(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$6XSSRUWLQJLQJGHWDLOWR%XGJHWHG)LQDQFLDO3HUIRUPDQFH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 5WKRXVDQG
5(9(18(,7(06 3URSHUW\UDWHV
7RWDO3URSHUW\5DWHV
OHVV5HYHQXH)RUHJRQH
1HW3URSHUW\5DWHV
6HUYLFHFKDUJHVHOHFWULFLW\UHYHQXH
7RWDO6HUYLFHFKDUJHVHOHFWULFLW\UHYHQXH
OHVV5HYHQXH)RUHJRQH
1HW6HUYLFHFKDUJHVHOHFWULFLW\UHYHQXH 6HUYLFHFKDUJHVZDWHUUHYHQXH
7RWDO6HUYLFHFKDUJHVZDWHUUHYHQXH
OHVV5HYHQXH)RUHJRQH
1HW6HUYLFHFKDUJHVZDWHUUHYHQXH 6HUYLFHFKDUJHVVDQLWDWLRQUHYHQXH
7RWDO6HUYLFHFKDUJHVVDQLWDWLRQUHYHQXH
OHVV5HYHQXH)RUHJRQH
1HW6HUYLFHFKDUJHVVDQLWDWLRQUHYHQXH 6HUYLFHFKDUJHVUHIXVHUHYHQXH
7RWDOUHIXVHUHPRYDOUHYHQXH 7RWDOODQGILOOUHYHQXH ±
OHVV5HYHQXH)RUHJRQH
1HW6HUYLFHFKDUJHVUHIXVHUHYHQXH 2WKHU5HYHQXHE\VRXUFH
)XHOOHY\
5HJLRQDO6HUYLFH/HYLHV7XUQRYHU
3XEOLF&RQWULEXWLRQVDQG'RQDWLRQV
5HYHUVDORI/RVVRQ,PSDLUPHQWRI/RDQV 'HYHORSPHQW,QFRPH
)DLU9DOXH$GMXVWPHQW
2WKHUUHYHQXH
7RWDO2WKHU5HYHQXH
(;3(1',785(,7(06 (PSOR\HHUHODWHGFRVWV
%DVLF6DODULHVDQG:DJHV 3HQVLRQDQG8,)&RQWULEXWLRQV 0HGLFDO$LG&RQWULEXWLRQV 2YHUWLPH 3HUIRUPDQFH%RQXV ±
0RWRU9HKLFOH$OORZDQFH
&HOOSKRQH$OORZDQFH +RXVLQJ$OORZDQFHV 2WKHUEHQHILWVDQGDOORZDQFHV 3D\PHQWVLQOLHXRIOHDYH /RQJVHUYLFHDZDUGV
VXEWRWDO
/HVV: Employees costs capitalised to PPE
7RWDO(PSOR\HHUHODWHGFRVWV
'HSUHFLDWLRQ DVVHWLPSDLUPHQW
'HSUHFLDWLRQRI3URSHUW\3ODQW (TXLSPHQW 7RWDO'HSUHFLDWLRQ DVVHWLPSDLUPHQW
0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
&XUUHQW<HDU 'HVFULSWLRQ
ϭϭϳ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$6XSSRUWLQJLQJGHWDLOWR%XGJHWHG)LQDQFLDO3HUIRUPDQFH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 5WKRXVDQG
0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
&XUUHQW<HDU 'HVFULSWLRQ
%XONSXUFKDVHV
(OHFWULFLW\%XON3XUFKDVHV :DWHU%XON3XUFKDVHV
7RWDOEXONSXUFKDVHV
7UDQVIHUVDQGJUDQWV
&DVKWUDQVIHUVDQGJUDQWV 1RQFDVKWUDQVIHUVDQGJUDQWV ± ± ± ± ± ± ± ± ±
7RWDOWUDQVIHUVDQGJUDQWV
&RQWUDFWHGVHUYLFHV
$EOXWLRQ)DFLOLWLHV
&DVK5HFHLSWLQJ)HHV
&OHDQLQJ6HUYLFHV
&RQVXOWDQW)HHV
&RQVXOWLQJ(QJLQHHUV ±
&RQWUDFW'LVFRQQHFWLRQV
&RQWUDFWRUV&RPSXWHUV
&RQWUDFWRUV&KDUJHV
&RQWUDFWRUV0DLQWHQDQFH
&RQWUDFWV
'XUEDQ%HDFK0RQLWRULQJ
(DV\3D\
0DQDJHPHQW)HHV
0HWHU5HDGLQJV
3URSHUW\0DQDJHPHQW)HHV ±
3XEOLF&RQYHQLHQFHV
3XEOLF7UDQVSRUW
6HFXULW\
6KDUN0HVKLQJ)HHV
6XSHU9HQGLQJ
)RUHQVLF,QYHVWLJDWLRQ
7XUQRYHU)HHV
9DOXDWLRQ5ROO0DLQWHQDQFH ± ± ± ±
9DOXDWLRQV$SSHDOV%RDUG
9HKLFOH7UDFNLQJ
VXEWRWDO
7RWDOFRQWUDFWHGVHUYLFHV
2WKHU([SHQGLWXUH%\7\SH
$XGLWIHHV
*HQHUDOH[SHQVHV /RVVRQ,PSDLUPHQWRI,QYHVWPHQWLQ0XQLFLSDO(QWLW\
/RVVRQ:ULWHRIIRI6HUYLWXGHV
)DLU9DOXH$GMXVWPHQW ±
6WDGXLP2SHUDWLQJ&RVWV
:RUOG&XS&RVWV
$)&216RFFHUH[DQG)RRWEDOO
6WUHHW/LJKWLQJ
(OHFWULFLW\
:DWHU
)XHODQG2LO
+LUHRI([W3ODQWDQG9HKLFOH
,53713ODQQLQJ
/LFHQVLQJ6RIWZDUH
%XV7UDQVSRUW2SHUDWLRQDO&RVWV
$VVHW0DQDJHPHQW
7HOHSKRQHV
3ULQWLQJDQG6WDWLRQHU\
3RVWDJH 5HIXVH%DJV
7RWDO2WKHU([SHQGLWXUH
E\([SHQGLWXUH,WHP
(PSOR\HHUHODWHGFRVWV 2WKHUPDWHULDOV
&RQWUDFWHG6HUYLFHV 2WKHU([SHQGLWXUH 7RWDO5HSDLUVDQG0DLQWHQDQFH([SHQGLWXUH
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$&RQVROLGDWHG0DWUL[)LQDQFLDO3HUIRUPDQFH%XGJHWUHYHQXHVRXUFHH[SHQGLWXUHW\SH GHSW 'HVFULSWLRQ 5WKRXVDQG 5HYHQXH%\6RXUFH 3URSHUW\UDWHV 3URSHUW\UDWHVSHQDOWLHV FROOHFWLRQFKDUJHV 6HUYLFHFKDUJHVHOHFWULFLW\UHYHQXH 6HUYLFHFKDUJHVZDWHUUHYHQXH 6HUYLFHFKDUJHVVDQLWDWLRQUHYHQXH 6HUYLFHFKDUJHVUHIXVHUHYHQXH 6HUYLFHFKDUJHVRWKHU 5HQWDORIIDFLOLWLHVDQGHTXLSPHQW ,QWHUHVWHDUQHGH[WHUQDOLQYHVWPHQWV ,QWHUHVWHDUQHGRXWVWDQGLQJGHEWRUV 'LYLGHQGVUHFHLYHG² )LQHV /LFHQFHVDQGSHUPLWV $JHQF\VHUYLFHV² 2WKHUUHYHQXH 7UDQVIHUVUHFRJQLVHGRSHUDWLRQDO *DLQVRQGLVSRVDORI33( 7RWDO5HYHQXHH[FOXGLQJFDSLWDOWUDQVIHUVDQGFRQWULEXWLRQV ([SHQGLWXUH%\7\SH (PSOR\HHUHODWHGFRVWV 5HPXQHUDWLRQRIFRXQFLOORUV 'HEWLPSDLUPHQW± 'HSUHFLDWLRQ DVVHWLPSDLUPHQW )LQDQFHFKDUJHV %XONSXUFKDVHV 2WKHUPDWHULDOV &RQWUDFWHGVHUYLFHV 7UDQVIHUVDQGJUDQWV 2WKHUH[SHQGLWXUH /RVVRQGLVSRVDORI33( 7RWDO([SHQGLWXUH 6XUSOXV'HILFLW 7UDQVIHUVUHFRJQLVHGFDSLWDO &RQWULEXWLRQVUHFRJQLVHGFDSLWDO² &RQWULEXWHGDVVHWV² 6XUSOXV'HILFLWDIWHUFDSLWDOWUDQVIHUV FRQWULEXWLRQV 9RWH (FRQRPLF 'HYHORSPHQW 3ODQQLQJ
9RWH &RPPXQLW\ DQG (PHUJHQF\ 6HUYLFHV
9RWH2IILFH RIWKH&LW\ 0DQDJHU 9RWH )LQDQFH9RWH *RYHUQDQFH9RWH &RUSRUDWH DQG+XPDQ 5HVRXUFHV 7RWDO9RWH +XPDQ 6HWWOHPHQWV DQG ,QIUDVWUXFWXUH
9RWH (OHFWULFLW\9RWH:DWHU9RWH )RUPDO +RXVLQJ 9RWH 0DUNHWV9RWH $LUSRUW9RWH &KLHI$OEHUW /XWKXOL ,QWHUQDWLRQDO &RQYHUWLRQDO &HQWUH
9RWH X6KDND 0DULQH:RUOG ϭϭϵ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$6XSSRUWLQJLQJGHWDLOWR%XGJHWHG)LQDQFLDO3RVLWLRQ
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 5WKRXVDQG
$66(76
&DOOLQYHVWPHQWGHSRVLWV
&DOOGHSRVLWVGD\V
2WKHUFXUUHQWLQYHVWPHQWV!GD\V
7RWDO&DOOLQYHVWPHQWGHSRVLWV
&RQVXPHUGHEWRUV
&RQVXPHUGHEWRUV
/HVV3URYLVLRQIRUGHEWLPSDLUPHQW
7RWDO&RQVXPHUGHEWRUV
'HEWLPSDLUPHQWSURYLVLRQ
%DODQFHDWWKHEHJLQQLQJRIWKH\HDU
&RQWULEXWLRQVWRWKHSURYLVLRQ
%DGGHEWVZULWWHQRII
%DODQFHDWHQGRI\HDU
3URSHUW\SODQWDQGHTXLSPHQW33(
33(DWFRVWYDOXDWLRQH[FOILQDQFHOHDVHV
/HDVHVUHFRJQLVHGDV33( ±
/HVV$FFXPXODWHGGHSUHFLDWLRQ
7RWDO3URSHUW\SODQWDQGHTXLSPHQW33(
/,$%,/,7,(6
&XUUHQWOLDELOLWLHV%RUURZLQJ
6KRUWWHUPORDQVRWKHUWKDQEDQNRYHUGUDIW
&XUUHQWSRUWLRQRIORQJWHUPOLDELOLWLHV
7RWDO&XUUHQWOLDELOLWLHV%RUURZLQJ
7UDGHDQGRWKHUSD\DEOHV
7UDGHDQGRWKHUFUHGLWRUV
8QVSHQWFRQGLWLRQDOWUDQVIHUV
9$7 ±
7RWDO7UDGHDQGRWKHUSD\DEOHV
1RQFXUUHQWOLDELOLWLHV%RUURZLQJ
%RUURZLQJ
)LQDQFHOHDVHVLQFOXGLQJ333DVVHWHOHPHQW ±
7RWDO1RQFXUUHQWOLDELOLWLHV%RUURZLQJ
3URYLVLRQVQRQFXUUHQW
5HWLUHPHQWEHQHILWV
/LVWRWKHUPDMRUSURYLVLRQLWHPV
5HIXVHODQGILOOVLWHUHKDELOLWDWLRQ
2WKHU
7RWDO3URYLVLRQVQRQFXUUHQW
&+$1*(6,11(7$66(76
$FFXPXODWHG6XUSOXV'HILFLW
$FFXPXODWHG6XUSOXV'HILFLWRSHQLQJEDODQFH
*5$3DGMXVWPHQWV
5HVWDWHGEDODQFH
6XUSOXV'HILFLW
$SSURSULDWLRQVWR5HVHUYHV ±
7UDQVIHUVIURP5HVHUYHV
'HSUHFLDWLRQRIIVHWV ±
2WKHUDGMXVWPHQWV ±
$FFXPXODWHG6XUSOXV'HILFLW
5HVHUYHV
+RXVLQJ'HYHORSPHQW)XQG
&DSLWDOUHSODFHPHQW
6HOILQVXUDQFH
2WKHUUHVHUYHV
5HYDOXDWLRQ ±
7RWDO5HVHUYHV
727$/&20081,7<:($/7+(48,7<
'HVFULSWLRQ
0HGLXP7HUP5HYHQXH ([SHQGLWXUH )UDPHZRUN
&XUUHQW<HDU
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$5HFRQFLOLDWLRQRI,'3VWUDWHJLFREMHFWLYHVDQGEXGJHWUHYHQXH
6WUDWHJLF2EMHFWLYH *RDO *RDO
&RGH
5WKRXVDQG
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 'HYHORSDQG6XVWDLQRXU
6SDWLDO1DWXUDODQG%XLOW (QYLURQPHQW
'HYHORSPDQDJHDQGUHJXODWHWKH
%XLOWDQG1DWXUDO(QYLURQPHQW
&OLPDWHSURWHFWLRQSODQQLQJ
'HYHORSLQJD3URVSHURXV 'LYHUVH(FRQRP\DQG (PSOR\PHQW&UHDWLRQ
6XSSRUWDQGJURZQHZDQGH[LVWLQJ EXVLQHVVHV
3URYLGH6HFRQGDU\6XSSRUWWR EXVLQHVVHQWHUSULVH
±
&UHDWLQJD4XDOLW\/LYLQJ (QYLURQPHQW
0HHW,QIUDVWUXFWXUH +RXVHKROG 6HUYLFH1HHGVDQG%DFNORJV
$GGUHVVFRPPXQLW\VHUYLFHV EDFNORJV
)RVWHULQJD6RFLDOO\
(TXLWDEOH(QYLURQPHQW
3URPRWLQJWKHVDIHW\RIFLWL]HQV
3URPRWLQJWKHKHDOWKRIFLWL]HQV
&UHDWLQJD3ODWIRUPIRU
*URZWK(PSRZHUPHQW DQG6NLOOV'HYHORSPHQW
+XPDQ&DSLWDO'HYHORSPHQW
'HYHORSWKH&LW\DVDOHDUQLQJ&LW\
+HDOWK\DQGSURGXFWLYHHPSOR\HHV ± ± ± ± ± ± ± ±
(PEUDFLQJRXUFXOWXUDO GLYHUVLW\DUWVDQGKHULWDJH
(QVXUHLQFOXVLYHDFHVVWRDUWV FXOWXUHDSRUWVUHFUHDWLRQDQG KHULWDJHUHVRXUFHV
8WLOLVHDUWVFXOWXUHVSRUWV UHFUHDWLRQDQGKHULWDJHUHVRXUFHV WRDFKLHYHVRFLRHFRQRPLF HPSRZHUPHQW8WLOLVHDJULFXOWXUH DQGFRQVHUYDWLRQDQGPHQWRUVKLSV WRDFKLHYHVRFLRHFRQRPLF RSSRUWXQLWLHV
*RRG*RYHUQDQFHDQG 5HVSRQVLYH/RFDO
*RYHUQPHQW
(QVXUHDFFHVVLELOLW\DQGSURPRWH JRYHUQDQFH
&UHDWHDQHIILFLHQWHIIHFWLYHDQG DFFRXQWDEOHJRYHUQPHQW
)LQDQFLDOO\$FFRXQWDEOH DQG6XVWDLQDEOH&LW\
6WUDWHJLFDQGVXVWDLQDEOH EXGJHWLQJ*URZDQGGLYHUVLI\RXU UHYHQXHV9DOXHIRUPRQH\
H[SHQGLWXUH6RXQGILQDQFLDO PDQDJHPHQW UHSRUWLQJ'XUEDQ (QHUJ\2IILFHDQG,1.$%0
$OORFDWLRQVWRRWKHUSULRULWLHV
7RWDO5HYHQXHH[FOXGLQJFDSLWDOWUDQVIHUVDQGFRQWULEXWLRQV
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
ϭϮϭ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$5HFRQFLOLDWLRQRI,'3VWUDWHJLFREMHFWLYHVDQGEXGJHWRSHUDWLQJH[SHQGLWXUH
6WUDWHJLF2EMHFWLYH *RDO *RDO
&RGH
5WKRXVDQG
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 'HYHORSDQG6XVWDLQ
RXU6SDWLDO1DWXUDODQG
%XLOW(QYLURQPHQW
'HYHORSPDQDJHDQG UHJXODWHWKH%XLOWDQG1DWXUDO (QYLURQPHQW
&OLPDWHSURWHFWLRQSODQQLQJ
'HYHORSLQJD 3URVSHURXV'LYHUVH (FRQRP\DQG (PSOR\PHQW&UHDWLRQ
6XSSRUWDQGJURZWKH HFRQRP\
3URYLGH6HFRQGDU\6XSSRUWWR EXVLQHVVHQWHUSULVH
± ±
&UHDWLQJD4XDOLW\
/LYLQJ(QYLURQPHQW
0HHW,QIUDVWUXFWXUH +RXVHKROG6HUYLFH1HHGV DQG%DFNORJV
$GGUHVVFRPPXQLW\VHUYLFHV EDFNORJV
)RVWHULQJD6RFLDOO\
(TXLWDEOH(QYLURQPHQW
3URPRWLQJWKHVDIHW\RI FLWL]HQV
3URPRWLQJWKHKHDOWKRI FLWL]HQV
&UHDWLQJD3ODWIRUPIRU
*URZWK(PSRZHUPHQW DQG6NLOOV'HYHORSPHQW
+XPDQ&DSLWDO'HYHORSPHQW
'HYHORSWKH&LW\DVDOHDUQLQJ
&LW\
+HDOWK\DQGSURGXFWLYH HPSOR\HHV
(PEUDFLQJRXUFXOWXUDO GLYHUVLW\DUWVDQG KHULWDJH
(QVXUHLQFOXVLYHDFHVVWR DUWVFXOWXUHVSRUWVUHFUHDWLRQ DQGKHULWDJHUHVRXUFHV
3URPRWHVSRUWGHYHORSPHQW DQGUHFUHDWLRQZLWKLQWKHFLW\
*RRG*RYHUQDQFHDQG 5HVSRQVLYH/RFDO
*RYHUQPHQW
(QVXUHDFFHVVLELOLW\DQG SURPRWHJRYHUQDQFH
&UHDWHDQHIILFLHQWHIIHFWLYH DQGDFFRXQWDEOHJRYHUQPHQW
)LQDQFLDOO\$FFRXQWDEOH DQG6XVWDLQDEOH&LW\
6WUDWHJLFDQGVXVWDLQDEOH EXGJHWLQJ*URZDQGGLYHUVLI\
RXUUHYHQXHV9DOXHIRU PRQH\H[SHQGLWXUH6RXQG ILQDQFLDOPDQDJHPHQW UHSRUWLQJDQG'XUEDQ(QHUJ\
2IILFH
$OORFDWLRQVWRRWKHUSULRULWLHV
7RWDO([SHQGLWXUH
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$5HFRQFLOLDWLRQRI,'3VWUDWHJLFREMHFWLYHVDQGEXGJHWFDSLWDOH[SHQGLWXUH
6WUDWHJLF2EMHFWLYH *RDO *RDO
&RGH
5WKRXVDQG
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 'HYHORSDQG6XVWDLQRXU
6SDWLDO1DWXUDODQG%XLOW (QYLURQPHQW
'HYHORSPDQDJHDQG UHJXODWHWKHEXLOWDQGQDWXUDO HQYLURQPHQW
$
'HYHORSLQJD3URVSHURXV 'LYHUVH(FRQRP\DQG (PSOR\PHQW&UHDWLRQ
6XSSRUWDQGJURZHFRQRP\ %
&UHDWLQJD4XDOLW\/LYLQJ (QYLURQPHQW
0HHW,QIUDVWUXFWXUH +RXVHKROG6HUYLFH1HHGV DQG%DFNORJV
&
$GGUHVVFRPPXQLW\VHUYLFHV EDFNORJV
'
)RVWHULQJD6RFLDOO\
(TXLWDEOH(QYLURQPHQW
3URPRWLQJWKHVDIHW\RI FLWL]HQV
(
3URPRWLQJWKHKHDOWKRI FLWL]HQV
)
&UHDWLQJD3ODWIRUPIRU
*URZWK(PSRZHUPHQWDQG 6NLOOV'HYHORSPHQW
+XPDQ&DSLWDO'HYHORSPHQW *
+HDOWK\DQGSURGXFWLYH HPSOR\HHV
+
(PEUDFLQJRXUFXOWXUDO GLYHUVLW\DUWVDQGKHULWDJH
(QVXUHLQFOXVLYHDFHVVWR DUWVFXOWXUHDSRUWVUHFUHDWLRQ DQGKHULWDJHUHVRXUFHV
,
8WLOLVHDUWVFXOWXUHVSRUWV UHFUHDWLRQDQGKHULWDJH UHVRXUFHVWRDFKLHYHVRFLR HFRQRPLF
HPSRZHUPHQW8WLOLVH DJULFXOWXUHDQGFRQVHUYDWLRQ DQGPHQWRUVKLSVWRDFKLHYH VRFLRHFRQRPLF RSSRUWXQLWLHV
-
*RRG*RYHUQDQFHDQG 5HVSRQVLYH/RFDO
*RYHUQPHQW
(QVXUHDFFHVVLELOLW\DQG SURPRWHJRYHUQDQFH
.
&UHDWHDQHIILFLHQWHIIHFWLYH DQGDFFRXQWDEOHJRYHUQPHQW
/
)LQDQFLDOO\$FFRXQWDEOHDQG 6XVWDLQDEOH&LW\
6WUDWHJLFDQGVXVWDLQDEOH EXGJHWLQJ*URZDQG GLYHUVLI\RXUUHYHQXHV9DOXH IRUPRQH\H[SHQGLWXUH6RXQG ILQDQFLDOPDQDJHPHQW UHSRUWLQJ'XUEDQ(QHUJ\
2IILFHDQG,1.
0
$OORFDWLRQVWRRWKHUSULRULWLHV
7RWDO&DSLWDO([SHQGLWXUH
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
ϭϮϯ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$0HDVXUHDEOHSHUIRUPDQFHREMHFWLYHV
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 9RWH3URFXUHPHQWDQG,QIUDVWUXFWXUH
)XQFWLRQ:DVWH:DWHU0DQDJHPHQW 6XEIXQFWLRQ6HZHUDJH
5HGXFWLRQLQEDFNORJV$FFHVVWRVDQLWDWLRQ 1XPEHURIKRXVHKROGV
6XEIXQFWLRQ:DVWH0DQDJHPHQW
$FFHVVWRUHIXVHUHPRYDO 1XPEHURIKRXVHKROGV
6XEIXQFWLRQ6ROLG:DVWH
([WHQVLRQ1HZODQGILOOVLWHV 1XPEHURIODQGILOOVLWHV
9RWH5RDG7UDQSRUW 6XEIXQFWLRQ5RDGV
3URYLVLRQRIQHZDFFHVVURDGV /DQHNPV
6XEIXQFWLRQ5RDGV2WKHU
*UDYHOWRDVSKDOWURDGVXUIDFLQJ .PV
6XEIXQFWLRQ5RDGV2WKHU
3URYLVLRQRIQHZVLGHZDONVDQGIRRWSDWKV .PV
6XEIXQFWLRQ5RDGV2WKHU
3URYLVLRQRIQHZSHGHVWULDQEULGJHV 1XPEHURIEULGJHV
6XEIXQFWLRQ5RDGV2WKHU
3URYLVLRQRIQHZWD[LUDQNV 1XPEHURIWD[LUDQNV
9RWH:DWHU )XQFWLRQ:DWHU
6XEIXQFWLRQ:DWHU'LVWULEXWLRQ
5HGXFWLRQLQEDFNORJV$FFHVVWRZDWHU1XPEHURIKRXVHKROGV
9RWH(OHFWULFLW\
)XQFWLRQ(OHFWULFLW\
6XEIXQFWLRQ(OHFWULFLW\'LVWULEXWLRQ
3URYLVLRQRIQHZHOHFWULFLW\FRQQHFWLRQV 1XPEHURIKRXVHKROGV
6XEIXQFWLRQ(OHFWULFLW\'LVWULEXWLRQ
3URYLVLRQRIQHZVXEVWDWLRQV 1XPEHURIVXEVWDWLRQV
9RWH)RUPDO+RXVLQJ 6XEIXQFWLRQ+RXVLQJ
3URYLVLRQRIQHZKRXVLQJXQLWV 1XPEHURIKRXVHV
8QLWRIPHDVXUHPHQW 'HVFULSWLRQ
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$3HUIRUPDQFHLQGLFDWRUVDQGEHQFKPDUNV
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW )XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU
%RUURZLQJ0DQDJHPHQW
&UHGLW5DWLQJ $$ $$ $$ $$ $$ $$
&DSLWDO&KDUJHVWR2SHUDWLQJ([SHQGLWXUH ,QWHUHVW 3ULQFLSDO3DLG2SHUDWLQJ([SHQGLWXUH
&DSLWDO&KDUJHVWR2ZQ5HYHQXH )LQDQFHFKDUJHV 5HSD\PHQWRIERUURZLQJ 2ZQ5HYHQXH
%RUURZHGIXQGLQJRIRZQFDSLWDO H[SHQGLWXUH
%RUURZLQJ&DSLWDOH[SHQGLWXUHH[FOWUDQVIHUV DQGJUDQWVDQGFRQWULEXWLRQV
6DIHW\RI&DSLWDO
*HDULQJ /RQJ7HUP%RUURZLQJ)XQGV 5HVHUYHV
/LTXLGLW\
&XUUHQW5DWLR &XUUHQWDVVHWVFXUUHQWOLDELOLWLHV
&XUUHQW5DWLRDGMXVWHGIRUDJHGGHEWRUV &XUUHQWDVVHWVOHVVGHEWRUV!GD\VFXUUHQW OLDELOLWLHV
/LTXLGLW\5DWLR 0RQHWDU\$VVHWV&XUUHQW/LDELOLWLHV
5HYHQXH0DQDJHPHQW
$QQXDO'HEWRUV&ROOHFWLRQ5DWH3D\PHQW /HYHO
/DVW0WKV5HFHLSWV/DVW0WKV%LOOLQJ
&XUUHQW'HEWRUV&ROOHFWLRQ5DWH&DVK UHFHLSWVRI5DWHSD\HU 2WKHUUHYHQXH
2XWVWDQGLQJ'HEWRUVWR5HYHQXH 7RWDO2XWVWDQGLQJ'HEWRUVWR$QQXDO5HYHQXH
&UHGLWRUV0DQDJHPHQW
&UHGLWRUV6\VWHP(IILFLHQF\ RI&UHGLWRUV3DLG:LWKLQ7HUPV ZLWKLQC0)0$VH
&UHGLWRUVWR&DVKDQG,QYHVWPHQWV
2WKHU,QGLFDWRUV
7RWDO9ROXPH/RVVHVN:
7RWDO&RVWRI/RVVHV5DQG
9ROXPHXQLWVSXUFKDVHGDQGJHQHUDWHGOHVV XQLWVVROGXQLWVSXUFKDVHGDQGJHQHUDWHG
7RWDO9ROXPH/RVVHVNƐ
7RWDO&RVWRI/RVVHV5DQG
9ROXPHXQLWVSXUFKDVHGDQGJHQHUDWHGOHVV XQLWVVROGXQLWVSXUFKDVHGDQGJHQHUDWHG
(PSOR\HHFRVWV (PSOR\HHFRVWV7RWDO5HYHQXHFDSLWDO UHYHQXH
5HPXQHUDWLRQ 7RWDOUHPXQHUDWLRQ7RWDO5HYHQXHFDSLWDO UHYHQXH
5HSDLUV 0DLQWHQDQFH 5 07RWDO5HYHQXHH[FOXGLQJFDSLWDOUHYHQXH
)LQDQFHFKDUJHV 'HSUHFLDWLRQ )& '7RWDO5HYHQXHFDSLWDOUHYHQXH ,'3UHJXODWLRQILQDQFLDOYLDELOLW\LQGLFDWRUV
L'HEWFRYHUDJH 7RWDO2SHUDWLQJ5HYHQXH2SHUDWLQJ
*UDQWV'HEWVHUYLFHSD\PHQWVGXHZLWKLQ ILQDQFLDO\HDU
LL266HUYLFH'HEWRUVWR5HYHQXH 7RWDORXWVWDQGLQJVHUYLFHGHEWRUVDQQXDO UHYHQXHUHFHLYHGIRUVHUYLFHV
LLL&RVWFRYHUDJH $YDLODEOHFDVK,QYHVWPHQWVPRQWKO\IL[HG RSHUDWLRQDOH[SHQGLWXUH
:DWHU'LVWULEXWLRQ/RVVHV
'HVFULSWLRQRIILQDQFLDOLQGLFDWRU
0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
%DVLVRIFDOFXODWLRQ
&XUUHQW<HDU
(OHFWULFLW\'LVWULEXWLRQ/RVVHV
ϭϮϱ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$6RFLDOHFRQRPLFDQGGHPRJUDSKLFVWDWLVWLFVDQGDVVXPSWLRQV
&XUUHQW<HDU
2XWFRPH 2XWFRPH 2XWFRPH 2ULJLQDO
%XGJHW
2XWFRPH 2XWFRPH 2XWFRPH
'HPRJUDSKLFV
3RSXODWLRQ
)HPDOHVDJHG
0DOHVDJHG
)HPDOHVDJHG
0DOHVDJHG
8QHPSOR\PHQW
KRXVHKROGV
1RLQFRPH
55
55
55
55
55
55
55
55
55
55
55
55
55
55
5 KRXVHKROGV
5SHUKRXVHKROGSHUPRQWK
,QVHUWGHVFULSWLRQ +RXVHKROGGHPRJUDSKLFV
1XPEHURISHRSOHLQPXQLFLSDO DUHD
1XPEHURISRRUSHRSOHLQ PXQLFLSDODUHD
1XPEHURIKRXVHKROGVLQ PXQLFLSDODUHD
1XPEHURISRRUKRXVHKROGVLQ PXQLFLSDODUHD
'HILQLWLRQRISRRUKRXVHKROG5SHU PRQWK
+RXVLQJVWDWLVWLFV
)RUPDO
,QIRUPDO
7RWDOQXPEHURIKRXVHKROGV
'ZHOOLQJVSURYLGHGE\PXQLFLSDOLW\
'ZHOOLQJVSURYLGHGE\SURYLQFHV 'ZHOOLQJVSURYLGHGE\SULYDWH VHFWRU
7RWDOQHZKRXVLQJGZHOOLQJV
(FRQRPLF
,QIODWLRQLQIODWLRQRXWORRN&3,;
,QWHUHVWUDWHERUURZLQJ
,QWHUHVWUDWHLQYHVWPHQW
5HPXQHUDWLRQLQFUHDVHV
&RQVXPSWLRQJURZWKHOHFWULFLW\
&RQVXPSWLRQJURZWKZDWHU
&ROOHFWLRQUDWHV
3URSHUW\WD[VHUYLFHFKDUJHV
5HQWDORIIDFLOLWLHV HTXLSPHQW
,QWHUHVWH[WHUQDOLQYHVWPHQWV
,QWHUHVWGHEWRUV 5HYHQXHIURPDJHQF\VHUYLFHV
0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN 'HVFULSWLRQRIHFRQRPLFLQGLFDWRU %DVLVRI
FDOFXODWLRQ &HQVXV 6XUYH\ &HQVXV
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$)XQGLQJPHDVXUHPHQW
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU )XQGLQJPHDVXUHV
&DVKFDVKHTXLYDOHQWVDWWKH\HDUHQG5 E
&DVKLQYHVWPHQWVDWWKH\UHQGOHVVDSSOLFDWLRQV5 E
&DVK\HDUHQGPRQWKO\HPSOR\HHVXSSOLHUSD\PHQWV E 6XUSOXV'HILFLWH[FOXGLQJGHSUHFLDWLRQRIIVHWV5 6HUYLFHFKDUJHUHYFKDQJHPDFUR&3,;WDUJHWH[FOXVLYHD 1$
&DVKUHFHLSWVRI5DWHSD\HU 2WKHUUHYHQXH D 'HEWLPSDLUPHQWH[SHQVHDVDRIWRWDOELOODEOHUHYHQXH D
&DSLWDOSD\PHQWVRIFDSLWDOH[SHQGLWXUH F
%RUURZLQJUHFHLSWVRIFDSLWDOH[SHQGLWXUHH[FOWUDQVIHUV F
*UDQWVRI*RYWOHJLVODWHGJD]HWWHGDOORFDWLRQV D
&XUUHQWFRQVXPHUGHEWRUVFKDQJHLQFUGHFU D 1$
/RQJWHUPUHFHLYDEOHVFKDQJHLQFUGHFU D 1$
5 0RI3URSHUW\3ODQW (TXLSPHQW YL
$VVHWUHQHZDORIFDSLWDOEXGJHW YL 'HVFULSWLRQ
0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN 0)0$
VHFWLRQ
&XUUHQW<HDU
ϭϮϳ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$3URSHUW\UDWHVVXPPDU\
$XGLWHG2XWFRPH $XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU
9DOXDWLRQ
'DWHRIYDOXDWLRQ
)LQDQFLDO\HDUYDOXDWLRQXVHG
0XQLFLSDOE\ODZVVLQSODFH"<1 <HV <HV <HV <HV <HV <HV <HV <HV <HV 0XQLFLSDODVVLVWDQWYDOXHUDSSRLQWHG"<1 <HV <HV <HV <HV <HV <HV <HV <HV <HV 0XQLFLSDOSDUWQHUVKLSVXVHG"<1 1R 1R 1R 1R 1R 1R 1R 1R 1R
1RRIDVVLVWDQWYDOXHUV)7(
1RRIGDWDFROOHFWRUV)7(
1RRILQWHUQDOYDOXHUV)7(
1RRIH[WHUQDOYDOXHUV)7(
1RRIDGGLWLRQDOYDOXHUV)7(
9DOXDWLRQDSSHDOERDUGHVWDEOLVKHG"<1 <HV ,PSOHPHQWDWLRQWLPHRIQHZYDOXDWLRQUROOPWKV
1RRISURSHUWLHV
1RRIVHFWLRQDOWLWOHYDOXHV
1RRIXQUHDVRQDEO\GLIILFXOWSURSHUWLHVV
1RRIVXSSOHPHQWDU\YDOXDWLRQV
1RRIYDOXDWLRQUROODPHQGPHQWV
1RRIREMHFWLRQVE\UDWHSD\HUV
1RRIDSSHDOVE\UDWHSD\HUV
1RRIVXFFHVVIXOREMHFWLRQV
1RRIVXFFHVVIXOREMHFWLRQV!
6XSSOHPHQWDU\YDOXDWLRQ
3XEOLFVHUYLFHLQIUDVWUXFWXUHYDOXH5P 0XQLFLSDOLW\RZQHGSURSHUW\YDOXH5P
9DOXDWLRQUHGXFWLRQV
9DOXDWLRQUHGXFWLRQVSXEOLFLQIUDVWUXFWXUH5P 9DOXDWLRQUHGXFWLRQVQDWXUHUHVHUYHVSDUN5P 9DOXDWLRQUHGXFWLRQVPLQHUDOULJKWV5P 9DOXDWLRQUHGXFWLRQV5WKUHVKROG5P 9DOXDWLRQUHGXFWLRQVSXEOLFZRUVKLS5P 9DOXDWLRQUHGXFWLRQVRWKHU5P
7RWDOYDOXDWLRQUHGXFWLRQV ² ² ² ² ² ² ² ² ²
7RWDOYDOXHXVHGIRUUDWLQJ5P
7RWDOODQGYDOXH5P 7RWDOYDOXHRILPSURYHPHQWV5P
7RWDOPDUNHWYDOXH5P
5DWLQJ
5HVLGHQWLDOUDWHXVHGWRGHWHUPLQHUDWHIRU RWKHUFDWHJRULHV"<1
1R 1R 1R 1R 1R 1R 1R 1R 1R
'LIIHUHQWLDOUDWHVXVHG"<1 <HV <HV <HV <HV <HV <HV <HV <HV <HV /LPLWRQDQQXDOUDWHLQFUHDVHV"<1 1R 1R 1R 1R 1R 1R 1R 1R 1R 6SHFLDOUDWLQJDUHDXVHG"<1 <HV <HV <HV <HV <HV <HV <HV <HV <HV 3KDVLQJLQSURSHUWLHVVQXPEHU 1R 1R 1R 1R 1R 1R 1R 1R 1R 5DWHVSROLF\DFFRPSDQ\LQJEXGJHW"<1 <HV <HV <HV <HV <HV <HV <HV <HV <HV )L[HGDPRXQWPLQLPXPYDOXH5
1RQUHVLGHQWLDOSUHVFULEHGUDWLRV"
5DWHUHYHQXH
5DWHUHYHQXHEXGJHW5
5DWHUHYHQXHH[SHFWHGWRFROOHFW5
([SHFWHGFDVKFROOHFWLRQUDWH
6SHFLDOUDWLQJDUHDV5
5HEDWHVH[HPSWLRQVLQGLJHQW5 5HEDWHVH[HPSWLRQVSHQVLRQHUV5 5HEDWHVH[HPSWLRQVERQDILGHIDUP5
5HEDWHVH[HPSWLRQVRWKHU5
3KDVHLQUHGXFWLRQVGLVFRXQWV5
7RWDOUHEDWHVH[HPSWQVUHGXFWQVGLVFV5
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH )UDPHZRUN
'HVFULSWLRQ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$D3URSHUW\UDWHVE\FDWHJRU\FXUUHQW\HDU 'HVFULSWLRQ 5HVL,QGXVW%XV &RPP)DUPSURSV6WDWHRZQHG0XQLSURSV3XEOLF VHUYLFHLQIUD3ULYDWH RZQHG WRZQV )RUPDO ,QIRUPDO 6HWWOH
&RPP/DQG6WDWHWUXVW ODQG6HFWLRQ QQRWH 3URWHFW $UHDV1DWLRQDO 0RQXPWV3XEOLF EHQHILW RUJDQV
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ϭϮϵ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$E3URSHUW\UDWHVE\FDWHJRU\EXGJHW\HDU 'HVFULSWLRQ 5HVL,QGXVW%XV &RPP)DUPSURSV6WDWHRZQHG0XQLSURSV3XEOLFVHUYLFH LQIUD3ULYDWH RZQHG WRZQV )RUPDO ,QIRUPDO 6HWWOH
&RPP/DQG6WDWHWUXVW ODQG6HFWLRQ QQRWH
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ϭϯϬ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$D6HUYLFH7DULIIVE\FDWHJRU\
0HGLXP7HUP5HYHQXH ([SHQGLWXUH )UDPHZRUN
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 3URSHUW\UDWHVUDWHLQWKH5DQG
5HVLGHQWLDOSURSHUWLHV F F F F F F F
5HVLGHQWLDOSURSHUWLHVYDFDQWODQG )RUPDOLQIRUPDOVHWWOHPHQWV 6PDOOKROGLQJV
)DUPSURSHUWLHVXVHG F F F F F F F
)DUPSURSHUWLHVQRWXVHG
,QGXVWULDOSURSHUWLHV F F F F F F F
%XVLQHVVDQGFRPPHUFLDOSURSHUWLHV
F F F F F F F
3XEOLFVHUYLFHLQIUDVWUXFWXUH
F F F F F F F
3ULYDWHO\RZQHGWRZQVVHUYLFHGE\
WKHRZQHU
6WDWHWUXVWODQG F F F F F F F
5HVWLWXWLRQDQGUHGLVWULEXWLRQ SURSHUWLHV
3URWHFWHGDUHDV F F F F F F F
([HPSWLRQVUHGXFWLRQVDQGUHEDWHV 5DQGV
5HVLGHQWLDOSURSHUWLHV
5WKUHVKKROGUHEDWH
*HQHUDOUHVLGHQWLDOUHEDWH
,QGLJHQWUHEDWHRUH[HPSWLRQ
3HQVLRQHUVVRFLDOJUDQWVUHEDWHRUH[HPSWLRQ :DWHUWDULIIV
'RPHVWLF
%DVLFFKDUJHIL[HGIHH 5DQGVPRQWK
6HUYLFHSRLQWYDFDQWODQG
5DQGVPRQWK
:DWHUXVDJHIODWUDWHWDULIIFNO
:DWHUXVDJHOLIHOLQHWDULII GHVFULEHVWUXFWXUH 1$ 1$
:DWHUXVDJH%ORFNFNO ILOOLQWKUHVKROGV :DWHUXVDJH%ORFNFNO ILOOLQWKUHVKROGV :DWHUXVDJH%ORFNFNO ILOOLQWKUHVKROGV :DWHUXVDJH%ORFNFNO ILOOLQWKUHVKROGV 2WKHU
:DVWHZDWHUWDULIIV 'RPHVWLF
%DVLFFKDUJHIL[HGIHH 5DQGVPRQWK
1$ 1$ 1$ 1$ 1$ 1$ 1$
6HUYLFHSRLQWYDFDQWODQG 5DQGVPRQWK
1$ 1$ 1$ 1$ 1$ 1$ 1$
:DVWHZDWHUIODWUDWHWDULIIFNO
1$ 1$ 1$ 1$ 1$ 1$ 1$
9ROXPHWULFFKDUJH%ORFNFNO
ILOOLQVWUXFWXUH 1$ 1$ 1$
9ROXPHWULFFKDUJH%ORFNFNO
ILOOLQVWUXFWXUH
9ROXPHWULFFKDUJH%ORFNFNO
ILOOLQVWUXFWXUH
9ROXPHWULFFKDUJH%ORFNFNO
ILOOLQVWUXFWXUH
2WKHU
&XUUHQW<HDU 'HVFULSWLRQ 3URYLGHGHVFULSWLRQRIWDULII
VWUXFWXUHZKHUHDSSURSULDWH
ϭϯϭ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$D6HUYLFH7DULIIVE\FDWHJRU\
0HGLXP7HUP5HYHQXH ([SHQGLWXUH )UDPHZRUN
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU
&XUUHQW<HDU 'HVFULSWLRQ 3URYLGHGHVFULSWLRQRIWDULII
VWUXFWXUHZKHUHDSSURSULDWH
(OHFWULFLW\WDULIIV 'RPHVWLF
%DVLFFKDUJHIL[HGIHH 5DQGVPRQWK
6HUYLFHSRLQWYDFDQWODQG
5DQGVPRQWK
)%( KRZLVWKLVWDUJHWHG"
2WKHU
:DVWHPDQDJHPHQWWDULIIV 'RPHVWLF
5HVLGHQWLDO&KDUJH5DQGV D3URSHUW\YDOXHOHVVWKDQ
WR5 1R&KDUJH 1R&KDUJH 1$ 1$ 1$ 1$ 1$
D3URSHUW\YDOXHOHVVWKDQ
WR5 1$ 1$ 1R&KDUJH 1R&KDUJH 1R&KDUJH 1R&KDUJH 1R&KDUJH E3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU
WR5 1$ 1$ 1$ 1$ 1$
E3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$
5
F3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$ 1$ 1$ 1$
5
F3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$
5
G3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$ 1$ 1$ 1$
5
G3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$
5
H3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$ 1$ 1$ 1$
5
H3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$
5
I3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$ 1$ 1$ 1$
5
I3URSHUW\YDOXHJUHDWHUWKDQ
5DQGOHVVWKDQRU 1$ 1$
5
J3URSHUW\YDOXHJUHDWHUWKDQ 1$ 1$ 1$ 1$ 1$
5
J3URSHUW\YDOXHJUHDWHUWKDQ 1$ 1$
5
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$+RXVHKROGELOOV
0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU
5DQGFHQW LQFU
0RQWKO\$FFRXQWIRU+RXVHKROG 0LGGOH,QFRPH5DQJH 5DWHVDQGVHUYLFHVFKDUJHV
3URSHUW\UDWHV
(OHFWULFLW\%DVLFOHY\
(OHFWULFLW\&RQVXPSWLRQ
:DWHU%DVLFOHY\ ± ± ± ± ±
:DWHU&RQVXPSWLRQ
6DQLWDWLRQ
5HIXVHUHPRYDO
2WKHU
VXEWRWDO
9$7RQ6HUYLFHV
7RWDOODUJHKRXVHKROGELOO
LQFUHDVHGHFUHDVH ² ²
0RQWKO\$FFRXQWIRU+RXVHKROG
$IIRUGDEOH5DQJH 5DWHVDQGVHUYLFHVFKDUJHV
3URSHUW\UDWHV
(OHFWULFLW\%DVLFOHY\
(OHFWULFLW\&RQVXPSWLRQ
:DWHU%DVLFOHY\ ± ± ± ± ± ± ±
:DWHU&RQVXPSWLRQ
6DQLWDWLRQ
5HIXVHUHPRYDO
2WKHU
VXEWRWDO
9$7RQ6HUYLFHV
7RWDOVPDOOKRXVHKROGELOO
LQFUHDVHGHFUHDVH ²
0RQWKO\$FFRXQWIRU+RXVHKROG ,QGLJHQW+RXVHKROGUHFHLYLQJIUHH EDVLFVHUYLFHV
5DWHVDQGVHUYLFHVFKDUJHV
3URSHUW\UDWHV
(OHFWULFLW\%DVLFOHY\
(OHFWULFLW\&RQVXPSWLRQ
:DWHU%DVLFOHY\ ± ± ± ± ± ± ±
:DWHU&RQVXPSWLRQ
6DQLWDWLRQ
5HIXVHUHPRYDO
2WKHU
VXEWRWDO
9$7RQ6HUYLFHV
7RWDOVPDOOKRXVHKROGELOO
LQFUHDVHGHFUHDVH ²
&XUUHQW<HDU 'HVFULSWLRQ
ϭϯϯ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$,QYHVWPHQWSDUWLFXODUVE\W\SH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 5WKRXVDQG
3DUHQWPXQLFLSDOLW\
6HFXULWLHV1DWLRQDO*RYHUQPHQW /LVWHG&RUSRUDWH%RQGV
'HSRVLWV%DQN
'HSRVLWV3XEOLF,QYHVWPHQW&RPPLVVLRQHUV 'HSRVLWV&RUSRUDWLRQIRU3XEOLF'HSRVLWV
%DQNHUV$FFHSWDQFH&HUWLILFDWHV 1HJRWLDEOH&HUWLILFDWHVRI'HSRVLW%DQNV
*XDUDQWHHG(QGRZPHQW3ROLFLHVVLQNLQJ
5HSXUFKDVH$JUHHPHQWV%DQNV ± ±
0XQLFLSDO%RQGV
&RQVROLGDWHGWRWDO
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN ,QYHVWPHQWW\SH
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$,QYHVWPHQWSDUWLFXODUVE\PDWXULW\ ,QYHVWPHQWVE\0DWXULW\3HULRGRI ,QYHVWPHQW&DSLWDO*XDUDQWHH <HV1R9DULDEOHRU)L[HG LQWHUHVWUDWH&RPPLVVLRQ3DLG 5DQGV&RPPLVVLRQ 5HFLSLHQW2SHQLQJEDODQFH,QWHUHVWWREH UHDOLVHG&ORVLQJ%DODQFH 1DPHRILQVWLWXWLRQ LQYHVWPHQW,'<UV0RQWKV 3DUHQWPXQLFLSDOLW\ )XQGV5HLQYHVWPHQWV'HSRVLW9DULRXV)L[HG<HV)L[HG1R1R9DULRXV ² ² ² ² ² ² 727$/,19(670(176$1',17(5(67
7\SHRI,QYHVWPHQW([SLU\GDWHRI LQYHVWPHQW ϭϯϱ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$%RUURZLQJ
%RUURZLQJ&DWHJRULVHGE\W\SH
5WKRXVDQG $XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
2ULJLQDO
%XGJHW
$GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 3DUHQWPXQLFLSDOLW\
/RQJ7HUP/RDQVDQQXLW\UHGXFLQJEDODQFH /RQJ7HUP/RDQVQRQDQQXLW\
/RFDOUHJLVWHUHGVWRFN ,QVWDOPHQW&UHGLW
)LQDQFLDO/HDVHV 333OLDELOLWLHV
)LQDQFH*UDQWHG%\&DS(TXLSPHQW6XSSOLHU 0DUNHWDEOH%RQGV
1RQ0DUNHWDEOH%RQGV
%DQNHUV$FFHSWDQFHV )LQDQFLDOGHULYDWLYHV 2WKHU6HFXULWLHV
0XQLFLSDOLW\VXEWRWDO
(QWLWLHV
/RQJ7HUP/RDQVDQQXLW\UHGXFLQJEDODQFH /RQJ7HUP/RDQVQRQDQQXLW\
/RFDOUHJLVWHUHGVWRFN ,QVWDOPHQW&UHGLW )LQDQFLDO/HDVHV 333OLDELOLWLHV
)LQDQFH*UDQWHG%\&DS(TXLSPHQW6XSSOLHU 0DUNHWDEOH%RQGV
1RQ0DUNHWDEOH%RQGV
%DQNHUV$FFHSWDQFHV )LQDQFLDOGHULYDWLYHV 2WKHU6HFXULWLHV
(QWLWLHVVXEWRWDO
7RWDO%RUURZLQJ
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH)UDPHZRUN
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$7UDQVIHUVDQGJUDQWUHFHLSWV 'HVFULSWLRQ 5WKRXVDQG $XGLWHG
2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG
2XWFRPH 2ULJLQDO%XGJHW $GMXVWHG%XGJHW )XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU 5(&(,376
2SHUDWLQJ7UDQVIHUVDQG*UDQWV
1DWLRQDO*RYHUQPHQW /RFDO*RYHUQPHQW(TXLWDEOH6KDUH )LQDQFH0DQDJHPHQW 0XQLFLSDO,QIUDVWUXFWXUH*UDQW ± ±
15) ± ± ± ± ± ± ± ),)$:RUOG&XS ± ±
'/*7$ ±
(3:3 ± ± ± ±
1'27 ±
,QIUDVWUXFWXUH6NLOOV'HYHORSPHQW ± 3XEOLF7UDQVSRUW ± 9XQD$ZDUGV ± ± ± ± ± ± ± ,QWHUJUDWHG&LW\'HYHORSPHQW ± ± ± ± ± ±
1DWLRQDO(FRQ'HY'HSW 656$*UDQW
3URYLQFLDO*RYHUQPHQW +HDOWKVXEVLG\
+RXVLQJ
$UWDQG&XOWXUH 2IILFHRIWKH3UHPLHU.=1 ± ±
'HSDUWPHQWRI(QYLURQPHQW$IIDLUVDQG7RXULVP ± ± ± ± ± /RFDO*RYHUQPHQWDQG7UDGLWLRQDO$IIDLUV ± ± ± ± 6SRUWDQG5HFUHDWLRQ
'HSDUWPHQWRI+RXVLQJ +HDOWK3URYLQFLDO*UDQW ± ± ± ± ± ± ± ± 'HSDUWPHQWRI0LQHUDOVDQG(QHUJ\ ± ± ± ± ± 2WKHUJUDQWSURYLGHUV
(XURSHDQ8QLRQ ± ± ±
3XEOLF6SRQVRUVKLS ± ±
'$1,'$ ±
.=13$6XEVLG\ ±
/HHGV*UDQW ± ± ± ± ± ± ±
'/*7$ ± ± ± ± ± ±
'%6$ ± ± ± ± ± ±
3XEOLF&RQWULEXWLRQ&OLPDWH ±
'0266 ± ±
'HYHORSHUV&RQWULEXWLRQ ± ± ±
&,)$/ ± ± ± ± ±
5RFNHUIHOOHU)RXQGDWLRQ ±
$&&$ ± ± ± ± ± ±
0RQGL3DSHU ±
&$51(*,( ± ± ± ± ±
/*6(7$
7HFKQRORJ\,QQRYDWLRQ$* ±
81(6&2 ± ±
',5&2 ±
5HVWRUDWLRQ*UHHQ)XQG ± ± ±
+(19,1(7 ±
'$/,68
/(('6*5$17
/7')*5$17 ± ± ± ± ± ±
%0=80+/$1*$1( ± ± ± ±
'%1%$<(678$5<
.=13$
(QYLURQPHQW$IIDLUVDQG7RXULVP
0DULWLPH0XVHXP7UXVW ± ± ± ± ± ± ± ±
0XQLFLSDO+XPDQ6HWWOHPHQWV&DSDFLW\*UDQW ± ± ± ± ± ±
5R\DO1HWKHUODQGV ± ± ± ± ± ± ± ±
%LRZDVWH63 ± ± ± ± ± ± ± ±
7RWDO2SHUDWLQJ7UDQVIHUVDQG*UDQWV
&DSLWDO7UDQVIHUVDQG*UDQWV
1DWLRQDO*RYHUQPHQW 0XQLFLSDO,QIUDVWUXFWXUH*UDQW ±
8UEDQ6HWWOHPHQWV'HYHORSPHQW 3XEOLF7UDQVSRUWDQG6\VWHPV :DWHU$IIDLUV ± ±
),)$:RUOG&XS6WDGLXPV'HYHORSPHQW ±
(TXLWDEOH6KDUH (OHFWULFLW\'HPDQG6LGH0DQDJHPHQW (OHFWULILFDWLRQ3URJUDPPH ([SDQGHG3XEOLF:RUNV ±
1HLJKERXUKRRG'HYHORSPHQW3DUWQHUVKLS ,QWHUJUDWHG&LW\'HYHORSPHQW
3URYLQFLDO*RYHUQPHQW 2WKHUFDSLWDOWUDQVIHUVJUDQWV>LQVHUW
6SRUWDQG5HFUHDWLRQ ±
,&7 ±
$UWDQG&XOWXUH +RXVLQJ 'HSDUWPHQWRI0LQHUDOVDQG(QHUJ\
.=13URYLQFLDO*UDQW ± 0XQLFLSDO7UDQVSRUW$XWKRULW\ ±
*UDQW$FFUHGLWDWLRQ
'HSDUWPHQWRI+RXVLQJ 2WKHUJUDQWSURYLGHUV
(XURSHDQ8QLRQ
'$1,'$ ±
/RWWR ±
5R\DO1HWKHUODQGV ±
3XEOLF&RQWULEXWLRQV
6FKRROV3URMHFWV ±
&$51(*,( ± ± ± ±
0DVVLILFDWLRQ ±
5R\DO'DQLVK(PEDVV\ ±
1DWXUH5HVHUYH
6DQHGL*UDQW
7RWDO&DSLWDO7UDQVIHUVDQG*UDQWV 727$/5(&(,3762)75$16)(56 *5$176
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH )UDPHZRUN
ϭϯϳ
(7+H7KHNZLQL6XSSRUWLQJ7DEOH6$([SHQGLWXUHRQWUDQVIHUVDQGJUDQWSURJUDPPH
'HVFULSWLRQ
5WKRXVDQG $XGLWHG 2XWFRPH
$XGLWHG 2XWFRPH
$XGLWHG
2XWFRPH 2ULJLQDO%XGJHW $GMXVWHG
%XGJHW
)XOO<HDU )RUHFDVW
%XGJHW<HDU
%XGJHW<HDU
%XGJHW<HDU (;3(1',785(
2SHUDWLQJH[SHQGLWXUHRI7UDQVIHUVDQG*UDQWV
1DWLRQDO*RYHUQPHQW
/RFDO*RYHUQPHQW(TXLWDEOH6KDUH )LQDQFH0DQDJHPHQW 0XQLFLSDO,QIUDVWUXFWXUH*UDQW ± ±
15) ± ± ± ± ± ± ± ),)$:RUOG&XS ± ±
'/*7$ ±
(3:3 ± ± ± ±
1'27 ±
,QIUDVWUXFWXUH6NLOOV'HYHORSPHQW ± 3XEOLF7UDQVSRUW ± 9XQD$ZDUGV ± ± ± ± ± ± ± ,QWHUJUDWHG&LW\'HYHORSPHQW ± ± ± ± ± ± 1DWLRQDO(FRQ'HY'HSW
656$*UDQW 2WKHUWUDQVIHUVJUDQWV>LQVHUWGHVFULSWLRQ@
3URYLQFLDO*RYHUQPHQW +HDOWKVXEVLG\
+RXVLQJ
$UWDQG&XOWXUH 2IILFHRIWKH3UHPLHU.=1 ± ±
'HSDUWPHQWRI(QYLURQPHQW$IIDLUVDQG7RXULVP ± ± ± ± ± /RFDO*RYHUQPHQWDQG7UDGLWLRQDO$IIDLUV ± ± ± ± 6SRUWDQG5HFUHDWLRQ
'HSDUWPHQWRI+RXVLQJ +HDOWK3URYLQFLDO*UDQW ± ± ± ± ± ± ± ± 'HSDUWPHQWRI0LQHUDOVDQG(QHUJ\ ± ± ± ± ±
2WKHUJUDQWSURYLGHUV
(XURSHDQ8QLRQ ± ± ±
3XEOLF6SRQVRUVKLS ± ±
'$1,'$ ±
.=13$6XEVLG\ ±
/HHGV*UDQW ± ± ± ± ± ± ±
'/*7$ ± ± ± ± ± ±
'%6$ ± ± ± ± ± ±
3XEOLF&RQWULEXWLRQ&OLPDWH ±
'0266 ± ±
'HYHORSHUV&RQWULEXWLRQ ± ± ±
&,)$/ ± ± ± ± ±
5RFNHUIHOOHU)RXQGDWLRQ ±
$&&$ ± ± ± ± ± ±
0RQGL3DSHU ±
&$51(*,( ± ± ± ± ±
/*6(7$
7HFKQRORJ\,QQRYDWLRQ$* ±
81(6&2 ± ±
',5&2 ±
5HVWRUDWLRQ*UHHQ)XQG ± ± ±
+(19,1(7 ±
'$/,68
/(('6*5$17
/7')*5$17 ± ± ± ± ± ±
%0=80+/$1*$1( ± ± ± ±
'%1%$<(678$5<
.=13$
(QYLURQPHQW$IIDLUVDQG7RXULVP
0DULWLPH0XVHXP7UXVW ± ± ± ± ± ± ± ±
0XQLFLSDO+XPDQ6HWWOHPHQWV&DSDFLW\*UDQW ± ± ± ± ± ±
5R\DO1HWKHUODQGV ± ± ± ± ± ± ± ±
%LRZDVWH63 ± ± ± ± ± ± ± ±
7RWDORSHUDWLQJH[SHQGLWXUHRI7UDQVIHUVDQG*UDQWV
&DSLWDOH[SHQGLWXUHRI7UDQVIHUVDQG*UDQWV
1DWLRQDO*RYHUQPHQW
0XQLFLSDO,QIUDVWUXFWXUH*UDQW ±
8UEDQ6HWWOHPHQWV'HYHORSPHQW 3XEOLF7UDQVSRUWDQG6\VWHPV :DWHU$IIDLUV ± ±
),)$:RUOG&XS6WDGLXPV'HYHORSPHQW ±
(TXLWDEOH6KDUH (OHFWULFLW\'HPDQG6LGH0DQDJHPHQW (OHFWULILFDWLRQ3URJUDPPH ([SDQGHG3XEOLF:RUNV ±
1HLJKERXUKRRG'HYHORSPHQW3DUWQHUVKLS ,QWHUJUDWHG&LW\'HYHORSPHQW
2WKHUFDSLWDOWUDQVIHUVJUDQWV>LQVHUWGHVF@
3URYLQFLDO*RYHUQPHQW 6SRUWDQG5HFUHDWLRQ ±
,&7 ±
$UWDQG&XOWXUH +RXVLQJ 'HSDUWPHQWRI0LQHUDOVDQG(QHUJ\
.=13URYLQFLDO*UDQW ± 0XQLFLSDO7UDQVSRUW$XWKRULW\ ±
*UDQW$FFUHGLWDWLRQ
'HSDUWPHQWRI+RXVLQJ
2WKHUJUDQWSURYLGHUV
(XURSHDQ8QLRQ
'$1,'$ ±
/RWWR ±
5R\DO1HWKHUODQGV ±
3XEOLF&RQWULEXWLRQV
6FKRROV3URMHFWV ±
&$51(*,( ± ± ± ±
0DVVLILFDWLRQ ±
5R\DO'DQLVK(PEDVV\ ±
1DWXUH5HVHUYH
6DQHGL*UDQW
7RWDOFDSLWDOH[SHQGLWXUHRI7UDQVIHUVDQG*UDQWV 727$/(;3(1',785(2)75$16)(56$1'*5$176
&XUUHQW<HDU 0HGLXP7HUP5HYHQXH ([SHQGLWXUH )UDPHZRUN