A Guide to Fixed Income Analysis

Citation preview

A Guide Guide to to A Fixed Income Income Fixed Analysis Analysis Andrew R. Young

!"#$%&'(")*'(+,./01,"*$"203,1 4(5$6,"!('+-707

!(1%,8"9:";$/(& This chapter is an excerpt from A Morgan Stanley Guide to Fixed Income Analysis by Andrew R. Young, ©2003 Morgan Stanley & Co. Incorporated.

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

@$1.A7-13A/B,('$(%.)*20*&'-4)%#$%-0(%-)4)$$'*#+1%#-/#4'(#8)%02%23(3*)%*)$3+($6%://#(#0-'+ #-20*&'(#0-%#$%'8'#+',+)%0-%*)?3)$(6

=6,6 >/*/%,"A'+/,"07 IK$8"6/5="80++"4 %,5,0A,"0("*=,">/*/%, >$%"'">03,1 0(A,7*6,(*"*$1'-LJ '$(%.)*20*&'-4)%#$%-0(%-)4)$$'*#+1%#-/#4'(#8)%02%23(3*)%*)$3+($6%://#(#0-'+ #-20*&'(#0-%#$%'8'#+',+)%0-%*)?3)$(6

3%+B%6$)1@$,(*,%"703"6$(*=7 '(1"SDDO:TQ"'>*,% $(,"-,'%"M*=,"SDOQ ,'%(7"QPN

*06, .0A,("'( 0(A,7*6,(*"*,%6@ 7/55,770A,"10A070$(7 $>"*=,"5$6B$/(10(& >%,U/,(5-"6'W, +,77"'(1"+,77 10>>,%,(5,

!")% 5*)'()*% (")% (#&)% 3-(#+% &'(3*#(1M (")% 5*)'()*% (")% /#22)*)-4) 40&.03-/#-5% &'F)$6% W0*% )U'&.+)M 08)*% 0-)% 1)'*M (")% 40-(#-303$ #-()*.*)('(#0-% '//$% 0-+1% lC6aB% 08)*% (")% '--3'+% #-()*.*)('(#0-m% 08)*% ]C 1)'*$M #(%'//$%l]B6ch6 :+("035"% &0*)% 2*)?3)-(% 40&.03-/#-5% #-4*)'$)$% *)(3*-M #(% &'F)$% +)$$ #-4*)&)-('+% /#22)*)-4)% '$% (")% 40&.03-/#-5% /#8#$#0-$% 5)(% 2#-)*6% W0* )U'&.+)M 08)*%]C%1)'*$M (")%?3'*()*+1%#-()*.*)('(#0-%02%'%]Cn%*'()%=03+/ .*0/34)% l_6]c% &0*)% ("'-% (")% '--3'+% #-()*.*)('(#0-m% (")% 40-(#-303$ #-()*.*)('(#0-%0-+1%'//$%'-0(")*%lD6DB6

a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

('&9&+%:@#70&

8=,%, # 07"B'%"MDOOPN " 07"-0,+1"MYPN ! 07"*=, 5$6B$/(10(& >%,U/,(5-"MTN $ 07"*=,"(/6?,%"$> 5$6B$/(10(& B,%0$17"MTON

^ !"#$%&'()*#'+%"'$%,))-%.*).'*)/%$0+)+1%20*%#-20*&'(#0-%.3*.0$)$%'-/%#$%-0(%'-%022)*%(0%,31%0*%$)++%0*%'%$0+#4#('(#0-%02%'-%022)*%(0%,31%0*%$)++%'-1%$)43*#(1%0*%#-$(*3&)-(%0*%(0 .'*(#4#.'()% #-% '-1% .'*(#43+'*% (*'/#-5% $(*'()516% 7(% #$% ,'$)/% 0-% 0*% /)*#8)/% 2*0&% #-20*&'(#0-% 5)-)*'++1% '8'#+',+)% (0% (")% .3,+#4% 2*0&% $03*4)$% ,)+#)8)/% (0% ,)% *)+#',+)6% 90 *).*)$)-('(#0-%#$%&'/)%("'(%#-20*&'(#0-%0*%20*&3+')%#-4+3/)/%")*)#-%'*)%'443*'()%0*%40&.+)()%0*%("'(%'-1%*)$3+($%0,('#-)/%(")*)2*0&%'*)%#-/#4'(#8)%02%'4(3'+%.*#4)$%0*%*)(3*-$6 :++%.*#4#-5%'-/%0(")*%/'('%")*)#-%'*)%/)*#8)/%2*0&%;0*5'-%"-,'%7 /(*0+"6'*/%0*-

Q1&7H:E;12&+:('18&G

('18&:E;12&+:Q1&7HG 6 ! .$ # !" & /% "

$

% 0 : 6 ! $ / 12345 + " + # , %2 /" 78293 &% 2 /. 21

54#D$7&M :% ]CP1)'*% g6+$87 4*"7*'*,7"*='*"$A,%"' 801,"%'(&,"$> 0(*,%,7*"%'*,7@"*=, +,(&*="$>"*06,"0* *'W,7"6$(,-"*$ 1$/?+,"07 'BB%$306'*,+-

>0 >% ????? ???????? !@:: "'"DOF -,'%"X,%$"'*"YP MQO:T\PN ] N0%-0(%40-23$)%(")%L3+)%02%^B%=#("%(")%;>,5*7@"'(1 5$6B,(7'*0$(">$% '55,B*0(&"'110*0$('+ %07W"$%"0++0U/010*-

:-0(")*% 4'3$)% 02% '% 4"'-5)% #-% 1#)+/$% #$% '% 4"'-5)%#-% p*)'+q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

Q-,7+/,7$*1I$% '"DOF?'707FB$0(* MO:DOPN"5='(&,"0( -0,+1"07"%$/&=+-"DO *06,7"'7"?0&"'7"*=, B%05,"5='(&,">$%"' $(,F?'707FB$0(* MO:ODPN"5='(&,"0( -0,+1 "*'$)/% /#22)*)-(+1M =")-% 1#)+/$% *#$)M '-% #-8)$(0*% =03+/% -))/% (0% #-8)$( +)$$%(0%.*0/34)%'%2#U)/%23(3*)%8'+3)6

2$%"6$7*">03,1F 0(5$6,"7,5/%0*0,7@ B%05,7"1,5+0(,"'7 -0,+17"%07,

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

W0*%'%G)*0P403.0-%,0-/Y 6

34*5+ *

7%4&8*9$79''&4

! .$ #!) & /% "

6$ ,3 53 / *, * $ )! 4 , ,. ! 5. .$ #! ) & /% " " /94(:;&''(5. #

$

E$% ?$(17"80*="($ ,6?,11,1"$B*0$(7N >,%,(5,"?,*8,,( *=,"+0(,'%",7*06'*, '(1"*=,"'5*/'+"B%05, eb"c='*"='BB,(7"*$ 1$++'%"1/%'*0$("'7 -0,+17"5='(&,L

]^ !"#$%&'()*#'+%"'$%,))-%.*).'*)/%$0+)+1%20*%#-20*&'(#0-%.3*.0$)$%'-/%#$%-0(%'-%022)*%(0%,31%0*%$)++%0*%'%$0+#4#('(#0-%02%'-%022)*%(0%,31%0*%$)++%'-1%$)43*#(1%0*%#-$(*3&)-(%0*%(0 .'*(#4#.'()% #-% '-1% .'*(#43+'*% (*'/#-5% $(*'()516% 7(% #$% ,'$)/% 0-% 0*% /)*#8)/% 2*0&% #-20*&'(#0-% 5)-)*'++1% '8'#+',+)% (0% (")% .3,+#4% 2*0&% $03*4)$% ,)+#)8)/% (0% ,)% *)+#',+)6% 90 *).*)$)-('(#0-%#$%&'/)%("'(%#-20*&'(#0-%0*%20*&3+')%#-4+3/)/%")*)#-%'*)%'443*'()%0*%40&.+)()%0*%("'(%'-1%*)$3+($%0,('#-)/%(")*)2*0&%'*)%#-/#4'(#8)%02%'4(3'+%.*#4)$%0*%*)(3*-$6 :++%.*#4#-5%'-/%0(")*%/'('%")*)#-%'*)%/)*#8)/%2*0&%;0*5'-%>,%,(5, ?,*8,,("*=,"'5*/'+ B%05,"'(1"*=,"B%05, ,7*06'*,"$?*'0(,1 /70(&"1/%'*0$( `$(5'++'?+,"?$(17 ='A,"B$70*0A, 5$(A,30*-R"*=, '5*/'+"B%05,"07 '+8'-7"=0&=,%"*='( *=,"1/%'*0$(F?'7,1 ,7*06'*, %$6"5$(A,30*-

Price (%) 30

Value from Convexity (Yields Down 250 bp) 25

eDb"c='*"07"*=, 7+$B,"$>"*=,"1$**,1 ,7*06'*$%"+0(,">$% *=,"fOF-,'%"A7:"*=, DOF-,'%"X,%$F 5$/B$("?$(1L

20

15

10

Actual Price

5

Estimated Price

0 4

5

6

7

8

9

Yield (%)

DOF;,'%

fOF;,'%

F$6G"

0'()8H

&)(81H

4.=I"J=KJLD:65-:=$JM6+"

NJ?(;8

E

B=..-$JB,$-:6=+

?;8H

E

B,$-:6=+

1(88

E

B=..-$JC=+#"O6:/

?1)8H

E

C=+#"O6:/

1;(')

E

10

eTb"c='*"'%,"*=, 1$++'%"5$(A,30*'(1"5$(A,30*-"$> *=,"fOF-,'%"g:):

*=,"DOF-,'%"X,%$F 5$/B$("?$(1L

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

5! +F 7

'$(%.)*20*&'-4)%#$%-0(%-)4)$$'*#+1%#-/#4'(#8)%02%23(3*)%*)$3+($6%://#(#0-'+ #-20*&'(#0-%#$%'8'#+',+)%0-%*)?3)$(6

3A/B,('$(%.)*20*&'-4)%#$%-0(%-)4)$$'*#+1%#-/#4'(#8)%02%23(3*)%*)$3+($6%://#(#0-'+ #-20*&'(#0-%#$%'8'#+',+)%0-%*)?3)$(6

!"#$%&'()

!*+$*,(-*,./ This chapter is an excerpt from A Morgan Stanley Guide to Fixed Income Analysis by Andrew R. Young, ©2003 Morgan Stanley & Co. Incorporated.

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

6575#$-,)'1-8#90":#7+-1;+1-, !"#"$%&'()*&+$,-$.*'$/01'23'& 456$7874 0"&(0'&#/+'1(2*,. 3/(%"&(4*/%(5*44*, %1$&(*6(5*+$*, 2*,. 7(89:9(0'&#/+'1 2*,.($#1/(3,%&'&/% /&43;#,,+#(0*-+!-06-& +5&*'0.'5'+5&*'$-'9C0(C'5'E*-*)0('($%;$-'#$-+'90&C'&C*'.53*'35&%)0&G'5-+ ($-7*-&0$-.'9$%6+';5G'5'($%;$-K'#%&'$-'9C0(C'&C*'.;*(0A0('#$-+'+$*.'-$&';5G'5'($%;$-M

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

1"-./05J$&.

,77,00.%&

L@>/;;C5:@@>.A5$%5;/@&5A/C5$I5.B.0C5F$%&'5$05$%5&'.5%.M& I$;;$G:%N5O>@:%.@@5A/CE5S0:$05&$5,77,Q5&'.0.5G.0. @:F:;/05F/&>0:&:.@

,)"-./05J$&.

,76300.%&

D0/A:&:$%/;;C5:@@>.A5$%5,1&'5$I5P.O0>/0CQ5#/CQ5R>N>@&Q /%A5J$B.FO.0E5:%5,77!Q5.M&.%A.A5&$5:%T;>A.5U>;C5/%A VT&$O.05,15:@@>.@

8)"-./059$%A

,76300.%&

L@>/;;C5:@@>.A5P.O0>/0CQ5#/CQ5R>N>@&Q5/%A5J$B.FO.0 ,1E5#/C5/%A5J$B.FO.05:@@>/%T.5G/@5T>&5:%5,778Q5O>& J$B.FO.05G/@50.:%@&/&.A5:%5,77! fU

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g M^4O',.6,=*+&/'+%*+'+%&',//8&',/'+;*6,.?'-.'*'=:8)&0++98* F*/,/'*.6 %*/'*.'-;,?,.*)'/&++)&G&.+'6*+&'+%*+',/')*+&;'+%*.'+%&'.&N+'F8/,.&// 6*.-2.L'*.6'+;*6&/'*;&'6-.& -.'*'914:,.9410()H'4.'*)) +%&' -+%&;' *8=+,-./L' +%&' %,?%&/+' F,66&;/' 2,.' *.6' F8(;;./H'4+',/'6,;&=+)?(@+AB g B-;'+%;&&';&*/-./L'+%&'6,/=-8.+'&+' C*)8&L' -A' +%& ,.C&/+G&.+H' 3&=-.6L' +%&' ?(@+AB 3800-/&''$(%.)*20*&'-4)%#$%-0(%-)4)$$'*#+1%#-/#4'(#8)%02%23(3*)%*)$3+($6%://#(#0-'+ #-20*&'(#0-%#$%'8'#+',+)%0-%*)?3)$(6

I)31&"@#$-,)'1-&,'#0"#+%,#H&++,6#(1-7, %&'&()*$+,-*.(@*5A$,(7*"8()-$,3+.9(:-1$(;>?(@+AB 9(=,%%&.I5/'0& #7#-32,2(5#7 ,.&7%,=3(A;7.2(K,%" 5"&#$&'(;'(',5"&' 5#2"(=-;K2(=;' ,70&2%:&7% $/'$;2&2 ];K&0&'1(#(=,%%&.I 5/'0&(#7#-32,2 $';0,.&2(-,:,%&. ,72,B"%(,7%;(2";'%I %&':(%'#.,7B $"&7;:&7#a((5"&#$ A;7.2(5#7(5"&#$&71 #7.(',5"(A;7.2(5#7 ',5"&7 97;%"&'($"#2&(;= %"&(#7#-32,2(K;/-. A&(#(5;:$#',2;7(;= ',5"7&22(;' 5"&#$7&22(%; ",2%;',5#-(-&0&-2

$%,/' ?;*0%' 6&0,=+/' 2%*+' %*00&./' 2%&.' 2&' /8F+;*=+' A,++&6' +&"@#)#H&++,6#J,-0#(1-7, A(0"+&"1,6B R3S+1A$3 W*+%&G*+,=*))? /"-0"1 F+#-*5#. @*T463

)*+3$(Q+#$N(?T;? I;13T/-,50 '5W$TQ-* )5AU; )5AU=

@*T463( )5AV= )5AV;

JUHUIURK ["DfD!y1"

fUUU "HUU

"Z THUI!

"! ZH[!T

"UDP"[ ZH["Z

D" DI ZHfZR ZH![R

fHZUU

U!m"Zm[!

"UDP"[ ZH["Z

ZHf!Z

U!mI"m[!

[[PD[Z ZH[RU

JUHUD[fK ["DfD!:Z[

"!!ZR "HUT

DZn THUTI

D!n THUUI

[[PD[n ZH[RI

I"n "n ZHffR ZHfDR

ZHZUU

U!mI"m[!

[[P"!" ZH[If

JUHUD[[K ["DfD!bIU

"UZUT "HUT

"I THUTD

"Z THUUD

[[P"! ZH[RD

"[ D" ZHffD ZHfDD

fHTDZ

Ufm"Zm[!

"UDPD!T JUHUDfDK ZH[Tf ["DfD!zh[

[IZf "HUf

DR THU!R

DT THU"f

"UDPDf ZH[T"

IU "UI ZH[UZ ZHfR[

THZUU

Ufm"Zm[!

"UUP"!" JUHUDf!K ZH[[! ["DfD!x!U

"!U"U "HU[

"I TH""T

"Z THUZf

"UUP"! THUU"

"[ D" ZH[RR ZHffT

ZHTDZ

UfmI"m[!

[[P"!n THUDU

JUHUD![K ["DfD!b!"

"UZff "H"R

"In TH"ID

"Zn THU!T

[[P"!n THUDU

"[n D"n ZH[TR ZH[U[

THUUU

UfmI"m[!

[[PIUI THUIT

JUHUD!fK ["DfD!:["

"!![R "H"R

DTn TH"RR

Dfn THUff

[[PIUn THUII

Un Dn ZH[!! ZH[D"

ZHZUU

U[mIUm[!

[[P""" THUIT

JUHUDTDK ["DfD!b[!

"UZ"R "HDI

! TH"RR

[ THU[D

[[P"" THUI[

"I "Z ZH[f! ZH[IZ

ZH!ZU

U[mIUm[!

[[PDU THUZR

JUHUDT"K ["DfD!zII

"!!ZD "HDD

"T TH"Z[

"f TH"UT

[[PDU THUZR

DD DR THUUD ZH[ZU

fH!ZU

"Um"Zm[!

"UIP"UI JUHUDR!K THUR! ["DfD!yw"

fZUI "HDZ

Tn TH"RD

fn "UIP"Un "Dn "Rn THU[I THURR ZH[[R ZH[RZ

ZH!ZU

"UmI"m[!

[[P"[n THUZU

JUHUDRTK ["DfD!9R!

"U!ZI "HI"

"Zn TH"Rf

"!n THU[[

[[P"[n THUZU

D"n DIn THUUU ZH[Z"

ZHTDZ

"UmI"m[!

[[P"II THU!Z

JUHUDRTK ["DfD!zZf

"HI"

[n TH"!"

""n TH"D"

[[P"In THU!D

"Zn "!n THUDI ZH[!R

!HI!Z

""m"Zm[!

"U"P"[n JUHUDITK TH"If ["DfD!(![

"!"Zf "HIR

"Zn THDII

"!n "U"P"[n D"n DIn TH"fT TH"If THU[" THURR

""m"Zm[!

"UIP"[T JUHUDIDK TH"UR ["DfD!zY[

[fUU "HII

"T TH"[D

"f TH"RZ

"UIPDU THU[[

DD DR THUZD THUUT

""mIUm[!

[[PDTn TH"DI

JUHUDIDK ["DfD!9ff

"U!ZU "HI[

DDn THD"T

DRn TH"!U

[[PDTn TH"DI

Dfn IUn THU!! THUI"

ZHI!Z

""mIUm[!

[fPIUT TH"RD

JUHUDIIK ["DfD!z[U

"fDZU "HI[

D! THDIU

D[ TH"fI

[fPI" TH"IT

" I THUf[ THURI

ZHDZU

"DmI"m[!

[fPDI TH"ZU

JUHUDDDK ["DfD!^ID

"fDZR "HRR

"[ THDI[

D" TH"[Z

[fPDI TH"ZU

DZ D! TH"UT THUTD

1'' 1''''''

1'''' 1''' fHf!Z 1''''' THUUU 1''' B']

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

?5:5#$-,)'1-9#M0+,'#)"6#=0"6' AKOP#/,)-'B '$##6$8$1#(Q+#$N(?T;?T>? /"-0"1 F+#-*5#. @*T463 B uDr(u

)*+3$(Q+#$N(?T;? I;13T/-,50 '5W$TQ-* )5AU; )5AU=

@*T463( )5AV= )5AV;

JUHU"fIK ["DfD!vZT

"f!!! "H!T

Zn THIZD

!n THI"Z

[[PU[n THD![

""n "In THDRD THDUT

ZHf!Z

URmIUm[f

[[PU[D THDfI

B1'''' uIr(u THI!Z

UZm"Zm[[

[[PDDD THRf[

JUHU"D"K ["DfD!v!D

"[U"" DHT!

"Rn THZfI

"fn THZIR

[[PDDn THRfT

DTn IUn THRIf THI[U

ZHUUU

UDm"Zm[[

[TP"T THRT"

JUHU"IRK ["DfD!^!I

DHRT

f THZTf

"D THZ"Z

[TP"T THRT"

DU DR THRUf THIZZ

!HUUU

URm"Zm[[

"U"PU[I JUHU"DIK THRfI ["DfD!hf"

[!ZU DHZ!

"n THZfU

Zn "U"PU[n "In "!n THZIU THRf" THRID THIfI

THZUU

URmIUm[[

"UUPUUn JUHU"DDK THR[U ["DfD!5TI

""UUR DHTD

DRn THZf!

Dfn "UUPUUn Rn fn THZIf THR[U THRR" THI[D

[H"DZ

UZm"Zm[[

"UTPDR THZ"T

JUHU""TK ["DfD!vY!

"UUIU DHZ[

"T THTU[

DU THZTI

TH!ZU

UZmI"m[[

"UUP"[D JUHU""fK THZ"[ ["DfD!xD"

""UUU DH!U

""n THT"U

"Zn "UUP"[n DIn D!n THZTI THZ"T THRTf THRD"

TH!ZU

UTmIUm[[

"UUP"[T JUHU""TK THZDU ["DfD!xR!

""UUU DHT[

"D THT"U

"T THZTR

"UUPDU THZ"f

DR Df THR!" THRDZ

THI!Z

U!m"Zm[[

JUHU""ZK ["DfD!B[f

[!ZU DH!Z

"D THTUI

"T THZZ!

[[PDU THZ""

DR Df THRTZ THR"[

THf!Z

U!mI"m[[

"UUPDfZ JUHU""DK THZRf ["DfD!xTD

""U"R DH!!

DUn THTRU

DRn "UUPDfn Un Rn THZ[R THZR[ THZUR THRTU

fHUUU

Ufm"Zm[[

"URPUUn JUHU"U[K THZZf ["DfD!v^!

"U"TI DH!!

DRn THTRT

Dfn "URPUUn Rn fn THTUD THZZf THZ"Z THR!"

THf!Z

UfmI"m[[

"UUPD! THZ!D

JUHU""UK ["DfD!(DU

""U"D DHfZ

"[ THTTU

DI THT"T

"UUPD! THZ!D

I" I THZDf THRfR

!H"DZ

U[mIUm[[

"U"P"[T JUHU"U!K THZT" ["DfD!(RT

""UU[ DH[I

"D THTRR

"T THTU"

"U"PDU THZZ[

DR Df THZ"T THR!I

JUHU"UfK ["DfD!9D"

[!ZR IHU"

T THT"T

"U THZ!I

[fP"R THZIU

"f DD THRf! THRRR

"UmI"m[[

"UDPDUT JUHU"URK THTUU ["DfD!(T"

""U"[ IHUU

"I THTf"

"! THTI[

"UDPD" THZ[f

DZ D[ THZZT THZ"Z

!Hf!Z

""m"Zm[[

"UIPDZT JUHU"UDK THZ[[ ["DfD!rhT

"U!!" IHUD

"f THT!f

DD THTI!

"UIPDT THZ[T

IU D THZZT THZ"Z

!H!ZU

""mIUm[[

"UIP"RT JUHU"U"K THTUI ["DfD!3D[

""UUU IHU!

! THTfD

"" THTR"

"UIP"Z THTU"

"[ DI THZTU THZDU

B'

1'

1' 1'''''

THUUU

"Um"Zm[[

1'''' !HZUU

[[PDU THZ""

[fP"R THZIU

"UTPDR THZ"T

Df "U! THR!U THRDR

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

?5:5#$-,)'1-9#M0+,'#)"6#=0"6' AKOP#/,)-'B#A(0"+&"1,6B '$##6$8$1#(Q+#$N(?T;?T>? /"-0"1 F+#-*5#. @*T463

)*+3$(Q+#$N(?T;? I;13T/-,50 '5W$TQ-* )5AU; )5AU=

@*T463( )5AV= )5AV;

ZHTDZ

""mIUmUU

[ZPIUn JUHUUfZK THT[R ["DfD!^DR

ZHZUU

"DmI"mUU

[ZP"R THTff

ZHDZU

U"mI"mU"

[RP"Tn JUHUUfIK THTZI ["DfD!^TZ

RHUR

fn TH!"[

"Dn THTfT

!H!ZU

UDm"ZmU"

"URPURn JUHUU!fK THT[I ["DfD!yvI

""UUU IH[U

Dfn TH!ZT

Un "URPURn fn "Dn TH!DR THT[I THTTD THTI"

ZHTDZ

UDmDfmU"

[ZPDI TH!UI

JUHUUf"K ["DfD!vDI

RHU[

"Z TH!Tf

"[ TH!IT

[ZPDI TH!UI

D! I" THT!" THTI[

THI!Z

UImI"mU"

[fP"[T TH!"!

JUHUU!fK ["DfD!vR[

"DUUT RH"I

"D TH!!!

"T TH!RT

[fPDU TH!"Z

DR Df THTfI THTZD

THDZU

URmIUmU"

[fPUI TH!"Z

JUHUU!!K ["DfD!vTR

"Z RHD"

D! TH!!!

I" TH!RT

! TH!"Z

"" "Z THTfR THTZI

B' uZr(u

THZUU

UZmI"mU"

[[PUI TH!"!

JUHUU!TK ["DfD!rDD

"Z RHDf

D! TH!!f

I" TH!Rf

! TH!"!

"" "Z THTf! THTZ!

^4'B1] u^4u

TH!ZU

UTmIUmU"

"UUPUT TH!UZ

JUHUU!ZK ["DfD!rRf

"f RHID

IU TH!TZ

D TH!IZ

"U TH!UZ

"R "f THT!Z THTRT

ZHf!Z

""m"ZmUZ

[DPDII TH[R"

JUHUURfK ["DfD!zfD

"IZUU !HD"

"Zn TH[![

"[n TH[Z[

[DPDIn TH[RU

D!n I"n TH[D" TH[UD

THUUU

UDm"ZmDT

fTP"fn JUHUUDfK !HUf[ ["Df"Uh^R

"DHfD

"Un !H""D

"Rn !H"UU

fTP"fn !HUf[

DDn DTn !HU!! !HUTT

B1] B'

B' B1] B'

B1' uIUr(u

JUHUUfRK ["DfD!^RU

"DUUU IH[T

DDn TH!TD

DTn TH!Df

[ZPIUn THT[R

Dn Tn THTT" THTD!

"DfD" IH[R

T TH!ZZ

"U TH!DD

[ZP"R THTff

"f DD THTZZ THTD"

[RP"Tn THTZI

DU DR THTDU THZf!

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

%

;6*@-*=/E9'>=.

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

'#%&(&28/'+23&2% #'&(71&-(9+' %'#21#0%/+21(1&%%4/2: 4#%&'(%"#2('&:74#' 1&%%4&3&2% *+',#'-('#%&1(#'& ;&6(/2$7%1(/2%+(%"& 8#47#%/+2(+9( '2'34/@,'3/4,'G/8'>9'M'/(*9+'./-*'/26*' C-M6*-8>'/4,-3/C6*/.(64/.'44>'2'34L/@,'3/4,'G/.''P/>'M'*-1'L/6*/@,'3/4,' A"&(0+1%(+9 @-G/4,'/4*-3.-+4963/9./*'(6*4'=/@6)>=/8'/8'44'*/C6*/4,'9*/()*(6.'.J

9/2#20/2:(+' 5+''+,/2:(5+2-1 -&$&2-1(+2(%"& 1"+'%B%&'3('#%&>(+' !"#$%!&'"

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

$'/0&(9+'('&:74#' 1&%%4&3&2%>(%"&(%&'3 +9(%"&(9+',#'%'#21#0%/+2>(#2-(%"& '&$+('#%&

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

E/3$4&B/2%&'&1% 1&07'/%/&1(#'&($'/0&,/%"+7% 0+3$+72-/2:

!"#$%&'()"*+,%""-"./) 0!"#123

N3'/ '3494G/ .'>>./ .'+)*949'./ 63/ -/ 4'2(6*-*G/ 8-.9.L/@94,/-3/-1*''2'34/46/*'()*+,-.'/4,' .'+)*949'./-4/-/>-4'*/=-4'/-4/-/.('+9C9'=/(*9+'J I,'/ C6*@-*=/ (*9+'/ 9./ ='4'*293'=/ .)+,/ 4,-4 934'*'.4/9./'-*3'=/-4/4,'/2-*P'4:='4'*293'= *'(6/*-4'J

4$%15166(% 7"#1)8/)3

R)*6=6>>-*/='(6.94./-*'/=6>>-*:='36293-4'= ='(6.94./-++'(4'=/8G/8-3P./6)4.9='/4,'/SJDJ I,'.'/ ='(6.94./ *-31'/ 93/ 2-4)*94G/ C*62 6M'*391,4/ 46/ -./ >631/ -./ C9M'/ G'-*.J/ I,' 29392)2/='36293-4963/9./T!LUUULUUUL/-3= *-4'./ -*'/ ).)->>G/ H)64'=/ -./ -/ .(*'-=/ 46 VKBN&/5V63=63/K34'*:B-3P/NCC'*'=/&-4'7L 4,'/ ='(6.94/ *-4'/ 6CC'*'=/ -2631/ >'-=931 934'*3-4963->/8-3P.J

9"&$%8/8")*8.*:'"8% ;()/ '$(%.)*20*&'-4)%#$%-0(%-)4)$$'*#+1%#-/#4'(#8)%02%23(3*)%*)$3+($6%://#(#0-'+ #-20*&'(#0-%#$%'8'#+',+)%0-%*)?3)$(6

B&@*3,C!"+,-,'+#=,*0 +))$-8.,*>1*9O931/4,'/*'(6L 4,'/*'(6/9./.92(>G/-/>6-3L/*'(-9=/@94,/934'*'.4J/I,'/'W-+4/+6>>-4'*->/4,-4 @-./(6.4'=/93949->>G/9./*'4)*3'=/-4/-"!.L/4,'/2-4)*94G/6C/4,'/-1*''2'34J I,'/*'(-G2'34/-26)34/9. !* * 96 # 56 & ') 7 $ , ( :;< +

@,'*'/! [/*'(6/*-4'/-3=/* [/-+4)->/=-G./46/2-4)*94G/6C/4,'/*'(6J G#1/0(D&$+(H:'&&3&2%(I&0"#2/01 JH1173&1(2+(3#';1B%+B3#';&%(+'(/2%&'8&2/2:(0+7$+21=

*/2#20/#4(/21%/%7%/+21 71&('&$+(%+(9/2#20& /28&2%+'6(#20'&#%&(4&8&'#:&K /28&1%+'1(71&('&$+ %+(/28&1%(0#1"(/2(# A''6B 0+44#%&'#4/L&/28&1%3&2%(#%(# $+1/%/8&(1$'&#-(%+ A''/&1 D&$+(#:'&&3&2%1 #'&(0"#'#0%&'/L&56(%"&(1/-&(%#;&2 56(%"&(()('"*K ,"&2(%"&(161%&3 5+''+,1(3+2&6>(%"& %'#21#0%/+2(/1(# '&$+>(#2-(,"&2(%"& 161%&3(4&2-1 3+2&6>(%"& %'#21#0%/+2(/1(# !"+"!("%!"#$

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`./+6>>-4'*->/-3=L/(64'349->>GL/.)8.494)4963./6C/+6>>-4'*->/-4 /28&2%+'6(#1 4,'/@,92/6C/4,'/86**6@'*J 0+44#%&'#4>(,"/4& A"&('&$+(3#';&% &M/1%1(%+(9#0/4/%#%& 9/2#20/2:(A''6 #2-(+%"&'(0+44#%&'#4 "&4-(56(4&8&'#:&/21%/%7%/+21

+99&'/2:(/28&1%+'1(# $+1/%/8&(1$'&#-(%+ 1"+'%B%&'3 A''/&1

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a-.P/.(*'-=J//Z,'3/-/*'(6/4*-='*/89=.L/4,'/4*-='*/9./6CC'*931 46/4-P'/.'+)*949'./-./+6>>-4'*->/C6*/-/>6-3J//I,'/4*-='*/@9>>/@-34/46/'-*3/-. 2)+,/63/4,'/>6-3/-./(6..98>'J//Z,'3/-/*'(6/4*-='*/6CC'*.L/4,'/4*-='*/9. 6CC'*931/ 46/ 86**6@/ 263'G/ -3=/ .'3=/ 6)4/ .'+)*949'./ -./ +6>>-4'*->J/ / I,' 4*-='*/@9>>/@-34/46/(-G/-./>6@/-3/934'*'.4/*-4'/-./(6..98>'/63/4,'/>6-3J I,'/89=:.9='/*'(6/*-4'/9.L/4,'*'C6*'L/,91,'*/4,-3/4,'/6CC'*'=:.9='/*-4'L/b).4 >9P'/93/4,'/I*'-.)*G/2-*P'4J !"\

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

04/4'*2L/4,'/86**6@'*/@9>>/,6>=/4,'/6*9193->/863=./-3=/4,'/C6*@-*=/M->)' 5+''+,&'($#61(5#0; %"&(4+#2(#2-(%"& 6C/4,'/+6)(63.L/-3=/@9>>/,-M'/46/*'(-G/4,'/>6-3/@94,/934'*'.4J 5+2-1(#'&('&%7'2&!"c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

03/-*894*-1'/9./-/*9.P>'../93M'.42'34/.4*-4'1G/)3='*/@,9+,/63'/2-G/2-P' 263'G/ -3=/ 9./ +'*4-93/ 364/ 46/ >6.'/ 94J/ / >GL/ -3/ -*894*-1' .4*-4'1GL/93+>)=931/->>/'W('3.'.X %

9./ +6.4>'../ 46/ ()4/ 63/ 93949->>G/ -3=/ ,-./ 363:3'1-49M'L/ -3=/ (6..98>G (6.949M'L/+-.,/C>6@./593+>)=931/+>6.931/6)4/4,'/4*-3.-+49637/8'4@''3 36@/-3=/.62'/='C9394'/492'/93/4,'/C)4)*'L/6*

%

1'3'*-4'./+-.,/@,'3/94/9./()4/63/93949->>G/-3=/,-./363:3'1-49M'/+-., C>6@./593+>)=931/+>6.931/6)4/4,'/4*-3.-+49637/8'4@''3/36@/-3=/.62' ='C9394'/492'/93/4,'/C)4)*'J

4?(-#6"3**B)G931/I*'-.)*G/863=./-3=/+*'-4931/-3=/.'>>931/DI&KAD/+-3 8'/-3/-*894*-1'/9C/4,'/(*6+''=./C*62/4,'/DI&KAD/-*'/1*'-4'*/4,-3/4,'/+6.4 6C/4,'/863=/8'+-).'/4,'/.4*-4'1G/+*'-4'./+-.,/-3=/'34-9>./36/C)4)*'/+-., C>[email protected]/ /0364,'*/ 'W-2(>'/ 9./ !UU_/ 363:*'+6)*.'/ C93-3+931/ 6C/ -3/ -..'4L @,9+,/ 9./ -*894*-1'/ 8'+-).'/ 94/ 9./ +6.4>'../ 46=-GL/ ,-./ 36/ C)4)*'/ 3'1-49M' +-.,/ C>6@./ 5)3>'../ 4,'/ 93M'.46*/ ,-./ 2-3-1'2'34/ *'.(63.989>94G/ C6*/ 4,' (*6b'+47L/-3=/,-./(6.949M'/(*68-89>94G/6C/C)4)*'/+-.,/C>[email protected] 03/ -*894*-1'/ 9./ -/ d263'G/ ()2(Le/ ->.6/ P36@3/ -./ -/ dC*''/ >)3+,Je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f64'/ 4,-4 .62'86=G/2-='/.62'/263'G/*'26M931/4,'/-*894*-1'J

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`./1)-*-34''=/(*6C947/8G/8)G931 -/.'+)*94GL/C93-3+931/94/93/4,'/*'(6/2-*P'4L/-3=/.92)>4-3'6).>G/-1*''931 46/ .'>>/ 94/ -4/ 4,'/ 4'*2/ 6C/ 4,'/ *'(6/ -1*''2'34J/ / I,9./ 9./ 'H)9M->'34/ 46 93=9CC'*'3+'/8'4@''3/>'3=931/T!UU/93/4,'/*'(6/2-*P'4/-4/4,'/*'(6/*-4'/-3= 93M'.4931/T!UU/93/4,'/+6>>-4'*->/.'+)*94G/-3=/.92)>4-3'6).>G/.'>>931/94/-4 4,'/C6*@-*=/(*9+'J/I,'/C6>>6@931/=9-1*-2/9>>).4*-4'./4,9./*'>-4963.,9(X

N28&1%/2:(T #2-(%"&2(1&44/2:(/% +2(%"&(9+',#'-(-#%& #%(%"&(#:'&&-B7$+2 9+',#'-($'/0& N9(2+%>(#2(#'5/%'#:& +$$+'%72/%6(,+74&M/1%>(,"/0"(,+745&(-'/8&2(#,#6(56 %"&(#0%/+21(+9 3#';&%($#'%/0/$#2%1

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

4?(-#6"3 V'4/4,'/.(64/.'44>'2'34/=-4'/8'/g)3'/"QL/!ccQL/ A="%*@0(- C6* 4,'/ f6M'28'*/ !FL/ "U"!/ DI&KAD/ 8'/ YJ$!U_L/ C6*@-*=/ .'44>'2'34/ 8' '2'34L/4,' 3)28'*/ 6C/ C)>>/ +6)(63/ ('*96=./ )349>/ 2-4)*94G/ / 9./ FUL/ -3=/ 4,'/ (-*49-> ('*96=/57+B+47/[/!$"a!\$ !$

%$,-./06728 #

' #+(!% * )! $ , & + (

"$ $

!(& !*(

# !"+##

%$"% & &'( * ' !"+##$% & ) ! $ , # ,-./012-34-5 # !' +)(*% ( )'$ +

I,'/C6*@-*=/G9'>=/+-3/8'/='4'*293'=/-++6*=931/46X/ 7=/19M'./).X/8' [/YJ$\U_

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g)3'/ "QL/ !ccQL/ 4,'/ .(64/ (*9+'/ 6C/ !U\:"U/5G9'>=931/YJ"F!_7L/-/C6*@-*=/.'44>'2'34/=-4'/6C/'2'34/=-4'/5*K =-G.7X 96J($0(/,

#

"% & !&& * - & 5 . * *% ' *% ' & )! $ & )! $ ,# , # (+$'*% )'$ + )'$ + & ( & (

f64'/ 4,-4/ 4,9./ 9./ -/ =9CC'*'34/ 93M'.42'34/ ('*96=/ -3=L/ 4,'*'C6*'L/ =9CC'*'34/ .(/"8+ !&-"L 6*/ C6*@-*=/ *'(6/ *-4'L/ +6)>=/ 8'/ ).'=/ 93/ 4,9. C6*2)>-h/ ,6@'M'*L/ 26.4/ 2-*P'4/ (-*49+9(-34./ b).4/ ).'/ 4,'/ *'(6/ *-4' 94.'>CJ D)8.494)4931/9346/4,'/C6*2)>-/19M'.X

!!$*+'&"% $ $+9!)%"& ')( ! $

"% & &'( * , # ,-./012-34-5 $ &+'9'% $ (+$'*% )'$ +

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d'W+'..e/*'4)*3L/58+B+!7 & -J

&1%/3#%&(%"& 9+',#'-(6/&4-(71/2: %"&(-7'#%/+2(+9(%"& 1&07'/%6(#2-(%"& 1$'&#-(5&%,&&2(%"& 5+2-R1(6/&4-(#2-(/%1 '&$+('#%&(J%"/1 ,+';1(/2(#26(6/&4-B 07'8&(&28/'+23&2%= A"/1(&1%/3#%&(/1(2+% #(1751%/%7%&(9+' #0%7#446(0+3$7%/2: %"&(9+',#'-($'/0& 9+'(#(%'#21#0%/+2 WO(C"6(0#2R%(6+7

Z'/ +-3/ '.492-4'/ 4,'/ G9'>=/ +,-31'/ 8G/ ).931/ 4,'/ ='C9394963/ 6C/ 26=9C9'= &1%/3#%&(%"& =)*-4963/5->>/H)-34949'./-./6C/4,'/C6*@-*=/.'44>'2'34/=-4'7X 9+',#'-($'/0&(56 0,K 0= # %

,K

)'/ =)*-4963/ 6C/ !!J"$/ C6*/ .'44>'2'34/ 63/ g)3' "QL/!cc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

I,'/C6*@-*=/G9'>=./-3=/(*9+'./@'/,-M'/b).4/+->+)>-4'=/-*'/-*894*-1':C*''J I,9./2'-3./4,-4/94/9./92(6..98>'/46/8)G/4,'/.'+)*949'./C6*@-*=/-4/-/,91,'* G9'>=/ @94,6)4/ 93+)**931/ *9.PL/ 8'+-).'/ 4,9./ @6)>=/ 19M'/ 4,'/ .,6*4:4'*2 93M'.46*/-/,91,'*/*'4)*3/4,-3/4,'/*'(6/*-4'J

A"&'&(/1(#2 #4%&'2#%/8& -&9/2/%/+2(+9 9+',#'-($'/0&1(#26/&4-1(%"#%(9+44+,1 %"&(4+:/0(+9(3#';&% &M$&0%#%/+21

I,'*'/9./-364,'*/4,'6*GL/.&!Q"-+"40"1-&-=(/,L/4,-4/.4-4'./4,-4/93/6*='*/C6* 4,'*'/ 46/ 8'/ 8->-3+'/ 8'4@''3/ 4,'/ .(64/ 2-*P'4/ -3=/ 4,'/ C6*@-*=/ 2-*P'4L 93M'.46*./ -./ -/ @,6>'/ 2).4/ 8'/ 93=9CC'*'34/ 8'4@''3/ !7/ 8)G931/ -/ .,6*4'* .'+)*94G/-3=/*6>>931/-3G/+-.,/*'+'9M'=/)349>/-/19M'3/4'*2/-3=/"7/93M'.4931 46/ 4,-4/ 4'*2/ =9*'+4>GJ/ / NC/ +6)*.'L/ 93=9M9=)->/ 93M'.46*.` M9'@./ +-3/ M-*G @9='>GJ

I#';&%B &M$&0%#%/+21 9+',#'-(6/&4-1(#'& 717#446("/:"&'(%"#2 #'5/%'#:&B9'&& 9+',#'-(6/&4-1 JC"6Y= I#';&%B &M$&0%#%/+21 9+',#'-(6/&4-1(#'& 717#446(#(5&%%&' /2$7%(9+'(3+-&41

I,'/ 4,'6*9'./ 3''=/ 364/ 8'/ 93+63.9.4'34J/ / I,'/ 89=:-.P/ .(*'-=/ 93/ -/ C-*: C6*@-*=/(*9+'/+-3/8'/.9139C9+-34L/>'-M931/*662/C6*/64,'*/4,'6*9'./46/4*G/46 (93/=6@3/4,'/d4*)'e/C6*@-*=/(*9+'J ;6*/O'*6:+6)(63/863=.L/4,'/*)>'/4,-4/2).4/8'/P'(4/9. =$NB * ' )! $ , F + (

F &B

= ' * & ) ! $ BNB $ @ , F + (

F &@

= ' * # ) ! $ $NB $ @ , F + (

F & !B$ @ "

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

!"#$%&'()*#'+%"'$%,))-%.*).'*)/%$0+)+1%20*%#-20*&'(#0-%.3*.0$)$%'-/%#$%-0(%'-%022)*%(0%,31%0*%$)++%0*%'%$0+#4#('(#0-%02%'-%022)*%(0%,31%0*%$)++%'-1%$)43*#(1%0*%#-$(*3&)-(%0*%(0 .'*(#4#.'()% #-% '-1% .'*(#43+'*% (*'/#-5% $(*'()516% 7(% #$% ,'$)/% 0-% 0*% /)*#8)/% 2*0&% #-20*&'(#0-% 5)-)*'++1% '8'#+',+)% (0% (")% .3,+#4% 2*0&% $03*4)$% ,)+#)8)/% (0% ,)% *)+#',+)6% 90 *).*)$)-('(#0-%#$%&'/)%("'(%#-20*&'(#0-%0*%20*&3+')%#-4+3/)/%")*)#-%'*)%'443*'()%0*%40&.+)()%0*%("'(%'-1%*)$3+($%0,('#-)/%(")*)2*0&%'*)%#-/#4'(#8)%02%'4(3'+%.*#4)$%0*%*)(3*-$6 :++%.*#4#-5%'-/%0(")*%/'('%")*)#-%'*)%/)*#8)/%2*0&%;0*5'-%(=/94/>9'/8'>6@/4,'/+)**'34/+)*M'i Z,G/ =6/ .,6*4'*/ G9'>=./ *9.'/ 26*'/ 4,-3/ >631'*/ G9'>=.L/ *'.)>4931/ 93/ dC>-44'*e/+)*M'i

!#Y !"#$%&'()*#'+%"'$%,))-%.*).'*)/%$0+)+1%20*%#-20*&'(#0-%.3*.0$)$%'-/%#$%-0(%'-%022)*%(0%,31%0*%$)++%0*%'%$0+#4#('(#0-%02%'-%022)*%(0%,31%0*%$)++%'-1%$)43*#(1%0*%#-$(*3&)-(%0*%(0 .'*(#4#.'()% #-% '-1% .'*(#43+'*% (*'/#-5% $(*'()516% 7(% #$% ,'$)/% 0-% 0*% /)*#8)/% 2*0&% #-20*&'(#0-% 5)-)*'++1% '8'#+',+)% (0% (")% .3,+#4% 2*0&% $03*4)$% ,)+#)8)/% (0% ,)% *)+#',+)6% 90 *).*)$)-('(#0-%#$%&'/)%("'(%#-20*&'(#0-%0*%20*&3+')%#-4+3/)/%")*)#-%'*)%'443*'()%0*%40&.+)()%0*%("'(%'-1%*)$3+($%0,('#-)/%(")*)2*0&%'*)%#-/#4'(#8)%02%'4(3'+%.*#4)$%0*%*)(3*-$6 :++%.*#4#-5%'-/%0(")*%/'('%")*)#-%'*)%/)*#8)/%2*0&%;0*5'-%'$(%.)*20*&'-4)%#$%-0(%-)4)$$'*#+1%#-/#4'(#8)%02%23(3*)%*)$3+($6%://#(#0-'+ #-20*&'(#0-%#$%'8'#+',+)%0-%*)?3)$(6

6,)'1-&"7#8,-90-:)";, A-+$+)#$+)E#0