2013 Chorus Annual Report HIGHLIGHTS NPAT $171m Net profit after tax EBITDA $663m Earnings before interest, income tax, depreciation and amortisation ANNUAL DIVIDEND 25.5 Cents per share (see page 7 for details) FIXED LINE CONNECTIONS 1,784,000 UFB PROGRAMME 18% UFB completion P2 A good operating result P4 Management Commentary Chorus accepted in FTSE4Good Index (Corporate Sustainability, page 4) P18 Financial Statements P42 Governance & Disclosures For a second year, Chorus received Aon Hewitt Employers Accreditation A good operating result Ultra-fast broadband build on track but regulatory headwinds and capital expenditure demands remain Report from chairman Sue Sheldon and CEO Mark Ratcliffe Dear shareholder The financial year ended 30 June 2013 was Chorus’ first full year of operation as New Zealand’s largest wholesale only fixed line communications infrastructure company. Revenue was $1,057m for the full financial year, and our operational costs have continued to increase as expected to $394m. This resulted in earnings before interest, depreciation, tax and amortisation (EBITDA) of $663m and net profit after tax (NPAT) of $171m for the period. Prior period comparisons are challenging as this was the first full year of operation for Chorus and a normalised comparison is included to assist shareholders. Chorus has declared dividends totalling 25.5 cents per share for the financial year. This has been a good operating result, with both the Ultra-Fast Broadband (UFB) and Rural Broadband Initiative (RBI) programmes slightly ahead of target, a small increase in the number of access lines and a 6% increase in copper broadband connections. On the downside, capital expenditure demands continue to be significant and regulatory headwinds remain. We are pleased with the principled approach the Crown is taking to the regulatory review. However, we note that while the outcome of the Government’s regulatory review is uncertain, all potential options contained within the discussion paper imply reduced future earnings for Chorus. The discussion paper suggests a potential decrease of Chorus’ pricing within a range of $2.48 to $7.48 per broadband connection per month. Based on 30 June 2013 connection volumes, Chorus anticipates this could imply a reduction in annual EBITDA in the range of $20 million to $100 million. Overall fixed line connections remained stable for the period, at about 1.8 million lines, and the number of those copper connections that provide broadband services grew by more than 64,000 to a total of 1.112 million lines. By the end of June we had built fibre past 153,000 premises, surpassing the 149,000 targeted. This means we are now 18% of the way through the UFB rollout and, through UFB and other initiatives, have added more than 3,000km of new fibre infrastructure during the year. Alongside Crown funding, Chorus is investing a significant amount of its own capital. In February we provided updated guidance to the market that the total estimated cost to build the communal infrastructure for the network has increased from $1.4 - $1.6 billion to $1.7 -$1.9 billion. At this stage we are around 18% of the way through the communal build programme but have incurred over 25% of the estimated cost of the programme for build completed. To achieve a total programme cost within this guidance range, we have put in place a range of initiatives to drive cost savings and efficiencies. We also expect less challenging build in the second half of the programme. While Chorus is undertaking one of the largest infrastructure upgrades in New Zealand’s history, it has been an ongoing concern that the telecommunications industry faces significant regulatory uncertainty. In a move to address this uncertainty, a wide ranging review of the regulation that applies to the telecommunications sector was announced in February and a consultation document was released in early August. When announcing the review, Minister Amy Adams said “The options we are canvassing give us an opportunity to provide clarity and certainty during a period when large investments are being made in a once-in-a-many-generation upgrade of our telecommunications infrastructure that will deliver significant benefits for New Zealanders well into the future.” We welcome the review and the opportunity now exists for the industry to engage in the establishment of a forward looking, coherent and stable policy environment that ensures a sustainable and efficient transition to fibre for the years ahead. Despite the twin challenges of regulatory uncertainty and increased capital demands, we are pleased with the progress Chorus has made over the last 12 months. New Zealand now has one of the fastest growing rates of broadband penetration in the OECD. In May we announced new pricing and specifications for very high speed copper plans, using a technology known as VDSL. This delivers higher quality broadband to retail service providers at the same regulated price as the standard copper broadband product. Retail service providers then take this product and develop their own plans and pricing for end-users. Faster copper-based technology forms an important stepping stone to fibre. Like any technology upgrade, the move to fibre will be a long term transition, and VDSL has an important role in the interim and in areas where UFB is not being rolled out. Chorus now employs 763 permanent and fixed term employees directly, along with a further 4,434 people who are either employed directly by our service company partners or are sub-contracted by the service companies. This means the overall workforce has doubled since Chorus’ demerger from Telecom. We have been recognised for a second year as one of the best employers in Australasia, our people have retained a high level of engagement with our business and our culture promotes diversity and inclusiveness. Health and safety will continue to be a key focus for the company. We have this year been accepted into a globally recognised corporate sustainability index and, in partnership with Downer, won a Ministry for the Environment green award. Chorus’ operational performance is good and we will continue to work hard on your behalf to address the challenges in the year ahead. This report is dated 29 August 2013 and is signed on behalf of the Board of Chorus Limited: Sue Sheldon, Chairman Mark Ratcliffe, Director and CEO A simple business Fundamentally, Chorus is a simple business. The core of the business is the New Zealand wide network of fibre optic and copper cables that connect homes and businesses to each other. The fibre network continues to grow rapidly and Chorus now has about 32,000km of fibre and 130,000km of copper cabling. These cables typically connect back to local telephone exchanges, of which Chorus has about 600 nationwide. Chorus fibre also connects many mobile phone towers owned by mobile service providers, so even mobile phone calls generally connect via the Chorus network at some point. Chorus has about 1.8 million connections on the fixed line network, with about 1.1 million of these using a broadband service provided by Chorus’ broadband equipment. About 7,000 cabinets provide interconnection points for around 50% of the lines in the Chorus network. A large number of these cabinets are like mini telephone exchanges and have electronic broadband equipment installed in them. In some cases, retail service providers have chosen to install their own broadband equipment in an exchange and pay Chorus just for the rental of the access line. This is called ‘unbundling’ and about 7% of Chorus’ lines have been unbundled. 32,000km fibre Fibre backhaul links local exchanges to other exchanges or retail service provider networks 2 Fibre-fed broadband cabinets provide broadband of at least 10Mbps to 80 percent of New Zealanders Chorus Network Overview KEY Fibre Copper Fibre to the premises enables ultra-fast broadband services 602 local exchanges Mobile service provider cell tower The access network connects a home, business or structure to the telecommunications equipment – often a local exchange DIRECTORS Sue Sheldon CNZM, BCom, FCA Chairman; director since 1 July 2011; independent Anne Urlwin, BCom, CA, F InstD, FNZIM, ACIS Clayton Wakefield, BSc (Computer Science), GradDip Mgmt Director since 1 December 2011; independent Director since 1 December 2011; independent Sue is a professional company director. She is chairman of Freightways and Paymark, deputy chairman of the Reserve Bank of New Zealand and a director of FibreTech Holdings and Contact Energy. Sue is a former director of Telecom, Smiths City Group and Meridian Energy, among others. She has extensive experience as both a chairman and member of audit and risk committees and is a former president of the New Zealand Institute of Chartered Accountants. Sue was made a Companion of the New Zealand Order of Merit for services to business in 2007. Anne has more than 20 years’ directorship experience across many sectors, including energy, health, construction, regulatory services, internet infrastructure, research, banking, forestry and the primary sector, as well as education, sports administration and the arts. She is a director of Southern Response Earthquake Services Ltd, Steel & Tube Holdings Ltd and OnePath Life (NZ) Ltd. She is chairman of Naylor Love Enterprises Ltd and an independent chairman of Ngai Tahu Te Runanga Audit & Risk Committee. Anne is a former chairman of Lakes Environmental Ltd, the New Zealand Blood Service and New Zealand Domain Name Registry, and a former director of Meridian Energy. Clayton has over 30 years’ experience in the banking, financial services, telecommunications and technology industries. He is an executive director and owner of Techspace, a leading New Zealand independent IT advisory company working with New Zealand’s major corporates. From 2001 to 2007 he was Head of Technology and Operations at ASB Bank. He was previously a director and chairman of Electronic Transaction Services and of Visa New Zealand and also previously an independent director of Endace Ltd. Jon Hartley, BA Econ Accounting (Hons), Fellow ICA (England & Wales), Associate ICA (Australia), Fellow AICD Director since 1 December 2011; independent Jon is a Chartered Accountant and Fellow of the Australian Institute of Company Directors. He has held senior roles across a diverse range of commercial and not for profit organisations in several countries, including chairman of SkyCity, director of Mighty River Power, CEO of Brierley New Zealand and Solid Energy, and CFO of Lend Lease in Australia. Jon is currently deputy chairman of ASB Bank, Sovereign Assurance Company and vice chairman of VisionFund International. He is a director of VisionFund Cambodia and a trustee of World Vision New Zealand and of the Wellington City Mission. Keith Turner, BE (Hons), ME, PhD Director since 1 December 2011; independent Mark Ratcliffe, BA Accounting Director since 9 December 2011; non-independent Prue Flacks, LLB, LLM Director since 1 December 2011; independent Dr Keith Turner was CEO of New Zealand electricity generator and retailer Meridian Energy for nine years from its establishment in 1999. He is now chairman of Fisher and Paykel Appliances, deputy chairman of Auckland International Airport and a director of Spark Infrastructure, an Australian listed company. He is also chairman of Solar City New Zealand. Keith has had an extensive career in electricity, taking part in much of its reform, including separation of Transpower from Electricity Corporation of New Zealand Ltd (ECNZ) in 1992, the separation of Contact Energy from ECNZ in 1996 and the eventual break up of ECNZ into three companies in 1999. Mark has been CEO of Chorus since it was established in 2007 as an operationally separate business unit within Telecom and was then appointed as the first CEO of the listed entity in 2011. In a 20 year career with Telecom, Mark held finance, marketing, product development, product management and IT roles and was promoted to the executive team in 1999 where he was CIO (including a period as joint CEO of AAPT in Australia) and then COO Technology and Wholesale before becoming CEO of Chorus. From May 2010, he led the team that secured Chorus’ participation in the Government’s UFB initiative and the demerger of Chorus and Telecom. Prue is a director of Bank of New Zealand and Mighty River Power, and a trustee of the Victoria University Foundation. She is a barrister and solicitor with extensive experience in commercial law and, in particular, banking, finance and securities law. Her areas of expertise include corporate and regulatory matters, corporate finance, capital markets, securitisation and business restructuring. Prue is a consultant to Russell McVeagh, where she was previously a partner for 20 years. EXECUTIVE TEAM * During the year Ed Beattie assumed the role of General Manager IBuild after a reorganisation following the resignation of Chris Dyhrberg. ^ Sara Broadhurst left Chorus on 23 August 2013 Mark Ratcliffe Chief Executive Officer See above. Andrew Carroll, MCA (Hons) Chief Financial Officer Ed Beattie* General Manager, IBuild Andrew joined Chorus after nine years with Telecom where, as Head of Mergers & Acquisitions, he was involved in the Gen-i acquisition and the sale of Yellow Pages. Prior to this he worked in investment banking for a decade. Andrew worked closely with the Chorus team on the UFB negotiations with Crown Fibre Holdings and throughout the demerger process. Ed has more than 30 years’ experience in building and maintaining fixed line and mobile telecommunications networks in New Zealand. Most recently, he managed the delivery of the successful Fibre to the Node programme and played a lead role in the Christchurch crisis response and restoration activities. Ewen Powell, BE Chief Technology Officer Irene Lovejoy Executive Assistant Nick Woodward General Manager, Customer Service Ewen has nearly 20 years’ experience in managing the technology, services and partnerships that operate a national communications network. Much of his career was spent at Telecom where he was at the forefront of a wide range of technology changes, most recently driving the technology changes required to achieve Chorus’ operational separation requirements. Irene has worked with Chorus CEO Mark Ratcliffe for more than 14 years, bringing a unique insight that adds value to the development of the Chorus executive team. Before joining Chorus, Irene spent 22 years with Telecom where she held roles in the marketing, technology and corporate teams. Nick’s career combines a wide range of IT, sales and customer management experience in the financial and telecommunications industries. His roles have seen him work across the United States and Europe for Hutchison 3G UK and Household Bank in the United Kingdom. Before joining Chorus, Nick headed up Telecom’s Channel Planning and Operations group. Sara Broadhurst^, BA, Dip (Bus), Dip (Psych), PG Dip (Psych) Vanessa Oakley, LLB (Hons), PGCert (MgtSt), PGCert (CompPolicy) (UK), GAICD, MInstD Victoria Crone, MCA General Manager, Sales and Marketing General Manager, Human Resources General Counsel & Company Secretary Sara joined Chorus in 2008, bringing more than 10 years’ experience in human resources in New Zealand and the United Kingdom from a wide range of industries, including housing, manufacturing, banking and not for profit organisations. She previously held human resources roles in New Zealand for ANZ National Bank, EFTPOS and Barnardos. Vanessa has extensive experience in law and policy, especially in relation to regulated infrastructure businesses. A qualified lawyer in New Zealand and England and Wales, Vanessa joined Chorus after playing a key role in the UFB contract, legislative and demerger processes. Prior to that she has held roles in the public and private sectors including as a key adviser to United Kingdom and New Zealand regulators and across the Telecom group. Victoria has extensive experience in bringing telecommunications products and services to market. She has held several senior business, sales and marketing roles with Telecom, including responsibility for the sales strategy and operations for its retail business, managing offerings for the business market and developing Telecom’s proposition for next generation products and services. 3 Ultra-Fast Broadband In May 2011, Chorus was selected by Crown Fibre Holdings Ltd (CFH) to roll out UFB in 24 of the 33 areas nationwide. This contract will see Chorus deploy around 17,000km of new fibre optic cables to areas covering around 70% of the UFB footprint. By 2020, Chorus will have drilled, dug or hauled the new network past about 830,900 premises. With 60% to 70% of deployment costs relating to civil work, Chorus is using as much of its existing duct and fibre network as possible. Chorus is also working with councils and utility companies to further reduce deployment costs by, for example, trench sharing and linking with footpath UFB – an inter-generational investment building the UFB and RBI networks is $5.5 billion GDP growth over 20 years. Fibre can deliver high speed connectivity over much greater distances than copper, opening up possibilities and services that aren’t yet perceived. Fibre is also easier to maintain and will help future-proof the network for continuing growth in demand for bandwidth. The Government’s UFB policy, through public private partnerships with the Crown, brings forward the network investment ahead of demand and earlier than would have otherwise been made by the private sector alone. This means New Zealand can realise the economic and social benefits sooner. replacement programmes where possible. Alcatel Lucent’s Bell Labs estimated in 2012 that the economic impact of 205,500 end-users now within reach of UFB 250 200 d n a s u o h T 150 100 50 0 FY12 FY13 Premises passed with UFB (cumulative) End-users within reach of UFB (cumulative) Rural Broadband Initiative Regulatory environment Chorus and Vodafone are working together to deliver the Government’s RBI programme. This joint project is bringing better broadband to rural schools, health providers and tens of thousands of rural residents. There are several elements to this Government subsidised project. The main task for Chorus is laying fibre, often to exchange areas where there isn’t fibre today. In addition, Chorus will deliver fibre to 154 new Vodafone mobile sites that will be used to deliver fixed wireless broadband to rural communities. As part of RBI, Chorus is laying approximately 3,350km of fibre and upgrading or installing about 1,000 new broadband cabinets. At 30 June 2013 Chorus had laid 2,150km of fibre and brought 51,200 lines within reach of better broadband. People Total people numbers at 30 June 2013 2142 service company sub-contractors 763 Chorus permanent and fixed term employees 2292 service company employees As the largest copper and fibre network operator in New Zealand, Chorus is subject to regulation. On 3 December 2012, the Commerce Commission (Commission) released two decisions: • The final benchmarked Unbundled Copper Local Loop (UCLL) decision reduced the price by 3.8% to $23.52 per month. Chorus and retail service providers have applied for a ‘final pricing principle’ review of the decision. • The draft benchmarked Unbundled Bitstream Access (UBA) decision proposed a reduction in price of around 60% from $21.46 to $8.93 per month. On 7 August 2013, the Government released a discussion paper proposing a phased approach to a review of the telecommunications regulatory framework with an immediate focus on copper pricing. It proposes that Chorus’ combined copper (UCLL and UBA) prices should be roughly equivalent with Chorus’ contracted entry level fibre prices. There are three options proposed – which generally differ in terms of whether the Commission or Government selects the appropriate price point between a range of $37.50 – $42.50, how the UCLL and UBA copper prices are set within that overall cap and whether new pricing applies from November 2014 or November 2015. While the outcome of the Government’s regulatory review is uncertain, all potential options contained within the discussion paper imply reduced future earnings for Chorus. The discussion paper suggests a potential decrease of Chorus’ pricing within a range of $2.48 to $7.48 per broadband connection per month. Based on 30 June 2013 connection volumes, Chorus anticipates this could imply a reduction in annual EBITDA in the range of $20 million to $100 million. For UFB to be successful and for Chorus to maintain its current capital management settings, it is important to get an appropriate mix of Layer 1 (UCLL/UCLFS) and Layer 2 (UBA) pricing. The outcomes of this process and the Commission’s parallel processes reviewing the UBA and UCLL prices are uncertain. Later phases of the regulatory review are proposed to focus on the appropriate regulatory framework once the UFB build is complete in 2020 (amongst other things). Submissions are due on 13 September. On 9 July 2013 the Government also issued a discussion document for the review of the Telecommunications Service Obligation (TSO). Chorus provides wholesale services that enable the provision of the retail TSO. Submissions on a number of potential future options for the TSO were due on 20 August 2013. For a complete overview of Chorus’ regulatory environment, please see the competition and regulation section in the Management Commentary. Corporate Sustainability Chorus aims to achieve a balance commitment to manage the energy that Social highlights between our economic, environmental made up 60% of our carbon footprint. and social requirements that delivers our We also calculated our base year carbon needs of today without compromising our and submitted it to the Carbon Disclosure needs of tomorrow. Chorus has this year Project, a leading global carbon benchmark. been accepted into the FTSE4Good index, which measures the performance of companies that meet globally recognised corporate responsibility standards. In addition, Chorus, in partnership with Downer, won the Ministry for the Environment Green Ribbon Award for waste minimisation through our efforts to Last year, 274 Chorus staff took the opportunity to spend a day helping others in our community, through our Volunteer Day programme. Starship children’s hospital was nominated by Chorus people to receive a $50,000 donation from Chorus. Environmental highlights recycle approximately 2,400 UFB drums We also continued to combat graffiti with During the year Chorus established an energy manager’s role as part of our and 20km of ducts. our cabinet art programme, with another 35 cabinets now complete. 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e h t o e h T . s k r o w t e n r e h t o m o r f e r u s s e r p e v i t i t e p m o c d e s a e r c n I • l l i w d r a o B s u r o h C e h T . d e g n a h c n u s i i e c n a d u g d n e d v d 4 1 Y F i i ’ s u r o h C s e s i i , l m e r p 0 0 0 6 7 y e t a m x o r p p a d e s s a p d a h s r e d l i u b k r o w t e n B F U ’ s u r o h C s s e s s a e r o t l s t c e p x e d n a s t n e m p o e v e d r o t i n o m o t e u n i t n o c m o r f e r a h s t e k r a m r e t a e r g n a g o t i t r a t s y a m d n a 3 1 0 2 e n u J 0 3 t a e h t m o r f s e m o c t u o e h t s a s g n i t t e s t n e m e g a n a m l a t i p a c l a m i t p o y t i l i b a p a c d n a b d a o r b e l i b o m g n i r e ff o , s e r t n e c n a m n i i e g a r e v o c G 4 g n i r e ff o n u g e b e v a h s r o t a r e p o k r o w t e n e l i b o m l a r e v e s . g n i r e ff o e n i l d e x fi ’ s u r o h C i t s n a g a e v i t i t e p m o c e r o m e b y a m t a h t l a t n e m e r c n i r u c n i o t s t c e p x e s u r o h C , r a e y f l a h e h t t a d e t o n s A • , n o i t i d d a n I . l l e a c s p o e v e d s t n i r p t o o f k r o w t e n r i e h t s a s u r o h C i l . r e r a e c e m o c e b w e v e r k r o w e m a r f y r o t a u g e r l s ’ t n e m n r e v o G . s t s o c t u p n i i n o s r e d v o r p e c v r e s i l i a t e r m o r f s u c o f r e t a e r g n e v E • i i d n e d v D e h t n i i e t a p c i t r a p o t e b a e b l l l i l w s r e d o h e r a h s e b g l i i l E d n a b d a o r b n i h t w o r g d o o g e c n e i r e p x e o t s e u n i t n o c s u r o h C e l i h W s a w 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t r o f e r u t i d n e p x e l a t i p a C k o o l t u O e r u t i d n e p x e l a t i p a C , n o i l l i m 3 6 6 $ s a w 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t r o f A D T B E I A D T I B E y r a m m u s n I r a e y e h t r o f s e g n e l l a h c f o e g n a r a e r a e r e h t s n o i t c e n n o c e r b i f d n a e h t i f o t n o p d m e h t h t i i w t n e t s i s n o c s i i h c h w , n o i l l i m 1 8 6 $ s i s a b d e s i l a m r o n a n o A D T B E n I i h t w o r g % 2 . 1 d n u o r a g n i t n e s e r p e r : e d u c n l i e s e h T . d a e h a l a n o i t i d d a n a r o f g n i t s u d a r e t f a y r a u r b e F n j i i d e d v o r p e g n a r e c n a d u g i s t c e l f e r s i h T . ) 2 1 e g a p n o s t l u s e r d e s i l a u n n a d e s i l a m r o n e e s ( s e u n e v e r e r u t u f ’ s u r o h C n o e c n e u fl n i g n o r t s a e b y e k l i l l l i w g n c i r p i l d e t a u g e r o t s e g n a h c y n A . l n o i t a u g e r e s o p r u p - r o f - t fi f o e c n e s b a . e r b fi o t e t a r g m o t i s s e n g n i l l i w y r t s u d n i d n a s h t n o m 2 1 l l u f t s r fi e h t e b o s l a l l i w 4 1 0 2 e n u J 0 3 g n d n e r a e y e h T i l r e p p o C d e d n u b n U d n a L L C U n i n o i t c u d e r ’ s n o i s s i m m o C e h t f o t c a p m i d e s i l a u n n a e h t , i g n c i r p ) S F L C U i ( e c v r e S y c n e u q e r F w o L d n u o r a y b A D T B E I ’ s u r o h C e c u d e r o t d e t a m i t s e s a w h c h w i f o e h t d n a e v i t a i t i n i B F U s ’ t n e m n r e v o G e h t h t i w t n e m n g i l a r a e c f o l k c a l s t i , k r o w e m a r f l y r o t a u g e r e h t h t i i w y t n a t r e c n u g n o g n O i l d n a y r o t a u g e r d e s a e r c n i n i t l u s e r o s l a l l i w 4 1 Y F n i s e m m a r g o r p t s o c t n e m y o p e d e h t n l i i i s e c n e c ffi e r e h t r u f e v e h c a o t d e e n e h T i . 4 1 Y F n i s t s o c t n a t l u s n o c . s n o i t c e n n o c r e s u - d n e d n a t u o l l o r k r o w t e n B F U e h t f o y r o t a u g e r l i t n a c fi n g i s e h t t a h t y e k l i l s i t I . m u n n a r e p n o i l l i m 0 2 $ • • • d n a ( r a e y l i a c n a n i f s i h t n i d e t a i t i n i d l i u b B F U e e r h t r a e y f o n o i l l i m 4 1 $ r e p p o c d e c n a h n e d n a c i s a b ’ s u r o h C r o f d n a m e d n i h t w o r g d e u n i t n o c l a t i p a c s i h t l f o % 5 8 y e t a m x o r p p A i . ) s s e r g o r p n i k r o w s a d e s i n g o c e r d n a m e D . r a e y e h t r e v o e k a t p u d n a b d a o r b y d a e t s g n d u c n l i i , s t c u d o r p n o y l l i a p c n i r p , t n e m t s e v n i l d e t a e r e r b i f n o d e s u c o f s a w e r u t i d n e p x e s s e n i s u b r o f y l r a u c i t r a p l , w o r g o t d e u n i t n o c o s l a s t c u d o r p e r b i f r o f . s e m m a r g o r p t n e m y o p e d l ) I B R ( e v i t a i t i n I d n a b d a o r B l a r u R d n a B F U e h t s e u n e v e r ’ s u r o h C f o t n u o m a t n a c i f i n g i s A . s n o i t c e n n o c r e i r r a c d n a s d n e d i v i D e h t o t e v i t a e r l . % 4 7 d n u o r a y b n w o r g e v a h s t s o C . s e u n e v e r n i y t i l i i b x e l f y r a n o i t e r c s i d e l t t i l i s e v g h c h w i , s t c u d o r p d e t a u g e r l m o r f e r a . n o m p 0 0 5 t a d e r e t s i g e r l s r e d o h e r a h s l l a o t 3 1 0 2 r e b o t c O 1 1 n a n o d e t o u q e b l l i w s e r a h s e h T . 3 1 0 2 r e b m e t p e S 7 2 y a d i r F t n a c i f i n g i s a ( i s r e b m u n f f a t s g n w o r g d n a s t s o c e c n a n e t n a m i k r o w t e n i , s t s o c g n n o i s i v o r p d e s a e r c n i g n i t c e l f e r , ) 2 1 e g a p n o e r a h s r e p s t n e c 5 5 1 . i f o d n e d v d a y a p i l l i w s u r o h C n o s t l u s e r d e s i l a u n n a d e s i l a m r o n e e s ( t l u s e r 2 1 0 2 d e s i l a m r o n . X S A e h t n o 3 1 0 2 r e b m e t p e S 3 2 d n a d r a o B i n a M X Z N e h t n o 3 1 0 2 r e b m e t p e S 5 2 m o r f s i s a b d n e d v d - x e i i n o i t a m r o f n i d n a d l i u b B F U e h t n o g n k r o w e r a h c h w i i f o r e b m u n . ) d e s i l a t i p a c y l l u f e r a h c h w i , s t c e o r p j ) T l I ( y g o o n h c e t i i d n e d v d y r a t n e m e p p u s a l , n o i t i d d a n I . e t a r x a t e m o c n i e t a r o p r o c e h t , 2 1 0 2 e n u J 0 3 d e d n e s t l u s e r h t n o m n e v e s d e s i l a u n n a d e s i l a m r o n h t i w e n i l n i ) 2 7 / 8 2 f o o i t a r a t a ( d e t u p m i y l l u f e b l l i w s d n e d v d e h T i i e h t o t e v i t a e r l , s t l u s e r r a e y l l u f d e s i l a m r o n e h t f o n o s i r a p m o c A . l d n a a e Z w e N n i t n e d i s e r t o n l e r a o h w s r e d o h e r a h s o t e b a y a p e b l l l i w , e r a h s r e p s t n e c 3 5 3 7 2 f o . . 2 1 e g a p n o s t l u s e r d e s i l a u n n a d e s i l a m r o n n i d e d u c n l i s i 7 Chorus Management Commentary M $ 9 9 3 9 8 8 2 8 1 4 1 7 4 8 1 3 1 6 h t i w e n i l M $ 1 3 6 5 1 2 0 6 7 3 7 1 5 8 2 1 7 5 0 , 1 n i i s e c v r e s B F U 2 1 0 2 3 1 0 2 ) S H T N O M 7 ( ) S H T N O M 2 1 ( t n a c i f i n g i s e h t i i f o w e v r e v o n a s e d v o r p 6 1 e g a p n o w e v r e v o t c u d o r P i s i s a b e k i l r o f e k i l . a n o % 5 3 d n u o r a y b p u e r e w s e u n e v e r , i g n c i r p . s e u n e v e r e r b i f d n a r e p p o c p u e k a m t a h t i s e c v r e s d n a s t c u d o r p e n i l d e x i f l a t o T . ) 2 1 e g a p n o s t l u s e r d e s i l a u n n a d e s i l a m r o n e e s ( , t a h t l s t c u d o r p d e t a u g e r e r o c s e t a r o p r o c n i r e p p o c c i s a B r e p p o c c i s a B : r o f r e h t r u f e l i h w k r o w t e n 1 r e y a l ’ s u r o h C f o t s o m s e d u c n l i t I i . s e c v r e s e r b i f d n a d n a y g o o n h c e t l r e i l r a e n o d e d n u o f e r a r o , s u r o h C y b t n e m p o e v e d l r e p p o c d e c n a h n e y b d e d e s r e p u s g n e b e r a t a h t i s t n a i r a v t c u d o r p r o f l a t o t 2 1 0 2 e n u J 0 3 e h t n i y r o g e t a c ’ r e p p o c r e v o s e c v r e s i d n a ; s n o i t c e n n o c e n i l d e x fi U L S , L L C U , S F L C U t u p n i i e c o v r e p p o c e h t s e d u c n l i d n a s t c u d o r p p o o L b u S / ) U L S ( g n i l d n u b n U p o o L b u S 0 0 0 7 , t u o b a g n d u c x e l i l c i s a B d e k a n y n o d n a b d a o r b g n d u c n l i i ( A B U c i s a B d n a , S E L S d n a . ) s n o i t c e n n o c A B U l e b u o d y l s u o v e r p e r e w i t a h t s n o i t c e n n o c ) S E L S ( i s e c v r e S n o i s n e t x E . s n o i t c e n n o c e n i l d e x fi r o f l a t o t 2 1 0 2 e n u J 0 3 e h t n i d e t n u o c r o f e p o c s d e t i m i l e v a h , o i l o f t r o p e h t f o t r a p t n a t r o p m i n a a t a d ‘ e h t m o r f d e t t i i m o y l s u o v e r p r e p p o c r e v o s n o i t c e n n o c ) S N S H i ( e c v r e S k r o w t e N d e e p S h g H 0 0 0 7 , i i l y e t a m x o r p p a • • d e c n a h n e o t i s e c v r e s d n a b d a o r b A B U c i s a B m o r f n o i t a r g m e h T i s t c u d o r p y e k r o f s r e b m u n n o i t c e n n o c ’ s u r o h C f o y r a m m u s A l i a t e r s a l , s e m u o v e c o v i l a n o i t i d a r t n i t f i h s a d n a s e c v r e s i r e p p o c . 0 1 e g a p n o y r a t n e m m o c e u n e v e r n i s i ’ s u r o h C . e k a t p u e r b fi e s i j i m x a m o t e v i t c e b o s ’ t n e m n r e v o G e h t s p b M 0 0 1 f o s t c u d o r p e r b fi d e e p s i r e h g h f o n o i t p o d a e g a r u o c n e d n a h t w o r g h t d w d n a b t r o p p u s i t a h t s t c u d o r p r e v i l e d o t s i l a o g d n a ; e r o m r o s n o i t c e n n o c ’ s u r o h C r o f s e i t i n u t r o p p o t e k r a m w e n g n n fi e D i • i . s e c v r e s d n a g n i t r o p p u s d n a s n o i t c e n n o c r o f d n a m e d g n n a t s u s n o s i i i s u c o f ’ s u r o h C . 9 1 0 2 f o d n e e h t y b e n i l d e x i f f o e r u t a n c i t a t s y e v i t a e r e h T l l . 3 1 0 2 e n u J 0 3 o t s h t n o m i d n a s n o i t c e n n o c g n w o r g y b s r e d o h e k a t s d n a s r e d v o r p e c v r e s l i i l i a t e r i e c o v d e x i f i f o n o i t a r g m w o l s e h t t c e l f e r o t s e u n i t n o c s n o i t c e n n o c i d e n a m e r e v a h s e m u o v d n a s e u n e v e R l . ’ l e r b i f o t d n a a e Z w e N g n d a e i l ‘ r o i r p e h t o t d e r a p m o c y l t h g i l s p u e r e w s e u n e v e r d e t s u d a n U j . s h t n o m e v l e w t e h t t u o h g u o r h t y d a e t s y e v i t a e r l l h t i W . s e i r t n u o c r e h t o o t e v i t a e r l , l d n a a e Z w e N n i e l i b o m o t i s e c v r e s y l l l a b o g s k r o w t e n d e x i f i , s e c v e d t r a m s e l i b o m n i h t w o r g g n o r t s e h t e l i b o m e h t g n i t r o p p u s o t y r a t n e m e p m o c s a n e e s y g n i s a e r c n l l i e r a i s n o i s i v d b u s w e n n i k r o w t e n e r b i f f o n o i t a l l a t s n i e h T . e c n e i r e p x e ) S F L C U ( l d e t a u g e r n i s e g n a h c r o f g n i t s u d a r e t f A j . ) d e s i l a u n n a ( d o i r e p . h t w o r g n o i t c e n n o c l a r u t a n e m o s g n d v o r p o s l a s i i i i r o f d n a m e d g n v i r d y b h t w o r g g n i r e v i l e D • w e i v r e v o e u n e v e R e u n e v e r l a t o T r e h t O e r u t c u r t s a r f n I i s e c v r e s d e F l i . k r o w t e n l u a h k c a b d n a t r o p s n a r t l a n o i t a n a d n a s a e r a s s e n i s u b l a r t n e c l l e w s a , s u r o h C r o f e g n e l l a h c d n a y t i n u t r o p p o h t o b g n i t n e s e r p e r j r o a m l l a n i s k r o w t e n e r b i f s s e n i s u b s a h o s l a t I . s r e s u - d n e d n a b d a o r b , n o i t i s n a r t l x e p m o c f o e m i t a s i t I . 1 1 0 2 e t a l n i d e h s i l b a t s e l e d o m e t a v i r p c i l b u p n i i l s k r o w t e n e r b i f g n y o p e d o s l a e r a s k r o w t e N e b a n E l s n o i t c e n n o c e n i l , d e x i f 0 0 0 4 8 7 , 1 y e t a m x o r p p a f o l i l a t o t ’ s u r o h C d e t c e p x e s i t I . s a e r a B F U 3 3 e h t f o 9 n i n w o r C e h t h t i i w s p h s r e n t r a p i , l 0 0 0 8 y e t a m x o r p p a f o e s a e r c n i n a t n e s e r p e r 3 1 0 2 e n u J 0 3 t a s u r o h C . s e s i , m e r p 0 0 0 5 6 3 t u o b a t s a p e r b i f B F U y o p e d l s e s i , m e r p 0 0 9 0 3 8 t u o b a d e s s a p e v a h o t k r o w t e n B F U s t i l l i w y e h t s t c e p x e f l a h t s r i f e h t n i s e n i l 0 0 0 0 1 , f o h t w o r g l a e R . 2 1 0 2 e n u J 0 3 m o r f s e n i l x i s e h t r e v o s e n i l i , l 0 0 0 2 y e t a m x o r p p a f o n o i t c u d e r a y b t e s f f o s a w i d n a e r b F t s a f a r t l U , r e w o p h t r o N s e n a p m o c e r b i f i l a c o l e e r h T i . s r e d v o r p e c v r e s i l i a t e r r o f s a i s e c v r e s k r o w t e n d e d d a e u a V l , 0 0 0 0 6 t u o b a g n i t c e n n o c h c r u h c t s i r h C d n a i t i p a K , n o t g n i l l e W n i s n o i t c e n n o c 0 0 0 8 f o e s a e r c n , i t h g i l s a h t i w , l e b a t s e r e w s n o i t c e n n o c s n o i t c e n n o c d n a b d a o r b r e p p o c 0 0 0 4 6 t u o b a g n d d a s u r o h C , i w o l l a o t s t n e m j t s u d a d e d u c n l i s i h T . ) , 0 0 0 4 8 7 , 1 o t 0 0 0 6 7 7 , 1 m o r f ( , t a h t d e t r o p e r D C E O e h t , 3 1 0 2 y u J n l I . s h t n o m e v l e w t e h t n i t e k r a m d n a b d a o r b g n w o r g t s e t s a f d r i h t e h t i l s a w d n a a e Z w e N h t i w y l i d a e t s w o r g o t s e u n i t n o c t e k r a m d n a b d a o r b s d n a a e Z w e N l ’ n o i t a r t e n e p d n a b d a o r B . n o i l l i m 8 2 . 1 o t % 1 . 3 g n i s a e r c n i s n o i t c e n n o c d n a b d a o r b l a t o t h t i w , 2 1 0 2 r e b m e c e D o t r a e y e h t r o f D C E O e h t n i e g a r e v a D C E O e h t h t o b f o d a e h a , . % 6 8 2 s a w s t n a t i b a h n i 0 0 1 r e p t a h t s e t a m i t s e n o i s s i m m o C e h T . 1 ) . % 2 5 2 ( a i l a r t s u A d n a ) . % 3 6 2 ( s e n i l r e p p o c ’ s u r o h C f o n o i t r o p o r p e h T . 2 n o i t c e n n o c e n i l d e x i f a h t i w l s d o h e s u o h f o % 8 7 d n u o r a o t d e s a e r c n i n o i t a r t e n e p d n a b d a o r b g n i r u d % 3 6 o t % 0 6 m o r f d e s a e r c n i i e c v r e s d n a b d a o r b a g n k a t o s l a i s ’ t n e m n r e v o G e h t m o r f g n i s i r a e g n a h c t n a c i f i n g i s e h t o t n o i t i d d a n I . d o i r e p e h t k r o w t e n s s e c c a n e p o ’ s u r o h C f o n o i t a r a p e s e h t d n a y c i l o p B F U s i i s e c v r e s e c o v i ) P I ( l o c o t o r P t e n r e t n I n i t s e v n i i s r e d v o r p e c v r e s i . s e u n e v e r r e p p o c c i s a b n i e n i l i c e d g n u n i t n o c a o t g n i t u b i r t n o c , d n a b d a o r b f o e g n a r d a o r b a s e s s a p m o c n e o i l o f t r o p t c u d o r p ’ s u r o h C e r a e r e h T . y r t s u d n i e h t n i i e g n a h c g n o g n o r e h t o s i e r e h t , l i a t e r m o r f l i a c r e m m o c d n a d e t a u g e r l i f o x m a s e d u c n l i t I i i . s e c v r e s e c o v d n a a t a d n e e s y d a e r l a s a ( i s r e d v o r p e c v r e s i l i a t e r i f o p h s r e n w o e h t n i s e g n a h c i d e t l u s e r g n c i r p L L C U n o n o i s i c e d l a n i f ’ s n o i s s i m m o C e h T . s r e f f o e v a h s e u n e v e r r e p p o c c i s a b t l u s e r a s A . 2 1 0 2 r e b m e c e D 1 m o r f i . . 2 5 3 2 $ o t 6 4 4 2 $ m o r f g n c u d e r g n c i r p r e p p o C d n a b e s a B n i i i e c o v l a n o i t i d a r t o t n i t u p n i n a s a e s u n a c s r e d v o r p e c v r e s i i l i a t e r e r a h s ’ s u r o h C r o f d n a m e d g n n a t s u s i i l y b e u a v g n n a t e R i i • t s a c d a o r b e h t d e r u c e s s a h t i t a h t 3 1 0 2 e n u J n i i g n c n u o n n a a d e M i ; s n o i t c e n n o c t e k r a m f o . ) m r o f t a p e n l i l n o n a e s u l l i w d n a e u g a e L r e m e r P h s i l i g n E e h t r o f s t h g i r s t r o p S m u e s i l o C h t i w n e e s s a ( s g n i r e f f o t n e t n o c e n i l n o f o n o i t u o v e l i h c h w ) S F L C U g n d u c n l i i ( i s e c v r e s r e p p o C d n a b e s a B ’ s u r o h C : n o s e s u c o f y g e t a r t s e u n e v e r ’ s u r o h C e h t d n a ) 3 1 0 2 l i r p A n i s r o t s e v n i e t a v i r p o t n o c r O f o e a s l ’ i s a d r o K m o r f d e v i r e d e r a s e u n e v e r r e p p o c c i s a b f o y t i r o a m e h T j . s t c u d o r p e r b i f d e e r g a y l l a u t c a r t n o c d n a , s t c u d o r p y c a g e l d n a r e p p o c d n a 2 1 0 2 r e b o t c O n i l e n o f a d o V y b r a e C a r t s l e T f o e s a h c r u p e h t n i . s i s a b d e s i l a u n n a n a n o n o i l l i i l m 0 2 $ y e t a m x o r p p a y b d e s a e r c e d l d e s y a n a s i s e u n e v e r n i n o i t c u d e r s i h t f o t c a p m i l a c i r o t s i h e h T . 2 1 e g a p n o s t l u s e r d e s i l a u n n a d e s i l a m r o n n i r e h t r u f m t h . l a t r o p d n a b d a o r b d c e o / d n a b d a o r b / i t s / g r o d c e o w w w . . / / : p t t h 2 1 0 2 r e b m e c e D , l y g o o n h c e t y b , s t n a t i b a h n i 0 0 1 r e p s n o i t p i r c s b u s d n a b d a o r b ) d e r i w ( i d e x F D C E O 3 1 0 2 l i r p A , n o i s s i m m o C e c r e m m o C , 2 1 0 2 t r o p e R g n i r o t i n o M s n o i t a c n u m m o c e e T l i l a u n n A 1 2 y r a t n e m m o c e u n e v e R r e p p o c d e c n a h n E r e p p o c c i s a B e r b F i i s n o i t a c n u m m o c e e t e h t l i f o w e v r e v O 8 t e k r a m e l a s e o h w l , s k r o w t e N X F , r o t c e V , e n o f a d o V e d u c n l i s r o t i t e p m o c k r o w t e n ’ s u r o h C s k r o w t e n r e h t O t n a c i f i n g i s a s i e n o f a d o V . w o N d n a s u P l l l a C , h s o o W s a h c u s i s r e d v o r p l k r o w t e n e b a c r a e C a r t s l e T e h t l f o e s a h c r u p s t i h g u o r h t r o t i t e p m o c k r o w t e n d e x i f t s e g r a l ’ s u r o h C w o n o s l a s i t u b , r e m o t s u c s u r o h C k r o w t e n s s e e r i l w d e x i f d e s a b y l l a n o g e r i f o e g n a r a d n a a d r o K i s s e n i s u b s a h s u r o h C i . s r e d v o r p e c v r e s i l i a t e r o t s n o i t c e n n o c k r o w t e n d e x fi l l a f o % 0 9 t u o b a g n y p p u s l i i i , r e d v o r p s e c v r e s e r u t c u r t s a r f n i i s n o i t a c n u m m o c e n i l d e x fi t s e g r a l ’ l s d n a a e Z w e N s i s u r o h C . s r e s u - d n e o t y l t c e r i d g n i l l e s m o r f t i i g n i t i b h o r p s n o i t c i r t s e r e n i l r e p p o c m o r f n o i t i s n a r t e h t g n d a e i l n o d e s u c o f s i s u r o h C i n e p o d n a s p h s r e n t r a p e t a v i r p c i l b u P i . s e c v r e s d e s a b - e r b i f o t y r t s u d n i e h t f o t r a e h e h t i t a e r a s e c v r e s e a s e o h w s s e c c a l l Chorus Management Commentary i s n o i t a c n u m m o c e e t d n a s k r o w l i l i v c g n d u c n l i i i d n a t n e m p u q e f o n o i t a c o l - o c s e d u c n l i , s t e s s a k r o w t e n ’ s u r o h C o s l a t I . e c a p s e g n a h c x e l . s e o p o t s s e c c a o t s s e c c a e d v o r p t a h t i i s e c v r e s o t l s e t a e r e u n e v e r e r u t c u r t s a r f n I ’ l s d n a a e Z w e N , m o c e e T l . a e r a e g a r e v o c f o e z i s l l a m l s y e v i t a e r d n a l e r b i f l a i t n e d i s e r g n i r e f f o n a g e b i , r e d v o r p d n a b d a o r b l i a t e r t s e g r a l o t s d n e t n i o s l a t i i d a s s a h e n o f a d o V d n a 3 1 0 2 h c r a M n i i s e c v r e s l i a t e r m o r f s e v i r e d e u n e v e r n o i t a c o l - o C . e r u t c u r t s a r f n i r e h t o d n a . t e k r a m d n a b d a o r b e n i l d e x i f e h t f o % 0 8 ~ t n e s e r p e r i s r e d v o r p o w t l s e o p , s e g n a h c x e s t i o t s s e c c a l i a c r e m m o c s e d v o r p s u r o h C i e s e h t , r e h t e g o T . 3 1 0 2 n i r e t a l i s e c v r e s e r b i f l a i t n e d i s e r g n i r e f f o n g e b i l i a c r e m m o c d e s a e l s a l l e w s a , s e g n a h c x e s u r o h C n i t n e m p u q e i e r b i f g n i t r o p p u s , e r b i f f o s t i f e n e b e h t l t u o b a s r e d n a a e Z w e N d n a . s g n d i l i u b e g n a h c x e n i e c a p s . h t w o r g h t d w d n a b o t i i s r e i r r a b g n v o m e r d n a , s l a i r t r i e h t g n i l l a t s n i s r o t a r e p o k r o w t e n r e h t o d n a s r e d v o r p e c v r e s i i i s r e d v o r p e c v r e s i l i a t e r g n i t a c u d e n o s u c o f o t g n u n i t n o c s i i s u r o h C r o f s e s n e p x e n i n o i t c u d e r a s a d e t a e r t e r e w t u b 2 1 0 2 e n u J 0 3 o t d e u n i t n o c d n a t n i r p t o o f B F U e h t i f o n o i s n a p x e g n o g n o e h t o t d e k n i l t l u s e r e h t s a y l i r a m i r p d e r r u c c o h t w o r g s i h T . d o i r e p t n e r r u c e h t ’ s u r o h C a v i s n o i t c e n n o c r e i r r a c d n a s s e n i s u b w e n r o f d n a m e d d o i r e p e h t n i d e d u c n l i e r e w t a h t s e p y t n o i t c a s n a r t r o f g n w o i l l a d n a m e d w e n d e t c e l f e r h t w o r g s i h T . s e n i l , 0 0 0 9 1 o t % 0 9 y b g n i s a e r c n i l i l a t e r e b a n e o t n o i t a c o l - o c l i a c r e m m o c r o f d n a m e d d e s a e r c n i f o e r e h w s a e r a n i e r b i f ’ s u r o h C g n d u c n l i i , k r o w t e n e r b i f g n i t s i x e r e t f a , d o i r e p e h t r e v o y l t s e d o m w e r g e u n e v e r e r u t c u r t s a r f n I , d o i r e p h t n o m e v l e w t e h t g n i r u d y l t n a c i f i n g i s w e r g s n o i t c e n n o c e r b F i . r e d l i u b k r o w t e n B F U e h t t o n s i t i d r a d n a t s A . 2 1 0 2 e n u J 0 3 m o r f % 3 8 f o e s a e r c n i n a , 3 1 0 2 e n u J 0 3 i , l t a 0 0 0 0 8 6 y e t a m x o r p p a e r e w s n o i t c e n n o c A B U d e c n a h n E 6 4 . 1 2 $ s t s o c n o i t c e n n o c ) e c o v e u g o a n a h t i l i w ( A B U d e c n a h n E n e h w s i h t n a h t e u n e v e r i i r e h g h e v e h c a n a c s u r o h C h g u o h t l a s n o i t c e n n o c L L C U l , r a u c i t r a p n I . s t c u d o r p n o i t c e n n o c e n i l d e x i f r e h t o e h t r e v o 3 8 1 o t 6 5 1 m o r f l w e r g s e g n a h c x e d e d n u b n u f o r e b m u n e h T . s e n i l 0 0 0 , 1 4 y b w e r g ) L S D V d e k a n d n a A B U d e c n a h n E d e k a n , A B U c i s a B d e k a n ( s n o i t c e n n o c ’ d e k a n ‘ d n a s e n i l , 0 0 0 5 2 y b w e r g e r e w e r e h T . s u r o h C m o r f y t i l i i b a p a c h t d w d n a b r e h g h r o f i t p o d n a o t i l s e c v r e s d e d n u b n u r e v i l e d o t i s r e d v o r p e c v r e s i l i a t e r y b d e s u g n e b i t a s n o i t c e n n o c A B U d e c n a h n E d e k a n 0 0 0 8 7 y e t a m x o r p p a o s l a l , i , U L S 0 0 0 6 d n a s e n i l , L L C U 0 0 0 2 2 1 d e s i r p m o c l a t o t e h T . s r e m u s n o c s r e s u - d n e o t n o i t a i t n e r e f f i d e c v r e s i i r e f f o s r e d v o r p e c v r e s i l i a t e r e r e w s e n i l , s s e c c a 0 0 0 8 2 1 y e t a m x o r p p a l i , 3 1 0 2 e n u J 0 3 t A . d o i r e p s i i s e c v r e s A B U i f o g n c i r p e h t , r e i l r a e d e t o n s A . 3 1 0 2 e n u J 0 3 . ) S E L S l i a c r e m m o c ’ s u r o h C h t i w n o i t c n u n o c n j i d e r e f f o ( s e n i l . ) l n o i t c e s n o i t a u g e r d n a n o i t i t e p m o c e h t e e s ( i w e v e r r e d n u y l t n e r r u c , 0 0 0 6 t u o b a y b d e s a e r c e d s n o i t c e n n o c S E L S / U L S f o r e b m u n e h T h t i w d e n g i l a e c i r p a t a L S D V g n i r e f f o n a g e b s u r o h C 3 1 0 2 e n u J n I l e b u o d n e e b y l s u o v e r p d a h t a h t i s e n i l , 0 0 0 7 r o f g n w o i l l a n e h w s e n i l d a h L S D V . l l 6 4 . 1 2 $ f o e c i r p e a s e o h w A B U d e c n a h n E t n e r r u c e h t d e g r a h c y l t n e r r u c e r a s e n i l L L C U . l a t o t 2 1 0 2 e n u J 0 3 e h t n i d e t n u o c l i a c r e m m o c h t i w e c v r e s i i m u m e r p a s a d e r e f f o n e e b y l s u o v e r p i e h t g n w o i l l . o f n a b r u - n o n r o f 0 2 5 3 $ d n a n a b r u r o f 8 0 9 1 $ t a . L S D V w e n e h T . l i i a m n m n e e b d a h e k a t p u d n a 0 0 0 4 $ f o g n c i r p . i . 2 1 0 2 r e b m e c e D n i i g n c i r p L L C U i f o g n k r a m h c n e b - e r ’ s n o i s s i m m o C e h t h t i l w s r e d n a a e Z w e N e r o m e d v o r p o t d e t c e p x e s i i t c u d o r p n a o t e v o m o t d e t c e p x e e r a s e c i r p n a b r u - n o n d n a n a b r u e h T e r a d n a k r o w t e n , ’ s u r o h C n a h t r e h t a r i , s ’ r e d v o r p e c v r e s i l i a t e r e h t n o i e c n a n e t n a m e v i t c a o r p d n a s t l u a f d e t r o p e r f o r e b m u n e h t y b n e v i r d i . s r e d v o r p e c v r e s i l i a t e r f o f l a h e b n o d e m r o f r e p s e m m a r g o r p s s e n i s u b 3 m a e r t s t i B n a h t r e h t a r i s n o i t c e n n o c m u m e r P S N S H e d a r g s e k a m k r o w t e n B F U e h t s a e m i t r e v o e g n a h c y a m s i h T i . s e c v r e s l e b a l i a v a y l t n e r r u c s i P I d n a b e s a B . d n a b d a o r b h t i w n o i t c n u n o c n j i r o , i l e c v r e s e n o a d n a t s a r e h t i e s a r e p p o c r e v o e c v r e s i ) I P o V ( l o c o t o r P i i r e h g h r o f y l t n a n m o d e r p n e e b s a h s n o i t c e n n o c e r b i f s s e n i s u b r o f t e n r e t n I i r e v o e c o V a r e v i l e d o t i s r e d v o r p e c v r e s i l i a t e r l s e b a n e t a h t . l e b a l i l a v a y e d w e r o m i i s e c v r e s s s e n i s u b 3 m a e r t s t i B . r e p 2 5 3 2 $ t a d e g r a h c s i d n a s e n i l ’ s u r o h C f o % 0 1 t u o b a s s o r c a e b o t n e v o r p e r a s t l u a f n e h w d e t a r e n e g e r a s e u n e v e r e c n a n e t n a M i d n a m e d , e t a d o T . s n o i t c e n n o c e r b i f l a t o t i f o % 6 3 g n n a m e r e h t i r o f 3 1 0 2 l i r p A n i i e c v r e s P I d n a b e s a B a g n i r e f f o n a g e b o s l a s u r o h C ’ s u r o h C o t e g a m a d r o f d e r e v o c e r s t s o c e d u c n l i o s l a s e u n e v e r e s e h T s u r o h C , d e t i m i l n e e b e v a h s r e b m u n n o i t c e n n o c l a i t i n i e l i h W . h t n o m . s e i t r a p d r i h t y b k r o w t e n s e c i v r e s k r o w t e n d e d d a e u l a V s i i d n a s r e d v o r p e c v r e s i l i a t e r m o r f t s e r e t n i e v i t i s o p d e v e c e r i s a h y n a p m o c e c v r e s i ’ s u r o h C y b d e m r o f r e p k r o w s e d u c n l i y r o g e t a c s i h T l g n i t a c o e r d n a s k r o w t e n r e d v o r p e c v r e s i i l i i a t e r g n n a t n a m i i i , s e c v r e s i s e n a p m o c e c v r e s i s e s i l i t u s u r o h C s A . t s e u q e r n o k r o w t e n ’ s u r o h C i d e t a c o s s a t s o c t c e r i d a s i e r e h t , k r o w ’ i s e c v r e s d e i f e h t l m r o f r e p o t n o i t a c o l l l e b a c e b a e g r a h c i i , s e c v r e s w e n g n d v o r p s n a c n h c e t i i i . s e u n e v e r i s e c v r e s d e i f l l l a h t i w i i s n a c n h c e t r o f s r e d r o n o d e s a b y l l a r e n e g e r a s e u n e v e r g n n o i s i v o r P i . t n i r p t o o f B F U ’ s u r o h C h t i w t c e n n o c r e t n i o t i s r e d v o r p e c v r e s i s e c i v r e s d l e i F , s r e d r o f o e r u t a n d n a r e b m u n e h t y b n e v i r d e r a d n a s e c v r e s i l l a t s n i o t . d e r i u q e r k r o w f o e p y t e h t d n a l a n u m m o c B F U d e y o p e d d a h t i l e r e h w s a e r a e h t n h t i i w s n o i t c e n n o c n o i t i s n a r t m r e t g n o l a e b l l i w e r b i f o t e v o m e h t , e d a r g p u y g o o n h c e t l i , l e r b i f 0 0 3 6 y e t a m x o r p p a d a h s u r o h C . s r e s u - d n e n o i s i v d b u s e r b i f i y n a e k L i . e r b i f o t e n o t s g n p p e t s i t n a t r o p m i n a s m r o f y g o o n h c e t l B F U - e r p r o ) s n o i t c e n n o c n o i t a c u d e d n a 3 d n a 2 m a e r t s t i B B F U d e s a b - r e p p o c r e t s a F . s n o i t a c i l i p p a h t d w d n a b h g h f o t n e m y o p e d l i i f o n o i t a n b m o c a s e d u c n l i l a t o t s i h T . 3 1 0 2 e n u J 0 3 t a k r o w t e n L S D V f o r e b m u n e h T . m i r e t n i e h t n i l e o r t n a t r o p m i n a s a h L S D V d n a . t l i u b s a w k r o w t e n B F U ’ s u r o h C e r e h w s a e r a e h t n h t i i w s n o i t c e n n o c e r b i f s s e n i s u b , B F U - e r p r o , w e n d n a s n o i t c e n n o c B F U l a i t n e d i s e r s n o i t c e n n o c e r b i f i m u m e r P S N S H d n a e r b F h t d w d n a B i i . 3 1 0 2 e n u J 0 3 d e t n u o c c a ) t n e m e e r g a B F U e h t r e d n u 4 m a e r t s t i B s a o t d e r r e f e r o s l a ( y b s n o i t c e n n o c e r b i f l a t o t f o % 0 2 t u o b a o t w e r g s s e c c A e r b F t c e r i i D l f o s d e e p s d a o n w o d e d v o r p n a c d n a y t i l i i b a p a c d e s a b r e p p o c g n i t s i x e s e s i l i t u L S D V . i l y e d w e r o m t i i i t e k r a m o t g n n n g e b s r e d v o r p e c v r e s i i l i a t e r h t i w 3 1 0 2 e n u J 0 3 y b 0 0 0 4 o t d e s a e r c n , i d a h s n o i t c e n n o c n a o t j t c e b u s , s p b M 0 2 o t p u f o s d e e p s d a o p u d n a s p b M 0 5 - 0 2 t u o b a l d n a r e g r e m e d o t r o i r p s i s a b s u n m i l i a t e r a n o t e s i s a w g n c i r p A B U . y t i l i b a p a c e n i l i d n a t n e m p u q e d n a b d a o r b e h t m o r f e c n a t s i d s ’ r e s u - d n e A B U i r o f g n c i r p d e s a b t s o c g n i r e d i s n o c y l t n e r r u c s i n o i s s i m m o C e h t i y l t n a n m o d e r p e r e w s n o i t c e n n o c e r b i f ’ s u r o h C f o % 4 4 t u o b A e k a m o s l a d n a , s n o i t c e n n o c d e e p s j i r e h g h y o n e o t y t i n u t r o p p o e h t t a h t g n i t o n ( 4 1 0 2 r e b m e c e D n i . 2 5 3 2 $ f o e c i r p d e g a r e v a s e d u c n l i i h c h w ( s r e s u - d n e s s e c c A n o i t a r e n e G t x e N l a i t n e d i s e r d n a t n e m p o e v e d e h t l r o f t e k r a m e v i t c a r t t a e r o m a d n a a e Z w e N l s e s s e c o r p s u o i r a v o t j t c e b u s l l i t s e r a s e c v r e s e s e h t i f o g n c i r p i t s e b ‘ a n o d e r e v i l e d , i e c v r e s d n a b d a o r b t n a i r a v y l r a e n a s i A B U c i s a B f o r e b m u n e h T . l y g o o n h c e t n o i t a r e n e g r e d o g n i s u s i s a b l ’ s t r o f f e . ) l n o i t c e s n o i t a u g e r d n a n o i t i t e p m o c e h t e e s – s n o i t c e n n o c 0 0 0 , 1 3 3 t u o b a o t d e n i l c e d d a h s n o i t c e n n o c A B U c i s a B s e d a r g p u s m e t s y s i r e d v o r p e c v r e s i l i a t e r s t c e l f e r s i h T . 3 1 0 2 e n u J 0 3 t a . i e c v r e s A B U d e c n a h n E e h t o t n o i t a r g m d n a i e c i r p A B U e h t o t e g n a h c y n A . i g n k r a m h c n e b o t e c n e r e f e r y b s e c v r e s i t c e f f e o t n i s e m o c e g n a h c y n a h c h w n o e t a d e h t d n a i , e c i r p A B U e h T . t s e i l r a e e h t t a 4 1 0 2 r e b m e v o N l i t n u t c e f f e o t n i e m o c t o n d u o w l e h t e e s ( i w e v e r y r o t a u g e r l t n e r r u c e h t f o t l u s e r a s a e g n a h c y a m . ) l n o i t c e s n o i t a u g e r d n a n o i t i t e p m o c r e p p o c d e c n a h n E l d e t a u g e r n o i t a r e n e g t x e n d e s a b r e p p o c s e d u c n l i r e p p o c d e c n a h n E , y t i l i b a p a c d e e p s i r e h g h r e v i l e d t a h t s t c u d o r p l i a c r e m m o c d n a . e r b i f o t n o i t i s n a r t t s i s s a n a c d n a e c n e i r e p x e r e s u - d n e r e t t e b a i l , s e c v r e s d e t a e r e c o v d n a k r o w t e N i l i i a t i g D s e c v r e S d e t a r g e t n I s ’ l m o c e e T f o e a s e r e h t l m o r f s e u n e v e r s e d u c n l i y r o g e t a c s i h T r e h t O . y r o g e t a c e u n e v e r s i h t n i s d n e r t c i f i c e p s h s i l b a t s e o t t l u c i f f i d . r u c e r o t d e t c e p x e t o n e r a h c h w i e s n e p x e e c n a n e t n a m k r o w t e n e h T i . ’ k r o w t e n s y t r a p d r i h t a o t s e g a m a d e r u t a n e h T . s k n i l l u a h k c a b s s o r c a y t i v i t c e n n o c k r o w t e n e d v o r p h c h w i i t c a p m i t c e r i d a s a h d n a y r a t n e m m o c e r u t i d n e p x e e h t n i d e s s u c s i d s i e r e w y r o g e t a c s i h t n i s e u n e v e r d n a s e m u o v l s n a e m i s e c v r e s e s e h t f o r o d n a m e d y t r a p d r i h t n o t n e d n e p e d s i y r o g e t a c s i h t n i e u n e v e R i , s e c v r e s k r o w t e n r e i r r a c s i y r o g e t a c s i h t r o f r e v i r d e u n e v e r n a m e h T i e r o f e r e h t s i t I . d e r r u c n i s t s o c r e v o c e r o t d e l l i b s e u n e v e r e h t n o l o t d e t a e r y e g r a l l e r a d o i r e p n o d o i r e p s e g n a h C . d e g n a h c n u y e g r a l l , i g n c o v n i i n i s e c n e r e f f i d g n m i i t e r b i f s s e n i s u b g n i t s i x e ’ s u r o h C m o r f d e n r a e e r a s e u n e v e r e r b F i d n a l a i t n e d i s e r B F U w e n d n a ) i m u m e r P S N S H s a h c u s ( s t c u d o r p , d o i r e p e h t r e v o y l i d a e t s w e r g y r o g e t a c r e p p o c d e c n a h n e ’ s u r o h C . a t a d s s e n i s u b r o f ) r e p p o C ( e t i L S N S H d n a e r b i F i e c v r e s t u p n i i e c o v P I d n a b e s a B , L S D V , A B U d e c n a h n E s e d u c n l i t I , l u a h k c a b B F U s e r u t p a c o s l a y r o g e t a c s i h T i . s e c v r e s e r b i f s s e n i s u b A B U d e c n a h n E o t A B U c i s a B m o r f n o i t a r g m d e u n i t n o c g n i t c e l f e r i o s l a n a c d n a e r b i f k r a d f o t n e a v u q e e h t l i s i i h c h w , i e r b F t c e r i D d n a . s e t i s e l i b o m o t s n o i t c e n n o c l u a h k c a b r e v i l e d o t d e s u e b y r t n e e l i h W . s n o i t c e n n o c w e n n i h t w o r g d e u n i t n o c d n a s e c v r e s i l d e t a u g e r e m a s e h t i t a d e g r a h c e r a s e c v r e s A B U d e c n a h n E l e v e l d n a b e s a B e h t f o n o i s n a p x e e r u t u f r o f e s a c s s e n i s u b e h t g n i r e d i s n o c . t n i r p t o o f P I e k a u q h t r a e h c r u h c t s i r h C r o f d e v e c e r i s a w ) n o i l l i m 1 1 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i l m 1 $ y e t a m x o r p p A i . s m e t i e u n e v e r e p y t f f o - e n o s a l l e w s a i n o i t a n m r e t e D s m r e T d r a d n a t S S F L C U e h t h g u o h t l A . s n o i t c e n n o c A B U h t i w d o s l s i S F L C U e r e h w s e c n a t s n i s e d u c n l i l a t o t s i h t , s e s o p r u p g n i l l i b r o F 3 . s d e e c o r p e c n a r u s n i d e t a e r l d n a A B U d e k a n r o f d e l l i b e r e w s n o i t c e n n o c e s e h t f i s a e m a s e h t s i e m o c t u o e c i r p e h t , s n o i t c e n n o c A B U d e k a n s a s n o i t c e n n o c h c u s l s e t a p m e t n o c . d n a b e s a B / S F L C U r o f o r e z 9 e r u t c u r t s a r f n I k r o w t e n B F U e h t f o h c a e r n h t i i w e r e w s r e s u - d n e 0 0 5 5 0 2 t u o b A , s e s u A B U d e c n a h n E i , s e c v r e s A B U c i s a B s a ) 6 4 . 1 2 $ y l t n e r r u c ( e c i r p i l d n a b e s a B 0 0 0 , 1 2 5 , 1 y e t a m x o r p p a e r e w e r e h t 3 1 0 2 e n u J 0 3 t A ) . t n o c ( y r a t n e m m o c e u n e v e R t e k r a m e h t n i i s r e d v o r p e c v r e s i l i a t e r f o r e b m u n d e t i m i l e h t y b e t a d . n o i t a i t n e r e f f i d e c v r e s i r e t a e r g d n a e c n e i r e p x e d n a b d a o r b r o i r e p u s a ’ s u r o h C o t i s n o i t c e n n o c f o n o i t a r g m e h t y b t e s f f o s a w n o i t c u d e r i o t d e n a r t s n o c n e e b s a h e k a t p u B F U l a i t n e d i s e R . 3 1 0 2 e n u J 0 3 t a r o f l a i t n e t o p e h t s r e f f o t a h t l m r o f t a p y g o o n h c e t l l o c o t o r P t e n r e t n I n a s i h T . 2 1 0 2 e n u J 0 3 m o r f s e n i l , 0 0 0 4 6 f o e s a e r c e d a , 3 s e n i l r e p p o C Chorus Management Commentary k r o w t e n s ’ r e d v o r p e c v r e s i i l i a t e r a n o e r a s t l u a f e r e h W . e m m a r g o r p d e s i l a u n n a o t e v i t a e r l . % 4 7 y b d e s a e r c n i i e c v r e s l i a t e r e h t s e g r a h c s u r o h C , ) k r o w t e n s u r o h C e h t n a h t r e h t a r ( , ) 2 1 e g a p n o s t l u s e r d e s i l a u n n a d e s i l a m r o n e e s ( s t l u s e r 2 1 0 2 f o e p y t e h t , s t l u a f d e t r o p e r i r e d v o r p e c v r e s i l i a t e r f o r e b m u n e h t y b t n a c i f i n g i s f o s a e r A i . s t s o c e c n a n e t n a m k r o w t e n r e t a e r g d n a y t i v i t c a e v i t c a o r p ’ s u r o h C f o t n e t x e e h t d n a s t l u a f e h t x i f o t d e r i u q e r k r o w : e d u c n l i e g n a h c n e v i r d e r a s t s o c e c n a n e t n a m k r o w t e N i . i e c v r e s s i h t r o f i r e d v o r p i g n n o i s i v o r p d e s a e r c n i , e c r o f r u o b a l e h t n i i h t w o r g g n o g n o g n i t c e l f e r . e m m a r g o r p e c n a n e t n a m i s t s o c f f a t s t n e s e r p e r d o i r e p e h t r o f n o i l l i m 7 6 $ f o s t s o c r u o b a L . m o c e e T h t i l w d e r a h s y l t n e r r u c s m e t s y s f o t n e n o p m o c e r u t i d n e p x e i e c n a n e t n a m e v i t c a o r p e h t m o r f g n i s i r a e r u t i d n e p x e l a n o i t a r e p o . h t w o r g k r o w t e n d n a s t s o c l a i r e t a m , s t s o c r u o b a l , n o i t a d a r g e d k r o w t e n , i g n n t h g i l , l l a f n a r i s a h c u s s r o t c a f y b d e t c e f f a s i s t l u a f f o t s o c d n a i e c v r e s l i a t e r n a h t e v i s n e p x e e r o m y l l i a c p y t e r a s t l u a f k r o w t e n s u r o h C l , s r e s u - d n e e p i t l u m n a p s n a c y e h t e s u a c e b s t l u a f k r o w t e n r e d v o r p i e v l o v n i l d n a s t n e m e e k r o w t e n x e p m o c e r o m l f o n o i t a r o t s e r e r i u q e r m o r f s e g r a h c e c n a n e t n a m k r o w t e n e h t i , n o i t i d d a n I . t n e m e t a t s n e r i j y t i r o a m e h t h t i w , s h t n o m e v l e w i t g n m o c e h t r e v o n o i t i s n a r t s m e t s y s . i k r o w g n n o i s i v o r p e r b i f d n a g n n o i s i v o r p x e p m o c s a h c u s l i , y t i v i t c a e h t t r o p p u s o t d e r i u q e r e b l l i w f f a t s T I r e h t r u f t a h t d e t c e p x e s i t I l a n o i t a r e p o f o s l e v e l i g n w o r g d n a , ) n o i t c e s e r u t i d n e p x e l a t i p a c . d e s i l i a t i p a c g n e b e p o e p l l a n o i t i d d a e s e h t o t g n i t a e r l s t s o c f o 3 1 0 2 e n u J 0 3 o t r a e y e h t n I . d a e h r e v o y n a p m o c e c v r e s i f o t n e m e e l i s u o v e r p e h t n I . s i s a b e n i l i t h g a r t s a n o r o f d e t n u o c c a n e e b s a h s i h t . s i s a b y t i v i t c a n a n o r o f d e t n u o c c a e r e w y e h t d o i r e p r e n t r a p e c v r e s h t i i i w d e t a c o s s a s t s o c o t e t a e r l s t s o c k r o w t e n r e h t O i i n a n a t n o c s t s o c e c n a n e t n a m k r o w t e n d n a g n n o i s i v o r p h t o B i o t d e r i u q e r k r o w f o e p y t e h t l , s r e d r o f o e m u o v e h t y b n e v i r d s i t s o c i g n n o i s i v o r p l a t o t e h T i . s r e d v o r p e c v r e s i l i i a t e r o t e c v r e s d e g n a h c e h t e l i h W . s t s o c d a e h r e v o d n a l a i r e t a m , r u o b a l i i n a c n h c e t , m e h t l i f l u f , d o i r e p n o d o i r e p d e s a e r c e d s a h s l l i o r k c u r t g n n o i s i v o r p f o e m u o v l . i d e s a h c r u p g n e b s t c u d o r p f o x m e h t n i i e g n a h c d n a e s a e r c n i e c i r p ) I P C ( x e d n I e c i r P r e m u s n o C a o t e u d d e s a e r c n i e v a h s t s o c l l a r e v o . d o i r e p e h t g n i r u d I P C h t i w e n i l n i d e s a e r c n i i s e n a p m o c e c v r e s i i r o w e n s e d v o r p s u r o h C e r e h w d e r r u c n i e r a s t s o c g n n o i s i v o r P i . s e r a p s k r o w t e n f o t s o c e h t d n a s e c v r e s g n i r e e n g n e i i , s t s o c t c a r t n o c l i a t e r m o r f d e r e v o c e r e r a s t s o c g n n o i s i v o r p f o n o i t r o p o r p a s A i i d a p s t s o c e h t t n e s e r p e r n o i l l i l m 2 5 $ f o s t s o c y g o o n h c e t n o i t a m r o f n I . l l e w s a d e s a e r c n i s a h e u n e v e r i s e c v r e s d e i f l i , s r e d v o r p e c v r e s i g n i t a r e p o e h t s a l l e w s a , s r o d n e v y t r a p d r i h t o t s u r o h C y b y l t c e r i d y n a d n a s t l u a f k r o w t e n g n x i f o t e t a e r l i s t s o c e c n a n e t n a m k r o w t e N i e p y t , l e v e l e h T . ) 2 1 0 2 e n u J 0 3 o t d o i r e p e h t n i k r o w t e n s u r o h C e h t e h t n i y r a t n e m m o c T I o s l a e e s ( n o i t i s n a r t s m e t s y s T I d n a t u o l l o r d n a 2 1 0 2 t s u g u A n i s t n e v e r e h t a e w e r e v e s , 3 1 0 2 e n u J 0 3 d e d n e r a e y d e r i u q e r e c n a n e t n a m i f o t n u o m a d e s a e r c n i n a n i d e t l u s e r 3 1 0 2 y a M n o % 1 7 o t d e r a p m o c ( e b a r e v o c e r l t o n s a w s i h t d n a k r o w t e n s u r o h C e h t n o s a w k r o w e c n a n e t n a m e h t i f o % 4 7 t u o b A . k r o w t e n e h t n o l s e e y o p m e s e c v r e s i r e m o t s u c 0 9 t u o b a s e d u c n l i d n a 2 1 0 2 e n u J 0 3 e v a h e p o e p l l a n o i t i d d A . r e b o t c O e t a l n i l m o c e e T m o r f d e n o i t i s n a r t B F U e h t s a h c u s , s e m m a r g o r p l a c i t i r c t r o p p u s o t d e y o p m e n e e b l d n a ’ r e p p o C d n a b e s a B ‘ e h t n e e w t e b s t n e m t s u d a j r e h t r u f e b y a m e r e h T : e t o N i w e v e r o t s e u n i t n o c s u r o h C s a e r u t u f n i s e i r o g e t a c ’ r e p p o c r e v o s e c v r e s i a t a d ‘ . s n o i t c e n n o c y c a g e l e m o s f o n o i t a c i f i s s a c e h t l l t a s e e y o p m e 8 4 5 m o r f p u s a w s i h T l . s e e y o p m e m r e t d e x i f d n a . k r o w t e n e r b i f B F U - n o n ’ i s u r o h C a v d e t c e n n o c e h t g n i r u D . r e h t a e w e h t s i s t l u a f d e t r o p e r r o f s r e v i r d y e k e h t f o e n O t n e n a m r e p 3 6 7 d a h s u r o h C 3 1 0 2 e n u J 0 3 t A . d e s i l a t i p a c t o n e r a t a h t s n o i s i v d b u s i s a l l e w s a k r o w t e n B F U e h t n o s e c v r e s 3 d n a 2 m a e r t s t i B i M $ 1 3 3 2 2 5 2 2 0 3 6 8 1 1 3 5 3 2 4 1 2 M $ 7 6 1 5 0 0 1 7 3 2 5 2 1 2 1 3 1 4 6 0 4 4 9 3 2 1 0 2 3 1 0 2 ) S H T N O M 7 ( ) S H T N O M 2 1 ( y r a t n e m m o c e r u t i d n e p x E ) . t n o c ( y r a t n e m m o c e u n e v e R s e s n e p x e g n i t a r e p O s t c a f n o i t c e n n o c y r a m m u s s u r o h C 0 1 l s t s o c y g o o n h c e t n o i t a m r o f n I i e c n a n e t n a m y t r e p o r P s e t a r d n a t n e R i e c n a n e t n a m k r o w t e N s t s o c k r o w t e n r e h t O s t s o c r u o b a L i g n n o i s i v o r P s e s n e p x e g n i t a r e p o l a t o T s a h e r u t i d n e p x e g n i t a r e p O y t i c i r t c e E l e c n a r u s n I s t n a t l u s n o C r e h t O s e d u c n l i y r o g e t a c s i h T . n o i t c e n n o c d n a b d a o r b 2 r e y a l a f o t n e a v u q e l i 0 0 0 6 7 7 , , 1 0 0 0 3 9 7 , , 1 0 0 0 4 8 7 , , 1 0 0 0 5 8 5 , , 1 0 0 0 9 5 5 , , 1 0 0 0 , 1 2 5 , 1 2 1 0 2 E N U J 0 3 S N O I T C E N N O C 2 1 0 2 C E D 1 3 S N O I T C E N N O C 3 1 0 2 E N U J 0 3 S N O I T C E N N O C 0 0 0 7 9 , 0 0 0 9 1 , 0 0 0 0 5 , 0 0 0 5 1 , 0 0 0 0 1 , 0 0 0 6 1 , 0 0 0 2 7 , ^ 0 0 0 2 2 , 0 0 0 5 1 , * 0 0 0 6 , 0 0 0 , 1 9 0 0 0 5 2 , 0 0 0 9 1 , 0 0 0 9 0 1 , 0 0 0 2 2 1 , 0 0 0 0 4 0 , , 1 0 0 0 6 7 0 , , 1 , 0 0 0 2 1 1 , 1 0 0 0 9 1 6 , 0 0 0 , 1 1 0 0 0 , 1 7 3 0 0 0 9 3 , M N M N M N 0 0 5 9 , 0 0 0 4 7 4 , 0 0 0 0 3 5 , 0 0 5 0 6 , M N 0 0 0 2 , M N 0 0 0 , 1 1 0 0 0 , 1 3 3 0 0 0 0 8 6 , 0 0 0 8 7 , 0 0 0 2 , 0 0 0 2 , 0 0 0 8 , L S D V d e k a n / A B U d e c n a h n E / c i s a B d e k a N r e p p o c r e v o s e c v r e s i a t a D d n a b d a o r B l a t o T e r b F i s n o i t c e n n o c e n i l d e x i f l a t o T r e p p o C d n a b e s a B S E L S / U L S L L C U i i ) e c v r e s e c o v e u g o a n a h t i l w ( A B U c i s a B i i ) e c v r e s e c o v e u g o a n a h t i l A B U c i s a B d e k a N w ( A B U d e c n a h n E A B U d e c n a h n E d e k a N L S D V d e k a N L S D V e r b F i s n o i t c e n n o c d n a b d a o r b e h t o t n i d e c u d o r t n i n e e b s a h y r o g e t a c e r b i f A e h t r e v i l e d t a h t s n o i t c e n n o c e r b i f e s o h t t n e s e r p e r o t y r a m m u s t a h t s e n i l f o g n i t n u o c e b u o d a l t c e r r o c o t d o i r e p t n e r r u c e h t r o f s n o i t c e n n o c 0 0 0 7 , t u o b a j y b n w o d d e t s u d a n e e b s a h y r o g e t a c e n i l s s e c c a S E L S / U L S e h T * . s d o i r e p r o i r p n i d e r r u c c o r o f l a t o t 2 1 0 2 e n u J 0 3 e h t n i y r o g e t a c ’ r e p p o c r e v o s e c v r e s i a t a d ‘ e h t m o r f r o r r e n i d e t t i m o e r e w r e p p o c r e v o s n o i t c e n n o c S N S H 0 0 0 7 , y l i e t a m x o r p p A ^ . s n o i t c e n n o c e n i l d e x i f Chorus Financial Statements i l s e b g n a t n i r e h t o d n a e r a w t f o s n o t n e p s s a w e r u t i d n e p x e l a t i p a c i . ) s r a e y 0 5 f o e t a r n o i t a c e r p e d a g n v a h s e o h n a m d n a s t c u d l i f o n o i l l i m 2 4 $ l a t o t A . ) s m e t s y s d e n w o m o c e e T n o d n e p s l s u r o h C h t i w ( d e t c u r t s n o c g n e b s t e s s a e f i l i g n o l f o n o i t r o p o r p h g h y r e v e h t i . s e e f l a g e l r e t a e r g e h t g n i t c e l f e r , e g n a h c o t d e t c e p x e s i e i l i f o r p n o i t a c e r p e d e h T h c a e n i e f i l l u f e s u e h t s t n e s e r p e r e f i l l u f e s u e g a r e v a d e t h g e w e h T i s a w 2 1 0 2 e n u J 0 3 o t s h t n o m n e v e s e h t r o f s t s o c t n a t l u s n o C r e b m u n a d e t r a t s s u r o h C 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t g n i r u D ) . t n o c ( y r a t n e m m o c e r u t i d n e p x E . s s e r g o r p s t u o l l o r I B R d n a B F U e h t s a s t e s s a d e t a d r e g n o l f o x m i . s t e s s a e h t l f o e u a v k o o b t e n e h t y b d e t h g e w y r o g e t a c i o t d e r i u q e r k r o w e h t d n a r e g r e m e d f o t l u s e r a s a t n a c i f i n g i s d e t l u s e r s i h T . s m e t s y s l m o c e e T m o r f n o i t a r g m e b a n e o t l i j s t c e o r p f o o t d e t c e p x e o s l a s i i i n o i t a c e r p e d t s n a g a e s a e e r g n d n u f n w o r C e h T l i i g n d n u f d n a d e u s s i e r a s e c i t o n l l a c l a n o i t i d d a s a e m i t r e v o e s a e r c n i o t n o i t a s i t r o m a d e t a c o s s a e h t h t i i w , n w o r C e h t m o r f d e v e c e r i s i . i l y g n d r o c c a g n i s a e r c n i i n o i t a c e r p e d ) % 5 3 ( l s e b a c e r b i f f o s e i r o g e t a c s t e s s a k r o w t e n e h t i t s n a g a d e s i l a t i p a c s n o i t c e n n o c B F U d n a l a n u m m o c B F U ‘ e h T . d e s i l a t i p a c s a w s t e s s a k r o w t e n f o n o i l l i m 2 7 6 $ 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t g n i r u D l y e g r a l s a w e r u t i d n e p x e l a t i p a c ’ e r b i f ‘ n i d e d u c n l i ’ 2 r e y a l e r b i f d n a d n e p s t n a t l u s n o c f o t n u o m a t n a c i f i n g i s a t u b d e r r u c n i i g n e b r e g n o l . t n e m e e r g A s e c v r e S i l a n o i t i s n a r T e h t n i r o f d a p i l l i t s e r a h c h w s i m e t s y s l e p i t l u m t r o p p u s o t 3 1 0 2 e n u J 0 3 o t r a e y e h t n i d e r i u q e r s a w . k r o w y r o t a u g e r l f o s m a e r t s , l e p m a x e r o f ( e t a t s e k r o w t e n ’ s u r o h C f o n o i t a r e p o e h t o t e t a e r l s t s o c e c n a r u s n i d n a y t i c i r t c e l e , e c n a n e t n i a m y t r e p o r p , s e t a r d n a t n e R o n e r a s t s o c e s e h T l . s s e n i s u b e n o a d n a t s a s a s u r o h C h s i l b a t s e i g n h s i l b a t s e s i s u r o h C e s u a c e b d n e p s d e s a e r c n i f o t n u o m a l l a m s a n i i g n d u c n l i ( s m e t s y s l a n o i t a r e p o d n a g n n o i s i v o r p i , g n i l l i b f o s t n e n o p m o c g n i t c e l f e r , s r a e y 7 3 y l t n e r r u c s i d n e p s e r u t c u r t s a r f n i l a n u m m o c B F U , g n i s i t r e v d a s a h c u s s t s o c l a r e n e g h t i w r e h t e g o t , l m o c e e T y b d e d v o r p i s i s i h t d n a i l , s c n o r t c e e k r o w t e n e h t e t a r e p o o t d e s u , y t i c i r t c e e l e r a w t f o s e h t f o t s i s n o c y e g r a l l i l s e b g n a t n i r e h t o d n a e r a w t f o S i r o f e t a r n o i t a c e r p e d e g a r e v a e h T . ) % 6 5 ( l s e o h n a m d n a s t c u d d n a i s e c v r e s d e r a h s r o f s u r o h C y b d e r r u c n i e r u t i d n e p x e s e d u c n l i ’ r e h t O ‘ s i t s o c l i a p c n i r p e h T i . ) s t e n b a c e d i s d a o r d n a s e t i s o d a r i , s e g n a h c x e ) 4 ( M $ 2 3 7 2 6 1 ) 3 ( 2 7 - 2 7 ) 7 ( M $ 8 5 6 4 6 1 ) 6 ( 4 1 1 1 5 1 1 d e g d e h e h t n e h w , 2 1 0 2 y r a u r b e F 4 1 t A f o e u a v l r i a f a d a h s e g d e h d e t a e r l N T M E 2 1 0 2 3 1 0 2 ) S H T N O M 7 ( ) S H T N O M 2 1 ( . s r a e y e v i f f o e g a r e v a n a r e v o d e s i t r o m a e b l l i w h c h w i , r a e y e h t g n i r u d y t i l i c a f i k n a b d e t a c d n y s n o t s e r e t n I e m o c n i e c n a n i F e s n e p x e e c n a n i F e s n e p x e t s e r e t n i r e h t O t s e r e t n i d e s i l a t i p a C N T M E n o t s e r e t n I e s n e p x e e c n a n fi t e N i i g n d n u f n w o r C g n d u l c x e s e s n e p x e e c n a n i f l a t o T ) t s e r e t n i l a n o i t o n ( s e i t i r u c e s H F C e s n e p x e e c n a n i f l a t o T i r o s n a g e r u t u f y n a e v i t c e f f e s n a m e r e g d e h e h t e i l i h W . n o i l l i m 0 7 $ e h t r e v e w o h , e v r e s e r e g d e h e h t h g u o r h t d e s s e c o r p e b l l i w s e s s o l e h t n i e s n e p x e t s e r e t n i o t s s e n e v i t c e f f e n i s a w o l f l l i w n o i l l i m 0 7 $ h t i w ) i N T M E ( e t o N m r e T m u d e M o r u E e h t n o e r u s o p x e e g n a h c x e e s e h t n o t s e r e t n i g n i t a o l f e h T . s p a w s e t a r t s e r e t n i y c n e r r u c s s o r c . s t n e m u r t s n i p a w s e t a r t s e r e t n i g n i s u d e g d e h n e e b s a h s e v i t a v i r e d e h t f o e t a r e h t r o n , n o i t c e r i d e h t r e h t i e N . e g r a h c h s a c - n o n a e b l l i w t I . s p a w s e t a r t s e r e t n i g n i s u d e c u d e r n e e b s a h . s e v i t a v i r e d e h t f o e f i l e h t r e v o e m i t e m o s t a t n e m e t a t s e m o c n i y t i l i i c a f k n a b d e t a c d n y s e h t n o t s e r e t n i e t a r g n i t a o l f o t e r u s o p x e e h T . ) s s e n e v i t c e f f e n i o n : 2 1 0 2 e n u J 0 3 ( t n e m e t a t s e m o c n i e h t n o t c a p m i e t a r y r o t u t a t s e h t o t s e t a u q e % 8 2 f o e t a r x a t e v i t c e f f e 3 1 0 2 e h T i s g n n r a e t e n n e e w t e b s e c n e r e f f i d l a i r e t a m o n e r a e r e h T . % 8 2 f o n o i t a x a T o n e r o f e r e h t d n a s s e n e v i t c e f f e n i o n n e e b s a h e r e h t r a e y l i a c n a n i f t n e r r u c e h t r o F . i d e t c d e r p e b n a c t n e m e t a t s e m o c n i e h t n o t c a p m i n o i l l i m 3 1 $ f o t s e r e t n i e s a e l e c n a n i f s e d u c n l i e s n e p x e t s e r e t n i r e h t O . s t n e m e g n a r r a t b e d e t a r d e x i f r o e v i t a v i r e d h g u o r h t d e x i f ) % 0 7 : 2 1 0 2 e n u J 0 3 ( l % 6 6 y e t a m x o r p p a i , 3 1 0 2 e n u J 0 3 t a s A s a w n o i t a g i l i b o t b e d g n d n a t s t u o e h t f o d e r a h s o t n o i t a e r n l i t s e r e t n i n o i l l i m 2 $ d n a ) n o i l l i m 9 $ : 2 1 0 2 e n u J 0 3 ( e r e h t 2 1 0 2 e n u J 0 3 g n d n e d o i r e p e h t n i I . s m e t s y s k r o w t e n d n a d o i r e p e h t l r o f e b a x a t , e b l l i w r o , s i t a h w d n a x a t e m o c n i e r o f e b s t c e l f e r e g r a h c h s a c - n o n e h T . n o i l l i m 7 $ f o e g r a h c h s a c - n o n a s a w . 3 1 0 2 e n u J 0 3 o t m o r f n o i t i s o p t b e d d e g d e h n u e h t f o t c a p m i t e k r a m o t k r a m e h t d e r e t n e s a w t b e d e h t n e h w , 2 1 0 2 y r a u r b e F 4 1 o t 1 1 0 2 r e b m e c e D 1 . i l p h s n o i t a e r e g d e h a o t n i t b e d s t i f o t n e c r e p 0 5 n a t n a m o t i i s i m a s u r o h C , i m u m n m a t A i , d e t a i t i n i i s a w p h s n o i t a e r l i n g e r o f e h t d e g d e h y l l u f s a h t I . t s e r e t n i f o e t a r d e x i f a t a s n o i t a g i l b o ) S R A E Y ( E G A R E V A D E T H G I E W E F I L L U F E S U ) S R A E Y ( D E T A M I T S E E F I L L U F E S U 2 2 0 2 0 5 0 1 6 1 8 6 5 0 2 0 3 - 0 1 0 2 0 5 4 1 - 5 0 5 - 5 4 1 - 2 5 1 - 2 8 – 2 0 2 - 6 M $ 1 4 3 1 7 5 1 8 2 6 5 ) 1 ( 0 5 1 - 9 3 9 3 M $ 6 6 9 2 6 1 3 3 4 1 5 9 9 ) 4 ( 8 5 2 0 6 1 1 6 2 1 0 2 3 1 0 2 ) S H T N O M 7 ( ) S H T N O M 2 1 ( n o i t a s i t r o m a d n a n o i t a i c e r p e D : n o i t a i c e r p e D l s e b a c r e p p o C l s e o h n a m d n a s t c u D s t e n b a C i y t r e p o r P l s e b a c e r b F i i l s c n o r t c e e k r o w t e N i g n d n u f n w o r C : s s e L n o i t a i c e r p e d l a t o T r e h t O : n o i t a s i t r o m A e r a w t f o S i l s e b g n a t n i r e h t O n o i t a s i t r o m a l a t o T 1 1 g n i l l o r a h t i w d e g d e h n e e b e v a h s t n e m e r i u q e r ’ s u r o h C f o % 0 5 t u o b A . n o z i r o h r a e y e e r h t . s e c i r p t o p s y t i c i r t c e e n l i l y t i l i t a o v e s i i i m n m o t e g a s u y t i c i r t c e e s t i l d n a g n n a r t i i , l e v a r t d n a n o i t p m u s n o c y t i c i r t c e e l , s e t i s f o r e b m u n e h t n o t n e d n e p e d . s e c i r p y t i c i r t c e e l l y e g r a l i d o i r e p s u o v e r p e h t o t d e r a p m o c n w o d e r e w s t s o c y t i c i r t c e l E f o r e b m u n a s a d o i r e p s u o v e r p e h t n a h t i r e w o l s i n o i t p m u s n o c , s i h t o t n o i t i d d a n I . s e c i r p y t i c i r t c e e l l a n o i t a n r e w o l o t e u d s e g d e h s u r o h C . e g a s u y g r e n e d e c u d e r e v a h s e v i t a i t i n i i g n v a s y g r e n e Chorus Management Commentary M $ 2 1 Y F 3 1 0 , 1 ) 7 6 3 ( 6 4 6 M $ 2 1 0 2 1 9 5 ) 4 1 2 ( 7 7 3 D E S I L A M R O N D E S I L A U N N A D E S I L A M R O N ) 1 1 ( - ) 1 1 ( M $ : S S E L S F L C U M $ ) 1 1 ( - ) 1 1 ( M $ 3 1 6 ) 4 1 2 ( 9 9 3 : S S E L S D E E C O R P E C N A R U S N I 2 1 0 2 ) S H T N O M 7 ( e c n a r u s n i n o i l l i i m 1 1 $ n a t n o c 2 1 0 2 r o f e u n e v e r g n i t a r e p O s e s n e p x e g n i t a r e p O A D T I B E s t l u s e r h t n o m n e v e s e h T f f o - e n o e r a e s e h T . s e k a u q h t r a e y r u b r e t n a C e h t o t g n i t a e r l s d e e c o r p n e h t r e b m u n g n i t l u s e r e h t h t i w , S F L C U f o e c i r p n i n o i t c u d e r e h t f o t c a p m i e h t s i l d e d u c x e o s l A . r u c e r o t d e t c e p x e t o n d n a e r u t a n n i . d o i r e p h t n o m e v l e w i t a e d v o r p o t d e s i l a u n n a % ) 3 . 6 ( 4 . 1 4 . 0 5 2 . 4 9 1 . ) 2 9 2 ( . 9 4 ) 3 8 . ( 5 . 3 M $ 2 1 Y F 5 6 6 2 5 1 8 4 1 3 4 2 1 8 2 1 M $ 3 1 Y F 3 2 6 5 1 2 0 6 7 3 7 1 5 8 1 1 3 1 0 , 1 8 4 0 , 1 d e s i l a u n n a d n a d e s i l a m r o n 2 1 Y F D E S I L A M R O N D E S I L A U N N A D E S I L A M R O N M $ 3 1 Y F 8 4 0 , 1 ) 4 9 3 ( 4 5 6 D E S I L A M R O N ) 8 ( - ) 8 ( M $ : S S E L S F L C U ) 1 ( - ) 1 ( M $ : S S E L S D E E C O R P E C N A R U S N I M $ 7 5 0 , 1 ) 4 9 3 ( 3 6 6 3 1 0 2 ) S H T N O M 2 1 ( n i i d e v e c e r s d e e c o r p e c n a r u s n i e g n a h c e h t f o t c a p m i e h t s i j d e t s u d a o s l A . r a e y e h t f o f l a h d n o c e s e h t l y e v i t c e f f e ( d o i r e p e h t f o s h t n o m e v i f t s r i f e h t r o f S F L C U n o e c i r p n i m o r f n a h t r e h t a r l r a e y e o h w e h t r o f S F L C U f o e c i r p e h t g n g n a h c i . ) 2 1 0 2 r e b m e c e D 1 f o n o i l l i m 1 $ s i 3 1 Y F e h t n i d e d u c n l I n o i t a s i l a m r o n 3 1 Y F e u n e v e r g n i t a r e p O s e s n e p x e g n i t a r e p O A D T I B E % 5 . 3 4 7 . 2 . 1 M $ 2 1 Y F 3 1 0 , 1 ) 7 6 3 ( 6 4 6 M $ 3 1 Y F 8 4 0 , 1 ) 4 9 3 ( 4 5 6 D E S I L A M R O N D E S I L A U N N A D E S I L A M R O N s e s n e p x e g n i t a r e p O e u n e v e r g n i t a r e p O A D T I B E y r a m m u S h t w o r g A D T B E d I i l o s n e e b l l i t s s a h e r e h t d e s a e r c n i e v a h s e s n e p x e f o s l i a t e d e h T . 2 1 Y F d e s i l a u n n a , d e s i l a m r o n o t d e r a p m o c n e h w 3 1 Y F e l i h w d n a h t w o r g e u n e v e r d o o g n w o h s s a h 3 1 Y F d e s i l a m r o N d e s i l a m r o n r o f i l s t l u s e r g n y l r e d n u e b a r a p m o c s w o h s e v o b a e b a t e h T l . s d o i r e p o w t e h t n e e w t e b l i a t e d r e h t r u f n i d e s s u c s i d e b l l i w s t n e m j t s u d a d n a s n o i t a s i l a m r o n e h t e h t t u b , r e p p o c d e c n a h n e o t r e p p o c c i s a b m o r f n o i t a r g m d e u n i t n o c i n e e b s a h e r e h T . l d e d u c x e s i e g n a h c e c i r p S F L C U e h t f o t c a p m i n w o r g s a h s m a e r t s e u n e v e r o w t e s e h t r o f e u n e v e r d e n b m o c i l a t o t e h t n e h w r e w o l y l t h g i l s s i s e u n e v e r r e p p o c c i s a b n i e n i l c e d e h T i s e c v r e s k r o w t e n d e d d a e u a V l e r u t c u r t s a r f n I r e p p o c d e c n a h n E r e p p o c c i s a B e r b F i . n o i t c e s s i h t n i r e t a l e u n e v e r g n i t a r e p O e u n e v e r g n i t a r e p o l a t o T r e h t O i s e c v r e s d e F l i i g n o g n o e h t s t c e l f e r s i h T . d o i r e p e h t r e v o ) . % 6 2 r o ( n o i l l i m 0 2 $ y b l a n o i t i d d a o n o s , d e g n a h c n u e r a s e i r o g e t a c e u n e v e r r e h t o l l A . d e r i u q e r s i y r a t n e m m o c . s n o i t c e n n o c d n a b d a o r b n i e s a e r c n i i f o r e b m u n a n a t n o c s t l u s e r d o i r e p r o i r p d n a t n e r r u c e h t h t o B s t l u s e r r a e y s t l u s e r e h t f o s n o i t a s i l a m r o n d n a s t n e m t s u d A j s t l u s e r d e s i l a u n n a d e s i l a m r o N 2 1 l l u f d e s i l a u n n a , d e s i l a m r o n f o n o s i r a p m o c e v i t a c d n I i . n o i t a o s i l n i l e b a r a p m o c y l t c e r i d m e h t e k a m t o n o d t a h t s e c n a a b l d e b i r c s e d s e c n a a b e h t l m o r f d e v o m e r n e e b e v a h s e c n a a b e s e h T l . l e d a m e b d u o c n o s i r a p m o c t c e r i d e r o m a t a h t o s e v o b a . l w o e b d e s s u c s i d e r a s e c n a a b e h t o t e d a m l s t n e m j t s u d a e h T , d e s i l a m r o n e h t l f o s i s y a n a d n e r t l e v e l i i h g h a s e d v o r p n o i t c e s s i h T r o f s i e r e h d e d u c n l i y r a t n e m m o c e h T . s t l u s e r r a e y l l u f d e s i l a u n n a . d e t i d u a n e e b t o n e v a h s t l u s e r e s e h T . l y n o s e s o p r u p n o i t a m r o f n i Chorus Management Commentary e r b i f i , s n o i s i v d b u s e r b i f ’ l d e i f n e e r g ‘ w e n , l d e y o p e d n e e b t e y t o n s a h , 8 4 0 3 $ r o ) s h t n o m e v l e w t e h t g n i r u d d e r r u c n i s a w x e p a c l a i r e t a m o n B F U e r e h w s a e r a n i s n o i t c e n n o c e r b i f r o f d n a m e d s t c e l f e r h t w o r g e r e h w s e s i m e r p e r b i f r e v o d n a b d a o r b g n i t s i x e d n a ’ l s d e i f n e e r g ‘ 0 0 7 3 , d n a s n o i t c e n n o c e r b i f r e h t o n o n o i l l i m 3 5 $ f o e r u t i d n e p x e l a t i p a C i g n d u c n l i n e h w , ( 5 3 9 2 $ s a w d e s s a p s e s i m e r p r e p t s o c e g a r e v a e h T l i a t e r r o f s n o i t c e n n o c l u a h k c a b l i a n o g e r d n a t n e m t s e v n i l e c y c e f i l s a d e r r u c n i s a w e r u t i d n e p x e l a t i p a c e r e h w s e s i m e r p g n i t n u o c y n o f i l r e v o n o i t i s n a r t a e e s o t s t c e p x e s u r o h C . c i f f a r t a t a d r e d v o r p e c v r e s i i e r u t i d n e p x e l l a t i p a c d e t a e r B F U d n a y r o g e t a c s i h t n e e w t e b e m i t . s w o r g t n i r p t o o f k r o w t e n B F U e h t s a 0 0 1 , 1 $ o t 0 0 9 $ f o s e s i m e r p r e s u - d n e l a i t n e d i s e r d r a d n a t s t c e n n o c o t i t s o c e g a r e v a n a f o e c n a d u g d e d v o r p y l s u o v e r p s a h s u r o h C i i . e m m a r g o r p d l i u b s ’ r a e y s i h t f o t r a p 0 5 1 , 2 h t i w e c a p t a d e u n i t n o c e v i t a i t i n I d n a b d a o r B l a r u R e h T , s i h t e v o b a e r a s t s o c l a i t i n i , d e t c e p x e s A . t u o l l o r B F U e h t s s o r c a ) l a e r ( d n a b d a o r b r e t t e b g n g n i r b i , 3 1 0 2 e n u J 0 3 y b d a i l e r b i f f o s e r t e m o l i k e h t e c n i s s r e s u - d n e l a r u r 0 0 2 , 1 5 d n a s l o o h c s 9 7 7 f o h c a e r n h t i i w e m u o v l f o k c a l d n a e m m a r g o r p s i h t f o e r u t a n p u t r a t s e h t g n i t c e l f e r t a h t d e c n u o n n a s u r o h C , r e b m e v o N n I i i . s e c n e c i f f e e a c s l t r o p p u s o t l d e u d e h c s s i I B R e h T . e m m a r g o r p t u o l l o r e h t f o s r a e y e r u t u f m o r f . t u o l l o r B F U e h t f o e g a t s y l r a e e h t n i s r e s u - d n e l a i t n e d i s e r r o f d r a w r o f t h g u o r b s a w k r o w s i h t f o e m o S . e m m a r g o r p e h t f o t r a t s n o i t a l l a t s n i e e r f t r o p p u s o t g n d n u f i f o n o i l l i m 0 2 $ g n i t u b i r t n o c s a w t i M $ 4 7 2 9 4 3 2 6 4 3 M $ 9 7 5 9 6 3 3 1 8 6 2 1 0 2 3 1 0 2 ) S H T N O M 7 ( ) S H T N O M 2 1 ( k r o w t e n o t d e t a e r n u d n e p s l f o e g n a r a s e d u c n l i ’ n o m m o C ‘ • g n i t c e l f e r s e i r o g e t a c e e r h t n i e r u t i d n e p x e l a t i p a c s t r o p e r s u r o h C e r u t i d n e p x e l a t i p a c s s o r G r e p p o C e r b F i n o m m o C y r a t n e m m o c e r u t i d n e p x e l a t i p a C s g n d i l i u b , s m e t s y s e s i r p r e t n e ’ s u r o h C s a h c u s l , s e s s a c t e s s a i . t n e m p u q e e c ffi o d n a s t e s s a e r b fi n o d e s u c o f y l l i a c fi c e p s d n e p s s e d u c n l i ’ e r b F i ‘ • . s e m m a r g o r p d l i u b d n a t e s s a k r o w t e n e r o c s t i s s e e r i l w , s l a t i p s o h , s l o o h c s t c e n n o c o t ) l w o e b n o i t c e s e r u t i d n e p x e r e v o c o t d e s u e b l l i i w g n d n u f e h T . n a p s l a i r e a d a e h r e v o e g n i s a r o l l a n o i t i d d a n a r o f g n i t s u d a r e t f a y r a u r b e F n j i i d e d v o r p e g n a r e c n a d u g i . ) I B R d n a B F U ( e r b fi n o d e s u c o f k r o w t e n y o p e d o t l s i l e o r ’ s u r o h C d n a 6 1 0 2 n i l d e t e p m o c e b o t t c e n n o c o t g n h c n e r t i w e n f o s e r t e m 5 1 t s r i f e h t s d n u f y d a e r l a s u r o h C 3 1 0 2 e n u J 0 3 o t s h t n o m e v l e w t e h t r o f e r u t i d n e p x e l a t i p a c s s o r G e r b fi e h t t r o p p u s o t ) s t e s s a k r o w t e n B F U 1 r e y a l d n a 0 r e y a l ( l a t i p a c o t s n o i t u b i r t n o c e e s , d e d n u f l t n a r g y e g r a l ( e r b i f d n a t c u d , t c u d e b a l l i a v a n a s i e r e h t e r e h w e r b i f f o s e r t e m 0 0 1 o t p u r o , e m o h a e h t i f o t n o p d m e h t h t i i w t n e t s i s n o c s i i h c h w , n o i l l i m 1 8 6 $ s a w l y e g r a l s e m m a r g o r p d n a ) s t c u d o r p e r b fi g n i r e v i l e d T I ( k r o w t e n . e k a t p u d n a t u o l l o r k r o w t e n B F U e h t h t i w . i e c n a n e t n a m e v i t c a e r n a h t e v i t c e f f e t s o c e r o m d e m e e d s i i g n d n u f t n a r g t n e m n r e v o G n i n o i l l i i l m 6 3 2 $ y e t a m x o r p p a e v e c e r o t i M $ 0 2 4 1 2 1 3 9 4 M $ 3 3 1 2 8 7 9 6 2 1 0 2 3 1 0 2 ) S H T N O M 7 ( ) S H T N O M 2 1 ( l a u n n a ’ s u r o h C f o % 5 8 - 0 8 t u o b a g n i r e v o c t n a r g e h t h t i w , I B R e h t r o f . e r u t i d n e p x e l a t i p a c I B R s t c e p x e s u r o h C . e m m a r g o r p e h t f o t r a p s a t n i r p t o o f d n a b d a o r b t n e m p o e v e d s l m e t s y s d n a s t c u d o r p d e t a e r e r b i f n l i t n e m t s e v n I e v o r p m i o t s m e t s y s w e n o t l s e t a e r d n e p s s i h T . n o i l l i m 7 2 $ s a w . s n o i t c e n n o c e r b i f r o f i s s e c o r p g n n o i s i v o r p d n a g n i r e d r o e h t e r u t i d n e p x e l a t i p a c r e p p o c l a t o T s n o i t c e n n o c r e p p o C i n a t s u s k r o w t e N 2 r e y a l r e p p o C d e x i f t c u d o r P M $ 2 6 1 3 1 7 3 3 9 5 4 7 2 M $ 2 6 3 1 3 7 2 3 5 6 0 1 9 7 5 e r u t i d n e p x e l a t i p a c r e p p o C 2 1 0 2 3 1 0 2 ) S H T N O M 7 ( ) S H T N O M 2 1 ( t s o c d e t a m i t s e e h t n o e c n a d u g s t i i d e t a d p u s u r o h C , y r a u r b e F n I s u r o h C . s a e r a s t i d n a p x e o t l a r u r n i s r e s u y t i r o i r p r e h t o d n a s r e w o t d n a b d a o r b e s e h t d n o y e b e r a t a h t s e c n e d i s e r g n i t c e n n o c f o t s o c l a t n e m e r c n i e h t d n a ( r a e y l i a c n a n i f s i h t n i d e t a i t i n i d l i u b B F U 3 r a e y f o n o i l l i m 4 1 $ i i l s c n o r t c e e t e n b a c d n a s t e n b a c g n y o p e d o s l a s i l i i . s e r t e m 0 0 2 o t p u , s e c n a t s i d . ) s s e r g o r p n i k r o w n i d e s i n g o c e r . s w o r g s n o i t c e n n o c e r b i f r o f d n a m e d d n a s d n a p x e t n i r p t o o f k r o w t e n . e r u t i d n e p x e l a t i p a c d e t a e r e r b i f o t l s u c o f n i i t f i h s g n o g n o e h t B F U e h t s a e m i t r e v o e s a e r c e d o t d e t c e p x e s i s n o i t c e n n o c r e p p o c g n i t c e l f e r , d o i r e p e h t r o f n o i l l i m 9 6 $ s a w e r u t i d n e p x e l a t i p a c r e p p o C h t i w ) P P P C ( d e s s a p s e s i m e r p r e p t s o c d e t c e p x e n a h t i r e h g h d e t c e l f e r i e c n a d u g d e s i v e r s i h T . n o i l l i b 9 . 1 $ - 7 . 1 $ o t n o i l l i b 6 . 1 $ - 4 . 1 $ m o r f t i g n i s a e r c n i , 9 1 0 2 f o d n e e h t y b k r o w t e n l a n u m m o c B F U e h t d l i u b o t i d n a s c n o r t c e e k r o w t e n n l i t n e m t s e v n i s t c e l f e r 2 r e y a l r e p p o C k r o w t e n e h t e r e h w e r u t i d n e p x e l a t i p a c o t i s r e f e r n a t s u s k r o w t e N i g n e b s a e r a e m o s n i s t l u s e r e v i t i s o p , d e s i d r a d n a t s t e y t o n t u o l l o r e h t d n a y t i c a p a c d n a b d a o r b r o f d n a m e d f o e c n e u q e s n o c a s a t n e m p u q e i d n a s t e n b a c i l , s e o p s a h c u s l s t n e m e e k r o w t e n r o d e d a r g p u g n e b s i i y t i l i b a i r a v t n a c i f i n g i s , s a e r a f o p u o r g l l a m s a n i s t s o c e m e r t x e y b t e s f f o e h t o t e r b i f e h t l f o n o i s u c n o c e h t g n w o i l l o f d e c u d e r s a h s i h T . h t w o r g k r o w t e n f o k s i r s i e r e h t e r e h w y l l i a c p y t s i s i h T . l d e c a p e r e r a s e b a c l s e v i t a i t i n i m o r f s t i f e n e b t s o c d n a s t n e m e r i u q e r e c n a i l p m o c l i a n o g e r n i e n i l n i e m i t r e v o r e h t r u f e n i l c e d o t d e t c e p x e s i d n a e m m a r g o r p e d o n l t n e m e c a p e r k r o w t e n d n a s r e s u - d n e r o f e c v r e s d e d a r g e d r o e r u i l i a f . e s i l a i r e t a m o t r e g n o l i g n k a t d n a s t e s s a k r o w t e n d e t a e r l r e p p o c n o d n e p s s e d u c n l i ’ r e p p o C ‘ • i . ) s c n o r t c e e 2 r e y a l l s a h c u s ( y t i l i b a p a c g n i t r o p p u s e r u t i d n e p x e l a t i p a c e r b i F . s e m m a r g o r p I B R d n a B F U e h t l r o f y n a m i , d n e p s e r u t i d n e p x e l a t i p a c s s o r g ’ s u r o h C f o % 5 8 t u o b a s t n e s e r p e r e r u t i d n e p x e l a t i p a c e r b F i 2 r e y a l e r b i f d n a s n o i t c e n n o c B F U s m e t s y s d n a s t c u d o r p e r b F i h t w o r g d n a s n o i t c e n n o c e r b i f r e h t O l a n u m m o c B F U e r u t i d n e p x e l a t i p a c e r b i f l a t o T I B R . s h t n o m e v l e w t e h t g n i r u d t n e m y o p e d k r o w t e n l l a n u m m o c B F U e h t f o e c a p e h t p u p m a r o t g n u n i t n o c n i i e d a m s a w s s e r g o r p t n a c i f i n g S i s e s i m e r p 0 0 0 9 4 1 , l f o t e g r a t e v i t a u m u c e h t g n d e e c x e i , 3 1 0 2 e n u J 0 3 d e s s a p s e s i m e r p 0 0 0 , 1 1 1 f o n o i t i d d a e h t g n i t n e s e r p e r d n a d e s s a p l e b o t e b a s r e s u - d n e 0 0 5 5 0 2 e r a e r e h T , . d o i r e p e h t g n i r u d t a s e s i m e r p 0 0 0 3 5 1 , l t u o b a r o f d e t e p m o c n e e b s a h k r o w d l i u B e h t r o f k r o w t e n l a n u m m o c B F U f o t n e m y o p e d e h t l f o t s o c e h T . k r o w t e n B F U e h t o t d e t c e n n o c i e c v r e s l i a t e r y b n e v i r d y e g r a l l s i ’ d e x i f t c u d o r P ‘ n o e r u t i d n e p x e l a t i p a C e r e h t e r e h w s r u c c o s n o i t c e n n o c r e p p o c n o e r u t i d n e p x e l a t i p a C s e m o c e b e m m a r g o r p B F U e h t s A . n o i l l i m 2 6 3 $ s a w s h t n o m e v l e w t s i h t r a e y t n e r r u c e h t n i , s t c u d o r p d e t a e r l r e p p o c r o f d n a m e d r e d v o r p i s s e n i s u b r o l a i t n e d i s e r r o f s n o i t c e n n o c r e p p o c r o f d n a m e d s i e d u c n l i o s l a l l i w r a e y l i a c n a n i f y n a n i k r o w , e n i l n o i t c u d o r p a e k i l e r o m l . t n e m p o e v e d t c u d o r p P I d n a b e s a B o t l s e t a e r y e g r a l l r o f d n a m e D . s g n d i l i u b w e n r o g n i s u o h l l i f n i s a h c u s , s r e s u - d n e . r a e y t n e m y o p e d g n w o l i l l o f e h t n i l d e t e p m o c e b o t d e u d e h c s k r o w l s s e r g o r p n i k r o w n o t n e p s n e e b d a h n o i l l i m 0 3 $ , 3 1 0 2 e n u J 0 3 t a s A e h t n i l d e t e p m o c e b o t d e u d e h c s l t n e m y o p e d l l a n u m m o c B F U r o f . r a e y g n w o i l l o f 3 1 Chorus Management Commentary t n e m e g a n a m l a t i p a c m r e t g n o L ) . t n o c ( y r a t n e m m o c e r u t i d n e p x e l a t i p a C 4 1 s w o l f h s a c g n i t a r e p o s i y t i d u q i i l f o e c r u o s l i a p c n i r p ’ s u r o h C e r u t i d n e p x e l a t i p a c n o m m o C d n a t b e d s e u s s i o s l a s u r o h C . s e i t i l i c a f k n a b d n a N T M E e h t s a h c u s . s e n o t s e m B F U l i t n a v e e r l l s e t e p m o c t i s a H F C o t s e i t i r u c e s y t i u q e I B R s t i o t n o i t a e r n l i n w o r C e h t m o r f i s t n a r g s e v e c e r o s l a t I s e m m a r g o r p t b e d d e h s i l b a t s e m o r f g n w o r r o b i l a n r e t x e d n a . e m m a r g o r p d l i u b m r e t g n o l ’ B B B ‘ i i i a g n n a t n a m o t d e t t i m m o c s i d r a o B s u r o h C e h T t i d e r c m r e t g n o l ’ 2 a a B ‘ a d n a s ’ r o o P & d r a d n a t S m o r f g n i t a r t i d e r c t n e m e g a n a m l a t i p a c ’ s u r o h C . i e c v r e S s r o t s e v n I ’ s y d o o M m o r f g n i t a r M $ 2 1 0 1 1 3 2 M $ 6 1 6 1 1 3 3 2 1 0 2 3 1 0 2 ) S H T N O M 7 ( ) S H T N O M 2 1 ( e r u t i d n e p x e l a t i p a c n o m m o c l a t o T r e h t O i s e c v r e s g n i r e e n g n e d n a g n d i i l i u B l y g o o n h c e t n o i t a m r o f n I d e t c e p x e n i t e m s i j e v i t c e b o s i h t t a h t e r u s n e o t d e n g i s e d e r a s e c i i l o p t b e d H F C f o n o i t r o p r o n e s e h t i s e d u c n l i t b e d t e n ( s e m . i t 5 3 d e e c x e . s e t i s e t o m e r d n a s g n d i l i u b , s e g n a h c x e s u r o h C t a d e r i u q e r s e g n a h c o t l s e t a e r y e g r a l l d n e p s s i h T . 3 1 0 2 e n u J 0 3 y l l a i r e t a m t o n l l i w A D T B E o t I t b e d t e n f o o i t a r e h t s e c n a t s m u c r i c ) i g n n o i t i d n o c r i a d n a r e w o p g e ( t n e m e c a p e r l l t n a p d n a h t w o r g n o o t s l m e t s y s y g o o n h c e t n o i t a m r o f n i n i t n e m t s e v n i n o i l l i m 6 1 $ a I A D T B E o t t b e d t e n r o f o i t a r e h T . ) s n o i t a g i l b o e s a e l t e n d n a s e i t i r u c e s l e b a t s / B B B f o g n i t a r t i d e r c m r e t g n o l a d a h s u r o h C , 3 1 0 2 e n u J 0 3 t A e v i t a g e n / 2 a a B d n a ) e b a t s / B B B l : 2 1 0 2 e n u J 0 3 ( s ’ r o o P & d r a d n a t S y b . s e m i t 5 7 3 s i . s t n a n e v o c l i a c n a n i f y e k ’ s u r o h C r o f i . t n e m p u q e d n a n o i t a d o m m o c c a e c i f f o s a h c u s s m e t i s e d u c n l i ’ r e h t O ‘ i g n u n i t n o c s i s u r o h C . r e g r e m e d e h t f o t l u s e r a s a s m e t s y s g n i t s i x e o t t n e m p o e v e d s l m e t s y s T I f o e m m a r g o r p t n a c i f i n g i s a e k a t r e d n u o t . s t n e m t i m m o c r e g r e m e d s t i f o t r a p s a l . ) e b a t s / 2 a a B : 2 1 0 2 e n u J 0 3 ( e c v r e S s r o t s e v n i I ’ s y d o o M y b l a t i p a c r e h t o f o t s o c e h t r e v o c e r o t e b a s i l s u r o h C : r e h t O ) i i s t i s d r a w o t s n o i t u b i r t n o c d n a g n c n a n i f i t n a c i f i n g i s i s e v e c e r s u r o h C e r u t i d n e p x e l a t i p a c o t s n o i t u b i r t n o C l a m r o n n i t a h t n o i t n e t n i ’ s u r o h C s i t I . s e c n a t s m u c r i c g n i t a r e p o t n e p s l a t i p a c e h t s t c e l f e r i s e c v r e s g n i r e e n g n e d n a g n d i i l i u B e d a m s u r o h C . n o i l l i m 3 3 $ s a w e r u t i d n e p x e l a t i p a c n o m m o C k r o w t e n g n c a p e r l i s e d u c n l i s i h T . s e c n a t s m u c r i c n a t r e c n i i d n e p s , 3 1 0 2 e n u J 0 3 o t r a e y e h t g n i r u D . r a e y h c a e e r u t i d n e p x e l a t i p a c s s o r g g n i t s i x e d l i u b e r r o e t a c o e r o t l s u r o h C k s a s e i t i r o h t u a t n e m n r e v o g l a c o l r o l a r t n e c e r e h w s e c n a t s n i r o , s e i t r a p d r i h t y b d e g a m a d i i n e v g g n d n u f n w o r C f o t r a p s a d e d u c n l i s i d n a d o i r e p l i a c n a n fi . e z i s t s e d o m s t i t n e r r u c e h t n i d e s i n g o c e r s a w n o i l l i m 2 1 $ f o l a t o t A . k r o w t e n l e b a y a p s i t n a r g e h T . e v i t a i t i n I d n a b d a o r B l a r u R r a e y e v fi e h t r e v o d n e p s l a t i p a c 1 r e y a l d n a 0 r e y a l ’ s u r o h C s d r a w o t n o i l l i m 6 3 2 $ t u o b a f o g n d n u f i t n a r g g n i t u b i r t n o c s i n w o r C e h T : i g n d n u f I B R ) i : s e c r u o s g n w o i l l o f e h t m o r f s n o i t u b i r t n o c d e v e c e r i s u r o h C e h t o t j t c e b u s r a e y h c a e y r a v l l i w d n a k r o w d l i u b f o n o i t e p m o c n o l . t l i u b s i l t a h t k r o w t e n e b a t n a r g e h t d n a e m m a r g o r p d l i u b d e e r g a . d e s i n g o c e r s a w n o i l l i m 0 9 $ 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t r o F Chorus Management Commentary , 6 8 9 1 i t c A g n d a r T r i a F , 6 8 9 1 t c A e c r e m m o C e h t f o s t n e m e r i u q e r e h t s a h c u s s t n e m e r i u q e r e v i t a l s i g e l r e h t o o t j t c e b u s s i s u r o h C . s e d o c s n o i t a c n u m m o c e e t l i s a l l e w s a n o i t p e c r e t n I ( i s n o i t a c n u m m o c e e T e h t o t l j t c e b u s o s l a s i s u r o h C s r o t a r e p o k r o w t e n s e r i u q e r h c h w i , ) t c A e h t ( 4 0 0 2 t c A ) y t i l i b a p a C t a h t k r o w t e n s n o i t a c n u m m o c e e t c l i i l b u p y r e v e t a h t e r u s n e o t e c i r p t n a v e e r e h t l s t c e e s l t n e m n r e v o G r o n o i s s i m m o C e h t r e h t e h w o t s t c e p x e n o i s s i m m o C e h T . n o i s s i m m o C e h t o t s n o i t a c i l p p a P P F y t i l i b a p a c n o i t p e c r e t n i s a h , l d n a a e Z w e N n i i e d v o r p y e h t t a h t e c v r e s i s e i l i p p a g n c i r p w e n r e h t e h w d n a p a c l l a r e v o t a h t n h t i i w t e s e r a s e c i r p . 3 1 0 2 e n u J 3 1 n o r e p a p n o i s s u c s i d e h t n o s n o i s s i m b u s e d a m s u r o h C i s g n n r a e e r u t u f d e c u d e r y p m l i r e p a p n o i s s u c s i d e h t n h t i i w d e n a t n o c i d e r i u q e r s a w n o i s s i m m o C e h t , t c A e h t r e d n U . n o i s s i m m o C e h t t n a c i f i n g i s e v i r d o t l a i t n e t o p e h t e v a h t c A e h t r e d n u s t n e m e r i u q e r e h T e s a e r c e d l a i t n e t o p a s t s e g g u s r e p a p n o i s s u c s i d e h T . s u r o h C r o f . s t s o c e c n a i l p m o c . d n a b d a o r b r e p 8 4 7 $ o t 8 4 2 $ f o e g n a r a n h t i . i w g n c i r p i ’ s u r o h C f o , 2 1 0 2 r e b m e c e D 3 n O . 2 1 0 2 f o d n e e h t y b e c i r p A B U e h t i w e v e r o t i g n i s o p o r p g n c i r p A B U n o n o i s i c e d t f a r d a d e u s s i n o i s s i m m o C e h t l , s e m u o v n o i t c e n n o c 3 1 0 2 e n u J 0 3 n o d e s a B . h t n o m r e p n o i t c e n n o c n o d e s a b h t n o m . r e p 3 9 8 $ o t 6 4 . 1 2 $ m o r f e c i r p n i n o i t c u d e r a n i A D T B E I l a u n n a n i n o i t c u d e r a y p m l i l d u o c s i h t i s e t a p c i t n a s u r o h C i g n k a m s i s u r o h C . s e i r t n u o c o w t n i i g n c i r p f o g n k r a m h c n e b i . n o i l l i m 0 0 1 $ o t n o i l l i m 0 2 $ f o e g n a r e h t i . s s e c o r p g n k r a m h c n e b e h t h g u o r h t s n o i s s i m b u s e h t g n i r e h t a f d n a r g g n d u c n l i i d e s o p o r p o s l a e r a s e g n a h c r e h t O i s s e c o r p g n k r a m h c n e b A B U e h t e t e p m o c o t l s t c e p x e n o i s s i m m o C e h T . t c A e h t i f o w e v e r a n o r e p a p n o i s s u c s i d a d e u s s i t n e m n r e v o G s n o i t p o l a i t n e t o p l l a , i n a t r e c n u s i i w e v e r y r o t a u g e r l s ’ t n e m n r e v o G l y b d e t a u g e r y l t n e r r u c e r a A B U r o f , e c i r p g n d u c n l i i , s m r e t e h T e h t , 3 1 0 2 e n u J n I . t c A e h t n i t u o t e s s n o i t a c i f i c e p s e h t g n i t e e m e h t f o e m o c t u o e h t e l i h W . 5 1 0 2 r e b m e v o N r o 4 1 0 2 r e b m e v o N m o r f i g n c i r p A B U s e s a h p r e t a L . i e c v r e s ) U L S ( g n i l d n u b n U p o o L b u S e h t f o y t i l i b a l i a v a y n a , n o i s i c e d l a n i f s t i s e u s s i n o i s s i m m o C e h t e c n O . 3 1 0 2 r e b o t c O n i 0 2 0 2 n i l e t e p m o c s i d l i u b B F U e h t e c n o k r o w e m a r f y r o t a u g e r l e t a i r p o r p p a e h t n o s u c o f o t d e s o p o r p e r a w e v e r y r o t a u g e r e h t l i f o . e c i r p A B U e h t f o w e v e r i I C R L S T P P F n a r o f y p p a n a c y t r a p l h g u o r h t s n o i s s i m b u s g n k a m i s i s u r o h C . ) s g n h t i r e h t o t s g n o m a ( . s s e c o r p w e v e r e h t i ) S F L C U ( e c i v r e S y c n e u q e r F w o L r e p p o C d e l d n u b n U l y g o o n h c e t a e d a m s a h s u r o h C , s t n e m e r i u q e r O S T s t i t e e m o T i l . s i s a b t n e a v u q e r o y r o t a n m i i r c s i d - n o n a n o s e c v r e s i f o n o i s i v o r p 2 1 0 2 e t a l n i i l r e t s i n M e h t o t n a p n o i t i s n a r t a d e t t i m b u s s u r o h C i g n i r a h s e h t g n d n e o t e v o m o t d e r i u q e r s n o i t c a e h t o t g n i t a e r l y b d e r i u q e r s a l , s u r o h C d n a m o c e e T n e e w t e b s t n e m e g n a r r a . s d e e D e h t ) O S T ( s n o i t a g i l b O s e c i v r e S s n o i t a c n u m m o c e l e T i s e i v e L d n a l i a s r e v n u h c h w y b m i s i n a h c e m y r o t a u g e r e h t l s i O S T e h T i s e c v r e s g n i l l a c d n a s s e c c a l a c o l , l a i t n e d i s e r r o f s n o i t a g i l b o e c v r e s i . i e c v r e s t u p n i i e c o v a e d v o r p d n a i i i n a t n a m o t d e r i u q e r s i s u r o h C . i d e r e t s i n m d a d n a d e s o p m i e r a , s n o i t a g i l b o e g a r e v o c d n a s e n i l r e h t r u f y n a n o s w e v g n i t i v n i i d n a , O S T e h t r o f s n o i t p o e r u t u f l a i t n e t o p f o r e b m u n a g n i s o p o r p , i l w e v e r d e u d e h c s a f o t r a p s a , O S T e h t n o t n e m u c o d n o i s s u c s i d a d e u s s i t n e m n r e v o G e h t , l 3 1 0 2 y u J 9 n O i s n o i t a c n u m m o c e e t y r e v e d n a l , e t a r e p o r o l o r t n o c , n w o y e h t r e p p o c A B U d n a L L C U e h t w o h , . . 0 5 2 4 $ - 0 5 7 3 $ n e e w t e b t n o p i . 5 1 0 2 r e b m e c e D n i s s e c o r p P P F e h t e t e p m o c l e h t d n u o r a d e s u c o f s n o i t a g i l i b o g n d n b y i l l a g e l f o s e i r e s a t n e s e r p e r e h t n o t c e f f e t n a c i f i n g i s e v a h o t d e t c e p x e y l t n e r r u c e r a h c h w i f o y r o t a u g e r l s ’ t n e m n r e v o G e h t r e h t e h w r o e m i t y n a t a d e w e v e r e b i e n o n , s e i r i u q n i d n a s n o i t a g i t s e v n i , s i i l m a c g n o g n o s a h s u r o h C l d u o c r o w e v e r i r e d n u y l t n e r r u c e r a t a h t i s e c v r e s y n a n o s e s s e c o r p l e b a i l . s u r o h C f o y t i l i b a t i f o r p r o n o i t i s o p l i a c n a n i f . s e s s e c o r p e s o h t t c a p m i l l i w w e v e r i i e b o t d e n m r e t e d s a w s u r o h C , l 3 1 0 2 y u J 9 1 n O . ) L R T ( y v e L . 2 1 Y F r o f L R T e h t , f o 0 0 0 0 9 6 $ r o f i g n c i r p U L S d n a L L C U ’ s n o i s s i m m o C f o e m o c t u o e h t d n u o r a y t n a t r e c o n s i i e r e h T i l y r o t a u g e R s n o i t a c n u m m o c e e T a h g u o r h t l s t s o c s n o i s s i ’ m m o C d e c n u o n n a w e i v e r t n e m n r e v o g l e l l a r a P e c r e m m o C e h t s d r a w o t e t u b i r t n o c o t d e r i u q e r o s l a s i s u r o h C n o , y n a f i , t c e f f e e s r e v d a e h t e t a m l i t s e y b a n o s a e r t o n n a c s u r o h C s a w t i t a h t d e c n u o n n a t n e m n r e v o G d n a a e Z w e N e h t y r a u r b e F 8 n O l l y e t a m i t l u e r a s e i r i u q n i r o s i i l m a c g n d n a t s t u o e h t f o y n a f i s u r o h C l y r o t a u g e r ( k r o w e m a r f y r o t a u g e r e h t l i f o w e v e r a d r a w r o f g n g n i r b i t a h t e c n a r u s s a o n e b n a c e r e h T . t s e r e t n i ’ s u r o h C i t s n a g a d e v l o s e r , s s e n i s u b ’ s u r o h C n o t c e f f e t n a c i f i n g i s a e v a h t o n l l i w s e s a c h c u s . y t i l i b a t i f o r p r o s n o i t a r e p o f o s t l u s e r d n a , n o i t i s o p l i a c n a n i f n i s n o i t i d n o c e v i t i t e p m o c d n a s t n e m p o e v e d y g o o n h c e t l l , e r u t c u r t s t e k r a m e h t t n u o c c a o t n i i g n k a t i , s e c v r e s i s n o i t a c n u m m o c e e t l f o s r e s u - d n e f o s t s e r e t n i m r e t - g n o l e h t n o s u c o f … “ o t ) i w e v e r i g n d u c n l i , i w e v e r e h t f o e m i t e h t t a y r t s u d n i i s n o i t a c n u m m o c e e t e h t l i s n o i t a c n u m m o c e e t l r e h t o d n a s s e e r i l w , r e p p o c , e r b i f f o t c a p m i e h t i i i y r t s u d n - s r e m u s n o c - y t n a t r e c - e d v o r p - w e v e r / e s a e e r / z n . t v o g e v h e e b / / : p t t h . l i i 4 . 4 ” t n e m t s e v n i k r o w t e n l d e t a u g e r y l t n e r r u c e r a U L S d n a L L C U r o f , e c i r p g n d u c n l i i , s m r e t e h T d e u s s i n o i s s i m m o C e h t , 2 1 0 2 r e b m e c e D 3 n O . n o i s s i m m o C e h t y b , s e c i r p U L S d n a S F L C U e h t t a h t g n n a e m i i , s e c v r e s s u r o h C r e h t o f o . 2 5 3 2 $ f o e c i r p L L C U d e g a r e v a l a n i f e h T . L L C U r o f e g r a h c n a c r e b m u n a o t d e k n i l s i e c i r p L L C U e h T . . p o r d % 8 3 a d e t n e s e r p e r s u r o h C e c i r p e h t i i f o w e v e r g n k r a m h c n e b s t i n o n o i s i c e d l a n i f a . n o i s i c e d e h t y b d e t c a p m i e r e w , s e c i r p A B U e m o s d n a 5 1 n o i t a g i t i L l i a c r e m m o c a n o e b a l l i a v a , d n a b e s a B , i e c v r e s t u p n i i e c o v l a r t u e n i . s s e c o r p w e v e r e h t h g u o r h t s n o i s s i m b u s g n k a m i s i s u r o h C . s n o i t p o t u p n i i e c o v a ( S F L C U , i e c v r e s s i h t f o t e s b u s a f o g n c i r p e h T i . s i s a b i d n e e h t y b w e v e r e h t e t e p m o c o t d e r i u q e r l s i t n e m n r e v o G e h T e h t t a t e s s i , ) k r o w t e n s s e c c a r e p p o c e h t r e v o d e r e f f o e c v r e s i e h t f o e m o c t u o e h t i f o y t n a t r e c r o e e t n a r a u g o n s i e r e h T . 3 1 0 2 f o e s u a c e B . n o i s s i i m m o C e h t y b d e n m r e t e d s a e c i r p L L C U d e g a r e v a e c i r p S F L C U w e n a , e c i r p L L C U e h t o t d e k n i l s i e c i r p S F L C U e h t y l s u o v e r p i ( 2 1 0 2 r e b m e c e D 3 m o r f d e i l p p a h t n o m r e p 2 5 3 2 $ f o . f o t l u s e r a s a e c i r p L L C U e h t o t e g n a h c y n A . ) h t n o m r e p 6 4 4 2 $ . . e c i r p S F L C U e h t o t h g u o r h t w o l f d u o h s l s s e c o r p P P F e h t y v e l y r t s u d n i n a s i ) L D T l ( y v e L t n e m p o e v e D s n o i t a c n u m m o c e e T e h T l i . i w e v e r O S T h c a e n o i l l i m 0 1 $ d n a 6 1 Y F d n a 0 1 Y F n e e w t e b r a e y r e p n o i l l i m 0 5 $ f o i t a h t d e n m r e t e d n o i s s i m m o C e h t , 3 1 0 2 e n u J 7 2 n O . r e t f a e r e h t r a e y . 2 1 Y F r o f L D T e h t f o n o i l l i . m 4 6 $ r o f e b a l i l s a w s u r o h C . - 0 5 7 3 $ n e e w t e b ( s e c i r p e r b i f l y h g u o r e b d u o h s l s e c i r p ) A B U d n a L L C U ( r e p p o c t a h t s e s o p o r p o t e c n e r e f e r y b n o i s i c e d 2 1 0 2 r e b m e c e D 3 e h t n i n o i s s i m m o C e h t l e v e l y r t n e d e t c a r t n o c h t i w l t n e a v u q e i i i L L C U e h t g n d v o r p f o C R L S T e h t I s e t a m i t s e r e d n u g n k r a m h c n e b i f o s m r e t n i i r e f f i d h c h w – d e s o p o r p s n o i t p o e e r h t e r a e r e h T . ) . 0 5 2 4 $ i e d a m o s l a a d r o K d n a s u P l l l a C , e n o f a d o V , m o c e e T l . l d n a a e Z w e N n i . ) s d e e D ( i g n k a t r e d n u f o s d e e d s s e c c a n e p o e e r h t y b d n u o b s i s u r o h C i g n k a t r e d n U f o s d e e D s s e c c A n e p O s u r o h C i s g n k a t r e d n u e v i t a i t i n I d n a b d a o r B l a r u R d n a e r b F i , r e p p o C e h T n o i t a l s i g e l r e h t O r e p a p n o i s s u c s i d a d e s a e e r l t n e m n r e v o G e h t , 3 1 0 2 t s u g u A 7 n O i w e v e r o t n o i s s i m m o C e h t o t d e i l p p a s u r o h C , n o i s i c e d l a n i f e h t r e t f A l y r o t a u g e r d n a e v i t i t e p m o c ’ s u r o h C n i s e g n a h c t n a c i f i n g S i n o i t a l u g e r d n a n o i t i t e p m o C r e p a p n o i s s u c s i d e h T . i g n c i r p r e p p o c n o s u c o f e t a d e m m i i i l w e v e r y r o t a u g e r e h t o t h c a o r p p a d e s a h p a e k a t o t s e s o p o r p n a h t i w – e d a m s a w n o i t a c i l p p a e h T . ) I C R L S T ( t s o C l a t n e m e r c n I n u R g n o L i l h c h w s e r u s o c s i d s u o v e r p h t i i w n o i t c n u n o c n j i d a e r e b d u o h s l s i h T y b t e s e c i r p l a i t i n i e h t t a h t d e r e d i s n o c s u r o h C t a h t s i s a b e h t n o . e r t n e c - r o t s e v n i / z n o c . s u r o h c w w w . . : t a e n i l n o e b a l l i a v a e r a t n e m n r e v o G e h t , r e p a p n o i s s u c s i d e h t n I . i w e v e r y r o t a u g e r e h t n o l i e c v r e S l a t o T f o ) i l P P F ( e p c n i r P g n c i r P i l i a n F a g n i s u , e c i r p L L C U e h t . l w o e b t u o t e s e r a r a e y t s a l e h t n i d e r r u c c o e v a h t a h t t n e m n o r i v n e Chorus Management Commentary ) T S G L C X E ( I I G N C R P S U O V E R P I ) T S G L C X E ( I I G N C R P T N E R R U C 2 1 0 2 R E B M E C E D E R O F E B N O I T P I R C S E D T C U D O R P 0 2 . 5 3 $ n a b r u - n o N . 3 6 6 3 $ n a b r u - n o N d n a e c o v i r e f f o o t i s r e d v o r p e c v r e s i l i a t e r y b d e s u h t n o m r e p h t n o m r e p n e e w t e b s e n i l r e p p o c n o e b a l l i a v A i . s e c v r e s d n a b d a o r b h t n o m . r e p 8 0 9 1 $ n a b r U h t n o m . r e p 4 8 9 1 $ n a b r U e b n a C . i e c v r e s p o o l l a c o l l r e p p o c d e d n u b n u e h T L L C U h t n o m r e p 2 5 . 3 2 $ h t n o m r e p 6 4 4 2 $ . t a h t s e n i l r e p p o c l l a n o e b a l l i a v a e c v r e s i t u p n i i e c o v A d n a b e s a B . i e c v r e s s i h t f o t e s b u s a s i ) S F L C U i ( e c v r e S y c n e u q e r F w o L , e g n a h c x e e h t d n a s e s i m e r p e h t n e e w t e b e c a p n l i e r a l r e p p o C d e d n u b n U e h T . n o i t a s i t e n b a c f o e v i i t c e p s e r r i r e p p o C ) S F L C U ( i g n c i r p l i a c r e m m o C i g n c i r p l i a c r e m m o C p o o l b u s a t c e n n o c o t i s r e d v o r p e c v r e s i l i a t e r s w o l l A y e h t o s e g n a h c x e l a c o l e h t o t i t e n b a c a m o r f e n i l L L C U e h t i m o r f e c v r e s d n a b d a o r b r o / d n a e n o h p r e f f o n a c . s a e r a d e s i t e n b a c n i i e g n a h c x e p o o L b u S n o i s n e t x E e c i v r e S 2 5 . 3 2 $ f o e c i r p d e g a r e v a y l l a n o i t a n o t s e g n a h C 4 1 0 2 r e b m e c e D m o r f h t n o m r e p 8 9 4 4 $ . r o A B U c i s a B r o f ( ) 0 A B U d e c n a h n E r o A B U c i s a B r o f ( e h t r e v o d e r e f f o g n e b o s l i i a e c v r e s e c o v i a t u o h t i w . e . i ( ) 0 A B U d e c n a h n E r e f f o o t i s r e d v o r p e c v r e s i l i a t e r y b d e s u e b n a C . ) e n i l i . s e c v r e s d n a b d a o r b h t n o m r e p 2 9 5 4 $ . l e n o a d n a t s n e k a t s i t a h t e c v r e s i m a e r t s t i b d e d n u b n u n A l A B U d e k a N n e e b s a h e r e h t e r e h w e g n a h c x e e h t d n a s e s i m e r p e h t . n o i t a s i t e n b a c o n i h t n o m r e p 2 5 . 1 1 $ n a b r U h t n o m r e p 8 9 . 1 1 $ n a b r U l i a t e r y b d e s u e b n a C . i e c v r e s p o o l l b u s d e d n u b n u e h T p o o L b u S 6 2 . 1 2 $ n a b r u - n o N 2 1 . 2 2 $ n a b r u - n o N i . s e c v r e s d n a b d a o r b d n a e c o v i r e f f o o t i s r e d v o r p e c v r e s i h t n o m r e p h t n o m r e p d n a s e s i m e r p e h t n e e w t e b s e n i l r e p p o c n o e b a l l i a v A e g n a h c o N i l a u m r o f g n c i r p d e t a u g e R l i s ’ r e d v o r p e c v r e s i . ) s e n i l i d e s i t e n b a c n o y n o l . e . i ( i t e n b a c l i a t e r a n e e w t e b n o i t c e n n o c e r b i f e h T e g n a h c o N o t j t c e b u s s e i r a v g n c i r P i L L C U r e h t o h t i w n o i t c e n n o c r e t n i d n a s s e c c a l s e b a n E e c n a t s i d d n a y t i c a p a c n e e w t e b , k r o w t e n s s e c c a i r e d w e h t s s o r c a i s e c v r e s e h t d n a i t e n b a c n o i t u b i r t s i d a n i i t n e m p u q e L L C U . e g n a h c x e l a c o l i d e t a c o s s a p o o l - b u S l u a h k c a b l u a h k c a B L L C U L L C U t u o h t i w h t n o m r e p 8 9 4 4 $ . d n a s p b M 0 5 - 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A B U f o s t n a i r a v d e c n a h n E r o c i s a B e g n a h c o N r o f ( h t n o m r e p 6 4 . 1 2 $ i h g h o t s s e c c a i t c e r i d s r e d v o r p e c v r e s i l i a t e r s w o l l A l d e d n u b n U r o S F / S F A B U c i s a B o t m e h t g n i l b a n e , s k n i l s s e c c a m a e r t s t i b r e p p o c d e e p s ) 0 A B U d e c n a h n E d n a b d a o r b d e e p s h g h r e v i i l e d o t t n e m p u q e i ’ s u r o h C e s u m a e r t s t i B s s e c c A i t n o p r e v o d n a h e h t o t e g n a h c x e l a c o l e h t n e e w t e b c i f f a r t ) s n o i t p o r i e h t e t a g e r g g a n a c y e h t o s y t i c a p a c n o i s s i m s n a r t o t d e t a l u g e r r o . k r o w t e n n w o r i e h t n h t i i w n e e w t e b e s o o h c n a c s r e d v o r p e c v r e s i i l i a t e R i . s e c v r e s s s e c c a i s r e d v o r p e c v r e s i l i a t e r s e v G i . s e g n a h c x e e p i t l u m l i l a c r e m m o c ( r o / d n a A B U d n a b e s a B r e p p o C L L C U r o r o / d n a A B U d n a b e s a B r e p p o C U L S r o r o / d n a A B U d n a b e s a B r e p p o C S E L S r o U L S l u a h k c a B e c ffi O l a r t n e C ) e g n a h c x e ( L L C U r o A B U l u a h k c a B l i a t e R i e c v r e s s ’ r e d v o r p i k r o w t e n r e d e e f r e p p o C r e p p o C e r b F i i w e v r e v o t c u d o r P w e i v r e v o t c u d o r p r e p p o C 6 1 Chorus Management Commentary r o ; h t n o m . r e p 0 5 7 3 $ r o f n a p m a e r t s p u l l i a t e r e h t g n v g e i i l i h w , i e c v r e s l e v e l y r t n e n a o t s r e s u - d n e s p b M 0 5 / m a e r t s n w o d s p b M 0 0 1 o t p u e h t i s a e c v r e s e h t n o d l i u b o t y t i l i b a e h t i r e d v o r p e c v r e s i . h t n o m . r e p 0 0 5 5 $ r o f n a p m a e r t s p u l g n i t s i x e r e v i l e d o t y t i l i b a e h t s e d u c n l i d n a , s g n i r e f f o e s i r p r e t n e i m u d e m o t l l a m s r o l a i t n e d i s e r t e k r a m s s a m f o t n e m p o e v e d l e h t s t r o p p u s t I . l p o e v e d d n a e s a e r c n i s d n a m e d r e s u - d n e s p b M 0 0 1 o t p u ( h t n o m r e p 0 8 3 $ m o r F h t n o m . r e p 0 0 5 7 1 $ m o r F e d a r g - s s e n i s u b t r o p p u s o t d e n g i s e d e c v r e s B F U e b x e l f A l i i o t p u s r e v i l e d t I . s k r o w t e n e t a v i r p l a u t r i v e k i l , s n o i t a c i l p p a . e r b i f i r e v o s e c v r e s e c o v i i h t d w d n a b m a e r t s p u d n a m a e r t s n w o d d e t a c d e d f o s p b M 0 0 1 i a s a h t I . s e c i f f o h c n a r b r o s e s s e n i s u b m u d e m i r o f l a e d i s i d n a / R C I ( e t a r n o i t a m r o f n i s s e c x e d n a d e t t i m m o c f o e g n a r e d w i . s n o i t p o ) R E I i e c n a m r o f r e p h g h g n i r e f f o e c v r e s i s s e c c a B F U m u m e r p A i o t d e r r e f e r o s l a ( 4 m a e r t s t i B p u r o f 0 1 $ m o r f d e s a h c r u p e b n a c R C I . ) s d e e p s d a o n w o d l . s p b M 0 1 o t : m o r F k r o w t e n r e d v o r p e c v r e s i i l i a t e r f o n o i t a l l a t s n i e h t s t r o p p u S d n a e c i f f O l a r t n e C . s t n e m e r i u q e r d n a e t i s n o g n d n e p e d i e h t o t d e t c e n n o c e r a o h w s r e s u - d n e o t i s e c v r e s d e s a b - e r b i f h t n o m r e p 0 0 9 , 1 $ o t h t n o m r e p 5 1 2 $ i e d v o r p d n a e c i f f O l a r t n e C r o e g n a h c x e e r b i f e h t n i t n e m p u q e i n o i t a c o l - o C o t h t n o m r e p 0 5 4 $ h t n o m r e p 0 0 4 , 1 $ e m a s e h t n h t i i w s e g n a h c x e o w t n i s t n i r p t o o f t c e n n o c o t . a e r a e t a d d n a c i r o , e g n a h c x e r e h t o n a n i i t n e m p u q e r i e h t o t n o i t c e n n o c ) S B A C I ( e c i v r e S l u a h k c a B : m o r F s s e c c a e r b i f a d n e t x e o t i s r e d v o r p e c v r e s i . k r o w t e n e r b i f l i a t e r y b d e s U i a e r A e t a d d n a C a r t n I s p b G 1 o t p u ( h t n o m r e p 5 5 4 $ e g r a l r o f s n o i t a c i l p p a e d a r g - s s e n i s u b x e p m o c g n i t r o p p u s l ; ) s d e e p s d a o n w o d l r o f l a e d i s i t I . s r e s u y t i r o i r p B F U d n a s r e s u - d n e e t a r o p r o c r o f ; ) s d e e p s d a o n w o d l f o e g n a r e d w a i s a h d n a , s b u h e t a r o p r o c r o , s e s s e n i s u b s p b G 0 1 o t p u ( h t n o m r e p 5 5 3 , 1 $ . s n o i t p o ) I R C ( e t a r n o i t a m r o f n i d e t t i m m o c ) i m u m e r P S N S H s a h t n o m r e p 5 5 4 $ ; ) s d e e p s d a o n w o d l s p b M 0 0 1 o t p u ( h t n o m r e p 0 8 3 $ i ) s t n o p r o ( i t n o p a t a r e t r e v n o c a d e m i s u r o h C a f o n o i t a l l a t s n i i i m o r f h t d w d n a b d e t a c d e d s e d v o r p d n a e c v r e s e h t n i i i d n a l ; s d e e p s d a o n w o d s p b G 1 o t p u ( . y c n e t a l l a n o i t i d d a r o g n h c t i i w s o n h t i w s e s i m e r p r e s u - d n e : m o r F e h t s e d u c n l i i e c v r e s s i h t , s s e c c A e r b F i t c e r i D m o r f p u p e t s A e s u o h - n i e h t h t i w s e s s e n i s u b r o s e s s e n i s u b e g r a l r o f s n o i t u o s l d e r o l i a t t i u s y l l i a c p y t l l i w t i , ’ e r b i f k r a d ‘ s a n w o n k l y n o m m o C i . s e c v r e s n w o r i e h t e g a n a m o t s e c r u o s e r i s s e c c A e r b F h t d w d n a B i . e g n a h c x e l a c o l e h t n i i t n e m p u q e s ’ r e d v o r p e c v r e s i i l i a t e r h t n o m r e p 5 5 3 $ r i e h t d n a r e s u - d n e n a n e e w t e b n o i t c e n n o c c i t p o e r b i f a s r e f f O s s e c c A e r b F t c e r i D i s p b G 0 1 o t p u ( h t n o m r e p 5 5 3 , 1 $ . ) s d e e p s d a o n w o d l s p b M 0 1 / m a e r t s n w o d s p b M 0 3 o t p U i g n c u d o r t n i i r o f e c v r e s B F U e b x e l f l i t u b e p m l i s l y e v i t a l e r A 2 m a e r t s t i B ) T S G L C X E ( I I G N C R P T N E R R U C N O I T P I R C S E D T C U D O R P w e i v r e v o t c u d o r p e r b i F ) . t n o c ( i w e v r e v o t c u d o r P a 3 & 3 m a e r t s t i B e r b fi s s e n i s u B , 4 r o a 3 , 3 m a e r t s t i B ( i r o e r b F t c e r i D i ) s s e c c A e r b F h t d w d n a B i i l a c r e m m o C l u a h k c a B S B A C I r o l i a t e R i e c v r e s s ’ r e d v o r p i k r o w t e n e c ffi O l a r t n e C ) e g n a h c x e ( l a i t n e d i s e R e m o h r o e r b fi s s e n i s u b ) 2 m a e r t s t i B ( e r b F i 7 1 Chorus Management Commentary s t n e m e t a t S i l a c n a n i F 9 1 9 1 9 1 0 2 0 2 1 2 1 4 - 3 2 e m o c n i e v i s n e h e r p m o c f o t n e m e t a t S t r o p e r s ’ r o t i d u a t n e d n e p e d n I t n e m e t a t s e m o c n I n o i t i s o p i l a c n a n i f f o t n e m e t a t S y t i u q e n i s e g n a h c f o t n e m e t a t S s w o l f h s a c f o t n e m e t a t S s t n e m e t a t s i l a c n a n i f e h t o t s e t o N S T N E T N O C D E D N E S H T N O M N E V E S R A E Y D E D N E D E D N E S H T N O M N E V E S R A E Y D E D N E 2 1 0 2 E N U J 0 3 3 1 0 2 E N U J 0 3 2 1 0 2 E N U J 0 3 3 1 0 2 E N U J 0 3 T N E R A P P U O R G - ) 1 ( ) 1 ( - - M $ ) 1 ( 2 6 ) 6 6 ( ) 5 ( 1 ) 4 ( M $ 6 8 ) 1 ( 5 8 1 - 6 8 6 0 1 ) 5 0 1 ( 7 8 - 7 8 M $ 3 1 6 ) 4 1 2 ( 9 9 3 ) 0 5 1 ( ) 9 3 ( 0 1 2 4 ) 2 7 ( 2 4 1 ) 0 4 ( 2 0 1 6 2 0 . 6 2 0 . M $ 7 5 0 , 1 ) 4 9 3 ( 3 6 6 ) 8 5 2 ( ) 1 6 ( 4 4 3 7 ) 5 1 1 ( 6 3 2 ) 5 6 ( 1 7 1 4 4 0 . 2 4 0 . 7 8 1 2 9 3 1 8 1 8 1 S E T O N ) S N O I L L I M N I S R A L L O D ( e u n e v e r g n i t a r e p O s e s n e p x e g n i t a r e p O , x a t e m o c n i , t s e r e t n i e r o f e b ) s s o l ( / s g n n r a E i n o i t a s i t r o m a d n a n o i t a i c e r p e d d e r i a p m i t o n e v a h s r e t t a m e s e h T . p u o r g d n a y n a p m o c e h t o t i s e c v r e s m r fi e h T . p u o r g d n a y n a p m o c e h t f o r o t i d u a s a e c n e d n e p e d n i r u o i n o i t a c e r p e D n o i t a s i t r o m A . p u o r g d n a y n a p m o c e h t , n i t s e r e t n i r o , h t i i w p h s n o i t a e r l r e h t o o n s a h i n o n p O i x a t e m o c n i d n a t s e r e t n i e r o f e b ) s s o l ( / s g n n r a E i : 1 4 o t 9 1 s e g a p n o s t n e m e t a t s l i a c n a n fi e h t n o n p o r u o n i i I e c n a i l p m o c x a t d n a e c n a r u s s a r e h t o d e d v o r p o s l a s a h m r fi r u O i s t n e m e t a t S l i a c n a n F i s u r o h C t n e m e t a t s e m o c n I 3 1 0 2 E N U J 0 3 D E D N E R A E Y E H T R O F t r o p e r s ’ r o t i d u a t n e d n e p e d n I s t n e m e t a t s i l a c n a n fi p u o r g d n a y n a p m o c e h t n o t r o p e R d e t i i m L s u r o h C l f o s r e d o h e r a h s e h t o T i t n e c ffi u s s i i d e n a t b o e v a h e w e c n e d v e t i d u a e h t i t a h t e v e i l e b e W s u r o h C f o s t n e m e t a t s l i i a c n a n fi g n y n a p m o c c a e h t d e t i d u a e v a h e W . i i n o n p o t i d u a r u o r o f i s i s a b a e d v o r p o t e t a i r p o r p p a d n a y n a p m o c e h t g n i s i r p m o c , p u o r g e h t d n a ) ’ ’ y n a p m o c e h t ’ ‘ ( d e t i m L i x a t e m o c n i e r o f e b ) s s o i l ( / s g n n r a e t e N d o i r e p e h t r o f ) s s o i l ( / s g n n r a e t e N t i f e n e b / ) e s n e p x e ( x a t e m o c n I e m o c n i e c n a n F i e s n e p x e e c n a n F i ) s r a l l o d ( e r a h s i r e p s g n n r a e d e t u l i D ) s r a l l o d ( e r a h s i r e p s g n n r a e c i s a B e r a h s r e p s g n n r a E i l i a c n a n fi e h t f o d n a 3 1 0 2 e n u J 0 3 t a s a p u o r g e h t d n a y n a p m o c r o f p u o r g e h t d n a y n a p m o c e h t f o s w o fl h s a c d n a e c n a m r o f r e p . d e d n e n e h t r a e y e h t s t n e m e r i u q e r y r o t a l u g e r d n a l a g e l r e h t o n o t r o p e R ) e ( ) 1 ( 6 1 d n a ) d ( ) 1 ( 6 1 s n o i t c e s f o s t n e m e r i u q e r e h t h t i w e c n a d r o c c a n I t a h t l s n o i t a n a p x e d n a n o i t a m r o f n i e h t l l i a d e n a t b o e v a h e w d n a ; d e r i u q e r e v a h e w : t a h t t r o p e r e w , 3 9 9 1 t c A g n i t r o p e R l i a c n a n F e h t i t p e k n e e b e v a h s d r o c e r g n i t n u o c c a r e p o r p , i i n o n p o r u o n i f o • • ; s d r a d n a t S g n i t r o p e R l i a c n a n F i l a n o i t a n r e t n I h t i l w y p m o c e h t f o n o i t i s o p l i a c n a n fi e h t f o w e v i r i a f d n a e u r t a e v g i e c i t c a r p g n i t n u o c c a d e t p e c c a y l l a r e n e g h t i l w y p m o c ; l d n a a e Z w e N n i • • • , e m o c n i e v i s n e h e r p m o c f o s t n e m e t a t s d n a s t n e m e t a t s e m o c n i e h t l y r o t a n a p x e r e h t o d n a s e c i i l o p g n i t n u o c c a t n a c fi n g i s i f o y r a m m u s a d n a , d e d n e n e h t r a e y e h t r o f s w o fl h s a c d n a y t i u q e n i s e g n a h c . p u o r g e h t d n a y n a p m o c e h t h t o b r o f , n o i t a m r o f n i d n a y n a p m o c f o n o i t a r a p e r p e h t l r o f e b i s n o p s e r e r a s r o t c e r i d e h T l a i c n a n fi p u o r g d n a y n a p m o c e h t r o f y t i l i b i s n o p s e r ’ s r o t c e r i D s t n e m e t a t s d e t p e c c a y l l a r e n e g h t i w e c n a d r o c c a n i s t n e m e t a t s l i a c n a n fi p u o r g l i a c n a n F i l a n o i t a n r e t n I l d n a d n a a e Z w e N n i e c i t c a r p g n i t n u o c c a s r e t t a m e h t f o w e v i r i a f d n a e u r t a e v g t a h t i s d r a d n a t S g n i t r o p e R s r o t c e r i d e h t s a l o r t n o c l a n r e t n i h c u s r o f d n a , l e t a e r y e h t h c h w o t i t n e m e t a t s s i m l a i r e t a m m o r f e e r f e r a t a h t s t n e m e t a t s l i a c n a n fi p u o r g d n a y n a p m o c f o n o i t a r a p e r p e h t e b a n e o t y r a s s e c e n s i l i e n m r e t e d . r o r r e r o d u a r f o t e u d r e h t e h w y t i l i b i s n o p s e r s ’ r o t i d u A y n a p m o c e s e h t n o n o n p o n a s s e r p x e o t i i s i y t i l i b i s n o p s e r r u O d e t c u d n o c e W . t i d u a r u o n o d e s a b s t n e m e t a t s l i a c n a n fi p u o r g d n a , 3 1 0 2 e n u J 0 3 t a s a n o i t i s o p l i a c n a n fi f o s t n e m e t a t s e h t e s i r p m o c s t n e m e t a t s l i a c n a n fi e h T . 1 4 o t 9 1 s e g a p n o , i y r a d i s b u s s t i d n a g n i t i d u A n o s d r a d n a t S l a n o i t a n r e t n I h t i w e c n a d r o c c a n i t i d u a r u o e s o h T . g n i t i d u A n o s d r a d n a t S l a n o i t a n r e t n I d n a ) l d n a a e Z w e N ( e m o c n i e v i s n e h e r p m o c f o t n e m e t a t S ) 4 ( M $ ) 4 1 ( 4 ) 0 1 ( ) 4 1 ( M $ 7 8 3 1 ) 4 ( 9 6 9 M $ 2 0 1 ) 4 1 ( 4 ) 0 1 ( 2 9 M $ 1 7 1 3 1 ) 4 ( 9 0 8 1 E T O N ) S N O I L L I M N I S R A L L O D ( 3 1 e g d e h w o l f h s a c n o t i f e n e b / ) e s n e p x e ( x a T x a t f o t e n d o i r e p e h t r o f ) s s o l ( / e m o c n i e v i s n e h e r p m o c l a t o T x a t f o t e n ) s s o l ( / e m o c n i e v i s n e h e r p m o c r e h t O s t n e m e t a t s l i a c n a n i f e s e h t f o t r a p l a r g e t n i n a e r a 1 4 o t 3 2 s e g a p n o s e t o n e h T e u a v l r i a f n i s e g n a h c f o n o i t r o p e v i t c e f f E ) x a t - e r p ( s e g d e h w o l f h s a c f o d o i r e p e h t r o f ) s s o i l ( / s g n n r a e t e N e m o c n i e v i s n e h e r p m o c r e h t O D E D N E S H T N O M N E V E S R A E Y D E D N E D E D N E S H T N O M N E V E S R A E Y D E D N E 2 1 0 2 E N U J 0 3 3 1 0 2 E N U J 0 3 2 1 0 2 E N U J 0 3 3 1 0 2 E N U J 0 3 T N E R A P P U O R G 3 1 0 2 E N U J 0 3 D E D N E R A E Y E H T R O F i n o i t a n m a x e r u o m o r f s r a e p p a s a r a f s a d e t i i m L s u r o h C y b d n a s t n e m e r i u q e r l i a c h t e h t i l w y p m o c e w t a h t e r i u q e r s d r a d n a t s . s d r o c e r e s o h t f o 3 1 0 2 t s u g u A 5 2 n o t g n i l l e W m o r f e e r f e r a s t n e m e t a t s l i a c n a n fi p u o r g d n a y n a p m o c e h t r e h t e h w l t u o b a e c n a r u s s a e b a n o s a e r n a t b o o t i t i d u a e h t m r o f r e p d n a n a p l . t n e m e t a t s s i m l a i r e t a m i e c n e d v e t i d u a n a t b o o t i i s e r u d e c o r p g n m r o f r e p s e v l o v n i t i d u a n A p u o r g d n a y n a p m o c e h t n i l s e r u s o c s i d d n a s t n u o m a e h t t u o b a e h t n o d n e p e d d e t c e e s l s e r u d e c o r p e h T . s t n e m e t a t s l i a c n a n fi e u d r e h t e h w , s t n e m e t a t s l i a c n a n fi e h t f o t n e m e t a t s s i m l a i r e t a m r o t i d u a e h t , s t n e m s s e s s a k s i r e s o h t g n k a m n i I . r o r r e r o d u a r f o t f o s k s i r e h t f o t n e m s s e s s a e h t g n d u c n l i i , t n e m e g d u j s ’ r o t i d u a ’ s p u o r g d n a y n a p m o c e h t o t t n a v e e r l l o r t n o c l a n r e t n i s r e d i s n o c t i d u a n g i s e d o t r e d r o n i l e t a e r y e h t h c h w o t i s r e t t a m e h t f o w e v i r i a f d n a e u r t a e v g t a h t i s t n e m e t a t s l i a c n a n fi e h t f o n o i t a r a p e r p t o n t u b , s e c n a t s m u c r i c e h t n i e t a i r p o r p p a e r a t a h t s e r u d e c o r p i i f o s s e n e v i t c e ff e e h t n o n o n p o n a g n i s s e r p x e f o e s o p r u p e h t r o f s e d u c n l i o s l a t i d u a n A . l o r t n o c l a n r e t n i ’ s p u o r g d n a y n a p m o c e h t e h t d n a d e s u s e c i i l o p g n i t n u o c c a f o s s e n e t a i r p o r p p a e h t g n i t a u a v e l e h t g n i t a u a v e s a l l l e w s a , s e t a m i t s e g n i t n u o c c a f o s s e n e b a n o s a e r l . s t n e m e t a t s l i a c n a n fi e h t f o n o i t a t n e s e r p 9 1 7 2 5 M $ L A T O T 1 7 1 9 0 8 1 ) 5 9 ( ) 8 ( 8 2 1 ) 3 8 ( 4 2 6 5 3 4 M $ L A T O T 2 0 1 ) 0 1 ( 2 9 7 2 5 M $ ) 0 1 ( - 9 9 - - - - - ) 1 ( M $ 2 0 1 1 7 1 - 1 7 1 ) 5 9 ( ) 8 ( 8 - ) 5 9 ( 8 7 1 W O L F H S A C E V R E S E R E G D E H I D E N A T E R I S G N N R A E P U O R G - - M $ ) 0 1 ( ) 0 1 ( ) 0 1 ( - M $ 2 0 1 - 2 0 1 2 0 1 W O L F H S A C E V R E S E R E G D E H I D E N A T E R I S G N N R A E P U O R G M $ 5 3 4 E R A H S L A T I P A C E T O N - - - - - - 2 1 2 1 7 4 4 M $ 5 3 4 E R A H S L A T I P A C - - - 5 3 4 7 1 7 1 7 1 E T O N 7 1 e u a v l r i a f n i s e g n a h c f o n o i t r o p e v i t c e f f e t e N e m o c n i e v i s n e h e r p m o c r e h t O e m o c n i e v i s n e h e r p m o c l a t o T s e g d e h w o l f h s a c f o : s r e n w o ) o t s n o i t u b i r t s i d ( d n a y b s n o i t u b i r t n o C 3 1 0 2 E N U J 0 3 D E D N E R A E Y ) S N O I L L I M N I S R A L L O D ( e m o c n i e v i s n e h e r p m o C r a e y e h t r o f i s g n n r a e t e N 2 1 0 2 y l u J 1 t a e c n a l a B i i s d n e d v d y r a t n e m e p p u s n o t i d e r c x a T l i i s d n e d v d y r a t n e m e p p u S l s d n e d v D i i l n a p t n e m i t s e v n e r d n e d v D i i s t n e m e t a t s l i a c n a n i f e s e h t f o t r a p l a r g e t n i n a e r a 1 4 o t 3 2 s e g a p n o s e t o n e h T e u a v l r i a f n i s e g n a h c f o n o i t r o p e v i t c e f f e t e N s e g d e h w o l f h s a c f o ) s s o l ( / e m o c n i e v i s n e h e r p m o c l a t o T 2 1 0 2 e n u J 0 3 t a e c n a l a B 2 1 0 2 E N U J 0 3 D E D N E S H T N O M N E V E S ) S N O I L L I M N I S R A L L O D ( 1 1 0 2 r e b m e c e D 1 t a e c n a l a B d o i r e p e h t r o f i s g n n r a e t e N e m o c n i e v i s n e h e r p m o C e m o c n i e v i s n e h e r p m o c r e h t O s r e n w o h t i w s n o i t c a s n a r t l a t o T 3 1 0 2 e n u J 0 3 t a e c n a l a B M $ 2 1 0 2 1 6 1 0 4 - 2 0 1 - - 2 8 3 2 , 2 0 4 2 , 2 2 4 3 , 2 1 3 - 1 3 - 1 3 - - 0 1 1 9 0 6 , 1 2 1 1 3 7 , 1 3 0 1 4 4 7 , 1 5 7 7 , 1 1 8 5 ) 0 1 ( ) 4 ( 7 6 5 M $ 3 1 0 2 9 6 8 - 3 4 2 0 2 3 - - 7 8 3 2 , 2 5 4 2 , 2 5 6 5 , 2 3 3 - 3 3 2 5 3 - - 6 0 1 6 1 7 9 6 , 1 9 1 8 , 1 0 3 1 0 1 0 5 9 , 1 5 8 9 , 1 ) 1 ( ) 2 1 ( 3 9 5 0 8 5 M $ 2 1 0 2 - 0 4 1 8 9 1 3 1 4 3 2 - 0 8 1 1 1 4 2 , 3 9 5 , 2 4 3 9 , 2 4 1 8 2 3 2 4 3 2 4 4 3 9 0 1 1 1 2 1 7 7 1 9 0 6 , 1 6 2 0 2 , 3 4 3 3 6 0 2 , 7 0 4 2 , ) 0 1 ( 5 3 4 2 0 1 7 2 5 M $ 3 1 0 2 - 0 8 4 9 2 3 7 7 3 7 - 3 5 1 6 9 7 2 , 6 5 9 , 2 3 3 3 , 3 5 8 2 3 6 3 3 3 9 3 3 2 6 0 1 3 2 1 0 9 1 7 9 6 , 1 8 1 1 , 2 0 3 2 2 2 0 7 3 , 2 9 0 7 , 2 ) 1 ( 7 4 4 8 7 1 4 2 6 2 4 3 , 2 5 6 5 , 2 4 3 9 , 2 3 3 3 , 3 T N E R A P P U O R G S E T O N 4 1 0 1 5 1 0 2 6 1 2 1 1 1 5 1 1 0 2 5 1 3 3 1 4 5 7 1 7 1 r o t c e r i D , e ff i l c t a R k r a M i g n d n u f n w o r C g n d u l c x e s e i i t i l i b a i l t n e r r u c l a t o T l e b a y a p x a t e m o c n I s t e s s a t n e r r u c - n o n l a t o T l s e b a y a p r e h t o d n a e d a r T s e i t i l i b a i l t n e r r u C s t e s s a l a t o T i g n d n u f n w o r C f o n o i t r o p t n e r r u C s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D s e i t i l i b a i l t n e r r u c l a t o T s e i t i l i b a i l t n e r r u c - n o N l s e b a y a p r e h t o d n a e d a r T l e b a y a p e s a e l e c n a n F i t b e D l e b a y a p x a t d e r r e f e D i g n d u l c x e s e i t i l i b a i l t n e r r u c - n o n l a t o T i g n d n u f n w o r C d n a s e i t i r u c e s H F C s e i t i l i b a i l t n e r r u c - n o n l a t o T s e i t i r u c e s H F C i g n d n u f n w o r C s e i t i l i b a i l l a t o T l a t i p a c e r a h S s e v r e s e R y t i u q E s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D s e c n a v d a d n a s t n e m t s e v n I s t e s s a t n e r r u c l a t o T s t e s s a t n e r r u c - n o N i l s e b g n a t n i r e h t o d n a e r a w t f o S s t e s s a k r o w t e N l s e b a v e c e r i r e h t o d n a e d a r T s t i s o p e d l l a c d n a h s a C s t e s s a t n e r r u C ) S N O I L L I M N I S R A L L O D ( l e b a v e c e r i x a t e m o c n I i l e b a v e c e r e s a e l e c n a n F i i s g n n r a e d e n a t e R i s t n e m e t a t s l i a c n a n i f e s e h t f o t r a p l a r g e t n i n a e r a 1 4 o t 3 2 s e g a p n o s e t o n e h T d r a o B e h t f o f l a h e b n O y t i u q e d n a s e i t i l i b a i l l a t o T y t i u q e l a t o T 3 1 0 2 t s u g u A 5 2 n o e u s s i r o f d e s i r o h t u A n a m r i a h C , l n o d e h S e u S y t i u q e n i s e g n a h c f o t n e m e t a t S 3 1 0 2 E N U J 0 3 D E D N E R A E Y E H T R O F n o i t i s o p i l a c n a n i f f o t n e m e t a t S 3 1 0 2 E N U J 0 3 T A S A 0 2 Chorus Financial Statements - 8 4 - ) 1 ( - ) 5 2 ( 2 2 ) 3 1 ( - - ) 3 1 ( - 2 1 1 5 ) 1 5 ( - 2 1 1 2 0 4 1 6 - 6 0 1 6 8 ) 1 ( ) 7 ( ) 9 9 ( 5 8 - - ) 9 8 1 ( ) 9 8 1 ( - 5 0 1 0 9 1 ) 0 0 1 ( ) 3 8 ( 2 1 1 8 1 6 9 6 4 - 0 3 5 ) 7 4 1 ( ) 0 2 ( ) 5 3 ( 2 3 3 - ) 3 ( ) 6 5 2 ( ) 9 5 2 ( 2 5 2 1 5 ) 1 5 ( - 7 2 0 0 1 0 4 0 4 1 7 - 7 6 9 ) 8 7 3 ( ) 5 6 ( ) 8 0 1 ( 3 2 4 - ) 6 ( ) 1 8 6 ( ) 7 8 6 ( ) 1 ( 8 9 1 0 9 1 ) 0 0 1 ( ) 3 8 ( 4 0 2 ) 0 6 ( 0 4 1 0 8 T N E R A P P U O R G D E D N E S H T N O M N E V E S R A E Y D E D N E D E D N E S H T N O M N E V E S R A E Y D E D N E 2 1 0 2 E N U J 0 3 3 1 0 2 E N U J 0 3 2 1 0 2 E N U J 0 3 3 1 0 2 E N U J 0 3 M $ M $ M $ M $ E T O N s w o fl h s a c f o t n e m e t a t S 3 1 0 2 E N U J 0 3 D E D N E R A E Y E H T R O F d e u n i t n o c , y t i u q e n i s e g n a h c f o t n e m e t a t S 3 1 0 2 E N U J 0 3 D E D N E R A E Y E H T R O F s t e s s a e b g n a t n l i s e i t i v i t c a g n i t a r e p o m o r f s w o l f h s a c t e N s e i t i v i t c a g n i t s e v n i o t d e i l p p a s w o l f h s a C s e v i t a v i r e d d n a i t b e d n o d a p t s e r e t n I l s e e y o p m e d n a s r e i l p p u s o t t n e m y a P i d a p n o i t a x a T : o t d e i l p p a s a w h s a C i g n d n u f i y r a d i s b u S i d n a e r a w t f o s d n a s t e s s a k r o w t e n f o e s a h c r u P s e i t i v i t c a g n i t s e v n i o t d e i l p p a s w o l f h s a c t e N i d a p t s e r e t n i d e s i l a t i p a C s e i t i v i t c a g n c n a n i f i m o r f s w o l f h s a C : ) o t d e i l p p a ( / i m o r f d e d v o r p s a w h s a C s e s a e l e c n a n i f m o r f s d e e c o r p / ) f o t n e m y a p e r ( t e N ) s e i t i r u c e s H F C g n d u c n l i i ( i g n d n u f n w o r C t b e d m o r f s d e e c o r P t b e d f o t n e m y a p e R s e i t i v i t c a g n i t a r e p o m o r f s w o l f h s a C : ) o t d e i l p p a ( / i m o r f d e d v o r p s a w h s a C s r e m o t s u c m o r f d e v e c e r h s a C i e m o c n i e c n a n F i ) S N O I L L I M N I S R A L L O D ( i i d e v e c e r d n e d v d y n a p m o c r e t n i I 7 6 5 M $ L A T O T 7 8 9 6 9 ) 5 9 ( ) 8 ( 8 2 1 ) 3 8 ( 0 8 5 1 8 5 M $ L A T O T ) 4 ( s e i t i v i t c a g n c n a n i f i m o r f s w o l f h s a c t e N w o l f h s a c t e N d o i r e p e h t i f o g n n n g e b e h t i t a h s a C ) 0 1 ( ) 4 1 ( 7 6 5 i d a p s d n e d v D i i M $ ) 0 1 ( - 9 9 - - - - - ) 1 ( ) 4 ( M $ 7 8 - 7 8 ) 5 9 ( ) 8 ( 8 - ) 5 9 ( ) 2 1 ( W O L F H S A C E V R E S E R E G D E H I D E N A T E R I S G N N R A E T N E R A P W O L F H S A C E V R E S E R E G D E H I D E N A T E R I S G N N R A E T N E R A P - - M $ ) 0 1 ( ) 0 1 ( ) 0 1 ( - M $ ) 4 ( - ) 4 ( ) 4 ( - - - - - - 2 1 2 1 3 9 5 M $ 1 8 5 E R A H S L A T I P A C - - - 1 8 5 M $ 1 8 5 E R A H S L A T I P A C E T O N 7 1 s e g d e h w o l f h s a c f o e u a v l r i a f n i s e g n a h c f o n o i t r o p e v i t c e f f e t e N : s r e n w o ) o t s n o i t u b i r t s i d ( d n a y b s n o i t u b i r t n o C e m o c n i e v i s n e h e r p m o c l a t o T 7 1 7 1 E T O N 7 1 s e g d e h w o l f h s a c f o e u a v r i a f n l i 1 1 0 2 r e b m e c e D 1 t a e c n a l a B e m o c n i e v i s n e h e r p m o C d o i r e p e h t r o f s s o l t e N e m o c n i e v i s n e h e r p m o c r e h t O s e g n a h c f o n o i t r o p e v i t c e f f e t e N s s o l e v i s n e h e r p m o c l a t o T 2 1 0 2 e n u J 0 3 t a e c n a l a B s r e n w o h t i w s n o i t c a s n a r t l a t o T 3 1 0 2 e n u J 0 3 t a e c n a l a B 2 1 0 2 E N U J 0 3 D E D N E S H T N O M N E V E S ) S N O I L L I M N I S R A L L O D ( l n a p t n e m i t s e v n e r d n e d v D i i i i s d n e d v d y r a t n e m e p p u s n o t i d e r c x a T l i i s d n e d v d y r a t n e m e p p u S l s d n e d v D i i e m o c n i e v i s n e h e r p m o c r e h t O 3 1 0 2 E N U J 0 3 D E D N E R A E Y ) S N O I L L I M N I S R A L L O D ( e m o c n i e v i s n e h e r p m o C r a e y e h t r o f i s g n n r a e t e N 2 1 0 2 y l u J 1 t a e c n a l a B 4 1 d o i r e p e h t f o d n e e h t t a h s a C s t n e m e t a t s l i a c n a n i f e s e h t f o t r a p l a r g e t n i n a e r a 1 4 o t 3 2 s e g a p n o s e t o n e h T s t n e m e t a t s l i a c n a n i f e s e h t f o t r a p l a r g e t n i n a e r a 1 4 o t 3 2 s e g a p n o s e t o n e h T 1 2 Chorus Financial Statements ) 4 ( M $ - - - - 9 5 ) 6 ( 4 2 ) 1 ( 7 1 2 2 M $ 7 8 - ) 1 ( - - 4 0 9 - 2 ) 7 ( ) 5 ( 5 8 M $ 2 0 1 ) 1 ( 9 3 6 ) 4 ( 1 5 1 3 9 2 ) 1 0 1 ( 6 2 1 4 1 9 3 2 3 3 M $ 1 7 1 2 6 2 ) 4 ( 1 6 9 6 5 0 5 ) 0 7 ( ) 3 ( ) 9 ( ) 2 8 ( 3 2 4 D E D N E S H T N O M N E V E S R A E Y D E D N E D E D N E S H T N O M N E V E S R A E Y D E D N E 2 1 0 2 E N U J 0 3 3 1 0 2 E N U J 0 3 2 1 0 2 E N U J 0 3 3 1 0 2 E N U J 0 3 T N E R A P P U O R G s t e s s a e b g n a t n l i i r e h t o d n a e r a w t f o s f o n o i t a s i t r o m A i g n d n u f n w o r C f o n o i t a s i t r o m A x a t e m o c n i d e r r e f e D r e h t O s t e s s a k r o w t e n n o d e g r a h c n o i t a c e r p e D i d o i r e p e h t r o f ) s s o i l ( / s g n n r a e t e N ) S N O I L L I M N I S R A L L O D ( : r o f t n e m t s u d A j : s e i t i l i b a i l d n a s t e s s a t n e r r u c n i e g n a h C l s e b a v e c e r i r e h t o d n a e d a r t n i e g n a h C s t n e m e t a t s l i a c n a n i f e s e h t f o t r a p l a r g e t n i n a e r a 1 4 o t 3 2 s e g a p n o s e t o n e h T s e i t i v i t c a g n i t a r e p o m o r f s w o l f h s a c t e N i l l e b a v e c e r / e b a y a p x a t e m o c n i n i e g n a h C l s e b a y a p r e h t o d n a e d a r t n i e g n a h C S E I T I V I T C A G N I T A R E P O M O R F S W O L F H S A C T E N O T ) S S O L ( / S G N I N R A E T E N F O N O I T A I L I C N O C E R d e u n i t n o c , s w o fl h s a c f o t n e m e t a t S 2 2 Chorus Financial Statements g n i t n u o c c a g n y l p p a n i i s t n e m e g d u j l a c i t i r c t u o b a n o i t a m r o f n I s i s a b t n e m e r u s a e M e s a b y r o t u t a t s d n a y t i t n e g n i t r o p e R i s t n e m e t a t s l a c n a n i f e h t o t s e t o N s t n u o m a e h t n o t c e ff e t n a c fi n g i s i t s o m e h t e v a h t a h t s e c i i l o p e h t n i d e d u c n l i s i s t n e m e t a t s i l a c n a n fi e h t n i d e s i n g o c e r : s e t o n g n w o i l l o f e v a h t c a r t n o c g n d n u f e h t i f o s n o i t i d n o c f i i e n m r e t e d o t g n d n u f i d n a s t c a f e h t n o d e s a b e b l l i w t n e m e g d u j s i h T . d e i f s i t a s n e e b e m i t e h t t a t c a r t n o c h c a e r o f i t n e d v e e r a t a h t s e c n a t s m u c r i c n w o r C g n i s i n g o c e r n e h w t n e m e g d u j e s i c r e x e t s u m s u r o h C i ) 5 e t o n ( g n d n u f n w o r C . s t n e m e t a t s l i a c n a n i f e h t g n i r a p e r p f o ) 5 1 e t o n ( s e s a e L t n e m e e r g a e h t r e h t e h w o t s a t n e m e g d u j s e r i u q e r e s a e l g n i t a r e p o r o e s a e l e c n a n i f a s i t n e m e e r g a e s a e l a r e h t e h w g n n m r e t e D i i i p h s r e n w o f o s d r a w e r d n a s k s i r e h t l l a y l l a i t n a t s b u s s r e f s n a r t . s u r o h C o t l i a c n a n i f e s e h t f o n o i t a r a p e r p e h t n i d e t p o d a s i s a b t n e m e r u s a e m e h T i s e n a p m o C e h t l r e d n u d n a a e Z w e N n i d e r e t s i g e r s i d e t i i m L s u r o h C l i a c n a n i f l f o n o i t a u a v e r e h t y b d e i f i d o m , t s o c l a c i r o t s i h s i s t n e m e t a t s g n i t r o p e R l i a c n a n F e h t i f o s e s o p r u p e h t r o f r e u s s i n a s i d n a 3 9 9 1 t c A l w o e b s e c i i l o p g n i t n u o c c a c i f i c e p s e h t n i d e i f i t n e d i s a s t n e m u r t s n i l y c i l b u p , l e n o a d n a t s a s a d e h s i l b a t s e s a w d e t i i m L s u r o h C . 3 9 9 1 t c A i . s e t o n g n y n a p m o c c a e h t d n a l m o c e e T m o r f r e g r e m e d s t i n o p u , 1 1 0 2 r e b m e c e D 1 n o y t i t n e d e t s i l s a w r e g r e m e d e h T . ) m o c e e T l ( d e t i i l m L d n a a e Z w e N f o n o i t a r o p r o C i s e c i l o p g n i t n u o c c a c fi c e p S i d e t i i i l m L s g n d o H e r b F n w o r C h t i i w t n e m e e r g a n a f o n o i t i d n o c a e s e h t n i d e t n e s e r p s d o i r e p e h t t u o h g u o r h t y l t n e t s i s n o c d e i l p p a n e e b s a h n o i t a m r o f n i e v i t a r a p m o c n a t r e C i . s t n e m e t a t s l i a c n a n i f . n o i t a t n e s e r p s ’ r a e y t n e r r u c e h t h t i w m r o f n o c o t d e i f i s s a c e r l n o i t a d i l o s n o c f o s i s a B g n e b i , n o i t i s i u q c a f o e t a d e h t m o r f d e t a d i l o s n o c y l l u f e r a s e i r a d i s b u S i e b o t e u n i t n o c d n a , l i o r t n o c s n a t b o p u o r G e h t h c h w n o e t a d e h t i l i a c n a n i f e h T . s e s a e c l o r t n o c h c u s n e h w e t a d e h t l i t n u d e t a d i l o s n o c e v i f g n i t n e s e r p e r h c a e , ) s S D A ( s e r a h S y r a t i s o p e D n a c i r e m A . ) X S A ( i s t p e c e R y r a t i s o p e D n a c i r e m A y b d e c n e d v e d n a ( i s e r a h s y r a n d r o i r e t n u o c - e h t - r e v o e h t n o d e d a r t e r a t u b d e t s i l t o n e r a , ) ) s R D A ( . s e t a t S d e t i n U e h t n i t e k r a m ) C T O ( e h t ( d e t i i m L s u r o h C f o e s o h t e r a d e t n e s e r p s t n e m e t a t s l i a c n a n i f e h T s t i d n a d e t s i l s i d e t i i m L s u r o h C . a e r a e g a r e v o c B F U e h t f o % 0 7 i y t i r u c e s y t i u q e d r a o b n a m X Z N e h t n o d e t o u q s e r a h s y r a n d r o i e g n a h c x E k c o t S n a i l a r t s u A e h t n o d n a ) i d r a o B n a M X Z N ( t e k r a m n o y t i t n e d e t s i l l y c i l l b u p e n o a d n a t s a s a d e h s i l b a t s e s a w s u r o h C t s a F - a r t l ’ U s n w o r C e h t e b o t d e t i i m L s u r o h C e b a n e o t l ) H F C ( n e e b e v a h d e t p o d a s e c i i l o p g n i t n u o c c a e h T . 1 1 0 2 r e b m e c e D 1 i l y e t a m x o r p p a g n i t n e s e r p e r i , s n o g e r 4 2 n i i r e d v o r p ) B F U ( d n a b d a o r B t a h t i s e i t n a t r e c n u n o i t a m i t s e d n a s n o i t p m u s s a t u o b a n o i t a m r o f n I i n h t i w t n e m j t s u d a l a i r e t a m a n i g n i t l u s e r f o k s i r i t n a c fi n g i s a e v a h . s e c i i l o p g n i t n u o c c a t n e t s i s n o c g n i s u , y n a p m o C t n e r a P e h t s a d o i r e p . ) s u r o h C r o p u o r G , p u o r G s u r o h C e h t ( g n i t r o p e r e m a s e h t r o f d e r a p e r p e r a y r a d i s b u s e h t i f o s t n e m e t a t s i y r a d i s b u s s t i h t i w r e h t e g o t ) y n a p m o C t n e r a P e h t r o t n e r a P , y n a p m o C : s e t o n g n w o i l l o f e h t n i d e d u c n l i i e r a r a e y l a c n a n fi t x e n e h t s e s s o l i d n a s n a g d e s i l a e r n u , s n o i t c a s n a r t l , s e c n a a b p u o r g - a r t n i l l A i i i i l d e t a n m e e r a s d n e d v d d n a s n o i t c a s n a r t p u o r g - a r t n i m o r f g n i t l u s e r s n o i t a r e p o f o e r u t a N s n o i t p m u s s a s e r i u q e r s e i t i r u c e s H F C e h t f o e u a v l r i a f e h t g n n m r e t e D i i g n o l e r u t u f n o d e s a b e t a r t n u o c s i d d n a w o l f h s a c e r u t u f d e t c e p x e n o d e s a b e r a d n a d e t a u a v e y l l l a u n i t n o c e r a s n o i t p m u s s a d n a s e t a m i t s E f o s n o i t a t c e p x e g n d u c n l i i , s r o t c a f r e h t o d n a e c n e i r e p x e l a c i r o t s i h n o . s e v r u c p a w s d e t a d e h t l r e d n u e b a n o s a e r e b o t d e v e i l e b e r a t a h t s t n e v e e r u t u f g n i r a p e r p n i t n e m e g d u j f o s a e r a l i a p c n i r p e h T . s e c n a t s m u c r i c . l w o e b t u o t e s e r a s t n e m e t a t s l i a c n a n i f e s e h t l d n a d n a a e Z w e N n i e c i t c a r p g n i t n u o c c a d e t p e c c a y l l a r e n e g h t i w l d n a a e Z w e N h t i l w y p m o c y e h T . 3 9 9 1 t c A g n i t r o p e R l i a c n a n F e h t i e c n a d r o c c a n i d e r a p e r p n e e b e v a h s t n e m e t a t s l i a c n a n i f e s e h T n o i t a r a p e r p f o s i s a B ) S R F I Z N ( s d r a d n a t S g n i t r o p e R l i a c n a n F i l a n o i t a n r e t n I o t l s t n e a v u q e i h t i l w y p m o c o s l a y e h T . s e i t i t n e d e t n e i r o - t i f o r p r o f e t a i r p o r p p a s a ) 4 e t o n ( s e i t i r u c e s H F C . s e t a m i t s e e s o h t m o r f l r e f f i d d u o c s t l u s e r l a u t c A . d o i r e p e h t g n i r u d s e s n e p x e d n a e u n e v e r f o s t n u o m a d e t r o p e r e h t d n a s t n e m e t a t s . y r t n u o c e h t t u o h g u o r h t i s t e n b a c e d i s d a o r d n a l i a c n a n i f e s e h t n i s e c n e r e f e R . y c n e r r u c l a n o i t c n u f ’ s u r o h C s i i h c h w , s r a l l l o d d n a a e Z w e N n i d e s s e r p x e e r a s t n e m e t a t s l i a c n a n i f e s e h T . s d r a d n a t S g n i t r o p e R l i a c n a n F i l a n o i t a n r e t n I l e a s e r u t u f e h t m o r f s d e e c o r p l a s o p s i d d e t c e p x e d n a n o i t a u g e r l d e t r o p e r e h t t c e f f a t a h t e r u t u f e h t t u o b a s n o i t p m u s s a d n a s e t a m i t s e e r b i f f o s e r t e m o l i , l k 0 0 0 2 3 t u o b a d n a e b a c r e p p o c f o s e r t e m o l i k , s e c n a v d a l i l a c g o o n h c e t , s u r o h C y b t e s s a e h t f o e s u f o d o i r e p e d a m s a h t n e m e g a n a m s t n e m e t a t s l i a c n a n i f e h t g n i r a p e r p n I , 0 0 0 0 3 1 d n u o r a e r a e r e h T . s n o i t c e n n o c e n i l d e x i f n o i l l i m 8 . 1 . t e s s a e h t f o l i a c n a n i f e h t f o e t a d e h t t a s e i t i l i b a i l d n a s t e s s a f o s t n u o m a , s e g n a h c x e l a c o l o t s e s s e n i s u b d n a s e m o h g n i t c e n n o c e b a c l e b o t s r o t c a f f o r e b m u n a s e r i u q e r s t e s s a k r o w t e n f o s e t a m i t s e e u a v l l a u d i s e r d n a e f i l l u f e s u f o s s e n e t a i r p o r p p a e h t g n i s s e s s A d e t c e p x e , t e s s a e h t f o n o i t i d n o c l a c i s y h p e h t s a h c u s d e r e d i s n o c ) 1 e t o n ( s t e s s a k r o w t e N s e s s o l t n e m r i a p m i y n a s s e l t s o c t a d e d r o c e r e r a s e i r a d i s b u S i . l l u f n i s n o i t p m u s s a d n a s e t a m i t s e g n i t n u o c c a l a c i t i r C . s t n e m e t a t s l i a c n a n i f y n a p m o C t n e r a P e h t n i , s e g n a h c x e e n o h p e e t l l a c o l f o p u e d a m y l t n a n m o d e r p k r o w t e n i i l y e t a m x o r p p a s a h s u r o h C l . s e b a c e r b i f d n a r e p p o c , s t e n b a c i a s d l i u b d n a s n a t n a m i i s u r o h C i i . r e d v o r p e c v r e s e r u t c u r t s a r f n i i s n o i t a c n u m m o c e n i l d e x i f t s e g r a l ’ l s d n a a e Z w e N s i s u r o h C , s r a l l l o d d n a a e Z w e N o t e r a ’ D Z N ‘ d n a ’ $ Z N ‘ , ’ $ ‘ s e c n e r e f e r d n a s o r u E o t e r a o t e r a ’ D U A ‘ o t s e c n e r e f e r , s r a l l o d S U o t e r a ’ D S U ‘ ’ R U E ‘ o t s e c n e r e f e r , s r a l l o d n a i l a r t s u A o t s t n e m e t a t s o t s e c n e r e f e r n e e b s a h n o i t a m r o f n i l i a c n a n i f l l A . d e t a t s e s i w r e h t o s s e n u l . g n i l r e t s , n o i l l i m s d n u o p o t e r a ’ P B G ‘ o t t s e r a e n e h t o t d e d n u o r 3 2 Chorus Financial Statements P U O R G M $ L A T O T M $ N I K R O W S S E R G O R P M $ R E H T O M $ M $ M $ M $ K R O W T E N I S C N O R T C E L E Y T R E P O R P S T E N B A C I D N A S T C U D S E L O H N A M M $ E R B I F S E L B A C M $ R E P P O C S E L B A C 3 1 0 2 E N U J 0 3 T A S A t s o C 8 8 1 6 0 3 , 1 5 7 4 0 8 3 1 9 7 7 6 5 3 9 3 , 2 2 1 0 2 y u J l 1 t a s a e c n a l a B 6 4 6 9 1 2 , 6 9 1 1 6 4 6 2 ) 3 9 ( - - 1 - - ) 2 7 6 ( 4 7 7 6 , 4 9 ) 8 0 8 3 ( , ) 2 6 2 ( 2 9 ) 8 7 9 3 ( , - - - - - 1 - ) 1 ( 2 1 0 0 2 - - - - 1 7 7 7 3 , 1 ) 9 ( - - ) 5 9 ( ) 4 7 1 ( ) 3 1 0 , 1 ( ) 3 8 1 ( ) 8 0 1 , 1 ( - - - 1 5 2 1 0 5 ) 0 0 2 ( ) 4 1 ( - ) 4 1 2 ( 7 8 2 P U O R G - - - - 9 2 9 0 4 ) 6 5 1 ( ) 3 3 ( - ) 9 8 1 ( 0 2 2 - - - - 1 0 3 2 9 0 , 1 ) 6 1 ( ) 4 2 3 ( - ) 0 4 3 ( 2 5 7 - - - ) 1 ( 6 8 1 2 5 7 ) 7 0 2 ( ) 9 2 ( - ) 6 3 2 ( ) 8 0 7 , 1 ( 3 1 0 2 e n u J 0 3 t a s a e c n a l a B ) 4 3 7 , 1 ( 2 1 0 2 y u J l 1 t a s a e c n a l a B n o i t a i c e r p e D d e t a l u m u c c A ) 6 6 ( 2 9 i n o i t a c e r p e D s l a s o p s i D - - ) 3 9 ( 1 8 4 s s e r g o r p n i k r o w m o r f s r e f s n a r T s n o i t i d d A r e h t O s l a s o p s i D s r e f s n a r T M $ L A T O T M $ N I K R O W S S E R G O R P M $ R E H T O M $ M $ M $ M $ K R O W T E N I S C N O R T C E L E Y T R E P O R P S T E N B A C I D N A S T C U D S E L O H N A M M $ E R B I F S E L B A C M $ R E P P O C S E L B A C 2 1 0 2 E N U J 0 3 T A S A t s o C 5 8 1 3 8 2 , 1 9 6 4 2 7 3 5 0 7 2 9 4 8 6 3 , 2 1 1 0 2 r e b m e c e D 1 t a s a e c n a l a B ) 6 ( - 2 8 2 3 4 9 5 , 9 6 2 8 2 - ) 2 3 2 ( - - 3 - ) 1 ( 4 2 - - 6 - ) 5 ( 3 1 9 1 2 , 6 9 1 1 8 8 1 6 0 3 , 1 5 7 4 0 8 3 - - 6 8 1 9 7 6 ) 1 5 1 ( ) 3 6 6 3 ( , ) 8 0 8 3 ( , - - - - ) 5 ( - ) 9 6 1 ( 1 ) 2 5 9 ( ) 2 6 ( ) 4 7 1 ( ) 3 1 0 , 1 ( 1 1 4 2 , 9 1 1 4 1 3 9 2 ) 2 9 1 ( ) 6 4 1 ( ) 7 1 3 ( ) 8 ( - ) 0 0 2 ( 5 7 2 ) 5 1 ( 5 ) 6 5 1 ( 4 2 2 ) 7 ( - ) 4 2 3 ( 7 6 4 - - 5 7 7 6 5 ) 4 9 1 ( ) 3 1 ( - - - 5 2 s s e r g o r p n i k r o w m o r f s r e f s n a r T s n o i t i d d A s l a s o p s i D 3 9 3 , 2 2 1 0 2 e n u J 0 3 t a s a e c n a l a B n o i t a i c e r p e D d e t a l u m u c c A ) 3 9 6 , 1 ( 1 1 0 2 r e b m e c e D 1 t a s a e c n a l a B ) 1 4 ( - i n o i t a c e r p e D s l a s o p s i D ) 7 0 2 ( ) 4 3 7 , 1 ( 2 1 0 2 e n u J 0 3 t a s a e c n a l a B 0 6 3 9 5 6 t n u o m a g n i y r r a c t e N 9 4 3 , 2 3 1 0 2 e n u J 0 3 t a s a e c n a l a B t n e m e g a n a m k r o w t e n l , s e c h e v i r o t o m e d u c n l i s t e s s a k r o w t e n r e h t O . e r u t c u r t s a r f n i i o d a r d n a s m e t s y s n o i t a r t s i n m d a d n a i l t e s s a r a u c i t r a p a r o f e f i l l u f e s u e t a i r p o r p p a e h t i f o n o i t a n m r e t e d e h T r e h t o t s g n o m a , t u o b a s t n e m e g d u j e k a m o t t n e m e g a n a m s e r i u q e r e h t , t e s s a e h t f o l a i t n e t o p e c v r e s i f o d o i r e p d e t c e p x e e h t , s r o t c a f s r a e y 0 3 - 0 1 s r a e y 0 2 s r a e y 0 5 s r a e y 4 1 - 5 s r a e y 0 5 - 5 s r a e y 4 1 - 2 s r a e y 5 1 - 2 : s w o l l o f s a e r a s e v i l l u f e s u d e t a m i t s E . e f i l l u f e s u d e t a m i t s e s t i n i k r o w l a t i p a c d n a s t e s s a k r o w t e n o t s n o i t i d d a f o t s o c e h T . s e s s o l s l a i r e t a m l l a f o t s o c e h t s e d u c n l i s u r o h C y b d e t c u r t s n o c s s e r g o r p l s e o h n a m d n a s t c u D l . s d a e h r e v o e b a t u b i r t t a d n a s t s o c t n e s n o c t n e m e g a n a m l s e b a c r e p p o C l s e b a c e r b F i e c r u o s e r l , t e s s a e h t o t e b a t u b i r t t a e r a t a h t s t s o c t s e r e t n i , n o i t c u r t s n o c h t i i w d e t a c o s s a y l l a c i f i c e p s s t s o c r u o b a l t c e r i d , n o i t c u r t s n o c n i d e s u i l s c n o r t c e e k r o w t e N s t e n b a C i y t r e p o r P e m o c n i e h t n i d e s i n g o c e r e r a s t s o c e c n a n e t n a m d n a s r i a p e R i . d e r r u c n i s a t n e m e t a t s r e h t O s t e s s a k r o w t e n f o s e u l a v l a u d i s e r d n a s e v i l l u f e s u g n i t a m i t s E n w o d e t i r w o t s i s a b e n i i l - t h g a r t s a n o d e g r a h c s i i n o i t a c e r p e D t a d e t a t s e r a s t e s s a k r o w t e n , n o i t i s o p l i a c n a n i f f o t n e m e t a t s e h t n I r e v o e u a v l l a u d i s e r d e t a m i t s e s t i o t s t e s s a k r o w t e n f o t s o c e h t t n e m r i a p m i l d e t a u m u c c a y n a d n a n o i t a c e r p e d d e t a u m u c c a s s e l i l t s o c t n e m r i a p m i e r u t u f o t d a e l l d u o c s t e s s a k r o w t e n ’ s u r o h C f o s e v i l r o s t i n i t e s s a e h t e s u o t g n i s a e c s u r o h C f o d o o h i l e k i l e h t , s e c n a v d a i l e u a v g n y r r a c e h t g n i s s e s s a n i g n i s i r a s t c a p m i e s r e v d a e r u t u f y n A l i l a c g o o n h c e t l f o t l u s e r a s a e t e o s b o g n m o c e b t e s s a e h t i f o d o o h i l e k i l l t c e f f a d u o c t a h t s e g r a h c n o i t a c e r p e d n i i s e s a e r c n i r o s e s s o l i . s g n n r a e e r u t u f s t n e n o p m o c r o a m j s e s i r p m o c s t e s s a k r o w t e n f o m e t i n a e r e h W . n o i t a u g e r l t n e m n r e v o g f o t c e f f e e h t d n a s n o i t a r e p o s s e n i s u b e h t l s a d e t a u c a c s i l t n e m e t a t s e m o c n i e h t n i d e s i n g o c e r s s o l r o t i f o r p i d e t c e p x e e r a s t i f e n e b c m o n o c e e r u t u f o n n e h w r o l a s o p s i d n o p u e h t , f o d e s o p s i d e r a s t e s s a k r o w t e n e r e h W . l a s o p s i d r o e s u s t i m o r f . t e s s a e h t i l f o e u a v g n y r r a c e h t d n a e c i r p e a s e h t n e e w t e b e c n e r e f f i d l n o i t i d n o c t e k r a m r o y r o t a u g e r l , l i l a c g o o n h c e t o t e u d d e h s i n m d i i , s e u a v l l a u d i s e r s ’ t e s s a e h T . l d e t a r e e c c a s i i n o i t a c e r p e d , s e g n a h c l e v a h s e u a v e b a r e v o c e r l r o s e v i l l i i u f e s u g n n a m e r e h t e r e h W . s t e s s a k r o w t e n f o s m e t i e t a r a p e s s a n i t s o c l a c i r o t s i h f o s m r e t n i d e r u s a e m e r a t a h t s m e t i y r a t e n o m - n o N y l l i a u n n a d e w e v e r e r a n o i t a c e r p e d f o s d o h t e m d n a i , s e v i l l u f e s u . i d e t a c e r p e d t o n e r a s s e r g o r p n i k r o w d n a d n a L . s n o i t c a s n a r t l a i t i n i e h t f o s e t a d e h t t a s a s e t a r e g n a h c x e e h t g n i s u d e t a l s n a r t e r a y c n e r r u c n g e r o f a i . e t a i r p o r p p a f i , l y e v i t c e p s o r p d e t s u d a d n a j 6 9 7 , 2 4 9 7 1 9 6 2 6 1 5 1 4 6 t n u o m a g n i y r r a c t e N d e s i n g o c e r e d s i t r a p t n a c i f i n g i s y n a d n a s t e s s a k r o w t e n f o m e t i n A r o f d e t n u o c c a e r a s t n e n o p m o c e h t , s e v i l l u f e s u t n e r e f f i d g n v a h i d e u n i t n o c s t e s s a k r o w t e N – 1 e t o N s t e s s a k r o w t e N – 1 e t o N 4 2 Chorus Financial Statements s t i f o s t n u o m a g n y r r a c e h t i s w e v e r i s u r o h C , e t a d g n i t r o p e r h c a e t A s i e r e h t r e h t e h w e n m r e t e d o t i s t e s s a e b g n a t n l i i r e h t o d n a e r a w t f o s . s s o l t n e m r i a p m i n a d e r e f f u s e v a h s t e s s a e s o h t t a h t n o i t a c d n i i y n a j t c e o r p e r e h w d e s i l a t i p a c e r a e s u l a n r e t n i r o f e r a w t f o s s s e n i s u b i g n d n u f n w o r C e h t i s e v e c e r t n e r a P e h T i l . s g n d o H e r b F n w o r C d n a i s s o l t n e m r i a p m i e h t f o , y n a f i i , t n e t x e e h t e n m r e t e d o t d e t a m i t s e t a d e t a t s e r a s t e s s a e b g n a t n l i i r e h t o d n a e r a w t f o s , n o i t i n g o c e r l a i t i n i e h t i r e v o n o i t a c e r p e d t s n a g a t e s f f o s i i i g n d n u F . i y r a d i s b u s e h t y b t u o o t e s i r e v a g t a h t s n o i t i d n o c e h t d u o h S l i . s g n n r a e n i d e s i n g o c e r e r a w t f o S . s e s s o l t n e m r i a p m i d n a n o i t a s i t r o m a d e t a u m u c c a s s e l l t s o c i g n d n u f n w o r C . t c u r t s n o c o t d e s u s i i g n d n u f e h t s t e s s a e h t f o e f i l s i t e s s a e h t l f o t n u o m a e b a r e v o c e r e h t , s t s i x e n o i t a c d n i i y n a f I i g n w o l l o F . t e m s i a i r e t i r c n o i t a s i l a t i p a c e h t d n a e b a b o r p s i l s s e c c u s d e i r r a c s i s t e s s a k r o w t e n e h t f o n o i t c u r t s n o c e h t r e v e w o h , y l t c e r i d d n a k r o w t e n f o t n e m p o e v e d e h t h t i l i w d e t a c o s s a s t s o c t c e r i d e h T t n e r a P e h t n e e w t e b d e e r g a s i d n a b d a o r B t s a F - a r t l U r o f t c a r t n o c e h T 3 1 0 2 e n u J 0 3 t A . s e i t i l i b a i l r o f s e i t i r u c e s l s a d e g d e p s t e s s a k r o w t e n f o n o i t c u r t s n o c d n a n o i t i s i u q c a r o f t n e m t i m m o c l a u t c a r t n o c e h t y n a r o s t e s s a k r o w t e n s u r o h C n o s n o i t c i r t s e r o n e r a e r e h T . ) n o i l l i m 3 2 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i m 8 2 $ s a w s t e s s a k r o w t e n s w o l l o f s a s i i h c h w e f i l l u f e s u d e t a m i t s e l d u o w s s o l t n e m r i a p m i n a f o l a s r e v e r a , d e r i a p m i e b o t d e r e d i s n o c s t i r e v o s i s a b e n i i l - t h g a r t s a n o e s u r o f y d a e r s i t e s s a e h t e t a d r e g n o l o n e r a s t e s s a e h t d n a , t s i x e r e g n o l o n s s o l t n e m r i a p m i e h t e h t m o r f d e s i t r o m a e r a e f i l e t i n i f a h t i w s t e s s a e b g n a t n l i i r e h t o d n a : s w o l l o f s a s i d o i r e p t n e r r u c e h t i r o f n o i t a c e r p e d t s n a g a d e s a e e r l i l a t i p a c e h t e c n a n i f o t n w o r C e h t m o r f g n d n u f i i s e v e c e r s u r o h C i n o i t a c e r p e D . t s o c t a d e r u s a e m y l l a i t i n i e r a s t e s s a e b g n a t n l i i r e h t o d n a e r a w t f o S i . s e c v r e s i r e h t o d n a s e c v r e s d n a b d a o r b l a r u r , k r o w t e n d n a b d a o r B l . s t e s s a k r o w t e n y n a d o h t o n s e o d t n e r a P e h T i s e l b g n a t n i r e h t o d n a e r a w t f o S – 2 e t o N d e u n i t n o c s t e s s a k r o w t e N – 1 e t o N 5 3 7 0 4 ) 1 ( - 1 4 4 ) 1 6 ( ) 7 2 2 ( ) 8 8 2 ( 3 5 1 4 3 5 3 - ) 2 4 ( 7 2 - - - 7 2 6 - - - 6 - ) 1 ( ) 1 ( 5 - ) 1 ( 7 6 3 2 4 8 0 4 ) 7 2 2 ( ) 0 6 ( ) 7 8 2 ( 1 2 1 M $ L A T O T M $ N I K R O W S S E R G O R P P U O R G R E H T O M $ M $ I S E L B G N A T N I E R A W T F O S 3 4 3 - 4 6 7 0 4 ) 8 8 1 ( ) 9 3 ( ) 7 2 2 ( 0 8 1 - 4 6 ) 0 3 ( 4 3 - - - 4 3 M $ L A T O T M $ N I K R O W S S E R G O R P P U O R G R E H T O I S E L B G N A T N I E R A W T F O S M $ 5 - 1 6 - - - 6 M $ 8 3 3 - 9 2 7 6 3 ) 8 8 1 ( ) 9 3 ( ) 7 2 2 ( 0 4 1 . l d e t a r e e c c a s i n o i t a s i t r o m a , s n o i t i d n o c t e k r a m r o e g n a h c l i l a c g o o n h c e t o t e u d i i d e h s i n m d e v a h s e u a v e b a r e v o c e r l l r o s e v i l l u f e s u d e t a m i t s e e r e h W i . s g n n r a e n i i l y e t a d e m m i d e s i n g o c e r e b s r a e y 8 – 2 s r a e y 0 2 - 6 . s t n e m e s a e d n a l f o t s i s n o c y n a m l i i l s e b g n a t n i r e h t O s s e r g o r p n i k r o w m o r f s r e f s n a r T 3 1 0 2 e n u J 0 3 t a s a e c n a l a B n o i t a s i t r o m a d e t a l u m u c c A 2 1 0 2 y u J l 1 t a s a e c n a l a B n o i t a s i t r o m A 2 1 0 2 y u J l 1 t a s a e c n a l a B 3 1 0 2 E N U J 0 3 T A S A t s o C s n o i t i d d A s l a s o p s i D - - - - - M $ 2 1 0 2 T N E R A P M $ 3 1 0 2 - ) 1 ( - - ) 1 ( M $ 2 1 0 2 1 5 1 - - ) 1 ( 0 5 1 P U O R G M $ 3 1 0 2 2 6 2 ) 1 ( ) 1 ( ) 2 ( 8 5 2 e v i t a i t i n I d n a b d a o r B l i a r u R – g n d n u f n w o r C d n a b d a o r B t s a F - a r t l i U – g n d n u f n w o r C : s s e L s t e s s a k r o w t e n n o d e g r a h c n o i t a c e r p e D i i r e h t o – g n d n u f n w o r C n o i t a i c e r p e d l a t o T . i g n d n u f n w o r C n o n o i t a m r o f n i r o f 5 e t o n o t r e f e R t a h t n o i t a c d n i i y n a s i e r e h t r e h t e h w e n m r e t e d o t i s t e s s a k r o w t e n s t i d e d u c n l i n e e b e v a h e s e h T . s t n e m e g n a r r a e s a e l e c n a n i f o t j t c e b u s f o s t n u o m a g n y r r a c e h t i s w e v e r i s u r o h C , e t a d g n i t r o p e r h c a e t A l m o c e e T y b d e n w o e c a p s e g n a h c x e y t r e p o r p d e s a e l s a h s u r o h C t n e m r i a p m I s e g n a h c x E y t r e p o r P , s t s i x e n o i t a c d n i i y n a f I . s s o l t n e m r i a p m i n a d e r e f f u s e v a h s t e s s a e s o h t t a s A . y r o g e t a c y t r e p o r p e h t r e d n u s t e s s a k r o w t e n ’ s u r o h C n i i e h t e n m r e t e d o t d e t a m i t s e s i t e s s a e h t l f o t n u o m a e b a r e v o c e r e h t a r e d n u d e s i l a t i p a c s t e s s a e g n a h c x e y t r e p o r p e h t 3 1 0 2 e n u J 0 3 i l s e b g n a t n i r e h t O e r a w t f o S t s a F - a r t l U e h t l f o t n e m p o e v e d e h t h t i i w d e t a c o s s a e r u t i d n e p x e 3 1 0 2 e n u J 0 3 t a s a e c n a l a B l d u o h S i . s g n n r a e n i d e s i n g o c e r s s o l t n e m r i a p m i e h t f o , y n a f i , t n e t x e ) n o i l l i m 7 5 1 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i m 7 5 1 $ f o t s o c a d a h e s a e l e c n a n i f t n u o m a g n i y r r a c t e N , t s i x e r e g n o l o n s s o l t n e m r i a p m i e h t o t e s i r e v a g t a h t s n o i t i d n o c e h t : 2 1 0 2 e n u J 0 3 ( n o i l l i i m 7 $ f o n o i t a c e r p e d d e t a u m u c c a h t i l w r e h t e g o t i . s g n n r a e n i i l y e t a d e m m i d e s i n g o c e r e b d u o w s s o l l t n e m r i a p m i n a f o l a s r e v e r a , d e r i a p m i e b o t d e r e d i s n o c r e g n o l o n e r a s t e s s a e h t d n a . ) n o i l l i m 3 $ e h t n i d e i f i t n e d i s a w s t e s s a k r o w t e n e h t n o s s o l t n e m r i a p m i o N i l s c n o r t c e e k r o w t e N 1 1 0 2 r e b m e c e D 1 t a s a e c n a l a B s i t s e r e t n I . ) % 0 0 6 . : 2 1 0 2 e n u J 0 3 ( . % 0 0 6 f o e t a r d e s i l a u n n a n a t a s n o i t i d d A l s t e s s a k r o w t e n e h t e t e p m o c o t d e r i u q e r d o i r e p e h t r o f d e s i l a t i p a c 2 1 0 2 E N U J 0 3 T A S A t s o C s t e s s a k r o w t e n f o s m e t i i g n y f i l a u q n o d e s i l a t i p a c e r a s t s o c e c n a n F i e n u J 0 3 ( n o i l l i m 6 1 $ f o t s o c a d a h d e s i l a t i p a c t n e m p u q e e h t 3 1 0 2 i i 7 $ f o n o i t a c e r p e d d e t a u m u c c a h t i l w r e h t e g o t ) n o i l l i m 6 1 $ : 2 1 0 2 . ) n o i l l i m 3 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i m . ) l i n : 2 1 0 2 e n u J 0 3 ( d o i r e p t n e r r u c i l s c n o r t c e e k r o w t e n n a t r e c f o e s u r o f i s t n e m e g n a r r a t n o i j s a h s u r o h C n i d e d u c n l i s i s u r o h C y b d e s u t n e m p u q e e h T i . m o c e e T h t i l w s t e s s a t s e r e t n i d e s i l a t i p a C e n u J 0 3 t a s A . s t e s s a k r o w t e n f o y r o g e t a c s c n o r t c e e k r o w t e n e h t l i s s e r g o r p n i k r o w m o r f s r e f s n a r T 1 1 0 2 r e b m e c e D 1 t a s a e c n a l a B 2 1 0 2 e n u J 0 3 t a s a e c n a l a B n o i t a s i t r o m a d e t a l u m u c c A 2 1 0 2 e n u J 0 3 t a s a e c n a l a B t n u o m a g n i y r r a c t e N n o i t a s i t r o m A d e s i l a t i p a c n e e b e v a h ) n o i l l i m 3 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i m 6 $ g n i l l a t o t s t s o c e c n a n i f r a e y t n e r r u c e h t n I . e s u d e d n e t n i s t i r o f e r a p e r p d n a . s t e s s a k r o w t e n t s n a g a i 5 2 Chorus Financial Statements a s i s e t a r d e g d e h t a N T M E . S R F I r e d n u d e t r o p e r s a s e t a r t o p s t a t s e r e t n i y c n e r r u c s s o r c e h T . N T M E e h t o t e r u s o p x e y c n e r r u c n g e r o f i s e s i n g o c e r e d s u r o h C , n w o s e o d t i t a h t s t e s s a r o F . e s a e l e c n a n i f a M $ 2 1 0 2 3 1 5 M $ 3 1 0 2 9 0 5 T N E R A P D N A P U O R G % 5 7 6 . E T A R T S E R E T N I N T M E o t s e t a r d e g d e h t a N T M E s e l i l c n o c e r e b a t g n w o i l l o f e h T e h t e g d e h o t s p a w s e t a r t s e r e t n i y c n e r r u c s s o r c e c a p n l i s a h s u r o h C o t l i r a m i s , e u d s t n e m y a p e r u t u f e h t r o f y t i l i b a i l a s a l l e w s a , s t e s s a P B G n o i l l i m 0 6 2 t i t a h t s t e s s a r o F . s e r u t n e V t n o J n i i s t s e r e t n I : 1 3 S A I Z N n i d e n i f e d s a d e l l o r t n o c y l t n o i j e h t f o e r a h s s t i s e s i n g o c e r s u r o h C , n w o t o n s e o d , s t e s s a d e l l o r t n o c y l t n o i j e b o t d e m e e d e r a s m e t s y s e s e h t , e c a p n l i n o i l l i m 0 1 $ s a w s t e s s a e b g n a t n l i i r e h t o d n a e r a w t f o s f o n o i t i s i u q c a r o f . ) n o i l l i m 2 $ : 2 1 0 2 e n u J 0 3 ( ) N T M E ( s e t o N m r e T m u d e M o r u E i d e u n i t n o c t b e D – 3 e t o N s m e t s y s ) T l I ( y g o o n h c e T n o i t a m r o f n I f o r e b m u n a s e r a h s s u r o h C s m e t s y s d e r a h S e m o s d n a s u r o h C y b d e n w o s m e t s y s e m o s h t i w m o c e e T h t i l w . s t e s s a e b g n a t n l i i r e h t o d n a e r a w l t f o s y n a d o h t o n s e o d t n e r a P e h T d e u n i t n o c s e b g n a t n l i i r e h t o d n a e r a w t f o S – 2 e t o N 6 2 i l e b g n a t n i r e h t o d n a e r a w t f o s s u r o h C n o s n o i t c i r t s e r o n e r a e r e h T l s a d e g d e p s t e s s a e b g n a t n l i i r e h t o d n a e r a w t f o s y n a r o s t e s s a k r o w e m a r f e c n a n r e v o g e h t f o s m r e t e h t o t e u D . l m o c e e T y b d e n w o t n e m t i m m o c l a u t c a r t n o c e h t 3 1 0 2 e n u J 0 3 t A . s e i t i l i b a i l r o f s e i t i r u c e s . S R F I M $ 2 1 0 2 3 1 5 4 6 1 7 7 6 M $ 2 1 0 2 - - - 5 7 6 0 3 4 3 1 5 ) 9 ( 8 1 6 , 1 9 0 6 , 1 Z N h t i w e c n a d r o c c a n i d e n i f e d t o n s i d n a e r u s a e m P A A G - n o n d e x i f P B G d n a l i a p c n i r p P B G e v e c e r o t i s u r o h C e l t i t n e s p a w s e t a r a g n i s i n g o c e r s a l l e w s a , l m o c e e T y b d e s u t e s s a e h t f o e r a h s e h t t s e r e t n i g n i t a o l f D Z N d n a l i a p c n i r p D Z N r o f s t n e m y a p n o p u o c s u r o h C 3 1 0 2 e n u J 0 3 t a s A . i e u d s t p e c e r e r u t u f e h t l r o f e b a v e c e r i T N E R A P D N A P U O R G t s e r e t n i D Z N e h t n o e r u s o p x e e t a r t s e r e t n i g n i t a o l f e h T . s t n e m y a p . s p a w s e t a r t s e r e t n i g n i s u d e g d e h n e e b e v a h s t n e m y a p n o i l l i m 3 $ f o s t n e m e t a t s l i a c n a n i f s u r o h C n i l e u a v k o o b t e n a h t i w l m o c e e T y b d e n w o s t e s s a m e t s y s d e l l o r t n o c y l t n o i j d e s i n g o c e r . ) n o i l l i m 8 $ : 2 1 0 2 e n u J 0 3 ( : 2 1 0 2 e n u J 0 3 ( M $ 3 1 0 2 9 0 5 8 6 1 7 7 6 n o i l l i i l m 9 0 5 $ f o e u a v g n y r r a c a o t d e r a p m o c . ) n o i l l i m 3 1 5 $ t s e r e t n i t e k r a m t a d e t n u o c s i d , s w o fl h s a c t s e r e t n i d n a l i a p c n i r p e r u t u f f o e u a v l t n e s e r p e h t n o d e s a b d e t a u c a c l l , N T M E f o e u a v l r i a f e h T ) n o i l l i m 6 7 5 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i m 1 8 5 $ s a w , l e t a d e c n a a b t a s e t a r t s e r e t n i e v i t c e f f e e h t g n i s u t s o c d e s i t r o m a t a d e r u s a e m y l t n e u q e s b u s e h t g n d u c n l i i t b e d n o e t a r t s e r e t n i e v i t c e f f e d e t h g e w e h T i . d o h t e m . s e i t i l i b a i l t n e r r u c s a d e i f i s s a c l s i t b e D . s t n e m u r t s n i e h t f o e u s s i l e h t o t e b a t u b i r t t a y l t c e r i d e r a t a h t e r a h c h w i , e t a d g n i t r o p e r e h t m o r f s h t n o m 2 1 n a h t s s e l s e i t i r u t a m s t s o c n o i t c a s n a r t y n a s s e l , e u a v l r i a f t a d e r u s a e m y l l a i t i n i s i t b e D h t i w e s o h t r o f t p e c x e s e i t i l i b a i l t n e r r u c - n o n s a d e d u c n l i s i t b e D d e s u s e t a r d e g d e h f o t c a p m I s e t a r d e g d e h t a N T M E N T M E t b e D – 3 e t o N T N E R A P D N A P U O R G M $ 3 1 0 2 - - - 5 7 6 0 2 5 9 0 5 4 0 7 , 1 ) 7 ( 7 9 6 , 1 e e f y t i l i c a f s n a o l d e t a c d n y s i : s s e L r a e y e n o r e t f a e u d l a t o T s r a e y 2 o t 1 e u D s r a e y 3 o t 2 e u D s r a e y 4 o t 3 e u D s r a e y 5 o t 4 e u D s r a e y 5 r e v o e u D t n e r r u C M $ 2 1 0 2 5 7 6 0 3 4 3 1 5 ) 9 ( 9 0 6 , 1 - 9 0 6 , 1 M $ 3 1 0 2 5 7 6 0 2 5 9 0 5 ) 7 ( 7 9 6 , 1 - 7 9 6 , 1 T N E R A P D N A P U O R G E T A D E U D 5 1 0 2 v o N 3 2 7 1 0 2 v o N 3 2 0 2 0 2 r p A 6 e e f y t i l i c a f s n a o l d e t a c d n y s i : s s e L A y t i l i c a f k n a b d e t a c d n y S i B y t i l i c a f k n a b d e t a c d n y S i s e t o n m r e t i m u d e m o r u E t n e r r u c - n o N t n e r r u C y t i l i c a f k n a b d e t a c d n y S i . ) % 1 7 5 . s e i t i r u t a m l f o e u d e h c S : 2 1 0 2 e n u J 0 3 ( . % 8 8 5 s a w s t n e m u r t s n i l i a c n a n i f e v i t a v i r e d f o t c e f f e e e t n a r a u g a d e d v o r p s a h i i ) y r a d i s b u s ( d e t i i l m L d n a a e Z w e N s u r o h C i . s t e s s a t s n a g a d e r u c e s n e e b s a h t b e d ’ s u r o h C f o e n o N e t a r t s e r e t n i e h t e g a n a m o t s t n e m u r t s n i i g n g d e h s e s i l i t u s u r o h C h t i w y t i l i c a f k n a b d e t a c d n y s n o i i l l i m 0 5 3 , 1 $ a e c a p n l i s a h s u r o h C k n a b d e t a c d n y s d e t i i i m L s u r o h C e h t f o t c e p s e r n i s r e d n e l e h t o t , s r e g g i r t t l u a f e d f o t n e v e d n a s t n a n e v o c l i a c n a n i f e r a e r e h t , r e v e w o H s e g a n a m p u o r G e h T . y t i l i c a f k n a b d e t a c d n y s e h t h t i i i w d e t a c o s s a k s i r y t i r u t a m e h T . s n o i t i d n o c d n a s m r e t d r a d n a t s t e k r a m n o s e h c n a r t o w t . t n e m e g a n a m k s i r l i a c n a n i f n o n o i t a m r o f n i . N T M E d n a y t i l i c a f r o f 1 2 e t o n o t r e f e R n e e b t o n e v a h e r e h T . s t n e m e e r g a t b e d s u o i r a v e h t n i d e n i f e d s a d o i r e p t n e r r u c e h t n i s t n a n e v o c n i s e h c a e r b r o s t n e v e r e g g i r t y n a t u o t e s . ) l i n : 2 1 0 2 e n u J 0 3 ( s t i i s e t a m x o r p p a y t i l i c a f k n a b d e t a c d n y s i l f o e u a v g n y r r a c e h T i . e u a v l r i a f . y c i l o p y r u s a e r t e h t n i i d e t a c d n y s n w a r d n u f o t n u o m a e h T . 7 1 0 2 d n a 5 1 0 2 n i s e t a d y t i r u t a m 5 5 1 $ s i s e i t i v i t c a g n i t a r e p o e r u t u f r o f e b a l l i a v a s i t a h t y t i l i c a f k n a b y t i l i c a f k n a b d e t a c d n y s e h T i . ) n o i l l i m 5 4 2 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i m , A A A o t A - d e t a r s e i t r a p r e t n u o c l a n o i t u t i t s n i d n a k n a b h t i l w d e h s i . s g n i t a r s ’ r o o P & d r a d n a t S y c n e g a g n i t a r n o d e s a b s r e t e m a r a p d e v o r p p a d r a o B n h t i i w e r u s o p x e e t a r t s e r e t n i w e n h t i w r a e y e n o y b d e d n e t x e n e e b e v a h s e h c n a r t y t i l i c a f e h t f o Chorus Financial Statements s t n a r r a w f o r e b m u n e h t s t c a p m i 0 2 0 2 e n u J 0 3 y b e d a m s n o i t c e n n o c e r o f e r e h t l l i w t n a r r a w H F C A . s u r o h C y b d e u s s i e b o t e r a h s s u r o h C a e r b i f f o r e b m u n e h T . ) d e u s s i , s t n a r r a w 7 0 2 2 7 2 : 2 1 0 2 e n u J 0 3 ( e c i r p e k i r t s t e s a t a e s a h c r u p o t , e t a d e s i c r e x e d e i f i c e p s a n o , t h g i r e h t i o r e z d e t a m x o r p p a t a h t e u a v g n y r r a c d n a e u a v l l i r i a f a d a h h c h w i i H F C s e v g t n a r r a w H F C h c a E . s e i t i r u c e s y t i u q e H F C f o e h c n a r t h c a e s t n a r r a w 2 8 3 8 3 8 2 , , l a t o t n i d e u s s i d a h s u r o h C e t a d e c n a a b t A l h t i l w g n o a n o i t a r e d i s n o c d e u n i t n o c s e i t i r u c e s H F C – 4 e t o N l i n r o f H F C o t s t n a r r a w H F C s e u s s i s u r o h C s t n a r r a w H F C l e b o t e b a e b d u o w l t a h t s t n a r r a w f o r e b m u n e h t n e h t % 0 2 d e e c x e . t n a r r a w H F C e h t e s i c r e x e o t d a p e c i r p e h t i s d e e c x e e r a h s s u r o h C e h t . ) 2 4 7 6 1 1 , : 2 1 0 2 e n u J 0 3 ( , 1 7 9 4 0 2 , 1 s i d e s i c r e x e l r e d o h e r a h s l a t o t a n o d e s a b s i t n a r r a w H F C a r o f e c i r p e k i r t s e h T s t n e m u r t s n i y t i u q e d n a t b e d f o s t r a p t n e n o p m o c e h t e t a d e c n a a b t A l 2 1 3 M $ 2 1 0 2 M $ 3 1 0 2 0 2 0 1 0 3 T N E R A P D N A P U O R G e r e w t s e r e t n i l a n o i t o n g n d u c n l i i t n a r r a w H F C a f o r e d o h a l , e r o f e r e h T . 6 3 0 2 e n u J o t 1 1 0 2 r e b m e c e D d o i r e p e h t r e v o s e r a h s s u r o h C n o m u n n a r e p % 6 1 f o n r u t e r n r u t e r l r e d o h e r a h s l a t o t f i t n a r r a w H F C e h t e s i c r e x e o t y e k l i l l y n o s i d o i r e p e h t r e v o m u n n a r e p % 6 1 d e d e e c x e s a h s e r a h s s u r o h C n o . 6 3 0 2 e n u J o t 5 2 0 2 e n u J s e i t i r u c e s y t i u q e H F C s e i t i r u c e s H F C l a t o T s e i t i r u c e s t b e d H F C 0 2 0 2 e n u J 0 3 t a s n o i t c e n n o c e r b i f d u o h S l . d e s i c r e x e e b d u o c t a h t l r o f e s i l a e r n a c H F C t a h t e c i r p e h t t a h t t n e t x e e h t o t ’ y e n o m e h t n i ‘ e b o n h t i w s t u p n i t e k r a m g n i s u d e t a u c a c s i l l t n e m u r t s n i d n u o p m o c n o i t c u r t s n o c e c n a n i f o t n w o r C e h t m o r f g n d n u f i i s e v e c e r s u r o h C s e i t i r u c e s H F C – 4 e t o N t n e n o p m o c y t i l i b a i l e h t l i t n U . y t i u q e o t d e t a c o l l a s t n u o m a l a u d i s e r s u r o h C . k r o w t e n B F U e h t l f o t n e m p o e v e d e h t h t i i w d e t a c o s s a s t s o c e r a s e i t i r u c e s y t i u q e H F C e h t s e r i p x e t n e m u r t s n i d n u o p m o c e h t f o d e s s a p s e s i m e r p y r e v e r o f 8 1 1 , 1 $ f o e t a r a t a g n d n u f i i s e v e c e r e c a f e h t n e e w t e b e c n e r e f f i d e h T . y t i l i b a i l l a s a d e s o c s i d e b o t d e r i u q e r , s e i t i r u c e s y t i u q e H F C s e u s s i s u r o h C n r u t e r n i , ) H F C y b d e i f i t r e c s a ( y t i l i b a i l e h t f o e u a v l r i a f e h t d n a s e i t i r u c e s y t i u q e H F C e h t f o e u a v l s e i t i r u c e s t b e d d n a y t i u q e e h T . s t n a r r a w H F C d n a s e i t i r u c e s t b e d H F C . i g n d n u f n w o r C s a d e d r o c e r n e h t s i t n e n o p m o c 0 5 : 0 5 a n o d e u s s i e r a d n a 1 $ f o e c i r p e u s s i n a e v a h s u r o h C y b d e u s s i g n i s u t s o c d e s i t r o m a t a d e r u s a e m s i t n e n o p m o c y t i l i b a i l e h t , s i h t r e t f A l t n a v e e r e h t f o s e v i l l u f e s u e h t r e v o s i s a b c i t a m e t s y s a n o n o i t a c e r p e d i o t d e s i t r o m a s i i g n d n u f n w o r C e h t d n a d o h t e m t s e r e t n i e v i t c e f f e e h t . s t e s s a B F U 9 5 5 $ d n a s e i t i r u c e s y t i u q e f o 9 5 5 $ , d e s s a p s e s i m e r p h c a e r o F . s i s a b i s e v e c e r s u r o h C h c h w i r o f s u r o h C y b d e u s s i e r a s e i t i r u c e s t b e d f o d o i r e p e h t r e v o s u r o h C r o f e b a l l i i a v a g n d n u f d e t t i m m o c l a t o t e h T . n o i l l i m 9 2 9 $ e b o t d e t c e p x e s i n o i t c u r t s n o c k r o w t e n B F U f o . e u a v l l i n r o f d e u s s i e r a s t n a r r a w H F C . n r u t e r n i i g n d n u f 8 1 1 , 1 $ . s e r a h s y r a n d r o s u r o h C i l f o s r e d o h f o s g n i t e e m t a s t h g i r g n i t o v o n s e h c n a r t n i s e i t i r u c e s t b e d H F C e h t m e e d e r o t d e r i u q e r s i s u r o h C . l H F C o t e u a v e c a f e h t g n y a p e r y b i ) t s e t a l e h t t a ( 6 3 0 2 o t 5 2 0 2 m o r f y t i u q e f o 9 5 5 $ e h t g n i t n u o c s i d y b d e v i r e d s i e u a v l r i a f e h T . d o h t e m e h t y b d e s s a p s e s i m e r p r e p s e i t i r u c e s t b e d f o 9 5 5 $ d n a s e i t i r u c e s t s e r e t n i e v i t c e f f e e h t g n i s u t s o c d e s i t r o m a t a d e r u s a e m e r a y e h t y r r a c d n a g n i r a e b t s e r e t n i n o n , d e r u c e s n u e r a s e i t i r u c e s t b e d H F C y l t n e u q e s b u S l . s t s o c n o i t c a s n a r t e b a t u b i r t t a y l t c e r i d y n a s u p e u a v l l f o n o i t r o p o r p e h t f i s e i l l p p a e u d e h c s t n e m y a p e r d e t a r e e c c a n A l n e e w t e b e c n e r e f f i d e h T . s e t a r t e k r a m n o d e s a b e t a r t s e r e t n i e v i t c e f f e s e i t i r u c e s t b e d H F C r i a f t a y l l a i t i n i d e s i n g o c e r e r a s e i t i r u c e s t b e d d n a y t i u q e H F C e h T t a a e r a e g a r e v o c ’ s u r o h C n h t i i w n o i t c e n n o c e r b i f a h t i w s e s i m e r p f o e u a v l r i a f e h t d n a ) d e s s a p s e s i m e r p r e p 8 1 1 , 1 $ ( i d e v e c e r g n d n u f i i n a g n d u c n l i t n e m u r t s n i e h t o t e u d t n e n o p m o c g n d n u f n w o r C i a h t i w y t i l i b a i l l i a c n a n i f a s a d e t a e r t e r a s e i t i r u c e s t b e d H F C e h T . l i n o t i s e c u d e r d n a n o i t a c e r p e d t s n a g a d e s a e e r l i s i i g n d n u f l n w o r C e h t d n a e u a v e c a f o t e s a e r c n i s e i t i r u c e s y t i u q e d n a t b e d n o i t i n g o c e r l a i t i n i n O . y t i t n e t n e m n r e v o g a m o r f n a o l e e r f t s e r e t n i s e i t i r u c e s y t i u q e H F C . % 0 2 d e e c x e t o n s e o d 0 2 0 2 e n u J 0 3 H F C e h t , e m i t r e v O . i g n d n u f n w o r C s a d e s i n g o c e r s i s e i t i r u c e s e h t n e e b s a h s w o l f h s a c d n e d v d d n a s t n e m y a p e r i i l i a p c n i r p f o g n m T i i s i n o i t i n g o c e r l a i t i n i n o s e i t i r u c e s H F C e h t f o s t n e n o p m o c i r o n e s a f o s t s i s n o c s e i t i r u c e s t b e d H F C f o t n u o m a l i a p c n i r p e h T . y t i u q e ) y r a n d r o i ( f o s n o i t p m u s s a y e K s e v i l l u f e s u e h t r e v o s i s a b c i t a m e t s y s a n o n o i t a c e r p e d o t d e s i t r o m a i s i i g n d n u f n w o r C e h t d n a d o h t e m t s e r e t n i e v i t c e f f e e h t g n i s u t s o c s w o fl h s a c d e t c e p x E y t i l i b a i l e h t f o e t a m i t s e e h t t a h t s e v e i l e b s u r o h C h g u o h t l A . s t e s s a B F U l t n a v e e r e h t f o t s o c d e t a m i t s e ’ s u r o h C t a d e p p a c s i s e i t i r u c e s y t i u q e H F C e h t . t s e r e t n i l a n o i t o n d e s i t r o m a t a d e r u s a e m s i t n e n o p m o c y t i l i b a i l e h t s i h t r e t f A . i g n d n u f i n e v g s e m o c t u o l a n o i t a r y l l i a c m o n o c e t c e l f e r t a h t s t s a c e r o f n o d e s a b s n o i t p m u s s a r o s e g o o d o h t e m l i t n e r e f f i d f o e s u e h t , e t a i r p o r p p a y l l a u q e s k n a r n o i t r o p r o n e s e h T i . i n o i t r o p d e t a n d r o b u s a d n a n o i t r o p . s e i t i r u c e s y t i u q e d n a t b e d H F C e h t f o s m r e t e h t . s t r a p t n e n o p m o c e s e h t f o s t n e m e r u s a e m t n e r e f f i d o t d a e l l d u o c , s u r o h C f o s r o t i d e r c d e t a n d r o b u s n u i , d e r u c e s n u r e h t o l l a h t i w t b e d r o f s d a e r p s t i d e r c d e v r e s b o t e k r a m n o d e s a b ( s d a e r p s t i d e r c i s e t a m x o r p p a s e i t i r u c e s y t i u q e d n a t b e d H F C l f o e u a v g n y r r a c e h T i d n a s e i t i r u c e s t b e d H F C e h t l f o e u a v e c a f e h t n e e w t e b e c n e r e f f i d e h t n o e t a r t n u o c s i d e h T . ) e r u n e t d n a s g n i t a r t i d e r c r a m l i i s h t i w d e u s s i f o ) l i n : 2 1 0 2 e n u J 0 3 ( n o i l l i m 1 $ s e d u c n l i d n a e u a v l r i a f s t i n w o r C s a d e d r o c e r s i ) s t u p n i t e k r a m g n i s u d e t a u c a c ( e u a v l l l r i a f r i e h t ’ s u r o h C n h t i i w n o i t c e n n o c e r b i f a h t i w s e s i m e r p f o n o i t r o p o r p e h t t a h t e t a m i t s e n a n o d e s a b n e e b e v a h s e t a d t n e m y a p e R . 0 2 0 2 e n u J 0 3 t a % 0 2 d e e c x e l l i w a e r a e g a r e v o c l l d e t a u c a c n e e b e v a h s e i t i r u c e s H F C e h t f o s t n e n o p m o c y t i l i b a i l e h T t n u o c s i d d e t s u d a - k s i r j t a d e t n u o c s i d s w o l f h s a c d e t c e p x e g n i s u d e u s s i e b o t d e t c e p x e s e i t i r u c e s H F C f o r e b m u n e h t s A . s e t a r i d e t a n d r o b u s e h T . s t n e m e g n a r r a t b e d ’ s u r o h C f o y n a n i i d e n a t n o c e b y a m t a h t l t n a n e v o c e g d e p e v i t a g e n y n a f o t i f e n e b e h t s a h d n a f o e u a v l l a i t i n i e h T . s u r o h C i f o s e r a h s y r a n d r o e v o b a s k n a r n o i t r o p i l s e g o o d o h t e m e v i t a n r e t l a f o t c a p m i l a i t n e t o p e h t e m i t r e v o s e s a e r c n i ) . % 5 8 f o e t a r t n u o c s i d a g n i s u ( e u a v l t n e s e r p e h t s i n o i t r o p r o n e s e h t i : e d u c n l i n o i t i n g o c e r l a i t i n i l n o s n o i t a u c a c e s e h t n l i d e s u s n o i t p m u s s a e t a r t n u o c s i D e c i r p e u s s i e h t n e e w t e b e c n e r e f f i d e h t e b l l i w n o i t r o p d e t a n d r o b u s i . n o i t r o p r o n e s e h t i l f o e u a v e h t d n a y t i r u c e s t b e d H F C e h t f o d n a s t u p n i y e K . l l a i r e t a m y g n i s a e r c n i e m o c e b l l i w s n o i t p m u s s a d n a l a i t i n i e h t d n a , s e i t i r u c e s t b e d H F C e h t n o e b a y a p e r l m u s e h t f o i y r a n d r o s u r o h C l f o s r e d o h f o s g n i t e e m t a e t o v o t t h g i r o n y r r a c t a h t n o t n e m y a p e r o t t h g i r l a i t n e r e f e r p a o t l r e d o h e h t e l t i t n e t u b , s e r a h s y t i r u c e s g n i r a e b t s e r e t n i l n o n f o s s a c a e r a s e i t i r u c e s y t i u q e H F C e c n a m r o f r e p ’ s u r o h C o t e t a e r l t a h t s t h g i r l a n o i t i d d a d n a n o i t a d u q i i l y t i u q e H F C e h t f o n o i t r o p a n o e b a y a p e m o c e b l l l i w s d n e d v D i i y t i u q e H F C f o n o i t r o p e h t h t i w , s d r a w n o 5 2 0 2 m o r f s e i t i r u c e s . H F C h t i w t c a r t n o c n o i t c u r t s n o c s t i r e d n u r e t a e r g A . e m i t r e v o g n i s a e r c n i i i s d n e d v d t c a r t t a t a h t s e i t i r u c e s n o i t r o p o r p e h t f i i i s d n e d v d t c a r t t a s e i t i r u c e s y t i u q e H F C f o n o i t r o p t a a e r a e g a r e v o c ’ s u r o h C n h t i i w n o i t c e n n o c e r b i f a h t i w s e s i m e r p f o l a u q e e b l l i w e t a r d n e d v d e h T i i . % 0 2 d e e c x e t o n s e o d 0 2 0 2 e n u J 0 3 H F C . i % 6 f o n g r a m a s u p e t a r l l l i b k n a b y a d - 0 8 1 d n a a e Z w e N e h t o t l t a d e u a v l s e r a h s s u r o h C g n u s s i i y b d e l t t e s e b n a c s t n e m u r t s n i y t i u q e i r o f e c i r p e g a r e v a d e t h g e w e m u o v y a d - 0 2 e h t o t l t n u o c s i d % 5 a . i d r a o B n a M X Z N e h t n o g n d a r t y r a n d r o n i i i d e d a r t s e r a h s s u r o h C l i a c n a n i f d n u o p m o c a s a d e t a e r t e r a s e i t i r u c e s y t i u q e H F C e h T . % 7 7 0 1 o t . % 6 3 0 1 n e e w t e b e t a r t n u o c s i d e h t , n o i t i n g o c e r l a i t i n i n O t n e m u r t s n i e h t o t e u d t n e n o p m o c g n d n u f n w o r C a h t i i w t n e m u r t s n i d n a s e i t i r u c e s y t i u q e H F C e h t r o f ) . % 7 8 0 1 o t % 7 7 0 1 . : 2 1 0 2 e n u J 0 3 ( l a i t i n i n O . y t i t n e t n e m n r e v o g a m o r f n a o l e e r f t s e r e t n i i n a g n d u c n l i d e t a d g n o l n o d e s a b s i s w o l f h s a c d e t c e p x e e h t o t d e i l p p a s e i t i r u c e s c i f i c e p s s u r o h C j r o f d e t s u d a e r e w s e t a r p a w s e h T . s e v r u c p a w s Z N t b e d H F C e h t r o f ) % 0 9 6 o t . % 5 6 6 . : 2 1 0 2 e n u J 0 3 ( % 5 9 6 o t . % 7 3 6 . e h t f o t n e n o p m o c y t i l i b a i l e h t f o e u a v l r i a f e h t , n o i t i n g o c e r 7 2 Chorus Financial Statements i g n d n u f n w o r C d n a n o i l l i m 1 $ s e i t i r u c e s y t i u q e H F C , n o i l l i m 2 $ d e t a c o l l a s a w g n d n u f i f o n o i l l i m 5 0 1 $ s i h T . d e s s a p s e s i m e r p ) 8 8 3 , 1 1 . n o i l l i m 2 1 $ s e i t i r u c e s y t i u q e H F C , n o i l l i m 5 1 $ s e i t i r u c e s t b e d H F C : s w o l l o f s a s e s i m e r p 5 1 5 3 1 , d n a b d a o r B t s a F - a r t l U f o t c e p s e r n i d e u r c c a n e e b s a h ) l i n : 2 1 0 2 e n u J 0 3 ( n o i t c u r t s n o c e c n a n i f o t n w o r C e h t m o r f g n d n u f i i s e v e c e r s u r o h C s e i t i v i t i s n e s y e k e h t f o e n o s i 0 2 0 2 e n u J 0 3 y b e d a m n e e b e v a h s e m o c t u o e r u t u f l t a h t e b i s s o p y b a n o s a e r l s i t i t a h t s r e d i s n o c s u r o h C s i s y l a n a y t i v i t i s n e S i d e u n i t n o c g n d n u f n w o r C – 5 e t o N d e u n i t n o c s e i t i r u c e s H F C – 4 e t o N 8 2 l t a e t e p m o c s a w g n i t s e t e c n a t p e c c a r e s u e r e h w s a e r a n i d e s s a p g n i r u D . k r o w t e n B F U e h t l f o t n e m p o e v e d e h t h t i i w d e t a c o s s a s t s o c e g n a h c A . s e i t i r u c e s H F C e h t f o t n e m e r u s a e m e h t n i t i c i l p m i l a e r i u q e r d u o c d n a d e i l p p a s n o i t p m u s s a e h t m o r f t n e r e f f i d e b y a m s e i t i r u c e s e h T t b e d H F C s a d e t a c o l l a s a w d e u r c c a g n d n u f i f o n o i l l i m 5 1 $ : 2 1 0 2 e n u J 0 3 ( , 1 9 2 4 9 o t d e t a u q e h c h w i ) n o i l l i m 3 1 $ : 2 1 0 2 e n u J 0 3 ( . 3 1 0 2 e n u J 0 3 t s o p d e v e c e r e r e w s d n u f i t u b 3 1 0 2 e n u J 0 3 H F C m o r f g n d n u f n i i n o i l l i i m 5 0 1 $ d e v e c e r p u o r G e h t r a e y e h t e h t n o t c a p m i i g n w o l l o f e h t n i l t l u s e r d u o w n o i t r o p o r p s i h t n i s t r a p t n e n o p m o c e h t f o t n u o m a g n y r r a c e h t o t i t n e m t s u d a j l a i r e t a m : s t n e m e t a t s l i a c n a n i f o t d e m u s s a s n o i t c e n n o c e r b i f f o r e b m u n e h T . s e i t i r u c e s H F C e h t f o 3 1 ) 3 ( - 0 1 M $ 2 1 0 2 M $ 3 1 0 2 3 3 1 ) 9 2 ( ) 1 ( 3 0 1 T N E R A P D N A P U O R G : s w o l l o f s a d e s i r a m m u s e b n a c g n d n u f i s i h t f o s t r a p t n e n o p m o c e h T n o i l l i m 5 1 $ r e h t r u f A . n o i l l i i m 2 8 $ g n d n u f n w o r C , n o i l l i m 8 $ t s e r e t n i l i l a n o i t o n g n d u c x e s e i t i r u c e s H F C : s s e L i d e s i n g o c e r g n d n u f d e t a u m u c c A l n o i l l i i . m 9 2 $ y b g n d n u f n w o r C e s a e r c e D I S T N E M E T A T S L A C N A N I F N O T C A P M I E V I T A N R E T L A E M O C T U O L A U T C A s e i t i r u c e s t b e d H F C 3 1 0 2 E N U J 0 3 T A S A n o i l l i . m 9 2 $ y b y t i l i b a i l s e i t i r u c e s t b e d H F C e s a e r c n I % 0 2 < % 0 2 ≥ n o i t r o p o r p n o i t c e n n o c e r b F i n o i l l i m 3 . i 2 $ y b g n d n u f n w o r C e s a e r c e D n o i l l i m 3 . 2 $ y b y t i l i b a i l s e i t i r u c e s y t i u q e H F C e s a e r c n I % 0 2 < % 0 2 ≥ n o i t r o p o r p n o i t c e n n o c e r b F i s e i t i r u c e s y t i u q e H F C i g n d n u f f o n o i t a s i t r o m a d e t a u m u c c a l : s s e L i g n d n u f d n a b d a o r B t s a F - a r t l U I S T N E M E T A T S L A C N A N I F N O T C A P M I E V I T A N R E T L A E M O C T U O L A U T C A s e i t i r u c e s t b e d H F C 2 1 0 2 E N U J 0 3 T A S A , 0 0 0 3 6 2 $ y b y t i l i b a i l s e i t i r u c e s t b e d H F C e s a e r c n I % 0 2 < % 0 2 ≥ n o i t r o p o r p n o i t c e n n o c e r b F i i l e c n a a b g n d n u f n w o r C d n a b d a o r B t s a F - a r t l U e h t n i e g n a h c e h T s i i g n d n u f n w o r C e h t f o t n u o m a l l u f e h t f o n o i t i n g o c e r d e u n i t n o C : l w o e b d e s i r a m m u s s i i y b t e m g n e b s t e g r a t e c n a m r o f r e p l i a i r e t a m n a t r e c n o t n e g n i t n o c s t e g r a t e c n a m r o f r e p l a i r e t a m e s e h t f o t n a c i f i n g i s t s o m e h T . s u r o h C l s e b a c c i t p o e r b i f y b d e s s a p s e s i m e r p f o r e b m u n e h t o t e t a e r l r e d n u s n o i t a c i f i c e p s n a t r e c h t i i w e c n a i l p m o c d n a s e t a d y e k y b i , 0 0 0 3 6 2 $ y b g n d n u f n w o r C e s a e r c e D i 0 0 0 , 1 2 2 $ y b g n d n u f n w o r C e s a e r c e D 0 0 0 , 1 2 2 $ y b y t i l i b a i l s e i t i r u c e s y t i u q e H F C e s a e r c n I % 0 2 < % 0 2 ≥ n o i t r o p o r p n o i t c e n n o c e r b F i s e i t i r u c e s y t i u q e H F C M $ 2 1 0 2 - 0 1 - - 0 1 M $ 3 1 0 2 0 1 2 8 2 1 ) 1 ( 3 0 1 T N E R A P D N A P U O R G ) s e i t i r u c e s H F C g n d u c x e ( l i i d e v e c e r g n d n u F i ) s e i t i r u c e s H F C g n d u c x e ( l i d e u r c c a g n d n u F i n o i t a s i t r o m A d o i r e p e h t f o d n e t a e c n a l a B M $ 2 1 0 2 0 1 - - - 0 1 0 1 M $ 3 1 0 2 3 0 1 - - 2 3 0 1 1 0 1 M $ 2 1 0 2 0 1 8 1 8 6 3 2 4 3 M $ 3 1 0 2 3 0 1 7 0 1 8 1 8 2 2 6 2 2 2 T N E R A P P U O R G e v i t a i t i n I d n a b d a o r B l a r u R d n a b d a o r B t s a F - a r t l U r e h t O t n e r r u c - n o N t n e r r u C i e s n e p x e n o i t a c e r p e d o t n o i t c u d e r a s a s g n n r a e n i i d e s i n g o c e r i g n d n u f e h t t e s s a e h t f o e f i l l u f e s u e h t r e v o s i s a b c i t a m e t s y s a n o e r e h t e r e h w e u a v l r i a f t a d e s i n g o c e r s i n w o r C e h t m o r f g n d n u F i i n e e b s a h g n d n u f d e t a u m u c c a e h T l . t c u r t s n o c o t d e s u s a w s u r o h C d n a e b a v e c e r l i s i i g n d n u f e h t t a h t e c n a r u s s a e b a n o s a e r l s i : s w o l l o f s a d e s i n g o c e r n e h t s i i g n d n u f n w o r C . s n o i t i d n o c d e h c a t t a l l a h t i w s e i l p m o c . H F C y b g n i t s e t e c n a t p e c c a r e s u d o i r e p e h t i i f o g n n n g e b t a e c n a l a B i g n d n u f n w o r C – 5 e t o N Chorus Financial Statements l a t o t e h T . 3 1 0 2 e n u J 0 3 o t r a e y e h t n i e u n e v e r g n i t a r e p o ’ s u r o h C f o s a w r e m o t s u c e n o m o r f 3 1 0 2 e n u J 0 3 g n d n e r a e y e h t i r o f e u n e v e r t n e c r e p 0 1 l f o d o h s e r h t g n i t r o p e r e h t t e m s r e m o t s u c s u r o h C o w T e h t n I . n o i l l i m 1 0 1 $ s a w r e m o t s u c r e h t o e h t m o r f d n a n o i l l i m 5 1 8 $ i f e h c e h t s a d e i f i t n e d i n e e b s a h r e c i f f O e v i t u c e x E f e h C i ’ s u r o h C s i h t f o s t r a p t n e n o p m o c e h T . l e b a l i a v a s i n o i t a m r o f n i l i a c n a n i f m o r f g n d n u f n i i n o i l l i m 0 9 $ d e s i n g o c e r e r o f e r e h t , l d n a a e Z w e N n i i d e d v o r p e r a s n o i t a r e p o ’ s u r o h C f o l l A s e g a g n e t a h t y t i t n e n a f o t n e n o p m o c a s i t n e m g e s g n i t a r e p o n A e v i t a i t i n I d n a b d a o r B l a r u R g n i t r o p e r l a t n e m g e S – 6 e t o N i d e u n i t n o c g n d n u f n w o r C – 5 e t o N . i d e d v o r p s i n o i t a m r o f n i i c h p a r g o e g o n r u c n i d n a s e u n e v e r n r a e y a m t i i h c h w m o r f s e i t i v i t c a s s e n i s u b n i i m u m x a m a o t p u s u r o h C y b d e r r u c n i l s t s o c e b a t n a r g f o r a l l o d h c a e i l d e w e v e r y l r a u g e r e r a s t l u s e r g n i t a r e p o h c h w i r o f d n a s e s n e p x e i I s e s r u b m e r E B M e h t n o i t i d d a n I . n o i l l i m 6 3 2 $ d n u o r a f o t i m i l e t e r c s i d h c h w i r o f d n a r e k a m n o i s i c e d g n i t a r e p o f e h c s y t i t n e e h t y b i ’ i . s n - d a e l l l o o h c s o t e b a t u b i r t t a e r u t i d n e p x e l a t i p a c l l a r o f s u r o h C i g n d n u f d e r r u c n i e r u t i d n e p x e l a t i p a c r o f I ) E B M ( l t n e m y o p m E d n a n o i t a v o n n I , s s e n i s u B f o y r t s i n M e h t i i m o r f g n d n u f n w o r C s e v e c e r i s u r o h C . e v i t a i t i n I d n a b d a o r B l a r u R e h t r e d n u : s w o l l o f s a d e s i r a m m u s e b n a c g n d n u f i r o f g n d n u f i f o r a l l o d e n o s u r o h C y a p l l i I w E B M e h T . s t e n b a c i l a r u r r o . ) n o i l l i m 8 1 $ : 2 1 0 2 e n u J 0 3 ( E B M e h t I k n i l l a r u r e h t g n y o p e d r o f l i s e n o t s e m l i l t n a v e e r e h t o t e b a t u b i r t t a l s u r o h C r a e y e h t g n i r u D l s t s o c e b a t n a r g e h t r o f i l t n e m y a p m a c o t d e l t i t n e s i s u r o h C g n i t r o p e r e h t t e m r e m o t s u c e n o 2 1 0 2 e n u J 0 3 d e d n e s h t n o m n e v e s . g n i t r o p e r l a t n e m g e s f o e s o p r u p e h t r o f r e k a m n o i s i c e d g n i t a r e p o . e u n e v e r f o n o i l l i m 3 2 5 $ r o f d e t n u o c c a d n a d o h s e r h t l t n e m g e s e n o n i s e t a r e p o t i i t a h t d e n m r e t e d s a h s u r o h C i f e h C e h t y b d e w e v e r i s t r o p e r e h t n o d e s a b s i i n o i t a n m r e t e d e h T . e r u t c u r t s a r f n i k r o w t e n s s e c c a e n i l i d e x i f e d w n o i t a n g n d v o r p i i . s r e m o t s u c s t i o t i s e c v r e s i s e d v o r p t i s a e u n e v e r s e s i n g o c e r s u r o h C e h t l t a h t e b a b o r p s i t i t a h t t n e t x e e h t o t d e s i n g o c e r s i e u n e v e R e u n e v e r g n i t a r e p O – 7 e t o N i . s n o i s i c e d c g e t a r t s g n k a m d n a i s e c r u o s e r g n i t a c o l l a , e c n a m r o f r e p g n i s s e s s a n i r e c i f f O e v i t u c e x E s e u n e v e r d e l l i b n U l . s i s a b y h t n o m a n o e d a m y l l a r e n e g e r a s g n i l l i B e b n a c e u n e v e r e h t d n a s u r o h C o t w o l f l l i w s t i f e n e b c m o n o c e i d e s i n g o c e r e r a h t n o m h c a e f o d n e e h t o t e t a d e c y c g n l i l l i b e h t m o r f . e d a m g n e b s i i t n e m y a p e h t n e h w l f o s s e d r a g e r , d e r u s a e m y b a l i l e r e v a h t a h t l s e g r a h c y h t n o m d e x i f f o n o i t r o p e h t f o t c e p s e r n i d e r r e f e d . l e b a v e c e r i r o s i e u n e v e R . i d e d v o r p s i i e c v r e s e h t h t n o m e h t g n i r u d e u n e v e r s a i d e v e c e r n o i t a r e d i s n o c e h t f o e u a v l r i a f e h t t a d e r u s a e m s i e u n e v e R s n o i t c e n n o c d n a s n o i t a l l a t s n i m o r f e u n e v e R . e c n a v d a n i d e l l i b n e e b M $ 2 1 0 2 T N E R A P M $ 3 1 0 2 - - - - - - - - - - - - - - - - 6 8 6 8 . n o i t c e n n o c r o n o i t a l l a t s n i M $ 2 1 0 2 9 9 3 9 8 8 2 8 1 4 1 7 4 8 1 - P U O R G M $ 3 1 0 2 1 3 6 5 1 2 0 6 7 3 7 1 5 8 2 1 - e h t l f o n o i t e p m o c n o p u d e s i n g o c e r e r a i s e c v r e s k r o w t e n d e d d a e u a V l e r u t c u r t s a r f n I r e p p o c d e c n a h n E r e p p o c c i s a B e r b F i i s e c v r e s d e F l i e m o c n i i i d n e d v d y n a p m o c r e t n I r e h t O 3 1 6 7 5 0 , 1 e u n e v e r g n i t a r e p o l a t o T - - - M $ 2 1 0 2 - - - - M $ 2 1 0 2 - - - M $ 2 1 0 2 M $ 2 1 0 2 - - - - T N E R A P P U O R G - - - M $ 3 1 0 2 T N E R A P M $ 3 1 0 2 - - - - M $ 2 1 0 2 8 1 - 8 1 M $ 2 1 0 2 - 8 1 - 8 1 M $ 3 1 0 2 8 0 1 ) 1 ( 7 0 1 P U O R G M $ 3 1 0 2 8 1 0 9 ) 1 ( 7 0 1 : l w o e b d e s i r a m m u s s i i l e c n a a b g n d n u f e v i t a i t i n I d n a b d a o r B l a r u R e h t n i e g n a h c e h T i g n d n u f f o n o i t a s i t r o m a d e t a u m u c c a l : s s e L i g n d n u f e v i t a i t i n I d n a b d a o r B l a r u R i d e s i n g o c e r g n d n u f d e t a u m u c c A l f o n o i t a c o e r l f o t s o c e h t s d r a w o t g n d n u f i i s e v e c e r s u r o h C r e h t O d o i r e p e h t f o d n e t a e c n a l a B d e s i n g o c e r g n d n u F i n o i t a s i t r o m A d o i r e p f o g n n n g e b e h t i i t a e c n a l a B i k r o w t e n e h t g n d n e t x e d n a s n - d a e i l l o o h c s i , t n e m p u q e s n o i t a c n u m m o c e e t l i T N E R A P P U O R G - - - M $ 3 1 0 2 T N E R A P M $ 3 1 0 2 - - - - 9 ) 1 ( 8 M $ 2 1 0 2 M $ 2 1 0 2 - 9 ) 1 ( 8 1 2 ) 3 ( 8 1 M $ 3 1 0 2 P U O R G M $ 3 1 0 2 8 2 1 ) 2 ( 8 1 : s w o l l o f s a d e s i r a m m u s e b n a c g n d n u f i s i h t f o s t r a p t n e n o p m o c e h T . s a e r a l a r u r o t e g a r e v o c i g n d n u f f o n o i t a s i t r o m a d e t a u m u c c a l : s s e L i g n d n u f r e h t O i d e s i n g o c e r g n d n u f d e t a u m u c c A l : l w o e b d e s i r a m m u s s i i g n d n u f r e h t o e h t n i e g n a h c e h T d o i r e p f o g n n n g e b e h t i i t a e c n a l a B d o i r e p e h t f o d n e t a e c n a l a B d e s i n g o c e r g n d n u F i n o i t a s i t r o m A 9 2 Chorus Financial Statements i l s e b a v e c e r e d a r T . e s n e p x e n a s a d e s i n g o c e r . s r e m o t s u c h t i l w s e c n a a b d e t u p s i d r o f s t n u o m a t n e m r i a p m i s e c n a w o l l a f o t e n e r a l d e r i u q e r e k a m o t e b a n u g n e b s r e m o t s u c s t i i i f o e c n e d v e e v i t c e b o j e h t n i t b e d l u f t b u o d r o f n o i s i v o r p l i a m n m i s a h s u r o h C . s t n e m y a p s i e r e h t n e h w s e s s o l t n e m r i a p m i r o f n o i s i v o r p a s n a t n a m i i s u r o h C . s s e l r o s y a d g n k r o w 0 2 s i m r e t n o l i a u d v d n i i t n a c i f i n g i s o n n e e b e v a h e r e h t d n a d o i r e p t n e r r u c y l l a r e n e g e r a d n a g n i r a e b t s e r e t n - n o n e r a s e b a v e c e r e d a r T l i i M $ 2 1 0 2 ) 2 3 ( ) 7 2 ( ) 7 ( - ) 6 6 ( - ) 6 6 ( M $ 2 1 0 2 - 8 1 2 2 0 4 - 0 4 T N E R A P P U O R G M $ 3 1 0 2 ) 8 5 ( ) 6 4 ( - - ) 4 0 1 ( ) 1 ( ) 5 0 1 ( M $ 2 1 0 2 ) 2 3 ( ) 7 2 ( ) 6 1 ( 3 ) 2 7 ( - ) 2 7 ( M $ 3 1 0 2 ) 8 5 ( ) 6 4 ( ) 6 1 ( 6 ) 4 1 1 ( ) 1 ( ) 5 1 1 ( s e i i t i r u c e s H F C g n d u l c x e e s n e p x e e c n a n i f l a t o T ) t s e r e t n i l a n o i t o n ( s e i t i r u c e s H F C e s n e p x e e c n a n i f l a t o T y t i l i c a f i k n a b d e t a c d n y s n o t s e r e t n I e s n e p x e t s e r e t n i r e h t O t s e r e t n i d e s i l a t i p a C N T M E n o t s e r e t n I d e d n e d o i r e p e h T . ) n o i l l i m 9 $ : 2 1 0 2 e n u J 0 3 ( s e s n e p x e t s e r e t n i k r a m r o f e g r a h c h s a c - n o n n o i l l i m 7 $ a d e d u c n l i 2 1 0 2 e n u J 0 3 . s e v i t a v i r e d f o t e k r a m o t e s a e l e c n a n i f n o i l l i m 3 1 $ s e d u c n l i e s n e p x e t s e r e t n i r e h t O M $ 2 1 0 2 T N E R A P M $ 3 1 0 2 - - - - - - - - - ) 1 ( - ) 1 ( - - - - - - - - - - ) 1 ( ) 1 ( M $ 2 1 0 2 ) 1 3 ( ) 3 2 ( ) 2 5 ( ) 2 2 ( ) 0 3 ( ) 6 ( ) 8 ( ) 1 1 ( ) 3 ( ) 5 ( ) 3 2 ( ) 4 1 2 ( s n o i t a n o d P U O R G M $ 3 1 0 2 ) 7 6 ( ) 1 5 ( ) 0 0 1 ( ) 7 3 ( ) 2 5 ( ) 2 1 ( ) 2 1 ( ) 3 1 ( ) 4 ( ) 6 ( ) 0 4 ( ) 4 9 3 ( l a c i t i l o p d n a e b a t i r a h C l l s t s o c y g o o n h c e t n o i t a m r o f n I i e c n a n e t n a m y t r e p o r P s e t a r d n a t n e R i e c n a n e t n a m k r o w t e N s t s o c k r o w t e n r e h t O s t s o c r u o b a L i g n n o i s i v o r P s e s n e p x e g n i t a r e p o l a t o T s t s o c r u o b a L y t i c i r t c e E l e c n a r u s n I s t n a t l u s n o C r e h t O . ) y n a f i ( s t s o c n o i t c a s n a r t s u p l , i d e v e c e r e b o t s t n u o m a e h t f o e u a v l e h t g n i s u ( t s o c d e s i t r o m a t a d e r u s a e m y l t n e u q e s b u s e r a y e h T e r u t i d n e p x e l a t n e r d n a g n i s a e l e d u c n l i s t s o c s e t a r d n a t n e R l d n a a e Z w e N e h t o t s t n e m y a p e r a s t s o c r u o b a l n i d e d u c n l I r i a f e h t t a d e s i n g o c e r y l l a i t i n i l e r a s e b a v e c e r i r e h t o d n a e d a r T s e s a e l g n i t a r e p O s n o i t u b i r t n o c n o i s n e P s e l b a v i e c e r r e h t o d n a e d a r T – 0 1 e t o N . ) l i n : 2 1 0 2 e n u J 0 3 ( s n o i t a n o d l a c i t i l o p y n a e d a m t o n s a h s u r o h C . ) l i n . e r u t i d n e p x e l a t i p a c - n o n o t d e t a e r l s t s o c f f a t s : 2 1 0 2 e n u J 0 3 ( , 0 0 0 0 5 $ f o s n o i t a n o d e b a t i r a h c e d u c n l l i s t s o c r e h t O s t n e s e r p e r ) n o i l l i m 1 3 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i m 7 6 $ f o s t s o c r u o b a L e s n e p x e e c n a n i F – 9 e t o N s e s n e p x e g n i t a r e p O – 8 e t o N 0 3 T N E R A P P U O R G M $ 3 1 0 2 - 2 3 1 1 2 3 4 2 - 3 4 2 M $ 2 1 0 2 5 3 1 - 2 6 7 9 1 1 8 9 1 M $ 3 1 0 2 9 2 2 1 5 - 0 8 2 4 1 4 9 2 . s e s s o l t n e m r i a p m i s s e l ) d o h t e m t s e r e t n i e v i t c e f f e s m e t i d n a e r u t c u r t s a r f n i k r o w t e n , y t r e p o r p r o f n o i l l i m 5 $ f o : 2 1 0 2 e n u J 0 3 ( , 0 0 0 3 3 3 $ f o d n u F n o i t a u n n a r e p u S t n e m n r e v o G . ) n o i l l i m 3 $ : 2 1 0 2 e n u J 0 3 ( t n e m p u q e f o i , 0 0 0 2 1 1 , 1 $ f o r e v a S w K o t i i s n o i t u b i r t n o c d n a ) , 0 0 0 9 4 1 $ l s e b a v e c e r i y n a p m o c r e t n I s t n e m y a p e r P s e l b a v i e c e r r e h t o d n a e d a r T l s e b a v e c e r i r e h t O i l s e b a v e c e r e d a r T i . s e c v r e s e c n a i l p m o c x a t d n a e c n a r u s s a r e h t o , i e c n a d u g g n i t n u o c c a l i a c n h c e t f o t c e p s e r n i i , 0 0 0 8 5 $ d n a s e c v r e s e c n a r u s s a y r o t a u g e r l r o f 0 0 0 0 5 1 $ , , ) , 0 0 0 0 5 5 $ l . s e e y o p m e f o t c e p s e r n i s t i f e n e b n o i s n e p e d v o r p o t i i , 0 0 0 0 3 4 $ f o s r o t i d u a o t d a p s e e f e r a s e s n e p x e r e h t o n i d e d u c n l I : 2 1 0 2 e n u J 0 3 ( s t n u o c c a y r o t u t a t s e h t i f o w e v e r d n a t i d u a e h t r o f s n o i t a g i l b o r e h t o o n s a h s u r o h C l . ) s e e y o p m e 5 3 3 : 2 1 0 2 e n u J 0 3 ( r e v a s i w K n i i l s e e y o p m e 5 4 5 d n a ) s e e y o p m e 8 2 : 2 1 0 2 e n u J 0 3 ( l n o i t a r e n u m e r r o t i d u A d n u F n o i t a u n n a r e p u S t n e m n r e v o G d n a a e Z w e N n l i l s e e y o p m e 7 2 e r e w e r e h t 3 1 0 2 e n u J 0 3 t A . ) , 0 0 0 6 4 3 $ : 2 1 0 2 e n u J 0 3 ( Chorus Financial Statements g n i t a r e p o m u m n m e b a l i i l l e c n a c n o n e r u t u f e h T . s t n e m e g n a r r a e s a e l n o i l l i m 6 2 $ s a w p u o r G e h t r o f 3 1 0 2 e n u J 0 3 t a s a t n e m t i m m o c e s a e l . ) n o i l l i m 9 1 $ : 2 1 0 2 e n u J 0 3 ( g n i t a r e p o r e d n u s e s n e c i l e t i s d n a s k r a p r a c , g n d i l i u b s a h s u r o h C e r u t i d n e p x e l a t i p a c f o s l i a t e d r o f 2 e t o n d n a 1 e t o n o t r e f e R e r u t i d n e p x e l a t i p a C s t n e m t i m m o c e s a e L . s t n e m t i m m o c s a h s u r o h C . s e s i , m e r p 0 0 9 0 3 8 d e t a m i t s e n a s s a p l l i w e r u t c u r t s a r f n i l a n u m m o c e h t d l i u b o t n o i l l i b 9 . 1 $ - 7 . 1 $ t s o c l l i w t i t a h t d e t a m i t s e e r b i f f o s e r t e m o l i i l k 0 0 1 , 3 y e t a m x o r p p a g n y o p e d o t d e t t i l i m m o c s i s u r o h C , 1 e s a h P e v i t a i t i n I d n a b d a o r B l a r u R e h t f o t r a p s A . 9 1 0 2 f o d n e e h t y b k r o w t e n B F U e v i t a i t i n I d n a b d a o r B l a r u R t c e n n o c o t e r b i f d n a s e i r a r b i l c i l b u p l a r u r 1 8 1 o t p u , s l o o h c s l i i a c n v o r p 9 8 1 l i . s e r t n e c h t l a e h y m a f d n a s l a t i p s o h l a r u r 5 4 i g n d r o c c a t l i u b e b o t , s u r o h C o t d e d r a w a s a e r a e t a d d n a c B F U e h t n i i s e s i m e r p r o f e r u t c u r t s a r f n i i l g n y o p e d o t d e t t i m m o c s i s u r o h C e g n a r e h t n i s i d l i u b e h t f o t s o c d e t a m i t s e e h T n a h t r e t a l l o n y b e t e p m o c e b o t d n a s e n o t s e m d l i l i u b l a u n n a o t . n o i l l i m 5 9 2 $ – 0 8 2 $ f o l a n u m m o c e h t t a h t d e t c e p x e s i t i l a t o t n I . 9 1 0 2 r e b m e c e D 1 3 - - - - - - M $ 2 1 0 2 T N E R A P M $ 3 1 0 2 - - - - - - M $ 2 1 0 2 4 2 1 0 1 1 - - P U O R G M $ 3 1 0 2 3 1 8 0 2 3 1 4 5 3 1 9 2 2 s y a d 0 6 - 1 3 e u d t s a P s y a d 0 9 - 1 6 e u d t s a P s y a d 0 3 - 1 e u d t s a P e u d t s a p t o N s y a d 0 9 r e v o e u d t s a P r e h t o o t d e t i d e r c r o d e g r a h c s m e t i o t s e t a e r l x a t e h t n e h w t p e c x e , t n e m e t a t s e m o c n i e h t n i d e s i n g o c e r e r a x a t d e r r e f e d d n a t n e r r u C s w a l e h t f o s i s a b e h t n o d e t a u c a c s i l l n o i t a x a T – 3 1 e t o N x a t d e r r e f e d d n a t n e r r u C . l e t a d e c n a a b t a d e t c a n e y e v i t n a t s b u s l r o d e t c a n e l . s e b a v e c e r i r e h t o d n a e d a r t i l f o e u a v g n y r r a c e h t o t d e t i m i l s i e r u s o p x e t i d e r c m u m x a m e h T i . e u a v l i r i a f e h t e t a m x o r p p a s e b a v e c e r l i d e s i n g o c e r o s l a s i x a t e h t e s a c h c h w n i i , e m o c n i e v i s n e h e r p m o c . e m o c n i e v i s n e h e r p m o c r e h t o n i s e c n e r e f f i d y r a r o p m e t f o t c e p s e r n i d e s i n g o c e r s i n o i t a x a t d e r r e f e D s e l b a y a p r e h t o d n a e d a r T – 1 1 e t o N i g n y r r a c r i e h t d n a s e i t i l i b a i l d n a s t e s s a f o s e s a b x a t e h t n e e w t e b s s e l e u a v l r i a f t a d e s i n g o c e r y l l a i t i n i l e r a s e b a y a p r e h t o d n a e d a r T e r a s t i f e n e b x a t e r u t u F . s t n e m e t a t s l i a c n a n i f e h t n i s t n u o m a . l e b a b o r p s i t e s s a e h t f o n o i t a s i l a e r e r e h w d e s i n g o c e r M $ 2 1 0 2 - - 1 3 - - 1 3 1 3 - T N E R A P M $ 3 1 0 2 - - 3 3 - - 3 3 3 3 - M $ 2 1 0 2 7 4 1 1 2 5 2 1 4 1 0 3 7 3 3 8 2 3 9 P U O R G M $ 3 1 0 2 1 2 1 1 1 4 5 1 7 1 7 2 0 3 3 8 2 3 2 s t n e m e g n a r r a t n o J i . r e g r e m e d t s o p s u r o h C y b e s u d e u n i t n o c r o f d e r i u q e r e r a m o c e e T l l r e d n u m o c e e T y b d e t n a r g n e e b e v a h s t e s s a e s e h t e s u o t t h g i r e h T y b d e n w o s m e t s y s d e r a h s d n a s t e s s a c n o r t c e e k r o w t e n n a t r e C l i i . s t e s s a e h t f o e f i l e h t r e v o s t n e m e g n a r r a t n o i j t a d e r u s a e m y l t n e u q e s b u s e r a y e h T . ) y n a f i ( s t s o c n o i t c a s n a r t . d o h t e m t s e r e t n i e v i t c e f f e e h t g n i s u t s o c d e s i t r o m a e c n a v d a n i d e l l i b e u n e v e R s e l b a y a p r e h t o d n a e d a r T t n e r r u c - n o N t n e r r u C s t n e m e g n a r r a i t n o J l s e b a y a p e d a r T l a u r c c a l e n n o s r e P s l a u r c c A y l l i a m r o n d n a g n i r a e b t s e r e t n - n o n e r a s e b a y a p r e h t o d n a e d a r T l r e h t o d n a e d a r t l f o e u a v g n y r r a c e h T i . s m r e t y a d 0 3 n h t i i w d e l t t e s . s e u a v l r i a f i r i e h t e t a m x o r p p a s e b a y a p l 1 3 i l l y e t a m x o r p p a e b a n e d n a s l o o h c s 0 5 8 y e t a m x o r p p a t c e n n o c o t l i . s p b M 5 t s a e l t a f o s d e e p s d n a b d a o r b s s e c c a o t s r e s u l a r u r f o % 7 5 i n e e w t e b p h s n o i t a e r e h t l t c e f f a y a m t a h t g n i s i r a s e t u p s i d y n A i y l t n a n m o d e r p g n i t s i s n o c e s a b r e m o t s u c d e t a r t n e c n o c a s a h s u r o h C s u r o h C , e v i t a i t i n I d n a b d a o r B l a r u R e h t f o 2 e s a h p r e d n u , n o i t i d d a n I w o l l i o f d n a s r e g a n a m p h s n o i t a e r y b d e s i a r e b l l l i w s e i t r a p e h t n o i t a r t n e c n o c e h T i . s r e d v o r p e c v r e s i l i a t e r f o r e b m u n l l a m s a f o n o i l l i m 1 2 $ s a h s u r o h C l . s s e c o r p n o i t u o s e r e t u p s i d s u r o h C e h t h t i w e t u p s i d a t a h t k s i r e h t i s n e t h g e h e s a b r e m o t s u c ’ s u r o h C f o d e r i a p m i t o n t u b e u d t s a p e r a t a h t e b a v e c e r l i s t n u o c c a f o e v a h l l i w i , s e c v r e s r o f y a p o t e r u l i a f s ’ r e m o t s u c a r o , r e m o t s u c a r e h t o d n a e d a r t l f o e u a v g n y r r a c e h T i . ) n o i l l i m 1 1 $ : 2 1 0 2 e n u J 0 3 ( l . s e b a v e c e r i f o y t i l i b a t c e l l o c ’ s u r o h C n o t c e f f e e s r e v d a l a i r e t a m a f o s e r t e m o l i k 0 5 2 r e h t r u f a g n y o p e d e b l i l l i w j t n e m e e r g a t c e o r p e r u t c u r t s a r f n i k r o w t e N s t n e m t i m m o C – 2 1 e t o N : s w o l l o f s a s i 3 1 0 2 e n u J 0 3 t a s a s e b a v e c e r e d a r t l i f o e l i f o r p g n e g a e h T i d e u n i t n o c s e b a v e c e r l i r e h t o d n a e d a r T – 0 1 e t o N Chorus Financial Statements 6 1 7 1 2 ) 1 ( ) 5 3 ( ) 7 ( - 0 9 1 - - - - - 4 4 - 3 3 - 3 - 9 P U O R G M $ E C N A L A B 3 1 0 2 E N U J 0 3 M $ E M O C N I R E H T O N I D E S I N G O C E R E V I S N E H E R P M O C M $ T I F O R P N I S S O L D N A D E S I N G O C E R P U O R G ) 4 ( ) 5 3 ( ) 0 1 ( ) 4 ( 7 7 1 6 1 4 1 2 M $ E C N A L A B 2 1 0 2 Y L U J 1 M $ E C N A L A B 2 1 0 2 E N U J 0 3 M $ E M O C N I R E H T O N I D E S I N G O C E R E V I S N E H E R P M O C M $ T I F O R P N I S S O L D N A D E S I N G O C E R M $ E C N A L A B 1 1 0 2 R E B M E C E D 1 i l s e b g n a t n i r e h t o d n a e r a w t f o s , s t e s s a k r o w t e N s e v i t a v i r e d f o n o i t r o p e u a v l r i a F s t n e m e l t i t n e e e y o p m E l s e i t i l i b a i l / ) s t e s s A ( s e s a e l e c n a n F i r e h t O s e g d e h w o l f h s a c f o e u a v l r i a f n i s e g n a h C l a t o T 6 1 4 1 2 ) 4 ( ) 5 3 ( ) 0 1 ( ) 4 ( 7 7 1 - - - - - ) 4 ( ) 4 ( - 3 1 ) 2 ( - ) 5 ( - 6 6 1 1 0 2 ) 2 ( ) 5 3 ( ) 5 ( - 5 7 1 i l s e b g n a t n i r e h t o d n a e r a w t f o s , s t e s s a k r o w t e N s e v i t a v i r e d f o n o i t r o p e u a v l r i a F s t n e m e l t i t n e e e y o p m E l s e i t i l i b a i l / ) s t e s s A ( s e s a e l e c n a n F i r e h t O s e g d e h w o l f h s a c f o e u a v l r i a f n i s e g n a h C l a t o T d o i r e p e h t g n i r u d e c n a l a b x a t d e r r e f e d n i t n e m e v o M d e u n i t n o c n o i t a x a T – 3 1 e t o N M $ 2 1 0 2 T N E R A P M $ 3 1 0 2 M $ 2 1 0 2 P U O R G M $ 3 1 0 2 1 - - - - - 1 - 4 4 - - - - - - - - ) 4 ( ) 4 ( M $ 2 1 0 2 T N E R A P M $ 3 1 0 2 ) 4 ( 1 ) 5 ( 1 - - 1 - 7 8 7 8 ) 4 2 ( - - 4 2 - ) 4 3 ( ) 3 1 ( 2 5 - ) 0 4 ( - 4 4 M $ 2 1 0 2 2 0 1 ) 0 4 ( 2 4 1 ) 0 4 ( - - ) 0 4 ( ) 2 6 ( 6 2 - ) 6 ( ) 5 ( ) 5 6 ( - ) 4 ( ) 4 ( t n e m e t a t s e m o c n i n i d e s i n g o c e r t i d e r c / ) e s n e p x e ( x a t e m o c n I s d o i r e p r o i r p f o t c e p s e r n i s t n e m t s u d A j r e h t o n i d e s i n g o c e r t i d e r c / ) e s n e p x e ( x a t e m o c n I e m o c n i e v i s n e h e r p m o c s e g d e h w o l f h s a c f o e u a v l r i a f n i s e g n a h C e s n e p x e x a t e m o c n i d o i r e p t n e r r u C x a t e m o c n i d e r r e f e D e m o c n i e v i s n e h e r p m o c r e h t O x a t e m o c n i t n e r r u C d n a t n e r r u c h t o b s e d u c n l i i s g n n r a e o t d e g r a h c e s n e p x e n o i t a x a t e h T i l s e b g n a t n i r e h t o d n a e r a w t f o s , s t e s s a k r o w t e N x a t e m o c n i d e r r e f e D s t n e m e l t i t n e e e y o p m E l r e h t O t i d e r c / ) e s n e p x e ( x a t e m o c n i d o i r e p t n e r r u C s d o i r e p r o i r p f o t c e p s e r n i s t n e m t s u d A j t n e m e t a t s e m o c n I x a t e m o c n i t n e r r u C d e u n i t n o c n o i t a x a T – 3 1 e t o N x a t e m o c n I 2 3 . s t n e m j t s u d a r o f g n w o i l l a r e t f a d e t a u c a c s i l l d n a x a t d e r r e f e d P U O R G M $ 3 1 0 2 1 7 1 ) 5 6 ( 6 3 2 ) 6 6 ( - 1 ) 5 6 ( . ) % 8 2 : 2 1 0 2 e n u J 0 3 ( % 8 2 f o e t a r y r o t u t a t s e h t o t s e t a u q e % 8 2 f o e t a r x a t e v i t c e f f e e h t 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t r o F s d o i r e p r o i r p f o t c e p s e r n i s t n e m t s u d A j e t a r x a t e v i t c e f f e f o n o i t a i l i c n o c e R d o i r e p e h t r o f ) s s o i l ( / s g n n r a e t e N t i d e r c / ) e s n e p x e ( x a t e m o c n I : d d A x a t e m o c n i e r o f e b ) s s o i l ( / s g n n r a e t e N n o i t a x a t o t t n e m t s u d A j % 8 2 t a x a t e m o c n I i i s d n e d v d y n a p m o c r e t n i l e b a x a t n o N Chorus Financial Statements M $ 2 1 0 2 1 6 M $ 3 1 0 2 9 6 M $ 2 1 0 2 0 4 1 M $ 3 1 0 2 0 8 T N E R A P P U O R G w o fl h s a C s n o i t u t i t s n i e m a s e h t n i t n e m e t a t s w o l f h s a c e h t n i d e s i n g o c e r e r a s p h s n o i t a e r l i e g d e h e u a v l r i a f d n a w o l f h s a c n i s e v i t a v i r e d m o r f s w o l f h s a C k n a b g n d u c n l i i i l , s t n e a v u q e h s a c d n a s k n a b n i , d n a h n o h s a c e b o t d e r e d i s n o c s i h s a c , s w o l f h s a c f o t n e m e t a t s e h t f o s e s o p r u p e h t r o F t a h t . m e t i d e g d e h e h t s a y r o g e t a c y c n e g a g n i t a r n o d e s a b , i + A f o m u m n m a t a d e t a r i s e i t r a p r e t n u o c d e s a b s i s t i s o p e d l l a c n o d e n r a e t s e r e t n I . s g n i t a r s ’ r o o P & d r a d n a t S l i a c n a n i f d n a k n a b h t i l w d e h e r a s t i s o p e d l l a c d n a h s a C l s u r o h C y b d e h s e c n a a b t i s o p e d l l l a c r o h s a c o n e r a e r e h T . e t a r t i s o p e d y l i a d e h t n o . e s u r o f e b a l l i a v a t o n e r a k s i r t n a c i f i n g i s n i n a o t i j t c e b u s e r a h c h w h s a c f o s t n u o m a n w o n k o t i l e u a v g n y r r a c e h t o t d e t i m i l l e b i t r e v n o c y l i d a e r e r a t a h t s t n e m t s e v n i i d u q i l i l y h g h d n a s t f a r d r e v o . s e u a v l r i a f i r i e h t e t a m x o r p p a h s a c f o s e u a v g n y r r a c e h T l i s i e r u s o p x e t i d e r c m u m x a m e h T i . s t i s o p e d l l a c d n a h s a c f o l . s e u a v n i s e g n a h c f o o t n i d e t a l s n a r t e r e r a s e c n e r r u c n g e r o f n i i i i d e t a n m o n e d h s a C t u b , e d u c n l i t a h t s t c e p s a s u o i r a v n o d e r i u q e r s i t n e m e g d u J . s u r o h C g n i t a r e p o h t o b r e d n u s t e s s a k r o w t e n n a t r e c f o e e s s e i l a s i s u r o h C y r a t e n o m f o n o i t a l s n a r t r o t n e m e l t t e s n o g n i s i r a s e c n e r e f f i d l l A . e t a d . t n e m e t a t s e m o c n i e h t o t n e k a t e r a s m e t i s e s a e L – 5 1 e t o N g n i t r o p e r e h t t a e g n a h c x e f o e t a r t o p s e h t t a s r a l l l o d d n a a e Z w e N e f i l i c m o n o c e e h t , t e s s a d e s a e l e h t f o e u a v l r i a f e h t , o t d e t i m i l t o n e r a g n i t a r e p o o t g n i t a e r l s t s o c e s a e L . s t n e m e g n a r r a e s a e l e c n a n i f d n a e h t n i s n o i t p o l a w e n e r e d u c n l i o t t o n r o r e h t e h w , t e s s a d e s a e l e h t f o e h t f o e f i l e h t r e v o s i s a b e n i i l - t h g a r t s a n o d e s i n g o c e r e r a s e s a e l l l e t a u c a c o t e t a r t n u o c s i d e t a i r p o r p p a n a g n n m r e t e d d n a i i , m r e t e s a e l s u r o h C o t l r e f s n a r t y e v i t c e f f e h c h w i , s e s a e l e c n a n F i . e s a e l l n o i t a c i f i s s a c e t a i r p o r p p a e h t n o t n e m e g d u j s t i d e s i c r e x e s a h s u r o h C . s e v i l l u f e s u d e t a m i t s e e s a e l f o r e b m u n a d e n m r e t e d s a h d n a i , s e s a e l t e s s a k r o w t e n f o . s e s a e l e c n a n i f e r a s t n e m e g n a r r a t n e m e e r g a e h t r e h t e h w o t s a t n e m e g d u j s e r i u q e r e s a e l g n i t a r e p o n a r o e s a e l e c n a n i f a s i t n e m e e r g a e s a e l a r e h t e h w g n n m r e t e D i i s a e r e h w s t e s s a k r o w t e n s a n o i t i s o p l i a c n a n i f f o t n e m e t a t s e h t n i d e s i n g o c e r s i t e s s a e h t s n a e m e s a e l e c n a n i f a s a n o i t a c i f i s s a C l . d e s i n g o c e r s i t e s s a h c u s o n e s a e l g n i t a r e p o n a r o f n o i t p e c n i t a s t n e m y a p e s a e l i m u m n m e h t i f o e u a v l t n e s e r p e h t r o e u a v l r i a f s ’ t e s s a d e s a e l e h t f o r e w o l e h t t a d e s i l a t i p a c e r a , s t e s s a e r a s e i t i l i b a i l i g n d n o p s e r r o c d n a s t e s s a d e s a e l e h T . e s a e l e h t f o r i e h t i r e v o d e t a c e r p e d e r a s t e s s a d e s a e l e h t d n a , d e s i n g o c e r . s t n e m y a p e s a e l i m u m n m e h t i f o e u a v l t n e s e r p e h t d e s a e l e h t i f o p h s r e n w o f o s t i f e n e b d n a s k s i r e h t l l a y l l a i t n a t s b u s i o t p h s r e n w o f o s d r a w e r d n a s k s i r e h t l l a y l l a i t n a t s b u s s r e f s n a r t s t i s o p e d l l a c d n a h s a C E C N A L A B 3 1 0 2 E N U J 0 3 M $ - 6 1 6 1 M $ 6 1 E C N A L A B 2 1 0 2 E N U J 0 3 ) 4 ( 2 1 - M $ 2 1 0 2 M $ E M O C N I R E H T O N I D E S I N G O C E R E V I S N E H E R P M O C M $ T I F O R P N I S S O L D N A D E S I N G O C E R T N E R A P - 4 4 - - - T N E R A P M $ E M O C N I R E H T O N I D E S I N G O C E R E V I S N E H E R P M O C M $ T I F O R P N I S S O L D N A D E S I N G O C E R - ) 4 ( ) 4 ( - - - ) 4 ( 6 1 M $ E C N A L A B 2 1 0 2 Y L U J 1 2 1 M $ 6 1 - 6 1 E C N A L A B 1 1 0 2 R E B M E C E D 1 s e g d e h w o l f h s a c f o e u a v l r i a f n i s e g n a h C s e v i t a v i r e d f o n o i t r o p e u a v l r i a F s e i t i l i b a i l / ) s t e s s A ( l a t o T s e g d e h w o l f h s a c f o e u a v l r i a f n i s e g n a h C s e v i t a v i r e d f o n o i t r o p e u a v l r i a F s e i t i l i b a i l / ) s t e s s A ( s t i d e r c n o i t a t u p m I l a t o T T N E R A P P U O R G 5 M $ 3 1 0 2 M $ 2 1 0 2 3 3 M $ 3 1 0 2 3 6 s d o i r e p g n i t r o p e r t n e u q e s b u s r o f e b a l l i a v a s t i d e r c n o i t a t u p m I i g n e b 7 0 0 2 t c A x a T e m o c n I e h t f o s t n e m e r i u q e r e h t o t j t c e b u s e s u e h t f o e c n a a b e h t l s t n e s e r p e r t n u o m a t i d e r c n o i t a t u p m i e h T e h t r o f d e r o n g i e r a d n a , i o t e s i r e v g t o n o d s n o i t c a s n a r t r e g r e m e d t n e m y a p e h t m o r f e s i r a l l i w t a h t s t i d e r c n o i t a t u p m i r o f d e t s u d a j l m o c e e T 7 0 0 2 t c A x a T e m o c n I e h t f o s e s o p r u p e h t r o F . d e i f s i t a s , d o i r e p g n i t r o p e r e h t f o d n e e h t t a s a t n u o c c a t i d e r c n o i t a t u p m i . s u r o h C f o l a t i p a c d e b i r c s b u s e b a l l i l l a v a g n i t a u c a c f o s e s o p r u p r o f e b a l l i a v a e r a s t i d e r c n o i t a t u p m I . x a t e m o c n i r o f n o i s i v o r p e h t f o 3 3 s t i s o p e d l l a c d n a h s a C – 4 1 e t o N d e u n i t n o c n o i t a x a T – 3 1 e t o N Chorus Financial Statements M $ 2 1 0 2 - - - - T N E R A P M $ 3 1 0 2 - - - - M $ 2 1 0 2 4 1 1 4 9 1 P U O R G M $ 3 1 0 2 6 4 1 6 6 2 t n a c i f i n g i s r e h t o o n e r a e r e h T . r o s s e l e h t h t i w d e e r g a e b n e h t d u o w l r e h t o r o s n o i t p o e s a h c r u p , s t n e r t n e g n i t n o c o t e t a e r l t a h t s m r e t e s a e l : s w o l l o f s a e l b a y a p e r a s l a t n e r e s a e l g n i t a r e p o e l b a l l e c n a c - n o N s r a e y e v i f d n a e n o n e e w t e B s r a e y e v i f n a h t e r o M r a e y e n o n a h t s s e L l a t o T , s e i t r e p o r p r o f s t n e m e g n a r r a g n i s a e l o t n i d e r e t n e s a h s u r o h C e r a h c h w i i t n e m p u q e f o s m e t i r e h t o d n a e r u t c u r t s a r f n i k r o w t e n M $ 2 1 0 2 8 3 5 0 0 7 , 1 8 3 2 , 2 T N E R A P M $ 3 1 0 2 8 3 5 0 0 7 , 1 8 3 2 , 2 s e c n a v d a d n a s t n e m t s e v n i l a t o T t s o c t a s e r a h S e c n a v d a m r e T : s e s i r p m o c d n a s e s s o l s t n e m r i a p m i y n a s s e l t s o c t a d e i r r a c s i i y r a d i s b u s e h t n i t n e m t s e v n i e h T . s u r o h C n o s n o i t c i r t s e r s u r o h C o t j t c e b u s e r a s e s a e l i n a t r e C . s e s a e l g n i t a r e p o s a d e i f i s s a c l t a h t s m r e t n o d e s a b d o i r e p e s a e l e h t d n e t x e r o w e n e r o t e b a g n e b l i l d n a a e Z w e N n i d e t a r o p r o c n i d e t i i l m L d n a a e Z w e N s u r o h C s e c n a v d a d n a s t n e m t s e v n I – 6 1 e t o N . d e t i i m L s u r o h C i f o y r a d i s b u s g n i t a r e p o d e n w o y l l o h w a s i - - - - - - - - - - - - - - - - - - - - - - - - - - e s a e l e c n a n i f d e u n i t n o c s e s a e L – 5 1 e t o N s e s a e l g n i t a r e p O M $ 2 1 0 2 T N E R A P M $ 3 1 0 2 . ) l i n : 2 1 0 2 e n u J 0 3 ( 3 1 0 2 e n u J 0 3 t a s e c n a v d a d n a s t n e m t s e v n i n o s e s s o l t n e m r i a p m i o n e r e w e r e h T . h c a e s r a e y e e r h t r e h t r u f a r o f l a w e n e r f o s t h g i r o w t h t i w s r a e y e e r h t e r u t a n d e s i l i a c e p s e h t o t e u d , l y e k i l s i t i i l s a s e b a v e c e r d n a s e b a y a p l e s a e l e c n a n i f o t j t c e b u s s i i l h c h w m o c e e T y b d e n w o e c a p s . m r e t i m u m x a m e h t o t d e w e n e r e b l l i w s e s a e l e h t , s g n d i l i u b e h t f o d n a e c a p s e g n a h c x e s e s a e l n r u t n i s u r o h C . s t n e m e g n a r r a s t n e m e g n a r r a e s a e l e c n a n i f e s e h t i l r e d n u e b a v e c e r d n a e b a y a p e h T l r e d n u m o c e e T o t l s u r o h C y b d e n w o e c a p s n o i t a c o l - o c l i a c r e m m o c s t c e l f e r e v o b a t n e m e g n a r r a e s a e l e c n a n i f e h T . h s a c n i d e l t t e s t e n e r a s u r o h C e r e h w s e s a e l e h t f o m r e t e h T . t n e m e g n a r r a e s a e l e c n a n i f a . l n o i t i s o p e b a y a p d n a e b a v e c e r e s a e l i l e c n a n i f t e n e h t r e h t r u f a r o f l a w e n e r f o s t h g i r e p i t l u m h t i l w s r a e y n e t r o f s i e e s s e l s i r o f s i r o s s e l s i s u r o h C e r e h w e s a e l e h t f o m r e t e h T . s r a e y e v i f y t n e w t l f o n o i t a u c a c e h t n l i d e s u n e e b s a h m r e t l l u f e h T n o i t a c o l - o c l i a c r e m m o c d n a e c a p s e g n a h c x e d e s a e l s a h s u r o h C M $ 2 1 0 2 ) 8 ( ) 1 3 ( ) 5 9 3 ( ) 4 3 4 ( 6 1 3 ) 8 1 1 ( 3 3 1 ) 4 3 1 ( ) 8 1 1 ( 3 ) 1 2 1 ( ) 8 1 1 ( P U O R G M $ 3 1 0 2 ) 8 ( ) 1 3 ( ) 7 8 3 ( ) 6 2 4 ( 6 0 3 ) 0 2 1 ( 3 4 1 ) 7 3 1 ( ) 0 2 1 ( 3 ) 3 2 1 ( ) 0 2 1 ( : e l b a y a p s t n e m y a p e s a e l e r u t u f d e t c e p x e f o e u l a v t n e s e r P s t n e m y a p e s a e l e r u t u f d e t c e p x e f o e u l a v t n e s e r P s t n e m y a p e s a e l e r u t u f d e t c e p x e f o e u l a v t n e s e r p l a t o T s r a e y e v i f d n a e n o n e e w t e B s r a e y e v i f n a h t e r o M r a e y e n o n a h t s s e L d e u n i t n o c s e s a e L – 5 1 e t o N s e s a e l e c n a n F i : s t n e m y a p e s a e l e r u t u f d e t c e p x E ) s e i t i l i b a i l ( / s t e s s A s r a e y e v i f d n a e n o n e e w t e B s r a e y e v i f n a h t e r o M r a e y e n o n a h t s s e L s t n e m y a p e s a e l e r u t u f d e t c e p x e l a t o T s e g r a h c e c n a n i f e r u t u f : s s e L 4 3 l e b a y a p e s a e l e c n a n i f - y t i l i b a i l t n e r r u c - n o N l a t o T i l e b a v e c e r e s a e l e c n a n i f - t e s s a t n e r r u C : s a d e i f i s s a l C . e u a v l r i a f r i e h t i s e t a m x o r p p a s e s a e l e c n a n i f e h t l f o e u a v g n y r r a c e h T i s e g n a h c x e y t r e p o r P Chorus Financial Statements t s a c e r o f a s i m e t i d e g d e h e h t n e h w r o , t n e m e t a t s e m o c n i e h t n o i t r o p e v i t c e f f e e h t s e s i r p m o c e v r e s e r e g d e h w o l f h s a c e h T d e u n i t n o c y t i u q E – 7 1 e t o N e v r e s e r e g d e h w o fl h s a C s e v r e s e R , l y e v i t a n r e t l A . r u c c o o t d e t c e p x e r e g n o l o n s i t a h t n o i t c a s n a r t i g n g d e h w o l f h s a c f o e u a v l r i a f e h t n i e g n a h c t e n e v i t a u m u c e h t l f o T N E R A P D N A P U O R G : s w o l l o f s a e r e w s e r a h s y r a n d r o d e u s s i i ’ s d e t i i m L s u r o h C n i s t n e m e v o M y t i u q E – 7 1 e t o N l a t i p a c e r a h S . t n e m e t a t s e m o c n i e h t n i i l y e t a d e m m i d e s i n g o c e r s i e g d e h w o l f h s a c w o l f h s a c e h t n i l d e t a u m u c c a d n a e m o c n i e v i s n e h e r p m o c r e h t o n i a f o n o i t r o p e v i t c e f f e n i e h t n o s s o l i r o n a g t n e m e r u s a e m e r e h T d e s i n g o c e r s i t n e m u r t s n i i g n g d e h e h t f o e u a v l r i a f e h t g n i r u s a e m e r , y t i l i b a i l r o t e s s a l i a c n a n i f - n o n a n i s t l u s e r m e t i d e g d e h e h t n e h w t e y t o n e v a h t a h t s n o i t c a s n a r t d e g d e h o t d e t a e r l s t n e m u r t s n i l a i t i n i e h t n i d e d u c n l i e r a s e s s o l i d n a s n a g d e t a u m u c c a e h t l i . s g n n r a e d e t c e f f a . y t i l i b a i l r o t e s s a e h t f o t s o c e h t f o t n e m e r u s a e m m o r f s e s s o l i r o s n a g f o n o i t r o p e v i t c e f f e e h t , s e g d e h w o l f h s a c r o F 2 M 1 0 2 5 8 3 - 5 8 3 3 M 1 0 2 5 8 3 4 9 8 3 d o i r e p e h t i i f o g n n n g e b t a e c n a l a B ) S N O I L L I M ( S E R A H S F O R E B M U N d o i r e p e h t f o d n e e h t t a e c n a l a B l n a P t n e m i t s e v n e R d n e d v D i i M $ 2 1 0 2 - 0 1 - 0 1 0 1 ) 9 ( - 1 M $ 3 1 0 2 T N E R A P D N A P U O R G e g d e h w o l f h s a c e h t n i s t n e m e v o m f o n o i t a i l i c n o c e r A : s w o l l o f e v r e s e r s t c e f f a m e t i d e g d e h e h t n e h w t n e m e t a t s e m o c n i e h t o t d e r r e f s n a r t y l t n e u q e s b u s e r a s e s s o l i r o s n a g d e t a u m u c c A l . e v r e s e r e g d e h e r e w n o i l l i m 2 1 $ f o e u a v l l a t o t a h t i w s e r a h s 6 2 9 6 1 2 4 , , , 3 1 0 2 e n u J 0 3 s e r a h s y r a n d r o d a p y i i l l , , u f 9 4 0 9 9 2 9 8 3 s a h d e t i i m L s u r o h C i . s d n e d v d f o u e i i l n i d e u s s i d e u s s i e h T . ) s e r a h s y r a n d r o d a p y i i l l , u f 3 2 1 , 2 8 0 5 8 3 : 2 1 0 2 e n u J 0 3 ( t n e m e t a t s e m o c n i o t e v r e s e r e g d e h w o l f h s a c m o r f d e i f i s s a c e r l s t n u o m a t e N e m o c n i e v i s n e h e r p m o c r e h t o n i d e s i n g o c e r s s o l / ) n a G i ( f o n r u t e r y n a l , s r e d o h e r a h s o t l a t i p a c n r u t e r d e t i i m L s u r o h C d u o h S l l s u r o h C s a e b a x a t e b o t d e t c e p x e s i r e g r e m e d n o e s o r a t a h t l a t i p a c e c n a l i a b g n n e p O . s e i t i r u c e s H F C n o n o i t a m r o f n i s e r a h s y r a n d r o d e t i i i m L s u r o h C l f o s r e d o h f o s g n i t e e m t a e t o v o t t h g i r l a n o i t i d d a r o f 4 e t o n o t r e f e R . n o i t a d u q i i l n o e c n e r e f e r p y r r a c t u b o n y r r a c t a h t y t i r u c e s l f o s s a c a e r a s e i t i r u c e s H F C . d e s s a p s e s i m e r p f o r e b m u n e h t n o d e s a b H F C o t s e i t i r u c e s s e u s s i d e t i i m L s u r o h C e c n a l a b g n i s o C l . r e g r e m e d n o l a t i p a c d e b i r c s b u s e b a l l i a v a o r e z d a h d e t i m L i d e t i i i m L s u r o h C y b d a p d n a d e r a c e d e r e w s d n e d v d g n w o l i i i l l o f e h T d e l t i t n e e r a s e r a h s y r a n d r o f o s r e d o h e h T l i . e u a v l r a p o n e v a h s e r a h s d e l t i t n e e r a d n a , e m i t o t e m i t l m o r f d e r a c e d s a s d n e d v d e v e c e r o t i i i s u r o h C r e d n U . d e t i i m L s u r o h C f o s g n i t e e m t a e r a h s r e p e t o v e n o o t l r e d o h e r a h s a f i d e r i u q e r s i l a v o r p p a n w o r C , n o i t u t i t s n o c s d e t i ’ m L i i y r a n d r o d e t i i m L s u r o h C f o e r o m r o % 0 1 i l f o g n d o h a e v a h o t s e h s i w s e h s i w l l a n o i t a n d n a a e Z w e N a t o n s i o h w l r e d o h e r a h s a f i r o , s e r a h s i . s e r a h s y r a n d r o f o e r o m . r o % 9 9 4 f o g n d o h a e v a h o t l i a d e t n e m e p m l i d e t i i m L s u r o h C 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t n I l s r e d o h e r a h s e b g l i i l e , l n a P e h t r e d n U . l n a P t n e m i t s e v n e R d n e d v D i i e s o o h c n a c ) a i l a r t s u A r o d n a a e Z w e N n l i s s e r d d a n a e v a h o h w e s o h t ( . 6 4 1 . 0 0 1 5 . 5 1 3 1 0 2 E R A H S R E P S T N E C 6 5 9 3 5 9 0 6 M $ 3 1 0 2 T N E R A P D N A P U O R G ) 3 2 e t o n o t r e f e r ( i d e d v o r p t o n e t a d e c n a l a b o t t n e u q e s b u s d e r a c e d d n e d v d l i i l a n F i r a e y e h t g n i r u d d a p s d n e d i v i D i i d a p d n e d v d m i i i r e t n i 3 1 0 2 i d a p d n e d v d 2 1 0 2 i i . 2 1 0 2 e n u J 0 3 d e d n e s h t n o m n e v e s e h t g n i r u d d a p s a w d n e d v d o N i i i 5 3 : 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t r o f i i s d n e d v d e r u t u f r i e h t f o t r a p r o l l a t s e v n e r d e t i i i m L s u r o h C e v a h o t d e d n e r a e y e h t f o t c e p s e r n I . s e r a h s d e t i i m L s u r o h C l a n o i t i d d a n i Chorus Financial Statements 2 1 0 2 3 1 0 2 P U O R G : 2 1 0 2 e n u J 0 3 ( 2 0 1 5 8 3 6 2 0 . 2 0 1 2 5 8 3 7 8 3 6 2 0 . 1 7 1 6 8 3 4 4 0 . 1 7 1 6 8 3 5 2 1 1 4 2 4 0 . : s w o l l o f s a d e t a u c a c l l , ) n o i l l i m 5 8 3 : 2 1 0 2 e n u J 0 3 ( n o i l l i m 1 7 1 $ f o r a e y e h t r o f i s g n n r a e t e n e h t n o d e s a b i s e r a h s y r a n d r o f o r e b m u n e g a r e v a d e t h g e w a d n a i , ) n o i l l i m 2 0 1 $ ) s n o i l l i m ( s e r a h s i y r a n d r o f o r e b m u n e g a r e v a d e t h g e w - i i r o t a n m o n e D ) s n o i l l i m $ ( l s r e d o h e r a h s i y r a n d r o o t e b a t u b i r t t a l i s g n n r a e t e N e r a h s r e p s g n n r a e c i i s a B ) s n o i l l i m $ ( l s r e d o h e r a h s i y r a n d r o o t e b a t u b i r t t a l i s g n n r a e t e N ) s r a l l o d ( e r a h s r e p s g n n r a e c i i s a B e r a h s i r e p s g n n r a e d e t u l i D ) s n o i l l i m ( s e r a h s f o r e b m u n e g a r e v a d e t h g e w d e t u i l i d - i r o t a n m o n e D ) s n o i l l i m ( s e i t i r u c e s y t i u q e H F C e l t t e s o t d e r i u q e r s e r a h s y r a n d r O i ) s r a l l o d ( e r a h s i r e p s g n n r a e d e t u l i D ) s n o i l l i m ( s e r a h s i y r a n d r o f o r e b m u n e g a r e v a d e t h g e W i . l l n o i t a u c a c e r a h s i r e p s g n n r a e d e t u l i d e h t f o s e s o p r u p e h t r o f d e s u i r o f e c i r p e g a r e v a d e t h g e w e m u o v y a d - 0 2 e h t o t l t n u o c s i d % 5 a t a n e e b s a h 3 1 0 2 e n u J 0 3 t a e u s s i n o s e i t i r u c e s y t i u q e H F C l l a e l t t e s d e u a v l s e r a h s s u r o h C g n u s s i i y b d e l t t e s e b n a c s e i t i r u c e s y t i u q e H F C . 2 1 0 2 e n u J 0 3 t a t c e f f e n o i t u l i d o n s a w e r e h T . i d r a o B n a M X Z N e h t n o g n d a r t y r a n d r o n i i i d e d a r t s e r a h s s u r o h C o t d e r i u q e r n e e b e v a h d u o w l t a h t i s e r a h s y r a n d r o f o r e b m u n e h T 1 ) 2 ( - - ) 1 ( - - - - - - 1 - - 1 - - - - - - 1 - - 1 M $ S R A E Y 5 N A H T R E T A E R G M $ M $ M $ M $ S R A E Y 5 - 4 S R A E Y 4 - 3 S R A E Y 3 - 2 S R A E Y 2 - 1 T N E R A P D N A P U O R G M $ ) 6 1 ( 0 2 - - 4 S R A E Y 5 N A H T R E T A E R G - 4 - - 4 - - - - - - 2 - - 2 - - - - - M $ M $ M $ M $ S R A E Y 5 - 4 S R A E Y 4 - 3 S R A E Y 3 - 2 S R A E Y 2 - 1 T N E R A P D N A P U O R G - - - - - M $ R A E Y 1 I N H T I W - - - - - M $ R A E Y 1 I N H T I W s p a w s e t a r t s e r e t n i y c n e r r u c s s o r C 3 1 0 2 E N U J 0 3 T A S A s t c a r t n o c e g n a h c x e d r a w r o F s t c a r t n o c y t i c i r t c e E l s p a w s e t a r t s e r e t n I s p a w s e t a r t s e r e t n i y c n e r r u c s s o r C 2 1 0 2 E N U J 0 3 T A S A s t c a r t n o c e g n a h c x e d r a w r o F s t c a r t n o c y t i c i r t c e E l s p a w s e t a r t s e r e t n I d e g d e h e h t f o e u a v l r i a f e h t n i s e g n a h c y n a h t i w r e h t e g o t t n e m e t a t s r i a f e h t g n i r u s a e m e r m o r f s e s s o l r o s n a g i , s e g d e h e u a v l r i a f r o F e m o c n i e h t n i d e s i n g o c e r e r a t n e m u r t s n i i g n g d e h e h t f o e u a v l e v r e s e r e g d e h e u l a v r i a F : s w o l l o f i s a e r a s g n n r a e t c a p m i o t d e t c e p x e e r a s e g d e h w o l f i d e t a n g i s e d s t n e m e g n a r r a g n g d e h y n a e v a h t o n d d s u r o h C i . ) l i n : 2 1 0 2 e n u J 0 3 ( r a e y t n e r r u c e h t n i e g d e h e u a v l r i a f a s a . y t i l i b a i l r o t e s s a n o i l l i m 6 8 3 f o d o i r e p e h t g n i r u d g n d n a t s t u o i s i 3 1 0 2 e n u J 0 3 t a e r a h s i r e p s g n n r a e c i s a b f o n o i t a u c a c e h T l l h s a c h t i i w d e t a c o s s a s w o l f h s a c e h t h c h w n i i s d o i r e p e h T i e r a h s r e p s g n n r a E – 8 1 e t o N d e u n i t n o c y t i u q E – 7 1 e t o N 6 3 Chorus Financial Statements i g n g d e h a s a d e t a n g i s e d t o n s i e v i t a v i r e d e h t f I . t n e m u r t s n i i g n g d e h e v i t a v i r e d a e t a d e h t n o e u a v l r i a f t a d e s i n g o c e r y l l a i t i n i e r a s e v i t a v i r e D i l y e t a d e m m d e s i n g o c e r i s i s s o l i r o n a g t n e m e r u s a e m e r e h t , t n e m u r t s n i . l e u a v r i a f o t d e r u s a e m e r y l t n e u q e s b u s e r a d n a o t n i d e r e t n e s i t c a r t n o c T N E R A P P U O R G i n a g t n e m e r u s a e m e r g n i t l u s e r e h t g n i s i n g o c e r f o d o h t e m e h T a s a d e t a n g i s e d s i e v i t a v i r e d e h t r e h t e h w n o s d n e p e d s s o l r o . s r o t c e r i D f o d r a o B e h t y b d e v o r p p a y c i l o p y r u s a e r t e h t y b d e n r e v o g s i s t n e m u r t s n i i g n g d e h f o e s u e h T . l y t i c i r t c e e f o e c i r p t o p s . s i s a b l i a c r e m m o c h t g n e l s t n e m u r t s n i l i a c n a n i f d n a s t e k r a m e v i t c a n i n i s t n e m u r t s n i l i r a m i s r o o t e r u s o p x e s t i e c u d e r o t s t n e m u r t s n i l i a c n a n i f e v i t a v i r e d s e s u s u r o h C h t i w n e k a t r e d n u s n o i t c a s n a r t y n A i . s e n a p m o c r e h t o f o s r o t c e r i d f o r e b m u n a n i s t s e r e t n i l t n a v e e r e v a h s r o t c e r i d s u r o h C n a t r e C i s t n e m u r t s n i l a i c n a n fi e v i t a v i r e D – 0 2 e t o N s n o i t c a s n a r t y t r a p d e t a l e R – 9 1 e t o N s t n e m u r t s n i i l a c n a n fi e v i t a v i r e D s e i t r a p d e t a l e r h t i w s n o i t c a s n a r T . l e b a v r e s b o e r a s t u p n i t n a c i f i n g i s l l a e r e h w s l e d o m g n i s u d e u a v l e h t d n a s e t a r t s e r e t n i , s e t a r e g n a h c x e y c n e r r u c n g e r o f n i i s n o i t a u t c u l f s ’ m r a n a n o y l t n e d n e p e d n i o t n i d e r e t n e n e e b e v a h s e i t i t n e e s e h t e s r u o c l a m r o n e h t n i s n o i t c a s n a r t s a h s u r o h C h c h w h t i i i w s e n a p m o c M $ 2 1 0 2 M $ 3 1 0 2 T N E R A P D N A P U O R G - - 2 - - 2 2 3 - 8 7 - - 0 1 1 M $ 2 1 0 2 2 4 2 , 1 - 5 4 7 7 6 4 6 4 - 7 - - - - 7 2 - - 1 3 0 1 6 0 1 T N E R A P D N A P U O R G M $ 3 1 0 2 2 4 2 , 1 3 1 1 - 7 7 6 - - - 7 . t n e m e t a t s e m o c n i e h t n i s e c i r p t e k r a m d e t o u q e h t f o s i s a b e h t n o d e t a m i t s e e r a s e u a v l r i a f e h T l a c i t n e d i r o f s e c i r p d e t o u q r o t e k r a m e v i t c a n a n i s t n e m u r t s n i l i r a m i s r o f s t c a r t n o c e t a r e g n a h c x e d r a w r o F s p a w s e t a r t s e r e t n i y c n e r r u c s s o r C s t e s s a e v i t a v i r e d t n e r r u c - n o N s p a w s e t a r t s e r e t n I s t c a r t n o c y t i c i r t c e E l s n o i t p o y c n e r r u C s e i t i l i b a i l e v i t a v i r e d t n e r r u c - n o N s p a w s e t a r t s e r e t n I s t c a r t n o c e t a r e g n a h c x e d r a w r o F s p a w s e t a r t s e r e t n i y c n e r r u c s s o r C s t c a r t n o c y t i c i r t c e E l s n o i t p o y c n e r r u C : s w o l l o f i s a e r a g n d n a t s t u o s t n u o m a t c a r t n o c f o s e u a v l l a n o i t o n e h T 0 2 0 2 - 4 1 0 2 D Z N 3 1 0 2 D U A D Z N : Y T I R U T A M Y C N E R R U C 6 1 0 2 - 2 1 0 2 2 1 0 2 0 2 0 2 2 1 0 2 2 1 0 2 2 1 0 2 R U E : D Z N : D S U D Z N : P B G D Z N D U A D Z N : R U E : D Z N : D S U D Z N s t c a r t n o c e t a r e g n a h c x e d r a w r o F s p a w s e t a r t s e r e t n I s p a w s e t a r t s e r e t n i y c n e r r u c s s o r C s n o i t p o y c n e r r u C 5 1 0 2 - 3 1 0 2 D Z N s t c a r t n o c y t i c i r t c e E l 2 4 9 , 1 0 4 9 , 1 d e r o t i n o m s i k s i r t i d e r c y t r a p r e t n u o c e h T l . s e s s a c t i d e r c t n e r e f f i d d e g a n a m s i s t n e m u r t s n i l i a c n a n i f e v i t a v i r e d h t i i w d e t a c o s s a k s i r t i d e r C l . s i s a b r a u g e r a n o d r a o B e h t y b d e w e v e r d n a i h t i w s e i t r a p r e t n u o c h t i w d e t u c e x e e r a s n o i t c a s n a r t t a h t g n i r u s n e y b r o f s t i m i l e r u s o p x e t i d e r c h t i l w g n o a s g n i t a r t i d e r c y t i l a u q h g h i - - - - - - - - - - - - 2 1 0 2 s 0 0 0 $ ’ 3 1 0 2 s 0 0 0 $ ’ 2 1 0 2 s 0 0 0 $ ’ 8 0 1 , 3 - - - 2 4 5 0 5 6 3 , 3 1 0 2 s 0 0 0 $ ’ 4 9 4 5 , - 2 4 2 0 5 6 - 6 8 3 , 6 e v i t u c e x e - n o n o s l a e r a s r o t c e r i d ’ s u r o h C f o r e b m u n A . s s e n i s u b f o n o i t a s n e p m o c l e n n o s r e p t n e m e g a n a m y e K s t i f e n e b e e y o p m e m r e t l t r o h S s t i f e n e b t n e m y o p m e t s o P l s t i f e n e b m r e t g n o l r e h t O s t n e m y a p d e s a b e r a h S s t i f e n e b n o i t a n m r e T i : 2 1 0 2 e n u J 0 3 ( , 0 0 5 3 6 8 $ f o n o i t a r e n u m e r s e d u c n l i e v o b a e b a t l s i h T . d o i r e p e h t r o f s r o t c e r i d o t d a p i ) , 0 0 0 7 6 4 $ i p h s n o i t a l e r y r a d i s b u s / t n e r a P i o t e e t n a r a u g a d e d v o r p s a h d e t i i i l m L d n a a e Z w e N s u r o h C . k r o w t e n r e u s s i e h t s i d n a y t i l i i c a f k n a b d e t a c d n y s d n a N T M E e h t r o f n o i t a g i l b o e h t f o n o i t c u r t s n o c d n a n o i t a r e p o e h t r o f d e t i i l m L d n a a e Z w e N t b e d e h t h t i w y n a p m o c g n d o h d e t s i l l i e h t s i d e t i i m L s u r o h C y t i l i c a f k n a b d e t a c d n y s d e t i i i m L s u r o h C e h t f o t c e p s e r n i s r e d n e l e h t l a n o i t a r e p o n a s i d e t i i l m L d n a a e Z w e N s u r o h C . s e i t i r u c e s H F C e h t f o M $ 2 1 0 2 - 0 6 2 2 T N E R A P M $ 3 1 0 2 6 8 4 0 1 1 1 2 0 0 7 , 1 0 0 7 , 1 . t b e d N T M E d n a n i i s e c v r e s n o i t a g e r g g a d n a s s e c c a d e x i f g n d v o r p y r a d i s b u s i i i s u r o h C o t g n d n u f i i s e d v o r p d e t i i m L s u r o h C . l d n a a e Z w e N l e b a v e c e r i m r e t t r o h s y n a p m o c r e t n I e m o c n i t s e r e t n i y n a p m o c r e t n I e c n a v d a m r e t y n a p m o c r e t n I 7 3 i i d n e d v d y n a p m o c r e t n I Chorus Financial Statements M $ L A T O T 0 8 0 3 6 1 1 2 4 2 , 1 0 3 0 2 1 3 1 1 , 2 M $ L A T O T 0 4 1 0 4 5 1 2 2 4 2 , 1 3 8 1 1 4 6 0 2 , P U O R G M $ S R A E Y 5 N A H T R E T A E R G M $ M $ M $ M $ S R A E Y 5 - 4 S R A E Y 4 - 3 S R A E Y 3 - 2 S R A E Y 2 - 1 M $ R A E Y 1 I N H T I W - - - 7 7 6 0 3 7 3 1 4 4 8 - - - - - ) 4 ( ) 4 ( - - - 5 1 2 - ) 4 ( 1 1 2 P U O R G - - - - - ) 3 ( ) 3 ( - - 3 - ) 3 ( 0 5 3 0 5 3 0 8 0 3 6 8 - - ) 3 ( 5 1 7 M $ S R A E Y 5 N A H T R E T A E R G M $ M $ M $ M $ S R A E Y 5 - 4 S R A E Y 4 - 3 S R A E Y 3 - 2 S R A E Y 2 - 1 M $ R A E Y 1 I N H T I W - - - 3 7 7 6 4 3 1 4 1 8 - - - 5 1 2 - ) 4 ( 1 1 2 - - - - - ) 3 ( ) 3 ( - - 3 - ) 3 ( 0 5 3 0 5 3 - - 7 - - ) 3 ( 4 0 4 1 0 4 5 1 1 - - ) 3 ( 8 8 6 3 1 0 2 E N U J 0 3 T A S A s t i s o p e d d n a h s a C e t a r g n i t a o l F e t a r d e x i F t b e D s t n e m e g n a r r a i t n o J ) i g n g d e h r e t f a ( t b e D s e i t i r u c e s H F C ) d e l t t e s t e n ( e s a e l e c n a n F i 2 1 0 2 E N U J 0 3 T A S A s t i s o p e d d n a h s a C e t a r g n i t a o l F e t a r d e x i F t b e D s t n e m e g n a r r a i t n o J ) i g n g d e h r e t f a ( t b e D s e i t i r u c e s H F C ) d e l t t e s t e n ( e s a e l e c n a n F i i l . s p h s n o i t a e r e g d e h w o l f h s a c n i s t c a r t n o c y t i c i r t c e e e h t d e t a n g i s e d l e t a r t s e r e t n i d n a y c n e r r u c r o f t n e m e g a n a m k s i r l i a c n a n F i . s e i t i r u c e s e c u d e r o t s t c a r t n o c p a w s y t i c i r t c e e o t n l i d e r e t n e s a h s u r o h C d e t a c d n y s i i l , s e b a y a p r e h t o n a t r e c d n a s e b a y a p e d a r t l , s e c n a v d a d n a s a h s u r o h C . s t n e m e v o m e c i r p t o p s y t i c i r t c e e o t e r u s o p x e e h t l H F C d n a s t n e m u r t s n i l i a c n a n i f e v i t a v i r e d , N T M E , y t i l i c a f k n a b d n a t i f o r p n o t c a p m i l i a m n m i s a h l , t n a t s n o c d e h s e b a i r a v l r e h t o l l a y c n e r r u c s s o r c e h t m o r f g n i s i r a k s i r e t a r t s e r e t n i s a h s u r o h C . s u r o h C f o s e v r e s e r y t i u q e k s i r e t a r t s e r e t n I h t i w , l y t i c i r t c e e f o e c i r p t o p s e h t n i e s a e r c e d r o e s a e r c n i % 0 1 A d e v o r p p a s e c i i l o p r e d n u n o i t c n u f y r u s a e r t e h t y b t u o d e i r r a c s i k s i r r o f s t n e m u r t s n i l i a c n a n i f e v i t a v i r e d e u s s i l r o d o h t o n s e o d s u r o h C . t n e m e g a n a m k s i r l l a r e v o r o f s i s a b e h t i s e d v o r p , d r a o B j r o a m h t i w o t n i d e r e t n e n e e b e v a h s t c a r t n o c l l A . s e s o p r u p g n d a r t i e s e h t h t i i w d e t a c o s s a k s i r e h T . s n o i t u t i t s n i l i a c n a n i f y h t r o w t i d e r c e h t y b d e v o r p p a , y c i l o p t n e m e g a n a m k s i r ’ s u r o h C . d r a o B e h t y b e t a r g n i t a o l f a o t n i i t b e d n g e r o f e h t g n i t r e v n o c p a w s e t a r t s e r e t n i t n e r r u c e h t t a s t n e m e e r g a e s e h t g n c a p e r l i f o t s o c e h t s i s n o i t c a s n a r t y t e i r a v a o t d e s o p x e s i s u r o h C , s s e n i s u b f o e s r u o c l a m r o n e h t n I , s t i s o p e d m r e t - t r o h s , h s a c f o t s i s n o c s t n e m u r t s n i l i a c n a n i f ’ s u r o h C . s e c i r p y t i c i r t c e e n l i l y t i l i t a o v e h t e d u c n l i i h c h w s k s i r l i a c n a n i f f o s t n e m t s e v n i , ) s t n e m y a p e r p g n d u c x e ( l i l s e b a v e c e r i r e h t o d n a e d a r t t e n f o t s o c e h t e s i i i m n m o t e t a r t s e r e t n i e v i t c e f f e e h t x i f o t s p a w s e t a r t s e r e t n i o t n i g n i r e t n e y b s e t a r t s e r e t n i n i s e g n a h c f o y t n a t r e c n u e h t i i . s g n n r a e n o y t i l i t a o v e t a r l t s e r e t n i f o t c a p m i e h t e g a n a m d n a t b e d e c u d e r o t s i m a s u r o h C . y t i l i c a f k n a b d e t a c d n y s e h t i f o n o i t r o p n w o d n w a r d e h t n o e t a r g n i t a o l f e h t d n a n o i t a g i l b o r a l l l o d d n a a e Z w e N i y l t n a n m o d e r p s n o i t a u t c u l f y c n e r r u c n g e r o f o t e r u s o p x e i ’ s u r o h C k s i r y c n e r r u C . y t r a p r e t n u o c a y b t l u a f e d f o t n e v e e h t n i s e t a r t e k r a m t n e m t i m m o c e r u t u f d n a t b e d y c n e r r u c n g e r o f e h t i m o r f e s i r a n e e b s a h s p a w s e t a r t s e r e t n i y c n e r r u c s s o r c e h t n o k s i r t s e r e t n i e h T y r a m i r p e h T i . s t e s s a d e t a n m o n e d y c n e r r u c n g e r o f e s a h c r u p o t i e h t n o e r u s o p x e e t a r t s e r e t n i e h T . s p a w s e t a r t s e r e t n i g n i s u d e g d e h i t s n a g a t c e t o r p o t s i i k s i r y c n e r r u c n g e r o f g n g a n a m n i i e v i t c e b o j h t i w n o i l l i m 5 6 5 $ o t p u d e g d e h n e e b s a h y t i l i i c a f g n k n a b d e t a c d n y s i e c n a m r o f r e p l i a c n a n i f d n a s e i t i l i b a i l , s t e s s a s u r o h C t a h t k s i r e h t . t s e r e t n i i g n i t a o l f g n y a p g n n a m e r e h t i i . s e t a r e g n a h c x e y c n e r r u c n g e r o f n i i s e g n a h c o t e u d e t a u t c u l f l l i w y c n e r r u c n g e r o f i , s t c a r t n o c e g n a h c x e n g e r o f o t n i i s r e t n e s u r o h C e h t e g a n a m o t s p a w s e t a r t s e r e t n i y c n e r r u c s s o r c d n a s n o i t p o . e r u s o p x e e g n a h c x e n g e r o f i m r o f e h t n i t b e d y c n e r r u c n g e r o f n o i i l l i m 0 6 2 P B G d e u s s i s a h s u r o h C d e x i f P B G d n a l i a p c n i r p n o i l l i m 0 6 2 P B G s e v e c e r i s u r o h C h c h w i r e d n u s p a w s e t a r t s e r e t n i y c n e r r u c s s o r c e c a p n l i s a h s u r o h C . N T M E f o t s e r e t n i D Z N g n i t a o l f d n a l i a p c n i r p n o i l l i m 7 7 6 $ r o f s t n e m y a p n o p u o c s i s r a l l l o d d n a a e Z w e N o t y c n e r r u c n g e r o f n i i i d e t a n m o n e d N T M E f o n o i t a l s n a r t e h t m o r f g n i t l u s e r s s o l i r o n a g e g n a h c x e e h T . s t n e m y a p t s e r e t n i y c n e r r u c s s o r c d e t a e r e h t l f o e u a v l l i a p c n i r p e h t f o n o i t a l s n a r t . p a w s e t a r e h t y b t e s f f o s i t n e m e v o m e h T . t n e m e t a t s e m o c n i e h t n i d e s i n g o c e r d e g d e h n u t n a c i f i n g i s y n a e v a h t o n d d s u r o h C i , 3 1 0 2 e n u J 0 3 t a s A d e g d e h n u t n a c i f i n g i s o n : 2 1 0 2 e n u J 0 3 ( k s i r y c n e r r u c o t e r u s o p x e e h t n i e s a e r c e d r o e s a e r c n i % 0 1 A . ) k s i r y c n e r r u c o t e r u s o p x e l i a m n m i s a h l , t n a t s n o c d e h s e b a i r a v l r e h t o l l a h t i w , e t a r e g n a h c x e . s u r o h C f o s e v r e s e r y t i u q e d n a t i f o r p n o t c a p m i d e u n i t n o c t n e m e g a n a m k s i r l i i a c n a n F – 1 2 e t o N t n e m e g a n a m k s i r i l a c n a n i F – 1 2 e t o N 8 3 s i s y l a n a g n c i r p e r e t a r i t s e r e t n I k s i r e c i r P t n e m e g a n a m k s i r i l a c n a n F i Chorus Financial Statements s w o l f h s a c l a u t c a r t n o c n o d e s a b k s i r y t i d u q i i l o t e r u s o p x e ’ s u r o h C : l w o e b d e s i r a m m u s s i s e i t i l i b a i l l i a c n a n i f o t g n i t a e r l g n i s i a r y t l u c i f f i d r e t n u o c n e l l i w s u r o h C t a h t k s i r e h t s i k s i r y t i d u q L i i , e t a r t s e r e t n i n i i s t n o p s i s a b 0 0 1 f o e g n a h c a 3 1 0 2 e n u J 0 3 t a s A i g n o g e r o f r o e u d l l a f y e h t s a s t n e m t i m m o c t e e m o t s d n u f d u q i i l ) e s a e r c e d ( / e s a e r c n i l d u o w l , t n a t s n o c d e h s e b a i r a v l r e h t o l l a h t i w t b e d e v i s s e c x e r o s t l u a f e d n i g n i t l u s e r , s e i t i n u t r o p p o t n e m t s e v n i s t n u o m a e h t y b x a t i r e t f a s g n n r a e d n a ) i g n g d e h r e t f a ( y t i u q e i i g n n a t n a m i s e i l p m i t n e m e g a n a m k s i r y t i d u q i i l t n e d u r P . s t s o c : l w o e b n w o h s . s n o i t a g i l b o l i a c n a n i f s t i t e e m o t y t i l i b a e h t d n a h s a c t n e c i f f u s i d e u n i t n o c t n e m e g a n a m k s i r l i i a c n a n F – 1 2 e t o N k s i r y t i d u q L i i s i s y l a n a y t i v i t i s n e S : 3 1 0 2 e n u J 0 3 ( h s a c f o s e r u s o p x e e t a r g n i t a o l f s a h t n e r a P e h T d e u n i t n o c t n e m e g a n a m k s i r l i i a c n a n F – 1 2 e t o N P U O R G M $ M $ M $ M $ M $ M $ M $ S R A E Y + 5 S R A E Y 5 - 4 S R A E Y 4 - 3 S R A E Y 3 - 2 S R A E Y 2 - 1 R A E Y 1 W O L F H S A C N A H T S S E L L A U T C A R T N O C M $ T N U O M A G N I Y R R A C - 7 8 3 8 7 5 7 6 9 1 ) 8 7 5 ( 2 5 7 - - - - 8 4 6 5 - 9 ) 5 3 ( 8 3 - - - - 8 - 4 5 0 1 ) 5 3 ( 7 3 - - - - 8 - 1 4 7 2 1 ) 4 3 ( 1 7 3 ) 2 ( 2 3 8 7 7 - 2 1 ) 4 3 ( 7 3 3 ) 2 ( 2 P U O R G 7 7 7 - 3 1 3 8 2 ) 4 3 ( 7 3 3 ) 0 1 ( 0 1 6 8 2 6 2 4 1 9 0 2 , 7 6 5 7 ) 0 5 7 ( 8 3 9 7 ) 4 1 ( 4 1 M $ M $ M $ M $ M $ M $ M $ S R A E Y + 5 S R A E Y 5 - 4 S R A E Y 4 - 3 S R A E Y 3 - 2 S R A E Y 2 - 1 R A E Y 1 W O L F H S A C N A H T S S E L L A U T C A R T N O C - 5 9 3 7 1 6 6 - 7 - 2 7 4 5 2 0 1 ) 4 0 1 ( 4 1 1 - - - ) 5 3 ( 8 3 - - - - 8 - 0 5 1 1 ) 5 3 ( 8 3 - - - 3 8 - 7 3 7 2 1 ) 5 3 ( 8 3 - - - 7 8 4 7 - 2 1 ) 5 3 ( 8 3 - - - 8 4 7 - 2 1 5 8 2 ) 5 3 ( - 8 3 ) 9 ( 9 5 9 2 4 3 4 4 2 0 2 , 6 2 8 ) 9 7 2 ( 4 0 3 - ) 9 ( 9 6 8 2 0 2 1 0 3 7 9 6 , 1 2 - 3 0 1 1 - - M $ T N U O M A G N I Y R R A C 3 9 2 8 1 1 9 0 6 , 1 3 2 3 - 8 7 - - - s e i t i l i b a i l l a i c n a n i f e v i t a v i r e d n o N 3 1 0 2 E N U J 0 3 T A S A l s e b a y a p r e h t o d n a e d a r T ) d e l t t e s t e n ( e s a e l e c n a n F i s e i t i r u c e s H F C t b e D s p a w s e t a r t s e r e t n i y c n e r r u c s s o r C s e i t i l i b a i l l a i c n a n i f e v i t a v i r e D s p a w s e t a r t s e r e t n I s t c a r t n o c e g n a h c x e d r a w r o F s t c a r t n o c y t i c i r t c e E l s w o l f t u O s w o l f n I s w o l f t u O s w o l f n I s e i t i l i b a i l l a i c n a n i f e v i t a v i r e d n o N 2 1 0 2 E N U J 0 3 T A S A l s e b a y a p r e h t o d n a e d a r T ) d e l t t e s t e n ( e s a e l e c n a n F i s e i t i r u c e s H F C t b e D s p a w s e t a r t s e r e t n i y c n e r r u c s s o r C s e i t i l i b a i l l a i c n a n i f e v i t a v i r e D s p a w s e t a r t s e r e t n I s t c a r t n o c e g n a h c x e d r a w r o F s t c a r t n o c y t i c i r t c e E l s w o l f t u O s w o l f n I s w o l f t u O s w o l f n I M $ 1 2 ) 3 2 ( 2 1 0 2 Y T I U q E ) 5 ( 5 M $ ) S S O L ( 2 1 0 2 R O T I F O R P ) 5 ( 3 1 3 1 0 2 M $ Y T I U q E T N E R A P D N A P U O R G ) 3 ( 3 M $ ) S S O L ( 3 1 0 2 R O T I F O R P : 3 1 0 2 e n u J 0 3 ( t b e d d n a ) n o i l l i m 1 6 $ : 2 1 0 2 e n u J 0 3 , n o i l l i m 9 6 $ e u d e r a h c h w i f o h t o b ) n o i l l i m 0 4 5 $ : 2 1 0 2 e n u J 0 3 , n o i l l i m 0 3 6 $ H F C d n a ) i g n g d e h r e t f a ( t b e d f o s e r u s o p x e e h T . r a e y e n o n h t i i w d n a r a e y t n e r r u c e h t r o f p u o r G e h t r o f s a e m a s e h t e r a s e i t i r u c e s . d o i r e p r o i r p e h t e s a e r c n i i t n o p s i s a b 0 0 1 i e s a e r c e d t n o p s i s a b 0 0 1 k s i r t i d e r C i . s e v i t a v i r e d n a t r e c f o e u a v e h t l t r o p p u s o t l a r e t a l l o c t s o p y t r a p r e t n u o c s r u c n i s u r o h C , s s e n i s u b s t i f o e s r u o c l a m r o n e h t n I . d e t s o p s a w l a r e t a l l o c o n 3 1 0 2 e n u J 0 3 t a s A e d a r t , h s a c g n d u c n l i i , s t n e m u r t s n i l i a c n a n i f m o r f k s i r t i d e r c e t a d g n i t r o p e r e h t t a k s i r t i d e r c o t e r u s o p x e m u m x a m e h T i : s w o l l o f s a s a w l a r e t a l i b o t j t c e b u s e r a t a h t s n o i t c a s n a r t e v i t a v i r e d n a t r e c s a h s u r o h C i e v i t a v i r e d d n a s e b a v e c e r e s a e l i l e c n a n i f l , s e b a v e c e r i r e h t o d n a . s t n e m u r t s n i l i a c n a n i f M $ 2 1 0 2 1 6 0 4 2 - 3 0 1 M $ 3 1 0 2 9 6 3 4 2 7 - 9 1 3 M $ 2 1 0 2 0 4 1 7 9 1 2 3 2 4 3 M $ 3 1 0 2 0 8 0 8 2 7 3 0 7 3 T N E R A P P U O R G 4 1 0 1 0 2 5 1 S E T O N s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D i l e b a v e c e r e s a e l e c n a n F i k s i r t i d e r c o t e r u s o p x e m u m i x a M l s e b a v e c e r i r e h t o d n a e d a r T s t i s o p e d l l a c d n a h s a C o t y t r a p r e t n u o c e h t r o s u r o h C e r i u q e r t a h t s t n e m e e r g a t r o p p u s t i d e r c . k s i r t i d e r c n o n o i t a m r o f n i l a n o i t i d d a r o f s e t o n l i a u d v d n i i o t r e f e R 9 3 Chorus Financial Statements M $ M $ I L A C N A N I F R E H T O D E T A N G I S E D T A S E I T I L I B A I L T S O C D E S I T R O M A I G N G D E H A N I P I H S N O I T A L E R M $ E L A S R O F E L B A L I A V A M $ D N A S N A O L S E L B A V I E C E R M $ O T D L E H Y T I R U T A M M $ E U L A V R A F I H G U O R H T T I F O R P S S O L D N A - - - - - 1 2 1 1 1 4 5 1 - 0 2 1 0 3 7 9 6 , 1 3 3 1 , 2 - - - 7 7 - - - - - - 6 0 1 6 0 1 - - - - - - - - - - - - - 0 8 9 2 2 1 5 - 0 6 3 - - - - - - - - P U O R G - - - - - - - - - - - - - - - - - - - - - - - - - - M $ M $ I L A C N A N I F R E H T O D E T A N G I S E D T A S E I T I L I B A I L T S O C D E S I T R O M A I G N G D E H A N I P I H S N O I T A L E R M $ E L A S R O F E L B A L I A V A M $ D N A S N A O L S E L B A V I E C E R M $ O T D L E H Y T I R U T A M M $ E U L A V R A F I H G U O R H T T I F O R P S S O L D N A - - - - - 7 4 1 1 2 5 2 1 - 8 1 1 3 9 0 6 , 1 3 2 0 2 , - - - 2 2 - - - - - - 0 1 1 0 1 1 - - - - - - - - - - - - - 0 4 1 5 3 1 - 2 6 7 3 3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - : s w o l l o f P U O R G s a e r a s e i r o g e t a c 9 3 S A I Z N e h t f o h c a e n i s e i t i l i b a i l d n a s t e s s a l i a c n a n i f f o s t n u o m a g n y r r a c e h T i s t i s o p e d l l a c d n a h s a C 3 1 0 2 E N U J 0 3 T A S A s t e s s A i l s e b a v e c e r e d a r T l s e b a v e c e r i r e h t O s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D ) d e l t t e s t e n ( e s a e l e c n a n F i s e i t i r u c e s H F C t b e D l e b a y a p s t n u o c c a e d a r T s t n e m e g n a r r a i t n o J s e i t i l i b a i L s l a u r c c A s t i s o p e d l l a c d n a h s a C 2 1 0 2 E N U J 0 3 T A S A s t e s s A i l s e b a v e c e r e d a r T h s a c n o n o i t a m r o f n i l a n o i t i d d a r o f 7 1 e t o n o t r e f e R . s e g d e h e u a v l r i a f . s e s a e l l e c n a n i f d n a s e b a y a p r e h t o d n a e d a r t t p e c x e p u o r G e h t r o f . s e v r e s e r e g d e h e u a v l r i a f d n a w o l f s i t n e r a P e h t n i l s e b a y a p r e h t o d n a e d a r t f o t n u o m a g n y r r a c e h T i d e s i t r o m a t a d e i r r a c r e h t i e e r a s t n e m u r t s n i l i a c n a n i f , S R F I Z N r e d n U e u l a v r i a F t o n s e o d t n e r a P e h T . r a e y e n o n a h t s s e l n i l e b a y a p l l a s i d n a w o l f h s a c . d o i r e p r o i r p e h t d n a r a e y t n e r r u c e h t r o f s e s a e l e c n a n i f e v a h l a u t c a r t n o c e h t o t l a u q e s i i h c h w , ) n o i l l i m 1 3 $ : 2 1 0 2 e n u J 0 3 ( n o i l l i m 3 3 $ d n a t s o c d e s i t r o m a t a d e h s t n e m u r t s n l i n e e w t e b s e c n a i r a v t n a c i f i n g i s . N T M E e h t o t l s e t a e r e u a v l r i a f r i e h t t n e m e t a t s e h t n i e u a v l r i a f t a d e s i n g o c e r , s t n e m u r t s n i e s o h t r o F l y n o e h T . e u a v l r i a f r o , s e s s o l t n e m r i a p m i r o f n o i s i v o r p y n a s s e l , t s o c l d e s o c s i d s e i t i l i b a i l l i a c n a n i f e v i t a v i r e d f o s w o l f t u o / ) s w o l f n i ( s s o r g e h T r o i r p t u o d e s o c t o n y l l l i a u s u e r a h c h w d n a s e s o p r u p t n e m e g a n a m d e t n u o c s i d n u l a u t c a r t n o c e h t t n e s e r p e r e b a t l i s u o v e r p e h t n i k s i r l r o f d e h s e i t i l i b a i l l i a c n a n i f e v i t a v i r e d o t g n i t a e r l s w o l f h s a c d e t o u q h t i w s t n e m u r t s n i l i a c n a n i f – s e c i r p t e k r a m d e t o u Q : 1 l e v e L h s a c s s o r g s u o e n a t l u m i s e v a h t a h t s e v i t a v i r e d r o f s t n u o m a w o l f t u o : s w o l l o f i s a d e n m r e t e d e r a s e u a v l r i a f , n o i t i s o p l i a c n a n i f f o s t n u o m a w o l f h s a c t e n s w o h s e r u s o c s i d e h T l . y t i r u t a m l a u t c a r t n o c o t d n a w o l f n i h s a c s s o r g d n a d e l t t e s h s a c t e n e r a t a h t s e v i t a v i r e d r o f . s t e k r a m e v i t c a n i s t n e m u r t s n i l a c i t n e d i r o f s e c i r p . ) s t c a r t n o c e g n a h c x e d r a w r o f e p m a x e r o f ( l t n e m e l t t e s l i a c n a n i f – s t u p n i l e b a v r e s b o g n i s u s e u q n h c e t n o i t a u a V l i : 2 l e v e L i s s e c c a t n e c i f f u s g n i r u s n e y b k s i r y t i d u q i i l e h t s e g a n a m s u r o h C e v i t c a n i s t n e m u r t s n i l i r a m i s r o f s e c i r p d e t o u q h t i w s t n e m u r t s n i d n a g n i r o t i n o m w o l f h s a c s u o u n i t n o c , s e i t i l i c a f d e t t i m m o c o t n i s t n e m u r t s n i l i r a m i s r o l a c i t n e d i r o f s e c i r p d e t o u q r o s t e k r a m l e c n a a b t A . s e i t i r u t a m t b e d m r e t t r o h s f o s l e v e l t n e d u r p g n n a t n a m i i i d n a s e g d e h w o l f h s a c : s e p y t y r a m i r p o w t o t n i l d e i f i s s a c e r a s e g d e H s e r u s o c s i d l l l a r o f s a e m a s e h t s i t n e r a P e h t r o f k s i r y t i d u q i i l e h T s l e d o m g n i s u d e u a v l s t n e m u r t s n i l i a c n a n i f d n a s t e k r a m e v i t c a n i e h t r e d n u n o i l l i l m 5 5 1 $ y e t a m x o r p p a e b a l i l i a v a s a h s u r o h C , e t a d . l e b a v r e s b o e r a s t u p n i t n a c i f i n g i s l l a e r e h w 5 4 2 $ : 2 1 0 2 e n u J 0 3 ( e s u e t a d e m m i i s t i r o f y t i l i c a f k n a b d e t a c d n y s i s t u p n i l e b a v r e s b o - n o n t n a c i f i n g i s h t i i w s e u q n h c e t n o i t a u a V l : 3 l e v e L e r o m r o e n o e r e h w s l e d o m g n i s u d e u a v l s t n e m u r t s n i l i a c n a n i f – . s t n e m e r i u q e r g n d n u f h s a c m r e t i t r o h s e g a n a m o t r a e y t n e r r u c e h t n i d e h s i l b a t s e s a w y t i l i c a f t f a r d r e v o n o i l l i m 0 1 $ a , n o i t i d d a n I . ) n o i l l i m . l e b a v r e s b o t o n e r a s t u p n i t n a c i f i n g i s r i e h t d n a s e i t i l i b a i l l i a c n a n i f d n a s t e s s a l i a c n a n i f l t n a v e e r e h T e h t , s t s e r e t n i ’ l s r e d o h e r a h s g n i r e d i s n o c l a t i p a c s t i s e g a n a m s u r o h C t n e m e g a n a m k s i r l a t i p a C 2 l e v e L l l a e r a d n a 0 2 e t o n n i d e n i l t u o e r a s e u a v l r i a f e v i t c e p s e r s u r o h C l a t i p a c e h T . s g n i t a r t i d e r c ’ s u r o h C d n a s t e s s a s u r o h C f o e u a v l . ) 2 l e v e L : 2 1 0 2 e n u J 0 3 ( l . s e c n a a b t b e d d n a h s a c f o s t s i s n o c s e g a n a m s p a w s e t a r t s e r e t n i d n a s p a w s e t a r t s e r e t n i y c n e r r u c s s o r C g n i t a r t i d e r c m r e t g n o l ’ B B B ‘ i i i a g n n a t n a m o t d e t t i m m o c s i d r a o B e h T l e b a c i l p p a e h t g n i s u e v i t a v i r e d e h t f o s w o l f h s a c e r u t u f d e t n u o c s i d e r a s e c i i l o p t n e m e g a n a m l a t i p a c ’ s u r o h C i . s e c v r e S r o t s e v n I ’ s y d o o M i n g e r o f d n a e t a r t s e r e t n i l t n a v e e r e h t r o f ( e v r u c e c i r p d r a w r o f n o i t n e t n i ’ s u r o h C s i t I . t e m s i j e v i t c e b o s i h t t a h t e r u s n e o t d e n g i s e d . e t a r t n u o c s i d d n a ) e t a r e g n a h c x e t o n s p a w s y t i c i r t c e E l l l i w A D T B E o t I t b e d t e n f o o i t a r e h t s e c n a t s m u c r i c l a m r o n n i t a h t . s e m . i t 5 3 d e e c x e y l l a i r e t a m i g n v l o v n i l l e d o m n o i t a u a v a g n i s u y b d e t a m i t s e s i e u a v l r i a F m o r f g n i t a r t i d e r c m r e t g n o l ’ 2 a a B ‘ a d n a s ’ r o o P & d r a d n a t S m o r f s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D ) d e l t t e s t e n ( e s a e l e c n a n F i s e i t i r u c e s H F C t b e D l e b a y a p s t n u o c c a e d a r T s t n e m e g n a r r a i t n o J s e i t i l i b a i L s l a u r c c A . e v i t a v i r e d e h t o t l s e b a v e c e r i r e h t O s e t a e r l t a h t e v r u c e c i r p d r a w r o f X S A e h t n o d e t a m i t s e s i e u a v l r i a F i g n g d e h n e e w t e b p h s n o i t a e r e h t l i s t n e m u c o d d n a s e t a n g i s e d s u r o h C g n i t n u o c c a e g d e H i . s n o i t c a s n a r t e g d e h s u o i r a v g n k a t r e d n u r o f y g e t a r t s d n a e v i t c e b o j t n e m e g a n a m k s i r e h t s a l l e w s a , s m e t i d e g d e h d n a s t n e m u r t s n i r o s e u a v l r i a f n i s e g n a h c g n i t t e s f f o n i e v i t c e f f e e r a y e h t f i h s i l b a t s e o t g n i t n u o c c a e g d e h s e u n i t n o c s i d s u r o h C . s m e t i d e g d e h f o s w o l f h s a c d e s s e s s a e r a s e g d e h i , ) s i s a b g n o g n o n a n o d n a ( n o i t p e c n i e g d e h t A r o , d e t a n m r e t i , l d o s s i r o s e r i p x e t n e m u r t s n i i g n g d e h e h t ) a ( f i e g d e h r o f a i r e t i r c e h t s t e e m r e g n o l o n e g d e h e h t ) b ( ; d e s i c r e x e . d e k o v e r s i n o i t a n g i s e d e g d e h e h t ) c ( r o ; g n i t n u o c c a d e u n i t n o c t n e m e g a n a m k s i r l i i a c n a n F – 1 2 e t o N d e u n i t n o c t n e m e g a n a m k s i r l i i a c n a n F – 1 2 e t o N 0 4 Chorus Financial Statements n o i t r o p e h t g n i t n e s e r p e r 3 1 0 2 e n u J 0 3 t a s t n e m e t a t s l i a c n a n i f e h t n i . l e t e p m o c s a w g n i t s e t e c n a t p e c c a r e s u e r e h w e c i t o n l l a c e h t f o n w o r C d n a n o i l l i m 2 $ s e i t i r u c e s y t i u q e H F C , n o i l l i m 4 $ s e i t i r u c e s d e u r c c a n e e b s a h g n d n u f i s i h t f o n o i l l i m 5 1 $ . n o i l l i m 9 1 $ g n d n u f i i i d n e d v d d e t u p m i y l l u f a s t n e s e r p e r h c h w i , n o i l l i m 0 6 $ s i d n e d v d i i t c e p s e r n i i i d n e d v d a d e r a c e d s u r o h C l , 3 1 0 2 t s u g u A 5 2 n O s d n e d v D i i e h t f o t n u o m a l a t o t e h T . 3 1 0 2 e n u J 0 3 d e d n e r a e y e h t f o e c u d e r o t d e s u e r e w s d e e c o r p e h T . e t a d y t i r u t a m 9 1 0 2 a h t i w y t i l i c a f e r u t a m h c h w s e i t i l i i i c a f k n a b d e t a c d n y s g n i t s i x e r e d n u s g n w a r d i . l y e v i t c e p s e r 7 1 0 2 r e b m e v o N d n a 5 1 0 2 r e b m e v o N n i e t a g e r g g a n a h t i w H F C o t 3 1 0 2 y u J 5 n o e c i t o n l l l a c a d e u s s i s u r o h C t b e d H F C : s w o l l o f s a d e t a c o l l a s i i h c h w n o i l l i m 5 2 $ f o e c i r p e u s s i s t h g i r g n i t n e s e r p e r ( n o i t a r e p o t n o i j s d r a d n a t s g n i t s i x e o t s n o i t a t e r p r e t n i d n a s t n e m d n e m a , s d r a d n a t s w e N – 4 2 e t o N d e t p o d a t e y t o n t u b d e h s i l b u p n e e b e v a h a r o ) d e t n u o c c a y t i u q e d n a n e e b e v a h s n o i t a t e r p r e t n i d n a s t n e m d n e m a , s d r a d n a t s w e n n a t r e C i k n a b n o i l l i m 0 5 2 $ w e n a o t n i d e r e t n e s u r o h C 3 1 0 2 t s u g u A 2 n O i g n d n u f n w o r C d n a s e i t i r u c e s H F C t n e m e g n a r r a t b e d w e N . e r a h s r e p s t n e c 5 5 1 . f o r e d n u r o f d e t n u o c c a , s e i t i l i b a i l r o f s n o i t a g i l b o d n a s t e s s a o t l t n a v e e r e r a h c h w d n a i , d e t p o d a y l r a e n e e b t o n e v a h t a h t d e h s i l b u p . 3 1 0 2 y r a u n a J 1 i i r e t f a r o n o g n n n g e b s d o i r e p r o f e v i t c e f f E s t n e m u r t s n i i l a c n a n F ) i 0 1 0 2 ( 9 S R F I Z N s e i t i t n e r e h t o n i t s e r e t n i l f o e r u s o c s i D 2 1 S R F I Z N t o n s i l t u b d e s y a n a n e e b t e y t o n s a h s d r a d n a t s e s e h t f o n o i t p o d a . l a i r e t a m e b o t d e t c e p x e . ) n o i t a d i l o s n o c l a n o i t r o p o r p f o t c a p m i s t n e m e t a t s l i a c n a n i f e h T . l w o e b d e t s i l e r a s u r o h C o t . s e i t i t n e d e r u t c u r t s d e t a d i l o s n o c n u r o s e t a c o s s a i , s t n e m e g n a r r a t n o i j i , s e i r a d i s b u s n i t s e r e t n i n a e v a h t a h t s e i t i t n e o t s e i l p p a d r a d n a t s e h T . 5 1 0 2 y r a u n a J 1 i i r e t f a r o n o g n n n g e b s d o i r e p r o f e v i t c e f f E l s e r u s o c s i d m u m n m i i s e i f i c e p s d n a s e v i t c e b o e r u s o c s i d s e h s i l l j b a t s e t I , l n o i t a c i f i s s a c e h t o t d e t a e r l s t n e m e r i u q e r s d d a d r a d n a t s e h T j . s e v i t c e b o e s o h t i t e e m o t e d v o r p t s u m y t i t n e n a t a h t . s e i t i l i b a i l d n a s t e s s a l i a c n a n i f f o n o i t i n g o c e r e d d n a t n e m e r u s a e m e u a v l r i a f g n i r u s a e m r o f k r o w e m a r f e g n i s a s e h s i l l b a t s e d r a d n a t s e h T t p e c n o c e h t g n y f i t n e d i i n i i l s e p c n i r p w e n s e c u d o r t n i h t o b o t e b a c l i l p p a s i d n a s d r a d n a t s r e h t o y b d e r i u q e r s i t a h t e r e h w l d u o h s y t i t n e n a r e h t e h w n i i i r o t c a f g n n m r e t e d e h t d r a d n a t s e h T s a l o r t n o c f o . 3 1 0 2 y r a u n a J 1 i i r e t f a r o n o g n n n g e b s d o i r e p r o f e v i t c e f f E . 3 1 0 2 y r a u n a J 1 i i r e t f a r o n o g n n n g e b s d o i r e p r o f e v i t c e f f E i i g n w e v e r y l t n e r r u c s i y n a p m o c e h T . s m e t i l i a c n a n i f - n o n d n a l i a c n a n i f e h t f o s t n e m e t a t s l i a c n a n i f d e t a d i l o s n o c e h t n h t i i w d e d u c n l i e b e h t n o t c a p m i s t i d n a s e u a v l i i r i a f g n n m r e t e d n i i l s e g o o d o h t e m s t i e h t n i t s i s s a o t e c n a d u g i l i a n o i t i d d a s e d v o r p d n a y n a p m o c t n e r a p . 3 1 0 2 y r a u n a J 1 i i r e t f a r o n o g n n n g e b s d o i r e p r o f e v i t c e f f E . 3 1 0 2 y r a u n a J 1 i i r e t f a r o n o g n n n g e b s d o i r e p r o f e v i t c e f f E s t n e m e t a t s i l a c n a n fi e t a r a p e S 7 2 S A I Z N s t n e m e g n a r r a t n o J 1 1 S R F I i Z N . s t n e m e t a t s l i a c n a n i f . s s e s s a o t t l u c i f f i d s i s i h t e r e h w l o r t n o c f o n o i t a n m r e t e d i l e r u s o c s i d d n a g n i t n u o c c a e h t e v o m e r s t n e m d n e m a e s e h T l o r t n o c y l t n o i j t a h t s e i t i t n e y b g n i t n u o c c a e h t s e n i l t u o d r a d n a t s e h T t n e m e r u s a e m e u l a v r i a F 3 1 S R F I Z N s t n e m e t a t s i l a c n a n fi d e t a d i l o s n o C 0 1 S R F I Z N - - - - - - - 3 3 0 3 7 9 6 , 1 0 6 7 , 1 - - - - 7 7 - - - 6 0 1 6 0 1 - - - - - - - - - - - 9 6 2 3 1 1 2 - 0 0 7 , 1 2 1 0 2 , - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 3 - 3 9 0 6 , 1 3 4 6 , 1 - - - - 2 2 - - - 0 1 1 0 1 1 - - - - - - - - - - - M $ M $ I L A C N A N I F R E H T O D E T A N G I S E D T A S E I T I L I B A I L T S O C D E S I T R O M A I G N G D E H A N I P I H S N O I T A L E R M $ E L A S R O F E L B A L I A V A T N E R A P D N A S N A O L S E L B A V I E C E R M $ 1 6 8 1 2 2 0 0 7 , 1 - 1 0 8 , 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - M $ O T D L E H Y T I R U T A M M $ E U L A V R A F I H G U O R H T T I F O R P S S O L D N A . t e s s a r o y t i l i b a i l t n e g n i t n o c a o t e s i r g n v g n o i t a g i t i l i i f o s r e t t a m o n e r a e r e h T T N E R A P s t n e v e e t a d e c n a l a b t s o P – 3 2 e t o N M $ M $ I L A C N A N I F R E H T O D E T A N G I S E D T A S E I T I L I B A I L T S O C D E S I T R O M A I G N G D E H A N I P I H S N O I T A L E R M $ E L A S R O F E L B A L I A V A M $ D N A S N A O L S E L B A V I E C E R M $ O T D L E H Y T I R U T A M M $ E U L A V R A F I H G U O R H T T I F O R P S S O L D N A s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D s e c n a v d a d n a s t n e m t s e v n I s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D s e i t i r u c e s H F C t b e D s e i t i l i b a i L s l a u r c c A s t i s o p e d l l a c d n a h s a C 2 1 0 2 E N U J 0 3 T A S A s t e s s A l s e b a v e c e r i y n a p m o c r e t n I s t i s o p e d l l a c d n a h s a C 3 1 0 2 E N U J 0 3 T A S A s t e s s A l s e b a v e c e r i r e h t O s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D s e c n a v d a d n a s t n e m t s e v n I s t n e m u r t s n i l i a c n a n i f e v i t a v i r e D s e i t i r u c e s H F C t b e D s e i t i l i b a i L s l a u r c c A l s e b a v e c e r i y n a p m o c r e t n I l s e b a v e c e r i r e h t O e h t f o t l u s e r a s a s t n e m e t a t s l i a c n a n i f d e t a d i l o s n o c r o f s t n e m e r i u q e r d e e r g a l a u t c a r t n o c e h t s e v l o v n i l o r t n o c t n o J i . t n e m e g n a r r a n a 2 1 S R F I Z N d n a s t n e m e t a t s l i a c n a n i f d e t a d i l o s n o C 0 1 S R F I Z N f o e u s s i e r a l o r t n o c t n o i j o t j t c e b u s s t n e m e g n a r r a d n a l o r t n o c f o g n i r a h s . s e i t i t n e r e h t o n i s t s e r e t n i f o e r u s o c s i D l s t e s s a t e n f o e r a h s a g n i t n e s e r p e r ( e r u t n e v t n o i j a r e h t i e s a d e i f i s s a c l 1 4 i s e c n e g n i t n o C – 2 2 e t o N d e u n i t n o c t n e m e g a n a m k s i r l i i a c n a n F – 1 2 e t o N Chorus Financial Statements Governance & Disclosures Contents Governance at Chorus The Chorus Board Diversity at Chorus 42 42 43 Remuneration at Chorus Disclosures Directory 44 45 48 GOVERNANCE AT CHORUS Chorus’ Board and management are committed to ensuring that our people act ethically, for monitoring compliance with that framework. The ARMC and the Board regularly receive with integrity and in accordance with our policies and values. reports on risk management and the effectiveness of Chorus’ management of its material Framework Chorus is incorporated in New Zealand and listed on the New Zealand and Australian stock exchanges. The governance practices and policies we have adopted therefore reflect, and are consistent with, the: • NZX Listing Rules and Corporate Governance Best Practice Code; • New Zealand Securities Commission’s (now Financial Markets Authority (FMA)) ‘Corporate Governance in New Zealand Principles and Guidelines’; and • ASX Listing Rules and the ASX Corporate Governance Council’s Principles and Recommendations. The Board regularly reviews and assesses Chorus’ governance policies, processes and practices to identify opportunities for enhancement and to ensure they reflect Chorus’ operations and culture. Compliance with corporate governance codes, principles and recommendations Chorus considers that during the reporting period: • the corporate governance principles adopted and followed by it did not materially differ from NZX’s Corporate Governance Best Practice Code; and business risks. Chorus requires its CEO and CFO to make an annual declaration in relation to Chorus’ financial statements relating to the matters set out in s295A of the Australian Corporations Act 2001, namely that in their opinion: • • the financial records of Chorus have been properly maintained; the financial statements of Chorus and accompanying notes set out in this annual report comply with generally accepted accounting practice in New Zealand and International Financial Reporting Standards; and • the financial statements of Chorus and accompanying notes set out in this annual report give a true and fair view of the financial position and performance of Chorus. The CEO and CFO also provide the Board with an assurance that the above declaration is founded on a sound system of risk management and internal control and that system is operating effectively in all material respects in relation to financial reporting risks. The non-audit related fees paid to the auditor during the financial period (as detailed in Note 8 to the Financial Statements) were permitted non-audit services under Chorus’ External Auditor Independence Policy. Code of ethics Chorus expects its directors and employees to conduct themselves in accordance with the • it followed each of the recommendations set by the ASX Corporate Governance Council. highest ethical standards. Chorus has Codes of Ethics for its directors and employees that set Managing risk Chorus has a Managing Risk Policy that mandates one framework for the management of risk in Chorus to: • ensure the Board sets the risk appetite and reviews principal risks annually; • integrate risk management in line with the Board’s risk appetite into structures, policies, processes and procedures; and • deliver regular principal risk reviews and monitoring. A copy of Chorus’ Managing Risk Policy is available at http://www.chorus.co.nz/governance. the expected standards for their professional conduct. These codes are intended to facilitate decisions that are consistent with Chorus’ values, business goals and legal and policy obligations. The director Code of Ethics is available at www.chorus.co.nz/governance. Chorus has communicated the Codes of Ethics to directors and employees and has provided training to its employees. Chorus encourages its people to report any unethical behaviour through a compliance function that investigates any such reports. A whistle blowing policy allows for confidential reporting of serious misconduct or wrongdoing and a fraud policy for the reporting of suspected fraud or corruption. Chorus has not received any reports of serious instances of unethical behaviour during As part of its role, the Audit and Risk Management Committee (ARMC) is responsible for assisting the Board to ensure that a risk management framework has been established and the financial period. THE CHORUS BOARD Role of the Board and delegation of authority The Board is appointed by Chorus’ shareholders and has statutory responsibility for the business and affairs of Chorus. The Board has overall responsibility for the strategy, culture, governance and performance of Chorus working with, and through, the CEO. As described in the Board Charter, to allow for the effective day-to-day management and and the relevant person or organisation (eg customer, supplier or adviser) with which the director is related. Materiality is assessed in the context of each relationship and from the perspective of both parties to that relationship. Board Committees Each standing Board Committee has a Board approved Charter and a chairman. The Board leadership of Chorus, the Board has delegated its authority, in part, to the CEO. The CEO Committees assist the Board by focusing on specific responsibilities in greater detail than may, in turn, sub-delegate authority to other Chorus people. Formal policies and procedures is possible for the Board as a whole. govern the parameters and operation of these delegations. The Board has also appointed three standing Board Committees to assist it in carrying out its responsibilities and has delegated some of its responsibilities, powers and authorities to those Board Committees. Those Committees are described below. The Board may also establish other ad-hoc or standing committees and delegate specific responsibilities, powers and authorities to those committees and to particular directors. Audit and Risk Management Committee The ARMC assists the Board in ensuring oversight of all matters relating to risk management, financial management and controls and the financial accounting, audit and reporting of Chorus. All Committee members are non-executive directors. For information on Committee members’ qualifications, see page 3. The Board and Board Committee Charters and other key governance documents are available Members: Anne Urlwin (chairman), Jon Hartley and Sue Sheldon. on Chorus’ website at www.chorus.co.nz/governance. The annex to the Board Charter contains a diagram that illustrates the key governance documents and the roles and responsibilities of the Board and Board Committees. Board membership The Board seeks to ensure that through its skills mix and composition it is positioned to add value to Chorus, as outlined in the Board Charter. Human Resources and Compensation Committee The Human Resources and Compensation Committee (HRCC) assists the Board in overseeing people policies and strategies, including: • Chorus’ remuneration frameworks; and • reviewing candidates for, and the performance and remuneration of, the CEO. Members: Clayton Wakefield (chairman), Prue Flacks and Keith Turner. The Board currently has seven directors (six independent directors and an executive director) with a broad range of managerial, financial, accounting and industry experience. See page 3 Nominations and Corporate Governance Committee for more information on the skills and experience of the directors. The Nominations and Corporate Governance Committee (NCGC) assists the Board The independence status of each director is noted in their biographies on page 3. For a director to be considered independent, the Board must affirmatively determine that the director does not have a disqualifying relationship (other than solely as a consequence of being a director). The disqualifying relationships are set out in the Board Charter. While the Board has not set financial materiality thresholds for determining independence, it considers in promoting and overseeing continuous improvement of good corporate governance. The NCGC’s role includes identifying and recommending suitable candidates for nomination to be members of the Board and Board Committees, and establishing, developing and overseeing a process for the Board to annually review and evaluate the performance of the Board, its Committees and individual directors. the materiality basis of all relationships having regard to the materiality to Chorus, the director Members: Sue Sheldon (chairman), Prue Flacks and Jon Hartley. 42 Director restrictions All changes in any interests in Chorus Securities held by directors are required to be reported The Chorus Constitution provides that no person who is an ‘associated person’ of a person that provides telecommunications services in New Zealand (other than the services provided by Chorus) shall be appointed or hold office as a director. NZX has granted Chorus a waiver to allow the Chorus Constitution to include this restriction on the persons who may hold office as director. to the Board, the NZX and the ASX. Director induction and education The Board seeks to ensure new directors are appropriately introduced to management and the Chorus business, that all directors are acquainted with relevant industry knowledge and economics and that they receive a copy of the Board and Board Committee Charters and the Board and Board Committee meeting attendance key governance documents. The table below sets out attendance at the Board and Board Committee meetings in the year ended 30 June 2013. It is expected that all directors continuously educate themselves to ensure they have appropriate expertise to effectively perform their duties. BOARD MEETINGS SPECIAL BOARD MEETINGS ARMC HRCC NCGC key advisers to Chorus, together with educational and stakeholder visits, briefings or meetings In addition, visits to Chorus operations, briefings from key management, industry experts and Total number of meetings held Sue Sheldon (chairman) Anne Urlwin Clayton Wakefield Jon Hartley Keith Turner Mark Ratcliffe Prue Flacks 9 9 9 9 9 9 9 9 5 5 5 5 3 3 5 5 5 5 5 1* 5 2* 3^ 4* 7 7* 5* 7 5* 7 6^ 7 2 2 - - 2 - 1^ 2 are arranged for the Board. Independent advice A director may, with the chairman’s prior approval, take independent professional advice (including legal advice). A director may request the attendance of such an adviser at a Board or Board Committee meeting where this is necessary to fulfil their role and responsibilities for Chorus. The costs of any such adviser is paid for by Chorus. Review and evaluation of Board performance The chairman meets regularly with directors to discuss individual performance. * Attended meetings as an observer and not as a Committee member. ^ Mark Ratcliffe is not a member of any Board Committees but attends all Board Committee meetings The Board has carried out, in the reporting period, an annual review of the Board’s performance, that of individual directors and Board Committees utilising the Board evaluation as CEO and as an observer, and may be asked to leave at any time. process developed and overseen by the NCGC. Trading in Chorus shares Market disclosures All non-executive directors are encouraged to hold Chorus ordinary shares (Chorus Shares). Chorus is committed to providing timely, orderly, consistent and credible information Directors are subject to limitations on their ability to deal in Chorus Shares and other relevant Chorus securities (Chorus Securities) by Chorus’ Insider Trading Policy, the New Zealand Securities Market Act 1988 and the Australian Corporations Act 2001. These limitations prohibit directors from dealing in Chorus Securities while in possession of inside information. As a matter of policy, Chorus also requires that directors, prior to dealing in Chorus Securities, notify and obtain consent from the chairman and that trading may only occur in accordance with Chorus’ Insider Trading Policy. DIVERSITY AT CHORUS Diversity and inclusiveness at Chorus Chorus has a Board approved Diversity and Inclusiveness Policy. Chorus believes that having a team of individuals working together who all have different experiences, views and self-reflections makes it stronger and better as an organisation. Chorus defines diversity as the characteristics that make one individual similar to or different from another. It defines inclusiveness as the recognition that diverse backgrounds, experiences and perspectives lead to a better experience of work for its people, makes teams stronger, leads to greater creativity and performance, contributes to a more meaningful relationship with its retail service provider customers and stakeholders, and ultimately leads to increased value to shareholders. Valuing diversity is more than a moral imperative; it is also sensible business practice. The focus of the policy is to leverage differences as a competitive advantage through its attraction and development practices, develop inclusiveness as a core capability for its people leaders and as a channel to its people, and to continue to recognise individual contribution and performance. consistent with legal and regulatory requirements, to enable orderly behaviour in the market and to promote investor confidence. Chorus believes it is imperative that disclosure be evenly balanced during good times and bad and that all parties in the investment community have fair access to this information. Working preferences Chorus uses a tool to assess the working preferences of its people. This promotes diversity of thought, working style and contribution across teams, and understanding of how to leverage differences. The graphic here shows Chorus has the full spectrum of working preferences across the distribution. This fully validated self-assessment tool is a Team Management Index* of the 507 contributors who had completed the workshops at the time of preparing this data. S R E S I V D A E X P LORERS 11% 11% 16% 3% 22% 3% 25% 9% CONTROL L E R S O R G A N I S E R S The HRCC recommends measurable objectives to the Board that are set and assessed annually. Chorus is a funder of DiverseNZ Inc. DiverseNZ Inc is a collaboration project with support from the New Zealand public and private sectors to harness the economic benefit, business gain and GDP uplift that results from diverse leadership and diversity of thought. Chorus has embedded diversity and inclusiveness into its culture through its values, communications, leadership and diversity dialogues. * The distribution only reflects the Major Role preference of the 507 contributors – as opposed to a representation of their preference across all factors at all levels. For more information go to www.tms.co.nz Diversity metrics as at 30 June 2013 The Board has set the following measurable objectives for achieving greater diversity at Chorus MEASURE DESCRIPTION ACTUAL AS AT 30 JUNE 2013 ACTUAL AS AT 30 JUNE 2012 BENCHMARK Age profiles Median age 41.4 years 42.7 years Employee satisfaction Response to the diversity question “The work environment is very open and accepting of individual differences” 84% 83% Ethnicity by role Organisational groupings by ethnicity Not currently available Not available 42 years. Statistics New Zealand National Labour Force Projections updated August 2012 83% Aon Hewitt Best Employer People leader population distribution = total company population distribution Flexible working arrangements Percentage of the population utilising flexible working arrangements Gender by role Organisational groupings by gender 4.3% working part-time hours 4.5% working part-time hours >4% working part-time hours 38% 33% 40% 43% 50% 62% 67% 60% 57% 50% all people leaders executive team Board non-executive Board 39% 34% 40% 43% 50% 61% 66% 60% 57% 50% all people leaders executive team Board non-executive Board People leader population distribution = total company population distribution Rookie ratio The previous year’s intake by age, ethnicity and gender Average age 37.2 years. Gender 41% 59% Average age 37.8 years. Gender 42% 58% No measure – for information Ethnicity not available Ethnicity not available Internal hire rate The previous year’s appointments identifying internal vs external hire rate 39% of all appointments have been internal. 61% of roles in layers 1-3 were recruited internally. 59% of all appointments have been internal. 86% of roles in layers 1-3 were recruited internally. 66% of roles in layers 1-3 Based on the annual review of the effectiveness of Chorus’ Diversity and Inclusiveness Policy Chorus’ Diversity and Inclusiveness Policy can be found at www.chorus.co.nz/governance. and Chorus’ measurable diversity objectives, the Board considers that overall Chorus is making good progress towards achieving its diversity and inclusiveness objectives and has performed well against the policy generally. 43 REMUNERATION AT CHORUS Directors’ fees The total remuneration available to non-executive directors in the year ended 30 June 2013 was fixed at Chorus’ 2012 AGM at $980,000. During the year ended 30 June 2013, the total remuneration earned by the directors of Chorus (in their capacity as such) was as follows: CEO remuneration Remuneration package for the financial period Mark Ratcliffe’s remuneration as CEO consists of a mixture of fixed remuneration, short term incentives (STI) and long term incentives (LTI). The actual remuneration paid to Mark Ratcliffe in the financial period is as follows: Fixed remuneration (1 July 2012 - 30 June 2013) $782,971.16 (gross) Short term incentive for the period (1 July 2012 - 30 June 2013) $661,000.00 (gross) TOTAL FEES $ Long term incentive and non-taxable accommodation payments $358,508.10 DIRECTOR Sue Sheldon (chairman) Anne Urlwin Clayton Wakefield Jon Hartley Keith Turner Mark Ratcliffe Prue Flacks Total Notes: Total remuneration received $1,802,479.26 (gross) In addition, in the year to 30 June 2013, payments totalling $45,183.88 with regard to KiwiSaver and medical insurance were made on behalf of Mark Ratcliffe. The following LTI payments were made, or liabilities are due to be calculated and paid, in the following manner. They are all cash payments: 208,000 135,000 125,000 127,500 145,500 - 122,500 863,500 GRANT YEAR VESTING YEAR DETAIL 2011 2012 Following a cash LTI payment of $200,000 (gross) in December 2012, Mark Ratcliffe purchased shares in Chorus, which he agreed to retain for the term of his employment. A cash LTI grant was made by Telecom in September 2011. Chorus carried across a liability for the value of $250,000 (gross). The cash value was converted into Equity Equivalent Units (EEUs) based on dividing the target value by the volume weighted average price (VWAP) of Chorus Shares for the first 20 days of trading, following demerger. A number of post- allocation performance hurdles have been introduced by the Board for this grant. Performance against these measures is considered annually but for the purposes of the grant it is the collated three year performance that determines the vesting multiplier on the grant. A cash LTI grant was made by Chorus in September 2012 for the value of $349,779 (gross). The cash value was converted into EEUs based on dividing the target value by the VWAP of Chorus Shares for a defined 20 day trading period. A number of post- allocation performance hurdles have been introduced by the Board for this grant. Performance against these measures is considered annually but for the purposes of the grant it is the collated three year performance that determines the vesting multiplier on the grant. POTENTIAL VALUE n/a (payment made/ shares purchased) A maximum of 82,281 EEUs converted back into a cash value at vesting based on share price performance at that time. A maximum of 104,853 EEUs converted back into a cash value at vesting based on share price performance at that time. (i) The figures shown are gross amounts and exclude GST where applicable. (ii) Directors are entitled to be paid or reimbursed for reasonable travelling, accommodation and other expenses incurred in relation to management of Chorus without requiring authorisation of shareholders. Any such expenses are not included in the table above. 2011 2014 (iii) All non-executive directors receive a base fee. (iv) Board Committee fees are not paid to the chairman of the Board. (v) A fee for being a member of a Board Committee or the UFB Steering Committee is paid in addition to the base fees. (vi) Directors (other than the CEO) do not receive any other benefits. (vii) Mark Ratcliffe, as CEO, does not receive any remuneration in his capacity as a director of Chorus. The remuneration of the CEO is summarised below. The HRCC reviews the remuneration of directors based on criteria developed 2012 2015 by that Committee. Based on advice from independent consultants: • • for the year ended 30 June 2013 the Board used; and from 1 July 2013 the Board has set, the Board fee structure below: BASE FEES: Chairman of the Board Non-executive director BOARD COMMITTEE FEES: Audit and Risk Management Committee Chairman Member Human Resources and Compensation Committee Chairman Member Nominations and Corporate Governance Committee Chairman Member UFB Steering Committee Chairman Member Notes: ANNUAL FEE STRUCTURE YEAR TO 30 JUNE 2013 ($) ANNUAL FEE STRUCTURE FROM 1 JULY 2013 ($) 208,000 104,000 214,000 107,000 31,000 15,500 21,000 10,500 15,500 8,000 32,000 16,000 21,500 11,000 16,000 8,500 The CEO remuneration package is reviewed annually by the HRCC and Board, after seeking advice from external remuneration specialists and reviewing CEO and Chorus’ performance. In future years, the target values may be revised as a result of future adjustments to the CEO remuneration package and components. Chorus remuneration model The Board reviews the remuneration model for Chorus and has established principles of alignment to shareholder outcomes, simplicity, clarity and fairness, and remuneration outcomes which are based on performance. All Chorus employees have a fixed remuneration and STI component in their remuneration packages. A limited number of employees also have an LTI component. Fixed remuneration The fixed remuneration model is informed and adjusted each year based on data from multiple independent remuneration specialists. Employees’ fixed remuneration is based on a matrix of their own performances and their current remuneration position in the market range. STI plan Not applicable Not applicable on the complexity of the roles. Employees’ STI payments are determined following review 31,000 32,000 of company performance and individual performance and may be paid out at a multiplier of 0x to 2.8x. This model is focussed on articulating performance goals, driving for outcomes, STI values are calculated as a percentage of fixed remuneration and determined based differentiating high performance and rewarding delivery. (i) With the exception of the chairman of the Board, directors receive a fee for each Board Committee of which the director is the chairman or a member. LTI plan (ii) Directors may be paid an additional daily rate of $2,400 for additional work as determined and approved by the chairman of the Board and where the payment is within the total fee pool available for the relevant financial year based on advice of the General Counsel & Company Secretary. No such fees were paid in the year ended 30 June 2013. No director receives compensation in share options. No director (except the CEO) participates in a bonus or profit-sharing plan. No superannuation was paid to, or other scheme for retirement benefits exist for, any director (except for the CEO) in the year ended 30 June 2013. Chorus operates an LTI plan for its executives and an identified number of senior leaders. The Board has reviewed this model, on the basis of independent advice, and will be introducing a new model in 2013. This will involve the incorporation of a new subsidiary to act as trustee of the scheme. Managing performance Chorus’ performance management process is based on all Chorus people having performance and development plans for the year, which are regularly reviewed with their people leaders. The performance plan is developed initially by the individual after participating in ‘Line of Sight’ sessions, which enable them to link Chorus’ strategy with their day to day work and focus areas. The performance plan includes both outcome based objectives and behavioural measures, along with a development plan. End of year performance reviews are undertaken for all Chorus people. In these the people leader for the individual seeks additional feedback and participates in a peer review and moderation process, resulting in an overall rating and remuneration recommendation that impacts the individual’s total reward (fixed remuneration and target STI). This same process has been undertaken for the Chorus executive team, with the CEO making recommendations to the HRCC for the executive team and the chairman of the HRCC leading the performance review of the CEO and making recommendations to the Board. This process is consistent with that set out in the HRCC Charter and allows the Board to provide input into these individuals’ performance outcomes, total reward approvals (fixed remuneration, target STI and LTI) and development plans. 44 Employee remuneration range The table alongside shows the number of employees and former employees who, in their capacity as employees, received remuneration and other benefits in excess of $100,000 during the year to 30 June 2013. Employees can choose to receive telephone concessions, including contributions towards telephone line rental, national and international phone calls and online services. In addition, certain employees receive contributions towards membership of the Marram Trust (a community healthcare and holiday accommodation provider), contributions to the Government Superannuation Fund (a legacy benefit provided to a small number of employees) and, if the individual is a KiwiSaver member, a contribution of up to 3% of gross earnings towards that individual’s KiwiSaver scheme. These amounts are not included in these remuneration figures. Any benefits received by employees that do not have an attributable value are not included. DISCLOSURES Directors Directors during the year ended 30 June 2013 Current directors are listed on page 3. No directors resigned during the year ended 30 June 2013. Indemnities and insurance As permitted by its Constitution, Chorus has entered into deeds of indemnity with each of the directors for potential liabilities or costs they may incur for acts or omissions in their capacity as directors. Deeds of indemnity have also been given to certain senior staff for potential liabilities and costs they may incur for acts or omissions in their capacity as employees of Chorus, NUMBER OF EMPLOYEES IN THE YEAR ENDED 30 JUNE 2013 (BASED ON ACTUAL PAYMENTS) NUMBER OF EMPLOYEES IN THE YEAR ENDED 30 JUNE 2013 (BASED ON ACTUAL PAYMENTS) REMUNERATION RANGE $ (GROSS) 230,001-240,000 220,001-230,000 210,001-220,000 200,001-210,000 190,001-200,000 180,001-190,000 170,001-180,000 160,001-170,000 150,001-160,000 140,001-150,000 130,001-140,000 120,001-130,000 110,001-120,000 100,000-110,000 1 1 1 1 1 1 1 1 1 1 1 3 2 5 3 2 10 4 8 9 6 3 12 14 26 23 32 31 44 REMUNERATION RANGE $ (GROSS) 1,780,001-1,790,000 820,001-830,000 480,001-490,000 440,001-450,000 420,001-430,000 410,001-420,000 400,001-410,000 390,001-400,000 330,001-340,000 320,001-330,000 310,001-320,000 290,001-300,000 270,001-280,000 250,001-260,000 240,001-250,000 directors of Chorus subsidiaries or as directors of non-Chorus companies in which Chorus holds interests. Chorus has a directors’ and officers’ liability insurance policy in place. This provides insurance for the liabilities of the directors and employees of Chorus for acts or omissions in their capacity as directors or employees. It does not cover dishonest, fraudulent, malicious or wilful acts or omissions. Director interests in Chorus Shares As at 30 June 2013, directors had a relevant interest (as defined in the Securities Markets Act 1988) in Chorus Shares as follows: DIRECTOR Sue Sheldon Clayton Wakefield Keith Turner Anne Urlwin Mark Ratcliffe Prue Flacks AS 30 JUNE 2013 TRANSACTIONS DURING THE REPORTING PERIOD SHARES INTEREST NUMBER OF SHARES PURCHASED (SOLD) CONSIDERATION DATE OF TRANSACTION 15,000 19,647 5,686 10,000 Registered holder as trustee of family trust Beneficial interest Legal and beneficial interest Director and shareholder of registered holder 100,778 Beneficial interest 10,118 Legal and beneficial interest Trustee of family trusts Legal and beneficial interest Legal and beneficial interest 15,000 10,000 7,000 643* 186* 10,000 84,000 2,900 5,240 98* 1,880 $51,767.45 $34,900.00 $20,711.95 $1,768.25 $511.50 $34,000.00 $248,747.40 $10,004.84 $18,168.30 $269.50 $4,888.00 20 September 2012 10 September 2012 14 March 2013 12 April 2013 12 April 2013 19 September 2012 12, 13 and 15 March 2013 6 September 2012 6 September 2012 12 April 2013 31 May 2013 Total 161,229 * Purchased under Chorus’ Dividend Reinvestment Plan As at 30 June 2013, directors had a relevant interest representing approximately 0.041% Shares and shareholders of the Chorus Shares outstanding. Interests Register Directors disclosed, pursuant to section 140 of the Companies Act 1993, a change in, or cessation of, interest in the following entities during the year ended 30 June 2013: Sue Sheldon: Changes in interests: Paymark Ltd (chairman), Reserve Bank of New Zealand (deputy chairman), Global Women Trust (trustee). Cessation of interests: Nil. Anne Urlwin: Changes in interests: Ngai Tahu Te Runanga Audit & Risk Committee (independent chairman), OnePath Insurance Services (NZ) Ltd (director), OnePath Life (NZ) Ltd (director), Steel & Tube Holdings Ltd (director), Naylor Love Properties Ltd (director)*. Cessation of interests: Lakes Environmental Ltd (chairman), SR 2 Ltd (director), SR 3 Ltd (director), SR 4 Stock exchange listings and American Depositary Receipts Chorus Shares are quoted on the NZX Main Board and on the ASX. Chorus trades under the ticker ‘CNU’. American Depositary Shares (ADSs), each representing five ordinary shares and evidenced by American Depositary Receipts (ADRs), are not listed but are traded on the over-the-counter (OTC) market in the United States under the ticker symbol ‘CHRYY’. Chorus’ depositary is the Bank of New York Mellon. NZX waivers A summary of all waivers granted and published by NZX within or relied upon by Chorus in the 12 month period ending on the date two months before the date of this annual report, Ltd (director), SR 5 Ltd (director), SR 6 Ltd (director), SR 7 Ltd (director), is available on Chorus’ website at www.chorus.co.nz. This summary will be published for SR 8 Ltd (director), SR 9 Ltd (director), SR 10 Ltd (director), SR 11 Ltd (director). 12 months following publication of this annual report. Clayton Wakefield: Changes in interests: Nil. Cessation of Interests: Endace Ltd (director). ASX disclosures Jon Hartley: Changes in interests: Mission Foods Ltd (director). Cessation of interests: Mighty River Power Ltd (director). Keith Turner: Changes in interests: Nil. Cessation of interests: Waitaki Wind Ltd (director)*. Mark Ratcliffe: Changes in interests: Telecom Corporation of New Zealand Ltd (shareholder). Cessation of interests: Nil. Prue Flacks: Changes in interests: Mighty River Power LTI Ltd (director). Cessation of interests: BNZ Life Insurance Ltd (chairman)^, BNZ Insurance Services Ltd (chairman)^. * Disclosed after 30 June 2013 ^ Prue Flacks ceased to be a director of these companies after 30 June 2013. Chorus has been admitted to the official list of the ASX. As a result, Chorus is required to make the following disclosures: • Chorus’ place of incorporation is New Zealand. • Chorus is not subject to Chapters 6, 6A, 6B and 6C of the Australian Corporations Act 2001 dealing with the acquisition of shares (including substantial shareholdings and takeovers). • Chorus’ Constitution contains limitations on the acquisition of securities, as disclosed below. • Chorus used the cash and assets in a form readily convertible to cash that it had at the time of admission in a way consistent with its business objectives as set out in the scheme booklet. Registration as a foreign company Chorus has registered with the Australian Securities and Investments Commission (ASIC) as a foreign company. Chorus has been issued an Australian Registered Body Number (ARBN) of 152 485 848. 45 Quoted securities Twenty largest holders of Chorus Shares as at 19 August 2013 As at 30 June 2013 there were 389,299,049 Chorus Shares on issue. RANK HOLDER NAME Each Chorus Share confers on its holder the right to attend and vote at a meeting of Chorus, including the right to cast one vote on a poll on any resolution. Non-standard designation NZX has attached a ‘non-standard’ designation to the listing of the Chorus Shares owing to the ownership restrictions in Chorus’ Constitution, as described below. Chorus’ constitutional ownership restrictions Chorus’ Constitution includes ownership restrictions that prohibit any person: • from having a relevant interest in 10% or more of Chorus Shares, unless the prior written consent of the New Zealand Government is obtained; or • other than a New Zealand national, from having a relevant interest in more than 49.9% of Chorus Shares, unless the prior written consent of the New Zealand Government is obtained. If the Board or the New Zealand Government determines there are reasonable grounds for believing that a person has a relevant interest in voting shares in excess of the ownership restrictions, the Board may, after following certain procedures, prohibit the exercise of voting rights (in which case the voting rights shall vest in the chairman) and may force the sale of shares. The Board may also decline to register a transfer of shares if it reasonably believes the transfer would breach the ownership restrictions. NZX has granted Chorus waivers allowing Chorus’ Constitution to include the power of forfeiture, the restrictions on transferability of Chorus Shares and the Board’s power to prohibit the exercise of voting rights relating to these ownership restrictions. Chorus has been advised by the Crown that AMP Capital Holdings Ltd and its related companies have been granted approval, should they choose to exercise it in future, 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. National Nominees New Zealand Limited* JP Morgan Chase Bank NA* Accident Compensation Corporation* JP Morgan Nominees Australia Limited HSBC Nominees (New Zealand) Limited A/C State Street* HSBC Nominees (New Zealand) Limited* National Nominees Limited FNZ Custodians Limited Citibank Nominees (New Zealand) Limited* Forsyth Barr Custodians Limited BNP Paribas Nominees (NZ) Limited* Westpac NZ Shares 2002 Wholesale Trust* Citicorp Nominees PTY Limited Forsyth Barr Custodians Limited New Zealand Superannuation Fund Nominees Limited* HSBC Custody Nominees (Australia) Limited Premier Nominees Ltd – Onepath Wholesale Australasian Shr Fund* 3,828,928 Investment Custodial Services Limited BT NZ Unit Trust Nominees Limited* 20. RBC Investor Services Australia Nominees PTY Limited HOLDING % 60,288,503 15.48 32,029,843 23,341,750 18,258,067 16,799,898 16,396,338 11,758,593 11,361,287 9,664,089 7,891,023 7,557,664 4,942,584 4,547,173 4,497,699 4,367,784 4,229,021 2,594,204 2,492,160 2,486,293 8.22 5.99 4.68 4.31 4.21 3.02 2.91 2.48 2.02 1.94 1.26 1.16 1.15 1.12 1.08 0.98 0.66 0.64 0.63 to acquire a relevant interest in 10% or more (but not exceeding 15%) of Chorus Shares. * Held through New Zealand Central Securities Depository Limited (NZCSD). NZCSD provides Unquoted securities NUMBER OF SECURITIES ISSUED IN YEAR ENDED 30 JUNE 2013 TOTAL NUMBER OF SECURITIES ON ISSUE AS AT 19 AUGUST 2013 52,708,669 71,729,203 52,708,669 71,729,203 SECURITY CFH Equity Securities CFH Debt Securities CFH Warrants 2,838,382* 3,532,423* a custodial depository service which allows electronic trading of securities by its members. As at 19 August 2013, 186,797,319 Chorus Shares (or 47.98% of the ordinary shares on issue) were held through NZCSD. HOLDER PERCENTAGE HELD Shareholders holding less than a marketable parcel Crown Fibre Holdings Ltd Crown Fibre Holdings Ltd Crown Fibre Holdings Ltd 100% 100% 100% As at 19 August 2013, there were 6,071 shareholders holding between 1 and 99 Chorus Shares (less than a minimum holding under the NZX Listing Rules) and, based on the market price of A$2.55, there were 11,808 holders that held less than a marketable parcel of A$500 of Chorus Shares under the ASX Listing Rules. On-market buy-back: There is no current on-market buy-back. Net tangible assets per security * The CFH warrants have been issued in two series, with different repayment schedules. On 30 June 2020 one series will be cancelled depending on whether the 20% fibre up-take As at 30 June 2013, the consolidated net tangible assets per share was NZ$1.21 (30 June 2012: 0.90). Net tangible assets per share is a non-GAAP financial measure and is not prepared in threshold is met. The CFH equity securities are a unique class of security that carry no right to vote at meetings of holders of Chorus Shares but entitle the holder to a right to a repayment preference on liquidation. accordance with NZ IFRS. Company Secretary Vanessa Oakley Donations The CFH debt securities are unsecured, non-interest bearing and carry no voting rights Chorus New Zealand Ltd made a donation of $50,000 to the Starship Foundation at meetings of holders of Chorus Shares. The CFH warrants are an option to acquire Chorus Shares on a specified exercise date at a set strike price. in the financial period. Subsidiaries Chorus New Zealand Ltd The terms of the issue for each of the CFH equity securities, CFH debt securities and Directors: Mark Ratcliffe (Chairman), Andrew Carroll, Brian Hall, Vanessa Oakley the CFH warrants are summarised on pages 139-142 of the scheme booklet (available and Lucy Riddiford (as alternate director for Vanessa Oakley). here http://www.chorus.co.nz/file/4926/scheme-booklet.pdf). No directors of Chorus New Zealand Ltd resigned during the reporting period. Distribution of shareholders and shareholdings of Chorus Shares as at 19 August 2013 Director Remuneration: SIZE OF SHAREHOLDING 1 to 1,000 1,001 to 5,000 5,001 to 10,000 10,001 to 100,000 100,001 and over Total NUMBER OF HOLDERS NUMBER OF SHARES HELD % OF CHORUS SHARES ISSUED 26,121 8,619 2,442 1,995 112 39,289 8,038,131 21,577,906 18,329,383 47,084,011 294,269,618 389,299,049 2.06 5.54 4.71 12.09 75.60 100 Substantial security holders as at 19 August 2013 As at 19 August 2013 Chorus had received notices under Section 26 of the Securities Markets The directors of Chorus New Zealand Ltd are all employees and do not receive any remuneration in their capacity as directors. Directors’ interests: Mark Ratcliffe: Changes in interests: Telecom Corporation of New Zealand Ltd (shareholder), Cessation of interests: Nil. Andrew Carroll: Changes in interests: Nil. Cessation of interests: Nil. Brian Hall: Changes in interests: Chorus Ltd (shareholder). Cessation of interests: Nil. Lucy Riddiford: Changes in interests: Chorus Ltd (shareholder). Cessation of interests: Telecom Corporation of New Zealand Ltd (shareholder). Act 1988 that the following shareholders were substantial security holders in respect of Vanessa Oakley: Changes in interests: Nil. Cessation of interests: Nil. Chorus Shares: SUBSTANTIAL SECURITY HOLDER NUMBER OF VOTING SECURITIES DATE OF NOTICE Accident Compensation Corporation 24,046,750 23 July 2013 Schroder Investment Management Australia Limited 38,288,978 4 February 2013 The Bank of New York Mellon Corporation 28,681,648 31 December 2012 Indemnities and Insurance: See Indemnities and Insurance on page 45 for further information. Other subsidiaries The Board will be introducing a new long term incentive scheme for the CEO and Executive in 2013. A new subsidiary will be incorporated to act as a trustee of the scheme. 46 Glossary Basic UBA Basic Unbundled Bitstream Access CFH Crown Fibre Holdings Limited Chorus Chorus Limited and, where the context requires, its subsidiary Commission Commerce Commission CPI CPPP DSL Consumer Price Index Cost per premises passed Digital Subscriber Line, a family of communications technologies allowing high-speed data over existing copper EBITDA Earnings before interest, income tax, depreciation and amortisation EMTN Euro Medium Term Note Enhanced UBA Enhanced Unbundled Bitstream Access FY Financial period – twelve months ended 30 June HSNS Lite (Fibre) High Speed Network Service Lite over fibre HSNS Lite (Copper) High Speed Network Service Lite over copper HSNS Premium High Speed Network Service Premium (Bitstream 4) IP MBIE Internet Protocol Ministry of Business, Innovation and Employment Naked UBA Broadband only UBA connections POTS RBI Plain Old Telephone Service Rural Broadband Initiative Scheme booklet The Telecom demerger scheme booklet, published on 13 September 2011 SLES SLU TDL Sub Loop Extension Service Sub Loop Unbundling Telecommunications Development Levy Telecom Telecom Corporation of New Zealand Limited and subsidiaries TRL TSO UBA Telecommunications Regulatory Levy Telecommunications Service Obligation Unbundled Bitstream Access UCLFS Unbundled Copper Low Frequency Service UCLL UFB VDSL Unbundled Copper Local Loop Ultra-Fast Broadband Very High Speed Digital Subscriber Line – a DSL technology VoIP Voice over Internet Protocol 7 4 Chorus Financial Statements DIRECTORY Registered Offices New Zealand Level 9, North Tower Datacom House, 68 - 86 Jervois Quay Wellington 6011 New Zealand Phone: +64 4 471 0220 Australia C/- Allens Corporate Services Pty Limited Level 5, Deutsche Bank Place 126 Phillip Street Sydney NSW 2000 Australia Phone: +61 2 9230 4000 ARBN 152 485 848 Registrars New Zealand Depository BNY Mellon Depositary Receipts Computershare Investor Services Limited PO Box 43006 Providence, RI 02940-3006 United States Phone: +1 201 680 6825 Email: shrrelations@bnymellon.com www.bnymellon.com/shareowner Private Bag 92119 Auckland 1142 New Zealand Phone: +64 9 488 8777 Fax: +64 9 488 8787 Email: enquiry@computershare.co.nz www.investorcentre.com/nz Australia Computershare Investor Services Pty Limited GPO Box 3329 Melbourne 3001 Australia Freephone: 1 800 501 366 Fax: +61 3 9473 2500 Email: enquiry@computershare.co.nz www.investorcentre.com/nz FORWARD LOOKING STATEMENTS AND DISCLAIMER This annual report may contain forward looking statements regarding future as to the fairness, accuracy or completeness of the information contained, events and the future financial performance of Chorus, including forward referred to or reflected in this annual report, or any information provided looking statements regarding industry trends, strategies, capital expenditure, orally or in writing in connection with it. Please read this annual report in the construction of the UFB network, credit ratings and future financial and the wider context of material previously published by Chorus and released operational performance. These forward looking statements are not guarantees or predictions of future performance, and involve known and through the NZX Main Board and ASX. unknown risks, uncertainties and other factors, many of which are beyond Except as required by law or the listing rules of the NZX Main Board and ASX, Chorus’ control, and which may cause actual results to differ materially Chorus is not under any obligation to update this annual report at any time from those expressed in the statements contained in this annual report. after its release to you, whether as a result of new information, future events No representation, warranty or undertaking, express or implied, is made or otherwise.