• No results found

Morningstar: Total | Vlaamse Federatie van Beleggers

N/A
N/A
Protected

Academic year: 2022

Share "Morningstar: Total | Vlaamse Federatie van Beleggers"

Copied!
22
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)

ª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

.BSLFU$BQ &63.JM  

8FFL)JHI &63 

8FFL-PX &63 

8FFL5PUBM3FUVSO 

:5%5PUBM3FUVSO 

-BTU'JTDBM:FBS&OE %FD

:S'PSXBSE3FWFOVF$"(3 

:S'PSXBSE&14$"(3 

1SJDF'BJS7BMVF 

   &  &

1SJDF&BSOJOHT   ‰ 

&7&#*5%"   ‰ 

&7&#*5   ‰ 

'SFF$BTI'MPX:JFME   ‰ 

%JWJEFOE:JFME   ‰ 

   &  &

3FWFOVF        

3FWFOVF:P:    

&#*5        

&#*5:P:    

/FU*ODPNF "EKVTUFE        

/FU*ODPNF:P:    

%JMVUFE&14    

%JMVUFE&14:P:    

'SFF$BTI'MPX      

'SFF$BTI'MPX:P:    

$SVEF.BSLFU'VOEBNFOUBMT$POUJOVFUP5JHIUFO CVUUIF 3FDPWFSZ4UJMM)BTB8BZTUP(P

4FF1BHFGPSUIFGVMM"OBMZTU/PUFGSPN"VH

4UFQIFO4JNLP $'"

4FDUPS%JSFDUPS

TUFQIFOTJNLP!NPSOJOHTUBSDPN  

*NQPSUBOU%JTDMPTVSF

5IF DPOEVDU PG .PSOJOHTUBShT BOBMZTUT JT HPWFSOFECZ.PSOJOHTUBShT$PEFPG&UIJDT 4FDVSJUJFT 5SBEJOH BOE %JTDMPTVSF 1PMJDZ BOE *OWFTUNFOU 3FTFBSDI *OUFHSJUZ 1PMJDZ

'PS JOGPSNBUJPO SFHBSEJOH DPOGMJDUT PG JOUFSFTU QMFBTFDMJDL

3FTFBSDIBTPG"VH

&TUJNBUFTBTPG+BO

1SJDJOHEBUBUISPVHI4FQ

3BUJOHVQEBUFEBTPG4FQ

*OWFTUNFOU5IFTJT +BO

#FGPSFUIFTJHOJGJDBOUEFDMJOFJOPJMQSJDFT 5PUBM4"hTTUPSZDFOUFSFE PO UIF DPNQBOZ EFMJWFSJOH PO JUT MPOHQSPNJTFE DBTI GMPX BOE QSPEVDUJPO HSPXUI 5IJT IBT CFFO B LFZ GPDVT GPS TIBSFIPMEFST CFDBVTF DBQJUBM FYQFOEJUVSFT IBWF SFHVMBSMZ PVUTUSJQQFE DBTI GMPXTJOSFDFOUZFBST%VSJOH 5PUBM4"hTPQFSBUJOHDBTI GMPXBWFSBHFECJMMJPOXIJMFDBQJUBMFYQFOEJUVSFTXFSF

CJMMJPO NFBOJOHUIBUJUTCJMMJPOEJWJEFOEIBTIBEUPCFGVOEFE CZEJWFTUNFOUTBOEPUIFSGJOBODJBMFOHJOFFSJOH GPSFYBNQMF SJTJOH EFCU

"TTFUTBMFTJOBOEPGUIFNTFMWFTBSFOhUOFHBUJWFUIFNBKPSTBSF DPOTUBOUMZSFTIBQJOHUIFJSQPSUGPMJPT BOEBTTFUTBMFTBSFBQBSUPG UIJTQSPDFTT#VUQMVHHJOHDBTIGMPXIPMFTWJBEJWFTUJUVSFTJTB EJGGFSFOUNBUUFS(JWFOUIFSFDFOUPJMQSJDFUVNCMF JUVOGPSUVOBUFMZ OPXBQQFBSTUIBU5PUBM4"XJMMCFGPSDFEUPDPOUJOVFTFMMJOHBTTFUT UPGVOEJUTEJWJEFOE5IJTXJMMFBUBXBZBUUIFDPNQBOZhTGVUVSF DBTIGMPXHFOFSBUJOHQPXFS NFBOJOHJUTOFBSUFSNPVUMPPLMPPLT NVDIMJLFJUTSFDFOUQBTU*GPJMQSJDFTEPOhUSFCPVOEJOTIPSUPSEFS 5PUBM 4"hT OFBSUFSN QSPEVDUJPO BOE DBTI GMPX HSPXUI XJMM GBMM TJHOJGJDBOUMZTIPSUPGUIFDPNQBOZhTGJWFZFBSUBSHFUTUIBUXFSFQVU PVUBUJUTNPTUSFDFOUBOBMZTUEBZ'PSJOWFTUPSTMPPLJOHBUUIFPJM NBKPSTGPSBEFGFOTJWFXBZUPQMBZFOFSHZ 5PUBM4"TDSFFOTBTUIF NPTUQPPSMZQPTJUJPOFEPGUIFHSPVQUPXFBUIFSBQSPMPOHFEQFSJPE PGXFBLPJMQSJDFT

5PUBM4"JTBOJOUFHSBUFEFOFSHZDPNQBOZXJUIPJMBOEHBTQSPEVDUJPOPG NPSFUIBONJMMJPOCBSSFMTPGPJMFRVJWBMFOUBEBZ BQQSPYJNBUFMZJT PJM5IFDPNQBOZBMTPPQFSBUFTBHMPCBMSFGJOFSZBOEDIFNJDBMGPPUQSJOU NPTUPGXIJDIJTJO&VSPQFCVUBMTPJO4BVEJ"SBCJB ,PSFB BOE5FYBT'JOBMMZ UIFDPNQBOZPXOTBNVMUJUVEFPGEPXOTUSFBNBOENBSLFUJOHBTTFUT B

JOUFSFTU JO /PWBUFL 3VTTJBhT TFDPOEMBSHFTU OBUVSBM HBT QSPEVDFS  BOE SPVHIMZUXPUIJSETPG4VO1PXFS B64TPMBSDPNQBOZ

1SPGJMF 7JUBM4UBUJTUJDT

7BMVBUJPO4VNNBSZBOE'PSFDBTUT

'JOBODJBM4VNNBSZBOE'PSFDBTUT 5IFQSJNBSZBOBMZTUDPWFSJOHUIJTDPNQBOZ

EPFTOPUPXOJUTTUPDL

$VSSFODZBNPVOUTFYQSFTTFEXJUIBSFJO 64EPMMBST 64%VOMFTTPUIFSXJTFEFOPUFE

)JTUPSJDBMGPSFDBTUEBUBTPVSDFTBSF.PSOJOHTUBS&TUJNBUFTBOENBZSFGMFDUBEKVTUNFOUT

64%.JM

$POUFOUT

*OWFTUNFOU5IFTJT .PSOJOHTUBS"OBMZTJT

"OBMZTU/PUF

7BMVBUJPO (SPXUIBOE1SPGJUBCJMJUZ 4DFOBSJP"OBMZTJT

&DPOPNJD.PBU .PBU5SFOE

#VMMT4BZ#FBST4BZ 'JOBODJBM)FBMUI

&OUFSQSJTF3JTL .BOBHFNFOU0XOFSTIJQ

"OBMZTU/PUF"SDIJWF

"EEJUJPOBM*OGPSNBUJPO .PSOJOHTUBS"OBMZTU'PSFDBTUT

$PNQBSBCMF$PNQBOZ"OBMZTJT .FUIPEPMPHZGPS7BMVJOH$PNQBOJFT

'JTDBM:FBS

'JTDBM:FBS

IUUQDPSQPSBUFNPS OJOHTUBSDPN64&RVJUZ%JTDMPTVSFT































1BHFPG

(2)

ª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

.PSOJOHTUBS"OBMZTJT

$SVEF.BSLFU'VOEBNFOUBMT$POUJOVFUP5JHIUFO CVUUIF 3FDPWFSZ4UJMM)BTB8BZTUP(P"VH

$SVEFNBSLFUTIBWFUJHIUFOFEBHPPEEFBMJOSFDFOUNPOUIT BTTUSPOHPJMEFNBOEHSPXUIBOETVQQMZJTTVFTIBWFQVMMFE GPSXBSEUIFJOEVTUSZSFDPWFSZCZBCPVUBZFBSDPNQBSFE XJUI UIF PVUMPPL XF QVCMJTIFE JO "QSJM &WFO TP  

GVOEBNFOUBMT BSF GBS GSPN SPCVTU GSPN BO PJM QSJDF QFSTQFDUJWF BOEEPOhUBQQFBSTVQQPSUJWFPGQSJDFTNPWJOH NVDI BCPWF UIF  QFS CBSSFM UISFTIPME "OPUIFS MBSHF VQUJDL JO SJH BEEJUJPOT JO UIF 64 DPVME CF FOPVHI UP FMJNJOBUFOFBSUFSNJOWFOUPSZESBXTBMUPHFUIFS XIJDIJT UIFMBTUUIJOHPJMNBSLFUTOFFEGPSBTVTUBJOFEQSJDFSFDPWFSZ UPPDDVS8JUIUIJTJONJOE XFBSFTFUUJOHPVSQSJDF GPSFDBTU GPS 8FTU 5FYBT *OUFSNFEJBUF BU  QFS CBSSFM XIJDIXFCFMJFWFJTTVGGJDJFOUUPQSFWFOUBOZGVSUIFSOFU TIBMFBDUJWJUZJODSFBTFTJOUIFDPNJOHRVBSUFST

4USPOHFSGVOEBNFOUBMTMPPLTFUUPFNFSHFJO5IFSPPU DBVTFPGQPUFOUJBMTVQQMZTIPSUBHFTJOUIFNFEJVNUFSNJT UIFNBKPSDVUTJOVQTUSFBNDBQJUBMFYQFOEJUVSFTEVSJOHUIF QBTUUXPZFBST"TBSFTVMUPGMPXJOWFTUNFOUMFWFMT DBQBDJUZ BEEJUJPOTPVUTJEFPGTIBMFBSFBCPVUUPGBMMESBNBUJDBMMZBGUFS

'VSUIFS 01&$XJMMIBWFMJUUMFTQBSFDBQBDJUZ BTUIF DBSUFMIBTBMTPCFFODVUUJOHCBDLPOPJMGJFMETQFOEJOH

5IFJOEVTUSZJTUIVTTFUUJOHJUTFMGVQUPIBWFGFXPQUJPOTUP NFFU JODSFNFOUBM TVQQMZ OFFET CFTJEFT 64 UJHIU PJM JO

8IBUTPNFIBWFTVTQFDUFEGPSTPNFUJNFJTOPX MPPLJOH MJLFMZ UJHIU PJM JT TFU UP CFDPNF UIF LFZ TXJOH TVQQMJFSGPSHMPCBMDSVEFNBSLFUT

#FDBVTFPGJNQSPWJOHGVOEBNFOUBMTCFJOHQVMMFEJOCZBCPVU BZFBS XFBSFSBJTJOHPVS85*PJMQSJDFGPSFDBTUUP

GSPN XIJDIXFCFMJFWFJTUIFMFWFMTVGGJDJFOUUPESJWF B NBKPS JODSFBTF JO 64 UJHIU PJM BDUJWJUZ )PXFWFS  XF DPOUJOVFUPCFMJFWFUIBU64TIBMFXJMMPWFSIFBUFWFOUVBMMZ JOBIJHIQSJDFFOWJSPONFOU"TBSFTVMU XFSFMPXFSJOHPVS

85*PJMQSJDFGPSFDBTUUPGSPN0VSNJEDZDMF QSJDFPVUMPPLPGJTVODIBOHFE

8FXJMMCFQVCMJTIJOHVQEBUFESFQPSUTBOEWBMVBUJPOTUIJT XFFL

7BMVBUJPO (SPXUIBOE1SPGJUBCJMJUZ"QS

8FBSFMPXFSJOHPVSGBJSWBMVFFTUJNBUFUP&63QFSTIBSF GSPN &63  0VS GBJS WBMVF FTUJNBUF JT EFSJWFE VTJOH .PSOJOHTUBShT TUBOEBSE UXPTUBHF EJTDPVOUFE DBTI GMPX NFUIPEPMPHZ8JUIUIJTNFUIPEPMPHZ BUFSNJOBMWBMVFJT EFSJWFE VTJOH PVS BTTVNQUJPOT GPS MPOHUFSN FBSOJOHT HSPXUIBOESFUVSOPOOFXJOWFTUFEDBQJUBM5IJTWBMVBUJPO NFUIPEPMPHZ BMTP NPSF FYQMJDJUMZ JODPSQPSBUFT PVS NPBU SBUJOH XIJDISFGMFDUTIPXMPOHXFFYQFDUBHJWFOGJSNUP EFMJWFS FYDFTT SFUVSOT PO JOWFTUFE DBQJUBM GSPN B %$' BOBMZTJT

*OPVS%$'NPEFM PVSCFODINBSLPJMBOEHBTQSJDFTBSF CBTFEPO/ZNFYGVUVSFTDPOUSBDUTGPS'PSOBUVSBM HBT XFVTFQFSUIPVTBOEDVCJDGFFUJO JO

 BOEJO0VSMPOHUFSNBTTVNQUJPOJT

'PSPJM XFVTF#SFOUQSJDFTPGQFSCBSSFMJO 

JO JOBOEJO0VSMPOHUFSNPJMQSJDF BTTVNQUJPOJT

4DFOBSJP"OBMZTJT

8FIBWFUFTUFEUXPBEEJUJPOBMTDFOBSJPTCFZPOEPVSCBTF DBTFUPBTTFTTUIFJNQBDUPGDIBOHFTPJMBOEHBTQSJDFTIBWF PO PVS 5PUBM 4" WBMVBUJPO 5P EFUFSNJOF PVS BMUFSOBUJWF WBMVBUJPOT  XF UFTU DBTI GMPXT VOEFS UXP BEEJUJPOBM DPNNPEJUZ QSJDF TDFOBSJPT CZ TUSFTTUFTUJOH PVS PJM BOE OBUVSBMHBTQSJDFGPSFDBTUT*OFBDITDFOBSJP XFBMTPBEKVTU UIF DPNQBOZhT DBQJUBM TQFOEJOH  PQFSBUJOH DPTUT  BOE EPXOTUSFBNQSPGJUBCJMJUZ

*OPVSCVMMDBTF XFFYBNJOF5PUBM4"hTWBMVBUJPOJOBOPJM BOEHBTQSJDFFOWJSPONFOUIJHIFSUIBOPVSCBTFDBTF

*OTVDIBQSJDJOHTDFOBSJP5PUBM4"hT"%4TXPVMECFXPSUI

&63*OUIJTJOTUBODF DBTIGMPXXPVMECFSPCVTUBOE

1BHFPG

(3)

ª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

MJLFMZMFBEUPUIFDPNQBOZTDSBQQJOHJUTTDSJQEJWJEFOEBOE JODSFBTJOHJOWFTUNFOU

*OPVSCFBSDBTF XFFYBNJOFUIFGJSNhTWBMVBUJPOJOBOPJM BOEHBTQSJDFFOWJSPONFOUMPXFSUIBOPVSCBTFDBTF

*OTVDIBQSJDJOHTDFOBSJP5PUBM4"hT"%4TXPVMECFXPSUI

&63  *O UIJT JOTUBODF  XFBL FBSOJOHT BOE DBTI GMPXT XPVMEMFBEUPEJWJEFOEDVUT EJTUSFTTFEBTTFUTBMFT BOE MJLFMZ TISJOLJOH SFTFSWFT BT UIF GJSN XPVME CF GPSDFE UP TUBODITJHOJGJDBOUDBTIGMPXTIPSUGBMMT

&DPOPNJD.PBU

(JWFOPVSWJFXUIBUMPOHUFSNPJMQSJDFTXJMMCFXFMMCFMPX

HPJOHGPSXBSECFDBVTFPGUIFFNFSHFODFPGMPXDPTU 64UJHIUPJM XFEPOhUCFMJFWF5PUBM4"hTPJMBOEHBTBTTFUT QPTTFTTUIFDPTUTUSVDUVSFPSFDPOPNJDTUPQSPWJEFJUXJUI B MBTUJOH DPNQFUJUJWF BEWBOUBHF %FTQJUF QMBOT UP MPXFS DBQJUBMTQFOEJOH DVUDPTUT BOEEFMBZIJHIDPTUQSPKFDUT XFCFMJFWF5PUBM4"XJMMDPOUJOVFUPHFOFSBUFXFBLSFUVSOT PODBQJUBMGPSUIFGPSFTFFBCMFGVUVSF5IFDPSFJTTVFIFSFJT UIBU5PUBMJTTJNQMZUPPIJHIVQUIFHMPCBMDPTUDVSWFBOE MBDLT NFBOJOHGVM FYQPTVSF UP IJHIRVBMJUZ 64 TIBMF SFTPVSDFT PS PUIFS DPTU DPNQFUJUJWF HSPXUI PQUJPOT

"EEJUJPOBMMZ  JUT EPXOTUSFBN GPPUQSJOU JT HFPHSBQIJDBMMZ EJTBEWBOUBHFE BOE JT GBS UPP FYQPTFE UP &VSPQF UP CF BOZUIJOH CVU B DPNQMFUF ESBH PO DSFBUJOH WBMVF GPS UIF GPSFTFFBCMFGVUVSF"EEJOHJUVQ XFEPOhUCFMJFWFUIBU5PUBM 4"TUJMMQPTTFTTFTBOFDPOPNJDNPBU

.PBU5SFOE

5IFJOUFHSBUFEPJMBOEHBTNPEFMOPXGBDFTNVDINPSF DIBMMFOHJOHDPNQFUJUJWFEZOBNJDT XIJDIXFCFMJFWFBSF FSPEJOH UIF FDPOPNJD NPBUT PG 5PUBM BOE UIF PUIFS PJM NBKPST"TBSFTVMU XFCFMJFWFUIFDPNQBOZhTNPBUUSFOE JT OPX OFHBUJWF "MUIPVHI 5PUBM TUJMM QPTTFTTFT NBOZ DPNQFUJUJWFBEWBOUBHFTBWFSZMBSHFQPSUGPMJPPGPJMBOEHBT SFTPVSDFT TJ[FTDBMF BOETPPOXFFYQFDUUIBUPOBWFSBHF FBDI OFX CBSSFM PG PJM BOE OBUVSBM HBT QSPEVDUJPO XJMM HFOFSBUFBMPXFSSFUVSOUIBOUIFMFHBDZCBSSFMTMPTUFBDI ZFBSUPOBUVSBMGJFMEEFDMJOFT4UBUFEBOPUIFSXBZ GPSBHJWFO MFWFMPGFOFSHZQSJDFT XFFYQFDUSFUVSOTPODBQJUBMUPCF MPXFS TJODF OFX SFTFSWFT BSF JODSFBTJOHMZ DPTUMJFS UP EFWFMPQBOEQSPEVDF5IJTQSPTQFDUPGMPXFSSFUVSOTTUFNT GSPN UIF SFBMJUZ UIBU GFXFS MPXDPTU DPOWFOUJPOBM PJM PQQPSUVOJUJFT FYJTU UPEBZ 5IJT IBT QVTIFE 5PUBM BOE UIF PUIFSTVQFSNBKPSTJOUPIJHIFSDPTUQMBZT GPSFYBNQMF PJM TBOET EFFQXBUFS TIBMF

1BHFPG

(4)

ª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

#VMMT4BZ#FBST4BZ

#VMMT4BZ #FBST4BZ

5PUBMhT IFBWZ JOWFTUNFOU QIBTF DBNF UP B DMPTF JO

 XIJDIXJMMQSPWJEFNVDIOFFEFESFMJFGBTUIF DPNQBOZUSJFTUPHSBQQMFXJUIMPXFSPJMQSJDFT

/FX QSPKFDUT GPDVTFE PO MJRVFGJFE OBUVSBM HBT  PJM TBOET BOE3VTTJBOHBTIBWFMPXEFDMJOFSBUFT"MM FMTFFRVBM UIJTTIPVMESFEVDFUIFDBQJUBMFYQFOEJUVSFT SFRVJSFEUPLFFQQSPEVDUJPOWPMVNFTGMBU

5PUBMhT/PSUI"NFSJDBOHBTFYQPTVSFJTUIFMPXFTUPG UIFNBKPST PGDVSSFOUQSPEVDUJPO NFBOJOHJUJT SFMBUJWFMZ VOEFSFYQPTFE UP UIF DIBMMFOHFE QSJDJOH GBDJOHJUTQFFSTUIBUIBWFNBEFMBSHFSJOWFTUNFOUT UIFSF

&VSPQFJTBUFSSJCMFSFHJPOGPSSFGJOJOHBOEDIFNJDBMT

.BOBHFNFOUJTEPJOHFWFSZUIJOHJUDBOUPSFEVDFJUT FYQPTVSF CVUDMPTJOH&VSPQFBOSFGJOFSJFTJTDPTUMZBOE UFOETUPCFBWFSZTMPXQSPDFTT

5IFCSFBLFWFOPJMQSJDFPO5PUBMhTPJMOFXQSPKFDUT IBT CFFO DPOUJOVBMMZ JODSFBTJOH EVSJOH UIF QBTU 

ZFBSTJOUIJTDVSSFOUFSBPGPJMTVQQMZBCVOEBODF UIF GJSNGJOETJUTFMGGBSUPPIJHIVQUIFDPTUDVSWFUPCF BCMFUPHFOFSBUFEFDFOUSFUVSOTPODBQJUBM

1BHFPG

(5)

ª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

 &  &  &  &  &

$BTIBOE&RVJWBMFOUT CFHJOOJOHPGQFSJPE          

"EKVTUFE"WBJMBCMF$BTI'MPX        

5PUBM$BTI"WBJMBCMFCFGPSF%FCU4FSWJDF          

1SJODJQBM1BZNFOUT          

*OUFSFTU1BZNFOUT          

0UIFS$BTI0CMJHBUJPOTBOE$PNNJUNFOUT          

5PUBM$BTI0CMJHBUJPOTBOE$PNNJUNFOUT          

64%.JMMJPOT

PG

$PNNJUNFOUT

#FHJOOJOH$BTI#BMBODF   

4VNPG:FBS"EKVTUFE'SFF$BTI'MPX   

4VNPG$BTIBOE:FBS$BTI(FOFSBUJPO   

3FWPMWFS"WBJMBCJMJUZ ‰ ‰

"TTFU"EKVTUFE#PSSPXJOHT 3FQBZNFOU ‰ ‰

4VNPG$BTI :FBS$BTI(FOFSBUJPO 3FWPMWFSBOE"EKVTUNFOUT   

4VNPG:FBS$BTI$PNNJUNFOUT   ‰

'JWF:FBS"EKVTUFE$BTI'MPX'PSFDBTU 64%.JM

$VNVMBUJWF"OOVBM$BTI'MPX$VTIJPO

$BTI'MPX$VTIJPO 1PTTJCMF-JRVJEJUZ/FFE

"EKVTUFE$BTI'MPX4VNNBSZ

'JOBODJBM)FBMUI

5IFDPNCJOBUJPOPGGBMMJOHTIPSUPOJUTHSPXUIUBSHFUTBOE EFDMJOJOH PJM QSJDFT NFBOT 5PUBMhT QSPNJTFT UP JODSFBTF TIBSFIPMEFS EJTUSJCVUJPOT BSF DPNJDBMMZ VOSFBMJTUJD *O SFBMJUZ UIFDPNQBOZXJMMCFMVDLZJGJUh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

5IFQSFTFOUUBYUSFBUZCFUXFFOUIF64BOE'SBODFBMMPXT 64JOWFTUPSTUPVTFUIJTUBYBTBDSFEJUPOMZUPPGGTFU64

FBSOJOHTCFJOHSFQPSUFEUPUIF*345IFSFGPSF UBYMFBLBHF GSPN 5PUBMhT EJWJEFOET JT QPTTJCMF  XIJDI XPVME MFTTFO EJWJEFOET SFDFJWFE 5IF MPOF DPVOUSZ JO &VSPQF XJUI OP XJUIIPMEJOHUBYJTUIF6OJUFE,JOHEPN XIFSF#1BOE4IFMM UIFUXPPUIFS&VSPQFBOTVQFSNBKPSTIBQQFOUPIBWFBU MFBTUPOFTIBSFDMBTTUSBEJOH

&OUFSQSJTF3JTL

5PUBMhTQSPGJUTBOEDBTIGMPXBSFMBSHFMZUJFEUPPJMBOEHBT QSPEVDUJPO BOE TVGGFS NBSLFEMZ EVSJOH QFSJPET PG XFBL DPNNPEJUZQSJDFT"EEJUJPOBMMZ MPOHUFSNQSJDFEFQSFDJBUJPO XPVMEFYQPTFUIFDPNQBOZUPXFBLFOJOHSFUVSOTPODBQJUBM BTJUTMBSHFRVFVFPGOFXQSPKFDUTDPNJOHPOMJOFXPVMECF VOMJLFMZUPHFOFSBUFUIFJSQSPKFDUFEFDPOPNJDSFTVMUT5PUBM FNQMPZT IVHF BNPVOUT PG DBQJUBM JO CVJMEJOH PVU JUT QSPEVDUJPOQPSUGPMJP BOEDPTUPWFSSVOTBOEPSDPNQMFUJPO EFMBZTBSFDPOUJOVFETPVSDFTPGVODFSUBJOUZ5IFDPNQBOZhT PJM BOE HBT QSPEVDUJPO JOWPMWFT PQFSBUJOH JO QPMJUJDBMMZ VOTUBCMFSFHJPOTEVSJOHUIFMBTUGFXZFBSTBMPOF QSPEVDUJPO XBT NBUFSJBMMZ SFEVDFE CFDBVTF PG HFPQPMJUJDBM BOEPS

1BHFPG

(6)

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU ZPVNBZVTFUIJTSFQPSUPOMZJOUIFDPVOUSZJOXIJDIJUTPSJHJOBMEJTUSJCVUPSJTCBTFE5IFJOGPSNBUJPO EBUB BOBMZTFTBOEPQJOJPOTQSFTFOUFEIFSFJOEPOPUDPOTUJUVUF JOWFTUNFOUBEWJDFBSFQSPWJEFETPMFMZGPSJOGPSNBUJPOBMQVSQPTFTBOEUIFSFGPSFBSFOPUBOPGGFSUPCVZPSTFMMBTFDVSJUZBOEBSFOPUXBSSBOUFEUPCFDPSSFDU DPNQMFUFPSBDDVSBUF5IFPQJOJPOTFYQSFTTFEBSFBTPGUIFEBUFXSJUUFOBOEBSFTVCKFDUUPDIBOHFXJUIPVU OPUJDF&YDFQUBTPUIFSXJTFSFRVJSFECZMBX .PSOJOHTUBSTIBMMOPUCFSFTQPOTJCMFGPSBOZUSBEJOHEFDJTJPOT EBNBHFTPSPUIFSMPTTFTSFTVMUJOHGSPN PSSFMBUFEUP UIFJOGPSNBUJPO EBUB BOBMZTFTPSPQJOJPOTPSUIFJSVTF5IFJOGPSNBUJPODPOUBJOFEIFSFJOJTUIF

TFDVSJUZJTTVFTJO-JCZB /JHFSJB 4ZSJB BOE:FNFO'VSUIFS TBODUJPOT QVU JO QMBDF UIBU UBSHFU 3VTTJBO HBT QSPEVDFS /PWBUFL DPVME QVU BU SJTL UIF WBMVF PG 5PUBMhT SFDFOU NVMUJCJMMJPOEPMMBSJOWFTUNFOUTJOUIFDPVOUSZ

1BHFPG

(7)

ª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

/BNF 1PTJUJPO 4IBSFT)FME 3FQPSU%BUF *OTJEFS"DUJWJUZ

/" /" /" /" /"

5PQ0XOFST PG4IBSFT

)FME PG'VOE

"TTFUT $IBOHF

L 1PSUGPMJP%BUF

7BOHVBSE5PUBM*OUM4UPDL*EY'VOE    +VM

7BOHVBSE8FMMJOHUPO™     +VO

7"$PMMFHF"NFSJDB&VSP1BDJGJD(SPXUI     +VO

J4IBSFT.4$*&"'& "6    "VH

7"$PMMFHF"NFSJDB*OWNU$PPG"NFSJDB     +VO

$PODFOUSBUFE)PMEFST

&UPJMF4USBUÏHJF5BVY    +VO

J4IBSFT45099&VSPQF0JM(BT %&   ‰ "VH

'SVDUJ4ÏDVSJUÏ1&"4FQUFNCSF   ‰ +VO

#BSDMBZT71&" ‰   .BS

#BSDMBZT4FWFO    ‰ .BZ

5PQ#VZFST PG4IBSFT

)FME PG'VOE

"TTFUT 4IBSFT

#PVHIU

4PME L 1PSUGPMJP%BUF

$BQJUBM3FTFBSDIBOE.BOBHFNFOU$PNQBOZ     +VO

53PXF1SJDF"TTPDJBUFT *OD     +VO

8FMMJOHUPO.BOBHFNFOU$PNQBOZ--1     +VM

(PWFSONFOU1FOTJPO'VOEPG/PSXBZ(MPCBM     %FD

#SJUJTI$PMVNCJB*OW.BOBHFNFOU$PSQ     .BS

5PQ4FMMFST

-ZYPS*OUFSOBUJPOBM"TTFU.BOBHFNFOU     "VH

*SFMBOE/BUJPOBM1FOTJPOT3FTFSWF'VOE     %FD

#BJMMJF(JGGPSE0WFSTFBT-JNJUFE ‰    +VO

5IPSOCVSH*OWFTUNFOU.BOBHFNFOU*OD     +VM

"MMJBO[(MPCBM*OWFTUPST(NC)o'SBOLGVSU    +VM

.BOBHFNFOU +BO

.BOBHFNFOU0XOFSTIJQ

.BOBHFNFOU"DUJWJUZ

'VOE0XOFSTIJQ

*OTUJUVUJPOBM5SBOTBDUJPOT

3FQSFTFOUTUIFEBUFPOXIJDIUIFPXOFSTOBNF QPTJUJPO BOEDPNNPOTIBSFTIFMEXFSFSFQPSUFECZUIFIPMEFSPSJTTVFS

5IFUSBHJDEFBUIPG$&0$ISJTUPQIFEF.BSHFSJFJO0DUPCFS MFE UP UIF BQQPJOUNFOU PG 1BUSJDL 1PVZBOOÏ  XIP IBE QSFWJPVTMZCFFOUIFQSFTJEFOUPGUIFDPNQBOZhT3FGJOJOHBOE

$IFNJDBMTTFHNFOU1PVZBOOÏJNNFEJBUFMZWPXFEUPTFF EF .BSHFSJFhT TUSBUFHJD WJTJPO UISPVHI  XIJDI JT DIBSBDUFSJ[FE CZ BUUFNQUJOH UP HSPX QSPEVDUJPO  DVUUJOH PQFSBUJOH DPTUT  BOE SFTUSVDUVSJOH UIF GJSNhT XFBL EPXOTUSFBNBSFBT JF BMNPTUFWFSZUIJOHJO&VSPQF*UJT PG DPVSTF  UPP TPPO UP FWBMVBUF 1PVZBOOÏ BOE IJT USBDL SFDPSEBT5PUBM4"hTMFBEFS CVUUIFEFDMBSFEDPOUJOVJUZPG UIFGJSNhTTUSBUFHZNBLFTVTFYQFDUUIBU5PUBM4"XJMMCF SVOJONVDIUIFTBNFXBZBTJUIBTCFFOJOSFDFOUZFBST

$PNCJOFE XJUI UIF UIF GBDU UIF 'SFODI HPWFSONFOU DPOTUBOUMZ JT NFEEMJOH JO 5PUBM 4"hT BGGBJST  JOWFTUPST FYQFDUJOH NPSF UIBO NFEJPDSJUZ BSF MJLFMZ UP CF EJTBQQPJOUFE

1BHFPG

(8)

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU ZPVNBZVTFUIJTSFQPSUPOMZJOUIFDPVOUSZJOXIJDIJUTPSJHJOBMEJTUSJCVUPSJTCBTFE5IFJOGPSNBUJPO EBUB BOBMZTFTBOEPQJOJPOTQSFTFOUFEIFSFJOEPOPUDPOTUJUVUF JOWFTUNFOUBEWJDFBSFQSPWJEFETPMFMZGPSJOGPSNBUJPOBMQVSQPTFTBOEUIFSFGPSFBSFOPUBOPGGFSUPCVZPSTFMMBTFDVSJUZBOEBSFOPUXBSSBOUFEUPCFDPSSFDU DPNQMFUFPSBDDVSBUF5IFPQJOJPOTFYQSFTTFEBSFBTPGUIFEBUFXSJUUFOBOEBSFTVCKFDUUPDIBOHFXJUIPVU OPUJDF&YDFQUBTPUIFSXJTFSFRVJSFECZMBX .PSOJOHTUBSTIBMMOPUCFSFTQPOTJCMFGPSBOZUSBEJOHEFDJTJPOT EBNBHFTPSPUIFSMPTTFTSFTVMUJOHGSPN PSSFMBUFEUP UIFJOGPSNBUJPO EBUB BOBMZTFTPSPQJOJPOTPSUIFJSVTF5IFJOGPSNBUJPODPOUBJOFEIFSFJOJTUIF

"OBMZTU/PUFT

5PUBMT &BSOJOHT 'BMM PO -PXFS 0JM 1SJDFT $BTI 'MPX

$POUJOVFTUP'BMM4IPSU+VM

5PUBMhTTFDPOERVBSUFSBEKVTUFEJODPNFGFMMUPCJMMJPO GSPNCJMMJPOUIFZFBSCFGPSFBTMPXFSPJMQSJDFTUPPLB UPMMPOVQTUSFBNFBSOJOHTBOEBXFBLNBSHJOFOWJSPONFOU SFEVDFEQSFWJPVTMZTUSPOHEPXOTUSFBNFBSOJOHT6QTUSFBN BEKVTUFEOFUPQFSBUJOHJODPNFGFMMUPCJMMJPOGSPN

CJMMJPOBTMPXFSPJMQSJDFTNPSFUIBOPGGTFUBJODSFBTF JOWPMVNFT3FGJOJOHBOEDIFNJDBMBEKVTUFEOFUPQFSBUJOH JODPNFGFMMUPNJMMJPOGSPNCJMMJPOMBTUZFBSBT

&VSPQFBO SFGJOJOH NBSHJOT DPOUSBDUFE 5PUBMT SFGJOJOH NBSHJO JOEJDBUPS GFMM UP  QFS UPO GSPN  QFS UPO PGGTFUUJOH FBSOJOHT HSPXUI CZ TQFDJBMUZ DIFNJDBMT

.BSLFUJOHBOETFSWJDFTOFUBEKVTUFEPQFSBUJOHJODPNFGFMM TMJHIUMZUPNJMMJPOGSPNNJMMJPO

5PUBMDPOUJOVFTUPSVOBDBTIGMPXEFGJDJU HFOFSBUJOHBMJUUMF MFTTUIBOCJMMJPOEVSJOHUIFGJSTUIBMGPGUIFZFBS GBMMJOH XFMMTIPSUPGJUTCJMMJPOJODBQJUBMTQFOEJOHBOECJMMJPO JOEJWJEFOET5PUBMDPOUJOVFTUPUBSHFUDBTIGMPXOFVUSBMJUZ OFYUZFBSBUBCBSSFM CVUUIBUJTXFMMBCPWFXIFSFGVUVSF QSJDFTBSFDVSSFOUMZUSBEJOH"TBSFTVMU 5PUBMJTHPJOHUP IBWFUPUBLFNPSFESBNBUJDBDUJPOTBCTFOUBTIBSQSFDPWFSZ JO PJM QSJDFT JO PSEFS GPS DBTI GMPX UP DPWFS B GVMM DBTI EJWJEFOE 8F FYQFDU UP SFDFJWF NPSF JOGPSNBUJPO PO JUT MBUFTUQMBOTJO4FQUFNCFSBUJUTTDIFEVMFEJOWFTUPSTEBZ'PS OPX  IPXFWFS  PVU GBJS WBMVF FTUJNBUF BOE NPBU SBUJOH SFNBJOVODIBOHFE

5PUBMhT'JSTU2VBSUFS3FTVMUTBT(PPEBT$PVMECF)PQFE GPSJO$VSSFOU&OWJSPONFOU"QS

5PUBMhTGJSTURVBSUFSSFTVMUTXFSFTVSQSJTJOHMZTUSPOHJOUIF GBDFPGMPXPJMQSJDFT BMUIPVHIJOWFTUPSTTIPVMESFNFNCFS UIBUUIFDPNQBOZIBTJNQBJSFECJMMJPOTPGEPMMBSTPGBTTFUT JOSFDFOUZFBST XIJDIJTQSPWJEJOHBCPPTU&WFOTP UIF DPNQBOZhTNJMMJPOVQTUSFBNQSPGJU NJMMJPOMBTU RVBSUFSBOECJMMJPOEPXOTUSFBNQSPGJU CJMMJPOMBTU

RVBSUFSXFSFOPOFUIFMFTTJNQSFTTJWFHJWFOXFBLPJMQSJDFT BOETPGUFOJOHSFGJOJOHNBSHJOTJO&VSPQF

'SFFDBTIGMPXSFNBJOTOFHBUJWF XIJDIXJMMDPOUJOVFUP QVTI VQ MFWFSBHF  CVU DPTU DVUUJOH BOE GBMMJOH DBQJUBM FYQFOEJUVSFTJOUIFDPNJOHZFBSTTIPVMEIFMQDMPTFUIJTHBQ

&WFOTP XFSFNBJODPODFSOFEUIBUJOBMPOHFSUFSNPJMQSJDF FOWJSPONFOU CFMPX   5PUBM XJMM TUSVHHMF UP GVOE JUT EJWJEFOEXJUIPSHBOJDDBTIGMPX NVDIBTJUIBEGPSZFBST FWFOCFGPSFPJMQSJDFTDPMMBQTFE0VSGBJSWBMVFFTUJNBUFT BSFVODIBOHFE

$SVEF"XBLFOJOH3FMFOUMFTT4IBMF(SPXUI8JMM%SPXO -POH5FSN0JM1SJDFT"QS

5IBOLT UP POHPJOH QSPEVDUJWJUZ JNQSPWFNFOUT  DPTU SFEVDUJPOT  BOE TMPXJOH EFDMJOF SBUFT  64 TIBMFhT DPTU

DPNQFUJUJWF HSPXUI QPUFOUJBM JT NVDI HSFBUFS UIBO UIF NBSLFUDVSSFOUMZSFBMJ[FT64UJHIUPJMIBTGVOEBNFOUBMMZ BMUFSFEUIFHMPCBMTVQQMZQJDUVSF FOTVSJOHUIFJOEVTUSZIBT NPSFMPXDPTUSFTPVSDFTUPEFWFMPQUIBOJUXJMMOFFE

5IFSFJTUIVTBNBKPSMPOHUFSNTUSVDUVSBMJTTVFGBDJOHDSVEF NBSLFUTUIFXPSMEOFFETTPNF64QSPEVDUJPOHSPXUI CVU OPUOFBSMZBTNVDIBTUJHIUPJMDBOTVQQMZ*OTUFBEPGBSFUVSO UPIJHIMPOHUFSNQSJDFT UIFJOEVTUSZUIFSFGPSFOFFETUPGJOE UIFPJMQSJDFUIBUDBOLFFQBMJEPO64TIBMFBDUJWJUZ8F CFMJFWFUIBUQSJDFJT85*-BZFSJOHPOPVSPVUMPPLGPSPJM QSJDFEJGGFSFOUJBMT UIJTJNQMJFT#SFOUUPCFUIFCBMBODJOH QPJOUVQPOXIJDIHMPCBMPJMQSJDFTXJMMWBDJMMBUFBSPVOE8F IBEQSFWJPVTMZQSPKFDUFEMPOHUFSN#SFOU85*UPCF

SFTQFDUJWFMZ

5IF QPUFOUJBM GPS MBSHF BNPVOU PG SFTPVSDFT UP CFDPNF FDPOPNJDBMMZTUSBOEFEJTMJLFMZUPGPTUFSDPOUJOVFEQSFTTVSF UP ESJWF EFWFMPQNFOU BOE PQFSBUJOH DPTUT EPXO JOEVTUSZXJEF5IJTXJMMSFTVMUJODPTUDPNQSFTTJPOBUUIF NBSHJOBMQBSUPGUIFDPTUDVSWFTPUIFIJHIFSRVBMJUZPJMTBOET

1BHFPG

(9)

ª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

"OBMZTU/PUFT

BOEEFFQXBUFSQSPKFDUTDBODPNQFUFIFBEUPIFBEXJUI6

4TIBMF

8FWFBMTPSFWJTJUFEPVSBTTFTTNFOUPG64OBUVSBMHBT NBSLFUGVOEBNFOUBMT#BTFEPOBNPSFPQUJNJTUJDPVUMPPL GPS MPXDPTU QSPEVDUJPOQSJNBSJMZ BT B SFTVMU PG TMPXJOH EFDMJOFTJOBTTPDJBUFEHBTWPMVNFT BTXFMMBTJNQSPWFE QSPEVDUJWJUZBOESFTPVSDFQPUFOUJBMGSPNUIF.BSDFMMVTBOE 6UJDBXFSFMPXFSJOHPVSMPOHUFSNNBSHJOBMDPTUGPS64

OBUVSBMHBTGSPNNDGUPNDG4JNQMZQVU XFDPOUJOVF UPTFFNPSFBOENPSFFWJEFODF64TIBMFQSPEVDFSTDBO TVSWJWF BOEJOTPNFDBTFT UISJWFBUNVDIMPXFSQSJDFT UIBOXFQSFWJPVTMZBTTVNFE

8FXJMMCFQVCMJTIJOHVQEBUFESFQPSUT WBMVBUJPOT BOENPBU SBUJOHTPOBMMDPNQBOJFTBOEFYQFDUBMMVQEBUFTUPCFMJWF XJUIJOBXFFL

#FDBVTF MPX PJM QSJDFT IBWF DVU JOEVTUSZ JOWFTUNFOU TP EFFQMZ JUDPVMEUBLFUJNFCFGPSFUIJTSFBMJUZJTPCWJPVTUP JOWFTUPST*OEFFE TUBMMJOHTVQQMZBOEHSPXJOHPJMEFNBOE BSFTFUUJOHUIFTUBHFGPSBNFEJVNUFSNPJMQSJDFSFDPWFSZ

#VUIJHIFSQSJDFTXJMMSFTUBSUUIFTIBMFHSPXUINBDIJOF BOE XIFOUIBUIBQQFOT UIFJOEVTUSZJTJOGPSBDSVEFBXBLFOJOH

5IFJNQMJDBUJPOTPGPVSPVUMPPLBSFDMFBSMZCFBSJTI BMUIPVHI TPNFTFDUPSTXJMMGFFMUIFJNQBDUNVDINPSFUIBOPUIFST

5IF MPOHUFSN PVUMPPLT GPS UIF 64 NJETUSFBN BOE EPXOTUSFBNTFDUPSTSFNBJOCSJHIU BTUIFCPUIXJMMCFOFGJU GSPNUIFDPOUJOVFEHSPXUIPGUJHIUPJMBOETIBMFHBT5IBU TBJE NPTUNJETUSFBNGJSNTGBDFTUJGGOFBSUFSNIFBEXJOET BOEXFSFDPNNFOEJOWFTUPSTCFWFSZTFMFDUJWFJOUIJTBSFB PVSUPQQJDLTSFNBJO.BHFMMBO.JETUSFBNBOE&OUFSQSJTF 1SPEVDU1BSUOFST

#FZPOE UIF DMFBS OFHBUJWF JNQMJDBUJPOT GPS VQTUSFBN QSPEVDFST BOPUIFSBSFBXFCFMJFWFGBDFTNBKPSJTTVFTJT PJMGJFME TFSWJDFT 5IJT JT MBSHFMZ EVF UP TUSVDUVSBM

PWFSDBQBDJUZ JO NBOZ NBSLFUT  JODMVEJOH POTIPSF BOE PGGTIPSFSJHT PGGTIPSFFRVJQNFOU BOEFWFO/PSUI"NFSJDBO QSFTTVSFQVNQJOH8IJMFUIFCFTUGJSNTJOUIFTFDUPSIBWF HSFBUCBMBODFTIFFUTBOEUIVTBQQFBSUPCFiEFGFOTJWF wXF DBVUJPOJOWFTUPSTUIBUDPOTFOTVTFYQFDUBUJPOTGPSJNQSPWJOH TFDUPSSFTVMUTJOJTGBSUPPCVMMJTIHJWFOUIFWFSZ XFBL PVUMPPL GPS VQTUSFBN BDUJWJUZ BOE TUSVDUVSBM PWFSDBQBDJUZ GBDJOH NBOZ FOE NBSLFUT 4FSWJDFT FRVJUZ WBMVBUJPOTSFGMFDUBSFUVSOUPSFWFOVFBOEQSPGJUMFWFMTXF EPOUUIJOLDBOCFBDIJFWFEJOBOZCVUUIFIJHIFTUPGDZDMJDBM GVUVSFQFBLT

1BHFPG

(10)

ª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

(SPXUI :P:

:FBS

)JTU$"(3     

:FBS 1SPK$"(3

3FWFOVF       

&#*5       

&#*5%"       

/FU*ODPNF       

%JMVUFE&14       

&BSOJOHT#FGPSF*OUFSFTU BGUFS5BY       

'SFF$BTI'MPX       

1SPGJUBCJMJUZ

:FBS

)JTU"WH     

:FBS 1SPK"WH

0QFSBUJOH.BSHJO       

&#*5%".BSHJO       

/FU.BSHJO       

'SFF$BTI'MPX.BSHJO       

30*$       

"EKVTUFE30*$       

3FUVSOPO"TTFUT       

3FUVSOPO&RVJUZ       

-FWFSBHF

:FBS

)JTU"WH     

:FBS 1SPK"WH

%FCU$BQJUBM       

5PUBM%FCU&#*5%"       

&#*5%"*OUFSFTU&YQFOTF       

   &  &

1SJDF'BJS7BMVF   ‰ ‰

1SJDF&BSOJOHT   ‰ 

&7&#*5%"   ‰ 

&7&#*5   ‰ 

'SFF$BTI'MPX:JFME   ‰ 

%JWJEFOE:JFME   ‰ 

$PTUPG&RVJUZ 

1SF5BY$PTUPG%FCU 

8FJHIUFE"WFSBHF$PTUPG$BQJUBM 

-POH3VO5BY3BUF 

4UBHF**&#*(SPXUI3BUF 

4UBHF***OWFTUNFOU3BUF 

1FSQFUVJUZ:FBS 

64%.JM 'JSN7BMVF

 1FS4IBSF

7BMVF

1SFTFOU7BMVF4UBHF*    

1SFTFOU7BMVF4UBHF**    

1SFTFOU7BMVF4UBHF***    

5PUBM'JSN7BMVF    

$BTIBOE&RVJWBMFOUT   ‰ 

%FCU   ‰ 

1SFGFSSFE4UPDL ‰ ‰ ‰

0UIFS"EKVTUNFOUT   ‰ 

&RVJUZ7BMVF   ‰ 

1SPKFDUFE%JMVUFE4IBSFT  

'BJS7BMVFQFS4IBSF ‰

.PSOJOHTUBS"OBMZTU'PSFDBTUT

'PSFDBTU 'JTDBM:FBS&OETJO%FDFNCFS

'JOBODJBM4VNNBSZBOE'PSFDBTUT

7BMVBUJPO4VNNBSZBOE'PSFDBTUT

,FZ7BMVBUJPO%SJWFST

%JTDPVOUFE$BTI'MPX7BMVBUJPO

"EEJUJPOBMFTUJNBUFTBOETDFOBSJPTBWBJMBCMFGPSEPXOMPBEBUIUUQTFMFDUNPSOJOHTUBSDPN

5IFEBUBJOUIFUBCMFBCPWFSFQSFTFOUCBTFDBTFGPSFDBTUTJOUIFDPNQBOZTSFQPSUJOH DVSSFODZBTPGUIFCFHJOOJOHPGUIFDVSSFOUZFBS0VSGBJSWBMVFFTUJNBUFNBZEJGGFSGSPNUIF FRVJUZWBMVFQFSTIBSFTIPXOBCPWFEVFUPPVSUJNFWBMVFPGNPOFZBEKVTUNFOUBOEJODBTFT XIFSFQSPCBCJMJUZXFJHIUFETDFOBSJPBOBMZTJTJTQFSGPSNFE



&63

1BHFPG

(11)

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU ZPVNBZVTFUIJTSFQPSUPOMZJOUIFDPVOUSZJOXIJDIJUTPSJHJOBMEJTUSJCVUPSJTCBTFE5IFJOGPSNBUJPO EBUB BOBMZTFTBOEPQJOJPOTQSFTFOUFEIFSFJOEPOPUDPOTUJUVUF JOWFTUNFOUBEWJDFBSFQSPWJEFETPMFMZGPSJOGPSNBUJPOBMQVSQPTFTBOEUIFSFGPSFBSFOPUBOPGGFSUPCVZPSTFMMBTFDVSJUZBOEBSFOPUXBSSBOUFEUPCFDPSSFDU DPNQMFUFPSBDDVSBUF5IFPQJOJPOTFYQSFTTFEBSFBTPGUIFEBUFXSJUUFOBOEBSFTVCKFDUUPDIBOHFXJUIPVU OPUJDF&YDFQUBTPUIFSXJTFSFRVJSFECZMBX .PSOJOHTUBSTIBMMOPUCFSFTQPOTJCMFGPSBOZUSBEJOHEFDJTJPOT EBNBHFTPSPUIFSMPTTFTSFTVMUJOHGSPN PSSFMBUFEUP UIFJOGPSNBUJPO EBUB BOBMZTFTPSPQJOJPOTPSUIFJSVTF5IFJOGPSNBUJPODPOUBJOFEIFSFJOJTUIF

    

3FWFOVF          

$PTUPG(PPET4PME          

(SPTT1SPGJU          

4FMMJOH (FOFSBM"ENJOJTUSBUJWF&YQFOTFT ‰ ‰ ‰ ‰ ‰

*ODPNFGSPN&RVJUZ*OWFTUNFOUT         

&YQMPSBUJPO&YQFOTF          

%FQSFDJBUJPO"NPSUJ[BUJPO JGSFQPSUFETFQBSBUFMZ          

0QFSBUJOH*ODPNF FYDIBSHFT          

3FTUSVDUVSJOH0UIFS$BTI$IBSHFT ‰   ‰ ‰

*NQBJSNFOU$IBSHFT JGSFQPSUFETFQBSBUFMZ       ‰ ‰

0UIFS/PO$BTI *ODPNF$IBSHFT       ‰

0QFSBUJOH*ODPNF JODMDIBSHFT          

*OUFSFTU&YQFOTF       

*OUFSFTU*ODPNF     

1SF5BY*ODPNF          

*ODPNF5BY&YQFOTF          

0UIFS"GUFS5BY$BTI(BJOT -PTTFT     ‰

0UIFS"GUFS5BY/PO$BTI(BJOT -PTTFT ‰ ‰ ‰ ‰ ‰

.JOPSJUZ*OUFSFTU     

1SFGFSSFE%JWJEFOET ‰ ‰ ‰ ‰ ‰

/FU*ODPNF          

8FJHIUFE"WFSBHF%JMVUFE4IBSFT0VUTUBOEJOH          

%JMVUFE&BSOJOHT1FS4IBSF     

"EKVTUFE/FU*ODPNF          

%JMVUFE&BSOJOHT1FS4IBSF "EKVTUFE     

%JWJEFOET1FS$PNNPO4IBSF     

&#*5%"          

"EKVTUFE&#*5%"          

.PSOJOHTUBS"OBMZTU'PSFDBTUT

*ODPNF4UBUFNFOU 64%.JM

'JTDBM:FBS&OETJO%FDFNCFS 'PSFDBTU

1BHFPG

(12)

ª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

    

$BTIBOE&RVJWBMFOUT          

*OWFTUNFOUT ‰ ‰ ‰ ‰ ‰

"DDPVOUT3FDFJWBCMF          

*OWFOUPSZ          

%FGFSSFE5BY"TTFUT $VSSFOU ‰ ‰ ‰ ‰ ‰

0UIFS4IPSU5FSN"TTFUT          

$VSSFOU"TTFUT          

/FU1SPQFSUZ1MBOU BOE&RVJQNFOU          

(PPEXJMM     ‰ ‰ ‰

0UIFS*OUBOHJCMFT          

%FGFSSFE5BY"TTFUT -POH5FSN          

0UIFS-POH5FSN0QFSBUJOH"TTFUT          

-POH5FSN/PO0QFSBUJOH"TTFUT ‰ ‰ ‰    

5PUBM"TTFUT          

"DDPVOUT1BZBCMF          

4IPSU5FSN%FCU          

%FGFSSFE5BY-JBCJMJUJFT $VSSFOU ‰ ‰ ‰ ‰ ‰

0UIFS4IPSU5FSN-JBCJMJUJFT          

$VSSFOU-JBCJMJUJFT          

-POH5FSN%FCU          

%FGFSSFE5BY-JBCJMJUJFT -POH5FSN          

0UIFS-POH5FSN0QFSBUJOH-JBCJMJUJFT          

-POH5FSN/PO0QFSBUJOH-JBCJMJUJFT          

5PUBM-JBCJMJUJFT          

1SFGFSSFE4UPDL ‰ ‰ ‰ ‰ ‰

$PNNPO4UPDL          

"EEJUJPOBM1BJEJO$BQJUBM ‰ ‰ ‰    

3FUBJOFE&BSOJOHT %FGJDJU          

5SFBTVSZ4UPDL          

0UIFS&RVJUZ          

4IBSFIPMEFShT&RVJUZ          

.JOPSJUZ*OUFSFTU          

5PUBM&RVJUZ          

.PSOJOHTUBS"OBMZTU'PSFDBTUT

#BMBODF4IFFU  64%.JM

'JTDBM:FBS&OETJO%FDFNCFS 'PSFDBTU

1BHFPG

(13)

ª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

    

/FU*ODPNF          

%FQSFDJBUJPO          

"NPSUJ[BUJPO ‰ ‰ ‰ ‰ ‰

4UPDL#BTFE$PNQFOTBUJPO ‰ ‰ ‰ ‰ ‰

*NQBJSNFOUPG(PPEXJMM ‰ ‰ ‰ ‰ ‰

*NQBJSNFOUPG0UIFS*OUBOHJCMFT       ‰ ‰

%FGFSSFE5BYFT        

0UIFS/PO$BTI"EKVTUNFOUT        ‰

*ODSFBTF%FDSFBTFJO"DDPVOUT3FDFJWBCMF        ‰

*ODSFBTF%FDSFBTFJO*OWFOUPSZ ‰ ‰ ‰   ‰

$IBOHFJO0UIFS4IPSU5FSN"TTFUT ‰ ‰ ‰ ‰ ‰

*ODSFBTF %FDSFBTFJO"DDPVOUT1BZBCMF ‰ ‰ ‰   ‰

$IBOHFJO0UIFS4IPSU5FSN-JBCJMJUJFT ‰ ‰ ‰ ‰ ‰

$BTI'SPN0QFSBUJPOT          

$BQJUBM&YQFOEJUVSFT          

/FU "DRVJTJUJPOT "TTFU4BMFT BOE%JTQPTBMT         ‰

/FU4BMFT 1VSDIBTFTPG*OWFTUNFOUT ‰ ‰ ‰ ‰ ‰

0UIFS*OWFTUJOH$BTI'MPXT ‰ ‰ ‰ ‰ ‰

$BTI'SPN*OWFTUJOH          

$PNNPO4UPDL*TTVBODF PS3FQVSDIBTF       

$PNNPO4UPDL %JWJEFOET          

4IPSU5FSN%FCU*TTVBODF PS3FUJSFNFOU         ‰

-POH5FSN%FCU*TTVBODF PS3FUJSFNFOU          

0UIFS'JOBODJOH$BTI'MPXT      ‰ ‰

$BTI'SPN'JOBODJOH         

&YDIBOHF3BUFT %JTDPOUJOVFE0QT FUD OFU     ‰ ‰

/FU$IBOHFJO$BTI       

.PSOJOHTUBS"OBMZTU'PSFDBTUT

$BTI'MPX  64%.JM

'JTDBM:FBS&OETJO%FDFNCFS 'PSFDBTU

1BHFPG

(14)

ª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

$PNQBOZ5JDLFS 1SJDF'BJS

7BMVF   &  &   &  &   &  &   &  &   &  &

&YYPO.PCJM$PSQ90.64"                

3PZBM%VUDI4IFMM1-$3%4#64"   ‰   ‰   ‰ /.  ‰   ‰ 

$IFWSPO$PSQ$7964"         /. /.      

#11-$#164"   ‰   ‰   ‰ /.  ‰   ‰ 

&OJ4Q"&/**5"   ‰   ‰   ‰ /.  ‰   ‰ 

"WFSBHF               

5PUBM4"'1'3   ‰   ‰  /. ‰ /.  ‰   ‰ 

$PNQBOZ5JDLFS 5PUBM"TTFUT

.JM   &  &   &  &   &  &   &  &   &  &

&YYPO.PCJM$PSQ90.64" ‰64%               

3PZBM%VUDI4IFMM1-$3%4#64" ‰64%              ‰ 

$IFWSPO$PSQ$7964" ‰64%               

#11-$#164" ‰64%              ‰ 

&OJ4Q"&/**5" ‰&63              ‰ 

"WFSBHF               

5PUBM4"'1'3 ‰64%              ‰ 

$PNQBOZ5JDLFS 3FWFOVF

.JM   &  &   &  &   &  &   &  &   &  &

&YYPO.PCJM$PSQ90.64"  64%             ‰ ‰ 

3PZBM%VUDI4IFMM1-$3%4#64"  64%          /.    ‰ ‰

$IFWSPO$PSQ$7964"  64%              ‰ 

#11-$#164"  64%               ‰

&OJ4Q"&/**5"  &63          /.     

"WFSBHF               

5PUBM4"'1'3  64%               

$PNQBSBCMF$PNQBOZ"OBMZTJT

5IFTFDPNQBOJFTBSFDIPTFOCZUIFBOBMZTUBOEUIFEBUBBSFTIPXOCZOFBSFTUDBMFOEBSZFBSJOEFTDFOEJOHNBSLFUDBQJUBMJ[BUJPOPSEFS

7BMVBUJPO"OBMZTJT

3FUVSOT"OBMZTJT

(SPXUI"OBMZTJT

1SJDF&BSOJOHT &7&#*5%" 1SJDF'SFF$BTI'MPX 1SJDF#PPL 1SJDF4BMFT

30*$ "EKVTUFE30*$ 3FUVSOPO&RVJUZ 3FUVSOPO"TTFUT %JWJEFOE:JFME

3FWFOVF(SPXUI &#*5(SPXUI &14(SPXUI 'SFF$BTI'MPX(SPXUI %JWJEFOE4IBSF(SPXUI

-BTU)JTUPSJDBM:FBS

-BTU)JTUPSJDBM:FBS

1BHFPG

Referenties

GERELATEERDE DOCUMENTEN

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

8F BUUSJCVUF B TUBCMF NPBU USFOE UP JWBVEBO BT UIF JOHSFEJFOUT JOEVTUSZ JT SFMBUJWFMZ TUBCMF BOE XF EPOhU

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

We view these early sales results as a good sign for our near-term thesis that Apple’s competitive position at the high end of the smartphone space remains as strong as ever and

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

0O B CSPBEFS OPUF UIF SFDFOUMZ JOUSPEVDFE ESVH QMBO

&WFO XJUIJO UIF SFMBUJWFMZ EFGFOTJWF DPOTVNFS TUBQMFT TQBDF 6OJMFWFSIBTEFMJWFSFETPNFPGUIFNPTUDPOTJTUFOU PSHBOJDHSPXUIPGJUTQFFSHSPVQJOSFDFOUZFBST5IFGJSNhT CSFBEUI PG QPSUGPMJP

8FCFMJFWFUIFNPBUUSFOEJTTUBCMF BTDPOUJOVFEFRVJQNFOU DPNQFUJUJPOJOIFBMUIDBSFEJBHOPTUJDTBOE-&%MJHIUJOHJT