Koojan Hills Sale Catalogue 2024

SP 0RQGD\ WK )HEUXDU\

%XOOV

/27 .22-$1 +,//6 1(:6)/$6+ 7

ZZZ NRRMDQKLOOVDQJXV FRP

3IHLIIHU 5RDG 0DQ\SHDNV :$

5LFKDUG 0HWFDOIH &KULV 0HWFDOIH 7LP 0HWFDOIH DGPLQ#PHWFDOIHSDVWRUDO FRP DX

7LP 6SLFHU 3HDUFH :DWOLQJ 1LJHO +DZNH

%RE 3XPSKUH\ /DXUHQFH *UDQW 0DUN %UDGEXU\

$*1(42* )30 "0?.,710 1,847D B:@7/ 7460 ?: B07.:80 D:@ ?: ?30 ?3 99@,7 ::5,9 477> @77 (,70 > ,7B,D> 4?G> , 2=0,? 3:9:@= ?: -0 ,-70 ?: ;=0>09? ?3=00 D0,=> :1 ;7,99492 ,9/ 011:=? 49?: , .,?,7:2@0 ,9/ B0 ?3496 ?30=0 ,=0 >:80 3423 <@,74?D D:@92 >4=0> B4?349 ?30 7490 @;

)34> D0,=G> -@77> -09014?0/ 1=:8 ,9 0C.0;?4:9,77D 7,?0 >:1? 1494>3 ?: ?30 >0,>:9 49 ,9/ , 2::/ -=0,6 ?: ?30 >0,>:9 49 ",9D;0,6> D ?30 ?480 B0 2:? ?: >.,99492 ,9/ /,D B0423492 49 $.?:-0= ?30 -@77> B0=0 49 ,> 2::/ .:9/4?4:9 ,> ,9D .:3:=? B0GA0 3,/ ,9/ B0 =0.:=/0/ >:80 :1 ?30 30,A40>? B0423?> B0GA0 >009 1:= 8:9?3 :7/ -@77> +4?3 ,9 0,=7D >0,>:9 .@? :@? B0 3,A0 ;=:A4/0/ ?30 -@77> B4?3 >47,20 ,9/ :,?09 3,D B34.3 B477 09,-70 ?304= 10=?474?D ,9/ ,?370?4.4>8 ?: -0 8,49?,490/

?G> ,7B,D> 0C.4?492 ?: B,?.3 ?30 /4110=09? >4=0 7490> /0A07:; 49 ?30 D:@92 -@77> -@? 5@>? ,> 0C.4?492 ?: B,?.3 ?308 /0A07:; 49 ?30 108,70 7490> 9 ?30 14=>? :1 :@= (4?E (?077,= /,@23?0=> .,7A0/ ,9/ B0 B0=0 A0=D 48;=0>>0/ B4?3 ?30 @//0=> ,9/ ?304= ,-474?D ?: 20? -,.6 49 .,71 9 ?30 8,4/09 30410=> B0 3,A0 B,?.30/ 90B -7::/7490> >@.3 ,> "D0=> ,4= # (<@,=0 ,9/ ,9<@0? #@??077, /,@23?0=> /0A07:; 49?: :@= 8:>? ;309:?D;4.,77D 48;=0>>4A0 %) 30410=> )30>0 ,=0 >:80 :1 ?30 /:849,9? >4=0 7490> =0;=0>09?0/ 49 ?34> .,?,7:2@0 ,7:92>4/0 , >.,??0=492 :1 :7/ ,9/ 90B >4=0>

+0 1007 B0 3,A0 , 7,=20 2=:@; :1 -@77> >@4?,-70 1:= 5:49492 30410=> ,9/ 3,A0 ,7>: 49.7@/0/ >:80 -@77> B4?3 , -4? 8:=0 2=@9? B3: B477 B:=6 B077 :9 8,?@=0 .:B> +0 3,A0 -009 09.:@=,20/ ?: 30,= 1=:8 >:80 :1 :@= -@77 .7409?> B3: ,=0 9:? -0492 /0.04A0/ -D ?30 >0084927D 90A0= 09/492 ;@=>@4? :1 7:B -4=?3 B0423? *G> ,9/ ,=0 49>?0,/ ?=@>?492 ?30 0,>D .,7A492 9,?@=0 :1 ?30 92@> -=00/ ,9/ ?30 900/ ?: -@47/ , .:B 30=/ B4?3 >@4?,-70 ;07A4. ,=0, 9 B0 .,7A0/ /:B9 .,7A0> >4=0/ -D 77492>:9 )3=00 '4A0=> , -@77 B4?3 , -4=?3 B0423? * :1 +0 /4/9G? ;@77 , .,71 ,9/ ?30 ,.?@,7 -4=?3 B0423?> :1 ?30 .,7A0> B,> ,9 ,A0=,20 :1 5@>? 62

$9.0 ,2,49 :@= ,@.?4:9 B477 -0 307/ 49 1=:9? :1 , >.=009 9:? ?30 >,70 =492 77 ?30 -@77> B477 -0 ;=:10>>4:9,77D A4/0:0/ ,9/ ,A,47,-70 ?: -0 A40B0/ ;=0 >,70 :9 @.?4:9>%7@> $9 >,70 /,D ?30 A4/0: :1 0,.3 -@77 49 7:? :=/0= B477 -0 /4>;7,D0/ :9 , >.=009 ,9/ >:7/ 49 9:=8,7 7:? :=/0= )30 -@77> B477 >?477 -0 :9 /4>;7,D 49 ?30 >,70 ;09> ,> 9:=8,7

+0 B477 ,2,49 -0 3:7/492 :@= 1407/ /,D ?: 09,-70 D:@ ?: 49>;0.? ?30 -@77> 49 , 8:=0 704>@=07D 09A4=:9809?

+0 7::6 1:=B,=/ ?: >00492 D:@ ,? :@= 407/ ,D :9 =4/,D ?3 0-=@,=D ;8 F ;8 := :9 (,70 ,D

+0 B477 -0 :110=492 ::5,9 477> 92@> @77>

9>;0.?4:9 :1 .,??70 1=:8 ,8 :8;74809?,=D 7@9.30:9 (,70 .:8809.0> ,? ;8

6DOH 3ROLF\

$V SDUW RI RXU VDOH SROLF\ DQ\ FODLPV RQ EXOOV SXUFKDVHG DW SUHYLRXV VDOHV KDYH EHHQ VHWWOHG WKHUHIRUH QR FUHGLWV DUH RSHUDWLQJ DW WKLV VDOH

7KH 6HOOLQJ 6\VWHP 7KH DQQXDO .RRMDQ +LOOV %XOO 6DOH ZLOO EH KHOG LQ FRQMXQFWLRQ ZLWK RXU $QQXDO 0HODOHXFD 0XUUD\ *UH\ %XOO 6DOH DW RXU RQ SURSHUW\ VDOH FRPSOH[ $OO ZLOO EH VROG YLD DXFWLRQ LQ QRUPDO ORW RUGHU

2XU VDOH ZLOO DJDLQ IHDWXUH RQ $XFWLRQV3OXV )RU PRUH LQIRUPDWLRQ RQ WKLV V\VWHP SOHDVH YLVLW ZZZ DXFWLRQVSOXV FRP DX

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

*HQHWLF $EQRUPDOLWLHV :H RQO\ RIIHU EXOOV WKDW DUH IUHH E\ LQKHULWDQFH RU WHVWHG IUHH RI WKH IRXU NQRZQ JHQHWLF DEQRUPDOLWLHV $0 &$ 1+ DQG '' $V VXFK WKHVH EXOOV FDQ EH XVHG ZLWK FRQILGHQFH DQG ZLOO QRW SURGXFH D FDOI ZKLFK H[KLELWV FOLQLFDO VLJQV RI WKHVH DEQRUPDOLWLHV UHJDUGOHVV RI WKH JHQHWLF VWDWXV RI WKH IHPDOHV WR ZKLFK WKH\ DUH PDWHG

-RKQH¶V %HHI $VVRFLDWLRQ 6FRUH .RRMDQ +LOOV $QJXV DUH D -%$6 KHUG

)HUWLOLW\ $OO EXOOV ZHUH VHPHQ WHVWHG DQG VFURWDO PHDVXUHPHQWV WDNHQ RQ WKH WK RI 2FWREHU E\ %UDG 'HPDUWL DQG .\OLH 4XLOW\ DQG DUH RIIHUHG XQGHU WKH .RRMDQ +LOOV %XOO *XDUDQWHH VHH IROORZLQJ 7KH VL[ \HDUOLQJ EXOOV ZLOO EH WHVWHG SULRU WR WKH VDOH

.RRMDQ +LOOV %XOO *XDUDQWHH

$OO EXOOV RIIHUHG DUH JXDUDQWHHG WR EH IHUWLOH DQG FDSDEOH RI QDWXUDO VHUYLFH DW WKH GDWH RI WKH VDOH DQG IRU D SHULRG RI VL[ PRQWKV WKHUH DIWHU 1R ZDUUDQW\ LV JLYHQ IRU DQ\ EXOO ZKR EHFRPHV LQIHUWLOH RU LQFDSDEOH RI QDWXUDO VHUYLFH GXH WR LQMXU\ RU GLVHDVH 7KH YHQGRU UHWDLQV WKH ULJKW WR REWDLQ YHWHULQDU\ FRQILUPDWLRQ RI DQ\ FODLP $V DQ DGGHG DVVXUDQFH IRU SXUFKDVHUV WKH YHQGRU LV SUHSDUHG WR RIIHU D VHSDUDWH FRPSUHKHQVLYH JXDUDQWHH IRU DQ\ EXOO ZKR EHFRPHV LQFDSDEOH RI QDWXUDO VHUYLFH GXH WR WKH GHYHORSPHQW RI 3UHPDWXUH 6SLUDO 'HYLDWLRQ RI WKH 3HQLV 36'3 7KLV LV D FRQGLWLRQ WKDW FDQ RFFXU LQ DOO EUHHGV DQG LV QRW IXOO\ XQGHUVWRRG ,WV RFFXUUHQFH PD\ EH JHQHWLF RU HQYLURQPHQWDO RU D PL[WXUH RI ERWK ,I VXFK D FODLP LV VXEVWDQWLDWHG E\ D YHWHULQDU\ GHFODUDWLRQ ZLWKLQ WKH ILUVW \HDU RI VHUYLFH D UHIXQG RI WKH IXOO SXUFKDVH SULFH OHVV WKH PHDW YDOXH RI WKH EXOO ZLOO EH LVVXHG

6DOH ,QIRUPDWLRQ

&RQGLWLRQV RI 6DOH 7KH FRQGLWLRQV RI VDOH DUH WKRVH GLVSOD\HG E\ WKH DXFWLRQHHUV RQ VDOH GD\

'HOLYHU\ ,QVWUXFWLRQV

%XOOV ZLOO QRW EH DYDLODEOH IRU GHOLYHU\ RQ VDOH GD\ :H ZLOO GHOLYHU DOO EXOOV SHUVRQDOO\ WR SURSHUWLHV ZLWKLQ NP RI 0DQ\SHDNV DQG SURYLGH IUHLJKW DVVLVWDQFH WR (DVWHUQ 6WDWHV SXUFKDVHUV %XOOV ZLOO EH GHOLYHUHG XVLQJ D VHPL WUDLOHU 3OHDVH DGYLVH LI \RXU \DUGV DUH QRW DFFHVVLEOH E\ D VHPL WUDLOHU DQG ZH ZLOO DUUDQJH D VPDOOHU WUXFN

,QVXUDQFH 'LVFODLPHU ,QVXUDQFH ULVN RI VWXG DQLPDOV VROG DW DXFWLRQ WUDQVIHUV WR WKH SXUFKDVHU DW WKH IDOO RI WKH KDPPHU LQFOXGLQJ DQLPDOV UHPDLQLQJ RQ WKH YHQGRU¶V SURSHUW\ 3XUFKDVHUV WKHUHIRUH DUH DGYLVHG WR LQVXUH WKHLU DQLPDOV DW WKH FRPSOHWLRQ RI WKH VDOH 6WXG DQLPDOV DUH QRW FRYHUHG E\ FRPPHUFLDO OLYHVWRFN LQVXUDQFH

$FFRPPRGDWLRQ 0RWHO /H *UDQGH LQ $OEDQ\ LV RIIHULQJ D GLVFRXQWHG DFFRPPRGDWLRQ UDWH IRU .RRMDQ +LOO DQG 0HODOHXFD FOLHQWV $VN WR VSHDN WR RZQHU -RH /HPER DQG LQGLFDWH \RX DUH DWWHQGLQJ RXU VDOH 0RWHO /H *UDQGH $OEDQ\ +LJKZD\ SKRQH

&DWDORJXH ,QIRUPDWLRQ &RPPHQWV UHODWLQJ WR (%9¶V RI EXOOV ZHUH FRUUHFW DW WKH WLPH RI ZULWLQJ

UNDERSTANDING The transtasman angus cattle Evaluation (tace)

Or similarly, a bull with an IMF EBV of +3.0 would be expected to produce progeny with on average, 1% more intramuscular fat in a 400 kg carcase than a bull with a IMF EBV of +1.0 (i.e. 2% difference between the sire’s EBVs, then halved as the sire only contributes half the genetics).

What is the TransTasman Angus Cattle Evaluation?

The TransTasman Angus Cattle Evaluation is the genetic evaluation program adopted by Angus Australia for Angus and Angus influenced beef cattle. The TransTasman Angus Cattle Evaluation uses Best Linear Unbiased Prediction (BLUP) technology to produce Estimated Breeding Values (EBVs) of recorded cattle for a range of important production traits (e.g. weight, carcase, fertility).

Using EBVs to Benchmark an Animal’s Genetics with the Breed EBVs can also be used to benchmark an animal’s genetics relative to the genetics of other Angus or Angus infused animals in Australia.

The TransTasman Angus Cattle Evaluation is an international genetic evaluation and includes pedigree, performance and genomic information from the Angus Australia and Angus New Zealand databases, along with selected information from the American and Canadian Angus Associations.

To benchmark an animal’s genetics relative to other Angus animals, an animal’s EBV can be compared to the EBV reference tables, which provide:

The TransTasman Angus Cattle Evaluation utilises a range of genetic evaluation software, including the internationally recognised BLUPF90 family of programs, and BREEDPLAN® beef genetic evaluation analytical software, as developed by the Animal Genetics and Breeding Unit (AGBU), a joint institute of NSW Agriculture and the University of New England, and Meat and Livestock Australia Limited (MLA).

• the breed average EBV • the percentile bands table The current breed average EBV is listed on the bottom of each page in this publication, while the current EBV reference tables are included at the end of these introductory notes.

For easy reference, the percentile band in which an animal’s EBV ranks is also published in association with the EBV.

What is an EBV?

Considering Accuracy

An animal’s breeding value can be defined as its genetic merit for each trait. While it is not possible to determine an animal’s true breeding value, it is possible to estimate it. These estimates of an animal’s true breeding value are called EBVs (Estimated Breeding Values).

An accuracy value is published with each EBV, and is usually displayed as a percentage value immediately below the EBV. The accuracy value provides an indication of the reliability of the EBV in estimating the animal’s genetics (or true breeding value), and is an indication of the amount of information that has been used in the calculation of the EBV.

EBVs are expressed as the difference between an individual animal’s genetics and a historical genetic level (i.e. group of animals) within the TACE genetic evaluation, and are reported in the units in which the measurements are taken.

EBVs with accuracy values below 50% should be considered as preliminary or of low accuracy, 50-74% as of medium accuracy, 75-90% of medium to high accuracy, and 90% or greater as high accuracy.

Using EBVs to Compare the Genetics of Two Animals TACE EBVs can be used to estimate the expected difference in the genetics of two animals, with the expected difference equating to half the difference in the EBVs of the animals, all other things being equal (e.g. they are joined to the same animal/s).

Description of TACE EBVs EBVs are calculated for a range of traits within TACE, covering calving ease, growth, fertility, maternal performance, carcase merit, feed efficiency and structural soundness.

A description of each EBV included in this publication is provided on the following page.

For example, a bull with a 200 Day Growth EBV of +60 would be expected to produce progeny that are, on average, 10 kg heavier at 200 days of age than a bull with a 200 Day Growth EBV of +40 kg (i.e. 20 kg difference between the sire’s EBVs, then halved as the sire only contributes half the genetics).

Selection Index

Structure

Other

Carcase

Fertility

Growth

Birth

UNDERSTANDING estimated breeding values (ebvs) CEDir

%

Genetic differences in the ability of a sire’s calves to be born unassisted from 2 year old heifers.

CEDtrs

%

Genetic differences in the ability of a sire’s daughters to calve unassisted at 2 years of age.

GL

days

Genetic differences between animals in the length of time from the date of conception to the birth of the calf.

BW

kg

Genetic differences between animals in calf weight at birth.

kg

Genetic differences between animals in live weight at 200 days of age due to genetics for growth.

Higher EBVs indicate fewer calving difficulties in 2 year old heifers.

Higher EBVs indicate fewer calving difficulties in 2 year old heifers.

Lower EBVs indicate shorter gestation length.

Lower EBVs indicate lighter birth weight.

Higher EBVs indicate heavier live weight.

kg

Genetic differences between animals in live weight at 400 days of age.

Higher EBVs indicate heavier live weight.

Genetic differences between animals in live weight at 600 days of age.

Genetic differences between animals in live weight of cows at 5 years of age.

Genetic differences between animals in live weight at 200 days of age due to the maternal contribution of its dam.

Genetic differences between animals in the time from the start of the joining period (i.e. when the female is introduced to a bull) until subsequent calving.

Genetic differences between animals in scrotal circumference at 400 days of age.

Genetic differences between animals in hot standard carcase weight at 750 days of age.

Genetic differences between animals in eye muscle area at the 12/13th rib site in a 400 kg carcase.

Genetic differences between animals in fat depth at the 12/13th rib site in a 400 kg carcase.

Genetic differences between animals in fat depth at the P8 rump site in a 400 kg carcase.

Genetic differences between animals in boned out saleable meat from a 400 kg carcase.

Genetic differences between animals in intramuscular fat (marbling) at the 12/13th rib site in a 400 kg carcase.

Genetic differences between animals in feed intake at a standard weight and rate of weight gain when animals are in a feedlot finishing phase.

Higher EBVs indicate heavier live weight.

Higher EBVs indicate heavier mature weight.

Higher EBVs indicate heavier live weight.

200 Day 400 Day 600 Day

kg

MCW

kg

Milk

kg

DtC

days

SS

cm

CWT

kg

EMA

cm2

Rib Fat

mm

P8 Fat

mm

RBY

%

IMF

%

NFI-F

kg/ day

Doc

%

Genetic differences between animals in temperament.

Foot Genetic differences in foot angle (strength of pastern, depth of score heel).

Angle Claw Genetic differences in claw set structure (shape and evenness of score claws).

Set Genetic differences between animals in net profitability per cow joined in a typical commercial self replacing herd using Angus bulls. This selection index is not specific to a particular $ ABI production system or market end-point, but identifies animals that will improve overall profitability in the majority of commercial grass and grain finishing beef production systems.

Genetic differences between animals in net profitability per cow $ joined in a commercial self replacing herd targeting the domestic DOM supermarket trade.

Genetic differences between animals in net profitability per cow joined in a commercial self replacing herd targeting pasture $ HGRN grown steers with a 250 day feedlot finishing period for the grain fed high quality, highly marbled markets.

Genetic differences between animals in net profitability per cow $ joined in a commercial self replacing herd targeting pasture HGRS finished steers.

Lower EBVs indicate shorter time to calving.

Higher EBVs indicate larger scrotal circumference.

Higher EBVs indicate heavier carcase weight.

Higher EBVs indicate larger eye muscle area.

Higher EBVs indicate more fat.

Higher EBVs indicate more fat.

Higher EBVs indicate higher yield.

Higher EBVs indicate more intramuscular fat.

Lower EBVs indicate more feed efficiency.

Higher EBVs indicate better temperament.

Lower EBVs indicate more desirable foot angle.

Lower EBVs indicate more desirable claw structure.

Higher selection index values indicate greater profitability.

Higher selection index values indicate greater profitability.

Higher selection index values indicate greater profitability.

Higher selection index values indicate greater profitability.

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

$QLPDO ,GHQW

/RW

&('WUV

&('WUV

&('LU

&('LU

*/

*/

%:7

%:7

&DOYLQJ (DVH %LUWK

*URZWK

0&:

0&:

0,ON

0LON

66

66

'7&

'7&

)HUWLOLW\

&:7

&:7

(0$

(0$

5,%

5,%

3

3

&DUFDVH

(%9 4XLFN 5HIHUHQFH IRU .RRMDQ +LOOV $QJXV %XOO 6DOH

5%<

5%<

,0)

,0)

1), )

1), )

)HHG

'RF

'RF

7HPS

&ODZ

&ODZ

$QJOH

$QJOH

6WUXFWXUDO

/HJ

/HJ

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 8

:.+ 8

:.+ 8

:.+ 8

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

$QLPDO ,GHQW

/RW

&('WUV

&('WUV

&('LU

&('LU

*/

*/

%:7

%:7

&DOYLQJ (DVH %LUWK

*URZWK

0&:

0&:

0,ON

0LON

66

66

'7&

'7&

)HUWLOLW\

&:7

&:7

(0$

(0$

5,%

5,%

3

3

&DUFDVH

(%9 4XLFN 5HIHUHQFH IRU .RRMDQ +LOOV $QJXV %XOO 6DOH

5%<

5%<

,0)

,0)

1), )

1), )

)HHG

'RF

'RF

7HPS

&ODZ

&ODZ

$QJOH

$QJOH

6WUXFWXUDO

/HJ

/HJ

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 8

:.+ 7

:.+ 8

$QLPDO ,GHQW

/RW

&('WUV

&('WUV

&('LU

&('LU

*/

*/

%:7

%:7

&DOYLQJ (DVH %LUWK

*URZWK

0&:

0&:

0,ON

0LON

66

66

'7&

'7&

)HUWLOLW\

&:7

&:7

(0$

(0$

5,%

5,%

3

3

&DUFDVH

(%9 4XLFN 5HIHUHQFH IRU .RRMDQ +LOOV $QJXV %XOO 6DOH

5%<

5%<

,0)

,0)

1), )

1), )

)HHG

'RF

'RF

7HPS

&ODZ

&ODZ

$QJOH

$QJOH

6WUXFWXUDO

/HJ

/HJ

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

:.+ 7

$QLPDO ,GHQW

/RW

&('WUV

&('WUV

&('LU

&('LU

*/

*/

%:7

%:7

&DOYLQJ (DVH %LUWK

*URZWK

0&:

0&:

0,ON

0LON

66

66

'7&

'7&

)HUWLOLW\

&:7

&:7

(0$

(0$

5,%

5,%

3

3

&DUFDVH

(%9 4XLFN 5HIHUHQFH IRU .RRMDQ +LOOV $QJXV %XOO 6DOH

5%<

5%<

,0)

,0)

1), )

1), )

)HHG

'RF

'RF

7HPS

&ODZ

&ODZ

$QJOH

$QJOH

6WUXFWXUDO

/HJ

/HJ

.22-$1 +,//6 67811(5 7 69

:.+ 7

&211($/< &$3,7$/,67

$,

+%5

7( 0$1,$ (03(525 ( 39

/' &$3,7$/,67 39

%/$&.52&. (03(525 - 69

/' ',;,( (5,&$

%/$&.52&. %

6LUH 86$ 086*5$9( 67811(539

'DP :.+1 .22-$1 +,//6 1

0&$7/ 385( 352'8&7 69

/$1')$// (9(5/$67 ' 69

0&$7/ %/$&.%,5'

.22-$1 +,//6 *

0&$7/ %/$&.%,5'

.22-$1 +,//6 (

$ JRRG EXOO WR VWDUW XV Rႇ H[KLELWLQJ DOO WKH 6WXQQHU DWWULEXWHV ZH H[SHFW LQFOXGLQJ QLFH VNLQ WKLFNQHVV GHSWK DQG VRIWQHVV 7KLUG KHDYLHVW EXOO DW GD\ ZHLJKLQJ DQG DQ +LV GDP LV D IXQFWLRQDO ORQJ (PSHURU ( JUDQG GDXJKWHU ZKR KDV EHHQ LPSUHVVLYH EDODQFHG (%9 SUR¿OH LQFOXGLQJ D GRFLOLW\ (%9 WKDW PDWFKHV KLV TXLHW QDWXUH WRS FRPSOHPHQWHG E\ WKH VRIWQHVV RI 6WXQQHU 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

.22-$1 +,//6 67811(5 7 69

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

&211($/< &$3,7$/,67

$,

+%5

78:+$5(72$ 5(*(17 '

39

/' &$3,7$/,67 39

0,/:,//$+ *$76%< * 39

/' ',;,( (5,&$

0,/:,//$+ /2:$1 ' 69

6LUH 86$ 086*5$9( 67811(5

'DP :.+1 .22-$1 +,//6 1

39

0&$7/ 385( 352'8&7

.22-$1 +,//6 (48$725 )

69

0&$7/ %/$&.%,5'

.22-$1 +,//6 +

0&$7/ %/$&.%,5'

.22-$1 +,//6 )

6PRRWK VRIW D WHUUL¿F KLQGTXDUWHU DQG D JUHDW H[DPSOH RI 6WXQQHU DW KLV EHVW 2XW RI D FUDFNLQJ *DWVE\ GDXJKWHU 1 ZLWK (TXDWRU $ LQ KHU SHGLJUHH ZKR SURGXFHV D FDOI DW WKH WRS HQG RI WKH FRKRUW HDFK \HDU 7KLV LV D YHU\ JRRG IRRWHG EXOO ZLWK D SKHQRW\SH WR PDWFK D EDODQFHG VHW RI (%9¶V DQG 0LON LQ WKH WRS 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 6WXQQHU 7

/RW .RRMDQ +LOOV 6WXQQHU 7

.22-$1 +,//6 67811(5 7 69

:.+ 7

&211($/< &$3,7$/,67

$,

+%5

% 5 1(: '$<

/' &$3,7$/,67 39

9 $ 5 5(6(59( 39

/' ',;,( (5,&$

6$1'32,17 %/$&.%,5'

6LUH 86$ 086*5$9( 67811(539

'DP :.+0 .22-$1 +,//6 0

0&$7/ 385( 352'8&7 69

7( 0$1,$ ,1),1,7< $%

0&$7/ %/$&.%,5'

.22-$1 +,//6 ( 69

0&$7/ %/$&.%,5'

.22-$1 +,//6 9

(DUOLHU PDWXULQJ EXOO ZLWK D JRRG FDUFDVH ELJ WHVWLFOHV JRRG IHHW DQG LGHDO FODZ VKDSH :LOO EH JUHDW RYHU \RXQJ FRZV 6FDQQHG YHU\ ZHOO IRU (0$ ZKLFK LV EDFNHG XS E\ KLV (0$ DQG 5%< (%9 EHLQJ WRS 2XW RI D JRRG KRQHVW ULVLQJ \HDU ROG FRZ ZKR¶V GDP ( ZDV XVHG DV D GRQRU FRZ DW %DQTXHW $QJXV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

'7&

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 67(//$5 7 69

3XUFKDVHU

3ULFH

:.+ 7

%(1),(/' 68%67$1&(

$,

+%5

* $ 5 3523+(769

02+1(1 68%67$17,$/

%$/'5,'*( %($67 02'( % 39

02+1(1 */<1 0$:5 (/%$

%$/'5,'*( ,6$%(/ <

6LUH 86$ 6,7= 67(//$5 '39

'DP :.+5 .22-$1 +,//6 5

&211($/< ),1$/ 352'8&739

6<'*(1 %/$&. 3($5/ 39

6,7= 35,'( %

.22-$1 +,//6 0

6,7= 35,'( <

.22-$1 +,//6 .

$ VPRRWK VRIW 6WHOODU VRQ ZLWK LGHDO FDOYLQJ HDVH WR JURZWK GDWD DQG RQH ZKR ZLOO ZRUN ZHOO RYHU KHLIHUV DQG \RXQJ FRZV %RUQ DW NJ RXW RI D YHU\ JRRG %HDVW 0RGH GDXJKWHU ZKR ZH VROG DV D ¿UVW FDOYHU LQWR WKH $&& EUHHGLQJ SURJUDP LQ 4XHHQVODQG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

.22-$1 +,//6 )$,5 1 648$5( 7 69 &211($/< &21),'(1&( 3/86

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

$5'5266$1 ',5(&7,21 :

:22'+,// %/8(35,1739

$,

+%5

39

$5'5266$1 ',5(&7,21 ' 39

:22'+,// (9(5*5((1 = %

6LUH 86$ 0<(56 )$,5 1 648$5( 0 &211($/< 7+81'(5

.(11<¶6 &5((. 526(%8' :

'DP :.+. .22-$1 +,//6 .

39

&+(5</721 5,*+77,0( ' 39

0<(56 0,66 %($87< 0

.22-$1 +,//6 +

0<(56 0,66 %($87< 0

.22-$1 +,//6 &

7KLFN EXOO ZLWK JUHDW FDSDFLW\ D VWURQJ KHDG DQG ELJ WHVWLFOHV +H ZDV LQ WKH WRS KDOI GR]HQ FDOYHV IRU ZHDQLQJ ZHLJKW ZKLFK LV UHÀHFWHG LQ KLV LPSUHVVLYH JURZWK DQG FZW (%9¶V WRS +LV GDP . KDV VROG RWKHU VRQV DW DXFWLRQ DQG KHU ¿UVW VRQ 0 KDV JRQH RQ WR EHFRPH D VWXG VLUH DW 7H[DV $QJXV ZKR VROG D VRQ IRU DW WKHLU VDOH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV )DLU 1 6TXDUH 7

/RW .RRMDQ +LOOV )DLU 1 6TXDUH 7

.22-$1 +,//6 )$,5 1 648$5( 7 69

:.+ 7

&211($/< &21),'(1&( 3/86

$,

+%5

$5'5266$1 ',5(&7,21 ' 39

:22'+,// %/8(35,1739

.22-$1 +,//6 *(1(6,6 + 69

:22'+,// (9(5*5((1 = %

.22-$1 +,//6 &

6LUH 86$ 0<(56 )$,5 1 648$5( 0 39

'DP :.+/ .22-$1 +,//6 /

&211($/< 7+81'(5

.22-$1 +,//6 +,*+0$5. & 69

0<(56 0,66 %($87< 0

.22-$1 +,//6 *

0<(56 0,66 %($87< 0

.22-$1 +,//6 %

6WUXFWXUDOO\ YHU\ FRUUHFW RQ D JRRG VHW RI IHHW 6PRRWK VNLQQHG GHHS ERGLHG DQG D ELJ VHW RI WHVWLFOHV ,Q WKH WRS KDOI GR]HQ FDOYHV IRU ZHDQLQJ ZHLJKW DQG HTXDO VHFRQG KLJKHVW UDZ (0$ DW VFDQQLQJ &DOYLQJ HDVH (%9¶V LQGLFDWH KH ZLOO EH DV VDIH IRU FDOYLQJ DV DQ\ EXOO 2XW RI D ELJ ORQJ ERGLHG ULVLQJ \HDU ROG FRZ ZKR¶V SUHYLRXV VRQ KDV EHHQ XVHG LQ WKH VWXG 6& FP VWUDZV RI VHPHQ UHWDLQHG IRU LQ KHUG XVH RQO\ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

$FF

3HUF

.22-$1 +,//6 )$,5 1 648$5( 7 69 &211($/< &21),'(1&( 3/86

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

(%9V

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

$5'5266$1 $'0,5$/ &

:22'+,// %/8(35,1739

$,

+%5

39

.22-$1 +,//6 $'0,5$/ * 69

:22'+,// (9(5*5((1 = %

6LUH 86$ 0<(56 )$,5 1 648$5( 0 &211($/< 7+81'(5

.22-$1 +,//6 %

'DP :.+. .22-$1 +,//6 .

39

.22-$1 +,//6 :$5:,&. & 69

0<(56 0,66 %($87< 0

.22-$1 +,//6 (

0<(56 0,66 %($87< 0

.22-$1 +,//6 &

$Q LPSUHVVLYH )DLU 1 6TXDUH VRQ ZLWK LGHDO GHSWK RI KHHO ZKR ZLOO SURGXFH VRPH YHU\ JRRG VXSHUPDUNHW VWHHUV 3OHQW\ RI SRZHU DQG JURZWK KHUH UHÀHFWHG LQ KLV JURZWK (%9¶V DOO EHLQJ LQ WKH WRS ZKLOH DOVR VFDQQLQJ LQ WKH WRS IRU (0$ %RUQ RQO\ NJ RXW RI D SURGXFWLYH ULVLQJ \HDU ROG FRZ ZKR LV D GHVFHQGDQW RI WKH JUHDW %RRUDPRRND :DUZLFN : 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 1(:6)/$6+ 7 69

:.+ 7

* $ 5 352*5(6669

$,

+%5

7( 0$1,$ (03(525 ( 39

+ 3 & $ 352&(('39

%/$&.52&. (03(525 - 69

* $ 5 $0%86+ /

%/$&.52&. %

6LUH 1%11 %(1 1(9,6 1(:6)/$6+ 1

'DP :.+0 .22-$1 +,//6 0 69

39

%(1 1(9,6 )521752: )

.22-$1 +,//6 (48$725 )

69

%(1 1(9,6 -($1 + 69

.22-$1 +,//6 +

%(1 1(9,6 -($1 '

.22-$1 +,//6 )

/HQJWK DQG VFDOH DOO LQ D VRIW SDFNDJH 0HGLXP ERQHG DQG D EHDXWLIXO WRSOLQH OLNH WKH 1HZVÀDVKHV KDYH $ QDWXUDO FDOI RXW RI RQH RI RXU GRQRU FRZV 0 ZKR KDV DOUHDG\ VROG RWKHU VRQV LQWR FRPPHUFLDO KHUGV +H ZDV WKH KHDYLHVW EXOO DW ZHDQLQJ GD\V DQG GD\V +H ZHLJKHG LQ DW NJ DW DQG D KDOI PRQWKV ROG DQG VFDQQHG LQ WKH WRS KDOI GR]HQ IRU ,0) $ EXOO ZKR VKRXOG EUHHG ZRQGHUIXO GDXJKWHUV DQG RXWVWDQGLQJ VWHHUV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 1HZVÀ DVK 7

0 'DP RI /RW

.22-$1 +,//6 1(:6)/$6+ 7 69

:.+ 7

* $ 5 352*5(6669

$,

+%5

78:+$5(72$ 5(*(17 ' 39

+ 3 & $ 352&(('39

0,/:,//$+ *$76%< * 39

* $ 5 $0%86+ /

0,/:,//$+ /2:$1 ' 69

6LUH 1%11 %(1 1(9,6 1(:6)/$6+ 1 39

'DP :.+/ .22-$1 +,//6 /

%(1 1(9,6 )521752: ) 69

7( 0$1,$ $)5,&$ $ 39

%(1 1(9,6 -($1 + 69

.22-$1 +,//6 ) *

%(1 1(9,6 -($1 '

.22-$1 +,//6 (

$ ORYHO\ ELJ ORQJ 1HZVÀDVK VRQ ZLWK JUHDW GHSWK RI ERG\ :HLJKHG H[FHSWLRQDOO\ ZHOO DW GD\V DQG ZDV WKH WKLUG KHDYLHVW EXOO DW GD\V DW NJ 6FDQQHG KLJKHVW IRU UXPS IDW DQG HTXDO VHFRQG IRU ULE IDW +LV *DWVE\ GDP / KDV SURGXFHG GDXJKWHUV UHWDLQHG LQ WKH KHUG DQG VROG D VRQ DW RXU VDOH 6KH KDV D EHDXWLIXO XGGHU DQG LWV QR VXUSULVH 7 VLWV LQ WKH WRS IRU 0LON 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '') 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 1877(//$ 7 69

3XUFKDVHU

3ULFH

:.+ 7

%$148(7 '81&$1 ' 69

$,

+%5

(;$5 '(19(5 %

%$148(7 -$0%(522 - 69

48$.(5 +,// '($' &(17(569

)255(6 :,/&22/$ '

6LUH 9211 %$148(7 1877(//$ 1

48$.(5 +,// %/$&.&$3 $

'DP :.+1 .22-$1 +,//6 1

39

0,//$+ 0855$+ '2& ) 39

&+(5</721 5,*+77,0( ' 39

%$148(7 <(1', . 69

.22-$1 +,//6 -

%$148(7 <(1', '

.22-$1 +,//6 ( 69

69

6PRRWK VNLQ SRZHUIXO WKLFN EXOO ZLWK D ORYHO\ WHPSHUDPHQW DQG JRRG IHHW 6HFRQG KHDYLHVW EXOO DW GD\ ZHLJKLQJ LQ 0D\ ZKLFK WUDQVODWHV WR JURZWK (%9¶V DW WKH WRS RI ZKDW ZH VHH IURP WKH 1XWWHOODV +LV GDP 1 LV DQ DWWUDFWLYH IHPLQLQH ULVLQJ \HDU ROG FRZ WKH LGHDO W\SH WR FOLFN ZLWK WKH JUXQW RI 1XWWHOOD 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 1XWWHOOD 7

/RW .RRMDQ +LOOV 1HZVÀ DVK 7

/RW .RRMDQ +LOOV 1XWWHOOD 7

.22-$1 +,//6 1877(//$ 7 69

:.+ 7

%$148(7 '81&$1 ' 69

$,

+%5

0,/:,//$+ *$76%< * 39

%$148(7 -$0%(522 - 69

.22-$1 +,//6 *$76%< / 69

)255(6 :,/&22/$ '

6LUH 9211 %$148(7 1877(//$ 1

.22-$1 +,//6 )

'DP :.+3 .22-$1 +,//6 3

39

0,//$+ 0855$+ '2& ) 39

$/3,1( %(11(9,6 % 69

%$148(7 <(1', . 69

.22-$1 +,//6 )

%$148(7 <(1', '

.22-$1 +,//6 :

69

7HUUL¿F GHHS ERGLHG EXOO ZLWK WKLFNQHVV DQG D ORYHO\ WHPSHUDPHQW +LV GDP LV D PRGHUDWH IUDPHG \RXQJ FRZ ZKR VOLFNV Rႇ HDUO\ DQG KDV D WLG\ XGGHU DV PRVW RI RXU *DWVE\ GDXJKWHUV KDYH *UHDW IHHW DQG WKH ELJJHVW WHVWLFOHV LQ WKH VDOH WHDP ZKLFK DUH ERWK UHÀHFWHG LQ KLV (%9¶V 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$) '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 1877(//$ 7 69

%$148(7 '81&$1 '

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

(;$5 '(19(5 %

69

%$148(7 -$0%(522 - 69

$,

+%5

48$.(5 +,// '($' &(17(569

)255(6 :,/&22/$ '

6LUH 9211 %$148(7 1877(//$ 1

48$.(5 +,// %/$&.&$3 $

'DP :.+1 .22-$1 +,//6 1

39

0,//$+ 0855$+ '2& )

:$//$52< <281* ,'($ < 39

39

%$148(7 <(1', . 69

.22-$1 +,//6 &

%$148(7 <(1', ' 69

.22-$1 +,//6 <

1LFH WRSOLQH VRIW DQG VPRRWK VNLQQHG EXOO ZLWK JRRG IHHW DQG JRRG GHSWK RI KHHO $ WZLQ ZLWK YHU\ JRRG JURZWK GDWD DQG D GRFLOLW\ (%9 WKDW PDWFKHV KLV NLQG QDWXUH WRS +LV GDP LV WKH SHUIHFW W\SH WR EUHHG WR 1XWWHOOD D PRGHUDWH IUDPHG UH¿QHG FRZ ZLWK DWWUDFWLYH QHFN H[WHQVLRQ DQG LGHDO WHDW VL]H 6KH KDV EUHG WZR YHU\ JRRG GDXJKWHUV ZKR DUH LQ WKH KHUG DQG WKLV LV KHU VHFRQG YHU\ JRRG VRQ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 1877(//$ 7 69

:.+ 7

%$148(7 '81&$1 ' 69

$,

+%5

0,/:,//$+ *$76%< * 39

%$148(7 -$0%(522 - 69

.22-$1 +,//6 *$76%< / 69

)255(6 :,/&22/$ '

.22-$1 +,//6 )

6LUH 9211 %$148(7 1877(//$ 1 39

'DP :.+3 .22-$1 +,//6 3

0,//$+ 0855$+ '2& ) 39

7( 0$1,$ $'$ $ 39

%$148(7 <(1', . 69

.22-$1 +,//6 )

%$148(7 <(1', ' 69

.22-$1 +,//6 $

'HHS ERGLHG 1XWWHOOD VRQ ZKR ZLOO JURZ LQWR D EXOO RI WHUUL¿F YROXPH ([FHOOHQW GRFLOLW\ DQG YHU\ VRXQG IRRWHG 2XW RI D VLPLODUO\ GHHS ERGLHG FRZ ZKR LV FOHDQ WKURXJK WKH VKRXOGHUV DQG KDV D ORYHO\ XGGHU VHWXS DV ZH H[SHFW IURP WKH *DWVE\ EORRGOLQH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 3$&,),& 7 69 02*&. %8//6(<(

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

$,

+%5

&221$0%/( =

39

39

+229(5 12 '28%739

&221$0%/( (/(9$725 ( 39

0,66 %/$&.&$3 (//6721 -

%$1*$'$1* % 69

6LUH 86$ 67(5/,1* 3$&,),&

'DP :.+1 .22-$1 +,//6 1

39

* $ 5 3523+(7

. & ) %(11(77 3(5)250(5

69

%$/'5,'*( ,6$%(/ %

&221$0%/( ( 69

%$/'5,'*( ,6$%(/ <

&221$0%/( 9

3RZHU EXOO KHUH 'HHS ERGLHG JRRG ERQH ZLWKRXW EHLQJ RYHU WKH WRS 2XW RI D SRZHUIXO GHHS ERGLHG (OHYDWRU GDXJKWHU ZKR SRVVHVVHV D WLG\ XGGHU DQG D JHQWOH QDWXUH ZKLFK VKH KDV SDVVHG RQ WR 7 6HFRQG KHDYLHVW EXOO LQ 2FWREHU DW NJ DQG KLJKHVW UDZ (0$ RI WKH VDOH WHDP *URZWK GRFLOLW\ &ZW (0$ DQG IRRW (%9¶V DOO LQ WKH WRS 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

&('LU &('WUV

*/

%:

(%9V

$FF

3HUF

&:7

(0$

5LE

(%9V

$FF

3HUF

)HUWLOLW\

0&:

0LON

66

'7&

3

5%<

,0)

)HHG

7HPS

1), )

'RF

&ODZ

$QJOH

/HJ

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 3DFL¿ F 7

.22-$1 +,//6 67(//$5 7 69

:.+ 7

%(1),(/' 68%67$1&(

$,

+%5

&221$0%/( +817(5 + 69

02+1(1 68%67$17,$/

.22-$1 +,//6 0$;,086 0 39

02+1(1 */<1 0$:5 (/%$

&221$0%/( * 69

6LUH 86$ 6,7= 67(//$5 '39

'DP :.+5 .22-$1 +,//6 5

&211($/< ),1$/ 352'8&739

7+20$6 83 5,9(5 39

6,7= 35,'( %

.22-$1 +,//6 1

6,7= 35,'( <

.22-$1 +,//6 )

*URZWK DQG SRZHU KHUH DQG D EXOO ZLWK D ORYHO\ QDWXUH +LV GDP LV D FUDFNLQJ ELJJHU IUDPHG \RXQJ FRZ ZLWK D WRS XGGHU *URZWK (%9¶V DV JRRG DV ZH FDQ PDNH WKHP DQG ERUQ DW RQO\ NJ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 3$&,),& 7 69 02*&. %8//6(<(

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

$,

+%5

&221$0%/( =

39

39

+229(5 12 '28%739

&221$0%/( (/(9$725 ( 39

0,66 %/$&.&$3 (//6721 -

%$1*$'$1* % 69

6LUH 86$ 67(5/,1* 3$&,),&

'DP :.+3 .22-$1 +,//6 3

39

* $ 5 3523+(7

7( 0$1,$ 81/,0,7(' 8

69

%$/'5,'*( ,6$%(/ %

&221$0%/( '

%$/'5,'*( ,6$%(/ <

&221$0%/( ;

$ 3DFL¿F VRQ ZKR LV DV WKLFN DV WKH\ FRPH 'HSWK RI ERG\ DQ LPSUHVVLYH KLQGTXDUWHU H[WUHPHO\ TXLHW DQG IHHW DV JRRG DV DQ\ LQ WKLV \HDU¶V VDOH WHDP 2XW RI DQ (OHYDWRU GDXJKWHU ZLWK SOHQW\ RI FDSDFLW\ DQG GHSWK ZLWKRXW JRLQJ RYHUERDUG IUDPH ZLVH 3URJHQ\ ZLOO ZHLJK ZHOO ZKLOH UHWDLQLQJ VRIWQHVV DQG GRLQJ DELOLW\ 6FDQQHG H[WUHPHO\ ZHOO IRU ,0) DQG KDV IDW (%9¶V LQ WKH WRS RI WKH EUHHG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

&('LU &('WUV

*/

%:

(%9V

$FF

3HUF

&:7

(0$

5LE

(%9V

$FF

3HUF

.22-$1 +,//6 3$&,),& 7 39

)HUWLOLW\

0&:

0LON

66

3

5%<

,0)

)HHG

7HPS

1), )

'RF

&ODZ

$QJOH

/HJ

&DUFDVH

02*&. %8//6(<(

'7&

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

(7

+%5

7( 0$1,$ )2( )

39

69

+229(5 12 '28%739

*5$1,7( 5,'*( .$,6(5 . 69

0,66 %/$&.&$3 (//6721 -

*5$1,7( 5,'*( 6835(0( ) 69

6LUH 86$ 67(5/,1* 3$&,),&

'DP :.+3 .22-$1 +,//6 $'$ 3 39

39

* $ 5 3523+(7

7( 0$1,$ $'$ $ 39

69

%$/'5,'*( ,6$%(/ %

&221$0%/( ) 69

%$/'5,'*( ,6$%(/ <

&221$0%/( = 69

$ UHDO VW\OLVK EXOO 6WHUOLQJ 3DFL¿F DW KLV EHVW 6PRRWK ULJKW WKH ZD\ WKURXJK WR JRRG QHFN H[WHQVLRQ DQG D VWURQJ KHDG 6FDQQHG H[FHSWLRQDOO\ ZHOO IRU (0$ WRS KHDYLHVW FDOI DW GD\V DQG YHU\ LPSUHVVLYH (%9 VSUHDG 2XW RI RXU ORQJ ERGLHG .DLVHU GDXJKWHU 3 ZKR KDV SURGXFHG YHU\ ZHOO IRU XV DQG KHU WZR \HDUOLQJ VRQV DYHUDJHG DW ODVW \HDUV¶ VDOH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 6WXQQHU 7

1 'DP RI /RW

.22-$1 +,//6 67811(5 7 69

:.+ 7

&211($/< &$3,7$/,67

6,7= 83:$5' 5

/' &$3,7$/,67 39

$,

+%5

69

7+20$6 83 5,9(5 39

/' ',;,( (5,&$

7+20$6 &$52/

6LUH 86$ 086*5$9( 67811(5

'DP :.+1 .22-$1 +,//6 1

39

0&$7/ 385( 352'8&7

$5'5266$1 ',5(&7,21 ' 39

69

0&$7/ %/$&.%,5'

.22-$1 +,//6 -

0&$7/ %/$&.%,5'

.22-$1 +,//6 '

6RIW VPRRWK VNLQQHG WHUUL¿F KLQGTXDUWHU DQG WLJKW VKHDWK DOO WKH WUDLWV ZH H[SHFW IURP 6WXQQHU 2XW RI D YHU\ JRRG GHHS ERGLHG 8S 5LYHU GDXJKWHU ZKR LV EXLOGLQJ D KLJK TXDOLW\ SURGXFWLRQ KLVWRU\ 6FDQQHG WRS IRU ,0) DQG DQ (0$ (%9 LQ WKH WRS RI WKH EUHHG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 783$& 7 69 7& )5$1./,1

:.+ 7

7+20$6 83 5,9(5

:$77/(723 )5$1./,1 * 69

1DWXUDO

+%5

39

.22-$1 +,//6 83 5,9(5 0 69

:$77/(723 %$581$+ ( '9

.22-$1 +,//6 ) 69

6LUH :.+1 .22-$1 +,//6 )5$1./,1 1 69

'DP :.+4 .22-$1 +,//6 4

.22-$1 +,//6 (48$725 ) 69

$5'&$,51,( - 69

.22-$1 +,//6 /

.22-$1 +,//6 0

.22-$1 +,//6 *

.22-$1 +,//6 -

<RXQJHU EXOO ZLWK D KHDS RI OHQJWK JRRG QHFN H[WHQVLRQ :H WKLQN KH ZLOO JURZ LQWR D ELJ EXOO ZKLFK LV EDFNHG E\ LPSUHVVLYH JURZWK (%9¶V DQG FZW LQ WRS RI WKH EUHHG

$ JUDQGVRQ RI )UDQNOLQ * ZKR ZH WKLQN LV RQH RI WKH EHVW EXOOV ZH KDYH XVHG LQ WKH ODVW GHFDGH +LV GDP 4 LV D ORQJ HOHJDQW FRZ ZLWK LGHDO WHDW VL]H DQG YHU\ JRRG IHHW :H WKLQN VKH¶V D FUDFNHU DQG KDV GRQH D YHU\ JRRG MRE KHUH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 5(/,$17 7 69

3XUFKDVHU

3ULFH

:.+ 7

&211($/< ,1 685(

$,

+%5

7( 0$1,$ )2( ) 69

* $ 5 685( ),5(69

*5$1,7( 5,'*( .$,6(5 . 69

&+$,5 52&. * $ 5

*5$1,7( 5,'*( 6835(0( ) 69

6LUH 86$ * $ 5 5(/,$1739

'DP :.+4 .22-$1 +,//6 4

% 5 '(67,1$7,21

7( 0$1,$ $'$ $ 39

* $ 5 '(67,1$7,21 1

&221$0%/( ) 69

* $ 5 35('(67,1('

&221$0%/( = 69

'HHS ERGLHG ZHOO EDODQFHG EXOO DQG GHYHORSLQJ D WHUUL¿F KLQG TXDUWHU /RYHO\ WHPSHUDPHQW DQG LGHDO FDUFDVH GDWD DV \RX ZRXOG H[SHFW IURP D 5HOLDQW VRQ NJ DW ELUWK RXW RI D VRXQG \RXQJ FRZ ZKR LV ORQJ DQG FOHDQ IURQWHG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 5(/,$17 7 69

3XUFKDVHU

3ULFH

:.+ 7

&211($/< ,1 685(

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

0,/:,//$+ *$76%< *

* $ 5 685( ),5(69

$,

+%5

39

.22-$1 +,//6 *$76%< / 69

&+$,5 52&. * $ 5

6LUH 86$ * $ 5 5(/,$17

.22-$1 +,//6 )

'DP :.+4 .22-$1 +,//6 4

39

% 5 '(67,1$7,21

.(11<¶6 &5((. (&/,36( : 69

* $ 5 '(67,1$7,21 1

.22-$1 +,//6 '

* $ 5 35('(67,1('

.22-$1 +,//6 <

$ EXOO ZLWK WHUUL¿F OHQJWK JRRG WKLFNQHVV GRZQ WKH VSLQH DQG VWULGHV RXW ZHOO 2XW RI D PRGHUDWH IUDPHG FRZ ZLWK D YHU\ JRRG XGGHU 6FDQQHG WKH KLJKHVW ,0) RI ZKLFK LV UHÀHFWHG LQ KLV ,0) (%9 LQ WKH WRS RI WKH EUHHG ,I \RX ZDQW WR DGG PDUEOLQJ WR \RXU KHUG ZLWKRXW VDFUL¿FLQJ SKHQRW\SH WKLV LV RQH WR ORRN DW 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 67(//$5 7 69

:.+ 7

%(1),(/' 68%67$1&(

$,

+%5

7+20$6 83 5,9(5 39

02+1(1 68%67$17,$/

.22-$1 +,//6 83 5,9(5 0 69

02+1(1 */<1 0$:5 (/%$

.22-$1 +,//6 ) 69

6LUH 86$ 6,7= 67(//$5 '39

'DP :.+4 .22-$1 +,//6 4

&211($/< ),1$/ 352'8&739

.22-$1 +,//6 5($/,7< . 69

6,7= 35,'( %

.22-$1 +,//6 0

6,7= 35,'( <

.22-$1 +,//6 .

/RQJ QHFNHG JURZWK\ 6WHOODU VRQ ZKR LV GHYHORSLQJ D JUHDW KLQGTXDUWHU DQG ZLOO JURZ LQWR D JRRG ELJ EXOO 2XW RI RQH RI RXU IDYRXULWH \RXQJ FRZV 4 ZKR KDV WKH ZRZ IDFWRU SKHQRW\SLFDOO\ DQG KHU ¿UVW VRQ VROG DW ODVW \HDUV¶ VDOH IRU WR -3 - 'DYLHV 0DQ\SHDNV *URZWK (%9¶V GRQ¶W JHW PXFK EHWWHU WKDQ WKLV EORNH DQG ERUQ DW RQO\ NJ DQG JHVWDWLRQ OHQJWK LQ WRS ZH H[SHFW KLV FDOYHV WR EH ERUQ HDVLO\ DQG KLW WKH JURXQG UXQQLQJ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

$FF

.22-$1 +,//6 67(//$5 7 69

3XUFKDVHU

3ULFH

:.+ 7

$,

+%5

.& +$$6 *36

02+1(1 68%67$17,$/

7(;$6 07 .$387$5 0 39

02+1(1 */<1 0$:5 (/%$

6LUH 86$ 6,7= 67(//$5 '

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3HUF

%(1),(/' 68%67$1&(

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

7(;$6 81',1( = 39

'DP :.+5 .22-$1 +,//6 5

39

&211($/< ),1$/ 352'8&7

.22-$1 +,//6 *(1(6,6 + 69

39

6,7= 35,'( %

.22-$1 +,//6 /

6,7= 35,'( <

.22-$1 +,//6 (

7HUUL¿F WKLFNQHVV VPRRWK VKRXOGHUV DQG JRRG IHHW DV ZH H[SHFW IURP WKH 6WHOODUV 2XW RI D ORQJ LPSUHVVLYH 0 GDXJKWHU ZKR LV WKH PDMRU LQÀXHQFH RQ 7 HQGLQJ XS DV D JRRG VL]HG EXOO DQG DOVR WKH UHDVRQ IRU KLV JHVWDWLRQ LQ WKH WRS *UDQG GDP LV RQH RI RXU IDYRXULWH ROGHU FRZV / ZKR KDV D VRQ DW /RW %LJ WHVWLFOHV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

&('LU &('WUV

*/

%:

(%9V

$FF

3HUF

&:7

(0$

5LE

(%9V

$FF

3HUF

)HUWLOLW\

0&:

0LON

66

3

5%<

,0)

)HHG

7HPS

1), )

'RF

&ODZ

$QJOH

/HJ

&DUFDVH

'7&

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 6WHOODU 7

4 'DP RI /RW

5 'DP RI /RW 0DUFK

.22-$1 +,//6 *(''(6 7 69

:.+ 7

6800,7&5(67 &203/(7( 3

$,

+%5

7(+$0$ 5(9(5(

.0 %52.(1 %2: 39

6 32:(532,17 :6 39

6800,7&5(67 35,1&(66 3

6LUH 86$ 9$5,/(. *(''(6

6 48((1 (66$

'DP :.+5 .22-$1 +,//6 5

39

9$5,/(. &21),'(1&(

.22-$1 +,//6 0$;,086 0 39

9$5,/(. *2/',(

.22-$1 +,//6 3

9$5,/(. *2/',(

.22-$1 +,//6 /

1LFH EXOO LGHDO IRU KHLIHUV 6RIW VPRRWK VKRXOGHUV DQG LPSUHVVLYH OHQJWK *UHDW IHHW JUHDW WHPSHUDPHQW ERUQ DW MXVW NJ RXW RI D 3RZHUSRLQW GDXJKWHU ZKR KDV VRIWQHVV FDSDFLW\ DQG D ORYHO\ $QJXV KHDG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

.22-$1 +,//6 *(''(6 7 69

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

:.+ 7

6800,7&5(67 &203/(7( 3

$5'5266$1 +21285 +

.0 %52.(1 %2: 39

$,

+%5

39

.22-$1 +,//6 +21285 / 69

6800,7&5(67 35,1&(66 3

6LUH 86$ 9$5,/(. *(''(6

.22-$1 +,//6 ) 69

'DP :.+5 .22-$1 +,//6 5

39

9$5,/(. &21),'(1&(

$5'5266$1 $'0,5$/ & 39

9$5,/(. *2/',(

.22-$1 +,//6 *

9$5,/(. *2/',(

.22-$1 +,//6 <

*RRG EXOO KHUH DQG SKHQRW\SLFDOO\ DV LPSUHVVLYH DV *HGGHV FDQ PDNH WKHP $ VPRRWK VKRXOGHUHG VRIW VNLQQHG EXOO ZLWK D WLG\ VKHDWK %RUQ DW NJ DQG WKH ¿UVW FDOI RXW RI D PLON\ WLG\ \RXQJ FRZ ZKR VWDQGV RQ WHUUL¿F IHHW 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

1 'DP RI /RW

.22-$1 +,//6 7+81'(5 7 69

:.+ 7

$ $ 5 7(1 ; 6 $

7& )5$1./,1

69

9 $ 5 ',6&29(5< 39

1DWXUDO

+%5

:$77/(723 )5$1./,1 * 69

'((5 9$//(< 5,7$

:$77/(723 %$581$+ ( '9

6LUH :.+1 .22-$1 +,//6 1(52 1

'DP :.+1 .22-$1 +,//6 1

39

6,7= 1(: '(6,*1 1

() &203/(0(17 39

.22-$1 +,//6 ( 69

.22-$1 +,//6 /

.22-$1 +,//6 8

.22-$1 +,//6 +

$QRWKHU \RXQJVWHU ZKR¶V GRQH ZHOO KDV D ORYHO\ WHPSHUDPHQW DQG LV YHU\ VRXQG IRRWHG *RRG ERQH QHFN H[WHQVLRQ DQG ZLOO GHYHORS LQWR D JRRG WKLFN EXOO +LV GDP 1 LV DV JRRG DV ZH KDYH SKHQRW\SLFDOO\ DQG SHUIRUPDQFH ZLVH 6OLFNV Rႇ HDUO\ LGHDO XGGHU VXVSHQVLRQ VTXDUH DQG EDODQFHG +HU ¿UVW FDOI VROG WR %DODPDUD DV WKHLU SLFN RI WKH 4 GURS 37,& KHLIHUV LQ DQG KHU PDWHUQDO EURWKHU ZDV UHWDLQHG IRU VWXG GXWLHV ODVW \HDU 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 7+81'(5 7 69

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

$ $ 5 7(1 ; 6 $

&$5$%$5 '2&./$1'6 '

69

9 $ 5 ',6&29(5< 39

1DWXUDO

+%5

39

.22-$1 +,//6 '2&./$1'6 . 39

'((5 9$//(< 5,7$

6LUH :.+1 .22-$1 +,//6 1(52 1

.22-$1 +,//6 ' 69

'DP :.+1 .22-$1 +,//6 1

39

6,7= 1(: '(6,*1 1

$5'5266$1 (48$725 $ 39

.22-$1 +,//6 ( 69

.22-$1 +,//6 +

.22-$1 +,//6 8

.22-$1 +,//6 =

$ YHU\ SURXG \RXQJVWHU ZKR¶V GRQH H[WUHPHO\ ZHOO &RXOG EH RQH RI WKH SLFNV RI WKH VDOH DQG ERDVWV RQH RI WKH ELJJHVW VHW RI WHVWLFOHV 6FDQQHG H[WUHPHO\ ZHOO IRU ,0) DQG HTXDO VHFRQG IRU ULE IDW 2XW RI D ORQJ ERGLHG 'RFNODQGV ; (TXDWRU $ GDXJKWHU ZKR KDV YHU\ JRRG IHHW 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 5HVLOLHQW 7

.22-$1 +,//6 5(6,/,(17 7 69

:.+ 7

02+1(1 68%67$17,$/

&$5$%$5 '2&./$1'6 '

6,7= 67(//$5 '39

$,

+%5

39

.$522 ' '2&./$1'6 + 69

6,7= 35,'( %

.$522 -(''$ (

6LUH 86$ 6,7= 5(6,/,(17

'DP :.+/ .22-$1 +,//6 /

39

6,7= 723 *$0( ;

7( 0$1,$ $)5,&$ $ 39

6,7= 0,66 %85*(66

.22-$1 +,//6 +

6,7= 0,66 %85*(66

.22-$1 +,//6 )

$ 5HVLOLHQW VRQ ZLWK D QLFH WRSOLQH DQG WKLFNQHVV GRZQ WKH VSLQH RXW RI D 'RFNODQGV + GDXJKWHU ZLWK D KHDS RI FDSDFLW\ DQG D JRRG SURGXFWLRQ UHFRUG 7KLV EXOO KDV YHU\ JRRG IHHW LPSUHVVLYH JURZWK (%9¶V WRS DQG D JHVWDWLRQ OHQJWK (%9 LQ WKH WRS ([SHFW KLV FDOYHV WR EH ERUQ HDUO\ DQG JURZ TXLFNO\ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

&('LU &('WUV

*/

%:

(%9V

$FF

3HUF

&:7

(0$

5LE

(%9V

$FF

3HUF

.22-$1 +,//6 67(//$5 7

)HUWLOLW\

0&:

0LON

66

3

5%<

,0)

)HHG

7HPS

1), )

'RF

&ODZ

$QJOH

/HJ

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

7+20$6 83 5,9(5

02+1(1 68%67$17,$/

$,

+%5

39

.22-$1 +,//6 83 5,9(5 0 69

02+1(1 */<1 0$:5 (/%$

6LUH 86$ 6,7= 67(//$5 '

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

:.+ 7

%(1),(/' 68%67$1&(

'7&

.22-$1 +,//6 ) 69

'DP :.+4 .22-$1 +,//6 4

39

&211($/< ),1$/ 352'8&7

&221$0%/( +817(5 + 69

39

6,7= 35,'( %

.22-$1 +,//6 $'$ 0

6,7= 35,'( <

&221$0%/( ) 69

$ 6WHOODU VRQ ZLWK JRRG ERQH DQG OHQJWK ZKR ZLOO JURZ RXW LQWR D ELJ LPSUHVVLYH EXOO /RYHO\ WHPSHUDPHQW JRRG WLJKW VKHDWK DQG DQRWKHU VHW RI YHU\ EDODQFHG (%9¶V WR RႇHU D YHU\ ÀH[LEOH PDWLQJ RSWLRQ +LV GDP LV D UHDOO\ JRRG \RXQJ 4 FRZ ZLWK ORYHO\ QHFN H[WHQVLRQ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 723 *81 7 69

:.+ 7

7( 0$1,$ )2( ) 69

1DWXUDO

+%5

6,7= 1(: '(6,*1 1

*5$1,7( 5,'*( .$,6(5 . 69

.22-$1 +,//6 1(: '(6,*1 * 69

*5$1,7( 5,'*( 6835(0( ) 69

.22-$1 +,//6 '

6LUH :.+4 .22-$1 +,//6 48$/,7< 4 69

'DP :.+- .22-$1 +,//6 -

$5'5266$1 $'0,5$/ $ 39

.22-$1 +,//6 5,*+7 7,0( ( 69

.22-$1 +,//6 &

.22-$1 +,//6 *

.22-$1 +,//6 =

.22-$1 +,//6 (

6WURQJ VW\OLVK EXOO ZLWK D ELW PRUH ERQH WKDQ VRPH DQG D JRRG WHPSHUDPHQW 2XW RI D JUHDW ROG ULVLQJ \HDU ROG FRZ ZKR VWDQGV RQ KLJK TXDOLW\ IHHW DQG KDV DQ XGGHU WKDW KDV UHPDLQHG WLG\ 9HU\ EDODQFHG (%9¶V ERUQ DW MXVW NJ DQG SRVLWLYH FDOYLQJ HDVH GDWD LQGLFDWHV KH ZLOO ZRUN ZHOO RYHU \RXQJ FRZV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

$FF

3HUF

6LUH ';73 7(;$6 32&2&. 3

:$77/(723 $1'< &

69

7(;$6 :(67(51 (;35(66 + 69 7(;$6 201,$ )

3ULFH

:.+ 7

%$1*$'$1* :(67(51 (;35(66 (

3XUFKDVHU

- 'DP RI /RW

/RW .RRMDQ +LOOV 7RS *XQ 7

.22-$1 +,//6 7+25 7 69

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

(%9V

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

1DWXUDO

+%5

39

$5'5266$1 $1'< ) 69 $5'5266$1 -$3$5$ '

'DP :.+. .22-$1 +,//6 .

39

7& 727$/

6,7= 1(: '(6,*1 1

7(;$6 81',1( + 69

.22-$1 +,//6 *

7(;$6 81',1( = 39

.22-$1 +,//6 1(: ,'($ %

WKDW PDWFK KLV $ JRRG WKLFN VROLG EXOO ZLWK YHU\ FRUUHFW IHHW DQG JRRG WHPSHUDPHQW DV ZH H[SHFW IURP WKH 3RFRFN VRQV ,PSUHVVLYH JURZWK (%9¶V VFURWDO (%9 WRS ODUJH WHVWLFOHV DQG D QLFH WLJKW VKHDWK 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG &( :7 :7 :7 6& 6FDQ (0$ 5LE ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 7+25 7 69

:.+ 7

%$1*$'$1* :(67(51 (;35(66 ( 69

1DWXUDO

+%5

%$/' %/$,5 +,*+0$5. = 39

.22-$1 +,//6 +,*+0$5. & 69

7(;$6 :(67(51 (;35(66 + 69

.22-$1 +,//6 $

7(;$6 201,$ )

'DP :.+* .22-$1 +,//6 *

6LUH ';73 7(;$6 32&2&. 3 39

/$1')$// 9(1785$ <

7& 727$/

.22-$1 +,//6 %

7(;$6 81',1( + 69

.22-$1 +,//6 <

7(;$6 81',1( = 39

,PSUHVVLYH PXVFXODULW\ DQG SRZHU KHUH 7KH ODVW RI FDOYHV RXW RI D \HDU ROG FRZ * ZKR EUHG VRPH YHU\ JRRG SURJHQ\ LQFOXGLQJ WZR DFWLYH VRQV LQ RXU FRPPHUFLDO KHUG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 1877(//$ 7 69

%$148(7 '81&$1 '

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

&221$0%/( (/(9$725 (

69

%$148(7 -$0%(522 - 69

$,

+%5

39

&221$0%/( . 69

)255(6 :,/&22/$ '

6LUH 9211 %$148(7 1877(//$ 1

&$5$%$5 %/$&.&$3 0$5< % 39

'DP :.+1 .22-$1 +,//6 1

39

0,//$+ 0855$+ '2& )

7( 0$1,$ ,1),1,7< $%

39

%$148(7 <(1', . 69

.22-$1 +,//6 )

%$148(7 <(1', ' 69

.22-$1 +,//6 %

'HHS VRIW EXOO ZLWK D ORYHO\ WHPSHUDPHQW DQG YHU\ JRRG IHHW 2XW RI D YHU\ IHPLQLQH ORQJ FOHDQ IURQWHG FRZ DQG VLUHG E\ 1XWWHOOD ZKR SXWV VRPH JUXQW LQWR KLV SURJHQ\ 7 ZLOO SURGXFH GDXJKWHUV WKDW DUH LGHDOO\ VXLWHG IRU WRXJK VHDVRQV OLNH WKLV RQH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 1877(//$ 7 69

&DUFDVH

%$148(7 '81&$1 '

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

$,

+%5

7( 0$1,$ )2( )

69

69

%$148(7 -$0%(522 - 69

*5$1,7( 5,'*( .$,6(5 . 69

)255(6 :,/&22/$ '

6LUH 9211 %$148(7 1877(//$ 1

*5$1,7( 5,'*( 6835(0( ) 69

'DP :.+1 .22-$1 +,//6 1

39

0,//$+ 0855$+ '2& )

% 5 1(: )5217,(5

39

%$148(7 <(1', . 69

.22-$1 +,//6 (':,1( $

%$148(7 <(1', ' 69

.22-$1 +,//6 8

1LFH WLG\ WRSOLQH RQ WKLV 1XWWHOOD VRQ ZKR ZLOO JURZ LQWR D ELJ EXOO :H XVHG KLP DV D \HDUOLQJ DQG ORYH KLV QHFN H[WHQVLRQ JURZWK DQG WLJKW VKHDWK 2XW RI D ORQJ URRP\ FRZ ZLWK D KHDS RI FDSDFLW\ DQG JRRG IHHW %RUQ DW NJ DQG D JHVWDWLRQ OHQJWK (%9 LQ WKH WRS ZH H[SHFW KLV FDOYHV WR EH ERUQ HDUO\ DQG HDVLO\ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 67(//$5 7 69

:.+ 7

%(1),(/' 68%67$1&(

+%5

&211($/< ),1$/ 352'8&739

02+1(1 68%67$17,$/

6,7= ,19(670(17 =39

02+1(1 */<1 0$:5 (/%$

6LUH 86$ 6,7= 67(//$5 '

$,

6,7= (//81$6 (/,7( 7

'DP :.+5 .22-$1 +,//6 5

39

&211($/< ),1$/ 352'8&7

7( 0$1,$ 81/,0,7(' 8

39

6,7= 35,'( %

&221$0%/( '

6,7= 35,'( <

&221$0%/( ;

7KLFN VROLG EXOO *RRG VKHDWK JRRG GHSWK RI ERG\ %RUQ DW NJ DQG XVHG RYHU VWXG KHLIHUV EHIRUH KLV JURZWK (%9¶V ZHQW WKURXJK WKH URRI DQG GUDJJHG KLV ELUWK ZHLJKW (%9 XS WRR $ 6WHOODU VRQ RXW RI D 6LW] ,QYHVWPHQW GDXJKWHU ZKR KDV OHQJWK IUDPH DQG JRRG IHHW :H¶UH ORRNLQJ IRUZDUG WR VHHLQJ WKH SXQFK KH FDQ SXW LQ D KHLIHUV FDOI 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 )$,5 1 648$5( 7 39 &211($/< &21),'(1&( 3/86

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

7( 0$1,$ 8/21* 8

:22'+,// %/8(35,1739

$,

+%5

69

7( 0$1,$ $)5,&$ $ 39

:22'+,// (9(5*5((1 = %

6LUH 86$ 0<(56 )$,5 1 648$5( 0 &211($/< 7+81'(5

7( 0$1,$ -(''$ < 69

'DP :.++ .22-$1 +,//6 + 69

39

%$1*$'$1* & 69

0<(56 0,66 %($87< 0

.22-$1 +,//6 )

0<(56 0,66 %($87< 0

.22-$1 +,//6 <

$ FODVV\ EXOO KHUH DQG RQH ZKR ZH UDWHG VR KLJKO\ DV D \RXQJVWHU ZH XVHG KLP WR EDFN XS WKH $, LQ D PRE RI ¿UVW FDOYHUV LQ 7KH ODVW QDWXUDO FDOI RXW RI RXU PDWURQ + ZKR LV RXU IDYRXULWH RI /HZ 6PLWV IRXQGLQJ (GZLQD FRZ IDPLO\ $ GHHS ERGLHG HDUOLHU PDWXULQJ EXOO LGHDO IRU \RXQJHU FRZV 2XWVWDQGLQJ (%9¶V DQG WKH TXLHWHVW EXOO LQ WKH VDOH WHDP 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

+ 'DP RI /RW

/RW .RRMDQ +LOOV )DLU 1 6TXDUH 7

/RW .RRMDQ +LOOV 7KXQGHU 7

/RW .RRMDQ +LOOV 6WHOODU 7

.22-$1 +,//6 7+81'(5 7 69

:.+ 7

$ $ 5 7(1 ; 6 $

6<'*(1 (;&(('

69

9 $ 5 ',6&29(5< 39

1DWXUDO

+%5

39

6<'*(1 (1+$1&(69

'((5 9$//(< 5,7$

6<'*(1 5,7$

6LUH :.+1 .22-$1 +,//6 1(52 1

'DP :.+5 .22-$1 +,//6 35,1&(66 5

39

6,7= 1(: '(6,*1 1

6,7= 1(: '(6,*1 1

.22-$1 +,//6 ( 69

&221$0%/( * 69

.22-$1 +,//6 8

$5'5266$1 35,1&(66 = 69

%LJ YROXPLQRXV EXOO ZKR ZDV XVHG DV D \HDUOLQJ 'HHS ERGLHG DQG EHDXWLIXO WHPSHUDPHQW :H VROG KLV GDP WR $&& 4/' EDVHG RQ KHU FODVV\ SKHQRW\SH WHPSHUDPHQW DQG GDWD $ EUHHGLQJ PDVWHU FODVV KHUH DIWHU $,¶LQJ KHU WR *HGGHV RXU KHUG VLUH 1 MXPSHG WKH IHQFH WKDW QLJKW DQG JRW WKH MRE GRQH IRU XV %RUQ RQO\ NJ KH¶V EUHG YHU\ ZHOO KHUH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 63(&,$/ 7 39

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

() &203/(0(17

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

&$5$%$5 '2&./$1'6 '

39

() &200$1'2 39

(7

+%5

39

.$522 ' '2&./$1'6 + 69

5,9(5%(1' <281* /8&< :

6LUH 86$ %$/'5,'*( 63(&,$/ 67</(6 83*5$'( -

.$522 -(''$ (

'DP :.+/ .22-$1 +,//6 / 39

39

7( 0$1,$ $)5,&$ $ 39

%$/'5,'*( ,6$%(/ <

.22-$1 +,//6 + 69

%$/'5,'*( ,6$%(/ 7

.22-$1 +,//6 )

6OLFN VPRRWK FRDWHG 6SHFLDO VRQ ZKR ZDV XVHG RYHU FRPPHUFLDO KHLIHUV LQ *RRG WLJKW VKHDWK QLFH GHSWK RI ERG\ DQG EDODQFH +LV GDP / LV WKH EHVW GDXJKWHU ZH KDYH RXW RI RXU PDWURQ + *RRG RQ KLV IHHW ORYHO\ WHPSHUDPHQW DQG FDOYLQJ HDVH (%9¶V WKDW FDQ¶W JHW PXFK EHWWHU 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 1(:6)/$6+ 7 69

:.+ 7

* $ 5 352*5(6669

$,

+%5

$5'5266$1 ',5(&7,21 ' 39

+ 3 & $ 352&(('39

.22-$1 +,//6 *(1(6,6 + 69

* $ 5 $0%86+ /

.22-$1 +,//6 &

6LUH 1%11 %(1 1(9,6 1(:6)/$6+ 1 39

'DP :.+/ .22-$1 +,//6 /

%(1 1(9,6 )521752: ) 69

+</,1( 5,*+7 7,0(

%(1 1(9,6 -($1 + 69

.22-$1 +,//6 '

%(1 1(9,6 -($1 '

.22-$1 +,//6 <

2QH RI RXU IDYRXULWHV LQ WKLV PRE ZKR ERDVWV D KXJH (0$ DQG 5%< WRS DQG VFDQQHG LQ WKH WRS IRU (0$ *RRG IRRWHG VRIW DQG ZLWK SOHQW\ RI YROXPH 2XW RI D PRGHUDWH IUDPHG H[WUHPHO\ IHUWLOH FRZ / ZKR KDV GRQH D YHU\ JRRG MRE IRU XV DQG VWDQGV RQ JUHDW IHHW DV D ULVLQJ \HDU ROG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 758( 1257+ 7 69 &2/(0$1 &+$5/2

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

7+20$6 83 5,9(5

39

6 $ 9 5$,1)$// 39

$,

+%5

39

.22-$1 +,//6 83 5,9(5 1 69

6 $ 9 %/$&.&$3 0$<

.22-$1 +,//6 + 69

6LUH 86$ 648$5( % 758( 1257+ &211($/< &216(1686

'DP :.+4 .22-$1 +,//6 4

39

.22-$1 +,//6 5($/,7< / 69

(/%$11$ 2) &21$1*$

.22-$1 +,//6 1

(/%$67$ 2) &21$1*$

.22-$1 +,//6 /

$ UHDO VWDQGRXW EXOO 9HU\ ZHOO EDODQFHG VWURQJ WRSOLQH GHHS WKURXJK WKH ÀDQN DQG D QLFH KLQGTXDUWHU $V FORVH WR WKH LGHDO KHLIHU EXOO DV ZH FDQ EUHHG LQ WHUPV RI (%9¶V SKHQRW\SH DQG SHGLJUHH 2XW RI D ORYHO\ GHHS VRIW 1 GDXJKWHU DQG VLUHG E\ 7UXH 1RUWK WKLV EXOO LV RQH WR ORRN DW 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 7UXH 1RUWK 7

/RW .RRMDQ +LOOV 1HZVÀ DVK 7

.22-$1 +,//6 758( 1257+ 7 69

:.+ 7

$,

+%5

0,/:,//$+ *$76%< * 39

&2/(0$1 &+$5/2 39

.22-$1 +,//6 *$76%< / 69

6 $ 9 5$,1)$// 39

.22-$1 +,//6 )

6 $ 9 %/$&.&$3 0$<

6LUH 86$ 648$5( % 758( 1257+ &211($/< &216(1686

'DP :.+5 .22-$1 +,//6 5

39

. & ) %(11(77 3(5)250(5

&221$0%/( ( 69

(/%$11$ 2) &21$1*$

&221$0%/( 9

(/%$67$ 2) &21$1*$

$QRWKHU 7UXH 1RUWK VRQ ZKR LV TXLHW DQG JRRG IRRWHG *RRG OHQJWK DQG D ELUWK ZHLJKW RI NJ RXW RI D VOLFN FRDWHG KHLIHU ZLWK SHUIHFW WHDW VL]H 7 ZLOO EH LGHDO IRU MRLQLQJ KHLIHUV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 *(''(6 7 69

3XUFKDVHU

3ULFH

:.+ 7

6800,7&5(67 &203/(7( 3

0,/:,//$+ *$76%< *

.0 %52.(1 %2: 39

$,

+%5

39

.22-$1 +,//6 *$76%< / 69

6800,7&5(67 35,1&(66 3

6LUH 86$ 9$5,/(. *(''(6

.22-$1 +,//6 )

'DP :.+5 .22-$1 +,//6 5

39

9$5,/(. &21),'(1&(

7( 0$1,$ (03(525 ( 39

9$5,/(. *2/',(

.22-$1 +,//6 +

9$5,/(. *2/',(

.22-$1 +,//6 =

$ KHLIHUV FDOI ZLWK D ORYHO\ VNLQ DQG SOHQW\ RI YROXPH ,GHDO (%9¶V IRU FDOYLQJ HDVH JHVWDWLRQ DQG ELUWK ZHLJKW ZLWK HQRXJK JURZWK WR SURGXFH FDOYHV ZKR JURZ DQG SHUIRUP 1LFH EXOO 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 *(''(6 7 69

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

6800,7&5(67 &203/(7( 3

$,

+%5

086*5$9( $9,$725

69

.0 %52.(1 %2: 39

086*5$9( $3$&+(69

6800,7&5(67 35,1&(66 3

6LUH 86$ 9$5,/(. *(''(6

086*5$9( &$52/,1(

'DP :.+5 .22-$1 +,//6 5

39

9$5,/(. &21),'(1&(

.22-$1 +,//6 836+27 . 39

9$5,/(. *2/',(

.22-$1 +,//6 3

9$5,/(. *2/',(

.22-$1 +,//6 (

$ EXOO ZLWK EHDXWLIXO VNLQ DQG YROXPH ZKR ZRXOG EH LGHDO IRU PDWLQJ KHLIHUV DQG \RXQJ FRZV &RQWUDU\ WR KLV (%9¶V 7 ERDVWV D ELJ VHW RI WHVWLFOHV DQG LV YHU\ TXLHW 7KLUG KLJKHVW IRU ,0) DW VFDQQLQJ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$) '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 7,00< 7 69

:.+ 7

086*5$9( $9,$72569

1DWXUDO

+%5

/' &$3,7$/,67 39

086*5$9( $3$&+(69

.22-$1 +,//6 &$3,7$/,67 3 69

086*5$9( &$52/,1(

.22-$1 +,//6 0

6LUH :.+5 .22-$1 +,//6 $3$&+( 5 69

'DP :.+5 .22-$1 +,//6 5

'((5 9$//(< 3$75,27 69

%/$&.52&. (03(525 - 69

.22-$1 +,//6 3

.22-$1 +,//6 3

.22-$1 +,//6 0

.22-$1 +,//6 '

<RXQJHU JURZWK\ EXOO ZLWK JRRG OHQJWK /LNH KLV QDPHVDNH KH ZLOO EH DQ LGHDO KHLIHU EXOO ZLWK HQRXJK JURZWK WR ZRUN RYHU ROGHU FRZV DV KH PDWXUHV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 5(0%5$1'7 8 () &200$1'2

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 8

(7

+%5

%21 9,(: 1(: '(6,*1

39

0,//$+ 0855$+ 3$5$75223(5 3 39 0,//$+ 0855$+ (/$ 0

6,7= 1(: '(6,*1 1 6,7= (//81$6 (/,7(

39

6LUH 1005 0,//$+ 0855$+ 5(0%5$1'7 5 0,//$+ 0855$+ .,1*'20 .

'DP :'&* &221$0%/( * 69

39

9(50,/,21 '$7(/,1(

39

0,//$+ 0855$+ $%,*$,/ 1 39

$5'5266$1 35,1&(66 = 69

0,//$+ 0855$+ $%,*$,/ + 69

$5'5266$1 35,1&(66 4

$ 5HPEUDQGW VRQ ZLWK VRPH UHDO SUHVHQFH DQG SRZHU ZH WKLQN WKLV EXOO ZLOO JURZ LQWR D VSHFLDO DQLPDO 6WURQJ KHDG TXLHW QDWXUH DQG RXW RI * ZKR KDV EHHQ RQH RI RXU WRS GRQRU FRZV RYHU WKH ODVW \HDUV :H KDYH UHWDLQHG D IXOO EURWKHU

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

)HUWLOLW\

&('LU &('WUV

*/

%:

0&:

0LON

66

'7&

7UDLWV 2EVHUYHG %:7

(%9V

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

6WUXFWXUDO

3XUFKDVHU

3ULFH

0LOODK 0XUUDK 5HPEUDQGW 5 6LUH RI /RW

/RW .RRMDQ +LOOV 5HPEUDQGW 8

.22-$1 +,//6 5(0%5$1'7 8

:.+ 8

() &200$1'2 39

(7

+%5

%$/' %/$,5 +,*+0$5. = 39

0,//$+ 0855$+ 3$5$75223(5 3 39

.22-$1 +,//6 +,*+0$5. & 69

0,//$+ 0855$+ (/$ 0 39

.22-$1 +,//6 $

6LUH 1005 0,//$+ 0855$+ 5(0%5$1'7 5 39

'DP :.+) .22-$1 +,//6 )

0,//$+ 0855$+ .,1*'20 . 39

% & & %86+:$&.(5

0,//$+ 0855$+ $%,*$,/ 1 39

.22-$1 +,//6 =

0,//$+ 0855$+ $%,*$,/ + 69

.22-$1 +,//6 7

$ ORW RI QDWXUDO WKLFNQHVV GRZQ WKH VSLQH IURP WKLV 5HPEUDQGW VRQ $QRWKHU EXOO GLVSOD\LQJ JUHDW OHQJWK RI ERG\ DQG OHQJWK RI QHFN DV ZH H[SHFW IURP ) SURJHQ\

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

)HUWLOLW\

&('LU &('WUV

*/

%:

0&:

0LON

66

'7&

7UDLWV 2EVHUYHG %:7

(%9V

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

$FF

3HUF

&DUFDVH

)HHG

7HPS

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 7+5(( 5,9(56 8 &76 5(0('< 7

:.+ 8

7( 0$1,$ 8/21* 8

(//,1*621 +20(67($' ($ (5,&$

3ULFH

6 0DWHUQDO 6LVWHU RI /RW

(OOLQJVRQ 7KUHH 5LYHUV

3XUFKDVHU

(7

+%5

69

7( 0$1,$ $)5,&$ $ 39 7( 0$1,$ -(''$ < 69

6LUH 86$ (//,1*621 7+5(( 5,9(56 (//,1*621 &+$36

'DP :.++ .22-$1 +,//6 + 69

39

%$1*$'$1* & 69

($ (0%/<1(77(

.22-$1 +,//6 )

($ (0%/<1(77(

.22-$1 +,//6 <

7KUHH ULYHUV RYHU RXU KHUG PDWURQ + UHVXOWLQJ LQ D YHU\ VPRRWK VKRXOGHUHG ORQJ QHFNHG EXOO ZLWK JRRG IHHW 7KUHH 5LYHUV SXWV VRPH UHDO SXQFK LQ KLV FDOYHV EXW KDV EHHQ D YHU\ HDV\ FDOYLQJ VLUH IRU XV $ ORZHU ELUWK ZHLJKW RSWLRQ KHUH ZLWK DOO WKH SHUIRUPDQFH \RX ZRXOG H[SHFW

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

)HUWLOLW\

&('LU &('WUV

*/

%:

0&:

0LON

66

'7&

7UDLWV 2EVHUYHG %:7

(%9V

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 7+5(( 5,9(56 8

:.+ 8

&76 5(0('< 7

(7

+%5

7( 0$1,$ 81/,0,7(' 8

(//,1*621 +20(67($'

%$1*$'$1* & 69

($ (5,&$

%$1*$'$1* /2:$1 $ 39

6LUH 86$ (//,1*621 7+5(( 5,9(56 39

'DP :.+* .22-$1 +,//6 *

(//,1*621 &+$36

$5'5266$1 02'(67 : 69

($ (0%/<1(77(

.22-$1 +,//6 =

($ (0%/<1(77(

.22-$1 +,//6 ;

$ ORYHO\ VPRRWK VKRXOGHUHG ZHOO EDODQFHG EXOO 1LFH NLQG KHDG JRRG OHQJWK YHU\ TXLHW DV ZH H[SHFW IURP DQ\ RI RXU * FDOYHV 9HU\ DWWUDFWLYH EXOO DQG D 7KUHH 5LYHUV ZLWK LGHDO FDOYLQJ HDVH GDWD

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

)HUWLOLW\

&('LU &('WUV

*/

%:

0&:

0LON

66

'7&

7UDLWV 2EVHUYHG %:7

(%9V

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

$FF

3HUF

&DUFDVH

)HHG

7HPS

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 5(6,/,(17 8

3XUFKDVHU

3ULFH

:.+ 8

02+1(1 68%67$17,$/

7( 0$1,$ 8/21* 8

6,7= 67(//$5 '39

(7

+%5

69

7( 0$1,$ $)5,&$ $ 39

6,7= 35,'( %

7( 0$1,$ -(''$ < 69

6LUH 86$ 6,7= 5(6,/,(17

'DP :.+* .22-$1 +,//6 * 69

39

6,7= 723 *$0( ;

7( 0$1,$ 81/,0,7(' 8

6,7= 0,66 %85*(66

.22-$1 +,//6 <

6,7= 0,66 %85*(66

.22-$1 +,//6 6

$ 5HVLOLHQW VRQ RXW RI RXU WHUUL¿F ROG 7H 0DQLD $IULFD GDXJKWHU * 'HHS ERGLHG ZHOO OHW GRZQ WKURXJK WKH ÀDQN ,GHDO FDOYLQJ HDVH (%9¶V ZLWK DGHTXDWH JURZWK :LOO EH D WHUUL¿F KHLIHUV EXOO DQG ZLOO JURZ LQWR DQ LPSUHVVLYH VLUH

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

)HUWLOLW\

&('LU &('WUV

*/

%:

0&:

0LON

66

'7&

7UDLWV 2EVHUYHG %:7

(%9V

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 5(6,/,(17 8

&DUFDVH

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 8

02+1(1 68%67$17,$/

(7

+%5

7( 0$1,$ )2( )

69

6,7= 67(//$5 '39

*5$1,7( 5,'*( .$,6(5 . 69

6,7= 35,'( %

*5$1,7( 5,'*( 6835(0( ) 69

6LUH 86$ 6,7= 5(6,/,(17

'DP :.+3 .22-$1 +,//6 $'$ 3 39

39

6,7= 723 *$0( ;

7( 0$1,$ $'$ $ 39

6,7= 0,66 %85*(66

&221$0%/( ) 69

6,7= 0,66 %85*(66

&221$0%/( = 69

6RIW WKLFN GHHS ERGLHG FDOI ZLWK SOHQW\ RI SUHVHQFH DERXW KLP $ 5HVLOLHQW VRQ RXW RI 3 ZKR KDV DQRWKHU FDOI DW /RW (DV\ FDOYLQJ JRRG JURZWK DQG VROLG FDUFDVH GDWD

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

)HUWLOLW\

&('LU &('WUV

*/

%:

0&:

0LON

66

'7&

7UDLWV 2EVHUYHG %:7

(%9V

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 758( 1257+ 7 69

:.+ 7

&2/(0$1 &+$5/2 39

$,

+%5

.& +$$6 *36

6 $ 9 5$,1)$// 39

7(;$6 07 .$387$5 0 39

6 $ 9 %/$&.&$3 0$<

7(;$6 81',1( = 39

6LUH 86$ 648$5( % 758( 1257+ 39

'DP :.+5 .22-$1 +,//6 5

&211($/< &216(1686

&+(5</721 5,*+77,0( ' 39

(/%$11$ 2) &21$1*$

.22-$1 +,//6 +

(/%$67$ 2) &21$1*$

.22-$1 +,//6 =

7KLFN GHHS ERGLHG HDUOLHU PDWXULQJ EXOO ZKR¶V JUDQG GDP + LV RQH RI RXU IDYRXULWH ROG JLUOV $ EHDXWLIXOO\ QDWXUHG DQG JRRG IRRWHG EXOO ZLWK D IDQWDVWLF DOO URXQG (%9 SDFNDJH KHUH LQFOXGLQJ JHVWDWLRQ OHQJWK LQ WKH WRS RI WKH EUHHG 6HFRQG KLJKHVW ,0) DW VFDQQLQJ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

&('LU &('WUV

*/

%:

(%9V

$FF

3HUF

)HUWLOLW\

0&:

&DUFDVH

0LON

66

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 $&&203/,6+0(17 7 39 3266 /$67,1* ,03$&7

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

'7&

3XUFKDVHU

3ULFH

:.+ 7

02*&. %8//6(<(

3266 $&+,(9(0(17

(7

+%5

39

+229(5 12 '28%739

3266 (5,&$

0,66 %/$&.&$3 (//6721 -

6LUH 86$ 6,7= $&&203/,6+0(17 )

'DP 86$ %$/'5,'*( ,6$%(/ ) 39

39

6 $ 9 5(6285&(

* $ 5 3523+(769

39

6,7= %$5%$5$0(5( 1(// '

%$/'5,'*( ,6$%(/ %

6,7= %$5%$5$0(5( 1(// <

%$/'5,'*( ,6$%(/ <

$ UDUH SHGLJUHH WR EH RႇHUHG DQG RQH RI RQO\ D KDQGIXO RI 6LW] $FFRPSOLVKPHQW VRQV LQ $XVWUDOLD %RXJKW DV DQ HPEU\R LQ 7 LV DQ HDUOLHU PDWXULQJ VWRXW EXOO ZLWK D JRRG KLQGTXDUWHU DQG D EHDXWLIXO WHPSHUDPHQW &RPELQHG ZLWK DQ LPSUHVVLYH VHW RI EDODQFHG (%9¶V ZH KDYH D OLWWOH WDVWH RI $PHULFD ULJKW KHUH LQ 0DQ\SHDNV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

6LW] $FFRPSOLVKPHQW )

3XUFKDVHU

3ULFH

.22-$1 +,//6 720$+$:. 7 69

:.+ 7

086*5$9( $9,$72569

1DWXUDO

+%5

&221$0%/( +817(5 + 69

086*5$9( $3$&+(69

.22-$1 +,//6 0$;,086 0 39

086*5$9( &$52/,1(

&221$0%/( * 69

6LUH :.+5 .22-$1 +,//6 $3$&+( 5 69

'DP :.+5 .22-$1 +,//6 5

.22-$1 +,//6 *$76%< / 69

$5'5266$1 $1'< ) 69

.22-$1 +,//6 3

.22-$1 +,//6 -

.22-$1 +,//6 .

.22-$1 +,//6 )

$ ZHOO EDODQFHG VOHHS DW QLJKW KHLIHU EXOO ZLWK JRRG IHHW %RUQ DW RQO\ NJ RXW RI D KHLIHU DQG GLVSOD\LQJ RXWVWDQGLQJ FDOYLQJ HDVH (%9¶V 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 720$+$:. 7 69

3XUFKDVHU

3ULFH

:.+ 7

086*5$9( $9,$725

1DWXUDO

+%5

'((5 9$//(< 3$75,27

69

69

086*5$9( $3$&+(69

.22-$1 +,//6 3$75,27 1 69

086*5$9( &$52/,1(

6LUH :.+5 .22-$1 +,//6 $3$&+( 5

.22-$1 +,//6 / 69

'DP :.+5 .22-$1 +,//6 5

69

.22-$1 +,//6 *$76%< /

.22-$1 +,//6 $'0,5$/ * 69

69

.22-$1 +,//6 3

.22-$1 +,//6 /

.22-$1 +,//6 .

.22-$1 +,//6 )

$QRWKHU EXOO ZKR ZLOO SURGXFH FDOYHV WKDW DUH ERUQ HDVLO\ DQG JHW XS DQG JURZ *RRG IHHW DQG JRRG KHHO GHSWK 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.RRMDQ +LOOV $SDFKH 5 6LUH RI /RW

.22-$1 +,//6 75,803+ 7 69

:.+ 7

+229(5 '$0

1DWXUDO

+%5

0,/:,//$+ *$76%< * 39

6 6 1,$*$5$ = 69

.22-$1 +,//6 *$76%< / 69

-(7 6 6 ;

.22-$1 +,//6 )

6LUH :.+5 .22-$1 +,//6 1,$*$5$ 5 69

'DP :.+3 .22-$1 +,//6 3

%/$&.52&. (03(525 - 69

$/3,1( %(11(9,6 % 69

.22-$1 +,//6 1

.22-$1 +,//6 )

.22-$1 +,//6 -

.22-$1 +,//6 :

:HOO EDODQFHG VPRRWK VRIW EXOO 2QH RI WKH \RXQJHVW EXOOV LQ WKH VDOH WHDP ZKR ZLOO EH LGHDO IRU PDWLQJ KHLIHUV 4XLHW DQG JRRG IHHW ZKLFK LV UHÀHFWHG E\ KLV FODZ DQG DQJOH EHLQJ WRS 2XW RI D PRGHUDWH IUDPHG ZHGJH VKDSHG FRZ ZKR KDV ORYHO\ QHFN H[WHQVLRQ DQG D YHU\ WLG\ XGGHU 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$) '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 758( 1257+ 7 69 &2/(0$1 &+$5/2

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

$5'5266$1 +21285 +

39

6 $ 9 5$,1)$// 39

$,

+%5

39

.22-$1 +,//6 +21285 / 69

6 $ 9 %/$&.&$3 0$<

.22-$1 +,//6 ) 69

6LUH 86$ 648$5( % 758( 1257+ &211($/< &216(1686

'DP :.+4 .22-$1 +,//6 4

39

7( 0$1,$ (67$7( ( 39

(/%$11$ 2) &21$1*$

.22-$1 +,//6 + 69

(/%$67$ 2) &21$1*$

.22-$1 +,//6 (

1LFH VNLQ RQ WKLV EXOO DQG W\SLFDO RI WKH 7UXH 1RUWK¶V KH KDV QHDU SHUIHFW IHHW DQG D YHU\ TXLHW QDWXUH NJ DW ELUWK DQG JRRG FDOYLQJ HDVH (%9¶V PDNH KLP DQ LGHDO KHLIHU EXOO 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

6TXDUH % 7UXH 1RUWK 6LUH RI /RW

.22-$1 +,//6 5(6,/,(17 7 69

:.+ 7

02+1(1 68%67$17,$/

$,

+%5

.283$/ $'9$1&(

6,7= 67(//$5 '39

(//,1*621 $&&(/(5$7( 39

6,7= 35,'( %

($ (0%/<1(77(

6LUH 86$ 6,7= 5(6,/,(17 39

'DP :.+5 .22-$1 +,//6 &+5,67,1( 5

6,7= 723 *$0( ;

.22-$1 +,//6 5($/,7< / 69

6,7= 0,66 %85*(66

.22-$1 +,//6 1

6,7= 0,66 %85*(66

.22-$1 +,//6 /

$QRWKHU VPRRWK VKRXOGHUHG KHLIHU EXOO ERUQ RQO\ NJ RXW RI DQ (OOLQJVRQ $FFHOOHUDWH KHLIHU 6WURQJ WRSOLQH JRRG IHHW ZHOO EHKDYHG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

.22-$1 +,//6 720$+$:. 7 69

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

5 'DP RI /RW $SULO

/RW .RRMDQ +LOOV 5HVLOLHQW 7

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

:.+ 7

086*5$9( $9,$725

0,/:,//$+ *$76%< *

69

086*5$9( $3$&+(69

1DWXUDO

+%5

39

.22-$1 +,//6 *$76%< / 69

086*5$9( &$52/,1(

6LUH :.+5 .22-$1 +,//6 $3$&+( 5

.22-$1 +,//6 )

'DP :.+5 .22-$1 +,//6 5

69

.22-$1 +,//6 *$76%< /

$5'5266$1 (48$725 $ 39

69

.22-$1 +,//6 3

.22-$1 +,//6 )

.22-$1 +,//6 .

.22-$1 +,//6 &

1HDW FRPSDFW EXOO ZLWK JUHDW WKLFNQHVV DQG GHSWK RI ERG\ NJ RXW RI DQ $UGURVVDQ (TXDWRU $ JUDQG GDXJKWHU 6FDQQHG HTXDO VHFRQG IRU ULE IDW 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '') 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 75,803+ 7 69

:.+ 7

+229(5 '$0

1DWXUDO

+%5

&221$0%/( +817(5 + 69

6 6 1,$*$5$ = 69

.22-$1 +,//6 0$;,086 0 39

-(7 6 6 ;

&221$0%/( * 69

6LUH :.+5 .22-$1 +,//6 1,$*$5$ 5 69

'DP :.+3 .22-$1 +,//6 3

%/$&.52&. (03(525 - 69

.22-$1 +,//6 (48$725 ) 69

.22-$1 +,//6 1

.22-$1 +,//6 /

.22-$1 +,//6 -

.22-$1 +,//6 )

7KH \RXQJHVW RI WKH WZR \HDU ROGV LQ WKH VDOH DQG RQH GLVSOD\LQJ LPSUHVVLYH PXVFXODULW\ ZKR ZLOO GHYHORS D JRRG KLQGTXDUWHU *UHDW IHHW TXLHW DQG LGHDO FDOYLQJ HDVH GDWD 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$) '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 7(;$6 7 69

3XUFKDVHU

3ULFH

:.+ 7

&221$0%/( =

7( 0$1,$ (03(525 (

39

%$1*$'$1* :(67(51 (;35(66 ( 69

%/$&.52&. (03(525 - 69

%$1*$'$1* :,/&22/$ <

%/$&.52&. %

+%5

'DP :.+3 .22-$1 +,//6 3

6LUH ';71 7(;$6 :(67(51 (;35(66 1 39 %86+6 *5$1' '(6,*1

1DWXUDO

39

+ $ 32:(5 $//,$1&(

7(;$6 81',1( = 39

.22-$1 +,//6 &

7(;$6 81',1( ;

.22-$1 +,//6 7

$ EXOO ZKR KROGV KLV KHDG XS ZHOO DQG KDV ORYHO\ EDODQFH *RRG IHHW WLJKW VKHDWK DQG H[WUHPHO\ JRRG WHPSHUDPHQW 2XW RI D FRZ ZKR SRVVHVVHV DQ RXWVWDQGLQJ XGGHU D KHDS RI YROXPH DQG D ORYHO\ DQJXV KHDG ([FHOOHQW (0$ DQG 5%< (%9¶V WRS 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 723 *81 7 69

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

7( 0$1,$ )2( )

&$5$%$5 '2&./$1'6 '

69

*5$1,7( 5,'*( .$,6(5 . 69

+%5

.$522 ' '2&./$1'6 + 69

*5$1,7( 5,'*( 6835(0( )

.$522 -(''$ (

69

6LUH :.+4 .22-$1 +,//6 48$/,7< 4 $5'5266$1 $'0,5$/ $

1DWXUDO

39

'DP :.+/ .22-$1 +,//6 /

69

7( 0$1,$ (67$7( ( 39

39

.22-$1 +,//6 &

.22-$1 +,//6 +

.22-$1 +,//6 =

.22-$1 +,//6 '

$ EXOO ZKR VWULGHV RXW QLFHO\ DQG KDV LPSUHVVLYH FDUFDVH GDWD (0$ WRS :LOO EH VXLWHG WR MRLQLQJ \RXQJ IHPDOHV 2XW RI D TXLHW 'RFNODQGV FRZ ZKR KDV SDVVHG RQ KHU JUHDW WHPSHUDPHQW WR 7 ZKR ZDV D SOHDVXUH WR KDQGOH DOO WKURXJK 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0) &$)8 '') 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 7<&221 7 69

:.+ 7

7( 0$1,$ )2( ) 69

+%5

7( 0$1,$ (03(525 ( 39

*5$1,7( 5,'*( .$,6(5 . 69

%/$&.52&. (03(525 - 69

*5$1,7( 5,'*( 6835(0( )

6LUH :.+3 .22-$1 +,//6 35(6,'(17 3 %$1*$'$1* &

1DWXUDO

%/$&.52&. %

69

'DP :.+4 .22-$1 +,//6 4

69

&+(5</721 5,*+77,0( ' 39

69

.22-$1 +,//6 *

.22-$1 +,//6 +

.22-$1 +,//6 =

.22-$1 +,//6 (

$ 3UHVLGHQW VRQ ZLWK JRRG OHQJWK DQG KROGV KLV KHDG XS ZHOO /RYHO\ QDWXUHG EXOO QLFH WRSOLQH VPRRWK VKRXOGHUV DQG ERUQ RQO\ NJ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 7+803(5 7 69

3XUFKDVHU

3ULFH

:.+ 7

* $ 5 3523+(7

1DWXUDO

+%5

0$7$85, 5($/,7<

69

%$/'5,'*( %($67 02'( % 39 %$/'5,'*( ,6$%(/ <

.$522 .12&.287 . 69 .$522 -(''$ +

6LUH :.+5 .22-$1 +,//6 %($6702'( 5 $5'5266$1 +21285 +

'DP :.+4 .22-$1 +,//6 4

69

$5'5266$1 $1'< ) 69

39

.22-$1 +,//6 /

.22-$1 +,//6 .

.22-$1 +,//6 -

.22-$1 +,//6 *

/HQJWK DQG VWUHWFK FDOP GLVSRVLWLRQ DQG YHU\ JRRG IHHW $ VWDQGRXW EXOO DW VFDQQLQJ WRSSLQJ WKH IDWV DQG GRLQJ ZHOO DFURVV (0$ DQG ,0) +LV GDP LV D SRZHUIXO .QRFNRXW GDXJKWHU ZKR LV RQH RI WKH SKHQRW\SLF VWDQGRXWV LQ KHU DJH JURXS .QRFNRXW EUHHGV DV JRRG D IHPDOH DV DQ\ EXOO ZH¶YH XVHG DQG WKH RWKHU FRZV LQ 7 ¶V SHGLJUHH LQGLFDWH KH ZLOO EH MXVW DV JRRG DW SURGXFLQJ IHPDOHV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 75$,/%/$=(5 7 69

&DUFDVH

&211($/< ),1$/ 352'8&7

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

&$5$%$5 '2&./$1'6 '

39

6,7= ,19(670(17 =39

1DWXUDO

+%5

39

.22-$1 +,//6 '2&./$1'6 . 39

6,7= (//81$6 (/,7( 7

.22-$1 +,//6 ' 69

6LUH :.+4 .22-$1 +,//6 48,17,//86 4

'DP :.+1 .22-$1 +,//6 1

69

&211($/< ),1$/ 352'8&7

$5'5266$1 $1'< ) 69

39

.22-$1 +,//6 +

.22-$1 +,//6 .

.22-$1 +,//6 '

.22-$1 +,//6 *

*RRG SRZHUIXO EXOO 6WURQJ ERQHG WKLFNQHVV QHFN H[WHQVLRQ DQG VWUHWFK :LOO GHYHORS LQWR DQ LPSUHVVLYH VLUH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 75$,/%/$=(5 7 69

:.+ 7

&211($/< ),1$/ 352'8&739

1DWXUDO

+%5

&$5$%$5 '2&./$1'6 ' 39

6,7= ,19(670(17 =39

.22-$1 +,//6 '2&./$1'6 . 39

6,7= (//81$6 (/,7( 7

.22-$1 +,//6 ' 69

6LUH :.+4 .22-$1 +,//6 48,17,//86 4

'DP :.+1 .22-$1 +,//6 1

69

&211($/< ),1$/ 352'8&7

.22-$1 +,//6 $'0,5$/ * 69

39

.22-$1 +,//6 +

.22-$1 +,//6 .

.22-$1 +,//6 '

.22-$1 +,//6 '

6RIW VPRRWK VNLQQHG 6LW] ,QYHVWPHQW JUDQGVRQ DQG D EXOO ZKR GLVSOD\V JRRG PXVFXODULW\ JRRG OHQJWK DQG ZLOO JURZ LQWR D YHU\ LPSUHVVLYH VLUH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 7+20$6 7 69

3XUFKDVHU

3ULFH

:.+ 7

&$5$%$5 '2&./$1'6 '

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

39

% 5 1(: '$<

.22-$1 +,//6 '2&./$1'6 . 39

9 $ 5 5(6(59( 39

.22-$1 +,//6 '

1DWXUDO

+%5

6$1'32,17 %/$&.%,5'

69

6LUH :.+3 .22-$1 +,//6 32:(5+286( 3 7( 0$1,$ (03(525 (

'DP :.+0 .22-$1 +,//6 0

69

.22-$1 +,//6 /22.287 ) 69

39

.22-$1 +,//6 +

.22-$1 +,//6 +

.22-$1 +,//6 =

.22-$1 +,//6 )

6ROLG EXOO KHUH VLUHG E\ DQ (PSHURU JUDQGVRQ 3 ZKR SXWV VRPH JUXQW LQ KLV FDOYHV DQG LV SHUIHFWO\ VXLWHG WR EUHHGLQJ VXSHUPDUNHW VWHHUV ZH H[SHFW 7 WR GR WKH VDPH 6WULGHV RXW ZHOO JUHDW EDODQFH ORYHO\ WHPSHUDPHQW DQG DQ (0$ DQG 5%< (%9¶V WRS 2XW RI D IHUWLOH ULVLQJ \HDU ROG FRZ ZKR SHUIRUPHG H[FHSWLRQDOO\ ZHOO WKURXJK RXU GURXJKW \HDUV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 7KRPDV 7

.22-$1 +,//6 7,7$1 7 69

:.+ 7

78:+$5(72$ 5(*(17 ' 39

1DWXUDO

+%5

7( 0$1,$ (03(525 ( 39

&221$0%/( +817(5 + 69

%/$&.52&. (03(525 - 69

%$1*$'$1* /2:$1 $ 39

%/$&.52&. %

6LUH :.+0 .22-$1 +,//6 0$;,086 0 39

'DP :.+0 .22-$1 +,//6 0

6,7= 1(: '(6,*1 1

&211($/< ),1$/ 352'8&739

&221$0%/( * 69

.22-$1 +,//6 +

$5'5266$1 35,1&(66 =

.22-$1 +,//6 =

69

6PRRWK VRIW VOLFN VNLQQHG EXOO 1LFH WRSOLQH DQG QHFN H[WHQVLRQ %RUQ DW NJ RXW RI D URRP\ (PSHURU FRZ 7 KDV WKH JURZWK DQG PXVFOLQJ WR SURGXFH JUHDW VXSHUPDUNHW VWHHUV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

&('LU &('WUV

*/

%:

(%9V

$FF

3HUF

&:7

(0$

5LE

(%9V

)HUWLOLW\

0&:

0LON

66

3

5%<

,0)

)HHG

7HPS

1), )

'RF

&ODZ

$QJOH

/HJ

&DUFDVH

'7&

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$) '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 *(''(6 7 69

3XUFKDVHU

3ULFH

:.+ 7

6800,7&5(67 &203/(7( 3

&221$0%/( +817(5 +

.0 %52.(1 %2: 39

$,

+%5

69

.22-$1 +,//6 0$;,086 0 39

6800,7&5(67 35,1&(66 3

6LUH 86$ 9$5,/(. *(''(6

&221$0%/( * 69

'DP :.+5 .22-$1 +,//6 5

39

9$5,/(. &21),'(1&(

7( 0$1,$ (03(525 ( 39

9$5,/(. *2/',(

.22-$1 +,//6 -

9$5,/(. *2/',(

.22-$1 +,//6 <

$ *HGGHV VRQ ZLWK QLFH QHFN H[WHQVLRQ VRIW VNLQ VPRRWK VKRXOGHUV DQG D EXOO ZKR ZH WKLQN ZLOO JURZ LQWR D YHU\ KDQG\ VLUH $ NJ KHLIHUV ¿UVW FDOI H[FHOOHQW WHPSHUDPHQW JRRG IHHW DQG LGHDO FDOYLQJ HDVH (%9¶V PDNH WKLV EXOO D WRS SURVSHFW IRU DQ\ KHLIHU PDWLQJ SURJUDP 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 67(//$5 7 69

&DUFDVH

6WUXFWXUDO

3XUFKDVHU

3ULFH

6<'*(1 (;&(('

02+1(1 68%67$17,$/

$,

+%5

39

6<'*(1 (1+$1&(69

02+1(1 */<1 0$:5 (/%$

6LUH 86$ 6,7= 67(//$5 '

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

:.+ 7

%(1),(/' 68%67$1&(

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

6<'*(1 5,7$

'DP :.+5 .22-$1 +,//6 5

39

&211($/< ),1$/ 352'8&7

0$7$85, 5($/,7<

39

6,7= 35,'( %

.22-$1 +,//6 / 69

6,7= 35,'( <

.22-$1 +,//6 -

9HU\ VPRRWK VKRXOGHUHG HDV\ GRLQJ EXOO %RUQ DW NJ RXW RI D EHDXWLIXO ORQJ \RXQJ FRZ 5 ZKR¶V GDP / LV FXUUHQWO\ LQ RXU 'RQRU JURXS :H XVHG 7 RYHU RXU FRPPHUFLDO KHLIHUV DQG H[SHFW HDV\ FDOYLQJ DQG TXLFN JURZWK 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG */ %:7 :7 :7 6& *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

3XUFKDVHU

3ULFH

.22-$1 +,//6 67(//$5 7 69

:.+ 7

%(1),(/' 68%67$1&(

$,

+%5

&221$0%/( +817(5 + 69

02+1(1 68%67$17,$/

.22-$1 +,//6 0$;,086 0 39

02+1(1 */<1 0$:5 (/%$

&221$0%/( * 69

6LUH 86$ 6,7= 67(//$5 '39

'DP :.+4 .22-$1 +,//6 4

&211($/< ),1$/ 352'8&739

7+20$6 83 5,9(5 39

6,7= 35,'( %

.22-$1 +,//6 0

6,7= 35,'( <

.22-$1 +,//6 )

/RZ ELUWK ZHLJKW DQG D ORYHO\ WHPSHUDPHQW GRFLOLW\ WRS %RUQ DW NJ DQG XVHG RYHU RXU FRPPHUFLDO KHLIHUV LQ 2XW RI D FUDFNLQJ GHHS ERGLHG \RXQJ FRZ ZKR¶V ¿UVW FDOI VROG ODVW \HDU WR WKH *RUPDQV :HOOVWHDG DQG ZDV HTXDOO\ DV LPSUHVVLYH SKHQRW\SLFDOO\ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 67(//$5 7 69

3XUFKDVHU

3ULFH

:.+ 7

$,

+%5

7+20$6 83 5,9(5 39

%(1),(/' 68%67$1&(

.22-$1 +,//6 83 5,9(5 0 69

02+1(1 68%67$17,$/ 02+1(1 */<1 0$:5 (/%$

6LUH 86$ 6,7= 67(//$5 '

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

.22-$1 +,//6 ) 69

'DP :.+4 .22-$1 +,//6 4

39

&211($/< ),1$/ 352'8&7

67(5,7$ 3$5. %/$&. -$&. - 39

39

.22-$1 +,//6 0

6,7= 35,'( %

.22-$1 +,//6 '2&./$1'6 .

6,7= 35,'( <

*UHDW KHLIHUV EXOO DQG RQH ZH XVHG RYHU RXU FRPPHUFLDO KHLIHUV LQ 0XVFXODU PRGHUDWH IUDPHG HDUOLHU PDWXULQJ DQG ZLWK D GDWD VSUHDG WKDW LV LGHDO IRU D KHLIHU EXOO %RUQ NJ RXW RI D EHDXWLIXO \RXQJ FRZ ZKR KDV JRRG IHHW DQG JRRG WHPSHUDPHQW ZKLFK VKH KDV SDVVHG RQ WR 7 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

4 'DP RI /RW

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV $FFRPSOLVKPHQW 7

.22-$1 +,//6 $&&203/,6+0(17 7 39

:.+ 7

3266 /$67,1* ,03$&7

(7

+%5

02*&. %8//6(<(39

3266 $&+,(9(0(17

+229(5 12 '28%739

3266 (5,&$

0,66 %/$&.&$3 (//6721 -

6LUH 86$ 6,7= $&&203/,6+0(17 )39

'DP 86$ %$/'5,'*( ,6$%(/ ) 39

6 $ 9 5(6285&( 39

* $ 5 3523+(7

6,7= %$5%$5$0(5( 1(// '

%$/'5,'*( ,6$%(/ %

6,7= %$5%$5$0(5( 1(// <

%$/'5,'*( ,6$%(/ <

$QRWKHU RI WKH 6LW] $FFRPSOLVKPHQW [ ,VDEHO HPEU\R FDOYHV DQG WKLV LV D VPRRWK PRYLQJ EXOO ZLWK SOHQW\ RI PXVFOLQJ $QRWKHU VWRXW EXOO ZLWK JRRG IHHW DQG JRRG WHPSHUDPHQW ZKR ZLOO SURGXFH JUHDW FDUFDVH FDOYHV 9HU\ LPSUHVVLYH (%9¶V ZLWK JURZWK &:7 (0$ DOO LQ WKH WRS RI WKH EUHHG 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 7+81'(5 7 69

3XUFKDVHU

3ULFH

:.+ 7

$ $ 5 7(1 ; 6 $

:$77/(723 $1'< &

69

9 $ 5 ',6&29(5< 39

1DWXUDO

+%5

39

$5'5266$1 $1'< ) 69

'((5 9$//(< 5,7$

$5'5266$1 -$3$5$ '

6LUH :.+1 .22-$1 +,//6 1(52 1

'DP :.+. .22-$1 +,//6 .

39

6,7= 1(: '(6,*1 1

7( 0$1,$ $)5,&$ $ 39

.22-$1 +,//6 ( 69

.22-$1 +,//6 * 69

.22-$1 +,//6 8

.22-$1 +,//6 <

$ \RXQJHU EXOO ZKR¶V GRQH YHU\ ZHOO DQG RQH ZKR GLVSOD\V JRRG ERQH DQG EXWW SUR¿OH ,GHDO FDOYLQJ HDVH (%9¶V DQG KLV JUDQG GDP * LV RQH RI RXU EHVW ROG FRZV FXUUHQWO\ LQ RXU GRQRU PRE KDV UHJLVWHUHG FDOYHV DQG D \HDUOLQJ VRQ DW /RW 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 7+803(5 7 69

:.+ 7

* $ 5 3523+(769

1DWXUDO

+%5

0$7$85, 5($/,7<

%$/'5,'*( %($67 02'( % 39 %$/'5,'*( ,6$%(/ <

.$522 .12&.287 . 69 .$522 -(''$ +

6LUH :.+5 .22-$1 +,//6 %($6702'( 5 $5'5266$1 +21285 +

'DP :.+4 .22-$1 +,//6 4 39

69

7( 0$1,$ $)5,&$ $ 39

39

.22-$1 +,//6 /

.22-$1 +,//6 + 69

.22-$1 +,//6 -

.22-$1 +,//6 )

0RGHUDWH IUDPHG WKLFN QXJJHW\ EXOO ZLWK HTXDO VHFRQG ELJJHVW WHVWLFOHV LQ WKH VDOH WHDP DQG D ORYHO\ WHPSHUDPHQW +LV GDP 4 LV FXUUHQWO\ LQ RXU GRQRU JURXS D PRGHUDWH IUDPHG YHU\ DWWUDFWLYH .QRFNRXW 'DXJKWHU ZLWK LGHDO IHHW ZLGWK DQG XGGHU VWUXFWXUH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 7+803(5 7 69

3XUFKDVHU

3ULFH

:.+ 7

* $ 5 3523+(7

1DWXUDO

+%5

7( 0$1,$ )2( )

69

69

%$/'5,'*( %($67 02'( % 39

*5$1,7( 5,'*( .$,6(5 . 69

%$/'5,'*( ,6$%(/ <

*5$1,7( 5,'*( 6835(0( ) 69

6LUH :.+5 .22-$1 +,//6 %($6702'( 5 $5'5266$1 +21285 +

'DP :.+4 .22-$1 +,//6 4

69

.22-$1 +,//6 /22.287 ) 69

39

.22-$1 +,//6 /

.22-$1 +,//6 .

.22-$1 +,//6 -

.22-$1 +,//6 )

6PRRWK VKRXOGHUHG HDV\ GRLQJ EXOO :H WKLQN KH ZLOO EH VXLWDEOH IRU KHLIHUV DQG WKLV LV EDFNHG XS E\ JUHDW FDOYLQJ HDVH (%9¶V DQG D ORZ ELUWK ZHLJKW +LV GDP LV D JRRG PRGHUDWH IUDPHG .DLVHU GDXJKWHU ZLWK D WLG\ XGGHU 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 7+25 7 69

&DUFDVH

6WUXFWXUDO

6LUH ';73 7(;$6 32&2&. 3

3XUFKDVHU

3ULFH

$5'5266$1 ',5(&7,21 :

69

7(;$6 :(67(51 (;35(66 + 69 7(;$6 201,$ )

*HQHWLF &RQGLWLRQV $0)8 &$) '')8 1+)8

:.+ 7

%$1*$'$1* :(67(51 (;35(66 (

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

1DWXUDO

+%5

39

$5'5266$1 ',5(&7,21 ' 39 .(11<¶6 &5((. 526(%8' :

'DP :.+* .22-$1 +,//6 *

39

7& 727$/

7( 0$1,$ 81/,0,7(' 8

7(;$6 81',1( + 69

.22-$1 +,//6 =

7(;$6 81',1( = 39

.22-$1 +,//6 6,*5(' 3

6RIWQHVV KHUH DQG D 3RFRFN 3 VRQ ZLWK YHU\ VPRRWK VKRXOGHUV ZKR ZLOO EH DQ HDV\ FDOYLQJ VLUH 2XW RI D ORYHO\ ROG FRZ * ZKR KDG KHU WK FDOI WKLV \HDU DQG KDV VROG ¿YH VRQV LQWR FRPPHUFLDO KHUGV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 7+25 7 69

:.+ 7

1DWXUDO

+%5

6&+855723 5($/,7< ;

%$1*$'$1* :(67(51 (;35(66 ( 69

7(;$6 :(67(51 (;35(66 + 69

0$7$85, 5($/,7<

7(;$6 201,$ )

0$7$85,

6LUH ';73 7(;$6 32&2&. 3 39

'DP :.+. .22-$1 +,//6 .

7& 727$/

$5'5266$1 ',5(&7,21 = 69

.22-$1 +,//6 &

7(;$6 81',1( + 69 7(;$6 81',1( =

.22-$1 +,//6 =

39

$QRWKHU RI WKHVH \RXQJVWHUV WKDW¶V FRPLQJ WKURXJK SDUWLFXODUO\ ZHOO JURZQ DQG ZLOO RQO\ FRQWLQXH WR LPSURYH OHDGLQJ XS WR VDOH GD\ 7KH PDWLQJ RI RXU SRZHUIXO 3RFRFN EXOO RYHU WKH VRIWHU 5HDOLW\ GDXJKWHUV KDV ZRUNHG ZHOO DJDLQ KHUH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 7<&221 7 69

3XUFKDVHU

3ULFH

:.+ 7

7( 0$1,$ )2( )

1DWXUDO

+%5

6,7= 723 *$0( ;

69

*5$1,7( 5,'*( .$,6(5 . 69

-0% 75$&7,21 39

*5$1,7( 5,'*( 6835(0( )

6LUH :.+3 .22-$1 +,//6 35(6,'(17 3 %$1*$'$1* &

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

-0% (08/27$

69

'DP :.+4 .22-$1 +,//6 4

69

7( 0$1,$ (67$7( ( 39

69

.22-$1 +,//6 *

.22-$1 +,//6 + 69

.22-$1 +,//6 =

.22-$1 +,//6 (

$ 3UHVLGHQW VRQ ZKR¶V YHU\ VPRRWK WKURXJK WKH VKRXOGHUV 9HU\ JRRG IHHW WHPSHUDPHQW DQG D WLJKW VKHDWK DV ZH H[SHFW IURP 3 VRQV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.RRMDQ +LOOV 3UHVLGHQW 3 6LUH RI /RW

/RW .RRMDQ +LOOV 6WHOODU 7

/ 'DP RI /RW /RW

.22-$1 +,//6 67(//$5 7 39

:.+ 7

%(1),(/' 68%67$1&(

&$5$%$5 '2&./$1'6 '

02+1(1 68%67$17,$/

+%5

.$522 ' '2&./$1'6 + 69

02+1(1 */<1 0$:5 (/%$

6LUH 86$ 6,7= 67(//$5 '

(7

39

.$522 -(''$ (

'DP :.+/ .22-$1 +,//6 / 39

39

&211($/< ),1$/ 352'8&7

7( 0$1,$ $)5,&$ $ 39

39

6,7= 35,'( %

.22-$1 +,//6 + 69

6,7= 35,'( <

.22-$1 +,//6 )

6RIW VPRRWK FRPSDFW 6WHOODU VRQ ZLWK D QLFH VWURQJ WRSOLQH $QRWKHU RXW RI / RXU IDYRXULWH + GDXJKWHU DQG D FRZ ZKR LV KDYLQJ D UHDO LPSDFW RQ RXU KHUG ZLWK QRZ XS WR SURJHQ\ ([FHOOHQW EDODQFHG (%9¶V KHUH DQG D EXOO ZKR LV D YHU\ ÀH[LEOH PDWLQJ RSWLRQ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

* $ 5 5HOLDQW 6LUH RI /RW

1 'DP RI /RW

.22-$1 +,//6 5(/,$17 7 69

:.+ 7

&211($/< ,1 685(

&$5$%$5 '2&./$1'6 '

* $ 5 685( ),5(69

$,

+%5

39

.22-$1 +,//6 '2&./$1'6 . 39

&+$,5 52&. * $ 5

.22-$1 +,//6 ' 69

6LUH 86$ * $ 5 5(/,$17

'DP :.+1 .22-$1 +,//6 1

39

% 5 '(67,1$7,21

&211($/< ),1$/ 352'8&739

* $ 5 '(67,1$7,21 1

.22-$1 +,//6 +

* $ 5 35('(67,1('

.22-$1 +,//6 =

$ SRZHU EXOO ZLWK JURZWK (%9¶V WR PDWFK *RRG ERQH JRRG KHHO GHSWK DQG QLFH WRSOLQH 2XW RI RQH RI RXU PRVW SKHQRW\SLFDOO\ DWWUDFWLYH FRZV ZKR KDV GRQH D YHU\ JRRG MRE KHUH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 3$&,),& 7 69

&DUFDVH

02*&. %8//6(<(

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$) '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

7( 0$1,$ (03(525 (

39

+229(5 12 '28%739

$,

+%5

39

%/$&.52&. (03(525 - 69

0,66 %/$&.&$3 (//6721 -

%/$&.52&. %

6LUH 86$ 67(5/,1* 3$&,),&

'DP :.+1 .22-$1 +,//6 1

39

* $ 5 3523+(7

.22-$1 +,//6 (48$725 )

69

%$/'5,'*( ,6$%(/ %

.22-$1 +,//6 +

%$/'5,'*( ,6$%(/ <

.22-$1 +,//6 )

'HHS ERGLHG GHHS WKURXJK WKH ÀDQN DQG VRIW VNLQQHG 3DFL¿F VRQ +LV GDP LV D JRUJHRXV FRZ ZKR FRPELQHV WZR EUHHG OHJHQGV (PSHURU ( DQG (TXDWRU $ 6KH KDV D ORYHO\ WHPSHUDPHQW ZKLFK VKH KDV SDVVHG RQ WR 7 DV ZHOO DV KHU LGHDO IRRW TXDOLW\ ZKLFK LV UHÀHFWHG LQ 7 ¶V IRRW (%9¶V EHLQJ LQ WKH WRS IRU ERWK FODZ DQG DQJOH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

&('LU &('WUV

*/

%:

(%9V

$FF

3HUF

&:7

(0$

5LE

(%9V

$FF

3HUF

)HUWLOLW\

0&:

0LON

66

3

5%<

,0)

)HHG

7HPS

1), )

'RF

&ODZ

$QJOH

/HJ

&DUFDVH

'7&

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 75$,/%/$=(5 7 69

:.+ 7

&211($/< ),1$/ 352'8&739

1DWXUDO

+%5

0,/:,//$+ *$76%< * 39

6,7= ,19(670(17 =39

.22-$1 +,//6 *$76%< / 69

6,7= (//81$6 (/,7( 7

.22-$1 +,//6 )

6LUH :.+4 .22-$1 +,//6 48,17,//86 4 69

'DP :.+3 .22-$1 +,//6 35,1&( 3

&211($/< ),1$/ 352'8&739

+,''(1 9$//(< 7,0(287 $ 69

.22-$1 +,//6 +

.22-$1 +,//6 (

.22-$1 +,//6 '

.22-$1 +,//6 <

$ VRIW VPRRWK VNLQQHG GHHS ERGLHG EXOO ERUQ RQO\ NJ RXW RI D IXQFWLRQDO FRUUHFW ULVLQJ \HDU ROG FRZ +H ZDV WKH VHFRQG KHDYLHVW FDOI DW ZHDQLQJ ZKLFK LV YHU\ LPSUHVVLYH FRQVLGHULQJ KLV DJH *RRG IHHW ODUJH WHVWLFOHV DQG KXJH JURZWK (%9¶V WKDW UHÀHFW KLV VWDQG RXW ZHLJKW PHDVXUHPHQWV ZH VDZ WKURXJKRXW WKH \HDU 7KLV LV D EXOO ZKR ZLOO SURGXFH TXLHW VWUXFWXUDOO\ FRUUHFW SURJHQ\ ZKR SHUIRUP RYHU WKH VFDOHV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

/RW .RRMDQ +LOOV 7UDLOEOD]HU 7

.22-$1 +,//6 )$,5 1 648$5( 7 39 &211($/< &21),'(1&( 3/86

:.+ 7

$5'5266$1 $'0,5$/ &

:22'+,// %/8(35,1739

+%5

.22-$1 +,//6 $'0,5$/ * 69

:22'+,// (9(5*5((1 = %

6LUH 86$ 0<(56 )$,5 1 648$5( 0 &211($/< 7+81'(5

(7

39

.22-$1 +,//6 %

'DP :.+/ .22-$1 +,//6 / 69

39

$/3,1( %(11(9,6 % 69

0<(56 0,66 %($87< 0

.22-$1 +,//6 )

0<(56 0,66 %($87< 0

.22-$1 +,//6 8

(DUOLHU PDWXULQJ )DLU 1 6TXDUH VRQ KHUH *RRG FDUFDVH JRRG VNLQ 6FDQQHG LQ WKH WRS KDOI D GR]HQ IRU ERWK (0$ DQG ULE IDW (7 FDOI RXW RI D SRZHUIXO ULVLQJ \HDU ROG FRZ ZKR VWDQGV RQ JRRG IHHW KDV WUHPHQGRXV OHQJWK DQG SURGXFHG WKH WRS SULFH EXOO DW RXU VDOH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.QRZOD 3DFNHU 3 6LUH RI /RW

.22-$1 +,//6 3$&.(5 7 69

:.+ 7

0,/:,//$+ *$76%< * 39

%2:0217 .,1* . 39

+%5

.22-$1 +,//6 *$76%< / 69

/$1')$// )($5/(66 ' 69

.22-$1 +,//6 )

6LUH %/$3 .12:/$ 3$&.(5 3 39

'DP :.+1 .22-$1 +,//6 1

() &203/(0(17 39

$5'5266$1 +21285 + 39

.12:/$ 3$1'$ . 69 .12:/$ 3$1'$ <

$,

0,/:,//$+ *$76%< * 39

.22-$1 +,//6 / .22-$1 +,//6 ' 69

6PRRWK VRIW EXOO ZLWK QLFH WKLFNQHVV :H LQVSHFWHG KLV VLUH .QRZOD 3DFNHU DW :DOFKD 16: DQG ZHUH LPSUHVVHG ZLWK KLP DV ZHOO DV D YHU\ HYHQ VW\OLVK OLQH RI KLV VRQV 7KH RQO\ EXOO FDOI ZH JRW RXW RI RXU ¿UVW WLPH XVLQJ 3DFNHU DQG ZH UDWH KLP KLJKO\ $ YHU\ YHUVDWLOH PDWLQJ RSWLRQ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 5(6,/,(17 7 69

3XUFKDVHU

3ULFH

:.+ 7

02+1(1 68%67$17,$/

$,

+%5

%21 9,(: 1(: '(6,*1

6,7= 67(//$5 '39

/$:6216 ',1.< ', = 69

6,7= 35,'( %

* $ 5 35(&,6,21

6LUH 86$ 6,7= 5(6,/,(17

'DP :.+- .22-$1 +,//6 -

39

6,7= 723 *$0( ;

.22-$1 +,//6 81/,0,7(' % 39

6,7= 0,66 %85*(66

.22-$1 +,//6 '

6,7= 0,66 %85*(66

.22-$1 +,//6 $

7KLFNQHVV KHUH DQG D YHU\ JRRG IRRWHG EXOO :DV HTXDO VHFRQG KLJKHVW UDZ (0$ DW VFDQQLQJ 2XW RI DQ ROG FRZ - ZKR KDV EHHQ D YHU\ SURGXFWLYH FRZ IRU XV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '') 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

+ 'DP RI /RW

.22-$1 +,//6 5(6,/,(17 7 69

:.+ 7

02+1(1 68%67$17,$/

$,

+%5

%7 5,*+7 7,0( -

6,7= 67(//$5 '39

&+(5</721 5,*+77,0( ' 39

6,7= 35,'( %

&$5(1'$ 0,66 9(*$6 :

6LUH 86$ 6,7= 5(6,/,(17 39

'DP :.++ .22-$1 +,//6 +

6,7= 723 *$0( ;

7( 0$1,$ ,1),1,7< $%

6,7= 0,66 %85*(66

.22-$1 +,//6 (

6,7= 0,66 %85*(66

.22-$1 +,//6 ;

0RUH OHQJWK DQG VFDOH WKDQ ZH H[SHFW IURP WKH 5HVLOLHQW¶V EXW WKH FDOYLQJ HDVH ZH H[SHFW 2XW RI DQ RXWVWDQGLQJ ULVLQJ \HDU ROG FRZ + ZKR KDG KHU WK FDOI WKLV \HDU DQG LV VWLOO ORRNLQJ JUHDW 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 1877(//$ 7 69

%$148(7 '81&$1 '

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

7( 0$1,$ (03(525 (

69

%$148(7 -$0%(522 - 69

$,

+%5

39

%/$&.52&. (03(525 - 69

)255(6 :,/&22/$ '

6LUH 9211 %$148(7 1877(//$ 1

%/$&.52&. %

'DP :.+1 .22-$1 +,//6 1

39

0,//$+ 0855$+ '2& )

$5'5266$1 $1'< ) 69

39

%$148(7 <(1', . 69

.22-$1 +,//6 -

%$148(7 <(1', ' 69

.22-$1 +,//6 %

/RYHO\ QDWXUHG EXOO ZLWK JRRG IHHW DV ZH H[SHFW IURP WKH 1XWWHOODV :H WKLQN KH¶V DQRWKHU UHDOO\ JRRG IHPDOH EUHHGHU ZKR LV EDFNHG XS E\ D PLON (%9 LQ WKH WRS +LV GDP 1 LV D URRP\ FRZ ZLWK DQ DWWUDFWLYH SKHQRW\SH DQG VROG D VRQ DW ODVW \HDUV VDOH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

&DUFDVH

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

.22-$1 +,//6 7+81'(5 7 69

:.+ 7

$ $ 5 7(1 ; 6 $69

1DWXUDO

+%5

(;$5 '(19(5 %

9 $ 5 ',6&29(5< 39

48$.(5 +,// '($' &(17(569

'((5 9$//(< 5,7$

48$.(5 +,// %/$&.&$3 $

6LUH :.+1 .22-$1 +,//6 1(52 1 39

'DP :.+1 .22-$1 +,//6 1

6,7= 1(: '(6,*1 1

+) 7,*(5 7

.22-$1 +,//6 ( 69

.22-$1 +,//6 *

.22-$1 +,//6 8

.22-$1 +,//6 %

7HUUL¿F FDUFDVH DQG D JUHDW KLQGTXDUWHU 6TXDUH WKLFN DQG SURXG 2XW RI D IHUWLOH ULVLQJ \HDU ROG FRZ ZKR H[KLELWV ORYHO\ QHFN H[WHQVLRQ DQG D JRRG XGGHU 7 KDV LPSUHVVLYH JURZWK (%9¶V DQG D GRFLOLW\ (%9 WKDW PDWFKHV KLV SHUVRQDOLW\ WRS *HVWDWLRQ OHQJWK LQ WKH WRS DQG ERUQ NJ H[SHFW KLV SURJHQ\ WR EH ERUQ HDUO\ DQG HDVLO\ 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

$FF

.22-$1 +,//6 7+25 7 69

3XUFKDVHU

3ULFH

:.+ 7

%$1*$'$1* :(67(51 (;35(66 (

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3HUF

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

$5'5266$1 $'0,5$/ &

69

7(;$6 :(67(51 (;35(66 + 69

.22-$1 +,//6 $'0,5$/ * 69

7(;$6 201,$ )

.22-$1 +,//6 %

6LUH ';73 7(;$6 32&2&. 3

1DWXUDO

+%5

39

'DP :.+. .22-$1 +,//6 .

39

7& 727$/

/$:6216 ',1.< ', = 69

7(;$6 81',1( + 69

.22-$1 +,//6 (

7(;$6 81',1( = 39

.22-$1 +,//6 $//,$1&( &

$ \RXQJVWHU ZKR KDV GRQH UHDOO\ ZHOO ZLWK D PL[ RI KLJK (0$ DQG KLJK ,0) ZKLFK LV UDUH WR ¿QG +DV LQKHULWHG KLV VLUHV UHDOO\ JRRG IHHW DQG WLJKW VKHDWK 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\ 0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 *(''(6 7 69

&DUFDVH

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '') 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

6800,7&5(67 &203/(7( 3

0,//$+ 0855$+ ./221(< .

.0 %52.(1 %2: 39

$,

+%5

39

0,//$+ 0855$+ 0$5/21 %5$1'2 0 39

6800,7&5(67 35,1&(66 3

6LUH 86$ 9$5,/(. *(''(6

0,//$+ 0855$+ )/2:(5 * 39

'DP :.+5 .22-$1 +,//6 5

39

9$5,/(. &21),'(1&(

6<'*(1 %/$&. 3($5/ 39

9$5,/(. *2/',(

.22-$1 +,//6 0

9$5,/(. *2/',(

.22-$1 +,//6 +

9HU\ LPSUHVVLYH EXOO ZKR LV D SDUWLFXODUO\ ZHOO JURZQ ORQJ VWURQJ EXOO 2XW RI D FRZ WKDW ZDV VROG LQWR WKH $&& EUHHGLQJ SURJUDP LQ *RRG IHHW D QLFH WLJKW VKHDWK DQG DQ H[FHOOHQW EDODQFHG GDWD VHW 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

3XUFKDVHU

3ULFH

.22-$1 +,//6 7(;$6 7 39

:.+ 7

&221$0%/( = 39

$,

+%5

3$3$ (48$725

%$1*$'$1* :(67(51 (;35(66 ( 69

$5'5266$1 (48$725 $ 39

%$1*$'$1* :,/&22/$ <

$5'5266$1 35,1&(66 : 39

6LUH ';71 7(;$6 :(67(51 (;35(66 1 39

'DP :.+) .22-$1 +,//6 ) 69

%86+6 *5$1' '(6,*1

%22522022.$ :$5:,&. : (

7(;$6 81',1( = 39

.22-$1 +,//6 &

7(;$6 81',1( ;

.22-$1 +,//6 $

7KH ODVW FDOI RXW RI RQH RI /HZ 6PLWV VWDQG RXW ROG JLUOV ) ZKR ZH XVHG DV D GRQRU DQG KDG D IXOO EURWKHU VROG DW ODVW \HDUV VDOH WR 0LOOVWUHDP 3DVWRUDO ([FHOOHQW FODZ JRRG WLJKW VKHDWK DQG ELJ WHVWLFOHV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 7+25 7 69

7UDLWV 2EVHUYHG */ %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

%$1*$'$1* :(67(51 (;35(66 (

6&+855723 5($/,7< ;

69

7(;$6 :(67(51 (;35(66 + 69

0$7$85, 5($/,7<

7(;$6 201,$ )

0$7$85,

6LUH ';73 7(;$6 32&2&. 3

1DWXUDO

+%5

'DP :.+. .22-$1 +,//6 .

39

7& 727$/

&221$0%/( % 39

7(;$6 81',1( + 69

.22-$1 +,//6 )

7(;$6 81',1( = 39

.22-$1 +,//6 '

9HU\ VPRRWK VRIW EXOO ZLWK D KHDS RI OHQJWK +LV GDP . LV DQ H[FHSWLRQDOO\ GHHS VTXDUH PDGH 5HDOLW\ GDXJKWHU DQG SURGXFHG D VRQ ZKR VROG WR *0& &RUSRUDWLRQ ODVW \HDU 6KH KDV EHHQ FRPSOLPHQWHG LQ WKLV PDWLQJ ZLWK WKH SRZHU RI 3RFRFN WR SURGXFH D YHU\ LPSUHVVLYH \RXQJ VLUH ZKR VWDQGV RQ JUHDW IHHW DQG LV D SOHDVXUH WR KDQGOH 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

.22-$1 +,//6 7+25 7 69

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

%$1*$'$1* :(67(51 (;35(66 (

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

+%5

39

7(;$6 :(67(51 (;35(66 + 69

.22-$1 +,//6 (48$725 )

7(;$6 201,$ )

.22-$1 +,//6 =

6LUH ';73 7(;$6 32&2&. 3

1DWXUDO

$5'5266$1 (48$725 $

69

'DP :.++ .22-$1 +,//6 +

39

7& 727$/

7( 0$1,$ ,1),1,7< $%

7(;$6 81',1( + 69

.22-$1 +,//6 )

7(;$6 81',1( = 39

.22-$1 +,//6 %

*RRG IHHW TXLHW DQG ZHOO JURZQ IRU RQH RI WKH \RXQJHU EXOOV LQ WKH GUDIW $ JRRG VWURQJ 3RFRFN 3 VRQ RXW RI D EULOOLDQW ROG JLUO + ZKR KDV VR IDU SURGXFHG GDXJKWHUV UHWDLQHG LQ WKH VWXG DQG VROG IRXU VRQV LQWR FRPPHUFLDO KHUGV 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

3XUFKDVHU

3ULFH

.22-$1 +,//6 7$1. 7 69

:.+ 7

0,/:,//$+ *$76%< * 39

1DWXUDO

+%5

0$7$85, 5($/,7<

.22-$1 +,//6 *$76%< / 69

.$522 .12&.287 . 69

.22-$1 +,//6 )

.$522 -(''$ +

6LUH :.+4 .22-$1 +,//6 48$.( 4 69

'DP :.+3 .22-$1 +,//6 3

.22-$1 +,//6 $'0,5$/ * 69

/$:6216 ',1.< ', = 69

.22-$1 +,//6 .

.22-$1 +,//6 -

.22-$1 +,//6 <

.22-$1 +,//6 '

$ ELJ VWURQJ EXOO ZLWK JURZWK (%9¶V LQ WKH WRS RI WKH EUHHG *RRG ERQH JRRG FDUFDVH DQG GHHS ERGLHG +LV GDP LV D .QRFNRXW GDXJKWHU ZKR ZH VROG WR $&& 4OG .QRFNRXW VWDPSV WKLFNQHVV LQ KLV GDXJKWHUV DQG LWV ÀRZHG WKURXJK WR 7 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

)HHG

7HPS

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

&DUFDVH

*HQHWLF &RQGLWLRQV $0)8 &$)8 '') 1+)8

6WUXFWXUDO

$FF

3HUF

.22-$1 +,//6 7,7$1 7 69

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

3XUFKDVHU

3ULFH

:.+ 7

78:+$5(72$ 5(*(17 '

$5'5266$1 ',5(&7,21 '

39

&221$0%/( +817(5 + 69

1DWXUDO

+%5

39

.22-$1 +,//6 *(1(6,6 + 69

%$1*$'$1* /2:$1 $

.22-$1 +,//6 &

39

6LUH :.+0 .22-$1 +,//6 0$;,086 0

'DP :.+/ .22-$1 +,//6 /

39

6,7= 1(: '(6,*1 1

+$ 352*5$0

&221$0%/( * 69

.22-$1 +,//6 (

$5'5266$1 35,1&(66 = 69

.22-$1 +,//6 ;

2QH RI WKH \RXQJHVW EXOOV LQ WKH VDOH DQG ZKDW D ULSSHU 9HU\ JRRG IHHW ZLOO GHYHORS LQWR DQ RXWVWDQGLQJ VLUH (TXDO VHFRQG ODUJHVW WHVWLFOHV 2XW RI D VXSHU ULVLQJ \HDU ROG FRZ / ZKR ODVW \HDU SURGXFHG RQH RI RXU SLFNV RI WKH VDOH WHDP ZKR ZH XVHG LQ WKH VWXG DQG VROG IRU 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH

*URZWK

&('LU &('WUV

*/

%:

(%9V

$FF

3HUF

&:7

(0$

5LE

(%9V

$FF

3HUF

.22-$1 +,//6 7<&221 7 69

)HUWLOLW\

0&:

0LON

66

3

5%<

,0)

)HHG

7HPS

1), )

'RF

&ODZ

$QJOH

/HJ

&DUFDVH

'7&

*HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

3XUFKDVHU

3ULFH

:.+ 7

7( 0$1,$ )2( )

&$5$%$5 '2&./$1'6 '

69

*5$1,7( 5,'*( .$,6(5 . 69

1DWXUDO

+%5

39

.$522 ' '2&./$1'6 + 69

*5$1,7( 5,'*( 6835(0( ) 69

6LUH :.+3 .22-$1 +,//6 35(6,'(17 3 %$1*$'$1* &

7UDLWV 2EVHUYHG %:7 :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV

.$522 -(''$ (

'DP :.+0 .22-$1 +,//6 0

69

&+(5</721 5,*+77,0( ' 39

69

.22-$1 +,//6 *

.22-$1 +,//6 +

.22-$1 +,//6 =

.22-$1 +,//6 &

:H¶UH JHWWLQJ GRZQ WR WKH YHU\ \RXQJHVW EXW WKLV EXOO ¿WV LQ ZHOO ZLWK WKH PRE 'RQ¶W RYHUORRN WKLV JRRG VWURQJ EXOO ZKR LV RXW RI D SRZHUIXO 'RFNODQGV GDXJKWHU 6& FP

-DQXDU\ 7UDQV7DVPDQ $QJXV &DWWOH (YDOXDWLRQ &DOYLQJ (DVH &('LU &('WUV

*URZWK

*/

%:

)HUWLOLW\

0&:

0LON

66

'7&

(%9V

$FF

3HUF

&DUFDVH

)HHG

7HPS

7UDLWV 2EVHUYHG :7 :7 :7 6& 6FDQ (0$ 5LE 5XPS ,0) *HQRPLFV *HQHWLF &RQGLWLRQV $0)8 &$)8 '')8 1+)8

6WUXFWXUDO

&:7

(0$

5LE

3

5%<

,0)

1), )

'RF

&ODZ

$QJOH

/HJ

(%9V

$FF

3HUF

3XUFKDVHU

3ULFH

.(< 5()(5(1&( 6,5(6 %DQTXHW 1XWHOOD 1 +DV EHHQ UHWDLQHG DV D NH\ VLUH DW %DQTXHW $QJXV :H ZHUH IRUWXQDWH WR EH DEOH WR DFFHVV KLV VHPHQ DQG KLV SURJHQ\ GLVSOD\ RXWVWDQGLQJ WKLFNQHVV WHPSHUDPHQW DQG IHHW +LV VRQV Rႇ HU RXU FOLHQWV DQ RSSRUWXQLW\ WR XVH JHQHWLFV IURP WKH KHDUW RI WKH VXFFHVVIXO %DQTXHW SURJUDP

%HQ 1HYLV 1HZVÀ DVK 1 1HZVÀ DVK KDV EHHQ D YHU\ JRRG SHUIRUPHU IRU XV SURGXFLQJ SURJHQ\ ZLWK OHQJWK JRRG WRS OLQHV DQG ORYHO\ KHDGV :H KDYH EHHQ LPSUHVVHG ZLWK WKH WKLFNQHVV RI WKH 1HZVÀ DVK VRQV DV ZHOO DV WKHLU IDQWDVWLF EDODQFH DQG QHFN H[WHQVLRQ +LV GDP + ZDV WKH $XVWUDOLDQ PDWXUH FRZ UHFRUG KROGHU ZKHQ VKH VROG IRU WR %DQQDE\ $QJXV DQG %DQTXHW $QJXV LQ

0XVJUDYH 6WXQQHU 6WXQQHU KDV GRQH DQ DZHVRPH MRE LQ RXU KHUG +LV GDXJKWHUV KDYH EHDXWLIXO XGGHUV YROXPH WKLFNQHVV DQG IHPLQLQLW\ +LV VRQV DUH ZHOO EDODQFHG DQG SRVVHVV ZLGWK GHSWK DQG VRIWQHVV :H KDYH XVHG IRXU VRQV LQ WKH VWXG

0\HUV )DLU 1 6TXDUH 0 :H KDYH EHHQ YHU\ LPSUHVVHG ZLWK WKH MRE )DLU 1 6TXDUH KDV GRQH LQ RXU KHUG DQG XVHG WZR VRQV RYHU ¿ UVW FDOYHUV LQ +LV FDOYHV DUH ERUQ HDUO\ HDVLO\ DQG KLW WKH JURXQG UXQQLQJ 7KH\ KDYH GHYHORSHG LQWR VTXDUH YROXPRXV EXOOV DQG KHLIHUV ZLWK JRRG OHQJWK DQG JUHDW WHPSHUDPHQWV %DFNHG E\ D IHUWLOH SURGXFWLYH 7KXQGHU GDP WKH )DLU 1 6TXDUH GDXJKWHUV DUH WKH VWDQGRXW OLQH LQ RXU NHHSHU KHLIHUV

.(< 5()(5(1&( 6,5(6 6LW] 6WHOODU ' 6WHOODU SURJHQ\ KDYH WDNHQ WKH 86 E\ VWRUP DQG ZH DUH DJDLQ H[FLWHG WR EH DEOH WR Rႇ HU D JRRG VHOHFWLRQ RI VRQV LQ WKLV \HDUV OLQH XS +H¶V GHVFULEHG DV D WKLFN WRSSHG GHHS VLGHG EXOO ZLWK RXWVWDQGLQJ PDWHUQDO SHGLJUHH DQG D UHDO IRRW LPSURYHU IRU ERWK FODZ DQG KHHO 7KH ¿ UVW RI RXU 6WHOODU GDXJKWHUV FDOYHG LQ DQG ZH ZHUH H[WUHPHO\ LPSUHVVHG ZLWK WKHLU XGGHUV DV D JURXS +LV SURJHQ\ DUH ERUQ HDVLO\ IRU XV DQG ZH KDYH XVHG KLV VRQV KHDYLO\ RYHU RXU FRPPHUFLDO KHLIHUV

6LW] 5HVLOLHQW 5HVLOLHQW LV WKH UHFRUG VHWWLQJ EXOO RI WKH )DOO 6LW] $QJXV 5DQFK VDOH DQG LV D 6WHOODU VRQ GHVFULEHG DV JRRG IRRWHG ZLGH EDVHG GHHS ERGLHG DQG IUHH PRYLQJ :H ZHUH IRUWXQDWH WR DFFHVV 5HVLOLHQW EHIRUH PRVW DQG KDYH EHHQ LPSUHVVHG ZLWK WKH VW\OH DQG WKLFNQHVV RI KLV VRQV DQG KLV GDXJKWHUV ZHUH RXU PRVW IHUWLOH VLUH OLQH LQ RXU KHLIHUV

9DULOHN *HGGHV :H XVHG *HGGHV RYHU KHLIHUV DQG ZHUH YHU\ KDSS\ ZLWK WKH MRE KH GLG +LV FDOYHV ZHUH ERUQ HDVLO\ DQG KDG SOHQW\ RI JURZWK IRU KHLIHUV¶ FDOYHV 0DQ\ RI RXU *HGGHV VRQV KDYH HQGHG XS JRRG VL]HG EXOOV ZLWK SOHQW\ RI OHQJWK EDODQFH DQG GLPHQVLRQ *HGGHV VHPHQ LV H[WUHPHO\ OLPLWHG VR WKHUH ZLOO EH IHZ RSSRUWXQLWLHV WR SXUFKDVH VRQV JRLQJ IRUZDUG

6TXDUH % 7UXH 1RUWK 7UXH 1RUWK KDV DOORZHG XV WR DFFHVV WKH &KDUOR EORRGOLQH WKDW KDV ZRUNHG VR ZHOO DW 6$9 +LV SURJHQ\ KDYH YHU\ JRRG WHPSHUDPHQWV DQG YHU\ JRRG IHHW 7KH\ DUH WKLFN PRGHUDWH IUDPHG DQG KDYH EHHQ DQ HDV\ FDOYLQJ EORRGOLQH IRU XV

.(< 5()(5(1&( 6,5(6 .RRMDQ +LOOV 3UHVLGHQW 3 3UHVLGHQW 3 LV DQ H[WUHPHO\ ZHOO EDODQFHG EXOO ZKR ERDVWV OHQJWK DQG VRIWQHVV +LV 'DP * LV RQH RI RXU IDYRXULWH GRQRU FRZV DW .RRMDQ +LOOV GXH WR KHU À DZOHVV XGGHU JUHDW VWUXFWXUH DQG ORYHO\ WHPSHUDPHQW 3UHVLGHQW VRQV Rႇ HU FDOYLQJ HDVH ZLWK DGHTXDWH JURZWK

.RRMDQ +LOOV 1HUR 1 $ EXOO ZKR LPSUHVVHG DV D \RXQJVWHU IRU KLV RXWVWDQGLQJ YROXPH DQG FDSDFLW\ +H LV D KLJKO\ IHUWLOH EXOO HDV\ WR KDQGOH DQG RXW RI RQH RI /HZ 6PLWV EHVW FRZV ( +LV FDOYHV DUH HDV\ FDOYLQJ DQG KDYH VWDQG RXW HDUO\ JURZWK

7H[DV 3RFRFN 3 $ ELJ JHQWOH EXOO ZLWK RXWVWDQGLQJ IHHW ZKLFK KH KDV SDVVHG RQ WR KLV SURJHQ\ :H KDYH UHWDLQHG D QXPEHU RI VRQV DV IRRW LPSURYHUV LQ RXU FRPPHUFLDO KHUG DQG DV ZHOO DV JRRG IHHW WKH\ WUDQVPLW RXWVWDQGLQJ ZHLJKW IRU DJH DQG ORYHO\ WHPSHUDPHQWV

6WHUOLQJ 3DFL¿ F 3DFL¿ F LV D SRZHUIXO +RRYHU 1R 'RXEW VRQ ZKR LV TXLFNO\ EHFRPLQJ D KLJK XVH VLUH LQ WKH $QJXV ZRUOG +H FRPHV IURP WKH IDPRXV ,VDEHO FRZ IDPLO\ DQG LV NQRZQ IRU KLV JRRG IHHW WHPSHUDPHQW GHSWK DQG WKLFNQHVV :H KDYH EHHQ YHU\ LPSUHVVHG ZLWK RXU ¿ UVW GURS RI 3DFL¿ F FDOYHV DQG DUH H[FLWHG WR EH DEOH WR Rႇ HU D FRXSOH RI YHU\ JRRG VRQV LQ WKLV \HDUV VDOH WHDP

%8<(56 ,16758&7,21 6/,3

WK $118$/ 6$/( ² WK )(%58$5< 3523(57< 3,& :)$<

&RQWDFW 1DPH

3KRQH 1XPEHU

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7UDGLQJ $V

3,&

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'HOLYHU\ $GGUHVV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/RW V 3XUFKDVHG

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7UXFNLQJ $GYLFH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

%XOOV ZLOO EH GHOLYHUHG XVLQJ D VHPL WUDLOHU 3OHDVH DGYLVH LI \RXU \DUGV DUH QRW DFFHVVLEOH E\ D VHPL WUDLOHU

(OGHUV ,QVXUDQFH 5HTXLUHPHQWV )XOO ORVV RI 8VH

<HV 1R

0RQWKV 0RQWKV 0RQWKV 2WKHU

%UHHG 6RFLHW\ 7UDQVIHU 5HTXLUHG <HV 1R ,GHQW BBBBBBBBBBBBBBBB 7KH DJHQWV ZLOO DGYLVH WKH 9HQGRUV KRZHYHU LW LV WKH EX\HU·V UHVSRQVLELOLW\ WR REWDLQ WUDQVIHU FHUWLILFDWHV GLUHFW WR IURP 9HQGRUV

%X\HU·V 6LJQDWXUH

6SHFLDO QRWLFH WR EX\HUV ,Q WKH LQWHUHVW RI EX\HUV DQG WR SUHYHQW WKH RFFXUUHQFH RI PLVWDNHV DOO LQVWUXFWLRQV FRQFHUQLQJ GHOLYHU\ RI WKH FDWWOH PXVW EH JLYHQ LQ ZULWLQJ DQG VLJQHG E\ WKH EX\HU RU KLV UHSUHVHQWDWLYH 1R YHUEDO LQVWUXFWLRQV FDQ EH DFFHSWHG

,QVXUDQFH 'LVFODLPHU

,QVXUDQFH ULVN RI VWXG DQLPDOV VROG DW DXFWLRQ WUDQVIHUV WR WKH SXUFKDVHU DW WKH IDOO RI WKH KDPPHU LQFOXGLQJ

DQLPDOV UHPDLQLQJ RQ WKH YHQGRU·V SURSHUW\ 3XUFKDVHUV WKHUHIRUH DUH DGYLVHG WR LQVXUH WKHLU DQLPDOV DW WKH

FRPSOHWLRQ RI WKH VDOH 6WXG DQLPDOV DUH QRW FRYHUHG E\ FRPPHUFLDO OLYHVWRFN LQVXUDQFH

disclaimer and privacy information Attention Buyer Animal details included in this catalogue, including but not limited to pedigree, DNA information, Estimated Breeding Values (EBVs) and Index values, are based on information provided by the breeder or owner of the animal. Whilst all reasonable care has been taken to ensure that the information provided in this catalogue was correct at the time of publication, Angus Australia will assume no responsibility for the accuracy or completeness of the information, nor for the outcome (including consequential loss) of any action taken based on this information.

Parent Verification Suffixes The animals listed within this catalogue including its pedigree, are displaying a Parent Verification Suffix which indicates the DNA parent verification status that has been conducted on the animal. The Parent Verification Suffixes that will appear at the end of each animal’s name.

The suffix displayed at the end of each animal’s name indicates the DNA parentage verification that has been conducted by Angus Australia.

PV : both parents have been verified by DNA. SV : the sire has been verified by DNA. DV : the dam has been verified by DNA. # : DNA verification has not been conducted.

E : DNA verification has identified that the sire and/or dam may possibly be incorrect, but this cannot be confirmed conclusively.

Privacy Information In order for Angus Australia to process the transfer of a registered animal in this catalogue, the vendor will need to provide certain information to Angus Australia and the buyer consents to the collection and disclosure of that information by Angus Australia in certain circumstances. If the buyer does not wish for his or her information to be stored and disclosed by Angus Australia, the buyer must complete the form included below and forward it to Angus Australia. If the form is not completed, the buyer will be taken to have consented to the disclosure of such information.

BUYERS OPTION TO OPT OUT OF DISCLOSING PERSONAL INFORMATION TO ANGUS AUSTRALIA If you do not complete this form, you will be taken to have consented to Angus Australia using your name, address and phone number for the purposes of effecting a change of registration of the animal(s) that you have purchased, maintaining its database and disclosing that information to its members on its website.

I, the buyer of animals with the following idents…………………………………………………………………………………...................................... ………………………………………………………………………………………………………………………………………………………………………........................................ from member………………………………………………………………............................................................(name) do not consent to Angus Australia using my name, address and phone number for the purposes of effecting a change of registration of the animals I have mentioned above that I have purchased, maintaining its database and disclosing that information to its members on its website.

Name: ……………………………………………………………………........................... Signature: …………………………………………………………..................

Date: …………………………….........

Please forward this completed consent form to Angus Australia, 86 Glen Innes Road, Armidale NSW 2350.

If you have any questions or queries regarding any of the above, please contact Angus Australia on (02) 6773 4600 or email office@angusaustralia.com.au Updated 25/11/2020

6HH SKRWRV DQG YLGHRV RI EXOOV DW

ZZZ NRRMDQKLOOVDQJXV FRP