Issuu on Google+

ZZZVWHGPDQHX

$1 0 ' ( 7 6 5 2 )  ( 022' + 7 1 ,  6 $/:$<

LQJ  DUH EH  SURGXFWV JXH VVLEOH DV KLV FDWDOR W SR LQ H QV DU WLR V FKDQJHV JKW LQGLFD WROHUDQFH 7HFKQLFDO HG$OOZHL XEMHFWWR VWDQGDUG D\ QRW O\LPSURY O\ DQG P QGDUHV D RQ FRQWLQXRXV ULF H LG DE I LV D JX ORXUHG DUH IRU FR SULQWHG RQ SDSHU EULF XU XURIWKHID 7KH FROR WUXHFROR KH W FW ÁH UH SHUIHFWO\

7KH3()&&RXQFLO 3URJUDPPHIRUWKH(QGRUVHPHQWRI)RUHVW&HUWLÀFDWLRQVFKHPHV LVDQ LQGHSHQGHQWQRQSURÀWQRQJRYHUQPHQWDORUJDQL]DWLRQIRXQGHGLQZKLFKSURPRWHV VXVWDLQDEO\ PDQDJHG IRUHVWV WKURXJK LQGHSHQGHQW WKLUG SDUW\ FHUWLÀFDWLRQ 7KH 3()& SURYLGHVDQDVVXUDQFHPHFKDQLVPWRSXUFKDVHUVRIZRRGDQGSDSHUSURGXFWVWKDWWKH\DUH SURPRWLQJWKHVXVWDLQDEOHPDQDJHPHQWRIIRUHVWV

5('8&(&$5%21)22735,17 :H¶YH UHGXFHG RXU FDUERQ IRRWSULQW E\  VLQFH  &RQWULEXWLQJ WR WKDWRIRXUHQHUJ\LVIURPFOHDQ UHQHZDEOHUHVRXUFHVDQGXQLTXHKHDW UHFRYHU\WHFKQLTXHVKDYHUHGXFHGIXHO XVDJHE\EDUUHOVD\HDU

:HDUHSURXGWREHDDQG(3$(1(5*<67$5SDUWQHURIWKH\HDU

(QJOLVK

   8( 2* $71$/ &0$ 67('0$167('    8( /2* &$7$




   

6ZHDWVKLUWV 676ZHDWVKLUW                            67+RRGHG6ZHDWVKLUW0HQ                    67+RRGHG6ZHDWVKLUW:RPHQ                  67)OHHFH-DFNHW                         

2HNR7H[:5$3                              &RORXUV                                     &KLOGUHQ·VVL]HV DUWLFOHFRGHV                 

     

3RORVKLUWV 673ROR0HQ                              673ROR/RQJ6OHHYH0HQ                     673ROR0HQ                         673ROR:RPHQ                           673ROR:RPHQ                       673ROR-XQLRU                           

7VKLUWV 67&ODVVLF70HQ 0LGZHLJKW                     67&RPIRUW70HQ +HDY\ZHLJKW                  67&ODVVLF79QHFN0HQ 0LGZHLJKW                67&ODVVLF7DQN7RS0HQ 0LGZHLJKW               67&ODVVLF7/RQJ6OHHYH0HQ 0LGZHLJKW           67&RPIRUW7/RQJ6OHHYH0HQ +HDY\ZHLJKW         673ULPH70HQ 6XSHU+HDY\ZHLJKW              67&ODVVLF7:RPHQ 0LGZHLJKW                   67&RPIRUW7:RPHQ +HDY\ZHLJKW                67&ODVVLF79QHFN:RPHQ 0LGZHLJKW              67&ODVVLF7DQN7RS:RPHQ 0LGZHLJKW             67&RPIRUW7/RQJ6OHHYH:RPHQ +HDY\ZHLJKW      67&ODVVLF7-XQLRU 0LGZHLJKW                   67&RPIRUW7-XQLRU +HDY\ZHLJKW                

7KHEUDQG                                    5LQJVSXQFRWWRQ                              

67:RPHQ·V&ODVVLF7DQN7RS

22')2567('0$1 $/:$<6,17+($0 /:$<6,17+(022')2567('0$1




670HQ·V3ULPH7

,17+(022')2567('0$1

0DWFKLQJSURGXFWVIRUPHQ ZRPHQ

0DWFKLQJSURGXFWVIRUPHQZRPHQ FKLOGUHQ

 WKH\ JHW YDOXH IRU  EX\LQJ TXDOLW\ EXW GR WHG UHW UHJ U  HYH H RQ  DSSDUHO SHUIHFW IRU WKH :H NQRZ WKDW QR LQJ YDOXH DQG TXDOLW\ DQG WVW RX  HUV RII DQ PRQH\" 6WHGP SURPRWLRQDOPDUNHW UH SURGXFWVDOORIZKLFKD GUDQJHRIHVVHQWLDO LQH PO V UHD GL VW DQ XD RQ \R RWW HUV 6WHGPDQRII W\ ULQJVSXQF LV PDGHRIKLJK TXDOL XFW URG \S HV YHU DQF ( EVW HG VX XVW IXO WULHGDQGWU LVIUHHIURPKDUP HUWLÃ&#x20AC;HGZKLFKPHDQVLW ²RIFRXUVH²2HNR7H[F QG \OHVIRU PHQ ZRPHQD UDQG 6WHGPDQ RIIHUVVW JE ZLQ U\ JUR HYH VW RU ID HI IXO HWW HVV SDO $V DVXFF UV²DGLYHUVH HPRVWLPSRUWDQWFRORX V WK DOO DQG LQ VEU OH QH ODE +D  YDL WKH D  HQ DOO FKLOGU NDJH FRPHV ZLWK SDF H 7K  LO\ IDP  LFW WLUH OH VHUYLFH DQG VWU  RFFDVLRQ DQG WKH HQ GHOLYHU\ WLPHV UHOLDE W IDV  LW\ ELO LOD DYD K JXDUDQWHHV LWV KLJ EXVLQHVVHWKLFV

&76 $7&+,1*352'8 ,17+(022')25$0 /:$<6,17+(022')2567('0$1




,17+(022')2567('0$1

LV VWLOO SXQ IDEULF 7RGD\ ULQJV H[WXUH WRLWVVRIWHUW GHVLUDEOHGXH  PRUH VR DO DW LW LV 7KH IDFW WK FKRLFH W HD JU HV LW D GXUDEOH PDN VXDO XFWLRQ RI FD IRU WKH SURG EOH UD GX GLWLRQ WKH  LW FORWKLQJ ,Q DG HV DN P O H PDWHULD QDWXUH RI WK V \RXU  IRU DQG KHOS HDVLHU WR FDUH KHQ LW KHLUVKDSH : FORWKHV NHHSW VKLUWV 7 DOZHDUIURP FRPHVWRFDVX ULQJ V UW KL WR VZHDWV WRSROR VKLUWV OLWWOH D  EH  XV KHOSV VSXQ IDEULF GLQJ YL DEOHZKLOHSUR PRUHFRPIRUW G\TXDOLW\ SOHQW\RIVWXU

2SHQ(QG

5LQJ6SXQ

LQ WKH LF RULJLQDWHG 5LQJVSXQ IDEU I WDNLQJ DVDPHDQVR PLGGOH DJHV QDQG HORIUDZFRWWR WKHURXJKHUIH WRXFK H WK RRWKHU WR PDNLQJ LW VP VLQJ HD SO H RU WDLQO\P ZKLFKZDVFHU HUH Z H VSXQ Ã&#x20AC;EHUV G WR WKH VNLQ 7K DQ  HG H FRPSDFW  RI DFWXDOO\ PRU  UH VX HD JUHDWHU P SURYLGHG D VWUHQJWK

67:RPHQ·V&ODVVLF7

381&27721 &27721 6 ,17+(022')25,175+(,1* 022')255,1*6381




6;/ FDUWRQ

 FDUWRQ

%55

%/0 *<+

1$9 %2*

6;/ FDUWRQ

65(

%55

65(

&ODVVLF7Â&#x2021;&RPIRUW7Â&#x2021;&ODVVLF79QHFN

VLQJOHMHUVH\ *UH\+HDWKHUFRWWRQYLVFRVH WXEXODUIDEULF WDSHGVKRXOGHUWRVKRXOGHU

<(/

<(/

:+,

25$

:+,

ULQJVSXQFRWWRQ

%/2

*<+

$6+

67

&ODVVLF79QHFNJP

%2*

.(*

1$9 .+$

%55 %52

%55 %/0

/%/ 1$9

65(

65(

VLQJOHMHUVH\ *UH\+HDWKHUFRWWRQYLVFRVH WXEXODUIDEULF WDSHGVKRXOGHUWRVKRXOGHU

1$9

/%/

/3,

%/2

/%/

/3,

/3,

%/2

<(/

<(/

25$

:+,

ULQJVSXQFRWWRQ

:+,

/%/

67

&ODVVLF7JP %/2

.+$

%52

.(*

*<+

1$9

1$9

%55

%55

/%/

65(

/3,

65(

<(/

25$

VLQJOHMHUVH\ *UH\+HDWKHUFRWWRQYLVFRVH VLGHVHDPV /3,

%/2

<(/

:+,

ULQJVSXQFRWWRQ

%/2

.+$

%52

:+,

%2*

$6+ %2*

*<+

67

&ODVVLF7JP

6;/ FDUWRQ ;/

*<+

$6+

1$9

%/0

%55

1$9 .(*

%55 %/0

/%/

65(

/%/

65(

VLQJOHMHUVH\ *UH\+HDWKHUFRWWRQYLVFRVH WXEXODUIDEULF WDSHGVKRXOGHUWRVKRXOGHU

%/2 25$

:+, <(/

<(/

ULQJVSXQFRWWRQ

%/2 25$

:+,

67

&ODVVLF7JP

17+(022'

,17+(022')250$7&+,1*352'8&76

0$7&+,1*352'8&76

6;/ FDUWRQ

 FDUWRQ

6;/ FDUWRQ

6;/ FDUWRQ

VLQJOHMHUVH\ VLGHVHDPV

ULQJVSXQFRWWRQ

67

&ODVVLF79QHFNJP

VLQJOHMHUVH\ WXEXODUIDEULF WDSHGVKRXOGHUWRVKRXOGHU

ULQJVSXQFRWWRQ

67

&RPIRUW7JP

[ULE VLGHVHDPV

ULQJVSXQFRWWRQ

67

&RPIRUW7JP

VLQJOHMHUVH\ *UH\+HDWKHUFRWWRQYLVFRVH WXEXODUIDEULF WDSHGVKRXOGHUWRVKRXOGHU

ULQJVSXQFRWWRQ

67

&RPIRUW7JP

,17+(022')250$7&+,1*352'8&76 0$7&+,1*352'8&76


6;/ FDUWRQ

7DQN7RS‡/RQJ6OHHYH‡3ULPH7‡3ROR

.+$

1$9 %52

ULQJVSXQFRWWRQ

[ULE *UH\+HDWKHUFRWWRQYLVFRVH VLGHVHDPV

*<+

:+,

67

&RPIRUW7/RQJ6OHHYHJP %/2

.+$

6;/ FDUWRQ

*<+

1$9 %52

VLQJOHMHUVH\ *UH\+HDWKHUFRWWRQYLVFRVH WXEXODUIDEULF WDSHGVKRXOGHUWRVKRXOGHU QRFXIIVRQVOHHYHV

ULQJVSXQFRWWRQ



%/2

:+,

67

6;/ FDUWRQ

&RPIRUW7/RQJ6OHHYHJP

6;/ FDUWRQ

1$9 *<+

%/0

65(

VLQJOHMHUVH\ *UH\+HDWKHUFRWWRQYLVFRVH WXEXODUIDEULF WDSHGVKRXOGHUWRVKRXOGHU QRFXIIVRQVOHHYHV

%55

:+,

%/2

%/2

ULQJVSXQFRWWRQ

:+,

67

&ODVVLF7/RQJ6OHHYHJP

VLQJOHMHUVH\ WXEXODUIDEULF

ULQJVSXQFRWWRQ

67

&ODVVLF7DQN7RSJP

17+(022'

0$7&+,1*352'8&76

,17+(022')250$7&+,1*352'8&76

%2*

1$9

65(

:+,

%2*

1$9

65(

:+,

1$9

65(

:+,

:+,

*<+

%55

%/2

*<+

%55

%/2

%55

%/2

%/2

6;/ FDUWRQ

6;/ FDUWRQ

6;/ FDUWRQ

6;/ FDUWRQ

VLGHVHDPV QRFXIIVRQVOHHYHV WRQHRQWRQHEXWWRQV ZDVKDEOHDWƒ&

SRO\HVWHUULQJVSXQFRWWRQ

67

3RORJP

FXIIVRQVOHHYHV WRQHRQWRQHEXWWRQV ZDVKDEOHDWƒ&

SRO\HVWHUULQJVSXQFRWWRQ

67

3RORJP

VLQJOHMHUVH\ WXEXODUIDEULF WDSHGVKRXOGHUWRVKRXOGHU

ULQJVSXQFRWWRQ

67

3ULPH7JP

VLQJOHMHUVH\ VLGHVHDPV

ULQJVSXQFRWWRQ

67

&ODVVLF7DQN7RSJP

0$7&+,1*352'8&76

,17+(022')250$7&+,1*352'8&76




,17+(022')250$7&+,1*352'8&76

6;/ FDUWRQ

6;/ FDUWRQ

 FDUWRQ

6;/ FDUWRQ

1$9

%/2 *<+

3ROR‡6ZHDWVKLUW‡+RRGHG6ZHDWVKLUW‡)OHHFH-DFNHW

*UH\+HDWKHUFRWWRQYLVFRVH VLGHVHDPV WRQHRQWRQHEXWWRQV FXIIVRQVOHHYHV

:+,

ULQJVSXQFRWWRQSLTXp

%2*

*<+

67

3ROR/RQJ6OHHYHJP

/%/ 1$9

65(

/3,

%/2

%55

<(/

ULQJVSXQFRWWRQSLTXp

*UH\+HDWKHUFRWWRQYLVFRVH VLGHVHDPV QRFXIIVRQVOHHYHV WRQHRQWRQHEXWWRQV

:+,

67

3RORJP

%52

*<+ .+$

/%/ 1$9

65(

/3,

%/2

%55

<(/

*UH\+HDWKHUFRWWRQYLVFRVH WDSHGVKRXOGHUWRVKRXOGHU VLGHVHDPV QRFXIIVRQVOHHYHV WRQHRQWRQHEXWWRQV

:+,

ULQJVSXQFRWWRQSLTXp

.+$

67

3RORJP

%55 %2*

65( 1$9

&+$

*<+

1$9

%/2

%55

%/2

65(

:+,

%55 *<+

65(

%/2

1$9

:+,

.+$

%52

%52

%2*

%2*

*<+

1$9 *<+

%55 %/0

%/0

1$9

/%/

65(

*UH\+HDWKHUFRWWRQYLVFRVH VLGHVHDPV QRFXIIVRQVOHHYHV KRUQORRNEXWWRQV

%/2 %55

:+, 65(

<(/

ULQJVSXQFRWWRQSLTXp

%/2 25$

:+,

67

3RORJP

17+(022'

6;/ FDUWRQ

6;/ FDUWRQ

WRQHRQWRQHIXOO]LS SRFNHWZLWK]LSRQOHIWVOHHYH KHUULQJERQHULEERQIRUQHFNOLQHJXVVHW HODVWLFFXIIVDQGZDLVWEDQG VLGHSRFNHWV VLGHVHDPV

SRO\HVWHU

67

)OHHFH-DFNHWJP

*UH\+HDWKHUFRWWRQ SRO\HVWHUYLVFRVH EUXVKHGÁHHFHLQVLGHWRQHRQWRQHFRUG HODVWLFFXIIVDQGZDLVWEDQG KHUULQJERQHULEERQIRUQHFNOLQHJXVVHW IURQWSRFNHW VLGHVHDPV

ULQJVSXQFRWWRQSRO\HVWHU

67

+RRGHG6ZHDWVKLUWJP

6;/ FDUWRQ

*UH\+HDWKHUFRWWRQ SRO\HVWHUYLVFRVH EUXVKHGÁHHFHLQVLGHWRQHRQWRQHFRUG HODVWLFFXIIVDQGZDLVWEDQG KHUULQJERQHULEERQIRUQHFNOLQHJXVVHW IURQWSRFNHW VLGHVHDPV

ULQJVSXQFRWWRQSRO\HVWHU

67

+RRGHG6ZHDWVKLUWJP

6;/ FDUWRQ

*UH\+HDWKHUFRWWRQ SRO\HVWHUYLVFRVH EUXVKHGÁHHFHLQVLGH HODVWLFFXIIVDQGZDLVWEDQG VLGHVHDPV

ULQJVSXQFRWWRQSRO\HVWHU

67

6ZHDWVKLUWJP

,17+(022')250$7&+,1*352'8&76




67:RPHQ·V&ODVVLF7

25

,17+(022')2567('0$1

WKDW FRQVXPHUV ,W LV RXU UHVSRQVLELOLW\ WR HQVXUH 7RHDUQWKLV XFWV SURG FDQ WUXVWWKHVDIHW\RI RXU RIRXUVXSSO\ OLW\ TXD UWKH QLWR WUXVWZHVWULFWO\PR HVHOOPHHWDOO FKDLQWRHQVXUHWKDWWKHSURGXFWVZ OODVRXURZQ ZH QW VDIHW\DQGTXDOLW\VWDQGDUGVDV JRYHUQPHQW XODWLRQVRI UHJ WKH ZLWK FRPSO\ $OORXUJDUPHQWVDQGDFFHVVRULHV RHNRWH[ ZZ P Z \VWH H[V NR7 2HNR7H[6WDQGDUG 7KH2H DQGFHUWLÃ&#x20AC;HGWH[WLOHSURGXFWV FRP JXDUDQWHHVWKDWDOOWHVWHG WKDWPD\EHLQMXULRXVWRKXPDQ DUHIUHHIURPKDUPIXOVXEVWDQFHV GH[WUHPHO\LPSRUWDQWDQG KHDOWK$OOUHJXODWLRQVDUHFRQVLGHUH V VWULFWO\HQIRUFHGE\+DQHVEUDQG

2HNR7H[

DQ LQGHSHQGHQW :5$3 ZZZZUDSDSSDUHORUJ  LV K FHUWLÃ&#x20AC;HV DQG QRQSURÃ&#x20AC;W RUJDQL]DWLRQ ZKLF LFDOPDQXIDFWXULQJ PRQLWRUVODZIXOKXPDQHDQGHWK DPRQJ RWKHUV XGH LQFO R W WKH ZRUOG7KHLUVWDQGDUGV RXW KRX WK XJK WKUR DUDVVPHQW DQG RIK Q ELWLR URKL XUS WKH SURKLELWLRQ RIFKLOG ODER HUQLQJ KRXUV RI ZRUN DQG DEXVH DV ZHOO DV UHJXODWLRQV FRQF KHDOWKDQGVDIHW\ UHVSRQVLELOLW\ HIIRUWV DQG WKH 2XU H[WHQVLYH FRUSRUDWH VRFLDO HPDGH+DQHVEUDQGVDOHDGHU KDY UHVRXUFHVZHSXWEHKLQGWKHP OG LQ D KLJKO\ HWKLFDO DQG LQ GRLQJ EXVLQHVV DURXQG WKH ZRU VRFLDOO\UHVSRQVLEOHPDQQHU

:5$3

1 +(

')252(.27(; $/:$<6,17$+(/:0$<622 , 7 022') :5$3




67-XQLRU&RPIRUW7

&

& &  &

5(  5( 65( 6 HG65( HG6 HG W5HG W5 UOHW5 UOH 6FDUOHW5 6FDUOH 6FD

&

&

&

     1$9  1$9 1$9 1$9  OXH OXH \%OXH \% 1DY\%OXH 1DY\% 1DY

&

& &  &

(*  (* .(* . HQ. HQ HQ.(* *UHHQ *UH O\*UH O\ .HOO\*UH .HOO\ .HO

&

& &

&  +$  +$ &+$ & &+$  DO& DO UFRDO UFR &KDUFRDO &KDUFR &KD

&

& FN& FN %ODFN %OD %ODFN& 2 %OD 2 %/2 %/ O%/ O DO%/2 2SDO 2SD FN2SD FN %ODFN2S %ODFN %OD

&

&

&

 ,  , /3, /3 /3,  N/3 N 3LQN 3LQ KW3LQ KW /LJKW /LJ /LJKW3LQN

&

&

      &

%55  %55 %55  \DO \DO \DO%55 5R\DO 5R JKW5R JKW %ULJKW %UL %ULJKW5R

+ *<+ *<+ KHU KHU WKHU*< HDWKHU HDW \+HDW \+ *UH\+ *UH *UH\+HD

&

&

  &

0  0 %/0 %/ W%/ W LJKW%/0 LJKW LJK LGQLJK LGQ H0LGQ H0 %OXH0LGQ %OXH0 %OX

&

& &  +$ & +$  +$ .+$ . NL. NL .KDNL. .KDNL .KD

&

&

&

     25$  25$ 25$  25$  QJH QJH 2UDQJH 2UD 2UDQJH

&

&

&

 /  / /%/ /% H/% H H/%/  %OXH %OX KW%OX KW /LJKW /LJ /LJKW%OX

$6+ $6+  $VK $VK $VK$6+

&

&

      &

%2*  %2* %2* HHQ HHQ HHQ%2* *UHHQ *U WOH*U WOH %RWWOH*U %RWWOH %RW

&

&

&

   52  52  52 %52 % ZQ% ZQ %URZQ% %URZQ %UR

,17+(022')2567('0$1

VRQO\ 7KHFRORXUSULQWHGRQSDSHUDQGWKH3DQWRQHUHIHUHQFHVDUHJXLGH DQGPD\QRWSHUIHFWO\UHÁHFWWKHWUXHFRORXURIWKHIDEULF

&

&

     (/ & <(/  <(/ <(/  ORZ ORZ <HOORZ< <HOORZ <HO

+, :+, : WH: WH :KLWH: :KLWH :KL

,17+(022')

2'(6 ,17+(022')253$1721(& 2567('0$1&2/2856




    

    

;6 6 0 / ;/

670HQยทV&ODVVLF7

+HLJKWLQFP

$JH

-81,256,=(6

3RORIRUZRPHQ 3RORIRUMXQLRUV 3RORIRUPHQ 3ROR/RQJ6OHHYHIRUPHQ 3RORIRUZRPHQ 6ZHDWVKLUW +RRGHG6ZHDWVKLUWIRUPHQ +RRGHG6ZHDWVKLUWIRUZRPHQ )OHHFH-DFNHW 3ULPH7IRUPHQ

67 67 67 67 67 67 67 67 67 67

















































JPรฐ

6;;/

6;;/

6;/

6;;;/

6;;;/

6;/

6;;/

6;;;/

;6;/

6;;/

6;;;/

6;/

6;;/

6;;/

6;;/

6;;/

6;;/

;6;/

6;/

6;;/

;6;/

6;;/

6;;/

6;;;/

6L]H















































 ;;;/

&DUWRQ

&UHZ1HFN7VKLUW

)OHHFH-DFNHW

+RRGHG6ZHDWVKLUW

+RRGHG6ZHDWVKLUW

6ZHDWVKLUW

3ROR

/RQJ6OHHYH3ROR

3ROR

3ROR

3ROR

3ROR

6OHHYHOHVV

6OHHYHOHVV

9QHFN7VKLUW

&UHZ1HFN7VKLUW

/RQJ6OHHYH7VKLUW

9QHFN7VKLUW

&UHZ1HFN7VKLUW

/RQJ6OHHYH7VKLUW

/RQJ6OHHYH7VKLUW

&UHZ1HFN7VKLUW

&UHZ1HFN7VKLUW

&UHZ1HFN7VKLUW

&UHZ1HFN7VKLUW

6W\OH

,17+(022')2567('0$1

3RORIRUPHQ

&ODVVLF7/RQJ6OHHYHIRUPHQ

67

67

&ODVVLF79QHFNIRUPHQ

67

&ODVVLF7DQN7RSIRUZRPHQ

&ODVVLF7IRUMXQLRUV

67

67

&RPIRUW7/RQJ6OHHYHIRUZRPHQ

67

&ODVVLF7DQN7RSIRUPHQ

&RPIRUW7/RQJ6OHHYHIRUPHQ

67

67

&RPIRUW7IRUMXQLRUV

67

&ODVVLF7IRUZRPHQ

&RPIRUW7IRUZRPHQ

67

&ODVVLF79QHFNIRUZRPHQ

&RPIRUW7IRUPHQ

67

67

&ODVVLF7IRUPHQ

67

67

1DPH

&RGH

,17

25-81,256,=(6 ,17+(022'+() 022')25$57,&/(&2'(6


Stedman 2012