DELLQIR KS#GHVNMHW#<7;F2<73F2<53F#VHULHV VLVXNRUG SULQWHUL#WXQGPD}SSLPLQH #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4 KS#GHVNMHW#SULQWHUL#WXWYXVWXV 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 5 LQIRUPDWVLRRQL#OHLGPLQH #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 6 PlUNXVHG#MD#WXQQXVWXVHG##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 7 P}LVWHG#MD#WlKLVHG #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1
WRRWHKRROGXV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 88 WLQGLNDVVHWL#ROHNXWXOL 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 89 WLQGLNDVVHWLGH#YDKHWDPLQH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 8< WLQGLNDVVHWWLGH#MRRQGDPLQH##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 95 WLQGLNDVVHWWLGH#DXWRPDDWQH#SXKDVWDPLQH1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 96 WLQGLNDVVHWWLGH#NlVLWVLSXKDVWDPLQH##1#1#1#1#1#1#1#1#1#
• • • • • • •
KS#GHVNMHW#SULQWHUL#WXWYXVWXV ®QQLWOHPH$#2OHWH#RVWQXG#+3#'HVNMHW#SULQWHUL/#PLOOHO#RQ#SDOMX#KXYLWDYDLG# Y}LPDOXVL= • 6XXUHSlUDQH#IRWRNYDOLWHHW#WlQX#+3#3KRWR5(W#,,,/#&RORU6PDUW#,,,# SULQWLPLVWHKQRORRJLDOH • 3ULQWLPLQH#N}UJH#HUDOGXVY}LPHJD#5733#[#4533#GSL#YlUYLIRWRUHåLLPLV# MD#933#[#933#GSL#PXVWYDOJH#WHNVWL#UHåLLPLV • 7U•NLNLLUXV#NXQL#45#OHKHN•OJH#PLQXWLV#PXVWD#WHNVWL#SXKXO#MD#NXQL#43# OHKHN•OJH#PLQXWLV#YlUYLNXMXWLVL#VLVDOGDYD#WHNVWL#SXKXO#+7U•NLNLLUXV# V}OWXE#SULQWHULPXGHOLVW, +3#'HVNMHW#SULQWHULG#RQ#NRQVWUXH
LQIRUPDWVLRRQL#OHLGPLQH DELLQIR#VLVDOGDE#MXKLVHLG#WHLH#+3#GHVNMHW#SULQWHUL#NDVXWDPLVH#NRKWD1#5RKNHP# LQIRW#RQ#PXXGHV#SULQWHULJD#NDDVDVROHYDWHV#GRNXPHQWLGHV1#-lUJQHY#ORHWHOX# DLWDE#WHLO#OHLGD#NRQNUHHWVHW#ODDGL#LQIRUPDWVLRRQL1 TXLFN#VWDUW#VHWXS#+SULQWHUL#NLLUSDLJDOGDPLVH,#SODNDWLO# VHOJLWDWDNVH/#NXLGDV#SULQWHULW#W||NRUGD#VHDGD#MD#SULQWHUL# WDUNYDUD#LQVWDOOHHULGD1 O•MLMXKHQG#VLVDOGDE#WHDYHW#JDUDQWLL#MD#SDLJDOGDPLVHJD# VHRWXG#SUREOHHPLGH#ODKHQGDPLVH#NRKWD1 DELLQIR#NLUMHOGDWDNVH#SULQWHUL#RPDGXVL/#KRROGDPLVW#MD#
PlUNXVHG#MD#WXQQXVWXVHG# KHZOHWW0SDFNDUG#FRPSDQ\#PlUNXVHG 6HOOHV#GRNXPHQGLV#VLVDOGXYDW#LQIRUPDWVLRRQL#Y}LGDNVH#PXXWD#HWWH# WHDWDPDWD1 +HZOHWW03DFNDUG#++3,#HL#DQQD#VHOOH#PDWHUMDOL#VXKWHV#PLWWH#PLQJLVXJXVW# JDUDQWLLG/#VHDOKXOJDV#NDXGVHLG#WDJDWLVL#P••GDYXVH#MD#WHDWDYDNV#RWVWDUEHNV# VRELYXVH#NRKWD1 +HZOHWW03DFNDUG#HL#YDVWXWD#•KHJL#YHD#HJD#MXKXVOLNX#Y}L#S}KMXVOLNX#NDKMX# HHVW/#PLV#RQ#VHRWXG#NlHVROHYD#PDWHUMDOL#VLVX/#RPDGXVWH#Y}L#NDVXWDPLVHJD1 .}LN#}LJXVHG#UHVHUYHHULWXG1#.
P}LVWHG#MD#WlKLVHG DELLQIR#MXKHQGLV#NDVXWDWDNVH#MlUJPLVL#P}LVWHLG#MD#WlKLVHLG1 P}LVWHG +3#'HVNMHW#SULQWHULW#Y}LGDNVH#QLPHWDGD#+3#'HVNMHW#Y}L#+3#SULQWHUV1 V•PEROLG 6HH#!#V•PERO#MXKLE#WHLG#OlEL#PLWPH#WDUNYDUDVDPPX1 1lLWHNV=# .
LNRRQLG ,NRRQ#0lUNXV#MXKLE#WlKHOHSDQX#VHOOHOH/#HW#MXKHQGLV#RQ#OLVDLQIRW1#1lLWHNV= 3DULPDWH#WXOHPXVWH#VDDPLVHNV#NDVXWDJH#+3#WRRWHLG1 +LLUH#LNRRQ#YLLWDE#VHOOHOH/#HW#OLVDLQIRW#VDDE#:KDW¶V#7KLV"#+0LV#VHH#RQ",# DELIXQNWVLRRQL#NDXGX1 (W#OHLGD#OLVDLQIRW#VXYDQGLWH#NRKWD#LJDO#DNQD#NDDUGLO/#VHOOHNV#RVXWDJH# VXYDQGLOH#MD#NO}SVDNH#KLLUH#SDUHPDW#QXSSX/#QLL#HW#LOPXE#:KDW¶V#7KLV"# +0LV VHH#RQ",#GLDORRJLERNV1#.
SULQWHUL#Y}LPDOXVWH#WXQGPD}SSLPLQH# QXSXG#MD#WXOHG +3#'HVNMHW#SULQWHUL#QXSSXGHJD#VDDWH#SULQWHULW#VLVVH#MD#YlOMD#O•OLWDGD/# SULQWLPLVW#W•KLVWDGD#MD#MlWNDWD1#7XOHG#DQQDYDG#WHLOH#YLVXDDOVHW#LQIRW#SULQWHUL# ROHNX#NRKWD1# 41#7•KLVWDPLVH#QXSS#51#7LQGLNDVVHWL#2OHNX#WXOL#MD#V•PERO#61#-lWNDPLVH#WXOL#MD# QXSS#71#7RLWHQXSS#MD#WXOL W•KLVWDPLVH#QXSS 6HOOHOH#QXSXOH#YDMXWDGHV#NDWNHVWDWDNVH#SRROHOLROHY#SULQWLPLQH1# :
WLQGLNDVVHWL#ROHNX#V•PERO#MD#WXOL 7LQGLNDVVHWL#2OHNX#V•PEROL#NRKDO#ROHY#WXOL#KDNNDE#YLONXPD/#NXL#WLQGLNDVVHWLV# RQ#YlKH#WLQWL#Y}L#NDVVHWW#RQ#YDOHVWL#SDLJDOGDWXG1# 9W#ND= WLQGLNDVVHWL#ROHNXWXOL MlWNDPLVQXSS#MD#0WXOL -lWNDPLVQXSX#NRKDO#ROHY#WXOL#KDNNDE#YLONXPD/#NXL#RQ#YDMD#QlLWHNV#SDEHULW# OLVDGD#Y}L#N}UYDOGDGD#SDEHULXPPLVWXV1#.
NDKHSRROQH#YlOMDWU•NN 3ULQWHULO#RQ#NDKHSRROVH#NlVLWVL#YlOMDWU•NL#VHDGH/#PLV#Y}LPDOGDE#SULQWLGD#OHKH# P}OHPDOH#N•OMHOH1# <7;F#MD#<73F#VHULHV#SULQWHULWHOH#VDDE#RVWD#NDKHSRROVH#YlOMDWU•NL#VHDGPH/# PLV#Y}LPDOGDE#DXWRPDDWVHW#NDKHSRROVHW#YlOMDWU•NNL1 9W#ND= NlVLWVL#NDKHSRROQH#YlOMDWU•NN# <
SDEHULVDOYHGH#NDVXWDPLQH# SDEHULV||WMD 3DEHULV||WMDV#KRLWDNVH#SDEHULW#Y}L#PXXG#WU•NLWDYDW#PDWHUMDOL1# 41#9lOMDVWXVVDOY#51#3DEHULV||WMD#VLVVH#O•NDWXQD 7}PPDNH#3DEHULV||WMD#YlOMD#MD#WlLWNH#SDEHUL#Y}L#PXX#PDWHUMDOLJD1#.
3DEHULVXXQDMDLG#QLKXWDGHV#VDDWH#SULQWLGD#HUL#IRUPDDGLV#PDWHUMDOLGHOH1 41#SDEHULODLXVH#VXXQDMDG#51#3DEHULV||WMD#YlOMD#W}PPDWXG# 61#SDEHULSLNNXVH#VXXQDMD YlOMDVWXVVDOY# 9lOMDVWXVVDOYH#DVHQGLW#VDDE#PXXWD#YDVWDYDOW#YDMDGXVHOH1 9lOMDVWXVVDOY#•OHYDO#±#6HDGNH#VDOY#•OHPLVVH#DVHQGLVVH/#HW#SDEHULW#ROHNV# OLKWQH#3DEHULV||WMDVVH#ODDGLGD1#/LQWWU•NL#NDVXWDPLVH#DMDNV#SHDE# 9lOMDVWXVVDOY#MllPD#•OHPLVVH#DVHQGLVVH1 41#9lOMDVWXVVDOY#•OHYDO 44
9lOMDVWXVVDOY#DOO#0#(QDPLNX#SULQWLPLVW••SLGH#SXKXO#MD#•NVLN•PEULNH# SULQWLPLVHO#MlWNH#VDOY#DOXPLVVH#DVHQGLVVH1# 9lOMDVWXVVDOYH#SLNHQGXV#±#+0LWWH#N}LNLGHO#SULQWHULPXGHOLWHO1,#7}PPDNH# 9lOMDVWXVVDOYH#SLNHQGXV#YlOMD/#NXL#WU•NLWH#MlUMHVW#SDOMX#OHKHN•OJL1#7}PPDNH# SLNHQGXV#YlOMD#ND#PXVWDQGLUHåLLPLV#SULQWLPLVHO/#HW#SDEHU#VDOYHVW#YlOMD#HL# NXNXNV1#.
W}VWHWDY#VDOY 7HLH#SULQWHULO#Y}LE#ROOD#7}VWHWDY#VDOY/#PLOOHV#RQ#QLL#3DEHULV||WMD#NXL# 9lOMDVWXVVDOY1#3ULQWLPLVHNV#MD#MXXUGHSllVXNV#WLQGLNDVVHWWLGHOH#WXOHE# 7}VWHWDY#VDOY#DODWL#DOOD#ODVWD1 41#7}VWHWDY#VDOY#•OHYDO#51#7}VWHWDY#VDOY#DOO 46
NXLGDV#NDVXWDGD#WDVNDJHQW# +WHJXPLNOLHQWL, 7DVN$JHQW#+7HJXPLNOLHQW,#Y}LPDOGDE#NLQGODNV#WHKD#WLQGLNDVVHWL#ROHNXW#MD# PXXWD#SULQGLVlWWHLG/#QDJX#QlLWHNV#YDLNLPLVL#YDOLWDY#WU•NLNYDOLWHHW1# 7HJXPLNOLHQW#DVXE#:LQGRZVL#WHJXPLULEDO1 41#7DVN$JHQW#+7HJXPLNOLHQW, YlOMDWU•NL#NYDOLWHHGL#PXXWPLQH 7DVN$JHQW#+7HJXPLNOLHQGL,#DELO#VDDWH#NLLUHVWL#PXXWD#YlOMDWU•NL# HUDOGXVY}LPHW1# 41 .
51 9DOLJH#MlUJPLVWH#VXYDQGLWH#YDKHO= • 3ULQW#4XDOLW\#+7U•NLNYDOLWHHW,=#'UDIW#+0XVWDQG,/#1RUPDO# +1RUPDDOQH,#Y}L#%HVW#+3DULP, • $XWRPDWLF#7ZR06LGHG#3ULQWLQJ#+$XWRPDDWQH#NDKHSRROQH# YlOMDWU•NN,=#9DMDGXVH#NRUUDO 61 .O}SVDNH#YlOMDVSRRO#'HIDXOW#3ULQW#6HWWLQJV#+3ULQWHUL#9DLNHVlWHWH,#ERNVL1 ,OPXE#GLDORRJLERNV/#PLV#WHDWDE/#HW#HGDVSLGL#NDVXWDWDNVH#SULQWLPLVHO#XXW# VlWHW1#+.XL#WH#HL#VRRYL#VHGD#GLDORRJLERNVL#HQDP#QlKD/#VLLV#YDOLJH#'RQ¶W# VKRZ#PH#WKLV#PHVVDJH#DJDLQ#+bUD#VHGD#WHDGHW#HQDP#QlLWD,1, 71 .O}SVDNH#2.
WLQGLNDVVHWWH#SXXGXWDYDWH#KRLDWXVWH#YDDWDPLQH .XL#V•VWHHPLV#RQ#KRLDWXVWHDWHLG/#VLLV#PXXWXE#ND#7DVN$JHQW#+7HJXPLNOLHQGL,# YlUY#MD#YlOLPXV1#+RLDWXVWHDWHG#LOPXYDG#VLLV/#NXL#WLQGLNDVVHWLV#RQ#YlKH#WLQWL# Y}L#NXL#NDVVHWW#RQ#YDOHVWL#SDLJDOGDWXG1# • .XL#LNRRQ#YLOJXE#MD#RQ#NROODVHJD#•PEULWVHWXG/#VLLV#RQ#YlOMDVWDWXG# OlELOXJHPDWD#KRLDWXVWHDWHLG1 • .XL#LNRRQ#HQDP#HL#YLOJX/#NXLG#RQ#NROODVHJD#•PEULWVHWXG/#VLLV#RQ# OlELORHWXG#KRLDWXVWHDGH#YHHO#RRWHO1# • .
• • • $ • $$ • • % • • • • • • $ •
SULQWLPLQH#KS#GHVNMHW#SULQWHULJD# SULQWHUL#DWULEXXWLGH#GLDORRJLERNVL#DYDPLQH 3ULQWHUL#W||G#MXKLE#DUYXWLVVH#LQVWDOOHHULWXG#WDUNYDUD1#3ULQWHUL#WDUNYDUD/#PLGD# QLPHWDWDNVH#ND#SULQWHUL#GUDLYHULNV/#NRRVVHLVX#NXXOXE#SULQWHULJD#VXKWOHPLVH# GLDORRJLERNV1#3ULQWHUL#GLDORRJLERNVLV#VDDWH#YDOLGD#VHOOLVHLG#VXYDQGHLG#QDJX# SDEHULIRUPDDW#MD#W••S/#OHKH#VXXQG#QLQJ#YlUYLVlWWHG1 $YDJH#SULQWHUL#DWULEXXWLGH#ERNV#•KHO#MlUJPLVWHVW#YLLVLGHVW= • 7DVN$JHQW#+7HJXPLNOLHQGL,#DELO/#WHKHV#WRSHOWNO}SVX#LNRRQLO# 7DVN$JHQW#+7HJXPLNOLHQGL,/#P
SULQWHUL#DWULEXXWLGH#VlWHWH#PXXWPLQH 3ULQWHUL#DWULEXXWLGH#ERNV#NRRVQHE#NDDUWLGHVW#6HWXS#+,QVWDOOHHULPLQH,/# )HDWXUHV#+9}LPDOXVHG,#MD#$GYDQFHG#+/LVDIXQNWVLRRQLG,1 • 9DOLJH#6HWXS#+,QVWDOOHHULPLQH,#NDDUGLOW#WU•NLNYDOLWHHGL/#SDEHULW••EL/#0 IRUPDDGL#MD#OLQWWU•NL#VXYDQGLG1#9}LWH#ND#PXXWD#SULQGLWDYD#GRNXPHQGL# IRUPDDWL/#QLL#HW#VHH#PDKXNV#SULQWHULV#ROHYDOH#SDEHULOH1 • 9DOLJH#)HDWXUHV#+9}LPDOXVHG,#NDDUGLOW#SDEHUL#VXXQD/#HNVHPSODULGH# DUYX/#PLWPH#OHKHN•OMH#SULQWLPLVH#•KHOH#OHKHOH#MD#SODNDWLWU•NL# VXYDQGLG1#6HOOH#NDDU
WDYDSDEHU ‡ OHWWHU2$7#SDEHU ‡ OHJDO#SDEHU OHWWHU2$7#SDEHU HWWHYDOPLVWXV#SULQWLPLVHNV 41 7}VWNH#YlOMDVWXVVDOY#•OHV#MD#W}PPDNH#SDEHULV||WMD#YlOMD1 51 /•NDNH#SDEHULVXXQDMDG#ODLDOL1 61 3DQJH#SDEHULV||WMDVVH#VRELY#KXON#SDEHULW1 71 .XL#SULQWHULO#RQ#W}VWHWDY#VDOY/#VLLV#DVHWDJH#SDEHULV||WMDVVH#NXQL#433# SDEHULOHKWH1#.
SULQWLPLQH#OHWWHU2$7#SDEHULOH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#SULQGLVXYDQG#ROHQHYDOW# NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG,# ±Y}L± • .
SULQWLPLVMXKLVHG 7HLH#SULQWHULV#Y}LE#NDVXWDGD#HQDPXVW#IRWRNRRSLDSDEHULWHVW>#N}LJH#SDUHPLQL# VRELYDG#WLQGLSULQWHULWHOH#P}HOGXG#SDEHULG1#3DULPD#WXOHPXVH#VDDPLVHNV# NDVXWDJH#+3#SDEHUHLG1#1HHG#SDEHULG#RQ#YlOMD#W||WDWXG#VSHWVLDDOVHOW#+3# WLQWLGH#MD#+3#SULQWHULWH#WDUYLV1 9W#ND= SULQWLPLQH#KS#GHVNMHW#SULQWHULJD NlVLWVL#NDKHSRROQH#YlOMDWU•NN NDVXWDMDIRUPDDW OHJDO#SDEHU HWWHYDOPLVWXV#SULQWLPLVHNV 41 7}VWNH#YlOMDVWXVVDOY#•OHV#MD#W}PPDNH#SDEHULV||WMD#YlOMD1 51 /•NDNH#SDEHULVXXQDMDG#ODLDOL1 61 /•NDNH#SDEHULV||WMD#VREL
SULQWLPLQH#OHJDO0IRUPDDGLV#SDEHULOH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#SULQGLVXYDQG#ROHQHYDOW# NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .
•PEULNXG# hKH#•PEULNX#SULQWLPLVHNV#NDVXWDJH#•PEULNXSLOX/#PLWPH#•PEULNX# SULQWLPLVHNV#SDEHULV||WMDW1 ‡ •KH#•PEULNX#SULQWLPLQH ‡ PLWPH#•PEULNX#SULQWLPLQH •KH#•PEULNX#SULQWLPLQH YDOPLVWXPLQH#SULQWLPLVHNV 41 $VHWDJH#•PEULN#•PEULNXSLOXVVH#QLL/#HW#•PEULNX#NODSS#MllNV#YDVDNXOH# •OHV1# 51 /•NDNH#•PEULNNX#QLL#NDXJHOH#HWWH#NXL#Y}LPDOLN1 •PEULNX#SULQWLPLQH .
51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#ROHQHYDOW#NDVXWDWDYDVW# WDUNYDUDSURJUDPPLVW#SULQGLVXYDQG= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG, ±Y}L± • .
PLWPH#•PEULNX#SULQWLPLQH YDOPLVWXPLQH#SULQWLPLVHNV 41 7}PPDNH#SDEHULV||WMD#YlOMD1# 51 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#V||WMDVW#NRJX#SDEHU1 61 $VHWDJH#V||WMDVVH#NXQL#48#•PEULNNX#QLL/#HW#•PEULNH#NODSS#MllNV# YDVDNXOH#•OHV1# 71 /•NDNH#•PEULNNH#QLL#NDXJHOH#HWWH#NXL#Y}LPDOLN1 81 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#•PEULNH#YDVWX#MD#O•NDNH#SDEHULV||WMD# QLL#NDXJHOH#HWWH#NXL#Y}LPDOLN1 •PEULNH#SULQWLPLQH .
51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#ROHQHYDOW#NDVXWDWDYDVW# WDUNYDUDSURJUDPPLVW#SULQGLVXYDQG= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG, ±Y}L± • .
SULQWLPLVMXKLVHG • bUJH#SDQJH#V||WMDVVH#NRUUDJD#•OH#48#•PEULNX1 • (QQH#•PEULNH#VLVHVWDPLVW#MRRQGDJH#QHQGH#VHUYDG1 • bUJH#NDVXWDJH#NODPEUL#Y}L#DNQDJD#•PEULNNH1 • bUJH#NDVXWDJH#OlLNLYDLG#Y}L#UHOMHHIVHLG#•PEULNNH/#SDNVXGH/# HEDNRUUDSlUDVWH#Y}L#NDDUGXV#VHUYDGHJD/#VDPXWL#NRUWVXV/#UHELWXG#Y}L# PXXG#PRRGL#NDKMXVWDWXG#•PEULNNH1 3DULPDWH#WXOHPXVWH#VDDPLVHNV#NDVXWDJH#KS#WRRWHLG1 5;
O••PLNXG SULQWLPLVHNV#YDOPLVWXPLQH 41 7}PPDNH#SDEHULV||WMD#YlOMD1# 51 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#NRJX#SDEHU#V||WMDVW1 61 (UDOGDJH#O••PLNXG#•NVWHLVHVW#QLQJ#VHHMlUHO#MRRQGDJH#VHUYDG1 71 .XL#SULQWHULO#RQ#W}VWHWDY#VDOY/#VLLV#DVHWDJH#VDOYH#NXQL#58#O••PLNXW1#.
O••PLNXWH#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 51 -lUJLJH#ROHQHYDOW#NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW#•KW#WRRGXG# YLLVLGHVW#MD#YDOLJH#SULQGLVXYDQG= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG, ±Y}L± • .
NOHHELVHG HWWHYDOPLVWXV#SULQWLPLVHNV 41 7}PPDNH#SDEHULV||WMD#YlOMD1 51 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#NRJX#SDEHU#V||WMDVW1 61 (UDOGDJH#NOHHELVHOHKHG#•NVWHLVHVW/#VHHMlUHO#MRRQGDJH#VHUYDG1 71 /DDGLJH#V||WMDVVH#NXQL#53#NOHHELVHOHKWH/#QLL#HW#NOHHELVH#N•OJ#MllE# DOODSRROH1# 81 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#OHKWHGH#YDVWX#MD#O•NDNH#V||WMD#VLVVH1 NOHHELVWH#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#SULQGLVXYDQG#ROHQHYDOW# NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW
61 9DOLJH#6HWXS#+,QVWDOOHHULPLQH,#NDDUW/#VHHMlUHO#YDOLJH= • 3ULQW#4XDOLW\#+7U•NLNYDOLWHHW,=#1RUPDO#+1RUPDDOQH, • 3DSHU#7\SH#+3DEHULW••S,=#7DYDSDEHU# • 3DSHU#6L]H#+3DEHULIRUPDDW,=#/HWWHU#Y}L#$7# 71 9DOLJH#NDDUW#)HDWXUHV#+9}LPDOXVHG,#NDDUW#QLQJ#VHHMlUHO#YDOLJH= • 2ULHQWDWLRQ#+6XXQG,=#6RELY#VXXQG • 7ZR06LGHG#3ULQWLQJ#+.DKHSRROQH#YlOMWU•NN,=#0lUNLPDWD • &RSLHV#+(NVHPSODULGH#DUY,=#.
YLVLLWNDDUGLG/#NDUWRWHHJLNDDUGLG#MD#PXXG# YlLNHVH#IRUPDDGLJD#PDWHUMDOLG SULQWLPLVH#HWWHYDOPLVWDPLQH 41 7}PPDNH#SDEHULV||WMD#YlOMD1 51 7}VWNH#YlOMDVWXVVDOY#•OHPLVVH#DVHQGLVVH1 61 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#NRJX#SDEHU#V||WMDVW1 71 6HDGNH#NDDUWLGH#YPV#VHUYDG#NRKDNXWL1 81 .XL#SULQWHULO#RQ#W}VWHWDY#VDOY/#VLLV#DVHWDJH#VDOYH#NXQL#63#NDDUWL1#.
YLVLLWNDDUWLGH/#NDUWRWHHJLNDDUWLGH#MD#PXXGH#YlLNHVH# IRUPDDGLJD#PDWHUMDOLGH#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#ROHQHYDOW#NDVXWDWDYDVW# WDUNYDUDSURJUDPPLVW#SULQGLVXYDQG= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG, ±Y}L± • .
SULQWLPLVMXKLVHG • .XL#LOPXE#WHDGH#RXW#RI#SDSHU#+SDEHU#RQ#RWVDV,/#VLLV#NRQWUROOLJH/#NDV# NDUWRWHHJLNDDUGLG#Y}L#PXX#YlLNHVH#IRUPDDGLJD#PDWHUMDO#RQ# NRUUDOLNXOW#SDEHULV||WMDVVH#ODHWXG1# • .XL#NDDUWLGH#Y}L#PXX#YlLNHVH#IRUPDDGLJD#PDWHUMDOL#VXXUXV#RQ#DOOD# 433#[#47;#PP/#VLLV#lUJH#NDVXWDJH#SDEHULV||WMDW1#.
IRWRG# HWWHYDOPLVWXV#SULQWLPLVHNV 41 7}PPDNH#SDEHULV||WMD#YlOMD1 51 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#NRJX#SDEHU#V||WMDVW1 61 (UDOGDJH#IRWRSDEHUL#OHKHG#•NVWHLVHVW/#VHHMlUHO#MRRQGDJH#VHUYDG1 71 /DDGLJH#V||WMDVVH#NXQL#53#IRWRSDEHUL#OHKWH/#QLL#HW#SULQGLWDY#N•OJ#MllE# DOODSRROH1 81 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#IRWRSDEHUL#YDVWX#MD#O•NDNH#V||WMD#VLVVH1 IRWRGH#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 69
51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#SULQGLVXYDQG#ROHQHYDOW# NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG, ±Y}L± • .
SULQWLPLVMXKLVHG • (QQH#NXL#IRWRW#SULQWLGD#VDDE/#SHDE#VHH#SHDE#ROHPD#HOHNWURRQLOLVHV# IRUPDDGLV1#9}LWH#NDVXWDGD#GLJLWDDOIRWRVLG/#VNDQQLWXG#IRWRVLG#Y}L#ODVWD# IRWRVW#HOHNWURRQLOLQH#IDLO#YDOPLVWDGD#NRKDOLNXO#IRWRlULO1# • (QDPLNX#IRWRSDEHULWH#NRUUDO#NDVXWDJH#3KRWR5(W#VlWHW1 • .
}QQLWOXVNDDUGLG SULQWLPLVHNV#YDOPLVWXPLQH 41 7}PPDNH#SDEHULV||WMD#YlOMD1 51 7}VWNH#YlOMDVWXVVDOY#•OHPLVVH#DVHQGLVVH1 61 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#NRJX#SDEHU#V||WMDVW1 71 (UDOGDJH#}QQLWOXVNDDUGLG#•NVWHLVHVW1 81 -RRQGDJH#NDDUWLGH#VHUYDG#MD#DVHWDJH#V||WMDVVH#NXQL#8#NDDUWL1# 91 /•NDNH#NDDUGLG#QLL#NDXJHOH#HWWH#NXL#Y}LPDOLN1# :1 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#NDDUWLGH#YDVWX1 ;1 /•NDNH#SDEHULV||WMD#VLVVH#MD#ODVNH#YlOMDVWXVVDOY#DOOD1 }QQLWOXVNDDUWLGH#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLG
51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#ROHQHYDOW#NDVXWDWDYDVW# WDUNYDUDSURJUDPPLVW#SULQGLVXYDQGLG= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG,# ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG, ±Y}L± • .
SULQWLPLVMXKLVHG • $YDJH#WRSHOWNDDUGLG#MD#DVHWDJH#QHHG#SDEHULV||WMDVVH1 • .XL#LOPXE#WHDGH#RXW#RI#SDSHU#+SDEHU#RQ#RWVDV,/#VLLV#NRQWUROOLJH/#NDV# NDDUGLG#RQ#NRUUDOLNXOW#SDEHULV||WMDVVH#SDLJXWDWXG1# • .XL#NDDUWLGH#VXXUXV#RQ#DOOD#433#[#47;#PP#+7#[#8/9%,/#VLLV#lUJH# NDVXWDJH#SDEHULV||WMDW1#.
SODNDWLG SULQWLPLVHNV#YDOPLVWXPLQH 41 7}PPDNH#SDEHULV||WMD#YlOMD1 51 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#NRJX#SDEHU#V||WMDVW1 61 (UDOGDJH#SDEHULOHKHG#•NVWHLVHVW#QLQJ#VHHMlUHO#MRRQGDJH#QHQGH#VHUYDG1 71 3DQJH#SDEHU#V||WMDVVH1 81 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#OHKWHGH#YDVWX#MD#O•NDNH#V||WMD#VLVVH1 SODNDWLWH#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#SULQGLVXYDQG#ROHQHYDOW# NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW= • .
71 9DOLJH#NDDUW#)HDWXUHV#+9}LPDOXVHG,#QLQJ#VHHMlUHO#YDOLJH= • 2ULHQWDWLRQ#+6XXQG,=#6RELY#VXXQG • 3RVWHU#3ULQWLQJ#+3ODNDWLWU•NN,=#9DOLJH#VHH#VXYDQG#MD#VLLV#YDOLJH#5[5/# 6[6#Y}L#7[7 • 7ZR06LGHG#3ULQWLQJ#+.DKHSRROQH#YlOMDWU•NN,=#0lUNLPDWD • &RSLHV#+(NVHPSODULGH#DUY,=#(NVHPSODULGH#DUY 81 9DOLJH#$GYDQFHG#+/LVDIXQNWVLRRQLG,#NDDUW/#NXL#VRRYLWH#PXXWD#WLQGLNXOX/# YlUYL/#NXLYDPLVNLLUXVH#Y}L#WU•NLNLLUXVH#/RZ#0HPRU\#0RGH#+9lKHVH#0lOX# 5HåLLP,#VXYDQGHLG1 91 .O}SVDNH#2.
OLQGLG SULQWLPLVHNV#HWWHYDOPLVWDPLQH 41 7}PPDNH#SDEHULV||WMD#YlOMD1 51 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#V||WMDVW#NRJX#SDEHU1 61 7}VWNH#YlOMDVWXVVDOY#•OHV1# 71 9DOLJH#NXQL#53#OHKWH#OLQWWU•NLSDEHULW1#(HPDOGDJH#SHUIRUHHULWXG# llUHULEDG1# 81 $VHWDJH#OLQWWU•NLSDEHU#SDEHULV||WMDVVH/#QLL#HW#SDEHUL#ODKWLQH#VHUY#MllNV# SULQWHUL#SRROH1 91 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#SDEHULVHUYDGH#YDVWX1 :1 /•NDNH#SDEHULV||WMD#SULQWHULVVH1#-lWNH#YlOMDVWXVVDOY#•OHV1 OLQWLGH#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1
51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#ROHQHYDOW#NDVXWDWDYDVW# WDUNYDUDSURJUDPPLVW#SULQGLVXYDQG= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG, ±Y}L± • .
SULQWLPLVMXKLVHG 5HOHDVH#1RWHV#+9HUVLRRQLLQIRV,#NLUMHOGDWDNVH#OLQWWU•NL#SUREOHHPH#P}QHGH# WDUNYDUDSURJUDPPLGH#NRUUDO1#6HOOH#OXJHPLVHNV#NO}SVDNH#6WDUW#!#3URJUDPV# !##KS#GHVNMHW#VHULHV##!#5HOHDVH#1RWHV#+9HUVLRRQLQIRV,1 3DULPDWH#WXOHPXVWH#VDDPLVHNV#NDVXWDJH#KS#WRRWHLG1 79
SHDOHWULLJLWDYDG#NXMXWLVHG HWWHYDOPLVWXV#SULQWLPLVHNV 41 7}PPDNH#SDEHULV||WMD#YlOMD1 51 /•NDNH#SDEHULVXXQDMDG#N}UYDOH#MD#HHPDOGDJH#NRJX#SDEHU#V||WMDVW1 61 (UDOGDJH#SHDOHWULLJLWDYD#NXMXWLVH#SDEHULOHKHG#•NVWHLVHVW/#VHHMlUHO# MRRQGDJH#VHUYDG1 71 $VHWDJH#SHDOHWULLJLWDYD#NXMXWLVH#SDEHU#V||WMD#SULQGLWDYD#N•OMHJD#DOOSRRO1 81 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#SDEHUL#YDVWX#MD#O•NDNH#SDEHULV||WMD# SULQWHULVVH1 SHDOHWULLJLWDYDWH#NXMXWLVWH#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#M
71 9DOLJH#NDDUW#)HDWXUHV#+9}LPDOXVHG,#QLQJ#VHHMlUHO#YDOLJH= • 2ULHQWDWLRQ#+6XXQG,=#3HHJHONXMXWLV • 7ZR06LGHG#3ULQWLQJ#+.DKHSRROQH#YlOMDWU•NN,=#0lUNLPDWD • &RSLHV#+(NVHPSODULGH#DUY,=#(NVHPSODULGH#DUY 81 9DOLJH#$GYDQFHG#+/LVDIXQNWVLRRQLG,#NDDUW/#NXL#VRRYLWH#PXXWD#WLQGLNXOX/# YlUYL/#NXLYDPLVNLLUXVH#Y}L#WU•NLNLLUXVH#/RZ#0HPRU\#0RGH#+9lKHVH#0lOX# 5HåLLP,#VXYDQGHLG1 91 .O}SVDNH#2./#PLV#YLLE#WDJDVL#3ULQW#Y}L#3ULQW#6HWXS#DNQDVVH1 :1 3ULQWLPLVHNV#NO}SVDNH#2.
NlVLWVL#NDKHSRROQH#YlOMDWU•NN## SULQWLPLVH#HWWHYDOPLVWDPLQH 41 (HPDOGDJH#YlOMDVWXVVDOYHVW#NRJX#SDEHU1 51 7}PPDNH#SDEHULV||WMD#YlOMD#MD#WlLWNH#SDEHULJD1 61 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#SDEHULVHUYDGH#YDVWX1 71 /•NDNH#SDEHULV||WMD#SULQWHULVVH1 NlLWLVL#SULQWLPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1#.RQWUROOLJH/#NDV#SULQGLWDY#GRNXPHQW# RQ#YlKHPDOW#NDNV#OHKHN•OJH#SLNN1 51 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#MD#YDOLJH#ROHQHYDOW#NDVXWDWDYDVW# WDUNYDUDSURJUDPPLVW#SULQGLVXYDQG= • .
71 9DOLJH#NDDUW#)HDWXUHV#+9}LPDOXVHG,#QLQJ#VHHMlUHO#YDOLJH= • 2ULHQWDWLRQ#+6XXQG,=#6RELY#VXXQG • 7ZR06LGHG#3ULQWLQJ#+.DKHSRROQH#YlOMDWU•NN,=#0lUNLJH#VHH#ERNV#lUD (NUDDQLOH#LOPXE#NDKHSRROVH#YlOMDWU•NL#YHHULVWH#GLDORRJLERNV1 D1 9DOLJH#SDEHULJD#VRELYDG#RPDGXVHG#QLQJ#VHHMlUHO#NO}SVDNH#2./#PLV# YLLE#WDJDVL#DNQDVVH#)HDWXUHV#+9}LPDOXVHG,1 E1 9DOLJH#%RRN#+N|LGHWDNVH#N•OMHOW,#Y}L#7DEOHW#+N|LGHWDNVH#•ODOW,1 F1 .
<1 .
PlUNPLNX#N|LWPLQH SULQWLPLVMXKLVHG • 3ULQWHU#SULQGLE#N}LJHSHDOW#YlOMD#SDDULWXDUYXOLVHG#OHKHN•OMHG1#.XL# SDDULWXDUYXOLVHG#OHKHN•OMHG#RQ#SULQGLWXG/#VLLV#LOPXE#WHDGH/#PLV#SDOXE# WHLO#SDEHUL#XXHVWL#SULQWHULVVH#ODDGLGD/#QLL#HW#VDDNV#WU•NNLGD# SDDULVDUYXOLVL#OHKHN•OJL1 • .
YDEDOW#YDOLWDYDG#SDEHULIRUPDDGLG SULQWLPLVH#HWWHYDOPLVWDPLQH 41 7}VWNH#YlOMDVWXVVDOY#•OHPLVVH#DVHQGLVVH1 51 3DQJH#SDEHU#YPV#PDWHUMDO#SDEHULV||WMDVVH#WU•NLWDYD#N•OMHJD#DOOSRRO1 61 /•NDNH#SDEHU#QLL#NDXJHOH#HWWH#NXL#Y}LPDOLN1# 71 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#PDWHUMDOL#VHUYDGH#YDVWX#MD#O•NDNH# SDEHULV||WMD#VLVVH1 81 /DVNH#YlOMDVWXVVDOY#DOOD1 YDEDOW#YDOLWDYD#SDEHULIRUPDDGL#PllUDPLQH 41 $YDJH#IDLO/#PLGD#VRRYLWH#SULQWLGD1 86
51 7RLPLJH#ROHQHYDOW#NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW#•KHO#MlUJPLVWHVW# YLLVLGHVW/#HW#YDOLGD#SULQGLVXYDQGLG= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .O}SVDNH#)LOH#!#3ULQW#6HWXS#QLQJ#VHHMlUHO#YDOLJH#3URSHUWLHV# +$WULEXXGLG, ±Y}L± • .
• • • • • • • • • • *
WLQGLNDVVHWL#ROHNXWXOL WLQGLNDVVHWL#ROHNXWXOH#W||WDPLVH#VHOHWXV 7LQGLNDVVHWL#ROHNXWXOL#KDNNDE#VLLV#YLONXPD/#NXL#•NV#Y}L#P}OHPDG# WLQGLNDVVHWLG#RQ#W•KMHQHPDV/#YDOHVWL#SDLJDOGDWXG#Y}L#HL#ROH#W||NRUUDV1#7XOL# KDNNDE#YLONXPD#ND#VLLV/#NXL#RQ#SDLJDOGDWXG#YDOH#W••SL#WLQGLNDVVHWW1 41#7LQGLNDVVHWL#ROHNXWXOL .XL#NDVVHWLV#RQ#WLQWL#YlKH#MD#SULQWHUL#SHDOLVNDWH#DYDWDNVH/#VLLV#O}SHWDE# 7LQGLNDVVHWL#ROHNXWXOL#YLONXPLVH1#.
WLQGLNDVVHWL#ROHNX#NRQWUROOLPLQH .XL#7LQGLNDVVHWL#ROHNXWXOL#YLOJXE/#DYDJH#SULQWHUL#SHDOLVNDWH1#.ROODQH#QRRO# WLQGLNDVVHWLO#RVXWDE#•KHOH#YLLHVW#7LQGLNDVVHWL#ROHNXLNRRQLVW/#QlLGDWHV#VHOOHJD# WlSVHOW/#PLOOHV#SUREOHHP#VHLVQHE1 41#YlUYLNDVVHWL#SUREOHHPL#LNRRQ#51#PXVWD#NDVVHWL#SUREOHHPL#LNRRQ# 61#YlUYLNDVVHWL#WLQGLYlKHVXVH#LNRRQ#71#PXVWD#NDVVHWL#WLQGLYlKHVXVH#LNRRQ# 81 NDVVHWLG#2.
YHDRWVLQJ#SUREOHHPLGH#NRUUDO#YlUYLOLVH#Y}L#PXVWD#WLQGL#NDVVHWLJD .XL#NROODQH#QRRO#RVXWDE#WLQGLNDVVHWL#SUREOHHPL#LNRRQLOH/#VLLV#WLQGLNDVVHWW#NDV# SXXGXE/#RQ#YDOHVWL#SDLJDOGDWXG/#YLJDQH#Y}L#SDLJDOGDWXG#RQ#SULQWHULOH# VRELPDWX#WLQGLNDVVHWW1#3UREOHHPL#ODKHQGDPLVHNV#WRLPLJH#MlUJPLVHOW= • .XL#WLQGLNDVVHWW#SXXGXE/#VLLV#SDLJDOGDJH#}LJH#NDVVHWW1#3ULQWHULO#RQ# W||WDPLVHNV#YDMD#QLL#PXVWD#NXL#YlUYLOLVW#WLQGLNDVVHWWL1 • .XL#SDLJDOGDWXG#RQ#P}OHPDG#WLQGLNDVVHWLG/#VLLV#HHPDOGDJH#QHHG# NRUUDNV#MD#SDLJDOGDJH#XXHVWL1 • .
WLQGLNDVVHWLGH#YDKHWDPLQH (QQH#XXWH#WLQGLNDVVHWWLGH#RVWPLVW#NRQWUROOLJH#WRRWHQXPEUHLG1# .XL#WLQGLNDVVHWW#RQ#W•KL/#VLLV#MlWNH#W•KL#NDVVHWW#NDVVHWLKRLGLNXVVH#NXQL#XXH# NDVVHWL#SDLJDOGDPLVHQL1#3ULQWHULO#RQ#YDMD#P}OHPDW#WLQGLNDVVHWWL1 +RLDWXV$#+RLGNH#QLL#XXVL#NXL#ND#NDVXWDWXG#WLQGLNDVVHWWH ODVWHOH#NlWWHVDDPDWXV#NRKDV1 7LQGLNDVVHWWLGH#YDKHWDPLVHNV= 41 .RQWUROOLJH/#NDV#YlOMDVWXVVDOY#RQ#DOO1 .
41#9lOMDVWXVVDOY#+DOXPLVHV#DVHQGLV,#51#YDMXWDJH#7RLWHQXSSX#61#DYDJH#SHDOLVNDWH# 71 W}VWNH#•OHV#KRLGLNX#VXOJXU#81#W}VWNH#NDVVHWW#YlOMD 93
91 9}WNH#XXV#WLQGLNDVVHWW#SDNHQGLVW#YlOMD#MD#HHPDOGDJH#HWWHYDDWOLNXOW# YLQ••OOLQW1 1%$#bUJH#SXXGXWDJH#WLQGLNDVVHWL#G••VH#Y}L#YDVNNRQWDNWH1#1HQGH# RVDGH#SXXGXWDPLQH#Y}LE#S}KMXVWDGD#XPPLVWXVH/#WLQGL#lUDNXLYDPLVH#MD# KDOYD#HOHNWUL•KHQGXVH1#bUJH#HHPDOGDJH#YDVNULEDVLG1#1HHG#RQ# YDMDOLNXG#HOHNWULNRQWDNWLG1 41#PXVW#NDVVHWW#51#YlUYLOLQH#NDVVHWW#61#WLQGLG••VLG# 71 YDVNNRQWDNWLG±lUJH#SXXGXWDJH#HJD#HHPDOGDJH#YDVNNRQWDNWH# 81 NDLWVHY YLQ••OOLQW±HHPDOGDJH#DLQXOW#NDLWVHY#YLQ••OOLQW :1 3DQJH#WLQGLNDVVHWLG#NLQGODOW#KRLGL
WLQGLNDVVHWWLGH#MRRQGDPLQH# 3lUDVW#WLQGLNDVVHWL#YDKHWDPLVW#WXOHE#WLQGLNDVVHWLG#SDULPDWH#WU•NLWXOHPXVWH# VDDPLVHNV#MRRQGDGD1#-RRQGDPLQH#WRLPXE#+3#'HVNMHW#7RROER[¶L#NDXGX1 41 $YDJH#+3#'HVNMHW#7RROER[#•KHO#MlUJPLVWHVW#YLLVLGHVW= • .O}SVDNH#6WDUW#!#3URJUDPV#!#KS#GHVNMHW#VHULHV#!#KS#GHVNMHW#VHULHV# 7RROER[ ±Y}L± • .O}SVDNH#KLLUH#SDUHPD#QXSXJD#LNRRQLO#7DVN$JHQW#+7HJXPLNOLHQGL,#MD# YDOLJH#2SHQ#7RROER[1 51 .
WLQGLNDVVHWWLGH#DXWRPDDWQH# SXKDVWDPLQH .XL#SULQGLWXG#OHKHN•OJHGHOH#WHNLYDG#W•KMDG#MRRQHG#Y}L#SXQNWLG#Y}L#•OHOLLJVHG# WLQGLWULLEXG/#VLLV#WXOHE#WLQGLNDVVHWWH#SXKDVWDGD1# 7LQGLNDVVHWWH#SXKDVWDWDNVH#DXWRPDDWVHOW#MlUJPLVHOW= 41 $YDJH#+3#'HVNMHW#7RROER[1# 51 9DOLJH#NDDUW#3ULQWHU#6HUYLFHV#+3ULQWHUL#WHHQXVHG,1 61 9DOLJH#&OHDQ#WKH#3ULQW#&DUWULGJHV#+3XKDVWD#7LQGLNDVVHWLG,#MD#MlUJLJH# HNUDDQLOH#LOPXYDLG#MXKLVHLG1 .
WLQGLNDVVHWWLGH#NlVLWVLSXKDVWDPLQH## .XL#SULQWHULW#NDVXWDWDNVH#WROPXVHV#NHVNNRQQDV/#VLLV#Y}LE#NRUSXVVH# NRJXQHGD#WHDWXG#PllUDO#PXVWXVW1#0XVWXV#RQ#QlLWHNV#WROP/#NDUYDG/#YDLED0# Y}L#ULLGHNLXG1#.
WLQGLNDVVHWWLGH#MD#WLQGLNDVVHWL#KRLGLNX#SXKDVWDPLQH 41 .DVWNH#SXKWD#YDWLSDGMD#RWV#GHVWLOOHHULWXG#YHWWH#MD#VXUXJH#OLLJQH# YHVL YlOMD1 51 3XKDVWDJH#HVLPHVH#WLQGLNDVVHWL#HVLN•OJ#MD#VHUYDG#YDWLSDGMDJD# YDVWDYDOW#MRRQLVHOH1 bUJH#SXKDVWDJH#G••VLSODDWL1 41#G••VLSODDW#51#SXKDVWDJH#QHHG#SLLUNRQQDG 61 .RQWUROOLJH/#NDV#WLQGLNDVVHWL#HVLN•OMHOH#MD#VHUYDGHOH#SROH#MllQXG#NLXGH1 .XL#OHLDWH#NLXGH/#VLLV#NRUUDNH#41#MD#51#VDPPX1# 71 .
81 3XKDVWDJH#WLQGLNDVVHWL#KRLGLNX#VHLQWH#DOXPLVW#RVD#SXKDVWH#QLLVNHWH# YDWLSDWMDGHJD1 -lWNDNH#SXKDVWDPLVW#VHQL/#NXQL#YDWLSDGL#HQDP#HL#PllUGX1 41#WLQGLNDVVHWL#KRLGLN#51#KRLGLNX#VHLQ 91 3DQJH#WLQGLNDVVHWLG#WDJDVL#MD#VXOJHJH#SULQWHUL#SHDOLVNDWH1 :1 hKHQGDJH#WRLWHNDDEHO#SULQWHUL#WDJDN•OMHOH1 ;1 3ULQWLJH#WHVWOHKW##+3#'HVNMHW#7RROER[¶L#DELO/#PLOOHNV#YDOLJH#3ULQWHU# 6HUYLFHV#+3ULQWHUL#WHHQXVHG,#NDDUW#MD#NO}SVDNH#3ULQW#D#7HVW#3DJH#+7U•NL# WHVWOHKW,1 <1 .
SULQWHUL#SXKDVWDPLQH# SULQWHUL#NRUSXV 3ULQWHU#SLKXVWDE#WLQWL#SDEHULOH#SHHQH#XGXQD#MD#VHHW}WWX#Y}LE#RVD#WLQWL#DMD# MRRNVXO#VDWWXGD#SULQWHUL#NRUSXVHOH1#7ROPX#MD#WLQGLSOHNLG#VDDE#SULQWHUL# NRUSXVHOW#HHPDOGDGD#SHKPH#QLLVNH#ODSLJD1#.
WLQGLNDVVHWWLGH#WDDVWlLWPLQH bUJH#WDDVWlLWNH#+3#WLQGLNDVVHWWH1#7LQGLNDVVHWWLGH#WDDVWlLWPLQH#S}KMXVWDE# HOHNWURRQLOLVWH#Y}L#PHKKDDQLOLVWH#RVDGH#QRUPDDOVH#HOXWV•NOL#•OHWDPLVH1#6HH# WHNLWDE#ND#PLWPHLG#Y}LPDOLNNH#SUREOHHPH/#QDJX#QlLWHNV= • +DOE#WU•NLNYDOLWHHW1#0XXGH#ILUPDGH#NXL#+3#WLQGLG#Y}LYDG#VLVDOGDGD# HOHPHQWH/#PLV#XPPLVWDYDG#NDVVHWLG••VH#MD#S}KMXVWDYDG#KDOED# WU•NLNYDOLWHHWL1#0LWWH0+3#WLQGLG#Y}LYDG#VLVDOGDGD#ND#HOHPHQWH/#PLV# NRUURGHHULYDG#NDVVHWL#HOHNWURRQLNDRVL/#PLV#S}KMXVWDE#KDOYD# YlOMDWU•NL1 • 9}LPDOL
WLQGLNDVVHWWLGH#KRROGDPLQH -lUJPLVHG#VRRYLWXVHG#DLWDYDG#WHLO#KRROGDGD#+3#WLQGLNDVVHWWH#MD#WDJDGD# •KWODQH#WU•NLNYDOLWHHW= • +RLGNH#WLQGLNDVVHWWH#VXOHWXG#SDNHQGLWHV#VHQL/#NXL#QHLG#YDMD#OlKHE1# 7LQGLNDVVHWWH#WXOHNV#KRLGD#WRDWHPSHUDWXXULO#+49±5:#ƒ&,1 • .XL#WLQGLNDVVHWW#RQ#SDNHQGLVW#YlOMD#Y}HWXG/#NXLG#WHGD#HL#NDVXWDWD/#VLLV# KRLGNH#WHGD#KHUPHHWLOLVHV#SODVWNDUELV1#+RLGNH#WLQGLNDVVHWWH# G••VLGHSRROVH#N•OMHJD#•OHYDO1#.RQWUROOLJH/#HW#PLWWH#PLVNL#HL#SXXWXNV# YDVWX#G••VH1 • .
WLQGLNDVVHWWLGH#WRRWHQXPEULG .XL#YDKHWDWH#+3#'HVNMHW#SULQWHUL#WLQGLNDVVHWWH/#RVWNH#MlUJPLVWH# WRRWHQXPEULWHJD#WLQGLNDVVHWWH= • 0XVW=#+3#9948$#6HULHV#Y}L#+3#QU#48# • .
KS#GHVNMHW#WRROER[# +3#'HVNMHW#7RROER[#VLVDOGDE#PLWPHLG#NDVXOLNNH#W||ULLVWX/#PLV#Y}LPDOGDYDG# 7HLO#WU•NNLGD#WHVWOHKWH/#SXKDVWDGD#MD#MRRQGDGD#WLQGLNDVVHWWH#QLQJ#NRQWUROOLGD# WLQGLWDVHW#NDVVHWWLGHV1# .XL#ROHWH#RVWQXG#OLVDYDUXVWXVVH#NXXOXYD#+3#NDKHSRROVH#YlOMDWU•NL#VHDGPH# +HL#VDD#OLVDGD#N}LJLOH#SULQWHULWHOH,/#VLLV#Y}LWH#VHOOH#7RROER[LVW#DNWLYHHULGD1 $YDJH#+3#'HVNMHW#7RROER[#•KHO#MlUJPLVWHVW#YLLVLGHVW= • .O}SVDNH#6WDUW#!#3URJUDPV#!#KS#GHVNMHW#VHULHV#!#KS#GHVNMHW#VHULHV# 7RROER[ ±Y}L± • .
:5
• • • • $
SULQWHUL#WXOHG#YLOJXYDG ‡ PLGD#QlLWDYDG#YLONXYDG#WXOHG ‡ NXL#YLOJXE#WLQGLNDVVHWL#ROHNXWXOL ‡ NXL#YLOJXE#MlWNDPLVWXOL ‡ NXL#YLOJXE#WRLWHWXOL ‡ NXL#YLOJXYDG#N}LN#WXOHG PLGD#QlLWDYDG#YLONXYDG#WXOHG 9LONXYDG#WXOHG#DQQDYDG#LQIRW#SULQWHUL#ROHNX#NRKWD1 41#7LQGLNDVVHWL#ROHNXWXOL#MD#V•PERO#51#-lWNDPLVWXOL#MD#0QXSS 61#7RLWHWXOL#MD#0QXSS :7
NXL#YLOJXE#WLQGLNDVVHWL#ROHNXWXOL SHDOLVNDWH#RQ#DYDWXG 6XOJHJH#SHDOLVNDWH1 Y}LV#WHNNLGD#SUREOHHP#•KHJD#WLQGLNDVVHWWLGHVW • .RQWUROOLJH/#NDV#SDLJDOGDWXG#RQ#}LJHG#WLQGLNDVVHWLG1 • .
NXL#YLOJXE#WRLWHWXOL SULQWHU#YDOPLVWXE#WU•NNLPLVHNV 7XOL#O}SHWDE#YLONXPLVH/#NXL#SULQWHU#RQ#Y}WQXG#YDVWX#N}LN#DQGPHG1 NXL#YLOJXYDG#N}LN#WXOHG# SULQWHU#WXOHE#Y}LE0ROOD#WDDVNlLYLWDGD 41 9DMXWDJH#7RLWHQXSSX/#HW#SULQWHU#YlOMD#O•OLWDGD>#VHHMlUHO#YDMXWDJH#XXHVWL# 7RLWHQXSSX/#HW#SULQWHU#WDDVNlLYLWDGD1 .
SULQWHU#HL#SULQGL# ‡ SDEHU#HL#WXOH#SULQWHULVW#YlOMD ‡ 86%0OLLGHVH#NDVXWDPLVHO#LOPXYDG#YHDWHDGH ‡ WHNLE#SDEHULXPPLVWXV ‡ SULQWHU#HL#O•OLWX#VLVVH SDEHU#HL#WXOH#SULQWHULVW#YlOMD 3UREOHHPL#ODKHQGDPLVHNV#WRLPLJH#MlUJPLVHOW1 NRQWUROOLJH#SULQWHULW .RQWUROOLJH#NDV= 41 3ULQWHU#RQ#•KHQGDWXG#YRROXY}UNX1# 51 .
NRQWUROOLJH#SULQWHUL#WXOHVLG • .XL#7LQGLNDVVHWL#ROHNXWXOL#YLOJXE/#VLLV#DYDJH#SULQWHUL#SHDOLVNDWH#MD# NRQWUROOLJH/#NDV#WLQGLNDVVHWLG#RQ#}LJHVWL#SDLJDOGDWXG1 • .XL#-lWNDPLVQXSX#WXOL#YLOJXE/#VLLV#YDMXWDJH#-lWNDPLVQXSSX1 • .
86%0OLLGHVH#NDVXWDPLVHO#LOPXYDG#YHDWHDWHG ,OPXE#YHDWHDGH#³WKHUH#ZDV#DQ#HUURU#ZULWLQJ#WR#?86%0OLLGHVH#QLPL!´ .XL#SULQWHU#RQ#•KHQGDWXG#86%0MDRWXULJD#•KHDHJVHOW#PLWPH#86%0VHDGPHJD/# VLLV#Y}LE#ROOD#YLJD#SULQWHULVVH#M}XGYDWHV#DQGPHWHV1#hKHQGDJH#SULQWHU#RWVH# DUYXWL#86%0OLLGHVHJD1 WHNLYDG#SDEHULXPPLVWXV 41 (HPDOGDJH#SDEHU#SDEHULV||WMDVW#MD#YlOMDVWXVVDOYHVW1 51 9DMXWDJH#-lWNDPLVQXSSX#SULQWHUL#HVLN•OMHO1 61 .XL#SULQGLWH#NOHHELVWHOH/#VLLV#NRQWUROOLJH/#NDV#•NVNL#NOHHELV#SROH# SULQWHULVVH#NLQQL#MllQXG1 .
51 .}UYDOGDJH#XPPLVWXV#MD#SDQJH#OXXN#WDJDVL1 61 3DQJH#SDEHU#SDEHULV||WMDVVH#WDJDVL1 71 9DMXWDJH#-lWNDPLVQXSSX1 81 3ULQWLJH#GRNXPHQW1 SULQWHU#HL#O•OLWX#VLVVH 3ULQWHU#RQ#VDDQXG#OLLJD#SDOMX#HOHNWULY}LPVXVW1 41 hKHQGDJH#WRLWHNDDEHO#SULQWHUL#N•OMHVW#ODKWL1 51 2RGDNH#XPEHV#43#VHNXQGLW1 61 hKHQGDJH#WRLWHNDDEHO#SULQWHUL#N•OJH#WDJDVL1 9DMXWDJH#7RLWHQXSSX/#HW#SULQWHU#VLVVH#O•OLWDGD1 .
SULQWHU#RQ#OLLJD#DHJODQH# 3ULQWHUL#WU•NLNLLUXVW#MD#•OGLVW#M}XGOXVW#Y}LYDG#P}MXWDGD#PLWPHG#WHJXULG= ‡ DUYXWL#HL#YDVWD#V•VWHHPLQ}XHWHOH ‡ SULQWHUL#WDUNYDUD#RQ#YDQDQHQXG ‡ NRQIOLNW#86%0OLLGHVH#NDVXWDPLVHO ‡ WU•NLWH#NHHUXNDLG#GRNXPHQWH/#JUDDILNDW#Y}L#IRWRVLG DUYXWL#HL#YDVWD#V•VWHHPLQ}XHWHOH 41 .
NRQIOLNW#86%0OLLGHVH#NDVXWDPLVHO .XL#86%0MDRWXUL#N•OJH#RQ#•KHQGDWXG#PLWX#VHDGHW/#VLLV#Y}LE#WHNNLGD#NRQIOLNW1# .RQIOLNWL#N}UYDOGDPLVHNV#RQ#NDNV#Y}LPDOXVW= • .LQQLWDJH#SULQWHUL#86%0MXKH#PLWWH#MDRWXUL/#YDLG#RWVH#DUYXWL#N•OJH ±Y}L± • .
.XL#NDVXWDWH#SDUDOOHHONDDEOL#•KHQGXVW/#VLLV#Y}LWH#IRWRWU•NL#NLLUXVW#VXXUHQGDGD# +DUGZDUH#(&3#+([WHQGHG#&DSDELOLWLHV#3RUW,#GHEORNHHULPLVHJD1#6HOOHNV= 41 $YDJH#+3#'HVNMHW#7RROER[#•KHO#MlUJPLVWHVW#YLLVLGHVW= • .O}SVDNH#6WDUW#!#3URJUDPV#!#KS#GHVNMHW#VHULHV#!#KS#GHVNMHW#VHULHV# 7RROER[ ±Y}L± • .O}SVDNH#KLLUH#SDUHPD#QXSXJD#LNRRQLO#7DVN$JHQW#+7HJXPLNOLHQGL,#MD# YDOLJH#2SHQ#7RROER[#+$YD#7||ULLVWDERNV,1# 51 .
SUREOHHPLG YlOMDWU•NLJD# ‡ WU•NLWXG#OHKHG#RQ#W•KMDG ‡ SULQGLWXG#GRNXPHQW#HL#ROH#OHKH#NHVNHO#Y}L#RQ#YLOWX ‡ RVD#GRNXPHQGLVW#RQ#SXXGX#Y}L#WU•NLWXG#YDOHVVH#NRKWD# ‡ YlOMDWU•NLV#HL#DYDOGX#XXHG#SULQGLVlWWHG ‡ IRWRVLG#HL#SULQGLWD#}LJHVWL ‡ OLQWWU•NNL#HL#SULQGLWD#}LJHVWL WU•NLWXG#OHKHG#RQ#W•KMDG 3ULQWHU#Y}LE#YlOMDVWDGD#WlLHVWL#W•KMH#OHKWL/#NXL= • hNV#Y}L#P}OHPDG#WLQGLNDVVHWLG#RQ#W•KMDG • 9LQ••OOLQW#RQ#WLQGLNDVVHWLOW#HHPDOGDPDWD • 3ULQGLWDNVH#VLVVHWXOHYDW#IDNVL NRQWUROOLJH#WLQGLNDVVHWWH 41 7}VWNH#•OHV#SULQWHUL#NDD
SULQGLWXG#GRNXPHQW#HL#ROH#OHKH#NHVNHO#Y}L#RQ#YLOWX 41 .RQWUROOLJH/#NDV#SDEHU#RQ#SDLJXWDWXG#VDOYH#}LJHVWL1 51 .RQWUROOLJH/#NDV#SDEHULVXXQDMDG#RQ#O•NDWXG#SDEHUL#YDVWX1 61 3ULQWLJH#GRNXPHQW#XXHVWL1 RVD#GRNXPHQGLVW#RQ#SXXGX#Y}L#WU•NLWXG#YDOHVVH#NRKWD# 3DEHUL#VXXQD/#IRUPDDGL/#YHHULVWH#MD#PXXGH#VXYDQGLWH#YLLPLVHNV#HVLDOJVHOH# NXMXOH#WRLPLJH#MlUJPLVHOW= 41 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#HW#DYDGD#SULQWHUL#DWULEXXWLGH#ERNV/#ROHQHYDOW# NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW= • .
IRWRVLG#HL#SULQGLWD#}LJHVWL 41 .RQWUROOLJH/#NDV#IRWRSDEHU#RQ#SDEHULV||WMDVVH#SDQGXG#WU•NLWDYD#N•OMHJD# DOOSRRO1 51 /•NDNH#SDEHULW#QLL#NDXJHOH#HWWH#NXL#Y}LPDOLN1 61 /•NDNH#SDEHULVXXQDMDG#WLKHGDOW#SDEHUL#YDVWX#MD#O•NDNH#SDEHULV||WMD# SULQWHULVVH1 71 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#HW#DYDGD#SULQWHUL#DWULEXXWLGH#ERNV/# ROHQHYDOW#NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW= • .O}SVDNH#)LOH#!#3ULQW/#VHHMlUHO#YDOLJH#3URSHUWLHV#+$WULEXXGLG, ±Y}L± • .
OLQWWU•NNL#HL#SULQGLWD#}LJHVWL 41 .RQWUROOLJH/#NDV#YlOMDVWXVVDOY#RQ#•OHPLVHV#DVHQGLV1 /LQWWU•NL#DMDO#SHDE#YlOMDVWXVVDOY#ROHPD#•OHPLVHV#DVHQGLV1 51 $VHWDJH#OLQWWU•NLSDEHU#SDEHULV||WMDVVH/#QLL#HW#SDEHUL#ODKWLQH#VHUY#MllE# •OHVSRROH1 61 6LVHVWDJH#OLQWWU•NL#SDEHUL#HVLPHQH#VHUY#SDEHULV||WMDVVH/#QLL#NDXJHOH#NXL# Y}LPDOLN1#.RQWUROOLJH/#NDV#SDEHULV||WMD#RQ#VLVVH#O•NDWXG1 71 -lUJLJH#•KW#WRRGXG#YLLVLGHVW#HW#DYDGD#SULQWHUL#DWULEXXWLGH#ERNV/# ROHQHYDOW#NDVXWDWDYDVW#WDUNYDUDSURJUDPPLVW= • .
91 .O}SVDNH#$SSO\#+5DNHQGD,#!#2./#HW#QDDVWD#3ULQW#Y}L#3ULQW#6HWXS# DNQDVVH1 :1 /LQWWU•NL#DOXVWDPLVHNV#NO}SVDNH#2.1 ;1 .RQWUROOLJH/#NDV#SULQWLPLVWDUNYDUD#W||WDE#NRUUDOLNXOW#MD#NDV#OHKWHGH# YDKHOH#WHNLYDG#SULQWLPLVHO#W•KLNXG1 5HGDNWVLRRQL#PlUNXVWHV#NLUMHOGDWDNVH#OLQWWU•NL#SUREOHHPH#HUL# WDUNYDUDSURJUDPPLGH#NRUUDO1#6HOOH#LQIR#OXJHPLVHNV#NO}SVDNH#6WDUW#!# 3URJUDPV#!##KS#GHVNMHW#VHULHV##!#5HOHDVH#1RWHV#+9HUVLRRQLLQIRV,1 .
• 6)-# • 6) # • 6 # • $ • $
KS#GHVNMHW#<7;F#VHULHV#SULQWHULWH# VSHWVLILNDWVLRRQ KS#GHVNMHW#<7;F#PXGHO#QU#&9764' PXVWD#WHNVWL#WU•NLNLLUXV 'UDIW#+0XVWDQG,=#45#OHKHN•OJH#PLQXWLV WHNVW#NRRV#YlUYLJUDDILNDJD/#WU•NLNLLUXV 'UDIW#+0XVWDQG,=#43#OHKHN•OJH#PLQXWLV PXVWD#WUXHW\SH0WHNVWL#HUDOGXVY}LPH +ROHQHYDOW#SDEHUL#W••ELVW, 'UDIW#+0XVWDQG,=#633#[#633#GSL 1RUPDO#+1RUPDDOQH,=#933#[#933#GSL %HVW#+3DULP,=#933#[#933#GSL YlUYLOLQH#HUDOGXVY}LPH +ROHQHYDOW#SDEHUL#W••ELVW, 'UDIW#+0XVWDQG,=#633#[#633#GSL#.#3KRWR5(W 1RUPDO#+1RUPDDOQH,=#933#[#933#GSL#.
PlOX 5#0%#VLVVH#HKLWDWXG#5$0 QXSXG2WXOHG 7•KLVWDPLVQXSS 7LQGLNDVVHWL#ROHNXWXOL -lWNDPLVQXSS#MD#0WXOL 7RLWHQXSS#MD#0WXOL VLGVHQG2YlOMXQGOLLGHV &HQWURQLFV#3DUDOOHO/#,(((#45;7#±#•KLOGXE#45;70%#SLVWLNXSHVDJD hKLOGXE#8QLYHUVDO#6HULDO#%XV#4140JD P}}WPHG ODLXV#773#PP#[#N}UJXV#4<9#PP#[#SLNNXV#733#PP#+W}VWHWDY#VDOY#DOO#NRRV# SDEHULJD,#Y}L#SLNNXV#583#PP#+W}VWHWDY#VDOY#•OHYDO, ODLXV#4:/67%#[#N}UJXV#:/:5%#[#SLNNXV#48/:9%#+W}VWHWDY#VDOY#DOO#NRRV#SDEHULJD,# Y}L#SLNNXV#
Y}LPVXVWDUYH 9lOMDO•OLWDWXQD#NXQL#5#: 3ULQWLPLVH#YDKHOLVHO#DMDO#NHVNPLVHOW#7#: 3ULQWLPLVH#DMDO#NHVNPLVHOW#73#: Q}XGHG#WRLWHSLQJHOH 6LVHQGSLQJH=#433#NXQL#573#9DF#+“43(, 6DJHGXV=#83293#+]#+.6#+], .RKDQGXE#PDDLOPD#N}LJL#VWDQGDUGVHWH#YDKHOGXYYRROXY}UJX#SLQJHWH#MD# VDJHGXVWHJD1 P•UD#W||WDPLVH#DMDO#YDVWDYDOW#,62#<5<9#Q}XHWHOH +HOLWXJHYXV/#/:$G#+4% 43#G%,= 8/<#G%#QRUPDDOUHåLLPLV +HOLU}KN/#/S$P#+N}UYDOVHLVMD#VXKWHV,= 79#G%#QRUPDDOUHåLLPLV MRRQGDPLQH 9HUWLNDDOQH= .20#3/38;#PP2PP#+3/335%,#QRUPDDOUHåLLPLV .
PDWHUMDOL#NlVLWVHPLQH 3DEHULV||WMD#PDKW= 7DYDOLQH#SDEHU=#.XQL#433# /LQWWU•NL#SDEHU=#.XQL#53#OHKWH hPEULNXG=#.XQL#48# ®QQLWOXVNDDUGLG=#.XQL#8#NDDUWL .OHHELVHG=#.XQL#53#OHKWH#+NDVXWDJH#DLQXOW#8161#/HWWHU²Y}L# $70P}}GXV OHKWL, )RWRSDEHU=#.XQL#53#OHKWH .DUWRWHHJLNDDUGLG=#.XQL#63#NDDUWL /••PLNXG=#.XQL#58# 9lOMDVWXVVDOYH#PDKW= 'UDIW#+0XVWDQG,=#.XQL#68#OHKWH 1RUPDO#+1RUPDDOQH,=#.XQL#83#OHKWH %HVW#+3DULP,=#.
/LQWWU•NNL#SDEHU= 8161#/HWWHU#549#[#5:<#PP#+;/8#[#44%, $7#543#[#5<:#PP hPEULNXG= 8161#QU#43#436#[#574#PP#+7/45#[#
KS#GHVNMHW#<73F#VHULHV#SULQWHULWH# VSHWVLILNDWVLRRQ KS#GHVNMHW#<73F[L#PXGHO#QU#&9764$ KS#GHVNMHW#<73FVH#PXGHO#QU#&9764% KS#GHVNMHW#<73FYU#PXGHO#QU#&9764( PXVWD#WHNVWL#WU•NLNLLUXV 'UDIW#+0XVWDQG,=#45#OHKHN•OJH#PLQXWLV WHNVW#NRRV#YlUYLJUDDILNDJD/#WU•NLNLLUXV 'UDIW#+0XVWDQG,=#43#OHKHN•OJH#PLQXWLV PXVWD#WUXHW\SH0WHNVWL#HUDOGXVY}LPH +ROHQHYDOW#SDEHUL#W••ELVW, 'UDIW#+0XVWDQG,=#633#[#633#GSL 1RUPDO#+1RUPDDOQH,=#933#[#933#GSL %HVW#+3DULP,=#933#[#933#GSL YlUYLOLQH#HUDOGXVY}LPH +ROHQHYDOW#SDEHUL#W••ELVW, 'UDIW#+0XVW
PDNVLPXPUHVVXUVV 51333#OHKHN•OJH#NXXV# PlOX 5#0%#VLVVH#HKLWDWXG#5$0 QXSXG2WXOHG 7•KLVWDPLVQXSS 7LQGLNDVVHWL#ROHNXWXOL -lWNDPLVQXSS#MD#0WXOL 7RLWHQXSS#MD#0WXOL VLGVHQG2YlOMXQGOLLGHV &HQWURQLFV#3DUDOOHO/#,(((#45;7#±#•KLOGXE#45;70%#SLVWLNXSHVDJD hKLOGXE#8QLYHUVDO#6HULDO#%XV#4140JD P}}WPHG 773#PP#ODL#[#4<9#PP#N}UJH#[#6:3#PP#SLNN 4:/65%#ODL#[#:/:5%#N}UJH#[#47/89%#SLNN NDDO 8/<#NJ#+48#QDHOD,#LOPD#WLQGLNDVVHWWLGHWD W||NHVNNRQG 7||NHVNNRQQD#SLLUQlLWDMDG= 7HPSHUDWXXU=#74#NXQL#437#ƒ)/#8#NXQL#73#ƒ& 1LLVNXV=#48#NXQL#;3
Y}LPVXVWDUYH 9lOMDO•OLWDWXQD#NXQL#5#: 3ULQWLPLVH#YDKHOLVHO#DMDO#NHVNPLVHOW#7#: 3ULQWLPLVH#DMDO#NHVNPLVHOW#73#: Q}XGHG#WRLWHSLQJHOH 6LVHQGSLQJH=#433#NXQL#573#9DF#+“43(, 6DJHGXV=#83293#+]#+.6#+], .RKDQGXE#PDDLOPD#N}LJL#VWDQGDUGVHWH#YDKHOGXYYRROXY}UJX#SLQJHWH#MD# VDJHGXVWHJD1 P•UD#W||WDPLVH#DMDO#YDVWDYDOW#,62#<5<9#Q}XHWHOH +HOLWXJHYXV/#/:$G#+4% 43#G%,= 8/<#G%#QRUPDDOUHåLLPLV +HOLU}KN/#/S$P#+N}UYDOVHLVMD#VXKWHV,= 79#G%#QRUPDDOUHåLLPLV MRRQGDPLQH 9HUWLNDDOQH= .20#3/38;#PP2PP#+3/335%,#QRUPDDOUHåLLPLV .
PDWHUMDOL#NlVLWVHPLQH 3DEHULV||WMD#PDKW= 7DYDOLQH#SDEHU=#.XQL#483# /LQWWU•NL#SDEHU=#.XQL#53#OHKWH hPEULNXG=#.XQL#48# ®QQLWOXVNDDUGLG=#.XQL#8#NDDUWL .OHHELVHG=#.XQL#53#OHKWH#+NDVXWDJH#DLQXOW#8161#/HWWHU²Y}L# $70P}}GXV OHKWL, )RWRSDEHU=#.XQL#53#OHKWH .DUWRWHHJLNDDUGLG=#.XQL#78#NDDUWL /••PLNXG=#.XQL#63# 9lOMXQGVDOYH#PDKW= 'UDIW#+0XVWDQG,=#.XQL#68#OHKWH 1RUPDO#+1RUPDDOQH,=#.XQL#83#OHKWH %HVW#+3DULP,=#.
hPEULNXG= 8161#QU#43#436#[#574#PP#+7/45#[#
KS#GHVNMHW#<53F#VHULHV#SULQWHULWH# VSHWVLILNDWVLRRQ KS#GHVNMHW#<53F[L#PXGHO#QU#&9763$ KS#GHVNMHW#<53FVH#PXGHO#QU#&9763% KS#GHVNMHW#<53FYU#PXGHO#QU#&9763( PXVWD#WHNVWL#WU•NLNLLUXV 'UDIW#+0XVWDQG,=#<#OHKHN•OJH#PLQXWLV YlUYLJUDDILNDJD#WHNVWL#WU•NLNLLUXV 'UDIW#+0XVWDQG,=#:/8#OHKHN•OJH#PLQXWLV PXVWD#WUXHW\SH0WHNVWL#HUDOGXVY}LPH +ROHQHYDOW#SDEHUL#W••ELVW, 'UDIW#+0XVWDQG,=#633#[#633#GSL 1RUPDO#+1RUPDDOQH,=#933#[#933#GSL %HVW#+3DULP,=#933#[#933#GSL YlUYLOLQH#HUDOGXVY}LPH +ROHQHYDOW#SDEHUL#W••ELVW, 'UDIW#+0XVWDQG,=
PDNVLPXPUHVVXUVV 41333#OHKHN•OJH#NXXV PlOX 5#0%#VLVVH#HKLWDWXG#5$0 QXSXG2WXOHG 7•KLVWDPLVH#QXSS 7LQGLNDVVHWL#ROHNXWXOL -lWNDPLVQXSS#MD#0WXOL 7RLWHQXSS#MD#0WXOL VLVHQG0YlOMXQGOLLGHV &HQWURQLFV#3DUDOOHO/#,(((#45;7#±#•KLOGXE#45;70%#SLVWLNXSHVDJD hKLOGXE#8QLYHUVDO#6HULDO#%XV#4140JD P}}WPHG /DLXV#773#PP#[#N}UJXV#4<9#PP#[#SLNNXV#733#PP#+W}VWHWDY#VDOY#DOO#NRRV# SDEHULJD,#Y}L#SLNNXV#583#PP#+W}VWHWDY#VDOY#•OHYDO, /DLXV#4:/67%#[#N}UJXV#:/:5%#[#SLNNXV#48/:9%#+W}VWHWDY#VDOY#DOO#NRRV#SDEHULJD,# Y}L#
Y}LPVXVWDUYH 9lOMDO•OLWDWXQD#NXQL#5#: 3ULQWLPLVH#YDKHOLVHO#DMDO#NHVNPLVHOW#7#: 3ULQWLPLVH#DMDO#NHVNPLVHOW#73#: Q}XGHG#WRLWHSLQJHOH 6LVHQGSLQJH=#433#NXQL#573#9DF#+“43(, 6DJHGXV=#83293#+]#+.6#+], .RKDQGXE#PDDLOPD#N}LJL#VWDQGDUGVHWH#YDKHOGXYYRROXY}UJX#SLQJHWH#MD# VDJHGXVWHJD1 P•UD#W||WDPLVH#DMDO#YDVWDYDOW#,62#<5<9#Q}XHWHOH +HOLWXJHYXV/#/:$G#+4% 43#G%,= 8/<#G%#QRUPDDOUHåLLPLV +HOLU}KN/#/S$P#+N}UYDOVHLVMD#VXKWHV,= 79#G%#QRUPDDOUHåLLPLV MRRQGDPLQH 9HUWLNDDOQH= .20#3/38;#PP2PP#+3/335%,#QRUPDDOUHåLLPLV .
PDWHUMDOL#NlVLWVHPLQH 3DEHULV||WMD#PDKW= 7DYDOLQH#SDEHU=#.XQL#433# /LQWWU•NL#SDEHU=#.XQL#53#OHKWH hPEULNXG=#.XQL#48 ®QQLWOXVNDDUGLG=#.XQL#8#NDDUWL .OHHELVHG=#.XQL#53#NOHHELVWH#OHKWH#+NDVXWDJH#DLQXOW#8161#/HWWHU²Y}L# $70P}}GXV#OHKWL, )RWRSDEHU=#.XQL#53#OHKWH .DUWRWHHJLNDDUGLG=#.XQL#63#NDDUWL /••PLNXG=#.XQL#58# 9lOMDVWXVVDOYH#PDKW= 'UDIW#+0XVWDQG,=#.XQL#68#OHKWH 1RUPDO#+1RUPDDOQH,=#.XQL#83#OHKWH %HVW#+3DULP,=#.
hPEULNXG= 8161#QU#43#436#[#574#PP#+7/45#[#
PLQLPDDOVHG#WU•NLYHHULVHG# 3ULQWHU#HL#VDD#WU•NNLGD#OHKH#NLQGODNVPllUDWXG#SLLUNRQQDVW#YlOMDSRROH1# $OOSRRO#RQ#HVLWDWXG#OHYLQXPDWH#PDWHUMDOLW••SLGH#PLQLPDDOVHG#WU•NLYHHULVHG1# $7 9DVDN#MD#SDUHP#YHHULV=#6/7#PP#+3/467%, hOHPLQH#YHHULV=#4/;#PP#+3/3:%, $OXPLQH#YHHULV=#44/:#PP#+3/79%, OHWWHU/#OHJDO#MD#H[HFXWLYH 9DVDN#MD#SDUHP#YHHULV=#9/7#PP#+3/58%, hOHPLQH#YHHULV=#4/;#PP#+3/3:%, $OXPLQH#YHHULV=#44/:#PP#+3/79%, $8/#%8#MD#YDEDOW#YDOLWDYDG#IRUPDDGLG 9DVDN#MD#SDUHP#YHHULV=#6/5#PP#+3/458%, hOHPLQH#YHHULV=#4/;#PP#+3/3:%
/LQGLG#0#$7#+543#[#5<:#PP#>;/5:#[#44/:%@, 9DVDN#MD#SDUHP#YHHULV=#617#PP#+3/467%, hOHPLQH#YHHULV=#3/3#PP#+3/33%, $OXPLQH#YHHULV=#3/3#PP#+3/33%, OLQGLG#0#OHWWHU#+549#[#5:<#PP#>;/8#[#44%@, 9DVDN#MD#SDUHP#YHHULV=#9/7#PP#+3/58%, hOHPLQH#YHHULV=#3/3#PP#+3/33%, $OXPLQH#YHHULV=#3/3#PP#+3/33%, lUDUHELWDYD#RVDJD#IRWR 9DVDN#MD#SDUHP#YHHULV=#6/5#PP#+3/458%, hOHPLQH#YHHULV=#6/5#PP#+3/458%, $OXPLQH#YHHULV=#6/5#PP#+3/458%, 439
V•VWHHPLQ}XGHG 7HLH#DUYXWL#SHDNV#YDVWDPD#MlUJPLVWHOH#Q}XHWHOH= :LQGRZV 0LFURVRIW#:LQGRZV#5333 3URWVHVVRUL#PLLQLPXPNLLUXV=#3HQWLXP#466#0+] 1}XWDY#5$0=#97#0% 1}XWDY#YDED#N}YDNHWWDSLQG=#73#0%0LFURVRIW#:LQGRZV#<8/#<;/#0H#Y}L#17#713 3URWVHVVRUL#PLLQLPXPNLLUXV=#3HQWLXP#99#0+] 1}XWDY#5$0=#65#0% 1}XWDY#YDED#N}YDNHWWDSLQG=#73#0%060'26 YHUVLRRQ#616#Y}L#XXHP 3URWVHVVRUL#PLLQLPXPNLLUXV=#7;9#SURWVHVVRU 1}XWDY#5$0=#7#0% 1}XWDY#YDED#N}YDNHWWDSLQG=#8#0%-#)RWRGH#SULQWLPLVHO#SHDE#DUYXWLV#ROHPD#YlKHPDOW#433#0%#YDED# N}YDNHWWD
43;
LQGHNV D DXWRPDDWQH#NDKHSRROQH#YlOMDWU•NN NDKHSRROVH#YlOMDWU•NL#VHDGH 47 +3#IRWRSDEHU IRWRGH#SULQWLPLQH 6: SUREOHHPLG#IRWRGH#SULQWLPLVHO ;9 G L GLJLWDDOIRWRG 6; LQIRUPDWVLRRQL#OHLGPLQH 6 H M HUDOGXVY}LPH#IRWRSDEHULOH#SULQWLPLVHO GHVNMHW#<53F#VHULHV 433 GHVNMHW#<73F#VHULHV <8 GHVNMHW#<7;F#VHULHV <3 ([WHQGHG#&DSDELOLWLHV#3RUW#+(&3, ;9 IRWRGH#SULQWLPLQH 6; NHHUXNDWH#GRNXPHQWLGH#SULQWLPLQH ;6 MRRQGDPLQH GHVNMHW#<53F#VHULHV 435 GHVNMHW#<73F#VHULHV <: GHVNMHW#<7;F#VHULHV <5 MXKHQGL#:KDW¶V#7KLV"#+0LV#VHH
O OHJDO#SDEHU 55 OLQWWU•NL#SUREOHHPLG ;: OLQWWU•NLSDEHU 77 OLQWWU•NN 77 YlOMDVWXVVDOY#•OHYDO 44 /RZ#0HPRU\#0RGH#+9lKHVH#0lOX# 5HåLLP, ;5 SULQWHUL#DWULEXXWLGH#ERNV 4< O•OLWLJD#SLNHQGXVMXKH ; O••PLNX#SULQWLPLQH 5< P PDNVLPXPUHVVXUVV GHVNMHW#<53F#VHULHV 434 GHVNMHW#<73F#VHULHV <9 GHVNMHW#<7;F#VHULHV <3 PDWHUMDOL#NDDO GHVNMHW#<53F#VHULHV 435 GHVNMHW#<73F#VHULHV <: GHVNMHW#<7;F#VHULHV <5 PDWHUMDOLIRUPDDGLG GHVNMHW#<53F#VHULHV 436 GHVNMHW#<73F#VHULHV <; GHVNMHW#<7;F#VHULHV <6 PLQLPDDOVHG#WU•NLYHHULVHG 438 PLWX
SHDOHWULLJLWDYDWH#NXMXWLVWH#SULQWLPLQH 7: SHHJHOSLOW 7; 3KRWR5(W GHVNMHW#<53F#VHULHV 433 GHVNMHW#<73F#VHULHV <8 GHVNMHW#<7;F#VHULHV <3 IRWRSDEHUL#VlWH 6; IRWRWU•NL#NLLUXV 6: SUREOHHPLG#IRWRGH#SULQWLPLVHO ;9 SODNDWL#SULQWLPLQH 75 SULQGLVlWWHG PXXWPLQH 48 SULQWHUL#YDLNHVlWH#ERNV 48 YDLNLPLVL 47 SULQWHU NDDO GHVNMHW#<53F#VHULHV 434 GHVNMHW#<73F#VHULHV <9 GHVNMHW#<7;F#VHULHV <4 NDKMXVWXV 9; NDVVHWWLGH#SXKDVWDPLQH 97 NRUSXVH#SXKDVWDPLQH 9: PDWHUMDOL#NDDO GHVNMHW#<53F#VHULHV 435 GHVNMHW#<73F#VHULHV <: GHVNMHW#<7;
SULQWHUL#NDKMXVWXV WLQGLNDVVHWWLGH#SDLJDOGDPLQH 94 WLQGLNDVVHWWLGH#WDDVWlLWPLQH 9; SULQWHUL#NLLUSDLJDOGDPLVH#SODNDW 6 SULQWHUL#NRUSXVH#SXKDVWDPLQH 9: SULQWHUL#PlOX GHVNMHW#<53F#VHULHV 434 GHVNMHW#<73F#VHULHV <9 GHVNMHW#<7;F#VHULHV <4 SULQWHUL#ROHN YLONXYDG#WXOHG :7 SULQWHUL#WDDVNlLYLWDPLQH PLOODO#WDDVNlLYLWDGD :9 SULQWHUL#WDUNYDUD 4; SULQWHUL#Y}LPDOXVHG : SULQWLPLQH IRWRG 69 MXKLVHG 6; NDKHSRROQH#NlVLWVL MXKLVHG 85 NDUWRWHHJLNDDUGLG 66 MXKLVHG 68 NOHHELVHG 64 MXKLVHG 64/ 65 NlVLWVL#NDKHSRROQH 7< OHJDO#SDEHU
WHJXPLULED#LNRRQ 47 WHNVWL#HUDOGXVY}LPH GHVNMHW#<53F#VHULHV 433 GHVNMHW#<73F#VHULHV <8 GHVNMHW#<7;F#VHULHV <3 WHVWOHKH#SULQWLPLQH 99 WLQGL#DUYHVWXVOLN#WDVH :4 WLQGLNDVVHWL#KRLGLN 8< SXKDVWDPLQH 99 WLQGLNDVVHWL#ROHNXLNRRQLG 8: WLQGLNDVVHWL#ROHNXWXOL 89 WLQGLNDVVHWL#VRELYXVH#NRQWUROO 94 WLQGLNDVVHWL#SXKDVWDPLQH DXWRPDDWQH 96 NlVLWVL 97 WLQGLNDVVHWL#WDDVWlLWPLQH 9; WLQGLNDVVHWW KRLDWXVWHDWHG 49 KRLGPLQH 9< KRROGDPLQH 9< MRRQGDPLQH 95 PLOODO#SXKDVWDGD 96 PXVWXVH#HHPDOGDPLQH 97/ 98 ROHN 8: ROHNX#NRQWUROOLPLQH 8:
W}VWHWDY#VDOY NDVXWDPLQH 46 SDEHULVDOYHG ; W||NHVNNRQG GHVNMHW#<53F#VHULHV 434 GHVNMHW#<73F#VHULHV <9 GHVNMHW#<7;F#VHULHV <4 W•KMDG#MRRQHG#Y}L#SXQNWLG 96 Y YDEDOW#YDOLWDYDG#SDEHULIRUPDDGLG 86 YHDRWVLQJ GRNXPHQW#SULQGLWDNVH#YLOWX ;8 IRWRVLG#HL#SULQGLWD#}LJHVWL ;9 NHHUXNDG#GRNXPHQGLG ;5 OLQWWU•NL#SUREOHHPLG ;: RVD#GRNXPHQGLVW#RQ#SXXGX ;8 SDEHU#HL#WXOH#SULQWHULVW#YlOMD :: SDEHULXPPLVWXVHG :< SULQWHU#HL#O•OLWX#VLVVH ;3 SULQWHU#HL#SULQGL :: SULQWHU#RQ#OLLJD#DHJODQH ;4 SULQWHU#YlOMDVWDE#W•KMH#OHKWL ;7 SUREOHHPL
