Professional Documents
Culture Documents
CFPVClass
CFPVClass
CFPVClass
)520285(;3(5,(1&(,1
),1$1&,$/3/$11,1*
35(6(17,1*
<28:,7+7+(
&(57,),&$7,21
75$,1,1*352*5$00(
,&,&,GLUHFW&HQWUHIRU)LQDQFLDO/HDUQLQJ,&)/LVDQLQLWLDWLYH
RI ,&,&, 6HFXULWLHV /LPLWHG VHW XS ZLWK DQ REMHFWLYH RI
VLPSOLI\LQJ ILQDQFLDO NQRZOHGJH DQG LQFUHDVLQJ ILQDQFLDO
OLWHUDF\ DPRQJVW SURVSHFWLYH RU H[SHULHQFHG LQYHVWRUV DQG
NQRZOHGJH VHHNHUV ,&)/ WUDLQLQJ SURJUDPPHV DUH
FDWHJRULVHG XQGHU ,QYHVWPHQW (GXFDWLRQ 3URJUDPPHV DQG
3URIHVVLRQDO&HUWLILFDWLRQ 'HYHORSPHQW3URJUDPPHV7KH
UHSRVLWRU\RIGRPDLQNQRZOHGJHLQFOXGHVDKRVWRILQKRXVH
GHYHORSHGVHPLQDUVZRUNVKRSVFHUWLILFDWLRQVDQGWUDLQLQJ
SURJUDPPHV OHDGLQJ WR UHSXWHG FHUWLILFDWLRQV 7KHVH
SURJUDPPHVDUHLQWKHDUHDRI6WRFN,QYHVWLQJ'HULYDWLYHV
0XWXDO )XQGV )LQDQFLDO 3ODQQLQJ :HDOWK 0DQDJHPHQW
&RUSRUDWH)LQDQFHHWF
,&)/LVDQ$XWKRULVHG(GXFDWLRQ3DUWQHURI)LQDQFLDO3ODQQLQJ
6WDQGDUGV%RDUG,QGLDIRU&)3&0&HUWLILFDWLRQ
,QGH[ &0
$ERXW&)3 &UHGHQWLDOV )36%,QGLD
:K\&)3&0&HUWLILFDWLRQ"
'HPDQGIRU&)3&03URIHVVLRQDOV
&DUHHU2SSRUWXQLWLHV 3D\6FDOH
3DWKZD\WR&)3&0&HUWLILFDWLRQ
7KH3UDFWLFDO/HDUQLQJ&XUULFXOXP
2XU'LIIHUHQWLDWRUV
2XU3URJUDPPH2IIHULQJV
&0
$ERXW&)3 &UHGHQWLDOV )36%,QGLD
5DWHGDV*ROG6WDQGDUGLQ)LQDQFLDO3ODQQLQJ&(57,),('),1$1&,$/3/$11(5&0RU&)3&0 LVDQLQWHUQDWLRQDOFHUWLILFDWLRQSURJUDPPHLQWKH
OXFUDWLYHILHOGRIILQDQFLDOSODQQLQJZHDOWKPDQDJHPHQWDQGILQDQFLDODGYLVRU\VHUYLFHV
$VWKH,QGLDQ)LQDQFLDO,QGXVWU\LVWUDQVIRUPLQJDQGPDWXULQJSURIHVVLRQDOILQDQFLDOSODQQHUVKDYHEHFRPHDQLPPLQHQWQHHG,Q,QGLD
OHDGLQJ LQGXVWU\ JLDQWV IURP WKH ILQDQFLDO VHUYLFHV VHFWRU KDYH EHHQ SURPRWLQJ WKH FRQFHSW RI ILQDQFLDO SODQQLQJ DPRQJ FXVWRPHUV
DQGSURIHVVLRQDOV
7KH&(57,),('),1$1&,$/3/$11(5&0FHUWLILFDWLRQSURJUDPPHPDNHV\RX
FRPSHWHQWWRSURYLGHVWUDWHJLFDGYLFHZLWKUHJDUGWRLQYHVWPHQWLQVXUDQFHWD[
UHWLUHPHQW HVWDWHQHHGVDQGHQDEOHV\RXWRSODQDQGIXOILOVXFKQHHGV
&(57,),('),1$1&,$/3/$11(5&0&HUWLILFDWLRQLV
$PDUNRITXDOLW\²WKHZRUOGRYHU
7HVWHGIRUFRPSHWHQF\HGXFDWLRQH[DPLQDWLRQ ZRUNH[SHULHQFH
&RPPLWWHGWRFRGHRIHWKLFV UXOHVRISURIHVVLRQDOFRQGXFW
7KHKLJKHVWOHYHORIFHUWLILFDWLRQJOREDOO\LQWKHILHOGRIILQDQFLDOSODQQLQJ
$ERXW)36%,QGLD²7KH&HUWLILFDWLRQ$ZDUGLQJ%RG\
)36%,QGLDLVWKHSULQFLSDOOLFHQVLQJERG\WKDWDZDUGV&)3&0
&HUWLILFDWLRQLQ,QGLD
,WLVDQDIILOLDWHRI)LQDQFLDO3ODQQLQJ6WDQGDUG%RDUG)36%
EDVHGLQ'HQYHU86
,WSURYLGHVDSDWKZD\IRUPHPEHUVWRGHYHORSWKHQHFHVVDU\VNLOOV
NQRZOHGJHWREHFRPHVXFFHVVIXOILQDQFLDOSODQQHUV
&)3&0&HUWLILHG)LQDQFLDO3ODQQHU&0DQGDUHFHUWLILFDWLRQPDUNVRZQHGRXWVLGHWKH86E\)LQDQFLDO3ODQQLQJ6WDQGDUGV%RDUG/WG)LQDQFLDO3ODQQLQJ
6WDQGDUGV%RDUG,QGLDLVWKHPDUNVOLFHQVLQJDXWKRULW\IRUWKH&)3&0PDUNVLQ,QGLDWKURXJKDJUHHPHQWZLWK)36%/WG
&0
:K\&)3 &HUWLILFDWLRQ"
6XSSRUWHGUHFRJQLVHGDQGSURPRWHGE\&KDUWHU0HPEHUVDQGRWKHUHPSOR\HUVHQJDJHGLQILQDQFLDOSODQQLQJVHUYLFHVORRNLQJ
IRUFRPSHWHQWDQGHWKLFDOILQDQFLDOSODQQLQJSURIHVVLRQDOV
$QLQGXVWU\DQGHPSOR\PHQWRULHQWHGFHUWLILFDWLRQZKLFKLVUDWHGDV´2QHRIWKH%HVW-REVµE\861HZVDQG:RUOG5HSRUW
5DWHGDPRQJVWWKH¶7RS-REV·RQWKHEDVLVRIILYHNH\DUHDV:RUN(QYLURQPHQW3K\VLFDO'HPDQGV-RE2XWORRN,QFRPH/HYHOV
DQG6WUHVVE\&DUHHU&DVWLQ
7KHPRVWUHFRJQLVHGDQGUHVSHFWHGILQDQFLDOSODQQLQJFHUWLILFDWLRQLQFRXQWULHV
5DWHGDV*ROG6WDQGDUGE\:DOO6WUHHW-RXUQDOLQ
,GHDOIRUVHOIHPSOR\PHQW)LQDQFLDOSODQQHUVFDQVWDUWWKHLURZQSUDFWLFHDVDQHQWUHSUHQHXU
+LJKO\VRXJKWDIWHUFHUWLILFDWLRQE\%)6,LQGXVWU\DVLWSURYLGHVFUHGLELOLW\ZLWKFXVWRPHUVVHHNLQJWUXVWZRUWK\DVVLVWDQFH
(QDEOHVTXDOLILHGLQGLYLGXDOVWRSURYLGHFOLHQWVZLWKDKROLVWLFDSSURDFKWRDFKLHYLQJWKHLUILQDQFLDODQGOLIHJRDOV
6(%,$SSURYHG&HUWLILFDWLRQIRU,QYHVWPHQW$GYLVHUV
$FDUHHULQKLJKGHPDQG &0
&)3 *OREDO5HFRJQLWLRQ 'HPDQG
,1',$ 8QLWHG6WDWHV
-DSDQ
&KLQD
&DQDGD
1XPEHURI&)3&0
3URIHVVLRQDOV $XVWUDOLD
:RUOGZLGH
,QGLD
2WKHUFRXQWULHV
&)3&03URIHVVLRQDOV:RUOGZLGH
6RXUFH)LQDQFLDO3ODQQLQJ6WDQGDUGV%RDUG6WDWLVWLFV
&0
'HPDQGIRU&)3
3URIHVVLRQDOV
)LQDQFLDO3ODQQLQJ6WDQGDUGV%RDUG/WGDQGLWVQHWZRUNRIPHPEHU
RUJDQLVDWLRQVKDYHVHWDWDUJHWRI&HUWLILHG)LQDQFLDO3ODQQHU
SURIHVVLRQDOVLQFRXQWULHVDQGWHUULWRULHVE\2XUJRDOLVWRPDNH
&)3FHUWLILFDWLRQWKHPXVWKDYHGHVLJQDWLRQIRUWKRVHSURYLGLQJDQGVHHNLQJ
ILQDQFLDOSODQQLQJDGYLFHDURXQGWKHZRUOG
6RXUFH1RHO0D\H)36%&(2
,Q,QGLD&)3&0FHUWLILFDQWVDUHLQGHPDQGLQWKHIROORZLQJILHOGV &)3&0&HUWLILFDWLRQLVVXLWDEOHIRU
%DQNLQJ %&RP0&RP%06%%$%%,%$)%)0
:HDOWK0DQDJHPHQW&RPSDQLHV 2WKHUXQGHUJUDGXDWHVJUDGXDWHVORRNLQJIRUDFDUHHULQILQDQFH
6WRFN%URNLQJ)LUPV 0%$&$&$,QWHU
,QYHVWPHQW$GYLVRU\6HUYLFHV 6XEEURNHUV
)LQDQFLDO3ODQQLQJ6HUYLFHV ,QVXUDQFH$GYLVRUV
/LIHDQG*HQHUDO,QVXUDQFH %DQNLQJ3URIHVVLRQDOV
$FFRXQWLQJDQG/DZ)LUPV 0XWXDO)XQG'LVWULEXWRUV
$VVHW0DQDJHPHQW&RPSDQLHV 3URIHVVLRQDOVLQWHUHVWHGWRPDNHDIUXLWIXOFDUHHULQILQDQFH
&UHGLW&RXQVHOLQJ2UJDQLVDWLRQV
&DUHHU2SSRUWXQLWLHV
3D\6FDOH
:KHWKHU\RXDUHSXUVXLQJ\RXUJUDGXDWLRQVHHNLQJWRLPSURYH\RXU
SURIHVVLRQDOVWDWXVRUZDQWWREHFRPHDSUDFWLFLQJILQDQFLDOSODQQHU&)3&0
FHUWLILFDWLRQFDQRSHQWKHGRRUVWREHWWHURSSRUWXQLWLHV
/HYHOV -RESURILOH 4XDOLILFDWLRQ([SHULHQFH ([SHFWHG3D\SD
&0
(QWU\ 7UDLQHHVDQGH[HFXWLYHVLQ%DQNV:HDOWK 3XUVXLQJ&)3 &HUWLILFDWLRQ CWR/DNKV
0DQDJHUVDQG)LQDQFLDO$GYLVRU\)LUPV (GXFDWLRQ3URJUDP*UDGXDWH
)UHVKHU
&0
0LGGOH 5HODWLRQVKLS0DQDJHUV:HDOWK0DQDJHUV 3DVVHG&)3 ([DPLQDWLRQ:RUN CWR/DNKV
)LQDQFLDO3ODQQHUV)LQDQFLDO$GYLVRUV ([SHULHQFHRI<HDUV
,QYHVWPHQWDQG,QVXUDQFH$GYLVRUV
6RXUFH)LQDQFLDO3ODQQLQJ6WDQGDUGV%RDUG,QGLDDVRQ2FWREHU
&+$57(50(0%(562))36%,1',$
7KH3URPRWHUVRI&)3&0&HUWLILFDWLRQ
6RXUFH)LQDQFLDO3ODQQLQJ6WDQGDUGV%RDUG,QGLDDVRQ2FWREHU
&0
3DWKZD\WR&)3 &HUWLILFDWLRQ
([DPLQDWLRQ $GYDQFHG)LQDQFLDO3ODQQLQJ([DP
&HUWLILFDWLRQ &DQGLGDWHLVDXWKRULVHGE\)36%,QGLDWRXVH&)3&0PDUNV
$OOH[DPLQDWLRQVDUHIDFLOLWDWHGE\16(DQGFRQGXFWHGRQOLQHRQ1&)0SODWIRUPRQ16(·VH[DPLQDWLRQFHQWUHVDQGRWKHU16(
QHWZRUNHGVLWHVWKURXJKRXW,QGLD
7KH3UDFWLFDO/HDUQLQJ&XUULFXOXP
,QWURGXFWLRQWR)LQDQFLDO3ODQQLQJ 5LVN$QDO\VLVDQG,QVXUDQFH3ODQQLQJ 5HWLUHPHQW3ODQQLQJDQG(PSOR\HH%HQHILWV
)LQDQFLDO3ODQQLQJ3URFHVV 5LVN0DQDJHPHQWDQG,QVXUDQFH 5HWLUHPHQW1HHG$QDO\VLV7HFKQLTXHV
&OLHQW,QWHUDFWLRQV 'HFLVLRQVLQ3HUVRQDO)LQDQFLDO3ODQQLQJ 'HYHORSPHQWRI5HWLUHPHQW3ODQV
7LPH9DOXHRI0RQH\$SSOLFDWLRQV ,GHQWLI\LQJ&OLHQW·V([SRVXUHVWR0RUDOLW\+HDOWK 9DULRXV5HWLUHPHQW6FKHPHVVXFKDV
(PSOR\HHV3URYLGHQW)XQG(3)
3HUVRQDO)LQDQFLDO6WDWHPHQWV 'LVDELOLW\3URSHUW\/LDELOLW\DQG
3XEOLF3URYLGHQW)XQG33)
&DVK)ORZDQG'HEW0DQDJHPHQW /RQJWHUP&DUH5LVNLV(PSKDVL]HG 6XSHUDQQXDWLRQ)XQG
$VVHW$FTXLVLWLRQ 6HOHFWLQJWKH$SSURSULDWH5LVN0DQDJHPHQW *UDWXLW\
(GXFDWLRQ3ODQQLQJ 7HFKQLTXH 2WKHU3HQVLRQ3ODQV3RVWUHWLUHPHQW&RXQVHOOLQJ
2YHUYLHZRI5LVN0DQDJHPHQW ,QVXUDQFH3ULFLQJ
([DPLQDWLRQ0&4W\SH'XUDWLRQRI([DPLQDWLRQKRXUV
,QYHVWPHQW3ODQQLQJ 9DULRXV,QVXUDQFH3ROLFLHV 6WUDWHJLHV
5HWLUHPHQW3ODQQLQJ *HQHUDO,QVXUDQFH
6SHFLDO&LUFXPVWDQFHV /LIH,QVXUDQFH
3ODQ,QWHJUDWLRQ 0RWRU,QVXUDQFH
(WKLFVDQG%XVLQHVV$VSHFWVRI)LQDQFLDO3ODQQLQJ 0HGLFDO,QVXUDQFH
,QVXUDQFHRI%XVLQHVV5LVN5HJXODWLRQRI
,QVXUDQFH,QGXVWU\
([DPLQDWLRQ0&4W\SH'XUDWLRQRI([DPLQDWLRQKRXUV
([DPLQDWLRQ0&4W\SH'XUDWLRQRI([DPLQDWLRQKRXUV
$FDQGLGDWHKDVWKHRSWLRQWREHFHUWLILHGDVDQ$)3DWPRGXOHOHYHOQXPEHU
'LIIHUHQWLDWRUV
2XU
:KHQ\RXFKRRVHDQHGXFDWLRQSDUWQHU\RXVKRXOGORRNIRU
([SHUWLVH7UDLQLQJ6WDQGDUGVRIWKHHGXFDWLRQSURYLGHU
([SHULHQFH([SHULHQFHRIIDFXOW\
([SRVXUH6XSSRUWIRUDQLQWHUQVKLSWRHQKDQFHSUDFWLFDOOHDUQLQJ
,&,&,GLUHFW&HQWUHIRU)LQDQFLDO/HDUQLQJHQVXUHVWKDW\RXJHWDOORIWKHDERYH
,QWHUQVKLSV
,QWHUQVKLSVKDOOEHSURYLGHGZLWK)LQDQFLDO3ODQQLQJ6HUYLFHV'HSDUWPHQWRI,&,&,6HFXULWLHV/WG
EDVHGRQIXOILOPHQWRIWKHIROORZLQJFULWHULD
6XFFHVVIXOO\FOHDUHGPRGXOHWRRIWKH&)3&0&HUWLILFDWLRQDQGLVHOLJLEOHIRUWKH
$GYDQFHG)LQDQFLDO3ODQQLQJPRGXOH
6XFFHVVIXOO\FRPSOHWHGJUDGXDWLRQ
(VWDEOLVKHGDQHHGIRUDQLQWHUQVKLS
&OHDUHGWKHLQWHUYLHZIRULQWHUQVKLS
)DFXOW\ :KDWPDWWHUVIRUTXDOLW\OHDUQLQJLV
:KRZLOOWHDFK\RX"
:LWKWKHREMHFWLYHRIHQVXULQJSUHPLXP KLJKO\SUDFWLFDOOHDUQLQJWKDW\RXGHVHUYH
ZHKDYHVWULQJHQWIDFXOW\VHOHFWLRQVWDQGDUGV
$OORIRXUIDFXOW\DUH&)3&0FHUWLILFDQWVDQGKDYHQRWRQO\ULFKH[SHULHQFH
DVLQGXVWU\SUDFWLWLRQHUVEXWDOVRIODLUWRWHDFK
7KH,QWHQVLYH7LHU)DFXOW\6HOHFWLRQ3URFHVV
7KHRUJDQLVDWLRQIROORZVDQLQWHQVLYHWLHUSURFHVVIRUVHOHFWLRQRIWKHIDFXOW\
&UHGHQWLDOEDVHGVKRUWOLVWLQJ
&)3&0&HUWLILFDWLRQ
([WHQVLYHH[SHULHQFHLQWHDFKLQJ
([SHULHQFHDVDQLQGXVWU\SUDFWLWLRQHU
3HUVRQDOLQWHUYLHZZLWKTXDOLILHGGRPDLQH[SHUWV
%HIRUHVHOHFWLRQLQWHUQDOH[SHUWVLQYROYHLQDGHWDLOHGGLVFXVVLRQZLWKWKHIDFXOW\WR
HYDOXDWHGRPDLQNQRZOHGJHDQGDELOLW\WRWHDFK
6FUHHQLQJE\WKHFRPPLWWHHRIWRSPDQDJHPHQW
(DFKIDFXOW\LVH[FOXVLYHO\VFUHHQHGE\DFRPPLWWHHFRQVLVWLQJRI
VHQLRUPDQDJHPHQWRI,&,&,6HFXULWLHV/LPLWHG
2XU3URJUDPPH 2IIHULQJV
,&,&,GLUHFW&HQWUHIRU)LQDQFLDO/HDUQLQJRIIHUVWUDLQLQJIRU&)3&0&HUWLILFDWLRQWKURXJKPRGHV
&ODVVURRP/HDUQLQJ
7KHFODVVURRPWUDLQLQJIRU&)3&0&HUWLILFDWLRQLVFXUUHQWO\DYDLODEOHLQFLWLHV%DQJDORUH'HOKL+\GHUDEDG.RONDWD0XPEDL 3XQH
&)3&05HJXODU3DWKZD\&ODVVURRPWUDLQLQJSURJUDPPH
KRXUVRIFODVVURRPWUDLQLQJ
([KDXVWLYHVWXG\PDWHULDO
&DVHVWXGLHV
2QOLQHPRFNWHVWV
)OH[LELOLW\WRDWWHQGPLVVHGFODVVHVEDVHGRQFODVVVFKHGXOH
'RXEWVROYLQJIDFXOW\LQWHUDFWLRQVHVVLRQVWKURXJK9LUWXDO&ODVVURRPV
*XHVWOHFWXUHVRQYDULRXVWRSLFVWKURXJK9LUWXDO&ODVVURRPV
0RGXOHZLVHDFFHVVRISUHUHFRUGHGVHVVLRQVRI9LUWXDO&ODVVURRPV
$GGLWLRQDO%HQHILWV
)UHHDFFHVVWRWKH)RXQGDWLRQRI6WRFN,QYHVWLQJSURJUDPPHGHOLYHUHGOLYHE\DVWRFNPDUNHWH[SHUWWKRXJK9LUWXDO&ODVVURRPV
)UHHDFFHVVWRRXUH/HDUQLQJFRXUVHV
*DWHZD\WR6WRFN,QYHVWLQJ
DQG
*DWHZD\WR)XWXUHV 2SWLRQV
WKDWLQFOXGHVRYHUKRXUVRI
LQWHUDFWLYHOHDUQLQJRQVWRFNVDQGGHULYDWLYHVIRUDSHULRGRIVL[PRQWKV
7KHDERYHWZRDGGRQVZRUWK5VZLOOEHRIIHUHGFRPSOHPHQWDU\WRDOOWKHVWXGHQWV
'XUDWLRQPRQWKV
9LUWXDO&ODVVURRP9&ODVV/HDUQLQJ
&)3&0&HUWLILFDWLRQWUDLQLQJLVDOVRRIIHUHGWKURXJKOLYHRQOLQHLQWHUDFWLYHOHFWXUHVWKDWSURYLGHVFODVVURRPH[SHULHQFHVLQDYLUWXDOHQYLURQPHQW
&)3&05HJXODU3DWKZD\9&ODVVWUDLQLQJSURJUDPPH
KRXUVRIWUDLQLQJWKURXJK9&ODVV
([KDXVWLYHVWXG\PDWHULDO
&DVHVWXGLHV
2QOLQHPRFNWHVWV
'RXEWVROYLQJIDFXOW\LQWHUDFWLRQVHVVLRQVWKURXJK9&ODVV
*XHVWOHFWXUHVRQYDULRXVWRSLFVWKURXJK9&ODVV
5HFRUGHGVHVVLRQVRI9FODVV
$GGLWLRQDO%HQHILWV
)UHHDFFHVVWRWKH)RXQGDWLRQRI6WRFN,QYHVWLQJSURJUDPPHGHOLYHUHGOLYHE\DVWRFNPDUNHWH[SHUWWKRXJK9LUWXDO&ODVVURRPV
)UHHDFFHVVWRRXUH/HDUQLQJFRXUVHV
*DWHZD\WR6WRFN,QYHVWLQJ
DQG
*DWHZD\WR)XWXUHV 2SWLRQV
WKDWLQFOXGHVRYHUKRXUVRI
LQWHUDFWLYHOHDUQLQJRQVWRFNVDQGGHULYDWLYHVIRUDSHULRGRIVL[PRQWKV
7KHDERYHWZRDGGRQVZRUWK5VZLOOEHRIIHUHGFRPSOHPHQWDU\WRDOOWKHVWXGHQWV
'XUDWLRQPRQWKV
&)3&05HJXODU3DWKZD\HFODVVWUDLQLQJSURJUDPPH
5HFRUGHGWUDLQLQJPRGXOHVZKLFKFDQEHYLHZHGRQOLQH
6WXG\PDWHULDOZKLFKLQFOXGHV&)3&0ERRNVDQGKDUGFRS\RISUHVHQWDWLRQV
2QOLQHPRFNWHVWV
&DVHVWXGLHV
KRXUH[DPRULHQWDWLRQVHVVLRQWKURXJK9&ODVV
6XEVFULSWLRQ'XUDWLRQPRQWKVIURPWKHGD\RIUHJLVWUDWLRQ
([DPLQDWLRQDQG)HH'HWDLOV
7UDLQLQJ)HH
7UDLQLQJIHHLVSD\DEOHWR,&,&,6HFXULWLHV/LPLWHG
3OHDVHFRQWDFW\RXUQHDUHVWEUDQFKIRUGHWDLOV
5HJLVWUDWLRQDQG([DPLQDWLRQ)HH
7KH5HJLVWUDWLRQDQG([DPLQDWLRQIHHLVSD\DEOHWR
)36%,QGLDDVSHUWKHLU*XLGHOLQHV
%DWFK6WDUW'DWH
3OHDVHFRQWDFW\RXUQHDUHVWEUDQFKIRUGHWDLOV
7UDLQLQJ9HQXH
2XURIILFHV
&RQWDFW8V
,&)/%UDQFKHV ,&)/$XWKRULVHG/HDUQLQJ&HQWUHV
%HQJDOXUX-D\DQDJDUWK%ORFN %HQJDOXUX.RUPDQJDOD
'HOKL-KDQGHZDOD([WHQVLRQ &KHQQDL71DJDU
+\GHUDEDG.XNDWSDOO\
0XPEDL$QGKHUL(DVW
'HOKL3LWDPSXUD
3XQH)&&ROOHJH5RDG
'HOKL.LUWL1DJDU
+\GHUDEDG5DM%KDYDQ5RDG .RONDWD.DVED
.RONDWD6KDNHVSHDUH6DUDQL5RDG ,QGRUH.KDMDUDQD5RDG
0DKDUDVKWUD6DQJOL
0DKDUDVKWUD-DOJDRQ
0XPEDL.KDUJKDU
0XPEDL%RULYDOL
1DYL0XPEDL7XUEKH
(PDLOOHDUQLQJ#LFLFLVHFXULWLHVFRP_:HEVLWHOHDUQLQJLFLFLGLUHFWFRP
2XU$XWKRULVHG/HDUQLQJ&HQWUH%XVLQHVV$VVRFLDWH