;5' &026 0636 %LW $QDORJWR'LJLWDO &RQYHUWHU ZLWK 3DUDOOHO /RJLF ,QWHUIDFH 3RUW )($785(6 - $33/,&$7,216 /6% ,1/ %LW $'& ZLWK '1/ - /6% 615 ! G% 6DPSOLQJ )UHTXHQF\ 0+] ,QWHUQDO 7UDFN DQG +ROG ,QSXW ï G% )UHTXHQF\ 0+] 6LQJOH 9 6XSSO\ 5DLOWR5DLO ,QSXW 5DQJH 95() 5DQJH 9 WR 9'' &026 /RZ 3RZHU P: W\S 6FDQQHUV 'LJLWDO &DPHUDV ,QVWUXPHQWDWLRQ 0HGLFDO ,PDJLQJ %URDGFDVW DQG 6WXGLR 9LGHR 'LJLWDO 2VFLOORVFRSHV 6SHFWUXP $QDO\VLV +'6/ DQG 6FDOH 5HIHUHQFH 5HVLVWRU 7DSV 7KUHH6WDWH 2XWSXWV %LQDU\ DQG 7ZR·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·V FRPSOHPHQW GDWD IRUPDWWLQJ UHIHUHQFH ODGGHU WHUPLQDOV DQG SRZHU VXSSOLHV DOORZ 7KURXJK SLQV 55 WUDQVIHU IXQFWLRQ DGMXVWPHQW FDQ EH IOH[LELOLW\ IRU YDULRXV $,1 95() DQG SRZHU VXSSO\ UDQJHV DFFRPPRGDWHG 7KH GLJLWDO RXWSXW 25'(5,1* ,1)250$7,21 3DFNDJH 7HPSHUDWXUH 7\SH 5DQJH 3DUW 1R 3',3 ï WR q& ;5'$,3 62,& (,$- ï WR q& ;5'$,. 62,& -HGHF ï WR q& ;5'$,' '1/ ,1/ /6% /6% p p p p p p 5HY . (;$5 &RUSRUDWLRQ .DWR 5RDG )UHPRQW &$ ` ` )$; 0,19 ;5' 0,19 ,1 57 $ 9 )LQH / &RPS 55 &RPS '%'% & 0 + 7 2 & &RDUVH $ 5 7 6+ / $ + 5% 9 $SHUWXUH &/. &ORFN /RJLF $9 '' $*1' '9 '' '*1' )LJXUH 6LPSOLILHG %ORFN 'LDJUDP 5HY 2( ;5' 6HH 3DFNDJLQJ 6HFWLRQ IRU 3DFNDJH 'LPHQVLRQV 3,1 &21),*85$7,216 '% '% $*1' '% ,1 $9'' '% '% 5 '% 5 &/. 5 2( 5()% 95()7 $9'' $SHUWXUH '*1' '9 $*1' '% 0,19 '% '% '% '% '% $ 9 '% '% $*1' '% ,1 $9'' '% '% 5 '% 5 &/. $SHUWXUH '*1' '9 '% $ 5 5()% 95()7 $9'' 9 '' $*1' 0,19 '% '% 2( '' '% '% '% 3LQ 623 (,$- PP 3LQ 3',3 µ 3LQ 62,& -HGHF µ &RQWDFW )DFWRU\ IRU $YDLODELOLW\ RI 6PDOOHU 3',3 3DFNDJHV 3,1 287 '(),1,7,216 3,1 12 1$0( '(6&5,37,21 3,1 12 1$0( '(6&5,37,21 '% 'DWD 2XWSXW %LW 06% '% 'DWD 2XWSXW %LW $*1' $QDORJ *URXQG '% 'DWD 2XWSXW %LW $ $QDORJ ,QSXW '% 'DWD 2XWSXW %LW $9 5 5HI 5HVLVWRU /DGGHU 7DS 9 5 5 9 9 $9 $*1' 0,19 '% '% ,1 '' $QDORJ 3RVLWLYH 6XSSO\ '% 'DWD 2XWSXW %LW 5() '9'' 'LJLWDO 3RVLWLYH 6XSSO\ 5HI 5HVLVWRU /DGGHU 7DS 9 5() '*1' 'LJLWDO *URXQG 5HI 5HVLVWRU /DGGHU 7DS 9 5() $SHUWXUH 'HOD\HG &ORFN LQGLFDWHV VDPSOH SRLQW 5()% 1HJDWLYH 5HIHUHQFH 2( 2XWSXW (QDEOH $FWLYH /RZ 5()7 3RVLWLYH 5HIHUHQFH &/. &ORFN $QDORJ 3RVLWLYH 6XSSO\ '% 'DWD 2XWSXW %LW $QDORJ *URXQG '% 'DWD 2XWSXW %LW ,QYHUW 06% $FWLYH +LJK '% 'DWD 2XWSXW %LW 'DWD 2XWSXW %LW /6% '% 'DWD 2XWSXW %LW 'DWD 2XWSXW %LW '% 'DWD 2XWSXW %LW '' 5HY ;5' (/(&75,&$/ &+$5$&7(5,67,&6 7$%/( 8QOHVV 2WKHUZLVH 6SHFLILHG $9 '9 9 )6 0+] 'XW\ &\FOH 9 9 $*1' 7$ q& 9 '' 5() '' 5()ï q& 3DUDPHWHU 6\PERO 0LQ )6 7\S 0D[ 8QLWV 7HVW &RQGLWLRQV&RPPHQWV .(< )($785(6 5HVROXWLRQ 0D[ 6DPSOLQJ 5DWH %LWV 0+] $&&85$&< 'LIIHUHQWLDO 1RQ/LQHDULW\ ,QWHJUDO 1RQ/LQHDULW\ '1/ /6% ,1/ /6% %HVW )LW /LQH 0D[ ,1/ ï 0LQ ,1/ =HUR 6FDOH (UURU (=6 /6% )XOO 6FDOH (UURU ()6 ï /6% 5()(5(1&( 92/7$*(6 3RVLWLYH 5HI 9ROWDJH 95() 1HJDWLYH 5HI 9ROWDJH 95()ï $*1' 95() 'LIIHUHQWLDO 5HI 9ROWDJH /DGGHU 5HVLVWDQFH 5/ $9'' 9 )XQFWLRQDO 9 $9'' 9 : $1$/2* ,1387 ,QSXW %DQGZLGWK ï G% ,QSXW 9ROWDJH 5DQJH ,QSXW &DSDFLWDQFH 6DPSOH ,QSXW &DSDFLWDQFH &RQYHUW $SHUWXUH 'HOD\ IURP &ORFN $SHUWXUH 'HOD\ IURP $SHUWXUH 6LJQD O %: 9 & ,1 9 5()ï ,1 W W $3 $3 9 5() 0+] 9 SS S) S) QV QV $SHUWXUH SLQ ORDG S) 0HDVXUHG DW SRLQW ',*,7$/ ,13876 /RJLFDO ´µ 9ROWDJH /RJLFDO ´µ 9ROWDJH /HDNDJH &XUUHQWV &/. 2( 0,19 ,QSXW &DSDFLWDQFH &ORFN 7LPLQJ &ORFN 3HULRG 5LVH )DOO 7LPH ´+LJKµ 7LPH ´/RZµ 7LPH 'XW\ &\FOH 9 9 , ,+ ,1 W W W W W 6 5 ,/ ) 3:+ 3:/ 9 9 P$ S) QV QV QV QV ',*,7$/ 2873876 /RJLFDO ´µ 9ROWDJH /RJLFDO ´µ 9ROWDJH VWDWH /HDNDJH 'DWD (QDEOH 'HOD\ 'DWD VWDWH 'HOD\ 'DWD 9DOLG 'HOD\ 'DWD ,QYDOLG 'HOD\ 9 9 , W W W 2/ 2= ,1 '(1 '+= W '9 ', '9 '' 5HY 9 9 P$ QV QV QV QV '' )XQFWLRQDO )XQFWLRQDO )XQFWLRQDO )XQFWLRQDO & , , 9 287 2+ 9 '*1' WR '9 /2$' /2$' 287 S) P$ P$ '*1' WR '9 2( 2( '' ;5' (/(&75,&$/ &+$5$&7(5,67,&6 7$%/( &217·' q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ï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q& XQOHVV RWKHUZLVH QRWHG 9'' WR *1' 9 6WRUDJH 7HPSHUDWXUH ï WR q& 95() 95()ï 9'' WR *1' ï 9 /HDG 7HPSHUDWXUH 6ROGHULQJ VHFRQGV q& 9,1 9'' WR *1' ï 9 3DFNDJH 3RZHU 'LVVLSDWLRQ 5DWLQJ # q& $OO ,QSXWV 9'' WR *1' ï 9 3',3 62,& P: 'HUDWHV DERYH q& P:q& $OO 2XWSXWV 9'' WR *1' ï 9 $%62/87( 0$;,080 5$7,1*6 7 127(6 6WUHVVHV DERYH WKRVH OLVWHG XQGHU ´$EVROXWH 0D[LPXP 5DWLQJVµ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ï '%'% 1 ï 1 ï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ï '% 1RUPDOO\ LW LV KHOG ORZ VR WKH GDWD LV LQ VWUDLJKW ELQDU\ IRUPDW DOO ·V ZKHQ 9 ,1 9 5% DOO ·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q& 8S WR 9 LV DOORZHG IRU DSSOLFDWLRQV XQGHU q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q q q q D 1RWH 7KH FRQWURO GLPHQVLRQ LV WKH LQFK FROXPQ 5HY & D ;5' /($' 60$// 287/,1( 0,/ -('(& 62,& ' ( + & 6HDWLQJ 3ODQH H % $ D $ / 6<0%2/ ,1&+(6 0,1 0$; 0,//,0(7(56 0,1 0$; $ $ % & ' ( H %6& %6& + / D q q q q 1RWH 7KH FRQWURO GLPHQVLRQ LV WKH PLOOLPHWHU FROXPQ 5HY ;5' /($' 60$// 287/,1( PP (,$- 623 ' ( + 6HDWLQJ 3ODQH & $ H $ D % $ / 6<0%2/ $ ,1&+(6 0,1 0$; 0,//,0(7(56 0,1 0$; $ % & ' ( $ H %6& %6& + / D q q q 1RWH 7KH FRQWURO GLPHQVLRQ LV WKH PLOOLPHWHU FROXPQ 5HY q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·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