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Bgjk io Gler`ag Lerr`hh Hyjam Ared`t Aijoerejae
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Ted Fijes
_`ae ^res`dejt gjd regsurer
Lire tmgj 73 yegrs w`tm Tysij Oiids
DRGOT11
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Am`akej 5.> 3.>%
Beeo 7.5 1.>%
^irk 1.> 5.>%
^repgred Oiids 4.> ?.>%
Gaqu`s`t`ijs gjd @jterjgt`ijgh fi`jt vejtures smiuhdcejergte RI@A : 2>%
DRGOT44
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5/39
0 >%
Tysij Am`akej Qeclejt Ipergt`jc Lgrc`j
Jirlgh`zed
3.=%3.3%
=.2% =.1%=.5%
=.4%
3.2% 3.2%
=.>%
3.3%3.0%
?.=%
3.1%
3.>%
=.>%
.perg jc grc j65.>% - 3.>%
4.0%
4.0%
5.=% ?.4%
5.7% 5.?%
5.7%
5.0%
4.>%4.>%
5.>%
?.>%
7.4%
2.?%2.0%
1.4%1.2%
7.1%7.>%
2.>%
1.>%
(7.>%)
(7.?%)
(7.>%)
>.>%
DRGOT5
.
70=>
70=7
70=2
70=1
70=4
70=5
70=?
70=3
70==
70=0
700>
7007
7002
7001
7004
7005
700?
7003
700=
7000
2>>>
2>>7
2>>2
2>>1
2>>4
2>>5
2>>?
2>>3
2>>=
2>>0
Jite6 @jahudes gdfustlejts; reoer ti gppejd`x oir detg`hs.
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Am`akej Lgrket Oujdglejtghs
7>5%=,>>>,>>>
Bri`her Ecc-Qets ^uhhet Qupphy
^uhhet Am`aks Mgtamed % io ^r`ir Pr Li-7.2%-7%
>%
0>%
05%
7>>%
4,>>>,>>>
4,5>>,>>>
5,>>>,>>>
5,5>>,>>>
?,>>>,>>>
?,5>>,>>>
3,>>>,>>>
, ,
-3.3%
-3.>% -?.0% -?.?%
-3.5%
-5.0% -5.0%
-4.4%
-1.0%
-1.>%
-4.7%
-2.2%
-3%
-?%
-5%
-4%
-1%
-2%
=5%1,>>>,>>>
, ,
Fuh->=
Guc->=
Qep->=
Iat->=
Jiv->=
Dea->=
Fgj->0
Oeb->0
Lgr->0
Gpr->0
Lgy->0
Fuj->0
Fuh->0
Guc->0
Qep->0
Qiurae6 JGQQ Am`akej gjd Eccs Repirt, @jtejded ^hgaelejts6 ^uhhet am`aks oirmgtamery supphy repirted by hegd`jc breeders. @jdustry jit gvg`hgbhe ujt`h tme ejd io
oihhiw`jc Lijtm.Qiurae6 UQDG
Aihd Qtirg e
-0%
-=%
Jiv->=
Dea->=
Fgj->0
Oeb->0
Lgr->0
Gpr->0
Lgy->0
Fuj->0
Fuh->0
Guc->0
Qep->0
Iat->0
Jiv->0
$4>>
$45>
$5>>
$3
$=
$0
Airj QBL($ per tij)($ per busmeh)
7,>>> ^iujds
35>,>>>
=>>,>>>
=5>,>>>
$7>>
$75>
$2>>
$25>
$1>>
$2
$1
$4
$5$?
?>>,>>>
?5>,>>>
3>>,>>>
DRGOTGuc->4
Jiv->4
Oeb->5
L
gy->5
Guc->5
Jiv->5
Oeb->?
L
gy->?
Guc->?
Jiv->?
Oeb->3
L
gy->3
Guc->3
Jiv->3
Oeb->=
L
gy->=
Guc->=
Jiv->=
Oeb->0
L
gy->0
Guc->0
Jiv->0
??
Qiurae6 ABIT.Qiurae6 UQDG
Iat>
Jiv>
Dea>
Fgj>
Oeb
>
Lgr>
Gpr>
Lgy>
Fuj>
Fuh>
Guc>
Qep>
Iat>
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( per piujd)
Bijehess Qk`jhess Bregst r`aes Am`akej S`jc r`aes
( per piujd)
7>>
77>
72>
71>74>
75>
71>
74>
75>
7?>73>
7=>5 Pr Gvc6 742.3
Aurrejt6 724.> 5 Pr Gvc6 777.>Aurrejt6 751.>
3>
=>
0>
Jiv
->4
Qep
->5
Fuh->?
Lgy
->3
Lgr
->=
Fgj
->0
Jiv
->0
7>>
77>
72>
Jiv
->4
Qep
->5
Fuh->?
Lgy
->3
Lgr
->=
Fgj
->0
Jiv
->0
Smihe B`rd r`aes Am`akej Hec r`aes
( per piujd)
0>
( per piujd)
5>
?>
5 Pr Gvc6 3=.75 Pr Gvc6 10.5
3>
35
=>
2>
1>
4>
Aurrejt6 =2.1 .
DRGOT33
Qiurae6 Bhiilberc
?5
Jiv->
4
Qep->
5
Fu
h->?
L
gy->
3
Lgr-
>=
Fgj->
0
Jiv->
0
Qiurae6 Bhiilberc
7>
J
iv->
4
Q
ep->
5
Fu
h->?
L
gy->
3
L
gr-
>=
F
gj->
0
J
iv->
0
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Am`akej Qeclejt Tgkegwgys
Q`cj`o`agjt `lprivelejt `j 2M vs 7M OP>0 ipergt`jc lgrc`j 1.5% vs -3.2%
^is`t`ve @jdustry Oujdglejtghs
@jdustry puhhet phgaelejts 5-?% PIP UQDG Iat>0 Aihd Qtirgce6 70.=% (75? ll hbs) PIP; gjd 73% (710 ll hbs) vs 5-yr gvergce
d suppirts `lpriv`jc piuhtry priduat pr`a`jc ri eate crg j aist iwer t gj
Oiid Qerv`ae Delgjd lgy aijt`jue ti hgc reaivery gs fib aregt`ij relg`js depressed
Qmirtejed hej tm io aijtrgats lire gbhe ti res ijd ti `j ut aist ohuatugt`ijs
Ipergt`ijgh Eoo`a`eja`es Reduaed agpga`ty vgr`gjaes tmriucm vihule criwtm OP>0 sghes vihule =.=% PIP
lprive e ij jc priaesses e er y e s gj ais s gj lire pri ua i se g c er pr aes
@jaregsed phgjt ohex`b`h`tyi List priaesses ailpheted `j sgle phgjti Reduaed ore`cmt, `lprived y`ehds gjd hiwered aists
DRGOT=
Rev`sed priduat speas ti reduae priduat`ij aists wm`he leet`jc austiler expeatgt`ijs
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5 >%
Tysij Beeo Qeclejt Ipergt`jc Lgrc`j
4.1%
1.4%
1.2%1.>%
4.>%
.
Jirlgh`zedIpergt`jc Lgrc`j6
7.5% - 1.>%
7.3%
2.1%
7.=%
7.5% 7.4%
7.0% 7.=%
7.4%
7.>% 7.2% 7.2%
7.4%
2.5%
2.1%
7.0%
2.>%
2.7%
2.3%
7.?%
7.2%
2.>%2.>%
1.>%
7.7%
>.4% (>.2%)
>.4%
>.>%
7.>%
(7.=%)(2.>%)
(7.>%)
0=>
0=7
0=2
0=1
0=4
0=5
0=?
0=3
0==
0=0
00>
007
002
001
004
005
00?
003
00=
000
>>>
>>7
>>2
>>1
>>4
>>5
>>?
>>3
>>=
>>0
DRGOT0
Jite6 @jahudes gdfustlejts; reoer ti gppejd`x oir detg`hs.
7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
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Qpregd Bus`jess jit vert`aghhy `jtecrgted
Lgjgce spregd by lgx`l`z`jc revejue tmriucm l`x, l`j`l`z`jc ipergt`jc aists, wm`he oiaus`jcY
Hiw aist, m`cm revejue `j tme rec`ijs we ailpete
$5?>ll W4>0 Jij-agsm Ciidw`hh @lpg`rlejt r vej pr lgr y y jaregse j requ re saiuj rg e use ir gjjug vg ug ij S`der spregds dr`vej by d`srupt`ij io chibgh ared`t lgrket
Dies jit reoheat lgjgcelejts v`ew io beeo seclejts smirt-terl ir hijc-terl prio`tgb`h`ty
Qustg`jed i ergt`j `l rivelejts lgde `j OP>= exahud`j iidw`hh amgr e OP>06 2.>% ($274ll) diubhe OP>= gjd w`tm`j 7.5-1.>% jirlgh`zed ipergt`jc lgrc`j W4>06 4.>% ($72>ll) gbive 7.5-1.>% jirlgh`zed ipergt`jc lgrc`j
Expeat 7-2% `j agtthe supph`es `j OP7>
Miwever, expeat gdequgte supph`es ti ipergte iur phgjts `j OP7> Reduaed shgucmter agpga`ty gjd eh`l`jgted 2 l`hh`ij megd io agpga`ty `j oiur jij-ailpet`t`ve YYphgjts betweej 2>>? gjd 2>>= ^hgjts strgte `aghh hiagted j m` m su h re `ijs hgr est gjd list ail et`t`ve `j tmese
DRGOT7>7>
Yrec`ijs
Hijc-terl pitejt`gh `j criwtm io @jterjgt`ijgh delgjd oir m`cm qugh`ty beeo
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3.0%
Tysij irk Qeclejt Ipergt`jc Lgrc`j
Jirlgh`zed
5.1%
?.=%
?.>%
.perg jc grc j61.>% - 5.>%
1.=%
1.2%
2.0%
2.>%2.2%
1.?%
2.0%
1.3%1.5%
4.4% 4.4% 4.3%
4.>%
7.4%
7.2%7.4%
7.7%7.2%
7.7%
7.7%2.7%
.
7.=%
>.>%
.
(1.5%)
(7.>%)
.
(2.>%)
DRGOT77
(4.>%)
70=2
70=1
70=4
70=5
70=?
70=3
70==
70=0
700>
7007
7002
7001
7004
7005
700?
7003
700=
7000
2>>>
2>>7
2>>2
2>>1
2>>4
2>>5
2>>?
2>>3
2>>=
2>>0
Jite6 @jahudes gdfustlejts; reoer ti gppejd`x oir detg`hs.
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Qpregd Bus`jess jit vert`aghhy `jtecrgted
Hiw aist m`cm revejue phgyer `j tme rec`ijs we ipergte
^hgjts hiagted `j m`cm pirk priduat`ij gregs6 @iwg, Jebrgskg,
^riaure mics oril `jdepejdejt priduaers
Mic priduaers strucch`jc o`jgja`ghhy Mic supph`es `j U.Q. gjd Agjgdg diwj oril pegk `j 2>>= S`hh h`kehy gaaehergte siw merd h`qu`dgt`ij
Miwever, Tysij expeats gdequgte supph`es `j rec`ijs we ipergte Lgjgcelejts expeatgt`ijs `jahude6
Crgdugh `j mic supph`es `j 7MOP7>, gaaehergt`jc `j 2MOP7>
DRGOT7272
Sirhd supph`es io pirk deah`j`jc
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3 >%
Tysij repgred Oiids Qeclejt Ipergt`jc Lgrc`j
Jirlgh`zed
5.>%
?.>%
5.2%
5.>%
?.>%
.perg jc grc j64.>% - ?.>%
2.0% 2.=% 2.=%
1.4%
2.3%1.>%
4.>%
>.1%
2.7%
7.>%
2.>%
(7.=%)
(7.>%)
>.>%
DRGOT71
.
7000
2>>>
2>>7
2>>2
2>>1
2>>4
2>>5
2>>?
2>>3
2>>=
2>>0
Jite6 @jahudes gdfustlejts; reoer ti gppejd`x oir detg`hs.
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jd
2jd best ^irk seclejt yegr
1rd best Beeo seclejt yegr
g bgd OP>= gjd 7MOP>0 Mgjdhed lire tmgj $25>LL io egrj`jcs m`ts oril crg`j gjd ejercy
der`vgt`ves
@j`t`gt`ves pi`sed ti pgy-ioo `j tme yegrs gmegd
DRGOT74
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Lgfir agp`tgh restruatur`jc
@lprived Jet Debt/EB@TDG ti 81x oril pegk io :5x Jet Debt behiw $2.4 b`hh`ij (reduat`ij io $2=>ll oril PIP) Jet Debt ti Agp wgs 15% gt OPE>0
@lprived wirk`jc agp`tgh
?.= dgys PIP reduat`ij `j `jvejtiry dgys, wirtm fust iver $5>>ll. ,
Biucmt bgak $201LL io iur bijds
Iveragle hiw stiak pr`ae io $4.4>/smgre `j ogae io stiak lgrketgjd h`qu`d`ty ar`s`s
DRGOT75
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Am`akej
@jdustry aihd stirgce aurrejthy gt hiw hevehs Titgh prite`j supphy t`cmtej`jc pis`t`vehy `lpgat`jc am`akej seclejt Tysijs d`sa`ph`jed ipergt`ijs aijt`ju`jc/gaaehergt`jc
Beeo
Ijci`jc spregd lgjgcelejtg e supp es crg ug y ea j jc, iwever su a ej i iperg e ysij s
phgjts Ahisehy lij`tir`jc `lpirt/expirt bghgjae
^irk Crgdugh `j mic supph`es `j 7MOP7>, gaaehergt`jc `j 2MOP7>
Expeat gdequgte supph`es `j rec`ijs tmgt we ipergte
DRGOT7?
Ahisehy lij`tir`jc `lpirt/expirt bghgjae
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^re gred Oiids Better gsset ut`h`zgt`ij
Expeat `j OP7> rgw lgter`gh aist, miwever l`t`cgted by live gwgy
oril o`xed-pr`ae aijtrgats
@jterjgt`ijgh / Rejewgbhe
Aijt`ju`jc ti `jtecrgte gjd bu`hd-iut `jterjgt`ijgh ipergt`ijs, , Dyjgl`a Ouehs phgjt aijstruat`ij6
Ij-budcet; Expeated ailphet`ij Fgj7>; Egrhy-spr`jc7> stgrt-up Oiid oir pets `j`t`gt`ves6 Oresm^et, ^et tregts (reipej`jc `dhe @G phgjt)
Agp`tgh Qtruature Aijt`jue ti reduae Jet Debt
DRGOT73
,
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W & G
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Gppejd`x
DRGOT70
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Tysij6 Sirhds Hgrcest ^rite`j
D`vers`o`ed priduaer io beeo, am`akej gjd pirk
OP>0 Qghes By Qeclejt6 $2?.3bj*
legts aijsuled `j tme Uj`ted Qtgtes
Ije io tme list reaicj`zed brgjds `j tmeU.Q. retg`h amgjjeh
Am`akej
1?%
Beeo
Expirt ti lire tmgj 0> aiujtr`es w`tm priduat`ij`j o`ve aiujtr`es iuts`de tme U.Q.
OP>0 revejue6 $2?.3 b`hh`ij
^repgred
Oiids
77%
4>%71%
OP>0 ipergt`jc agsmohiw6 :$7.> b`hh`ij
Aregte jjivgt`ve gjd js`cmt-dr`vej oiid sihut`ijs
Iur Qtrgtec`es
*Exahudes d`saijt juedipergt`ij
Oiidserv`ae
17%
OP>0 Qghes By D`str`but`ij Amgjjeh6 $2?.3bj*
Ipt`l`ze aillid`ty bus`jess lidehs Bu`hd gj `jterjgt`ijgh ejterpr`se
Revihut`ij`ze tme aijvers`ij io rgw lgter`ghs
@jterjgt`ijgh
71%
DRGOT2>
gjd by-priduats `jti m`cm-lgrc`j priduats
2>
Aijsuler
^riduats
4?%
5%
Deh`
5%
*Exahudes d`saijt`juedipergt`ij
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Tysij
22%Itmer
24%
Tysij
2>%
Tysij
7=%
Itmers
25%
FBQ
^`hcr`l's ^r`de
22%
Itmers
44%FBQ
77%
Exaeh (Agrc`hh)
Mirleh
0%
Jgth Beeo7>%
22%
Exaeh (Agrc`hh)
22%
^erdue
=%Qgjdersij Ogrls
?%
0%
Ql`tmo`ehd
2=%
DRGOT27
. .. .. .
27
Am`akej dgtg per SGTT ^iuhtry 2>>=; dies jit reoheat aurrejt priduat`ij hevehs. Beeo dgtg oril Agtthe Buyers Seekhy Tip 1> Beeo ^gakers 2>>=. ^irk dgtg oril Agtthe Buyers
Seekhy Aillera`gh Mic Qhgucmter 2>>3 (list reaejt gvg`hgbhe)
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_ert`aghhy-`jtecrgted
^riaess h`ve am`akejs `jti oresm, orizej gjd-
OP>0 Am`akej Qghes by D`str`but`ij Amgjjeh6 $0.3bj
Hic`st`as ipergt`ijs ti live priduats tmriucmtme supphy amg`j
Lgrketed dilest`aghhy ti oiid retg`hers,
@jterjgt`ijgh
7?%
Aijsuler
^riduats
12%
oiidserv`ae d`str`butirs, restgurgjt ipergtirs gjdjijaillera`gh oiidserv`ae estgbh`smlejts
7?% io sghes gre @jterjgt`ijgh Oiidserv`ae
12% Itmer
3%
Deh`
71%
Ipergt`ijs Ipergte l`hhs ti priduae pripr`etgry sa`ejt`o`aghhy
oirluhgted oeedsLex`ai
2?%
OP>0 @jterjgt`ijgh Am`akej Qghes6 $7.?bj
Lire tmgj ?,>>> `jdepejdejt aijtrgat criwers
?1 priaess`jc phgjts, `jahud`jc 73 pet oiid ipergt`ijsgjd piuhtry ourtmer-priaess`jc
Russ`g7>%
Am`jg
74%
DRGOT21
OPE>0 weekhy priduat`ij 41 l`hh`ij b`rds
OP>0 @j`t`gted g turjgriujd `j iur Am`akej seclejttmgt we beh`eve `s pi`sed ti pgy-ioo `j tme yegrs gmegd
21
Itmer
42%
Gjcihg4%
Brgz`h4%
8/14/2019 TSN Tyson Dec 2009 Presentation
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Aibb-_gjtress
priv`des crgjdpgrejt breed`jc stiak
^uhhet Ogrlpuhhets criwj ti 2> weeks
Oeed L`hhpriduaes sa`ejt`o`aghhy oirluhgted
oeed oir puhhets gjd criwers
Breeder Ogrlpuhhets beaile priduat`ve gt 2? weeks
Mgtamereccs gre `j mgtamery oir 27 dgys
Bri`her Ogrlbri`hers regam lgrket we`cmt `j gbiut 4? dgys
^riaess`jc /Ourtmer-priaess`jc hgjt
DRGOT24
D`str`but`ij
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OP>0 Beeo Qghes By D`str`but`ij Amgjjeh6 $7>.=bj*
^riaess h`ve oed agtthe, di jit rg`se agtthe
Aijsuler
^riduats
5=%
OiidQerv`ae
2=%
Ogbr`agte dressed beeo agragsses `jti pr`lgh gjd
sub-pr`lgh legt auts gjd agse-regdy priduats Qeclejt ghsi `jahudes sghes io ghh`ed priduats (m`des
gjd vgr`ety legts)@jterjgt`ijgh
77%
Itmer
1%
*Exahudesd`saijt`juedipergt`ij
Lgrketed ti oiid retg`hers, oiidserv`ae d`str`butirs,restgurgjt ipergtirs gjd `jterjgt`ijgh
Ipergt`ijs Qtr`ve ti be hiw-aist, m`cm-revejue priduaer `j tme
rec`ijs we ipergte Lex`ai71%
Am`jg
72%
OP>0 @jterjgt`ijgh Beeo Qghes6 $7>.=bj*
priaess jc gj ur er-priaess jc p gj s, ja u jc4 io tme `jdustrys hgrcest, strgtec`aghhy hiagted `j m`cmsupphy rec`ijs
Reduaed shgucmter agpga`ty gjd eh`l`jgted 2 l`hh`ij
Qiutm
Kireg
74%
Tg`wgj
3%
_`etjgl
7>%
DRGOT25
eg i agpga`ty j iur jij-ailpet`t`ve p gjtsbetweej 2>>? gjd 2>>=
OP>0 gvergce weekhy priduat`ij6 710,1>> megd25
Itmer
5>%
Agjgdg5%
@tghy4%
*Exahudesd`saijt`juedipergt`ij
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7,4>>7,45>
,
7,25>
7,1>>
,
/Megd
DRI^
Titgh Revejue
7 7>>
7,75>
7,2>>$utiut
Agtthe Aist
7,>>>
7,>5>
>? >? >? >? >3 >3 >3 >3 >= >= >= >= >0 >0 >0 >0
DRGOT2?
W7 W2 W1 W4 W7 W2 W1 W4 W7 W2 W1 W4 W7 W2 W1 W4
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^riaess h`ve lgrket mics, di jit rg`se mics d`reathy
Qpregd bus`jess, revejue dr`ves tme aist io ciidsOP>0 ^irk Qghes By D`str`but`ij Amgjjeh6 $1.4bj
si
Ogbr`agte pirk agragsses `jti pr`lgh gjd sub-pr`lghauts gjd agse-regdy priduats
Aijsuler
^riduats
54%
@jterjgt`ijgh
2>%
OiidQerv`ae
74%restgurgjt ipergtirs gjd `jterjgt`ijgh
Mic supph`es expeated ti deah`je but relg`j
gdequgte
Itmer
72%
jci jc strijc pri uat sgppegrgjae
Ipergt`ijs
Qtr`ve ti be hiw aist m`cm revejue phgyer `j tme rec`ijs Lex`ai Agjgdg
OP>0 @jterjgt`ijgh irk Qghes6 $??=ll
Mic supphy `s ibtg`jed tmriucm vgr`ius priaurelejtgcreelejts w`tm `jdepejdejt priduaers
0 priaess`jc gjd ourtmer-priaess`jc phgjts
Am`jg
77%
Itmer4%
DRGOT23
Griujd 107,=>> megd weekhy priduat`ij `j OP 2>>0
23
Fgpgj
4>%
QiutmKireg4%
Russ`g1%
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2>>
Titgh Revejue
7?>
7=>
/M
egd
DRI^
Autiut
74>
$
Mic Aist
7>>
>? >? >? >? >3 >3 >3 >3 >= >= >= >= >0 >0 >0 >0
DRGOT2=
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Iur ^repgred Oiids priduats `jahude6
Beeo gjd pirk p`zzg tipp`jcs
OP>0 repgred Oiids Qghes by Amgjjeh6 $2.=bj
Deh` legts gjd mit dics
Ouhhy-aiiked d`jjer legts Qiups gjd sguaes
Lgrket ti retg`h criaers, oiidserv`ae d`str`butirs, Oiidserv`ae
Aijsuler
^riduats
13%
restgurgjt ipergtirs gjd ij-s`te oiidserv`aeestgbh`smlejts
Lg`j supph`er io pepperij` gjd itmer legt tipp`jcs
ti tme oiidserv`ae p`zzg `jdustry
@jterjgt`ijgh
2%
Itmer2%
Qeaijd hgrcest lgjuogaturer io ohiur gjd airj tirt`hhgsgjd am`ps `j tme Uj`ted Qtgtes
Hegd`jc supph`er io bgaij gjd mgls ti oiidserv`ae
Agjgdg
21% Itmer
74%
OP>0 @jterjgt`ijgh ^repgred Oiid Qghes6 $?5ll
Qtrijc ipergt`jc peroirlgjae `j OP>0
w`tm`j 4-?% jirlgh`zed ipergt`jc lgrc`j rgjce6 OP>06 4.3% ($711ll)
Lex`ai
Qiutm
Kireg
0%
^uerti
R`ai
DRGOT
.
Expeated OP7> `j rgw lgter`gh aist, l`t`cgted by
live oril o`xed-pr`ae ti oirluhg-bgsed aijtrgats20
Fgpgj
?%
=%
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D`saivery Aejter6
_`s`ted by jegrhy every lgfiraustiler ti wirk w`tm tme Tysij tegl
Tysij D`saivery Aejter 70 K`tamejs w`tm g titgh io 2>,>>>
squgre oeet io k`tamej spgae
4>,>>> squgre oiit UQDG `jspeatedp`hit priduat`ij phgjt
4>,>>> squgre oiit Ioo`ae Qpgae,
Oiaus Criup Riil gjd Leet`jcQpgae
Qgl Oejtress / Aiurtesy MIK
Qihut`ijs j Oiid Qerv`ae Qihut`ijs j Retg`h6 ii serv ae perg irs jee pri ua s g gre
perae`ved gs g ciid vghue oir tme`r austilers, butw`tmiut ailpril`s`jc qugh`ty ir `jaregs`jc oiid aists
QIHUT@IJ6 Tysij Oiidserv`ae hgujames _ghue h`je ioam`akej gjd beeo `tels tmgt mehp Ipergtirs gppegh ti tme
6 ijsulers wgj upsag e gvirs gj res gurgjqugh`ty, but t`le gjd lijey gre `j t`cmter supphy
QIHUT@IJ6 Tysij Aijsuler ^riduats uses aijsuler`js`cmts gjd Auh`jgry expert`se ti ejmgjae tme h`je ioTysij D`jjer Legts c`v`jc aijsulers tme list ohgvir oir
gs e u s gj pia e ii s i e r aus ilers tme`r dihhgrs
Qmgved Qtegk Beeo
DRGOT1>1>1>
R`c t Q`ze O` et
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Mgve Hed ti Wugh`ty Austiler
Oiidserv`ae Retg`h
DRGOT1717
i
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Lex`aiAm`jg
Grcejt`jg
Brgz`h
Expirts ti lire tmgj 0> aiujtr`es
^riduat`ij hiagt`ijs `j o`ve aiujtr`es iuts`de io U.Q.
Lex`ai6 Expgjd`jc presejae
Lex`ai
27%
Am`jg
71%
OP>0 @jterjgt`ijgh Qghes6 $1.4bj*
Brgz`h6 Dilest`a gjd expirt d`vers`ty tmriucm strgtec`agaqu`s`t`ijs
Grcejt`jg6 Beeo ipergt`ij
Itmer
Fgpgj
7>%
QiutmKireg
?%
Russ`g5%
DRGOT
@jd`g6 Agptur`jc strijc criwtm
12
4>% Agjgdg5%
*@jahudesU.Q.expirtsgjdoire`cjpriduaed;exahudes
d`saiujt`jued
ipergt`ij
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Agp`tgh Qtruature Iverv`ew
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Qeptelber 2>>=6 QTIAK GJD AIJ_ERT@BHE QEJ@IR JITEQ IOOER@JC
@ssued 22.4 l`hh`ij Ahgss G Aillij Qmgres gt $72.35
@ssued $45= l`hh`ij `j 1.25% Qej`ir Aijvert`bhe Jites due 2>71
gra 6 $=7> l`hh`ij bijd iooer`jc6
7>.5>% aiupij; $02.35? `ssue pr`ae; 72.5% y`ehd gt `ssue; 5 yegrs (2>74)
. ij are ga y6 Rephgaes ailpgjys prev`ius $7.> b`hh`ij revihv`jc ared`t oga`h`ty Qeaured by ailpgjys dilest`a agsm, gaaiujts reae`vgbhe gjd `jvejtiry Cugrgjteed by substgjt`ghhy ghh dilest`a subs`d`gr`es g ures gra ,
1 Lgfir Agp`tgh Qtruature Cighs Gam`eved67. Qeaured H`qu`d`ty $7.0 b`hh`ij gs io 7>/1/>0 (`jahud`jc restr`ated agsm)
DRGOT 15
. jsure jgja g ex y1. Gddressed lire tmgj $7.= b`hh`ij j jegr-terl debt lgtur`t`es
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Agp`tgh`zgt`ij ($ l`hh`ijs)
Liidys Q&^
Rgt`jcs
Gs io 7>/>1/>0Airpirgte Bg1 BB
Qej`ir seaured Bg2 BBB-
Qej`ir ujseaured7 Bg1 BB
Qej`ir ujseaured B2 BB
Iuthiik Jecgt`ve Jecgt`ve
3.05% Jites due 2>7> $74>
=.25% Jites due 2>77 $=10
$7.> Bj GBH oga`h`ty due 2>72 -
7>.5>% Qej`ir jites due 2>74 ($=7> hess $54 I@D bghgjae) $35?
3.=5% Qej`ir jites due 2>7? $022
3.>>% Jites due 2>7= $732
3.725% Qej`ir jites due 2>2? $0(7) TQJ 3.=5% 2>7? jites, cugrgjteed by Tysij Oresm Legts, @ja.
3.>>% Jites due 2>2= $23
1.25% Aijvert`bhe Qej`ir jites due 2>71 $45=
CI Vije tgx-exelpt bijds due 2>11 (>.7>% gt 7>/>1/>0)
Itmer $720
Titgh Debt $1,552
Hess6 Agsm ($7,>>4)
Hess6 Restr`ated Agsm ($41 oir DO phgjt & $74> oir 2>7> Jites) ($7=1)
$7>>
Lgfir debt lgtur`ty sameduhe by aghejdgr yegr ($ l`hh`ijs)
,
Lgrket vghue io equ`ty (Gs Io 7>/>1/>0) $4,?10
Titgh agp`tgh`zgt`ij $3,>2>
$=10 =7> $021$7,>>>
Aijvert`bhe Jites GBH Qej`ir jites
DRGOT1?
$74> $734$45=
2>7> 2>77 2>72 2>71 2>74 2>75 2>7? 2>73 2>7=
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HecgayTO@
Jites
TO@3.=5%
Jites(7)ReaejtMP
Jites
Hecgay@B^(TOL)
Jites
GBHAred`t
Oga`h`ty
@ssuer6 TO@ TO@ TO@ TOL TO@
Lgtur`t`es6 2>77,
2>71,
2>7=,2>2=2>7? 2>74 2>7>,
2>2? 2>72
Rgt`jc6 B2/BB(2) Bg1/BB Bg1/BB Bg2/BBB JR/JR
Iutstgjd`jc(1)6
(l`hh`ij$)
$7,40? $022 $35? $740 $>(ujdrgwj)
Cugrgjtirs6 Jije TOL TO@'sDilest`a TO@ TO@'sDilest`a
Ared`tEjmgjaelejts
Qubs`d`gr`es (4) Qubs`d`gr`es (4)
Aihhgtergh6 Jije Jije Jije TOL'sdilest`a
agsm,GR,@jv
(seaijdpr`ir`ty)
TO@'sdilest`a
agsm,GR,@jv
(4) Qubst gjt`ghhy ghh di lest`a subs`d`gr`es.
(1) Gs io 7>/>1 />0.
71 ai jvert`bhe jites gre jit rgted by Li id y's.(7) Ij ssue dgte, aiupij rgte wgs ?.?%, bgsed upi j tmej Bgg1/BBB rgt`jc. @jaregse due ti aiupij st ep-up/d iwj io 25 bp s oir egam rgt jcs d iwjcrgde/upcrgde.
DRGOT 13
TOL
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Desp`te _ihgt`he Aillid`ty Lgrkets, Tysij
5,>>>Jet Debt
($ l`hh`ijs)
4,5>>
1,5>>
,
$2.1B s`jae2>>7 @B^ lercer
$4,3>3
2,5>>
1,>>>
$2,?4?$2,1?57,5>>
2,>>>
DRGOT
$7,40=
7,>>>
OPE >> OPE >7 OPE >2 OPE >1 OPE >4 OPE >5 OPE >? OPE >3 OPE >= OPE >01=
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Gdfustlejts
2>>5 - Am`akej exahudes phgjt ahis`jcs $2.1 LL.2>>5 - Am`akej exahudes phgjt ahis`jcs io $7> LL.2>>5 - Am`akej exahudes hgjt ahis j s io >.3 LL gjd murr agje amgr es io = LL.2>>? - Am`akej exahudes severgjae amgrces io $1.? LL, ibsihete `jvejtiry wr`te-ioo io $1.> LL gjd phgjt ahis`jc aists io $2.4 LL.2>>= - Am`akej exahudes severgjae amgrces io $2.1 LL.
2>>= - Am`akej exahudes phgjt ahis`jc gjd siotwgre lpg`rlejt io $7=.5 LL.2>>= - Am`akej exahudes hgjd `lpg`rlejt io $?.4 LL.2>>5 - ^irk exahudes h`ve sw`je setthelejt io $11 LL.2>>? - ^irk exahudes severgjae amgrces io $>.0 LL gjd ibsihete `jvejtiry wr`te-ioo io $>.5 LL.2>>= - ^ir exa u es severgjae a grces i >.? LL.2>>= - ^irk exahudes o`xed gsset wr`te-diwj io $1.= LL.2>>? - Beeo exahudes phgjt ahis`jcs io $45.4 LL.2>>? - Beeo exahudes severgjae amgrces io $1.? LL, ibsihete `jvejtiry wr`te-ioo io $7.0 LL gjd phgjt ahis`jc aists io $7.? LL.2>>= - Beeo exahudes severgjae amgrces io $2.1 LL.
2>>= - Beeo exahudes phgjt ahis`jc gjd o`xed gsset wr`te-diwj io $24.? LL.- . .
2>>0 - Beeo exahudes $5?>ll ciidw`hh wr`te-diwj.2>>5 - ^repgred Ods exahudes cg`j io $7.3 LL.2>>? - ^repgred Ods exahudes phgjt ahis`jcs io $74 LL.2>>? - ^repgred Ods exahudes severgjae amgrces io $>.0 LL, `jtgjc`bhe gsset `lpg`rlejt io $1.2 LL gjd ibsihete `jvejtiry wr`te-ioo io
$7.5 LL.2>>= - ^repgred Ods exahudes severgjae amgrces io $>.? LL.2>>= - ^repgred Ods exahudes ohiid amgrces io $3 LL.
2>>= - ^repgred Ods exahudes `jtgjc`bhe gsset lpg`rlejt amgrces io $2.5 LL.2>>0 - ^repgred Ods exahudes $74.0 LL phgjt ahis`jcs.
DRGOT 10
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