,5(1-( 325(0($-$ 8 )/8,'8

.DR WR MH UHHQR VYDND PDWHULMD LPD NRUSXVNXODUQX VWUXNWXUX WH H VH SRUHPHDML ELOR $1$/,=$ ,5(1-$ 6/$%,+ =981,+ ,/, $.867,1,+ 325(0($-$

2VQRYQH SUHWSRVWDYNH NRG LUHQMD VODELK SRUHPHDMD X PLUXMXHP VDYUHQRP SOLQX VX GD VX SRUHPHDML WODND JXVWRH L EU]LQH WDNR PDOL GD VH VWUXMDQMH SOLQD PRH VPDWUDWL L]HQWURSVNLP GDNOH DGLMDEDWVNLP L QHYLVNR]QLP 8WMHFDM PDVHQLK VLOD VH WDNR HU PRH ]DQHPDULWL 8] QDYHGHQH SUHWSRVWDYNH MHGQDGED NRQWLQXLWHWD L MHGQDGED NROLLQH JLEDQMD JODVH
wY wU wU Y U wW w[ w[
M M M




7UHD MHGQDGED MH HQHUJHWVND MHGQDGED X NRMRM VH SRMDYOMXMH XQXWDUQMD HQHUJLMD RGQRVQR WHPSHUDWXUD D X XYMHWLPD L]HQWURSVNRJ VWUXMDQMD PRH VH VYHVWL QD SR]QDWX UHODFLMX
S UN NRQVW

wY wY wS UY  wW w[ w[
L L M M L

NRMRP MH X VXVWDYX MHGQDGEL  GR  XVNOD HQ EURM MHGQDGEL L EURM QHSR]QDWLK SROMD ,] UHODFLMH  VOLMHGL GD LP GR H GR SURPMHQH WODND GROD]L L GR SURPMHQH JXVWRH L REUQXWR WR VH PDWHPDWLNL ]DSLVXMH NDR S SU =D VWUXMDQMD X NRMLPD VH WODN PRH L]UD]LWL IXQNFLMRP VDPR JXVWRH NDH VH GD VX EDURWURSQD $QDOL]LUDW H VH LUHQMH VODELK WODQLK SRUHPHDMD X PLUXMXHP IOXLGX ,] MHGQDGEH  ]D Y  VOLMHGL GD SROMH JXVWRH QLMH IXQNFLMD YUHPHQD D L] MHGQDGEH  GD SROMH WODND QLMH IXQNFLMD SURVWRUQLK NRRUGLQDWD %XGXL GD MH SUHPD MHGQDGEL  RPMHU WODND L SRWHQFLMH JXVWRH NRQVWDQWDQ ]DNOMXXMH VH GD X] GDQH SUHWSRVWDYNH X PLUXMXHP IOXLGX SROMD WODND L JXVWRH QH PRJX ELWL IXQNFLMH QLWL SURVWRUQLK QLWL YUHPHQVNH NRRUGLQDWH 'DNOH X PLUXMXHP IOXLGX YODGD WRWDOQL WODN S L WRWDOQD JXVWRD U  $NR VH X PLUXMXHP IOXLGX SRUHPHWL JXVWRD ]D PDOL L]QRV U
[ W WDGD H SUHPD MHGQDGEL  GRL GR LVWRYUHPHQRJ SRUHPHDMD WODND S
[ W D SUHPD MHGQDGEDPD  L  L GR VWUXMDQMD SOLQD QHNRP PDORP EU]LQRP Y [ W 3ROMH WODND VH WDGD PRH SULND]DWL ]EURMHP NRQVWDQWQRJ WODND S L YUHPHQVNLSURVWRUQR SURPMHQMLYRJ SRUHPHDMD WODND X REOLNX S[ W S  S
[ W D LVWR YULMHGL L ]D SROMH JXVWRH U[ W U  U
[ W 2VQRYQD MH SUHWSRVWDYND VODELK LOL ]YXQLK SRUHPHDMD GD MH U
SXQR PDQMH RG U L S
SXQR PDQMH RG S  WDNR GD MH S| S L U| U GRN VX YUHPHQVND L SURVWRUQH GHULYDFLMH XNXSQRJ WODND L JXVWRH MHGQDNH GHULYDFLMDPD SRUHPHDMD 8]LPDMXL WR X RE]LU MHGQDGED NRQWLQXLWHWD  L MHGQDGED NROLLQH JLEDQMD  SUHOD]H X REOLN
L
 

U

wY w Uc w Uc Y  U wW w[ w[
M M

wY wY w Sc  U Y  wW w[ w[
M




MHGQDGEL  R]QDXMX PDOH YHOLLQH GUXJRJ UHGD WH VH PRJX ]DQHPDULWL QDNRQ HJD MHGQDGEH  L  SUHOD]H X REOLNH
M M

$NR VX S
 U
L Y PDOH YHOLLQH SUYRJ UHGD WDGD ODQRYL Y
M

wY w Uc X MHGQDGEL  L U Y w[ w[
L M

U

wY w Uc  U wW w[
L L

,] MHGQDGEH  ]D L]HQWURSVNL SURFHV VH PRH RSHQLWR SLVDWL GD MH S SU WH SUHPD SUDYLOX R GHULYLUDQMX VORHQLK IXQNFLMD YULMHGL
wS w[ wS wW
L

wY w Sc  wW w[




 

8 L]UD]LPD  L  ]D GHULYDFLMX GSGU NRMD VH RGQRVL QD VOXDM SUL NRQVWDQWQRM HQWURSLML XYHGHQD MH R]QDND F  .RG ]YXQLK SRUHPHDMD WODN L JXVWRD VH QH]QDWQR PLMHQMDMX X RGQRVX QD YULMHGQRVWL NRMH YODGDMX X VWDQMX PLURYDQMD WH H VH L GHULYDFLMD GSGU SUDNWLNL RGQRVLWL QD MHGQR  WRNX IXQNFLMH S SU  L ELW H NRQVWDQWQD WH VH YULMHGL F  F NRQVW 8YDDYDMXL UHHQR WH XYUWDYDQMHP MHGQDGEH D X MHGQDGEX  VOLMHGL
  

GS wU wSc GS wU c wU c  RGQRVQR F w[ GU w[ w[ GU w[ GS wU wSc GS wU c wU c  RGQRVQR F GU wW wW GU wW wW

L L L L

D E

U

,] MHGQDGEL  L  VH PRH HOLPLQLUDWL EU]LQD WDNR GD VH L]UD]  GHULYLUD SR YUHPHQX L RGX]PH RG GLYHUJHQFLMH MHGQDGEH  RGQRVQR GHULYDFLMH SR SURVWRUQRM NRRUGLQDWL [  QDNRQ HJD VOLMHGL
L

wY  w Uc  F wW w[
L L

-HGQDGED  R]QDXMH YDOQX MHGQDGEX X NRMRM MH F EU]LQD LUHQMD YDOD 6OLQR EL VH L]YHOD L MHGQDGED ]D LUHQMH WODQRJ SRUHPHDMD *UDGLMHQW SRUHPHDMD JXVWRH VH HOLPLQLUD L] MHGQDGEH  V SRPRX MHGQDGEH E WH VH GRELYHQD MHGQDGED GHULYLUD SR YUHPHQX L RGX]PH RG GLYHUJHQFLMH MHGQDGEH  LPH VH WDNR HU GRELMH YDOQD MHGQDGED
 w  Sc  w Sc F   w [ w[ w W
L

 w  Uc  w Uc  F  w [ w[ w W
L





WR JRYRUL GD VH SRUHPHDM WODND WDNR HU LUL X REOLNX YDOD 6 RE]LURP GD MH SUHWSRVWDYOMHQR GD VH V SRUHPHDMHP VWUXMDQMD SROD]L RG VWDQMD PLURYDQMD L GD MH VWUXMDQMH QHYLVNR]QR RQR H ELWL L EH]YUWORQR WM YHNWRUVNR SROMH LPD SRWHQFLMDO I WH VH PRH SULND]DWL X REOLNX
Y
L

wI w[



8YUWDYDQMHP MHGQDGEH  X MHGQDGEX NROLLQH JLEDQMD  VOLMHGL

$NR MH JUDGLMHQW ]EURMD X ]DJUDGL MHGQDN QXOL WR ]QDL GD WDM ]EURM QLMH IXQNFLMD SURVWRUQLK NRRUGLQDWD SD YULMHGL
U wI  Sc wW I W 

w wI  Sc  U w[ wW
L





JGMH MH IW SURL]YROMQD IXQNFLMD YUHPHQVNH NRRUGLQDWH ,] MHGQDGEH  MH MDVQR GD VH SROMH EU]LQH QHH SURPLMHQLWL DNR VH SRWHQFLMDOX EU]LQH GRGD NRQVWDQWD LOL YUHPHQVND IXQNFLMD WDNR GD VH IXQNFLMD IW PRH XNOMXLWL X SRWHQFLMDO I RGQRVQR PRH VH QDGDOMH UDXQDWL GD MH GHVQD VWUDQD L]UD]D  MHGQDND QXOL WH VOLMHGL
Sc  U  wI wW



'HULYLUDQMHP L]UD]D  SR YUHPHQX L SULND]RP YUHPHQVNH GHULYDFLMH WODND SUHNR YUHPHQVNH GHULYDFLMH JXVWRH SUHPD L]UD]X E GRELMH VH wSc wW  U w I wW 
 F

8YUWDYDQMHP L]UD]D  L  X MHGQDGEX NRQWLQXLWHWD  VOLMHGL YDOQD MHGQDGED

w I w I   F  w [ w[ w W
M

wU c wW





L

'HULYLUDQMHP JRUQMHJ L]UD]D SR NRRUGLQDWL [ WM SULPMHQRP RSHUDWRUD JUDGLMHQWD X] XYDDYDQMH SUDYLOD R ]DPMHQL UHGRVOLMHGD GHULYLUDQMD L GHILQLFLMH  GRELMH VH MHGQDGED NRMD RSLVXMH LUHQMH SRUHPHDMD EU]LQH
w Y w Y  F   w [ w[ w W
L L M


M



,] MHGQDGEL   L  MH MDVQR GD MH LUHQMH SRUHPHDMD JXVWRH WODND L EU]LQH RSLVDQR SR]QDWRP YDOQRP MHGQDGERP X NRMRM F R]QDXMH EU]LQX LUHQMD WLK SRUHPHDMD NRMD VH ]D VOXDM RYGMH DQDOL]LUDQLK VODELK SRUHPHDMD QD]LYD EU]LQRP ]YXND %U]LQD ]YXND MH SUHPD L]UD]X  NDR RPMHU SURPMHQH WODND L JXVWRH SUL NRQVWDQWQRM HQWURSLML WM
F


D SUL VODELP SRUHPHDMLPD JGMH VH WODN L JXVWRD QH]QDWQR PLMHQMDMX RG YULMHGQRVWL S L U VH PRH VPDWUDWL NRQVWDQWQRP WR MH QDJODHQR GRGDYDQMHP LQGHNVD QXOD
 

GS GU


V
NRQVW

=D VDYUHQL SOLQ X L]HQWURSVNRP SURFHVX YULMHGL MHGQDGED  L] NRMH SUHPD GHILQLFLML  VOLMHGL L]UD] ]D EU]LQX ]YXND


F

8 JRUQMHP MH L]UD]X LVNRULWHQD WRSOLQVND MHGQDGED VWDQMD VDYUHQRJ SOLQD GD VH EU]LQD ]YXND L]UD]L V SRPRX WHPSHUDWXUH SOLQD 2LWR MH EU]LQD ]YXND SULND]DQD VDPR YHOLLQDPD VWDQMD SD MH L RQD VDPD YHOLLQD VWDQMD SOLQD 'HILQLFLMD EU]LQH ]YXND L]UD]  YDOMDQD MH L ]D NDSOMHYLQH $NR VH SURPDWUD RGUH HQD PDVD P NDSOMHYLQH JXVWRH U NRMD ]DX]LPD YROXPHQ 9 WDGD L] XYMHWD NRQVWDQWQRVWL PDVH GP GU9  VOLMHGL YH]D PH X SURPMHQDPD YROXPHQD L JXVWRH G9 9  GU U 

N S U

N 57



6 GUXJH VWUDQH H VH YROXPHQ NDSOMHYLQH SRGYUJQXW WODNX UHODWLYQR VPDQMLYDWL UD]PMHUQR V SRYHDQMHP WODND L REUQXWR UD]PMHUQR NRHILFLMHQWX . YROXPHQVNH HODVWLQRVWL WR MH L]UDHQR HPSLULNLP ]DNRQRP VWODLYDQMD NDSOMHYLQH NRML JODVL
G9 9  GS .



,]MHGQDDYDQMHP L]UD]D  L  VOLMHGL WUDHQL RGQRV SULUDVWD WODND L JXVWRH LML MH RPMHU SUHPD L]UD]X  GHILQLUD EU]LQX LUHQMD ]YXND X NDSOMHYLQL NRML JODVL
F . U



3UL ]YXQLP SRUHPHDMLPD L SURPMHQH WHPSHUDWXUH IOXLGD VX PDOH SD VH PRH LQLWL RSUDYGDQLP XPMHVWR SUHWSRVWDYNH L]HQWURSVNRJ VWUXMDQMD SUHWSRVWDYLWL VWUXMDQMH SUL NRQVWDQWQRM WHPSHUDWXUL 8] WX EL VH SUHWSRVWDYNX 7 NRQVW SU NRQVW GSGU SU F S  U  GRELOD PDQMD EU]LQD LUHQMD VODELK WODQLK SRUHPHDMD (NVSHULPHQWL SRWYU XMX RSUDYGDQRVW SUHWSRVWDYNH L]HQWURSVNRJ VWUXMDQMD