8/3/2019 07 Hedging

1/32

!7.0#8,3,02039,3/

90:9:708,709

0/3

8/3/2019 07 Hedging

2/32

,709#8

W .4342.;8!74/:.9#8

574/:.9/090747,9433;,:0574/:.9/0897:.943

W #88,,7093:3.943,.9,9;0

1:3.943

W #8,8489#8%,3147!7419

W ,72078,;0&3,;4/,-0!7.0#8

W #8%7,38107,0087,-0!7419,-0

8/3/2019 07 Hedging

3/32

,2508414:7#8

,3,02039W !,394!7.04-4397,.9

W 400%:943!,3:1470,7

W 400$9:/!7490.9,3894!,4-

W ,,30$:-8.75943!,147.45083

,/;,3.0W 4207039,.4397,.938:7,3.0

8/3/2019 07 Hedging

4/32

7,3,72078,709#8

W !,393$57394:9343,,7;089!7.0

W$03$57394:9343,0/

W $03,94:9343$573!7.0

W $94703,94:9343$573!7.0

8/3/2019 07 Hedging

5/32

,7207%44847,3,3

!7.0#8W ,8$,0,9,7;08947742$947,0

W 47,7/!7.3

47,7/4397,.98,8,3/,88.4397,.98

0/3:83:9:708

59438

W 32:2!7.04397,.9

8/3/2019 07 Hedging

6/32

:9:708,7098

W :9:708.,308%

%09.

W :9:70857.0894/,857.0147574/:.9894-0/0;070/3901:9:70

4397,.9850.1.,9438

7/0700.:943574.08845034:9.7

,73706:7020398

8/3/2019 07 Hedging

7/32

,90

!7.0507:80

.943

,73.943

..4:39,,3.0

39,2,73

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9/7, ,3 ,3 ::.473

8/3/2019 07 Hedging

8/32

8/3/2019 07 Hedging

9/32

:9:708,709!,79.5,398

W $50.:,9478

#8%,078

!7419742

4770.9

39.5,93!7.0

,308

4:/490;0747

%,00;0741:9:7084224/908

W 0/078

,;0307039

!7.0#8 894#0/:.047

,3,0#8

4:/0;07

,389:9:7084397,.9

8/3/2019 07 Hedging

10/32

0/00139438

W &8390:9:7084759438,7098%4,3,0!7.0#88

W %02547,7$:-899:94341:9:708,709%7,38,.943147,!,330/,8,709%7,38,.943

W %,36:,,3/554890!4894384390,8,3/:9:708,7098

8/3/2019 07 Hedging

11/32

0/30.8438

W ,982,999:/094,7/57.078

W ,9/4050.957.094/4

W ,9,702.4898

W 0384:/809900/00394

199

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8/3/2019 07 Hedging

12/32

0/3:/0308

W 0./043,/013900/34-0.9;070,84382439

W 8.:880/35,3994803;4;0/0

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'!

W 44-,885,990738

W 0/070,843,-0,24:39841.4224/9

W 005,/06:,9070.47/8

8/3/2019 07 Hedging

13/32

!74/:.943,3/,7093

!074/8

$573

!,393,

,7;089

$573

$:2207

!70,7;089!074/ $947,0!074/

#8!,3994:9

343,!7.0

#8$947094:9

343$573!7.0

8/3/2019 07 Hedging

14/32

%0!0710.90/0

,3!7.0!074/,8

!7.0

:9:708

!7.0,88

4;

0.

: $0

$0 :

,88,0:9:708,3

#09:73940/0

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8/3/2019 07 Hedging

15/32

!0710.90/0#09:738

47,!0710.90/0,884389,39%0

#09:73%4%00/0,8!7.0 :9:708

,8090$,20

8/3/2019 07 Hedging

16/32

%0!0710.90/0

#83!7.0!074/

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!7.0

:9:708

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4;

0.

: $0

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#09:73940/0

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8/3/2019 07 Hedging

17/32

%0$9250710.9

0/0,8

!7.0

:9:708

!7.0,88

4;

0.

: $0

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#09:73940/0

8-09907

9,3

:9349

8/3/2019 07 Hedging

18/32

,7,.90789.841,$:..0881:

0/0W 6:,,3/554890!48943843,8,3/

:9:708,7098

W ,8,3/:9:708,70984;03$,20

70.943W !70/.9,-0,88!,99073

W :1:9:708!48943$043,8,709

W 4884330,709,343907,709

W %7,3810741#817420/07894$50.:,9478

W 4%0,784#07098

8/3/2019 07 Hedging

19/32

%508410/08

W $4790/0!7490.98,389,3!7.08

43,8$479:9:708

$0,8:,.:9:708

W 430/0!7490.98,389#83!7.08

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:,8$0:9:708

W %0,80/049,%7:00/0

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4:-0890#8

8/3/2019 07 Hedging

20/32

%700,72070/08

W !0710.90/0

&801:1470,733#,703!7,.9.0

W $947,00/0

$09:73$947,0.994,

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058,73$947,0#09:738

W !70,7;0890/0

$093$573

!7490.98,,7;089!7.0

8/3/2019 07 Hedging

21/32

$947,00/08

W ,7;08994$,0!074/$947,0$0,843

W #841!7.00.303;03947488

W!7.0#804;07$947,04898

W ,773,708

$947,04898

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38:7,3.0,3/39070894898

W 094$:..088,7743,88!,99073

8/3/2019 07 Hedging

22/32

%0$947,00/0,8

!7.0

:9:708

!7.0,88

4;

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:$9470 $0

$0 :

,88,0:9:708,3

#09:73940/0

73,489

$947,0#09:73

8/3/2019 07 Hedging

23/32

$947,00/0#:0

%0$947,00/078,773,70

#09:7394$947,0,86:,%0,303,88;0790$947,0!074/

%0$947,00/0%7,38107890,88

,3074290$50.:,9478940/078

8/3/2019 07 Hedging

24/32

0/3!73.50

%0,8809072

30890$:..088

410/0

8/3/2019 07 Hedging

25/32

,90,8,709:9:708

,709

.94-07,7;089!7.0$0::9

89:30,88

$947,0489

47,7/!7.0

$947,0!7419

:30,8$,0:,.:9

#09:73940/0

473$947,00/0

8/3/2019 07 Hedging

26/32

!70,7;0890/0

W $09:73!,39347743!074/

W !7490.98,389,7;089!7.0#8

,7;089!7.04;07!74/:.9434898

W 4.83,,7;089%,709!7.0

W 094$:..088#06:708..:7,90,7;089,88!70/.943

8/3/2019 07 Hedging

27/32

%0!70,7;0890/0,8

!7.0

:9:708

!7.0,88

,

!,393

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!,39,9%,709

!7.0

$0

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50.90/

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#09:73940/0$573%,709

8/3/2019 07 Hedging

28/32

,90,8,709:9:708

,709

,$00.:948941!74/:.943

47,7/!7.0-,8850.90/!7419

.9,8$,0:,.:9

09#09:73940/0

473!70,7;0890/0

50.90/-,88

8/3/2019 07 Hedging

29/32

,.:,9390#09:73

%4,0/0

%4/, :77039:9:708!7.0

08850.90/,88,9$,0%20

6:,84.347,7/!7.0

:9:70$,0 ,8!7.0

!:83:8:9:708%7,38,.943

6:,8%49,#09:73940/0

0884898!74/37$947,0

6:,809#09:73%40/0

8/3/2019 07 Hedging

30/32

42-3,943!70,7;089

,3/$947,00/0

,%,709$0

89$57

-,88

,80.:30

,709:9:708:9:708

,:

#09:73940/0

8/3/2019 07 Hedging

31/32

439470,72078

0/0W ,.41&3/0789,3/3410/3

W 897:8941:9:708,709

W !70107,804147,7/4397,.98W 0#8!7010794$50.:,9043,8

,709

W 80,73,8W 907

8/3/2019 07 Hedging

32/32

$:22,7#8,3,02039

%448W 0/3

W 59438

W 47,7/,84397,.98

W ,884397,.98

W 32:2!7.04397,.98