• No results found

Morningstar: aandeel in de kijker is General Electric Company | Vlaamse Federatie van Beleggers

N/A
N/A
Protected

Academic year: 2022

Share "Morningstar: aandeel in de kijker is General Electric Company | Vlaamse Federatie van Beleggers"

Copied!
23
0
0

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

Hele tekst

(1).PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. (&3FQPSUT4PMJE1SPGJUBCJMJUZ(BJOTJO20O5SBDLUP"DIJFWF 5BSHFUT 4FF1BHFGPSUIFGVMM"OBMZTU/PUFGSPN0DU. *OWFTUNFOU5IFTJT. ,FJUI4DIPPONBLFS $'" %JSFDUPS LFJUITDIPPONBLFS!NPSOJOHTUBSDPN

(2)   . 0DU. (FOFSBM&MFDUSJDQPTJUJPOTJUTFMGUPCFBMFBEFSJOBMMNBSLFUTJO XIJDI JU DPNQFUFT "GUFS TIFEEJOH VOEFSQFSGPSNJOH CVTJOFTTFT EVSJOHUIFQBTUGFXZFBST UIFGJSNIBTFOFSHZJOGSBTUSVDUVSFTRVBSF JOJUTTJHIUT8FCFMJFWF(&XJMMFNFSHFBTBMFBEFSJOUIFQPXFS JOGSBTUSVDUVSFNBSLFU XIJDIXJMMCFUIFCBDLCPOFGPSUIFGJSNhT. 5IFQSJNBSZBOBMZTUDPWFSJOHUIJTDPNQBOZ EPFTOPUPXOJUTTUPDL. HSPXUI (&NBLFTJUTNBSLCZDPNCJOJOHCVTJOFTTFTXJUITUSPOHTZOFSHJFT. 3FTFBSDIBTPG0DU &TUJNBUFTBTPG0DU 1SJDJOHEBUBUISPVHI/PW 3BUJOHVQEBUFEBTPG/PW. BOEPQQPSUVOJUJFTGPSJOGPSNBUJPOTIBSJOHBDSPTTCVTJOFTTMJOFT "EE UP UIJT (&h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h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ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(3) 5PMJDFOTFUIFSFTFBSDI DBMM

(4) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(5) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. .PSOJOHTUBS"OBMZTJT (&3FQPSUT4PMJE1SPGJUBCJMJUZ(BJOTJO20O5SBDLUP. BJSDSBGUMFBTJOHBSNBOEUIFBWJBUJPOTFHNFOU. "DIJFWF5BSHFUT0DU. (FOFSBM&MFDUSJDhTUIJSERVBSUFSSFTVMUTSFGMFDUFEQSPHSFTTJO UIFDPNQBOZhTFGGPSUTUPTUSFBNMJOFDPTUTBOESFQPTJUJPOJUT QPSUGPMJP JO TVQQPSU PG DPSF JOEVTUSJBM CVTJOFTTFT 5IF JOEVTUSJBM TFHNFOU FYIJCJUFE  ZFBSPWFSZFBS PSHBOJD HSPXUI  DPOUSJCVUJOH OFBSMZ  CJMMJPO JO SFWFOVF JO UIF RVBSUFS 8IJMF UIJT SFQSFTFOUFE B TFRVFOUJBM EFDMJOF JO PSHBOJDTBMFTHSPXUI FNFSHJOHNBSLFUEJTUSJCVUFEQPXFS QSPKFDU EFMBZT XFSF MBSHFMZ UP CMBNF /FWFSUIFMFTT BTTVNJOH GPVSUIRVBSUFS QPXFS BOE XBUFS TIJQNFOUT SFNBJO SPCVTU  (& TIPVME TUJMM NFFU JUT  PSHBOJD HSPXUIHVJEBODFGPS 0QFSBUJOHNBSHJOTFYQBOEFECBTJTQPJOUTZFBSPWFSZFBS UP  JO UIF RVBSUFS  BT POHPJOH DPSQPSBUF DPTU SFEVDUJPOT MBSHFMZ PGGTFU UIF OFHBUJWF JNQBDU GSPN XFBLOFTT JO UIF QPXFS BOE XBUFS TFHNFOU 5IJT ZFBShT JOJUJBUJWFT UP TJNQMJGZ UIF TFMMJOH  HFOFSBM  BOE BENJOJTUSBUJWF DPTU TUSVDUVSF IBWF HFOFSBUFE OFBSMZ  CBTJTQPJOUTPGNBSHJOJNQSPWFNFOU XJUI(&POUSBDLUP EFMJWFS OFBSMZ  CJMMJPO TBWJOHT CZ UIF FOE PG  *O BEEJUJPO TFSWJDFNBSHJOJNQSPWFNFOUPGOFBSMZCBTJT QPJOUT ZFBS UP EBUF TVQQPSUT (&hT SBUJPOBMF UP JOWFTU JO BOBMZUJDT XIJDIXFCFMJFWFDBOESJWFMPOHUFSNQSPGJUBCJMJUZ BTTFSWJDFDBQBCJMJUJFTFYQBOE5IFRVBSUFShTSFTVMUTTVQQPSU PVSCFMJFGUIBU(&hTFGGPSUTUPTUSFOHUIFOJUTDPSFCVTJOFTT BSFXPSLJOH BOEXFSFJUFSBUFPVSøGBJSWBMVFFTUJNBUF 8JUI (&hT XJEF NPBU SFTUJOH TRVBSFMZ JO JUT JOEVTUSJBM CVTJOFTT  XFhSF QMFBTFE UP TFF UIBU SFDFOUMZ BOOPVODFE USBOTBDUJPOTTVQQPSUUIFGJSNhTMPOHUFSNHPBMPGJODSFBTJOH JUTJOEVTUSJBMFBSOJOHTDPOUSJCVUJPO*OPVSWJFX EJWFTUJOH BQQMJBODFTSFEVDFT(&hTFYQPTVSFUPBOPUPSJPVTMZDZDMJDBM DPOTVNFSESJWFO CVTJOFTT TFHNFOU 'VSUIFSNPSF  XIJMF TVQQPSUJOHUIFHSPXUIPGB(&$BQJUBMCVTJOFTTVOJUBQQFBST DPVOUFSQSPEVDUJWF  UIF .JMFTUPOF "WJBUJPO BDRVJTJUJPO JODSFBTFT (&$"4 FYQPTVSF UP (&QPXFSFE IFMJDPQUFST DSFBUJOHBEEJUJPOBMTZOFSHJFTCFUXFFO(&$BQJUBMhTFYJTUJOH. 7BMVBUJPO (SPXUIBOE1SPGJUBCJMJUZ+VM. 0VS GBJS WBMVF FTUJNBUF JT  QFS TIBSF 8F FYQFDU JOEVTUSJBMSFWFOVFUPJODSFBTFBOOVBMMZPWFSUIFOFYU GJWFZFBST MFECZSPCVTUHSPXUIJO(&hTBWJBUJPOCVTJOFTT BOEFOFSHZCVTJOFTT5IJTHSPXUIBTTVNQUJPOEPFTJODMVEF SFDFOUMZ BOOPVODFE BDRVJTJUJPOT TVQQPSUJOH UIF BWJBUJPO CVTJOFTT8FNPEFMBMPOHUFSNPQFSBUJOHNBSHJOPGOFBSMZ GPSUIFGJSN MJGUFECZCFUUFSTFSWJDFDPOUSBDUQFOFUSBUJPO JOUIFDPSFJOEVTUSJBMCVTJOFTTFT5IPVHIUIFDPNQBOZXJMM CFJOWFTUJOHGVSUIFSJO3%UIJTZFBSBOEUIFUVSCJOFBOE XJOEFOFSHZCVTJOFTTFTXJMMSFNBJOBESBHPOQSPGJUBCJMJUZ XFFYQFDUJNQSPWFESFTVMUTJOIFBMUIDBSF USBOTQPSUBUJPO BOE(&$BQJUBM XIJDIXFhSFNPEFMJOHTFQBSBUFMZGSPNUIF JOEVTUSJBMCVTJOFTTFT "MMJOBMM XFFYQFDUBNVMUJZFBSSVO PGEFDFOUHSPXUIGSPN(&hTNPTUMZMBUFDZDMFQPSUGPMJP8JUI TIBSF SFQVSDIBTFT MPPNJOH PO UIF IPSJ[PO  FBSOJOHT QFS TIBSFTIPVMETIPXTPNFEFDFOUHSPXUIPWFSUIFOFYUDPVQMF PGZFBST 4DFOBSJP"OBMZTJT. 0VS VQTJEF BOE EPXOTJEF TDFOBSJPT BSFOhU HPJOH UP WBSZ HSFBUMZGSPNUIFCBTFDBTFPOUIFJOEVTUSJBMTJEF HJWFO(&hT MPOHDZDMF CVTJOFTTFT BOE IJHI QSPQPSUJPO PG TFSWJDF SFWFOVFJOIFSFOUJOUIFNPEFM)PXFWFS XFDBOFOWJTJPOB TDFOBSJPXIFSFUIFDPNQBOZNBZCFXPSUIBTNVDIBT QFSTIBSFUPEBZ*OUIJTTDFOBSJP SFWFOVFXPVMEIBWFUP HSPXCZMPXEPVCMFEJHJUTGPSUIFOFYUGPVSZFBSTBOENBSHJOT XPVMEIBWFUPFYQBOEUPUIFIJHIUFFOT5IPVHIVOMJLFMZ UIJTJTQPTTJCMFBT(&IBTTJHOJGJDBOUMZVQHSBEFEJUTQPSUGPMJP PWFS UIF QBTU DPVQMF PG ZFBST CVU IBTOhU ZFU FOKPZFE UIF WPMVNF MFWFMT PG QSJPS ZFBST 0QFSBUJOH NBSHJOT JO UIF JOEVTUSJBMCVTJOFTTEJESFBDIUIJTMFWFMJOUIFFBSMZT CVUUIJTXBTBNJEBQPXFSCVCCMFUIBUQSPCBCMZQPXFSFE NBSHJOTQBTUXIBUXFXPVMEBTTVNFJTBUUBJOBCMFVOEFS DVSSFOU DPOEJUJPOT *O BEEJUJPO  B TUSPOHMZ FYQBOEJOH FDPOPNZJTMJLFMZUPQPXFS(&$4hFBSOJOHTQBTUUIFSPVHIMZ. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(6) 5PMJDFOTFUIFSFTFBSDI DBMM

(7) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(8) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. CJMMJPOXFBSFBTTVNJOHJTUIFOPSNBMJ[FEFBSOJOHQPXFS PGUIFVOJUJOPVSCBTFDBTFTFWFSBMZFBSTIFODF 0OUIFPUIFSIBOE JGUIFFDPOPNZMJNQTBMPOHGPSTFWFSBM ZFBSTBOE(&FOKPZTPOMZ(%1MJLFHSPXUIPSMFTT UIFTUPDL JTQSPCBCMZXPSUIMFTTUIBOQFSTIBSF*OUIJTTDFOBSJP XF FTUJNBUF UIF JOEVTUSJBM CVTJOFTT XPVME POMZ BUUBJO NBSHJOMFWFMTTJNJMBSUPUPEBZBOE(&$BQJUBMNBZBHBJOCF DPOTVNFE CZ OFU MPTTFT  JODSFBTJOH SFTFSWF MFWFMT  BOE QPTTJCMZNPSFDBQJUBMDPOUSJCVUJPOTGSPNUIFQBSFOU(JWFO UIFBNPVOUPGSFTUSVDUVSJOHEPOFBUUIFDPNQBOZMFWFMBOE PVS SFMBUJWFMZ VQCFBU PVUMPPL GPS JOEVTUSJBM BDUJWJUZ UISPVHIPVUUIFXPSME XFUIJOLUIFEPXOTJEFTDFOBSJPJT MFTTMJLFMZUIBOUIFPUIFSUXP &DPOPNJD.PBU. (FOFSBM&MFDUSJDhTXJEFFDPOPNJDNPBUTUFNTGSPNUISFF GBDUPST UIBU QSPWJEF B TPMJE GPVOEBUJPO GPS TVTUBJOBCMF QSPGJUBCJMJUZTUSPOHTFSWJDFTVQQPSUGPSJUTJOTUBMMFECBTF B TIJGUJOUIFQPSUGPMJPUPXBSENPSFNPBUXPSUIZBTTFUT BOE TUSPOHFDPOPNJFTPGTDPQFUIBUBSFWFSZEJGGJDVMUUPSFQMJDBUF RVJDLMZ. (&hTDPSFFOFSHZ IFBMUIDBSF BOEBWJBUJPOCVTJOFTTFTFBDI CFOFGJU IFBWJMZ GSPN UIF DPNQBOZhT JOUFOTF FGGPSU PO JODSFBTJOHTFSWJDFSFWFOVFGPSFWFSZQJFDFPGFRVJQNFOUUIBU JUTFMMT"MUIPVHIUIJTJTOPUIJOHOFX (&hTBQQSPBDIJTNPSF BHHSFTTJWFUIBOUIBUPGJOEVTUSZQFFST BOEJUTFYFDVUJPOJT JNQSFTTJWF*OUIFDBTFPGHBTUVSCJOFT FBDIVOJUIBTBTFU TFSWJDF SPVUJOF UIBU JT FNCFEEFE JO UIF FOHJOFFSJOH TQFDJGJDBUJPOT*GBDVTUPNFSDIPPTFTUPJHOPSFUIFTFSWJDF TDIFEVMF SFQBJSJOHBOZNBMGVODUJPOEPXOUIFSPBEJTBUUIF CVZFShTFYQFOTF%PXOUJNFBOEVOFYQFDUFENBJOUFOBODF FYQFOTFT SFTVMU GSPN OPU VTJOH (&hT TFSWJDF QMBO  BOE DVTUPNFSTUZQJDBMMZQSFGFSUPBWPJETVDIDPOTFRVFODFT5IF TFSWJDFDPNQPOFOUJTBCJHEFBMCFDBVTFDPOUSBDUTMBTUB MPOHUJNF NPSFUIBOBEFDBEFGPSFOFSHZFRVJQNFOUBOE GJWF ZFBST GPS IFBMUIDBSF FRVJQNFOU  BOE UZQJDBMMZ CPBTU PQFSBUJOHNBSHJOTJOFYDFTTPG XIFSFBTFRVJQNFOU TBMFT QSPEVDF PQFSBUJOH NBSHJOT MPXFS UIBO  )JHI NBSHJOTPOUIFTFSWJDFTJEFPGBEFBMHJWF(&GMFYJCJMJUZPO FRVJQNFOUQSJDJOH (& $BQJUBM PODF XBT POF PG UIF NPBU QJMMBST GPS (& *UT WBMVBCMF"""DSFEJUSBUJOHHBWFJUBMPXFSDPTUPGCPSSPXJOH QSPEVDJOH IJHIFS OFU JOUFSFTU NBSHJOT PO JUT CPPL PG CVTJOFTT 5IF DSFEJU SBUJOH XBT MPXFSFE JO TQSJOH  XJQJOHBXBZUIBUCFOFGJU8FEPOhUUIJOL(&$BQJUBMJTB XJEFNPBU CVTJOFTT  CVU BTQFDUT PG JU TUSFOHUIFO (&hT JOEVTUSJBMNPBUT(&$BQJUBMDBOIFMQGJOBODFQVSDIBTFTPG (&hTKFUFOHJOFT NFEJDBMTDBOOFST BOEQPXFSFRVJQNFOU XIJDI XF UIJOL IFMQT (& DBQUVSF BEEJUJPOBM TBMFT PQQPSUVOJUJFT(&$BQJUBMhTFYQBOTJPOJOUPEJGGFSFOUUZQFTPG MPBOTFYQPTFEJUUPVOOFDFTTBSZSJTLT XIJDIXFUIJOLJUIBE OPGVOEBNFOUBMBEWBOUBHFJOVOEFSXSJUJOH5IFGJOBODJBM DSJTJTGPSDFEUIFDPNQBOZUPSFUIJOLBOEDVUUIFCBOLEPXO UPJUTCBSFFTTFOUJBMT"MUIPVHIUIJTXJMMMPXFSUIFCBOLhT NBSHJODPOUSJCVUJPOEPXOUIFSPBE XFCFMJFWFUIJTQBSJOH NPSFDMPTFMZMJOLT(&$4UP(&hTPUIFSCVTJOFTTFT BOEUIJT JTQPTJUJWF JOPVSPQJOJPO 6OMJLF PUIFS EJWFSTJGJFE NBOVGBDUVSFST UIBU IBWF GFX. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(9) 5PMJDFOTFUIFSFTFBSDI DBMM

(10) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(11) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. TZOFSHJFTBNPOHCVTJOFTTVOJUT (&hTCVTJOFTTFTTVQQPSU POF BOPUIFS  MPXFSJOH PQFSBUJOH DPTUT DPNQBSFE XJUI PQFSBUJOHBTTUBOEBMPOFFOUJUJFT5IJTJTOPUBCMFJOSFTFBSDI BOEEFWFMPQNFOU/FXJOGPSNBUJPOMFBSOFEXIFOUSZJOHUP SFEVDFUIFXFJHIUPGBKFUFOHJOFGBOCMBEFDBORVJDLMZCF BQQMJFEUPBHBTUVSCJOFFOHJOF4QSFBEJOH3%DPTUTBDSPTT BMBSHFSCBTFPGJOUFSFTUFEQBSUJFTNFBOTUIBU(&DBOQVSTVF QSPKFDUTUIBUNBZCFVOQSPGJUBCMFGPSQVSFQMBZGJSNT5IFTF FDPOPNJFT PG TDPQF FYUFOE UISPVHIPVU UIF PSHBOJ[BUJPO GSPN MFBEFSTIJQ EFWFMPQNFOU UP OFX NBSLFU FYQBOTJPO &WFOUIPVHIUIFTFTPGUFSGBDUPSTBSFUPVHIUPRVBOUJGZ XF UIJOLSFQMJDBUJOHUIFTFBEWBOUBHFTJTTVGGJDJFOUMZEJGGJDVMU BOE UIJT HJWFT VT DPOGJEFODF UIBU (& IBT BO BCJMJUZ UP HFOFSBUFTVTUBJOBCMFFDPOPNJDQSPGJUT .PBU5SFOE. (FOFSBM&MFDUSJDhTDPSFJOEVTUSJBMGSBODIJTFTHJWFUIFGJSNJUT XJEF FDPOPNJD NPBU BOE B TUBCMF NPBU USFOE 5IJT XJEFNPBU TUBOEJOH JT CBTFE PO TUJDLZ  IJHINBSHJO DVTUPNFS SFMBUJPOTIJQT JO BFSPTQBDF BOE FOFSHZ JOGSBTUSVDUVSF  QSPUFDUFE CZ MPOHUFSN DPOUSBDUT BOE UIF MBSHFDBQJUBMJOWFTUNFOUTOFDFTTBSZUPTVDDFFE8JUIJOJUT IFBMUIDBSFTFHNFOU (&JTBCMFUPCMPDLPVUPUIFSJNBHJOH BOEEJBHOPTUJDDPNQBOJFTCZEFWFMPQJOHSFMBUJPOTIJQTXJUI IPTQJUBMT UIBU BHSFF UP VTF (& FRVJQNFOU FYDMVTJWFMZ JO SFUVSOGPSQSJDJOHEJTDPVOUTPOFRVJQNFOU(&h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hUUIJOLJUTBQQMJBODFPQFSBUJPOT QPTTFTTUIFJNQFOFUSBCMFDPNQFUJUJWFBEWBOUBHFTUIBUBSF OFDFTTBSZUPFBSOFYDFTTSFUVSOTJOUIFJSSFTQFDUJWFNBSLFUT EVSJOHBOFYUFOEFEQFSJPE CVUTIPVMECFBTPMJETPVSDFPG DBTIGPSPUIFSBWFOVFTPGHSPXUI %FTQJUFFYQPTVSFUPTPNFMFTTNPBUXPSUIZCVTJOFTTFTUIBO UIFDPSFJOEVTUSJBMPQFSBUJPOT UIFTVNPGBMM(&hTCVTJOFTTFT TUJMMFRVBUFTUPBXJEFNPBU8FUIJOLSFUVSOTXJMMSFNBJO XFMMBCPWFJUTDPTUPGDBQJUBM BOENBOBHFBCMFDPNQFUJUJWF UISFBUTBJEPVSTUBCMFNPBUUSFOEBTTFTTNFOU. "MUIPVHIUIFJOEVTUSJBMPQFSBUJPOTIBWFFTUBCMJTIFEBXJEF NPBUGPS(& JUTOBSSPXUPOPNPBUGJOBODFCVTJOFTTSJTLT EJMVUJOH UIF DPNQBOZhT PUIFSXJTF VOZJFMEJOH DPNQFUJUJWF TUSPOHIPME 8JUI B PODFTUFMMBS """ DSFEJU SBUJOH  UIF GJOBODJBMTFSWJDFTHSPVQXBTBCMFPWFSDPNFUIFOBUVSBMDPTU PG GVOEJOH BEWBOUBHF UIBU EFQPTJUIPMEJOH CBOLT IBWF )PXFWFS UIFMPTTPG(&hT"""SBUJOHJODSFBTFTUIFGJSNhT DPTUPGGVOEJOHBOEEJNJOJTIFTJUTBCJMJUZUPFBSOTVTUBJOBCMF ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(12) 5PMJDFOTFUIFSFTFBSDI DBMM

(13) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(14) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. #VMMT4BZ#FBST4BZ #VMMT4BZ. #FBST4BZ. 8JUIUIFQSPCMFNTDSFBUFECZ(&$BQJUBMGVSUIFSJOUIF SFBSWJFXNJSSPS (&OPXIBTUJNFUPGPDVTFGGPSUTPO CVJMEJOHJUTXJEFNPBUJOEVTUSJBMCVTJOFTTFT. &GGJDJFOUNBOVGBDUVSJOHQSPHSBNTMJLF4JY4JHNBBOE MFBONBOVGBDUVSJOHIBWFCFFOBSPVOEMPOHFOPVHIGPS PUIFSGJSNTUPTVDDFTTGVMMZJNQMFNFOUBOEDBUDIVQUP (& SFEVDJOHUIFTUSFOHUIPG(&hTDPTUBEWBOUBHF. 5IF EJTQPTJUJPO PG UIF SFNBJOJOH TUBLF JO $PNDBTU CPPTUT (&hT DBTI QPTJUJPO BOE BMMPXT UIF JOGSBTUSVDUVSFCVTJOFTTFTUPSFDFJWFNPSFDBQJUBMBOE NBOBHFNFOUBUUFOUJPO. (&hT HMPCBM QSFTFODF BMMPXT BDDFTT UP NPSF JOGPSNBUJPOBCPVUUIFEJSFDUJPOPGFDPOPNJDBDUJWJUZ UIBOPUIFSGJSNT HJWJOHUIFDPNQBOZBOBEWBOUBHFJO HFUUJOHJUTGFFUPOUIFHSPVOEJOFNFSHJOHFDPOPNJFT. (&hT FBSOJOHT NBZ CFDPNF NPSF DZDMJDBM XJUI UIF EFQBSUVSFPG/#$6OJWFSTBM UIFTISJOLJOHXFJHIUPG MJHIUJOHBOEBQQMJBODFT BOEUIFEFQBSUVSFPGSFUBJM GJOBODFGSPNUIFQPSUGPMJP5IFNBSLFUUZQJDBMMZQMBDFT BQSFNJVNPONPSFTUBCMFFBSOJOHTCBTFT. "DRVJSJOH"MTUPNSFRVJSFE(&UPDPNNJUUPCVJMEJOH &VSPQFBO NBOVGBDUVSJOH DBQBDJUZ  XIJDI NBZ CF EJGGJDVMUUPQBSFHPJOHGPSXBSE. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(15) 5PMJDFOTFUIFSFTFBSDI DBMM

(16) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(17) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. $SFEJU"OBMZTJT 'JWF:FBS"EKVTUFE$BTI'MPX'PSFDBTU 64%.JM. 'JOBODJBM)FBMUI$BQJUBM4USVDUVSF  &.  &.  &.  &.  &. $BTIBOE&RVJWBMFOUT CFHJOOJOHPGQFSJPE. "EKVTUFE"WBJMBCMF$BTI'MPX 5PUBM$BTI"WBJMBCMFCFGPSF%FCU4FSWJDF.                            . 1SJODJQBM1BZNFOUT *OUFSFTU1BZNFOUT 0UIFS$BTI0CMJHBUJPOTBOE$PNNJUNFOUT 5PUBM$BTI0CMJHBUJPOTBOE$PNNJUNFOUT.        . ‰      .        . ‰      . ‰      . $VNVMBUJWF"OOVBM$BTI'MPX$VTIJPO $BTI'MPX$VTIJPO 1PTTJCMF-JRVJEJUZ/FFE. &OUFSQSJTF3JTL. "EKVTUFE$BTI'MPX4VNNBSZ PG 64%.JMMJPOT $PNNJUNFOUT. #FHJOOJOH$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.      .   . ‰ ‰. ‰ ‰.    .  ‰. $SFEJU3BUJOH1JMMBST1FFS(SPVQ$PNQBSJTPO #VTJOFTT3JTL $BTI'MPX$VTIJPO 4PMWFODZ4DPSF %JTUBODFUP%FGBVMU $SFEJU3BUJOH 4PVSDF.PSOJOHTUBS&TUJNBUFT /PUF4DPSJOHJTPOBTDBMF CFJOH#FTU CFJOH8PSTU. (&hTJOEVTUSJBMBSNVTFTNPEFSBUFEFCU XJUI5%&#*5%" MFWFSBHFPGUJNFTBTPG+VOF5IFJOEVTUSJBMBSNh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

(18).     ###

(19). 8FBTTJHOBNFEJVNVODFSUBJOUZSBUJOHUP(FOFSBM&MFDUSJD BTDZDMJDBMFBSOJOHTWPMBUJMJUZJTNJUJHBUFECZEJWFSTFQSPEVDU BOEHFPHSBQIJDBMFOENBSLFUT(&hTJOEVTUSJBMCVTJOFTTFT BSFTVTDFQUJCMFUPFDPOPNJDEPXOUVSOTBOEBSFQBSUJDVMBSMZ TFOTJUJWF UP DIBOHFT JO JOGSBTUSVDUVSF TQFOEJOH 5IF IFBMUIDBSFCVTJOFTTJTTFOTJUJWFUPDIBOHFTJOHPWFSONFOU IFBMUIDBSF SFJNCVSTFNFOU SBUFT (& $BQJUBM 4FSWJDFT PSJHJOBUFTBOEVOEFSXSJUFTMPBOTGPSJUTPXOQPSUGPMJP BT PQQPTFE UP TFDVSJUJ[JOH UIFTF MPBOT JO UIF PQFO NBSLFU SFEVDJOHQPUFOUJBMFYQPTVSFUPMJRVJEJUZSJTL*UJT IPXFWFS FYQPTFEUPUIFDSFEJUXPSUIJOFTTPGJUTDPVOUFSQBSUJFT BOE NBZFYQFSJFODFTUFFQFSXSJUFEPXOTBTEFMJORVFODJFTSJTF 5IF GJSNhT DSFEJU SBUJOH HJWFT JU BDDFTT UP MPXFSDPTU GJOBODJOH  BOE MPTJOH JU DPVME IVSU QSPGJUBCJMJUZ BOE NBLF HSPXUINPSFEJGGJDVMUUPBDIJFWF5IFDPNQBOZTMPOHUFSN HSPXUI QSPGJMF DMPTFMZ MJOLFE UP HMPCBM (%1 HSPXUI  PVS EJTDPVOUFEDBTIGMPXBOBMZTJTJTBMTPTFOTJUJWFUPDIBOHFT JO(&TPQFSBUJOHNBSHJOT. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(20) 5PMJDFOTFUIFSFTFBSDI DBMM

(21) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(22) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. .BOBHFNFOU0XOFSTIJQ .BOBHFNFOU .BOBHFNFOU"DUJWJUZ. /BNF. 1PTJUJPO. 4IBSFT)FME. 3FQPSU%BUF. +&''3&:3*..&-5. $&0$IBJSNBOPGUIF#PBSE %JSFDUPS %JSFDUPS 7JDF$IBJSNBO $&0 %JWJTJPOBM1SFTJEFOU %JWJTJPOBM7JDF$IBJSNBO (FOFSBM$PVOTFM4FOJPS71 4FDSFUBSZ 4FOJPS714FOJPS71 4VCTJEJBSZ 5SFBTVSFS5SFBTVSFS 4VCTJEJBSZ 7JDF$IBJSNBO %JWJTJPOBM.   . .BS. ‰.     . 4FQ %FD. ‰ ‰.  . 4FQ. ‰.  . 4FQ. ‰.  . 0DU. ‰. .*$)"&-"/&"+0)/(3*$& #3"$,&55# %&//*450/ *** ,"5)3:/"$"44*%: .3%"/*&-$ )&*/5;&-."/. *OTJEFS"DUJWJUZ. 3FQSFTFOUTUIFEBUFPOXIJDIUIFPXOFSTOBNF QPTJUJPO BOEDPNNPOTIBSFTIFMEXFSFSFQPSUFECZUIFIPMEFSPSJTTVFS. 'VOE0XOFSTIJQ 5PQ0XOFST. 7BOHVBSE5PUBM4UPDL.LU*EY 41%3¥41&5' 7BOHVBSE'JWF)VOESFE*OEFY'VOE 7BOHVBSE*OTUJUVUJPOBM*OEFY'VOE 7"$PMMFHF"NFSJDB*ODPNF'VOEPG"NFSJDB. PG4IBSFT )FME. PG'VOE "TTFUT. $IBOHF L. 1PSUGPMJP%BUF.     .     .        . 0DU /PW 0DU 0DU 4FQ. ‰ ‰ ‰ ‰ ‰.     .     . +VO +VO +VO +VO +VO. PG4IBSFT )FME. PG'VOE "TTFUT. 4IBSFT #PVHIU 4PME L. .BS. (&JTLOPXOGPSUIFTUSFOHUIBOEEFQUIPGJUTNBOBHFNFOU UFBN  XIJDI IBT B MPOH IJTUPSZ PG DSFBUJOH WBMVF GPS TIBSFIPMEFST "T UFTUBNFOU UP JUT EFQUI  TFWFSBM GPSNFS FYFDVUJWFTIBWFHPOFPOUPMFBEPUIFSMBSHFDPNQBOJFT$&0 +FGG*NNFMUUPPLUIFSFJOTGSPNUIFMFHFOEBSZ+BDL8FMDI KVTU EBZT CFGPSF   BOE IJT UFOVSF UP EBUF IBT CFFO DIBSBDUFSJ[FE CZ B TUSPOHFS CBMBODF TIFFU  TJHOJGJDBOU BDRVJTJUJPO TQFOEJOH  BOE UIF EJWFTUJUVSF PG NPTU PG UIF GJSNhT JOTVSBODF BOE QMBTUJDT CVTJOFTTFT *NNFMUhT NBOBHFNFOUTUZMFJTNPSFDPMMBCPSBUJWFBOEMFTTUSBOTJFOU UIBOIJTQSFEFDFTTPShT*UBMTPLFFQTNBOBHFSTJOKPCTMPOHFS UPUBLFBEWBOUBHFPGUIFJSFYQFSUJTF0WFSBMM XFhSFTBUJTGJFE XJUI(&hTDPSQPSBUFHPWFSOBODFQSBDUJDFTCVUXPVMEQSFGFS UPTFF*NNFMUhTWBSJBCMFDPNQFOTBUJPONPSFDMPTFMZMJOLFE UPSFUVSOPOJOWFTUFEDBQJUBM BTUIBUNFUSJDQSPWJEFTBCFUUFS QSPYZGPSDPSQPSBUFTUFXBSETIJQUIBOPQFSBUJOHDBTIGMPX 0VSGBWPSBCMFWJFXPGUIFDPNQBOZhTTUFXBSETIJQIBTCFFO UFNQFSFECZUIFGJOBODJBMDSJTJTBOEUIFDPNQBOZh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ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(23) 5PMJDFOTFUIFSFTFBSDI DBMM

(24) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(25) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. "OBMZTU/PUFT (&$"4 "EET UP "JSDSBGU -FBTJOH 1PSUGPMJP 8JUI # "DRVJTJUJPOPG.JMFTUPOF"WJBUJPO(SPVQ0DU. (& $BQJUBM "WJBUJPO 4FSWJDFT BOOPVODFE PO 0DU  JUT JOUFOUJPOUPBDRVJSF%VCMJOCBTFE.JMFTUPOF"WJBUJPO(SPVQ GPSCJMMJPO.JMFTUPOFCSJOHTIFMJDPQUFSTUP(&$"4h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ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(26) 5PMJDFOTFUIFSFTFBSDI DBMM

(27) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(28) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. "OBMZTU/PUFT JOGSBTUSVDUVSF5IFEFBMJTFYQFDUFEUPDMPTFJONJE #PUIUIF"MTUPNBOE4ZODISPOZUSBOTBDUJPOTBSFDPOTJTUFOU XJUI(&TMPOHFSUFSNTUSBUFHZPGJODSFBTJOHUIFFYQPTVSF UP JOEVTUSJBM CVTJOFTTFT JO UIF PWFSBMM FBSOJOHT NJY 5IF DPNQBOZJTOPXUBSHFUJOHPGFBSOJOHTGSPNJOEVTUSJBMT CZ BTUBSLDPOUSBTUUPUIFQSFSFDFTTJPOFBSOJOHTNJY. 4ZODISPOZ 'JOBODJBMhT *10 0GGFST 6QTJEF UP *OJUJBM 1SJDJOH+VM. 8JUINPTUSFUBJMGPDVTFEGJOBODJBMJOTUJUVUJPOTIBWJOHGVMMZ SFCPVOEFE GSPN UIF  GJOBODJBM DSJTJT  (FOFSBM &MFDUSJDøIBT EFDJEFE UP TQJO PGG JUT DPOTVNFS DSFEJU PQFSBUJPOT 4ZODISPOZ'JOBODJBMø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ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(29) 5PMJDFOTFUIFSFTFBSDI DBMM

(30) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(31) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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hT 0SEFS #PPL (BJOT 4UFBN BT &OE .BSLFUT *NQSPWF+VM. "MTUPNQSPWJEFEJUTGJSTUGJTDBMRVBSUFSVQEBUFBOE XIJMFBO BHSFFNFOUIBTCFFOGJOBMMZSFBDIFEUIBUTBUJTGJFE"MTUPN (&  BOE 'SBODF  UIF DPNQBOZT PSEFS CPPL IBT TUFBEJMZ TPMJEJGJFE$POTPMJEBUFEPSEFSTJODSFBTFEWFSTVTUIF QSJPSZFBS XJUIUIF4PVUI"GSJDBOSBJMQSPKFDUMFBEJOHUIF XBZ*OBEEJUJPO HSJEPSEFSTXFSFVQBOESFOFXBCMF FOFSHZPSEFSTXFSFVQPWFSWFSTVTUIFQSJPSZFBS "T XF QSFWJPVTMZ TVSNJTFE  "MTUPNT GJOBODJBM DPODFSOT XFSF MBSHFMZ B NBUUFS PG UJNJOH BT UIF DPSF CVTJOFTT DPOUJOVFT UP QBWF UIF SPBE GPS GVUVSF HSPXUI 8IJMF UIF DVSSFOUSFWFOVFEFDMJOFPGJTEJTDPODFSUJOH NPNFOUVN JTJNQSPWJOHGPS"MTUPNBOEJUTFOENBSLFUT XIJDITIPVME CPEFXFMMGPSFBSOJOHTJOUIFNFEJVNUFSN. "MTUPNBOE'SFODI(PWFSONFOU#BDL(&hT#JEGPS1PXFS BOE(SJE"TTFUT+VO. "GUFSBOPUIFSSPVOEPGCJEEJOHCZTVJUPST "MTUPNhTCPBSE BOEQFSIBQTNPSFJNQPSUBOUUIF'SFODIHPWFSONFOUIBWF CBDLFE(FOFSBM&MFDUSJDhTCJEUPBDRVJSF"MTUPNhTQPXFSBOE. HSJECVTJOFTTGPS&63CJMMJPO5IFEFBMEPFTOPUDIBOHF PVSXJEFNPBUSBUJOHGPS(FOFSBM&MFDUSJDPSPVSOPNPBU SBUJOH GPS "MTUPN (&hT QSFWJPVT BHSFFEVQPO CJE XBT OFVUSBMJ[FECZUIF'SFODIHPWFSONFOU XIJDIFSFDUFESVMFT UPHJWFJUQPXFSUPSFKFDUBOZBDRVJTJUJPOUIBUJUEFUFSNJOFE XBT OPU JO UIF CFTU JOUFSFTU PG 'SBODF 5IJT SFKFDUJPO QSPNQUFECJETGSPNB4JFNFOT.JUTVCJTIJQBSUOFSTIJQBOE BCFUUFSPGGFSGSPN(&0ODFUIFEFBMDMPTFT "MTUPNXJMM SFDFJWF&63CJMMJPOPGDBTIGSPN(&BTXFMMBTUISFF KPJOUWFOUVSFJOUFSFTUTJOOVDMFBSFOFSHZ SFOFXBCMFFOFSHZ BOE HSJE "EEJUJPOBMMZ  "MTUPN JT QVSDIBTJOH (&hT SBJM TXJUDIJOHCVTJOFTT XIJDIHFOFSBUFESPVHIMZNJMMJPO JOTBMFTJO 'PS(& UIJTEFBMIFMQTQVTIUIFDPNQBOZUPJUTUBSHFUFEHPBM PG JODSFBTJOH FYQPTVSF UP JOEVTUSJBM FOE NBSLFUT *O PVS PQJOJPO UIJTBMTPIBTUIFQPUFOUJBMUPFOIBODF(&hTBMSFBEZ XJEF NPBU CZ BMMPXJOH UIF DPNQBOZhT TUSPOH TFSWJDF PSHBOJ[BUJPOUPUBLFBEWBOUBHFPG"MTUPNhTMBSHFJOTUBMMFE CBTF#FUXFFOUIJTEFBMBOEUIFDPNQBOZhTTQJOPGGPGUIF /PSUI "NFSJDBO SFUBJM GJOBODF CVTJOFTT  4ZODISPOZ  (&hT FBSOJOHTNJYTIPVMENFBOJOHGVMMZGBWPSJOEVTUSJBMTCZZFBS FOE8FNBJOUBJOPVSGBJSWBMVFFTUJNBUFTGPS(FOFSBM &MFDUSJDBOE"MTUPN. #PVZHVFT(JWFT'SFODI(PWFSONFOU0QUJPOUP#VZ PG"MTUPNUP)FMQ%FBM8JUI(&+VO. 0WFSUIFXFFLFOE "MTUPNBOOPVODFEJUXPVMESFDPNNFOE (FOFSBM &MFDUSJDhT VQEBUFE QSPQPTBM  JO XIJDI (& XJMM BDRVJSF "MTUPNhT UIFSNBM QPXFS  SFOFXBCMF  BOE HSJE TFDUPSTGPSBGJYFEQSJDFSFQSFTFOUJOHBOFRVJUZWBMVFPG&63 CJMMJPO CJMMJPO BOEBOFOUFSQSJTFWBMVFPG&63  CJMMJPO "EEJUJPOBMMZ  UIF UXP GJSNT XJMM GPSN KPJOU WFOUVSFTJOHSJEBOESFOFXBCMFQPXFS5IFKPJOUWFOUVSFT XJMMDPOTJTUPGBPXOFSTIJQPGUIFDPNCJOFE"MTUPN (SJE BOE (& %JHJUBM &OFSHZ 5IFSF XJMM BMTP CF B  PXOFSTIJQPG"MTUPNhTPGGTIPSFXJOEBOEIZESPCVTJOFTTFT. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(32) 5PMJDFOTFUIFSFTFBSDI DBMM

(33) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(34) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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hPXOFSTIJQTUBLFJO "MTUPN UP CFMPX  8IJMF "MTUPN  QBSUJDVMBSMZ JO TJHOBMJOH BOE#PVZHVFT QBSUJDVMBSMZUISPVHI$PMBT IBWF XPSLFEUPHFUIFSPOTPNFQSPKFDUT XFEPOhUUIJOL#PVZHVFTh SFEVDFE PXOFSTIJQ TUBLF JO "MTUPN XPVME BGGFDU UIF SFMBUJPOTIJQ &WFO #PVZHVFTh PXOFE DPOTUSVDUJPO CVTJOFTTFTEPOhUBMXBZTQBSUOFSXJUIBTJTUFSDPNQBOZ8F FYQFDUUIFUXPGJSNTXJMMDPOUJOVFUPXPSLXJUIFBDIPUIFS XIFOJUNBLFTFDPOPNJDTFOTFGPSCPUI8JUIOPBTTVSBODF UIBUUIF'SFODITUBUFXJMMBDUVBMMZFYFSDJTFJUTPQUJPOT XF BSFNBJOUBJOJOHPVSGBJSWBMVFFTUJNBUFBOENPBUSBUJOHGPS #PVZHVFT8FBSFSFWJFXJOHPVSGBJSWBMVFFTUJNBUFTGPS(& BOE"MTUPN. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(35) 5PMJDFOTFUIFSFTFBSDI DBMM

(36) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(37) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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‰     . ‰     . ,FZ7BMVBUJPO%SJWFST $PTUPG&RVJUZ 1SF5BY$PTUPG%FCU 8FJHIUFE"WFSBHF$PTUPG$BQJUBM -POH3VO5BY3BUF 4UBHF**&#*(SPXUI3BUF 4UBHF***OWFTUNFOU3BUF 1FSQFUVJUZ:FBS.       . "EEJUJPOBMFTUJNBUFTBOETDFOBSJPTBWBJMBCMFGPSEPXOMPBEBUIUUQTFMFDUNPSOJOHTUBSDPN. 64%.JM. 'JSN7BMVF . 1FS4IBSF 7BMVF. 1SFTFOU7BMVF4UBHF* 1SFTFOU7BMVF4UBHF** 1SFTFOU7BMVF4UBHF***.      .   .   . 5PUBM'JSN7BMVF.  . . . $BTIBOE&RVJWBMFOUT %FCU 1SFGFSSFE4UPDL 0UIFS"EKVTUNFOUT.     ‰  . ‰ ‰ ‰ ‰.   ‰ . &RVJUZ7BMVF.  . ‰. . 1SPKFDUFE%JMVUFE4IBSFT 'BJS7BMVFQFS4IBSF 64%.   ‰. 5IFEBUBJOUIFUBCMFBCPWFSFQSFTFOUCBTFDBTFGPSFDBTUTJOUIFDPNQBOZTSFQPSUJOH DVSSFODZBTPGUIFCFHJOOJOHPGUIFDVSSFOUZFBS0VSGBJSWBMVFFTUJNBUFNBZEJGGFSGSPNUIF FRVJUZWBMVFQFSTIBSFTIPXOBCPWFEVFUPPVSUJNFWBMVFPGNPOFZBEKVTUNFOUBOEJODBTFT XIFSFQSPCBCJMJUZXFJHIUFETDFOBSJPBOBMZTJTJTQFSGPSNFE . ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w 6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU ZPVNBZVTFUIJTSFQPSUPOMZJOUIFDPVOUSZJOXIJDIJUTPSJHJOBMEJTUSJCVUPSJTCBTFE5IFJOGPSNBUJPO EBUB BOBMZTFTBOEPQJOJPOTQSFTFOUFEIFSFJOEPOPUDPOTUJUVUFJOWFTUNFOUBEWJDFBSFQSPWJEFETPMFMZ GPSJOGPSNBUJPOBMQVSQPTFTBOEUIFSFGPSFBSFOPUBOPGGFSUPCVZPSTFMMBTFDVSJUZBOEBSFOPUXBSSBOUFEUPCFDPSSFDU DPNQMFUFPSBDDVSBUF5IFPQJOJPOTFYQSFTTFEBSFBTPGUIFEBUFXSJUUFOBOEBSFTVCKFDUUPDIBOHFXJUIPVUOPUJDF&YDFQUBTPUIFSXJTFSFRVJSFECZ MBX .PSOJOHTUBSTIBMMOPUCFSFTQPOTJCMFGPSBOZUSBEJOHEFDJTJPOT EBNBHFTPSPUIFSMPTTFTSFTVMUJOHGSPN PSSFMBUFEUP UIFJOGPSNBUJPO EBUB BOBMZTFTPSPQJOJPOTPSUIFJSVTF5IFJOGPSNBUJPODPOUBJOFEIFSFJOJTUIFQSPQSJFUBSZQSPQFSUZPG.PSOJOHTUBSBOENBZOPU CFSFQSPEVDFE JOXIPMFPSJOQBSU PSVTFEJOBOZNBOOFS XJUIPVUUIFQSJPSXSJUUFODPOTFOUPG.PSOJOHTUBS5PPSEFSSFQSJOUT DBMM

(38) 5PMJDFOTFUIFSFTFBSDI DBMM

(39) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(40) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. .PSOJOHTUBS"OBMZTU'PSFDBTUT *ODPNF4UBUFNFOU 64%.JM. 'JTDBM:FBS&OETJO%FDFNCFS. 'PSFDBTU . . . . .  .  .  .  .  . $PTUPG(PPET4PME (SPTT1SPGJU.    .    .    .    .    . 4FMMJOH (FOFSBM"ENJOJTUSBUJWF&YQFOTFT 3FTFBSDI%FWFMPQNFOU 0UIFS0QFSBUJOH&YQFOTF *ODPNF. %FQSFDJBUJPO"NPSUJ[BUJPO JGSFQPSUFETFQBSBUFMZ. 0QFSBUJOH*ODPNF FYDIBSHFT.     ‰ ‰  .       ‰  .       ‰  .       ‰  .       ‰  . 3FTUSVDUVSJOH0UIFS$BTI$IBSHFT *NQBJSNFOU$IBSHFT JGSFQPSUFETFQBSBUFMZ. 0UIFS/PO$BTI *ODPNF $IBSHFT 0QFSBUJOH*ODPNF JODMDIBSHFT. ‰ ‰ ‰  . ‰ ‰ ‰  . ‰ ‰ ‰  . ‰ ‰ ‰  . ‰ ‰ ‰  . *OUFSFTU&YQFOTF *OUFSFTU*ODPNF 1SF5BY*ODPNF.   ‰  .   ‰  .   ‰  .   ‰  .   ‰  .  .  .  .  .  . 0UIFS"GUFS5BY$BTI(BJOT -PTTFT. 0UIFS"GUFS5BY/PO$BTI(BJOT -PTTFT. .JOPSJUZ*OUFSFTU. 1SFGFSSFE%JWJEFOET. /FU*ODPNF. ‰       . ‰    ‰  . ‰    ‰  .   ‰ ‰ ‰  .   ‰ ‰ ‰  . 8FJHIUFE"WFSBHF%JMVUFE4IBSFT0VUTUBOEJOH %JMVUFE&BSOJOHT1FS4IBSF.   .   .   .   .   . "EKVTUFE/FU*ODPNF %JMVUFE&BSOJOHT1FS4IBSF "EKVTUFE.   .   .   .   .   . . . . . .    .    .    .    .    . 3FWFOVF. *ODPNF5BY&YQFOTF. %JWJEFOET1FS$PNNPO4IBSF &#*5%" "EKVTUFE&#*5%". ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(41) 5PMJDFOTFUIFSFTFBSDI DBMM

(42) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(43) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. .PSOJOHTUBS"OBMZTU'PSFDBTUT #BMBODF4IFFU  64%.JM. 'JTDBM:FBS&OETJO%FDFNCFS. 'PSFDBTU. . . . .   ‰     ‰   .   ‰     ‰   .        ‰ ‰  .        ‰ ‰  .        ‰ ‰  .              .              .              .              .              .     ‰    .     ‰    .     ‰    .     ‰    .     ‰    . -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.    .   .   .   .   . $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 $VSSFOU-JBCJMJUJFT. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(44) 5PMJDFOTFUIFSFTFBSDI DBMM

(45) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. . 1BHFPG.

(46) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. .PSOJOHTUBS"OBMZTU'PSFDBTUT $BTI'MPX  64%.JM. 'PSFDBTU. 'JTDBM:FBS&OETJO%FDFNCFS . . . . . /FU*ODPNF.  .  .  .  .  . %FQSFDJBUJPO "NPSUJ[BUJPO 4UPDL#BTFE$PNQFOTBUJPO *NQBJSNFOUPG(PPEXJMM *NQBJSNFOUPG0UIFS*OUBOHJCMFT %FGFSSFE5BYFT 0UIFS/PO$BTI"EKVTUNFOUT.    ‰ ‰ ‰   .    ‰ ‰ ‰  .    ‰ ‰ ‰   .    ‰ ‰ ‰  ‰.    ‰ ‰ ‰  ‰. *ODSFBTF %FDSFBTFJO"DDPVOUT3FDFJWBCMF *ODSFBTF %FDSFBTFJO*OWFOUPSZ $IBOHFJO0UIFS4IPSU5FSN"TTFUT *ODSFBTF %FDSFBTF JO"DDPVOUT1BZBCMF $IBOHFJO0UIFS4IPSU5FSN-JBCJMJUJFT $BTI'SPN0QFSBUJPOT.    ‰      .     ‰     .     ‰     .       ‰  .       ‰  . $BQJUBM&YQFOEJUVSFT. /FU "DRVJTJUJPOT "TTFU4BMFT BOE%JTQPTBMT /FU4BMFT 1VSDIBTFT PG*OWFTUNFOUT 0UIFS*OWFTUJOH$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$BTI.   .   .   . ‰ . ‰  . ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(47) 5PMJDFOTFUIFSFTFBSDI DBMM

(48) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(49) .PSOJOHTUBS&RVJUZ3FTFBSDI. (FOFSBM&MFDUSJD$P(& /:4& ]QQQ -BTU1SJDF. 'BJS7BMVF. $POTJEFS#VZ. $POTJEFS4FMM. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. .PSOJOHTUBS$SFEJU3BUJOH. *OEVTUSZ(SPVQ. 64%. 64%. 64%. 64%. .FEJVN. 8JEF. 4UBCMF. 4UBOEBSE. "". *OEVTUSJBM1SPEVDUT. $PNQBSBCMF$PNQBOZ"OBMZTJT 5IFTFDPNQBOJFTBSFDIPTFOCZUIFBOBMZTUBOEUIFEBUBBSFTIPXOCZOFBSFTUDBMFOEBSZFBSJOEFTDFOEJOHNBSLFUDBQJUBMJ[BUJPOPSEFS 7BMVBUJPO"OBMZTJT 1SJDF&BSOJOHT. &7&#*5%". 1SJDF'SFF$BTI'MPX. 1SJDF#PPL. 1SJDF4BMFT. 1SJDF'BJS 7BMVF. .  &.  &. .  &.  &. .  &.  &. .  &.  &. .  &.  &. 6OJUFE5FDIOPMPHJFT$PSQ65964". . . . . . . . . . . . . . . . . 3PZBM1IJMJQT/71)(64". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $PNQBOZ5JDLFS. "WFSBHF (FOFSBM&MFDUSJD$P(&64. . 3FUVSOT"OBMZTJT 30*$. "EKVTUFE30*$. 3FUVSOPO&RVJUZ. 3FUVSOPO"TTFUT. %JWJEFOE:JFME. -BTU)JTUPSJDBM:FBS 5PUBM"TTFUT .JM. .  &.  &. .  &.  &. .  &.  &. .  &.  &. .  &.  &. 6OJUFE5FDIOPMPHJFT$PSQ65964".  64%. . . . . . . . . . . . . . . . 3PZBM1IJMJQT/71)(64".  &63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $PNQBOZ5JDLFS. "WFSBHF (FOFSBM&MFDUSJD$P(&64.  64%. (SPXUI"OBMZTJT. $PNQBOZ5JDLFS. -BTU)JTUPSJDBM:FBS 3FWFOVF .JM. 3FWFOVF(SPXUI. &#*5(SPXUI. &14(SPXUI. 'SFF$BTI'MPX(SPXUI. %JWJEFOE4IBSF(SPXUI. .  &.  &. .  &.  &. .  &.  &. .  &.  &. .  &.  &. 6OJUFE5FDIOPMPHJFT$PSQ65964".  64%. . . . . . . . . . . . . . . . 3PZBM1IJMJQT/71)(64".  &63. . . . . . . . . . . . . ‰. . ‰. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . "WFSBHF (FOFSBM&MFDUSJD$P(&64.  64%. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS *OD XIJDIJTOPUSFHJTUFSFEXJUIUIF644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBTB/BUJPOBMMZ3FDPHOJ[FE4UBUJTUJDBM3BUJOH0SHBOJ[BUJPO i/3430w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

(50) 5PMJDFOTFUIFSFTFBSDI DBMM

(51) 1MFBTFTFFJNQPSUBOUEJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

Referenties

GERELATEERDE DOCUMENTEN

3 China's investigation into Qualcomm's licensing business and the firm's difficulties in collecting royalty revenue from Chinese handset makers adds uncertainty and risk

We have raised our economic moat rating for Netflix to narrow based on intangibles and a network effect resulting from the use of Big Data stemming from the firm’s

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE.PSOJOHTUBShT$SFEJU3BUJOHT3FTFBSDIJTQSPEVDFEBOEPGGFSFECZ.PSOJOHTUBS

With this secular growth driver, strong pricing power and a positive mix effect through premiumisation, we believe Ambev can achieve mid-to-high single-digit revenue growth and

The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to

A number of components drive this rating: (1) our assessment of the firm’s economic moat, (2) our estimate of the stock’s intrinsic value based on a discounted cash-flow model,

In India, Morningstar Investment Adviser India Private Limited has only one associate, viz., Morningstar India Private Limited, and this company predominantly carries on