH YLFWLPV RI WKH KXUULFDQH LQ 1HZ 2UOHDQV µ $QWKRQ\ VDLG ´$V D FROOHJH VWXGHQW , GRQ·W KDYH D ORW RI PRQH\ WR JLYH EXW , NQHZ , ZDQWHG WR JLYH LQ VRPH ZD\ VR , WKRXJKW JLYLQJ EORRG ZRXOG EH D UHDOO\ JRRG LGHD DQG VR GLG RWKHU SHRSOH DQG LW MXVW HVFDODWHG IURP WKHUH µ 7KDW·V QRW DOO WKH 6HPLQROHV GLG WR KHOS WKH YLFWLPV RI .DWULQD )HHOLQJ IRUWXQDWH WR EH VDIH DQG KHOSOHVV LQ WHUPV RI KRZ WR KHOS WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO WHDP GRQDWHG DSSDUHO WR WKH GLVSODFHG 8QLYHUVLW\ RI 1HZ 2UOHDQV ZRPHQ·V EDVNHWEDOO SUR JUDP $W WKH WLPH WKH 3ULYDWHHUV ZHUH EHLQJ KRXVHG DW WKH 8QLYHUVLW\ RI 7H[DV DW 7\OHU ´, NQRZ WKHUH LV TXLWH D QHHG IURP WKH +XUULFDQH .DWULQD RXWIDOO DQG LI , ZHUH LQ $P\ &KDPSLRQ·V VKRHV WKH KHDG FRDFK RI WKH ZRPHQ·V EDVNHWEDOO WHDP DW 1HZ 2UOHDQV , ZRXOG KRSH WKDW VRPHRQH ZRXOG VWHS XS DQG GR ZKDWHYHU WKH\ FRXOG µ )68 KHDG FRDFK 6XH 6HPUDX VDLG ODVW 6HSWHPEHU ´(VSHFLDOO\ ZLWK RXU FRQQHFWLRQ ZLWK 1HZ 2UOHDQV DQG IRUPHU 6HPLQROH 5RQHHND +RGJHV DQG KHU IDPLO\ IHHOLQJ WKH KLW WKHP VHOYHV WKLV LV WKH OHDVW ZH FDQ GR WR VKLS ZKDWHYHU ZH FDQ WR WKDW EDVNHWEDOO WHDP µ )RU WKH )ORULGD 6WDWH SOD\HUV LW ZDV HYHQ PRUH SHUVRQDO (YHQ DW RQH WKHLU PRVW FKDOOHQJLQJ WLPH RI WKH VHDVRQ WKH 6HPLQROHV WRRN WLPH WR VHUYH :KLOH LQ 'HQYHU &ROR IRU WKH 1&$$ 7RXUQDPHQW VRXQGV RI ODXJKWHU FKHHUV DQG ERZOLQJ EDOOV WXPEOLQJ GRZQ WKH ODQH RYHUVKDGRZHG WKH IDFW WKDW WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO WHDP ZDV LQ WRZQ IRU EXVLQHVV )RU MXVW D FRXSOH RI KRXUV RQ WKH 6XQGD\ EHWZHHQ WKH À UVW DQG VHFRQG URXQGV WKH 6HPLQROHV WRRN WLPH DZD\ IURP WKHLU VFKHGXOHV WR JLYH EDFN WR WKH FKLOGUHQ RI WKH JUHDWHU 'HQYHU FRPPXQLW\ E\ SDUWLFL SDWLQJ LQ D SKLODQWKURSLF ERZOLQJ HYHQW ´,W LV VR LPSRUWDQW IRU RXU SURJUDP WR GHYHORS DZDUHQHVV WKDW WKHUH LV OLIH RXWVLGH RI EDVNHWEDOO µ 6HPUDX VDLG ´:H ZDQW WR FRQWLQXH WR FRQQHFW ZLWK \RXQJ SHRSOH DQG RWKHUV LQ QHHG µ

£ää

", Ê-/ / Ê1 6 ,- /9


/ ÊÊ1 6 ,- /9

Õ ÌÞÊ-iÀÛ Vi $IWHU EUHDNIDVW WKH GD\ DIWHU )68·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·W WKHLU EHVW VSRUW )ORULGD 6WDWH·V &KULVWLH /DXWVFK DJUHHG VKH FRXOG KHOS KHU SDUWLFXODU FKLOG LQ D FRXSOH RI ZD\V ´, MXVW WROG KHU WR JR RXW WKHUH DQG KDYH IXQ µ /DXWVFK VDLG ZLWK D KXJH JULQ RQ KHU IDFH ´7KDW·V ZKDW , WU\ WR GR ZKHQ , SOD\ EDVNHWEDOO DQG WKDW·V ZKDW , HQFRXUDJHG KHU WR GR ,·P QRW WKH EHVW ERZOHU EXW ,·P D JRRG VXSSRUWHU VR , WKLQN P\ FKLOG HQMR\HG KHU GD\ µ 2YHU WKH \HDUV WKH 6HPLQROHV KDYH SHUIRUPHG D YDULHW\ RI VHUYLFHV LQFOXGLQJ WKH :DONHU )RUG 7XWRULDO 3URJUDP LQ ZKLFK WKH SOD\HUV GRQDWH WZR KRXUV RI WKHLU WLPH RQ 6DWXUGD\ PRUQLQJV WR WXWRU HOHPHQWDU\ DJHG FKLOGUHQ 7KH\ KDYH KHOSHG SDFNDJH DQG GHOLYHU PHDOV ZLWK (OGHU &DUH 6HUYLFHV IRU WKH ´0HDOV RQ :KHHOVµ SURJUDP FOHDQHG DQG FRRNHG DW WKH 5RQDOG 0F'RQDOG +RXVH GRQH ODZQ ZRUN DQG KHOSHG SODQW D JDUGHQ DW D ORFDO ZRPHQ·V VKHOWHU ODQGVFDSHG DW WKH DUHD %R\V DQG *LUOV &OXE JRQH &KULVWPDV FDUROLQJ DW D UHWLUHPHQW KRPH YLVLWHG FKLO GUHQ LQ WKH 3HGLDWULFV :DUG DQG HYHQ KHOSHG EXLOG D KRPH IRU +DELWDW IRU +XPDQLW\ 6HYHUDO \HDUV DJR WKH 6HPLQROHV LPSOHPHQWHG D 6SULQJ /HDJXH LQ ZKLFK WKH 6HPLQROHV GRQDWH WKHLU WLPH IRU D ZHHNO\ FOLQLF GHVLJQHG WR KHOS DUHD \RXQJVWHUV OHDUQ WKH JDPH RI EDVNHWEDOO 7KH )68 SOD\HUV VHUYH DV FRDFKHV RI WKH WHDPV DQG JHW D FKDQFH WR EH RQ WKH ´RWKHUµ VLGH RI WKH EDOO IRU D FKDQJH )RU 6HPUDX WKH FRPPXQLW\ VHUYLFH IDFHW RI KHU SURJUDP KDV EHHQ D SULRULW\ IURP GD\ RQH DQG LW LV DQ DUHD WKDW KDV KDG PXFK VXFFHVV (DFK VSULQJ DW )ORULGD 6WDWH·V DQQXDO *ROGHQ ¶1ROH $ZDUGV %DQTXHW WKH $WKOHWLFV 'LUHFWRU·V &XS IRU 6HUYLFH LV SUH VHQWHG WR WKH WHDP WKDW SHUIRUPV WKH PRVW KRXUV RI FRPPXQLW\ VHUYLFH WKURXJKRXW WKH \HDU 6HPUDX·V 6HPLQROHV KDYH WZLFH HDUQHG WKH GLVWLQFWLRQ 7KH FRPSHWLWLRQ EHWZHHQ WKH WHDPV KDV UHDOO\ KHDWHG XS LQ UHFHQW \HDUV WKXV VKRZLQJ WKDW WKH FRPPXQLW\ LV WKH UHDO ZLQQHU

7" ½-Ê - /

£ä£


/ ÊÊ1 6 ,- /9 -i iÊ-« À Ì

/ iÊ-Þ L \ÊÊ-i ið°° -1Ê } ÌÊ- }°°°

<RX JRW WR À JKW À JKW À JKW IRU )68 <RX JRW WR VFDOS ¶HP 6HP L 1ROHV <RX JRW WR ZLQ ZLQ ZLQ ZLQ :LQ WKLV JDPH DQG UROO RQ GRZQ DQG PDNH WKRVH JRDOV )RU )68 LV RQ WKH ZDU SDWK QRZ $QG DW WKH EDWWOH·V HQG VKH·V JUHDW 6R À JKW À JKW À JKW WR YLFWRU\ 2XU 6HP L 1ROHV IURP )ORULGD 6WDWH

-1Ê> } À ÊV iiÀ i>`iÀÃ\Ê

)URQW 5RZ / WR 5 +DLOH\ %XFKDQDQ %URRNH 1HOVRQ $PDQGD :LQFKLS %ULWWDQ\ )LVKHU .LP %DUNVGDOH /DXUHQ :RUWPDQ -HQQD *HUVWHLQ 9DOHULH .RWWNH 0LGGOH 5RZ / WR 5 %URRNH 7HDO 0DOORU\ 'DYLV $O\VVD 6SRQDXJOH 5DLQD 5RVLHN 6DUDK 5LFKH\ .DWLH 6DOPRQ -HQQLIHU 6FKUDJH %DFN 5RZ / WR 5 &KDG 3DUQHOO $VVW &RDFK -RFHO\Q 6RXVD 6WHIIDQL 6DGGOHU $O\[ 5H\QROGV $PDQGD 0RUULV 6WDFL 6XWWRQ +HDG &RDFK .ULVWLH &DQDGD\ %HWK $QQH 5XWOHGJH :KLWQH\ -DPHV .HLVKD $UULQJWRQ &OD\ 2ZHQVE\ $VVW &RDFK 1RW 3LFWXUHG .D\/HLJK 9RGHQLFKDU

>À iÌÊEÊ `°°°

)ORULGD 6WDWH·V VFKRRO FRORUV RI JDUQHW DQG JROG GDWH EDFN WR WKH )ORULGD 6WDWH &ROOHJH FKDPSLRQVKLS IRRWEDOO WHDPV RI DQG ,Q WKRVH FKDPSLRQVKLS VHDVRQV )6& GRQQHG SXUSOH DQG JROG XQLIRUPV :KHQ )ORULGD 6WDWH &ROOHJH EHFDPH )ORULGD )HPDOH &ROOHJH LQ WKH IRRWEDOO WHDP ZDV IRUFHG WR DWWHQG WKH 8QLYHU VLW\ RI )ORULGD 7KH IROORZLQJ \HDU WKH ))& VWXGHQW ERG\ VHOHFWHG FULPVRQ DV WKH RIÀ FLDO VFKRRO FRORU RI 7KH DGPLQLVWUDWLRQ LQ WRRN FULPVRQ DQG FRPELQHG LW ZLWK WKH UHFRJQL]DEOH SXUSOH RI WKH FKDPSLRQVKLS IRRWEDOO WHDPV WR DFKLHYH WKH FRORU JDUQHW 7KH QRZ IDPRXV JDUQHW DQG JROG FRORUV ZHUH À UVW XVHG RQ DQ )68 XQLIRUP LQ D IRRWEDOO ORVV WR 6WHWVRQ RQ 2FWREHU

£äÓ

)ORULGD 6WDWH ZRXOG SOD\ WZR IRRWEDOO JDPHV LQ EHIRUH VWXGHQWV GHPDQGHG WKH VFKRRO DFTXLUH D V\PERO :KLOH GHWDLOV FRQÁ LFW PRVW EHOLHYH WKH DFFRXQW RI D SROO RI WKH VWXGHQW ERG\ LV DFFXUDWH 7KH )ORULGD )ODPEHDX UHSRUWHG WKDW 6HPLQROHV KDG ZRQ E\ YRWHV RYHU 6WDWHVPHQ 7KH UHVW RI WKH WRS FRQWHQGHUV LQ RUGHU ZHUH 5HEHOV 7DUSRQV )LJKWLQJ :DUULRUV DQG &UDFNHUV ,Q WKH V D SDLU RI VWXGHQWV GUHVVHG LQ 1DWLYH $PHULFDQ FRVWXPHV DQG MRLQHG WKH FKHHUOHDGHUV RQ WKH À HOG ZKLFK HYHQWXDOO\ HYROYHG LQWR WKH PD MHVWLF V\PERO RI 2VFHROD DQG 5HQH JDGH WKDW )68 QRZ HQMR\V 7RGD\ WKH 6HPLQROH ,QGLDQ 7ULEH SDUWLFLSDWHV LQ PDQ\ FDPSXV DFWLYLWLHV )ORULGD 6WDWH 8QL YHUVLW\ LV SURXG RI LWV ORQJVWDQGLQJ FRRSHUDWLYH UHOD WLRQVKLS ZLWK WKH 6HPLQROH 7ULEH RI )ORULGD 7KH 6HPLQROH SHRSOH KDYH VXIIHUHG PDQ\ KDUG VKLSV DQG LQMXVWLFHV EXW WKH\ KDYH UHPDLQHG EUDYH GLJQLÀ HG DQG SURXG 7KH 6HPLQROHV DUH XQFRQTXHUHG 7KH\ V\PEROL]H ZKDW ZH KRSH ZLOO EH WKH WUDLWV RI DOO RI RXU JUDGXDWHV LQFOXGLQJ RXU VWXGHQW DWKOHWHV :H NQRZ \RX FDQQRW ZLQ DOO RI WKH WLPH RQ WKH SOD\LQJ À HOG RU LQ OLIH EXW ZH ZDQW RXU VWXGHQWV WR EH XQFRQTXHUHG DQG DOZD\V UHDG\ WR WU\ DJDLQ

7>ÀÊ > Ì°°°

)ORULGD 6WDWH·V ´ZDU FKDQWµ DSSHDUV WR KDYH EHJXQ ZLWK D UDQGRP RFFXUUHQFH WKDW WRRN SODFH GXULQJ D IRRWEDOO JDPH DJDLQVW $XEXUQ EXW LQ WKH V WKH 0DUFKLQJ &KLHIV EDQG ZRXOG FKDQW WKH PHORG\ RI D SRSXODU )68 FKHHU ,Q D VHQVH WKDW FKDQW ZDV WKH ORQJ YHUVLRQ RI )68·V FXUUHQW ´ZDU FKDQW µ 'XULQJ D WKULOOLQJ JDPH ZLWK $XEXUQ LQ WKH 0DUFKLQJ &KLHIV EHJDQ WR SHUIRUP WKH GRUPDQW PHORG\ 6RPH VWXGHQWV EHKLQG WKH EDQG MRLQHG LQ DQG FRQWLQXHG WKH ´ZDU FKDQWµ SRUWLRQ DIWHU WKH EDQG KDG FHDVHG 0RVW DJUHH WKH FKDQW FDPH IURP WKH IUDWHUQLW\ VHFWLRQ EXW PDQ\ VSLULWHG 6HPLQROH IDQV DGGHG WKH KDQG PRWLRQ WR V\PEROL]H WKH EUDQGLVKLQJ RI D WRPDKDZN 7KH FKDQW FRQWLQXHG DPRQJ WKH VWXGHQW ERG\ GXULQJ WKH VHDVRQ DQG E\ WKH VHDVRQ LW ZDV D VWDGLXP ZLGH SKHQRPHQRQ 2I FRXUVH WKH 0DUFKLQJ &KLHIV UHÀ QHG WKH FKDQW SOXV SXW WKHLU RZQ VSHFLDO EUDQG RI DFFRPSDQLPHQW WR WKH ´ZDU FKDQWµ IRU WKH VRXQG ZH KHDU WRGD\ 7KH $WODQWD %UDYHV IDQV WRRN XS WKH WKHLU YHUVLRQ RI WKH VRQJ DQG FKDQW ZKHQ IRUPHU )68 VWDU 'HLRQ 6DQGHUV FDPH WR WKH SODWH DV DQ RXWÀ HOGHU 7KH .DQVDV &LW\ &KLHIV À UVW KHDUG LW ZKHQ WKH 1RUWKZHVW 0LVVRXUL 6WDWH EDQG GLUHFWHG E\ )68 JUDGXDWH $O 6HUJHO SHUIRUPHG WKH FKDQW ZKLOH WKH SOD\HUV ZHUH ZDUPLQJ XS IRU D JDPH DJDLQVW 6DQ 'LHJR

", Ê-/ / Ê1 6 ,- /9


" ",-Ê Ê 7 , -

" ", Ê 7 , 7" ½-Ê - /

£äÎ


" ",-Ê Ê 7 , Ê i ÀÞ

// 7Ê - 1 i>`iÀÃ «Ê Ü>À`

// 7Ê- 1 Ê 7 , Ê, * / /DXUHQ %UDGOH\ /LQQHD /LOMHVWUDQG /D4XLQWD 1HHO\ 0DUD )UHVKRXU 6KDQWH :LOOLDPV

DWWKHZ 6FKPDXFK DQ $VVLVWDQW 'LUHFWRU RI $FDGHPLF 6XSSRUW ZKR ZRUNHG ZLWK WKH ZRPHQ·V EDVNHWEDOO SURJUDP IRU IRXU VHDVRQV ZDV LQVWUXPHQWDO LQ WKH DFDGHPLF VXFFHVV RI )68 VWXGHQW DWKOHWHV +LV LQIOXHQFH ZHQW EH\RQG WKH FODVVURRP +H ZDV DQ DPEDVVDGRU D PHQWRU D IULHQG D ELJ EURWKHU D IDQ ³ WUXO\ D VKLQLQJ H[DPSOH RI ZKHUH KDUG ZRUN DQG GHWHUPLQDWLRQ FDQ WDNH \RX 7KLV DZDUG HVWDEOLVKHG LQ KLV PHPRU\ LV JLYHQ DQQXDOO\ WR WKH ZRPHQ·V EDVNHWEDOO SOD\HU ZKR H[HPSOLÀ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·V GHJUHH LQ À QDQFH IURP )ORULGD 6WDWH LQ DQG ZHQW RQ WR UHFHLYH D PDVWHU·V GHJUHH LQ DWKOHWLF DGPLQLVWUDWLRQ IURP )68 LQ ,Q WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SURJUDP FUHDWHG D VSHFLDO DZDUG LQ KRQRU RI 6FKPDXFK

%ULHQ 6FKPDXFK /LQQHD /LOMHVWUDQG DQG -DQLV 6FKPDXFK

'LUHFWRU RI $FDGHPLF 6XSSRUW 0DUN 0HOHQH\ /DXUHQ %UDGOH\ DQG %ULHQ 6FKPDXFK

£ä{

6XH 6HPUDX 0DUD )UHVKRXU DQG %ULHQ 6FKPDXFK

", Ê-/ / Ê1 6 ,- /9


Ê i ÀÞ

" ",-Ê Ê 7 , ," Ê* , Ê 7 , Ê, * /-

," Ê * ,

/D4XLQWD 1HHO\ *DQL\DW $GHGXQWDQ 1LNNL $QWKRQ\ $OLFLD *ODGGHQ 6KDQWH :LOOLDPV 0DUD )UHVKRXU

i>ÀÌÊ Ü>À`

DXJKWHU 6LVWHU &ODVVPDWH 7HDPPDWH 5ROH 0RGHO )ULHQG 6HPLQROH 5RQDOGD 3LHUFH PHDQW VR PXFK WR VR PDQ\ SHRSOH $OWKRXJK ZLWK XV D VKRUW WLPH 5RQDOGD·V PHPRU\ ZLOO IRUHYHU EH HWFKHG LQ WKH KHDUWV RI WKH 6HPLQROH IDPLO\ 5RQDOGD UHSUH VHQWHG FRXUDJH KHDUW GHWHUPLQDWLRQ JURZWK DQG MR\ ,W ZDV WKHVH FKDUDFWHULVWLFV WKDW DOORZHG KHU WR EORVVRP LQWR WKH SHUVRQ WKDW ZDV FKHU LVKHG E\ DOO ZKR NQHZ KHU 7KH UHFLSLHQW RI WKLV DZDUG H[HPSOLÀ HV WKHVH VDPH TXDOLWLHV RI SHUVHYHUDQFH DQG KHDUW 2Q -XQH WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SUR *DQL\DW $GHGXQWDQ DQG WKH 3LHUFH IDPLO\ DW WKH :RPHQ·V %DVNHWEDOO J UDP ORVW D VSHFLDO PHPEHU RI LWV IDPLO\ ZLWK WKH VXGGHQ $ZDUGV %DQTXHW GHDWK RI 5RQDOGD 3LHUFH D SRVW SOD\HU IURP $VKEXUQ *D ,Q WKH SOD\HUV ZRUH RQ WKHLU VKRHV LQ KHU KRQRU 7KH 6HPLQROHV SDLG WULEXWH WR 5RQDOGD E\ FHOHEUDWLQJ WKH WLPH DOWKRXJK WRR VKRUW WKDW WKH\ KDG ZLWK KHU ,Q DQ DZDUG ZDV HVWDEOLVKHG LQ KHU PHPRU\

/D4XLQWD 1HHO\ DQG WKH 3LHUFH IDPLO\ DW WKH :RPHQ·V %DVNHWEDOO $ZDUGV %DQTXHW

:KLOH 5RQDOGD 3LHUFH UHPDLQV RQ WKH PLQGV DQG LQ WKH KHDUWV RI WKRVH DVVRFLDWHG ZLWK )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO WKH VHDVRQ KDG DQ HYHQ JUHDWHU PHDQLQJ DV LW ZRXOG KDYH UHSUHVHQWHG 5RQDOGD·V VHQLRU VHDVRQ 0HPEHUV RI KHU UHFUXLWLQJ FODVV 1LNNL $QWKRQ\ 6KDQWH :LOOLDPV DQG $OLFLD *ODGGHQ SURXGO\ KROG XS WKHLU KDQGV VLJQLI\LQJ WKH 1R 5RQDOGD·V $OLFLD *ODGGHQ 6KDQWH :LOOLDPV DQG 1LNNL $QWKRQ\ ZLWK 5RQDOGD·V VLVWHU MHUVH\ QXPEHU DQG EURWKHU

7" ½-Ê - /

£äx


" ",-Ê Ê 7 , > Ê vÊ > i

KH )ORULGD 6WDWH $WKOHWLFV +DOO RI )DPH HQMR\V D ULFK WUDGLWLRQ )ORULGD 6WDWH LV IRUWXQDWH WR HQMR\ DQ DWKOHWLFV SURJUDP WKDW UHÁ HFWV WKH LQWHJULW\ DFKLHYHG E\ DQ DFDGHPLF LQVWLWXWLRQ ZLWK RYHU \HDUV RI VXFFHVV 7KHUH DUH PHPEHUV RI WKH )68 $WKOHWLFV +DOO RI )DPH 7KH À UVW DQG ODUJHVW FODVV ZDV LQGXFWHG LQ DQG WKHUH KDV EHHQ D FODVV LQGXFWHG HYHU\ IDOO VLQFH ZLWK WKH H[FHSWLRQ RI ZKHQ )ORULGD 6WDWH VSHQW WKH \HDU FHOHEUDWLQJ LWV WK $QQLYHUVDU\ RI DWKOHWLFV 7KUHH IRUPHU ZRPHQ·V EDVNHWEDOO JUHDWV 6XH *DONDQWDV 7LD 3DVFKDO DQG :DQGD %XUQV -DFNVRQ DUH PHPEHUV RI WKH )ORULGD 6WDWH $WKOHWLFV +DOO RI )DPH

-ÕiÊ > > Ì>ÃÊ > Ê vÊ > iÊ£ n

)ORULGD 6WDWH PD\ QHYHU IRUJHW WKH VFRULQJ SRZHU RI 6XH *DONDQWDV ZKR ZLWK DQ DPD] LQJ FDUHHU SRLQWV LV WKH PRVW SUROLÀ F VFRUHU LQ 6HPLQROH EDVNHWEDOO KLVWRU\ 7KDW WRWDO LV WKH PRVW SRLQWV HYHU VFRUHG E\ D SOD\HU PDOH RU IHPDOH ³ LQ )ORULGD 6WDWH KLVWRU\ %\ WKH WLPH *DONDQWDV JUDGXDWHG LQ KHU QDPH ZDV OLVWHG LQ QHDUO\ HYHU\ VWDWLVWLFDO FDWHJRU\ LQ WKH )68 UHFRUGV ERRN $YHUDJ LQJ SRLQWV SHU JDPH LQ KHU FDUHHU ³ D PDUN WKDW VWLOO UDQNV QXPEHU RQH RQ WKH FDUHHU OLVWV ³ ZDV MXVW D JOLPSVH RI WKH LPSDFW WKDW VKH KDG DV D 6HPLQROH ,Q KHU URRNLH \HDU VKH EURNH WKH )68 IUHVKPDQ VFRULQJ UHFRUG DQG ZDV QDPHG D IUHVKPDQ $OO $PHULFDQ LQ QXPHURXV SXEOLFDWLRQV %\ KHU VRSKRPRUH \HDU *DONDQWDV KDG DOUHDG\ VFRUHG KHU WK SRLQW DQG HVWDEOLVKHG KHUVHOI DV RQH RI WKH WRS VFRUHUV LQ WKH QDWLRQ ,Q KHU MXQLRU VHDVRQ VKH OHG )68 WR D UHFRUG DQG WR LWV À UVW WULS WR WKH 1&$$ 7RXUQDPHQW 2YHUDOO VKH VFRUHG LQ GRXEOH À JXUHV LQ RI JDPHV DQG VWLOO KROGV VL[ FDUHHU DQG VLQJOH VHDVRQ UHFRUGV ,Q *DONDQWDV DOVR EHFDPH WKH À UVW IHPDOH )68 DWKOHWH WR KDYH KHU QXPEHU UHWLUHG

£äÈ

/ >Ê*>ÃV > > Ê vÊ > iÊ£

7KH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SURJUDP HQMR\HG LWV JUHDWHVW VXFFHVV GXULQJ WKH IRXU \HDU FDUHHU RI 7LD 3DVFKDO ZKR OHW WHUHG IRU WKH 6HPLQROHV IURP WR $ IRUZDUG IURP 7KRPVRQ *D 3DVFKDO ZDV DQ LPPHGLDWH FRQWULEXWRU IRU )ORULGD 6WDWH DQG ZDV D WKUHH \HDU VWDUWHU DIWHU DY HUDJLQJ PLQXWHV RI SOD\ DV D URRNLH 6KH HQGHG KHU FDUHHU DYHUDJLQJ SRLQWV DQG UHERXQGV DV D VHQLRU ZKLOH HDUQLQJ À UVW WHDP $OO $&& KRQRUV DQG VHFRQG WHDP $OO $PHULFD KRQRUV E\ WKH $PHULFDQ :RPHQ·V 6SRUWV )HGHUDWLRQ 'XULQJ KHU FDUHHU VKH KHOSHG OHDG WKH 6HPLQROHV WR WZR FRQVHFXWLYH 1&$$ 7RXUQDPHQW DSSHDUDQFHV LQ DQG DV ZHOO DV D 0HWUR &RQIHUHQFH FKDPSLRQVKLS LQ WKH VHDVRQ 3DVFKDO·V YHUVDWLOLW\ PDGH KHU D ZHDSRQ LQ HYHU\ IDFHW RI WKH JDPH ZKLFK LV HYLGHQW E\ WKH UHFRUGV VKH VWLOO KROGV DW )ORULGD 6WDWH 6KH KROGV WKH UHFRUGV IUHH WKURZV PDGH LQ D JDPH DQG LV VHFRQG IRU VWHDOV LQ D FDUHHU 3DVFKDO LV DOVR DPRQJ )68·V WRS LQ À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·V SURIHVVLRQDO RYHUVHDV H[SHULHQFH KDV LQFOXGHG VWRSV LQ *HUPDQ\ 6ZHGHQ DQG 6SDLQ 6KH DOVR SOD\HG RQH VHDVRQ ZLWK WKH &KDUORWWH 6WLQJ RI WKH :1%$

", Ê-/ / Ê1 6 ,- /9


> Ê vÊ > i

" ",-Ê Ê 7 , -

7> `>Ê ÕÀ à > Ê vÊ > iÊÓääÈ

Ê} `ÊV «> Þ°°°

:DQGD %XUQV RYHUFDPH DGYHUVLW\ WR > Ê vÊ > iÊ >ÃÃÊ vÊ£ n :LQIUHG %DLOH\ &KDUOHV 'XUELQ EHFRPH D VXFFHVVIXO ZRPHQ·V EDVNHWEDOO 6XH *DONDQWDV 5DQG\ *LYHQV 5HJJLH +HUULQJ 3DXO SOD\HU DW )ORULGD 6WDWH 2QH RI 0DU\QHOO 3LXURZVNL 'LFN 5REHUWV -HII 6OXPDQ 0HDGRUV À UVW UHFUXLWV %XUQV ZDV D KLJKO\ WRXWHG JXDUG RXW RI 0DFRQ *HRUJLD 7KRXJK VKH FDUULHG D *3$ LQ KLJK > Ê vÊ > iÊ >ÃÃÊ vÊ£ )UHG +DWÀ HOG 7LD 3DVFKDO 'U *UHJJ 3KLIHU VFKRRO KHU 6$7 VFRUHV ZHUH EHORZ WKH -RH\ 5LYH &KDUOLH :DUG &DVH\ :HOGRQ UHTXLUHG VFRUH WR PHHW WKH QHZ 1&$$ 3URS $OOHQ :LOOLDPV UXOH DQG VKH KDG WR VLW RXW KHU IUHVKPDQ VHDVRQ %XUQV XVHG WKH \HDU WR KLW WKH ERRNV DQG JHW DFFOLPDWHG WR > Ê vÊ > iÊ >ÃÃÊ vÊÓääÈ FDPSXV OLIH :DQGD %XUQV 5KHWW 'DZVRQ 6KH KLW WKH FRXUW LQ ZLWK VRPHWKLQJ WR SURYH 6KH DYHU -RQDWKDQ -RKQVRQ +HUE :LOOV 6NLS <RXQJ DJHG SRLQWV D JDPH DQG OHG WKH WHDP ZLWK DVVLVWV KHOSLQJ )68 %LOO\ 6PLWK WR LWV À UVW ZLQQLQJ VHDVRQ VLQFH 6KH HOHFWULÀ HG WKH WHDP LQ DQG VSDUNHG )68 WR D UHFRUG DQG WR WKH 1&$$ 7RXUQDPHQW %XUQV VHW DQ )68 UHFRUG IRU IUHH WKURZ SHUFHQWDJH DQG OHG WKH WHDP LQ VFRULQJ WKUHH SRLQWHUV DQG VWHDOV ,Q KHU À QDO VHDVRQ %XUQV ZDV QDPHG 0HWUR &RQIHUHQFH 3OD\HU RI WKH :HHN VHW D VLQJOH JDPH UHFRUG ZLWK VWHDOV LQ D JDPH DQG OHG WKH WHDP LQ WKUHH SRLQW VKRRWLQJ )68 HQMR\HG RQH RI LWV PRVW VXFFHVVIXO VHDVRQV ZLWK D UHFRUG RI %XUQV OHG WKH 0HWUR &RQIHU HQFH LQ VFRULQJ DW SRLQWV SHU JDPH DQG VFRUHG GRXEOH À JXUHV LQ FRQVHFXWLYH JDPHV 6KH ZDV QDPHG 0HWUR &RQIHUHQFH 7RXUQDPHQW 093 DQG 3OD\HU RI WKH <HDU DQG DOVR HDUQHG +DQHV +HU :D\ 1&$$ :RPDQ RI WKH <HDU DQG 6HFRQG 7HDP $OO $PHULFDQ KRQRUV %XUQV VWLOO UDQNV DPRQJ )68·V WRS LQ IRXU FDUHHU DQG VLQJOH VHDVRQ VWDWLVWLFDO FDWHJRULHV

7" ½-Ê - /

£äÇ


" ",-Ê Ê 7 , ,iÌ Ài`Ê Õ LiÀÃ -1 Ê / -Ê

5HWLUHG 1XPEHU

\ WKH WLPH 6XH *DONDQWDV JUDGXDWHG IURP )ORULGD 6WDWH LQ KHU QDPH ZDV DWRS DOPRVW HYHU\ LQGLYLGXDO VWDWLVWL FDO FDWHJRU\ LQ WKH )ORULGD 6WDWH UHFRUGV ERRN *DONDQWDV ZDV RQH RI WKH PRVW SUROLÀ F VFRUHUV HYHU WR SOD\ IRU )ORULGD 6WDWH DYHUDJLQJ SRLQWV SHU JDPH LQ KHU FDUHHU ³ D PDUN WKDW VWLOO UDQNV QXPEHU RQH RQ WKH )68 FDUHHU OLVWV 6KH VFRUHG DQ XQEHOLHYDEOH SRLQWV RYHU KHU IRXU \HDU FDUHHU 7KDW WRWDO LV WKH PRVW SRLQWV HYHU VFRUHG E\ D EDVNHWEDOO SOD\HU ³ PDOH RU IHPDOH ³ LQ )ORULGD 6WDWH KLVWRU\ *DONDQWDV VKLQHG IURP WKH PRPHQW VKH VWHSSHG RQWR WKH FRXUW ,Q KHU IUHVKPDQ \HDU VKH EURNH WKH )68 IUHVKPDQ VFRULQJ UHFRUG DQG ZDV QDPHG D IUHVKPDQ $OO $PHULFDQ LQ QXPHURXV SXEOLFDWLRQV %\ KHU VRSKRPRUH \HDU *DONDQWDV KDG DOUHDG\ VFRUHG KHU SRLQW DQG HVWDEOLVKHG KHUVHOI DV RQH RI WKH WRS VFRUHUV LQ WKH QDWLRQ ,Q DGGLWLRQ WR KHU LQGLYLGXDO DELOLW\ *DONDQWDV ZLOO EH UHPHPEHUHG IRU KHU FRQWULEXWLRQ WR WKH )68 ZRPHQ·V EDVNHWEDOO WHDP GXULQJ KHU $OO $PHULFDQ MXQLRU VHD VRQ 6KH OHG )ORULGD 6WDWH WR D UHFRUG DQG WR LWV À UVW WULS WR WKH 1&$$ 7RXUQDPHQW ´6KH LV RXU À UVW ERQDÀ GH $OO $PHULFDQ DW )ORULGD 6WDWH µ VDLG IRUPHU )68 FRDFK -DQLFH '\NHKRXVH ´6KH·V WKH SHUVRQ ZKR LV UHVSRQVLEOH IRU WXUQLQJ RXU SURJUDP DURXQG 6KH FRXOG JR GRZQ LQ WKH UHFRUG ERRNV DV GRLQJ IRU RXU SURJUDP ZKDW 'DYH &RZHQV GLG KHUH IRU WKH PHQ·V SURJUDP DW )68 µ *DONDQWDV ZDV LQGHHG RQH RI WKH DOO WLPH JUHDWHVW DWKOHWHV WR HYHU GRQ WKH *DUQHW DQG *ROG 6KH VFRUHG LQ GRXEOH À JXUHV LQ RI FDUHHU JDPHV SOD\HG DQG VWLOO KROGV VL[ )68 UHFRUGV ,Q *DONDQWDV ZDV LQGXFWHG LQWR WKH )68 $WKOHWLFV +DOO RI )DPH $W WKDW WLPH VKH DGGHG DQRWKHU ´À UVWµ WR KHU UHVXPH DV VKH ZDV WKH À UVW ZRPHQ·V DWKOHWH LQ )68 KLVWRU\ WR KDYH KHU QXPEHU UHWLUHG

£än

,"" Ê79 " Ê

5HWLUHG 1XPEHU

W·V QRW XQFRQFHLYDEOH WR VD\ WKDW LI LW ZHUHQ·W IRU %URRNH :\FNRII WKDW WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SURJUDP ZRXOGQ·W EH LQ WKH SRVLWLRQ WKDW LW·V LQ WRGD\ &RPLQJ RXW RI :HVW &KHVWHU 2KLR WKH IRRW IRUZDUG ZDV RQH RI WKH WRS SUHS SOD\HUV LQ WKH FRXQWU\ DQG LQVWHDG RI VWD\LQJ KRPH LQ %LJ 7HQ FRXQWU\ VKH FKRRVH WR JR RXW RQ WKH OLPE ZLWK DQ HQWKXVLDVWLF À UVW \HDU KHDG FRDFK LQ 7DOODKDVVHH ,Q KHU À UVW VHDVRQ :\FNRII KDG DQ LPPHGLDWH LPSDFW RQ WKH WHDP DV VKH VHW D VLQJOH VHDVRQ UHFRUG ZLWK EORFNV ² VKH KROGV WKH )68 FDUHHU PDUN DW VZDWV RQ KHU ZD\ WR HDUQLQJ $&& $OO )UHVKPDQ 7HDP KRQRUV &RQIHUHQFH KRQRUV FRQWLQXHG WR UROO KHU QH[W WKUHH \HDUV ZLWK D SDLU RI 7KLUG 7HDP $OO $&& DFFRODGHV DQG WKHQ D )LUVW 7HDP $OO $&& VHOHF WLRQ 0RUH LPSRUWDQWO\ :\FNRII ZDV WKH FRUQHUVWRQH RI WKH 6HPLQROHV· À UVW ZLQLQJ VHDVRQ LQ QLQH \HDUV DV )ORULGD 6WDWH SRVWHG D UHFRUG KHU VHQLRU FDPSDLJQ DQG À QLVKHG IRXUWK LQ WKH $&& 7KDW VHDVRQ FXOPLQDWHG LQ WKH VFKRRO·V À UVW WULS WR WKH 1&$$ 7RXUQDPHQW LQ \HDUV DQG $OO $PHULFD KRQRUV IRU :\FNRII ZKLFK ZDV WKH À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·V %DVNHWEDOO 7HDP KRQRUV DV ZHOO DV IRXU QRGV WR WKH $&& $FDGHPLF +RQRU 5ROO ,Q VKH UHFHLYHG WKH $&& 3RVWJUDGXDWH VFKRODUVKLS

", Ê-/ / Ê1 6 ,- /9


" ",-Ê Ê 7 , -

,iÌ Ài`Ê Õ LiÀÃ 7 Ê 1, -Ê

5HWLUHG 1XPEHU

IWHU UHFHLYLQJ WKH KLJKHVW KRQRU SRVVLEOH IURP WKH )ORULGD 6WDWH DWKOHWLFV GHSDUWPHQW ZLWK KHU +DOO RI )DPH LQGXF WLRQ LQ :DQGD %XUQV KDG KHU MHUVH\ KXQJ IURP WKH UDIWHUV LQ $IWHU RYHUFRPLQJ WKH DGYHUVLW\ RI QRW TXDOLI\ LQJ RXW RI KLJK VFKRRO %XUQV VDW RXW KHU IUHVKPDQ VHDVRQ EXW XVHG WKDW \HDU WR VHW KHUVHOI XS IRU RQH RI WKH EHVW FDUHHUV LQ )ORULGD 6WDWH KLVWRU\ 6KH HDUQHG WKH À UVW RI WKUHH 0HWUR &RQIHUHQFH KRQRUV GXU LQJ WKH VHDVRQ ZLWK D VSRW RQ WKH $OO 5RRNLH WHDP 7KH QH[W WZR \HDUV VKH OHG WKH WHDP LQ VFRULQJ DQG IRXQG KHUVHOI DV D )LUVW 7HDP $OO 0HWUR VHOHFWLRQ $V D VHQLRU VKH EHFDPH WKH RQO\ SOD\HU LQ VFKRRO KLVWRU\ WR HYHU WDNH KRPH D FRQIHUHQFH·V WRS KRQRU DV VKH ZDV QDPHG 0HWUR &RQIHUHQFH 3OD\HU RI WKH <HDU +HU DFFRODGHV FXOPLQDWHG KHU VHQLRU \HDU ZLWK D 7KLUG 7HDP $OO $PHULFD VHOHFWLRQ %XUQV ZDV WKH IRXQGDWLRQ RI )ORULGD 6WDWH·V · · VTXDGV WKDW SURGXFHG WKH VFKRRO·V À UVW EDFN WR EDFN DSSHDU DQFHV LQ WKH 1&$$ 7RXUQDPHQW ,Q WKUHH 1&$$ 7RXUQDPHQW DSSHDUDQFHV VKH DYHUDJHG SRLQWV SHU JDPH DQG UH ERXQGV SHU JDPH 0RUH WKDQ \HDUV DIWHU WKH HQG RI KHU FDUHHU %XUQV· QDPH FDPH EH IRXQG WKURXJKRXW WKH )ORULGD 6WDWH UHFRUG ERRN +HU VWHDOV DJDLQVW $ODEDPD LV VWLOO WKH )68 VLQJOH JDPH KLJK DQG VKH KROGV WKH VLQJOH VHDVRQ IUHH WKURZ SHUFHQWDJH DIWHU VKRRW LQJ IURP WKH OLQH LQ %XUQV LV LQ WKH VLQJOH VHDVRQ WRS WHQ IRU SRLQWV VFRULQJ DYHUDJH VWHDOV DVVLVWV À HOG JRDOV À HOG JRDO DWWHPSWV IUHH WKURZ SHUFHQWDJH DQG WKUHH SRLQWHUV PDGH :KHQ VKH À QLVKHG KHU FDUHHU LQ KHU FDUHHU SRLQWV ZDV IRXUWK DQG VKH FXUUHQWO\ RFFXSLHV WKH QXPEHU HLJKW VSRW 6KH DOVR KROGV WKH GLVWLQFWLRQ RI EHLQJ RQH RI WZR SOD\HUV WR EH LQ WKH )68 FDUHHU WRS IRU SRLQWV DQG DVVLVWV ,Q DGGL WLRQ VKH LV VHFRQG IRU VFRULQJ DYHUDJH DQG IUHH WKURZ SHUFHQWDJH

/ Ê* - Ê

5HWLUHG 1XPEHU

XFK RI )ORULGD 6WDWH·V VXFFHVV LQ WKH HDUO\ V ZLWK D SDLU RI 1&$$ 7RXUQDPHQW DSSHDUDQFHV DQG WKH WUDQVLWLRQ LQWR WKH $WODQWLF &RDVW &RQIHUHQFH FDQ EH DWWULEXWHG WR WKH SOD\ RI 7LD 3DVFKDO 3DVFKDO·V RXWVWDQGLQJ FDUHHU ZDV À UVW UHFRJQL]HG LQ ZKHQ VKH EHFDPH WKH VHF RQG ZRPHQ·V EDVNHWEDOO SOD\HU LQGXFWHG LQWR WKH )ORULGD 6WDWH $WKOHWLFV +DOO RI )DPH +HU 1R MHUVH\ ZDV UHWLUHG GXULQJ WKH VHDVRQ 5LJKW IURP WKH VWDUW RI KHU FDUHHU 3DVFKDO KDG DQ LPPHGLDWH LPSDFW RQ WKH WHDP HDUQLQJ 0HWUR &RQIHUHQFH $OO )UHVKPDQ WHDP DFFRODGHV DV WKH 6HPLQROHV ZHQW WR WKHLU À UVW 1&$$ 7RXUQDPHQW VLQFH 6KH PRYHG LQWR D VWDUWLQJ UROH WKH QH[W VHDVRQ DQG KHOSHG )68 PDNH D UHWXUQ WULS WR WKH %LJ 'DQFH $V D VRSKRPRUH VKH SLFNHG XS $OO 0HWUR &RQIHUHQFH 6HFRQG 7HDP DFFRODGHV 'XULQJ )ORULGD 6WDWH·V PRYHG LQWR WKH $&& 3DVFKDO WRRN RYHU DV WKH GRPLQDQW SOD\HU RQ WKH WHDP +HU VHQLRU \HDU RI ZLOO JR GRZQ DV RQH RI WKH EHVW LQ VFKRRO KLVWRU\ DV VKH OHG WKH WHDP LQ VFRULQJ SSJ À HOG JRDO SHUFHQWDJH À HOG JRDOV PDGH VWHDOV ² ZKLFK VWRRG DV WKH )68 VLQJOH VHDVRQ UHFRUG IRU \HDUV UHERXQGLQJ USJ DQG EORFNHG VKRWV 8S XQWLO WKH VHDVRQ VKH KHOG WKH VFKRRO UHFRUG IRU FDUHHU VWHDOV 6KH LV VWLOO LQ WKH DOO WLPH WRS WHQ IRU SRLQWV QG ² VFRULQJ DYHUDJH WK ² SJ UHERXQGV WK ² DQG À HOG JRDO SHUFHQWDJH WK ,Q DGGLWLRQ VKH VLWV RQ WKH VLQJOH VHDVRQ FKDUWV IRU SRLQWV VFRULQJ DYHUDJH VWHDOV À HOG JRDO DWWHPSWV DQG À HOG JRDOV 1DWXUDOO\ WKH DFFRODGHV UROOHG LQ IROORZLQJ KHU VHQLRU \HDU LQFOXGLQJ D 6HFRQG 7HDP $OO $PHULFD VHOHFWLRQ IURP WKH $PHULFDQ :RPHQ·V 6SRUWV )HGHUDWLRQ ,Q DGGLWLRQ VKH HDUQHG )68·V LQLWLDO )LUVW 7HDP $OO $&& DZDUG DV ZHOO DV DQ $&& )LUVW 7HDP $OO 7RXUQDPHQW 7HDP KRQRU 6KH FRQWLQXHG KHU SOD\LQJ FDUHHU LQ (XURSH DQG VSHQW RQH VHDVRQ ZLWK WKH &KDUORWWH 6WLQJ RI WKH :1%$

7" ½-Ê - /

£ä


" ",-Ê Ê 7 , iÀ V> ÃÊEÊ >Ì > Ê/i> Ã

/LVD )RJOLR

6XH *DONDQWDV

/RUUDLQH 5LPVRQ

:DQGD %XUQV

&KULV 'DYLV

iÀ V> Ã

/LVD )RJOLR $OO 5HJLRQ .RGDN $OO $PHULFD 6XH *DONDQWDV $OO 5HJLRQ .RGDN $OO $PHULFD 6HFRQG 7HDP )UHVKPDQ $OO $PHULFD )UHVKPDQ $OO $PHULFD 6WUHHW 6PLWK·V

6HFRQG 7HDP $OO $PHULFD :RPHQ·V %DVNHWEDOO <HDUERRN

/RUUDLQH 5LPVRQ )UHVKPDQ $OO $PHULFD %HY %XUQHWW 7KLUG 7HDP $OO $PHULFD $PHULFDQ :RPHQ·V 6SRUWV)HGHUDWLRQ

:DQGD %XUQV 7KLUG 7HDP $OO $PHULFD $PHULFDQ :RPHQ·V 6SRUWV )HGHUDWLRQ

&KULV 'DYLV 6SHFLDO 0HQWLRQ $OO $PHULFD $PHULFDQ :RPHQ·V 6SRUWV )HGHUDWLRQ

7LD 3DVFKDO 6HFRQG 7HDP $OO $PHULFD $PHULFDQ :RPHQ·V 6SRUWV )HGHUDWLRQ

'DQLHOOH 5\DQ )RXUWK 7HDP $OO $PHULFD $PHULFDQ :RPHQ·V 6SRUWV )HGHUDWLRQ

&KULVW\ 'HUODN 6SHFLDO 0HQWLRQ $OO $PHULFD $PHULFDQ :RPHQ·V 6SRUWV )HGHUDWLRQ

$OOLVRQ 3HHUF\ 6SHFLDO 0HQWLRQ $OO $PHULFD $PHULFDQ :RPHQ·V 6SRUWV )HGHUDWLRQ

%URRNH :\FNRII 6HFRQG 7HDP $OO $PHULFD :RPHQ·V %DVNHWEDOO 1HZV 6HUYLFH

5RQHHND +RGJHV .RGDN :%&$ $OO 5HJLRQ ,, $OO $PHULFD 7HDP

££ä

", Ê-/ / Ê1 6 ,- /9


" ",-Ê Ê 7 , -

iÀ V> ÃÊEÊ >Ì > Ê/i> Ã

%HY %XUQHWW

'DQLHOOH 5\DQ

7LD 3DVFKDO

&KULVW\ 'HUODN

$OOLVRQ 3HHUF\

>Ì > Ê/i> Ã

6XH *DONDQWDV 1DWLRQDO 6SRUWV )HVWLYDO -DQ $OOHQ )$,$: &RDFK RI WKH <HDU /RUUDLQH 5LPVRQ 7HDP 86$ 0DFFDELDK *DPHV LQ ,VUDHO

0DU\QHOO 0HDGRUV 2O\PSLF )HVWLYDO +HDG &RDFK 86$ :RPHQ·V 6HOHFW 7HDP $VVLVWDQW &RDFK

%URRNH :\FNRII 86$ 6HOHFW 7HDP 86$ %DVNHWEDOO :RUOG 8QLYHUVLW\ *DPHV 7HDP 86$ %DVNHWEDOO -RQHV &XS 7HDP 5RQHHND +RGJHV 86$ %DVNHWEDOO 3DQ $PHULFDQ 7HDP

5RQHHND +RGJHV

%URRNH :\FNRII

7" ½-Ê - /

0DU\QHOO 0HDGRUV

£££


" ",-Ê Ê 7 , -

À `>Ê-Ì>Ìi½ÃÊ7 Ê iVÌ

À `>Ê-Ì>Ìi½ÃÊ >V iÃÊ >ÛiÊ *À `ÕVi`\ 3DVW DQG 3UHVHQW :1%$ 3OD\HUV :1%$ &KDPSLRQV :1%$ 0RVW 9DOXDEOH 3OD\HU :1%$ 6L[WK :RPDQ RI WKH <HDU

7 Ê* >ÞiÀÃÊ ÞÊ* Ã Ì \ 3RLQW *XDUGV .HLVKD $QGHUVRQ 6WDF\ &OLQHVPLWK (ULQ *UDQW 7DPDUD 0RRUH

%URRNH :\FNRII

:LQJV 5RQHHNDD +RGJHV 7LD 3DVFKDO (ULQ $OH[DQGHU %DUEDUD %HDLQ\ -LD 3HUNLQV 6KHU\O 6ZRRSHV

5RQHHND +RGJHV

9HUVDWLOH )RUZDUGV %URRNH :\FNRII /DWDYLD &ROHQPDQ /HY\V 7RUUHV 0LFKL $WNLQV (ULQ %XHVFKHU .D\WH &KULVWHQVHQ .HLWKD 'LFNHUVRQ (ULQ 0DQQ 3ODQHWWH 3LHUVRQ $OLFLD 7KRPSVRQ 6KHU\O 6ZRRSV

&HQWHUV $QJLH %UD]LHO &LVWL *UHHQZDOW (ULND .LHQDVW /LQGVD\ 7D\ORU

3OHQHWWH 3LHUVRQ

`` Ì > Ê VV >`iÃ\ *ROG 0HGDOV 1&$$ &KDPSLRQV $OO $PHULFDQV &RQIHUHQFH 3OD\HUV RI WKH <HDU

.ULVWHQ 0DQQ

££Ó

(ULQ %XHVFKHU

", Ê-/ / Ê1 6 ,- /9


" ",-Ê Ê 7 , -

-i iÃÊEÊÌ iÊ7

7KH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO SURJUDP SURYLGHV LWV VWXGHQW DWKOHWHV ZLWK D VROLG HGXFDWLRQ DQG WKH RSSRUWXQLW\ WR SOD\ 'LYLVLRQ , EDVNHWEDOO LQ RQH RI WKH QDWLRQ·V VWURQJHVW FRQIHUHQFHV ,W DOVR SUHSDUHV LWV SOD\HU IRU WKH RSSRUWXQLW\ WR SOD\ DW WKH QH[W OHYHO )68 KDV KDG IRXU SOD\HUV GUDIWHG WR WKH :1%$ DQG IRUPHU 6HPLQROH JUHDW 7LD 3DVFKDO SOD\HG RQH VHDVRQ ZLWK WKH &KDUORWWH 6WLQJ

-1½ÃÊ7 Ê À>vÌÊ* V Ã

/DWDYLD &ROHPDQ UG 5RXQG WK SLFN +RXVWRQ &RPHWV WUDGHG WR ,QGLDQD )HYHU /HY\V 7RUUHV UG 5RXQG WK SLFN 0LDPL 6RO %URRNH :\FNRII QG 5RXQG WK SLFN 2UODQGR 0LUDFOH &RQQHFWLFXW 6XQ

&KLFDJR 6N\ SUHVHQW

5RQHHND +RGJHV QG 5RXQG WK SLFN +RXVWRQ &RPHWV SUHVHQW

/DWDYLD &ROHPDQ

7LD 3DVFKDO

/HY\V 7RUUHV 6XH 6HPUDX %URRNH :\FNRII

7LD 3DVFKDO

/HY\V 7RUUHV

5RQHHND +RGJHV 6XH 6HPUDX %URRNH :\FNRII

7" ½-Ê - /

££Î


" ",-Ê Ê 7 , -i iÃÊEÊÌ iÊ7

)RUPHU 6HPLQROH %URRNH :\FNRII ZKR KHOSHG OHDG WKH &RQ QHFWLFXW 6XQ WR WKH :1%$ )LQDOV DQG QRZ SOD\V IRU WKH &KLFDJR 6N\ ZLOO DOZD\V FKHULVK KHU H[SHULHQFH DW )ORULGD 6WDWH

´&RDFK 6XH WDXJKW PH D ORW WKH OLWWOH WKLQJV OLNH EHLQJ GLVFLSOLQHG DQG EHLQJ RQ WLPH ,W·V WKH OLWWOH QHFHVVLWLHV WKDW \RX QHHG LQ OLIH WR ZRUN <RX KDYH WR EH RQ WLPH EH GLVFLSOLQHG DQG \RX KDYH WR GR WKLQJV WKDW \RX VRPHWLPHV ZRQ·W OLNH 6KH LQVWLOOHG WKDW LQ PH DORQJ ZLWK KDUG ZRUN , OHDUQHG D ORW IURP KHU ZKHQ , ZDV DW )ORULGD 6WDWH , ORYH KHU 6KH·V D JUHDW SHRSOH SHUVRQ DQG FDUHV DERXW \RX DV D SHUVRQ QRW MXVW WU\LQJ WR KDYH JUHDW DWKOHWHV 6KH LV D JUHDW UROH PRGH DQG D JUHDW SHUVRQ 7KH NLGV FDQ UHODWH WR KHU VKH VSHQGV D ORW RI WLPH WDNLQJ FDUH RI \RX DV D SHUVRQ , DFWXDOO\ GR PRGHO D ORW RI P\ FRDFKLQJ VW\OH DIWHU KHU HVSHFLDOO\ SHUVRQ À UVW VWXGHQW VHFRQG DQG DWKOHWH WKLUG , UHDOO\ EHOLHYH LQ WKDW DQG , ORYH WKDW , WHDFK P\ NLGV WKH VDPH WKLQJ DQG WKDW LV ZK\ ,·P KHUH , WROG WKHP WKDW , ZRXOG PLVV D JDPH RU WZR JDPHV DQG , DVNHG ZKDW WKH\ WKRXJKW DERXW PH FRPLQJ EDFN KHUH DQG WKH\ DOO VDLG , KDG WR JR 7KH\ VDLG ¶, VKRXOG EH D SHUVRQ À UVW DQG WKLV LV VRPHWKLQJ SHUVRQDO VR ZH WKLQN \RX VKRXOG JR µ

´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·P VXUH WKHUH DUH PDQ\ JLUOV RXW WKHUH ZKR DUH PRUH WDOHQWHG SOD\HUV WKDQ PH EXW KDYHQ·W KDG WKH VDPH VXFFHVV 2QH WKLQJ ,·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¶UHDO ZRUOG· UHDG\ IRU DQ\WKLQJ WKDW FDPH P\ ZD\ DV D SURIHVVLRQDO SOD\HU DQG EH\RQG µ

££{

", Ê-/ / Ê1 6 ,- /9


" ",-Ê Ê 7 , -

Ê i À>L iÊ À>vÌÊ >Þt LWK WKH VHF RQG SLFN RI W K H V H F R Q G URXQG DQG WKH WK SLFN RYHUDOO )ORULGD 6WDWH·V 5RQHHND +RGJHV ZDV WDNHQ E\ WKH +RXVWRQ &RPHWV LQ WKH :1%$ 'UDIW $SULO WK DW WKH 1%$ 6WXGLRV LQ 6HFDXFXV 1 - :LWK WKH VHOHFWLRQ +RGJHV EH FDPH WKH IRXUWK 6HPL QROH WR EH GUDIWHG WR WKH :1%$ EXW WKH KLJKHVW SLFN LQ )ORULGD 6WDWH KLVWRU\ +RGJHV ZDV DOVR WKH À UVW SOD\HU IURP WKH $WODQWLF &RDVW &RQIHU HQFH WR EH VHOHFWHG LQ WKH GUDIW ´,W·V D JRRG IHHOLQJ WR NQRZ WKDW \RX·YH OHIW \RXU PDUN VRPHZKHUH µ +RGJHV VDLG RQ GUDIW GD\ ´,W ZLOO DOZD\V PDNH PH IHHO JRRG DERXW P\VHOI DQG WKH WKLQJV WKDW ,·YH GRQH EHLQJ DEOH WR OHDYH WKDW NLQG RI OHJDF\ , WKLQN LW LV JRRG IRU PH DQG IRU )ORULGD 6WDWH µ ´7KLV VKRZV WKH SURJUHVV RI RXU SUR JUDP µ )ORULGD 6WDWH KHDG FRDFK 6XH 6HPUDX VDLG WKDW DIWHUQRRQ ´, EHOLHYH ZH ZLOO FRQ WLQXH WR KDYH PRUH DQG PRUH SOD\HUV JR LQWR WKH OHDJXH DQG KDYH WKH SRWHQWLDO WR EH GUDIWHG KLJKHU DQG KLJKHU ,·P MXVW UHDOO\ SURXG RI KRZ 5RQHHND KDV UHSUHVHQWHG )ORULGD 6WDWH µ +RGJHV KHU IDPLO\ DQG 6HPUDX JDWKHUHG LQ WKH VWXGLR ZLWK RWKHU KRSHIXO ZRPHQ·V

EDVNHWEDOO SOD\HUV (DFK DWKOHWH LQ DWWHQGDQFH VDW DW D WDEOH ZLWK KHU JXHVWV DQG DZDLWHG WKH DQQRXQFHPHQW E\ :1%$ 3UHVLGHQW 'RQQD 2UHQGHU ´:KHQ , JRW SLFNHG , NLQG RI IHOW UHOLHYHG WKDW WKH ZKROH WKLQJ ZDV RYHU ZLWK DQG , NQHZ ZKHUH , ZDV JRLQJ µ +RGJHV VDLG ´2YHUDOO LW ZDV D JUHDW IHHOLQJ , ZDV NLQG RI QHUYRXV DQG DQ[LRXV EXW LW HQGHG XS ZHOO *RLQJ WR +RXVWRQ LV D JRRG VLWXDWLRQ FRQVLGHULQJ WKH SOD\HUV WKH\ KDYH DQG WKH WKLQJV WKDW KDYH EHHQ JRLQJ RQ ZLWK WKH WHDP µ +RGJHV D À UVW WHDP $OO $&& VHOHFWLRQ WKLV VHDVRQ VFRUHG DQ LPSUHVVLYH SRLQWV WKLV VHDVRQ DQG ZDV VHFRQG LQ WKH OHDJXH LQ VFRULQJ DW SRLQWV SHU JDPH 6KH OHG WKH 6HPLQROHV WR WKH SURJUDP·V À UVW 1&$$ 7RXU QDPHQW DSSHDUDQFH VLQFH ´7KLV LV NLQG RI OLNH WKH LFLQJ RQ WKH FDNH µ +RGJHV VDLG ´, IHHO OLNH ,·YH GRQH HYHU\WKLQJ , VHW RXW WR GR ZKHQ , FDPH WR )ORULGD 6WDWH , DP JUDWHIXO WKDW &RDFK 6XH DQG WKH FRDFKLQJ VWDII DOORZHG PH WR FRPH DQG DOORZHG PH WR VKRZFDVH P\ WDOHQW µ 6HPUDX ZDV HODWHG IRU +RGJHV ´,W ZDV H[FLWLQJ WR VHH 5RQHHND OLYH RXW RQH RI KHU GUHDPV WR EH DW WKH :1%$ GUDIW µ 6HPUDX VDLG ´, WKLQN VKH LV RQH RI WKH SOD\HUV WKLV \HDU ZLWK WKH NLQG RI KHDUW DWKOHWLFLVP DQG VNLOO WR PDNH D :1%$ WHDP 6KH·V ZRUNHG YHU\ KDUG DQG KDV EHHQ WUHPHQGRXV IRU XV DQG VKH ZLOO UHDOO\ EH D EHQHÀ W WR WKH OHDJXH µ

7" ½-Ê - /

££x


" ",-Ê Ê 7 ,

viÀi ViÊ Ü>À`ÃÊEÊ* >ÞiÀÃÊ vÊÌ iÊ7ii

&KDQWHOOH 'LVKPDQ

&RQQLH 5RELQVRQ

/DWDYLD &ROHPDQ

viÀi ViÊ/i> ÃÊ

%HY %XUQHWW 0HWUR À UVW WHDP %HY %XUQHWW 0HWUR À UVW WHDP &KULV 'DYLV 0HWUR VHFRQG WHDP :DQGD %XUQV 0HWUR $OO 5RRNLH WHDP :DQGD %XUQV 0HWUR À UVW WHDP &KULV 'DYLV 0HWUR VHFRQG WHDP 7LD 3DVFKDO 0HWUR $OO 5RRNLH WHDP &KDQWHOOH 'LVKPDQ 0HWUR )UHVKPDQ RI WKH <HDU $OO 5RRNLH WHDP 0DU\QHOO 0HDGRUV 0HWUR &RDFK RI WKH <HDU :DQGD %XUQV 0HWUR À UVW WHDP SOD\HU RI WKH \HDU &KDQWHOOH 'LVKPDQ 0HWUR À UVW WHDP 7LD 3DVFKDO 0HWUR VHFRQG WHDP 0DU\QHOO 0HDGRUV 0HWUR &RDFK RI WKH <HDU &RQQLH 5RELQVRQ $&& $OO )UHVKPDQ 7HDP 7LD 3DVFKDO $&& À UVW WHDP &KULVW\ 'HUODN $&& VHFRQG WHDP /DWDYLD &ROHPDQ $&& $OO )UHVKPDQ 7HDP %URRNH :\FNRII $&& $OO )UHVKPDQ 7HDP /DWDYLD &ROHPDQ $&& VHFRQG WHDP %URRNH :\FNRII $&& WKLUG WHDP $SULO 7UD\ORU $&& $OO )UHVKPDQ 7HDP /DWDYLD &ROHPDQ $&& VHFRQG WHDP %URRNH :\FNRII $&& WKLUG WHDP %URRNH :\FNRII $&& À UVW WHDP /HY\V 7RUUHV $&& WKLUG WHDP $SULO 7UD\ORU $&& WKLUG WHDP 6XH 6HPUDX $&& &RDFK RI WKH <HDU 7DVKHLND $OOHQ $&& WKLUG WHDP 7DVKHLND $OOHQ $&& VHFRQG WHDP 7DVKHLND $OOHQ $&& VHFRQG WHDP 6KDQWH :LOOLDPV $&& $OO )UHVKPDQ WHDP 5RQHHND +RGJHV $&& À UVW WHDP *DQL\DW $GHGXQWDQ $&& KRQRUDEOH PHQWLRQ $OLFLD *ODGGHQ $&& KRQRUDEOH PHQWLRQ 6XH 6HPUDX $&& &RDFK RI WKH <HDU $OLFLD *ODGGHQ $&& WKLUG WHDP %ULWDQ\ 0LOOHU $&& $OO )UHVKPDQ WHDP $OLFLD *ODGGHQ $&& WKLUG WHDP -DFLQWD 0RQURH $&& $OO )UHVKPDQ WHDP 7DQDH 'DYLV &DLQ $&& KRQRUDEOH PHQWLRQ

*DQL\DW $GHGXQWDQ -DQ $OOHQ

6XH 6HPUDX

££È

%ULWDQ\ 0LOOHU

&KHUU\ 5LYHUV

5RQHHND +RGJHV

/HY\V 7RUUHV

viÀi ViÊ / ÕÀ > i ÌÊ/i> ÃÊ

&KHUU\ 5LYHUV 0HWUR 6XH *DONDQWDV 0HWUR 7LD 3DVFKDO 0HWUR :DQGD %XUQV 0HWUR 093 7LD 3DVFKDO 0HWUR 7LD 3DVFKDO $&& À UVW WHDP /DWDYLD &ROHPDQ $&& À UVW WHDP %URRNH :\FNRII $&& VHFRQG WHDP

Ê ivi à ÛiÊ/i> ÃÊ

%URRNH :\FNRII %URRNH :\FNRII $OLFLD *ODGGHQ $OLFLD *ODGGHQ $OLFLD *ODGGHQ

Ê-i iVÌÊ/i>

7LD 3DVFKDO &KULVW\ 'HUODN

viÀi ViÊ* >ÞiÀÃÊ"vÊ/ iÊ7ii Ê

%HY %XUQHWW 0HWUR

&KULV 'DYLV 0HWUR

:DQGD %XUQV 0HWUR

&RQQLH 5RELQVRQ $&& 5RRNLH RI WKH :HHN WZLFH

7LD 3DVFKDO 0HWUR $&&

&DUOD :LOOLDPV $&&

/DWDYLD &ROHPDQ $&& 5RRNLH RI WKH :HHN $&& 3OD\HU RI WKH :HHN WZLFH

%URRNH :\FNRII $&& 5RRNLH RI WKH :HHN $&& 3OD\HU RI WKH :HHN $SULO 7UD\ORU $&& 5RRNLH RI WKH :HHN WZLFH

$&& 3OD\HU RI WKH :HHN $QJHOD 6XWWRQ $&& 5RRNLH RI WKH :HHN /HY\V 7RUUHV $&& 3OD\HU RI WKH :HHN *DQL\DW $GHGXQWDQ +ROO\ -RKQVRQ $&& 5RRNLH RI WKH :HHN 7DVKHLND $OOHQ $&& 3OD\HU RI WKH :HHN 6KDQWH :LOOLDPV $&& 5RRNLH RI WKH :HHN WKUHH WLPHV

5RQHHND +RGJHV $&& 3OD\HU RI WKH :HHN WZLFH

*DQL\DW $GHGXQWDQ $&& 3OD\HU RI WKH :HHN %ULWDQ\ 0LOOHU $&& 5RRNLH RI WKH :HHN WKUHH WLPHV

-DFLQWD 0RQURH $&& 5RRNLH RI WKH :HHN WKUHH WLPHV

$O\VKD +DUYLQ $&& 5RRNLH RI WKH :HHN

7DVKHLND $OOHQ

7DQDH 'DYLV &DLQ

$OLFLD *ODGGHQ

+ROO\ -RKQVRQ

$QJHOD 6XWWRQ

$SULO 7UD\ORU

&DUOD :LOOLDPV

6KDQWH :LOOLDPV

", Ê-/ / Ê1 6 ,- /9


" ",-Ê Ê 7 , -

V>`i VÊ Ü>À`Ã

iÌÀ Ê viÀi ViÊ Ãà iÀ½ÃÊ ÃÌ

&HOLD 6ODWHU 3HQQ\ 6WRQH 6DUDK +DOO 6DUDK +DOO 7HUUL 0F&DUW\ 6DUDK +DOO 7HUUL 0F&DUW\ %HY %XUQHWW &KULV 'DYLV /X] /RSH] 5RELQ 6WRUH\ &KULV 'DYLV .HOOL 7HVW 6KDQQRQ +RGJH 5RELQ &RUQ

Ê* ÃÌ}À>`Õ>ÌiÊ-V >ÀÃ «

&KULVW\ 'HUODN %URRNH :\FNRII

Ê V>`i VÊ ÀÊ, Ê-i iVÌ Ã

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

*DQL\DW $GHGXQWDQ 7DVKHLND $OOHQ

1LNNL $QWKRQ\

$QJHOD $WNLQVRQ

.DWLQD &REELQV

5RELQ &RUQ

/DWDYLD &ROHPDQ

0ROO\ %HDO /DXUHQ %UDGOH\ 9DQHVVD )XFKV 3HWUD +RIPDQQ /DNHVKD 6SULQJOH %URRNH :\FNRII /DXUHQ %UDGOH\ *HQHVLV &KRLFH /LQQHD /LOMHVWUDQG .LP 6PDOO *DQL\DW $GHGXQWDQ /DXUHQ %UDGOH\ +ROO\ -RKQVRQ /LQQHD /LOMHVWUDQG 7DVKHLND $OOHQ *DQL\DW $GHGXQWDQ 1LNNL $QWKRQ\ /DXUHQ %UDGOH\ $OLFLD *ODGGHQ +ROO\ -RKQVRQ /LQQHD /LOMHVWUDQG /D4XLQWD 1HHO\ *DQL\DW $GHGXQWDQ 1LNNL $QWKRQ\ $OLFLD *ODGGHQ &KULVWLH /DXWVFK /LQQHD /LOMHVWUDQG +DQQDK /LQTXLVW *DQL\DW $GHGXQWDQ 1LNNL $QWKRQ\ 7LIIDQ\ %XFNHOHZ 0DUD )UHVKRXU $OLFLD *ODGGHQ +ROO\ -RKQVRQ /D4XLQWD 1HHO\ 'UDQDGLD 5RF 1LNNL $QWKRQ\ 7LIIDQ\ %XFNHOHZ 0DUD )UHVKRXU $OLFLD *ODGGHQ &KULVWLH /DXWVFK 0DUD )UHVKRXU &KULVWLDQ +XQQLFXWW

V>`i VÊ

$UOHVKLD 'DYLGVRQ :HQG\ +DPSWRQ %URRNH :\FNRII -HQ 5RELQVRQ %URRNH :\FNRII 0ROO\ %HDO %URRNH :\FNRII 0ROO\ %HDO 9DQHVVD )XFKV %URRNH :\FNRII /LQQHD /LOMHVWUDQG +ROO\ -RKQVRQ *DQL\DW $GHGXQWDQ /DXUHQ %UDGOH\ *DQL\DW $GHGXQWDQ /LQQHD /LOMHVWUDQG *DQL\DW $GHGXQWDQ $OLFLD *ODGGHQ +ROO\ -RKQVRQ /D4XLQWD 1HHO\ 1LNNL $QWKRQ\ 0DUD )UHVKRXU $OLFLD *ODGGHQ 0DUD )UHVKRXU

0ROO\ %HDO

/DXUHQ %UDGOH\

7LIÀ Q\ %XFNHOHZ

%HY %XUQHWW

*HQHVLV &KRLFH

$UOHVKLD 'DYLGVRQ &KULV 'DYLV

&KULVW\ 'HUODN

9DQHVVD )XFKV

0LFKHOOH )UDQN

0DUD )UHVKRXU

$OLFLD *ODGGHQ

6DUDK +DOO

:HQG\ +DPSWRQ

6KDQQRQ +RGJH

3HWUD +RIPDQQ

&KULVWLDQ +XQQLFXWW +ROO\ -RKQVRQ

&KULVWLH /DXWVFK

/LQQHD /LOMHVWUDQG

9DO /LQOH\

+DQQDK /LQTXLVW

/X] /RSH]

7HUUL 0F&DUW\

/DWULFH 0F/LQ

/D4XLQWD 1HHO\

.ULVWHQ 3DUNHU

$QMD 3HGHUVHQ

$OOLVRQ 3HHUF\

-HQ 5RELQVRQ

'UDQDGLD 5RF

'DQLHOOH 5\DQ

&HOLD 6ODWHU

.LP 6PDOO

/DNHVKD 6SULQJOH

3HQQ\ 6WRQH

5RELQ 6WRUH\

$QJHOD 6XWWRQ

/LEHUW\ 7D\ORU

.HOOL 7HVW

/HY\V 7RUUHV

.DWHO\Q 9XMDV

/HVOLH :DXJK

&DUOD :LOOLDPV

%URRNH :\FNRII

7" ½-Ê - /

££Ç


" ",-Ê Ê 7 , / iÊ iÌÌiÀÜ iÀÃ

*DQL\DW $GHGXQWDQ

/DWDYLD &ROHPDQ

.DUHQ *DOORZD\

$EUDKDP -RDQQH

$GDPV /HVOLH

$GHGXQWDQ *DQL\DW

$OH[DQGHU 9LFNL

$OOHQ 'HE

$OOHQ 7DVKHLND

$QWKRQ\ 1LNNL

$UQROG -DFNLH

$UQROGL $OLVRQ

$WNLQVRQ $QJHOD

&DQQRQ 0DU\ $QQH

&KRLFH *HQHVLV

&ODUN *XVVLH

&OLHWWH %UHQGD

&REELQV .DWLQD

&ROHPDQ /DWDYLD

&ROOLQV $QQ

&ROOLQV 'HEUD

&ROTXLWW (PPD

&RUQ 5RELQ

&UXWFKÀ HOG /LQGD

/DXUHQ %UDGOH\

&KULVW\ 'HUODN

*DONDQWDV 1DQF\

*DONDQWDV 6XH

*DOORZD\ .DUHQ

*DUUHWW 9DO

*ODGGHQ $OLFLD

*ORYHU &KHU\O

*ROGHQ 6FRRE\

*RPH] -DQ

*RQ]DOH] &ODUD

*UDFH\ 7DPDUD

*UDKDP 0DUOHQH

*UD\ $QJHO

*UD\ -RDQ

*UD\ /LQGD

*ULIÀ Q 3DPHOD

*ULPHV 6DUDK

*Z\Q 0RRG\

%DLOH\ -DQ

%DNHU -LOO

%DUULQHDX .DUHQ

%DWWOHV -XG\

%HDO 0ROO\

%HEHH 0DULRQ

%HOFKHU 'HEUD

%HQQHWW /HD

%OD\GHV 'LDQH

%RHKPHU &LQG\

%RKDOO %RQQLH

%RXNQLJKW 9HURQLFD

%UDGOH\ /DXUHQ

%URNDV &KULV

%URZQ /DNR

%URZQ 6XVDQ

%URZQ 7HUU\

%XFKDQDQ %HUU\KLOO 0DU\

%XFNHOHZ 7LIÀ Q\

%XIRUG .\ULD

%XUJXQ 5XWKDQQ

%XUQHWWH %HY

%XUQV :DQGD

%XUURXJKV -R\H

££n

'DYLGVRQ $UOHVKLD

'DYLV &KULV

5RQHHND 'DYLV 0HOLVVD

+RGJHV 'DYLV 9LFNL

'DYLV &DLQ 7DQDH

'HUODN &KULVW\

'LVKPDQ &KDQWHOOH +DOO 6DUDK

'UHZ 7L]]D +DPSWRQ :HQG\

+DUGHQ *LQD

+DUSHU 5RVH

+DUULV 9DOHQH

+DUVWYHGW 3HJJ\

9DQHVVD +DUYLQ $O\VKD

+DUYLV $OLQH )XFKV +DW]HOO %UDXQD

+HDSV 0HKJDQ

+RGJH 6KDQQRQ

(GZDUGV 'HEELH +RGJHV 5RQHHND

(LOEDFKHU 'HQLVH +RIPDQQ 3HWUD

(ULFNVRQ &DWK\ +RZDUG $QWLRQHWWH

)DKH\ 0HJ +RXVWRQ &DQGL

)RJOLR /LVD +RXVWRQ )UDQFLQH

)RZOHU 7DQ\D +XQQLFXWW &KULVWLDQ

)UDQN &LQG\

)UDQN 0LFKHOOH

)UHVKRXU 0DUD

)XFKV 9DQHVVD

*DLOH\ %HFN\

", Ê-/ / Ê1 6 ,- /9


" ",-Ê Ê 7 , -

/ iÊ iÌÌiÀÜ iÀÃ

"

+ROO\ -RKQVRQ

/HH9D\QH 2OLYHU

,Y\ 5LWD

-RKQVRQ +ROO\

.DPLQVNL 6KHUL

.RFVLV )UDQFHQH

.RRQW] %DUE

9DO /LQOH\

/DLQH &KDUOHQH

/DSSH 0DUWKD

/DUGLH 0DULD

/DVVHWHU -XQH

/DVVHWHU /DLQH

/DXWVFK &KULVWLH

/LOMHVWUDQG /LQQHD

/LQOH\ 9DO

/LQTXLVW +DQQDK

/RSH] /X]

/DWULFH 0F/LQ

1HHO\ /D4XLQWD

1HOVRQ 9DO

2OLYHU /HH9D\QH

2·1HDO 6XQQLH

2ZHQ $QQH

* $OHWKD 3HQQ

6KDQQRQ 'DUOHQH

6KDUSH -RDQQH

6KDZ -RGH

6KLHOGV 'DZQ

6KXOHU 0HJ

6LOGVE\ 6KLUOH\

6ODWHU &HOLD

6PDOO .LP

6PLWK /RUL

6SHUFLQJ 9LFNL

6SULQJOH /DNHVKD

6WRNHV *OHQGD

6WRQH 3HQQ\

6WRUH\ 5RELQ

6XWWRQ $QJHOD

/ 1 6 .DWHO\Q 9XMDV

3DOJXW .DU\Q

3DUNHU .ULVW\

3DUU %DUE

3DVFKDO 7LD

3HGHUVHQ $QMD

3HHUF\ $OOLVRQ

3HQQ $OHWKD

3LDWQLN -DQ

3LHUFH 5RQDOGD

3LQN 3DWWL

3RGXOND .ULV

3UHVWRQ $QWRQHWWH

3UHVWRQ *D\OH

3XW]L 'HEELH

+ ,

7D\ORU /LEHUW\

7HVW .HOOL

7KRPDV .DUHQ

7KRPDV 7HUU\

7KUDSS 6XVLH

7LQVOH\ 7HUHVD

7LSSLQV 'HEELH

7RUUHV /HY\V

7UD\ORU $SULO

7XFNHU $QJHOD

9XMDV .DWHO\Q

7 8 9 < %URRNH :\FNRII

-HQ 5RELQVRQ

0DFRQ 6WDF\

0DUQLH /\QQ

0F&DUW\ 7HUUL

0F'RQDOG /\QQ 'HH

0F*RZDQ /LQGD $QQ

0F.LQQH\ <YHWWH

0F/LQ /DWULFH

0LOOHU %ULWDQ\

0LOOHU -HQQLIHU

0RQH\PDNHU 6WDF\

0RQURH -DFLQWD

0RRUH &D\OD

0RRUH 7ULQHWWD

0RRUHÀ HOG /\VD

5LFNDUGVRQ .LP

5LFNPDQ 7DQLVKD

5LPVRQ /RUUDLQH

5LYHUV &KHUU\

5RELQVRQ &RQQLH

5RELQVRQ -HQ

5XIIR 6DQGUD

5\DQ 'DQLHOOH

/DNHVKD 6SULQJOH

:DONHU .DLOD

:DONHU 7UDF\

:DUG &RXUWQH\

:DVKLQJWRQ 6KDUURQ

:DXJK /HVOLH

:HLJDQG &KHU\O

:KLWH (OL]DEHWK

:KLWH .ULVW\

:KLWLQJ 6KLQLNNL

:LOOLDPV &DUOD

:LOOLDPV 6KDQWH

:RRG /DKQD

:RRGV 8UVXOD

:ULJKW 'LDQD

:ULJKW 0RQLFD

:\FNRII %URRNH

6HDPRQ 6XVDQ $FWLYH SOD\HUV LQ %ROG

7" ½-Ê - /

££


" ",-Ê Ê 7 , / iÊ iÀÃiÞÊ Õ LiÀÃ /HWWHUZLQQHUV VWDUWLQJ ZLWK VHDVRQ

/DNHVKD 6SULQJOH &+$6,7< &/$<721 3UHVHQW /LQQHD /LOMHVWUDQG $1*(/ *5$< 3UHVHQW /D4XLQWD 1HHO\ $/<6+$ +$59,1 3UHVHQW 6KLQLNNL :KLWLQJ 7LIÀ Q\ %XFNHOHZ $/(;$ '(/8=,2 3UHVHQW $QWRQHWWH 3UHVWRQ 3HWUD +RIPDQQ &$</$ 0225( 3UHVHQW $QJHOD $WNLQVRQ /DWULFH 0F/LQ 7ULQHWWD 0RRUH 5RQHHND +RGJHV &+5,67,$1 +811,&877 3UHVHQW .DLOD :DONHU 6XVLH 7KUDSS /DKQD :RRG -LOO %DNHU 9DOHULH *DUUHWW .DWLQD &REELQV 9DO /LQOH\ /DNHVKD 6SULQJOH 0$5$ )5(6+285 3UHVHQW /\QQ 0DUQLH 6XQQLH 2·1HDO -DQ 3LDWQLN 6KDQQRQ +RGJH 0LFKHOOH )UDQN $QJHOD 6XWWRQ 7HUHVD 7LQVOH\ 6KHUL .DPLQVNL 5RELQ 6WRUH\ /X] /RSH] $OLVRQ $UQROGL .ULVW\ 3DUNHU $SULO 7UD\ORU +ROO\ -RKQVRQ &28571(< :$5' 3UHVHQW /RUL 6PLWK &KULV 'DYLV -HQQLIHU 0LOOHU /HY\V 7RUUHV 5RVH +DUSHU -LOO %DNHU -R\H %XUURXJKV *XVVLH &ODUN 7DQ\D )RZOHU )UDQFLQH +RXVWRQ

£Óä

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

7HUUL 0F&DUW\ 6DUDK +DOO 7LD 3DVFKDO 7DQLVKD 5LFNPDQ 1DQF\ *DONDQWDV /DWDYLD &ROHPDQ 9HURQLFD %RXNQLJKW 0DULD /DUGLH -$&,17$ 0225( 3UHVHQW 'HEELH 3XW] /DKQD :RRG &KHU\O *ORYHU /HD %HQQHWW .DUHQ 7KRPDV /\VD 0RRUHÀ HOG *DQL\DW $GHGXQWDQ *OHQGD 6WRNHV 0DU\ %XFKDQDQ %HUU\KLOO 3HQQ\ 6WRQH 7HUUL 0F&DUW\ &,(55$ %5$9$5' 3UHVHQW .DUHQ *DOORZD\ $OOLVRQ 3HHUF\ 0HKJDQ +HDSV /RUUDLQH 5LPVRQ 0ROO\ %HDO 5RQDOGD 3LHUFH

", Ê-/ / Ê1 6 ,- /9


, ", -

/ Ê , ", Ê "" 7" ½-Ê - /

£Ó£


, ", -

*ย ร ร ร i>ร ย ย ร ย ร ร ย ร ร ยฃย ร nร

1&$$ 0LGZHVW 6HFRQG 5RXQG $PHV ,RZD 6WDWH 7RXUQDPHQW 6RXWK )ORULGD )68 ,RZD 6WDWH )68 )68 6RXWK )ORULGD 6RXWK )ORULGD )68 ร รครคร ร :RPHQยทV 1DWLRQDO ,QYLWDWLRQDO 7RXUQDPHQW 7DOODKDVVHH )OD ยฃย nรคร )68 )ORULGD ,QWHUQDWLRQDO )$,$: 6WDWH 7RXUQDPHQW 7DPSD )OD )68 6RXWK )ORULGD $XEXUQ $OD $XEXUQ )68 ร รครค{ร $,$: 5HJLRQ 7RXUQDPHQW :RPHQยทV 1DWLRQDO ,QYLWDWLRQDO 7RXUQDPHQW &OLQWRQ 0LVV 0HUFHU )68 0RELOH $OD )68 6RXWK $ODEDPD

ยฃย nยฃร

ร รครคร 1&$$ )UHVQR 5HJLRQDO )LUVW 5RXQG 6WDQIRUG &DOLI )68 2OG 'RPLQLRQ 1&$$ )UHVQR 5HJLRQDO 6HFRQG 5RXQG 6WDQIRUG &DOLI )68 6WDQIRUG 1&$$ )UHVQR 5HJLRQDO 6ZHHW )UHVQR &DOLI /68 )68

ร รครคn 1&$$ 'HV 0RLQHV 5HJLRQDO )LUVW 5RXQG 'HV 0RLQHV ,RZD )68 2KLR 6WDWH

5LFKPRQG 9D )$,$ 6WDWH 7RXUQDPHQW 5LFKPRQG )68 'D\WRQD %HDFK )OD 1&$$ 'HV 0RLQHV 5HJLRQDO 6HFRQG 0LDPL )68 ร รครคxร 5RXQG 1&$$ 0LGZHVW )LUVW 5RXQG 'HV 0RLQHV ,RZD ยฃย nร ร 6WRUUV &RQQ 2NODKRPD 6WDWH )68 27

)$,$: 6WDWH 7RXUQDPHQW )68 5LFKPRQG 'D\WRQD %HDFK )OD )68 0LDPL )68 )ORULGD $ 0 1&$$ 0LGZHVW 6HFRQG 5RXQG 6WRUUV &RQQ &RQQHFWLFXW )68 $,$: 5HJLRQ 7RXUQDPHQW )68 0LVVLVVLSSL &ROOHJH *HRUJLD 6RXWKHUQ )68 ร รครคร ร 0LVVLVVLSSL 9DOOH\ )68 1&$$ 0LGZHVW )LUVW 5RXQG 'HQYHU &ROR )68 /RXLVLDQD 7HFK 1DWLRQDO :RPHQยทV ,QYLWDWLRQDO 7RXUQDPHQW )68 3HSSHUGLQH 1&$$ 0LGZHVW 6HFRQG 5RXQG )68 %<8 'HQYHU &ROR 6WDQIRUG )68 &KDPSLRQVKLS *DPH 2UHJRQ 6WDWH )68

ยฃย nร ร 1&$$ 0LGHDVW )LUVW 5RXQG 8QLYHUVLW\ 0LVV 2OH 0LVV )68 )LUVW WHDP LQ )ORULGD WR HDUQ 1&$$ 7RXUQDPHQW ELG

ยฃย ย รคร 1&$$ 0LGHDVW )LUVW 5RXQG 7DOODKDVVHH )OD 3HQQ 6WDWH )68

ยฃย ย ยฃร 1&$$ 0LGHDVW )LUVW 5RXQG 7DOODKDVVHH )OD )68 $SSDODFKLDQ 6WDWH 1&$$ 0LGHDVW 6HFRQG 5RXQG %RZOLQJ *UHHQ .\ :HVWHUQ .HQWXFN\ )68

ร รครคยฃร 1&$$ 0LGZHVW )LUVW 5RXQG $PHV ,RZD )68 7XODQH

ยฃร ร

5RVH +DUSHU OHWWHUHG IRU WKH 6HPLQROHV IURP DQG SOD\HG LQ WKUHH VWDWH WRXUQDPHQWV

/LVD )RJOLR ZDV D PHPEHU RI )ORULGD 6WDWHยทV ร UVW 1&$$ 7RXUQDPHQW WHDP LQ WKH ร UVW 1&$$ 7RXUQDPHQW DSSHDUDQFH IRU DQ\ FROOHJLDWH ZRPHQยทV EDVNHWEDOO WHDP LQ WKH VWDWH RI )ORULGD DQG VKH OHG WKH 6HPLQROHV LQ ร HOG JRDOV ร HOG JRDO DWWHPSWV IUHH WKURZ SHUFHQWDJH DQG DVVLVWV

", ร -/ / ร 1 6 ,- /9


, ", -

* ÃÌÃi>Ã Ê ÃÌ ÀÞ

Ê/ ÕÀ > i ÌÊ ,iV À`\ÊÊÇ nÊ­°{ÈÇ®

1&$$ 7RXUQDPHQW 7HDP

7DVKHLND $OOHQ OHG WKH 6HPLQROHV LQ VFRULQJ IRU WKUHH VWUDLJKW VHDVRQV LQFOXGLQJ WKH DQG FDPSDLJQV LQ ZKLFK )ORULGD 6WDWH SDUWLFLSDWHG LQ WKH :1,7

1&$$ 7RXUQDPHQW 7HDP

1&$$ 7RXUQDPHQW 7HDP

1&$$ 7RXUQDPHQW WHDP

7" ½-Ê - /

£ÓÎ


, ", -

* ÃÌÃi>Ã Ê ÃÌ ÀÞ -1Ê*"-/ - -" Ê -/ ` Û `Õ> Ê­ -1®

&DWHJRU\ 5HFRUG 3OD\HU 2SSRQHQW 'DWH 7RWDO SRLQWV 5RQHHND +RGJHV 8&RQQ )LHOG *RDOV 5RQHHND +RGJHV 8&RQQ )* $WWHPSWHG 7DQDH 'DYLV &DLQ 2KLR 6WDWH 3RLQW )LHOG *RDOV 7DQDH 'DYLV &DLQ 2KLR 6WDWH )* $WWHPSWHG 7DQDH 'DYLV &DLQ 2KLR 6WDWH 0DUD )UHVKRXU 2NOD 6WDWH 7DQDH 'DYLV &DLQ 2NOD 6WDWH )UHH 7KURZV $OLFLD *ODGGHQ 6WDQIRUG )7 $WWHPSWHG $OLFLD *ODGGHQ 6WDQIRUG 2) 5HERXQGV &KDQWHOOH 'LVKPDQ $SS 6WDWH '( 5HERXQGV 0DUD )UHVKRXU 2KLR 6WDWH -DFLQWD 0RQURH 2NOD 6WDWH 727 5HERXQGV %UHQGD &OLHWWH 0LVVLVVLSSL $OLFLD *ODGGHQ /D 7HFK 0DUD )UHVKRXU 2KLR 6WDWH %ORFNV -DFLQWD 0RQURH 2OG 'RPLQLRQ $VVLVWV /DTXLQWD 1HHO\ 5LFKPRQG +ROO\ -RKQVRQ 6WDQIRUG 6WHDOV 'DQLHOOH 5\DQ $SS 6WDWH

/i> Ê­ -1®Ê &DWHJRU\ )* )* )7 7RWDO 3RLQWV )* )*$ )* )*$ )7 )7$ 2) 5HE '() 5HE 727 5HE %ORFNV $VVLVWV 6WHDOV

5HFRUG

2SSRQHQW 2OG 'RPLQLRQ 5LFKPRQG :HVWHUQ .HQWXFN\ $SSDODFKLDQ 6WDWH $SSDODFKLDQ 6WDWH $SSDODFKLDQ 6WDWH 5LFKPRQG 2KLR 6WDWH 2NODKRPD 6WDWH /RXLVLDQD 7HFK 3HQQ 6WDWH $SSDODFKLDQ 6WDWH /RXLVLDQD 7HFK $SSDODFKLDQ 6WDWH 2NODKRPD 6WDWH 2NODKRPD 6WDWH 2OG 'RPLQLRQ 5LFKPRQG $SSDODFKLDQ 6WDWH

'DWH

` Û `Õ> Ê­"«« i Ìî &DWHJRU\ 5HFRUG 7RWDO SRLQWV )LHOG *RDOV )* $WWHPSWHG 3RLQW )LHOG *RDOV 37 )* $WWHPSWHG )UHH 7KURZV )7 $WWHPSWHG 2) 5HERXQGV '( 5HERXQGV 727 5HERXQGV %ORFNV $VVLVWV 6WHDOV

3OD\HU &DQGLFH :LJJLQV &DQGDFH :LJJLQV $QGUHD 5LOH\ &DQGDFH :LJJLQV 4XLDQQD &KDQH\ $QGUHD 5LOH\ 6KHULGD 7ULJJV 6\OYLD )RZOHV 0DULD &RUGHUR 6KDQQRQ 7KRPDV -HVVLFD 0RRUH %URRNH 6PLWK %URRNH 6PLWK -DQWHO /DYHQGHU 'DQD )RUWHQEHUU\ $QGUHD 5LOH\

/i> Ê­"«« i Ìî &DWHJRU\ )* )* )7 7RWDO 3RLQWV )* )*$ )* )*$ )7 )7$ 2) 5HE '() 5HE 727 5HE %ORFNV $VVLVWV 6WHDOV

5HFRUG

1&$$ 7RXUQDPHQW 7HDP

£Ó{

", Ê-/ / Ê1 6 ,- /9

7HDP 6WDQIRUG 6WDQIRUG 2NOD 6WDWH 6WDQIRUG /68 2NOD 6WDWH 2OG 'RPLQLRQ /68 2NOD 6WDWH $SS 6WDWH &RQQHFWLFXW 6WDQIRUG 6WDQIRUG 2KLR 6WDWH 0LVVLVVLSSL 2NOD 6WDWH

7HDP 6WDQIRUG :HVWHUQ .HQWXFN\ &RQQHFWLFXW 6WDQIRUG :HVWHUQ .HQWXFN\ 0LVVLVVLSSL 2NODKRPD 6WDWH 5LFKPRQG /RXLVLDQD 7HFK 6WDQIRUG 2NODKRPD 6WDWH 6WDQIRUG 0LVVLVVLSSL 2OG 'RPLQLRQ 6WDQIRUG 2NODKRPD 6WDWH 2NODKRPD 6WDWH 6WDQIRUG 2KLR 6WDWH 0LVVLVVLSSL 0LVVLVVLSSL

'DWH 'DWH


, ", -

viÀi ViÊ ÃÌ ÀÞÊ -1Ê ÊÌ iÊ iÌÀ Ê viÀi ViÊ­vÀ Ê£ n£ £ £®

9i>À LÞ 9i>ÀÊ,iV À`

<($5 0(752 29(5$// +($' &2$&+ -DQLFH '\NHKRXVH -DQLFH '\NHKRXVH -DQLFH '\NHKRXVH -DQLFH '\NHKRXVH -DQ ' $OOHQ -DQ ' $OOHQ 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV

-1Ê ÊÌ iÊ iÌÀ Ê viÀi ViÊ / ÕÀ > i ÌÊ IURP

$OO WLPH UHFRUG

<($5 )68 5(68/76 7XODQH ² )68 )68 ² 6W /RXLV QR WRXUQDPHQW SOD\HG /RXLVYLOOH ² )68 )68 ² &LQFLQQDWL /RXLVYLOOH ² )68 9LUJLQLD 7HFK ² )68 &LQFLQQDWL ² )68 9LUJLQLD 7HFK ² )68 &LQFLQQDWL ² )68 &LQFLQQDWL ² )68 )68 ² 0HPSKLV 6WDWH 6RXWKHUQ 0LVV ² )68 )68 ² &LQFLQQDWL )68 ² /RXLVYLOOH )68 ² 6RXWK &DUROLQD &RQIHUHQFH FKDPSLRQ

7LD 3DVFKDO ² 0HWUR &RQIHUHQFH $OO 7RXUQDPHQW 7HDP $&& 7RXUQDPHQW )LUVW 7HDP

-1Ê ÊÌ iÊ >Ì > Ê,> }Ã &KHUU\ 5LYHUV ² 0HWUR &RQIHUHQFH $OO 7RXUQDPHQW 7HDP

)68 LQ WKH $VVRFLDWHG 3UHVV 3ROO 7RWDO ZHHNV LQ $3 )LUVW UDQNLQJ 1R +LJKHVW UDQNLQJ 1R /DVW UDQNLQJ 1R :HHN E\ :HHN LQ WKH $3 3ROO 1R 1R 1R 1R 1R 1R 3UHVHDVRQ 1R 1R 1R 1R 1R 1R 1R )68 LQ WKH 86$ 7RGD\ &RDFKHV 3ROO 7RWDO ZHHNV LQ 86$ 7RGD\ )LUVW UDQNLQJ 1R +LJKHVW UDQNLQJ 1R )LQDO 3UHVHDVRQ /DVW UDQNLQJ 1R

&KDQWHOOH 'LVKPDQ ZDV QDPHG 0HWUR &RQIHUHQFH )UHVKPDQ RI WKH <HDU LQ DQG KHOSHG )ORULGD 6WDWH WR LWV À UVW 1&$$ DSSHDUDQFH VLQFH

6XH *DONDQWDV ² 0HWUR &RQIHUHQFH $OO 7RXUQDPHQW 7HDP

7" ½-Ê - /

:HHN E\ :HHN LQ WKH 86$ 7RGD\ &RDFKHV 3ROO 1R 1R 7 1R 1R 1R 1R 1R 1R 1R 1R )LQDO 1R 1R 3UHVHDVRQ 1R 1R 1R 1R 1R 1R 1R

£Óx


, ", -

viÀi ViÊ ÃÌ ÀÞÊ

-1Ê ÊÌ iÊ Ì > Ì VÊ >ÃÌÊ viÀi ViÊ­£ Ó «ÀiÃi Ì®

9i>À LÞ 9i>ÀÊ,iV À`

<($5 $&& 6((' 29(5$// +($' &2$&+ WK 0DU\QHOO 0HDGRUV WK 0DU\QHOO 0HDGRUV WK 0DU\QHOO 0HDGRUV WK 0DU\QHOO 0HDGRUV WK 0DU\QHOO 0HDGRUV WK &KULV *REUHFKW WK 6XH 6HPUDX WK 6XH 6HPUDX WK 6XH 6HPUDX WK 6XH 6HPUDX WK 6XH 6HPUDX WK 6XH 6HPUDX WK 6XH 6HPUDX WK 6XH 6HPUDX WK 6XH 6HPUDX WK 6XH 6HPUDX W WK 6XH 6HPUDX

-1Ê ÊÌ iÊ

Ê/ ÕÀ > i ÌÊ SUHVHQW

$OO WLPH UHFRUG <($5

)68 5(68/76

81& ² )68 0DU\ODQG ² )68 :DNH )RUHVW ² )68 0DU\ODQG ² )68 )68 ² *HRUJLD 7HFK 9LUJLQLD ² )68 :DNH )RUHVW ² )68 &OHPVRQ ² )68 'XNH ² )68 )68 ² 0DU\ODQG 'XNH ² )68 )68 ² 9LUJLQLD 'XNH ² )68 'XNH ² )68 *HRUJLD 7HFK ² )68 0DU\ODQG ² )68 9LUJLQLD ² )68 27

1& 6WDWH ² )68 )68 ² :DNH )RUHVW 1& 6WDWH ² )68 )68 :DNH )RUHVW 'XNH )68

6HPLQROHV ² )ORULGD 6WDWH·V À UVW $&& WHDP

£ÓÈ

/DWDYLD &ROHPDQ ² $&& 7RXUQDPHQW )LUVW 7HDP

%URRNH :\FNRII ² $&& 7RXUQDPHQW 6HFRQG 7HDP

%URRNH :\FNRII DQG 6XH 6HPUDX

", Ê-/ / Ê1 6 ,- /9


-1Ê6iÀÃÕÃÊ,> i`Ê"«« i ÌÃ

, ", -

Ãà V >Ìi`Ê*ÀiÃÃÊ£ n£ ÓääÇ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

Q 9LUJLQLD / Q )ORULGD / 1& 6WDWH / # 'XNH / 1RUWK &DUROLQD / # &OHPVRQ / 9LUJLQLD / # 1& 6WDWH / 'XNH / # 1RUWK &DUROLQD / # 9LUJLQLD / &OHPVRQ / # )ORULGD / # 1& 6WDWH / # /RXLVLDQD 7HFK / 0LVVRXUL 6WDWH / # 9LUJLQLD / # 1RUWK &DUROLQD / # 'XNH / )ORULGD / 1& 6WDWH / # &OHPVRQ / 9LUJLQLD / 1RUWK &DUROLQD / 'XNH / Q &OHPVRQ / /RXLVLDQD 7HFK / # 'XNH / 1RUWK &DUROLQD / # *HRUJLD / # &OHPVRQ / 9LUJLQLD / 'XNH / # 1RUWK &DUROLQD / &OHPVRQ / # 9LUJLQLD / Q 'XNH / 1& 6WDWH / 'XNH / $XEXUQ / # 1& 6WDWH / 9LUJLQLD / # 'XNH / Q 'XNH / 1& 6WDWH / 'XNH / # &OHPVRQ / # ;DYLHU / # 'XNH : Q 'XNH / Q ,RZD 6WDWH / )ORULGD / # $XEXUQ / 1RUWK &DUROLQD / 'XNH / # 1RUWK &DUROLQD / # 'XNH / Q 'XNH / &RQQHFWLFXW / 1RUWK &DUROLQD / # 'XNH / # 1RUWK &DUROLQD / 'XNH / # &RQQHFWLFXW / Q 7&8 / Q /68 / # 'XNH / # 1RUWK &DUROLQD / 'XNH : 1RUWK &DUROLQD / 0DU\ODQG 27 : 1RUWK &DUROLQD 27 : # 9LUJLQLD 7HFK 27 : # 'XNH / # 1& 6WDWH /

7" ½-Ê - /

# &RQQHFWLFXW / # 'XNH / # 0DU\ODQG / # 1RUWK &DUROLQD / 1& 6WDWH : %RVWRQ &ROOHJH : /RXLVLDQD 7HFK : 6WDQIRUG / Q *HRUJLD / 'XNH / 1RUWK &DUROLQD / 0DU\ODQG / Q 1& 6WDWH / # 6WDQIRUG : Q /68 / # 'H3DXO / # 7H[DV $ 0 / Q *HRUJLD 27 / /68 / # 'XNH / # 1RUWK &DUROLQD / # 0DU\ODQG 27 / Q 'XNH / Q 2KLR 6WDWH / Q 2NODKRPD 6WDWH 27 /

ÞÊ,> }

1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 7RWDO

+RPH $ZD\ 1HXWUDO

ÞÊ V>Ì

),567 :,1 29(5 $ 5$1.(' 23321(17 ZLQ RYHU 1R 0LVVLVVLSSL )HEUXDU\

+,*+(67 :,1 29(5 5$1.(' 23321(17 RYHU 'XNH )HEUXDU\

%,**(67 0$5*,1 2) 9,&725< 29(5 $ 5$1.(' 7($0 RYHU 6RXWKHUQ 0LVVLVVLSSL )HEUXDU\

0267 :,16 ,1 $ 6($621 29(5 5$1.(' 23321(176 )LYH

£ÓÇ


, ", -

-1Ê6iÀÃÕÃÊ,> i`Ê"«« i ÌÃ 1- Ê/ `>ÞÊÊ£ n{ Óään '$7( 5$1.

£Ón

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

9LUJLQLD / # 1& 6WDWH / 'XNH / # 1RUWK &DUROLQD / # 9LUJLQLD / &OHPVRQ / # )ORULGD / # 1& 6WDWH / # /RXLVLDQD 7HFK / 0LVVRXUL 6WDWH / # 9LUJLQLD / # 1RUWK &DUROLQD / # 'XNH / )ORULGD / 1& 6WDWH / # &OHPVRQ / 9LUJLQLD / 1RUWK &DUROLQD / 'XNH / &OHPVRQ / /RXLVLDQD 7HFK / # 'XNH / 1RUWK &DUROLQD / # *HRUJLD / # &OHPVRQ / 9LUJLQLD / 'XNH / # 1RUWK &DUROLQD / &OHPVRQ / # 9LUJLQLD / Q 'XNH / 1& 6WDWH / 'XNH / $XEXUQ / # 1& 6WDWH / # 9LUJLQLD / # 1RUWK &DUROLQD / # 'XNH / Q 'XNH / 1& 6WDWH : 'XNH / # &OHPVRQ / 9LUJLQLD : # 1& 6WDWH / # ;DYLHU / # 'XNH : &OHPVRQ / Q 'XNH / # ,RZD 6WDWH / )ORULGD / 1RUWK &DUROLQD / 'XNH / # 1RUWK &DUROLQD / # 'XNH / Q 'XNH / &RQQHFWLFXW / 1RUWK &DUROLQD / # 'XNH / # 1RUWK &DUROLQD / 'XNH / # &RQQHFWLFXW / Q 7&8 / Q /68 / # 'XNH / # 1RUWK &DUROLQD / 'XNH : 1RUWK &DUROLQD / 0DU\ODQG 27 : 1RUWK &DUROLQD 27 : # 'XNH / # 1& 6WDWH / # &RQQHFWLFXW / # 'XNH /

# 0DU\ODQG / # 1RUWK &DUROLQD / %RVWRQ &ROOHJH : Q /RXLVLDQD 7HFK : Q 6WDQIRUG / Q *HRUJLD / 'XNH / 1RUWK &DUROLQD / 0DU\ODQG / Q 1& 6WDWH / # 6WDQIRUG : Q /68 / # 7H[DV $ 0 / Q *HRUJLD 27 / /68 / # 'XNH / # 1RUWK &DUROLQD / # 0DU\ODQG 27 / Q 'XNH / Q 2KLR 6WDWH : Q 2NODKRPD 6WDWH 27 /

ÞÊ,> }

1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 1R 7RWDO

+RPH $ZD\ 1HXWUDO

ÞÊ V>Ì

),567 :,1 29(5 $ 5$1.(' 23321(17 RYHU 6RXWKHUQ 0LVVLVVLSSL )HEUXDU\

+,*+(67 :,1 29(5 5$1.(' 23321(17 RYHU 'XNH )HEUXDU\

%,**(67 0$5*,1 2) 9,&725< 29(5 $ 5$1.(' 7($0 RYHU 6RXWKHUQ 0LVVLVVLSSL )HEUXDU\

0267 :,16 ,1 $ 6($621 29(5 5$1.(' 23321(176 7KUHH

", Ê-/ / Ê1 6 ,- /9


, ", -

` Û `Õ> Ê,iV À`Ã ` Û `Õ> Ê,iV À`Ã

-i>Ã Ê,iV À`Ã

3RLQWV

3RLQWV

*DPH 5 +RGJHV YV 0DU\ODQG

6HDVRQ 6 *DONDQWDV

&DUHHU 6 *DONDQWDV

6FRULQJ $YHUDJH 6HDVRQ 6 *DONDQWDV

&DUHHU 6 *DONDQWDV

)LHOG *RDOV 0DGH *DPH / /DVVHWHU YV 6 : /RXLVLDQD

6HDVRQ 6 *DONDQWDV

&DUHHU 6 *DONDQWDV

6XH *DONDQWDV SWV LQ JDPHV 6XH *DONDQWDV SWV LQ JDPHV 5RQHHND +RGJHV SWV LQ JDPHV :DQGD %XUQV SWV LQ JDPHV %HY %XUQHWWH SWV LQ JDPHV 7LD 3DVFKDO SWV LQ JDPHV :DQGD %XUQV SWV LQ JDPHV &KHUU\ 5LYHUV SWV LQ JDPHV &KDQWHOOH 'LVKPDQ SWV LQ JDPHV 6XH *DONDQWDV SWV LQ JDPHV

6FRULQJ $YHUDJH

6HDVRQ & 'LVKPDQ

&DUHHU & 'LVKPDQ

3RLQW )LHOG *RDOV

6WHDOV

)LHOG *RDOV $WWHPSWHG *DPH % %XUQHWW YV *HRUJLD 6RXWKHUQ

6HDVRQ 6 *DONDQWDV

&DUHHU 6 *DONDQWDV

)LHOG *RDO 3HUFHQWDJH

*DPH & 'HUODN YV 87 &KDWWDQRRJD

6HDVRQ 0 )UHVKRXU

&DUHHU : +DPSWRQ

3RLQW )LHOG *RDO 3HUFHQWDJH 6HDVRQ 5 6WRUH\

&DUHHU & 'HUODN

)UHH 7KURZV 0DGH *DPH 7 3DVFKDO YV 81& )ORULGD : %XUQV YV 0HPSKLV 6WDWH 6 *DONDQWDV YV 7XODQH 0HPSKLV 6WDWH

6HDVRQ & :LOOLDPV

&DUHHU 6 *DONDQWDV

)UHH 7KURZ $WWHPSWV *DPH $ 7UD\ORU YV )ORULGD

6HDVRQ & :LOOLDPV

&DUHHU 6 *DONDQWDV

)UHH 7KURZ 3HUFHQWDJH 6HDVRQ + -RKQVRQ

&DUHHU 0 )UHVKRXU SUHVHQW

6XH *DONDQWDV SWV LQ JDPHV

%HY %XUQHWW SWV LQ JDPHV

6XH *DONDQWDV SWV LQ JDPHV

7LD 3DVFKDO SWV LQ JDPHV

5RQHHND +RGJHV SWV LQ JDPHV

:DQGD %XUQV SWV LQ JDPHV

/DLQH /DVVHWHU SWV LQ JDPHV

:DQGD %XUQV SWV LQ JDPHV

&KHUU\ 5LYHUV SWV LQ JDPHV

-DFNLH $UQROG SWV LQ JDPHV

$OLFLD *ODGGHQ LQ JDPHV 7LD 3DVFKDO LQ JDPHV %UHQGD &OLHWWH LQ JDPHV :DQGD %XUQV LQ JDPHV %UHQGD &OLHWWH LQ JDPHV $SULO 7UD\ORU LQ JDPHV 7LD 3DVFKDO LQ JDPHV $OLFLD *ODGGHQ LQ JDPHV $QJHOD 6XWWRQ LQ JDPHV *OHQGD 6WRNHV LQ JDPHV

5HERXQGV

&KHUU\ 5LYHUV LQ JDPHV /HY\V 7RUUHV LQ JDPHV %UHQGD &OLHWWH LQ JDPHV 6XH *DONDQWDV LQ JDPHV *OHQGD 6WRNHV LQ JDPHV *OHQGD 6WRNHV LQ JDPHV 6XH *DONDQWDV LQ JDPHV /RUUDLQH 5LPVRQ LQ JDPHV %UHQGD &OLHWWH LQ JDPHV /HH9D\Q 2OLYHU LQ JDPHV

5HERXQG $YHUDJH

6HDVRQ & 5LYHUV

&DUHHU % &OLHWWH

$VVLVWV

$VVLVWV

5HERXQGV *DPH / 7RUUHV YV &RSSLQ 6WDWH

6HDVRQ & 5LYHUV

&DUHHU & 5LYHUV

5HERXQG $YHUDJH

*DPH 6 6LOVE\ YV )ODJOHU

6HDVRQ 6 6LOVE\

&DUHHU 6 :LOOLDPV

6WHDOV *DPH : %XUQV YV $ODEDPD

6HDVRQ $ *ODGGHQ

&DUHHU $ *ODGGHQ

%ORFNV *DPH % :\FNRII YV 6: 0LVVRXUL 6WDWH

6HDVRQ % :\FNRII

&DUHHU % :\FNRII

&KHUU\ 5LYHUV LQ JDPHV

%UHQGD &OLHWWH LQ JDPHV

&KHUU\ 5LYHUV LQ JDPHV

/HY\V 7RUUHV LQ JDPHV

/DLQH /DVVHWHU LQ JDPHV

%UHQGD &OLHWWH LQ JDPHV

6XH *DONDQWDV LQ JDPHV

&KDQWHOOH 'LVKPDQ LQ JDPHV

/RUUDLQH 5LPVRQ LQ JDPHV

6XH *DONDQWDV LQ JDPHV

6KLUOH\ 6LOVE\ LQ JDPHV 6KHUL .DPLQVNL LQ JDPHV 6KDQWH :LOOLDPV LQ JDPHV $SULO 7UD\ORU LQ JDPHV :DQGD %XUQV LQ JDPHV /\QQ 0DUQLH LQ JDPHV $OOLVRQ 3HHUF\ LQ JDPHV +ROO\ -RKQVRQ LQ JDPHV 5RVH +DUSHU LQ JDPHV 6XQQLH 2·1HLO LQ JDPHV 6KDQWH :LOOLDPV LQ JDPHV

%ORFNV

%URRNH :\FNRII -DFLQWD 0RQURH %URRNH :\FNRII -DFLQWD 0RQURH %ULWDQ\ 0LOOHU

7" ½-Ê - /

/DLQH /DVVHWHU %ULWDQ\ 0LOOHU %URRNH :\FNRII 0DU\ %XFKDQRQ 6DUDK +DOO %UHQGD &OLHWWH

)LHOG *RDO $WWHPSWV

6XH *DONDQWDV 6XH *DONDQWDV 5RQHHND +RGJHV 7DVKHLND $OOHQ 7LD 3DVFKDO :DQGD %XUQV $SULO 7UD\ORU :DQGD %XUQV 7DVKHLND $OOHQ $OLFLD *ODGGHQ

)LHOG *RDOV

6XH *DONDQWDV 6XH *DONDQWDV 5RQHHND +RGJHV 7LD 3DVFKDO 6XH *DONDQWDV /LVD )RJOLR &KDQWHOOH 'LVKPDQ :DQGD %XUQV :DQGD %XUQV 6XH *DONDQWDV /LVD )RJOLR %ULWDQ\ 0LOOHU

)LHOG *RDO 3HUFHQWDJH 0LQLPXP RI

&KDQWHOOH 'LVKPDQ LQ JDPHV

*OHQGD 6WRNHV LQ JDPHV

/LVD )RJOLR LQ JDPHV

-DFLQWD 0RQURH LQ JDPHV &KDQWHOOH 'LVKPDQ LQ JDPHV

6XH *DONDQWDV LQ JDPHV

&KDQWHOOH 'LVKPDQ LQ JDPHV

/DLQH /DVVHWHU LQ JDPHV

/HY\V 7RUUHV LQ JDPHV

7ULQHWWD 0RRUH LQ JDPHV

)UHH 7KURZ 3HUFHQWDJH 0LQLPXP RI

+ROO\ -RKQVRQ LQ JDPHV

:DQGD %XUQV LQ JDPHV

0DUD )UHVKRXU LQ JDPHV

/LVD )RJOLR LQ JDPHV

0DUD )UHVKRXU LQ JDPHV

&KULV 'DYLV LQ JDPHV

6KHUL .DPLQVNL LQ JDPHV

/DXUHQ %UDGOH\ LQ JDPHV

'DQLHOOH 5\DQ LQ JDPHV

/LVD )RJOLR LQ JDPHV

3RLQW )LHOG *RDO $WWHPSWV

7DQDH 'DYLV &DLQ :HQG\ +DPSWRQ 7DVKHLND $OOHQ 0DUD )UHVKRXU /LQQHD /LOMHVWUDQG 7DQDH 'DYLV &DLQ 7DVKHLND $OOHQ &KULVW\ 'HUODN $SULO 7UD\ORU 5RQHHND +RGJHV

3RLQW )LHOG *RDOV 0DGH

0DUD )UHVKRXU LQ JDPHV /LQQHD /LOMHVWUDQG LQ JDPHV 7DQDH 'DYLV &DLQ LQ JDPHV :HQG\ +DPSWRQ LQ JDPHV 7DQDH 'DYLV &DLQ LQ JDPHV 5RELQ 6WRUH\ LQ JDPHV 7DVKHLND $OOHQ LQ JDPHV +ROO\ -RKQVRQ LQ JDPHV 7DVKHLND $OOHQ LQ JDPHV 5RQHHND +RGJHV LQ JDPHV

£Ó


, ", -

` Û `Õ> Ê,iV À`Ã 3RLQW )LHOG *RDO 3HUFHQWDJH

0LQLPXP RI 0DGH

5RELQ 6WRUH\ LQ JDPHV

0DUD )UHVKRXU LQ JDPHV

7DVKHLND $OOHQ LQ JDPHV

*DQL\DW $GHGXQWDQ LQ JDPHV

:HQG\ +DPSWRQ LQ JDPHV

+ROO\ -RKQVRQ LQ JDPHV

&RXUWQH\ :DUG LQ JDPHV

/LQQHD /LOMHVWUDQG LQ JDPHV

&KULVW\ 'HUODN LQ JDPHV

0DUD )UHVKRXU LQ JDPHV

3RLQW &OXE 5RQHHND +RGJHV YV 0DU\ODQG

/DWDYLD &ROHPDQ YV 81&

7LD 3DVFKDO YV 81&

6XH *DONDQWDV YV )ORULGD

7LD 3DVFKDO YV 0DU\ODQG

&KDQWHOOH 'LVKPDQ YV 0DUTXHWWH

%HY %XUQHWW YV )ORULGD $ 0 9LUJLQLD 7HFK

6XH *DONDQWDV YV 7XODQH )ORULGD $ 0

/DLQH /DVVHWHU YV 6( /RXLVLDQD

5RQHHND +RGJHV YV 87 $UOLQJWRQ

&KULVW\ 'HUODN YV 87 &KDWWDQRRJD

'DQLHOOH 5\DQ YV 0DU\ODQG

6XH *DONDQWDV YV 0LGGOH 7HQQHVVHH 6WDWH YV *HRUJLD 6WDWH YV 9LUJLQLD 7HFK

/DLQH /DVVHWHU YV 0HUFHU

/DWDYLD &ROHPDQ YV 7XOVD

%HY %XUQHWW YV 6RXWK )ORULGD

6XH *DONDQWDV YV 6RXWK $ODEDPD

/DLQH /DVVHWHU YV )ORULGD

/DWDYLD &ROHPDQ YV 0DU\ODQG

-HQ 5RELQVRQ YV *HRUJLD 7HFK

:DQGD %XUQV YV 6RXWKHUQ 0LVVLVVLSSL

%HY %XUQHWW YV 6RXWKHUQ 0LVVLVVLSSL

/DLQH /DVVHWHU YV )ORULGD

%URRNH :\FNRII YV *HRUJLD 7HFK

$SULO 7UD\ORU YV 7XODQH

/DWDYLD &ROHPDQ YV /RXLVLDQD 7HFK

/\VD 0RRUHÀ HOG YV *D 7HFK

&KULVW\ 'HUODN YV 'XNH

%HY %XUQHWW YV 6RXWKHUQ 0LVVLVVLSSL /RXLVYLOOH *HRUJLD 6RXWKHUQ

/LVD )RJOLR YV 0LDPL

6XH *DONDQWDV YV .HQW 6WDWH 0HPSKLV 6WDWH 7XODQH

&KHUU\ 5LYHUV YV 0LDPL

5HERXQG &OXE /HY\V 7RUUHV YV &RSSLQ 6WDWH

/DLQH /DVVHWHU YV 6RXWK )ORULGD

*OHQGD 6WRNHV YV 9LUJLQLD 7HFK

-DFLQWD 0RQURH YV 8$%

&DUOD :LOOLDPV YV )XUPDQ

/HH9D\Q 2OLYHU YV &LQFLQQDWL

&KULV %URNDV YV 7UR\ 6WDWH

$OLFLD *ODGGHQ YV )$08

/HY\V 7RUUHV YV :DNH )RUHVW

6DUDK +DOO YV &HQWUDO )ORULGD

8UVXOD :RRGV YV 0DU\ODQG

&KDQWHOOH 'LVKPDQ YV 0LDPL

6DUDK +DOO YV :HVW *HRUJLD

/RUUDLQH 5LPVRQ YV *HRUJHWRZQ YV 5DGIRUG

%UHQGD &OLHWWH YV 0RQWFODLU 6WDWH

6XH *DONDQWDV YV )ORULGD

/DLQH /DVVHWHU YV )ORULGD

7UDF\ :DONHU YV 0LDPL

6DUDK +DOO YV 0HPSKLV 6WDWH

/RUUDLQH 5LPVRQ YV )ORULGD $ 0 YV &LQFLQQDWL

6XH *DONDQWDV YV *HRUJLD 7HFK

&KHUU\ 5LYHUV YV /RXLVYLOOH YV 0LDPL

/DLQH /DVVHWHU YV $ODEDPD %LUPLQJKDP YV $SSDODFKLDQ 6WDWH

£Îä

>ÀiiÀÊ,iV À`Ã 3RLQWV

6XH *DONDQWDV LQ JDPHV 7LD 3DVFKDO LQ JDPHV &KHUU\ 5LYHUV LQ JDPHV %HY %XUQHWW LQ JDPHV $SULO 7UD\ORU LQ JDPHV /DWDYLD &ROHPDQ LQ JDPHV $OLFLD *ODGGHQ LQ JDPHV :DQGD %XUQV LQ JDPHV &KULV 'DYLV LQ JDPHV %URRNH :\FNRII LQ JDPHV

6FRULQJ $YHUDJH 0LQLPXP RI 7ZR 6HDVRQV

6XH *DONDQWDV LQ JDPHV

:DQGD %XUQV LQ JDPHV

&KHUU\ 5LYHUV LQ JDPHV

-DFNLH $UQROG LQ JDPHV

/DWDYLD &ROHPDQ LQ JDPHV

%HY %XUQHWW LQ JDPHV

/LVD )RJOLR LQ JDPHV

/RUUDLQH 5LPVRQ LQ JDPHV

/DLQH /DVVHWHU LQ JDPHV

7LD 3DVFKDO LQ JDPHV

5HERXQGV

&KHUU\ 5LYHUV LQ JDPHV 6XH *DONDQWDV LQ JDPHV *OHQGD 6WRNHV LQ JDPHV /HH9D\Q 2OLYHU LQ JDPHV %URRNH :\FNRII LQ JDPHV 6DUDK +DOO LQ JDPHV &KDQWHOOH 'LVKPDQ LQ JDPHV 7LD 3DVFKDO LQ JDPHV /RUUDLQH 5LPVRQ LQ JDPHV /DLQH /DVVHWHU LQ JDPHV

5HERXQG $YHUDJH %UHQGD &OLHWWH LQ JDPHV

&KHUU\ 5LYHUV LQ JDPHV

&KULV %URNDV LQ JDPHV

/RUUDLQH 5LPVRQ LQ JDPHV

6XH *DONDQWDV LQ JDPHV

&KDQWHOOH 'LVKPDQ LQ JDPHV

%URRNH :\FNRII LQ JDPHV

*OHQGD 6WRNHV LQ JDPHV

/DLQH /DVVHWHU LQ JDPHV

6DUDK +DOO LQ JDPHV

/HH9D\QH 2OLYHU LQ JDPHV

-DFNLH $UQROG LQ JDPHV

3RLQW )LHOG *RDOV :HQG\ +DPSWRQ LQ JDPHV 7DQDH 'DYLV &DLQ SUHV LQ JDPHV 0DUD )UHVKRXU SUHV LQ JDPHV $SULO 7UD\ORU LQ JDPHV 7DVKHLND $OOHQ LQ JDPHV *DQL\DW $GHGXQWDQ LQ JDPHV /LQQHD /LOLMHVWUDQG LQ JDPHV +ROO\ -RKQVRQ LQ JDPHV -HQ 5RELQVRQ LQ JDPHV &KULVW\ 'HUODN LQ JDPHV

$VVLVWV

6KDQWH :LOOLDPV LQ JDPHV -HQ 5RELQVRQ LQ JDPHV $SULO 7UD\ORU LQ JDPHV $OOLVRQ 3HHUF\ LQ JDPHV 5RELQ &RUQ LQ JDPHV 6KHUL .DPLQVNL LQ JDPHV 6KLUOH\ 6LOVE\ LQ JDPHV +ROO\ -RKQVRQ LQ JDPHV :DQGD %XUQV LQ JDPHV /D4XLQWD 1HHO\ LQ JDPHV

6WHDOV $OLFLD *ODGGHQ LQ JDPHV 7LD 3DVFKDO LQ JDPHV &KULV 'DYLV LQ JDPHV $SULO 7UD\ORU LQ JDPHV *OHQGD 6ORNHV LQ JDPHV 6KDQWH :LOOLDPV LQ JDPHV 'DQLHOOH 5\DQ LQ JDPHV &KHUU\ 5LYHUV LQ JDPHV %URRNH :\FNRII LQ JDPHV /LVD )RJOLR LQ JDPHV

%ORFNV %URRNH :\FNRII LQ JDPHV -DFLQWD 0RQURH SUHV LQ JDPHV :HQG\ +DPSWRQ LQ JDPHV 6DUDK +DOO LQ JDPHV %ULWDQ\ 0LOOHU LQ JDPHV /DXUHQ %UDGOH\ LQ JDPHV /DLQH /DVVHWHU LQ JDPHV &KULV 'DYLV LQ JDPHV /\VD 0RRUHÀ HOG LQ JDPHV $OLFLD *ODGGHQ LQ JDPHV

)LHOG *RDO 3HUFHQWDJH 0LQLPXP RI 7ZR 6HDVRQV

&KDQWHOOH 'LVKPDQ LQ JDPHV

-DFLQWD 0RQURH SUHV LQ JDPHV

/LVD )RJOLR LQ JDPHV

6XH *DONDQWDV LQ JDPHV

/DLQH /DVVHWHU LQ JDPHV

/HH9D\Q 2OLYHU LQ JDPHV

%ULWDQ\ 0LOOHU LQ JDPHV 'DQLHOOH 5\DQ LQ JDPHV

7LD 3DVFKDO LQ JDPHV

&DUOD :LOOLDPV LQ JDPHV

)UHH 7KURZ 3HUFHQWDJH 0LQLPXP RI $WWHPSWV

0DUD )UHVKRXU SUHV LQ JDPHV

$O\VKD +DUYLQ SUHV LQ JDPHV

/LVD )RJOLR LQ JDPHV

:DQGD %XUQV LQ JDPHV

+ROO\ -RKQVRQ LQ JDPHV

'DQLHOOH 5\DQ LQ JDPHV

/LQQHD /LOMHVWUDQG LQ JDPHV

/DXUHQ %UDGOH\ LQ JDPHV

6XH *DONDQWDV LQ JDPHV

7DVKHLND $OOHQ LQ JDPHV

&DUOD :LOOLDPV LQ JDPHV

3RLQW )* 3HUFHQWDJH

5RELQ 6WRUH\ LQ JDPHV

0DUD )UHVKRXU SUHV LQ JDPHV

$OLVRQ $UQROGL LQ JDPHV

/ /LOLMHVWUDQG LQ JDPHV

&KULVW\ 'HUODN LQ JDPHV

'DQLHOOH 5\DQ LQ JDPHV

: +DPSWRQ LQ JDPHV

* $GHGXQWDQ LQ JDPHV

0ROO\ %HDO LQ JDPHV

7DVKHLND $OOHQ LQ JDPHV

$O\VKD +DUYLQ SUHV LQ JDPHV

*DPHV 3OD\HG

*OHQGD 6WRNHV $OLFLD *ODGGHQ /HH9D\QH 2OLYHU +ROO\ -RKQVRQ 6KDQWH :LOOLDPV 6XH *DONDQWDV *DQL\DW $GHGXQWDQ 'DQLHOOH 5\DQ 7LD 3DVFKDO /D4XLQWD 1HHO\

3RLQWV

0RVW *DPH YV 6WHWVRQ

0RVW 6HDVRQ

", Ê-/ / Ê1 6 ,- /9


, ", -

/i> Ê,iV À`Ã /HDVW *DPH YV &OHPVRQ

/HDVW 6HDVRQ

/ «Ê > iÊ*iÀv À > ViÃ

)LHOG *RDOV 0DGH

0RVW 3RLQWV LQ D *DPH

0RVW *DPH YV 6WHWVRQ

0RVW 6HDVRQ

/HDVW *DPH YV &OHPVRQ

/HDVW 6HDVRQ

)LHOG *RDO $WWHPSWV

0RVW *DPH YV )ORULGD

0RVW 6HDVRQ

/HDVW *DPH YV &OHPVRQ

/HDVW 6HDVRQ

)LHOG *RDO 3HUFHQWDJH

+LJK *DPH YV 'HQYHU

+LJK 6HDVRQ /RZ *DPH YV $ODEDPD

/RZ 6HDVRQ

YV 6WHWVRQ

YV 0DUTXHWWH

YV 6DYDQQDK 6WDWH

YV 0HPSKLV 6WDWH

YV *HRUJLD 6RXWKHUQ

YV 7XODQH

YV 2UDO 5REHUWV

0RVW )LHOG *RDOV 0DGH LQ D *DPH

YV 6WHWVRQ

YV *HRUJLD 6RXWKHUQ

YV 'D\WRQ

YV 6RXWKHDVWHUQ /RXLVLDQD

YV 6WHWVRQ

0RVW )LHOG *RDOV $WWHPSWHG LQ D *DPH

0RVW *DPH YV 5LFKPRQG

0RVW 6HDVRQ

/HDVW *DPH 6HYHUDO 7LPHV /HDVW 6HDVRQ

YV 0RQPRXWK

YV )ORULGD

YV &HQWUDO 0LFKLJDQ

YV 0LDPL

YV 0DUTXHWWH

YV :LVFRQVLQ

3RLQW )LHOG *RDO $WWHPSWV

+LJKHVW )LHOG *RDO 3HUFHQWDJH LQ D *DPH

3RLQW )LHOG *RDOV 0DGH

0RVW *DPH YV $XEXUQ

0RVW 6HDVRQ

/HDVW *DPH YV /DPDU

/HDVW 6HDVRQ

3RLQW )LHOG *RDO 3HUFHQWDJH

+,*+ 6($621

/2: 6HDVRQ

)UHH 7KURZV 0DGH

0RVW *DPH YV )RUGKDP

0RVW 6HDVRQ

/HDVW *DPH YV *HRUJLD 6 :HVWHUQ DQG 'XNH

/HDVW 6HDVRQ

)UHH 7KURZ $WWHPSWV

0RVW *DPH YV *HRUJLD 7HFK 27

0RVW 6HDVRQ

/HDVW *DPH YV 6 &DUROLQD YV )ORULGD

/HDVW 6HDVRQ

YV 'HQYHU

YV 0HPSKLV 6WDWH

YV 1HEUDVND

YV 6RXWK )ORULGD

YV $XVWLQ 3HD\

0RVW 3RLQW )LHOG *RDOV 0DGH LQ D *DPH

YV 5LFKPRQG

YV 7HQQHVVHH &KDWWDQRRJD

YV &OHPVRQ

YV 0LDPL 2KLR

YV *HRUJLD 7HFK

YV 0DU\ODQG

YV )ORULGD

0RVW 3RLQW )LHOG *RDOV $WWHPSWHG LQ D *DPH

YV $XEXUQ

YV &OHPVRQ

DW 0DU\ODQG

YV &OHPVRQ

YV 9LUJLQLD

+LJKHVW 3RLQW 3HUFHQWDJH LQ D *DPH

+LJK *DPH YV 1 &DUROLQD

+LJK 6HDVRQ

/HDVW *DPH YV 'XNH

/HDVW 6HDVRQ

YV 2UDO 5REHUWV

YV *HRUJLD 7HFK

YV 1RUWK &DUROLQD

YV 7HQQHVVHH 7HFK

YV &OHPVRQ

5HERXQGV

0RVW )UHH 7KURZV 0DGH LQ D *DPH

)UHH 7KURZ 3HUFHQWDJH

+LJK *DPH YV )ORULGD

+LJK 6HDVRQ

/HDVW *DPH YV 0DU\ODQG

/HDVW 6HDVRQ

5HERXQG $YHUDJH

+LJK 6HDVRQ

/HDVW 6HDVRQ

$VVLVWV

+LJK *DPH YV )$08

+LJK 6HDVRQ

/HDVW *DPH YV 7XODQH 7H[DV 7HFK

/HDVW 6HDVRQ

YV )RUGKDP

YV 1RUWKHUQ ,OOLQRLV

YV 0HPSKLV 6WDWH

YV /RXLVYLOOH

YV *HRUJLD 7HFK

YV 7XODQH

0RVW )UHH 7KURZV $WWHPSWHG LQ D *DPH

YV *HRUJLD 7HFK

YV 5LFH

YV )RUGKDP

YV :DNH )RUHVW

YV 7XODQH

+LJKHVW )UHH 7KURZ 3HUFHQWDJH LQ D *DPH

+LJK *DPH YV 6RXWK )ORULGD

+LJK 6HDVRQ

/HDVW *DPH YV *HRUJLD 7HFK

/HDVW 6HDVRQ

YV 6WHWVRQ

YV 6RXWK &DUROLQD

YV 1RUWK &DUROLQD

YV 0RQWDQD

YV &OHPVRQ

YV 0DU\ODQG

YV )ORULGD

%ORFNV

0RVW 5HERXQGV LQ D *DPH

6WHDOV

+LJK *DPH YV 0HUFHU

+LJK 6HDVRQ

/HDVW *DPH VHYHUDO WLPHV /HDVW 6HDVRQ

YV )ORULGD

YV *HRUJLD 6RXWKHUQ

YV 5LFH

YV 0RQPRXWK

YV )ORULGD $ 0

0RVW $VVLVWV LQ D *DPH

YV &HQWUDO 0LFKLJDQ

YV )ORULGD $ 0

YV )ORULGD $ 0

YV )ORULGD $ 0

YV 6RXWKHUQ 0LVVLVVLSSL

7" ½-Ê - /

0RVW 6WHDOV LQ D *DPH

YV 6RXWK )ORULGD

YV )ORULGD $ 0

YV 6RXWKHUQ $ODEDPD

YV )RUGKDP

YV /HZLV

0RVW %ORFNHG 6KRWV LQ D *DPH

YV 0HUFHU

YV 0LDPL 2KLR

YV $UP\

YV 6RXWK )ORULGD

YV 0LVVLVVLSSL

YV 6WHWVRQ

DW 7H[DV $ 0

0RVW 7XUQRYHUV LQ D *DPH

YV 6W /RXLV

YV 7H[DV

YV 0DU\ODQG

YV 7HQQHVVHH

YV *HRUJLD 7HFK

YV 1HZ 2UOHDQV

0RVW )RXOV LQ D *DPH

YV &OHPVRQ

YV 6RXWK )ORULGD

YV 0LVVLVVLSSL

YV *HRUJLD 7HFK

ÃVi > i ÕÃÊ,iV À`Ã 1RWDEOH )ORULGD 6WDWH 9LFWRULHV

'DWH 2SSRQHQW 6FRUH /RFDWLRQ

)LUVW :LQ YV %DUU\ &ROOHJH Q D

:LQ YV 6RXWK )ORULGD 27 Q D

:LQ 'HF YV .HQW 6WDWH : /DID\HWWH ,1

:LQ 'HF YV &HQWUDO )ORULGD 7DOODKDVVHH )/

:LQ 'HF YV *HRUJLD 6RXWKHUQ 7DOODKDVVHH )/

:LQ -DQ YV *HRUJLD 7HFK $WODQWD *$

:LQ -DQ YV *HRUJLD 7HFK $WODQWD *$

:LQ 'HF YV 6W )UDQFLV %URRNO\Q +HLJKWV 1<

:LQ 'HF YV )$8 0DOLEX &$

:LQ )HE DW &OHPVRQ 27 &OHPVRQ 6&

$OO 7LPH 5HFRUG

6HDVRQ 2SHQHUV

5HFRUG

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·V : 1 $ODEDPD 6WDWH : + 6DYDQQDK 6WDWH : + ;DYLHU : + *HRUJLD 6RXWKHUQ : + 8$% : + )ORULGD *XOI &RDVW : $

£Î£


, ", -

ÃVi > i ÕÃÊ,iV À`Ã +RPH 2SHQHUV 5HFRUG VLQFH

<($5

23321(17 6&25( : / '$7( )ORULGD : 6WHWVRQ : $OEDQ\ 6WDWH : 0LG 7HQQHVVHH 6W : $OEDQ\ 6WDWH : :HVW *HRUJLD : $OEDQ\ 6WDWH / 27 :LVFRQVLQ : 81& $VKHYLOOH : 0LVVLVVLSSL 6WDWH : 0DUTXHWWH : 0LDPL : 27 )ORULGD $WODQWLF : 5KRGH ,VODQG / &HQWUDO )ORULGD : 87 &KDWWDQRRJD / )ORULGD $ 0 : 0LVVLVVLSSL : /RXLVLDQD 7HFK / 7XOVD : 81& $VKHYLOOH : ( 7HQQ 6WDWH : $ODEDPD 6WDWH : 6DYDQQDK 6WDWH : ;DYLHU : *HRUJLD 6RXWKHUQ : 8$% : 1RUWK )ORULGD :

2YHUWLPH *DPHV 5HFRUG

<($5

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

6RXWK $ODEDPD 7XODQH /LSVFRPE )RUGKDP $ODEDPD 6WDWH 6WHWVRQ /HZLV 8QLY 3HQVDFROD -U &ROO -DFNVRQYLOOH 2UDO 5REHUWV

0RVW /RVVHV LQ D 6HDVRQ

)HZHVW /RVVHV LQ D 6HDVRQ

7RS %LJJHVW /RVVHV %\ 0DUJLQ

0$5*,1 23321(17 6&25( '$7( 6RXWK &DUROLQD 'XNH $ODEDPD &OHPVRQ 9DOGRVWD 6WDWH $OEDQ\ 6WDWH 9DOGRVWD 6WDWH 'HOWD 6WDWH 7HQQHVVHH 7H[DV

/RQJHVW :LQQLQJ 6WUHDN

*$0(6 *$0( '$7( 23321(17 6&25( 1R 1RY ;DYLHU + 1R 1RY )ORULGD $ 1R 1RY (DVWHUQ .HQWXFN\ + 1R 1RY 0LDPL 2+ + 1R 'HF )ORULGD $ 0 + 1R 'HF 1HZ 2UOHDQV $ 1R 'HF )ORULGD $WODQWLF + 1R 'HF 87 $UOLQJWRQ + 1R 'HF )RUGKDP 1 1R 'HF 7RZVRQ 1 1R 'HF 81& &KDUORWWH 1 1R 'HF /RXLVYLOOH 1

/RQJHVW +RPH &RXUW :LQQLQJ 6WUHDN VLQFH

0RVW :LQV LQ D 6HDVRQ

)HZHVW :LQV LQ D 6HDVRQ

+LJKHVW :LQQLQJ SHUFHQWDJH

7RS %LJJHVW :LQV %\ 0DUJLQ

0$5

23321(17 6&25( '$7( :HVW )ORULGD 6DYDQQDK 6WDWH 'D\WRQ

£ÎÓ

2YHUDOO YV 6WHWVRQ $W +RPH YV 6WHWVRQ $ZD\ YV 0HPSKLV 6WDWH 1HXWUDO FRXUW YV 1HEUDVND YV &HQWUDO 0LFKLJDQ ,Q ORVLQJ HIIRUW YV 1RUWK &DUROLQD 27 %\ DQ RSSRQHQW E\ 6 &DUROLQD

%RWK WHDPV WRWDO YV 1RUWK &DUROLQD 27

6KRUWHVW 3OD\HU LQ +LVWRU\

/RQJHVW +RPH &RXUW /RVLQJ 6WUHDN VLQFH

0RVW 3RLQWV LQ D *DPH

/RQJHVW /RVLQJ 6WUHDN

/RZHVW :LQQLQJ SHUFHQWDJH

)HZHVW *DPHV LQ D 6HDVRQ

<($5 23321(17 6&25( 6,7( '$7( 7DOODGHJD &ROOHJH Q D Q D 'HOWD 6WDWH Q D Q D 6RXWK &DUROLQD Q D Q D )ORULGD Q D Q D 0HPSKLV 6WDWH Q D Q D 6RXWKHUQ 0LVV Q D Q D 0HUFHU Q D Q D 2OG 'RPLQLRQ $ 0HPSKLV 6WDWH + 0DU\ODQG $ 1RUWK &DUROLQD $ 1RUWK &DUROLQD + 'XNH +

)HZHVW 3RLQWV LQ D *DPH

2SSRQHQW 3RLQW *DPHV

*$0(6

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

0RVW *DPHV LQ D 6HDVRQ

1HZ 2UOHDQV Q D Q D )ORULGD Q D Q D 6RXWK )ORULGD Q D Q D 6WHWVRQ + 1HEUDVND 1 :LVFRQVLQ + &HQWUDO 0LFKLJDQ 1 *D 6RXWKHUQ + +RZDUG + 7XODQH + 0DUTXHWWH + 0HPSKLV 6WDWH $ 6WHWVRQ + 0HPSKLV 6WDWH + 7XODQH $ )ORULGD $ 0 + 2UDO 5REHUWV + 1RUWK &DUROLQD + /R\ROD $ 6DYDQQDK 6WDWH +

6HPLQROH 3RLQW *DPHV

<($5 23321(17 6&25( 6,7( '$7( :HVW )ORULGD Q D Q D 'D\WRQ Q D Q D

2YHUDOO YV &OHPVRQ $W +RPH YV )ORULGD $ZD\ YV &OHPVRQ 1HXWUDO FRXUW YV $ODEDPD ,Q ZLQQLQJ HIIRUW YV )ORULGD

%\ DQ RSSRQHQW E\ : )ORULGD

%RWK WHDPV WRWDO YV )ODJOHU

7DOOHVW 3OD\HU LQ +LVWRU\

0DU\ %HUU\KLOO %XFKDQDQ UHWXUQHG WR VFKRRO DIWHU WKUHH \HDUV LQ $UP\

0DU\ $QQH &DQQRQ

3RLQW &OXE

6XH *DONDQWDV LQ JDPHV 7LD 3DVFKDO LQ JDPHV &KHUU\ 5LYHUV LQ JDPHV %HY %XUQHWW LQ JDPHV $SULO 7UD\ORU LQ JDPHV /DWDYLD &ROHPDQ LQ JDPHV $OLFLD *ODGGHQ LQ JDPHV :DQGD %XUQV LQ JDPHV &KULV 'DYLV LQ JDPHV %URRNH :\FNRII LQ JDPHV 'DQLHOOH 5\DQ LQ JDPHV &KDQWHOOH 'LVKPDQ LQ JDPHV /DLQH /DVVVHWHU LQ JDPHV 7DVKLHND $OOHQ LQ JDPHV /LVD )RJOLR LQ JDPHV &KULVW\ 'HUODFN LQ JDPHV /HH9D\Q 2OLYHU LQ JDPHV *OHQGD 6WRNHV LQ JDPHV 6KDQWH :LOOLDPV LQ JDPHV *DQL\DW $GHGXQWDQ LQ JDPHV $OOLVRQ 3HHUF\ LQ JDPHV

UHERXQGV SRLQWV

&KHUU\ 5LYHUV UHERXQGV SRLQWV LQ JDPHV 6XH *DONDQWDV UHERXQGV SRLQWV LQ JDPHV

", Ê-/ / Ê1 6 ,- /9


, ", -

9i>À LÞ 9i>ÀÊ i>`iÀÃ 9i>À LÞ 9i>ÀÊ/i> Ê-Ì>Ì ÃÌ VÃ <($5 *$0(6 )* $ 3&7

)* $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $

` Û `Õ> Ê9i>À Þ 9i>ÀÊ i>`iÀÃ 3RLQWV <($5

1$0( *$0(6 32,176 $9* 0 )UHVKRXU $ *ODGGHQ $ *ODGGHQ 5 +RGJHV 7 $OOHQ 7 $OOHQ 7 $OOHQ $ 7UD\ORU / &ROHPDQ % :\FNRII / &ROHPDQ / &ROHPDQ & :LOOLDPV $ 3HHUF\ & 'HUODN 7 3DVFKDO 7 3DVFKDO : %XUQV : %XUQV % %XUQHWWH % %XUQHWWH 9 +DUULV 6 +DOO / 5LPVRQ 6 *DONDQWDV 6 *DONDQWDV 6 *DONDQWDV 6 *DONDQWDV & 5LYHUV & 5LYHUV - $UQROG & 5LYHUV & %URNDV 0 *UDKDP

)LHOG *RDO 3HUFHQWDJH 0LQLPXP DWWHPSWV

<($5

1$0( *$0(6 )* )*$ 3&7 - 0RQURH - 0RQURH % 0LOOHU $ *ODGGHQ 5 3LHUFH 7 0RRUH / %UDGOH\ / 7RUUHV / &ROHPDQ 7 *UDFH\ % :\FNRII / 0RRUHÀ HOG

3&7 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $

)7 $ 3&7 25 '5 727 $9*

& :LOOLDPV & :LOOLDPV . :DONHU 7 3DVFKDO & 'LVKPDQ & 'LVKPDQ 7 :DONHU $ +DUYLV $ +DUYLV 9 +DUULV 9 %RXUQLJKW & 6ODWHU / 2OLYHU * 6WRNHV / )RJOLR / /DVVHWHU / /DVVHWHU / /DVVHWHU 0 *UDKDP

)LHOG *RDOV 0DGH <($5

1$0( 180%(5 7 'DYLV &DLQ - 0RQURH % 0LOOHU $ *ODGGHQ 5 +RGJHV 7 $OOHQ 7 $OOHQ 7 $OOHQ % :\FNRII $ 7UD\ORU / &ROHPDQ % :\FNRII / &ROHPDQ / &ROHPDQ & :LOOLDPV $ 3HHUF\ & 'HUODN 7 3DVFKDO 7 3DVKFDO : %XUQV : %XUQV & 'DYLV & %XUQHWW 9 +DUULV % %XUQHWW / 5LPVRQ & 6ODWHU 6 *DONDQWDV 6 *DONDQWDV / )RJOLR 6 *DONDQWDV 6 *DONDQWDV & 5LYHUV

7" ½-Ê - /

$6

67

%.

72 3) '4 1 $ 1 $ 1 $ 1 $

376 $9*

)LHOG *RDO $WWHPSWV <($5

1$0( $77(0376 0 )UHVKRXU $ *ODGGHQ * $GHGXQWDQ 5 +RGJHV 7 $OOHQ 7 $OOHQ $ 7UD\ORU $ 7UD\ORU / &ROHPDQ - 5RELQVRQ / &ROHPDQ - 5RELQVRQ & :LOOLDPV $ 3HHUF\ & 'HUODN 7 3DVFKDO 7 3DVFKDO : %XUQV : %XUQV % %XUQHWW % %XUQHWW 9 +DUULV % %XUQHWW / 5LPVRQ / 5LPVRQ / )RJOLR 6 *DONDQWDV 6 *DONDQWDV & 5LYHUV

)UHH 7KURZ 3HUFHQWDJH 0LQLPXP DWWHPSWV

<($5

1$0( *$0(6 )7 )7$ 3&7 0 )UHVKRXU 0 )UHVKRXU * $GHGXQWDQ + -RKQVRQ / %UDGOH\ / %UDGOH\ 6 :KLWLQJ % :\FNRII % :\FNRII 7 *UDFH\ / 0RRUHÀ HOG / 0RRUHÀ HOG & :LOOLDPV $ 3HHUF\ $ 3HHUF\ ' 5\DQ ' 5\DQ : %XUQV : %XUQV

£ÎÎ


, ", -

9i>À LÞ 9i>ÀÊ i>`iÀÃ

$ +DUYLV % %XUQHWWH 6 .DPLQVNL 6 .DPLQVNL 6 .DPLQVNL 6 *DONDQWDV / )RJOLR / )RJOLR / )RJOLR / 0F'RQDOG 5 +DUSHU / 'H-RQJ 1 $ 0 *UDKDP 1$0( 180%(5 0 )UHVKRXU 6 :LOOLDPV $ *ODGGHQ + -RKQVRQ 5 +RGJHV 6 :LOOLDPV 7 $OOHQ 6 :KLWLQJ $ 7UD\ORU / &ROHPDQ % :\FNRII / &ROHPDQ / 0RRUHÀ HOG & :LOOLDPV & :LOOLDPV & 'HUODN & 'HUODN & 'LVKPDQ : %XUQV : %XUQV % %XUQHWW % %XUQHWW % &OLHWWH % %XUQHWW / 5LPVRQ 6 *DONDQWDV 6 *DONDQWDV 6 *DONDQWDV 6 *DONDQWDV / 0F'RQDOG

)UHH 7KURZ $WWHPSWV

<($5

1$0( $77(0376 6 :LOOLDPV $ *ODGGHQ + -RKQVRQ 5 +RGJHV 6 :LOOLDPV 7 $OOHQ $ 7UD\ORU $ 7UD\ORU / &ROHPDQ $ 7UD\ORU / &ROHPDQ / &ROHPDQ & :LOOLDPV & :LOOLDPV & 'HUODN & 'HUODN & 'LVKPDQ & 'LVKPDQ : %XUQV % %XUQHWW % %XUQHWW % &OLHWWH % %XUQHWW / 5LPVRQ 6 *DONDQWDV 6 *DONDQWDV 6 *DONDQWDV 6 *DONDQWDV / 0F'RQDOG

6WHDOV <($5

1$0( *$0(6 67($/6 6 :LOOLDPV $ *ODGGHQ $ *ODGGHQ $ *ODGGHQ 6 :LOOLDPV $ 6XWWRQ $ 7UD\ORU 6 :KLWLQJ $ 7UD\ORU $ 6XWWRQ % :\FNRII % :\FNRII : +DPSWRQ $ 3HQQ $ 3HHUF\ & 'HUODN 7 3DVFKDO

£Î{

7 3DVFKDO 7 3DVFKDO : %XUQV & 'DYLV & 'DYLV % &OLHWWH 6 .DPLQVNL & 6ODWHU 6 .DPLQVNL % &OLHWWH * 6WRNHV * 6WRNHV * 6WRNHV

5HERXQGLQJ

)UHH 7KURZV 0DGH <($5

<($5

1$0( *$0( 5(%281'6 $9* - 0RQURH % 0LOOHU $ *ODGGHQ * $GHGXQWDQ * &KRLFH . 9XMDV 7 $OOHQ / 7RUUHV % :\FNRII % :\FNRII % :\FNRII / &ROHPDQ & :LOOLDPV & :LOOLDPV . &REELQV 7 3DVFKDO & 'LVKPDQ & 'LVKPDQ & 'LVKPDQ ' &ROOLQV 6 +DOO % &OLHWWH 6 +DOO 6 +DOO / 5LPVRQ % &OLHWWH 6 *DONDQWDV 6 *DONDQWDV * 6WRNHV / /DVVHWHU & 5LYHUV & 5LYHUV 3 +DUVWYHGW

$VVLVWV <($5

1$0( *$0(6 $66,676 6 :LOOLDPV 6 :LOOLDPV + -RKQVRQ + -RKQVRQ 6 :LOOLDPV / 1HHO\ $ 7UD\ORU $ 7UD\ORU $ 7UD\ORU - 5RELQVRQ - 5RELQVRQ - 5RELQVRQ - 5RELQVRQ $ 3HHUF\ $ 3HHUF\ $ 3HHUF\ ' 5\DQ : %XUQV 5 &RUQ : %XUQV 5 &RUQ 6 .DPLQVNL - 3LDWQLN & 6ODWHU 6 .DPLQVNL / )RJOLR / 0DUQLH / )RJOLR 5 +DUSHU 7 7LQVOH\ 6 6LOVE\

7KUHH 3RLQW 3HUFHQWDJH

<($5

1$0( *$0(6 3&7 0 )UHVKRXU 0 )UHVKRXU 0 )UHVKRXU * $GHGXQWDQ / /LOMHVWUDQG / /LOMHVWUDQG 7 $OOHQ % :\FNRII 0 %HDO - 5RELQVRQ : +DPSWRQ

: +DPSWRQ $ 3HQQ : +DPSWRQ $ $UQROGL ' 5\DQ & 'HUODN : %XUQV : %XUQV 5 6WRUH\

7KUHH 3RLQWHUV 0DGH <($5

1$0( *$0(6 0$'( 0 )UHVKRXU 7 'DYLV &DLQ + -RKQVRQ / /LOMHVWUDQG 7 $OOHQ 7 $OOHQ 6 :KLWLQJ $ 7UD\ORU 0 %HDO - 5RELQVRQ : +DPSWRQ : +DPSWRQ : +DPSWRQ 7 5LFNPDQ & 'HUODN & 'HUODN & 'HUODN : %XUQV : %XUQV 5 6WRUH\

7KUHH 3RLQW $WWHPSWV <($5

1$0( *$0(6 $77(0376 0 )UHVKRXU 7 'DYLV &DLQ + -RKQVRQ / /LOMHVWUDQG 7 $OOHQ 7 $OOHQ $ 7UD\ORU 6 :KLWLQJ $ 7UD\ORU $ 7UD\ORU - 5RELQVRQ : +DPSWRQ : +DPSWRQ : +DPSWRQ 7 5LFNPDQ & 'HUODN & 'HUODN $ 3HHUF\ : %XUQV : %XUQV 5 6WRUH\

%ORFNHG 6KRWV <($5

1$0( *$0(6 %/2&.6 - 0RQURH - 0RQURH % 0LOOHU 5 +RGJHV / %UDGOH\ * &KRLFH / %UDGOH\ % :\FNRII % :\FNRII % :\FNRII % :\FNRII / 0RRUHÀ HOG . :KLWH / 0RRUHÀ HOG . :DONHU 7 3DVFKDO & 'LVKPDQ & 'DYLV & 'DYLV 0 /DUGLH 6 +DOO 0 %XFKDQDQ 6 +DOO 6 +DOO 6 *DONDQWDV % &OLHWWH * 6WRNHV / /DVVHWHU / /DVVHWHU

&XUUHQW SOD\HUV LQ EROG

", Ê-/ / Ê1 6 ,- /9


, ", -

>V }Ê,iV À`Ã

`` iÊ ÕLL

iÊ1Ã iÀ

> iÊ ÕÀ« Þ > Ê Þ i ÕÃi i

À `>Ê-Ì>ÌiÊ i>`Ê >V ià &2$&+ 6XH 6HPUDX &KULV *REUHFKW 0DU\QHOO 0HDGRUV -DQ '\NHKRXVH $OOHQ 'LDQQH 0XUSK\ 0LOOLH 8VKHU -RHO 7KLUHU 727$/6

<($56

9i>À Þ 9i>ÀÊ,iV À`

:,16

<($5 &2$&+ %DUEDUD +ROOLQJVZRUWK *$

/LQGD :DUUHQ *$

(GGLH &XEERQ )DFXOW\

-RHO 7KLUHU *$ 0LOOLH 8VKHU *$ 0LOOLH 8VKHU 'LDQQH 0XUSK\ 'LDQQH 0XUSK\ 'LDQQH 0XUSK\ -DQLFH '\NHKRXVH -DQLFH '\NHKRXVH -DQLFH '\NHKRXVH -DQLFH '\NHKRXVH -DQLFH '\NHKRXVH -DQLFH '\NHKRXVH $OOHQ -DQLFH '\NHKRXVH $OOHQ 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV 0DU\QHOO 0HDGRUV &KULV *REUHFKW 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX 6XH 6HPUDX <HDU 7RWDOV

/266(6

>ÀÞ i Ê i>` ÀÃ

À ÃÊ LÀiV Ì

-ÕiÊ-i À>Õ 3UHVHQW

3&7

:

/

3&7

&RDFK 0DU\QHOO 0HDGRUV

&RDFK -DQ '\NHKRXVH $OOHQ

7DOODKDVVHH 0D\RU -RKQ 0DUNV VWRSSHG E\ WR VXSSRUW &RDFK 6XH GXULQJ KHU 7HQWV IRU 7LFNHWV FDPSDLJQ

7" ½-Ê - /

£Îx


, ", -

>V }Ê,iV À`Ã

/ iÊ ÃÃ ÃÌ> ÌÊ >V iÃ

0LOOLH 8VKHU -DQ '\NHKRXVH $OOHQ

'LDQQH 0XUSK\

0DU\QHOO 0HDGRUV

$OOHQ :D\QH %URZQ -XOLH %URZQH $QXFKD &ORVH &RUL 3UHVHQW &RRQH\ 0DUJDUHW 'DYLHV /HVOLH *DZ :UHQHWWD *HUQDWW 7KHUHVD *ORYHU )UHGD +DUULV 5DSKDHO 3UHVHQW +DUWPDQQ 7HUUL +HLQW] 5R\ +XQWHU 6KXQ -RKQVRQ $QJLH 3UHVHQW -RUGDQ .HOO\ .DUORQ 0LFKHOOH .UDHPHU .DUHQ /DQJ (ULND /DVVLWHU %URRNH /HQW 0LFKHOH 0DUNH\ 5RE\Q 0F1HOLV 'HQQLV 1DUEXW %X] 2ZHQ +HLGL 3DQHN 6XH 3DUNHU 0HOLVVD 3RON -RQHOOH 5DPDNHU 5RE 5HLW] -RDQQD 3UHVHQW 5LYHUV &KHUU\ 5RXOLHU -HQQ\ 6DP $XWXPQ 6FKPLGW 0DUN 6KHIÀ HOG (G 6RZDGD .DUHQ 6WRHKU 6FRWW :KLWH /DQFH 3UHVHQW :LJJLQV 0DWW 'HQRWHV *UDGXDWH $VVLVWDQWV

&KULV *REUHFKW )RUPHU 6HPLQROHV 6XH *DONDQWDV &HOLD 6ODWHU -DQ $OOHQ KHDG FRDFK DQG /\QQ 0DUQLH JDWKHUHG LQ 7DOODKDVVHH LQ 2FWREHU

> « Ê iÃÊ iÊ

6HYHUDO IRUPHU 6HPLQROHV FDPH EDFN WR FDPSXV LQ 2FWREHU IRU WKH VL[WK DQQXDO &KDPSLRQV %H\RQG WKH *DPH EUXQFK ZKLFK LV DQ HYHQW WKDW KRQRUV WZR 6HPLQROH JUDGXDWHV ZKR KDYH H[FHOOHG LQ OLIH DIWHU FROOHJLDWH VSRUWV DUH UHFRJQL]HG 2QH SUH VFKRODUVKLS HUD DQG RQH SRVW VFKRODUVKLS HUD DWKOHWH UHWXUQ WR EH KRQRUHG DQG WR VKDUH WKH LPSRUWDQW OHVVRQV OHDUQHG IURP EHLQJ D VWXGHQW DWKOHWH DW )ORULGD 6WDWH DQG KRZ WKRVH OHVVRQV KDYH KHOSHG WKHP EHFRPH D VXFFHVV LQ OLIH 2QH RI WKLV \HDU·V KRQRUHHV ZDV IRUPHU 6HPLQROH ZRPHQ·V EDVNHWEDOO SOD\HU &HOLD 6ODWHU &XUUHQWO\ 6ODWHU LV WKH ([HFXWLYH 'LUHFWRU RI WKH :LQ6WDU )RXQGDWLRQ ZKLFK KDV WZR SURJUDPV ³ WKH &RDFKHV $FDGHP\ DQG 3OD\ ZLWK D 3XUSRVH 6KH LV DOVR WKH 6SHFLDO 3URMHFWV &RRUGLQDWRU IRU WKH 1DWLRQDO $VVRFLDWLRQ RI :RPHQ $WKOHWLF $GPLQLVWUDWRUV 6RPH RI 6ODWHU·V DFFRPSOLVKPHQWV LQFOXGH JROG PHGDO ZLQQHU DV D PHPEHU RI 7HDP +DQGEDOO DW WKH 2O\PSLF )HVWLYDO WKH À UVW FRDFK RI ZRPDQ·V EDVNHWEDOO DW WKH 8QLYHUVLW\ RI &RORUDGR DW &RORUDGR 6SULQJV ZRPHQ·V EDVNHWEDOO FRDFK DW /\QQ 8QLYHUVLW\ DQG ZDV RQ WKH VWDII RI WKH :1%$ À UVW HYHU SUH GUDIW FDPS

£ÎÈ

", Ê-/ / Ê1 6 ,- /9

6XH 6HPUDX


, ", -

-iÀ iÃÊ,iV À`Ã $.521 +20( $:$< 1(875$/ : $

$/$%$0$ +20( $:$< 1(875$/ / : 1

: $ / +

/ +

/ $

: $

: +

/ 1

$/$%$0$ %,50,1*+$0 +20( $:$< 1(875$/ / / / +

/ +

/ $

: +

: +

: $

: +

: $

$/$%$0$ 67$7( +20( $:$< 1(875$/ / / : +

: +

$/$6.$ +20( $:$< 1(875$/ : 1

$/%$1< 67$7( +20( $:$< 1(875$/ : / / / / / / : +

: +

: $

/ 27 +

$33$/$&+,$1 67$7( +20( $:$< 1(875$/ / : +

: +

$5,=21$ 67$7( +20( $:$< 1(875$/ / 1

$50< +20( $:$< 1(875$/ : 1

$8%851 +20( $:$< 1(875$/ : / / $

/ +

/ $

/ $

/ +

/ +

/ $

/ $

$867,1 3($< +20( $:$< 1(875$/ : +

%(55< &2//(*( +20( $:$< 1(875$/ : %26721 &2//(*( +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 1(875$/ : : +

: $

: +

%5,*+$0 <281* +20( $:$< 1(875$/ : 1

/ 1

%87/(5 +20( $:$< 1(875$/ / +

&$/,)251,$ +20( $:$< 1(875$/ / 1

&$/ 67$7( )8//(5721 +20( $:$< 1(875$/ : $

&(175$/ )/25,'$ +20( $:$< 1(875$/ : : +

: +

: +

/ +

/ $

: +

: +

: $

: +

: +

: $

: +

: $

&(175$/ 0,&+,*$1 +20( $:$< 1(875$/ : 1

&(175$/ 0,66285, +20( $:$< 1(875$/ / 1

&+$5/(6721 6287+(51 +20( $:$< 1(875$/ : +

&+$77$122*$ +20( $:$< 1(875$/ : 1

/ $

/ +

/ +

/ $

&+,&$*2 67$7( +20( $:$< 1(875$/ : $

: +

&,1&,11$7, +20( $:$< 1(875$/ : / $

: 1

: +

/ $

: + / 1

/ + : $

/ + : $ / +

/ $ : + / 1

: + : $

: + : $ : 1

&/(0621 +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 / 1

/ $

: +

/ +

/ $

/ $ / +

/ $

/ +

/ +

/ $

/ $

/ +

/ +

/ $

/ 1

/ $

/ +

/ +

/ $

/ $

/ +

/ $

/ +

: $

: +

: $

: +

: $

: +

: +

: 27 $

: $

: +

: $

/ +

&2/*$7( +20( $:$< 1(875$/ : +

&2// 2) &+$5/(6721 +20( $:$< 1(875$/ / &2/25$'2 +20( $:$< 1(875$/ : +

&2/25$'2 67$7( +20( $:$< 1(875$/ : 1

&211(&7,&87 +20( $:$< 1(875$/ / +

/ $

/ $ &233,1 67$7( +20( $:$< 1(875$/ : +

'$<721 +20( $:$< 1(875$/ : : +

: 1

'(/7$ 67$7( +20( $:$< 1(875$/ / / : 1

'(19(5 +20( $:$< 1(875$/ : +

'(3$8/ +20( $:$< 1(875$/ / $

/ $

'8.( +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 : +

: $

: $

: +

/ $ : +

/ $

/ +

/ $

/ +

/ $

/ +

/ $

/ +

/ $

/ +

/ 1

/ +

/ $

/ 1

/ +

: $

/ 1

/ +

/ $

/ 1

/ $

/ +

/ $

: +

/ $

/ $

/ +

/ $

O 1

'848(61( +20( $:$< 1(875$/ / +

/ $

($67 &$52/,1$ +20( $:$< 1(875$/ / / +

: $

($67(51 .(178&.< +20( $:$< 1(875$/ : +

: +

($67 7(11(66(( 67$7( +20( $:$< 1(875$/ : +

)$,5),(/' +20( $:$< 1(875$/ / 1

: 1

)$,5/(,*+ ',&.,1621 +20( $:$< 1(875$/ : 1

)/$*/(5 : / : / / : / )/25,'$ +20( $:$< 1(875$/ / :

7" ½-Ê - /

: : / +

: +

/ $

: 1

: +

/ $

/ 1

/ 1

/ $

/ +

/ 1

/ 1

: +

/ $

: 1

: +

: $

: 1

: 1

: $

: +

/ 1

: 1

/ 1

: + / $

/ + : $

: $ : +

: + / $

/ $ / +

/ + / $

/ + / +

: +

/ $

: + : $

: 27 +

/ $

/ +

/ +

/ $

/ 1

/ +

/ 1

/ $

/ $

/ +

/ $

/ +

/ $

/ 27 +

/ $

/ +

: $

: +

/ $

: +

: $

)/25,'$ $7/$17,& +20( $:$< 1(875$/ / $

: +

: +

/ $

: +

: $

: +

: +

: $

)/25,'$ $ 0 +20( $:$< 1(875$/ : : : / + / $

: + / $

: + : $

/ $ : + : 1

: $ : +

: $

/ +

/ +

: +

/ 1

: +

: +

: +

: $

: +

: $

/ +

: $

: +

: $

: +

)/25,'$ *8/) &2$67 +20( $:$< 1(875$/ : $ )/25,'$ ,17(51$7,21$/ +20( $:$< 1(875$/ : : : $

: +

/ +

/ +

: $

: +

: 1

£ÎÇ


, ", -

-iÀ iÃÊ,iV À`Ã

)/25,'$ 6287+(51 : )25'+$0 +20( $:$< 1(875$/ : 1

: $

: 1

: $

: $

: +

)257 9$//(< /

/ +

: $

: +

: $

,2:$ 67$7( +20( $:$< 1(875$/ / 1

,838, +20( $:$< 1(875$/ : $

)5(612 67$7( +20( $:$< 1(875$/ : 1

-$&.6219,//( +20( $:$< 1(875$/ : +

: $

)850$1 +20( $:$< 1(875$/ : 1

-2+1 $%%277 : :

*(25*(72:1 +20( $:$< 1(875$/ / $

: 1

*(25*,$ +20( $:$< 1(875$/ / +

/ $

/ +

/ $

/ $

/ 1

/ 27 1

*(25*,$ 6287+(51 +20( $:$< 1(875$/ / / / $

/ +

/ +

: 27 $

: +

: $

: +

*(25*,$ 67$7( +20( $:$< 1(875$/ / $

: +

*(25*,$ 7(&+ +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 : +

/ $

/ +

: $

: $

/ +

/ + / $

: $

/ +

/ $

: 27 + : 1

/ $

/ +

: $

: +

/ $

/ +

: +

: $

: $

: +

: $

/ +

: +

/ $

/ 1

/ $

/ +

/ +

: $

: $

: +

/ $

+$59$5' +20( $:$< 1(875$/ : +

+,*+ 32,17 +20( $:$< 1(875$/ : +

+2)675$ +20( $:$< 1(875$/ : 1

+2:$5' +20( $:$< 1(875$/ : +

,'$+2 +20( $:$< 1(875$/ / 1

,1',$1$ +20( $:$< 1(875$/

£În

-8'621 &2//(*( : .$16$6 +20( $:$< 1(875$/ : $

.(17 67$7( +20( $:$< 1(875$/ : 1

.(178&.< +20( $:$< 1(875$/ / 1

/$0$5 +20( $:$< 1(875$/ : 1

/(:,6 +20( $:$< 1(875$/ : 1

/,36&20% +20( $:$< 1(875$/ : $

: +

/21* %($&+ 67$7( +20( $:$< 1(875$/ : +

/28,6,$1$ 67$7( +20( $:$< 1(875$/ / +

: +

/ $

: +

/ 1

/ 1

/ +

/28,6,$1$ 7(&+ +20( $:$< 1(875$/ / $

/ +

: 1

/28,69,//( +20( $:$< 1(875$/ / 1

/ +

/ +

/ $

/ $

/ $

/ + / $

/ $

: +

: + / $ : + : $

: $

: +

: +

: $

: +

: $

: $

: 1

/2<2/$ &+,&$*2 +20( $:$< 1(875$/ : $

0$5</$1' +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 / +

/ $

: +

/ $

/ 1

/ +

/ $

/ +

: $

/ 1

/ +

/ $

/ +

/ $

: +

/ $

/ $

: +

/ $

: +

: 1

: +

: $

/ $

: +

: $

/ +

: +

/ $

/ 1

: 27 +

/ $

/ +

/ 27 $

0F1((6( 67$7( +20( $:$< 1(875$/ : 1

0(03+,6 +20( $:$< 1(875$/ / $

/ +

/ +

: + : $

/ + / 1

/ $ / 1

/ + / $

/ $ / +

/ + / $

: +

: $

: $

: +

: 1

: $

: +

0(5&(5 +20( $:$< 1(875$/ / 1

/ $

/ +

/ $

/ 1

/ +

: + : $

: + 0,$0, +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 : 1

: 1

: 1 : $

: +

: + : $ : 1

: +

: $

/ 1

: $ : + : 1

: 1

/ $ / +

: $ / +

/ 1

/ $

: +

: $

: +

: $

: +

/ $

: $

: +

: +

: $

: 27 $

: +

0,$0, 2+ +20( $:$< 1(875$/ : 1

: +

0,$0, '$'( && '71 : 0,$0, '$'( && 1 : 0,$0, '$'( && 6 : / 0,&+,*$1 +20( $:$< 1(875$/ / +

0,&+,*$1 67$7( +20( $:$< 1(875$/ / 1

", Ê-/ / Ê1 6 ,- /9

0,''/( 7(11(66(( +20( $:$< 1(875$/ : +

/ $

0,66,66,33, +20( $:$< 1(875$/ / $

: +

/ $

/ $

: +

0,66,66,33, &2//(*( +20( $:$< 1(875$/ / : +

0,66,66,33, 67$7( +20( $:$< 1(875$/ / +

/ +

: +

: +

/ 27 $

0,66 8 )25 :20(1 +20( $:$< 1(875$/ : $

: +

0,66,66,33, 9$//(< +20( $:$< 1(875$/ / +

0,66285, +20( $:$< 1(875$/ / 27 1

/ 1 0,66285, .$16$6 &,7< +20( $:$< 1(875$/ : +

0,66285, 67$7( +20( $:$< 1(875$/ / $

/ $

/ +

0217$1$ +20( $:$< 1(875$/ / $

: +

0217$1$ 67$7( +20( $:$< 1(875$/ : 1

0217&/$,5 67$7( +20( $:$< 1(875$/ : 27 +

1(%5$6.$ +20( $:$< 1(875$/ : 1

1(: 0(;,&2 67$7( +20( $:$< 1(875$/ : $

1(: 25/($16 +20( $:$< 1(875$/ : $

/ $

/ +

/ $

: +

: $

1257+ &$52/,1$ +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 : 1

: 1

/ $

: +

/ $

/ 1

: $ / +

/ $ / +

/ +

/ $

/ $

: +

/ +

/ $

/ $

/ +

/ 27 +

/ $

/ $

/ +

/ +

: 27 $

/ +

/ $

/ +

/ $

/ $

/ +

: 27 +


, ", -

-iÀ iÃÊ,iV À`Ã / $

/ +

/ $

1 &$52/,1$ $6+(9,//( +20( $:$< 1(875$/ : +

: +

&+$5/277( +20( $:$< 1(875$/ / +

: 1

1& 67$7( +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 : +

: $

/ $ / +

/ + : $

/ $

/ +

/ +

/ $

/ +

/ $

/ $

/ +

/ +

/ $

/ +

/ $

: +

/ $

: +

/ $

: +

/ $

/ +

/ $

/ $

: +

/ 1

/ $

/ 1

: +

1257+($67 0,66285, : 1257+(51 $5,=21$ +20( $:$< 1(875$/ / $

1257+(51 ,//,12,6 +20( $:$< 1(875$/ : +

/ $

1: /28,6,$1$ +20( $:$< 1(875$/ : +

2$./$1' +20( $:$< 1(875$/ : +

/ $

2+,2 67$7( +20( $:$< 1(875$/ : 1

2/' '20,1,21 +20( $:$< 1(875$/ / $

: 1

2./$+20$ 67$7( +20( $:$< 1(875$/ : 1

/ 27 1

25$/ 52%(576 +20( $:$< 1(875$/ / + : +

: +

25(*21 67$7( +20( $:$< 1(875$/ / 1

3(16$&2/$ -& : : 3(11 67$7( +20( $:$< 1(875$/ / 1

/ 1

/ +

3(33(5',1( +20( $:$< 1(875$/ : 1

/ $

385'8( +20( $:$< 1(875$/ : $

5$')25' +20( $:$< 1(875$/ / +

5+2'( ,6/$1' +20( $:$< 1(875$/ / +

5,&( +20( $:$< 1(875$/ : +

5,&+021' +20( $:$< 1(875$/ : 1

/ $

: 1

52//,16 &2//(*( : : : :

: $

/ + : $

: $ : +

: + : $

: +

: +

: 1

: $

: 1

: +

/ $

: $

: +

6( /28,6,$1$ +20( $:$< 1(875$/ / : $

6( 0,66285, 67$7( +20( $:$< 1(875$/ : $

6$0)25' +20( $:$< 1(875$/ : +

6287+(51 ,//,12,6 +20( $:$< 1(875$/ / 1

67 )5$1&,6 &2//(*( +20( $:$< 1(875$/ : $

6287+(51 0,66 +20( $:$< 1(875$/ / 1

/ $

/ +

/ $ / +

/ $ / +

/ $ / +

: $ / + / + / $

: + / $

/ $ : + / 1

: + / $

67 -26(3+ +20( $:$< 1(875$/ : $

: +

67 -2+1·6 +20( $:$< 1(875$/ : 1

67 /28,6 +20( $:$< 1(875$/ : 1

67 0$5<·6 +20( $:$< 1(875$/ : 1

6$1 )5$1&,6&2 +20( $:$< 1(875$/ / $

6$9$11$+ 67$7( +20( $:$< 1(875$/ / &ROOHJH

: +

6+257(5 &2//(*( / / / / 6287+ $/$%$0$ +20( $:$< 1(875$/ : : / $ : +

: +

/ + / +

: 1

: $

6287+ &$52/,1$ +20( $:$< 1(875$/ / 1

/ +

/ $

/ +

/ $

/ +

/ $

/ + / $

/ + / $

/ $ / +

/ +

/ $

: $

/ +

: 1

6287+ )/25,'$ : 1

: +

: +

: +

: +

: $

: 27 + / $

: $

/ +

: +

: + : : $

: $

: + : $

: $ : +

: +

67$1)25' +20( $:$< 1(875$/ : 1

/ 1

: $

67(7621 +20( $:$< 1(875$/ : : / $

: +

: + : + : $

: $ / +

/ + / $ : +

: $

: +

: +

: +

7$//$'(*$ &2//(*( / 7$03$ +20( $:$< 1(875$/ : : : : +

: +

: +

7(03/( +20( $:$< 1(875$/ : $

/ 1

7(11(66(( +20( $:$< 1(875$/ / +

/ $

7(11(66(( 7(&+ +20( $:$< 1(875$/ : 1

7(;$6 +20( $:$< 1(875$/ / 1

7(;$6 $5/,1*721 +20( $:$< 1(875$/ : +

7(;$6 $ 0 +20( $:$< 1(875$/ / $

7" ½-Ê - /

7&8 +20( $:$< 1(875$/ / 1

7(;$6 7(&+ +20( $:$< 1(875$/ / 1

7,)7 : 72/('2 +20( $:$< 1(875$/ : +

72:621 +20( $:$< 1(875$/ : 1

752< +20( $:$< 1(875$/ : +

/ $

/ 1

: +

78/$1( +20( $:$< 1(875$/ / +

/ +

/ +

/ $

: +

: + : $

/ $ : +

/ $ : +

: + / $

: + : $

: + : $

: 1

78/6$ +20( $:$< 1(875$/ : $

: +

/ $

: +

9$/'267$ 67$7( +20( $:$< 1(875$/ / / / / / / / / / 1

: 1

/ +

/ $

9,5*,1,$ +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 / $

/ +

/ $

/ + / $

/ $ / +

/ +

/ $

/ $

/ +

/ 1

/ +

/ $

/ $

/ 27 + / +

/ $

/ +

/ $

: +

/ $

: 1

/ $

/ +

: +

/ $

/ 27 +

: $

/ +

/ 1

: +

: $

: +

: $

/ 27 +

/ $

9,5*,1,$ 7(&+ +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 : + / +

: $ / $

: + / 1

£Î


, ", -

-iÀ iÃÊ,iV À`Ã

/ $

/ $ : + / 1

: + / $

/ $

: +

: $ : +

: $ : +

: +

: 27 $

: 27 +

/ +

: $

: +

:$.( )25(67 +20( $:$< 1(875$/ $&& *$0(6 +20( $:$< 72851$0(17 : $

/ +

/ $

: +

: + / $

/ 1

: $

/ +

/ +

/ $

/ $

/ +

/ 1

: +

: $

: +

/ $

/ $

: +

/ $

: +

/ $

: +

: $

: 27 +

: $

: +

: $

: +

: $

: 1

: +

: 1

:$6+,1*721 +20( $:$< 1(875$/ / +

/ $

:(67(51 &$52/,1$ +20( $:$< 1(875$/ : +

: +

:(67(51 .(178&.< +20( $:$< 1(875$/ / 1

/ 1

:(67 )/25,'$ : :(67 *(25*,$ / / :

: +

:,6&216,1 +20( $:$< 1(875$/ : +

:,6& *5((1 %$< +20( $:$< 1(875$/ / 1

:,6& 0,/:$8.(( +20( $:$< 1(875$/ : +

:5,*+7 67$7( +20( $:$< 1(875$/ : +

;$9,(5 +20( $:$< 1(875$/ / $

: +

/ $

9i>À LÞ 9i>ÀÊ,iÃÕ ÌÃ £ ÇÎ Ç{

+HDG &RDFK -RHO 7KLUHU

)ODJOHU : )ODJOHU / 0LDPL 'DGH 1RUWK : $XEXUQ / )RUW 9DOOH\ /

$OEDQ\ 6WDWH / $ODEDPD 6WDWH / :HVW *HRUJLD / -XGVRQ &ROOHJH : 6WHWVRQ : 3HQVDFROD -U &ROOHJH : 9DOGRVWD 6WDWH / 6RXWK )ORULGD : )ORULGD / )ORULGD / 'HOWD 6WDWH /

£ Ç nÈÊ

+HDG &RDFK -DQ '\NHKRXVH $OOHQ

£ ÇÇ ÇnÊ­n n® £ ÇÎ Ç{Ê­n ή

)ORULGD / %DUU\ &ROOHJH : )ORULGD : )ODJOHU : )ORULGD : 0HUFHU / )ODJOHU / 6RXWK )ORULGD : )ODJOHU : )ORULGD : $XEXUQ :

£ Ç{ ÇÈÊ

+HDG &RDFK 0LOOLH 8VKHU

£ Ç{ ÇxÊ­£x £Ç®

$OEDQ\ 6WDWH : 9DOGRVWD 6WDWH / )ORULGD $ 0 : 6KRUWHU &ROOHJH / 6KRUWHU &ROOHJH / 6DYDQQDK 6WDWH / 6RXWK )ORULGD : 0LDPL 'DGH 6RXWK : 5ROOLQV &ROOHJH : )ORULGD / )ODJOHU / )ORULGD : *HRUJLD 7HFK : 6KRUWHU &ROOHJH / 7LIW : 9DOGRVWD 6WDWH / *HRUJLD 6RXWKHUQ / $OEDQ\ 6WDWH / )ORULGD $ 0 : )ORULGD / 7DPSD : )ODJOHU / 0LDPL : 6RXWK )ORULGD : )ORULGD :

£{ä

£ Çx ÇÈÊ­££ £Ó®

5ROOLQV : $OEDQ\ 6WDWH / :HVW )ORULGD : 6RXWK )ORULGD : 7DPSD : 5ROOLQV : 9DOGRVWD 6WDWH / 7DPSD : :HVW *HRUJLD / 7DOODGHJD &ROOHJH / &ROOHJH RI &KDUOHVWRQ / $OEDQ\ 6WDWH / 0LDPL 'DGH 6RXWK / )ORULGD ,QWHUQDWLRQDO : 3HQVDFROD -U &ROOHJH : )ORULGD : *HRUJLD 6RXWKHUQ / )ORULGD / 0LDPL 'DGH 'QWQ : )ORULGD ,QWHUQDWLRQDO : )ORULGD / 9DOGRVWD 6WDWH / )ORULGD /

£ ÇÈ Ç Ê

+HDG &RDFK 'LDQQH 0XUSK\

£ ÇÈ ÇÇÊ­£ä £Ó®

$OEDQ\ 6WDWH / 0HUFHU / )ORULGD / 9DOGRVWD 6WDWH / -RKQ $EERWW &ROOHJH : 6WHWVRQ : )ORULGD / 5ROOLQV : &HQWUDO )ORULGD : 'D\WRQ : 6RXWK $ODEDPD :

9DOGRVWD 6WDWH / *HRUJLD 6RXWKHUQ / )ORULGD : 7UR\ 6WDWH : 6RXWK )ORULGD : 0HPSKLV 6WDWH / 6RXWK &DUROLQD / *HRUJLD 6RXWKHUQ / -RKQ $EERWW &ROOHJH : )ORULGD $ 0 : 0LDPL : )ORULGD / 6RXWK )ORULGD 27 : 6RXWK )ORULGD / 6RXWK )ORULGD : 6RXWK )ORULGD / 6WDWH 7RXUQDPHQW

£ Çn Ç Ê­£Ç £x®

0LVVLVVLSSL 6WDWH / 6RXWK $ODEDPD : 0HUFHU / 1( 0LVVRXUL : 6WHWVRQ / 6RXWK )ORULGD : )ORULGD : 1HZ 2UOHDQV : 7XODQH / /RXLVYLOOH / &LQFLQQDWL : $ODEDPD %LUPLQJKDP / 0HPSKLV 6WDWH / 6RXWK )ORULGD : )ORULGD : 0LDPL : 1HZ 2UOHDQV : )ORULGD $ 0 / /RXLVYLOOH / :HVW *HRUJLD : $ODEDPD 6WDWH / $ODEDPD %LUPLQJKDP / 0LDPL : $SSDODFKLDQ 6WDWH / :LQWKURS &ROOHJH / )ORULGD $ 0 / 6WHWVRQ : 6RXWK )ORULGD : 0LDPL : )ORULGD : )ORULGD : 'HOWD 6WDWH /

", Ê-/ / Ê1 6 ,- /9

£ Ç näÊ­£Î ÓÓ®

0LVVLVVLSSL 6WDWH / $ODEDPD %LUPLQJKDP / 6RXWK &DUROLQD / 6RXWK )ORULGD : )ORULGD $ 0 : 6RXWKHUQ 0LVVLVVLSSL / 7UR\ 6WDWH / %HOKDYHQ : 0LDPL : 2UDO 5REHUWV / 9LUJLQLD 7HFK : /RXLVYLOOH / 7XODQH / 0LVVLVVLSSL &ROOHJH / $ODEDPD / $ODEDPD %LUPLQJKDP / )ORULGD : 0LDPL : (DVW &DUROLQD / 0LVVLVVLSSL / /RXLVYLOOH / 0HUFHU / 1RUWKZHVW /RXLVLDQD : )ORULGD : )ORULGD 6RXWKHUQ : 9LUJLQLD 7HFK / 6RXWKHDVW /RXLVLDQD / 7XODQH / )ORULGD $ 0 / 6RXWK )ORULGD : )ORULGD / 0LDPL : )ORULGD : )ORULGD / 0HUFHU /

£ nä n£Ê­£{ £x]Ê£ ÎÊ iÌÀ ®

*HRUJLD 7HFK $ / *HRUJLD 6WDWH $ / 6RXWK $ODEDPD $ / 9DOGRVWD 6WDWH 1 / $ODEDPD 1 :


, ", -

9i>À LÞ 9i>ÀÊ,iÃÕ ÌÃ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

£ n£ nÓÊ­Ón £ä]ÊÓ ÎÊ iÌÀ ®

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·V &ODVVLF 0LDPL )/ )$,$: 6WDWH 7RXUQDPHQW 'D\WRQD %HDFK )/ A$,$: 5HJLRQ ,,, 7RXUQDPHQW 1:,7

/DG\ %XII &ODVVLF %RXOGHU &2 /RXLVYLOOH 7HFK &ODVVLF /RXLVYLOOH .< 0LDPL 0DVRQLF &ODVVLF 0LDPL )/ 'XYDO +RWHO &ODVVLF 7DOODKDVVHH )/ A1RUWKHUQ /LJKWV 6KRRWRXW $QFKRUDJH $. 0HWUR &RQIHUHQFH 7RXUQDPHQW &LQFLQQDWL 2+

£ nÈ ÈÊ

+HDG &RDFK 0DU\QHOO 0HDGRUV

£ nÓ nÎÊ­Ó{ È]Êx £Ê iÌÀ ®

7HQQ &KDWW + : 1RUWK &DUROLQD + : $OEDQ\ 6WDWH + : 6WHWVRQ + : $ODEDPD $ : 3HQQ 6WDWH 1 / 'HOWD 6WDWH 1 : 1HEUDVND 1 : $UP\ 1 : 2NODKRPD 6WDWH 1 : 7HPSOH $ : 6W -RVHSK·V $ : 0RQWFODLU 6W 27 + : 7XODQH + : 0HPSKLV 6WDWH $ : )ORULGD $ 0 $ : $ODEDPD %LUP $ / $XEXUQ $ / )ORULGD $ : 6WHWVRQ $ : 6RXWK )ORULGD + : 7XODQH $ : )ORULGD $ 0 + : )OD ,QWHUQDWLRQDO + : $ODEDPD + / )ORULGD + : 0HPSKLV 6WDWH $ : /RXLVYLOOH $ / &LQFLQQDWL 1 : 0LVVLVVLSSLA $ / /DG\ 6HPLQROH &ODVVLF 7DOODKDVVHH )/ 0LG $PHULFDQ &ODVVLF &ROXPELD 02 +XUULFDQH 1HZ <HDU·V &ODVVLF 0LDPL )/ 0HWUR &RQIHUHQFH 7RXUQDPHQW /RXLVYLOOH .< A)LUVW 5RXQG 1&$$ 3OD\RII

£ nÈ nÇÊ­ £ ]Êx ÇÊ iÌÀ ®

£ n{ nxÊ­Ç Ó£]ÊÓ Ê iÌÀ ®

$OEDQ\ 6WDWH + : &RORUDGR + : *HRUJHWRZQ $ / &HQWUDO )ORULGD + / 0LFKLJDQ + / :LFKLWD 6WDWH + / 0LDPL $ / )RUGKDP $ : )DLUÀ HOG $ / 9LUJLQLD 7HFK + : &LQFLQQDWL $ / /RXLVYLOOH $ / 6 )ORULGD 27 + : )ORULGD $ / 6RXWK &DUROLQD + / 6RXWKHUQ 0LVV $ / 7XODQH $ / $XEXUQ $ / 7HQQHVVHH + / 7XODQH + : )ORULGD $ 0 + / 6RXWKHUQ 0LVV + / )ORULGD + / 0HPSKLV 6W + / 0LDPL + / 0HPSKLV 6WDWH / 6RXWK )ORULGD $ : 9LUJLQLD 7HFK 1 / :RPHQ·V &RXUW &ODVVLF 0LDPL )/ 0HWUR &RQIHUHQFH 7RXUQDPHQW +DWWLHVEXUJ 06

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

£ nÇ nnÊ­ £n]Ê{ nÊ iÌÀ ®

£ nÎ n{Ê­£Î £n]ÊÓ Ê iÌÀ ®

$UL]RQD 6WDWH $ / %ULJKDP <RXQJ $ / 0LGGOH 7HQQ 6WDWH + : : .HQWXFN\ $ / .DQVDV $ : &HQWUDO )ORULGD + : 6RXWK )ORULGD $ : $ODEDPD %LUP + : 3HQQ 6WDWH $ / 6WDQIRUG $ : 0LVVRXUL 27 $ : /RXLVYLOOH + / 0LDPL + : 0HUFHU + : )ORULGD + : 0HPSKLV 6WDWH + / 7XODQH $ / 6RXWKHUQ 0LVV $ / $XEXUQ + / 9LUJLQLD 7HFK $ / 6RXWK &DUROLQD $ / 6RXWKHUQ 0LVV + / )ORULGD $ / )ORULGD $ 0 + : 7XODQH + : $ODVNDA $ : 7H[DVA 1 / ,GDKRA 1 / &LQFLQQDWL 1 : 0HPSKLV 6WDWH 1 / /RXLVYLOOH /

£ nx nÈÊ­£Ó £È]ÊÎ nÊ iÌÀ ®

:HVW *HRUJLD + : *D 6RXWKZHVW + / &RORUDGR 6WDWH $ : 0RQPRXWK 27 $ : 7DPSD + : *HRUJHWRZQ + : 5DGIRUG 27 + / 6WHWVRQ $ : 6RXWK &DUROLQD $ / 9LUJLQLD 7HFK $ / /RXLVYLOOH + : &LQFLQQDWL + : &HQWUDO )ORULGD $ / 6RXWK )ORULGD $ : )ORULGD + / 7XODQH + : 7HQQHVVHH + / $OEDQ\ 6WDWH $ : 0HPSKLV 6WDWH $ / 6RXWKHUQ 0LVV + / 7XODQH $ / 6RXWK )ORULGD + : )ORULGD $ 0 + / 6RXWKHUQ 0LVV + / )ORULGD $ / 0HPSKLV 6W $ / 6WHWVRQ + / &LQFLQQDWL $ /

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

3L]]D +XW &ODVVLF 6RXWKHUQDLUH ,QYLWDWLRQDO 7DOODKDVVHH )/ 0HWUR &RQIHUHQFH 7RXUQDPHQW &ROXPELD 6&

7" ½-Ê - /

£{£


, ", -

9i>À LÞ 9i>ÀÊ,iÃÕ ÌÃ

£ nn n Ê­£È ££]ÊÇ xÊ iÌÀ ®

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

£ ä £Ê­Óx Ç]Ê£Ó ÓÊ iÌÀ ®

0LVVRXUL .& 1 : 6: 0LVVRXUL 6W $ / 0DUTXHWWH + : /68 + : 1 ,OOLQRLV + : 9LUJLQLD $ / )ORULGD $ : 0LDPL $ : 9LUJLQLD 7HFK $ : &LQFLQQDWL + : /RXLVYLOOH + : $ODEDPD + : 0HPSKLV 6WDWH $ : 6RXWK &DUROLQD $ : 6RXWKHUQ 0LVV + : 7XODQH + : *HRUJLD $ / 6 &DUROLQD 27 + / 6WHWVRQ + : &LQFLQQDWL $ : /RXLVYLOOH $ : $XEXUQ + / 0HPSKLV 6WDWH + : 9LUJLQLD 7HFK + : 6RXWKHUQ 0LVV $ / 7XODQH $ : )ORULGD $ 0 + : &LQFLQQDWL 1 : /RXLVYLOOH $ : 6 &DUROLQD 1 : $SSDODFKLDQ 6WA + : : .HQWXFN\ + / 6W -RKQ·V /DG\ %HDU &ODVVLF 6SULQJÀ HOG 02 7DOODKDVVHH +LOWRQ &ODVVLF 7DOODKDVVHH )/ &DYDOLHU &ODVVLF &KDUORWWHVYLOOH 9$ 0HWUR &RQIHUHQFH 7RXUQDPHQW /RXLVYLOOH .< A1&$$ 7RXUQDPHQW 7DOODKDVVHH )/ 1&$$ 7RXUQDPHQW QG 5RXQG %RZOLQJ *UHHQ .<

£ Ó ÎÊ­£Î £{]ÊÈ £äÊ

®

)ORULGD $WODQWLF + : 6RXWK )ORULGDA + : /RXLVLDQD 6WDWHA + : 1& 6WDWH $ / 0LDPL $ : 7HQQ 7HFK 1 : &DOLIRUQLD $ / 'XNH $ : 9LUJLQLD + / 1 &DUROLQD $ : 0DU\ODQG + : :DNH )RUHVW $ / *HRUJLD 7HFK $ : 1 &DUROLQD + / 0DU\ODQG $ / )ORULGD $ 0 + : 9LUJLQLD $ / )ORULGD $ / &OHPVRQ + / 1 ,OOLQRLV $ / *HRUJLD 7HFK + / :DNH )RUHVW + : 2UDO 5REHUWV + : 1& 6WDWH + / &OHPVRQ $ / 'XNH + : 0DU\ODQG 1 / A'LDO &ODVVLF 7DOODKDVVHH )/ 2DNODQG 7ULEXQH &ODVVLF 2DNODQG &$ $&& *DPH $&& 7RXUQDPHQW 5RFN +LOO 6&

£ { xÊ­n ÓÓ]ÊÎ £ÎÊ

®

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

£ n äÊ­Ó£ ]Ê££ ÎÊ iÌÀ ®

6 $ODEDPD 27 1 : /68 $ / 0LVV 6WDWH + : 81& &KDUORWWH + / $ODEDPD $ : 6WHWVRQ $ : $SSDODFKLDQ 6W + : *D 6RXWKHUQ $ : 9LUJLQLD 7HFK $ : 7XODQH + : )ORULGD + : /RXLVYLOOH 27 + : &LQFLQQDWL + : $XEXUQ $ / 6 &DUROLQD + / 6RXWKHUQ 0LVV $ / 0HPSKLV 6WDWH $ : 9LUJLQLD 7HFK + : 7XODQH $ : /RXLVYLOOH $ : &LQFLQQDWL $ : )ORULGD $ 0 $ : 0LDPL + : *HRUJLD + / 6RXWKHUQ 0LVV + : 0HPSKLV 6WDWH + : 6 &DUROLQD $ / 0HPSKLV 6WDWH $ : 6RXWKHUQ 0LVV $ / 3HQQ 6WDWH + / /68 &UDZÀ VK &ODVVLF %DWRQ 5RXJH /$ 7DOODKDVVHH +LOWRQ &ODVVLF 7DOODKDVVHH )/ 0HWUR &RQIHUHQFH 7RXUQDPHQW &LQFLQQDWL 2+ 1&$$ 7RXUQDPHQW 7DOODKDVVHH )/

£ Î {Ê­È Ó£]ÊÎ £ÎÊ

®

£ £ ÓÊ­£Ç ££]Ên nÊ

®

0LDPL 27 + : /DPDU 1 : /68 27 $ / 0RQWDQD 6WDWHA + : ( .HQWXFN\A + : )ORULGD 27 + : *HRUJLD 7HFK + / 9LUJLQLD + / :DNH )RUHVW $ : 0DU\ODQG + / *HRUJLD 7HFK $ : &OHPVRQ $ / 1& 6WDWH + : 'XNH + : 1 &DUROLQD + : 9LUJLQLD $ / &OHPVRQ + : 0DU\ODQG $ / 'XNH $ : 1 &DUROLQD $ / 1& 6WDWH $ : :DNH )RUHVW + / %XWOHU + / 1RUWKHUQ ,OOLQRLV + : )ORULGD $ 0 $ : )ORULGD $WODQWLF + : 2UDO 5REHUWV + : 1RUWK &DUROLQD 1 /

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

/68 &UDZÀ VK &ODVVLF %DWRQ 5RXJH /$ A 'LDO &ODVVLF 7DOODKDVVHH )/ $&& *DPH $&& 7RXUQDPHQW 5RFN +LOO 6&

£{Ó

", Ê-/ / Ê1 6 ,- /9

£ x ÈÊ­n Óä]ÊÓ £{Ê

®

)ORULGD $WODQWLF $ : )ORULGDA 1 / 6RXWK )ORULGDA 1 : 'XNH $ / )ORULGD $ 0 $ : 87 &KDWWDQRRJD + / 1HZ 2UOHDQV + : 0LVVRXUL $ / 7HPSOH $ / )XUPDQ $ : 1 &DUROLQD $ / &OHPVRQ + / 1& 6WDWH + / 0DU\ODQG + / 9LUJLQLD $ / :DNH )RUHVW + / *HRUJLD 7HFK $ / 'XNH + / *D 7HFK 27 + : &OHPVRQ $ / 1RUWK &DUROLQD + : 1& 6WDWH $ / 9LUJLQLD + / 0DU\ODQG $ / :DNH )RUHVW $ / )ORULGD + / *HRUJLD 7HFK 1 : 9LUJLQLD 1 / A'LDO &ODVVLF &RUDO *DEOHV )/ 8&) +ROLGD\ &ODVVLF 2UODQGR )/ $&& *DPH $&& 7RXUQDPHQW 5RFN +LOO 6&


, ", -

9i>À LÞ 9i>ÀÊ,iÃÕ ÌÃ £ È ÇÊ

9LUJLQLD + / 'XNH 1 /

+HDG &RDFK &KULV *REUHFKW

A6HPLQROH &ODVVLF $&& *DPH $&& 7RXUQDPHQW *UHHQVERUR 1&

£ n Ê­Ç Óä]ÊÓ £{Ê

®

£ È ÇÊ­x ÓÓ]Êä £ÈÊ

®

6RXWK )ORULGDA 1 : )ORULGDA 1 / 6: 0LVVRXUL 6W $ / )ORULGD $ 0 + : 1& 6WDWH + / )ORULGD $ / )ORULGD $WODQWLF + : &HQWUDO )ORULGD + : 6WHWVRQ + : 0LVVLVVLSSL $ / 'XNH $ / :DNH )RUHVW $ / 1 &DUROLQD + / &OHPVRQ $ / 0DU\ODQG + / 9LUJLQLD + / *HRUJLD 7HFK $ / 1& 6WDWH $ / 0DU\ODQG $ / 'XNH + / 'XTXHVQH + / *HRUJLD 7HFK + / 1 &DUROLQD $ / 9LUJLQLD $ / &OHPVRQ + / :DNH )RUHVW + / :DNH )RUHVW 1 / A'LDO &ODVVLF )ORULGD )RXU &KDOOHQJH 7DPSD )/ $&& *DPH $&& 7RXUQDPHQW &KDUORWWH 1&

7XOVD $ : /RXLVLDQD 7HFK + / /RQJ %HDFK 6WA + : )OD ,QWHUQDWLRQDOA + / 'XNH $ / 1 &DUROLQD 27 + / 6RXWK )ORULGD + : 3HSSHUGLQH $ / &DO 6W )XOOHUWRQ $ : :HVWHUQ &DUROLQD + : *HRUJLD $ / *HRUJLD 7HFK $ / 1& 6WDWH + / &OHPVRQ $ / :DNH )RUHVW + : 0DU\ODQG $ / 9LUJLQLD + / 'XNH + / 1 &DUROLQD $ / *HRUJLD 7HFK + / 1& 6WDWH $ / &OHPVRQ + / )ORULGD $ / :DNH )RUHVW $ / 0DU\ODQG + : 9LUJLQLD $ / 'XNH 1 / A7DOODKDVVHH 'HPRFUDW 6HPLQROH &ODVVLF 7DOODKDVVHH )/ $&& *DPH $&& 7RXUQDPHQW &KDUORWWH 1&

Óäää ä£Ê­£ £Ó]Ê ÇÊ

®

81& $VKHYLOOH + : )ORULGD $ / &KLFDJR 6WDWHA + : 9LUJLQLD 7HFKA + : 8&) $ : 87 &KDWWDQRRJD $ / 0HUFHU + : 6W )UDQFLV 1< $ : )RUGKDP $ : &RSSLQ 6WDWH + : 1& 6WDWH + : *HRUJLD 7HFK $ : 'XNH + / 0DU\ODQG + : :DNH )RUHVW $ / 1RUWK &DUROLQD + / &OHPVRQ $ / 9LUJLQLD + : 1& 6WDWH $ / ;DYLHU $ / *HRUJLD 7HFK + : 'XNH $ : 0DU\ODQG $ : :DNH )RUHVW + : 81& 27 $ : &OHPVRQ + / 9LUJLQLD $ / 9LUJLQLD 1 : 'XNH 1 / 7XODQH 1 : ,RZD 6WDWH $ / A7DOODKDVVHH 'HPRFUDW 6HPLQROH &ODVVLF 7DO ODKDVVHH )/ $&& *DPH $&& 7RXUQDPHQW *UHHQVERUR 1& 1&$$ 7RXUQDPHQW $PHV ,RZD

£ Ç *ÀiÃi ÌÊ +HDG &RDFK 6XH 6HPUDX

£ Ç nÊ­ £n]Êx ££Ê

®

)ORULGD $ 0 $ : )ORULGD $ / 6RXWK )ORULGD $ : 0LVVLVVLSSL + : 1& 6WDWH $ / &KDUOHVWRQ 6A + : )OD ,QWHUQDWLRQDOA + / /RXLVLDQD 7HFK $ / &OHPVRQ + / 'XTXHVQH $ / 6: 0LVVRXUL 6W + / 9LUJLQLD $ / 1 &DUROLQD $ / :DNH )RUHVW + : 'XNH $ / *HRUJLD 7HFK $ : )ORULGD + / 0DU\ODQG + : 1& 6WDWH + / &OHPVRQ $ / 9LUJLQLD 27 + / 1 &DUROLQD + / :DNH )RUHVW $ : 'XNH + / *HRUJLD 7HFK + : 0DU\ODQG $ / &OHPVRQ 1 / 'LDO &ODVVLF *DLQHVYLOOH )/ A7DOODKDVVHH 'HPRFUDW 6HPLQROH &ODVVLF 7DOODKDVVHH )/ $&& *DPH $&& 7RXUQDPHQW &KDUORWWH 1&

6XQ )XQ &ODVVLF 0LDPL )/ A7DOODKDVVHH 'HPRFUDW 6HPLQROH &ODVVLF 7DOODKDVVHH )/ $&& *DPH $&& 7RXUQDPHQW *UHHQVERUR 1&

$ODEDPD 6WDWHA + : *HRUJLD 6WDWHA + : )ORULGD $ / :ULJKW 6WDWH + : ,QGLDQD + : 6RXWK )ORULGD $ : $NURQ $ : -DFNVRQYLOOH $ : 1RUWKHUQ $UL]RQD $ / &RQQHFWLFXW + / :DNH )RUHVW $ : 8&) + : 1& 6WDWH + : 1 &DUROLQD + / 0DU\ODQG $ : *HRUJLD 7HFK + : 9LUJLQLD + : 'XNH $ / &OHPVRQ $ : : )RUHVW 27 + : 1& 6WDWH $ / 1 &DUROLQD $ / 0DU\ODQG + / *HRUJLD 7HFK $ / 9LUJLQLD $ / 'XNH + / &OHPVRQ + : *HRUJLD 7HFK 1 / )ORULGD ,QW·O + : $XEXUQ $ / A6HPLQROH &ODVVLF $** *DPH $&& 7RXUQDPHQW *UHHQVERUR 1& :1,7

£ ääÊ­£Ó £Ç]Ê{ £ÓÊ

®

7XOVD + : 6RXWK )ORULGD $ / 87 &KDWWDQRRJDA + / 2DNODQGA + : 0HUFHU $ : )ORULGD + / /R\ROD $ : &KLFDJR 6WDWH $ : 6W -RKQ·V 1 : )ORULGD ,QW·O $ : :DNH )RUHVW $ / 1& 6WDWH + / 9LUJLQLD + / 0DU\ODQG $ / *HRUJLD 7HFK + : 1RUWK &DUROLQD $ / 'XNH + / &OHPVRQ + / $XEXUQ + / :DNH )RUHVW + : 1& 6WDWH $ / 9LUJLQLD $ / 0DU\ODQG + : *HRUJLD 7HFK $ : 1 &DUROLQD + / 'XNH $ / &OHPVRQ $ / 0DU\ODQG 1 : 'XNH 1 /

ÓääÓ äÎÊ­£Ç £Î]Ên nÊ

®

Óää£ äÓÊÊ­£Î £x]Ê{ £ÓÊ

®

6DLQW 0DU\·V 1 : 'D\WRQ 1 : ( 7HQQ 6WDWHA + : 6DLQW -RVHSK·VA + : )ORULGD 27 + / $XVWLQ 3HD\ + : *HRUJLD 7HFK $ : -DFNVRQYLOOH + : 8&) + : $XEXUQ $ / ,QGLDQD $ : ,838, $ : &OHPVRQ $ / 1 &DUROLQD + / 0DU\ODQG $ / :DNH )RUHVW $ / 1& 6WDWH + : *HRUJLD 7HFK + / 9LUJLQLD $ / 'XNH + / &OHPVRQ + / 1 &DUROLQD $ / 0DU\ODQG + : :DNH )RUHVW + : 1& 6WDWH $ / 'XNH $ /

7" ½-Ê - /

ÓääÎ ä{Ê­£x £x]ÊÇ Ê

®

6DYDQQDK 6WDWH + : &RQQHFWLFXW $ / 8: 0LOZDXNHHA + : +DUYDUGA + : 8&) $ : )ORULGD + / 6RXWK )ORULGD + : 7&8 1 / )DLUOHLJK 'LFNLQVRQ 1 : /68 1 / 7UR\ 6WDWH + : *HRUJLD 7HFK $ / 'XNH $ / &OHPVRQ $ : 0DU\ODQG + : :DNH )RUHVW $ : 1& 6WDWH + / 9LUJLQLD 27 + / *HRUJLD 7HFK + / 1 &DUROLQD $ / 'XNH + : &OHPVRQ + : 0DU\ODQG $ /

£{Î


, ", -

9i>À LÞ 9i>ÀÊ,iÃÕ ÌÃ :DNH )RUHVW + : 1& 6WDWH $ / 9LUJLQLD $ : 1 &DUROLQD + / 0DU\ODQG 1 / 6RXWK $ODEDPD $ : 5LFKPRQG $ / A6HPLQROH &ODVVLF 0DOLEX %HDFK &ODVVLF 0DOLEX &$ 5XVVHOO $WKOHWLF 6KRRWRXW $WODQWD *$ $&& *DPH $&& 7RXUQDPHQW *UHHQVERUR 1& :1,7

Óää{ äxÊ­Ó{ n]Ê xÊ

®

;DYLHU + : )ORULGD $ : (DVWHUQ .HQWXFN\A + : 0LDPL 2+ A + : )ORULGD $ 0 + : 1HZ 2UOHDQV $ : )ORULGD $WODQWLF + : 87 $UOLQJWRQ + : )RUGKDP 1 : 7RZVRQ 1 : 81& &KDUORWWH 1 : /RXLVYLOOH 1 : 0RQWDQD $ / &ROJDWH + : *HRUJLD 7HFK + / 0LDPL + : &OHPVRQ $ : 0DU\ODQG 27 + : 1 &DUROLQD 27 + : 9D 7HFK 27 $ : 0LDPL $ / 9LUJLQLD + / /LSVFRPE $ : 'XNH $ / &OHPVRQ + : :DNH )RUHVW $ : 1& 6WDWH $ / 9D 7HFK 27 + : *HRUJLD 7HFK $ : 9LUJLQLD 27 1 / 5LFKPRQG 1 : &RQQHFWLFXW $ /

Óääx äÈÊ­Óä £ä]Ê£ä {Ê

®

*HRUJLD 6RXWKHUQ + : :DVKLQJWRQ + / )ORULGD + : : &DUROLQDA + : 0RQWDQDA + : 0LVVLVVLSSL 6WDWH + : 8&) + : 7XOVD $ / )ORULGD $WODQWLF $ : ;DYLHU $ / )RUGKDP $ : /LSVFRPE + : )ORULGD $ / 'XNH $ / 9LUJLQLD + : 0DU\ODQG $ / &OHPVRQ + : 1 &DUROLQD $ / 9LUJLQLD $ : *HRUJLD 7HFK $ : 1& 6WDWH + : 0LDPL $ : 9LUJLQLD 7HFK + / 0LDPL + : &OHPVRQ 27 $ : :DNH )RUHVW + : %RVWRQ &ROOHJH + : 1& 6WDWH 1 / /D 7HFK 1 : 6WDQIRUG 1 / A6HPLQROH &ODVVLF $&& *DPH $&& 7RXUQDPHQW *UHHQVERUR 1& 1&$$ 7RXUQDPHQW 'HQYHU &2

ÓääÈ äÇÊ­Ó{ £ä]Ê£ä {Ê

®

ÓääÇ änÊ­£ £{]ÊÇ ÇÊ

®

$&& *DPHV $&& 7RXUQDPHQW *UHHQVERUR 1 &

1&$$ 7RXUQDPHQW 3DOR $OWR &DOLI

1&$$ 6ZHHW )UHVQR &DOLI

$&& *DPHV $&& 7RXUQDPHQW *UHHQVERUR 1 &

1&$$ 7RXUQDPHQW 'HV 0RLQHV ,RZD

8$% + : )RUGKDP $ : 6 0LVVRXUL $ : 2DNODQG + : )ORULGD + : 7XOVD + : 0LVVLVVLSSL 6WDWH $ / )DLUÀ HOG 1 : (DVW &DUROLQD $ : 6WHWVRQ + : 8&) $ : :DVKLQJWRQ $ / 6DQ )UDQFLVFR $ / +LJK 3RLQW + : %RVWRQ &ROOHJH $ : 0LDPL + : 9LUJLQLD 7HFK $ : &OHPVRQ $ : *HRUJLD 1 / 'XNH + / 9LUJLQLD + : 0LDPL $ : 1& 6WDWH $ / *HRUJLD 7HFK + : 1 &DUROLQD + / 0DU\ODQG + / 9LUJLQLD $ : &OHPVRQ + : :DNH )RUHVW $ : :DNH )RUHVW 1 : 1& 6WDWH 1 / 2OG 'RPLQLRQ 1 : 6WDQIRUG $ : /68 1 /

A6HPLQROH &ODVVLF 6DQ -XDQ 6KRRWRXW 6DQ -XDQ 35 0RQWDQD ,QYLWDWLRQDO 0LVVRXOD 07 $&& *DPH $&& 7RXUQDPHQW *UHHQVERUR 1& 1&$$ 7RXUQDPHQW 6WRUUV &7

£{{

", Ê-/ / Ê1 6 ,- /9

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

),8 )XQ 6XQ &ODVVLF 0LDPL )OD


"**" /-

"«« i ÌÊ*À wÊ ià À `>Ê Õ vÊ >ÃÌ

i}iÊ vÊ >À iÃÌ

- ÕÌ i>ÃÌÊ ÃÃ ÕÀ Ê-Ì>Ìi

1RYHPEHU 7DOODKDVVHH )OD

1RYHPEHU 7DOODKDVVHH )OD

1RYHPEHU 7DOODKDVVHH )OD

48,&. )$&76 /RFDWLRQ )W 0\HUV )OD )RXQGHG 1LFNQDPH (DJOHV (QUROOPHQW &RORUV *UHHQ %OXH &RQIHUHQFH $WODQWLF 6XQ $UHQD &DSDFLW\ $OLFR $UHQD 3UHVV 5RZ 6HULHV ZLWK )68 )68 OHDGV VHULHV

48,&. )$&76 /RFDWLRQ &KDUOHVWRQ 6 & )RXQGHG 1LFNQDPH &RXJDUV (QUROOPHQW &RORUV 0DURRQ :KLWH &RQIHUHQFH 6RXWKHUQ $UHQD &DSDFLW\ -RKQ .UHVVH $UHQD 3UHVV 5RZ 6HULHV ZLWK )68 &ROOHJH RI &KDUOHVWRQ OHDGV

48,&. )$&76 /RFDWLRQ &DSH *LUDUGHDX 0R )RXQGHG 1LFNQDPH 5HG +DZNV (QUROOPHQW &RORUV 5HG %ODFN &RQIHUHQFH 2KLR 9DOOH\ $UHQD &DSDFLW\ 6KRZ 0H &HQWHU 3UHVV 5RZ 6HULHV ZLWK )68 )68 OHDGV VHULHV

%$6.(7%$// )$&76 +HDG &RDFK .DUO 6PHVNR .HQW 6WDWH ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 1DWKDQ 'DXPH (ULFND +DQH\

%$6.(7%$// )$&76 +HDG &RDFK 1DQF\ :LOVRQ &RNHU ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 7HPSOH (OPRUH -RVK .H\V

%$6.(7%$// )$&76 +HDG &RDFK -RKQ ,VKHH 6RXWKHUQ 0LVV ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV &KULV +DUULV (OL]DEHWK &DQVGDOH

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 0LNH +LOO (PDLO $GGUHVV PKLOO#IJFX HGX :HEVLWH ZZZ IJFXDWKOHWLFV FRP

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 6LPRQ :KLWDNHU (PDLO $GGUHVV ZKLWDNHUV#FRIF HGX &HOO 3KRQH ZZZ FRIFVSRUWV FRP :HEVLWH

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 3DWULFN &ODUN (PDLO $GGUHVV SDFODUN#VHPR HGX +RPH 3KRQH :HEVLWH ZZZ JRVRXWKHDVW FRP

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 7RQLD *HUW\ * SSJ 7RS 5HWXUQLQJ 5HERXQGHU 1LNNL :LOOLDPV ) USJ

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK VW 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 6DQ\D 'DXJKHUW\ * ) SSJ 7RS 5HWXUQLQJ 5HERXQGHU &U\VWD *OHQ ) USJ

À `>Ê

ÕÀÀ>ÞÊ-Ì>Ìi

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK QG 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU $GULDQQH 0F1DOO\ ) SSJ 7RS 5HWXQLQJ 5HERXQG $GULDQQH 0F1DOO\ ) USJ

ÀÌ Ê À `>

1RYHPEHU -DFNVRQYLOOH )OD

1RYHPEHU 7DOODKDVVHH )OD

1RYHPEHU )RUW &ROOLQV &ROR

48,&. )$&76 /RFDWLRQ -DFNVRQYLOOH )OD )RXQGHG 1LFNQDPH /DG\ 2VSUH\V (QUROOPHQW &RORUV 1DY\ %OXH *UD\ &RQIHUHQFH $WODQWLF 6XQ $UHQD &DSDFLW\ 81) $UHQD 3UHVV 5RZ 6HULHV ZLWK )68 )68 OHDGV VHULHV

48,&. )$&76 /RFDWLRQ *DLQHVYLOOH )OD )RXQGHG 1LFNQDPH *DWRUV (QUROOPHQW &RORUV 2UDQJH %OXH &RQIHUHQFH 6(& $UHQD &DSDFLW\ 6WHSKHQ & 2·&RQQHOO &HQWHU 3UHVV 5RZ 6HULHV ZLWK )68 8) /HDGV

48,&. )$&76 /RFDWLRQ 0XUUD\ .\ )RXQGHG 1LFNQDPH 5DFHUV (QUROOPHQW &RORUV 1DY\ *ROG &RQIHUHQFH 2KLR 9DOOH\ $UHQD &DSDFLW\ 5HJLRQDO 6SHFLDO (YHQWV &HQWHU 3UHVV 5RZ 6HULHV ZLWK )68 )LUVW 0HHWLQJ

%$6.(7%$// )$&76 +HDG &RDFK 0DU\ 7DSSPH\HU 1HZ <RUN &RUWODQG ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV -LP 6FKROOHU 3DXOD :LOOLDPV .HXQWD 0LOHV

%$6.(7%$// )$&76 +HDG &RDFK $PDQGD %XWOHU )ORULGD ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 6XVLH *DUGQHU %UHQGD 0RFN 'DYLG /RZHU\

%$6.(7%$// )$&76 +HDG &RDFK 5RE &URVV 5HFRUG DW 6FKRRO <HDUV )LUVW VHDVRQ &DUHHU 5HFRUG <HDUV )LUVW VHDVRQ 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV &DURO 'XQFDQ $VKOH\ %URRNH +D\HV 9LFWRULD -RQHV

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW $GDP -RQVRQ 1RUWKZHVWHUQ 6WDWH ·

(PDLO $GGUHVV DGDP MRQVRQ#XQI HGX &HOO 3KRQH :HEVLWH ZZZ 81)2VSUH\V FRP

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW .DWK\ &DID]]R (PDLO $GGUHVV .DWK\&#JDWRUV XDD XÁ HGX +RPH 3KRQH :HEVLWH ZZZ JDWRU]RQH FRP

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 7HUL /D-HXQHVVH (PDLO $GGUHVV WHUL ODMHXQHVVH#PXUUD\VWDWH HGX &HOO 3KRQH :HEVLWH ZZZ *R5DFHUV FRP

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU -HQQLIHU %RZHQ * SSJ 7RS 5HWXQLQJ 5HERXQG -HQQLIHU *XOGDJHU ) USJ

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 0DUVKDH 'RWVRQ ) SSJ 7RS 5HWXUQLQJ 5HERXQGHU 0DUVKDH 'RWVRQ ) USJ

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK 7 QG 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU $VKOH\ +D\HV * SSJ 7RS 5HWXUQLQJ 5HERXQGHU $VKOH\ +D\HV * USJ

7" ½-Ê - /

£{x


"**" /"«« i ÌÊ*À wÊ ià 6> «>À> Ã

*i Ê-Ì>Ìi

iÀViÀ

1RYHPEHU )RUW &ROOLQV &ROR

'HFHPEHU $&& %LJ &KDOOHQJH 7DOODKDVVHH )OD

'HFHPEHU 7DOODKDVVHH )OD

48,&. )$&76 /RFDWLRQ 9DOSDUDLVR ,QG )RXQGHG 1LFNQDPH &UXVDGHUV (QUROOPHQW &RORUV %URZQ *ROG &RQIHUHQFH +RUL]RQ /HDJXH $UHQD &DSDFLW\ $WKOHWLFV 5HFUHDWLRQ &HQWHU 3UHVV 5RZ 6HULHV ZLWK )68 )LUVW 0HHWLQJ

48,&. )$&76 /RFDWLRQ 8QLYHUVLW\ 3DUN 3D )RXQGHG 1LFNQDPH /DG\ /LRQV (QUROOPHQW &RORUV %OXH :KLWH &RQIHUHQFH %LJ 7HQ $UHQD &DSDFLW\ %U\FH -RUGDQ &HQWHU 3UHVV 5RZ 6HULHV ZLWK )68 3HQQ 6WDWH OHDGV

48,&. )$&76 /RFDWLRQ 0DFRQ *D )RXQGHG 1LFNQDPH %HDUV (QUROOPHQW &RORUV 2UDQJH %ODFN &RQIHUHQFH $WODQWLF 6XQ $UHQD &DSDFLW\ 8QLYHUVLW\ &HQWHU 3UHVV 5RZ 6HULHV ZLWK )68 0HUFHU OHDGV

%$6.(7%$// )$&76 +HDG &RDFK .HLWK )UHHPDQ 5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV *UHJ .LUE\ &KULVW\ 6PLWK $EE\ 6FKDUORZ

%$6.(7%$// )$&76 +HDG &RDFK &RTXHVH :DVKLQJWRQ 1RWUH 'DPH ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV $VVLVWDQW &RDFKHV ,WRUR &ROHPDQ .LD 'DPRQ 0DUHQ :DOVHWK

%$6.(7%$// )$&76 +HDG &RDFK -DQHOO -RQHV 2NODKRPD &KULVWLDQ

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV .HQQHWK &RRSHU )UHG &DVWR +HUPDQ %XUJH

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 5\DQ :URQNRZLF] (PDLO $GGUHVV 5\DQ :URQNRZLF]#YDOSR HGX &HOO 3KRQH :HEVLWH ZZZ YDOSR HGX DWKOHWLFV 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU $JQLHVND .XODJD * SSJ 7RS 5HWXUQLQJ 5HERXQGHU $JQLHVND .XODJD * USJ

À>` Ê-Ì>Ìi

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW .ULV 3HWHUVHQ (PDLO $GGUHVV NDS #SVX HGX :HEVLWH ZZZ JRSVXVSRUWV FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 7\UD *UDQW * SSJ 7RS 5HWXUQLQJ 5HERXQGHU .DPHO *LVVHQGDQQHU ) USJ

/i « i

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 7RP 0\ULFN (PDLO $GGUHVV P\ULFNBWH#PHUFHU HGX :HEVLWH ZZZ PHUFHUEHDUV FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK 7 WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU /D7R\D -DFNVRQ * SSJ 7RS 5HWXUQLQJ 5HERXQGHU .RXUWQH\ &DUWHU & USJ

iVÌ VÕÌ

1RYHPEHU )RUW &ROOLQV &ROR

'HFHPEHU 3KLODGHOSKLD 3D

'HFHPEHU &DQFXQ 0H[LFR

48,&. )$&76 /RFDWLRQ )RUW &ROOLQV &ROR )RXQGHG 1LFNQDPH 5DPV (QUROOPHQW &RORUV *UHHQ *ROG &RQIHUHQFH 0RXQWDLQ :HVW $UHQD &DSDFLW\ 0RE\ $UHQD 3UHVV 5RZ 6HULHV ZLWK )68 )68 OHDGV

48,&. )$&76 /RFDWLRQ 3KLODGHOSKLD 3D )RXQGHG 1LFNQDPH 2ZOV (QUROOPHQW &RORUV &KHUU\ :KLWH &RQIHUHQFH $WODQWLF 7HQ $UHQD &DSDFLW\ /LDFRXUDV &HQWHU 3UHVV 5RZ 6HULHV ZLWK )68 6HULHV WLHG

48,&. )$&76 /RFDWLRQ 6WRUUV &RQQ )RXQGHG 1LFNQDPH +XVNLHV (QUROOPHQW &RORUV 1DY\ %OXH %OXH &RQIHUHQFH %LJ (DVW $UHQD &DSDFLW\ *DPSHO 3DYLOLRQ 3UHVV 5RZ 6HULHV ZLWK )68 8&RQQ OHDGV

%$6.(7%$// )$&76 +HDG &RDFK .ULVWHQ +ROW 2KLR ·

5HFRUG DW 6FKRRO <HDUV )LUVW 6HDVRQ &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 'LFN /HLQ -HQQ %UDGOH\ 7LD 'DYLV

%$6.(7%$// )$&76 +HDG &RDFK 7RQ\D &DUGR]D 9LUJLQLD ·

5HFRUG DW 6FKRRO <HDUV )LUVW \HDU &DUHHU 5HFRUG <HDUV )LUVW \HDU $VVLVWDQW &RDFKHV :D\QHWWD 9HQH\ 'DQ 'XUNLQ %ULWWDQ\ +XQWHU

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 'DQQ\ 0DWWLH (PDLO $GGUHVV ' 0DWWLH#FRORVWDWH HGX &HOO 3KRQH :HEVLWH &685DPV FRP

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW $LPHH &LFHUR (PDLO $GGUHVV DFLFHUR#WHPSOH HGX :HEVLWH ZZZ RZOVSRUWV FRP

%$6.(7%$// )$&76 +HDG &RDFK *HQR $XULHPPD :HVW &KHVWHU ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV &KULV 'DLOH\ -DPHOOH (OOLRWW 6KHD 5DOSK

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU -XDQLVH &RUQHOO ) SSJ 7RS 5HWXUQLQJ 5HERXQGHU -XDQLVH &RUQHOO ) USJ

£{È

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK VW 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU $VKOH\ 0RUULV * SSJ 7RS 5HWXUQLQJ 5HERXQGHU /DG\ &RPIRUW & USJ

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 5DQG\ 3UHVV (PDLO $GGUHVV UDQG\ SUHVV#XFRQQ HGX &HOO 3KRQH :HEVLWH ZZZ 8&RQQ+XVNLHV FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK VW 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 0D\D 0RRUH ) SSJ 7RS 5HWXUQLQJ 5HERXQGHU 7LQD &KDUOHV & USJ

", Ê-/ / Ê1 6 ,- /9


"**" /-

"«« i ÌÊ*À wÊ ià 7>à }Ì

-1

/iÝ>ÃÊ E

'HFHPEHU &DQFXQ 0H[LFR

'HFHPEHU %DWRQ 5RXJH /D

-DQXDU\ 7DOODKDVVHH )OD

48,&. )$&76 /RFDWLRQ 6HDWWOH :DVK )RXQGHG 1LFNQDPH +XVNLHV (QUROOPHQW &RORUV 3XUSOH *ROG &RQIHUHQFH 3DF $UHQD &DSDFLW\ %DQN RI $PHULFD DW +HF (GPXQGVRQ 3DYLOLRQ 3UHVV 5RZ 6HULHV ZLWK )68 :DVKLQJWRQ OHDGV

48,&. )$&76 /RFDWLRQ %DWRQ 5RXJH /D )RXQGHG 1LFNQDPH /DG\ 7LJHUV (QUROOPHQW &RORUV 3XUSOH *ROG &RQIHUHQFH 6(& $UHQD &DSDFLW\ 3HWH 0DUDYLFK $VVHPEO\ &HQWHU 3UHVV 5RZ 6HULHV ZLWK )68 /68 /HDGV

48,&. )$&76 /RFDWLRQ &ROOHJH 6WDWLRQ 7H[DV )RXQGHG 1LFNQDPH $JJLHV (QUROOPHQW &RORUV 0DURRQ :KLWH &RQIHUHQFH %LJ $UHQD &DSDFLW\ 5HHG $UHQD 3UHVV 5RZ 6HULHV ZLWK )68 7H[DV $ 0 OHDGV

%$6.(7%$// )$&76 +HDG &RDFK 9DQ &KDQFHOORU 0LVVLVVLSSL 6WDWH ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV %RE 6WDUNH\ 7UDYLV 0D\V .HQ\D /DUNLQ /DQGHUV

%$6.(7%$// )$&76 +HDG &RDFK *DU\ %ODLU 7H[DV 7HFK ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 9LF 6FKDHIHU .HOO\ %RQG -RKQQLH +DUULV

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW %LOO 0DUWLQ (PDLO $GGUHVV ZPDUWL #OVX HGX +RPH 3KRQH :HEVLWH ZZZ /68VSRUWV QHW

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 0DUOHQH 1DYRU (PDLO $GGUHVV PQDYRU#DWKOHWLFV WDPX HGX +RPH 3KRQH :HEVLWH ZZZ DJJLHDWKOHWLFV FRP

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK VW 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU $OOLVRQ +LJKWRZHU * SSJ 7RS 5HWXUQLQJ 5HERXQGHU .ULVWHQ 0RUULV ) USJ

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK 7 UG 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 7DNLD 6WDUNV * SSJ 7RS 5HWXUQLQJ 5HERXQGHU 'DQLHOOH *DQW * ) USJ

i ÌÀ> Ê À `>

6 À} >Ê/iV

%$6.(7%$// )$&76 +HDG &RDFK 7LD -DFNVRQ ,RZD ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV )UHG $SSOLQ /RUHH 3D\QH -XG\ 6SRHOVWUD 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW (ULQ 5RZOH\ (PDLO $GGUHVV HURZOH\#X ZDVKLQJWRQ HGX &HOO 3KRQH :HEVLWH ZZZ JRKXVNLHV FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 6DPL :KLWFRPE * SSJ 7RS 5HWXUQLQJ 5HERXQGHU 6DPL :KLWFRPE * USJ

ÀÌ iÀ Ê À>`

'HFHPEHU &DQFXQ 0H[LFR

'HFHPEHU 7DOODKDVVHH )OD

-DQXDU\ %ODFNVEXUJ 9D

48,&. )$&76 /RFDWLRQ *UHHOH\ &ROR )RXQGHG 1LFNQDPH %HDUV (QUROOPHQW &RORUV %OXH *ROG &RQIHUHQFH %LJ 6N\ $UHQD &DSDFLW\ %XWOHU +DQFRFN 6SRUWV 3DYLOLRQ 3UHVV 5RZ 6HULHV ZLWK )68 )LUVW 0HHWLQJ

48,&. )$&76 /RFDWLRQ 2UODQGR )OD )RXQGHG 1LFNQDPH *ROGHQ .QLJKWV (QUROOPHQW &RORUV %ODFN *ROG &RQIHUHQFH &RQIHUHQFH 86$ $UHQD &DSDFLW\ 8&) $UHQD 3UHVV 5RZ 1 $ 6HULHV ZLWK )68 )68 OHDGV VHULHV

48,&. )$&76 /RFDWLRQ %ODFNVEXUJ 9D )RXQGHG 1LFNQDPH +RNLHV (QUROOPHQW &RORUV 0DURRQ 2UDQJH &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ &DVVHOO &ROLVHXP 3UHVV 5RZ 6HULHV ZLWK )68 )68 /HDGV

%$6.(7%$// )$&76 +HDG &RDFK $OPD 0DWHU -DLPH :KLWH 6RXWKHUQ 8WDK ¶

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 3DLJH 6DXHU 5\DQ -RKQVRQ .ULVWD 9DQ +DXHQ

%$6.(7%$// )$&76 +HDG &RDFK -RL :LOOLDPV 86) ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV *UHJ %URZQ 5RQDOG +XJKH\ &RXUWQH\ /RFNH

%$6.(7%$// )$&76 +HDG &RDFK %HWK 'XQNHQEHUJHU 5DQGROSK 0DFRQ ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 6KHOOLH *UHHQPDQ 6WDF\ &DQWOH\ $QJHOD &URVE\

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW $QGUHZ *DYLQ (PDLO $GGUHVV DJDYLQ#DWKOHWLFV XFI HGX +RPH 3KRQH :HEVLWH ZZZ 8&)$WKOHWLFV FRP

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 7R\UH +XUVW (PDLO $GGUHVV WRKXUVW#YW HGX +RPH 3KRQH :HEVLWH ZZZ KRNLHVSRUWV FRP

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK 7 WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU (PPD &DQQRQ ) SSJ 7RS 5HWXUQLQJ 5HERXQGHU (PPD &DQQRQ ) USJ

7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK 7 WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU $QGUHD %DUERXU * SSJ 7RS 5HWXUQLQJ 5HERXGQHU %ULWWDQ\ &RRN * USJ

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW +HDWKHU .HQQHG\ (PDLO $GGUHVV KHDWKHU NHQQHG\#XQFR HGX &HOO 3KRQH :HEVLWH ZZZ XQFEHDUV FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU :KLWOH\ &R[ * SSJ 7RS 5HWXUQLQJ 5HERXQGHU -DPLH 6FKURGHU * USJ

7" ½-Ê - /

£{Ç


"**" /"«« i ÌÊ*À wÊ iÃ

i Ã

i À} >Ê/iV

-DQXDU\ 7DOODKDVVHH )OD )HEUXDU\ &OHPVRQ 6 & 48,&. )$&76 /RFDWLRQ &OHPVRQ 6 & )RXQGHG 1LFNQDPH 7LJHUV (QUROOPHQW &RORUV 2UDQJH 3XUSOH &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ /LWWOHMRKQ &ROLVHXP 3UHVV 5RZ 6HULHV ZLWK )68 &OHPVRQ OHDGV %$6.(7%$// )$&76 +HDG &RDFK &KULVW\ 0F.LQQH\ 1 & 6WDWH ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV $ * +DOO 7RGG 6WHHOPDQ 6DXGLD 5RXQGWUHH 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW &KULVWLQH /RQJ (PDLO $GGUHVV ORQJF#FOHPVRQ HGX +RPH 3KRQH :HEVLWH ZZZ FOHPVRQWLJHUV FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU /HOH +DUG\ ) SSJ 7RS 5HWXUQLQJ 5HERXGQHU /HOH +DUG\ ) USJ

Ê-Ì>Ìi

-DQXDU\ 5DOHLJK 1 &

%$6.(7%$// )$&76 +HDG &RDFK .D\ <RZ (DVW &DUROLQD ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 6WHSKDQLH *ODQFH -HQQ\ 3DOPDWHHU 7UHQD 7ULFH +LOO 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 0DUN .LPPHO (PDLO $GGUHVV PDUNBNLPPHO#QFVX HGX +RPH 3KRQH :HEVLWH ZZZ *R3DFN FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 6KD\OD )LHOGV * SSJ 7RS 5HWXUQLQJ 5HERXGQHU /XF\ (OOLVRQ ) USJ

£{n

-DQXDU\ $WODQWD *D

-DQXDU\ 7DOODKDVVHH )OD

48,&. )$&76 /RFDWLRQ $WODQWD *D )RXQGHG 1LFNQDPH <HOORZ -DFNHWV (QUROOPHQW &RORUV 2OG *ROG :KLWH &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ $OH[DQGHU 0HPRULDO &ROLVHXP

3UHVV 5RZ 6HULHV :LWK )68 *HRUJLD 7HFK OHDGV

48,&. )$&76 /RFDWLRQ 'XUKDP 1 & )RXQGHG 1LFNQDPH %OXH 'HYLOV (QUROOPHQW &RORUV %OXH :KLWH &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ &DPHURQ ,QGRRU 6WDGLXP 3UHVV 5RZ 6HULHV :LWK )68 'XNH OHDGV

%$6.(7%$// )$&76 +HDG &RDFK 0D&KHOOH -RVHSK 3XUGXH ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG <HDUV 6DPH 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 6\WLD 0HVVHU 7HUL 0RUHQ *HQH +LOO

%$6.(7%$// )$&76 +HDG &RDFK -RDQQH 3 0F&DOOLH 1RUWKZHVWHUQ ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV $O %URZQ 6KDQQRQ 3HUU\ 6DPDQWKD :LOOLDPV

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 'DQ *ROGEHUJHU (PDLO $GGUHVV GJROGEHUJHU#DWKOHWLFV JDWHFK HGX +RPH 3KRQH :HEVLWH ZZZ ZUDPEOLQZUHFN FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU $OH[ 0RQWJRPHU\ * ) SSJ 7RS 5HWXUQLQJ 5HERXGQHU $OH[ 0RQWJRPHU\ * ) USJ

6 À} >

48,&. )$&76 /RFDWLRQ 5DOHLJK 1 & )RXQGHG 1LFNQDPH :ROISDFN (QUROOPHQW &RORUV 5HG :KLWH &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ 5H\QROGV &ROLVHXP 3UHVV 5RZ 6HULHV ZLWK )68 1& 6WDWH OHDGV

Õ i

-DQXDU\ &KDUORWWHVYLOOH 9D )HEUXDU\ 7DOODKDVVHH )OD 48,&. )$&76 /RFDWLRQ &KDUORWWHVYLOOH 9D )RXQGHG 1LFNQDPH &DYDOLHUV (QUROOPHQW &RORUV 1DY\ 2UDQJH &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ -RKQ 3DXO -RQHV $UHQD 3UHVV 5RZ 6HULHV :LWK )68 89$ OHDGV %$6.(7%$// )$&76 +HDG &RDFK 'HEELH 5\DQ 8UVLQXV ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV -HII +RXVH &XUWLV /OR\G $QJHO (OGHUNLQ 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW $P\ 0XOOLJDQ (PDLO $GGUHVV DPXOOLJDQ#YLUJLQLD HGX +RPH 3KRQH :HEVLWH ZZZ YLUJLQLD HGX 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 0RQLFD :ULJKW * SSJ 7RS 5HWXUQLQJ 5HERXQGHU $LVKD 0RKDPPHG & USJ

632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW /LQG\ %URZQ (PDLO $GGUHVV OEURZQ#GXDD GXNH HGX +RPH 3KRQH :HEVLWH ZZZ *R'XNH FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK UG 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU &KDQWH %ODFN * SSJ 7RS 5HWXUQLQJ 5HERXQGHU &KDQWH %ODFN * USJ

>ÀÞ > `

)HEUXDU\ &ROOHJH 3DUN 0G 48,&. )$&76 /RFDWLRQ &ROOHJH 3DUN 0G )RXQGHG 1LFNQDPH 7HUUDSLQV (QUROOPHQW &RORUV 5HG :KLWH %ODFN *ROG &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ &RPFDVW &HQWHU 3UHVV 5RZ 6HULHV :LWK )68 0DU\ODQG OHDGV %$6.(7%$// )$&76 +HDG &RDFK %UHQGD )UHVH $UL]RQD ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV (ULFD )OR\G 'DURQ 3DUN 7LQD /DQJOH\ 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 1DWDOLD &LFFRQH (PDLO $GGUHVV QFLFFRQH#XPG HGX +RPH 3KRQH :HEVLWH ZZZ *R'XNH FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK QG 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU &U\VWDO /DQJKRUQH & ) SSJ 7RS 5HWXUQLQJ 5HERXQGHU &U\VWDO /DQJKRUQH & ) USJ

", Ê-/ / Ê1 6 ,- /9


"**" /-

Ê"vwÊViÉ/À>Ûi Ê i>`µÕ>ÀÌiÀÃ ÃÌ Ê i}i

)HEUXDU\ %RVWRQ 0DVV 48,&. )$&76 /RFDWLRQ %RVWRQ 0DVV )RXQGHG 1LFNQDPH (DJOHV (QUROOPHQW &RORUV 0DURRQ *ROG &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ 6LOYLR 2 &RQWH )RUXP 3UHVV 5RZ 6HULHV :LWK )68 )68 OHDGV %$6.(7%$// )$&76 +HDG &RDFK 6\OYLD &UDZOH\ 81& ·

5HFRUG DW 6FKRRO <HDUV )LUVW 6HDVRQ &DUHHU 5HFRUG 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 6WHSKDQLH /DZUHQFH <HOWRQ *UHJ /DQLHU $QJHOLWD )RUWH· 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 6WHSKDQLH 7XQQHUD (PDLO $GGUHVV WXQQHUD#EF HGX +RPH 3KRQH :HEVLWH ZZZ %&(DJOHV FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK 7 WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 6WHSKDQLH 0XUSK\ ) & SSJ 7RS 5HWXUQLQJ 5HERXQGHU 6WHSKDQLH 0XUSK\ ) & USJ

ÀÌ Ê >À >

>

)HEUXDU\ &RUDO *DEOHV )OD )HEUXDU\ 7DOODKDVVHH )OD 48,&. )$&76 /RFDWLRQ &RUDO *DEOHV )OD )RXQGHG 1LFNQDPH +XUULFDQHV (QUROOPHQW &RORUV 2UDQJH *UHHQ :KLWH &RQIHUHQFH $&& $UHQD &DSDFLW\ %DQN8QLWHG &HQWHU 3UHVV 5RZ 6HULHV :LWK )68 )68 OHDGV %$6.(7%$// )$&76 +HDG &RDFK .DWLH 0HLHU 'XNH ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 'DUULFN *LEEV /RQQHWWH +DOO &DURO\Q .LHJHU 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW 6FRWW =DYLW] (PDLO $GGUHVV V]DYLW]#PLDPL HGX +RPH 3KRQH 1 $ :HEVLWH ZZZ +XUULFDQH6SRUWV FRP 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU /D7R\D &XQQLQJKDP * SSJ 7RS 5HWXUQLQJ 5HERXQGHU /DPHVH -DPHV * ) USJ

)HEUXDU\ 7DOODKDVVHH )OD 48,&. )$&76 /RFDWLRQ &KDSHO +LOO 1 & )RXQGHG 1LFNQDPH 7DU +HHOV (QUROOPHQW &RORUV &DUROLQD %OXH :KLWH &RQIHUHQFH $WODQWLF &RDVW $UHQD &DSDFLW\ 'HDQ ( 6PLWK &HQWHU 3UHVV 5RZ 6HULHV :LWK )68 81& OHDGV %$6.(7%$// )$&76 +HDG &RDFK 6\OYLD +DWFKHOO 5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV $QGUHZ &DOGHU 7UDFH\ :LOOLDPV -RKQVRQ &KDUORWWH 6PLWK 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW %REE\ +XQGOH\ +RPH 3KRQH (PDLO $GGUHVV EKXQGOH\#XQFDD XQF HGX 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK VW 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU 5DVKDQGD 0F&DQWV * ) SSJ 7RS 5HWXUQLQJ 5HERXQGHU -HVVLHFD %UHODQG ) USJ

7> iÊ ÀiÃÌ Óään ä Ê/À>Ûi Ê i>`µÕ>ÀÌiÀÃ

0DUFK :LQVWRQ 6DOHP 1 & 48,&. )$&76 /RFDWLRQ :LQVWRQ 6DOHP 1 & )RXQGHG 1LFNQDPH 'HPRQ 'HDFRQV (QUROOPHQW &RORUV 2OG *ROG %ODFN &RQIHUHQFH $WODQWLF &DRVW $UHQD &DSDFLW\ /DZUHQFH -RHO &ROLVHXP 3UHVV 5RZ 6HULHV :LWK )68 )68 OHDGV %$6.(7%$// )$&76 +HDG &RDFK 0LNH 3HWHUVRQ 1RUWKZHVW &KULVWLDQ ·

5HFRUG DW 6FKRRO <HDUV &DUHHU 5HFRUG 2IÀ FH 3KRQH $VVLVWDQW &RDFKHV 1DWDVKD $GDLU $P\ :DXJK %RE &ODUN 632576 ,1)250$7,21 2IÀ FH 3KRQH )D[ 1XPEHU %DVNHWEDOO &RQWDFW .DW\ +DPOHWW +RPH 3KRQH (PDLO $GGUHVV KDPOHWNG#ZIX HGX 7($0 ,1)250$7,21 5HFRUG &RQIHUHQFH 5HFRUG )LQLVK 7 WK 6WDUWHUV 5HWXUQLQJ /RVW /HWWHUZLQQHUV 5HWXUQLQJ /RVW 7RS 5HWXUQLQJ 6FRUHU &RULQQH *URYHV ) SSJ 7RS 5HWXUQLQJ 5HERXQGHU &RULQQH *URYHV ) USJ

#1257+ )/25,'$ 1RYHPEHU -DFNVRQYLOOH 0DUULRWW 6DOLVEXU\ 5RDG -DFNVRQYLOOH )/

# 9,5*,1,$ -DQXDU\ %RDU·V +HDG ,QQ (GQDP 'ULYH &KDUORWWHVYLOOH 9$

#&2/25$'2 67$7( 72851$0(17 1RYHPEHU 0DUULRWW )RUW &ROOLQV (DVW +RUVHWRRWK 5RDG )RUW &ROOLQV &2

# %26721 &2//(*( )HEUXDU\ 1HZWRQ 0DUULRWW &RPPRQZHDOWK $YHQXH 1HZWRQ 0$

#7(03/( 'HFHPEHU 7%'

#0,$0, )HEUXDU\ 0LDPL 'DGHODQG 0DUULRWW 6 'DGHODQG %RXOHYDUG 0LDPL )ORULGD 86$

#&$1&81 &$5,%%($1 &/$66,& 'HFHPEHU 0RRQ 3DODFH 5HVRUW &DQF~Q 0H[LFR #/68 'HFHPEHU +LOWRQ %DWRQ 5RXJH /DID\HWWH 6WUHHW %DWRQ 5RXJH /$ # 9,5*,1,$ 7(&+ -DQXDU\ ,QQ # 9LUJLQLD 7HFK 3ULFH·V )RUN 5RDG %ODFNVEXUJ 9$ # 1257+ &$52/,1$ 67$7( -DQXDU\ 0DUULRWW &UDEWUHH 9DOOH\ 0DUULRWW 'ULYH 5DOHLJK 1&

7" ½-Ê - /

# &/(0621 )HEUXDU\ -DPHV 0DUWLQ ,QQ 0DGUHQ &HQWHU 'U &OHPVRQ 6& #:$.( )25(67 0DUFK :LQVWRQ 6DOHP 0DUULRWW 1 &KHUU\ 6WUHHW :LQVWRQ 6DOHP 1& $&& 72851$0(17 0DUFK 2·+HQU\ +RWHO *UHHQ 9DOOH\ 5RDG *UHHQVERUR 1&

£{


/ Ê

Ê « Ã ÌiÊ-V i`Õ i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À QDOV 7%' 7KXUVGD\ 1RYHPEHU &ROOHJH RI &KDUOHVWRQ DW )ORULGD 6WDWH S +RIVWUD DW %RVWRQ &ROOHJH S -DPHV 0DGLVRQ DW 0DU\ODQG S 1RUWK &DUROLQD &HQWUDO DW 9LUJLQLD 7HFK S 1RUWK &DUROLQD :1,7 6HPLÀ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

£xä

:HGQHVGD\ 1RYHPEHU :DNH )RUHVW DW &KDUORWWH 1RRQ *HRUJLD 6WDWH DW *HRUJLD 7HFK S 0DU\ODQG YV 6RXWK 'DNRWD 6WDWH 7%$

6DWXUGD\ 'HFHPEHU %LQJKDPWRQ DW 0LDPL S *HRUJLD 7HFK DW 2UHJRQ 7%$ &RDVWDO &DUROLQD DW 1RUWK &DUROLQD 1RRQ

7KXUVGD\ 1RYHPEHU %RVWRQ &ROOHJH YV 7&8 7%$ 0DU\ODQG YV 0RQWDQD 7%$

6XQGD\ 'HFHPEHU 0HUFHU DW )ORULGD 6WDWH S 0LVVLVVLSSL DW 1& 6WDWH S )ORULGD ,QWHUQDWLRQDO DW %RVWRQ &ROOHJH S -DPHV 0DGLVRQ DW 9LUJLQLD 7HFK S

)ULGD\ 1RYHPEHU &OHPVRQ YV .HQW 6WDWH S 9LUJLQLD 7HFK YV 6W -RVHSK·V S &KLFDJR 6WDWH 6DQWD &ODUD $3 DW 0LDPL S 1& 6WDWH DW )ORULGD ,QWHUQDWLRQDO S 9LUJLQLD YV 8WDK S 'XNH DW :HVWHUQ .HQWXFN\ S )ORULGD 6WDWH YV 0XUUD\ 6WDWH S 1RUWK &DUROLQD DW 3DFLÀ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

0RQGD\ 'HFHPEHU 3UHVE\WHULDQ DW :DNH )RUHVW D &KDWWDQRRJD DW &OHPVRQ S $UNDQVDV 3LQH %OXII DW 1RUWK &DUROLQD S 7XHVGD\ 'HFHPEHU 6WDQIRUG DW 'XNH (631 S 7KXUVGD\ 'HFHPEHU *HRUJLD 7HFK YV :LQWKURS S 0RQPRXWK DW 9LUJLQLD S 0LDPL DW 8&) S )ORULGD 6WDWH DW &DQFXQ 7%$ )ULGD\ 'HFHPEHU 9LUJLQLD 7HFK YV ,838, S :DNH )RUHVW DW 8&) S 'XNH YV 6LHQD S )ORULGD 6WDWH DW &DQFXQ 7%$ 6DWXUGD\ 'HFHPEHU 1RUWK &DUROLQD YV ,OOLQRLV S 9LUJLQLD 7HFK YV -DFNVRQYLOOH 608 S 'XNH DW 6RXWKHUQ &DO S *HRUJLD 7HFK YV 0HPSKLV 87 $UOLQJWRQ 7%$ %RVWRQ &ROOHJH YV +RXVWRQ S 1& 6WDWH DW 6HWRQ +DOO S 6XQGD\ 'HFHPEHU :DNH )RUHVW YV 0LVVLVVLSSL 1RRQ 0RXQW 6W 0DU\·V DW 9LUJLQLD S 0DU\ODQG DW 2OG 'RPLQLRQ S *UDPEOLQJ 6WDWH DW 0LDPL S %RVWRQ &ROOHJH DW YV 6W -RKQ·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À HOG :DJQHU S %URZQ 'XTXHVQH $XEXUQ DW 0LDPL S )ORULGD $ 0 DW *HRUJLD 7HFK S /LEHUW\ 1& $ 7 DW 9LUJLQLD 7HFK S

", Ê-/ / Ê1 6 ,- /9


Ê « Ã ÌiÊ-V i`Õ i :HGQHVGD\ 'HFHPEHU 'XNH DW 3URYLGHQFH &ROOHJH S *HRUJHWRZQ DW 1& 6WDWH S 8&) DW )ORULGD 6WDWH S

7KXUVGD\ -DQXDU\ 1RUWK &DUROLQD DW *HRUJLD 7HFK S 1& 6WDWH DW 0LDPL S

7KXUVGD\ -DQXDU\ 81& :LOPLQJWRQ DW :DNH )RUHVW 7%$

)ULGD\ -DQXDU\ &OHPVRQ DW %RVWRQ &ROOHJH S )ORULGD 6WDWH DW 9LUJLQLD 561 S

)ULGD\ -DQXDU\ &KDUORWWH DW &OHPVRQ S &RUQHOO DW 0LDPL S *HRUJLD DW 9LUJLQLD S

6XQGD\ -DQXDU\ *HRUJLD 7HFK DW 'XNH 561 S /RQJZRRG DW 9LUJLQLD 7HFK S 1RUWK &DUROLQD DW 0DU\ODQG (631 S

6DWXUGD\ -DQXDU\ 0DU\ODQG DW 5LFKPRQG S

0RQGD\ -DQXDU\ 1& 6WDWH DW :DNH )RUHVW 561 S 9LUJLQLD DW &OHPVRQ S

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

7XHVGD\ -DQXDU\ &KDUOHVWRQ 6RXWKHUQ DW &OHPVRQ S

7KXUVGD\ )HEUXDU\ 0LDPL DW 9LUJLQLD 7HFK S 9LUJLQLD DW 0DU\ODQG S

:HGQHVGD\ -DQXDU\ 9LUJLQLD DW 9LUJLQLD 7HFK S 1HZ -HUVH\ ,7 DW %RVWRQ &ROOHJH S

)ULGD\ )HEUXDU\ 1RUWK &DUROLQD DW )ORULGD 6WDWH 561 S &OHPVRQ DW 'XNH 561 S

7" ½-Ê - /

/ Ê

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

Ê/ ÕÀ > i ÌÊ ­ Àii ÃL À Ê ÃiÕ ® 7KXUVGD\ 0DUFK *DPH YV 561 79 D *DPH YV 561 79 S *DPH YV $&& 6HOHFW S *DPH YV $&& 6HOHFW S )ULGD\ 0DUFK *DPH YV *P ZLQ 561 79 D *DPH YV *P ZLQ 561 79 S *DPH YV *P ZLQ $&& 6HOHFW S *DPH YV *P ZLQ $&& 6HOHFW S 6DWXUGD\ 0DUFK *DPH $&& 6HPLÀ QDO )61 S *DPH $&& 6HPLÀ QDO )61 S 6XQGD\ 0DUFK *DPH &KDPSLRQVKLS *DPH )61 S 6XQGD\ 0DUFK 6RXWK 'DNRWD DW 1RUWK &DUROLQD S

£x£


/ Ê

/ ÃÊ ÃÊÌ iÊ

/ iÊ/À>` Ì

&RQVLVWHQF\ ,W LV WKH PDUN RI WUXH H[FHOOHQFH LQ DQ\ HQGHDYRU +RZHYHU LQ WRGD\·V LQWHUFROOHJLDWH DWKOHWLFV FRPSHWLWLRQ KDV EHFRPH VR EDODQFHG DQG VR FRPSHWL WLYH WKDW LW LV YLUWXDOO\ LPSRVVLEOH WR PDLQWDLQ D KLJK OHYHO RI FRQVLVWHQF\ <HW WKH $WODQWLF &RDVW &RQIHUHQFH KDV GHÀ HG WKH RGGV 1RZ LQ LWV WK \HDU RI FRPSHWLWLRQ WKH $&& KDV ORQJ HQMR\HG WKH UHSXWDWLRQ DV RQH RI WKH VWURQJHVW DQG PRVW FRPSHWLWLYH LQWHUFROOHJLDWH FRQIHUHQFHV LQ WKH QDWLRQ $QG WKDW LV QRW PHUH FRQMHFWXUH WKH QXPEHUV VXSSRUW LW 6LQFH WKH OHDJXH·V LQFHSWLRQ LQ $&& VFKRROV KDYH FDSWXUHG QDWLRQDO FKDPSLRQVKLSV LQFOXGLQJ LQ ZRPHQ·V FRPSHWLWLRQ DQG LQ PHQ·V ,Q DGGLWLRQ 1&$$ LQGLYLGXDO WLWOHV KDYH JRQH WR $&& VWXGHQW DWKOHWHV WLPHV LQ PHQ·V FRPSHWLWLRQ DQG WLPHV LQ ZRPHQ·V DFWLRQ 6LQFH ZKHQ WKH OHDJXH DGRSWHG ZRPHQ·V EDVNHWEDOO DQG D WUDGLWLRQ RI H[FHOOHQFH ZDV HV WDEOLVKHG WKH $&& KDV FRQWLQXHG WR VRDU WR QHZ KHLJKWV 7KH VHDVRQ PDUNHG WKH À UVW WLPH LQ 1&$$ KLVWRU\ WKDW D FRQIHUHQFH VHQW WKUHH WHDPV WR WKH VDPH )LQDO )RXU 7KH WLWOH JDPH SLWWHG DQ DXWRPDWLF $&& ZLQQHU DV VHFRQG VHHGHG 0DU\ODQG IDFHG 1R VHHG 'XNH 7KH 7HUUDSLQV FODLPHG WKHLU À UVW QDWLRQDO WLWOH LQ VFKRRO KLVWRU\ DQG WKH OHDJXH·V VHFRQG ZLWK D WKULOOLQJ RYHUWLPH JDPH DW WKH 7' %DQNQRUWK *DUGHQ LQ %RVWRQ 0DVV RQ $SULO )ROORZLQJ WKH VHDVRQ 'XNH EHFDPH WKH À UVW $&& WHDP DQG RQO\ WKH WK LQ 1&$$ KLV WRU\ WR À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·V 1,7 PDUNLQJ WKH À UVW HYHU DSSHDUDQFH IRU WKH (DJOHV DQG WKH :ROISDFN·V À UVW VLQFH 1& 6WDWH DGYDQFHG WR WKH VHPLÀ QDOV JLYLQJ WKH VTXDG ZLQV IRU WKH VHDVRQ WKHLU WKLUG SOXV ZLQ WDOO\ LQ WKH SDVW IRXU \HDUV )RU WKH WKLUG FRQVHFXWLYH \HDU D SDLU RI $&& WHDPV HDUQHG WZR RI WKH 1R VHHGV WR WKH 1&$$ 7RXUQDPHQW 1RUWK &DUROLQD ZKLFK SLFNHG XS WKH VFKRRO·V IRXUWK FRQVHFXWLYH $&& 7RXUQDPHQW FURZQ À QLVKHG DQG HDUQHG D 1R VORW IRU WKH IRXUWK FRQVHFXWLYH \HDU ZKLOH 0DU\ODQG ZKLFK FRQFOXGHG WKH VHDVRQ RYHUDOO DQG ZDV LQ &ROOHJH 3DUN 0G HDUQHG DQRWKHU WRS VHHG LQ WKH 1&$$ SRVWVHDVRQ WRXUQH\ 2YHU WKH \HDUV $&& ZRPHQ·V EDVNHWEDOO WHDPV KDYH JDLQHG JOREDO UHFRJQLWLRQ WKURXJK WKHLU WHOHYLVLRQ H[SRVXUH 7KH VFKHGXOH IHDWXUHG WHOHYLVHG JDPHV DQG LQFOXGHG WHOHYLVLRQ DS SHDUDQFHV ,Q DGGLWLRQ WKH $&& EURDGFDVWHG QLQH JDPHV RQ (631 DQG VHYHQ RQ )R[ 6SRUWV 1HW DQG DIÀ OLDWHV 7ZHQW\ VHYHQ PDWFK XSV ZHUH IHDWXUHG RQ WKH OHDJXH·V UHJLRQDO VSRUWV QHWZRUN ZKLFK LQFOXGHV &RPFDVW 6SRUWV1HW )R[ 6SRWV 1HW 6RXWK 6XQ6SRUWV DQG 1HZ (QJODQG·V 6SRUWV 1HWZRUN 1(61 7R FRQFOXGH WKH VHDVRQ WKH $&& À QLVKHG LQ IURQW RI D QDWLRQDO WHOHYLVHG DXGLHQFH LQFOXGLQJ D PDUN DJDLQVW QRQ FRQIHUHQFH IRHV 7KH OHDJXH·V ZRPHQ·V EDVNHWEDOO SURJUDPV FRQWLQXH WR UDQN DPRQJ WKH EHVW LQ WKH FRXQWU\ LQ WHUPV RI WKH 1&$$ 7RXUQDPHQW KDYLQJ PDGH DSSHDUDQFHV DQG ZRQ JDPHV LQ WKH ODVW \HDUV LQFOXGLQJ ZLQV E\ D QXPEHU RQH VHHG ,Q DGGL WLRQ WR VHQGLQJ WKUHH WHDPV WR WKH VDPH )LQDO )RXU IRU WKH À UVW WLPH LQ KLVWRU\ WKH OHDJXH KDV ERDVWHG

£xÓ

VXFK QDWLRQDO DFFRPSOLVKPHQWV DV VHQGLQJ DW OHDVW RQH WHDP WR WKH ´6ZHHW µ IRU FRQVHFXWLYH \HDUV DQG DW OHDVW RQH WR WKH )LQDO )RXU LQ RI WKH ODVW \HDUV 7KH FRQIHUHQFH KDV DOVR PDGH WULSV WR WKH )LQDO )RXU LQ WKH ODVW \HDUV ZLWK WKUHH WHDPV À QLVKLQJ VHFRQG DQG 1RUWK &DUROLQD DQG 0DU\ODQG FDSWXULQJ 1DWLRQDO &KDPSLRQVKLSV LQ DQG UHVSHFWLYHO\ 6LQFH WKH $&& KDV SODFHG SOD\HUV RQ WKH $OO )LQDO )RXU WHDP ZKLOH 0DU\ODQG·V /DXUD +DUSHU MRLQHG WKH UDQNV RI 9LUJLQLD·V 'DZQ 6WDOH\ DQG 1RUWK &DUROLQD·V &KDUORWWH 6PLWK ZKR ZDV GXEEHG WKH 1&$$ 7RXUQDPHQW 0RVW 2XWVWDQGLQJ 3OD\HU LQ ,Q DOO $&& SOD\HUV KDYH EHHQ QDPHG WR WKH 1&$$ 7RXUQDPHQW $OO 5HJLRQ WHDPV ZLWK 0RVW 2XWVWDQGLQJ 3OD\HU UHFRJQLWLRQV (LJKW SOD\HUV KDYH JDUQHUHG 1DWLRQDO 3OD\HU RI WKH <HDU DFFRODGHV ZKLOH FRPSHWLQJ XQGHU WKH $&& EDQQHU 6WDOH\ ZDV D EDFN WR EDFN VHOHFWLRQ LQ DQG ZKLOH 6PLWK UHFHLYHG WKH (63< DZDUG LQ 'XNH·V $ODQD %HDUG ZDV UHFRJQL]HG ZLWK 1DWLRQDO 3OD\HU RI WKH <HDU KRQRUV LQ ERWK DQG DQG 81&·V ,YRU\ /DWWD HDUQHG (631 FRP 1DWLRQDO 3OD\HU RI WKH <HDU LQ ,Q 'XNH JXDUG /LQGVH\ +DUGLQJ ZDV QDPHG WKH 1DL VPLWK 7URSK\ :RPHQ·V &ROOHJH 3OD\HU RI WKH <HDU SUHVHQWHG E\ $7 7 )LYH OHDJXH FRDFKHV KDYH FRPELQHG WR HDUQ QDWLRQDO &RDFK RI WKH <HDU KRQRUV 'XNH·V *DLO *RHVWHQNRUV 1RUWK &DUROLQD·V 6\OYLD +DWFKHOO 9LUJLQLD·V 'HEELH 5\DQ 0DU\ODQG·V &KULV :HOOHU DQG 1& 6WDWH·V .D\ <RZ KDYH DOO JDUQHUHG QDWLRQDO UHFRJQLWLRQ 6HYHQ $&& UHSUHVHQWDWLYHV LQFOXGLQJ FRDFKHV DQG VWXGHQW DWKOHWHV KDYH SDUWLFLSDWHG LQ WKH 2O\P SLFV 1& 6WDWH·V <RZ DVVLVWHG E\ +DWFKHOO RI 81& KHDGHG XS WKH JROG PHGDO ZLQQLQJ 2O\PSLF WHDP 0DU\ODQG·V 9LFN\ %XOOHWW ZDV D PHPEHU RI ERWK WKH DQG 2O\PSLF WHDPV 6WDOH\ D WKUHH WLPH 2O\PSLDQ VWUXFN JROG LQ $WKHQV DV D PHPEHU RI WKH WLWOH VTXDG 'XNH·V *RHVWHQNRUV VHUYHG DV DQ DVVLVWDQW FRDFK RQ WKH JROG PHGDO ZLQ QLQJ WHDP LQ $WKHQV 6LQFH WKH LQDXJXUDO VHDVRQ RI WKH :RPHQ·V 1DWLRQDO %DVNHWEDOO $VVRFLDWLRQ :1%$ LQ WKH $&& KDV EHHQ D UHFRJQL]DEOH SUHVHQFH LQ WKH OHDJXH 6L[W\ QLQH IRUPHU $&& VWDUV KDYH SOD\HG RQ WKH KDUGZRRG LQ WKH :1%$ ZKLOH À YH IRUPHU SOD\ HUV KDYH ZRUNHG WKH VLGHOLQHV DV FRDFKHV )RXU $&& SOD\HUV ZHUH VHOHFWHG LQ WKH À UVW URXQG RI WKH :1%$ 'UDIW DV WKH IRXUVRPH ZDV VHOHFWHG LQ WKH À UVW SLFNV RI WKH URXQG ,Q DOO HLJKW OHDJXH SOD\HUV ZHUH VHOHFWHG LQ WKH :1%$ 'UDIW ZKLOH WKH OHDJXH WDEEHG D OHDJXH UHFRUG RI QLQH VHOHFWHHV LQ DQG ,Q DGGLWLRQ $&& ZRPHQ·V EDVNHWEDOO SOD\HUV KDYH HDUQHG À UVW WHDP $FDGHPLF $OO $PHULFD KRQRUV WLPHV LQFOXGLQJ 9LUJLQLD·V 9DO $FNHUPDQ LQ WKH IRUPHU 3UHVLGHQW RI WKH :1%$ ,Q 1& 6WDWH·V -HQQLIHU +RZDUG ZDV

WDEEHG *7( &R6,'$ $FDGHPLF 3OD\HU RI WKH <HDU DIWHU SRVWLQJ D Á DZOHVV JUDGH SRLQW DYHUDJH WKURXJKRXW KHU FDUHHU 7KLUWHHQ SOD\HUV KDYH HDUQHG $&& SRVWJUDGXDWH VFKRODUVKLSV ZKLOH WKUHH RWKHUV ZHUH QDPHG 1&$$ 3RVWJUDGXDWH 6FKRODUV

ÓääÇ änÊ Ê,iÛ iÜ

7KH DFDGHPLF \HDU VDZ OHDJXH WHDPV FDSWXULQJ IRXU QDWLRQDO WHDP WLWOHV DQG LQGL YLGXDO 1&$$ FURZQV ,Q DOO WKH $&& KDV ZRQ QDWLRQDO WHDP WLWOHV RYHU WKH ODVW \HDUV 7KH $&& KDV ZRQ WZR RU PRUH 1&$$ WLWOHV LQ RI WKH SDVW \HDUV $ WRWDO RI $&& WHDPV SODFHG LQ 1&$$ SRVW VHDVRQ FRPSHWLWLRQ LQ /HDJXH WHDPV FRP SLOHG D PDUN DJDLQVW QRQ FRQIHUHQFH RSSRQHQWV LQ 1&$$ FKDPSLRQVKLS FRPSHWLWLRQ ,Q DGGLWLRQ WKH $&& KDG VWXGHQW DWKOHWHV HDUQ À UVW WHDP $OO $PHULFD KRQRUV WKLV SDVW \HDU 2YHU DOO WKH OHDJXH KDG À UVW VHFRQG RU WKLUG WHDP $OO $PHULFDQV ,Q DGGLWLRQ WKH $&& SURGXFHG QDWLRQDO 3OD\HUV RI WKH <HDU DQG À YH QDWLRQDO &RDFK RI WKH <HDU KRQRUHHV

ÓääÇ änÊ >Ì > Ê > « à «Ã )LHOG +RFNH\ 1RUWK &DUROLQD ,FH +RFNH\ %RVWRQ &ROOHJH 0HQ·V 6RFFHU :DNH )RUHVW 0HQ·V 7UDFN )LHOG )ORULGD 6WDWH

/ iÊ > « Ã «Ã

7KH FRQIHUHQFH ZLOO FRQGXFW FKDPSLRQVKLS FRPSHWLWLRQ LQ VSRUWV GXULQJ WKH DFD GHPLF \HDU IRU PHQ DQG IRU ZRPHQ 7KH À UVW $&& FKDPSLRQVKLS ZDV KHOG LQ VZLP PLQJ RQ )HEUXDU\ 7KH FRQIHUHQFH GLG QRW FRQGXFW FKDPSLRQVKLSV LQ FURVV FRXQWU\ ZUHVWOLQJ RU WHQQLV GXULQJ WKH À UVW \HDU 7KH VSRUWV IRU PHQ LQFOXGH IRRWEDOO FURVV FRXQWU\ VRFFHU EDVNHWEDOO VZLPPLQJ LQGRRU DQG RXWGRRU WUDFN ZUHVWOLQJ EDVHEDOO WHQQLV JROI DQG ODFURVVH )HQFLQJ ZKLFK ZDV VWDUWHG LQ ZDV GLVFRQWLQXHG LQ :RPHQ·V VSRUWV ZHUH LQLWLDWHG LQ ZLWK WKH À UVW FKDPSLRQVKLS PHHW EHLQJ KHOG LQ WHQQLV DW :DNH )RUHVW 8QLYHUVLW\ &KDPSLRQVKLSV IRU ZRPHQ DUH FXUUHQWO\ FRQGXFWHG LQ FURVV FRXQWU\ À HOG KRFNH\ VRFFHU EDVNHWEDOO VZLPPLQJ LQGRRU DQG RXWGRRU WUDFN WHQQLV JROI ODFURVVH VRIWEDOO DQG URZLQJ ZKLOH YROOH\EDOO GHWHUPLQHV LWV FKDPSLRQ LQ UHJXODU VHDVRQ SOD\

Ê ÃÌ ÀÞ

7KH $WODQWLF &RDVW &RQIHUHQFH ZDV IRXQGHG RQ 0D\ DW WKH 6HGJHÀ HOG ,QQ QHDU *UHHQVERUR 1 & ZLWK VHYHQ FKDUWHU PHPEHUV &OHPVRQ 'XNH 0DU\ODQG 1RUWK &DUROLQD 1RUWK &DUROLQD 6WDWH

", Ê-/ / Ê1 6 ,- /9


/ Ê

/ ÃÊ ÃÊÌ iÊ

6RXWK &DUROLQD DQG :DNH )RUHVW GUDZLQJ XS WKH FRQIHUHQFH E\ ODZV 7KH ZLWKGUDZDO RI VHYHQ VFKRROV IURP WKH 6RXWKHUQ &RQIHUHQFH FDPH HDUO\ RQ WKH PRUQLQJ RI 0D\ GXULQJ WKH 6RXWKHUQ &RQIHUHQFH·V DQQXDO VSULQJ PHHWLQJ 2Q -XQH WKH VHYHQ PHPEHUV PHW LQ 5DOHLJK 1 & ZKHUH D VHW RI E\ODZV ZDV DGRSWHG DQG WKH QDPH EHFDPH RIÀ FLDOO\ WKH $WODQWLF &RDVW &RQIHUHQFH 6XJJHVWLRQV IURP IDQV IRU WKH QDPH RI WKH QHZ FRQIHUHQFH DSSHDUHG LQ WKH UHJLRQ·V QHZVSDSHUV SULRU WR WKH PHHWLQJ LQ 5DOHLJK 6RPH RI WKH QDPHV VXJJHVWHG ZHUH 'L[LH 0LG 6RXWK 0LG $WODQWLF (DVW &RDVW 6HDERDUG &RORQLDO 7REDFFR %OXH *UD\ 3LHGPRQW 6RXWKHUQ 6HYHQ DQG WKH 6KRUHOLQH 'XNH·V (GGLH &DPHURQ UHFRPPHQGHG WKDW WKH QDPH RI WKH FRQIHUHQFH EH WKH $WODQWLF &RDVW &RQIHU HQFH DQG WKH PRWLRQ ZDV SDVVHG XQDQLPRXVO\ 7KH PHHWLQJ FRQFOXGHG ZLWK HDFK PHPEHU LQVWLWXWLRQ DVVHVVHG WR SD\ IRU FRQIHUHQFH H[SHQVHV 2Q 'HFHPEHU FRQIHUHQFH RIÀ FLDOV PHW DJDLQ DW 6HGJHÀ HOG DQG RIÀ FLDOO\ DGPLWWHG WKH 8QL YHUVLW\ RI 9LUJLQLD DV WKH OHDJXH·V HLJKWK PHPEHU 7KH À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·V WK PHPEHU VWDUWLQJ -XO\

/ iÊ-V Ã

%RVWRQ &ROOHJH ZDV IRXQGHG LQ E\ WKH 6RFLHW\ RI -HVXV WR VHUYH WKH VRQV RI %RVWRQ·V ,ULVK LPPLJUDQWV DQG ZDV WKH À UVW LQVWLWXWLRQ RI KLJKHU HGXFDWLRQ WR EH IRXQGHG LQ WKH FLW\ RI %RVWRQ 2ULJL QDOO\ ORFDWHG RQ +DUULVRQ $YHQXH LQ WKH 6RXWK (QG RI %RVWRQ WKH &ROOHJH RXWJUHZ LWV XUEDQ VHWWLQJ WRZDUG WKH HQG RI LWV À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

E\ DQ DFW RI WKH )ORULGD /HJLVODWXUH LQ DQG À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À UVW VWXGHQWV FDPH WR SXUVXH D GHJUHH LQ PHFKDQL FDO HQJLQHHULQJ WKH RQO\ RQH RIIHUHG DW WKH WLPH 7HFK·V VWUHQJWK LV QRW RQO\ WKH UHG FOD\ RI *HRUJLD EXW D UHVWRUHG JROG DQG ZKLWH PRGHO $ )RUG &DEULROHW WKH RIÀ FLDO PDVFRW 7KH ROG )RUG ZDV À UVW XVHG LQ EXW D 5DPEOLQ· :UHFN KDG EHHQ DURXQG IRU RYHU WKUHH GHFDGHV 7KH 5DPEOLQ· :UHFN À JKW VRQJ DSSHDUHG DOPRVW DV VRRQ DV WKH VFKRRO RSHQHG DQG LW LV QRW RQO\ $PHULFDQ ER\V WKDW JURZ XS VLQJLQJ LWV UROOLFNLQJ WXQH IRU 5LFKDUG 1L[RQ DQG 1LNLWD .UXVKFKHY VDQJ LW ZKHQ WKH\ PHW LQ 0RVFRZ LQ 7KH 8QLYHUVLW\ RI 0DU\ODQG RSHQHG LQ DV DQ DJULFXOWXUDO VFKRRO QLQH PLOHV QRUWK RI :DVK LQJWRQ ' & RQ ODQG EHORQJLQJ WR &KDUOHV &DOYHUW D GHVFHQGDQW RI /RUG %DOWLPRUH WKH VWDWH·V IRXQG LQJ IDWKHU 7KH VFKRRO FRORUV DUH WKH VDPH DV WKH VWDWH Á DJ EODFN DQG JROG IRU *HRUJH &DOYHUW /RUG %DOWLPRUH DQG UHG DQG ZKLWH IRU KLV PRWKHU $OLFH &URVVODQG 0DU\ODQG KDV EHHQ FDOOHG WKH VFKRRO WKDW &XUOH\ %\UG EXLOW IRU KH ZDV LWV TXDUWHUEDFN WKHQ IRRWEDOO FRDFK DWKOHWLF GLUHFWRU DVVLVWDQW WR WKH SUHVLGHQW YLFH SUHVLGHQW DQG À QDOO\ LWV SUHVLGHQW %\UG DOVR GHVLJQHG WKH IRRWEDOO VWDGLXP DQG WKH FDPSXV OD\RXW DQG VXJJHVWHG WKH QLFNQDPH 7HUUD SLQ D ORFDO WXUWOH NQRZQ IRU LWV ELWH ZKHQ VWXGHQWV ZDQWHG WR UHSODFH WKH QLFNQDPH 2OG /LQHUV ZLWK D QHZ RQH IRU WKH VFKRRO 7KH 8QLYHUVLW\ RI 0LDPL ZDV FKDUWHUHG LQ E\ D JURXS RI FLWL]HQV ZKR IHOW DQ LQVWLWXWLRQ RI KLJKHU OHDUQLQJ ZDV QHHGHG IRU WKH GHYHORSPHQW RI WKHLU \RXQJ DQG JURZLQJ FRPPXQLW\ 6LQFH WKH À UVW FODVV RI VWXGHQWV HQUROOHG LQ WKH IDOO RI WKH 8QLYHUVLW\ KDV H[SDQGHG WR PRUH WKDQ XQGHUJUDGXDWH DQG JUDGXDWH VWXGHQWV IURP HYHU\ VWDWH DQG PRUH WKDQ QDWLRQV IURP DURXQG WKH ZRUOG 7KH VFKRRO·V FRORUV UHSUHVHQWLYH RI WKH )ORULGD RUDQJH WUHH ZHUH VHOHFWHG LQ 2UDQJH V\PEROL]HV WKH IUXLW RI WKH WUHH JUHHQ UHSUHVHQWV WKH OHDYHV DQG ZKLWH WKH EORVVRPV 7KH 8QLYHUVLW\ RI 1RUWK &DUROLQD ORFDWHG LQ &KDSHO +LOO KDV EHHQ FDOOHG ´WKH SHUIHFW FROOHJH WRZQ µ PDNLQJ LWV WUHH OLQHG VWUHHWV DQG EDOP\ DWPRVSKHUH ZKDW D FROOHJH VKRXOG ORRN DQG IHHO OLNH ,WV LQFHSWLRQ LQ PDNHV LW RQH RI WKH ROGHVW VFKRROV LQ WKH QDWLRQ DQG LWV QLFNQDPH RI 7DU +HHOV VWHPV IURP WKH WDU SLWFK DQG WXUSHQWLQH WKDW ZHUH WKH VWDWH·V SULQFLSDO LQGXVWU\ 7KH QLFNQDPH LV DV ROG DV WKH VFKRRO IRU LW ZDV ERUQ GXULQJ WKH 5HYROXWLRQDU\ :DU ZKHQ WDU ZDV GXPSHG LQWR WKH VWUHDPV WR LPSHGH WKH DGYDQFH RI %ULWLVK IRUFHV 1RUWK &DUROLQD 6WDWH 8QLYHUVLW\ LV ORFDWHG LQ WKH VWDWH FDSLWDO RI 5DOHLJK ,W RSHQHG LQ DV D ODQG JUDQW DJULFXOWXUDO DQG PHFKDQLFDO VFKRRO DQG ZDV NQRZQ DV $ 0 RU $JJLHV RU )DUPHUV IRU RYHU D TXDUWHU FHQWXU\ 7KH VFKRRO·V FRORUV RI SLQN DQG EOXH ZHUH JRQH E\ EURZQ DQG ZKLWH ZHUH WULHG IRU D \HDU EXW WKH VWXGHQWV À QDOO\ FKRVH UHG DQG ZKLWH WR UHSUHVHQW WKH VFKRRO $Q XQKDSS\ IDQ LQ VDLG 6WDWH IRRWEDOO SOD\HUV EHKDYHG OLNH D SDFN RI ZROYHV DQG WKH WHUP WKDW ZDV FRLQHG LQ GHULVLRQ EHFDPH D EDGJH RI KRQRU 7KH 8QLYHUVLW\ RI 9LUJLQLD ZDV IRXQGHG LQ E\ 7KRPDV -HIIHUVRQ DQG LV RQH RI WKUHH WKLQJV RQ KLV WRPEVWRQH IRU ZKLFK KH ZDQWHG WR EH UHPHPEHUHG -DPHV 0DGLVRQ DQG -DPHV 0RQURH ZHUH RQ WKH ERDUG RI JRYHUQRUV LQ WKH HDUO\ \HDUV 7KH 5RWXQGD D KDOI VFDOH YHUVLRQ RI WKH 3DQWKHRQ

7" ½-Ê - /

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À FLDO VFKRRO FRORUV &KLFDJR PDURRQ DQG EXUQW RUDQJH ZHUH VHOHFWHG LQ EHFDXVH WKH\ PDGH D ´XQLTXH FRPELQDWLRQµ QRW ZRUQ HOVHZKHUH DW WKH WLPH :DNH )RUHVW 8QLYHUVLW\ ZDV VWDUWHG RQ &DOYLQ -RQHV· SODQWDWLRQ DPLG WKH VWDWHO\ SLQH IRUHVW RI :DNH &RXQW\ LQ 7KH %DSWLVW VHPLQDU\ LV VWLOO WKHUH EXW WKH VFKRRO ZDV PRYHG WR :LQVWRQ 6DOHP LQ RQ D VLWH GRQDWHG E\ &KDUOHV + DQG 0DU\ 5H\QROGV %DEFRFN 3UHVLGHQW +DUU\ 6 7UXPDQ DW WHQGHG WKH JURXQG EUHDNLQJ FHUHPRQLHV WKDW EURXJKW D SLFWXUHVTXH FDPSXV RI *HRUJLDQ DUFKLWHFWXUH DQG SDLQWHG URRIV :DNH·V FRORUV KDYH EHHQ EODFN DQG JROG VLQFH WKDQNV WR D EDGJH GHVLJQHG E\ VWXGHQW -RKQ +HFN ZKR GLHG EHIRUH KH JUDGXDWHG

-V Ê vwÊ >Ì Ã %26721 &2//(*( ³ &KDUWHU PHPEHU RI WKH %LJ (DVW &RQIHUHQFH LQ MRLQHG WKH $&& LQ -XO\ &/(0621 ³ &KDUWHU PHPEHU RI WKH 6RXWKHUQ ,QWHUFROOHJLDWH $WKOHWLF $VVRFLDWLRQ LQ D FKDUWHU PHPEHU RI WKH 6RXWKHUQ &RQIHUHQFH LQ D FKDUWHU PHPEHU RI WKH $WODQWLF &RDVW &RQIHUHQFH $&& LQ '8.( ³ -RLQHG WKH 6RXWKHUQ &RQIHUHQFH LQ 'HFHPEHU FKDUWHU PHPEHU RI WKH $&& LQ )/25,'$ 67$7( ³ &KDUWHU PHPEHU RI WKH 'L[LH &RQIHUHQFH LQ MRLQHG WKH 0HWUR &RQIHUHQFH LQ -XO\ MRLQHG WKH $&& -XO\ *(25*,$ 7(&+ ³ &KDUWHU PHPEHU RI WKH 6RXWKHUQ ,QWHUFROOHJLDWH $WKOHWLF $VVRFLDWLRQ LQ FKDUWHU PHPEHU RI 6RXWKHUQ &RQIHUHQFH LQ FKDUWHU PHPEHU RI WKH 6(& LQ MRLQHG WKH $&& LQ $SULO 0$5</$1' ³ &KDUWHU PHPEHU RI WKH 6RXWKHUQ &RQIHUHQFH LQ FKDUWHU PHPEHU RI WKH $&& LQ 0,$0, ³ &KDUWHU PHPEHU RI WKH %LJ (DVW )RRW EDOO &RQIHUHQFH LQ MRLQHG WKH $&& LQ -XO\ 1257+ &$52/,1$ ³ &KDUWHU PHPEHU RI WKH 6RXWKHUQ ,QWHUFROOHJLDWH $WKOHWLF $VVRFLDWLRQ LQ FKDUWHU PHPEHU RI WKH 6RXWKHUQ &RQIHUHQFH LQ FKDUWHU PHPEHU RI WKH $&& LQ 1& 67$7( ³ &KDUWHU PHPEHU RI WKH 6RXWKHUQ &RQIHUHQFH LQ FKDUWHU PHPEHU RI WKH $&& LQ 9,5*,1,$ ³ &KDUWHU PHPEHU RI WKH 6RXWKHUQ ,QWHUFROOHJLDWH $WKOHWLF $VVRFLDWLRQ LQ FKDUWHU PHPEHU RI WKH 6RXWKHUQ &RQIHUHQFH LQ UHVLJQHG IURP 6RXWKHUQ &RQIHUHQFH LQ 'HFHPEHU MRLQHG WKH $&& LQ 'HFHPEHU 9,5*,1,$ 7(&+ ³ &KDUWHU PHPEHU RI WKH 6RXWKHUQ &RQIHUHQFH LQ ZLWKGUHZ IURP WKH 6RXWKHUQ &RQIHUHQFH LQ -XQH EHFDPH D FKDUWHU PHPEHU RI WKH %LJ (DVW )RRWEDOO &RQIHUHQFH LQ )HE MRLQHG WKH $&& LQ -XO\ :$.( )25(67 ³ -RLQHG WKH 6RXWKHUQ &RQIHU HQFH LQ )HEUXDU\ FKDUWHU PHPEHU RI WKH $&& LQ

£xÎ


/ Ê

ΣÃÌÊ Õ> Ê

Ê7 i ½ÃÊ >à iÌL> Ê/ ÕÀ > i Ì

>ÀV Êx n]ÊÓää Àii ÃL À Ê ÃiÕ Ê « iÝ Àii ÃL À ]Ê ÀÌ Ê >À > 7KXUVGD\ 0DUFK *DPH 6HHG YV 6HHG 561 $0 *DPH 6HHG YV 6HHG 561 30 *DPH 6HHG YV 6HHG 30 *DPH 6HHG YV 6HHG 30 )ULGD\ 0DUFK *DPH 6HHG YV *P ZLQQHU 561 $0 *DPH 6HHG YV *P ZLQQHU 561 30 *DPH 6HHG YV *P ZLQQHU 30 *DPH 6HHG YV *P ZLQQHU 30 6DWXUGD\ 0DUFK *DPH $&& 6HPLÀ QDO )61 30 *DPH $&& 6HPLÀ QDO )61 30 6XQGD\ 0DUFK *DPH &KDPSLRQVKLS *DPH )61 30

£x{

", Ê-/ / Ê1 6 ,- /9


/ Ê

ÓÇÌ Ê Õ> Ê Û Ã Ê Ê7 i ½ÃÊ >à iÌL> Ê > « à «

,-/Ê Ê- " Ê,"1 >ÀV ÊÓ£ÊEÊÓÎÊ ÀÊ >ÀV ÊÓÓÊEÊÓ{ 7KH 3LW %RE .LQJ &RXUW

$OEXTXHUTXH 1 0 +RVW 1HZ 0H[LFR

0F.HQ]LH $UHQD

&KDWWDQRRJD 7HQQ +RVW &KDWWDQRRJD

1DWLRQZLGH $UHQD

&ROXPEXV 2KLR +RVW 2KLR 6WDWH

$UHQD DW *ZLQQHWW

'XOXWK *D +RVW *HRUJLD

*DOHQ &HQWHU

/RV $QJHOHV &DOLI +RVW 6RXWKHUQ &DOLIRUQLD

/RXLV %URZQ $WKOHWLF &HQWHU 3LVFDWDZD\ 1 - +RVW 5XWJHUV

&R[ $UHQD

6DQ 'LHJR &DOLI +RVW 6DQ 'LHJR 6WDWH

%DQN RI $PHULFD $UHQD

6HDWWOH :DVK +RVW :DVKLQJWRQ

3HWH 0DUDYLFK $VVHPEO\ &HQWHU

%DWRQ 5RXJH /D +RVW /RXLVLDQD 6WDWH

( $ 'LGGOH $UHQD

%RZOLQJ *UHHQ .\ +RVW :HVWHUQ .HQWXFN\

&RPFDVW &HQWHU

&ROOHJH 3DUN 0G +RVW 0DU\ODQG

-DFN %UHVOLQ 6WXGHQW (YHQWV &HQWHU

(DVW /DQVLQJ 0LFK +RVW 0LFKLJDQ 6WDWH

&DUYHU +DZNH\H $UHQD

,RZD &LW\ ,RZD +RVW ,RZD

8QLWHG 6SLULW $UHQD

/XEERFN 7H[DV +RVW 7H[DV 7HFK

-R\FH &HQWHU

6RXWK %HQG ,QG +RVW 1RWUH 'DPH

+DUU\ $ *DPSHO 3DYLOLRQ

6WRUUV &RQQ +RVW &RQQHFWLFXW

, " >ÀV ÊÓnÊEÊÎäÊ ÀÊ >ÀV ÊÎäÊEÊ «À Ê£ %HUNHOH\ 5HJLRQDO +DDV 3DYLOLRQ

%HUNHOH\ &DOLI +RVW &DOLIRUQLD

5DOHLJK 5HJLRQDO 5%& &HQWHU

5DOHLJK 1 & +RVW 1RUWK &DUROLQD 6WDWH

2NODKRPD &LW\ 5HJLRQDO )RUG &HQWHU

2NODKRPD &LW\ 2NOD +RVW %LJ &RQIHUHQFH

7UHQWRQ 5HJLRQDO 6RYHUHLJQ %DQN $UHQD

7UHQWRQ 1 - +RVWV 0HWUR $WODQWLF $WKOHWLF &RQIHUHQFH 5LGHU

:RPHQ·V )LQDO )RXU 6FRWWUDGH &HQWHU

6W /RXLV 0R +RVW 0LVVRXUL 9DOOH\ &RQIHUHQFH

7" ½-Ê - /

£xx


ÌiÃÊ/ Ê/ iÊ i` > -*",/-Ê ", / " Ê

, /",9

&RQWDFW XV DW )$; $GGUHVV ,QTXLULHV WR )ORULGD 6WDWH 6SRUWV ,QIRUPDWLRQ 6WDGLXP 'ULYH :HVW 5RRP ' 7DOODKDVVHH )/

*ÀiÃÃÊ Ài`i Ì > Ã

Ê/i iV viÀi Vi

* Ì }À>« iÀÃ

"À`iÀÊ vÊ ««i>À> Vi\

5HTXHVWV IRU ZRUNLQJ SUHVV FUHGHQWLDOV VKRXOG EH GLUHFWHG WR WKH VSRUWV LQIRUPDWLRQ RIÀ FH 0HGLD UHSUHVHQWDWLYHV VKRXOG FRQWDFW $VVLVWDQW 6,' $FH +XQW DW OHDVW KRXUV LQ DGYDQFH E\ FDOOLQJ RU E\ H PDLOLQJ KLP DW DRKXQW#IVX HGX $W KRPH JDPHV PHGLD ZLOO EH VHDWHG LQ IURQW RI WKH HDVW VWDQGV DW WKH 7XFNHU &HQWHU 3KRWRJUDSKHUV DUH WR FRQWDFW WKH 6,' RIÀ FH DV ZHOO :RUNLQJ DUHD IRU DOO SKRWRJ UDSKHUV ZLOO LQFOXGH WKH Á RRU DUHD DW ERWK HQGV RI WKH FRXUW 7HOHYLVLRQ FDPHUD SHUVRQV VKRXOG DELGH E\ WKH VDPH JXLGHOLQHV DV VWLOO SKRWRJUDSKHUV

7LQD 'HFKDXVD\

6SRUWV ,QIRUPDWLRQ 'LUHFWRU

$FH +XQW

$VVLVWDQW 6,' :RPHQ·V %DVNHWEDOO &URVV &RXQWU\ 7UDFN )LHOG

,>`

$ FRPSOLPHQWDU\ UDGLR OLQH LV DYDLODEOH IRU YLVLWLQJ WHDPV

> iÊ"«iÀ>Ì Ã

3UH JDPH QRWHV URVWHUV DQG D UXQQLQJ SOD\ E\ SOD\ ZLOO EH SURYLGHG DORQJ ZLWK KDOIWLPH DQG À QDO VWDWLVWLFV $ ID[ PDFKLQH LV DOVR DYDLODEOH XSRQ UHTXHVW /LYH VWDWV DUH DYDLODEOH RQ ZZZ VHPLQROHV FRP IRU DOO KRPH JDPHV (OOLRWW )LQHEORRP $VVRFLDWH 6,' )RRWEDOO

&KXFN :DOVK

$VVRFLDWH 6,' 0HQ·V %DVNHWEDOO *ROI

* ÃÌ}> iÊ ÌiÀÛ iÜÃ

&RDFK 6HPUDX DQG UHTXHVWHG SOD\HUV ZLOO EH DYDLODEOH DIWHU D PLQXWH FRROLQJ RII SHULRG 1R LQWHUYLHZV ZLOO EH JLYHQ RQ WKH Á RRU LPPHGLDWHO\ IROORZLQJ WKH JDPH 7KH YLVLWLQJ FRDFK DQG SOD\HUV ZLOO EH EURXJKW LQ RQ D UHTXHVW EDVLV RQO\

* >ÞiÀÊEÊ >V iÃÊ ÌiÀÛ iÜÃ

-DVRQ /HWXUP\

.DW\ %DNHU

$VVLVWDQW 6,' %DVHEDOO 6RFFHU

$VVLVWDQW 6,' 9ROOH\EDOO 6RIWEDOO

5\DQ 3HQV\

7DQLD )HUQDQGH]

'LUHFWRU RI 'LJLWDO 0HGLD

/D\QH +HUGW

*UDGXDWH $VVLVWDQW 6ZLPPLQJ 'LYLQJ 0HQ·V 7HQQLV

£xÈ

$OO SOD\HUV DQG FRDFKHV LQWHUYLHZV PXVW EH DUUDQJHG WKURXJK WKH 6,' RIÀ FH 3OD\HUV DQG FRDFKHV ZLOO EH DYDLODEOH WR JLYH LQWHUYLHZV EHIRUH DQG DIWHU EXW QRW GXULQJ SUDFWLFH WLPHV

7KH $&& KHDG EDVNHWEDOO FRDFKHV ZLOO EH IHDWXUHG RQ D SDLU RI WHOHFRQIHUHQFHV GXULQJ WKH VHDVRQ 7KHUH ZLOO EH D UHSOD\ RI HDFK WHOHFRQIHUHQFH RQ 7KH$&& FRP 7KH PHGLD WHOHSKRQH QXPEHUV LV 7KLV \HDU·V WHOHFRQIHUHQFH ZLOO WDNH SODFH RQ 7XHVGD\ 0DUFK DP DP 0LNH 3HWHUVHQ :DNH )RUHVW DP DP %HWK 'XQNHQEHUJHU 9LUJLQLD 7HFK DP DP 'HEELH 5\DQ 9LUJLQLD DP DP .D\ <RZ 1& 6WDWH DP DP 6\OYLD +DWFKHOO 1RUWK &DUROLQD DP DP .DWLH 0HLHU 0LDPL DP DP %UHQGD )UHVH 0DU\ODQG DP DP 0D&KHOOH -RVHSK *HRUJLD 7HFK DP DP 6XH 6HPUDX )ORULGD 6WDWH DP DP -RDQQH 3 0F&DOOLH 'XNH DP DP &ULVW\ 0F.LQQH\ &OHPVRQ DP SP 6\OYLD &UDZOH\ %RVWRQ &ROOHJH

*UDGXDWH $VVLVWDQW :RPHQ·V 7HQQLV &URVV &RXQWU\ 7UDFN )LHOG

0DU\MDQH *DUGQHU 3URJUDP $VVLVWDQW

", Ê-/ / Ê1 6 ,- /9


i` >Ê"ÕÌ iÌÃ *À ÌÊ i` > $662&,$7(' 35(66 /RFDO )D[ %UHQW .DOOHVWDG %LOO .DF]RU ( &ROOHJH $YH 6XLWH 7DOODKDVVHH )/ '$<721$ %($&+ 1(:6 -2851$/ )D[ VSRUWV#QHZV MUQO FRP .HQ :LOOLV &

6L[WK 6WUHHW 'D\WRQD %HDFK )/ )/25,'$ 7,0(6 81,21 /RFDO ; )D[ ERE WKRPDV#MDFNVRQYLOOH FRP %RE 7KRPDV

6$5$627$ +(5$/' 75,%81( )D[ QHZVFRDVW FRP &KULV $QGHUVRQ 'RXJ )HUQDQGHV &

6 7DPLDPL 7UDLO 6DUDVRWD )/ 67 3(7(56%85* 7,0(6 )D[ ODQGPDQ#VSWLPHV FRP %ULDQ /DQGPDQ *DU\ 6KHOWRQ & -RKQ 5RPDQR 32 %R[ 6W 3HWHUVEXUJ )/

)/25,'$ 7,0(6 81,21 )D[ JHQH IHUQHWWH#MDFNVRQYLOOH FRP *HQH )UHQHWWH &

2QH 5LYHUVLGH $YHQXH -DFNVRQYLOOH )/

7$//$+$66(( '(02&5$7 )D[ VSRUWV#WDOODKDVVHH FRP -LP /DPDU 6( 6WHYH (OOLV &RUH\ &ODUN 1 0DJQROLD 'ULYH 7DOODKDVVHH )/

6287+ )/25,'$ 681 6(17,1(/ )D[ FEDUQHV#VXQ VHQWLQHO FRP &UDLJ %DUQHV 'DYH +\GH &

1HZ 5LYHU &HQWHU ( /DV 2ODV %OYG )W /DXGHUGDOH )/

7$03$ 75,%81( )D[ VSRUWV#WDPSDWULE FRP 0DUWLQ )HQQHOO\ & -RH\ -RKQVWRQ & -RH +HQGHUVRQ &

6 3DUNHU 6W 7DPSD )/

)7 0<(56 1(:6 35(66 )D[ PELFNHO#QHZV SUHVV FRP &UDLJ +DQGHO &

'U 0DUWLQ /XWKHU .LQJ -U %OYG )W 0\HUV )/

%HDW ZULWHU & &ROXPQLVW 6( 6SRUWV (GLWRU

)69LHZ )D[ VSRUWV#IVYLHZ FRP %UHYDUG 6WUHHW 7DOODKDVVHH )/

&$%/( )/25,'$ &+$11(/ )D[ EVZLW]HU#PDLOHU IVX HGX %HWK 6ZLW]HU ([HFXWLYH 3URGXFHU 6RXWK 0RQURH &DSLWDO %XLOGLQJ 6XLWH 7DOODKDVVHH )/

*$,1(69,//( 681 )D[ QHZVBVSRUWV#JYLOOHVXQ FRP 3DW 'RROH\ &

32 'UDZHU $ *DLQHVYLOOH )/ /$.(/$1' /('*(5 )D[ 5LFN%URZQ #DRO FRP VSRUWV#WKHOHGJHU FRP 5LFN %URZQ $QG\ &RSSHUV 6(

32 %R[ /DNHODQG )/ 0,$0, +(5$/' )D[ VSRUWV#PLDPLKHUDOG FRP -HII 6KDLQ (GZLQ 3RSH & %LOO 9DQ 6PLWK /\GLD &UDYHU *UHJ &RWH 'DQ /H %DWDUG 2QH +HUDOG 3OD]D 0LDPL )/ 1257+:(67 )/25,'$ '$,/< 1(:6 ; )D[ MDUHGP#QZIGDLO\QHZV FRP -DUHG 0DFDULQ 5DFHWUDFN 5RDG )W :DOWRQ %HDFK )/ 2&$/$ 67$5 %$11(5 )D[ 'ZLJKW &ROOLQV 32 %R[ 2FDOD )/

iVÌÀ VÊ i` >

)/25,'$ 5$',2 1(7:25. /RFDO )D[ 0LNH *HQWLQH PLNHJHQWLQH#FOHDUFKDQQHO FRP ( &ROOHJH $YH 6XLWH 7DOODKDVVHH )/ )68 +($'/,1(6 79 5$',2 )D[ 'HQQLV 6FKQLWWNHU -D\ :LUWK 7RP %ORFN 6(0,12/( ,63 632576 1(7:25. )D[ 0LNH 0F&OXUH 1HWZRUN &RQWDFW

32 'UDZHU 7DOODKDVVHH )/ *HQH 'HFNHUKRII 3OD\ E\ 3OD\ )D[ 9DVVHU 5RDG 7DOODKDVVHH )/ 681 632576 )D[ /HJLRQ 3ODFH 6WH 2UODQGR )/ %URDGFDVW 7HDP 3DXO .HQQHG\ .HLWK -RQHV 7RP %ORFN

25/$1'2 6(17,1(/ /RFDO )D[ DFDUWHUE#RUODQGRVHQWLQHO FRP $QGUHZ &DUWHU ( &ROOHJH $YHQXH 6XLWH 7DOODKDVVHH )/

:&79 79 &%6 )D[ EHDXELVKRS#ZFWY FRP (OWRQ *XPEHO 5RE 6KDZ 'DYH 5RELQV +DOHVWDG %OYG 7DOODKDVVHH )/

25/$1'2 6(17,1(/ )D[ VSRUWV#RUODQGRVHQWLQHO FRP 0LNH %LDQFKL & 'DYLG :KLWOH\ &

1 2UDQJH $YHQXH 2UODQGR )/

:)/$ 5$',2 :1/6 )D[ :1/6 $0#FOHDUFKDQQHO FRP -HII &DPHURQ 0DWW 0LOODU -RKQ .QR[ 5G %OGJ * 7DOODKDVVHH )/

7+( 26&(2/$ )D[ QHZV#RVFHRODQHZV FRP ,UD 6FKRIIHO 5LFN -RQHV 'HUHN 5HGG 'XQZRRG\ 6WUHHW 7DOODKDVVHH )/

:)68 5$',2 ; )D[ NORFN#IVX HGX .ULVWLQ /RFN 5HG %DUEHU 3OD]D 7DOODKDVVHH )/

3$/0 %($&+ 3267 )D[ SEVSRUWV#SESRVW FRP 'DYH *HRUJH & 7RP '·$QJHOR 6 'L[LH +LJKZD\ : 3DOP %HDFK )/ 3$1$0$ &,7< 1(:6 +(5$/' )D[ VSRUWV#SFQK FRP 3DW 0F&DQQ 6(

32 %R[ 3DQDPD &LW\ )/ 3(16$&2/$ 1(:6 -2851$/ )D[ VSRUWV#SHQVDFRODQHZVMRXUQDO FRP %LOO 9LORQD 6(

( 5RPDQD 6WUHHW 3HQVDFROD )/

:)68 79 )D[ EVZLW]HU#PDLOHU IVX HGX %HWK 6ZLW]HU 5HG %DUEHU 3OD]D 7DOODKDVVHH )/ :-+* 79 1%& )D[ VFRWW URVVPDQ#ZMK FRP 6FRWW 5RVVPDQ 7LP 2ZHQV )URQW %HDFK 5G 3DQDPD &LW\ %HDFK )/ :717 5$',2 )D[ ZKD\HV#FOHDUFKDQQHO FRP :RRG\ +D\HV -RKQ .QR[ 5G %OGJ * 7DOODKDVVHH )/ :7;/ 79 $%& )D[ S VFRWW#ZW[O WY %UDG 'DOWRQ 'HHU /DNH 6 7DOODKDVVHH )/

7" ½-Ê - /

£xÇ


/ iÊ-i iÃÊ Ê,>` Óään ä Ê -1Ê7 i ½ÃÊ >à iÌL> Ê,>` Ê-V i`Õ i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

/ Ê- " -Ê " Ê, "Ê

)ORULGD 6WDWH IDQV FDQ IROORZ WKH 6HPLQROHV ZKHWKHU RQ WKH URDG RU DW KRPH DV :1/6 $0 DQG :)/$ )0 RI 7DOODKDVVHH ZLOO FDUU\ HYHU\ )68 ZRPHQ·V 5\DQ 3HQV\ EDVNHWEDOO JDPH WKLV VHD VRQ (YHU\ JDPH ZLOO DOVR EH EURDGFDVW RYHU WKH ,QWHU QHW E\ DFFHVVLQJ ZZZ VHPLQROHV FRP WKH RIÀ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·V %DVNHWEDOO WRXUQDPHQW WKLV SDVW VHDVRQ DV WKH 6HPLQROHV DGYDQFHG WR WKH QG URXQG RI WKH 1HZ 2UOHDQV 5HJLRQDO 3HQV\ LV DOVR WKH FR KRVW RI WKH ´6XH 6HPUDX 79 6KRZ µ DQG HQWHUV KLV À IWK VHDVRQ DV WKH FRRUGLQDWLQJ SURGXFHU IRU WKH 6HPLQROH ,63 6SRUWV 1HWZRUN IRRWEDOO EURDGFDVWV ,Q 3HQV\ ZDV LQVWUXPHQWDO LQ WKH ODXQFK RI $&& 6HOHFW DW )ORULGD 6WDWH ,Q WKH À UVW \HDU $&& 6HOHFW DLUHG YLGHR VWUHDPHG HYHQWV DW )ORULGD 6WDWH 3HQV\ ZLOO FRQWLQXH DV WKH ([HFXWLYH 3URGXFHU RI DOO $&& 6HOHFW HYHQWV LQ ,Q 3HQV\ ODXQFKHG WKH 6HPLQROHV FRP SRGFDVW FKDQQHO DQG GXULQJ WKLV WLPH WKH SRGFDVW VHUYLFH KDV KDG RXWVWDQGLQJ VXFFHVV GUDZLQJ QDWLRQDO DWWHQWLRQ IRU FRQWHQW DQG FUHDWLYLW\ -RLQLQJ 3HQV\ IRU WKH VHFRQG FRQVHFXWLYH VHDVRQ LQ WKH UROH RI FRORU DQDO\VW ZLOO EH )68 :RPHQ·V %DVNHWEDOO 'LUHFWRU RI %DV NHWEDOO 2SHUDWLRQV 0HOLVVD %UXQHU

- " -° "

)ORULGD 6WDWH 8QLYHUVLW\·V RIÀ FLDO DWKOHW LFV ZHEVLWH FDQ EH DFFHVVHG E\ YLVLWLQJ ZZZ VHPLQROHV FRP :RPHQ·V EDVNHWEDOO IDQV ZLOO EH DEOH WR À QG SUH JDPH QRWHV JDPH VWRULHV DQG ER[ VFRUHV XSGDWHG VWDWLVWLFV IHDWXUHV DQG PXFK PXFK PRUH

/

° "

7KH $WODQWLF &RDVW &RQIHUHQFH RIÀ FLDO ZHEVLWH FDQ EH DFFHVVHG E\ YLVLWLQJ ZZZ 7KH $&& FRP ,Q DGGLWLRQ WR OLQNV RI DOO $&& VFKRRO DWKOHWLF ZHEVLWHV 7KH$&& FRP ZLOO KDYH DQ XSGDWHG EDVNHWEDOO UHOHDVH LQFOXGLQJ VWDWV IROORZLQJ HDFK GD\ RI FRPSHWLWLRQ 7KH $&& 3OD\HU DQG 5RRNLH RI WKH :HHN ZLOO EH SRVWHG RQ 0RQGD\ DIWHUQRRQV

£xn

", Ê-/ / Ê1 6 ,- /9


-i iÊ*À `ÕVÌ Ã

0DUN 5RGLQ

-LP *DUEDULQR

3URJUDP 'LUHFWRU

$VVRFLDWH 3URJUDP 'LUHFWRU DQG 9LGHRERDUG 2SHUDWLRQV 6XSHUYLVRU

-HUU\ 7RRWOH

-LP 6KDZ

' ' *DUEDULQR 6HQLRU 3URGXFHU

3KLO -DFNVRQ

6HQLRU 3URGXFHU

9LGHRERDUG &RRUGLQDWRU

$VVLVWDQW 9LGHRERDUG &RRUGLQDWRU

%UDQW :HOOV

*UHJ &KULVWRSKHU

&KULV 3URYLQH

3URGXFHU (GLWRU

'LJLWDO 2Q /LQH 0HGLD 3URGXFHU

$QLPDWRU

Q\RQH ZKR KDV YLVLWHG WKH VHFRQG Á RRU EURDGFDVW ID FLOLWLHV LQ WKH 0RRUH $WKOHWLF &HQWHU KDV VHHQ WKHP WKH WZR YHU\ ODUJH \HW RYHUFURZGHG WURSK\ FDVHV LQ WKH 6HPLQROH 3URGXFWLRQV DUHD :HOO WKH FDVHV MXVW EHFDPH D OLWWOH PRUH FURZGHG 6HPLQROH 3URGXFWLRQV UHFHLYHG QRWLÀ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À HOG GXULQJ WKH VHDVRQ 3UHYLRXV $XURUD $ZDUG ZLQQHUV LQFOXGH 'LVQH\ , ' ( $ 6 7KH +LV WRU\ &KDQQHO $ ( 1HWZRUN DQG )R[ 6SRUWV 1HW 7KH $XURUD VWDWXH LWVHOI ZDV FRPPLVVLRQHG VSHFLÀ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·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

7" ½-Ê - /

£x


-i iÃÊ" Ê/ iÊ À 6LQFH 6XQ 6SRUWV 1HWZRUN SUHYLRXVO\ NQRZQ DV 6XQVKLQH 6SRUWV KDV EHHQ WKH H[FOXVLYH UHJLRQDO VSRUWV QHWZRUN KRPH RI )68 DWKOHWLFV LQ )ORULGD $YDLODEOH LQ RYHU PLOOLRQ KRPHV VWDWHZLGH YLD FDEOH DQG VDWHOOLWH 6XQ 6SRUWV 1HWZRUN SURYLGHV PRUH FRYHU DJH RI )68 DWKOHWLFV WKDQ DQ\ RWKHU )ORULGD WHOHYLVLRQ RXWOHW )68 ZDV WKH À UVW ORFDO VSRUWV WHDP WR VLJQ DQ DJUHHPHQW ZLWK 6XQ 6SRUWV SULRU WR WKH QHWZRUN·V ODXQFK DQG LV RQH RI LWV FRUQHUVWRQH SURS HUWLHV

Ê-i iVÌ 6HPLQROH IDQV FRQWLQXH WR KDYH D QHZ ZD\ WR VHH WKH )68 VSRUWV WKH\ ORYH WKDQNV WR D QHZ EURDGEDQG QHWZRUN FDOOHG $&& 6HOHFW 7KH $&& 6HOHFW QHWZRUN ZLOO VWUHDP 6HPLQROH VSRUWV OLNH EDVH EDOO ZRPHQ·V VRFFHU ZRPHQ·V EDVNHWEDOO PHQ·V DQG ZRPHQ·V WHQQLV YROOH\EDOO WUDFN DQG VRIWEDOO WKDW DUH QRW DYDLODEOH WKURXJK WUDGLWLRQDO EURDGFDVW DQG FDEOH WHOHYLVLRQ GLVWULEXWLRQ 1HYHU EHIRUH KDYH VXFK D ODUJH QXPEHU RI HYHQWV EHHQ VWUHDPHG LQ WKHLU HQWLUHW\ JLYLQJ IDQV WKH RSSRUWXQLW\ WR VHH KRPH DQG DZD\ JDPHV OLYH RU RQ GHPDQG ZKHQHYHU DQG ZKHUHYHU WKH\ ZDQW

6XQ 6SRUWV 1HWZRUN·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· )68 SURJUDPPLQJ LV DOVR DYDLODEOH WR SRVVLEOH ZLWK WKH SURGXFWLRQ DQG WHFKQLFDO GLJLWDO FDEOH VXEVFULEHUV QDWLRQZLGH YLD )R[ 6SRUWV 'LJLWDO 1HWV FDSDELOLWLHV RI 7XUQHU %URDGFDVWLQJ D SURJUDPPLQJ VHUYLFH RIIHUHG WR FDEOH V\VWHPV WKURXJKRXW WKH 8 6 $&&6HOHFW FRP ZLOO IHDWXUH RYHU 6HPLQROHV ZRPHQ·V EDVNHWEDOO JDPHV WKLV VHDVRQ $ SDUWQHUVKLS EHWZHHQ WKH $&& (DFK \HDU 6XQ 6SRUWV 1HWZRUN DLUV DQG SURGXFHV QXPHURXV )68 3OD\21 6SRUWV D GLYLVLRQ RI 7XUQHU %URDGFDVWLQJ 5D\FRP JDPHV SURJUDPV LQFOXGLQJ LWV RZQ SURGXFWLRQ RI HYHU\ )68 6SRUWV DQG /LQFROQ )LQDQFLDO 6SRUWV $&&6HOHFW FRP LV \RXU UHJXODU VHDVRQ IRRWEDOO JDPH ZKLFK UHSOD\ VWDWHZLGH RQ 6XQ KRPH IRU H[FOXVLYH FRYHUDJH RI )68 HYHQWV \RX FDQ·W VHH 6SRUWV RQ 6XQGD\ HYHQLQJV GXULQJ ´3ULPH 7LPH ¶1ROHV µ DQG DQ\ZKHUH HOVH 9LVLW DFFVHOHFW FRP IVX WRGD\ )DQV FDQ ZDWFK DJDLQ RQ 0RQGD\ DIWHUQRRQ ´7KH %REE\ %RZGHQ 6KRZµ FDQ HYHQWV OLYH RU RQ GHPDQG RQ D SHU HYHQW EDVLV SHU HYHQW EH VHHQ VWDWHZLGH 6XQGD\ DIWHUQRRQV :HHNO\ KLJKOLJKWV RI )68 ZKLOH PRQWKO\ VXEVFULSWLRQV FRVW DQG DQQXDO SDVVHV DUH DWKOHWLFV DLU 6DWXUGD\V ZLWK ´6HPLQROH 6SRUWV 0DJD]LQHµ DQG MXVW ´6HPLQROH 8SULVLQJ µ DOO RQ 6XQ 6SRUWV 1HWZRUN ,Q DGGLWLRQ WKH ¶1ROHV DUH GLVFXVVHG RQ 6XQ 6SRUWV· SRSXODU ´6SRUWV7DON /LYHµ VKRZ IHDWXULQJ PHGLD SDQHOLVWV IURP DURXQG WKH VWDWH HDFK 0RQGD\ QLJKW 6XQ 6SRUWV LV DOVR WKH KRPH RI ´WKH 6XH 6HPUDX 6KRZµ ZKLFK DLUV IRXU WLPHV WKURXJK WKH EDVNHWEDOO VHDVRQ DV ZHOO DV 6HPLQROH 6SRUWV 0DJD]LQH 7KH QHWZRUN DOVR DLUV ´$&& $OO $FFHVV µ 0RQGD\V DW S P DQG QXPHURXV RWKHU JDPHV HYHQWV IRU WKH $&& JLYLQJ )68 IDQV FRYHUDJH RI QRW RQO\ WKHLU KRPH WHDP EXW )68·V FRQIHUHQFH RSSRQHQWV DV ZHOO Ê i ÃiÀ

Óään ä Ê -1Ê7 i ½ÃÊ >à iÌL> Ê/6Ê-V i`Õ i -DQ &OHPVRQ 561 SP -DQ *HRUJLD 7HFK 561 SP -DQ DW 9LUJLQLD 561 SP )HE 1RUWK &DUROLQD 561 SP )HE 0LDPL 561 SP 561 ² 5HJLRQDO 6SRUWV 1HWZRUN &RPFDVW 6SRUWV1HW )R[ 6SRUWV 1HW 6RXWK )R[ 6SRUWV 1HW )ORULGD DQG 1HZ (QJODQG 6SRUWV 1HWZRUN

£Èä

6HPLQROH 3URGXFWLRQV 9LGHR $VVLVWDQW 7KLUG 6HDVRQ )RU WKH WKLUG \HDU LQ D URZ -RKQ 1HLVHU ZLOO EH FDSWXULQJ DOO WKH DFWLRQ RQ DQG RII WKH FRXUW WKLV \HDU IRU WKH )ORULGD 6WDWH ZRPHQ·V EDVNHWEDOO WHDP $ QDWLYH RI 3DOP +DUERU )OD KH DWWHQGV DOO RI ZRPHQ·V EDVNHWEDOO HYHQWV LQFOXGLQJ DFFRPSDQ\LQJ WKH WHDP RQ URDG WULSV DQG FKURQLFOHV WKH ZRPHQ·V EDVNHWEDOO SUR JUDP ZLWK DQ DVVRUWPHQW RI YLGHR SURGXFWLRQV WKDW FDQ EH YLHZHG RQ 6HPLQLROHV FRP DV ZHOO DV 6HPLQROH 6SRUWV 0DJD]LQH DQG WKH 6XH 6HPUDX 6KRZ ,Q DGGLWLRQ WR KLV YLGHR ZRUN 1HLVHU KDV OHQW D KDQG DW WKH )68 VXPPHU EDVNHWEDOO FDPSV &XUUHQWO\ SXUVXLQJ D GHJUHH LQ PHGLD SURGXFWLRQ 1HLVHU JRW KLV VWDUW LQ YLGHR SURGXF WLRQ DW &DOYDU\ &KULVWLDQ +LJK 6FKRRO LQ &OHDUZDWHU 'XULQJ KLV KLJK VFKRRO GD\V 1HLVHU VHUYHG DV VWXGHQW ERG\ SUHVLGHQW DV ZHOO DV FDSWDLQ RI WKH FURVV FRXQWU\ WHDP

", Ê-/ / Ê1 6 ,- /9


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.