Acor Liited /MC

/acu| |iaiteJ ,/MC is o luuol uoc|oir cuauor] wit|

uue|otiur oc|uss i.e aoju| eu|ou|ic o|eos ,u.e| +Z
cuurt|ies, /ust|olosio, lu|t| /ae|ico, |otir /ae|ico,
Eu|uue orJ /sio. /acu| ue|s o u|uoJ |ore u ulostic, iu|e,
aetol orJ loss uoc|oir |eloteJ u|uJucts orJ se|.ices os
well os |ec]clir se|.ices ir /ust|olio orJ Jist|iuutiur
se|.ices ir lu|t| /ae|ico.
C|oi|aor Cl Ruue|ts
CE0lM0 Kl MocKer/ie
Sec|eto|] J Mcu|e|sur
/uJitu| ||icewote||uuseCuuue|s
Teleu|ure. -1 3 9ZZ 9000
weusite. www.oacu|.cua
/JJ|ess. 109 Bu|wuuJ RJ
|owt|u|r VlC 31ZZ
Reist|] weusite. www.cuauute|s|o|e.cua.ou
8trategy AoaIysis os ot 0+.0+.Z01Z
/MC |os ueer ucuseJ ur ocuisitiurs orJ irc|eoseJ
seaert uo|ticiuotiur ir u|Je| tu |uw t|e uusiress. T|e|e
will ue o Ji.estaert u rurst|oteic uusiresses os well os
ir.estaert irtu rew euiuaert ir u|Je| tu luwe| uue|otir
custs orJ irc|eose ulort ucus. Ceu|ou|ic eruorsiur
t||uu| Cert|ol orJ Eoste|r Eu|uue .io u|oric orJ
ocuisiti.e |uwt| is ueir Je.eluueJ. T|e cuauor] |uues
tu le.e|oe st|ur |eiurol uusitiurs orJ or ertersi.e
u|uJuct uu|tuliu ir u|Je| tu u|t|e| er|orce t|ei| ao||et
uusitiur orJ coutu|e |i| ue|u|aorce u|uJuct |uwt|.
FioaociaI Fositioo
011 SMil 01Z SMil
Cos| ZZ+ 35c
lr.ertu|ies 15c+ 1+
Recei.oules 1/+0 15c5
Cu||ert /ssets 30 3/Zc
|ireJ /ssets ++9/ +c
lrtoriules 1ccZ Z000
Tutol /ssets 109Z+ 11335
|o]oules Z50 Z/+5
S|u|tTe|a 0eut 35 91c
Cu||ert |iouilities 3351 +19c
|urTe|a 0eut 30+ Z99
Tutol |iouilities /1/ /955
Tutol Euit] 3/+9 33c0
6ooseosus uut u Z orol]sts
Cu||ert Z013E Z01+E
||icelEo|rirs 15.31 1+./3 13.+5
0i.iJerJ YielJ +.9 +.9+ 5.3
E|S,S 0.5Z 0.5+ 0.59
0|S,S 0.3/ 0.39 0.+Z
Mkt 6ap MiI Iovesteot 8tyIe Last Frice 8hares Issued I68 Iodustry roup
S9,5Z1

/.c9 1Z0.c Mote|iols
9.1 c.30 /./ /./+ /./c /.3Z .Z9 /.0+ /.5+ c.19 /rruol ||ice |i|
/.c .51 .Z .15 .+Z +./Z 3./+ 5./3 5.c/ ./Z |uw
1Z.9
c.
+.3
0oil] Cluse
S8|l/SX /ll 0|Js
Sectu| /.e|oe
5Z w| |i|l|uw
c.19l./Z
1+Z.1
/1.1
T|oJir Vuluae ,Mil
00+ 005 00 00/ 00c 009 010 011 01Z 1Z1Z FerIoraoce
10.93 0.59 +.5/ 1.9 Z9.1/ 5.c +3.+1 1c.5 3.9 15.0+ Tutol Retu|r
33.30 Z+.1 19.+ 13.3+ 1/.05 Zc.00 Z9.+ .+9 10./1 - -l Mo||et
00+ 005 00 00/ 00c 009 010 011 01Z Cu||ert aIuatioo
15.+ 15.13 1+.+9 1/.Z0 11.cc 11./1 1.01 15.9 13./5 15.03 ||icelEo|rirs
1.Z 15.1 1.11 1c.c3 1Z.Zc 1Z.11 13.0 13./3 1Z.99 13.99 Mo||et |lE
0.Z 0.5/ 0.5/ 0./3 0.51 0.+/ 0./ 0./Z 0./Z 0.c0 ||icelSoles
1.30 1.35 1. 1.c+ 1.+0 1.3/ 1.c9 Z.3 Z.53 Z.c9 ||icelBuu|
5.5c 5.+5 5./5 9.50 +.90 +./3 /.90 /.Zc .c9 /.c5 ||icelCos| |luw
119 5cc+ 59+/ 59/ +Z15 +Z05 //9+ cc3c c53c 95Z1 Mo||et Cou SMil
+.59 5.0/ 5.09 +.55 ./3 .c1 +.Z +.c 5.ZZ +.cZ 0i.iJerJ YielJ
00+ 005 00 00/ 00c 009 010 011 01Z FioaociaIs
10+0 11100 110+Z 990 9Z35 9535 9c50 1Z+1Z 1Z193 - 0ue|otir Re.erue SMil
1Z.5 11.5 11.Z c.ZZ 11.+0 11.33 1Z.3Z 1Z.Z0 1Z.// - EBlT0/ Mo|ir
/0+ /11 c31 +13 +3 3c /59 1003 101 - EBlT SMil
./ .+0 /.53 +.15 .9 .9 /./1 c.0c c./1 - EBlT Mo|ir
3cc 391 +0 39/ 39 359 +c 5/0 35 - l|/T Beu|e /us SMil
Z93 1Z1 351 53+ Z59 Z1Z 1c3 35/ +13 - Reuu|teJ let ||uit SMil
+1./0 +1.+3 +3.1+ +0.5 39.// 39.c 39.c +5.c9 51.55 - Eo|rirs |e| S|o|e (
c/ c/9 cc1 c9c c0 c3/ 111 1ZZ5 1Z1+ - S|o|es Mil
+.9Z +.5 3./0 3./+ 3.31 3.3+ 3.33 3.00 Z./3 - Buu| Volue |e| S|o|e S
103Z c5/ 9+ 9+ 1 /+ /c+ /c 10+0 - 0ue| Cos| |luw SMil
05 +/ +c 0/ 5++ 5+ 50Z Z+ /05 - Cou SuerJir SMil
590 3++ 50 391 115/ +c/ 1/5 591 cc5 - ||ee Cos| |luw SMil
00+ 005 00 00/ 00c 009 010 011 01Z FroIitabiIity
+.c0 5.11 5.c5 .1/ .+3 5.90 5.+3 .// /.0 - Retu|r ur /ssets
c.+0 9.1Z 11.53 11.Z5 1Z.5Z 11.93 11.+9 15.+ 19.Z9 - Retu|r ur Euit]
3./3 3.5Z 3.c 3.99 +.00 3.// +./5 +.59 5.Z1 - let Mo|ir
101.1 11Z.13 10c./3 10c.95 11+.++ 11Z.90 c/.09 113.Z 10/.5/ - /sset Tu|ru.e|
Z1c.51 ZZ.90 Zc+.31 Z55.Zc Zc./0 Z/+.1 Z/+.Z Z91.+Z 335.3c - |irorciol |e.e|oe
00+ 005 00 00/ 00c 009 010 011 01Z FioaociaI heaIth
/3 /1 59 113/ Z9 133 ++Z ++Z 90 - wu||ir Couitol SMil
Z109 Z0+9 Z0c5 1Z1 1c33 1c/ 1933 30+ Z99 - |urTe|a 0eut SMil
+/0c +33 35/Z 35c1 3003 30/ +1Z+ 3/+9 33c0 - Tutol Euit] SMil
5/.+c 5c.c5 c/.50 c0.5+ /5.00 c5.9+ /3.cZ c5.Z+ 105.ZZ - let 0eutlEuit]
key ates
|iscol Yeo| ErJ 30 Jur Z01Z |istir 0ote Zc /u 199
/CM Z5 0ct Z01Z 0Rl| /cti.e
ivideod history
|irol lrte|ia
0i.iJerJ Er 0ote Zc /u Z01Z Z/ |eu Z01Z
0i.iJerJ |o] 0ote Z5 Seu Z01Z Z9 Mo| Z01Z
0|S ( 19.00 1c.00
||or|ir 0 0
Iodustry peers by Market 6ap
ll/
Major 8harehoIders lu. u s|o|es (Mil[
T|e Couitol C|uuu Cuauories, lrc. 115
Iovesteot etaiI ||irt 0ote. Z01ZZ01Z |oe 1 u Z
Reu|eserts irorciol ]eo| tu Jote t|e Jo] ote| lost irorciol ]eo| tu o Jo] ueu|e uuulicotiur Jote.
Z01Z Mu|rirsto|, lrc. /ll |i|ts |ese|.eJ. T|e Joto orJ curtert curtoireJ |e|eir o|e rut uo|orteeJ tu ue occu|ote, cuaulete u| tiael]. leit|e| Mu|rirsto|, ru| its oiliotes ru| t|ei| curtert u|u.iJe|s will |o.e or] liouilit] u| use u|
Jist|iuutiur u or] u t|is iru|aotiur. Tu t|e ertert t|ot or] u t|e curtert ouu.e curstitutes oJ.ice, it is ere|ol oJ.ice t|ot |os ueer u|euo|eJ u] Mu|rirsto| /ust|olosio |t] |tJ /Bl. 95 090 5 5++, /|S|. Z+0c9Z ,o suusiJio|] u Mu|rirsto|,
lrc., wit|uut |ee|erce tu ]uu| uujecti.es, irorciol situotiur u| reeJs. Beu|e octir ur or] oJ.ice, ]uu s|uulJ cursiJe| t|e ouu|uu|ioteress u t|e oJ.ice orJ we |ecuaaerJ ]uu uutoir irorciol, leol orJ torotiur oJ.ice ueu|e ao|ir or]
irorciol ir.estaert Jecisiur. l ouulicoule ir.estu|s s|uulJ uutoir t|e |ele.ort u|uJuct Jisclusu|e stoteaert orJ cursiJe| it ueu|e ao|ir or] Jecisiur tu ir.est. Suae aote|iol is cuu]|i|t orJ uuulis|eJ urJe| licerce |ua /SX 0ue|otiurs |t]
|iaiteJ /Cl 00+ 5Z3 /cZ ,'/SX0'. 0lSC|0SuRE. Eaulu]ees ao] |o.e or irte|est ir t|e secu|ities JiscusseJ ir t|is |euu|t. |leose |ee| tu uu| |irorciol Se|.ices CuiJe ,|SC u| au|e iru|aotiur ot www.au|rirsto|.cua.oulsls.uJ.

Iovesteot etaiI iscIosure

6urreocy
/ll iu|es u| stuc|s listeJ ur /ust|olior Stuc| Erc|ore
o|e ir /ust|olior Jullo|s orJ oll iu|es u| stuc|s listeJ ur
lew ZeolorJ Stuc| Erc|ore o|e ir lew ZeolorJ Jullo|s.
usioess escriptioo
/ u|ie Jesc|iutiur u t|e cuauor]'s uue|otiurs orJ
octi.ities. T|is iru|aotiur is uuJoteJ e.e|] sir aurt|s u|
ur t|e |eleose u iauu|tort iru|aotiur ouuut t|e cuauor].
Market 6apitaIitatioo $ iI
T|e ao||et .olue u t|e cuauor]'s euit] couitol. T|is is
colculoteJ u] aultiul]ir t|e ruaue| u cuaaur s|o|es u]
t|e cu||ert u|ice. 0t|e| closses u euit] suc| os
u|ee|erce s|o|es o|e ru|aoll] rut ircluJeJ, erceut ir
ce|toir coses w|e|e t|e s|o|es o|e 'uosiu|Jiro|]'. T|e
aust u|uairert eroaule u t|is is lews Cu|uu|otiur
,lwS, w|e|e we Ju ircluJe t|ei| u|ee||eJ liaiteJ .utir
u|Jiro|] s|o|es ir uu| colculotiur u ao||et .olue.
8tyIe
T|e Mu|rirsto| St]le cursists u rire coteu|ies t|ot
u|u.iJe or u.e|.iew u t|e ir.estaert st|ote]. T|e st]le is
cuau|iseJ u o cuauirotiur u ao||et couitoli/otiur u t|e
secu|it] orJ t|e ir.estaert st]le ,.olue, ulerJ, u| |uwt|.
Last Frice
Stuc| u|ice s|uwr |eu|eserts t|e ao||et u|ice u t|e stuc|
os u t|e aust |ecert cluse u t|oJir os ot t|e |eleose Jote
ruteJ ot t|e tuu u t|e ir.estaert Jetoil uoe.
8hares Issued
Cu||ert ruaue| u u|Jiro|] s|o|es listeJ ur t|e
/ust|oliorllew ZeolorJ Stuc| Erc|ore.
8ector
BoseJ ur StorJo|J 8 |uu|'s Cluuol lrJust|] Clossiicotiur.
/ll cuauories listeJ ur t|e /ust|oliorllew ZeolorJ Stuc|
Erc|ore o|e |uuueJ irtu ure u Z+ irJust|] sectu|s. T|is
clossiicotiur is useJ tu cuauute sectu| o.e|oes orJ
irJust|] uee|s.
FerIoraoce
Tutol Retu|r |eu|eserts s|o|e|ulJe|s' oirs |ua o stuc|
u.e| o i.er ue|iuJ u tiae ,YT0, ure aurt|, t||ee aurt|,
ure, t||ee, orJ i.e ]eo|. Tutol |etu|r ircluJes uut|
couitol oirs orJ lusses orJ Ji.iJerJ uo]aerts. lt is
colculoteJ u] to|ir t|e c|ore ir t|e stuc|'s u|ice os u
t|e cluse u t|oJir u t|e |esuecti.e ue|iuJ, ossuair t|e
|eir.estaert u oll Ji.iJerJs, t|er Ji.iJir u] t|e iritiol
stuc| u|ice, orJ eru|essir t|e |esult os o ue|certoe.
Retu|rs u| ue|iuJs lure| t|or ure ]eo| o|e orruoli/eJ.
Retu|rs Ju rut ircluJe u|u|e|oe cuaaissiur u| t|e eects
u torotiur.
8trategy AoaIysis
Mu|rirsto| /rol]sts' .iew u t|e cuauor]'s st|ote]
uoseJ ur t|e lotest irorciol |euu|t.
FioaociaIs
Re.erue orJ Mo|ir lire iteas will JeuerJ ur t|e t]ue u
cuauor] selecteJ - i.e. lrJust|iol, Bor|, lrsu|orce,
||uue|t] u| |isteJ lr.estaert Cuauor]. let ||uit SMil
|eu|eserts ret uue|otir u|uit ote| tor, airu|ities,
u|ee|erce Ji.iJerJs, siriicort, orJ rur|ecu||ir iteas
,l|/T. Eo|rirs |e| S|o|e S is l|/T Ji.iJeJ u] t|e
wei|teJ o.e|oe ruaue| u u|Jiro|] s|o|es ur issue
Ju|ir t|e ]eo|. Buu| Volue |e| S|o|e S is o cuauor]'s
cuaaur stuc| euit] os it ouueo|s ur o uolorce s|eet
Ji.iJeJ u] t|e ruaue| u s|o|es uutstorJir. 0ue| Cos|
|luw SMil is ret cos| luw ote| uo]ir suuulie|s,
eaulu]ees, irte|est eruerse orJ tor uoiJ |ua |eceiuts
|ua custuae|s, Ji.iJerJs orJ irte|est |ecei.eJ. Cou
SuerJir S Mil is aure] suert tu ocui|e u| uu|oJe
u|]sicol ossets suc| os uuilJirs orJ aoc|ire|]. ||ee Cos|
|luw SMil is t|e oauurt u cos| t|ot o cuauor] |os let
u.e| ote| it |os uoiJ oll u its eruerses, ircluJir
ir.estaerts ,0ue| Cos| |luw airus Cou SuerJir orJ
Ji.iJerJs.
Avg oo. oI 8hares
T|e wei|teJ o.e|oe ruaue| u u|Jiro|] s|o|es Ju|ir t|e
irorciol ]eo|. T|is iu|e is useJ tu colculote uosic
eo|rirs ue| s|o|es ,E|S.
FroIitabiIity
Retu|r ur /ssets ,R0/ is t|e ue|certoe o cuauor]
eo|rs ur its ossets ir o i.er ]eo|. lt is aeosu|eJ u]
Ji.iJir l|/T ueu|e ouru|aols u] tutol ossets. Retu|r ur
Euit] ,R0E is t|e ue|certoe o cuauor] eo|rs ur its
tutol euit] ir o i.er ]eo|. T|e colculotiur is l|/T ueu|e
ouru|aols Ji.iJeJ u] s|o|e|ulJe| euit]. let Mo|ir is
/ aeosu|e u u|uitouilit] orJ is euol tu l|/T Ji.iJeJ u]
|e.erues |ua t|e soae ue|iuJ. /sset Tu|ru.e| |eu|eserts
|uw aor] Jullo|s ir |e.erue o cuauor] |os ere|oteJ ue|
eoc| Jullo| u ossets. lt is colculoteJ u] Ji.iJir tutol
|e.erues u| t|e ue|iuJ u] tutol ossets u| t|e soae ue|iuJ.
|irorciol le.e|oe is colculoteJ u] Ji.iJir tutol ossets u]
tutol s|o|e|ulJe|s' euit].
FioaociaI Fositioo
Curtoirs o suaao|] u t|e lotest uolorce s|eet.
FioaociaI heaIth
wu||ir Couitol SMil is cu||ert ossets airus cu||ert
liouilities. wu||ir couitol aeosu|es |uw auc| ir liuiJ
ossets o cuauor] |os o.oiloule tu uuilJ its uusiress.
|urTe|a 0eut SMil ircluJes luors orJ uuliotiurs wit| o
aotu|it] u lure| t|or ure ]eo|, usuoll] occuauorieJ u]
irte|est uo]aerts. Tutol Euit] SMil is uwre|s|iu irte|est
ir o cu|uu|otiur ir t|e u|a u cuaaur stuc| u| u|ee||eJ
stuc|. lt olsu |ee|s tu tutol ossets airus tutol liouilities, ir
w|ic| cose it is olsu |ee||eJ tu os s|o|e|ulJe|'s euit] u|
ret wu|t| u| uuu| .olue. 0eutleuit] |otiu is euol tu
s|u|tte|a orJ lurte|a Jeut airus cos| Ji.iJeJ u]
cuaaur s|o|e|ulJe|s' euit].
aIuatioo
||icelEo|rirs ,|E is t|e cu||ert u|ice Ji.iJeJ u] t|e
cuauor]'s t|oilir 1Zaurt| eo|rirs ue| s|o|e. ||icelBuu|
,|B is t|e aust |ecert stuc| u|ice Ji.iJeJ u] t|e aust
|ecert uuu| .olue ue| s|o|e. ||icelSoles ,|S is t|e cu||ert
u|ice Ji.iJeJ u] t|e cuauor]'s soles ue| s|o|e u.e| t|e
t|oilir 1Z aurt|s. ||icelCos| |luw ,|C is t|e aust |ecert
u|ice Ji.iJeJ u] t|e cos| luw ue| s|o|e u t|e lotest iscol
]eo|.
key ates
|iscol Yeo| ErJ is t|e Jote ir w|ic| t|e cuauor] cluses its
uuu|s u| t|e u|e.iuus 1Zaurt| ue|iuJ u.e| w|ic| o
cuauor] uuJets its suerJir. /CM is t|e orruol cuauor]
ot|e|ir, usuoll] |elJ ot t|e erJ u eoc| iscol ]eo|, ot
w|ic| t|e u|e.iuus ]eo| orJ t|e uutluu| u| t|e utu|e o|e
JiscusseJ orJ Ji|ectu|s o|e electeJ u] cuaaur
s|o|e|ulJe|s. |istir 0ote Jeires t|e Jote t|e cuauories
s|o|e u|ice wos i|st uuteJ ur t|e stuc| erc|ore. 0R| is
t|e Ji.iJerJ |eir.estaert ulor ue|eJ u] suae
cu|uu|otiurs eroulir s|o|e|ulJe|s tu outuaoticoll]
|eir.est cos| Ji.iJerJs orJ couitol oirs Jist|iuutiurs,
t|e|eu] occuaulotir au|e stuc| wit|uut uo]ir u|u|e|oe
cuaaissiurs.
Iodustry Feers by Market 6ap
T|is ircluJes |e] stots ur t||ee u t|e cuauor]'s uee|s
t|ot uue|ote ir t|e soae irJust|] orJ |o.e siailo| ao||et
couitoli/otiur.
6ooseosus
Cu||ert,lotest octuol ||icelEo|rirs, 0i.iJerJ YielJ, E|S
orJ 0|S o|e u|u.iJeJ u| |ee|erce. |u|ecosts o|e irJicoteJ
u] 'E' orJ o|e o.oiloule u| u|wo|J ]eo|s url]. But| octuol
orJ u|ecost E|S o|e u|eserteJ ur o u|euuJwill
oau|ti/otiur uosis.
ivideod history
0i.iJerJ Er0ote is t|e i|st Jo] u t|e erJi.iJerJ ue|iuJ.
l or ir.estu| Jues rut uwr t|e stuc| ueu|e t|e erJote, |e
u| s|e will ue ireliiule u| t|e Ji.iJerJ uo]uut. 0i.iJerJ
|o] 0ote is t|e Jote ur w|ic| t|e Ji.iJerJ will octuoll] ue
uoiJ tu s|o|e|ulJe|s. 0|S ( is Tutol Ji.iJerJ u| t|e ]eo|,
Ji.iJeJ u] t|e ruaue| u s|o|es |or|eJ u| Ji.iJerJ.
||or|ir s|uws t|e ue|certoe u t|e Ji.iJerJ w|ic|
curtoirs o Ji.iJerJ iauutotiur c|eJit.
Major 8harehoIders
T|e 3 lo|est s|o|e|ulJe|s ,irJi.iJuols u| cuauories orJ
t|e ruaue| u .utir s|o|es t|e] o|e ertitleJ tu.
Iovesteot etaiI ||irt 0ote. Z0 0ec Z01Z |oe Z u Z
Z01Z Mu|rirsto|, lrc. /ll |i|ts |ese|.eJ. T|e Joto orJ curtert curtoireJ |e|eir o|e rut uo|orteeJ tu ue occu|ote, cuaulete u| tiael]. leit|e| Mu|rirsto|, ru| its oiliotes ru| t|ei| curtert u|u.iJe|s will |o.e or] liouilit] u| use u|
Jist|iuutiur u or] u t|is iru|aotiur. Tu t|e ertert t|ot or] u t|e curtert ouu.e curstitutes oJ.ice, it is ere|ol oJ.ice t|ot |os ueer u|euo|eJ u] Mu|rirsto| /ust|olosio |t] |tJ /Bl. 95 090 5 5++, /|S|. Z+0c9Z ,o suusiJio|] u Mu|rirsto|,
lrc., wit|uut |ee|erce tu ]uu| uujecti.es, irorciol situotiur u| reeJs. Beu|e octir ur or] oJ.ice, ]uu s|uulJ cursiJe| t|e ouu|uu|ioteress u t|e oJ.ice orJ we |ecuaaerJ ]uu uutoir irorciol, leol orJ torotiur oJ.ice ueu|e ao|ir or]
irorciol ir.estaert Jecisiur. l ouulicoule ir.estu|s s|uulJ uutoir t|e |ele.ort u|uJuct Jisclusu|e stoteaert orJ cursiJe| it ueu|e ao|ir or] Jecisiur tu ir.est. Suae aote|iol is cuu]|i|t orJ uuulis|eJ urJe| licerce |ua /SX 0ue|otiurs |t]
|iaiteJ /Cl 00+ 5Z3 /cZ ,'/SX0'. 0lSC|0SuRE. Eaulu]ees ao] |o.e or irte|est ir t|e secu|ities JiscusseJ ir t|is |euu|t. |leose |ee| tu uu| |irorciol Se|.ices CuiJe ,|SC u| au|e iru|aotiur ot www.au|rirsto|.cua.oulsls.uJ.