PERFORMANCE EVALUATION

READING 35: PORTFOLIO PERFORMANCE EVALUATION

1. The following is an extract from a micro attribution analysis of one of the investment managers
of the Hiatus fund:

Using the previous table, calculate and evaluate:

(i) The allocation effect for the energy sector.

=(8.38 % - 7.72%)(3,32%-2.32%)

(ii) The selection effect for the financial sector.

=13.42% (1.66%-1.10%)

(iii) The interaction effect for the technology sector.

=(17.89 -22.01)(3.21-3.18)

1
Use the following information for Questions 2 through 4.
Patty McDaniel and Peggy Peterson are consultants to Sigma Advisors. Sigma manages funds
for wealthy individuals and small institutions. McDaniel and Peterson have been asked by
Sigma to develop a plan to evaluate investment manager performance. As part of McDaniel’s
and Peterson’s task, Sigma asks them to perform micro performance attribution on one of its
managers, Frank Matson. Matson invests primarily in large-cap value stocks. Matson’s
performance relative to the appropriate benchmark is shown in the following table.

2 From the data in the table, does Matson demonstrate an ability to wisely allocate funds to the
capital goods and/or financial sectors?
A. Yes, but only in the capital goods sector.
B. Yes, but only in the financial sector.
C. Yes, in both capital goods and financial sectors.
3. Does Matson demonstrate an ability to select stocks in the consumer durables and/or
technology sectors?
A. Yes, in both technology and consumer durables sectors.
B. Yes, but only in the technology sector.
C. No, he does not demonstrate the ability to select stocks in either sector.
4. Does Matson demonstrate an ability to generate a positive return from interaction effect in
the agricultural and/or utilities sectors?
A. Yes, but only in the agricultural sector.
B. Yes, in both agricultural and utilities sectors.
C. Yes, but only in the utilities sector

2
8 0123456ÿ89ÿÿ 4ÿ1251ÿ2245

ÿ !"#$
%&ÿ'())(*+,-ÿ+,'(./01+(,ÿ.&)01&2ÿ1(ÿ34&21+(,2ÿ
567
89:;<=>?<ÿAB=:CDÿ<ÿC:=EB?ÿ<>FEC:?ÿ<GÿH:>:?<9ECGÿI=F:CGB?CÿJHIKDÿL::GCÿMEGNÿO?E=ÿP?<QQDÿ
<ÿRS=EB?ÿ<=<9TCGUÿP?<QQÿRSCGÿVBLW9:G:>ÿ<ÿLB=GN9TÿW:?XB?L<=V:ÿ:F<9S<GEB=ÿXB?ÿ<=ÿHIÿ
Y;:>ZEÿ=VBL:ÿL<=<Q:?UÿP?<QQ[Cÿ?:WB?Gÿ<>>?:CC:CÿGN:ÿGN?::ÿW?EL<?TÿVBLWB=:=GCÿBXÿ
W:?XB?L<=V:ÿ:F<9S<GEB=\ÿL:<CS?:L:=GDÿ<GG?E]SGEB=Dÿ<=>ÿ<WW?<EC<9UÿAB=:Cÿ<C^CÿP?<QQÿ
GBÿ>:CV?E]:ÿ<=ÿ:_:VGEF:ÿ<GG?E]SGEB=ÿW?BV:CCUÿP?<QQÿ?:CWB=>Cÿ<CÿXB99BMC\
`:CWB=C:ÿa\ b:?XB?L<=V:ÿ<GG?E]SGEB=ÿ>?<MCÿVB=V9SCEB=Cÿ?:Q<?>E=QÿGN:ÿ
cS<9EGTÿBXÿ<ÿWB?GXB9EBÿL<=<Q:?[CÿE=F:CGL:=Gÿ>:VECEB=CU
`:CWB=C:ÿd\ b:?XB?L<=V:ÿ<GG?E]SGEB=ÿCNBS9>ÿN:9Wÿ:;W9<E=ÿNBMÿW:?XB?Z
L<=V:ÿM<Cÿ<VNE:F:>ÿ]Tÿ]?:<^E=Qÿ<W<?GÿGN:ÿ?:GS?=ÿB?ÿ?EC^ÿ
E=GBÿ>E_:?:=Gÿ:;W9<=<GB?TÿVBLWB=:=GCU
P?<QQÿ=BG:CÿGN<GÿGN:ÿY;:>ZEÿ=VBL:ÿWB?GXB9EBÿL<=<Q:?ÿN<CÿCG?B=QÿFE:MCÿ<]BSGÿGN:ÿ
:_:VGCÿBXÿL<V?B:VB=BLEVÿX<VGB?CÿB=ÿV?:>EGÿL<?^:GCÿ<=>ÿXB99BMCÿ<ÿGBWZ>ÿBM=ÿE=F:CGZ
L:=GÿW?BV:CCU
AB=:Cÿ?:FE:MCÿGN:ÿLB=GN9TÿW:?XB?L<=V:ÿ<GG?E]SGEB=ÿ<=>ÿ<C^CÿP?<QQÿMN:GN:?ÿ<=Tÿ
?EC^Zÿ
<>RSCG:>ÿNECGB?EV<9ÿW:?XB?L<=V:ÿE=>EV<GB?Cÿ<?:ÿ<F<E9<]9:UÿP?<QQÿW?B>SV:CÿGN:ÿ
XB99BME=Qÿ><G<\
e%+f+1ÿ5ÿÿÿ5hiÿj&0.ÿ.0+)+,-ÿ+2kiÿlm421&lÿ&.'(./0,n&
8F:?<Q:ÿ<==S<9ÿ?:GS?= oUdpq
rE=ELSLÿ<VV:WG<]9:ÿ?:GS?=ÿJr8`K sUppq
tN<?W:ÿ?<GEB pUus
tB?GE=Bÿ?<GEB pUov
wWCE>:ÿV<WGS?: pUxx
yBM=CE>:ÿV<WGS?: pUsp
r<;ELSLÿ>?<M>BM= zd{Uppq
y?<M>BM=ÿ>S?<GEB= {ÿLB=GNC

|ÿ}NEVNÿBXÿP?<QQ[Cÿ?:CWB=C:Cÿ?:Q<?>E=Qÿ:_:VGEF:ÿW:?XB?L<=V:ÿ<GG?E]SGEB=ÿECÿ
VB??:VG~
ÿ€=9Tÿ̀:CWB=C:ÿa
ÿ€=9Tÿ̀:CWB=C:ÿd
‚ÿPBGNÿ̀:CWB=C:ÿaÿ<=>ÿ̀:CWB=C:ÿd
ÿƒ:ÿ„ †‡ÿ‰ŠŠ‹Š‹Œ‰‡ÿ?EC^ÿ<GG?E]SGEB=ÿ<WW?B<VNÿXB?ÿGN:ÿY;:>ZEÿ=VBL:ÿL<=<Q:?ÿECÿ
GB\
ÿ>:VBLWBC:ÿNECGB?EV<9ÿ?:GS?=CÿE=GBÿ<ÿGBWZ>ÿBM=ÿX<VGB?ÿX?<L:MB?^U
ÿ:F<9S<G:ÿGN:ÿL<?QE=<9ÿVB=G?E]SGEB=ÿGBÿGBG<9ÿ?EC^ÿXB?ÿ:<VNÿWBCEGEB=U
ŽÿdpauÿH8ÿI=CGEGSG:Uÿ899ÿ?EQNGCÿ?:C:?F:>U
3
01234536ÿ01896 
ÿÿÿÿÿÿÿ!ÿÿ!"
ÿ#!ÿÿ$%&ÿ()ÿ&ÿÿ*!ÿ+ÿ&ÿ,+ÿÿ-./0102ÿ2/4
5ÿ6"789"
:ÿ;"<89"
ÿ=";>9"
?ÿ#!ÿÿ$%&ÿ()ÿ&ÿ,ÿÿ+ÿ&ÿ,+ÿ!@
5ÿÿÿÿ,A"
:ÿ,ÿB**Bÿ+ÿ"
ÿ&ÿ&ÿ,+ÿÿ&&ÿÿ&ÿ&ÿ&*ÿ!ÿÿ
*ÿ!"
CÿDÿ*%**ÿ!E!Eÿ!ÿ!E!Eÿ!ÿÿ$%&ÿ(ÿ!ÿ&@
5ÿ&ÿ,+ÿ!ÿFBÿ+*ÿÿ*%**ÿ"
:ÿÿ&ÿ(GHÿBÿ,!)ÿ&ÿÿ*%**ÿÿEÿI6="GG9"
ÿÿAÿÿÿ,!ÿ+ÿ+ÿ*&ÿ+ÿ&ÿ,+ÿÿ
ÿ"

JKLÿNOPPOQRSTÿRSNOUVWXROSÿULPWXLYÿXOÿZ[LYXROSYÿ
\]^_
`,&ÿa*&ÿÿÿÿ&!ÿÿÿÿ,+*ÿÿ,ÿ
ÿ&ÿ+!ÿ&!ÿBÿÿ!A!ÿAÿ,ÿ,ÿb&ÿcd"ÿe!ÿ(ÿÿÿ!*ÿ
FBÿB)ÿe!ÿ6ÿÿÿÿFBÿB)ÿ!ÿe!ÿ;ÿÿÿ!*ÿA%!Hÿ
*ÿB"
a*&ÿÿ&ÿ,,&ÿÿÿB@ÿ&ÿHÿ!)ÿ&!Hÿ
!)ÿ!ÿH ÿ!ÿ,,&"ÿDÿcfÿ*ÿ**ÿÿ
a*&ÿÿb(dÿ,,Bÿ&ÿÿ*&!ÿ&ÿÿBÿ&ÿ+!fÿÿ,+H
ÿÿÿ&ÿÿ(6ÿ*&ÿÿ!+BÿHÿÿ*,ÿ+ÿ&ÿ
*ÿ,ÿ!ÿb6dÿ!ÿ&ÿ*,ÿ+ÿ,Aÿÿ*ÿ!ÿ
!ÿ&ÿÿgÿ+ÿÿ!ÿBÿÿÿ&ÿ,"
a*&ÿAÿÿ&ÿ,+*ÿ+ÿe!ÿ(ÿBÿÿÿh&ÿ+ÿ
*!iÿ&ÿÿÿ,!ÿÿ$%&ÿ("
jkKRlRXÿ^ÿÿÿn[Soÿ^ÿnWpXOUÿqOoLPÿrXXURl[XROS
vOSXURl[XROSÿXOÿrpXRtLÿ
nWpXOUÿsLSYRXRtRXu wLX[US
nWpXOUÿ yUOƒOUXROSÿ
yOUXNOPROÿ|LSpKVWU}ÿR€LULSpLÿ wLX[USÿ rlYOP[XLÿ ONÿrpXRtLÿ
nWpXOUx z^{ z~{ z{ z_{ z{ÿ‚ÿz_{ wLX[US
„ „e ("66 G"†( G";( (<";69 >"G<9 (6<"8G9
` # G">† G"<8 IG"G† I;"6>9 G"6†9 7";;9
‡ ˆ IG"(7 G"G= IG"6( I†"<G9 6"G69 >G">;9
‰ ˆ IG"G> G"G7 IG"(6 ;";89 IG"=(9 I(G"(79
Š"ÿeÿaÿ„@ <"†<9 (7="=†9
‹ŒŽŽ‘’“”
4
 0123456ÿ89ÿÿ 4ÿ1251ÿ2245

xy4$($ÿ1ÿÿÿ0'"$")!{2
'"$()$"ÿÿ*$%!ÿ
ÿ!"#$$%$& +!)"
ÿ -=$"ÿ
-./$ÿ3!"456ÿ8$9!!"!ÿ +!)"ÿ *(#/)!ÿ .ÿ*$%!ÿ
, 012 072 0:2 0;2 0:2ÿ<ÿ0;2 +!)"
>?ÿABCDEFGHÿABIBCGFJKL MNO?PQR MSTU?UPR
V?ÿWCGFXBÿYBGDEKÿZWÿ[ÿ>\L M]?PPR NOO?OOR
^ÿY_Y`ÿFaÿGbBÿEBGDEKÿJKÿcÿXcIDBdÿeBFfbGBgÿBhDFGHÿFKgBiÿFKÿBiCBaaÿJjÿGbBÿJKBdkÿJKGbÿldmÿFIIÿEcGBnÿA_>ÿ
FaÿGbBÿakcIIÿkFKDaÿmFfÿkcEoBGÿCcpFGcIFqcGFJKÿjcCGJEnÿr_sÿFaÿGbBÿbFfbÿkFKDaÿIJeÿjcCGJEnÿcKgÿt_sÿ
FaÿGbBÿeFKKBEaÿkFKDaÿIJaBEaÿjcCGJE?

lJIkcCbÿGDEKaÿbBEÿcGGBKGFJKÿGJÿ̀DKgÿSnÿCJKaGEDCGFKfÿcÿEBfFJKdmÿcaBgÿkFCEJÿcGGEFd
mDGFJKÿcKcIHaFaÿGJÿBXcIDcGBÿGbBÿcCGFXBÿgBCFaFJKaÿJjÿGbBÿpJEGjJIFJÿkcKcfBE?ÿuBÿEBaDIGaÿ
cEBÿpEBaBKGBgÿFKÿvibFmFGÿS?
xy4$($ÿ7ÿÿÿ)"{ÿ7ÿ-!.5"!|*//$"ÿ(&ÿ+!}$"
+!)"ÿ*$()$"ÿ -./$ÿ 3!"456ÿ -./$ÿ 3!"456ÿ
0+!}$"ÿ~!%!/2 !$}4 !$}4 +!)" +!)"
€JEGbÿWkBEFCc NO?UR T?‚TR N‚?QOR N‚?UTR
ƒEBcGBEÿvDEJpB ]?PSR US?]QR S]?N‚R SQ?U]R
„BXBIJpBgÿWaFcÿcKgÿ SP?‚R ]N?N‚R NN?]]R NS?QR
WDaGEcIcaFc
AJDGbÿWkBEFCc SO?]R N?SR SO?OOR ]Q?S‚R
†‡ˆ‰ Š‹‹Œ‹‹ Š‹‹Œ‹‹ ŠŽŒ Œ‘

€BiGnÿlJIkcCbÿBXcIDcGBaÿ`DKgÿ]ÿcKgÿGbBÿcppEJpEFcGBKBaaÿJjÿFGaÿmBKCbkcEo?ÿuBÿ
mBKCbkcEoÿFaÿcÿCcpdÿeBFfbGBgÿmJKgÿFKgBiÿeFGbÿgcFIHÿEBpJEGBgÿpBEjJEkcKCB’ÿGbBÿFKgBiÿ
FaÿEBmcIcKCBgÿjEBhDBKGIHnÿkcoFKfÿFGÿgF“CDIGÿGJÿEBpIFCcGB?ÿuBÿmBKCbkcEoÿbcaÿcÿkBcKd
FKfjDIÿFKXBaGkBKGÿFKÿjJEBFfKÿmJKganÿebBEBcaÿ̀DKgÿ]ÿFKXBaGaÿJKIHÿFKÿgJkBaGFCÿmJKga?
”KÿGbBÿ•KcIÿaBCGFJKÿJjÿGbBÿEBpJEGnÿlJIkcCbÿEBXFBeaÿGbBÿBKGFEBÿ–IcK—aÿCbcEcCGBEFaGFCanÿ
caaBGÿcIIJCcGFJKnÿcKgÿmBKCbkcEo?ÿlJIkcCbÿJmaBEXBaÿGbcGÿGbBÿ–IcK—aÿmBKB•GaÿcEBÿKJÿ
IJKfBEÿFKgBiBgÿGJÿFK˜cGFJKÿcKgÿGbcGÿGbBÿeJEojJECBÿFanÿJKÿcXBEcfBnÿHJDKfBEÿGbcKÿFGÿecaÿ
ebBKÿGbBÿCDEEBKGÿjDKgÿcIIJCcGFJKaÿeBEBÿcppEJXBg?ÿlJIkcCbÿEBCJkkBKgaÿcÿCbcKfBÿFKÿ
GbBÿ–IcK—aÿcaaBGÿcIIJCcGFJKÿpJIFCH?
™ÿšjÿGbBÿGbEBBÿcGGEFmDGFJKÿcppEJcCbBaÿEBjBEBKCBgÿmHÿlJIkcCbnÿGbBÿkBGbJgÿ
EBhDBaGBgÿmHÿGbBÿCJkkFGGBBL
›ÿFaÿGbBÿIBcaGÿcCCDEcGB?
œÿDaBaÿGbBÿDKgBEIHFKfÿbJIgFKfaÿJjÿGbBÿcCGDcIÿpJEGjJIFJ?
ÿFaÿGbBÿkJaGÿgF“CDIGÿcKgÿGFkBÿCJKaDkFKfÿGJÿFkpIBkBKG?
žÿ>caBgÿJKÿvibFmFGÿNÿcKgÿEBIcGFXBÿGJÿGbBÿmBKCbkcEonÿGbBÿkcKcfBEÿJjÿ̀DKgÿNÿŸ ¡¢ÿ
¤¥¦§¤̈ÿDaBgÿcL
›ÿfEJeGbÿGFIG?
œÿfEBcGBEÿGFIGÿGJecEgÿakcIIÿCcp?
ÿkJkBKGDkdmÿcaBgÿFKXBaGFKfÿcppEJcCb?
5
01234536ÿ01896 
ÿÿÿÿ!ÿ"#ÿ$ÿÿ$%%"&ÿ$#'ÿ#'(ÿÿ)*+,-ÿÿ
#.ÿ'('/
0ÿ123
4ÿ52
6ÿ7278
9ÿÿÿÿ!ÿÿ:&'ÿ#(%ÿ.ÿ%.'ÿ:'ÿ.%(ÿÿÿ;'$<
%ÿ('&ÿÿ.:ÿ;'ÿ=ÿ"&&ÿ:'ÿ"'>
0ÿ.%(ÿ#?@
4ÿ:%%<ÿ#;ÿ#?@
6ÿ::(:ÿ#?@
AÿÿÿÿB!ÿÿ%%#ÿC#ÿ$'ÿ5(ÿD:'#ÿÿE)F,*,-ÿ>
0ÿGH@HIJ@
4ÿH@HKJ@
6ÿH@BHJ@
ÿÿÿÿB!ÿÿ#ÿÿ.'"&ÿ'ÿ('"&ÿ"#ÿ$ÿÿ$%<
%"&ÿ'&ÿ#'(ÿ;.%=ÿÿ;'$':#ÿÿÿ.'%%ÿ$(ÿ%.%/
0ÿL'ÿD:'#
4ÿM''ÿ(';
6ÿN.%;ÿDÿÿD('%
ÿÿÿÿB!ÿÿ(';'$':#ÿÿÿ.'%%ÿ$(ÿ%.%ÿÿ;':<
%=ÿÿ'(%ÿ$ÿ;'ÿ#('=ÿ%#ÿ#ÿ>
0ÿ5(ÿD:'#@
4ÿ&''ÿ(';@
6ÿ.%;ÿDÿÿD('%@
OÿPÿ#:'?ÿ$'ÿ8(ÿKÿÿ"#ÿ$ÿÿ$%%"&ÿ#'#'#ÿ$ÿÿ.%ÿ
#:'?/
0ÿQ.%
4ÿ2('%
6ÿD;;';'
ÿÿÿÿR%ÿ#ÿ$ÿS%:#Tÿ';'!ÿÿU%ÿ(%ÿ(>
0ÿÿ%%=<ÿÿ#:'?@
4ÿÿ%(ÿ'('ÿ#:'?@
6ÿÿ:&'ÿ(.'ÿ#:'?@

6
CFA Mock 2018

7
8
CFA 2017 Morning questions – Q3.

9
CFA 2015 Morning questions – Q5.

10
Jonathan Stiles is a fund manager at Apex Investments. He is busy collecting data for his fund
performance up till 31st March 2013 for his quarterly performance appraisal. He gathers the
following data for performance of his fund in 3 sectors. The overall benchmark return was 2.50%.

Portfolio Sector Benchmark Portfolio Sector Benchmark

Sectors Weights Weights Return Return
(%) (%) (%) (%)
Technology 8.50 7.50 3.75 3.50
Agriculture 15.50 13.50 1.50 1.25
Pharmaceutical 18.00 21.00 3.50 3.25

At the same time, Jonathan also is analyzing his personal savings account to calculate the return he
earned during the month of March. Using his bank statement, he extracts the following information:

Balance at the beginning of the month $1,100,000

Cash inflow on Day 11 $50,000
Value of account on Day 11 $1,200,000
Cash inflow on Day 17 $20,000
Value of account on Day 17 $1,270,000
Balance at the end of the month $1,300,000

During the appraisal time, the Chief Investment Officer suggests that hedge fund performance
should be evaluated by comparing the manager’s performance with the median of a universe of
hedge funds with similar mandates. The managers argue that this is not an appropriate evaluation
method and cite reasons for their argument.

Dalia Juncker an investment manager also at Apex, is analyzing the performance of her account and
the benchmark portfolio for the month of March. Statistical measures related to the account are
given below:

Juncker Benchmark Market

Account Portfolio Index
Return (%) 2.5 2.6 3.0
Beta 0.8 0.8 1.00
Std. deviation (%) 1.2 1.4 1.5
30-Day T-bill (%) 0.3 0.3 0.3

1. The pure sector allocation return for the technology sector is closest to:

A. 0.035%
B. 0.01%
C. 0.0125%

11
2. The within-sector selection return for the agriculture sector was closest to:

A. +0.03375%
B. +0.03875%
C. -0.0135%

3. The allocation/selection interaction return for the pharmaceutical sector was closest to:

A. – 0.030%
B. – 0.105%
C. – 0.0075%

4. What is the time-weighted rate of return for Jonathan’s personal savings account for the month
of March?

A. 11.48%
B. 12.00%
C. 18.18%

5. Which of the following reasons is least likely true about why a median manager benchmark is
inappropriate for judging fund manager performance?

A. It is not measurable.
B. It cannot be specified in advance.
C. It is not investable.

6. Based on the data related to the Juncker account and benchmark portfolio, the Sharpe ratio and
Treynor measure for the account and benchmark portfolio most likely indicate that, in
comparison to the benchmark portfolio, the Juncker account had:

A. Inferior risk-adjusted performance.

B. Superior risk-adjusted performance.
C. Risk-adjusted performance that was not clearly inferior or superior.

12
 234564789 3ÿ3 8 869ÿ
ÿ
369ÿÿÿ67263ÿ65ÿ433ÿ284ÿ8ÿÿÿ564ÿ8ÿ68 ÿ65ÿÿ
793ÿ
ÿ!"#$%ÿ&!'%ÿ()ÿ*($+($(ÿ,(-"%ÿ&!'%ÿ($ÿ$./#."+0ÿ1#$ÿ#2$."ÿ-3ÿ/$1#$4(5ÿ
2(0(-"#ÿ#1ÿ(ÿ0($ÿ#2$4-ÿ/."#ÿ/0(6ÿ!"#$ÿ()ÿ,(-"ÿ($ÿ)".5.."ÿ-3ÿ
/$1#$4(5ÿ#1ÿ-3ÿ/0(7.ÿ(..-.ÿ)$"ÿ83"53ÿ,(-"ÿ)".5...ÿ-3ÿ-3$ÿ5#4/#-.ÿ#1ÿ4"5$#ÿ
/$1#$4(5ÿ(--$"+-"#ÿ1#$ÿ9"-:ÿ"2.-4-.6ÿÿ
'6ÿ;<;=ÿ()ÿ=>?@<ABÿ-3ÿ-3$ÿ5#4/#-.ÿ#1ÿ4"5$#ÿ(--$"+-"#6ÿ
CÿDABE;=Fÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
' #-3$ÿ#1ÿ-3ÿ/0(7.ÿ/#$-1#0"#ÿ4(($.%ÿG(44(ÿ,(($.ÿHG,I%ÿ3(.ÿ+ÿ(..")ÿ-#ÿ(5-"20:ÿ
4((ÿ-3ÿ.4(00ÿ5(/"-(0"J(-"#ÿH.4(00ÿ5(/Iÿ$#8-3ÿ/#$-"#ÿ#1ÿ-3ÿ/0(7.ÿ9"-".6ÿ'.ÿ/($-ÿ#1ÿ(ÿ
/$1#$4(5ÿ2(0(-"#%ÿ!"#$ÿ()ÿ,(-"ÿ/$1#$4ÿ(ÿ$-$.K+(.)ÿ.-:0ÿ((0:.".6ÿLÿ/$1#$4"ÿ
-3ÿ((0:.".%ÿ-3:ÿ-"0"Jÿ$-$.ÿ1$#4ÿ-3ÿM..00ÿNOOOÿP(0ÿL)QÿH0($K5(/"-(0"J(-"#I%ÿ-3ÿ
M..00ÿNOOOÿG$#8-3ÿL)QÿH0($K5(/"-(0"J(-"#I%ÿ-3ÿM..00ÿROOOÿP(0ÿL)QÿH.4(00K
5(/"-(0"J(-"#I%ÿ()ÿ-3ÿM..00ÿROOOÿG$#8-3ÿL)QÿH.4(00K5(/"-(0"J(-"#I6ÿ
0ÿ
ÿ
13
23456783ÿ4ÿ 5ÿ43ÿ83ÿ3ÿ356ÿ87ÿÿ83ÿ7ÿ3ÿ45ÿ83ÿ
74 543ÿ54ÿ !3ÿ"#ÿ$ %ÿ&3863ÿ3ÿ5ÿ7&38ÿ3ÿ'38ÿ3857ÿ5ÿ()*#ÿ
+,-./ÿ12ÿ3/456789:,8/;ÿ<4=./ÿ>7,.=8?8ÿ
ÿÿ @A11ÿ@A1@ÿ@A1Bÿ@A1Cÿ
ÿÿ >D/6,E/ÿ<4=./ÿF/?EG4ÿHIJÿ
K3ÿÿL863ÿM ÿN 3ÿO43Pÿ ÿ ÿ ÿ ÿ
K3ÿÿL863ÿM ÿ$87ÿO43Pÿ ÿ ÿ ÿ ÿ
K3ÿÿ ÿM ÿN 3ÿO43Pÿ ÿ ÿ ÿ ÿ
K3ÿÿ ÿM ÿ$87ÿO43Pÿ (Qÿ (Qÿ (Rÿ ((ÿ
7 ÿÿ ÿ ÿ ÿ
S#ÿT/4/6U?7/ÿ338ÿ$  ÿ 4638ÿ5ÿVWXYÿ[\]^[_ÿ55546ÿ4ÿ5&3ÿ78ÿ5&3ÿ836ÿ
4ÿ85``a64ÿ3ÿ33854 574ÿ5ÿ7ÿ8374ÿ87ÿ3ÿ ÿ87&53#ÿ
HBÿU?754/8Jÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
M#ÿS 3ÿ74ÿ3ÿ8384'!3ÿ3ÿ45ÿ7bÿ;?8c588ÿ338ÿ$  ÿ 4638ÿ5ÿ
33546ÿ5ÿ 4 3ÿ836#ÿ
HBÿU?754/8Jÿ
ÿ
ÿ
ÿÿ
ÿÿ
ÿÿ
ÿÿ
ÿ
ÿ
14
23456789ÿÿ75ÿ8 854ÿ8ÿ644ÿ65ÿÿÿÿ8ÿÿ686ÿ8ÿÿ
793645ÿ
ÿ!"#$%"%#ÿ&!'()*#ÿ!&%+!(!ÿ*'$%(!"ÿ#*&'(,*#ÿ+!&ÿ("#%(%$%(!"ÿ("'*#%!&#ÿ%&!$-!$%ÿ
")ÿ")ÿ(#ÿ,$&&*"%.ÿ*'$%("-ÿ*&+!&/",*ÿ+!&ÿÿ&-*ÿ*"#(!"ÿ+$")0ÿ1"*ÿ!+ÿ%*ÿ+$")2#ÿ
/"-*&#3ÿ4/(&*ÿ5&%"*&#3ÿ#ÿ("'*#%*)ÿ("ÿ+!$&ÿ#*,%!&#ÿ!+ÿ%*ÿ*,!"!/.ÿ#ÿ6*ÿ#ÿ!)("-ÿÿ,#ÿ
!#(%(!"0ÿ7*ÿ6*(-%#ÿ("ÿ%*ÿ'&(!$#ÿ#*,%!&#3ÿ&*%$&"#3ÿ")ÿ!'*&ÿ*&+!&/",*ÿ!+ÿ%*ÿ/"-*&ÿ")ÿ
%*ÿ8*",/&9ÿ,!#*"ÿ8.ÿÿ&*ÿ#!6"ÿ("ÿ%*ÿ+!!6("-ÿ%8*0ÿ
6:;<=ÿ>?ÿ@ABC@<D@ÿ:EFÿ=EGHI:AJÿ5=GB@Aÿ<<@G:BD@EKÿ
ÿÿ LMNOPMQRMÿ ZU[VY\]N^ÿ LMNOPMQRMÿ ZU[VY\]N^ÿ
TUVOMNÿWURXYOÿTUVOMNÿWURXYOÿTUVOMNÿ_UÒN[ÿTUVOMNÿ_UÒN[ÿ
-&(,$%$&ÿ ab0ccdÿ ae0ccdÿ a0fcdÿ g0ccdÿ
!"#$/*&ÿ gh0ccdÿ gb0ccdÿ ia0ccdÿÿ g0ccdÿ
)$&8*#ÿ
j("",(ÿ ae0ccdÿ ah0ccdÿ k0hcdÿ l0ccdÿ
4"*&-.ÿ hg0ccdÿ hk0ccdÿ g0lcdÿ ih0ccdÿÿÿ
#ÿ ÿÿb0ccdÿ ÿÿc0ccdÿ c0acdÿ ÿÿ
mMO]Qÿ noopooqÿ noopooqÿ rpsrqÿ optuqÿ
0ÿÿv#("-ÿ%*ÿ)%ÿ("ÿ78*ÿg3ÿG:<Gw<:B=ÿ%*ÿ4/(&*ÿ5&%"*&#ÿ/"-*&2#ÿ$&*ÿ#*,%!&ÿ!,%(!"ÿ
&*%$&"ÿ("ÿ%*ÿ*"*&-.ÿ#*,%!&0ÿx!6ÿ.!$&ÿ6!&90ÿÿ
yÿIDEwB=Kÿ
ÿÿÿ
ÿÿ
ÿÿ
ÿÿ
ÿÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ

ÿ 15
23ÿÿ56789ÿ ÿÿ78ÿÿÿÿ ÿ7ÿ86ÿ896ÿ778!6"#ÿ6"7#8ÿ
$8ÿ78ÿ ÿ%788"7ÿ6"#3ÿ&# ÿ'#$ÿ#(3ÿÿ
)*ÿ,-./0ÿ
ÿÿ
ÿÿ
ÿÿ
ÿÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
13ÿÿ56789ÿ ÿÿ78ÿÿÿÿ ÿ7ÿ86ÿ896ÿ#"7#826"7#8ÿ
78 "7#8ÿ$8ÿ78ÿ ÿ97"$$ÿ6"#3ÿ&# ÿ'#$ÿ#(3ÿÿ
)*ÿ,-./0ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ

ÿ 16
23456789ÿÿ 5ÿ68ÿ 65ÿÿÿ8ÿÿ686 ÿ8ÿÿ793645ÿ
ÿÿ!ÿ"#$ÿ%&'ÿ($ÿ!)*&+**),ÿ-$(.(/&$ÿ00()1+0)ÿ2*)*ÿ.(ÿ0#$ÿ&&+0*ÿ0#$2ÿ
/,$3ÿ4&&+0*ÿ567ÿ!ÿ589ÿ#:$ÿ0#$ÿ*/$ÿ1;$&0):$*ÿ!ÿ):$*0/$0ÿ*02$3ÿ<#$2ÿ*#+!ÿ
#:$ÿ1$$ÿ/,$!ÿ0#$ÿ*/$ÿ=2>ÿ!ÿ%&'ÿ)*ÿ*+(-()*$!ÿ12ÿ0#$ÿ!)*&($-&)$*ÿ)ÿ0#$)(ÿ($&$0ÿ
/0#2ÿ($0+(*3ÿ<#$ÿ!0ÿ)*ÿ*#= ÿ1$=?ÿ
4&&+0?ÿ <)/$@=$),#0$!ÿ E$2@=$),#0$!ÿ
($0+(ÿA<BCDÿ ($0+(ÿAEBCDÿ
ÿÿÿÿ567ÿ F367Gÿ F367Gÿ
ÿÿÿÿ589ÿ F36HGÿ F3IFGÿ
ÿ
J(ÿ&&+0ÿ5IK>ÿÿ#*ÿ1$$ÿ*0(+,,),ÿ0ÿ.)!ÿÿ*+)01$ÿ1$&#/('3ÿ5IKÿ)*ÿÿ&0):$2ÿ
/,$!ÿ*/ÿ&-ÿ,(=0#ÿ-(0.)3ÿ<#$ÿ&&+0ÿ/!0$ÿ)&+!$*ÿ#!),ÿ*$&+()0)$*ÿ=)0#ÿÿ
:$(,$ÿ/('$0ÿ&-ÿ.ÿFKGÿ(ÿ$**ÿ!ÿÿ1$0ÿIILGÿ(ÿ/($ÿ0#ÿ0#*$ÿ.ÿ0#$ÿMNÿKLL3ÿ
%&'ÿ&/-)$*ÿ0#$ÿ.=),ÿ2*)*ÿ.ÿ0#($$ÿ-0$0)ÿ1$&#/('*3ÿ$ÿ0$*ÿÿ0ÿ+*$ÿ0#)*ÿ
2*)*ÿ0ÿ0$*0ÿ.(ÿÿ*+)01$ÿ1$&#/('3ÿ
ÿ %$&#/('ÿ
"#(&0$()*0)&*?ÿ 4(&#)$ÿ %'$(ÿ "#()$ÿ
%$0ÿ.(/ÿ($,($**)ÿ.ÿ/0#2ÿ&&+0ÿ0ÿ I3LFÿ L3HOÿ I3ILÿ
1$&#/('ÿ($0+(*ÿ
0!(!ÿ!$:)0)ÿ.ÿ-#ÿ=#$($ÿ-#ÿ)*ÿ K3IGÿ K37Gÿ H37Gÿ
&&+0ÿ($0+(ÿ/)+*ÿ1$&#/('ÿ($0+(ÿ
%$0ÿ.ÿ1$&#/('ÿ L3HHÿ I3I8ÿ I3IFÿ
P&:$(,$ÿ(0)?ÿGÿ.ÿ-(0.)ÿ#!),*ÿ FGÿ 6Gÿ IIGÿ
0#0ÿ($ÿ0ÿ#$!ÿ)ÿ0#$ÿ1$&#/('ÿ
%$&#/('ÿ0+(:$(>ÿ +ÿ FGÿ 8Gÿ IGÿ
%$&#/('ÿ*0!(!ÿ!$:)0)ÿ ÿ IL3FGÿ IK3IGÿ
ÿ
43ÿ%*$!ÿÿ0#$ÿ/0#2ÿ-$(.(/&$ÿ($-(0>ÿRSTSUVWXSÿ=#$0#$(ÿ0#$ÿ0=ÿ&&+0*ÿ=$($ÿYZ[\ÿ
^_`a^bÿ/,$!ÿ0#$ÿ*/$ÿ=2ÿ!ÿcdeefUTÿ2+(ÿ!$0$(/)0)3ÿgWchdccÿ#=ÿ$i0$(ÿ&*#ÿ
.=*ÿ=+!ÿ$i-)ÿ0#$ÿ($0+(*ÿ*#= ÿ)ÿ0#$ÿ($-(03ÿ00),ÿ0#0ÿ5"J*ÿ&ÿ&+*$ÿ!)..$($&$*ÿ
)ÿ($0+(ÿ&&+0)*ÿ)*ÿ0ÿÿ*+..)&)$0ÿ*=$(ÿ!ÿ=)ÿ($&$):$ÿÿ&($!)03ÿ
jÿVWXdTScÿ
ÿ
ÿ
ÿ
0ÿ
ÿ
17
 ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
34ÿ36789ÿ ÿ6ÿ8ÿ6 ÿÿ8ÿ 7ÿ668ÿ86ÿÿ6 ÿ!"#4ÿÿ
$%&'()ÿ*+,ÿ867 7ÿÿ7ÿ8ÿ 7ÿ768ÿ864ÿ-ÿ86ÿ86ÿ ÿ78889ÿ
%&'()ÿ,./ÿ867 ÿÿ7ÿ ÿ6684ÿ
01ÿ)2345ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ

ÿ 18