!GM1212I3ERIES August 31 $*0,)/<%:*5$3+,&02'8/( 9(5 5(9,6,215(&25' 5(9,6,21 5(9,6,21'$7( 3$*( &217(176 9(5 ),567,668( 9(5 02',)<(7& $='LVSOD\V $*0,)/<%:*5$3+,&02'8/( 9(5 Ć&217(176 0(&+$1,&$/',$*5$0 *(1(5$/63(&,),&$7,21 $%62/87(0$;,0805$7,1*6 (/(&75,&$/&+$5$&7(5,67,&6 237,&$/&+$5$&7(5,67,&6 %/2&.',$*5$0 3,1$66,*10(17 32:(56833/< 7,0,1*&+$5$&7(5,67,&6 5(/,$%,/,7<7(67 ,16758&7,21'(6&5,37,217& 35(&$87,21)2586,1*/&0 $='LVSOD\V $='LVSOD\V 9,(:',5(&7,21 2 &/2&. %$&./,*+7 /('ERWWRP&2/25\HOORZJUHHQ 6725$*(7(03(5$785( e&72e& 52+667$1'$5'˖ <(6 23(5$7,1*&855(17 %(=(/%ODFN &RQILUPDOOW\SHGUDZLQJVRIWKLVDQGSDVVEDFN 127( 9 23(5$7,1*92/7$*( 671<*3RVLWLYH7UDQVIOHFWLYH ',63/$<7<3( '87<%,$69 /&''5,9(0(7+2' 7& /&''5,9(5,& 23(5$7,1*7(03(5$785( e&72e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¶&ORFN /('<HOORZJUHHQ &a& &a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¡ 0LQ <HOORZJUHHQ¬ fQP $*0,)/<%:*5$3+,&02'8/( 9(5 237,&$/&+$5$&7(5,67,&6 ,WHP 6\PERO &RQGLWLRQ 0LQ 7\S 0D[ 8QLW 9LHZLQJDQJOHKRUL]RQWDO T &Ut GHJ 9LHZLQJDQJOHYHUWLFDO I &Ut GHJ &RQWUDVW5DWLR &U I q T q 5HVSRQVHWLPHULVH 7U I q T q PV 5HVSRQVHWLPHIDOO 7I I q T q PV 'HILQLWLRQRI2SWLFDO5HVSRQVH7LPH 'HILQLWLRQRI'ULYLQJ9ROWDJH9OFG 'HILQLWLRQRI9LHZLQJ$QJOHșDQGɎ 1 2 5 0 $ / T ² I ² < 9,(: 326,7,21 I ² I ² ; I ²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a. 7,0,1*&+$5$&7(5,67,&6 6\PERO 7HVW &RQGLWLRQ 0LQ 7\S 0D[ 8QLW &'6HWXS7LPH ,WHP W&'6 )LJD QV &'+ROG7LPH W&'+ )LJD QV W&(W5'W:5 )LJD QV W'6 )LJD QV 'DWD+ROGWLPH W'+ )LJD QV $FFHVV7LPH W$&& )LJD QV 2XWSXW+ROG7LPH W2+ )LJD QV &(5':53XOVH:LGWK 'DWD6HWXS7LPH &' 9,+ 9,+ 9,/ 9,/ W &'+ W &'6 &( 9,/ 9,/ WWW &( 5' :5 5':5 9,/ 9,/ W '6 '%a'% :5,7( '%a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˘˚&˘˚& ˘˚& PLQPLQPLQPLQ 12 (QYLURQPHQWD O 7HVW 7HVW&RQGLWLRQ 5+ & KUV 5HPDUN & KUV İ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a6 ,QRSHUDWLRQ 5HDG\ 6 1R(UURU (UURU 6 'LVSOD\2II 1RUPDO'LVSOD\ 6 ; ; 'DWD$XWR5HDG:ULWH '(6&5,37,21 &XUVRU6HW 6HW'DWD$XWR:ULWH 6HW'DWD$XWR5HDG $XWR5HVHW 'DWD5HDG:ULWH$QG $'3,QFUHPHQW'HFUHPHQW ,WVKRXOGH[HFXWHGDIWHUVHWWLQJ $GGUHVVXVLQJ6HW$GGUHVV 3RLQWHUFRPPDQG 'DWD5HDG:ULWH 1 1 1 6FUHHQ3HHN 6FUHHQ3HHN 6FUHHQ&RS\ 6FUHHQ&RS\ %LW6HW5HVHW 1 1 1 %LW6HW 'DWD:ULWH :ULWH'DWD 'DWD5HDG 5HDG'DWD :ULWHVGDWD'%2a'%IURP 038WRH[WHUQDOGLVSOD\5$0 5HDGVGDWD'%a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e& fe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³IUDFWXUHG´ G0HFKDQLFDOGLVWXUEDQFHGXULQJRSHUDWLRQVXFKDVSUHVVLQJRQWKHYLHZLQJDUHDPD\FDXVHWKH VHJPHQWVWRDSSHDU³IUDFWXUHG´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