scv single family homes market update by paris911

Post on 29-Jun-2015

270 Views

Category:

Real Estate

0 Downloads

Preview:

Click to see full reader

DESCRIPTION

http://realtor.paris911.com/real-estate-market-updates-by-remax-of-california-week-32-2014/ The Santa Clarita Realtors talking about the Santa Clarita Valley real estate markets, have our local market updates and intel reports for each of the Santa Clarita Valley Cities. We are the Paris911 Team at REMAX of Santa Clarita CA Offices.

TRANSCRIPT

0$5.(7�83'$7(3DULV����,QWHO�5HSRUWV

²�&XUUHQW�5HDO�(VWDWH�0DUNHW�&RQGLWLRQV�IRU�6LQJOH�)DPLO\�+RPHV²�7UHQGV�LQ�3ULFLQJ²�&XUUHQW�/HYHOV�RI�6XSSO\�DQG�'HPDQG²�9DOXH�0HWULFV

²�5HSRUW�IRU�WKH�ZHHN�RI$XJXVW���������

²�3UHVHQWHG�E\�&RQQRU�DQG�3DULV�0DF,YRU���5(0$;�RI�6DQWD�&ODULWD�&$5(0$;�RI�9DOHQFLD�&$���7KH�3DULV����7HDPZZZ�3DULV����FRP���UHPD[#SDULV����FRP������������

$&721��&$

3RZHUHG�E\�$OWRV�5HVHDUFK�//&�_�ZZZ�DOWRVUHVHDUFK�FRP�_�&RS\ULJKW������������$OWRV�5HVHDUFK�//&

0HGLDQ�/LVW�3ULFH

0HGLDQ�/RW�6L]H

����

3HUFHQW�5HOLVWHG��UHVHW�'20�

����

���

���

0HGLDQ�1XPEHU�RI�%DWKURRPV

���

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG

�����

3HUFHQW�)OLS��SULFH�LQFUHDVHG�

����������DFUHV

0HGLDQ�+RXVH�6L]H��VT�IW�

���������

����

���

0DUNHW�$FWLRQ�,QGH[

0HGLDQ�1XPEHU�RI�%HGURRPV

$VNLQJ�3ULFH�3HU�6TXDUH�)RRW

����

3HUFHQW�RI�3URSHUWLHV�ZLWK�3ULFH�'HFUHDVH

6HOOHUV�$GYDQWDJH

��

r�

nn

��

nn

$OWRV�5HVHDUFK�9DOXH�6WDWLVWLFV

0RVW�([SHQVLYH�/LVWLQJ

$YHUDJH�'D\V�RQ�0DUNHW��'R0�

%RWWRP�)RXUWK

/RZHU�7KLUG

8SSHU�6HFRQG

7RS�)LUVW

7KLV�:HHN 5HDO�7LPH�0DUNHW�3URILOH 7UHQG

7KH�0DUNHW�$FWLRQ�,QGH[�DQVZHUV�WKH�TXHVWLRQ��+RZV�WKH�0DUNHW"��E\�PHDVXULQJWKH�FXUUHQW�UDWH�RI�VDOH�YHUVXV�WKH�DPRXQW�RI�WKH�LQYHQWRU\���,QGH[�DERYH���LPSOLHV�D�VHOOHUV�DGYDQWDJH��%HORZ�����FRQGLWLRQV�JLYH�WKH�DGYDQWDJH�WR�WKHEX\HU�

6XSSO\�DQG�'HPDQG

&KDUDFWHULVWLFV�SHU�4XDUWLOH

�� �����

����� ��

���

���

��� ��

��

���������DFUHV

��

���������

��

���

���������DFUHV

����

���� ���������DFUHV

��

���������

���

���

���������DFUHV���������

������������

��

����

7KH�0DUNHW�$FWLRQ�,QGH[�KDV�EHHQWUHQGLQJ�GRZQ�ODWHO\��ZKLOH�LQYHQWRU\DQG�GD\V�RQ�PDUNHW�DUH�FOLPELQJ��7KHWUHQGV�LPSO\�D�ZHDNHQLQJ�PDUNHW�

0RQGD\�$XJXVW��������

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

��

����

���

7KH�PHGLDQ�OLVW�SULFH�LQ�$&721��&$WKLV�ZHHN�LV�����������7KH���SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHWIRU�DQ�DYHUDJH�RI�����GD\V�

0RVW�H[SHQVLYH�����RI�SURSHUWLHV

8SSHU�PLGGOH�����RI�SURSHUWLHV

/RZHU�PLGGOH�����RI�SURSHUWLHV

/HDVW�H[SHQVLYH�����RI�SURSHUWLHV

4XDUWLOH 0HGLDQ�3ULFH /RW�6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '206T��)W�

1R�FKDQJH

6WURQJ�XSZDUG�WUHQG 6WURQJ�GRZQZDUG�WUHQG

6OLJKW�XSZDUG�WUHQG 6OLJKW�GRZQZDUG�WUHQGr�

�� nn

n�

$&721��&$&LW\�2YHUYLHZ

/HDVW�([SHQVLYH�/LVWLQJ

$YHUDJH�/LVW�3ULFH

$YHUDJH�$JH�RI�/LVWLQJ

��

�����������

���������

���������

��

7UHQG�.H\�

7KH�PDUNHW�KDV�EHHQ�FRROLQJ�RYHUWLPH�DQG�SULFHV�SODWHDXHG�IRU�DZKLOH��'HVSLWH�WKH�FRQVLVWHQWGHFUHDVH�LQ�0$,��ZHUH�LQ�WKH�6HOOHUV]RQH��:DWFK�IRU�FKDQJHV�LQ�0$,���,IWKH�0$,�UHVXPHV�LWV�FOLPE��SULFHVZLOO�OLNHO\�IROORZ�VXLW���,I�WKH�0$,GURSV�FRQVLVWHQWO\�RU�IDOOV�LQWR�WKH%X\HUV�]RQH��ZDWFK�IRU�GRZQZDUGSUHVVXUH�RQ�SULFHV�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ$&721��&$

0RQGD\�$XJXVW��������

0HGLDQ�3ULFH3ULFHV�KLW�DQRWKHU�DOO�WLPH�KLJK�WKLV�ZHHN��*LYHQ�FXUUHQW�FRQGLWLRQV��SULFHV�FRQWLQXH�WR�PDUFK�KLJKHU��$�SHUVLVWHQW�GURS�RI�WKH0DUNHW�$FWLRQ�,QGH[�LQWR�WKH�%X\HUV�]RQH�ZLOO�EH�D�OHDGLQJ�LQGLFDWRU�RI�WKH�SULFH�VWUHQJWK�VXEVLGLQJ�

���GD\�$YHUDJH��GD\�$YHUDJH

4XDUWLOH�3ULFHV3ULFHV�KDYH�VHWWOHG�DW�D�SULFH�SODWHDX�DFURVV�WKH�ERDUG��3ULFHV�LQ�DOO�IRXU�TXDUWLOHV�DUH�EDVLFDOO\�PL[HG��/RRN�IRU�D�SHUVLVWHQW�VKLIW�XS�RU�GRZQ��LQ�WKH�0DUNHW�$FWLRQ�,QGH[�EHIRUH�SULFHV�PRYH�IURP�WKHVH�FXUUHQW�OHYHOV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ$&721��&$

0RQGD\�$XJXVW��������

3ULFH�SHU�6TXDUH�)RRW7KLV�LV�D�PDUNHW�ZKHUH�ZDWFKLQJ�WKH�YDOXH�PHWULFV��OLNH�SULFH�SHU�VTXDUH�IRRW��FDQ�SURYLGH�LQVLJKW�WKDW�\RX�GRQW�JHW�DW�ILUVWJODQFH��'HVSLWH�WKH�IDFW�WKDW�KRPH�SULFHV�DUH�ULVLQJ�IDLUO\�FRQVLVWHQWO\��WKH�SULFH�SHU�VTXDUH�IRRW�RI�KRPHV�OLVWHG�LV�GHFOLQLQJ�2IWHQ�WKLV�FDQ�EH�DWWULEXWHG�WR�QHZ�DQG�UHPRGHOHG�KRPHV�RQ�WKH�PDUNHW��%X\HUV�LQ�WKH�DUHD�DUH�SD\LQJ�PRUH�EXW�DOVR�JHWWLQJPRUH�IRU�WKHLU�PRQH\�

���GD\�$YHUDJH��GD\�$YHUDJH

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG�IRU�6DOH,QYHQWRU\�KDV�EHHQ�FOLPELQJ�ODWHO\��1RWH�WKDW�ULVLQJ�LQYHQWRU\�DORQH�GRHV�QRW�VLJQDO�D�ZHDNHQLQJ�PDUNHW��/RRN�WR�WKH�0DUNHW$FWLRQ�,QGH[�DQG�'D\V�RQ�0DUNHW�WUHQGV�WR�JDXJH�ZKHWKHU�EX\HU�LQWHUHVW�LV�NHHSLQJ�XS�ZLWK�DYDLODEOH�VXSSO\�

���GD\�$YHUDJH��GD\�$YHUDJH

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ$&721��&$

0RQGD\�$XJXVW��������

0DUNHW�$FWLRQ�,QGH[7KH�$&721�PDUNHW�LV�FXUUHQWO\�LQ�WKH�6HOOHUV�$GYDQWDJH�]RQH��JUHDWHU�WKDQ������7KH����GD\�0DUNHW�$FWLRQ�,QGH[�VWDQGV�DW������ZKLFK�LQGLFDWHV�WKDW�GHPDQG�LV�VWURQJ�DQG�DYDLODEOH�VXSSO\�RI�KRPHV�JHWV�VQDSSHG�XS�UHODWLYHO\�TXLFNO\�

%X\HUV�6HOOHUV�&XWRII���GD\�$YHUDJH

0DUNHW�$FWLRQ�,QGH[�SHU�4XDUWLOH7KUHH�RI�WKH�IRXU�TXDUWLOHV�RI�WKH�PDUNHW�DUH�LQ�WKH�6HOOHUV�0DUNHW�]RQH�ZLWK�UHODWLYHO\�ORZ�DPRXQWV�RI�LQYHQWRU\�JLYHQ�WKHFXUUHQW�UDWH�RI�GHPDQG�IRU�KRPHV�LQ�WKH�TXDUWLOH��1RWLFH�WKDW�4XDUWLOH����WKH�KLJKHVW�HQG�SULFH�JURXS��LV�VKRZLQJ�ZHDNHUGHPDQG�WKDQ�WKH�RWKHUV��,WV�QRW�XQFRPPRQ�WKDW�WKH�SUHPLXP�VHJPHQW�RI�WKH�PDUNHW�WDNHV�ORQJHU�WR�VHOO�WKDQ�WKH�UHVW�RI�WKHJURXS�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

%X\HUV�6HOOHUV�&XWRII

5HVLGHQWLDO�KRXVH�SULFHV�DUH�D�IXQFWLRQ�RI�VXSSO\�DQG�GHPDQG��DQG�PDUNHW�FRQGLWLRQV�FDQ�EH�FKDUDFWHUL]HGE\�DQDO\]LQJ�WKRVH�IDFWRUV��:DWFK�WKLV�LQGH[�IRU�VXVWDLQHG�FKDQJHV��LI�WKH�LQGH[�IDOOV�LQWR�WKH�%X\HU·V$GYDQWDJH�]RQH��EHORZ�����IRU�D�ORQJ�SHULRG��SULFHV�DUH�OLNHO\�LQ�IRU�D�GRZQZDUG�FRUUHFWLRQ�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ$&721��&$

0RQGD\�$XJXVW��������

'D\V�RQ�0DUNHW7KH�SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHW�IRU�DQ�DYHUDJH�RI�����GD\V��+DOI�RI�WKH�OLVWLQJV�KDYH�FRPH�QHZO\�RQ�WKH�PDUNHW�LQ�WKHSDVW����RU�VR�GD\V�

���GD\�$YHUDJH��GD\�$YHUDJH

'D\V�RQ�0DUNHW�SHU�4XDUWLOH,W�LV�QRW�XQFRPPRQ�IRU�WKH�KLJKHU�SULFHG�KRPHV�LQ�DQ�DUHD�WR�WDNH�ORQJHU�WR�VHOO�WKDQ�WKRVH�LQ�WKH�ORZHU�TXDUWLOHV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

0$5.(7�83'$7(3DULV����,QWHO�5HSRUWV

²�&XUUHQW�5HDO�(VWDWH�0DUNHW�&RQGLWLRQV�IRU�6LQJOH�)DPLO\�+RPHV²�7UHQGV�LQ�3ULFLQJ²�&XUUHQW�/HYHOV�RI�6XSSO\�DQG�'HPDQG²�9DOXH�0HWULFV

²�5HSRUW�IRU�WKH�ZHHN�RI$XJXVW���������

²�3UHVHQWHG�E\�&RQQRU�DQG�3DULV�0DF,YRU���5(0$;�RI�6DQWD�&ODULWD�&$5(0$;�RI�9DOHQFLD�&$���7KH�3DULV����7HDPZZZ�3DULV����FRP���UHPD[#SDULV����FRP������������

&$1<21�&28175<��&$

3RZHUHG�E\�$OWRV�5HVHDUFK�//&�_�ZZZ�DOWRVUHVHDUFK�FRP�_�&RS\ULJKW������������$OWRV�5HVHDUFK�//&

0HGLDQ�/LVW�3ULFH

0HGLDQ�/RW�6L]H

����

3HUFHQW�5HOLVWHG��UHVHW�'20�

����

���

���

0HGLDQ�1XPEHU�RI�%DWKURRPV

��

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG

�����

3HUFHQW�)OLS��SULFH�LQFUHDVHG�

���������������VTIW

0HGLDQ�+RXVH�6L]H��VT�IW�

���������

����

���

0DUNHW�$FWLRQ�,QGH[

0HGLDQ�1XPEHU�RI�%HGURRPV

$VNLQJ�3ULFH�3HU�6TXDUH�)RRW

����

3HUFHQW�RI�3URSHUWLHV�ZLWK�3ULFH�'HFUHDVH

6HOOHUV�$GYDQWDJH

��

r�

r�

��

nn

$OWRV�5HVHDUFK�9DOXH�6WDWLVWLFV

0RVW�([SHQVLYH�/LVWLQJ

$YHUDJH�'D\V�RQ�0DUNHW��'R0�

%RWWRP�)RXUWK

/RZHU�7KLUG

8SSHU�6HFRQG

7RS�)LUVW

7KLV�:HHN 5HDO�7LPH�0DUNHW�3URILOH 7UHQG

7KH�0DUNHW�$FWLRQ�,QGH[�DQVZHUV�WKH�TXHVWLRQ��+RZV�WKH�0DUNHW"��E\�PHDVXULQJWKH�FXUUHQW�UDWH�RI�VDOH�YHUVXV�WKH�DPRXQW�RI�WKH�LQYHQWRU\���,QGH[�DERYH���LPSOLHV�D�VHOOHUV�DGYDQWDJH��%HORZ�����FRQGLWLRQV�JLYH�WKH�DGYDQWDJH�WR�WKHEX\HU�

6XSSO\�DQG�'HPDQG

&KDUDFWHULVWLFV�SHU�4XDUWLOH

�� �����

����� ��

���

��

��� ��

��

���������DFUHV

��

���������

��

���

��������������VTIW

����

���� �������������VTIW

��

���������

���

���

�������������VTIW���������

������������

��

����

7KH�0DUNHW�$FWLRQ�,QGH[�KDV�EHHQWUHQGLQJ�GRZQ�ODWHO\��ZKLOH�LQYHQWRU\DQG�GD\V�RQ�PDUNHW�DUH�FOLPELQJ��7KHWUHQGV�LPSO\�D�ZHDNHQLQJ�PDUNHW�

0RQGD\�$XJXVW��������

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

��

����

���

7KH�PHGLDQ�OLVW�SULFH�LQ�&$1<21&28175<��&$�WKLV�ZHHN�LV����������7KH�����SURSHUWLHV�KDYH�EHHQ�RQ�WKHPDUNHW�IRU�DQ�DYHUDJH�RI����GD\V�

0RVW�H[SHQVLYH�����RI�SURSHUWLHV

8SSHU�PLGGOH�����RI�SURSHUWLHV

/RZHU�PLGGOH�����RI�SURSHUWLHV

/HDVW�H[SHQVLYH�����RI�SURSHUWLHV

4XDUWLOH 0HGLDQ�3ULFH /RW�6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '206T��)W�

1R�FKDQJH

6WURQJ�XSZDUG�WUHQG 6WURQJ�GRZQZDUG�WUHQG

6OLJKW�XSZDUG�WUHQG 6OLJKW�GRZQZDUG�WUHQGr�

�� nn

n�

&$1<21&28175<��&$

&LW\�2YHUYLHZ

/HDVW�([SHQVLYH�/LVWLQJ

$YHUDJH�/LVW�3ULFH

$YHUDJH�$JH�RI�/LVWLQJ

���

�����������

��������

���������

��

7UHQG�.H\�

7KH�PDUNHW�KDV�EHHQ�FRROLQJ�RYHUWLPH�DQG�SULFHV�SODWHDXHG�IRU�DZKLOH��'HVSLWH�WKH�FRQVLVWHQWGHFUHDVH�LQ�0$,��ZHUH�LQ�WKH�6HOOHUV]RQH��:DWFK�IRU�FKDQJHV�LQ�0$,���,IWKH�0$,�UHVXPHV�LWV�FOLPE��SULFHVZLOO�OLNHO\�IROORZ�VXLW���,I�WKH�0$,GURSV�FRQVLVWHQWO\�RU�IDOOV�LQWR�WKH%X\HUV�]RQH��ZDWFK�IRU�GRZQZDUGSUHVVXUH�RQ�SULFHV�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ&$1<21

&28175<��&$

0RQGD\�$XJXVW��������

0HGLDQ�3ULFH7KH�PDUNHW�DSSHDUV�WR�EH�KRYHULQJ�DURXQG�WKLV�SODWHDX��7KLV�ZHHN�SULFHV�HDVHG�GRZQ�D�ELW��7KH�0DUNHW�$FWLRQ�,QGH[�LV�D�JRRGOHDGLQJ�LQGLFDWRU�IRU�WKH�GXUDELOLW\�RI�WKLV�VKLIW�

���GD\�$YHUDJH��GD\�$YHUDJH

4XDUWLOH�3ULFHV3ULFHV�KDYH�JHQHUDOO\�VHWWOHG�DW�D�SODWHDX��DOWKRXJK�4XDUWLOH���KDV�EHHQ�WUHQGLQJ�D�ELW�GRZQZDUG�LQ�UHFHQW�ZHHNV��:HOO�QHHG�WRVHH�D�SHUVLVWHQW�VKLIW�LQ�WKH�0DUNHW�$FWLRQ�,QGH[�EHIRUH�ZH�VHH�SULFHV�DFURVV�WKH�ERDUG�PRYH�IURP�WKHVH�OHYHOV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ&$1<21

&28175<��&$

0RQGD\�$XJXVW��������

3ULFH�SHU�6TXDUH�)RRW7KH�PDUNHW�SODWHDX�LV�VHHQ�DFURVV�WKH�SULFH�DQG�YDOXH��7KH�SULFH�SHU�VTXDUH�IRRW�DQG�PHGLDQ�OLVW�SULFH�KDYH�ERWK�EHHQUHDVRQDEO\�VWDJQDQW��:DWFK�WKH�0DUNHW�$FWLRQ�,QGH[�IRU�SHUVLVWHQW�FKDQJHV�DV�D�OHDGLQJ�LQGLFDWRU�EHIRUH�WKH�PDUNHW�PRYHV�IURPWKHVH�OHYHOV�

���GD\�$YHUDJH��GD\�$YHUDJH

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG�IRU�6DOH,QYHQWRU\�KDV�EHHQ�FOLPELQJ�ODWHO\��1RWH�WKDW�ULVLQJ�LQYHQWRU\�DORQH�GRHV�QRW�VLJQDO�D�ZHDNHQLQJ�PDUNHW��/RRN�WR�WKH�0DUNHW$FWLRQ�,QGH[�DQG�'D\V�RQ�0DUNHW�WUHQGV�WR�JDXJH�ZKHWKHU�EX\HU�LQWHUHVW�LV�NHHSLQJ�XS�ZLWK�DYDLODEOH�VXSSO\�

���GD\�$YHUDJH��GD\�$YHUDJH

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ&$1<21

&28175<��&$

0RQGD\�$XJXVW��������

0DUNHW�$FWLRQ�,QGH[7KH�&$1<21�&28175<�PDUNHW�LV�FXUUHQWO\�LQ�WKH�6HOOHUV�$GYDQWDJH�]RQH��JUHDWHU�WKDQ������7KH����GD\�0DUNHW�$FWLRQ�,QGH[VWDQGV�DW�������ZKLFK�LQGLFDWHV�WKDW�GHPDQG�LV�VWURQJ�DQG�DYDLODEOH�VXSSO\�RI�KRPHV�JHWV�VQDSSHG�XS�UHODWLYHO\�TXLFNO\�

%X\HUV�6HOOHUV�&XWRII���GD\�$YHUDJH

0DUNHW�$FWLRQ�,QGH[�SHU�4XDUWLOH1RW�VXUSULVLQJO\��DOO�VHJPHQWV�LQ�WKH�PDUNHW�DUH�VKRZLQJ�KLJK�OHYHOV�RI�GHPDQG��:DWFK�WKH�TXDUWLOHV�IRU�FKDQJHV�EHIRUH�WKHZKROH�PDUNHW�FKDQJHV��2IWHQ�RQH�HQG�RI�WKH�PDUNHW��H�J��WKH�KLJK�HQG��ZLOO�ZHDNHQ�EHIRUH�WKH�UHVW�RI�WKH�PDUNHW�DQG�VLJQDO�DVORZGRZQ�IRU�WKH�ZKROH�JURXS�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

%X\HUV�6HOOHUV�&XWRII

5HVLGHQWLDO�KRXVH�SULFHV�DUH�D�IXQFWLRQ�RI�VXSSO\�DQG�GHPDQG��DQG�PDUNHW�FRQGLWLRQV�FDQ�EH�FKDUDFWHUL]HGE\�DQDO\]LQJ�WKRVH�IDFWRUV��:DWFK�WKLV�LQGH[�IRU�VXVWDLQHG�FKDQJHV��LI�WKH�LQGH[�IDOOV�LQWR�WKH�%X\HU·V$GYDQWDJH�]RQH��EHORZ�����IRU�D�ORQJ�SHULRG��SULFHV�DUH�OLNHO\�LQ�IRU�D�GRZQZDUG�FRUUHFWLRQ�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ&$1<21

&28175<��&$

0RQGD\�$XJXVW��������

'D\V�RQ�0DUNHW7KH�SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHW�IRU�DQ�DYHUDJH�RI����GD\V��+DOI�RI�WKH�OLVWLQJV�KDYH�FRPH�QHZO\�RQ�WKH�PDUNHW�LQ�WKHSDVW����RU�VR�GD\V�

���GD\�$YHUDJH��GD\�$YHUDJH

'D\V�RQ�0DUNHW�SHU�4XDUWLOH,W�LV�QRW�XQFRPPRQ�IRU�WKH�KLJKHU�SULFHG�KRPHV�LQ�DQ�DUHD�WR�WDNH�ORQJHU�WR�VHOO�WKDQ�WKRVH�LQ�WKH�ORZHU�TXDUWLOHV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

0$5.(7�83'$7(3DULV����,QWHO�5HSRUWV

²�&XUUHQW�5HDO�(VWDWH�0DUNHW�&RQGLWLRQV�IRU�6LQJOH�)DPLO\�+RPHV²�7UHQGV�LQ�3ULFLQJ²�&XUUHQW�/HYHOV�RI�6XSSO\�DQG�'HPDQG²�9DOXH�0HWULFV

²�5HSRUW�IRU�WKH�ZHHN�RI$XJXVW���������

²�3UHVHQWHG�E\�&RQQRU�DQG�3DULV�0DF,YRU���5(0$;�RI�6DQWD�&ODULWD�&$5(0$;�RI�9DOHQFLD�&$���7KH�3DULV����7HDPZZZ�3DULV����FRP���UHPD[#SDULV����FRP������������

67(9(1621�5$1&+�&$

3RZHUHG�E\�$OWRV�5HVHDUFK�//&�_�ZZZ�DOWRVUHVHDUFK�FRP�_�&RS\ULJKW������������$OWRV�5HVHDUFK�//&

0HGLDQ�/LVW�3ULFH

0HGLDQ�/RW�6L]H

����

3HUFHQW�5HOLVWHG��UHVHW�'20�

����

���

���

0HGLDQ�1XPEHU�RI�%DWKURRPV

��

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG

�����

3HUFHQW�)OLS��SULFH�LQFUHDVHG�

��������������VTIW

0HGLDQ�+RXVH�6L]H��VT�IW�

���������

����

���

0DUNHW�$FWLRQ�,QGH[

0HGLDQ�1XPEHU�RI�%HGURRPV

$VNLQJ�3ULFH�3HU�6TXDUH�)RRW

���

3HUFHQW�RI�3URSHUWLHV�ZLWK�3ULFH�'HFUHDVH

6HOOHUV�$GYDQWDJH

n

r�

r�

��

$OWRV�5HVHDUFK�9DOXH�6WDWLVWLFV

0RVW�([SHQVLYH�/LVWLQJ

$YHUDJH�'D\V�RQ�0DUNHW��'R0�

%RWWRP�)RXUWK

/RZHU�7KLUG

8SSHU�6HFRQG

7RS�)LUVW

7KLV�:HHN 5HDO�7LPH�0DUNHW�3URILOH 7UHQG

7KH�0DUNHW�$FWLRQ�,QGH[�DQVZHUV�WKH�TXHVWLRQ��+RZV�WKH�0DUNHW"��E\�PHDVXULQJWKH�FXUUHQW�UDWH�RI�VDOH�YHUVXV�WKH�DPRXQW�RI�WKH�LQYHQWRU\���,QGH[�DERYH���LPSOLHV�D�VHOOHUV�DGYDQWDJH��%HORZ�����FRQGLWLRQV�JLYH�WKH�DGYDQWDJH�WR�WKHEX\HU�

6XSSO\�DQG�'HPDQG

&KDUDFWHULVWLFV�SHU�4XDUWLOH

�� �����

����� ��

���

��

��� ��

��

�����������DFUH

��

���������

��

���

�������������VTIW

����

���� �������������VTIW

��

���������

���

��

�������������VTIW���������

��������������

��

����

,QYHQWRU\�KDV�EHHQ�OLJKWHQLQJ�ODWHO\DQG�WKH�0DUNHW�$FWLRQ�,QGH[�KDV�EHHQWUHQGLQJ�XS��7KRXJK�GD\V�RQ�PDUNHWLV�LQFUHDVLQJ��WKHVH�DUH�PLOGO\�SRVLWLYHLQGLFDWLRQV�IRU�WKH�PDUNHW�

0RQGD\�$XJXVW��������

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

��

����

���

7KH�PHGLDQ�OLVW�SULFH�LQ�67(9(16215$1&+��&$�WKLV�ZHHN�LV�����������7KH���SURSHUWLHV�KDYH�EHHQ�RQ�WKHPDUNHW�IRU�DQ�DYHUDJH�RI����GD\V�

0RVW�H[SHQVLYH�����RI�SURSHUWLHV

8SSHU�PLGGOH�����RI�SURSHUWLHV

/RZHU�PLGGOH�����RI�SURSHUWLHV

/HDVW�H[SHQVLYH�����RI�SURSHUWLHV

4XDUWLOH 0HGLDQ�3ULFH /RW�6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '206T��)W�

1R�FKDQJH

6WURQJ�XSZDUG�WUHQG 6WURQJ�GRZQZDUG�WUHQG

6OLJKW�XSZDUG�WUHQG 6OLJKW�GRZQZDUG�WUHQGr�

�� nn

n�

67(9(16215$1&+��&$

&LW\�2YHUYLHZ

/HDVW�([SHQVLYH�/LVWLQJ

$YHUDJH�/LVW�3ULFH

$YHUDJH�$JH�RI�/LVWLQJ

��

�����������

���������

���������

��

7UHQG�.H\�

:KLOH�WKH�0DUNHW�$FWLRQ�,QGH[�VKRZVVRPH�VWUHQJWKHQLQJ�LQ�WKH�ODVW�IHZZHHNV��SULFHV�KDYH�QRW�VHHPHG�WRPRYH�IURP�WKHLU�SODWHDX��6KRXOG�WKHXSZDUG�WUHQG�LQ�VDOHV�UHODWLYH�WRLQYHQWRU\�FRQWLQXH��H[SHFW�SULFHV�WRUHVXPH�DQ�XSZDUG�FOLPE�LQ�WDQGHPZLWK�WKH�0$,�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ67(9(16215$1&+��&$

0RQGD\�$XJXVW��������

0HGLDQ�3ULFH7KH�PDUNHW�DSSHDUV�WR�EH�KRYHULQJ�DURXQG�WKLV�SODWHDX��/RRN�IRU�D�SHUVLVWHQW�FKDQJH�LQ�WKH�0DUNHW�$FWLRQ�,QGH[�EHIRUH�ZH�VHHSULFHV�GHYLDWH�IURP�WKHVH�OHYHOV�

���GD\�$YHUDJH��GD\�$YHUDJH

4XDUWLOH�3ULFHV3ULFHV�KDYH�VHWWOHG�DW�D�SULFH�SODWHDX�DFURVV�WKH�ERDUG��3ULFHV�LQ�DOO�IRXU�TXDUWLOHV�DUH�EDVLFDOO\�PL[HG��/RRN�IRU�D�SHUVLVWHQW�VKLIW�XS�RU�GRZQ��LQ�WKH�0DUNHW�$FWLRQ�,QGH[�EHIRUH�SULFHV�PRYH�IURP�WKHVH�FXUUHQW�OHYHOV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ67(9(16215$1&+��&$

0RQGD\�$XJXVW��������

3ULFH�SHU�6TXDUH�)RRW7KH�PDUNHW�SODWHDX�LV�VHHQ�DFURVV�WKH�SULFH�DQG�YDOXH��7KH�SULFH�SHU�VTXDUH�IRRW�DQG�PHGLDQ�OLVW�SULFH�KDYH�ERWK�EHHQUHDVRQDEO\�VWDJQDQW��:DWFK�WKH�0DUNHW�$FWLRQ�,QGH[�IRU�SHUVLVWHQW�FKDQJHV�DV�D�OHDGLQJ�LQGLFDWRU�EHIRUH�WKH�PDUNHW�PRYHV�IURPWKHVH�OHYHOV�

���GD\�$YHUDJH��GD\�$YHUDJH

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG�IRU�6DOH,QYHQWRU\�KDV�EHHQ�IDOOLQJ�LQ�UHFHQW�ZHHNV��1RWH�WKDW�GHFOLQLQJ�LQYHQWRU\�DORQH�GRHV�QRW�VLJQDO�D�VWUHQJWKHQLQJ�PDUNHW��/RRN�WRWKH�0DUNHW�$FWLRQ�,QGH[�DQG�'D\V�RQ�0DUNHW�WUHQGV�WR�JDXJH�ZKHWKHU�EX\HU�LQWHUHVW�LV�FKDQJLQJ�ZLWK�WKH�DYDLODEOH�VXSSO\�

���GD\�$YHUDJH��GD\�$YHUDJH

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ67(9(16215$1&+��&$

0RQGD\�$XJXVW��������

0DUNHW�$FWLRQ�,QGH[7KH�67(9(1621�5$1&+�PDUNHW�LV�FXUUHQWO\�LQ�WKH�6HOOHUV�$GYDQWDJH�]RQH��JUHDWHU�WKDQ������7KH����GD\�0DUNHW�$FWLRQ�,QGH[VWDQGV�DW�������ZKLFK�LQGLFDWHV�WKDW�GHPDQG�LV�VWURQJ�DQG�DYDLODEOH�VXSSO\�RI�KRPHV�JHWV�VQDSSHG�XS�UHODWLYHO\�TXLFNO\�

%X\HUV�6HOOHUV�&XWRII���GD\�$YHUDJH

0DUNHW�$FWLRQ�,QGH[�SHU�4XDUWLOH1RW�VXUSULVLQJO\��DOO�VHJPHQWV�LQ�WKH�PDUNHW�DUH�VKRZLQJ�KLJK�OHYHOV�RI�GHPDQG��:DWFK�WKH�TXDUWLOHV�IRU�FKDQJHV�EHIRUH�WKHZKROH�PDUNHW�FKDQJHV��2IWHQ�RQH�HQG�RI�WKH�PDUNHW��H�J��WKH�KLJK�HQG��ZLOO�ZHDNHQ�EHIRUH�WKH�UHVW�RI�WKH�PDUNHW�DQG�VLJQDO�DVORZGRZQ�IRU�WKH�ZKROH�JURXS�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

%X\HUV�6HOOHUV�&XWRII

5HVLGHQWLDO�KRXVH�SULFHV�DUH�D�IXQFWLRQ�RI�VXSSO\�DQG�GHPDQG��DQG�PDUNHW�FRQGLWLRQV�FDQ�EH�FKDUDFWHUL]HGE\�DQDO\]LQJ�WKRVH�IDFWRUV��:DWFK�WKLV�LQGH[�IRU�VXVWDLQHG�FKDQJHV��LI�WKH�LQGH[�IDOOV�LQWR�WKH�%X\HU·V$GYDQWDJH�]RQH��EHORZ�����IRU�D�ORQJ�SHULRG��SULFHV�DUH�OLNHO\�LQ�IRU�D�GRZQZDUG�FRUUHFWLRQ�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ67(9(16215$1&+��&$

0RQGD\�$XJXVW��������

'D\V�RQ�0DUNHW7KH�SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHW�IRU�DQ�DYHUDJH�RI����GD\V��+DOI�RI�WKH�OLVWLQJV�KDYH�FRPH�QHZO\�RQ�WKH�PDUNHW�LQ�WKHSDVW����RU�VR�GD\V�

���GD\�$YHUDJH��GD\�$YHUDJH

'D\V�RQ�0DUNHW�SHU�4XDUWLOH,W�LV�QRW�XQFRPPRQ�IRU�WKH�KLJKHU�SULFHG�KRPHV�LQ�DQ�DUHD�WR�WDNH�ORQJHU�WR�VHOO�WKDQ�WKRVH�LQ�WKH�ORZHU�TXDUWLOHV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

0$5.(7�83'$7(3DULV����,QWHO�5HSRUWV

²�&XUUHQW�5HDO�(VWDWH�0DUNHW�&RQGLWLRQV�IRU�6LQJOH�)DPLO\�+RPHV²�7UHQGV�LQ�3ULFLQJ²�&XUUHQW�/HYHOV�RI�6XSSO\�DQG�'HPDQG²�9DOXH�0HWULFV

²�5HSRUW�IRU�WKH�ZHHN�RI$XJXVW���������

²�3UHVHQWHG�E\�&RQQRU�DQG�3DULV�0DF,YRU���5(0$;�RI�6DQWD�&ODULWD�&$5(0$;�RI�9DOHQFLD�&$���7KH�3DULV����7HDPZZZ�3DULV����FRP���UHPD[#SDULV����FRP������������

9$/(1&,$��&$

3RZHUHG�E\�$OWRV�5HVHDUFK�//&�_�ZZZ�DOWRVUHVHDUFK�FRP�_�&RS\ULJKW������������$OWRV�5HVHDUFK�//&

0HGLDQ�/LVW�3ULFH

0HGLDQ�/RW�6L]H

����

3HUFHQW�5HOLVWHG��UHVHW�'20�

����

���

���

0HGLDQ�1XPEHU�RI�%DWKURRPV

��

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG

�����

3HUFHQW�)OLS��SULFH�LQFUHDVHG�

��������������VTIW

0HGLDQ�+RXVH�6L]H��VT�IW�

���������

����

���

0DUNHW�$FWLRQ�,QGH[

0HGLDQ�1XPEHU�RI�%HGURRPV

$VNLQJ�3ULFH�3HU�6TXDUH�)RRW

���

3HUFHQW�RI�3URSHUWLHV�ZLWK�3ULFH�'HFUHDVH

6HOOHUV�$GYDQWDJH

��

r�

r�

��

nn

$OWRV�5HVHDUFK�9DOXH�6WDWLVWLFV

0RVW�([SHQVLYH�/LVWLQJ

$YHUDJH�'D\V�RQ�0DUNHW��'R0�

%RWWRP�)RXUWK

/RZHU�7KLUG

8SSHU�6HFRQG

7RS�)LUVW

7KLV�:HHN 5HDO�7LPH�0DUNHW�3URILOH 7UHQG

7KH�0DUNHW�$FWLRQ�,QGH[�DQVZHUV�WKH�TXHVWLRQ��+RZV�WKH�0DUNHW"��E\�PHDVXULQJWKH�FXUUHQW�UDWH�RI�VDOH�YHUVXV�WKH�DPRXQW�RI�WKH�LQYHQWRU\���,QGH[�DERYH���LPSOLHV�D�VHOOHUV�DGYDQWDJH��%HORZ�����FRQGLWLRQV�JLYH�WKH�DGYDQWDJH�WR�WKHEX\HU�

6XSSO\�DQG�'HPDQG

&KDUDFWHULVWLFV�SHU�4XDUWLOH

�� �����

����� ��

���

��

��� ��

��

�������������VTIW

��

���������

��

���

�������������VTIW

����

���� �������������VTIW

��

���������

���

��

�������������VTIW���������

������������

��

����

,QYHQWRU\�DQG�GD\V�RQ�PDUNHW�DUHERWK�WUHQGLQJ�KLJKHU�UHFHQWO\�+RZHYHU��WKH�LPSURYLQJ�0DUNHW$FWLRQ�,QGH[�LPSOLHV�VRPH�LQFUHDVHGGHPDQG�ZLOO�WHPSHU�WKH�QHJDWLYHWUHQGV�

0RQGD\�$XJXVW��������

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

��

����

���

7KH�PHGLDQ�OLVW�SULFH�LQ�9$/(1&,$��&$WKLV�ZHHN�LV�����������7KH����SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHWIRU�DQ�DYHUDJH�RI����GD\V�

0RVW�H[SHQVLYH�����RI�SURSHUWLHV

8SSHU�PLGGOH�����RI�SURSHUWLHV

/RZHU�PLGGOH�����RI�SURSHUWLHV

/HDVW�H[SHQVLYH�����RI�SURSHUWLHV

4XDUWLOH 0HGLDQ�3ULFH /RW�6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '206T��)W�

1R�FKDQJH

6WURQJ�XSZDUG�WUHQG 6WURQJ�GRZQZDUG�WUHQG

6OLJKW�XSZDUG�WUHQG 6OLJKW�GRZQZDUG�WUHQGr�

�� nn

n�

9$/(1&,$��&$&LW\�2YHUYLHZ

/HDVW�([SHQVLYH�/LVWLQJ

$YHUDJH�/LVW�3ULFH

$YHUDJH�$JH�RI�/LVWLQJ

���

�����������

���������

���������

��

7UHQG�.H\�

7KH�PDUNHW�KDV�EHHQ�FRROLQJ�RYHUWLPH�DQG�SULFHV�SODWHDXHG�IRU�DZKLOH��'HVSLWH�WKH�FRQVLVWHQWGHFUHDVH�LQ�0$,��ZHUH�LQ�WKH�6HOOHUV]RQH��:DWFK�IRU�FKDQJHV�LQ�0$,���,IWKH�0$,�UHVXPHV�LWV�FOLPE��SULFHVZLOO�OLNHO\�IROORZ�VXLW���,I�WKH�0$,GURSV�FRQVLVWHQWO\�RU�IDOOV�LQWR�WKH%X\HUV�]RQH��ZDWFK�IRU�GRZQZDUGSUHVVXUH�RQ�SULFHV�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ9$/(1&,$��&$

0RQGD\�$XJXVW��������

0HGLDQ�3ULFH7KH�PDUNHW�VHHPV�WR�KDYH�SDXVHG�DURXQG�WKLV�SODWHDX��7KH�0DUNHW�$FWLRQ�,QGH[�LV�D�JRRG�OHDGLQJ�LQGLFDWRU�IRU�WKH�GXUDELOLW\�RIWKLV�WUHQG�

���GD\�$YHUDJH��GD\�$YHUDJH

4XDUWLOH�3ULFHV3ULFHV�KDYH�VHWWOHG�DW�D�SULFH�SODWHDX�DFURVV�WKH�ERDUG��3ULFHV�LQ�DOO�IRXU�TXDUWLOHV�DUH�EDVLFDOO\�PL[HG��/RRN�IRU�D�SHUVLVWHQW�VKLIW�XS�RU�GRZQ��LQ�WKH�0DUNHW�$FWLRQ�,QGH[�EHIRUH�SULFHV�PRYH�IURP�WKHVH�FXUUHQW�OHYHOV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ9$/(1&,$��&$

0RQGD\�$XJXVW��������

3ULFH�SHU�6TXDUH�)RRW7KH�PDUNHW�SODWHDX�LV�VHHQ�DFURVV�WKH�SULFH�DQG�YDOXH��7KH�SULFH�SHU�VTXDUH�IRRW�DQG�PHGLDQ�OLVW�SULFH�KDYH�ERWK�EHHQUHDVRQDEO\�VWDJQDQW��:DWFK�WKH�0DUNHW�$FWLRQ�,QGH[�IRU�SHUVLVWHQW�FKDQJHV�DV�D�OHDGLQJ�LQGLFDWRU�EHIRUH�WKH�PDUNHW�PRYHV�IURPWKHVH�OHYHOV�

���GD\�$YHUDJH��GD\�$YHUDJH

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG�IRU�6DOH,QYHQWRU\�KDV�EHHQ�FOLPELQJ�ODWHO\��1RWH�WKDW�ULVLQJ�LQYHQWRU\�DORQH�GRHV�QRW�VLJQDO�D�ZHDNHQLQJ�PDUNHW��/RRN�WR�WKH�0DUNHW$FWLRQ�,QGH[�DQG�'D\V�RQ�0DUNHW�WUHQGV�WR�JDXJH�ZKHWKHU�EX\HU�LQWHUHVW�LV�NHHSLQJ�XS�ZLWK�DYDLODEOH�VXSSO\�

���GD\�$YHUDJH��GD\�$YHUDJH

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ9$/(1&,$��&$

0RQGD\�$XJXVW��������

0DUNHW�$FWLRQ�,QGH[7KH�9$/(1&,$�PDUNHW�LV�FXUUHQWO\�LQ�WKH�6HOOHUV�$GYDQWDJH�]RQH��JUHDWHU�WKDQ������7KH����GD\�0DUNHW�$FWLRQ�,QGH[�VWDQGV�DW������ZKLFK�LQGLFDWHV�WKDW�GHPDQG�LV�VWURQJ�DQG�DYDLODEOH�VXSSO\�RI�KRPHV�JHWV�VQDSSHG�XS�UHODWLYHO\�TXLFNO\�

%X\HUV�6HOOHUV�&XWRII���GD\�$YHUDJH

0DUNHW�$FWLRQ�,QGH[�SHU�4XDUWLOH1RW�VXUSULVLQJO\��DOO�VHJPHQWV�LQ�WKH�PDUNHW�DUH�VKRZLQJ�KLJK�OHYHOV�RI�GHPDQG��:DWFK�WKH�TXDUWLOHV�IRU�FKDQJHV�EHIRUH�WKHZKROH�PDUNHW�FKDQJHV��2IWHQ�RQH�HQG�RI�WKH�PDUNHW��H�J��WKH�KLJK�HQG��ZLOO�ZHDNHQ�EHIRUH�WKH�UHVW�RI�WKH�PDUNHW�DQG�VLJQDO�DVORZGRZQ�IRU�WKH�ZKROH�JURXS�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

%X\HUV�6HOOHUV�&XWRII

5HVLGHQWLDO�KRXVH�SULFHV�DUH�D�IXQFWLRQ�RI�VXSSO\�DQG�GHPDQG��DQG�PDUNHW�FRQGLWLRQV�FDQ�EH�FKDUDFWHUL]HGE\�DQDO\]LQJ�WKRVH�IDFWRUV��:DWFK�WKLV�LQGH[�IRU�VXVWDLQHG�FKDQJHV��LI�WKH�LQGH[�IDOOV�LQWR�WKH�%X\HU·V$GYDQWDJH�]RQH��EHORZ�����IRU�D�ORQJ�SHULRG��SULFHV�DUH�OLNHO\�LQ�IRU�D�GRZQZDUG�FRUUHFWLRQ�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ9$/(1&,$��&$

0RQGD\�$XJXVW��������

'D\V�RQ�0DUNHW7KH�SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHW�IRU�DQ�DYHUDJH�RI����GD\V��+DOI�RI�WKH�OLVWLQJV�KDYH�FRPH�QHZO\�RQ�WKH�PDUNHW�LQ�WKHSDVW����RU�VR�GD\V�

���GD\�$YHUDJH��GD\�$YHUDJH

'D\V�RQ�0DUNHW�SHU�4XDUWLOH,W�LV�QRW�XQFRPPRQ�IRU�WKH�KLJKHU�SULFHG�KRPHV�LQ�DQ�DUHD�WR�WDNH�ORQJHU�WR�VHOO�WKDQ�WKRVH�LQ�WKH�ORZHU�TXDUWLOHV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

0$5.(7�83'$7(3DULV����,QWHO�5HSRUWV

²�&XUUHQW�5HDO�(VWDWH�0DUNHW�&RQGLWLRQV�IRU�6LQJOH�)DPLO\�+RPHV²�7UHQGV�LQ�3ULFLQJ²�&XUUHQW�/HYHOV�RI�6XSSO\�DQG�'HPDQG²�9DOXH�0HWULFV

²�5HSRUW�IRU�WKH�ZHHN�RI$XJXVW���������

²�3UHVHQWHG�E\�&RQQRU�DQG�3DULV�0DF,YRU���5(0$;�RI�6DQWD�&ODULWD�&$5(0$;�RI�9DOHQFLD�&$���7KH�3DULV����7HDPZZZ�3DULV����FRP���UHPD[#SDULV����FRP������������

&$67$,&��&$

3RZHUHG�E\�$OWRV�5HVHDUFK�//&�_�ZZZ�DOWRVUHVHDUFK�FRP�_�&RS\ULJKW������������$OWRV�5HVHDUFK�//&

0HGLDQ�/LVW�3ULFH

0HGLDQ�/RW�6L]H

����

3HUFHQW�5HOLVWHG��UHVHW�'20�

����

���

���

0HGLDQ�1XPEHU�RI�%DWKURRPV

��

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG

�����

3HUFHQW�)OLS��SULFH�LQFUHDVHG�

���������������VTIW

0HGLDQ�+RXVH�6L]H��VT�IW�

���������

����

���

0DUNHW�$FWLRQ�,QGH[

0HGLDQ�1XPEHU�RI�%HGURRPV

$VNLQJ�3ULFH�3HU�6TXDUH�)RRW

���

3HUFHQW�RI�3URSHUWLHV�ZLWK�3ULFH�'HFUHDVH

6HOOHUV�$GYDQWDJH

��

r�

n

��

nn

$OWRV�5HVHDUFK�9DOXH�6WDWLVWLFV

0RVW�([SHQVLYH�/LVWLQJ

$YHUDJH�'D\V�RQ�0DUNHW��'R0�

%RWWRP�)RXUWK

/RZHU�7KLUG

8SSHU�6HFRQG

7RS�)LUVW

7KLV�:HHN 5HDO�7LPH�0DUNHW�3URILOH 7UHQG

7KH�0DUNHW�$FWLRQ�,QGH[�DQVZHUV�WKH�TXHVWLRQ��+RZV�WKH�0DUNHW"��E\�PHDVXULQJWKH�FXUUHQW�UDWH�RI�VDOH�YHUVXV�WKH�DPRXQW�RI�WKH�LQYHQWRU\���,QGH[�DERYH���LPSOLHV�D�VHOOHUV�DGYDQWDJH��%HORZ�����FRQGLWLRQV�JLYH�WKH�DGYDQWDJH�WR�WKHEX\HU�

6XSSO\�DQG�'HPDQG

&KDUDFWHULVWLFV�SHU�4XDUWLOH

�� �����

����� ��

���

��

��� ��

��

���������DFUHV

��

���������

��

���

�������������VTIW

����

���� �������������VTIW

��

���������

���

��

�������������VTIW���������

������������

��

����

,QYHQWRU\�DQG�GD\V�RQ�PDUNHW�DUHERWK�WUHQGLQJ�KLJKHU�UHFHQWO\�+RZHYHU��WKH�LPSURYLQJ�0DUNHW$FWLRQ�,QGH[�LPSOLHV�VRPH�LQFUHDVHGGHPDQG�ZLOO�WHPSHU�WKH�QHJDWLYHWUHQGV�

0RQGD\�$XJXVW��������

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

��

����

���

7KH�PHGLDQ�OLVW�SULFH�LQ�&$67$,&��&$WKLV�ZHHN�LV�����������7KH���SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHWIRU�DQ�DYHUDJH�RI����GD\V�

0RVW�H[SHQVLYH�����RI�SURSHUWLHV

8SSHU�PLGGOH�����RI�SURSHUWLHV

/RZHU�PLGGOH�����RI�SURSHUWLHV

/HDVW�H[SHQVLYH�����RI�SURSHUWLHV

4XDUWLOH 0HGLDQ�3ULFH /RW�6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '206T��)W�

1R�FKDQJH

6WURQJ�XSZDUG�WUHQG 6WURQJ�GRZQZDUG�WUHQG

6OLJKW�XSZDUG�WUHQG 6OLJKW�GRZQZDUG�WUHQGr�

�� nn

n�

&$67$,&��&$&LW\�2YHUYLHZ

/HDVW�([SHQVLYH�/LVWLQJ

$YHUDJH�/LVW�3ULFH

$YHUDJH�$JH�RI�/LVWLQJ

��

�����������

���������

���������

��

7UHQG�.H\�

7KH�PDUNHW�KDV�EHHQ�FRROLQJ�RYHUWLPH�DQG�SULFHV�SODWHDXHG�IRU�DZKLOH��'HVSLWH�WKH�FRQVLVWHQWGHFUHDVH�LQ�0$,��ZHUH�LQ�WKH�6HOOHUV]RQH��:DWFK�IRU�FKDQJHV�LQ�0$,���,IWKH�0$,�UHVXPHV�LWV�FOLPE��SULFHVZLOO�OLNHO\�IROORZ�VXLW���,I�WKH�0$,GURSV�FRQVLVWHQWO\�RU�IDOOV�LQWR�WKH%X\HUV�]RQH��ZDWFK�IRU�GRZQZDUGSUHVVXUH�RQ�SULFHV�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ&$67$,&��&$

0RQGD\�$XJXVW��������

0HGLDQ�3ULFH7KH�PDUNHW�LV�KRYHULQJ�DURXQG�WKLV�SODWHDX��/RRN�IRU�D�SHUVLVWHQW�FKDQJH�LQ�WKH�0DUNHW�$FWLRQ�,QGH[�EHIRUH�ZH�VHH�SULFHVGHYLDWH�IURP�WKHVH�OHYHOV�

���GD\�$YHUDJH��GD\�$YHUDJH

4XDUWLOH�3ULFHV3ULFHV�KDYH�VHWWOHG�DW�D�SULFH�SODWHDX�DFURVV�WKH�ERDUG��3ULFHV�LQ�DOO�IRXU�TXDUWLOHV�DUH�EDVLFDOO\�PL[HG��/RRN�IRU�D�SHUVLVWHQW�VKLIW�XS�RU�GRZQ��LQ�WKH�0DUNHW�$FWLRQ�,QGH[�EHIRUH�SULFHV�PRYH�IURP�WKHVH�FXUUHQW�OHYHOV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ&$67$,&��&$

0RQGD\�$XJXVW��������

3ULFH�SHU�6TXDUH�)RRW:KLOH�SULFHV�KDYH�EHHQ�EDVLFDOO\�IODW��WKH�SULFH�SHU�VTXDUH�IRRW�KDV�EHHQ�KHDGLQJ�GRZQZDUG��:KLOH�QRW�D�VLJQ�RI�EURDG�VWUHQJWKLQ�D�PDUNHW��ODUJHU�KRPHV�DUH�FRPLQJ�PRUH�DYDLODEOH�DQG�EX\HUV�FDQ�VHH�PRUH�KRPH�IRU�WKHLU�PRQH\�

���GD\�$YHUDJH��GD\�$YHUDJH

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG�IRU�6DOH,QYHQWRU\�KDV�EHHQ�FOLPELQJ�ODWHO\��1RWH�WKDW�ULVLQJ�LQYHQWRU\�DORQH�GRHV�QRW�VLJQDO�D�ZHDNHQLQJ�PDUNHW��/RRN�WR�WKH�0DUNHW$FWLRQ�,QGH[�DQG�'D\V�RQ�0DUNHW�WUHQGV�WR�JDXJH�ZKHWKHU�EX\HU�LQWHUHVW�LV�NHHSLQJ�XS�ZLWK�DYDLODEOH�VXSSO\�

���GD\�$YHUDJH��GD\�$YHUDJH

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ&$67$,&��&$

0RQGD\�$XJXVW��������

0DUNHW�$FWLRQ�,QGH[7KH�&$67$,&�PDUNHW�LV�FXUUHQWO\�LQ�WKH�6HOOHUV�$GYDQWDJH�]RQH��JUHDWHU�WKDQ������7KH����GD\�0DUNHW�$FWLRQ�,QGH[�VWDQGV�DW������ZKLFK�LQGLFDWHV�WKDW�GHPDQG�LV�VWURQJ�DQG�DYDLODEOH�VXSSO\�RI�KRPHV�JHWV�VQDSSHG�XS�UHODWLYHO\�TXLFNO\�

%X\HUV�6HOOHUV�&XWRII���GD\�$YHUDJH

0DUNHW�$FWLRQ�,QGH[�SHU�4XDUWLOH1RW�VXUSULVLQJO\��DOO�VHJPHQWV�LQ�WKH�PDUNHW�DUH�VKRZLQJ�KLJK�OHYHOV�RI�GHPDQG��:DWFK�WKH�TXDUWLOHV�IRU�FKDQJHV�EHIRUH�WKHZKROH�PDUNHW�FKDQJHV��2IWHQ�RQH�HQG�RI�WKH�PDUNHW��H�J��WKH�KLJK�HQG��ZLOO�ZHDNHQ�EHIRUH�WKH�UHVW�RI�WKH�PDUNHW�DQG�VLJQDO�DVORZGRZQ�IRU�WKH�ZKROH�JURXS�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

%X\HUV�6HOOHUV�&XWRII

5HVLGHQWLDO�KRXVH�SULFHV�DUH�D�IXQFWLRQ�RI�VXSSO\�DQG�GHPDQG��DQG�PDUNHW�FRQGLWLRQV�FDQ�EH�FKDUDFWHUL]HGE\�DQDO\]LQJ�WKRVH�IDFWRUV��:DWFK�WKLV�LQGH[�IRU�VXVWDLQHG�FKDQJHV��LI�WKH�LQGH[�IDOOV�LQWR�WKH�%X\HU·V$GYDQWDJH�]RQH��EHORZ�����IRU�D�ORQJ�SHULRG��SULFHV�DUH�OLNHO\�LQ�IRU�D�GRZQZDUG�FRUUHFWLRQ�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ&$67$,&��&$

0RQGD\�$XJXVW��������

'D\V�RQ�0DUNHW7KH�SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHW�IRU�DQ�DYHUDJH�RI����GD\V��+DOI�RI�WKH�OLVWLQJV�KDYH�FRPH�QHZO\�RQ�WKH�PDUNHW�LQ�WKHSDVW����RU�VR�GD\V�

���GD\�$YHUDJH��GD\�$YHUDJH

'D\V�RQ�0DUNHW�SHU�4XDUWLOH,W�LV�QRW�XQFRPPRQ�IRU�WKH�KLJKHU�SULFHG�KRPHV�LQ�DQ�DUHD�WR�WDNH�ORQJHU�WR�VHOO�WKDQ�WKRVH�LQ�WKH�ORZHU�TXDUWLOHV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

0$5.(7�83'$7(3DULV����,QWHO�5HSRUWV

²�&XUUHQW�5HDO�(VWDWH�0DUNHW�&RQGLWLRQV�IRU�6LQJOH�)DPLO\�+RPHV²�7UHQGV�LQ�3ULFLQJ²�&XUUHQW�/HYHOV�RI�6XSSO\�DQG�'HPDQG²�9DOXH�0HWULFV

²�5HSRUW�IRU�WKH�ZHHN�RI$XJXVW���������

²�3UHVHQWHG�E\�&RQQRU�DQG�3DULV�0DF,YRU���5(0$;�RI�6DQWD�&ODULWD�&$5(0$;�RI�9DOHQFLD�&$���7KH�3DULV����7HDPZZZ�3DULV����FRP���UHPD[#SDULV����FRP������������

1(:+$//��&$

3RZHUHG�E\�$OWRV�5HVHDUFK�//&�_�ZZZ�DOWRVUHVHDUFK�FRP�_�&RS\ULJKW������������$OWRV�5HVHDUFK�//&

0HGLDQ�/LVW�3ULFH

0HGLDQ�/RW�6L]H

����

3HUFHQW�5HOLVWHG��UHVHW�'20�

����

���

���

0HGLDQ�1XPEHU�RI�%DWKURRPV

��

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG

�����

3HUFHQW�)OLS��SULFH�LQFUHDVHG�

���������������VTIW

0HGLDQ�+RXVH�6L]H��VT�IW�

���������

����

���

0DUNHW�$FWLRQ�,QGH[

0HGLDQ�1XPEHU�RI�%HGURRPV

$VNLQJ�3ULFH�3HU�6TXDUH�)RRW

���

3HUFHQW�RI�3URSHUWLHV�ZLWK�3ULFH�'HFUHDVH

6HOOHUV�$GYDQWDJH

��

nn

nn

nn

r�

$OWRV�5HVHDUFK�9DOXH�6WDWLVWLFV

0RVW�([SHQVLYH�/LVWLQJ

$YHUDJH�'D\V�RQ�0DUNHW��'R0�

%RWWRP�)RXUWK

/RZHU�7KLUG

8SSHU�6HFRQG

7RS�)LUVW

7KLV�:HHN 5HDO�7LPH�0DUNHW�3URILOH 7UHQG

7KH�0DUNHW�$FWLRQ�,QGH[�DQVZHUV�WKH�TXHVWLRQ��+RZV�WKH�0DUNHW"��E\�PHDVXULQJWKH�FXUUHQW�UDWH�RI�VDOH�YHUVXV�WKH�DPRXQW�RI�WKH�LQYHQWRU\���,QGH[�DERYH���LPSOLHV�D�VHOOHUV�DGYDQWDJH��%HORZ�����FRQGLWLRQV�JLYH�WKH�DGYDQWDJH�WR�WKHEX\HU�

6XSSO\�DQG�'HPDQG

&KDUDFWHULVWLFV�SHU�4XDUWLOH

�� �����

����� ��

���

��

��� ��

��

�����������DFUH

��

���������

��

���

��������������VTIW

����

���� �������������VTIW

��

���������

���

���

�������������VTIW���������

������������

��

����

'HPDQG�PHDVXUHG�E\�WKH�0DUNHW$FWLRQ�,QGH[�LV�LQFUHDVLQJ�DQG�GD\V�RQ�PDUNHW�LV�WUHQGLQJ�GRZQZDUG�(YHQ�DV�PRUH�SURSHUWLHV�FRPHDYDLODEOH��WKHVH�DUH�SRVLWLYH�WUHQGVIRU�WKH�PDUNHW�

0RQGD\�$XJXVW��������

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

��

����

���

7KH�PHGLDQ�OLVW�SULFH�LQ�1(:+$//��&$WKLV�ZHHN�LV�����������7KH���SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHWIRU�DQ�DYHUDJH�RI����GD\V�

0RVW�H[SHQVLYH�����RI�SURSHUWLHV

8SSHU�PLGGOH�����RI�SURSHUWLHV

/RZHU�PLGGOH�����RI�SURSHUWLHV

/HDVW�H[SHQVLYH�����RI�SURSHUWLHV

4XDUWLOH 0HGLDQ�3ULFH /RW�6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '206T��)W�

1R�FKDQJH

6WURQJ�XSZDUG�WUHQG 6WURQJ�GRZQZDUG�WUHQG

6OLJKW�XSZDUG�WUHQG 6OLJKW�GRZQZDUG�WUHQGr�

�� nn

n�

1(:+$//��&$&LW\�2YHUYLHZ

/HDVW�([SHQVLYH�/LVWLQJ

$YHUDJH�/LVW�3ULFH

$YHUDJH�$JH�RI�/LVWLQJ

��

�����������

���������

���������

��

7UHQG�.H\�

,Q�WKH�ODVW�IHZ�ZHHNV��WKH�PDUNHWKDV�EHHQ�DW�D�VWDVLV�SRLQW�LQ�WHUPV�RIVDOHV�WR�LQYHQWRU\���+RZHYHU��SULFHVVHHP�WR�FRQWLQXH�WR�IDOO�D�ELW�7HFKQLFDOO\�VXSSO\�OHYHOV�LQGLFDWHWKLV�LV�D�6HOOHUV�PDUNHW�VR�LW�LV�OLNHO\WKDW�WKH�GRZQZDUG�SULFLQJ�SUHVVXUHZLOO�EH�OLJKW�RU�YDULDEOH��:DWFK�IRUDQ�XS�VKLIW�LQ�WKH�0$,�EHIRUH�SULFHVWDELOLW\�LV�DFKLHYHG�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ1(:+$//��&$

0RQGD\�$XJXVW��������

0HGLDQ�3ULFH$JDLQ�WKLV�ZHHN�ZH�VHH�D�GRZQZDUG�QRWFK�IRU�SULFHV��3ULFLQJ�KDV�EHHQ�ZHDN�LQ�UHFHQW�ZHHNV�DQG�YHUVXV�WKHLU�DEVROXWH�KLJKOHYHOV��7KH�0DUNHW�$FWLRQ�,QGH[�LV�D�JRRG�OHDGLQJ�LQGLFDWRU�IRU�WKH�GXUDELOLW\�RI�WKLV�WUHQG�

���GD\�$YHUDJH��GD\�$YHUDJH

4XDUWLOH�3ULFHV3ULFHV�DW�WKH�XSSHU�HQG�RI�WKH�PDUNHW�KDYH�EHHQ�VKRZLQJ�ZHDNQHVV��:KLOH�WKHUH�LV�HQRXJK�GHPDQG�LQ�WKH�ORZ�HQG��4XDUWLOHV��DQG����WR�NHHS�SULFHV�IODW��XQOHVV�WKHUH�LV�D�SHUVLVWHQW�XS�VKLIW�LQ�WKH�0DUNHW�$FWLRQ�,QGH[��WKH�HQWLUH�PDUNHW�PD\�UHVXPH�D�GRZQWUHQG�VRRQ�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ1(:+$//��&$

0RQGD\�$XJXVW��������

3ULFH�SHU�6TXDUH�)RRW7KH�PDUNHWV�GRZQZDUG�WUHQGV�DUH�VKDUHG�DFURVV�ERWK�SULFH�DQG�YDOXH��3HRSOH�DUH�UHFHQWO\�SODFLQJ�OHVV�YDOXH�RQ�KRPHV��\RX�FDQVHH�WKH�UHFHQW�GHFOLQHV�LQ�SULFH�SHU�VTXDUH�IRRW�DV�HYLGHQFH���/RRN�IRU�VLJQLILFDQW�FKDQJHV�LQ�WKH�0DUNHW�$FWLRQ�,QGH[�DV�DSUHFXUVRU�WR�SULFH�DQG�YDOXH�FKDQJHV��SRVVLEO\�DV�LQIOHFWLRQ�SRLQWV�IRU�JRRG�LQYHVWPHQW�RSSRUWXQLWLHV�

���GD\�$YHUDJH��GD\�$YHUDJH

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG�IRU�6DOH,QYHQWRU\�KDV�EHHQ�FOLPELQJ�ODWHO\��1RWH�WKDW�ULVLQJ�LQYHQWRU\�DORQH�GRHV�QRW�VLJQDO�D�ZHDNHQLQJ�PDUNHW��/RRN�WR�WKH�0DUNHW$FWLRQ�,QGH[�DQG�'D\V�RQ�0DUNHW�WUHQGV�WR�JDXJH�ZKHWKHU�EX\HU�LQWHUHVW�LV�NHHSLQJ�XS�ZLWK�DYDLODEOH�VXSSO\�

���GD\�$YHUDJH��GD\�$YHUDJH

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ1(:+$//��&$

0RQGD\�$XJXVW��������

0DUNHW�$FWLRQ�,QGH[7KH�1(:+$//�PDUNHW�LV�FXUUHQWO\�LQ�WKH�6HOOHUV�$GYDQWDJH�]RQH��JUHDWHU�WKDQ������7KH����GD\�0DUNHW�$FWLRQ�,QGH[�VWDQGV�DW������ZKLFK�LQGLFDWHV�WKDW�GHPDQG�LV�VWURQJ�DQG�DYDLODEOH�VXSSO\�RI�KRPHV�JHWV�VQDSSHG�XS�UHODWLYHO\�TXLFNO\�

%X\HUV�6HOOHUV�&XWRII���GD\�$YHUDJH

0DUNHW�$FWLRQ�,QGH[�SHU�4XDUWLOH1RW�VXUSULVLQJO\��DOO�VHJPHQWV�LQ�WKH�PDUNHW�DUH�VKRZLQJ�KLJK�OHYHOV�RI�GHPDQG��:DWFK�WKH�TXDUWLOHV�IRU�FKDQJHV�EHIRUH�WKHZKROH�PDUNHW�FKDQJHV��2IWHQ�RQH�HQG�RI�WKH�PDUNHW��H�J��WKH�KLJK�HQG��ZLOO�ZHDNHQ�EHIRUH�WKH�UHVW�RI�WKH�PDUNHW�DQG�VLJQDO�DVORZGRZQ�IRU�WKH�ZKROH�JURXS�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

%X\HUV�6HOOHUV�&XWRII

5HVLGHQWLDO�KRXVH�SULFHV�DUH�D�IXQFWLRQ�RI�VXSSO\�DQG�GHPDQG��DQG�PDUNHW�FRQGLWLRQV�FDQ�EH�FKDUDFWHUL]HGE\�DQDO\]LQJ�WKRVH�IDFWRUV��:DWFK�WKLV�LQGH[�IRU�VXVWDLQHG�FKDQJHV��LI�WKH�LQGH[�IDOOV�LQWR�WKH�%X\HU·V$GYDQWDJH�]RQH��EHORZ�����IRU�D�ORQJ�SHULRG��SULFHV�DUH�OLNHO\�LQ�IRU�D�GRZQZDUG�FRUUHFWLRQ�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ1(:+$//��&$

0RQGD\�$XJXVW��������

'D\V�RQ�0DUNHW7KH�SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHW�IRU�DQ�DYHUDJH�RI����GD\V��+DOI�RI�WKH�OLVWLQJV�KDYH�FRPH�QHZO\�RQ�WKH�PDUNHW�LQ�WKHSDVW����RU�VR�GD\V�

���GD\�$YHUDJH��GD\�$YHUDJH

'D\V�RQ�0DUNHW�SHU�4XDUWLOH,W�LV�QRW�XQFRPPRQ�IRU�WKH�KLJKHU�SULFHG�KRPHV�LQ�DQ�DUHD�WR�WDNH�ORQJHU�WR�VHOO�WKDQ�WKRVH�LQ�WKH�ORZHU�TXDUWLOHV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

0$5.(7�83'$7(3DULV����,QWHO�5HSRUWV

²�&XUUHQW�5HDO�(VWDWH�0DUNHW�&RQGLWLRQV�IRU�6LQJOH�)DPLO\�+RPHV²�7UHQGV�LQ�3ULFLQJ²�&XUUHQW�/HYHOV�RI�6XSSO\�DQG�'HPDQG²�9DOXH�0HWULFV

²�5HSRUW�IRU�WKH�ZHHN�RI$XJXVW���������

²�3UHVHQWHG�E\�&RQQRU�DQG�3DULV�0DF,YRU���5(0$;�RI�6DQWD�&ODULWD�&$5(0$;�RI�9DOHQFLD�&$���7KH�3DULV����7HDPZZZ�3DULV����FRP���UHPD[#SDULV����FRP������������

6$17$�&/$5,7$��&$

3RZHUHG�E\�$OWRV�5HVHDUFK�//&�_�ZZZ�DOWRVUHVHDUFK�FRP�_�&RS\ULJKW������������$OWRV�5HVHDUFK�//&

0HGLDQ�/LVW�3ULFH

0HGLDQ�/RW�6L]H

����

3HUFHQW�5HOLVWHG��UHVHW�'20�

����

���

���

0HGLDQ�1XPEHU�RI�%DWKURRPV

��

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG

�����

3HUFHQW�)OLS��SULFH�LQFUHDVHG�

��������������VTIW

0HGLDQ�+RXVH�6L]H��VT�IW�

���������

����

���

0DUNHW�$FWLRQ�,QGH[

0HGLDQ�1XPEHU�RI�%HGURRPV

$VNLQJ�3ULFH�3HU�6TXDUH�)RRW

���

3HUFHQW�RI�3URSHUWLHV�ZLWK�3ULFH�'HFUHDVH

6HOOHUV�$GYDQWDJH

��

r�

r�

��

nn

$OWRV�5HVHDUFK�9DOXH�6WDWLVWLFV

0RVW�([SHQVLYH�/LVWLQJ

$YHUDJH�'D\V�RQ�0DUNHW��'R0�

%RWWRP�)RXUWK

/RZHU�7KLUG

8SSHU�6HFRQG

7RS�)LUVW

7KLV�:HHN 5HDO�7LPH�0DUNHW�3URILOH 7UHQG

7KH�0DUNHW�$FWLRQ�,QGH[�DQVZHUV�WKH�TXHVWLRQ��+RZV�WKH�0DUNHW"��E\�PHDVXULQJWKH�FXUUHQW�UDWH�RI�VDOH�YHUVXV�WKH�DPRXQW�RI�WKH�LQYHQWRU\���,QGH[�DERYH���LPSOLHV�D�VHOOHUV�DGYDQWDJH��%HORZ�����FRQGLWLRQV�JLYH�WKH�DGYDQWDJH�WR�WKHEX\HU�

6XSSO\�DQG�'HPDQG

&KDUDFWHULVWLFV�SHU�4XDUWLOH

�� �����

����� ��

���

��

��� ��

��

��������������VTIW

��

���������

��

���

�������������VTIW

����

���� �������������VTIW

��

���������

���

���

��������������VTIW���������

������������

��

����

,QYHQWRU\�DQG�GD\V�RQ�PDUNHW�DUHERWK�WUHQGLQJ�KLJKHU�UHFHQWO\�+RZHYHU��WKH�LPSURYLQJ�0DUNHW$FWLRQ�,QGH[�LPSOLHV�VRPH�LQFUHDVHGGHPDQG�ZLOO�WHPSHU�WKH�QHJDWLYHWUHQGV�

0RQGD\�$XJXVW��������

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

��

����

���

7KH�PHGLDQ�OLVW�SULFH�LQ�6$17$&/$5,7$��&$�WKLV�ZHHN�LV����������7KH�����SURSHUWLHV�KDYH�EHHQ�RQ�WKHPDUNHW�IRU�DQ�DYHUDJH�RI����GD\V�

0RVW�H[SHQVLYH�����RI�SURSHUWLHV

8SSHU�PLGGOH�����RI�SURSHUWLHV

/RZHU�PLGGOH�����RI�SURSHUWLHV

/HDVW�H[SHQVLYH�����RI�SURSHUWLHV

4XDUWLOH 0HGLDQ�3ULFH /RW�6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '206T��)W�

1R�FKDQJH

6WURQJ�XSZDUG�WUHQG 6WURQJ�GRZQZDUG�WUHQG

6OLJKW�XSZDUG�WUHQG 6OLJKW�GRZQZDUG�WUHQGr�

�� nn

n�

6$17$�&/$5,7$��&$&LW\�2YHUYLHZ

/HDVW�([SHQVLYH�/LVWLQJ

$YHUDJH�/LVW�3ULFH

$YHUDJH�$JH�RI�/LVWLQJ

���

������������

���������

���������

��

7UHQG�.H\�

7KH�PDUNHW�KDV�EHHQ�FRROLQJ�RYHUWLPH�DQG�SULFHV�KDYH�UHFHQWO\IODWWHQHG��'HVSLWH�WKH�FRQVLVWHQWGHFUHDVH�LQ�0DUNHW�$FWLRQ�,QGH[�0$,���ZHUH�LQ�D�6HOOHUV�0DUNHW�ZKHUH�VLJQLILFDQW�GHPDQG�OHDYHVOLWWOH�LQYHQWRU\�DYDLODEOH�����,I�WKH0$,�EHJLQV�WR�FOLPE��SULFHV�ZLOO�OLNHO\IROORZ�VXLW���,I�WKH�0$,�GURSVFRQVLVWHQWO\�RU�IDOOV�LQWR�WKH�%X\HUV]RQH��ZDWFK�IRU�GRZQZDUG�SUHVVXUH

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ6$17$�&/$5,7$��&$

0RQGD\�$XJXVW��������

0HGLDQ�3ULFH$JDLQ�WKLV�ZHHN�ZH�VHH�D�GRZQZDUG�QRWFK�IRU�SULFHV��3ULFHV�FRQWLQXH�WR�SXOO�EDFN�IURP�WKH�PDUNHWV�KLJKV��7KH�0DUNHW�$FWLRQ,QGH[�LV�D�JRRG�OHDGLQJ�LQGLFDWRU�IRU�WKH�GXUDELOLW\�RI�WKLV�WUHQG�

���GD\�$YHUDJH��GD\�$YHUDJH

4XDUWLOH�3ULFHV3ULFHV�KDYH�VHWWOHG�DW�D�SULFH�SODWHDX�DFURVV�WKH�ERDUG��3ULFHV�LQ�DOO�IRXU�TXDUWLOHV�DUH�EDVLFDOO\�PL[HG��/RRN�IRU�D�SHUVLVWHQW�VKLIW�XS�RU�GRZQ��LQ�WKH�0DUNHW�$FWLRQ�,QGH[�EHIRUH�SULFHV�PRYH�IURP�WKHVH�FXUUHQW�OHYHOV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ6$17$�&/$5,7$��&$

0RQGD\�$XJXVW��������

3ULFH�SHU�6TXDUH�)RRW'HVSLWH�UHFHQWO\�IDOOLQJ�SULFHV��WKH�SULFH�SHU�VTXDUH�IRRW�KDV�VWD\HG�UHDVRQDEO\�IODW���7KLV�LPSOLHV�WKDW�WKHUHV�D�SRUWLRQ�RI�WKHPDUNHW�EHLQJ�SULFHG�DW�D�SUHPLXP���<RX�FDQ�LQYHVWLJDWH�WKLV�FRQGLWLRQ�LQ�WKH�TXDUWLOH�GHWDLOV�

���GD\�$YHUDJH��GD\�$YHUDJH

,QYHQWRU\�RI�3URSHUWLHV�/LVWHG�IRU�6DOH,QYHQWRU\�KDV�EHHQ�FOLPELQJ�ODWHO\��1RWH�WKDW�ULVLQJ�LQYHQWRU\�DORQH�GRHV�QRW�VLJQDO�D�ZHDNHQLQJ�PDUNHW��/RRN�WR�WKH�0DUNHW$FWLRQ�,QGH[�DQG�'D\V�RQ�0DUNHW�WUHQGV�WR�JDXJH�ZKHWKHU�EX\HU�LQWHUHVW�LV�NHHSLQJ�XS�ZLWK�DYDLODEOH�VXSSO\�

���GD\�$YHUDJH��GD\�$YHUDJH

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ6$17$�&/$5,7$��&$

0RQGD\�$XJXVW��������

0DUNHW�$FWLRQ�,QGH[7KH�6$17$�&/$5,7$�PDUNHW�LV�FXUUHQWO\�LQ�WKH�6HOOHUV�$GYDQWDJH�]RQH��JUHDWHU�WKDQ������7KH����GD\�0DUNHW�$FWLRQ�,QGH[�VWDQGVDW�������ZKLFK�LQGLFDWHV�WKDW�GHPDQG�LV�VWURQJ�DQG�DYDLODEOH�VXSSO\�RI�KRPHV�JHWV�VQDSSHG�XS�UHODWLYHO\�TXLFNO\�

%X\HUV�6HOOHUV�&XWRII���GD\�$YHUDJH

0DUNHW�$FWLRQ�,QGH[�SHU�4XDUWLOH1RW�VXUSULVLQJO\��DOO�VHJPHQWV�LQ�WKH�PDUNHW�DUH�VKRZLQJ�KLJK�OHYHOV�RI�GHPDQG��:DWFK�WKH�TXDUWLOHV�IRU�FKDQJHV�EHIRUH�WKHZKROH�PDUNHW�FKDQJHV��2IWHQ�RQH�HQG�RI�WKH�PDUNHW��H�J��WKH�KLJK�HQG��ZLOO�ZHDNHQ�EHIRUH�WKH�UHVW�RI�WKH�PDUNHW�DQG�VLJQDO�DVORZGRZQ�IRU�WKH�ZKROH�JURXS�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

%X\HUV�6HOOHUV�&XWRII

5HVLGHQWLDO�KRXVH�SULFHV�DUH�D�IXQFWLRQ�RI�VXSSO\�DQG�GHPDQG��DQG�PDUNHW�FRQGLWLRQV�FDQ�EH�FKDUDFWHUL]HGE\�DQDO\]LQJ�WKRVH�IDFWRUV��:DWFK�WKLV�LQGH[�IRU�VXVWDLQHG�FKDQJHV��LI�WKH�LQGH[�IDOOV�LQWR�WKH�%X\HU·V$GYDQWDJH�]RQH��EHORZ�����IRU�D�ORQJ�SHULRG��SULFHV�DUH�OLNHO\�LQ�IRU�D�GRZQZDUG�FRUUHFWLRQ�

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

7KH�3DULV����7HDP�_�ZZZ�3DULV����FRP�_�������������

&LW\�2YHUYLHZ6$17$�&/$5,7$��&$

0RQGD\�$XJXVW��������

'D\V�RQ�0DUNHW7KH�SURSHUWLHV�KDYH�EHHQ�RQ�WKH�PDUNHW�IRU�DQ�DYHUDJH�RI����GD\V��+DOI�RI�WKH�OLVWLQJV�KDYH�FRPH�QHZO\�RQ�WKH�PDUNHW�LQ�WKHSDVW����RU�VR�GD\V�

���GD\�$YHUDJH��GD\�$YHUDJH

'D\V�RQ�0DUNHW�SHU�4XDUWLOH,W�LV�QRW�XQFRPPRQ�IRU�WKH�KLJKHU�SULFHG�KRPHV�LQ�DQ�DUHD�WR�WDNH�ORQJHU�WR�VHOO�WKDQ�WKRVH�LQ�WKH�ORZHU�TXDUWLOHV�

)LUVW�7RS 6HFRQG�8SSHU 7KLUG�/RZHU )RXUWK�%RWWRP

3DJH���RI��

6LQJOH�)DPLO\�+RPHV�LQ

top related