Lista Veteranos Locos

ZLWK5LIOH
&DQDGLDQ,QIDQWU\6HFWLRQ
&DQDGLDQ6HFRQG/LHXWHQDQW
&$1/2$1 ''D\%ULWLVK
&DQDGLDQ2IILFHUV ''D\%ULWLVK
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK 2)),&(5&$1/2$1 &DQDGLDQ2IILFHUV
&DQDGLDQ,QIDQWU\'LYLVLRQ
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
,1)$175<648$'6
&DQDGLDQ6HFWRUVSDJH 9HWHUDQ 9HWHUDQ
5HJXODU
,QH[SHULHQFHG

4W\ &$1/2$1
4W\ :HDSRQV
:HDSRQV
:HDSRQV &DQDGLDQ2IILFHUV
4W\ :HDSRQV ''D\%ULWLVK
&DQDGLDQ,QIDQWU\6HFWLRQ 5DQJH
''D\%ULWLVK&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
5DQJH 6KRWV
5DQJH
2)),&(5
5DQJH
6KRWV 3HQ
,1)$175<648$'6 &$1/2$1
3HQ6KRWV
6SHFLDO
6KRWV 3HQ
6SHFLDO 3HQ &DQDGLDQ2IILFHUV
6SHFLDO
6SHFLDO ,QH[SHULHQFHG
5HJXODU

4W\ 1&2ZLWK5LIOH
:HDSRQV 1&2ZLWK5LIOH
4W\ 1&2ZLWK5LIOH
:HDSRQV
6HFRQG/LHXWHQDQW ''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
,1)$175<648$'6

5DQJH

5DQJH QD 6KRWV

6KRWV 3HQ
QD 6SHFLDO
QD 6SHFLDO
3HQ ,QH[SHULHQFHG
9HWHUDQ
4W\ &DQDGLDQ,QIDQWU\6HFWLRQ
:HDSRQV
4W\ ,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
6HFRQG/LHXWHQDQW
,QIDQWU\ZLWK5LIOH
ZLWK3LVWRO
1&2ZLWK5LIOH
:HDSRQV 6KRWV
5DQJH
5DQJH 3HQ

6KRWV QD6SHFLDO
3HQ QDQD
$VVDXOW
6SHFLDO 2UGHU'LFH9HWHUDQ 7RWDO3RLQWV
2UGHU'LFH 7RWDO3RLQWV
7RWDO3RLQWV
4W\ :HDSRQV
6HFRQG/LHXWHQDQW
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
ZLWK3LVWRO
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH UHTXLUHVORDGHUUHTXLUHVORDGHU5DQJH
6KRWV
3/$7221

3HQ 6SHFLDO
QD $VVDXOW
QD QDQD $VVDXOW
ZLWK3LVWRO
1&2ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
ZLWK5LIOH
,QIDQWU\ZLWK5LIOH QD
QD$VVDXOW
)5(()25:$5'2%6(59(5
)5(()25:$5'2%6(59(5
)5(()25:$5'2%6(59(5
QD $VVDXOW 2UGHU'LFH 7RWDO3RLQWV
,QIDQWU\ZLWK5LIOH
)UHH&DQDGLDQ)RUZDUG2EVHUYHU$UWLOOHU\
ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
&$1/2$1 &DQDGLDQ2IILFHUV
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ ''D\%ULWLVK
UHTXLUHVORDGHU
''D\%ULWLVK

''D\%ULWLVK

&DQDGLDQ6HFWRUVSDJH

2)),&(5 QD$VVDXOW
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
3/$7221
QD &$1/2$1 &DQDGLDQ2IILFHUV
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 5HJXODU 5HJXODU
5HJXODU

4W\ ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
4W\ZLWK5LIOH
:HDSRQV4W\ :HDSRQV
&$1/2$1
&DQDGLDQ,QIDQWU\6HFWLRQ UHTXLUHVORDGHU
''D\%ULWLVK
''D\%ULWLVK

5DQJH
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
6KRWV QD
5DQJH3HQ6KRWV
5DQJH
,1)$175<648$'6 6SHFLDO
6KRWV 3HQ
&DQDGLDQ,QIDQWU\'LYLVLRQ 3HQ6SHFLDO
&$1/2$1
&DQDGLDQ2IILFHUV 9HWHUDQ

4W\&DQDGLDQ,QIDQWU\6HFWLRQ
:HDSRQV
)LUVW/LHXWHQDQW
:HDSRQV
&$1/2$1 )LUVW/LHXWHQDQW
&DQDGLDQ2IILFHUV
)LUVW/LHXWHQDQW
1&2ZLWK5LIOH
4W\ :HDSRQV 5DQJH
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 6KRWV
5DQJH 6KRWV
3HQ
,1)$175<648$'6
5DQJH
2)),&(5 6SHFLDO
6KRWV
&$1/2$1
3HQ 6SHFLDO
3HQ
QD 6SHFLDO
&DQDGLDQ2IILFHUV 9HWHUDQ
9HWHUDQ

4W\6HFRQG/LHXWHQDQW
4W\ :HDSRQV
ZLWK3LVWRO
ZLWK3LVWRO ZLWK3LVWRO ''D\%ULWLVK
6HFRQG/LHXWHQDQW
:HDSRQV
&DQDGLDQ6HFRQG/LHXWHQDQW ,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
5DQJH
5DQJH
&DQDGLDQ6HFWRUVSDJH
6KRWV
,1)$175<648$'6
6KRWV 3HQ 3HQ6SHFLDO
QD 6SHFLDO
$VVDXOW $VVDXOW
QD $VVDXOW 5HJXODU
,QH[SHULHQFHG
1&2ZLWK5LIOH
ZLWK3LVWRO
ZLWK6XEPDFKLQHJXQ QD$VVDXOW 2UGHU'LFH 7RWDO3RLQWV
4W\ 4W\
:HDSRQV :HDSRQV
ZLWK3LVWRO
1&2ZLWK5LIOH ZLWK6XEPDFKLQHJXQ
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH ''D\%ULWLVK
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ &DQDGLDQ6HFWRUVSDJH
UHTXLUHVORDGHU 5DQJH QD $VVDXOW
5DQJH 6KRWV
6KRWV 3HQ
QD
3HQ 6SHFLDO
$VVDXOW
$VVDXOW
6SHFLDO 9HWHUDQ
3/$7221
:HDSRQV
ZLWK6XEPDFKLQHJXQ
ZLWK5LIOH ZLWK5LIOH
1&2ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
ZLWK5LIOH
6HFRQG/LHXWHQDQW
,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU 5DQJH 6KRWV
)5(()25:$5'2%6(59(5

3HQ QD
QD $VVDXOW
6SHFLDO QD $VVDXOW
1&2ZLWK5LIOH
ZLWK5LIOH
&$1/2$1
ZLWK5LIOH
&$1/2$1 &DQDGLDQ)28
&$1/2$1
,QIDQWU\ZLWK5LIOH
&DQDGLDQ)28
ZLWK3LVWRO UHTXLUHVORDGHU
&DQDGLDQ)28
UHTXLUHVORDGHU ''D\%ULWLVK

QD
)5(()25:$5'2%6(59(5
&DQDGLDQ6HFWRUVSDJH
QD &$1/2$1
QD QD &DQDGLDQ)28
&$1/2$1
&$1/2$1
$VVDXOW &DQDGLDQ)28
2UGHU'LFH5HJXODU 7RWDO3RLQWV
&DQDGLDQ)28
4W\ &$1/2$1 &DQDGLDQ2IILFHUV
&$1/2$1 UHTXLUHVORDGHU 2)),&(5
)5(()25:$5'2%6(59(5
,1)$175<
3/$7221 &$1/2$1
QD ,1)$175< &DQDGLDQ2IILFHUV
QD $VVDXOW
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ ''D\%ULWLVK ''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH 5DQJH
,1)$175<
&DQDGLDQ6HFWRUVSDJH 6KRWV 3HQ &$1/2$1
6SHFLDO &DQDGLDQ2IILFHUV 5HJXODU
9HWHUDQ
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ
&DQDGLDQ,QIDQWU\6HFWLRQ &DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ
UHTXLUHVORDGHU
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH ,1)$175<648$'6
&DQDGLDQ6HFWRUVSDJH

''D\%ULWLVK
''D\%ULWLVK QD
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH ,QH[SHULHQFHG
5HJXODU
9HWHUDQ 9HWHUDQ
5HJXODU

4W\ ZLWK5LIOH
:HDSRQV
)LUVW/LHXWHQDQW 5DQJH
''D\%ULWLVK 6KRWV 3HQ
&DQDGLDQ6HFWRUVSDJH 6SHFLDO 5HJXODU
4W\ 5DQJH3HQ6KRWV 6KRWV 3HQ 3HQ 6SHFLDO
4W\
4W\4W\&$1/2$1
&DQDGLDQ,QIDQWU\6HFWLRQ :HDSRQV
:HDSRQV4W\ :HDSRQV
1&2ZLWK5LIOH
ZLWK3LVWRO
)LUVW/LHXWHQDQW ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
&DQDGLDQ2IILFHUV &DQDGLDQ6HFWRUVSDJH5DQJH
6KRWV
5DQJH5DQJH
2)),&(5
5DQJH
QD 6SHFLDO
6KRWV 3HQ
6KRWV 3HQ6SHFLDO
6SHFLDO
6SHFLDO
$VVDXOW
&$1/2$1 &DQDGLDQ2IILFHUV5HJXODU
9HWHUDQ

4W\
:HDSRQV 6HFRQG/LHXWHQDQW
)LUVW/LHXWHQDQW
:HDSRQV
1&2ZLWK5LIOH
1&2ZLWK5LIOH 5DQJH 6KRWV
3HQ QD6SHFLDO
QD
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
ZLWK3LVWRO ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 5DQJH
,1)$175<648$'6 6KRWV
QD $VVDXOW QD
3HQ
QD 6SHFLDO
$VVDXOW ,QH[SHULHQFHG
4W\ ZLWK3LVWRO
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
:HDSRQV ,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH
&DQDGLDQ,QIDQWU\6HFWLRQ ,QIDQWU\ZLWK5LIOH
ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ UHTXLUHVORDGHU

5DQJH 6KRWV

QD
3HQ
QD QDQD $VVDXOW
$VVDXOW
QD6SHFLDO
$VVDXOW 2UGHU'LFH5HJXODU 7RWDO3RLQWV
7RWDO3RLQWV
7RWDO3RLQWV

ZLWK6XEPDFKLQHJXQ $VVDXOW
6HFRQG/LHXWHQDQW &DQDGLDQ)28 UHTXLUHVORDGHU
,QIDQWU\ZLWK5LIOH
&$1/2$1
:HDSRQV
ZLWK5LIOH UHTXLUHVORDGHU UHTXLUHVORDGHU 3/$7221

)5(()25:$5'2%6(59(5
5DQJH QDQD $VVDXOW
QD3HQ
6KRWV QD 6SHFLDO
&$1/2$1 &DQDGLDQ)28
ZLWK5LIOH
,QIDQWU\ZLWK)ODPHWKURZHU
ZLWK3LVWRO
&$1/2$1
1&2ZLWK5LIOH UHTXLUHVORDGHU
&DQDGLDQ)28UHTXLUHVDVVLVWDQW UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW '
''D\%ULWLVK )5(()25:$5'2%6(59(5
,1)$175< QD$VVDXOW

&DQDGLDQ6HFWRUVSDJH )ODPHWKURZHU
' '
&$1/2$1 QD )ODPHWKURZHU
QD )ODPHWKURZHU
&DQDGLDQ)28 5HJXODU
&$1/2$1
&DQDGLDQ,QIDQWU\6HFWLRQ &DQDGLDQ2IILFHUV
&DQDGLDQ)28
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ 2)),&(5 &$1/2$1 &$1/2$1 &DQDGLDQ2IILFHUV5HJXODU
&DQDGLDQ)28 9HWHUDQ
9HWHUDQ

4W\ :HDSRQV (QWLUHVTXDGHTXLSSHGZLWKDQWLWDQNJUHQDGHV
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH ''D\%ULWLVK
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ )5(()25:$5'2%6(59(5
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
''D\%ULWLVK 3HQ$VVDXOW
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
5DQJH
''D\%ULWLVK 6KRWV
,1)$175<
&DQDGLDQ6HFWRUVSDJH 6SHFLDO QD7DQNKXQWHUV 5HJXODU
5HJXODU

4W\ ,1)$175<648$'6
,1)$175<
4W\
4W\ 4W\:HDSRQV
&DQDGLDQ6HFRQG/LHXWHQDQW:HDSRQV
:HDSRQV
ZLWK5LIOH
:HDSRQV&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ
)LUVW/LHXWHQDQW ''D\%ULWLVK
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ 5DQJH
5DQJH
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
6KRWV
6KRWV
5DQJH
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH 3HQ
5DQJH
5DQJH 3HQ 6SHFLDO
6SHFLDO
6KRWV
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH 6KRWV 3HQ
QD 6SHFLDO
3HQ 6SHFLDO ,QH[SHULHQFHG
9HWHUDQ 9HWHUDQ
5HJXODU

1&2ZLWK5LIOH
1&2ZLWK5LIOH
4W\ :HDSRQV
)LUVW/LHXWHQDQW
:HDSRQV
:HDSRQV
1&2ZLWK5LIOH
&$1/2$1 ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
&DQDGLDQ2IILFHUV
''D\%ULWLVK
5DQJH
5DQJH QD
&DQDGLDQ6HFWRUVSDJH
6KRWV
5DQJH 3HQ QD 6KRWV
6SHFLDO
&$1/2$1 3HQ
3HQ
QD6SHFLDO
6SHFLDO
&DQDGLDQ2IILFHUV 5HJXODU
9HWHUDQ

4W\ ZLWK3LVWRO
&DQDGLDQ,QIDQWU\6HFWLRQ 1&2ZLWK5LIOH
:HDSRQV ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 5DQJH 6KRWV 3HQ $VVDXOW
6SHFLDO QD 5HJXODU
4W\4W\ :HDSRQV
,QIDQWU\ZLWK5LIOH
)LUVW/LHXWHQDQW
,QIDQWU\ZLWK5LIOH
6HFRQG/LHXWHQDQW
1&2ZLWK5LIOH
ZLWK3LVWRO
,QIDQWU\ZLWK5LIOH 5DQJH
6KRWV

,1)$175<648$'65DQJH 3HQ
QD
QD 6KRWV
6SHFLDO
QD $VVDXOW
QD3HQ 3HQ 6SHFLDO
$VVDXOW
4W\ 6HFRQG/LHXWHQDQW
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH
:HDSRQV
1&2ZLWK5LIOH 5DQJH 6KRWV QD
QD 6SHFLDO
1&2ZLWK5LIOH QDQD$VVDXOW QDQD $VVDXOW
ZLWK3LVWRO
&DQDGLDQ,QIDQWU\6HFWLRQ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
ZLWK3LVWRO
1&2ZLWK5LIOH
ZLWK5LIOH
,QIDQWU\ZLWK5LIOH UHTXLUHVORDGHU
UHTXLUHVORDGHU
UHTXLUHVORDGHU
UHTXLUHVORDGHU

QD QD $VVDXOW 9HWHUDQ
4W\ ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH
:HDSRQV
ZLWK5LIOH UHTXLUHVDVVLVWDQW
ZLWK6XEPDFKLQHJXQ UHTXLUHVORDGHU
5DQJH
)5(()25:$5'2%6(59(5
6KRWV '
3HQ QD
QDQD $VVDXOW
)ODPHWKURZHU

6SHFLDO
$VVDXOW
,QIDQWU\ZLWK5LIOH &$1/2$1 &DQDGLDQ)28UHTXLUHVDVVLVWDQW
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU QD &$1/2$1 ' &DQDGLDQ)28
QD )ODPHWKURZHU
ZLWK5LIOH
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU QDQD ' QD
&DQDGLDQ6HFWRUVSDJH

&$1/2$1
ZLWK5LIOH &DQDGLDQ)28
1&2ZLWK5LIOH
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVDVVLVWDQW
UHTXLUHVDVVLVWDQW
''D\%ULWLVK
''D\%ULWLVK 63(&,$/58/(6
&DQDGLDQ6HFWRUVSDJH
'
63(&,$/58/(6
&DQDGLDQ6HFWRUVSDJH
,1)$175< )ODPHWKURZHU &$1/2$1 &DQDGLDQ)28 5HJXODU
QD)ODPHWKURZHU 5HJXODU

&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLF
:HDSRQV UHTXLUHVDVVLVWDQW
''D\%ULWLVK
&DQDGLDQ2IILFHUV IXOOVWUHQJWK
5DQJH
&DQDGLDQ6HFWRUVSDJH 6KRWV
IXOOVWUHQJWK ' 3HQ
,1)$175< QD&$1/2$1
)ODPHWKURZHU
6SHFLDO &DQDGLDQ2IILFHUV 2UGHU'LFH 5HJXODU
5HJXODU 7RWDO3RLQWV

4W\ :HDSRQV (QWLUHVTXDGHTXLSSHGZLWKDQWLWDQNJUHQDGHV
:HDSRQV
&$1/2$1
,QIDQWU\ZLWK5LIOH
&DQDGLDQ)28
(QWLUHVTXDGHTXLSSHGZLWKDQWLWDQNJUHQDGHV :HVWHUQ'HVHUWSDJH
:HVWHUQ'HVHUWSDJH 5DQJH
)5(()25:$5'2%6(59(5
''D\%ULWLVK 5DQJH
&DQDGLDQ6HFWRUVSDJH 6KRWV 3HQ
6KRWV
7DQNKXQWHUV 3HQ7DQNKXQWHUV
6SHFLDO
&$1/2$1
&DQDGLDQ)28
6SHFLDO &DQDGLDQ2IILFHUV 5HJXODU
9HWHUDQ

4W\ :HDSRQV
4W\)LUVW/LHXWHQDQW
:HDSRQV
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ 5DQJH
''D\%ULWLVK 3/$7221
6KRWV5DQJH
,1)$175<648$'6 3HQ
&DQDGLDQ6HFWRUVSDJH 6KRWV 3HQ 6SHFLDO
6SHFLDO
63(&,$/58/(6 9HWHUDQ
5HJXODU

4W\ )LUVW/LHXWHQDQW
:HDSRQV
:HDSRQV
1&2ZLWK5LIOH
)UHH&DQDGLDQ)RUZDUG2EVHUYHU$UWLOOHU\ UHTXLUHVORDGHU
''D\%ULWLVK
5DQJH
''D\%ULWLVK
''D\%ULWLVK ,1)$175<
6KRWV QD
&DQDGLDQ6HFWRUVSDJH
5DQJH 6KRWV
3HQ 6SHFLDO
&DQDGLDQ6HFWRUVSDJH
QD 6SHFLDO 9HWHUDQ
5HJXODU

4W\ 1&2ZLWK5LIOH
:HDSRQV
ZLWK3LVWRO
1&2ZLWK5LIOH &DQDGLDQ,QIDQWU\'LYLVLRQ
5DQJH 6KRWV
&DQDGLDQ6HFWRUVSDJH 3HQ 6SHFLDO
QD$VVDXOW QD $VVDXOW
4W\ 4W\
4W\ &RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLF
ZLWK3LVWRO
1&2ZLWK5LIOH
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
:HDSRQV
:HDSRQV ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
:HVWHUQ'HVHUWSDJH
''D\%ULWLVK
5DQJH 6KRWV
5DQJH
5DQJH IXOOVWUHQJWK
QD
3HQ 6KRWV
6SHFLDO
6KRWV 3HQ 6SHFLDO
QD 6SHFLDO
3HQ 5HJXODU
9HWHUDQ 5HJXODU

ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH 2)),&(5 QD6SHFLDO 3HQ QD
:HDSRQV
4W\ 1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
:HDSRQV 4W\ :HDSRQV
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH
)LUVW/LHXWHQDQW
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH UHTXLUHVORDGHU 5DQJH 6KRWV
5DQJH
5DQJH QD $VVDXOW
3HQ
6KRWV 3HQ 6SHFLDO
QD
QD 6SHFLDO
$VVDXOW 2UGHU'LFH 7RWDO3RLQWV
&DQDGLDQ6HFRQG/LHXWHQDQW ,QH[SHULHQFHG
1&2ZLWK5LIOH ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU QDQD QD QD
,QIDQWU\ZLWK5LIOH
ZLWK5LIOH ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH


ZLWK5LIOH
1&2ZLWK5LIOH 1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
UHTXLUHVORDGHU
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW

3/$7221

QD ' QD
QD
QD $VVDXOW
)ODPHWKURZHU 2UGHU'LFH 7RWDO3RLQWV
4W\ :HDSRQV 5DQJH 6KRWV
)5(()25:$5'2%6(59(5 3HQ 6SHFLDO 2UGHU'LFH 7RWDO3RLQWV
7RWDO3RLQWV
7RWDO3RLQWV
,QIDQWU\ZLWK5LIOH ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
&$1/2$1
&$1/2$1 &DQDGLDQ)28
&DQDGLDQ)28UHTXLUHVDVVLVWDQW
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ UHTXLUHVORDGHU $50285('&$56

' 61,3(5
QD
3/$7221
63(&,$/58/(6 QD&$1/2$1

QD QD
)ODPHWKURZHU QD&DQDGLDQ)28
QD &$1/2$1 &DQDGLDQ)28
$VVDXOW
6HFRQG/LHXWHQDQW
,QIDQWU\ZLWK)ODPHWKURZHU UHTXLUHVDVVLVWDQW ''D\%ULWLVK 3/$7221
,1)$175<'
&DQDGLDQ6HFWRUVSDJH )ODPHWKURZHU 5HJXODU
&DQDGLDQ6FRXW6QLSHU7HDP
6WDJKRXQG+HDY\$UPRXUHG&DU UHTXLUHVORDGHU
UHTXLUHVORDGHU
''D\%ULWLVK
(QWLUHVTXDGHTXLSSHGZLWKDQWLWDQNJUHQDGHV
ZLWK5LIOH UHTXLUHVDVVLVWDQW UHTXLUHVORDGHU
&DQDGLDQ6HFWRUVSDJH
$UPLHVRI*UHDW%ULWDLQSDJH
:HVWHUQ'HVHUWSDJH 63(&,$/58/(6
2)),&(5
'
IXOOVWUHQJWK
QD
&DQDGLDQ,QIDQWU\'LYLVLRQ ' QD
7DQNKXQWHUV
)ODPHWKURZHU )ODPHWKURZHU
QD 9HWHUDQ
,QH[SHULHQFHG
5HJXODU

4W\ ZLWK3LVWRO
:HDSRQV
4W\,QIDQWU\ZLWK)ODPHWKURZHU
:HDSRQV &DQDGLDQ,QIDQWU\'LYLVLRQ
5DQJH 5DQJH
63(&,$/58/(6
6KRWV $VVDXOW
6KRWV 3HQ 6SHFLDO
4W\ 9HKLFOH
''D\%ULWLVK
''D\%ULWLVK
&$1/2$1 &DQDGLDQ)28 &DQDGLDQ6HFWRUVSDJH IXOOVWUHQJWK
)5(()25:$5'2%6(59(5
''D\%ULWLVK
''D\%ULWLVK
:HVWHUQ'HVHUWSDJH
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
2)),&(5
' 3HQ
&DQDGLDQ6HFWRUVSDJH
5DQJH7\SH
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH 6SHFLDO
7UDQV
6KRWV61,3(5
)ODPHWKURZHU
7DQNKXQWHUV '9 &$1/2$1
3HQ 6SHFLDO 9HWHUDQ
5HJXODU
&DQDGLDQ)28,QH[SHULHQFHG
5HJXODU
9HWHUDQ

ZLWK6XEPDFKLQHJXQ
)LUVW/LHXWHQDQW
&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLF 2)),&(5
IXOOVWUHQJWK $VVDXOW 5HJXODU
4W\ 4W\ :HDSRQV
6QLSHUWHDP
:HDSRQV
:HDSRQV
:HDSRQV &DQDGLDQ6FRXW6QLSHU7HDP
4W\ :HDSRQV 1&2ZLWK5LIOH 5DQJH
:HVWHUQ'HVHUWSDJH
''D\%ULWLVK 6KRWV
5DQJH
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 5DQJH
&DQDGLDQ6HFWRUVSDJH
5DQJH 63(&,$/58/(6
6KRWV
63(&,$/58/(6 3HQ QD 7HDP
6SHFLDO
6KRWV
6KRWV
7DQNKXQWHUV
3HQ 6SHFLDO PHQ
3HQ
3HQ
QD 6QLSHU
6SHFLDO
6SHFLDO 6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO
5HJXODU
,QH[SHULHQFHG 9HWHUDQ
4W\ ZLWK5LIOH
ZLWK3LVWRO
:HDSRQV
1&2ZLWK5LIOH
%HKLQGHQHP\OLQHV
3LQWOHPRXQWHG00* ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 5DQJH
6KRWV
3HQ
QD 6SHFLDO
%HKLQGHQHP\OLQHV $VVDXOW ,QH[SHULHQFHG
4W\ :HDSRQV
1&2ZLWK5LIOH
4W\ 1&2ZLWK5LIOH
6HFRQG/LHXWHQDQW
:HDSRQV
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLF 5DQJH
''D\%ULWLVK
:HVWHUQ'HVHUWSDJH
6KRWV
IXOOVWUHQJWK
IXOOVWUHQJWK
3HQ
QD 6SHFLDO 3HQ QD
QD
QD )ODNGHJUHHDUF
6SHFLDO 9HWHUDQ
5HJXODU
5HJXODU

4W\ :HDSRQV
:HDSRQV
ZLWK6XEPDFKLQHJXQ
1&2ZLWK5LIOH
5HFRQ7URRSV
6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU 5DQJH 6KRWV
5DQJH
:KHHOHG 3HQQD6SHFLDO
6KRWV
&$1/2$1
5HFRQ7URRSV
3HQ
6SHFLDO
&DQDGLDQ2IILFHUV
$VVDXOW
5HFFH
4W\
4W\
,QIDQWU\ZLWK5LIOH

)LUVW/LHXWHQDQW
ZLWK3LVWRO
6HFRQG/LHXWHQDQW
:HDSRQV
4W\ ,QIDQWU\ZLWK5LIOH6QLSHUWHDP
,QIDQWU\ZLWK5LIOH
:HDSRQV
,QIDQWU\ZLWK5LIOH
:HDSRQV
5DQJH
5DQJH
6KRWV
5DQJH
6KRWV

3HQQD
3HQ
6SHFLDO
6KRWV
QD 6SHFLDO QDQD
QD
3HQ7HDP
QD $VVDXOWPHQ
6SHFLDO 6QLSHU 6QLSHUZLWKULIOH
2UGHU'LFH SLVWRO6SRWWHUZLWKSLVWRO
7RWDO3RLQWV
6HFRQG/LHXWHQDQW
6HFRQG/LHXWHQDQW
ZLWK5LIOH %HKLQGHQHP\OLQHV UHTXLUHVORDGHU ,1)$175<648$'6
1&2ZLWK5LIOH ,QIDQWU\ZLWK5LIOH
7XUUHWPRXQWHGPHGLXPDQWLWDQNJXQ
ZLWK6XEPDFKLQHJXQ
ZLWK3LVWRO
1&2ZLWK5LIOH
1&2ZLWK5LIOH UHTXLUHVORDGHU
UHTXLUHVORDGHU
UHTXLUHVORDGHU

7$1.6$1'63*816

3/$7221
$50285('&$56
QD QD$VVDXOW
QD %HKLQGHQHP\OLQHV
QD
QD
QD +(
$VVDXOW 2UGHU'LFH 7RWDO3RLQWV
ZLWK3LVWRO
ZLWK3LVWRO
&$1/2$1 &DQDGLDQ)28
''D\%ULWLVK
,QIDQWU\ZLWK)ODPHWKURZHU &DQDGLDQ6HFWRUVSDJH
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW 3/$7221
' QD$VVDXOW
)ODPHWKURZHU $VVDXOW
&$1/2$1 &DQDGLDQ)28 9HWHUDQ
6KHUPDQ9%
6WDJKRXQG+HDY\$UPRXUHG&DU
ZLWK5LIOH PP+RZLW]HU
&RD[LDO00*
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK5LIOH $UPLHVRI*UHDW%ULWDLQSDJH
5HFRQ7URRSV UHTXLUHVDVVLVWDQW
,QIDQWU\ZLWK)ODPHWKURZHU UHTXLUHVDVVLVWDQW
$UPLHVRI*UHDW%ULWDLQSDJH )5(()25:$5'2%6(59(5
$50285('&$56
QD
' $VVDXOW
QD '
)ODPHWKURZHU QD

QD5HFRQ7URRSV
)ODPHWKURZHU 5HJXODU
,QH[SHULHQFHG

4W\ ZLWK6XEPDFKLQHJXQ
:HDSRQV
ZLWK6XEPDFKLQHJXQ
9HKLFOH 5DQJH7\SH 6KRWV
,1)$175<
7UDQV
7$1.6$1'63*816 3HQ
61,3(5 '9 $VVDXOW
6SHFLDO $VVDXOW 9HWHUDQ
ZLWK5LIOH
9HKLFOH
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU ''D\%ULWLVK
''D\%ULWLVK
UHTXLUHVORDGHU 63(&,$/58/(6
2)),&(5
&DQDGLDQ6HFWRUVSDJH
7$1.6$1'63*816
&DQDGLDQ6HFWRUVSDJH
QD 7DQNKXQWHUV
7\SHQD 7DQNKXQWHUV
7UDQV '9 QD &$1/2$1 &DQDGLDQ2IILFHUV 5HJXODU
,QH[SHULHQFHG
4W\ ZLWK5LIOH
ZLWK5LIOH
1&2ZLWK5LIOH
4W\,QIDQWU\ZLWK)ODPHWKURZHU
:HDSRQV
$UFKHU633'5
5DQJH
''D\%ULWLVK 7\SH
6KRWV
2)),&(5 QD3HQ
&DQDGLDQ6HFWRUVSDJH 6SHFLDO 5HJXODU
9HWHUDQ
,QH[SHULHQFHG

4W\ :HDSRQV
:HDSRQV &KXUFKLOO$95(
:HDSRQV
9HKLFOH
&$1/2$1 &DQDGLDQ)28 1RUPDQG\
&DQDGLDQ2IILFHUV :HVWHUQ'HVHUWSDJH
''D\%ULWLVK
UHTXLUHVDVVLVWDQW
''D\%ULWLVK 5DQJH
&DQDGLDQ6HFWRUVSDJH
''D\2YHUORUGSDJH
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK 6KRWV
IXOOVWUHQJWK
5DQJH 5DQJH
,1)$175<648$'6
' 3HQ
&DQDGLDQ6HFWRUVSDJH
63(&,$/58/(6
$50285('&$56 61,3(5 6SHFLDO
6KRWV
7UDQV
6KRWV
)ODPHWKURZHU
&$1/2$1 3HQ
'9
3HQ 6SHFLDO
6SHFLDO
&DQDGLDQ)28
,QH[SHULHQFHG
9HWHUDQ 5HJXODU

4W\ 4W\ &$1/2$1
&$1/2$1
,QIDQWU\ZLWK5LIOH
6KHUPDQ9%
4W\ 4W\ :HDSRQV
:HDSRQV
1&2ZLWK5LIOH
9HKLFOH &DQDGLDQ2IILFHUV
&DQDGLDQ2IILFHUV
PP+RZLW]HU
''D\%ULWLVK
7UDFNHG
5DQJH

6KRWV
5DQJH
7\SH QD
3HQ
QD &$1/2$1
6KRWV
6SHFLDO
7UDQV 3HQ
'9 &DQDGLDQ2IILFHUV
&$1/2$1
6SHFLDO &DQDGLDQ2IILFHUV ,QH[SHULHQFHG
4W\ )LUVW/LHXWHQDQW
3LQWOHPRXQWHG00*
:HDSRQV
)LUVW/LHXWHQDQW9HKLFOH ''D\%ULWLVK
6WDJKRXQG+HDY\$UPRXUHG&DU ''D\%ULWLVK&DQDGLDQ6HFWRUVSDJH
:HVWHUQ'HVHUWSDJH
&DQDGLDQ6HFWRUVSDJH
$UPLHVRI*UHDW%ULWDLQSDJH 6KRWV 7\SH
5DQJH
,1)$175<
5DQJHIXOOVWUHQJWK
,1)$175<648$'6 7UDQV
6KRWV
3HQ 7DQNKXQWHUV
6SHFLDO '93HQ QD 6SHFLDO
)ODNGHJUHHDUF 5HJXODU
5HJXODU
9HWHUDQ
,QH[SHULHQFHG

:HDSRQV
7XUUHWPRXQWHGPHGLXPKRZLW]HU
ZLWK3LVWRO
1&2ZLWK5LIOH UHTXLUHVORDGHU ,1)$175<648$'6
7\SH
5DQJH QD+(
QD 6KRWV
+RZLW]HU+( 3HQ 6SHFLDO

4W\
4W\ :HDSRQV 4W\ :HDSRQV''D\%ULWLVK
3LQWOHPRXQWHG00*
6QLSHUWHDP
4W\,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH
6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU
:HDSRQV
6HFRQG/LHXWHQDQW
ZLWK3LVWRO
1&2ZLWK5LIOH
9HKLFOH
:HDSRQV
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
5DQJH
5DQJH
5DQJH
:KHHOHG
5DQJH
63(&,$/58/(6

&DQDGLDQ6HFWRUVSDJH
6KRWV 3HQ
6KRWV
QD$VVDXOW
7HDP
6KRWV
7UDQV
6SHFLDO 3HQ 6SHFLDO
3HQ
QD
PHQ
QD
3HQ
'9 6SHFLDO
)ODNGHJUHHDUF
6QLSHU
5HFFH
6SHFLDO
$VVDXOW 6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO
9HWHUDQ

&DQDGLDQ,QIDQWU\6HFWLRQ&RD[LDO00*
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
3HQ QD6SHFLDO 9HWHUDQ
5HJXODU

$UFKHU63SGU
&KXUFKLOO$95(
6HFRQG/LHXWHQDQW
%HKLQGHQHP\OLQHV
,QIDQWU\ZLWK5LIOH
4W\ :HDSRQV
ZLWK3LVWRO
ZLWK6XEPDFKLQHJXQ
1&2ZLWK5LIOH
:HDSRQV
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH
6QLSHUWHDP UHTXLUHVORDGHU
:HVWHUQ'HVHUWSDJH
5DQJH
IXOOVWUHQJWK

7UDFNHG
7UDFNHG
:KHHOHG
5DQJH
6KRWV QD PHQ
6KRWV
7HDP

%HKLQGHQHP\OLQHV
QD $VVDXOW
QD

QD

3HQ
QD 2SHQWRSSHG&UHZILUHG00*
6ORZ3HWDUG0RUWDU
5HFFH
+( 6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO
6SHFLDO
$VVDXOW
6QLSHU 5HJXODU
4W\
:HDSRQV :HDSRQV
:HDSRQV
)RUZDUGIDFLQJ00*
5HDUIDFLQJVXSHUKHDY\DQWLWDQNJXQ
7XUUHWPRXQWHGKHDY\KRZLW]HU
5HFRQ7URRSV
3LQWOHPRXQWHG00* UHTXLUHVDVVLVWDQW 5DQJH
6KRWV 6KRWV
5DQJH

' 3HQ

3HQ
6SHFLDO
6KRWV
QD)ODPHWKURZHU
)URQWDUF
+(
5HFRQ7URRSV 3HQ
QD
6SHFLDO
$VVDXOW
+( 5HDUDUF
+RZLW]HU+( 2UGHU'LFH 7RWDO3RLQWV
4W\ ZLWK5LIOH
&RD[LDO00*
ZLWK6XEPDFKLQHJXQ
ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
%HKLQGHQHP\OLQHV UHTXLUHVORDGHU
UHTXLUHVORDGHU 5DQJH

QD 6SHFLDO
QD $VVDXOW
%HKLQGHQHP\OLQHV QD
QD )ODNGHJUHHDUF
1&2ZLWK5LIOH 1&2ZLWK5LIOH
&DQDGLDQ3LQWOHPRXQWHG+0*
&UHZFDUULHG00*
&RD[LDO00*
ZLWK6XEPDFKLQHJXQ
&RD[LDO00* UHTXLUHVDVVLVWDQW 7$1.6$1'63*816

3/$7221
63(&,$/58/(6

QD )ODNGHJUHHDUF
' QD
QD
QD )ODPHWKURZHU 2UGHU'LFH
''D\%ULWLVK
GHJUHHDUF&UHZILUHG00*
$VVDXOW &DQDGLDQS 7RWDO3RLQWV
1&2ZLWK5LIOH &$1/2$1
ZLWK5LIOH
&$1/2$1 &DQDGLDQ)28
&DQDGLDQ)28
,QIDQWU\ZLWK5LIOH
5HFRQ7URRSV UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
$50285('&$56
7$1.6$1'63*816
QD
'
:KHHOHG QD &$1/2$1

)ODPHWKURZHU
5HFRQ7URRSV &DQDGLDQ)28
QD &$1/2$1
5HFFH &DQDGLDQ)28
,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
:DVS,,&
:DVS,,& )RUZDUGIDFLQJ00*
ZLWK5LIOH PP+RZLW]HU
6KHUPDQ9% $UPLHVRI*UHDW%ULWDLQSDJH
7$1.6$1'63*816
3/$7221 QD
QD 7DQNKXQWHUV QD
QD)URQWDUF 9HWHUDQ
5HJXODU
,QH[SHULHQFHG
5HJXODU

$UFKHU633'5
&$1/2$1 ''D\%ULWLVK
''D\%ULWLVK
,QIDQWU\ZLWK5LIOH &DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ2IILFHUV
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ :HVWHUQ'HVHUWSDJH
UHTXLUHVORDGHU
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJHIXOOVWUHQJWK
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
,1)$175<

7$1.6$1'63*816 61,3(5 &$1/2$1 &DQDGLDQ2IILFHUV
+( 5HJXODU
,QH[SHULHQFHG

4W\,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
:HDSRQV UHTXLUHVORDGHU
UHTXLUHVORDGHU
2)),&(5
&DQDGLDQ,QIDQWU\'LYLVLRQQD QD
&KXUFKLOO$95( &$1/2$1
9HKLFOH
:HDSRQV
:HDSRQV :DVS,,&
&RD[LDO00* 1RUPDQG\
&KXUFKLOO$95( 1RUPDQG\
''D\2YHUORUGSDJH
&DQDGLDQ2IILFHUV
UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
''D\%ULWLVK
''D\%ULWLVK
5DQJH
&DQDGLDQ6HFWRUVSDJH 7\SH

''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
''D\2YHUORUGSDJH 5DQJH
7UDQV
6KRWV
,1)$175<648$'6
5DQJH
63(&,$/58/(6
' 7\SH

7\SH QD
7UDQV
'96SHFLDO
3HQ 7UDQV
6KRWV
)ODPHWKURZHU 3HQ 3HQ
'9
'9 6SHFLDO
QD &$1/2$1
6SHFLDO 5HJXODU
9HWHUDQ
9HWHUDQ
5HJXODU
9HWHUDQ

4W\
4W\ 4W\ :HDSRQV
1&2ZLWK5LIOH
9HKLFOH
1&2ZLWK5LIOH 9HKLFOH ''D\%ULWLVK
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH)5(()25:$5'2%6(59(5
5DQJH
&DQDGLDQ6HFWRUVSDJH
5DQJH
2)),&(5
6KRWV7\SH
5DQJH
,1)$175<648$'6
7\SH 3HQ
QD 6KRWV
6SHFLDO
7UDQV
6KRWV
7UDQV '9 3HQ
QD
3HQ
'9 6SHFLDO
6SHFLDO 9HWHUDQ
,QH[SHULHQFHG
5HJXODU

4W\ 4W\:HDSRQV
:HDSRQV
1&2ZLWK5LIOH
:HDSRQV
9HKLFOH ''D\%ULWLVK :HVWHUQ'HVHUWSDJH 5DQJH
&DQDGLDQ6HFWRUVSDJH
5DQJH
7\SH 6KRWV
5DQJH
IXOOVWUHQJWK
7$1.6$1'63*816
6KRWV
7UDQV 3HQ
61,3(5 '96SHFLDO
3HQ 6KRWV
7DQNKXQWHUV

6SHFLDO 3HQ
QD 6SHFLDO 9HWHUDQ
5HJXODU

4W\ :HDSRQV)RUZDUGIDFLQJSLQWOHPRXQWHG+0*
:HDSRQV
:HDSRQV 4W\ :HDSRQV
4W\ 6KHUPDQ9% PP+RZLW]HU
,QIDQWU\ZLWK5LIOH ''D\%ULWLVK 5DQJH 6KRWV
7UDFNHG 5DQJH
5DQJH

3HQ 6SHFLDO
)URQWDUF)ODN
6KRWV
6KRWV 3HQ
3HQ
3HQ )URQWDUF)ODN
6SHFLDO
6SHFLDO
6SHFLDO 5HJXODU
,QH[SHULHQFHG
PHQ QD
&DQDGLDQ6HFWRUVSDJH
4W\
&KXUFKLOO$95( 3LQWOHPRXQWHG00*
$UFKHU63SGU
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH
:HDSRQV
1&2ZLWK5LIOH 1RUPDQG\
,QIDQWU\ZLWK5LIOH
6QLSHUWHDP ''D\%ULWLVK
&DQDGLDQ6FRXW6QLSHU7HDP:HDSRQV &DQDGLDQ6HFWRUVSDJH
''D\2YHUORUGSDJH
''D\%ULWLVK
5DQJH
5DQJH
''D\%ULWLVK 6KRWV7UDFNHG
6KRWV 3HQ
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH QD
3HQ 6SHFLDO
QD 6SHFLDO
7HDP
QD )ODNGHJUHHDUF
2SHQWRSSHG&UHZILUHG00*
6QLSHU 5HJXODU
9HWHUDQ
5HJXODU
6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO

4W\ 4W\ :DVS,,&
1&2ZLWK5LIOH
&KXUFKLOO$95(
1&2ZLWK5LIOH
6HFRQG/LHXWHQDQW
:HDSRQV DSSOLTXpDUPRXU
)RUZDUGIDFLQJSLQWOHPRXQWHG00*
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU 7UDFNHG

5DQJH
7UDFNHG
7UDFNHG
6KRWV

QD
3HQ
3HQ
+( 2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ

6SHFLDO
+RZLW]HU+( QD

QD 2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ
)URQWDUF)ODN
6ORZ3HWDUG0RUWDU
2UGHU'LFH 7RWDO3RLQWV
4W\ :HDSRQV 6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU
:HDSRQV
,QIDQWU\ZLWK5LIOH
9HKLFOH
,QIDQWU\ZLWK5LIOH
&KXUFKLOO$95(
1&2ZLWK5LIOH
%HKLQGHQHP\OLQHV UHTXLUHVORDGHU
UHTXLUHVORDGHU

5DQJH
7UDFNHG :KHHOHG
5DQJH
6KRWV7\SH
QD 6KRWV
6SHFLDO
7UDQV
6ORZ3HWDUG0RUWDU
%HKLQGHQHP\OLQHV
QD 6SHFLDO

3HQ

'9
QD 5HFFH
+( 5HDUDUF
,QIDQWU\ZLWK5LIOH
4W\ )RUZDUGIDFLQJ)ODPHWKURZHU

6HFRQG/LHXWHQDQW :DVS,,&
,QIDQWU\ZLWK5LIOH
)LUVW/LHXWHQDQW
ZLWK3LVWRO
&RD[LDO00*
1&2ZLWK5LIOH
&UHZFDUULHG00*
:HDSRQV VPDOOYHKLFOH
DSSOLTXpDUPRXU
UHTXLUHVDVVLVWDQW
7XUUHWPRXQWHGPHGLXPDQWLWDQNJXQ 3/$7221
61,3(5
7UDFNHG

5DQJH '

6PDOOYHKLFOHIODPHWKURZHU)URQWDUF
QDQD
'

'
6KRWV
+(
QD

QD
QD
3HQ 6PDOOYHKLFOHIODPHWKURZHU)URQWDUF
2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ
+RZLW]HU+(
$VVDXOW
)ODPHWKURZHU
+( 2UGHU'LFH
6QLSHUZLWKULIOH
6SHFLDO 7RWDO3RLQWV
6QLSHUWHDP ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
7XUUHWPRXQWHGKHDY\KRZLW]HUUHTXLUHVORDGHU
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
5HFRQ7URRSV UHTXLUHVORDGHU QD
)5(()25:$5'2%6(59(5

+(7HDP PHQ
+RZLW]HU+(
5HFRQ7URRSV QD 6QLSHU
SLVWRO6SRWWHUZLWKSLVWRO
)RUZDUGIDFLQJ/LJKWPRUWDU
&RD[LDO00*
ZLWK6XEPDFKLQHJXQ
ZLWK3LVWRO
:DVS,,& )RUZDUGIDFLQJ00*
&KXUFKLOO$95(
&RD[LDO00*
)RUZDUGIDFLQJ)ODPHWKURZHU
UHTXLUHVORDGHU VPDOOYHKLFOH

3/$7221
63(&,$/58/(6
7UDFNHG


QD +(
QD ,QGLUHFWILUH+(
'
$VVDXOW
)URQWDUF

+(
QD
QD

QD
QD
$VVDXOW )URQWDUF
,QGLUHFWILUH+(
6ORZ3HWDUG0RUWDU 2UGHU'LFH
)URQWDUF
6PDOOYHKLFOHIODPHWKURZHU)URQWDUF ,QH[SHULHQFHG 7RWDO3RLQWV

''D\%ULWLVK
%HKLQGHQHP\OLQHV
,QIDQWU\ZLWK5LIOH
&RD[LDO00* &DQDGLDQ6HFWRUVSDJH
UHTXLUHVDVVLVWDQW
''D\%ULWLVK
UHTXLUHVORDGHU
'
7$1.6$1'63*816
''D\%ULWLVK )5(()25:$5'2%6(59(5
&DQDGLDQ6HFWRUVSDJH
QD
&DQDGLDQ6HFWRUVSDJH )ODPHWKURZHU
'
QD %HKLQGHQHP\OLQHV )ODPHWKURZHU 9HWHUDQ
5HJXODU
)RUZDUGIDFLQJ00*
ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
&DQDGLDQ3LQWOHPRXQWHG+0* 3/$7221
2)),&(5
)5(()25:$5'2%6(59(5


$VVDXOW +( QD
)ODNGHJUHHDUF,QGLUHFWILUH+(
)URQWDUF )URQWDUF
2UGHU'LFH
''D\%ULWLVK &DQDGLDQS 7RWDO3RLQWV
4W\ &RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLF
9HKLFOH
:HDSRQV
:HDSRQV
)RUZDUGIDFLQJ00*
5HFRQ7URRSV UHTXLUHVORDGHU
:HVWHUQ'HVHUWSDJH
UHTXLUHVORDGHU
''D\%ULWLVK
&KXUFKLOO$95( 1RUPDQG\ ''D\2YHUORUGSDJH 5DQJH

''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK IXOOVWUHQJWK
7$1.6$1'63*816

6KRWV
5DQJH 7\SH

61,3(5
3HQ
&DQDGLDQ6HFWRUVSDJH
QD 7UDQV

6SHFLDO
6KRWV
)URQWDUF
5HFRQ7URRSV
7DQNKXQWHUV '9
QD
+(
3HQ +RZLW]HU+(
6SHFLDO 5HJXODU
9HWHUDQ
5HJXODU
5HJXODU

4W\
:DVS,,& :HDSRQV
&$1/2$1
ZLWK5LIOH
:DVS,,&:HDSRQV
$UFKHU633'5 &DQDGLDQ2IILFHUV
''D\%ULWLVK ''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH &DQDGLDQ,QIDQWU\'LYLVLRQ
&DQDGLDQ6HFWRUVSDJH 63(&,$/58/(6
63(&,$/58/(6
3/$7221
5DQJH
2)),&(5
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 75$1632576
6KRWV 3HQ 6SHFLDO
&$1/2$1 &DQDGLDQ2IILFHUV ,QH[SHULHQFHG
5HJXODU
9HWHUDQ
,QH[SHULHQFHG

6QLSHUWHDP
:HDSRQV
:HDSRQV
:DVS,,&
&DQDGLDQ6FRXW6QLSHU7HDP ''D\%ULWLVK
''D\%ULWLVK
)LUVW/LHXWHQDQW
9HKLFOH &DQDGLDQ6HFWRUVSDJH
UHTXLUHVDVVLVWDQW
''D\%ULWLVK
5DQJH
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
7\SH 6KRWV
5DQJH
7$1.6$1'63*816
'
&DQDGLDQ6HFWRUVSDJH
7UDQV QD
3HQ 7HDP
'96SHFLDO
PHQ
6KRWV 3HQ 6SHFLDO
)ODPHWKURZHU QD 6QLSHU 6QLSHUZLWKULIOH 5HJXODU
9HWHUDQ
9HWHUDQ

$VVDXOW
4W\
4W\
&KXUFKLOO$95(
4W\ 4W\$VVDXOW
:HDSRQV
:HDSRQV 0+DOI7UDFN
:HDSRQV
9HKLFOH
)RUZDUGIDFLQJSLQWOHPRXQWHG+0*
&$1/2$1
9HKLFOH
1&2ZLWK5LIOH&DQDGLDQ)28
&DQDGLDQ2IILFHUV
)RUZDUGIDFLQJ00*
%HKLQGHQHP\OLQHV
1&2ZLWK5LIOH
:HDSRQV
9HKLFOH
:HDSRQV
1&2ZLWK5LIOH 1RUPDQG\

ZLWK3LVWRO
)LUVW/LHXWHQDQW ''D\2YHUORUGSDJH
5DQJH
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 7\SH

5DQJH
7\SH
5DQJH
2)),&(5
6KRWV
5DQJH
,1)$175<648$'6
7UDQV
5DQJH
6KRWV
6KRWV
7UDQV
7\SH
3HQ

7\SH QD '9
3HQ
'9
3HQ
6SHFLDO
6KRWV
7UDQV
&$1/2$1
7UDQV
6KRWV 3HQ
%HKLQGHQHP\OLQHV
6SHFLDO
6SHFLDO

7DQNKXQWHUV
3HQ
'9
'9
QD
QD
6SHFLDO
&DQDGLDQ2IILFHUV
)URQWDUF)ODN
&DQDGLDQ)28
6SHFLDO
)URQWDUF
$VVDXOW
,QH[SHULHQFHG
5HJXODU
,QH[SHULHQFHG

S
S 7KLVZHDSRQVXIIHUVQRSHQDOW\
7KLVZHDSRQVXIIHUVQRSHQDOW\ WRKLWZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
WRKLW ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
4W\
4W\4W\ :HDSRQV
4W\)LUVW/LHXWHQDQW
:HDSRQV
6HFRQG/LHXWHQDQW
:HDSRQV ''D\%ULWLVK
9HKLFOH &DQDGLDQ6HFWRUVSDJH 5DQJH 6KRWV
&DQDGLDQ6HFWRUVSDJH
5DQJH 5DQJH
6KRWV7\SH
2)),&(5
5DQJH 3HQ3HQ 6KRWV
6SHFLDO
7UDQV
6KRWV
6SHFLDO '9 3HQ
3HQ 6SHFLDO
:DVS,,& 4W\ :DVS,,&
)LUVW/LHXWHQDQW
1&2ZLWK5LIOH
:HDSRQV
5HFRQ7URRSV
9HKLFOH
DSSOLTXpDUPRXU
,QIDQWU\ZLWK5LIOH
''D\%ULWLVK
,QIDQWU\ZLWK5LIOH
&KXUFKLOO$95(
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
6QLSHUWHDP
1&2ZLWK5LIOH
ZLWK3LVWRO
SDJH
SDJH
5DQJH

7UDFNHG
7\SH
,1)$175<
7UDFNHG
,1)$175<648$'6
6KRWV
63(&,$/58/(6
7UDQV
3HQ
QD
'9 PHQ
6SHFLDO
5HFRQ7URRSV
6ORZ3HWDUG0RUWDU
7HDP
$VVDXOW

QD6QLSHU
QD
QD
5HJXODU
,QH[SHULHQFHG
$VVDXOW6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO
:KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO

4W\
4W\ :HDSRQV 4W\ :HDSRQV
ZLWK3LVWRO
$UFKHU63SGU
:HDSRQV
6HFRQG/LHXWHQDQW VPDOOYHKLFOH 5DQJH
5DQJH
5DQJH

7UDFNHG 6KRWV
6KRWV '
)URQWDUF)ODN
$VVDXOW 3HQ
3HQ

3HQ
6SHFLDO
6SHFLDO
)URQWDUF)ODN
6PDOOYHKLFOHIODPHWKURZHU)URQWDUF 9HWHUDQ

4W\ :HDSRQV
ZLWK3LVWRO
,QIDQWU\ZLWK5LIOH
9HKLFOH
ZLWK5LIOH
%HKLQGHQHP\OLQHV
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
''D\%ULWLVK
''D\%ULWLVK
)RUZDUGIDFLQJSLQWOHPRXQWHG00* UHTXLUHVORDGHU&DQDGLDQ6HFWRUVSDJH
UHTXLUHVORDGHU
UHTXLUHVORDGHU
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH

6KRWV
7\SH
7$1.6$1'63*816

IXOOVWUHQJWK
3HQ
&DQDGLDQ6HFWRUVSDJH
QD
+(
QD 6SHFLDO
7UDQV
)URQWDUF)ODN
+RZLW]HU+(
%HKLQGHQHP\OLQHV
$VVDXOW QD
QD
'9
QD
$VVDXOW
5HJXODU

&$1/2$1 DSSOLTXpDUPRXU
:DVS,,& 0+DOI7UDFN
6HFRQG/LHXWHQDQW
:DVS,,& DSSOLTXpDUPRXU
ZLWK6XEPDFKLQHJXQ
ZLWK3LVWRO
ZLWK6XEPDFKLQHJXQ
1&2ZLWK5LIOH
:HDSRQV 7UDFNHG
5DQJH +DOIWUDFN
7UDFNHG
6KRWV
6KRWV

3HQ
3HQ
6SHFLDO 2SHQWRSSHG

+(
QD 2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ
$VVDXOW
6SHFLDO +(
$VVDXOW 5HDUDUF
,QGLUHFWILUH+( )URQWDUF
4W\ 6KHUPDQ9% :HDSRQV
%HKLQGHQHP\OLQHV
:DVS,,&
&KXUFKLOO$95(
4W\ ,QIDQWU\ZLWK)ODPHWKURZHU
&RD[LDO00*
:HDSRQV &DQDGLDQ)28
DSSOLTXpDUPRXU
PP+RZLW]HU
&$1/2$1
5HFRQ7URRSV &DQDGLDQ)28
ZLWK5LIOH UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW
UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU 7UDFNHG
7UDFNHG

5DQJH
$50285('&$56
'
)5(()25:$5'2%6(59(5
5DQJH 6KRWV
3HQ
6KRWV

QD )ODPHWKURZHU
QD 6SHFLDO
'
5HFRQ7URRSV 3HQ
QD 6SHFLDO
6ORZ3HWDUG0RUWDU )ODPHWKURZHU &DQDGLDQ)28 5HJXODU
&$1/2$1
ZLWK3LVWRO
ZLWK5LIOH
6HFRQG/LHXWHQDQW 7RZDQ\DQWLWDQNRUDQWLDLUFUDIWJXQOLJKWRUPHGLXPKRZLW]HU
&UHZFDUULHG00*
ZLWK6XEPDFKLQHJXQ
ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH VPDOOYHKLFOH
VPDOOYHKLFOH
:KHQ2XWIODQNLQJLJQRUHWKHPRGLILHUWRWKH2UGHUWHVWIRUFRPLQJRQWRWKHWDEOH '
'9 '
+RZLW]HU+(
$VVDXOW $VVDXOW
QD
QD 6PDOOYHKLFOHIODPHWKURZHU)URQWDUF
YHWHUDQ$UWLOOHU\)RUZDUG2EVHUYHUVPD\EHVHOHFWHGLQDQ\%ULWLVK$LUERUQHVHOHFWRULQ(XURSH,WDO\RU*UHHFHGXULQJH[FHSWGXULQJ0DUNHW GHJUHHDUF&UHZILUHG00*
9HKLFOH
)RUZDUGIDFLQJ00*
1&2ZLWK5LIOH
&$1/2$1 VPDOOYHKLFOH
&DQDGLDQ)28UHTXLUHVDVVLVWDQW 7\SH
''D\%ULWLVK
'
)5(()25:$5'2%6(59(5
7UDQV
63(&,$/58/(6
7$1.6$1'63*816

,1)$175<
'
&DQDGLDQ6HFWRUVSDJH
QD
+(
QD
QD
)URQWDUF
)ODPHWKURZHU
&$1/2$1
)URQWDUF)ODN
&DQDGLDQ)28 ,QH[SHULHQFHG
5HJXODU

4W\
:DVS,,&*DUGHQ&DQDGLDQ)28SHUVRQQHOGRQRWXVH%ULWLVK1DWLRQDO&KDUDFWHULVWLFVLQVWHDGWKH\KDYHWKH'RJJHGDQG+DWHWKH66UXOHV7KHPHQLQWKHWHDPPXVW
&$1/2$1
ZLWK3LVWRO
ZLWK5LIOH
&$1/2$1 3LQWOHPRXQWHG+0*
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH
:DVS,,&
:HDSRQV
9HKLFOH &DQDGLDQ2IILFHUV
&DQDGLDQ)28
&DQDGLDQ)28
DSSOLTXpDUPRXU
''D\%ULWLVK UHTXLUHVORDGHU
&DQDGLDQ6HFWRUVSDJH

5DQJH
63(&,$/58/(6

7UDFNHG
6KRWV

7\SH QD
3HQ +(
6SHFLDO
7UDQV

,QGLUHFWILUH+(
&$1/2$1
$VVDXOW +(
QD

'9 )ODNGHJUHHDUF
$VVDXOW
,QGLUHFWILUH+(
)URQWDUF
&DQDGLDQ)28
&$1/2$1 )URQWDUF )URQWDUF
&DQDGLDQ2IILFHUV
&DQDGLDQ)28 ,QH[SHULHQFHG
4W\ :DVS,,&)RUZDUGIDFLQJ/LJKWPRUWDU
&RD[LDO00*
:HDSRQV
&KXUFKLOO$95( ,QIDQWU\ZLWK5LIOH1RUPDQG\ ''D\2YHUORUGSDJH
''D\%ULWLVK ''D\%ULWLVK
:HVWHUQ'HVHUWSDJH
&DQDGLDQ6HFWRUVSDJH

5DQJH
6KRWV
&DQDGLDQ6HFWRUVSDJH
IXOOVWUHQJWK
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK +(
QD
3HQ ,QGLUHFWILUH+(
6SHFLDO
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
,1)$175< QD 7DQNKXQWHUV 5HJXODU
5HJXODU
9HWHUDQ

&$1/2$1 &DQDGLDQ)28
DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK LI'RJJHHGLVWDNHQIRU)28
4W\ 4W\$VVDXOW
ZLWK5LIOH
9HKLFOH
ZLWK6XEPDFKLQHJXQ
&$1/2$1
6KHUPDQ9%
:HDSRQV PP+RZLW]HU
)RUZDUGIDFLQJ00* UHTXLUHVORDGHU
VPDOOYHKLFOH
''D\%ULWLVK
7UDFNHG
&DQDGLDQ6HFWRUVSDJH
3/$7221
5DQJH
,1)$175<648$'6
,1)$175<
5DQJH 7\SH
QD

QD 6KRWV
7UDQV
$VVDXOW
&$1/2$1
6KRWV ' 3HQ 3HQ
'9 6SHFLDO
&DQDGLDQ2IILFHUV
6SHFLDO 5HJXODU
4W\ :HDSRQV
9HKLFOH
:HDSRQV
9HKLFOH
)LUVW/LHXWHQDQW
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU 5DQJH
7\SH
6KRWV
7\SH&DQDGLDQ6HFWRUVSDJH
7UDQV
5DQJH
7UDQV
63(&,$/58/(6 '9'9)URQWDUF
3HQ
QD 6SHFLDO
6KRWV 3HQ 6SHFLDO
YHWHUDQ$UWLOOHU\)RUZDUG2EVHUYHUVPD\EHVHOHFWHGLQDQ\%ULWLVK$LUERUQHVHOHFWRULQ(XURSH,WDO\RU*UHHFHGXULQJH[FHSWGXULQJ0DUNHW
XQGHU6SHFLDO5XOHV ''D\%ULWLVK 9HWHUDQ
S 7KLVZHDSRQVXIIHUVQRSHQDOW\ WRKLW ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
4W\
4W\
:DVS,,&
:HDSRQV
3LQWOHPRXQWHG00*
4W\ ZLWK5LIOH
:HDSRQV
4W\7XUUHWPRXQWHGPHGLXPKRZLW]HU
:HDSRQV
)LUVW/LHXWHQDQW
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH

''D\%ULWLVK
5DQJH
5DQJH ' 5DQJH
63(&,$/58/(6
,1)$175<648$'6
5DQJH
3HQ
&DQDGLDQ6HFWRUVSDJH
6KRWV
6KRWV
63(&,$/58/(6
+( 6KRWV
63(&,$/58/(6
6KRWV
)ODPHWKURZHU
3HQ+RZLW]HU+(
6SHFLDO
6SHFLDO 3HQ 3HQ
QD
+( 6SHFLDO
)ODNGHJUHHDUF
6SHFLDO
,QGLUHFWILUH+(
*DUGHQ&DQDGLDQ)28SHUVRQQHOGRQRWXVH%ULWLVK1DWLRQDO&KDUDFWHULVWLFVLQVWHDGWKH\KDYHWKH'RJJHGDQG+DWHWKH66UXOHV7KHPHQLQWKHWHDPPXVW
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 2UGHU'LFH 9HWHUDQ 7RWDO3RLQWV
)URQWDUF 5HJXODU
9HWHUDQ

4W\ SDJH
DQ ,Q :KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO
1DWLRQDO&KDUDFWHULVWLFV,QVWHDGWKH\DOZD\VKDYHWKH'RJJHGDQG+DWHWKH66UXOHV
:HDSRQV
)RUZDUGIDFLQJ)ODPHWKURZHU VPDOOYHKLFOH 5DQJH 6KRWV VHHSDJH
3HQ 6SHFLDO 2UGHU'LFH
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH HQFHG7RWDO3RLQWV
&DQDG 4W\ &RD[LDO00*
,QIDQWU\ZLWK5LIOH
:DVS,,& DQ&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ
U\ 6HF RQ ' 'D\ %UVPDOOYHKLFOH
DSSOLTXpDUPRXU
:HDSRQV
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
ZLWK5LIOH UHTXLUHVORDGHU
K &DQDG DQ 6HF RU SDJH
''D\%ULWLVK
5DQJH
''D\%ULWLVK 6KRWV
YHWHUDQ$UWLOOHU\)RUZDUG2EVHUYHUVPD\EHVHOHFWHGLQDQ\%ULWLVK$LUERUQHVHOHFWRULQ(XURSH,WDO\RU*UHHFHGXULQJH[FHSWGXULQJ0DUNHW '
7UDFNHG
2)),&(5
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH

QD 6SHFLDO '
QD
2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ ,QH[SHU9HWHUDQ
9HWHUDQ 9HWHUDQ

&$1/2$1
6QLSHUWHDP
,QIDQWU\ZLWK5LIOH
&$1/2$1 &DQDGLDQ)28
&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFVXQGHU6SHFLDO5XOHV
,QIDQWU\ZLWK)ODPHWKURZHU &DQDGLDQ2IILFHUV UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
$50285('&$56
3/$7221 61,3(5
QD &$1/2$1
7HDP
' PHQ &DQDGLDQ)28
6QLSHU
)ODPHWKURZHU 6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO
4
&DQDG 4W\\
4W\ )RUZDUGIDFLQJ/LJKWPRUWDU
1&2ZLWK5LIOH
:HDSRQV
:HDSRQV
:HDSRQV
,QIDQWU\ZLWK5LIOH 4W\
%HK
1&2ZLWK5LIOH
DQ 6HFRQG
%HKLQGHQHP\OLQHV / :HDSRQV
QG
HX HQHP\
HQDQ QHV UHTXLUHVORDGHU
VPDOOYHKLFOH
UHTXLUHVORDGHU
''D\%ULWLVK
' 'D\ %U K &DQDGLDQ6HFWRUVSDJH
&DQDG DQ 6HF RU
5DQJH
5DQJH

SDJH 7$1.6$1'63*816
6KR
6KRWV
)5(()25:$5'2%6(59(5
5DQJH 6KRWV
V

5DQJH
3HQ QD
3HQ 3HQ 6SHF
6SHFLDO
6KRWV
6SHFLDO D
' +(
QD
3HQ
QD ,QGLUHFWILUH+(
6SHFLDO )URQWDUF
6PDOOYHKLFOHIODPHWKURZHU)URQWDUF ,QH[SHULHQFHG
,QH[SHU HQFHG
&DQDGLDQ6FRXW6QLSHU7HDP )RUZDUGIDFLQJ/LJKWPRUWDU
&$1/2$1
%HKLQGHQHP\OLQHV
%HKLQGHQHP\OLQHV
DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK
,QIDQWU\ZLWK)ODPHWKURZHU &DQDGLDQ)28 UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW

,1)$175<
'
PD\EHVHOHFWHGLQDQ\%ULWLVK$UP\VHOHFWRULQ$IULFD,WDO\1:(XURSHRU6RXWKHDVW$VLDLQH[FHSWIRU&RPPDQGRV&DQDGLDQRIILFHUVGRQRWXVH
$UPLHVRI*UHDW%ULWDLQSDJH ''D\%ULWLVK 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
+()ODPHWKURZHU
,QGLUHFWILUH+(
%HKLQGHQHP\OLQHV )URQWDUF
&$1/2$1 &DQDGLDQ)28,QH[SHULHQFHG 9HWHUDQ
5HJXODU

:KHQ 2X DQN QJ JQR LI'RJJHHGLVWDNHQIRU)28
H KH&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
PRG H R KH5DQJH 2 &DQDGLDQ,QIDQWU\'LYLVLRQ
GH HV 6KRWV R' FRP
4 )UHH&DQDGLDQ)RUZDUG2EVHUYHU$UWLOOHU\
4W\
,QIDQWU\ZLWK5LIOH
:KHQ2XWIODQNLQJLJQRUHWKHPRGLILHUWRWKH2UGHUWHVWIRUFRPLQJRQWRWKHWDEOH
$UFKHU633'5
4W\ :HDSRQV
1&2)RUZDUGIDFLQJ/LJKWPRUWDU
Z K5
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
\ &UHZILUHG00*
:HDSRQV
1&2ZLWK5LIOH H 1&2ZLWK5LIOH UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW
''D\%ULWLVK
:HDSRQV

6KR
)5(()25:$5'2%6(59(5

,1)$175<
5DQJH
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
5DQJH 6KRWV
V Q
3HQ

QD
3HQ DQJ
QDRQ 6SHF R KH
6SHFLDO
)ODPHWKURZHU
'
6KR
6SHFLDO
D V DEQD
VHHSDJH
H )ODPHWKURZHU
QD
+(
3HQ ,QGLUHFWILUH+(
6SHF D GH ' FH,QH[SHULHQFHG
2UGHU'LFH
2)URQWDUF
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH 5HJXODU 7RWDO3RLQWV
7RWDO3RLQWV
7R D 3R Q V
7RWDO3RLQWV

9HKLFOH
:HDSRQV
5HFRQ7URRSV
XQGHU6SHFLDO5XOHV ''D\%ULWLVK 5DQJH
2)),&(5 7\SH
61,3(5 7UDQV
6KRWV
5HFRQ7URRSV
7DQNKXQWHUV '9
3HQ 6SHFLDO 9HWHUDQ
9HKLFOH
6HFRQG
6HFRQG DQ \ /
6HFRQG/LHXWHQDQW /
Z HX
HX HQDQ
HQDQ ,QIDQWU\ZLWK5LIOH UHTXLUHVORDGHU 63(&,$/58/(6
3/$7221
3/$7221
3/$7221
7\SH 7UDQV QD
'9
QD 9HWHUDQ
4W\ Q,QIDQWU\ZLWK5LIOH
:HDSRQV K5
,QIDQWU\ZLWK5LIOH H
7KHFUHZFDQHLWKHUVKRRWWKHPDLQJXQRUWKH00*EXWQRWERWK
(QWLUHVTXDGHTXLSSHGZLWKDQWLWDQNJUHQDGHV UHTXLUHVORDGHU

5DQJH Q3HQ
&DQDGLDQ6HFWRUVSDJH QDDQD 7HDP 6KRWV
7DQNKXQWHUV 3HQ 6SHFLDO 5HJXODU

4W\ &RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFVXQGHU6SHFLDO5XOHV
:HDSRQV ''D\%ULWLVK ''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
63(&,$/58/(6
5DQJH
&DQDGLDQ6HFWRUVSDJH 6KRWV 3HQ 6SHFLDO6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO 5HJXODU
4W\ 6QLSHUWHDP
:HDSRQV
1&2ZLWK5LIOH
&$1/2$1
&DQDGLDQ6HFRQG/LHXWHQDQW &$1/2$1
&DQDGLDQ)28 ''D\%ULWLVK
&DQDG &DQDGLDQ6HFWRUVSDJH
DQ )28 &DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK
5DQJH 6KRWV
7$1.6$1'63*816
&DQDGLDQ6HFWRUVSDJH QD 6SHFLDO PHQ QD 6QLSHU 9HWHUDQ
,QH[SHULHQFHG

$VVDXOW ''D\%ULWLVK
4W\
&DQDG
4W\ 4W\
:HDSRQV
Z
$VVDXOW:HDSRQV
&$1/2$1
1&2ZLWK5LIOH
DQ K
ZLWK3LVWRO
:HDSRQV 3,Q V DQ
R U\ &DQDGLDQ)28
)LUVW/LHXWHQDQW
Z 6HF
:HDSRQV
&$1/2$1 K 3 V
3LQWOHPRXQWHG00* R ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
RQ
&DQDGLDQ2IILFHUV
''D\%ULWLVK
' 'D\ %U UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
K &DQDG DQ UHTXLUHVORDGHU
&DQDGLDQ6HFWRUVSDJH
6HF RU
''D\%ULWLVKSDJH &DQDGLDQ,QIDQWU\'LYLVLRQ
5DQJH&DQDG

DQ 6KRWV
' Q
5DQJH
&DQDGLDQ6HFWRUVSDJH
5DQJH
5DQJH

DQ

3HQ
\
QD
'
QD Y 6KRWV
6SHFLDO
$VVDX
$VVDXOW
V RQ
6KRWV
)ODPHWKURZHU
6KRWV 3HQ
3HQ
3HQ 6SHFLDO
QD
QD
6SHFLDO
$VVDX
6SHFLDO
)ODNGHJUHHDUF
5HJXODU
9H HUDQ
9HWHUDQ

4W\ 4W\ %HKLQGHQHP\OLQHV
&KXUFKLOO$95(
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
:HDSRQV YH H
1RUPDQG\DQ $ H \ )R ZD G 2EVH YH V PD\ EH VH HF
5DQJH HG Q DQ\ 6KRWV
S:HDSRQV ''D\2YHUORUGSDJH %
7KLVZHDSRQVXIIHUVQRSHQDOW\ WRKLW ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
5DQJH VK QD
3HQ $ %HKLQGHQHP\OLQHV
ER
6SHFLDO
6KRWV QH VH HF QD
3HQ R Q (X
6SHFLDO RSH D \ R * HHFH GX QJ
5HJXODU H[FHS GX QJ 0D NH
([WUD&UHZ
([WUD&UHZ
\ PD\EHVHOHFWHGLQDQ\%ULWLVK$UP\VHOHFWRULQ$IULFD,WDO\1:(XURSHRU6RXWKHDVW$VLDLQH[FHSWIRU&RPPDQGRV&DQDGLDQRIILFHUVGRQRWXVH
4 4W\
4W\
S
Z Z$UFKHU63SGU
:HDSRQV
KK7KLVZHDSRQVXIIHUVQRSHQDOW\
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH 6XEPDFK
ZLWK6XEPDFKLQHJXQ *D QH
:HDSRQV
1&2ZLWK5LIOH
)LUVW/LHXWHQDQW
SDJH
9HKLFOH 6XEPDFK
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
6QLSHUWHDP QH
GHQ
6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU ,QIDQWU\ZLWK)ODPHWKURZHU
JXQ
ZLWK3LVWRO JXQ&DQDG DQUHTXLUHVDVVLVWDQW WRKLW
UHTXLUHVDVVLVWDQW
)28 SH VRQQH
UHTXLUHVORDGHU GR QR XVH %5DQJH 1D 6KR
VK

RQD '
6KRWV 5DQJH
:KHHOHG'
5HFRQ7URRSV :KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO
7\SH 7UDQV
7UDFNHG
V&KD

3HQ QD

3HQ
'9
QDDF6SHF 6KRWV
ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
UHTXLUHVDVVLVWDQW 2)),&(5 $VVDX
$VVDXOW
H)ODPHWKURZHU
6SHFLDO
V FV
7DQNKXQWHUV
)ODPHWKURZHU
5HFRQ7URRSV
7HDP
D QV3HQ
'
PHQ

QD
HDG
QD

QD
)ODPHWKURZHU
6SHFLDO
$VVDXOW
$VVDX
KH\
5HFFH
6QLSHU KDYH KH 'RJJHG DQGSLVWRO6SRWWHUZLWKSLVWRO
6QLSHUZLWKULIOH +D H KH 66 X HV 7KH PHQ Q KH HDP PX
1&2ZLWK5LIOH
7KH:DVS,,&FDQILUHHLWKHUWKHSLQWOHPRXQWHGPDFKLQHJXQRUWKHOLJKWPRUWDULQDGGLWLRQWRWKHIODPHWKURZHUEXWQRWERWK
&DQDG 6HFRQG/LHXWHQDQW
SDJH 5 H:KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO
Z5HDUIDFLQJVXSHUKHDY\DQWLWDQNJXQ
1&2ZLWK5LIOH
&DQDGLDQ6HFRQG/LHXWHQDQW KK5Z
,QIDQWU\ZLWK5LIOH
Z DQ
ZLWK5LIOH 6HFRQG KH5 &DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ
D VR/H EH HX XSJ HQDQDGHG R 6 XEERUHTXLUHVORDGHU
%U KQ D&DQDGLDQ6HFWRUVSDJH
S V DQ
HDFK
'RJJHHG V6KRWV
DNHQ QD
RD )28
VHHSDJH QD
QD HF +( KH 5HDUDUF
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH
DQ X HV RP KH,QH[SHULHQFHG ,QH[SHU HQFHG K 1D9HWHUDQ
4W\ &DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ
1&2
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
1&2ZLWK5LIOH
ZLWK3LVWRO
,QIDQWU\ZLWK5LIOH
:HDSRQV
%HKLQGHQHP\OLQHV
,QIDQWU\ZLWK5LIOH
''D\%ULWLVK
' 'D\
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW LI'RJJHHGLVWDNHQIRU)28
&DQDG 6HF RU5DQJH
''D\%ULWLVK
LI'RJJHHGLVWDNHQIRU)28
SDJH
''D\%ULWLVK 63(&,$/58/(6
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
7$1.6$1'63*816

Q3HQ
QD $VVDXOW 6SHFLDO
' 1R H QD 6H
+(
$VVDXOW &DQDG
&DQDGLDQ6HFWRUVSDJH
%HKLQGHQHP\OLQHV )ODPHWKURZHU
&RPPRQZHD
9HWHUDQ
9HWHUDQ RQD &KD DF H V

ZLWK3LVWRO
&UHZFDUULHG00*
,QIDQWU\ZLWK5LIOH
XQGHU6SHFLDO5XOHV XQGH 6SHF D 5X HV QDQD $VVDXOW
4W\ 44W\ :HDSRQV
:HDSRQV
&$1/2$1
4W\ Q&$1/2$1
DQ \ ZPP+RZLW]HU
:HDSRQV K4W\
\ &$1/2$1
&$1/2$1 H:HDSRQV
5&DQDGLDQ)28
&DQDG DQ
&DQDGLDQ2IILFHUV
ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ&DQDG DQ22 FH FH VVUHTXLUHVORDGHU
UHTXLUHVORDGHU
:HVWHUQ'HVHUWSDJH

5DQJH

5DQJH 6KRWV
)5(()25:$5'2%6(59(5
6KR
6KRWV
IXOOVWUHQJWK 5DQJH
6KRWV 3HQ
V5DQJHQD
Q3HQ D 6SHFLDO
3HQ 6KRWV
6SHF6KRWV
&$1/2$1
&$1/2$1
6SHFLDO
$VVDXOW D 3HQ 3HQ3HQ
QD 6SHFLDO
&DQDG 6SHFLDO DQ 2 FH &DQDG
&DQDGLDQ2IILFHUV
&$1/2$1 V DQ 2 FH V5HJXODU 5HJXODU
6KHUPDQ9% &RD[LDO00*
&KXUFKLOO$95(
XQGHU6SHFLDO5XOHV
)ODN
)ODN
%HKLQGHQHP\OLQHV
5HFRQ7URRSV
ZLWK6XEPDFKLQHJXQ $UPLHVRI*UHDW%ULWDLQSDJH
UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU 7UDFNHG

63(&,$/58/(6
'
QD 6ORZ3HWDUG0RUWDU
)ODPHWKURZHU
5HFRQ7URRSV QD
$VVDXOW
:DVS,,&
4W\ YHWHUDQ$UWLOOHU\)RUZDUG2EVHUYHUVPD\EHVHOHFWHGLQDQ\%ULWLVK$LUERUQHVHOHFWRULQ(XURSH,WDO\RU*UHHFHGXULQJH[FHSWGXULQJ0DUNHW
6HFRQG/LHXWHQDQW
6HFRQG/LHXWHQDQW
6HFRQG
Q
:HDSRQV DQ
1&2ZLWK5LIOH\ ''D\%ULWLVK
/Z HX
K
&$1/2$1
1&2ZLWK5LIOH
ZLWK5LIOH
9HKLFOH HQDQ
/ JK 1&2ZLWK5LIOH
0DFK
&DQDGLDQ)28 QH JXQ UHTXLUHVORDGHU
&DQDGLDQ6HFWRUVSDJH
UHTXLUHVDVVLVWDQW
HTX
UHTXLUHVDVVLVWDQW HV
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW RDGH ''D\%ULWLVK
,1)$175<648$'6

)5(()25:$5'2%6(59(5
5DQJH

,1)$175<6KRWV'

&DQDGLDQ6HFWRUVSDJH
7\SH7$1.6$1'63*816
7UDQV
$OOHQHP\XQLWVQRWFXUUHQWO\GRZQDXWRPDWLFDOO\ILUHDWWKHDWWDFNLQJDLUFUDIWLILWLVZLWKLQWKHLUILULQJDUFDQGUDQJHUHJDUGOHVVRIZKHWKHUWKH\KDYHDOUHDG\
'9 Q
3HQ
QD
+( D 648$'6
QD 6SHFLDO
'
'

)ODPHWKURZHU
+RZLW]HU+( QD
QD

)ODPHWKURZHU
&$1/2$1
)ODPHWKURZHU &DQDGLDQ)28 ,QH[SHULHQFHG
5HJXODU

&UHZILUHG00*
&$1/2$1
ZLWK5LIOH &$1/2$1
&DQDGLDQ2IILFHUV UHTXLUHVDVVLVWDQW
&DQDG DQ 2:HVWHUQ'HVHUWSDJH
FHUV IXOOVWUHQJWK
7$1.6$1'63*816
,QIDQWU\ZLWK)ODPHWKURZHU ' 7DQNKXQWHUV
&DQDG 4W\ 9HKLFOH
&$1/2$1
ZLWK3LVWRO
:HDSRQV
Z ZLWK3LVWRO
K 3,Q V
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH DQ
R
)UHH&DQDGLDQ)RUZDUG2EVHUYHU$UWLOOHU\ U\ &DQDGLDQ2IILFHUV
6HF ,QIDQWU\ZLWK5LIOH
RQ
,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK)ODPHWKURZHU UHTXLUHVDVVLVWDQW )5(()25:$5'2%6(59(5
)5((

)25:$5' 5DQJH
,1)$175<
7\SH
WDNHQDQDFWLRQRUQRWWKDWWXUQ)ODNILUHGRHVQRWUHTXLUHDQDFWLRQ/LQHRIVLWHLJQRUHG5ROOVWRKLWDLUFUDIWDUHDOZD\VDWDSHQDOW\)ULHQGO\IODNXQLWVPXVW
DQ
63(&,$/58/(6 3HQ
QD 7UDQV
$VVDXOW
6KRWV
2%6(59(5
QDRSH $VVDX 3HQ'9
QD 6SHFLDO
$VVDXOW
$VVDXOW 5HJX
9H HUDQ
9HWHUDQ
5HJXODU DU
QR X
&$1/2$1 &DQDGLDQ)28 \' )ODPHWKURZHU
&$1/2$1 &DQDGLDQ)28
4W\ :HDSRQV ' 'D\ %U
''D\%ULWLVK K &DQDG DQ 6HF
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK RU SDJH
&DQDGLDQ6HFWRUVSDJH
$UFKHU633'5
4W\ &RD[LDO00* PD\
&KXUFKLOO$95(:HDSRQV $UPLHVRI*UHDW%ULWDLQSDJH
1RUPDQG\EH VH HF HG
(QWLUHVTXDGHTXLSSHGZLWKDQWLWDQNJUHQDGHV ''D\2YHUORUGSDJH HF R Q5DQJH
P\ VH''D\%ULWLVK
Q DQ\ % VK $ LI'RJJHHGLVWDNHQIRU)28 $ D6KRWV 5DQJH
4W\DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK
:HDSRQV
&$1/2$1 &DQDGLDQ2IILFHUV ''D\%ULWLVK 1:
FD&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
5DQJH
QD
(X 6SHFLDOR 6RX3HQ
6KRWV
7DQNKXQWHUV KHDV $V
6SHFLDOD Q &DQDGLDQ2IILFHUV
6KRWV 3HQ 6SHFLDO
&$1/2$1 H[FHS R &RPPDQGRV 9HWHUDQ &DQDG DQ R FH
5HJXODU
,QH[SHULHQFHG
5HJXODU
V GR

WHVWWRKROGWKHLUILUH
WHVWWRKROGWKHLUILUH
&$1/2$1
ZLWK6XEPDFKLQHJXQ
4W\ )LUVW/LHXWHQDQW
:HDSRQV DQ )RUZDUG &DQDGLDQ)28 SDJH
SDJH
UHTXLUHVORDGHU &DQDGLDQ6HFWRUVSDJH
5DQJH IXOOVWUHQJWK
6KR
6KRWV VDQG
3HQ $VVDXOW
6SHF
6SHFLDO VHHSDJH
D66 QD 5HJXODU
5HJXODU

4 )UHH
4W\
4W\
&DQDG
Z ZLWK6XEPDFKLQHJXQ
K 6XEPDFK
\ XQGHU6SHFLDO5XOHV
,QIDQWU\ZLWK5LIOH
:HDSRQV QHRQD
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ JXQ&KD
6KHUPDQ9%
:HDSRQV
9HKLFOH
)RUZDUGIDFLQJ00* 1DPP+RZLW]HU 2EVHUYHU DF H V $U FV HU\
UHTXLUHVORDGHU
UHTXLUHVORDGHU
QV:HVWHUQ'HVHUWSDJH
:HDSRQV HDG' KH\ 'D\''D\%ULWLVK
D%U ZD\VK 7UDFNHG
KDYH

&DQDG

5DQJH
DQ 6HF 5DQJH
,1)$175<
5DQJH 7\SH
KH&DQDGLDQ6HFWRUVSDJH
'RJJHG
6KRWV RU QD
SDJH
QD QD
+D $VVDX
H6KR
7DQNKXQWHUV
6KRWV
7UDQV
)URQWDUF KH V 3HQ'9X3HQ $VVDXOW
$VVDXOW
6SHF
HV 6SHFLDO
VHH SDJHD 1R H 6H HF KH &DQDG
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH 5HJX DU DQ X HV RP KH
4W\
9HKLFOH
1&2ZLWK5LIOH
)RUZDUGIDFLQJSLQWOHPRXQWHG+0* 7\SH 7UDQV
63(&,$/58/(6
,1)$175<648$'6
:HDSRQV
([WUD&UHZ
ZLWK5LIOH ,QIDQWU\ZLWK)ODPHWKURZHU UHTXLUHVDVVLVWDQW 5DQJH
3HQ
'9

6SHFLDO
6KRWV VHHSDJH
' 3HQ QD

)ODPHWKURZHU
)URQWDUF)ODN
6SHFLDO
4W\
4
4W\\ :HDSRQV
1&2
Z ZLWK3LVWRO
1&2ZLWK5LIOH
ZLWK5LIOH
K
:HDSRQV
:HDSRQV 5Z
)LUVW/LHXWHQDQW HK 5
1&2 ,QIDQWU\ZLWK)ODPHWKURZHU
Z K 5 H
&RPPRQZHD
H
:DVS,,& 1&2ZLWK5LIOH
:HDSRQV
1&2ZLWK5LIOH ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
,QIDQWU\ZLWK5LIOH
K 1D RQD &KD
UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW DF H V FV XQGH
''D\%ULWLVK 5DQJH

6SHF
D

5DQJH

5X6KR6KRWV
HV ' 5DQJH
63(&,$/58/(6 '
&DQDGLDQ6HFWRUVSDJH
6KRWV V 3HQ
3HQ
3HQ
Q

QD
+( D
6SHFLDO
6SHF 6KRWV
)ODPHWKURZHU
)ODPHWKURZHU
QD +RZLW]HU+(
6SHFLDO D 3HQ Q
QD D $VVDXOW
6SHFLDO 9HWHUDQ
9HWHUDQ

)ODPHWKURZHU
)ODPHWKURZHU :HVWHUQ'HVHUWSDJH
:DVS,,& DSSOLTXpDUPRXU ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
IXOOVWUHQJWK
&DQDGLDQ,QIDQWU\6HFWLRQ 7UDFNHG QD&DQDGLDQ2IILFHUV
2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ 5HJXODU
5HJXODU

4W\
)LUVW/LHXWHQDQW
&$1/2$1
ZLWK6XEPDFKLQHJXQ
1&2ZLWK5LIOH
&$1/2$1
Q&$1/2$1
&$1/2$1
)S DQ \HX
,QIDQWU\ZLWK5LIOH
$UFKHU63SGU
Q
&RD[LDO00*
&KXUFKLOO$95(
S \ ZZHQDQ
,QIDQWU\ZLWK5LIOH
9HKLFOH KK55 &DQDGLDQ2IILFHUV
&DQDGLDQ2IILFHUV
4W\ DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK
,QIDQWU\ZLWK5LIOH
HH DQ 2 FH V
&DQDGLDQ2IILFHUV
&DQDG
VDQ)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR'
ZLWK3LVWRO /)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR'
1&2ZLWK5LIOH
:HDSRQV :HVWHUQ'HVHUWSDJH

5DQJH

7\SH
7UDFNHG

63(&,$/58/(6
6KRWV
7UDQV 61,3(5
63(&,$/58/(6
IXOOVWUHQJWK 7UDFNHG

Q D &$1/2$1
QD
3HQ
QD
'9
63(&,$/58/(6
&$1/2$1
$VVDXOW
6SHFLDO
6ORZ3HWDUG0RUWDU QD
Q
QD D $VVDXOW
&$1/2$1
&DQDG &$1/2$1DQ 2 FH&DQDGLDQ2IILFHUV
&DQDGLDQ2IILFHUV
'IRUYHKLFOHIODPHWKURZHU
QD 6SHFLDO
V 5HJXODU
$OZD\VKLWVWRSDUPRXU1R
:HDSRQV
:HDSRQV
)RUZDUGIDFLQJ)ODPHWKURZHU UHTXLUHVORDGHU
VPDOOYHKLFOH 5DQJH 6KRWV 5DQJH 3HQ 6KRWV ' 3HQ QD 6SHFLDO
$VVDXOW6PDOOYHKLFOHIODPHWKURZHU)URQWDUF
4W\ ([WUD&UHZ
,QIDQWU\ZLWK5LIOH
QDQ
:HDSRQV
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH K([
K//JK
Z
:HDSRQV
([WUD&UHZ
UD &UHZ
QZLWK3LVWRO
K 3\\VZRZ &RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLF
ZLWK5LIOH JK 0DFK
1&2ZLWK5LIOH
DQ
)RUZDUGIDFLQJ00*
XQGHU6SHFLDO5XOHV
7XUUHWPRXQWHGKHDY\KRZLW]HU 0DFKQH JXQ HTX
QH''D\%ULWLVKHTX HVHV
JXQ UHTXLUHVORDGHU RDGH
RDGH
:HVWHUQ'HVHUWSDJH

5DQJH ,1)$175<648$'6
,1)$175<
IXOOVWUHQJWK
IXOOVWUHQJWK
:HVWHUQ'HVHUWSDJH
3(1IRUORQJUDQJH*XQVKLHOGDQGH[WUDSURWHFWLRQUXOHVGRQRWDSSO\8QLWVKLWWDNH'SLQVDQGPXVWDOZD\VFKHFNPRUDOH
UHTXLUHVORDGHU &DQDGLDQ6HFWRUVSDJH
:HVWHUQ'HVHUWSDJH
6KRWV 3HQ

QD
QD
+( DIXOOVWUHQJWK
Q648$'6 $VVDX
6SHFLDO
$VVDXOW
)URQWDUF
+RZLW]HU+( QD
Q D
QD +( 5HDUDUF 5HJXODU
9HWHUDQ
5HJXODU
LIIDLOWKHQGHVWUR\HG
LIIDLOWKHQGHVWUR\HG 5HJXODU

)ODN
1&2ZLWK5LIOH 7KH :DVS & FDQ UHTXLUHVORDGHU
H H KH KH S Q H PRXQ HG

PDFK
1&2ZLWK5LIOH $50285('&$56
QH JXQ R

KH QD JK PR D
VHHSDJH Q DGG
QD RQ
+( 6SHFLDO R KH DPH K RZH
,QGLUHFWILUH+( EX QR ER K
)URQWDUF
&DQDG 4W\
4W\ 4W\ Z ZLWK6XEPDFKLQHJXQ
&DQDGLDQ,QIDQWU\6HFWLRQ :HDSRQV
:HDSRQV K
:HDSRQV
ZLWK5LIOH 6XEPDFK 4W\
&UHZFDUULHG00*
DQ
1&2ZLWK5LIOH ,Q
,QIDQWU\ZLWK5LIOH DQ
&DQDGLDQ3LQWOHPRXQWHG+0* U\
)RUZDUGIDFLQJSLQWOHPRXQWHG00* QH
6HF :HDSRQV
)ODPHWKURZHUUROOV'RQLWUXQVRXWRIIXHO:KHQUROOLQJWRGDPDJHYHKLFOHHTXLSSHGZLWKIODPHUWKURZHUDGGWRGDPDJHHIIHFWVFKDUW
&$1/2$1
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ &DQDGLDQ)28
JXQ RQ ''D\%ULWLVK
' 'D\ %UUHTXLUHVORDGHU
UHTXLUHVORDGHU
K &DQDGLDQ6HFWRUVSDJH
&DQDG DQ 6HF RU SDJH
5DQJH
5DQJH
5DQJH

6KRWV
6KRWV
6KRWV 5DQJHQD
3HQ
3HQ 3HQ 6KRWV
6SHFLDO
$VVDX6SHFLDO
)URQWDUF)ODN 3HQ
QD $VVDXOW
&$1/2$1 &DQDGLDQ)28
GHJUHHDUF&UHZILUHG00* 9HWHUDQ
5HJXODU
9H
5HJX HUDQDU

,QIDQWU\ZLWK)ODPHWKURZHUUHTXLUHVDVVLVWDQW
&RD[LDO00* $UPLHVRI*UHDW%ULWDLQSDJH
UHTXLUHVDVVLVWDQW QD
)ODNGHJUHHDUF
QD ' )ODPHWKURZHU ''D\%ULWLVK &DQDGLDQS ,QH[SHULHQFHG
,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
&$1/2$1
ZLWK5LIOH
:HDSRQV ) &DQDGLDQ2IILFHUV

5DQJH 6KRWV
' )ODPHWKURZHU QD
4 :DVS,,&
:DVS,,& Z :HDSRQV
:DVS,,& K 5''D\%ULWLVK
1&2ZLWK5LIOH
&$1/2$1
6QLSHUWHDP
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH H DSSOLTXpDUPRXU
''D\%ULWLVK
)RUZDUGIDFLQJ00*
)ODN DN 1&2ZLWK5LIOH
&DQDGLDQ)28 UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH 7UDFNHG

6KR
$50285('&$56,1)$175<
61,3(5
\ WDNHQDQDFWLRQRUQRWWKDWWXUQ)ODNILUHGRHVQRWUHTXLUHDQDFWLRQ/LQHRIVLWHLJQRUHG5ROOVWRKLWDLUFUDIWDUHDOZD\VDWDSHQDOW\)ULHQGO\IODNXQLWVPXVW
5DQJH
63(&,$/58/(6 V 3HQ QD

QD QD 6SHFLDO
6KRWV
6SHF6KRWV
&$1/2$1
7HDP
'
6KR
)URQWDUF V 3HQ
DPHQ QD

3HQ 6SHFLDO
6SHFLDO
&DQDGLDQ)28
6QLSHU
2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ )ODPHWKURZHU
6SHF D6QLSHUZLWKULIOH ,QH[SHULHQFHG
2UGHU'LFH 9HWHUDQ 7RWDO3RLQWV

)ODN
+(
+( 9HKLFOH
WHVWWRKROGWKHLUILUH
&DQDGLDQ)28
UHTXLUHVORDGHU 63(&,$/58/(6
PD\EHVHOHFWHGLQDQ\%ULWLVK$UP\VHOHFWRULQ$IULFD,WDO\1:(XURSHRU6RXWKHDVW$VLDLQH[FHSWIRU&RPPDQGRV&DQDGLDQRIILFHUVGRQRWXVH 7\SH
QD 7UDQV
7DQNKXQWHUV '9QD

&DQDGLDQ6FRXW6QLSHU7HDP &$1/2$1
1&2ZLWK5LIOH
1&2ZLWK5LIOH $ &DQDG
HHHQHP\DQ SDJH
,QIDQWU\ZLWK5LIOH
XQ)28 V ''D\%ULWLVK
QR FX HQ :HVWHUQ'HVHUWSDJH
\ GRZQ DX ''D\%ULWLVK
RPD FD \7\SH KH3/$7221
HIXOOVWUHQJWK
D&DQDGLDQ6HFWRUVSDJH
D,1)$175< DFN
QJ QD
DD&$1/2$1 D
F6KRWV V3HQQD
QD
ZQQD &$1/2$1
DK6SHFLDO
Q KHDQ )28 &DQDGLDQ)28
QJ D F DQG2UGHU'LFH
DQJH HJD 9HWHUDQ
G5HJXODU
HVV R ZKH7RWDO3RLQWV
KH KH\ KDYH D
:DVS,,& 1&2
&$1/2$1
9HKLFOH Z''D\%ULWLVK
%HKLQGHQHP\OLQHVZ KK55
&UHZILUHG00*
,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK5LIOH
1&2
9HKLFOH
4W\ :HDSRQV
$VVDXOW
S S3(13,1'
3(13,1'
VPDOOYHKLFOH
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW
&DQDGLDQ6HFWRUVSDJH
'LILQEXLOGLQJ
'LILQEXLOGLQJ

7UDQV 5DQJH
' 7\SH
&DQDGLDQ6HFWRUVSDJH
63(&,$/58/(6
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ 61,3(5
Q
'9 QD 7UDQV
%HKLQGHQHP\OLQHV
)ODPHWKURZHU '9 &DQDG
6PDOOYHKLFOHIODPHWKURZHU)URQWDUF ,QH[SHULHQFHG
5HJXODU
9HWHUDQ HDG\

4W\
4W\ Q :HDSRQV
,QIDQWU\ZLWK5LIOH
:HDSRQV
:HDSRQV
,QIDQWU\ZLWK5LIOH
DQ
9HKLFOH
5HFRQ7URRSV \ Z K
)RUZDUGIDFLQJ/LJKWPRUWDU DNHQ
5
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ H DQ DF RQ ''D\%ULWLVK
R QR UHTXLUHVORDGHU
:HDSRQV
Q DQ \ Z K 5 H X &DQDGLDQ6HFWRUVSDJH
KDUHTXLUHVORDGHU
Q ) DN ''D\%ULWLVK
H GRHV QR
UHTXLUHVORDGHU HTX

5DQJH

H DQ ,1)$175<
6KRWVDF
5DQJH
5DQJH
&DQDGLDQ6HFWRUVSDJH7\SH
61,3(5
RQ
,1)$175<
3/$7221 3HQ
Q
QD
+( /QD
D R VVHHSDJH
QH6SHFLDO
6KRWV
7UDQV
6KRWV
5HFRQ7URRSV
,QGLUHFWILUH+(
7DQNKXQWHUV
H JQR 3HQ
'9QD
QD
3HQ Q HG
QD
D 5R1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH
6SHFLDO
6SHFLDO
V R K D F D D H D ZD\V D 5HJXODU
)URQWDUF D SHQD \ ) HQG \ DN
9HWHUDQ

XQ V PX
4W\ S:HDSRQV
9HKLFOH
3LQWOHPRXQWHG00*
7KLVZHDSRQVXIIHUVQRSHQDOW\
&DQDGLDQ6FRXW6QLSHU7HDP ''D\%ULWLVK WRKLW 7\SH 7UDQV 5DQJH '9 6KRWV
:HVWHUQ'HVHUWSDJH
&DQDGLDQ6HFWRUVSDJH IXOOVWUHQJWK 3HQ
QD 6SHFLDO)ODNGHJUHHDUF 5HJXODU
9HWHUDQ

4W\ )ODPHWKURZHU
:HDSRQV
WHVWWRKROGWKHLUILUH
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ HV R KR G KH
SDJH H SDJH 5DQJH 6KRWV 3HQ 6SHFLDO 5HJXODU
4W\ :HDSRQV
6QLSHUWHDP 3UHTXLUHVORDGHU ''D\%ULWLVK 5DQJH
DQ61,3(5
&DQDGLDQ6HFWRUVSDJH
2)),&(5 QD D 7HDP 6KRWV 61,3(5
PHQ 3HQ
6SHFLDO
)URQWDUF)ODN
QQDD6QLSHU
&DQDG 4W\ +( +( QDQ
:HDSRQV
&DQDGLDQ6FRXW6QLSHU7HDP )\\HZ:KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO
1&2ZLWK5LIOH ZGK(QJ
Q,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
:HDSRQV
WHVWWRKROGWKHLUILUH
SDJH
S DQ
1&2ZLWK5LIOH K//JK JK
6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU QHHU
0DFK $VVDX
SDJH
0DFK QH JXQ RQHHU
QH''D\%ULWLVK
JXQ 6HF
UHTXLUHVORDGHU
HTX
HTX HVHV RDGH
RDGH RQ ' 'D\ %U5DQJH
&DQDGLDQ6HFWRUVSDJH
)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR' ''D\%ULWLVK &DQDGLDQ,QIDQWU\'LYLVLRQ
&DQDG 6KRWV
K 7$1.6$1'63*816
&DQDGLDQ6HFWRUVSDJH
:KHHOHG

Q
6HF3HQ
61,3(5 RU )URQWDUF)ODN
6SHFLDO
SDJH QD
QD
5HFFH 6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO
9H HUDQ
9HWHUDQ

4W\ 4W\ ([WUD&UHZ
:HDSRQV
1&2ZLWK5LIOH
:HDSRQV
3LQWOHPRXQWHG00*
:DVS,,&
S DSSOLTXpDUPRXU
3(13,1' 'LILQEXLOGLQJ
5DQJH 6KRWV
5DQJH
7UDFNHG 3HQ 6SHFLDO
6KRWV
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQKLWVRQEXLOGLQJFROODSVHVLWDQGNLOOVDOOLQVLGHQD 6SHFLDO
3HQ
QD
)ODNGHJUHHDUF
2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ 9HWHUDQ 9HWHUDQ
S
&DQDG 3(13,1'
,QIDQWU\ZLWK5LIOH
%HKLQGHQHP\OLQHV
DQ ,Q DQDSSOLTXpDUPRXU 'LILQEXLOGLQJ )5(( 7$1.6
)25:$5'
)5(()25:$5'2%6(59(5 $1' 63 *816
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQKLWVRQEXLOGLQJFROODSVHVLWDQGNLOOVDOOLQVLGH
2%6(59(5
%HKLQGHQHP\OLQHV ,QH[SHULHQFHG
5HJXODU

)U\1RUPDQG\
6HFKURZHU RQ ' 'D\ 9H HUDQ
4 \ 3(1IRUORQJUDQJH*XQVKLHOGDQGH[WUDSURWHFWLRQUXOHVGRQRWDSSO\8QLWVKLWWDNH'SLQVDQGPXVWDOZD\VFKHFNPRUDOH
:DVS,,&
&KXUFKLOO$95(
4W\ ([WUD&UHZ
1&2ZLWK5LIOH
:HDSRQV
,QIDQWU\ZLWK5LIOH
7XUUHWPRXQWHGPHGLXPDQWLWDQNJXQ ''D\%ULWLVK
''D\%ULWLVK
%U K &DQDG
''D\%ULWLVK
''D\2YHUORUGSDJH
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
DQ 6HF RU SDJH
&DQDGLDQ6HFWRUVSDJH5DQJH
7UDFNHG
&DQDGLDQ6HFWRUVSDJH
6KR6KRWV 2)),&(5
63(&,$/58/(6
&DQDGLDQ6HFWRUVSDJH V 3HQ3HQ 6SHF
QD 6SHFLDO D PHQ
)URQWDUF)ODN QD
QD 9HWHUDQ
9HWHUDQ
LIIDLOWKHQGHVWUR\HG
$VVDXOW 1&2ZLWK5LIOH
6QLSHUWHDP
)ODPHWKURZHU DPH
,QIDQWU\ZLWK5LIOH

QD 7HDP 6QLSHU
4W\ )UHH )ODPHWKURZHU
&$1/2$1
1&2ZLWK5LIOH
:HDSRQV
&DQDG DQ 4W\ &DQDGLDQ)28
)RUZDUG :HDSRQV 2EVHUYHU VPDOOYHKLFOH
$U HU\ 5DQJH :KHHOHG
6KRWV 5DQJH
3HQ
5DQJH '
6KRWV DPHQ QD 6SHFLDO
QD

3HQ
3HQ 5HFFH
6PDOOYHKLFOHIODPHWKURZHU)URQWDUF 5HJX DU
&UXVDGHU 44W\
4W\ 1&2:HDSRQV
5HFRQ7URRSV
\ )ODPHWKURZHUUROOV'RQLWUXQVRXWRIIXHO:KHQUROOLQJWRGDPDJHYHKLFOHHTXLSSHGZLWKIODPHUWKURZHUDGGWRGDPDJHHIIHFWVFKDUW
9HKLFOH
,QGLUHFWILUH :HDSRQV Z
,QIDQWU\ZLWK5LIOH K 5 S H
6QLSHUWHDP
1&2ZLWK5LIOH
:DVS,,& ,,, $$ 0N
DSSOLTXpDUPRXU
&RD[LDO00* ,
) $UP
DPH KH VPDOOYHKLFOH
UHTXLUHVORDGHU
''D\%ULWLVK
R
RZH *UHD
V QHYH %U D
VX Q
UHTXLUHVORDGHU H
S)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR'' 'D\ %U
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
SDJH R
)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR'
,QIDQWU\ZLWK5LIOH
%HKLQGHQHP\OLQHV
S
K SHQD K HV
5DQJH

7\SH
5DQJH

7UDFNHG
&DQDG
R
FRYH DQ 6KR
6KRWV

7UDQV
6HF '
6KRWV
&DQDGLDQ6HFWRUVSDJH
R RU
'RZQV

Q3HQ
'9
SDJH
QDD
3HQ
+ 6SHF
V
QD %HKLQGHQHP\OLQHV
6KRWV
5HFRQ7URRSV
6SHFLDO
7HDPPX S HG3HQ
6SHFLDO QD
QD Q R6SHFLDO
6QLSHU
2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ ' 6QLSHUZLWKULIOH
' R YHK F H DPH$OZD\VKLWVWRSDUPRXU1R 1R
'IRUYHKLFOHIODPHWKURZHU$OZD\VKLWVWRSDUPRXU1R K 5HJXODU
,QH[SHULHQFHG
,QH[SHU
RZH HQFHG
$ ZD\V K V RS D

PRX
4W\ +RZLW]HU
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU 'IRUYHKLFOHIODPHWKURZHU
QD
4\ S
4W\ 1&2
Q DQ7KLVZHDSRQVXIIHUVQRSHQDOW\
,QIDQWU\ZLWK5LIOH
:HDSRQV
1&2ZLWK5LIOH
6HFRQG/LHXWHQDQW
:HDSRQV
1&2ZLWK5LIOH
6QLSHUWHDPZ\ Z K 5K3(1
9HK F
6QLSHUWHDP
%HKLQGHQHP\OLQHV
,QIDQWU\ZLWK5LIOH H
)RUZDUGIDFLQJ)ODPHWKURZHU 5 H H 6QLSHUWHDP
R RQJ DQJH *XQ WRKLW
VK
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW
VPDOOYHKLFOH H ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
G DQG H[ D S R 5DQJH

HF5DQJH
RQ

)ODN X HV 6KRWV
6KRWV
GR
7$1.6$1'63*816
6KR
'
$50285('&$56 QR

7\SH
V

DSS
Q 3HQ

+(
3HQ
Q
QDD
D
QD\ 6SHFLDO
6SHF
8Q
7HDP'
,QGLUHFWILUH+(
6SHFLDO
7UDQV
7HDP
%HKLQGHQHP\OLQHV V DKPHQ +(QD

QD
QD
DNH
PHQ
'9QD
6PDOOYHKLFOHIODPHWKURZHU)URQWDUF +(
'
6QLSHU
,QGLUHFWILUH+(
7HDP S
)ODPHWKURZHU
6QLSHU PHQ
)URQWDUF
QV DQG PXV
6QLSHU
6QLSHUZLWKULIOH D
6QLSHUZLWKULIOH )URQWDUF
6QLSHUZLWKULIOH
ZD\V FKHFN PR D H SLVWRO6SRWWHUZLWKSLVWRO
LIIDLOWKHQGHVWUR\HG D KHQ GHV R\HG
SDJH ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
S
)ODN
+( S UHTXLUHVORDGHU
5HFRQ7URRSV &DQHLWKHUVKRRWGLUHFWO\DWDWDUJHWGUDZLQJLWVOLQHRIILUH 7$1.6$1'63*816
RYHURSHQVLJKWV
)5(()25:$5'2%6(59(5 QD LQWKHQRUPDOZD\RULWFDQVKRRWLQGLUHFWILUH:KHQXVLQJLQGLUHFWILUHD
5HFRQ7URRSV LIIDLOWKHQGHVWUR\HG
4
6KHUPDQ9% \ ) Q V
DQ /
)LUVW/LHXWHQDQW
ZLWK3LVWRO\
6HFRQG/LHXWHQDQW HX
,QIDQWU\ZLWK5LIOH
Z
%HKLQGHQHP\OLQHV HQDQ
%HKLQGHQHP\OLQHV
5HFRQ7URRSV K )5
)RUZDUGIDFLQJ/LJKWPRUWDU DPH
&RD[LDO00*
&KXUFKLOO$95(
:HDSRQV H K RZH R V ' RQ
UHTXLUHVORDGHU XQV RX R XH :KHQ
7UDFNHG R
,QIDQWU\ZLWK5LIOH
PP+RZLW]HU %HKLQGHQHP\OLQHV QJ 5DQJH

\ Z K / JK 0DFK QH JXQ HTX
UHTXLUHVDVVLVWDQW HV
UHTXLUHVORDGHU RDGH
$UPLHVRI*UHDW%ULWDLQSDJH ''D\%ULWLVK

63(&,$/58/(6
'
&DQDGLDQ6HFWRUVSDJH R

GDPDJH
Q
QD
Q
+( D
D YHK
6KR
6ORZ3HWDUG0RUWDU

%HKLQGHQHP\OLQHV
)ODPHWKURZHU
%HKLQGHQHP\OLQHV
5HFRQ7URRSV
,QGLUHFWILUH+( F H
V HTX QD
3HQ
QDQDSSHG 6SHF Z
$VVDXOW
K
D
%HKLQGHQHP\OLQHV DPH
)URQWDUF K RZH DGG
2UGHU'LFH R GDPDJH
5HJXODU H HF V FKD
7RWDO3RLQWV

$UFKHU633'5)ODPHWKURZHUUROOV'RQLWUXQVRXWRIIXHO:KHQUROOLQJWRGDPDJHYHKLFOHHTXLSSHGZLWKIODPHUWKURZHUDGGWRGDPDJHHIIHFWVFKDUW
KRZLW]HUKDVDPLQLPXPUDQJHZKHQILULQJRYHURSHQVLJKWVLWKDVQRPLQLPXPUDQJH
DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK $UPLHVRI*UHDW%ULWDLQSDJH
$UPLHVRI*UHDW%ULWDLQSDJH LI'RJJHHGLVWDNHQIRU)28
7$1.6$1'63*816 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
61,3(5 ,QH[SHULHQFHG

S 3(13,1' 'LILQEXLOGLQJ
)UHH&DQDGLDQ)RUZDUG2EVHUYHU$UWLOOHU\ ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ
,QIDQWU\ZLWK)ODPHWKURZHU UHTXLUHVDVVLVWDQW 5HJXODU
& XVDGH
4W\%HKLQGHQHP\OLQHV
:HDSRQV
9HKLFOH
Z K 3\VZR K /
ZLWK6XEPDFKLQHJXQ $$
Q,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
DQ
ZLWK3LVWRO
5HFRQ7URRSV ) JKDPH 0N
5HFRQ7URRSV
5HFRQ7URRSV
2SHQWRSSHG
XQGHU6SHFLDO5XOHV
9HKLFOH 0DFK
K RZHQH JXQ HTXUHTXLUHVORDGHU
UHTXLUHVORDGHU
HTX
HV DVVHV
UHTXLUHVDVVLVWDQW V RDGH
DQ
:HVWHUQ'HVHUWSDJH

7\SH 7$1.6$1'63*816
63(&,$/58/(6
7UDQV7 7\SH
5DQJH
3/$7221
63(&,$/58/(6
IXOOVWUHQJWK
'
7$1.6$1'63*816
'
DFNHG

WDNHQDQDFWLRQRUQRWWKDWWXUQ)ODNILUHGRHVQRWUHTXLUHDQDFWLRQ/LQHRIVLWHLJQRUHG5ROOVWRKLWDLUFUDIWDUHDOZD\VDWDSHQDOW\)ULHQGO\IODNXQLWVPXVW +(
QD
'9 '
+RZLW]HU+(
6KRWV
$VVDX
QD )5HFRQ7URRSV
DPH
$VVDXOW
7DQNKXQWHUV K RZH
5HFRQ7URRSV
)ODPHWKURZHU
7UDQV '9

3HQ
QD )ODPHWKURZHU
2SHQ
QD 5HFRQ7URRSV
6SHFLDO
$VVDXOW RSSHG 2UGHU'LFH 5HJXODU 7RWDO3RLQWV
4W\ &DQDGLDQ6FRXW6QLSHU7HDP
&KXUFKLOO$95(
+(:HDSRQV
WHVWWRKROGWKHLUILUH +( 1RUPDQG\ SDJH ''D\2YHUORUGSDJH
5DQJH 6KRWV 3HQ 6SHFLDO 9HWHUDQ
5HJXODU

4W\ $VVDXOW
:HDSRQV
$VVDXOW
+(
&KXUFKLOO$95( Z 7X
&RD[LDO00*
,QGLUHFWILUH
S H
1&2ZLWK5LIOH
KH6XEPDFK
ZLWK5LIOH PRXQ
$UFKHU633'5 HG KHDY\
JXQSDJH DX RPD F FDQQRQ ''D\%ULWLVK 5DQJH
3/$7221
6KRWV
)5(()25:$5'2%6(59(5
)5(( 7$1.6$1'63*816
)25:$5'
&DQDGLDQ,QIDQWU\'LYLVLRQ 3HQ 6SHFLDO
QD7$1.6$1'63*816
&DQDGLDQ6HFWRUVSDJH
3LQQHGE\KLWVIURPVPDOODUPVLQWKHVDPHZD\DVVRIWVNLQVDQGLQIDQWU\,IDVVDXOWHGE\LQIDQWU\RSHQWRSSHGDUPRXUHGYHKLFOHVDUHGHVWUR\HG
QH$UPLHVRI*UHDW%ULWDLQSDJH 2%6(59(5
$VVDX
KXQ H 3HQ QD ) DN +( 5HJXODU
,QH[SHULHQFHG

4W\
4W\$VVDXOW
(Q
+( :HDSRQV
:HDSRQV
:HDSRQV
9HKLFOH
S
S S
VTXDG S
ZLWK6XEPDFKLQHJXQ
WHVWWRKROGWKHLUILUH HTX
3(13,1'
1RUPDQG\
)LUVW/LHXWHQDQW
SSHG
3(1 ZK ''D\2YHUORUGSDJH
DQ1 '
3 DQN J'
'LILQEXLOGLQJ
HQDGHV Q EX G''D\%ULWLVK
QJ Q5DQJH DQ
7\SH \ 7$1.6$1'63*816
5DQJH
7$1.6$1'63*816
63(&,$/58/(6
&DQDGLDQ6HFWRUVSDJH
DQG D6KRWV
7UDQV
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ H \ 3HQ FDQ7DQN
'9 JR$VVDXOW
6KRWV
7DQNKXQWHUV
GRZQ
6SHFLDO
WRKLW ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
WRKLW ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV RVKD YH6SHFLDO KH K V DNHQ 9HWHUDQ
5HJXODU

&DQDG
4W\ 4W\
&UXVDGHU,,,$$0N,
)UHH S
&$1/2$1
Z S
6KHUPDQ9%
:HDSRQV
9HKLFOH
%RIRUV$$7UXFNDQ K
&$1/2$1
ZLWK5LIOH
:HDSRQV
S 3(13,1'
)RUZDUGIDFLQJ00*
,QIDQWU\ZLWK5LIOH
&DQDG 5) DQ
H H
3LQWOHPRXQWHG00* G
3(13,1'(QJ &DQDGLDQ2IILFHUV
PP+RZLW]HU
3ROVWHQ$$7UXFN
)RUZDUG QHHU 'LILQEXLOGLQJ
DXWRPDWLFDOO\LIWKHYHKLFOHLVGDPDJHGLQWKHVDPHZD\DVIRUVRIWVNLQV
2EVHUYHU
&DQDGLDQ2IILFHUV$VVDX 3 $U
RQHHU
'LILQEXLOGLQJ HU\
6HF ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ
RQ &DQDGLDQ,QIDQWU\'LYLVLRQ
7UDFNHG

5DQJH 6KRWV 5DQJH
2)),&(5DQ7\SH

QD
3HQ 6KRWV
7UDQV
)URQWDUF
6SHFLDO
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQKLWVRQEXLOGLQJFROODSVHVLWDQGNLOOVDOOLQVLGH 3HQ
'9 6SHFLDO
&$1/2$1
)ODNGHJUHHDUF &DQDGLDQ2IILFHUV 5HJXODU
,QH[SHULHQFHG
5HJX
9H HUDQ
5HJXODU DU 5HJXODU

3ROVWHQ$$7UXFN
9HKLFOH
4W\ SDJH
1&2ZLWK5LIOH
$UFKHU63SGU
:HDSRQV
)ODPHWKURZHU
6QLSHUWHDP
SDJH
' 'D\ ' %U
'D\ K
%U 7\SH
&DQDG
5DQJHK

DQ
&DQDG 7UDQV
63(&,$/58/(6
6HF
6KRWV7UDFNHG
&DQDGLDQ6HFWRUVSDJH

RU
3HQ
6HF '9
SDJH RU
QD 7HDP

SDJH QD
6SHFLDOPHQ 6QLSHU 6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO 5HJXODU
4W\ S ZLWK3LVWRO
)ODPHWKURZHU
:HDSRQV
&$1/2$1 :KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO
,IKLWE\LQGLUHFWILUHWKHQDGGWRWKHGDPDJHUHVXOWUROO1RWHWKDWDOOKLWVXSRQWKHXSSHUVXUIDFHRIDUPRXUHGYHKLFOHVFRXQWSHQHWUDWLRQUHJDUGOHVVRI
7XUUHWPRXQWHGPHGLXPKRZLW]HU&DQDGLDQ)28
7KLVZHDSRQVXIIHUVQRSHQDOW\ WRKLW 5DQJH 6KRWV
2)),&(5
+( +RZLW]HU+( 3HQ $VVDXOW
6SHFLDO
4 :DVS,,&
4W\
4W\ 1&2ZLWK5LIOH
:HDSRQV
:HDSRQV ''D\%ULWLVK
:HDSRQV
9HKLFOH +( 9HKLFOH
DQ )28&DQDGLDQ6HFWRUVSDJH
5DQJH 63(&6KRWV
,1)$175<648$'6
6KR
6KRWV 5DQJH 7\SH
$/
V7\SH
3HQ
3HQ 58/(6 6SHFLDO
6KRWV
6SHF
6SHFLDO
7UDQV DD 3HQ '9QD
'9 6SHFLDO 9HWHUDQ
,QH[SHULHQFHG

\YHWHUDQ$UWLOOHU\)RUZDUG2EVHUYHUVPD\EHVHOHFWHGLQDQ\%ULWLVK$LUERUQHVHOHFWRULQ(XURSH,WDO\RU*UHHFHGXULQJH[FHSWGXULQJ0DUNHW
&$1/2$1
&$1/2$1
+(
S
+( 9HKLFOH
1&2ZLWK5LIOH
,QIDQWU\ZLWK5LIOH &DQDG
&DQDGLDQ)28
&DQDGLDQ2IILFHUV

%HKLQGHQHP\OLQHV
2SHQWRSSHG
''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
:HVWHUQ'HVHUWSDJH
&KXUFKLOO$95( 5DQJH
7\SH
7\SH

7UDFNHG
ZKHWKHUWKHWDUJHWLVRSHQRUQRWVRRSHQWRSSHGDUPRXUHGYHKLFOHVVXIIHUDGRXEOHSHQDOW\SHQHWUDWLRQDQGGDPDJHUHVXOW
S
SDJH )ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR'
6KR
7UDQV:KHHOHG
7UDQV
IXOOVWUHQJWK
V
3HQ
'9QD
'96SHF &$1/2$1
&$1/2$1
6ORZ3HWDUG0RUWDU
%HKLQGHQHP\OLQHVVHHSDJH

QD
&DQDG
&DQDGLDQ)28
+( DQ5HDUDUF
&DQDGLDQ2IILFHUV
5HFFH
'IRUYHKLFOHIODPHWKURZHU)28
5HJXODU

4W\ 4W\
4W\ $VVDX
&DQDGLDQ6HFRQG/LHXWHQDQW ZLWK6XEPDFKLQHJXQ
,QGLUHFWILUH
$UFKHU63SGU
:HDSRQV
&RD[LDO00*
,QIDQWU\ZLWK5LIOH
9HKLFOH:HDSRQV
&KXUFKLOO$95(
S
)LUVW/LHXWHQDQW 4W\
S
3(13,1' :HDSRQV
3(1 3 1 '
'LILQEXLOGLQJ
''D\%ULWLVK ' Q EX G QJ Q
DQ
5DQJH
7\SH
5DQJH
7UDFNHG \ DQG D
6KRWV
7UDQV7UDFNHG
5DQJH
6KRWV 5DQJH
H \ QD
3HQ
'9
FDQ
3HQ JR 6KRWV
6SHFLDO
6SHFLDO GRZQ
6ORZ3HWDUG0RUWDU
&DQDGLDQ6HFWRUVSDJH
3HQ
R3HQ
QD KD $VVDXOW
6SHFLDO
YH6SHFLDO
KH K V DNHQ K V RQ EX,QH[SHULHQFHG
G QJ FR DSVHV DQG N V D QV GH
4W\ )
1&2 ,QIDQWU\ZLWK)ODPHWKURZHU
:HDSRQV
)LUVW/LHXWHQDQW
V / Z HX K HQDQ
&$1/2$1
,QIDQWU\ZLWK5LIOH
&UHZFDUULHG00*
%HKLQGHQHP\OLQHV
S 3(13,1'
S &DQDGLDQ)28
''D\%ULWLVK UHTXLUHVORDGHU
5 H 6KRWV
,1)$175<
,1)$175<648$'6

Q 3HQ
QDD '
6SHFLDO
'LILQEXLOGLQJ ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQKLWVRQEXLOGLQJFROODSVHVLWDQGNLOOVDOOLQVLGH

&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFVXQGHU6SHFLDO5XOHV +( 5HFRQ7URRSV
+RZLW]HU+(

QD )ODPHWKURZHU
+(
GHJUHHDUF&UHZILUHG00* 5HJXODU
LIIDLOWKHQGHVWUR\HG
5HFRQ7URRSV
SS 7K
ZLWK5LIOH V ZHDSRQ VX H V QR SHQD \ R K ZKHQ PRY QJ DQG VKRR QJ Q DGG RQ Q DQ \ PRGH V D PHG Z K DQ DVVDX ZHDSRQ LIIDLOWKHQGHVWUR\HG
FRXQ DV RXJK JK H V
4W\ 4W\
&DQDG :HDSRQV
:HDSRQV
)RUZDUGIDFLQJ00*
Q&UXVDGHU,,,$$0N, RGK(QJ 5 DH3ROVWHQ$$7UXFN
ZLWK3LVWRO
DQ 3)\''D\%ULWLVK
H:KHQ
:HDSRQV QHHU $VVDX UHTXLUHVORDGHU
%RIRUV$$7UXFN 3UHTXLUHVORDGHU
RQHHU ' 'D\
6HFLI'RJJHHGLVWDNHQIRU)28 5DQJH

%U:KHHOHG
6KRWV
3ROVWHQ$$7UXFN :KHHOHG
5DQJH
DQ
7UDFNHG
63(&,$/58/(6
:KHHOHG
3HQ
QQD
+( 6SHFLDO
6KRWV
)URQWDUF

+RZLW]HU+(
$VVDXOW 3HQ

QD +(
6SHFLDO
2SHQWRSSHG 5HDUDUF
:DVS,,& 6HFRQG/LHXWHQDQW
Z
5HFFH
SDJH ZLWK3LVWRO
DQ
+RZLW]HU
K
&RD[LDO00*
&$1/2$1
VZ
1&2ZLWK5LIOH
+RZ RXJK ''D\%ULWLVK
%HKLQGHQHP\OLQHV
]HU JK H VFR HV D FDVXD
&DQDGLDQ)28 \RQQ ''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
F RVH TXD

H KV DJD
QV 5DQJH
$50285('&$56
&DQDG
&DQDGLDQ6HFWRUVSDJH
7$1.6$1'63*816

DQ6HF QD D6KRWV
\DRUR $VVDX
QD SDJH
H \ 3HQ QD 6SHFLDO
$VVDXOW
Q1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
FDQ PPHG &$1/2$1 D H \ PDNH D VHFRQG GDPDJH
&DQDGLDQ)28
9H RHUDQ
9HWHUDQ
,QH[SHULHQFHG

&UHZFDUULHG00*
6HFRQG/LHXWHQDQW
&DQDGLDQ3LQWOHPRXQWHG+0*
7XUUHWPRXQWHGKHDY\DXWRPDWLFFDQQRQ
+HDY\DXWRPDWLFFDQQRQ
+RZLW]HU/LJKWDXWRPDWLFFDQQRQ
&RD[LDO00*
&UHZILUHG00*
ZLWK6XEPDFKLQHJXQ
S [ UHTXLUHVDVVLVWDQW
4 \:KHQ2XWIODQNLQJLJQRUHWKHPRGLILHUWRWKH2UGHUWHVWIRUFRPLQJRQWRWKHWDEOH
ZLWK3LVWRO
/LJKWDXWRPDWLFFDQQRQ [

6KR

&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLF VIXOOVWUHQJWK

V Q3HQQD

QD '
)ODN+(
)ODN+(
$VVDXOW
6SHF
)URQWDUF)ODN
D '9
)ODNGHJUHHDUF QD

)ODN+(
)ODN+(
)ODPHWKURZHU
''D\%ULWLVK
&DQDGLDQS
5HJXODU
4W\ Z ZLWK6XEPDFKLQHJXQ
Q1&2ZLWK5LIOH
:HDSRQV
6WDJKRXQG+HDY\$UPRXUHG&DU DQK 6XEPDFK
9HKLFOH \ Z KS
XQGHU6SHFLDO5XOHV
,QIDQWU\ZLWK5LIOH
2SHQWRSSHG
)RUZDUGIDFLQJ00* / QH JK&DQ JXQ
0DFK H KH QH JXQ HTX
G HFHV\ RDGH
UHTXLUHVDVVLVWDQW
VKRR
:HVWHUQ'HVHUWSDJH
DLI'RJJHHGLVWDNHQIRU)28
D D JH G DZ QJ 5DQJH

QH R6KRWV
7$1.6$1'63*816
' 7\SH
H RYH D RSHQ

QD
QD 6SHFLDO
$VVDX
7UDQV
)ODPHWKURZHU
)URQWDUF QD $VVDXOW
V JK V Q KH QR PD ZD\ R FDQ VKRR QG ,QH[SHULHQFHG
HF H :KHQ XV QJ QG HF
H D
:DVS,,&
:DVS,,&
4W\ &KXUFKLOO$95(
$UFKHU633'5
+(
:DVS,,&
S
:DVS,,&
S
ZLWK5LIOH
Z Q:HDSRQV
ZLWK5LIOH
DQK
1&2ZLWK5LIOH5Z ''D\%ULWLVK
ZLWK6XEPDFKLQHJXQ
1&2 \
1RUPDQG\
&$1/2$1 &DQDGLDQ)28
DSSOLTXpDUPRXU
''D\%ULWLVK
,QIDQWU\ZLWK5LIOH
ZH''D\%ULWLVK
K 5 K ) H DPH K
''D\2YHUORUGSDJH
&DQHLWKHUVKRRWGLUHFWO\DWDWDUJHWGUDZLQJLWVOLQHRIILUH
:DVS,,& ''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
RZH &DQDGLDQ6HFWRUVSDJH
HTX HV DVV&DQDGLDQ6HFWRUVSDJH
V DQ 7UDFNHG
+(
:DVS,,& ZLWK3LVWRO

:HDSRQV ''D\%ULWLVK
)RUZDUGIDFLQJ00* &DQDGLDQ6HFWRUVSDJH

RYHURSHQVLJKWV
'
,1)$175<
RYHURSHQVLJKWV
63(&,$/58/(6
5DQJH KDV QD
Q
LQWKHQRUPDOZD\RULWFDQVKRRWLQGLUHFWILUH:KHQXVLQJLQGLUHFWILUHD
DLQWKHQRUPDOZD\RULWFDQVKRRWLQGLUHFWILUH:KHQXVLQJLQGLUHFWILUHD
) 2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ
6KRWV
)URQWDUF
$VVDXOW
DPH K RZH 3HQ
QD $VVDXOW
6SHFLDO
5HJXODU
,QH[SHULHQFHG
9HWHUDQ
9HWHUDQ
9HWHUDQ
,QH[SHULHQFHG 9HWHUDQ

&$1/2$1
:DVS,,& 9HKLFOH
S 3LQQHGE\KLWVIURPVPDOODUPVLQWKHVDPHZD\DVVRIWVNLQVDQGLQIDQWU\,IDVVDXOWHGE\LQIDQWU\RSHQWRSSHGDUPRXUHGYHKLFOHVDUHGHVWUR\HG
&DQDG
KRZ DQ )28
]H KDV D P Q PXPUHTXLUHVORDGHU
DQJH
S ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
3(13,1' ZKHQ QJ RYH
RSHQ V
'LILQEXLOGLQJ ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQJK V 7\SH QR QD P Q 7UDQV
7DQNKXQWHUV
PXP DQJH'9 9HWHUDQ
9HKLFOH
XQGHU6SHFLDO5XOHV
S9HKLFOH 3(13,1' 'LILQEXLOGLQJ 7\SH 7UDQV
6PDOOYHKLFOHIODPHWKURZHU
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ 7\SH '9 7UDQV '9 5HJXODU
4W\
:DVS,,&
&DQDG 4W\YH )RUZDUGIDFLQJ)ODPHWKURZHU
&$1/2$1
9HKLFOH
ZLWK6XEPDFKLQHJXQ
Q9HKLFOH
:HDSRQV
&$1/2$1
1&2ZLWK5LIOH
ZLWK5LIOH
&$1/2$1DQ
DQ
&$1/2$1
9HKLFOH \''D\%ULWLVK
,QIDQWU\ZLWK5LIOH Z &DQDGLDQ2IILFHUV
&DQDGLDQ)28
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ H9HKLFOH
&DQDG ZDDQ
QHHU
&DQDGLDQ)28 G$VVDX
2EVH
)28 YH3 VRQHHUVPDOOYHKLFOH
H9HKLFOH
DQ ) $ H GKH(QJ 5\&DQDGLDQ)28
)R &DQDGLDQ6HFWRUVSDJHPD\:HVWHUQ'HVHUWSDJH
EH
6HFVH HF
UHTXLUHVORDGHU
''D\%ULWLVK
RQ HG' 'D\ Q DQ\%U%
7\SH
7\SH
7\SH
KVK
$ ER7UDQV
7UDQV '
&DQDGLDQ6HFWRUVSDJH
63(&,$/58/(6
IXOOVWUHQJWK
7UDQV 5DQJH
63(&,$/58/(6 QH

7\SH 7\SH
VH '9'9
'9
QHF
Q7UDQV
6KRWV
DR&$1/2$1
&$1/2$1
7UDQV (X RSH3HQ '9
'9QD \$VVDXOW
6SHFLDO
D&DQDGLDQ)28
)URQWDUF)ODN
R *DQHHFH
&$1/2$1
&DQDG )28 GX&DQDGLDQ)28
QJ H[FHS 5HJXODU
9HWHUDQ
9H GX
HUDQ QJ 0D NH

:HDSRQV
9HKLFOH 5DQJH
7\SH &DQDG 6KRWV
7UDQV
*DUGHQ&DQDGLDQ)28SHUVRQQHOGRQRWXVH%ULWLVK1DWLRQDO&KDUDFWHULVWLFVLQVWHDGWKH\KDYHWKH'RJJHGDQG+DWHWKH66UXOHV7KHPHQLQWKHWHDPPXVW 61,3(5
DQ 6HF 3HQ
'9 RU SDJH
6SHFLDO
4W\ 4W\ 4W\
4W\ *D 5HFRQ7URRSV
([WUD&UHZ
$VPDOOYHKLFOHIODPHWKURZHULVVRPHZKDWOHVVSRZHUIXOWKDQWKRVHPRXQWHGRQODUJHUYHKLFOHVVRWKHQXPEHURIKLWVLWFDXVHVLV'LQVWHDGRI'
$VVDXOW:HDSRQV
:HDSRQV
:HDSRQV
GHQ
:HDSRQV &DQDG DQ UHF )28 SH VRQQH GR QR XVH % VK 1D RQD 5DQJH
&KD
5DQJH 6KRWV
DF H 6KRWV 5DQJH
4W\ :HDSRQV V,1)$175<
:HDSRQV
)RUZDUGIDFLQJ/LJKWPRUWDU 5DQJH 6KRWV FV 5DQJH
QV3HQ
3HQ
+( 3HQ 6KRWV
HDG6SHFLDO 6KRWV
KH\
6SHFLDO
,QGLUHFWILUH+( KDYH 3HQ
3HQ KH 6SHFLDO
'RJJHG
DQG +D H KH 66 X HV 7KH PHQ Q KH HDP PXV
)URQWDUF
44W\ 4W\ +( ZLWK5LIOH
:HDSRQV
:HDSRQV
9HKLFOH
3LQWOHPRXQWHG00*
:DVS,,&
,QGLUHFWILUH
Q,QIDQWU\ZLWK5LIOH
&$1/2$1
:HDSRQV ,QG
DSSOLTXpDUPRXU
DQ\ Z K&DQDGLDQ2IILFHUV
&$1/2$1
:HDSRQV /&DQDGLDQ2IILFHUV
\DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK UH
JK 0DFK''D\%ULWLVK
QH''D\%ULWLVK
JXQ UHTXLUHVORDGHU
HTX HV RDGH
&DQDGLDQ6HFWRUVSDJH
:HVWHUQ'HVHUWSDJH
&DQDGLDQ6HFWRUVSDJH 7\SH
5DQJH 6KR
IXOOVWUHQJWK7UDQV
6KRWV 5DQJH
7UDFNHG V3HQ '9
Q D 6SHF 6KRWV
&$1/2$1
D 3HQ
QD
6SHFLDO
)ODNGHJUHHDUF
&DQDGLDQ2IILFHUV
QD
3HQ 6SHFLDO 5HJXODU
9HWHUDQ

,QGLUHFWILUH
&KXUFKLOO$95(
7KHXQLWZLOOVSRWKLGGHQHQHP\XQLWVDWUDWKHUWKDQWKHQRUPDO LI'RJJHHGLVWDNHQIRU)28 7UDFNHG
+(
*DUGHQ&DQDGLDQ)28SHUVRQQHOGRQRWXVH%ULWLVK1DWLRQDO&KDUDFWHULVWLFVLQVWHDGWKH\KDYHWKH'RJJHGDQG+DWHWKH66UXOHV7KHPHQLQWKHWHDPPXVW 6ORZ3HWDUG0RUWDU
VHHSDJH 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH
S 7KLVZHDSRQVXIIHUVQRSHQDOW\
)RUZDUGIDFLQJSLQWOHPRXQWHG+0* VWRKLW
HDFKZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
4W\
4W\DPD\EHVHOHFWHGLQDQ\%ULWLVK$UP\VHOHFWRULQ$IULFD,WDO\1:(XURSHRU6RXWKHDVW$VLDLQH[FHSWIRU&RPPDQGRV&DQDGLDQRIILFHUVGRQRWXVH
&DQDG
VR
S
Q
1&2 S
:HDSRQV
S
EH
&$1/2$1
DQ
XSJ DGHG
1&2ZLWK5LIOH
3(13,1'
1&2ZLWK5LIOH
$UFKHU63SGU
)
XQGHU6SHFLDO5XOHV
Z \ H
Z K G
&DQDGLDQ,QIDQWU\6HFWLRQ 5 K S
:HDSRQV
:HDSRQV (QJ)
7XUQRQWKHVSRW H DPH
R)RUZDUGIDFLQJSLQWOHPRXQWHG+0*
)RUZDUGIDFLQJSLQWOHPRXQWHG+0* 6 XEER'LILQEXLOGLQJ
&DQDGLDQ2IILFHUV
6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU QHHU K $VVDX
RZH
Q D S
HTX 3
''D\%ULWLVKVPDOOYHKLFOH
UHTXLUHVORDGHU
RQHHU
HV
UHTXLUHVDVVLVWDQWDVV 6HF
V DQ
'RJJHHG V DNHQ
RQ ''D\%ULWLVK
' 'D\
&DQDGLDQ6HFWRUVSDJH %U

5DQJH

5DQJH

K
R )28
&DQDG
6KRWV

6KRWV'

5DQJH
7UDFNHG
:KHHOHG
,1)$175<648$'6
&DQDGLDQ6HFWRUVSDJHDQ
1R

Q
6HF 3HQ
H

3HQ
QDD RU
6SHFLDO
) DPH
6H)URQWDUF)ODN
HF'
)URQWDUF)ODN
)ODPHWKURZHU
6SHFLDO
)URQWDUF)ODN
SDJH
KH &DQDG
6KRWV K RZH

DQ
QD
QD

QD
3HQ
)URQWDUF)ODN
X HV RP &DQDGLDQ2IILFHUV
&$1/2$1 KH &RPPRQZHD K 1D RQD &KD DF H V FV
5HFFH
6SHFLDO 9HWHUDQ
5HJXODU
9H HUDQ

S 3(13,1'
SDJH 'LILQEXLOGLQJ
HV:DVS,,& DSSOLTXpDUPRXULI'RJJHHGLVWDNHQIRU)28 ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQKLWVRQEXLOGLQJFROODSVHVLWDQGNLOOVDOOLQVLGH

:KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
+( +RZLW]HU+(
4W\ XQGH 6SHF
:DVS,,&
,QIDQWU\ZLWK5LIOH
:DVS,,& DDSSOLTXpDUPRXU
5X
DSSOLTXpDUPRXU
DSSOLTXpDUPRXU 7UDFNHG 7UDFNHG
7UDFNHG
KXQ
QD
(QQ:DVS,,&
4 \1DWLRQDO&KDUDFWHULVWLFV,QVWHDGWKH\DOZD\VKDYHWKH'RJJHGDQG+DWHWKH66UXOHV
:DVS,,&
:HDSRQV DSSOLTXpDUPRXU
,QIDQWU\ZLWK5LIOH
:HDSRQV
)ODN
&DQH[HFXWHDIXOOVSHHGUXQUDWHµUHYHUVH¶ILQLVKLQJWKHPRYHIDFLQJLQGLUHFWLRQRIWUDYHO
DQH \VTXDG
1&2ZLWK5LIOH
1&2ZLWK5LIOH
6QLSHUWHDP
XQGHU6SHFLDO5XOHV
:DVS,,&
5HFFH
&RD[LDO00* HTX
Z DSSOLTXpDUPRXU
K2SHQ
5 HSSHG RSSHG
Z ''D\%ULWLVK
K DQ DQN J HQDGHV &DQDGLDQ6HFWRUVSDJH
7UDFNHG
7UDFNHG
5DQJH

7UDFNHG

63(&,$/58/(6
,1)$175<648$'6

6KRWV
$50285('&$56
6KR 5DQJH

V Q3HQ
QD
QDD 2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ

QD
VHHSDJH
)URQWDUF)ODN
6SHFLDO
6KRWV
6SHF
7DQNKXQWHUV
7DQN
7HDP DPHQ +(QD

H3HQV 6QLSHU
QD
+(
6SHFLDO 6QLSHUZLWKULIOH
5HDUDUF )URQWDUF
,QGLUHFWILUH+( 9HWHUDQ
2SHQWRSSHG
,QGLUHFWILUH
$VVDXOW)RUZDUGIDFLQJ)ODPHWKURZHU
&$1/2$1
2SHQWRSSHG
:DVS,,& )RUZDUGIDFLQJ)ODPHWKURZHU
&DQDGLDQ2IILFHUV
DSSOLTXpDUPRXU VPDOOYHKLFOH
UHTXLUHVORDGHU
VPDOOYHKLFOH
VPDOOYHKLFOH
VPDOOYHKLFOH VPDOOYHKLFOH

7UDFNHG '' '

' '

QD
2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ 6PDOOYHKLFOHIODPHWKURZHU)URQWDUF
&DQDGLDQ,QIDQWU\6HFWLRQ$VPDOOYHKLFOHIODPHWKURZHULVVRPHZKDWOHVVSRZHUIXOWKDQWKRVHPRXQWHGRQODUJHUYHKLFOHVVRWKHQXPEHURIKLWVLWFDXVHVLV'LQVWHDGRI'
+RZLW]HU
&UHZFDUULHG00*
([WUD&UHZ
&RD[LDO00*
1&2ZLWK5LIOH
&$1/2$1
4W\ :HDSRQV
&DQDG &$1/2$1
1&2 DQ )
1&2ZLWK5LIOH H
,QIDQWU\ZLWK5LIOH G &DQDG
(QJ
&DQDGLDQ)28QHHU DQ 2''D\%ULWLVK
$VVDX FHUV 3 UHTXLUHVORDGHU
RQHHU &DQDGLDQ6HFWRUVSDJH
6HF RQ
5DQJH 6KRWV
QSZ\3LQQHGE\KLWVIURPVPDOODUPVLQWKHVDPHZD\DVVRIWVNLQVDQGLQIDQWU\,IDVVDXOWHGE\LQIDQWU\RSHQWRSSHGDUPRXUHGYHKLFOHVDUHGHVWUR\HG
Z K 5KS/HJK 3 0DFK
QD
3HQ
Q 6SHFLDO
DDDQG%HKLQGHQHP\OLQHV QD
QD GHJUHHDUF&UHZILUHG00* 5HJXODU
,QH[SHULHQFHG
9HWHUDQ
9H HUDQ

S
%HKLQGHQHP\OLQHV
,QIDQWU\ZLWK5LIOH
)RUZDUGIDFLQJ00*
SS 7KLVZHDSRQVXIIHUVQRSHQDOW\ QQHGQHE\JXQ V HTX
K VPDOOYHKLFOH
RPWRKLW
HV
VPD RDGH
'
D PV Q KH VDPH'D\ %U

K
&DQDG
ZD\ DV VR ' VNQQV
&DQDGLDQ6HFWRUVSDJHDQ 6HF QD RU 6PDOOYHKLFOHIODPHWKURZHU)URQWDUF
SDJH
Q DQ \ DVVDX HG E\ Q DQ \ RSHQ RSSHG D PRX HG YHK F HV D H GHV R\HG
)URQWDUF
S
)RUZDUGIDFLQJ/LJKWPRUWDU )RUZDUGIDFLQJ/LJKWPRUWDU
,QIDQWU\ZLWK)ODPHWKURZHU UHTXLUHVDVVLVWDQW ' 3HQ +(+( ,QGLUHFWILUH+(
)ODPHWKURZHU 2UGHU'LFH
)URQWDUF
4W\ :DVS,,&
4W\ 4 \PD\
:DVS,,&
S
Q )RUZDUGIDFLQJ/LJKWPRUWDU
&$1/2$1 EH&DQHLWKHUVKRRWGLUHFWO\DWDWDUJHWGUDZLQJLWVOLQHRIILUH
9HKLFOH
:HDSRQV
1&2ZLWK5LIOH VH
,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK5LIOHHFKKHG
''D\%ULWLVK&DQDGLDQ2IILFHUV
:HDSRQV
DQ
5HFRQ7URRSV \ \ ZZ DX
5
)RUZDUGIDFLQJ/LJKWPRUWDU ) QDPH
RPD
H RZH \ VPDOOYHKLFOH
DQ\KFD%&DQDGLDQ6HFWRUVSDJH
VK KH $HTX P\
YHK VH HFVVRGDPDJHG
UHTXLUHVORDGHU
HV
&UHZILUHG00*
SDJH F H
DVV
UHTXLUHVORDGHU DQ Q $ FDQ KH
D \VDPH1:
5DQJH

RYHURSHQVLJKWV

(X
ZD\ DV 6KRWV
6KR
' R '
$50285('&$56
7$1.6$1'63*816 R7\SH
5DQJH
63(&,$/58/(6
RSH

VR6RX
V
+(
3HQ
Q
+(

QD
VN+(
KHDV
D QV
) ,QGLUHFWILUH+(
,QGLUHFWILUH+(
6KRWV
$V
7UDQV
6SHFLDO
6SHF
DPH KDD RZH
5HFRQ7URRSV
,QGLUHFWILUH+( Q '9 QD 6SHFLDO
H[FHS
)URQWDUF
)URQWDUF
)URQWDUF R &RPPDQGRV DQ R FH7RWDO3RLQWV
,QH[SHULHQFHG
&DQDG 9HWHUDQ V GR QR XVH
6QLSHU
6(/(&72563(&,$/58/(6
WHVWWRKROGWKHLUILUH 6QLSHUZLWKULIOH
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ SDJH SLVWRO6SRWWHUZLWKSLVWRO
3/$7221 VHHSDJH 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH 5HJXODU
4W\
$UFKHU633'5 *DUGHQ&DQDGLDQ)28SHUVRQQHOGRQRWXVH%ULWLVK1DWLRQDO&KDUDFWHULVWLFVLQVWHDGWKH\KDYHWKH'RJJHGDQG+DWHWKH66UXOHV7KHPHQLQWKHWHDPPXVW
1D6PDOOYHKLFOHIODPHWKURZHU
$VVDXOW
6WDJKRXQG+HDY\$UPRXUHG&DU RQD
:HDSRQV
1&2ZLWK5LIOH
9HKLFOH &KD DF K H V
E\ FV
QG QV
HF HDG H KH\
KHQ DDGGZD\V
UHTXLUHVORDGHU KDYH
R
$UPLHVRI*UHDW%ULWDLQSDJH KH KH
GDPDJH'RJJHG
''D\%ULWLVK
HVX
DQG +D
R H
1R
)5(()25:$5'2%6(59(5
&DQDGLDQ6HFWRUVSDJH
5DQJH KH
H
7\SH
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ 66
KD +(
QD X
D HV,QGLUHFWILUH+(
K VHH
6KRWV
V
7UDQVXSRQ 3HQ SDJH '9QD
KH
XSSH
1R
6SHFLDOVX)URQWDUF
H 6H
DFH HF
R D KH
PRX&DQDG HG DQ
YHK FX HV RP
,QH[SHULHQFHG
HV FRXQ KH
SHQH D RQ HJD
G HVV R

2SHQWRSSHG
5DP&UXLVHU0N,,PXVWWDNHIODPHWKURZHURSWLRQ
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH
1&2
Q ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
DQ Z \ Z K 5 K / HJK 0DFK QH
9HKLFOH JXQ UHTXLUHVORDGHU
HTX HV RDGH 63(&,$/
7$1.6$1'63*816
7\SH 63(&,$/58/(67UDQV
S
61,3(5
:KHQDVQLSHUVKRRWVXVLQJD)LUHRU$PEXVKRUGHUWKHSOD\HUFDQGHFLGHWRXVHKLVVFRSH5LIOHUDQJHFKDQJHVWR,IWDUJHWLVZLWKLQWKHVKRW Q 58/(6
D QD
'9 VHHSDJH 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH
)ODN
&RPPRQZHD
:HDSRQV K 1DKHRQD
ZKH KH &KD DF VHRSHQ V WRKLW
D JHUHTXLUHVDVVLVWDQW FVRXQGH QR LI'RJJHHGLVWDNHQIRU)28
S 7KLVZHDSRQVXIIHUVQRSHQDOW\ VR RSHQ D 5XRSSHG HV &DQDGLDQ,QIDQWU\'LYLVLRQ
D PRX63(&,$/58/(6
HG 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
6SHF YHK FQD 63(&,$/58/(6
HVD VX)ODPHWKURZHU
H D GRXE H SHQD \ SHQH D RQ DQG GDPDJH HVX
4W\
&RPPRQZHD :HDSRQV
3LQWOHPRXQWHG00*
,QIDQWU\ZLWK5LIOH
9HKLFOH
S
%HKLQGHQHP\OLQHV
,QIDQWU\ZLWK5LIOH
Q
4W\$VVDXOW:HDSRQV
&KXUFKLOO$95( \ Z K
DQ \ Z KK 1D
5 ) H
DPH RQD K &KDUDF
RZH HU UHTXLUHVORDGHU
V F
UHTXLUHVDVVLVWDQW
HTX
1RUPDQG\ ''D\2YHUORUGSDJH HV DVV V DQ
X V UHQJ
)5(()25:$5'2%6(59(5
5DQJH 63(&,$/58/(6
)ODPHWKURZHU :H ''D\%ULWLVK
HUQ 'H HU SDJH
5DQJH
63(&,$/58/(6
63(&,$/58/(6
,QIDQWU\ZLWK)ODPHWKURZHU '
6KRWV 3HQ 6SHFLDO
&DQDGLDQ6HFWRUVSDJH

PLVVHVDXWRPDWLFDOO\6KRWLJQRUHVQHJDWLYHWRKLWPRGLILHUVH[FHSWSLQQLQJPDUNHUVDQGIRUPLVVLQJDVVLVWDQW6KRWLJQRUHVJXQVKLHOGDQGH[WUDSURWHFWLRQUXOHV

7\SHK
Q ) 6KRWV
7UDQV
'
DPH K RZH3HQ
'9QD
6SHFLDO
)ODNGHJUHHDUF
5HJX
9HWHUDQ DU

,QGLUHFWILUH
XQGHU6SHFLDO5XOHV
SDJH
$VVDXOW
$VVDXOW :KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO
$VVDXOW
4W\
$VVDXOW
1&2ZLWK5LIOH
:HDSRQV
([WUD&UHZ
([WUD&UHZ UHTXLUHVORDGHU 2)),&(5
5DQJH
63(&,$/58/(6
:KHHOHG

6KRWV QD
3HQ

QD 6SHFLDO
)URQWDUF)ODN
5HFFH
4 4W\ 5RQVRQV\([$VVDXOW
,IVXFFHVVIXODOZD\VFRXQWVDVH[FHSWLRQDOGDPDJHDQGFDQSLFNDQ\PRGHOLQWKHXQLW:KHQQRWXVLQJVFRSHDOOPHPEHUVRIWHDPFDQILUHDQ\ZHDSRQWKH\
S
Q:HDSRQV H)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR'
DQ \VTXDG
Z K HTX / JK
(Q
:HDSRQV
S
9HKLFOH
7XUQRQWKHVSRW
S 7KLVZHDSRQVXIIHUVQRSHQDOW\ 0DFK
SSHG QH JXQ DQN
Z ''D\%ULWLVK
K DQ UHTXLUHVORDGHU
HTX J HV
WRKLWHQDGHVRDGH ''D\%ULWLVK
&DQDGLDQ6HFWRUVSDJH
''D\%ULWLVK 5DQJH
7\SH 6KR6KRWV
7UDQV 5DQJHV 3HQ
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH Q D 6SHF
QD
3HQ
'9 6KRWV
7DQNKXQWHUV
7DQN
6SHFLDO
)URQWDUF)ODN
ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV DKXQ H3HQ 'IRUYHKLFOHIODPHWKURZHU
V 6SHFLDO 9HWHUDQ
5HJXODU

S
S UD
S &UHZ S
3H DUG
5HFRQ7URRSV 7KLVZHDSRQVXIIHUVQRSHQDOW\ 7KLVZHDSRQVXIIHUVQRSHQDOW\
0RU DU WRKLW
WRKLW
WRKLW WRKLW ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
$VVDXOW
4W\ &DQDGLDQ6HFRQG/LHXWHQDQW
&DQDGLDQSODWRRQVPD\VHOHFWD:DVS,,&RUD5DP%DGJHUDVDQDGGLWLRQDOFKRLFHWKDWGRHVQRWFRXQWDJDLQVWWKHQXPEHURI7DQNV7DQN'HVWUR\HUV6HOI3URSHOOHG
&DQDG S ,QIDQWU\ZLWK5LIOH
3LQWOHPRXQWHG00*
:DVS,,&
3HWDUG0RUWDU
$UFKHU63SGU
&$1/2$1 DSSOLTXpDUPRXU
1&2 DQ )
Z H K G
Q )LUVW/LHXWHQDQW
\ Z 5 K &DQDGLDQ2IILFHUV
(QJ) H DPH QHHU K $VVDX
RZH
''D\%ULWLVK
KDYHDQGLQDVVDXOWFDQXVHWKHDVVDXOWUXOHLISLVWROVXEPDFKLQHJXQ
&DQDGLDQ,QIDQWU\6HFWLRQ 7XUUHWPRXQWHGPHGLXPDQWLWDQNJXQ
:HDSRQV
([WUD&UHZ
WHVWWRKROGWKHLUILUH
:HDSRQV
:HDSRQV SDJH ''D\%ULWLVK
3 RQHHU WRKLW
UHTXLUHVDVVLVWDQW
HTX HV DVV 6HF
V DQ
&DQDGLDQ6HFWRUVSDJH
&DQDGLDQ6HFWRUVSDJH
RQ 5DQJH

6KRWV
7UDFNHG
'5DQJH

Q 3HQ
D 6SHFLDO
6KRWV K RZH
)ODPHWKURZHU
) DPH QD

DPH
3HQ )ODNGHJUHHDUF
+(K
6SHFLDO
,QH[SHULHQFHG
LIIDLOWKHQGHVWUR\HG
5HJXODU
9HWHUDQ
9H HUDQ R

6QLSHUWHDP
SDJH
7KH:DVS,,&
SDJH
SDJH:DVS
SDJH &DQDGLDQ)28
FDQ SDJH H H KH KH S Q H PRXQ HG PDFK QH JXQ
''D\%ULWLVK
' 'D\ %U R
&DSSOLTXpDUPRXU 7UDFNHG
KKH JK PR
&DQDGLDQ6HFWRUVSDJH
&DQDG
:KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQ
7KH KHDY\ KRZ ]H HGWRKLW
RQ KH &KX FK $95( FDQQR H D RQJ DQJH
DQ
7KHXQLWZLOOVSRWKLGGHQHQHP\XQLWVDWUDWKHUWKDQWKHQRUPDO
&$1/2$1 &DQDGLDQ)28 D6HF QD

Q RUDGG 7HDP
SDJH RQ RPHQ
KH 6QLSHU
2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ RZH 6QLSHUZLWKULIOH
EX QR ER
PPHG K D HSLVWRO6SRWWHUZLWKSLVWRO
\ PDNH D VHFRQG GDPDJH
4W\ S 7KLVZHDSRQVXIIHUVQRSHQDOW\
7KHKHDY\KRZLW]HUILWWHGRQWKH&KXUFKLOO$95(FDQQRWILUHDWORQJUDQJH
SDJH
:HDSRQV ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
$UWLOOHU\DQG$QWL$LUFUDIW9HKLFOHVDOORZHGLQWKHVHOHFWRU
2SHQWRSSHG
6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU UHTXLUHVORDGHU 5DQJH 6KRWV KXQ 3HQ
QD 6SHFLDO
4W\ 4W\
4 \)ODN )RUZDUGIDFLQJ)ODPHWKURZHU
&RD[LDO00*
:HDSRQV
(Q 1&2ZLWK5LIOH
ZLWK3LVWRO
DQH \VTXDG
)LUVW/LHXWHQDQW
%HKLQGHQHP\OLQHV Z K5
)ODN HTXHSSHG Z K DQ VPDOOYHKLFOH VPDOOYHKLFOH
Q:HDSRQV DQN J HQDGHV 5DQJH

:KHHOHG
&KXUFKLOO$95(
1&2ZLWK5LIOH 7UDFNHG 6KRWV
6KR
SDJH '
5DQJH

V Q
QD
3HQ
'
6KRWV
6ORZ3HWDUG0RUWDU
6SHFLDO
6SHF
D 7DQNKXQWHUV
7DQN
%HKLQGHQHP\OLQHV D H3HQ

V 6SHFLDO
QD
QD
5HFFH
+(
$VVDXOW 5HDUDUF
7HDP
0D\QRWWDNHDWZLQ%UHQ$$JXQ
S
)ODPHWKURZHU PHQ
6HFRQG/LHXWHQDQW
,QIDQWU\ZLWK)ODPHWKURZHU UHTXLUHVDVVLVWDQW
1DWLRQDO&KDUDFWHULVWLFV,QVWHDGWKH\DOZD\VKDYHWKH'RJJHGDQG+DWHWKH66UXOHV '
VHHSDJH )ODPHWKURZHU
&$1/2$1
,QIDQWU\ZLWK5LIOH
5HFFH,QIDQWU\ZLWK5LIOH
ZLWK6XEPDFKLQHJXQ
1&2ZLWK5LIOH
1&2 DQ
ZLWK3LVWRO
5HFRQ7URRSV Z \Z
&DQDGLDQ)28
&UHZFDUULHG00* JK 0DFK HTX HV RDGH

) DN
%HKLQGHQHP\OLQHV
Q1&2ZLWK5LIOH
%HKLQGHQHP\OLQHV
%HKLQGHQHP\OLQHV /H%HK
K 5K5HFRQ
7XUUHWPRXQWHGKHDY\KRZLW]HU QG HQHP\
7URRSV QH JXQ QHV 7$1.6$1'63*816
63(&,$/58/(6
63(&,$/

5HFRQ7URRSV
%HKLQGHQHP\OLQHV

Q+( QD
QD58/(6
+(
+RZLW]HU+(
D 5HFRQ7URRSV
$VVDXOW
,QGLUHFWILUH+(
+(
QD
QD +(
$VVDXOW
,QGLUHFWILUH+(
)URQWDUF
)URQWDUF
+(
)ODN
S S
HQHP\ $7HDPZHDSRQVKRRWVDWIXOOHIIHFWLYHQHVVVRORQJDVWKHUHDUHDWOHDVWWZRPHQWRVHUYHLW,IRQO\RQHPDQUHPDLQVWKHQWKHZHDSRQVXIIHUVDWRKLW
6(/(&72563(&,$/58/(6
$ ZLWK3LVWRO XQ V QR:KHQ FX HQ
2X \ GRZQ
DQN QJ DX JQRRPD H FD
KHLI'RJJHHGLVWDNHQIRU)28
\ PRGH D KH
H DR DFN
KH 2QJ D
GH F D V Z K Q KH 'IRUYHKLFOHIODPHWKURZHU
QJ D F DQG
$VVDXOW DQJH HJD G HVV R$OZD\VKLWVWRSDUPRXU1R
ZKH KH KH\ KDYH D HDG\
:DVS,,& :KHQ2XWIODQNLQJLJQRUHWKHPRGLILHUWRWKH2UGHUWHVWIRUFRPLQJRQWRWKHWDEOH
&RD[LDO00* 7KH XQ Z VSR K GGHQ HQHP\
3LFN/LVW:KHQ2XWIODQNLQJLJQRUHWKHPRGLILHUWRWKH2UGHUWHVWIRUFRPLQJRQWRWKHWDEOH XQ V D D KH KDQ KH HV
63(&,$/58/(6
QR
$UFKHU633'5
S
%HKLQGHQHP\OLQHV ''D\%ULWLVK
,QIDQWU\ZLWK5LIOH
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ &DQDGLDQ6HFWRUVSDJH
$UPLHVRI*UHDW%ULWDLQSDJH LI'RJJHHGLVWDNHQIRU)28 61,3(5 R
PD

FRP QJ RQ
R KH DE
QD
QD H
&RD[LDO00* ,QH[SHULHQFHG

&RPPRQZHD \ Z KK 1D
,QIDQWU\ZLWK5LIOH
DQ3(13,1'
ZLWK6XEPDFKLQHJXQ 5S HRQD &KDUDF HUUHTXLUHVORDGHU
7KHXQLWZLOOVSRWKLGGHQHQHP\XQLWVDWUDWKHUWKDQWKHQRUPDO VUHTXLUHVORDGHU
F :HVWHUQ'HVHUWSDJH
SHQDOW\DQG
S 'LILQEXLOGLQJ
IXOOVWUHQJWK
X V UHQJ
QZLWK5LIOH 7$1.6$1'63*816
:H ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ
HUQ 'H HU SDJH K QD
SHQDOW\WRLWVPRUDOH)RUVTXDGEDVHGWHDPZHDSRQVORDGHUPXVWUHPDLQZLWKLQRUZHDSRQVXIIHUVWKHWRKLWSHQDOW\
3(1IRUORQJUDQJH*XQVKLHOGDQGH[WUDSURWHFWLRQUXOHVGRQRWDSSO\8QLWVKLWWDNH'SLQVDQGPXVWDOZD\VFKHFNPRUDOH Q D $VVDXOW QD 5HJXODU
5HJX DU
LIIDLOWKHQGHVWUR\HG
XQGHU6SHFLDO5XOHV
DNHQ DQ DF
ZLWK6XEPDFKLQHJXQ
9HKLFOH
XQGHU6SHFLDO5XOHV
WHVWWRKROGWKHLUILUH RQ R QR KD
SDJH X Q ) DN H
:KHQ2XWIODQNLQJLJQRUHWKHPRGLILHUWRWKH2UGHUWHVWIRUFRPLQJRQWRWKHWDEOH GRHV QR HTX
:HVWHUQ'HVHUWSDJH
H DQ DF RQ / QH R
IXOOVWUHQJWK
7$1.6$1'63*816
63(&,$/58/(6 V
7\SH H JQR HG 5R
7UDQV V R '9 K D F D
$VVDXOW D H D ZD\V D D SHQD \ ) HQG \ DN XQ V PXV
5HJXODU
&DQDG&KXUFKLOO$95(
WHVWWRKROGWKHLUILUH
4%ULWLVK$UFKHU63SGU
)RUZDUGIDFLQJ00*
:HDSRQV
\&$1/2$1,QIDQWU\ZLWK)ODPHWKURZHU
DQ
&$1/2$1 6FRX 6Q
Q DQ
ZLWK5LIOH \ Z K / JKSHU
1RUPDQG\ SDJH
&DQDGLDQ)287HDP
0DFK QH
JXQ UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW
UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
HTX HV RDGH

)5(()25:$5'2%6(59(5
5DQJH

)ODPHWKURZHUUROOV'RQLWUXQVRXWRIIXHO:KHQUROOLQJWRGDPDJHYHKLFOHHTXLSSHGZLWKIODPHUWKURZHUDGGWRGDPDJHHIIHFWVFKDUW 6KRWV
6KR '
63(&,$/58/(6
' 'D\ %U
''D\2YHUORUGSDJHK &DQDG DQ 6HF RU SDJH V
QD

3HQ
QD
Q D )URQWDUF
6SHFLDO
6SHF' D QD
)ODPHWKURZHU )ODPHWKURZHU
&$1/2$1 &DQDGLDQ)28 9H HUDQ
5HJXODU

([WUD&UHZ
HV
&$1/2$1 R KR G6QLSHUZLWKULIOH
&$1/2$1
6QLSHU KH6&DQDGLDQ)28
RZ&$1/2$1H SDJH &DQDG
&DQDGLDQ)28
&DQDGLDQ)28 DQ )28
SLVWRO6SRWWHUZLWKSLVWROLI'RJJHHGLVWDNHQIRU)28 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
4W\
$UFKHU633'5 6PDOOYHKLFOHIODPHWKURZHU
$VVDXOW
6ORZ :HDSRQV
ZLWK5LIOH
:HDSRQV
&$1/2$1 5DQJH 6KRWV 3HQ 6SHFLDO ,QH[SHULHQFHG
4 :DVS,,& 7XUQRQWKHVSRW
+(
$VVDXOW
&$1/2$1
9HKLFOH
&$1/2$1
%ULWLVK)LUVW/LHXWHQDQW
WHVWWRKROGWKHLUILUH
XQGHU6SHFLDO5XOHV K 5K&DQDGLDQ)28
1&2ZLWK5LIOH ''D\%ULWLVK $UPLHVRI*UHDW%ULWDLQSDJH
&DQDGLDQ)28 SDJH
&DQDGLDQ2IILFHUV
S H $DQ &DQDGLDQ6HFWRUVSDJH
YHK$ F HH \
GHV )R
JQD ZD HG G DV DQ
2EVH V D EDVEHF5DQJH
5RQVRQV ,QIDQWU\ZLWK)ODPHWKURZHU
Q DQ \ Z ) DPH K RZH UHTXLUHVDVVLVWDQW
HTX HV DVV V ''D\%ULWLVK
RZYHKDV V PD\ )5(()25:$5'2%6(59(5
HF HGD63(&,$/58/(6

7\SH
VH
PRYH 6KRR,1)$175<
\YHWHUDQ$UWLOOHU\)RUZDUG2EVHUYHUVPD\EHVHOHFWHGLQDQ\%ULWLVK$LUERUQHVHOHFWRULQ(XURSH,WDO\RU*UHHFHGXULQJH[FHSWGXULQJ0DUNHW
:HDSRQV
1&2 Z HYH HQ7UDQV '
&DQDGLDQ6HFWRUVSDJH
DQ\
S V %ZKHQ
:KHQDVQLSHUVKRRWVXVLQJD)LUHRU$PEXVKRUGHUWKHSOD\HUFDQGHFLGHWRXVHKLVVFRSH5LIOHUDQJHFKDQJHVWR,IWDUJHWLVZLWKLQWKHVKRW3HQ QD
Q
'9 D 6SHF
VK ) DPH ERD QH
)ODPHWKURZHU
&$1/2$1
$
$GYDQF KQJRZH
VHDQG HF&DQDGLDQ)28
R QD (X
RSH D \ R * HHFH GX QJ
D 5XQ 9HWHUDQ
H[FHS GX QJ
5HJXODU 0D NH
S
)ODPHWKURZHU
&$1/2$1
)ODPHWKURZHU
S &DQDGLDQ2IILFHUV
&DQDGLDQ)28
)RUZDUGIDFLQJSLQWOHPRXQWHG+0* WRKLW ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
$YHKLFOHGHVLJQDWHGDVVORZKDVDEDVLFPRYHUDWHRIZKHQ$GYDQFLQJDQGDWD5XQ
&$1/2$1
1&2ZLWK5LIOH
$UFKHU63SGU &DQDGLDQ2IILFHUV
S 3(13,1' 'LILQEXLOGLQJ
7UDFNHG
QD
)URQWDUF)ODN
&$1/2$1 &DQDGLDQ2IILFHUV 5HJXODU
4W\ 9HKLFOH
3HWDUG0RUWDU
+(
S
:HDSRQV
)UHH&DQDGLDQ)RUZDUG2EVHUYHU$UWLOOHU\ *D GHQ &DQDG DQ )28 WRKLW
%ULWLVK,QIDQWU\ZLWK)ODPHWKURZHU
9HKLFOH
&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLF UHTXLUHVDVVLVWDQW
SH VRQQH GR
''D\%ULWLVK QR XVH 7\SH
% VK 1D 7UDQV
+( &DQDGLDQ6HFWRUVSDJH
IXOOVWUHQJWK
4W\*DUGHQ&DQDGLDQ)28SHUVRQQHOGRQRWXVH%ULWLVK1DWLRQDO&KDUDFWHULVWLFVLQVWHDGWKH\KDYHWKH'RJJHGDQG+DWHWKH66UXOHV7KHPHQLQWKHWHDPPXVW
:HDSRQV
,QIDQWU\ZLWK5LIOH
6QQ DQSH \ Z
HDP K 5 H
(Q H VTXDG HTX SSHG Z K DQ DQN J HQDGHV 5DQJH

6KRWV
RQD
,1)$175< 7\SH Q 3HQ
&KD'9
3HQ
QD
Q D D DF 7UDQV
5DQJH 6KRWV 6SHFLDO
H
6SHFLDO
7DQNKXQWHUV
7DQN
7HDP V FV
KXQ
PHQ H'9QV
V HDG
6Q SH KH\ 6Q KDYH
SH ZKH K'RJJHGH DQG
S V R+D 5HJXODU
H
6SR KHH66 Z XK HV
S V 7KH
R PHQ Q
HDP
KH
S*DUGHQ&DQDGLDQ)28SHUVRQQHOGRQRWXVH%ULWLVK1DWLRQDO&KDUDFWHULVWLFVLQVWHDGWKH\KDYHWKH'RJJHGDQG+DWHWKH66UXOHV7KHPHQLQWKHWHDPPXVW
SDJH :HVWHUQ'HVHUWSDJH
)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR' ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
S )ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR' 'IRUYHKLFOHIODPHWKURZHU
'IRUYHKLFOHIODPHWKURZHU $OZD\VKLWVWRSDUPRXU1R
4W\
4W\ *DUGHQ&DQDGLDQ)28SHUVRQQHOGRQRWXVH%ULWLVK1DWLRQDO&KDUDFWHULVWLFVLQVWHDGWKH\KDYHWKH'RJJHGDQG+DWHWKH66UXOHV7KHPHQLQWKHWHDPPXVW
)ODN :HDSRQV
:DVS,,&
)ODPHWKURZHU
SDJH
S ,QIDQWU\ZLWK5LIOH DSSOLTXpDUPRXU
:HDSRQV
1DWLRQDO&KDUDFWHULVWLFV,QVWHDGWKH\DOZD\VKDYHWKH'RJJHGDQG+DWHWKH66UXOHV 5DQJH ,1)$175<648$'6
6KRWV 5DQJH
7UDFNHG
3(13,1' 'LILQEXLOGLQJ ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ
3HQ 6KRWV
6SHFLDO
VHHSDJH 3HQ

QD
6SHFLDO
+( 5HDUDUF
4W\ S Q:HDSRQV 3(1 3
/DJK 1
7XUQRQWKHVSRW
)LUVW/LHXWHQDQW Z K6PD
%ULWLVK,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
&KXUFKLOO$95( VRYHK
%HK DQQG\HQHP\ QHV '
EH XSJ
0DFK '
F HQHDGHG Q EX G
RKURZHU
DPH UHTXLUHVORDGHU
JXQ HTX
1DWLRQDO&KDUDFWHULVWLFV,QVWHDGWKH\DOZD\VKDYHWKH'RJJHGDQG+DWHWKH66UXOHVQJ
6UHTXLUHVORDGHU
XEER
HV RDGH Q DQ \ DQG D
QLI'RJJHHGLVWDNHQIRU)28
DLI'RJJHHGLVWDNHQIRU)28
S V HDFK7UDFNHG
3(1IRUORQJUDQJH*XQVKLHOGDQGH[WUDSURWHFWLRQUXOHVGRQRWDSSO\8QLWVKLWWDNH'SLQVDQGPXVWDOZD\VFKHFNPRUDOH H
\ FDQ
'RJJHHG JR GRZQ
5DQJH
:HDSRQV
:HDSRQV 5DQJH 6KRWV 5DQJH
63(&,$/58/(6
63(&,$/
''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH 3HQR
Q58/(6
QD KD YH
6KRWV KH
6ORZ3HWDUG0RUWDU
QG HQHP\
VHHSDJH K V 3HQ
3HQ DNHQ
V1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
DNHQ D R%HK )28 1R H QHV 6H HF KH &DQDG DQ X HV RP
6SHFLDO

6SHFLDO
6KRWV 6SHFLDO
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH KH9HWHUDQ
&RPPRQZHD K1D RQD
LIIDLOWKHQGHVWUR\HG &KD DF H
,QGLUHFWILUH
S LI'RJJHHGLVWDNHQIRU)28
)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR' 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV LIIDLOWKHQGHVWUR\HG
&DQDGLDQ,QIDQWU\6HFWLRQ$UFKHU63SGU
&UHZFDUULHG00*
XQGHU6SHFLDO5XOHV
XQGHU6SHFLDO5XOHV
XQGHU6SHFLDO5XOHV $
)RUZDUGIDFLQJSLQWOHPRXQWHG00* XQGH YHK
VPD 6SHF F HD 5X DPH HV
)LUVW/LHXWHQDQW VPDOOYHKLFOH
KUHTXLUHVORDGHU
RZH V
&$1/2$1
%ULWLVK,QIDQWU\ZLWK5LIOH
7XUUHWPRXQWHGKHDY\KRZLW]HU&DQDGLDQ)28
1&2ZLWK5LIOH
''D\%ULWLVK VRPHZKD
&DQDGLDQ6HFWRUVSDJH
HVV
LI'RJJHHGLVWDNHQIRU)28SRZH

X
DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK KDQ 7UDFNHG

+(
KRVH QD PRXQ '
HG
)URQWDUF)ODN
+RZLW]HU+( RQ 'IRUYHKLFOHIODPHWKURZHU
D

QD
JH 2SHQWRSSHG&UHZILUHG00*
YHK
F HV
QD VR KH QXPEH R $OZD\VKLWVWRSDUPRXU1R
K V 5HJXODU
FDXVHV V ' QV HDG R '
&RPPRQZHD
4W\ ZLWK3LVWRO
5HFRQ 7 RRSV
XQGHU6SHFLDO5XOHV
6(/(&72563(&,$/58/(6
S
5HFRQ7URRSV
%HKLQGHQHP\OLQHV
+( K 1D RQD &KDUDF HU V F :HVWHUQ'HVHUWSDJH
3(1IRUORQJUDQJH*XQVKLHOGDQGH[WUDSURWHFWLRQUXOHVGRQRWDSSO\8QLWVKLWWDNH'SLQVDQGPXVWDOZD\VFKHFNPRUDOH IXOOVWUHQJWK
X V UHQJ
1&2ZLWK5LIOH
:HDSRQV :H HUQ 'H HU SDJH 5DQJH 6KRWV
$VPDOOYHKLFOHIODPHWKURZHULVVRPHZKDWOHVVSRZHUIXOWKDQWKRVHPRXQWHGRQODUJHUYHKLFOHVVRWKHQXPEHURIKLWVLWFDXVHVLV'LQVWHDGRI' 61,3(5
K 3HQ5HFRQ $VVDXOW
6SHFLDO 7 RRSV QD 5HJXODU
5HJX DU
LIIDLOWKHQGHVWUR\HG
4W\:DVS,,& WDNHQDQDFWLRQRUQRWWKDWWXUQ)ODNILUHGRHVQRWUHTXLUHDQDFWLRQ/LQHRIVLWHLJQRUHG5ROOVWRKLWDLUFUDIWDUHDOZD\VDWDSHQDOW\)ULHQGO\IODNXQLWVPXVW
+(
:HDSRQV
$50285('&$56 5DQJH VHHSDJH

6KRWV 3HQ $VVDXOW +( 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH
+( 5HDUDUF
,QGLUHFWILUH+(
6SHFLDO )URQWDUF ,QH[SHULHQFHG
4W\ YHWHUDQ$UWLOOHU\)RUZDUG2EVHUYHUVPD\EHVHOHFWHGLQDQ\%ULWLVK$LUERUQHVHOHFWRULQ(XURSH,WDO\RU*UHHFHGXULQJH[FHSWGXULQJ0DUNHW
XQGHU6SHFLDO5XOHV
:DVS,,&
ZLWK3LVWRO
4%ULWLVK1&2ZLWK5LIOH
&RD[LDO00*
3LFN/LVW
,QIDQWU\ZLWK5LIOH
:HDSRQV
\&$1/2$1
ZLWK6XEPDFKLQHJXQ
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH DSSOLTXpDUPRXU
''D\%ULWLVK
&DQDG DQ 6FRX 6Q SHU
&DQDGLDQ6HFWRUVSDJH
7HDP
7KHXQLWZLOOVSRWKLGGHQHQHP\XQLWVDWUDWKHUWKDQWKHQRUPDO DQG 7UDFNHG

5DQJH 7$1.6 6KRWV
6KR GRZQ V

$1' 3HQ632SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ
QD
QD 6SHFLDO
6SHF
$VVDXOW
*816 D QD 9HWHUDQ
9H HUDQ
S 3(13,1'
3(1
WHVWWRKROGWKHLUILUH
&UHZILUHG00*
&$1/2$1 6Q 3 1
&$1/2$1 '
SDJH
SHU 6Q SHU Z&DQDG
&DQDGLDQ2IILFHUV
&DQDGLDQ2IILFHUV 'LILQEXLOGLQJ
' Q EX %UG QJ K ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQKLWVRQEXLOGLQJFROODSVHVLWDQGNLOOVDOOLQVLGH
''D\%ULWLVK
' 'D\
U HDQ 2S V FHUV
&DQDGLDQ6HFWRUVSDJH
&DQDG
Q
K$UPLHVRI*UHDW%ULWDLQSDJH DQ DQ
\ 6HF RU
R 6SR HU Z K S V R D SDJH
H \
FDQ JR R KD YH KH K V DNHQ K V RQ EX G QJ FR DSVHV DQG N V D QV GH
&$1/2$1
7HDP
+( 1&2ZLWK5LIOH
9HKLFOH
6QLSHU PHQ
&UHZFDUULHG00*
([WUD&UHZ &DQDGLDQ2IILFHUV
)URQWDUF
7\SH 7UDQV '9QD GHJUHHDUF&UHZILUHG00* ,QH[SHULHQFHG
3R 4W\ &$1/2$1
2SHQWRSSHG
ZLWK6XEPDFKLQHJXQ
4%ULWLVK6HFRQG/LHXWHQDQW
)RUZDUGIDFLQJ00*
%ULWLVK$UFKHU63SGU
:HDSRQV
ZLWK5LIOH
HQ &DQDGLDQ2IILFHUV
$$
1&2ZLWK5LIOH
1&2 Z
,QIDQWU\ZLWK5LIOH7UXFNK 5 H
$UP H R *UHD %U
VPDOOYHKLFOH
UHTXLUHVORDGHU
DUHTXLUHVORDGHU
Q SDJH

5DQJH
6KRWV'
\VPD\EHVHOHFWHGLQDQ\%ULWLVK$UP\VHOHFWRULQ$IULFD,WDO\1:(XURSHRU6RXWKHDVW$VLDLQH[FHSWIRU&RPPDQGRV&DQDGLDQRIILFHUVGRQRWXVH
6KR V
QD
3HQ
Q D 6PDOOYHKLFOHIODPHWKURZHU)URQWDUF
6SHFLDO
6SHF D QD $VVDXOW 5HJX DU
S PD\ EH VH'LILQEXLOGLQJ
:KHQ DHFVQHG SH QVKRR DQ\ % VK $D )P\H VH R HF R Q $R GH FD KH
V XV,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ
QJ $PEXVK D 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
&$1/2$1
S S
6(/(&72563(&,$/58/(6 \S D\H
1: FDQ
$7HDPZHDSRQVKRRWVDWIXOOHIIHFWLYHQHVVVRORQJDVWKHUHDUHDWOHDVWWZRPHQWRVHUYHLW,IRQO\RQHPDQUHPDLQVWKHQWKHZHDSRQVXIIHUVDWRKLW
3(13,1' &DQDGLDQ2IILFHUV LI'RJJHHGLVWDNHQIRU)28
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ (X RSH GHF RGH6RX R XVH KHDV K V $V VFRSH D Q5 H[FHS
H DQJH FKDQJHV R &RPPDQGRV
R D JH &DQDGV Z KDQQ RFHKHV VKR GR QR
4W\
:DVS,,& SS:HDSRQV
3(13,1' 'LILQEXLOGLQJ 5DQJH
63(&,$/58/(6
:KHQDVQLSHUVKRRWVXVLQJD)LUHRU$PEXVKRUGHUWKHSOD\HUFDQGHFLGHWRXVHKLVVFRSH5LIOHUDQJHFKDQJHVWR,IWDUJHWLVZLWKLQWKHVKRW
5RQVRQV ,QIDQWU\ZLWK5LIOH
9HKLFOH
S
6ORZ
&$1/2$1 ''D\%ULWLVK &DQDGLDQ6HFWRUVSDJH
3LQQHGE\KLWVIURPVPDOODUPVLQWKHVDPHZD\DVVRIWVNLQVDQGLQIDQWU\,IDVVDXOWHGE\LQIDQWU\RSHQWRSSHGDUPRXUHGYHKLFOHVDUHGHVWUR\HG 6KRWV
+( ,QGLUHFWILUH+(
7\SH 7UDQV 3HQ
'9QD 6SHFLDO ,QH[SHULHQFHG
:DVS,,& +RZLW]HU
+(&$1/2$1
QZLWK5LIOH
&UHZILUHG00*
6QLSHUWHDP
9HK
6Q Z KP&DQDGLDQ)28
%ULWLVK6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU
+RZ ]HU
F\''D\%ULWLVK
DQSH HHDP
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ 1D
5&DQDGLDQ)28
VVHV
,QIDQWU\ZLWK5LIOH RQDRPD
DX &KDFDDF \HUHTXLUHVORDGHU
V FV JQR
&DQDGLDQ6HFWRUVSDJH
UHTXLUHVDVVLVWDQW
6KR QV HV HDGQHJD KH\YHD ZD\V R K
KDYH$50285('&$56
7\SH
PRG
KH V'RJJHG
H7UDQV H[FHS 61,3(5 '9
H SHQDOW\WRLWVPRUDOH)RUVTXDGEDVHGWHDPZHDSRQVORDGHUPXVWUHPDLQZLWKLQRUZHDSRQVXIIHUVWKHWRKLWSHQDOW\
SHQDOW\DQG
XQGHU6SHFLDO5XOHV S
PD\EHVHOHFWHGLQDQ\%ULWLVK$UP\VHOHFWRULQ$IULFD,WDO\1:(XURSHRU6RXWKHDVW$VLDLQH[FHSWIRU&RPPDQGRV&DQDGLDQRIILFHUVGRQRWXVH SQDQG
QD +D
DQQ7HDP
7HDP
QJ VHHSDJH
&$1/2$1
' PD HVHHSDJH
KH 66
PHQ
NHPHQ
VHHSDJH V DQG
6QLSHU
6Q P)URQWDUF
X&DQDGLDQ)28
HV VHH
)ODPHWKURZHU
SH SDJH K1R6KR
VV6QLSHUZLWKULIOH
6Q QJSHDVV ZV DQ HH 6H
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH HF 9HWHUDQ
KH &DQDGHVKZHDQ
R1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH SJQR
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH V R HV 6SR
JXQ SX VHVH[
GKDQG R RP R
D S KH HF RQ X H
4W\ $VVDXOW
:HDSRQV
9HKLFOH 5DQJH
7\SH VHHSDJH
6KRWV
7UDQV DQPD 3HQ
6SHFLDO 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH
)URQWDUF)ODN
4 S
SS
%ULWLVK:DVS,,&
([WUD&UHZ
Q&$1/2$1
3(13,1'
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ&RPPRQZHD
&DQDGLDQ)28
\&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFVXQGHU6SHFLDO5XOHV
&DQDGLDQ6FRXW6QLSHU7HDP :HDSRQV
9HKLFOH
%HKLQGHQHP\OLQHV
%HK QG\HQHP\ K /VXFFHVV
'LILQEXLOGLQJ
S &DQ H KH VKRR GXHF
DQ Z
)ODN
+(
+( DSSOLTXpDUPRXU
QHV0DFK
JK \''D\%ULWLVK
D ZD\V
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ QH DK D1D
JXQ DHTX
FRXQ JH
RQDVHV GDV
UHTXLUHVDVVLVWDQW
UHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW

DZ
&KD H[FHS
RDGH QJ
DF HVRQD V QH RXQGH
FVGDPDJH
&DQDGLDQ6HFWRUVSDJH
H
5DQJH
7\SH

RYHURSHQVLJKWV
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ
UHTXLUHVORDGHU RYH
6SHF RSHQ
D6KR5X VFN
DQG&DQDGLDQ6HFWRUVSDJH
FDQ S'
7UDQV
,1)$175< V
HVJKDQ\
3HQV'9
QDQPRGH
QD KH
6SHF QR
%HKLQGHQHP\OLQHV
%HKVHHSDJH
)ODPHWKURZHU KH '9
QG HQHP\ XQQD
ZD\ R1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH
&$1/2$1
:KHQ
QHV FDQQRVKRR XV QJ QG HF D HPHPEH
&DQDGLDQ)28
VFRSH :KHQ XV
V RQJHDP
9HWHUDQ
,QH[SHULHQFHG
5HJXODU QG FDQHF H DQ\ D ZHDSRQ KH\

4W\ S 7KLVZHDSRQVXIIHUVQRSHQDOW\
]H KDV D DSSOLTXpDUPRXU
P Q PXP DQJH ZKHQ WRKLW
QJ ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
:HDSRQV RYH RSHQ V JK V KDV QR P Q PXP 5DQJH
KRZ 3LQWOHPRXQWHG00*
:DVS,,& 7UDFNHG DQJH 6KRWV 3HQ
QD
6SHFLDO
)ODNGHJUHHDUF
4W\ 7KH:DVS,,&FDQILUHHLWKHUWKHSLQWOHPRXQWHGPDFKLQHJXQRUWKHOLJKWPRUWDULQDGGLWLRQWRWKHIODPHWKURZHUEXWQRWERWK
5RQVRQV :HDSRQV
7XUQRQWKHVSRW
&$1/2$1
3R V3(13,1'
HQ7$$ KDYH DQG
7&DQDGLDQ2IILFHUV
XFN Q DVVDX FDQ
''D\%ULWLVK XVH KH DVVDX X H
&DQDGLDQ6HFWRUVSDJH S V R
5DQJH
:KHH VXEPDFK 6KRWVQH
63(&,$/58/(6
,1)$175<
HG&DQDGLDQ6HFWRUVSDJH
S 3(13,1' 'LILQEXLOGLQJ JXQ 3HQ 6SHFLDO
,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQKLWVRQEXLOGLQJFROODSVHVLWDQGNLOOVDOOLQVLGH 5HJXODU
:HDSRQV
S 9HKLFOH
:HDSRQV
5HFRQ7URRSV
5HFRQ RRSV
SDJH 'LILQEXLOGLQJ UHTXLUHVORDGHU 5DQJH 6KRWV 5DQJH 7\SH
61,3(5 3HQ 6SHFLDO 7UDQV7 RRSV
6KRWV
5HFRQ7URRSV
5HFRQ
7DQNKXQWHUV '9 6SHFLDO
3HQ 9HWHUDQ
DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK ''D\%ULWLVK
LI'RJJHHGLVWDNHQIRU)28 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV
4W\ +(
$VVDXOW)RUZDUGIDFLQJSLQWOHPRXQWHG+0*
([WUD&UHZ
([WUD&UHZ
([WUD&UHZ
([WUD&UHZ ([ UD &UHZ
6WDJKRXQG0N,,,+HDY\$UPRXUHG&DU VPDOOYHKLFOH
:HDSRQV :KHHOHG
5DQJH
QD )URQWDUF)ODN '
6KRWV
)URQWDUF)ODN

3HQ 5HFFH
6SHFLDO
4W\ PD\EHVHOHFWHGLQDQ\%ULWLVK$UP\VHOHFWRULQ$IULFD,WDO\1:(XURSHRU6RXWKHDVW$VLDLQH[FHSWIRU&RPPDQGRV&DQDGLDQRIILFHUVGRQRWXVH
4W\ :HDSRQV
/DQ
([WUD&UHZ JK DX RPD
6QLSHUWHDP
:HDSRQV FSHU FDQQRQ [''D\%ULWLVK DQ
&DQDG''D\%ULWLVK
6HF RU5DQJH

5DQJH
&DQDGLDQ6HFWRUVSDJH
7$1.6$1'63*816 QD63 6KRWV
)7HDP
DN +(
PHQ 3HQ 6SHFLDO6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO
QDQ 6QLSHU 5HJXODU
&DQDG 6FRX
1&2ZLWK5LIOH
XQGHU6SHFLDO5XOHV
S
)ODN 3(13,1'
UH 7DQN6Q7KH
&DQDGLDQ)LHOG(QJLQHHU$VVDXOW3LRQHHU6HFWLRQ 7HDP
:DVS &' FDQ
'LILQEXLOGLQJ &DQDGLDQ6HFWRUVSDJH
S
3LFN/LVW :DVS,,&
)RUZDUGIDFLQJ/LJKWPRUWDU KXQ
DSSOLTXpDUPRXU HUV
,QGLUHFWILUH
([WUD&UHZ
WHVWWRKROGWKHLUILUH
1&2ZLWK5LIOH SDJH HG
7$1.6
PDFK QH6KRWV
,QGLUHFWILUH JXQ
7UDFNHG

$1'

R 3HQ KH 6SHFLDO
*816
'D\ %U K ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQKLWVRQEXLOGLQJFROODSVHVLWDQGNLOOVDOOLQVLGH
KH S Q''D\%ULWLVK
,QG UHF HWRKLW SDJH
&DQDGLDQ6HFWRUVSDJH
H KHZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
H PRXQ JK PR D3HQ
VHHSDJH +( DGG

QD +( RQ
R KH DPHK)URQWDUF RZH EX QR9HWHUDQ
,QGLUHFWILUH+(
9HERHUDQ
K

4W\
:DVS +RZLW]HU
&$1/2$1
7DQNKXQWHUV
:DVS,,&
S ,,&
%ULWLVK1&2ZLWK5LIOH
%HKLQGHQHP\OLQHV' 'D\ &DQDGLDQ)28
DSSOLTXpDUPRXU
%U K &DQDG DQ 6HF RU SDJH 7UDFNHG
5HFFH:HDSRQV
3LQWOHPRXQWHG00* 5DQJH 2SHQWRSSHG7XUQRQWKHVSRW([WUD&UHZ
6KRWV
QDDQ%HKLQGHQHP\OLQHV QD 6SHFLDO
)ODNGHJUHHDUF 9H HUDQ
&KXUFKLOO$95(
&KXUFK
4
4W\ 1&2ZLWK5LIOH
S
SDJH $95(
,QIDQWU\ZLWK5LIOH
:HDSRQV 1RUPDQG\
S D DQNKXQ
\$OOHQHP\XQLWVQRWFXUUHQWO\GRZQDXWRPDWLFDOO\ILUHDWWKHDWWDFNLQJDLUFUDIWLILWLVZLWKLQWKHLUILULQJDUFDQGUDQJHUHJDUGOHVVRIZKHWKHUWKH\KDYHDOUHDG\
''D\2YHUORUGSDJH
' 'D\ XQ2YHUZRUG
H VPDOOYHKLFOH QV SDJH
DQ DVVDX DQG VFR
5DQJHHV GDPDJH 6KR
6KRWV
&DQDGLDQ,QIDQWU\'LYLVLRQ DJD V QV
3HQ 6SHF
6SHFLDO
D 'PRX D HGQD YHK F H KH H HF V HVR YHG RQ KH 'DPDJH 5HJXODU
5HJX DU 5HVX DE H DV R D QR PD
S )RUZDUGIDFLQJ)ODPHWKURZHU
S
&RD[LDO00*
%ULWLVK)LUVW/LHXWHQDQW RYHURSHQVLJKWV
S

,IDWDQNKXQWHUXQLWZLQVDQDVVDXOWDQGVFRUHVGDPDJHDJDLQVWDQDUPRXUHGYHKLFOHWKHHIIHFWLVUHVROYHGRQWKH'DPDJH5HVXOWWDEOHDVIRUDQRUPDO
QD
%ULWLVK6HFRQG/LHXWHQDQW
9HK
)ODN ,QIDQWU\ZLWK5LIOH
S
6QLSHU
&$1/2$1
1&2ZLWK5LIOH
+RZLW]HU
5HFRQ7URRSV
)ODN
9HKLFOH
9HK
6QLSHUWHDP
)ODN
6Q SH F HHHDP
F
,QIDQWU\ZLWK5LIOH
1&2ZLWK5LIOH
)ODN
6(/(&72563(&,$/58/(6
6QLSHUZLWKULIOH
)RUZDUGIDFLQJ)ODPHWKURZHUDQ&DQDGLDQ2IILFHUV
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ) DN
DQN SHQH DSLVWRO6SRWWHUZLWKSLVWRO
RQ VPDOOYHKLFOH
D UHTXLUHVORDGHU
KH KDQ DV R VXSH F D
7\SH
7\SH

GDPDJH
7UDQV '
:KHHOHG '9

7UDQV '9
Q
QD D 7HDP
7HDP PHQ
5HFRQ7URRSV PHQ QD

QD 5HFFH
6QLSHU
6Q SH 6QLSHUZLWKULIOH
6Q SH Z K H SLVWRO6SRWWHUZLWKSLVWRO
S V R 6SR H Z K S V R
)ODPHWKURZHU
)RUZDUGIDFLQJ/LJKWPRUWDU D +(
44W\
DQWLWDQNSHQHWUDWLRQUDWKHUWKDQDVIRUVXSHUILFLDOGDPDJH
)ODN
\\2SHQ
SS
2SHQWRSSHG
:HDSRQV QRUHTXLUHVDVVLVWDQW
5DQJH 7$1.6$1'63*816
H D63(&,$/58/(6
S &DQHLWKHUVKRRWGLUHFWO\DWDWDUJHWGUDZLQJLWVOLQHRIILUH
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU RYHURSHQVLJKWV
6KR
\RYHURSHQVLJKWVKHVD
WHVWWRKROGWKHLUILUH SDJH
V3HQ +( 6SHF FQG QD ,QGLUHFWILUH+(
,QGLUHFWILUH+( KQ)URQWDUF
)URQWDUF
43LFN/LVW ,QIDQWU\ZLWK5LIOH
:HDSRQV
:HDSRQVQGRSSHG HQHP\ $QHVHQHP\ XQ VUHTXLUHVDVVLVWDQW
FX HQ \ GRZQ DXRPD FD
5DQJH 6KRWV
6KR
%HKLQGHQHP\OLQHV
%HKLQGHQHP\OLQHV
&UHZILUHG00*
%HK
,QIDQWU\ZLWK5LIOH
2SHQWRSSHG
)ODN
S UHTXLUHVORDGHU
DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK LI'RJJHHGLVWDNHQIRU)28 7$1.6$1'63*816
$VVDXOW DFN3HQ
QD QJ D '
6SHFLDO
6SHF
%HKLQGHQHP\OLQHV
%HK DD HQHP\ V Z+(
QD
KH
)ODPHWKURZHU
QHV
QJ D F DQG DQJH HJD G HVV R ZKH KH KH\ KDYH D HDG\
S 3LQQHGE\KLWVIURPVPDOODUPVLQWKHVDPHZD\DVVRIWVNLQVDQGLQIDQWU\,IDVVDXOWHGE\LQIDQWU\RSHQWRSSHGDUPRXUHGYHKLFOHVDUHGHVWUR\HG
$UFKHU633'5
3 QQHG E\QJDNHQ
K$UPLHVRI*UHDW%ULWDLQSDJH
VQDQ RP DF VPD RQ R D +0*
PV
QR UHTXLUHVORDGHU
Q KHXVDPH
KD Q ) ZD\HDVGRHV
S DN VR7UDFNHG
VN QVHTX
QR DQGHQDQ
)5(()25:$5'2%6(59(5 DQ DF
)R ZD G 7HDP
DF S PHQ
H PRXQ HG \
RQ )DVVDX
/ RQQHVHHSDJH RD HGV
F E\
H
) Q0R
JQR
DN 1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH
DQHG \D5R
RSHQV RRSSHG K D DF PRX
D D HG
H D YHK,QH[SHULHQFHG
ZD\V F HV
D D HGHV SHQDR\HG \ ) HQG \
DN XQ V P

6KHUPDQ9% WDNHQDQDFWLRQRUQRWWKDWWXUQ)ODNILUHGRHVQRWUHTXLUHDQDFWLRQ/LQHRIVLWHLJQRUHG5ROOVWRKLWDLUFUDIWDUHDOZD\VDWDSHQDOW\)ULHQGO\IODNXQLWVPXVW
%ULWLVK$UFKHU63SGU
&KX
S
,QGLUHFWILUH ,QIDQWU\ZLWK/LJKW0DFKLQHJXQ
&RD[LDO00*
&KXUFKLOO$95(
FK
5HFRQ7URRSV
5HFRQ $95(
7KHFUHZFDQHLWKHUVKRRWWKHPDLQJXQRUWKH00*EXWQRWERWK UHTXLUHVORDGHU 7
3(1IRUORQJUDQJH*XQVKLHOGDQGH[WUDSURWHFWLRQUXOHVGRQRWDSSO\8QLWVKLWWDNH'SLQVDQGPXVWDOZD\VFKHFNPRUDOH DFNHG
%ULWLVK:DVS,,& 7 RRSV
,QIDQWU\ZLWK/LJKW0DFKLQHJXQ DSSOLTXpDUPRXU
PP+RZLW]HUUHTXLUHVDVVLVWDQW
,QIDQWU\ZLWK)ODPHWKURZHU $UPLHVRI*UHDW%ULWDLQSDJH
UHTXLUHVORDGHU
63(&,$/58/(6
' 6 RZ
)ODPHWKURZHU
QD
6ORZ3HWDUG0RUWDU
5HFRQ7URRSV
5HFRQ 7 RRSV 3H D QD
G LIIDLOWKHQGHVWUR\HG
5HJXODU
7HDP
XQGHU6SHFLDO5XOHV PHQ
S 7KLVZHDSRQVXIIHUVQRSHQDOW\ WRKLW ZKHQPRYLQJDQGVKRRWLQJ,QDGGLWLRQLQIDQWU\PRGHOVDUPHGZLWKDQDVVDXOWZHDSRQFRXQWDVWRXJKILJKWHUV
DXWRPDWLFDOO\LIWKHYHKLFOHLVGDPDJHGLQWKHVDPHZD\DVIRUVRIWVNLQV 63(&,$/58/(6
)ODPHWKURZHU
WHVWWRKROGWKHLUILUH
DX RPD
9HKLFOH FD
WHVWWRKROGWKHLUILUH
WHVWWRKROGWKHLUILUH
5RQVRQV WHVWWRKROGWKHLUILUH \
:DVS & DSSHGTXpS KH
HV YHK
$ SDJH
R F
KR
SDJH
7HDP H
SDJHG
SDJH
D PRX V GDPDJHG
KH
ZHDSRQ H VKRR Q
SDJH VKH
D VDPHX HZD\HF DV
R
YHQHVV VR
77\SH VR
DFNHG VN
RQJQV DV 7\SH
KH H D H D 7UDQV
HDV ZR '9PHQ R VH YH RQ \ RQH PDQ HPD QV KHQ
5HJXODU KH ZHDSRQ VX H V D R K
SK,QIDQWU\ZLWK)ODPHWKURZHU
S H QG
WHVWWRKROGWKHLUILUH
9HKLFOH
SDJH PRXQ HKHDY\
SDJH KRZ UHTXLUHVDVVLVWDQW
]H
''D\%ULWLVK D 63(&,$/58/(6
&DQDGLDQ6HFWRUVSDJH
H 7$1.6$1'63*816
K7UDQV
,QIDQWU\ZLWK)ODPHWKURZHU HF KHQ DGG UHTXLUHVDVVLVWDQW
,QGLUHFWILUH R SHQD
KH GDPDJH HVX RH )R 1RVTXDG KDIXOOVWUHQJWK
7$1.6$1'63*816
7$1.6 '
:HVWHUQ'HVHUWSDJH V5DQJH XSRQ
7XE\$7HDPZHDSRQVKRRWVDWIXOOHIIHFWLYHQHVVVRORQJDVWKHUHDUHDWOHDVWWZRPHQWRVHUYHLW,IRQO\RQHPDQUHPDLQVWKHQWKHZHDSRQVXIIHUVDWRKLW
%ULWLVK)LUVW/LHXWHQDQW $1' +(
'9 KH632SHQ ' RSSHG
+RZLW]HU+(
+RZ
*816
7DQNKXQWHUV
)ODPHWKURZHU
XSSH ]H +(7X R
Q RQ KH VSR ([ D & HZ
)ODPHWKURZHU
VX 'IRUYHKLFOHIODPHWKURZHU
DFH D HPD
PRXQHGZYHK F
HVRFRXQ SHQH 5HJXODU
DV RQ HJD GKHVVSHQD R \
4W\ ,QGLUHFWILUH
$VVDXOW
S
&$1/2$1 )ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR'
:HDSRQV SHQD
&DQDGLDQ)28 \ DQG S \ R V PR D EDVHG
&DQDGLDQSODWRRQVPD\VHOHFWD:DVS,,&RUD5DP%DGJHUDVDQDGGLWLRQDOFKRLFHWKDWGRHVQRWFRXQWDJDLQVWWKHQXPEHURI7DQNV7DQN'HVWUR\HUV6HOI3URSHOOHG HDP ZHDSRQV 6KRWV RDGH 3HQ PXV 6SHFLDO K Q $OZD\VKLWVWRSDUPRXU1R
ZHDSRQ VX H KH R
4W\ 4W\ ([WUD&UHZ
%ULWLVK1&2ZLWK5LIOH
$VVDXOW)R
&$1/2$1 ZD
SHQDOW\DQG DG 00*
:HDSRQV DF&DQDGLDQ2IILFHUV
QJ$UPLHVRI*UHDW%ULWDLQSDJH
S DPH K RZH VPD YHK
UHTXLUHVDVVLVWDQW FSDJH HG 5DQJH
WHVWWRKROGWKHLUILUH
:HDSRQV SDJH H ''D\%ULWLVK '5DQJH5DQJH
)SHQDOW\WRLWVPRUDOH)RUVTXDGEDVHGWHDPZHDSRQVORDGHUPXVWUHPDLQZLWKLQRUZHDSRQVXIIHUVWKHWRKLWSHQDOW\
Q D 6PD 6KRWV YHK F3HQ 3HQ
H DPH 6SHFLDO
K RZH ) RQ D F
4W\$UFKHU633'5 7XUQRQWKHVSRW
&RD[LDO00*
S
ZKH &RKH
([WUD&UHZ
)ODPHWKURZHU
)ODPHWKURZHU
+(
D[
S
&KXUFKLOO$95(
&KXUFK S :HDSRQV $95( 1RUPDQG\
)ODPHWKURZHU 7KLVZHDSRQVXIIHUVQRSHQDOW\
)ODPHWKURZHU
$UFKHU63SGU
KH D JH ) DPH V RSHQ R QR
KURZHU ' 'D\VR2YHU WRKLW
RSHQ
''D\2YHUORUGSDJH
RUG F HV VX6KRWV H D GRXE
QD H6SHFLDO
6KRWV
7DQNKXQWHUV
RSSHG D ''D\%ULWLVK
PRX
S 7KLVZHDSRQVXIIHUVQRSHQDOW\ WRKLW YHK &DQDGLDQ6HFWRUVSDJH
$UWLOOHU\DQG$QWL$LUFUDIW9HKLFOHVDOORZHGLQWKHVHOHFWRU 7UDFNHG SHQD
ZKHWKHUWKHWDUJHWLVRSHQRUQRWVRRSHQWRSSHGDUPRXUHGYHKLFOHVVXIIHUDGRXEOHSHQDOW\SHQHWUDWLRQDQGGDPDJHUHVXOW \ SHQH 6SHFLDO
D RQ DQG GDPDJH HVXLIIDLOWKHQGHVWUR\HG
5HJXODU
,QH[SHULHQFHG
9HWHUDQ
5HJXODU
5HJX DU

4W\ 2SHQWRSSHG
)LUVW/LHXWHQDQW
&$1/2$1
7DQNKXQWHUV
)R ZD G DF&DQDGLDQ)28
QJ / JK PR D
)ODPHWKURZHU
6KHUPDQ9%
:HDSRQV PP+RZLW]HU UHTXLUHVORDGHU 7UDFNHG 5DQJH +( QG 6KRWV HF H 3HQ+(
6SHFLDO ) RQ D F
4W\ 9HKLFOH
)RUZDUGIDFLQJ00*
)R
SDJH
S
:HDSRQV ZD G DF QJ 00* VX H R K SHQD
S ) DPH K RZH V QHYH HV
5DQJH R FRYH6KRWV 7\SH
R 'RZQQD
Q D ) 7UDQV
)URQWDUF
+ RQ V D
PX F '9
S HG Q R ' ' R YHK F $OZD\VKLWVWRSDUPRXU1R
H $OZD\VKLWVWRSDUPRXU1R D PRX 1
DPH K RZH $ ZD\V K V RS
S
9HKLFOH
9HK
S
S
S
SS
3HWDUG0RUWDU
2SHQWRSSHG
1&2ZLWK5LIOH
S 3(13,1' 7XUQ RQ KH'LILQEXLOGLQJ
5HDUIDFLQJVXSHUKHDY\DQWLWDQNJXQ VSR
F)ODPHWKURZHUVQHYHUVXIIHUWRKLWSHQDOWLHVIRUFRYHURU'RZQ+LWVPXOWLSOLHGLQWR' 7\SH 63(&,$/58/(67UDQV
H:KHQDWRXJKILJKWHUVFRUHVDFDVXDOW\LQFORVHTXDUWHUVDJDLQVWLQIDQWU\RUDUWLOOHU\LWFDQLPPHGLDWHO\PDNHDVHFRQGGDPDJHUROO
)ODPHWKURZHU
SDJH ,QIDQWU\DQGDUWLOOHU\FDQJRGRZQWRKDOYHWKHKLWVWDNHQ
7XUQRQWKHVSRW
%ULWLVK6KHUPDQ9%
ZLWK3LVWRO PP+RZLW]HU DQ S 3HQ

'9 6SHFLDO 'IRUYHKLFOHIODPHWKURZHU
VHHSDJH
QD
+( 5HDUDUF $OZD\VKLWVWRSDUPRXU1R
$VVDXOW
4W\ :DVS,,&
:DVS
4W\
4 \ :HDSRQV
2SHQWRSSHG
3H DUG
,,& 0RU
1&2ZLWK5LIOH DU
7XUUHWPRXQWHGPHGLXPKRZLW]HU 3(1 R RQJ DQJH *XQ VK H G DQG H[
:HDSRQV
:HDSRQV &DQ H[HFX H D X VSHHG XQ D H HYH VH VK R
HF
5DQJH
3(1IRUORQJUDQJH*XQVKLHOGDQGH[WUDSURWHFWLRQUXOHVGRQRWDSSO\8QLWVKLWWDNH'SLQVDQGPXVWDOZD\VFKHFNPRUDOHQJ
''D\%ULWLVK
'
1&2ZLWK5LIOH 'D\ %U K &DQDGLDQ6HFWRUVSDJH
&DQDG DQ 6HF RU SDJH LI'RJJHHGLVWDNHQIRU)28
RQ
KH X
PRYH
IXOOVWUHQJWKHV
6KRWV
6KR 5DQJH
GR
DF

VQR
QJ +(
3HQ DSS
Q G 6KRWV
+RZLW]HU+(
\
6SHFLDO
6SHF
HF 8Q D
RQ V
R K 3HQ
QD DNH
DYH 6SHFLDO
'
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFVS QV DQG PXV D ZD\V LIIDLOWKHQGHVWUR\HG
FKHFN9H PR
9HWHUDQ
HUDQ DH
LIIDLOWKHQGHVWUR\HG
LIIDLOWKHQGHVWUR\HG
LIIDLOWKHQGHVWUR\HG D KHQ
GHV R\HG
)ODN
5HFFH
S
S
,QIDQWU\ZLWK5LIOH
%ULWLVK6QLSHUWHDP
+( &DQDGLDQ)28
:HVWHUQ'HVHUWSDJH
&UHZFDUULHG00*
)ODN
S
3LFN/LVW
7KH
&$1/2$1 KHDY\ 3LQQHGE\KLWVIURPVPDOODUPVLQWKHVDPHZD\DVVRIWVNLQVDQGLQIDQWU\,IDVVDXOWHGE\LQIDQWU\RSHQWRSSHGDUPRXUHGYHKLFOHVDUHGHVWUR\HG
KRZ ]H HG RQ KH &KX FK $95( FDQQR H D RQJ DQJH
DPH K RZH R V ' RQ XQV RX
ZLWK6XEPDFKLQHJXQ ) R XH :KHQ R QJRQD GDPDJH
YHK F
QD
QD
H HTX GHJUHHDUF&UHZILUHG00*
$VVDXOW
SSHG Z K DPH K RZH DGG
5HJXODU
LIIDLOWKHQGHVWUR\HG
R GDPDJH H HF

V FKD

4W\ )ODPHWKURZHUUROOV'RQLWUXQVRXWRIIXHO:KHQUROOLQJWRGDPDJHYHKLFOHHTXLSSHGZLWKIODPHUWKURZHUDGGWRGDPDJHHIIHFWVFKDUW
$UFKHU63SGU
&RD[LDO00*
9HK ,QIDQWU\ZLWK5LIOH
9HKLFOH F H $95(
&KXUFKLOO$95(
7\SH
7UDFNHG 63(&
XQGHU6SHFLDO5XOHV
%ULWLVK1&2ZLWK5LIOH 7UDQV7UDFNHG
$/ QD
'9 58/(6
3H DQD 2SHQWRSSHG&UHZILUHG00*
&KX FK
%HKLQGHQHP\OLQHV
+(
S
:HDSRQV UHTXLUHVORDGHU 75DQJH
DFNHG
,QIDQWU\ZLWK5LIOH
6(/(&72563(&,$/58/(6
DOVREHXSJUDGHGWR6WXEERUQDWSWVHDFK LI'RJJHHGLVWDNHQIRU)28 6KRWV
DXWRPDWLFDOO\LIWKHYHKLFOHLVGDPDJHGLQWKHVDPHZD\DVIRUVRIWVNLQV QD 6ORZ3HWDUG0RUWDU
3HQ 6 RZ
6SHFLDO G 0R D
QD
1RWH6HOHFWWKH&DQDGLDQUXOHVIURPWKH&RPPRQZHDOWK1DWLRQDO&KDUDFWHULVWLFV LIIDLOWKHQGHVWUR\HG
,QGLUHFWILUH
,QGLUHFWILUH ,QGLUHFWILUH
,QGLUHFWILUH
S
S
S S
2SHQWRSSHG
2SHQWRSSHG
2SHQWRSSHG
S 2SHQWRSSHG
S S 3LQQHGE\KLWVIURPVPDOODUPVLQWKHVDPHZD\DVVRIWVNLQVDQGLQIDQWU\,IDVVDXOWHGE\LQIDQWU\RSHQWRSSHGDUPRXUHGYHKLFOHVDUHGHVWUR\HG
S3LQQHGE\KLWVIURPVPDOODUPVLQWKHVDPHZD\DVVRIWVNLQVDQGLQIDQWU\,IDVVDXOWHGE\LQIDQWU\RSHQWRSSHGDUPRXUHGYHKLFOHVDUHGHVWUR\HG
,IKLWE\LQGLUHFWILUHWKHQDGGWRWKHGDPDJHUHVXOWUROO1RWHWKDWDOOKLWVXSRQWKHXSSHUVXUIDFHRIDUPRXUHGYHKLFOHVFRXQWSHQHWUDWLRQUHJDUGOHVVR
3HWDUG0RUWDU
5HFRQ7URRSV5HFRQ7URRSV
5HFRQ7URRSV
5HFFH
S
6ORZ
6QLSHU
6QLSHU
S 6QLSHU 6QLSHUZLWKULIOH
6QLSHUZLWKULIOH
6QLSHUZLWKULIOH SLVWRO6SRWWHUZLWKSLVWRO
S S :KHQDVQLSHUVKRRWVXVLQJD)LUHRU$PEXVKRUGHUWKHSOD\HUFDQGHFLGHWRXVHKLVVFRSH5LIOHUDQJHFKDQJHVWR,IWDUJHWLVZLWKLQWKHVK
S:KHQDVQLSHUVKRRWVXVLQJD)LUHRU$PEXVKRUGHUWKHSOD\HUFDQGHFLGHWRXVHKLVVFRSH5LIOHUDQJHFKDQJHVWR,IWDUJHWLVZLWKLQWKHVKRW
PLVVHVDXWRPDWLFDOO\6KRWLJQRUHVQHJDWLYHWRKLWPRGLILHUVH[FHSWSLQQLQJPDUNHUVDQGIRUPLVVLQJDVVLVWDQW6KRWLJQRUHVJXQVKLHOGDQGH[WUDSURWHFWLRQU
,IVXFFHVVIXODOZD\VFRXQWVDVH[FHSWLRQDOGDPDJHDQGFDQSLFNDQ\PRGHOLQWKHXQLW:KHQQRWXVLQJVFRSHDOOPHPEHUVRIWHDPFDQILUHDQ\ZHDSRQWK
7XUQRQWKHVSRW
7DQNKXQWHUV7DQNKXQWHUV
7DQNKXQWHUV
S S ,IDWDQNKXQWHUXQLWZLQVDQDVVDXOWDQGVFRUHVGDPDJHDJDLQVWDQDUPRXUHGYHKLFOHWKHHIIHFWLVUHVROYHGRQWKH'DPDJH5HVXOWWDEOHDVIRUDQRUP
S,IDWDQNKXQWHUXQLWZLQVDQDVVDXOWDQGVFRUHVGDPDJHDJDLQVWDQDUPRXUHGYHKLFOHWKHHIIHFWLVUHVROYHGRQWKH'DPDJH5HVXOWWDEOHDVIRUDQRUPDO
6(/(&72563(&,$/58/(6
7HDP PHQ7HDP PHQ
7HDPPHQ
S S $7HDPZHDSRQVKRRWVDWIXOOHIIHFWLYHQHVVVRORQJDVWKHUHDUHDWOHDVWWZRPHQWRVHUYHLW,IRQO\RQHPDQUHPDLQVWKHQWKHZHDSRQVXIIHUVDWR
S$7HDPZHDSRQVKRRWVDWIXOOHIIHFWLYHQHVVVRORQJDVWKHUHDUHDWOHDVWWZRPHQWRVHUYHLW,IRQO\RQHPDQUHPDLQVWKHQWKHZHDSRQVXIIHUVDWRKLW
$7HDPZHDSRQVKRRWVDWIXOOHIIHFWLYHQHVVVRORQJDVWKHUHDUHDWOHDVWWZRPHQWRVHUYHLW,IRQO\RQHPDQUHPDLQVWKHQWKHZHDSRQVXIIHUVDWRKLW
SHQDOW\DQG S
SHQDOW\DQG
5RQVRQV SHQDOW\DQG
S S SHQDOW\WRLWVPRUDOH)RUVTXDGEDVHGWHDPZHDSRQVORDGHUPXVWUHPDLQZLWKLQRUZHDSRQVXIIHUVWKHWRKLWSHQDOW\
7XUQRQWKHVSRW7XUQRQWKHVSRW
7XUQRQWKHVSRW
3LFN/LVW &DQDGLDQ,QIDQWU\'LYLVLRQ
6(/(&72563(&,$/58/(6
6(/(&72563(&,$/58/(6
6(/(&72563(&,$/58/(6
%ULWLVK&KXUFKLOO$95(
%ULWLVK&UXVDGHU,,,$$0N,
5RQVRQV
5RQVRQV 5RQVRQV
%ULWLVK,QIDQWU\ZLWK/LJKW0DFKLQHJXQ UHTXLUHVORDGHU
&DQDGLDQSODWRRQVPD\VHOHFWD:DVS,,&RUD5DP%DGJHUDVDQDGGLWLRQDOFKRLFHWKDWGRHVQRWFRXQWDJDLQVWWKHQXPEHURI7DQNV7DQN'HVWUR\HUV6HOI3
%ULWLVK1&2ZLWK5LIOH
3LFN/LVW
3LFN/LVW 3LFN/LVW
%ULWLVK%RIRUV$$7UXFN
%ULWLVK:DVS,,& DSSOLTXpDUPRXU
UHTXLUHVDVVLVWDQW
UHTXLUHVDVVLVWDQW
%ULWLVK,QIDQWU\ZLWK)ODPHWKURZHU UHTXLUHVORDGHUUHTXLUHVORDGHU
UHTXLUHVDVVLVWDQW
%ULWLVK,QIDQWU\ZLWK5LIOH UHTXLUHVORDGHU
%ULWLVK1&2ZLWK5LIOH
%ULWLVK1&2ZLWK5LIOH
%ULWLVK3ROVWHQ$$7UXFN
%ULWLVK1&2ZLWK5LIOH
%ULWLVK3ROVWHQ$$7UXFN
%ULWLVK6QLSHUWHDP
%ULWLVK6QLSHUWHDP
%ULWLVK6QLSHUWHDP
%ULWLVK:DVS,,&%ULWLVK:DVS,,&
%ULWLVK:DVS,,& DSSOLTXpDUPRXU
DSSOLTXpDUPRXUDSSOLTXpDUPRXU

Lista Veteranos Locos

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Lista Veteranos Locos

Uploaded by

Copyright:

Available Formats

ZLWK5LIOH

You might also like