HAMILTON LANE INCORPORATED HLNE Annual Report
2020
We Enrich Lives
& Safeguard Futures
• | Do the right thing | • | The pursuit of excellence |
• | Integrity, candor | • | A spirit of competition |
and collaboration | that inspires innovation |
Dear Shareholders
Where to begin. I think back to the writing of this letter around this time last year. I wrote then about what a downturn in the private markets might possibly look like.
Today, as I reflect on just how much has changed - in the public and private markets alike, in all corners of the global economy, in societies around the world, in our routines and daily lives - it can sometimes be difficult to hearken back to that time, of when things still felt "normal." Of when those of us who pontificate on such things were opining on market moves, and of when there were things about which we felt we could be certain.
In the days shortly after the pandemic first upended markets, companies and industries here in North America, I began writing a weekly "COVID-19 and Market Update" to our clients and partners to offer my thoughts and perspective on the situation and potential implications for private markets investors - but also for us as humans.
As investors, uncertain times can and often do unearth pockets of opportunity, green shoots, the chance to draw from experience and learn new curves of a new landscape. To balance creativity with caution; to demonstrate resolve and navigational skills.
As people, uncertain times demand energy, focus and resolve-ironically, the same traits that can be difficult to come by in challenging times. And as countries, organizations and individuals strive to adapt and manage through this challenging time, our thoughts are
with those affected by the pandemic, as well as with the essential workers around the world - including many of our clients, whose members are on the front lines.
Let me start, then, by simply saying thank you. Thank you to those on the front lines. Thank you to those putting themselves in danger to protect us. Thank you to all of those making sacrifices for the good of their communities. You have our sincerest gratitude.
Current Environment
Last year, we attempted to tackle what the next downturn would look like for alternatives. We are now in a downturn. So, where does that leave us? I'll start by answering some questions that we've been fielding from investors.
1. How much of our revenue is fixed versus variable? We continue to be a management fee-heavy business. Even with a strong year of carried interest, management and advisory fees accounted for approximately 90% of our total fiscal year 2020 revenue. In addition, less than 3% of our management and advisory fees are based on net asset value, which protects our revenue stream from temporary mark-to-market moves.
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- Do we expect limited partners to default on their capital commitments? We don't. These commitments are legally binding and carry financial penalties for defaulting. In 2008, we did not, nor did the industry at large, experience any meaningful level of LP defaults. During that entire recession and across our entire client base, Hamilton Lane only experienced a single LP partially defaulting in the amount of $1 million.
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Will the drop in plan values - i.e., the denominator effect - cause LPs to pull back from the asset class? In general, we think the answer is no, though this will partly depend on where the markets go from here. For now, we haven't seen a drop significant enough to cause concern. While there may be instances of some
LPs finding themselves stretched for various reasons and choosing to pull back, we believe there will also be plenty of examples of LPs who are more determined to lean into what feels like an interesting buying opportunity. In fact, we have a number of clients who find themselves well below their target allocation.
We believe that LPs have now seen the data for vintage year performance following past market downturns in 2000 and 2001, and again in 2009 and 2010, and understand that following times of economic correction, the private markets provide a strong investment opportunity. - What are your expectations around carried interest payments over the next 12 months? Well, no question they will be lower until the markets normalize, but there are a few things to remember about our carry. First, carry represented around
10% of our revenues last fiscal year. Second, our carry is incredibly diversified across more than 60 vehicles, with thousands of underlying companies. It is spread across companies of different sizes, industries and geographies. We see some natural hedging as a result of this diversity, but as you know we don't control these positions and thus we don't control the timing of the exits.
5. Will you be able to achieve your same levels of historical growth? Today, this is a tough question to answer as we are essentially just a couple of months into our fiscal year in a very unstable and unprecedented environment. We remain optimistic about our ability to grow and have continued to close new business, as well as re-ups, throughout the year. Our sales team remains active, and our pipeline remains strong. Across most of our global office locations, the inability to travel to see our clients or to host events present challenges. While we did grow through the 2008-2009 time frame, which should provide some additional comfort on the denominator concern, today is a very different environment. And again, our current inability to interact with potential investors, particularly limited partners with whom we don't currently maintain a relationship, will create some challenges.
We believe that LPs have now seen the data for vintage year performance following past market downturns in 2000 and 2001, and again in 2009 and 2010, and understand that following times of economic correction, the private markets provide a strong investment opportunity.
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The Fiscal Year
Thanks to our valued clients and our outstanding employees, this past fiscal year was another strong one for our business. We added to our broad and diverse client base, expanded our global team and continued to grow where we believe the opportunities exist in the private markets. As a result, our asset footprint reached a new high of more than $500 billion as of March 31, 2020.
Hamilton Lane once again experienced significant growth across our entire platform, driven primarily by four key components. One, re-ups from our existing clients; two, winning and adding new clients; three, growing our existing fund platforms and; four, raising new specialized funds.
- AUM and Revenue Growth: For fiscal 2020, our total AUM growth was up 12%, with fee- earning AUM up 15%, stemming from positive fund flows across both our specialized funds and our customized separate accounts. Our management fees increased by 12%, with total revenues up 9% and fee-related earnings up 12%.
Thanks to our valued clients and our outstanding employees, this past fiscal year was another strong one for our business.
- Specialized Funds / Investment Solutions: On the product side, we launched our evergreen platform in the form of a product available to investors in Australia and Europe in the first quarter of FY 2020, and followed that with the announcement of a U.S. version expected to come to market later this year. In terms of fund closings, we also closed on $1.7 billion for our
fourth flagship direct equity product, which represented a 37% increase over the prior vehicle. We also announced the close of our annual credit series on more than $760 million, and the close of our multi-strategy commingled product on $278 million, and we were proud to announce the June 2020 close of our inaugural impact-focused product on more than $95 million. Finally, we announced the launch of our fifth flagship secondary product, with over $1.7 billion closed as of March 31, 2020.
- Enhancing the Shareholder Experience: Our Board approved a 13.6% increase to our dividend for fiscal 2021, bringing the targeted full-year divided to $1.25. This action highlights our commitment to returning value to our shareholders even as we continue to re-invest and grow our business.
- Alignment with our Clients: As a sign of our steady and consistent growth as a firm, we continue to align ourselves alongside our clients and invest our capital alongside the portfolios we create for them. The value of our equity method investments in our funds grew to $176 million and represented a 31% increase from last year.
- Technology Investments: Our approach to technology investing has remained consistent. We seek to identify unique technology solution providers that we believe can make us and the industry better, and put our balance sheet capital behind them, forming a mutually beneficial partnership. Our efforts continued this past year, with investments in Canoe, iCapital and Cobalt LP. This year also saw a successful exit for one of our existing technology investments, Black Mountain, while still remaining a key client and partner going forward.
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People: We welcomed Atul Varma as Chief
Financial Officer and Treasurer, following the retirement of Randy Stilman. Our headcount increased almost 10%, and we announced a number of firm-wide promotions, spanning across several geographies as well as the firm's Investment, Relationship Management,
Client Services, Legal, Product, Business
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Development and Technology teams. Today, women and people of color comprise 53% of our employee base globally, and 39% of our senior professionals. These statistics, while generally good within the context of our broader industry, remind us that there is still much work to be done. As one step in this direction, we are currently working on a five-pillar plan to intentionally embed Diversity, Equity and Inclusion into company values, culture and practices.
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Awards & Recognition: For the eighth consecutive year, Hamilton Lane was recognized as a Best Place to Work in Money Management by Pensions & Investments magazine. We are one out of only five companies to earn this distinction for eight consecutive years, which
is as long as the publication has bestowed the award. Also, for the third consecutive year, we partnered with Girls Who Invest, a non-profit organization dedicated to increasing the number of women in investment management and executive leadership in the asset management industry. The partnership is a key component of the firm's commitment to the advancement of women in the private markets, which also
And while this has been a year unlike any other, we continue to live the mantra of keeping our clients in sight. In light of both the COVID-19 pandemic and the civil unrest, there is, perhaps, no time more important than right now to reflect on what those words truly mean.
includes Hamilton Lane's annual Undergraduate Women's Private Equity Summit; the firm's Diversity & Inclusion Speaker Series; and sponsorships of a number of conferences and organizations including the Women's Association of Venture & Equity (WAVE) and the Women's Private Equity Summit, among others.
- Outreach: We are committed to doing our part to help educate, encourage and support underserved or diverse populations, particularly in those communities in which we live and work. This year, we continued our partnerships with Girls Who Invest and Cristo Rey Philadelphia and with the Big Brothers Big Sisters program.
And while this has been a year unlike any other, we continue to live the mantra of keeping our clients in sight. In light of both the COVID-19 pandemic and the civil unrest, there is, perhaps, no time more important than right now to reflect on what those words truly mean.
I often think about the composition of our client base: They are front-line medical workers in Europe and the U.S., educators and faculty members around the globe, building and service tradespeople, many of whom are experiencing massive unemployment within their ranks. Our clients' beneficiaries are diverse, representing a multitude of genders, nationalities and races; that includes people of color, many of whom are more likely to have jobs that qualify them as essential workers, and therefore are disproportionately affected by the COVID-19 crisis.
Many of our employees have been donating time, energy and resources in these last few months. That spirit of giving back, of doing the right thing, is core to who we are as individuals and as an organization.
To broaden that impact even further, we recently created the Hamilton Lane Charitable Giving Fund of the Philadelphia Foundation. Through the Giving Fund, HL'ers around the globe have had the opportunity to donate to a COVID-19 relief campaign, which will offer support to our clients' beneficiaries who are on the front lines of this crisis, placing a particular emphasis on directing funds to support minority representatives of the organizations selected.
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Wrapping Up
In one of my recent market updates, I spoke about the Black Lives Matter protests in the U.S. and around the world. I suggested we listen to stories of people whose lives are different from our own, and try to imagine how our lives, and we ourselves, would be different had we lived through their experiences. To consider how hearing those stories might shift someone else's perspective, and how we might understand things differently as a result.
I believe we may be living through one of those moments in time that people will look back on as a genuine turning point. A point where we will say that the murders of George Floyd, Breonna Taylor, Ahmaud Arbery, Rayshard Brooks and too many others caused a shift in national consciousness. There is still anger, but it is shifting into determination. It is impressive and it is powerful.
Concurrent with that, there is an increasing level of engagement between and among people trying to understand what they can do as individuals, as companies, and as communities to bring about meaningful change. There are more discussions and action plans than I have ever seen being developed to support the Black Lives Matter movement and to address systemic racial and income inequality. Real action, not simply talk.
While I don't pretend to have all of the answers, what I can offer is a reminder of our experience managing through other periods of challenge and change, a reminder of our commitment to our clients and to this asset class, and our conviction as leaders in the private markets.
It will be too slow for many and too fast for some, but the shift in tone over the last several months is unmistakable. There is no going back, and I sense that enough people embrace that now to make a difference. It won't be something that simply changes in a day or a week or a year. It is something that will demand attention and commitment every day.
As I reflect on this last year and look ahead, as ever, our top priority is the health and safety of our employees, clients and partners. The last few months have demonstrated our ability as individuals and as an organization to continue to execute on behalf of our clients and function normally in a remote work environment. If you couldn't tell, I'm very proud of our teams and the effort they exert every day, servicing our clients, while simultaneously managing their own lives and families. To them, I also say thank you. And while this time brings uncertainty and discomfort, the Hamilton Lane spirit of creativity and innovation remains strong and is keeping us close together.
And while I don't pretend to have all of the answers, what I can offer is a reminder of our experience managing through other periods of challenge and change, a reminder of our commitment to our clients and to this asset class, and our conviction as leaders in the private markets.
Wishing you health and peace,
Mario Giannini
Chief Executive Officer
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R H<9D9F:CFA5B79C:CIF:IB8G=G;9B9F5@@M75@7I@5H98CBH<965G=GC:H<9B9H5GG9HJ5@I9W&.X C:H<9:IB8GY=BJ9GHA9BHG =B7@I8=B;IBF95@=N98;5=BG K<=7 R CIF <=GHCF=75@ F9HIFBG 89F=J9 @5F;9@M :FCA H<9 D9F:CFA5B79 C: CIF 95F@=9F :IB8G K<9F95G :IHIF9 :IB8 F9HIFBG K=@@ 89D9B8 =B7F95G=B;@M CB H<9 D9F:CFA5B79 C: CIF B9K9F :IB8G CF :IB8G BCH M9H :CFA98
R CIF B9K@M 9GH56@=G<98 :IB8G A5M ;9B9F5H9 @CK9F F9HIFBG 8IF=B; H<9 D9F=C8 H<5H H<9M =B=H=5@@M 89D@CMH<9=F75D=H5@
R =BF979BHM95FG H<9F9<5G699B=B7F95G987CAD9H=H=CB:CF=BJ9GHA9BHCDDCFHIB=H=9GF9GI@H=B;:FCA H<9=B7F95G985ACIBHC:75D=H5@=BJ9GH98=BDF=J5H9A5F?9HG5@H9FB5H=J9G5B8<=;<@=EI=8=HM=B896H A5F?9HG 5B8H<9=B7F95G987CAD9H=H=CB:CF=BJ9GHA9BHGA5MF98I79CIFF9HIFBG=BH<9:IHIF95B8
R H<9D9F:CFA5B79C:D5FH=7I@5F:IB8G5@GCK=@@695::97H986MF=G?GC:H<9=B8IGHF=9G5B86IG=B9GG9G =BK<=7
,<9<=GHCF=75@5B8DCH9BH=5@:IHIF9F9HIFBGC:H<9=BJ9GHA9BH:IB8GK9A5B5;95F9BCH8=F97H@M@=B?98 HC F9HIFBG CB CIF @5GG 7CAACB GHC7? ,<9F9:CF9 MCI G<>
3(&,$/,=('81'(5)250$1&(
/9CF;5B=N9 =BJ9GH5B8A5B5;9DF=A5FM G97CB85FM5B88=F97H7C =BJ9GHA9BH:IB8G'IF:IB8G=BJ9GH 57FCGG5J5F=9HMC:DF=J5H9A5F?9HG5B8=B7@I899EI=HM 9EI=HM @=B?985B87F98=H:IB8GC::9F98CBGH5B85F8 H9FAG 5G K9@@ 5G G
8599 !et;8n9 - !ea2i@ed
Vint064 | FCn3 siH4 | R40:iH43 | R40:iH43 | R40:iH43 | R40:iH43 Gr=ss | R40:iH43 Gr=ss | |
FCn3 | 0>it0: | Gr=ss | Gr=ss | )>r403 vs. | )>r403 vs. | ||
G40r | ($M | inv4st43 ($M | mC:ti>:4 | RR (% | )& 5 &ME | M) =r:3 &ME | |
&rim0ri4s=J9FG=:=98 | |||||||
(! | 6DG | 6DG | |||||
(!. | 6DG | 6DG | |||||
(. | 6DG | 6DG | |||||
(.! | 6DG | 6DG | |||||
(.!! | 6DG | 6DG | |||||
(.!!! | 6DG | 6DG | |||||
(!0 | 6DG | 6DG | |||||
(0 | & | & | & | & | & | ||
)42=n30ri4s | |||||||
(F9 IB8 | 6DG | 6DG | |||||
+97CB85FMIB8! | 6DG | 6DG | |||||
+97CB85FMIB8!! | 6DG | 6DG | |||||
+97CB85FMIB8!!! | 6DG | 6DG | |||||
+97CB85FMIB8!. | 6DG | 6DG | |||||
+97CB85FMIB8. | & | & | & | & | & | ||
= inv4stm4nts | |||||||
(F9 IB8 | 6DG | 6DG | |||||
C !BJ9GHA9BHIB8 | 6DG | 6DG | |||||
C !BJ9GHA9BHIB8!! | 6DG | 6DG | |||||
C !BJ9GHA9BHIB8!!! | 6DG | 6DG | |||||
C !BJ9GHA9BHIB8!. | 6DG | 6DG | |||||
Vint064 | FCn3 siH4 | R40:iH43 | R40:iH43 | R40:iH43 | R40:iH43 Gr=ss | R40:iH43 Gr=ss | |
FCn3 | 0>it0: | Gr=ss | Gr=ss | )>r403 vs. | )>r403 vs. | ||
G40r | ($M | inv4st43 ($M | mC:ti>:4 | RR (% | ) H/ &ME | ) "" &ME | |
)tr0t46i2 O>>=rtCniti4s,5=@ 9B8G97CB85F=9G5B87F98=H | |||||||
+HF5H'DDG | 6DG | 6DG | |||||
+HF5H'DDG | 6DG | 6DG | |||||
+HF5H'DDG | 6DG | 6DG | |||||
+HF5H'DDG | 6DG | 6DG | |||||
+HF5H'DDG | & | & | & | & | & |
8599 !et;8n9 - !ea2i@ed and Un8ea2i@ed
Gr=ss | Gr=ss | ||||||||||
FCn3 | 0>it0: | $4t )>r403 | )>r403 vs. | $4t )>r403 | |||||||
Vint064 | Gr=ss | $4t | Gr=ss | $4t | )>r403 vs. | M) | |||||
FCn3 | siH4 | inv4st43 | )& 5 | vs. )& 5 | =r:3 | vs. M) | |||||
G40r | ($M | ($M | mC:ti>:4 | MC:ti>:4 | RR (% | RR (% | &ME | &ME | &ME | =r:3 &ME | |
&rim0ri4s=J9FG=:=98 | |||||||||||
(! | 6DG | 6DG | 6DG | 6DG | |||||||
(!. | 6DG | 6DG | 6DG | 6DG | |||||||
(. | 6DG | 6DG | 6DG | 6DG | |||||||
(.! | 6DG | 6DG | 6DG | 6DG | |||||||
(.!! | 6DG | 6DG | 6DG | 6DG | |||||||
(.!!! | 6DG | 6DG | 6DG | 6DG | |||||||
(!0 | 6DG | 6DG | 6DG | 6DG | |||||||
(0 | 6DG | 6DG | 6DG | 6DG | |||||||
)42=n30ri4s | |||||||||||
(F9 IB8 | & | & | 6DG | & | 6DG | & | |||||
+97CB85FMIB8! | 6DG | 6DG | 6DG | 6DG | |||||||
+97CB85FMIB8!! | 6DG | 6DG | 6DG | 6DG | |||||||
+97CB85FMIB8!!! | 6DG | 6DG | 6DG | 6DG | |||||||
+97CB85FMIB8!. | 6DG | 6DG | 6DG | 6DG | |||||||
+97CB85FMIB8. | 6DG | 6DG | 6DG | 6DG | |||||||
= inv4stm4nts | |||||||||||
(F9 IB8 | & | & | 6DG | & | 6DG | & | |||||
C !BJ9GHA9BHIB8 | 6DG | 6DG | 6DG | 6DG | |||||||
C !BJ9GHA9BHIB8!! | 6DG | 6DG | 6DG | 6DG | |||||||
C !BJ9GHA9BHIB8!!! | 6DG | 6DG | 6DG | 6DG | |||||||
C !BJ9GHA9BHIB8!. | 6DG | 6DG | 6DG | 6DG | |||||||
FCn3 | 0>it0: | Gr=ss | $4t )>r403 | Gr=ss | $4t )>r403 | ||||||
Vint064 | Gr=ss | $4t | Gr=ss | $4t | )>r403 vs. | )>r403 vs. | |||||
FCn3 | siH4 | inv4st43 | ) H/ | vs. ) H/ | ) "" | vs. ) "" | |||||
G40r | ($M | ($M | mC:ti>:4 | MC:ti>:4 | RR (% | RR (% | &ME | &ME | &ME | &ME | |
)tr0t46i2 O>>=rtCniti4s,5=@ 9B8G97CB85F=9G5B87F98=H | |||||||||||
+HF5H'DDG | 6DG | 6DG | 6DG | 6DG | |||||||
+HF5H'DDG | 6DG | 6DG | 6DG | 6DG | |||||||
+HF5H'DDG | 6DG | 6DG | 6DG | 6DG | |||||||
+HF5H'DDG | 6DG | 6DG | 6DG | 6DG | |||||||
+HF5H'DDG | 6DG | 6DG | 6DG | 6DG |
(5)250$1&((7+2'2/2*<
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
'IF!**F9DF9G9BHGH<9DCC@98!**:CF5@@8=G7F9H=CB5FM=BJ9GHA9BHG:CFH<9D9F=C8:FCA=B79DH=CBHC 979A69F FCGG !** =G DF9G9BH98 B9H C: A5B5;9A9BH :99G 75FF=98 =BH9F9GH 5B8 9LD9BG9G 7<5F;986MH<9;9B9F5@D5FHB9FGC:H<9IB89F@M=B;=BJ9GHA9BHG 6IH8C9GBCH=B7@I89CIFA5B5;9A9BH:99G 75FF=98=BH9F9GHCF9LD9BG9G'IF;FCGG!**KCI@8897F95G9K=H
,<9W*95@=N98!**XF9DF9G9BHGH<9DCC@98!**:CFH@=EI=85H98CF<5J95(!;F95H9FH<5BCF9EI5@HCW-BF95@=N98X=B7@I89G5@@=BJ9GHA9BHGH<5H8CBCH A99HH<95:CF9A9BH=CB987F=H9F=5(!F9DF9G9BHGHCH5@8=GHF=6IH=CBG8=J=8986MHCH5@=BJ9GH9875D=H5@*.(! F9DF9G9BHGH<9F9A5=B=B;A5F?9HJ5@I98=J=8986MHCH5@=BJ9GH9875D=H5@W5D=H5@!BJ9GH98XF9:9FGHCH<9 HCH5@5ACIBHC:5@@=BJ9GHA9BHGA5896M5:IB8 =B7@I8=B;7CAA=HA9BH F98I7=B;5B8BCB 7CAA=HA9BH F98I7=B;75D=H5@75@@GW%I@H=D@9XF9DF9G9BHGHCH5@8=GHF=6IH=CBG:FCAIB89F@M=B;=BJ9GHA9BHGHCH<9:IB8 D@IGH<9:IB8YGA5F?9HJ5@I98=J=8986MHCH5@7CBHF=6IH9875D=H5@WFCGG%I@H=D@9X=GDF9G9BH98B9HC: A5B5;9A9BH :99G 75FF=98 =BH9F9GH 5B8 9LD9BG9G 7<5F;98 6M H<9 :IB8 A5B5;9FG C: H<9 IB89F@M=B; =BJ9GHA9BHG
+D97=5@=N98:IB85B8DF9 :IB8D9F:CFA5B798C9GBCH=B7@I89H9B:IB8G C: :IB8GH<5H<5J9=BJ9GHCF
GD97=:=7=BJ9GHA9BH;I=89@=B9G
9FH5=B C: CIF GD97=5@=N98 :IB8G IH=@=N9 F9JC@J=B; 7F98=H :57=@=H=9G K<=7< DFCJ=89 75D=H5@ H<5H =G 5J5=@56@9HC:IB8=BJ9GHA9BHGCFD5MD5FHB9FG<=D9LD9BG9G5B8A5B5;9A9BH:99GCFFCK=B;GA5M69D5=8 8CKB:FCAH=A9HCH=A9K=H<=BJ9GHCF75D=H5@7CBHF=6IH=CBGCF8=GHF=6IH=CBG:FCA=BJ9GHA9BHG,<9IG9C:5 7F98=H:57=@=HM5::97HGH<9:IB8YGF9HIFB5B8A5;B=:=9GH<9D9F:CFA5B79CBH<9IDG=89CFCBH<98CKBG=89
Ass4ts Un34r M0n064m4nt 0n3 A3vis4m4nt
GC:%5F7< K9<58HCH5@-5B8-%C:5DDFCL=A5H9@M6=@@=CB C:K<=7< 6=@@=CBF9DF9G9BHG-%:FCACIF7IGHCA=N98G9D5F5H9577CIBHG5B8GD97=5@=N98:IB8G 5B86=@@=CB F9DF9G9BHG-A5B5;98CB69<5@:C:CIF58J=GCFM577CIBHG'IF-%5B8-<5J98=GH=B7H=J9H9FAG 5B8:995FF5B;9A9BHG 5B8H<9F9:CF95F9DF9G9BH98G9D5F5H9@M=BH<=GG97H=CB
'IF -% 7CADF=G9G DF=A5F=@M H<9 5GG9HG 5GGC7=5H98 K=H< CIF 7IGHCA=N98 G9D5F5H9 577CIBHG 5B8 GD97=5@=N98:IB8G/97@5GG=:M5GG9HG5G-%=:K9<5J9:I@@8=G7F9H=CBCJ9FH<9=BJ9GHA9BH897=G=CBG=B5B577CIBH/975@7I@5H9CIF-%5GH<9GIAC:
H<9&.C:CIF7@=9BHGY5B8:IB8GYIB89F@M=B;=BJ9GHA9BHG
H<9IB:IB8987CAA=HA9BHGHCCIF7@=9BHGY5B8:IB8GYIB89F@M=B;=BJ9GHA9BHG5B8
H<9 5ACIBHG 5IH
%5B5;9A9BH:99F9J9BI9=G65G98CB5J5F=9HMC::57HCFG5B8=GBCH@=B95F@M7CFF9@5H98K=H<-% CK9J9F K9 69@=9J9 -% =G 5 IG9:I@ A9HF=7 :CF 5GG9GG=B; H<9 F9@5H=J9 G=N9 5B8 G7CD9 C: CIF 5GG9H
A5B5;9A9BH6IG=B9GG
'IF -% <5G ;FCKB :FCA 5DDFCL=A5H9@M 6=@@=CB 5G C: %5F7< HC 5DDFCL=A5H9@M | ||||||
6=@@=CB 5G C: %5F7< F9DF9G9BH=B; 5 * C: 5DDFCL=A5H9@M ,<9 :C@@CK=B; 7<5FH | ||||||
GIAA5F=N9GH<=G;FCKH< | ||||||
AUM | ||||||
=@@=CBG | ||||||
GC:H<9:=G75@M95F9B8%5F7< | ||||||
IGHCA=N98+9D5F5H977CIBHG | +D97=5@=N98IB8G | |||||
'IF-7CADF=G95GG9HG:FCA7@=9BHG:CFK<=7 | ||||||
=BH<9=F577CIBH/9;9B9F5@@M95FBF9J9BI9CB5:=L98:9965G=GCBCIF-7@=9BH577CIBHG:CFG9FJ=79G | ||||||
=B7@I8=B; 5GG9H 5@@C75H=CB GHF5H9;=7 D@5BB=B; 89J9@CDA9BH C: =BJ9GHA9BH DC@=7=9G 5B8 ;I=89@=B9G | ||||||
G7F99B=B; 5B8 F97CAA9B8=B; =BJ9GHA9BHG @9;5@ B9;CH=5H=CBG ACB=HCF=B; 5B8 F9DCFH=B; CB =BJ9GHA9BHG | ||||||
5B8=BJ9GHA9BHA5B5;9FF9J=9K5B88I98=@=;9B798J=GCFM:99GJ5FM6M7@=9BH65G98CBH<95ACIBHC: | ||||||
5BBI5@ 7CAA=HA9BHG G9FJ=79G DFCJ=898 5B8 CH<9F :57HCFG +=B79 K9 95FB 5BBI5@ :=L98 :99G :FCA H<9 | ||||||
A5>CF=HMC:CIF-7@=9BHGH<9;FCKH<=B-:FCA9L=GH=B;577CIBHG8C9GBCH<5J95A5H9F=5@=AD57H | ||||||
CBCIFF9J9BI9G | CK9J9F K9J=9K-;FCKH<5G5A95B=B;:I@69B9:=H=BH9FAGC:H<95ACIBHC:85H5 | |||||
K95F956@9HC7C@@97H5B8H<989;F99C:=B:@I9B79K9<5J9K=H<:IB8A5B5;9FG | ||||||
GG9HGF9@5H98HCCIF58J=GCFM577CIBHG<5J9=B7F95G98:FCA5DDFCL=A5H9@M6=@@=CB5GC:%5F7< | ||||||
HC5DDFCL=A5H9@M6=@@=CB5GC:%5F7< F9DF9G9BH=B;5*C:5DDFCL=A5H9@M | ||||||
'IF-7@=9BHG5F9DF98CA=B5H9@M@5F;9=BGH=HIH=CB5@=BJ9GHCFGK=H | ||||||
D9BG=CB :IB8G 5B8 F9@5H98 HC GCJ9F9=;B K95@H< :IB8G 'IF - =G 8=J9FG=:=98 57FCGG ;9C;F5D<=9G | ||||||
K=H<5DDFCL=A5H9@M89F=J98:FCA7@=9BHG65G98CIHG=89C:H<9-B=H98+H5H9G | ||||||
,<9:C@@CK=B;7<5FHGIAA5F=N9GH<9;FCKH | ||||||
AUA | ||||||
=@@=CBG | ||||||
GC:H<9:=G75@M95F9B8%5F7< | ||||||
,9(56,),&$7,212)66(76 | ||||||
=J9B CIF ;C5@ C: 57<=9J=B; GHFCB; =BJ9GHA9BH F9HIFBG 5B8 DCFH:C@=C 8=J9FG=:=75H=CB :CF 7@=9BHG | ||||||
=BJ9GHA9BHG 5F9 A589 57FCGG AI@H=D@9 DF=J5H9 A5F?9HG GI6 5GG9H 7@5GG9G =B7@I8=B; 7CFDCF5H9 :=B5B79 | ||||||
6IMCIH ;FCKH<9EI=HM J9BHIF975D=H5@ A9NN5B=B9 8=GHF9GG98896H5B8CH<9FGD97=5@G=HI5H=CB:IB8G9; | ||||||
=B8IGHFM :C7IG98 :IB8G 5B8 AI@H= GH5;9 :IB8G 975IG9 K9 <5J9 5 7CBG=89F56@9 JC@IA9 C: =BJ9GHA9BH | ||||||
CDDCFHIB=H=9G;@C65@@M K9G9@97H=J9@M=BJ9GHBCHCB@M57FCGGGI6 5GG9H7@5GG9G 6IH5@GC57FCGG5@@A5>CF | ||||||
;9C;F5D<=7F9;=CBG =B7@I8=B;&CFH | ||||||
5B8:F=75 | ||||||
F44 E0rnin6 Ass4ts Un34r M0n064m4nt | ||||||
99 95FB=B; -% =G 5 A9HF=7 K9 IG9 HC A95GIF9 H<9 5GG9HG :FCA K<=7< K9 95FB A5B5;9A9BH :99G | ||||||
'IF :99 95FB=B; -% 7CADF=G9 5GG9HG =B CIF 7IGHCA=N98 G9D5F5H9577CIBHG 5B8 GD97=5@=N98 :IB8G :FCA | ||||||
K<=7 | ||||||
=:H<97@=9BH=G7<5F;985B5GG9H 65G98:99 K<=7<=B7@I89GH<9A5>CF=HMC:CIF8=G7F9H=CB5FM-%577CIBHG | ||||||
6IH5@GC=B7@I89G79FH5=BBCB 8=G7F9H=CB5FM-577CIBHG'IF:99 95FB=B;-%=G9EI5@HCH<95ACIBH | ||||||
C: 75D=H5@ 7CAA=HA9BHG B9H =BJ9GH98 75D=H5@ 5B8 &. C: CIF 7IGHCA=N98 G9D5F5H9 577CIBHG 5B8 | ||||||
GD97=5@=N98:IB8G89D9B8=B;CBH<9:99H9FAG+I6GH5BH=5@@M5@@C:CIF7IGHCA=N98G9D5F5H9577CIBHG5B8 | ||||||
GD97=5@=N98 :IB8G 95FB :99G 65G98 CB 7CAA=HA9BHG CF B9H =BJ9GH98 75D=H5@ K<=7< 5F9 BCH 5::97H98 6M | ||||||
A5F?9H 5DDF97=5H=CB CF 89DF97=5H=CB ,<9F9:CF9 F9J9BI9G 5B8 :99 95FB=B; -% 5F9 BCH G=;B=:=75BH@M | ||||||
5::97H986M7<5B;9G=BA5F?9HJ5@I9 | ||||||
'IF75@7I@5H=CBGC::99 95FB=B;-%A5M8=::9F:FCAH<975@7I@5H=CBGC:CH<9F5GG9HA5B5;9FG 5B85G | ||||||
5F9GI@H H<=GA95GIF9A5MBCH697CAD5F56@9HCG=A=@5FA95GIF9GDF9G9BH986MCH<9F5GG9HA5B5;9FG'IF | ||||||
89:=B=H=CBC::99 95FB=B;-%=GBCH65G98CB5BM89:=B=H=CBH<5H=GG9H:CFH<=BH<95;F99A9BHG;CJ9FB=B; | ||||||
H<97IGHCA=N98G9D5F5H9577CIBHGCFGD97=5@=N98:IB8GH<5HK9A5B5;9 | ||||||
GC:%5F7< CIF:99 95FB=B;-%K5G5DDFCL=A5H9@M6=@@=CB7CAD5F98HC6=@@=CB | ||||||
=B-%,<98=::9F9B79=G8I9DF=A5F=@MHC6=@@=CBC:8=G7F9H=CB5FM-%95FB=B;5:@5H:99CF:99CB | ||||||
BIA69FC::IB8G:CFK<=7 | |||||||
6=@@=CBC::99 95FB=B;-%:FCA7IGHCA=N98G9D5F5H9577CIBHG7@=9BHGK=H | |||||||
,<9F9A5=B=B;6=@@=CB=GBCB:99 95FB=B;-% | |||||||
,<9:C@@CK=B;7<5FHGIAA5F=N9GH<9;FCKH | |||||||
F44 E0rnin6 AUM | |||||||
=@@=CBG | |||||||
GC:H<9:=G75@M95F9B8%5F7< | |||||||
IGHCA=N98+9D5F5H977CIBHG | +D97=5@=N98IB8G | ||||||
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Add8e99ed t.e | 9::97H=J9B9GG C: 7CBHFC@G H<5H 588F9GG H<9 F=G? C: A5H9F=5@ A=GGH5H9A9BH F9@5H=B; HC H<9 |
atte8 in O;8 | F97C;B=H=CB C: =B79BH=J9 :99 F9J9BI9 ,<=G =B7@I898 7CBHFC@G CJ9F A5B5;9A9BHYG F9J=9K |
A;dit | C:H<99GH=A5H9GC:H<95ACIBH5B8DFC656=@=HMC:588=H=CB5@:IHIF975D=H5@7CBHF=6IH=CBG |
:FCA=BJ9GHCFG=BGD97=5@=N98:IB8G5B87IGHCA=N98G9D5F5H9577CIBHG | |
,C H9GH H<9 F97C;B=H=CB C: =B79BH=J9 :99 F9J9BI9 CIF 5I8=H DFC798IF9G =B7@I898 5ACB; | |
CH<9FG 9J5@I5H=B;H<9CAD5BMYG9GH=A5H9GC:H<95ACIBH5B8DFC656=@=HMC:588=H=CB5@ | |
:IHIF9 75D=H5@ 7CBHF=6IH=CBG 89G7F=698 56CJ9 CF 9L5AD@9 K9 7CAD5F98 A5B5;9A9BHYG | |
5GGIADH=CBG 56CIH H<9 DFC656=@=HM H<5H H<9 =BJ9GH99G K=@@ B998 588=H=CB5@ 75D=H5@ HC | |
<=GHCF=75@ HF9B8G 5B8 :=B5B7=5@ =B:CFA5H=CB 5J5=@56@9 :FCA H<9 =BJ9GH99G 9J5@I5H98 H<9 | |
7<5B;9 =B H<9 5GGIADH=CBG :FCA H<9 DF=CF M95F 5B8 5GG9GG98 H<9 <=GHCF=75@ 577IF57M C: | |
A5B5;9A9BHYG 5GGIADH=CBG /9 D9F:CFA98 G9BG=H=J=HM 5B5@MG9G C: A5B5;9A9BHYG | |
9GH=A5H9C:588=H=CB5@:IHIF975D=H5@7CBHF=6IH=CBGHC9J5@I5H9H<97<5B;9G=BH<95ACIBH | |
C:=B79BH=J9:99F9J9BI9F97C;B=N98H<5HKCI@8F9GI@H:FCA7<5B;9G=BH<95GGIADH=CBG!B | |
588=H=CB K9 G95F7<98 :CF 5B8 9J5@I5H98 =B:CFA5H=CB H<5H 7CFFC6CF5H98 CF 7CBHF58=7H98 | |
A5B5;9A9BHYG5GGIADH=CBG |
(&2*1,7,212)(7()(55('$;66(7)52048,7<))(5,1*$1' 1,7;&+$1*( | |
e9c8i6ti5n 5, | G :IFH<9F 8=G7IGG98 =B &CH9 HC H<9 7CBGC@=85H98 :=B5B7=5@ GH5H9A9BHG =B 7CBB97H=CB |
t.e atte8 | K=H< H<9 CAD5BMYG 9EI=HM C::9F=B; 5B8 IB=H 9L7<5B;9 8IF=B; H<9 7IFF9BH M95F H<9 |
W,F5BG57H=CBX H<9 CAD5BM F97CF898 5 B9H 89:9FF98 H5L 5GG9H C: A=@@=CB G | |
:IFH<9F 8=G7IGG98 =B &CH9 HC H<9 7CBGC@=85H98 :=B5B7=5@ GH5H9A9BHG H<9 F9GI@H=B; 65G=G | |
8=::9F9B79G 5F=G=B; :FCA H<9 ,F5BG57H=CB F9DF9G9BH 5 H9ADCF5FM8=::9F9B79 :CF K<=7< H<9 | |
CAD5BMF97CF8G589:9FF98H5L5GG9H=:=H=GACF9@=?9@MH<5BBCHH<989:9FF98H5L5GG9H | |
K=@@ 69 F95@=N98 *95@=N5H=CB C: H<=G 89:9FF98 H5L 5GG9H =G 89D9B89BH IDCB 5ACB; CH<9F | |
H<=B;G H<9:IHIF9H5L898I7H=CBGC:H5L65G=GGH9D IDGF9@5H98HCH<9,F5BG57H=CB | |
I8=H=B; H<9 CAD5BMYG F97C;B=H=CB C: H<9 B9H 89:9FF98 H5L 5GG9H F9@5H98 HC H<9 | |
,F5BG57H=CB =G 9GD97=5@@M 7<5@@9B;=B; 5G H<9 CAD5BMYG 89H9FA=B5H=CB C: H<9 H5L 65G=G | |
GH9D IDG 5B8 F9@5H98 :IHIF9 H5L 898I7H=CBG F9EI=F9G H<9 5DD@=75H=CB C: 7CAD@9L H5L @5KG | |
5B8F9;I@5H=CBG:CFD5FHB9FG<=DG5B8H<9=89BH=:=75H=CBC:<=GHCF=75@65G=G8=::9F9B79G | |
H5w We | /9C6H5=B985BIB89FGH5B8=B; 9J5@I5H98H<989G=;B5B8H9GH98H<9CD9F5H=B;9::97H=J9B9GG |
Add8e99ed t.e | C: 7CBHFC@G CJ9F H<9 CAD5BMYG B9H 89:9FF98 H5L 5GG9H F97C;B=H=CB DFC79GG =B7@I8=B; |
atte8 in O;8 | 7CBHFC@G CJ9F A5B5;9A9BHYG F9J=9K C: H<9 89H9FA=B5H=CB C: H<9 H5L 65G=G GH9D IDG 5B8 |
A;dit | F9@5H98 :IHIF9 H5L 898I7H=CBG 5B8 H<9 =89BH=:=98 <=GHCF=75@ 65G=G 8=::9F9B79G 89G7F=698 |
56CJ9 | |
,C H9GH H<9 F97C;B=H=CB C: H<9 B9H 89:9FF98 H5L 5GG9H F9GI@H=B; :FCA H<9 ,F5BG57H=CB K9 | |
=BJC@J98 5 GD97=5@=GH 5B8 D9F:CFA98 DFC798IF9G H<5H =B7@I898 5ACB; CH<9FG 9J5@I5H=B; | |
H<9 H97 | |
F9@5H98 :IHIF9 H5L 898I7H=CBG 65G98 CB F9@9J5BH H5L @5K 5B8 F9;I@5H=CBG /9 5@GC IG98 | |
5J5=@56@9H5L F9@5H98=B:CFA5H=CBHC9J5@I5H9H<9<=GHCF=75@65G=G8=::9F9B79GH<9CAD5BM | |
IG98=B=HG89H9FA=B5H=CB | |
GFBGH1CIB;$$( |
/9<5J9G9FJ985GH<9CAD5BMYG5I8=HCFG=B79 (<=@589@D<=5 (9BBGM@J5B=5
%5M
R4>=rt =f n34>4n34nt R46ist4r43 &C1:i2 A22=Cntin6 Firm
,CH<9+HC7?
O>ini=n =n nt4rn0: =ntr=: Ov4r Fin0n2i0: R4>=rtin6
/9<5J95I8=H98 5A=@HCB$5B9!B7CFDCF5H98YG=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;5GC:%5F7< 65G98CB7F=H9F=59GH56@=G<98=B!BH9FB5@CBHFC@ !BH9;F5H98F5A9KCF?=GGI986MH<9CAA=HH99C: +DCBGCF=B;'F;5B=N5H=CBGC:H<9,F958K5MCAA=GG=CB:F5A9KCF? H<9'+'7F=H9F=5!BCIF CD=B=CB 5A=@HCB$5B9!B7CFDCF5H98H<9CAD5BMA5=BH5=B98 =B5@@A5H9F=5@F9GD97HG 9::97H=J9=BH9FB5@ 7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;5GC:%5F7< 65G98CBH<9'+'7F=H9F=5
/95@GC<5J95I8=H98 =B577CF85B79K=H
0sis f=r O>ini=n
,<9CAD5BMYGA5B5;9A9BH=GF9GDCBG=6@9:CFA5=BH5=B=B;9::97H=J9=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;
5B8:CF=HG5GG9GGA9BHC:H<99::97H=J9B9GGC:=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;=B7@I898=BH<9
577CAD5BM=B;%5B5;9A9BHYG*9DCFHCB!BH9FB5@CBHFC@CJ9F=B5B7=5@*9DCFH=B;'IFF9GDCBG=6=@=HM=GHC
9LDF9GG5BCD=B=CBCBH<9CAD5BMYG=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;65G98CBCIF5I8=H/95F95
DI6@=7577CIBH=B;:=FAF9;=GH9F98K=H
/97CB8I7H98CIF5I8=H=B577CF85B79K=H
D@5B5B8D9F:CFAH<95I8=HHCC6H5=BF95GCB56@95GGIF5B7956CIHK<9H<9F9::97H=J9=BH9FB5@7CBHFC@CJ9F
:=B5B7=5@F9DCFH=B;K5GA5=BH5=B98=B5@@A5H9F=5@F9GD97HG
'IF5I8=H=B7@I898C6H5=B=B;5BIB89FGH5B8=B;C:=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B; 5GG9GG=B;H<9F=G? H<5H5A5H9F=5@K95?B9GG9L=GHG H9GH=B;5B89J5@I5H=B;H<989G=;B5B8CD9F5H=B;9::97H=J9B9GGC:=BH9FB5@ 7CBHFC@65G98CBH<95GG9GG98F=G? 5B8D9F:CFA=B;GI7
D4finiti=n 0n3 "imit0ti=ns =f nt4rn0: =ntr=: Ov4r Fin0n2i0: R4>=rtin6
7CAD5BMYG=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;=G5DFC79GG89G=;B98HCDFCJ=89F95GCB56@95GGIF5B79
F9;5F8=B;H<9F9@=56=@=HMC::=B5B7=5@F9DCFH=B;5B8H<9DF9D5F5H=CBC::=B5B7=5@GH5H9A9BHG:CF9LH9FB5@DIFDCG9G
=B577CF85B79K=H<;9B9F5@@M5779DH98577CIBH=B;DF=B7=D@9G7CAD5BMYG=BH9FB5@7CBHFC@CJ9F:=B5B7=5@ F9DCFH=B;=B7@I89GH
975IG9C:=HG=B<9F9BH@=A=H5H=CBG =BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;A5MBCHDF9J9BHCF89H97H A=GGH5H9A9BHG@GC DFC>97H=CBGC:5BM9J5@I5H=CBC:9::97H=J9B9GGHC:IHIF9D9F=C8G5F9GI6>97HHCH<9F=G?H<5H 7CBHFC@GA5M697CA9=B589EI5H96975IG9C:7<5B;9G=B7CB8=H=CBG CFH<5HH<989;F99C:7CAD@=5B79K=H
GFBGH1CIB;$$(
(<=@589@D<=5 (9BBGM@J5B=5 %5M
H0mi:t=n "0n4 n2=r>=r0t43 =ns=:i30t43 0:0n24 )744ts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
M0r27 3 | |||||
22 | 29 | ||||
Ass4ts | |||||
5G<5B875G<9EI=J5@9BHG | |||||
*9GHF=7H9875G< | |||||
99GF979=J56@9 | |||||
(F9D5=89LD9BG9G | |||||
I9:FCAF9@5H98D5FH=9G | |||||
IFB=HIF9 :=LHIF9G5B89EI=DA9BH B9H | |||||
$95G9F=; | |||||
!BJ9GHA9BHG | |||||
9:9FF98=B7CA9H5L9G | |||||
'H<9F5GG9HG | |||||
,CH5@5GG9HG | |||||
"i01i:iti4s 0n3 E?CitG | |||||
77CIBHGD5M56@9 | |||||
77FI987CAD9BG5H=CB5B869B9:=HG | |||||
9:9FF98=B79BH=J9:99F9J9BI9 | |||||
96H | |||||
77FI98A9A69FGY8=GHF=6IH=CBG | |||||
(5M56@9HCF9@5H98D5FH=9GDIFGI5BHHCH5LF979=J56@95;F99A9BH | |||||
77FI988=J=89B8 | |||||
$95G9@=56=@=H=9G | |||||
'H<9F@=56=@=H=9G=B7@I89G 5B85H:5=FJ5@I9 | |||||
,CH5@@=56=@=H=9G | |||||
CAA=HA9BHG5B8CBH=B;9B7=9G&CH9 | |||||
(F9:9FF98GHC7? D5FJ5@I9 5IH | |||||
@5GG7CAACBGHC7? D5FJ5@I9 5IH | |||||
5B8 =GGI985B8CIHGH5B8=B;5GC:%5F7< 5B8 | |||||
F9GD97H=J9@M | |||||
@5GG7CAACBGHC7? D5FJ5@I9 5IH | |||||
5B8 =GGI985B8CIHGH5B8=B;5GC:%5F7< 5B8 | |||||
F9GD97H=J9@M | |||||
88=H=CB5@D5=8 =B 75D=H5@ | |||||
77IAI@5H98CH<9F7CADF9<9BG=J9@CGG=B7CA9 | |||||
*9H5=B9895FB=B;G | |||||
,CH5@ 5A=@HCB$5B9!B7CFDCF5H98GHC7?<> | |||||
&CB 7CBHFC@@=B;=BH9F9GHG=B;9B9F5@D5FHB9FG<=DG | |||||
&CB 7CBHFC@@=B;=BH9F9GHG=B 5A=@HCB$5B98J=GCFG $$ | |||||
,CH5@9EI=HM | |||||
,CH5@@=56=@=H=9G5B89EI=HM | |||||
+99577CAD5BM=B;BCH9GHCH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG |
H0mi:t=n "0n4 n2=r>=r0t43 =ns=:i30t43 )t0t4m4nts =f n2=m4 (In t.5;9and9, e>ce6t 6e8 9.a8e a35;nt9)
/40r En343 M0r27 3 | |||||||||
22 | 29 | 2 | |||||||
R4v4nC4s | |||||||||
%5B5;9A9BH5B858J=GCFM:99G | |||||||||
!B79BH=J9:99G | |||||||||
,CH5@F9J9BI9G | |||||||||
EF>4ns4s | |||||||||
CAD9BG5H=CB5B869B9:=HG | |||||||||
9B9F5@ 58A=B=GHF5H=J95B8CH<9F | |||||||||
,CH5@9LD9BG9G | |||||||||
Ot74r in2=m4 (4F>4ns4 | |||||||||
EI=HM=B=B7CA9C:=BJ9GH99G | |||||||||
!BH9F9GH9LD9BG9 | |||||||||
!BH9F9GH=B7CA9 | |||||||||
&CB CD9F5H=B;=B7CA9 | |||||||||
,CH5@CH<9F=B7CA99LD9BG9 | |||||||||
!B7CA969:CF9=B7CA9H5L9G | |||||||||
!B7CA9H5L9LD9BG9 | |||||||||
&9H=B7CA9 | |||||||||
$9GG!B7CA95HHF=6IH56@9HCBCB 7CBHFC@@=B;=BH9F9GHG=B;9B9F5@ | |||||||||
D5FHB9FG<=DG | |||||||||
$9GG!B7CA95HHF=6IH56@9HCBCB 7CBHFC@@=B;=BH9F9GHG=B | |||||||||
5A=@HCB$5B98J=GCFG $$ | |||||||||
&9H=B7CA95HHF=6IH56@9HC 5A=@HCB$5B9!B7CFDCF5H98 | |||||||||
5G=795FB=B;GD9FG<5F9C:@5GG7CAACBGHC7? | |||||||||
=@IH9895FB=B;GD9FG<5F9C:@5GG7CAACBGHC7? | |||||||||
=J=89B8G897@5F98D9FG<5F9C:@5GG7CAACBGHC7? |
+99577CAD5BM=B;BCH9GHCH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
H0mi:t=n "0n4 n2=r>=r0t43
=ns=:i30t43 )t0t4m4nts =f =m>r474nsiv4 n2=m4
(In T.5;9and9)
/40r En343 M0r27 3 | ||||||||
22 | 29 | 2 | ||||||
&9H=B7CA9 | ||||||||
'H<9F7CADF9<9BG=J9=B7CA9@CGG B9HC:H5L | ||||||||
CF9=;B7IFF9B7MHF5BG@5H=CB | ||||||||
ACIBHGF97@5GG=:=98HCB9H=B7CA9 | ||||||||
*95@=N98@CGGCB75G<:@CK<98;9 | ||||||||
,CH5@CH<9F7CADF9<9BG=J9=B7CA9@CGG B9HC:H5L | ||||||||
CADF9<9BG=J9=B7CA9 | ||||||||
$9GG | ||||||||
CADF9<9BG=J9=B7CA95HHF=6IH56@9HCBCB 7CBHFC@@=B;=BH9F9GHG=B | ||||||||
;9B9F5@D5FHB9FG<=DG | ||||||||
CADF9<9BG=J9=B7CA95HHF=6IH56@9HCBCB 7CBHFC@@=B;=BH9F9GHG=B | ||||||||
5A=@HCB$5B98J=GCFG $$ | ||||||||
,CH5@7CADF9<9BG=J9=B7CA95HHF=6IH56@9HC 5A=@HCB$5B9 | ||||||||
!B7CFDCF5H98 |
+99577CAD5BM=B;BCH9GHCH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
H0mi:t=n "0n4 n2=r>=r0t43 | ||||||||||||||||||||||||||||||||||||||||||||
=ns=:i30t43 )t0t4m4nts =f )t=2k7=:34rs' E?CitG | ||||||||||||||||||||||||||||||||||||||||||||
(In T.5;9and9) | ||||||||||||||||||||||||||||||||||||||||||||
$=n | $=n | |||||||||||||||||||||||||||||||||||||||||||
A22CmC:0t43 | =ntr=::in6 | |||||||||||||||||||||||||||||||||||||||||||
=ntr=::in6 | nt4r4sts in | |||||||||||||||||||||||||||||||||||||||||||
:0ss A | :0ss | A33iti=n0: &0i3 | R4t0in43 | Ot74r | nt4r4sts in | H0mi:t=n "0n4 | ||||||||||||||||||||||||||||||||||||||
*r40sCrG )t=2k | =m>r474nsiv4 | 64n4r0: | A3vis=rs | *=t0: E?CitG | ||||||||||||||||||||||||||||||||||||||||
=mm=n )t=2k | =mm=n )t=2k | in 0>it0: | E0rnin6s | n2=m4 ("=ss | >0rtn4rs7i>s | ".".. | ||||||||||||||||||||||||||||||||||||||
5@5B795H%5F7< | ||||||||||||||||||||||||||||||||||||||||||||
&9H=B7CA9 | ||||||||||||||||||||||||||||||||||||||||||||
'H<9F7CADF9<9BG=J9=B7CA9 | ||||||||||||||||||||||||||||||||||||||||||||
EI=HM 65G987CAD9BG5H=CB | ||||||||||||||||||||||||||||||||||||||||||||
*9H=F9A9BHC:HF95GIFMGHC7? | ||||||||||||||||||||||||||||||||||||||||||||
(FC7998GF979=J98:FCACDH=CB9L9F7=G9G | ||||||||||||||||||||||||||||||||||||||||||||
!GGI5B79C:G<5F9G:CF57EI=G=H=CB | ||||||||||||||||||||||||||||||||||||||||||||
*9DIF7<5G9C:@5GGG<5F9G:CF9AD@CM99H5LK=H<<> | ||||||||||||||||||||||||||||||||||||||||||||
9:9FF98H5L58>IGHA9BH | ||||||||||||||||||||||||||||||||||||||||||||
=J=89B8G897@5F98 | ||||||||||||||||||||||||||||||||||||||||||||
5D=H5@7CBHF=6IH=CBG:FCA8=GHF=6IH=CBGHCBCB 7CBHFC@@=B;=BH9F9GHG B9H | ||||||||||||||||||||||||||||||||||||||||||||
%9A69F8=GHF=6IH=CBG | ||||||||||||||||||||||||||||||||||||||||||||
'::9F=B;58>IGHA9BHG | ||||||||||||||||||||||||||||||||||||||||||||
EI=HMF95@@C75H=CB69HK99B7CBHFC@@=B;5B8BCB 7CBHFC@@=B;=BH9F9GHG | ||||||||||||||||||||||||||||||||||||||||||||
5@5B795H%5F7< | ||||||||||||||||||||||||||||||||||||||||||||
&9H=B7CA9 | ||||||||||||||||||||||||||||||||||||||||||||
IAI@5H=J9 9::97H58>IGHA9BH:FCA58CDH=CBC:577CIBH=B;;I=85B79 | ||||||||||||||||||||||||||||||||||||||||||||
'H<9F7CADF9<9BG=J9=B7CA9 | ||||||||||||||||||||||||||||||||||||||||||||
EI=HM 65G987CAD9BG5H=CB | ||||||||||||||||||||||||||||||||||||||||||||
!GGI5B79C:G<5F9G:CF7CBH=B;9BH7CAD9BG5H=CBD5MCIH | ||||||||||||||||||||||||||||||||||||||||||||
(IF7<5G95B8F9H=F9A9BHC:@5GGGHC7?:CFH5LK=H<<> | ||||||||||||||||||||||||||||||||||||||||||||
9:9FF98H5L58>IGHA9BH | ||||||||||||||||||||||||||||||||||||||||||||
=J=89B8G897@5F98 | ||||||||||||||||||||||||||||||||||||||||||||
5D=H5@7CBHF=6IH=CBG:FCA8=GHF=6IH=CBGHCBCB 7CBHFC@@=B;=BH9F9GHG B9H | ||||||||||||||||||||||||||||||||||||||||||||
%9A69F8=GHF=6IH=CBG | ||||||||||||||||||||||||||||||||||||||||||||
'::9F=B;G58>IGHA9BH | ||||||||||||||||||||||||||||||||||||||||||||
AD@CM99+<5F9(IF7<5G9(@5BG<5F9=GGI5B79 | ||||||||||||||||||||||||||||||||||||||||||||
.9GH=B;C:F9GHF=7H98GHC7? | ||||||||||||||||||||||||||||||||||||||||||||
EI=HMF95@@C75H=CB69HK99B7CBHFC@@=B;5B8BCB 7CBHFC@@=B;=BH9F9GHG | ||||||||||||||||||||||||||||||||||||||||||||
5@5B795H%5F7< | ||||||||||||||||||||||||||||||||||||||||||||
H0mi:t=n | "0n4 n2=r>=r0t43 | ||||||||||||||||||||||||||||||||||||||||
=ns=:i30t43 )t0t4m4nts =f )t=2k7=:34rs' | E?CitG | ||||||||||||||||||||||||||||||||||||||||
(In T.5;9and9) | |||||||||||||||||||||||||||||||||||||||||
$=n | $=n | ||||||||||||||||||||||||||||||||||||||||
A22CmC:0t43 | =ntr=::in6 | nt4r4sts in | |||||||||||||||||||||||||||||||||||||||
:0ss A | :0ss | A33iti=n0: &0i3 | R4t0in43 | Ot74r | nt4r4sts in | H0mi:t=n "0n4 | |||||||||||||||||||||||||||||||||||
=mm=n )t=2k | =mm=n )t=2k | in 0>it0: | E0rnin6s | *r40sCrG )t=2k | n2=m4 ("=ss | >0rtn4rs7i>s | ".".. | *=t0: E?CitG | |||||||||||||||||||||||||||||||||
5@5B795H%5F7< | |||||||||||||||||||||||||||||||||||||||||
&9H=B7CA9 | |||||||||||||||||||||||||||||||||||||||||
'H<9F7CADF9<9BG=J9@CGG | |||||||||||||||||||||||||||||||||||||||||
EI=HM 65G987CAD9BG5H=CB | |||||||||||||||||||||||||||||||||||||||||
!GGI5B79C:G<5F9G:CF7CBH=B;9BH7CAD9BG5H=CBD5MCIH | |||||||||||||||||||||||||||||||||||||||||
(IF7<5G95B8F9H=F9A9BHC:@5GGGHC7?:CFH5LK=H<<> | |||||||||||||||||||||||||||||||||||||||||
9:9FF98H5L58>IGHA9BH | |||||||||||||||||||||||||||||||||||||||||
=J=89B8G897@5F98 | |||||||||||||||||||||||||||||||||||||||||
5D=H5@7CBHF=6IH=CBG:FCA8=GHF=6IH=CBGHCBCB 7CBHFC@@=B;=BH9F9GHG B9H | |||||||||||||||||||||||||||||||||||||||||
%9A69F8=GHF=6IH=CBG | |||||||||||||||||||||||||||||||||||||||||
'::9F=B;58>IGHA9BH | |||||||||||||||||||||||||||||||||||||||||
AD@CM99+<5F9(IF7<5G9(@5BG<5F9=GGI5B79 | |||||||||||||||||||||||||||||||||||||||||
.9GH=B;C:F9GHF=7H98GHC7? | |||||||||||||||||||||||||||||||||||||||||
EI=HMF95@@C75H=CB69HK99B7CBHFC@@=B;5B8BCB 7CBHFC@@=B;=BH9F9GHG | |||||||||||||||||||||||||||||||||||||||||
5@5B795H%5F7< |
+99577CAD5BM=B;BCH9GHCH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
H0mi:t=n "0n4 n2=r>=r0t43
=ns=:i30t43 )t0t4m4nts =f 0s7 F:=Es
(In T.5;9and9)
/40r En343 M0r27 3 | |||||||||
22 | 29 | 2 | |||||||
O>4r0tin6 02tiviti4s: | |||||||||
&9H=B7CA9 | |||||||||
8>IGHA9BHGHCF97CB7=@9B9H=B7CA9HCB9H75G | |||||||||
9DF97=5H=CB5B85ACFH=N5H=CB | |||||||||
<5B;9=B89:9FF98=B7CA9H5L9G | |||||||||
<5B;9=BD5M56@9HCF9@5H98D5FH=9GDIFGI5BHHCH5LF979=J56@95;F99A9BH | |||||||||
/F=H9 C::C:89:9FF98:=B5B7=B;7CGHG | |||||||||
EI=HM 65G987CAD9BG5H=CB | |||||||||
5=BCBG5@9C:=BJ9GHA9BHGJ5@I98IB89FH<9A95GIF9A9BH5@H9FB5H=J9 | |||||||||
5=FJ5@I958>IGHA9BHHC=BJ9GHA9BHJ5@I98IB89FH<9A95GIF9A9BH5@H9FB5H=J9 | |||||||||
EI=HM=B=B7CA9C:=BJ9GH99G | |||||||||
(FC7998GF979=J98:FCA=BJ9GHA9BHG | |||||||||
'H<9F | |||||||||
<5B;9G=BCD9F5H=B;5GG9HG5B8@=56=@=H=9G | |||||||||
99GF979=J56@9 | |||||||||
(F9D5=89LD9BG9G | |||||||||
I9:FCAF9@5H98D5FH=9G | |||||||||
'H<9F5GG9HG | |||||||||
77CIBHGD5M56@9 | |||||||||
77FI987CAD9BG5H=CB5B869B9:=HG | |||||||||
9:9FF98=B79BH=J9:99F9J9BI9 | |||||||||
'H<9F@=56=@=H=9G | |||||||||
&9H75G | |||||||||
nv4stin6 02tiviti4s: | |||||||||
(IF7<5G9C::IFB=HIF9 :=LHIF9G5B89EI=DA9BH | |||||||||
(IF7<5G9C:CH<9F=BJ9GHA9BHG | |||||||||
(FC7998G:FCAG5@9GC:=BJ9GHA9BHGJ5@I98IB89FH<9A95GIF9A9BH5@H9FB5H=J9 | |||||||||
5G | |||||||||
5G | |||||||||
$C5BHC=BJ9GH99 | |||||||||
=GHF=6IH=CBGF979=J98:FCA=BJ9GHA9BHG | |||||||||
CBHF=6IH=CBGHC=BJ9GHA9BHG | |||||||||
&9H75G | |||||||||
Fin0n2in6 02tiviti4s: | |||||||||
(FC7998G:FCAC::9F=B; | |||||||||
(IF7<5G9C:A9A69FG<=D=BH9F9GHG | |||||||||
*9D5MA9BHGC:@CB;H9FA896H | |||||||||
CFFCK=B;GC:896H B9HC:89:9FF98:=B5B7=B;7CGHG | |||||||||
F5K8CKBC:F9JC@J9F | |||||||||
*9D5MA9BHC:F9JC@J9F | |||||||||
+97IF98:=B5B7=B; | |||||||||
CBHF=6IH=CBG:FCABCB 7CBHFC@@=B;=BH9F9GH=B;9B9F5@D5FHB9FG<=DG | |||||||||
=GHF=6IH=CBGHCBCB 7CBHFC@@=B;=BH9F9GH=B;9B9F5@D5FHB9FG<=DG | |||||||||
*9DIF7<5G9C:@5GG7CAACBGHC7? | |||||||||
*9DIF7<5G9C:@5GG7CAACBGHC7?:CF9AD@CM99H5LK=H<<> | |||||||||
(FC7998GF979=J98:FCA=GGI5B79C:G<5F9GIB89F9AD@CM99GHC7?D@5BG | |||||||||
(5MA9BHGHCF9@5H98D5FH=9GDIFGI5BHHCH<9H5LF979=J56@95;F99A9BH | |||||||||
=J=89B8GD5=8 | |||||||||
%9A69FGY8=GHF=6IH=CBGD5=8 | |||||||||
&9H75G | |||||||||
::97HC:9L7<5B;9F5H97<5B;9GCB75G<5B875G<9EI=J5@9BHG | |||||||||
!B7F95G9=B75G< 75G<9EI=J5@9BHG 5B8F9GHF=7H9875G< | |||||||||
5G< 75G<9EI=J5@9BHG 5B8F9GHF=7H9875G<5H69;=BB=B;C:M95F | |||||||||
5G< 75G<9EI=J5@9BHG 5B8F9GHF=7H9875G<5H9B8C:M95F | |||||||||
+99577CAD5BM=B;BCH9GHCH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
. Or60niH0ti=n
5A=@HCB $5B9 !B7CFDCF5H98 W $!X K5G =B7CFDCF5H98 =B H<9 +H5H9 C: 9@5K5F9 CB 979A69F 5B8 :C@@CK=B; =HG =B=H=5@ DI6@=7 C::9F=B; =G 5 8=J=89B8GD5M56@9-B@9GGCH<9FK=G9GD97=:=98 WH<9CAD5BMXF9:9FGHCH<97CBGC@=85H989BH=HMC: $! $5B8GI6G=8=5F=9GH<>
=BH9F9GH=B $<9@86M $!K=@@=B7F95G9
$=G5F9;=GH9F98=BJ9GHA9BH58J=GCFK=H
89G=;B 6I=@8 5B8
A5B5;9 DF=J5H9 A5F?9HG DCFH:C@=CG $ ;9B9F5H9G F9J9BI9G DF=A5F=@M :FCA
A5B5;9A9BH :99G 6M A5B5;=B; 5GG9HG CB 69<5@: C: 7IGHCA=N98 G9D5F5H9 577CIBHG GD97=5@=N98 :IB8
DFC8I7HG5B88=GHF=6IH=CBA5B5;9A9BH577CIBHG 5B858J=GCFM:99G 6MDFCJ=8=B;5GG9HGID9FJ=GCFM5B8
F9DCFH=B;G9FJ=79G
$GDCBGCFGH<9:CFA5H=CB 5B8G9FJ9G5GH<9;9B9F5@D5FHB9FCFA5B5;=B;A9A69F
C:J5F=CIG@=A=H98@=56=@=HMD5FHB9FG<=DG7CBG=GH=B;C:GD97=5@=N98:IB8G5B879FH5=BG=B;@97@=9BHG9D5F5H9
577CIBH9BH=H=9GW(5FHB9FG<=DGXH<5H57EI=F9=BH9F9GHG=BH<=F8 D5FHMA5B5;98=BJ9GHA9BH:IB8GH<5HA5?9 DF=J5H9 9EI=HM 5B8 9EI=HM F9@5H98 =BJ9GHA9BHG ,<9 (5FHB9FG<=DG A5M 5@GC A5?9 8=F97H 7C =BJ9GHA9BHG =B7@I8=B;=BJ9GHA9BHG=B896H 9EI=HM 5B8CH<9F9EI=HM 65G98=BGHFIA9BHG,<9CAD5BM K<=7<=B7@I89G 79FH5=BGI6G=8=5F=9GH<5HG9FJ95GH<9;9B9F5@D5FHB9FCFA5B5;=B;A9A69FC:H<9(5FHB9FG<=DG A5M=BJ9GH =HG CKB 75D=H5@ =B H<9 (5FHB9FG<=DG 5B8 ;9B9F5@@M A5?9G 5@@ =BJ9GHA9BH 5B8 CD9F5H=B; 897=G=CBG :CF H<9 (5FHB9FG<=DG $ CD9F5H9G G9J9F5@ K
2. )Cmm0rG =f )i6nifi20nt A22=Cntin6 &=:i2i4s 0sis =f &r4s4nt0ti=n
,<9 577CAD5BM=B; 7CBGC@=85H98 :=B5B7=5@ GH5H9A9BHG C: H<9 CAD5BM <5J9 699B DF9D5F98 =B 577CF85B79K=H<577CIBH=B;DF=B7=D@9G;9B9F5@@M5779DH98=BH<9-B=H98+H5H9GC:A9F=75W(X,<9 577CAD5BM=B; :=B5B7=5@ GH5H9A9BHG =B7@I89 H<9 577CIBHG C: H<9 CAD5BM 5B8 =HG 7CBGC@=85H98 GI6G=8=5F=9G@@=BH9F7CAD5BMHF5BG57H=CBG5B865@5B79G<5J9699B9@=A=B5H98=B7CBGC@=85H=CB
OVD 9
!B %5F7< H<9 /CF@8 95@H< 'F;5B=N5H=CB 897@5F98 H<9 CIH6F95? C: 5 BCJ9@ 7CFCB5J=FIG W'.! X 5 ;@C65@ D5B89A=7 K<=7< <5G F9GI@H98 =B G=;B=:=75BH 8=GFIDH=CB 5B8 IB79FH5=BHM =B H<9 ;@C65@97CBCA=7A5F?9HG=J9BH<95ACIBHC:IB79FH5=BHM7IFF9BH@MF9;5F8=B;H<9G7CD95B88IF5H=CBC: H<9 '.! D5B89A=7 =H =G 7IFF9BH@M BCH DCGG=6@9 HC DF98=7H H<9 DF97=G9 =AD57H =H K=@@ <5J9 CB H<9 CAD5BMYG:=B5B7=5@GH5H9A9BHG!B@=B9K=H
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
65@5B79G 5F9 F9DCFH98 CB 5 HAcc5;nting ,58 i,,e8ing Fi9ca2 e8i5d9
Us4 =f Estim0t4s
,<9DF9D5F5H=CBC:7CBGC@=85H98:=B5B7=5@GH5H9A9BHG=B7CB:CFA=HMK=H<(F9EI=F9GA5B5;9A9BH
HCA5?99GH=A5H9G5B85GGIADH=CBGH<5H5::97HH<9F9DCFH985ACIBHGC:5GG9HG5B8@=56=@=H=9G5HH<985H9C: H<9 7CBGC@=85H98 :=B5B7=5@ GH5H9A9BHG 5B8 H<9 F9DCFH98 5ACIBHG C: F9J9BI9G 5B8 9LD9BG9G 8IF=B; H<9 F9DCFH=B;D9F=C87HI5@F9GI@HG7CI@88=::9F:FCAH<>
=ns=:i30ti=n
,<9 CAD5BM D9F:CFAG 5B 5B5@MG=G HC 89H9FA=B9 K<9H<9F =H =G F9EI=F98 HC 7CBGC@=85H9 9BH=H=9G 6M 89H9FA=B=B; =: H<9 CAD5BM <5G 5 J5F=56@9 =BH9F9GH =B 957< 9BH=HM 5B8 K<9H<9F H<5H 9BH=HM =G 5 J5F=56@9 =BH9F9GH9BH=HMW.!X,<9CAD5BMD9F:CFAGH<9J5F=56@9=BH9F9GH5B5@MG=G:CF5@@9BH=H=9G=BK<=7<=H <5G5DCH9BH=5@J5F=56@9=BH9F9GH K<=7
.!YG97CBCA=7D9F:CFA5B79WH<9DCK9FX5B8H<9C6@=;5H=CBHC56GCF6@CGG9GCFF=;<>
CFH<9;9B9F5@D5FHB9F9BH=H=9GH<5H5F9BCHK<>
.!G H<9CAD5BM<5G89H9FA=B98=H=GH<9DF=A5FM69B9:=7=5FMG=B79=H<5GH<9DCK9F5B8H<969B9:=HG H<9F9:CF9 7CBGC@=85H=CBC:H<9G99BH=H=9G=GF9EI=F98,<9DCFH=CBC:H<97CBGC@=85H98GI6G=8=5F=9GCKB98 6M H<=F8 D5FH=9G 5B8 5BM F9@5H98 57H=J=HM =G 9@=A=B5H98 H
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
CF9BH=H=9GH<5H5F9BCH89H9FA=B98HC69.!G H<9CAD5BM5B5@MN9GK<9H<9F=H<5G57CBHFC@@=B; :=B5B7=5@=BH9F9GHHC89H9FA=B9K<9H<9F7CBGC@=85H=CB=GF9EI=F98
H957
+99&CH9:CF588=H=CB5@8=G7@CGIF9CB.!G
A22=Cntin6 f=r Diff4rin6 Fis20: &4ri=3s
,<9(5FHB9FG<=DGDF=A5F=@M<5J95:=G75@M95F9B85GC:979A69F 5B8H<9CAD5BM577CIBHG:CF =HG =BJ9GHA9BHG =B H<9 (5FHB9FG<=DG IG=B; 5 H<>
,<9 CAD5BMYG F9J9BI9 95FB98 :FCA (5FHB9FG<=DG =B7@I8=B; 6CH< A5B5;9A9BH 5B8 58J=GCFM :99 F9J9BI95B8=B79BH=J9:99F9J9BI9 =GBCH577CIBH98:CFCB5@5;
,C H<9 9LH9BH H<5H A5B5;9A9BH =G 5K5F9 C: A5H9F=5@ 9J9BHG H<5H 5::97H H<9 (5FHB9FG<=DG 8IF=B; H<9 =BH9FJ9B=B; D9F=C8 H<9 =AD57H C: H<9 9J9BHG KCI@8 69 8=G7@CG98 =B H<9 &CH9G HC CBGC@=85H98 =B5B7=5@ +H5H9A9BHG
F=r4i6n Crr4n2G
5G< 89DCG=HG =B =BH9F9GH 695F=B; ACB9M A5F?9H 577CIBHG 5B8 <=;<@M @=EI=8 =BJ9GHA9BHG K=H< 5B CF=;=B5@A5HIF=HMC:H<>
*9GHF=7H98 75G< 5H %5F7< 5B8 K5G DF=A5F=@M 75G< <9@8 6M H<9 CAD5BMYG :CF9=;B GI6G=8=5F=9GHCA99H5DD@=756@9;CJ9FBA9BHF9;I@5HCFM75D=H5@F9EI=F9A9BHG
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
F44s R424iv01:4
99GF979=J56@95F99EI5@HC7CBHF57HI5@5ACIBHGF98I798:CF5@@CK5B79G =:5DD@=756@9,<9CAD5BM 7CBG=89FG:99GF979=J56@9HC69:I@@M7C@@97H=6@9577CF8=B;@M BC5@@CK5B79:CF8CI6H:I@577CIBHG<5G699B 9GH56@=G<985GC:%5F7< CF!:577CIBHG697CA9IB7C@@97H=6@9 H<9MK=@@699LD9BG98K<9B H<5H89H9FA=B5H=CB=GA589
DC4 fr=m R4:0t43 &0rti4s
I9:FCAF9@5H98D5FH=9G=BH<9CBGC@=85H985@5B79+<99HG7CBG=GHDF=A5F=@MC:58J5B79GA589CB
69<5@:C:H<9(5FHB9FG<=DG:CFH<9D5MA9BHC:79FH5=BCD9F5H=B;7CGHG5B89LD9BG9G:CFK<=7
FCrnitCr4 FiFtCr4s 0n3 E?Ci>m4nt
IFB=HIF9 :=LHIF9G 5B8 9EI=DA9BH 7CBG=GH DF=A5F=@M C: @95G9
CADIH9F<5F8K5F95B8GC:HK5F9 M95FG IFB=HIF95B8:=LHIF9GM95FG '::=799EI=DA9BHM95FG
$95G9<>
"40s4s
'BDF=@ H<9CAD5BM58CDH98+- W$95G9GX+CB5DFCGD97H=J965G=G 5B8 5G 5 F9GI@H DF=CF D9F=C8 5ACIBHG K9F9 BCH 58>IGH98 HC F9:@97H H<9 =AD57HG C: H<9 B9K GH5B85F8 !B 588=H=CB 5GD9FA=HH98IB89FH<9HF5BG=H=CB;I=85B79K=H<=BH<9B9KGH5B85F8 DF=CFG7CD=B; 7@5GG=:=75H=CB 5B8577CIBH=B;:CF=B=H=5@8=F97H7CGHGK9F975FF=98:CFK5F8:CF@95G9G9L=GH=B;5GC:H<958CDH=CB85H9,<9 B9KGH5B85F89GH56@=G<9G5F=;<> @95G9@=56=@=HMCBH<9CBGC@=85H985@5B79+<99HG:CF5@@@95G9GK=H
,<9CAD5BM89H9FA=B9GK<9H<9F5B5FF5B;9A9BH7CBH5=BG5@95G95H=B79DH=CB@95G9=G57CBHF57H
H<5HDFCJ=89GH<9F=;*'- 5GG9HG 5B8 @95G9 @=56=@=H=9G 5F9 F97C;B=N98 5H H<9 7CAA9B79A9BH 85H9 C: H<9 @95G9 5B8 A95GIF9865G98CBH<9DF9G9BHJ5@I9C:@95G9D5MA9BHGCJ9FH<9@95G9H9FA $95G9*'-5GG9HG=B7@I89
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
=B=H=5@8=F97H7CGHG=B7IFF986MH<9CAD5BM5B85F9DF9G9BH98B9HC:89:9FF98F9BH5B8@95G9=B79BH=J9G 9B9F5@@M H<9 CAD5BMYG @95G9G 8C BCH DFCJ=89 5B =AD@=7=H F5H9 5B8 5G 5 F9GI@H H<9 CAD5BM IG9G =HG =B7F9A9BH5@6CFFCK=B;F5H965G98CBH<9=B:CFA5H=CB5J5=@56@95HH<97CAA9B79A9BH85H9=B89H9FA=B=B; H<9 DF9G9BH J5@I9 C: @95G9 D5MA9BHG ,<9 CAD5BMYG @95G9 H9FAG A5M =B7@I89 CDH=CBG HC 9LH9B8 CF H9FA=B5H9 H<9 @95G9 K<9B =H =G F95GCB56@M 79FH5=B H<5H H<9 CAD5BM K=@@ 9L9F7=G9 HCAD5BM8C9GBCHF97C;B=N95@95G9*'-5GG9HCF@95G9@=56=@=HM:CFG K<=7<<5J9@95G9 H9FAG C: ACBH
nt0n6i1:4s 0n3 G==3Ei::
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(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
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(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
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(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
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(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
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(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
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(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
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(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
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22 | 29 | |||||
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22 | 29 | ||||
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9DF97=5H=CB9LD9BG9K5G 5B8 :CFH<9M95FG9B898%5F7< 5B8 F9GD97H=J9@M 5B8 =G =B7@I898 =B ;9B9F5@ 58A=B=GHF5H=J9 5B8 CH<9F 9LD9BG9G =B H<9 CBGC@=85H98 +H5H9A9BHGC:!B7CA9
. A2?Cisiti=n
'BI;IGH $57EI=F98GI6GH5BH=5@@M5@@H<95GG9HGC:*95@GG9H(CFH:C@=C%5B5;9A9BH $$W*(%X:CF5HCH5@5;;F9;5H9DIF7<5G9DF=79C: C:K<=7< K5GD5=8=B75G
. D41t
'B I;IGH $ 9BH9F98 =BHC 5 ,9FA $C5B 5B8 +97IF=HM ;F99A9BH H<9 W,9FA $C5B
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
;F99A9BHX 5B8 5 *9JC@J=B; $C5B 5B8 +97IF=HM ;F99A9BH H<9 W*9JC@J=B; $C5B ;F99A9BHX 5B8 HC;9H<9F K=H< H<9 ,9FA $C5B ;F99A9BH H<9 W$C5B ;F99A9BHGX K=H< =FGH *9DI6@=7 5B? W=FGH *9DI6@=7X :CF H<9 W,9FA $C5B 57=@=HMX 5B8 H<9 W*9JC@J=B; $C5B 57=@=HMX F9GD97H=J9@M ,<9 CAD5BM 8F9K 8CKB 5H 7@CG=B; CB H<9 *9JC@J=B; $C5B 57=@=HM :H9F 9LD9BG9G H<9 B9H 5ACIBH C: 75G< F979=J98 K5G 5B8 K5G IH=@=N98 HC D5M C:: H<9 CIHGH5B8=B; DF=B7=D5@ 5ACIBH 5B8 577FI98 =BH9F9GH C: H<9 DF98979GGCF 7F98=H :57=@=HM ,<9 DF9J=CIG IB5ACFH=N98 89:9FF98 :=B5B7=B; 7CGHG C: K9F9 KF=HH9B C:: 5B8 5F9 =B7@I898 =B =BH9F9GH 9LD9BG9 =B H<9 CBGC@=85H98+H5H9A9BHGC:!B7CA9:CFH<9M95F9B898%5F7<
'B %5F7< H<9 CAD5BM 5A9B898 =HG $C5B ;F99A9BHG ,<9 ,9FA $C5B ;F99A9BH K5G 5A9B898 HC =B7@I89 5B =B7F9A9BH5@ H9FA 58J5B79 C: 5DDFCL=A5H9@M CB H<9 7@CG=B; 85H9 C: H<9 5A9B8A9BH =B7F95G=B; H<9 CIHGH5B8=B; 65@5B79 HC DFCJ=89 :CF 588=H=CB5@ IB7CAA=HH98 H9FA 58J5B79G BCH HC 9L7998 =B H<9 5;;F9;5H9 :CF 5 D9F=C8 C: M95FG :FCA H<9 7@CG=B; 85H9 C: H<9 5A9B8A9BH F9J=G9H<9DF=B7=D5@5ACFH=N5H=CBG7<98I@969;=BB=B;"I@M H97H HC 5 :@CCF C: ,<9 *9JC@J=B; $C5B ;F99A9BHYG A5HIF=HM 85H9 K5G 5A9B898 HC %5F7< 5B87<5B;98H<9=BH9F9GHF5H9HC5:@C5H=B;D9F5BBIAF5H99EI5@HCH<9DF=A9F5H9A=BIG GI6>97HHC5:@CCFC:
,<9CAD5BM9J5@I5H98H<9H9FAGC:H<95A9B8A9BH5B87CB7@I898H<5HH<9HF5BG57H=CBF9GI@H98=B5 896HAC8=:=75H=CB K<=7
'B%5F7< H<9CAD5BM5@GC9BH9F98=BHC5%I@H= F5K,9FA$C5B5B8+97IF=HM;F99A9BH H<9W%I@H= F5K57=@=HMXK=H<=FGH*9DI6@=7 K<=7
CFFCK=B;G577FI9=BH9F9GH5H5:=L98D9F5BBIAF5H9C:5B8H<9%I@H= F5K57=@=HMA5HIF9GCB"I@M ,<9CAD5BM<58BCCIHGH5B8=B;65@5B79CBH<9%I@H= F5K57=@=HM5GC:%5F7<
,<9 $C5B ;F99A9BHG 5B8 %I@H= F5K 57=@=HM 7CBH5=B 7CJ9B5BHG H<5H 5ACB; CH<9F H<=B;G @=A=H $YG56=@=HMHC=B7IF=B896H98B9GG HF5BG:9FCF8=GDCG9C:5GG9HG A9F;9K=H
57=@=HM5F9G97IF986MGI6GH5BH=5@@M5@@C:H<95GG9HGC: $
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
,<95;;F9;5H9A=B=AIADF=B7=D5@D5MA9BHGCBH<9CAD5BMYGCIHGH5B8=B;896H5F98I95G:C@@CKG =G75@M95F9B8=B;%5F7<
,<9F95:H9F | ||
,<9:5=FJ5@I9C:H<9CIHGH5B8=B;65@5B79C:H<9CAD5BMYG896H=BGHFIA9BH5H%5F7< 5B8 5DDFCL=A5H98D5FJ5@I965G98CB7IFF9BHA5F?9HF5H9G:CFG=A=@5F896H=BGHFIA9BHG5B85F97@5GG=:=98 5G$9J9@K=H<=BH<9:5=FJ5@I9<=9F5F7<>
9. E?CitG
,<9 CAD5BM <5G HKC 7@5GG9G C: 7CAACB GHC7? CIHGH5B8=B; @5GG 7CAACB GHC7? 5B8 @5GG 7CAACBGHC7?
:0ss A 2=mm=n st=2k
C@89FGC:@5GG7CAACBGHC7?5F99BH=H@98HCCB9JCH9:CF957H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
)70r4s =f =mm=n )t=2k OCtst0n3in6
,<9:C@@CK=B;H56@9G
:0ss A =mm=n | :0ss =mm=n | |||||
)t=2k | )t=2k | |||||
%5F7< | ||||||
*9GHF=7H98GHC7?;F5BH98 | ||||||
+<5F9G=GGI988I9HCCDH=CB9L9F7=G9 | ||||||
+<5F9G=GGI98=B7CBB97H=CBK=H<*(%57EI=G=H=CB | ||||||
+<5F9G=GGI98F9DIF7<5G98=B7CBB97H=CBK=H | ||||||
+<5F9GF9DIF7<5G98:CF9AD@CM99H5LK=H<<> | ||||||
CF:9=HIF9G | ||||||
%5F7< | ||||||
+<5F9G=GGI98F9DIF7<5G98=B7CBB97H=CBK=H | ||||||
+<5F9G=GGI98=B7CBB97H=CBK=H<7CBH=B;9BH7CAD9BG5H=CBD5MA9BH | ||||||
+<5F9G=GGI98=B7CBB97H=CBK=H<+(( | ||||||
+<5F9G7CBJ9FH98:FCAIB=HG | ||||||
+<5F9GF9DIF7<5G98:CF9AD@CM99H5LK=H<<> | ||||||
CF:9=HIF9G | ||||||
*9GHF=7H98GHC7?;F5BH98 | ||||||
%5F7< | ||||||
+<5F9G=GGI98F9DIF7<5G98=B7CBB97H=CBK=H | ||||||
+<5F9G=GGI98=B7CBB97H=CBK=H<7CBH=B;9BH7CAD9BG5H=CBD5MA9BH | ||||||
+<5F9G=GGI98=B7CBB97H=CBK=H<+(( | ||||||
+<5F9G7CBJ9FH98:FCAIB=HG | ||||||
+<5F9GF9DIF7<5G98:CF9AD@CM99H5LK=H<<> | ||||||
CF:9=HIF9G | ||||||
*9GHF=7H98GHC7?;F5BH98 | ||||||
%5F7< | ||||||
D9F79BH5;95GC:H<99B8C:957
H"A O>4r0tin6 A6r44m4nt
!B 577CF85B79 K=H< H<9 @=A=H98 @=56=@=HM 7CAD5BM 5;F99A9BH C: $ H<9 W $ 'D9F5H=B; ;F99A9BHX DFC:=HG5B8@CGG9G:FCA $5F95@@C75H98CB5DFCF5H565G=G65G98IDCB957
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
)4>t4m14r 29 Off4rin6
!B+9DH9A69F H<9CAD5BM5B879FH5=BG9@@=B;GHC7?<>
M0r27 29 Off4rin6
!B%5F7< H<9CAD5BM5B8579FH5=BG9@@=B;GHC7?<>
)4>t4m14r 2 Off4rin6
!B+9DH9A69F H<9CAD5BM5B879FH5=BG9@@=B;GHC7?<>
M0r27 2 Off4rin6
!B%5F7< H<9CAD5BM5B879FH5=BG9@@=B;GHC7?<>
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
. E?CitG 0s43 =m>4ns0ti=n
2 E?CitG n24ntiv4 &:0n
,<9CAD5BM<5G58CDH98=HGEI=HM!B79BH=J9(@5B 5G5A9B898H<9W(@5BX K<=7
)Cmm0rG =f O>ti=n A2tivitG
GIAA5FMC:CDH=CB57H=J=HMIB89FH<9(@5B:CFH<9H
/40r En343 M0r27 3 | ||||||||||||||
22 | 29 | 2 | ||||||||||||
4i67t43 | 4i67t43 | 4i67t43 | ||||||||||||
$Cm14r =f | Av4r064 | $Cm14r =f | Av4r064 | $Cm14r =f | Av4r064 | |||||||||
EF4r2is4 | EF4r2is4 | EF4r2is4 | ||||||||||||
O>ti=ns | &ri24 | O>ti=ns | &ri24 | O>ti=ns | &ri24 | |||||||||
'DH=CBGCIHGH5B8=B;5H69;=BB=B; | ||||||||||||||
C:M95F | ||||||||||||||
'DH=CBG9L9F7=G98 | ||||||||||||||
'DH=CBGCIHGH5B8=B;5H9B8C:M95F | ||||||||||||||
'DH=CBG9L9F7=G56@95H9B8C:M95F | ||||||||||||||
,<9=BHF=BG=7J5@I9C:CDH=CBG9L9F7=G98K5G :CFH<9M95F9B898%5F7<
R4stri2t43 )t=2k
,<9CAD5BM<5G;F5BH98F9GHF=7H98@5GG7CAACBGHC7?IB89FH<9(@5BHC79FH5=B9AD@CM99G5G D5FHC:H<95BBI5@6CBIGDFC;F5A5B8=B7CBB97H=CBK=H<=HG!(' C@89FGC:F9GHF=7H98GHC7?<5J95@@C: H<9F=;<>
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
,<97<5B;9=BIBJ9GH98F9GHF=7H98GHC7?:CFH<9M95F9B898%5F7< =G5G:C@@CKG
4i67t43 | |||||
Av4r064 | |||||
*=t0: | Gr0nt D0t4 | ||||
F0ir V0:C4 =f | |||||
Unv4st43 | AE0r3 | ||||
%5F7< | |||||
F5BH98 | |||||
.9GH98 | |||||
CF:9=H98 | |||||
%5F7< |
,<9 K9=;
,<9HCH5@H5L69B9:=HF97C;B=N98:FCAG<5F9 65G987CAD9BG5H=CB:CFH<9M95FG9B898%5F7< 5B8K5G 5B8 F9GD97H=J9@M
Em>:=G44 )70r4 &Cr270s4 &:0n
'B +9DH9A69F H<9 CAD5BMYG GHC7?
H
. =m>4ns0ti=n 0n3 4n4fits
,<9CAD5BM<5GF97CF898H<9:C@@CK=B;5ACIBHGF9@5H98HC7CAD9BG5H=CB5B869B9:=HG
/40r En343 M0r27 3 | ||||||||
22 | 29 | 2 | ||||||
5G97CAD9BG5H=CB5B869B9:=HG | ||||||||
!B79BH=J9:997CAD9BG5H=CB | ||||||||
EI=HM 65G987CAD9BG5H=CB | ||||||||
CBH=B;9BH7CAD9BG5H=CBF9@5H98HC57EI=G=H=CB&CH9 | ||||||||
,CH5@7CAD9BG5H=CB5B869B9:=HG |
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
,<9CAD5BMDFCJ=89G89:=B987CBHF=6IH=CBD@5BG7CJ9F=B;-+-B=H98#=B;8CA5B8 CB;#CB; 9AD@CM99G GI6>97H HC A=B=AIA 5;9 5B8 G9FJ=79 ;I=89@=B9G @=;=6@9 9AD@CM99G A5M 7CBHF=6IH9 5 D9F79BH5;9C:H<9=F5BBI5@7CAD9BG5H=CBGI6>97HHCGH5HIHCFM;I=89@=B9G
,<9 CAD5BM A5?9G 8=G7F9H=CB5FM 5B8CF A5H7<=B; 7CBHF=6IH=CBG HC H<9 D@5BG K<=7< 5ACIBH98 HC 5B8 :CF H<9 M95FG 9B898 %5F7< 5B8 F9GD97H=J9@M 5B8 =G =B7@I898=B7CAD9BG5H=CB5B869B9:=HG9LD9BG9=BH<9CBGC@=85H98+H5H9A9BHGC:!B7CA9
2. n2=m4 *0F4s
,<9CAD5BMYG=B7CA969:CF9=B7CA9H5L9G7CBG=GH98C:H<9:C@@CK=B;
/40r En343 M0r27 3 | ||||||||
22 | 29 | 2 | ||||||
CA9GH=7=B7CA969:CF9=B7CA9H5L9G | ||||||||
CF9=;B=B7CA969:CF9=B7CA9H5L9G | ||||||||
,CH5@=B7CA969:CF9=B7CA9H5L9G |
CADCB9BHGC:=B7CA9H5L9LD9BG97CBG=GHC:H<9:C@@CK=B;
/40r En343 M0r27 3 | |||||||||
22 | 29 | 2 | |||||||
Crr4nt: | |||||||||
989F5@ | |||||||||
+H5H95B8@C75@ | |||||||||
CF9=;B | |||||||||
,CH5@7IFF9BH=B7CA9H5L9LD9BG9 | |||||||||
D4f4rr43: | |||||||||
989F5@ | |||||||||
+H5H95B8@C75@ | |||||||||
CF9=;B | |||||||||
,CH5@89:9FF98=B7CA9H5L9LD9BG9 | |||||||||
,CH5@=B7CA9H5L9LD9BG9 |
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
F97CB7=@=5H=CB C: H<9 -+ GH5HIHCFM =B7CA9 H5L F5H9 HC H<9 CAD5BMYG 9::97H=J9 H5L F5H9 =G 5G :C@@CKG
/40r En343 M0r27 3 | ||||||||
22 | 29 | 2 | ||||||
989F5@H5L5HGH5HIHCFMF5H9 | ||||||||
+H5H9=B7CA9H5L9G B9HC::989F5@69B9:=H | ||||||||
&CB 7CBHFC@@=B;=BH9F9GH | ||||||||
CF9=;B=B7CA9H5L9G | ||||||||
.5@I5H=CB5@@CK5B79 | ||||||||
,5LF9:CFA=AD57H | ||||||||
9:9FF98H5L5GG9HGH5H95DDCFH=CBA9BH7<5B;9G | ||||||||
'H<9F | ||||||||
::97H=J9H5LF5H9 |
,<9G=;B=:=75BH7CADCB9BHGC:89:9FF98H5L5GG9HG5B8@=56=@=H=9G5F95G:C@@CKG
/40r En343 M0r27 3 | ||||||
22 | 29 | |||||
D4f4rr43 t0F 0ss4ts: | ||||||
5G=G8=::9F9B79=B $ | ||||||
,5L*979=J56@9;F99A9BH | ||||||
=L985GG9HG | ||||||
&9HCD9F5H=B;@CGG75FFM:CFK5F8G | ||||||
.5@I5H=CB5@@CK5B79 | ||||||
+H5H9H5L9G | ||||||
,CH5@89:9FF98H5L5GG9HG | ||||||
GC: %5F7< 5B8 H<9CAD5BM<58B9HCD9F5H=B;@CGG75FFM:CFK5F8GC: 5B8 H<5H K9F9 ;9B9F5H98 :FCA 79FH5=B :CF9=;B GI6G=8=5F=9G ,<9G9 B9H CD9F5H=B; @CGG9G 75B 69 75FF=98 :CFK5F8=B89:=B=H9@MGC:%5F7< 5B8 =H=GACF9@=?9@MH<5BBCHH<5HH<9H5L69B9:=HG:FCA 79FH5=BC:H<9G9B9HCD9F5H=B;@CGG75FFM:CFK5F8GK=@@BCH69F95@=N98 H<9F9:CF9 5J5@I5H=CB5@@CK5B79C: 5B8<5G699B9GH56@=G<98 F9GD97H=J9@M
!B7CBB97H=CBK=H
,<9CAD5BM69@=9J9G=H=GACF9@=?9@MH<5BBCHH<5HH<989:9FF98H5L5GG9HG9L79DHH
G C: %5F7< 5B8 H<9 CAD5BM <58 BC IBF97C;B=N98 H5L DCG=H=CBG ,<9 CAD5BM8C9GBCH9LD97H5BMA5H9F=5@=B7F95G9CF897F95G9=B=HG;FCGGIBF97C;B=N98H5LDCG=H=CBG8IF=B;
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
H<9B9LHHK9@J9ACBH
,<9 CAD5BM :=@9G =B7CA9 H5L F9HIFBG 5G F9EI=F98 6M H<9 H5L @5KG C: H<9 >IF=G8=7H=CBG =B K<=7< =H CD9F5H9G!BH<9BCFA5@7CIFG9C:6IG=B9GG H<9CAD5BMA5M69GI6>97HHC9L5A=B5H=CB6M:989F5@5B8 79FH5=B GH5H9 5B8 @C75@ H5L 5IH97HHC9L5A=B5H=CBTa> !ecei
,<9 CAD5BM <5G F97CF898 5 @=56=@=HM F9@5H98 HC H<9 ,* C: 5B8 5G C: %5F7< 5B8D5MA9BHC: K5GA5898IF=B;H<9M95F9B898%5F7< !BH<99J9BHH<5H H<9J5@I5H=CB5@@CK5B79F9@5H98HCH5L69B9:=HG5GGC7=5H98K=H
3. E0rnin6s >4r )70r4
DCH9BH=5@@M8=@IH=J9G97IF=H=9G
+<5F9GC:H<9CAD5BMYG@5GG7CAACBGHC7?8CBCHG<5F9=BH<995FB=B;GCF@CGG9G5HHF=6IH56@9HC $!5B8H<9F9:CF95F9BCHD5FH=7=D5H=B;G97IF=H=9GG5F9GI@H 5G9D5F5H9DF9G9BH5H=CBC:65G=75B88=@IH98 95FB=B;GD9FG<5F9C:@5GG7CAACBGHC7?IB89FH<9HKC 7@5GGA9H
=G9L7<5B;956@9:CF5G<5F9C:@5GG7CAACBGHC7?CB5CB9 :CF CB965G=G
,<9:C@@CK=B;H56@9G9HG:CFH
65G=75B88=@IH9895FB=B;GD9FG<5F9C:@5GG7CAACBGHC7?
/40r En343 M0r27 3 22
/40r En343 M0r27 3 29
&9H=B7CA9
/9=;
(9FG<5F9
&9H=B7CA9
/9=;
(9FG<5F9
5HHF=6IH56@9
J9F5;9
5HHF=6IH56@9
J9F5;9
HC $!
+<5F9G
5ACIBH
HC $!
+<5F9G
5ACIBH
5G=7(+C:@5GG7CAACB
GHC7?
8>IGHA9BHHCB9H=B7CA9
GGIA989L9F7=G95B8
J9GH=B;C:9AD@CM995K5F8G
::97HC:8=@IH=J9G97IF=H=9G
GGIA989L9F7=G95B8
J9GH=B;C:9AD@CM995K5F8G
=@IH98(+C:@5GG
7CAACBGHC7?
H0mi:t=n "0n4 n2=r>=r0t43 $=t4s t= =ns=:i30t43 Fin0n2i0: )t0t4m4nts
(In t.5;9and9, e>ce6t 9.a8e and 6e8 9.a8e a35;nt9)
/40r En343 M0r27 3 2 | |||||||
&9H=B7CA9 | /9=; | (9FG<5F9 | |||||
5HHF=6IH56@9 | J9F5;9 | ||||||
HC $! | +<5F9G | 5ACIBH | |||||
5G=7(+C:@5GG7CAACBGHC7? | |||||||
8>IGHA9BHHCB9H=B7CA9 | |||||||
GGIA989L9F7=G95B8J9GH=B;C:9AD@CM995K5F8G | |||||||
::97HC:8=@IH=J9G97IF=H=9G | |||||||
GGIA989L9F7=G95B8J9GH=B;C:9AD@CM995K5F8G | |||||||
=@IH98(+C:@5GG7CAACBGHC7? | |||||||
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EXECUTIVE OFFICERS | |
Mario L. Giannini | Atul Varma |
Chief Executive Officer | Chief Financial Officer |
Hartley R. Rogers | Erik R. Hirsch |
Chairman | Vice Chairman |
Kevin J. Lucey | Lydia A. Gavalis |
Chief Operating Officer | General Counsel and Secretary |
Michael T. Donohue | Juan Delgado-Moreira |
Controller and Managing Director | Vice Chairman |
DIRECTORS | |
Hartley R. Rogers | Mario L. Giannini |
Chairman | Chief Executive Officer |
HAMILTON LANE INCORPORATED | HAMILTON LANE INCORPORATED |
Erik R. Hirsch | David J. Berkman* |
Vice Chairman | Managing Partner |
HAMILTON LANE INCORPORATED | ASSOCIATED PARTNERS, LP |
O. Griffith Sexton* | Leslie F. Varon* |
Corporate Director | Corporate Director |
* Independent director of Hamilton Lane Incorporated | |
CORPORATE HEADQUARTERS | INVESTOR RELATIONS |
One Presidential Boulevard, 4th Floor | John Oh |
Bala Cynwyd, Pennsylvania 19004 | (610) 617-6026 |
(610) 934-2222 | ir@hamiltonlane.com |
TRANSFER AGENT & REGISTRAR | INDEPENDENT AUDITORS |
American Stock Transfer & Trust Company, LLC | Ernst & Young LLP |
6201 15th Avenue | Philadelphia, Pennsylvania |
Brooklyn, New York 11219 | STOCK EXCHANGE LISTING |
QUARTERLY BUSINESS RESULTS/ | Nasdaq: HLNE |
HAMILTON LANE NEWS | |
Current investor information is available on | |
our website at www.hamiltonlane.com |
hamiltonlane.com | Page 8 |
www.hamiltonlane.com
hamiltonlane.com | Page 9 |
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Hamilton Lane Inc. published this content on 23 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2020 12:40:19 UTC
