Barrett Business Services (BBSI): Throwing Good Money at Bad

8/10/2019 Barrett Business Services (BBSI): Throwing Good Money at Bad

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3

Icrrftt Iushdfss Qfrvhafs (IIQH)? Unrbwhdk Kbbe Mbdfy ct Ice

Ceehthbdc` cdc`yshs rfvfc`s cdbtnfr arhpp`hdk rfsfrvf ancrkf hs

rfquhrfe, c nhkn prbicih`hty bj cd fquhty rchsf, cd udprbjhtci`f abrf

iushdfss, prhahdk cdbmc`hfs, cde btnfr mcobr rfe j`cks

Vpectfe Jchr Zc`uf? $7.77 tb $>.;: pfr sncrf:6% tb 377% ebwdshef


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HMWBYUCDU Ehsa`chmfrW`fcsf rfce tnhs Ehsa`chmfr hd hts fdthrfty ifjbrfabdthduhdk tb rfce bur rfsfcran bphdhbd. Xbu snbuè eb ybur bwd rfsfcrancde euf eh`hkfdaf ifjbrf mclhdk cdy hdvfstmfdt efahshbd whtn rfspfat tb

sfaurhthfs abvfrfe nfrfhd. [f strhvf tb prfsfdt hdjbrmcthbd caaurctf`y cdeahtf tnf sburafs cde cdc`yshs tnct nf`p jbrm bur bphdhbd. Cs bj tnf ectf tnhsbphdhbd hs pbstfe, tnf cutnbr bj tnhs rfpbrt ncs c snbrt pbshthbd hd tnfabmpcdy abvfrfe nfrfhd cde stcdes tb rfc`hzf kchds hd tnf fvfdt tnct tnf

prhaf bj tnf stbal efa`hdfs. Unf cutnbr ebfs dbt prbvhef cdy cevcdafewcrdhdk bj juturf rfpbrts tb btnfrs. Jb``bwhdk pui`hacthbd bj tnhs rfpbrt, tnfcutnbr mcy trcdscat hd tnf sfaurhthfs bj tnf abmpcdy, cde mcy if `bdk, snbrt,br dfutrc` ct cdy thmf nfrfcjtfr rfkcre`fss bj bur hdhthc` bphdhbd. Ub tnf ifstbj bur cih`hty cde if`hfj, c`` hdjbrmcthbd abdtchdfe nfrfhd hs caaurctf cderf`hci`f, cde ncs iffd bitchdfe jrbm pui`ha sburafs wf if`hfvf tb if

caaurctf cde rf`hci`f. Nbwfvfr, suan hdjbrmcthbd hs prfsfdtfe cs hs,whtnbut wcrrcdty bj cdy lhde wnftnfr fxprfss br hmp`hfe. Unf cutnbr bjtnhs rfpbrt mclfs db rfprfsfdtcthbds, fxprfss br hmp`hfe, cs tb tnf thmf`hdfssbr abmp`ftfdfss bj cdy suan hdjbrmcthbd br whtn rfkcre tb tnf rfsu`ts tb ifbitchdfe jrbm hts usf. C`` fxprfsshbds bj bphdhbd crf suiofat tb ancdkfwhtnbut dbthaf cde tnf cutnbr ebfs dbt udefrtclf tb upectf br supp`fmfdttnhs rfpbrt br cdy bj tnf hdjbrmcthbd abdtchdfe nfrfhd. Unhs hs dbt cd bjjfr tb

iuy cdy sfaurhty, dbr snc`` cdy sfaurhty if bjjfrfe br sbè tb cdy pfrsbd, hdcdy ourhsehathbd hd wnhan suan bjjfr wbuè if ud`cwju` udefr tnf sfaurhthfs

`cws bj suan ourhsehathbd.


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Icrrftt Iushdfss Qfrvhafs (IIQH) ncs sujjfrfe c prfahphtbus stbal prhaf efa`hdf bvfr tnf `cst twb mbdtns cstnf abdjfsshbd prbafss ncs ifkud. Efsphtf c stbal prhaf ebwd dfcr`y ;6% jrbm hts nhkns, wf if`hfvf tnfrhsl spfau`cthdk hd IIQH's abmmbd stbal ncs dfvfr iffd nhknfr. Qhmp`y put, c $377 stbal tnct kbfs tb $96kfdfrctfs c smc``fr pfrafdtckf `bss tncd c $96 stbal tnct kbfs tb $7. Vdhdjbrmfe hdvfstbrs/trcefrs cppfcr tb

ncvf jc``fd vhathm tb tnf ecdkfrbus tfmptcthbd bj cssumhdk tnf wbrst hs ifnhde IIQH, efa`crhdk tnf ibttbmhs hd, tnf ibudaf hs ct ncde, br cs tnf hrrfspbdshi`f sf``-shef ncs prba`chmfe - tnf efals ncvf iffd a`fcrfe.Unhs jb``bw-up rfpbrt, icsfe bd dfw hdjbrmcthbd cde ehsa`bsurfs shdaf bur jhrst rfpbrt, udfquhvbac``yabdaùefs tnf wbrst ncs yft tb abmf jbr IIQH.

Bd 8/3:/35, wf sncrfe c `fdktny IIQH rfpbrt tht`fe, "Icrrftt Iushdfss Qfrvhafs (IIQH)? C Uhal-Uhal-Uhalhdk Uhmf Ibmi" (ht acd dbw if prhdtfe tb caabmmbectf mcdy rfqufsts). 3Jb``bwhdk IIQH's tnhrequcrtfr jhdcdahc` rf`fcsf cde ehsa`bsurf bj cd $>7 mh``hbd rfsfrvf ancrkf (37/9>/35), wf irhfj`y sncrfeupectfe tnbuknts hd "IIQH? Uhal-Uhal Ibbm." 9Hd snbrt, suistcdthc` ebwdshef sth`` fxhsts cde mclhdkmbdfy bwdhdk IIQH's stbal cppfcrs tb if fjjfathvf`y acppfe.

Ht hs bur bphdhbd tnct tnf $>7 mh``hbd rfsfrvf ancrkf hs oust tnf ifkhddhdk. Icsfe bd mcdckfmfdt's rfafdtehsa`bsurfs, bur cdc`yshs sukkfsts IIQH wh`` if rfquhrfe tb tclf cdbtnfr rfsfrvf ancrkf bj ct `fcst $66

mh``hbd. [f if`hfvf tnf abmpcdy hs dbt bd`y cwcrf bj tnhs prbicih`hty, iut mcdckfmfdt's ihzcrrf cathbds crfcd cttfmpt tb prbp up tnf stbal prhaf `bdk fdbukn tb mhdhmhzf tnf ehùthbd bj cd fvfdtuc` ehstrfssfe fquhtyrchsf. (Ub tnhs pbhdt, wf crf cemhttfe`y surprhsfe IIQH's mcdckfmfdt ncs dbt yft "nht tnf rbce" tb mfftwhtn hdsthtuthbdc` hdvfstbrs).

Bur jhrst rfpbrt caaurctf`y cdc`yzfe IIQH's systfmctha rfsfrvf efjhahfdahfs. Hd tnhs rfpbrt, wf prbvhef cdfquc``y abdahsf, cde pfrncps hrrfjutci`f crkumfdt suppbrthdk bur if`hfj tnct cdbtnfr rfsfrvf ancrkf hs bdtnf nbrhzbd. [f acd dbt strfss fdbukn tnct tnf rfafdt $>7 mh``hbd ancrkf ebfs dbt "a`fcr tnf efals" cssbmf hdtfrfstfe pcrthfs ncvf crkufe.Hd jcat, pfr IIQH's bwd cemhsshbd, tnf $>7 mh``hbd ancrkf bd`ytcrkfts rfsfrvf efjhahfdahfs jbr caahefdt yfcrs 9739 cde prhbr, `fcvhdk tnf sfvfrf wbrlfrs' abmp

udefr-caaruc` jrbm 9731 cde 9735 udceerfssfe. Unhs ifks tnf qufsthbd - Ehe IIQH hkdbrf [h``hs'rfabmmfdecthbd bj c `crkfr rfsfrvf ancrkf tnct wbuè ncvf abvfrfe tnf 9731/9735 udefr-caaruc`s, iut c`sbwbuè ncvf fjjfathvf`y whpfe but tnf abmmbd fquhty hd tnf prbafss2

Unf scmf sf``-shef cdc`ysts tnct wfrf pb`htf`y fxausfe jrbm prhbr au`pcih`hty (euf tb tnfhr `cal bj hdsurcdaffxpfrthsf) ncvf jch`fe tb tnhdl hdefpfdefdt`y, sukkfsthdk tnf ice mfehahdf ncs iffd tclfd. Bur cdc`yshsnfrfhd udfquhvbac``y abdaùefs IIQH hs sth`` mcsshvf`y udefr-rfsfrvfe. Iy fxtfdshbd, c abmmbd fquhtyrchsf cppfcrs tb if c qufsthbd bj "wnfd" dbt "hj" wnhan fxp`chds mcdckfmfdt's tblfd iuyical, ehvhefdehdarfcsf, cde hmmctfrhc` hdshefr iuyhdk. Hd tnhs rfpbrt, wf abvfr c dumifr bj tbphas, hdaùehdk?

3) IIQH Cppfcrs Vdprbjhtci`f< Cdbtnfr @crkf Yfsfrvf Ancrkf Hs Hdfvhtci`f (& Mcdckfmfdt Ldbws

Ht)< CAF Yhsl KrbwsIIQH's rfsfrvf ancrkf bd`y ceerfssfs rfsfrvf efjhahfdahfs tnrbukn ac`fdecr yfcr 9739. Cs suan, 9731/9735rfsfrvfs rfquhrf shkdhjhacdt strfdktnfdhdk. Icsfe bd cd caahefdt yfcr mbef` c``bacthdk tnf $>7 mh``hbdrfsfrvf ancrkf cde prhbr pfrhbe efvf`bpmfdt, wf fsthmctf IIQH's abrf iushdfss `bst mbdfy fvfry yfcriftwffd 9778 cde 9739. Bur cdc`yshs jbude tnf strfdktnfdfe 9737 - 9739 rfsfrvfs crf cpprbxhmctf`y56% cde 9:% nhknfr tncd 9731 cde 9735 rfsfrvf `fvf`s rfspfathvf`y. Ub irhdk 9731/9735 rfsfrvf

`fvf`s tb pcrhty whtn 9737 - 9739 rfsfrvfs, wf fsthmctf cdbtnfr $;7 mh``hbd ancrkf hs rfquhrfe. HjIIQH mcdckfmfdt tbbl tnf 9731/9735 rfsfrvfs tb c `fvf` abdshstfdt whtn upectfe caaruc` kuhecdaf, c $66mh``hbd ancrkf wbuè if rfquhrfe. [f if`hfvf mcdckfmfdt's acrfju``y wbrefe prfss rf`fcsf cde prfpcrferfmcrls bd hts S1'35 ac`` mfcds tnf catucrhc` rhkbr usfe tb fstci`hsn caahefdt yfcr rfsfrvfs jbr "9739 cdeprhbr" wcs cicdebdfe jbr eftfrmhdhdk 9731/9735 rfsfrvfs. [nh`f mcdckfmfdt mcy try tb iuy thmf, nbphdktnf catucrhc` ectc mckhac``y hmprbvfs, wf if`hfvf CAF mcy rfabdshefr tnf jrbdthdk ckrffmfdt hd tnfhdtfrhm. IIQH ncs ancdkfe mctfrhc``y shdaf tnf jrbdthdk ckrffmfdt wcs cddbudafe. Jurtnfr, CAF's trustfepcrtdfr [h``hs wcs usfe jbr tnf rfsfrvf stuey (cs wf prfehatfe), sukkfsthdk CAF mcy dbt if abmjbrtci`f


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whtn IIQH's rfsfrvfs/udefrwrhthdk. Hd bur bphdhbd, IIQH wbuè `hlf`y kb hdtb rud-bjj snbuè CAF dbd-rfdfw hts jrbdthdk ckrffmfdt.

9) Efit C`bdf Acd Dbt Irhekf IIQH's Judehdk Kcp, [nhan Cppfcrs Muan @crkfr Uncd Ehsa`bsfe

IIQH hs rfquhrfe tb ab``ctfrc`hzf hts $>7 mh``hbd rfsfrvf ancrkf bd c eb``cr-jbr-eb``cr icshs tb stcy hdabmp`hcdaf whtn Qtctf rfquhrfmfdts. Vdefr dfw `cw, Ac`hjbrdhc rfku`ctbrs ncvf tnf ehsarfthbd tb rfquhrf csfaurhty efpbsht krfctfr tncd 377% bj rfsfrvfs hd acsfs rfsfmi`hdk IIQH. Mcdckfmfdt ncs prba`chmfe $19mh``hbd bj tnf rfquhrfe judehdk acd if mft tnrbukn c tcx rfjude. Iut icsfe bd bur cdc`yshs, tnf cdthahpctferfjude (57% bj tnf $>7 mh``hbd ancrkf) rfprfsfdts 66% mbrf tncd tnf $97.; mh``hbd bj acsn tcxfs IIQH ncspche shdaf 9778. Hdsurcdaf abmpcdhfs crf typhac``y `hmhtfe tb efit-tb-acphtc`hzcthbd rcthbs bj 97% tb 96%.Qnbuè [f``s Jcrkb vhfw IIQH hd tnf scmf vfhd cs btnfr hdsurfrs, IIQH's efit acpcahty mcy bd`y if $>.6tb $33.6 mh``hbd. Hj IIQH sbmfnbw rchsfe $:6 mh``hbd bj efit (bd oust $15.5 mh``hbd bj fquhty), hts `fvfrckfrcthb wbuè if :6%, nhknfr tncd cdy sb`vfdt hdsurcdaf abmpcdy wf abuè jhde. IIQH's 9735 acsn j`bw ncsjch`fe tb abvfr tnf rfquhrfe judehdk bj tnf CAF trust caabudt. Xfcr-tb-ectf, IIQH ncs abdtrhiutfe $13.3mh``hbd tb tnf CAF trust caabudt rfprfsfdthdk mbrf tncd 377% bj hts c`rfcey bvfrstctfe acsn j`bw. [fif`hfvf cd ceehthbdc` $97 mh``hbd tb $67 mh``hbd hs dffefe tb ju``y ab``ctfrc`hzf tnf brhkhdc` CAF judehdkckrffmfdt. Unf CAF judehdk iurefd wh`` if abdaurrfdt whtn tnf Qtctf `fvf` judehdk rfquhrfmfdts bd

`fkcay rfsfrvf `fvf`s, ct tnf scmf thmf IIQH wh`` c`sb if strukk`hdk tb jude aurrfdt cde juturf rfsfrvfseb``cr-jbr-eb``cr. Caabrehdk tb IIQH mcdckfmfdt, tnf abmpcdy ncs $36 mh``hbd bj udfdaumifrfe acsn,$35 mh``hbd bd cd udercwd arfeht jcah`hty, cde bur fsthmctf bj c $93 mh``hbd tcx rfjude jrbm acsn tcxfspche. [f fsthmctf IIQH ncs $3>6 mh``hbd bj dfcr-tfrm acphtc` dffes whtn bd`y $67 mh``hbd bj hefdthjhfesburafs. Unf rfsu`t hs c $316 mh``hbd acphtc` nb`f. Abdshefrhdk tnf fxpfatfe nb`f, wf jhde mcdckfmfdt'scathbds hd tnf wclf bj tnf rfsfrvf ancrkf hrrcthbdc` cde hrrfspbdshi`f. Cs rfafdt`y cs Qfptfmifr 9735, IIQHwcstfe prfahbus acphtc` tb iuy ical stbal ct prhafs dfcr`y 377% nhknfr tncd tnf aurrfdt prhaf. Hdstfce bjpruefdt`y rhkntshzhdk fxpbsurf tnrbukn rf-udefrwrhthdk cde rf-prhahdk hts iushdfss, IIQH mcdckfmfdtcddbudafe ht wbuè krbw scmf stbrf sc`fs hd 9736. Jhdc``y, IIQH hdarfcsfe hts qucrtfr`y ehvhefde iy 99%(wnhan ht wh`` dbt if ci`f tb abvfr icsfe bd bur 9736 fsthmctfs), efsphtf rfquhrhdk $>7 mh``hbd bj dfcr-tfrmacphtc`.

1) Hrrcthbdc``y Ckkrfsshvf Wrhahdk cde But`cdehsn Mcrlfthdk A`chms

[f if`hfvf IIQH ncs mctfrhc``y udefrprhafe hts wbrlfrs' abmpfdscthbd hdsurcdaf tb krbw hd c nhkn`y

abmmbehthzfe hdeustry. IIQH's bwd mcrlfthdk mctfrhc`s a`chm tb bjjfr "`bwfr wbrlfrs' abmpfdscthbdprfmhums \euf tb] ckkrfsshvf a`chms mcdckfmfdt." Cmczhdk`y, wf ncvf bitchdfe IIQH mcrlfthdk s`hefsstcthdk tnfhr Ac`hjbrdhc `bss rcthb hs oust 37% - 35%. Unhs abmpcrfs tb stcdecre mcrlft acrrhfr `bss rcthbsiftwffd 67% cde ;6%. IIQH's bwd mcrlfthdk mctfrhc`s sukkfst ht wbuè if :77% - ;77% mbrf prbjhtci`ftncd tnf hdeustry cvfrckf ahtfe iy tnf Ac`hjbrdhc Efpcrtmfdt bj Hdsurcdaf. Jurtnfr, wf qufsthbd wnct IIQHmfcds wnfd rfjfrrhdk tb "ckkrfsshvf a`chms mcdckfmfdt." Wui`ha `cwsuhts snfe hdshknt hdtb tnf anc``fdkfshdehvheuc`s ncvf nce bitchdhdk sftt`fmfdts, wnh`f c`sb `fcehdk us tb qufsthbd wny IIQH caafptfe c wbrlfrs'abmpfdscthbd a`hfdt bdf yfcr cjtfr ifhdk ancrkfe whtn efjrcuehdk tnf Ac`hjbrdhc Qtctf AbmpfdscthbdHdsurcdaf Jude.

5) Qtbal Qth`` Qhkdhjhacdt`y Bvfrvcùfe bd Fsthmctfe 9736 FWQ

Ct c 39x fcrdhdks mu`thp`f bd bur kfdfrbus sft bj 9736 fcrdhdks fsthmctfs, IIQH's jchr vcùf wbuè if$>.;: pfr sncrf. Bur fsthmctfs kfdfrbus`y fxaùef hdarfcsfe absts cssbahctfe whtn ancdkfs tb tnf CAF

jrbdthdk ckrffmfdt (wnhan mctnfmcthac``y cppfcrs hmpbsshi`f). [htn tnf abmihdcthbd bj cdbtnfr rfsfrvfancrkf `bbmhdk jbr 9731/9735 iushdfss, udafrtchdty cibut hts judehdk/acphtc` rcthbs/`fvfrckf, cde tnfpfdehdk CAF jrbdthdk ckrffmfdt rfdfwc`, wf sff dumfrbus safdcrhbs, cde c krbwhdk prbicih`hty tnctIIQH's fquhty wh`` if wbrtn zfrb.

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3) IIQH Cppfcrs Vdprbjhtci`f< Cdbtnfr @crkf Yfsfrvf Ancrkf Hs Hdfvhtci`f (& Mcdckfmfdt Ldbws

Ht)< CAF Yhsl Krbws[f if`hfvf IIQH's abrf bpfrcthbds kfdfrctf db fabdbmha prbjht. [nh`f IIQH nce prfvhbus`y rfpbrtfecaabudthdk prbjhts, ht hs dbw a`fcr udefr-caaruhdk rfsfrvfs bvfrstctfe pcst rfsu`ts. Jbr tnhs rfcsbd, IIQH's

S1'35 ceoustfe fcrdhdks prfsfdtcthbd "fxaùehdk" tnf rfsfrvf ancrkf hs cdc`ythac``y ehsnbdfst. Unf rfsfrvfancrkf rfj`fats $>7 mh``hbd bj prfvhbus`y rfpbrtfe bvfrstctfe prbjhts. Hd tnf tci`fs cde ehsausshbd tnctjb``bw, wf a`fcr`y but`hdf wny IIQH's prfvhbus`y rfpbrtfe prbjhts wfrf jhathbd. Ceehthbdc``y, bur cdc`yshshdehsputci`y snbws tnct cdbtnfr rfsfrvf ancrkf hs dbt bd`y `hlf`y, iut tnct ht wh`` if `crkf.

If`bw, wf fvcùctf wnct IIQH's catuc` fcrdhdks wbuè ncvf iffd nce tnf $>7 mh``hbd rfsfrvf ancrkf iffdcpprbprhctf`y rfabkdhzfe hd `bss caaruc`s bvfr tnf `cst 37 yfcrs. [f c`sb fsthmctf tnf c``bacthbd bj cevfrsfefvf`bpmfdt. Unf c``bacthbd bj tnf $>7 mh``hbd ancrkf fdes hd 9739 ifacusf mcdckfmfdt abdjfssfe bd htsS1'35 abdjfrfdaf ac`` tnct tnf 9731/9735 caahefdt yfcrs wfrf dbt abvfrfe iy tnf ancrkf. 1Jbr tnbsf dbtjcmh`hcr whtn tnf hdsurcdaf udhvfrsf, caahefdt yfcr cdc`yshs cttfmpts tb hsb`ctf rfvfduf (prfmhums) cde`bssfs hd c khvfd yfcr, rfkcre`fss bj wnhan suisfqufdt yfcrs tnf `bssfs wfrf rfpbrtfe br pche. Unf kbc` hs cifttfr vhfw bj tnf udefrwrhthdk prbjhtcih`hty iy ceousthdk prhbr pfrhbe efvf`bpmfdt (rfpbrtfe hd juturfpfrhbes) cde rfsfrvf ancrkfs (c`sb rfpbrtfe hd juturf pfrhbes) ical tb tnf yfcrs hd wnhan tnf `bss -kfdfrcthdk

iushdfss wcs wrhttfd.

Unf jhrst stfp hd bur cdc`yshs cpp`hfe tnf $>7 mh``hbd ancrkf tb pcst caahefdt yfcrs. Bur abdafdtrcthbd bj`bss c``bacthbd jrbm 9737 - 9739 hs icsfe bd tnf fxpbsurf krbwtn eurhdk tnbsf pfrhbes.

Uci`f 3. Fsthmctfe C``bacthbd Iy Xfcr bj Yfsfrvf Ancrkf tb "9739 & Wrhbr"

$ MM s

9771 9775 9776 977: 977; 977> 9778 9737 9733 9739 Ubtc`

3.7 3.7 9.7 9.6 5.7 :.7 8.7 39.6 3;.7 96.7 >7.7

Qburaf? Bur fsthmctfs.

Unf dfxt stfp rfquhrfe c``bacthdk cevfrsf rfsfrvf efvf`bpmfdt, wnhan hs bd`y ehsa`bsfe hd IIQH's qucrtfr`yjh`hdks whtn tnf QFA, tb c abrrfspbdehdk prhbr caahefdt yfcr. Cs c rfmhdefr, bur brhkhdc` rfpbrt spfdtabdshefrci`f thmf nhkn`hknthdk spfahjha fxcmp`fs bj efvf`bpmfdt trfdes ct btnfr wbrlfrs' abmpfdscthbdhdsurfrs cde WFBs. Unf efvf`bpmfdt trfdes ct btnfr wbrlfrs' abmp hdsurfrs/WFBs ehsp`cyfe rfcsbdci`fic`cdaf fsthmcthdk `bss fxpbsurf upjrbdt, tnus rfquhrhdk mhdhmc` juturf pfrhbe ceoustmfdts (pbshthvf brdfkcthvf). IIQH wcs tnf fxtrfmf but`hfr whtn pfrshstfdt cde shkdhjhacdt dfkcthvf efvf`bpmfdt, c trfdewnhan hd nhdeshknt rfsu`tfe hd mctfrhc` bvfrstctfmfdt bj aurrfdt pfrhbe jhdcdahc` rfsu`ts. Uci`f 9 if`bw hsbur fsthmctfe c``bacthbd bj IIQH's rfpbrtfe cevfrsf efvf`bpmfdt (jcr rhknt abùmd), cpp`hfe tb hts brhkhdc`caahefdt yfcr. Jbr fxcmp`f, hd 9731, IIQH rfpbrtfe c $91.5 mh``hbd cevfrsf efvf`bpmfdt, wnhan wfcpp`hfe tb pcst yfcrs cs jb``bws? 9739 = $36M, 9733 = $6M, 9737 = $1.5M (dbtf? jbr 3N'35, wf cpp`hfe$9M bj tnf $6.3M tb 9731 wnhan hs dbt hd tnf tci`f).


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Uci`f 9. Fsthmctfe C``bacthbd bj Cevfrsf Efvf`bpmfdt tb Caahafdt Xfcrs

$ MM s

Wfrhbe [htn Wrhbr

Efvf`bpmfdt 977> 9778 9737 9733 9739

Wrhbr Xfcr

Efvf`bpmfdt

3N'35 3.7 9.7 6.3

9731 1.5 6.7 36.7 91.5

9739 7.5 1.7 8.7 39.5

9733 3.7 1.6 6.6 37.7

9737 7.9 7.; 7.8

C``bacthbd 3.9 5.: 33.8 36.7 3;.7

Qburaf? Abmpcdy jh`hdks cde bur fsthmctfs.

Bdaf tnf $>7 mh``hbd rfsfrvf ancrkf cde rfpbrtfe cevfrsf efvf`bpmfdt wfrf c``bactfe tb pcst caahefdtyfcrs, c mbrf caaurctf fabdbmha phaturf bj IIQH's fsthmctfe fcrdhdks acd if sffd. Unhs cpprbcan prbvhefstnf ifst fsthmctf jbr prfvhbus`y rfpbrtfe fcrdhdks nce IIQH abdjbrmfe tb KCCW caabudthdk cde caaruferfsfrvfs ct cd caaurctf `fvf`. [f if`hfvf IIQH wbu`e ncvf `bst mbdfy hd fvfry yfcr jrbm 9778 tnrbukn9739 nce hts caabudthdk cde rfsfrvfs iffd caaurctf.

If`bw crf IIQH's catuc` rfpbrtfe rfsu`ts, tclfd ehrfat`y jrbm hts pui`ha jh`hdks.

Uci`f 1. 9778 tb 9739 IIQH CAUVC@Q

$ MM s

9778 9737 9733 9739

Ubtc` krbss rfvfduf 3,738.8 3,91:.> 3,69;.6 9,7>7.8

Yfpbrtfe krbss wbrlfrs' abmp fxpfdsf 5:.7 53.: :7.: >9.5

Yfpbrtfe wbrl abmp fxpfdsf cs % krbss rfv 5.63% 1.1:% 1.8;% 1.8:%

Yfpbrtfe krbss mcrkhd 96.: 55.; 51.6 ::.;

Yfpbrtfe prftcx fcrdhdks (:.6) 8.8 36.9 38.6

Hd tnf dfxt htfrcthbd bj Uci`f 1 (Uci`f 1.3 if`bw), wf ncvf ceefe tnf c``bacthbd bj tnf $>7 mh``hbd rfsfrvfancrkf tb prfvhbus`y rfpbrtfe cdduc` rfsu`ts cs fsthmctfe jrbm Uci`f 3.


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IIQH's "caabudthdk" prbjhts vcdhsn.

Uci`f 1.3 9778 tb 9739 Fcrdhdks Ceoustfe Jbr $>7 mh` `hbd Yfsfrvf Ancrkf

$ MM sCAUVC@Q 9778 9737 9733 9739


C Yfpbrtfe krbss wbrlfrs' abmp fxpfdsf 5:.7 53.: :7.: >9.5



I Yfpbrtfe prftcx fcrdhdks (:.6) 8.8 36.9 38.6

C``bacthbd bj $>7 mh``hbd ancrkf

A Yfsfrvf Ancrkf C``bacthbd jrbm Uci`f 3 8.7 39.6 3;.7 96.7

C+A Ceoustfe krbss wbrl abmp fxpfdsf 66.7 65.3 ;;.: 37;.5

Ceoustfe wbrl abmp fxpfdsf cs % krbss rfv 6.57% 5.1;% 6.7>% 6.3:%

E

A`chms fxpfdsf - aurrfdt pfrhbe 33.8 3:.8 9:.9 1>.5A+E A`chms fxpfdsf - aurrfdt caahefdt yfcr 97.8 98.5 51.9 :1.5

I-A "Ceoustfe" prftcx fcrdhdks (36.6) (9.:) (3.>) (6.6)

Uclhdk Uci`f 1 bdaf stfp jurtnfr (Uci`f 1.9), wf tnfd cee tnf fsthmctfe cdduc` prhbr efvf`bpmfdtc``bacthbd (jrbm Uci`f 9 cibvf) tb tnf ceoustfe rfsu`ts cibvf tnct c`rfcey hda`uefe tnf $>7 mh``hbd rfsfrvfancrkf.

Uci`f 1.9 9778 tb 9739 Fcrdhdks Ceoustfe Jbr $>7 mh`` hbd Yfsfrvf Ancrkf & Cevfrsf Efvf`bpmfdt

$ MM s

CAUVC@Q 9778 9737 9733 9739


C Yfpbrtfe krbss wbrlfrs' abmp fxpfdsf 5:.7 53.: :7.: >9.5



I Yfpbrtfe prftcx fcrdhdks (:.6) 8.8 36.9 38.6

C``bacthbd bj $>7 mh``hbd ancrkf

A Yfsfrvf Ancrkf C``bacthbd jrbm Uci`f 3 8.7 39.6 3;.7 96.7

C+A Ceoustfe krbss wbrl abmp fxpfdsf 66.7 65.3 ;;.: 37;.5

Ceoustfe wbrl abmp fxpfdsf cs % krbss rfv 6.57% 5.1;% 6.7>% 6.3:%

E A`chms fxpfdsf - aurrfdt pfrhbe 33.8 3:.8 9:.9 1>.5

A+E A`chms fxpfdsf - aurrfdt caahefdt yfcr 97.8 98.5 51.9 :1.5

I-A "Ceoustfe" prftcx fcrdhdks jbr rfsfrvf ancrkf (36.6) (9.:) (3.>) (6.6)

Ceoustmfdt jbr prhbr efvf`bpmfdt

F (-) Wrhbr pfrhbe efvf`bpmfdt jrbm ac`fdecr yfcr (39.;) (7.8) (37.7) (39.5)J + C``bacthbd bj efvf`bpmfdt jrbm Uci`f 9 5.: 33.8 36.7 3;.7

(C+A)-F+J Ceoustfe krbss wbrl abmp fxpfdsf 5:.8 :6.9 >9.: 339.3

Ceoustfe wbrl abmp fxpfdsf cs % krbss rfv 5.68% 6.9;% 6.53% 6.18%

"Ceoustfe" prftcx fcrdhdks jbr rfsfrvf ancrkf & cevfrsf efv (;.1) (31.:) (:.8) (37.9)



8/16



>

Bur wbrl snbws IIQH's pfrafhvfe prbjhtci`f mbef` hs c mhrckf. Cpp`yhdk tnf rfsfrvf ancrkf cde prhbrefvf`bpmfdt tb pcst yfcrs abdaùshvf`y h`ùstrctfs tnct IIQH's iushdfss mbef` ncs iffd c mbdfy `bsfr jbrtnf `cst nc`j-efacef.Ceehdk arfefdaf tb bur cdc`yshs hd Uci`f 1 hs tnf rfsu`thdk abdshstfday hd tnf ceoustfe wbrlfrs'

abmpfdscthbd caaruc` `fvf`. Jrbm 9737 tnrbukn 9739, bur fsthmctfe ceoustfe krbss wbrlfrs' abmpfdscthbdabst tb krbss rfvfduf wbuè ncvf iffd 6.9;%, 6.53%, cde 6.18% rfspfathvf`y. Unfsf `fvf`s crf muana`bsfr tb mcdckfmfdt's dfw kuhecdaf tnct tnf "`bss caaruc` rctf jbr wbrlfrs' abmpfdscthbd a`chms \wh``]hdarfcsf tb 6%."5

@bblhdk jbrwcre, bur cdc`yshs hs cpp`haci`f hd eftfrmhdhdk IIQH's rfquhrfe rfsfrvf ancrkf jbr 9731 cdeyfcr-tb-ectf 9735. Cs c rfmhdefr tnf $>7 mh``hbd rfsfrvf ancrkf ehe dbt abvfr iushdfss wrhttfd cjtfr 9739.Ht hs a`fcr tnf 9731 cde 9735 caahefdt yfcr rfsfrvf `fvf`s rfmchd shkdhjhacdt`y efjhahfdt. Vshdk bur fsthmctfjbr 9737 - 9739 `bss caaruc`s, wf jhde strfdktnfdfe 9737 - 9739 caahefdt yfcrs ncvf rfsfrvf `fvf`s tnct crfcpprbxhmctf`y 56% cde 9:% nhknfr tncd 9731 cde 9735 rfspfathvf`y (Uci`f 5 if`bw). Khvfd hdarfcsfea`chms jrfqufday cde sfvfrhty, hdarfcsfe mfehac` hdj`cthbd, cde mhdhmc` prhahdk br udefrwrhthdkceoustmfdts, wf sff db rfcsbdci`f fxp`cdcthbd wny 9731 cde 9735 rfsfrvfs wbuè if c jrcathbd bj tnfrfafdt`y strfdktnfdfe 9739 cde prhbr yfcrs. Ub irhdk 9731 cde 9735 XUE rfsfrvfs hd`hdf whtn tnf

cpprbxhmctf 6.1% ceoustfe caaruc` bj 9737, 9733, cde 9739, wf if`hfvf cd ceehthbdc` $;7.: mh``hbdrfsfrvf ancrkf wh`` if rfquhrfe.\Hj wf usfe mcdckfmfdt's kuhecdaf bj c 6% caaruc` (tnf `fvf` tnfy ncvfsukkfstfe hs tnf aurrfdt `bss phal bd cd bdkbhdk icshs), tnfd c $66 mh``hbd ancrkf wbuè if rfquhrfe].

Uci`f 5. Fsthmctfe Yfsfrvf Ancrkf Yfquhrfe jbr 9731 cde 9735 Caahefdt Xfcrs

$ MMs

9737 9733 9739 9731 XUE'35

Ubtc` krbss rfvfduf 3,91:.> 3,69;.6 9,7>7.8 9,>78.: 9,596.8

Yfpbrtfe krbss wbrl abmp fxpfdsf 53.: :7.: >9.5 395.8 3>>.6

Yfpbrtfe wbrl abmp fxpfdsf cs % krbss rfv 1.1:% 1.8;% 1.8:% 5.56% 5.>6%

Ceoustfe krbss wbrl abmp fxpfdsf :6.9 >9.: 339.3 371.6 371.5

Ceo wbrl abmp fxp cs % krbss rfv 6.9;% 6.53% 6.18% 1.:8% 5.9:%

Krbss wbrl abmp fxpfdsf rfquhrfe tb kft t b 6.1% 35>.8 39>.:

Ancrkf rfquhrfe 56.5 96.9

Aumu`cthvf ancrkf jbr 9731 cde 9735 ;7.:


[nh`f mcdckfmfdt mcy dbt if rfcey tb sncrf tnhs ice dfws fxp`haht`y, wf if`hfvf tnf acrfju``y anbsfd`cdkuckf hd tnf rfafdt fcrdhdks rf`fcsf cde abdjfrfdaf ac`` caldbw`fekfs mbrf trbui`f cnfce. Bd hts S1'35fcrdhdks ac``, IIQH mcdckfmfdt abmmudhactfe tnct hts catucrhc` ectc hs dbw slfwfe cde tnf "ehsrupthbd hdtnf ectc" hs mclhdk ht "ehjjhau`t jbr tnf catucry mbef`s tb prbvhef cd fsthmctf bj prbici`f `hcih`hty."6Jurtnfr, mcdckfmfdt c`sb stctfe (bur fmpncshs ceefe)?

Unf abmihdfe fjjbrt bj tnf strfdktnfdhdk prbafss bj 9739 cde prhbr yfcr a`chms cde shmu`tcdfbusancdkf hd rfsfrvf prcathafs bd c`` a`chms ncs acusfe ehsrupthbd hd bur catucrhc` ectf jbr ibtn tnf

hdaurrfe cde pche vcùfs. Unhs ehsrupthbd wf crf sffhdk hmpcats 9739 cde prhbr yfcrs cde

hmpcats c`sb 9731 cde 9735 cs wf`` . Cde wf if`hfvf tnct h t wh `` tclf sbmf thmf jbr tnct dfw

strfdktn hd ectc tb dbrmc` hzf.:

Mcdckfmfdt's arfehih`hty ncs udebuitfe`y iffd efstrbyfe, iut wf hdtfrprftfe tnfhr stctfmfdts tb mfcd ncetnf scmf catucrhc` cdc`yshs usfe tb fstci`hsn caahefdt yfcr rfsfrvfs 9739 cde prhbr c`sb iffd cpp`hfe tb9731 cde 9735 rfsfrvfs, jurtnfr strfdktnfdhdk hd rfsfrvfs wbuè if dffefe. [f eb dbt udefrstcde wny


9/16



8

a`chm trfdes wbuè mckhac``y hmprbvf, wnhan cppfcrs tb if tnf bd`y wcy IIQH acd cvbhe tclhdk c sfabderfsfrvf ancrkf. (Dbtf tb sf``-shef? Ifjbrf hmmfehctf`y rfofathdk c sfabde ancrkf ifacusf mcdckfmfdt tf``sybu sb, sff bur cdc`yshs cibvf cde tnf pc`try 1.:8% cde 5.9:% fsthmctfe wbrl abmp caaruc` jbr 9731 cde9735 rfspfathvf`y).

Jhdc``y, icsfe bd bur fxpfrhfdaf, wf abdthduf tb if`hfvf tnfrf hs c rfcsbdci`f prbicih`hty bj c `bdk-tch`dfkcthvf butabmf whtn CAF. Ht hs bur udefrstcdehdk tnct CAF wcs hdhthc``y scthsjhfe, cde fvfd hmprfssfeiy tnf rfpbrtfe a`chms fxpfrhfdaf ct IIQH. Nbwfvfr, tnf jcat IIQH usfe [h``hs, bdf bj CAF's trustfepcrtdfrs, tb abdeuat hts rfsfrvf stuey (cs wf prfehatfe hd bur brhkhdc` rfpbrt), sukkfsts CAF wcsudabmjbrtci`f whtn IIQH's rfsfrvfs cde/br udefrwrhthdk.;

Unf CAF jrbdthdk ckrffmfdt wcs brhkhdc``y cddbudafe bd Ocducry 93, 9735. Ct tnf thmf, IIQH's stbalprhaf wcs cibvf $377 pfr sncrf cde tnf abmpcdy wcs pfrafhvfe cs c scjf arfeht rhsl jbr CAF.>Nbwfvfr,shdaf tnf jrbdthdk ckrffmfdt wcs cddbudafe, IIQH's stbal ncs ab``cpsfe, tnf abmpcdy hdarfcsfe htsrfsfrvfs hd S1'35 iy ;7% SbS cde 33;% XbX, wnh`f 9731 cde 9735 rfsfrvfs cppfcr wbfju``y hdcefquctf.Jurtnfr, wf if`hfvf stctf rfku`ctbrs wh`` rfquhrf IIQH tb jude hts hdarfmfdtc` rfsfrvf hdarfcsfs bd c eb``cr-jbr-eb``cr icshs (mbrf bd tnhs if`bw). Khvfd tnf ercmctha ancdkf hd IIQH's "nfc`tn," wf wbuè dbt if

surprhsfe hj CAF's pfrspfathvf tbwcres IIQH's arfeht rhsl cde udefrwrhthdk prcathafs ncs ancdkfe. Csehsaussfe hd bur brhkhdc` rfpbrt, c typhac` jrbdthdk crrcdkfmfdt hs struaturfe sb tnf jrbdthdk pcrtdfr bd`yicalstbps pb`hahfs wrhttfd bd hts pcpfr. Ifacusf IIQH's mcdckfmfdt ncs sche tnf trcdshthbd bj pb`hahfs tbCAF's pcpfr wh`` dbt if abmp`ftfe udth` Dbvfmifr 9735, wf if`hfvf CAF ncs `hmhtfe fxpbsurf tb IIQH's9735 caahefdt yfcr. Nbwfvfr, whtn ju`` fxpbsurf ifkhddhdk whtn 9736 caahefdt yfcr a`chms, wf if`hfvf tnffcshfst pctn jbr CAF tb mhdhmhzf hts IIQH fxpbsurf wbuè if tb dbd-rfdfw tnf jrbdthdk ckrffmfdt. Qnbuètnhs baaur, bur icsf acsf wbuè if tnct c mcobrhty bj IIQH's iushdfss wbuè if put hdtb rud-bjj. @fssactcstrbpnha wbuè if CAF ancrkhdk c nhknfr jrbdthdk jff (tb caabudt jbr tnf nhkn arfeht rhsl) cdehdarfcshdk tnf ab``ctfrc` rfquhrfmfdts. Unfsf ancdkfs wbuè p`caf fvfd mbrf strfss bd IIQH's wfclfdfefcrdhdks cde acsn j`bw.

9) Efit C`bdf Acd Dbt Irhekf IIQH's Judehdk Kcp, [nhan Cppfcrs Muan @crkfr Uncd Ehsa`bsfe

Hdvfstbrs eb dbt sffm tb rfabkdhzf tnf prfacrhbus acphtc` snbrtjc`` IIQH aurrfdt`y jcafs. Caabrehdk tbpui`ha jh`hdks, IIQH hs rfquhrfe "tb mchdtchd spfahjhfe hdvfstmfdt ic`cdafs br btnfr jhdcdahc` hdstrumfdts

tb abvfr pbtfdthc` wbrlfrs' abmpfdscthbd a`chms `bssfs" hd shx stctfs, hdaùehdk Ac`hjbrdhc wnhan rfprfsfdtstnf abmpcdy's `crkfst fxpbsurf.8Icsfe bd tnf mbst rfafdt 37S, wf if`hfvf IIQH's rfquhrfe hdvfstmfdtic`cdaf ct Oudf 17, 9735 wcs $336.3 mh``hbd, whtn $375.; mh``hbd dffefe tb scthsjy tnf Qtctf bj Ac`hjbrdhc'srfquhrfmfdts c`bdf.37 Jbr pfrspfathvf bd IIQH's `cal bj "whkk`f rbbm," tnf $336.3 mh``hbd bj rfquhrfeab``ctfrc` rfprfsfdtfe 85% bj tnf $399.6 mh``hbd rfsfrvf ic`cdaf ct Oudf 17, 9735. Ub scthsjy hts rfku`ctbry`hcih`hty, IIQH prbvhefe surfty ibdes cde stcdeiy `fttfrs bj arfeht tbtc`hdk $333.6 ct Oudf 17, 9735. IIQH'stnhre-pcrty hssufe surfty ibdes wfrf icalfe iy c $97.8 mh``hbd `fttfr bj arfeht. IIQH efpbshtfe tnf scmf$97.8 mh``hbd, eb``cr-jbr-eb``cr, whtn [f``s Jcrkb tb sfrvf cs ab``ctfrc` jbr tnf `fttfr bj arfeht (tnf tbtc`stcdeiy `fttfrs bj arfeht whtn [f``s Jcrkb wcs $9;.: mh``hbd ct Oudf 17, 9735).33

Abdshefrhdk tnf suistcdthc` dbmhdc` vcùf bj hts surfty ibdes abmpcrfe tb tnf acsn efpbshts icalhdk tnfibdes cde `fttfrs bj arfeht, wf if`hfvf IIQH ncs dfk`hkhi`f hdarfmfdtc` surfty hssucdaf tnct acd if usfe tbjude stctf ab``ctfrc` rfquhrfmfdts. Bur cssumpthbds wfrf hdehrfat`y abdjhrmfe bd IIQH's S1'35 fcrdhdks

ac`` wnfd mcdckfmfdt stctfe tnf $>7 mh``hbd rfsfrvf ancrkf mfcdt tnfy wbuè "catuc``y ncvf tb pbst tnctacsn" bd c eb``cr-jbr-eb``cr icshs.39Jurtnfr abdjhrmcthbd hs prbvhefe iy tnf scmf `cw, QI >:1, tnct rfvblfsc`` WFB sf`j hdsurfe `hafdsfs hd Ac`hjbrdhc bd Ocducry 3, 9736. QI >:1 rfquhrfs c sf`j hdsurfr tb mchdtchd csfaurhty efpbsht whtn tnf Qtctf "fquc` tb tnf catucrhc` eftfrmhdfe udehsabudtfe afdtrc` fsthmctf, hdaùehdkHIDY, C@CF cde V@CF, dft bj fxafss hdsurcdaf," br c irbce efjhdhthbd bj `bss rfsfrvfs.31

IIQH's mcdckfmfdt a`chms ht wh`` jude tnf $>7 mh``hbd bj rfquhrfe acsn whtn c $19 mh``hbd tcx rfjude, acsnbd ncde, cde dfw`y hssufe efit. [nh`f mcdckfmfdt ncs cssurfe hdvfstbrs tnct ehsausshbds whtn [f``sJcrkb ncvf abmmfdafe, wf crf trbui`fe iy tnf icsha mctn ifnhde hts strctfky. Jhrst, tnf $19 mh``hbd tcx


10/16



37

rfjude cppfcrs tb if dbtnhdk mbrf tncd tnf cpp`hacthbd bj c 57% tcx rctf ckchdst tnf $>7 mh``hbd ancrkf.[nct mcdckfmfdt jch`fe tb fxp`chd wcs nbw tnfy wbuè hdeuaf tnf V.Q Urfcsury tb hssuf c rfjude tnctrfprfsfdtfe 66% mbrf tncd IIQH ncs pche hd acsn tcxfs shdaf tnf fde bj 977>. Efsphtf rfpbrthdk shkdhjhacdtKCCW prbjhts (wnhan wf dbw ldbw wfrf bvfrstctfe), IIQH ncs bd`y pche $97.; mh``hbd bj acsn tcxfs hd

tnf `cst jhvf-cde-c-nc`j yfcrs. Mcdckfmfdt's tcx rfjude strctfky cppfcrs sbmfwnct ehshdkfdubusabdshefrhdk pcst acsn tcxfs pche cde tnf udafrtchdty bd thmhdk bj cdy rfjude.

Uci`f 6. Acsn Ucxfs Wche

$ MMs

9778 9737 9733 9739 S3'31 S9'31 S1'31 S5'31 9731 S3'35 S9'35 Ubtc`

Acsn Ucxfs Wche 7.: 3.> 5.; 1.1 6.8 7.7 7.9 9.8 8.7 3.9 7.3 97.;

Qburaf? Abmpcdy jh`hdks.

Uhmf ebfs dbt cppfcr tb if bd IIQH's shef. Bd hts S1'35 fcrdhdks abdjfrfdaf ac``, mcdckfmfdt wcsfxtrfmf`y vckuf bd tnf rfquhrfe thmfjrcmf tb rfkchd abmp`hcdaf whtn stctf rfku`ctbry acphtc` rfquhrfmfdts.Cs wf ebaumfdtfe ct `fdktn hd bur brhkhdc` rfpbrt, tnf Qtctf bj Ac`hjbrdhc's fxpfdshvf nhstbry whtn sf`jhdsurfe wbrlfrs' abmpfdscthbd WFBs ncs rfsu`tfe hd c rhsl cvfrsf cpprbcan wnfd efc`hdk whtn dbd-

abmp`hcdt hdsurfrs. Cs suan, wf if`hfvf thmf hs wbrlhdk ckchdst IIQH, cde hts dfcr-tfrm jctf `hlf`y rfstswhtn [f``s Jcrkb cde Qtctf Yfku`ctbrs. Hd jcat, dfw Ac`hjbrdhc `cw c``bws tnf Ac`hjbrdhc Bjjhaf bj Qf`j-Hdsurcdaf W`cds tb rfquhrf cd ceehthbdc` sfaurhty efpbsht CIBZF 377% bj `bss rfsfrvfs jbr "kbbe acusf." 35"Kbbe acusf" hs efjhdfe iy, iut dbt `hmhtfe tb, sfvfrc` ahraumstcdafs tnct cppfcr tb cpp`y tb IIQH,hdaùehdk?

Vdefrstctfe juturf `hcih`hty bj a`chms bd tnf Qf`j-Hdsurfr's Cdduc` Yfpbrt< tnf `cal bj, br cd

hdcefquctf br udcaafptci`f, catucrhc` stuey br summcry< c pcttfrd bj udefrstctfe `hcih`hthfs hd

a`chm jh`fs cuehtfe hd cd cueht< jchùrf tb rfpbrt c`` a`chms< pbbr cemhdhstrcthbd bj a`chms br

pcymfdt bj ifdfjhts euf hdourfe wbrlfrs jbude hd tnf cueht rfsu`ts hmpchrmfdt bj jhdcdahc`

abdehthbd bj tnf sf`j hdsurfr cs eftfrmhdfe iy tnf Anhfj.36

Abdtrcry tb tnf abdjhefdaf mcdckfmfdt prbofatfe bd hts fcrdhdks ac``, wf if`hfvf IIQH's cih`hty tb rchsfefit efpfdes squcrf`y bd nbw [f``s Jcrkb cpprbcanfs tnf wbrlfrs' abmpfdscthbd hdsurcdaf `hcih`hty.Qnbuè [f``s Jcrkb sncrf bur vhfw tnct IIQH's `hcih`hty hs abmpcrci`f tb tnct bj cd hdsurcdaf abmpcdy,efit acpcahty wh`` `hlf`y jc`` wf`` snbrt bj wnct mcdckfmfdt ncs hmp`hfe. Ycrf`y eb hdsurcdaf abmpcdhfsacrry efit tnct fxaffes 96% bj tnf acphtc` icsf. Qnbuè [f``s Jcrkb vhfw IIQH cs cd hdsurcdaf abmpcdy,wnhan wcs cd hdtfkrc` crkumfdt hd bur brhkhdc` rfpbrt, hts efit acpcahty wbuè prbici`y if `hmhtfe tb $33.6mh``hbd (hd tnf abdtfxt bj hts pc`try $15.5 mh``hbd bj sncrfnbèfrs' fquhty cde dfkcthvf tcdkhi`f fquhty). Ht hsc`sb wbrtn dbthdk tnct snbuè IIQH rchsf $:6 tb $>7 mh``hbd bj efit, hts acphtc`hzcthbd rcthb wbuè if :6% -;7%, nhknfr tncd cdy sb`vfdt hdsurcdaf abmpcdy wf abuè jhde.

Iut wnct hdvfstbrs ncvf jch`fe tb rfc`hzf, cde IIQH mcdckfmfdt ncs efjhdhtf`y dbt vbùdtffrfe, hs tnfkcphdk 9731/9735 rfsfrvf nb`f IIQH wh`` c`sb dffe tb if jh``fe. Cs ehsaussfe hd tnf prfvhbus sfathbd, wfif`hfvf IIQH wh`` rfquhrf cd ceehthbd $66 tb $;7 mh``hbd ancrkf/acphtc` rchsf tb hdarfcsf rfsfrvfs bd hts9731 cde 9735 ibbls bj iushdfss. Hj IIQH hs sbmfnbw ci`f tb jude hts aurrfdt $>7 mh``hbd acphtc` nb`f, wfif`hfvf tnf ceehthbdc` $66 tb $;7 mh``hbd ancrkf wbuè dffe tb if judefe whtn fquhty.

Unf judehdk anc``fdkfs eb dbt fde whtn tnf rfafdt`y cddbudafe $>7 mh``hbd acphtc` nb`f cde tnf yft-tb-if-cddbudafe ancrkf tb jh`` tnf 9731/9735 rfsfrvf efjhahfday. IIQH's acsn j`bw dhkntmcrf wh`` if jurtnfrstrfssfe iy hts rfquhrfmfdt tb jude tnf CAF jrbdthdk prbkrcm trust caabudt ct tnf scmf thmf ht must mfftQtctf `fvf` judehdk rfquhrfmfdts bd `fkcay rfsfrvf `fvf`s CDE abdaurrfdt`y jude aurrfdt cde juturfrfsfrvfs eb``cr-jbr-eb``cr. Bd hts S1'35 fcrdhdks ac``, IIQH's mcdckfmfdt ehsa`bsfe $>.3 mh``hbd bj acsnwcs abdtrhiutfe hd S1'35 tb tnf CAF trust caabudt. Unf $>.3 mh``hbd hd S1'35 wcs hd ceehthbd tb tnf $91mh``hbd abdtrhiutfe eurhdk tnf jhrst nc`j bj 9735. 3: Abmihdfe, wf fsthmctf CAF trust abdtrhiuthbdsrfprfsfdtfe mbrf tncd 377% bj IIQH's jrff acsn j`bw yfcr-tb-ectf (tnrbukn S1'35). Ub bur ldbw`fekf,


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IIQH's mcdckfmfdt ncs yft tb ehsa`bsf tnf prfahsf cmbudt tnct must if abdtrhiutfe tb tnf CAF caabudt.Icsfe bd bur wbrl, wf if`hfvf tnf mcdectbry abdtrhiuthbd hs iftwffd $67 cde $>7 mh``hbd.

Uclfd tbkftnfr, IIQH hs `hlf`y jcahdk c judehdk kcp wf`` hd fxafss bj tnf c`rfcey stckkfrhdk $>7 mh``hbd

dffefe tb jude hts rfsfrvf ancrkf. Qhmh`cr tb tnf $>7 mh``hbd tnct hs fcrmcrlfe jbr 9739 cde prhbr yfcrs, cdy9731/9735 rfsfrvf ancrkf wh`` dffe tb if judefe bd c eb``cr-jbr-eb``cr icshs. [f fsthmctf IIQH wbuèdffe $:6 mh``hbd (ct tnf mhepbhdt) tb ju``y ab``ctfrc`hzf tnf CAF trust caabudt, wnhan wbuè rfquhrf cdceehthbdc` $16 mh``hbd bj acsn abdtrhiuthbds tb tnf rbukn`y $17 mh``hbd tnct ncs c`rfcey iffd judefe yfcr-tb-ectf. Bvfr tnf snbrt-tb-hdtfrmfehctf tfrm, wf if`hfvf IIQH mcy ncvf c $3>6 mh``hbd judehdkrfquhrfmfdt, wnhan ewcrjs hts fxhsthdk sburafs bj acphtc`. Mcdckfmfdt ncs sche ht ncs rbukn`y $36 mh``hbdbj udfdaumifrfe acsn ct tnf nbèhdk abmpcdy, $35 mh``hbd udercwd bd hts arfeht jcah`hty, cde wf fsthmctfcpprbxhmctf`y $93 mh``hbd bj acsn tcxfs pche tnct abuè if rfjudefe. [htn $3>6 mh``hbd bj pbtfdthc` acphtc`dffes cde bd`y $67 mh``hbd bj hefdthjhfe sburafs, wf fsthmctf tnct IIQH hs aurrfdt`y jcahdk c $316 mh``hbdacphtc` nb`f.

Uci`f :. Fsthmctfe Qburafs & Vsfs bj Acphtc`

$ MM s

Vsfs Qburafs

Judehdk 1S'35 rfsfrvf ancrkf >7 Vdfdaumifrfe acsn 36

Fsthmctfe judes tb ab``ctfrc`hzf CAF trust caabudt 16 Vdercwd jcah`hty 35

Judehdk jbr fsthmctfe rfsfrvf ancrkf rfquhrfe ;7 Acsn tcx rfjude 93

3>6 67

Fsthmctfe judehdk kcp 316


Jhdc``y, cs ht rf`ctfs tb tnf acphtc` struaturf, wf tnhdl ht hs jchr tb csl tnf qufsthbd - [ny hs mcdckfmfdt sbjbausfe bd prbpphdk up hts stbal wnfd tnfy snbuè if jh``hdk acphtc` nb`fs2 Hd tnf wclf bj tnf rfsfrvfancrkf, wf jhde ht hdarfehi`y hrrfspbdshi`f tnct IIQH wcs iuyhdk ical tblfd cmbudts bj stbal cs `ctf csQfptfmifr 9735. Cjtfr hts surprhshdk rfsfrvf ancrkf cddbudafmfdt tnct abdjhrmfe IIQH ncs iffd wrhthdkjcr `fss prbjhtci`f iushdfss tncd brhkhdc``y cssumfe, mcdckfmfdt nce tnf cuecahty tb prbvhef c 39-mbdtn

rfvfduf but`bbl prfmhsfe bd nhkn shdk`f-ehkht scmf stbrf sc`fs krbwtn.3;

[ny wfrfd't hmmfehctf stfpstclfd tb stcih`hzf cde rhknt shzf tnf iushdfss2 Cde wny ncsd't tnf Ibcre bj Ehrfatbrs, wnhan ncs c`sbab``fathvf`y iffd iuyhdk tblfd cmbudts bj stbal tb prbvhef prhaf suppbrt, hdshst tnf abmpcdy snrhdlfxpbsurf tnrbukn rf-udefrwrhthdk cde rf-prhahdk hts ibbl bj iushdfss2 Abdshefrhdk cd $>7 mh``hbd judehdkudafrtchdty, tnf rfquhrfe judehdk bj tnf CAF trust caabudt, tnf hdfvhtcih`hty bj ceehthbdc` rfsfrvf hdarfcsfs,cde c `hlf`y vhb`cthbd bj stctf judehdk rfquhrfmfdts, bdf wbuè rfcsbdci`y fxpfat IIQH's mcdckfmfdt cdeIbcre bj Ehrfatbrs tb prfsfrvf c`` pbsshi`f sburafs bj `hquhehty. Hdstfce, mcdckfmfdt hdarfcsfe tnfqucrtfr`y ehvhefde iy 99% tb $7.99 pfr sncrf `cst wffl!3>Cs ehsaussfe hd mbrf eftch` `ctfr, wf fsthmctf9736 fcrdhdks wh`` dbt fvfd abvfr tnf hdarfcsfe cdduc`hzfe ehvhefde. IIQH mcdckfmfdt's spbdtcdfbus cdehrrcthbdc` ifncvhbr udfquhvbac``y shkdc`s tb us tnct tnfy crf mbrf abdafrdfe whtn hdvfstbr pfrafpthbd tncdmclhdk tnf rhknt efahshbds tb scvf tnf abmpcdy.

1) Hrrcthbdc``y Ckkrfsshvf Wrhahdk cde But`cdehsn Mcrlfthdk A`chmsHd bur jhrst IIQH rfpbrt, wf prbvhefe kfrmcdf icalkrbude bd tnf pfrvcshvf acphtc` efstruathbd acusfe iytnf Ac`hjbrdhc wbrlfrs' abmpfdscthbd mcrlft, btnfrwhsf ldbwd cs tnf "krcvfycre bj efce hdsurcdafabmpcdhfs." [f c`sb sncrfe c jfw fxcmp`fs bj abmpcdhfs tnct fhtnfr mhsprhafe iushdfss br jch`fe tbudefrstcde tnf `bdk-tch` dcturf cde mckdhtuef bj tnfhr u`thmctf `hcih`hthfs. Cs ebaumfdtfe hd bur jhrst rfpbrt,nuderfes bj abmpcdhfs ncvf fdefe up hd rud-bjj br `hquhecthbd ifacusf bj Ac`hjbrdhc wbrlfrs'abmpfdscthbd fxpbsurf.

Ciudecdt abmpfththbd, abmihdfe whtn c nhkn`y rfku`ctfe hdeustry, ncs shkdhjhacdt`y abmprfssfe `bss rcthbvcrhcdafs hd tnf Ac`hjbrdhc [brlfrs' Abmpfdscthbd mcrlft. Qbmf abmpcdhfs tf`` jcdahju` stbrhfs cibut


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39

ldbwhdk tnfhr austbmfrs ifttfr, mchdtchdhdk efafdtrc`hzfe ircdan bjjhaf mbef`s, ushdk thkntfr udefrwrhthdkstcdecres, br pbssfsshdk ifttfr rhsl mbef`s. Unf udefdhci`f rfc`hty hs tnct tnf bd`y mctfrhc` ehjjfrfdthcthbdiftwffd iùf ab``cr wbrlfrs' abmpfdscthbd prbvhefrs hd Ac`hjbrdhc ncs iffd prhaf. Icsfe bd yfcrs bjcdfaebtc` fvhefdaf jrbm hdsurcdaf irblfrs cde mcrlft pcrthahpcdts, wf crf abdvhdafe IIQH's rfsfrvf

hdcefqucay rfsu`ts squcrf`y jrbm udefr prhahdk wbrlfrs' abmpfdscthbd abvfrckf tb erhvf krbwtn. Unfjb``bwhdk fxancdkf iftwffd twb hdsurcdaf irblfrs bd cd Hdsurcdaf Oburdc` jbrum hs symptbmctha bjIIQH's "but bj tnhs wbrè" cde "fxtrfmf`y `bw" prhahdk.38

Hd cdbtnfr hdsurcdaf jbrum jbausfe bd tnf nhkn absts bj wbrlfrs' abmpfdscthbd (ruddhdk $36 - $93 pfr$377 bj pcyrb``), cd fmp`byff bj CWH @hmbushdf rfabmmfdes IIQH ifacusf tnfhr wbrl abmp prhahdk hs57% tb 6;% `bwfr tncd btnfr qubtfe rctfs.979399

[nct hs cstbdhsnhdk hs tnct IIQH's prhahdk hs mctanfe iy hts mcrlfthdk anutzpcn. Hd c prfsfdtcthbd tb tnfDbrtn Cmfrhacd Urcdspbrtcthbd Cssbahcthbd, IIQH bpfd`y prbmbtfe tnfhr wh``hdkdfss tb bjjfr "`bwfrwbrlfrs' abmpfdscthbd prfmhum." (Q`hef pcstfe if`bw) 91 Icsfe bd bur if`hfj prhaf hs tnf prhmcryabmpfththvf tbb` jbr ehjjfrfdthcthbd, IIQH's mcrlfthdk phtan wcs udsurprhshdk. Nbwfvfr, wf wfrf

j`ciifrkcstfe iy IIQH's fdsuhdk a`chm tnct tnfhr "cvfrckf Ac`hjbrdhc `bss rcthb \hs] iftwffd 37% cde 35%"wnhan tnfy abmpcrf tb tnf `bss rcthb bj stcdecre mcrlft acrrhfrs "iftwffd 67% cde ;6%." 95 IIQH'smcrlfthdk a`chm jc``s sbmfwnfrf iftwffd efafpthvf cde butrckfbus. Jbr cdyibey jcmh`hcr whtn tnfAc`hjbrdhc [brlfrs' Abmpfdscthbd mcrlft - spfahjhac``y tnf efjhdfe ehscih`hty pcymfdt rfku`cthbds, ht hsudjctnbmci`f IIQH abuè ncvf cd cvfrckf Ac`hjbrdhc `bss rcthb bj 37% - 35%. Jbr pfrspfathvf, tnfAc`hjbrdhc Efpcrtmfdt bj Hdsurcdaf ncs sche tnf 9731 hdaurrfe `bss rcthb jbr wbrlfrs' abmpfdscthbd hdAc`hjbrdhc wcs ;7.9%. Qche cdbtnfr wcy, IIQH ncs pui`ha`y mcrlftfe tnct ht hs :77% - ;77% mbrfprbjhtci`f tncd tnf aut-tnrbct mfehcd Ac`hjbrdhc mcrlft.96 [f ncvf trbui`f ehsafrdhdk wnftnfr IIQH hs


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ushdk jc`sf cevfrthdk, hs tclhdk fxtrfmf `hifrthfs whtn hts mcrlfthdk mctfrhc`, br hs shmp`y efùshbdc` whtn htscssumfe `bss rctfs (wnhan wbuè nf`p fxp`chd yfcrs bj wrhthdk iushdfss tnct wcs udprbjhtci`f).

Hd ceehthbd tb tnf icjj`hdk `bss rcthb a`chms, IIQH c`sb mcrlfts tnct hts cstbdhsnhdk`y `bw `bss fxpfrhfdaf hseuf tb "ckkrfsshvf a`chms mcdckfmfdt." C `cwsuht bvfr Ycjcf` Yhvcs's sftt`fmfdt mcy prbvhef c whdebwhdtb IIQH's efjhdhthbd bj ckkrfsshvf a`chms mcdckfmfdt (@bs Cdkf`fs Abudty [.A.C.I. Acsf Db.CEO968:;;7). Yhvcs wbrlfe jbr bdf bj IIQH's WFB a`hfdts cde sujjfrfe c wbrl-rf`ctfe `bwfr ical hdoury.

Nf sftt`fe nhs wbrlfrs' abmpfdscthbd a`chm whtn IIQH jbr $97,777.9:

Cjtfr mbvhdk hts a`chms ncde`hdk hd-nbusf, IIQH sfdt tnf sftt`fmfdt anfal tb cd but-bj-ectf ceerfss, bd`y tb ncvf tnf anfal jrcueu`fdt`y

fdebrsfe cde stb`fd.9;

Efsphtf hts snbeey a`chms ncde`hdk, IIQH rfjusfe tb pcy tnf a`chmcdt "crkuhdk tnctiy mch`hdk tnf sftt`fmfdt anfal tb Mr. Yhvcs ct cd ceerfss spfahjhfe hd c abmprbmhsf cde rf`fcsfckrffmfdt, ht nce ju`jh``fe hts bi`hkcthbd." Cjtfr "ckkrfsshvf`y" jhknthdk tnf a`chm tnrbukn mu`thp`f cppfc`s,ht hs bur udefrstcdehdk IIQH jhdc``y pche tnf a`chm tb Yhvcs.

Ht hsd't oust IIQH's hrrcthbdc` prhahdk tnct wf if`hfvf hs rfspbdshi`f jbr c ibbl bj mhsprhafe fxpbsurf, ht mcyc`sb if tnf typfs bj iushdfssfs IIQH ncs udefrwrhttfd. Jbr fxcmp`f, `bbl db jurtnfr tncd Vdhtfe QtctfsWbb` Abrp. cde Mhancf` Krfkbry Qh`vfrifrk, tnf bwdfr bj Vdhtfe Qtctf Wbb`s Abrp, wnb wcs ancrkfe hd9731 whtn "Efjrcuehdk Ac`hjbrdhc Qtctf Abmpfdscthbd Hdsurcdaf Jude, tnf Qtctf Ibcre bj Fquc`hzcthbd cdetwb hdsurcdaf abmpcdhfs cde abmmhtthdk wnhtf-ab``cr arhmfs \hdaùehdk] jc`shjyhdk stctfmfdts tb rfeuaf

nhs wbrlfrs abmpfdscthbd hdsurcdaf rctfs, cde jch`hdk tb ab``fat tcxfs."9>

Efsphtf tnf wf`` ebaumfdtfe

ancrkfs, IIQH shkdfe V.Q. Wbb`s Abrp. cs c wbrlfrs' abmpfdscthbd hdsurcdaf cde stcjjhdk sfrvhafs a`hfdt hdMcran 9735. Vdsurprhshdk`y, bd Cukust 9>, 9735, oust mbdtns cjtfr tclhdk bd tnf a`hfdt, IIQH sufe V.Q.

Wbb`s Abrp cde Mhancf` Krfkbry Qh`vfrifrk jbr jchùrf tb pcy sfrvhaf jffs (Icrrftt vs. Vdhtfe Qtctfs Wbb`sAbrp Acsf Db. WQA 3575:55). A`fcr`y, c`` wbrlfrs' abmpfdscthbd hdsurfrs mclf mhstclfs. Nbwfvfr, wnfdkrbwtn hs rfquhrfe tb mcsl rfsfrvf efjhahfdahfs, tnf mckdhtuef cde sabpf bj mhstclfs wh`` u`thmctf`yabmpbude tnf hdfvhtci`f `bssfs.


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5) Qtbal Qth`` Qhkdhjhacdt`y Bvfrvcùfe bd Fsthmctfe 9736 FWQ (Fxaùehdk Ceehthbdc` Yfsfrvf

Ancrkf & Ehstrfssfe Fquhty Ychsf)[f if`hfvf hd c ifst acsf safdcrhb IIQH's fcrdhdks crf pfrmcdfdt`y hmpchrfe. Ub if jchr, bdf abuè crkuf

tnfrf dfvfr wfrf "rfc`" fabdbmha fcrdhdks abdshefrhdk tnf systfmctha udefr-caaruhdk bj rfsfrvfs.Dbdftnf`fss, wf if`hfvf c ifst acsf butabmf hmp`hfs IIQH's stbal ncs cdbtnfr :7% ebwdshef.

[f ncvf usfe c vfry kfdfrbus sft bj cssumpthbds hd Uci`f ; if`bw tb h`ùstrctf tnf ab``cpsf hd fcrdhdksabmpcrfe tb tnf bvfrstctfe, prfvhbus`y rfpbrtfe rfsu`ts. Jhrst, wf prbpfr`y ceoustfe 9737 tnrbukn 9739rfsfrvfs icsfe bd tnf caahefdt yfcr c``bacthbd cdc`yshs wf prfsfdtfe fcr`hfr. Unhs prbvhefs c mbrf caaurctfefphathbd bj IIQH's rud-rctf fcrdhdks prbjh`f jrbm 9737 - 9739. Cs ehsaussfe fcr`hfr, cde rfj`fatfe hd Uci`f;, tnf catuc` `bss caaruc` ncs rud dbrtn bj mcdckfmfdt's dfw 6% kuhecdaf. [f ncvf usfe 6.17% (hd iùf),wnhan hs c`mbst prfahsf`y wnct caaurctf `bss caaruc`s wbuè cppfcr tb ncvf iffd jrbm 9737 - 9739.

\DBUF? Ht hs wbrtn nhkn`hknthdk tnct wf kfdfrbus`y cssumf tnf CAF jrbdthdk ckrffmfdt dbt bd`y stcys hdtcat hd 9736, iut tnf fxpfdsf hs abdshstfdt whtn 9735 `fvf`s hmp`hfe hd mcdckfmfdt's kuhecdaf. Cs ehsaussfe

ct `fdktn hd bur jhrst rfpbrt, tnf snffr mhx bj Ac`hjbrdhc iushdfss hd 9736 bd CAF's pcpfr (377%) wnfd

abmpcrfe tb tnf trcdshthbd yfcr bj 9735, hmp`hfs tnf bvfrc`` CAF fxpfdsf must if nhknfr hd 9736.

Ceehthbdc``y, sf`j hdsurfe WFBs eb dbt pcy prfmhum tcx tb tnf stctf bj Ac`hjbrdhc. Ifkhddhdk hd 9736,

377% bj IIQH's Ac`hjbrdhc iushdfss wh`` if (jbr dbw) tnrbukn cd cemhttfe acrrhfr, wnhan mfcds rbukn`y

1% - 6% bj c`` prfmhums wh`` if pcssfe tnrbukn tb tnf Qtctf. [f ncvf c`sb kfdfrbus`y cssumfe IIQH's

fsthmctfe 1% tb 6% jrbdthdk abmmhsshbd tb CAF ebfs dbt hdarfcsf. Cs c rfsu`t bj tnf myrhce bj abst

prfssurfs (dbdf bj wnhan wf ncvf hdaùefe), IIQH must hdarfcsf prhaf iy ;% tb 37% oust tb mchdtchd 9735

prbjhtcih`hty `fvf`s. Dbdf bj tnfsf cevfrsf jhdcdahc` erhvfrs crf abdtfmp`ctfe hd bur mbef` if`bw, wnhan

wbuè rfsu`t hd mctfrhc``y `bwfr 9736 FWQ, cde pfrncps dfkcthvf fcrdhdks pfr sncrf]

Unf bd`y ancdkf hd tnf jhdcdahc` mbef` bd c kb-jbrwcre icshs wbuè if tnf hdtfrfst fxpfdsf cssbahctfe whtnc pcdhalfe efit rchsf. [f ckchd kfdfrbus`y cssumfe oust c 6% hdtfrfst rctf bd tnf efit. Iy cpp`yhdk cwbrlfrs' abmp caaruc` bj 6.17% (abdshstfdt whtn 9737 tnrbukn 9739 `fvf`s) cde but`cdehsn 3>% rfvfdufkrbwtn (whè`y ckkrfsshvf khvfd tnf absts bj tnf jrbdthdk prbkrcm cde ercmctha prhaf hdarfcsfs dffefe tbmchdtchd prbjhtcih`hty), wf crrhvf ct c $7.;1 FWQ fsthmctf jbr 9736. \Jbr pfrspfathvf, hj wf usf c 6% caaruc`

rctf hdstfce bj 6.1%, cde nbè c`` btnfr kfdfrbus cssumpthbds abdstcdt, wf crrhvf ct c $3.;7 pfr sncrffsthmctf jbr 9736. Vdefr tnhs cisbùtf`y prhsthdf safdcrhb, IIQH's stbal wbuè sth`` if trcehdk ct cdfxpfdshvf 36x W/F mu`thp`f.

Vshdk c rfcsbdci`f 39x fcrdhdks mu`thp`f bd bur kfdfrbus 9736 fsthmctfs, wnhan wbuè sth`` rfprfsfdt cprfmhum tb tnf wbrlfrs' abmpfdscthbd krbup jrbm bur brhkhdc` rfpbrt, IIQH's jchr vcùf tcrkft ifabmfs$>.;: pfr sncrf. Nbwfvfr, tnf abdjùfdaf bj bvfrncdks (cdbtnfr mcsshvf rfsfrvf ancrkf, udafrtchdty bdefit judehdk, `bbmhdk CAF jrbdthdk ckrffmfdt rfdfwc`, c krbwhdk `hlf`hnbbe bj c ehstrfssfe fquhty rchsf)ncs krfct`y hdarfcsfe tnf pbsshih`hty bj IIQH ifhdk c zfrb - rfdefrhdk tnf sncrfs udhvfstci`f hd bur bphdhbd.

(JHDC@ CQQVMWUHBDQ JBY MBEF@ BD DFÛ WCKF)


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Uci`f ;. Ceoustfe Fcrdhdks Nhstbry cde 9736 Fcrdhdks Fsthmctf

$ MM s

9778 9737 9733 9739 9731 9735F 9736F

Ubtc` krbss rfvfduf 3,738.8 3,91:.> 3,69;.6 9,7>7.8 9,>78.: 1,151.1 1,816.1

% ancdkf -:% 93% 95% 1:% 16% 38% 3>%

Yfpbrtfe krbss wbrlfrs' abmpfdsct hbd fxpfdsf 5:.7 53.: :7.: >9.5 395.8 911.7 38:.>

Yfpbrtfe wbrl abmp fxpfdsf cs % krbss rfv 5.63% 1.1:% 1.8;% 1.8:% 5.56% :.8;% 6.77%

Yfpbrtfe krbss mcrkhd 96.: 55.; 51.6 ::.; >:.6 17.9 339.9

Yfpbrtfe prftcx fcrdhdks (:.6) 8.8 36.9 38.6 95.8 (56.:) 95.9

Yfpbrtfe dft hdabmf (1.8) ;.5 35.1 31.3 3;.8

Yfpbrtfe KCCW FWQ ($7.1>) $7.;3 $3.53 $3.:; $9.59

Cvfrckf eh`utfe sncrfs 37.6 37.5 37.9 ;.8 ;.5 ;.1 ;.6

Ceoustfe krbss wbrl abmp fxpfdsf - Uci`f 1 5:.8 :6.9 >9.: 339.3 35>.8 3;;.9 97>.:

Ceo wbrl abmp fxpfdsf cs % krbss rfv 5.68% 6.9;% 6.53% 6.18% 6.17% 6.17% 6.17%

"Ceoustfe" krbss mcrkhd 95.> 93.9 93.5 1;.3 :9.6 >:.7 377.5

QK&C 11.6 16.5 1>.9 5:.6 :7.3 ;5.7 >6.8% krbss rfvfduf 1.1% 9.8% 9.6% 9.9% 9.3% 9.9% 9.9%

E&C 3.: 3.5 3.1 3.6 9.7 9.6 9.>

Hdarfmfdtc` hdtfrfst fxpfdsf (1.>)

btnfr hdabmf (fxpfdsf) 3.: 9.7 33.9 7.; 7.6 7.; 7.;

"Ceoustfe" prftcx fcrdhdks (>.;) (31.:) (:.8) (37.9) 7.8 37.9 >.;

Ucx rctf 1;.7% 1;.7% 1;.7% 1;.7% 1;.7% 1;.7% 1;.7%

Ceoustfe dft hdabmf (6.6) (>.:) (5.1) (:.5) 7.: :.5 6.6

Ceoustfe FWQ ($7.69) ($7.>1) ($7.51) ($7.>9) $7.7; $7.>> $7.;1



16/16


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http://seekingalpha.com/instablog/890075-copperfield-research/3409505-bbsi-tick-tick-boomhttp://seekingalpha.com/article/2613585-barrett-business-services-bbsi-ceo-michael-elich-on-q3-2014-results-earnings-call-transcript?part=singlehttp://www.marketwired.com/press-release/bbsi-reports-third-quarter-2014-financial-results-nasdaq-bbsi-1962020.htmhttp://seekingalpha.com/article/2613585-barrett-business-services-bbsi-ceo-michael-elich-on-q3-2014-results-earnings-call-transcript?part=singlehttp://seekingalpha.com/article/2613585-barrett-business-services-bbsi-ceo-michael-elich-on-q3-2014-results-earnings-call-transcript?part=singlehttp://www.dir.ca.gov/osip/Newsline/2013/ActuarialReportingRequirementsInformationSheet.pdfhttp://seekingalpha.com/article/2613585-barrett-business-services-bbsi-ceo-michael-elich-on-q3-2014-results-earnings-call-transcript?part=singlehttp://www.marketwired.com/press-release/bbsi-reports-third-quarter-2014-financial-results-nasdaq-bbsi-1962020.htmhttp://www.columbian.com/news/2014/oct/31/barrett-raise-dividendhttp://www.limousinesonline.com/showthread.php?21111-Workers-Comp-21-per-100http://www.limousinesonline.com/showthread.php?21111-Workers-Comp-21-per-100http://ntassoc.com/uploads/FileLinks/105955191a7242e984bd99046dbb6d7a/ntassocCompPowerPoint.ppshttp://ntassoc.com/uploads/FileLinks/105955191a7242e984bd99046dbb6d7a/ntassocCompPowerPoint.ppshttp://www.limousinesonline.com/showthread.php?21111-Workers-Comp-21-per-100http://www.limousinesonline.com/showthread.php?21111-Workers-Comp-21-per-100http://www.columbian.com/news/2014/oct/31/barrett-raise-dividendhttp://www.marketwired.com/press-release/bbsi-reports-third-quarter-2014-financial-results-nasdaq-bbsi-1962020.htmhttp://seekingalpha.com/article/2613585-barrett-business-services-bbsi-ceo-michael-elich-on-q3-2014-results-earnings-call-transcript?part=singlehttp://www.dir.ca.gov/osip/Newsline/2013/ActuarialReportingRequirementsInformationSheet.pdfhttp://seekingalpha.com/article/2613585-barrett-business-services-bbsi-ceo-michael-elich-on-q3-2014-results-earnings-call-transcript?part=singlehttp://seekingalpha.com/article/2613585-barrett-business-services-bbsi-ceo-michael-elich-on-q3-2014-results-earnings-call-transcript?part=singlehttp://www.marketwired.com/press-release/bbsi-reports-third-quarter-2014-financial-results-nasdaq-bbsi-1962020.htmhttp://seekingalpha.com/article/2613585-barrett-business-services-bbsi-ceo-michael-elich-on-q3-2014-results-earnings-call-transcript?part=singlehttp://seekingalpha.com/instablog/890075-copperfield-research/3409505-bbsi-tick-tick-boom

Documents

Barrett Business Services (BBSI): Throwing Good Money at Bad