Slides
Page 1
1SFTFOUBUJPO.BUFSJBMGPS ':'JOBODJBM3FTVMUT .FEMFZ *OD 'FCSVBSZ
Page 2
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 2 %JTDMBJNFS %JTDMBJNFS *OQSFQBSJOHUIFTFNBUFSJBMT .FEMFZ *OD lUIF$PNQBOZz SFMJFTVQPOBOEBTTVNFTUIFBDDVSBDZBOEDPNQMFUFOFTTPGBMMBWBJMBCMFJOGPSNBUJPO5IJT QSFTFOUBUJPONBZDPOUBJOGVUVSFBTTVNQUJPOT QSPTQFDUTBOEGPSFDBTUTCBTFEPOQMBOOJOH CVUUIFTFGPSXBSEMPPLJOHTUBUFNFOUTBSFCBTFEPOUIF JOGPSNBUJPOUIBUJTDVSSFOUMZBWBJMBCMFUPVT BOEPODFSUBJOBTTVNQUJPOTUIBUXFBTTVNFUPCFSFBTPOBCMF CVUUIF$PNQBOZEPFTOPUQSPNJTFUP BDIJFWFUIFTF.BKPSEJ⒎FSFODFTNBZPDDVSCFUXFFOUIFGPSFDBTUBOEUIFBDUVBMQFSGPSNBODF JODMVEJOHDIBOHFTJOFDPOPNJDDPOEJUJPOT DPOTVNFS OFFETBOEVTFSQSFGFSFODFT DPNQFUJUJPOXJUIPUIFSDPNQBOJFT DIBOHFTJOMBXT SFHVMBUJPOTBOEPUIFST BOEBOVNCFSPGPUIFSGVUVSFGBDUPST 5IFSFGPSF UIFBDUVBMQFSGPSNBODFBOOPVODFENBZWBSZEFQFOEJOHPOUIFTFWBSJPVTGBDUPST
Page 3
Copyright© Medley, Inc. ALL RIGHTS RESERVED. ': 23FTVMUT • 2TBMFTXFSF NJMMJPOZFO :P: - )31'4BMFTHSPXUISBUFXBT :P: TBNFMFWFMBT2 - .FEJDBM1'4BMFTHSPXUISBUFXBT :P: %FGFSSBMPGTBMFTGSPNNBKPSEFBMTUP ': BQQSPYNJMMJPOZFO • &#*5%"NBSHJOJO2XBT :P: QU - )31' :P: QU - .FEJDBM1' :P:QU 3 ': 'VMMZFBS3FTVMUT • 1SPKFDUJOHHSPXUIJOCPUITBMFTBOEQSPpU&#*5%"NBSHJOUPEFDSFBTFTMJHIUMZEVF UPQSPBDUJWFEPNFTUJDJOWFTUNFOUT - 4BMFT NJMMJPOZFO :P: - &#*5%" NJMMJPOZFO &#*5%"NBSHJO ':'VMMZFBS 'PSFDBTU • 3FTVMUTXFSFJOMJOFXJUISFWJTFEGVMMZFBSGPSFDBTUT Q - 4BMFT NJMMJPOZFO :P: - &#*5%" NJMMJPOZFO &#*5%"NBSHJO 'JOBODJBM)JHIMJHIUT
Page 4
Copyright© Medley, Inc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qVDUVBUJPOTEVFUPDBMFOEBS GBDUPST RVBSUFSMZQFSGPSNBODFSFNBJOTJOMJOFXJUIPVSGPSFDBTU ': ': 1SFWJPVT'PSFDBTU ': 3FG/BUJPOBMUPUBMPGOFXIJSFTJOIFBMUIDBSFBOETPDJBMXFMGBSF :P: 4UBUVTPG)31' NPOUIMZTBMFTJO:P: )JHIMJHIUT .BSLFU5 SFOETBOE)31'4BMFT(SPXUI3BUF :P: FYDMVEJOH."JNQBDU 0DUPCFS3FWJTJPOPGTVDDFTTGFF *NQBDUTBSFNBUFSJBMJ[FE HSBEVBMMZGSPN0DUPCFS "QSJM3FWJTJPOPGTVDDFTTGFF *NQBDUTBSFNBUFSJBMJ[FEGSPN+VOF +BOVBSZ$POUJOVPVTTFSWJDF BMMPXBODFBCPMJTIFE
Page 5
5 ':23FTVMUT ':'VMMZFBS3FTVMUT ':'VMMZFBS'PSFDBTU *OWFTUNFOU)JHIMJHIUT
Page 6
Copyright© Medley, Inc. ALL RIGHTS RESERVED. +1:NN ':2 ':2 :P: 4BMFT (SPTT1SPpU &#*5%" 0QFSBUJOH1SPpU 0SEJOBSZ1SPpU 1SPpU"UUSJCVUBCMFUP 0XOFSTPG1BSFOU 6 4VNNBSZPG$POTPMJEBUFE':23FTVMUT 4FFQGPSCSFBLEPXOPGDIBOHFT "NPSUJ[BUJPOFYQFOTFTGPSHPPEXJMMBOEJOUBOHJCMFBTTFUTSFMBUFEUPUIF."PG"5/BOE"YJT3PPUNJMMJPOZFO 3FDFJQUPGTFUUMFNFOUGFF OPOPQFSBUJOHJODPNF EFDSFBTFEGSPNNJMMJPOZFOJO2':UPNJMMJPOZFOJO2': EPXONJMMJPOZFO:P: *NQBDUPGPOFUJNFEFGFSSFEUBYBTTFUT NJMMJPOZFO GSPNSFPSHBOJ[BUJPOJO':2UIBUEJEOPUBSJTFJO2': BOESFWFSTBMPGEFGFSSFEUBYBTTFUTBOEUIFJNQBDUPGUBYDSFEJUT NJMMJPOZFO GSPNSFPSHBOJ[BUJPOJO': *NQBDUGSPN EFGFSSBMPG.FEJDBM1' +1:NN QU
Page 7
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 )31' .FEJDBM1' /FX4FSWJDFT 7 2TBMFTHSFXCZ:P: BTBSFTVMUPGTUFBEZQSPHSFTTJOBMMTFHNFOUT*OUIF.FEJDBM1' TBMFTGSPNNBKPSEFBMT TIJGUFEUP': SFTVMUJOHJOBEFGFSSBMPGBQQSPYJNBUFMZNJMMJPOZFO :P: )31' .FEJDBM1' *NQBDUGSPN EFGFSSBMQU /FXTFSWJDFT :P: $PNQBOZXJEF 4USPOH4BMFT(SPXUI$POUJOVFE 2VBSUFSMZ4BMFT ʢ+1:NNʣ 'JHVSFTCFGPSF':BSFSFGFSFODFWBMVFTCBTFEPOUIFBQQMJDBUJPOPGUIFOFXSFWFOVFSFDPHOJUJPOTUBOEBSET %VFUPUIFDIBOHFJOUIFSFQPSUJOHTFHNFOUPGGBDUPSJOHCVTJOFTTGSPN/FXTFSWJDFUP.FEJDBM1' TFHNFOUTBMFTGSPN':2IBWFCFFOSFUSPBDUJWFMZBEKVTUFE
Page 8
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2` 2 2 2 2 2 2 2 2 )31' .FEJDBM1' /FX4FSWJDFT $PSQPSBUF&YQFOTFT 8 $PNQBOZXJEF QU &#*5%"NBSHJO :P: )31' QU .FEJDBM1' QU $POUJOVFE1SPBDUJWF*OWFTUNFOUJO(SPXUI FUD 'VOEFECZ1SPpUBCMF#VTJOFTTFT $PNQBOZXJEF 1SPNPUFEPQFSBUJPOBMFGGJDJFODZXIJMFDPOUJOVJOHHSPXUIJOWFTUNFOUT SFTVMUJOHJOB2':&#*5%"NBSHJOPG BOJNQSPWFNFOUPG QU:P: 2VBSUFSMZ&#*5%" ʢ+1:NNʣ 'JHVSFTGPS':BOEFBSMJFSBSFCBTFEPOUIFOFXSFWFOVFSFDPHOJUJPOTUBOEBSE 4FHNFOUSFWFOVFpHVSFTGSPN2POXBSEIBWFCFFOSFUSPTQFDUJWFMZSFWJTFEUPSFqFDUUIFSFDMBTTJpDBUJPOPGUIFGBDUPSJOHCVTJOFTTGSPNUIF/FX4FSWJDFTTFHNFOUUPUIF.FEJDBM1'TFHNFOU 5 PUBMPGDPNQBOZXJEFFYQFOTFTOPUBMMPDBUFEUPTFHNFOUTBOEJOUFSTFHNFOUFMJNJOBUJPOT 0OFUJNFDPTU +1:NJMMJPO BTTPDJBUFEXJUIBDRVJTJUJPOPG(611:`T*OD 0OFUJNFPVUTPVSDJOHDPTUT +1:NJMMJPO BTTPDJBUFEXJUI." • *ODSFBTFEJOQFSTPOOFMDPTU SBUJPEVFUP." • %FDSFBTFEJOQFSTPOOFMDPTUSBUJP UISPVHI"*ESJWFOFGGJDJFODZ
Page 9
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2` 2 2 2 2 2 2 2 2 )31' .FEJDBM1' /FX4FSWJDFT $PSQPSBUF&YQFOTFT 8JUIUIFQSPHSFTTJOPQFSBUJPOBMF⒏DJFODZUISPVHI"* FUD FYQFOTFTGPS2EFDSFBTFEJOUIF2P2&YQBOEFEOFXIJSJOH UPESJWF"*VUJMJ[BUJPO XIJMFGVSUIFSSFEVDJOHIJSJOHGPSCBDLpMMQPTJUJPOT %FDSFBTFEJOQFSTPOOFMDPTUT %FDSFBTFEJOBEWFSUJTJOHDPTUT .BKPS'BDUPSTJO2P2 DIBOHFT %FDSFBTFEJOBEWFSUJTJOH DPTUT %FDSFBTFEJOQFSTPOOFMDPTUT %FDSFBTFEJOIJSJOHFYQFOTFT %FDSFBTFEJOQFSTPOOFMDPTUT *ODSFBTFEJO$0(4 9 *OWFTUNFOUJO(SPXUIBOE$PTUT3FMBUFEUP#VTJOFTT&YQBOTJPO$PNQBOZXJEF 2VBSUFSMZPQFSBUJOHFYQFOTFT 01&9 ʢ+1:NNʣ 0QFSBUJOHFYQFOTFT $PTUPGTBMFT 4FMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFT%FQSFDJBUJPO BNPSUJ[BUJPOPGHPPEXJMMBOETUPDLCBTFEDPNQFOTBUJPOFYQFOTF 'JHVSFTCFGPSF':BSFSFGFSFODFWBMVFTCBTFE POUIFBQQMJDBUJPOPGUIFOFXSFWFOVFSFDPHOJUJPOTUBOEBSE 4FHNFOU01&9IBTCFFOSFUSPBDUJWFMZBEKVTUFEGSPN':2EVFUPUIFDIBOHFJOSFQPSUJOHTFHNFOUPGGBDUPSJOHCVTJOFTTGSPN/FXTFSWJDFUP.FEJDBM1'
Page 10
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4BMFT 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4BMFT &#*5%"NBSHJO 4FFQGPSWBSJBCMF GBDUPST 10 'PSUIF)31'#VTJOFTT PVSCBTJDQPMJDZJTUPBDIJFWFIJHISFW FOVFHSPXUIXIJMFNBJOUBJOJOHPVS&#*5%"NBSHJO'PSUIF .FEJDBM 1' #VTJOFTT UIPVHI XF XJMM DPOUJOVF UP JOWFTU JO HSPXUI JOJUJBUJWFT XF QMBO UP FOBCMF IJHI TBMFT HSPXUI XIJMF NBJOUBJOJOH&#*5%"QSPpUBCJMJUZ5IFJNQSPWFNFOUPG&#*5%"NBSHJOJO2XBT VQQU:P: 3FG &#*5%".BSHJOT4UBUVTCZ4FHNFOU$PNQBOZXJEF &#*5%"NBSHJOQPMJDJFTJO)31' &#*5%"NBSHJOQPMJDJFTJO.FEJDBMDPOpSNJOH1' "DIJFWFIJHITBMFTHSPXUIXIJMFNBJOUBJOJOHNBSHJOTJO )31'#VTJOFTTBTBXIPMF 3FDSVJUNFOU4ZTUFN.BJOUBJOTUFBEZ&#*5%"NBSHJOXIJMF JOWFTUJOHJO57DPNNFSDJBMTUIBUDPOUSJCVUFUPNFEJVNUPMPOH UFSNTBMFTHSPXUI 0OMJOF5 SBJOJOH4ZTUFN$POUJOVFUPJOWFTUJOHSPXUICBTFEPO TUSPOHQSPHSFTT $POUJOVFEJOWFTUNFOUJOHSPXUIXJUIGPDVTPOJODSFBTJOH NBSLFUTIBSF .BJOUBJOTPVOEVOJUFDPOPNJDTJOFBDICVTJOFTT 1SPBDUJWFJO"*QPXFSFETFSWJDFEFWFMPQNFOUBOE."BDUJWJUJFT "JNJOHUPBDIJFWFIJHIHSPXUIXIJMFNBJOUBJOJOH&#*5%"QSPpUBC JMJUZ 'JHVSFTGPS':BOEFBSMJFSBSFCBTFEPOUIFOFXSFWFOVFSFDPHOJUJPOTUBOEBSE 4FHNFOUSFWFOVFBOE&#*5%"pHVSFTGSPN2POXBSEIBWFCFFOSFUSPTQFDUJWFMZSFWJTFEUPSFqFDUUIFSFDMBTTJpDBUJPOPGUIFGBDUPSJOHCVTJOFTTGSPNUIF/FX4FSWJDFTTFHNFOUUPUIF.FEJDBM1'TFHNFOU ': ': ': ': ': ': ': 4FFQGPSWBSJBCMF GBDUPST ': ': ': ': ': ': ': &#*5%"NBSHJO 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $. 57 $.
Page 11
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 11 "316 × ':': ': ': ': 4UFBEZ(SPXUIJO/VNCFSPG$VTUPNFSTBOE"316$PNQBOZXJEF 5IFOVNCFSPGDVTUPNFSP⒏DFTBOE"316 PVSNBJO,1*T IBWFCFFODPOUJOVPVTMZHSPXJOHBOEXFQMBOUPLFFQJOWFTUJOH HPJOHGPSXBSE(FOFSBMMZ )31'TBMFTJODSFBTFTTIBSQMZJO2 XIJDIBMTPSFTVMUTJOBOJODSFBTFJO"316 /VNCFSPG$VTUPNFS0⒏DFT UIPVTBOE +1:UIPVTBOE 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 ':': ': ': ': 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 )31' .FEJDBM1' 5 PUBMOVNCFSPGDVTUPNFSTJO)31'BOE.FEJDBM1'CVTJOFTTFT$VTUPNFSTVTJOHCPUIQMBUGPSNTIBWFCFFO DPVOUFEBTBTJOHMFDVTUPNFSBDDPVOU "316 2VBSUFSMZTBMFT"WFSBHFOVNCFSPGDVTUPNFSPGGJDFT UPUBMGPS)31'BOE.FEJDBM1'CVTJOFTTFT "316GPSFBDIQMBUGPSN 2VBSUFSMZTBMFTPGFBDIQMBUGPSN5 PUBMOVNCFSPGDVTUPNFSPGGJDFTJO)31'BOE.FEJDBM1'CVTJOFTTFT$VTUPNFSPGGJDFTVTJOH CPUIQMBUGPSNTIBWFCFFODPVOUFEBTBTJOHMFDVTUPNFSBDDPVOU 4FHNFOU"316GJHVSFTGSPN2POXBSEIBWFCFFOSFUSPTQFDUJWFMZSFWJTFEUPSFGMFDUUIFSFDMBTTJGJDBUJPOPGUIFGBDUPSJOHCVTJOFTT GSPNUIF/FX4FSWJDFTTFHNFOUUPUIF.FEJDBM1'TFHNFOU
Page 12
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 12 ': ': ': +1:NN 2 2 2 2 2 2 2 2 2 2 2 2 2P2 5 PUBMBTTFUT $BTIBOE EFQPTJUT (PPEXJMM FUD 0UIFSBTTFUT 5 PUBMMJBCJMJUJFT %FCU 0UIFSMJBCJMJUJFT /FUBTTFUT 6OUBQQFE-0$ ʶ $BQJUBMSBUJP QU (PPEXJMMUPFRVJUZ SBUJP Y Y Y Y Y Y Y Y Y Y Y Y Y %&SBUJP Y Y Y Y Y Y Y Y Y Y Y Y Y $BTIqPX ɹ0QFSBUJOH$' ɹ*OWFTUJOH$' ɹ'JOBODJOH$' 2VBSUFSMZ#4 2VBSUFSMZ$' 㲔 3FQBZNFOUPG.FEMFZ EFCUBOETIBSF SFQVSDIBTF 'JOBODJBM1PTJUJPO3FNBJOT4USPOH 0QFSBUJOH$BTI'MPX4UFBEZ$PNQBOZXJEF 5IFHPPEXJMMUPFRVJUZSBUJPSPTFUPY8IJMFUIFPOHPJOHTIBSFCVZCBDL SFNBJOJOHVQUP+1:CO NBZGVSUIFS JODSFBTFUIJTSBUJP XFFYQFDUJUUPJNQSPWFUISPVHIHPPEXJMMBNPSUJ[BUJPOBOEGVUVSFQSPpUBDDVNVMBUJPO .BJOGBDUPSTJO2
Page 13
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 13 ': ': ': +1:NN 2 2 2 2 2 2 2 2 2 2 2 2 4BMFT $PTUPGTBMFT "EWFSUJTJOHDPTU ɹ0UIFS 4(" ɹ1FSTPOOFMDPTUT ɹ"EWFSUJTJOHDPTUT ɹ0VUTPVSDJOHGFF ɹ0UIFS 0QFSBUJOHQSPpU 0SEJOB SZQSPpU 1SPpUBUUSJCVUBCMFUP PXOFSTPGQBSFOU 0QFSBUJOHQSPpU "NPSUJ[BUJPOPG HPPEXJMM %FQSFDJBUJPO 4UPDLDPNQFOTBUJPO &#*5%" 2VBSUFSMZ1- &#*5%"#SFBLEPXO "DRVJTJUJPO %JWFTUNFOU ." 3FG2VBSUFSMZ1-$PNQBOZXJEF "5/ +BO "YJT3PPU "QS .&%J1"44 %FD (611: )FBMUI$BSF .BS (611:T "QS -BMVOF 'FC .&%-&: 'JOBODJBM 4FSWJDF 4FQ 0⒎TIPSF 0DU "NPSUJ[BUJPOPGHPPEXJMMJOUIFCSPBETFOTF JODMVEJOHDVTUPNFSSFMBUFEBTTFUT (SPVQJOHJOEJDBUFTUIFNPOUIJOXIJDIDPOTPMJEBUJPOCFHBO EJWFTUJUVSFJOEJDBUFTUIFNPOUIJOXIJDIDPOTPMJEBUJPOFOEFE TFFQGPSEFUBJMTPGFBDIDPNQBOZ
Page 14
14 )31' 3FDSVJUNFOUTZTUFN - +PC.FEMFZ - (611: 0OMJOFUSBJOJOHTZTUFN - +PC.FEMFZBDBEFNZ 3FDSVJUNFOU TZTUFN 0OMJOFUSBJOJOH TZTUFN /FXQSPEVDU /FXQSPEVDU 8PSLFST 3FDSVJUNFOU TZTUFN
Page 15
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 15 :P: Lʢ ʣ 22222222222222222222222222222222 2222 L $POUJOVFE(SPXUIJO/VNCFSPG$VTUPNFSTPO4DIFEVMF)31' 5IFOVNCFSPGDVTUPNFSDPOUSBDUTIBTSFBDIFEUIPVTBOEEVFUPDPOUJOVFETUFBEZOFXDVTUPNFSPGGJDFBDRVJTJUJPOTJO2 /VNCFSPG$VTUPNFS0⒏DFT ʢUIPVTBOEʣ $VTUPNFS$PWFSBHF3BUJP $VTUPNFS0GGJDFT BQQSPY "MMNFEJDBMQSPWJEFST L ʢNFEJDBMGBDJMJUJFT OVSTJOHDBSFGBDJMJUJFT QIBSNBDJFT LJOEFSHBSUFOT CFBVUZ IFBMUIDBSFTFSWJDFQSPWJEFSTʣ .FEJDBML 1IBSNBDZL %FOUBML /VSTJOHDBSFL 0UIFSTL .JOJTUSZPG)FBMUI -BCPVSBOE8FMGBSF .JOJTUSZPG*OUFSOBM"⒎BJSTBOE$PNNVOJDBUJPOT BOE$BCJOFU0⒏DFTUBUJTUJDT ':':': ': ': ': ': ': ':
Page 16
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 16 22222222222222222222222222222222 2222 :P: /VNCFSPGSFHJTUFSFEXPSLFSTBOEOVNCFSPGTDPVUJOHNFTTBHFTJO+PC.FEMFZ *OBEEJUJPO (611:IBT UIPVTBOESFHJTUFSFE XPSLFST /PEVQMJDBUFWFSJGJDBUJPOT :P: 22222222222222222222222222222222 2222 ':':': ': ': ': ': ': ': ':':': ': ': ': ': ': ': 3FDSVJUNFOU4ZTUFN "DDFMFSBUF%JSFDU3FDSVJUJOH XJUI&YQBOTJPOPGUIF1PPMPG3FHJTUFSFE8PSLFST )31' 1SPBDUJWFSFDSVJUNFOUNFUIPETBSFF⒎FDUJWFGPSIJSJOHNFEJDBMBOEIFBMUIDBSFQSPGFTTJPOBMT*O':2 PVSDVTUPNFST JODSFBTFEVTBHFPGPVSTDPVUJOHGVODUJPOTBTXFFYQBOEFEPVSQPPMPGSFHJTUFSFEXPSLFST /VNCFSPG3FHJTUFSFE8PSLFST ʢUIPVTBOEʣ /VNCFSPG4DPVUJOH.FTTBHFT ʢUIPVTBOEʣ
Page 17
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 17 $PNQMFUFEEFWFMPQNFOUPGUIF"*QPXFSFE"54BOEJOJUJBUFEUSJBMPQFSBUJPOTBUNFEJDBMBOEIFBMUIDBSFGBDJMJUJFT0⒏DJBM SFMFBTFJTTDIFEVMFEGPS': $PNQMFUJPOPG3FMFBTF7FSTJPO%FWFMPQNFOUGPS+PC.FEMFZ"54)31' ʢ6*PGJOUFSWJFXSFDPSEJOHʣ ʢ6*PGEBTICPBSEʣ ʢ"EWBODFUIFTFMFDUJPOQSPDFTTʣ ʢ%JTDPOUJOVFUIFTFMFDUJPOQSPDFTTʣ 3FKFDUJPO $BOEJEBUFEFDMJOFE 1SPDFFEUPJOUFSWJFX 1SPDFFEUPSÉTVNÉTFMFDUJPO $BOEJEBUFESPQQFEPVU ʢ$BOEJEBUF`TSÉTVNÉʣ ʢ$BOEJEBUF`TJOUFSWJFXʣ ʢ$BOEJEBUF`TOBNFʣ %BUFPGBQQMZ "QQMJFEQPTU "QQMJDBUJPOTUBUVT "QQMJDBUJPODIBOOFMT
Page 18
18 .FEJDBM1' 4ZTUFNGPSNFEJDBMQSPWJEFST - )PTQJUBMTBOE$MJOJDTXJUICFETc."-- - .FEJDBMDMJOJDTXJUIPVUCFETc$-*/*$4 - %FOUBMDMJOJDTc%FOUJT - %JTQFOTJOHQIBSNBDJFTc.&%*94 "QQGPSQBUJFOUTDPOTVNFS - NFMNP - 0UIFSTc)FBMUIDBSFBQQ %JTQFOTJOH QIBSNBDJFT .FEJDBMDMJOJDT 4BB4 %FOUBMDMJOJDT /VSTJOHBOE XFMGBSFGBDJMJUJFT -JGFTDJFODF DPNQBOJFT 1BUJFOUT$POTVNFST 4BB4 4BB4 )PTQJUBMT $MJOJDTXJUICFET 4BB4
Page 19
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 19 .FEJDBM1' 4BMFTHSPXUIJO2':XBT :P: BOEUIFOVNCFSPGNFEJD BMJOTUJUVUJPOTVTJOHUIFTFSWJDFXBT :P: 4BMFT GSPN QSPEVDUT GPS IPTQJUBMT TIJGUFE UP ': BQQSPY NJMMJPO ZFO QU JNQBDU PO UIF TFHNFOUT :P: HSPXUI 8F FYQFDUUIFPSHBOJDHSPXUISBUFGPS':UPBDDFMFSBUFDPNQBSFEUP': :P: #PUIOVNCFSPGJOTUBMMBUJPOTBOETBMFTJODSFBTFEJO:P: :P: 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 ': ': ': ': ': ': ':': ': ': ': ': ': ': ʢUIPVTBOEBDDPVOUTʣ /VNCFSPG$VTUPNFS0⒏DFT 2VBSUFSMZTBMFT ʢ+1:NNʣ /VNCFSPGDVTUPNFSP⒏DFT OVNCFSPGNFEJDBMJOTUJUVUJPOTUIBUIBWFCFHVOVTJOHPVSTZTUFNTBOEIBWFOPUDBODFMMFEPSEJTDPOUJOVFEUIFJSDPOUSBDUT DVTUPNFSTVTJOHNVMUJQMFTZTUFNTDPVOUFEBTBTJOHMFDVTUPNFSBDDPVOU 'JHVSFTGPS':BOEFBSMJFSBSFCBTFEPOUIFOFXSFWFOVFSFDPHOJUJPOTUBOEBSE 4FHNFOUSFWFOVFpHVSFTGSPN2POXBSEIBWFCFFOSFUSPTQFDUJWFMZSFWJTFEUPSFqFDUUIFSFDMBTTJpDBUJPOPGUIFGBDUPSJOHCVTJOFTTGSPNUIF/FX4FSWJDFTTFHNFOUUPUIF.FEJDBM1'TFHNFOU
Page 20
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 20 1SPNPUF"*GVODUJPOTUPJNQSPWF"316 $POWFSUUPTVCTDSJQUJPO USBOTBDUJPODFOUSJD %FWFMPQJOHBSPVOEl.&%-&:"*$-06%zBOElNFMNPz .FEJDBMDMJOJDTXJUIPVUCFET %FOUBMDMJOJDT )PTQJUBMTBOENFEJDBMDMJOJDT XJUICFET %JTQFOTJOHQIBSNBDJFT $-*/*$4BQQXBTSFCSBOEFEJO/PWFNCFS 4USFOHUIFOJOHOFUXPSLF⒎FDUTCZFOIBODJOHUIFJOQFSTPO DPOTVMUBUJPOEPNBJO 5IFJOUFHSBUJPOPG!MJOLJO':DPWFSJOHPGBMMQSFHOBOUXPNFO BOEOFXCPSOTJO+BQBO *NQSPWFNFOUPGNFEJDBMQSPGFTTJPOBMTQSPEVDUJWJUZ *NQSPWFQBUJF OUT`NFEJDBMDBSFFYQFSJFODFT .FEJDBM1' 'PS.&%-&:"*$-06%GPSNFEJDBMJOTUJUVUJPOT XFXJMMTUBSUDIBSHJOHGPS"*SFMBUFEGVODUJPOTBOETIJGUUPBSFWFOVFNPEFM DPNCJOJOHTVCTDSJQUJPOBOEUSBOTBDUJPO'PSNFMNP XFXJMMBMTPTUSFOHUIFOUIFOFUXPSLF⒎FDUCZSFJOGPSDJOHUIFGBDFUPGBDF NFEJDBMDBSFBSFBBOEJODSFBTJOHUIFOVNCFSPGUJNFTUIFTFSWJDFJTVTFE
Page 21
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 21 "T JO TMJEF PVS .FEJDBM 1' TUSBUFHZ JT UP FOIBODF QFSGPSNBO DF BOE MPOHUFSN DPNQFUJUJWFOFTT CZ QSPNPUJOH B 4VCTDSJQUJPO 5 SBOTBDUJPO NPEFMz BOE TUSFOHUIFOJOH OFUXPSL F⒎FDUT 5 P JMMVTUSBUF PVS QSPHSFTT XF XJMM TIBSF TQFDJpD JUFNTCFMPX $POWFSTJPOUP 4VCTDSJQUJPO 5 SBOTBDUJPO 1SPHSFTTJOBDIJFWJOHJODSFBTJOHSFUVSOTPWFSUIFTIPSUUPNFEJVNUFSN 4USFOHUIFOJOHOFUXPSLF⒎FDUT 4VCTDSJQUJPO 5 SBOTBDUJPO 3FWFOVF*OEFY $POUSBDU4UBUVTPG"*VTBHFCBTFE #JMMJOH 1MBUGPSNJ[BUJPOPG 1BUJFOU5 PVDIQPJOUT 6TFS$POTVMUBUJPO*OEFY &TUBCMJTINFOUJOUP .FEJD BM*OTUJUVUJPOT 0QFSBUJPOT 6TBHFWJB"QQQFS.FEJDBM *OTUJUVUJPO*OEFY 1FOFUSBUJPOJOUPUIF &OUJSF.BSLFU /VNCFSPG.FEJDBM *OTUJUVUJPOT .FEJDBMJOTUJUVUJPOTJEF .FEJDBMJOTUJUVUJPOBOEQBUJFOUVTFST &WBMVBUJOH1SPHSFTT#BTFEPO(SPXUI4USBUFHZ.FEJDBM1' 8IFUIFSUIFCVTJOFTTJTNPWJOHJOUIFSJHIUEJSFDUJPOPWFSUIFMPOHUFSN
Page 22
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 2 2 2 2 2 2 2 2 2 2 2 2 4VCTDSJQUJPO 5 SBOTBDUJPO 22 4VCTDSJQUJPO BOE USBOTBDUJPO TBMFT JO 2 XFSF :P: 4U BSUJOH B QIBTFE SFMFBTF PG "* GFBUVSFT GPDVTFE PO TUSFBNMJOJOHPQFSBUJPOTGPSNFEJDBMJOTUJUVUJPOT 4VCTDSJQUJPOBOEUSBOTBDUJPOTBMFT *OEFY :P: ': ': ': $POUSBDUTUBUVTPG"*VTBHFCBTFECJMMJOH 0OHPJOHEFWFMPQNFOUBOEQIBTFENPOFUJ[BUJPOPG"*VTBHFCBTFECJMMJOH BSFVOEFSXBZ5IJTJOEFYUSBDLTUIFQFSDFOUBHFPGVTBHFBHSFFNFOUT OPSNBMJ[FEUPCBTFEPOUIFUPUBMDVTUPNFSP⒏DFTQFSJOEVTUSZBUFBDI RVBSUFSFOE"TBLFZNFUSJDGPSJOJUJBMTFSWJDFVQUBLF XFJOUFOEUPSFQMBDF JUXJUIBNPSFBEWBODFEJOEJDBUPSPODFBEPQUJPOTUBCJMJ[FTBUBDFSUBJOMFWFM 8FXJMMJOUFOUJPOBMMZHSPXTVCTDSJQUJPOBOEUSBOTBDUJPOBMTBMFT5IJT JOEJDBUPSSFQSFTFOUTPVSQSPHSFTT )PTQJUBMT $MJOJDTXJUI CFET $MJOJDT XJUIPVUCFET %JTQFOTJOH QIBSNBDJFT w -BVODIFEQJMPUQSPWJTJPOPG"*%PDVNFOU $SFBUJPO"TTJTUJO%FDFNCFS w l"*"TTJTU'VODUJPOzCFDBNFBWBJMBCMF GSPN/PWFNCFS w l"*"TTJTU'VODUJPOzCFDBNFBWBJMBCMFJO 4FQUFNCFS w *OUFHSBUJOHXJUIFYUFSOBMWPJDF"*TFSWJDFT %FOUBM DMJOJDT w 6OEFSEFWFMPQNFOU %FWFMPQNFOUBOE3PMMPVU4UBUVT $POUSBDU4UBUVT &OEPG+BO 6TBHFCBTFEGFFGPS"*GVODUJPOT FUD TFUUMFNFOUGFFT DPNNVOJDBUJPOGFFT GBDUPSJOHGFFT FUD .POUIMZVTBHFGFFT NBJOUFOBODFGFFT FUD 1FSDFOUBHFPGDVTUPNFSP⒏DFTJOFBDIJOEVTUSZUIBUTVCTDSJCFUPUIF"*CJMMJOHGVODUJPOXIFOUIF OVNCFSPGDVTUPNFSP⒏DFTJOFBDIJOEVTUSZJT #PUITVCTDSJQUJPOBOEUSBOTBDUJPOTBMFTJODSFBTFE:P:.FEJDBM1' *OEFYFEXJUI2':BT
Page 23
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 5IFOFUXPSLF⒎FDUTPGUIF.FEJDBM1'CFHJOXJUIUIFBHHSFHBUJPOPGQBUJFOUNFEJDBMBDUJWJUJFT UIFOFTUBCMJTIUIFNTFMWFT XJUIJONFEJDBMJOTUJUVUJPOTPQFSBUJPOT BOEVMUJNBUFMZFYQBOENBSLFUXJEF5IJTDZDMFDPOUJOVPVTMZFOIBODFTQSPEVDUJWJUZGPS CPUINFEJDBMJOTUJUVUJPOTBOEQBUJFOUT*O2': UIFSFOFXBMPGNFMNPMFEUPBOJODSFBTFJOQBUJFOUUPVDIQPJOUGSFRVFODZ 23 /VNCFSPGVTFSTSFDFJWJOHNFEJDBMDPOTVMUBUJPOT "WFSBHFOVNCFSPGNFEJDBMJOTUJUVUJPOTVTFE /VNCFSPGVTFTWJBBQQTQFSNFEJDBMJOTUJUVUJPO /VNCFSPGDVTUPNFSP⒏DFT 2 2 2 2 2 2 2 2 2 2 2 2 ': ': L 2 2 2 2 2 2 2 2 ': ': ': +BO "QS +VM 0DU +BO "QS +VM 0DU +BO "QS +VM 0DU /VNCFSPGQBUJFOUVTFST *OEFYFEXJUI2':BT "WFSBHFOVNCFSPGNFEJDBMJOTUJUVUJPOVTFE ': ': ': /VNCFSPGNFEJDBMJOTUJUVUJPOTWJTJUFEXJUIJOPOFZFBS SFUSPBDUJWFMZGSPNUIFNPOUIJORVFTUJPOCZUIFVTFSXIP SFDFJWFEUIFDPOTVMUBUJPO CZBQQPJOUNFOUPSUFMFNFEJDJOF /VNCFSPGUJNFTBQBUJFOUVTFSIBTVTFEBNFEJDBMJOTUJUVUJPO CZBQQPJOUNFOUPSUFMFNFEJDJOF FUD QFSNFEJDBMJOTUJUVUJPO 4USFOHUIFOJOHOFUXPSLF⒎FDUTUISPVHIQBUJFOUUPVDIQPJOUT.FEJDBM1' ᶃ&TUBCMJTIJOHQBUJFOUUPVDIQPJOUBT BQMBUGPSN ᶄ%FFQJOUFHSBUJPOJOUPNFEJDBM JOTUJUVUJPOPQFSBUJPOT L $PWFSBHF3BUJP BQQSPY ᶅ'VMMTDBMFNBSLFUQFOFUSBUJPO *OEFYFEXJUI2':BT &YQBOEJOHBNPEFMXIFSFQBUJFOUTNBOBHFBMMJOUFSBDUJPOT JODMVEJOHBQQPJOUNFOUT DPNNVOJDBUJPO BOE DPOTVMUBUJPOTXJUINVMUJQMFNFEJDBMJOTUJUVUJPOTUISPVHI BTJOHMFBQQ *ODSFBTJOHUIFFYUFOUUPXIJDIDMJOJDBMXPSLqPXTTVDIBT BQQPJOUNFOUTBOEQBUJFOUDPNNVOJDBUJPOTBSFEFTJHOFE BOEPQFSBUFECBTFEPOPVS4BB4BOEUIFQBUJFOUBQQ "DIJFWJOHNBSLFUXJEFBEPQUJPOESJWFOCZFYQBOEJOH QBUJFOUVTBHFBOEEFFQJOUFHSBUJPOJOUPNFEJDBM PQFSBUJPOT
Page 24
24 ':23FTVMUT ':'VMMZFBS3FTVMUT ':'VMMZFBS'PSFDBTU *OWFTUNFOU)JHIMJHIUT
Page 25
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 25 +1:NN ': ': :P: ': *OJUJBMGPSFDBTU ': "GUFSSFWJTJPO 4BMFT (SPTT1SPpU &#*5%" 0QFSBUJOH1SPpU 0SEJOBSZ1SPpU 1SPpU"UUSJCVUBCMFUP 0XOFSTPG1BSFOU 'PSFDBTU"DUVBM 4VNNBSZPG$POTPMJEBUFE':3FTVMUT
Page 26
Copyright© Medley, Inc. ALL RIGHTS RESERVED. #PUITBMFTBOEHSPTTQSPpUDPOUJOVFEUPBDIJFWFIJHIHSPXUIJO': 26 'JHVSFTGPS':BOEFBSMJFSBSFCBTFEPOUIFOFXSFWFOVFSFDPHOJUJPOTUBOEBSE %VFUPUIFDIBOHFJOUIFSFQPSUJOHTFHNFOUPGGBDUPSJOHCVTJOFTTGSPN/FXTFSWJDFUP.FEJDBM1' TFHNFOUTBMFTGSPN':2IBWFCFFOSFUSPBDUJWFMZBEKVTUFE :P: ': ': ': ': ': ': ': ': ': ': ': (SPTTNBSHJO (SPTTQSPpU .BJOUBJOFE)JHI5 PQMJOF(SPXUI3BUF$PNQBOZXJEF 4BMFT +1:NN :P: (SPTT1SPpU +1:NN :P: ': ': ': ': ': ': ': ': ': ': ': )31' .FEJDBM1' /FX4FSWJDFT
Page 27
Copyright© Medley, Inc. ALL RIGHTS RESERVED. ': ': ': ': ': ': ': ': ': ': ': )31' .FEJDBM1' /FX4FSWJTFT $PSQPSBUF&YQFOTFT ': ': ': ': ': ': ': ': ': ': ': $BTI'MPXGSPN0QFSBUJOH"DUJWJUJFT $BTI'MPXGSPN*OWFTUJOH"DUJWJUJFT $BTI'MPXGSPN'JOBODJOH"DUJWJUJFT 27 &#*5%"GPS':HSFXTUFBEJMZ ESJWFOCZBOJODSFBTFJOTVCTDSJQUJPOSFWFOVFBOEQSPHSFTTJO"*ESJWFOPQFSBUJPOBM F⒏DJFODZ Q 'JHVSFTCFGPSF':BSFSFGFSFODFWBMVFTCBTFEPOUIFBQQMJDBUJPOPGUIFOFXSFWFOVFSFDPHOJUJPOTUBOEBSET 4FHNFOU&#*5%"GSPN':2SFUSPBDUJWFMZBEKVTUFEEVFUPUIFDIBOHFJOSFQPSUJOHTFHNFOUPGGBDUPSJOH CVTJOFTTGSPN/FXTFSWJDFTUP.FEJDBM1' 5 PUBMPGDPNQBOZXJEFFYQFOTFTOPUBMMPDBUFEUPTFHNFOUTBOEJOUFSTFHNFOUFMJNJOBUJPOT 0OFUJNFP⒏DFSFMPDBUJPODPTUT +1:NJMMJPO 0OFUJNFBDRVJTJUJPODPTUTBTTPDJBUFEXJUIBDRVJTJUJPOPG(611:`T*OD +1:NJMMJPO 0⒎TIPSF*OD +1: NJMMJPO BOE"5/*OD +1:NJMMJPO 0OFUJNF FYQFOTFT 0OFUJNF FYQFOTFT &#*5%"XBTJOMJOFXJUIPVSSFWJTFEGPSFDBTU$PNQBOZXJEF &#*5%" +1:NN $BTI'MPX +1:NN
Page 28
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 28 *OQSFQBSBUJPOGPSDPOUJOVFEHSPXUI XFQMBOUPJODSFBTFUIFOVNCFSPGFNQMPZFFTJOPVSPQFSBUJOHCVTJOFTTFTBOEBMTP JODSFBTFUIFOVNCFSPGDPSQPSBUFFNQMPZFFTJOBDDPSEBODFXJUIFYQBOTJPOPGUIFTDBMFPGPVSCVTJOFTTFT8IJMFUIFIFBEDPVOU IBTFYQBOEFESBQJEMZUISPVHI." XFBSFJNQSPWJOHF⒏DJFODZUISPVHI"*VUJMJ[BUJPOBOESFEVDJOHIJSJOHGPSCBDLpMMQPTJUJPOT ': ': ': ': ': ': ': ': ': ': ': ': 5 BMFOU"DRVJTJUJPOBOE4USFBNMJOJOHGPS4VTUBJOFE&YQBOTJPO$PNQBOZXJEF /VNCFSPG&NQMPZFFT BTPG%FDFNCFSFBDIZFBS #SFBLEPXOPG&NQMPZFFTCZ4FHNFOU $PSQPSBUF )31'/FX4FSWJDFT .FEJDBM1' *OOFS$JSDMF%FD 0VUFS$JSDMF%FD UFNQPSBSZFNQMPZFFT QBSUUJNFTUB⒎ QFSTPOT
Page 29
29 ':23FTVMUT ':'VMMZFBS3FTVMUT ':'VMMZFBS'PSFDBTU *OWFTUNFOU)JHIMJHIUT
Page 30
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 30 ʢ+1:NNʣ ':"DUVBM ':'PSFDBTU 4BMFT ɹ4BMFT(SPXUI (SPTT1SPpU ɹ(SPTTNBSHJO &#*5%" ɹ&#*5%"NBSHJO 0QFSBUJOH1SPpU ɹ0QFSBUJOHNBSHJO 0SEJOBSZ1SPpU ɹ0SEJOBSZNBSHJO 1SPpU"UUSJCVUBCMFUP0XOFSTPG1BSFOU ɹ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
Page 31
Copyright© Medley, Inc. ALL RIGHTS RESERVED. ': ': ': ': ': ': ': ': ': ': ':& ':& ':& ':& 31 ': $"(3 ': $"(3 ': +1:CO ': +1:CO ': +1:CO ': +1:CO': +1:CO 3FG 1SPHSFTT5 PXBSE/FX.JEUFSN5 BSHFU 4BMFT 8FNBEFTUFBEZQSPHSFTTUPXBSEUIFOFXNJEUFSNUBSHFUTFTUBCMJTIFEJO'FCSVBSZ ':TBMFT+1:CJMMJPO &#*5%" CJMMJPO 8IJMFJOQSJODJQMF XFUBSHFUHSPXUIJOTBMFTBOEQSPpUEVSJOHUIFQFSJPEDPWFSFECZUIFNJEUFSNCVTJOFTTQMBO XF XJMMQSJPSJUJ[FBEBQUJOHUPDIBOHFTJOUIFCVTJOFTTFOWJSPONFOUBOEUBLJOHBEWBOUBHFPGJOWFTUNFOUPQQPSUVOJUJFTBOE BTXJUIPVS QSFWJPVTNFEJVNUFSNUBSHFUT BJNUPBDIJFWFUIFNBIFBEPGTDIFEVMF"MUIPVHIUIFJOJUJBM':TBMFTUBSHFUJT :P: XF JOUFOEUPF⒏DJFOUMZTDBMFPVSWBMVFQSPQPTJUJPOUISPVHI."BOEPOHPJOHTUSBUFHJDNFBTVSFTEVSJOHUIFQFSJPE 1SPHSFTTUPXBSEBDIJFWFNFOUPG QSFWJPVTNJEUFSNUBSHFU "DIJFWFEPO -5.CBTJT ZFBSTFBSMZ 1SFWJPVTNJE UFSNUBSHFU': TBMFT+1:CO /FX.JEUFSN5 BSHFU 4USJWFUPBDIJFWF UBSHFUFBSMZ ':TBMFT +1:CO ':& +1:CO :P:
Page 32
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 32 w 4BMFT"QQSPY+1:CO "QQSPY:P: w &#*5%"NBSHJO"QQSPY w 4BMFT"QQSPY+1:CO "QQSPY:P: w &#*5%"NBSHJO"QQSPY - *NQBDUPGEJTTPMVUJPOPGDBQJUBMBMMJBODF XJUI/55%0$0.0+1:CO w 4BMFT"QQSPY+1:CO w &#*5%""QQSPY+1:NN - 4QFOE+1:NNPO64CVTJOFTT +1: NN POOFXCVTJOFTT 'PSFDBTU ': .BKPSBQQSPBDIFTJO': w 8BHFSFqFDUJWFQSJDFSFWJTJPOT TDIFEVMFE GPS"VHVTU w 4USFOHUIFOJOHTZOFSHJFTCFUXFFOQSPEVDUT w )JHIHSPXUIPGPOMJOFUSBJOJOHTZTUFN w 3PMMPVUPG"*"54 w -BVODIFEDIBSHJOHGPS"*SFMBUFEGVODUJPOT w 4USFOHUIFOJOHOFUXPSLF⒎FDUT w 'VSUIFSTUSFOHUIFOJOHNPOUIMZTBMFTDBQBDJUZ JODMVEJOHNBKPSBDDPVOUT w "*ESJWFONPEFSOJ[BUJPOPGBDRVJSFETZTUFN EFCU w 4USFBNMJOJOHDPSQPSBUFGVODUJPOTUISPVHI"* JOUFHSBUJPO w $POUJOVJOHBHHSFTTJWFIJSJOHGPSNJEUFSN HSPXUI - *ODSFBTJOHJOWFTUNFOUTJOIVNBODBQJUBM SFMBUFEBSFBT JODMVEJOHIJSJOH w $POUJOVJOHFYQBOTJPOPG64CVTJOFTT w 3FOFXBMPG4QPUXPSLCVTJOFTT w 4BMFT"QQSPY+1:CO<0OUSBDL> w &#*5%"NBSHJO"QQSPY<0OUSBDL> w 4BMFT"QQSPY+1:CO<0OUSBDL> w &#*5%"NBSHJO"QQSPY<0OUSBDL> *OQSJODJQMF UBSHFUHSPXUIXIJMFNBJOUBJOJOH QPTJUJWF&#*5%" w 4BMFT"QQSPY+1:CO<4MJHIUMZCFIJOE> &YQFDUSBQJEHSPXUIUPDPOUJOVFJO':BOE CFZPOE w &#*5%"NBSHJO"QQSPY<4MJHIUMZCFIJOE> 3FG #SFBLEPXOBOE1SPHSFTTUPXBSE /FX.JEUFSN5 BSHFU ': 3FG ':'PSFDBTU"TTVNQUJPO 8IJMFPWFSBMMQSPHSFTTUPXBSEUIFOFXNFEJVNUFSNUBSHFUTJTPOUSBDL UIFSFJTBTMJHIUEFMBZJOUIFEFWFMPQNFOUPG/FX 4FSWJDFT Q 5 PDPNQFOTBUFGPSUIJT XFQMBOUPQSPBDUJWJUZJOWFTUHSPXUIJO':UPBDDFMFSBUFUIFHSPXUISBUFPGPVS FYJTUJOHEPNFTUJDCVTJOFTTFT )31' .FEJDBM1' $PSQPSBUF &YQFOTFT /FX4FSWJDFT w 3BUJPWTDPNQBOZXJEFTBMFT"QQSPY w 3BUJPWTDPNQBOZXJEFTBMFT"QQSPYr $POUJOVJOHEPXOUSFOEJOSBUJPPGDPSQPSBUF FYQFOTFTUPTBMFT
Page 33
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 33 $VTUPNFSBDRVJTJUJPOF⒏DJFODZIBTSFBDIFEJUTUBSHFU BOEUIFO VNCFSPGDVTUPNFSP⒏DFTJTFYQBOEJOHBTQMBOOFE*OUIF EFOUBMTFHNFOU XFBSFBJNJOHUPFTUBCMJTIB/PJOKPCQPTUJ OHTXJUIJOUIFOFYUZFBST0OUIFPUIFSIBOE XIJMFUIF OVNCFS PG IJSJOH EFDJTJPOT TIPXT B DFSUBJO DPSSFMBUJPO XJUI UIF JODSFBTF JO KPC QPTUJOHT JU DVSSFOUMZ SFNBJOT CFMPX PVS FYQFDUBUJPOT 5 P QSJPSJUJ[F UIF JNQSPWFNFOU PG VOJU FDPOPNJDT XF BSF LFFQJOH JOWFTUNFOU BU UIF DVSSFOU MFWFM BOE IBWF JOUFOUJPOBMMZEFMBZFEUIFSPMMPVUJOUPPUIFSKPCDBUFHPSJFT /VNCFSPGDVTUPNFSP⒏DFT 2 2 2 2 2 2 2 2 2 2 2 ': ': ': 5 SFOEPGUIFOVNCFSPGXPSLFSTBOEIJSJOHEFDJTJPOT 2 2 2 2 2 2 2 2 2 2 2 8PSLFST ': ': ': )JSJOHEFDJTJPOT 3FG 1SPHSFTTPG64#VTJOFTT&YQBOTJPO
Page 34
Copyright© Medley, Inc. ALL RIGHTS RESERVED. ': ': ': ': ': ': ':& &14 "EKVTUFE$BTI&14 34 &14BOE$BTI&14BEKVTUFEGPSBNPSUJ[BUJPOPG."SFMBUFEJOUBOHJCMFBTTFUTBOEPOFUJNFFYQFOTFT BSFFYQFDUFEUP JODSFBTFJO':EVFUPQSPpUHSPXUIBOEUIFTIBSFCVZCBDL8FXJMMDPOUJOVFUPTUSFOHUIFODPOUSPMPGQSPpU &14 BOE$BTI &14UPBDIJFWFDPOUJOVPVTFYQBOTJPO +1: "EKVTUFEGPSBNPSUJ[BUJPOPGJOUBOHJCMFBTTFUTBOEPOFUJNFDIBSHFTSFMBUFEUP." +1:NN 1SPpU "NPSUJ[BUJPOPG(PPEXJMM "NPSUJ[BUJPOPG$VTUPNFSSFMBUFE"TTFUT /FUPG5 BY 0OFUJNF."SFMBUFE&YQFOTFT "EKVTUFE1SPpU /VNCFSPG4IBSFT*TTVFE UIPVTBOETIBSFT ':BOEFBSMJFSBSFDBMDVMBUFECBTFEPOUIFBWFSBHFOVNCFSPGTIBSFTPVUTUBOEJOHEVSJOHFBDIpTDBMZFBS FYDMVEJOHUSFBTVSZTUPDL ':JTDBMDVMBUFECZFYDMVEJOHUIFOVNCFSPGUSFBTVSZTUPDLGSPNUIFUPUBMOVNCFSPGTIBSFTJTTVFEBOEPVUTUBOEJOHBUUIFFOEPG': &145 SFOETBOE'PSFDBTU$PNQBOZXJEF
Page 35
35 ':23FTVMUT ':'VMMZFBS3FTVMUT ':'VMMZFBS'PSFDBTU *OWFTUNFOU)JHIMJHIUT
Page 36
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 36 7BTUPQQPSUVOJUJFTJOUIFNFEJDBMBOEIFBMUIDBSFpFME $POUJOVPVTHSPXUIUISPVHINBYJNJ[BUJPOPGDVTUPNFS P⒏DFOVNCFSTBOE"316 %JTDJQMJOFEJOWFTUNFOUJOHSPXUI *OWFTUNFOU)JHIMJHIUT
Page 37
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 8PSLFST .FEJDBM1SPWJEFST 1BUJFOUT$POTVNFST 37 4BB4 4BB4 4BB4 4BB4 $PNQSFIFOTJWF.FEJDBM"QQ 0OMJOFNFEJDBMFODZDMPQFEJB 8PNFO`TIFBMUINBOBHFNFOUBQQ 3FDSVJUNFOUTZTUFN 0OMJOFUSBJOJOHTZTUFN 'PSNFEJDBMDMJOJDTXJUIPVUCFET 'PSIPTQJUBMTDMJOJDTXJUICFET 'PSEJTQFOTJOHQIBSNBDJFT 'PSEFOUBMDMJOJDT 3FDSVJUNFOUTZTUFN ' E U M MJ J 0VS)31'CVTJOFTTDPOOFDUTNFEJDBMIFBMUIDBSFQSPGFTTJPOBMTBO ECVTJOFTTFT BOEPVS.FEJDBM1'CVTJOFTTQSPWJEFT4BB4 QSPEVDUTBOEDVTUPNFSUPVDIQPJOUTUPCVTJOFTTFT$VSSFOUMZ XF NBJOMZQVSTVFBCVTJOFTTNPEFMXIFSFJOXFSFDFJWFGFFT GSPN CVTJOFTTFT 8F XJMM MFWFSBHF PVS TUSFOHUI XIJDI JT PVS DPOOFDUJPOT XJUI CVTJOFTTFT UP JODSFBTF "316 CZ JODSFBTJOH VTBHFSBUFBOEFYQBOEJOHPVSQSPEVDUP⒎FSJOHT 0WFSWJFX 0WFSWJFXPG0VS#VTJOFTT 0WFSUZQFTPGRVBMJpFEQSPGFTTJPOBMT JODMVEJOHNFEJDBMDBSFQSPGFTTJPOBMT 3FHJTUFSFEXPSLFST . "QQSPYPGXPSLFSTJOUIFJOEVTUSZ )31' .FEJDBM1' $VTUPNFSP⒏DFT L "QQSPYPGNFEJDBMQSPWJEFST )31'L .FEJDBM1'L PWFSMBQQFEL *OUFHSBUFE 1BUJFOU %BUBCBTF /VNCFSPGQBUJFOUT PWFS . "TPGFOEPG%FDFNCFS
Page 38
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 38 .FEJDBMJOTUJUVUJPOTJO+BQBOIBWFCFFOGBDJOHBWBSJFUZPGDIBMMFOHFTJODMVEJOHIFBWZCVSEFOPOTJUFBOEJODSFBTFE DPNQMFYJUZPGNFEJDBMDBSF5IFJNQPSUBODFPGEJHJUBMJ[BUJPOJTJODSFBTJOHPXJOHUPNBDSPUSFOETTVDIBTUIFEFDMJOJOH CJSUISBUFBOEBHJOHQPQVMBUJPOBOEBEWBODFNFOUTJOEJHJUBMUFDIOPMPHJFT ,FZ$IBMMFOHFT4VSSPVOEJOHUIF.FEJDBMBOE)FBMUIDBSF*OEVTUSZ 5 FDIOPMPHJDBM1SPHSFTT 'VMM6UJMJ[BUJPOPG.FEJDBM 4FSWJDFTCZ1BUJFOUT &⒏DJFOU0QFSBUJPOCZ .FEJDBM1SPWJEFST 0QUJNBM"MMPDBUJPOPG 3FTPVSDFTCZ(PWFSONFOU %FDMJOJOHCJSUISBUF BOEBHJOHQPQVMBUJPO 3JTJOHNFEJDBMDPTU %FSFHVMBUJPO)JHIMZGVODUJPOBM NPCJMFEFWJDF 4FOTJOHUFDIOPMPHZ 4FDVSJUZ $IBOHFTJO*OEVTUSZ&OWJSPONFOU 'JOBODJBMTUSJOHFODZ)FBWZCVSEFOPOTJUF -BCPSTIPSUBHFBOEEFDMJOJOHQSPpUBCJMJUZ $PNQMFYNFEJDBMUFDIOPMPHJFT *ODSFBTJOHMZDPNQMFYNFEJDBMDBSF %J⒏DVMUZPGBQQSPQSJBUFNFEJDBMVTF -POHXBJUJOHUSBWFMJOHUJNF 1SPNPUF%JHJUBMJ[BUJPO (PWFSONFOU.FEJDBM1SPWJEFST 4ISJOLJOHXPSLGPSDF .BTTJWFTPDJBMXFMGBSFTQFOEJOH 1BUJFOUT .FEMFZ`T7JTJPOGPS'VUVSF %JHJUBMJ[BUJPO&TTFOUJBMUP.FEJDBMBOE)FBMUIDBSF*OEVTUSZ.BSLFU
Page 39
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 39 .FEJDBMDPTU /VSTJOHDBSFDPTU 4QFOEJOHPOTPDJBMXFMGBSFJTFYQFDUFEUPSJTFDPOUJOVPVTMZJO+BQBOPXJOHUPUIFBHJOHPGUIFQPQVMBUJPO5IJTBOEUIF EFDMJOJOHXPSLGPSDFQPQVMBUJPOBSFJNQPSUBOUBOEXFMMSFDPHOJ[FEJTTVFTJO+BQBO %FGFOTJWF(SPXUI*OEVTUSZ4PDJBM8FMGBSF4QFOEJOHBOE/VNCFSPG &NQMPZFFT/PU*NQBDUFECZ&DPOPNJD5 SFOET .BSLFU 4PDJBM8FMGBSF4QFOEJOH'PSFDBTU +1:5 SJMMJPO 3FQPSUGSPN.JOJTUSZPG)FBMUI -BCPVSBOE8FMGBSF
Page 40
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 40 'JOBODJBMDSJTJT 2 3BUJPTPG+PC0QFOJOHTUP+PC"QQMJDBOUT .BSLFU4J[FPGUIF.FEJDBM)FBMUIDBSF3FDSVJUNFOU*OEVTUSZ CBTFEPOPVSVOJUQSJDF 5IF+BQBOFTFNFEJDBMJOEVTUSZTV⒎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` 2 2 2 2 2
Page 41
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 41 *OOPWBUJPOJOHFOFSBUJWF"*UFDIOPMPHZJTFYQFDUFEUPESJWFSBQJEFYQBOTJPOPGUIFNFEJDBM"*NBSLFU QBSUJDVMBSMZJOBSFBT UIBUIFMQSFEVDFUIFXPSLMPBEPGIFBMUIDBSFQSPGFTTJPOBMT8IJMFGPSFDBTUJOHNBSLFUTDBMFJTEJ⒏DVMU XFVTFBO"* TVCTUJUVUJPOSBUFGPSMBCPSDPTUTPGPWFSUIFOFYUpWFZFBSTBOEPWFSUIFOFYUUFOZFBSTBTPVSCBTFTDFOBSJP#BTFE POUIFOFXIZQPUIFTJT XFXJMMQSPDFFEXJUIQSPNQUQMBOBEKVTUNFOUT FYFDVUJPO BOESFPSHBOJ[BUJPOPGEJTDMPTVSFJUFNT BJNJOHUPBDDFMFSBUFUIFBDIJFWFNFOUPGNJEUFSNUBSHFUT 3PVHIMZ +1:USO PGOBUJPOBMIFBMUIDBSF FYQFOEJUVSFTBSFMBCPS DPTUT &TUJNBUFENBSLFUTJ[FPGNFEJDBMXPSLqPXTVQQPSUTZTUFNT &YJTUJOHNFEJDBM XPSLq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qPXTVQQPSUTZTUFNNBSLFUSFGFSFODF'VKJ,FJ[BJ$P -UE $VSSFOU4UBUVTBOE'VUVSF1SPTQFDUTPGUIF.FEJDBM$PMMBCPSBUJPOBOE.FEJDBM1MBUGPSN3FMBUFE.BSLFU 8FIBWFTFUUIFSBUJPPGDPTUTSFEVDJCMFUISPVHIVUJMJ[BUJPOPG"*BUCBTFEPOUIFGBDUUIBUEBUBGSPNUIF.)-8`T.POUIMZ-BCPVS4VSWFZTIPXTUIBUPWFSUJNFQBZBDDPVOUTGPSPGUPUBMDBTIFBSOJOHTBNPOHXPSLFSTJOUIF NFEJDBMBOEXFMGBSFTFDUPS BOEUIBUUIF.)-8`T3FGPSN1MBOGPS.FEJDBMBOE8FMGBSF4FSWJDFTTFUTBHPBMPGJNQSPWJOHTFSWJDFPVUQVUJOUIJTTFDUPSCZ BOEGPSQIZTJDJBOT CZ )ZQPUIFTJT (FOFSBUJWF"**OOPWBUJPOXJMM%SJWF(SPXUIJOUIF.FEJDBM*5.BSLFU .FEJDBM1' 1PSUJPOTVCTUJUVUBCMFXJUI"* BQQSPY +1:USO +1:CO
Page 42
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 42 %FSFHVMBUJPOBOE1PMJDJFTUP"DDFMFSBUF6TFPG%JHJUBM5 FDIOPMPHJFT *OTUJUVUJPO1PMJDZ 0WFSWJFX .BKPSNFEJDBMJNQMJDBUJPOT .FEJDBM%9 3PBENBQ w "TJOEJDBUFEJOUIF#BTJD1PMJDZQVCMJTIFECZUIF)FBERVB SUFST GPS.FEJDBM%JHJUBM5 SBOTGPSNBUJPO %9 1SPNPUJPOPO+VOF 6QEBUFEPGUIF#BTJD1PMJDZUPQSPNPUF%9JOUIFNFEJDBM IFBMUIDBSFpFME 6QEBUFEUPJODMVEFUIFDPOTJEFSBUJPOPGJODFOUJWFT TVDIBT SFHVMBUPSZBOEpTDBMNFBTVSFT UPQSPNPUFUIFTIJGUUPDMPVE CBTFEIPTQJUBMTZTUFNT w $SFBUJPOPGBOBUJPOXJEFNFEJDBMEBUBQMBUGPSN $SFBUJPOPGBO&.3EBUBTIBSJOHTFSWJDF QMBOOFEJO %BUBTIBSJOHVTJOH.Z/VNCFSDBSE $POTJEFSBUJPOPG%9BOETUBOEBSEJ[BUJPOPGQIBSNBDZEBUB w 1SPNPUJPOPGTUBOEBSEJ[BUJPOBOEJOUSPEVDUJPOPG&.3EBUB 6UJMJ[BUJPOPGTVCTJEJFTUPMBVODI&.3EBUBTIBSJOHTFSWJDF $POTJEFSJOHUIFEFUBJMTGPSUIFGVMMTDBMFJNQMFNFOUBUJPOPGB TUBOEBSEJ[FE&.3 5 BSHFUJOHBEPQUJPOPG&.3TZTUFNCZBMNPTUBMMNFEJDBMJOTUJUVUJPOTCZ (SBOE%FTJHOBOE "DUJPO1MBOGPS/FX $BQJUBMJTN 3FWJTFE&EJUJPO w +VOF $BCJOFUEFDJTJPO 4VQQPSUBOEQSPNPUFUIFBEPQUJPOBOEVUJMJ[BUJPOPGUFDIOPMPHZ w 1SFTFOUJOHMBCPSTBWJOHQSPNPUJPONFBTVSFT 4VQQPSUGPSUIFJOUSPEVDUJPO EFWFMPQNFOUBOEJNQMFNFOUBUJPOP G*$5FRVJQNFOUUIBUDPOUSJCVUFT UPJNQSPWJOHXPSLF⒏DJFODZBOESFEVDJOHXPSLMPBE JODMVEJOH*5TVCTJEJFT 1SPNPUJOHUIFVTFPG"*UFDIOPMPHZBUOVSTJOHDBSFGBDJMJUJFT w 3FOFXBMPGIPTQJUBMJOGPSNBUJPOTZTUFNT 1SPNPUFNJHSBUJPOUPDMPVEOBUJWFTZTUFNTGPS&.3BOEPUIFSIP TQJUBMJOGPSNBUJPOTZTUFNT "DDFMFSBUF3%BOETPDJBMJNQMFNFOUBUJPOPGOVSTJOHDBSFUFDIO PMPHZVUJMJ[JOH"* *$5 FUDBOE NFEJDBMEFWJDFTVTJOHEJHJUBMUFDIOPMPHZ *OTUJUVUJPO1PMJDZ 0WFSWJFX .BKPSNFEJDBMJNQMJDBUJPOT $PBMJUJPO (PWFSONFOU "HSFFNFOU w "HSFFNFOUCFUXFFOUIF-JCFSBM%FNPDSBUJD1BSUZ -%1 BOE+BQBO *OOPWBUJPO1BSUZ 0DUPCFS "HSFFEUPBJNUPTPMWFTPDJBMJTTVFTCZUIPSPVHIMZJNQMFNFOUJO H TQFOEJOHSFGPSNTUISPVHIBSFWJFXPGJOF⒏DJFOUHPWFSONFOU QSBDUJDFT 3FHBSEJOHTPDJBMTFDVSJUZQPMJDZ JUFNTXFSFJODMVEFE TVDI BT UIFTUBUFPGNFEJDBMpOBODFT w "HSFF POUIFGSBNFXPSLEVSJOH': DPOEVDUEFUBJMFETZTUFNEFTJHOEVSJOH': BOE JNQMFNFOUTFRVFOUJBMMZ 3FWJFXJOHIPXNFEJDBMJOTUJUVUJPOTDPOEVDUGPSQSPpUCVTJOFTTF T 5 PFOIBODFSFWFOVF BOETUBCJMJ[FNBOBHFNFOU 3FWJFXPGUIFDVSSFOUDPOTVNQUJPOUBYCVSEFOBTTPDJBUFEXJUIU IFSFOFXBMPGBEWBODFE NFEJDBMFRVJQNFOUBOEGBDJMJUJFT w *NQMFNFOUNFBTVSFTUPJNQSPWFUIFNBOBHFNFOUTJUVBUJPOPGIPTQ JUBMTBOEOVSTJOHDBSF GBDJMJUJFT 1PMJDZ4QFFDI w 5IF1PMJDZ"EESFTTEFMJWFSFECZ1.5 BLBJDIJ 0DUPCFS - "OOPVODFEQPMJDJFTPONFBTVSFTBHBJOTUIJHIQSJDFT JOqBUJPO TUSPOHFDPOPNJDHSPXUI BOEIFBMUINFEJDBMTFDVSJUZ w &OTVSFNFEJDBMBOEOVSTJOHDBSFTFSWJDFGFFTBQQSPQSJBUFMZSFq FDUXBHFJODSFBTFTBOEIJHI QSJDFT JOqBUJPO w *NQMFNFOUTVCTJEJFTBJNFEBUJNQSPWJOHCVTJOFTTPQFSBUJPOTBOE XPSLFSDPNQFOTBUJPOJO UIFNFEJDBMBOEMPOHUFSNDBSFTFDUPST PVUTJEFPGUIFSFHVMBSGFFSFWJTJPOUJNJOH w 1SPNQUMZBEWBODFTUVEJFTPOBDIJFWJOHF⒏DJFOU IJHIRVBMJUZIF BMUIDBSFUISPVHIUIF EJHJUBMJ[BUJPOPGNFEJDBMJOTUJUVUJPOT JODMVEJOH&.3T BOE%BUB)FBMUIJOJUJBUJWFT 5IF5 BLBJDIJ`TBENJOJTUSBUJPO`TQPMJDZ 1PMJDJFTUP1SPNPUF%JHJUBM6UJMJ[BUJPO .BSLFU 5IF+BQBOFTFHPWFSONFOUIBTBOOPVODFEBOEJNQMFNFOUFEEFSFHVMBUJPOBOEQPMJDJFTSFHBSEJOHUIFJNQSPWFNFOUPG NBOBHFNFOUDPOEJUJPOTBOECFUUFSDPNQFOTBUJPOGPSXPSLFSTBUNFEJDBMJOTUJUVUJPOTBOEOVSTJOHDBSFGBDJMJUJFT BTXFMMBT UIFJNQSPWFNFOUPGNFEJDBMRVBMJUZBOEF⒏DJFODZUISPVHIEJHJUBMVUJMJ[BUJPO JODMVEJOHUIFQSPNPUJPOPG&.3BEPQUJPO
Page 43
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 43 .BYJNJ[F-POHUFSN'SFF$BTI'MPX -POHUFSN 1PMJDZ .JEU FSN 1PMJDZ × 0VSNBOBHFNFOUQPMJDZJTUPNBYJNJ[FMPOHUFSNGSFFDBTIqPXBOENBJOUBJOIJHITBMFTHSPXUICZJODSFBTJOHUIFWBMVF QSPWJEFEUPPVSDVTUPNFST*OPSEFSUPBDIJFWFDPOUJOVPVTTBMFTHSPXUI XFQVSTVFBCBTJDTUSBUFHZPGNBYJNJ[JOHUIFOVNCFS PGDVTUPNFSP⒏DFTTFSWFEBOEJNQSPWJOH"316*OPSEFSUPDPOUJOVPVTMZJNQSPWF"316 XFQVSTVFBCVTJOFTTNPEFM GPDVTFEPOTUBCMF SFDVSSJOHTBMFT *NQSPWF6TBHF3BUF 4USFOHUIFOJOH1SPEVDU-JOFVQ$PTU-FBEFSTIJQ4USBUFHZ .BJOUBJO)JHI4BMFT(SPXUI &YQBOE4PVSDFTPG'SFF$BTI'MPX *NQSPWF"316.BYJNJ[F/VNCFSPG $VTUPNFST 'VOEBNFOUBM 1PMJDZ .BJOUBJO)JHI4BMFT(SPXUICZ.BYJNJ[JOH/VNCFSPG$VTUPNFST BOE"316 (SPXUI
Page 44
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 44 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2` 2 2 2 2 2 2 2 2 2 4BMFT &#*5%" "MUIPVHITBMFTJOUIF)31'UFOEUPTFBTPOBMMZDPODFOUSBUFPOFWFSZ2 TBMFTBOE&#*5%"GPSUIFMBTUNPOUIT -5. IBWFCFFOPOBTUBCMFJODSFBTJOHUSFOE -5.4BMFTBOE&#*5%"USFOE(SPXUI -5.4BMFTBOE&#*5%" +1:NN 4VNPGTBMFTBOE&#*5%"GPSUIFMBTUNPOUITGSPNUIFFOEPGFBDIRVBSUFS'JHVSFTGPS':BOEFBSMJFSBSFCBTFEPOUIFOFXSFWFOVFSFDPHOJUJPOTUBOEBSE
Page 45
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 45 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 $VTUPNFSPGGJDFT L $PWFSBHFSBUJP 3FHJTUFSFEXPSLFST . )31'&YQBOEJOH$VTUPNFS#BTFCZ$PTU-FBEFSTIJQ(SPXUI *OUIF)31'#VTJOFTT OPUPOMZXJMMXFXPSLUPXBSETJNQSPWJOHMBCPSTIPSUBHFTPUIBUQBUJFOUTDBOSFDFJWFBQQSPQSJBUF NFEJDBMTFSWJDFT CVUBMTPXFXJMMQSPWJEFGVMMTDBMFTVQQPSUUPCPUICVTJOFTTFTBOEXPSLFSTP⒎FSJOHNFEJDBMBOEXFMGBSF TFSWJDFT$VSSFOUMZ JOBEEJUJPOUPTUSFOHUIFOJOHPVSDVTUPNFSCBTFBOEQPPMPGSFHJTUFSFEXPSLFST XFMFWFSBHFTVDI DVTUPNFSCBTFUPEFWFMPQBOEEFMJWFSOFXQSPEVDUT *NQSPWF"316.BYJNJ[F/VNCFSPG$VTUPNFST w 5IFSFBSFNJMMJPO UBSHFUDVTUPNFSTJO +BQBO UIVTDPOUJOVFUPTFFTJ[BCMFVQTJEF QPUFOUJBM w 5IFSFBSFPWFSNJMMJPO NFEJDBMJOEVTUSZ XPSLFSTJO+BQBO UIVTDPOUJOVFUPTFF DPOTJEFSBCMFVQTJEFQPUFOUJBM w -FWFSBHFUIFDVTUPNFSCBTFGPSPVSSFDSVJUNFOU TZTUFNTBOEQSPNPUFEJHJUBMJ[BUJPOPGSFMBUFE PQFSBUJPOTTVDIBTPOMJOFUSBJOJOH FUD $POUJOVFUPQVSTVF TUSBUFHZPGMFWFSBHJOH DPTUMFBEFSTIJQ .JOJTUSZPG)FBMUI -BCPVSBOE8FMGBSF .JOJTUSZPG*OUFSOBM"⒎BJSTBOE$PNNVOJDBUJPOTFUDTUBUJTUJDT 4USFOHUIFONBSLFUJOH 'VODUJ PO#'VODUJ /FX1SPEVDU " /FX1SPEVDU # /FX1SPEVDU $ 3FDSVJUNFOU 4ZTUFN 0OMJOF 5 SBJOJOH $VTUPNFS#BTFPG )31' &YQBOTJPOPG QSPEVDUMJOFVQ ':': ':':': ': ': ': ': ':': ':':': ': ': ': ':
Page 46
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 46 .BSLFUTJ[F CBTFEPOPVSVOJUQSJDF +BQBO 64 "QQSPY +1:CJMMJPO &YQBOTJPOPG5". +BQBO "QQSPY NJMMJPO QFPQMF "QQSPY NJMMJPO QFPQMF 64 &OHMJTI TQFBLJOH DPVOUSJFT /VNCFSPGNFEJDBMQSPGFTTJPOBMT 1SFWJPVTMZ $VSSFOUMZ 'VUVSF1SFWJPVTMZ $VSSFOUMZ 'VUVSF *OUIF)31'#VTJOFTT BTQBSUPGPVSpSTUPWFSTFBTCVTJOFTT XFBSFFYQBOEJOHPVS5".JOUIF64NBSLFU#ZDPNCJOJOH EFWFMPQNFOUBOEPQFSBUJPOTJO+BQBOBOEUIF1IJMJQQJOFT XIFSFMBCPSDPTUTBSFMPXFSUIBOJOUIF64 XFBJNUPBDIJFWF CFUUFSQFSGPSNBODFPOCVTJOFTTJOWFTUNFOUTUIBOUIBUBDIJFWFEJO+BQBOBMPOF0VSCBTJDQMBOJTUPpSTUNBLF64 PQFSBUJPOTQSPpUBCMFBOEUIFOFYQBOEPQFSBUJPOTUPPUIFS&OHMJTITQFBLJOHDPVOUSJFT )31'&YQBOTJPOPG5".JOUIF64NBSLFU &OHMJTI TQFBLJOH DPVOUSJFT 'PS+BQBO#BTFEPOUIFBWFSBHFBOOVBMIJSJOHSBUFGPSlNFE JDBMBOEXFMGBSFzBOElMJGFTUZMFSFMBUFETFSWJDFTzDBUFHPSJFT BQQSPYJNBUFMZGPSNFEJDBMBOEXFMGBSFBOEBQQSPYJNBUFMZ GPSMJGFTUZMFSFMBUFETFSWJDFT UPUBMPGBQQSPYJNBUFMZNJMMJPOQFSTPOT JOUIF':4VSW FZPO&NQMPZNFOU5 SFOETBOEUIFBWFSBHFVOJUDPTUQFSIJSFGPS +PC.FEMFZGPSFBDIKPCDBUFHPSZ'PSUIF640VSFTUJNBUFTBSF CBTFEPOQVCMJDMZBWBJMBCMF JOGPSNBUJPO "TTVNJOH +1: "QQSPY +1:USJMMJPO (SPXUI
Page 47
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 47 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4FFTUBUJTUJDBMEBUBGSPNUIF.JOJTUSZPG)FBMUI -BCPSBOE8FMGBSF ': 4UBSUGPSDMJOJDT ': 4UBSUGPSEJTQFOTJOH QIBSNBDJFT ': 4UBSUGPSIPTQJUBMT ': 4UBSUGPSEFOUBM DMJOJDT w 5 BSHFUDVTUPNFSCBTFIBTTJ[BCMFVQTJEFQPUFOUJBMXJUISPVHIMZL IPTQJUBMT NFEJDBMDMJOJDT QIBSNBDJFT BOEEFOUBMDMJOJDT w $POEVDUFETBMFTQSPNPUJPOUIBUMFWFSBHFETZOFSHJFTXJUIUIFDV TUPNFS CBTFPG)31'#VTJOFTT .FEJDBM1'*NQSPWFE"316WJB4ZOFSHZXJUI)31'#VTJOFTT $VTUPNFS#BTF (SPXUI *OUIF.FEJDBM1'#VTJOFTT XFIFMQPVSDVTUPNFSTJNQSPWFPQFSBUJPOBMF⒏DJFODJFT BTXFMMBTDPOUBDUXJUIQBUJFOUTCZVTJOH EJHJUBMUFDIOPMPHZ8FBSFDVSSFOUMZGPDVTFEPOEFWFMPQJOH4BB4QSPEVDUTBOE JOBEEJUJPOUPMFWFSBHJOHUIFDVTUPNFSCBTFPG PVS)31'#VTJOFTTUPFYQBOEUIFOVNCFSPGDVTUPNFSP⒏DFT XFBSFJNQSPWJOH"316CZTUSFOHUIFOJOHPVSQSPEVDUMJOFVQ .BYJNJ[F/VNCFSPG$VTUPNFST w 3PPNGPSJNQSPWFNFOUJOCPPTUJOHF⒏DJFODZPGNFEJDBMJOTUJUVUJ POT` PQFSBUJPOTBOEFOIBODJOHQBUJFOUT`FYQFSJFODFTCZTUSFOHUIFOJOHPVS QSPEVDUMJOFVQ *NQSPWF"316 L $PWFSBHF3BUJP BQQSPY 4BB4 1IBSNBDJFT )PTQJUBMT .FEJDBM $MJOJDT %FOUBM $MJOJDT 1BUJFOUT -JGF4DJFODF $PNQBOJFT /VSTJOHBOE 8FMGBSF 'BDJMJUJFT 3FGPSNJOH CVTJOFTTQMBO 3FGPSNJOH CVTJOFTTQMBO 4BB4 4BB4 ': ': ': ': ': ': ':
Page 48
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 48 0UIFSDPNQBOJFT`BQQ *OUFHSBUF$-*/*$4BQQBOE!MJOL 1BUJFOUT 5IFWBSJPVTQSPEVDUTP⒎FSFEWJBUIF.FEJDBM1'BSFCVJMUVTJOHBOJOUFHSBUFEQBUJFOUEBUBCBTFBTBDPSFUFDIOPMPHZ QBUFOUOP FOBCMJOHUIFFYDIBOHFPGNFEJDBMEBUBCFUXFFOBXJEFSBOHFPGIFBMUIDBSFTZTUFNTBOEQBUJFOUGBDJOHBQQMJDBUJPOT 8FBSFDPOTUSVDUJOHUIFEBUBCBTFJOBMJHONFOUXJUIUIFTUBOEBSEJ[BUJPOQPMJDJFTPGUIF+BQBOFTFHPWFSONFOU"THFOFSBUJWF"* DPOUJOVFTUPFWPMWF XFXJMMBMTPXPSLUPJOUFHSBUFVOTUSVDUVSFEEBUBTVDIBTWPJDFBOEJNBHFT XJUIBGVOEBNFOUBM DPNNJUNFOUUPTBGFUZBOETFDVSJUZ %BUBTIBSFEFWFOBNPOHEJ⒎FSFOU DPNQBOJFT`TZTUFNTBOEBQQT .FEJDBM*OTUJUVUJPOT .FEJDBM1'1SPEVDU%FWFMPQNFOU6TJOHBO*OUFHSBUFE1BUJFOU %BUBCBTFBTB$PSF5 FDIOPMPHZ (SPXUI 1SPEVDUTGPSNFEJDBM EFOUBM BOEQIBSNBDFVUJDBMQSPGFTTJPOBMT 0UIFSDPNQBOZ`T NFEJDBMTZTUFN *OUFHSBUFEQBUJFOU EBUBCBTF 1MBOUPBMTPJOUFHSBUFVOTUSVDUVSFEEBUB %BUBDPPSEJOBUJPO%BUBDPPSEJOBUJPO
Page 49
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 49 5 FMFNFEJDJOF0OMJOFESVH BENJOJTUSBUJPOHVJEBODF *OGPSNBUJPOJOUFHSBUJPO 1)3BQQMJDBUJPOT .VUVBMJOUFHSBUJPO )BUB.Z$BSUF *OUFHSBUJPOXJUI.Z/VNCFS$BSE *OGPSNBUJPOEJTDMPTVSFDBSE .Z/VNCFS$BSEJOUFHSBUFE QBUJFOU*%DBSE 4IBSJOHPG%*$0.JNBHFTXJUI QBUJFOUT 5 SBDJOHSFQPSUQSPEVDUJPO GVODUJPO 0OMJOFDPOGFSFODJOH FNBJM (SPVQDIBUT .BOBHFNFOUPGBENJTTJPOBOE EJTDIBSHFPGFWBDVFFTJOUP FNFSHFODZTIFMUFST 4IBSFEVTBHFPGBEWBODFENFEJDBM FRVJQNFOU *OUFHSBUJPOPGNFEJDBM JOGPSNBUJPO 1IBSNBDFVUJDBM JOGPSNBUJPO 1IBSNBDZSFDFJQUT /VSTJOHDBSF JOGPSNBUJPO /VSTJOHDBSFTZTUFNT &.3 .FEJDBMSFDFJQUT #VMMFUJOCPBSET 0OFPGUIFVOJRVFGFBUVSFTPGPVSDVTUPNFSCBTFJTUIBUJUDPWFSTPWFSPGNFEJDBMBOEXFMGBSFP⒏DFTGSPNBXJEFSBOHFPG DBUFHPSJFTJODMVEJOHIPTQJUBMT DMJOJDT QIBSNBDJFT BOEOVSTJOHDBSFBOEQVCMJDXFMGBSFGBDJMJUJFT8FXJMMMFWFSBHFPVS DVTUPNFSCBTFUPIFMQJODSFBTFUIFF⒏DJFODZPGSFHJPOBMNFEJDBMDPPSEJOBUJPO .FEJDBM1'*OUFHSBUJPOPGSFHJPOBMNFEJDBMJOGPSNBUJPO .*/&5 &⒏DJFOUDPNNVOJDBUJPOBNPOH EJ⒎FSFOU TQFDJBMJTUT %JTBTUFS NJUJHBUJPO &⒎FDUJWFVTFPGNFEJDBM SFTPVSDFT *NQSPWFNFEJDBMDBSFFYQFSJFODF *NQSPWFIFBMUIBXBSFOFTT *NQSPWFNFEJDBMDBSFRVBMJUZ 1SPWJEFNPSFJOGPSNBUJPO &YBNQMFPG)BUBNBSVOFU UIFTQFDJBMNFEJDBM[POFPG)BUBEJTUSJDU ,PDIJQSFGFDUVSF (SPXUI
Page 50
Copyright© Medley, Inc. ALL RIGHTS RESERVED. w &TUBCMJTIUBSHFUUJNFUBCMFGPSCSJOHJOHMPTT NBLJOHCVTJOFTTFTJOUPUIFCMBDLBOE TZTUFNBUJDBMMZJODSFBTFPQFSBUJOHDBTIqPX 'PDVTPOTPVOEVOJUFDPOPNJDT w 5 BLFGVMMBEWBOUBHFPGpOBODJOHPQQPSUVOJUJFT QSFTFOUFECZWFSZMPXJOUFSFTUSBUFTJO+BQBO BOEPVSCVTJOFTTNPEFMGPDVTFEPOTUBCMF SFDVSSJOHTBMFT w &RVJUZpOBODJOHXJMMCFDPOEVDUFECBTFEPO GBDUPSTTVDIBTPVSTIBSFQSJDF NBSLFU DPOEJUJPOT BOEXIFUIFSJUJTOFDFTTBSZUP QSPDVSFDBQJUBMJOPSEFSUPSFBDIPVSNJEUFSN UBSHFUT w 'PDVTPOTZOFSHZ 4J[BCMFDVTUPNFSCBTF *OUFSOFUQSPEVDUEFWFMPQNFOULOPXIPX %JHJUBMNBSLFUJOHLOPXIPX w 1.*CBTFEPOPVS(MPCBM0OFJOJUJBUJWF w 'MFYJCMFJOWFTUNFOUTCBTFEPOGBDUPST TVDIBTPVSTIBSFQSJDF NBSLFU DPOEJUJPOT DPTUPGDBQJUBM BOEPVS pOBODJOHDBQBDJUZ 50 1SJPSJUZ JOQSJODJQMF 6TFTPGGVOET 4PVSDFTPGGVOET *OPSEFSUPSFBDIPVSNJEUFSNUBSHFUTBIFBEPGTDIFEVMF XFXJMMQSPBDUJWFMZJOWFTUDBQJUBMTFDVSFEWJBPQFSBUJOHDBTIGMPXBOE JOUFSFTUCFBSJOHEFCUJOUPPVSCVTJOFTTBOEBDRVJTJUJPOT XIJMFLFFQJOHDPNQBOZXJEFQSPGJUHSPXUIBTPVSQSJODJQBMQPMJDZ5IBU TBJE JGBUUSBDUJWFJOWFTUNFOUPQQPSUVOJUJFTBSJTF XFXJMMQSJPSJUJ[FUIFTFPQQPSUVOJUJFTPWFSTBMFTBOEQSPGJUHSPXUI *OWFTUNFOUJO CVTJOFTTFT 0QFSBUJOH DBTIqPXT GSPNQSPpUBCMF CVTJOFTTFT %FCU &RVJUZ ." 4IBSF SFQVSDIBTF $ % % " # w 1SJPSJUJ[FJOWFTUNFOUPQQPSUVOJUJFT XIJMF NBJOUBJOJOHDPNQBOZXJEFQSPpUHSPXUIBTPVS NBJOQPMJDZ .BLFVTFPGDPTUNFSJUTPOBQSFUBYJOWFTUNFOUCBTJT w .BYJNJ[FOVNCFSPGDVTUPNFSTBOEBDIJFWF "316HSPXUI $POUJOVFUPMFWFSBHFDPTUMFBEFSTIJQPG+PC.FEMFZ *NQSPWFVUJMJ[BUJPOSBUFBOEQSPEVDUMJOFVQ $POUJOVFE%JTDJQMJOFE*OWFTUNFOUJO(SPXUI*OWFTUNFOU
Page 51
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 51 4USFOHUIFODVTUPNFSCBTFCZMFWFSBHJOH+PC.FEMFZ`TDPTU MFBEFSTIJQ w .BJOUBJODVSSFOUDVTUPNFSBDRVJTJUJPOQBDF w 1SPBDUJWFMZQVSTVFDSPTTTFMMJOHCZMFWFSBHJOHHSPVQXJEF DVTUPNFSNBOBHFNFOUTZTUFN ᶃ*ODSFBTFDVTUPNFSVTBHFSBUF w $POUJOVPVTJNQSPWFNFOU ᶄ4USFOHUIFOQSPEVDUMJOFVQ w /FXTFSWJDFTVOEFSEFWFMPQNFOU w 1SPBDUJWFMZQVSTVFCVTJOFTTBOEDBQJUBMBMMJBODFTXJUI PUIFSDPNQBOJFT *OWFTUNFOUJO#VTJOFTTFT 1SJPSJUJ[FJOWFTUNFOUPQQPSUVOJUJFT XIJMFNBJOUBJOJOH DPNQBOZXJEFQSPpUHSPXUIBTPVSNBJOQPMJDZ w 'PDVTPOBDIJFWJOHDPTUNFSJUTPOBQSFUBY JOWFTUNFOUCBTJT XIJMFBMTPGPDVTJOHPONFSJUTGSPN BGUFSUBYDBQJUBMCBTFTUSFOHUIFOJOH 'PDVTPOTPVOEVOJUFDPOPNJDT w $POpSNJOWFTUNFOUSFUVSOQFSJPETBOE-57$"$GPS BMMCVTJOFTTFT w %FUFSNJOFQSPpUBCJMJUZUJNJOHBOEJOWFTUQSPBDUJWFMZ JOCVTJOFTTFTXJUITPVOEVOJUFDPOPNJDT .BYJNJ[BUJPOPG$VTUPNFS/VNCFST "316*NQSPWFNFOU 8FXJMMQSPBDUJWFMZJOWFTUDBQJUBMTFDVSFEWJBPQFSBUJOHDBTIqPXBOEJOUFSFTUCFBSJOHEFCU XIJMFLFFQJOHDPNQBOZXJEF QSPpUHSPXUIBTPVSNBJOQPMJDZ5IBUTBJE JGBUUSBDUJWFJOWFTUNFOUPQQPSUVOJUJFTBSJTF XFXJMMQSJPSJUJ[FUIFTFPQQPSUVOJUJFT PWFSQSPpUHSPXUI " *OWFTUNFOUJO(SPXUI5 BSHFUJOH.BYJNJ[BUJPOPG$VTUPNFS/VNCFST BOE*NQSPWFNFOUPG"316 *OWFTUNFOU
Page 52
Copyright© Medley, Inc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
Page 53
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 53 w *OJUJBUJWFTUPTUSFOHUIFOUIF)31'BOE.FEJDBM1'TFHNFOUT %FWFMPQNFOUBOETVQQMZPGQSPEVDUTGSPNPVSQBSUOFSDPNQBOJFT UIBUBSFOPUTQFDJpDBMMZEFTJHOFEGPSVTFJOUIFNFEJDBM IFBMUIDBSFpFME $POTJHOFEEFWFMPQNFOUPGOFXQSPEVDUTBOEGVODUJPOTCBTFEPO PVSQPSUGPMJPDPODFQU BTXFMMBTCVTJOFTTFTCBTFEPOUIFTF QSPEVDUTBOEGVODUJPOT w %FWFMPQNFOUPGOFXCVTJOFTTTFHNFOUTUIBUXFXJMMNBOBHFJOUI F GVUVSF w 4FDVSFBDDFTTUPPUIFSJEFBTBOEUFDIOPMPHJFTUIBUXFMBDL w .BLFJOWFTUNFOUTSFMBUFEUPUIFBCPWF NJOPSJUZTUBLFT *ODPSQPSBUJPOPG JEFBTUFDIOPMPHJFT &YJTUJOH CVTJOFTTFT %FWFMPQNFOU PGOFX CVTJOFTTFT 4USFOHUIFOJOH FYJTUJOH CVTJOFTTFT .BJO(PBMT &YBNQMFTPGSFTPVSDFTUIBUDBOCFVTFECZQBSUOFS • 0VUSFBDIUPPVSDVTUPNFSCBTFJOUIFNFEJDBMIFBMUIDBSFpFME • "DDFTTUPUFTUNBSLFUJOHWFOVFTBOESFRVFTUTGPSDPPQFSBUJPOGSPN QPUFOUJBMDVTUPNFST • 5 FDIOPMPHJDBMSFTPVSDFTJODMVEJOHQBUJFOUJOUFHSBUJPOJOGSBTUSVDUVSF • ,OPXMFEHFTIBSJOHSFMBUFEUPPVSDPSQPSBUFEFTJHO • 5 FNQPSBSZTVQQPSUBOESFDSVJUNFOUBTTJTUBODFGPSEFWFMPQNFOUBOE CVTJOFTTBDUJWJUJFT *NQMFNFO UXJUI0QFO*OOPWBUJPO1BSUOFST /FXNJEUFSNUBSHFUQFSJPE DPOTPMJEBUFPSNPSFCVTJOFTTFT *OWFTUNFOUT FUD *OPSEFSUPBDDPNQMJTIPVSNJTTJPOPGl$SFBUJOHUIFGVUVSFPGNFEJDBMIFBMUIDBSFz XFXJMMTUSFOHUIFOPVSPQFOJOOPWBUJPO JOJUJBUJWFT8FEFpOFPQFOJOOPWBUJPOBTTQBSLJOHJOOPWBUJPOCZMFWFSBHJOHUIFCVTJOFTTSFTFBSDIBTTFUTBOELOPXMFEHFPG PVUTJEFDPNQBOJFTBOEJOEJWJEVBMTTVDIBTSFTFBSDIFST FOUSFQSFOFVST BOEFYQFSUT%VSJOHUIFQFSJPEDPWFSFECZPVSOFX NJEUFSNUBSHFU XFXJMMVTFPQFOJOOPWBUJPOUPDPOTPMJEBUFPSNPSFCVTJOFTTFT ##VTJOFTT%FWFMPQNFOU-FWFSBHFGSPN.FEMFZ0QFO*OOPWBUJPO*OWFTUNFOU
Page 54
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 54 /BNF *NQBDUFETFHNFOU 5JNJOH 1SJDF "OOVBMTBMFT 4UBUVT "YJT3PPU .FEJDBM1' +BO +1:CO +1:CO w *OUFHSBUJPOXJUI1IBSNTXJMMTUSFBNMJOFPQFSBUJPOTBOEHSFBUMZTUSFOHUIFOPVSDPOOFDUJPOXJUIQBUJFOUT "5/ /FX4FSWJDFT +BO +1:CO +1:CO w "DDFMFSB UF%9JOUIFJOEVTUSZXJUI.JOLBJ SFGFSSBMTFSWJDFTGPSQSPTQFDUJWFSFTJEFOUTUPOVSTJOHDBSFGBDJMJUJFT BOE 3FOLFJTBO EJTDIBSHFDPPSEJOBUJPOTVQQPSUTZTUFN 0GGTIPSF .FEJDBM1' 0DU +1:CO +1:CO w 5 BLJOHNFBTVSFTUPDSFBUFTZOFSHJFTXJUIQSPKFDUTVOEFSUBLFOCZUIF.FEJDBM1'#VTJOFTT (611:`T )31'/FX4FSWJDFT "QS +1:CO +1:CO w 8PSLJOHUPDSFBUFTZOFSHJFTXJUI+PC.FEMFZ4PMEIFBMUIDBSFCVTJOFTTJO"QSJM -BMVOF .FEJDBM1' 'FC +1:CO +1:CO w $SFBUJPOPGTZOFSHJFTXJUIPVSCVTJOFTTUPJNQSPWFQBUJFOUT`NFEJDBMBDDFTT .&%-&:'JOBODJBM 4FSWJDF .FEJDBM1' 4FQ +1:CO +1:CO w -BVODIFETQFDJBMQMBOGPSFYJTUJOHDVTUPNFSTVOEFSUIFl.FEMFZ'VOEJOH4VQQPSUzQSPHSBN 5 FOYJB )31' 4FQ +1:CO +1:CO w *NQMFNFOUJOHJOJUJBUJWFTUPHFOFSBUFMPOHUFSNTZOFSHJFTXJUISFDSVJUNFOUTZTUFN .&%J1"44 )31'.FEJDBM1'/FX 4FSWJDFT 'FC +1:CO +1:CO w *OUFHSBUFEPOMJOFUSBJOJOHTZTUFNXJUI.FEMFZJO+BO JNQSPWFEDPSFGVODUJPOT BOEEFWFMPQFENVMUJMJOHVBMTVQQPSU w 4PMEPUIFSCVTJOFTTFTJO+BOVBSZ 1BDJGJD.FEJDBM .FEJDBM1' +BO +1:CO +1:CO w 4USFOHUIFOFE."--&.3TZTUFNGPSIPTQJUBMTBOEDMJOJDTXJUICFETBOE.*/&5SFHJPOBMNFEJDBMDPPQFSBUJPOTZTUFN 1SPPGPGDPODFQU UFTUJOH .FEJDBM1' %FD w $POUSJCVUFEDPOTJEFSBCMZUPEFWFMPQNFOUPG1IBSNT"TGBDJMJUJFTXIFSFQSPPGPGDPODFQUUFTUJOHJTDPOEVDUFETFSWF BTNPEFMTGPSUIFGVUVSF XFBSFDPOTJEFSJOHSFUBJOJOHPXOFSTIJQPGPUIFSGBDJMJUZGPSNBUT 4PVSDFDPEFPG EFOUBMCJMMJOHTZTUFN .FEJDBM1' "VH +1:CO w -FWFSBHFELOPXIPXUPDPNQMFUFMZSFCVJMETZTUFNBTTFUTBDRVJSFEJOBOESFMFBTFEOFXTZTUFN%FOUJTJO +BOVBSZ /B$M.&%*$"- .FEJDBM1' .BS +1:CO w .BEFQSPHSFTTJOEFWFMPQNFOUPGOFXDMPVECBTFENFEJDBMCJMMJOHTZTUFNTPGUXBSFBOENFSHFEUIFDPNQBOZXJUI .FEMFZ /BNF 4UBSUPG*OJUJBUJWF *OWFTUNFOU 4UBUVT ɹ)FEHFIP H.FE5 FDI *OD 0DU /PUEJTDMPTFE w $POTJEFSJOHDPMMBCPSBUJPOXJUINFEJDBMDMJOJDTBSFB 4"/&*.&%*4:4$0 -5% "VH /PUEJTDMPTFE w *NQMFNFOUFEBMJOLBHFXJUI$-*/*$4JOUIFBSFBPGNFEJDBMDMJOJDT CV[[SFBDI*OD "VH /PUEJTDMPTFE w $POTJEFSJOHDPMMBCPSBUJPOXJUINFEJDBMDMJOJDTBSFB DPSUF*OD "VH /PUEJTDMPTFE w *NQMFNFOUFEBMJOLBHFXJUI.&%*94JOUIFBSFBPGEJTQFOTJOH 4*/%*OD +VM /PUEJTDMPTFE w $POTJEFSJOHDPMMBCPSBUJPOXJUIUIFIPTQJUBMTBSFB NBJSVUFDI*OD +VM /PUEJTDMPTFE w $POTJEFSJOHDSFBUJOHTZOFSHJFTXJUIUIFIPTQJUBMTBSFB )*50546 *OD +VM /PUEJTDMPTFE w $POTJEFSJOHDSFBUJOHTZOFSHJFTXJUI.FEJDBM1' 1IJMEVD U*OD .BS /PUEJTDMPTFE w *NQMFNFOUJOHJOJUJBUJWFTUPHFOFSBUFTZOFSHJFTXJUI%FOUJT (F$4 *OD 'FC /PUEJTDMPTFE w 8PSLJOHUPDSFBUFTZOFSHJFTXJUIl"OOZPzQMBUGPSNQSPWJEFECZ(F$4 FNPMJOD %FD /PUEJTDMPTFE w 8PSLJOHUPBDIJFWFTZOFSHJFTXJUIWBSJPVTQSPKFDUTJOUIF.FEJDBM1'#VTJOFTT .FEJD BM5 FDIOPMPHJFT *OD .BZ +1:CO w %FWFMPQJOHQSPEVDUTUIBUDPOUSJCVUFUPUIFF⒏DJFODZPGNFEJDBMQSPWJEFSTBOESFHJPOBMNFEJDBMDPPSEJOBUJPO ." 8FXJMMEFWFMPQBXJEFSBOHFPGTZTUFNTOFDFTTBSZUPDSFBUFUIFGVUVSFPGNFEJDBMBOEIFBMUIDBSF8FQMBOUPEFWFMPQPVSCVTJOFTT CBTFEPOUISFFEFWFMPQNFOUQJMMBSTJOIPVTFEFWFMPQNFOU ." BOEPQFOJOOPWBUJPO4FFCFMPXGPSBSFWJFXPGUIF."EFBMTBOE JOWFTUNFOUTXFIBWFDPNQMFUFE #0WFSWJFXPG$PNQMFUFE."BOE0QFO*OOPWBUJPO*OWFTUNFOU 0QFOJOOPWBUJPO
Page 55
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 1SPpUBCMFJO': *OUIFSFEJO': $BTIHFOFSBUJPOQIBTF 1SPpUBCJMJUZQIBTF $PNNFSDJBMJ[BUJPOQIBTF )31' .FEJD BM1' /FX4FSWJDFT 55 *OWFTUNFOU *ODSFBTF0QFSBUJOH$BTI'MPXCZ.BLJOH-PTTNBLJOH#VTJOFTTFT 1SPpUBCMFJO-JOFXJUI0VS1MBOT $ 8FGPDVTPOPVSDPNQBOZXJEFTBMFTHSPXUISBUF'PSJOEJWJEVBMCVTJOFTTFT XFOPUPOMZNBLFDPNNJUNFOUTSFHBSEJOHTBMFT HSPXUISBUFT CVUXFBMTPTFUUBSHFUZFBSTGPSCSJOHJOHMPTTNBLJOHCVTJOFTTFTJOUPUIFCMBDLBOEXJMMJODSFBTFPQFSBUJOHDBTIqPX JOMJOFXJUIPVSQMBOT $BTIHFOFSBUJPOQIBTF1PTJUJWFPQFSBUJOHDBTIqPX 1SPpUBCJMJUZQIBTF0QFSBUJOHDBTIqPXOFHBUJWF CVUVOJUFDPOPNJDTTPVOE SFUVSOPOJOWFTUNFOUFYQFDUFE $PNNFSDJBMJ[BUJPOQIBTF$SFBUJPOPGCVTJOFTTNPEFMUBSHFUJOHHFOFSBUJPOPGPQFSBUJOHDBTIqPX VOJUFDPOPNJDTDBSFGVMMZNPOJUPSFE 'BDUPSJOHCVTJOFTT &YQFDUFEUPUVSOQSPpUBCMFJO': &YQFDUFEUPUVSOQSPpUBCMFJO': /VSTJOHGBDJMJUZTFBSDITFSWJDF 3FDSVJUNFOU4ZTUFNJOUIF64 &.3GPS"DVUF$BSF)PTQJUBMT w1SFQBSBUJPOGPSOFYUQIBTF w/PFYQBOTJPOPGMPTTFT
Page 56
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 56 0QFSBUJOHDBTIqPXQSPEVDFECZPVSCVTJOFTTFTJTPOBSJTJOHUSFOEPXJOHUPCVTJOFTTFYQBOTJPOBOENBSHJOJNQSPWFNFOUJO PVSFYJTUJOHCVTJOFTTFT8FFTUJNBUFUIBUPVSJOWFTUNFOUDBQBDJUZ JODMVEJOHBEEJUJPOBMCPSSPXJOHDBQBDJUZ XJMMCF BQQSPYJNBUFMZ+1:CJMMJPOEVSJOHUIFQFSJPEDPWFSFECZUIFOFXNJEUFSNUBSHFU BOEXFFYQFDUUPCFBCMFUPUBLFBEWBOUBHF PGBUUSBDUJWFJOWFTUNFOUPQQPSUVOJUJFT %'JOBODJBMCBTFGPSqFYJCMFJOWFTUNFOU*OWFTUNFOU $VSSFOUpOBODJBMQPTJUJPOBOEPVUMPPLGPSJOWFTUNFOUDBQBDJUZ $POTPMJEBUFECBMBODFTIFFUBTPG%FDFNCFS +1:NN w 0QFSBUJOHDBTIqPXDPOUJOVFTUPSJTFBOE XFFYQFDUUPHFOFSBUFUPUBMPQFSBUJOH DBTIqPXPGPWFS+1:CJMMJPOEVSJOH UIFNJEUFSNUBSHFUQFSJPE ':UP':BDUVBM+1:CO w 0VSJOWFTUNFOUTXJMMJODMVEF."NBJOMZ GPDVTFEPOQPUFOUJBMTZOFSHJFT w 'VOETBWBJMBCMFGPSJOWFTUNFOUEVSJOHUIF NJEUFSNUBSHFUQFSJPEUPUBMSPVHIMZ+1: CJMMJPOBTTVNJOHOPBEEJUJPOBM DBQJUBMQSPDVSFNFOU ':UP':BDUVBM+1:CO w 0XJOHUPPVSGPDVTPODPTUPGDBQJUBM XFQMBOUPQSJPSJUJ[FEFCUpOBODJOH PWFSFRVJUZpOBODJOH w 'BDUPSJOHJOBDDVNVMBUJPOPGOFU BTTFUTGSPNQSPpUBDIJFWFEEVSJOHUIF QFSJPEDPWFSFECZUIFNJEUFSN UBSHFU BOEBTTVNJOHUIBUXF NBJOUBJOBEFCUUPFRVJUZSBUJPCFMPX Y XFIBWFBEEJUJPOBMCPSSPXJOH DBQBDJUZPGBQQSPYJNBUFMZ+1: CJMMJPO ':UP':BDUVBM+1:CO $BQJUBMSBUJPɺ%&SBUJPY %FCU 0UIFSMJBCJMJUJFT /FUBTTFUT $BTI BOE EFQPTJU 0UIFSBTTFUT (PPEXJMM FUD
Page 57
Copyright© Medley, Inc. ALL RIGHTS RESERVED. +PC.FEMFZJTBSFDSVJUNFOUTZTUFNVTFECZCVTJOFTTFT NBJOMZNFEJDBMJOTUJUVUJPOT JOUIFOVSTJOH DIJMEDBSF BOEIFBMUIDBSF pFMET3FDSVJUNFOUJOGPSNBUJPOGPSPWFSUZQFTPGRVBMJpFEQSPGFTTJPOBMTDBOCFFOUFSFEJOUPUIFTZTUFNBOEQMBDFNFOUGFF JTDIBSHFEXIFOBQMBDFNFOUJTTVDDFTTGVMMZNBEF5IFQMBDFNFOUGFFWBSJFTEFQFOEJOHPOUIFPDDVQBUJPOUZQFBOEIJSJOH DMBTTJpDBUJPO 57 4FSWJDF 1SPWJEFST "QQMZ*ORVJSF 4VDDFTTGFF +PJO )PTQJUBMT /VSTJOHGBDJMJUJFT 1IBSNBDJFTFUD $BOEJEBUFT 1PTUKPCP⒎FST 4FOE TDPVUJOH NFTTBHFT &NQMPZ %BUBCBTFPGRVBMJpFEQFSTPO JOUIFNFEJDBMIFBMUIDBSFpFME XJUINPSFUIBO PDDVQBUJPOT 3FG #VTJOFTT 0WFSWJFX )31' 4VDDFTTGFFCBTFE)JSJOH4VQQPSU4ZTUFN GPS.FEJDBM)FBMUIDBSF*OEVTUSZ
Page 58
Copyright© Medley, Inc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harmacist 324k Nurse 1,566k Occupational therapist 90k Physical therapist 182k Speech language hearing therapist 28k Doctor 343k Dental hygienist 145k Nursery school teacher 716k Care manager 184k Certified care worker 1,187k FUD Nursing assistant 172k Public health nurse 60k Judo therapist 79k Acupuncturist 133k Welfare counselor 206k Welfare equipment consultant 35k Dental technician 33k Clinical engineer 30k Certified clinical psychologist 75k Orthoptist 10k FUD MRI technician 56k Clinical technologist 68k Midwife 38k Dentist 40k Licensed masseur 61k 3FG #VTJOFTT 0WFSWJFX )31' *OEVTUSZ)BTB-POHUBJM4USVDUVSF 0VS4USFOHUIT"SFJOUIF.JEEMFBOE5 BJM4FHNFOUT
Page 59
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 59 *NQSPWFE&⒏DJFODZCZ-FWFSBHJOH0OMJOF4VQQPSU NBUDI JOH NPTUMZDPNQMFUFEPOMJOF $PNQFUJUPST 1SJDF"EWBOUBHFT 3BUJPPGPVSSFDSVJUNFOUTVDDFTTGFFUPBOOVBMTBMBSZ GVMMUJNF JTDBMDVMBUFECBTFEPOUIF#BTJD 4VSWFZPO8BHF4USVDUVSF SBOHFPGOVSTFT DIJMEDBSFQSPGFTTJPOBMT QIZTJPUIFSBQJTUT EFOUJTUT BOE DBSFHJWFST 5IJTSFGFSTUPUZQJDBMGFFTGPSSFDSVJUNFOUTFSWJDFTGPSPDDVQBUJPOTTVDIBTEPDUPST OVSTFT DIJMEDBSF QSPGFTTJPOBMT QIZTJDBMUIFSBQJTUT EFOUJTUT BOEDBSFXPSLFSTBNPOHUIFPDDVQBUJPOTXFIBOEMF 4PNF SFDSVJUNFOUTFSWJDFTFNQMPZEJ⒎FSFOUNFUIPETGPSTFUUJOHTVDDFTTGFFBNPVOUTUIBUBSFEJ⒎FSFOUGSPNUIBU EFTDSJCFEBCPWF 4VDDFTT'FF PGBOOVBMJODPNF CBDLDBMDVMBUJPO ʙ .BKPS3FDSVJUNFOU "HFODJFT ʙ 4VDDFTT'FF PGBOOVBMJODPNF BDDPNQ BOZUP JOUFSWJF XT EPDVNF OUBUJPO SFHJTU SBUJPO FNQMPZ NFOU SFHJTU SBUJPO 0OMJOFNBUDIJOHTVQQPSU FNQMPZ NFOU +PC.FEMFZDPWFSTNPSFUIBOEJ⒎FSFOUUZQFTPGNFEJDBMIFBMUIDBSFPDDVQBUJPOT BOESFDSVJUNFOUTVDDFTTGFFJT BQQSPYJNBUFMZMPXFSUIBOUIFJOEVTUSZBWFSBHF8IJMFNBOZSFDSVJUNFOUBHFODJFTDPOEVDUNPTUPGUIFJSCVTJOFTTJO QFSTPO +PC.FEMFZVTFTPOMJOFTVQQPSUTUB⒎ UIFSFCZJODSFBTJOHF⒏DJFODZBOEFOBCMJOHMPXFSGFFT TVQQPSUWJBGBDFUPGBDFUFMFQIPOF 3FG #VTJOFTT 0WFSWJFX )31' -PXDPTU4USVDUVSF(JWFT"EWBOUBHFTJO5 FSNTPG1SJDJOH
Page 60
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 60 8FBSFCVJMEJOHBTUBCMFDVTUPNFSCBTFCZFODPVSBHJOHDVTUPNFSTUPCFDPNFSFQFBUVTFSTPG+PC.FEMFZ3FDFOUMZBDRVJSFE DVTUPNFSTBSFNBLJOHFYUFOTJWFVTFPGPVSTDPVUJOHGVODUJPOT5IJTIBTCPPTUFEUIFSBUJPPGBQQMJDBOUTQFSKPCP⒎FSJOHBOE DPOUSJCVUFEUPTBMFTHSPXUI 3FG #VTJOFTT 0WFSWJFX 4BMFTCZ$VTUPNFS"DRVJTJUJPO:FBS #BTFEPOQFSDVTUPNFSNPOUIMZPSEFSTTBMFTWBMVFEBUB #VJMEJOHB4UBCMF$VTUPNFS#BTFXJUI3FQFBU$VTUPNFST )31'
Page 61
Copyright© Medley, Inc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pMM2VFTUJPO'PSN "QQPJOUNFOU 1SFpMM2VFTUJPO'PSN %SVH"ENJOJTUSBUJPO (VJEBODF "QQPJOUNFOU 1SFpMM2VFTUJPO'PSN "QQPJOUNFOU 1SFp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
Page 62
Copyright© Medley, Inc. ALL RIGHTS RESERVED. ':2 ':2 ':2 ':2 ':2 ':2 ':2 ':2 ':2 ':2 ':2 ':2 ':2 'PSFJHOJOTUJUVUJPOBMJOWFTUPST %PNFTUJDJOTUJUVUJPOBMJOWFTUPST *OEJWJEVBMJOWFTUPST 0UIFS$PSQPSBUFT &YFDVUJWFBOEFNQMPZFFT 5 SFBTVSZTIBSFT 5 SFBTVSZTIBSFT 62 $IBOHFJO3BUJPPG0XOFSTIJQ 3FG $PNQBOZ 0WFSWJFX 5IFSBUJPPGJOTUJUVUJPOBMJOWFTUPST NBJOMZPWFSTFBTJOTUJUVUJPOBMJOWFTUPST BDDPVOUTGPSBTPGFOE%FDFNCFS8F XJMMDPOUJOVFUPFOEFBWPSUPQSPWJEFSPCVTUEJTDMPTVSFUIBUIFMQTCPUIJOTUJUVUJPOBMBOEJOEJWJEVBMMPOHUFSNJOWFTUPSTNBLF JOWFTUNFOUEFDJTJPOT "MMJOTUJUVUJPOBM JOWFTUPST
Page 63
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 4IBSFQSJDF -)4 "OOPVODFNFOUPG ':23FTVMUT ʙ 4IBSF3FQVSDIBTF +1:CO "WFSBHF3FQVSDIBTF "NPVOU+1: 63 +1: -JTUFEPO.PUIFST "OOPVODFNFOUPG ':3FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMUT *OUFSOBUJPOBM0GGFSJOH +1:CO *TTVF1SJDF+1: "OOPVODFNFOUPG ':3FTVMUT 5IJSEQBSUZBMMPUNFOU +1:CO *TTVF1SJDF+1: "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':3FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMUT $IBOHFE-JTUJOHUPUIF 1SJNF.BSLFU "OOPVODFNFOUPG ':3FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG': 3FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMUT "OOPVODFNFOUPG ':23FTVMU "OOPVODFNFOUPG ':3FTVMUT 4IBSF3FQVSDIBTF +1:CO "WFSBHF3FQVSDIBTF "NPVOU+1: "OOPVODFNFOUPG ':23FTVMUT ʙ 4IBSF3FQVSDIBTF +1:CO "WFSBHF3FQVSDIBTF "NPVOU+1: "OOPVODFNFOUPG ':23FTVMUT 3FG $PNQBOZ 0WFSWJFX )JTUPSJDBM4IBSF1SJDF *10QSJDF+1: "OOPVODFNFOUPG ':23FTVMUT
Page 64
Copyright© Medley, Inc. ALL RIGHTS RESERVED. 8FQSJPSJUJ[FJTTVFTUPCFBEESFTTFE NBUFSJBMJUZ JOPSEFSUPNFFUUIFFYQFDUBUJPOTBOEEFNBOETPGPVSTUBLFIPMEFST0VS NBUFSJBMJUZJTEFUFSNJOFECBTFEPOJTTVFTEJSFDUMZSFMBUFEUPPVSNJTTJPO l$SFBUJOHUIFGVUVSFPGNFEJDBMBOEIFBMUIDBSFz. #ZXPSLJOHUPTPMWFUIFTFDSJUJDBMJTTVFT XFTUSJWFUPDPOUJOVPVTMZDPOUSJCVUFUPTPDJFUZXIJMFJODSFBTJOHFOUFSQSJTFWBMVF 64 4PMVUJPOTGPSTPDJBM DIBMMFOHFTUISPVHI PVSCVTJOFTTFT 'VOEBNFOUBMT CBDLJOHPVS CVTJOFTTFT 1SPNPUJPOPGEJHJUBMJ[BUJPOJONFEJDBMBOEIFBMUIDBSFJOEVTUSZ &OTVSJOHJOGPSNBUJPOTFDVSJUZ BOEQSJWBDZQSPUFDUJPO 1SPNPUJPOPG EJWFSTJUZJODMVTJPO 4USFOHUIFOJOHPG HPWFSOBODF w &OTVSJOHJOGPSNBUJPOTFDVSJUZ w 1SJWBDZQSPUFDUJPOPGVTFST w 1SPNPUJPOPGIJSJOHBOEBDUJWF QBSUJDJQBUJPOPGEJWFSTFIVNBOSFTPVSDFT w 4USFOHUIFOJOHPGDPSQPSBUF HPWFSOBODF w 1SPWJTJPOPGNFEJDBMJOGPSNBUJPO w 4VQQPSUTJOVUJMJ[JOHNFEJDBMTFSWJDFT w 1BSUJDJQBUJPOJOQSPPGPGDPODFQU UFTUJOHJOGPSNBUJPOQSPWJTJPO w 4VQQPSUTGPSEJTBTUFSBSFBT w 4VQQPSUTGPSJOGFDUJPOQSFWFOUJPO NFBTVSFT 'PSHPWFSONFOUDPNNVOJUJFT $SFBUJOHUIF'VUVSFPG.FEJDBMBOE)FBMUIDBSF w 4USFBNMJOJOHPQFSBUJPOUISPVHI JOUFSOFUQSPEVDUT w 4PMWJOHMBDLPGXPSLGPSDFJONFEJDBM BOEIFBMUIDBSFpFME 'PSNFEJDBMQSPWJEFST 'PSQBUJFOUVTFST 'PSNPSFJOGPSNBUJPO BDDFTTPVSDPSQPSBUFXFCTJUF 3FG $PNQBOZ 0WFSWJFX *EFOUJpDBUJPOPG.BUFSJBMJUZ
Page 65
$SFBUJOHUIF'VUVSFPG.FEJDBMBOE)FBMUIDBSF