Wind/Harmonie 2 Concert Band Instrumentation D Clement ...mmm mmm mmm mmm mmm mmm mmm mmm mmm mmm
9030 - Analysts Presentation August 2011- Final - web · 2018-05-22 · ¡mmm pm=gìåÉ=omnm vmkvb...
Transcript of 9030 - Analysts Presentation August 2011- Final - web · 2018-05-22 · ¡mmm pm=gìåÉ=omnm vmkvb...
eáëÅçñ=iíÇfåíÉêáã=êÉëìäíë
Ñçê=íÜÉ=ëáñ=ãçåíÜë=ÉåÇÉÇ=PM=gìåÉ=OMNN
jçëí=ÉñéÉåëáîÉ=óÉ~ê=ÉîÉê=Ñçê=íÜÉ=áåÇìëíêóG=E~ÑíÉê=çåäó=ëáñ=ãçåíÜëF
NGpçìêÅÉW=jìåáÅÜ=oÉ
^=íìãìäíìçìë=ëáñ=ãçåíÜë
O
√ råéêÉÅÉÇÉåíÉÇ=äÉîÉä=çÑ=Å~í~ëíêçéÜÉë=~åÇ=ä~êÖÉ=áåÇáîáÇì~ä=äçëëÉë=
√ b~êäó=êÉÇìÅíáçå=áå=áåÅçãÉ=êÉîÉêëÉÇ=ÑçääçïáåÖ=ê~íÉ=áåÅêÉ~ëÉë
√ oÉáåëìê~åÅÉ=ÅçîÉê=ã~íÉêá~ääó=ìåáãé~áêÉÇ
√ píê~íÉÖó=çÑ=Ä~ä~åÅÉ=ÅçåíáåìÉë=íç=ïçêâ=Ó ÖêçïáåÖ=áå=éêçÑáí~ÄäÉ=~êÉ~ë
√ aáîáÇÉåÇ=RKNé=EOMNMW=RKMéF
cáå~åÅá~ä=éÉêÑçêã~åÅÉ
^=ÅÜ~ääÉåÖáåÖ=Ñáêëí=Ü~äÑ
NSKRB
PPOKT
NIOSSKN
NSKR
QTKO
NTUIUMM
VUIUQV
ONNIPSS
NIQPOISTQ
NINPNISOT
NINPNINRU
aÉÅÉãÄÉê=OMNM¡MMM
QSISMM
VTINRO
OTIRVM
EURIRVSF
fåîÉëíãÉåí=êÉíìêå=çå=Ñáå~åÅá~ä=~ëëÉíë
EiçëëFLéêçÑáí=ÄÉÑçêÉ=í~ñ
TUISNMEUTIMQNFEiçëëFLéêçÑáí=~ÑíÉê=í~ñ
NQKUB
PNUKV
NIOMOKO
RKM
OMKV
VMQIPOS
SUPISVV
RVOITQV
gìåÉ=OMNM¡MMM
ENPKPFBoÉíìêå=çå=Éèìáíó=~ÑíÉê=í~ñG
OVSKP• é=éÉê=ëÜ~êÉ
NINQSKR√ ¡ã
kÉí=~ëëÉí=î~äìÉ
RKNfåíÉêáãLÑáå~ä=ÇáîáÇÉåÇ=EéF
EOOKUF_~ëáÅ=É~êåáåÖë=éÉê=ëÜ~êÉ=EéF
UQTIQRN
SSTIRSN
RRQISSU
dêçëë=éêÉãáìãë=ïêáííÉå
kÉí=éêÉãáìãë=ïêáííÉå
kÉí=éêÉãáìãë=É~êåÉÇ
gìåÉ=OMNN¡MMM
QG^ååì~äáëÉÇK
pÉÖãÉåí~ä=~å~äóëáë
VMKTB
UOKOB
SVIUOS
OQIMOR
ONSITUT
OQSIQNO
PUPIMTO
içåÇçå=j~êâÉí¡MMM
PM=gìåÉ=OMNM
VMKVB
VPKNB
NVISMP
QINQO
ONMINMR
OPQIRVR
OQUINSR
rh=~åÇ=bìêçéÉ=¡MMM
NMSKUB
NNQKMB
ESIQONF
NNIPST
NSRIURT
OMOISVO
OTPIMUV
fåíÉêJå~íáçå~ä=¡MMM
J
J
NQINQQ
TIMSS
J
J
J
`çêéçê~íÉ=`ÉåíêÉ=====¡MMM
VQKUB
VPKSB
VTINRO
QSISMM
RVOITQV
SUPISVV
VMQIPOS
qçí~ä=¡MMM
OTIRVMPIQNSVIMVRRIVPQVINQRfåîÉëíãÉåí=áåÅçãÉ=ÓÑáå~åÅá~ä=~ëëÉíë
NNSKVBJNSMKNBVNKPBNNPKVB`çãÄáåÉÇ=ê~íáç
NNRKTBJNSMKTBVOKRBNMVKSB`çãÄáåÉÇ=ê~íáç=ÉñÅäìÇáåÖ=ãçåÉí~êó=cu
EURIRVSFEOIMRMFEUOIOPNFORIOVVEOSISNQFEiçëëFLéêçÑáí=ÄÉÑçêÉ=í~ñ
RRQISSUJNQSIRPQONRIPQNNVOITVPkÉí=éêÉãáìãë=É~êåÉÇ
SSTIRSNJNUMITTSOQUIUNMOPTIVTRkÉí=éêÉãáìãë=ïêáííÉå
UQTIQRNJOPQIVQUOSPIRNMPQUIVVPdêçëë=éêÉãáìãë=ïêáííÉå
qçí~ä=¡MMM
`çêéçê~íÉ=`ÉåíêÉ=====¡MMM
fåíÉêJå~íáçå~ä=¡MMM
rh=~åÇ=bìêçéÉ=¡MMM
içåÇçå=j~êâÉí¡MMM
PM=gìåÉ=OMNN
içåÇçå=j~êâÉí= `çãéêáëÉë=íÜÉ=êÉëìäíë=çÑ=póåÇáÅ~íÉ=PPI=ÉñÅäìÇáåÖ=íÜÉ=êÉëìäíë=çÑ=íÜÉ=ÑáåÉ=~êíI=rh=êÉÖáçå~ä=ÉîÉåíë=ÅçîÉê~ÖÉ=~åÇ=åçå=rp=ÜçìëÉÜçäÇ=ÄìëáåÉëë=ïÜáÅÜ=áë=áåÅäìÇÉÇ=ïáíÜáå=íÜÉ=êÉëìäíë=çÑ=rh=~åÇ=bìêçéÉK=fí=~äëç=áåÅäìÇÉë=íÜÉ=ÑáêÉ~åÇ=~îá~íáçå=ÄìëáåÉëëÉë=Ñêçã=póåÇáÅ~íÉ=PSOQ=~åÇ=íÜÉ=ä~êÖÉê=qjq=ÄìëáåÉëë=ïêáííÉå=Äó=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=iáãáíÉÇK=få=~ÇÇáíáçåI=áí=ÉñÅäìÇÉë=~å=ÉäÉãÉåí=çÑ=âáÇå~é=~åÇ=ê~åëçã=~åÇ=íÉêêçêáëã=áåÅäìÇÉÇ=áå=rh~åÇ=bìêçéÉK
rh=~åÇ=bìêçéÉ= `çãéêáëÉë=íÜÉ=êÉëìäíë=çÑ=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=iáãáíÉÇI=íÜÉ=êÉëìäíë=çÑ=póåÇáÅ~íÉ=PPÛë=ÑáåÉ=~êíI=rh=êÉÖáçå~ä=ÉîÉåíë=ÅçîÉê~ÖÉ=~åÇ=åçåJrp=ÜçìëÉÜçäÇ=ÄìëáåÉëëI=íçÖÉíÜÉê=ïáíÜ=íÜÉ=áåÅçãÉ=~åÇ=ÉñéÉåëÉë=~êáëáåÖ=ÑêçãíÜÉ=dêçìéÛë=êÉí~áä=~ÖÉåÅó=~ÅíáîáíáÉë=áå=íÜÉ=rh=~åÇ=áå=ÅçåíáåÉåí~ä=bìêçéÉK=fí=~äëç=áåÅäìÇÉë=~å=ÉäÉãÉåí=çÑ=âáÇå~é=~åÇ=ê~åëçã=~åÇ=íÉêêçêáëã=ïêáííÉå=áå=póåÇáÅ~íÉ=PPI=~åÇ=íÜÉ=bìêçéÉ~å=Éêêçêë=~åÇ=çãáëëáçåë=ÄìëáåÉëë=ÑêçãpóåÇáÅ~íÉ=PSOQK=fí=ÉñÅäìÇÉë=íÜÉ=êÉëìäíë=çÑ=íÜÉ=ä~êÖÉê=qjq=ÄìëáåÉëë=ïêáííÉå=Äó=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=iáãáíÉÇK
fåíÉêå~íáçå~ä= `çãéêáëÉë=íÜÉ=êÉëìäíë=çÑ=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=EdìÉêåëÉóF=iáãáíÉÇI=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=E_ÉêãìÇ~F=iáãáíÉÇI=póåÇáÅ~íÉ=PSOQI eáëÅçñ=fåÅK=~åÇ=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=fåÅK=
`çêéçê~íÉ=`ÉåíêÉ `çãéêáëÉë=íÜÉ=áåîÉëíãÉåí=êÉíìêåI=Ñáå~åÅÉ=Åçëíë=~åÇ=~Çãáåáëíê~íáîÉ Åçëíë=~ëëçÅá~íÉÇ=ïáíÜ=dêçìé=ã~å~ÖÉãÉåí=~ÅíáîáíáÉëK=`çêéçê~íÉ=`ÉåíêÉ=~äëç=áåÅäìÇÉë=íÜÉ=ã~àçêáíó=çÑ=ÑçêÉáÖå=ÅìêêÉåÅó=áíÉãë=çå=ÉÅçåçãáÅ=ÜÉÇÖÉë=~åÇ=áåíê~Öêçìé=ÄçêêçïáåÖëK=qÜÉëÉ=êÉä~íÉ=íç=ÅÉêí~áå=ÑçêÉáÖå=ÅìêêÉåÅó=áíÉãë=çå=ÉÅçåçãáÅ=ÜÉÇÖÉë=~åÇ=áåíê~Öêçìé=ÄçêêçïáåÖëI=ÑìêíÜÉê=ÇÉí~áäë=çÑ=ïÜáÅÜ=~êÉ=ÖáîÉå=~í=åçíÉ=NP=çÑ=íÜÉ=dêçìéÛë=oÉéçêí=~åÇ=^ÅÅçìåíë=Ñçê=íÜÉ=óÉ~ê=ÉåÇÉÇPN=aÉÅÉãÄÉê=OMNMK=`çêéçê~íÉ=`ÉåíêÉ=Ñçêãë=~=êÉéçêí~ÄäÉ=ëÉÖãÉåí=ÇìÉ=íç=áíë=áåîÉëíãÉåí=~ÅíáîáíáÉë=ïÜáÅÜ=É~êå=ëáÖåáÑáÅ~åí=ÉñíÉêå~ä=Åçìéçå=êÉîÉåìÉëK
R
pçäáÇ=áåîÉëíãÉåí=éÉêÑçêã~åÅÉ
QSISMMPKROTIRVMOKM^Åíì~ä=êÉíìêå
QUITPUQKQUNKPOPITTVOKNTSKU_çåÇë=íçí~ä
OKUOMKROKROQKO_çåÇë===¡
RKNRPKUOKNQRKMrpA
PKRTKMNKRTKSlíÜÉê
aÉéçëáíëLÅ~ëÜLÄçåÇë=YPã
bèìáíáÉë
PM=gìåÉ=OMNMPM=gìåÉ=OMNN
RQNMKPNPKRNINQPMKSNTKU
EOISTVFEPKVFRKOOISSUPKTRKQ
oÉíìêå
¡MMM
^ååì~äáëÉÇêÉíìêå
B
^ëëÉí=~ääçÅ~íáçå
B
oÉíìêå
¡MMM
^ååì~äáëÉÇ=êÉíìêå
B
^ëëÉí=~ääçÅ~íáçå
B
¡OITMRã¡OIURVãdêçìé=áåîÉëíÉÇ=~ëëÉíë
_ÉÑçêÉ=ÑÉÉë=~åÇ=ÇÉêáî~íáîÉ=éçëáíáçåëK
S
eáÖÜ=èì~äáíó=~åÇ=ïÉää=ÇáîÉêëáÑáÉÇ=éçêíÑçäáç
^ëëÉí=~ääçÅ~íáçå
B`~ëÜ
oáëâ=~ëëÉíë
_çåÇë
NTKU
RKQ
TSKU
^^^
_çåÇ=ÅêÉÇáí=èì~äáíó
_____=~åÇ=ÄÉäçï
^
^^
_çåÇ=ÅìêêÉåÅó=ëéäáí
B SSKQOOKT
VKQ
d_m
bro`^a=NKR
TKO
NSKT
RKP
QRKR
fåîÉëíãÉåí=éçêíÑçäáçW==¡OKUSÄå
rpaB
√ `çåëÉêî~íáîÉäó=éçëáíáçåÉÇ
√ pÜçêí=Çìê~íáçå
√ fåÅêÉãÉåí~ä=óáÉäÇ=Ñêçã=åçå=ÖçîÉêåãÉåí=ÄçåÇë
√ kç=ÉñéçëìêÉ=íç=ëçîÉêÉáÖå=ÇÉÄí=çÑ=dêÉÉÅÉI=fêÉä~åÇI=fí~äóI=mçêíìÖ~ä=çê=pé~áå
√ oáëâ=~ëëÉíë=ã~áåí~áåÉÇ
QKV
T
dîíK=OMKQ
MKMMKOMKO`~ëÜ=~åÇ=
Éèìáî~äÉåíë
NOKONMMKMSKURKUNTKOUKSQVKSNOKMqçí~ä
NPKRNOKMNOKMdçîÉêåãÉåí=áëëìÉÇ
NKT
QKV
MKO
__=~åÇ=ÄÉäçï
NTKOTKMTKMjçêíÖ~ÖÉ=Ä~ÅâÉÇ
~ÖÉåÅó
POKQ
UKO
NQKM
OSKO
qçí~ä====B
NSKV
MKN
^B
TKS
MKO
MKU
^^B
RKQNPKU^ëëÉí=Ä~ÅâÉÇ
NNKNORKQdçîÉêåãÉåí=ëìééçêíÉÇG=
aìê~íáçåãçåíÜë
___B
^^^B
dîíB
NPKORKQMKU`çêéçê~íÉë
NSKMMKQOKSkçå=~ÖÉåÅó
mçêíÑçäáçë=J rpa=ÄçåÇ=éçêíÑçäáç=~ë=~í=PMíÜ gìåÉ=OMNN
mçêíÑçäáçW=AOKPÄå
GfåÅäìÇÉë=~ÖÉåÅó=ÇÉÄíI=cÉÇÉê~ä=aÉéçëáí=fåëìê~åÅÉ=`çêéçê~íáçå=Ecaf`F=Ä~åâ=ÄçåÇë=~åÇ=`~å~Çá~å=éêçîáåÅá~ä=ÇÉÄíK
√ dçîÉêåãÉåíë=êÉÇìÅÉÇ
√ `çêéçê~íÉë=áåÅêÉ~ëÉÇ
√ pÜçêí=Çìê~íáçå
U
mçêíÑçäáçë=J d_mI=bro=~åÇ=`^a=ÄçåÇ=éçêíÑçäáçë=~ë=~í=PMíÜ gìåÉ=OMNN
MKSNKONKO^ëëÉí=Ä~ÅâÉÇ
MKOPKOPKO^ëëÉí=Ä~ÅâÉÇ
RKVPNKNMKQPMKTdçîÉêåãÉåí=ëìééçêíÉÇG
MKNMKRMKR`~ëÜ=~åÇ=Éèìáî~äÉåíë
PKRPKR`~ëÜ=~åÇ=Éèìáî~äÉåíë
NRKT
NNKN
NMKP
OPKP
UKP
NPKN
VKM
aìê~íáçåãçåíÜë
OUKUOKQNRKRTKOPKT`çêéçê~íÉë
QMKVQMKVdçîÉêåãÉåí=áëëìÉÇ
NMMKM
OUKS
NMMKM
NVKT
QOKR
qçí~äB
MKN
MKN
__=B
QKONMKSPKRNKP`çêéçê~íÉë
QKONQKRPKRPRKOQOKRqçí~ä
NSKV
MKV
^B
TKQ
MKO
^^B
QOKRdçîÉêåãÉåí=áëëìÉÇ=
___B
^^^B
dîíB
OKQPOKQQMKVqçí~ä
OTKRdçîÉêåãÉåí=ëìééçêíÉÇG
d_m=éçêíÑçäáçW=¡RNUã=
bro=~åÇ=`^a=éçêíÑçäáçëW=¡OQUã=
√ eáÖÜ=èì~äáíó
√ aìê~íáçå=ëÜçêíÉåÉÇ
√ s~äìÉ=áå=ÜáÖÜ=èì~äáíó=^_p
GfåÅäìÇÉë=ëìéê~å~íáçå~ä=~åÇ=ÖçîÉêåãÉåí=Öì~ê~åíÉÉÇ=ÄçåÇëK
V
^î~áä~ÄäÉ=Å~éáí~ä=ÇÉÅáÇÉë=êáëâ=äáãáíë
NM
c~ëÅáå~íáåÖ=Ñáå~åÅá~ä=Ñ~Åíë
√ OMNO=ëóåÇáÅ~íÉ=Å~é~Åáíó
– PP=ìé=íç=¡NÄå=EOMNNW=¡VMMãF
– PSOQ=Ñä~í=~í=¡ORMã=EOMNNW=¡ORMãF
– SNMQ=Ñä~í=~í=¡PTã=EOMNNW=¡PTãF=
√ oÉëÉêîÉ=êÉäÉ~ëÉë=çÑ=¡VRã=EOMNMW=¡VPãF
√ tçêäÇ=qê~ÇÉ=`ÉåíêÉ=êÉÅçîÉêáÉë=çÑ=AVã
√ TMB=çÑ=Ä~ä~åÅÉ=ëÜÉÉí=áå=rpA
√ pçäîÉåÅó=ff=Ó çå=íê~Åâ
NNG`çåîÉêíÉÇ=~í=ANKRMK
råÇÉêïêáíáåÖ
råéêÉÅÉÇÉåíÉÇ=äÉîÉä=çÑ=Å~í~ëíêçéÜÉë=~åÇ=ä~êÖÉ=áåÇáîáÇì~ä=äçëëÉë
NP
√ mêìÇÉåíäó=êÉëÉêîáåÖ=¡ONMã=Ñçê=Å~í~ëíêçéÜÉ=Åä~áãë=EOMNMW=¡NNMãF
√ o~íÉë=ãçîáåÖ=ìé=
√ ojp=NN=Ü~îáåÖ=ÉÑÑÉÅí=
√ lïå=êÉáåëìê~åÅÉ=ã~íÉêá~ääó=ìåáãé~áêÉÇ
0
20
40
60
80
100
120
140
Feb
05 -
Jan
06
Apr
05
- M
ar 0
6
Jun
05 -
May
06
Aug
05
- Ju
l 06
Oct
05
- S
ep 0
6
Dec
05
- N
ov 0
6
Feb
06 -
Jan
07
Apr
06
- M
ar 0
7
Jun
06 -
May
07
Aug
06
- Ju
l 07
Oct
06
- S
ep 0
7
Dec
06
- N
ov 0
7
Feb
07 -
Jan
08
Apr
07
- M
ar 0
8
Jun
07 -
May
08
Aug
07
- Ju
l 08
Oct
07
- S
ep 0
8
Dec
07
- N
ov 0
8
Feb
08 -
Jan
09
Apr
08
- M
ar 0
9
Jun
08 -
May
09
Aug
08
- Ju
l 09
Oct
08
- S
ep 0
9
Dec
08
- N
ov 0
9
Feb
09 -
Jan
10
Apr
09
- M
ar 1
0
Jun
09 -
May
10
Aug
9 -
Jul
10
Oct
9 -
Sep
10
Dec
9 -
Nov
10
Feb
10 -
Jan
11
Apr
10
- M
ar 1
1
Jun
10 -
May
11
Aug
10
- Ju
l 11
`~í~ëíêçéÜÉë=~êÉ=ÅÜ~åÖáåÖ=íÜÉ=ã~êâÉí=EÄìí=ã~áåäó=áå=áãé~ÅíÉÇ=~êÉ~ëF
√ `~í~ëíêçéÜÉ=êÉáåëìê~åÅÉ=ê~íÉë=ìé=NMB
√ oÉáåëìê~åÅÉ=ê~íÉë=êáëáåÖ=áå=äçëë=áãé~ÅíÉÇ=~êÉ~ë
√ ojp=NN=áãé~ÅíáåÖ=
√ rh=~åÇ=bìêçéÉ~å=ÅçããÉêÅá~ä=ê~íÉë=ÇÉÅäáåáåÖI=Äìí=ëíáää=ÜÉ~äíÜó
fåëìê~åÅÉ oÉáåëìê~åÅÉ
NQ
NO=ãçåíÜ=êçääáåÖ=éÉêáçÇ
fåÇÉñ=äÉîÉä=B
`~í~ëíêçéÜÉ=êÉáåëìê~åÅÉ=ê~íÉë=áåÅêÉ~ëáåÖ
NR
o~íÉë=áåÅêÉ~ëÉ=Ñçê=gìåÉ=áåÅÉéíáåÖ=ÄìëáåÉëë=áå=ÄçíÜ=içåÇçå=~åÇ=_ÉêãìÇ~
gìå=OMNMgìå=OMNM
gìå=OMNNgìå=OMNN
MKMB
OKMB
QKMB
SKMB
UKMB
NMKMB
NOKMB
NQKMB
_ÉêãìÇ~=åçå=ã~êáåÉ=Å~í~ëíêçéÜÉ içåÇçå=åçå=ã~êáåÉ=Å~í~ëíêçéÜÉ
o~íÉ=çå=äáåÉ
UB=áåÅêÉ~ëÉ NOB=áåÅêÉ~ëÉ
háÇå~é=~åÇ=ê~åëçã
`çåíáåÖÉåÅó=
qÉêêçêáëã=
péÉÅáÉ
mÉêëçå~ä=~ÅÅáÇÉåí
mçäáíáÅ~ä=êáëâë
^îá~íáçå
`çåíê~ÅíçêëÛÉèìáéãÉåí
mêçÑÉëëáçå~ä=äá~ÄáäáíáÉë=
bêêçêë=~åÇ=çãáëëáçåë
Directors and officers’ liability
`çããÉêÅá~ä=çÑÑáÅÉ
pã~ää=íÉÅÜåçäçÖó=~åÇ=ãÉÇá~=bCl
içÅ~ä=bCl=~åÇ=ÅçããÉêÅá~ä
^å=~ÅíáîÉäó=ã~å~ÖÉÇ=ÄìëáåÉëë
qçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=gìåÉ=OMNNW=¡VTVã
JNQKVB¡PSVã
j~êáåÉ
kçåJã~êáåÉ
^îá~íáçå
tÜçäÉ=~ÅÅçìåí
oÉáåëìê~åÅÉ
HOUKPB¡NSRã
eçãÉ=~åÇ=ÅçåíÉåíë
cáåÉ=~êí=
`ä~ëëáÅ=Å~ê
^êí=~åÇ=éêáî~íÉ=ÅäáÉåí
JTKOB¡NQMã
péÉÅá~äíó
JNNKQB¡SVã
mêçÑÉëëáçå~ä=áåÇÉãåáíó
i~êÖÉ=íÉÅÜåçäçÖó=~åÇ=ãÉÇá~=bCl
däçÄ~ä=bCl
JQVKOB=¡OOã
JPKQB¡UMã
HNPKPB¡NPQã
OMNN=dtmvÉ~ê=çå=óÉ~ê=ÖêçïíÜ=áå=äçÅ~ä=ÅìêêÉåÅó
j~êáåÉ=Üìää
båÉêÖó=äá~Äáäáíó
réëíêÉ~ãJãáÇëíêÉ~ã=ÉåÉêÖó
j~êáåÉ=~åÇÉåÉêÖó
NS
j~å~ÖáåÖ=ÖÉåÉê~ä=~ÖÉåíë
`çããÉêÅá~ä=éêçéÉêíó
låëÜçêÉ=ÉåÉêÖórp^=ÜçãÉçïåÉêë=
mêçéÉêíó
oÉáåëìê~åÅÉ=éêçíÉÅíáçåW=^ÖÖêÉÖ~íÉ=îëK=èìçí~=ëÜ~êÉ
√ nìçí~=ëÜ~êÉë=ÖÉåÉê~íÉ=~ÇÇáíáçå~ä=êáëâ=ÑêÉÉ=áåÅçãÉ
√ nìçí~=ëÜ~êÉ=éêçîáÇÉë=ÄÉÇ=êçÅâ=éêçíÉÅíáçå=~Åêçëë=êÉíìêå=éÉêáçÇë
NT
içï eáÖÜ
eáÖÜ
oÉíìêå=éÉêáçÇLpÉîÉêáíó=çÑ=äçëë
qçí~ä=äçëë
fääìëíê~íáîÉ=Öêçëë=äçëë
kÉí=äçëë=~ÑíÉê=áääìëíê~íáîÉ=èìçí~=ëÜ~êÉ
kÉí=äçëë=~ÑíÉê=áääìëíê~íáîÉ=~ÖÖêÉÖ~íÉ=éçäáÅó
^ÖÖêÉÖ~íÉ=ui=êÉÅçîÉêáÉë=ÉñÜ~ìëíÉÇ
nìçí~=ëÜ~êÉ=
êÉÅçîÉêáÉë=éêçíÉÅí=íÜÉ=í~áä=êáëâ
^ÖÖêÉÖ~íÉ=ui=êÉÅçîÉêáÉë=íêáÖÖÉêÉÇ
_çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ=eáëÅçñ=iíÇ=åÉí=äçëë=EAãF=gìåÉ=OMNN
RJNM=óÉ~ê NMJOR=óÉ~ê ORJRM=óÉ~ê RMJNMM=óÉ~ê NMMJORM=óÉ~ê
MN======MO========MR======NU MQ======MT=======MV======PS NV=======NU=======NQ=====SS PS=======PO=======NV=======VV SU=======QM=======OS======NRO
eáëÅç
ñ=iíÇ=äçëë=EAãF
jÉ~å=áåÇìëíêó=äçëë=AÄå
fåÇìëíêó=äçëë=êÉíìêåéÉêáçÇ=~åÇ=éÉêáä
içïÉê=RBJ ìééÉê=VRB=ê~åÖÉ
jÉ~å
NU
NMM
OMM
PMM
QMM
RMM
SMM
TMM
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
eìêêáÅ~åÉ=h~íêáå
~=AR
MÄå=ã~êâÉí
äçëë=OR=óÉ~ê=êÉíìêå=éÉêáçÇ=
eìêêáÅ~åÉ=^åÇ
êÉï=ARS
Äå=ã~êâÉí=
äçëë=PM=óÉ~ê=êÉíìêå=éÉêáçÇ
kçêíÜêáÇ
ÖÉ=nì~âÉ=AOQ
Äå=ã~êâÉí
äçëë=QM=óÉ~ê=êÉíìêå=éÉêáçÇ
eìêêáÅ~åÉ=fâÉ=JAN
TÄå==ã
~êâÉí=
äçëë=T=óÉ~ê=êÉíìêå=éÉêáçÇ
NVUT
g==ANM
Äå=ã~êâÉí=
äçëë=NR=óÉ~ê=êÉíìêå=éÉêáçÇ
içã~=mêáÉí~=nì~
âÉ=ASÄ
å=ã~êâÉí=
äçëë=NR=óÉ~ê=êÉíìêå=éÉêáçÇ
_ìëáåÉëë=éÉêÑçêã~åÅÉ
aáëÅáéäáåÉ=~Åêçëë=íÜÉ=ÄìëáåÉëë
eáëÅçñ=rh=~åÇ=bìêçéÉ
EPKPF
QKM
VKV
ENKPF
OKP
EVKPF
EUKSF
dêçïíÜ=áå=äçÅ~ä=
ÅìêêÉåÅó=B
ESKPFVMQIPOSUQTIQRNqçí~ä
MKTUMIMTRUMIRVU− eáëÅçñ=bìêçéÉ
UKUNSUIMVMNUOIVNO− eáëÅçñ=rh=
ESKUFRUIPQNRQIPRP- eáëÅçñ=rp^G
EPKQFQOIQNQQMIVSP- eáëÅçñ=dìÉêåëÉó=
ENQKPFNSOIVVRNPVISPO- eáëÅçñ=_ÉêãìÇ~
eáëÅçñ=fåíÉêå~íáçå~ä
ENNKNFPVOIQNNPQUIVVPeáëÅçñ=içåÇçå=j~êâÉíG
`Ü~åÖÉB
OMNM=¡MMM
OMNN=¡MMM
dêçëë=ïêáííÉå=éêÉãáìãë=Ñçê=íÜÉ=ëáñ=ãçåíÜë=íç=PM=gìåÉ=OMNN
OM
Gi~êÖÉ=ÖäçÄ~ä=íÉÅÜåçäçÖó=~åÇ=ãÉÇá~=ÄìëáåÉëë=ãçîÉë=Ñêçã=eáëÅçñ=rp^=íç=eáëÅçñ=içåÇçå=j~êâÉíK=oÉÑäÉÅíÉÇ=áå=íÜÉëÉ=ÑáÖìêÉë=áë=~=ãçîÉãÉåí=çÑ=¡VIPPVIMMM=áå=íÜÉ=éÉêáçÇ=íç=gìåÉ=OMNMK
eáëÅçñ=içåÇçå=j~êâÉípíêÉåÖíÜÉåáåÖ=ÇÉëéáíÉ=Å~í~ëíêçéÜÉë
√ oÉáåëìê~åÅÉ=äçëëÉë=ãáíáÖ~íÉÇ=Äó=ÖççÇ=éêçÑáíë=áå=áåëìê~åÅÉ=äáåÉë=
√ ^ÖáäÉ=éçêíÑçäáç=ã~å~ÖÉãÉåí=ïáíÜ=ÑçÅìë=çå=ã~êÖáå=çîÉê=îçäìãÉ
– `ìí=Ä~Åâ=êÉáåëìê~åÅÉI=íÜÉå=Öêçïå=áí
– `çåíáåìÉÇ=êÉÇìÅíáçå=áå=éêçéÉêíó
– dêçïíÜ=áå=éçäáíáÅ~ä=êáëâë=
– dêçïíÜ=áå=ÅçåëíêìÅíáçå=ÉèìáéãÉåí
√ bñéÉêáÉåÅÉÇ=íÉ~ã=ïÜç=Ü~îÉ=ëÉÉå=íÜÉ=ÅóÅäÉ
ON
eáëÅçñ=rh=~åÇ=eáëÅçñ=bìêçéÉbñÅÉääÉåí=éêçÑáí=áå=íçìÖÜ=ã~êâÉíë
ENKNFMKUcçêÉáÖå=ÉñÅÜ~åÖÉ=
NPKUNUKRråÇÉêïêáíáåÖ=êÉëìäí
NRKSORKOmêçÑáí=ÄÉÑçêÉ=í~ñ
OKVRKVfåîÉëíãÉåí=êÉëìäí
VNKUB
NSUKN
e~äÑ=óÉ~ê=OMNM¡ã
UTKVB`çãÄáåÉÇ=ê~íáç
NUOKVdêçëë=éêÉãáìãë=ïêáííÉå
e~äÑ=óÉ~ê=OMNN¡ã
eáëÅçñ=rh
OO
EPKPFNKTcçêÉáÖå=ÉñÅÜ~åÖÉ
QKRENKRFråÇÉêïêáíáåÖ=êÉëìäí
QKMMKNmêçÑáí=ÄÉÑçêÉ=í~ñ
OKUEMKNFfåîÉëíãÉåí=êÉëìäí
VSKUB
UMKN
e~äÑ=óÉ~ê=OMNM¡ã
NMMKOB`çãÄáåÉÇ=ê~íáç
UMKSdêçëë=éêÉãáìãë=ïêáííÉå
e~äÑ=óÉ~ê=OMNN¡ã
eáëÅçñ=bìêçéÉ
eáëÅçñ=rh=~åÇ=eáëÅçñ=bìêçéÉdêçïáåÖ=ëéÉÅá~äáëí=éêçÇìÅíë=áå=äçÅ~ä=ã~êâÉíë
OP
√ oÉÅçêÇ=éêçÑáí
√ eáëÅçñ=aáêÉÅí=~åÇ=ã~å~ÖáåÖ=ÖÉåÉê~ä=~ÖÉåíëÛ êÉä~íáçåëÜáéë=ÇêáîÉ=ÖêçïíÜ
√ píêçåÖ=Äê~åÇ=ÄìáäÇë=ëí~Äáäáíó=
√ oÉÅÉëëáçå=êÉä~íÉÇ=Åä~áãë=áå=ÅçããÉêÅá~ä=äáåÉë
√ fåÇìëíêó=~ï~êÇë=rhI=`ä~áãë=qÉ~ã=çÑ=íÜÉ=vÉ~ê
eáëÅçñ=rh
√ mêçÑáí~ÄäÉ=ÇÉëéáíÉ=ëçãÉ=ä~êÖÉ=äçëëÉë=
√ fãéêçîÉÇ=~êí=~åÇ=éêáî~íÉ=ÅäáÉåí=éêáÅáåÖ=É~êåáåÖ=íÜêçìÖÜ
√ `çåíáåìÉÇ=ÖêçïíÜ=áå=ëã~ää=ÅçããÉêÅá~äI=íÉÅÜåçäçÖó=~åÇ=âáÇå~é=~åÇ=ê~åëçã
√ réÅçãáåÖ=Äê~åÇ=ÄìáäÇáåÖ=íç=ëìééçêí=ÇáêÉÅí=ÄìëáåÉëë=áå=cê~åÅÉ
eáëÅçñ=bìêçéÉ
eáëÅçñ=fåíÉêå~íáçå~ä
√ eáëÅçñ=_ÉêãìÇ~
– eáí=Äó=Å~í~ëíêçéÜÉë
– eÉ~äíÜÅ~êÉ=ÄìëáåÉëë=çå=íê~Åâ
– ^äêÉ~Çó=ÄÉåÉÑáíáåÖ=Ñêçã=ê~íÉ=áåÅêÉ~ëÉë
√ eáëÅçñ=dìÉêåëÉó
– mêçÑáí=áãé~ÅíÉÇ=Äó=ä~êÖÉ=ÑáåÉ=~êí=äçëë=~åÇ=kçêíÜ=^ÑêáÅ~å=ìåêÉëí
√ eáëÅçñ=rp^
– _ÉåÉÑáíáåÖ=Ñêçã=ä~ëí=óÉ~êÛë=êÉJÑçÅìë=çÑ=ÄìëáåÉëë=
– ^ÜÉ~Ç=çÑ=éä~å=
– aáêÉÅí=ÄìëáåÉëë=dtm=çÑ=ANKOã=~åÇ=OIOMM=ÅìëíçãÉêë
– _ê~åÇ=ÄìáäÇáåÖ=éêçãçíáçå~ä=ïÉÄ=qs=ëÉêáÉë=EïïïKäÉ~éóÉ~êJÜáëÅçñKíîF=Ó çîÉê=Nã=îáÉïë=íç=Ç~íÉ
OQ
pìãã~êó=~åÇ=çìíäççâ
• An unprecedented period of catastrophes
• Strengthening reinsurance rates
• Reinsurance protection in place for future events
• Continued development of retail businesses
• Prepared for any scenario
^=êÉëáäáÉåí=ÄìëáåÉëë
OS
^ééÉåÇáÅÉë
√ dÉçÖê~éÜáÅ=êÉ~ÅÜ=
√ píê~íÉÖáÅ=ÑçÅìë=
√ ^=ëóãÄáçíáÅ=êÉä~íáçåëÜáé
√ ^å=~ÅíáîÉäó=ã~å~ÖÉÇ=ÄìëáåÉëë
√ içåÖJíÉêã=ÖêçïíÜ
√ eáëÅçñ=iíÇ=êÉëìäíë
√ eáëÅçñ=içåÇçå=j~êâÉí=ê~íáåÖ=áåÇÉñ
√ eáëÅçñ=rh=~åÇ=bìêçéÉ=ê~íáåÖ=áåÇÉñ
√ _çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ=eáëÅçñ=iíÇ=Ó gìåÉ=OMNN
√ _çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ=eáëÅçñ=iíÇ=Ó aÉÅÉãÄÉê=OMNM
√ oÉ~äáëíáÅ=Çáë~ëíÉê=ëÅÉå~êáçë
√ dtm=ÖÉçÖê~éÜáÅ~ä=~åÇ=ÅìêêÉåÅó=ëéäáí
√ dêçìé=êÉáåëìê~åÅÉ=ëÉÅìêáíó
√ oÉáåëìê~åÅÉ
√ däçëë~êó=çÑ=íÉêãë
OT
dÉçÖê~éÜáÅ=êÉ~ÅÜ
_ÉêãìÇ~e~ãáäíçå
bìêçéÉ^ãëíÉêÇ~ã_çêÇÉ~ìñ_êìëëÉäë`çäçÖåÉaìÄäáåe~ãÄìêÖiáëÄçåióçåj~ÇêáÇjìåáÅÜm~êáë
dìÉêåëÉópí=mÉíÉê=mçêí
i~íáå=^ãÉêáÅ~å=Ö~íÉï~ójá~ãá
rh_áêãáåÖÜ~ã`çäÅÜÉëíÉêdä~ëÖçïiÉÉÇëiçåÇçåj~áÇÉåÜÉ~Çj~åÅÜÉëíÉê
rp^^êãçåâ^íä~åí~`ÜáÅ~Öçh~åë~ë=`áíóiçë=^åÖÉäÉëkÉï=vçêâ=`áíóp~å=cê~åÅáëÅç
OU
píê~íÉÖáÅ=ÑçÅìë
qçí~ä=dêçìé=ÅçåíêçääÉÇ=áåÅçãÉ=Ñçê=OMNM=NMMB=Z=¡NISTNã=
däçÄ~ä=Éêêçêë=~åÇ=çãáëëáçåë=
i~êÖÉ=éêçéÉêíó
j~êáåÉ=~åÇ=ÉåÉêÖó
qÉÅÜ=~åÇ=ãÉÇá~=Éêêçêë=~åÇ=çãáëëáçåë
péÉÅá~äíó=Ó âáÇå~é=~åÇ=ê~åëçãI=ÅçåíáåÖÉåÅóI=éÉêëçå~ä=~ÅÅáÇÉåí
içÅ~ä=Éêêçêë=~åÇ=çãáëëáçåë~åÇ=ÅçããÉêÅá~ä
^êí=~åÇ=éêáî~íÉ=ÅäáÉåí=
péÉÅá~äíó=Ó íÉêêçêáëãI=ëéÉÅáÉI=éçäáíáÅ~ä=êáëâëI=~Éêçëé~ÅÉ
oÉáåëìê~åÅÉ= PNB
NOB
PB
NTB
RBVB
TB
QB VB
PB
pã~ää=éêçéÉêíó
OV
^=ëóãÄáçíáÅ=êÉä~íáçåëÜáé
PM
Profit generator
Value creator
√ i~êÖÉê=éêÉãáìãI=Å~í~ëíêçéÜÉ=ÉñéçëÉÇ
√ pÜêáåâë=~åÇ=Éñé~åÇë=~ÅÅçêÇáåÖ=íç=ê~íÉë
√ bñÅÉëë=éêçÑáíë=~ääçï=áåîÉëíãÉåí=áå=êÉí~áä=ÇÉîÉäçéãÉåí
fåíÉêå~íáçå~ääó=íê~ÇÉÇ=äáåÉë
√ mêÉãáìã=ÖêçïíÜ=ÄÉíïÉÉå=RJNRB=éÉê=~ååìã
√ m~óë=ÇáîáÇÉåÇë
√ _ê~åÇ=ÄìáäÇë=ëíêçåÖ=ã~êâÉí=éçëáíáçå
√ mêçÑáíë=~Åí=~ë=~ÇÇáíáçå~ä=Å~éáí~ä
Local specialty lines
háÇå~é=~åÇ=ê~åëçã
`çåíáåÖÉåÅó=
qÉêêçêáëã=
péÉÅáÉ
mÉêëçå~ä=~ÅÅáÇÉåí
mçäáíáÅ~ä=êáëâë
^îá~íáçå
`çåíê~ÅíçêëÛÉèìáéãÉåí
mêçÑÉëëáçå~ä=äá~ÄáäáíáÉë=
bêêçêë=~åÇ=çãáëëáçåë
Directors and officers’ liability
`çããÉêÅá~ä=çÑÑáÅÉ
pã~ää=íÉÅÜåçäçÖó=~åÇ=ãÉÇá~=bCl
içÅ~ä=bCl=~åÇ=ÅçããÉêÅá~ä
^å=~ÅíáîÉäó=ã~å~ÖÉÇ=ÄìëáåÉëë
qçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=gìåÉ=OMNNW=¡VTVã
JNQKVB¡PSVã
j~êáåÉ
kçåJã~êáåÉ
^îá~íáçå
tÜçäÉ=~ÅÅçìåí
oÉáåëìê~åÅÉ
HOUKPB¡NSRã
eçãÉ=~åÇ=ÅçåíÉåíë
cáåÉ=~êí=
`ä~ëëáÅ=Å~ê
^êí=~åÇ=éêáî~íÉ=ÅäáÉåí
JTKOB¡NQMã
péÉÅá~äíó
JNNKQB¡SVã
mêçÑÉëëáçå~ä=áåÇÉãåáíó
i~êÖÉ=íÉÅÜåçäçÖó=~åÇ=ãÉÇá~=bCl
däçÄ~ä=bCl
JQVKOB=¡OOã
JPKQB¡UMã
HNPKPB¡NPQã
OMNN=dtmvÉ~ê=çå=óÉ~ê=ÖêçïíÜ=áå=äçÅ~ä=ÅìêêÉåÅó
j~êáåÉ=Üìää
båÉêÖó=äá~Äáäáíó
réëíêÉ~ãJãáÇëíêÉ~ã=ÉåÉêÖó
j~êáåÉ=~åÇÉåÉêÖó
PN
j~å~ÖáåÖ=ÖÉåÉê~ä=~ÖÉåíë
`çããÉêÅá~ä=éêçéÉêíó
låëÜçêÉ=ÉåÉêÖórp^=ÜçãÉçïåÉêë=
mêçéÉêíó
0
200
400
600
800
1000
1200
1400
1600
180019
91*
1992
*
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
içåÖJíÉêã=ÖêçïíÜ
_ÉêãìÇ~eáëÅçñ=içåÇçå=j~êâÉí=J sçä~íáäÉ
eáëÅçñ=rp^eáëÅçñ=dìÉêåëÉó
eáëÅçñ=içåÇçå=j~êâÉí=J oÉí~áäeáëÅçñ=bìêçéÉ
eáëÅçñ=rh
Gpéäáí=Éëíáã~íÉÇ=Ñçê=íÜÉëÉ=óÉ~êëK
PO
dêçëë=ïêáííÉå
=éêÉãáìãë=E¡MMMF
eáëÅçñ=iíÇ=êÉëìäíë
NSKRB
UVKPB
PPOKT
NIOSSKN
OITTVKT
NSKRé
QTKOé
NTUIUMM
ONNIPSS
NINPNINRU
NINPNISOT
NIQPOISTQ
OMNM
PMKNB
USKMB
OVVKO
NINONKP
OISSNKS
NRKMé
TRKOé
OUMIQVT
POMISNU
NIMVUINMO
NINRTIMOP
NIQPRIQMN
OMMV
VKOB
TRKPB
ORUKN
VRNKM
OIROOKQ
NOKTRé
NUKUé
TMIUMU
NMRINUM
VOUIMVR
UVUIPVQ
NINQTIPSQ
OMMU
NINMMKPNISRNKRNITQQKUOIMRMKSfåîÉëíÉÇ=~ëëÉíë=EáåÅä=Å~ëÜF ¡ãæ
VOKSBVSKMBUVKNBUQKQB`çãÄáåÉÇ=o~íáç
OUKUB
OMVKR
UOQKP
NOKMé
QUKQé
NVNIOQU
OPTINVV
VSRINVM
VTQIVNM
NINVUIVQV
OMMT
OUKVB
NTPKO
SUOKN
NMKMé
QNKTé
NSPIUQS
OMNIMSO
UUUIUOU
VTRIPVT
NINOSINSQ
OMMS
OMKSB
NORKT
PSUKU
RKMé
ONKPé
SPIVQU
UVIRRO
TNQIURO
TMQIMUR
UNSISMV
OMMQ
SVPIOVVkÉí=éêÉãáìãë=É~êåÉÇ
TMIOONmêçÑáí=ÄÉÑçêÉ=í~ñ
QUISPMmêçÑáí=~ÑíÉê=í~ñ
NRKSé_~ëáÅ=É~êåáåÖë=éÉê=ëÜ~êÉ
TKMéaáîáÇÉåÇ
NQTKTé=éÉê=ëÜ~êÉ
NOKUBoÉíìêå=çå=Éèìáíó=~ÑíÉê=í~ñG
RTUKM¡ã
kÉí=~ëëÉí=î~äìÉ
SUNIOPSkÉí=éêÉãáìãë=ïêáííÉå
USNINTQdêçëë=éêÉãáìãë=ïêáííÉå
OMMR¡MMM
æbñÅäìÇáåÖ=ÇÉêáî~íáîÉë=~åÇ=Å~í~ëíêçéÜÉ=ÄçåÇëKG^ååì~äáëÉÇ=éçëí=í~ñI=Ä~ëÉÇ=çå=~ÇàìëíÉÇ=çéÉåáåÖ=ëÜ~êÉÜçäÇÉêëÛ ÑìåÇëK
PP
eáëÅçñ=içåÇçå=j~êâÉí=ê~íáåÖ=áåÇÉñ
j~êáåÉ=~åÇ=ÉåÉêÖó mêçéÉêíó péÉÅá~äíó mêçÑÉëëáçå~ä=áåÇÉãåáíó oÉáåëìê~åÅÉ
PQ
12 month rolling period
inde
x le
vel %
däçÄ~ä=êÉëéçåëÉ
M
NMM
OMM
PMM
QMM
RMM
SMM
TMMcÉ
ÄMM=íç=g~å
MN
gìåMM=íç=j
~óMN
lÅíMM
=íç=pÉé
MN
cÉÄMN=íç=g~å
MO
gìåMN=íç=j
~óMO
lÅíMN
=íç=pÉé
MO
cÉÄMO=íç=g~å
MP
gìåMO=íç=j
~óMP
lÅíMO
=íç=pÉé
MP
cÉÄMP=íç=g~å
MQ
gìåMP=íç=j
~óMQ
lÅíMP
=íç=pÉé
MQ
cÉÄMQ=íç=g~å
MR
gìåMQ=íç=j
~óMR
lÅíMQ
=íç=pÉé
MR
cÉÄMR=íç=g~å
MS
gìåMR=íç=j
~óMS
lÅíMR
=íç=pÉé
MS
cÉÄMS=íç=g~å
MT
gìåMS=íç=j
~óMT
lÅíMS
=íç=pÉé
MT
cÉÄMT=íç=g~å
MU
gìåMT=íç=j
~óMU
lÅíMT
=íç=pÉé
MU
cÉÄMU=íç=g~å
MV
gìåMU=íç=j
~óMV
lÅíMU
=íç=pÉé
MV
cÉÄMV=íç=g~å
NM
gìåMV=íç=j
~óNM
lÅíMV
=íç=pÉé
NM
cÉÄNM=íç=g~å
NN
gìåNM=íç=j
~óNN
12 month rolling period
inde
x le
vel %
eáëÅçñ=rh=~åÇ=bìêçéÉ=ê~íáåÖ=áåÇÉñ
rh=ÅçããÉêÅá~ä=äáåÉë rh=éÉêëçå~ä=äáåÉë bìêçéÉ=éÉêëçå~ä=äáåÉë bìêçéÉ=ÅçããÉêÅá~ä=äáåÉë
PR
M
OM
QM
SM
UM
NMM
NOM
NQM
NSMcÉÄJMM=íç=g~åJMN
gìåJMM=íç=j~óJMN
lÅíJMM=íç=pÉé
JMN
cÉÄJMN=íç=g~åJMO
gìåJMN=íç=j~óJMO
lÅíJMN=íç=pÉé
JMO
cÉÄJMO=íç=g~åJMP
gìåJMO=íç=j~óJMP
lÅíJMO=íç=pÉé
JMP
cÉÄJMP=íç=g~åJMQ
gìåJMP=íç=j~óJMQ
lÅíJMP=íç=pÉé
JMQ
cÉÄJMQ=íç=g~åJMR
gìåJMQ=íç=j~óJMR
lÅíJMQ=íç=pÉé
JMR
cÉÄJMR=íç=g~åJMS
gìåJMR=íç=j~óJMS
lÅíJMR=íç=pÉé
JMS
cÉÄJMS=íç=g~åJMT
gìåJMS=íç=j~óJMT
lÅíJMS=íç=pÉé
JMT
cÉÄJMT=íç=g~åJMU
gìåJMT=íç=j~óJMU
lÅíJMT=íç=pÉé
JMU
cÉÄJMU=íç=g~åJMV
gìåJMU=íç=j~óJMV
lÅíJMU=íç=pÉé
JMV
cÉÄJMV=íç=g~åJNM
gìåJMV=íç=j~óJNM
lÅíJMV=íç=pÉé
JNM
cÉÄJNM=íç=g~åJNN
gìåJNM=íç=j~óJNN
_çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ=eáëÅçñ=iíÇ=åÉí=äçëë=EAãF=gìåÉ=OMNN
RJNM=óÉ~ê NMJOR=óÉ~ê ORJRM=óÉ~ê RMJNMM=óÉ~ê NMMJORM=óÉ~ê
MN======MO========MR======NU MQ======MT=======MV======PS NV=======NU=======NQ=====SS PS=======PO=======NV=======VV SU=======QM=======OS======NRO
eáëÅç
ñ=iíÇ=äçëë=EAãF
jÉ~å=áåÇìëíêó=äçëë=AÄå
fåÇìëíêó=äçëë=êÉíìêåéÉêáçÇ=~åÇ=éÉêáä
PS
NMM
OMM
PMM
QMM
RMM
SMM
TMM
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
eìêêáÅ~åÉ=h~íêáå
~=AR
MÄå=ã~êâÉí
äçëë=OR=óÉ~ê=êÉíìêå=éÉêáçÇ=
eìêêáÅ~åÉ=^åÇ
êÉï=ARS
Äå=ã~êâÉí=
äçëë=PM=óÉ~ê=êÉíìêå=éÉêáçÇ
kçêíÜêáÇ
ÖÉ=nì~âÉ=AOQ
Äå=ã~êâÉí
äçëë=QM=óÉ~ê=êÉíìêå=éÉêáçÇ
eìêêáÅ~åÉ=fâÉ=JAN
TÄå==ã
~êâÉí=
äçëë=T=óÉ~ê=êÉíìêå=éÉêáçÇ
NVUT
g==ANM
Äå=ã~êâÉí=
äçëë=NR=óÉ~ê=êÉíìêå=éÉêáçÇ
içã~=mêáÉí~=nì~
âÉ=ASÄ
å=ã~êâÉí=
äçëë=NR=óÉ~ê=êÉíìêå=éÉêáçÇiçïÉê=RBJ ìééÉê=
VRB=ê~åÖÉ
jÉ~å
_çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ=eáëÅçñ=iíÇ=åÉí=äçëë=EAãF=aÉÅÉãÄÉê=OMNM
RJNM=óÉ~ê NMJOR=óÉ~ê ORJRM=óÉ~ê RMJNMM=óÉ~ê NMMJORM=óÉ~ê
MN======MO========MR======NU MQ======MT=======MV======PS NQ=======NU=======NQ=====SS OQ=======PO========NV=======VV PU========QM=======OS=====NRO
eáëÅç
ñ=iíÇ=äçëë=EAãF
jÉ~å=áåÇìëíêó=äçëë=AÄå
fåÇìëíêó=äçëë=êÉíìêåéÉêáçÇ=~åÇ=éÉêáä
PT
NMM
OMM
PMM
QMM
RMM
SMM
TMM
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
gmbn
rpbn
brtp
rper
eìêêáÅ~åÉ=h~íêáå
~=AR
MÄå=ã~êâÉí
äçëë=OR=óÉ~ê=êÉíìêå=éÉêáçÇ=
eìêêáÅ~åÉ=^åÇ
êÉï=ARS
Äå=ã~êâÉí=
äçëë=PM=óÉ~ê=êÉíìêå=éÉêáçÇ
kçêíÜêáÇ
ÖÉ=nì~âÉ=AOQ
Äå=ã~êâÉí
äçëë=QM=óÉ~ê=êÉíìêå=éÉêáçÇ
eìêêáÅ~åÉ=fâÉ=JAN
TÄå==ã
~êâÉí=
äçëë=T=óÉ~ê=êÉíìêå=éÉêáçÇ
NVUT
g==ANM
Äå=ã~êâÉí=
äçëë=NR=óÉ~ê=êÉíìêå=éÉêáçÇ
içã~=mêáÉí~=nì~
âÉ=ASÄ
å=ã~êâÉí=
äçëë=NR=óÉ~ê=êÉíìêå=éÉêáçÇ
içïÉê=RBJ ìééÉê=VRB=ê~åÖÉ
jÉ~å
bìêçéÉ~å=ïáåÇëíçêã
dìäÑ=çÑ=jÉñáÅç=ïáåÇëíçêã
g~é~åÉëÉ=É~êíÜèì~âÉ
oÉ~äáëíáÅ=Çáë~ëíÉê=ëÅÉå~êáçë
dêçëë=äçëë kÉí=äçëë
eáëÅçñ=dêçìé=J äçëëÉë=ëÜçïå=~ë=éÉêÅÉåí~ÖÉ=çÑ=OMNM=Öêçëë=~åÇ=åÉí=ïêáííÉå=éêÉãáìã=
cäçêáÇ~=ïáåÇëíçêã
p~å=cê~åÅáëÅç=É~êíÜèì~âÉ
ARMÄå=N=áå=OQM=óÉ~ê
ANMTÄå=N=áå=UM=óÉ~ê
ANORÄå=N=áå=NMM=óÉ~ê
APMÄå=N=áå=OMM=óÉ~ê
ARMÄå=N=áå=NNM=óÉ~ê
fåÇìëíêó=äçëë=êÉíìêå=éÉêáçÇVB
NPB
NMB
PSB
TB
ORB
VB
ONB
UB
OQB
bëíáã~íÉë=ìëÉ=ãçÇÉäë=éêçîáÇÉÇ=Äó=oáëâ=j~å~ÖÉãÉåí=pçäìíáçåëI=fåÅ=~åÇ=^fo=tçêäÇïáÇÉ=`çêéçê~íáçåK=fåÇìëíêó=äçëëÉë=Éëíáã~íÉÇ=ìëáåÖ=iäçóÇÛë=ÖìáÇÉäáåÉëK
PU
OMNN=ÅìêêÉåÅó=ëéäáíOMNN=ÖÉçÖê~éÜáÅ~ä=ëéäáí
North America
UK
CAD and other
Western Europe
(excl. UK)
Worldwide
dtm=ÖÉçÖê~éÜáÅ~ä=~åÇ=ÅìêêÉåÅó=ëéäáí
EUR
USD GBP
54.5%
26.6%
15.1%
3.8%
40.7%
17.4%
17.4%
14.5%10.0%
Other
PV
OMNN=êÉáåëìê~åÅÉ=éêçíÉÅíáçåëGcáêëí=äçëë=ÉñéçëìêÉ=Äó=ê~íáåÖ
oÉÅÉáî~ÄäÉë=~í=PMLSLNN=çÑ=¡RPMKSã==
dêçìé=êÉáåëìê~åÅÉ=ëÉÅìêáíó
^
QMKVB
^^^
^^
QVKQB
VKTB
^^^
^^ ^
líÜÉê
GoÉáåëìê~åÅÉ=éä~ÅÉãÉåíë=áå=ÑçêÅÉ=~í=N=g~åì~êó=OMNNK^^^=áåÅäìÇÉë=Åçää~íÉê~äáëÉÇ=êÉáåëìê~åÅÉëK
RQKUBPUKMB
QKMB
QM
PKOB
M
NM
OM
PM
QM
OMMM
OMMN
OMMO
OMMP
OMMQ
OMMR
OMMS
OMMT
OMMU
OMMV
ev=OMN
M
OMNM
ev=OMN
N
M
NM
OM
PM
QM
OMMM
OMMN
OMMO
OMMP
OMMQ
OMMR
OMMS
OMMT
OMMU
OMMV
ev=OMNM
OMNM
ev=OMNN
oÉáåëìê~åÅÉ=~ë=~=B=çÑ=dtm oÉáåëìê~åÅÉ=êÉÅÉáî~ÄäÉë=~ë=~=B=çÑ=íçí~ä=~ëëÉíë
oÉáåëìê~åÅÉPRKP
OTKP
NTKP
NPKT
OMKV
NPKQ
NUKT ONKTGOS
KM
NUKO
OSKV
NRKQ
NNKU
NMKU
NTKM
NMKM
TKT NP
KQG
NVKQ
NNKS
QNG^ãÉåÇÉÇ=ÇìÉ=íç=êÉÅä~ëëáÑáÅ~íáçå=çÑ=êÉáåëìê~åÅÉ=ÅçããáëëáçåëK
ONKM
NNKM
OQKQ
ONKO
NQKM
NOKP
däçëë~êó=çÑ=íÉêãë
^ååì~ä=îÉåíìêÉ qÜÉ=ëóëíÉã=ìëÉÇ=Ñçê=êìååáåÖ=~=iäçóÇÛë=ëóåÇáÅ~íÉ=ìåÇÉê=ïÜáÅÜ=É~ÅÜ=ÚóÉ~ê=çÑ=~ÅÅçìåíÛ áë=íêÉ~íÉÇ=ëÉé~ê~íÉäóK=jÉãÄÉêë=çïå=Å~é~Åáíó=çå=~=ëóåÇáÅ~íÉ=Ñçê=~=ÚóÉ~ê=çÑ=~ÅÅçìåíÛ ~åÇ=íÜÉ=êÉëìäíë=~êÉ=ÇÉÅä~êÉÇ=ïÜÉå=íÜÉ=óÉ~ê=áë=ÅäçëÉÇ=Äó=íÜÉ=ofq`=ãÉÅÜ~åáëãI=ìëì~ääó=~ÑíÉê=íÜêÉÉ=óÉ~êëK
`ä~áãë=ê~íáç kÉí=Åä~áãë=áåÅìêêÉÇI=áåÅäìÇáåÖ=f_koI=~ë=~=éÉêÅÉåí~ÖÉ=çÑ=åÉí=É~êåÉÇ=éêÉãáìãëK=
`çãÄáåÉÇ=ê~íáç qÜÉ=íçí~ä=çÑ=íÜÉ=Åä~áãëI=ÉñéÉåëÉë=~åÇ=áãé~Åí=çÑ=ÑçêÉáÖå=ÉñÅÜ~åÖÉ ê~íáçëK
bñéÉåëÉë=ê~íáç bñéÉåëÉë=~ë=~=éÉêÅÉåí~ÖÉ=çÑ=åÉí=É~êåÉÇ=éêÉãáìãëK
cìåÇë=~í=iäçóÇÛë qÜÉ=~ãçìåí=çÑ=~ëëÉíëI=ïÜáÅÜ=Å~å=ÄÉ=Å~ëÜI=áåîÉëíãÉåíë=çê=äÉííÉêë=çÑ=ÅêÉÇáíI=íÜ~í=~=ëóåÇáÅ~íÉ=ãÉãÄÉê=Ü~ë=íç=ÇÉéçëáí=ïáíÜ=iäçóÇÛë=íç=ëìééçêí=Üáë=ëÜ~êÉ=çÑ=íÜÉ=Å~é~Åáíó=çå=~=ëóåÇáÅ~íÉK=qÜÉ=ãáåáãìã=~ãçìåí=áë=QMB=çÑ=íÜÉ=Å~é~Åáíó=çïåÉÇ=Äó=íÜÉ=ãÉãÄÉêK
dêçëë=ïêáííÉå=éêÉãáìã mêÉãáìãë=Åçåíê~ÅíÉÇ=Ñçê=ÄÉÑçêÉ=~åó=ÇÉÇìÅíáçåëK=
dêçìé=ÅçåíêçääÉÇ= qÜÉ=íçí~ä=Öêçëë=ïêáííÉå=éêÉãáìã=ÅçåíêçääÉÇ=Äó=íÜÉ=Öêçìé=áåÅäìÇáåÖ=íÜÉ=OTB=çÑ=íÜÉ=póåÇáÅ~íÉ=Å~é~Åáíó=åçí=çïåÉÇ=Äó=eáëÅçñ=áå=OMNN=EOTB=áå=OMNMFK=
f_ko fåÅìêêÉÇ=Äìí=åçí=êÉéçêíÉÇK=^å=Éëíáã~íÉ=ã~ÇÉ=~í=íÜÉ=ÉåÇ=çÑ=É~ÅÜ=~ÅÅçìåíáåÖ=éÉêáçÇ=íç=ÅçîÉê=íÜÉ=ÉñéÉÅíÉÇ=Åçëí=çÑ=äçëëÉë=íÜ~í=Ü~îÉ=çÅÅìêêÉÇ=Äìí=Ü~îÉ=åçí=óÉí=ÄÉÉå=êÉéçêíÉÇ=íç=íÜÉ=áåëìêÉê=çê=êÉáåëìêÉêK
fåÅìêêÉÇ=äçëë=ê~íáç= m~áÇ=~åÇ=çìíëí~åÇáåÖ=äçëëÉë=~ë=~=éÉêÅÉåí~ÖÉ=çÑ=éêÉãáìãëK==dêçëë=áåÅìêêÉÇ=äçëë=ê~íáç=áë=ÄÉÑçêÉ=ÇÉÇìÅíáåÖ=~åó=êÉáåëìê~åÅÉ=~åÇ=åÉí=áë=~ÑíÉê=ÇÉÇìÅíáåÖ=êÉáåëìê~åÅÉK
içåÖJí~áä ^=íÉêã=ìëÉÇ=íç=ÇÉëÅêáÄÉ=~å=áåëìê~åÅÉ=êáëâ=íÜ~í=Ü~ë=íÜÉ=éçíÉåíá~ä Ñçê=Åä~áãë=ÇÉîÉäçéãÉåí=çê=åÉï=Åä~áãë=íç=ÄÉ=êÉéçêíÉÇ=~=åìãÄÉê=çÑ=óÉ~êë=~ÑíÉê Éñéáêó=çÑ=íÜÉ=íÉêã=çÑ=íÜÉ=éçäáÅóK
jÉãÄÉê=çê=k~ãÉ qÜÉ=Åçãé~åáÉë=çê=áåÇáîáÇì~äë=ïÜç=çïå=íÜÉ=Å~é~Åáíó=çÑ=~=ëóåÇáÅ~íÉ ~åÇ=ïÜç=ÄÉäçåÖ=íç=íÜÉ=ãÉãÄÉêëÜáé=çÑ=íÜÉ=pçÅáÉíó=çÑ=iäçóÇÛëK
QO
däçëë~êó=çÑ=íÉêãë
kÉí=éêÉãáìãë=É~êåÉÇ mêÉãáìãë=êÉÅÉáîÉÇ=~ÑíÉê=íÜÉ=Åçëí=çÑ=êÉáåëìê~åÅÉ=~åÇ=~ÇàìëíãÉåí=Ñçê=ìåÉ~êåÉÇ=éêÉãáìãK=råÉ~êåÉÇ=éêÉãáìã=ÅçîÉêë=íÜÉ=ÑìíìêÉ=éÉêáçÇ=çÑ=êáëâ=çÑ=~å=áåëìê~åÅÉ=éçäáÅóK
kÉí=éêÉãáìãë=ïêáííÉå mêÉãáìãë=Åçåíê~ÅíÉÇ=Ñçê=~ÑíÉê=ÇÉÇìÅíáçå=çÑ=êÉáåëìê~åÅÉK
léÉå=óÉ~ê ^=vÉ~ê=çÑ=^ÅÅçìåí=çÑ=~=ëóåÇáÅ~íÉ=ïÜáÅÜ=Ü~ë=åçí=ÄÉÉå=ÅäçëÉÇ=Äó=oÉáåëìê~åÅÉ=qç=`äçëÉ=Eofq`FK=ofq`=ìëì~ääó=çÅÅìêë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=íÜáêÇ=óÉ~êK=^=vÉ~ê=çÑ=^ÅÅçìåí=Å~å=ÄÉ=äÉÑí=çéÉå=ÄÉóçåÇ=íÜÉ=íÜáêÇ=óÉ~ê=áÑ=íÜÉ=ÉñíÉåí=çÑ=íÜÉ=ÑìíìêÉ=äá~Äáäáíó=Å~ååçí=ÄÉ=~ÅÅìê~íÉäó=èì~åíáÑáÉÇK=
nì~äáÑóáåÖ=èìçí~=ëÜ~êÉ qÜÉëÉ=~êÉ=èìçí~=ëÜ~êÉ=êÉáåëìê~åÅÉ=éçäáÅáÉëI=ïÜáÅÜ=iäçóÇÛë=~ääçï=áå=ÅÉêí~áå=ÅáêÅìãëí~åÅÉëI=íÜ~í=Éå~ÄäÉ=~=ëóåÇáÅ~íÉ=íç=ïêáíÉ=Öêçëë=éêÉãáìã=áå ÉñÅÉëë=çÑ=áíë=Å~é~ÅáíóK
oÉáåëìê~åÅÉ=íç=ÅäçëÉ=Ó ofq` qÜÉ=êÉáåëìê~åÅÉ=íç=ÅäçëÉ=ÅçãéêáëÉë=~=éêÉãáìã=é~ó~ÄäÉ=Äó=íÜÉ=ÅäçëáåÖ=óÉ~ê=íç=íÜÉ=ãÉãÄÉêë=çå=íÜÉ=åÉñí=çéÉå=óÉ~ê=çÑ=~ÅÅçìåí=~åÇ=~=Åçåíê~Åí=ïÜáÅÜ=íê~åëÑÉêë=íÜÉ=äá~Äáäáíó=Ñçê=~ää=Åä~áãë=áå=êÉëéÉÅí=çÑ=íÜÉ=ÅäçëáåÖ óÉ~ê=íç=íÜÉ=åÉñí=çéÉå=óÉ~êK===
oìåJçÑÑ=~ÅÅçìåí ^í=iäçóÇÛëI=~=óÉ~ê=çÑ=~ÅÅçìåí=ïÜáÅÜ=áë=âÉéí=çéÉå=~ÑíÉê=íÜÉ=Ç~íÉ=çå=ïÜáÅÜ=áí=ïçìäÇ=åçêã~ääó=Ü~îÉ=ÄÉÉå=ÅäçëÉÇK
pìÄêçÖ~íáçå qÜÉ=êáÖÜí=çÑ=íÜÉ=ìåÇÉêïêáíÉê=íç=Úëí~åÇ=áå=íÜÉ=ëÜçÉë=çÑ=íÜÉ=áåëìêÉÇÛ ~åÇ=í~âÉ=çîÉê=íÜÉ=fåëìêÉÇDë=êáÖÜíëI=ÑçääçïáåÖ=é~óãÉåí=çÑ=~=Åä~áãI=íç=êÉÅçîÉê=íÜÉ=é~óãÉåí=çÑ=~å=áåÅìêêÉÇ=äçëë=Ñêçã=~=íÜáêÇ=é~êíó=êÉëéçåëáÄäÉ=Ñçê=íÜÉ=äçëëK=fí=áë=äáãáíÉÇ=íç=íÜÉ=~ãçìåí=çÑ=äçëë=é~áÇ=Äó=íÜÉ=áåëìê~åÅÉ=éçäáÅóK
póåÇáÅ~íÉ=Å~é~Åáíó ^äëç=êÉÑÉêêÉÇ=íç=~ë=íÜÉ=Úëí~ãéÛK==qÜÉ=ã~ñáãìã=~ãçìåí=çÑ=ÄìëáåÉëë=íÜ~í=~=ëóåÇáÅ~íÉ=áå=iäçóÇÛë=Å~å=ïêáíÉ=éÉê=óÉ~êI=~ÖÖêÉÖ~íÉÇ=Ñêçã=~ää=áíë=ãÉãÄÉêëK
QP