‫ٹ‬$XJXVW

‫ؙؙ‬0,768%,6+,(67$7(&2/7'ũŤŦŷŃťŲŲŮŃũżŕœŕŕŐŔŴ
7KH)LVFDO<HDU(QGLQJRQ0DUFK,QTXLULHV 0,768%,6+,(67$7(&2/7'
,QYHVWRU5HODWLRQV2IILFH
7(/
)$;
KWWSVZZZPHFFRMSHLQYHVWRULQGH[KWPO

3DJH,3HUIRUPDQFH&RPSDULVRQV &RQVROLGDWHG

,QFRPH6WDWHPHQW5HVXOWVIRU)<4DQG)<4

&XUUHQW,QFRPH6WDWHPHQW(VWLPDWHVIRU)<DQG5HVXOWVIRU)<%DODQFH6KHHW5HVXOWVDW3HULRGV(QGHG-XQDQG0DU



&RQVROLGDWHG&DVK)ORZ6WDWHPHQW5HVXOWVIRU)<45HVXOWVIRU)<45HVXOWVIRU)<DQG(VWLPDWHVIRU)<,,,QYHVWPHQW'DWD,,,%XVLQHVV'DWD,9+LVWRULFDO3HUIRUPDQFH'DWD &RQVROLGDWHG,QYHVWPHQWGDWD

$VVHWV%UHDNGRZQ&RPPHUFLDO3URSHUW\%XVLQHVV5HYHQXHIURP2SHUDWLRQV%UHDNGRZQ &RQVROLGDWHG

2IILFH%XLOGLQJ'DWD &RQVROLGDWHG

2IILFH%XLOGLQJ'DWD 8QFRQVROLGDWHG0DUXQRXFKL$UHD%XLOGLQJ'DWD 8QFRQVROLGDWHG'RPHVWLF&RQGRPLQLXP%XVLQHVV'DWD

0DMRU3HUIRUPDQFH,WHPV

6HJPHQW,QIRUPDWLRQ &RQVROLGDWHG 

90LWVXELVKL(VWDWH*URXS&RPSDQLHV 'DWD‫ع‬'LVFODLPHU
嵣7KLV)$&7%22.FRQWDLQVSUHGLFWLRQVDQGDLPVZKLFKUHODWHWRZLWKRXWOLPLWDWLRQRXUIXWXUHHFRQRPLFSHUIRUPDQFHRXUSODQVDQG
REMHFWLYHVIRUIXWXUHRSHUDWLRQVDQGSURMHFWLRQVRIUHYHQXHDQGRWKHUILQDQFLDOLWHPV7KHVHSUHGLFWLRQVDUHLQKHUHQWO\VXEMHFWWRULVNVDQGXQFHUWDLQWLHVGXHWRXQIRUHVHHDEOHHYHQWVRUH[WHUQDOIDFWRUV)XWXUHHYHQWVDQGDFWXDOUHVXOWVILQDQFLDODQGRWKHUZLVHPD\GLIIHUPDWHULDOO\IURPWKHHYHQWVDQGUHVXOWVH[SUHVVHGKHUH
嵣3OHDVHUHIHUWR$66(7%22.IRUSULQFLSDOSURMHFWV,3HUIRUPDQFH&RPSDULVRQV &RQVROLGDWHG
,QFRPH6WDWHPHQW5HVXOWVIRU)<4DQG)<4
0LOOLRQVRI\HQ URXQGHGGRZQ
岧2YHUYLHZ岨
7KHUHLVDQLQFUHDVHLQUHYHQXHDQGRSHUDWLQJLQFRPHFRPSDUHGZLWK)<4
5HYHQXHLQFRPHDQGSURILWDUHKLVWRULFDOKLJKIRU4$QLQFUHDVHLQFDSLWDOJDLQVLVWKH
PDLQIDFWRUOHGWRDQRYHUDOOLQFUHDVH7KHUHLVDGHFUHDVHLQLQFRPHJDLQVRIELOOLRQ\HQ\HDUWR\HDU7KLVLVGXHWRWKHDGMXVWPHQWWKDWELOOLRQ\HQDFRVWGXULQJWHPSRUDU\FORVXUHRIUHWDLOSURSHUWLHVDQGKRWHOVZDVFDUULHGDWH[WUDRUGLQDU\ORVVIURP
RSHUDWLQJFRVWVLQ)<4
7KLVUHVXOWHGLQDQLPSURYHPHQWRIDSSUR[LPDWHO\ELOOLRQ\HQDIWHUH[FOXGLQJWKH
HIIHFWRIVXFKDQDGMXVWPHQW)DFWRUVDIIHFWLQJLQGLYLGXDOVHJPHQWVFRPSDUHGZLWK)<4DUHGHWDLOHGEHORZ
岧&RPPHUFLDO3URSHUW\%XVLQHVV岨$QLQFUHDVHLQFDSLWDOJDLQVIURPVDOHVRIRIILFHEXLOGLQJVOHGWRDQRYHUDOOLQFUHDVHLQUHYHQXH
DQGSURILWVFRPSDUHGZLWK)<47KHUHLVDGHFUHDVHLQLQFRPHJDLQVRIELOOLRQ\HQ
7KLVLVGXHWRWKHDGMXVWPHQWWKDWELOOLRQ\HQDFRVWGXULQJWHPSRUDU\FORVXUHRIUHWDLOSURSHUWLHVDQGKRWHOVZDVFDUULHGDWH[WUDRUGLQDU\ORVVIURPRSHUDWLQJFRVWVLQ)<47KLVUHVXOWHGLQDQLPSURYHPHQWRIDSSUR[LPDWHO\ELOOLRQ\HQDIWHUH[FOXGLQJWKHHIIHFWRIVXFKDQ
DGMXVWPHQW,QUHJDUGVWRRIILFHEXLOGLQJVUHQWDOSURILWVKDYHEHHQDIIHFWHGE\WKHLQLWLDOFRVWRIQHZO\FRPSOHWHGEXLOGLQJVDQGUHVXOWHGLQDVOLJKWGHFUHDVH$UHQWLQFUHDVHFRQWLQXHVLQH[LVWLQJEXLOGLQJVKRZHYHUUHQWDOSURILWVSHUVLVWDWWKHVDPHOHYHOGXHWRDGHFUHDVHLQUHQWDOUHYHQXHIURPEXLOGLQJVWREHFORVHG5HWDLOSURSHUWLHVDQGKRWHOVKDYHEHHQDIIHFWHGE\WKHWKLUGVWDWHRIHPHUJHQF\GHFODUDWLRQKRZHYHURSHUDWLRQDOVWDWXVLV
LPSURYHGFRPSDUHGZLWK)<4
ٛ2IILFH%XLOGLQJVٜ,QUHJDUGVWRQHZEXLOGLQJVWKHUHLVDVOLJKWGHFUHDVHLQUHQWDOSURILWVGXHWRWKHLQLWLDOFRVWRI
7RNLZDEDVKL7RZHUZKLFKZDVFRPSOHWHGLQ-XQH'HVSLWHDUHQWLQFUHDVHDQGDQLPSURYHPHQW
LQUHQWDOUHYHQXHIURPPL[HGXVHEXLOGLQJVUHQWDOSURILWVSHUVLVWDWWKHVDPHOHYHODVDUHVXOWRI
DGHFUHDVHLQUHQWDOUHYHQXHIURPEXLOGLQJVWREHFORVHG
‫ق‬9DFDQF\5DWHV‫ك‬7KHYDFDQF\UDWHVIRU-DSDQ DOOXVHV LVLQFUHDVHGGXHWRVHFRQGDU\YDFDQFLHVZKLFKZDVDOUHDG\SUHGLFWHGDWWKHEHJLQQLQJRIWKHILVFDO\HDUZKLOHWKHYDFDQF\UDWHVIRU
0DUXQRXFKL RIILFHV LVVOLJOWO\GHFUHDVHG‫ق‬$YHUDJH5HQWV‫ك‬7KHDYHUDJHUHQWVLQFUHDVHGDVDUHVXOWRIDQLQFUHDVHLQUHQWVIURPH[LVWLQJ
EXLOGLQJVٛ5HWDLO3URSHUWLHV HJRXWOHWPDOOV ٜ$WHPSRUDU\FORVXUHGXULQJWKHVWDWHRIHPHUJHQF\GHFODUDWLRQIURP$SULOWR-XQHRI
DIIHFWHGVRPHRXWOHWPDOOVKRZHYHURYHUDOOUHYHQXHLVLPSURYHGFRPSDUHGZLWK)<4
ٛ+RWHOVٜ'HVSLWHDFRQWLQXHGVWDJQDQWRFFXSDQF\UDWHVGXHWRWKHVWDWHRIHPHUJHQF\GHFODUDWLRQRYHUDOOUHYHQXHLVLPSURYHGFRPSDUHGZLWK)<4
岧5HVLGHQWLDO%XVLQHVV岨
7KHUHLVDQLQFUHDVHLQUHYHQXHDQGRSHUDWLQJLQFRPHFRPSDUHGZLWK)<4$QLQFUHDVHLQ
FDSLWDOJDLQVIURPVDOHVRIUHQWDODSDUWPHQWVLVWKHPDLQIDFWRUOHGWRDQRYHUDOOLQFUHDVH
,QUHJDUGVWRGRPHVWLFFRQGRPLQLXPVDGHFUHDVHLQWKHQXPEHURISURSHUWLHVFRPSOHWHGUHVXOWHGLQDGHFUHDVHLQFRQGRPLQLXPVDOHVDQGWKHQXPEHURIFRQGRPLQLXPVXQLWVVROG$SSUR[LPDWHO\RIH[SHFWHGFRQGRPLQLXPVDOHVIRU)<KDVDOUHDG\EHHQILQDOL]HGIROORZLQJDVWURQJVDOHVVWDWXV

0LOOLRQVRI\HQ URXQGHGGRZQ‫ٹ‬%UHDNGRZQRI([WUDRUGLQDU\LQFRPH

)<4
5HVXOWV)<4
5HVXOWV‫&ؙ‬RPPHUFLDO3URSHUW\%XVLQHVV



*DLQRQVDOHVRILQYHVWPHQWVHFXULWLHV







‫ؙ‬5HVLGHQWLDO%XVLQHVV





7RWDO







‫ؙ‬,QWHUQDWLRQDO%XVLQHVV



‫ؙ‬,QYHVWPHQW0DQDJHPHQW%XVLQHVV



















‫ؙ‬$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG5HDO(VWDWH6HUYLFHV%XVLQHVV‫ؙ‬2WKHU‫(ؙ‬OLPLQDWLRQV&KDQJH













‫&ؙ‬RPPHUFLDO3URSHUW\%XVLQHVV



‫ؙ‬5HVLGHQWLDO%XVLQHVV







‫ؙ‬,QWHUQDWLRQDO%XVLQHVV







‫ؙ‬,QYHVWPHQW0DQDJHPHQW%XVLQHVV







‫ؙ‬$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG5HDO(VWDWH6HUYLFHV%XVLQHVV













5HYHQXHIURP2SHUDWLRQV‫ؙ‬2WKHU‫(ؙ‬OLPLQDWLRQVRU&RUSRUDWH
2SHUDWLQJ,QFRPH‫ؙ‬1RQRSHUDWLQJUHYHQXH‫(قؙ‬TXLW\LQHDUQLQJVRIXQFRQVROLGDWHGVXEVLGLDULHVDQGDIILOLDWHV‫ك‬)<4
5HVXOWV)<4
5HVXOWV&KDQJH

0LOOLRQVRI\HQ URXQGHGGRZQ‫ٹ‬%UHDNGRZQRI([WUDRUGLQDU\ORVV/RVVUHODWHGWRUHWLUHPHQWRIIL[HGDVVHWV)<4
5HVXOWVٛ5HIHUHQFHٜ
‫&ٹ‬DSLWDO*DLQVLQFOXGHGLQ2SHUDWLQJ,QFRPH&KDQJH

















/RVVRQLQIHFWLRXVGLVHDVH
7RWDO)<4
5HVXOWV

0LOOLRQVRI\HQ URXQGHGRIIWRWKHQHDUHVWELOOLRQ)<4
5HVXOWV)<4
5HVXOWV&KDQJH&DSLWDO*DLQV







‫&ؙ‬RPPHUFLDO3URSHUW\%XVLQHVV







‫ؙؙ‬5HVLGHQWLDO%XVLQHVV














‫ؙؙ‬,QWHUQDWLRQDO%XVLQHVV














‫ؙؙ‬,QYHVWPHQW0DQDJHPHQW%XVLQHVV‫ؙ‬1RQRSHUDWLQJH[SHQVH







‫ؙ‬2WKHU







,QFRPH%HIRUH7D[HVDQG6SHFLDO,WHPV



‫(ؙ‬OLPLQDWLRQVRU&RUSRUDWH







‫[(ؙ‬WUDRUGLQDU\LQFRPH







7RWDO

‫[(ؙ‬WUDRUGLQDU\ORVV







&DSLWDO*DLQV'LVSRVLWLRQRIDVVHWVDQGRWKHURQHWLPHRQO\SURILWZLWKWKHH[FOXVLRQRIUHVLGHQWLDOFRQGRPLQLXPVDOHV,QFRPH%HIRUH,QFRPH7D[HVDQG0LQRULW\,QWHUHVWV





‫&ؙ‬RUSRUDWHWD[HWF





ٛ5HIHUHQFHٜ

3URILW



‫ٹ‬%XVLQHVV3URILW











‫ؙ‬3URILWDWWULEXWDEOHWRQRQFRQWUROOLQJLQWHUHVWV
3URILW$WWULEXWDEOHWR2ZQHUVRI3DUHQW%XVLQHVV3URILW







0LOOLRQVRI\HQ URXQGHGGRZQ)<4
5HVXOWV)<4
5HVXOWV



&KDQJH%XVLQHVV3URILW2SHUDWLQJ,QFRPH(TXLW\LQHDUQLQJV ORVV RIXQFRQVROLGDWHGVXEVLGLDULHVDQGDIILOLDWHV岧,QWHUQDWLRQDO%XVLQHVV岨
7KHUHLVDQLQFUHDVHLQUHYHQXHDQGRSHUDWLQJLQFRPHFRPSDUHGZLWK)<4$QLQFUHDVHLQ
FDSLWDOJDLQVIURPVDOHVRIORJLVWLFIDFLOLWLHVLVWKHPDLQIDFWRUOHGWRDQRYHUDOOLQFUHDVH&XUUHQW,QFRPH6WDWHPHQW(VWLPDWHVIRU)<DQG5HVXOWVIRU)<7KHUHLVQRFKDQJHLQWKH)<HDUQLQJVHVWLPDWHVDQQRXQFHGRQ0D\
0LOOLRQVRI\HQ URXQGHGGRZQ

岧2YHUYLHZ岨
$QRYHUDOOLQFUHDVHLVH[SHFWHGLQUHYHQXHDQGRSHUDWLQJLQFRPHFRPSDUHG
ZLWK)<0DLQIDFWRUVLQFOXGHWKHIROORZLQJVDSRVLWLYHHIIHFWRI
FRPSOHWLRQDQGDIXOO\HDURSHUDWLRQRIQHZEXLOGLQJVDQLQFUHDVHLQFDSLWDOJDLQVDQH[SHFWHGOHVVLPSDFWRI&29,'LQKRWHOVDQGUHWDLOSURSHUWLHV岧&RPPHUFLDO3URSHUW\%XVLQHVV岨ٛ2IILFH%XLOGLQJVٜ'HVSLWHDUHGXFWLRQLQUHQWDOSURILWDVDUHVXOWRIDGHFUHDVHLQUHQWDOLQFRPHIURP
H[LVWLQJEXLOGLQJVEHLQJFORVHGIRUUHGHYHORSPHQWDQRYHUDOOLQFUHDVHLQLQFRPHDQG
SURILWVLVH[SHFWHGDVDUHVXOWRIFRPSOHWLRQDQGDIXOO\HDURSHUDWLRQRIQHZ
EXLOGLQJVDVZHOODVDQLQFUHDVHLQFDSLWDOJDLQV)<
(VWLPDWHV)<
5HVXOWV&KDQJH

0LOOLRQVRI\HQ URXQGHGGRZQ‫ٹ‬%UHDNGRZQRI([WUDRUGLQDU\LQFRPH&KDQJH





*DLQRQVDOHVRIIL[HGDVVHWV

‫ؙ‬5HVLGHQWLDO%XVLQHVV





*DLQRQVDOHVRILQYHVWPHQWVHFXULWLHV







*DLQRQVDOHVRIVKDUHVRIDIILOLDWHGFRPSDQLHV







7RWDO





‫ؙ‬,QWHUQDWLRQDO%XVLQHVV





‫ؙ‬,QYHVWPHQW0DQDJHPHQW%XVLQHVV



‫ؙ‬$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG5HDO(VWDWH6HUYLFHV%XVLQHVV



‫ؙ‬2WKHU



‫(ؙ‬OLPLQDWLRQV









‫&ؙ‬RPPHUFLDO3URSHUW\%XVLQHVV

0LOOLRQVRI\HQ URXQGHGGRZQ‫ٹ‬%UHDNGRZQRI([WUDRUGLQDU\ORVV

5HYHQXHIURP2SHUDWLRQV





ٛ+RWHOVٜ$GHFUHDVHLQGHILFLWLVH[SHFWHGDVDUHVXOWRIOHVVLPSDFWRI&29,'‫ؙ‬5HVLGHQWLDO%XVLQHVV



‫ؙ‬,QWHUQDWLRQDO%XVLQHVV



‫ؙ‬,QYHVWPHQW0DQDJHPHQW%XVLQHVV







/RVVRQLQIHFWLRXVGLVHDVH‫ؙ‬$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG5HDO(VWDWH6HUYLFHV%XVLQHVV







7RWDO



岧,QWHUQDWLRQDO%XVLQHVV岨:KLOHWKHUHLVDGHFUHDVHGXHWRDQHIIHFWRIUHYHQXHUHODWHGWRRSHQHQGHG(XURSHK\EULGPRGHOLQYHVWPHQWIXQGUHFRUGHGLQ)<DQLQFUHDVHLQSURILWVLVH[SHFWHG
DVDUHVXOWRIDQLQFUHDVHLQFDSLWDOJDLQV)<
5HVXOWV‫&ؙ‬RPPHUFLDO3URSHUW\%XVLQHVV

ٛ5HWDLO3URSHUWLHV HJRXWOHWPDOOV ٜ$QLQFUHDVHLQUHQWDOUHYHQXHDQGSURILWVLVH[SHFWHGDVDUHVXOWRIOHVVLPSDFWRI&29,'

岧5HVLGHQWLDO%XVLQHVV岨%RWKUHYHQXHDQGSURILWVDUHH[SHFWHGWREHVWDEOHDVSUHYLRXV\HDUDVDUHVXOWRIIDYRUDEOHSHUIRUPDQFHLQGRPHVWLFFRQGRPLQLXPV)<
(VWLPDWHV‫ؙ‬2WKHU





‫(ؙ‬OLPLQDWLRQVRU&RUSRUDWH















2SHUDWLQJ,QFRPH‫ؙ‬1RQRSHUDWLQJUHYHQXH‫(قؙ‬TXLW\LQHDUQLQJVRIXQFRQVROLGDWHGVXEVLGLDULHVDQGDIILOLDWHV‫ك‬/RVVUHODWHGWRUHWLUHPHQWRIIL[HGDVVHWV)<
(VWLPDWHV)<
5HVXOWV&KDQJH

,PSDLUPHQWORVV







/RVVRQOLTXLGDWLRQRIVXEVLGLDULHV



ٛ5HIHUHQFHٜ
‫&ٹ‬DSLWDO*DLQVLQFOXGHGLQ2SHUDWLQJ,QFRPH











0LOOLRQVRI\HQ URXQGHGRIIWRWKHQHDUHVWELOOLRQ)<
(VWLPDWHV)<
5HVXOWV&KDQJH











‫&ؙ‬RPPHUFLDO3URSHUW\%XVLQHVV









‫ؙؙ‬5HVLGHQWLDO%XVLQHVV







‫[(ؙ‬WUDRUGLQDU\LQFRPH





‫ؙؙ‬,QWHUQDWLRQDO%XVLQHVV



‫[(ؙ‬WUDRUGLQDU\ORVV



‫ؙؙ‬,QYHVWPHQW0DQDJHPHQW%XVLQHVV













‫ؙ‬2WKHU













‫(ؙ‬OLPLQDWLRQVRU&RUSRUDWH







7RWDO

‫ؙ‬1RQRSHUDWLQJH[SHQVH,QFRPH%HIRUH7D[HVDQG6SHFLDO,WHPV,QFRPH%HIRUH,QFRPH7D[HVDQG0LQRULW\,QWHUHVWV‫&ؙ‬RUSRUDWHWD[HWF
3URILW‫ؙ‬3URILWDWWULEXWDEOHWRQRQFRQWUROOLQJLQWHUHVWV
3URILW$WWULEXWDEOHWR2ZQHUVRI3DUHQW





&DSLWDO*DLQV











&DSLWDO*DLQV'LVSRVLWLRQRIDVVHWVDQGRWKHURQHWLPHRQO\SURILWZLWKWKHH[FOXVLRQRIUHVLGHQWLDOFRQGRPLQLXPVDOHV

ٛ5HIHUHQFHٜ

0LOOLRQVRI\HQ URXQGHGGRZQ‫ٹ‬%XVLQHVV3URILW)<
(VWLPDWHV)<
5HVXOWV%XVLQHVV3URILW





&KDQJH%XVLQHVV3URILW2SHUDWLQJ,QFRPH(TXLW\LQHDUQLQJV ORVV RIXQFRQVROLGDWHGVXEVLGLDULHVDQGDIILOLDWHV%DODQFH6KHHW5HVXOWVDW3HULRGV(QGHG-XQDQG0DU
0LOOLRQVRI\HQ URXQGHGGRZQ$W-XQ $W0DU

0LOOLRQVRI\HQ URXQGHGGRZQ&KDQJH$W-XQ $W0DU

$VVHWV&KDQJH/LDELOLWLHV,&XUUHQWDVVHWV,&XUUHQWOLDELOLWLHV

&DVK





1RWHVDQGDFFRXQWVSD\DEOHWUDGH





7UDGHQRWHVDFFRXQWVUHFHLYDEOHDQGFRQWUDFWDVVHWV





6KRUWWHUPERUURZLQJV





0DUNHWDEOHVHFXULWLHV







&XUUHQWSRUWLRQRIORQJWHUPGHEW







3URSHUW\IRUVDOH







&RPPHUFLDOSDSHU







3URSHUW\IRUVDOHLQSURJUHVV





%RQGVGXHZLWKLQRQH\HDU











$FFUXHGLQFRPHWD[HV



$SSURSULDWHGFRQVWUXFWLRQLQSURJUHVV







2WKHUFXUUHQWOLDELOLWLHV





2WKHULQYHQWRULHV













(TXLW\LQYHVWPHQWV



2WKHUFXUUHQWDVVHWV

















3URSHUW\IRUGHYHORSPHQW$OORZDQFHIRUGRXEWIXODFFRXQWV
7RWDOFXUUHQWDVVHWV,,)L[HGDVVHWV
3URSHUW\DQGHTXLSPHQW  %XLOGLQJVDQGVWUXFWXUHV  0DFKLQHU\DQGHTXLSPHQW



7RWDOFXUUHQWOLDELOLWLHV,,/RQJWHUPOLDELOLWLHV
%RQGV/RQJWHUPERUURZLQJV











/HDVHGHSRVLWVUHFHLYHG



'HIHUUHGWD[OLDELOLW\

'HIHUUHGWD[OLDELOLWLHVRQODQGUHYDOXDWLRQ



1HWGHILQHGEHQHILWOLDELOLW\







$FFUXHGGLUHFWRUV UHWLUHPHQWEHQHILWV











3URYLVLRQIRUHQYLURQPHQWDOPHDVXUHV







  /DQGLQWUXVW



1HJDWLYHJRRGZLOO

  &RQVWUXFWLRQLQSURJUHVV



  2WKHUSURSHUW\DQGHTXLSPHQW









  /DQG

7RWDOSURSHUW\DQGHTXLSPHQW
,QWDQJLEOHDVVHWV2WKHUORQJWHUPOLDELOLWLHV



7RWDOORQJWHUPOLDELOLWLHV





7RWDOOLDELOLWLHV





1HW$VVHWV  /HDVHKROGV



,6KDUHKROGHUV (TXLW\  2WKHULQWDQJLEOHDVVHWV





&DSLWDO







&DSLWDOVXUSOXV





  ,QYHVWPHQWVHFXULWLHV



  /RQJWHUPORDQV





  /HDVHGHSRVLWV

  1HWGHILQHGEHQHILWDVVHW







8QUHDOL]HGKROGLQJJDLQRQVHFXULWLHV

  'HIHUUHGWD[DVVHWV



'HIHUUHGJDLQVRUORVVHVRQKHGJLQJLQVWUXPHQWV







  2WKHULQYHVWPHQWV





/DQGUHYDOXDWLRQUHVHUYH











)RUHLJQFXUUHQF\WUDQVODWLRQDGMXVWPHQWV





5HPHDVXUHPHQWVRIGHILQHGEHQHILWSODQV

7RWDOLQWDQJLEOHDVVHWV,QYHVWPHQWVDQGRWKHUDVVHWV5HWDLQHGHDUQLQJV  $OORZDQFHIRUGRXEWIXODFFRXQWV

7RWDODVVHWV

7RWDOLQYHVWPHQWVDQGRWKHUDVVHWV



7RWDOIL[HGDVVHWV











/HVVWUHDVXU\VWRFNDWFRVW
7RWDOVKDUHKROGHUV HTXLW\,,2WKHUDFFXPXODWHGFRPSUHKHQVLYHLQFRPH‫ؙ‬7RWDORWKHUDFFXPXODWHGFRPSUHKHQVLYHLQFRPH













,,,6WRFNDFTXLVLWLRQULJKWV





,91RQFRQWUROOLQJLQWHUHVWV



7RWDOQHWDVVHWV
7RWDOOLDELOLWLHVDQGQHWDVVHWV
















&RQVROLGDWHG&DVK)ORZ6WDWHPHQW5HVXOWVIRU)<45HVXOWVIRU)<45HVXOWVIRU)<DQG(VWLPDWHVIRU)<
0LOOLRQVRI\HQ URXQGHGGRZQ⋇)<45HVXOWV⋈)<45HVXOWV&KDQJH‫ك⋇⋈ق‬⋉)<5HVXOWV⋊)< (VWLPDWHV&KDQJH‫ك⋉⋊ق‬,QFRPHEHIRUHLQFRPHWD[HVDQGPLQRULW\LQWHUHVWV









$GMXVWPHQWIRUH[WUDRUGLQDU\LQFRPHRUORVV











'HSUHFLDWLRQDQGDPRUWL]DWLRQ







'HFUHDVH LQFUHDVH LQLQYHQWRULHV









'HFUHDVH LQFUHDVH LQHTXLW\LQYHVWPHQWV













2WKHU











,QFRPHWD[HVHWF







‫ؙ‬1HWFDVKSURYLGHGE\ XVHGLQ RSHUDWLQJDFWLYLWLHV











3URFHHGVIURPVDOHVRILQYHVWPHQWVHFXULWLHV























&DSLWDOLQYHVWPHQW













2WKHU











‫ؙ‬1HWFDVKSURYLGHGE\ XVHGLQ LQYHVWLQJDFWLYLWLHV











3URFHHGVIURPVDOHVRISURSHUW\DQGHTXLSPHQWDQG
EHQHILFLDOLQWHUHVWVLQWUXVWRISURSHUW\DQGHTXLSPHQW

1HZO\DFTXLUHGIXQGV









5HSD\PHQW









&DVKGLYLGHQGVSDLG









5HSXUFKDVHDQGGLVSRVDORIRZQVKDUHV













2WKHU











‫ؙ‬1HWFDVKSURYLGHGE\ XVHGLQ ILQDQFLQJDFWLYLWLHV











‫&ؙ‬DVKDQGFDVKHTXLYDOHQWVDWWKHHQGRI\HDU











‫)ؙ‬UHH&DVK)ORZ











,,,QYHVWPHQW'DWD
,QYHVWPHQWGDWD&DSLWDOLQYHVWPHQW

0LOOLRQVRI\HQ URXQGHGGRZQ)<4(TXLW\LQYHVWPHQW)< (VWLPDWHV0LOOLRQVRI\HQ URXQGHGGRZQ)<4)< (VWLPDWHV

7RWDO

7RWDO



7RWDO



7RWDO



0LWVXELVKL(VWDWH

0LWVXELVKL(VWDWH

0LWVXELVKL(VWDWH

0LWVXELVKL(VWDWH%UHDNGRZQ%UHDNGRZQ%UHDNGRZQ2IILFH%XLOGLQJ%XVLQHVV

2IILFH%XLOGLQJ

/RJLVWLFV)DFLOLW\1HZ5HGHYHORSPHQWEXLOGLQJV1HZ5HGHYHORSPHQWEXLOGLQJV 0DUXQRXFKLUHGHYHORSPHQWHWF

 0DUXQRXFKLUHGHYHORSPHQWHWF

%UHDNGRZQ

/RJLVWLFV)DFLOLW\



,QWHUQDWLRQDO5HIXUELVKPHQWFRVWHWF5HIXUELVKPHQWFRVWHWF

2IILFH%XLOGLQJ

5HWDLO3URSHUW\

/RJLVWLFV)DFLOLW\

2WKHU 'RPHVWLF/RJLVWLFV)DFLOLW\

+RWHO

+RWHO5HWDLO3URSHUW\

2WKHU



2WKHU



2WKHU

%UHDNGRZQ%UHDNGRZQ

2WKHU%UHDNGRZQ%UHDNGRZQ

0LWVXELVKL(VWDWH5HVLGHQFH



0LWVXELVKL(VWDWH5HVLGHQFH



86



86



0LWVXELVKL(VWDWH(XURSH



0LWVXELVKL(VWDWH(XURSH



$VLD2FHDQLD$VLD2FHDQLD



0(&*URXS,QWHUQDWLRQDO

0(&*URXS,QWHUQDWLRQDO

(XURSH0DUXQRXFKL+HDW6XSSO\

0LWVXELVKL(VWDWH‫؞‬6LPRQ6XQVKLQH&LW\



7RN\R5\XWVX&HQWHU



&RQVROLGDWHG70. 'RPHVWLF

0DUXQRXFKL+HDW6XSSO\5R\DO3DUN+RWHOV 5HVRUWV

6XQVKLQH&LW\



6WUDWHJLFLQYHVWPHQW



5R\DO3DUN+RWHOV 5HVRUWV

<RNRKDPD6N\%XLOGLQJ

&RQVROLGDWHG70. 'RPHVWLF

6WUDWHJLFLQYHVWPHQW



0DMRULQWHUJURXSWUDQVDFWLRQVDUHHOLPLQDWHG

$VVHWV%UHDNGRZQ$VVHWV%UHDNGRZQ &RQVROLGDWHG

6SHFLDO3XUSRVH9HKLFOHV'DWD
0LOOLRQVRI\HQ URXQGHGGRZQ$W-XQ $W0DU

0LOOLRQVRI\HQ URXQGHGGRZQ&KDQJH$W0DU $W0DU

,QYHQWRULHV&KDQJH(TXLW\LQYHVWPHQWVE\0LWVXELVKL(VWDWH&RQGRPLQLXP GRPHVWLF







'RPHVWLF2IILFH%XLOGLQJ

,QWHUQDWLRQDO







'RPHVWLF RWKHU





86







,QWHUQDWLRQDO



(XURSH







86







$VLD







(XURSH











$VLD













2WKHU
7RWDOLQYHQWRULHV

7RWDOHTXLW\LQYHVWPHQWVE\0LWVXELVKL(VWDWH(TXLW\LQYHVWPHQWV'RPHVWLF2IILFH%XLOGLQJ





'RPHVWLF RWKHU



,QWHUQDWLRQDO





'RPHVWLF2IILFH%XLOGLQJ

86





'RPHVWLF RWKHU







(XURSH

,QWHUQDWLRQDO





$VLD





86







(XURSH





$VLD











7RWDOHTXLW\LQYHVWPHQWV)L[HGDVVHWV 3URSHUW\DQGHTXLSPHQW

2IILFH%XLOGLQJ



ٛ5HIHUHQFHٜ

0LOOLRQVRI\HQ URXQGHGRIIWRWKHQHDUHVWELOOLRQ(TXLW\LQYHVWPHQWVE\RWKHUFRPSDQLHV



7RWDOHTXLW\LQYHVWPHQWVE\RWKHUFRPSDQLHV,QWHUHVWEHDULQJGHEWERUURZHGE\639



2XWOHW0DOO



/RJLVWLFV)DFLOLW\





'RPHVWLF2IILFH%XLOGLQJ



5HWDLO3URSHUW\ ([FHSW2XWOHW0DOO







'RPHVWLF RWKHU







5HQWDO$SDUWPHQW





,QWHUQDWLRQDO





















,QWHUQDWLRQDO





8686



(XURSH(XURSH



$VLD$VLD





7RWDOLQWHUHVWEHDULQJGHEWERUURZHGE\639





'RPHVWLF6DPH%RDWLQYHVWPHQWLQ,QYHVWPHQW0DQDJHPHQW%XVLQHVVHWFLVQRWOLVWHGLQWKHDERYHUHIHUHQFH





2WKHU
7RWDOIL[HGDVVHWVSURSHUW\DQGHTXLSPHQW

,,,%XVLQHVV'DWD
&RPPHUFLDO3URSHUW\%XVLQHVV5HYHQXHIURP2SHUDWLRQV%UHDNGRZQ &RQVROLGDWHG

)<)<

‫ؙ‬0DUXQRXFKL$UHD2IILFH%XLOGLQJ



‫ؙ‬7RN\R$UHD2IILFH%XLOGLQJ 2XWVLGHRI0DUXQRXFKL



‫ؙ‬2IILFH%XLOGLQJ 2XWVLGHRI7RN\R



‫ؙ‬2XWOHW0DOO



‫ؙ‬2WKHU 

0LOOLRQVRI\HQ URXQGHGGRZQ)<4)<

)<4)< (VWLPDWHV




























/HDVLQJ







6DOHVRIDVVHWV

7RWDOOHDVLQJ









2WKHU











7RWDO









,QFOXGLQJUHYHQXHIURPRWKHUVHJPHQWV,QFOXGLQJLQGHSHQGHQWVKRSSLQJFHQWHUORJLVWLFVIDFLOLW\HWF

2IILFH%XLOGLQJ'DWD &RQVROLGDWHG

7KRXVDQGVRIVTXDUHPHWHUV$W0DU

$W0DU

$W-XQ

$W0DU

$W-XQ

&RQWUDFWHGDUHD











2ZQHGE\0(&











6XEOHDVHV











2IILFH%XLOGLQJ'DWD 8QFRQVROLGDWHG

7KRXVDQGVRIVTXDUHPHWHUV\HQWVXERPRQWK$W0DU
(VWLPDWHV$W0DU

$W0DU

‫ؙ‬2ZQHGE\0(&













‫ؙ‬6XEOHDVHV













‫ؙ‬7RWDO













 /HDVDEOHDUHD













$W-XQ

$W0DU

$W-XQ

 7RWDORSHUDWLQJIORRUVSDFH 9DFDQF\UDWH $OOXVHVLQ-DSDQ  $YHUDJHUHQW  $OOXVHVLQ-DSDQ ٫


 ٫

 ٫

 ٫


 ٫







$W0DU

$W0DU

$W-XQ

$W0DU

2SHUDWLQJIORRUVSDFH











/HDVDEOHDUHD











 ٫


,QFOXGLQJUHWDLODUHDHWFLQRIILFHEXLOGLQJ
7KHDYHUDJHUHQWLVSHUVTXDUHPHWHUVSHUPRQWK0DUXQRXFKL$UHD%XLOGLQJ'DWD 8QFRQVROLGDWHG

2IILFHYDFDQF\UDWH%XLOGLQJOHDVHUHYHQXH

7KRXVDQGVRIVTXDUHPHWHUVPLOOLRQVRI\HQ URXQGHGGRZQ  ٫


 ٫


 ٫


 ٫


$W-XQ

 ٫


'RPHVWLF&RQGRPLQLXP%XVLQHVV'DWD)<)<

)<4)< (VWLPDWHV











&RQGRPLQLXPVVROG XQLWV













*URVV0DUJLQ ٫

 ٫

 ٫

 ٫

 ٫

 ٫

,QYHQWRU\ XQLWV









































7KHIROORZLQJILVFDO\HDUVKDUH 0LOOLRQVRI\HQ







7KHSRVWIROORZLQJILVFDO\HDUVKDUH 0LOOLRQVRI\HQ











&RQGRPLQLXPVVROG 0LOOLRQVRI\HQ

1HZ6XSSO\RIFRQGRPLQLXPV XQLWV&RQGRPLQLXPFRQWUDFWEDODQFH 0LOOLRQVRI\HQ
7KHILVFDO\HDUVKDUH 0LOOLRQVRI\HQ)<4)<

*URVV0DUJLQ6XEWUDFW/DQG$FTXLVLWLRQ&RVWDQG&RQVWUXFWLRQ&RVWIURP6DOHV

,9+LVWRULFDO3HUIRUPDQFH'DWD &RQVROLGDWHG
0DMRU3HUIRUPDQFH,WHPV

0LOOLRQVRI\HQ URXQGHGGRZQ)<)<

)<4)<

5HYHQXHIURP2SHUDWLRQV



2SHUDWLQJLQFRPH


3/
,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV



3URILWDWWULEXWDEOHWRRZQHUVRISDUHQW



7RWDODVVHWV 



,QYHQWRULHV



)L[HGDVVHWV SURSHUW\DQGHTXLSPHQWDQG,QWDQJLEOHDVVHWV


%6,QWHUHVWEHDULQJGHEW




1HWLQWHUHVWEHDULQJGHEW




 ٫
 ٫
$YHUDJHLQWHUHVWUDWH
 ٫
 ٫
6KDUHKROGHUV HTXLW\ 





&DVKIORZIURPRSHUDWLQJDFWLYLWLHV
‫' ؙ‬HSUHFLDWLRQDQGDPRUWL]DWLRQ



&DVKIORZIURPLQYHVWLQJDFWLYLWLHV


&)‫& ؙ‬DSLWDOLQYHVWPHQW




&DVKIORZIURPILQDQFLQJDFWLYLWLHV



)UHH&DVK)ORZ


%XVLQHVV3URILW 


(%,7'$ 

  
52$ 
 ٫
 ٫
 ٫
 ٫
52( 
 ٫
 ٫
 ٫
 ٫
,QGLFDWRU (36 <HQ

1HWLQWHUHVWEHDULQJGHEW‫(ط‬%,7'$
 WLPHV
 WLPHV WLPHV WLPHV
$IWHUK\EULGGHEWGHGXFWLRQV  WLPHV
 WLPHV WLPHV WLPHV'HEWHTXLW\UDWLR 




‫ؙ‬$IWHUK\EULGGHEWGHGXFWLRQV 




,QWHUHVWH[SHQVH


,QWHUHVWFRYHUDJHUDWLR ,&5   WLPHV WLPHV WLPHV WLPHV$QQXDOGLYLGHQGVSHUVKDUH <HQ




'LYLGHQGSD\RXWUDWLR ٫
 ٫ ٫ ٫&XUUHQWYDOXHRI,QFRPHJHQHUDWLQJDVVHWV

2WKHU,QFRPHJHQHUDWLQJDVVHWVXQUHDOL]HGJDLQ


([FKDQJHDYHUDJHUDWH ?‫ك‬3/



([FKDQJHDYHUDJHUDWH ?i‫ك‬3/



([FKDQJHFXUUHQWUDWH ?‫ك‬%6



([FKDQJHFXUUHQWUDWH ?i‫ك‬%6


)URP)<4RQZDUGWKHDPHQGPHQWWR6WDQGDUGIRU7D[(IIHFW$FFRXQWLQJDQQRXQFHGRQ)HEUXDU\WKKDVEHHQDSSOLHG
7KXVILJXUHRQWKH7RWDODVVHWVDVRIWKHHQGRI0DUFKLVDOVRPRGLILHGEDVHGRQWKHDSSOLFDWLRQRIWKHDPHQGPHQW6KDUHKROGHUV HTXLW\ 1HWDVVHWV6WRFNDFTXLVLWLRQULJKWV1RQFRQWUROOLQJLQWHUHVWV%XVLQHVV3URILW 2SHUDWLQJ,QFRPH(TXLW\LQHDUQLQJV ORVV XQFRQVROLGDWHGVXEVLGLDULHVDQGDIILOLDWHV
(%,7'$ 2SHUDWLQJLQFRPH,QWHUHVWLQFRPH'LYLGHQGLQFRPH(TXLW\LQHDUQLQJVRIXQFRQVROLGDWHGVXEVLGLDULHVDQGDIILOLDWHV'HSUHFLDWLRQ$PRUWL]DWLRQRIJRRGZLOO
' $IRU)<4)< 7RWDORI' $ٕ' $LQFOXGHGLQ/RVVRQLQIHFWLRXVGLVHDVH PLOOLRQVRI\HQ52$ %XVLQHVV3URILW7RWDODVVHWV DYHUDJH‫ك‬52( 3URILWDWWULEXWDEOHWRRZQHUVRISDUHQW6KDUHKROGHUV HTXLW\ DYHUDJH
7KHVXERUGLQDWHGERQGDQGVXERUGLQDWHGORDQVXEMHFWWRHTXLW\FUHGLWIURPDFUHGLWUDWLQJDJHQF\ HTXLW\WUHDWPHQW DUHVKRZQDIWHUGHGXFWLRQV'HEWHTXLW\UDWLR ,QWHUHVWEHDULQJGHEW6KDUHKROGHUV HTXLW\
,&5  2SHUDWLQJLQFRPH,QWHUHVWLQFRPH'LYLGHQGLQFRPH(TXLW\LQHDUQLQJVRIXQFRQVROLGDWHGVXEVLGLDULHVDQGDIILOLDWHV ,QWHUHVWH[SHQVH

)<4








 ٫









 ٫
 ٫

 WLPHV WLPHV



 WLPHV ٫




)< (VWLPDWHV


































٫

٫
٫
WLPHV
WLPHV

WLPHV




٫



6HJPHQW,QIRUPDWLRQ &RQVROLGDWHG )<)<

)<4)<

)<4

0LOOLRQVRI\HQ URXQGHGGRZQ)< (VWLPDWHV

岜&RPPHUFLDO3URSHUW\%XVLQHVV







岜5HVLGHQWLDO%XVLQHVV









岜,QWHUQDWLRQDO%XVLQHVV






















































岜,QYHVWPHQW0DQDJHPHQW%XVLQHVV
5HYHQXHIURP
岜$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG
2SHUDWLRQV
岜5HDO(VWDWH6HUYLFHV%XVLQHVV
岜2WKHUV
岜(OLPLQDWLRQVRU&RUSRUDWH
岜7RWDO2SHUDWLQJ
LQFRPH

岜&RPPHUFLDO3URSHUW\%XVLQHVV







岜5HVLGHQWLDO%XVLQHVV





岜,QWHUQDWLRQDO%XVLQHVV





岜,QYHVWPHQW0DQDJHPHQW%XVLQHVV
岜$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG
岜5HDO(VWDWH6HUYLFHV%XVLQHVV
岜2WKHUV





































岜(OLPLQDWLRQVRU&RUSRUDWH







岜7RWDO%XVLQHVV3URILW









岜&RPPHUFLDO3URSHUW\%XVLQHVV









岜5HVLGHQWLDO%XVLQHVV





岜,QWHUQDWLRQDO%XVLQHVV





岜,QYHVWPHQW0DQDJHPHQW%XVLQHVV
岜$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG
岜5HDO(VWDWH6HUYLFHV%XVLQHVV
岜2WKHUV





































岜(OLPLQDWLRQVRU&RUSRUDWH








岜7RWDO'HSUHFLDWLRQ
DQG
DPRUWL]DWLRQ









岜&RPPHUFLDO3URSHUW\%XVLQHVV









岜5HVLGHQWLDO%XVLQHVV













岜,QWHUQDWLRQDO%XVLQHVV













岜,QYHVWPHQW0DQDJHPHQW%XVLQHVV
岜$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG
岜5HDO(VWDWH6HUYLFHV%XVLQHVV
岜2WKHUV





































岜(OLPLQDWLRQVRU&RUSRUDWH




























岜7RWDO



岜5HVLGHQWLDO%XVLQHVV











岜,QWHUQDWLRQDO%XVLQHVV































岜(OLPLQDWLRQVRU&RUSRUDWH
岜7RWDO





































岜&RPPHUFLDO3URSHUW\%XVLQHVV









岜5HVLGHQWLDO%XVLQHVV







岜,QWHUQDWLRQDO%XVLQHVV







岜,QYHVWPHQW0DQDJHPHQW%XVLQHVV
岜$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG
岜5HDO(VWDWH6HUYLFHV%XVLQHVV
岜2WKHUV





































岜(OLPLQDWLRQVRU&RUSRUDWH



















岜7RWDO

7RWDODVVHWV



岜,QYHVWPHQW0DQDJHPHQW%XVLQHVV$PRUWL]DWLRQRI
岜$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG
JRRGZLOO
岜5HDO(VWDWH6HUYLFHV%XVLQHVV
岜2WKHUV&DSLWDOLQYHVWPHQW



岜&RPPHUFLDO3URSHUW\%XVLQHVV



岜&RPPHUFLDO3URSHUW\%XVLQHVV







岜5HVLGHQWLDO%XVLQHVV







岜,QWHUQDWLRQDO%XVLQHVV









岜,QYHVWPHQW0DQDJHPHQW%XVLQHVV
岜$UFKLWHFWXUDO'HVLJQ (QJLQHHULQJ%XVLQHVVDQG
岜5HDO(VWDWH6HUYLFHV%XVLQHVV
岜2WKHUV





















岜(OLPLQDWLRQVRU&RUSRUDWH















岜7RWDO

%XVLQHVV3URILW2SHUDWLQJ,QFRPH(TXLW\LQHDUQLQJV ORVV RIXQFRQVROLGDWHGVXEVLGLDULHVDQGDIILOLDWHV

90LWVXELVKL(VWDWH*URXS&RPSDQLHV 'DWD
0LOOLRQVRI\HQ URXQGHGGRZQ

0LWVXELVKL(VWDWH&R/WG)<)<

)<4)<

)<4

5HYHQXHIURPRSHUDWLRQV









2SHUDWLQJLQFRPH









,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV









1HWLQFRPH











7RWDODVVHWV



















)<4)<

)<4'HSUHFLDWLRQDQGDPRUWL]DWLRQ
0LWVXELVKL-LVKR3URSHUW\0DQDJHPHQW&R/WG)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV









2SHUDWLQJLQFRPH,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV





















1HWLQFRPH
7RWDODVVHWV





















'HSUHFLDWLRQDQGDPRUWL]DWLRQ











1XPEHURIPDQDJHPHQWSURSHUWLHV









0DQDJHPHQWDUHD
0DUXQRXFKL+HDW6XSSO\&R/WG ⋻ ⋻)<)< ⋻)<4 ⋻)< ⋻)<4

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV



















)<4)<

'HSUHFLDWLRQDQGDPRUWL]DWLRQ
6XQVKLQH&LW\&RUSRUDWLRQ)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV



















)<4)<

)<4'HSUHFLDWLRQDQGDPRUWL]DWLRQ
0LWVXELVKL(VWDWH‫؞‬6LPRQ&R/WG)<4)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH





,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV







1HWLQFRPH











7RWDODVVHWV'HSUHFLDWLRQDQGDPRUWL]DWLRQ



















6WRUHIORRUDUHD

 ⋻ ⋻ ⋻ ⋻ ⋻$VRI$SULO0LWVXELVKL-LVKR5HWDLO0DQDJHPHQWZDVPHUJHGLQWR0LWVXELVKL-LVKR3URSHUW\0DQDJHPHQWWKXVFDOFXODWHGILJXUHVDIWHU)<LQFOXGHVILJXUHVRI0LWVXELVKL-LVKR5HWDLO0DQDJHPHQW0LOOLRQVRI\HQ URXQGHGGRZQ

7RN\R5\XWVX&HQWHU,QF
)<)<

)<4)<

)<4

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫5HYHQXHIURPRSHUDWLRQV









2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV









'HSUHFLDWLRQDQGDPRUWL]DWLRQ











)<4)<

)<4

5R\DO3DUN+RWHOVDQG5HVRUWV&R/WG)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV









2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV



















)<4)<

)<4'HSUHFLDWLRQDQGDPRUWL]DWLRQ ٫

0LWVXELVKL(VWDWH5HVLGHQFH&R/WG)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH







,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV







1HWLQFRPH







7RWDODVVHWV















)<4)<

)<4'HSUHFLDWLRQDQGDPRUWL]DWLRQ
0LWVXELVKL(VWDWH+RPH&R/WG)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV

















)<4)<

)<4'HSUHFLDWLRQDQGDPRUWL]DWLRQ
0LWVXELVKL-LVKR&RPPXQLW\&R/WG)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV



















 XQLWV XQLWV'HSUHFLDWLRQDQGDPRUWL]DWLRQ
1XPEHURIFRQGRPLQLXPPDQDJHPHQWXQLWV XQLWV XQLWV XQLWV0LOOLRQVRI\HQ URXQGHGGRZQ

0(&*URXS,QWHUQDWLRQDO,QF
)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH





,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV







1HWLQFRPH







7RWDODVVHWV



















)<)<

)<4)<

)<4 ٫ ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV





2SHUDWLQJLQFRPH







,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV







'HSUHFLDWLRQDQGDPRUWL]DWLRQ)<4)<

)<4

0LWVXELVKL(VWDWH(XURSH/WG
6KDUHRI9RWLQJULJKWV

1HWLQFRPH







7RWDODVVHWV



















)<)<

)<4)<

)<4 ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV











2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV



















)<4)<

)<4'HSUHFLDWLRQDQGDPRUWL]DWLRQ
0LWVXELVKL(VWDWH$VLD3WH/WG
6KDUHRI9RWLQJULJKWV'HSUHFLDWLRQDQGDPRUWL]DWLRQ ٫

0LWVXELVKL-LVKR6HNNHL,QF
)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV



















)<4)<

)<4'HSUHFLDWLRQDQGDPRUWL]DWLRQ
0LWVXELVKL5HDO(VWDWH6HUYLFHV&R/WG)<)<

6KDUHRI9RWLQJULJKWV ٫ ٫ ٫ ٫ ٫

5HYHQXHIURPRSHUDWLRQV







2SHUDWLQJLQFRPH











,QFRPHEHIRUHWD[HVDQGVSHFLDOLWHPV











1HWLQFRPH











7RWDODVVHWV









'HSUHFLDWLRQDQGDPRUWL]DWLRQ$PRXQWRIWUDQVDFWLRQ



















1XPEHURIEURNHUDJH











1XPEHURISDUNLQJPDQDJHPHQW









5RFNIHOOHU*URXS,QFFKDQJHGLWVQDPHWR0(&*URXS,QWHUQDWLRQDO,QFRQ-DQXDU\

