0(75,&7(506

6<0%2/6 &DSDFLWRU
D  %LOOLRQ*,*$*

E 0LOOLRQ0(*$0

F  7KRXVDQG.LOR.

'&&LUFXLWV D &
;  
/(77(5 81,72)
G 7KRXVDQGWK0,//,P
6<0%2/
0($1,1*
0($685(
p
 I&
 D2+0¶VODZ
E &DSDFLWRUVLQVHULHVDGGOLNHUHVLVWRUVLQSDUDOOHO
H  0LOOLRQWK0,&52 m (9 9ROWDJH 9ROW
 ( ,5 F &DSDFLWRUVLQSDUDOOHODGGOLNHUHVLVWRUVLQVHULHV
, &XUUHQW $PSHUH
I %LOOLRQWK1$12Q
5 5HVLVWDQFH 2KP

, (
J 7ULOOLRQWK3,&2S

( & &DSDFLWRU )DUDG
(
5
 / ,QGXFWRU +HQU\

, [5
5 5 3
;& &DSDFLWLYH5HDFWDQFH 2KP
 ,QGXFWRU
0(75,&&219(56,216&$/( 5
5 (
;/ ,QGXFWLYH5HDFWDQFH 2KP
/ p
»
3 D ;   I/
*,*$0(*$.,/2%$6(0,//,0,&521$123,&2
,

E5HVLVWRUVLQVHULHV
([, 3, 5 = ,PSHGDQFH 2KP
E ,QGXFWRUVLQVHULHVDGGOLNHUHVLVWRUVLQVHULHV
81,76

5(

( ,[5 F ,QGXFWRUVLQSDUDOOHODGGOLNHUHVLVWRUVLQSDUDOOHO

5 7 555 3  $&&LUFXLWV

7RFRQYHUWWREDVH œ 7RFRQYHUWWREDVH , 7 , , ,  3 3
XQLWVPRYHGHFLPDO œ XQLWVPRYHGHFLPDO ( 7 (((

, ( , D &RQYHUVLRQRIYDOXHV  7LPH&RQVWDQWV

œ ( (
SRLQW SRLQW
,
» 3[5 (506 (3.
 = = 3
D 7& 5& 7LPHLWWDNHVDFDSDFLWRUWRFKDUJHWRRI

DSSOLHGYROWDJH
, [=
5HVLVWRU&RORU&RGH (3. (506 (

»
3 E 7& / 7LPHLWWDNHVDQLQGXFWRUWRFKDUJHWR

F5HVLVWRUVLQSDUDOOHO
E 6HULHV5/&&LUFXLW ([, 3, = 5 RIDYDLODEOHFXUUHQW

,7 ,5 ,/ ,&

5(

( ,[=
:KHUH 7 7LPHFRQVWDQWLQVHFRQGV

^
5 7 5[5  
(7 ( 5 (/(& 3
7ROHUDQFH 5 5HVLVWDQFHLQRKPV
VW 55
  3 3
'LJLWV 1XPEHURI]HURV = 5 ;/;& & &DSDFLWDQFHLQIDUDGV
QG 
, ( ,
/ ,QGXFWDQFHLQKHQULHV
5 7 
3DUDOOHO5/&&LUFXLW
%DQGFRORUDQGGLJLWUHSUHVHQWHG «'LIIHUHQWYDOXHUHVLVWRUV
,
» 3[=

%ODFN <HOORZ *UH\ QRFRORU (7 ( 5 (/ (& 7 'LVFKDUJHRU)8//FKDUJH

555
 
%URZQ *UHHQ :KLWH
,7 ,5 ,/,&
5HG %OXH *ROG 5 7 5 6DPHYDOXHUHVLVWRUV
= ( 7
2UDQJH 9LROHW 6LOYHU 1
, 7 

 
 6800$5<2)&+$5$&7(5,67,&62)6(5,(6$1' 86,1*0(7(56 GTA 11-02-006
 7UDQVIRUPHUUHODWLRQVKLSV 3$5$//(/5(621$17&,5&8,76 5
D 0HDVXULQJYROWDJH2EVHUYH
D 9ROWDJHWXUQVUDWLR 6HULHV 3DUDOOHO 

5 9
SRODULW\DQGFRQQHFWPHWHU
5HVRQDQW 5HVRQDQW DFURVVFRPSRQHQWRUVRXUFH 
13 (3
&LUFXLW &LUFXLW
16 (6
5HDFWDQFH; ; / ; & /
;  ;&
E 0HDVXULQJFXUUHQW2SHQ
5 '&$&)2508/$'$7$
5
,PSHGDQFH= 0LQLPXP 0D[LPXP
FLUFXLWREVHUYHSRODULW\DQG  
E &XUUHQWWXUQVUDWLR
&XUUHQW,  7 0D[LPXP 0LQLPXP FRQQHFWPHWHULQWRWKHFLUFXLW  $
13 ,6
&LUFXLWDW

5HVRQDQFH
5HVLVWLYH 5HVLVWLYH

5
026V$//(/(&7521,&
0$,17(1$1&(
16 ,3
F 0HDVXULQJUHVLVWDQFH
&LUFXLWEHORZ &DSDFLWLYH ,QGXFWLYH

5HVRQDQFH
'LVFRQQHFWSRZHUVRXUFH

FRQQHFWPHWHUDFURVVFLUFXLW W 5
F ,PSHGDQFHWXUQVUDWLR &LUFXLWDERYH ,QGXFWLYH &DSDFLWLYH
RUFRPSRQHQWQRSRODULW\
5HVRQDQFH
',675,%87,215(675,&7,21$SSURYHGIRUSXEOLF
»
13 =3

16 =6
)UHTXHQF\IU  
UHOHDVHGLVWULEXWLRQLVXQOLPLWHG
p
 /&  p /& $17(11$/(1*7+

4XDOLW\4 ; / ; /
)RUPXODVDVVXPHYHORFLW\RISURSDJDWLRQHTXDORIWKHYHORFLW\RI
G (IILFLHQF\ RI&LUFXLW 5 5
OLJKW
',675,%87,2186$UP\7UDLQLQJDQG$XGLRYLVXDO
%DQGZLGWK%: IU IU 6XSSRUW&HQWHUV7$6&
(II RXWSXW[ 4 4
/IW   IRUKDOIZDYHDQWHQQD
LQSXW
I0+]

6XSHUFHGHV*7$
/IW   IRUTXDUWHUZDYHDQWHQQD

I0+]
+($'48$57(56'(3$570(172)7+($50<

 -8/<

*32±