Shares Magazine - May 24, 2018

THIS IS AN ADVERTISING PROMOTION

ŵĂĚĞƵƐĂŶĚ'ĞƌŵĂŶďƵƐŝŶĞƐƐŝŶƚĞůůŝŐĞŶĐĞ
ƐŽŌǁĂƌĞƉƌŽǀŝĚĞƌ^W͘ŽŶƚƌĂƌLJƚŽƚŚĞ
ŐĞŶĞƌĂůĐŽŶƐĞŶƐƵƐ͕ƵƌŽƉĞ͛ƐƚĞĐŚůĞĂĚƐƚŚĞ
ǁŽƌůĚŝŶƐŽŵĞĂƌĞĂƐ͘tĞŚĂǀĞŚĞůĚ^WĂŶĚ
ŵĂĚĞƵƐĞĂĐŚĨŽƌĂůŽŶŐƟŵĞĂŶĚŚĂǀĞďĞĞŶ
ďĞŶĞĮĐŝĂƌŝĞƐŽĨƚŚĞŝƌŐƌŽǁƚŚ͘
ƚƚŚĞĞŶĚŽĨDĂƌĐŚ͕,ĞŶĚĞƌƐŽŶƵƌŽdƌƵƐƚ
shares were trading at a discount to the
ƵŶĚĞƌůLJŝŶŐEsŽĨĂďŽƵƚϳ͘ρйĂŶĚĂůƚŚŽƵŐŚ
ƚŚĂƚŵĂLJǁĞůůŶĂƌƌŽǁŽǀĞƌƚŚĞĐŽŵŝŶŐŵŽŶƚŚƐ͕
ŝƚĂůƐŽŚĂƐƉŽƚĞŶƟĂůƚŽǁŝĚĞŶŝĨƐĞŶƟŵĞŶƚ
ƚŽǁĂƌĚƐƵƌŽƉĞĂŶĞƋƵŝƚLJŵĂƌŬĞƚƐĚĞƚĞƌŝŽƌĂƚĞƐ
ĨƵƌƚŚĞƌ͘ƵƚĂƐĂƐŶĂƉƐŚŽƚ͕ĂŶŝŶǀĞƐƚŵĞŶƚ
ƚƌƵƐƚƚƌĂĚŝŶŐĂƚĂŚŝŐŚĞƌƚŚĂŶƵƐƵĂůĚŝƐĐŽƵŶƚ
compared with what has been the case in
ƌĞĐĞŶƚLJĞĂƌƐŵŝŐŚƚĨƌŽŵƟŵĞƚŽƟŵĞŽīĞƌĂ
ŐŽŽĚŽƉƉŽƌƚƵŶŝƚLJĨŽƌĂůŽŶŐƚĞƌŵŝŶǀĞƐƚŽƌ͘

ŽŽŬŝŶŐĂƚƚŚĞǁŝĚĞƌƉŝĐƚƵƌĞ͕ǁŽƌůĚ
ĞĐŽŶŽŵŝĐŐƌŽǁƚŚŵŝŐŚƚũƵƐƚďĞĂƚƚŚĂƚ͞ĂƐ
ŐŽŽĚĂƐŝƚŐĞƚƐ͟ŵŽŵĞŶƚ͘'WŐƌŽǁƚŚƌĂƚĞƐ
ĂƌĞƐůŽǁŝŶŐĚŽǁŶďƵƚƵƌŽƉĞ͛ƐĞŵƉŚĂƐŝƐŽŶ
ůŽŶŐͲƚĞƌŵŝƐŵĂŶĚŝŶŶŽǀĂƟŽŶŝƐĂĐŽŵďŝŶĂƟŽŶ
ǁĞƚŚŝŶŬǁŝůůůĞĂĚƚŽƐƵƐƚĂŝŶĂďůĞŐƌŽǁƚŚ͘
^ƚƌĂƚĞŐŝĐĂůůLJ͕ǁĞƚŚŝŶŬƵƌŽƉĞǁŝůůďĞŽŶĞŽĨ
ƚŚĞŵŽƌĞĨƌƵŝƞƵůĂƌĞĂƐĨŽƌŐƌŽǁƚŚŝŶǀĞƐƚŽƌƐ͘

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sŽůĂƟůŝƚLJ͗ The rate and extent at which the
ƉƌŝĐĞŽĨĂƉŽƌƞŽůŝŽ͕ƐĞĐƵƌŝƚLJŽƌŝŶĚĞdž͕ŵŽǀĞƐ
ƵƉĂŶĚĚŽǁŶ͘/ĨƚŚĞƉƌŝĐĞƐǁŝŶŐƐƵƉĂŶĚĚŽǁŶ
ǁŝƚŚůĂƌŐĞŵŽǀĞŵĞŶƚƐ͕ŝƚŚĂƐŚŝŐŚǀŽůĂƟůŝƚLJ͘/Ĩ
ƚŚĞƉƌŝĐĞŵŽǀĞƐŵŽƌĞƐůŽǁůLJĂŶĚƚŽĂůĞƐƐĞƌ

ĞdžƚĞŶƚ͕ŝƚŚĂƐůŽǁĞƌǀŽůĂƟůŝƚLJ͘/ƚŝƐƵƐĞĚĂƐĂ

measure oĨƚŚĞƌŝƐŬŝŶĞƐƐŽĨĂŶŝŶǀĞƐƚŵĞŶƚ͘

dŽƚĂůƌĞƚƵƌŶ͗ The return on an investment,

ŝŶĐůƵĚŝŶŐŝŶĐŽŵĞĨƌŽŵĚŝǀŝĚĞŶĚƐĂŶĚŝŶƚĞƌĞƐƚ͕

ĂƐǁĞůůĂƐĂƉƉƌĞĐŝĂƟŽŶŽƌĚĞƉƌĞĐŝĂƟŽŶŝŶƚŚĞ

ƉƌŝĐĞŽĨƚŚĞƐĞĐƵƌŝƚLJ͕ŽǀĞƌĂŐŝǀĞŶƟŵĞƉĞƌŝŽĚ͕

ƵƐƵĂůůLJĂLJĞĂƌ͘

WƌŝĐĞͲƚŽͲĞĂƌŶŝŶŐƐƌĂƟŽ;WͬƌĂƟŽͿ͗ƉŽƉƵůĂƌ

ƌĂƟŽƵƐĞĚƚŽǀĂůƵĞĂĐŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐ͘/ƚŝƐ

ĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐƚŚĞĐƵƌƌĞŶƚƐŚĂƌĞƉƌŝĐĞ

ďLJŝƚƐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͘/ŶŐĞŶĞƌĂů͕ĂŚŝŐŚ

WͬƌĂƟŽŝŶĚŝĐĂƚĞƐƚŚĂƚŝŶǀĞƐƚŽƌƐĞdžƉĞĐƚƐƚƌŽŶŐ

ĞĂƌŶŝŶŐƐŐƌŽǁƚŚŝŶƚŚĞĨƵƚƵƌĞ͕ĂůƚŚŽƵŐŚĂ

;ƚĞŵƉŽƌĂƌLJͿĐŽůůĂƉƐĞŝŶĞĂƌŶŝŶŐƐĐĂŶĂůƐŽůĞĂĚ

ƚŽĂŚŝŐŚWͬƌĂƟŽ͘

WƌŝĐĞͲƚŽͲŬƌĂƟŽ͗dŚĞƉƌŝĐĞͲƚŽͲŬƌĂƟŽ

;WͬZĂƟŽͿŝƐĂƌĂƟŽƵƐĞĚƚŽĐŽŵƉĂƌĞĂƐƚŽĐŬ͛Ɛ

ŵĂƌŬĞƚǀĂůƵĞƚŽŝƚƐŬǀĂůƵĞ͘/ƚŝƐĐĂůĐƵůĂƚĞĚ

ďLJĚŝǀŝĚŝŶŐƚŚĞĐƵƌƌĞŶƚĐůŽƐŝŶŐƉƌŝĐĞŽĨƚŚĞ

ƐƚŽĐŬďLJƚŚĞůĂƚĞƐƚƋƵĂƌƚĞƌ͛ƐŬǀĂůƵĞƉĞƌ

ƐŚĂƌĞ͘ůƐŽŬŶŽǁŶĂƐƚŚĞƉƌŝĐĞͲĞƋƵŝƚLJƌĂƟŽ͘

'ĞĂƌŝŶŐ͗ŵĞĂƐƵƌĞŽĨĂĐŽŵƉĂŶLJ͛Ɛ

ůĞǀĞƌĂŐĞƚŚĂƚƐŚŽǁƐŚŽǁĨĂƌŝƚƐŽƉĞƌĂƟŽŶƐ

ĂƌĞĨƵŶĚĞĚďLJůĞŶĚĞƌƐǀĞƌƐƵƐƐŚĂƌĞŚŽůĚĞƌƐ͘

/ƚŝƐĂŵĞĂƐƵƌĞŽĨƚŚĞĚĞďƚůĞǀĞůŽĨĂ

ĐŽŵƉĂŶLJ͘tŝƚŚŝŶŝŶǀĞƐƚŵĞŶƚƚƌƵƐƚƐŝƚƌĞĨĞƌƐ

ƚŽŚŽǁŵƵĐŚŵŽŶĞLJƚŚĞƚƌƵƐƚďŽƌƌŽǁƐĨŽƌ

investment purposes.

ĞĨŽƌĞŝŶǀĞƐƟŶŐŝŶĂŶŝŶǀĞƐƚŵĞŶƚƚƌƵƐƚƌĞĨĞƌƌĞĚƚŽŝŶƚŚŝƐĚŽĐƵŵĞŶƚ͕LJŽƵƐŚŽƵůĚƐĂƟƐĨLJLJŽƵƌƐĞůĨĂƐƚŽŝƚƐƐƵŝƚĂďŝůŝƚLJĂŶĚƚŚĞƌŝƐŬƐŝŶǀŽůǀĞĚ͕
LJŽƵŵĂLJǁŝƐŚƚŽĐŽŶƐƵůƚĂĮŶĂŶĐŝĂůĂĚǀŝƐĞƌ͘WĂƐƚƉĞƌĨŽƌŵĂŶĐĞŝƐŶŽƚĂŐƵŝĚĞƚŽĨƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞǀĂůƵĞŽĨĂŶŝŶǀĞƐƚŵĞŶƚĂŶĚƚŚĞ
ŝŶĐŽŵĞĨƌŽŵŝƚĐĂŶĨĂůůĂƐǁĞůůĂƐƌŝƐĞĂŶĚLJŽƵŵĂLJŶŽƚŐĞƚďĂĐŬƚŚĞĂŵŽƵŶƚŽƌŝŐŝŶĂůůLJŝŶǀĞƐƚĞĚ͘dĂdžĂƐƐƵŵƉƟŽŶƐĂŶĚƌĞůŝĞĨƐĚĞƉĞŶĚƵƉŽŶ
ĂŶŝŶǀĞƐƚŽƌ͛ƐƉĂƌƟĐƵůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐĂŶĚŵĂLJĐŚĂŶŐĞŝĨƚŚŽƐĞĐŝƌĐƵŵƐƚĂŶĐĞƐŽƌƚŚĞůĂǁĐŚĂŶŐĞ͘EŽƚŚŝŶŐŝŶƚŚŝƐĚŽĐƵŵĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽ
ŽƌƐŚŽƵůĚďĞĐŽŶƐƚƌƵĞĚĂƐĂĚǀŝĐĞ͘dŚŝƐĚŽĐƵŵĞŶƚŝƐŶŽƚĂƌĞĐŽŵŵĞŶĚĂƟŽŶƚŽƐĞůůŽƌƉƵƌĐŚĂƐĞĂŶLJŝŶǀĞƐƚŵĞŶƚ͘/ƚĚŽĞƐŶŽƚĨŽƌŵƉĂƌƚŽĨĂŶLJ
ĐŽŶƚƌĂĐƚĨŽƌƚŚĞƐĂůĞŽƌƉƵƌĐŚĂƐĞŽĨĂŶLJŝŶǀĞƐƚŵĞŶƚ͘tĞŵĂLJƌĞĐŽƌĚƚĞůĞƉŚŽŶĞĐĂůůƐĨŽƌŽƵƌŵƵƚƵĂůƉƌŽƚĞĐƟŽŶ͕ƚŽŝŵƉƌŽǀĞĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞ
ĂŶĚĨŽƌƌĞŐƵůĂƚŽƌLJƌĞĐŽƌĚŬĞĞƉŝŶŐƉƵƌƉŽƐĞƐ͘

/ƐƐƵĞĚŝŶƚŚĞh<ďLJ:ĂŶƵƐ,ĞŶĚĞƌƐŽŶ/ŶǀĞƐƚŽƌƐ͘:ĂŶƵƐ,ĞŶĚĞƌƐŽŶ/ŶǀĞƐƚŽƌƐŝƐƚŚĞŶĂŵĞƵŶĚĞƌǁŚŝĐŚ:ĂŶƵƐĂƉŝƚĂů/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ;ƌĞŐ
ŶŽ͘ϯρεκςϭρͿ͕,ĞŶĚĞƌƐŽŶ'ůŽďĂů/ŶǀĞƐƚŽƌƐ>ŝŵŝƚĞĚ;ƌĞŐ͘ŶŽ͘εϬςϯρρͿ͕,ĞŶĚĞƌƐŽŶ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚƐ>ŝŵŝƚĞĚ;ƌĞŐ͘ŶŽ͘ϮςϳΘρϯϭͿ͕ůƉŚĂ'ĞŶ
ĂƉŝƚĂů>ŝŵŝƚĞĚ;ƌĞŐ͘ŶŽ͘εςϮϳρϳͿ͕,ĞŶĚĞƌƐŽŶƋƵŝƚLJWĂƌƚŶĞƌƐ>ŝŵŝƚĞĚ;ƌĞŐ͘ŶŽ͘ϮςϬςςκςͿ͕;ĞĂĐŚŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚŝŶŶŐůĂŶĚĂŶĚ
tĂůĞƐǁŝƚŚƌĞŐŝƐƚĞƌĞĚŽĸĐĞĂƚϮϬϭŝƐŚŽƉƐŐĂƚĞ͕>ŽŶĚŽŶϮDϯͿĂƌĞĂƵƚŚŽƌŝƐĞĚĂŶĚƌĞŐƵůĂƚĞĚďLJƚŚĞ&ŝŶĂŶĐŝĂůŽŶĚƵĐƚƵƚŚŽƌŝƚLJƚŽ
provide investment products and services.

ΞϮϬϭΘ͕:ĂŶƵƐ,ĞŶĚĞƌƐŽŶ/ŶǀĞƐƚŽƌƐ͘dŚĞŶĂŵĞ:ĂŶƵƐ,ĞŶĚĞƌƐŽŶ/ŶǀĞƐƚŽƌƐŝŶĐůƵĚĞƐ,'/'ƌŽƵƉ>ŝŵŝƚĞĚ͕,ĞŶĚĞƌƐŽŶ'ůŽďĂů/ŶǀĞƐƚŽƌƐ;ƌĂŶĚ
DĂŶĂŐĞŵĞŶƚͿ^ĂƌůĂŶĚ:ĂŶƵƐ/ŶƚĞƌŶĂƟŽŶĂů,ŽůĚŝŶŐ>>͘