Issuu on Google+

Scandinavian Yearling Sale 27 september 2013

Skånes Fullblodsauktioner  välkomnar er till åringsauktion på  Roslövsholm den 28 september 2012. 

Foto: Irja Solner

 

dsprogram:  

1.00 Åringarna tillgängliga för visning 

3.00‐15.00 Lunch 

3.50 – 14.30 Visning av åringarna i ledvolt och ridhus 

5.00 Auktionen startar 

ägbeskrivning:  

22 mellan Hörby och Flyinge 

ag avfart 24: Mot Flyinge, Skarhult. Kör mot Flyinge. Efter ca 150 m gul skylt  oslövsholm”  

esök gärna vår hemsida för mer information och presentation av anmälda åringar:  ww.fullblodsauktioner.se  

ör katalog vänligen kontakta: 

Roslövsholm, Flyinge

ja Solner Wittsell irja@fullblodsauktioner.se alt 0705 36 31 35 eller Christer Schildt   705 11 24 80

 

Auction starts at 14.00 Inspection from 11.00 1


Source of Classic winners Sky Lantern and Just The Judge in 2013... Goffs Orby Sale 2-3 October 2013 Sportsman’s Sale 4 October 2013 Catalogues online 9 August 2013

Ireland’s Best... 2


To

Kl 18.20

N E G A D S M U E L I B

tember p e s 6 2 g a rsd

JU

)

FÄLTRITT

KLUBBEN

SKÅNSKA

(L umslöpning e il b u J s n e ttklubb ånska Fältri orial k S d n u L i Holms Mem g ti S • Bilgruppen g in n p osengårdlö Baker Tilly R

125 år 3


Dansk Galops Auktionsløb 2014

1400m

350.000 DKK ( 200.000 – 75.000 – 35.000 – 25.000 – 15.000 )

Ærespræmie til Ejer og Opdrætter af vindende hest udsat af Dansk Galop For 2-årige DANSKOPDRÆTTEDE heste Begrænset til 12 heste. Vægt: 59,0 kg. Indskud: 7.500 kr. 1. Oktober 2013 Betales af Dansk Galop 500 kr. 2. Fredag d. 25. oktober 2013 ind kl. 12.00 750 kr. 3. Fredag d. 14. februar 2014 ind kl. 12.00 750 kr. 4. Fredag d. 25. april 2014 ind kl. 12.00 1.000 kr. 5. Fredag d. 18. juli 2014 ind kl. 12.00 1.000 kr. 6. Fredag d. 15. august 2014 ind kl. 12.00 1.500 kr. 7. v/Starterklæring 2014 ind kl. 11.00 2.000 kr. Starterklæres: August/september 2014 Rides: August/september 2014

----------------------------------Særlige bestemmelser for Dansk Galops Auktionsløb 2014: 1. KUN danskopdrættede heste, der er anmeldt og fremstillet på Åringsauktionen på Roslövsholm i 2013, kan deltage i løbet. 2. Heste, der er handlet under enhver anden form, kan IKKE deltage i løbet. 3. Løbet afvikles på Klampenborg Galopbane. 4. Evt. udelukkelse af overskydende heste ved starterklæringen jfr. DVR § 96.

Dansk Galop will enter all Danishbred yearlings for the 2015 Dansk Derby.

SPECIAL QUEST (FR) 1995 v. Rainbow Quest – Mona Stella (Nureyev) Gruppe-1-vinder som 2-årig i Frankrig Far til Gruppe-1-vindere 1 NUMMER 17 PÅ DEN EUROPÆISKE LISTE OVER ”SECOND CROP SIRES” Kilde: Racing Post Statistics, 3. august 2013.

Stor succes med første skandinaviske årgang, heriblandt: HARMONIA, SWEETY, DAYDREAM BELIEVER, RED PEARL, EXQUEST m.fl. Far til 3 af de 4 første gennem mål i Breeders’ Trophy Mile, og alene i dette løb tjente hans afkom mere end 285,000 SEK! ÅRINGER EFTER SPECIAL QUEST PÅ AUKTIONEN: LOT NUMRE 30, 35, 39, 42, 44, 55 & 90

4


Vores mål er at give den bedste service – før og efter skaden er sket

Læs om vores produkter og konkurrencedygtige priser på

dansk-hesteforsikring.dk eller kontakt os på Tlf. 63 58 11 22

5


SCANDINAVIAN BREEDERS’ SYSTEM Från och med 2012 har vi ett nytt system med gemensam anmälan till de tre Breedersloppen i Skandinavien. Breeders’ Trophy i Sverige, Breeders Prize i Norge och Breeders’ Cup i Danmark har de två första insatserna gemensamma. Detta innebär att en åring som har anmälts till någon av de tre serierna, automatiskt är anmäld till alla tre! Även den andra insatsen, som ska erläggas den 2 december 2013, är gemensam. Därefter delas loppen upp så att tredje insats erläggs separat till de tre olika systemen. Detta betyder att hästägare, som inte önskar kvarstå i samtliga tre system, måste stryka sin häst före nästkommande insats till respektive organisation; Svensk Galopp, Dansk Galop eller Norsk Jockeyklub.

Skandinaviskt Breeders-system för löpningar 2014-2016: Första insatsen är redan erlagd av uppfödaren Andra insatsen erläggs den 2 dec 2013 och är även den gemensam för alla tre Breeders-systemen Tredje insatsen erläggs under 2014 (se resp arrangörs proposition)

Svensk Galopp

Dansk Galop

6

Norsk Jockeyklub


Breeders’ Trophy-serien 2014 - 2016 Anmälan för skandinaviskuppfödda föl, fallna efter anslutna hingstar, görs till respektive organisation i uppfödarlandet. Föl uppfödda utanför Skandinavien anmäls till Sverige. Anmälningsavgift är Euro 150.

BREEDERS’ TROPHY-SERIEN 2014-2016 HAR FÅTT EN NY UTFORMNING Serien, som är för hästar födda 2012, fallna efter anslutna hingstar, omfattar följande löpningar (*p g a flytt till ny bana 2015 kan distans/underlag komma att ändras).

Samtliga hästar, anmälda i Sverige, Danmark och Norge, är därefter anmälda till Svenska Breeders’ Trophy-serien 2014-2016 (5 löpningar), Dansk Breeders’ Cup 2016 och Norsk Breeders Prize 2015 (2 löpningar).

BREEDERS’ TROPHY JUVENILE 2014 300.000 kr 1350 dt För 2-åriga hästar (föl födda 2012). Vikt: 59 kg Insats: Se nedan Anmäln avg: 500 kr 2014 (ordinarie anm dag) Startanmn avg: 2.000 kr 2014 Rides 2014

1. insats den 14 januari 2013 och 2. insats den 2 december 2013 erläggs endast i uppfödarlandet. Fr o m 3. insats den 7 april 2014, kommer hästägare, om man avser att starta i Breeders-löpningar utanför födelselandet, även att bli debiterade insatser från dessa länder. Det betyder att svenskuppfödda hästar kommer att bli debiterade insatser från Danmark och Norge avseende Dansk Breeders’ Cup och Norsk Breeders Prize. Om man inte avser att starta i Danmark eller Norge måste man alltså mellan 2. och 3. insats stryka hästen ur dessa löpningar!

BREEDERS’ TROPHY CLASSIC 2015 Sweepstakes ca 1700-2100* För 3-åriga hästar (föl födda 2012). Vikt: 59 kg Insats: Se nedan Anmäln avg: 500 kr 2015 (ordinarie anm dag) Startanmn avg: 3.000 kr 2015 Rides 2015 Till Breeders’ Trophy Classic 2015 kommer att skrivas ut en consolation med prissumma på 200.000 kr.

Insatser: 1. Euro 150 14 jan 2013 2. Euro 150 2 dec 2013 3. 1.500 kr 7 april 2014 4. 1.500 kr 21 juli 2014 5. 1.500 kr 25 aug 2014 Hästar som erlagt 5. insats kan anmälas till Breeders’ Trophy Juvenile och efterföljande löpningar. 6. 1.500 kr 3 nov 2014 7. 2.000 kr 2 feb 2015 8. 2.500 kr 27 apr 2015 9. 4.000 kr 25 maj 2015 Hästar som erlagt 9. insats kan anmälas till Breeders’ Trophy Classic och Breeders’ Trophy Sprint/Mile/Stayer Total insats: Ca 17.000 kr.

BREEDERS’ TROPHY SPRINT 2016 300.000 kr ca 1200* För 4-åriga hästar (föl födda 2012). Vikt: 59 kg Insats: Se nedan Anmäln avg: 500 kr 2016 (ordinarie anm dag) Startanmn avg: 2.000 kr 2016 Rides 2016 BREEDERS’ TROPHY MILE 2016 300.000 kr ca 1600* För 4-åriga hästar (föl födda 2012). Vikt: 59 kg Insats: Se nedan Anmäln avg: 500 kr 2016 (ordinarie anm dag) Startanmn avg: 2.000 kr 2016 Rides 2016

Till respektive löpning måste kvalificerade hästar, mot särskild anmälningsavgift speciellt anmälas. Särskilda bestämmelser: Prissummefördelning samtliga löpningar: 50%-25%10%-6%-4%-3%-2%. Maximalt tillåtet antal startande hästar i varje löpning är 15*, varvid 10 uttas genom handicap och 5 genom poäng i enlighet med Allmänna Bestämmelser pkt 27 (* p g a flytt till ny bana kan det förekomma ändringar).

BREEDERS’ TROPHY STAYER 2016 300.000 kr ca 2400* För 4-åriga hästar (föl födda 2012). Vikt: 59 kg Insats: Se nedan Anmäln avg: 500 kr 2016 (ordinarie anm dag) Startanmn avg: 2.000 kr 2016 Rides 2016

Extra bonus: Utöver ordinarie prispengar, kommer det att betalas ut hästägarbonus till svenskuppfödda hästar (för 2012 är det 40%, dock max 75.000 kr).

Samtliga löpningar är en gemensam sweepstakes med tillskott av totalt 750.000 kr. Insatser och tillskott fördelas så att löpning 2 - BT Classic - erhåller en prissumma som är ca 70% högre än övriga löpningar. Utöver insatser och tillskott tillkommer hingstavgifter samt anmälnings- och startanmälningsavgifter.

Extra uppfödarpremier: Utöver ordinarie uppfödarpremier, som årligen fastställes av SG, utbetalas ca 11% i särskilda uppfödarpremier, samt ca 6% till hingsthållarna. Uppfödar- och hingsthållarpremier finansieras via inbetalda insatser.

Anmälan till Scandinavian Breeders’ System för hästar födda 2012 är senast måndagen 14 jan 2013.

7


A Swedish bred horse will take you a lot further! In Sweden, there are several extra benefits for horses bred and raised within the country. Most of the yearlings in this sales catalogue qualify as Swedish breds, even if they were born abroad, which is then shown in small letters after the horse’s name, for example (ire).

A Swedish bred horse: •

receives an extra horse owners’ premium of 40% in all open races as a 2-, 3- and 4-year-old

can participate in all the races in Sweden but also has a certain amount of races to choose from that are open exclusively to Swedish breds (for example, the Swedish Masterships) or Scandinavian breds (for example, The Criterium), where it doesn’t have to compete with imports from outside Scandinavia

can be trained and raced in Sweden even if owned abroad, or can also be trained abroad and come to Sweden to race, which ever alternative is the most suitable.

The Scandinavian Breeders’ System

Most of the Swedish breds are entered in the Scandinavian Breeders’ System when they are foals. This concept, in which about 7 milllion Swedish kronor is payed out in 8 races (5 in Sweden, 2 in Norway and 1 in Denmark), is open to imports as well, but as the sire of the horse has to be entered before the horse is even born, in practise, very few imports actually take part. The yearlings in this catalogue that are entered in the Scandinavian Breeders’ System has a note about it in the top right hand corner.

Get your overnight stay paid by the SFAF!

To encourage buyers from abroad and from other parts of the country, the Swedish Thoroughbred Breeders’ Association (SFAF) will pay for the overnight stay at a hotel, on the condition that the buyer has purchased at least one horse for at least 75.000 kr plus VAT at the sale (valid for maximum two nights and/or maximum 3.000 kr, and payment against hotel receipt only). To claim this benefit, contact the secretary of the sale.

Handla för 75.000 kr - få en fri övernattning!

Som uppmuntran för köpare från utlandet och från andra delar av landet, kommer Svenska Fullblodsavelsföreningen (SFAF) att betala för övernattning på hotell för de köpare som köpt minst en häst för minst 75.000 kr plus moms vid auktionen (bidraget utbetalas för max två nätter/max 3.000 kr, och endast mot kvitto på hotellräkning). För att göra anspråk på bidraget, kontakta sekretariatet på auktionsplatsen.

8


Välkommen ScandicStar StarLund Lund Välkommen till till Scandic  

 

Närninibesöker besöker Åringsauktionen Åringsauktionen på När påRoslövsholm Roslövsholm 28-29/9 ärni ni varmt varmttill välkommen att bo oss påpå 28-29/9 är välkommen attStar bohos hos oss Välkommen Scandic Lund ScandicStar Star Lund. Lund. Ni påpå Scandic Ni hittar hittarbästa bästapriserna priserna hotellets hemsida: hemsida: www.scandichotels.se hotellets www.scandichotels.se Priser frånÅringsauktionen 445: - per person delat När ni besöker på iRoslövsholm Priser från 445: - per person i delat dubbelrum inkl. frukost och moms. 28-29/9 är ni varmt välkommen att bo hos oss på dubbelrum inkl. frukost och moms. Scandic Star Lund. Ni hittar bästa priserna på Ni kan även kontakta hotellet på 046-285 25 00 hotellets hemsida:hotellet www.scandichotels.se Ni kan även kontakta på 046-285 25 00 eller starlund@scandichotels.com

eller starlund@scandichotels.com

Priser från 445: - per person i delat dubbelrum inkl. frukost och moms. For assistance with hotel reservations please contact NiIrja kanSolner även on kontakta hotellet 25 00 +46 70 53 631på 35046-285 or by e-mail ellerirja@fullblodsauktioner.se starlund@scandichotels.com

9

 


         

 

   10


Group and Listed Races in Scandinavia 2013 Group 3 Lanwades Stud Scandinavian Open Championship Stockholms Stora Pris Täby Vårsprint IKC Fonder Stockholm Cup International IKC Fonder Pramms Memorial Polar Cup Marit Sveaas Minneløp Oslo Cup

Listed Denmark

Dansk Jockey Club Cup Pokalløb

Sweden

Lanwades Stud Jägersro Sprint Bloomers’Vase Swedish Open Mile Svenskt Derby Stockholm Filles & Mares Stakes Skånska Fältrittklubbens Jubileumslöpning Songline Classic Nickes Minneslöpning Lanwades Stud Stakes Margareta Wettermarks Minneslöpning Täby Open Sprint Championship

Norway

Scandic Norsk Derby Polar Mile Cup Waba Europallers Sprintløb Lanwades Stud Fillies Stakes Semb Hovedgård Hoppeløp 11


Welcome to Roslövsholm and the inaugural Scandinavian Yearling Sale First of all, a huge “thank you” to Inger and Lennart Linell, who so generously provide their beautiful farm, Roslövsholm, to the sale.We are as organizers very grateful for your superb hospitality and excellent feedback.Thank you again! This year’s auction is historical as it marks the inaugural ScandinavianYearling Sale and the cooperation between Skånes Fullblodsauktioner HB and Dansk Galop (The Danish Jockey Club). We hope that through our joint efforts, experience and knowledge we are able to create a sale that attracts more vendors, purchasers and other racing and equine enthusiasts. This year we will be serving a Danish-inspired sales buffet.You can reserve a table by contacting Irja Solner on +46 705 363 135 or by e-mail irja@fullblodsauktioner.se. The sale has attracted a big field of 99 yearlings.The catalogue includes both Scandinavian bred and non-Scandinavian bred horses.Yearlings bred outside Scandinavia will enter the sales ring first.

Auctioneer: Andrew Nolan, Goffs Bloodstock Sales Ltd., Ireland We wish everyone a warm welcome and hope you will have a great day and evening at the sale. Skånes Fullblodsauktioner HB and Dansk Galop (The Danish Jockey Club) Please visit our website for more information: www.fullblodsauktioner.se How to find Roslövsholm: Easy access from E22, located between Lund and Hörby. Exit junction 24 - direction Flyinge. After 150 mtrs, left turn “Roslövsholm” Vägbeskrivning: E22 mellan Lund och Hörby. Tag avfart 24. Kör mot Flyinge. Efter ca 150 m gul skylt “Roslövsholm”. Coordinates: WGS 84:

N55˚46.191’ E13˚21.935’

WGS 84-decimal:

55.76986, 13.36558

Timetable 11.00 Yearlings available for inspection 11.30 -14.00 Lunch 14.00 Auction starts

RT90:

6185004, 1346894 SWEREF99:

6181675, 397465 12


Winners previous sales Roslövsholm 2010

Yearling Consignor Johnny No Nose H. Birger Dornfelder B. Boberg Taittinger B. Boberg Absolute Soul F. Castro Don’t Lose H. Dörrum, NO San Siro Lady Giersing Lindén Hb Winsome Angel J. Hansson Zooma Zaid J. Johansson Zen Zansai Zaid J. Johansson Glen Ranoch L. Jönsson Mrs Velvet Ljungstorp Gård AB Mr Affalt O. Mattsson Dawn Raid S. Modahl, NO Watch me Fly V. Nilsson Mr Limpopo M. Schildt Binary Star B. Skutvik Mrs Perry Stall Grenerie Mrs Horn Stall Grenerie

Watch Me Fly

2011

Zen Zansai Zaid

Yearling Consignor Sing in Colours C. Caster Margaux (IRE) I &L Linell Mr Plura Ljungstorps Gård AB Ronaldo Ljungstorps Gård AB Prudence U & J Persson Interwatch Recruitment B. Carlsson Tap on Track B. Tagesson

2012

Yearling Consignor Glorias Pride P. Murawski Sing In Colours 13


Scandinavian Yearling Sale – Conditions of Sale

Scandinavian Yearling Sale – Conditions of Sale

1. The auction is organized jointly by Skånes Fullblodsauktioner and The Danish Jockey Club (Dansk Galop) Friday 27th September 2013 and is open for horses bred inside and outside of Scandinavia. The vendor is responsible for the registration of the yearling. The auction is

2.

3. 4. 5.

6.

7.

8. 9. 10.

11.

12. 13.

14.

scheduled to start at 14:00 with inspection from 11:00 on the sales day. Yearlings must arrive between 12:00 noon on Thursday 26th September and 10:00 a.m. on the day of the sale. Yearlings are sold as they stand. All information concerning the yearlings are issued by the vendor, who is solely responsible for the accuracy of these. Skånes Fullblodsauktioner, Dansk Galop and the vendor expressly disclaim the faults and shortcomings of the yearlings sold. The organizer and the vendor's liability to the buyer is limited to the price reduction or at most a refund of the hammer price plus commission and VAT. The organizers and the vendor will have no liability for damages directly or indirectly on behalf of the purchaser. In order to fulfill his or her duty, the purchaser has the right and opportunity to inspect and / or vet-examine the horse before the sale. The buyer shall pay the cost of such action. Yearlings are sold in order according to the catalog. Entry date is 15th July 2013. The entry fee is SEK 2,500 per yearling and includes catalog page, stabling, bedding and silage. Payment by invoice. The registration fee is non-refundable, regardless of the reason for withdrawal. Registration can be made from the notification form sent along with the invitation, or directly to Irja Solner, Tjärby, Elestorpsvägen 290, 275 94 Sjöbo, Sweden or by e-mail: irja@fullblodsauktioner.se. The registration form must include the vendor’s VAT identification number. If the obligation to account for VAT does not exist, this is highlighted in the box. A transport allowance is supplied to Danish and Norwegian horses at SEK 800 per yearling. Others are supplied with a transport allowance of SEK 400 per horse if one-way route is further than 250 km. Minimum price is SEK 10,000, and minimum price per bid is SEK 1,000. Reserve prices are made by the vendor with no responsibility to the organizer. It is the vendor’s responsibility to monitor the yearling while selling. Sales are paid in cash or if so agreed with the vendor - by invoice per net 30 days, counting from the day of the sale. Resp. vendors take care of invoicing and credit control. In the event of late payment, the vendor is entitled to charge interest at 2% from the due date. Sales commission charged to the purchaser of 5%. Unsold yearlings up to SEK 20,000 are charged with 0%. Vendors with unsold yearlings surpassing SEK 20,000 will be charged with a sales commission of 3%. Value added tax (V.A.T./Moms) will be added to registration fees, purchase, sales commission and other charges. If a catalogued yearling without a valid reason is withdrawn from the sale, the vendor will be charged with a commission of 5% of the average sale price. As valid reason is only a veterinary certificate accepted, showing that for medical reasons it is impossible for the yearling to participate. 14 The ownership of the yearling is not passed onto the purchaser until the horse is paid in full.


certificate accepted, showing that for medical reasons it is impossible for the yearling to participate. 14. The ownership of the yearling is not passed onto the purchaser until the horse is paid in full. The responsibility and the costs of the yearling is passed onto the purchaser straight after being sold in the ring. Should the horse become ill, injured or die after the purchase, the buyer is still required to pay the entire purchase price incl. commission.

15. All Swedish registered yearlings sold, except those bought back, will receive a 20% discount on 15. with All Swedish yearlings sold, except those bought will by receive a 20% di new policies Agria. registered All Danish registered yearlings sold are back, insured Dansk policies withfor. Agria. All Danish registered yearlings sold are insured b Hesteforsikring new until they are paid Hesteforsikring until they paid for. to the appropriate officer of the sale 16. The following veterinary certificate shall are be delivered 16. The following veterinary certificate be delivered to flu thevaccination. appropriateThe officer o upon the arrival of the yearling at the auction site: shall A: Declaration of the upon the the yearling auction site: 1-2 A: Declaration of the thefirst, flu vaccina minimum requirement is aarrival basic of vaccination withatathe second injection months after minimum requirement is a basic vaccination with a second injection 1-2 months and it must not be made later than 10 days prior to the sales day. B: A health certificate afte it must the not certificate be made later priorthree to the sales day. B: that A health c showing no kindand of disease: whichthan shall10 notdays exceed days must show showing no kind of disease: the certificate which shall not exceed three days both the yearling and the other horses in the stable are not showing symptoms of infectiousmust s both the yearling and the other horses in the stable are not showing symptoms of disease to the date. disease to the date. 17. Purchased yearlings must leave the sales site no later than 12.00 noon on 28th September 17. Purchased yearlings leave salesand sitethe no right later to than 12.00 noon on 28th S 2013. The organizers retain the rightmust to move thethe horse, charge a fee of SEK 3,000 per horse.2013. The organizers retain the right to move the horse, and the right to charge a f per horse. 18. The organizers 3,000 (or others providing catalogue information) disclaim all liability for any 18. The organizers (or others catalogue information) disclaim all liability inaccuracies and typographical errors in the providing sales catalog. inaccuracies and typographical errors in the sales catalog.

Sk책nes Fullblodsauktioner HB and Dansk Galop (The Danish Jockey Club) Sk책nes Fullblodsauktioner HB and Dansk Galop (The Danish Jockey Club)

15


Criteria for the use of International and ”Scandinavian” Black Type Skånes Fullblodsauktioner and Dansk Galop (The Danish Jockey Club) are not responsible for any typing or typographical errors in the catalogue. The Black Type used within the catalogue is subject to the standards of the ICSC (International Cataloguing Standards Committee). “Scandinavian” Black Type is used within Sweden, Norway and Denmark to highlight performances made in “Classic Races” and other notable races as shown in the list below. In the catalog, horses that have won or been placed second or third in approved Groupor Listed races are marked in bold (Black Type), while the Black Type race status also is indicated in bold, i.e.: (Gr. 2). The Pattern Race system was established in 1971, and horses who before 1971 have won or been placed in the subject races, which later received the status of Group or Listed, are also marked in bold, but without indication of status. In addition, horses that have won or been placed second or third in a series of Scandinavian races are shown in “semi-bold”. This applies to the following races: All Scandinavian Classic Races (Derby, 1000 Guineas, 2000 Guineas, Oaks and St. Leger) Norsk, Svenskt and Dansk Kriterium Skandinavisk Opdrætningsløb Skandinavisk Mesterskap for 2-åringer The Heatherwold Cup Malmö Stads Pris Amacitalöpning Vinterfavoritternes Ærespræmie Vinterfavoriternas Pris Skandinavisk Mesterskap for 3-åringer Breeders’ Trophy Juvenile Breeders’ Prize Classic Breeders’ Trophy Classic Breeders’ Trophy Mile Dansk Breeders Cup These races are not considered as internationally approved races. 16


FLYING GOLD: has won an European Group or Listed race, an American or Australian Graded or Stakes race. Flying Gold:

has been placed 2nd or 3rd in an European Group or Listed race, an American or Australian Graded or Stakes race.

FLYING GOLD: has won a race within the “Scandinavian” Black Type system from the list above. Flying Gold:

has been placed 2nd or 3rd in a race within the “Scandinavian” Black Type system from the list above.

FLYING GOLD:

is a winner.

Flying Gold:

is not subject to any of the above categories.

FLYING GOLD: has won a European jump race categorized as a Group or Listed Race. Flying Gold:

has been placed 2nd or 3rd in a European jump race categorized as a Group or Listed Race.

Välkommen till Redskapsgatan 2, Sjöbo 0416-107 40 • info@vollsjotryck.se 17


Index Consignors Consigner Lot no Yearling Ahl, Preben & Allen, Jim 89 NN (DEN) - Val De Flores Bastian Racing 25 SANDOYE (ger) Birger, Håkan 68 SWING THAT TIME (SWE) Buck Racing AB 32 FAST BUCK (SWE) 74 MALALA (gb) Carlsson Racing 19 HEADHUNTER (SWE) Castro, Francisco 2 NN (IRE) - Tagula Mon 5 NN (IRE) - Dorinda Gray 43 NN (SWE) - Inger’s Lady 63 NN (SWE) - Mummy’s Lodge 73 NN (SWE) - Ojos Del Salado 94 NN (SWE) - Una Hora Cat Racing 70 LINCOLN (DEN) 85 NN (DEN) - Pull The Plug Falkbolagen AB 45 GLORIOUS CHOICE (SWE) 60 GLORY HALLELUJAH (SWE) Frost, Karen 18 CARLA PONTI (DEN) Hansson, Anders 40 BLADE IBSON (SWE) Havemanns Mag. ApS, Bechmann & Buskop 96 NN (DEN) - Good Girl Johansson, Jan 38 ZAPATA ZAID (SWE) 51 ZILVA ZAID (SWE) 67 ZOFI ZAID (SWE) 82 ZANA ZAID (SWE) JP Long HB 28 CARA BLANCA (SWE) 58 NN (SWE) - Look That Chick Kemp Andersen, Poul 62 BERNHARD (DEN) Lambek Kristensen, Knud 36 BOSUN’S DREAM (DEN) Light Valley Stud 3 NN (GB) - Hazita 7 NN (IRE) - Mystic Mile 64 NN (Cocco Chanel) (DEN) 66 NN (fr) - Sycamore Hill

18


Index Consignors Consigner Lot no Yearling Ljungstorps Gård AB 16 MR VAN DYK (SWE) 56 MRS RHIANNA (SWE) 77 MR FUN (SWE) 83 MRS LOREEN (SWE) 90 MR COLDPLAY (SWE) 92 MR SOUND (SWE) Ljungstorps Gård AB & Scandinavian Ressource 61 MRS LI (SWE) Mathiasson, Niels 1 NN (IRE) - Under Fire 6 NN (IRE) - Riverbank Mattsson, Olle 84 DOUBLE CAT (SWE) Minde, Bjarne 8 NN (IRE) - Wewantitall Måleri & Fasad Limited UK Filial 97 HALL OF FAME (SWE) Neltoft, Pia 13 SUNDAY NIGHT (DEN) Neltoft, Pia & Karen Frost 72 LOVELY RITA (DEN) Nielsen, Morten 37 BOSUN’S QUEEN (DEN) 46 CHACHAMAIDEE (DEN) NVA Racing 65 NN (DEN) - Lois Lane Olsen, Berner 30 Special Love To All (DEN) 35 NN (DEN) - La Sabana 39 NN (DEN) - All Grey 42 NN (DEN) - Danseuse Et Toi 55 NN (DEN) - All Right 79 NN (DEN) - Jolie Fleur 93 NN (DEN) - Wafter Pettersson, Eva CS 10 MAXILLARIA (SWE) 24 MUSCARELLA (SWE) 27 MILTONIA (SWE) 33 MONIXUS (SWE) 59 MONANTHOS (SWE) 78 MECOSA (SWE) Pålsson, Per 31 GLORIAS EXPRESS (SWE) 95 MIRAKULIX (SWE) Schildt, Mathias 21 MR METALLICA (SWE) 19


Index Consignors Consigner Lot no Yearling Sjöholm, Ulf 88 HOPE SOLO (SWE) Solner Wittsell, Irja 87 TEA BISCUIT (SWE) Stald Hongkong ApS 4 NN (IRE) - Scripture Stald Jupiter, 23 WINDY (DEN) Stutteri Bogely, H.E. Westerberg 49 JOHANNA (DEN) Stald Rainbow & Joca Stable 12 NN (DEN) - Haakima Stall Foursome HB 26 MR AVICII (SWE) Stall Reuterskiöld HB, Maria Westman HB 75 LAKE SELINA (SWE) Stall Trick Or Treat 20 NN (DEN) - Chilly Dew Stengaarden I/S 41 NN (DEN) - Peggy Guggenheim 44 NN (DEN) - Polmara Stork H., Knudsen J&P, Nielsen K 52 MY PEARL (DEN) Stounberg, Jens J. 9 LEGIAL (DEN) Stutteri Hagen & Göran Åsheim 50 AZZOLA (SWE) Stutteri Hjortebo 11 NN (DEN) - Embattle 15 NN (DEN) - Acqualina Beauty 17 NN (DEN) - Fleur En Fleur 22 NN (DEN) - Lois 34 NN (DEN) - Starving 47 NN (DEN) - Diamond Of York 48 NN (DEN) - Gift Of Grace 53 NN (DEN) - Pianella 54 NN (DEN) - Autarcie 57 NN (DEN) - Antoinette 69 NN (DEN) - Wings Of A Dove 71 NN (DEN) - Awesome Miss 80 NN (DEN) - Achambra 81 NN (DEN) - Jambalaya 91 NN (DEN) - Blizzard Queen 98 NN (DEN) - Liffey Moon 99 NN (DEN) - Aube d’Irlande Stutteri Nova 14 NN (DEN) - Richelle Stutteri Poulsensminde 29 NN (DEN) - Fine Paladine Stutteri Thorskovgaard 76 THUMBS UP (DEN) Thornberg, Angela & Helene 86 SAGITTA (SWE) 20


Yearlings Nr. Yearling 1 NN (IRE) 2 NN (IRE) 3 NN (GB) 4 NN (IRE) 5 NN (IRE) 6 NN (IRE) 7 NN (IRE) 8 NN (IRE) 9 LEGIAL (DEN) 10 MAXILLARIA (SWE) 11 NN (DEN) 12 NN (DEN) 13 SUNDAY NIGHT (DEN) 14 NN (DEN) 15 NN (DEN) 16 MR VAN DYK (SWE) 17 NN (DEN) 18 CARLA PONTI (DEN) 19 HEADHUNTER (SWE) 20 NN (DEN) 21 MR METALLICA (SWE) 22 NN (DEN) 23 WINDY (DEN) 24 MUSCARELLA (SWE) 25 SANDOYE (ger) 26 MR AVICII (SWE) 27 MILTONIA (SWE) 28 CARA BLANCA (SWE) 29 NN (DEN) 30 NN (DEN) 31 GLORIAS EXPRESS (SWE) 32 FAST BUCK (SWE) 33 MONIXUS (SWE)

Nr. Yearling 34 NN (DEN) 35 NN (DEN) 36 BOSUN’S DREAM (DEN) 37 BOSUN’S QUEEN (DEN) 38 ZAPATA ZAID (SWE) 39 NN (DEN) 40 BLADE IBSON (SWE) 41 NN (DEN) 42 NN (DEN) 43 NN (SWE) 44 NN (DEN) 45 GLORIOUS CHOICE (SWE) 46 CHACHAMAIDEE (DEN) 47 NN (DEN) 48 NN (DEN) 49 JOHANNA (DEN) 50 AZZOLA (SWE) 51 ZILVA ZAID (SWE) 52 MY PEARL (DEN) 53 NN (DEN) 54 NN (DEN) 55 NN (DEN) 56 MRS RHIANNA (SWE) 57 NN (DEN) 58 NN (SWE) 59 MONANTHOS (SWE) 60 GLORY HALLELUJAH (SWE) 61 MRS LI (SWE) 62 BERNHARD (DEN) 63 NN (SWE) 64 NN (Cocco Chanel) (DEN) 65 NN (DEN) 66 NN (fr) 21

Nr. Yearling 67 ZOFI ZAID (SWE) 68 SWING THAT TIME (SWE) 69 NN (DEN) 70 LINCOLN (DEN) 71 NN (DEN) 72 LOVELY RITA (DEN) 73 NN (SWE) 74 MALALA (gb) 75 LAKE SELINA (SWE) 76 THUMBS UP (DEN) 77 MR FUN (SWE) 78 MECOSA (SWE) 79 NN (DEN) 80 NN (DEN) 81 NN (DEN) 82 ZANA ZAID (SWE) 83 MRS LOREEN (SWE) 84 DOUBLE CAT (SWE) 85 NN (DEN) 86 SAGITTA (SWE) 87 TEA BISCUIT (SWE) 88 HOPE SOLO (SWE) 89 NN (DEN) 90 MR COLDPLAY (SWE) 91 NN (DEN) 92 MR SOUND (SWE) 93 NN (DEN) 94 NN (SWE) 95 MIRAKULIX (SWE) 96 NN (DEN) 97 HALL OF FAME (SWE) 98 NN (DEN) 99 NN (DEN)


Index to Yearlings by Sire Sire: Catalogue number:

Academy Award (IRE) 11, 14, 17, 22, 23, 27, 34, 46, 47, 48, 53, 54, 57, 59, 69, 71, 80, 81, 85, 91, 96, 98, 99 Amadeus Wolf (GB) 1 Binary File (USA) 9, 62, 64 Bosun's Watch (GB) 29, 36, 37 Dark Angel (IRE) 5 Desert Style (IRE) 93 Devil's Drink (JPN) 13, 72 Dexterity (USA) 76 Duke of Marmalade (IRE) 7 Dylan Thomas (IRE) 8 Gloria De Campeao (BRZ) 19, 31, 33, 45, 50, 60, 67, 82, 97 Holy Roman Empire (IRE) 4 Layman (USA) 20 Mingun (USA) 12, 18, 28, 38, 43, 49, 51, 52, 63, 65, 70, 73, 95 Moss Vale (IRE) 2, 6 Mount Nelson (GB) 66 Needwood Blade (GB) 16, 26, 40, 77, 83, 87, 90, 92 Nobileo (GB) 61 Naaqoos (GB) 74 Orpen (USA) 32 Pistachio (GB) 88 Primatico (USA) 79 Sabiango (GER) 78, 86 Saddex (GB) 25 Shawdon (GB) 10 Siyouni (FR) 15 Special Quest (FR) 30, 35, 39, 42, 44, 55, 89 Strategic Prince (GB) 58 Swing That Cat (USA) 21, 56, 68, 84 Tertullian (USA) 24 Tiger Hill (IRE) 75 Verglas (IRE) 94 Zamindar (USA) 3 Zeebedee (GB) 41 22


REFERENCE TO SIRES ACADEMY AWARD (IRE) (Bay by Danehill (USA) – Ingabelle (IRE) by Taufan (USA), 2000 – Stud 2003). Only ran twice at 2 in Ireland due to injury. Champion Sire in Scandinavia in 2009, 2010, 2011 and 2012; sire of winners inc. THEATRICAL AWARD, Marit Sveaas Minneløp (Gr.3), Norsk Derby (L), Norsk 1000 Guineas, Bloomers’ Vase (L), Margareta Wettermarks Minneslöpning (L) and Semb Hovedgård Hoppeløp (L), REVENTON, Copenhagen Golden Mile (L), Skandinavisk Opdrætningsløb, Dansk Galops Auktionsløb, Dansk Kriterium, RAGAZZO, Polar Cup (Gr.3), Polar Mile Cup (L), Breeders’ Prize Sprint, Norsk Mesterskap for 3-åringer, SYDNEY, M&T Klaveness’ Minneløp (L), Klampenborg Store Sprint and Mowerinaløb (Danish 1000 Guineas), Master Kid, Dansk Derby, 2nd in Skandinavisk Opdrætningsløb and Dansk Breeders’ Cup, 3rd in Scandinavian Open Championship (Gr.3), Dansk 2000 Guineas, Breeders’ Trophy Mile, Breeders’ Trophy Classic and Breeders’ Prize Classic, SIR HENRY, Dansk Derby, 2nd in Dansk 2000 Guineas, TIGRESS ELEVEN, Dansk Derby, 2nd Dansk Oaks and Sceptre Stakes, 3rd Svenskt Oaks and Dansk Breeders’ Cup, LOIS LANE, Dansk Kriterium and Dansk Galops Auktionsløb, SIR RANDOLPH, Dansk 2000 Guineas, Dansk Breeders’ Cup, Skandinavisk Opdrætningsløb, Produce Stakes, RUNNER RUNNER, Breeders’ Prize Classic, 2nd in Dansk Breeders’ Cup, HALLØJSA, Dansk Kriterium and Skandinavisk Opdrætningsløb, EDGE OF ETERNITY, Skandinavisk Mesterskap for 2-årige and Dansk Galops Auktionsløb, 2nd in Breeders’ Trophy Juvenile and Skandinavisk Mesterskap for 3-åringer, AFRICAN AWARD, Vinterfavoritternes Ærespræmie, CANTENAC, Dansk 2000 Guineas and Dansk Breeders’ Cup, 3 rd in Dansk Derby, SILVERTOWN, Dansk Kriterium and Vinterfavoritternes Ærespræmie, Maltho, 2nd in Dansk Jockey Club Cup (L), Härkila Pokalløb (L) and Skandinavisk Grand Prix, FLYER, Klampenborg Store Sprint, WHISTLER, Svenskt Oaks, etc. Catalogue numbers: 11, 14, 17, 22, 23, 27, 34, 46, 47, 48, 53, 54, 57, 59, 69, 71, 80, 81, 85, 91, 96, 98, 99. AMADEUS WOLF (GB) (Bay by Mozart (IRE) – Rachelle (IRE) by Mark Of Esteem (IRE), 2003 – Stud 2008). Jt 3rd top rated 2-y-o in Europe in 2005, 4 wins, £388,987, from 2 to 4 inc. Shadwell Stud Middle Park Stakes (Gr.1), Duke of York Hearthstead Homes Stakes (Gr.2), Scottish Equitable Gimcrack Stakes (Gr.2), 2nd in Nunthorpe Stakes (Gr.1), 3rd in Betfred Sprint Cup (Gr.1), Prix Maurice de Gheest (Gr.1), Coventry Stakes (Gr.2). Sire of winners inc. CALEDONIAN SPRING, Ascendant Stakes (L), 4th in Acomb Stakes (Gr.3), Rime A Rien, 2nd in Prix de la Vallee d’Auge (L) and 4th in Criterium de Vitesse (L), HAMZA, BIG NOTE, AMADEUS WOLF TONE, FOREST EDGE, GAUL WOOD, CHURCH MUSIC, FREDDY WITH A Y, BEAU AMADEUS, LUPO D’ORO, TOSCA, VENETIAN VIEW, WOLFGANG, MISTER MUSICMASTER, AMADEUS DENTON, FOURTH OF JUNE, TIDY AFFAIR, JPEVIE, INSTRUMENTALIST, BAROLO TOP etc. Catalogue number: 1 BINARY FILE (USA) (Bay by Nureyev (USA) – Binary (GB) by Rainbow Quest (USA), 1998 – Stud 2008). Champion Miler in Scandinavia in 2005, Champion Older Horse in Scandinavia in 2006, 5 wins and DKK 2,356,250 in England, Denmark, Norway and Sweden inc. Marit Sveaas Minneløp (Gr.3), Øvrevoll, Persimmon Homes Strensall Stakes (L), York, Pramms Memorial (L), Jägersro, Swedish Open Mile (L), Täby, Pokalløb (L), Klampenborg, 2nd in Prix Dollar (Gr.2), Longchamp, Stockholm Cup International (Gr.3), Täby, Dansk Jockey Club Cup (L), Klampenborg, Stockholms Stora Pris (L), Täby, 3rd in Marit Sveaas Minneløp (Gr.3), Øvrevoll, Stockholms Stora Pris (L), Täby, 4th in Pokalløb (L), Klampenborg, Valley Chapel Memorial (L), Øvrevoll and Copenhagen Golden Mile (L); Half-brother to Binche, dam of PROVISO and BYWORD. Sire of winners inc. THE KICKER, Dansk Breeders’ Cup, Dansk 2000 Guineas, Jockeyklubbens Jubileumslöpning (Swedish 2000 Guineas), Breeders’ Trophy Juvenile, Breeders’ Prize Classic, 2 nd in Dansk Kriterium, Breeders’ Trophy Mile, Skandinavisk Mesterskap for 3-åringer, Breeders’ Trophy Stayer and Nordic Champion Series Milers, 4th in in Breeders’ Trophy Classic, SUMMERTIME, Svenskt Oaks, 2nd in Dansk Derby and Skandinavisk Grand Prix, 3rd in Dansk Breeders’ Cup, Dansk Oaks and Jockeyklubbens Avelslöpning, GALLANT FILE, 2nd in Larch Ærespræmie, GALDESSA, Summer Fillies, 4th in Breeders’ Prize Classic, LADY FILE, Fabellaløb (Danish Oaks Trial), CUT FATHER, Aalborg 2-års Mesterskab, and winners JONNY NO NOSE, KHAN, BINARY STAR, SARAH, MARLEY, BINAMIX, etc. Catalogue numbers: 9, 62, 64

23


BOSUN’S WATCH (GB) (Bay by Singspiel (IRE) – Sinking (GB) by Midyan (USA), 2004 – Stud 2008). 4 wins in Denmark and Norway at 3 inc. Norsk 2000 Guineas and Jydsk Derby, all his starts; half-brother to STATO KING, 12 wins inc. Premio Nearco (L), Rome. Sire of winners inc. Watch Me Fly, 4 wins and SEK 464,100 inc. Nordic Champion Series – Sprinters, 3rd in SM 2-åriga and Jockeyklubbens Jubileumslöpning (Swedish 2000 Guineas), MRS PERRY, 3 wins and 2nd in Derbyserien Juvenile Stayer, TAP ON TRACK, winner and placed 3rd in Svensk Auktionslöpning and 5th in Svenskt Kriterium, WATCH ME PROSPER, 2 wins inc. Breeders’ Trophy Mile Consolation, MR LIMPOPO, MIXED VA BENE, MRS HORN, INTERWATCH, MR PLURA, MAGIC RUNNER, QUINOA, MRS VELVET, INDIBOW and MARDI GRAZ. Catalogue numbers: 29, 36, 37 DARK ANGEL (IRE) (Gr. by Acclamation (GB) – Midnight Angel (GB) by Machiavellian (USA), 2005 – Stud 2008). 4 wins and £341,306 at 2 inc. Shadwell Stud Middle Park Stakes (Gr.1) and Dubai Duty Free Mill Reef Stakes (Gr.2). Sire of winners inc. LETHAL FORCE, Darley July Cup (Gr.1), Diamond Jubilee Stakes (Gr.1), Betfred Hungerford Stakes (Gr.2), 2nd in Duke Of York Stakes (Gr.2) and Carnarvon Stakes (L), 3rd in OLBG Park Stakes (Gr.2) and Sandy Lane Stakes (L), ALHEBAYEB, July Stakes (Gr.2), 2nd in Horris Hill Stakes (Gr.3), Windsor Castle Stakes (L), 3rd in Stubbs Stakes (L), EXOGENESIS, Tyros Stakes (Gr.3), HEERAAT, Hackwood Stakes (Gr.3), 2nd in City Wall Stakes (L), LILY’S ANGEL, Chartwell Stakes (Gr.3), Snowdrop Fillies’ Stakes (L), Cooley Stakes (L), Empress Stakes (L), 2nd in Ballycorus Stakes (Gr.3), Sweet Solera Stakes (Gr.3), 3rd in Ridgewood Pearl Stakes (Gr.3) and Nell Gwyn Stakes (Gr.3), BOOMSHACKERLACKER, Prix Saraca (L), 3rd in Criterium de Maisons-Laffitte (Gr.2), Horris Hill Stakes (Gr.3), GABRIAL, Doncaster Mile Stakes (L), 3rd in Sussex Stakes (Gr.1), Diomed Stakes (Gr.3), Huxley Stakes (Gr.3), Rose of Lancaster Stakes (Gr.3), Sovereign Debt, 2nd in Lockinge Stakes (Gr.1), Tough As Nails, 3rd in Phoenix Stakes (Gr.1) etc. Catalogue number: 5 DESERT STYLE (IRE) (Bay by Green Desert (USA) – Organza (GB) by High Top (GB), 1992 – Stud 1996), 2nd top rated 2-y-o colt in Ireland in 1994, Champion 2-y-o sprinter in Europe in 1995. 5 wins, £188,904 at 2 and 3 inc. Ballycorus Stakes (Gr.3), Lexus Tetrarch Stakes (Gr.3), Phoenix Sprint Stakes (Gr.3), 2nd in Hong Kong International Bowl (Gr.2), Leopardstown Stakes (Gr.3), Greenlands Stakes (Gr.3), 3rd in Heinz 57 Phoenix Stakes (Gr.1) and National Stakes (Gr.1). Sire of winners inc. PACO BOY, Prix de la Foret (Gr.1), Queen Anne Stakes (Gr.1), Lockinge Stakes (Gr.1), Bet365 Mile (Gr.2) (twice), Hungerford Stakes (Gr.2), Lennox Stakes (Gr.2), Greenham Stakes (Gr.3), Spring Cup (L), MANDESHA, Prix d’Astarte (Gr.1), Prix Vermeille (Gr.1), Prix de l’Opera (Gr.1), Prix Corrida (Gr.2), Prix Urban Sea (L), NEXT DESERT, Deutsches Derby (Gr.1), Union-Rennen (Gr.2), Dr Busch Memorial (Gr.3), BACHIR, Irish 2000 Guineas (Gr.1), Poule d’Essai des Poulains (Gr.1), Richmond Stakes (Gr.2), CARADAK, Prix de la Foret (Gr.1), DESERT BLANC, Manhattan Handicap (Gr.1), CAPTAIN HURRICANE, July Stakes (Gr.2) etc. Catalogue number: 93 DEVIL’S DRINK (JPN) (Br. by Agnes Tachyon (JPN) – Silk Prima Donna (JPN) by Brian’s Time (USA), 2007 – Stud 2011). Unraced, three-quarter brother to ADMIRA COLIN, 2 wins inc. Maiko Toto Betsu (L), Hanshin, 5th in Radio Nikkei Hai Nisai Stakes (Gr.3), Hanshin, GRAND PRIX BLOOD, 2 wins inc. Sakae Tokubetsu (L), Chukyo, FLAMME DE GLOIRE, 2 wins inc. Icho Stakes (L), Tokyo, 2nd in Fuyo Stakes (L), Nakayama, 3rd in NHK Mile Cup (Gr.3), Tokyo, 4th in Asahi Hai Futurity Stakes (Gr.1), Nakayama, 4th in The Raio Nikkie Sho (Gr.3), Fukushima; First crop now yearlings. Catalogue numbers: 13, 72

24


DEXTERITY (USA) (Bay by Kingmambo (USA) – Diese (USA) by Diesis (GB), 1998 – Stud 2006). 4 wins and €81,700 in England and France inc. Grand Prix Anjou Bretagne-Vignerons Nantais (L), Nantes, and placed 10 times; half-brother to SENURE, 7 wins inc. Clement L Hirsch MemTurf Championship (Gr.1), Santa Anita, United Nations Handicap (Gr.1), Monmouth Park, Fastness Handicap (Gr.3), Hollywood Park, and Steinlen Stakes (L), Hollywood Park, 2nd in Charles Whittingham Handicap (Gr.1), Hollywood Park, SPEAK IN PASSING, 5 wins inc. San Simeon Handicap (Gr.3), Santa Anita. Sire of winners inc. GOLDEN MEMORY, 8 wins and NOK 2,469,081 inc. Margareta Wettermarks Minneslöpning (L), Breeders’ Trophy Juvenile, Breeders’ Trophy Mile, Breeders’ Trophy Classic, Breeders’ Prize Classic and Skandinavisk Mesterskap for 3-åringer, 2nd in Coolmore Matchmaker Stakes (L), Skandinavisk Mesterskap for 2-åringer and Svenskt Kriterium, 3rd in Semb Hovedgård Hoppeløp (L), Manchego, 2 wins inc. Dansk Mesterskab for 3-årige, 2nd in Breeders’ Trophy Stayer, and Dansk 2000 Guineas, 3rd in Breeders’ Trophy Mile, Loire, 2 wins and placed 2nd in Dansk Kriterium and Breeders’ Trophy Juvenile, 3rd in Skandinavisk Opdrætningsløb, 4th in Dansk Kriterium, Whatasurprise, winner and placed 2nd in Dansk 2000 Guineas and Dansk Galops Auktionsløb, 4th in Dansk Derby, Phoebe, 2 wins inc. Basnæsløb and 3rd in Mowerinaløb (Danish 1000 Guineas), AMARONE, winner and 4th in Sceptre Stakes, SPUTNIK, TEITUR, SHAMSIIN etc. Catalogue number: 76 DUKE OF MARMALADE (IRE) (Bay by Danehill (USA) – Love Me True (USA) by Kingmambo (USA), 2004 – Stud 2009). Champion older horse in Europe in 2008, 6 win from 2 to 4 and £1,388,454 inc. Juddmonte International Stakes (Gr.1), King George IV and Queen Elizabeth Stakes (Gr.1), Prince Of Wales’ Stakes (Gr.1), Prix Ganay (Gr.1), Tattersalls Gold Cup (Gr.1), placed 2nd in Irish Champion Stakes (Gr.1), St. James’ Palace Stakes (Gr.1), Vintage Stakes (Gr.2) and 3rd in Queen Elizabeth II Stakes (Gr.1). Sire of winners inc. VENUS DE MILO, EBS Naas Oaks Trial (L), 2nd in Darley Irish Oaks (Gr.1), ALIVE ALIVE OH, Salsabil Stakes (L), CHILDA, Prix Rose de Mai (L), COUNT OF LIMONADE, Celebration Stakes (L), 2nd in King George V Cup (L), 3rd in Gallinule Stakes (Gr.3) and Anglesey Stakes (Gr.3), MORNING FROST, Prix Ronde de Nuit (L), DUCHESS LEMONADE, BMW Preis Düsseldorf (L), Starbright, 3rd in Park Express Stakes (Gr.3), Annaboda, 3 wins inc. Mowerinaløb (Danish 1000 Guineas), 3rd in Lanwades Stud Stakes (L) and Mingun Fawzia Stakes, Jammy Guest, 3rd in Fairway Stakes (L), Horizon Sky, 3rd in Baffle Stakes. Catalogue number: 7 DYLAN THOMAS (IRE) (Bay by Danehill (USA) – Lagrion (USA) by Diesis (GB), 2003 – Stud 2008). Champion 3-y-o in Europe in 2006, Champion older horse in Europe in 2007, 10 wins from 2 to 4 and £3,357,511 inc. Irish Champion Stakes (Gr.1), Irish Derby (Gr.1), King George VI & Queen Elizabeth Stakes (Gr.1), Prix de l’Arc de Triomphe (Gr.1), Prix Ganay (Gr.1), Irish Champion Stakes (Gr.1), Derrinstown Stud Derby Trial (Gr.2), Alleged Stakes (L), 2nd in Juddmonte International (Gr.1), Prince Of Wales’ Stakes (Gr.1), Tattersalls Gold Cup (Gr.1), Autumn Stakes (Gr.3), 3rd Vodafone Derby Stakes (Gr.1). Sire of winners inc. NYMPHEA, Grosser Preis von Berlin (Gr.1), Baden-Badener Hotellerie & Gastronomie (L), 2nd in Henkel Preis der Diana Stuten Derby (Gr.1) and Pinnacle Stakes (Gr.3), 3rd in Diana Trial (Gr.2) and BMW Preis Düsseldorf (L), DYLAN’S PROMISE, Betting World Oaks (Gr.2), Devon Air Stakes (L), TANNERY, Sheepshead Bay Stakes (Gr.2), Kilboy Estate Stakes (Gr.3), Victor McCalmont EBF Stakes (L), Martin Molony Stakes (L), 3rd in Garden City Stakes (Gr.1), FURNER’S GREEN, Leopardstown 2000 Guineas Trial Stakes (Gr.3), 3rd in Poule d’Essai des Poulains (Gr.1), CHUTNEY FLIGHT, Prix Madame Jean Couturie (L), GOLDONI, Minstrell Recruitment Stand Cup (L), 2nd in Glascow Stakes (L) and August Stakes (L), PORSENNA, Premio d’Estate (L), 2nd in Premio Pauro Sbarigia (L), VALLY JEM, Prix Urban Sea (L), 2nd in Grand Prix de Vichy (Gr.3), Kidwelly, 2nd in New Zealand Bloodstock Royal Stakes (Gr.2), Tower Rock, 2nd in Derrinstown Stud Derby Trial Stakes (Gr.2), 3rd in Ballysax Stakes (Gr.3) and Eyrefield Stakes (L), Athens, 2nd in Queen’s Vase (Gr.3), 3rd in Beresford Stakes (Gr.2) and Gallinule Stakes (Gr.3), Devotion, 2nd in Derrinstown Stud 1000 Guineas Trial (Gr.3), 3rd in Garnet Stakes (L). Catalogue number: 8

25


GLORIA DE CAMPEAO (BRZ) (Bay by Impression (ARG) – Audacity (BRZ) by Clackson (BRZ), 2003 – Stud 2011). Top rated older horse in U.A.E. in 2010, 9 wins in Brazil, Singapore and U.A.E. and £5,903,906 inc. Dubai World Cup (Gr.1), Meydan, Singapore Airlines International Cup (Gr.1), Singapore, Grande Preio Gervasio Seabra (Gr.2), Gavea, GP. Presidente Antonio T Assumpcao Netto (Gr.3), Cidade Jardim and Invasor Shadwell Farm Al Maktoum Challenge I (Gr.3), Meydan, placed 10 times inc. 2nd in Dubai World Cup (Gr.1), Nad Al Sheba, Singapore Airlines International Cup (Gr.1), Kranji, Al Maktoum Challenge R3 (Gr.2) (twice), Nad Al Sheba, and Al Maktoum Challenge I (Gr.3), Nad Al Sheba, 3rd in Grande Premio Presidente da Republica (Gr.1), Gavea and Grand Premio Presidente da Republica (Gr.1), Cidade Jardim; half-brother to ALUCARD, 7 wins in Brazil inc. Grande Premio do Parana (Gr.1), Grande Premio Professor Nova Monteiro (Gr.3) and C. Inverno-Carlos e Manoel Mendes Campos (L). First crop now yearlings. Catalogue numbers: 19, 31, 33, 45, 50, 60, 67, 82, 97 HOLY ROMAN EMPEROR (IRE) (Bay by Danehill (USA) – L’On Vite (USA) by Secretariat (USA), 2004 – Stud 2007). 2nd top rated 2-y-o in Europe in 2006, Champion 2-y-o colt in France in 2006, 4 wins at 2 and £414,496 inc. Phoenix Stakes (Gr.1), Prix Jean-Luc Lagardere – Grand Criterium (Gr.1), Railway Stakes (Gr.2), 2nd in Dewhurst Stakes (Gr.1) and National Stakes (Gr.1). Sire of winners inc. HOMECOMING QUEEN, 1000 Guineas (Gr.1), Leopardstown 1000 Guineas Trial Stakes (Gr.3), Silken Glider Stakes (L), 2nd in C L Weld Park Stakes (Gr.3), MORANDI, Criterium de SaintCloud (Gr.1), Prix de Conde (Gr.3), 2nd in Prix du Jockey Club (Gr.1), Prix de Fontainebleau (Gr.3), Criterium du Fonds Europeen de l’Elevage (L), ROLLOUT THE CARPET, New Zealand Bloodstock 1000 Guineas Stakes (Gr.1), J S Contractors Matamata Breeders Stakes (Gr.2), 2nd in Sires’ Produce Stakes (Gr.1), Breeders Gold Trail Stakes (Gr.3) and Memorial Stakes (Gr.3), BANIMPIRE, Royal Whip Stakes (Gr.2), Ribblesdale Stakes (Gr.2), Blue Wind Stakes (Gr.3), Noblesse Stakes (Gr.3), Ballysax Stakes (Gr.3), Victor McCalmont EBF Stakes (L), 2nd in Darley Irish Oaks (Gr.1), 3rd in Prix de l’Opera (Gr.1) and Park Express Stakes (Gr.3), AMARILLO, John of Gaunt Stakes (Gr.3), Preis der Dreijährigen (L), 2nd in Premio Vittorio di Capua (Gr.1), Mehl-Mühlens Rennen (Gr.2), 2nd in Prix de la Porte Maillot (Gr.3), Grosser Preis de VGH Versicherungen (Gr.3), Preis des Winterfavoriten (Gr.3), 3rd in Grosser Preis vom Audi Zentrum Hannover (Gr.2) and Oppenheim-Rennen (L), ISHVANA, Jersey Stakes (Gr.3), 2nd in Irish 1000 Guineas (Gr.1), LEITIR MOR, Ballycorus Stakes (Gr.3), Go and Go Round Tower Stakes (Gr.3), 2nd in Dewhurst Stakes (Gr.1), Phoenix Stakes (Gr.1), National Stakes (Gr.1), Minstrel Stakes (Gr.3) and Curragh Stakes (L), MAUREEN, Fred Darling Stakes (Gr.3) and Princess Margaret Stakes (Gr.3), 2nd in Cherry Hinton Stakes (Gr.2), PRINCESS NOOR, Princess Margaret Stakes (Gr.3), SUNDAY TIMES, Sceptre Stakes (Gr.3), 2nd in Cheveley Park Stakes (Gr.1), etc. Catalogue number: 4 LAYMAN (USA) (Ch. by Sunday Silence (USA) – Laiyl (IRE) by Nureyev (USA), 2002 – Stud 2007). 3 wins at 2 and 3 and €194,140 inc. Prix du Cabourg (Gr.3), Deauville, Celebration Mile (Gr.2), Goodwood and Sovereign Stakes (Gr.3), Salisbury, placed 2nd in Prix Morny (Gr.1), Deauville and Grand Criterium (Gr.1), Longchamp. Sire of winners inc. BOLDOGSAG, 3 wins and £59,483 inc. Prix des Reservoirs (Gr.3), GAMMARTH, 4 wins and £129,711 inc. Prix Servanne (L), 2nd in Prix de Ris-Orangis (Gr.3), Prix de Meautry (Gr.3) and Prix Cor de Chasse (L), 3rd in Prix du Gros-Chene (Gr.2), Laygirl, 4 wins and £66,252 and placed 2nd in Prix Bertrand du Breuil Longines (Gr.3), REGATTA, 2 wins and £63,685 inc. Prix de Sablonnets (L) and Prix de Lilas (L), 5th in Prix Chloé (Gr.3) and Prix de Lieurey (Gr.3), Queen Bubble, 2 wins and £62,558 and 2nd in Prix Charles Laffitte (L), Sing In Colours, Svenskt Oaks Trial, 2nd in Svenskt Oaks, PRIMA NOA, LE MECHOUAR, HOW’S LIFE, BLACK JEWEL, STAR SEED, THE STOMP, ALLEZ LEZ BLEUS, WILLIBR, BEOWOLF, ETERNAL GIFT, MAN FIEBER, SENATORSIDE, KAJSA KAVAT etc. Catalogue number: 20

26


MINGUN (USA) (Br. by A P Indy (USA) – Miesque (FR) by Nureyev (USA), 2000 – Stud 2006), 3 wins at 3 and $208,818, 1800-2000m inc. Meld Stakes (Gr.3) and Celebration Stakes (L), 3rd in Diamond Stakes (L), 4th in Juddmonte International Stakes (Gr.1) and Citation Handicap (Gr.1); Half-brother to KINGMAMBO, Dubai Poule d’Essai des Poulains (Gr.1), St James’s Palace Stakes (Gr.1), Prix du Moulin (Gr.1), Champion sire, MIESQUE’S SON, Prix de Ris-Orangis (Gr.3), sire, EAST OF THE MOON, Champion 3-y-o filly in Europe and France, Prix de Diane (Gr.1), Dubai Poule d’Essai des Pouliches (Gr.1), Prix Jacques le Marois (Gr.1). Sire of 100+ winners in U.S.A., South America, England, France, Germany, Sweden and the Middle East inc. PAIJAN, Clasico Jose Rodriguez Razzeto (Gr.3), 3rd Premio O.S.A.F. (Gr.2) and Clasico Galeno (L), BUG JUICE, Aspirant Stakes (L), New York Breeders’ Futurity Stakes (L), SHE’S ALL BLING, CTBA Lassie Stakes, 2nd Silver Cup Futurity Stakes (L), CTBA Breeders Oaks Stakes GUNNER, Governor’s Stakes (L), Brilliant Future, 2nd My Charmer Stakes (L), 3rd President’s Cup Stakes (L), 5th First Lady Stakes (Gr.1), Zareefah, 2nd Authority Cup (L), Counting Days, 3rd Real Derby (Gr.3), Pasadena Stakes (L) and La Puente Stakes (L), Dark Roast, 2nd Aspirant Stakes (L), Nehru, 2nd Cleveland Gold Cup Stakes (L), 3rd Green Carpet Stakes (L), Molly Mingun, 2nd Tippett Stakes (L) and MISSMYRTLEBOYRICHIE, Champion Imported Colt in Jamaica, won Real Vibes Party Wine Sprint (J-Gr.1), CTL Imported Mile (J-Gr.1) and Sweet Ruckus Trophy (J-Gr.3), A.P. GUNNER, APRICEY GUN, ASIAN DREAM, AVOW, BONITA MUNECA, CANON MAN, COO CACHOO, DARE WE DREAM, DEAL OF A LIFETIME, DIRTY OLD TOWN, FOR WHAT, GUNFORHOME, GIANT MINGUN, INVESTMENT GRADE, MIESQUE AMOUR, MINGUN BELL, SEDANA, ST ARMANDS, TOP SCENE, WYGUN, ZEENUT etc. First Scandinavian crop now yearlings. Catalogue numbers: 12, 18, 28, 38, 43, 49, 51, 52, 63, 65, 70, 73, 95 MOSS VALE (IRE) (Bay by Shinko Forest (IRE) – Wolf Cleugh (IRE) by Last Tycoon (GB), 2001 – Stud 2008). Top rated older sprinter in Ireland in 2006, 8 wins from 2 to 5 and £352416 inc. Prix du Gros-Chene (Gr.2), Phoenix Sprint Stakes (Gr.3), Greenlands Stakes (Gr.3), Cathedral Stakes (L), Dave Jones for Mortgages Stakes (L) and Starlit Stakes (L), 2nd in Temple Stakes (Gr.2), Renaissance Stakes (Gr.3), Bentinck Stakes (Gr.3), Renaissance Stakes (Gr.3), Greenlands Stakes (Gr.3) (twice), 3rd in Prix de l’Abbaye de Longchamp (Gr.1), King’s Stand Stakes (Gr.2) and Prix du Gros-Chene (Gr.2). Sire of winners inc. Hard Yards, winner at 2 and 2nd in Anglesey Stakes (Gr.2), GREEK CANYON, 5 wins and £40,987, GLEN MOSS, 2 wins and £38,160, RED BARON, 3 wins and £22,865, AVAILABLE, 4 wins and £16,954, MICK SLATES, 4 wins and £14,961, TAKEALOOKATMENOW, 4 wins and £13,706, GUNG HO JACK, 4 wins and £12,164, ORTON PARK, DREAM VALE, BOGSNOG, TRANNEL, RELIANT ROBIN, etc. Catalogue numbers: 2, 6 MOUNT NELSON (GB) (Bay by Rock Of Gibraltar (IRE) – Independence (GB) by Selkirk (USA), 2009 – Stud 2008). Jt 4th top rated 2-y-o in Europe in 2006, 3 wins inc. Criterium International (Gr.1), Saint-Cloud, Coral Eclipse Stakes (Gr.1), Sandown Park, 3rd in Arlington Million Stakes (Gr.1), Arlington International, Prix du Chemin de Fer du Nord (Gr.3), Chantilly, 5th in Queen Anne Stakes (Gr.1). Sire of winners inc. PURR ALONG, Prix du Calvados (Gr.3), 2nd in May Hill Stakes (Gr.2) and 3rd in Star Stakes (L), BERKSHIRE, Chesham Stakes (L), MOHAVE PRINCESS, Devon Air Stakes (L), NINJAGO, Pavilion Stakes (L), 3rd in Carnarvon Stakes (L) and Washington Singer Stakes (L), Orsello, 3rd in Union-Rennen (Gr.2), Romantic Settings, 2nd in Tattersalls Musidora Stakes (Gr.3), Give Way Nelson, 2nd in Campanologist Cup (L), Jadel, 2nd in Premio Alessandro Perrone (L), SWEET LOREEN, 4 wins and SEK 754,056 at 2 in Sweden inc. Malmö Stads Pris, Amacitalöpning and Hurricane Juvenile, 3 rd in Dianalöpning (Swedish 1000 Guineas) and Norsk 1000 Guineas, KOO KOO SINT, 3 wins and DKK 245,534 at 2 and 3 in Denmark inc. Vinterfavoritternes Ærespræmie, 2 nd in Mowerinaløb (Danish 1000 Guineas), SPEACIAN MEANING, GOOD EVANS, L’EREDE DI NELSON, PERFECT QUEEN, NET POUR MOI, EMERGING, COURT PASTORAL, PAVENIK, DUTCH CAPE, SLIPPERS BEST, DUTCH CAPE, SLIPPERS BEST etc. Catalogue number: 66

27


NEEDWOOD BLADE (GB) (Ch. by Pivotal (USA) – Finlaggan (GB) by Be My Chief (USA ), 1998 – Stud 2005). 9 wins from 3 to 6 and £197,130 inc. Victor Chandler Palace House Stakes (Gr.3), Newmarket, NGK Spark Plugs Abernant Stakes (L), Newmarket, Bentinck Stakes (L), Newmarket, and Bay Meadows Breeders’ Cup Handicap (Gr.3), Bay Meadows, placed 12 times inc. 2nd in Cambridge Trophy (L), Doncaster, and 3rd in Abernant Stakes (L), Newmarket, and City Of York Stakes (L), York; half-brother to ISLAY MIST, 5 wins inc. Senorita Stakes (Gr.3), 2nd in Lone Star Oaks (L), 3rd in San Clemente Stakes (Gr.2), AUSTRALIAN DREAMS, 7 wins inc. Coolmore Stud Baden-Baden Cup (L). Sire of 60+ winners inc. SMALLJOHN, 11 wins, A LITTLE BIT DUSTY, 7 wins, M J WOODWARD, 7 wins, ONE SCOOP OR TWO, 7 wins, MICA MIKA, 6 wins, ARRIVA LA DIVA, 5 wins, CALEDONIA PRINCE, 5 wins, SHARP SHOES, 5 wins, FIRST BLADE, 4 wins, NEEDWOOD RIDGE, 4 wins, GLORA PRIDE, etc. First Scandinavian crop now 2-y-o’s. Catalogue numbers: 16, 26, 40, 77, 83, 87, 90, 92 NOBILEO (GB) (Ch. by Galileo (IRE) – Nataliana (GER) by Surumu (GER), 2003 – Stud 2009). 3 wins at 2 and 3 in Norway and Sweden and NOK 959,690 inc. Norsk St. Leger, Øvrevoll, placed 2 nd in Svenskt Derby (L), Jägersro, and Norsk Derby, Øvrevoll and 3rd RWE Rhein Ruhr AG Derby Trial (L), Mülheim; half-brother to Noble Ginger, winner and 3rd in Prix de Flore (Gr.3), Saint-Cloud. Sire of NOBEL BRIDE, winner at 3 in Denmark, Mr Broken Door, placed at 3 in Sweden, Noble Time, placed at 2 in Sweden, Sanders Pride, placed at 2 in Sweden, Walona, placed at 3 in Sweden. Catalogue number: 61 NAAQOOS (GB) (Bay by Oasis Dream (GB) – Straight Lass (IRE) by Machiavellian (USA), 2006 – Stud 2010). 3 wins at 2 inc. Prix Jean Luc Lagardere-Grand Criterium (Gr.1), Longchamp, 2nd in Prix Djebel (L), MaisonsLaffitte, 5th in Prix Morny (Gr.1), Deauville. First crop now 2-year-olds, sire of TEARDROPS, winner in Sweden. Catalogue number: 74 ORPEN (USA) (Bay by Lure (USA) – Bonita Francita (CAN) by Devil’s Bag (USA), 1996 – Stud 2000). Jt 3rd top rated 2-y-o in Europe in 1998, Champion 2-y-o in Ireland in 1988, 2 wins at 2 inc. Prix Morny (Gr.1), Deauville, placed 3rd in Irish 2000 Guineas (Gr.1), Curragh. Sire of winners inc. TORRESTRELLA, Poule d’Essai des Poulains (Gr.1), Prix Finlande (L), WAR ARTIST, Mercury Sprint (Gr.1), Goldene Peitsche (Gr.2), Pris de Ris-Orangis (Gr.3), Prix du Petit Couvert (Gr.3), Al Shindagha Sprint (Gr.3), 2nd in Golden Jubilee Stakes (Gr.1), 3rd in July Cup (Gr.1), Prix de l’Abbaye (Gr.1), Golden Horse Casino Sprint (Gr.1), DON PEDAL, Gran Premio Estrellas Sprint (Gr.1), 3rd in Clasico Paraguay (Gr.3), DON VALIENTE, Gran Premio Polla de Potrillos (Gr.1), Clasico Japan (L), 2nd in Gran Premio Isidro (Gr.1), DONA LEY, G.P. Felix de Alzaga Unzue Internacional (Gr.1), Gran Premio Suipacha (Gr.1), Clasico Condesa (Gr.3), Clasico Propietarios (L), 2nd in Clasico General Viamonte (Gr.3), 3rd in Clasico Irlanda (Gr.3), ENAK, Gran Premio Gran Criterium (Gr.1), 3rd in Al Bastakiya (L), LA LAGUNA AZUL, G.P. Copa de Plata (Gr.1), Gran Premio Enrique Acebal (Gr.1), Clasico La Mission (Gr.2), Clasico Eudoro J Balsa (Gr.3), Clasico Federico de Alvear (Gr.3), 2nd in G.P. Estrellas Distaff Hotel Presidente (Gr.1), Gran Premio Eliseo Ramirez (Gr.1), 3rd in G.P. Copa de Plata (Gr.1), Gran Premio de Potrancas (1000 Guineas) (Gr.1), 2nd in Clasico Los Haras (Gr.2), 3rd in Clasico Apertura (Gr.3), Clasico Omega (Gr.3), LADY PELUSA, Premio Las Oaks (Gr.1), LINGOTE DE ORO, G.P. de Honor (Gr.1), GP Republica Argentina Loteria Nacional (Gr.1), GP Estrellas Classic Copa (Gr.1), MALPENSA, G.P. Criadores-Copa Cincuentenario (Gr.1), G.P. Copa de Plata (Gr.1), Gran Premio Gilberto Lerena (Gr.1), PRIVATE JET, Computaform Sprint (Gr.1), ROCKS OFF, Premier’s Champion Stakes (Gr.1), SABAYON, Gran Premio Montevideo (Gr.1), TRUE PASSION, G.P. Estrellas Juvenile Copa Pedro (Gr.1), etc. Catalogue number: 32

28


PISTACHIO (GB) (Gr. by Unblest GB) – Cashew (GB) by Sharrood (USA), 1996 – Stud 2004). 18 wins and NOK 3,517,060 in England, Norway, Sweden and Denmark inc. Täby Open Sprint Championship (Gr.3), Norsk 2000 Guineas, Treåringernas Elitlöpning, Polar Sprint Cup (L), VG Sprinten (twice), Norsk Jockeyklubs Sprintløp (twice) and Klampenborg Store Sprint (L), 2nd in Norsk Derby, Sirenia Stakes (L), Polar Million Cup (Gr.3), Polar Million (L), and Polar Sprint Cup (L), 3rd in Täby Open Sprint Championship (Gr.3) and Restaurant La Table Sterne Fliegerpreis (L), Dortmund; half-brother to MACADAMIA, 5 wins inc. Falmouth Stakes (Gr.2) and Pipalong Stakes (L), 2nd in Sun Chariot Stakes (Gr.2), CAPTIVATOR, 4 wins inc. Snowdrop Stakes (L), 2nd in Dahlia Stakes (Gr.3) and 3rd in J. Musker Stakes (L). Sire of winners inc. THE ONE AND ONLY, 7 wins and NOK 966,880 inc. Skandinavisk Mesterskap for 3åringer and Breeders’ Prize Sprint, 3rd in Norsk Kriterium, Svenskt Kriterium and Dansk 2000 Guineas, SANS REAL, 2 wins and NOK 168,900, 2nd in Dansk Galops Auktionsløb and 4th in Norsk Kriterium, MISS VALUEV, 2 wins and DKK 85,000 inc. Pompøs Cup, IMAGINENOWAR, 4 wins and DKK 290,818 inc. Pompøs Cup, Nordic Champion Series Milers and Provinsens 3-års Serie, 2nd in Dansk Mesterskab for 3-årige and 4th in Breeders’ Prize Sprint, Pinocchio, 2 wins and DKK 182,500, 2nd in Dansk 2000 Guineas and Larch Ærespræmie, MOJITO, 4 wins and DKK 153,946, SNOW FLAKE, winner and placed 3rd in Altamiralöpning. Catalogue number: 88 PRIMATICO (USA) (Bay by Danzig (USA) – Primevere (USA) by Irish River (FR), 1997 – Stud 2001). Placed in France at 3; Own brother to Prevail, winner in France and 2 nd in Prix des Reservoirs (Gr.3), Longchamp; Three-quarter brother to PRIOLO, Top rated 3 and 4-y-o Miler in France in 1990 and 1991, Jt top rated older horse in Europe in 1991, 6 wins inc. Prix du Moulin de Longchamp (Gr.1), Prix Jacques le Marois (Gr.1), Prix Jean Prat (Gr.1) and Prix Matchem (L), 2nd in Grand Prix de Paris (Gr.1), Prix d’Ispahan (Gr.1) and Prix Lovelace (L), 3rd in Prix du Moulin (Gr.1), Breeders’ Cup Mile (Gr.1), Sussex Stakes (Gr.1) and Prix Greffulhe (Gr.2). Sire of winners inc. THE PIRATE, 8 wins and SEK 1,434,106 inc. Dansk Jockey Club Cup (L) and DM for 3-årige, 2nd in Marit Sveaas Minneløp (Gr.3), Walter Nilsens Minneløp (L), 3rd in Dansk Breeders’ Cup, 4th in Dansk Derby and 5th in Stockholms Stora Pris (Gr.3), BELLE BLANCHE, 3 wins inc. Skandinavisk Opdrætningsløb, Belvedere, 3 wins and DKK 357,262 and 2nd in Compact Governess Mindeløb (Klampenborg Store Sprint), 3rd in Jägersro Sprint (L), JUSTTHETWOOFUS, 6 wins and DKK 303,550 inc. Aalborg 2-års Grand Prix, Den Jydske Vinterfavorit, BE Profilers 3-års Serie and Københavns Store Handicap, 2nd in 2-åringernes Stayerprøve and BE Profilers 3-års Serie, CLASSIC LINE, 3 wins and DKK 206,250 inc. Produce Stakes, Aalborg 2-års Grand Prix and Den Jydske Vinterfavorit, ZOOPHIA, 5 wins and DKK 232,462, 3rd in Larch Ærespræmie and 4th in Mowerinaløb (Danish 1000 Guineas), FLASHLINE, 7 wins and DKK 347,239, THE PROFESSOR, 5 wins and DKK 144,900, BORDERLINE, 2 wins and DKK 121,412, GOLDEN ROCK, 3 wins and DEKK 175,950, WHISPERINGLINE, 11 wins and DKK 310,502, CADILINE, 5 wins and DKK 122,250, ZAZOO, 5 wins and DKK 164,750, LOVELINE, 4 wins and DKK 175,750, PRINCE FIRST, 3 wins and DKK 82,700, PRIME GREY, 7 wins and DKK 182,950 etc. Catalogue number: 79 SABIANGO (GER) (Ch. by Acatenango (GER) – Spirit Of Eagles (USA) by Beau’s Eagle (USA), 1996 – Stud 2000). Jt top rated 3-y-o in Germany in 2001, 7 wins and £413,712 from 2 to 6 inc. Credit Suisse Private Banking Pokal (Gr.1), Cologne, Deutschland Preis (Gr.1), Düsseldorf, Charles Whittingham Memorial Handicap (Gr.1), Hollywood Park, Oppenheim Union-Rennen (Gr.2), Cologne, Kentucky Cup Turf Handicap (Gr.3), 2nd in Deutschland Preis (Gr.1), Düsseldorf, 3rd in Grosser Preis von Baden (Gr.1), Idee Hansa-Preis (Gr.2), 4th in Credit Suisse Banking Pokal (Gr.1), Cologne, and Turf Classic Invitational Stakes (Gr.1), Belmont Park. Sire of winners inc. Jive, 4 wins and SEK 886,813 inc. Svenskt Oaks and Stig Holms Memorial, placed 2 nd in Jockeyklubbens Avelslöpning (L) and Breeders’ Trophy Classic, Codoor, 3rd in Henkel Trophy (L), Perfect Son, 3rd in Saurens Dachfonds Grand Prix-Aufgalopp (L), CARL RAS DANA LIM, 2 wins in Denmark inc. Dansk Derby Consolation, MINK’S CHANEL, Götalandlöpning, ENDZO, MURANO, CAMELITA AESCULAP, SIMPLE NOIRE, TARUMA, INTIANGO, SILENZIO MO, CIEUZ LION ROUGE, MAGIC SAGA, FIRST SANDIA, SABIANGOROVA, EL CASCO, OSTLER, PER SE, LA SABARA, NEICO, LORD SIMON. Catalogue numbers: 78, 86

29


SADDEX (GB) (Bay by Sadler’s Wells (USA) – Remote Romance (USA) by Irish River (FR), 2003 – Stud 2009). Top rated older horse in Italy in 2008, 7 wins in France, Germany and Italy from 3 to 5 and £408,969 inc. P. Presidente della Repubblica-Attheraces (Gr.1), Rome, Rheinland-Pokal (Gr.1), Cologne, Grand Prix de Chantilly (Gr.2), Gerling-Preis (Gr.2), Cologne, Grosser Preis der Sparkasse Dortmund (L), and SWB Derby Trial (L), Bremen, placed 5 times inc. 2nd in Prix Ganay (Gr.1), Longchamp and Preis der Deutschen Einheit (Gr.3), Hoppegarten, and 3rd in Grosser Volkswagen Preis von Baden (Gr.1), Baden-Baden and Frühjahrspreis des Bankhaus Metzler (Gr.3), Frankfurt. Sire of winners WALETTA, FLAMINGO SUMMER, KÖNIG DAX, PURE POISON, REALITY, PENNY DONKEY and BRIXEN. Catalogue number: 25 SHAWDON (GB) (Bay by Inchinor (GB) – Play With Me (IRE) by Alzao (USA)), 1995 – Stud 2005). Champion 3-y-o in Scandinavia in 1998, 12 wins in England, Austria, Germany and Norway and SEK 2,299,353 inc. Silberne Peitsche (L), Gelsenkirchen-Horst, Weser Report Sprint Cup (L), Bremen, Preis der Pferdeanzeigers (L), Hannover, Kölner Frühjahrs Sprint-Preis (L) (twice), Cologne and Polar Million Cup (L), Øvrevoll, placed 38 times inc. 2 nd in Preis des Vorstandes des Rennclub Sprint Cup (L), Krefeld, Sport-Welt Sprintpreis (L), Cologne, Swedish Open Mile (L), Täby, and IBM Täby Vårsprint (L), Täby, 3rd in Premio Chiusura (Gr.3), Milan, Lambada Täby Open Sprint Championship (Gr.3), Täby, Europa Sprint (L), Cologne, World Of Tui Preis-Bremer Sprint Cup (L), Bremen, Buchmacher Albers Sprintpreis (L), Hannover, Preis der Wohnstatte Krefelder Sprint Cup (L), Krefeld, Restaurant La Table Sterne Fliegerpreis (L), Dortmund and betbull.de-Sprintpreis (L), Cologne. Sire of 3 winners inc. SAN SIRO LADY, 2 wins from 2 to 4 in Sweden and SEK 121,812, ALICIA IN MY DREAM, winner at 3 in Denmark, WINNIETOU, winner at 3 in Sweden. Catalogue number: 10 SIYOUNI (FR) (Bay by Pivotal (GB) – Sichilla (IRE) by Danehill (USA), 2007 – Stud 2011). Jt 4th top rated 2-y-o in Europe in 2009, 4 wins at 2 and £447,798 inc. Prix Jean-Luc Lagardere-Grand Criterium (Gr.1), Longchamp, Prix la Fleche (L), Maisons-Laffitte, 2nd in Prix Jean Prat (Gr.1), Prix de Fontainebleau (Gr.3), Longchamp, Prix Robert Papin (Gr.2), Maisons-Laffitte, Prix La Rochette (Gr.3), Longchamp, 3rd in Prix du Moulin de Longchamp (Gr.1), Longchamp. First crop now yearlings. Catalogue number: 15 SPECIAL QUEST (FR) (Bay by Rainbow Quest (USA) – Mona Stella (USA) by Nureyev, 1995 – Stud 2001). 6 wins and $390,291 from 2 to 5 in France and U.S.A. inc. Criterium de Saint-Cloud (Gr.1), Saint-Cloud, Prix Noailles (Gr.2), Longchamp and Millennium Mile Handicap (L), Golden Gate, placed 2nd in Prix de Conde (Gr.3), Longchamp and Bay Meadows Handicap (Gr.3), Bay Meadows, 3rd in Prix Lupin (Gr.1), Longchamp, American Handicap (Gr.2), Hollywood Park and Steinlen Stakes (L), Hollywood Park, 4th in Grand Prix de Paris (Gr.1), Longchamp and Prix Eugene Adam (Gr.2); Own brother to RED STELLA, 4 wins inc. Prix Panacee (L); half-brother to MOIAVA, Jt 2nd top rated 2-y-o filly in Europe in 1998 and Champion 2-y-o filly in France in 1988, 2 wins inc. Criterium de Maisons-Laffitte (Gr.2). Sire of 100+ winners in Chile and Scandinavia inc. TUMACO, Champion 3-y-o 2006 in Chile, won Copa de Plata Italo Traverso Pasqualetti Stakes (Gr.1) and Gustavo Rivera Baeza Stakes (L), PAULA’S GIRL, won 1000 Guineas Stakes (Gr.1), SPECIAL BULL, won Invierno-Sergio del Sante Monckeber Stakes (Gr.3), TAGLIATA, won Lisimaco Jaraquemda Stakes (L), 3rd in Las Oaks Stakes (Gr.1), YO QUISIERA, won Geoffrey Bushell Watson Stakes, DEMAGIGICA, won Raul Henriquez Bustos Stakes, CATALINA SPECIAL, won Republica Argentina Stakes and Republica de Italia Stakes, 3 rd in Arturo Lyon Pena Stakes (Gr.1), SEPHORA, won Campo Marzio Stakes and Miss Derby 2010 Stakes, PESCHI d’ORO, won Cristaline Stakes, MISS VILLARICA, won Maria Candela Stakes, TERUCE FELIZ, won Congresco Nacional Stakes, Raggy, 3 wins and 3rd in Gran Premio Criadores-Dorama Stakes (Gr.2), Celia La Azubar, 2 wins and 2nd in Anguita Stakes (L), Inn Creible, 5 wins and 3rd in Agustin Edwards McClure Stakes, Special

30


Deal, 7 wins and 2nd in Radio Cooperativa Stakes, Born To Win, winner in Chile and exported to Norway and placed 3rd in Lanwades Stud Stakes (L), Jockeyklubbens Avelslöpning (L), Klaveness Minneløp (L), Si O No, 2 wins and 2nd in Stud Book de Chile Stakes (Gr.2), 3rd in Alberto Vial Infante Stakes (Gr.1), El Pueblo, winner and 3rd in Edmundo Dacal Pérez Stakes and Marina Mercante de Chile Stakes, Ruca Blanca, 2 wins and 2nd in Hernan Braun Stakes, Mia Mamma, winner and 3rd in Soicidad Hipica Cousino Stakes, Harmonia, 5 wins and DKK 678,481 at 2 and 3 in Sweden and Denmark inc. Skandinavisk Opdrætningsløb and Larch Ærespræmie, placed 2nd in Breeders’ Trophy Mile, Breeders’ Trophy Juvenile and Altamiralöpning, 3rd in Dansk Galops Auktionsløb and 4th in Dansk Kriterium, SWEETY, 4 wins and NOK 428,004 inc. Norsk Rikstoto Oppdrettsløp, Daydream Believer, 2 wins and NOK 394,000 inc. Norsk Auksjonsløp, 2 nd in Skandinavisk Mesterskap for 2-åringer, RED PEARL, 2 wins inc. Produce Stakes and 2-åringernes Stayerprøve, Exquest, winner and 3rd in Breeders’ Trophy Mile and Larch Ærespræmie, ROCKYTO, 2 wins and 4th in Dansk Derby, etc. Catalogue numbers: 30, 35, 39, 42, 44, 55, 89 STRATEGIC PRINCE (GB) (Bay by Dansili (GB) – Ausherra (USA) by Diesis (GB), 2004 – Stud 2008). 3 wins at 2 and £113,158 inc. July Stakes (Gr.2), Newmarket and Vintage Stakes (Gr.2), placed 3rd in Darley Dewhurst Stakes (Gr.1), Newmarket and 5th in Norfolk Stakes (Gr.2), Royal Ascot. Sire of winners inc. LA COLLINA, Phoenix Stakes (Gr.1), 2nd in Silver Flash Stakes (Gr.3), Blue Wind Stakes (Gr.3) and Abu Dhabi Stakes (Gr.3), 3rd Moyglare Stud Stakes (Gr.1), Gladness Stakes (Gr.3), 4th in Sun Chariot Stakes (Gr.1) and Lanwades Stud Fillies Stakes (Gr.3), 5th in 1000 Guineas Stakes (Gr.1) and Matron Stakes (Gr.1), Redact, 2nd in Mill Reef Stakes (Gr.2), Nuage d’Argent, 3rd in Premio Repubbliche Marinare (L) and Premio Seregno (L), CONTIKI, Skandinavisk Opdrætningsløb, TONES, WHIMSICAL, ARDMAY, THREE AM TOUR, CAPTAIN CULLEN, OUR QUEENIE, KUANTAN ONE, SUNNYBRIDGE BOY, EQUITY SWAP, PURPLE N’GOLD, MR KNIGHTLEY, WANILLCA, YOUNG PRINCE, ARGAKI, BAINNE, INTOMIST etc. Catalogue number: 58 SWING THAT CAT (USA) (Bay by Cat Thief (USA) – Incha (GB) by Nashwan (USA ), 2005 – Stud 2011). 5 wins at 2 and 3 in Sweden and SEK 2,142,840 inc. Svenskt Derby (L) and Voterlöpning, placed 2nd in Norsk Derby and Hurricane-Löpning; half-brother to SOLVIG, 7 wins in U.S.A. inc. Pucker Up Stakes (Gr.3), Arlington International, Regret Stakes (Gr.3), Churchill Downs, 2nd in Winstar Galaxy Stakes (Gr.2), Keeneland, Locust Grove Handicap (Gr.3), Churchill Downs, Herecomesthebride Stakes (Gr.3), Churchill Downs and Palisades Stakes (L), Keeneland, 3rd in Mint Julep Handicap (Gr.3), Churchill Downs, Modesty Handicap (Gr.3), Arlington, Locust Grove Handicap (Gr.3), Churchill Downs, Jenny Wiley Stakes (Gr.3), Keeneland, Citgo Distaff Turf Mile Stakes (Gr.3), Churchill Downs and Breeders’ Cup Handicap (L), Saratoga, LADY CARLOCK, 4 wins in U.S.A. inc. Suwannee River Stakes (Gr.3), Gulfstream Park, 2nd in Old Red Stakes (L), Saratoga, 3rd in Arlington Matron Handicap (Gr.3), Arlington, Lady Canterbury Stakes (L), Canterbury Park and Kentucky Cup Ladies Turf Stakes, Kentucky Downs. First crop now yearlings. Catalogue numbers: 21, 56, 68, 84 TERTULLIAN (USA) (Ch. by Miswaki (USA) – Turbaine (USA) by Trempolino (USA), 1995 – Stud 2003). Jt Champion Older Sprinter in Germany in 1999, 12 wins from 3 to 6 and £221,201 inc. Prix de la Porte Maillot (Gr.3), Grosser Buchmacher Springer Sprint Preis (Gr.3), Grosser Preis von Berlin (Gr.3), Premio Chiusura (Gr.3) (twice), 2nd in Grosser Preis der Dortmunder Wirtschaft (Gr.3), Grosser Buchmacher Springer Sprint Preis (Gr.3), 3rd in Goldene Peitsche (Gr.2), Holsten Trophy (Gr.3) (twice), Benazet Rennen (Gr.3) and Grosser Preis von Berlin (Gr.3). Sire of winners inc. IRIAN, Mehl-Mühlens Rennen (Gr.2), Dr Busch Memorial (Gr.3), 3rd in Prix Jean Prat (Gr.1), AVISO, Mehl-Mühlens Rennen (Gr.2), 3rd in Jaxx Pokal (Gr.3), RUSSIAN TANGO, Preis der Deutschen Einheit (Gr.3) (twice), SWB Derby Trial (L), Preis von Dahlwitz (L) and Sachsen Preis (L), 3rd in Deutsches Derby (Gr.1), Mehl-Mühlens Rennen (Gr.2), ILLO, Grand Prix Premiere (Gr.3), 2nd Grosser Preis der Wirtschaft (Gr.3), MAWINGO, Bavarian Classic (Gr.3), 3rd in Frühjahrspreis der Bankhauses Metzler (Gr.3), DIATRIBE, Kronimus Rennen (L), TULIANGREEN, Premio d’Estate (L), IDOLINO, Preis

31


der Casino Baden-Baden (L), 3rd in Bavarian Classic (Gr.3), ILLIANA, Oppenheim-Rennen (L), BELTANUS, EBF Meile (L), 3rd Frankfurt Meile (Gr.3), TERTIO BLOOM, Jägersro Sprint (L), (twice), Zawawi Cup (L), 2nd in Svenskt Derby (L), Flieger Trophy, 4th in Polar Cup (Gr.3),, Belango, 2nd in Jubiläums Rennen 145 (L), LATAIKA, Norsk Kriterium, FAIRYLAND, BALIOS, BOLERO, RUSSIAN KING, SELAM, SEKOTA, etc. Catalogue number: 24 TIGER HILL (IRE) (Bay by Danehill (USA) – The Filly (GER) by Appiani (ITY), 1995 – Stud 2000). Champion 3-y-o in Germany in 1998, Champion Older Horse in Germany in 1999, 10 wins from 2 to 4 and £749,101 inc. Grosser Dallmayr-Preis Bayerisches Zuchtrennen (Gr.1), Mercedes-Benz Grosser Preis von Baden (Gr.1) (twice), Gerling-Preis (Gr.2), Grosser Müller Brot-Preis (Gr.2), Mehl-Mühlens Rennen (Gr.2), Orakel der Dreijährigen (L), 2nd in Grand Prix de Saint-Cloud (Gr.1), Deutschland Preis (Gr.1), Grosser Preis der Wirtschaft (Gr.2), 3rd in Prix de l’Arc de Triomphe (Gr.1). Sire of winners inc. REWILDING, Dubai Sheema Classic (Gr.1), Prince Of Wales’ Stakes (Gr.1), Great Voltigeur Stakes (Gr.2), Hat Stakes (L), ORIENTAL TIGER, Gerling-Preis (Gr.2), Grand Prix Aufgalopp (Gr.3), ELOPA, Prix Corrida (Gr.2), Prix Allez France (Gr.3), Prix Petite Etoile (L), IOTA, Preis der Diana (Gr.1), Schwarzgold-Rennen (Gr.3), TOUGHNESS DANON, Fürstenberg-Rennen (Gr.3), EL TIGER, Grosser Preis der Sparkasse Dortmund (L), FIGLI FANESI, Premio Botticelli (L), Premio Duca D’Aosta (L), MISTER SACHA, Prix de Guiche (Gr.3), SORTILEGE, Premio Lydia Tesio (Gr.1), Grand Prix de la Region Alsace (L), KÖNIGSTIGER, Gran Criterium (Gr.1), Union-Rennen (Gr.2), Frühjahrspreis der Bankhaus Metzler (Gr.3), NAKAAYA, Sunline Stakes (Gr.2), EYE OF THE TIGER, Gerling-Preis (Gr.2), CHEETAH, Robert G Dick Memorial Stakes (Gr.3), PUNCH ON, Rogue Plate (Gr.3), ABBASHIVA, Grosser Hessen Meile (Gr.3), Preis der Freunde und Forderer des Düsseldorf Reiter und Rennvereins (Gr.3), SOMMERTAG, Baden-Wurttemberg Trophy (Gr.3), TOUCH MY SOUL, Hamburger Stutenpreis (Gr.3), IDEALIST, Dr Busch Memorial (Gr.3), 80. Junioren Preis (L), WURFSCHEIBE, Frankfurter Stutenpreis (Gr.3), Fährhofer Stutenpreis (Gr.3), Walther J Jacobs Stutenpreis (Gr.3), SALDENTIGERIN, Baden-Wurttemberg Trophy (Gr.3), Jean Harzheim-Rennen (L), MOMENT IN TIME, Pinnacle Stakes (Gr.3) etc. Catalogue number: 75 VERGLAS (IRE) (Gr. by Highest Honor (FR) – Rahaam (USA) by Secreto (USA), 1994 – Stud 2000). Jt 4th top rated 2-y-o in England in 1996, 4th top rated 3-y-o colt in Ireland in 1997, 3 wins at 2 and 3 and £128,623 inc. Coventry Stakes (Gr.3), 2nd in Irish 2000 Guineas (Gr.1) and San Marino Handicap (L), 3rd in Heinz 57 Phoenix Stakes (Gr.1). Sire of winners inc. GLASS HARMONIUM, MacKinnon Stakes (Gr.1), Eagle Farm Cup (Gr.2), Gordon Richards Stakes (Gr.3), Hampton Court Stakes (L), STORMY RIVER, Prix Jean Prat (Gr.1), Prix Messidor (Gr.3), Prix Fontainebleau (Gr.3), Prix Djebel (L), SILVER FROST, Poule d’Essai des Poulains (Gr.1), Prix Fontainebleau (Gr.3), Prix Thomas Bryon (Gr.3), Prix de Cabourg (Gr.3), Prix Omnium II (L), GRANDEUR, Hollywood Turf Cup (Gr.2), Twilight Derby (Gr.2), BLACKDOUN, Del Mar Derby (Gr.2), La Jolla Handicap (Gr.2), OZONE BERE, Gallorette Handicap (Gr.3), Prix Ceres (L), La Coupe des Pouliches (L), Prix Delahante (L), Criterium de Lyon (L), Prix des Jouvenceaux (L), GLASS OFFICE, Sirenia Stakes (Gr.3), TROPICAL PARADISE, Oak Tree Stakes (Gr.3), Supreme Stakes (Gr.3), LOVE LOCKDOWN, Sirenia Stakes (Gr.3), Rochestown Stakes (L), WILSIDE, Prix Chloé (Gr.3), FOREVERTHEOPTIMIST, Dragon Stakes (L), VERGLACIAL, Prix du Pont du Jour (L), MARCETI, Prix des Sablonnets (L), Derby de l’Ouest (L), ALPINE SNOW, Prix Urban Sea (L), HOLD YOUR COLOUR, Ripon Champion 2-y-o’s Trophy (L), ROYAL DEVOTION, Oyster Stakes (L), WRONG ANSWER, Marble Hill Stakes (L), CHILL, Prix Finlande (L), AMERICA NOVA, Grand Criterium de Bordeaux (L), JOURSANVAULT, Criterium de Lyon (L), Prix Montenica (L). Catalogue number: 94

32


ZAMINDAR (USA) (Bay by Gone West (USA) – Zaizafon (USA) by The Minstrel (CAN), 1994 – Stud 1998). 2 wins at 2 and £106,482 inc. Prix de Cabourg (Gr.3), 2nd in Prix Morny (Gr.1), Prix de Ris-Orangis (Gr.3), 3rd in Prix de la Salamandre (Gr.1). Sire of winners inc. ZARKAVA, Prix de l’Arc de Triomphe (Gr.1), Prix Vermeille (Gr.1), Prix de Diane (Gr.1), Poule d’Essai des Pouliches (Gr.1), Prix Marcel Boussac (Gr.1), Prix de la Grotte (Gr.3), TIMEPIECE, Falmouth Stakes (Gr.1), Warwickshire Oaks Stakes (L), James Seymour Stakes (L), Sandringham Handicap (L), Montrose Fillies’ Stakes (L), COQUERELLE, Prix Saint-Alary (Gr.1), Poule d’Essai des Pouliches (Gr.1), Prix d’Astarte (Gr.1), Prix du Moulin (Gr.1), Prix de la Grotte (Gr.3), ZENDA, Poule d’Essai des Pouliches (Gr.1), CROSSHARBOUR, Prix du Conseil de Paris (Gr.2), Prix Gontaut Biron (Gr.3), La Coupe (Gr.3), MODERN LOOK, Prix Sandringham (Gr.2), Prix Miesque (Gr.3), SO BEAUTIFUL, Prix Daphnis (Gr.3), STARBOARD, Prix du Prince d’Orange (Gr.3), ZANTENDA, Prix d’Aumale (Gr.3), JUBILATION, Marit Sveaas Minneløp (Gr.3), Stockholms Stora Pris (Gr.3), Prix de Pontarme (L), ZAMINAST, Trigo Stakes (L), BIGZAM, Prix des Tourelles (L), FLASH DANCE, Tiger Hill Cup (L), LORD ZENITH, Blue Square International Trial Stakes (L), ISANOUS, Prix Miss Satamixa (L), CINNAMON BAY, Prix d’Angerville (L), GRAN ZAMIR, Premio Eupili (L), LIPSTICK, Sirenia Stakes (L), SWEET WIND MUSIC, Premio Gino e Luciano Mantovani (L), VICTORIAN ORDER, Prix Pelleas (L), WINGATE, Prix des Sablonnets (L), DIAMANT, Norsk Kriterium, Vinterfavoriternas Pris, The Heatherwold Cup, etc. Catalogue number: 3 ZEBEDEE (GB) (Gr. by Invincible Spirit (IRE) – Cozy Maria (USA) by Cozzene (USA), 2008 – Stud 2011). 6 wins at 2 and £162,819 inc. Polypipe Flying Childers Stakes (Gr.2), Doncaster, Betfair Molecomb Stakes (Gr.3), Goodwood, Dragon Stakes (L), Sandown, £100,000 Tattersalls Million Auction Stakes, Newmarket. First crop now yearlings. Catalogue number: 41

Svenska Fullblodsavelsföreningen SFAF, bildad 1919, är en sammanslutning av fullblodsuppfödare och andra som vill gagna svensk fullblodsavel. Föreningen har som syfte att främja fullblodsavelns och galoppsportens positiva utveckling i Sverige. Årsavgiften är 300 kr. Intresserade som vill teckna medlemskap är välkomna att reglera årsavgiften genom plusgiro 25 30 08-7. Ange namn, adress, telefon samt ev sto/n.

SFAF:s styrelse 2012 Ordförande Vice ordf

Bo Helander Ture Lindblad

Ledamöter

Anna Fischer Eva CS Pettersson Helena Sigfridsson Stefan Uppström PernillaMobeck Nilsson Conny Therese Staffansson Bengt Thomasson Peter Josefsson, kassör Nadja Bellander, sekr

Suppleanter Adjungerade

Hedersledamöter Kirsten Rausing Björn Zachrisson Postadress E-post Tel ordf Tel sekr Hemsida Plusgiro Bankgiro

33

c/o Nadja Bellander, Centralvägen 8 186 31 Vallentuna nadja.bellander@telia.com 0707-77 32 11 0708-98 14 15 www.sfaf.se 25 30 08-7 5870-8777






&RQVLJQHGE\1LHOV0DWKLDVVRQ  11ED\FROW ,5( WK0D\

 

  $0$'(86:2/) *%      81'(5),5( 86$  







 02=$57  5$&+(//(    *8/&+  +256$),5( 





'$1(+,// 9,&725,$&5266  0$5.2)(67((0 526(9,2/(7  0535263(&725 -$0((/$  +2/'<2853($&( 6+(&$1¶70,66  



VWGDP

8QGHU)LUH  XQUDFHGGDPRIIRDOVRIUDFL QJDJHUXQQHUVZLQQHUV  :(67(51),5( FE\6SHLJKWVWRZQ ZLQVLQ86$DWDQGDQGÂ&#x2026;DQGSODFHGWZLFH   %851,1*%86+ FE\(PSLUH0DNHU ZLQVLQ&DQDGDDQG86$DQGSODFHG  WLPHV  81'(55($621 IE\9LQGLFDWLRQ  ZLQVLQ86$DWDQGÂ&#x2026;SODFHGWZLFH  3('(675,$1 IE\6WUHHW6HQVH ZLQQHULQ86$DWDQGÂ&#x2026;  $0%(5),5( FE\%HUQVWHLQ ZLQQHUDWDQG¼IURPRQO\VWDUWV  0\*LUO1LFROH IE\0DQGXUR \RXQUDFH GWRGDWH    QGGDP

+256$),5(ZLQVLQ86$DWDQGDQGÂ&#x2026;LQF)ORZHU%RZO +DQGLFDS5RFNLQJKDP3DUNDQG SODFHGWLPHVGDPRIZLQQHUVLQF  ,1&,1(5$7(ZLQVLQ86$IURPWRDQGÂ&#x2026;LQF%HG2¶5RVHV+DQGLFDS *U    DQG7XUQEDFN7KH$ODUP+DQGLFDS / SODFHGWLPHVLQF QGLQ%HG2¶5RVHV%UHHGHUV¶&XS   +DQGLFDS *U DQGUGLQ5XIILDQ+DQGLFDS *U )LUVW)OLJKW+DQGLFDS *U DQG   %XGZHLVHU0RQPRXWK3DUN%UHHGHUV¶&XS+DQGLFDS *U GDPRIZLQQHUVLQF    ,17+(*2/' ZLQVLQ86$DWDQGDQGÂ&#x2026;LQF*D]HOOH6WDNHV  *U DQG     %HDXPRQW6WDNHV *U SODFHGWLPHVLQF QGLQ.HQWXFN\2DNV *U %RQQLH0LVV     6WDNHV *U DQG'DYRQD'DOH6WDNHV *U UGLQ$FRUQ6WDNHV *U 7HVW6WDNHV     *U $OFLELDGHV6WDNHV *U %UHHGHUV¶&XS'LVWDII+DQGLFDS *U DQG$VKDGR6    +,*+%/,7=ZLQVLQ&DQDGDDQG86$DQGÂ&#x2026;LQF&KULVWPDV6 WDNHV /      :ROI+LOO6WDNHVDQG0U3URVSHFWRU6WDNHVSODFHGQGLQ%ROG9HQWXUH+DQGLFDS /   )$17+()/$0(ZLQVLQ86$DQGÂ&#x2026;LQF5RXQG7DEOH6WDNHV *U SODFHG   WLPHVLQFQGLQ/RQH6WDU3DUN+DQGLFDS *U DQG2PDKD+DQGLFDS /   3$*2),5(ZLQVLQ86$DWDQGDQGÂ&#x2026;LQF2OG+DW6WDNHV / 2FDOD%UHHGHUV¶   6DOHV6SULQW / DQG%XJ(\HG%HWW\6WDNHVGDPRIZLQQHUVLQF    +2/<%/,7=ZLQVLQ86$DQGÂ&#x2026;LQF:LVKLQJ:HOO6W DNHV / GDPRI-8'<     7+(%($87< ZLQVLQ)UDQFHDQG86$DWDQGÂ&#x2026;LQF6KDG\:H OO6WDNHV      / QGLQ3ULRUHVV6WDNHV *U 6SLQDZD\6WDNHV *U 3ULQFHVV5RRQH\      +DQGLFDS *U *DOODQW%ORRP+FS *U DQG:LQQLQJ&RORUV6WDNHV *U   UGGDP

6+(&$1·70,66 ZLQVLQ86$DQGÂ&#x2026;LQF$*OHDP+DQGLFDS$]DOH D6WDNHV&ULWHULXP 6WDNHVDQG7D:HH6WDNHVSODFHG QGLQ6KUHZVEXU\+FSDQG UGLQ&RQYHQLHQFH6WDNHV(JUHW+FSDQG 0RQURYLD+FSGDPRIZLQQHUVLQF6WHDO7KH/LQHXQUDFHGGDPRIZLQQHUVLQF60,/,1*1($7/<  ZLQVLQ86$LQF9DOQRUH+DQGLFDS / GDPRIZLQQHUV






&RQVLJQHGE\ <RUN6WXWWHUL    %D\FROW ,5( WK)HEUXDU\

 

  02669$/( ,5(      7$*8/$021 ,5(  

 

 

 

 

7KH3URSHUW\RI)UDQFLVFR&DVWUR

 6+,1.2)25(67 :2/)&/(8*+    7$8)$1  &$5$%,1(   

*5((1'(6(57 3$5.(;35(66  /$677<&221 6$17$526($11$  67237+(086,& 672/(1'$7(  '(+(5( &$5$&&,2/$



VWGDP

7DJXOD0RQ  XQUDFHGGDPRIIRDORIUDFLQ JDJHUXQQHUZLQQHU  6¶,6&5$5,$ IE\0RVV9DOH ZLQQHULQ,WDO\DWDQGÂ&#x2026;DQGSODFHGWZLFH    QGGDP

&DUDELQHUDQDIHZWLPHVRQWKHIODWDWDQG GDPRIZLQQHUV  */25,),&$086ZLQVLQ(QJODQGDQGLQ86$DWDQGDQGÂ&#x2026;LQ F&KDQGOHU6WDNHV   7XUI3DUDGLVHSODFHGWLPHVEURRGPDUH  6877219(1<ZLQVDWDQGDQGÂ&#x2026;DQGSODFHGWLPHV  &5(:&87ZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV   ),25(',%26&2ZLQVDQGÂ&#x2026;DQGSODFHGWLPHVEURRGPDUH  UGGDP

&DUDFFLRODSODFHGWLPHVLQ)UDQFHDW GDPRIZLQQHUV 

0<67,.2ZLQVDWDQGDQGÂ&#x2026;LQF*XLQHDV *U &KDOOHQJH6WDNHV *U 







0HU%HOOHZLQVLQ)UDQFHDQG86$DWDQGDQG))DQGOLUHSODFHG





QGLQ3UHPLR5R\DO0DUHV *U 7XULQGDPRIZLQQHUVLQF





















%HWVLH3LHZLQVLQ$XVWUDOLDSODFHG QGLQ/DHOLD6WDNHV / GDPRI%HVW(OHYHQ









  

   DQG7KH6KD7LQ9DVH /  &DSRWH/LQHZLQVLQ1RUZD\SODFHG UGLQ7KH+HDWKHUZROG&XS GDPRIZLQQHUVLQF   0$<%$&+ZLQVLQ1RUZD\DQG6ZHGHQDQGÂ&#x2026;LQF6).-XELOHX PVO|SQLQJ / 





  

   -XELOHXPVO|SQLQJ /  WZLFH 6ZHGLVK2SHQ0LOH / DQG6RQJOLQH&ODVVLF /  WLPHV    &XQDPLZLQVLQ1RUZD\DQG6ZHGHQDQGÂ&#x2026; QGLQ1RUVN.ULWHULXP /\SKLQDOHSODFHGWLPHVLQ)UDQFHLQF UGLQ3UL[+HUEDJHU / GDPRIZLQQHUVLQF







6LU*UH\ZLQQHULQ$XVWUDOLD QG6LHPHQV0RELOH6WDNHV / UG*HHORQJ'HUE\7ULDO / 







%/8(+($9(1ZLQQHULQ$XVWUDOLDGDPRI3$67$3267ZLQVDQGÂ&#x2026;LQ1HZ









 

   &ODVVLF *U '21'20,1*2ZRQ+DZNH¶V%D\*ROG&XS *U  0\VWLFDURXQUDFHGGDPRIZLQQHUVLQF







/$.(686$11$+ZLQVLQ$XVWUDOLDLQF)UDQN8QGHUZRRG&XS / 







:HVWLFDURZLQVQGLQ7KH6KD7LQ9DVH / DQG6KD7LQ6SULQW7URSK\ / 

DQG/DGEURNH(XURSHDQ)UHH+DQGLFDS / UGLQ*LPFUDFN6WDNHV *U VLUH



%$6,0&KDPSLRQ\RLQ,UHODQGLQZLQVDWDQGÂ&#x2026;LQF$QJOHVH\6WDNHV



*U &XUUDJKUGLQ*UDQG&ULWHULXP *U /RQJFKDPSVLUH ZLQVLQ+RQJ.RQJDQG QGLQ7KH6KD7LQ9DVH / DQGUGLQ&HQWHQDU\6SULQW&XS / 

DQG1LFNHV0LQQHVO|SQLQJ /  WZLFH QGLQ3UDPPV0HPRULDO /  WZLFH 6).

=HDODQGLQF(DVWHU+DQGLFDS *U 4XHHQ(OL]DEHWK&XS *U DQG0DQDZDWX






&RQVLJQHGE\ /LJKW9DOOH\6WXG  %D\ILOO\ *% UG)HEUXDU\

 

  =$0,1'$5 86$      +$=,7$ *%  











 *21(:(67  =$,=$)21    6,1*63,(/  +$=$5$'-$7 

0535263(&725 6(&5(77$0(  7+(0,1675(/   $&$7(1$1*2 /$85($  '$56+$$1 +$=<,'($ 



VWGDP

+D]LWD  UDQRQFHDWGDPRIIRDORIUDFLQJDJH  0XVKHUHLE FE\6KLURFFR \RXQUDFHGWR GDWH    QGGDP

+$=$5$'-$7ZLQVDWDQGDQGÂ&#x2026;IURPRQO\VWDUWV2ZQVLVWHUWR+DVKDUGDPRIZLQQHUV 

+$=$5,<$ZLQVDWDQGÂ&#x2026;LQF$WKDVL6WDNHV *U &XUUDJK9LFWRU0F&DOPRQW(%6





6WDNHV / *RZUDQSODFHG QGLQ%OXH:LQG6WDNHV *U 1DDVGDPRIZLQQHUV







+$5$6,<$ZLQVDWDQGÂ&#x2026;LQF6LOYHU)ODVK6WDNHV *U SODFHG















+$=$5$)$ZLQVDWDQGÂ&#x2026;LQF)LQDOH6WDNHV / DQGSODFHGRQFH







+D]L\QDZLQVDQGÂ&#x2026;SODFHGWLPHVLQF*LYH7KDQNV6WDNH V *U DQG











+$=$5,67$ZLQVDWDQGÂ&#x2026;LQF%OXH:LQG6WDNHV *U UGLQ,ULVK2DNV *U 

WLPHVLQFQGLQ'HEXWDQWH6WDNHV *U DQGUGLQ0R\JODUH6WXG6WDNHV *U 

/HQHEDQH6WDNHV / UGLQ1LMLQVN\6WDNHV / 





  

+LGGHQ%ULHIZLQQHUDWDQGÂ&#x2026;SODFHG UGLQ3UL[3HWLWH(WRLOH / EURRGPDUH +$1'$=$ZLQQHUDWDQGSODFHGRQFH GDPRIZLQQHUVLQF   +$0$,5,ZLQVDWDQGÂ&#x2026;LQF&RQFRUGH6WDNHV *U QGLQ'HVPRQG6WDNHV

DQG<RUNVKLUH2DNV *U GDPRIDZLQQHU











+$1$%$'ZLQVDWDQGDQGÂ&#x2026;LQF7HVWLPRQLDO6WDNHV / QGLQ5LGJHZRRG

 







*U DQG%DOO\FRUXV6WDNHV *U DOOKLVVWDUWV

3HDUO6WDNHV *U &HOHEUDWLRQ6WDNHV / DQG$EHUJZDXQ6WDNHV / 

UGGDP

+$=<,'($ZLQVDQG))LQF&URRNKDP6WDNHVDQG0DUFK6WDNH VSODFHGWLPHVLQF QGLQ 3UL[GH5R\DOOLHXDQG WKLQ&ULWHULXPGHV3RXOLFKHV3UL[5R\DO2DNDQG3UL QFHVV(OL]DEHWK6WDNHVGDPRI ZLQQHUV  +,77,7(*/25< ZLQVDWDQGÂ&#x2026;LQF)O\LQJ&KLOGHUV6WDNHV *U DQG0LGGOH3DUN 





58%5,&ZLQVDWKRPHDQGLQ6SDLQLQF3UHPLR1RYHO$Q / DQG3UHPLR$QGUHV&RYDUUXELDV

6WDNHV *U UGLQ.LQJ¶V6WDQG6WDNHV *U VLUH / QGLQ1DWLRQDO6WDNHV *U 6DQGRZQVLUH





   

&259,*/,$%2<ZRQ3UL[GH6DLQW)LUPLQ / &KDQWLOO\DW +2&86ZLQQHUDWDQGSODFHGWLPHVGDPRIZLQQHUVLQF   $PHULFDQ*RWKLFZLQVDQGÂ&#x2026; UGLQ1HZ=HDODQG&XS *U  +$5281,<$ZLQQHUDWDQGSODFHRQFHIURPRQO\VWDUWVGDPRIZLQQHUV







+$5*+$5ZLQVIURPWRDQGÂ&#x2026;LQF6DUDQDF6WDNHV *U UGLQ$QJOHVH\









6WDNHV *U 






&RQVLJQHGE\ 6WDOG+RQJNRQJ$S6 11ED\FROW ,5( WK$SULO

 

  +2/<520$1(03(525 ,5(      6&5,3785( ,5(  











 '$1(+,//  /¶219,7(    6$'/(5¶6:(//6  1257+(516&5,37   

'$1=,* 5$=<$1$  6(&5(7$5,$7 )$1)5(/8&+(  1257+(51'$1&(5 )$,5<%5,'*(  $576$1'/(77(56 0<125'



VWGDP

6FULSWXUH  XQUDFHG2ZQVLVWHUWR 6&5,%()217$1(6,DQG1257+(51+$/GDPRIIRDOV RIUDFLQJDJHUXQQHUVZLQQHUV  02(*5((1 JE\;DDU &KDPSLRQ\RFROWLQ6FDQGLQDYLDLQZLQVLQ6ZHGHQ 

IURPWRDQG6(.LQF6YHQVNW'HUE\ / 9RWHUO|SQLQJ+XUULFDQHO|SQLQJ

   

SODFHGWLPHVLQF UGLQ'DQVN-RFNH\&OXE&XS /  *5229<+,// JE\.KHOH\I ZLQVLQ,WDO\IURPWRDQGÂ&#x2026;DQGSODFHG WLPHV DOVRSODFHGRYHUMXPSVLQ,WDO\  

QGGDP

1257+(516&5,37ZLQQHUDWDQGÂ&#x2026;DQGSODFHGWLPHV GDPRIZLQQHUVLQF  6&5,%(ZLQVDWDQGDQGÂ&#x2026;LQF*RUGRQ5LFKDUGV6WDNHV  *U SODFHG QGLQ 



  

)217$1(6,ZLQQHUDWDQGÂ&#x2026;DQGSODFHGRQFHDOVRZLQVRYHU KXUGOHVDQGÂ&#x2026;



1257+(51+$/ZLQVLQ(QJODQGDQG:HVW*HUPDQ\DWDQGDQGÂ&#x2026; LQF3UHLVGHU

 

%HUHVIRUG6WDNHV *U VLUH DQGSODFHGWLPHVDOVR ZLQVRYHUIHQFHVDWDQGÂ&#x2026;LQF9LQFHQW2¶%ULHQ &RXQW\ +DQGLFDS+XUGOH *U &KHOWHQKDP 6WDGW%DGHQ%DGHQ / SODFHGWLPHVLQFUGLQ%DOO\FXOOHQ6WDNHV / 







&DHUOHVV:ULWLQJ7RSUDWHGROGHUPDUHLQ,UHODQGLQZLQVIURPWRDQGÂ&#x2026;

   

 SODFHGWLPHVLQF QGLQ3UHWW\3ROO\6WDNHV *U GDPRIZLQQHUVLQF &XOOEHUJ%DOOHWSODFHGWLPHVLQ86$ GDPRIZLQQHUVLQF   %$/(77,ZLQVLQ86$DQGÂ&#x2026;LQF)RUW0DUF\6WDNHV *U 

UGGDP

0<125'ZLQVLQ86$DWDQGSODFHGWLPHVGDPRIZLQQHUVLQF  $112&21125ZLQVLQ86$DQGÂ&#x2026;LQF5DPRQD+DQGLFDS *U 6DQWD$QD 



+DQGLFDS *U 9DQLW\,QYLWDWLRQDO+DQGLFDS *U /DV3DOPDV+DQGLFDS *U 5ROOLQJ





*UHHQ+DQGLFDS *U 5LYHU'RZQV%UHHGHUV¶&XS+DQGLFDS / QGLQ0DWULDUFK6WDNHV





*U DQG6DQWD%DUEDUD+DQGLFDS *U GDPRIZLQQHUV



$77$/$4ZLQVLQF*UDQG3UL[GH3DULV *U 0DF.LQQRQ6WDNHV *U 0HOERXUQH&XS





*U &)2UU6WDNHV *U QGLQ*URVVHU3UHLVYRQ%HUOLQ *U $XVWUDOLDQ&XS *U 





&DXOILHOG&XS *U DQG8QGHUZRRG6WDNHV *U UGLQ'HUE\,WDOLDQR *U DQG4XHHQ





(OL]DEHWK6WDNHV *U WKLQ'HUE\6WDNHV *U (SVRP*3GHO-RFNH\&OXE&RSSD





G¶2UR *U 0LODQDQG+(7DQFUHG6WDNHV *U VLUH






&RQVLJQHGE\ <RUN6WXWWHUL    %D\ILOO\ ,5( WK)HEUXDU\

 

  '$5.$1*(/ ,5(      '25,1'$*5$< ,5(  

 

 

 

 

7KH3URSHUW\RI)UDQFLVFR&DVWUR

 $&&/$0$7,21  0,'1,*+7$1*(/    '2&.6,'(5  67$<7+$7:$<   

52<$/$33/$86( 35,1&(66$7+(1$  0$&+,$9(//,$1 1,*+7$76($  ',(6,6 3803  %(0<*8(67 $5(2/$



VWGDP

'RULQGD*UD\  XQUDFHGGDPRIIRDOVRIUD FLQJDJHUXQQHUVLQF  *RQH9LUDO FE\9LUWXDO SODFHGRQFHDW     QGGDP

67$<7+$7:$<XQUDFHG2ZQVLVWHUWR&RVWO\/HVVRQGDPRIZLQQHUVLQF 

6HONLQJZLQVLQ(QJODQGDQG86$DWDQGDQGÂ&#x2026;SODF HGWLPHVLQF QGLQ6SULQJ







6XVL:RQJZLQVDWLQ*HUPDQ\UGLQ%HUOLQ&XS / GDPRIZLQQHUVLQF

7URSK\6WDNHV / DQG4XHHQVIHUU\6WDNHV / UGLQ'UDJRQ7URSK\6WDNHV / 







%8&&(//$7,ZLQVIURPWRDQGÂ&#x2026;LQF2UPRQGH6WDNHV *U 6W6LPRQ









6WDNHV *U DQG*RGROSKLQ6WDNHV / SODFHGUGLQ&DQDGLDQ,QWHUQDWLRQDO6WDNHV









*U DQG*RUGRQ5LFKDUGV6WDNHV *U 







/$3(7,7(&+,12,6( ZLQVLQ(QJODQG'HQPDUN1RUZD\DQG6ZHGHQDWDQG 









DQGÂ&#x2026;LQF(ULN26WHHQV0HPRULDO / -RFNH\NOXEEHQV$YHOVO|SQLQJ / DQG









'DQVN2DNVSODFHGUGLQ(ULN26WHHQV0HPRULDO / DQG-RFNH\NOXEEHQV$YHOVO|SQLQJ









/ GDPRI=(1=$16$,=$,'ZLQVDQG6(.IURPVWDUWVLQF6YHQVNW

















*2/'(1678'ZLQVLQ,WDO\DQGÂ&#x2026;LQF3UHPLR$OEHUWR*LRELOR / SODFHG

 







6W/HJHUDQG1RUGLF&KDPSLRQ6WD\HU UGLQ'DQVN'HUE\ WKLQ6YHQVNW'HUE\ / 

WLPHVLQFQGLQ3UHPLR3ULPL3DVVL *U 

UGGDP

$5(2/$QGWRSUDWHG\RILOO\LQ,UHODQGLQZLQVDWLQF3KRHQL[6WDNHVSODFHG QGLQ4XHHQ 0DU\6WDNHVIURPRQO\VWDUWVGDPRIZLQQHUVLQF 

&+$/21ZLQVDWDQGDQGÂ&#x2026;LQF&RURQDWLRQ6WDNHV *U &KLOG6WDNHV *U 





DQG1HOO*Z\Q6WDNHV *U GDPRIZLQQHUVLQF







&5($725ZLQVLQ)UDQFHDQGÂ&#x2026;LQF3UL[G¶,VSDKDQ *U 3UL[*DQD\ *U 











(;(&87,9(3(5. ZLQVDWDQGDQGÂ&#x2026;LQF&RQFRUGH6WDNHV *U %DOO\PDFR\

3UL[*G¶2UQDQR / UGLQ*3GH3DULV *U DQG,QWHUQDWLRQDO6WDNHV *U VLUH

6WDNHV *U 0LQVWUHO6W / DQG0RRUHVEULGJH6W / WKLQ,ULVK*XLQHDV *U VLUH







(/(*$1&(,1'(6,*1 ZLQVDWDQGLQF3HDUO6SULQW / GDPRIZLQQHUVLQF













7DWWHUVDOOV*ROG&XS *U 3UHWW\3ROO\6WDNHV *U  WZLFH QGLQ,ULVK*XLQHDV







*U ,ULVK&KDPSLRQ6WDNHV *U DQG%D\HULVFKHV=XFKWUHQQHQ *U UGLQ







&RURQDWLRQ6WDNHV *U 

'$1&('(6,*1&KDPSLRQ\RILOO\LQ,UHODQGLQZLQVLQF,ULVK2DNV *U 






&RQVLJQHGE\ 1LHOV0DWKLDVVRQ    11ED\FROW ,5( WK)HEUXDU\

 

  02669$/( ,5(      5,9(5%$1. *%  





 6+,1.2)25(67  :2/)&/(8*+    %$5$7+($  0225,1*   



*5((1'(6(57 3$5.(;35(66  /$677<&221 6$17$526($11$  6$'/(5¶6:(//6 %52&$'(  =$)21,& '2&.$*(



VWGDP

5LYHUEDQN  SODFHGDWDQGLQ(QJODQGDQG )UDQFHDERYHLVKHUILUVWIRDO    QGGDP

0225,1*ZLQVLQ)UDQFHDWDQGÂ&#x2026;LQF3UL[GH/LHXUH\ / 'HDXYLOOHDQGSODFHGRQFH GDPRI ZLQQHUV  %XIIHULQJZLQQHUDWLQ)UDQFHDQGÂ&#x2026;SODFHGWLPHV LQFQGLQ3UL[2FFLWDQLH /   35,1&($32//2ZLQVDWDQGDQGÂ&#x2026;LQ(QJODQG)UDQFHDQG,WDO \  $1&+25('ZLQVLQ,WDO\DQGDQGÂ&#x2026;  6WDU3RUWGDPRIDZLQQHU    *5,0,//,(5ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;DQGSODFHG WLPHV  UGGDP

'2&.$*(ZLQVLQ)UDQFHDWDQGDQG))LQF3UL[G¶$X WRPQH / /RQJFKDPSSODFHG WLPHVLQFQGLQ3UL[GH6DLQW&\U / /RQJFKDPSGDPRIZLQQHUV 

:+$5)ZLQVLQ(QJODQGDQG86$IURPWRDQGÂ&#x2026;LQF -XO\6WDNHV *U DQG





  

0225,1*VHHDERYH '2&./$1'6ZLQVLQ)UDQFHDWGDPRIZLQQHUV   5$,//,1.&KDPSLRQ\RLQ(XURSHLQ&KDPSLRQ\RFROWLQ)UDQFHLQ

'DUOH\6WDNHV / QGLQ/RFNLQJH6WDNHV *U DQG6DQ%HUQDUGLQR+DQGLFDS *U VLUH









ZLQVLQ)UDQFHDWDQGÂ&#x2026;LQF-XGGPRQWH*UDQG 3UL[GH3DULV *U 









3UL[GHO¶$UFGH7ULRPSKH *U 3UL[1LHO *U DQG3UL[GX/\V *U VLUH







&5266+$5%285ZLQVLQ)UDQFHDQGÂ&#x2026;LQF3UL[GX&RQVHLOGH3DU LV *U 















0$,16$,/ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;LQF3UL[ %HUWUDQGGX%UHXLO









/RQJLQHV *U DQG3UL[0DWFKHP / QGLQ3UL['DSKQLV *U DQG3UL[0HVVLGRU









*U UGLQ3UL[-DFTXHV/DILWWH / DQG3UL[0RQWUHWRXW / 







&+(/6($0$125ZLQVLQ)UDQFHDWDQGÂ&#x2026;LQF/D&RXSHGH0DLVRQ V/DIILWWH

    

   *U UGLQ3UL[G¶,VSDKDQ *U DQG3UL[*DQD\ *U VLUH )21$*(ZLQVLQ86$DWDQGDQGÂ&#x2026;GDPRIZLQQHUVLQF   =$)21,&$/'5($0ZLQVDWDQGÂ&#x2026;LQF(O*UDQ6HQRU6WDNHV /  &2/=$ZLQQHUDWIURPRQO\VWDUWVGDPRIZLQQHUVLQF   /,1'$·6/$'ZLQVLQ(QJODQGDQG)UDQFHDWDQGDQGÂ&#x2026;LQF &ULWHULXPGH









6DLQW&ORXG *U 'HUE\7ULDO6WDNHV *U 3UL[GH&RQGH *U DQG&ULWHULXPGH









)RQGV(XURSHHQGHO¶(OHYDJH / UGLQ3UL[(XJHQH$GDP *U VLUH

3UL[/D&RXSH *U DQG3UL[*RQWDXW%LURQ *U UGLQ3UL[)R\ *U VLUH






&RQVLJQHGE\/LJKW9DOOH\6WXG   &KHVQXWFROW ,5( WK0DUFK

 

  '8.(2)0$50$/$'( ,5(      0<67,&0,/( ,5(  









 '$1(+,//  /29(0(758(    6$'/(5¶6:(//6  '(/$*(  

'$1=,* 5$=<$1$  .,1*0$0%2 /$66,(¶6/$'<  1257+(51'$1&(5 )$,5<%5,'*(  %(//<3+$ 6&$5&(/<%/(66('



VWGDP

0\VWLF0LOH  ZLQVDWDQGÂ&#x2026;SODFHGWLPHVLQF QGLQ/DG\*RGLYD)LOOLHV¶6WDNHV /  <DUPRXWKDOVRSODFHGRQFHLQ)UDQFHDWDQGÂ&#x2026; GDPIRDOVRIUDFLQJDJHUXQQHUV ZLQQHUV  $1*(/2)5$,1 FE\'DODNKDQL ZLQVLQ)UDQFHWRDQGÂ&#x2026;SODFHGWLPHV  0<67,&-2< JE\6KDPDUGDO ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;SODFHGWLPHV  0$81'$<6%$< IE\,QYLQFLEOH6SLULW ZLQQHUDWDQGÂ&#x2026;SODFHGRQFH    QGGDP

'HODJHXQUDFHG GDPRIZLQQHUV  0\VWLF0LOHVHHDERYH  (/5$721ZLQVDQG6(.DQGSODFHGWLPHVIURPRQO\V WDUWVLQ6ZHGHQ  $/4:$+ZLQQHUDWDQGÂ&#x2026;KHURQO\VWDUWGDPRIZLQQHUV    )$5((5ZLQVLQ$XVWUDOLDDOVRZRQ6FRWW6WHZDUW%ULHU O\&KDVH / :DUQDPERRODQG 





SODFHGQGLQ*UHDW6RXWKHUQ&KDVH / 0RUQLQJWRQ







-DOVDKZLQVLQ$XVWUDOLD QGLQ'DUOH\/DHOLD6WDNHV / 0RUSKHWWYLOOHDQG UGLQ%OXH

  

   'LDPRQG3UHOXGH *U &DXOILHOG 0LVHOODSODFHGWZLFHDWGDPRIDZLQQHU   0HHWLQJV0DQZLQVWRDQGÂ&#x2026;DOVR ZLQVRYHUKXUGOHVDQGÂ&#x2026; QGLQ

 







:HQVOH\GDOH-XYHQLOH+XUGOH / :HWKHUE\

UGGDP

6&$5&(/<%/(66('ZLQVDWDQGLQF.LQJ*HRUJH6WDNHV *U *RRGZRRGSODFHGWLPHV LQFQGLQ'LDGHP6WDNHV *U $VFRWDQGUGLQ%RYLV+DQGLFDS / $VFRWGDPRIZLQQHUV   

&2//(*(&+$3(/7RSUDWHG\RVSULQWHULQ,UHODQGDQG)UDQFHLQ 7RSUDWHGROGHU  VSULQWHULQ,UHODQGLQ ZLQVDWDQGDQGÂ&#x2026;LQF3UL[0DXUHFHGH*KHHV W  *U &RUNDQG2UUHU\6WDNHV *U 5R\DO$VFRW*UHHQODQGV6WDNHV *U  WZLFH 





&XUUDJKDQG7HWUDUFK6WDNHV *U &XUUDJKSODFHG QGLQ-XO\&XS *U 1HZPDUNHWDQG





1XQWKRUSH6WDNHV *U VLUH



+XPEOH3LHZLQVDWSODFHGUGLQ5RVH%RZO6WDNHV / 1HZEXU\GDPRIZLQQHUV















LQF3UHPLR2PHQRQL *U  WZLFH UGLQ'LDGHP6WDNHV *U GDPRI022'









,1',*2 ZLQVLQ-DSDQDQGÂ&#x2026;LQF)XFKX+LPED6WDNHV *U &+$3(/

  

   &21&(57 ZLQVLQ-DSDQDQGÂ&#x2026;LQF<DQDJR6WDNHV /  %5($'&580%ZLQVDWGDPRIZLQQHUVLQF   /$675(6257 ZLQVDWDQGÂ&#x2026;LQF9LFWRU&KDQGOHU6WDNHV *U 1HZPDUNHW







/($3)25-2< 7RSUDWHG\RVSULQWHULQ,WDO\LQZLQVIURPWRDQGÂ&#x2026;

%$552:&5((.ZLQVLQ*HUPDQ\DQG,WDO\LQF*ROGHQH3HLWVFKH *U VLUH






&RQVLJQHGE\ %MDUQH0LQGH %D\ILOO\ ,5( WK0DUFK

 

  '</$17+20$6 ,5(      :(:$17,7$// *%  

 '$1(+,//  /$*5,21    3,927$/  35,&(/(66%21'   

'$1=,* 5$=<$1$  ',(6,6 :5$3,783  32/$5)$/&21 )($5/(665(9,9$/  %/86+,1**5220 3,('35,1&(66



VWGDP

:HZDQWLWDOO  ZLQVDWDQGLQ1RUZD\-WUGWRSUDWHG\RILOO\LQ1RUZD\DQG¼ UGLQ 7DWWHUVDOOV1RUVN.ULWHULXPDQGSODFHGRIVWDU WVGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV   

%$1.2)%85'(1 JE\+DZN:LQJ &KDPSLRQ2OGHU+RUVHLQ6FDQGLQDYLDLQ &KDPSLRQ2OGHU+RUVHLQ6FDQGLQDYLDLQZLQVIURPWRDQG12.LQF 0DULW6YHDDV0LQQHO¡S *U 6WRFNKROP&XS,QWHUQDWLRQDO *U  WZLFH :DOWHU1LOVHQV



0LQQHO¡S *U 6FDQGLQDYLDQ2SHQ&KDPSLRQVKLS *U  WZLFH 9DOOH\&KDSHO0HPRULDO / 



6).-XELOHXPVO|SQLQJ / 'DQVN-RFNH\&OXE&XS / DQG1RUVN6W/HJHUUGLQ1RUVN'HUE\

     

/ 6WRFNKROPV6WRUD3ULV *U DQG2VOR&XS *U  &+$03$*1(5((),1* JE\9DQ1LVWHOUR\ ZLQVDWDQGDQG6(.SODFHG WLPHV 52&.2)5,'' IE\$QWRQLXV3LXV ZLQVDWDQGDQG6(.LQF1RUVN  *XLQHDVÂ&#x2018;YUHYROO  

QGGDP

35,&(/(66%21'ZLQQHUDWDQGÂ&#x2026;SODFHGWLPHVIURPRQO\VWDUWVGDPRIZLQQHUVIURP UXQQHUVDQGIRDOVRIUDFLQJDJHLQF  '2:5<ZLQQHUDWDQGÂ&#x2026;SODFHGWLPHV  :('',1*%$1'ZLQQHUDWDQGÂ&#x2026;SODFHGWLPHV  621,&*,5/ZLQQHUDQGSODFHGDWGDPRI      

 )RUHVW6WRUPSODFHGUGLQ1LOJULULV*XLQHDV / 8GKDJDPDQGDODP 3ULPHLUDQLVWDH[SRUWHGWR%UD]LOGDPRI  'XQLDUGLQ&ODVVLFR$%&3&& / 7DUXPD 3UD7H4XHUHUGDPRI  &DPSXV'ULYHZLQQHULQ%UD]LOUGLQ&ODVVLFR&ULDGRUHV / 

UGGDP

3LHG3ULQFHVVXQUDFHG GDPRIZLQQHUVLQF  0$-(67<·635,1&(ZLQVLQ86$DQGLQF,QWHUQDWLRQDO6WDNHV  *U    :RRGELQH WZLFH 0DQ2¶:DU6WDNHV *U %HOPRQW3DUN WZLFH DQG6ZRUG'DQFHU6WDNHV   *U %HOPRQW3DUNSODFHG QGLQ:DVKLQJWRQ'&,QWHUQDWLRQDO6WDNHV *U /DXUHO   /DXUHO)XWXULW\ *U /DXUHO7XUI&ODVVLF *U %HOPRQW3DUN%RZOLQJ*UHHQ+DQGLFDS   *U %HOPRQW3DUN,QWHUQDWLRQDO6WDNHV *U :RRGELQH6DQ/XLV5H\6WDNHV *U    6DQWD$QLWDDQG8QLWHG1DWLRQV+DQGLFDS *U $WODQWLF&LW\WK&DSLVWUDQR,QYLWDWLRQ   +DQGLFDS *U 6DQWD$QLWD8QLWHG1DWLRQV+DQGLFDS *U DQG-DSDQ&XS *U VLUH  /,77/(&,1'(5(//$ZLQQHULQ*HUPDQ\DWDQGSODFHGWZLFHGDPRI DZLQQHU   3527(*(ZRQ,QGLDQ6W/HJHU / 






&RQVLJQHGE\&XW/RGJH       /(*,$/ED\ILOO\ '(1 WK)HEUXDU\

 

  %,1$5<),/( 86$      0(/(*(1' '(1  

 185(<(9  %,1$5<    6,/&$/(*(1'  $'0(&87  

 

120,1$7(')257+(%5(('(56¶6(5,(6 129$7 1257+(51'$1&(5 63(&,$/  5$,1%2:48(67 %$/$%,1$  (),6,2 6,/&$&,6$  $'0(726 &8748,&.



VWGDP

0H/HJHQG  ZLQVDWDQG6(.DOVRSODFHGWLPHVIURP VWDUWVLQFQGLQ *|WDODQGO|SQLQJDQG.D\-HQVHQV3ULVDQG WKLQ)LOOLHV0LOH-lJHUVUR $ERYHLVKHUILUVWIRDO   QGGDP

$'0(&87ZLQQHUDQGSODFHGDQG'..DOVRSODFHGWLPHVGD PRIZLQQHUV  $0$/,$ZLQVDQG'..LQF6NDQGLQDYLVN2SGU WQLQJVO¡E 6NDQGLQDYLVNnUV   0HVWHUVNDE.ODPSHQERUJ$XNWLRQVO¡E'DQVN.ULWHU LXP6YHQVNW.ULWHULXP0RZHULQDO¡E   1RUVN*XLQHDVDQG6NDQGLQDYLVN0HVWHUVNDEIR UnULJH'DPRI    $/$%$0$ZLQVDQG6(.WRLQ6ZHGHQ  3+2(1,;5,9(5ZLQVDQG'..LQF1RUVN%UHHGHUV¶3UL]H0LOHDQ G'DQVN   0HVWHUVNDEIRUnULJH  0H/HJHQGVHHDERYH  0((/0$*2ZLQVDQG6(.WR  3KRHQL[)O\HUSODFHGWLPHVIURPWRDQG'.. +FS  UGGDP

&XW4XLFNXQUDFHGGDPRI  &876,1*(5&KDPSLRQ\RLQ6FDQGLQDYLD&KDPSLRQ\ R0LOHULQ6FDQGLQDYLD 







ZLQVDQG'..LQ'HQPDUN1RUZD\DQG6ZHGHQLQ F6WRFNKROPV6WRUD3ULV /  'DQVN-RFNH\&OXE&XS / DQG/DUFKUHVSU PLH3ODFHGWLPHVLQF QGLQ'DQVN'HUE\





'DQVN(FOLSVH6WDNHV / DQG6WRFNKROP&XS,QWHUQDWLRQDO / UGLQ3RNDOO¡E /  WZLFH 



&87&20($8ZLQVLQF3RNDOO¡E / 6NDQGLQDYLVN*UDQG3UL[DQG9LQWHUIDYRULWWHUQHV

       

 UHVSU PLHDOVRSODFHGWLPHVLQF QGLQ3RNDOO¡E / 'DQVN.ULWHULXP'DQVN  *XLQHDVDQG6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU WKLQ6YHQVNW'HUE\DQG/DUFK  UHVSU PLH &87'$1&(5ZLQVDWLQF'DQVN2SGU WQLQJVO¡EDOOKHUVWDUWV &87&20,1*ZLQVDQG'..LQF'DQVN'HUE\&RQVRODWLRQSODF HGWLPHV )85<ZLQVDQG'..LQF'HQ-\GVNH9LQWHUIDYRULWDOV RSODFHGWLPHV %$<&87ZLQVDQG'..DQGSODFHGWLPHV

WKGDP

&XFFHWWDSODFHGDWGDPRIZLQQHUV  7,0$/(;ZLQVDQG…DW  6$<&+(77(ZLQVDQG…IURPWR  0$57<6287+ZLQVDQG…LQ(QJODQGDQG:HVW,QGLHV




  

&RQVLJQHGE\(YD&63HWWHUVVRQ 0$;,//$5,$ED\ILOO\ 6:( WK$SULO

  6+$:'21 *%      (/,$5$ 6:(  

 ,1&+,125  3/$<:,7+0(    ,1&+525<  -$'(¶6-(:(/   

$+21225$ ,1&+0855,1  $/=$2 675,.(,75,&+  0,'<$1 $33/(&5266  08.$''$0$+ 9$*8(/<-$'(



VWGDP

(/,$5$ZLQVDWDQGLQ6ZHGHQDQG6(.DQGSODFHG WLPHVIURPVWDUWV+FSGDP RIIRDORIUDFLQJDJH  /DHOLD IE\7HUWXOOLDQ \RXQUDFHGWR GDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

-DGH¶V-HZHOSODFHGDWLQ6ZHGHQ GDPRIZLQQHUVLQF  ,6275,$ZLQVDWLQF6)$)6c()¶V$XNWLRQVO|SQLQJSODFHGWLPHVIURPRQO\VWDUWVLQFQG   LQ%HFN\0RVV)LOOLHV0LOH UGLQ'HUE\GU|PPHQ+FS  *UDSKLHOODZLQVDWDQG6(.SODFHG QGLQ%ORRPHUV¶9DVH / 6)$)6c()V   $XNWLRQVO|SQLQJ UGLQ*|WDODQGO|SQLQJ6RPPDUVWRHW WKLQ6WLJ+ROPV0HPRULDO+FS  +,63$1,(//$ZLQVDQG6(.DQGSODFHGWLPHVLQF UG6)$)6c()V$XNWLRQVO|SQLQJ  -80$17+(6ZLQVWRDQG6(.  (/,$5$VHHDERYH  UGGDP

9$*8(/<-$'(XQUDFHGGDPRIZLQQHUV *UHHQKXHZLQQHURYHUKXUGOHVDWDQGZLQVRYHUIHQFHVDWSODF HG QGLQ'HQQ\-XYHQLOH         

 +XUGOH *U /HRSDUGVWRZQ 6+,1,1*-(:(/ZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHVVLUH  /25'2%(521ZLQVDQGÂ&#x2026;DQGSODFHGWLPHVDOVRSODFHGRYHU KXUGOHVDW :+($76+($)/$'<ZLQVDWDQGDQGSODFHGDOVR ZLQVLQ%HOJLXPGDPRIZLQQHUV   9,526%,52ZLQVLQ+XQJDU\IURPWRDQGÂ&#x2026;   48(5,13,(5ZLQVLQ.LQJGRPRI6DXGL$UDELDDQGÂ&#x2026;SODFHG WLPHV $$5'9$5.ZLQVIURPWRDQGSODFHGWLPHV

WKGDP

7DQ]DQLWHZLQVLQ86$DWDQGSODFHGWLPHVLQFQGLQ&KHUU\+LOO6WDNHV *U GDPRI ZLQQHUVLQF  32,/,6%$&. ZLQVLQ%HOJLXPLQF3UL[)HUQDQGGX5R\GH%OLFTX\ /  WZLFH SODFHG QGLQ   

 3UL[%DURQ%UXJPDQQGH:DO]LQ /  5('-$'(ZLQQHUDQGSODFHGWZLFHGDPRIZLQQHUVLQF   0$+2*$1<-WUGWRSUDWHG\RILOO\LQ(QJODQGLQZLQVLQF)UHG'DUOLQJ

  

   6WDNHV *U WKLQ1DVVDX6WDNHV *U  &DLPDQLWHSODFHGWZLFH GDPRIDZLQQHU   %ODLU&DVWOHZLQVDOVRZLQVRYHUKXUGOHVDQGZLQVRYHUIHQFHVSODFHG UGLQ)LQH









$OHV¶1RYLFHV¶+XUGOH *U &KHOWHQKDP




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\FROW '(1 UG$SULO

  $&$'(0<$:$5' ,5(      (0%$77/( )5  











120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    '(51,(5(03(5(85  %$7+<$/(  

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  75(032/,12 '($5&2//((1  *5((1'$1&(5 %$77/(),(/'



VWGDP

(0%$77/(  ZLQVDWLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHVGDP RIIRDOVRIUDFLQJDJH UXQQHUVZLQQHUV  %/22'<:,17(5 JE\9HUJODV ZLQVLQ)UDQFHIURPWRDQGÂ&#x2026;DQGSODFHGWLP HV  9$/',9$ IE\/XFN\6WRU\ ZLQVLQ)UDQFHIURPWRDQGÂ&#x2026;DQGSODFHGWL PHV  85%$1.,66 IE\7DNH5LVNV ZLQQHULQ)UDQFHDWDQGÂ&#x2026;DQGSODFHGWLPHV  672505,9(5 FE\6WRUP\5LYHU ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;DQGSODFHG   0HVKDUD IE\0HVKDKHHU SODFHGWLPHVLQ )UDQFHDWDQGDQGÂ&#x2026;  0RXOLQ5RXJH IE\=DPEH]L6XQ \RXQUD FHGWRGDWHLQWUDLQLQJLQ6ZHGHQ  QGGDP

%$7+<$/(ZLQVLQ)UDQFHDWDQG))DQGSODFHGWLPHV GDPRIZLQQHUVLQF  %$77/(48(67ZLQVLQ)UDQFHDQG86$DQGÂ&#x2026;LQF(VWUDSDGH6W DNHV / SODFHG 



WLPHVLQFQGLQ3UL[GHV5HVHUYRLUV *U 3UL[)LQODQGH / DQG3UL[GH/LHXUH\ / UGLQ





%UL[GH%DJDWHOOH / GDPRIZLQQHUV



%HJXHXOHZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;SODFHGWLPHVL QFQGLQ3UL[,VRQRP\ / 





DQGUGLQ3UL[6ROLWXGH / GDPRIZLQQHUVLQF







3LYRWDO$QVZHUZLQVDWDQGÂ&#x2026;SODFHGWLPHVLQF QGLQ:LOG)ORZHU6WDNHV









    

%DWWOH2QZLQVLQ)UDQFHDQG))SODFHGWLPHVLQF UGLQ'HUE\GX/DQJXHGRF /  %$77/(.$03ZLQVLQ)UDQFHDWDQGÂ&#x2026;DQGSODFHGWLPHV /¶$11(('86$&5(ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026; GDPRIZLQQHUV %DWWOH/DG\XQUDFHGGDPRIZLQQHUV   7$57($8;3200(6ZLQVLQ)UDQFHDQG,WDO\DWDQG)) OLUH

/ DOOKHUVWDUWV









DQGÂ&#x2026;DQG'0LQF3UHPLR3ULPL3DVVL *U SODFHG QGLQ3UL[OD&DPDUJR









/ GDPRI9$1528*(ZLQVLQ86$DQGÂ&#x2026;LQF$VFRW+DQGLFDS *U 

 

 

 



3RODU)RUFHUGLQ*ROFRQGD*XLQHDV / DQG-XYHQLOH6SULQWHUV¶0LOOLRQ / 

UGGDP

%$77/(),(/'SODFHGLQ)UDQFHDWGDPRIZLQQHUVLQF  %/8(%(//<ZLQVLQ)UDQFHDQG))LQF+DQGLFDSGH6DLQW&O RXG / SODFHGUGLQ 



    

  +HLDQ:DVVOZLQVLQ-DSDQDQGÂ&#x2026;SODFHG UGLQ&RSD5HSXEOLFD$UJHQWLQD /    75,3/(/8&.<ZLQVLQ-DSDQDQGSODFHGWLPHV   0,1$0,12&+$030$1ZLQVLQ-DSDQ %$9$5',1(ZLQVLQ)UDQFHGDPRIZLQQHUV )((5,('¶$0285ZLQVLQ)UDQFHDQGSODFHGWLPHV GDPRIZLQQHUV

3UL[GH3RPRQH *U GDPRIZLQQHUVLQF




   

&RQVLJQHGE\ <RUN6WXWWHUL     %URZQILOO\ '(1  WK)HEUXDU\

 

 

 

120,1$7(')257+(%5(('(56¶6(5,(6 7KHSURSHUW\RI-RFD6WDEOHV 6WDOG5DLQERZ  

   0,1*81 86$      +$$.,0$ 86$  

 $3,1'<  0,(648(    ',;,(/$1'%$1'  %()$,5  

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  1257+(51'$1&(5 0,66,66,33,08'  )$67*2/' 0,67(0221



VWGDP

+$$.,0$  ZLQQHUDWLQ(QJODQGDQGSODFHGRQFH25 $ERYHLVKHUILUVWIRDO    QGGDP

%()$,5&KDPSLRQ\UROGILOO\LQ%UD]LOLQZRQUDFHVLQ%UD]LOLQF*UDQGH3UHPLR'LDQD *U *UDQGH3UHPLR0DUFLDQRGH$JXLDU0RUHLUD *U *3+HQULTXH3RVVROOR *XLQHDV  *U  DQG*UDQGH3UHPLR0DULDQR3URFRSLR *U SODFHGVHFRQGLQ*UDQGH3UHPLR&UX]HLURGR6XO ' HUE\  *U DQG*3&7HOOHVH&*LOEHUWR5RFKD)DULD *U GDPRIZLQQHUV  %H6R)DLU ZLQVLQ%UD]LOSODFHGWLPHVLQF QGLQ&3UHVLGHQWH/XL]2OLYHLUDGH%DUURV /    DQGUGLQ*UDQGH3UHPLR+HUQDQL$]HYHGR6LOYD *U   %RWK6LGHVZLQQHULQ86$DWDQGÂ&#x2026;SODFHGWLPHVLQF QGLQ1RUJRU'HUE\DQG UG   DQGWKLUGLQ6XQUD\3DUN &DVLQR6WDNHV6XQUD\ 3DUN  UGGDP

0,67<0221ZLQQHULQ%UD]LOGDPRIZLQQHUV  9,5*,1,(&KDPSLRQ\UROGILOO\LQ%UD]LOLQZRQUDFHVLQ%UD]LODQG86$LQF   %HYHUO\+LOOV+DQGLFDS *U *UDQGH3UHPLR'LDQD *U *UDQGH3UHPLR0DFLDQRGH   $JXLDU0RUHLUD *U *3+HQULTXH3RVVROOR *XLQHDV  *U *3)UDQFLVFR9LOOHOD   GH3DXOD0DFKDGR *U *3&7HOOHVH&*LOEHUWR5RFKD)DULD*DYHD *U DQG*UDQGH   3UHPLR0DULDQR3URFRSLR *U SODFHG QGLQ6DQWD$QD+DQGLFDS *U 6DQWD$QLWDDQG   6DQWD%DUEDUD+DQGLFDS *U 6DQWD$QLWDGDPRIDZLQQHU    /$'<&$51,9$/ZLQVLQ-DSDQDWDQG\HDUVDQGÂ&#x2026;DQGSODFHG WLPHVGDP     RI%UXQHWWHSODFHGWKLUGLQ6DQNHL6SRUWV6KR)ORUD6WDNHV *U 7RN\R  %()$,5VHHDERYH  0221'2//<ZLQVLQ86$IURPWRDQGÂ&#x2026;LQF&ODLUH0DULQH6WDNHV$UOLQJWRQ   UGLQ1RUWK%URDGZD\6WDNHV%HOPRQW3DUNDOVR ZLQQHURYHUMXPSVLQ86$DW\HDUVDQG   Â&#x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




    

&RQVLJQHGE\3LD1HOWRIW        120,1$7(')257+(%5(('(56¶6(5,(6 681'$<1,*+7EURZQFROW '(1  WK)HEUXDU\     

  '(9,/¶6'5,1. -31      /,0(/,1( '(1  

 $*1(67$&+<21  6,/.35,0$'211$    %$6,/8==2  5($/&22/  

681'$<6,/(1&( $*1(6)/25$  %5,$1¶67,0( %281'72'$1&(  $5&7,&7(51 %8%%/(&203$1<  5(&25'72.(1 %$/$17(



VWGDP

/LPH/LQH  SODFHGWLPHVDWDQGGDPR IIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  /,77/(%,*21( FE\.DQXGRV ZLQVDQG'..IURPWRDQGSODFHGWLPHVLQ F WKLQ'HUE\7ULDO6WDNHV.ODPSHQERUJDQG WKLQ-\GVN&KDPSLRQ6WDNHVcUKXV+FS  %(0<&216&,(1&( JE\.DQXGRV ZLQVDQG'..IURPWRLQ'HQPDUNLQF -\GVN6RPPHU6WD\HU*UDQG&XSDQG0DUVHOLVERUJ+DQ GLFDSSODFHGWLPHV+FS  *,1*(5$77,78'( IE\,WVDEUDKPD ZLQVIURPWRLQ'HQPDUNDQG'..DQG SODFHGWLPHV  1HZ/LIH IE\,WVDEUDKPD UDQRQFHDW    QGGDP

5HDO&RROUDQDIHZWLPHVDWGDPRIZLQQHUV  683(5237,&ZLQQHUDWLQ6ZHGHQ  2/'%/8(ZLQVDQG'..LQF6YHQVNW.ULWHULXP / DQG-RFNH\NOXEEHQV   -XELOHXPVO|SQLQJ 6ZHGLVK*XLQHDV SODFHG QGLQ/DUFKUHVSU PLH   5RVHQJnUGO|SQLQJDQG3UDPPV0HPRULDO UGLQ6YHQVNW'HUE\  6LWDZLQVDQG'..SODFHG QGLQ/DUFKUHVSU PLH UGLQ9LQWHUIDYRULWWHUQHV   UHVSU PLHDQG'DQVN2DNV WKLQ'DQVN2SGU WQLQJVO¡EDQG'DQVN.ULWHULXP WKLQ   0RZHULQDO¡E 'DQLVK*XLQHDV DQG6YHQVNW.UL WHULXP  -2+1-2+1ZLQVDQG'..LQF9LQWHUIDYRULWWHUQHVUHVSU PL HSODFHG QGLQ'DQVN   *XLQHDV  ,03(5,$/67287ZLQVDQG6(.DQGSODFHGWLPHV  UGGDP

%$/$17(ZLQVDQG…DWDQG GDPRIDZLQQHU  75(9$ZLQVDWDQGDQG…DQGSODFHGWLPHV  WK  GDP 6PRNLQJ5RRPXQUDFHG GDPRIZLQQHUVLQF  6,1*$325(-(:(/ZLQVLQ0DOD\VLD  75$&.(9(17ZLQQHUDWDQGSODFHGRQFHDOVR ZLQQHURYHUKXUGOHVDW  WKGDP 6,1(&85(SODFHGRQFHDWGDPRIZLQQHUVLQF  6XSHU7UDFNZLQVDQGSODFHG QGLQ)LQFK'HFDQWHU+DQGLFDS / $VFRW  1,&(9$/8(ZLQVDQGSODFHGWLPHV  0DLG2I+RQRXUGDPRIDZLQQHU    7(1+8*6ZLQVLQ(QJODQGDQG0DOD\VLDLQF7KH6SULQW7URSK\ / 3HQDQJQGLQ     6XOWDQ¶V*ROG9DVH / 3HUDN




  

&RQVLJQHGE\6WXWWHUL1RYD     %D\JHOGLQJ '(1  UG0DUFK 

  $&$'(0<$:$5' ,5(      5,&+(//( '(1  

 

 

 

 '$1(+,//  ,1*$%(//(    5,&+$5'2)<25.  6<3+(//(  

120,1$7(')257+(%5(('(56¶6(5,(6 129$7 '$1=,* 5$=<$1$  7$8)$1 %2'(//(  5$,1%2:48(67 ),(67$)81  %$//(52< 6<3+$



VWGDP

5,&+(//(  ZLQVDQG12.LQ1RUZD\DQG6ZHGHQDQGSODFHG WLPHVDERYHLVKHU ILUVWIRDO   QGGDP

6<3+(//(ZLQQHULQ1RUZD\DQGSODFHGWLPHVLQF UGLQ'HUE\7ULDO6WDNHV.ODPSHQERUJDQG'.. +FSGDPRIDZLQQHU  5,&+(//(VHHDERYH    UGGDP

6\SKDSODFHGWLPHVLQ)UDQFHIURPWRGDPRIZLQQHUVLQF  %21*2%(//2ZLQVDQG'..LQF.ODPSHQERUJ&ODVVLF7DWWHUVD OOV*UDQG&XS   WZLFH DQG6WD\HUSRNDOHQSODFHGWLPHVLQF QGLQ'DQVN%UHHGHUV¶&XS7ULDODQG7DWWHUVDOOV   *UDQG&XSWKLQ'DQVN0HVWHUVNDEIRUnULJH+FS  6<%$//<ZLQVLQ)UDQFHLQF3UL[G¶(ODQFRXUW6DLQW&ORXG3UL[ GH%RQQHWHUUH/\RQDQG3UL[   GHOD&RPPXQDXWH8UEDLQHGX*UDQG/\RQSODFHG WLPHV  6<9$ZLQVDQGSODFHGWLPHVLQ)UDQFHIURPWRDQGÂ&#x2026; GDPRIZLQQHUVLQF    *,//2ZLQVRYHUMXPSVLQ)UDQFHDWDQGSODFHGWZLFH    $.$,1(ZLQQHURYHUMXPSVLQ)UDQFHDW  /(;0$5.ZLQQHUDWLQ'HQPDUNEURRGPDUH  -XPHLUDKZLQVDQG'..LQF0DMRU&KU)0LFKHOHWV0LQQHO¡ SÂ&#x2018;YUHYROODQG)UHG   $UPVWURQJ&XS*|WHERUJSODFHGVWDUWVIURPVWDUWVLQFQGLQ1RUVN6W/HJHUWKLQ2VOR   &XS *U DQG7XERUJ-\GVN'HUE\+FS  6<3+(//(VHHDERYH  WKGDP

6<3+$/<ZLQQHULQ)UDQFH2ZQVLVWHUWR/(627+2GDPRIZLQQHUVLQF  6,/9(5721ZLQVLQ+RQJ.RQJDQGSODFHGWLPHV  6DLQWHVSODFHGWLPHVLQ)UDQFHGDPRIZLQQHUVLQF    6/,03($5/ ZLQVRYHUMXPSVLQ)UDQFHLQF3UL[%RXUQRVLHQQH+XUGOH  *U $XWHXLO    6DLQW%DUWKSODFHGWLPHVLQ)UDQFHDW  WKGDP

6($/<ZLQVLQ)UDQFHIURPWRLQF3UL[GH5R\DOOLHX *U /RQJFKDPSDQG3UL[GHOD6HLQH /  /RQJFKDPSDQGSODFHG GDPRIZLQQHUVLQF  /(627+2ZLQVLQ)UDQFHLQF/D&RXSH *U  WZLFH /RQJFKDPS3UL[GHOD9LOOHGH 



7URXYLOOH / 'HDXYLOOH3UL[G¶$YLOO\6DLQW/HRQDUG / &KDQWLOO\3UL[GH&HQWHQDLUH / 

 

 

0DLVRQV/DIILWWHDQG3UL[1LFHDV / 0DLVRQV/DIILWWHUGLQ3UL[GHOD&RWH1RUPDQGH *U  'HDXYLOOHVLUH




  

&RQVLJQHGE\6WXWWHUL+MRUWHER %D\ILOO\ '(1 WK0D\

  6,<281, )5      $&48$/,1$%($87< ,5(  

 3,927$/  6,&+,//$    0217-(8  &22/$021 

32/$5)$/&21 )($5/(665(9,9$/  '$1(+,// 6/,3675($048((1  6$'/(5¶6:(//6 )/25,3('(6  6$5$72*$6,; &21),50 



VWGDP

$FTXDOLQD%HDXW\  UDQRQFHDWLQ86$ GDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHU  $&48$/,1'$ IE\6WDWXH2I/LEHUW\ ZLQVDWLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV  &KLFKL.LQJ FE\&KLFKLFDVWHQDQJR SODFHG WZLFHDWLQ)UDQFHDQGÂ&#x2026;  $FHOLQGD IE\2USHQ SODFHGDWLQ )UDQFHDQGÂ&#x2026;  QGGDP

&22/$021ZLQVDWLQ86$DQGÂ&#x2026;DQGSODFHGWLPHV2ZQVLVWHUWR6$5$72*$6,==/( GDPRIZLQQHUV  0,*/,25,1,ZLQVLQ,WDO\IURPWRDQGÂ&#x2026;DQGSODFHGWLP HV  817(1$%/(ZLQVLQ86$DQGÂ&#x2026;DQGSODFHGWLPHV  6/(87+,1*ZLQVLQ86$DQGÂ&#x2026;DQGSODFHGWLPHV  .22/0$1ZLQVLQ5XVVLDDQG6SDLQDQGÂ&#x2026;DQGSODFHGWLPHV   %5$9(ZLQVDWDQGLQ86$DQGÂ&#x2026;DQGSODFHGWLPH V  0$5.(75$//<ZLQQHUDWLQ86$DQGÂ&#x2026;DQGSODFHGWZLFH    UGGDP

&RQILUPZLQQHUDWLQ86$SODFHGWZLFHLQFUGLQ-XQLRU0LVV6WDNHV'HO0DUGDPRIZLQQHUV 

$87801*/,77(5ZLQVDQGÂ&#x2026;LQF/DV3DOPDV+DQGLFDS *U QGLQ*ROGHQ





+DUYHVW+DQGLFDS *U /D3UHYR\DQWH+DQGLFDS *U DQG/DXUDQFH$UPRXU+DQGLFDS





*U GDPRIZLQQHUV



+2//<&20%(ZLQVLQ86$DQGÂ&#x2026;LQF'HO0DU%UHHGHUV¶&XS +DQGLFDS *U 







&21),50(''$1&(5ZLQVLQ86$DQGÂ&#x2026;LQF$UOLQJWRQ2DNV *U UGLQ





$UOLQJWRQ0DWURQ+DQGLFDS *U GDPRIZLQQHUV









<2/$1'$ZLQVDQGÂ&#x2026;LQF-XQLRU0LVV6WDNHV QGLQ%HUOR+FSGDPRIZLQQHUV



521%21ZLQVLQ86$LQF6SRUWVPDQ¶V3DUN%UHHGHUV¶&XS QGLQ3RWUHUR*UDQGH

QGLQ3RWUHUR*UDQGH%UHHGHUV¶&XS+DQGLFDS *U 

7+*5$&(ZLQVLQ-DSDQLQF%DGHQ%DGHQ&XS / QGLQ,ELV6XPPHU'DVK / 







6$5$72*$6,==/(ZLQVLQ86$DWDQGDQGÂ&#x2026;LQF:LOPD&.HQQHG\6WDNHV

+DQGLFDS *U VLUH





UGLQ6SLQDZD\6WDNHV *U GDPRIZLQQHUVLQF







7LSSHUDU\0HORG\ZLQQHUDWLQ86$DQGÂ&#x2026; QGLQ6RURULW\6WDNHV *U 

  

  

  

6$5$72*$&$03$,*1ZLQQHUDWLQ86$GDPRI-(:(/61*(06 ZLQVLQ  86$DQGLQF/LJKWQLQJ&LW\6WDNHVDQG%RE6ODWHU6WDNHVJUDQGDPRI  5)5((52//ZLQVDWLQ86$DQGÂ&#x2026;LQF8QEULGOHG6WD NHVQGLQ

 

 

 

 

3ULPDO)RUFH6WDNHV5%OLQJZLQVLQ86$IURPWRDQGÂ&#x2026;UGLQ(O 3DVR7LPHV6WDNHV




  

&RQVLJQHGE\/MXQJVWRUSV*nUG$%     120,1$7(')257+(%5(('(56¶6(5,(6 059$1'<.EURZQFROW 6:( WK0DUFK

  1((':22'%/$'( *%      58('¶$/6$&( *%  

 3,927$/  ),1/$**$1    '$1(+,//'$1&(5  ',02)$1   

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  '$1(+,// 0,5$$'21'(  3(721* :,/621,&



VWGDP

5XHG·$OVDFH  ZLQVDQG6(.LQF1RUVN2DNVDQG6RPPDUVWRHWSODFHGWLPHVLQF QG 0XPP&RUGRQ5RXJH&XS6LHUVWRUSII5HQQHQ / +DPEXUJ9LQWHUIDYRULWHUQDV3ULV$PDFLWDO|SQLQJ WK 0DOP|6WDGV3ULV6YHDODQGO|SQLQJDQG WKLQ0DXULFH/DFURL[7URSK\ *U %DGHQ%DGHQGDPRI IRDOVRIUDFLQJDJHUXQQHUVZLQQHU  &$%5,2/(7 JE\'RPHGULYHU ZLQQHUDWDQGSODFHGWLPHV  &UqPHGHOD&UqPH IE\6ZHGLVK6KDYH UDQ DIHZWLPHVDWLQ'HQPDUN  0U:HVW FE\1HHGZRRG%ODGH \RXQUDFH GWRGDWH    QGGDP

',02)$1ZLQVDWDQGDQGÂ&#x2026;DQGSODFHGWLPHV GDPRIZLQQHUV  5XHG¶$OVDFHVHHDERYH  '$5.020(17ZLQVDWDQGÂ&#x2026;DQGSODFHGWLPHV  58()/$1'5,1(ZLQVDWDQGLQ'HQPDUNDQGÂ&#x2026;SODFHGWLPHV EURRGPDUH  &/,37+251(ZLQQHUDWDQGÂ&#x2026;SODFHGRQFH  UGGDP :,/621,&SODFHGWLPHVDWDQGGDPRIZLQQHUV  :,/'(5%522.+$/ZLQVIURPWRLQ*UHHFHDQGÂ&#x2026;DQGSODFHGWL PHV  ),56767(36ZLQVDWDQGSODFHGWLPHVDOVRZLQQHUDWLQ6ZHGHQGDPRIZLQQHUV   6:(',6+67(3ZLQVDQG6(.LQ6ZHGHQ   6(&21'67(3ZLQQHUDWDQGSODFHGWLPHVLQ6ZHGHQDQG'HQPDUN  WKGDP &$3(&+(67187ZLQQHUDWDQGSODFHGWLPHVGDPRIZLQQHUVLQF  '$==/,1*+(,*+76ZLQVDWKRPHDQGLQ)UDQFHLQF3UL[3DQDFHH / GDPRIZLQQHUV 





.,0%5,'*(.1,*+7ZLQVDWKRPHLQ0DOD\VLDDQG6LQJDSRUHLQF6LQJDSRUH 









'HUE\ / 6LQJDSRUH7XQNX*ROG&XS /  WZLFH 6HODQJRUDQG3HUDN'HUE\ / 









3HUDNSODFHGUGLQ6DQGRZQ&XS *U 6DQGRZQ







0$85,0221ZLQVLQF2DN7UHH6WDNHV / *RRGZRRG QGLQ0DVDND6WDNHV / 







$OO*ORU\ZLQQHULQ)UDQFHSODFHG UGLQ3UL[9DQWHDX[ *U /RQJFKDPSGDPRI$//









6+$0$5 ZLQVLQ)UDQFHDQG*HUPDQ\DQGLQF*URVVHU 3UHLVGHU









'RUWPXQGHU:LUWVFKDIW *U 'RUWPXQG







3DFLILF*URYHZLQVQGLQ1HZJDWH6WXG5DGOH\6WDNHV / 1HZEXU\GDPRI











0RRJLHZLQVDQGSODFHG WKLQ&RURQDWLRQ6WDNHV *U 5R\DO$VFRWGDPRIZLQQHUVLQF







02.$%5$ZLQVDWKRPHDQGLQ*HUPDQ\LQF0DXULFH/DFURL[7URSK\  *U 

&$7:$/.ZRQ6ZHHW6ROHUD6WDNHV / 1HZPDUNHW




  

&RQVLJQHGE\6WXWWHUL+MRUWHER   %D\FROW '(1 WK0DUFK

  $&$'(0<$:$5' ,5(      )/(85(1)/(85 )5  









120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    +(51$1'2  )/2:(5,1*6721(  

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  1,1,6., :+$.,/<5,&  $.$5$' )$11<¶6&29(



VWGDP

)/(85(1)/(85  ZLQVLQ)UDQFHDWDQGÂ&#x2026; DQGSODFHGWLPHVGDPRIIRDOVRIUDFLQJ  DJHUXQQHUVZLQQHUV  )$8&213(/(5,1 FE\'RPHGULYHU ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;DQGSODFHG  WLPHV  )/(8521 FE\6LQQGDU ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;DQGSODFHG WLPHV  /H&KLIIUH FE\'DOLDSRXU ZLQQHULQ6ZHGHQDWDQG'..SODFHGWLPHVLQF UGLQ  'DQVN6W/HJHU  &DOO2I'XW\ JE\$FDGHP\$ZDUG SODFHGW ZLFHIURPRQO\VWDUWVDW+FS  0RQ)OHXU IE\$FDGHP\$ZDUG \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ  QGGDP

)ORZHULQJ6WRQHXQUDFHG GDPRIZLQQHUV  )/(85'¶$0$1'(ZLQVLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV  )($7+(56721(ZLQVLQ)UDQFHDQG6ORYDNLDDWDQGÂ&#x2026;DQGSODFHG WLPHV  /(&$5'(1$/ZLQVLQ6SDLQIURPWRDQGÂ&#x2026;DQGSODFHGWLPH V  )($7+(5%('',1*ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;DQGSODFHGWLPH V    UGGDP

)$11<¶6&29(ZLQQHUDWKHURQO\VWDUWGDPRIZLQQHUVLQF  )281'$7,2163,5,7ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;LQF*UDQG3UL[ &RQVHLO *HQHUDOGHV$OSHV0DULWLPHV / UGLQ3UL[GX&RQVHLOGH3DULV *U 





 

1,%%632,17ZLQVDWDQGÂ&#x2026;LQF*DOWUHV6WDNHV / QGLQ3DUN+LOO6WDNHV *U   GDPRIZLQQHUVLQF







%25'(5$552:ZLQVWRDQGÂ&#x2026;LQF%ULJDGLHU*HUDUG6WDNHV *U 









)HLOGHQ6WDNHV / DQG0DJQROLD6WDNHV /  WZLFH QGLQ3UHPLR5RPD *U DQGUG









LQ&RURQDWLRQ&XS *U 'HUE\6WDNHV *U DQG*XLQHDV *U 







%$/'$48,1ZLQVDWDQGDQGÂ&#x2026;LQF-HEHO$OL6WDNHV / 







6,67(5$*1(6SODFHGWZLFHDOVRZLQQHURYHUKXUGOHVGDPRI6QDS&DOOZLQQHULQ















(50,1(ZLQQHUDQGSODFHGGDPRI7RS/RFNZLQQHUDQGSODFHG QGLQ'HXWVFKHV'HUE\









  

3ULQFH,EUDKLPZLQVDWDQGÂ&#x2026;SODFHG QGLQ%HUHVIRUG6WDNHV *U  0$0$5$5(()ZLQQHUDWDOVRZLQQHURYHUKXUGOHVGDPRIZLQQHUVLQF   67250'5($0ZLQVLQ86$DWDQGDQGÂ&#x2026;LQF%UHHGHUV¶& XS+DQGLFDS















6LYRWDZLQQHUDWDOVRZLQQHURYHUKXUGOHVDQG UGLQ)LQDO+DQGLFDS+XUGOH / &KHOW

)UDQFHDWDQGÂ&#x2026;SODFHG QGLQ3UL[3ROLFHPDQ /  *U (UPLQH$QG9HOYHWSODFHG QGLQ6XUUH\6WDNHV / 

*U UGLQ,ULVK*XLQHDV *U 




  

&RQVLJQHGE\6WXWWHUL7KRUVNRYJDDUG     120,1$7(')257+(%5(('(56¶6(5,(6 &$5/$3217,ED\ILOO\ '(1 WK0DUFK 7KH3URSHUW\RI.DUHQ)URVW

  0,1*81 86$      /%6($:,1* '(1  

 $3,1'<  0,(648(    35(6,',80  &22/&20%,1$7,21   

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  *(1(5$/$66(0%/< '28%/<685(  ,1',$1.,1* 6,67,1$



VWGDP

/%6($:,1*  ZLQVIURPWRDQG'..DQGSODFHGWLPHVG DPRIIRDORIUDFLQJ DJHUXQQHU  %LWHZLQJ JE\,WVDEUDKPD SODFHGDWLQ 'HQPDUNIURPRQO\WZRVWDUWV    QGGDP

&22/&20%,1$7,21ZLQQHUDWDQG…GDPRIZLQQHUV  $5(,6+ZLQVIURPWRDQG…DQGSODFHGWLPHV GDPRIDZLQQHU    %/$&.%$&&$5$ZLQVDQG…DQGSODFHGWLPHV  62)$5ZLQVLQ,WDO\DQG…DQGSODFHGWLPHV GDPRIZLQQHUV    6263/(1','ZLQVLQ,WDO\IURPWRDQG…DQGSODFHGWLP HV    623(66(ZLQVLQ,WDO\DWDQGDQG…DQGSODFHGWLPHV     626+,1,1*ZLQVLQ,WDO\DWDQGDQG…DQGSODFHGWLPHV   ,1',$1'5($0(5ZLQVDWDQGDQG…DQGSODFHGWLPHV  0,;('022'ZLQVDWDQG…DQGSODFHGWZLFH GDPRIZLQQHUVLQF    ..27%21*85,ZLQVLQ6RXWK.RUHD  UGGDP

6,67,1$SODFHGWLPHVDWGDPRIZLQQHULQF  :ROYHULVWZLQVLQ)UDQFHDQG0RURFFRDWDQGDQG))S ODFHG QGLQ*UDQG3UL[GH   &RPSLHJQH /  WZLFH   WKGDP

35,67,1$ZLQVDWDQGSODFHGWLPHVGDPRIZLQQHUVLQF  526('8%$55<&KDPSLRQ\RILOO\LQ(QJODQGLQZLQVLQF1RUIRON6WDNHV *U    DQG/RZWKHU6WDNHV *U UGLQ*XLQHDV *U IURPRQO\VWDUWVGDPRIZLQQHUV    6&(17('$,5ZLQQHUDWGDPRI%5812*,25'$12ZRQ3UHPLR7XOOLR5LJKHWWL /      )$,5526$081'$ZRQ3UL[0DVVLQH / %2&$/$'ZRQ3UHLVGHU+RWHOOHULH     %DGHQ%DGHQ / JUDQGDPRI3,03$/$35,1&(ZRQ&KDOOHQJH6WDNHV *U      3,03$/$621ZRQ1HZPDUNHW+FS *U DQGQGLQ6LUHV¶3URGXFH6WDNHV *U     /,/$&&+$50ZLQQHUDWGDPRI/$'21,ZLQVLQ*HUPDQ\LQF'U%XVFK0HPRULDO     *U DQG*URVVHU3UHLVGHU'RUWPXQGHU:LWVFKDIW *U VLUH/$&%(//ZRQ     3UHPLR5XPRQ / DQGQGLQ*UDQ&ULWHULXP *U 625&(5(66ZRQ3UL[GHOD     6HLQH / UG3UL[G¶$XPDOH *U JUDQGDPRI/,/$&48((1ZRQ%HZLWFK6WDNHV     *U DQGQGLQ'HXWVFKHV6WXWHQ'HUE\ *U 625,9(5$ZLQVLQ*HUPDQ\LQF     )UKMDKUV6WXWHQ3UHLV / WKLUGGDPRI&+$50,1*:20$1ZLQVDWDQGLQF     3UHPLR7XGLQL *U 0(1·60$*$=,1(ZRQ3UHPLR9LWWRULR5LYD /   0$1*(7287&KDPSLRQ\RILOO\LQ)UDQFHLQZLQVLQF0ROHFRPE6WDNHV3UL[   G¶$UHQEHUJDQG:LQGVRU&DVWOH6WDNHV QGLQ3UL[GHO¶$EED\HGDPRIZLQQHUV  +(&/$ZRQ&KHUU\+LQWRQ6WDNHVSODFHG UGLQ-XO\&XS *U GDPRIZLQQHUVLQF    )$028667$5ZRQ$\U*ROG&XS / VLUH




  

&RQVLJQHGE\&DUOVVRQUDFLQJ       120,1$7(')257+(%5(('(56¶6(5,(6 +($'+817(5ED\FROW 6:( WK0DUFK

  */25,$'(&$03($2 %5=      5()(5(1&(/$'< ,5(   VWGDP

 ,035(66,21  $8'$&,7<    5(9248(  0$5</28:+,71(<   

58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  )$,5<.,1* /$%(//$)217$1$  )$33,$12 72362&,$/,7(

5HIHUHQFH/DG\  ZLQVDWDQGLQ'HQPDUNDQG6ZHGHQDQG6(.L QF-XYHQLOH)LOOLHV %HFN\0RVV)LOOLHV0LOH6XPPHU)LOOLHVDQG6).6WRO|SQLQJSODFHGWLPHVIURPVWDUWVLQF QGLQ 6YHQVNW2DNVUGLQ'DQVN2DNV/DQZDGHV6WXG6WDNHV-RFNH\NOXEEHQ V$YHOVO|SQLQJ WKLQ%ORRPHUV¶ 9DVH9LQWHUIDYRULWWHUQHVUHVSU PLH WKLQ6YHQVNW'HUE\DQG)lKUKRIHU6WXWHQSUHLV / +DPEXUJ +FSGDPRIIRDOVIRUUDFLQJDJHUXQQHUVZLQQHUV  )$,5<.$03 JE\3HQQHNDPS ZLQVDQG6(.LQF%UHHGHUV¶7URSK\&ODVVLF  &RQVRODWLRQSODFHGWLPHVLQF WKLQ%UHHGHUV¶7URSK\0LOH&RQVRODWLRQ+FS  5HDO/DG\ IE\&RXQWU\5HHO SODFHGWLP HVDWLQ6ZHGHQDQG6(.  52<$/5()(5(1&( JE\.|QLJVWLJHU ZLQQHUDWLQ6ZHGHQDQGSODFHGWLPHV  5HIHUHQFH:DWFK IE\%RVXQ¶V:DWFK \RXQUDFHGWRGDWH    QGGDP

0DU\ORX:KLWQH\SODFHGRQFHLQ86$DWGDPRIZLQQHUVLQF  6,'(6,'(ZLQVLQ6SDLQDQG…DQGSODFHGWLPHV  21/2&$7,21ZLQVLQ*HUPDQ\DQG6ZHGHQDWDQG…LQF6XPPHU )LOOLHV-lJHUVUR   6*&¶V6WRVHULH-lJHUVURDQG979<RXQJVWHUV&XS +DPEXUJIURPRQO\VWDUWV+FS  5HIHUHQFH/DG\VHHDERYH  ,1',$1/28ZLQVLQ6SDLQDQG…DQGSODFHGWLPHV  ,17(59,(:(5ZLQVLQ6ZHGHQDWDQGDQG6(.LQF-XYHQLOH )LOOLHVDQG$OWDPLUD   7ULDOSODFHGWLPHVIURPVWDUWVLQFQGLQ)LOOLHV0LOH6FDQGLQDYLD&XSDQG WKLQ$OWDPLUD   /|SQLQJ+FSGDPRIZLQQHUV  6DWLQ&DSHSODFHGRQFHDWGDPRIZLQQHUVLQF    02/$0(172ZLQQHUDWLQ(QJODQGDOVR ZLQVDWDQGLQ6ZHGHQ    &$3252662ZLQVDWDQGDQG…DQGSODFHGWLPHV  UGGDP

72362&,$/,7(ZLQVLQ(QJODQGDQGLQ86$DQG…DQG)) LQF&KHUU\+LQWRQ 6WDNHV *U )UHG'DUOLQJ6WDNHV *U %UHHGHUV¶&XS+DQGLFDS / DQG3KLODGHOSKLD+DQGLFDS /  SODFHGWLPHVLQF QGLQ3RXOHG¶(VVDLGHV3RXOLFKHV *U &RURQDWLRQ6WDNHV *U :LOVKLUH +DQGLFDS *U /DGLHV+DQGLFDS / UGLQ,ULVK*XLQHDV *U 0DWFKPDNHU6WDNHV *U DQG &DQWHUE\+DQGLFDS / WKLQ4XHHQ0DU\6WDNHV *U DQG&ROXPELDQD+DQGLFDS *U GDPRI ZLQQHUVLQF  $//$50(62&,$/(ZLQQHUDWDOVRZLQVDQG…LQ,WDO\  723)$17$6<ZLQVLQ-DSDQDQG…GDPRIDZLQQHU    7$*$12/281*7$ZLQVLQ-DSDQ  /LIH2I7KH3DUW\SODFHGWZLFHLQ86$DWGDPRIZLQQHUVLQF    2QH0RUH5RXQGZLQVDQG…SODFHG QGLQ*ODGQHVV6WDNHV *U 0LQVWUHO 







6WDNHV *U %DOO\FRUXV6WDNHV *U DQG$O)DKLGL)RUW6WDNHV *U 




  

&RQVLJQHGE\ <RUN6WXWWHUL &KHVQXWILOO\ '(1  WK)HEUXDU\ 

  /$<0$1 86$      &+,//<'(: '(1  





7KHSURSHUW\RI0RUWHQ0\KUH

 681'$<6,/(1&(  /$,</    3$/$7$/  6.((7+()((1   

+$/2 :,6+,1*:(//  185(<(9 $/<'$5(66  /<3+$5'¶6:,6+ 1,&./(/$'<  9,.,1* 0,6'(9,286



VWGDP

&KLOO\'HZ  XQUDFHG2ZQVLVWHUWR 683(50$1DERYHLVKHUILUVWIRDO  QGGDP

6.((7+()((1ZLQVLQ'HQPDUNDQG…SODFHG QGLQ6FHSWUH6WDNHVGDPRIZLQQHUV  +290$1&KDPSLRQPLOHULQ6FDQGLQDYLDLQZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQ 



IURPWRDQG12.LQF3RODU&XS *U ‘YUHYROO3RNDOO¡E / .ODPSHQERUJ





6).-XELOHXPVO|SQLQJ / -lJHUVUR6ZHGLVK2SHQ0LOH /  WZLFH 7lE\DQG6RQJOLQH

  

  

&ODVVLF / 7lE\-\GVN'HUE\cUKXV'HQ-\GVNH9LQWHUIDYRULWcUKXV3URGXFH6WDNHV 2GHQVH9LQWHUIDYRULWWHUQHVUHVSU PLH.ODPSHQER UJ3URYLQVHQVnUV6HULHcUKXV 3URYLQVHQVnUV6HULH$DOERUJSODFHG QGLQ0DULW6YHDDV0LQQHO¡S / ‘YUHYROO3RODU&XS





*U ‘YUHYROO3RNDOO¡E / .ODPSHQERUJ6).-XELOHXPVO|SQLQJ / -lJHUVUR*ROGHQ0LOH





/ .ODPSHQERUJ6ZHGLVK2SHQ0LOH / 7lE\1LFNHV0LQQHVO|SQLQJ / 7lE\DQG





6RQJOLQH&ODVVLF / DQGUGLQ3RNDOO¡E / .ODPSHQERUJ3RODU0LOH&XS /  WZLFH ‘YUHYROO





DQG1LFNHV0LQQHVO|SQLQJ /  WZLFH 7lE\+FS

           

/LJKWV2XWZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQIURPWRDQG6(. LQF  1RUVN'HUE\1RUVN6W/HJHUDQG'DQVN6W/HJHUSODFHG QGLQ6YHQVNW.ULWHULXPDQG UGLQ  6RQJOLQH&ODVVLF / ZRQ6YHQVNW*UDQG1DWLRQDO WZLFH DQG+0'URWWQLQJHQV 3ULV+FS 683(50$1ZLQVLQ'HQPDUNDQG6ZHGHQDQG6(.LQF'DQVN 6W/HJHUSODFHG QG  LQ)\HQVO¡EUGLQ'DQVN%UHHGHUV¶&XS.DSSV6WRUD3ULV WZLFH  WKLQ'DQVN'HUE\ WKLQ  6YHQVNW'HUE\ZLQVWRRYHUMXPSVLQ6ZHGHQDQGSODFHG QGLQ6YHQVNW*UDQG  1DWLRQDO+FS +DFNPDQZLQVDWDQG12.LQ'HQPDUNLQF%DVQ VO¡EDQG 'DQVN.ULWHULXP  &RQVRODWLRQSODFHGWLPHVLQF UGLQ9LQWHUIDYRULWWHUQHVSUDQG WK1RUVN6W/HJHU+FS ),1(3$/$',1(ZLQVDQG'..DWDQGLQ'HQPDUN GDPRIDZLQQHU   63(('ZRQ$XNWLRQVO¡EV&RQVRODWLRQDWSODFHGWLPHVIURP VWDUWVWR

UGGDP

0LVGHYLRXVXQUDFHG GDPRIZLQQHUVLQF  0<67(5<022'ZLQVLQ,WDO\IURPWRDQG…GDPRIDZLQQHU    7KH5RFNSODFHGUGLQ7KH8QLWHFK1RUWK,QGLD'HUE\ / 'HOKL  3KDQWRP$IIDLUUDQDIHZWLPHVDWDQGGDPRIZLQQHUV 





6WUHHW7KHDWUHZLQVLQ$XVWUDOLDSODFHG QGLQ)XULRXV6WDNHV / 5DQGZLFN







0LJKW\7\FRRQZLQVLQ$XVWUDOLDDQG+RQJ.RQJ QGLQ4XDOLW\+DQGLFDS / 







;DDIIDLUXQUDFHGGDPRI)/<,1*$))$,5ZRQ*LPFUDFN6WDNHV / $VFRW




  

&RQVLJQHGE\0DWKLDV6FKLOGW       120,1$7(')257+(%5(('(56ยถ6(5,(6 050(7$//,&$FKHVQXWFROW 6:( WK$SULO

  6:,1*7+$7&$7 86$      0<'2&. ,5(  

 &$77+,()  ,1&+$    '2&.6,'(5  $&48,/$7$ 

67250&$7 75$,152%%(5<  1$6+:$1 ,'/(*266,3  ',(6,6 3803  ,5,6+5,9(5 0$%,5$  



VWGDP

0<'2&.  ZLQVDWDQGLQ6ZHGHQDQG'HQPDUNDQG6(. SODFHGWLPHVLQF QGLQ .D\-HQVHQV3ULV-lJHUVURDQG UGLQ5RVHQJnUGO|SQLQJ-lJHUVURGDPRIIRDOVRIU DFLQJDJH  0U5HGGLQJ FE\6ZHGLVK6KDYH XQUDFHG  6YHQVND+MlUWDW JE\6ZHGLVK6KDYH XQUDF HGGLHGDW    QGGDP

$&48,/$7$SODFHGRQFHLQ)UDQFHDWGDPRIZLQQHUV 

0LFN-HURPHZLQVDQG12.LQ1RUZD\DQG6ZHGHQLQF1RUVN 'HUE\DQG:DOWHU

   

 1LOVHQV0LQQHOยกSย‘YUHYROOSODFHGWLPHVLQF UG/DQJHU+DPEXUJHU / +DPEXUJDQG  :DOWHU1LOVHQV0LQQHOยกSย‘YUHYROODOVR ZRQRYHUKXUGOHVLQ(QJODQG1RUZD\DQG6ZHGHQ 0<'2&.VHHDERYH

UGGDP

0$%,5$ZLQVLQ)UDQFHDWDQG))LQF+DQGLFDSGยถ(WH / 6DLQW&ORXGSODFHGWLPHVLQF QGLQ3UL[Gยถ(SHUQRQ / (YU\DQG3UL[GH6HLQHHW0DUQH / /RQJFKDPSGDPRIZLQQHUV 

0DPRXQDZLQQHUDWSODFHGUGLQ1DVVDX6WDNHV *U *RRGZRRGGDPRIZLQQHUV





0LUDQDZLQQHUDWSODFHGUGLQ0HOG6WDNHV *U &XUUDJKGDPRI0,/,$1$ZLQVLQ







)UDQFHDQGย…LQF3UL[GH)ORUH *U 6DLQW&ORXG0,5-$1ZLQVDQGย…

 

 

 

DOVRZLQVRYHUKXUGOHVDQGย…LQF6ZLQWRQ+DQGLFDS+XU GOH *U 0,53285 ZLQQHUDOVRZRQWLPHVRYHUKXUGOHVDQGย…DQG ZLQVRYHUIHQFHVDQGย…







LQF*ULPHV1RYLFH6WHHSOHFKDVH *U SODFHGUGLQ*DOZD\+DQGLFDS+XUGOH *U 





0$0285$ZLQVDWDQGSODFHGWLPHVGDPRI0285$0$5$ZLQVLQ,UHODQGDQG













QGLQ&ULWHULXPGX)RQGV(XURSHHQGHOยถ(OHYDJH / DQG3UL[$\PHULGH0DXOHRQ / 







0RXUDVDQDZLQVLQ)UDQFHDQGย… QGLQ3UL[GH7KLEHUYLOOH / JUDQGDPRI







0285$<$1ZLQVWRDQGย…LQF6\GQH\&XS *U &UDYHQ3ODWH







*U QGLQ0DFNLQQRQ6WDNHV *U 0HWURSROLWDQ+DQGLFDS *U DQG7DQFUHG







6WDNHV *U UG,ULVK'HUE\ *U 6.,16*$0(ZLQVLQ)UDQFHDQGย…LQF







3UL[(GPRQG%ODQF *U VLUH0285,/<$1ZLQVDQGย…LQF0DUFK6WDNHV







/ UGLQ0HOERXUQH&XS *U (3$7+$ZLQVLQ)UDQFHDQG6SDLQDQGย…LQF

  

  3UL[2FFLWDQLH / 0D\EHZLQQHULQ)UDQFHDQG UGLQ-XQLRUHQ3UHLV / 'ยVVHOGRUI 0$5,'$1$ZLQQHUDWDQGSODFHGRQFHGDPRIZLQQHUVLQF  0$5,'3285ZLQVLQ,UHODQG$XVWUDOLDDQG1HZ=HDODQGDQGย… LQF4XHHQยถV9DVH







)UDQFHDQGย…LQF3UL[GH5R\DOOLHX *U 3DUHVZLQVLQ)UDQFHDQGย…

*U DQG&XUUDJK&XS *U UGLQ+HQU\,,6WDNHV *U DQG/RQVGDOH6WDNHV *U 




  

&RQVLJQHGE\6WXWWHUL+MRUWHER   %D\ILOO\ '(1 WK)HEUXDU\

  $&$'(0<$:$5' ,5(      /2,6 6:(  









120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    )5$$0  35,1&(66/8&,$11(   2ZQVLVWHUWR/2,6/$1(

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  /($'217,0( 0$-(67,&.$/$+$  67$1)25' *8/,67$1



VWGDP

/2,6  ZLQVDQG6(.LQF$OWDPLUDO|SQLQJDQG6WRHOLWHQ SODFHGWLPHVLQF QGLQ6ZHGHQ &XS0LOHUV WKLQ%ORRPHUV¶9DVH WKLQ6FDQGLQDYLD&XS WZLFH +FS'DPRIIRDO VRIUDFLQJDJH UXQQHUVZLQQHU  /2,6/$1( IE\$FDGHP\$ZDUG ZLQVDQG'..DWDQGLQF'DQVN.ULWHULXPDQ G  'DQVN*DORSV$XNWLRQVO¡ESODFHG QGLQ/DUFKUHVSU PLH3RPS¡V&XSDQG796SULQWHQ UGLQ  6NDQGLQDYLVN2SGU WQLQJVO¡EDQG WKLQ%UHHGHUV¶3UL]H6SULQW+FSGDPRIDZLQQHU    52<$//$1(ZLQQHUDWDQG'..DOVRSODFHGWLPHVLQF QG'HUE\6SULQWHQ    .ODPSHQERUJ5LGHU&XSnUV6SULQWDQG$DOERUJ nUV0HVWHUVNDE  5HG&DGHW JE\&DMXQ&DGHW SODFHGWLPH VLQRQO\VWDUWVLQFQG6YHQVNW.ULWHULXP  &RQVRODWLRQ+FS  2FKR5LRV JE\$FDGHP\$ZDUG \RXQUDF HGWRGDWHLQWUDLQLQJLQ'HQPDUN  QGGDP

3ULQFHVV/XFLDQQHSODFHG GDPRIZLQQHUVIURPUXQQHUVLQF  6$7,6),('35,1&(ZLQVDQG…DQGSODFHGWLPHV  '(6(57)/<(5ZLQVDQG…DWDQGLQ1RUZD\DQGSODFHGWLPH V  12926,%,56.ZLQVDQG…DWDQGLQ6ZHGHQDQGSODFHGWLPHV   *,)72:(¶5(*21=2ZLQQHUDW  3ULQFHVV/RQGLVSODFHGDWGDPRIZLQQHUV    '(9,1('$1&(5ZLQVDQG…DWSODFHGWZLFH    /21'21*2/'ZLQVDQG…DWDQGDQGSODFHGWZLFHIURPRQO\ VWDUWV  UGGDP

*8/,67$1UDQDIHZWLPHVDWDQG'DPRIZLQQHUV  9,$'(/48$752ZLQVRYHUIHQFHVIURPWRDOVRZRQDSRLQWWRSRLQW DQGSODFHGWLPHV  $5(<28*8,/7<ZLQQHUDWDQGSODFHGWLPHVGDPRIDZLQQHU    ,112&(17*(25*(ZLQQHUDWDQGSODFHGRQFHDOVR ZLQVRYHUKXUGOHV  */($1,1**,5/ZLQQHULQ,WDO\DWDQGSODFHGWLPHVGDPRIZLQQHUVLQF    *,5/2)/,)(ZLQVIURPWRLQ,WDO\DQGSODFHGWLPHV  WKGDP

785)ZLQVLQF*DOWUHV6WDNHV<RUNGDPRIZLQQHUVLQF  %(675(*$/,$ZLQVLQ86$GDPRIZLQQHUV   

  :$,7)257+(/$'< ZLQVLQ86$LQFO/RQJ/RRN+DQGLFDS *U  -($1,('8))ZLQVDQGSODFHGRQFHGDPRIZLQQHUVLQF   0$5,1$'8))-WWRSUDWHG\RILOO\LQ,WDO\LQZLQVLQF3UHPLR'RUPHOOR









*U DQG3UHPLR9LWWRULR&UHVSL / QGLQ3UHPLR5R\DO0DUHV *U DQGUGLQ









3UHPLR3ULPL3DVVL *U 




    

&RQVLJQHGE\6WDOG-XSLWHU6WXWWHUL%¡JHO\ +(:HVWHUEHUJ     :,1'<ED\ILOO\ '(1 QG)HEUXDU\   120,1$7(')257+(%5(('(56¶6(5,(6                129$7 

  $&$'(0<$:$5' ,5(      &2:*,5/ ,5(  

 '$1(+,//  ,1*$%(//(    .,1*¶6%(67  5(9(86('(-285  

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  .,1*0$0%2 $//(*5(77$  6$'/(5¶6:(//6 0$*,&2)/,)(



VWGDP

&RZ*LUO  SODFHGWLPHVDWDQGDQGÂ&#x2026; GDPRISUHYLRXVIRDOVUXQQHU  %HOOH9RLU IE\3KRHQL[5HDFK UDQDIHZ WLPHVDW  6WRUP JE\3KRHQL[5HDFK \RXQUDFHGW RGDWHLQWUDLQLQJ    QGGDP

5(9(86('(-285 ,5( SODFHGWZLFHDWDQGÂ&#x2026;GDPRIZLQQHUVLQF  129$+$:.ZLQVLQ)UDQFHDQG,WDO\IURPWRDQGÂ&#x2026; LQF3UHPLR6HUJLR 



&XPDQL *U DQG3UL[/D&DPDUJR / SODFHGWLPHVLQF QGLQ&RURQDWLRQ6WDNHV *U 





3UL[,VRQRP\ / DQG&ULWHULXPGX/DQJXHGRF / DQGUGLQ3UHPLR/\GLD7HVLR *U DQG

     

 3UL[GH6DLQW&\U /  5(9(5,(:22'SODFHGWLPHVLQ)UDQFHDW\HDUVDQGÂ&#x2026;DOVRZLQVRYHUMXPSV  LQ)UDQFHDWDQGDQGÂ&#x2026;SODFHGWLPHV  *5$1'-285ZLQVDWDQGDQGÂ&#x2026;DQGSODFHGWZLFH .$1'$/(.ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;DQGSODFHGWLPH VEURRGPDUH '5($02)'$<ZLQQHULQ)UDQFHDWDQGÂ&#x2026;SODFHGRQFHGDPRIDZ LQQHU

 



'UHDP'D\ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026; UGLQ&ULWHULXPGH/\RQ / 

UGGDP

0$*,&2)/,)(ZLQVDWDQGDQGÂ&#x2026;LQFOXGLQJ&RURQDWLRQ6WDNH V *U DQG0LOO5HHI 6WDNHV *U SODFHGWLPHVQGLQ&KHUU\+LQWRQ6WDNHV *U DQGUGLQ3ULQFHVV0DUJDUHW6WDNHV *U DQGWKLQ&U\VWDO0LOH *U IURPRQO\VWDUWVGDPRIZLQQHUV 

(17+86('-7QGWRSUDWHG\UROGILOO\LQ(XURSHLQ ZLQVDW\HDUVDQGÂ&#x2026;





,QF/RZWKHU6WDNHV *U DQG3ULQFHVV0DUJDUHW6WDNHV *U SODFHG QGLQ+LQWRQ6WDNHV





*U GDPRIZLQQHUV







1250$1,19$'(5ZLQVDWKRPHDQGLQ+RQJ.RQJIURPWRDQGÂ&#x2026; LQFO









7RZHU6WDNHV *U SODFHG QGLQ&ULWHULXPGH0DLVRQV/DIILWWH *U 







(DZLQVDWKRPHDQGLQ86$WR\HDUVDQGÂ&#x2026;SODFHG QGLQ:LOOLDP











)520%(<21'ZLQVLQ)UDQFHDWLQF3UL[9XOFDLQ / GDPRIZLQQHUV

'RQDOG6FKDHIHU6WDNHV *U 

$=80$%(<21'ZLQV-DSDQDWDQGDQGÂ&#x2026;DOVR ZLQVRYHUMXPSVLQ-DSDQ















&+81<,ZLQVLQ-DSDQDWDQGDQGÂ&#x2026;LQFOXGLQJ'DLO\+ DL4XHHQ&XS / DQG

 





DWDQG\HDUVDQGÂ&#x2026;LQFOXGLQJ+DQVKLQ 6KRJDL$XWXPQ&KDVH /  7XUTXRLVH6WDNHV / SODFHGVHFRQGLQ<XVKXQ+LPED 2DNV  / 




  

&RQVLJQHGE\(YD&63HWWHUVVRQ      120,1$7(')257+(%5(('(56¶6(5,(6 086&$5(//$FKHVQXWILOO\ 6:( WK0D\

  7(578//,$1 86$      /$*$98/,1 6:(  

 0,6:$.,  785%$,1(    $7/$17,&%2<  *$/(%5,'*(   

0535263(&725 +23(635,1*6(7(51$/  75(032/,12 $//(*5(77$  %867(' &20,1*$%287  9$*8(/<12%/( 056*2752&.6



VWGDP

/$*$98/,1  ZRQ6YHQVNW2DNV-lJHUVURDQG6(.DQGSODFHG WLPHVLQRQO\VWDUWV +FSGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  '$:621 JE\&DHUZHQW ZLQVDQG6(.IURPWRLQ6ZHGHQ  7$/,6.(5 JE\6RQJOLQH ZLQVDQG6(.IURPWRDOVRZLQVRYHUMXP SV  +FS  .,/%(**$1 IE\1LFRORWWH ZLQQHUDQGSODFHGWLPHVLQ6ZHGHQ  63(<6,'( IE\1LFRORWWH ZLQVDQG6(.DWDQGSODFHGWLPHVEURRGP DUH  7<5&211(// JE\1LFRORWWH ZLQVDQG6(.IURPWRDQGSODFHGWLPHV  +FS    QGGDP

*$/(%5,'*(ZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV GDPRIZLQQHUV  75,9,$/38568,7-WWKWRSUDWHG\RLQ6FDQGLQDYLDLQZLQVLQ 'HQPDUN1RUZD\DQG   6ZHGHQDQGÂ&#x2026;LQF6YHQVNW'HUE\-lJHUVUR DQG6YHQVNW6W/HJHU7lE\  1$(92*ZLQVIURPWRDQGÂ&#x2026;LQF*LROOD0HDU5DFH / &XUUDJKDOVRZLQVRYHU KXUGOHVDWDQGÂ&#x2026;SODFHGWLPHVLQF QGLQ:DWHUIRUG&U\VWDO6WD\HUV¶+XUGOH *U 





        

 &KHOWHQKDPDQG UGLQ-DPHVRQ*ROG&XS+XUGOH *U )DLU\KRXVHGDPRIDZLQQHU &2/(%851ZLQVLQ6ZHGHQDWDQGDQGSODFHGWLPHV )$50(56%5,'*(ZLQVDWDQGÂ&#x2026;DQGSODFHGWLPHVGDPRIDZLQQH U   0$*1,),&(176(9(1ZLQVLQ,QGLD $6+.(1ZLQVDWDQGSODFHGRQFHIURPRQO\VWDUWVGDPRIZLQQHUV   .12&.'22ZLQVDWDQGSODFHGWLPHVDOVRZLQVRYHUKXUGOHV    */(1%$//<0$ZLQVRYHUKXUGOHVDQGSODFHGWLPHV /$*$98/,1VHHDERYH

UGGDP

056*2752&.6ZLQQHULQ86$DWGDPRIZLQQHUV  *HW6HW0DWFKZLQVLQ$XVWUDOLDUGLQ51,UZLQ6WDNHV *U 0RUSKHWWYLOOH  '5,9,1*)25&(ZLQVLQ$XVWUDOLDDQGSODFHGWZLFHVLUH  WKGDP

2,/52<$/7<ZLQVLQ86$LQF%HOGDPH6WDNHV6DQWD%DUEDUD+DQGLFDS7RS)OLJKW+DQGLFDS )LUHQ]H+DQGLFDS9LQHODQG+DQGLFDS/DV)ORUHV+DQ GLFDSDQG*RRVH*LUO6WDNHVSODFHGWLPHVLQF QG LQ6DQWD0DUJDULWD+DQGLFDS6DQWD0DULD+DQGLFDS UGLQ+ROO\ZRRG2DNVGDPRIZLQQHUVLQF  %$5%6,(ZLQVLQ)UDQFHGDPRIZLQQHUVLQF    %$5%(5<ZLQVLQ86$LQF&KLFDJR+DQGLFDS / 0RQWHUH\6WDNHV / 6XSHU 







0RPHQW+DQGLFDS / DQG6DQ)UDQFLVFR+DQGLFDS / UGLQ,QJOHZRRG+DQGLFDS









*U %D\0HDGRZV+DQGLFDS *U DQG$PHULFDQ+DQGLFDS *U 




  

&RQVLJQHGE\%DVWLDQ5DFLQJEDVWLDQUDFLQJGN 6$1'2<(FKHVQXWFROW JHU WK0DUFK 

  6$''(; *%      61,$ JHU  

120,1$7(')257+(%5(('(5 6ยถ6(5,(6 129$7

 6$'/(5ยถ6:(//6  5(027(520$1&(    )81$0%8/(  6$17$&/$5$   

1257+(51'$1&(5 )$,5<%5,'*(  ,5,6+5,9(5 $9,$1&(  /<3+$5' 62120$  67$5$33($/ :2/9(5,1$



VWGDP

6QLD  ZLQQHUDWDQGSODFHG QGLQ%UHHGHUVยถ7URSK\-XYHQLOH7lE\DQG6(. KHURQO\ VWDUWVWKUHHTXDUWHUVLVWHUWR63$7=2/,7$DERYHLVKHUILUVWIRDO    QGGDP

6$17$&/$5$&KDPSLRQ\RILOO\LQ6FDQGLQDYLDLQZL QVLQ'HQPDUN1RUZD\DQG6ZHGHQ IURPWRDQGย…LQF1RUVN6W/HJHU / ย‘YUHYROO3RNDOOยกSIRU+RSSHU / ย‘YUHYROODQG6FHSWUH 6WDNHV / .ODPSHQERUJSODFHG QGLQ1RUVN'HUE\ / ย‘YUHYROOUGLQ)\HQVOยกEHW / 2GHQVHWKLQ 'HXWVFKHU6WXWHQSUHLV *U 'DPRIZLQQHUVIURPUXQQHUVDQGIRDOVRIUDFLQJDJHLQF 

63$7=2/,7$ IE\*RRIDOLN ZLQVLQ*HUPDQ\IURPWRDQGย…LQF*URVVHU0.7





3UHLV1HUHLGH5HQQHQ / 0XQLFKSODFHGWLPHVLQF QGLQ&RROPRUH6WXG%DGHQ%DGHQ





&XS /  WZLFH UGLQ%XFKPDFKHU(IURQL7URSK\ / 0XQLFKWKLQ)UDQNIXUWHU6WXWHQSUHLVGHU

  

 0HKO0ยKOHQV6WLIWXQJ *U 'DPRI   0LVV&KDSSDUHOOSODFHGLQ)UDQFHDW 6LQDPL[ZLQVLQ*HUPDQ\DQGย…SODFHGWLPHVLQF QGLQ2UDNHOGHU'UHLMlKULJHQ /  DQGWKLQ)UยKMDKUVSUHLVGHV%DQNKDXV0HW]OHU *U 





           

6HDPRXQWZLQVLQ*HUPDQ\DQGย…SODFHGWLPHVLQF QGLQ%HW7URSK\ /  6=80$ZLQVLQ6ZHGHQ1RUZD\DQG'HQPDUNWRWDORI6(. SODFHGWLPHV 6$0$5.$1'ZLQVLQ*HUPDQ\DQGย…SODFHGWLPHV 6(,=,1*(5ZLQVLQ*HUPDQ\DQGย…SODFHGWLPHV 6,5%$67,$1ZLQVLQ'HQPDUNDQG6ZHGHQDQG6(.LQF'HUE\7 ULDO6WDNHVSODFHG  WLPHVLQFWKLQ1RUVN6W/HJHUDQG1RUVN'HUE\7ULDO 6$*$0,ZLQVLQ*HUPDQ\GDPRIZLQQHUVLQF  6$*$:,1*ZLQVLQ*HUPDQ\DQGย…DQGSODFHGWLPHV  6$*$7,1,ZLQVLQ*HUPDQ\DW 6$17$$1,7$ZLQQHUDQGSODFHGLQ*HUPDQ\GDPRIDZLQQHU  67(9(16/,(%/,1*ZLQVLQ*HUPDQ\DQGย…SODFHGWLPHV 

UGGDP

:2/9(5,1$ZLQQHUDWDQGSODFHGWZLFHIURPRQO\VWDUWVGDPRIZLQQHUVLQF  6$17$&/$5$VHHDERYH     

0DQQHJRQZLQVDWDQGLQ6ZHGHQSODFHG UGLQ6YHDODQGO|SQLQJ / 7lE\ 728&+,1**2/'ZLQVDQGย…LQ,WDO\ %2/'(5$ZLQVDWDQGSODFHGWLPHV %5$1'21+8567ZLQVDWDQGSODFHGWLPHV 785)$1ZLQQHULQ6SDLQ




  

&RQVLJQHGE\6WDOO)RXUVRPH+%      120,1$7(')257+(%5(('(56¶6(5,(6 05$9,&,,FKHVQXWFROW 6:( WK0DUFK

  1((':22'%/$'( *%      %8%%/(6-,1; ,5(  

 3,927$/  ),1/$**$1    '$**(56'5$:1  &$6$9(+$   

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  ',(6,6 681$1'6+$'(  3(56,$1%2/' '$,6<'2%621



VWGDP

%XEEOHV-LQ[  XQUDFHGGDPRIIRDOVRIUD FLQJDJHUXQQHUZLQQHU  056&52: IE\,QFKURU\ ZLQVDQG6(.WRDQGSODFHGWLPHV  0U6HHEDFK FE\1RELOHR \RXQUDFHGW RGDWH  0U8JJOD JE\1HHGZRRG%ODGH \RXQUDF HGWRGDWH    QGGDP

&DVDYHKDXQUDFHGGDPRIZLQQHUV 

+DUULHUZLQVDQG12.LQF1RUVN'HUE\1RUVN6W/HJHU3LORW)LQHOLQHU&XS'XW\ 7LPH7URSK\QG6WRFNKROP&XS,QWHUQDWLRQDO *U .DSSV6WRUD3ULV / UG2VOR&XS / 





     

 WZLFH WK1RUVN*XLQHDV WK6WRFNKROPV6WRUD3ULV / DQG3RODU0LOH&XS / +FS 05720&$7ZLQVDWLQ6ZHGHQDQG6(.+FS 3,1$1ZLQQHUDWLQ6ZHGHQGDPRIZLQQHUV  %8&.%($.ZLQVDQG6(.LQ6ZHGHQ  05:<&/()ZLQQHUDWDQGSODFHGWLPHVLQ6ZHGHQDOOKLVVWDUWV 

UGGDP

'DLV\'REVRQXQUDFHG GDPRIZLQQHUVLQF  '$,6<*2/'ZLQQHUDWDOVRZLQQHURYHUKXUGOHVDW  WKGDP

816863(&7('ZLQVIURPWRDQGÂ&#x2026;GDPRIZLQQHUVLQF  8172/'ZLQVLQF<RUNVKLUH2DNV *U <RUNQG2DNV6WDNHV *U (SVRPUG,ULVK  

 

2DNV *U &XUUDJKDQG6W/HJHU6WDNHV *U 'RQFDVWHUGDPRIZLQQHUVLQF  &5<67$/&,7<ZLQQHULQ)UDQFH









6$//<%52:1ZLQVLQF<RUNVKLUH2DNV *U <RUNGDPRIZLQQHUVLQF

0XIIOHSODFHGRQFHDWLQ,WDO\GDPRI/$'<.$03ZRQ3UHPLR)HPPLQH+XUGOH / 







$QQH%RQQ\ZLQVDQGUG3ULQFHVV5R\DO6WDNHV *U $VFRWGDPRI67$5









&/,33(5 ZLQVRQWKHIODWDOVRZLQQHURYHUKXUGOHVDQGZLQVRYHUIHQFHVLQF









0XQVWHU1DWLRQDO+DQGLFDS6WHHSOHFKDVH *U /LPHULFN



6+227&/($5&KDPSLRQ\RILOO\LQ(QJODQGLQ ZLQVDWDQGÂ&#x2026;LQF:DWHUIRUG

  

  

&DQGHODEUD6WDNHV *U *RRGZRRGWK*XLQHDV *U 1HZPDUNHWGDPRI ZLQQHUVLQF  '$1&($+($'ZLQQHUJUDQGDPRI08/$4$7ZLQVDWDQGDQGÂ&#x2026;LQF









1HZPDUNHW6WDNHV / 1HZPDUNHW




  

&RQVLJQHGE\(YD&63HWWHUVVRQ      0,/721,$ED\ILOO\ 6:( WK)HEUXDU\

  $&$'(0<$:$5' ,5(      *21()$67 86$  

 '$1(+,//  ,1*$%(//(    *21(:(67  $%,7$ 

120,1$7(')257+(%5(('(56¶6(5,(6

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  0535263(&725 6(&5(77$0(  '<1$)250(5 52<$/67$1&(  



VWGDP

*21()$67  ZLQQHUDWLQ(QJODQGDQGSODFHGWZLFHDOVRSODFHGLQK HURQO\VWDUWDWLQ6ZHGHQ +FSGDPRIIRDORIUDFLQJDJHUXQQHU  /RPD[ JE\'HVHUW3ULQFH KDVUXQRQFHDW     QGGDP

$%,7$ZLQVLQ86$DWDQGDQGÂ&#x2026;SODFHGWZLFH GDPRIZLQQHUVLQF  7529$5(ZLQVDWDQGDQGÂ&#x2026;SODFHGWLPHVDOVR ZLQQHURYHUKXUGOHV  9,;$1$ZLQQHULQ86$DWDQGÂ&#x2026;DQGSODFHGWLPHV  6,//<0(ZLQQHULQ86$DWDQGÂ&#x2026;DQGSODFHGWZLFHEURRG PDUH  $%,7<$ZLQQHUDWLQ86$DQGÂ&#x2026;DQGSODFHGRQFH  UGGDP

5R\DO6WDQFHXQUDFHGGDPRIZLQQHUV 

0$-86&8/(ZLQVLQ)UDQFHDQG,WDO\DQG))OL UHDQGÂ&#x2026;LQF3UL[





GHOD-RQFKHUH *U /RQJFKDPS3UHPLR81,5( *U 1DSOHV*UDQG3UL[GH0DUVHLOOH





/ 0DUVHLOOH3UL[GX3RLQWGX-RXU / /RQJFKDPSDQG3UL[GH&HUFOH / 'HDXYLOOHSODFHG





WKLQ3UL[G¶,VSDKDQ *U /RQJFKDPSVLUH



52<$/&,(/2ZLQVLQ86$DWDQGÂ&#x2026;LQF)DOOV&LW\+DQGLF DS *U &KXUFKLOO

  

  

'RZQVDQG$UWIXO+DQGLFDS / QGLQ$UOLQJWRQ0DWURQ+DQGLFDS *U GDPRIZLQQHUVLQF  3(1'/(721%5,'*(ZLQVLQ86$DQGÂ&#x2026;SODFHGWLPHV  5R\DO'LXQUDFHGGDPRI.,1*2)6$/(ZLQVLQ$UJHQWLQDLQF*3-RDTXLQ9









/8+8.ZLQVLQ(QJODQGDQGLQ8$(DQGÂ&#x2026;LQF)RXQGDWL RQ6WDNHV / *RRGZRRG

   

 DQG$UOLQJWRQ5DFHFRXUVH6WDNHV / 1HZEXU\QGLQ*UHHQKDP6WDNHV *U VLUH (GLH&R[XQUDFHGGDPRIZLQQHUVLQF   +$,/+2/<48((1ZLQVLQ86$DWLQF'HEXWDQWH6WDNHV3UDLULH0HDGRZV



*RQ]DOH],QWHUQDFLRQDO *U /D3ODWD

WKGDP

52<$/67$787(ZLQQHULQ86$DWDQGSODFHGWZLFH2ZQVLVWHUWR'$1&($&7DQG1257+2) 7+(/$:GDPRIZLQQHUVLQF 

$:$$6,)&KDPSLRQ\RILOO\LQ(QJODQGLQ ZLQVLQF<RUNVKLUH2DNV *U DQG*3





GHO-RFNH\&OXE *U 0LODQUGLQ3UL[GHO¶$UFGH7ULRPSKH *U GDPRIZLQQHUVLQF















&KDPSLRQ\RLQ(XURSHLQ ZLQVLQF'HUE\6WDNHV *U .LQJ*HRUJH9,DQG









4XHHQ(OL]DEHWK6WDNHV *U DQG3UL[GHO¶$UFGH7ULRPSKH *U VLUH

612:%5,'(ZLQVLQF2DNV6WDNHV *U (SVRPGDPRI/$007$55$




  

&RQVLJQHGE\-3/RQJ+%        120,1$7(')257+(%5(('(56¶6(5,(6 &$5$%/$1&$FKHVQXWILOO\ 6:( WK0DUFK

  0,1*81 86$      0$5,((&(/(%5( *%  

 $3,1'<  0,(648(    3(,175(&(/(%5(  %$%<%5,'(   

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  185(<(9 3(,1785(%/(8(  '$<-85 /$67)($7+(5



VWGDP

0$5,((&(/(%5(  ZRQ'LDQD&RQVRODWLRQ7lE\DWLQ6ZHGHQDQG6(. DQGSODFHG WLPHVIURPRQO\VWDUWV'DPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  9$,148(85 JE\'DODNKDQL ZLQVIURPWRLQ1RUZD\DQG'HQPDUNDQG'.. LQF  6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHUÂ&#x2018;YUHYROOS ODFHGWLPHVLQFWKLQ1RUVN.ULWHULXPDQG  6YHQVNW'HUE\&RQVRODWLRQ+FS  12%(/%5,'( IE\1RELOHR ZLQQHUDQGSODFHGWZLFHDWLQ'HQPDUNIURPRQO\VWDUWV WRGDWH  1REHO*URRP JE\1RELOHR SODFHGDWLQ 1RUZD\KLVRQO\VWDUWWRGDWH    QGGDP

%DE\%ULGHXQUDFHGGDPRIZLQQHU  0$5,((&(/(%5(VHHDERYH  %DOFDUFHGDPRIDZLQQHU   

 

 

%D\HUQSODFHG QGLQ*UDQ3UHPLR3ROODGH3RWULOORV *U 3DOHUPR %,(1ZLQVLQ6RXWK$IULFDDWDQGDQGÂ&#x2026;DQGSODFHG WLPHV

UGGDP

/$67)($7+(5ZLQVDWDQGDQGÂ&#x2026;LQF0XVLGRUD6WDNHV *U DQG1HZEXU\6WDNHV /  SODFHGWLPHVLQF UGLQ2DNV6WDNHV *U IURPRQO\VWDUWVGDPRIZLQQHUV 

35(&,286)($7+(5ZLQVLQ86$DWDQGDQGÂ&#x2026;LQF1REOH5R\DO W\+DQGLFDS





-XG\¶V5HG6KRHV6WDNHV / %RUQ)DPRXV+DQGLFDS / DQG3OXP&RXQWU\+DQGLFDS QGLQ





$]DOHD%UHHGHUV¶&XS6WDNHV *U DQG%UHHGHUV¶&XS6WDNHV *U GDPRIZLQQHUV







$:(620()($7+(5&KDPSLRQ\RILOO\LQ86$LQZLQVLQ86$DW









DQGÂ&#x2026;LQF*D]HOOH6WDNHV *U %UHHGHUV¶&XS-XYHQLOH)LOOLHV *U 1DVW\









6WRUP6WDNHV / )ORULGD6WDOOLRQ6WDNHV / /H6OHZ6WDNHVDQG--¶V'UHDP6WDNHV







%URRNV¶Q'RZQZLQVLQ86$DWDQGDQGÂ&#x2026;SODFHG UGLQ2DN+DOO6WDNHV



58=1$0$ZLQVDWDQGDQGÂ&#x2026;LQF&LW\RI<RUN6WDNHV / DQG2K6R6KDUS6WDNHV / UGLQ0D\+LOO6WDNHV *U GDPRIDZLQQHU





 

3KDU)HDWKHUZLQQHULQ)UDQFHDQG)) QGLQ3UL[GH&RQGH *U VLUH

WKGDP

48,//&KDPSLRQ\RILOO\LQ86$LQZLQVLQ86$LQF$FRUQ6WDNHV0DWURQ6WDNHV 'HODZDUH+DQGLFDS0RWKHU*RRVH6WDNHV1HZ&DVWOH 6WDNHVDQG*DUGHQLD6WDNHVSODFHGWLPHVLQF QG LQ$PHULFDQ2DNVUGLQ6SLQDZD\6WDNHVJUDQGDPRI5817+(*$17/(7 GDPRIZLQQHUV 

21()25$//ZLQVLQF&DQDGLDQ,QWHUQDWLRQDO&KDPSLRQVKLS6WDNHV *U VLUH



&$8&$686ZLQVLQF,ULVK6W/HJHU *U 6DQ/XLV5H\6W *U DQG6XQVHW+ *U 




  

&RQVLJQHGE\6WXWWHUL3RXOVHQVPLQGH 0,1‘-(67(1ED\ILOO\ '(1 QG)HEUXDU\

  %2681¶6:$7&+ *%      ),1(3$/$',1( '(  

 6,1*63,(/  6,1.,1*    3$/$7$/  6.((7+()((1   

,17+(:,1*6 */25,286621*  0,'<$1 7$3/2:  /<3+$5'¶6:,6+ 1,&./(/$'<  9,.,1* 0,6'(9,286



VWGDP

),1(3$/$',1(  ZLQVDQG'..DWDQGLQ'HQPDUNSODFHGW LPHVIURPVWDUWV +FSGDPRIIRDOVRIUDFLQJDJHUXQQHUZLQQHU  63((' JE\&DMXQ&DGHW ZRQ$XNWLRQVO¡EV&RQVRODWLRQ.ODPSHQERUJDWDQGSO DFHG  WLPHVIURPVWDUWV  ,WVDZLQZLQ JE\,WVDEUDKPD \RXQUDFHG WRGDWH  QGGDP

6.((7+()((1ZLQVLQ'HQPDUNDQG6(.SODFHG QGLQ6FHSWUH6WDNHVGDPRIZLQQHUV IURPUXQQHUV  +290$1&KDPSLRQPLOHULQ6FDQGLQDYLDLQZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQ 







IURPWRDQG12.LQF3RODU&XS *U ‘YUHYROO3RNDOO¡E / .ODPSHQERUJ 6).-XELOHXPVO|SQLQJ / -lJHUVUR6ZHGLVK2SHQ0LOH /  WZLFH 7lE\DQG6RQJOLQH

  

  

&ODVVLF / 7lE\-\GVN'HUE\cUKXV'HQ-\GVNH9LQWHUIDYRULWcUKXV3URGXFH6WDNHV 2GHQVH9LQWHUIDYRULWWHUQHVUHVSU PLH.ODPSHQER UJ3URYLQVHQVnUV6HULHcUKXV 3URYLQVHQVnUV6HULH$DOERUJSODFHG QGLQ0DULW6YHDDV0LQQHO¡S / ‘YUHYROO3RODU&XS





*U ‘YUHYROO3RNDOO¡E / .ODPSHQERUJ6).-XELOHXPVO|SQLQJ / -lJHUVUR*ROGHQ0LOH





/ .ODPSHQERUJ6ZHGLVK2SHQ0LOH / 7lE\1LFNHV0LQQHVO|SQLQJ / 7lE\DQG





6RQJOLQH&ODVVLF / DQGUGLQ3RNDOO¡E / .ODPSHQERUJ3RODU0LOH&XS /  WZLFH ‘YUHYROO





DQG1LFNHV0LQQHVO|SQLQJ /  WZLFH 7lE\+FS

         

/LJKWV2XWZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQIURPWRDQG6(. LQF  1RUVN'HUE\1RUVN6W/HJHUDQG'DQVN6W/HJHUSODFHG QGLQ6YHQVNW.ULWHULXPDQG UGLQ  6RQJOLQH&ODVVLF / ZRQ6YHQVNW*UDQG1DWLRQDO WZLFH DQG+0'URWWQLQJHQV 3ULV+FS 683(50$1ZLQVLQ'HQPDUNDQG6ZHGHQDQG6(.LQF'DQVN 6W/HJHUSODFHGQG  LQ)\HQVO¡EUGLQ'DQVN%UHHGHUV¶&XS.DSSV6WRUD3ULV WZLFH  WKLQ'DQVN'HUE\ WKLQ  6YHQVNW'HUE\ZLQVWRRYHUMXPSVLQ6ZHGHQDQGSODFHG QGLQ6YHQVNW*UDQG  1DWLRQDO+FS +DFNPDQZLQVDWDQG12.LQ'HQPDUNLQF%DVQ VO¡EDQG 'DQVN.ULWHULXP  &RQVRODWLRQSODFHGWLPHVLQF UGLQ9LQWHUIDYRULWWHUQHVSUDQG WK1RUVN6W/HJHU+FS

UGGDP

0LVGHYLRXVXQUDFHGGDPRIZLQQHUVLQF  0<67(5<022'ZLQVLQ,WDO\IURPWRDQG…GDPRIDZLQQHU    7KH5RFNSODFHGUGLQ7KH8QLWHFK1RUWK,QGLD'HUE\ / 'HOKL  3KDQWRP$IIDLUUDQDIHZWLPHVDWDQGGDPRIZLQQHUV    6WUHHW7KHDWUHZLQVLQ$XVWUDOLDSODFHG QGLQ)XULRXV6WDNHV / 5DQGZLFN    0LJKW\7\FRRQZLQVLQ$XVWUDOLDDQG+RQJ.RQJ QGLQ4XDOLW\+DQGLFDS /     ;DDIIDLUXQUDFHGGDPRI)/<,1*$))$,5ZRQ*LPFUDFN6WDNHV / $VFRW




  

&RQVLJQHGE\%HUQHU2OVHQ   %D\ILOO\ '(1 WK$SULO

  63(&,$/48(67 )5      $//)25/29( '(1  











 5$,1%2:48(67  021$67(//$    5,&+$5'2)<25.  $//:,16   

120,1$7(')257+(%5(('(56¶6(5,(6

%/86+,1**5220 ,:,//)2//2:  185(<(9 021$5$  5$,1%2:48(67 75,3/(),567  1(/7,12 1(:3257



VWGDP

$//)25/29(  SODFHGDWDQG'DPRIIRDORIUDFLQJDJHUXQQHU  ,/RYH<RX$OO FE\'H[WHULW\ UDQRQFHDW    QGGDP

$//:,16ZRQUDFHVDQG'..LQ'HQPDUN'DPRIZLQQHUVLQF  $//5,*+7ZLQVDWLQFO'DQVN2SGU WQLQJVO¡E'DQVN.ULWHULXPDQG'DQVN$YOVO¡E$OVR   ZLQVDWLQFO0RZHULQDO¡E 'DQLVK*XLQHDV DQG)DEHOODO¡E 'DQLVK2DNV7ULDO SODFHG   QG'DQVN2DNVDQG'..'DPRI    /$'<&/(0(17,1(ZLQVDQG'..LQFO-\GVN'HUE\DQG9LQW HUIDYRULWWHUQHV     UHVSU PLHQG0RZHULQDO¡E 'DQLVK*XLQHDV 'DQVN.ULWHULXP DQG     6NDQGLQDYLVN2SGU WQLQJVO¡E UG.ODPSHQERUJ$XNWLRQVO¡EDQG)DZ]LD6WDNHV WK     'DQVN%UHHGHUV¶&XS'DPRI      6,5+(15<ZRQ'DQVN'HUE\ QG'DQVN*XLQHDVUG9LQWHUIDYRULWWHUQHV       UHVSU PLH%UHHGHUV¶7URSK\&ODVVLFDQG'DQV N%UHHGHUV¶&XS      6,/9(572:1ZRQ'DQVN.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLH QG       6NDQGLQDYLVN2SGU WQLQJVO¡EDQG UG6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU      6LU:LQVWRQZLQQHUDWDQGSODFHGUG'DQVN*XLQHDV-\GVN'HUE \DQG       6NDQGLQDYLVN2SGU WQLQJVO¡E      +DUERXU/LJKWZLQQHUDWDQGSODFHG QGLQ6NDQGLQDYLVN2SGU WQLQJVO¡E    6LU$OH[DQGHUZRQDWDQGDQG'..'..DOVR QG$XNWLRQVO¡E%UHHGHUV¶3UL]H     6SULQWDQG'HQ-\GVNH9LQWHUIDYRULW UG'DQVN.ULWHULXP%UHHGHUV¶7URSK\&RQVRODWLRQ     DQG-\GVN'HUE\    ('*(2)(7(51,7<ZLQVDWDQGDQG12.LQFO'DQVN*DORSV     $XNWLRQVO¡E6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHUDQG%UHHGHUV¶3UL]H6SULQW QG     %UHHGHUV¶7URSK\-XYHQLOH1RUVN.ULWHULXPDQG 6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU  $//)$,5ZLQVDWDQGDQG'..LQFO'DQVN.ULWHULXPD QG6YHQVNW2DNVQG'DQVN   $YOVO¡E6YHQVNW.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLHUG'DQVN2SGU WQLQJVO¡E   WK'DQVN*XLQHDVDQGWK0RZHULQDO¡E 'DQLV K*XLQHDV 'DPRI     0$<)$,5ZLQVDWDQG'..LQF6NDQGLQDYLVN2SGU WQLQJV O¡E'DPRI      ZLQQHUVLQFO       )$,50$<ZRQ1RUVN%UHHGHUV¶&ODVVLF     %/8(0$5<ZLQVDQG'..IURPWRLQF'DQVN%UHHGHUV¶& XSDQG/DUFK      UHVSU PLHQG1RUVN%UHHGHUV¶3UL]H UG%UHHGHUV¶7URSK\&ODVVLFDQG%UHHGHUV¶      7URSK\0LOHWK)DZ]LD6WDNHV'DPRIDZLQQHU       &XW%HOOHQG0RZHULQDO¡E 'DQLVK*XLQHDV      0DQRPLVVLRQZLQQHUDWDQG'..SODFHG QG9LQWHUIDYRULWWHUQHV      UHVSU PLH'DQVN*XLQHDV UG'DQVN.ULWHULXP  $OO6WDUZLQVDQG'..SODFHGWLPHVLQF QG'DQLVK6W/HJHU  '8)$8;ZLQVDQG'..LQF-\GVN'HUE\




  

&RQVLJQHGE\3HU3nOVVRQ       120,1$7(')257+(%5(('(56¶6(5,(6 */25,$6(;35(66FKHVQXWILOO\ 6:( WK$SULO

  */25,$'(&$03($2 %5=      67((/(;35(66 '(1  

 ,035(66,21  $8'$&,7<    6+,1,1*67((/  $=<$'((   

58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  .5,6 /$'<0221  *5((1'$1&(5 $=85(//$



VWGDP

67((/(;35(66  ZLQVDQG'..LQF'DQVN2DNVDQG6FHSWUH6WDNHV SODFHGWLPHV LQFQGLQ0RZHULQDO¡E 'DQLVK*XLQHDV DQG)DZ]LD6W DNHV+FSGDPRIIRDOVRIUDFLQJDJH UXQQHUVZLQQHUV  $//67((/ JE\7KHDWULFLDQ ZLQVDQG6(.LQ'HQPDUNSODFHGWLPHV  &$17$%5,$1, IE\5HG5DLQERZ ZLQVDQG6(.SODFHGWLPHV  6ZHGLVK([SUHVV JE\6ZHGLVK6KDYH \R XQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

$=<$'((ZLQQHUDQGSODFHGLQ)UDQFH2ZQVLVWHUWR$1,75$·6'$1&(GDPRIZLQQHUV 

5(,1($0$1',1(ZLQVLQ)UDQFHDQG86$DQG…LQF3UL[GH/LD QFRXUW / 





  

 )LQODQGH / 'DPRIDZLQQHU '$1,6+)$,5<7$/(ZLQVLQ&DQDGDDQG86$WR\HDUVDQG…SODF HGWLPHV &/(/,$/$%(//(ZLQVLQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUVLQF





     

   *UDQG6WHHSOHFKDVHGH/\RQ /  WZLFH DQGSODFHGWLPHV &87'(75,203+(ZRQ'DQVN'HUE\&RQVRODWLRQDWDQG6(. $1*(/:,1*ZLQVLQ)UDQFH )LQDO3DUW\ZLQVDWDQGDQGSODFHGWZLFHLQF QG9LQWHUIDYRULWWHUQHVUHVSU PLH %(//(*$5$ZLQVDQGSODFHG QGLQ*UDQG&ULWHULXPGH9LWWHO 

SODFHGWLPHVLQF QGLQ3UL[GH7XLOHULHV / DQGUGLQ/DGLHV+DQGLFDS *U DQG3UL[



$7+$1$6(ZLQVLQ)UDQFHDQG…DOVR ZLQVRYHUKXUGOHVDQG…LQF

UGGDP

$=85(//$ZLQVLQ)UDQFHDQG))LQF3UL[GH0DOOHUHW *U DQG3UL[GH5R\DXPRQW *U  WKLQ3UL[GHOD1RQHWWH *U GDPRIZLQQHUV 

$1,75$·6'$1&(ZLQVLQ)UDQFHDWDQG))LQF3UL[GH0LQHUYH *U QGLQ





3UL[GH3RPRQH *U GDPRIZLQQHUV







62/9(,*ZLQVLQ)UDQFHDWDQGDQG))LQF3UL[)LOOHGHO¶$LU *U GDP









RI9$*8(/<*$<ZLQVLQ)UDQFHDQG86$DQG…LQF3UL[3HOODV / UGLQ









3UL[(XJHQH$GDP *U 







*2/'¶6'$1&(ZLQVLQ)UDQFHGDPRI*2/'$0,;ZLQVLQ)UDQFHLQF&ULWHULXPGH











%OXH5LYHUZLQQHULQ)UDQFHUGLQ3UL[G¶$XWRPQH / DQG3UL[GHV7RXUHOOHV / 'DPRI

6DLQW&ORXG *U UGLQ3UL[GH'LDQH *U 







5$<21%/(8ZLQVLQ)UDQFHDQG))LQF3UL[&RUGH&KDVVH / VLUH







6($5,1*ZLQVLQ)UDQFHGDPRI7255(675(//$ZLQVLQ)UDQFHLQF3RXOH









G¶(VVDLGHV3RXOLFKHV *U 




  

&RQVLJQHGE\-3/RQJ+% )$67%8&.ED\FROW 6:( VW0DUFK 

  253(1 86$      61$3'5,9( 6:(  







 /85(  %21,7$)5$1&,7$    +(51$1'2  &20,&086(   



7KH3URSHUW\RI%XFN5DFLQJ$% '$1=,* (1'($5  '(9,/¶6%$* 5$,6(7+(67$1'$5'  1,1,6., :+$.,/<5,&  *5(*25,$1 '$1,/29$



VWGDP

61$3'5,9(  ZLQQHUDWLQ1RUZD\DQG12.SODFHG WKLQ6YHQVNW2DNV+FSGDPRI IRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  ,1',$1'5,9( JE\,QGLDQ'DQHKLOO  ZLQVLQ1RUZD\DWDQGDQGÂ&#x2026;DQGSODFHG   WLPHV  %8&.+$0 FE\$FDGHP\$ZDUG ZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQIURPWRDQG  Â&#x2026;LQF%UHHGHUV¶7URSK\-XYHQLOH1RUVN$XNVM RQVO¡SDQG1RUVN5LNVWRWR2SSGUHWWVO¡S  SODFHG QGLQ'DQVN%UHHGHUV¶&XS+FS  %RPPHUOXQGHU JE\$FDGHP\$ZDUG \RXQ UDFHGWRGDWH    QGGDP

&RPLF0XVHZLQVIURPWRLQ1RUZD\DQGÂ&#x2026;DQGSODFHGWL PHVLQFQGLQ1RUVN6W/HJHU UGLQ3HXJHRW3RNDOO¡SIRU+RSSHU /  WZLFH DQG6).-XELOHXPVO|SQLQJ / GDPRIZLQQHUVLQF  3,5,21ZLQVDQG6(.LQF6YHQVNW6W/HJHU1RUVN%UHHGHUV¶3UL]H1RUVN   0HVWHUVNDSIRUnULJHRJ(OGUH QGLQ%UHHGHUV¶7URSK\&ODVVLF+FS  %8&.0$&+,1(ZLQVDQG12.SODFHGWLPHVLQF WKLQ1RUVN%UHHGHUV¶3UL]H  &2'(.(<ZLQVLQ6ZHGHQDQG6(.DQGSODFHGWLPHV+FS   UGGDP

'DQLORYDSODFHGWZLFHDOVRSODFHGRQFHLQ86$ GDPRIZLQQHUV  &RPLF0XVHVHHDERYH  :$55,25'(67,1<ZLQVLQ$XVWUDOLDDW  5,78$/086,&ZLQQHUDWDQGSODFHGWLPHVIURPRQO\VWDUWVGDPRIZLQQHUV    %,..,(7,1%/8(6 ZLQVLQ$XVWUDOLDLQF1HZFDVWOH*ROG&XS *U UGLQ%ULVEDQH     

   5LYHUYLHZ+RWHO&KDLUPDQ¶V+DQGLFDS *U    6$&$-$:($ZLQVLQ$XVWUDOLD &$5,/29$ZLQQHULQ,WDO\DWGDPRIZLQQHUV $OSLQH'DQFHSODFHGRQFHDW GDPRIZLQQHUV   0DJLFDO%DLOLZLFNZLQQHUDWDOVRZLQQHURYHUKXUGOHVDWDQGZLQVRYHUIHQFHVDW

    DQGDQGÂ&#x2026;SODFHG QGLQ*UHDW<RUNVKLUH+DQGLFDS&KDVH /     1257+(51%$,/,:,&.ZLQVDWDQGDQGSODFHGWLPHV  3RFD3D]XQUDFHGGDPRI    $O$PLUSODFHG QGLQ&RSD-LE'DQFHU / /D5LQFRQDGD  WKGDP 7RXU%ODQFKHXQUDFHGGDPRIZLQQHUVLQF 

%/$1&5,9$*(ZLQVLQ)UDQFHLQF3UL[GHOD9LOOHGH7URXYLOOH / DQG3UL[GH3RQWDUPH





/ WKLQ3UL[GX&KHPLQGH)HUGX1RUG *U VLUH




  

&RQVLJQHGE\(YD&63HWWHUVVRQ      021,;86EURZQFROW 6:( VW0DUFK

  */25,$'(&$03($2 %5=      ,6$%(/*5$&( ,5(  

 ,035(66,21  $8'$&,7<    253(1  &(/7,&*8(67   

120,1$7(')257+(%5(('(56¶6(5,(6

58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  /85( %21,7$)5$1&,7$  %(0<*8(67 *266,3



VWGDP

,6$%(/*5$&(  ZLQVDQG6(.LQF$PDFLWDO|SQLQJ7lE\DQGSOD FHGWZLFHLQVWDUWV IURPWRLQ6ZHGHQ+FSGDPRIIRDOVRIUDFLQJDJHUXQQHU  -$321,&$ IE\:LWK$SSURYDO ZLQQHUDWDQGSODFHGWLPHVLQ6ZHGHQDQG6(.   /LSDULV JE\6ZHGLVK6KDYH \RXQUDFHG WRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

&HOFWLF*XHVWXQUDFHGGDPRIZLQQHUVLQF  ,6$%(/*5$&(VHHDERYH  :+,63(5,1*63,5,7ZLQVDWDQGDQGÂ&#x2026;DQGSODFHGWLPHV  21'$$120$/$ZLQVDWLQ,WDO\DQGÂ&#x2026;DQGSODFHGWLPHV  UGGDP

*RVVLSUDQWLPHVDWGDPRIZLQQHUVLQF         

*\PFUDFN7LJHUZLQVIURPWRSODFHGQGLQ%RQXVSULQW&KDPSLRQ\R7URSK\ /   5LSRQDOVRZLQVRYHUKXUGOHVDWDQG 385,0ZLQVLQ0DOD\VLD 5811,1*('*(ZLQQHUDWDQGSODFHGRQFHDOVR ZLQVLQ86$DWDQGSODFHGWLPHV &(/(67,$/580285ZLQQHUDWDQGSODFHGWLPHVDOVRZLQQHULQ0DOD\VLDDWDQGÂ&#x2026; .LWFKHQ*RVVLSGDPRIZLQQHUVLQF   815($/7$//$5,&2ZLQVLQ86$IURPWRDQGSODFHGWZLFH   3(7,7(0$50,7(ZLQVLQ86$DWDQGSODFHGWLPHV

WKGDP

6:((75($621XQUDFHGGDPRIZLQQHUVLQF  %5,*+7(/06721(ZLQVLQF$FRUQ6WDNHV / WKLQ0ROHFRPE6WDNHV *U DQG2DNV 



7ULDO6WDNHV *U GDPRIZLQQHUV







%22132,17ZLQVLQ(QJODQGDQGLQ%HOJLXPLQF*UDQG+DQGLFDS,QWH UQDWLRQDO















%ULOOLDQW&KDQFHGDPRI'DUN2ULHQWZLQVLQ,QGLDQGLQ&DOFXWWD%UHHGHUV&XS / 



2XU*DODGULDOXQUDFHGGDPRI&DSWDLQ:LOOLDPQGLQ.URQLPXV5HQQHQ / 

G¶2VWHQGH /  WZLFH UGLQ3UHPLR3UHVLGHQWHGHOOH5HSXEEOLFD *U 







([HPSODU\ZLQQHUDQGSODFHG QGLQ/RZWKHU6WDNHV *U GDPRIZLQQHUV







5XQ)RU(YHUZLQVDQGSODFHG UGLQ*UDQG3UL[-RFNH\&OXE&XS / 'LHOVGRUI







$5&7,&.,7(ZLQVLQ86$GDPRI$UWFLF%D\ZLQQHULQ86$DQGUGLQ3DROL

  

   3HDNV+DQGLFDS / JUDQGDPRI+$=<9,(:ZLQVLQF'LRPHG6WDNHV *U  1RYHPEHUGDPRIZLQQHUVLQF   .LOOHQLFDQZLQVQGLQ/LRQ&LW\&XS / DQG<DQ'L3HUWXDQ$JRQJ*ROG&XS / 




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\ILOO\ '(1 WK0D\

  $&$'(0<$:$5' ,5(      67$59,1* )5  











120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    67$5%2528*+  62/9,1*  

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  629,(767$5 )/$0(1&2:$9(  %(5,1* 62/9(,*



VWGDP

6WDUYLQJ  SODFHGWLPHVIURPDVPDQ\VWDUWVLQ)UDQFHLQFWKLQ3UL[(VPHUDOGD0DLVRQV/DIILWWH 3UL[GHV+DOOHV/RQJFKDPSDQG3UL[G¶+RWRWHQ$XJ H'HDXYLOOHGDPRIIRDOVRIUDFLQJDJHUXQQH UV ZLQQHUV  285'(&,6,21 FE\2NDZDQJR ZLQVDQG12.LQ1RUZD\DQG6ZHGHQLQF 5RVHQJnUGO|SQLQJDQG*|WDODQGO|SQLQJSODFHG UGLQ/DUFKUHVSU PLH+FS  $&$'(0<:,1* FE\$FDGHP\$ZDUG ZLQVDQG6(.LQ6ZHGHQDQGSODFHG WLPHVLQFUGLQ6YHQVNW'HUE\7ULDO-lJHUVUR+FS  0LVV7LIIDQ\ IE\$FDGHP\$ZDUG \RXQUDFHGWRGDWHLQWUDLQLQJLQ'HQPDUN    QGGDP

62/9,1*ZLQQHUDWLQ)UDQFHDQG…DQGSODFHGWZLFH2ZQV LVWHUWR9$*8(/<'$<GDPRI ZLQQHUVLQF  5,)/29$/ZLQVLQ)UDQFHDQG…DQGSODFHGWLPHV  /,1$9,1*ZLQVLQ)UDQFHDWDQGDQG…DQGSODFHGWLP HVGDPRIZLQQHUV    2YLGLHZLQVLQ)UDQFHDQG…SODFHG UGLQ3UL[,VROD%HOOD /     /(021<(//2:ZLQVLQ)UDQFHDQG…DQGSODFHGWLPHV    /,9,1*32575$,7ZLQQHUDWLQ)UDQFHDQG…DQGSODFHGWLPH V    683(5%,(1ZLQQHULQ)UDQFHDWDQG…DQGSODFHGWLPH V  +$33<)((7ZLQVDWLQ)UDQFHDQG…DQGSODFHGWLPHV  .,1*6$/2021ZLQQHUDWLQ)UDQFH  62/9$5(//$ZLQQHUDWLQ)UDQFH   UGGDP

62/9(,*ZLQVLQ)UDQFHDWDQGDQG))LQF3UL[)LOOHGHO¶$LU *U 6DLQW&ORXGSODFHG WLPHVLQFUGLQ3UL[GH6DLQW3DWULFN / /RQJFKDPSGDPRIZLQQHUVLQF  9$*8(/<*$<ZLQVLQ)UDQFHDQG86$DQG…LQF3UL[3HOOHDV  / UGLQ3UL[ 



 

5DLQJD\ZLQVLQ)UDQFHDQG…SODFHG UGLQ3UL[6FDUDPRXFKH / 

(XJHQH$GDP *U 

WKGDP

$1,75$·6'$1&(ZLQVLQ)UDQFHDWLQF3UL[GH0LQHUYH *U SODFHGWLPHVLQFQGLQ3UL[GH 3RPRQH *U UGLQ3UL[GHV7XLOHULHV / GDPRIZLQQHUVLQF 

'DQFLQJ)DQZLQVLQ)UDQFHSODFHG QGLQ3UL[GHOD&RFKHUH / GDPRIZLQQHUVLQF

 

  /,%(57$'25ZLQVLQ)UDQFHLQF*UDQG3UL[GH/\RQ /  *2/'¶6'$1&(ZLQVLQ)UDQFHGDPRI







*2/'$0,;ZLQVLQ)UDQFHLQF&ULWHULXPGH6DLQW&ORXG *U UGLQ3UL[GH'LDQH









*U 




  

&RQVLJQHGE\%HUQHU2OVHQ    &KHVQXWFROW '(1 VW0D\

  63(&,$/48(67 )5      /$6$%$1$ )5  









 5$,1%2:48(67  021$67(//$    /28362/,7$,5(  /$3(5(*5,1$   

120,1$7(')257+(%5(('(56¶6(5,(6

%/86+,1**5220 ,:,//)2//2:  185(<(9 021$5$  /($5)$1 /289(7(5,(  6+,5/(<+(,*+76 +$8792/((



VWGDP

/D6DEDQD  ZLQVDWDQGLQ)UDQFHDQG…SODFHGWLPHVL QFQGLQ3UL[0DGDPH-HDQ &RXWXULH / 9LFK\DQG3UL[0HOLVDQGH / /RQJFKDPS'DPRIIRDOVRIUDFLQJDJHUXQQHU VZLQQHU  (%(1,6( FE\%DUDWKHD ZLQQHUDWLQ)UDQFHDQG…SODFHGWZLFH  7HDP-DXMD FE\3HLQWUH&HOHEUH UDQRQFH LQ)UDQFHDW  11 '(1  FE\0XKWDWKLU \HDUROGXQUDF HGWRGDWHLQWUDLQLQJLQ'HQPDUN    QGGDP

/$3(5(*5,1$ZLQQHUDWLQ*HUPDQ\DQG…SODFHGWLPHVGDPRIZLQQHUV 

/$+(51$1'$ZLQVDWDQGLQ)UDQFHDQG*HUPDQ\DQG…LQF 3*HVWW





%UPPHUKRI:HWWFKDQFHGHV7DJHV / +DQQRYHUSODFHGWLPHVLQF QGLQ3UL[GH





5R\DXPRQW *U &KDQWLOO\EURRGPDUH

 /D6DEDQDVHHDERYH  /$1'$55<ZLQQHUDWLQ)UDQFHDQG…DQGSODFHGWLPHVDOV RZLQQHURYHUMXPVLQ   )UDQFHDWDQG…DQGSODFHGWLPHV  /$6&$5/(7ZLQQHUDWLQ)UDQFHDQG…DQGSODFHGWLPHVEURR GPDUH  /D&UHVWDGDPRIZLQQHUVLQF   6(8/72876(8/ZLQQHURYHUMXPSVLQ)UDQFHDWDQG…SODF HGWLPHV  UGGDP +$8792/((ZLQVLQ:HVW*HUPDQ\DWDQGSODFHGWLPHV'DPRIZLQQHUV  ($67(51$33($/ZLQVDWDQGDQG…LQF$WKDVL6WDNHV *U &XUUDJKDQG   &RQFRUGH6WDNHV *U 7LSSHUUDU\SODFHG QGLQ'HVPRQG6WDNHV *U /HRSDUGVWRZQ  WKGDP +$,7,(11(ZLQQHUDWLQ)UDQFHDQGSODFHGWLPHV 2ZQVLVWHUWR+$5,)$GDPRIZLQQHUV 

5HDO(VWDWHZLQVDOVRZLQVRYHUKXUGOHVDQGZRQUDFHRYHUIHQFHVSODFHG UGLQ$GRQLV -XYHQLOH1RYLFH+XUGOH *U .HPSWRQ3DUN







3DUN&KDUJHUZLQVQGLQ*DUQHW6WDNHV / 1DDV'DPRIZLQQHUVLQF





580&+$5*(5ZLQVLQF%DOO\FRUXV6WDNHV *U DQG$WKDVL6WDNHV / GDPRI







:,1&+(67(5ZLQVLQF7XUI&ODVVLF,QYLWDWLRQDO6W *U 0DQKDWWDQ+FS *U 













3DNKRHVZLQQHUDQGSODFHG QGLQ&RYHQWU\6WDNHV *U DQG5DLOZD\6WDNHV *U  3DUN5RPDQFHZLQQHUDQGSODFHG UGLQ6ZHHW6ROHUD6WDNHV *U 

6HFUHWDULDW6WDNHV *U DQG,QYLWDWLRQDO6WDNHV *U UG8QLWHG1DWLRQV6W *U 









67$*(35(6(1&(ZLQVGDPRI(1*/,6+%$//(7ZLQVLQF6ZHHW6ROHUD6WDNHV







*U UGLQ)LOOLHV0LOH6WDNHV *U 




  

&RQVLJQHGE\.QXG/DPEHN.ULVWHQVHQ %D\ILOO\ '(1 WK$SULO

  %2681¶6:$7&+ *%      (%25$&80'5($0 *%  

 6,1*63,(/  6,1.,1*    ',.7$7  %2//,1-($11,(   

,17+(:,1*6 */25,286621*  0,'<$1 7$3/2:  :$51,1* $592/$  52<$/$33/$86( %2//,1-2$11(



VWGDP

(%25$&80'5($0  ZLQVDQG'..DWDQGLQ'HQPDUNSODFHGW LPHVLQ(QJODQG DQG'HQPDUNDERYHLVKHUILUVWIRDO  QGGDP

%2//,1-($11,(ZLQQHUDWDQGÂ&#x2026;DQGSODFHGWLPHV GDPRIZLQQHUV  0$9(1ZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV   (%25$&80'5($0VHHDERYH  3LORW/LJKWSODFHGRQFHDW  UGGDP %2//,1-2$11(ZLQVIURPWRDQGÂ&#x2026;LQF'XNH2I<RUN,QWHUQDWLRQDO6WDNHV *U <RUN DQG6FDUERURXJK6WDNHV / 'RQFDVWHUSODFHGWLPHVLQF QGLQ+RSHIXO6WDNHV / 1HZPDUNHW %HGIRUG/RGJH+RWHO%HQWLQFN6WDNHV / 1HZPDUNHWDQG6LQJDSRUH6XPPHU6WDNHV / <RUNUGLQ'XEDL $LUSRUW:RUOG7URSK\6WDNHV / 1HZEXU\GDPRIZLQQHU  %2//,1-($11,(VHHDERYH  WK  GDP %2//,1=2/$ZLQVDWDQGDQGSODFHGWLPHVIURPRQO\VWDUWV2ZQVLVWHUWR6+$)285,GDP RIZLQQHUVLQF 

%2//,1(5,&&KDPSLRQ\RVWD\HULQ(XURSHLQ-WWRSUDWHGROGHUVWD\HULQ(XURSH









'DQWH6WDNHV *U <RUN+DUGZLFNH6WDNHV *U $VFRWDQG.LQJ(GZDUG9,,6WDNHV





*U 5R\DO$VFRWVLUH

    

%2//,1-2$11(VHHDERYH %2//,1*5(7$ZLQVIURPWRDQGSODFHGWLPHV %2//,1$11ZLQVDQGSODFHGWLPHVGDPRIZLQQHUV %2//,17(55<ZLQVDQGSODFHGWLPHV

LQZLQVLQF6W/HJHU6WDNHV *U 'RQFDVWHUDQG/RQVGDOH6WDNHV *U QGLQ

WKGDP

6$8175<XQUDFHGGDPRIZLQQHUVLQF  6+$)285,ZLQVLQ(QJODQGDQGLQ86$LQF2ZQ7UDLQHU+DQGLFDS %D\0HDGRZV




  

&RQVLJQHGE\0RUWHQ1LHOVHQ   %D\ILOO\ '(1 UG0DUFK

  %2681¶6:$7&+ *%      48((10$0%2 '(1  









 6,1*63,(/  6,1.,1*    5,&+$5'2)<25.  *<36<6,1*(5   

120,1$7(')257+(%5(('(56¶6(5,(6

,17+(:,1*6 */25,286621*  0,'<$1 7$3/2:  5$,1%2:48(67 75,3/(),567  .,1*0$0%2 =$.27$



VWGDP

48((10$0%2  ZLQQHUDWDQG'..DQGSODFHG WKLQ*|WDODQGO|SQLQJLQMXVWVWDUWV GDPRISUHYLRXVIRDO  ,VDEHO IE\)LQDO$SSHDUDQFH GLHGDVD\HDUOLQJ  QGGDP

*<36<6,1*(5UDQWZLFHRQWKHIODWDWGDPRIZLQQHUV  0$0%2.,1*ZLQVDQG'..LQF3RNDOO¡E / DQG7RUWXH(IWHUnUVKDQGLFDS WZLFH  SODFHGQGLQ1RUVN'HUE\'DQVN-RFNH\&OXE&XS / DQG6NDQGLQDYLVN*UDQG3UL[ UGLQ





     

 /DUFKUHVSU PLH6RILHURO|SQLQJ7UHnULQJHUQDV( OLWO|SQLQJDQG3RNDOO¡E / WKLQ'DQVN  -RFNH\&OXE&XSDQG WKLQ9LVD,QILQLWH6WDNHV1DG$O6KHED+FSVLUH 3LNDZLQVDQG6(.IURPWRSODFHGWLPHVLQFQGLQ1RUGLF&KDPSLRQ6HULHV  6SULQWHUVDQG%UHHGHUV¶3UL]H6SULQW UGLQ*|WDODQGO|SQLQJ %,1$5<67$5ZLQQHUDQGSODFHG WKLQ6YHQVNW6W/HJHU6(.

UGGDP

=$.27$ZLQQHULQ)UDQFHDWDQGSODFHGWZLFHGDPRIZLQQHUV  1LORPHWHUZLQVLQ)UDQFHDQG+RQJ.RQJDQG… UGLQ3UL[GH6XUHVQHV /  

.LQJ)RUDGD\ZLQQHUDWLQ)UDQFHDOVRSODFHGWLPHVRYHUMXPSVLQ) UDQFHDQG…LQF

    

 QGLQ3UL[*HRUJHVGH7DOKRXHW5R\+XUGOH *U $XWHXLO 1,0(//2ZLQVWR\HDUVDQG…DQGSODFHGWLPHV &DO\[SODFHGWLPHVDWLQ)UDQFHGDPRIZLQQHU   &DOLVHHZLQVLQ)UDQFHDQG…SODFHG UGLQ3UL[5HQH%HGHO / 

WKGDP

&$5()8//<+,''(1ZLQVDWLQ86$DQGSODFHGRQFHGDPRIZLQQHUVLQFO 

(16&216(7RSUDWHG\RILOO\LQ,UHODQGLQZLQVLQF*RIIV,ULVK*XLQHDV

     

 *U DQG1HOO*Z\Q6WDNHV *U SODFHGWKLQ*XLQHDV *U IURPRQO\VWDUWV -$7+,%,<$+ZLQQHUDQGSODFHGWLPHVDOOKHUVWDUWVGDPRIZLQQHU   /LWWOHWRQ$UZHQZLQQHUDQGSODFHG QGLQ(WHUQDO6WDNHV / :DUZLFN 5,06+ZLQQHUDQGSODFHGRQFHGDPRIZLQQHUV   &5<67$/'523ZLQVLQ)UDQFHLQF3UL[GX3RLQWGX-RXU / 

WKGDP 75($685(&+(67ZLQVLQ86$LQF0RGHVW\+DQGLFDSDQG/RWWLH:ROI6WDNHV2ZQVLVWHUWR0< '($5*,5/GDPRIZLQQHUVLQF',20(',$ZRQUDFHVLQF0DUJDWH+DQGLFDS *U JUDQGDP RI*/,172)*2/'ZLQVLQF*UDQG3UL[GH3DULV *U *UDQG3UL[GH6DLQW&ORXG *U 'HUE\ ,WDOLDQR *U *UDQ&ULWHULXP *U *URVVHU3UHLVYRQ%DGHQ *U 3UHLVYRQ(XURSD *U 




  

&RQVLJQHGE\-DQ-RKDQVVRQ       120,1$7(')257+(%5(('(56¶6(5,(6 =$3$7$=$,'EURZQILOO\ 6:( WK0DUFK 7KLV\HDUOLQJ¶VQDPHFDQ¶WEHFKDQJHG 

  0,1*81 86$      1$6+,'$ '(1  

 $3,1'<  0,(648(    5,&+$5'2)<25.  1$7$/-$   

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  3(11,1(:$/. 75,3/(),567  1,1,6., 7+(:5(.,1-2<



VWGDP

1DVKLGD  ZLQVDQG6(.LQ'HQPDUNDQG6ZHGHQSODFHG UGLQ0RZHULQDO¡E 'DQLVK *XLQHDV +FSGDPRIIRDORIUDFLQJDJH UXQQHU  =YLQWR=DLG JE\7URRQ SODFHGDWIURPRQO\VWDUWV  QGGDP

1$7$/-$ZLQVDQG'..LQF'DQVN$YOVO¡ESODFHG QGLQ'DQVN2SGU WQLQJVO¡EDQG'DQVN 2DNVWKLQ9LQWHUIDYRULWWHUQHVUHVSU PLH6YHQVNW2DNVDQG(XURFDUG&XSGDPRIZLQQHUVLQF  %UHDN$/HJZLQQHUDWLQF.ULWHULXP7HVWHQDOVRQG0RZHULQDO¡E 'DQLVK*XLQHDV    'DPRIDZLQQHU    0567250:,1'ZLQVDWLQ'HQPDUNSODFHGWLPHV  0&*8,5(ZLQVDQG'..LQF'DQVN6W/HJHUDQG-\GVN'HU E\7ULDOSODFHGWLPHV   LQFQG%DVQ VO¡E9LQWHUIDYRULWWHUQHVUHVSU PLHDQG-\GV N'HUE\UGLQ)\HQVO¡E  1$=,$ZLQVDQG'..LQF'DQVN0HVWHUVNDEIRUnULJH DQG6YHQVNW2DNV7ULDODOVR   SODFHGWKLQ0RZHULQDO¡E 'DQLVK*XLQHDV DQG WKLQ'DQVN2DNV'DPRIZLQQHUV    '211$0$5$ZLQVDQGSODFHGWLPHVIURPWR    /$'<0$5$ZLQVDQGSODFHGWLPHV  9HWURWH[ZLQVDQG'..LQF'DQVN'HUE\DQG-\GVN'HUE\ QGLQ'DQVN%UHHGHUV¶            

 &XSUG1RUVN'HUE\DQG.DSSV6WRUD3ULV / WKLQ6YHQVNW6W/HJHU %$6,1ZLQVDQG'..SODFHGWLPHV 3RUVD6\VWHPZLQVDQG'..LQ'HQPDUNLQF'0IRUnULJHSO DFHGWLPHVLQFQG  'DQVN6W/HJHU6YHQVNW6W/HJHU-\GVN'HUE\UG'DQVN'HUE\DQG'DQVN%UHHGHUV¶&XS  DOVRZLQQHULQ)UDQFHDQG¼ 1$.,$ZLQVDQG'..DWDQGLQF6WRUPDJDVLQ6DOOLQ JV3RNDOO¡EDQG'DQVN  0HVWHUVNDEIRUnULJHSODFHG QGLQ'XW\7LPH-XYHQLOH0LOH UGLQ1RUVN%UHHGHUV¶3UL]H  &RQVRODWLRQDQG WKLQ$PDFLWDO|SQLQJ 1DMDZLQQHUDQG6(.SODFHG QGLQ'DQVN2DNVUG(FNER/HJDWV9DQGUHSRNDODQG WK  LQ6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU 1DVKLGDVHHDERYH

UGGDP

7KH:UHNLQ-R\SODFHGDWDQGGDPRIZLQQHUVLQF  1$7$/-$VHHDERYH  0<67(5<&/2&.SODFHG QGDWLQ(QJODQGDOVRZLQQHURYHUKXUGOHVDW  35263(&76&$/$ZLQQHU  WKGDP

0,66:5(.,1ZLQQHUDWDQGSODFHGWZLFHIURPRQO\VWDUWVGDPRIZLQQHUVLQF  -DPHVWLQRZLQVDWDQGQGLQ6HDWRQ'HODYHO6WDNHV *U DOVRZLQQHURYHUKXUGOHV




  

&RQVLJQHGE\%HUQHU2OVHQ    *UH\FROW '(1 QGDSULO

  63(&,$/48(67 )5      $//*5(< '(1  









 5$,1%2:48(67  021$67(//$    $&$'(0<$:$5'  $//:,16   

120,1$7(')257+(%5(('(56¶6(5,(6

%/86+,1**5220 ,:,//)2//2:  185(<(9 021$5$  '$1(+,// ,1*$%(//(  1(/7,12 1(:3257



VWGDP

$//*5(<  ZLQQHUDWDQG'..IURPRQO\UXQV'DPRISUHYLRXVIRDOVUXQQHUV  $OO,Q$OO IE\6SHFLDO4XHVW UDQDWDQG  $OO4XHVW FE\6SHFLDO4XHVW SODFHG QGDWKLVRQO\VWDUWWRGDWH    QGGDP

$//:,16ZRQUDFHVDQG'..LQ'HQPDUN'DPRIZLQQHUVLQF  $//5,*+7ZLQVDWLQFO'DQVN2SGU WQLQJVO¡E'DQVN.ULWHULXPDQG'DQVN$YOVO¡E$OVR   ZLQVDWLQFO0RZHULQDO¡E 'DQLVK*XLQHDV DQG)DEHOODO¡E 'DQLVK2DNV7ULDO SODFHG   QG'DQVN2DNVDQG'..'DPRI    /$'<&/(0(17,1(ZLQVDQG'..LQFO-\GVN'HUE\DQG9LQW HUIDYRULWWHUQHV     UHVSU PLHQG0RZHULQDO¡E 'DQLVK*XLQHDV 'DQVN.ULWHULXP DQG     6NDQGLQDYLVN2SGU WQLQJVO¡E UG.ODPSHQERUJ$XNWLRQVO¡EDQG)DZ]LD6WDNHV WK     'DQVN%UHHGHUV¶&XS'DPRI      6,5+(15<ZRQ'DQVN'HUE\ QG'DQVN*XLQHDVUG9LQWHUIDYRULWWHUQHV       UHVSU PLH%UHHGHUV¶7URSK\&ODVVLFDQG'DQV N%UHHGHUV¶&XS      6,/9(572:1ZRQ'DQVN.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLH QG       6NDQGLQDYLVN2SGU WQLQJVO¡EDQG UG6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU      6LU:LQVWRQZLQQHUDWDQGSODFHGUG'DQVN*XLQHDV-\GVN'HUE \DQG       6NDQGLQDYLVN2SGU WQLQJVO¡E      +DUERXU/LJKWZLQQHUDWDQGSODFHG QGLQ6NDQGLQDYLVN2SGU WQLQJVO¡E    6LU$OH[DQGHUZRQDWDQGDQG'..'..DOVR QG$XNWLRQVO¡E%UHHGHUV¶3UL]H     6SULQWDQG'HQ-\GVNH9LQWHUIDYRULW UG'DQVN.ULWHULXP%UHHGHUV¶7URSK\&RQVRODWLRQ     DQG-\GVN'HUE\    ('*(2)(7(51,7<ZLQVDWDQGDQG12.LQFO'DQVN*DORSV     $XNWLRQVO¡E6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHUDQG%UHHGHUV¶3UL]H6SULQW QG     %UHHGHUV¶7URSK\-XYHQLOH1RUVN.ULWHULXPDQG 6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU  $//)$,5ZLQVDWDQGDQG'..LQFO'DQVN.ULWHULXPD QG6YHQVNW2DNVQG'DQVN   $YOVO¡E6YHQVNW.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLHUG'DQVN2SGU WQLQJVO¡E   WK'DQVN*XLQHDVDQGWK0RZHULQDO¡E 'DQLV K*XLQHDV 'DPRI     0$<)$,5ZLQVDWDQG'..LQF6NDQGLQDYLVN2SGU WQLQJV O¡E'DPRI      ZLQQHUVLQFO       )$,50$<ZRQ1RUVN%UHHGHUV¶&ODVVLF     %/8(0$5<ZLQVDQG'..IURPWRLQF'DQVN%UHHGHUV¶&XSDQG/DUFK      UHVSU PLHQG1RUVN%UHHGHUV¶3UL]H UG%UHHGHUV¶7URSK\&ODVVLFDQG%UHHGHUV¶      7URSK\0LOHWK)DZ]LD6WDNHV'DPRIDZLQQHU       &XW%HOOHQG0RZHULQDO¡E 'DQLVK*XLQHDV      0DQRPLVVLRQZLQQHUDWDQG'..SODFHG QG9LQWHUIDYRULWWHUQHV      UHVSU PLH'DQVN*XLQHDV UG'DQVN.ULWHULXP  $OO6WDUZLQVDQG'..SODFHGWLPHVLQF QG'DQLVK6W/HJHU  '8)$8;ZLQVDQG'..LQF-\GVN'HUE\




  

&RQVLJQHGE\$QGHUV+DQVVRQ      120,1$7(')257+(%5(('(56¶6(5,(6 %/$'(,%621ED\ILOO\ 6:( VW-XQH

  1((':22'%/$'( *%      6$5$%, '(1  

 3,927$/  ),1/$**$1    ),1$/$33($5$1&(  1$1*5($9(6   

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  6$'/(5¶6:(//6 7233,1**,5/  $5$*21 02$1,1*/2:



VWGDP

6DUDEL  SODFHGRQFHDWLQ6ZHGHQIURPRQO \IRXUVWDUWVGDPRIIRDORIUDFLQJDJHUXQQHU ZLQQHU  $5$*21,%621 JE\1LFRORWWH ZLQQHUDWLQ6ZHGHQDQGSODFHGWLPHV    QGGDP

1$1*5($9(6ZLQVLQ'HQPDUNDWGDPRIZLQQHUV  %266$129$ZLQVIURPWRLQ'HQPDUNDQG'..LQF /DUFKUHVSU PLH   3ODFHGWLPHVLQFWKLQ'DQVN%UHHGHUV¶&XS  *$0(%2<ZLQQHUDWLQ1RUZD\DQGSODFHGWLPHV  UGGDP

02$1,1*/2:ZLQQHUDWDQGSODFHGWLPHVGDPRIZLQQHUV  0DUFRVIDEOHVZLQQHUDWLQ$XVWULDSODFHG WKLQ7ULDO6WDNHV *U 9LHQQD  62$.,1*ZLQVIURPWRDQG…DQGSODFHGWLPHV  %$//<021(ZLQVLQ6SDLQ  -2//<%85*/$5ZLQQHUDWDQGSODFHGWLPHVDOVRZLQVLQ0DOD\VLDDWDQG  &,7<5$,'(5ZLQVLQ+RQJ.RQJDWDQG…  1257+(51675((7ZLQVLQ,WDO\DW  6811<%,5'ZLQVLQ%HOJLXPDWDQG  9$/(17,1(621*ZLQQHUDWDQGSODFHGWLPHV  723'(5%<ZLQQHULQ,WDO\DW  WKGDP

6WUHHW6RQJZLQVDWDQGSODFHGWLPHVLQF WKLQ4XHHQ0DU\6WDNHV5R\DO$VFRWIURPRQO\ VWDUWVGDPRIZLQQHUVLQF  32572%(//2ZLQVLQ(QJODQGDQG86$LQF1HZ6WDNHV UGLQ.LQJ¶V6WDQG6WDNHVVLUH 

.,1*675($.(5ZLQVLQ86$LQF.HQW6WDNHV *U 'HODZDUH3DUN

    

5ROOLFNHUZLQVSODFHGWKLQ:KLWH5RVH6WDNHV$VFRW 5,92/,ZLQVLQ86$DQGSODFHGWLPHVVLUH 62&.(7ZLQQHUDQGSODFHGWZLFHDOVRZLQVRYHUKXUGOHVDQGZLQVRYHUIHQFHV 3DSHU*ROGGDPRIZLQQHUV   3$3(5021(<ZLQQHULQ6RXWK$IULFDJUDQGDPRI3817(56'5($0ZRQ6FDUOHW

  

   /DG\+DQGLFDS / UGLQ.LQJ¶V&XS *U  3DUWKLDQ6RQJXQUDFHGGDPRIZLQQHUV   3LSHUKLOOZLQVLQ(QJODQGDQG86$SODFHG WKLQ(GGLH5HDG+DQGLFDS *U VLUH



0<&+2,&(ZLQVLQ%UD]LOGDPRI(03(525-8/,$1ZLQVLQ%UD]LOLQF*UDQGH3UHPLR





-RFNH\&OXEGH6DR3DXOR *U 




    

&RQVLJQHGE\6WHQJnUGHQ,6 *UH\ILOO\ '(1 WK$SULO     

  =(%('(( *%      3(**<*8**(1+(,0 ,5(  





 ,19,1&,%/(63,5,7  &2=<0$5,$    '$1(+,//'$1&(5  '(%$&+'867  

*5((1'(6(57 5$)+$  &2==(1( 0$5,$00(  '$1(+,// 0,5$$'21'(  ,1',$1.,1* 7(;/<



VWGDP

3HJJ\*XJJHQKHLP  SODFHGWLPHVLQ,WDO\DWDQGDQGÂ&#x2026;LQF QGLQ3UHPLR 5HSXEEOLFKH0DULQDUH / 5RPHGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  *(*<3 IE\2USHQ ZLQVLQ,WDO\DWDQGDQGÂ&#x2026;DQGSODFHGWLPH V  '8''29$ IE\&HOWLF6ZLQJ ZLQVLQ,WDO\DWDQGÂ&#x2026;DQGSODFHGWLPHV  52%(57+/8&$6 FE\.LQJ¶V%HVW ZLQVLQ,WDO\DWDQGÂ&#x2026;DQGSODFHGWLPHV  3,1.9$//(< IE\+DZN:LQJ ZLQVLQ,WDO\DWDQGDQGÂ&#x2026;DQGSODFHGWLPH V  7+86+$5$ IE\9HUJODV ZLQQHULQ,WDO\DWDQGÂ&#x2026;DQGSODFHGWLPHV   /D*UDQGH9HUD IE\$OKDDUWK \RXQUDFHGWRGDWH  QGGDP

'(%$&+'867UDQDIHZWLPHVDWDQGGDPRIZLQQHUVLQF  3HJJ\*XJJHQKHLPVHHDERYH  0,66,/(72(ZLQVDQGÂ&#x2026;DQGSODFHGWLPHV  $&48$6&85$ZLQVLQ,WDO\DQGÂ&#x2026;DQGSODFHGWLPHV GDPRIZLQQHUV    1(*8606ZLQVLQ,WDO\DQGÂ&#x2026;DQGSODFHGWLPHV    6.,77,6+4((1ZLQQHULQ,WDO\DWDQGÂ&#x2026;DQGSODFHGWLPHV   352)63$*2ZLQVLQ,WDO\DQGÂ&#x2026;DQGSODFHGWLPHV  +27%811<ZLQQHUDWDQGSODFHGRQFHDOVRZLQVRYHUKXUGOHV GDPRIDZLQQHU  %8572:1ZLQQHUDWDQGÂ&#x2026;DQGSODFHGRQFHDOOKLVVWDUWV  UGGDP

7H[O\UDQDIHZWLPHVLQ)UDQFHDWGDPRIZLQQHUVLQF  &$0(5281WKWRSUDWHG\RILOO\LQ,UHODQGLQZLQVDWDQGÂ&#x2026;LQF6LOYHU 



)ODVK)LOOLHV6WDNHV / WKLQ&KHYHOH\3DUN6WDNHV *U GDPRIZLQQHUVLQF







  

   \R+XUGOH *U 3XQFKHVWRZQ   (7(51$/)/$0(ZLQVIURPWRDQGSODFHGWLPHV /\FLDZLQVDWDQGSODFHGUGLQ%LUGFDWFKHU1XUVHU\+DQGLFDS / 1DDVGDPRIZLQQHUV

  

  5DUH&KLFZLQVIURPWRQGLQ*DUQHW6WDNHV / 1DDV 'RRQDQRUHUDQRQFHDWGDPRIZLQQHUVLQF   68*$5=21(ZLQVLQ,QGLDLQF*RGROSKLQ%DUE6WDNHV / 0DODNSHWQGLQ%\HUO\

  

   7XUN6WDNHV / 0DODNSHW /DG\%HDXYDOORQUDQDIHZWLPHVDWDQGGDPRIZLQQHUVLQF   /$'<*221ZLQQHUDWLQ)UDQFHGDPRI/$'<$1*(/(ZLQVLQ)UDQFHLQF3UL[







6QRZ)DOFRQZLQVDWDQGDOVRZLQVRYHUKXUGOHVDWSODFHG QGLQ&KDPSLRQ



9DOOHHG¶$XJH / 'HDXYLOOHSODFHG UGLQ3UL[G¶$UHQEHUJ *U &KDQWLOO\




  

&RQVLJQHGE\%HUQHU2OVHQ   %D\FROW '(1 WK0D\

  63(&,$/48(67 )5      '$16(86((772, '(1  









120,1$7(')257+(%5(('(56¶6(5,(6

 5$,1%2:48(67  021$67(//$    5,&+$5'2)<25.  0$'$0((772,  

%/86+,1**5220 ,:,//)2//2:  185(<(9 021$5$  5$,1%2:48(67 75,3/(),567  (635,7'8125' 7$9(//$



VWGDP

'$16(86((772,  ZRQ6NDQGLQDYLVN2SGU WQLQJVO¡EDOVRUG6NDQGLQDYLVN 0HVWHUVNDSIRU nULQJHUDQG'DQVN.ULWHULXPWK'DQVN'HUE\DQG'. .'DPRIIRDOVRIUDFLQJDJHUXQQHUV ZLQQHU  /RLUH IE\'H[WHULW\ ZLQVDWDQGLQ1RUZD\DQG12.DOVRSODFHG QG'DQVN .ULWHULXPDQG%UHHGHUV¶7URSK\-XYHQLOH UG6NDQGLQDYLVN2SGU WQLQJVO¡EDQG WK'DQVN*DORSV $XNWLRQVO¡E  &ODVVLTXH'DQVH JE\$FDGHP\$ZDUG SODFH GDWDQGLQFWKLQ3URGXFH6WDNHVDQG WKLQ 'DQVN*DORSV$XNWLRQVO¡E    QGGDP

0$'$0((772,ZLQVLQF'DQVN.ULWHULXP'DQVN$YOVO¡E6FHSWUH6WDNHVDOVRSODFHGWLPHVLQF QG 'DQVN2DNVUG)DEHOODO¡E+DOIVLVWHUWR0(,6(/5((0GDPRIZLQQHUVIURPUXQQHUVLQF  0,66(772,ZRQ0RZHULQDO¡E 'DQLVK*XLQHDV DOVRSODFH GWLPHVLQFQG6NDQGLQDYLVN   2SGU WQLQJVO¡EDQG'..'DPRIZLQQHUVLQF    $QWRLQHWWHZLQVDWDQG'..LQF/DUFKUHVSU PLHDOVRSODFHGWLPHVLQF     QG0RZHULQDO¡E 'DQLVK*XLQHDV 'DPRI       $17+21<ZLQVDQG'..LQFO'DQVN6W/HJHUDOVR UG6NDQGLQDYLVN       2SGU WQLQJVO¡E'DQVN*DORSV$XNWLRQVO¡EDQG'DQVN .ULWHULXP    7(03,ZRQ6NDQGLQDYLVN2SGU WQLQJVO¡EDOVR UG3URGXFH6WDNHV'DPRI     +RYVDZLQVDWDQGDQG'..DOVR QG%UHHGHUV¶7URSK\&ODVVLFDQG      %UHHGHUV¶3UL]H&ODVVLF    )/<(5ZLQVIURPWRDQG'..LQF.ODPSHQERUJ6WRUH6SULQW+FS    /,%(5$7,21ZLQVDQG'..IURPWRDOVRSODFHGWLPHV    (772,ZLQVDWDOVRSODFHGWLPHVIURPVWDUWV  0RQVLHXU(W7RLZLQVDQG'..LQF0DGH,Q'HQPDUN QG'DQVN*XLQHDV WK   'DQVN'HUE\DQG'DQVN.ULWHULXPIURPRQO\VWDUWV  '$16(86((772,VHHDERYH  (772,52<$/(ZLQVDQG'..LQF/DUFKUHVSU PLHDQG3RPS¡V& XS  UGGDP

7$9(//$ZRQUDFHDW\HDUVDQGSODFHGWZLFHGDPRIZLQQHUVLQF  0(,6(/5((0ZRQUDFHVDWKRPHDQGLQ)UDQFHLQFOXGLQJ3UL[G $VWDUWH *U DQG   

  

&KLOG6WDNHV *U SODFHGQGLQ*XLQHDV *U DQGUGLQ3UL[GX0RXOLQ *U GDP RIZLQQHUVLQF  35,1&(/<+(,5ZRQUDFHVLQF3KRHQL[6WDNHV *U QGLQ3DUN6WDNHV *U 









6ZLQJ)DVWHUZRQUDFHVLQ,WDO\SODFHGVHFRQGLQ3UHPLR'HOOHDQD / 



DQGUGLQ$QJOHVH\6WDNHV *U DQG+XQJHUIRUG6WDNHV *U VLUH




  

&RQVLJQHGE\<RUN6WXWWHUL   %D\ILOO\ 6:( WK$SULO

  0,1*81 86$      ,1*(5¶6/$'< ,5(  

 

 

 

 

 

120,1$7(')257+(%5(('(56¶6(5,(6 7KH3URSHUW\RI)UDQFLVFR&DVWUR

 $3,1'<  0,(648(    ,1&+,125  +(/(16'5($0*,5/   

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  $+21225$ ,1&+0855,1  &$(5/(21 +(/(16'5($0



VWGDP

,1*(5¶6/$'<  ZLQQHUDWLQ6ZHGHQDQG6(.IURPRQO\VWDUWV+FSGDPRIIRDOV RIUDFLQJDJHUXQQHUVZLQQHUV  /$'<3(1(/23( IE\3HQQHNDPS ZLQQHUDWDQGSODFHGWLPHVIURPRQO\VWDUWV+FS  ,1&+,/,1( JE\6RQJOLQH ZLQVDWDQGDQG6(.LQF'DQVN'HUE\'DQVN  *XLQHDVDQG9LQWHUIDYRULWWHUQHVUHVSU PLH QGLQ6YHQVNW.ULWHULXPDQG-XYHQLOH0LOH UGLQ  'DQVN.ULWHULXPWKLQ0DOP|6WDGV3ULVDQG WKLQ6)$)6c()$XNWLRQVO|SQLQJ+FS  +ROPD6N\ZDONHU JE\)XQDPEXOH SODFHG WLPHVIURPVWDUWVDWDQGLQFWKLQ  6NDQGLQDYLVN2SGU WQLQJVO¡E  +ROPD(QHUJ\ FE\$FDGHP\$ZDUG \RXQUDFHGWRGDWH    QGGDP

+(/(16'5($0*,5/ZLQVDWDQG…GDPRIZLQQHUVLQF  +286(2)'5($06ZLQVDQG…DOVRZLQVDQG…RYHUKXUGOHV  .21.(5ZLQVIURPWRDQG…DOVRZLQVRYHUKXUGOHVDQG…  '$==/,1*%(*80ZLQVDWWRDQG…  ($67:$<6ZLQQHUDWDQG…  UGGDP

+HOHQV'UHDPXQUDFHGGDPRIZLQQHUVIURPUXQQHUVLQF  3$0$5ZLQVLQ,WDO\DQG…  75$9(//(56'5($0SODFHGDWDOVRZLQVDWDQGLQ6SDLQ  WKGDP

+$77(5¶6'5($0ZLQQHUDWGDPRIZLQQHUVLQF  /$67&20(5ZLQVDWDQGDQG…LQF3UHPLR*LRYDQQL)DOFN / 0LODQDQG3UHPLR 



0RWWDOFLDWD / 0LODQQGLQ3UHPLR5RPD9HFFKLD *U 5RPHGDPRIZLQQHUVLQF





















%$&.75$&.ZLQVLQ,WDO\DWDQGDQG…LQF3UHPLR&DUOR 3RUWD / VLUH



'UHDPILHOGVZLQVLQ6RXWK$IULFDUGLQ-XYHQLOH)LOOLHV)XWXULW\ *U GDPRIZLQQHUV

    

  ,'/()$1&<ZLQVLQ6RXWK$IULFDLQF6RXWK$IULFDQ2DNV *U  '$:1)$17$6<ZLQVLQ6RXWK$IULFDGDPRIZLQQHUV   6$5$72*$ZLQVLQ6RXWK$IULFDLQF1LMLQVN\+DQGLFDS / QGLQ)DOFRQ6SULQW /  056+$7ZLQQHUDWLQ86$GDPRIZLQQHUV   056:(67ZLQVLQ(QJODQGDQG,WDO\DWDQG…LQF3UHPLR 1RYHOOD / 







),71$+ZLQVLQ86$DWDQGDQG…GDPRI'5($06*$//25(ZLQVLQ









0$5%/(0$,'(1ZRQ$OO$ORQJ6WDNHV *U GDPRI9(512<ZLQVDWDQGLQ )UDQFHDQG…LQF3UL[2PQLXP,, / QG3UL[GHOD3RUWH0DLOORW *U 

86$DQGLQF0RWKHU*RRVH6WDNHV *U 




    

&RQVLJQHGE\6WHQJnUGHQ,6 %D\FROW '(1 VW$SULO      

  63(&,$/48(67 )5      32/0$5$ ,5(  





 5$,1%2:48(67  021$67(//$    32/,6+35(&('(17  %52$'0$5$  

%/86+,1**5220 ,:,//)2//2:  185(<(9 021$5$  '$1=,* 3$67(;$03/(  7+$7&+,1* (5=6,



VWGDP

3ROPDUD  UDQDIHZWLPHVDWLQ(QJODQGGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  3RQHQWH IE\5REHOOLQR SODFHGDWLQ(Q JODQG  &203$5$%/( FE\&RPSWRQ3ODFH ZLQVLQ&]HFK5HSXEOLFDQG6ORYDNLDDWDQGÂ&#x2026;  7LUSLW] IE\'DQELUG SODFHGWZLFHLQ6ZHGHQDQG  %$&.,1%86,1(66 IE\'H[WHULW\ ZLQQHURI-\GVN'HUE\&RQVRODWLRQDWLQ'HQPDUN  0DNHLWVSHFLDO IE\6SHFLDO4XHVW SODFHGWZLFHDWDQGLQ'HQPDUN  $EVROXWH6SHFLDO IE\6SHFLDO4XHVW \RXQUDFHGWRGDWH  QGGDP

%52$'0$5$ZLQVDWDQGÂ&#x2026;LQF-5$.LOODYXOODQ(%)6WDNHV *U /HRSDUGVWRZQDQGSODFHG RQFHGDPRIZLQQHUVLQF  7$*$12*8(51,&$ZLQVLQ-DSDQDWDQGDQGÂ&#x2026;LQF+HLDQ6WDNHV  / .\RWR       

 SODFHGWLPHVLQFQGLQ0DULQH6WDNHV / +DNRGDWHDQG UGLQ0DULQH6WDNHV / +DNRGDWH 7+(*$,.:$5ZLQVDQGÂ&#x2026;DQGSODFHGWLPHV %5,//,$177,0(ZLQVLQ-DSDQ *58%675((7ZLQVDQGÂ&#x2026;DQGSODFHGRQFH *5$1'35,;&+(55<ZLQQHUDWLQ-DSDQDQGÂ&#x2026;DQGSODFHGRQFH 52&.&5<67$/ZLQQHUDWLQ-DSDQDQGÂ&#x2026;

UGGDP

(5=6,ZLQQHUDWDQGSODFHGWLPHVGDPRIZLQQHUVLQF  %52$'0$5$VHHDERYH 

+HDGKXQWHUZLQVLQ(QJODQGDQG8$(DWDQGDQGÂ&#x2026;SODF HGUGLQ*LPFUDFN

    

 6WDNHV *U <RUN &$67$1ZLQVDWDQGSODFHGWLPHVDOVRZLQVLQ86$DQGÂ&#x2026;DQGSODFHGWLPHV '$1*(5286),*+7(5ZLQVLQ)UDQFHIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV .2,6+,7$,ZLQQHULQ-DSDQDWDQGSODFHGWLPHV

WKGDP

+RJDQ¶V6LVWHUXQUDFHGGDPRIZLQQHUVLQF 

6$/,(5,ZLQVLQF0LOO5HHI6WDNHV *U &KDOOHQJH6WDNHV *U 'LDGHP6WDNHV *U 





  

7DUVKRZLQVLQ(QJODQG)UDQFHDQG86$UGLQ0DQKDWWDQ+DQGLFDS *U %HOPRQW 7VDUHYDQDUDQRQFHLQ86$GDPRIZLQQHUVLQF   =(<$ZLQVLQ$XVWUDOLDLQF%ORRGKRUVH%UHHGHUV¶6WDNHV *U DQG:HVWHQG%UHHGHUV¶





DQG+XQJHUIRUG6WDNHV *U WKLQ-XO\&XS *U VLUH





6WDNHV *U QGLQ6LUHV¶3URGXFH6WDNHV *U DQG7KH*XLQHDV *U 




  

&RQVLJQHGE\)DONERODJHQ$%       120,1$7(')257+(%5(('(56¶6(5,(6 */25,286&+2,&(ED\ILOO\ 6:( WK0DUFK

  */25,$'(&$03($2 %5=      )$/&216&+2,&( 6:(  

 ,035(66,21  $8'$&,7<    &+2,6,5  ,1:$,7,1* 

58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  '$1(+,//'$1&(5 *5($76(/(&7,21  ,17+(:,1*6 $5286$/  



VWGDP

)$/&216&+2,&(  ZLQVDWDQGLQ6ZHGHQSODFHGWLPHVIURPVWDUWVDQG6(. +FSGDPRIIRDOVRIUDFLQJDJHUXQQHUZLQQHU  &$321( JE\'HVHUW6W\OH ZLQQHUDWDQGSODFHGWLPHV6(.  6ZHGLVK'HOLJKW FE\6ZHGLVK6KDYH \R XQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ     QGGDP

,1:$,7,1*ZLQVLQ(QJODQG6ZHGHQ1RUZD\DQG'HQPDUNIURPWR DQG6(.LQF 0RUWHQ 7RUYDOG.ODYHQHVV0LQQHO¡S / Â&#x2018;YUHYROO1RUVN2DNV%%$)LOOLHVDQG0DUHV6WDNHV3HXJHRW 3RNDOO¡SIRU+RSSHU WZLFH -RFNH\NOXEEHQV$YHOVO| SQLQJ%ORRPHUV¶9DVH WZLFH SODFHGWLPHVLQF QG LQ6).-XELOHXPVO|SQLQJ /  WZLFH -lJHUVURDQGUG6WRFNKROP&XS,QWHUQDWLRQDO *U WK6). -XELOHXPVO|SQLQJ / 1RUVN*XLQHDV3HXJHRW3RNDOO¡S%%$)LOOLHV DQG0DUHV6WDNHV%ORRPHUV¶ 9DVHWK3HXJHRW3RNDOO¡SIRU+RSSHUGDPRIDZLQQHU  )$/&216&+2,&(VHHDERYH   UGGDP

$5286$/ZLQVLQ(QJODQGDQG)UDQFHDWDQGDQGÂ&#x2026;LQF 3UL[GX&DOYDGRV *U 'HDXYLOOH SODFHGWLPHVLQF QGLQ&KLOG6WDNHV *U 1HZPDUNHWGDPRIDZLQQHU  ,1:$,7,1*VHHDERYH  WKGDP 0RGHO*LUOZLQVLQ)UDQFHDQGSODFHG UGLQ3UL[)LOOHGHO¶$LU *U 6DLQW&ORXGGDPRIZLQQHUV 

$5286$/VHHDERYH



02'(/0$1ZLQVRYHUMXPSVLQ)UDQFHDQG,WDO\DQGÂ&#x2026;LQF3UL[5HQDXGGX9LYLHU





\R+XUGOH / $XWHXLODQG3UL[OD%DUND+XUGOH / $XWHXLOQGLQ*UDQG3UL[GHOD9LOOHGH





1LFH&KDVH /  WZLFH 3UL[/HRQ5DPEDXG+XUGOH / $XWHXLO3UL[5REHUWGH&OHUPRQW





7RQQHUUH&KDVH / $XWHXLODQG3UL[7UR\WRZQ6WHHSOHFKDVH / $XWHXLO

  

6KDUS*LUOZLQVDWLQ)UDQFHDQG))SODFHG QGLQ3UL[0LQHUYH *U (YU\GDP  RIZLQQHUV ,Q)RFXVZLQVLQ)UDQFHDQG86$DQG))DQGÂ&#x2026;SODFHGUGLQ3UL[2PQLXP,,







/$'<)25$'$<ZLQQHULQ)UDQFHGDPRIZLQQHUVJUDQGDPRI$0(5,&$175,/2*<





ZLQVLQ)UDQFHDQGÂ&#x2026;LQF&RXSHGHV7URLV$QV / /\RQDOVRZLQQHURYHUIHQFHVLQF







9LQFHQW2¶%ULHQ&RXQW\+DQGLFDS+XUGOH *U &KHOWHQKDP,16,'(0$1ZLQVLQ

 

 

 

)UDQFHDQGÂ&#x2026;LQF3UL[OD0RVNRZD / 0DLVRQV/DIILWWHUGLQ3UL[5LJKW5R\DO /  6DLQW&ORXG

/ 6DLQW&ORXG




  

&RQVLJQHGE\0RUWHQ1LHOVHQ  %D\ILOO\ '(1 VW0D\

  $&$'(0<$:$5' ,5(      &+$/(7 *%  











 '$1(+,//  ,1*$%(//(    6,1*63,(/  '28&(0$,621  

120,1$7(')257+(%5(('(56ยถ6(5,(6

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  ,17+(:,1*6 */25,286621*  )22/6+2/0( &$5'20,1(



VWGDP

&KDOHW  SODFHGDWLQ(QJODQGGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  +21*.21*&+$03 JE\$YRQEULGJH ZLQQHUDWDQGSODFHGWLPHVLQF WKLQ$XNWLRQVOยกEV &RQVRODWLRQDQGnULQJHUQHV6WD\HUSUยกYH  &+$&+$$:$5' IE\$FDGHP\$ZDUG ZLQVDWDQGSODFHGWLPHVIURPRQO\VWDUWV    QGGDP

'28&(0$,621ZLQQHUDWDQGย…DQGSODFHGWLPHV GDPRIZLQQHUVLQF 

0217(67()$12ZLQVLQ*HUPDQ\DQG,WDO\DWDQGย…LQF3UHPLRGHO3LD]]DOH





0HP(QULFR&DPLFL / 0LODQSODFHGWLPHVLQF QGLQ3UHLVGHU+RWHOOHULH%DGHQ%DGHQ

 



/ DOVRSODFHGWLPHVRYHUMXPSVLQ*HUPDQ\DQG,WDO\DWDQGย…

UGGDP

&DUGRPLQHSODFHGRQFHLQ)UDQFHDW GDPRIZLQQHU  '28&(0$,621VHHDERYH  WKGDP

%XWWRQ8SZLQVLQ)UDQFHDWDQGSODFHGWLPHVLQF QGLQ3UL[)LOOHGHOยถ$LU *U DQGUGLQ3UL[ GH3V\FKH / WKLQ6XQ&KDULRW6WDNHV *U 2ZQVLVWHUWR07272GDPRIZLQQHUVLQF 

58))/(ZLQVLQ)UDQFHLQF3UL[*RQWDXW%LURQ *U 'HDXYLOOHDQG3UL[GHOD&RFKHUH / 





(YU\QGLQ3UL[&RUULGD *U 6DLQW&ORXGGDPRIZLQQHUV







*2%(7:((1ZLQVLQ)UDQFHLQF3UL[GH&RQGH *U /RQJFKDPSDQG3UL[















7RXVOHZLQVLQ)UDQFHUGLQ3UL[GH6DLQW&\U / (YU\



(1&/26(ZLQVLQ)UDQFHDOVRZLQQHURYHUMXPSVLQ)UDQFHLQF3UL[%HXJQRW+DQGLFDS

 



2PQLXP,, / 6DLQW&ORXGUGLQ3UL[GH&KHPLQGH)HUGX1RUG *U 

+XUGOH / $XWHXLOQGLQ3UL[+DUGDWLW+DQGLFDS+XUGOH / $XWHXLO

WKGDP

$0$=(5ZLQQHUDWLQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUVLQF  07272&KDPSLRQROGHUKRUVHLQ(XURSHLQZLQVLQF(FOLSVH6WDNHV *U  WZLFH  



.LQJ*HRUJH9, 4XHHQ(OL]DEHWK,,6WDNHV *U 3ULQFH2I:DOHVยถ6WDNHV *U %ULJDGLHU





*HUDUG6WDNHV *U DQG6HOHFW6WDNHV *U QGLQ3UL[GHOยถ$UFGH7ULRPSKH *U VLUH



6$9285(86(/$'<ZLQVLQ)UDQFHLQF3UL[)LOOHGHOยถ$LU *U GDPRIZLQQHUVLQF







'(/,&,(86(/$'<ZLQVLQ'HQPDUNDQG1RUZD\LQF9LQWHUIDYRULWWHUQHVยSU GDPRI











3HWDO*LUOZLQVDQGUGLQ5ROOHU6WDNHV / GDPRIZLQQHUV







%/8(&$1$5,ZLQVLQ)UDQFHLQF3UL[GX-RFNH\&OXE *U 

087$0$0ZLQVLQF&DQDGLDQ,QWHUQDWLRQDO6WDNHV *U 




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\FROW '(1 UG0D\

  $&$'(0<$:$5' ,5(      ',$021'2)<25. '(1  











 '$1(+,//  ,1*$%(//(    5,&+$5'2)<25.  $//5,*+7  

120,1$7(')257+(%5(('(56¶6(5,(6

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  5$,1%2:48(67 75,3/(),567  $/:$<6)$,5 $//:,16



VWGDP

'LDPRQG2I<RUN  SODFHGWLPHVDWDQGLQ'HQPDUNLQF WKLQ6NDQGLQDYLVN2SGU WQLQJVO¡EKHU RQO\VWDUWVGDPRIIRDORIUDFLQJDJHUXQQHUZLQQHU  .,1*',$021' JE\$FDGHP\$ZDUG ZLQQHURI3HWLW3UL[cUKXVDWDQG'..DQG  SODFHGWLPHVIURPVWDUWV  QGGDP

$//5,*+7  ZLQVDWLQFO'DQVN2SGU WQLQJVO¡E'DQVN.ULWHULXPDQG'DQVN$YOVO¡E$OVR ZLQVDWLQFO0RZHULQDO¡E 'DQLVK*XLQHDV DQG) DEHOODO¡E 'DQLVK2DNV7ULDO SODFHGQG'DQVN 2DNVDQG'..'DPRIZLQQHUVLQF  /$'<&/(0(17,1(ZLQVDQG'..LQFO-\GVN'HUE\DQG9LQWHUIDYRUL WWHUQHV   UHVSU PLHQG0RZHULQDO¡E 'DQLVK*XLQHDV 'DQVN.ULWHULXP DQG6NDQGLQDYLVN   2SGU WQLQJVO¡EUG$XNWLRQVO¡EDQG)DZ]LD6WDNHV WK'DQVN%UHHGHUV¶&XS'DPRI    6,5+(15<ZRQ'DQVN'HUE\QG'DQVN*XLQHDVUG9LQWHUIDYRULWWHUQHV     UHVSU PLH%UHHGHUV¶7URSK\&ODVVLFDQG'DQVN%UHHGHUV¶&XS    6,/9(572:1ZRQ'DQVN.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLH QG6NDQGLQDYLVN     2SGU WQLQJVO¡EDQGUG6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU    6LU:LQVWRQZLQQHUDWDQGSODFHGUG'DQVN*XLQHDV-\GVN'HUE \DQG     6NDQGLQDYLVN2SGU WQLQJVO¡E    +DUERXU/LJKWZLQQHUDWDQGSODFHG QGLQ6NDQGLQDYLVN2SGU WQLQJVO¡E  6LU6SHQFHUZLQVIURPWRDQG'..DOVR QG'DQVN.ULWHULXPDQG-\GVN'HUE\  6LU$OH[DQGHUZLQVDQG'..DOVR QG$XNWLRQVO¡E'HQ-\GVNH9LQWHUIDYRULWDQG %UHHGHUV¶3UL]H6SULQW UG'DQVN.ULWHULXP-\GVN'HUE\DQG%UHHGHUV¶7URSK\&RQVRODWLRQ WK 9LQWHUIDYRULWWHUQHVUHVSU PLH  ('*(2)(7(51,7<ZLQVDQG12.IURPWRLQF'DQVN*DORSV$XNWLRQVO¡E 6NDQGLQDYLVN0HVWHUVNDSIRUnULJHDQG%UHHGHUV¶3 UL]H6SULQWDOVR QG%UHHGHUV¶7URSK\ -XYHQLOH1RUVN.ULWHULXPDQG6NDQGLQDYLVN0HVWHUVN DSIRUnULQJHU  5,*+748(67&$5/5$6ZRQDWWK9LQWHUIDYRULWWHUQHVUHVSU PLH    UGGDP

$//:,16ZRQUDFHVDQG'..LQ'HQPDUN'DPRIZLQQHUVLQF  $//5,*+7VHHDERYH  $//)$,5ZLQVDWDQGDQG'..LQFO'DQVN.ULWHULXPDQG6YHQVNW2DNVQG'DQVN   $YOVO¡E6YHQVNW.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLHUG'DQVN2SGU WQLQJVO¡E   WK'DQVN*XLQHDVDQGWK0RZHULQDO¡E 'DQLV K*XLQHDV 'DPRI     0$<)$,5ZLQVDWDQG'..LQF6NDQGLQDYLVN2SGU WQLQJV O¡E'DPRI       )$,50$<ZRQ1RUVN%UHHGHUV¶&ODVVLF     %/8(0$5<ZLQVDQG'..IURPWRLQF'DQVN%UHHGHUV¶&XSDQG/DUFK      UHVSU PLHQG1RUVN%UHHGHUV¶3UL]H UG%UHHGHUV¶7URSK\&ODVVLFDQG%UHHGHUV¶      7URSK\0LOHWK)DZ]LD6WDNHV'DPRIDZLQQHU       &XW%HOOHQG0RZHULQDO¡E 'DQLVK*XLQHDV   $OO6WDUZLQVDQG'..SODFHGWLPHVLQF QG'DQLVK6W/HJHU




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\FROW '(1 WK$SULO

  $&$'(0<$:$5' ,5(      *,)72)*5$&( )5  











120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    &$'($8;*(1(5(8;  /80(1'(,  

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  <281**(1(5$7,21 60$57(183  5$,6($1$7,9( /,*+72)5($/0



VWGDP

*LIW2I*UDFH  UDQLQ)UDQFHDW'DPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHU  5DMDQL IE\-RKDQQHVEXUJ SODFHGRQFHDW GDPRIDZLQQHU   $:$.(1('63,5,7ZLQVDWDQGÂ&#x2026;IURPRQO\VWDUWV  )(1*68 FE\$QWRQLXV3LXV ZLQQHULQ6LQJDSRUHDWDQGÂ&#x2026;DQGSODFHGRQF H  +RQJNRQJ&DGHDX[ FE\$PDGHXV:ROI \RXQUDFHGWRGDWHLQWUDLQLQJLQ'HQPDUN    QGGDP

/XPHQ'HLSODFHGWLPHVLQ)UDQFHLQF UGLQ3UL[GH/LHXUH\ / 'HDXYLOOHGDPRIZLQQHUVLQF 

6,*1(',9,1UGWRSUDWHG\RFROWLQ)UDQFHLQZLQVDWDQGDQGÂ&#x2026;LQF





  

 QGLQ*UDQG&ULWHULXP *U 9LWWRULRGL&DSXD *U DQG3UL['MHEHO / VLUH /XPLHUH5RXJHSODFHGWLPHVLQ)UDQFHDWDQGÂ&#x2026; GDPRIZLQQHUVLQF   '(6(57%/$1&ZLQVDQGÂ&#x2026;LQF0DQKDWWDQ+DQGLFDS *U DQG3UL[GH

&ULWHULXPGH0DLVRQV/DIILWWH *U 3UL['DSKQLV *U DQG3UL[GH+DUDVGHOD+XGHULH / 

7RXUJHYLOOH / UGLQ)RUW0DUFH6WDNHV *U DQG3UL[GH3ULQFHG¶2UDQJH *U 















/80,(5(12,5(ZLQVLQF*3GHUKWS&XS / QGLQ(XUR6HOHFW6SULQW / 

 





/XPLHUH$VWUDOHZLQQHULQ)UDQFHDWDQGSODFHG UGLQ3UL[GH7KLEHUYLOOH / 

UGGDP

/,*+72)5($/0ZLQVLQ)UDQFHDQG))LQF3UL[GHV5HVHUYRLUV *U SODFHGQGLQ &ULWHULXPGH0DLVRQV/DIILWWH *U DQGWKLQ3UL[GH3DODLV5R\DO *U GDPRIZLQQHUVLQF 

)/$6+2)5($/0ZLQVLQ)UDQFHLQF3UL[2UIHR / DQG&ULWHULXPG¶(YU\ / QGLQ3UL[





  

/LJKW:LQQHUZLQQHULQ)UDQFHDWSODFHGUGLQ3UL[GH5HX[ /  7ROJDSODFHGWLPHVDWGDPRIZLQQHUVLQF   6$7:$48((1ZLQVLQ)UDQFHDQGÂ&#x2026;LQF3UL[GHO¶2SHUD *U 3UL[-HDQ

/XSLQ *U DOVRZLQVRYHUKXUGOHVDQGZLQVRYHUIHQFHV















63$'281ZLQVLQ)UDQFHLQF&ULWHULXPGH6DLQW&ORXG *U 

  

  

  

6WROJDSODFHGRQFHLQ)UDQFHDWGDPRI0DVWHU.LGZLQVDQG'..LQF  'DQVN'HUE\QGLQ6NDQGLQDYLVN2SGU WQLQJVO¡EDQG'DQVN%UHHGHUV¶ &XSUGLQ  6FDQGLQDYLDQ2SHQ&KDPSLRQVKLS *U 'DQVN*XLQHDV%UHHGHUV¶7URSK\0LOH









%UHHGHUV¶7URSK\&ODVVLFDQG%UHHGHUV¶3UL]H&O DVVLF+FS(NR1HJUHVFRZRQ









6YHQVNW6W/HJHUQGLQ'DQVN-RFNH\&OXE&XS / .521+-257ZRQ'DQVN

5RPDQHW *U  WZLFH 3UL[GH3V\FKH *U DQG3UL[9DQWHDX[ *U 









*XLQHDV5$$'<5ZRQ%UHHGHUV¶7URSK\-XYHQLOHJUDQGDPRI 5(9(1721ZRQ









*ROGHQ0LOH / 'DQVN.ULWHULXP$XNWLRQVO¡E6NDQGLQDYLVN2SGU WQLQJVO¡EUGLQ









3RNDOO¡E / +FS&$17(1$&ZRQ'DQVN*XLQHDVDQG'DQVN%UHHGHUV¶&XS




    

&RQVLJQHGE\6WDOG-XSLWHU6WXWWHUL%¡JHO\ +(:HVWHUEHUJ     -2+$11$EURZQILOO\ '(1 WK$SULO  120,1$7(')257+(%5(('(56¶6(5,(6                129$7    

  0,1*81 86$      129$=(0%/$ *%  

 $3,1'<  0,(648(    <281*(51  &$1'$5(/$ 

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  (),6,2 67$5'<1  '$0,67(5 *8(67,0$7( 



VWGDP

1RYD=HPEOD  UDQRQFHDWLQ(QJODQG'DP RIIRDOVRIUDFLQJDJHUXQQHUVZLQQHU  35,1&(5+<''$5&+ FE\-RVU$OJDUKRXG ZLQVDWDQGDQGÂ&#x2026;SODFHGWLPHV  0HOXQG\ IE\%HVW2I7KH%HVWV SODFHGWLPHVDWDQGDQGÂ&#x2026;  9LQFHQW/LYHJRDOV JE\'XWFK$UW KDVUXQRQFHDW     QGGDP

&$1'$5(/$UDQDIHZWLPHVLQ(QJODQG'DPRIZLQQHUVLQF  %<521%$<ZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHVDOVRSODFHGRYHUIHQFHV 0$;,0,186ZLQQHURYHUKXUGOHVDWDQGÂ&#x2026;DQGSODFHGWLPHVD OVRZLQQHURYHUIHQFHV   DQGSODFHGWLPHV  02817.$5,1*$ZLQQHURID1+)ODW5DFHDWDOVRZLQQHURYHUKXUGOHVDQGÂ&#x2026;  6+(,/$¶6&$67/(ZLQQHUDWDQGÂ&#x2026;DQGSODFHGWLPHVDOVRSODFHGR YHUKXUGOHV  /DG\0DUJDUHWUDQDIHZWLPHVDWGDPRIDZLQQHU   0$,'2)0()7ZLQVDWDQGDQGÂ&#x2026;SODFHGWLPHV  UGGDP

*XHVWLPDWHXQUDFHG'DPRIDZLQQHU  *DPH3OR\ZLQVLQ3RODQGDQG86$IURPWRDQGÂ&#x2026;SODFHGUGLQ%D\0HDGRZV   +DQGLFDS *U %D\0HDGRZV  WKGDP %2/')$17$6<ZLQVDWDQGLQF0XOFDK\6WDNHV *U SODFHGWZLFHLQF QGLQ,ULVK *XLQHDV *U DQG&RUNDQG2UUHU\6WDNHV *U IURPRQO\VWDUWVGDPRIZLQQHUVLQF 

.,1*6&27(ZLQVLQF/RZWKHU6WDNHV *U DQG3ULQFHVV0DUJDUHW6WDNHV / QGLQ











5$,1%2:&251(5ZLQVLQ)UDQFHDQG86$LQF3UL[GH)RQWDLQHEOHX *U QG









LQ*UDQG&ULWHULXP *U DQG'XEDL3RXOHG¶(VVDLGHV3RXODLQV *U UG(GGLH5HDG









+DQGLFDS *U VLUH







:(/&20()5,(1'ZLQVLQF'XEDL'XW\)UHH&XS / QG+RSHIXO6WDNHV / 







%$/7,&67$7(ZLQVLQF6XSHUODWLYH6WDNHV / 

  

  :22'(1'2//ZLQQHURI3UL[<DFRZOHI / UG3UL[GHOD6DODPDQGUH *U  )(7,6+ZLQVDQGSODFHGWLPHVIURPRQO\VWDUWVGDPRIZLQQHUV   32/$5:$<ZLQVLQF%RODQG6WDNHV *U QGLQ'LDGHP6WDNHV *U UG'XNH2I





&KHYHOH\3DUN6WDNHV *U IURPRQO\VWDUWVGDPRIZLQQHUVLQF



<RUN6WDNHV *U 




  

&RQVLJQHGE\6WXWHUL+DJHQ *|UDQcVKHLP  $==2/$EURZQILOO\ 6:( WK0D\

  */25,$'(&$03($2 %5=      6$<21$5$ 6:(  

120,1$7(')257+(%5(('(56¶6(5,(6

 ,035(66,21  $8'$&,7<    9(7725,  &$//,32/, 

58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  0$&+,$9(//,$1 $,5',67,1*8(  *5((1'$1&(5 0,1675(/(7(  



VWGDP

6$<21$5$  ZLQVDWDQGLQ6ZHGHQDQG6(.LQF'LDQDO|S QLQJ 6ZHGLVK *XLQHDV $PDFLWDO|SQLQJ60IRUnULJD6WRQDQG UG6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHUIURPVWDUWV GDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  'DQGHURQ JE\3ULROR SODFHGWLPHVDWDQGDQG6(.  &DOYDGRV JE\7UHPSROLQR ZLQVRQWKHIODWDQGZLQVRYHUKXUGOHVDQG6(.  IURPWRLQF-lJHUVUR&XS6YHQVNW'HUE\&RQVRODWLRQDQG+0'URWWQQLQJHQVDOVR QGLQ  6YHQVNW6W/HJHUUG'DQVN.ULWHULXPDQG0DOP|9nUKDQGLFDS WK6FDQGLQDYLDQ&ODVVLF  &KDOOHQJH  %(/8*$ JE\%DOOLQJDUU\ ZLQVDQG6(.DQGSODFHGWLPHVLQVWDUWVLQFWK  6YHQVNW6W/HJHUDQGWK6YHQVNW'HUE\  625$<$ IE\$FDGHP\$ZDUG ZLQQHUDQGSODFHGLQ1RUZD\IURPWR  &$67,//2 JE\$FDGHP\$ZDUG ZRQILUVWWLPHRXWDWKLVRQO\VWDUWWRGDWH     QGGDP

&$//,32/,ZLQVDWDQGÂ&#x2026;LQF0DLQ2Q6XQGD\6HULHV)LQDO 1HZPDUNHWSODFHGWLPHVLQF QG 6KDGZHOO6WXG$SSUHQWLFH6HULHV+)LQDO1HZPDUNHW DQGUG+DUVWRQ+DQGLFDS1HZPDUNHWGDPRI IRDOVRIUDFLQJDJHUXQQHUVZLQQHUVLQF  6$<21$5$VHHDERYH  *UHDW*DPERZLQVDQG6(.LQF6FDQGLQDYLDQ&ODVVLF&KDOOHQJ HSODFHGWLPHV   LQFQG1RUVN%UHHGHUV¶3UL]H6YHQVNW.ULWHULXP+XUULFDQHO|SQLQJ UG%UHHGHUV¶7URSK\   &ODVVLF6YHQVNW'HUE\7ULDOWK'DQVN'HUE\DQG6YHQVW6W/HJHU+FS  UGGDP

0,165(/(7(ZLQQHULQ86$2ZQVLVWHUWR+$33<675,1*6GDPRIZLQQHUVLQF 

381&7,/,2ZLQVDQGÂ&#x2026;LQF3DFHPDNHU,QWHUQDWLRQDO:KLWHKDOO 6WDNHV *U UG-RH

       

 0F*UDWK0HPRULDO6WDNHV *U VLUH /,/%,///ZLQVDQGLQ86$ /<3+(25$ZLQVLQ86$GDPRIWZRZLQQHUV +$33<0,1675$/ZLQQHUDWDQGÂ&#x2026; /8&.</8&$<$ZLQQHUDWDQGÂ&#x2026;GDPRIZLQQHUVLQF  &,148(ZRQ6RXWK$XVWUDOLD6WDNHV / UG6WDQ)R[6WDNHV *U  &$5'8(/ZLQQHUDWLQ86$GDPRIZLQQHUVLQF  )$,7+)8/621ZRQ3ULQFH2I:DOHV¶6WDNHV *U 5R\DO$VRWQG-XGGPRQWH











$/:$<6)$,5ZRQ&RYHQWU\6WDNHV *U 5R\DO$VFRW3UL[4XLQFH\ *U 'HDXYLOOH







,QWHUQDWLRQDO6WDNHV *U <RUN&RUDO(FOLSVH6WDNHV *U 6DQGRZQ QG&KDPSDJQH6WDNHV *U 'RQFDVWHUVLUH




  

&RQVLJQHGE\-DQ-RKDQVVRQ       =,/9$=$,'EURZQILOO\ 6:( WK$SULO 

  0,1*81 86$      =$0%,=$,' 6:(  

 $3,1'<  0,(648(    67(9(¶6)5,(1'  =$17$1$=$,'   

120,1$7(')257+(%5(('(56¶6(5,(6 7KLV\HDUOLQJ¶VQDPHFDQ¶WEHFKDQJHG  6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  67(9:$5' &2167$17&203$1,21  7$00(5)256 =$,'$



VWGDP

=DPEL=DLG  UDQDIHZWLPHVDWLQ6ZHGHQGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  =DQ]LEDU=DLG FE\7KHDWULFLDQ ZLQVIURPWRLQ6ZHGHQDQGLQ6SDLQDQG6(.  SODFHG QGLQ6ZHGHQ&XS-XYHQLOH0LOH UGLQ6YHQVNW.ULWHULXPDQG60I|UnULJD+LQJVWDURFK  9DOODFNHUDQGWKLQ'XW\7LPH-XYHQLOH0LOH+FS  =HOO$P]HH=DLG IE\7URRQ ZLQVDWDQGLQ6ZHGHQDQG6(.LQF6ZHGHQ& XS  -XYHQLOH0LOH6WLJ+ROPV0HPRULDODQG%HFN\0RVV )LOOLHV0LOHSODFHG QGLQ6YHQVNW.ULWHULXP  DQG2XU0DUWLQ-XYHQLOH0LOH UGLQ0DOP|6WDGV3ULVDQG$OWDPLUDO|SQLQJ+FS 'DPRI  ZLQQHUV  =/$7$1=$,' JE\7KHDWULFLDQ ZLQVDWDQGLQ6ZHGHQDQG6(.SODFHGWLP HV  IURPVWDUWVLQFQGLQ6YHQVNW.ULWHULXP&RQVRODWLRQ+FS  =$),5=$,' JE\5LFKDUG2I<RUN ZLQVDWDQGDQG6(.SODFHGWLPHV  QGGDP

=DQWDQD=DLGZLQVIURPWRLQ6ZHGHQDQG6(.DQGSODFHGWLPHVLQFUGLQ6YHQVNW 2DNV-lJHUVURDQG6NDQGLDO|SQLQJ7lE\ 'DPRIZLQQHUV  =2+$57=$,'ZLQQHUDWLQ6ZHGHQSODFHGDOVRZLQQHURYHUKXUGOHVLQ6ZHGHQDWDQG   6(.  =,1*2=$,'ZLQQHUDQGSODFHGDWLQ6ZHGHQ  =RUED=DLGSODFHGWZLFHDWGDPRIDZLQQHU    -$0'(/,/$+ZLQQHUDWLQ6ZHGHQ  UGGDP

=DLGDXQUDFHGGDPRI  =DQWDQD=DLGVHHDERYH  =RUR\DZLQVIURPWRLQ6ZHGHQSODFHG UGLQ-RFNH\NOXEEHQV$YHOVO|SQLQJDQG6YHQVNW   2DNV7ULDOWKLQ'LDQDO|SQLQJ 6ZHGLVK*XLQHDV +FS GDPRIZLQQHUV    =225,=$,'ZLQVDWLQ6ZHGHQDQGSODFHGWLPHVGDPRI=DYDQQ=DLGZLQVLQ     1RUZD\DQG6ZHGHQDQG6(.DQGSODFHG WLPHVLQFUGLQ0DOP|6WDGV3ULV     DQG%UHHGHUV¶7URSK\-XYHQLOH=,7=$,'ZLQVLQ1RUZD\DQG6ZHGHQDQG6(.     DQGSODFHGWLPHV=2=2=$,'ZLQQHUDQGSODFHGLQ6ZHGHQ=,/9(5=$,'     ZLQQHUDQGSODFHGLQ6ZHGHQ    =227=$,'ZLQVDWDQG6(.LQF6YHQVNW.ULWHULXP+FS  =,1'<=$,'ZLQQHUDWLQ6ZHGHQGDPRIZLQQHUVLQF=,5586=$,'ZLQVDQG6(.    DQG=22*,1=$,'ZLQVDQG6(.+FS  =RULQD=DLGXQUDFHGGDPRIDZLQQHU    =2206=$,'ZLQVLQ6ZHGHQIURPWRDQGSODFHGWLPHV




   

&RQVLJQHGE\ ,͘^ƚŽƌŬ͕:ΘW<ŶƵĚƐĞŶ͕<͘EŝĞůƐĞŶ 0<3($5/FKHVQXWILOO\ '(1 WK0D\ 

  0,1*81 86$      7233($5/ '(1  

 $3,1'<  0,(648(    ,76$%5$+0$  )52173($5/   

120,1$7(')257+(%5(('(56¶6(5,(6

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  .,1'2)+86+ 0<+$%,%,  67$55<1,*+7 )5217/,1(



VWGDP

7RS3HDUO  ZLQVDQG'..DWDQGLQ.ODPSHQERUJcUKXV 2GHQVHDQG$DOERUJLQF $DOERUJVnUV0HVWHUVNDE'HQ-\GVNH9LQWHUIDYRULW %(3URILOHUVnUV6HULHDQG.HQWDXU7URSK\DOVR SODFHGWLPHVLQVWDUWVLQF QGLQ'DQVN2DNV&HUHV-\GVN'HUE\DQG'DQVN0HVWHUVNDEUGLQ'DQVN .ULWHULXP/DUFKUHVSU PLH6FHSWUH6WDNHV WKLQ'DQVN%UHHGHUV¶&XSGDPRIIRDOVRIUDFLQJDJH UXQQHUVZLQQHU  )UHQFK&RQQHFWLRQ JE\/D\PDQ SODFHGWZLFHLQ'HQPDUNDWKLVRQO\VWDUWV  5('3($5/ IE\6SHFLDO4XHVW ZLQVDQG'..DWDQGLQF3URGXFH6WDNHV  DQG7RnULQJHUQHV6WD\HUSU¡YH QG'HUE\7ULDO6WDNHV    QGGDP

)URQW3HDUOZLQVDQG'..IURPWRLQF-9%¶VnUV-XELO XPVO¡E3ODFHG QGLQ$DOERUJ nUV*UDQG3UL[UGLQ'DQVN$YOVO¡EDQG WK'DQVN0HVWHUVNDEIRUnULJH-WKLJKHVWUDWHG'DQLVK\R ILOO\LQ'DPRIZLQQHUVLQF  5('%2%ZLQVIURPWRDQG'..SODFHGWLPHV  526(3($5/  ZLQVDQG'..6(.LQ'HQPDUN6ZHGHQDQG1RUZD\ SODFHG   WKLQ%UHHGHUV¶7URSK\-XYHQLOH7lE\DQG6NDQGLQDYL VN2SGU WQLQJVO¡EWKLQ'DQVN2DNV  7RS3HDUOVHHDERYH  5(')25'ZLQVDWDQGLQ'HQPDUNDQGSODFHGWZLFHIURPRQO\VWDUWVWR  UGGDP

)5217/,1(ZLQVDWLQ.ODPSHQERUJ+DOIVLVWHUWR&+,1$72:1GDPRIZLQQHUV  )URQW3HDUOVHHDERYH  &$//$127+(521(ZRQKLVGHEXWDWDW.ODPSHQERUJGLHGDW  WKGDP

5‘'723&KDPSLRQ\RLQ6FDQGLQDYLDZLQVLQF'DQVN2SGU WQLQJVO¡E'DQVN.ULWHULXP 9LQWHUIDYRULWWHUQHVUHVSU PLHDQG3UL[GH3HWLW7HOOLHU0DLVRQV/DIILWWHDOVRSODFHG QGLQ6YHQVNW .ULWHULXP0RZHULQDO¡E 'DQLVK*XLQHDV DQG'L DQDO|SQLQJ 6ZHGLVK*XLQHDV 2ZQVLVWHUWR 5‘'675‘03(ZRQ'LDQDO|SQLQJ 6ZHGLVK*XLQHDV DQGWR 5‘'+8'ZRQ'DQVN6W/HJHUDQG QGLQ'DQVN'HUE\DQG6YHQVNW6W/HJHU UGLQ'DQVN*XLQHDVDQG'DQVN.ULWHULXP WKLQ6YHQVNW 'HUE\DQG6NDQGLQDYLVN*UDQG3UL[GDPRIZLQQHUVLQF  723*8(67ZLQVLQ6ZHGHQ  &+,1$72:1ZRQ'DQVN'HUE\6YHQVN'HUE\DQG6NDQGLQDYLVNnUV0 HVWHUVNDESODFHG QGLQ   'DQVN6W/HJHUDQGWKLQ3URGXFH6WDNHVDQG9LQWHUIDYRULWWHUQHVUHVSU P LH  5RXJHDXGSODFHG QGLQ-\OODQGVO¡EDQG'LVWDQFHSU¡YHQ  6+$53.,1*ZLQV




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\ILOO\ '(1 WK$SULO

  $&$'(0<$:$5' ,5(      3,$1(//$ ,5(  











120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    5(9248(  :,&.(' 

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  )$,5<.,1* /$%(//$)217$1$  &20021*5281'6 $=$//<$ 



VWGDP

3,$1(//$  ZLQVDQG6(.DWLQF6YHDODQGO|SQLQJ7lE\DQGSODFHGWLPHV+FS GDPRIIRDOVRIUDFLQJDJHUXQQHU  &DQHOOD IE\&DMXQ&DGHW SODFHGWLPHV IURPWRLQ6ZHGHQDQG'HQPDUN  11 '(1  JE\$FDGHP\$ZDUG \RXQUDFHGWRGDWHLQWUDLQLQJLQ'HQPDUN    QGGDP

:LFNHGUDQDIHZWLPHVDWGDPRIZLQQHUVLQF  :,&.(':,/0$ZLQVDQGÂ&#x2026;DQGSODFHGWLPHV  UGGDP

$=$//<$ZLQQHUDWLQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUVLQF  6(5,286ZLQQHUDWDQGSODFHGWLPHVDOVRZLQVRYHUKXUGOHVDQGSODFHGRYHUIHQFHV  +(,*+72)+(,*+76ZLQQHUDWDQGSODFHGRQFH  1267$/*,$ZLQQHULQ%DUEDGRV  %D\DGHUHSODFHGWZLFHDWGDPRIZLQQHUVLQF    %5<21<%5,1'ZLQVDQGÂ&#x2026;LQF3UL[GH7KLEHUYLOOH / 'HDXYLOOH    $=85ZLQVDQGÂ&#x2026;DQGSODFHGWLPHV    3(7$/ZLQVLQ&DQDGDIURPWRDQGÂ&#x2026;  WKGDP

$=85(//$ZLQVLQ)UDQFHLQF3UL[GH0DOOHUHW *U /RQJFKDPSDQG3UL[GH5R\DXPRQW *U  &KDQWLOO\SODFHG WKLQ3UL[GHOD1RQHWWH *U /RQJFKDPSGDPRIZLQQHUVLQF   

$1,75$·6'$1&(ZLQVLQ)UDQFHLQF3UL[GH0LQHUYH *U QGLQ3UL[GH3RPRQH *U   GDPRIZLQQHUVLQF   62/9(,*ZLQVLQ)UDQFHLQF3UL[)LOOHGHO¶$LU *U GDPRI9$*8(/<*$<















*2/'¶6'$1&(ZLQVLQ)UDQFHGDPRI*2/'$0,;ZRQ&ULWHULXPGH6DLQW&ORXG











%OXH5LYHUZLQQHULQ)UDQFHUGLQ3UL[G¶$XPDOH *U GDPRIZLQQHUVLQF

ZLQVLQ)UDQFHDQG86$LQF3UL[3HOODV /  *U UGLQ3UL[GH'LDQH *U 







5$<21%/(8ZLQVLQ)UDQFHLQF3UL[&RUGH&KDVVH / VLUH







6WDQL5LYHUZLQQHULQ)UDQFHQGLQ3UL[G¶$XWRPQH / DQG3UL[GHV7RXUHOOHV / 







6($5,1*ZLQVLQ)UDQFHGDPRI7255(675(//$ZLQVLQ)UDQFHLQF3RXOH

   

   G¶(VVDLGHV3RXOLFKHV *U  $=<$'((ZLQQHULQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUVLQF   5(,1($0$1',1(ZLQVLQF3UL[GH/LDQFRXUW / UG/DGLHV+DQGLFDS *U    67((/(;35(66ZLQVLQ'HQPDUNLQF'DQVN2DNV+FSGDPRIZLQQHUV




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\ILOO\ '(1 WK0D\

  $&$'(0<$:$5' ,5(      $87$5&,( )5  









 '$1(+,//  ,1*$%(//(    6.,&+,()  9('(+(0( 



120,1$7(')257+(%5(('(56¶6(5,(6

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  &+,()¶6&52:1 6.,*2**/(  0,6:$., 5($/,6$75,&( 



VWGDP

$XWDUFLH UDQDIHZWLPHVLQ)UDQFH'DPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  &+$5/277(., IE\6LQ.LDQJ ZLQVLQ)UDQFHIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV  $9$7((5 FE\)LQDO$SSHDUDQFH ZLQQHUDWLQ'HQPDUNDQG'..SODFHGWLPHV IURPVWDUWVLQFWKLQ6YHQVNW6W/HJHU+FS  0,661,&2/( IE\$FDGHP\$ZDUG ZLQVLQ'HQPDUNDWDQG'..LQF3URGXFH 6WDNHVDQG$XNWLRQVO¡EV&RQVRODWLRQSODFHGWLPHV IURPVWDUWV+FS  0LVV1LNLWD IE\)LQDO$SSHDUDQFH SODFHGDWLQ6ZHGHQKHURQO\VWDUWWRGDWH    QGGDP

9HGHKHPHUDQRQFHLQ)UDQFHDWGDPRIZLQQHUV  :$.$321(7$ZLQVLQ)UDQFHIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV  6$&+$3$&+$ZLQVLQ)UDQFHDWDQGÂ&#x2026;DQGSODFHGWLPHV  2SSDPDWWR[GDPRIZLQQHUV    %HOOHGH/XQHZLQQHUDWLQ)UDQFHDQGÂ&#x2026;SODFHGWLPHVLQFQGLQ3UL[ 













6RUU\:RPDQZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;SODFHGW LPHVLQFUGLQ

,PSUXGHQFH *U 

  

 

 

 3UL[GHV5HYHVG¶2U /  (9(5025(ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;DQGSODFHG WLPHV

UGGDP

5HDOLVDWULFHUDQDIHZWLPHVLQ)UDQFHDWGDPRIDZLQQHU  ,1)$173527e*eZLQQHUDWDQGSODFHGWLPHVGDPRIDZLQQHU  WKGDP

5($/7<ZLQVLQ)UDQFHDWDQGLQF3UL[GH6HLQHHW2LVH *U 3UL[GX*URV&KHQH *U DQG 3UL[GX3HWLW&RXYHUW *U SODFHGWLPHVLQFQGLQ.LQJ¶V6WDQG6WDNHV *U DQGUGLQ-XO\&XS *U 3UL[GH6DLQW*HRUJHV *U DQG3UL[0DXULFHGH*KHHVW *U GDPRIZLQQHUVLQF 

5($//</8&.<ZLQVLQ)UDQFHLQF3UL[GH6DLQW&\U / SODFHGWKLQ3UL[GH5R\DXPRQW





*U GDPRIZLQQHUVLQF







5$9,1(//$-WWRSUDWHG\RLQ(XURSHLQ-WUGWRSUDWHG\RILOO\LQ(XURSH

















*XLQHDV6WDNHV *U 3RXOHG¶(VVDLGHV3RXOLFKHV *U 3UL[G¶$UHQEHUJ









*U 3UL[,PSUXGHQFH / $OO$ORQJ6WDNHV / DQG+LDOHDK%UHHGHUV¶&XS+DQGLFDS









/ UGLQ&RURQDWLRQ6WDNHV *U DQG*DPHO\+DQGLFDS *U 

 

 

 

/,1(,17+(6$1'ZLQVLQ86$LQF/RXLVLDQD'HUE\ *U /HFRPWH+DQGLFDS  DQG5LVHQ6WDNHV6WDNHVVLUH

LQZLQVLQ(QJODQG)UDQFHDQGLQ86$LQF&KHYHOH\3DUN6WDNHV *U 




  

&RQVLJQHGE\%HUQHU2OVHQ      &KHVQXWILOO\ '(1 WK)HEUXDU\

  63(&,$/48(67 )5      $//5,*+7 '(1  





 5$,1%2:48(67  021$67(//$    $/:$<6)$,5  $//:,16   

120,1$7(')257+(%5(('(56¶6(5,(6

%/86+,1**5220 ,:,//)2//2:  185(<(9 021$5$  '$1=,* &$5'8(/  1(/7,12 1(:3257



VWGDP

$//5,*+7  ZLQVDWLQFO'DQVN2SGU WQLQJVO¡E'DQVN.ULWHULXPDQG'DQVN$YOVO¡E$OVR ZLQVDWLQFO0RZHULQDO¡E 'DQLVK*XLQHDV D QG)DEHOODO¡E 'DQLVK2DNV7ULDO SODFHGQG'DQVN  2DNVDQG'..'DPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUVLQF  /$'<&/(0(17,1( IE\5LFKDUG2I<RUN ZLQVDQG'..LQFO-\GVN'HUE\DQG  9LQWHUIDYRULWWHUQHVUHVSU PLH QG0RZHULQDO¡E 'DQLVK*XLQHDV 'DQVN.ULWHULXP DQG  6NDQGLQDYLVN2SGU WQLQJVO¡E UG.ODPSHQERUJ$XNWLRQVO¡EDQG)DZ]LD6WDNHV WK'DQVN  %UHHGHUV¶&XS'DPRI    6,5+(15<ZRQ'DQVN'HUE\QG'DQVN*XLQHDVUG9LQWHUIDYRULWWHUQHV     UHVSU PLH%UHHGHUV¶7URSK\&ODVVLFDQG'DQVN%UHHGHUV¶&XS    6,/9(572:1ZRQ'DQVN.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLHQG6NDQGLQDYLVN     2SGU WQLQJVO¡EDQGUG6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU    6LU:LQVWRQZLQQHUDWDQGSODFHGUG'DQVN*XLQHDV-\GVN'HUE \DQG     6NDQGLQDYLVN2SGU WQLQJVO¡E    +DUERXU/LJKWZLQQHUDWDQGSODFHG QGLQ6NDQGLQDYLVN2SGU WQLQJVO¡E  6LU6SHQFHU FE\5LFKDUG2I<RUN ZLQVIURPWRDQG'..DOVRQG'DQVN .ULWHULXPDQG&HUHV-\GVN'HUE\  6LU$OH[DQGHU FE\5LFKDUG2I<RUN ZLQVDQG'..DOVR QG$XNWLRQVO¡E'HQ -\GVNH9LQWHUIDYRULWDQG%UHHGHUV¶3UL]H6SULQW UG'DQVN.ULWHULXP-\GVN'HUE\DQG%UHHGHUV¶ 7URSK\&RQVRODWLRQ WK9LQWHUIDYRULWWHUQHVUHVSU PLH  -2/,()/(85 IE\5LFKDUG2I<RUN ZLQQHUDWDQG'..DOVR QG%UHHGHUV¶-XYHQLOH &RQVRODWLRQDQG%DVQ VO¡E WK'DQVN.ULWHULXP  ('*(2)(7(51,7< IE\$FDGHP\$ZDUG ZLQVDQG12.IURPWRLQF'DQVN *DORSV$XNWLRQVO¡E6NDQGLQDYLVN0HVWHUVNDSIRUnULJHDQG%UHHGHUV¶3UL]H6SULQWDOVR QG %UHHGHUV¶7URSK\-XYHQLOH1RUVN.ULWHULXPDQG6NDQ GLQDYLVN0HVWHUVNDSIRUnULQJHU  5,*+748(67&$5/5$6 FE\6SHFLDO4XHVW ZRQDWWK9LQWHUIDYRULWWHUQHVUHVSU PLH    QGGDP

$//:,16ZRQUDFHVDQG'..LQ'HQPDUN'DPRIZLQQHUVLQF  $//5,*+7VHHDERYH  $//)$,5ZLQVDWDQGDQG'..LQFO'DQVN.ULWHULXPDQG6YHQVNW2DNVQG'DQVN   $YOVO¡E6YHQVNW.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLHUG'DQVN2SGU WQLQJVO¡E   WK'DQVN*XLQHDVDQGWK0RZHULQDO¡E 'DQLV K*XLQHDV 'DPRI     0$<)$,5ZLQVDWDQG'..LQF6NDQGLQDYLVN2SGU WQLQJV O¡E'DPRI      ZLQQHUVLQFO       )$,50$<ZRQ1RUVN%UHHGHUV¶&ODVVLF     %/8(0$5<ZLQVDQG'..IURPWRLQF'DQVN%UHHGHUV¶&XSDQG/DUFK      UHVSU PLHQG1RUVN%UHHGHUV¶3UL]HUG%UHHGHUV¶7URSK\&ODVVLFDQG%UHHGHUV¶      7URSK\0LOHWK)DZ]LD6WDNHV'DPRIDZLQQHU       &XW%HOOHQG0RZHULQDO¡E 'DQLVK*XLQHDV   $OO6WDUZLQVDQG'..SODFHGWLPHVLQF QG'DQLVK6W/HJHU




  

&RQVLJQHGE\/MXQJVWRUSV*nUG$%     120,1$7(')257+(%5(('(56ยถ6(5,(6 0565+,$11$FKHVQXWILOO\ 6:( WK0D\

  1((':22'%/$'( *%      *2/'$1'*5(< 6:(  

 3,927$/  ),1/$**$1    ,1)250$17  0560</(6 

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  .5,6 ,1)$17$5($/  5$*7,0(%$1' *2/'%(//  



VWGDP

*2/'$1'*5(<  ZLQVIURPWRLQ6ZHGHQDQG'HQPDUNDQG6(.LQF'LDQD O|SQLQJ 6ZHGLVK*XLQHDV *|WDODQGO|SQLQJ6F DQLD6SULQW.D\-HQVHQV3ULV6ZHGHQ&XS6SULQW SODFHGWLPHVLQF QGLQ5RVHQJnUGO|SQLQJ6FDQLD6SULQW7136WXWHQ5HQ QHQ.|OQUGLQ606SULQWHUV WKLQ0RZHULQDOยกE 'DQLVK*XLQHDV +FSGDP RIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  *2/'(13$&(0$.(5 JE\6ZHGLVK6KDYH ZLQVDQG6(.SODFHGWLPHVLQ  6ZHGHQIURPWR  :,11,(728 JE\6KDZGRQ ZLQQHUDWLQ6ZHGHQDQGSODFHGWZLFH  521$/'2 JE\7HUURLU ZLQVDWLQ6ZHGHQDQG6(.SODFHGWLPHVIURPVWDUWV  0U&HH/R FE\1HHGZRRG%ODGH \RXQUDFHGWRGDWH    QGGDP

0UV0\OHVZLQVLQ6ZHGHQDQG6(.SODFHG QGLQ0RZHULQDOยกE 'DQLVK*XLQHDV  5RVHQJnUGO|SQLQJ60nULJD WKLQ6NnQHODQGO|SQLQJGDPRIZLQQHUV  *2/'$1'*5(<VHHDERYH  6&$5$0$1*$ZLQVLQ6ZHGHQDQG6(.SODFHGWLPHV  0563$86,1,ZLQQHUDQGSODFHGLQ6ZHGHQ  0UV/DYLJQHSODFHGWLPHVDWDQGLQ'HQPDUNDQG6ZHGHQ  0UV%HFNKDPSODFHGWLPHVDWDQGLQ'HQPDUNDQG6ZHGHQ  UGGDP

*ROGEHOOXQUDFHGGDPRIZLQQHUV  0U:LOOLDPVZLQVLQ6ZHGHQSODFHG QG0DOP|6WDGV3ULV-lJHUVUR  0UV0\OHVVHHDERYH  0,'/(5ZLQVIURPRQO\VWDUWV  &RQGHFGDPRIDZLQQHU   *21(29(5ZLQVDWLQ+RQJ.RQJ  WKGDP

0DUFK%HOOGDPRIDZLQQHU  '$9,(%(//ZLQQHUIURPRQO\VWDUWV  WKGDP

&256/(<%(//ZLQQHURI:HVWPLQVWHU6WDNHV(SVRPDWDQGSODFHGRQFH'DPRIZLQQHUVLQF     

72:1&5,(5ZLQVLQF4XHHQ$QQH6WDNHV5R\DO$VFRWVLUH /DFHEHOOGDPRIZLQQHUVLQF  587*(552<$/ZLQVLQ6ZHGHQLQF-RFNH\NOXEEHQV-XELOHXPVO|SQLQJ7l E\  5XWJHU&DO\SVRZLQVLQ6ZHGHQSODFHG UGLQ6YHQVNW.ULWHULXP-lJHUVUR  7+5,//(5ZLQVLQ6ZHGHQSODFHG UGLQ7UHnULQJHUQDV(OLWO|SQLQJ7lE\




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\ILOO\ '(1 WK$SULO

  $&$'(0<$:$5' ,5(      $172,1(77( '(1  











120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    0$60(',$  0,66(772, 

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  *5((1'$1&(5 0,66&$5,1$  5,&+$5'2)<25. 0$'$0((772, 



VWGDP

$QWRLQHWWH  ZLQVDWDQG'..LQF/DUFKUHVSU PLHDOVRSODFHGWLPHVLQF QG 0RZHULQDO¡E 'DQLVK*XLQHDV 'DPRIIRDOVR IUDFLQJDJHUXQQHUZLQQHU  $17+21< FE\)LQDO$SSHDUDQFH ZLQVDQG'..LQFO'DQVN6W/HJHUDOVR UG 6NDQGLQDYLVN2SGU WQLQJVO¡E'DQVN*DORSV$XNWLRQVO ¡EDQG'DQVN.ULWHULXP  IE\$FDGHP\$ZDUG GLHGDVDIRDO  $XJXVWD IE\$FDGHP\$ZDUG \RXQUDFHGWRGDWHLQWUDLQLQJLQ'HQPDUN    QGGDP

0,66(772,ZRQ0RZHULQDO¡E 'DQLVK*XLQHDV DOVRSODFHGW LPHVLQFQG6NDQGLQDYLVN 2SGU WQLQJVO¡EDQG'..'DPRIZLQQHUVLQF  $QWRLQHWWHVHHDERYH  7(03,ZRQ6NDQGLQDYLVN2SGU WQLQJVO¡EDOVR UG3URGXFH6WDNHV'DPRI   +RYVDZLQVDWDQGDQG'..DOVR QG%UHHGHUV¶7URSK\&ODVVLFDQG%UHHGHUV¶    3UL]H&ODVVLF   )/<(5ZLQVIURPWRDQG'..LQF.ODPSHQERUJ6WRUH6SULQW+FS  /,%(5$7,21ZLQVDQG'..IURPWRDOVRSODFHGWLPHV  (772,ZLQVDWDOVRSODFHGWLPHVIURPVWDUWV  UGGDP

0$'$0((772,ZLQVLQF'DQVN.ULWHULXP'DQVN$YOVO¡E6FHSWUH6WDNHVDOVRSODFHGWLPHVLQF QG 'DQVN2DNVUG)DEHOODO¡E+DOIVLVWHUWR0(,6(/5((0GDPRIZLQQHUVIURPUXQQHUVLQF  0,66(772,VHHDERYH  0RQVLHXU(W7RLZLQVDQG'..LQF0DGH,Q'HQPDUN QG'DQVN*XLQHDV WK   'DQVN'HUE\DQG'DQVN.ULWHULXPIURPRQO\VWDUWV  '$16(86((772,ZRQ6NDQGLQDYLVN2SGU WQLQJVO¡EDOVRUG6NDQGLQDYLVN 0HVWHUVNDSIRU   nULQJHUDQG'DQVN.ULWHULXPWK'DQVN'HUE\DQG'..'DPRI    /RLUHZLQVDWDQGLQ1RUZD\DOVRSODFHG QG'DQVN.ULWHULXPDQG%UHHGHUV¶7URSK\     -XYHQLOHUG6NDQGLQDYLVN2SGU WQLQJVO¡EDQG WK'DQVN*DORSV$XNWLRQVO¡E  (772,52<$/(ZLQVDQG'..LQF/DUFKUHVSU PLHDQG3RPS¡V&XS  WKGDP

7$9(//$ZLQQHUDWDQGSODFHGWZLFHGDPRIZLQQHUVLQF 

0(,6(/5((0ZRQUDFHVDWKRPHDQGLQ)UDQFHLQFOXGLQJ3UL[G $VWDUWH *U DQG

  

  

&KLOG6WDNHV *U SODFHGQGLQ*XLQHDV *U DQGUGLQ3UL[GX0RXOLQ *U GDP RIZLQQHUVLQF  35,1&(/<+(,5ZRQUDFHVLQF3KRHQL[6WDNHV *U QGLQ3DUN6WDNHV *U 









6ZLQJ)DVWHUZRQUDFHVLQ,WDO\SODFHGVHFRQGLQ3UHPLR'HOOHDQD / 



DQGUGLQ$QJOHVH\6WDNHV *U DQG+XQJHUIRUG6WDNHV *U VLUH




  

&RQVLJQHGE\-3/RQJ+%   %D\FROW 6:( UG0DUFK

  675$7(*,&35,1&( *%      /22.7+$7&+,&. 86$  











 '$16,/,  $86+(55$    6289(1,5&23<  *2/'(1*/,00(5   

120,1$7(')257+(%5(('(56¶6(5,(6

'$1(+,// +$6,/,  ',(6,6 35,1&(662)0$1  0535263(&725 '$1&,1*75,%87(  .(1'25 0$5,(*/,77(56



VWGDP

/22.7+$7&+,&.  ZLQVDWLQ6ZHGHQDQG6(.DQGSODFHGWLPHVIURPRQO\VWDUWV LQFWKLQ'LDQDO|SQLQJ 6ZHGLVK*XLQHDV DQG$OWDPLU DO|SQLQJ'DPRIIRDORIUDFLQJDJH  JE\2USHQ GLHGDVD\HDUOLQJ    QGGDP

*ROGHQ*OLPPHUZLQQHULQ)UDQFHDWDQGÂ&#x2026;SODFHGWLPHVLQF QGLQ3UL[OD6RUHOOLQD / /D 7HVWH%XFKGDPRIZLQQHUV  /22.7+$7&+,&.VHHDERYH  62/(,/*5,6ZLQVLQ)UDQFHDWDQGÂ&#x2026;DQGSODFHGWZLFH  (<(6%/8(ZLQQHULQ)UDQFHDWDQGÂ&#x2026;DQGSODFHRQFHDOVR ZLQQHURYHUMXPSVLQ   )UDQFHDWDQGÂ&#x2026;DQGSODFHGRQFH  +27*8<ZLQQHUDWLQ86$  UGGDP

0DULH*OLWWHUVXQSODFHGLQ)UDQFHGDPRIZLQQHUV  *5(<*/,77(56ZLQVLQ)UDQFHDWDQGÂ&#x2026;LQF*UDQG3UL[GH&ODLUHIRQWDLQH(WDORQ 





/283<*/,77(56ZLQVLQ)UDQFHDQGÂ&#x2026;LQF3UL[OD&DPDUJR / GDPRIZLQQHUV

(QULTXH / QGLQ3UL[GH/XWHFH *U DOVRZLQQHURYHUMXPSVLQ)UDQFHDW



*ODPRXU*OLWWHUVZLQVRYHUMXPSVLQ)UDQFHQGLQ3UL[GH0/DIILWWH+XUGOH *U 



/DG\*OLWWHUVSODFHGWLPHVLQ)UDQFHDWDQGLQFUGLQ3UL[GH%DJDWHOOH / DQG3UL[GHV

  

  

 

   *3GH&RPSLHJQH / QGLQ*3YRQ/RWWR+DPEXUJ *U DQG+HVVHQ3RNDO *U  .(11<*/,77(56ZLQQHULQ)UDQFHDWGDPRIZLQQHUV







'5($0,1%/8(ZLQVLQ)UDQFHDQGÂ&#x2026;LQF3UL[GHOD&DOLIRUQLH / SODFHGUG

 







/LODV / GDPRIZLQQHUV  %/8(6$3+,5(ZLQVLQ)UDQFHIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV  3LYROLQHXQUDFHGGDPRI3(7,7&+(9$/,(5ZLQVLQ)UDQFHWRDQGÂ&#x2026;LQF

LQ3UL[GH)RQWDLQHEOHDX *U 

WKGDP

0$5,('(9(=ZLQQHULQ)UDQFHDQGSODFHGRQFHGDPRIZLQQHUVLQF  0$5,('(.(1ZLQVLQ)UDQFHLQF3UL[)LOOHGO¶$LU *U DQG3UL[GH/LDQFRXUW / SODFHG 



QGLQ3UL[GH&RQGH *U GDPRIZLQQHUV





















$1$0$5,(ZLQVLQ)UDQFHLQF3UL[G¶+DUFRXUW *U DQG3UL[9DQWHDX[ *U 

&+$502ZLQVLQ86$LQF%UHHGHUV¶&XS0LOH+FS *U QGLQ%UHHGHUV¶&XS0LOH 6WDNHV *U 




  

&RQVLJQHGE\(YD&63HWWHUVVRQ      120,1$7(')257+(%5(('(56¶6(5,(6 021$17+26ED\FROW 6:( WK0DUFK

  $&$'(0<$:$5' ,5(      ,5,6+%/8(6 6:(  

 '$1(+,//  ,1*$%(//(    728&+2)7+(%/8(6  +,'(287   

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  &$'($8;*(1(5(8; 6,/$%7(1,  0$*(67(5,$/ +81'5('7,0(6



VWGDP

,ULVK%OXHV  ZLQQHUDWLQ6ZHGHQDQG6(.DQGSODFHGWLPHVLQFQGLQ$PDFLWDO|SQLQJ 7lE\DQG1RUVN.ULWHULXPÂ&#x2018;YUHYROO+FSGDPRIIRDORIUDFLQJDJHUXQQHU  /RWKLDQLD IE\'LVWDQW7KXQGHU KDVUXQWZLFHDW    QGGDP

+LGHRXWSODFHGWZLFHDWLQFUGLQ0DUEOH+LOO6WDNHV / &XUUDJKGDPRIZLQQHUVLQF  1(9(5+,'(ZLQVLQ'HQPDUNDQG6ZHGHQIURPWRDQG6(.SODFHGWLPHV  '20($)$925ZLQVIURPWRLQ6ZHGHQDQG'HQPDUNDQG6(.LQF.D\-HQVHQV   3ULV+FSGDPRIDZLQQHU    581)250(ZLQVLQ6ZHGHQDWDQGSODFHGWLPHV  +($572)9$/(17,1(ZLQVDWDQGDQG6(.SODFHG QGLQ*|WDODQGO|SQLQJ  29(57+(5$,1%2:ZLQVDWLQ'HQPDUNDQGSODFHGWLPHV  +$6$5'ZLQVDWDQGLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHVGDPRIZLQQHUV    '(0,//('(8;ZLQVDWLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV    -2(00$ZLQVLQ)UDQFHDQGSODFHGRQFH  +ROGRXWGDPRIZLQQHUV    0,66/$26ZLQQHUDWLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV    &2/2852)'(67,1<ZLQQHUDWLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV    6:((7/2//<ZLQQHUDWLQ)UDQFHDQGSODFHGRQFH   UGGDP

+81'5('7,0(6ZLQQHUDWLQ86$H[SRUWHGWR9HQH]XHODLQGDPRIZLQQHUVLQF  +LGHRXWVHHDERYH  +81'5(')2/'ZLQVDWDQGLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHVVLUH  285'87&+3$/ZLQVDWDQGLQ86$DQGÂ&#x2026;DQGSODFHGWLPHV  WKGDP

+XQGUHG+RXVHSODFHVWLPHVLQ86$DWGDPRIZLQQHUVLQF 

$&&2817,148(67,21ZLQVLQ86$LQF-HUVH\%OXHV+DQGLFDS UGLQ+RQH\EHH





+DQGLFDS *U 6DP+RXVWRQ2DNV / DQG7KRPDV-0DOOH\6WDNHVGDPRIZLQQHUVLQF

 





$021*0<6289(1,56ZRQ'HDUO\3UHFLRXV6WDNHV / $TXHGXFW

WKGDP

-(0$5-23(7ZLQVLQ86$DWDQGDQGSODFHGWZLFHGDPRIZLQQHUVLQF 

252-2<$-WWRSUDWHG\RROGVSULQWHULQ(QJODQGLQZLQVLQF9HUQRQV6SULQW&XS *U QGLQ*ROGHQH3HLWVFKH *U VLUH







%<:$<2)&+,&$*2ZLQVLQF%D\0HDGRZV+FSUGLQ*ROGHQ*DWH+FS *U 




  

&RQVLJQHGE\)DONERODJHQ$%       120,1$7(')257+(%5(('(56¶6(5,(6 */25<+$//(/8-$+ED\ILOO\ 6:( WK$SULO

  */25,$'(&$03($2 %5=      ,5,6+&251(5 ,5(  

 ,035(66,21  $8'$&,7<    )5$$0  7+$1.6*,9,1*   

58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  /($'217,0( 0$-(67,&.$/$+$  ,1',$15,'*( 7+$1.21(¶667$5



VWGDP

,ULVK&RUQHU  ZLQVDQG6(.DWDQGLQ6ZHGHQLQF1650LQQHVO|SQLQJSODFHG QGLQ 0RZHULQDO¡E 'DQLVK*XLQHDV DQG6YHDODQGO|SQL QJ+FSGDPRIIRDOVRIUDFLQJDJHUXQQHU  *LOJDVK FE\3DROLQL XQUDFHG  'H1LUR JE\'HVHUW6W\OH UDQDIHZWLPHVDWDQGLQ6ZHGHQDQG'HQPDUN  .QRZOHGJHDEOH FE\%RVXQ¶V:DWFK \RXQUDFHGWRGDWH     QGGDP

7KDQNVJLYLQJZLQQHUDWDQGÂ&#x2026;SODFHGWLPHVLQF UGLQ6KDGZHOO6WXG)LUWKRI&O\GH6WDNHV / $\UDQG&KDUORWWH6WDNHV / 1HZPDUNHWIURPRQO\VWDUWHU'DPRIZLQQHUV  ,ULVK&RUQHUVHHDERYH  683(57+$1.6ZLQQHULQ,WDO\DWDQGÂ&#x2026;   UGGDP

7KDQN2QH¶V6WDUVXQUDFHGGDPRIZLQQHUV  7KDQNVJLYLQJVHHDERYH  685,6ZLQQHUDWDQGSODFHGWZLFHDOVRZLQVLQ,WDO\IURPWRDQGÂ&#x2026;  67$5&$67ZLQVDWDQGSODFHGWLPHVGDPRIZLQQHUV    3ULQFHVV(OOLVZLQVDWDQGDQGÂ&#x2026; QGLQ/DQG2¶%\UQV6WDNHV / DQGLQ   

   5RXV6WDNHV / 1HZPDUNHW ':,1*(/22ZLQQHUDWDQGSODFHGRQFHIURPRQO\VWDUWVGDPRIZLQQHUVLQF   0,669(*$67RSUDWHG\RILOO\LQ,WDO\ZLQVLQ,WDO\DQG86$DWDQGDQG

















6LUR3UHPLR$OHVVDQGUR3HUURQH / &DSDQQHOOH3UHPLR8EDOGR3DQGROIL / 5RPH









DQG)ODZOHVVO\6WDNHV / +ROO\ZRRG3DUNSODFHG QGLQ6DQ&OHPHQWH+DQGLFDS









*U 'HO0DUGDPRIDZLQQHU

Â&#x2026;LQF6HQRULWD6WDNHV *U +ROO\ZRRG3DUN3UHPLR9LWWRULR&UHVSL / 6DQ

   9HJDV4XHHQZLQVDWDQGLQ,WDO\UGLQ3UHPLR0DULQDUH7URIHR7DWWHUVDOO /   WKGDP *5(<$87801ZLQVDQGSODFHGWLPHVDOVRZLQQHULQ)UDQFHDW2ZQVLVWHUWR3DQWHVFRGDPRI ZLQQHUVLQF  *ODINLZLQVLQ)UDQFHQGLQ3UL[GX3HWLW&RXYHUW *U /RQJFKDPS'DPRIZLQQHUVLQF 

,6$%(<ZLQVLQ)UDQFHDOVRZLQVRYHUMXPSVLQF3UL[5REHUW/HMHXQH+XUGOH / 





  

  /$.,/$ZLQVLQ)UDQFHLQF3UL[0HOLVDQGH / (YU\ *$<635,1*ZLQVLQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUVLQF  *5$9,(5(6ZLQVLQ)UDQFHDQG86$LQF6DQDWD$QD+DQGLFDS *U 6DQWD$QLWD




   

&RQVLJQHGE\/MXQJVWRUSV*nUG$% 6FDQGLQDYLDQ5HVRXUFH 056/,ED\ILOO\ 6:( UG0DUFK   120,1$7(')257+(%5(('(56¶6(5,(6 

  12%,/(2 *%      02216+,1('(/,*+7 ,5(  

 *$/,/(2  1$7$/,$1$    $1721,863,86  0(03+,6%(//(   

6$'/(5¶6:(//6 85%$16($  685808 1$7+,$  '$1(+,// 0,5$$'21'(  /,1$0,; &/,33(5



VWGDP

02216+,1('(/,*+7  ZLQQHUDWLQ6ZHGHQDQGSODFHGWLPHVIURPRQO\VWDUWVDERYHLVKHU ILUVWIRDO    QGGDP

0(03+,6%(//(SODFHGRQFHDWGDPRIZLQQHUV  1,9$ZLQVLQ6ZLW]HUODQGDWDQGDQGÂ&#x2026;SODFHGWZLFH  UGGDP

&OLSSHUZLQQHUDWSODFHGUGLQ3UHWW\3ROO\6WDNHV / 1HZPDUNHWGDPRIZLQQHUV 

0,67(57((ZLQVLQ(QJODQGDQG+RQJ.RQJDWDQGDQGÂ&#x2026;L QF6WDU$SSHDO

     

 6WDNHV / 'XQGDONQGLQ*DOLOHR(%))XWXULW\ *U )DLU\KRXVH 68%7/(6+,00(5ZLQVDWDQGDQGÂ&#x2026;DQGSODFHGWZLFH &259(77(ZLQVDWDQGSODFHGWLPHV &DQW+XUU\/RYHXQUDFHGGDPRIDZLQQHU  ,17(17ZLQQHUDWDQGSODFHGWLPHVDOVRSODFHGRYHUKXUGOHVDW

WKGDP

<$:/-WUGWRSUDWHG\RILOO\LQ(XURSHLQZLQVDWLQF5RFNIHO6WDNHV *U 1HZPDUNHW SODFHGWLPHVLQF QGLQ/XSH6WDNHV / *RRGZRRGIURPRQO\VWDUWV'DPRIZLQQHUV 

*HQRDZLQQHUSODFHGQGLQ)LOOLHV¶7ULDO6WDNHV / 1HZEXU\GDPRIZLQQHUV











)LVKHU\/DQH+XUGOH / 1DDVUGLQ%RUGQD0RQDZLWK1DWXUH1RYLFH&KDVH *U 







/HRSDUGVWRZQ)O\LQJEROW1RYLFH&KDVH *U 1DYDQDQG0RVW6W\OLVK/DG\1RYLFH







+DQGLFDS&KDVH *U )DLU\KRXVH





%5,1',6,ZLQVLQF'LFN+HUQ)LOOLHV6WDNHV / %DWKQGLQ)OHXUGH/\V6WDNHV / 











/D6SH]LDZLQQHUSODFHGUGLQ3UHWW\3ROO\6WDNHV / 1HZPDUNHW

7253+,&+(1ZLQVDOVRZLQVRYHUKXUGOHVDQGZLQVRYHUIHQFHVWRLQF

/LQJILHOGDQG&DSH9HUGL6WDNHV / 1DG$O6KHED



3URZHVVZLQQHUSODFHGUGLQ&KHVKLUH2DNV / &KHVWHUGDPRIZLQQHUV





7$/(17ZLQVDWDQGLQF,QYHVWLF2DNV6WDNHV *U (SVRPDQG3UHWW\3ROO\







  

 6NLOIXOZLQVDWDQGQGLQ5R\DO:LQGVRU6WDNHV / :LQGVRU 6SDQNHUSODFHGWLPHVGDPRIZLQQHUV  0DVWPDQZLQQHUDOVRZLQVLQ&]HFK5HSXEOLFDOVRZLQVRYHUMXPSVLQ&]HFK5HSXEOLF







6WDNHV / 1HZPDUNHWIURPRQO\VWDUWV

DQG,WDO\SODFHGUGLQ3GHOOH1D]LRQL6WHHSOHFKDVH / 0HUDQR




    

&RQVLJQHGE\3RXO.HPS$QGHUVHQ     120,1$7(')257+(%5(('(56¶6(5,(6 %(51+$5'ED\FROW '(1 WK)HEUXDU\        

  %,1$5<),/( 86$      &87626+$53 '(1  

 185(<(9  %,1$5<    ),1$/$33($5$1&(  +$/)52:  

1257+(51'$1&(5 63(&,$/  5$,1%2:48(67 %$/$%,1$  6$'/(5¶6:(//6 7233,1**,5/  6$9,//(52: +$5$0%,1(



VWGDP

&XW6R6KDUS  ZLQVDWDQGDQG'..LQF'DQVN0HVWHUVNDEDQG$DOERUJnUV*UDQG 3UL[SODFHGWLPHVLQFQGLQ0RZHULQDO¡E 'DQLVK*XLQHDV 'DPRIIRDOVRIUDFLQJDJH UXQQHUVZLQQHUV  &87$:$5' IE\5LFKDUG2I<RUN ZLQQHUDWLQ1RUZD\KHURQO\VWDUWGXHWRLQMXU\  &87.$'(7 FE\&DMXQ&DGHW ZRQ'HQ-\GVNH9LQWHUIDYRULWDQG'..DOVRSODFHG QG LQ$DOERUJnUV0HVWHUVNDE  .((321)/<,1* FE\5LFKDUG2I<RUN ZLQVIURPWRDQG'..LQF%UHHGHUV¶ 7URSK\0LOH&RQVRODWLRQ UGnULQJHUQHV6WD\HUSU¡YH%UHHGHUV¶3UL]H6SULQWDQG'0IRUnULJH WKLQ'DQVN'HUE\&RQVRODWLRQ  +DOI'DQH IE\$FDGHP\$ZDUG ZLQVDQG'..DOVRSODFHG QG6NDQGLQDYLVN 2SGU WQLQJVO¡EDQG'DQVN*DORSV$XNWLRQVO¡E UGLQ6YHQVNW.ULWHULXP  +$/)($*/( FE\$FDGHP\$ZDUG ZLQQHUDWDQGSODFHGWLPHVLQF QGLQ-\GVN'HUE\ &RQVRODWLRQ  +DOI.LQJGRP FE\$FDGHP\$ZDUG \RXQUDFHGWRGDWHLQWUDLQLQJ  :DUS&RUH FE\$FDGHP\$ZDUG UDQRQFHDWLQ'HQPDUN  QGGDP

+DOI5RZZLQQHUDWDQG'..SODFHG QGLQ'DQVN$YOVO¡E5XVKUHVSU PLHDQG0RZHULQDO¡E 'DQLVK*XLQHDV  UGLQ'DQVN2SGU WQLQJVO¡E'DPRIZLQQHUVLQF  +$/)$1'+$/)ZLQVDW'DPRI   +$/)621*ZLQVDQG6(.IURPWRLQF6FDQGLQDYLDQ2SHQ&KDPSLRQVKLS                

  *U *ROGHQ0LOH / 6FDQGLQDYLD&XS / 'DQVN'HUE\6YHQVNW2DNV'DQVN2DNV   'DQVN%UHHGHUV¶&XS)LOOLHV0LOH6YHQVN(OLWHQ0LOHUVDQG6FDQLD6SULQWSODFHG QG   6YHQVNW'HUE\DQG-RFNH\NOXEEHQV$YHOVO|SQLQJ /  +DELWXVZLQVDQG'..DOVRSODFHGWLPHVLQF QG'DQVN2SGU WQLQJVO¡E &87&285,(5ZLQVDQG'..DWLQF3URGXFH6WDNHV$DOERUJnUV*UDQG3UL[  )\QVnUV*UDQG3UL[nULQJHUQHV6WD\HUSU¡YHDQG'HQ-\GVNH9LQWHUIDYRULW &87/(*(1'ZLQVDQG'..LQF'DQVN.ULWHULXPnULQJHUQHV 6WD\HUSU¡YH)\HQV  nUV*UDQG3UL[3URGXFH6WDNHV$DOERUJnUV*UDQG3UL[DQG)\HQVnUV*UDQG3UL[ &87&+$03,21ZLQVDQG'..LQF'DQVN'HUE\'DQVN*XLQHDV  9LQWHUIDYRULWWHUQHVUHVSU PLH3URGXFH6WDNHV$DOERUJnUV*UDQG3UL[DOVRSODFHG  WLPHVLQFQGLQ'DQVN.ULWHULXPDQG WKLQ*ROGHQ0LOH /  &XW'L&DPSLRQHZLQVDQG'..DOVR QGLQ3HWLW3UL[DQGUGLQ9LQWHUIDYRULWWHUQH &XW%HVWZLQQHUDWDQG'..SODFHG QGLQ'DQVN.ULWHULXPDQG3URGXFH6WDNHV &876,(*(5,1ZLQVDQG'..LQF'DQVN.ULWHULXP'DQVN%UHHGHUV¶&RQVRODWLRQDQG  *|WDODQGO|SQLQJDOVR QGLQ6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU'DPRIDZLQQHU &8752<$/(ZRQ'DQLVK*XLQHDVDQG'..DOVR QGLQ'DQVN0HVWHUVNDE




  

&RQVLJQHGE\)UDQFLVFR&DVWUR    %URZQFROW 6:( UG)HEUXDU\ 

  0,1*81 86$      0800<¶6/2'*( ,5(  

 

 

120,1$7(')257+(%5(('(56¶6(5,(6 

 $3,1'<  0,(648(    5$,6($*5$1'  0800<6%(67   

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  *5$1'/2'*( $7<$$)  %867,12 48,/7,1*



VWGDP

0800<¶6/2'*(  ZLQVDQG6(.LQ6ZHGHQLQF0DOP|6WDGV3ULV6WLJ+ROPV 0HPRULDO%HFN\0RVV)LOOLHV0LOH6XPPHU)LOOLHVSODFHGWKLQ0DUJDUHWD:HWWHUPDUNV0LQQHVO|SQLQJ /  DQG6YHDODQGO|SQLQJ+FSGDPRIIRDOVRIUDFLQJDJHUXQQHU  0XPP\¶V*UDQG IE\$FDGHP\$ZDUG KDVUXQRQFHDW    QGGDP

0800<¶6%(67ZLQQHUDWDQGSODFHGRQFHDOVRSODFHGWZLFHRYHUKXUGOH VGDPRIZLQQHUV  586+%522.ZLQVIURPWRDQGÂ&#x2026;LQF&DUOVEHUJ5XE\6WDNHV / 7UDOHHSODFHG        

 WLPHVLQFUGLQ*ODGQHVV6WDNHV *U &XUUDJKDOVRSODFHGRYHUKXUGOHV 7$.(<2850$5.SODFHGWLPHVDOVRZLQVRYHUKXUGOHVDQGÂ&#x2026;DQGSODFHGWLPHV 0800<¶6/2'*(VHHDERYH 7,9,6.,ZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHVGDPRIZLQQHUV   $=$%$&+(ZLQVLQ6SDLQDWDQGDQGÂ&#x2026;DQGSODFHG WLPHV   %5,6(,'$ZLQQHULQ6SDLQDWDQGÂ&#x2026;DQGSODFHGWZLFH *5$1')(//$SODFHGRQFHDWDOVRZLQQHURYHUKXUGOHVDWDQGÂ&#x2026;DQGSODFHGWLPHV

UGGDP

48,/7,1*ZLQQHUDWDQGSODFHGWLPHVGDPRIZLQQHUV        

48,17,/,$1,ZLQVDWDQGDQGÂ&#x2026;LQF7HWUDUFK6WDNHV *U &XUUDJKDOVRZLQQHU  RYHUKXUGOHVDW %8.(768/7$1ZLQVLQ7XUNH\WRDQGÂ&#x2026;DQGSODFHGWLPHV /$.(48,/7<ZLQQHUDWDQGSODFHGRQFHDOVRZLQQHULQ86$DW 48((120$+ZLQQHUDWLQ*HUPDQ\ $'-8',&$7,21ZLQQHUDQGSODFHGDOVRSODFHGRYHUKXUGOHV 6(:,1*%((ZLQQHUDWLQ%HOJLXP

WKGDP

4XHVWD1RWWHZLQVDWDQGSODFHGWLPHVLQFUGLQ6SULQJ&XS+DQGLFDS / <RUNGDPRI ZLQQHUVLQF    

4XHHQ·V3LSHUZLQQHUDQGSODFHG QGLQ0ROHFRPE6WDNHV *U *RRGZRRGGDPRI  ZLQQHUV 48$9(5ZLQVDQGSODFHGWZLFHGDPRIZLQQHUVLQF   1LJKW0HORG\ZLQVSODFHGQGLQ%HQD]HW5HQQHQ / %DGHQ%DGHQDQG UGLQ

 

   6FKHUSLQJ5HQQHQ / %DGHQ%DGHQ *,$1'$&$5(==$12ZLQVLQ,WDO\




  

&RQVLJQHGE\/LJKW9DOOH\6WXG      120,1$7(')257+(%5(('(56¶6(5,(6 &2&&2&+$1(/ED\ILOO\ '(1  WK)HEUXDU\

  %,1$5<),/( 86$      &2&&23,2 ,5(  

 185(<(9  %,1$5<    7857/(,6/$1'  '(/9(&&+,$  

1257+(51'$1&(5 63(&,$/  5$,1%2:48(67 %$/$%,1$  )$,5<.,1* 6,6$1,$  */,172)*2/' '20,&,/(



VWGDP

&RFFR3LR  XQUDFHGGDPRISUHYLRXVIRDOVZLQQHUVLQF  81,721( FE\)LQDO$SSHDUDQFH ZLQVDQG'..  678$57/,77/( FE\(VSULW'X1RUG ZLQVDWLQF'DQVN*DORSV$XNWLRQVO¡EDQG 9LQWHUIDYRULWWHUQHVUHVSU PLH'..+FS  %HQWOH\ FE\6LOFD/HJHQG SODFHGWLPHVIURPWRLQFQGLQ'DQVN'HUE\&RQVRODWLRQ  0XUFLHODJR JE\6LOFD/HJHQG \RXQUDFHGWRGDWH    QGGDP

'(/9(&&+,$ZLQQHUDWLQ:HVW*HUPDQ\DQG…'DPRIDZLQQHU  7XUI7XUWOHZLQVDQG…LQ1RUZD\LQF1RUVN*XLQHDVDQG 1RUVN2DNVDOVR    

 SODFHGWLPHVLQFQGLQ0RUWHQ 7RUYDOG.ODYHQHVV0LQQHO¡S /  'HOFLDQDSODFHGWLPHVGDPRIDZLQQHU  '(/&,(11(ZLQVDWDQG…DOVRSODFHGWLPHV

UGGDP

'20,&,/(XQSODFHGRQWKHIODWDWDQG\HDUVGDPRIZLQQHUV  35(0,(535,1&(ZLQVWR\HDUVDQG…DQGSODFHGWLPHV  (/'20,1,2ZLQVIURPWR\HDUVDQG…DQGSODFHGWLPHV  '(63(5$'2*2/'ZLQVLQ*HUPDQ\DWDQG\HDUVDQG…DQGSODFHGWLPHV  .(//,1*ZRQ1+)ODW5DFHDW\HDUVDQG…DOVRZRQUDFHRYHUKXUGOHVDW\HDUV   DQG…DQGSODFHGWLPHVDQGZRQUDFHRYHUIHQFHVDW\HDUVDQG…SODFHG  '5($02)<28ZLQVLQ*HUPDQ\DWDQG\HDUVDQG…DQGSODFHGWLPHVGDP   RIZLQQHUV  '$/9(172SODFHGRQFHDW\HDUVDOVRZLQVLQ*HUPDQ\IURPWR\HDUVDQG   …DQGSODFHGWLPHVDOVRZLQQHURYHUKXUGOHVDW\HDUVDQG…  '$,1$+ZLQVLQ*HUPDQ\DWDQG\HDUVDQG…DQGSODFHGWLPHV  ',6&5(72ZLQQHULQ*HUPDQ\DW\HDUVDQG…DQGSODFHGWZLFH  WKGDP

6,/,&,$1$ZLQVDWKRPHDQGLQ)UDQFHDQG…LQFOXGLQJ3UL[G H)ORUH *U &DPEULGJHVKLUH +DQGLFDS / (EELVKDP+DQGLFDS / DQG9LUJLQLD6WDNHV+DQGLFDS / DQGSODFHGWZLFHGDPRI ZLQQHUVLQF   6,/,&21%$9$5,$ZLQVLQ)UDQFH:HVW*HUPDQ\DQG,WDO\DQG…LQFOXGLQJ 





3UL[GH6HLQHHW2LVH *U 3UHPLR&KLXVXUD *U DQG*URVVHU6SULQW3UHLV)LGHOLR







6RIWZDUH /  WZLFH SODFHGQGLQ3UL[GHOD)RUHW *U GDPRIZLQQHUV





6,/,&21/$'<ZLQVLQ)UDQFHLQF3UL[7KRPDV%U\RQ *U 3UL[GHO $JHQFH







)UDQFDLVH / 3UL[G $QJHUYLOOH / DQG3UL[6LU*DOODKDG / QG3UL[(FOLSVH *U DQG







3UL[3HUWK *U 'DPRIZLQQHUV




   

&RQVLJQHGE\&XW/RGJH     &KHVQXWILOO\ '(1 WK$SULO  

  0,1*81 86$      /2,6/$1( '(1  

 

 

120,1$7(')257+(%5(('(56¶6(5,(6 7KH3URSHUW\RI19$5DFLQJ 129$7 

 $3,1'<  0,(648(    $&$'(0<$:$5'  /2,6  

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  '$1(+,// ,1*$%(//(  )5$$0 35,1&(66/8&,$11(



VWGDP

/2,6/$1(  ZLQVDQG'..DWDQGLQF'DQVN.ULWHULXPDQG'DQVN*DORSV $XNWLRQVO¡ESODFHGQGLQ/DUFKUHVSU PLH3RPS¡V&XSDQG796SULQWHQUGLQ6NDQGLQDYLVN 2SGU WQLQJVO¡EDQG WKLQ%UHHGHUV¶3UL]H6SULQWGDPRIIRDOVRIUDFLQJDJHUXQQHUZLQQHU  52<$//$1( IE\6LOFD/HJHQG ZLQQHUDWDQG'..DOVRSODFHGWLPHVLQF QG 'HUE\6SULQWHQ5LGHU&XSnUV6SULQWDQG$DOERUJnUV0HVWHUVNDE  (PP\V/DQH IE\%LQDU\)LOH \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ  QGGDP

/2,6ZLQVDQG6(.LQF$OWDPLUDO|SQLQJDQG6WRHOLWHQSODFHGWLPHVLQF QGLQ6ZHGHQ&XS 0LOHUVWKLQ%ORRPHUV¶9DVHWKLQ6FDQGLQDYLD&XS WZLFH +FS'DPRIDZLQQHU  /2,6/$1(VHHDERYH  5HG&DGHWSODFHGWLPHVLQRQO\VWDUWVLQF QG6YHQVNW.ULWHULXP&RQVRODWLRQ  UGGDP

3ULQFHVV/XFLDQQHSODFHG'DPRIZLQQHUVIURPUXQQHUVLQF  6$7,6),('35,1&(ZLQVDQG…DQGSODFHGWLPHV  '(6(57)/<(5ZLQVDQG…DWDQGLQ1RUZD\DQGSODFHGWLPHV  12926,%,56.ZLQVDQG…DWDQGLQ6ZHGHQDQGSODFHGWLPHV  *,)72:(¶5(*21=2ZLQQHUDW  3ULQFHVV/RQGLVSODFHGDW'DPRIZLQQHUV   '(9,1('$1&(5ZLQVDQG…DWSODFHGWZLFH   /21'21*2/'ZLQVDQG…DWDQGDQGSODFHGWZLFHIURPRQO\VWDUWV  /2,6VHHDERYH  WKGDP

*8/,67$1UDQDIHZWLPHVDWDQG'DPRIZLQQHUV  9,$'(/48$752ZLQVRYHUIHQFHVIURPWRDOVRZRQDSRLQWWRSRLQWDQGSODFHGWLPHV  $5(<28*8,/7<ZLQQHUDWDQGSODFHGWLPHVGDPRIDZLQQHU   ,112&(17*(25*(ZLQQHUDWDQGSODFHGRQFHDOVRZLQVRYHUKXUGOHV  */($1,1**,5/ZLQQHULQ,WDO\DWDQGSODFHGWLPHVGDPRIZLQQHUV   *,5/2)/,)(ZLQVIURPWRLQ,WDO\DQGSODFHGWLPHV  WKGDP

785)ZLQVLQF*DOWUHV6WDNHV<RUNGDPRIZLQQHUVLQF  %(675(*$/,$ZLQVLQ86$GDPRIZLQQHUV   :$,7)257+(/$'<ZLQVLQ86$LQFO/RQJ/RRN+DQGLFDS *U 




  

&RQVLJQHGE\/LJKW9DOOH\6WXG   &KHVQXWFROW IU UG-DQXDU\

  028171(/621 *%      6<&$025(+,// *%  









 52&.2)*,%5$/7$5  ,1'(3(1'(1&(    /$1'2  6$0$5$  

'$1(+,// 2))6+25(%220  6(/.,5. <8.21+23(  $&$7(1$1*2 /$85($  32/,6+3$75,27 60(5$/'$



VWGDP

6\FDPRUH+LOO  XQUDFHGDERYHLVKHUILUVWIRDO    QGGDP

6$0$5$ZLQVDWDQGDQG…LQF%HQ0DUVKDOO6WDNHV / 1HZPDUNHWDQG9RGDFDOO9LFWUHVV 6WDNHV / (SVRPSODFHGWLPHVLQFUGLQ5DLOZD\6WDNHV *U 'RQFDVWHUGDPRIZLQQHUV     

6$17$623+,$ZLQVDWDQG…LQF2DNV7ULDO / /LQJILHOGSODFHGWZLFH'DPRI  ZLQQHUVLQF   612:0$*,&ZLQVDWDQGDQG…DQGSODFHGWZLFH   7(678'2ZLQQHUDWDQG…DQGSODFHGWZLFH 6HH7KH5RFNZLQQHUDWLQ*HUPDQ\DQG…SODFHGWLPHVLQFUGLQ3UHLV6:%

 



'HUE\7ULDO / %UHPHQ

UGGDP

60(5$/'$ZLQVLQ:HVW*HUPDQ\IURPWRDQG'0DQGSODFHGWLPHV2ZQVLVWHUWR 6(;7$17GDPRIZLQQHUVLQF 

6272*5$1'(ZLQVLQ:HVW*HUPDQ\DQG'0LQF+HQFNHO5HQQHQ *U UGLQ







60$5$*'ZLQVLQ:HVW*HUPDQ\IURPWRDQG'0LQF6SUHWL0HPRULDO / 

8QLRQ5HQQHQ *U DOVRZLQQHURYHUMXPSVLQ:HVW*HUPDQ\





6LOEHUQH3HLWVFKH / *URVVHU6SULQ73UHLV / DQG%D\HULVFKHU)OLHJHUSUHLV / WKLQ





+HQFNHO5HQQHQ *U 



6$3+,5ZLQVLQ:HVW*HUPDQ\LQF+HQQHVV\5HQQHQ / UGLQ*URVVHU3UHLVYRQ







6$0$5$VHHDERYH

'VVHOGRUI *U DOVRZLQQHURYHUMXPSVLQ:HVW*HUPDQ\



/,//(+$00(5ZLQVIURPWRDQG…LQF+DUYHVW6WDNHV / SODFHGUGLQ3UL[GH





5R\DOOLHX *U GDPRIZLQQHUVLQF

 





2/,03,&*,5/ZLQVLQ)UDQFHDWDQG…LQF3UL[8UEDQ6HD / 

WKGDP

6D[LIUDJDSODFHGWLPHVLQ:HVW*HUPDQ\GDPRIZLQQHUVLQF  6/(1'(5(//$QGWRSUDWHG\RILOO\LQ*HUPDQ\LQZLQVLQF3UHLVGHU'LDQD *U  





6/(1'(5+$*(1ZLQVLQ:HVW*HUPDQ\LQF2HWWLQJHQ5HQQHQ *U 3UHLVGHU'UHVGQHU

6FKZDU]JROG5HQQHQ *XLQHDV  *U DQG'VVHOGRUIHU6WXWHQ3UHLV / 





%DQN / DQG-DQ:HOOHP3UHLV / UGLQ4XHHQ$QQH6WDNHV *U DQG%DGHQHU0HLOH





*U 




  

&RQVLJQHGE\-DQ-RKDQVVRQ      =2),=$,'ED\ILOO\ 6:( WK$SULO 

  */25,$'(&$03($2 %5=      /$3(7,7(&+,12,6( *%  

 

120,1$7(')257+(%5(('(56¶6(5,(6 7KLV\HDUOLQJ¶VQDPHFDQ¶WEHFKDQJHG

 ,035(66,21  $8'$&,7<    '5)21*  686,:21* 

58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  .5,66 635,1*)/,*+7  6(/.,5. 67$<7+$7:$<  



VWGDP

/$3(7,7(&+,12,6(ZLQVLQ(QJODQG'HQPDUN1RUZD\DQG6ZHGHQDWDQGDQGÂ&#x2026;LQF (ULN26WHHQV0HPRULDO / -RFNH\NOXEEHQV$YHOVO|SQLQJ / DQG'DQVN2DNVSODFHGUGLQ(ULN26WHHQV 0HPRULDO / DQG-RFNH\NOXEEHQV$YHOVO|SQLQJ / GDPRIIRDOVRIUDFLQJDJHUXQQHUZLQQHU  =(1=$16$,=$,' JE\'XEDL'HVWLQDWLRQ ZLQVDQG6(.IURPVWDUWVLQF6YHQVNW  6W/HJHUDQG1RUGLF&KDPSLRQ6WD\HUSODFHG UGLQ'DQVN'HUE\DQG WKLQ6YHQVNW'HUE\ /   =L]RU=DLG JE\%LQDU\)LOH \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

67$<7+$7:$<XQUDFHG2ZQVLVWHUWR&RVWO\/HVVRQGDPRIZLQQHUVLQF 

6HONLQJZLQVLQ(QJODQGDQG86$DWDQGDQGÂ&#x2026;SODFHGWLPHVLQFQGLQ6SULQJ







6XVL:RQJZLQVDWLQ*HUPDQ\UGLQ%HUOLQ&XS / GDPRIZLQQHUVLQF















6WDNHV *U DQG*RGROSKLQ6WDNHV / SODFHGUGLQ&DQDGLDQ,QWHUQDWLRQDO6WDNHV









*U DQG*RUGRQ5LFKDUGV6WDNHV *U 







*2/'(1678'ZLQVLQ,WDO\DQGÂ&#x2026;LQF3UHPLR$OEHUWR*LRELOR / SODFHG









 

'HOLULRXV0RPHQWZLQVDWDQGLQ)UDQFHDQGÂ&#x2026;SODFHG QGLQ3UL[(GHOOLF / 

7URSK\6WDNHV / DQG4XHHQVIHUU\6WDNHV / UGLQ'UDJRQ7URSK\6WDNHV /  %8&&(//$7,ZLQVIURPWRDQGÂ&#x2026;LQF2UPRQGH6WDNHV *U 6W6LPRQ

WLPHVLQFQGLQ3UHPLR3ULPL3DVVL *U 

UGGDP

$5(2/$QGWRSUDWHG\RILOO\LQ,UHODQGLQZLQVDWLQF3KRHQL[6WDNHVSODFHG QGLQ4XHHQ 0DU\6WDNHVIURPRQO\VWDUWVGDPRIZLQQHUVLQF 

&+$/21ZLQVDWDQGDQGÂ&#x2026;LQF&RURQDWLRQ6WDNHV *U &KLOG6WDNHV *U 





DQG1HOO*Z\Q6WDNHV *U GDPRIZLQQHUVLQF







&5($725ZLQVLQ)UDQFHDQGÂ&#x2026;LQF3UL[G¶,VSDKDQ *U 3UL[*DQD\ *U 











(;(&87,9(3(5.ZLQVDWDQGDQGÂ&#x2026;LQF&RQFRUGH6WDNHV *U %DOO\PDFR\

3UL[*G¶2UQDQR / UGLQ*3GH3DULV *U DQG,QWHUQDWLRQDO6WDNHV *U VLUH







(/(*$1&(,1'(6,*1ZLQVDWDQGLQF3HDUO6SULQW / GDPRIZLQQHUVLQF

6WDNHV *U 0LQVWUHO6W / DQG0RRUHVEULGJH6W / WKLQ,ULVK*XLQHDV *U VLUH













7DWWHUVDOOV*ROG&XS *U 3UHWW\3ROO\6WDNHV *U  WZLFH QGLQ,ULVK*XLQHDV







*U ,ULVK&KDPSLRQ6WDNHV *U DQG%D\HULVFKHV=XFKWUHQQHQ *U UGLQ







&RURQDWLRQ6WDNHV *U 

'$1&('(6,*1&KDPSLRQ\RILOO\LQ,UHODQGLQZLQVLQF,ULVK2DNV *U 




  

&RQVLJQHGE\+nNDQ%LUJHU       120,1$7(')257+(%5(('(56¶6(5,(6 6:,1*7+$77,0(EURZQFROW 6:( WK$SULO

  6:,1*7+$7&$7 86$      0,7,0( 6:(  

 &$77+,()  ,1&+$    '87<7,0(  0,125'(7$,/   

67250&$7 75$,152%%(5<  1$6+:$1 ,'/(*266,3  1,*+76+,)7 0225,6+,'2/  %/8(&$6+0(5( 6($'25$



VWGDP

0LWLPH  ZLQQHULQ6ZHGHQDWDQG6(.SODFHGWLPHVLQFQGLQ$PDFLWDO|SQLQJ UGLQ 'XW\7LPH-XYHQLOH0LOHLQMXVWVWDUWVDWDQG+FSGDPRIIRDOVRIUDFLQJDJHUXQQHUV ZLQQHU  )LUVW+DEL FE\)LQDO$SSHDUDQFH SODFHGWZLFHIURPVWDUWVDWGLHGDW  %DUKDP JE\)LQDO$SSHDUDQFH SODFHGWLPHVIURPWRDQG6(.  0RQV JE\-HXQH+RPPH SODFHGWLPHVDWDQGLQ6ZHGHQ  -211<12126( JE\%LQDU\)LOH ZLQQHUDWDQG6(.SODFHGWLPHVLQFWKLQ  *|WDODQGO|SQLQJ-lJHUVUR+FS  1REOH7LPH IE\1RELOHR SODFHGRQFHDWLQ6ZHGHQIURPRQO\VWDUWV  *DNHQGD IE\1HHGZRRG%ODGH \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

0LQRU'HWDLOZLQVDQG6(.LQ6ZHGHQDWDQGLQF6YHQVNW0HVWHUVNDSIRUnULQJHU7lE\ SODFHGUGLQ$PDFLWDO|SQLQJ7lE\GDPRIZLQQHUV  0LWLPHVHHDERYH  /$*(ZLQVDQG6(.6(.DQGSODFHGWLPHV+FS  0,1$+ZLQVDQG6(.DQGSODFHGWLPHVLQF WK60nULJD6WRQ+FS  0$1'$ZLQVDQG6(.DQGSODFHGWZLFH  0281$ZLQQHUDQGSODFHG  UGGDP

6($'25$ZLQVDWDQGDQGSODFHGWLPHVGDPRIZLQQHUV  :,//<-$0(6ZLQQHUDQGSODFHGWLPHVDOVRZLQQHULQ)UDQFH  0LOOLQD3DUNXQUDFHGGDPRIDZLQQHU   0,//¶63(7ZLQVLQ%HOJLXPDWDQG  WKGDP

$EDGRUDUDQRQFHRQWKHIODWDW2ZQVLVWHUWR&$66$5$7(GDPRIZLQQHUVLQF  $'25$%/(35,1&(66ZLQQHUDQGSODFHGWLPHVGDPRIZLQQHUV    125',&68535,6(ZLQVLQF5RFKHVWRZQ6WDNHV / DOVRZLQVRYHUKXUGOHVLQF     ,ULVK&KDPSLRQ+XUGOH *U 6ODQH\(%)+XUGOH *U DQG+RZWK-XYHQLOH+XUGOH     / SODFHGQGLQ*XLQQHVV7URSK\&KDPSLRQ\R+XUGOH *U DOVRZRQUDFHV     RYHUMXPSVLQ86$LQF0HPRULDO&XS+DQGLFDS6WHHSOHFKDVH / DQG1DWLRQDO+XQW     &XS&KDVH /   WKGDP

&DVV\GRUDZLQVDWDQGSODFHGWLPHVLQFUGLQ)DOPRXWK6WDNHV2ZQVLVWHUWR2XU/RYH,, GDPRIZLQQHUVLQF  &$66$5$7(ZLQVLQF.LQJ¶V6WDQG6WDNHVSODFHGUGLQ1XQWKRUSH6WDNHV




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\FROW '(1 QG$SULO

  $&$'(0<$:$5' ,5(      :,1*62)$'29( *%   











120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    +(51$1'2  :22'5(1 

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  1,1,6., :+$.,/<5,&  :22'0$1 :+,7(7+52$7

 2ZQEURWKHUWR:+,67/(5

VWGDP

:LQJV2I$'RYH  ZLQV6(.DWDQGLQ6ZHGHQLQF/DQZDGHV6WXG6WDNHV %ORRPHUV¶7ULDO WZLFH 6FDQGLQDYLD&XSDQG&LQQDPRQ&KDOOHQJHSODFHGWLPHVLQFQGLQ -RFNH\NOXEEHQV$YHOVO|SQLQJ%ORRPHUV¶9DVH6FDQGLQDYLD&XSDQG/DQZDGHV6WXG6WDNHVUGLQ 0DWFKPDNHU6WDNHV / %ORRPHUV¶9DVHDQG-RFNH\NOXEEHQV$YHOVO|SQLQJIURPVWDUWV+FSGDPRI IRDOVRIUDFLQJDJHUXQQHUVZLQQHUVLQF  0&'5($0 FE\&DMXQ&DGHW ZLQVDWLQ1RUZD\DQG12.DQGSODFHGWZLFH  /DUFKPRQW FE\$FDGHP\$ZDUG ZLQVDQG'..DWLQF%UHHGHUV¶7URSK\  &RQVRODWLRQUGLQ6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHUDQGWKLQ'DQVN*XLQHDV+FS  &DQDGLDQ:LQJV IE\&DMXQ&DGHW SODFHGWLPHVIURPVWDUWVLQFWKLQ'DQVN%UHHGHUV¶&XS  &RQVRODWLRQDQGWKLQ'DQVN2DNV  :LNLOHDN FE\$FDGHP\$ZDUG SODFHGQGDWKLVRQO\VWDUWGXHWRLQMXU\GLHGDW  :+,67/(5 IE\$FDGHP\$ZDUG ZLQVDWDQGLQ6ZHGHQDQG1RUZD\DQG12.  LQF6YHQVNW2DNVDQG'LDQD&RQVRODWLRQSODFHGWLPHVLQFUGLQ*|WDODQGO|SQLQJWKLQ  0RZHULQDO¡E 'DQLVK*XLQHDV DQG'DQVN'HUE\+FS  $LWKXVD FE\$FDGHP\$ZDUG \RXQUDFHGWRGDWH  QGGDP

:22'5(1ZLQQHUDWDQGÂ&#x2026;DQGSODFHGWLPHVGDPRIZLQQHUV  :LQJV2I$'RYHVHHDERYH  %8&.,(%2<ZLQQHUDWDQGÂ&#x2026;DQGSODFHGWLPHVDOVRZLQVRYHUKXUGOHV  /$'<%,6$==$ZLQQHUDWLQ6ZHGHQDQGÂ&#x2026;  UGGDP

:KLWHWKURDWUDQDIHZWLPHVDWGDPRIZLQQHUVLQF  5(63/(1'(1767$5ZLQVIURPWRDQGÂ&#x2026;LQF-HEHO$OL6WDNHV / QGLQ/LQJILHOG    

 :LQWHU'HUE\ / DOVRZLQQHURYHUKXUGOHVDQGZLQQHURISRLQWWRSRLQWV 6(37'$1&(5ZLQVLQ6ZHGHQDWDQGDQGSODFHGWLPHV */(19,(:6385&+$6(ZLQQHUDWDQGSODFHGWZLFH

WKGDP

,5,6+%,5'ZLQQHUDWLQ)UDQFHGDPRIZLQQHUVLQF  $66(57&KDPSLRQ\RLQ)UDQFHLQZLQVLQF*ROG&XS *U <RUN,ULVK'HUE\ 



*U 0HPRULDO6WDNHV *U 3UL[GX-RFNH\&OXE *U %HUHVIRUG6WDNHV *U DQG





*DOOLQXOH6WDNHV *U QGLQ.LQJ*HRUJH9, 4XHHQ(OL]DEHWK6WDNHV *U VLUH



(852%,5'&KDPSLRQ\RVWD\HULQ,UHODQGLQZLQVLQF,ULVK6W/HJHU *U 



%,.$/$&KDPSLRQ\RLQ)UDQFHLQZLQVLQF3UL[GX-RFNH\&OXE *U 3UL[





*DQD\ *U QGLQ*3GH6DLQW&ORXG *U DQG3UL[GHO¶$UFGH7ULRPSKH *U VLUH




    

&RQVLJQHGE\<RUN6WXWWHUL        120,1$7(')257+(%5(('(56¶6(5,(6 /,1&2/1EURZQFROW '(1 WK)HEUXDU\ 7KHSURSHUW\RI&DW5DFLQJ 129$7    

  0,1*81 86$      &22/025(52&.6 ,5(  

 $3,1'<  0,(648(    52&.2)*,%5$/7$5  &22.,1*:,7+0$57+$  

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  '$1(+,// 2))6+25(%220  0$-(67,&/,*+7 0$57+$48((1



VWGDP

&RROPRUH5RFNV  ZLQVDQG'..DWDQGLQF)DEHOODO¡E 'DQLVK2DNV7ULDO DOVR SODFHGQGLQ1RUVN2DNVUGLQ6).6WRO|SQLQJ6WLJ+ROPV0HPRULDODQG6FHSWUH6WDNHVGDPRI SUHYLRXVIRDOVUXQQHU  7UHDGVWRQH JE\6SHFLDO4XHVW UDQDIHZWLPHVDW    QGGDP

&22.,1*:,7+0$57+$SODFHGWLPHVLQ)UDQFHDQG86$DWDQGDQGÂ&#x2026;GDPRIZLQQHUV  &$/,)251,$/,21ZLQVLQ86$IURPWRDQGÂ&#x2026;DQGSODFHGWLPHV  &22/025(52&.6 86$ VHHDERYH  672&.7,3ZLQQHULQ86$DW\HDUVDQGÂ&#x2026;DQGSODFHGRQFHGDPRIDZLQQHU   6WRFN)XQGSODFHGWLPHVLQ86$DWDQGDQGÂ&#x2026;SODFHGQGLQ1HZ<RUN   

 

 6WDOOLRQ&XSHFR\ V-R\6WDNHV / %HOPRQW3DUN 0$5.(7$1$/<6,6ZLQVLQ86$

UGGDP

0$57+$48((1SODFHGWZLFHLQ86$DWDQG2ZQVLVWHUWR'(/$526(DQG833(51,/(GDP RIZLQQHUVLQF  287:,7+7+(2/'ZLQVLQ86$DWDQGDQGÂ&#x2026;SODFHGWLPHVGDPRIZLQQHUV   32576($ZLQVLQ86$DWDQGDQGÂ&#x2026;LQFOXGLQJ%UHHGHUV &XS6WDNHV /   %($1,6/$1'ZLQQHULQ86$DWDQGSODFHGWLPHVGDPRIZLQQHUV 675$7+$0ZLQVDWKRPHDQGLQ86$DWDQGDQGÂ&#x2026;LQFOXGLQJ:LOO5RJHUV





  

  6WDNHV *U /D3XHQWH6WDNHV / DQG3LQMDUD6WDNHV 0<7+,&$/&5((.ZLQQHULQ,WDO\DWDQGSODFHGWZLFHGDPRIZLQQHUV  0HQZDDOZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHVDOVRSODFHGWLPHVRYHU

 

  KXUGOHVDWDQG\HDUVLQFOXGLQJ UGLQ+RUVHDQG-RFNH\+RWHO+XUGOH /  7(6/(0,ZLQQHUDWDQGSODFHGWZLFHGDPRIZLQQHUVLQF





63$57$&86QGWRSUDWHG\UROGLQ,WDO\LQZLQVDWKRPHDQGLQ,WDO\DWDQG







Â&#x2026;LQF3KRHQL[6WDNHV *U DQG*UDQ&ULWHULXP *U QGLQ$QJOHVH\6WDNHV







*U VLUH





-2+$1&58<))ZLQVDWKRPHDQGLQ+RQJ.RQJIURPWRDQGÂ&#x2026;LQF







*DOOLQXOH6WDNHV *U %HUHVIRUG6WDNHV *U +RQJ.RQJ'HUE\ / DQG7KH+RQJ







.RQJ&ODVVLF7ULDO / SODFHGQGLQ+RQJ.RQJ,QWHUQDWLRQDO&XS *U UGLQ4XHHQ (OL]DEHWK,,&XS /  WZLFH VLUH











0(7(256+2:(5ZLQVLQ6RXWK$IULFDDQGÂ&#x2026;LQF&KDLUPDQ V&XS *U 




  

&RQVLJQHGE\6WXWWHUL+MRUWHER    %D\ILOO\ '(1 WK)HEUXDU\

  $&$'(0<$:$5' ,5(      $:(620(0,66 )5  







 '$1(+,//  ,1*$%(//(    $:(620($*$,1  0,66$//(*('  

120,1$7(')257+(%5(('(56¶6(5,(6

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  '(387<0,1,67(5 35,0$/)25&(  $//(*(' 0,66786&8/80



VWGDP

$ZHVRPH0LVV  XQUDFHGGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  $ZHVRPH3ULQFH JE\1XPHURXV SODFHGWLPHVLQ)UDQFHDWDQGDQGÂ&#x2026;  81$%$$0$* JE\$QDEDD%OXH ZLQVLQ)UDQFHDWDQGDQGÂ&#x2026;  /DQFLHU FE\/DQGR ZLQQHULQ'HQPDUNDWDQG'..SODFHGWLPHVLQFQGLQ'DQVN 6W/HJHU  QGGDP

0,66$//(*('&KDPSLRQROGHUPDUHLQ(XURSHLQ&KDPSLRQWXUIPDUHLQ86$LQ ZLQVLQ)UDQFHDQG86$DWDQGDQG))DQGÂ&#x2026;LQF+ROO\ZRRG7XUI&XS+DQGLFDS *U %UHHGHUV¶&XS7XUI *U 3UL[GH0DOOHUHW *U DQG3UL[GH5R\DXPRQW *U SODFHGWLPHV LQFQGLQ3UL[9HUPHLOOH *U 6DQ-XDQ&DSLVWUDQR,QYLWDWLRQ+DQGLFDS *U 6DQWD%DUEDUD+DQGLFDS *U DQG3UL[GX3ULQFHG¶2UDQJH *U UGLQ*UDQG3UL[G¶(YU\ *U 3UL[-HDQGH&KDXGHQD\ *U DQG6DQ/XLV2ELVSR+DQGLFDS *U 2ZQVLVWHUWR,W·V$OOHJHGGDPRIZLQQHUVLQF 

=*+257$ZLQVLQ)UDQFHDWDQGÂ&#x2026;LQF3UL[GH7KLEHUYLOOH / UGLQ3UL[&OHRSDWUH

  

  

*U GDPRIZLQQHUVLQF  67(33,1*$+($'ZLQVDWDQGÂ&#x2026;DQGSODFHGWLPHVDOOKLVVWDUWV 

UGGDP

0LVV7XVFXOXPXQUDFHGGDPRIZLQQHUV 

0,66$//(*('VHHDERYH



1$1&<·6&+$03,21&KDPSLRQ\RVSULQWHULQ&DQDGDLQZLQVLQ86$DW





   

%2/'-26+ZLQVLQ86$IURPWRDQGÂ&#x2026;LQF&RQVWHOODWLRQ+DQGLFDS)RUW  0F+HQU\+DQGLFDS-HQQLQJV+DQGLFDSDQG1DYHVLQN +DQGLFDS QGLQ5HVROXWLRQ+DQGLFDS  DQG&KHVDSHDNH6WDNHVVLUH 7XVFXOXP'DQFHUZLQVLQ86$IURPWRDQGÂ&#x2026;QGLQ1HVKDPLQ\+DQGLFDS

DQGDQGÂ&#x2026;LQF$XWXPQ6WDNHV *U %ROG9HQWXUH+DQGLFDS *U VLUH

  

,W·V$OOHJHGZLQVLQ86$DWQGLQ5RGQH\6WDNHV +($9(1.12:6ZLQVLQ86$DWDQGDQGSODFHGWLPHVGDPRIZLQQHUVLQF   &$55+($9(1ZLQVLQ86$IURPWRDQGÂ&#x2026;LQF(PSLUH6WDNHV6DUDWRJD







+($9(1.12:6:+<ZLQVLQ86$DWDQGDQGÂ&#x2026;LQF1HZ<RUN2DNV









  

   3$59$ZRQ6OHLJK5LGH6W / 1DQF\&UHHNZLQVLQ86$UGLQ3ROO\¶V-HW6W 0$5,$00(ZLQVLQ86$DWGDPRIZLQQHUV   &R]\0DULDZLQQHUDWQGLQ&DOLDQW6WDNHV / DQGUGLQ/XSH6WDNHV / GDPRI









=(%('((ZLQVDQGÂ&#x2026;LQF)O\LQJ&KLOGHUV6WDNHV *U DQG0ROHFRPE









6WDNHV *U VLUH

/ GDPRI(LJKW\7ZRZLQVQGLQ3UL[0DWFKHP / JUDQGDPRI25%,6721




    

&RQVLJQHGE\3LD1HOWRIW        /29(/<5,7$ED\ILOO\ '(1 WK0DUFK     

  '(9,/¶6'5,1. -31      .$7',25 6:(  

 $*1(67$&+<21  6,/.35,0$'211$    ,76$%5$+0$  25$1*(&85(  

120,1$7(')257+(%5(('(56¶6(5,(6  

681'$<6,/(1&( $*1(6)/25$  %5,$1¶67,0( %281'72'$1&(  .,1'2)+86+ 0<+$%,%,  &85(7+(%/8(6 25$1*(%2:/



VWGDP

.$7',25  ZLQVLQ'HQPDUNDWDQGDQG'..DQGSODFHGWLPHV2ZQVLVWHUWR.$7 0$/28DERYHLVKHUILUVWIRDO    QGGDP

25$1*(&85(ZLQVLQ'HQPDUNDQG6ZHGHQLQF$PDFLWDO|SQLQJ / 7lE\DQGSODFHGUGLQ1RUVN .ULWHULXP / ‘YUHYROOGDPRIZLQQHUVLQF  .$70$/28ZLQVLQ'HQPDUNDQG'..SODFHGWLPHV  25$1*(3((/ZLQVDQG'..GDPRI    2UDQJH0DWFKSODFHGWLPHVIURPVWDUWVGDPRI)$%,1+2ZLQVDQG'..     LQF-\GVN'HUE\  .$7$+(1$ZLQVDQG'..DWDQGLQ'HQPDUNLQF'HQ-\GVNH9LQWHUIDYRULWDQG   3URYLQVHQVnUV6HULHSODFHG UGLQ'DQVN0HVWHUVNDEIRUnULJH  UGGDP

2UDQJH%RZOXQUDFHGGDPRIZLQQHUV  25$1*(&85(VHHDERYH  25$1*(728&+ZLQVDWDQGDQG…LQF0DUFK6WDNHV / *RRGZRRG  25,(17$/3($5/ZLQVLQ*HUPDQ\LQF3UHLVGHV*HVWXWHV*UDGLW] / GDPRIZLQQHUV    2ULHQWDO)R[ZLQQHULQ*HUPDQ\DWDQG…SODFHG QGLQ'(9.-XELOlXPVFXS     / DQGUGLQ3UHLVGHV&DVLQR%DGHQ%DGHQ / DQG'HUE\7ULDO / %UHPHQ  0RORQZLQVLQ'HQPDUNDQG6ZHGHQ QGLQ'DQVN(FOLSVH6WDNHV / DQGUGLQ2VOR&XS /   25,(17$/)/2:(5UGWRSUDWHG\RLQ*HUPDQ\LQ&KDPSLRQ\RILOO\LQ   *HUPDQ\LQZLQVLQ*HUPDQ\DWDQG…SODFHGRQFHGDPRIZLQQHUVLQF    25,(17$/7,*(5ZLQVLQ*HUPDQ\IURPWRDQG…LQF*HUOLQJ3UHLV     *U DQG*UDQG3UL[$XIJDORSS *U QGLQ*URVVHU3UHLVYRQ%DGHQ *U UGLQ     'HXWVFKHV'HUE\ *U ,GHH+DQVD3UHLV *U 8QLRQ5HQQHQ *U 'U%XVFK     0HPRULDO *U DQG3UHLVGHV:LQWHUIDYRULWHQ *U     2ULHQWDO/LRQZLQQHUDWLQ*HUPDQ\DQG… QGLQ8QLRQ5HQQHQ *U     2ULHQWDO:RUOGSODFHGWZLFHLQ*HUPDQ\DWDQGGDPRI2ULHQWDO/DG\ZLQQHULQ     *HUPDQ\DWDQGSODFHGQGLQ'LDQD7ULDO *U   21$1*$ZLQVLQ*HUPDQ\DWDQGSODFHGWLPHVGDPRIZLQQHUV    2UDQJH%OXHZLQQHULQ*HUPDQ\DQG…SODFHGWLPHVLQF UGLQ)UKMDKUVSUHLV     GHV%DQNKDXV0HW]OHU *U DQG(XURSHDQ%UHHGHUV¶)XQG0HLOH /   WKGDP

*2/'(1%2:/ZLQVLQF/XSH6WDNHV / SODFHGQGLQ&KHVKLUH2DNV *U GDPRIZLQQHUVLQF  1(52=,/=$/ZLQVLQ)UDQFHDQG…LQF3UL[([EXU\ *U DQG3UL[/H)DEXOHX[ /   *2/'(10,17$*(ZLQVLQF3UHPLR$SULOH / QGLQ,WDOLDQ*XLQHDV *U UGLQ   *ODGQHVV6WDNHV *U VLUH




  

&RQVLJQHGE\)UDQFLVFR&DVWUR   %URZQFROW 6:( VW)HEUXDU\

  0,1*81 86$      2-26'(/6$/$'2 ,5(  





 $3,1'<  0,(648(    '$1(7,0(  %85.,1$ 



120,1$7(')257+(%5(('(56¶6(5,(6

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  '$1(+,// $//(*+(1<5,9(5  $)5,&$16.< &$1&$1,(5(  



VWGDP

2-26'(/6$/$'2  ZLQQHUDWLQ6ZHGHQKHURQO\VWDUWGDPRIIRDORIUDFLQJDJH  9LOODUULFD IE\$UDPXV \RXQUDFHGWRGDWH    QGGDP

%85.,1$ZLQQHUDWGDPRIZLQQHUVLQF  /RUG2OLYLHUZLQVDQGÂ&#x2026;SODFHGWLPHVLQF QGLQ+DUU\5RVHEHUU\7URSK\ / $\U  .(1(0$ZLQVDWDQGDQGÂ&#x2026;DQGSODFHGWLPHVGDPRIZLQQHUV    .,1*6*$7(&+2,&(ZLQVWRDQGÂ&#x2026;DQGSODFHGWLPHV    $5,67(5=ZLQVLQ*UHHFHIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV  ,$&&+86ZLQVDWDQGÂ&#x2026;DQGSODFHGWLPHVDOVRZLQQHURYHUKXUGOHVDWDQGÂ&#x2026;  %/$&.322/)(67,9$/ZLQQHUDWDQG¼DQGSODFHGWLPHVDOVRZLQVLQ0DFDX  2-26'(/6$/$'2VHHDERYH  UGGDP

&$1&$1,(5(ZLQQHUDWDQGSODFHGWZLFHGDPRIZLQQHUV  '$1&,1*)((7SODFHGWLPHVDWDOVRZLQVLQ,WDO\IURPWR  7+()/<,1*:,1*(5ZLQQHUDWDQGSODFHG  %85.,1$VHHDERYH  28'ZLQQHULQ0DOD\VLD  WKGDP

)5(1&+)(51ZLQQHUDW5LEEOHVGDOH6WDNHV5R\DO$VFRWSODFHGWZLFHLQFQGLQ3DUN+LOO6WDNHV 'RQFDVWHUDQG3ULRU\6WDNHV1HZEXU\2ZQVLVWHUWR67$50266GDPRIZLQQHUVLQF 

6+$1*$08=2ZLQVLQF$VFRW*ROG&XS *U 5R\DO$VFRW'RQFDVWHU&XS *U 





   

 SODFHGWKLQ$VFRW*ROG&XS *U 5R\DO$VFRWDQG3UL[GX&DGUDQ *U /RQJFKDPS )5(1&+1(3+(:ZLQVRYHUKXUGOHVDQGZLQQHURYHUIHQFHVSODFHGWLPHV 61,))ZLQVDQGSODFHGWLPHVGDPRIZLQQHUVLQF   %867,))$ZLQVLQF3UL[*ODGLDWHXUG¶2VWHQGH / 2VWHQGGDPRI)LVWIXOZLQQHULQ

'RQFDVWHU6DJDUR6WDNHV / $VFRWDQG7RS5DQG&OXE+DQGLFDS6WDNHV / 1HZFDVWOH















&$1'<61,))ZLQQHUDQGSODFHGWZLFHGDPRI5867,/$5866(ZLQVLQ%HOJLXP

)UDQFHDQGSODFHGWKLQ3UL[GH/XWHFH *U /RQJFKDPS

  

   LQF3UL[OHV*XLQHDV / 6WHUUHEHHNDQG3UL[0DGDPHGX%RLVGH5RHVW /  )521',$ZLQQHUDQGSODFHGIURPRQO\VWDUWVGDPRIZLQQHUVLQF   '8.<ZLQVLQ%HOJLXPLQF*UDQG&ULWHULXP%HOJH / *URHQHQGDHO*UDQG3UL[GHOD









9LOOHG¶2VWHQGH / 2VWHQG3UL[OH9DVHG¶2U / *URHQHQGDHO3UL[6W0LFKHO / 









%RLWVIRUWDQG%HOJH6W/HJHU / %RLWVIRUWSODFHGQGLQ3UL[GX&DGUDQ *U VLUH




  

&RQVLJQHGE\-3/RQJ+% 0$/$/$EURZQILOO\ JE WK$SULO 

  1$$4226 *%      &$3,7$1$ *(5  



 2$6,6'5($0  675$,*+7/$66    /$1'2  &$3,72/,1$   











7KH3URSHUW\RI%XFN5DFLQJ$% *5((1'(6(57 +23(  0$&+,$9(//,$1 *$<+(/(1(  $&$7(1$1*2 /$85($  (03(5< &2148,67$



VWGDP

&$3,7$1$  SODFHGRQFHDWDOVRSODFHGWLPHVLQ*HUPDQ\DWDQGDQG…DOVRZLQV RYHUKXUGOHVIURPWRDQG…DQGSODFHGWLPHV2ZQVLVWHUWR&$5$&&,2/$GDPRIIRDOVRI UDFLQJDJHUXQQHUVZLQQHU  05/$1'2 JE\6KLURFFR ZLQVDWDQG…DQGSODFHGWLPHVDOVRZLQQHURYHU  KXUGOHVDWLQ,UHODQGDQGDQGSODFHGWZLFH  ;R FE\%ODFN6DP%HOODP\ SODFHGWLPHVDWLQ1RUZD\IURPRQO\VWDUWV  7HQDQJR JE\$FDGHP\$ZDUG \RXQUDFHGWRGDWH    QGGDP

&$3,72/,1$ZLQVLQ)UDQFHDWDQGDQG…DQGSODFHGWLPHVGDPRIZLQQHUVLQF  &$03'$9,'-WWRSUDWHGROGHUVWD\HULQ*HUPDQ\LQ7RSUDWHGROGHUVWD\HULQ   *HUPDQ\LQDQGZLQVLQ*HUPDQ\IURPWRDQG…LQF2OHDQGHU   5HQQHQ *U  WZLFH %DGHQHU6WHKHU&XS / 0OKHLP)UKMDKUV6WHKHU3UHLV /  WZLFH  



/DQJHU+DPEXUJHU / DQG&OHPHQV.OHLQH3UHLV /  WZLFH SODFHGWLPHVLQFQGLQ%DGHQHU





6WHKHU&XS / DQGUGLQ*URVVHU0OKHLP6WHKHUFXSGHU5KHQDJ / VLUH

  

&$5$&&,2/$ZLQVLQ(QJODQGDQG*HUPDQ\WRDQG…LQF*UDQG&XS / <RUN  DQGSODFHGWLPHVDOVRZLQVRYHUKXUGOHVDQG…SODFHGWLPHVDQGZLQVRYHU  IHQFHVDQG…SODFHGWZLFHLQF QGLQ*UHDWZRRG+XUGOH / &KHOWHQKDPDQGUGLQ







&(1(.(7(6ZLQVLQ*HUPDQ\DWDQGDQG…LQF-DQ+DU]KHLP5HQQHQ / 

'RYHFRWH1RYLFHV¶+XUGOH / .HPSWRQDQG$QQXDO&KDOOHQJH&XS6WHHSOHFKDVH *U 



&ODVVLF&DUDZLQVLQ:HVW*HUPDQ\IURPWRSODFHGULPHVLQFUGLQ*RQWDUG5HQQHQ





/ DQG'RUWPXQGHU6WXWHQSUHLV / GDPRIZLQQHUVLQF







       

   )UKMDKUV]XFKWSUHLV /    &/$66,&'(&,6,21ZLQVLQ*HUPDQ\DQG…DQGSODFHGWLPHV   &/$66,&48((1ZLQVLQ*HUPDQ\DQG…GDPRIDZLQQHU &+25$66$1ZLQVLQ*HUPDQ\DQG…DOVRZLQQHURYHUMXPSVLQ:HVW*HUPDQ\ &$3,7$,152'*(56ZLQVLQ*HUPDQ\WRDQG…SODFHGWLPHV &$57,(5$ZLQVLQ*HUPDQ\DQG…DQGSODFHGWLPHVGDPRIDZLQQHU &$03$1(//$ZLQVLQ)UDQFHDQG*HUPDQ\DQG…DQGSODFHGWLPHV

&ODVVLF6WDUZLQVLQ)UDQFHDQG*HUPDQ\DQG…SODFHGWLPHVLQFQGLQ

UGGDP

&2148,67$ZLQVLQ:HVW*HUPDQ\DQGSODFHGWLPHVGDPRIZLQQHUVLQF  &/$8',2ZLQQHULQ)UDQFHDQGSODFHGWLPHVDOVRSODFHGWLPHVRYHUMXPSVLQ)UDQFH  &(6$5(*5$1'(ZLQQHULQ)UDQFHDWDOVRSODFHGRYHUMXPSVLQ)UDQFHDW  &207(66(&$52ZLQQHULQ)UDQFHGDPRIZLQQHUV




  

&RQVLJQHGE\6WDOO5HXWHUVNL|OG+%0DULD:HVWPDQ+% /$.(6(/,1$ED\ILOO\ JHU WK)HEUXDU\

  7,*(5+,// ,5(      /$.(67&/$,5 ,5(  

 '$1(+,//  7+(),//<    5(9248(  /,9(6)25/,9,1*   

'$1=,* 5$=<$1$  $33,$1, 7,*5(666,/9(5  )$,5<.,1* /$%(//$)217$1$  $5$*21 '5$0$7,&022'



VWGDP

/$.(67&/$,5  ZLQVDQG6(.IURPWRLQ6ZHGHQDQG'HQPDUNLQF'LDQDO|SQLQJ 6ZHGLVK*XLQHDV 'LDQD7ULDO)DZ]LD6WDNHV$OWDPLUD7ULDO6WUDWIRUG2Q$YRQUHVSU PLHDOVR SODFHGQGLQ)DEHOODO¡E 'DQLVK2DNV7ULDO  UGLQ$OWDPLUDO|SQLQJWKLQ-XYHQLOH)LOOLHVDQG WKLQ/DQZDGHV 6WXG6WDNHV+FSGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUVLQF  /8&.</$' JE\%ODFN6DP%HOODP\ ZLQVDQG6(.LQF6YHQVNW6W/HJHUQG  1RUGLF&KDPSLRQ6HULHV6WD\HU WK%UHHGHUV¶7URSK\-XYHQLOH WK6YHQVNW.ULWHULXP+FS  /DNH&RRORROD IE\%ODFN6DP%HOODP\ ZLQVDQG6(.DQGSODFHGWLPHVIURP  VWDUWVDWDQGQGLQ6YHQVNW.ULWHULXP'HUE\GU|PPHQWKLQ'DQVN'HUE\7ULDODQGWKLQ  'DQVN'HUE\+FS  /DNH0F4XLUH JE\6DELDQJR SODFHGWLPHVDWDQGDQG6(.WKLQ6YHQVN  $XNWLRQVO|SQLQJ  /DNH$ZRRQJD FE\.|QLJVWLJHU \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

/,)(6)25/,9,1*ZLQQHUDWDQGSODFHGGDPRIRQHZLQQHU  /$.(67&/$,5VHHDERYH  UGGDP

'UDPDWLF0RRGXQUDFHGGDPRIZLQQHUV  0(5/,1·65,1*ZLQVLQ(QJODQG)UDQFHDQG86$DWDQGDQG…LQF3UL[ 



     

 *UHHQKDP6WDNHV *U 1HZEXU\ %$5*ZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQDQGSODFHGWLPHV $%62/87(/<67811,1*ZLQVDWDQGSODFHGWLPHVGDPRIDZLQQHU '5$0$35(0,(5(ZLQQHUDWDQGSODFHGWZLFHGDPRIZLQQHUVLQF   67$5)/$6+ZLQVLQ,WDO\DWDQGDQGSODFHGWLPHV

(FOLSVH *U 6DLQW&ORXGDQG&ULWHULXPGHV<YHOLQHV / 0DLVRQV/DIILWWHSODFHGUGLQ

WKGDP

'5$0$6&+22/UDQDIHZWLPHVRQWKHIDWDWDQGGDPRIZLQQHUVLQF 

$QQLH/DXULHZLQQHUDQGSODFHG QGLQ)XWXULW\6WDNHV *U &KHUU\%ORVVRP6WDNHV / DQG





     

5DGD·V'DXJKWHUZLQVSODFHGQGLQ3DUN+LOO6WDNHV *U 'RQFDVWHUGDPRIZLQQHUV 75($'7+(%2$5'6ZLQVDQGSODFHGWLPHVDOVRSODFHGRYHUKXUGOHVGDPRIZLQQHUV   0XN0XNDZLQVLQ,WDO\DQGSODFHG QGLQ3UHPLR*XLGR%HUDUGHOOL *U 5RPH 35,1&(66$/025$ZLQVDQGSODFHGWLPHVGDPRIDZLQQHU %(/*,&$ZLQVLQ:HVW*HUPDQ\DQGSODFHGWLPHVGDPRIZLQQHUV   %2'<*8$5'2)63$,1ZLQVLQ*HUPDQ\LQF+DVVHURGHU6SULQW&XS / 



2OG&RQQHOO5DFH / UGLQ0R\JODUH6WXG6WDNHV *U GDPRIZLQQHUV




   

&RQVLJQHGE\6WXWWHUL7KRUVNRYJDDUG     7+80%683ED\FROW '(1 WK$SULO  

  '(;7(5,7< 86$      0$;,0$ '(1  

 .,1*0$0%2  ',(6(    $6$$6<  ,6$%(//$&$11(6  

120,1$7(')257+(%5(('(56¶6(5,(6        0535263(&725 0,(648(  ',(6,6 02152(  '$1=,* &$5'8(/  $+21225$ %/,1.



VWGDP

0D[LPD  XQUDFHG2ZQVLVWHUWR9LFWRU\(PEOHP'DPRIIRDOVRIUDFLQJDJHUXQQHUV  'U3HSSHU FE\'H[WHULW\ UDQRQFHDW  *DJDULQ JE\'H[WHULW\ SODFHGDW     QGGDP

,VDEHOOD&DQQHVZLQQHUDWDQG…SODFHGWLPHVLQFWKLQ3KRHQL[6WDNHV *U DOVRZLQQHUDW LQ86$GDPRIZLQQHUV  9LFWRU\(PEOHPZRQ.ODPSHQERUJ$XNWLRQVO¡EDQG'..DOVRSODFHGUGLQ   9LQWHUIDYRULWWHUQHVUHVSU PLHDQG WKLQ'DQVN.ULWHULXP  ,OPDULQHQZLQVDQG…LQ,WDO\SODFHGWLPHVLQF QGLQ3UHPLR0HUDQR / 0LODQ 

6WDU4XHVWZLQVWR\HDUVLQ'HQPDUNDQG1RUZD\DQG'..LQF%UHHGHUV¶3UL]H

        

 0LOHDQG'DQVN%UHHGHUV¶&XS&RQVRODWLRQSODFHGQGLQ.ODPSHQERUJ6WRUH6SULQW / WKLQ  '0IRUnULJHDQGWKLQ-\GVN'HUE\ '8&.<:8&.<ZLQQHUDQGSODFHGDWLQ86$ ,1$025$7$ZLQQHUDQGSODFHGDWLQ)UDQFH ,00$&8/$'2ZLQQHUDWLQ)UDQFHDQG…DOVRSODFHGWLPHV 6L[+\DGHVXQUDFHGGDPRIDZLQQHU  6,1*$325($1ZLQVDQGDWLQ$UJHQWLQDDQGSODFHGWZLFH &KRORPDSODFHGWLPHVLQ)UDQFHDQG))LQFQGLQ3UL[GH%RUHVW&KDQWLOO\DQGUGLQ  3UL[GH%RUHVW&KDQWLOO\DQG3UL[GX7RXUPDOHW0DLVRQV/DILWWH

 UGGDP

%OLQNSODFHGDWLQFUGLQ8QLGDUH1XUVHU\+DQGLFDS / &XUUDJKGDPRIZLQQHUV  ,VDEHOOD&DQQHVVHHDERYH  %$37,60$//<SODFHGWZLFHDWDOVRZLQVLQ,WDO\DQG…DWDQG  0(=,$1$+ZLQQHUDWLQ)UDQFHDQG…DOVRSODFHGWLPHVEURRGPDUH  /,0,7('(1*$*(0(17ZLQQHUDWLQ)UDQFH  $1,3+2/0(ZLQQHUDWLQ86$  WKGDP %(//((.SODFHGWZLFHDWGDPRIZLQQHUV  6DQFHUUHZLQVDWSODFHGQGLQ,ULVK&KRUXV6WDNHV / 1DYDQ'DPRIZLQQHUV  

%OLQNVHHDERYH 35,0$%(//$ZLQVDWGDPRIZLQQHUV





*5,0,/'(ZLQVLQ,WDO\GDPRI0$7$+,1$ZLQVDQG…LQF3UHPLR%LPEL / 







JUDQGDPRI0$'/(5ZLQVLQ,WDO\LQF3UHPLR&DPSREHOOR / 0LODQ




  

&RQVLJQHGE\/MXQJVWRUSV*nUG+%     05)81FKHVQXWFROW 6:( WK0DUFK

  1((':22'%/$'( *%      =223+,$ '(1  

120,1$7(')257+(%5(('(56¶6(5,(6

 3,927$/  ),1/$**$1    35,0$7,&2  .$=22 

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  '$1=,* 35,0(9(5(  '20<16.< 6.<67('  



VWGDP

=223+,$  ZLQVDWDQGLQ'HQPDUNDQG6(.SODFHGWLPHVLQFUGLQ/DUFK UHVSU PLHDQGWKLQ0RZHULQDO¡E 'DQLVK*XLQHDV +FS$ERYHLVKHUILUVWIRDO    QGGDP

.D]RRZLQVDQG'..LQF'DQVN$YOVO¡E6NDQGLQDYLVN0HVWHUVNDEIRUnULJH1RUVN .ULWHULXP6FHSWUH6WDNHV WZLFH 0RZHULQDO¡E 'DQLVK*XLQHDV 'DQVN2DNV6YHQVNW2DNVRJ 'DQVN*XLQHDV7ULDOSODFHG QGLQ)\HQVO¡EHWDQGUGLQ'DQVN'HUE\'DQVN(FOLSVH6WDNHV / DQG -RFNH\NOXEEHQV$YHOVO|SQLQJGDPRIZLQQHUV  $)5,&$1=22ZLQQHUDQGSODFHG  =22022'ZLQVDQG'..SODFHGWLPHVLQFUGLQ'DQVN0HVWHUVNDEIRUnULJH  35(=22ZLQQHUDQGSODFHGWLPHV'..  &52:1/,1()285ZLQQHURI-\GVN'HUE\&RQVRODWLRQDWDQGUGLQ'DQVN'HUE\&RQVRODWLRQ  =$=22ZLQVDQG'..DQGSODFHGWLPHVWR  UGGDP

6N\VWHGXQUDFHGGDPRIZLQQHUVLQF  621*67($'ZLQVDWDQGDQGSODFHGWZLFH…7)GDPRIZLQQHUVLQF   621*6+((7ZLQVDQGSODFHGWLPHVDQG…GDPRI   

 

 

0RQVLHXU%RXODQJHUZLQVDQGSODFHGWLPHVLQFQGLQ:RRGFRWH6WDNHV /   (SVRP

WKGDP

3$726.<ZLQVDWDQGGDPRIZLQQHUVLQF  &5(:6+,//ZLQVDQG…LQ(QJODQGDQG86$LQF6WHZDUGV¶&XS+DQGLFDS /    *RRGZRRGDQG$OO$PHULFDQ+DQGLFDS*ROGHQ*DWHSODFHGQGLQ&RUN$QG2UUHU\6WDNHV   *U 5R\DO$VFRWDQG'LDGHP6WDNHV *U $VFRWUGLQ$EHUQDQW6WDNHV / 1HZPDUNHW 





3DWRZLQVDWDQGSODFHGQGLQ*DUURZE\6WDNHV / <RUNGDPRI

DQGWKLQ:LOOLDP+LOO6SULQW&KDPSLRQVKLS *U DQG9HUQRQ6SULQW&XS *U +D\GRFN











*U <RUNVKLUH&XS *U DQG3UL[.HJRUOD\ *U QGLQ$VFRW*ROG&XS *U 







.LQJ*HRUJH9, 4XHHQ(OL]DEHWK6WDNHV *U *RRGZRRG&XS *U DQG.LQJ(GZDUG







9,,6WDNHV *U 





0<(00$ZLQVDQG…LQ(QJODQGDQG)UDQFHLQF<RUNVKLUH2DNV *U DQG3UL[

&/$66,&&/,&+eZLQVDQG…LQ(QJODQGDQG)UDQFHLQF$VFRW*ROG&XS







9HUPHLOOH *U UGLQ3UL[0DXULFHGH1LHXLO *U DQG3UL[GH3V\FKH *U GDPRI







020(1762)-2<ZRQ*ODGQHVV6WDNHV / 





0HGLWHUUDQHDQZLQVDQGQGLQ&XUUDJK&XS *U 




  

&RQVLJQHGE\(YD&63HWWHUVVRQ     120,1$7(')257+(%5(('(56¶6(5,(6 0(&26$EURZQILOO\ 6:( WK)HEUXDU\

  6$%,$1*2 *(5      &$7(//$ 6:(  

 $&$7(1$1*2  63,5,72)($*/(6    &$(5:(17  *,1*(5   

685808 $**5$9$7(  %($8¶6($*/( %,*63,5,7  &$(5/(21 0$5:(//  ',$*+/<3+$5' &$9(1',6+48((1



VWGDP

&$7(//$  ZLQQHUDWLQ6ZHGHQDQG6(.DQGSODFHGWLPHVLQRQO\VWDUWV+FS GDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  (U\LGLXP JE\0LULR SODFHGWLPHVDWDQGLQ6ZHGHQ  )(5*8621 JE\3HQQHNDPS ZLQQHUDWDQG6(.DQGSODFHGWZLFHLQ6ZHGHQ  *(25*(%/$&. JE\(LVKLQ'XQNLUN ZLQVDQG6(.IURPWRLQ6ZHGHQLQF  .UDIIW7UHnUVHOLW7lE\SODFHGWLPHV  +HUPLQLXP JE\'H[WHULW\ UDQWZLFHDWLQ6ZHGHQ  ,VDEHOLD IE\0DQGUDNH(O0DJR SODFHGWLPHVIURPWRLQ6ZHGHQDQG'HQPDUN  .RHOOHQVWHLQ JE\'HVHUW6W\OH ZLQQHUDWDQG6(.LQ6ZHGHQSODFHGWLPHVLQF  QGLQ6YHQVNW.ULWHULXPDQGUGLQ%UHHGHUV¶7URSK\-XYHQLOH    QGGDP

*,1*(5ZLQVDQG6(.DQGSODFHGWLPHVGDPRIZLQQHUVLQF  'RXEOH8SZLQVDQG6(.LQF6YHQVNW2DNVDQG%UHHGHUV¶7URSK\6WD\HUQGLQ    

 6RPPDUVWRHWUGLQ-RFNH\NOXEEHQV$YHOVO|SQLQJ /  WZLFH 6YHQVNW6W/HJHUWKLQ  -RFNH\NOXEEHQV$YHOVO|SQLQJ-lJHUVUR&XS WKLQ%UHHGHUV¶7URSK\&ODVVLF6FDQGLQDYLDQ  &ODVVLF&KDOOHQJHDQG.DSSV6WRUD3ULV+FSEURRGPDUH $QFHOOLDZLQVDQG6(.LQF%UHHGHUV¶7URSK\&RQVRODWLRQSODFHGWLPHVLQFUGLQ

   

 %ORRPHUV¶9DVH / +FSGDPRIDZLQQHU   +(;$/(&75,6ZRQ6)$)6c()$XNWLRQVO|SQLQJ7lE\ (//($17+86ZLQVIURPRQO\VWDUWVDQG6(.

UGGDP

&$9(1',6+48((1ZLQVDQG6(.DQGSODFHGWLPHVLQ1RUZD\DQG6ZHGHQGDPRI ZLQQHUVLQF  .2.202ZLQVDQG6(.LQF6YHQVNW.ULWHULXP-RFNH\NOXEEHQV$YHOVO|SQLQJDQG   6YHQVNW2DNV7ULDOSODFHGWLPHVLQFQGLQ6YHQVNW2DNV60nULJDWKLQ'LDQDO|SQLQJ   6ZHGLVK*XLQHDV  QGKLJKHVWUDWHGDQG\RLQ6ZHGHQGDPRIDZLQQHU  7(03/(721ZLQVDWDQGLQ6ZHGHQDQGSODFHGWZLFH  /,77/(48((1,(ZLQQHUDWLQ6ZHGHQDQGSODFHGRQFH  $6(&5(7ZLQQHUDWLQ6ZHGHQ  '$**(5ZLQVLQ6ZHGHQDQGSODFHGRQFHDOVRZLQQHURYHUMXPSVLQ6ZHGHQ  WKGDP

%(17,1&.+27(/ZLQQHUDWDQGSODFHGWZLFHGDPRIZLQQHUVLQF  6KDPVKRRQZLQVUGLQ0RHW &KDQGRQ5HQQHQ *U %DGHQ%DGHQ 

%HQ]LQDZLQVWKLQ/DV3DOPDV+DQGLFDS *U 6DQWD$QLWDGDPRIDZLQQHU



&RPPDQGHU&KDUOLHZLQVQGLQ+RQJ.RQJ'HUE\ / 6KD7LQ




  

&RQVLJQHGE\%HUQHU2OVHQ    %D\ILOO\ '(1 WK0DUFK

  35,0$7,&2 86$      -2/,()/(85 '(1  









 '$1=,*  35,0(9(5(    5,&+$5'2)<25.  $//5,*+7   

120,1$7(')257+(%5(('(56¶6(5,(6

1257+(51'$1&(5 35,0(9(5(  ,5,6+5,9(5 635,1*,663581*  5$,1%2:48(67 75,3/(),567  $/:$<6)$,5 $//:,16



VWGDP

-2/,()/(85  ZLQQHUDWDQG'..DOVRSODFHG QG%UHHGHUV¶-XYHQLOH&RQVRODWLRQDQG %DVQ VO¡EWK'DQVN.ULWHULXP'DPRIRQHSUHYLRXVIRDORIUDFLQJDJH  *UH\*RRVH IE\$FDGHP\$ZDUG SODFHGWLPHVIURPRQO\VWDUWVDW  QGGDP

$//5,*+7  ZLQVDWLQFO'DQVN2SGU WQLQJVO¡E'DQVN.ULWHULXPDQG'DQVN$YOVO¡E$OVR ZLQVDWLQFO0RZHULQDO¡E 'DQLVK*XLQHDV DQG)DEHOODO¡E 'DQLVK2DNV7ULDO SODFHGQG'DQVN 2DNVDQG'..'DPRIZLQQHUVLQF  /$'<&/(0(17,1(ZLQVDQG'..LQFO-\GVN'HUE\DQG9LQWHUIDYRULWWHUQHV   UHVSU PLHQG0RZHULQDO¡E 'DQLVK*XLQHDV 'DQVN.ULWHULXPDQG6NDQGLQDYLVN   2SGU WQLQJVO¡EUG$XNWLRQVO¡EDQG)DZ]LD6WDNHVWK'DQVN%UHHGHUV¶&XS'DPRI    6,5+(15<ZRQ'DQVN'HUE\QG'DQVN*XLQHDVUG9LQWHUIDYRULWWHUQHV     UHVSU PLH%UHHGHUV¶7URSK\&ODVVLFDQG'DQVN%UHHGHUV¶&XS    6,/9(572:1ZRQ'DQVN.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLHQG6NDQGLQDYLVN     2SGU WQLQJVO¡EDQGUG6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU    6LU:LQVWRQZLQQHUDWDQGSODFHGUG'DQVN*XLQHDV-\GVN'HUE\DQG     6NDQGLQDYLVN2SGU WQLQJVO¡E    +DUERXU/LJKWZLQQHUDWDQGSODFHG QGLQ6NDQGLQDYLVN2SGU WQLQJVO¡E  6LU6SHQFHUZLQVIURPWRDQG'..DOVRQG'DQVN.ULWHULXPDQG-\GVN'HUE\  6LU$OH[DQGHUZLQVDQG'..DOVRQG$XNWLRQVO¡E'HQ-\GVNH9LQWHUIDYRULWDQG %UHHGHUV¶3UL]H6SULQWUG'DQVN.ULWHULXP-\GVN'HUE\DQG%UHHGHUV¶7URSK\&RQVRODWLRQ  ('*(2)(7(51,7<ZLQVDQG12.IURPWRLQF'DQVN*DORSV$XNWLRQVO¡E 6NDQGLQDYLVN0HVWHUVNDSIRUnULJHDQG%UHHGHUV¶3UL]H6SULQWDOVRQG%UHHGHUV¶7URSK\ -XYHQLOH1RUVN.ULWHULXPDQG6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU  5,*+748(67&$5/5$6ZRQDWWK9LQWHUIDYRULWWHUQHVUHVSU PLH    UGGDP

$//:,16ZRQUDFHVDQG'..LQ'HQPDUN'DPRIZLQQHUVLQF  $//5,*+7VHHDERYH  $//)$,5ZLQVDWDQGDQG'..LQFO'DQVN.ULWHULXPDQG6YHQVNW2DNVQG'DQVN   $YOVO¡E6YHQVNW.ULWHULXPDQG9LQWHUIDYRULWWHUQHVUHVSU PLHUG'DQVN2SGU WQLQJVO¡E   WK'DQVN*XLQHDVDQGWK0RZHULQDO¡E 'DQLVK*XLQHDV 'DPRI     0$<)$,5ZLQVDWDQG'..LQF6NDQGLQDYLVN2SGU WQLQJVO¡E'DPRI       )$,50$<ZRQ1RUVN%UHHGHUV¶&ODVVLF     %/8(0$5<ZLQVDQG'..IURPWRLQF'DQVN%UHHGHUV¶&XSDQG/DUFK      UHVSU PLHQG1RUVN%UHHGHUV¶3UL]HUG%UHHGHUV¶7URSK\&ODVVLFDQG%UHHGHUV¶      7URSK\0LOHWK)DZ]LD6WDNHV'DPRIDZLQQHU       &XW%HOOHQG0RZHULQDO¡E 'DQLVK*XLQHDV   $OO6WDUZLQVDQG'..SODFHGWLPHVLQF QG'DQLVK6W/HJHU




  

&RQVLJQHGE\6WXWWHUL+MRUWHER   %D\ILOO\ '(1 WK-DQXDU\

  $&$'(0<$:$5' ,5(      $&+$0%5$ )5  









120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    '(6(5735,1&(  $50$5$0$  

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  *5((1'(6(57 )/<,1*)$,5  3(56,$1%2/' 5266,725



VWGDP

$FKDPEUD  XQUDFHGGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  $1$1,$6+9,/, IE\/LQDPL[ ZLQQHUDWLQ,WDO\DQGÂ&#x2026;DQGSODFHGRQFHEURRGPDUH  $.527,5, FE\2UDWRULR ZLQQHUDWLQ,WDO\DQGÂ&#x2026;DQGSODFHGWZLFH  1DPLELDQ'HVHUW FE\5HIXVH7R%HQG SODFHGWLPHVDWLQ'HQPDUNDQG1RUZD\  QGGDP

$50$5$0$ZLQQHUDWDQGÂ&#x2026;LQF5LEEOHVGDOH6WDNHV *U $VFRWSODFHGWLPHVLQFQGLQ 2DNVG¶,WDOLD *U 0LODQ/DQFDVKLUH2DNV *U +D\GRFNDQG3UHWW\3ROO\6WDNHV / 1HZPDUNHWDQG UGLQ0XVLGRUD6WDNHV *U <RUNGDPRIZLQQHUV 

$57,67,48(ZLQVDWLQ)UDQFHDQGÂ&#x2026;LQF3UL[%HUWHX[ *U GDPRIZLQQHUV





















$UWLVWLFDZLQVDWLQ)UDQFHDQGÂ&#x2026;DQGSODFHG UGLQ3UL[GH5R\DXPRQW *U 



$50$5$0$.ZLQVDWLQ)UDQFHDQGÂ&#x2026;DOVRZLQVRYHUKXUGOHVDQGZLQVRYHU

02170$575(&KDPSLRQ\RFROWLQ)UDQFHLQZLQVLQ)UDQFHDWDQG Â&#x2026;LQF*UDQG3UL[GH3DULV *U DQG3UL[GX/\V *U DQGSODFHGRQFHVLUH

IHQFHVLQFODNHKRWHOFRP+DQGLFDS&KDVH *U 







$UPLOLQDZLQVDWLQ)UDQFHDQGÂ&#x2026;SODFHGQGLQ3UL[&DVLPLU'HODPDUUH / DQG3UL[





&KDUOHV/DIILWWH / UGLQ*ODGQHVV6WDNHV *U GDPRIZLQQHUVLQF







$/<(6.$ZLQQHULQ)UDQFHDWDQGÂ&#x2026;GDPRI:KLSVDZ&LW\ZLQVDQG









 

$UP\.LQJZLQVLQ)UDQFHDQGÂ&#x2026;SODFHGWLPHVLQF QGLQ*UDQG3UL[GX1RUG / 

Â&#x2026;SODFHGQGLQ*ORZLQJ+RQRU6WDNHV / DQGUGLQ6HUHQD¶V&DW6WDNHV / 

UGGDP

5266,725ZLQVDWDQGSODFHGWZLFHGDPRIZLQQHUVLQF  .$/$*/2:&KDPSLRQROGHUKRUVHLQ(XURSHLQZLQVIURPWRDQGÂ&#x2026;LQF 



(FOLSVH6WDNHV *U .LQJ*HRUJH9, 4XHHQ(OL]DEHWK6WDNHV *U %ULJDGLHU*HUDUG





6WDNHV *U (DUO2I6HIWRQ6WDNHV *U DQG+RUULV+LOO6WDNHV *U VLUH



$50$5$0$VHHDERYH



*ORZLQJ(PEHUVZLQVDWSODFHGWKLQ$WKDVL6WDNHV *U GDPRIZLQQHUVLQF







0RQWHUH\%D\ZLQQHURYHUKXUGOHVDQGZLQVRYHUIHQFHVDQGÂ&#x2026;SODFHG QGLQ









  

   *ROG0HGDO+DQGLFDS&KDVH *U UGLQ7UR\WRZQ+DQGLFDS&KDVH *U  *$7&+,1$ZLQVDWIURPRQO\VWDUWVGDPRIZLQQHUVLQF   '(6(573$/$&(ZLQQHUDWDQGSODFHGWZLFHIURPRQO\VWDUWVGDPRI628'(/25









.HUU\1DWLRQDO+DQGLFDS&KDVH *U 3DW7DDIIH+DQGLFDS6WHHSOHFKDVH *U DQG

ZLQVLQ'HQPDUNDQG1RUZD\DQGÂ&#x2026;LQF.ODPSHQERUJ6WRUH6SULQW / 




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\ILOO\ '(1 WK$SULO

  $&$'(0<$:$5' ,5(      -$0%$/$<$ '(1  











120,1$7(')257+(%5(('(56¶6(5,(6

 '$1(+,//  ,1*$%(//(    &$-81&$'(7  $=<$'((  

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  &$'($8;*(1(5(8; 3(77<3856(  *5((1'$1&(5 $=85(//$



VWGDP

-DPEDOD\DSODFHGDWLQ'HQPDUNGDPRIIRDORIUDFLQJDJH  /DG\/RXLVH IE\$FDGHP\$ZDUG \RXQUDFHGWRGDWHLQWUDLQLQJLQ1RUZD\    QGGDP

$=<$'((ZLQQHUDQGSODFHGLQ)UDQFH2ZQVLVWHUWR$1,75$·6'$1&(GDPRIZLQQHUV 

5(,1($0$1',1(ZLQVLQ)UDQFHDQG86$DQG…LQF3UL[GH/LDQFRXUW / 





     

 )LQODQGH / 'DPRIDZLQQHU 67((/(;35(66ZLQVDQG'..LQF'DQVN2DNVDQG6FHSWUH6WDNHVSODFHG  WLPHVLQFQGLQ0RZHULQDO¡E 'DQLVK*XLQHDV DQG)DZ]LD6WDNHV+FSGDPRI  ZLQQHUV '$1,6+)$,5<7$/(ZLQVLQ&DQDGDDQG86$WR\HDUVDQG…SODFHGWLPHV &/(/,$/$%(//(ZLQVLQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUVLQF

SODFHGWLPHVLQFQGLQ3UL[GH7XLOHULHV / DQGUGLQ/DGLHV+DQGLFDS *U DQG3UL[





     

   *UDQG6WHHSOHFKDVHGH/\RQ /  WZLFH DQGSODFHGWLPHV &87'(75,203+(ZRQ'DQVN'HUE\&RQVRODWLRQDWDQG6(. $1*(/:,1*ZLQVLQ)UDQFH )LQDO3DUW\ZLQVDWDQGDQGSODFHGWZLFHLQFQG9LQWHUIDYRULWWHUQHVUHVSU PLH %(//(*$5$ZLQVDQGSODFHGQGLQ*UDQG&ULWHULXPGH9LWWHO 



$7+$1$6(ZLQVLQ)UDQFHDQG…DOVRZLQVRYHUKXUGOHVDQG…LQF

UGGDP

$=85(//$ZLQVLQ)UDQFHDQG))LQF3UL[GH0DOOHUHW *U DQG3UL[GH5R\DXPRQW *U  WKLQ3UL[GHOD1RQHWWH *U GDPRIZLQQHUV 

$1,75$·6'$1&(ZLQVLQ)UDQFHDWDQG))LQF3UL[GH0LQHUYH *U QGLQ





3UL[GH3RPRQH *U GDPRIZLQQHUV







62/9(,*ZLQVLQ)UDQFHDWDQGDQG))LQF3UL[)LOOHGHO¶$LU *U GDP









RI9$*8(/<*$<ZLQVLQ)UDQFHDQG86$DQG…LQF3UL[3HOODV / UGLQ









3UL[(XJHQH$GDP *U 







*2/'¶6'$1&(ZLQVLQ)UDQFHGDPRI*2/'$0,;ZLQVLQ)UDQFHLQF&ULWHULXPGH











%OXH5LYHUZLQQHULQ)UDQFHUGLQ3UL[G¶$XWRPQH / DQG3UL[GHV7RXUHOOHV / 'DPRI







5$<21%/(8ZLQVLQ)UDQFHDQG))LQF3UL[&RUGH&KDVVH / VLUH







6($5,1*ZLQVLQ)UDQFHGDPRI7255(675(//$ZLQVLQ)UDQFHLQF3RXOH















6WDQL5LYHUZLQQHULQ)UDQFHQGLQ3UL[G¶$XWRPQH / DQG3UL[GHV7RXUHOOHV / 

6DLQW&ORXG *U UGLQ3UL[GH'LDQH *U 

G¶(VVDLGHV3RXOLFKHV *U 




  

&RQVLJQHGE\-DQ-RKDQVVRQ       =$1$=$,'EURZQILOO\ 6:( WK$SULO 

  */25,$'(&$03($2 %5=      =22*,1$=$,' 6:(  

 ,035(66,21  $8'$&,7<    75221  .,1./$,7+ 

120,1$7(')257+(%5(('(56¶6(5,(6 7KLV\HDUOLQJ¶VQDPHFDQ¶WEHFKDQJHG 58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  %(9(/(' &(675()(/'  0,$0,635,1*6 5(,1$77

  

VWGDP

=RRJLQD=DLG  ZLQVDQG6(.LQF6FDQLD6SULQW606SULQWHUV60nULJD+lVWDU SODFHGQGLQ0DOP|6WDGV3ULV6WLJ+ROPV0HPRULDO606SULQWHUV2SHQ0LOHUG-lJHUVUR6SULQWDQG 6FDQLD6SULQW+FS$ERYHLVKHUILUVWIRDO    QGGDP

.,1&/$,7+ZLQQHUDWDQGSODFHGRQFHIURPRQO\VWDUWVGDPRIZLQQHUV  =RRJLQD=DLGVHHDERYH  =,1*2$//$=$,'ZLQVIURPWRDQG6(.DQGSODFHGWLPHVLQFQGLQ   

 'LDQD7ULDODQG&LQQDPRQ&KDOOHQJH WKLQ%ORRPHUV¶9DVH / +FS =2(=$,'ZLQQHUDWDQGSODFHGWLPHV

UGGDP

5HLQDWWZLQVDWDQGLQ6ZHGHQDQG6(.SODFHGWLPHVLQFQGLQ'LDQDO|SQLQJ 6ZHGLVK *XLQHDV 6YHDODQGO|SQLQJ UGLQ'DQVN.ULWHULXPDQG9LQWHUIDYRULWHUQDV3ULVGDPRIZLQQHUVLQF  3,1:,11,(ZLQVDWLQ6ZHGHQDQG6(.LQF$OWDPLUDO|SQLQJSODFHGWKLQ/DQZDGHV   6WXG6WDNHV / WKLQ-RFNH\NOXEEHQV$YHOVO|SQLQJDQG6FDQGLQDYLD&XS+FSEURRGPDUH  */(1$1'5(:6ZLQVDQG6(.IURPWRLQF%UHHGHUV¶7URSK\-XYHQLOHDQG   6ZHGHQ&XS-XYHQLOH6SULQWSODFHGWLPHVIURPVWDUWVLQFOQGLQ6)$)V6WRUD3ULV   $XNWLRQVO|SQLQJDQGUGLQ-XYHQLOH0LOH  /2*$1ZLQVLQFOZLQVRYHUMXPSVDQG6(.LQF-RFNH\NOXEEHQV6WRUD3ULVQGLQ   *\OOHQH+lVWHQ  ('5$'285ZLQVIURPWRLQ6ZHGHQDQG'DQPDUNDQG6(.DQGSODFHGWLPHV  %(1520$&+ZLQQHUDWDQGSODFHGWLPHVIURPRQO\VWDUWV WKGDP

5(,1(62/(,/ZLQVIURPWRLQ(QJODQGDQG6ZHGHQGDPRIZLQQHUVLQF  :+,7(:((.&KDPSLRQ\RLQ6ZHGHQLQZLQVLQ'HQPDUNDQG6ZHGHQLQF6).           

 -XELOHXPVO|SQLQJ / 6YHQVNW.ULWHULXP6FHSWUH6WDNHV.DSSV6WRUD3ULV6YHQVNW'HUE\  7ULDOSODFHGQGLQ6YHQVNW6W/HJHU-lJHUVUR&XS-RFNH\NOXEEHQV$YHOVO|SQLQJUGLQ  6WRFNKROP&XS,QWHUQDWLRQDO / 60nULJDDQG6).-XELOHXPVO|SQLQJ / GDPRIDZLQQHU   9,&+<ZLQVDQG6(.IURPWRLQ6ZHGHQDQGSODFHGWLPHVIURPVWDUWV    LQFQGLQ6ZHGHQ&XS6WD\HUDQG WKLQ606WD\HUV+FS   3RUODSODFHGGDPRI0DMRU*XQQ¶VZLQVDQG6(.LQF*|WDODQGO|SQLQJSODFHG    QGLQ%UHHGHUV¶7URSK\-XYHQLOH+FS   1RYHDXSODFHGGDPRIZLQQHUV 385(:$7(5ZLQVDQG6(.LQF%ORRPHUV¶9DVHDQG6FDQGLQDYLD&XS $SSVROXWGDPRIZLQQHUVLQF  612:%$//ZLQVDWLQF$OWDPLUDO|SQLQJ+FSGDPRIZLQQHUV




  

&RQVLJQHGE\/MXQJVWRUSV*nUG$%     120,1$7(')257+(%5(('(56¶6(5,(6 056/25((1FKHVQXWILOO\ 6:( WK)HEUXDU\

  1((':22'%/$'( *%      ,5,6+'2//< ,5(  

 3,927$/  ),1/$**$1    '2&.6,'(5  6(17(17,286   

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  ',(6,6 3803  .$872.(,12 &$5'$1(



VWGDP

,5,6+'2//<  SODFHGDWLQ'HQPDUNGDPRIIRDOVRIUDFLQJDJHUXQQHUZLQQHU  0569(/9(7 IE\%RVXQ¶V:DWFK ZLQQHUDWDQG6(.WRSODFHGWLPHV  0U&UDYLQJ(\H FE\1HHGZRRG%ODGH \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

6(17(17,286ZLQVLQ%HOJLXPDWGDPRIZLQQHUV  /,77/(0,66-2+1ZLQVLQ%HOJLXPDQG)UDQFHDQGÂ&#x2026;LQF3UL[GHOH9DVHG¶2U /  



WZLFH %RLWVIRUW3UL[0DGDPHGX%RLVGH5RHVW / *URHQHQGDHODQG3UL[6DLQWH*XGXOH / 





WZLFH %RLWVIRUWSODFHGWLPHVLQFQGLQ3UL[$OEHUWYDQ/RR / 2VWHQG3UL[&RPWH5RJHU





GX0RQFHDXGH%HUJHQGDO / %RLWVIRUWDQG3UL[+\QGHULFNGH7KHXOHJRHW / 6WHUUHEHHNUG





*UDQG3UL[GH%UX[HOOHV / *URHQHQGDDO3UL[GH6D0DMHVWHOH5RL / 6WHUUHEHHN3UL[6W





0LFKHO / 6WHUUHEHHNDQG*UDQG+DQGLFDS,QWHUQDWLRQDOG¶2VWHQGH / 2VWHQGEURRGPDUH



3523(5/,77/(0,66ZLQVLQ%HOJLXPDQGÂ&#x2026;LQF3UL[*XWW / 2VWHQGSODFHG





WLPHVLQFQGLQ*UDQG&ULWHULXP1DWLRQDOG¶2VWHQGH / 2VWHQGDQG*UDQG3UL[GH&HQWHQDLUH





GX-RFNH\&OXE / 2VWHQGUGLQ3UL[OHV*XLQHHV / 6WHUUHEHHNDQG3UL[(PLOHYDQGHQ

                  

 %RJDHUGH / 2VWHQGGDPRIZLQQHUV   35(6,'(17ZLQVLQ%HOJLXPDWDQGSODFHGWLPHV 6KDLVD&KDPSLRQROGHUPDUHLQ6FDQGLQDYLDLQ&KDPSLRQ\RILOO\LQ6FDQGLQDYLDLQ  ZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQIURPWRDQGÂ&#x2026;LQF&RROPRUH  0DWFKPDNHU6WDNHV WZLFH 7lE\6FDQGLQDYLD&XS WZLFH -lJHUVUR/DQZDGHV6WXG6WDNHV  7lE\0HULGLDQ6WXWWHUL+RSSHO¡S WZLFH Â&#x2018;YUHYROO3HXJHRW3RNDOO¡EIRU+RSSHUÂ&#x2018;YUHYROO  0RZHULQDO¡E 'DQLVK*XLQHDV.ODPSHQERUJ$OWDPLUDO|SQLQJ-lJHUVUR6RILHURO|SQLQJ  -lJHUVURDQG((FNER/HJDWV9DQGUHSRNDOÂ&#x2018;YUHYROOSODFHGQGLQ%ORRPHUV¶9DVH7lE\  3HXJHRW3RNDOO¡SIRU+RSSHUÂ&#x2018;YUHYROO&RROPRUH0DWFKPDNHU6WDNHV7lE\0HULGLDQ6WXWWHUL  +RSSHO¡SÂ&#x2018;YUHYROO0RUWHQ 7RUYDOG.ODYHQHVV0LQQHO¡S / Â&#x2018;YUHYROO-RFNH\NOXEEHQV  $YHOVO|SQLQJ-lJHUVURUGLQ6YHDODQGO|SQLQJ7lE\1RUVN*XLQHDVÂ&#x2018;YUHYROO0HULGLDQ  6WXWWHUL+RSSHO¡SÂ&#x2018;YUHYROO3RNDOO¡E / .ODPSHQERUJDQG6RQJOLQH&ODVVLF /  WZLFH   7lE\GDPRIZLQQHUV   6+(,.$ZLQVDWDQGLQ1RUZD\DQGÂ&#x2026;DQGSODFHGWLPHV   6+$%%<&+,&ZLQQHUDWLQ1RUZD\DQGÂ&#x2026;SODFHGWLPHV 0DVWHUNLQG&KDPSLRQ\RFROWLQ6FDQGLQDYLDLQ&KDPSLRQPLOHULQ6FDQGLQDYLDLQ  ZLQVLQ1RUZD\DQG6ZHGHQDWDQGDQGÂ&#x2026;LQF1RUVN*XLQHDV  6YHDODQGO|SQLQJ5RVHQJnUGO|SQLQJDQG7UHnULQJHUQDV(OLWO|SQLQJQG6RILHURO|SQLQJDQG  0DOP|6WDGV3ULVUG(XUR$PHULFDQ6SULQW&XS / .UHIHOGDQG7lE\2SHQ6SULQW





&KDPSLRQVKLS / 7lE\




  

&RQVLJQHGE\2OOH0DWWVVRQ '28%/(&$7EURZQILOO\ 6:( WK$SULO

  6:,1*7+$7&$7 86$      35,0(&$7 *%  

67250&$7 75$,152%%(5<  1$6+:$1 ,'/(*266,3  67250&$7 728*+$61$,/6  '$<-85 35,0(9(5(

 &$77+,()  ,1&+$    &$75$,/  35,$'$   



VWGDP

35,0(&$7  ZLQVLQ6ZHGHQIURPWRDQG6(.LQF0DOP|6WDGV3ULV-lJHUVUR SODFHGQGLQ0RZHULQDO¡E 'DQLVK*XLQHDV .ODPSHQERUJ*XOGVWRHW-lJHUVURWK%ORRPHUV¶9DVH 7lE\DQG6RILHURO|SQLQJ-lJHUVURGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHU  6:(',6+&$7 IE\6ZHGLVK6KDYH ZLQVIURPWRLQ6ZHGHQDQG6(.LQF 0HOPDF/|SQLQJ7lE\DQGSODFHGWLPHV  2QH0RUH&DW FE\6ZHGLVK6KDYH SODFHGWLPHVLQ6ZHGHQDWDQG  *DWWLQR FE\6ZHGLVK6KDYH UDQRQFHLQ1RUZD\DW  $FDGHPLF&DW IE\$FDGHP\$ZDUG \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

3ULDGDXQUDFHGGDPRIZLQQHUV  35,=(ZLQVLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV  35,0(&$7VHHDERYH  UGGDP

3ULPHYHUHZLQVLQ)UDQFHDWDQGSODFHGUGLQ3UL[)LQODQGH / (YU\GDPRIZLQQHUV  

35,2/27RSUDWHGDQG\RPLOHULQ)UDQFHLQDQG-WWRSUDWHGROGHUKRUVHLQ  (XURSHLQZLQVLQ)UDQFHIURPWRWRDQG))DQGLQF3UL[GX





0RXOLQ *U /RQJFKDPS3UL[-DFTXHVOH0DURLV *U 'HDXYLOOH3UL[-HDQ3UDW *U 





/RQJFKDPSDQG3UL[0DWFKHP / (YU\SODFHGQGLQ*UDQG3UL[GH3DULV *U 





/RQJFKDPSDQG3UL[G¶,VSDKDQ *U &KDQWLOO\UGLQ6XVVH[6WDNHV *U *RRGZRRG3UL[





GX0RXOLQ *U /RQJFKDPSDQG%UHHGHUV¶&XS0LOH *U %HOPRQWVLUH

           

3UHYDLOZLQQHULQ)UDQFHDWDQG))SODFHGUGLQ3UL[GHV5HVHUYRLUV *U   /RQJFKDPSGDPRIZLQQHUV   0,1(560,/(ZLQVDQGÂ&#x2026;LQ5XVVLDSODFHGWLPHV   $.5,$6ZLQVLQ6ZHGHQDQGSODFHGWLPHV   3(56,67(170(025<ZLQVDWLQ)UDQFH   3URYLVRLUHSODFHGLQ)UDQFHDWGDPRI)22767(36,17+(&,7<ZLQVDWDQGLQ    )UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV (,6+,1.,0%$//ZLQVLQ-DSDQDQGÂ&#x2026;DQGSODFHGWLPHV 3ULQWDQLHUHSODFHGLQ)UDQFHDWGDPRIZLQQHUV  35,1&,(5(ZLQVLQ3XHUWR5LFRDQGÂ&#x2026;DQGSODFHGWLPHV  6(5,286&+2,&(ZLQVDWDQGDQGSODFHGRQFHDOVRZRQRYHUKXUGOHVDW  1LFROLWWDSODFHGDWGDPRI-RKDQQHV0R]DUWZLQVLQ,WDO\DQGÂ&#x2026;SODFHGUGLQ

 





3UHPLR$PEURVLDQR *U 0LODQ




    

&RQVLJQHGE\<RUN6WXWWHUL     %URZQILOO\ '(1 WK)HEUXDU\   

  $&$'(0<$:$5' ,5(      38//7+(3/8* 86$  

 

 

 '$1(+,//  ,1*$%(//(    38/3,7  0$5*$< 

 

120,1$7(')257+(%5(('(56¶6(5,(6 7KHSURSHUW\RI&DW5DFLQJ 129$7 

'$1=,* 5$=<$1$  7$8)$1 %,2%(//(  $3,1'< 35($&+  0$5-8 $/0$5$, 



VWGDP

38//7+(3/8*  ZLQVDWLQ)UDQFHDQG…SODFHGWLPHV+FSGDPRIIRDORI UDFLQJDJH  3OXJ$QG3OD\ IE\$UFKLSHQNR \RXQUDFHGWRGDWHLQWUDLQLQJLQ1RUZD\    QGGDP

0DUJD\ZLQVLQ,UHODQGDQG86$DWDQGDQG…SODFHGWLPHVLQFQG+HQNHO5HQQHQ *HUPDQ*XLQHDV  *U 'VVHOGRUIUGLQ.LOODYXOODQ6WDNHV *U DQG*XLQHDV7ULDO6WDNHV / /HRSDUGVWRZQGDPRIZLQQHUV  0<48((1,(UHDOL]HGJQVDVD\HDUOLQJZLQVDWDQGDQG…SODFHG   WLPHVDOVRSODFHGRQFHLQ.LQJGRPRI6DXGL$UDELDDW25  &5266&8/785(ZLQQHUDWDQGSODFHGWLPHVIURPRQO\VWDUWV  385(:+,7(ZLQQHUDWLQ86$DQG…SODFHGWZLFH  UGGDP

$/0$5$,SODFHGWLPHVDWGDPRIZLQQHUV  0DUJD\VHHDERYH 

*OHQVWDO$EEH\ZLQVRYHUKXUGOHVDWDQG…DOVRZLQVRYHUIHQFHVDWSODFHGUG

     

 LQ2¶'Z\HU6WHHO1RYLFH&KDVH *U 7LSSHUUDU\ 087$%$66,0ZLQQHUDWDQGSODFHGWLPHVDOVRZLQVDWLQ,WDO\ 12%/(*$/,/(2ZLQVDWDQG…SODFHGWLPHV25 +$'$<,.ZLQQHUDWDQGSODFHGWLPHV25 *27,75,*+7ZLQQHULQ+RQJ.RQJDWDQG…SODFHGWZLFH

WKGDP

:$7(5%8&.ZLQQHUDQGSODFHG2ZQVLVWHUWR$/+$77$%GDPRIZLQQHUVLQF 

%8&.+$5ZLQVLQ86$LQF:DVKLQJWRQ'&,QWHUQDWLRQDO6WDNHV *U &DQDGLDQ7XUI





  

$PRUSKRXVZLQVLQ86$UGLQ0RUYHQ6WDNHV *U  :,1*62)($*/(6ZLQVLQ86$DQGSODFHGRQFHGDPRIZLQQHUV  'DQQ\6HWKZLQVLQ86$SODFHGQGLQ3DROL3HDNV+DQGLFDS / 

  

 6KHLNK)RUW\VL[ZLQVLQ86$UGLQ7ZLQ/LJKWV6WDNHVJUDQGDPRI&/$66<=,3   ZLQVLQ&DQDGDDQG86$LQF$OLVRQ0F&OD\6WDNHV &URZQHGXQUDFHGGDPRIZLQQHUV





12%/(/8675(ZLQQHUDQGSODFHGGDPRI52<$/5(%8.(ZLQVLQ(QJODQGDQG







86$LQF3DJR+RS%UHHGHUV¶&XS+DQGLFDS / JUDQGDPRI'UDJRQ)O\HUZLQVDQG







QGLQ.LQJ*HRUJH6WDNHV *U 

+DQGLFDS *U DQG%RXJDLQYLOOHD+DQGLFDS / SODFHGQG(ONKRUQ6WDNHV *U VLUH




  

&RQVLJQHGE\$QJHOD +HOHQH7KRUQEHUJ 6$*,77$ED\ILOO\ 6:( WK0DUFK

  6$%,$1*2 *(5      526(77$ 6:(  

 $&$7(1$1*2  63,5,72)($*/(6    ,1)250$17  7g51526$   

685808 $**5$9$7(  %($8¶6($*/( %,*63,5,7  .5,6 ,1)$17$5($/  7,52/ 6$<%<$



VWGDP

526(77$  ZLQVIURPWRLQ6ZHGHQDQG6(.SODFHGWLPHVIURPVWDUWVLQFQG LQ$OWDPLUDO|SQLQJ+FSGDPRIIRDOVRIUDFLQJDJH  6LOFD5RVH IE\6LOFD/HJHQG \RXQUDFHGWRGDWH  5RVHKLOO JE\$FDGHP\$ZDUG \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ     QGGDP

7g51526(SODFHGRQFHDWLQ'HQPDUNGDPRIZLQQHUV  526(77$VHHDERYH  ,1',$1$&(ZLQVDWLQ'HQPDUNDQG6(.SODFHGWLPHVLQVWDUWV  UGGDP

6$<%<$XQUDFHGGDPRIZLQQHUV %/8(+$5/(48,1SODFHGWLPHVDWDOVRZRQUDFHVWR\HDUVLQ0DFDXDQGÂ&#x2026;  -2+1-2<ZLQVDWDQGDQGSODFHGWLPHVDOVRSODFHGWLPHVRYHUKXUGOHV  6$<*22'%<(ZLQVDWDQGSODFHGWLPHVDOVRZLQQHUDQGSODFHGRYHUKXUGOHV  6(9(17<6(9(10,//ZLQVLQ1+)ODW5DFHVDWDOVRZLQQHURYHUKXUGOHV  05237,0,67,&SODFHGDWDOVRZLQVRYHUKXUGOHVDWDQGDQGSODFHGRYHUIHQFHV  WKGDP

6(01,&$SODFHGWLPHVLQ)UDQFHDWGDPRIZLQQHUVLQF  6+$7,%$ZLQVLQ)UDQFHDQGSODFHGRQHGDPRIZLQQHUV  'RVLFDSODFHGWZLFHLQ)UDQFHGDPRIZLQQHUV    'RUVRXQZLQVLQ)UDQFHDQGSODFHGUGLQ3UL[GHO¶(VSHUDQFH *U /RQJFKDPS 





'5$=,11'$ZLQQHULQ)UDQFHGDPRI'-$0$/,ZLQQHULQ)UDQFHDOVRZRQ3UL[









&KULVWLDQGH7UHGHUQ+DQGLFDS+XUGOH / $XWHXLOJUDQGDPRI/DGLHV)LUVWQGLQ*%,

 







5DFLQJ6DNDU\D / 9HOLHIHQGL

WKGDP

7$.$52$UDQWZLFHLQ)UDQFHGDPRIZLQQHUVLQF 

'$1.$52-WWRSUDWHG\RFROWLQ)UDQFHLQZLQVLQ)UDQFHLQF3UL[/XSLQ *U 





3UL['DUX *U DQG3UL[*UHIIXOKH *U SODFHGQGLQ3UL[GH-RFNH\&OXE *U DQGUGLQ





.LQJ*HRUJH9, 4XHHQ(OL]DEHWK6WDNHV *U VLUH

  

9HUPLOORQ&KLQHZLQVLQ)UDQFHDOVRSODFHGRYHUMXPSVLQFUGLQ3UL[$FKLOOH)RXOG+ /  6+28%5$ZLQQHULQ)UDQFHGDPRIZLQQHUVLQF   1,&(+$95$,6ZLQVLQ)UDQFHLQF3UL[GH)RQWDLQHEOHDX *U DQG3UL[GH9LOOHERQ















52//(9,//(ZLQVRYHUMXPSVLQ)UDQFHLQF3UL[$QGUp0DVVHQD+DQGLFDS+XUGOH / 

/ QGLQ*UDQG&ULWHULXP *U VLUH




  

&RQVLJQHGE\,UMD6ROQHU:LWWVHOO 7($%,6&8,7FKHVQXWFROW 6:( WK0DUFK

  1((':22'%/$'( *%      $5$$5 ,5(  

 3,927$/  ),1/$**$1    7$*8/$  .$7+<'(6(57   

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  7$8)$1 7:,1,6/$1'  *5((1'(6(57 $/$-<$/



VWGDP

$5$$5  ZLQVDQG6(.LQ6ZHGHQDQG'HQPDUNLQF3RPS¡V&XS.ODPSHQERUJSODFHG WLPHVIURPRQO\VWDUWV+FSGDPRIIRDOVRIUDFLQJDJH  7HUURW5DFHU FE\7HUURLU XQUDFHG  7HUURW0DJQDW IE\7HUURLU GLHGDW    QGGDP

.$7+<'(6(57ZLQQHUDWLQ,WDO\DQGÂ&#x2026;DQGSODFHGRQFHGDPRIDZLQQHU  $5$$5VHHDERYH  UGGDP

$ODM\DOUDQDIHZWLPHVRQWKHIODWDWGDPRIZLQQHUVLQF  7+(&2/7.,1*SODFHVRQHVDWDOVRSODFHGWZLFHLQ1DWLRQDO+XQW)ODW5DFHVDWDOVRZRQ   UDFHVRYHUKXUGOHVDWDQGDQGSODFHGRQFH  3+2(1,;,&(ZLQVDWDQGÂ&#x2026;DQGSODFHVWZLFH  WKGDP

<$487ZLQQHUDWDQGSODFHGWZLFHGDPRIZLQQHUVLQF  (67,05$$5ZLQVLQF2 .7UR\6WDNHV / 'RQFDVWHU   

$VDNLUZLQVDQGSODFHVQGLQ&ULWHULXPGH6DLQW&ORXG *U 6DLQW&ORXG $1$0ZLQVDQGSODFHGWLPHVGDPRIZLQQHUV   $QQRVKZLQVLQ7XUNH\QGLQ2UKDQ'RJD2]VR\ / UGLQ2UKDQ'RJD2]VR\ / 







)$5-$+ZLQQHULQ)UDQFHGDPRI&HOWLF6XOWDQZLQVDQGSODFHGUGLQ:DVKLQJWRQ

    6LQJHU6WDNHV / 1HZEXU\  WKGDP &+5,670$6%2186ZLQVLQ86$LQF3RTXHVVLQJ+DQGLFDSSODFHGWLPHVLQFWKLQ $IIHFWLRQDWHO\+DQGLFDS *U $TXHGXFWGDPRIZLQQHUVLQF 

&+5,670$6*,)7ZLQVLQ86$LQF%HDXJD\+DQGLFDS *U %RLOLQJ6SULQJ+DQGLFDS *U 5HJUHW6WDNHV / UGLQ5DUH3HUIXPH6WDNHV *U GDPRIZLQQHUVLQF

























(/86,9(*,)7ZLQVLQ86$LQF-RKQ'0DUVK6WDNHVDQG3XQFK/LQH6WDNHV



%5,*+7&$1'/(6ZLQVLQ86$LQF0DMRUHWWH6WDNHV / QGLQ6DQWD$QLWD2DNV *U 





DQGUGLQ.HQWXFN\2DNV *U DQG/DV9LUJLQHV6WDNHV *U 'DPRIZLQQHUVLQF







*5$1'6/$0ZLQVLQ86$LQF&KDPSDJQH6WDNHV *U )XWXULW\6WDNHV *U 









&+5,670$6.,'ZLQVLQ86$LQF$VKODQG6WDNHV *U UGLQ$FRUQ6WDNHV *U 

QGLQ%UHHGHUV¶&XS6SULQW / VLUH




  

&RQVLJQHGE\8OI6M|KROP       120,1$7(')257+(%5(('(56¶6(5,(6 +23(62/2JUH\ILOO\ 6:( WK0DUFK

  3,67$&+,2 *%      081$< ,5(  

 81%/(67  &$6+(:    '(6(57.,1*  48,(6&(17   

$/=$2 0,66('%/(66,1*  6+$5522' .$6+0,5,612:  '$1(+,// 6$%$$+  35,02'20,1,( 75$148,//,7<



VWGDP

081$<  ZLQVLQDWDQGLQ'HQPDUNDQG6ZHGHQDQG6(.LQF9LQWHUIDYRULWWHUQHV UHVSU PLH.ODPSHQERUJ%DVQ VO¡E.ODPSHQERUJDQG'LDQD&RQVRODWLRQ7lE\SODFHGWLPHVLQFWK LQ0RZHULQDO¡E 'DQLVK*XLQHDV .ODPSHQERUJDQG6YHQVNW2DNV-lJHUVUR'DPRIIRDOVRIUDFLQJ DJHUXQQHUVZLQQHUV  %<(%<(%$1',7 JE\&DMXQ&DGHW ZLQVDQG'..DWDQGSODFHGWLPHVLQF  QGLQ/DUFKUHVSU PLH.ODPSHQERUJ  7+(.,&.(5 JE\%LQDU\)LOH ZLQVIURPWRDQG'..LQF%UHHGHUV¶  7URSK\-XYHQLOH7lE\'DQVN*XLQHDV.ODPSHQERUJ-RFNH\NOXEEHQV-XELOHXPVO|SQLQJ  6ZHGLVK*XLQHDV 7lE\%UHHGHUV¶3UL]H&ODVVLF‘YUHYROODQG'DQVN%UHHGHUV¶&XS  .ODPSHQERUJDOVRSODFHGQGLQ'DQVN.ULWHULXP%UHHGHUV¶7URSK\0LOH6NDQGLQDYLVN  0HVWHUVNDSIRUnULQJHU%UHHGHUV¶7URSK\6WD\HUDQG1RUGLF&KDPSLRQ6HULHV0LOHUV UGLQ  6YHQVNW.ULWHULXPDQGWKLQ%UHHGHUV¶7URSK\&ODVVLF  612:)/$.( IE\3LVWDFKLR ZLQQHUDQGSODFHGDWLQ'HQPDUNDQG6ZHGHQLQFUGLQ  $OWDPLUDO|SQLQJ    QGGDP

48,(6&(17ZLQQHUDWDQG…DQGSODFHGRQFHIURPRQO\VWDUWVGDPRIZLQQHUV  6,(67$ZLQVLQ*HUPDQ\DQG…SODFHGWLPHV  /,/,)25/29(ZLQQHUDWLQ6HUELD 0RQWHQHJUR  081$<VHHDERYH  UGGDP

75$148,//,7<ZLQQHUDWDQGSODFHGWZLFHGDPRIZLQQHUV  7+(%8//0$&$%(ZLQVDQGSODFHGWLPHVLQ(QJODQG'HQPDUN1RUZD\DQG6ZHGHQ  75$148,/,=(5ZLQVDQG…DQGSODFHGWLPHV  6(48,//2ZLQVDQG…DQGSODFHGWLPHV  75$148,/6.<ZLQVDWDQGSODFHGWLPHVGDPRIDZLQQHU  <(//2:&$5'ZLQQHUDWDQGSODFHGWLPHV  026$<$%ZLQQHULQ.LQJGRPRI6DXGL$UDELDDWDQGSODFHGWLPHV  ,1',$11,*+76ZLQQHUDQGSODFHGLQ*UHHFH  WKGDP

4XLHW:HHN(QGZLQVLQ(QJODQGDQG86$DWDQGSODFHGWLPHVLQFQGLQ&KHVKDP6WDNHV / 5R\DO$VFRWDQG6RQJVWUHVV6WDNHV / *ROGHQ*DWHUG'DQHSDN%DFRQ6WDNHV / 1HZPDUNHWDQG WKLQ&KHUU\+LQWRQ6WDNHV *U 1HZPDUNHWGDPRIZLQQHUVLQF 

3/($6$1768535,6(ZLQVLQ(QJODQG0DOD\VLDDQG6LQJDSRUHLQF7XQNX*ROG&XS / 

 

 6HODQJRUQGLQ<DQJGH3HUWXD1HJHUL*ROG&XS / 3HQDQJ /29($&$'(0<ZLQVDQGSODFHGWLPHV




  

&RQVLJQHGE\3UHEHQ$KODQG-LP$OOHQ  %D\ILOO\ '(1 WK0DUFK

  63(&,$/48(67 )5      9$/'()/25(6 *%  





 5$,1%2:48(67  021$67(//$    2$6,6'5($0  0</$66  

120,1$7(')257+(%5(('(56¶6(5,(6

%/86+,1**5220 ,:,//)2//2:  185(<(9 021$5$  *5((1'(6(57 +23(  (/0$$08/ %(0</$66



VWGDP

9$/'()/25(6  ZLQQHUDWLQ'HQPDUNDQG'..DQGSODFHGWLPHVLQ(QJODQGDQG 'HQPDUNLQFQGLQ&57UDGLQJ3HWLW3UL[cUKXV-\GVN&KDPSLRQ6SULQWcUKXV$OEDQL6WRUH6SULQW 2GHQVHUGLQ7KH,ULVK5RYHU*XLQHDV7ULDO.ODPSHQERUJDQG%(3URILOHUVnUV6HULH2GHQVHWK LQ9DOSUpO¡EcUKXV+FSDERYHLVKHUILUVWIRDO    QGGDP

0\/DVVZLQQHUDWDQGÂ&#x2026;SODFHGWLPHVLQFUGLQ3DOPHUV*ROGHQ%DOO7ULJR6WDNHV /  /HRSDUGVWRZQGDPRIZLQQHUVLQF  0$&/29(ZLQVWRDQGÂ&#x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Â&#x2026;LQFUGLQ3UHPLR'LYLQR$PRUH / 5RPH25  &/8%2&($1,&ZLQVDWDQGDQGÂ&#x2026;DQGSODFHGWZLFH  9$/'()/25(6VHHDERYH   UGGDP

%(0</$66ZLQQHUDWLQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUVLQF  0\/DVVVHHDERYH   %(+2/'ZLQQHUDWDQGSODFHGWLPHVDOOKHUVWDUWV  $QVZHU'RUDQRQFHDWGDPRIDZLQQHU    3$5$086/(5$ZLQVLQ,WDO\DWDQGDQGSODFHGWLPHV  WKGDP

*22'/$66ZLQQHUDWLQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUVLQF  %211(,/(ZLQVLQF<HOORZ5LEERQ,QYLWDWLRQDO+DQGLFDS *U 3UL[GH5HX[ / DQG   +LDOHDK%UHHGHUV¶&XS+DQGLFDS WKLQ9DQLW\,QYLWDWLRQDO+DQGLFDS *U DQG0DWULDUFK   6WDNHV *U GDPRIZLQQHUVLQF    ),1ZLQVLQ)UDQFHDQG86$LQF-RKQ:5RRQH\0HPRULDO6WDNHV /     %211((72,/(ZLQVLQF&LW\2I1HZFDVWOH8SRQ7\QH9LUJLQLD6WDNHV /   ,/('(1,6.<ZLQVLQ&XPEHUODQG/RGJH6WDNHV *U UGLQ,ULVK'HUE\ *U DQGWKLQ   (SVRP'HUE\6WDNHV *U   +,/$66ZLQVLQ)UDQFHLQF3UL[*ODGLDWHXU *U GDPRIZLQQHUVLQF    &(17$,1(ZLQVLQ*HUPDQ\LQF3UHLVGHU'LDQD *U GDPRI&$/5,66,$1     ZLQVLQF7lE\2SHQ6SULQW&KDPSLRQVKLS *U  WZLFH 7lE\9nUVSULQW / 5DPP     (ULQQHUXQJVUHQQHQ / QGLQ)OLHJHU7URSK\ *U UGLQ3RODU&XS *U      &/,))526(ZLQVLQF6DFKVHQ3UHLV / QG)lKUKRIHU6WXWHQSUHLV *U 




  

&RQVLJQHGE\/MXQJVWRUSV*nUG$%     120,1$7(')257+(%5(('(56¶6(5,(6 05&2/'3/$<FKHVQXWFROW 6:( WK0DUFK

  1((':22'%/$'( *%      $%%,(/28 *%  

 3,927$/  ),1/$**$1    %(572/,1,  52&.67,1( 

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  '$1=,* $48,/(*,$  %$//$'52&. +8/',1(  



VWGDP

$%%,(/28  ZLQQHUDWLQ(QJODQGDQGÂ&#x2026;DQGSODFHGWLPHVDOVRZLQVIURPWRLQ 'DQPDUNDQG6ZHGHQDQGÂ&#x2026;LQF3HWLW3UL[cUKXV3URYLQVHQVnUV6HULHcUKXVSODFHGWLPHV +FS$ERYHLVKHUILUVWIRDO    QGGDP

52&.67,1(ZLQVDWDQGÂ&#x2026;DQGSODFHGWLPHVGDPRIZLQQHUV  .,026$%(ZLQVLQ)UDQFHDQGÂ&#x2026;SODFHGWLPHV  $%%,(/28VHHDERYH  %DWKZLFN*LQRSODFHGWZLFHDW  UGGDP

+8/',1(ZLQQHUDWDQGSODFHGWLPHVGDPRIZLQQHUV  52&.67,1(VHHDERYH  ($*/(*,5/ZLQVLQ7XUNH\DWDQGDQGÂ&#x2026;SODFHGWLPHVGDPRIZLQQHUV   6,1'<*,5/ZLQVLQ7XUNH\DW  WKGDP

48(5,'$ZLQQHUDWDQGSODFHGWLPHVGDPRIZLQQHUVLQF 

.,52935(0,(5(ZLQVLQ(QJODQGDQG86$LQF5XWJHUV+DQGLFDS *U 0HDGRZODQGV





QGLQ$WKHQLD+DQGLFDS *U %HOPRQW3DUNGDPRIZLQQHUV







&(6$5,2&KDPSLRQ\RILOO\LQ-DSDQLQZLQVLQ-DSDQDQG86$LQF

















7RN\RDQG7KH-LML3UHVV+DL)ORZHU&XS / 1DND\DPDQGLQ2ND6KR *XLQHDV 









/ +DQVKLQGDPRI(3,3+$1(,$ZLQVLQ-DSDQDWLQF1LVDL6WDNHV









*U +DQVKLQQGLQ7RN\R<XVKXQ 'HUE\  *U 7RN\RDQG6DWVXNL6KR 









*XLQHDV  *U 1DND\DPD



7+($75(&5,7,&ZLQVLQ)UDQFHDQG86$LQF*3(XURSHHQO¶(OHYDJH5RODQG

$PHULFDQ2DNV,QYLWDWLRQDO6WDNHV *U +ROO\ZRRG3DUN<XVKXQ+LPED 2DNV  / 

&KDPEXUH / QGLQ*UDQG3UL[GH'HDXYLOOH *U DQG3UL[*UHIIXOKH *U VLUH





  

48,17,//,21ZLQVLQF6DQ0DWHDQ+DQGLFDSUGLQ+LOOVGDOH6WDNHV / %D\0HDGRZV %(',6&5((7ZLQVLQ)UDQFHDQGSODFHGWLPHVGDPRIZLQQHUV  *27+(1%(5*7RSUDWHG\RPLOHULQ,WDO\LQ7RSUDWHGROGHUPLOHULQ*HUPDQ\DQG













0LODQ%UDQGHQEXUJ7URSK\ *U +RSSHJDUWHQ7HWUDUFK6WDNHV *U &XUUDJKDQG







:RRGFRWH6WDNHV / (SVRPQGLQ3UL[GHOD)RUHW *U /RQJFKDPSDQG3UHPLR9LWWRULR

 

 

 

GL&DSXD *U 0LODQVLUH 

,WDO\LQZLQVLQF,QWHUQDWLRQDO6WDNHV *U &XUUDJK3UHPLR(PLOLR7XUDWL *U 




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\FROW '(1 WK$SULO

  $&$'(0<$:$5' ,5(      %/,==$5'48((1 *%  









 '$1(+,//  ,1*$%(//(    )25=$1'2  3+,/*:<1 



120,1$7(')257+(%5(('(56¶6(5,(6

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  )250,'$%/( 35,1&(/<0$,'  0,/)25' 6:$1$11 



VWGDP

%/,==$5'48((1  ZLQQHUDWLQ1RUZD\DQG12.2ZQVLVWHUWR3+,/,'25GDPRI IRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  '$1=,1*5(() FE\%DUULHU5HHI ZLQVLQ1RUZD\DQG6ZHGHQDWDQGDQG6(. DQGSODFHGWLPHV  7+(21($1'21/< FE\3LVWDFKLR ZLQVDQG12.LQ1RUZD\LQF6NDQGLQDYLVN 0HVWHUVNDSIRUnULQJHUSODFHGUGLQ1RUVN.ULWHULXP6YHQVNW.ULWHULXPDQG'DQVN *XLQHDV+FS  $127+(521(ZLQQHUDWLQ'HQPDUNDQGSODFHGWLPHVIURPVWDUWV    QGGDP

3KLOJZ\QSODFHGWZLFHDWGDPRIZLQQHUVLQF  3+,/,'25ZLQVLQ(QJODQG1RUZD\DQG6ZHGHQDQG12.LQF6WRFNKROPV6WRUD 



3ULV / 3UDPPV0HPRULDO / 6ZHGLVK2SHQ0LOH / DQG0DULW6YHDDV0LQQHO¡S / SODFHG





QGLQ3RNDOO¡E / 3UDPPV0HPRULDO / 6ZHGLVK2SHQ0LOH / 0DULW6YHDDV0LQQHO¡S / 





DQG1LFNHV0LQQHVO|SQLQJ / UGLQ3RNDOO¡E / DQG&RSHQKDJHQ*ROGHQ0LOH / WKLQ

        

 'LRPHG6WDNHV *U (SVRP 3+,/,67$5ZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHVDOVRZLQVLQ6ZHGHQIURPWR  DQGÂ&#x2026;DQGSODFHGWLPHV $/3+$526(ZLQVDQGÂ&#x2026;DQGSODFHGWLPHVDOVRZLQQHURYHUKXUGOHVEURRGPDUH 6,/9(5/2&.6ZLQVIURPWRDQGÂ&#x2026;DQGSODFHGWLPHVGDPRIDZLQQHU )25781(60,/(6ZLQVLQ+RQJ.RQJDQGÂ&#x2026;DQGSODFHGWLPHV 358'(173(7ZLQVDWDQGDQGÂ&#x2026;DQGSODFHGWLPHVGDPRIZLQQHUVLQF   '</$1*2/'ZLQVLQ,WDO\DQGÂ&#x2026;DQGSODFHGWLPHV

UGGDP

6:$11$11ZLQQHUDWDQGSODFHGWZLFHGDPRIZLQQHUV  6:$135,1&(66&KDPSLRQ\RILOO\LQ,UHODQGLQZLQVDWDQGDQGÂ&#x2026;LQF  

 

3KRHQL[6WDNHV *U QGLQ0ROHFRPE6WDNHV *U DQG1DWLRQDO6WDNHV *U GDPRI ZLQQHUVLQF







0<35,1&(66ZLQQHUDWLQ86$GDPRI0<0,67<35,1&(66ZLQVLQ86$











35,02'20,1,(-WWRSUDWHG\RVSULQWHULQ(QJODQGLQZLQVDWDQGDQG









*HRUJH6WDNHV *U DQG1DWLRQDO6WDNHV / SODFHGQGLQ.LQJ¶V6WDQG6WDNHV *U DQG





:+6SULQW&KDPSLRQVKLS *U UGLQ0LGGOH3DUN6WDNHV *U WKLQ-XO\&XS *U 



32</(&586+(5ZLQVDQGÂ&#x2026;LQF*XLQHDV7ULDO6WDNHV *U 

DQGÂ&#x2026;LQF%OXHERQQHW6WDNHV / /RQH6WDU3DUN

Â&#x2026;LQF5LFKPRQG6WDNHV *U &RYHQWU\6WDNHV *U -XO\6WDNHV *U .LQJ




  

&RQVLJQHGE\/MXQJVWRUSV*nUG+%     056281'EURZQFROW 6:( WK$SULO

  1((':22'%/$'( *%      5(''28%/( ,5(  

 3,927$/  ),1/$**$1    5('5$1620  '28%/(3/$7,180   

120,1$7(')257+(%5(('(56¶6(5,(6

32/$5)$/&21 )($5/(665(9,9$/  %(0<&+,() 0,67<+$/2  52%(572 $5$%,$  6((.,1*7+(*2/' %$1'



VWGDP

5HG'RXEOH  RQO\UDQRQFHGDPRIIRDORIUDFLQJDJH  0U-HGZDUG FE\%RVXQ¶V:DWFK \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

'28%/(3/$7,180SODFHGWLPHVDWDQGDOVRZLQQHUDWLQ86$DQGÂ&#x2026;DQGSODFHGWZLFH GDPRIIRXUZLQQHUVLQF  3(5621$/2'<66(<ZLQVDWLQ86$DQGÂ&#x2026;DQGSODFHGWLPHVGDPRIZLQQHUV .,77(1217+(581ZLQVLQ,WDO\DWDQGÂ&#x2026;LQF&ULWHULXPGL3LVD / 





      

 0DGGLH·V2G\VVH\ZLQVDWDQGDQGÂ&#x2026;LQ86$UG7LSSHWW6WDNHV  ,7¶6$//$%287-2<ZLQVDWLQ86$  :$1'(5,1*.,77(1ZLQVLQ86$DWDQGDQGÂ&#x2026;SODFHGWZLFH $/%(1*$ZLQVDWDQGLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWZLFH <26+$ZLQVDWDQGLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV '28%/('2//$5ZLQQHUDWLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHVEURRGPDUH

UGGDP

%$1'SODFHGRQFHLQ86$DWGDPRIZLQQHUV  $33/$8'ZLQVDWDQGÂ&#x2026;LQF&KHUU\+LQWRQ6WDNHV *U 1HZPDUNHWIURPRQO\   VWDUWVGDPRIZLQQHUV    -$==-$0ZLQVDWLQ(QJODQGDQG86$DWDQGDQGÂ&#x2026;LQF0DVDND6WDNHV    

 / .HPSWRQQGLQ0RQWURVH6WDNHV / 1HZPDUNHW 3$*/,$&&,ZLQVLQ86$DQGÂ&#x2026;SODFHGWLPHV 21(&22/%(;ZLQVDWDOVRZLQVLQ4DWDUDWDQGÂ&#x2026; )5$0%2,6(ZLQVLQ)UDQFHDQG86$DWDQGDQGÂ&#x2026;SODFHGWLPHV

   

   

  

6$87(51(ZLQVDWDQGÂ&#x2026;LQF*ROGHQ'DIIRGLO6WDNHV / GDPRIZLQQHUV  '(7(50,1'67$1'ZLQQHUDWDOVRZLQVRYHUMXPSVLQ86$ *ODP5RFNZLQQHUDWUGLQ'L[RQ6WDNHV *U $VFRWGDPRIDZLQQHU





&+,%(57$.,1*ZLQVWRDQGÂ&#x2026;LQF(VKHU6WDNHV / 6DQGRZQUGLQ

 





+HQU\,,6WDNHV *U 6DQGRZQDOVRZLQQHURYHUKXUGOHV



WKGDP

6:,1*7,0(ZLQVIURPWRLQF%HYHUO\+LOOV+DQGLFDS *U +ROO\ZRRG3DUN6DQWD0DULD +DQGLFDS *U 6DQWD$QLWD&RUN$QG2UUHU\6WDNHV *U 5R\DO$VFRW'LDGHP6WDNHV *U $VFRW /DV3DOPDV+DQGLFDS *U 2DN7UHHQGLQ6DQWD%DUEDUD+DQGLFDS *U 6DQWD$QLWDUGLQ9DQLW\ +DQGLFDS *U +ROO\ZRRG3DUNWKLQ6DQWD0DUJDULWD,QYLWDWLRQDO+DQGLFDS *U 6DQWD$QLWDGDPRI ZLQQHUV




  

&RQVLJQHGE\%HUQHU2OVHQ   %D\FROW '(1 WK$SULO

  '(6(5767</( ,5(      :$)7(5 $5*  











120,1$7(')257+(%5(('(56¶6(5,(6

 *5((1'(6(57  25*$1=$    $&&(37$%/(  )$<2//(   

'$1=,* )25(,*1&285,(5  +,*+723 &$17216,/.  &$327( 067($.:22'  +$/3(51%$< )$5$1'2/(



VWGDP

:DIWHU  SODFHGQGLQ&ODVLFR-RDTXLQ9 *U /D3ODWDDQGUGLQ$VRFGH3URSLHWDULRV&DEDOORV GH&DUUHUD *U 3DOHUPR'DPRIIRDOVRIUDFLQJDJHUXQQHU  *UHHQ<HOORZ FE\*UHHQ7XQH UDQWZLFHLQ)UDQFHDW    QGGDP

)$<2//(XQUDFHG2ZQVLVWHUWR)$<56$/GDPRI 

:DIWHUVHHDERYH

 

&DFRGLORSODFHGUGLQ&ODVLFR3URYLQFLDV8QLGDV / +LSRGURPR$UJHQWLQD 6WDQJDUHOODGDPRIZLQQHUV

  

 

(67$%$,/$1'2ZRQ3UHPLR7DQWHRGH3RWUDQFDV *U +LSRGURPR&KLOHSODFHGWZLFH 67250<'$<ZLQVLQ6SDLQDWDQGÂ&#x2026;SODFHGWLPHV

UGGDP

)$5$1'2/(XQUDFHG2ZQVLVWHUWR)$,5/<)$50(5)$=(1'$DQG)$//2:('GDPRI ZLQQHUV 

)$5$1/2<ZLQVLQ$UJHQWLQDLQF*UDQ3UHPLRGH-XOLR *U DQG&ODVLFR*HQHUDO





3XH\UUHGRQ *U  WZLFH QGLQ*UDQ3UHPLR&RSDGH2UR *U DQGUGLQ*UDQ3UHPLR





GH0D\R *U WK*3&DUORV3HOOHJULQL,QWHUQDFLRQDO *U 



)$<56$/ZLQVLQ$UJHQWLQDLQF*3-RDTXLQ6GH$QFKRUHQD,QWHUQDFLRQDO *U DQG

  

 &ODVLFR0LJXHO$OIUHGR0DUWLQH]GH+R] *U  -RUQDOHUDXQUDFHGGDPRI  7UDGHU·V9LFSODFHGQGLQ*33UHVLGHQWH(PLOLR*DUUDVWD]X0HGLFL *U 

  

 5RYDJHXQUDFHGGDPRI:+,/(520(%8516ZRQ&ODVVLFR3GD5HSXEOLFD /  )DUDO\XQUDFHGGDPRIDZLQQHU  )$1&,1*ZRQ&ODVVLFR7LUDGHQWHV /  WZLFH SODFHGQGLQ&ODVVLFR-RFNH\&OXEGH6DR











)HGRUDXQUDFHGGDPRI)('(5$/5(6(59(ZLQVLQ6RXWK$IULFDDQGÂ&#x2026;LQF

3DXOR / GDPRI,QWHUYLHZSODFHGQGLQ*UDQGH3UHPLR1HVWRU-RVW *U 







    

 )DLU\ODQGXQUDFHGGDPRI$/3,12&+,/(12&KDPSLRQ6WD\HULQ6FDQGLQDYLDLQ   ZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQDQGÂ&#x2026;LQF6FDQGLQDYLDQ2SHQ   &KDPSLRQVKLS *U UGLQ&RSDGH3ODWD,WDOR7UDYHUVR3DVTXDOHWWL *U 9DOUDUDLVR )DUROHXQUDFHGGDPRIZLQQHUV  $75(2ZRQ3UHPLR0XQLFLSDOGH9LQDGHO0DU *U DQG3UHPLR/XLV$OGXQDWH&DUUHUD / 





-XELOHH+DQGLFDS *U QGLQ*ROG%RZO *U 

)85/$ZRQ*UDQ3UHPLR(QULTXH$FHEDO *U QGLQ&ODVLFR/RV+DUDV / 




  

&RQVLJQHGE\<RUN6WXWWHUL *UH\ILOO\ 6:( WK0DUFK 

  9(5*/$6 ,5(      81$+25$ '(1  









 +,*+(67+2125  5$+$$0    .$7(%  0$$1,   



7KH3URSHUW\RI)UDQFLVFR&DVWUR .(10$5( +,*+5,9(5  6(&5(72 )$*(5¶6*/25<  3(11,1(:$/. 5,'*(7+(7,0(6  08-7$+,' :(%%,$1$



VWGDP

81$+25$  ZLQVDWDQGDQG6(.LQF-RFNH\NOXEEHQV$YHOVO|SQLQJ / 'DQVN 2DNV'DQVN6W/HJHUDQG'DQVN%UHHGHUV¶&XSSODFHGWLPHVLQFQGLQ0DUJDUHWD:HWWHUPDUNV 0LQQHVO|SQLQJ / UGLQ9LQWHUIDYRULWWHUQHVUHVSU PLHDQG%HFN\0RVV)LOOLHV0LOH-lJHUVUR+FS DERYHLVKHUILUVWIRDO    QGGDP

0D$QLSODFHGWLPHVDWDOVRSODFHGWLPHVLQ&]HFK5HSXEOLFDWDQGGDPRIZLQQHUV  81$+25$VHHDERYH 

5RFN$OOZLQVLQ'HQPDUNDWDQG'..LQF'DQVN6W/HJHUDQG6WD\HU3RNDOHQ

 

 

SODFHGWLPHVLQFQGLQ6LOEHUQHV%DQGGHU5XKU / 0OKHLPDOVRZLQQHUDQGSODFHGRYHU MXPSVLQ6ZHGHQDQGSODFHGWLPHVRYHUMXPSVLQ(QJODQG

 UGGDP

:HEELDQDSODFHGWZLFHDWGDPRIZLQQHUVLQF  63$&(*($5ZLQVLQ*HUPDQ\DQG86$DQG…DQGSODFHGWLPHV  6$)5$1,1(ZLQVDQG…DQGSODFHGWLPHV  5,&.<¶6%$1.ZLQVLQ,WDO\DQG…DQGSODFHGWLPHV  635,1*)25&(ZLQQHUDWDOVRZLQVLQ+RQJ.RQJDQG…  583,$1$ZLQQHUDW  WKGDP

5RVHPDULQZLQVDWDQGSODFHGWLPHVLQFUGLQ5DQN&XS+DQGLFDSGDPRIZLQQHUVLQF 

*$/$(9(17&KDPSLRQ\RILOO\LQ,UHODQGLQZLQVLQ(QJODQGDQGLQ86$LQF





0R\JODUH6WXG6WDNHV *U $QJOHVH\6WDNHV *U :RRGIRUG6WXG6WDNHV / DQG





6SOHQGLG*LUO6WDNHVUGLQ3KRHQL[6WDNHV *U DQGWKLQ&KHYHOH\3DUN6WDNHV *U 



320,)(5$ZLQVLQ(QJODQGDQGLQ+RQJ.RQJLQF+RQJ.RQJ*ROG&XS / UGLQ+RQJ







3HQGXOLQDZLQVLQF&RUQHOVFRXUW6WDNHV / GDPRIZLQQHUVLQF

.RQJ*ROG&XS / DQG+RQJ.RQJ&KDPSLRQV &KDWHU&XS /  6('8/286ZLQVLQ(QJODQGDQGLQ86$LQF.LOODYXOOHQ6WDNHV *U UGLQ&/:HOG















3DUN6WDNHV *U JUDQGDPRI6+,52&&2ZLQVLQF&RURQDWLRQ&XS *U *UDQ









3UHPLRGHO-RFNH\&OXE *U 'HXWVFKHV'HUE\ *U %UHHGHUV¶&XS7XUI *U 









DQG68%,$&2ZLQVLQ*HUPDQ\LQF*HUOLQJ3UHLV *U 







7$32/,7(ZLQVLQF7\URV6WDNHV / GDPRI48((12)3$/06ZRQ)DLU\%ULGJH









6WDNHV / $57,67,&%/8(ZRQ7\URV6WDNHV / &22/&/$5,7<ZRQ$WKDVL









6WDNHV / 




  

&RQVLJQHGE\3HU3nOVVRQ       120,1$7(')257+(%5(('(56ยถ6(5,(6 0,5$.8/,;ED\FROW 6:( WK0DUFK

  0,1*81 86$      0(77(0$5,7 ,5(  

 $3,1'<  0,(648(    7857/(,6/$1'  6(17(17,286   

6($77/(6/(: :((.(1'68535,6(  185(<(9 3$6$'2%/(  )$,5<.,1* 6,6$1,$  .$872.(,12 &$5'$1(



VWGDP

0(77(0$5,7  SODFHGWLPHVIURPRQO\VWDUWVDWLQ6ZHGHQGDPRIIRDOVRIUDFLQJDJH UXQQHUV  6YHUUH$ZDUG JE\$FDGHP\$ZDUG SODFHGWLPHVDWDQGLQ6ZHGHQDQG'HQPDUN  $OH[VDQGUD IE\-HXQH+RPPH SODFHGWLPHVIURPRQO\VWDUWVDWDQGLQ*HUPDQ\DQG  6ZHGHQ  0DULHOOR JE\1RELOHR \RXQUDFHGWRGDWHLQWUDLQLQJLQ6ZHGHQ    QGGDP

6(17(17,286ZLQVLQ%HOJLXPDWGDPRIZLQQHUV  /,77/(0,66-2+1ZLQVLQ%HOJLXPDQG)UDQFHDQGย…LQF3UL[GHOH9DVHGยถ2U /  



WZLFH %RLWVIRUW3UL[0DGDPHGX%RLVGH5RHVW / *URHQHQGDHODQG3UL[6DLQWH*XGXOH / 





WZLFH %RLWVIRUWSODFHGWLPHVLQFQGLQ3UL[$OEHUWYDQ/RR / 2VWHQG3UL[&RPWH5RJHU





GX0RQFHDXGH%HUJHQGDO / %RLWVIRUWDQG3UL[+\QGHULFNGH7KHXOHJRHW / 6WHUUHEHHNUG





*UDQG3UL[GH%UX[HOOHV / *URHQHQGDDO3UL[GH6D0DMHVWHOH5RL / 6WHUUHEHHN3UL[6W





0LFKHO / 6WHUUHEHHNDQG*UDQG+DQGLFDS,QWHUQDWLRQDOGยถ2VWHQGH / 2VWHQGEURRGPDUH



3523(5/,77/(0,66ZLQVLQ%HOJLXPDQGย…LQF3UL[*XWW / 2VWHQGSODFHG





WLPHVLQFQGLQ*UDQG&ULWHULXP1DWLRQDOGยถ2VWHQGH / 2VWHQGDQG*UDQG3UL[GH&HQWHQDLUH





GX-RFNH\&OXE / 2VWHQGUGLQ3UL[OHV*XLQHHV / 6WHUUHEHHNDQG3UL[(PLOHYDQGHQ





%RJDHUGH / 2VWHQGGDPRIZLQQHUV

      

6KDLVD&KDPSLRQROGHUPDUHLQ6FDQGLQDYLDLQ&KDPSLRQ\RILOO\LQ6FDQGLQDYLD  LQZLQVLQ'HQPDUN1RUZD\DQG6ZHGHQIURPWRDQGย…LQF&RROPRUH  0DWFKPDNHU6WDNHV WZLFH 6FDQGLQDYLD&XS WZLFH /DQZDGHV6WXG6WDNHV0HULGLDQ6WXWWHUL  +RSSHOยกS WZLFH 3HXJHRW3RNDOOยกEIRU+RSSHU0RZHULQDOยกE 'DQLVK*XLQHDV  $OWDPLUDO|SQLQJ6RILHURO|SQLQJDQG((FNER/HJDWV9DQGUHSRNDOSODFHGQGLQ%ORRPHUVยถ  9DVH3HXJHRW3RNDOOยกSIRU+RSSHU&RROPRUH0DWFKPDNHU6WDNHV0HULGLDQ6WXWWHUL  +RSSHOยกS0RUWHQ 7RUYDOG.ODYHQHVV0LQQHOยกS / -RFNH\NOXEEHQV$YHOVO|SQLQJUGLQ





      

 6RQJOLQH&ODVVLF /  WZLFH GDPRIZLQQHUVLQF   6+(,.$ZLQVDWDQGLQ1RUZD\DQGย…DQGSODFHGWLPHV   6+$%%<&+,&ZLQQHUDWLQ1RUZD\DQGย…SODFHGWLPHV 0DVWHUNLQG&KDPSLRQ\RFROWLQ6FDQGLQDYLDLQ&KDPSLRQPLOHULQ6FDQGLQDYLDLQ  ZLQVLQ1RUZD\DQG6ZHGHQDWDQGDQGย…LQF1RUVN*XLQHDV  6YHDODQGO|SQLQJ5RVHQJnUGO|SQLQJDQG7UHnULQJHUQDV(OLWO|SQLQJQG6RILHURO|SQLQJDQG  0DOP|6WDGV3ULVUG(XUR$PHULFDQ6SULQW&XS / .UHIHOGDQG7lE\2SHQ6SULQW

6YHDODQGO|SQLQJ1RUVN*XLQHDV0HULGLDQ6WXWWHUL+RSSHOยกS3RNDOOยกE / DQG





&KDPSLRQVKLS / 




  

&RQVLJQHGE\6WXWWHUL+MRUWHER       120,1$7(')257+(%5(('(56¶6(5,(6 *22'21(ED\FROW '(1 WK$SULO  129$7 3URSHUW\RI+DYHPDQQV0DJ%HFKPDQQ %XVNRS   '$1=,*  '$1(+,// 5$=<$1$ $&$'(0<$:$5'   ,5(  ,1*$%(//( 7$8)$1   %2'(//(      *5((1'$1&(5  0$60(',$ 0,66&$5,1$ *22'*,5/   '(1  :25.,1**,5/ 6+$+'-,   0,660,5$%(//( 



VWGDP

*22'*,5/  &KDPSLRQ\RILOO\LQ6FDQGLQDYLDLQZLQVDQG'..LQ 'HQPDUNDQG6ZHGHQIURPWRLQF0RZHULQDO¡E 'DQLVK*XLQHDV 'LDQDO|SQLQJ 6ZHGLVK *XLQHDV $OWDPLUDO|SQLQJ'DQVN2DNVDQG5R\DO*UDQG3UL[SODFHGWLPHVLQFWKLQ6HPE+RYHGJnUG +RSSHO¡S / DQG-RFNH\NOXEEHQV$YHOVO|SQLQJ / +FS$ERYHLVKHUILUVWIRDO    QGGDP

:25.,1**,5/ZLQVDWDQGDQG'..LQF'DQVN$YOVO¡EDQG0RZHULQDO¡E 'DQLVK *XLQHDV SODFHGWLPHVLQFUGLQ'LDQDO|SQLQJ 6ZHGLVK*XLQHDV DQG6YHQVNW2DNVWKLQ'DQVN .ULWHULXPDQG6FDQLD6SULQWGDPRIZLQQHUV  *22'*,5/VHHDERYH  6+$1*5,/$ZLQVDWDQG'..SODFHGQGLQ6YHQVNW2DNV1RUVN2DNVDQG'DQVN   'HUE\&RQVRODWLRQ  1RWKLQJ7R'RZLQVDQG12.IURPWRLQF((FNER/HJDWV9DQGUHSRNDOSODFHGUG   LQ1RUVN.ULWHULXPDQG/DUFKUHVSU PLHWKLQ6RILHURO|SQLQJ  UGGDP

0,660,5$%(//(ZLQVDWDQGLQ(QJODQGDQG…SODFHGWLPHVGDPRIZLQQHUV  $%62/87(0$67(5ZLQVIURPWRLQ%HOJLXPDQG…  0,666&$120$7ZLQQHUSODFHGWLPHVLQFUGLQ3URGXFH6WDNHV  &DQHHO%D\ZLQVDQG'..SODFHGQGLQ3URGXFH6WDNHVDQG6YHQVNW.ULWHULXP  0,660$5,$ZLQVDWLQ6ZHGHQDQGSODFHGWLPHV  WKGDP

/$%(//(ZLQVDWLQF'LDGHP6WDNHV$VFRWSODFHGWLPHVLQFQGLQ$\U*ROG&XS+DQGLFDS$\U DQGWKLQ&RUNDQG2UUHU\6WDNHV5R\DO$VFRWGDPRIZLQQHUVLQF  6RUHEHOOHZLQVSODFHGQGLQ%XQEXU\&XS+DQGLFDS / GDPRIZLQQHUVLQF 





$%8==ZLQVLQF+XQJHUIRUG6WDNHV *U DQG6W+XJK¶V6WDNHV / WKLQ)O\LQJ









&KLOGHUV *U GDPRI:25/'35(0,(5ZLQVLQF&KHVKDP6WDNHV / UGLQ









-XO\6WDNHV *U 6+,1<ZRQ%RVWRQ1DWLRQDO6WDNHV / UGLQ)UHG'DUOLQJ6WDNHV









*U 3X]]OHPHQWZLQVDQGUGLQ:XOIUXQ6WDNHV / 





/RFDO/DVVZLQVLQ(QJODQGDQG86$QGLQ&ULWHULRQ6WDNHV *U GDPRI /21(620('8'(ZLQVLQLQF6WHLQOHQ6WDNHV / DQG/LYH7KH'UHDP+DQGLFDS / 











6WDUU\:D\UDQRQFHRQWKHIODWGDPRI32,172)/,*+7ZLQVLQF3KRHQL[6SULQW











/D%HOOD)RQWDQDUDQRQFHRQWKHIODWGDPRI5(9248(&KDPSLRQ\RLQ(XURSHLQ







6WDNHV *U WKLQ3UL[GHO¶$EED\HGH/RQJFKDPS *U  ZLQVLQF*UDQG&ULWHULXP *U DQG3UL[GHOD6DODPDQGUH *U 




  

&RQVLJQHGE\DĊůĞƌŝΘ&ĂƐĂĚ>ŝŵŝƚĞĚh<&ŝůŝĂů 120,1$7(')257+(%5(('(56¶6(5,(6 +$//2))$0(EURZQFROW 6:( QG-XQH

  */25,$'(&$03($2 %5=      &26780,(5 86$  

 ,035(66,21  $8'$&,7<    05*5((/(<  )/$6+<'(&25$725   

58%,$12 ,0352%$%/(/$'<  &/$&.621 25,(17*,5/  *21(:(67 /21*/(*(1'  :(//'(&25$7(' ,62%(//(11$57



VWGDP

&26780,(5  ZLQVDWDQGDQG6(.LQ6ZHGHQDQG'HQPDUNDQGSODFHGWLPHVLQ VWDUWVDERYHLVKHUILUVWIRDO    QGGDP

)/$6+<'(&25$725ZLQVLQ86$2ZQVLVWHUWR1RZVWKHWLPHWRVKLQHGDPRIZLQQHUV     

&LQG\6ZHHW&LQG\UGLQ,QGLDQD6WDOOLRQ6WDNHV / +RRVLHU3DUN *22',1ZLQVLQ86$DWDQGDQG…SODFHGWLPHV &26780,(5VHHDERYH &KRFWDZSODFHGWLPHVLQ86$DWDQG…

UGGDP

,62%(//(11$57ZLQVLQ86$DQGDQGSODFHGWLPHVGDPRIZLQQHUV  1RZVWKHWLPHWRVKLQHZLQVLQ86$SODFHGUGLQ&U\SWRFOHDUDQFH6WDNHV$TXHGXFW  )/$6+<'(&25$725VHHDERYH  &+$03(57<ZLQVLQ86$GDPRIDZLQQHU   &+$))(5<ZLQVLQ86$  'e&25,1&5<67$/ZLQVLQ86$  0$,621,62%(/ZLQVLQ86$  0$,621/(11$5WZLQQHULQ86$GDPRIZLQQHUV  WKGDP 6SULQJ,Q7KH$LUZLQVLQ86$SODFHGWLPHVLQFUGLQ/RQJ,VODQG+DQGLFDS *U $TXHGXFW GDPRIZLQQHUV  :(//,17+($,5ZLQVLQ86$  :21*32&.(7ZLQVLQ86$  :25/'2)68=<:21*ZLQVLQ86$DQGSODFHGWLPHVGDPRIDZLQQHU   6H[\6X]\¶V6HFUHWXQUDFHGGDPRI*2*21$.$<$0$ZRQ.HLVHL+DL6DQVDL6WDNHV 









&DOO0\$JHQWXQUDFHGGDPRI'28%/(=(526(9(1ZRQ6SHFWDFXODU%LG6WDNHV / 

/ 7RN\R78512))7+(/,*+7ZRQ(QMR\7KH6LOHQFH+DQGLFDS+LDOHDK3DUN







      

 2XU/DG\7XQUDFHGGDPRI678'<$%52$'ZRQ-R\6WDNHV / %HOPRQW 12(//(%/$1&ZLQVLQ86$ -$1(7*$55,621ZLQVLQ86$GDPRI  *HQHUDO-DQHWXQUDFHGGDPRI3URXG*DUULVRQUGLQ3RUWLRQ6WDNHV / 'HO0DU 635,1*,10<67(3ZLQVLQ86$GDPRIDZLQQHU 683(50$15('ZLQVLQ86$DQGSODFHGWLPHV &+$5/,()(/'0$1ZLQVLQ86$

$UOLQJWRQDQG*LOGHG7LPHV6WDNHV / $UOLQJWRQ




  

&RQVLJQHGE\6WXWWHUL+MRUWHER  %D\ILOO\ '(1 WK0DUFK

  $&$'(0<$:$5' ,5(      /,))(<0221 86$  









 '$1(+,//  ,1*$%(//(    ,5,6+5,9(5  02//<0221  



120,1$7(')257+(%5(('(56¶6(5,(6 '$1=,* 5$=<$1$  7$8)$1 %2'(//(  5,9(50$1 ,5,6+67$5  .$/$0281 0,6602//<



VWGDP

/LIIH\0RRQ  XQUDFHGGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  5,9(5%2<1( JE\.ULV ZLQVLQ)UDQFHDQG…DQGSODFHGWLPHV  0RRQ&LW\ FE\6DJDFLW\ SODFHGWLPHVLQ1RUZD\DQG'HQPDUNLQFWKLQ6NDQGLQDYLVN  0HVWHUVNDSDQGWKLQ'DQVN.ULWHULXP  '$1&,1*3$57< IE\$FDGHP\$ZDUG ZLQVLQ1RUZD\DQG6ZHGHQDWDQGDQG…  &+,52&&2 FE\&DMXQ&DGHW ZLQQHUDWLQ'HQPDUNDQG'..SODFHGWLPHVLQF  QGLQ/DUFKUHVSU PLHDQGUGLQ'DQVN*XLQHDV+FS  1,&.1$&. FE\$FDGHP\$ZDUG ZLQQHUDWLQ'HQPDUNDQGSODFHGWLPHVIURPVWDUWV  &HUWLQR JE\$FDGHP\$ZDUG SODFHGWLPHVDWDQGIURPRQO\VWDUWVLQFQGLQ'DQVN  *DORSV$XNWLRQVO¡E  QGGDP

0ROO\0RRQUDQDIHZWLPHVLQ86$DWDQGGDPRIZLQQHUVLQF  0221),6+ZLQVLQ)UDQFHLQF*3G¶$JHQ/D*DUHQQH / UGLQ3UL[GHOD7HVWH /    

(;*5$9,7<ZLQVLQ)UDQFHDWDQGDQG))LQF3UL[GHV5HYHVG¶2U / DQG  SODFHGRQFHGDPRIZLQQHUVLQF   (&/,36,1*ZLQVDWDQGDQG…GDPRI9DJDERQG&KDQWHXVHZLQQHUDW









DQG…SODFHGQGLQ0XVLGRUD6WDNHV *U DQGUGLQ3UL[GH5R\DXPRQW *U 









3UHWW\3ROO\6WDNHV / DQG0HUFXU\6WDNHV / JUDQGDPRI3,/*5,02)*5$&(









ZLQVLQ)UDQFHDQG…LQF3UL[%HOOHGH1XLW / 3UHVV%DURQZLQVDWDQG

  

   DQG…UGLQ6LU%HDXIRUW6WDNHV *U  35,1&(66%25*+(6(ZLQQHUDWIURPRQO\VWDUWVGDPRIZLQQHUV   3ODFDWHSODFHGWZLFHDWGDPRI5DVVLPDZLQQHUDWLQ*HUPDQ\SODFHGWLPHVLQF

 







QGLQ&ULWHULXP/DEURQLFR / DQGUGLQ2HWNHU0HPRULDO / 

UGGDP

0LVV0ROO\ZLQQHUDWLQ)UDQFHDQG))SODFHGWLPHVLQFUGLQ3UL[GHOD1RQHWWH /RQJFKDPS3UL[GH0DOOHUHW/RQJFKDPSDQG3UL[GH0LQHUYH&KDQWLOO\GDPRIZLQQHUV  0LVV0DQRQZLQVLQ)UDQFHDQG))WKLQ3UL[GH'LDQH *U GDPRIZLQQHUV /<',$1ZLQVDWDQGDQG…LQF*UDQ3UHPLRGL0LODQR *U *URVVHU3UHLV





















%$//,1'(55<ZLQVDWDQG…LQF5LEEOHVGDOH6WDNHV *U UGLQ<RUNVKLUH









YRQ%HUOLQ *U DQG3UL[1RDLOOHV *U UGLQ3UL[1LHO *U VLUH 2DNV *U DQGWKLQ3UL[9HUPHLOOH *U GDPRI6$1*/$025(&KDPSLRQ









ROGHUKRUVHLQ(QJODQGLQZLQVDQG…LQF3UL[G¶,VSDKDQ *U 3UL[









GX-RFNH\&OXE *U DQG'DQWH6WDNHV *U QGLQ.LQJ*HRUJH9, 4XHHQ









(OL]DEHWK6WDNHV *U UGLQ(FOLSVH6WDNHV *U VLUH




  

&RQVLJQHGE\6WXWWHUL+MRUWHER   %D\ILOO\ '(1 VW0DUFK

  $&$'(0<$:$5' ,5(      $8%('¶,5/$1'( )5  







 '$1(+,//  ,1*$%(//(    6(/.,5.  $'-$/$ 



120,1$7(')257+(%5(('(56¶6(5,(6

'$1=,* 5$=<$1$  7$8)$1 %2'(//(  6+$53(183 $11,(('*(  1257+),(/'6 $'-$5,'$ 



VWGDP

$XEHG·,UODQGH  ZLQQHUDWLQ)UDQFHDQGÂ&#x2026;SODFHGWLPHVLQFUGLQ3UL[GH/LDQFRXUW / /RQJFKDPSDQG3UL[OD6RUHOOLQD / /D7HVWHGDPRIIRDOVRIUDFLQJDJHUXQQHUVZLQQHUV  '20$1, JE\6WUDYLQVN\ ZLQVLQ)UDQFHIURPWRDQGÂ&#x2026;DQGSODFHGWLPHV  $8%$'('¶,5/$1'( IE\6LQQGDU ZLQQHUDWLQ)UDQFHDQGSODFHGWZLFHDOVRZLQQHURYHU MXPSVDWLQ)UDQFHDQGSODFHGWLPHV  635,1*,6+(5( JE\.LQJ¶V%HVW ZLQVLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV  %$55,&$'2 JE\$QDEDD ZLQVDQGÂ&#x2026;DQGSODFHGWLPHVLQ(QJODQGDQG)UDQFH  $/$17+(/$' JE\$FW2QH ZLQVDWDQGLQ)UDQFHDQGÂ&#x2026;DQGSODFHGRQFH  *289,; JE\*ROG$ZD\ ZLQQHUDWLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV    QGGDP

$'-$/$ZLQQHUDWDQGÂ&#x2026;DQGSODFHGWLPHVIURPRQO\VWDUWVGDPRIZLQQHUVLQF  $XEHG·,UODQGHVHHDERYH  /$:&200,66,21ZLQVDQGÂ&#x2026;DQGSODFHGWLPHV  $50$6ZLQVLQ)UDQFHDQGÂ&#x2026;DQGSODFHGWLPHV  $/$0($ZLQVLQ:HVW*HUPDQ\DWDQGGDPRIZLQQHUVLQF    $/<6+$.(<6&KDPSLRQ\RILOO\LQ6FDQGLQDYLDLQ&KDPSLRQ\RILOO\LQ     6FDQGLQDYLDLQZLQVDQG12.LQ'HQPDUN1RUZD\DQG6ZHGHQLQF     3RODU&XS *U ((FNER/HJDWV9DQGUHSRNDO6NDQGLQDYLVN0HVWHUVNDSIRUnULQJHU     $PDFLWDO|SQLQJ*|WDODQGO|SQLQJDQG5RVHQJnUGO|SQLQJSODFHGQGLQ7lE\2SHQ6SULQW     &KDPSLRQVKLS / 7lE\9nUVSULQW / =DZDZL&XS / 'LDQDO|SQLQJ 6ZHGLVK     *XLQHDV UGLQ0RZHULQDO¡E 'DQLVK*XLQHDV WKLQ-lJHUVUR6SULQW / DQGWKLQ     1RUVN-RFNH\NOXEV6SULQWO¡S / +FS    6HQGDODPZLQVLQ)UDQFHDWDQGÂ&#x2026;SODFHGWLPHVLQFUGLQ'DUOH\*UDQG     +DQGLFDSGH'HDXYLOOH / DQG3UL[/XWKLHU /     $11$%(//(-$ZLQQHUDWDQGSODFHGWLPHVIURPRQO\VWDUWVGDPRI/,%5$112     ZLQVIURPWRDQGÂ&#x2026;LQF-XO\6WDNHV *U 5LFKPRQG6WDNHV *U      3DUN6WDNHV *U &ULWHULXP6WDNHV *U  WZLFH 6XSUHPH6WDNHV *U DQG     &DWKHGUDO6WDNHV / SODFHGWLPHVLQFQGLQ/HQQR[6WDNHV *U DQG&UDYHQ     6WDNHV *U UGLQ%ULWLVK&KDPSLRQ6SULQW6WDNHV *U DQG/HLVXUH6WDNHV /     $/8/$ZLQQHUDWLQ*HUPDQ\GDPRI$XUHDZLQVLQ*HUPDQ\DQGUGLQ3UL[GHOD     &RFKHUH / DQG5LHPHU6WXWHQ0HLOH / DQG¼  UGGDP

$'-$5,'$ZLQVDWLQ)UDQFHLQF3UL[GH%DJDWHOOH / /RQJFKDPSGDPRIZLQQHUVLQF  $'-0$/ZLQVLQ*HUPDQ\DQGÂ&#x2026;LQF)OLHJHU3UHLV / QGLQ)OLHJHU3UHLV /  WZLFH   $'-$1$'$ZLQVDWDQGQGLQ%DKUDLQ7URSK\+DQGLFDS / DQG6ZRUGOHVWRZQ6WXG   6WDNHV / GDPRIZLQQHUV


Notes

34


Uppstallning på Bruksgården Vi erbjuder uppstallning av hög kvalitet på Bruksgården, Sjöbo, 4 mil från Jägersro. Stallet har stora, ljusa boxar. Daglig utevistelse i bra utemiljö. Vi har mångårig erfarenhet inom hästnäringen. Chatarina har bl a genomgått en avelskurs på Newmarket i regi av TBA. Olle är legitimerad hovslagare. Vi kan även hjälpa till med transport från auktionen. Välkommen att kontaka oss Chatarina Mattsson 0708-38 11 51 Olle Mattsson 0708-58 88 11 Mail: chatarina.mattsson@telia.com Bruksgården, 275 94 Sjöbo

35


 



 

  

  

  



         

   





36


37


N’SHOUT, TYSON, WHITELOU och zILVER zAID. Kat nr: 5, 25, 45, 47

Easy KB har Sveriges smartaste system för andelshästägande! Alla kan vara med - på en svans, en nos, en hov, eller på en större bit. Vi skräddarsyr andelsägandet efter önskemål, både om du är ensam, eller om ni redan är några stycken . . . Vårt andelsägarsystem kan med fördel nyttjas av kompisgäng, som kommer via ATG-ombud, företag, idrottsföreningar, etc. Vi kan ibland erbjuda andelar i galopphästar som redan finns i systemet och vi kan ”ta in” en galopphäst som ni själva väljer ut. Du väljer själv vilken häst/vilka hästar du skall köpa andelar i. I varje häst finns 20 andelar, och samma person kan äga 1 - 20 andelar. Samma person kan äga andelar i flera hästar - med full kvittning . . . Varje andel ”lever sitt eget liv”, och ingen är ansvarig för mer än sina egna andelar! All moms dras av - direkt.

För utförlig information ta kontakt med Folke Forsmarker på Easy KB - Tel 018-12 40 04!

38


Ett dammrensat kutterspån av högsta kvalité från svensk skogsråvara. En egenproducerad kvalitetsprodukt för alla typer av djur.

Beställ direkt på 0393-216 50 eller www.vidastallstro.se VIDA’s produkter levereras snabbt och enkelt med egna lastbilar.

trö VIDA Stalls

t från – En produk råvara. förnyelsebar

39


40


KÖP KT! SVENS

Quite a Mission, 3 år, e Eishin Dunkirk-Theatre Antique e Theatrical uppfödd av Rävdansens Stuteri har sprungit in 1 926 163 kr inklusive bonus.

LÖRDAG

14

SEPTEMBER

FREDAG

27

SEPTEMBER

TÄBY GALOPP - TÄBY

Stockholms åringsauktioner EF www.saef.se.

SKANDINAVISK ÅRINGSAUKTION Roslövsholm, Flyinge - ett samarbete mellan Skånes Fullblodsauktioner och Dansk Galop www.fullblodsauktioner.se 41


DAGS ATT AVLIVA MYTERNA? I GALOPPBRANSCHEN PRATAR MAN MYCKET. Och om man säger en sak tillräckligt många gånger så är det lätt att man börjar tro att den är sann. En sådan sak är att bra hästar kommer från andra länder. Och att man måste handla utomlands för att vara med i matchen. VI GÅR RAKT PÅ SAK: Det är inte sant. Av de 10 vinstrikaste svensktränade hästarna i år är sex från Sverige, tre från Irland och en från Brasilien. Trots att vi numera har ytterst få stängda löpningar! En av världens bästa valacker de senaste åren - PRESVIS - har en svensk mamma (Forest Fire). Och ifjol såldes en son till svenska stoet Xaara för 2,2 miljoner kronor i Deauville. Varje gång din svenskuppfödda häst* kommer på pengaplats i öppna löpningar kan du också lägga till 40% på prispengarna i bonus! Kombinera den ekvationen med attraktiva inköpspriser på de svenska auktionerna och att du slipper betala dyra pengar för att transportera hem ditt nyförvärv. Vare sig du är sugen på att äga en häst ensam eller är nyfiken på att bli delägare så finns det massor av möjligheter. Hjärtligt välkommen!

40% BONUS TILL SVENSKUPPFÖDDA HÄSTAR! De flesta löpningar i Sverige är öppna för hästar från alla länder. I dessa löpningar* har svenskfödda hästar från 2-4 år 40% bonus på prispengarna. *utom i löpningar med specialbonus.

42


Rätt försäkrad Tryggt hästägande med Agria

Vann du budgivningen?

20% rabatt

Veterinä rvård för Med Veterinärvårdsförsäkringen A2 ökar du enkelt tryggheten för 9 kroAgria. nor Säkra ditt auktionsfynd! Försäkra din häst4o4hos dig och din häst – för bara 449 kronor om året. Maxersättningen är m året! 000 kronor, självrisken är 2 800 samt en rörlig del om första året om du Du120får 20% rabatt påkronor försäkringen 20 procent. I försäkringen ingår buköppning och kolik utan extra

köper på auktion. kostnad.häst En olycksfallsförsäkring för ryttare eller kusk ingår i alla Agrias hästförsäkringar.

Kontakta ditti dag lokala hästombud som du hittar på agria.se. Du kan Ring oss redan så berättar vi mer. Du hittar ditt lokala hästombud på agria.se eller kontakta kundcenter på 020-88 88 88. också ringa 020 - 88 88 88.

Agria är länsförsäkringsgruppens länsförsäkringsgruppensspecialistbolag specialistbolag djurgrödaförsäkring. AgriaDjurförsäkring Djurförsäkring är för för djuroch och grödaförsäkring.

43


Vi gör det lättare att vara hästföretagare Du som arbetar med hästar vill säkert ägna ännu mer tid åt dina fyrbenta vänner. Vi har lång erfarenhet av att förenkla vardagen för hästägare och arbetar idag med kunder inom trav- och galopp, uppfödning, ridskola, ridsport och hästturism. Frigör din tid till hästarna och utveckling av verksamheten. Vi erbjuder allt från rådgivning i enskilda frågor till helhetskoncept. – – – – –

Redovisning och skatt för hästägare Bolagsbildning Juridik Momsdeklaration EU-rådgivning

kontakta oss på tfn 0771 - 27 27 27 eller läs mer på

www.lrfkonsult.se

LRF Konsult är Sveriges största rådgivnings- och redovisningsföretag med fler än 1 500 medarbetare. Våra specialister och rådgivare inom ekonomi, juridik, skatter, skog och fastighetsförmedling finns på över 135 orter över hela landet. På www.konsult.lrf.se hittar du uppgifter om närmaste kontor. Vill du hellre ringa är numret 0771-27 27 27.

44


Min bank vet vad jag menar med avkastning.

Vad vet din? 0771-12 20 00 โ€ข www.fofspar.se

Den dubehรถver. behรถver. Denenda enda bank bank du 45


Scandinavian yearling 2013