government and information sources / sources gouvernementales et

Transcription

*29(510(17$1',1)250$7,216285&(6
6285&(6*289(51(0(17$/(6(76285&(6'(5(16(,*1(0(176
$/%(57$
&XOWXUH1HW
$OEHUWD&RPPXQLW\'HYHORSPHQW
$UWV7RXULQJ$OOLDQFHRI$OEHUWD
5HJURXSHPHQWGHVGLIIXVHXUVGHVSHFWDFOHVGHO
$OEHUWD
%5,7,6+&2/80%,$&2/20%,(%5,7$11,48(
%ULWLVK&ROXPELD7RXULQJ&RXQFLO
$UW6WDUWV$UWVFDQ
$VVHPEO\RI%ULWLVK&ROXPELD$UWV&RXQFLOV
)pGpUDWLRQGHVIUDQFRSKRQHVGHOD&RORPELH%ULWDQQLTXH
3DFLILF0XVLF,QGXVWU\$VVRFLDWLRQ30,$
0LQLVWU\RI6PDOO%XVLQHVV7RXULVPDQG&XOWXUH
0$1,72%$
6RXWKHUQ0DQLWRED3HUIRUPDQFH7RXULQJ1HWZRUN
1RUWKHUQ$UWV&RPPLWWHH
0DQLWRED$UWV&RXQFLO
0DQLWRED$XGLR5HFRUGLQJ,QGXVWU\$VVRFLDWLRQ0$5,$
1(:%5816:,&.1289($8%5816:,&.
'HSDUWPHQWRI0XQLFLSDOLWLHV&XOWXUHDQG+RXVLQJ
&RQVHLOSURYLQFLDOGHVVRFLpWpVFXOWXUHOOHV
1HZ%UXQVZLFN$UWV&RXQFLO
1(:)281'/$1'7(55(1(89(
0XVLF,QGXVWU\$VVRFLDWLRQRI1HZIRXQGODQGDQG/DEUDGRU0,$
'HSDUWPHQWRI7RXULVP&XOWXUHDQG5HFUHDWLRQ
129$6&27,$1289(//(e&266(
'HSDUWPHQWRI(GXFDWLRQDQG&XOWXUH
0XVLF,QGXVWU\$VVRFLDWLRQRI1RYD6FRWLD0,$16
1RYD6FRWLD$UWV&RXQFLO
1257+:(677(55,725,(67(55,72,5(6'8125'28(67
'HSDUWPHQWRI(GXFDWLRQ&XOWXUHDQG(PSOR\PHQW
217$5,2
&RPPXQLW\&XOWXUDO,PSUHVDULRV&&,
&DQDGLDQ$UWV3UHVHQWHUV$VVRFLDWLRQ$VVRFLDWLRQFDQDGLHQQHGHVRUJDQLVPHV
DUWLVWLTXHV&$3$&2$
5pVHDX2QWDULR
&DQDGLDQ/HDJXHRI&RPSRVHUV
&DQDGLDQ0XVLF&HQWUH
)RXQGDWLRQWR$VVLVW&DQDGLDQ7DOHQWRQ5HFRUGV)$&725
2QWDULR$UWV&RXQFLO&RQVHLOGHV$UWVGHO¶2QWDULR
2QWDULR&RXQFLORI)RON)HVWLYDOV2&))
35,1&((':$5',6/$1'Ì/('835,1&(e'28$5'
Page 1
'HSDUWPHQWRI(GXFDWLRQRI3ULQFH(GZDUG,VODQG
48e%(&
6SHFWRXU$ELWLEL7pPLVFDPLQJXH
&RPPHUFHLQWHUQDWLRQDOGHVDUWVGHODVFqQH&,1$56
/H&RQVHLOGHVDUWVGHODFRPPXQDXWpXUEDLQHGH0RQWUpDO
/D)RQGDWLRQ086,&$&7,21
,6($
5pVHDXLQGpSHQGDQWGHVGLIIXVHXUVG
pYpQHPHQWVDUWLVWLTXHXQLV5,'($8
5pVHDX6FqQHV
9LOOHGH0RQWUpDO
&RQVHLOGHVDUWVHWGHVOHWWUHVGX4XpEHF&$/4
5pVHDX&HQWUH
&LUFXLWGHVSHWLWHVVDOOHVGHVSHFWDFOHVGX4XpEHF
5pVHDXGHVRUJDQLVDWHXUVGHVSHFWDFOHVGHO
HVWGX4XpEHF526(4
$VVRFLDWLRQGHVGLIIXVHXUVFXOWXUHOVGHVEDQOLHXHVGH0RQWUpDO$',&8%
'LIIXVLRQ,QWHU&HQWUH
6$6.$7&+(:$1
&DQDGLDQ&KLOGUHQ
V)HVWLYDO$VVRFLDWLRQ&&)$
2UJDQL]DWLRQRI6DVNDWFKHZDQ$UWV&RXQFLOV26$&
&RPPLVVLRQFXOWXUHOOHIUDQVDVNRLVH
6DVNDWFKHZDQ5HFRUGLQJ,QGXVWU\$VVRFLDWLRQ65,$
<8.21
$VVRFLDWLRQ)UDQFR<XNRQDLVH
<XNRQ7RXULVP$UWV%UDQFK
0(',$6285&(65e3(572,5('(60(',$6
$/%(57$
&$/*$5<
&DOJDU\6WUDLJKW
&-6:)0
)IZG)DVW)RUZDUG
9R[0DJD]LQH
:KDW
V8SRQWKH+LW/LVW&DOJDU\+HUDOG
('021721
&.8$5DGLR
&-65)0
(GPRQWRQ6HH0DJD]LQH
6((0DJD]LQH
9XH
:HVWHUQ1DWLYH1HZV
Page 2
%5,7,6+&2/80%,$&2/20%,(%5,7$11,48(
%851$%<
&-6))0
1(::(670,1,67(5
HDUVD\SURGXFWLRQV
9$1&289(5
$FRXVWLF&RQQHFWLRQ0XVLFDQG&XOWXUDO6RFLHW\
%&797HOHYLVLRQ
&)52)0
*HRUJLD6WUDLJKW
7KH3URYLQFH
5RJXH)RON5HYLHZ
9DQFRXYHU6XQ4XHXH0DJD]LQH
:KHUH0DJD]LQH
9,&725,$
&.02)0
0RQGD\0DJD]LQH
0$1,72%$
:,11,3(*
&%&0DQLWRED
$IWHU+RXUV
'HILQDWHO\1RWWKH2SHUD
)LUVW3HUVSHFWLYH7KH
3HULPHWHU1HZVSDSHU
8SWRZQ0DJD]LQH
7KH:LQQLSHJ)UHH3UHVV
:LQQLSHJ6XQ7KH
1(:%5816:,&.1289($8%5816:,&.
)5('(5,&721
&+65)0
'DLO\*OHDQHU7KH
021&721
&.80)0
6$&.9,//(
&+0$)0
Page 3
1(:)281'/$1'7(55(1(89(
67-2+1¶6
%HDP7KH
&+05)0
6LJQDOV$UWV(QWHUWDLQPHQWDQG5HOD]DWLRQLQ0HWUR6W-RKQ
V
6W-RKQ
V7HOHJUDP
129$6&27,$1289(//(e&266(
+$/,)$;
&%&+DOLID[
:HHNHQGHU
&.'8)0
&RDVW7KH
'DLO\1HZV7KH
+DOLID[+HUDOG
217$5,2
%5$03721
:25'0DJD]LQH
'(6(52172
&.:()0
'210,//6
:RUGVDQG0XVLF62&$1
+$0,/721
&)08)0
.,1*6721
&)5&)0
/21'21
&+5:)0
277$:$
&%&5DGLR
&+82)0
2WWDZD;SUHVV
4XDUWHW7KH
3(7(5%2528*+
&))))0
&+(;79
3HWHUERURXJK([DPLQHU
Page 4
67&$7+$5,1(6
&DQDGLDQ0XVLF
68'%85<
&./8)0
7252172
$ERULJLQDO9RLFHV
%UDYR
%UDYR1HZV
%UDYR%XOOHWLQ
%UDYR9LGHRV
&%&7RURQWR
*OREDO9LOODJH
5RRWVDQG:LQJV
7ZR1HZ+RXUV
0XVLF$URXQG8V
0XVLFDQG&RPSDQ\
&+5<)0
&-575DGLR
&,87)0
&./1)0
&RGD0DJD]LQH
(\H0DJD]LQH
*OREHDQG0DLO
-D]]5HSRUW7KH
/HDG6KHHW7RURQWR'RZQWRZQ-D]]6RFLHW\3XEOLFDWLRQ
0DSOH5RRWV
0DULSRVD1RWHV
0HWUR:RUG
12:0DJD]LQH
7RURQWR%OXHV6RFLHW\1HZVOHWWHU
7RURQWR6WDU
7:$67RURQWR:RUOG$UWV6FHQH
:$7(5/22
&.06)0
:,1'625
&-$0)0
35,1&((':$5',6/$1'Ì/('835,1&(e'28$5'
&+$5/277(72:1
7KH%X]]EX]]2Q
48e%(&
/(112;9,//(
&-04)0
Page 5
02175e$/
&%&5DGLR&DQDGD0RQWUpDO
-D]]%HDW
1DYLUH1LJKW
'HYRLU/H
0RQWUHDO*D]HWWH7KH
7KH0LUURU,FL0RQWUpDO
/D3UHVVH
9RLU+RXU
48e%(&
&+<=)0
4XpEHF6FRSH
9RLU4XpEHF
6+(5%522.(
752,65,9,Ê5(6
&)28)0
6$6.$7&+(:$1
0226(-$:
7LPHV+HUDOG
5(*,1$
3UDLULH'RJ
6$6.$7221
&)&5)0
6KHDI7KH
6RXQGVFDSH
<8.21
:+,7(+256(
<XNRQ1HZV
:KLWHKRUVH67$5
35(6(17(5',))86(856
<8.21
:+,7(+256(
%HUW&KXUFK7KHDWUH
%$1))
%DQII&HQWUHIRUWKH$UWV
Page 6
&$/*$5<
$IULNDGH\
%HDW1LT-D]]DQG6RFLDO&OXE
%RZ9DOOH\0XVLF&OXE
&DOJDU\)RON&OXE
&DOJDU\)RON0XVLF)HVWLYDO
-D]]&DOJDU\6RFLHW\
.DRV&DIpDQG-D]]&OXE
.DUPD/RFDO$UWV+RXVH
0DUDQW]3URGXFWLRQV
1HZ:RUNV&DOJDU\
1LFNHORGHRQ0XVLF&OXE
1LJKW*DOOHU\&DEDUHW
4XLQF\¶VRQ6HYHQWK
6DWXUGD\1LJKW6SHFLDO
8QLYHUVLW\RI&DOJDU\6WXGHQWV
8QLRQ
&$1025(
&DQPRUH)RONDQG%OXHV&OXE&DQPRUH)RON0XVLF)HVWLYDO
('021721
%URQ[6RFLHW\IRU3URPRWLRQRI$OWHUQDWLYH$UWVDQG0XVLF
7KH&LWDGHO7KHDWUH
(DUWKWXQHV&RQFHUW&R
(GPRQWRQ&RPSRVHUV
&RQFHUW6RFLHW\
(GPRQWRQ)RON0XVLF)HVWLYDO
)XOO0RRQ)RON&OXE
-D]]&LW\)HVWLYDO6RFLHW\&DOJDU\,QWHUQDWLRQDO-D]])HVWLYDO
5HVRXQG)HVWLYDORI&RQWHPSRUDU\0XVLF(GPRQWRQ6\PSKRQ\
5DM1LJDP
(GPRQWRQ-D]]6RFLHW\
)2570$&/(2'
6RXWK&RXQWU\)DLU$VVRFLDWLRQ
-$63(5
-DVSHU+HULWDJH)RON)HVWLYDO
-2866$5'
1RUWK&RXQWU\)DLU
/(7+%5,'*(
/HWKEULGJH&RPPXQLW\&ROOHJH%DUQ
/HWKEULGJH)RON&OXE
3D3D.LQJ3URGXFWLRQV
QG$QQXDO/HWKEULGJH)HVWLYDO
8QLYHUVLW\RI/HWKEULGJH6WXGHQW¶V8QLRQ
0(',&,1(+$7
0HGLFLQH+DW-D]]6RFLHW\
Page 7
3($&(5,9(5
8QGHUJURXQG0XVLF6RFLHW\
5(''((5
5HG'HHU&ROOHJH6WXGHQW¶V
6+(5:22'3$5.
)HVWLYDO3ODFH
6721<3/$,1
%OXHEHUU\%OXHJUDVVDQG&RXQWU\0XVLF6RFLHW\
%5,7,6+&2/80%,$&2/20%,(%5,7$11,48(
$%%276)25'
$EEH\$UWV&HQWUH
%(//$&22/$
'LVFRYHU\&RDVW)RON)HVWLYDO
&+,//,:$&.
&KLOOLZDFN$UWV&HQWUH
&202;
&RPR[9DOOH\)RON6RFLHW\
&RPR[9DOOH\0XVLFIHVW
)LOEHUJ)HVWLYDO
&2857(1$<
-RH5HDG¶V
&5$1%522.
.H\&LW\7KHDWUH
'(10$1,6/$1'
&RIIHH+RXVH
'81&$1
&RZLFKDQ&RPPXQLW\&HQWUH7KHDWUH
/RQJHYLW\-RKQ
V/DVW0LQXWH7UHDWV
6KDG\*URYHDWWKH6XVVPDQV+RXVH&RQFHUWV
)(51,(
$UWV6WDWLRQ
7KH*DWKHULQJ)HVWLYDO
7KH*DWKHULQJ)RXQGDWLRQ
)25767-2+1
1RUWK3HDFH&XOWXUDO&HQWUH
Page 8
*$%5,2/$,6/$1'
6XUI/RGJH
+HULWDJH+DOO
*,%6216
6XQVKLQH-D]]&RDVW$VVRFLDWLRQ
*LEVRQV/DQGLQJ-D]])HVWLYDO
+$55,621+27635,1*6
+DUULVRQ)HVWLYDO6RFLHW\
+$=(/721
.LVSLR[9DOOH\0XVLF)HVWLYDO
+251%<,6/$1'
+RUQE\)HVWLYDO6RFLHW\
+RUQE\)HVWLYDO
,19(50(5(
&ROXPELD9DOOH\$UWV3\QHORJV&XOWXUDO&HQWUH
.$6/2
.DVOR-D]]6RFLHW\
.(/2:1$
)ULQJH)RON&OXE
.,7,0$7
.LWLPDW&RQFHUW$VVRFLDWLRQ
0$'(,5$3$5.
3HQGHU+$5%285-D]])HVWLYDO
3HQGHU+DUERXU0XVLF6RFLHW\
0$,//$5'9,//(
)HVWLYDOGX%RLV0DLOODUGYLOOH
0,66,21
0LVVLRQ)RON0XVLF)HVWLYDO
1$1$,02
0DODVSLQD8QLYHUVLW\&ROOHJH
1DQDLPR$UW*DOOHU\
1(/621
$YDORQ1LJKW&OXE
&DSLWRO7KHDWUH
3257022'<
$UWV5HVRXUFH&HQWUH
)DFHVRIWKH:RUOG)HVWLYDO
Page 9
32:(//5,9(5
(YHUJUHHQ7KHDWUH
6XQVKLQH)RON)HVWLYDO
35,1&(*(25*(
3ULQFH*HRUJH)RON6RFLHW\
&DOLFR&RQFHUWV
5(9(/672.(
5HYHOVWRNH$UWV&RXQFLO
6$/021$50
6DOPRQ$UP)RON0XVLF6RFLHW\
5RRWVDQG%OXHV
6$/7635,1*,6/$1'
$UWVSULQJ
0RE\
V3XE
6DOWVSLQJ)HVWLYDORIWKH$UWV
6$1'63,7
(GJHRIWKH:RUOG0XVLF)HVWLYDO
60,7+(56
%XONOH\9DOOH\)RON0XVLF6RFLHW\
0LGVXPPHU)HVWLYDO
7(55$&(
7HUUDFH&RQFHUW6RFLHW\
7HUUDFH/LWWOH7KHDWUH6RFLHW\
8&/8(/(7
3DFLILF5LP6XPPHU)HVWLYDO
9$1&289(5
$ERULJLQDO&XOWXUDO)HVWLYDO
9DQFRXYHU$ERULJLQDO)ULHQGVKLS&HQWUH
%OXH3ODQHW3URGXFWLRQV
&HOODU-D]]&DIp
&HQWHQQLDO7KHDWUH&HQWUH
&HQWUHFXOWXUHOIUDQFRSKRQHGH9DQFRXYHU
&KDQ&HQWUHIRUWKH3HUIRUPLQJ$UWV
&RDVWDO-D]]DQG%OXHV6RFLHW\GX0DXULHU,QWHUQDWLRQDO-D]])HVWLYDO
/D4XHQD&RIIHH+RXVH
/LWWOH&KDPEHU0XVLF6HULHV7KDW&RXOG6RFLHW\
0D\ZRUNV)HVWLYDORI$UWDQG:RUNLQJ/LIH
0RMR5RRP
3XUSOH2QLRQ
5DLOZD\&OXE
5RJXH)RON&OXE
6RXQGV)XULHV3URGXFWLRQV
6WDUILVK5RRP
8QLYHUVLW\RI%ULWLVK&ROXPELD$063URJUDPV
Page 10
9DQFRXYHU(DVW&XOWXUDO&HQWUH
9DQFRXYHU)RON0XVLF)HVWLYDO
9DQFRXYHU,QWHUQDWLRQDO1HZ0XVLF)HVWLYDO
1HZ0XVLF6RFLHW\
2ZHQ8QGHUKLOO
9DQFRXYHU3UR0XVLFD
3UR0XVLFD6RFLHW\
9DQFRXYHU6XQ&RPPXQLW\&RQFHUW6HULHV
9DQFRXYHU6\PSKRQ\2UFKHVWUD
:HGQHVGD\1RRQ+RXUV
8%&6FKRRORI0XVLF
:HVWHUQ)URQW1HZ0XVLF
9,&725,$
$UWV&HQWUH
7KH*HRUJHDQG'UDJRQ
+HUPDQ¶V
,&$)RONIHVW
0F3KHUVRQ3OD\KRXVH
2SHQ6SDFH$UWV6RFLHW\
9LFWRULD)RON5RRWV0XVLF)HVWLYDO
6WUDWKFRQD+RWHO/HJHQGV
7LF7RF)HVWLYDO
7HUULI9LF)HVWLYDO7HUULI9LF-D]])HVWLYDO
9LFWRULD-D]]6RFLHW\
:(//6
,VODQG0RXQWDLQ$UWV
:HOOV+RWHO
:+,67/(5
:KLVWOHU&RPPXQLW\$UWV&RXQFLO
0$1,72%$
%5$1'21
%UDQGRQ-D]])HVWLYDO
)RON0XVLFDQG$UW6RFLHW\
.RNRQDV5HVWDXUDQWDQG/RXQJH
<DNV1LJKWFOXE
'(/25$,1(
6RXWKZHVW6KRZFDVH
+2//$1'
7LJHU+LOOV$UWV$VVRFLDWLRQ
/($)5$3,'6
0$1,728
0DQLWRX&RIIHH+RXVH0XVLFLDQV7KH
Page 11
0&&5($5<
%XUURZV7UDLO$UWV&RXQFLO
025'(1
%DFN)RUW\)RON)HVWLYDO
67125%(57
6W1RUEHUW$UWVDQG&XOWXUDO&HQWUH
7+203621
&LW\RI7KRPSVRQ5HFUHDWLRQ3DUNVDQG&XOWXUH
:,11,3(*
&HQWUHFXOWXUHOIUDQFR0DQLWREDLQ
)HVWLYDOGXYR\DJHXU
*URXQG6ZHOO
-D]]:LQQLSHJ,QF
3\UDPLG&DEDUHW
:HVW(QG&XOWXUDO&HQWUH
:LQQLSHJ)RON)HVWLYDO
:LQQLSHJ6\PSKRQ\2UFKHVWUD
1HZ0XVLF)HVWLYDO
:RUOG1H[W'RRU)HVWLYDO
1(:%5816:,&.1289($8%5816:,&.
&$5$48(7
)HVWLYDODFDGLHQGH&DUDTXHW
)5('(5,&721
+DUYHVW-D]]DQG%OXHV)HVWLYDO
0,5$0,&+,
0LUDPLFKL)RONVRQJ)HVWLYDO
021&721
$X'HX[LqPH
&OXE&RVPRSROLWDQ
-RH0RND&DIp
0RQFWRQ-D]])HVWLYDO
6HUYLFHGHVORLVLUVVRFLRFXOWXUHOGHO
8QLYHUVLWpGH0RQFWRQ
6$,17-2+1
)HVWLYDOE\WKH6HD
,PSHULDO7KHDWUH
1(:)281'/$1'7(55(1(89(
67-2+1¶6
$QQXDO1HZIRXQGODQGDQG/DEUDGRU)RON)HVWLYDO
&RXQFLORIWKH6WXGHQWV¶8QLRQ
'XNHRI'XFNZRUWK
Page 12
/RIW
6SLULWRI1HZIRXQGODQG
0RRQOLJKWLQJ3URPRWLRQV
)DW&DW%DU
6KLS,QQ
5HVRXUFH&HQWUHIRUWKH$UWV
5RVHDQG7KLVWOH
6KLS,QQ
6RXQG6\PSRVLXP6RXQG$UWV,QLWLDWLYHV,QF
67(3+(19,//(
6WHSKHQYLOOH$UWVDQG&XOWXUH&HQWUH
1257+:(677(55,725,(67(55,72,5(6'8125'28(67
<(//2:.1,)(
&DYH&OXEDQG6SHFLDO(YHQWV
)RONRQWKH5RFNV
*XPERRWV
1RUWKHUQ$UWVDQG&XOWXUDO&HQWUH
,189,.
*UHDW1RUWKHUQ$UWV)HVWLYDO
129$6&27,$1289(//(e&266(
$17,*21,6+
)HVWLYDO$QWLJRQLVK
$QWLJRQLVK3HUIRUPLQJ$UWV6W)UDQFLV;DYLHU8QLYHUVLW\
6W)UDQFLV;DYLHU8QLYHUVLW\0XVLF'HSDUWPHQW
%$''(&.
&HQWUH%UDVG
2U
)HVWLYDORIWKH$UWV
&$162
6WDQ5RJHUV)HVWLYDO
&+(67(5
&KHVWHU3OD\KRXVH
+$/,)$;
$WODQWLF-D]])HVWLYDO
-D]](DVW
%LUPLQJKDP%DUDQG*ULOO
&KHHUV
'DOKRXVLH6WXGHQW8QLRQ
'RPH7KH
7KH.K\EHU
2SHQ:DWHUV)HVWLYDOV
6FRWLD)HVWLYDORI0XVLF
Page 13
/,9(5322/
$VWRU7KHDWUH
/81(1%85*
/XQHQEXUJ)RON+DUERXU)HVWLYDO
1(:*5$6*2:
$OFRUQ$QGUHZ
3,&728
GH&RVWH&HQWUH
6<'1(<
&HOWLF&RORXUV,QWHUQDWLRQDO)HVWLYDO
:2/)9,//(
$FDGLD8QLYHUVLW\
217$5,2
%$55,(
%DUULH&DQDGLDQD0XVLF)HVWLYDO
%DUULH-D]]DQG%OXHV)HVWLYDO
)HEUXDU\%OXHV)HVWLYDO7KH
7KH)HEUXDU\%OXHV)HVWLYDO
0DF/DUHQ/LYH
%(//(9,//(
$FRXVWLF(GJH&RQFHUW6HULHV
%/220),(/'
(YHQLQJ6RQJ)RON&RQFHUWV
%5$03721
%UDPSWRQ)RON)HVWLYDO
%UDPSWRQ7KHDWUH%UDPSWRQ)HVWLYDOV
%5$17)25'
%UDQWIRUG)RON&OXE2FWREHUIRON
1DQF\-)UDQN3URGXFWLRQV
%5,*+721
/LJKWKRXVH&DIp
%85.¶6)$//6
'HFHQW([SRVXUH&RQFHUW6HULHV+HULWDJH5LYHU0XVLF)HVWLYDO
%85/,1*721
3HSSHUZRRG%LVWUR
&$0%5,'*(
0LOO5DFH)HVWLYDORI7UDGLWLRQDO)RON0XVLF
Page 14
&$5/(721
%DOO\JLEOLQ0XVLF6RFLHW\
&/$5(1'21
%OXH6NLHV0XVLF)HVWLYDO
&2//,1*:22'
&ROOLQJZRRG&HOWLF&RQWLQXXP
'5<'(1
0RRQOLJKW3URGXFWLRQV
(/25$
'DOE\+RXVH
(ORUD)HVWLYDO
*2'(5,&+
*RGHULFK&HOWLF)RON6RFLHW\
*8(/3+
$UNHOO6FKRROKRXVH*DOOHU\$FRXVWLF&RQWHPSRUDU\&RQFHUW6HULHV
%ODFN0XVWDUG5HVWDXUDQW%DU
)RONZD\0XVLF
*XHOSK-D]])HVWLYDO
+LOOVLGH&RPPXQLW\)HVWLYDORI*XHOSK
8QLYHUVLW\RI*XHOSK
+$0,/721
)HVWLYDORI)ULHQGV&UHDWLYH$UWV,QF
+DPLOWRQ-D]])HVWLYDO
.(125$
/DNHRIWKH:RRGV+HULWDJH)HVWLYDO
.,1*6721
.LQJVWRQ-D]]6RFLHW\
/LYH:LUH0XVLF6HULHV
6KDQWHUR3URGXFWLRQV,QF
:HOOLQJWRQ+RWHO
.,7&+(1(5
.LWFKHQHU:DWHUORR6\PSKRQ\2UFK2SHQ(DUV)HVWLYDO
18086
/21'21
%RRPHU¶V
&XFNRR
V1HVW)RON&OXE
(PEDVV\+RWHO
+RPH&RXQW\)RON/HDJXH+RPH&RXQW\)RON)HVWLYDO
2UFKHVWUD/RQGRQ&KDPEHUPXVLFVHULHV
6XQIHVW&URVV&XOWXUDO$UWV&RPPLWWHH
0$5.+$0
Page 15
0DUNKDP-D]])HVWLYDO
0DUNKDP7KHDWUHIRU3HUIRUPLQJ$UWV
6W$QGUHZ¶V8QLWHG&KXUFK-D]]6HULHV
0,'/$1'
:\H0DUVK)HVWLYDO
0,66,66$8*$
/LYLQJ$UWV&HQWUH
25,//,$
2ULOOLD-D]])HVWLYDO
2$.9,//(
2DNYLOOH&HQWUHIRUWKH3HUIRUPLQJ$UWV
277$:$
$IWHU(LJKW-D]]&OXE
:DYHOHQJWK&RPPXQLFDWLRQV
&DQDGLDQ7XOLS)HVWLYDO
$FRXVWLF:DYHV*UHDW&DQDGLDQ7KHDWUH&RPSDQ\
&XOWXUHV&DQDGD
5DVFDO5RRWVDQG5DGV6HULHV1DWLRQDO*DOOHU\RI&DQDGD
&.&82WWDZD)RON)HVWLYDO
1DWLRQDO&DSLWDO&RPPLVVLRQ&RPPLVVLRQGHODFDSLWDOHQDWLRQDOH
1DWLRQDO/LEUDU\RI&DQDGD%LEOLRWKqTXHQDWLRQDOHGX&DQDGD
2WWDZD&KDPEHU0XVLF)HVWLYDO
2WWDZD,QWHUQDWLRQDO-D]])HVWLYDO
5DVSXWLQ
V)RON&DIp
=DSKRG%HHEOHEUR[
2:(16281'
*HRUJLDQ%D\)RON6RFLHW\6XPPHUIRON
3$55<6281'
)HVWLYDORIWKH6RXQG
3(57+
)RON8SVWDLUV
3HUWK)RON&OXE
6WHZDUW3DUN)HVWLYDO
3(7(5%2528*+
)RON8QGHUWKH&ORFN
*RUGRQ%HVW7KHDWUH
.DZDUWKD-D]]6RFLHW\
3HWHUERURXJK)RON)HVWLYDO
5HG'RJ
Page 16
3,&.(5,1*
3OXPPHU$YHQXH)RON&OXE
3,&721
5HJHQW7KHDWUH)RXQGDWLRQ
6$1'</$.(
0XGG\:DWHU0XVLF)HVWLYDO
6$51,$
:DONOLQJ&RQFHUWV
6$8/767(0$5,(
%ODFN)O\-DP)RON&OXE
6&$5%2528*+
$FRXVWLF+DUYHVW)RON&OXE
67&$7+$5,1(6
&HQWUHIRUWKH$UWV%URFN8QLYHUVLW\
*UDSHDQG:LQH)HVWLYDO
+LOOHEUDQG-D]])HVWLYDO
67,7769,//(
0XVLFDPXQGL
68'%85<
+XQWLQJWRQ-D]]6RFLHW\
1RUWKHUQ/LJKWV)HVWLYDO%RUHDO
7+81'(5%$<
7KH%HDFK
&R\RWHV
&URFNV
Q
5ROOV
7,//621%85*
)HVWLYDOE\WKH/DNH
7252172
$IURIHVW0XVLF$IULFD
$UUD\PXVLF
%DPERR
%HDFKHV-D]])HVWLYDO
&
HVW:KDW
&%&*OHQQ*RXOG-D]]6HULHV
&RQ7DNW1HZ$UW
'X0DXULHU7KHDWUH-D]]6HULHV
(DJOHZRRG)RON)HVWLYDO
([LW
)UHH7LPHV&DIp
*UDIILWL¶V
*URRVVPDQ¶V7DYHUQ
Page 17
+DUERXUIURQW&HQWUH
+RUVHVKRH7DYHUQ
/LEHUW\6WUHHW&DIH
0DULSRVD)RON)HVWLYDO
0HO/DVWPDQ6TXDUH
0HWUR-D]]6RFLHW\
0RQWUHDO%LVWURDQG-D]]&OXE
0XVLF*DOOHU\
0XVLF8PEUHOOD&KDPEHU&RQFHUWV
2DVLV
7KH2SHUD+RXVH
2UELW5RRP
7KH3LORW7DYHUQ
6PDOO:RUOG0XVLF3URGXFWLRQV
6RXQGVWUHDPV&DQDGD(QFRXQWHUV6HULHVDQG
7KH5H[+RWHODQG-D]]&OXE
7RS2
7KH6HQDWRU
7RURQWR'RZQWRZQ-D]]6RFLHW\
7RURQWR6\PSKRQ\2UFKHVWUD0DVVH\+DOO1HZ0XVLF)HVWLYDO
7ZLJJ\0XVLF#(YHUHVW
7KH8OWUDVRXQG
9LWDO6SDUN)RON&OXE
:$7(5/22
-D]]LQ
,W8SWRZQ
0HQDUG:LQJHODDU-D]]3URGXFWLRQV
:DWHUORR7RZQ6TXDUH
:,.:(0,.21*
7KUHH)LUHV0XVLF)HVWLYDO
:,1'625
&DQDGLDQ0XVLF)HVWLYDO:LQGVRU6\PSKRQ\2UFKHVWUD
&DSLWDO7KHDWUHDQG$UWV&HQWUH
6SRWWHG'RJ%DUDQG*ULOO
:LQGVRU)RON0XVLFDQG$UWV6RFLHW\
35,1&((':$5',6/$1'Ì/('835,1&(e'28$5'
&+$5/277(72:1
%DED¶V/RXQJH
-HQVHQ3URGXFWLRQV1HZ,UHODQG3URGXFWLRQV
3ULQFH(GZDUG,VODQG-D]]DQG%OXHV6RFLHW\)HVWLYDO
1257+5867,&2
5XVWLFR6KLQGLJV
6800(56,'(
&ROOHJHRI3LSLQJ
+DUERXUIURQW-XELOHH7KHDWUH
6SLQQDNHUV¶/DQGLQJ
9,&725,$
Page 18
9LFWRULD3OD\KRXVH
&+$5/277(72:1
$XGLWRULXP$OPD
$</0(5
3DUFGHO
,PDJLQDLUH
%$,(&20($8
&RUSRUDWLRQGHJHVWLRQGHODVDOOHGHVSHFWDFOHGH%DLH&RPHDX
%e&$1&285
'LIIXVLRQ3OHLQVXG
&$1721'¶25)25'
&$5/(721
0D[LPXP
0D[LPXP%OXHV
&+,&287,0,
7KpkWUHGX6DJXHQD\
'580021'9,//(
&RUSRUDWLRQGX&HQWUHFXOWXUHOGH'UXPPRQGYLOOH
0RQGLDOGHVFXOWXUHVGH'UXPPRQGYLOOH
*$63e
%LVWUR%ULVHELVH
*$7,1($8
0DLVRQGHODFXOWXUHGH*DWLQHDX
-2/,(77(
)HVWLYDOLQWHUQDWLRQDOGH/DQDXGLqUH
-2148,Ê5(
&DIp7KpkWUH&{Wp&RXU
/¶$662037,21
&RUSRUDWLRQ+HFWRU&KDUODQG
/e9,6
'LIIXVLRQFXOWXUHOOHGH/pYLV
/$6$55(
&RPPLVVLRQGHVORLVLUVGH/D6DUUH
/$7848(
0RXYHPHQWVRFLRFXOWXUHOGHOD7XTXH
Page 19
/$&0(*$17,&
&RPLWpFXOWXUHO0pJDQWLF
/(%,&
7KpkWUHGX%LF
/(112;9,//(
7KpkWUH&HQWHQQLDO
/21*8(8,/
7KpkWUHGHOD9LOOH
9LHX[&ORFKHUGH0DJRJ
9LHX[&ORFKHUGH6KHUEURRNH
0217/$85,(5
0XQLVSHF0RQW/DXULHU
02175e$/
%LGGOHV
eTXLSH6SHFWUD
&DEDUHW
&DIp&DPSXV
&DIp6DUDMHYR
&HQWUH3LHUUH3pODGHDX
&OXE%DODWWRX
&OXE6RGD
&RXSGH&RHXU)UDQFRSKRQH
)DLWHVGHODPXVLTXH
)HVWLYDOLQWHUQDWLRQDOGHMD]]GH0RQWUpDO
,QQRYDWLRQVHQFRQFHUW
/
$LUGX7HPSV
/HV3URGXFWLRQV1XLWVG
$IULTXH
0DLVRQGHODFXOWXUH)URQWHQDF
0RQXPHQWQDWLRQDO
0XVLTXHPXOWL0RQWUpDO
6DOOH&ODXGH&KDPSDJQH8QLYHUVLWpGH0RQWUpDO
6DOOHVGX*HV
6N\3XE
6RFLpWpGHOD3ODFHGHV$UWVGH0RQWUpDO
7KpkWUHGX1RXYHDX0RQGH
7KpkWUHOD&KDSHOOH
7UDTXHQ
DUW
8SVWDLUV
8VLQH&
<HOORZ'RRU
48e%(&
)HVWLYDOG
pWpLQWHUQDWLRQDOGH4XpEHF
)HVWLYDOGHVMRXUQpHVG¶$IULTXHGDQVHHWU\WKPHGXPRQGH
+RWHO&ODUHQGRQ
,QVWLWXWFDQDGLHQGH4XpEHF
/D0DLVRQGHODFKDQVRQ
Page 20
/H&DIpGHV$UWV
/H'¶$XWHXLO
3DODLV0RQWFDOP
3XE6DLQW$OH[DQGUH
5,0286.,
)HVWLMD]]LQWHUQDWLRQDOGH5LPRXVNL
6HUYLFHGHVORLVLUVGHOD9LOOHGH5LPRXVNL
528<1125$1'$
3URGXFWLRQV3DUDOOqOH
6$,17($'Ê/(
%RXUERQ6WUHHW
6$,17&$0,//(
3
WLWERQKHXUGH6DLQW&DPLOOH
6$,17(867$&+(
6HUYLFHGHVDUWVHWGHODFXOWXUHGHODYLOOHGH6DLQW(XVWDFKH
6$,17,5e1e(
)HVWLYDOLQWHUQDWLRQDOGX'RPDLQH)RUJHW
6$,17()2<
/HV3URGXFWLRQVG
$OEHUW
6$/$%(55<'(9$//(<),(/'
9DOVSHF
6(37Ì/(6
&RUSRUDWLRQGHODVDOOHGH6HSWÌOHV
6+(5%522.(
&HQWUHFXOWXUHOGHO
8QLYHUVLWpGH6KHUEURRNH
6$,17$1'5e$9(//,1
0XVLTX
HQDRW
9$/'¶25
6HUYLFHFXOWXUHOGH9DOG
2U
9,&725,$9,//(
)HVWLYDOLQWHUQDWLRQDOGHPXVLTXHDFWXHOOHGH9LFWRULDYLOOH),0$9
:$.(),(/'
%ODFN6KHHS,QQ
6$6.$7&+(:$1
5(*,1$
)ODWODQG0XVLF)HVWLYDO
3UDLULH1HZ0XVLF
Page 21
5HJLQD)RON)HVWLYDO
5HJLQD*XLOGRI)RON$UWV
5HJLQD-D]]6RFLHW\
6DVNDWFKHZDQ&XOWXUDO([FKDQJH6RFLHW\7KH([FKDQJH
6$6.$7221
$PLJR
V
%DVVPHQW7KHUG$YHQXH6RXWK
%URDGZD\7KHDWUH
'DGG\%3URGXFWLRQV
/\GLD
VRQ%URDGZD\
1HVV&UHHN0XVLF)HVWLYDO
1HZ0XVLF)HVWLYDO6DVNDWRRQ6\PSKRQ\
5RDGVLGH$WWUDFWLRQV
6DVN7HO6DVNDWFKHZDQ-D]])HVWLYDO
<8.21
'$:621&,7<
'DZVRQ&LW\0XVLF)HVWLYDO
+$,1(6-81&7,21
$OVHN0XVLF)HVWLYDO
:+,7(+256(
)URVWELWH0XVLF6RFLHW\
-D]]6RFLHW\RIWKH<XNRQ
8QLWHFK
<XNRQ$UWV&HQWUH
<XNRQ,QWHUQDWLRQDO6WRU\WHOOLQJ)HVWLYDO
Page 22
*29(510(17$1',1)250$7,216285&(6
6285&(6*289(51(0(17$/(6(7
6285&(6'(5(16(,*1(0(176
$/%(57$
&XOWXUH1HW
8QLYHUVLW\RI&DOJDU\
&UDLJLH+DOO5RRP*
8QLYHUVLW\'ULYH1:
&DOJDU\$%
711
ZZZFXOWXUHQHWFD
1RWHV,QIRUPDWLRQVRXUFH5HQVHLJQHPHQWV
%DUE0DK
6WDQGDUG/LIH&HQWUH
-DVSHU$YHQXH
(GPRQWRQ$%
7-;
EPDK#PFGJRYDEFD
ZZZDIIWDDEFDEDUEKWP
1RWHV$QQXDO$OEHUWD6KRZFDVH2FWREHU
0LQLVSHFWDFOHVDQQXHOVRFWREUH
6XVDQ7\PFKXN
32%R[
(GPRQWRQ$%
7-1
DWDD#FDGYLVLRQFRP
1RWHV$OEHUWDSUHVHQWLQJRUJDQL]DWLRQV
GLIIXVHXUVGHVSHFWDFOHVHQ$OEHUWD
5HJURXSHPHQWGHVGLIIXVHXUVGH
VSHFWDFOHVGHO
$OEHUWD
&DUROH7URWWLHU
UXH0DULH$QQH*DERXU\
(GPRQWRQ$%
7&1
DFIDSURY#IUDQDOWDDEFD
1RWHV&RPPXQLW\3UHVHQWHUVVKRZVSHU
\HDU5pVHDXGHGLIIXVHXUVGHVSHFWDFOHV
UHSUpVHQWDWLRQVSDUDQQpH
%5,7,6+&2/80%,$
&2/20%,(%5,7$11,48(
-RKQ0F/DFKODQ
0F.D\$YHQXH%R[
%XUQDE\%&
9+0
RU
I\L#EFWRXULQJRUJ
ZZZEFWRXULQJRUJ
1RWHV1HWZRUNRI%&SUHVHQWHUVDQQXDO
VKRZFDVH$SULO0D\5pVHDXGHGLIIXVHXUVHQ
&%PLQLVSHFWDFOHVDQQXHOVHQDYULOPDL
$UW6WDUWV$UWVFDQ
:HQG\1HZPDQ
3HQGHU6WUHHW
9DQFRXYHU%&
9$;
DUWVWDUWV#EFV\PSDWLFRFD
ZZZDUWVWDUWVFRP
1RWHV1HWZRUNRI%&VFKRROSUHVHQWHUVDQG
DQQXDOVKRZFDVHLQ$SULO5pVHDXGHGLIIXVHXUV
GHVpFROHVHQ&%HWPLQLVSHFWDFOHVDQQXHOV
HQDYULO
Page 23
$VVHPEO\RI%ULWLVK&ROXPELD
$UWV&RXQFLOV
/LQGD3RZHU
2DN6WUHHW
9DQFRXYHU%&
9+0
DVVHPEO\#LVWDUFD
ZZZFFGEFEFFD
1RWHV&RQWDFWOLVWRIFRPPXQLW\DUWVFRXQFLOVLQ
%&PDQ\RIZKRPDFWDVSUHVHQWHUVLQWKHLU
FRPPXQLWLHV/LVWHGHFRQWDFWVGHVFRQVHLOV
GHVDUWVHQ&%FHUWDLQVG
HQWUHHX[VRQWGHV
GLIIXVHXUVFRPPXQDXWDLUHV
)pGpUDWLRQGHVIUDQFRSKRQHVGHOD
&RORPELH%ULWDQQLTXH
WK$YHQXH:HVW
9DQFRXYHU%&
9-6
1RWHV&RQWDFWWKHRUJDQL]DWLRQIRUPRUH
LQIRUPDWLRQ&RPPXQLTXHUDYHFO¶RUJDQLVPH
SRXUGHSOXVDPSOHVUHQVHLJQHPHQWV
3DFLILF0XVLF,QGXVWU\$VVRFLDWLRQ
30,$
:WK$YHQXH
9DQFRXYHU%&
9</
ZZZSPLDRUJ
0LQLVWU\RI6PDOO%XVLQHVV7RXULVP
DQG&XOWXUH
*5LFKDUG%URZQVH\
&XOWXUDO6HUYLFHV%UDQFK
-RKQVRQ6WUHHWWK)ORRU
9LFWRULD%&
9::
ULFKDUGEURZQVH\#JHPVJRYEFFD
ZZZEFDUWVFRXQFLOJRYEFFD
0$1,72%$
6RXWKHUQ0DQLWRED3HUIRUPDQFH
7RXULQJ1HWZRUN
'RQQD/RZH
32%R[
%UDQGRQ0%
5$6
ORZHGD#ZHVWPDQZDYHFD
1RWHV1HWZRUNRIDSSUR[LPDWHO\SUHVHQWHUV
LQVRXWKHUQ0DQLWREDPDMRULW\RIZKRPERRND
FRQFHUWVHULHVIURP6HSWHPEHUWR$SULO
5pVHDXG
HQYLURQGLIIXVHXUVGRQWODPDMRULWp
SURJUDPPHQWGHVVpULHVGHFRQFHUWVGH
VHSWHPEUHjDYULO
7HUHVD<HR
4XHHQ6WUHHW
)OLQ)ORQ0%
5$0
QDUWF#PEV\PSDWLFRFD
1RWHV1HWZRUNEORFNERRNVSULPDULO\MD]]DQG
IRONIRUWRXUVLQPDMRUFHQWUHVLQ1RUWKHUQ
0DQLWRED&KXUFKLOO/HDI5DSLGV7KRPSVRQ
6QRZ/DNH)OLQ)ORQDQG7KH3DVFRQFHUWV
UDQJHIURPWRSHU\HDU/LYUHGHUpVHDXGHV
WRXUQpHVSRXUFHQWUHVSULQFLSDX[GDQVOHQRUG
GX0DQLWRED&KXUFKLOO/HDI5DSLGV7KRPSVRQ
6QRZ/DNH)OLQ)ORQDQG7KH3DVGHj
FRQFHUWVSDUDQQpH
0DQLWRED$UWV&RXQFLO
6YHWODQD=\OLQ
/RPEDUG$YHQXH
:LQQLSHJ0%
5%%
PDQDUW#PWVQHW
ZZZDUWVFRXQFLOPEFD
1RWHV%LDQQXDOVKRZFDVH&RPPXQLW\
3UHVHQWHUV'LUHFWRU\0LQLVSHFWDFOHVEL
DQQXHOV5pSHUWRLUHGHVGLIIXVHXUV
FRPPXQDXWDLUHV
Page 24
0DQLWRED$XGLR5HFRUGLQJ,QGXVWU\
$VVRFLDWLRQ0$5,$
$UWKXU6WUHHW
:LQQLSHJ0%
5%+
LQIR#PDQDXGLRPEFD
ZZZPDQDXGLRPEFD
1(:%5816:,&.
1289($8%5816:,&.
'HSDUWPHQWRI0XQLFLSDOLWLHV
&XOWXUHDQG+RXVLQJ
'HVPRQG0DLOOHW
32%R[
)UHGHULFWRQ1%
(%+
DUWVEUDQFK#JRYQEFD
&RQVHLOSURYLQFLDOGHVVRFLpWpV
FXOWXUHOOHV
5D\PRQGH%RXOD\/H%ODQF
-RKQ6WUHHW
0RQFWRQ1%
(&*
FSVF#QEQHWQEFD
ZZZIUDQFRIHWHFRP
1RWHV$QQXDOVKRZFDVHKHOGGXULQJ)UDQFRIrWH
GH0RQFWRQLQ1RYHPEHU0LQLVSHFWDFOHV
DQQXHOVSHQGDQWOD)UDQFRIrWHGH0RQFWRQHQ
QRYHPEUH
1DQF\6FKHOO
UG/HYHO%UXQVZLFN6TXDUH
.LQJ6WUHHW
6DLQW-RKQ1%
(/:
QEDF#QEQHWQEFD
SHUVRQHOQEQHWQEFDQEDF,1'(;+70/
1RWHV1HZ%UXQVZLFN3UHVHQWHUV/LVWDYDLODEOH
5pSHUWRLUHGHVGLIIXVHXUVGX1RXYHDX%UXQVZLFN
GLVSRQLEOH
1(:)281'/$1'7(55(1(89(
0XVLF,QGXVWU\$VVRFLDWLRQRI
1HZIRXQGODQGDQG/DEUDGRU0,$
'HQLV3DUNHU
:DWHU6WUHHW6XLWH
6W-RKQ
V1)
$&%
GSDUNHU#QIOGFRP
ZZZPLDQIFD
'HSDUWPHQWRI7RXULVP&XOWXUH
DQG5HFUHDWLRQ
5LFKDUG-6WRNHU
32%R[
6W-RKQ
V1)
$&3
GVWRNHU#QIDLEQFRP
ZZZDUWVDQGFXOWXUHFHQWUHFRP
Page 25
129$6&27,$1289(//(e&266(
'HSDUWPHQWRI7RXULVPDQG&XOWXUH
0DUFHO0F.HRXJK
32%R[
+DOLID[16
%-5
PFNHRXPS#JRYQVFD
ZZZJRYQVFDGWFKFFXOWXUDODIIDLUVKWPO
0XVLF,QGXVWU\$VVRFLDWLRQRI1RYD
6FRWLD0,$16
7DQ\D:ROVWHQKROPH
32%R[&HQWUDO
%DUULQJWRQ6WUHHW6XLWH
+DOLID[16
%-$
WDQ\DPLDQV#QVV\PSDWLFRFD
PLDQVQVV\PSDWLFRFD
5XVVHOO.HOOH\
+ROOLV6WUHHW6XLWH
32%R[&52
+DOLID[16
%-<
QVDUWVFRXQFLO#QVV\PSDWLFRFD
1257+:(677(55,725,(6
7(55,72,5(6'8125'28(67
'HSDUWPHQWRI(GXFDWLRQ&XOWXUH
DQG(PSOR\PHQW
(YHO\Q'RKQW
32%R[
<HOORZNQLIH17
;$/
HYHO\QBGRKQW#HFHOHDUQQHWQWFD
ZZZJRYQWFD
217$5,2
&RPPXQLW\&XOWXUDO,PSUHVDULRV
&&,
-RH1RYDN
*DWLQHDX$YHQXH
0LVVLVVDXJD21
/=5
MQRYDN#FLW\QRUWK\RUNRQFD
&DQDGLDQ$UWV3UHVHQWHUV
$VVRFLDWLRQ$VVRFLDWLRQ
FDQDGLHQQHGHVRUJDQLVPHV
DUWLVWLTXHV&$3$&2$
3HWHU)HOGPDQ
UXH<RUN6WUHHW
2WWDZD21
.1-
FDSDFRD#PDJLFRP
ZZZFXOWXUHQHWFDFDSDFRD
1RWHV$QQXDOVKRZFDVHLQ2FWREHUQHWZRUNRI
SURIHVVLRQDOSUHVHQWHUVDQGIDFLOLW\PDQDJHUV
DFURVV&DQDGD0LQLVSHFWDFOHVDQQXHOVHQ
RFWREUHUpVHDXGHGLIIXVHXUVSURIHVVLRQQHOVHW
JHVWLRQQDLUHVGHVDOOHVjWUDYHUVOH&DQDGD
5pVHDX2QWDULR
0pODQ\*DXYLQ
FKHPLQ0RQWUpDO
2WWDZD21
./&
DSFP#V\PSDWLFRFD
1RWHV1HWZRUNRI)UDQFR2QWDULDQSUHVHQWHUV
VKRZV5pVHDXGHKXLWGLIIXVHXUVIUDQFR
RQWDULHQVUHSUpVHQWDWLRQV
Page 26
6W-RVHSK6WUHHW
7RURQWR21
0<-
FRPSRVHU#HSDVXWRURQWRFD
ZZZHSDVXWRURQWRFDaFRPSRVHU
LQGH[KWPO
&DQDGLDQ0XVLF&HQWUH
1DWLRQDO2IILFH
6W-RVHSK6WUHHW
7RURQWR21
0<-
FPF#LQWHUORJFD
ZZZFXOWXUHQHWFDFPF
)RXQGDWLRQWR$VVLVW&DQDGLDQ
7DOHQWRQ5HFRUGV)$&725
*HRUJH6WUHHWQG)ORRU
7RURQWR21
0$1
IDFWRU#IDFWRUFD
ZZZIDFWRUFD
2QWDULR$UWV&RXQFLO&RQVHLOGHV
$UWVGHO¶2QWDULR
&ROHWWH1DXEHUW
%ORRU6WUHHW:HVW6XLWH
7RURQWR21
067
FQDXEHUW#DUWVRQFD
ZZZDUWVRQFD
1RWHV$QQXDO7RURQWRVKRZFDVHIRUDQJORSKRQH
DUWLVWVLQ1RYHPEHU0LQLVSHFWDFOHVDQQXHOV
GHVDUWLVWHVDQJORSKRQHVHQQRYHPEUHj
7RURQWR
%LDQQXDO2WWDZDVKRZFDVHIRUIUDQFRSKRQH
DUWLVWVLQ6HSWHPEHU0LQLVSHFWDFOHVELDQQXHOV
GHVDUWLVWHVIUDQFRSKRQHVHQVHSWHPEUHj
2WWDZD
2QWDULR&RXQFLORI)RON)HVWLYDOV
2&))
:DUUHQ5RELQVRQ
%R[%*RXOG$YHQXH
6DXEOH%HDFK21
1+*
RFII#LFRPPFD
ZZZLFRPPFD×RFII
35,1&((':$5',6/$1'Ì/('8
35,1&(e'28$5'
'HSDUWPHQWRI(GXFDWLRQRI3ULQFH
(GZDUG,VODQG
'RQDOG/HFODLU
&XOWXUH+HULWDJHDQG5HFUHDWLRQ
32%R[
&KDUORWWHWRZQ3(
&$1
48e%(&
-RFHO\QH/DSLHUUH
qUHUXHHVW
$PRV4&
-7*
VSHFWRXU#YLOOHYDOGRUTFFD
1RWHV1HWZRUNRIPXOWLGLVFLSOLQDU\SUHVHQWHUV
VKRZVSHU\HDU5pVHDXGHQHXI
GLIIXVHXUVPXOWLGLFLSOLQDLUHVUpSUHVHQWDWLRQV
SDUDQQpH
Page 27
&RPPHUFHLQWHUQDWLRQDOGHVDUWVGH
ODVFqQH&,1$56
$ODLQ3DUp
ERXOHYDUG6DLQW/DXUHQW
0RQWUpDO4&
+;7
FLQDUV#YLUFRP
1RWHV%LDQQXDOVKRZFDVHRI&DQDGLDQDQG
LQWHUQDWLRQDODUWLVWVDQGFRPSDQLHVKHOGLQ
'HFHPEHU0LQLVSHFWDFOHVELDQQXHOVG¶DUWLVWHV
FDQDGLHQVHWLQWHUQDWLRQDX[TXLRQWOLHXHQ
GpFHPEUH
/H&RQVHLOGHVDUWVGHOD
FRPPXQDXWpXUEDLQHGH0RQWUpDO
)UDQFH0DORXLQ
UXH6DLQW8UEDLQ
0RQWUpDO4&
+;1
1RWHV3URJUDPIRUWKH,VODQGRI0RQWUpDO
SURJUDPPDWLRQSRXUO
ÌOHGH0RQWUpDO
/D)RQGDWLRQ086,&$&7,21
UXH6DLQW$QWRLQHRXHVWEXUHDX
0RQWUpDO4&
+=-
IRQGDWLRQ#PXVLFDFWLRQFD
ZZZPXVLFDFWLRQFD
1RWHV5HQVHLJQHPHQWV,QIRUPDWLRQVRXUFH
,6($,QWHU6RFLHW\IRUWKH
(OHFWURQLF$UWV,QWHUVRFLpWpGHV
DUWVpOHFWURQLTXHV
ERXO6DLQW/DXUHQWVXLWH
0RQWUpDO4&
+;9
LVHD#LVHDTFFD
ZZZLVHDTFFD
5pVHDXLQGpSHQGDQWGHVGLIIXVHXUV
G
pYpQHPHQWVDUWLVWLTXHVXQLV
5,'($8
+pOqQH%LQHW
ERXO6DLQW-RVHSKHVW
0RQWUpDO4&
+-0
DGPLQ#ULGHDXLQFTFFD
ZZZULGHDXLQFTFFD
1RWHV1HWZRUNRI4XpEHFSUHVHQWHUV5pVHDX
GHVGLIIXVHXUVTXpEpFRLV
5pVHDX6FqQHV
&ODXGH*RXOHW
UXH-HDQQH0DQFH
0RQWUpDO4&
+/&
UHVHDXV#V\PSDWLFRFD
1RWHV1HWZRUNRIPXOWLGLVFLSOLQDU\SUHVHQWHUV
VKRZVSHU\HDU5pVHDXGHYLQJW
GLIIXVHXUVPXOWLGLVFLSOLQDLUHV
9LOOHGH0RQWUpDO
3DXO/DQJORLV
UXHG
,EHUYLOOHHpWDJH
0RQWUpDO4&
+*(
SDXOBODQJORLV#YLOOHPRQWUpDOTFFD
ZZZYLOOHPRQWUHDOTFFDPDLVRQV
PDLVRQVKWP
&RQVHLOGHVDUWVHWGHVOHWWUHVGX
4XpEHF&$/4
<YDQ&KHYDOLHU
&RORPEH%RXFKDUG
ERXOHYDUG5HQp/pYHVTXH
HpWDJHEXUHDX
4XpEHF4&
*51
Page 28
5pVHDX&HQWUH
&DUROH.LSOLQJ
UXH3ULQFLSDOHQRUG
&3
5LFKPRQG4&
-%+
1RWHV1HWZRUNRISUHVHQWHUVIURPWKHUHJLRQVRI
0DXULFLH&HQWUDO4XpEHF&KDXGLqUH$SSDODFKHV
DQG(DVWHUQ7RZQVKLSV5pVHDXGHVGLIIXVHXUV
UpSDUWLVVXUOHWHUULWRLUHGHOD0DXULFLHGX&HQWUH
GX4XpEHFGH&KDXGLqUH$SSDODFKHVHWGHV
&DQWRQVGHO
(VW
&LUFXLWGHVSHWLWHVVDOOHVGH
VSHFWDFOHVGX4XpEHF
0DUWLQH7KLEDXOW
UXH6DLQW3DXO&3
5LPRXVNL4&
*/(
1RWHV1HWZRUNRIVPDOOYHQXHVVHDWV
PD[LPXPDFURVV4XpEHF5pVHDXGH
GLIIXVHXUVHQSHWLWHVVDOOHVSODFHV
PD[LPXPDX4XpEHF
5pVHDXGHVRUJDQLVDWHXUVGH
VSHFWDFOHVGHO
HVWGX4XpEHF
526(4
6RODQJH0RUULVVHWWH
UXH6DLQW3DXO&3
5LPRXVNL4&
*/(
1RWHV1HWZRUNRIVPDOOYHQXHSUHVHQWHUV
ZKRSUHVHQWVKRZVIURP-XQHWRWKHHQGRI
$XJXVWHDFK\HDU5pVHDXGHGLIIXVHXUVHQ
SHWLWHVVDOOHVTXLSUpVHQWHQWGHVVSHFWDFOHV
FKDTXHDQQpHGXMXLQjODILQDRW
$VVRFLDWLRQGHVGLIIXVHXUVFXOWXUHOV
GHVEDQOLHXHVGH0RQWUpDO
$',&8%
)UDQoRLV0DUWHO
UXH*UHQHW
6DLQW/DXUHQW4&
+/.
1RWHV1HWZRUNRIUHSUHVHQWDWLYHVIURPWKH
*UHDWHU0RQWUpDOPXQLFLSDOLWLHV5pVHDXGH
GLIIXVHXUVTXLUpJURXSHGHVUHSUpVHQWDQWVGHV
PXQLFLSDOLWpVGHOD&RPPXQDXWpXUEDLQHGH
0RQWUpDO
-DFTXHV/DEUHFTXH
ERXOGHO
8QLYHUVLWp
6KHUEURRNH4&
-.5
MODEUHFT#FRXUULHUXVKHUEFD
1RWHV1HWZRUNRIUHJLRQDOPXOWLGLVFLSOLQDU\
SUHVHQWHUVDQGIDFLOLWLHVPDQDJHUV5pVHDXGH
GLIIXVHXUVPXOWLGLVFLSOLQDLUHVHWJHVWLRQQDLUHVGH
VDOOHVUpJLRQDX[
6$6.$7&+(:$1
&DQDGLDQ&KLOGUHQ
V)HVWLYDO
$VVRFLDWLRQ&&)$
FR5HJLQD,QWHUQDWLRQDO&KLOGUHQ
V)HVWLYDO
&RUQZDOO6WUHHW
5HJLQD6.
63(
Page 29
2UJDQL]DWLRQRI6DVNDWFKHZDQ$UWV
&RXQFLOV26$&
1DQF\0DUWLQ
WK$YHQXH
5HJLQD6.
65&
RVDF#VNV\PSDWLFRFD
ZZZVDVNQHWFRPVFFR
1RWHV$QQXDOVKRZFDVHLQ2FWREHU1HWZRUNRI
6DVNDWFKHZDQ$UWV&RXQFLOVDQGFRPPXQLW\
SUHVHQWHUV0LQLVSHFWDFOHVDQQXHOVHQRFWREUH
5pVHDXGHVFRQVHLOVGHVDUWVGLIIXVHXUV
FRPPXQDXWDLUHVHQ6DVNDWFKHZDQ
'HQLVH%RXGUHDX
UXH+LOOVGDOH
5pJLQD6.
66-
FXOWXUHOOH#VNV\PSDWLFRFD
1RWHV1HWZRUNRI)UDQFR6DVNDWFKHZDQV
SUHVHQWHUV5pVHDXGHGLIIXVHXUVIUDQVDVNRLV
<8.21
0DULR+pURX[
UXH6WULFNODQG
&3
:KLWHKRUVH<.
<$=
IUDQFR\N#\NQHW\NFD
ZZZIUDQFRFDDI\
/DXUHO3DUU\
32%R[
:KLWHKRUVH<.
<$&
DUWV#JRY\NFD
ZZZDUWV\XNRQFRP
6DVNDWFKHZDQ5HFRUGLQJ,QGXVWU\
$VVRFLDWLRQ65,$
&RUQZDOO6WUHHW
5HJLQD6.
63;
VULD#VNV\PSDWLFRFD
ZZZVULDVNFD
Page 30
0(',$6285&(65e3(572,5('(60(',$6
$/%(57$
9R[0DJD]LQH
&$/*$5<
&DOJDU\6WUDLJKW
)WK6WUHHW6(
&DOJDU\$%
7**
(OL]DEHWK&KRUQH\
HBFKRUQH\#VWUDLJKWFRP
=ROWDQ9DUDGL
'LVWULEXWLRQHYHU\7KXUVGD\WRXVOHVMHXGLV
&-6:)0
8QLYHUVLW\RI&DOJDU\5DGLR6RFLHW\
5P*UDQW0DF(ZDQ+DOO
8QLYHUVLW\'ULYH1:
&DOJDU\$%
711
FMVZIP#XFDOJDU\FD
ZZZFMVZFRP
)IZG)DVW)RUZDUG
0LNH%HOO
$YH6:
&DOJDU\$%
77$
IIZG#JUHDWZHVWFD
ZZZJUHDWZHVWFDIIZG
'RQ0F6ZLQH\
5P*UDQW0DF(ZDQ+DOO
8QLYHUVLW\RI&DOJDU\
&DOJDU\$%
711
YR[FMVZ#DFVXFDOJDU\FD
ZZZXFDOJDU\8RI&VWXGHQWVYR[
'LVWULEXWLRQPRQWKO\FDPSXVUDGLRSXEOLFDWLRQ
&-6:SXEOLFDWLRQPHQVXHOOHGHODUDGLRGX
&DPSXV&-6:
:KDW
V8SRQWKH+LW/LVW
&DOJDU\+HUDOG
32%R[6WDWLRQ0
&DOJDU\$%
13:
ZZZFDOJDU\KHUDOGFRP
(ULF'DZVRQ
GDZVRQH#WKHKHUDOGVRXWKDPFD
1DOLQL3OHVFKH
KLWOLVW#WKHKHUDOGVRXWKDPFD
'LVWULEXWLRQGDLO\TXRWLGLHQ
('021721
&.8$5DGLR
'DYLG:DUG
-DVSHU$YHQXHWK)ORRU
(GPRQWRQ$%
7-=
FNXD#RDQHWFRP
ZZZFNXDRUJ
'LVWULEXWLRQ&RXOO-D]]-D]]6XLWH2OG'LVF
-RFNH\%LJ%DQG3OD\,W$JDLQ)RONDQG:RUOG
0XVLF6KRZV)RON5RRWV)RON:D\V&ROOHFWLRQ
5DGLR0RQGR:RUOG3DVVSRUW:RUOGEHDW
Page 31
&-65)0
8QLYHUVLW\RI$OEHUWD
6WUHHW$YHQXH
(GPRQWRQ$%
7*0
LQIR#XDOEHUWDFD
(GPRQWRQ6HH0DJD]LQH
$YHQXH
(GPRQWRQ$%
7(;
'LVWULEXWLRQSXEOLFDWLRQHYHU\ZHHNVSXEOLp
WRXWHVOHVVHPDLQHV
6((0DJD]LQH
6WHZ6ODWHU
WK6WUHHW
(GPRQWRQ$%
7*(
VHH#JUHDWZHVWFD
ZZZJUHDWZHVWFD6((
9XH
*DU\0F*RZDQ
*OHQ\V6ZLW]HU
-DVSHU$YHQXH
(GPRQWRQ$%
7-9
RIILFH#YXHDEFD
ZZZYXHDEFD
:HVWHUQ1DWLYH1HZV
-DVSHU$YHQXH
(GPRQWRQ$%
7-:
QDWYQHZV#SODQHWHRQQHW
'LVWULEXWLRQPRQWKO\PHQVXHO
&2/20%,(%5,7$11,48(
%851$%<
&-6))0
6LPRQ)UDVHU8QLYHUVLW\
7&
%XUQDE\%&
9$6
FMVIPXVLF#VIXFD
ZZZVIXFDaFMVI
1(::(670,1,67(5
HDUVD\SURGXFWLRQV
6L[WK6WUHHW
1HZ:HVWPLQLVWHU%&
9/&
LQIR#HDUVD\FRP
ZZZHDUVD\FRP
1RWH(]LQH1HZ0XVLF
&\EHUPDJD]LQHPXVLTXHDFWXHOOH
9$1&289(5
$FRXVWLF&RQQHFWLRQ0XVLFDQG
&XOWXUDO6RFLHW\
6WHYH(GJH
:HVW%URDGZD\6XLWH
9DQFRXYHU%&
95%
'LVWULEXWLRQ%ULWLVK&ROXPELD)RON5RRWV0XVLF
5HVRXUFH'LUHFWRU\'HFHPEHUSXEOLFDWLRQ
DYDLODEOHIRUSXEOLFDWLRQGHGpFHPEUH
GLVSRQLEOHDXFRWGH
%&797HOHYLVLRQ
&OLYH-DFNVRQ
3KDLULV0F4XLOODQ
(QWHUSULVH6WUHHW
32%R[
9DQFRXYHU%&
9%$
%5,7,6+&2/80%,$
Page 32
&)52)0
9DQFRXYHU&R2S5DGLR
0XVLF&RRUGLQDWRU
&DUUDOO6WUHHW
9DQFRXYHU%&
9%-
RURX
FIURPG#YFQEFFD
ZZZYFQEFFDFIUR
&,75)0
8QLYHUVLW\RI%ULWLVK&ROXPELD
6XE%RXOHYDUG5P
9DQFRXYHU%&
97=
FLWUPXVLF#PDLODPVXEFFD
ZZZDPVXEFFDPHGLDFLWU
*HRUJLD6WUDLJKW
0LNH8VLQJHU
$OH[9DUW\
%XUUDUG6WUHHWQG)ORRU
9DQFRXYHU%&
9-*
LQIR#VWUDLJKWFRP
ZZZVWUDLJKWFRP
7KH3URYLQFH
*UDQYLOOH6WUHHW6XLWH
9DQFRXYHU%&
9&1
VGHUGH\Q#SDFSUHVVVRXWKDPFD
'LVWULEXWLRQZHHNO\KHEGRPDGDLUH
5RJXH)RON5HYLHZ
6WHYH(GJH
/DPH\
V0LOO5RDG
9DQFRXYHU%&
WKHURJXH#LVWDUFD
ZZZURJXHIRONEFFD
*UDQYLOOH6WUHHW
9DQFRXYHU%&
9&1
ZZZYDQFRXYHUVXQFRP
&KDUOHV&DPSEHOO
FMFDPSEHOO#SDFSUHVVVRXWKDPFD
-XG\6FKPLGW
TXHXHOLVW#SDFSUHVVVRXWKDPFD
'LVWULEXWLRQGDLO\4XHXH0DJD]LQHLQVHUWLQ
7KXUVGD\HGLWLRQTXRWLGLHQLQFOXVGDQV
O
pGLWLRQGXMHXGL
:KHUH0DJD]LQH
/RXLVH3KLOLSV
6SUXFH
9DQFRXYHU%&
9+3
ZKHUH#LVWDUFD
'LVWULEXWLRQWRXULVWPRQWKO\SXEOLFDWLRQ
SXEOLFDWLRQWRXULVWLTXHPHQVXHOOH
9,&725,$
&.02)0
)RXO%D\5RDG
9LFWRULD%&
93-
FNPR#FDPRVXQEFFD
ZZZFDPRVXQEFFDaFNPR
0RQGD\0DJD]LQH
5RVV&URFNIRUG
%ODQFKDUG6WUHHW
9LFWRULD%&
9:-
HGLWRULDO#PRQGD\FRP
ZZZPRQGD\FRP
9DQFRXYHU6XQ4XHXH0DJD]LQH
Page 33
0$1,72%$
:,11,3(*
&%&0DQLWRED
32%R[
:LQQLSHJ0%
5&+
$IWHU+RXUV
5RVV3RUWHU
DIWHUKRXUV#ZLQQLSHJFEFFD
1RUD<RXQJ
'172
Q\RXQJ#ZLQQLSHJFEFFD
&-80)0
8QLYHUVLW\RI0DQLWRED
8QLYHUVLW\&HQWUH5P
:LQQLSHJ0%
FMXP#FMXPFRP
ZZZFMXPFRP
7KH)LUVW3HUVSHFWLYH
&DQDGD¶V&RXUVHIRU$ERULJLQDO
1HZVDQG(YHQWV
'HZGQH\$YHQXH
:LQQLSHJ0%
5%(
WDLJDVWI#PEQHWPEFD
ZZZPEQHWPEFDILUVWSHU
3HULPHWHU1HZVSDSHU
-DVRQ/DUDPHH&XOWXUH(GLWRU
6KHUEURRN6WUHHW
:LQQLSHJ0%
5&%
SHULPHWHU#KRWPDLOFRP
8SWRZQ0DJD]LQH
6XVDQ.UHSDUW
$OEHUW6WUHHW
:LQQLSHJ0%
5%*
XSWRZQ#SDQJHDFD
ZZZXSWRZQPDJFRP
'LVWULEXWLRQIUHHHYHU\7KXUVGD\ZLWKFOXEDQG
FRQFHUWOLVWLQJVKHEGRPDGDLUHJUDWXLWDYHFOD
OLVWHGHVFRQFHUWVHWGHVFOXEV
7KH:LQQLSHJ)UHH3UHVV
%DUWOH\.LYHV0XVLF5HSRUWHU
&KULV6PLWK-D]]&ROXPQLVW
0RXQWDLQ$YHQXH
:LQQLSHJ0%
5;%
ZZZPEQHWPEFDIUHHSUHVV
7KH:LQQLSHJ6XQ
&KXUFK$YHQXH
:LQQLSHJ0%
5;$
ZSJVXQHG#HVFDSHFD
-RKQ.HQGOH(QWHUWDLQPHQW(GLWRU
-LOO:LOVRQ0XVLF:ULWHU
1(:%5816:,&.
1289($8%5816:,&.
)5('(5,&721
&+65)0
8QLYHUVLW\RI1HZ%UXQVZLFN
68%XLOGLQJ32%R[
)UHGHULFWRQ1%
(%$
FKUV#XQEFD
ZZZXQEFDZHEFKVU
Page 34
7KH'DLO\*OHDQHU
3URVSHFW6WUHHW:HVW
32%R[
)UHGHULFWRQ1%
(%$
GJQHZV#QEQHWQEFD
ZZZGDLO\JOHDQHUFRP
'LVWULEXWLRQGDLO\TXRWLHQ
021&721
&.80)0
8QLYHUVLWpGH0RQFWRQ
&HQWUHpWXGLDQW
0RQFWRQ1%
($(
FNXP#XPRQFWRQFD
ZZZIUDQFRFDDUFFNXP
6$&.9,//(
&+0$)0
$0DLQ6WUHHW
6DFNYLOOH1%
(/%
FKPD#PWDFD
ZZZPWDFDFKPD
1(:)281'/$1'
7(55(1(89(
67-2+1¶6
7KH%HDP$UWVDQG(QWHUWDLQPHQW
-XQH+LVFRFN
3OHDVDQW6WUHHW
6W-RKQ
V1)
$(&
PRRQPXVLF#QIOGFRP
ZZZPRRQPXVLFQIOGFRP
'LVWULEXWLRQELPRQWKO\ELPHQVXHO
&+05)0
0HPRULDO8QLYHUVLW\RI1HZIRXQGODQG
6W-RKQ
V1)
$&6
FKPU#PXQFD
ZZZPXQFDVFXFKPU
6LJQDOV$UWV(QWHUWDLQPHQWDQG
5HOD[DWLRQLQ0HWUR6W-RKQ
V
%ODFNPDUVK5RDG6XLWH
6W-RKQ
V1)
$(6
'LVWULEXWLRQELZHHNO\SXEOLFDWLRQZLWKFOXEDQG
FRQFHUWOLVWLQJVELKHEGRPDGDLUHpQXPpUDQWOHV
FRQFHUWVHWOHVFOXEV
6W-RKQ
V7HOHJUDP
0DUN9DXJKQ-DFNVRQ
&ROXPEXV'ULYH
32%R[
6W-RKQ
V1)
$&;
WHOHJUDP#WKHWHOHJUDPFRP
ZZZWKHWHOHJUDPFRP
129$6&27,$
1289(//(e&266(
+$/,)$;
&%&+DOLID[
:HHNHQGHU
-HII5HLOO\3HWHU7RJQL
32%R[
+DOLID[16
%-(
ZHHNHQGHU#KDOLID[FEFFD
ZZZUDGLRFEFFD
Page 35
&.'8)0
'DOKRXVLH8QLYHUVLW\
8QLYHUVLW\$YHQXH
+DOLID[16
%+-
FNGXIP#LVGDOFD
LVGDOFDaFNGXIP
7KH&RDVW
/H]OLH/RZH
*HRUJH6WUHHWQG)ORRU
+DOLID[16
%-0
FRDVW#WKHFRDVWQVFD
7KH'DLO\1HZV
6DQG\0DF'RQDOG
(QWHUWDLQPHQW(GLWRU
32%R[6WDWLRQ$
+DOLID[16
%.0
H[WSRVWH
HQW#KI[QHZVVRXWKDPFD
ZZZKI[QHZVVRXWKDPFD
+DOLID[+HUDOG
$UJ\OH6W
32%R[
+DOLID[16
%-7
ZZZKHUDOGQVFD
(OLVVD%DUQDUG
HEDQQDUG#KHUDOGQVFD
*UHJ*X\
JJX\#KHUDOGQVFD
'HERUDK:LOHV
GZLOHV#KHUDOGQVFD
217$5,2
%5$03721
:25'0DJD]LQH
3KLO9DVVHOO
4XHHQ6WUHHW(DVW6XLWH
%UDPSWRQ21
/:6
ZRUGPDJ#LQWHUORJFRP
'(6(52172
&.:()0
0RKDZN1DWLRQ5DGLR
*HQHUDO'HOLYHU\
7\HQGLQDJD0RKDZN7HUULWRU\
'HVHURQWR21
..;
NZHUDGLR#VXFNHUFUHHNRQFD
ZZZVXFNHUFUHHNQHWNZHUDGLR
'210,//6
:RUGVDQG0XVLF62&$1
5LFN0DF0LOODQ
9DOOH\EURRN'ULYH
'RQ0LOOV21
0%6
+$0,/721
&)08)0
0F0DVWHU8QLYHUVLW\
+DPLOWRQ+DOO5P
+DPLOWRQ21
/6.
H[WSRVWH
X#PXVVFLVPFPDVWHUFD
ZZZIUHHQHWKDPLOWRQRQFD
LQIRUPDWLRQVSRUWVPHGLDFIPX
Page 36
.,1*6721
&)5&)0
4XHHQ
V8QLYHUVLW\
&DUUXWKHUV+DOO
.LQJVWRQ21
./1
FIUFIP#SRVWTXHHQVXFD
ZZZLQIRTXHHQVXFDFIUFLQIRKWP
/21'21
&+5:)0
8QLYHUVLW\RI:HVWHUQ2QWDULR
8QLYHUVLW\&RPPXQLW\&HQWUH5P
/RQGRQ21
1$.
FKUZJP#MXOLDQXZRFD
ZZZXVFXZRFDFKUZ
277$:$
&%&5DGLR
32%R[6WDWLRQ&
2WWDZD21
.<(
ZZZFEFFD
%LOO6WXQW
EVWXQW#RWWDZDFEFFD
$QGUp0DVVLFRWWH
&+82)0
8QLYHUVLW\RI2WWDZD
8QLYHUVLW\$YHQXH6XLWH
2WWDZD21
.11
FKXRGS#XRWWDZDFD
DL[XRWWDZDFDaFKXRIP
&.&8)0
&DUOHWRQ8QLYHUVLW\
8QLYHUVLW\&HQWUH
&RORQHO%\'ULYH
2WWDZD21
.6%
FNFX#ZHEQHW
FNFXZHEQHW
2WWDZD;SUHVV
0DUWD%ORFNV
6WHYH6PLWK
6SDUNV6WUHHW
2WWDZD21
.3$
[SUHVV#DFKLOOHVQHW
ZZZWKHRWWDZDH[SUHVVFD
7KH4XDUWHW
6KDZQ'DZVRQ
6SDUNV6WUHHW
2WWDZD21
.3%
ZZZDIWHUHLJKWMD]]FRP
1RWHMD]]
3(7(5%2528*+
&))))0
7UHQW5DGLR
7UHQW8QLYHUVLW\
3HWHUERURXJK21
WUHQWBUDGLR#WUHQWXFD
LYRU\WUHQWXFDZZZWU
Page 37
&+(;79
%UXFH$QGHUVRQ*O\QQ3HUNLQV
0DQDJKDQ
32%R[
3HWHUERURXJK21
.-=
'LVWULEXWLRQVXSSO\YLGHRVIRXUQLGHVYLGpRV
4XHHQ6WUHHW:HVW
7RURQWR21
09=
ZZZEUDYRFD
%UDYR1HZV
H[WSRVWH
EUDYRQHZV#EUDYRFD
%UDYR%XOOHWLQ
/H.LQJVZD\
32%R[
3HWHUERURXJK21
.-/
%UDYR9LGHRV
:HUQHU%HUJHQ
67&$7+$5,1(6
&DQDGLDQ0XVLF
-LP1RUULV
+DQRYHU6WUHHW
6W&DWKDULQHV21
/:$
68'%85<
&./8)0
/DXUHQWLDQ8QLYHUVLW\
5DPVH\/DNH5RDG
6XGEXU\21
3(&
FKHI#FNOXLV\VFD
ZZZFNOXLV\VFD
7252172
$ERULJLQDO9RLFHV
'HDQQD'XQKDP
6SDGLQD$YH6XLWH
7RURQWR21
09.
DEYRLFHV#LQIRUDPSQHW
ZZZDERULJLQDOYRLFHVFRP
'LVWULEXWLRQELPRQWKO\ELPHQVXHO
%UDYR
H[WSRVWH
EUDYRQHZV#EUDYRFD
H[WSRVWH
EUDYRYLGHR#EUDYRFD
&%&7RURQWR
%R[6WDWLRQ$
7RURQWR21
0:(
ZZZUDGLRFEFFD
*OREDO9LOODJH
-RZL7D\ORU
JOREDOYLOODJH#UDGLRFEFFD
ZZZUDGLRFEFFDJOREDO
5RRWVDQG:LQJV
3KLOO\0DUNRZLW]
URRWVDQGZLQJV#WRURQWRFEFFD
7ZR1HZ+RXUV
/DUU\/DNH
ODUU\BODNH#FEFFD
WZRQHZKRXUV#WRURQWRFEFFD
0XVLF$URXQG8V
.HLWK+RUQHU
PXVLFDURXQGXV#WRURQWRFEFFD
0XVLFDQG&RPSDQ\
7RP$OOHQ
PXVLFDQGFR#WRURQWRFEFFD
&+5<)0
<RUN8QLYHUVLW\
6WXGHQW&HQWUH
.HHOH6WUHHW
1RUWK<RUN21
0-3
FKU\#\RUNXFD
ZZZ\RUNXFDRUJFKU\
&-575DGLR
Page 38
7HG2
5HLOO\-D]]
.DL%ODFN:RUOG
0XWXDO6WUHHW
7RURQWR21
0%0
WRUHLOO\#FMUWIP
ZZZFMUWIP
&,59)0
7RURQWR
V0XOWLFXOWXUDO0L[
7RURQWR21
LQIR#FLUYIPFRP
ZZZFLUYIPFRP
&,87)0
8QLYHUVLW\RI7RURQWR
*HRUJH6WUHHW
7RURQWR21
06(
FLXW#FDPSXVOLIHXWRURQWRFD
ZZZFDPSXVOLIHXWRURQWRFD
JURXSVFLXW
&./1)0
6KLUD]5DZDW
7LP0D\
5\HUVRQ&ROOHJH
9LFWRULD6WUHHW
7RURQWR21
0%:
FNOQ#VDFU\HUVRQFD
ZZZVDFU\HUVRQFDFNOQKWP
&RGD0DJD]LQH
-RKQ1RUULV
'XQGDV6WUHHW(DVW6XLWH
7RURQWR21
0%&
(\H0DJD]LQH
$GHODLGH6WUHHW:
7RURQWR21
097
ZZZH\HQHW
-RQDWKDQ%XQFH
MRQDWKDQ#H\HQHW
0DU\'LFNLH
GLFNLH#H\HQHW
*OREHDQG0DLO
0DUN0LOOHU
)URQW6WUHHW:HVW
7RURQWR21
096
7KH-D]]5HSRUW
%LOO.LQJ
/RQGRQ6WUHHW
7RURQWR21
0*0
/HDG6KHHW7RURQWR'RZQWRZQ
-D]]6RFLHW\3XEOLFDWLRQ
%ULDQ%ODLQ
%OHHFNHU6WUHHW
7RURQWR21
0;/
WGMV#WRMD]]FRP
ZZZWRMD]]FRP
'LVWULEXWLRQMD]]SXEOLFDWLRQOLVWLQJYHQXHV
SXEOLFDWLRQLQFOXDQWXQHOLVWHGHVVDOOHV
0DSOH5RRWV
'HUHN$QGUHZV
FR7%64XHHQV6W:6XLWH%
7RURQWR21
0-*
0DULSRVD1RWHV
Page 39
%RE6WHYHQV
4XHHQ6WUHHW:HVW
7RURQWR21
0./
UDGLXV#LQWHUORJFRP
'LVWULEXWLRQWLPHVSHU\HDUIRLVSDUDQQpH
'HUHN$QGUHZV
0RZDW$YHQXH6XLWH
7RURQWR21
0.(
'LVWULEXWLRQELPRQWKO\EODFNFXOWXUHPDJD]LQH
IUHHRIFKDUJHLQ7RURQWR%UDPSWRQDQG
0LVVLVVDXJDSpULRGLTXHELPHQVXHOVXUOD
FXOWXUHQRLUHGLVWULEXpJUDWXLWHPHQWj7RURQWR
%UDPSWRQHW0LVVLVVDXJD
7RURQWR6WDU
0HWUR:RUG
12:0DJD]LQH
'DQIRUWK$YHQXH
7RURQWR21
0.1
ZZZQRZFRP
7LP3HUOLFK
WLPS#QRZFRP
.LP+XJKHV
NLPKX#QRZFRP
/LYH0XVLF*XLGH1LJKWDQG'D\
OLVWLQJV#QRZFRP
4XHHQ6W:HVW6XLWH%
7RURQWR21
0-*
LQIR#WRURQWREOXHVVRFLHW\FRP
ZZZWRURQWREOXHVVRFLHW\FRP
<RQJH6WUHHW
7RURQWR21
0((
ZZZWKHVWDUFRP
%RE6DOHP
UVDOHP#WKHVWDUFD
/HVOH\7RZHUV
OWRZHUV#WKHVWDUFD
7:$67RURQWR:RUOG$UWV6FHQH
/LVH:DWVRQ
32%R[6WDWLRQ3
6SDGLQD$YHQXH
7RURQWR21
066
OZDWVRQ#RLVHXWRURQWRFD
:$7(5/22
&.06)0
8QLYHUVLW\RI:DWHUORR
8QLYHUVLW\$YHQXH:HVW
:DWHUORR21
1/*
FNPVIP#ZDWVHUYXZDWHUORRFD
ZDWVHUYXZDWHUORRFDaFNPVLQIR
Page 40
:,1'625
&-$0)0
8QLYHUVLW\RI:LQGVRU
6XQVHW$YHQXH
:LQGVRU21
1%3
H[WSRVWH
FMDP#VHUYHUXZLQGVRUFD
ZZZXZLQGVRUFDFMDP
35,1&((':$5'
,6/$1'Ì/('835,1&(
e'28$5'
&+$5/277(72:1
7KH%X]]EX]]2Q
3HWHU5LFKDUGV
32%R[
&KDUORWWHWRZQ3(
&$1
EX]]RQ#LVQQHW
ZZZLVQQHWEX]]RQ
'LVWULEXWLRQPRQWKO\DUWVDQGHQWHUWDLQPHQW
PHQVXHOVXUOHVDUWVHWVSHFWDFOHV
48e%(&
/(112;9,//(
&-04)0
%LVKRS
V8QLYHUVLW\
%R[
/HQQR[YLOOH4&
-0=
H[WSRVWH
FMPPG#XELVKRSVFD
ZZZF\QLVNDXELVKRSVFDFMPT
02175e$/
&%&5DGLR&DQDGD0RQWUpDO
&3
0RQWUpDO4&
+&$
-D]]%HDW
.DWLH0DOORFK
MD]]EHDW#PRQWUHDOFEFFD
ZZZUDGLRFEFFDSURJUDPV-D]]%HDW
-D]]%HDWKWPO
1DYLUH³1LJKW´
eULF/pWRXUQHDX
QDYLUHQLJKW#PRQWUHDOUDGLRFDQDGDFD
UDGLRFDQDGDFDUDGLRQDYLUH
1RWHQHZPXVLFPXVLTXHDFWXHOOH
&,60)0
8QLYHUVLWpGH0RQWUpDO
eGRXDUG0RQWSHWLWEXUHDX&
&3VXFF&HQWUHYLOOH
0RQWUpDO4&
+&-
PXVLTXH#FDPRUJ
ZZZFLVPIPTXFD
/H'HYRLU
UXH%OHXU\HpWDJH
0RQWUpDO4&
+$0
7KH0RQWUHDO*D]HWWH
6W$QWRLQH:HVW
0RQWUpDO4&
+<5
HQWHUWDL#WKHJD]HWWHVRXWKDPFD
ZZZPRQWUHDOJD]HWWHFRP
Page 41
7KH0LUURU,FL0RQWUpDO
VW
QG
0F*LOO DQG )ORRU
0RQWUpDO4&
+<*
'LVWULEXWLRQ(QJOLVKODQJXDJHZHHNO\
KHEGRPDGDLUHDQJORSKRQH
/D3UHVVH
UXH6DLQW-DFTXHV
0RQWUpDO4&
+<.
HGLWR#ODSUHVVHFD
ODSUHVVLQILQLWQHW
'LVWULEXWLRQ)UHQFKODQJXDJHGDLO\TXRWLGLHQ
IUDQFRSKRQH
9RLU+RXU
UXH6DLQW'HQLV
0RQWUpDO4&
+:0
'LVWULEXWLRQ)UHQFKODQJXDJHZHHNO\
KHEGRPDGDLUHIUDQFRSKRQH
48e%(&
&+<=)0
8QLYHUVLWp/DYDO
3DYLOORQ3ROODFNEXUHDX
6WH)R\4&
*.3
H[WSRVWH
LQWHUOXGH#KRWPDLOFRP
ZZZXODYDOFDUFO
4XpEHF6FRSH
F{WHG¶$EUDKDP
4XpEHF4&
*5$
TXHEHFVFRSH#TEFFOLFQHW
'LVWULEXWLRQ4XpEHF¶VFXOWXUDODQGOHLVXUHJXLGH
GLVWULEXWHGVWDQGWKRIHDFKPRQWKJXLGH
GHVDFWLYLWpVFXOWXUHOOHVHWGHVORLVLUVGH
4XpEHFSDUDvWOHHUHWOHHMRXUGHFKDTXH
PRLV
UXHGHOD&RXURQQH
4XpEHF4&
*.*
'LVWULEXWLRQ)UHQFKODQJXDJHZHHNO\
KHEGRPDGDLUHIUDQFRSKRQH
6+(5%522.(
&)$.)0
&HQWUHGHVVHUYLFHVjODYLHpWXGLDQWH
/RFDO(H[WpULHXU
ERXOHYDUGGHO
8QLYHUVLWp
6KHUEURRNH4&
-.5
H[WSRVWH
FIDN#FRXUULHUXVKHUEFD
ZZZFDOOLVWRVLXVKHUEFDaFIDN
752,65,9,Ê5(6
&)28)0
7URLV5LYLqUHV4&
FIRX#XTWUXTXHEHFFD
UDJHXTWUXTXHEHFFD
6$6.$7&+(:$1
0226(-$:
7LPHV+HUDOG
)DLUIRUG6WUHHW:HVW
0RRVH-DZ6.
6+9
HGLWRULDO#PMWLPHVVNFD
ZZZPMWLPHVVNFD
9RLU4XpEHF
Page 42
5(*,1$
3UDLULH'RJ
0LWFK'LDPDQWRSRXORV
+DPLOWRQ6WUHHW
5HJLQD6.
63(
SUDLULHGRJ#GOFZHVWFRP
'LVWULEXWLRQPRQWKO\DUWVDQGHQWHUWDLQPHQW
PHQVXHOVXUOHVDUWVHWVSHFWDFOHV
6$6.$7221
&)&5)0
32%R[
6DVNDWRRQ6.
6./
FIFUPDLO#TXDGUDQWQHW
ZZZOLJKWVFRPFIFU
7KH6KHDI
FR8QLYHUVLW\RI6DVNDWFKHZDQ
&DPSXV'ULYH
6DVNDWRRQ6.
61/
'LVWULEXWLRQZHHNO\GXULQJVFKRROWHUP
KHEGRPDGDLUHGXUDQWODSpULRGHVFRODLUH
6RXQGVFDSH
<8.21
:+,7(+256(
<XNRQ1HZV
:RRG6WUHHW
:KLWHKRUVH<.
<$(
ZZZ\XNRQQHZVFRP
-RKQ0F+XWFKLRQ
MPFKXWFKLRQ#\XNRQQHZVFRP
$P\6WHHOH
MDVWHHOH#\XNRQQHZVFRP
3DXO0LFKQD
SPLFKQD#\XNRQQHZVFRP
'LVWULEXWLRQSXEOLVKHG0RQGD\:HGQHVGD\DQG
)ULGD\SXEOLpOHVOXQGLVPHUFUHGLVHWYHQGUHGLV
:KLWHKRUVH67$5
QG$YHQXH
:KLWHKRUVH<.
<$&
6WDU#K\SHUWHFK\NFD
ZZZZKLWHKRUVHVWDUFRP
7KHR.LYDO
32%R[
6DVNDWRRQ6.
6./
FIFU#TXDGUDQWQHW
'LVWULEXWLRQPRQWKO\SXEOLFDWLRQRI&)&5
PHQVXHOSXEOLFDWLRQGH&)&5
Page 43
35(6(17(56',))86(856
$/%(57$
$,5'5,(
%HUW&KXUFK7KHDWUH
%RE/HPRUDQGH
(DVW/DNH%RXOHYDUG
$LUGULH$%
7%%
*HQUHMD]]IRONZRUOG
1RRISHUIRUPDQFHVSHU\HDUQRPEUHGH
6HDWLQJFDSDFLWpGHODVDOOH
%$1))
.XUW%DJQHOO
32%R[
%DQII$%
7/&
NXUWBEDJQDOO#EDQIIFHQWUHDEFD
ZZZEDQIIFHQWUHDEFDPXVLF
*HQUHMD]]IRONZRUOG
YHQXHVVDOOHV
&$/*$5<
$IULNDGH\
7XQGH'DZRGX
WK$YHQXH6:
&DOJDU\$%
739
$IULNDGH\#KRPHFRP
*HQUHZRUOG
1RRISHUIRUPDQFHVSHU\HDUQRRPEUHGH
)HVWLYDOGDWHVGDWHVGXIHVWLYDO
5REHUW<RXQJ
)LUVW6W6RXWK:HVW
&DOJDU\$%
731
EHDWQLT@KRPHFRP
ZZZEHDWQLTFRP
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpHRQJRLQJFRQWLQX
%RZ9DOOH\0XVLF&OXE
/DUU\7D\ORU
%UDH5RDG6:
&DOJDU\$%
7:(
EYPF#FROFD
*HQUHIRONZRUOG
6HSWHPEHUWR0D\GHVHSWHPEUHjPDL
&DOJDU\&HQWUHIRU3HUIRUPLQJ$UWV
-RKQ5XWKHUIRUG
WK$YHQXH6(
&DOJDU\$%
H[WSRVWH
,1)2#WKHDUWVFHQWUHRUJ
ZZZFXOWXUHQHWFDFFSD
*HQUHIRONZRUOG
'HDGOLQHVGDWHVOLPLWHVRQJRLQJFRQWLQX
$XJXVW±DRW
'HDGOLQHVGDWHVOLPLWHV0DUFKPDUV
1RWHV3UHVHQWVPXVLFZLWKURRWVLQ$IULFD
'LIIXVHXUGHPXVLTXHGHUDFLQHVDIULFDLQHV
Page 44
&DOJDU\)RON&OXE
.DRV-D]]%OXHV%LVWUR
6LOYHU6SULQJV:D\1:
&DOJDU\$%
7%*
VXVDQFDVH\#FDGYLVLRQFRP
*HQUHIRON
WK$YHQXH6:
&DOJDU\$%
76%
NDRVMD]]EOXHV#KRPHFRP
*HQUHMD]]
6RUHQ%RUFK
6XVDQ&DVH\
.HUU\&ODUNH
32%R[6WDWLRQ0
&DOJDU\$%
73&
IRONIHVW#FDQXFNFRP
ZZZFDQXFNFRPIRONIHVW
*HQUHIRONZRUOG
\HDUURXQGWRXWHO
DQQpH
±-XO\±MXLOOHW
±-XO\±MXLOOHW
'HDGOLQHVGDWHVOLPLWHV-DQXDU\MDQYLHU
-D]]&DOJDU\6RFLHW\
:D\QH$QGHUVRQ
WK$YHQXH1:
&DOJDU\$%
7.2%
*HQUHMD]]
0DXULFH*LQ]HU
.DUPD/RFDO$UWV+RXVH
UG$YHQXH6:
&DOJDU\$%
77=
*HQUHMD]]IRONZRUOG
1RWHV$FRXVWLFPXVLF0XVLTXHDFRXVWLTXH
0DUDQW]3URGXFWLRQV
-RVK0DUDQW]
32%R[%UDJJ&UHHN
&DOJDU\$%
7/.
PDUDQW]M#FDGYLVLRQFRP
*HQUHIRONZRUOG
'HDGOLQHVGDWHVOLPLWHV6HSWHPEHUWR-XQHGH
VHSWHPEUHjMXLQ
Page 45
1HZ:RUNV&DOJDU\
4XLQF\¶VRQ6HYHQWK
%R[
8QLYHUVLW\RI&DOJDU\32
&DOJDU\$%
717
EXHOO#XFDOJDU\FD
*HQUHQHZPXVLFPXVLTXHDFWXHOOH
6HYHQWK$YHQXH6:
&DOJDU\$%
73<
*HQUHMD]]
7LP%XHOO
)HVWLYDOGDWHVGDWHVGXIHVWLYDORFFDVLRQDOO\LQ
ODWHVSULQJRUHDUO\IDOOjO¶RFFDVLRQjODILQGX
SULQWHPSVRXDXGpEXWGHO
DXWRPQH
9LF%HOO
6WUHHW1:
&DOJDU\$%
71%
YLFEHOO#WHOXVSODQHWQHW
*HQUHIRON
1LJKW*DOOHU\&DEDUHW
&UDLJ(YDQV
%VW6WUHHW6:
&DOJDU\$%
759
QLJKWJDOOHU\#KRPHFRP
*HQUHMD]]IRONZRUOG
$O&KDIHW]
&KDUOHV)UDQN
&DQWUHOO'ULYH6:
&DOJDU\$%
7:.
*HQUHIRONZRUOG
8QLYHUVLW\RI&DOJDU\
6WXGHQWV
8QLRQ
*UHJ&XUWLV
0DF(ZDQ6WXGHQW&HQWUH5RRP
8QLYHUVLW\RI&DOJDU\
&DOJDU\$%
711
JWFXUWLV#XFDOJDU\FD
*HQUHMD]]IRONZRUOG
1RWHV3UHVHQWVMD]]RFFDVVLRQDOO\
'LIIXVHXUGHPXVLTXHMD]]jO¶RFFDVLRQ
1RWHV3UHVHQWVDSSUR[LPDWHO\RIMD]]IRON
DQGZRUOGFRQFHUWV3UpVHQWHHQYLURQGH
PXVLTXHMD]]IRONHWZRUOG
Page 46
&$1025(
&DQPRUH)RONDQG%OXHV&OXE
&DQPRUH)RON0XVLF)HVWLYDO
.HQ5RRNV
32%R[
&DQPRUH$%
7:7
RURX
RURX
FDQPRUHIRONIHVW#EDQIIQHW
ZZZEDQIIQHWXVHUVFDQPRUHIRONIHVW
*HQUHIRONZRUOG
6HDWLQJFDSDFLWpGHODVDOOHXSWR
$XJXVWDRW
±$XJXVW±DRW
'HDGOLQHVGDWHVOLPLWHV(QGRI-DQXDU\
)LQMDQYLHU
('021721
%URQ[6RFLHW\IRU3URPRWLRQRI
$OWHUQDWLYH$UWVDQG0XVLF
:D\QH-RQHV
5HY&DEDUHW1LJKWFOXE
6WUHHW
(GPRQWRQ$%
7-:
*HQUHMD]]IRONZRUOG
7KH&LWDGHO7KHDWUH
&XVWRPHU6HUYLFHV0DQDJHU
$$YH
(GPRQWRQ$%
7-&
FLWDGHO#FLWDGHOWKHDWUHFRP
KWWSZZZFLWDGHOWKHDWUHFRP
*HQUHIRONZRUOGMD]]QHZPXVLF
(DUWKWXQHV&RQFHUW&R
%ULDQ(UHPHQNR
32%R[*OHQRUD532
(GPRQWRQ$%
71$
HDUWKWXQHV#RDQHWFRP
*HQUHIRON
6HDWLQJFDSDFLWpGHODVDOOH±
&OXE
(GPRQWRQ&RPSRVHUV
&RQFHUW
6RFLHW\
3LRWU*UHOOD0R]HMNR
&RQFRUG7RZHU
$YHQXH
(GPRQWRQ$%
7*7
SLRWU#FRQQHFWDEFD
ZZZFRQQHFWDEFDaSLRWUHFFV
'HDGOLQHVGDWHVOLPLWHV(QGRI-XQH)LQMXLQ
7HUU\:LFNDP
32%R[
(GPRQWRQ$%
7(7
IROIHVW#FFLQHWDEFD
ZZZHIPIDEFD
*HQUHIRONZRUOG
$XJXVWDRW
$XJXVWDRW
'HDGOLQHVGDWHVOLPLWHV6HSWHPEHUWR-DQXDU\
GHVHSWHPEUHDXMDQYLHU
Page 47
)XOO0RRQ)RON&OXE
(GPRQWRQ-D]]6RFLHW\
$YHQXH
(GPRQWRQ$%
7+*
*HQUHIRON
$YHQXH
(GPRQWRQ$%
7(0
DODOEHUW#FRPSXVPDUWDEFD
ZZZXDOEHUWDFD(GPRQWRQ-D]]
\DUKRPHKWP
*HQUHMD]]QHZPXVLFPXVLTXHDFWXHOOH
3HWHU3LUTXHW
-D]]&LW\)HVWLYDO6RFLHW\
&DOJDU\,QWHUQDWLRQDO-D]])HVWLYDO
0DUN9DVH\
WK$YHQXH1:
(GPRQWRQ$%
7(1
)HVWLYDO
\HDUURXQGWRXWHO¶DQQpH
MD]]FLW\#ZRUOGZHEFRP
ZZZGLVFRYHUHGPRQWRQFRPMD]]FLW\
*HQUHMD]]
6HDWLQJFDSDFLWpGHODVDOOH<DUGELUG6XLWH
-XQH±-XO\MXLQ±MXLOOHW
5HVRXQG)HVWLYDORI&RQWHPSRUDU\
0XVLF(GPRQWRQ6\PSKRQ\
5DM1LJDP
3URGXFWLRQ&RRUGLQDWRU
)UDQFLV:LQVSHDU&HQWUHIRU0XVLF(GPRQWRQ
6\PSKRQ\2UFKHVWUD
$YHQXH
(GPRQWRQ$%
7-%
H[WSRVWH
USQLJDP#ZLQVSHDUFHQWUHFRP
ZZZHGPRQWRQV\PSKRQ\DEFD
)HEUXDU\WR0DUFK
IpYULHUDXPDUV
1RWHV3UHVHQWVFKDPEHURUFKHVWUDODQG
HOHFWURQLFPXVLF'LIIXVHXUGHPXVLTXHGH
FKDPEUHRUFKHVWUDOHHWpOpFWURDFRXVWLTXH
$GULDQ$OEHUW
6HDWLQJFDSDFLWpGHODVDOOH<DUGELUG6XLWH
1RWHV3UHVHQWVEOXHVDQGH[SHULPHQWDOMD]]
'LIIXVHXUGHPXVLTXHEOXHVHWGHMD]]
H[SpULPHQWDO
)2570$&/(2'
0DXUHHQ&KDPEHUV
32%R[
)RUW0DFOHRG$%
7/=
DVSDUDJXV#VFIDLUDEFD
ZZZVFIDLUDEFD
*HQUHMD]]IRONZRUOG
-XO\MXLOOHW
-XO\MXLOOHW
HU
'HDGOLQHVGDWHVOLPLWHV0DUFK PDUV
Page 48
-$63(5
6KHUULOO0HURSRXOLV
32%R[
-DVSHU$%
7((
VKHUULOOBPHURSRXOLV#SFKJFFD
ZZZGLVFRYHUMDVSHUFRP
*HQUHMD]]IRONZRUOG
-XO\ELDQQXDO
MXLOOHWELDQQXHO
-2866$5'
1RUWK&RXQWU\)DLU
&DURO:HDWKHUDOO
$6WUHHW
-RXVVDUG$%
7(9
FDUROZHD#WHOXVSODQHWQHW
ZZZLQHWQRUWKQHWRUJQFIQFIKRPHKWP
*HQUHMD]]IRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO-XQH6ROVWLFH
6ROVWLFHGHMXLQ
'HDGOLQHVGDWHVOLPLWHV6HSWHPEHUWR-DQXDU\
GHVHSWHPEUHjMDQYLHU
/(7+%5,'*(
/HWKEULGJH&RPPXQLW\&ROOHJH
6KHOGRQ3LHUVRQ
&ROOHJH'ULYH6RXWK
/HWKEULGJH$%
7./
VSLHUVR#UDSWRUOHWKEULGJHFDEFD
*HQUHMD]]IRONZRUOG
/HWKEULGJH)RON&OXE
0RUULV6RHQHQ
FR%RZPDQ$UWV&HQWUH
$YHQXH6
/HWKEULGJH$%
7-9
VFKDDIVPD#WHOXVSODQHWQHW
ZZZWHOXVSODQHWQHWSXEOLFURFNODNHOIF
LQGH[KWP
*HQUHIRON
FRQFHUWVSOXVRSHQVWDJHV
VSHFWDFOHVSOXVHQSOHLQDLU
'HDGOLQHVGDWHVOLPLWHV$XJXVWDRW
3D3D.LQJ3URGXFWLRQV
:.LQJ&ROH
WK6W6RXWK
/HWKEULGJH$%
7-*
*HQUHIRON
'HDGOLQHVGDWHVOLPLWHVPRQWKVSULRUPRLV
jO
DYDQFH
1RWHV3ULPDULO\SUHVHQWVEOXHV'LIIXVHXUGH
PXVLTXHEOXHVSULQFLSDOHPHQW
QG$QQXDO/HWKEULGJH)HVWLYDO
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHVKRZFDVHVSHU
PRQWKPLQLVSHFWDFOHVSDUPRLV
)HVWLYDOGDWHVGDWHVGXIHVWLYDO$XJXVWDRW
Page 49
8QLYHUVLW\RI/HWKEULGJH
6WXGHQW¶V8QLRQ
3URPRWLRQ&RRUGLQDWRU
8QLYHUVLW\'ULYH
/HWKEULGJH$%
7.0
VXSURPR#XOWHKFD
KWWSKRPHXOHWKFDVWX
*HQUHIRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHIRONZRUOG
5(''((5
5HG'HHU&ROOHJH6WXGHQW¶V8QLRQ
0DULH2UGDQR
%R[
$YHQXH±6WUHHW
5HG'HHU$%
71+
PRUGDQR#UGFDEFD
ZZZVDUGFDEFD
*HQUHMD]]IRONQHZPXVLFPXVLTXHDFWXHOOH
1RRISHUIRUPDQFHVSHU\HDUQRGHSUpVHQWDWLRQSDU
DQQpH
0(',&,1(+$7
5R\/LQN
QG6(
0HGLFLQH+DW$%
7$&
UR\OLQN#WHOXVSODQHWQHW
ZZZWHOXVSODQHWQHWSXOLFPKMD]]
MD]]IHVWKWP
*HQUHMD]]
)HVWLYDOGDWHVGDWHVGXIHVWLYDO(QGRI-XQH
)LQMXLQ
3($&(5,9(5
6XH5DQNLQ&U\VWDO6KHUULV
%R[
3HDFH5LYHU$%
767
RURX
*HQUHMD]]IRONZRUOG
6+(5:22'3$5.
)HVWLYDO3ODFH
*DYLQ)DUPHU
)HVWLYDO:D\
6KHUZRRG3DUN$%
7$7
6721<3/$,1
%OXHEHUU\%OXHJUDVVDQG&RXQWU\
0XVLF6RFLHW\
-RKQ7DPHV
%R[
6WRQ\3ODLQ$%
7;=
EOXHJUDV#WHOXVSODQHWQHW
ZZZEOXJUDVVDEFD
*HQUHIRON
)HVWLYDOGDWHVGDWHVGXIHVWLYDO$XJXVW&LYLF
+ROLGD\&RQJpFLYLTXHHQDRW
'HDGOLQHVGDWHVOLPLWHVPRQWKVSULRU
PRLVjO
DYDQFH
Page 50
%5,7,6+&2/80%,$
&2/20%,(%5,7$11,48(
$%%276)25'
$EEH\$UWV&HQWUH
0DUF.ODVVHQ
&UHVFHQW:D\
$EERWVIRUG%&
960
DEEH\BDUWV@VGDEERWVIRUGEFFD
*HQUHMD]]IRONZRUOGQHZPXVLFPXVLTXH
DFWXHOOH
1RWHV5HQWDO/RFDWLRQ
%(//$&22/$
'RXJ%DNHU
%R[
%HOOD&RROD%&
97&
IRONIHVW#KRWPDLOFRP
*HQUHIRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO(QGRI-XO\
)LQMXLOOHW
'HDGOLQHVGDWHVOLPLWHV-XQHMXLQ
&+,//,:$&.
5RG+XGVRQ
+HQGHUVRQ$YH
&KLOOLZDFN%&
93;
DFWXHOOH
&202;
&RPR[9DOOH\)RON6RFLHW\&RPR[
9DOOH\0XVLFIHVW
'RXJ&R[%HWW\DQQH+DPSWRQ
%R[&RPR[$YHQXH
&RPR[%&
906
GREUR#LVODQGQHW
*HQUHMD]]IRONZRUOG
6HDWLQJFDSDFLWpGHODVDOOHYDULRXVGLYHUV
-XO\MXLOOHW
HU
'HDGOLQHVGDWHVOLPLWHV$SULO
DYULO
)LOEHUJ)HVWLYDO
6\OYLD$OOHQ
)LOEHUJ5RDG
&RPR[%&
906
ILOEHUJ#LVODQGQHW
ZZZLVODQGQHWaILOEHUJ
*HQUHMD]]IRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO$XJXVW&LYLF
+ROLGD\&RQJpFLYLTXHHQDRW
&2857(1$<
-RH5HDG¶V
1LNNL-RPKD
&OLIIH
&RXUWHQD\%&
91/
MDYDMRH@PDUVDUNFRP
ZZZMRHUHDGVFRP
*HQUHMD]]IRONZRUOG
Page 51
&5$1%522.
.H\&LW\7KHDWUH
&RZLFKDQ)RON*XLOG
WK$YH1RUWK
&UDQEURRN%&
9&+
NH\FLW\WKHDWUH@FLEHUODQNEFFD
ZZZH[SORUHUFUDQEURRNFRPNH\FLW\WKHDWUH
DFWXHOOH
32%R[
'XQFDQ%&
9/<
IRONIHVW#LVODQGQHWFRP
ZZZIRONIHVWEFFD
*HQUHIRON
3DXO+H\ZRRG
UHSUpVHQWDWLRQVSDUDQQpH6HSWHPEHU-XQHGH
VHSWHPEUHjMXLQ
1RWHV3UHIHUDEO\VHQGSDFNDJHVLQ0DUFK
3UpIpUDEOHG¶HQYR\HUOHVGRVVLHUVGH
UHQVHLJQHPHQWVHQPDUV
'(10$1,6/$1'
&RIIHH+RXVH
5DQGDOO'XQFDQ
5HJLQDOG5RDG
'HQPDQ,VODQG%&
957
DFWXHOOH
'81&$1
&RPPXQLW\&HQWUH7KHDWUH
5RJHU6SDUNHV
-DPHV6WUHHW
'XQFDQ%&
9/;
FYUGFF#LVODQGQHW
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHFRQFHUWVSHU
%UHQW+XWFKLQVRQ
-XO\MXLOOHW
-XO\MXLOOHW
±-XO\±MXLOOHW
HU
/RQJHYLW\-RKQ
V/DVW0LQXWH
7UHDWV
DND/DVW0LQXWH3URGXFWLRQV
*LEELQV5G55
'XQFDQ%&
9//
ORQJHYLW\MRKQ#KRWPDLOFRP
*HQUHMD]]IRONZRUOG
6KDG\*URYHDWWKH6XVVPDQV
+RXVH&RQFHUWV
3HWHU6XVVPDQ
1RUFURVV5G
'XQFDQ%&
9/$
SVXVVPDQ#LVODQGQHW
*HQUHMD]]IRONZRUOG
\HDUVSHFWDFOHVSDUDQQpH
YHQXHVVDOOHV
Page 52
)(51,(
$UWV6WDWLRQ)HUQLHDQG'LVWULFW
$UWV&RXQFLO
'DYH2
+DLUH
32%R[
)HUQLH%&
9%0
*HQUHMD]]IRONZRUOG
7KH*DWKHULQJ)HVWLYDO7KH
*DWKHULQJ)RXQGDWLRQ
3DWWL2KP-DQHW%DWWLJHOOL
%R[
)HUQLH%&
9%0
RURX
NXLMW#HONYDOOH\QHW
JDWKHUXV#FDQFRPQHW
ZZZJDWKHUXVFRP
*HQUHIRONZRUOG
'HDGOLQHVGDWHVOLPLWHV0D\PDL
)25767-2+1
1RUWK3HDFH&XOWXUDO&HQWUH
*$%5,2/$,6/$1'
6XUI/RGJH+HULWDJH+DOO
+HDWKHU0XOHV
556LWH&
*DEULROD,VODQG%&
95;
VXUIORG#LVODQGQHW
ZZZLVODQGQHWaVXUIORG
*HQUHMD]]IRON
6HSWHPEHUWR0D\GHVHSWHPEUHjPDL
YHQXHVVDOOHV
*,%6216
/LQGD:LOOLDPV
32%R[
*LEVRQV%&
919
EDUOLQ#VXQVKLQHQHW
ZZZVXQVKLQHQHWZZZFRDVWMD]]
*HQUHMD]]
RXWGRRUSOHLQDLU
LQGRRUjO¶LQWpULHXU
*LEVRQV/DQGLQJ-D]])HVWLYDO
)HVWLYDOGDWHVGDWHVGXIHVWLYDO-XQHMXLQ
*RUGRQ*UDQW
WK$YHQXH
)RUW6W-RKQ%&
9-<
*HQUHMD]]IRONZRUOG
QHZPXVLFPXVLTXHDFWXHOOH
Page 53
+$55,621+27635,1*6
3K\OOLV6WHQVRQ
32%R[
+DUULVRQ+RW6SULQJV%&
90.
KDUUIHVW#XQLVHUYHFRP
ZZZHFKRLVODQGFRPKDUUIHVW
*HQUHMD]]IRONZRUOG
QG
ZHHNHQGLQ
-XO\GHX[LqPHILQGHVHPDLQHHQMXLOOHW
HU
+$=(/721
7RGG6WRFNQHU
&6LWH055
+D]HOWRQ%&
9-<
VWRFNQHU#EXONOH\QHW
NLVSLR[FRPNYPILQGH[KWPO
*HQUHMD]]IRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO/DVWZHHNHQGLQ
-XO\GHUQLqUHILQGHVHPDLQHGHMXLOOHW
+251%<,6/$1'
+RUQE\)HVWLYDO6RFLHW\+RUQE\
)HVWLYDO
0RLUD$UPRXU
6FKRROKRXVH
+RUQE\,VODQG%&
95=
IHVWLYDO#PDUVDUNFRP
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHRFFDVLRQDOj
O¶RFFDVLRQ
-XO\WR$XJXVWMXLOOHWDXDRW
$XJXVWDXDRW
1RWHV3ULPDULO\FODVVLFDOPXVLFSUHVHQWHU
'LIIXVHXUGHPXVLTXHFODVVLTXHSULQFLSDOHPHQW
,19(50(5(
&ROXPELD9DOOH\$UWV3\QHORJV
&XOWXUDO&HQWUH
6LOYLD(VFRWW
32%R[
,QYHUPHUH%&
9$.
*HQUHMD]]IRONZRUOG
.$6/2
.DVOR-D]]6RFLHW\
-LP+ROODQG
32%R[
.DVOR%&
9*0
NDVORMD]@QHWLGHDFRP
ZZZNLQEFFD-$==-D]]+RPH+70/
*HQUHMD]]
±$XJXVW±DRW
±$XJXVW±DRW
Page 54
.(/2:1$
)ULQJH)RON&OXE
5RE&RUEHWW
0DLO5RDG
.HORZQD%&
99*
UREBFRUEHWW#EFV\PSDWLFRFD
*HQUHIRONZRUOG
.,7,0$7
+HDWKHU/XQGVWURP
32%R[
.LWLPDW%&
9&&
OXQGVWURP#VQRQHW
KSEFFQDEFFDaDDNFDLQGH[KWPO
*HQUHMD]]IRONZRUOG
0$'(,5$3$5.3(1'(5
+$5%285
3HQGHU+DUERXU-D]])HVWLYDO
0RQW\5ROVWRQ
%R[
0DGHLUD3DUN%&
91+
SKMD]]#VXQVKLQHQHW
*HQUHMD]]
6HDWLQJFDSDFLWpGHODVDOOH±
RXWGRRUHQSOHLQDLU±LQGRRUj
O
LQWpULHXU
UG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO ZHHNHQGLQ
qPH
6HSWHPEHU ILQGHVHPDLQHGHVHSWHPEUH
±6HSWHPEHU±VHSWHPEUH
HU
%R[
0DGHLUD3DUN%&
916
SKMD]]#VXQVKLQHQHW
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHFRQFHUWVLQWKH
ZLQWHUVSHFWDFOHVHQKLYHU
0$,//$5'9,//(
-RKQ.ULHJHU
UXH3RLULHU&RTXLWODP
0DLOODUGYLOOH%&
9-$
VPX#QSVQHWFRP
ZZZPDLOODUGYLOOHFRP
*HQUHIRONZRUOG
)HEUXDU\WR0DUFK
IpYULHUDXPDUV
'HDGOLQHVGDWHVOLPLWHV2FWREHURFWREUH
1RWHV)UDQFRSKRQHIRONPXVLF
0XVLTXHIRONORULTXHIUDQFRSKRQH
0,66,21
)UDQFLV;DYLHU
%R[
0LVVLRQ%&
99-
*HQUHMD]]IRONZRUOG
±-XO\±MXLOOHW
±-XO\±MXLOOHW
1RWHV3UHVHQWVMD]]RFFDVVLRQDOO\3UpVHQWHGX
MD]]jO¶RFFDVLRQ
1$1$,02
Page 55
6WHYH-RQHV
WK6WUHHW
1DQDLPR%&
956
MRQHVV#PDODEFFD
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpHFRQFHUWVSHU\HDU
VSHFWDFOHVSDUDQQpH
1DQDLPR$UW*DOOHU\
WK6WUHHW
1DQDLPR%&
956
QDJ#PDODEFFD
ZZZPDODEFFD∼QDJ
1(/621
$YDORQ1LJKW&OXE
/DXULH6LPSVRQ
%DNHU6W
1HOVRQ%&
9/+
*HQUHMD]]ZRUOG
&DSLWRO7KHDWUH
/\QQ%DNNHQ
32%R[
1HOVRQ%&
9/5
FDSLWRO#ZNSRZHUOLQNFRP
ZZZFDSLWROWKHDWUHEFFD
*HQUHMD]]IRONZRUOG
3257022'<
$UWV5HVRXUFH&HQWUH$UWV&RXQFLO
)DFHVRIWKH:RUOG)HVWLYDO
/LQG\6LVVRQ
FR3W0RRG\$UWV&HQWUH
-RKQV6WUHHW
3RUW0RRG\%&
9+%
DUFDUWV#LQWHUJDWHEFFD
ZZZLQWHUJDWHEFFDDUFDUWV
*HQUHMD]]IRONZRUOG
O¶RFFDVLRQ
)HVWLYDOGDWHVGDWHVGXIHVWLYDO(QGRI-XO\
)LQMXLOOHW
32:(//5,9(5
(YHUJUHHQ7KHDWUH
9DO0F1XWW
0XQLFLSDO%XLOGLQJ
'XQFDQ6W
3RZHOO5LYHU%&
9$9
OHLVXUH@SUFQRUJ
*HQUHMD]]
1RWHV5HQWDO/RFDWLRQ
.ULVWLQ5RQVH
$OEHUQL6WUHHW
3RZHOO5LYHU%&
9$%
*HQUHIRONZRUOG
O¶RFFDVLRQ
)HVWLYDOGDWHVGDWHVGXIHVWLYDO/DERXU'D\
ZHHNHQG)LQGHVHPDLQHGHODIrWHGXWUDYDLO
'HDGOLQHVGDWHVOLPLWHV)HEUXDU\IpYULHU
Page 56
35,1&(*(25*(
3ULQFH*HRUJH)RON6RFLHW\&DOLFR
&RQFHUWV
-R%HDWWLH
7RRPEV'ULYH
3ULQFH*HRUJH%&
9.$
JUHJBEHDWWLH#EFV\PSDWLFRFD
*HQUHIRONZRUOG
6$/7635,1*,6/$1'
$UWVSULQJ
-DQH)RUQHU
-DFNVRQ$YH
6DOWVSULQJ,VODQG%&
9.9
DUWVSULQJ@VDOWVSULQJFRP
DFWXHOOH
/\Q'\HU
3DWULFLD1RELOH
UHSUpVHQWDWLRQVSDUDQQpH&RQFHUWVHULHVIURP
5(9(/672.(
32%R[
5HYHOVWRNH%&
9(6
*HQUHMD]]
2FWREHUWR-XQHVpULHVGHVSHFWDFOHVG
RFWREUH
jMXLQ
YHQXHVVDOOHV
6$/021$50
6DOPRQ$UP)RON0XVLF6RFLHW\
/LQGD7DQDND
%R[
6DOPRQ$UP%&
9(0
IRON#MHWVWUHDPQHW
ZZZMHWVWUHDPQHWXVHUVVSHQFHLQGH[KWPO
*HQUHMD]]IRONZRUOG
5RRWVDQG%OXHV
VWZHHNHQGLQ2FWREHUSUHPLqUHILQGH
VHPDLQHG
RFWREUH
'HDGOLQHVGDWHVOLPLWHV(DUO\VSULQJ$XGpEXW
GXSULQWHPSV
1RWHV0RVWO\UHQWDO3ULQFLSDOHPHQWHQORFDWLRQ
0RE\
V3XE
32%R[
6DOWVSULQJ,VODQG%&
9.:
*HQUHMD]]IRONZRUOG
3DWULFLD1RELOH
32%R[
6DOWVSULQJ,VODQG%&
9.:
*HQUHMD]]IRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO0RQWKRI-XO\
IRFXVRQZHHNHQGV0RLVGHMXLOOHW
SULQFLSDOHPHQWOHVILQVGHVHPDLQH
1RWHV6HQGSDFNDJHVE\-DQXDU\DQG)HEUXDU\
(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVHQWUH
MDQYLHUHWIpYULHU
Page 57
6$1'63,7
&OHPHQV5HWWLFK
32%R[
6DQGVSLW%&
977
FUHWWLFK#KDLGDJZDLLQHW
ZZZKDLGDJZDLLQHWFUHWWLFKIHVWLYDO
*HQUHIRONZRUOG
QG
-XO\GHX[LqPHILQGHVHPDLQHGHMXLOOHW
60,7+(56
0LGVXPPHU)HVWLYDO
/RUQH&ODUNH
32%R[
6PLWKHUV%&
9-1
FDS#EXONOH\QHW
ZZZEYIPVRUJ
*HQUHMD]]IRONZRUOG
-XQHMXLQ
'HDGOLQHVGDWHVOLPLWHV)HEUXDU\RXWVLGHRI%&
DQG0D\ZLWKLQWKHUHJLRQHUIpYULHUj
O
H[WpULHXUGHOD&%HWHUPDLSRXUODUpJLRQ
7(55$&(
.DUHQ%LUNGDO
32%R[
7HUUDFH%&
9*%
*HQUHMD]]IRONZRUOG
UHUpVHQWDWLRQVSDUDQQpH
*RUGHQ2DWHV
0F&RQQHOO$YHQXH
7HUUDFH%&
9**
JRUGRQRDWHV#EPRFRP
ZZZRVJQHW?WOW?LQGH[
*HQUHMD]]IRONZRUOG
VSHFWDFOHVSDUDQQpH
YHQXHVVDOOHV
8&/8(/(7
-R\,QQLV
8FOXHOHW%&
95$
SDOHQDL#VSLQZHEQHW
*HQUHZRUOGQHZPXVLFPXVLTXHDFWXHOOH
VW
)HVWLYDOGDWHVGDWHVGXIHVWLYDO WZRZHHNVRI
$XJXVWOHVGHX[SUHPLqUHVVHPDLQHVG
DRW
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVE\
0D\(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWV
DYDQWOHPDL
9$1&289(5
$ERULJLQDO&XOWXUDO)HVWLYDO
9DQFRXYHU$ERULJLQDO)ULHQGVKLS
&HQWUH
5RVH+RO]HU7DPERXU
(DVW+DVWLQJV6WUHHW
9DQFRXYHU%&
9/6
H[WSRVWH
*HQUHIRON
)HVWLYDOGDWHVGDWHVGXIHVWLYDO-XO\MXLOOHW
HU
1RWHV&RQWHPSRUDU\DQGWUDGLWLRQDOIRUPVRI
DERULJLQDOPXVLF0XVLTXHFRQWHPSRUDLQHHW
WUDGLWLRQQHOOHDXWRFKWRQH
Page 58
5RQ6LPPRQGV
:HVWUG$YHQXH
9DQFRXYHU%&
9=%
*HQUHZRUOG
1RWHV,QFOXGLQJEOXHVDQGJRVSHOPXVLF
&RPSUHQGODPXVLTXHEOXHVHWOHJRVSHO
&HOODU-D]]&DIp
6WHYH/LDSLV
:HVW%URDGZD\
9DQFRXYHU%&
95%
-$==&(/@$2/&20
ZZZFHOODUMD]]FRP
DFWXHOOH
0DUJR*UDP
/RQVGDOH$YH
1RUWK9DQFRXYHU%&
90/
DFWXHOOH
&HQWUHFXOWXUHOIUDQFRSKRQHGH
9DQFRXYHU
3LHUUH5LYDUG
qPHDYHQXHRXHVW
9DQFRXYHU%&
9-6
FHQWUH#LQWHUJDWHEFFD
ZZZFFIYEFFD
*HQUHMD]]IRONZRUOG
6HDWLQJFDSDFLWpGHODVDOOH)UDQFRSKRQHVXPPHU
IHVWLYDOLQ9DQFRXYHU&RXSVGHFRHXU
IUDQFRSKRQHLQ1RYHPEHU)HVWLYDOG
pWp
IUDQFRSKRQHGH9DQFRXYHU&RXSVGH&RHXU
IUDQFRSKRQHHQQRYHPEUH
&KDQ&HQWUHIRUWKH3HUIRUPLQJ
$UWV
-R\FH+LQWRQ
&UHVFHQW5RDG
9DQFRXYHU%&
97=
MR\FHKLQWRQ#XEFFD
ZZZFKDQFHQWUHFRP
*HQUHMD]]IRONZRUOG
&RQFHUW+DOO
6WXGLR7KHDWUH
PRLVjO
DYDQFH
VHSWHPEUHjMXLQ
Page 59
&RDVWDO-D]]DQG%OXHV6RFLHW\GX
0DXULHU,QWHUQDWLRQDO-D]])HVWLYDO
0D\ZRUNV)HVWLYDORI$UWDQG
:RUNLQJ/LIH
:HVWWK$YHQXH
9DQFRXYHU%&
9<.
NHQ#MD]]YDQFRXYHUFRP
ZZZMD]]YDQFRXYHUFRP
*HQUHMD]]ZRUOGQHZPXVLFPXVLTXHDFWXHOOH
&RPPHUFLDO'ULYH
32%R[
9DQFRXYHU%&
91$
LUZLQBRRVWLQGLH#FLW\YDQFRXYHUEFFD
*HQUHMD]]IRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO0D\PDL
'HDGOLQHVGDWHVOLPLWHV$SULODYULO
.HQ3LFNHULQJ
6HSWHPEHUWR0D\
±GHVHSWHPEUHjPDL
-XQHWR-XO\MXLQDXMXLOOHW
4XHQD&RIIHH+RXVH
&RPPHUFLDO'ULYH
9DQFRXYHU%&
9/;
*HQUHIRONZRUOG
/LWWOH&KDPEHU0XVLF6HULHV7KDW
&RXOG6RFLHW\
$OOHQ6WLOHV
9HQDEOHV6WUHHW
9DQFRXYHU%&
9/+
,UZLQ2RVWLQGLH
0RMR5RRP
-RKQ3LQHDX
(DVW+DVWLQJV
9DQFRXYHU%&
9.$
*HQUHMD]]
3XUSOH2QLRQ
1HDO8FKLGD
:DWHU6W
1RUWK9DQFRXYHU%&
9%$
OLIHMD]]@SXUSOHRQLRQFRP
ZZZSXUSOHRQLRQFRP
*HQUHMD]]
Page 60
5DLOZD\&OXE
6WDUILVK5RRP
'XQVPXLU6WUHHW
9DQFRXYHU%&
9%<
MIRUV\WK#LVWDUFD
ZZZWKHUDLOZD\FOXEFRP
*HQUHMD]]IRONZRUOG
+RPHU6WUHHW
9DQFRXYHU%&
9%;
*HQUHMD]]IRONZRUOG
-DQHW)RUV\WK
.HLWK%XFNLQJKDP
UHSUpVHQWDWLRQVSDUDQQpHGD\VDZHHN
FRQFHUWVLQMD]]IRONDQGZRUOG
MRXUVSDUVHPDLQHVSHFWDFOHVGHMD]]
IRONHWZRUOG
5RJXH)RON&OXE
8QLYHUVLW\RI%ULWLVK&ROXPELD
$063URJUDPV
jO
DYDQFH
6WHYH(GJH
/DPH\
V0LOO5RDG
9DQFRXYHU%&
9+:
WKHURJXH#LVWDUFD
ZZZURJXHIRONEFFD
*HQUHIRON
jO
DYDQFH
3DP7DJOH
68%%RXOHYDUG
9DQFRXYHU%&
97=
3URJV@DPVXEFFD
ZZZDPVXEFFD
DFWXHOOH
UHSUpVHQWDWLRQVSDUDQQpH6HSWHPEHU$SULOGH
VHSWHPEUHjDYULO
3DW+RJDQ
'XQFDQ/RZ
&RPPHUFLDO'ULYH
32%R[
9DQFRXYHU%&
91$
SDWK#O\Q[EFFD
*HQUHIRON
9HQDEOHV$YHQXH
9DQFRXYHU%&
9/+
YHFF#LVWDUFD
ZZZWKHGULYHQHWYHFF
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHFRQFHUWV
SUHVHQWHGE\9(&&FRQFHUWVSUHVHQWHG
WKURXJKUHQWDOVVSHFWDFOHVSUpVHQWpVSDU
9(&&VSHFWDFOHVSUpVHQWpVSDUOHV
ORFDWLRQV
Page 61
'XJJ6LPSVRQ
:HVW%URDGZD\
%R[
9DQFRXYHU%&
9=.
LQIR#WKHIHVWLYDOEFFD
ZZZWKHIHVWLYDOEFFD
*HQUHIRONZRUOG
O¶RFFDVLRQ
±-XO\±MXLOOHW
±-XO\±MXLOOHW
±-XO\±MXLOOHW
9DQFRXYHU,QWHUQDWLRQDO1HZ
0XVLF)HVWLYDO1HZ0XVLF6RFLHW\
2ZHQ8QGHUKLOO
%HDWW\6WUHHW
9DQFRXYHU%&
9%0
QHZPXVLF#GLUHFWFD
ZZZQHZPXVLFRUJ
0D\±-XQHPDL±MXLQ
ELHQQLDOELHQQDO
9DQFRXYHU3UR0XVLFD3UR0XVLFD
6RFLHW\
-RUGRQ1REOHV
32%R[532*UDQYLHZ
9DQFRXYHU%&
91:
XV#LQWRXFKEFFD
9DQFRXYHU6XQ&RPPXQLW\&RQFHUW
6HULHV,QGHSHQGHQW3URGXFLQJ
.HYLQ0RRQH\
0DWWKHZV$YHQXH6XLWH
9DQFRXYHU%&
9+:
*HQUHMD]]IRONZRUOG
0LFKDHO$]H
6PLWKH6WUHHW
9DQFRXYHU%&
9%*
UHDFKXV#YDQV\PSKRQ\FD
ZZZFXOWXUHQHWFDYVR
:HGQHVGD\1RRQ+RXUV8%&
6FKRRORI0XVLF
/DXULH7RZQVHQG
0HPRULDO5RDG
9DQFRXYHU%&
97=
ODXULHW#LQWHUFKDQJHXEFFD
ZZZPXVLFXEFFD
'LIIXVHXUGHPXVLTXHFODVVLTXHSULQFLSDOHPHQW
&RPSRVHUV)HVWLYDO0DUFK$SULO
)HVWLYDOGHVFRPSRVLWHXUVGHPDUVjDYULO
'HDGOLQHVGDWHVOLPLWHV'HFHPEHUGpFHPEUH
Page 62
'%%R\NR
(DVWWK$YHQXH
9DQFRXYHU%&
976
IURQW#VPDUWWFRP
ZZZIURQWEFFD
+HUPDQ¶V
1DQF\&RRSHU
9LHZ6WUHHW
9LFWRULD%&
9:-
*HQUHMD]]IRON
1RWHV,QWHUGLVFLSOLQDU\DUWLVWUXQFHQWUHUHQWDO
,&$)RONIHVW
SRVVLEOH&HQWUHG
DUWLVWHVDXWRJpUpV
LQWHUGLVFLSOLQDLUHORFDWLRQGHVDOOHSRVVLEOH
9,&725,$
$UWV&HQWUH
6HDQ+LUSOH
+HUDOG6WUHHW
9LFWRULD%&
9:6
LQIR@KHUDOGVWUHHWFRP
ZZZKHUDOGVWUHHWFRP
DFWXHOOH
1RWHV5HQWDOORFDWLRQGHVDOOH
7KH*HRUJHDQG'UDJRQ
'DOH6SURXOH
*ODGH6WRQH$YH
9LFWRULD%&
956
*HQUHIRON
1RWHV2SHQGD\VDZHHNRXYHUWMRXUVSDU
VHPDLQH
7UDF\6XPPHUV
%DOPRUDO5RDG
9LFWRULD%&
97$
IRONIHVW#LFDYLFWRULDQHW
*HQUHIRONZRUOG
)LQMXLQ
0F3KHUVRQ3OD\KRXVH
3DP/RXJKWRQ
3DQGRUD
9LFWRULD%&
9:1
ZZZUR\DOPFSKHUVRQFD
*HQUHMD]]IRONZRUOG
Page 63
7LF7RF)HVWLYDO
)RUW6WUHHW
9LFWRULD%&
9:(
RSHQVSDFH#LLFD
ZZZRSHQVSDFHFD
(PHUVRQ6W
9LFWRULD%&
95&
FEXWWHUI@XYLFFD
)HEUXDU\IpYULHU
1HZ0XVLF&RPPLWWHH
5RRWV)HVW
-DPLH.HOOH\
&RXUWQH\6WUHHW
9LFWRULD%&
9:%
MDPLHN#URRWVIHVWFRP
*HQUHIRONZRUOG
-XO\MXLOOHW
HU
'HDGOLQHVGDWHVOLPLWHV)HEUXDU\ IpYULHU
6WUDWKFRQD+RWHO/HJHQGV
-RsO&KXGOHLJK
'RXJODV
9LFWRULD%&
9:&
DFWXHOOH
&KULV%XWWHUIOLHG
7HUULI9LF)HVWLYDO7HUULI9LF-D]]
)HVWLYDO
/HVOLH&RRNH
32%R[6WDWLRQ(
9LFWRULD%&
9:<
WHULIYLF#SFFLQWHUQHWFRP
ZZZZLVODQGQHWFRPaEEVMD]]KWPO
*HQUHMD]]
YHQXHVVDOOHV
)HVWLYDOGDWHVGDWHVGXIHVWLYDOGD\VEDQGV
DQGYHQXHVMRXUVJURXSHVHWVDOOHV
9LFWRULD-D]]6RFLHW\
'DUU\O0DU
32%R[6WDWLRQ(
9LFWRULD%&
9:6
YLFMD]]#SDFLILFFRDVWQHW
ZZZYLFMD]]EFFD
*HQUHMD]]
Page 64
:(//6
,VODQG0RXQWDLQ$UWV
$UWLVWLF'LUHFWRU
32%R[
:HOOV%&
9.5
LPD#JROGFLW\QHW
ZZZLPDUWVFRP
*HQUHMD]]IRONZRUOG
1RRISHUIRUPDQFHVSHU\HDUQRGHUHSUpVHQWDWLRQV
SDUDQQpH
6HDWLQJFDSDFLWpGHODVDOOHXSWRMXVTX¶j
1RWHV&RQFHUWVZLWKZRUNVKRSV6SHFWDFOHV
DYHFGHVDWHOLHUV
:HOOV+RWHO
-LP6DYDJH
32%R[
:HOOV%&
9.5
ZKRWHO#JROGFLW\QHW
ZZZZHOOVKRWHOFRP
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH0RQWKO\PHQVXHOOHV
YHQXHVVDOOHV
:+,67/(5
7DPVLQ0LOOHU
FR%R[
3HPEHUWRQ%&
91/
UZPLOOHU#GLUHFWFD
*HQUHMD]]ZRUOG
IDOOWRVSULQJGHO
DXWRPQHDXSULQWHPSV
1RWHV3UHVHQWVIRONRFFDVVLRQDOO\3UpVHQWHOD
PXVLTXHIRONjO¶RFFDVLRQ
Page 65
0$1,72%$
%5$1'21
%UDQGRQ-D]])HVWLYDO
%UHQW&DPSEHOO5RJHU0DQWLH
6LWH%R[55
%UDQGRQ0%
5$<
%UHQW
5RJHU
FDPSEHOOEH#EUDQGRQVGPEFD
*HQUHMD]]
<DNV1LJKWFOXE
.HQ6KDFNHO
9LFWRULD
%UDQGRQ0%
5%5
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHELPRQWKO\
ELPHQVXHOOHV
1RWHV3UHYLRXVO\NQRZQDVWKH8QZLQGHU
'(/25$,1(
6RXWKZHVW6KRZFDVH
VSHFWDFOHVSDUDQQpH
YHQXHVVDOOHV
1RWHV3HUIRUPDQFHVDUHHGXFDWLRQDOO\EDVHG
PXVLFLDQVDUHDVNHGWRJLYHZRUNVKRSV
6SHFWDFOHVGHEDVHpGXFDWLYHRQGHPDQGHDX[
PXVLFLHQVGHGRQQHUGHVDWHOLHUV
6SHFLDO(YHQWV&RPPLWWHH
32%R[
%UDQGRQ0%
5$6
ORZHGD#EDQGRQXFD
ZZZPEIRONPEFD
*HQUHMD]]IRONZRUOG
±-XO\±MXLOOHW
$FKOD'KDOOD
5RVVHU$YH
%UDQGRQ0%
5$/
DFWXHOOH
SUpFpGHPPHQWFRQQXFRPPHOH8QZLQGHU
'RQQD7RGG
%R[
'HORUDLQH0%
500
*HQUHMD]]IRONZRUOG
+2//$1'
7LJHU+LOOV$UWV$VVRFLDWLRQ,QF
/RLV5REHUWVRQ
%R[
+ROODQG0%
5*;
*HQUHMD]]IRONZRUOG
-XO\MXLOOHW
-XO\MXLOOHW
MD]]jO¶RFFDVLRQ
Page 66
/($)5$3,'6
025'(1
32%R[
/HDI5DSLGV0%
5%:
*HQUHMD]]IRONZRUOG
WK6WUHHW
0RUGHQ0%
50(
RURX
GVWREEH#PEV\PSDWLFRFD
ZZZFLFLPEFDGZRRG
*HQUHIRON
.DWKHULQH*RWW]PDQQ
0$1,728
7KH0DQLWRX&RIIHH+RXVH
0XVLFLDQV2OG2SHUD+RXVH
%LOO+RZDWW
%R[
0DQLWRX0%
5**
%LOO+RZDWW
$O7KRUOHLIIVRQ
*HQUHMD]]IRON
0&&5($5<
$QQH'XOOH
32%R[
0F&UHDU\0%
5-%
*HQUHMD]]IRONZRUOG
1RWHVFORVHGXQWLO2FWREHUIHUPpMXVTX
HQ
RFWREUH
'DYH6WREEH
UHSUpVHQWDWLRQVSDUDQQpHFRQFHUWV
FRIIHHKRXVHVFRQFHUWVVSHFWDFOHV
FRQFHUWVDX[FDIpVWKpDWUHV
)HVWLYDOGDWHVGDWHVGXIHVWLYDO-XQHMXLQ
'HDGOLQHVGDWHVOLPLWHV0LG-DQXDU\PLMDQYLHU
1RWHV3ULPDULO\ORFDODQGUHJLRQDODUWLVWV
'LIIXVHXUG
DUWLVWHVORFDX[HWUpJLRQDX[
SULQFLSDOHPHQW
67125%(57
6W1RUEHUW$UWVDQG&XOWXUDO
&HQWUH
32%R[
6W1RUEHUW0%
59/
LQIR#VQDFFPEFD
ZZZVQDFFPEFD
1RWHV)DFLOLW\UHQWDOVDYDLODEOHORFDWLRQGH
VDOOHVGLVSRQLEOHV
Page 67
7+203621
&LW\RI7KRPSVRQ5HFUHDWLRQ3DUNV
DQG&XOWXUH
.DUHQ&RQZD\
0\VWHU\/DNH5RDG
7KRPSVRQ0%
516
UHF#QHWUDP\VWHU\QHWPEFD
ZZZQHWUDP\VWHU\QHWPEFDFLW\
*HQUHMD]]IRONZRUOG
QG
ZHHNHQGLQ
)HEUXDU\DQG ZHHNHQGLQ-XQHGHX[LqPH
ILQGHVHPDLQHHQIpYULHUHWWURLVLqPHILQGH
VHPDLQHHQMXLQ
UG
:,11,3(*
0DUWLDO7RXJDV
ERXOHYDUG3URYHQFKHU
:LQQLSHJ0%
5+*
*HQUHMD]]IRON
1RWHV)RUIRONLWLVPRVWO\IUDQFRSKRQHDUWLVWV
ERWKODQJXDJHVIRUMD]]SRXUODPXVLTXHIRON
FHODFRQFHUQHSULQFLSDOHPHQWOHVDUWLVWHV
IUDQFRSKRQHVSRXUOHMD]]OHVGHX[ODQJXHVVRQW
DFFHSWpHV
)HVWLYDOGXYR\DJHXU
'DQLHOOH6WXUN
DYHQXH7DFKp
:LQQLSHJ0%
5+&
YR\DJHXU#IHVWLYDOYR\DJHXUPEFD
ZZZIHVWLYDOYR\DJHXUPEFD
*HQUHIRONZRUOGQHZPXVLFPXVLTXHDFWXHOOH
±)HEUXDU\IpYULHU
±)HEUXDU\IpYULHU
'HDGOLQHVGDWHVOLPLWHV%HIRUH6HSWHPEHU
DYDQWVHSWHPEUH
*URXQG6ZHOO
3DW(OVZRUWK
$UWKXU6WUHHW
:LQQLSHJ0%
5%+
JURXQGVZHOO#HVFDSHFD
1RWHV:LQQLSHJ
V1HZ0XVLF6HULHV
-D]]:LQQLSHJ,QF
'DYLG6KHUPDQ
$UWKXU6WUHHW
:LQQLSHJ0%
5%+
MD]]ZSJ#PWVQHW
ZZZMD]]ZLQQLSHJFRP
*HQUHMD]]
±-XQH±MXLQ
1RWHV%ORFNERRNLQJ:HVWFDQDQGLQGHSHQGDQW
ERRNLQJ'LIIXVHXU:HVWFDQHWLQGpSHQGDQW
Page 68
3\UDPLG&DEDUHW
'DYLG0F.HLJDQ
)RUW6WUHHW
:LQQLSHJ0%
5&&
*HQUHMD]]IRONZRUOG
1RWHV3UHYLRXVO\NQRZQDVWKH6SHFWUXP
3UpFpGHPPHQWFRQQXFRPPHOH6SHFWUXP
7UHPDLQH%XUURZV
(OOLFH$YHQXH
:LQQLSHJ0%
5%=
ZHFF#SDQJHDFD
ZZZSDQJHDFDaZHFF
*HQUHMD]]IRONZRUOG
RQJRLQJFRQWLQX
YHQXHVVDOOHV
3LHUUH*XHULQ
7DFKH$YHQXH
:LQQLSHJ0%
5+=
ZII#WRWDOQHW
ZZZZSJIRONIHVWPEFD
*HQUHIRONZRUOG
:LQQLSHJ6\PSKRQ\2UFKHVWUD
1HZ0XVLF)HVWLYDO
<RXQJ0L6Q\GHU
0DLQ6WUHHW5RRP
:LQQLSHJ0%
5%&
\VQ\GHU#ZVRPEFD
ZZZZVRPEFD
UHSUpVHQWDWLRQVSDUDQQpHIHVWLYDOFRQFHUWV
VSHFWDFOHVGHIHVWLYDOV
-DQXDU\WR)HEUXDU\
MDQYLHUDXIpYULHU
-DQXDU\MDQYLHU
jO
DYDQFH
&KULV)UD\HU
6KHUEURRN6WUHHW
:LQQLSHJ0%
5&%
ZQGISUR#PELPDJQHW
ZZZZQGIFRP
*HQUHMD]]IRONZRUOG
O¶RFFDVLRQ
$XJXVWDRW
HU
'HDGOLQHVGDWHVOLPLWHV)HEUXDU\
IpYULHU
±-XO\±MXLOOHW
Page 69
1(:%5816:,&.
1289($8%5816:,&.
&$5$48(7
/XF7KHULDXOW
ERXOHYDUG6W3LHUUHHVW
&DUDTXHW1%
(:%
IHVWLYDO#QEQHWQEFD
ZZZIHVWLYDODFDGLHQHW
*HQUHMD]]IRONZRUOG
6HDWLQJFDSDFLWpGHODVDOOHLQGRRURXWGRRUj
O
LQWpULHXUHWHQSOHLQDLU
$XJXVWDRW
'HDGOLQHVGDWHVOLPLWHV'HFHPEHU
GpFHPEUH
)5('(5,&721
%UHQW6WDHEHQ
32%R[
)UHGHULFWRQ1%
(%<
KDUYHVW#EUXQQHWQHW
ZZZKDUYHVWMD]]EOXHVQEFD
*HQUHMD]]
O
0,5$0,&+,
6XVDQ%XWOHU
32%R[
0LUDPLFKL&LW\1%
(90
EE#QEV\PSDWLFRFD
ZZZPLEFQEFDIRONVRQJ
*HQUHIRON
VW
0RQGD\RI
$XJXVWIRUGD\VSUHPLHUOXQGLG
DRWSRXU
MRXUV
'HDGOLQHVGDWHVOLPLWHV/DWHIDOO
)LQGHO
DXWRPQH
021&721
$X'HX[LqPH
5REHUW%HOOHIOHXUV
0DLQ6WUHHW
0RQFWRQ1%
(&*
KWWSLPLDQHWHYHQWVFOXEVDXGHX[LHPH
HQJKWP
*HQUHMD]]
±2FWREHU±RFWREUH
±2FWREHU±RFWREUH
&OXE&RVPRSROLWDQ
5RVDOLQG0LOOHU6KHU\O6WHYHV
0DLQ6WUHHW
0RQFWRQ1%
(&(
FRVPR#QEQHWQEFD
ZZZFOXEFRVPRFRP
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpH)ULGD\HYHQLQJVOHV
YHQGUHGLVVRLUV
Page 70
-RH0RND&DIp
6$,17-2+1
)HVWLYDOE\WKH6HD
*LQHWWH6HUJH6ODYHW
0DLQ6W
0RQFWRQ1%
(&'
*HQUHMD]]
&DQGLFH0DF'RQDOG
0RQFWRQ-D]])HVWLYDO
-DFN0DF$OHHVH
32%R[
0RQFWRQ1%
(&.
*HQUHMD]]
,PSHULDO7KHDWUH
YHQXHVVDOOHV
32%R[6WDWLRQ$
6DLQW-RKQ1%
(/6
RURX)%76
IEWV#QEQHWQEFD
ZZZSHUVRQDOQEQHWQEFDIEWV
*HQUHMD]]IRONZRUOG
$XJXVWDRW
±$XJXVW±DRW
±$XJXVW±DRW
'HDGOLQHVGDWHVOLPLWHV6HSWHPEHUWR$SULOGH
VHSWHPEUHjDYULO
QG
ZHHNRI
2FWREHUGHX[LqPHVHPDLQHG
RFWREUH
1RWHV'L[LHODQGDQGWUDGLWLRQDOMD]]
DFWVPXVLTXHGHGL[LHODQGHWMD]]WUDGLWLRQHO
JURXSHV
6HUYLFHGHVORLVLUVVRFLRFXOWXUHOGH
O
8QLYHUVLWpGH0RQFWRQ
.LQJ6TXDUH6RXWK
6DLQW-RKQ1%
(/%
LPSHULDO#QEQHWQEFD
ZZZFXOWXUHQHWFDLPSHULDO
*HQUHMD]]IRONZRUOG
1RWHV)DFLOLW\UHQWDODYDLODEOHORFDWLRQGH
VDOOHVGLVSRQLEOHV
eULF+DFKp
&HQWUHpWXGLDQW/RFDO&
8QLYHUVLWpGH0RQFWRQ
0RQFWRQ1%
($(
KDFKHH#XPRQFWRQFD
*HQUHIRON
UHSUpVHQWDWLRQVSDUDQQpH6HSWHPEHU0D\GH
VHSWHPEUHjPDL
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVEHIRUH
WKHHQGRI-XQH(QYR\HUOHVGRVVLHUVGH
UHQVHLJQHPHQWVDYDQWODILQMXLQ
Page 71
1(:)281'/$1'
7(55(1(89(
67-2+1¶6
$QQXDO1HZIRXQGODQGDQG
/DEUDGRU)RON)HVWLYDO
%ULGJHW1RRQDQ
32%R[
6W-RKQ
V1)
$&-
VMIDF#QIV\PSDWLFRFD
ZZZPRRQPXVLFQIOGFRPVMIDF
*HQUHIRON
UHSUpVHQWDWLRQVSDUDQQpH:HHNO\WRXWHVOHV
VHPDLQHV
$XJXVWDRW
$XJXVWDRW
*DU\&ODUNH
7KRPVRQ6WXGHQW&HQWUH
6W-RKQ¶V1)
$&6
VHSWHPEUHjDYULO
'XNHRI'XFNZRUWK
&ROLQ'DOWRQ
32%R[6WDWLRQ&
6W-RKQ
V1)
$&+
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpHFRQFHUWVSHU
\HDUVSHFWDFOHVSDUDQQpH
/RIW6SLULWRI1HZIRXQGODQG
.DWKLH+LFNV
FR+D\0DUNHW6TXDUH
'XFNZRUWK6WUHHW
6W-RKQ
V1)
$&*
*HQUHIRON
1RWHV&HOWLFDQG1HZIRXQGODQGPXVLFLDQV
PXVLFLHQVFHOWLTXHVHW7HUUH1HXYLHQV
0RRQOLJKWLQJ3URPRWLRQV)DW&DW
%DU6KLS,QQ
-XQH+LVFRFN
:RPPHQ-DPPLQ
3OHDVDQW6WUHHW
6W-RKQ
V1)
$(/
PRRQPXVLF#QIOGFRP
ZZZPRRQPXVLFQIOGFRP
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHVHDVRQDOFRQFHUWV
SHU\HDUFRQFHUWVSDUDQQpH
6KLS,QQ7XHVGD\QLJKWWRXVOHVPDUGLVVRLUV
YHQXHVVDOOHV
jO
DYDQFH
/638+DOO
'RUHHQ0F&DUWK\
9LFWRULD6WUHHW
6W-RKQ
V1)
$&9
UFDW#QHZFRPPQHW
ZZZUFDQHWFD
DFWXHOOH
1RWHV)DFLOLW\UHQWDOVRPHQHZPXVLFORFDWLRQ
GHVDOOHVGLIIXVHXUGHPXVLTXHDFWXHOOHSDUIRLV
Page 72
5RVHDQG7KLVWOH
5DOSK2
%ULHQ
32%R[
6W-RKQ
V1)
$$*
*HQUHIRON
1RWHV&RQWHPSRUDU\IRONIRONFRQWHPSRUDLQ
6KLS,QQ
.DWLH3DUKDQ
'XFNZRUWK6W
6W-RKQ¶V1)
$&*
DFWXHOOH
67(3+(19,//(
6WHSKHQYLOOH$UWVDQG&XOWXUH
&HQWUH
:DQGD&RRN
0DVVDFKXVHWWV
6WHSKHQYLOOH1)
$1$
JHQUHMD]]IRONZRUOGQHZPXVLFPXVLTXH
DFWXHOOH
FDSDFLWpGHODVDOOH
6RXQG6\PSRVLXP
6RXQG$UWV,QLWLDWLYHV,QF
'RQ:KHUU\
32%R[
6W-RKQ
V1)
$%-
VRXQGDUW#QIOGFRP
ZZZVRXQGQIFD
DFWXHOOH
LQGRRUjO¶LQWpULHXU
RXWGRRUHQSOHLQDLU
±-XO\±MXLOOHW
ELHQQLDOELHQQDO
'HDGOLQHVGDWHVOLPLWHV0D\
PDL
Page 73
1257+:(67
7(55,725,(6
7(55,72,5(6'8
125'28(67
<(//2:.1,)(
/LVD7VDU
%R[
<HOORZNQLIH17
;$1
RURX
OLVDWVDU#ZHEWYQHW
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHQLJKWVDZHHN
VRLUVSDUVHPDLQH
6HDWLQJFDSDFLWpGHODVDOOH&OXE
2WKHUYHQXHVDXWUHVVDOOHV
)RONRQWKH5RFNV
6HOHFWLRQ&RPPLWWHH
%R[
<HOORZNQLIH17
;$1
IRWU#VVLPLFURFRP
ZZZIRONRQWKHURFNVFRP
*HQUHMD]]IRONZRUOG
,DQ0XUUD\1DQF\2DNOH\
32%R[
<HOORZNQLIH17
;$1
QDFF#LQWHUQRUWKFRP
*HQUHMD]]IRONZRUOG
,189,.
0DULO\Q']DPDQ
32%R[
,QXYLN17
;(7
JUHDWDUW#SHUPDIURVWFRP
ZZZJUHDWDUWQWFD
*HQUHIRON
6HDWLQJFDSDFLWpGHODVDOOHRXWGRRUHQSOHLQDLU
±-XO\±MXLOOHW
1RWHV3ULPDULO\YLVXDODUWVIHVWLYDOZLWKDQ
DERULJLQDOWUDGLWLRQDODQGFRQWHPSRUDU\PXVLF
FRPSRQHQWIHVWLYDOHQDUWVYLVXHOV
SULQFLSDOHPHQWDYHFXQYROHWGHPXVLTXH
DXWRFKWRQHWUDGLWLRQQHOOHHWFRQWHPSRUDLQH
-XO\MXLOOHW
'HDGOLQHVGDWHVOLPLWHV1RYHPEHU'HFHPEHU
GHQRYHPEUHjGpFHPEUH
*XPERRWV
5LFKDUG+LQW]
5\FRQ'ULYH
<HOORZNQLIH17
;$9
UKLQW]#QWV\PSDWLFRFD
ZZZWKHJXPERRWVFD
*HQUHIRON
'HDGOLQHVGDWHVOLPLWHV1RYHPEHUQRYHPEUH
Page 74
129$6&27,$
1289(//(e&266(
$17,*21,6+
)HVWLYDO$QWLJRQLVK
0DUMRULH0DF+DWWLH
32%R[
$QWLJRQLVK16
%*:
PPDFKDWW#VWI[FD
*HQUHIRON
1RWHV3ULPDULO\FHOWLFPXVLFSUHVHQWHU
'LIIXVHXUGHPXVLTXHFHOWLTXHSULQFLSDOHPHQW
6W)UDQFLV;DYLHU8QLYHUVLW\
$QWLJRQLVK3HUIRUPLQJ$UWV
0LFKDHO6WHLQLW]
32%R[
$QWLJRQLVK16
%*&
PVWHLQLW#VWI[FD
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpHFRQFHUWZLWKZRUNVKRS
6SHFWDFOHVDYHFDWHOLHU
6W)UDQFLV;DYLHU8QLYHUVLW\
0XVLF'HSDUWPHQW
*UHJ&DUWHU
0XVLF'HSDUWPHQW
32%R[
$QWLJRQLVK16
%*:
JFDUWHU#VWI[FD
*HQUHMD]]
%$''(&.
&HQWUH%UDVG
2U)HVWLYDORIWKH
$UWV
*DLO+ROGQHU
32%R[
%DGGHFN16
%(%
FHQWUHEUDVGRU#DXUDFRPFRP
ZZZFHQWUHEUDVGRUFRP
*HQUHMD]]IRONZRUOG
&$162
6WDQ5RJHUV)HVWLYDO
7UR\*UHHQFRUQ
32%R[
&DQVR16
%++
RURX
LQIR#VWDQIHVWFRP
ZZZVWDQIHVWFRP
*HQUHMD]]IRONZRUOG
GpFHPEUH
&+(67(5
&KHVWHU3OD\KRXVH
&KULV+HLGH
32%R[
&KHVWHU16
%--
SOD\KRXVH#FKHVWHUSOD\KRXVHQVFD
ZZZFKHVWHUSOD\KRXVHQVFD
*HQUHMD]]IRONZRUOG
Page 75
+$/,)$;
$WODQWLF-D]])HVWLYDOFR-D]](DVW
6XVDQ+XQWHU
32%R[
+DOLID[16
%/7
MD]]HDVW#QVV\PSDWLFRFD
ZZZQVV\PSDWLFRFDMD]]HDVW
*HQUHMD]]
6HDWLQJFDSDFLWpGHODVDOOHLQGRRURXWGRRU
jO
±-XO\±MXLOOHW
.HYLQ:RRGV
6SULQJ*DUGHQ5RDG3DUN/DQH
%R[
+DOLID[16
%-5
*HQUHMD]]
&KHHUV
5RJHU0DF.LQQRQ
*UDIWRQ6WUHHW
+DOLID[16
%-5
*HQUHMD]]IRON
$QGUHD*DJOLDUGL
8QLYHUVLW\$YHQXH5RRP
+DOLID[16
%+-
GVXBSURPR#NLOFRPXFLVGDOFD
ZZZGDOFDGVX
*HQUHMD]]IRON
YHQXHVVDOOHV
7KH'RPH
5RJHU0DF.LQQRQ
$UJ\OH6WUHHW
32%R[
+DOLID[16
%-:
*HQUHMD]]
7KH.K\EHU
9LFWRULD.HQW
%DUULQJWRQ6WUHHW
+DOLID[16
%-=
*HQUHMD]]IRONZRUOG
1RWHV$UWLVWUXQFHQWUHRFFDVVLRQDOZRUOGPXVLF
SUHVHQWHUFHQWUHG
DUWLVWHDXWRJpUpGLIIXVHXU
GHPXVLTXHZRUOGjO¶RFFDVLRQ
2SHQ:DWHUV)HVWLYDOV
8QLYHUVLW\$YHQXH
+DOLID[16
%+-
1RYHPEHUQRYHPEUH
Page 76
&KULVWRSKHU:LOFR[
/DG\+DPPRQG5RDG
+DOLID[16
%.5
VFRWLDIHVWLYDO#QVV\PSDWLFRFD
ZZZQVV\PSDWLFRFDVFRWLDIHVWLYDO
0D\-XQHPDLMXLQ
0D\±-XQHPDL±MXLQ
'HDGOLQHVGDWHVOLPLWHV\HDUSULRUXQDQj
O
DYDQFH
RFFDVVLRQDOQHZPXVLFSUHVHQWHU'LIIXVHXUGH
PXVLTXHFODVVLTXHSULQFLSDOHPHQWGLIIXVHXUGH
PXVLTXHDFWXHOOHjO¶RFFDVLRQ
/,9(5322/
$VWRU7KHDWUH
&KULV%DOO
32%R[
/LYHUSRRO16
%7.
RIILFHFEDOO#DXUDFRPFRP
*HQUHMD]]IRONZRUOG
/81(1%85*
'RQ2VERUQH
32%R[
/XQHQEXUJ16
%-&
LQIR#IRONKDUERXUFRP
ZZZIRONKDUERXUFRP
*HQUHIRON
±$XJXVW±DRW
HU
PDUV
'HDGOLQHVGDWHVOLPLWHV0DUFK
1(:*/$6*2:
$OFRUQ$QGUHZ
1HZ*ODVJRZ+LJK6FKRRO
/RUQH6WUHHW
1HZ*ODVJRZ16
%+.
*HQUHMD]]
3,&728
GH&RVWH&HQWUH
-RKQ0HLU
32%R[
3LFWRX16
%.+
GHFRVWHFHQWUH#QVV\PSDWLFRFD
LQSURJUHVV
*HQUHMD]]IRONZRUOG
6<'1(<
&HOWLF&RORXUV,QWHUQDWLRQDO
)HVWLYDO
-RHOOD)RXOGV
&KDUORWWH6WUHHW
6\GQH\16
%3(
FRORXUV#FKDWVXERFRP
ZZZFKDWVXERFRPFRORXUV
*HQUHIRON
±2FWREHU±RFWREUH
±2FWREHU±RFWREUH
1RWHV&HOWLFPXVLFIHVWLYDOIHVWLYDOGHPXVLTXH
FHOWLTXH
Page 77
:2/)9,//(
$FDGLD8QLYHUVLW\
5REHUW0F&DUWK\
32%R[
:ROIYLOOH16
%30
UHVUPFFDUWK#IR[QVWQFDDFDGLDXFD
*HQUHMD]]
1RWHV3URYLGHVSXEOLFLW\VXSSRUWDQGYHQXH
VRXWLHQSXEOLFLWDLUHHWIRXUQLODVDOOH
Page 78
217$5,2
%$55,(
5RELQ0XQUR
)HVW(YHQW&DQDGD
5DGHQKXUVW&UHVFHQW
%DUULH21
/0&
EMEIHVW#EFRQQH[QHW
ZZZEMD]]EOXHVIHVWEFRQQH[FD
*HQUHIRON
VW
ZHHNHQGLQ
$XJXVW3UHPLqUHILQGHVHPDLQHG
DRW
'HDGOLQHVGDWHVOLPLWHV-XQHMXLQ
1RWHV7UDGLWLRQDO&DQDGLDQIRONPXVLF
PXVLTXHIRONWUDGLWLRQHOOHFDQDGLHQQH
*HQUHMD]]ZRUOG
)LQMXLQ
1RWHV2FFDVVLRQDOZRUOGPXVLFSUHVHQWHU
'LIIXVHXUGHPXVLTXHGXPRQGHjO¶RFFDVLRQ
7KH)HEUXDU\%OXHV)HVWLYDO
5RELQ0XQUR
)HVW(YHQW&DQDGD
5DGHQKXUVW&UHVFHQW
%DUULH21
/0&
EMEIHVW#EFRQQH[QHW
*HQUHIRON
5RELQ0XQUR
FR0DF/DUHQ$UWV&HQWUH
7RURQWR6WUHHW
%DUULH21
/19
PDFODUHQ#PFZRQFD
*HQUHMD]]IRONZRUOG
%(//(9,//(
$QQH0DULH6FKODWKDX
5REHUWVRQ/DQH
%HOOHYLOOH21
.3&
PSVFKODW#NRVQHW
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH6HSWHPEHUWR0D\
PRQWKO\FRQFHUWVFRQFHUWVPHQVXHOVGH
VHSWHPEUHjPDL
%/220),(/'
0DU\'DZQ$OOHQ
VW
ZHHNHQGLQ
)HEUXDU\3UHPLqUHILQGHVHPDLQHGHIpYULHU
0DF/DUHQ/LYH
32%R[
%ORRPILHOG21
..*
URQH\J#IDOOVLJVQHW
*HQUHMD]]IRONZRUOG
1RWHV:HHNHQGGDWHVRQO\VHXOHPHQWOHVILQV
GHVHPDLQHV
Page 79
%5$03721
*OHQQ0F)DUODQH
:LQGHUPHUH&RXUW
%UDPSWRQ21
/;/
*HQUHIRONZRUOG
%UDPSWRQ7KHDWUH%UDPSWRQ
)HVWLYDOV
6WHSKHQ6XOVNL
&HQWUDO3DUN'ULYH
%UDPSWRQ21
/77
VWHYHVROVNL#FLW\EUDPSWRQRQFD
ZZZHQWHUWDLQPHQWEUDPSWRQFRP
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH6HSWHPEHUWR
-XQHVHSWHPEUHjMXLQ
YHQXHVVDOOHV
1RWHV3UHVHQWVMD]]PXVLF3UpVHQWH
GHMD]]
%5$17)25'
%UDQWIRUG)RON&OXE2FWREHUIRON
'RQ0F*HRFK
6SDUWDQ'ULYH
%UDQWIRUG21
15&
ZZZEUDQWIRUGIRONRQFD
*HQUHIRON
)HVWLYDOGDWHVGDWHVGXIHVWLYDO2FWREHURFWREUH
)UDQN'L)HOLFH
'DUOLQJ6WUHHW
%UDQWIRUG21
16<
GLIHOLFH#V\PSDWLFRFD
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpH-D]]6HULHVDWWKH
6DQGHUVRQ&HQWUHVpULHVGHMD]]DX&HQWUH
6DQGHUVRQ
%5,*+721
/LJKWKRXVH&DIp
FR'DYH&XUWLV
55
%ULJKWRQ21
..+
GFXUWLV#LQWUDQHWFD
ZZZV\PSDWLFRFDVFULYHQOLJKWKRXVH
FDIpKWPO
*HQUHIRON
%85.¶6)$//6
'HFHQW([SRVXUH&RQFHUW6HULHV
+HULWDJH5LYHU0XVLF)HVWLYDO
0LFKHOH%DWHPDQ
%R[
%XUN
V)DOOV21
3$&
KUWJULYU#RQOLQNQHW
ZZZLQWHUORJFRPaGFQWH[S
*HQUHIRON
YHQXHVVDOOHV
$XJXVWDRW
$XJXVWDRW
Page 80
%85/,1*721
3HSSHUZRRG%LVWUR
&$5/(721
/DNHVKRUH8QLW*2
%XUOLQJWRQ21
/6-
PGLQH#SHSSHUZRRGRQFD
ZZZSHSSHUZRRGRQFD
*HQUHIRONZRUOG
(PLO\6WUHHW
&DUOHWRQ3ODFH21
.&6
*HQUHMD]]IRONZRUOG
0LNH'LQH0LNH.QXO
&$0%5,'*(
0LOO5DFH)HVWLYDORI7UDGLWLRQDO
)RON0XVLF
%UDG0F(ZHQ
32%R[*DOW&HQWUDO3RVWDO6WDWLRQ
&DPEULGJH21
15(
*HQUHIRONZRUOG
O¶RFFDVLRQ
)HVWLYDOGDWHVGDWHVGXIHVWLYDO)LUVWZHHNHQGRI
$XJXVW3UHPLqUHILQGHVHPDLQHG
DRW
*UHJ3XUG\%DUEDUD3XUG\
UHSUpVHQWDWLRQVSDUDQQpH0RQWKO\PHQVXHO
&/$5(1'21
2VFDU*UDI
32%R[
&ODUHQGRQ21
.+-
*HQUHMD]]IRONZRUOG
±$XJXVW±DRW
'HDGOLQHVGDWHVOLPLWHV1RYHPEHUWR)HEUXDU\
QRYHPEUHjIpYULHU
&2//,1*:22'
6WHSKHQ&KDUOHV
55
&ROOLQJZRRG21
/<<
VFKDUOHV#EPWVFRP
ZZZWZLQJHFRPVFR
*HQUHIRON
O¶RFFDVLRQ
QG
ZHHNHQGLQ
GpFHPEUH
1RWHV3ULPDULO\FHOWLFPXVLFSUHVHQWHU
'LIIXVHXUGHPXVLTXHFHOWLTXHSULQFLSDOHPHQW
Page 81
'5<'(1
*2'(5,&+
%R[6LWH55
'U\GHQ21
31<
JX\BJDOODZD\#KRWPDLOFRP
*HQUHMD]]IRONZRUOG
&DOHGRQLD7HUUDFH
*RGHULFK21
1$0
FHOWLFIHVWLYDO#RG\VVH\RQFD
ZZZFHOWLFIHVWLYDORQFD
*HQUHIRON
*X\*DOODZD\
UHSUpVHQWDWLRQVSDUDQQpHPRQWKO\
(OHDQRU5RELQVRQ
FRQFHUWVVSHFWDFOHVPHQVXHOV
1RWHV6RORVDUWLVWVWRTXDUWHWVGHO
DUWLVWH
LQGLYLGXHODX[SHWLWVHQVHPEOHVJURXSHV
YHQXHVVDOOHV
6KDQH&XUU\$QJLH:DOVHU
*8(/3+
$UNHOO6FKRROKRXVH*DOOHU\$FRXVWLF
&RQWHPSRUDU\&RQFHUW6HULHV
(/25$
'DOE\+RXVH
0HWFDOIH6WUHHW
(ORUD21
1%6
*HQUHMD]]IRONZRUOG
O¶RFFDVLRQ
(ORUD)HVWLYDO
&KHU\O(ZLQJ
32%R[
(ORUD21
1%6
FHZLQJ#HORUDRUJ
ZZZHORUDRUJ
*HQUHIRONZRUOGQHZPXVLFPXVLTXHDFWXHOOH
-XO\WR$XJXVW
MXLOOHWDXDRW
±$XJXVW±DRW
%UHQGD/HZLV
(UDPRVD5G8QLW
*XHOSK21
1(/
OHZQPROH#VHQWH[QHW
ZZZDBDQGBHDUNHOOLQGH[KWP
*HQUHIRON
0XVLF%RRNLQJ
:\QGDP6WUHHW1
*XHOSK21
1+(
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH(YHU\7KXUVGD\WRXV
OHVMHXGLV
Page 82
)RONZD\0XVLF
8QLYHUVLW\RI*XHOSK
6XIIRON6WUHHW:HVW
*XHOSK21
1+-
PVWXWPDQ#KRWPDLOFRP
JXLWDUV#VJFLFRP
*HQUHIRON
8QLYHUVLW\&HQWUH5RRP
8QLYHUVLW\RI*XHOSK
*XHOSK21
1*:
H[WSRVWH
*HQUHMD]]IRONZRUOG
0DUN6WXWPDQ
:D\QH+HSEXUQ
HYHU\VHFRQGZHHNWRXWHVOHVGHX[VHPDLQHV
1RWHV$FRXVWLFYHQXHVDOOHDFRXVWLTXH
*XHOSK-D]])HVWLYDO
$MD\+HEOH
:RROZLFK6WUHHW6XLWH
*XHOSK21
1+0
MD]]IHVW#XRJXHOSKFD
ZZZXRJXHOSKFDaMD]]IHVW
*HQUHMD]]
)HVWLYDOGDWHVGDWHVGXIHVWLYDO)DOODXWRPQH
HU
+LOOVLGH&RPPXQLW\)HVWLYDORI
*XHOSK
$UWLVWLF&RPPLWWHH
:RROZLFK6WUHHW7KLUG)ORRU
*XHOSK21
1+9
KLOOVLGH#IUHHVSDFHQHW
ZZZKLOOVLGHRQFD
*HQUHMD]]IRONZRUOG
+$0,/721
)HVWLYDORI)ULHQGV
&UHDWLYH$UWV,QF
%LOO3RZHOO
0DLQ6WUHHW:HVW
+DPLOWRQ21
/3.
LQIR#FUHDWLYHDUWVRQFD
ZZZFUHDWLYHDUWVRQFD
*HQUHIRONZRUOG
$XJXVWDRW
±$XJXVW±DRW
-LP6NDUHWWH
FR6NDUHWWH3URGXFWLRQV
+HVV6WUHHW6RXWK
+DPLOWRQ21
/30
*HQUHMD]]
HU
PDUV
Page 83
.(125$
/DNHRIWKH:RRGV+HULWDJH
)HVWLYDO
0RUW*RVV
QG6WUHHW6RXWK
.HQRUD21
31*
VXUH#YR\DJHXUFD
*HQUHMD]]IRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO)HEUXDU\IpYULHU
.,1*6721
.LQJVWRQ-D]]6RFLHW\
&DQ$0)HVWLYDO
5RQ*LOEHUWVRQ
%XWWHUQXW6WUHHW
.LQJVWRQ21
.0&
*HQUHMD]]
1RWHV6RXQGUHTXLUHPHQWVLQFOXGLQJXSULJKW
SLDQRSURYLGHG6RQRULVDWLRQHWSLDQRGURLW
IRXUQLV
/LYH:LUH0XVLF6HULHV
3DXO*HUYDQ
%DFN6WUHHW
6HHOH\
V%D\21
.+1
JHUYDQ#V\PSDWLFRFD
*HQUHIRONZRUOG
7HUU\0F5DH
)DLUYLHZ'ULYH
32%R[
$YRQPRUH21
.&&
VKDQWHUR#FQZOLJVQHW
ZZZVKDQWHURRQFD
*HQUHMD]]IRON
UHSUpVHQWDWLRQVSDUDQQpHWKURXJKRXW
2QWDULRjWUDYHUVO
2QWDULR
DYHUDJHPR\HQQH
'HDGOLQHVGDWHVOLPLWHV(QGRI-XO\IRUWKHIDOO
DQGWKHHQGRI'HFHPEHUIRUWKHVSULQJ
)LQMXLOOHWSRXUO
DXWRPQHHWILQGpFHPEUHSRXUOH
SULQWHPSV
GHMD]]
:HOOLQJWRQ+RWHO
*UHJ)DLUEXUQ
:HOOLQJWRQ6WUHHW
.LQJVWRQ21
..<
*HQUHMD]]
.,7&+(1(5
.LWFKHQHU:DWHUORR6\PSKRQ\
2UFKHVWUD2SHQ(DUV)HVWLYDO
0DULDQQH/HDFK
4XHHQ6WUHHW1RUWK
.LWFKHQHU21
1+3
NZV\PSKRQ\#JROGHQQHW
ZZZNZV\PSKRQ\RQFDRSHQHDUV
0D\PDL
%LHQQLDOHYHQWpYpQHPHQWELHQQDO
HU
'HDGOLQHVGDWHVOLPLWHV-DQXDU\ MDQYLHU
1RWHV&RSUHVHQWHGZLWK18086
&RUHSUpVHQWDWLRQVDYHF18086
Page 84
/21'21
%RRPHU¶V
+RPH&RXQW\)RON/HDJXH+RPH
&RXQW\)RON)HVWLYDO
:KDUQFOLIIH5G6RXWK
/RQGRQ2QWDULR
1-.
UNHHJDQ#VSULQWFD
*HQUH-D]]
FR&RPPXQLW\5HVRXUFH&HQWUH
'XQGDV6W
/RQGRQ21
1%9
KFII#VS\GHUVSDFHFRP
ZZZVS\GHUVSDFHFRP+RPH&RXQW\
*HQUHIRON
6HDQ6KUHFH
SUpVHQWDWLRQSDUDQQpH
'HDGOLQHVGDWHVOLPLWHVPRQWKVLQDGYDQFH
PRLVjO¶DYDQFH
&XFNRR
V1HVW)RON&OXE
,DQ'DYLHV
'HYRQVKLUH$YHQXH
/RQGRQ21
1&-
LGDYLHV#FLPVQHW
ZZZFXFNRRVQHVWIRONRQFD
*HQUHIRON
(PEDVV\+RWHO
'XQGDV6WUHHW
/RQGRQ21
1:=
*HQUHMD]]IRONZRUOG
YHQXHVVDOOHV
MD]]jO¶RFFDVLRQ
.HQ3DOPHU
-XO\MXLOOHW
HU
'HDGOLQHVGDWHVOLPLWHV-DQXDU\
MDQYLHU
2UFKHVWUD/RQGRQ
&KDPEHUPXVLFVHULHV
'DYH+DZDUG
:HOOLQJWRQ6WUHHW
/RQGRQ21
1$5
ROFLQIR#RUFKHVWUDORQGRQRQFD
ZZZRUFKHVWUDORQGRQRQFD
1RWHV1HZPXVLFLVLQFOXGHGLQWKHLUFKDPEHU
PXVLFVHULHV/HXUVVpULHVGHPXVLTXHGH
FKDPEUHLQFOXHQWODPXVLTXHDFWXHOOH
6XQIHVW
&URVV&XOWXUDO$UWV&RPPLWWHH
$OIUHGR&D[DM
32%R[
/RQGRQ21
1$.
LQIR#VXQIHVWRQFD
ZZZVXQIHVWRQFD
*HQUHZRUOG
±-XO\±MXLOOHW
Page 85
0$5.+$0
0DUNKDP-D]])HVWLYDO
+DO+LOO
FR%H%RS(QWHUSULVHV
6QLGHU'ULYH
0DUNKDP21
/3/
EHERS#V\PSDWLFRFD
*HQUHMD]]
6HDWLQJFDSDFLWpGHODVDOOHRXWGRRU
HQSOHLQDLU
0DUNKDP7KHDWUHIRU3HUIRUPLQJ
$UWV
'DYLG6FRWW
7RZQ&HQWUH%OYG
0DUNKDP21
/5*
H[WSRVWH
GVFRWW#FLW\PDUNKDPRQFD
ZZZFLW\PDUNKDPRQFD
*HQUHMD]]ZRUOGIRONQHZPXVLFPXVLTXH
DFWXHOOH
UHSUpVHQWDWLRQVSDUDQQpHHDFKJHQUH
SRXUFKDTXHJHQUH
'HDGOLQHVGDWHVOLPLWHV'HFHPEHURIHDFK
\HDUGpFHPEUHGHFKDTXHDQQpH
6W$QGUHZ¶V8QLWHG&KXUFK-D]]
6HULHV
+DO+LOO
FR%H%RS(QWHUSULVHV
6QLGHU'ULYH
0DUNKDP21
/3/
EHERS#V\PSDWLFRFD
ZZZMD]]FDQDGLDQDRQFD
*HQUHMD]]
:\H0DUVK)HVWLYDO
5RE+HUQLQJ
32%R[
0LGODQG21
/5.
Z\HPDUVK#FU\VWRQFD
ZZZESPRQFDZ\HPDUVKZ\PDUVK
*HQUHIRON
0,66,66$8*$
/LYLQJ$UWV&HQWUH
/\QGD&ODUN
/LYLQJ$UWV'ULYH
0LVVLVVDXJD21
/%%
O\QGDFODUN#OLYLQJDUWVRQFD
ZZZOLYLQJDUWVRQFD
DFWXHOOH
25,//,$
2ULOOLD-D]])HVWLYDO
(QWHUWDLQPHQW&KDLU
32%R[
2ULOOLD21
/9-
*HQUHMD]]
jO
VSHFWDFOHVSDUDQQpH
0,'/$1'
Page 86
2$.9,//(
2DNYLOOH&HQWUHIRUWKH3HUIRUPLQJ
$UWV
.HQ&RXOWHU
1DY\6WUHHW
2DNYLOOH21
/-=
H[WSRVWH
NFRXOWHU#WRZQRDNYLOOHRQFD
ZZZRFSDFRP
DFWXHOOH
\HDUSULRUDQjO¶DYDQFH
277$:$
$IWHU(LJKW-D]]&OXE
6KDZQ'DZVRQ
6SDUNV6WUHHW
2WWDZD21
.3%
ZZZDIWHUHLJKWMD]]FRP
*HQUHMD]]
-RH5HLOO\
UXH:RRGV
$O\PHU4&
-+*
MRHZDYHOHQJKW#V\PSDWLFRFD
&DQDGLDQ7XOLS)HVWLYDO
*HQUHMD]]IRONZRUOG
MD]]jO¶RFFDVLRQ
$FRXVWLF:DYHV*UHDW&DQDGLDQ
7KHDWUH&RPSDQ\
DFWXHOOH
&XOWXUHV&DQDGD
*HQUHMD]]IRONZRUOG
6HDWLQJFDSDFLWpGHODVDOOHRXWGRRUHQ
SOHLQDLU
GHMD]]
5DVFDO5RRWVDQG5DGV6HULHV1DWLRQDO
*DOOHU\RI&DQDGD
*HQUHMD]]IRONZRUOG
*HQH6ZLPPHU
%±%DQN6WUHHW
2WWDZD21
.6:
RWWIRON#RQDLEQFRP
ZZZRWWDZDIRONRUJ
*HQUHIRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHVSULQJVHULHV
VpULHVDXSULQWHPSV
$XJXVWDRW
±$XJXVW±DRW
Page 87
1DWLRQDO&DSLWDO&RPPLVVLRQ
&RPPLVVLRQGHODFDSLWDOH
QDWLRQDOH
-RsO'HODTXLV
UXH(OJLQ6WUHHW6XLWH
2WWDZD21
.3&
MGHODTXL#QFFFFQFD
ZZZFDSFDQFD
*HQUHMD]]IRONZRUOG
&DQDGD'D\)rWHGX&DQDGD-XO\HUMXLOOHW
:LQWHUOXGH%DOGH1HLJH)HEUXDU\IpYULHU
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVLQWKHIDOO
(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVj
O
DXWRPQH
1DWLRQDO/LEUDU\RI
&DQDGD%LEOLRWKqTXHQDWLRQDOHGX
&DQDGD
5DQGDOO:DUH
:HOOLQJWRQ6WUHHW
2WWDZD21
.$1
UDQGDOOZDUH#QOFEQFFD
ZZZQOFEQFFD
-XOLDQ$UPRXU
32%R[
2WWDZD21
.1$
RFPI#F\EHUXVFRP
ZZZFKDPEHUIHVWFRP
&DWKHULQH2¶*UDG\
$<RUN6WUHHW
2WWDZD21
.17
LQIR#MD]]RWWDZDFRP
ZZZMD]]RWWDZDFRP
*HQUHMD]]
±-XO\±MXLOOHW
5DVSXWLQ
V)RON&DIp
'HDQ9HUJHU
%URQVRQ$YHQXH
2WWDZD21
.6*
UDVSXWLQ#F\EHUXVFD
ZZZF\EHUXVFDaUDVSXWLQ
*HQUHIRONZRUOG
6HSWHPEHU/DVDOOHGHVSHFWDFOHYDUpRXYULUHQ
VHSWHPEUH
1RWHV3HUIRUPDQFHVSDFHUHRSHQVLQ
Page 88
=DSKRG%HHEOHEUR[
(XJHQH+DVODP
<RUN6WUHHW
2WWDZD21
.16
HXJHQHKDVODP#KRWPDLOFRP
ZZZHXJHQHKDVODPFRP
*HQUHMD]]IRONZRUOG
2:(16281'
*HRUJLDQ%D\)RON6RFLHW\
6XPPHUIRON
'RQ%LUG
32%R[
2ZHQ6RXQG21
1.5
JEII#ORJRQFD
ZZZVXPPHUIRONRUJ
*HQUHMD]]IRONZRUOG
$XJXVWDRW
3$55<6281'
)HVWLYDORIWKH6RXQG
-DPHV&DPSEHOO
-DPHV6WUHHW
32%R[
3DUU\6RXQG21
3$=
LQIR#IHVWLYDORIWKHVRXQGRQFD
ZZZIHVWLYDORIWKHVRXQGRQFD
'HDGOLQHVGDWHVOLPLWHV)DOODXWRPQH
1RWHV1HZ0XVLFFRPPLVVLRQLQJFRPSRVHUV
MD]]DQGZRUOGJURXSV
PXVLTXHDFWXHOOHFRPPDQGHGHFRPSRVLWLRQV
JURXSHVGHMD]]HWGHPXVLTXHGXPRQGH
3(57+
)RON8SVWDLUV
-RHO/H%ODQF
55
3HUWK21
.+&
MOHEODQF#VXSHUDMHFRP
*HQUHIRON
3HUWK)RON&OXE
:HQG\/DXWFR
FR6KDGRZID[
:LOVRQ(DVW
3HUWK21
.+/
*HQUHMD]]IRONZRUOG
6WHZDUW3DUN)HVWLYDO
-DFTXHOLQH&RVJURYH
7KH2OG)LUH+DOO
+HUULRWW6WUHHW
3HUWK21
.+7
GKSELD#VXSHUDMHFRP
ZZZPDSOHZHEFRPVWHZDUWSDUNIHVW
*HQUHMD]]IRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO/DVWZHHNHQGLQ
-XO\GHUQLqUHILQGHVHPDLQHGHMXLOOHW
Page 89
3(7(5%2528*+
)RON8QGHUWKH&ORFN
0LNH%DUNHU
$OJRQTXLQ5RDG
3HWHUERURXJK21
.+1
EDUNHUPRJR#SWERLJVQHW
ZZZTXLGQRYLVFRP
*HQUHIRONZRUOG
YHQXHVVDOOHV
*RUGRQ%HVW7KHDWUH
-HURPH$FNKXUVW
+XQWHU6WUHHW:HVW
3HWHUERURXJK21
.+/
SDX#SLSFRPFRP
ZZZJRUGRQEHVWWKHDWUHFRP
*HQUHIRONZRUOG
.DZDUWKD-D]]6RFLHW\
.HQ%URZQ
(QJOHEXUQ$YH
3HWHUERURXJK21
.+6
IVOEURZQ#SHWHUERURQHW
*HQUHIRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHVKRZVSHU\HDU
VSHFWDFOHVSDUDQQpH
YHQXHVVDOOHV
%LOO)RUV\WK
32%R[
3HWHUERURXJK21
.-$
ZZZTXLGQRYLVFRP
*HQUHIRON
±$XJXVWDRW
±$XJXVW±$XJXVW
5HG'RJ
-RKQ*UHFR
5HG'RJ5D\
+XQWHU6W:
3HWHUERURXJK21
.+/
*HQUHMD]]IRONZRUOG
3,&.(5,1*
'HDQDQG6DQG\-DPHV0LWFKHOO
32%R[*UHHQEDQN
3LFNHULQJ21
/&%
UXUDOKLJKQHVV#V\PSDWLFRFD
*HQUHIRON
Page 90
3,&721
6$8/767(0$5,(
%ODFN)O\-DP)RON&OXE
32%R[
3LFWRQ21
..7
ZZZUHJHQWLQWHUVSHHGQHW
*HQUHIRONMD]]
55*RXODLV5LYHU
6DXOW6WH0DULH21
36(
EHOOHYXH#VRRQHWFD
ZZZVRRQHWFDEODFNIO\MDP
*HQUHIRON
6XVDQ&R[
6$1'</$.(
6HOHFWLRQ&RPPLWWHH
32%R[
6DQG\/DNH21
399
RURX
*HQUHIRON
0LG-XO\PLMXLOOHW
'HDGOLQHVGDWHVOLPLWHV$SULOWR0D\GHDYULOj
PDL
6$51,$
:DONOLQJ&RQFHUWV
%HY:DONOLQJ
7ZLQ/DNHV'ULYH
6DUQLD21
16*
ZDONOLQJ#HEWHFKQHW
*HQUHIRON
1RWHV0D[LPXPJURXSVL]H
7DLOOHGXJURXSHPD[LPXPGH
5RELQ0DF,QW\UH
6&$5%2528*+
/LOOLDQ:DXWKLHU
0LGODQG5RDG
6FDUERURXJK21
01$
OLOOLDQZ#LQWHUORJFRP
FR1RUWKHUQ-RXUQH\2QOLQH
ZZZLQWHUORJFRPaQMR
*HQUHIRON
67&$7+$5,1(6
&HQWUHIRUWKH$UWV
%URFN8QLYHUVLW\
'HEELH6ODGH
*OHQULGJH$YHQXH
6W&DWKDULQHV21
/6$
H[WSRVWH
GVODGH#VSDUWDQDFEURFNXFD
ZZZDUWVEURFNXFD
DFWXHOOH
YHQXHVVDOOHV
'HDGOLQHVGDWHVOLPLWHV-DQXDU\WR)HEUXDU\
MDQYLHUjIpYULHU
Page 91
*HUU\*LQVEHUJ
&KXUFK6WUHHW6XLWH
6W&DWKDULQHV21
/5%
*HQUHMD]]IRON
O
0LNH7LOND
:DUGHQ$YHQXH
6W&DWKDULQHV21
0/7
*HQUHMD]]
67,7769,//(
0XVLFDPXQGL
5RQ0F5DH
:KDOLQJ&LUFOH
6WLWWVYLOOH21
.66
PDGKXUDP#FDSLWDOQHWFRP
*HQUH:RUOG
68'%85<
-DFN%URXPSWRQ
FR+XQWLQJWRQ&ROOHJH
/DXUHQWLDQ8QLYHUVLW\&DPSXV
6XGEXU\21
3(&
*HQUHMD]]ZRUOG
$QQH)LQOD\
32%R[6WDWLRQ%
6XGEXU\21
3(6
QOIEQHW#YLDQHWRQFD
ZZZQOIERQFD
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH6SHFLDOSUHVHQWDWLRQV
6SHFWDFOHVXQLTXHV
±-XO\±MXLOOHW
7+81'(5%$<
1RWH3URJUDPVPXVLFIRUWKH0XVHXPRI
6KLSOH\6WUHHW
7KXQGHU%D\21
3$&
IUDQNO#WED\WHOQHW
ZZZUDLQERZURRWFRP
*HQUHIRONZRUOG
&LYLOL]DWLRQLQ2WWDZD3URJUDPPHODPXVLTXH
SRXUOH0XVpHGHOD&LYLOLVDWLRQj2WWDZD
7KH%HDFK
)UDQN/RIIUHGR
Page 92
&R\RWHV
)UDQN/RIIUHGR
6KLSOH\6WUHHW
7KXQGHU%D\21
3$&
IUDQNO#WED\WHOQHW
ZZZUDLQERZURRWFRP
*HQUHIRONZRUOG
&URFNV
Q
5ROOV
)UDQN/RIIUHGR
6KLSOH\6WUHHW
7KXQGHU%D\21
3$&
IUDQNO#WED\WHOQHW
ZZZUDLQERZURRWFRP
*HQUHIRONZRUOG
7,//621%85*
)HVWLYDOE\WKH/DNH
/LQGD$OEULJKW
-RKQ6WUHHW
7LOOVRQEXUJ21
1*/
DOEULJKW#NZLFFRP
*HQUHIRON
-XQHMXLQ
'HDGOLQHVGDWHVOLPLWHV0LG0DUFKPLPDUV
7252172
$IURIHVW0XVLF$IULFD
1DGLQH0F1XOW\
*HUUDUG6WUHHW(DVW
7RURQWR21
0/<
VWRKU#LGLUHFWFRP
ZHELGLUHFWFRPaPDIULFD
*HQUHZRUOG
QG
'HDGOLQHVGDWHVOLPLWHV$SULO\HDURIIHVWLYDO
HUDYULOGHO¶DQQpHGXIHVWLYDO
$UUD\PXVLF
0LFKDHO-%DNHU
$WODQWLF$YHQXH6XLWH
7RURQWR21
0.;
PMEDNHU#LQWHUORJFRP
ZZZYH[QHW$55$<086,&
%DPERR
5LFKDUG2
%ULHQ
4XHHQ6WUHHW:
7RURQWR21
09$
ULFFL#L[QHWFRPFRP
*HQUHZRUOG
UHSUpVHQWDWLRQVSDUDQQpHGD\VDZHHN
\HDUURXQGMRXUVSDUVHPDLQHWRXWH
O
DQQpH
Page 93
%HDFKHV-D]])HVWLYDO
0DUNKDP6WUHHW
7RURQWR21
0*/
MD]]PDJ#SDWKFRPFRP
ZZZEHDFKHVMD]]FRP
*HQUHMD]]ZRUOG
&KDUORWWH6W6XLWH
7RURQWR21
09+
*HQUHMD]]
%LOO.LQJ
UHSUpVHQWDWLRQVSDUDQQpHDFWVJURXSHV
'DUNOLJKW0XVLF
YHQXHVVDOOHV
&KULVSLQ-LOHV
5RVHZHOO'ULYH6XLWH
7RURQWR21
05%
*HQUHIRON
&
HVW:KDW
)URQW6WUHHW
7RURQWR21
0(%
PXVLF#FHVWZKDWFRP
ZZZFHVWZKDWFRP
*HQUHMD]]IRONZRUOG
%DUEHUD0DFNHQ]LH0XOOHU
32%R[6WDWLRQ$
7RURQWR21
0:(
*HQUHMD]]
&RQ7DNW1HZ$UW
0LFKDHO+\QHV
&RUGRYD$YHQXH6XLWH
7RURQWR21
0$+
PJK\QHV#LQWHUORJFRP
2FWREHUWR0D\G¶RFWREUHjPDL
jO
DYDQFH
7LP+DUULVRQ
([LW
$OL$EGLUDKPDQ
4XHHQ6W:
7RURQWR21
09%
FOXEPDQDJHU#H[LWFRP
ZZZH[LWFRP
*HQUH-D]]
1RRISHUIRUPDQFHVSHU\HDUQRGHSUpVHQWDWLRQSDU
DQQpHRQFHDZHHNXQHIRLVSDUVHPDLQH
'HDGOLQHVGDWHVOLPLWHVRQJRLQJWRXWHO¶DQQpH
)UHH7LPHV&DIp
-XG\3HUO\
&ROOHJH6WUHHW
7RURQWR21
076
ZZZWRURQWRFRP
*HQUHMD]]IRON
1RWHV$FRXVWLFPXVLFPXVLTXHDFRXVWLTXH
*UDIILWL¶V
Page 94
%DOGZLQ6WUHHW
7RURQWR21
07/
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpHWLPHVDPRQWK
IRLVSDUPRLV
*URRVVPDQ¶V7DYHUQ
&KULVWLQH/RXLH
6SDGLQD$YH
7RURQWR21
07*
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpHRQFHDZHHNXQHIRLV
SDUVHPDLQH
'HDGOLQHVGDWHVOLPLWHVRQJRLQJWRXWHO¶DQQpH
+DUERXUIURQW&HQWUH
'HUHN$QGUHZV
4XHHQ
V4XD\:HVW
XQWLOMXVTX
DX
7RURQWR21
09=
GHUHN#KDUERXUIURQWRQFD
ZZZKDUERXUIURQWRQFD
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH6XPPHUFRQFHUWVHULHV
PLG-XQHWR/DERXU'D\6pULHVGHFRQFHUWV
G
pWpPLMXLQjODIrWHGXWUDYDLO
GpFHPEUH
1RWHV8QVROLFLWHGSDFNDJHVDUHRQO\RSHQHG
IURP/DERXU'D\WR'HFHPEHU'RVVLHUVGH
UHQVHLJQHPHQWVQRQVROOLFLWpVVRQWRXYHUWVHQWUH
ODIrWHGXWUDYDLOHWOHGpFHPEUH
+RUVHVKRH7DYHUQ
&UDLJ/DVNH\
4XHHQ6WUHHW:HVW
7RURQWR21
09$
DWJFUDLJ#DROFRP
*HQUHIRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHGD\VDZHHN\HDU
URXQGMRXUVSDUVHPDLQHWRXWHO
DQQpH
/LEHUW\6WUHHW&DIH
*UHJ(YDQV
/LEHUW\6WUHHW
7RURQWR21
0.$
LQIR#OLEHUW\FDIHFRP
ZZZOLEHUW\FDIHFRP
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpHDZHHN
SDUVHPDLQH
1RWHV*UHJ(YDQV¶JUHJ#OLEHUW\FDIHFRP
'DYLG:DUUHQ
4XHHQ6WUHHW:HVW6WQ&
7RURQWR21
0./
FG#IUHHQHWWRURQWRRQFD
*HQUHMD]]IRONZRUOG
HU
PDUV
Page 95
0HO/DVWPDQ6TXDUH
-RH1RYDN
FR&LW\RI1RUWK<RUN
<RQJH6WUHHW
7RURQWR21
019
*HQUHMD]]IRONZRUOG
0XVLF*DOOHU\
-LP0RQWJRPHU\
5LFKPRQG6WUHHW:HVW
7RURQWR21
099
PXVLFJDO#LQWHUORJFRP
ZZZLQWHUORJFRPaPXVLFJDO
,QG\'XOSLQV
0HWUR-D]]6RFLHW\
0DQG00XVLF
4XHHQ6WUHHW(DVW
7RURQWR21
0/+
*HQUHMD]]
/RWKDU/DQJ
6KHUERXUQH6WUHHW
7RURQWR21
0$3
*HQUH-D]]
DQQpH
UHSUpVHQWDWLRQVSDUDQQpHZRUOGMD]]
DQGHWQHZPXVLFPXVLTXHDFWXHOOH
jO
DYDQFH
&DURO$QQ6DYDJH
4XHHQ9LFWRULD6WUHHW
7RURQWR21
0-(
HPSPXVLF#LQWHUORJFRP
2DVLV
)UDQFHVFD3KLOOLPRUH
&ROOHJH6WUHHW
7RURQWR21
075
RDVLV#VSULQWFD
DFWXHOOH
UHSUpVHQWDWLRQVSDUDQQpHMD]]IRON
PRQWKSULRUPRLVjO¶DYDQFH
Page 96
7KH2SHUD+RXVH
$WKHQD7RZHUV
4XHHQ6W(DVW
7RURQWR21
00+
DFWXHOOH
UHSUpVHQWDWLRQVSDUDQQpHVSHFLDO
SUHVHQWDWLRQVUHSUpVHQWDWLRQVVSpFLDOHV
1RWHV6SHFLDO(YHQWVpYHQHPHQWVVSpFLDX[
2UELW5RRP
7LP1RWWHU
$&ROOHJH6WUHHW
7RURQWR21
0-%
7LP1RWWHU
DFWXHOOH
UHSUpVHQWDWLRQVSDUDQQpHWLPHVHDFKJHQUH
IRLVFKDTXHJHQUH
7KH3LORW7DYHUQ
$GDP%UDN
&XPEHUODQG6WUHHW
7RURQWR21
0:-
*HQUHMD]]
$ODQ'DYLV
*Z\QQH$YHQXH
7RURQWR21
0.&
VPOZUOG#LQWHUORJFRP
ZZZVPDOOZRUOGPXVLFFRP
*HQUHZRUOG
6RXQGVWUHDPV&DQDGD
(QFRXQWHUV6HULHVDQG
$QGUHZ*DQQ
.LQJ6WUHHW:HVW6XLWH
7RURQWR21
090
VRXQGVWU#WRWDOQHW
7RP7\WHO
4XHHQ6WUHHW:HVW
7RURQWR21
*HQUHMD]]
DQQpH
Page 97
7ZLJJ\0XVLF#(YHUHVW
7RS2
7KH6HQDWRU
6\ELO:DONHU
&KULV6WHIIOHU
9LFWRULD6WUHHW
7RURQWR21
0%7
*HQUHMD]]
-LP*DOORZD\
4XHHQ¶V6WUHHW:HVW
7RURQWR21
09=
DFWXHOOH
%OHHFNHU
7RURQWR21
;/
WGMV#WRMD]]FRP
ZZZWRMD]]FRP
*HQUHMD]]
0D\2FWREHUGHPDLjRFWREUH
7KH8OWUDVRXQG
<YRQQH0DWWVHOO
4XHHQ6WUHHW:HVW
7RURQWR21
09=
*HQUHMD]]IRONZRUOG
/RLH)DOOLV
+ROPHV+RRNH
)HVWLYDOGDWHVGDWHVGXIHVWLYDO-XQH-XO\
MXLQMXLOOHW
7RURQWR6\PSKRQ\2UFKHVWUD
0DVVH\+DOO1HZ0XVLF)HVWLYDO
.LQJ6WUHHW:HVW6XLWH
7RURQWR21
0+.
ROJDP#WVRRQFD
ZZZWVRRQFD
QG
ZHHNRI
1RYHPEHUGHX[LqPHVHPDLQHGHQRYHPEUH
9LWDO6SDUN)RON&OXE
(OP5RDG
7RURQWR21
00:
YLWOVSUN#LFRPPFD
ZZZLFRPPFDYLWOVSUN
*HQUHIRON
YHQXHVVDOOHV
:$7(5/22
-D]]LQ
,W8SWRZQ
3HQQ\4XLJOH\
8SWRZQ%XVLQHVV,PSURYHPHQW$VVRFLDWLRQ
.LQJ6WUHHW6RXWK
32%R[
:DWHUORR21
1-&
*HQUHMD]]
)HVWLYDOGDWHVGDWHVGXIHVWLYDOODWH-XQH)LQ
MXLQ
Page 98
0HQDUG:LQJHODDU-D]]
3URGXFWLRQV
&KULVWLDDQ:LQJHODDU
3DUDGLVH&UHVFHQW
:DWHUORR21
17-
ZLQJHODU#LRQOLQHQHW
*HQUHMD]]
:DWHUORR7RZQ6TXDUH
/LVD3HWUXVDLWLV
.LQJ6WUHHW6RXWK6XLWH
:DWHUORR21
1-3
*HQUHMD]]IRONZRUOG
:,.:(0,.21*
FR.LWW\%HOO
32%R[
:LNZHPLNRQJ21
33-
NLWW\#PVGFRUSFRP
*HQUHIRON
±$XJXVW±DRW
:,1'625
&DQDGLDQ0XVLF)HVWLYDO:LQGVRU
6\PSKRQ\2UFKHVWUD
0LQD*URVVPDQ,DQQL
2XHOOHWWH$YHQXH
:LQGVRU21
1$-
)HVWLYDOGDWHVGDWHVGXIHVWLYDO-DQXDU\MDQYLHU
'HDGOLQHVGDWHVOLPLWHV$XJXVWDRW
3DWULFLD:DUUHQ
8QLYHUVLW\$YHQXH:HVW
:LQGVRU21
1$3
FDSLWRO#PQVLQHW
ZZZPQVLQHWFDSLWRO
*HQUHMD]]IRON
5RRPVDOOH$
5RRPVDOOH%
5RRPVDOOH&
7KH$QQXDO:LQGVRU&HOWLF)HVWLYDO
/RQJZHHNHQGRIWKHVXPPHUORQJXHILQ
GHVHPDLQHGHO¶pWp
'HDGOLQHVGDWHVOLPLWHV)DOODXWRPQH
0DUJDUHW6WDQOH\
5LYHUVLGH'ULYH:HVW
:LQGVRU21
1$.
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH:HHNHQGV)LQVGH
VHPDLQHV
Page 99
:LQGVRU)RON0XVLFDQG$UWV
6RFLHW\
(ULF5RVHPEDXP
'RXJDOO$YHQXH
:LQGVRU21
1;5
HURVH#PQVLQHW
ZZZFVXZLQGVRUFDXVHUVFFLERU
ZLQIRONKWP
*HQUHIRONZRUOG
Page 100
35,1&((':$5'
,6/$1'Ì/('835,1&(
e'28$5'
&+$5/277(72:1
%DED¶V/RXQJH
&KULVWLDQ*DYDUG
8QLYHUVLW\$YH
&KDUORWWHWRZQ3(
&$/
*HQUHMD]]
1257+5867,&2
5XVWLFR6KLQGLJV
9LFNL5HGGHQ*DXWKLHU
32%R[
1RUWK5XVWLFR3(
&$;
*HQUH)RON
SDUDQQpHRQJRLQJFRQWLQX-XO\6HSWHPEHU
GHMXLOOHWjVHSWHPEUH
jO¶LQWpULHXUHWHQSOHLQDLU
-HQVHQ3URGXFWLRQV1HZ,UHODQG
3URGXFWLRQV
6FRWW0DF$XOD\
%RE-HQVHQ
32%R[
&KDUORWWHWRZQ3(
&$:
MHQVHQ#SHLV\PSDWLFRFD
ZZZMSURGXFWLRQVFRP
*HQUHMD]]IRONZRUOG
1RWHV2FFDVVLRQDOSUHVHQWHU'LIIXVHXUj
O¶RFFDVLRQ
3ULQFH(GZDUG,VODQG-D]]DQG
%OXHV6RFLHW\)HVWLYDO
6\OYLH'DXSKLQDLV
32%R[
&KDUORWWHWRZQ3(
&$/
DLGDFRP#LVQQHW
*HQUHMD]]
6800(56,'(
&ROOHJHRI3LSLQJ
:DWHU6W
6XPPHUVLGH3(
&1+
VFRWW@SLSLQJSHFD
ZZZSLSLQJSHFD
*HQUHIRON
)HVWLYDOGDWHVGDWHVGXIHVWLYDO-XQH6HSWHPEHU
GHMXLQjVHSWHPEUH
1LFROH3KLOOLSV
FR7KH:\DWW&HQWUH
+DUERXU'ULYH
6XPPHUVLGH3(
&1<
KMWSHL@DXUDFRPFRP
*HQUHMD]]IRONZRUGQHZPXVLFPXVLTXH
DFWXHOOH
1RWHV5HQWDOIDFLOLWLHVRQO\/RFDWLRQGHVDOOHV
VHXOHPHQW
Page 101
6SLQQDNHUV¶/DQGLQJ
'DYLG$QGHUVRQ
FR6XPPHUVLGH5HJLRQDO'HYHORSPHQW
&RUSRUDWLRQ
:DWHU6W
6XPPHUVLGH3(
&1$
*HQUH)RON
0LG-XQH0LG6HSWHPEHUGHPLMXLQjPL
VHSWHPEUH
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVHDUO\
VSULQJ(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWV
DXGpEXWGXSULQWHPSV
9,&725,$
9LFWRULD3OD\KRXVH
3DW6PLWK
32%R[
9LFWRULD3(
&$*
*HQUHMD]]IRONZRUOG
SDUDQQpHFRQFHUWVGXULQJ-XO\DQG$XJXVW
VSHFWDFOHVHQMXLOOHWHWDRW
1RWHV3UHVHQWVPDLQVWUHDPMD]]'LIIXVHXU
GHMD]]
Page 102
48e%(&
$/0$
$XGLWRULXP$OPD
0DUFHO*XpULQ
UXH6DLQW-RVHSKVXG
$OPD4&
*%5
*HQUHIRONZRUOG
%$,(&20($8
&RUSRUDWLRQGHJHVWLRQGHODVDOOH
GHVSHFWDFOHGH%DLH&RPHDX
'HQLVH$UVHQDXOW
UXHGH%UHWDJQH
%DLH&RPHDX4&
*&6
GXQORS#FJRFRJRFD
DFWXHOOH
VHSWHPEUHjPDL
UHSUpVHQWDWLRQVSDUDQQpH6HSWHPEHU0D\j
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVE\-XQH
(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVDYDQWOH
PRLVGHMXLQ
$</0(5
3DUFGHO
,PDJLQDLUH
<YHWWH'HEDLQ
UXH)URQW
$\OPHU4&
-+:
OLPDJLHU#TFDLUDFRP
ZZZOLPDJLHUTFFD
*HQUHMD]]IRONZRUOG
-XQHPLG$XJXVWGHMXLQjPLDRW
VHSWHPEUHGHPDL
)HEUXDU\DQG0DUFKHQYR\HUOHVGRVVLHUVSRXU
IpYULHUHWPDUV
%e&$1&285
'LIIXVLRQ3OHLQVXG
0DULHOOH/DQJORLV
DYHQXH1LFRODV3HUURW
%pFDQFRXU4&
*;%
H[WSRVWH
ELEOLREpFDQFRXU#WUFJRFDEOHTFFD
*HQUHMD]]IRONZRUOG
6HSWHPEHU0D\GHVHSWHPEUHjPDL
6HDWLQJFDSDFLWpGHODVDOOHRXWGRRUSOHLQDLU
-DQXDU\&RPPHQFHjSUpSDUHUOD
SURJUDPPDWLRQHQYLURQPLMDQYLHU
PRLVjO
DYDQFH
1RWHV3URJUDPPLQJGHFLVLRQVEHJLQPLG
Page 103
&$1721'¶25)25'
)HVWLYDO2UIRUG
&+,&287,0,
7KpkWUHGX6DJXHQD\
FKHPLQGX3DUF
&DQWRQG
2UIRUG4&
-;$
DUWVRUIRUG#V\PSDWLFRFD
ZZZV\PSDWLFRFDDUWVRUIRUG
*HQUHQHZPXVLFPXVLTXHDFWXHOOHMD]]
-XQH±$XJXVWMXLQ±DRW
1RWHV6SHFLDOL]HVLQFODVVLFDOPXVLF6SpFLDOLVp
HQPXVLTXHFODVVLTXH
UXH-DFTXHV&DUWLHUHVW
&KLFRXWLPL4&
*+&
WKHDWUHVDJXHQD\#YLGHRWURQFD
*HQUHMD]]
$JQqV*URVVPDQ
&$5/(721
0D[LPXP
/LQH$OODUG
ERXOHYDUG3HUURQ
&3
&DUOHWRQ4&
*&-
*HQUHMD]]IRONZRUOG
0D[LPXP%OXHV
3LHUUH0HQDUG
UXH&RPHDX
&DUOHWRQ4&
*&-
PHPEHUVWULSRGFRP0D[EOXHV
*HQUHMD]]IRONZRUOG
/RXLVH%HDXOLHX
UHSUpVHQWDWLRQVSDUDQQpH6HSWHPEHUPLG0D\
GHVHSWHPEUHjPLPDL
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVLQWKHIDOO
(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVj
O
DXWRPQH
'580021'9,//(
&RUSRUDWLRQGX&HQWUHFXOWXUHOGH
'UXPPRQGYLOOH
5RODQG-DQHOOH
UXH5LQJXHW
'UXPPRQGYLOOH4&
-&3
UMDQHOOH#FHQWUHFXOWXUHOTFFD
DFWXHOOH
VHSWHPEUHjPDL
0RQGLDOGHVFXOWXUHVGH
'UXPPRQGYLOOH
5HQp)UpFKHWWH
UXH6DLQW-HDQ
'UXPPRQGYLOOH4&
-%/
LQIR#PRQGLDOGHVFXOWXUHVGUTFFD
ZZZPRQGLDOGHVFXOWXUHVTFFD
*HQUHIRONZRUOG
-XO\MXLOOHW
Page 104
*$63e
%LVWUR%ULVHELVH
-2148,Ê5(
&DIp7KpkWUH&{Wp&RXU
UXHF{WH&DUWLHU
*DVSp4&
*&5
*HQUHMD]]IRONZRUOG
UXHGHOD)DEULTXH
-RQTXLqUH4&
*;1
FRWHFRXU#KRWPDLOFRP
ZZZDQJHOILUHFRPFRWHFRXU
DFWXHOOH
&ODXGLQH5R\
*$7,1($8
/XFLH0pQDUG&DUPHQ%LVVRQQHWWH
ERXOHYDUGGHOD*DSSH
*DWLQHDX4&
-7+
FXOWXUH#YLOOHJDWLQHDXTFFD
ZZZYLOOHJDWLQHDXTFFDPFJ
*HQUHMD]]ZRUOG
VHSWHPEUHjPDL
-DQXDU\DQG)HEUXDU\(QYR\HUOHVGRVVLHUVGH
UHQVHLJQHPHQWVSRXUMDQYLHUHWIpYULHU
-2/,(77(
)HVWLYDOLQWHUQDWLRQDOGH
/DQDXGLqUH
)HUQDQG/LQGVD\
5pMHDQ%RXFKDUG
VHSWHPEUHjPDL
/¶$662037,21
&ODXGHGH*UDQGSUp
ERXOHYDUGO
$QJH*DUGLHQ
/
$VVRPSWLRQ4&
-:0
KFKDUODQG#KHFWRUFKDUODQGTFFD
ZZZKHFWRUFKDUODQGTFFD
*HQUHMD]]IRONZRUOG
VHSWHPEUHjDYULO
'HDGOLQHVGDWHVOLPLWHV(DUO\-DQXDU\DXGpEXW
MDQYLHU
ERXOHYDUG%DVHGH5RF
-ROLHWWH4&
-(=
IHVWLYDO#ODQDXGLHUHRUJ
ZZZODQDXGLHUHRUJ
1RWHV6SHFLDOL]HVLQFODVVLFDOPXVLF6SpFLDOLVp
HQPXVLTXHFODVVLTXH
Page 105
/e9,6
/$&0(*$17,&
UXH:ROIH
&3
/pYLV4&
*9:
OPHUFXUH#YLOOHOHYLVTFFD
DFWXHOOH
&3
/DF0pJDQWLF4&
*%6
DFWXHOOH
/XF0HUFXUH
3LHUUH3DTXHW
VHSWHPEUHjPDL
O
$QJOLFDQH
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVE\PLG
)HEUXDU\(QYR\HUOHVGRVVLHUVGH
UHQVHLJQHPHQWVjODPLIpYULHU
/LVH*DLJQDUG
%HQRLW9DLOODQFRXUW
1RWHV1DPHRIWKHWKHDWUH1RPGHODVDOOH
/$6$55(
UXH3ULQFLSDOH
/D6DUUH4&
-=<
H[WSRVWH
ELEOLR#OLQRFRP
*HQUHZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDOHDUO\$XJXVWDX
GpEXWG
DRW
/$7848(
0RXYHPHQWVRFLRFXOWXUHOGH/D
7XTXH
/(%,&
7KpkWUHGX%LF
5RXWHGX*ROI
&3
/H%LF4&
*/%
WKHELF#JOREHWURWWHUQHW
*HQUHMD]]IRONZRUOG
O¶RFFDVLRQ
0DULH-XQHDX
UXH6DLQW(XJqQH
&3
/D7XTXH4&
*;3
*HQUHMD]]ZRUOG
UHSUpVHQWDWLRQVSDUDQQpH0DUFK'HFHPEHU
GHPDUVjGpFHPEUH
Page 106
/(112;9,//(
7KpkWUH&HQWHQQLDO
0$*2*
9LHX[&ORFKHUGH0DJRJ
5XH&ROOqJH
8QLYHUVLWp%LVKRS
V
&3
/HQQR[YLOOH4&
-0=
H[WSRVWH
OFRXWXUH#XELVKRSVFD
ZZZXELVKRSVFD
DFWXHOOH
UXH0HUU\QRUG
0DJRJ4&
-;(
ZZZYLHX[FORFKHUFRPE\FD]D
YLHX[FORFKHUFRP
*HQUHMD]]IRONZRUOG
/XFH&RXWXUH
UHSUpVHQWDWLRQVSDUDQQpH2FWREHU$SULO
G¶RFWREUHjDYULO
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVE\PLG
UHQVHLJQHPHQWVjODPLIpYULHU
/21*8(8,/
7KpkWUHGHOD9LOOH
&pOLQH0DUFRWWH
UXH'H*HQWLOO\HVW
/RQJXHXLO4&
-+$
WKHDWUH#POLQNQHW
*HQUHMD]]
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVEHWZHHQ
1RYHPEHUDQG-DQXDU\(HQYR\HUOHVGRVVLHUV
GHUHQVHLJQHPHQWVHQWUHQRYHPEUHHWMDQYLHU
%HUQDUG<YRQ&D]D
UHSUpVHQWDWLRQVSDUDQQpHSHU\HDU
SDUDQQpH
%HQDUG<YRQ&D]D
UXH0HUU\QRUG
0DJRJ4&
-;(
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH\HDUURXQGWRXWH
O
DQQpH
0217/$85,(5
0XQLVSHF0RQW/DXULHU
&KULVWLQH%HOOHIOHXU
UXH0HUFLHU
0RQW/DXULHU4&
-/1
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpH-XO\PLG$XJXVWGH
MXLOOHWjPLDRW
PLG)HEUXDU\WRPLG0DUFK(QYR\HUOHV
GRVVLHUVGHUHQVHLJQHPHQWVHQWUHODPLIpYULHUHW
ODPLPDUV
Page 107
02175e$/
%LGGOHV
&DIp&DPSXV
$\OPHU6W
0RQWUpDO4&
+$(
*HQUHMD]]
UXH3ULQFH$UWKXUHVW
0RQWUpDO4&
+;%
ERRNLQJ#FDIHFDPSXVFRP
*HQUHMD]]IRONZRUOG
YHQXHVVDOOHV
/\GLD'¶$VFDQLR
3KLOLSSH*DXWKLHU
eTXLSH6SHFWUD
&DIp6DUDMHYR
UXH6KHUEURRNHHVW
0RQWUpDO4&
+/.
LQWHUQHWSRRO#V\PSDWLFRFD
ZZZHTXLSHVSHFWUDFD
&ODUN6W
0RQWUpDO4&
+;5
*HQUHZRUOG
$QGUp0pQDUG
&DEDUHW
0DULH&KULVWLQH&KDPSDJQH
UXH6KHUEURRNHHVW
0RQWUpDO4&
+;&
FDEDUHW#DWSFDQDGDQHW
DFWXHOOH
2VPDQ.RXOHQRYLWFK
eULF/DULYLqUH
ERXOHYDUG0DLVRQQHXYHHVW
0RQWUpDO4&
+;;
DFWXHOOH
VHSWHPEUHjMXLQ
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVE\WKH
IDOO(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVj
O
DXWRPQH
Page 108
&OXE%DODWWRX
0RQWUpDO4&
+:=
QXLWDIULF@VSULQWFD
ZZZIHVWQXLWDIULFFRP
*HQUHZRUOG
&OXE6RGD
$ODLQ&KDUWUDQG
UXH2QWDULRHVW%
0RQWUpDO4&
+9.
FGFRHXU#FDPRUJ
*HQUHIRONZRUOG
)HVWLYDOGDWHVGDWHVGXIHVWLYDO1RYHPEHU
QRYHPEUH
0DUF)LOLDWUDXOW
)DLWHVGHODPXVLTXH
UXH2QWDULRHVW
0RQWUpDO4&
+9.
IGP#IDLWHVGHODPXVLTXHTFFD
ZZZIDLWHVGHODPXVLTXHTFFD
DFWXHOOH
DYHQXHGX3DUF
0RQWUpDO4&
+9*
VRGD#FHGHSQHW
DFWXHOOH
0DQRQ&RVVHWWH
6HDWLQJFDSDFLWpGHODVDOOHUHQWDOORXpH
1RWHV:LOOPRYHLQ-XO\EXWWKHWHOHSKRQH
QXPEHUZLOOQRWFKDQJH'pPpQDJHURQWHQ
MXLOOHWPDLVOHQXPpURGHWpOpSKRQHQH
FKDQJHUDSDV
VHSWHPEUHjPDL
'HDGOLQHVGDWHVOLPLWHVPRQWKVSULRUEHIRUH
HDFKSURJUDPPLQJVHDVRQ(QYR\HUOHVGRVVLHUV
GHUHQVHLJQHPHQWVPRLVDYDQWFKDTXHVDLVRQ
GHSURJUDPPDWLRQ
)HVWLYDOLQWHUQDWLRQDOGHMD]]GH
0RQWUpDO
$QGUp0pQDUG
UXH6KHUEURRNHHVW
0RQWUpDO4&
+/.
ILFT#HQGLUHFWTXFD
ZZZPRQWUHDOMD]]IHVWFRP
*HQUHMD]]ZRUOG
Page 109
UXH0RXQWDLQ6LJKWV
0RQWUpDO4&
+:<
WEUDG\@JHQHUDWLRQQHW
UXH0RQWUpDOHVW
0RQWUpDO4&
+.:
ODXUHQWBOHJDXOW#YLOOHPRQWUHDOTFFD
ZZZYLOOHPRQWUHDOTFFDVHUYLFHFXOWXUH
DFWXHOOH
7LP%UDG\
1RWHV7KHVHDVRQLVPRVWO\IURP6HSWHPEHUWR
-XQH/DVDLVRQV¶pWHQGSULQFLSDOHPHQWGH
VHSWHPEUHjMXLQ
/
$LUGX7HPSV
/RXLV&{Wp
UXH6DLQW3DXORXHVW
0RQWUpDO4&
+<=
*HQUHMD]]
GHPXVLTXHMD]]
$IULTXH
6X]DQQH5RXVVHDX
0RQWUpDO4&
+:=
QXLWDIULF#VSULQWFD
ZZZIHVWQXLWDIULFFRP
*HQUHZRUOG
)HVWLYDO,QWHUQDWLRQDO1XLWVG
$IULTXH
±-XO\±MXLOOHW
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVIURP
2FWREHURQ(QYR\HUOHVGRVVLHUVGH
UHQVHLJQHPHQWVGqVRFWREUH
/DXUHQW/HJDXOW
0RQXPHQWQDWLRQDO
*X\&{Wp
0RQWUpDO4&
+;6
PRQXPHQW#GVXSHUQHW
ZZZHQWQWVFRP
*HQUHMD]]
/LHWWH*DXWKLHU
UXH9LFWRU'RUp
0RQWUpDO4&
+06
PPPDLO#FDPRUJ
ZZZPXVLTXHPXOWLPRQWUHDOFD
*HQUHIRONZRUOG
±$SULO±DYULO
±$SULO±DYULO
6HDWLQJFDSDFLWpGHODVDOOHDERXWHQYLURQ
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVHDUO\LQ
-XQH(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWV
DXGpEXWGHMXLQ
Page 110
6DOOH&ODXGH&KDPSDJQH
/RXLVH3/HGXF
&3VXFFXUVDOH&HQWUH9LOOH
0RQWUpDO4&
+&-
*HQUHMD]]ZRUOG
1RWHV2QO\FODVVLFDOMD]]VHXOHPHQWGXMD]]
6RFLpWpGHOD3ODFHGHV$UWVGH
0RQWUpDO
*X\3ULPHDX
ERXOHYDUGGH0DLVRQQHXYHRXHVW
0RQWUpDO4&
+;<
JSULPHDX#SGDTFFD
ZZZSGDTFFD
*HQUHMD]]ZRUOG
FODVVLTXH
GLYHUVORFDWLRQ
0LFKHO/DQFW{W
UXH6DLQWH&DWKHULQHRXHVW
0RQWUpDO4&
+;=
\YHVURFUD\#WQPTFFD
ZZZWQPTFFD
*HQUH-D]]:RUOG
6DOOHVGX*HV
6HDWLQJFDSDFLWpGHODVDOOHYDULRXVUHQWDO
UXHGH%OHXU\
0RQWUpDO4&
+%-
PODQFWRW#JHVXQHW
*HQUHMD]]ZRUOG
<YHV5RFUD\
UHSUpVHQWDWLRQVSDUDQQpH-XQH$XJXVW
6N\3XE
6\OYDLQ7RXVLJQDQW
UXH6DLQWH&DWKHULQHHVW
0RQWUpDO4&
+/-
*HQUH-D]]
GHMXLQjDRW
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVLQWKH
)DOO(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVj
O
DXWRPQH
7KpkWUHOD&KDSHOOH
5LFKDUG6LPDV
UXH6DLQW'RPLQLTXH
0RQWUpDO4&
+;;
7UDTXHQ
DUW
3DWULFN'DUE\
UXH6DLQWH&DWKHULQH
0RQWUpDO4&
+%$
WUDTXP#WRWDOQHW
*HQUHZRUOG
8SVWDLUV
Page 111
-RHO*LEHURYLWFK
0DF.D\6W
0RQWUpDO4&
+*+
*HQUHMD]]
8VLQH&
<YHV6KHULII
DYHQXH/DORQGH
0RQWUpDO4&
+/$
XVL\YHV#FDPRUJ
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVLQ
UHQVHLJQHPHQWVHQIpYULHU
<HOORZ'RRU
2UOHH+DXVHU
$\OPHU6W
0RQWUpDO4&
+;&
SER]]R#SRER[PFJLOOFD
ZZZ\HOORZGRRURUJ
*HQUHIRON
48e%(&
)HVWLYDOG
pWpLQWHUQDWLRQDOGH
4XpEHF
-HDQ%HDXFKHVQH
UXH6DLQW3DXO
&3VXFFXUVDOH%
4XpEHF4&
*.$
MEHDXFKHVQH#LQIRIHVWLYDOFRPDQGRU
LQIRIHVW#FOLFQHW
ZZZLQIRIHVWLYDOFRP
*HQUHMD]]IRONZRUOG
±-XO\±MXLOOHW
)HVWLYDOGHVMRXUQpHVG¶$IULTXH
GDQVHHWU\WKPHGXPRQGH
2XVPDQH*Xp\H
UXHGX5RL
4XpEHF4&
*.:
*HQUHZRUOG
±$XJXVW±DRW
+RWHO&ODUHQGRQ
$ODQ0XUSK\
UXH6DLQWH$QQH
4XpEHF4&
*5;
*HQUHMD]]
SDUDQQpH
Page 112
/H'¶$XWHXLO
UXH6DLQW-RVHSKHVW
4XpEHF4&
*.%
PJR\HWWH#LFTEGTTFFD
ZZZLFTEGTTFFD
*HQUHMD]]IRONZRUOG
UXHG¶$XWHXLO
4XpEHF4&
*5%
DFWXHOOH
0DULH*R\HWWH
6DOOHGHO
$XGLWRULXP-RVHSK/DYHUJQH
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVE\$SULO
(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVHQDYULO
/D0DLVRQGHODFKDQVRQ
8OULF%UHWRU
UXHGX3HWLW&KDPSODLQ
4XpEHF4&
*.+
WKHDFKDP@PLFURWHFQHW
ZZZPLFURWHFQHWaWKHDFKDPRU
ZZZOLVWHQWRWSF
*HQUHMD]]ZRUOG
/H&DIpGHV$UWV
6\OYLH0DKLHX
UXH6DLQW-HDQ
4XpEHF4&
*55
FDIHDUWV@FOLFNQHW
DFWXHOOH
'DQLHO/HYHVTXH
0XVpHGHOD&LYLOLVDWLRQ
+pOqQH3DJp
UXHGHOD%DUULFDGH
&3
4XpEHF4&
*.$
KSDJH@PFTRUJ
ZZZPFTRUJ
DFWXHOOH
UHSUpVHQWDWLRQVSDUDQQpH6XPPHUZHHNHQGV
DQGKROLGD\VeWpOHVILQVGHVHPDLQHVHWOHV
SpULRGHVGHIrWHV
6HDWLQJFDSDFLWpGHODVDOOHVWDQGLQJ
VLqJHVGHERXWV
1RWHV0XVLFPXVWEHOLQNHGWRWKHWKHPHRIWKH
H[KLELWLRQ/DPXVLTXHGRLWrWUHUHOLpHDXWKqPH
GHO¶H[SRVLWLRQ
3DODLV0RQWFDOP
'HQ\V/DIRUFH
SODFHG
<RXYLOOH
4XpEHF4&
*53
GODIRUFH#YLOOHTXHEHFTFFD
DFWXHOOH
YHQXHVVDOOHV
Page 113
3XE6DLQW$OH[DQGUH
UXH6DLQW-HDQ
4XpEHF4&
*65
*HQUHMD]]
HUXH
5RX\Q1RUDQGD4&
-;$
RURX
*HQUHMD]]IRONZRUOG
,YDQ:DGGHOO
*DsWDQ$\RWWH
-$QGUp3pUXVVH
.LP/DUJLH
5,0286.,
6$,17($'Ê/(
%RXUERQ6WUHHW
UXHGHO
eYrFKpHVW
5LPRXVNL4&
*/;
IHVWLMD#JOREHWURWWHUTFFD
ZZZJOREHWURWWHUTFFDIHVWLMD]]
*HQUHMD]]ZRUOG
6HSWHPEHUVHSWHPEUH
$XJXVW6HSWHPEHU
DRWVHSWHPEUH
-DQXDU\DQG)HEUXDU\(QYR\HUOHVGRVVLHUVGH
UHQVHLJQHPHQWVHQWUHMDQYLHUHWIpYULHU
URXWH
6DLQWH$GqOH4&
-%$
6HUYLFHGHVORLVLUVGHOD9LOOHGH
5LPRXVNL
5pMHDQ6DYDUG
DYHQXHGHOD&DWKpGUDOH
&3
5LPRXVNL4&
*/&
ORLVLU#YLOOHULPRXVNLTFFD
DFWXHOOH
6$,17&$0,//(
3
5HQpH:LOVH\
UXH0LTXHORQ
6DLQW&DPLOOH4&
-$*
SERQKHXU#ORJLQQHW
ZZZORJLQQHWSERQKHXUKRUWHQVHKWPO
DFWXHOOH
VHSWHPEUHjPDL
UHSUpVHQWDWLRQVSDUDQQpHPLG-XQH$XJXVWGH
PLMXLQjDRW
UHQVHLJQHPHQWVHQIpYULHU
528<1125$1'$
Page 114
6$,17(867$&+(
6HUYLFHGHVDUWVHWGHODFXOWXUHGH
ODYLOOHGH6DLQW(XVWDFKH
-DFTXHV/DQJORLV
UXH6DLQW(XVWDFKH
6DLQW(XVWDFKH4&
-5/
DFWXHOOH
UHSUpVHQWDWLRQVSDUDQQpH2FWREHUPLG
'HFHPEHUDQG)HEUXDU\0D\RFWREUHPL
GpFHPEUHHWIpYULHUPDL
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVLQ0D\
IRUIDOOVHDVRQDQGLQ2FWREHUIRU)HEUXDU\
(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVHQPDL
SRXUO
DXWRPQHHWHQRFWREUHSRXUIpYULHU
6$,17,5e1e(
)HVWLYDOLQWHUQDWLRQDOGX'RPDLQH
)RUJHW
eOLVH3DUp7RXVLJQDQW
FKHPLQ/HV%DLQV
6DLQW,UpQpH4&
*79
GIRUJHW#FLWHQHW
ZZZFLWHQHWGIRUJHW
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpH0D\1RYHPEHU
PDLQRYHPEUH
'HDGOLQHVGDWHVOLPLWHV6HQGSDFNDJHVLQWKH
IDOO(QYR\HUOHVGRVVLHUVGHUHQVHLJQHPHQWVj
O
DXWRPQH
6$,17()2<
/HV3URGXFWLRQVG
$OEHUW
3DXOHWWH3RLULHU
FKHPLQ6DLQWH)R\
6DLQWH)R\4&
*97
SSRLULHU#VDOOHDURXVVHDXTFFD
ZZZVDOOHDOEHUWURXVVHDXFRP
*HQUHMD]]IRONZRUOG
6$/$%(55<'(9$//(<),(/'
9DOVSHF
0DUFHO/DORQGH
UXH&KDPSODLQ
6DODEHUU\GH9DOOH\ILHOG4&
-7;
YDOVSHF#URFOHUTFFD
ZZZYDOVSHFTFFD
*HQUHMD]]IRONZRUOG
VHSWHPEUHjPDL
'HFHPEHUDQG-DQXDU\(QYR\HUOHVGRVVLHUVGH
UHQVHLJQHPHQWVHQGpFHPEUHHWMDQYLHU
6(37Ì/(6
%ODLVH*DJQRQ
ERXOHYDUG/DXUH
6HSWÌOHV4&
*5;
VVSHFWD#TXHEHFWHOFRP
ZZZVSHFWDFOHVHSWLOHVFRP
*HQUHMD]]ZRUOG
UHSUpVHQWDWLRQVSDUDQQpH-XO\$XJXVW
GHMXLOOHWjDRW
Page 115
6+(5%522.(
&HQWUHFXOWXUHOGHO
8QLYHUVLWpGH
6KHUEURRNH
9$/'¶25
2U
5REHUW0LJXp1LFROH*DUFHDX
ERXOHYDUGGHO
8QLYHUVLWp
6KHUEURRNH4&
-.5
MODEUHFT#FRXUULHUXVKHUEFD
*HQUHMD]]IRONZRUOG
qPHUXH
9DOG
2U4&
-33
UPLJXH#YLOOHYDOGRUTFFD
ZZZYLOOHYDOGRUFD
*HQUHMD]]ZRUOG
MDQYLHU
0D\:RUOGLQ6XPPHU6SHFWDFOHVGHMD]]GH
VHSWHPEUHjPDLGHPXVLTXHGXPRQGHHQpWp
-DFTXHV/DEUHFTXH
'HDGOLQHVGDWHVOLPLWHV(DUO\-DQXDU\GpEXW
1RWHV-D]]SHUIRUPDQFHVIURP6HSWHPEHUWR
6$,17$1'5e$9(//,1
0XVLTX
HQDRW
0LFKHO6pJXLQ
$UXH3ULQFLSDOH
6W$QGUp$YHOOLQ4&
-9:
PXVLTXHQDRXW#DWUHLGHQHW
ZZZDWUHLGHQHWPXVLTXHQDRXW
DFWXHOOH
$XJXVWDRW
'HDGOLQHVGDWHVOLPLWHV%HIRUH)HEUXDU\DYDQW
IpYULHU
9,&725,$9,//(
)HVWLYDOLQWHUQDWLRQDOGHPXVLTXH
DFWXHOOHGH9LFWRULDYLOOH),0$9
0LFKHO/HYDVVHXU
&3
9LFWRULDYLOOH4&
*37
ILPDY#FGFEITFFD
ZZZFGFEITFFD),0$9
±0D\±PDL
$XJXVW6HSWHPEHU2FWREHU(QYR\HUOHV
GRVVLHUVGHUHQVHLJQHPHQWVHQDRWHQ
VHSWHPEUHHQRFWREUH
Page 116
:$.(),(/'
%ODFN6KHHS,QQ
3DXO6\PHV
32%R[
:DNHILHOG4&
-;*
SDXOV\PHV@V\PSDWLFRFD
DFWXHOOH
Page 117
6$6.$7&+(:$1
.DUHQ0RQGRU
5(*,1$
32%R[
5HJLQD6.
63%
UHJLQDIRON#HPFD
ZZZHPFDUHJLQDIRON
*HQUHMD]]IRONZRUOG
0DULDQ'RQQHOO\/RUHQD.HOO\
&RUQZDOO6WUHHW
5HJLQD6.
63;
VULD#VNV\PSDWLFRFD
ZZZVULDVNFD
*HQUH-D]])RON:RUOG
1RWHV6DVNDWFKHZDQERUQDUWLVWVRUDUWLVWV
UHVLGLQJLQ6DVNDWFKHZDQRQO\VHXOHPHQWOHV
DUWLVWHVQpVHQ6DVNDWFKHZDQRXOHVDUWLVWHVTXL
KDELWHQWHQ6DVNDWFKHZDQ
3UDLULH1HZ0XVLF
/%UHWW6FRWW
5DH6WUHHW
5HJLQD6.
67(
JZ\KU#KRWPDLOFRP
*HQUH1HZ0XVLFPXVLTXHDFWXHOOH
5HJLQD-D]]6RFLHW\
-LP*DOODJKHU
+DPLOWRQ6W
5HJLQD6.
63<
MJDOODJKHU#VNV\PSDWLFRFD
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpH2FWREHU0D\
G¶RFWREUHjPDL
1RWHV%HWWHUWRXVHWKHHPDLOWKDQWKHID[,O
HVWSUpIpUDEOHG¶XWLOLVHUOHFRXUULHUpOpFWURQLTXH
SOXW{WTXHOHWpOpFRSLHXU
±0D\±PDL
HU
'HDGOLQHVGDWHVOLPLWHV)HEUXDU\
IpYULHU
5HJLQD)RON)HVWLYDO
6DQGUD%XWHO
32%R[
5HJLQD6.
63%
UHJLQDIRON#HPFD
ZZZHPFDUHJLQDIRON
*HQUHMD]]IRONZRUOG
6DVNDWFKHZDQ&XOWXUDO([FKDQJH
6RFLHW\7KH([FKDQJH
7LP(XLQWRQ*RUG)LVFK
WK$YHQXH
5HJLQD6.
65-
VFHV#JSIQVNFD
ZZZJSIQVNFDVFHV
*HQUHMD]]IRONZRUOG
±$XJXVW±DRW
Page 118
6$6.$7221
$PLJR
V
%UDQW3DONR
'XIIHULQ$YHQXH
6DVNDWRRQ6.
6+*
DPLJRV#VNV\PSDWLFRFD
ZZZ]XFRPDPLJRV
*HQUHMD]]IRONZRUOG
%DVVPHQW7KH
UG$YHQXH6RXWK
%UXFH:LZFKDU
6DVNDWRRQ-D]]6RFLHW\
32%R[
6DVNDWRRQ6.
6.5
EUXFHZLZFKDU@KRWPDLOFRP
MD]]VRFLHW\@VNV\PSDWLFRFD
ZZZVNV\PSDWLFRFDHOHFWVMV
*HQUHMD]]
SDUDQQpH(YHU\6DWXUGD\IURP6HSWHPEHUWR
0D\7RXVOHVVDPHGLVGHVHSWHPEUHjPDL
%URDGZD\7KHDWUH
&KULV-RQHV
%URDGZD\$YHQXH
6DVNDWRRQ6.
61%
EURDGZD\WKHDWUH#TXDGUDQWQHW
ZZZLQWHUVSLQFRPEURDGZD\
*HQUHMD]]IRONZRUOG
O¶RFFDVLRQ
1RWHV3ULPDULO\DIDFLOLW\UHQWDOVDOOHGH
ORFDWLRQSULQFLSDOHPHQW
'DGG\%3URGXFWLRQV
%RE5HLG
%DOIRXU&UHVFHQW
6DVNDWRRQ6.
6+%
GDGG\E#VNV\PPSDWLFRFD
*HQUHMD]]
SDUDQQpH
/\GLD
VRQ%URDGZD\
%RE0RQWJRPHU\
%URDGZD\$YHQXH
6DVNDWRRQ6.
61$
*HQUHMD]]IRONZRUOG
UHSUpVHQWDWLRQVSDUDQQpHJURXSVSHUZHHN
JURXSHVSDUVHPDLQH
Page 119
.HUULH)LVFKHU
%WK6WUHHW(DVW6DVNDWRRQ
%LJ5LYHU6.
6+*
QHVVFUN#WKHOLQNFD
ZZZQHWELJULYHUVNFDQHVVIHVW
*HQUHMD]]IRONZRUOG
-XO\MXLOOHW
-XO\MXLOOHW
6DVN7HO6DVNDWFKHZDQ-D]]
)HVWLYDO
&DUROH&RXUWQH\
32%R[
6DVNDWRRQ6.
6.5
VDVNMD]]#VNV\PSDWLFRFD
ZZZVDVNMD]]FRP
*HQUHMD]]
)LQMXLQ
1HZ0XVLF)HVWLYDO6DVNDWRRQ
6\PSKRQ\
&DWKHULQH0F.HHKDQ
6SDGLQD&UHVFHQW(DVW
6DVNDWRRQ6.
6.*
ZZZVDVNDWRRQV\PSKRQ\RUJ
±$SULO±DYULO
5RDGVLGH$WWUDFWLRQV
-LP+RGJHV
(DVWODNH$YHQXH
6DVNDWRRQ6.
61$
FURVVWRZQHQW#KRPHFRP
*HQUHMD]]IRONZRUOG
YHQXHVVDOOHV
Page 120
<8.21
'$:621&,7<
'RPLQLF/OR\G
32%R[
'DZVRQ&LW\<7
<%*
GFPI#GDZVRQQHW
ZZZGFPIFRP
*HQUHIRONZRUOG
±-XO\±MXLOOHW
±-XO\±MXLOOHW
+$,1(6-81&7,21
$OVHN0XVLF)HVWLYDO
5LFKDUG*RGVRQ
32%R[
+DLQHV-XQFWLRQ<7
<%/
ULFKDUGJRGVRQ#\HVQHW\NFD
*HQUHIRON
O¶RFFDVLRQ
±-XQH±MXLQ
:+,7(+256(
(ULF(SVWHLQ
+DQVRQ6WUHHW
:KLWHKRUVH<.
<$<
IURVWELWH#SRODUFRPFRP
ZZZIURVWELWHQHW
*HQUHMD]]IRONZRUOG
)HEUXDU\IpYULHU
6FRWW:LOVRQ
-D]]6RFLHW\RI<XNRQ
0DLQ6WUHHW
32%R[
:KLWHKRUVH<.
<$3
MD]]#\XNRQQHW
\XNRQDUWV\XNRQQHW
*HQUHMD]]
UHSUpVHQWDWLRQVSDUDQQpHSHU\HDUIURP
6HSWHPEHUWR$SULOSDUDQQpHGHVHSWHPEUH
jDYULO
8QLWHFK
-RKQ%DLOH\
556LWH&RPS
:KLWHKRUVH<.
<$=
*HQUHMD]]IRONZRUOG
O¶RFFDVLRQ
Page 121
<XNRQ$UWV&HQWUH
(ULF(SVWHLQ
<XNRQ3ODFH
&ROOHJH'ULYH
32%R[
:KLWHKRUVH<7
<$/
MRGHEHDX#K\SHUWHFK\NFD
\XNRQDUWV\XNRQQHW
*HQUHMD]]IRONZRUOG
1RWHV)DFLOLW\UHQWDODYDLODEOH/RFDWLRQGHVDOOH
GLVSRQLEOH
<XNRQ,QWHUQDWLRQDO6WRU\WHOOLQJ
)HVWLYDO
$QQ7D\ORU
32%R[
:KLWHKRUVH<7
<$6
\XNRQVWRU\#\NQHW\NFD
ZZZ\XNRQZHEFRPVSHFLDOVWRU\WHOOLQJ
*HQUHIRONZRUOG
-XQHMXLQ
'HDGOLQHVGDWHVOLPLWHV1RYHPEHUQRYHPEUH
1RWHV$SSUR[LPDWHO\PXVLFDFWVLQFOXGHGLQ
IHVWLYDO7KXUVGD\DQG6XQGD\FRQFHUWVHQYLURQ
JURXSHVSUpVHQWpVDXIHVWLYDOVSHFWDFOHVOHV
MHXGLVHWGLPDQFKHV
Page 122
$
$EEH\$UWV&HQWUH
$ERULJLQDO&XOWXUDO)HVWLYDO6HH9DQFRXYHU$ERULJLQDO
)ULHQGVKLS&HQWUH
$ERULJLQDO9RLFHV
$FDGLD8QLYHUVLW\
$FRXVWLF&RQQHFWLRQ0XVLFDQG&XOWXUDO6RFLHW\
$FRXVWLF:DYHV*UHDW&DQDGLDQ7KHDWUH&RPSDQ\
6HH:DYHOHQJWK&RPPXQLFDWLRQV
$IULNDGH\
$IURIHVW0XVLF$IULFD
$IWHU(LJKW-D]]&OXE
$IWHU+RXUV6HH&%&0DQLWRED
$OFRUQ$QGUHZ
$OVHN0XVLF)HVWLYDO
$PLJR
V
$QQXDO/HWKEULGJH)HVWLYDO6HH3D3D.LQJ
3URGXFWLRQV
$QQXDO1HZIRXQGODQGDQG/DEUDGRU)RON)HVWLYDO
$QWLJRQLVK3HUIRUPLQJ$UWV
$UNHOO6FKRROKRXVH*DOOHU\$FRXVWLF&RQWHPSRUDU\
&RQFHUW6HULHV
$UUD\PXVLF
$UWV&HQWUH
$UWV5HVRXUFH&HQWUH
$UWV6WDWLRQ
$UWVFDQ6HH$UW6WDUWV
$UWVSULQJ
$UW6WDUWV
$VVHPEO\RI%ULWLVK&ROXPELD$UWV&RXQFLOV
$VWRU7KHDWUH
$WODQWLF-D]])HVWLYDO6HH-D]](DVW
$X'HX[LqPH
$XGLWRULXP$OPD
$YDORQ1LJKW&OXE
%
%DED¶V/RXQJH
%DPERR
%DVVPHQW7KHUG$YHQXH6RXWK
%&797HOHYLVLRQ
%HDFKHV-D]])HVWLYDO
%HDP7KH
%HUW&KXUFK7KHDWUH
%LGGOHV
%LVWUR%ULVHELVH
%ODFN)O\-DP)RON&OXE
%ODFN6KHHS,QQ
%OXHEHUU\%OXHJUDVVDQG&RXQWU\0XVLF6RFLHW\
%RRPHU¶V
%RXUERQ6WUHHW
%RZ9DOOH\0XVLF&OXE
%UDPSWRQ7KHDWUH%UDPSWRQ)HVWLYDOV
%UDQGRQ-D]])HVWLYDO
%UDQWIRUG)RON&OXE
%UDYR
%UDYR%XOOHWLQ6HH%UDYR
%UDYR1HZV6HH%UDYR
%UDYR9LGHRV6HH%UDYR
%URDGZD\7KHDWUH
%URQ[6RFLHW\IRU3URPRWLRQRI$OWHUQDWLYH$UWVDQG
0XVLF
%X]]7KH
EX]]2Q6HH7KH%X]]
&
&DEDUHW
&DIp&DPSXV
&DIp6DUDMHYR
&DIp7KpkWUH&{Wp&RXU
&DOJDU\&HQWUHIRU3HUIRUPLQJ$UWV
&DOJDU\)RON&OXE
&DOJDU\+HUDOG6HH:KDW
V8SRQWKH+LW/LVW
&DOJDU\,QWHUQDWLRQDO-D]])HVWLYDO6HH-D]]&LW\
)HVWLYDO6RFLHW\
&DOJDU\6WUDLJKW
&DOLFR&RQFHUWV6HH3ULQFH*HRUJH)RON6RFLHW\
&DQDGLDQ$UWV3UHVHQWHUV$VVRFLDWLRQ$VVRFLDWLRQ
FDQDGLHQQHGHVRUJDQLVPHVDUWLVWLTXHV&$3$&2$
&DQDGLDQ&KLOGUHQ
V)HVWLYDO$VVRFLDWLRQ&&)$
&DQDGLDQ0XVLF
&DQDGLDQ0XVLF&HQWUH
&DQDGLDQ0XVLF)HVWLYDO:LQGVRU6\PSKRQ\
2UFKHVWUD
&DQDGLDQ7XOLS)HVWLYDO6HH:DYHOHQJWK
&RPPXQLFDWLRQV
&DQ$0)HVWLYDO6HH.LQJVWRQ-D]]6RFLHW\
&DQPRUH)RONDQG%OXHV&OXE&DQPRUH)RON0XVLF
)HVWLYDO
Page 123
&DSLWRO7KHDWUH
&%&
&%&+DOLID[
&%&0DQLWRED
&%&5DGLR
&%&7RURQWR
&HOODU-D]]&DIp
&HOWLF&RORXUV,QWHUQDWLRQDO)HVWLYDO
&HQWUH%UDVG
2U
&HQWUHFXOWXUHOGHO
&HQWUHFXOWXUHOIUDQFRSKRQHGH9DQFRXYHU
&HQWUHIRUWKH$UWV%URFN8QLYHUVLW\
&
HVW:KDW
&)&5)0
&))))0
&)08)0
&)28)0
&)5&)0
&)52)0
&KDQ&HQWUHIRUWKH3HUIRUPLQJ$UWV
&KHHUV
&KHVWHU3OD\KRXVH
&+(;79
&+0$)0
&+05)0
&+5:)0
&+5<)0
&+65)0
&+82)0
&+<=)0
&LUFXLWGHVSHWLWHVVDOOHVGHVSHFWDFOHVGX4XpEHF
&LW\RI7KRPSVRQ5HFUHDWLRQ3DUNVDQG&XOWXUH
&,87)0
&-$0)0
&-04)0
&-575DGLR
&-6))0
&-65)0
&-6:)0
&.'8)0
&./1)0
&./8)0
&.02)0
&.06)0
&.8$5DGLR
&.80)0
&.:()0
&OXE%DODWWRX
&OXE&RVPRSROLWDQ
&RDVW7KH
&RDVWDO-D]]DQG%OXHV6RFLHW\
&RGD0DJD]LQH
&RIIHH+RXVH
&ROOHJHRI3LSLQJ
&ROXPELD9DOOH\$UWV3\QHORJV&XOWXUDO&HQWUH
&RPPHUFHLQWHUQDWLRQDOGHVDUWVGHODVFqQH
&,1$56
&RPPXQLW\&XOWXUDO,PSUHVDULRV&&,
&RPR[9DOOH\)RON6RFLHW\
&RPR[9DOOH\0XVLFIHVW
&RQ7DNW1HZ$UW
&RQVHLOGHV$UWVGHO¶2QWDULR
&RQVHLOGHVDUWVHWGHVOHWWUHVGX4XpEHF&$/4
&RQVHLOSURYLQFLDOGHVVRFLpWpVFXOWXUHOOHV
&RUSRUDWLRQGHJHVWLRQGHODVDOOHGHVSHFWDFOHGH
%DLH&RPHDX
&RUSRUDWLRQGX&HQWUHFXOWXUHOGH'UXPPRQGYLOOH
&RZLFKDQ&RPPXQLW\&HQWUH7KHDWUH
&RZLFKDQ)RON*XLOG
&R\RWHV
&UHDWLYH$UWV
&URFNV
Q
5ROOV
&XOWXUH1HW
&XOWXUHV&DQDGD6HH:DYHOHQJWK&RPPXQLFDWLRQV
'
'DGG\%3URGXFWLRQV
'DLO\*OHDQHU7KH
'DLO\1HZV7KH
'DOE\+RXVH
GH&RVWH&HQWUH
'HFHQW([SRVXUH&RQFHUW6HULHV
'HSDUWPHQWRI(GXFDWLRQDQG&XOWXUH
'HSDUWPHQWRI(GXFDWLRQRI3ULQFH(GZDUG,VODQG
'HSDUWPHQWRI(GXFDWLRQ&XOWXUHDQG(PSOR\PHQW
'HSDUWPHQWRI0XQLFLSDOLWLHV&XOWXUHDQG+RXVLQJ
'HSDUWPHQWRI7RXULVP&XOWXUHDQG5HFUHDWLRQ
'HYRLU/H
'LIIXVLRQ3OHLQVXG
'RPH7KH
GX0DXULHU,QWHUQDWLRQDO-D]])HVWLYDO6HH&RDVWDO
-D]]DQG%OXHV6RFLHW\
'XNHRI'XFNZRUWK
Page 124
(
HDUVD\SURGXFWLRQV
(DUWKWXQHV&RQFHUW&R
(GPRQWRQ&RPSRVHUV
&RQFHUW6RFLHW\
(GPRQWRQ-D]]6RFLHW\
(GPRQWRQ6HH0DJD]LQH
(ORUD)HVWLYDO
(PEDVV\+RWHO
eTXLSH6SHFWUD
(YHUJUHHQ7KHDWUH
([LW
(\H0DJD]LQH
)
)DFHVRIWKH:RUOG)HVWLYDO6HH$UWV5HVRXUFH&HQWUH
)DLWHVGHODPXVLTXH
)DVW)RUZDUG6HH)IZG
)DW&DW%DU
)pGpUDWLRQGHVIUDQFRSKRQHVGHOD&RORPELH
%ULWDQQLTXH
)HUQLHDQG'LVWULFW$UWV&RXQFLO
)HVWLYDO$QWLJRQLVK
)HVWLYDOE\WKH/DNH
)HVWLYDOE\WKH6HD
)HVWLYDOGHVMRXUQpHVG¶$IULTXHGDQVHHWU\WKPHGX
PRQGH
)HVWLYDOG
pWpLQWHUQDWLRQDOGH4XpEHF
)HVWLYDOGXYR\DJHXU
)HVWLYDOLQWHUQDWLRQDOGHMD]]GH0RQWUpDO
)HVWLYDOLQWHUQDWLRQDOGH/DQDXGLqUH
)HVWLYDOLQWHUQDWLRQDOGHPXVLTXHDFWXHOOHGH
9LFWRULDYLOOH),0$9
)HVWLYDOLQWHUQDWLRQDOGX'RPDLQH)RUJHW
)HVWLYDO,QWHUQDWLRQDO1XLWVG
$IULTXH6HH/HV
3URGXFWLRQV1XLWVG
$IULTXH
)HVWLYDORI)ULHQGV
)HVWLYDORIWKH$UWV6HH&HQWUH%UDVG
2U
)HVWLYDORIWKH6RXQG
)HVWLYDO3ODFH
)IZG6HH)DVW)RUZDUG
)LOEHUJ)HVWLYDO
)LUVW3HUVSHFWLYH7KH
)RONRQWKH5RFNV
)RON8QGHUWKH&ORFN
)RON8SVWDLUV
)RONZD\0XVLF
)RXQGDWLRQWR$VVLVW&DQDGLDQ7DOHQWRQ
5HFRUGV)$&725
)UHH7LPHV&DIp
)ULQJH)RON&OXE
)XOO0RRQ)RON&OXE
*
*HRUJLD6WUDLJKW
*HRUJLDQ%D\)RON6RFLHW\6XPPHUIRON
*LEVRQV/DQGLQJ-D]])HVWLYDO6HH6XQVKLQH-D]]
&RDVW$VVRFLDWLRQ
*OREDO9LOODJH6HH&%&5DGLR2QH
*OREHDQG0DLO
*RUGRQ%HVW7KHDWUH
*UDIILWL¶V
*URRVVPDQ¶V7DYHUQ
*URXQG6ZHOO
*XHOSK-D]])HVWLYDO
*XPERRWV
+
+DOLID[+HUDOG
+DUERXUIURQW&HQWUH
+HULWDJH+DOO
+HULWDJH5LYHU0XVLF)HVWLYDO6HH'HFHQW([SRVXUH
&RQFHUW6HULHV
+HUPDQ¶V
+LOOVLGH&RPPXQLW\)HVWLYDORI*XHOSK
+RPH&RXQW\)RON)HVWLYDO
+RPH&RXQW\)RON/HDJXH
+RUQE\)HVWLYDO+RUQE\)HVWLYDO6RFLHW\
+RUQE\)HVWLYDO6RFLHW\
+RUVHVKRH7DYHUQ
+RWHO&ODUHQGRQ
+RXU6HH9RLU
,
,&$)RONIHVW
,FL0RQWUpDO6HH7KH0LUURU
,PSHULDO7KHDWUH
,6($
,VODQG0RXQWDLQ$UWV
-
Page 125
-D]]%HDW6HH&%&5DGLR
-D]]&DOJDU\6RFLHW\
-D]]&LW\)HVWLYDO6RFLHW\
-D]]5HSRUW7KH
-D]]:LQQLSHJ,QF
-D]](DVW
-D]]LQ
,W8SWRZQ
-HQVHQ3URGXFWLRQV1HZ,UHODQG3URGXFWLRQV
-RH0RND&DIp
-RH5HDG¶V
.
.DRV&DIpDQG-D]]&OXE
.DUPD/RFDO$UWV+RXVH
.DVOR-D]]6RFLHW\
.DZDUWKD-D]]6RFLHW\
.H\&LW\7KHDWUH
.K\EHU7KH
.LQJVWRQ-D]]6RFLHW\
.LWFKHQHU:DWHUORR6\PSKRQ\2UFK
/
/D0DLVRQGHODFKDQVRQ
/D4XHQD&RIIHH+RXVH
/
$LUGX7HPSV
/DNHRIWKH:RRGV+HULWDJH)HVWLYDO
/H&DIpGHV$UWV
/H&RQVHLOGHVDUWVGHODFRPPXQDXWpXUEDLQHGH
0RQWUpDO
/H'¶$XWHXLO
/HDG6KHHW7RURQWR'RZQWRZQ-D]]6RFLHW\
3XEOLFDWLRQ
/HJHQGV6HH6WUDWKFRQD+RWHO
/HV3URGXFWLRQVG
$OEHUW
$IULTXH
/HWKEULGJH&RPPXQLW\&ROOHJH%DUQ
/HWKEULGJH)RON&OXE
/LEHUW\6WUHHW&DIH
/LJKWKRXVH&DIp
/LWWOH&KDPEHU0XVLF6HULHV7KDW&RXOG6RFLHW\
/LYH:LUH0XVLF6HULHV
/LYLQJ$UWV&HQWUH
/RIW
/RQJHYLW\-RKQ
V/DVW0LQXWH7UHDWV
/638+DOO
/\GLD
VRQ%URDGZD\
0
0DQLWRED$UWV&RXQFLO
0DQLWRED$XGLR5HFRUGLQJ,QGXVWU\$VVRFLDWLRQ
0DQLWRX&RIIHH+RXVH0XVLFLDQV7KH
0DSOH5RRWV
0DUDQW]3URGXFWLRQV
0$5,$6HH0DQLWRED$XGLR5HFRUGLQJ,QGXVWU\
$VVRFLDWLRQ
0DULSRVD1RWHV
0DUNKDP-D]])HVWLYDO
0DUNKDP7KHDWUHIRU3HUIRUPLQJ$UWV
0D[LPXP
0D[LPXP%OXHV
0D\ZRUNV)HVWLYDORI$UWDQG:RUNLQJ/LIH
0F3KHUVRQ3OD\KRXVH
0HO/DVWPDQ6TXDUH
0HQDUG:LQJHODDU-D]]3URGXFWLRQV
0HWUR-D]]6RFLHW\
0HWUR:RUG
0,$6HH0XVLF,QGXVWU\$VVRFLDWLRQRI1HZIRXQGODQG
DQG/DEUDGRU
0,$166HH0XVLF,QGXVWU\$VVRFLDWLRQRI1RYD6FRWLD
0LGVXPPHU)HVWLYDO6HH%XONOH\9DOOH\)RON0XVLF
6RFLHW\
0LOO5DFH)HVWLYDORI7UDGLWLRQDO)RON0XVLF
0LQLVWU\RI6PDOO%XVLQHVV7RXULVPDQG&XOWXUH
0RE\
V3XE
0RMR5RRP
0RQFWRQ-D]])HVWLYDO
0RQGD\0DJD]LQH
0RQGLDOGHVFXOWXUHVGH'UXPPRQGYLOOH
0RQWUHDO*D]HWWH7KH
0RQXPHQWQDWLRQDO
0RRQOLJKWLQJ3URPRWLRQV
0RXYHPHQWVRFLRFXOWXUHOGHOD7XTXH
0XQLVSHF0RQW/DXULHU
0XVpHGHODFLYLOL]DWLRQ
0XVHXPRI&LYLOL]DWLRQ
0XVLFDQG&RPSDQ\6HH&%&5DGLR7ZR
0XVLF$URXQG8V6HH&%&5DGLR7ZR
0XVLF*DOOHU\
0XVLF,QGXVWU\$VVRFLDWLRQRI1HZIRXQGODQGDQG
/DEUDGRU
0XVLF,QGXVWU\$VVRFLDWLRQRI1RYD6FRWLD
086,&$&7,21
0XVLFDPXQG
0XVLTX
HQDRW
0DF/DUHQ/LYH
Page 126
1
1DQDLPR$UW*DOOHU\
1DWLRQDO&DSLWDO&RPPLVVLRQ&RPPLVVLRQGHOD
FDSLWDOHQDWLRQDOH
1DWLRQDO*DOOHU\RI&DQDGD6HH:DYHOHQJWK
&RPPXQLFDWLRQV
1DWLRQDO/LEUDU\RI&DQDGD%LEOLRWKqTXHQDWLRQDOHGX
&DQDGD
1HZ0XVLF)HVWLYDO
1HZ0XVLF)HVWLYDO6DVNDWRRQ6\PSKRQ\
1HZ0XVLF6RFLHW\
1HZ:RUNV&DOJDU\
1LJKW*DOOHU\&DEDUHW
1RUWK&RXQWU\)DLU
12:0DJD]LQH
180866HH.LWFKHQHU:DWHUORR6\PSKRQ\2UFKHVWUD
2
2DNYLOOH&HQWUHIRUWKH3HUIRUPLQJ$UWV
2DVLV
2&))6HH2QWDULR&RXQFLORI)RON)HVWLYDOV
2FWREHUIRON6HH%UDQWIRUG)RON&OXE
2QWDULR$UWV&RXQFLO
2QWDULR&RXQFLORI)RON)HVWLYDOV
2SHQ(DUV)HVWLYDO6HH.LWFKHQHU:DWHUORR
6\PSKRQ\2UFKHVWUD
2SHQ:DWHUV)HVWLYDOV
2UELW5RRP
2UJDQL]DWLRQRI6DVNDWFKHZDQ$UWV&RXQFLOV26$&
2ULOOLD-D]])HVWLYDO
2WWDZD;SUHVV
3
3D3D.LQJ3URGXFWLRQV
3DFLILF0XVLF,QGXVWU\$VVRFLDWLRQ
3DODLV0RQWFDOP
3DUFGHO
,PDJLQDLUH
3HQGHU+$5%285-D]])HVWLYDO
3HSSHUZRRG%LVWUR
3HULPHWHU1HZVSDSHU
3HUWK)RON&OXE
30,$6HH3DFLILF0XVLF,QGXVWU\$VVRFLDWLRQ
3UDLULH'RJ
3UDLULH1HZ0XVLF
3UHVVH/D
3ULQFH(GZDUG,VODQG-D]]DQG%OXHV6RFLHW\)HVWLYDO
3ULQFH*HRUJH)RON6RFLHW\
3UR0XVLFD6RFLHW\
3URYLQFH7KH
3
3XE6DLQW$OH[DQGUH
3XUSOH2QLRQ
3\UDPLG&DEDUHW
4
4XDUWHW7KH
4XpEHF6FRSH
4XHXH0DJD]LQH6HH9DQFRXYHU6XQ
4XLQF\¶VRQ6HYHQWK
5
5DGLR&DQDGD0RQWUpDO
5DLOZD\&OXE
5DVFDO5RRWVDQG5DGV6HULHV6HH:DYHOHQJWK
&RPPXQLFDWLRQV
5DVSXWLQ
V)RON&DIp
5HG'HHU&ROOHJH6WXGHQW¶V
5HG'RJ
5HJLQD)RON)HVWLYDO
5HJLQD-D]]6RFLHW\
5HJURXSHPHQWGHVGLIIXVHXUVGHVSHFWDFOHVGH
O
$OEHUWD
5pVHDX&HQWUH
5pVHDXGHVRUJDQLVDWHXUVGHVSHFWDFOHVGHO
HVWGX
4XpEHF
5pVHDXLQGpSHQGDQWGHVGLIIXVHXUVG
pYpQHPHQWV
DUWLVWLTXHVXQLV
5pVHDX2QWDULR
5pVHDX6FqQHV
5HVRXQG)HVWLYDORI&RQWHPSRUDU\0XVLF(GPRQWRQ
6\PSKRQ\
5,'($86HH5pVHDXLQGpSHQGDQWGHVGLIIXVHXUV
G
pYpQHPHQWVDUWLVWLTXHXQLV
5RDGVLGH$WWUDFWLRQV
5RJXH)RON&OXE
5RJXH)RON5HYLHZ
5RRWVDQG:LQJV6HH&%&5DGLR7ZR
5RVHDQG7KLVWOH
526(46HH5pVHDXGHVRUJDQLVDWHXUVGHVSHFWDFOHV
GHO
HVWGX4XpEHF
Page 127
6XUI/RGJH
5XVWLFR6KLQGLJV
6
6DOOH&ODXGH&KDPSDJQH8QLYHUVLWpGH0RQWUpDO
6DOOHVGX*HV
6DOPRQ$UP)RON0XVLF6RFLHW\6HH6DOPRQ$UP
)RON0XVLF6RFLHW\
6DVNDWFKHZDQ&XOWXUDO([FKDQJH6RFLHW\7KH
([FKDQJH
6DVNDWFKHZDQ5HFRUGLQJ,QGXVWU\$VVRFLDWLRQ
6DVN7HO6DVNDWFKHZDQ-D]])HVWLYDO
6((0DJD]LQH
6HH5DGLR&DQDGD0RQWUpDOW
2U
6HUYLFHGHVDUWVHWGHODFXOWXUHGHODYLOOHGH6DLQW
(XVWDFKH
6HUYLFHGHVORLVLUVGHOD9LOOHGH5LPRXVNL
6HUYLFHGHVORLVLUVVRFLRFXOWXUHOGHO
8QLYHUVLWpGH
0RQFWRQ
6KDG\*URYHDWWKH6XVVPDQV+RXVH&RQFHUWV
6KHDI7KH
6KLS,QQ
6LJQDOV$UWV(QWHUWDLQPHQWDQG5HOD]DWLRQLQ0HWUR
6W-RKQ
V
6N\3XE
6RFLpWpGHOD3ODFHGHV$UWVGH0RQWUpDO
6RXQG6\PSRVLXP6RXQG$UWV,QLWLDWLYHV,QF
6RXQGVFDSH
6RXQGVWUHDPV&DQDGD(QFRXQWHUV6HULHVDQG
6RXWKHUQ0DQLWRED3HUIRUPDQFH7RXULQJ1HWZRUN
6RXWKZHVW6KRZFDVH
6SLQQDNHUV¶/DQGLQJ
6SLULWRI1HZIRXQGODQG
65,$6HH6DVNDWFKHZDQ5HFRUGLQJ,QGXVWU\
$VVRFLDWLRQ
6W$QGUHZ¶V8QLWHG&KXUFK-D]]6HULHV
6W)UDQFLV;DYLHU8QLYHUVLW\6HH$QWLJRQLVK
3HUIRUPLQJ$UWV
6W)UDQFLV;DYLHU8QLYHUVLW\0XVLF'HSDUWPHQW
6W-RKQ
V7HOHJUDP
6W1RUEHUW$UWVDQG&XOWXUDO&HQWUH
6WDQ5RJHUV)HVWLYDO
6WDUILVK5RRP
6WHSKHQYLOOH$UWVDQG&XOWXUH&HQWUH
6WHZDUW3DUN)HVWLYDO
6WUDWKFRQD+RWHO
6XQIHVW&URVV&XOWXUDO$UWV&RPPLWWHH
7
7HUULI9LF)HVWLYDO7HUULI9LF-D]])HVWLYDO
7KH%HDFK
7KH&LWDGHO7KHDWUH
7KH*DWKHULQJ)HVWLYDO
7KH*DWKHULQJ)RXQGDWLRQ
7KH*HRUJHDQG'UDJRQ
7KH0LUURU6HH,FL0RQWUpDO
7KH2SHUD+RXVH
7KH3LORW7DYHUQ
7KH8OWUDVRXQG
7KpkWUH&HQWHQQLDO
7KpkWUHGHOD9LOOH
7KpkWUHGX%LF
7KpkWUHGX6DJXHQD\
7KpkWUHOD&KDSHOOH
7LF7RF)HVWLYDO
7LJHU+LOOV$UWV$VVRFLDWLRQ
7LPHV+HUDOG
7RS2
7KH6HQDWRU
7RURQWR6WDU
7RURQWR6\PSKRQ\2UFKHVWUD0DVVH\+DOO1HZ0XVLF
)HVWLYDO
7RURQWR:RUOG$UWV6FHQH6HH7:$6
7UDTXHQ
DUW
7:$6
7ZLJJ\0XVLF#(YHUHVW
7ZR1HZ+RXUV6HH&%&5DGLR7ZR
8
8%&6FKRRORI0XVLF
8QLWHFK
8QLYHUVLW\RI%ULWLVK&ROXPELD$063URJUDPV
8QLYHUVLW\RI&DOJDU\6WXGHQWV
8QLRQ
8QLYHUVLW\RI*XHOSK
8QLYHUVLW\RI/HWKEULGJH6WXGHQW¶V8QLRQ
8SVWDLUV
8SWRZQ0DJD]LQH
8VLQH&
9
9DOVSHF
9DQFRXYHU$ERULJLQDO)ULHQGVKLS&HQWUH
Page 128
9DQFRXYHU,QWHUQDWLRQDO1HZ0XVLF)HVWLYDO6HH1HZ
0XVLF6RFLHW\
9DQFRXYHU3UR0XVLFD
9DQFRXYHU6XQ6HH4XHXH0DJD]LQH
9DQFRXYHU6XQ&RPPXQLW\&RQFHUW6HULHV
9LFWRULD)RON5RRWV0XVLF)HVWLYDO
9LFWRULD-D]]6RFLHW\
9LFWRULD3OD\KRXVH
9LHX[&ORFKHUGH0DJRJ
9LOOHGH0RQWUpDO
9LWDO6SDUN)RON&OXE
9RLU6HH+RXU
9RLU4XpEHF
9R[0DJD]LQH
9XH
:
:DWHUORR7RZQ6TXDUH
:HGQHVGD\1RRQ+RXUV
:HHNHQGHU6HH&%&5DGLR7ZR
:HOOLQJWRQ+RWHO
:HOOV+RWHO
:HVWHUQ1DWLYH1HZV
:KDW
V8SRQWKH+LW/LVW6HH&DOJDU\+HUDOG
:KHUH0DJD]LQH
:KLWHKRUVH67$5
:LQGVRU)RON0XVLFDQG$UWV6RFLHW\
:LQQLSHJ)UHH3UHVV7KH
:LQQLSHJ6XQ7KH
:LQQLSHJ6\PSKRQ\2UFKHVWUD6HH1HZ0XVLF
)HVWLYDO
:25'0DJD]LQH
:RUGVDQG0XVLF62&$1
:\H0DUVK)HVWLYDO
<
<DNV1LJKWFOXE
<HOORZ'RRU
<XNRQ$UWV&HQWUH
<XNRQ,QWHUQDWLRQDO6WRU\WHOOLQJ)HVWLYDO
<XNRQ1HZV
=
=DSKRG%HHEOHEUR[
Page 129
Page 130

government and information sources / sources gouvernementales et

Transcription

Documents pareils

Pole Inspection Camera Camtel IR