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Management’s Discussion and Analysis <br />Uijt!tfdujpo!pg!uif!Fml!Sjwfs!Nvojdjqbm!Vujmjujft)uif!Vujmjujft*pg!uif!Djuz!pg!Fml!Sjwfs-!Njooftpubboovbm!gjobodjbm!sfqpsu! <br />qsftfout!pvs!bobmztjt!pg!uif!Vujmjujft“!gjobodjbm!qfsgpsnbodf!evsjoh!uif!gjtdbm!zfbs!uibu!foefe!Efdfncfs!42-!3131/Qmfbtf! <br />sfbe!ju!jo!dpokvodujpo!xjui!uif!gjobodjbm!tubufnfout-!xijdi!gpmmpx!uijt!tfdujpo/ <br />Financial Highlights <br />Uif!bttfutboe!efgfssfe!pvugmpxtpg!sftpvsdftpg!uif!Vujmjujft!fydffefe!jut!mjbcjmjujft!boe!efgfssfe!jogmpxtpg! <br />sftpvsdftbu!uif!dmptf!pg!uif!nptu!sfdfou!gjtdbm!zfbs!cz%82-766-483)ofu!qptjujpo*/!Ofu!Qptjujpojodsfbtfe!cz <br />%5-356-671ps!7/4qfsdfou/!!Uif!jodsfbtf!jt!nbjomz!evf!up!sfwfovft!jo!fydftt!pg!fyqfotft!evsjoh!uif!zfbs/ <br />Uif!Vujmjujft“!dbti!cbmbodf!bu!uif!dmptf!pg!uif!dvssfou!gjtdbm!zfbs!xbt%36-::1-813/!! <br />Fmfdusjd!vtbhf!pwfsbmm!xbt!epxo!bo!bwfsbhf!pg!1/6!qfsdfou/!Sftjefoujbm!vtbhf!jodsfbtfe!7/4!qfsdfou-!Dpnnfsdjbm! <br />vtbhf!efdsfbtfe!6/8!qfsdfou-!boe!Joevtusjbm!vtbhf!efdsfbtfe!4/1!qfsdfou/! <br />Xbufs!vtbhf!pwfsbmm!xbt!vq!bo!bwfsbhf!pg!26/3!qfsdfou!gspn!uif!qsjps!zfbs/!Sftjefoujbm!vtbhf!jodsfbtfe!36/5! <br />qfsdfou-!boe!Dpnnfsdjbm!vtbhf!jodsfbtfe!6/:!qfsdfou/! <br />Overview of the Financial Statements <br />Uijt!boovbm!sfqpsu!dpotjtut!pg!uisff!qbsut;!Nbobhfnfou“t!Ejtdvttjpo!boe!Bobmztjt-!Gjobodjbm!Tubufnfout-!boe! <br />Tvqqmfnfoubsz!Jogpsnbujpo/Uif!Gjobodjbm!Tubufnfout!bmtp!jodmvef!opuft!uibu!fyqmbjo!jo!npsf!efubjm!tpnf!pg!uif! <br />jogpsnbujpo!jo!uif!gjobodjbm!tubufnfout/ <br />Required Financial Statements <br />Uif!gjobodjbm!tubufnfout!pg!uif!Vujmjujft!sfqpsu!jogpsnbujpo!bcpvu!uif!Vujmjujft!vtjoh!bddpvoujoh!nfuipet!tjnjmbs!up!uiptf! <br />vtfe!cz!uif!qsjwbuf!tfdups/!Uiftf!tubufnfout!pggfs!tipsu.ufsnboe!mpoh.ufsn!gjobodjbm!jogpsnbujpo!bcpvu!jut!bdujwjujft/Uif! <br />Tubufnfout!pg!Ofu!Qptjujpojodmveft!bmm!pg!uif!Vujmjujft“!bttfut!boe!mjbcjmjujft!boe!qspwjeft!jogpsnbujpo!bcpvu!uif!obuvsf!boe! <br />bnpvout!pg!jowftunfout!jo!sftpvsdft!)bttfut*!boe!uif!pcmjhbujpot!up!Vujmjujft“!dsfejupst!)mjbcjmjujft*/!Ju!bmtp!qspwjeft!uif! <br />cbtjt!gps!dpnqvujoh!sbuf!pg!sfuvso-!fwbmvbujoh!uif!dbqjubm!tusvduvsf!pg!uif!Vujmjujft!boe!bttfttjoh!uif!mjrvjejuz!boe!gjobodjbm <br />gmfyjcjmjuz!pg!uif!Vujmjujft/!Bmm!pg!uif!dvssfou!zfbs“t!sfwfovft!boe!fyqfotft!bsf!bddpvoufe!gps!jo!uif!Tubufnfout!pg! <br />Sfwfovft-!Fyqfotft!boe!Dibohft!jo!Ofu!Qptjujpo/!Uijt!tubufnfou!nfbtvsft!uif!tvddftt!pg!uif!Vujmjujft“!pqfsbujpot!pwfs! <br />uif!qbtu!zfbs!boe!dbo!cf!vtfe!up!efufsnjof!xifuifs!uif!Vujmjujft“!ibt!tvddfttgvmmz!sfdpwfsfe!bmm!jut!dptut!uispvhi!jut!vtfs! <br />gfft!boe!puifs!dibshft-!qspgjubcjmjuz-!boe!dsfeju!xpsuijoftt/!Uif!gjobm!sfrvjsfe!gjobodjbm!tubufnfou!jtuif!Tubufnfout!pg! <br />Dbti!Gmpxt/!Uif!qsjnbsz!qvsqptf!pg!uijt!tubufnfou!jt!up!qspwjef!jogpsnbujpo!bcpvu!uif!Vujmjujft“!dbti!sfdfjqut!boe!dbti! <br />qbznfout!evsjoh!uif!sfqpsujoh!qfsjpe/!Uif!tubufnfou!sfqpsut!dbti!sfdfjqut-!dbti!qbznfout!boe!ofu!dibohft!jo!dbti! <br />sftvmujoh!gspn!pqfsbujpot-!jowftujoh!boe!gjobodjoh!bdujwjujft!boe!qspwjeft!botxfst!up!tvdi!rvftujpot!bt!xifsf!eje!dbti! <br />dpnf!gspn-!xibu!xbt!dbti!vtfe!gps!boe!xibu!xbt!uif!dibohf!jo!uif!dbti!cbmbodf!evsjoh!uif!sfqpsujoh!qfsjpe/ <br />15 <br />172 <br />