• No results found

Morningstar: Safran | Vlaamse Federatie van Beleggers

N/A
N/A
Protected

Academic year: 2022

Share "Morningstar: Safran | Vlaamse Federatie van Beleggers"

Copied!
24
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:    

/BSSPX#PEJFT&RVBM'BU1SPGJUT)PX*OWFTUPST$BO1SPGJU 'SPNUIF"FSPTQBDF#PPN

6QEBUFE'PSFDBTUTBOE&TUJNBUFTGSPN0DU

+FGGSFZ7POL $&'"

&RVJUZ"OBMZTU

KFGGSFZWPOL!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

&TUJNBUFTBTPG0DU

1SJDJOHEBUBUISPVHI/PW

3BUJOHVQEBUFEBTPG/PW

*OWFTUNFOU5IFTJT "VH

4BGSBOJTPOFPGGFXGJSNTJOUIFXPSMEUIBUDBOTVDDFTTGVMMZEFWFMPQ BOENBOVGBDUVSFDJWJMBOEEFGFODFKFUFOHJOFT XIJDIJTLFZUPPVS CFMJFGUIBUJUQPTTFTTFTBXJEFNPBU5IFHSPXJOHJOTUBMMFECBTF PGFOHJOFTXJUIVTFGVMMJWFTPGNPSFUIBOZFBSTSFTVMUTJOBTUBCMF MPOHUFSNBOOVJUZPGGVUVSFTFSWJDFTSFWFOVF5IFGJSNJTJOUIF TXFFUTQPUPGUIFBGUFSNBSLFUDZDMF CFOFGJUJOHGSPNBDDFMFSBUJPO JOUIFOVNCFSPGPWFSIBVMTPGJUTJOTUBMMFECBTFPGDMPTFUP 

$'.FOHJOFT XIJDIESJWFEFNBOEGPSIJHINBSHJOTQBSFT5IBU TBJE XFEPTFFIFBEXJOETGPS4BGSBO OBNFMZMPXFSFYQPTVSFUP UIFOFYUHFOFSBUJPOPGXJEFCPEZBFSPQMBOFTCFZPOE BOE TIPSUUFSNNBSHJOEJMVUJPOFGGFDUTGSPNNJYDIBOHFTBTQSPEVDUJPO PG UIF -&"1 FOHJOF SBNQT VQ XIJMF UIF NBUVSF BOE QSPGJUBCMF

$'.QSPHSBNNFSBNQTEPXO

4BGSBOhT TJHOJGJDBOU JOWFTUNFOUT JO SFTFBSDI BOE EFWFMPQNFOU TJHOJGZBNBKPSTUSVDUVSBMDPNQFUJUJWFBEWBOUBHFUIBUIBTTFDVSFE BNBSLFUMFBEJOHQPTJUJPOJOOBSSPXCPEZBJSDSBGUUISPVHIUIF$'.

 KPJOU WFOUVSF XJUI (FOFSBM &MFDUSJD  JODMVEJOH QSPNJOFOU QPTJUJPOTPO#PFJOHhTBOE"JSCVTh"5IFGJSNIBTBMTP TFDVSFE B QSFTFODF JO UIF OFYU HFOFSBUJPO PG DPNNFSDJBM OBSSPXCPEZ BJSDSBGU TJOHMFTPVSDF #PFJOH  ."9 TJOHMFTPVSDF$PNBD$ BOEEVBMTPVSDF"JSCVT"OFP5IF -&"1 FOHJOF IBT DMPTF UP  NBSLFU TIBSF GPS GVUVSF OBSSPX CPEJFT XJUINPSFUIBO PSEFSTBTPG+VMZ

"MPOHXJUIJUTTUSPOHQPTJUJPOJOOBSSPXCPEZBJSDSBGU 4BGSBOBMTP QBSUJDJQBUFTJOUIFXJEFCPEZBJSDSBGUTFHNFOUUISPVHIB

TUBLFJOUIF(& WJBBQBSUOFSTIJQXJUI(&5IJTFOHJOFJTUIF TJOHMFTPVSDF PQUJPO GPS UIF TVDDFTTGVM #PFJOH  4BGSBOT FYQPTVSFUPJUTTVDDFTTPS UIF(&9 XJMMEFDSFBTFUPIPXFWFS

#PFJOHBJSDSBGUTQPXFSFECZUIF(&9XJMMOPUCFJOUSPEVDFECFGPSF

 "T UIF HMPCBM NBSLFU MFBEFS JO MBOEJOH TZTUFNT BOE UIF XPSMEhT TFDPOEMBSHFTU NBOVGBDUVSFS PG CSFBLJOH TZTUFNT BOE FOHJOF OBDFMMFT  4BGSBO TFMMT DSVDJBM BJSDSBGU FRVJQNFOU JO UIF OBSSPXCPEZBOEUIFXJEFCPEZNBSLFU "JSCVT "JSCVT

#PFJOH   BOE  %SFBNMJOFS 8F FYQFDU UIF OBSSPX BOE XJEFCPEZ QMBUGPSNT UP QSPEVDF TUFBEZ EFNBOE GPS 4BGSBO JO DPNJOHEFDBEFT

4BGSBO JT B HMPCBM BFSPTQBDF  EFGFODF  BOE TFDVSJUZ HSPVQ *U EFTJHOT NBOVGBDUVSFT  BOE TFSWJDFT BJSDSBGU FOHJOFT  NFDIBOJDBM  BOE FMFDUSJDBM TZTUFNTGPSCPUINJMJUBSZBOEDJWJMBJSDSBGU5IFGJSNJTBMFBEFSJOCJPNFUSJD BOEEFUFDUJPOTFDVSJUZTZTUFNTBOE JOUIFEFGFODFTFHNFOU TQFDJBMJTFTJO OBWJHBUJPO PQUSPOJD BOEBWJPOJDTTZTUFNT*O 4BGSBOHFOFSBUFE&63

 CJMMJPO JO SFWFOVF "CPVU  PG SFWFOVF DPNFT GSPN BFSPTQBDF QSPQVMTJPOBOEFRVJQNFOUTBMFTBOETFSWJDFT XIJMFEFGFODFBOETFDVSJUZ HFOFSBUFUIFSFNBJOJOHPGTBMFT

1SPGJMF 7JUBM4UBUJTUJDT

7BMVBUJPO4VNNBSZBOE'PSFDBTUT

'JOBODJBM4VNNBSZBOE'PSFDBTUT 5IFQSJNBSZBOBMZTUDPWFSJOHUIJTDPNQBOZ

EPFTOPUPXOJUTTUPDL

$VSSFODZBNPVOUTFYQSFTTFEXJUIBSFJO 64EPMMBST 64%VOMFTTPUIFSXJTFEFOPUFE

)JTUPSJDBMGPSFDBTUEBUBTPVSDFTBSF.PSOJOHTUBS&TUJNBUFTBOENBZSFGMFDUBEKVTUNFOUT

&63.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

/BSSPX #PEJFT &RVBM 'BU 1SPGJUT )PX *OWFTUPST $BO 1SPGJU'SPNUIF"FSPTQBDF#PPN"VH

5IJTZFBSNBSLTUIFTUBSUPGBOVOQSFDFEFOUFEQSPEVDUJPO JODSFBTFJOOBSSPXCPEZQBTTFOHFSBJSDSBGU BDBUFHPSZUIBU XJMMCFBNBKPSQSPGJUHSPXUIESJWFSGPSBJSDSBGUBOEFOHJOF NBOVGBDUVSFST8FIJHIMJHIUIPXJOWFTUPSTDBOCFTUHBJO FYQPTVSF UP OBSSPX CPEJFT JO PVS *OEVTUSJBMT 0CTFSWFS

/BSSPX #PEJFT &RVBM 'BU 1SPGJUT "MUIPVHI JOWFTUPS TFOUJNFOU SFGMFDUT FWFSEFFQFOJOH XPSSJFT PWFS BO JOFMVDUBCMFEPXOUVSO XFQPTJUUIBUEFNBOEXJMMSFNBJO TPMJE  BOE XF IJHIMJHIU UISFF GJSNT USBEJOH BU BUUSBDUJWF WBMVBUJPOT"JSCVT(SPVQ 6OJUFE5FDIOPMPHJFT BOE4BGSBO

8FCFMJFWF"JSCVTBOE#PFJOHXJMMDBQUVSFNPSFUIBO

PG UIF OBSSPXCPEZ NBSLFU UISPVHI  UIBOLT UP UIF JOUSPEVDUJPOPGUIF"OFPBOE#."90VSBOBMZTJT JOEJDBUFTUIBUUIFTFOFXOBSSPXCPEJFTSFQSFTFOUBOFBSMZ

CJMMJPOPQQPSUVOJUZGPS"JSCVTBOE#PFJOHJOQSFTFOU

WBMVFUFSNT)PXFWFS #PFJOHhTMBHHJOHPSEFSCPPLJOEJDBUFT UPVTUIBUUIFOFPFOKPZTBOBEWBOUBHFPWFSUIF."9ø8F UIJOL"JSCVTJOWFTUPSTXJMMDPNFPGGUIFTJEFMJOFTBTUIF

"OFPQSPEVDUJPOSBNQVQBEET&63CJMMJPOPGQSPGJU DPOUSJCVUJPOGSPNUPBOEBTDBQJUBMPVUMBZTPO PUIFSQSPHSBNTUBQFSPGG

8JUIJUT(FBSFE5VSCPGBOFOHJOF XFFYQFDUUIBU6OJUFE 5FDIOPMPHJFTh 1SBUU  8IJUOFZ XJMM NPVOU B SFTQFDUBCMF DIBMMFOHF BHBJOTU JODVNCFOU $'. *OUFSOBUJPOBM  UIF (&

4BGSBO FOHJOF KPJOU WFOUVSF  JO UIF OBSSPXCPEZ FOHJOF NBSLFU"GUFSOFBSMZCJMMJPOPG3% UIF(5'PGGFSTBO JOOPWBUJWF CVUTUJMMVOQSPWFOEFTJHO*ODPOUSBTUUPUIF1SBUU

$'. IBT EFWFMPQFE UIF -&"1 FOHJOF  MFWFSBHJOH JUT TVDDFTTGVM $'. FOHJOF 8F CFMJFWF UIBU 6OJUFE 5FDIOPMPHJFThBOE4BGSBOhTTIBSFQSJDFTGBJMUPGVMMZSFGMFDU UIFQSPGJUBCJMJUZQPUFOUJBMPGUIFFOHJOFBGUFSNBSLFUCFDBVTF PGBDPOTFOTVTCVJMUPOOFBSUFSNFBSOJOHTDPNCJOFEXJUI BOVOEFSBQQSFDJBUJPOPGUIFOFXFDPOPNJDTGPSSBUFQFS GMJHIUIPVSTFSWJDFT8FCFMJFWFUIFEVPQPMZJOOBSSPXCPEZ FOHJOFT XJMM DPOUJOVF GPS BU MFBTU UIF OFYU EFDBEF

FGGFDUJWFMZMPDLJOH3PMMT3PZDFPVUPGUIFNBSLFU

7BMVBUJPO (SPXUIBOE1SPGJUBCJMJUZ"VH

"GUFSVQEBUJOHPVSTBMFTBOEQSPGJUFTUJNBUFTGPS4BGSBOBOE DPSSFDUJOHGPSUIFUJNFWBMVFPGNPOFZ XFBSFJODSFBTJOH PVSGBJSWBMVFFTUJNBUFUP&63QFSTIBSFGSPN&63

"IFBE PG PVS FYQFDUBUJPOT  XJEFNPBU 4BGSBO SFDPSEFE TUSPOHSFWFOVFBOEPQFSBUJOHJODPNFHSPXUIJOGJSTUIBMG

3FDPSEQSPEVDUJPOSBUFPGEFMJWFSJFTPG$'.

FOHJOFT VQWFSTVTGJSTUIBMG BOESBNQVQPG OFYUHFOFSBUJPOFOHJOF5IF-&"1PQFOUIFEPPSGPSTUSPOH IJHIMZQSPGJUBCMFBGUFSTBMFTJODPNJOHZFBST

0VSNPEFMBTTVNFTBGJWFZFBSSFWFOVFDPNQPVOEBOOVBM HSPXUISBUFPG SFGMFDUJOHTUSPOHHSPXUIJOBFSPTQBDF BOE TFDVSJUZ FRVJQNFOU TBMFT  BOE NPEFTU HSPXUI JO EFGFODF*ODSFBTJOHTFSWJDFTSFWFOVFGSPN4BGSBOhTMBSHF JOTUBMMFECBTFPG$'.BFSPTQBDFFOHJOFXJMMCPPTUUIF GJSNhTUPQMJOFJOPVSGJWFZFBSGPSFDBTUQFSJPE8FFYQFDU NBSHJOBMNBSHJOFYQBOTJPOJO DMPTFUPCBTJTQPJOUT BTTUSPOHHSPXUIPGIJHINBSHJOTFSWJDFTTBMFTJTPGGTFUCZ MBVODIQSJDJOHBOETUBSUVQDPTUTPGTFSJFT-&"1QSPEVDUJPO

#FZPOE   XF NPEFM OFU NBSHJO FYQBOTJPO  BT NBOBHFNFOUJODSFBTFTJUTGPDVTPOPQFSBUJPOBMFGGJDJFODZ BOEPQFSBUJPOBMMFWFSBHFBTBSFTVMUPG$'.BOE-&"1 WPMVNF HSPXUI BOE IJHINBSHJO BGUFSTBMFT TFSWJDFT 8F GPSFDBTU BEKVTUFE PQFSBUJOH NBSHJOT PG  JO 

FYQBOEJOHUPGPS0VSUFSNJOBMNBSHJOPG

SFGMFDUTBOBQQSPQSJBUFCBMBODFPGFRVJQNFOUBOETFSWJDF NBSHJOT XJUIUIFSFRVJTJUFJOWFTUNFOUPGPGTBMFTJO SFTFBSDI BOE EFWFMPQNFOU 6TJOH PVS BTTVNQUJPOT  XF FYQFDU4BGSBOUPHFOFSBUFSFUVSOTPOJOWFTUFEDBQJUBMPG

 POBWFSBHF EVSJOHPVSGJWFZFBSEJTDSFUFGPSFDBTU IPSJ[POBCPWFUIFGJSNhTDPTUPGDBQJUBMPG

5IFWPMBUJMJUZGSPN4BGSBOhTDVSSFODZIFEHJOHQSBDUJDFTJT DPOTJEFSFEOPOPQFSBUJOHGPSPVSNPEFMBOEEPFTOPUBGGFDU PVSWBMVBUJPOBTTFTTNFOU(JWFOUIFFYUFOUUPXIJDIUIF

1BHFPG

(3)

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

GJSNJTFYFDVUJOHDPOUSBDUTUPTJNQMZMPDLJOSBUFTPOLOPXO QSPKFDUT XJUIOPNBUFSJBMFGGFDUPOBDUVBMDBTIGMPX XF XJMMNBJOUBJOUIJTBQQSPBDI

4DFOBSJP"OBMZTJT

4BGSBOhTTUSPOHFRVJQNFOUCBDLMPH MBSHFJOTUBMMFECBTFPG MPOHMJWFE QSPEVDUT  BOE TUBCMF MPOHUFSN BOOVJUJFT PG BGUFSNBSLFUSFWFOVFDBOQSPUFDUUIFDPNQBOZGSPNTIPDLT BOEUZQJDBMDZDMJDBMJUZ)PXFWFS XFTUJMMTFFMPOHFSUFSN DBQJUBM TQFOEJOH ESPVHIUT BT UIF NBKPS UISFBU UP PVS WBMVBUJPO 8F NPEFM UISFF TDFOBSJPT PG WBSZJOH SFWFOVF HSPXUIBOEPQFSBUJOHNBSHJOBTTVNQUJPOT*OPVSCBTFDBTF TDFOBSJP XFBTTVNFVOEFSMZJOHSFWFOVFHSPXUIPGJO GJTDBM ESJWFOCZTUSPOHFRVJQNFOUBOETFSWJDFTHSPXUI GPSBFSPTQBDFQSPQVMTJPO BJSDSBGUFRVJQNFOUBOETFDVSJUZ

0VSCBTFNPEFMBTTVNFTNBSHJOFYQBOTJPOTUFNNJOHGSPN PQFSBUJPOBMMFWFSBHFBOEJODSFBTFEBUUSJCVUJPOPGQSPGJUBCMF BGUFSTBMFT TFSWJDFT QPTU  SFTVMUJOH JO PQFSBUJOH NBSHJOT PG  CZ   BOE HFOFSBUFT B GBJS WBMVF FTUJNBUFPG&63QFSTIBSF

8IFOUIJOLJOHBCPVUUIFCFBSDBTF XFBTTVNFUIBUBMMPG 4BGSBOhT FOE NBSLFUT XFBLFO BOE SFNBJO XFBL UISPVHI

 XJUISFWFOVFJOUIBUZFBSPG&63CJMMJPO8F BOUJDJQBUFUIBUPQFSBUJOHNBSHJOTSFNBJOXFBL UIPVHIUIF JNQBDUGSPNMPXFSFRVJQNFOUTBMFTXPVMECFPGGTFUCZBO JODSFBTFECMFOEPGIJHIFSNBSHJOTFSWJDFSFWFOVF6OEFS UIFTFBTTVNQUJPOT PVSGBJSWBMVFFTUJNBUFGBMMTUP&63

QFSTIBSF*OBNPSFPQUJNJTUJDTDFOBSJP XFBTTVNFB

DPSF GJWFZFBS $"(3  XJUI NBSHJOT FYQBOEJOH  CBTJT QPJOUTNPSFUIBOJOUIFCBTFNPEFM6OEFSUIJTTDFOBSJP PVSGBJSWBMVFFTUJNBUFJODSFBTFTUP&63QFSTIBSF

&DPOPNJD.PBU

8FBTTJHOBXJEFNPBUSBUJOHUP4BGSBO NBJOMZPXJOHUP TXJUDIJOH DPTUT BOE JOUBOHJCMF BTTFUT 5IF GJSNT TUSPOH DPNQFUJUJWFQPTJUJPOTJODJWJMBOENJMJUBSZBFSPTQBDFSFTVMU JOSFUVSOTPOJOWFTUFEDBQJUBMFYDFFEJOHUIFDPTUTPGDBQJUBM PWFSPVSGJWFZFBSGPSFDBTUQFSJPE BOEXFFYQFDUUIJTUP DPOUJOVF GPS ZFBST UP DPNF .PSF UIBO  PG 4BGSBOT BEKVTUFEQSPGJUJTEFSJWFEGSPNBFSPTQBDFQSPQVMTJPOBOE FRVJQNFOU5IFTXJUDIJOHDPTUTSFTVMUGSPNUIFGJSNhTHBT UVSCJOFTFOHJOFBOEBTTPDJBUFEFRVJQNFOU BTXFMMBTUIF JOUFHSBUJPO PG MBOEJOH TZTUFNT JO BJSDSBGU QMBUGPSNT FTQFDJBMMZ JO UIF OBSSPXCPEZ BJSGSBNFT PG #PFJOH BOE

"JSCVT 4BGSBOT DVTUPNFST  UIF BJSMJOF PQFSBUPST  BSF IFTJUBOUUPTXJUDIUPOFXFOHJOFT BTJUJTUJNFDPOTVNJOH BOE UIF DIBOHF FOUBJMT TJHOJGJDBOU JOWFTUNFOU DPTUT BOE SFUSBJOJOHPGNBJOUFOBODFQFSTPOOFM6OQMBOOFEEPXOUJNF JO BFSPTQBDF TZTUFNT DBO FWFO CF DBUBTUSPQIJD XIFO DPOTJEFSJOH UIF DPOTFRVFODFT PG FOHJOF GBJMVSF $FSUBJO XBSSBOUJFT BOE HVBSBOUFFT SFMBUFE UP QFSGPSNBODF NBZ CFDPNFOVMMBOEWPJEJGBJSMJOFTVTFUIJSEQBSUZTQBSFTBOE NBJOUFOBODF  BOE UIF NPUJWBUJPO UP QSPUFDU BO JOTUBMMFE CBTFPGFRVJQNFOUUSBOTMBUFTJOUPBIJHIEFHSFFPGDVTUPNFS TXJUDIJOHDPTUT5IFGJSNTFOHJOFFRVJQNFOUIBTBMPOH FDPOPNJDMJGFUJNF BOETVQQPSUTFSWJDFTJODSFBTFDVTUPNFS MPZBMUZ /FBSMZ  PG 4BGSBOT SFWFOVF DPNFT GSPN BGUFSNBSLFU NBJOUFOBODF BOE SFQBJS TFSWJDFT  XIJDI XF WJFX BT FWJEFODF PG TUJDLZ SFMBUJPOTIJQT TUFNNJOH GSPN DVTUPNFSSFMJBODFPOUIFPSJHJOBMFRVJQNFOUNBOVGBDUVSFS

-POHQSPEVDUDZDMFTFOTVSFUIBUBQMBUGPSNXJOCSJOHTJO

1BHFPG

(4)

ª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

SFWFOVF GPS NVMUJQMF EFDBEFT 4BGSBOhT NBJO TPVSDF PG JOUBOHJCMF BTTFUT TUFNT GSPN UIF UFDIOJDBM LOPXMFEHF SFRVJSFEUPEFTJHOBOENBOVGBDUVSFKFUFOHJOFDPNQPOFOUT BDPSFDPNQFUFODZUIBUJTTVQQPSUFECZ4BGSBOhTBWFSBHF ZFBSMZTQFOEPGDMPTFUPPGJUTTBMFTPOSFTFBSDIBOE EFWFMPQNFOU PS3%

8FDPOTJEFSUIFBFSPTQBDFCVTJOFTTUPIBWFBXJEFNPBU

"FSPTQBDF QSPQVMTJPO BOE BJSDSBGU FRVJQNFOU DPNCJOFE HFOFSBUFEPGTBMFTBOEPGBEKVTUFEQSPGJUJO

'JGUZQFSDFOUPGTBMFTGSPNUIFBFSPTQBDFQSPQVMTJPOEJWJTJPO DPNFGSPNBGUFSNBSLFUSFWFOVF PGXIJDIBSFSFMBUFE UPMPOHUFSNTFSWJDFBHSFFNFOUTPGVQUPZFBST XJUIUIF SFNBJOEFSDPNJOHGSPNUSBEJUJPOBMUJNFBOENBUFSJBMTTBMFT

5IF DJWJM BFSPTQBDF FOHJOF CVTJOFTT JT FGGFDUJWFMZ B UISFFQMBZFSNBSLFU XJUIXJEFNPBU(&MFBEJOHUIFNBSLFU DMPTFUPNBSLFUTIBSF TMJHIUMZBIFBEPGOBSSPXNPBU 3PMMT3PZDF NBSLFUTIBSFBOEGBSBIFBEPGXJEFNPBU 6OJUFE5FDIOPMPHJFThFOHJOFTFHNFOU1SBUU8IJUOFZ 

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

$'.FOHJOFJTCZGBSUIFNPTUTVDDFTTGVMOBSSPXCPEZ FOHJOF FWFS  XJUI BO JOTUBMMFE CBTF PG DMPTF UP  

FOHJOFTBOEBNBSLFUTIBSFPGDMPTFUP5IFCMPDLCVTUFS

$'.XJMMCFTPMEBUMFBTUVOUJMUIFFOEPGUIFEFDBEF BOE UIFCBDLMPHDPNQSJTFTNPSFUIBO FOHJOFT

*OPVSWJFX 4BGSBOTMBSHFJOWFTUNFOUTJO3%BSFBNBKPS TUSVDUVSBM DPNQFUJUJWF BEWBOUBHF UIBU IBT TFDVSFE B NBSLFUMFBEJOH QPTJUJPO JO OBSSPXCPEZ BJSDSBGU  XJUI

QSPNJOFOU QPTJUJPOT PO "JSCVT " BJSDSBGU BOE TPMFQSPWJEFSTUBUVTGPSUIF#PFJOH5IFGJSNIBTBMTP TFDVSFEBQSFTFODFJOUIFOFYUHFOFSBUJPOPGDPNNFSDJBM OBSSPXCPEZ BJSDSBGU TJOHMFTPVSDF #PFJOH  ."9 TJOHMFTPVSDF $PNBD $  BOE EVBMTPVSDF "JSCVT

"OFP5IF-&"1FOHJOF UIFTVDDFTTPSUPUIF$'.

IBTDMPTFUPNBSLFUTIBSFGPSGVUVSFOBSSPXCPEJFT XJUINPSFUIBO PSEFSTBTPG+VMZ$MPTFUP

PGUIF-&"1FOHJOFCBDLMPHJTBTTPDJBUFEXJUIMPOHUFSN TFSWJDFDPOUSBDUTPGVQUPZFBST

"MPOH XJUI JUT TUSPOH QPTJUJPO JO OBSSPXCPEZ BJSDSBGU 4BGSBOBMTPQBSUJDJQBUFTJOUIFXJEFCPEZBJSDSBGUTFHNFOU UISPVHIBTUBLFJOUIF(& QBSUOFSTIJQXJUI(&

5IJTFOHJOFJTUIFTJOHMFTPVSDFPQUJPOGPSUIFTVDDFTTGVM

#PFJOH4BGSBOTFYQPTVSFUPJUTTVDDFTTPS UIF(&9 XJMMEFDSFBTFUPIPXFWFS #PFJOHBJSDSBGUQPXFSFECZ UIF(&9XJMMOPUCFJOUSPEVDFECFGPSF"TUIFHMPCBM NBSLFU MFBEFS JO MBOEJOH TZTUFNT BOE UIF XPSMEhT TFDPOEMBSHFTU NBOVGBDUVSFS PG CSFBLJOH TZTUFNT BOE FOHJOFOBDFMMFT 4BGSBOTFMMTDSVDJBMBJSDSBGUFRVJQNFOUJO UIFOBSSPXCPEZBTXFMMBTUIFXJEFCPEZNBSLFU "JSCVT

 "JSCVT #PFJOH BOE%SFBNMJOFS"MUIPVHI XFTFFTPGUFSEFNBOESFTVMUJOHGSPNMPXFSHPWFSONFOUBM TQFOEJOHJO XFTUJMMCFMJFWF4BGSBOJTBUUSBDUJWFMZ QPTJUJPOFEJOUIFNJMJUBSZBFSPTQBDFCVTJOFTT5IFMPTTPG SFWFOVFGSPNFRVJQNFOUEFGFSSBMTBOEDBODFMMBUJPOTDBOCF NJUJHBUFE XJUI JODSFBTFE TFSWJDF SFWFOVF GSPN FYUFOEFE VTFPGUIFMFHBDZJOTUBMMFEGMFFU

8FDPOTJEFSUIFEFGFODFBOETFDVSJUZCVTJOFTTUPFOKPZB OBSSPXNPBUBTBSFTVMUPGJOUBOHJCMFBTTFUTBOETXJUDIJOH DPTUT5IFUXPEJWJTJPOTDPNCJOFEHFOFSBUFEPGTBMFT BOEPGBEKVTUFEQSPGJUJO4BGSBOTEFGFODFTFHNFOU PGGFSTBDPNQMFUFSBOHFPGTZTUFNTBOEFRVJQNFOUGPSCPUI DJWJMBOENJMJUBSZBQQMJDBUJPOTJOUIFLFZBSFBTPGPQUSPOJDT BWJPOJDT  OBWJHBUJPO  FMFDUSPOJDT  BOE TBGFUZDSJUJDBM TPGUXBSF  XJUI DPNQFUJUPST TVDI BT OBSSPXNPBU #"&

1BHFPG

(5)

ª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

.PSOJOHTUBS"OBMZTJT

4ZTUFNT 4BGSBOT TFDVSJUZ CVTJOFTT TQBOT B OVNCFS PG BQQMJDBUJPOT BOE UFDIOPMPHJFT  JODMVEJOH EFUFDUJPO PG FYQMPTJWFTBOEJMMJDJUTVCTUBODFT NVMUJCJPNFUSJDJEFOUJGJDBUJPO BOETFDVSF*%EPDVNFOUT'PSUIFNPTUQBSU UIFDPOUSBDUT TJHOFEBSFMFOHUIZFYDMVTJWFDPOUSBDUTXJUINVOJDJQBMJUJFT BOEHPWFSONFOUT5IFGJSNIBTTFDVSFEJNQSFTTJWFDPOUSBDU XJOT MJLFUIFSFOFXFEDPOUSBDUGPSBMMUSBWFMEPDVNFOUTJO UIF/FUIFSMBOETJOBEEJUJPO PG64ESJWFShTMJDFODFT BSFJTTVFECZ4BGSBOT.PSQIP5SVTU

.PBU5SFOE

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

8FUIJOLUIFVQUBLFPGUIFTFMPOHUFSNTFSWJDFDPOUSBDUT DPVMEJODSFBTFDVTUPNFSMPZBMUZ BOEDPVMEFWFOXJEFOBO BMSFBEZXJEF NPBU JO BFSPTQBDF FOHJOF BOE TZTUFNT

)PXFWFS UIFJNQBDUPGUIFSBUFQFSGMJHIUIPVS PS31') QSPHSBNT XJMM CF HSBEVBM 8F FOWJTBHF -&"1 FOHJOF DVTUPNFSTBEPQUJOHUIFTFQSPHSBNTJOMBSHFOVNCFST CVU UIF -&"1 GMFFU XJMM SFQSFTFOU BQQSPYJNBUFMZ  PG UIF DPNCJOFE$'.GMFFUCZ BT$'.FOHJOFBGUFSTBMFT BSFNPTUMZCBTFEPOUIFUJNFBOENBUFSJBMTNPEFM

1BHFPG

(6)

ª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

#VMMT4BZ#FBST4BZ

#VMMT4BZ #FBST4BZ

4BGSBOIBTTFDVSFEBEPNJOBOUQPTJUJPOJOOBSSPX

CPEZ FOHJOFT 5IF MFHBDZ $'. FOHJOF JT PO BQQSPYJNBUFMZPGFYJTUJOH"JSCVT"T XIJMF UIF-&"1FOHJOFIBTBNBSLFUTIBSFDPNCJOFE BTUIFTJOHMFTPVSDFQSPWJEFSGPSUIFOFYUHFOFSBUJPO

#PFJOH."9BOEUIFEVBMTPVSDF"JSCVT"OFP

4BGSBOhT MBSHF JOTUBMMFE CBTF PG DMPTF UP  

FOHJOFT SFTVMUT JO B TUBCMF MPOHUFSN BOOVJUZ PG TFSWJDFTSFWFOVF

4BGSBO DBO MBSHFMZ NJUJHBUF MPXFS TQFOEJOH PO NJMJUBSZCBTFEFRVJQNFOUUISPVHIJODSFBTFETFSWJDFT SFWFOVF GSPN FYUFOEFE VTF PG UIF MFHBDZ JOTUBMMFE GMFFU

5IF GJSNhT MPX FYQPTVSF UP OFYUHFOFSBUJPO DPNNFSDJBMEVBMBJTMFFOHJOFTXJMMIVSUQSPGJUBCJMJUZ BTNVDIPGUIFWBMVFPGFOHJOFBOETFSWJDFTEFMJWFSJFT XJMMDPOUJOVFUPGMPXUPUIFXJEFCPEZGSBNFT

5IFGJSNhTDVSSFODZIFEHFCPPLDBOQSPEVDFWPMBUJMF SFTVMUTBOETLFXFBSOJOHTJOUIFTIPSUUFSN4BGSBO IBTMPDLFEJOIFEHFSBUFTBCPWFUIFDVSSFOUTQPUMFWFM TPJUXJMMUBLFZFBSTCFGPSFUIFDPNQBOZCFOFGJUTGSPN UIFXFBLFSFVSP

5IFIJHIEFWFMPQNFOUDPTUTBOEMPXMBVODIQSJDJOHPG -&"1 UIFTVDDFTTPSUPUIFIJHINBSHJO$'.FOHJOF XJMMIVSUQSPGJUBCJMJUZJOUIFTIPSUUFSN

1BHFPG

(7)

ª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

 &  &  &  &  &

$BTIBOE&RVJWBMFOUT CFHJOOJOHPGQFSJPE          

"EKVTUFE"WBJMBCMF$BTI'MPX     

5PUBM$BTI"WBJMBCMFCFGPSF%FCU4FSWJDF          

1SJODJQBM1BZNFOUT         

*OUFSFTU1BZNFOUT     

0UIFS$BTI0CMJHBUJPOTBOE$PNNJUNFOUT ‰ ‰ ‰ ‰ ‰

5PUBM$BTI0CMJHBUJPOTBOE$PNNJUNFOUT          

&63.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 &63.JM

$VNVMBUJWF"OOVBM$BTI'MPX$VTIJPO

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

"EKVTUFE$BTI'MPX4VNNBSZ

'JOBODJBM)FBMUI

4BGSBOIBTBTPMJEGJOBODJBMQPTJUJPO"TBU+VOF 

UIFGJSNIBE&63CJMMJPOPGDBTIWFSTVT&63CJMMJPO PGEFCU5IFGJSNIBTUPSFQBZ&63CJMMJPOPGEFCUXJUIJO POFZFBSBOEDMPTFUP&63NJMMJPOXJUIJOPOFUPGJWF ZFBSTIPXFWFS XFEPOPUBOUJDJQBUFUIFTFEFCUSFQBZNFOUT XJMMCFQSPCMFNBUJD HJWFO4BGSBOhTFYJTUJOHDBTICBMBODF BOEGVUVSFDBTIHFOFSBUJPOQPUFOUJBM5IFGJSNBMTPIBTB

&63CJMMJPOHMPCBMVOESBXOCPSSPXJOHGBDJMJUZUPGVOE TIPSUUFSNOFFET

&OUFSQSJTF3JTL

8FBTTJHOBNFEJVNVODFSUBJOUZSBUJOH BT4BGSBOTIJHISJTL FRVJQNFOU TBMFT BSF XFMM CBMBODFE XJUI MPXSJTL BGUFSNBSLFUTBMFT5IFGJSNEFWFMPQTDPNQMFYQSPEVDUTGPS TFWFSBMDJWJMBOENJMJUBSZQMBUGPSNT DPOGPSNJOHUPTUSJOHFOU BOE TPNFUJNFT DIBMMFOHJOH TQFDJGJDBUJPOT " EFMBZ EJTSVQUJPO PSDBODFMMBUJPOPGBOZPGUIFTFQSPHSBNTXJMM VOEFSNJOFUIFGJSNhTGJOBODJBMQFSGPSNBODF5IFCJHHFTUSJTL HPJOHGPSXBSEJTUIFJOEVTUSJBMSBNQVQPGUIF-&"1FOHJOF GPS#PFJOH."9BOE"JSCVT"OFP4BGSBOBOEJUT QBSUOFS(&IBWFBNPOVNFOUBMUBTLJOGSPOUPGUIFNJOPSEFS UPJODSFBTFQSPEVDUJPOXJUIPVUTVGGFSJOHBNFMUEPXOJOUIFJS PXOBTTFNCMZMJOFPSBDSPTTUIFJSTVQQMJFST5IFHSPXJOH JOTUBMMFECBTFPGFOHJOFTUIBUIBWFVTFGVMMJWFTPGNPSFUIBO

 ZFBST TVQQPSUT B TUBCMF  MPOHUFSN BOOVJUZ PG GVUVSF BGUFSTBMFT TFSWJDF SFWFOVF 4FSWJDF SFWFOVF SFQSFTFOUFE

PGUIFGJSNhTTBMFTJO"MMPG4BGSBOhTFOHJOFTBSF QSJDFEJO64EPMMBSUFSNT BOEDPSQPSBUFhTNBOVGBDUVSJOH CBTF JT MBSHFMZ FVSPEFOPNJOBUFE 5IVT  UIF DPNQBOZ JT JNQMJDJUMZ TIPSU UIF FVSP BOE MPOH UIF 64 EPMMBS *O UIF EFGFODF CVTJOFTT  UIF GJSN GBDFT TJHOJGJDBOU VODFSUBJOUZ GSPNHPWFSONFOUEFDJTJPOT4BGSBOQVSTVFTBOBHHSFTTJWF MPOHUFSNDVSSFODZIFEHJOHTUSBUFHZUIBUBJNTUPQSPUFDU GVUVSFDBTIGMPXTGSPNWPMBUJMJUZ5IJTBQQSPBDIHFOFSBUFT NPSF WPMBUJMF SFQPSUFE FBSOJOHT UIBO JOEVTUSZ QFFST 5P BSSJWFBUPVSWBMVBUJPOBOEIJTUPSJDBMBOBMZTJT XFDPOTJEFS UIFTFUSBOTBDUJPOTBGJOBODJOHBDUJWJUZ BTPQQPTFEUPBO

1BHFPG

(8)

ª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

PQFSBUJOH BDUJWJUZ "U +BO     4BGSBOhT 64 EPMMBS IFEHFCPPLXBTCJMMJPO SFQSFTFOUJOHBSPVOEUISFF ZFBSTPGOFUFYQPTVSFBOEBIFEHFSBUFPG&63GPS

 BIFEHFSBUFPG&63GPS BOEBIFEHF SBUFPG&63GPS

1BHFPG

(9)

ª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

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

/" /" /" /" /"

5PQ0XOFST PG4IBSFT

)FME PG'VOE

"TTFUT $IBOHF

L 1PSUGPMJP%BUF

5XFFEZ #SPXOF(MPCBM7BMVF'VOE   ‰ 4FQ

0BLNBSL*OUFSOBUJPOBM'VOE    4FQ

7"$PMMFHF"NFSJDB/FX1FSTQFDUJWF    4FQ

7BOHVBSE5PUBM*OUM4UPDL*EY'VOE    4FQ

%BWJT/FX:PSL7FOUVSF'VOE     +VM

$PODFOUSBUFE)PMEFST

53&&5014*$"74FRVPJB&RVJUZ   ‰ +VO

"EWBOUBHF5PUBM3FUVSO ‰  ‰ 0DU

&QBSHOF'SBOÎBJTF ‰  ‰ 4FQ

*(4"DUJPOT&VSPQF&WPMVUJPO    +VO

&VSPWBMPS&NFSH&NQSFTBT&VSPQFBT'* ‰   .BS

5PQ#VZFST PG4IBSFT

)FME PG'VOE

"TTFUT 4IBSFT

#PVHIU

4PME L 1PSUGPMJP%BUF

%BWJT4FMFDUFE"EWJTFST-1     4FQ

+BOVT$BQJUBM.BOBHFNFOU--$    4FQ

.PSHBO4UBOMFZ*OWFTUNFOU.BOBHFNFOU*OD    4FQ

53PXF1SJDF"TTPDJBUFT *OD    4FQ

45"/-*#"TTFU.BOBHFNFOU-JNJUFE    .BS

5PQ4FMMFST

$BQJUBM3FTFBSDIBOE.BOBHFNFOU$PNQBOZ     4FQ

#MBDL3PDL"EWJTPST--$    4FQ

#MBDL3PDL*OWFTUNFOU.BOBHFNFOU 6,-UE    4FQ

)BSSJT"TTPDJBUFT-1    4FQ

%FVUTDIF"TTFU8FBMUI.BOBHFNFOU*OWFTUNFOU

(NC)    /PW

.BOBHFNFOU .BS

.BOBHFNFOU0XOFSTIJQ

.BOBHFNFOU"DUJWJUZ

'VOE0XOFSTIJQ

*OTUJUVUJPOBM5SBOTBDUJPOT

3FQSFTFOUTUIFEBUFPOXIJDIUIFPXOFSTOBNF QPTJUJPO BOEDPNNPOTIBSFTIFMEXFSFSFQPSUFECZUIFIPMEFSPSJTTVFS

0O"QSJM  1IJMJQQF1FUJUDPMJOXBTOBNFE$&0PG 4BGSBOBOE3PTT.D*OOFTXBTOBNFEDIBJSNBOPGUIFCPBSE TVDDFFEJOH+FBO1BVM)FSUFNBO XIPIFMECPUIGVODUJPOT

8IJMF)FSUFNBONBOBHFECPUISPMFTSFTQFDUBCMZ XFBSF QMFBTFEUIBUUIFDIBJSNBOBOE$&0SPMFTBSFOPMPOHFSIFME CZ UIF TBNF JOEJWJEVBM CFDBVTF PG JOIFSFOU DPOGMJDUT PG JOUFSFTUT

5IF NFNCFS CPBSE DPOTJTUT NPTUMZ PG OPOFYFDVUJWF NFNCFSTXJUITJHOJGJDBOUJOEVTUSZFYQFSJFODF5IFZJODMVEF UISFF SFQSFTFOUBUJWFT PG UIF 'SFODI TUBUF BQQPJOUFE CZ NJOJTUFSJBMEFDSFF BTUIF'SFODITUBUFTUJMMIBTPGUIF WPUJOH SJHIUT &YFDVUJWF QBZ EPFT OPU BQQFBS UP CF FYPSCJUBOU  BOE BOOVBM QBZ JT B NJY PG CBTF TBMBSZ BOE JODFOUJWFT 5IF GJSN BXBSET BOOVBM CPOVTFT CBTFE PO B DPNCJOBUJPO PG GJOBODJBM PCKFDUJWFT MJLF &#*5  XPSLJOH DBQJUBM GSFFDBTIGMPX BOEQFSTPOBMPCKFDUJWFT

)JTUPSJDBMMZ  UIF DPNQBOZ IBT NBEF SFBTPOBCMF DBQJUBMBMMPDBUJPO EFDJTJPOT  TIVOOJOH BDRVJTJUJPOT XJUI MPGUZWBMVBUJPOTBOEQSPUFDUJOHSFUVSOTPOJOWFTUFEDBQJUBM

"EEJUJPOBMMZ UIFNBOBHFNFOUUFBNIBTDPOTJTUFOUMZQBJEB EJWJEFOE SFGMFDUJOHJUTDPNNJUNFOUUPSFUVSOJOHFYDFTTDBTI UPTIBSFIPMEFST'PSUIFTFSFBTPOT XFUIJOL4BGSBONFSJUT B4UBOEBSETUFXBSETIJQSBUJOH

1BHFPG

(10)

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

"OBMZTU/PUFT

8F *ODSFBTF 0VS 'BJS 7BMVF &TUJNBUF GPS 8JEF.PBU 4BGSBOUP&634IBSFT6OEFSWBMVFE"VH

"GUFSVQEBUJOHPVSTBMFTBOEQSPGJUFTUJNBUFTGPS4BGSBOBOE BEKVTUJOHGPSUIFUJNFWBMVFPGNPOFZ XFBSFJODSFBTJOHPVS GBJSWBMVFFTUJNBUFUP&63QFSTIBSFGSPN&63

8JEFNPBU4BGSBOSFDPSEFETUSPOHSFWFOVFBOEPQFSBUJOH JODPNFHSPXUIBIFBEPGPVSFYQFDUBUJPOTJOGJSTUIBMG

3FDPSEQSPEVDUJPOSBUFPGEFMJWFSJFTPG$'.FOHJOFT VQWFSTVTGJSTUIBMG BOEUIFSBNQVQPGOFYU HFOFSBUJPOFOHJOF5IF-&"1PQFOUIFEPPSGPSTUSPOHIJHIMZ QSPGJUBCMFBGUFSTBMFTJODPNJOHZFBST8FCFMJFWF4BGSBOhT TIBSFTBSFVOEFSWBMVFE BOEXFSBOLUIFDPNQBOZBTPOF PG UIF NPTU BUUSBDUJWF JOWFTUNFOU PQQPSUVOJUJFT JO UIF

&VSPQFBO BFSPTQBDF TFHNFOU 8FhSF OPU NBLJOH BOZ DIBOHFTUPPVSXJEFNPBUSBUJOH

4BGSBOhTBEKVTUFESFWFOVFXBTVQZFBSPWFSZFBS 

PSHBOJD  BT TUSPOH NPNFOUVN JO BFSPTQBDF TFSWJDFT OPUBCMZDJWJMBGUFSNBSLFUVQJO64EPMMBSUFSNTBOE JOTFDVSJUZ VQZFBSPWFSZFBSPOBOPSHBOJDCBTJT NPSFUIBOPGGTFUMPXFSIFMJDPQUFSUVSCJOFTBMFT QSJODJQBMMZ BUDVTUPNFSTJOUIFPJMBOEHBTTFDUPS BMPOHXJUIEFGFODF SFWFOVFEFDMJOFTESJWFOCZMPXFSTBMFTPGTJHIUJOHTZTUFNT BOEUIFFOEPGUIFDPOUSJCVUJPOPGUIF'&-*/1SPHSBNNF

5IFGJSNTSFDVSSJOHPQFSBUJOHJODPNFXBTVQZFBS PWFSZFBS XJUINBSHJOTFYQBOEJOHCBTJTQPJOUT PXJOH UPIJHINBSHJOBGUFSNBSLFUBDUJWJUJFTHSPXUI

.PNFOUVNGPS5IF-&"1DPOUJOVFT XJUIUPUBMGJSNPSEFS BOEDPNNJUNFOUTPGNPSFUIBO FOHJOFTBTPGUIF FOEPGUIF'BSOCPSPVHIBJSTIPX5IFGJSTU"JSCVT"OFP FRVJQQFEXJUI-&"1"XBTEFMJWFSFEPO+VMZUP1FHBTVT

"JSMJOF BOEFOHJOFTJOUPUBMøXFSFEFMJWFSFEJOTFDPOE

RVBSUFS4BGSBOJTSBNQJOHVQQSPEVDUJPO XJUIUXP OFXBTTFNCMZMJOFTEFEJDBUFEUP5IF-&"1JO'SBODFBOEB UIJSEQSPEVDUJPOQMBOUJO.FYJDP

5IF GJSN JT JO UIF TXFFU TQPU PG UIF BGUFSNBSLFU DZDMF CFOFGJUJOHGSPNBDDFMFSBUJPOJOUIFOVNCFSPGPWFSIBVMTPG JUTJOTUBMMFECBTFPGDMPTFUP $'.FOHJOFT ESJWJOH EFNBOEGPSIJHINBSHJOTQBSFT5IBUTBJE XFTFFTIPSU

UFSNNBSHJOEJMVUJPOFGGFDUTGSPNNJYDIBOHFTBTQSPEVDUJPO PGUIF-&"1FOHJOFSBNQTVQXIJMFUIFNBUVSFBOEQSPGJUBCMF

$'.QSPHSBNNFSBNQTEPXO.BSHJOTXJMMJODSFBTFPOMZ

CBTJTQPJOUTJO PXJOHUPMBVODIQSJDJOHBOETUBSUVQ DPTUTPGTFSJFT-&"1QSPEVDUJPO#FZPOE XFNPEFM OFUNBSHJOFYQBOTJPOBTNBOBHFNFOUJODSFBTFTJUTGPDVT PO PQFSBUJPOBM FGGJDJFODZ BOE PQFSBUJPOBM MFWFSBHF BT B SFTVMUPG$'.BOE-&"1WPMVNFHSPXUIBOEIJHINBSHJO BGUFSTBMFT TFSWJDFT 8F GPSFDBTU BEKVTUFE PQFSBUJOH NBSHJOTPG QSFWJPVTMZJO FYQBOEJOHUP

 QSFWJPVTMZGPS

8IBUUP8BUDIGPSBUUIF'BSOCPSPVHI"JSTIPX+VM



8FSFBUUFOEJOHUIF'BSOCPSPVHI*OUFSOBUJPOBM"JSTIPXJO

&OHMBOEOFYUXFFL8FFYQFDUQPUFOUJBMOFXTPO#PFJOHT NVDIEJTDVTTFENJEEMFPGUIFNBSLFUQMBOF NPSFDIBUUFS BSPVOE B 9  B QPTTJCMF "JSCVT " MBVODI EFDJTJPO  GFX NBKPS PSEFS BOOPVODFNFOUT  BOE B TUSPOH GPDVTPOQSPEVDUJPOSBUFJODSFBTFT

#PFJOHSFDFOUMZSFWFBMFENPSFEFUBJMTBCPVUJUTNJENBSLFU QMBOF XIJDIXFUIJOLNBZCFMBVODIFEBU'BSOCPSPVHI5IF OFXKFUXPVMESFTQPOEUPUISFBUTGSPNUIF"JSCVT"OFP BOETJUCFUXFFOUIF."9BOEUIF8FUIJOL FOUSZJOUPTFSWJDFXJMMCFBSPVOE8FSFTLFQUJDBMPG UIFNBSLFUGPSUIJTKFU UIPVHI OPUJOHUIBUUIFJOTUBMMFECBTF PGTBOETTUBOETBUBCPVU  XIJDIFWFOXJUI BEEJUJPOBMEFNBOEEPFTOUTFFNUPPGGFSFOPVHITBMFT"O BMMOFX NJENBSLFU QSPHSBN XPVME XFJHI PO #PFJOHT TIBSFTBOEQSPNQUVTUPSFWJTJUPVSGBJSWBMVFFTUJNBUF

3VNPSTPGB9EFSJWBUJWFBSFMJLFMZUPDPOUJOVFBUUIF TIPX CVUXFEPOUFYQFDUBQSPEVDUMBVODI5IFNBSLFUGPS B MBSHFS WFSTJPO PG UIF OFX 9 TFSJFT MPPLT TNBMM

1BHFPG

(11)

ª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

"OBMZTU/PUFT

DPOTJEFSJOHUIBU.JEEMF&BTUFSOBJSMJOFTBMSFBEZBDDPVOUGPS PWFSPGUIFPSEFSTGPSUIFBOEWBSJBOUT"JSCVT DPVMEBOOPVODFBO"UPDPNQFUFXJUIUIF9

'JOBMMZ XFBOUJDJQBUFMPUTPGEJTDVTTJPOPGUIFQSPEVDUJPO SBNQVQDIBMMFOHFGPSBJSDSBGUBOEFOHJOFNBOVGBDUVSFST BT XFMM BT UIFJS TVQQMJFST "VUPNBUJPO BOE FGGJDJFODZ JNQSPWFNFOUTSFNBJOBIPUUPQJD.PSFPWFS BMMUIFTFOFX BJSDSBGUNBZMFBEUPPQQPSUVOJUJFTBSPVOEUIFiDPOOFDUFE BJSDSBGU wBOEXFFYQFDUDPNQBOJFTUPIJHIMJHIUUIFHSPXUI QPUFOUJBMJOUIJTNBSLFU

0SEFSGMPXXJMMCFTMPX)PXFWFS &NJSBUFTNBZCFJOUIF NBSLFUGPSTPS"T BOE#PFJOHNBZDPOWFSUTPNF

 PQUJPOT 4JOHMFBJTMF PSEFST BSF FYQFDUFE  CVU XF CFMJFWF UIFTF BOOPVODFNFOUT XPOU NPWF TIBSF QSJDFT CFDBVTFPGBMSFBEZNBTTJWFCBDLMPHT*GQBOJDPWFSUIFDZDMF TFUTJO UIJTDPVMECFBOFOUSZQPJOUGPSMPOHFSUFSNJOWFTUPST UPQJDLVQTPNFRVBMJUZOBNFT

1BHFPG

(12)

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 

&63.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

(13)

ª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

    

3FWFOVF          

$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         

*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 &63.JM

'JTDBM:FBS&OETJO%FDFNCFS 'PSFDBTU

1BHFPG

(14)

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  &63.JM

'JTDBM:FBS&OETJO%FDFNCFS 'PSFDBTU

1BHFPG

(15)

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  &63.JM

'JTDBM:FBS&OETJO%FDFNCFS 'PSFDBTU

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

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

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU