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A;8 65 MB>B ?>:070B5;L ?@52KH05B 0,8, B> ?5@54 10=:>< AB>8B A5@L57=0O ?@>1;5<0 ;8:284=>AB8 10;0=A0. 1I0O :@548B=0O 0:B82=>ABL = (!AC4K + 2K40==K5 ) / A53> 0:B82>2 =25AB8F8>==0O 0:B82=>ABL. 0==K9 ?>:070B5;L E0@0:B5@87C5B ?>;8B8:C 10=:0 2 >1;0AB8 8=25AB8@>20=8O A@54AB2 2 F5==K5 1C<038 8 C?@02;5=8O ?@54?@8OB8O<8. =25AB8F8>==0O 0:B82=>ABL = (&5==K5 1C<038 + CG0AB85) / A53> 0:B82>2 >MDD8F85=B 8A?>;L7>20=8O ?@82;5G5==KE A@54AB2 ?@54=07=0G5= 4;O >F5=:8 >ACI5AB2;O5<>9 10=:>< ?>;8B8:8 2 >1;0AB8 C?@02;5=8O ?0AA82=K<8 >?5@0F8O<8. = ?>:07K205B, :0:0O G0ABL ?@82;5G5==KE A@54AB2 =0?@02;5=0 2 :@548BK. A;8 7=0G5=85 :>MDD8F85=B0 ?@52KH05B 0,8, B> MB> <>65B A2845B5;LAB2>20BL > @8A:>20==>9 (03@5AA82=>9) ?>;8B8:5 10=:0. >MDD8F85=B 8A?>;L7>20=8O ?@82;5G5==KE A@54AB2 = (!AC4K + ) / @82;5G5==K5 A@54AB20 >MDD8F85=B @5D8=0=A8@>20=8O E0@0:B5@87C5B AB5?5=L 8A?>;L7>20=8O =081>;55 4>@>3>9 A>AB02;ONI59 10=:>2A:8E @5AC@A>2 - :@548B>2, ?>;CG5==KE 87 4@C38E 10=:>2 (<5610=:>2A:85 709<K). 5:><5=4C5<>5 7=0G5=85 40==>3> :>MDD8F85=B0 - 1. !=865=85 7=0G5=8O :>MDD8F85=B0 A2845B5;LAB2C5B >1 C25;8G5=88 :>;8G5AB20 <5=55 4>@>38E @5AC@A>2, @07<5I05<KE 10=:>< 2 2KA>:>4>E>4=KE >?5@0F8OE - <5610=:>2A:8E :@548B0E. >MDD8F85=B @5D8=0=A8@>20=8O = 5610=:>2A:85 709<K / 5610=:>2A:85 :@548BK >MDD8F85=B @07<5I5=8O A@54AB2. '5< =865 7=0G5=85 MB>3> ?>:070B5;O, B5< 2KH5 >F5=8205BAO AB018;L=>ABL 45OB5;L=>AB8 10=:0. >MDD8F85=B @07<5I5=8O A@54AB2 = @82;5G5==K5 A@54AB20 / :B82K, ?@8=>AOI85 4>E>4 >MDD8F85=B 4>ABC?=>AB8 10=:0 : 2=5H=8< 8AB>G=8:0< D8=0=A8@>20=8O. @54=07=0G5= 4;O >F5=:8 4>ABC?0 10=:0 : <5610=:>2A:><C A5:B>@C 45=56=>3> @K=:0. A;8 4>;O 2=5H=8E 708<AB2>20=89 2 >1J5<5 2A5E ?@82;5G5==KE @5AC@A>2 1>;55 40%, B> MB> A2845B5;LAB2C5B > =5AB018;L=>9 @01>B5 10=:0 8 A=865=88 53> ;8:284=>AB8. A;8 :>MDD8F85=B <5=55 0,2, MB> C:07K205B =0 =5:>B>@>5 =54>25@85 : 10=:C A> AB>@>=K 4@C38E :><<5@G5A:8E 10=:>2. >MDD8F85=B 4>ABC?=>AB8 10=:0 : 2=5H=8< 8AB>G=8:0< D8=0=A8@>20=8O = 5610=:>2A:85 709<K / @82;5G5==K5 A@54AB20 >MDD8F85=B 455A?>A>1=>AB8 O2;O5BAO ?@>3=>7=K< 8=AB@C<5=B>< 4;O >F5=:8 AB018;L=>9 45OB5;L=>AB8 10=:0. ;O 687=5A?>A>1=>AB8 10=:0 =5>1E>48<>, GB>1K C1KB:8 >B >?5@0F89 8 8=25AB8F89 ?>:@K20;8AL 70 AG5B 4>E>4>2 >B >?5@0F89. 5:><5=4C5<>5 7=0G5=85 MB>3> :>MDD8F85=B0 =5 4>;6=> ?@52KH0BL 0,95, B> 5ABL 4>;O >?5@0F8>==KE @0AE>4>2 2 >?5@0F8>==KE 4>E>40E 4>;6=0 1KBL =5 1>;55 95%. 8=8<0;L=>5 7=0G5=85 - 0. 0:A8<0;L=>5 7=0G5=85 - 0,95. >MDD8F85=B 455A?>A>1=>AB8 = 0AE>4K 10=:0 / >E>4K 10=:0 >MDD8F85=BK 4;O >F5=:8 ?@81K;L=>AB8 (4>E>4=>AB8) (E - earnings) >MDD8F85=B ?@81K;L=>AB8 E1 ?@54=07=0G5= 4;O >?@545;5=8O C@>2=O @5=B015;L=>AB8 2A5E 0:B82>2. = 8A?>;L7C5BAO ?@8 A@02=5=88 ?@81K;L=>AB8 @07;8G=KE 10=:>2. !@54=55 7=0G5=85 MB>3> :>MDD8F85=B0 - 3 - 5%. & & & & E1 = @81K;L / :B82K >MDD8F85=B ?@81K;L=>AB8 2 ?@54=07=0G5= 4;O >F5=:8 =>@<K ?@81K;8 =0 CAB02=K9 D>=4, B> 5ABL >?@545;5=8O MDD5:B82=>AB8 8A?>;L7>20=8O A@54AB2 A>1AB25==8:>2. 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