sEd/>KEsddKZ/ sĞŶƚŝůĂƚŽƌĞĐĞŶƚƌŝĨƵŐŽ DŽƚŽƌĞĂƐŝŶĐƌŽŶŽ &EK/>hE/d^ ĞŶƚƌŝĨƵŐĂůĨĂŶ ƐLJŶĐŚƌŽŶŽƵƐŵŽƚŽƌ W'ϬϴͲϰϭϬϮϭϬϬϮͲZϬϬ >:@ 3RWHQ]DWHUPLFD +HDWLQJSRZHU )DEELVRJQRWHUPLFR +HDWLQJUHTXHVW >:@ &RQVXPRHQHUJHWLFR 3RZHU&RQVXPSWLRQ 0(' $VLQFURQRWUDGL]LRQDOH 7UDGLWLRQDODV\QFKURQRXV %UXVKOHVV 9HQWLOFRQYHWWRULFRQPRWRUH(&%UXVKOHVV )DQFRLOXQLWVZLWK(&%UXVKOHVVPRWRU $VLQFURQRWUDGL]LRQDOH9HORFLWjRQRII 6SHHGWUDGLWLRQDODV\QFKURQRXVRQRII ,O)XWXURq%UXVKOHVV 3UHVWD]LRQLPRGXODQWL &RPIRUWWRWDOH 0DVVLPDVLOHQ]LRVLWjGLIXQ]LRQDPHQWR %UXVKOHVV 21 2)) 21 2)) 21 2)) 21 2)) 7HPSR²7LPH>V@ 0DJJLRUH EHQHVVHUH OD YDULD]LRQH FRQWLQXD ,PSURYHG ZHOOEHLQJ WKH FRQWLQXRXV GHOOD SRUWDWD DULD WUDPLWH VHJQDOH YDULDWLRQ RI WKH DLU IORZ DQG WKH «9GF VL WUDGXFH QHOOD FRQVHJXHQWH FRQVHTXHQW PRGXODWLRQ RI WKH KHDWLQJ PRGXOD]LRQHGHOODSRWHQ]DWHUPLFDHIULJRULIHUD DQG FRROLQJ FDSDFLW\ DGDSWLQJ LQVWDQW DGHJXDQGROH LVWDQWH SHU LVWDQWH DOOH HIIHWWLYH E\ LQVWDQW WR WKH DFWXDO QHHGV RI WKH HVLJHQ]H GHO ORFDOH GD FOLPDWL]]DUH H URRP WR EH DLUFRQGLWLRQHG JXDUDQWHHV JDUDQWHQGR FRVu ULGRWWH RVFLOOD]LRQL GHOOD UHGXFHG IOXFWXDWLRQV RI WKH WHPSHUDWXUH WHPSHUDWXUDGHOO·XPLGLWjHGHOODUXPRURVLWj KXPLGLW\DQGQRLVH $VLQFURQRWUDGL]LRQDOH9HORFLWjRQRII 6SHHGWUDGLWLRQDODV\QFKURQRXVRQRII 21 2)) 21 2)) 21 2)) 21 7KH)XWXUHLV%UXVKOHVV 0RGXODWLQJSHUIRUPDQFHV 7RWDOFRPIRUW 0D[LPXPQRLVHUHGXFWLRQ 2)) %UXVKOHVV 7HPSR²7LPH>V@ %UXVKOHVV«9DQWDJJL ULVSDUPLRDQQXRGLHQHUJLDHOHWWULFD ULGX]LRQHGHOOHHPLVVLRQLGL&2 5LGX]LRQHGHOOLYHOORGLUXPRURVLWj %UXVKOHVV«$GYDQWDJHV \HDUO\HQHUJ\VDYLQJ UHGXFWLRQLQ&2HPLVVLRQV QRLVHOHYHOUHGXFWLRQ 02%,/(',&23(5785$/$0,(5$35(5,9(67,7$*5,*/,($%6 VRORSHUYHUVLRQLFKHSUHYHGRQRLOPRELOHWWRGHFRUDWLYRHVWHUQR 0RELOH GL FRSHUWXUD GDOOH OLQHH PRUELGH H VLQXRVH FKH DUPRQL]]DQR FRQ TXDOVLDVL DPELHQWH 6WDQGDUG FRORUH ELDQFR VLPLOH D 5$/ D ULFKLHVWD FRQ VRYUDSSUH]]R TXDOVLDVL WLQWD 5$/ &RVWUXLWR LQ ODPLHUD GL IRUWH VSHVVRUH ]LQFDWD H SUHULYHVWLWD GD XQ ILOP GL FORUXUR GL SROLYLQLOH UHVLVWHQWHDOODUXJJLQHFRUURVLRQH DJHQWLFKLPLFLVROYHQWLDOLIDWLFLDOFROL 6SHVVRUHGHOILOPGLULYHVWLPHQWRFLUFDYROWHPDJJLRUHULVSHWWRDTXHOOR GLXQDQRUPDOHYHUQLFLDWXUDFRQSROYHULHSRVVLGLFKHPROWRSLUHVLVWHQWH DOO·DEUDVLRQH ,VRODPHQWR LQWHUQR WHUPRDFXVWLFR FODVVH 0 'LPHQVLRQL FRQWHQXWHVSHVVRUHGLVROLPP *ULJOLD PDQGDWD DULD FRVWUXLWD LQ $%6 ELDQFR VLPLOH D 5$/ LQ OLHYH FRQWUDVWR FRQ LO ELDQFR GHO PRELOH FRQ JOL VSRUWHOOLQL ODWHUDOL DSULELOL SHU DFFHGHUHDOTXDGURFRPDQGRLOTXDGURFRPDQGRqXQDFFHVVRULR ,O GRSSLR RUGLQH GL DOHWWH PDQXDOL RULHQWDELOL VLQJRODUPHQWH SHUPHWWH GL LQGLUL]]DUH LO IOXVVR G·DULD LQ 4XDOVLDVL 'LUH]LRQH DYDQWL LQGLHWUR GHVWUD VLQLVWUDXQLGLUH]LRQDOHELGLUH]LRQDOHFRQWUDSSRVWRHFF 3RVVLELOLWj GL RULHQWDPHQWR FRQWUDSSRVWR GHOOH DOHWWH SHU DFFHQWXDUHO·(IIHWWR,QGX]LRQH 3RVVLELOLWjGLFKLXGHUHDOFXQHDOHWWHSHUDXPHQWDUHODYHORFLWjLQ XVFLWDHTXLQGLDXPHQWDUHLO/DQFLR$ULD 3RVVLELOLWj GL RULHQWDUH LO IOXVVR WDQJHQ]LDOPHQWH DO VRIILWWRPXUR SHUVIUXWWDUHO·(IIHWWR&RDQGD 3RVVLELOLWj GL FKLXGHUH WXWWH OH DOHWWH QHL SHULRGL GL LQDWWLYLWj SHU (YLWDUHO·LQJUHVVRGL3ROYHUHH6SRUFL]LDDOO·LQWHUQRGHOO·XQLWj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·VORXYHUVFDQEHHDVLO\VLQJXODUO\PDQXDOO\DGMXVWHG DOORZLQJ WR KDYH DLUIORZ LQ $Q\ :LVKHG 'LUHFWLRQ IURQW EDFN ULJKW OHIW XQLGLUHFWLRQDOELGLUHFWLRQDORSSRVLWHSRVLWLRQHWF«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É67$1'$5'&21%$77(5,$$'$&48$ %DWWHULD GL VFDPELR WHUPLFR DG DOWD HIILFLHQ]D $OHWWH 7XUEROHQ]LDWH FRQ DOWR 1 GL 5H\QROGV LQ WXER GL UDPH HG DOHWWH GL DOOXPLQLR EORFFDWH PHGLDQWH HVSDQVLRQH PHFFDQLFD $WWDFFKL EDWWHULD GRWDWL GL VLVWHPD DQWLWRUVLRQH YDOYROH VILDWR DULD PDQXDOL YDOYROH VYXRWDPHQWR DFTXD PDQXDOL 6WDQGDUG DWWDFFKL D VLQLVWUD VX ULFKLHVWD VHQ]D VRYUDSSUH]]R DWWDFFKLDGHVWUDLQRJQLFDVRIDFLOHUHYHUVLELOLWjLQFDQWLHUH 1EDWWHULDSHULPSLDQWRDWXEL1EDWWHULHSHULPSLDQWRDWXEL %DWWHULH FROODXGDWH DOOD SUHVVLRQH GL %DU LGRQHH SHU IXQ]LRQDPHQWR FRQDFTXDILQRDOODSUHVVLRQHPD[GL%DU +($7(;&+$1*(567$1'$5'81,7:,7+:$7(5&2,/ +LJKO\ HIILFLHQW FRLO 7XUEROHQFHG )LQV ZLWK D KLJK QXPEHU RI 5H\QROGV PDGH RI FRSSHU SLSHV DQG DOXPLQLXP ILQV IL[HG E\ PHFKDQLFDO H[SDQVLRQ&RLOFRQQHFWLRQVSURYLGHGZLWKDQWLWRUVLRQV\VWHPPDQXDODLU YHQWYDOYHVPDQXDOZDWHUGUDLQYDOYHV6WDQGDUGFRQQHFWLRQVRQWKHOHIW VLGH RQ UHTXHVW QR DGGLWLRQDO FKDUJH FRQQHFWLRQV RQ WKH ULJKW VLGH DQ\ZD\FDQEHHDVLO\UHYHUVHGHYHQRQZRUNLQJVLWH FRLOIRUDSLSHV\VWHPFRLOVIRUDSLSHV\VWHP &RLOVWHVWHGDW%DUSUHVVXUHVXLWDEOHWRZRUN ZLWKZDWHUDWPD[ %DU SUHVVXUH *583329(17,/$17(9(17,/$725(&(175,)8*2',8/7,0$*(1(5$=,21( *UXSSR YHQWLODQWH FRVWLWXLWR GD R YHQWLODWRUL FHQWULIXJKL D GRSSLD DVSLUD]LRQH FRQ 9HQWROH LQ 3ODVWLFD GL 8OWLPD *HQHUD]LRQH D SDOH FXUYH DYDQWL GLUHWWDPHQWH DFFRSSLDWH DO PRWRUH HOHWWULFR 0RQWDJJLR VX VXSSRUWLHODVWLFLHGDPPRUWL]]DWRUL9HQWLODWRUHHTXLOLEUDWRVWDWLFDPHQWHH GLQDPLFDPHQWH9HQWROHGLJUDQGH GLDPHWUR HOHYDWHSRUWDWHG·DULD HG HOHYDWHSUHVVLRQLVWDWLFKHFRQEDVVRQXPHURGLJLUL EDVVDUXPRURVLWj 0RWRUH'&%UXVKOHVV'& 'LUHFW&XUUHQW (&%UXVKOHVV(& HOHWWURQLFR PRWRUH (OHWWURQLFR GL XOWLPD JHQHUD]LRQH D PDJQHWL SHUPDQHQWL VHQ]D VSD]]ROH D FRUUHQWH FRQWLQXD HTXLSDJJLDWR GL HOHWWURQLFD GL SLORWDJJLR ,QYHUWHU,3&ODVVH%FDYLHOHWWULFLSURWHWWLFRQGRSSLRLVRODPHQWR &RVWUXLWRVHFRQGROHQRUPHLQWHUQD]LRQDOL9DF²3K²+] 5HJROD]LRQH FRQWLQXD GHO QXPHUR GL JLUL H TXLQGL GHOOD SRUWDWD DULD H FRQVHJXHQWHPHQWH GHOOD SRWHQ]LDOLWj IULJRULIHUDWHUPLFD WUDPLWH VHJQDOHGLFRQWUROORPRGXODQWH«9GF ,QYHUWHU FRQ 'LSVZLWFK SHU VHWWDUH GLYHUVL WLSL GL VRIWZDUH GL FRQWUROOR GHO PRWRUH GLVSRQLELOL VHJXHQWL VRIWZDUH ´9HORFLWj FRVWDQWHµ ´&RSSLD FRVWDQWHµ ´7HQVLRQH FRVWDQWHµ 'LSVZLWFK SHU ULGLVWULEXLUH LO FDPSR GL ODYRURVXXQQXRYRUDQJHSLOLPLWDWRGD«9GFILQRD«9GF *UXSSRYHQWLODQWHDVSRUWDELOHFRQHVWUHPDIDFLOLWjILVVDJJLRFRQVROHYLWL )$16(&7,21&(175,)8*$/)$12)/$67*(1(5$7,21 )DQ VHFWLRQ LQFOXGLQJ R FHQWULIXJDO IDQV ZLWK GRXEOH DLU LQOHW /DVW *HQHUDWLRQ 3ODVWLF %ODGHV IRUZDUG FXUYHG ILQV GLUHFWO\ FRXSOHG WR WKH HOHFWULF PRWRU 0RXQWHG RQ HODVWLF DQG DQWLYLEUDWLRQ VXSSRUWV )DQ VHFWLRQVWDWLFDOO\DQGG\QDPLFDOO\EDODQFHG ([WHQVLYHGLDPHWHUIDQV KLJKDLUIORZDQGKLJKVWDWLFSUHVVXUHZLWKORZ UHYROXWLRQV ORZQRLVHOHYHO 0RWRU %UXVKOHVV '& '& 'LUHFW &XUUHQW %UXVKOHVV (& (& HOHFWURQLF ODVWJHQHUDWLRQ(OHFWURQLF0RWRUZLWKSHUPDQHQWPDJQHWV%UXVKOHVV'& HTXLSSHGZLWKWKHGULYLQJHOHFWURQLFV,QYHUWHU ,3&ODVV%HOHFWULFFDEOHVSURWHFWHGE\GRXEOHLQVXODWLRQ 0DQXIDFWXUHGDFFRUGLQJZLWKLQWHUQDWLRQDOVWDQGDUGV9DF²3K²+] &RQWLQXRXV YDULDWLRQ RI WKH 530 DQG WKXV DLU IORZ DQG FRQVHTXHQWO\ WKH FRROLQJKHDWLQJ FDSDFLW\ WKURXJK WKH PRGXODWLQJ FRQWUROVLJQDO9GF ,QYHUWHUZLWK'LSVZLWFKHVWRVHWGLIIHUHQWW\SHVRIPRWRU·VFRQWUROILUPZDUH DYDLODEOH IROORZLQJ ILUPZDUH ´&RQVWDQW 6SHHGµ ´&RQVWDQW 7RUTXH´ ´&RQVWDQW 9ROWDJHµ 'LSVZLWFKHV WR UHGLVWULEXWH WKH ZRUNLQJ ILHOG RQ QHZOLPLWHGUDQJHXS«9GFWR«9GF )DQVHFWLRQHDV\WRUHPRYHIL[HGE\MXVWVFUHZV 9HQWLOFRQYHWWRULFRQPRWRUH(&%UXVKOHVV )DQFRLOXQLWVZLWK(&%UXVKOHVVPRWRU %$&,1(//$5$&&2*/,&21'(16$,62/$7$7(50,&$0(17( %DFLQHOODUDFFRJOLFRQGHQVDSURYYLVWDGLVFDULFRHGLVRODPHQWRWHUPLFRFODVVH0 6ROR SHU OH YHUVLRQL YHUWLFDOL ,PEXWR 5DFFROWD &RQGHQVD FRQ DWWDFFR φ PP LQ PDWHULDOH SODVWLFR VWDQGDUG VXOOR VWHVVR ODWR GHJOL DWWDFFKL LGUDXOLFL FKH WHUPLQD DOO·HVWHUQR GHOOD VSDOOD GHOO·XQLWj SHU XQ IDFLOH H YHORFHFROOHJDPHQWRDOODWXED]LRQHGLHYDFXD]LRQHFRQGHQVD '5$,13$1:,7+7+(50$/,168/$7,21 'UDLQSDQSURYLGHGZLWKFRQGHQVDWLRQGUDLQDQGWKHUPDOLQVXODWLRQFODVV0 2QO\IRUYHUWLFDOYHUVLRQV&RQGHQVDWLRQ 'UDLQ)XQQHOZLWK φ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·XQLWj VWDQGDUG YLHQH IRUQLWD HTXLSDJJLDWD FRQ LO VROR FDYR PRWRUH VHQ]DTXDGURFRPDQGRHVHQ]DPRUVHWWLHUD ,QTXHVWRPRGRLOFOLHQWHSXzVFHJOLHUHIUDXQDYDVWDJDPPDGLTXDGULFRPDQGR ´&%(µ H PRUVHWWLHUH ´056µ GLVSRQLELOL FRPH DFFHVVRUL FKH YHQJRQR IRUQLWL JLj PRQWDWLVXOO·XQLWjVWDQGDUGVXOODWRRSSRVWRGHJOLDWWDFFKLLGUDXOLFL (/(&75,&$/(48,30(171(&(66$5<$'',7,21$/$&&(6625< 7KHVWDQGDUGXQLWLVVXSSOLHGHTXLSSHGRQO\ZLWKWKHPRWRUFDEOHZLWKRXW FRQWUROSDQHODQGZLWKRXWWHUPLQDOERDUG ,Q WKLV ZD\ WKH FOLHQW FDQ FKRRVH DPRQJ D ODUJH UDQJH RI FRQWURO SDQHOV ´&%(µDQG WHUPLQDO ERDUGV ´056µDYDLODEOH DV DFFHVVRULHV ZKLFK DUHVXSSOLHG PRXQWHGRQWKHXQLWVWDQGDUGRQRSSRVLWHWRZDWHUFRQQHFWLRQVLGH FRQFDVVDGLFRSHUWXUDFRVWUXLWDDSDQQHOOL ZLWKPDLQFDVLQJPDQXIDFWXUHUDVSDQHOV &$66$',&23(5785$$03,$*$00$ &DVVD GL FRSHUWXUD 6WUXWWXUD SRUWDQWH LQ ODPLHUD GL IRUWH VSHVVRUH UHVLVWHQWHDOODUXJJLQHFRUURVLRQHDJHQWLFKLPLFLVROYHQWLDOLIDWLFLDOFROL 3DQQHOOL DXWRSRUWDQWL H VPRQWDELOL FRQ IRUL DVROH SHU LO ILVVDJJLR D VRIILWWRPXURULFDYDWLGLUHWWDPHQWHVXOODFDVVDGLFRSHUWXUD 3UHWUDQFL H IRUL SUHGLVSRVWL SHU FRQILJXUDUH O·XQLWj FRPH ULFKLHVWR SHU O·LQVWDOOD]LRQHGHJOLDFFHVVRULSUHYLVWLSHUO·XVFLWDGHJOLDWWDFFKLLGUDXOLFLD VLQLVWUDRDGHVWUDSHUODUHYHUVLELOLWjGHOO·XQLWjVXOOXRJRGLLQVWDOOD]LRQH 'LVSRQLELOHDPSLDJDPPDGLYHUVLRQLRUL]]RQWDOLHYHUWLFDOL &DVVHGLFRSHUWXUDGLVSRQLELOL = 6HPSOLFH SDQQHOOR LQ ODPLHUD ]LQFDWD ,VRODPHQWR WHUPRDFXVWLFR LQWHUQRFODVVH0GHOOHSDUWLDFRQWDWWRFRQODEDWWHULD 36HPSOLFHSDQQHOORLQODPLHUDSUHYHUQLFLDWDFRORUHELDQFR5$/ ,VRODPHQWR WHUPRDFXVWLFR LQWHUQR FODVVH 0 GHOOH SDUWL D FRQWDWWR FRQODEDWWHULD . 'RSSLR SDQQHOOR VDQGZLFK PP ODPLHUD LQWHUQD ]LQFDWD LVRODPHQWRLQ)LEUDYHWURODPLHUDHVWHUQDSUHYHUQLFLDWDFRORUHELDQFR5$/ 0$,1&$6,1*/$5*(5$1*( 0DLQ FDVLQJ %HDULQJ VWUXFWXUH PDGH RI H[WUHPHO\ WKLFN VWHHOVKHHW UHVLVWDQWWRUXVWFRUURVLRQFKHPLFDODJHQWVVROYHQWVDOLSKDWLFVDQGDOFRKROV 6HOIVXSSRUWLQJ DQG UHPRYDEOH SDQHOV SURYLGHG ZLWK KROHV EXWWRQKROHV IRUFHLOLQJZDOOPRXQWLQJGLUHFWO\WKURXJKWKHPDLQFDVLQJ 3UHFXWV VORWV DQG SUHDUUDQJHG KROHV WR FRQILJXUH WKH XQLW RQ UHTXHVW WR LQVWDOO WKH DFFHVVRULHV WR RXWSXW IRU WKH ZDWHU FRQQHFWLRQV RQ WKH OHIW RU ULJKWWRUHYHUVHWKHXQLWHYHQRQVLWH $YDLODEOHLQDYHU\ODUJHUDQJHRIKRUL]RQWDODQGYHUWLFDOYHUVLRQV $YDLODEOHPDLQFDVLQJV = 6LQJOH VNLQ SDQHO PDGH RI JDOYDQL]HG VWHHO LQWHUQDO WKHUPDO DFRXVWLFLQVXODWLRQFODVV0RIDOOSDUWVLQFRQWDFWZLWKWKHFRLO 36LQJOHVNLQSDQHOPDGHRISUHSDLQWHGVWHHOZKLWH5$/FRORXU LQWHUQDO WKHUPRDFRXVWLF LQVXODWLRQ FODVV 0 RI WKH SDUWV LQ FRQWDFW ZLWKWKHFRLO .'RXEOHVNLQSDQHOVDQGZLFKPPLQWHUQDOJDOYDQL]HGVWHHOVKHHW JODVVILEUHLQVXODWLRQH[WHUQDOSUHSDLQWHGVWHHOZKLWH5$/FRORXU %$&,1(//$5$&&2*/,&21'(16$SHUYHUVLRQL=3.DVLQJRODLQFOLQD]LRQH %DFLQHOOD UDFFRJOLFRQGHQVD D VLQJROD LQFOLQD]LRQH SHU JDUDQWLUH XQD RWWLPDOHHYDFXD]LRQHGHOODFRQGHQVDSURYYLVWDGLVFDULFRVWDQGDUGVXOOR VWHVVRODWRGHJOLDWWDFFKLLGUDXOLFLLVRODPHQWRWHUPLFRHVWHUQRFODVVH0 '5$,13$1IRU=3.YHUVLRQVVLQJOHVORSH 6LQJOHVORSHGUDLQSDQIRURSWLPLVHGFRQGHQVDWHGUDLQDJHSURYLGHGZLWK GUDLQSLSHVWDQGDUGRQWKHVDPHVLGHRIFRLOFRQQHFWLRQVH[WHUQDOKHDW LQVXODWLRQFODVV0 $&&(6625,3(59(56,21,=3.IRUQLWLDULFKLHVWDPRQWDWLRQRQPRQWDWL /·XQLWjVWDQGDUGYLHQHIRUQLWDVHQ]DILOWURDULD ,QTXHVWRPRGRLOFOLHQWHSXzVFHJOLHUHVHXWLOL]]DUHXQDVH]LRQHILOWURDULD IUDTXHOOHGLVSRQLELOLFRPHDFFHVVRUL /·XQLWj VWDQGDUG q GRWDWD GL XQD PRUVHWWLHUD EDVH 056 PRQWDWD DOO·HVWHUQR GHOO·XQLWj SHU XQLWj RUL]]RQWDOL VXOOR VWHVVR ODWR GHJOL DWWDFFKLLGUDXOLFLSHUXQLWjYHUWLFDOLVXOODWRRSSRVWR'LVSRQLELOLFRPH DFFHVVRULXQDXOWHULRUHJDPPDGLPRUVHWWLHUH056FRQ,3HFF &DVVH GL FRSHUWXUD VWDQGDUG ´=µ ² ´3µ ² ´.µ $ ULFKLHVWD FRQ VRYUDSSUH]]RGLVSRQLELOHTXDOVLDVLWLSRGLPDWHULDOHHRVSHVVRUH 3HU LPSLDQWR D WXEL DQ]LFKp VFHJOLHUH O XQLWj JLj SURYYLVWD GL EDWWHULH GLVSRQLELOH DQFKH DPSLD JDPPD GL VH]LRQL GL ULVFDOGDPHQWR DGGL]LRQDOLVHSDUDWH55$FRQEDWWHULDDGDFTXD55 /·XQLWj VWDQGDUG q FRVWLWXLWD GD XQD XQLFD FDVVD SRUWDQWH PRQREORFFR FKH FRQWLHQH LO YHQWLODWRUH OD EDWWHULD 3RVVLELOH UHDOL]]DUH O·XQLWj D VH]LRQL VHSDUDWH VH]LRQH YHQWLODQWH ´59µ VH]LRQH EDWWHULD´5%µDFFRSSLDELOLFRPHGHVLGHUDWR $&&(6625,(6)25=3.9(56,216VXSSOLHGRQUHTXHVWPRXQWHGRUQRWPRXQWHG 6WDQGDUGXQLWVXSSOLHGZLWKRXWDLUILOWHU ,QWKLVZD\WKHFOLHQWFDQFKRRVHDQDLUILOWHUVHFWLRQEHWZHHQWKHRQHV DYDLODEOHDVDFFHVVRULHV 6WDQGDUG XQLW LV HTXLSSHG ZLWK EDVLF WHUPLQDO ERDUG 056 LQVWDOOHG RXWVLGH WKH XQLW IRU KRUL]RQWDO XQLWV RQ WKH VDPH VLGH RI WKH ZDWHU FRQQHFWLRQV IRU YHUWLFDO XQLWV RQ WKH RSSRVLWH VLGH $YDLODEOH DV DFFHVVRULHVDQDGGLWLRQDOUDQJHRIWHUPLQDOERDUGV056ZLWK,3HWF 6WDQGDUG PDLQ FDVLQJ ´=µ ² ´3µ ² ´.µ 2Q UHTXHVW ZLWK DGGLWLRQDO SULFHDYDLODEOHDQ\PDWHULDOW\SHDQGRUWKLFNQHVV )RUSLSHV\VWHPLQVWHDGRIWKHXQLWDOUHDG\SURYLGHGZLWKWKHFRLOV LV DOVR DYDLODEOH WKH VHSDUDWH DGGLWLRQDO KHDWLQJ VHFWLRQ 55$ ZLWK ZDWHUFRLOSURYLGHGZLWK55 6WDQGDUGXQLWLVPDGHRIDVLQJOHEHDULQJVWUXFWXUHVLQJOHEORFNZKLFK LQFOXGHV WKH IDQ WKH FRLO ,W LV DOVR SRVVLEOH WR PDNH WKH XQLW LQ VHSDUDWH VHFWLRQV IDQ VHFWLRQ ´59µ FRLO VHFWLRQ ´5%µ DVVHPEOHG DW WKHFOLHQWFRQYHQLHQFH %2&&+(',$63,5$=,21((0$1'$7$$5,$6(1=$*5,*/,(3527(=,21, 7XWWH OH YHUVLRQL VHQ]D PRELOH YHQJRQR IRUQLWH VWDQGDUG FRQ ERFFKH GL DVSLUD]LRQHHGLPDQGDWDOLEHUHVHQ]DDOFXQDJULJOLDSURWH]LRQH $77(1=,21(VLIDGLYLHWRGLPHWWHUHLQIXQ]LRQHODPDFFKLQDVHHQWUDPEHOHERFFKH GHOO·XQLWj QRQ VRQR FDQDOL]]DWH R SURWHWWH FRQ JULJOLH R UHWH DQWLQIRUWXQLVWLFD GLVSRQLELOLFRPHDFFHVVRULDULFKLHVWDJULJOLHSDQQHOOLSOHQXPHFF $,5,17$.($1'6833/<287/(76:,7+287*5,//63527(&7,216 $OO YHUVLRQV ZLWKRXW FDELQHW DUH VWDQGDUG VXSSOLHG RSHQ DLU LQWDNH DQG DLUVXSSO\ZLWKRXWDQ\JULOOSURWHFWLRQ :$51,1* LW LV SURKLELWHG WR PDNH WKH XQLW RSHUDWH LI ERWK WKH RXWOHWV RI WKH XQLW DUH QRW GXFWHG RU SURWHFWHG E\ JULOOV RU VDIHW\ QHW DYDLODEOH DV DFFHVVRULHVRQUHTXHVWJULOOVSDQHOVSOHQXPHWF 35(67$=,21,',&+,$5$7(,1&$7$/2*2 3UHVWD]LRQLH3RUWDWHDULDQRPLQDOLLQDFFRUGRDOOHQRUPDWLYHGLULIHULPHQWRULIHULWHD 3UHVWD]LRQL QRPLQDOL FRQ (63 3D ULI VHJQDOH GL PRGXOD]LRQH FKH JDUDQWLVFH ´3RUWDWD DULD );( %UXVKOHVV 3RUWDWD DULD QRPLQDOH ); $VLQFURQR FRUULVSRQGHQWHµ SHU DJHYRODUH L FRQIURQWL GHOO·XQLWj %UXVKOHVV FRQ O·DQDORJD XQLWj $VLQFURQD WUDGL]LRQDOH3HUWDJOLDSLOLPLWDWDVWDELOLWRVHJQDOH1RPLQDOH 9GFPD[ 3UHVWD]LRQL0$;FRQ(63 3DULIVHJQDOHGLPRGXOD]LRQH9GF 3UHVWD]LRQLPD[FKHSXzIRUQLUHO·XQLWj%UXVKOHVV6LFRQVLJOLD GL QRQ VIUXWWDUH LQ ´FRQGL]LRQL QRUPDOLµ OD PDJJLRUH SUHVWD]LRQH QRUPDOPHQWH RIIHUWDGLVSRQLELOH GDOOD WHFQRORJLD %UXVKOHVV ULVSHWWRDOFRUULVSRQGHQWH$VLQFURQRWUDGL]LRQDOHPDGLJHVWLUHTXHVWDSRVVLELOLWjVRORFRPHOLYHOORGLVFRUWDVLFXUH]]D 3UHVWD]LRQL (&2 0,1 FRQ (63 3D ULI VHJQDOH GL PRGXOD]LRQH 9GF 3UHVWD]LRQL LQ UHJLPH GL IXQ]LRQDPHQWR DWWHVR HTXLOLEULR ´3UHVWD]LRQL XQLWj SUHVWD]LRQL ULFKLHVWHµ /D YDULD]LRQH FRQWLQXD GHOOD SRUWDWD DULD VL WUDGXFH QHOOD FRQVHJXHQWH PRGXOD]LRQHGHOODSRWHQ]D WHUPLFDHIULJRULIHUDDGHJXDQGROHLVWDQWHSHULVWDQWHDOOH HIIHWWLYH HVLJHQ]HGHO ORFDOH 6L VWLPD FKH FRQ VHJQDOH 9GF VL UDJJLXQJD QHOOD PDJJLRU SDUWH GHOOH DSSOLFD]LRQL O HTXLOLEULR SRWHQ]LDOLWj WHUPLFDIULJRULIHUDIRUQLWDGDOO·XQLWj SRWHQ]LDOLWjULFKLHVWD SRWHQ]LDOLWjGLVSHUVDGDOO·DPELHQWH /LPLWH)XQ]LRQDPHQWR0,1FRQ(63 3DULIVHJQDOHGLPRGXOD]LRQH9GF&RQVHJQDOH9GFLOPRWRUHULPDQH2)) &XUYH´3RUWDWDDULD3UHVVLRQHVWDWLFDµODUHJROD]LRQHFRQWLQXD«9GFLGHQWLILFDXQFDPSRGLODYRURSDULDOO·LQWHUDDUHD FKH VWD VRWWR DOOD FXUYD ULI VHJQDOH 9GF 0$; /·XQLWj WURYHUj VHPSUH XQ SURSULR SXQWR GL IXQ]LRQDPHQWR DOO·LQWHUQR GL TXHVWDDUHDSDULDOSXQWRGL HTXLOLEULR(63 3GF 3UHVVLRQHVWDWLFDXQLWj 3HUGLWDGLFDULFRLPSLDQWRDHUDXOLFR&XUYHEHQ GHILQLWHDQDORJKHDTXHOOHGHLWUDGL]LRQDOLDVLQFURQLQRQKDQQRPROWRVHQVRSHUXQLWj%UXVKOHVVSURSULRSHUFKpLO%UXVKOHVVq FRPSOHWDPHQWH PRGXODQWH HG LGHQWLILFD XQ·LQWHUD DUHD H QRQ GHOOH VHPSOLFL FXUYH ,Q RJQL FDVR SHU ´VLPLOLWXGLQHµ SHU FRQVHQWLUH L FRQIURQWL FRQ O·DQDORJR $VLQFURQR WUDGL]LRQDOH H SHU VHOH]LRQDUH GHL YDORUL GL ULIHULPHQWR FLUFRVFULWWL YHQJRQR VWDELOLWHFXUYHVHFRQGRODVHJXHQWHORJLFD0$; FXUYDULI9GFFRQULIVRIWZDUH´7HQVLRQH&RVWDQWHµ0(' FXUYDFRQ UDSSRUWR0HG0D[FRVWDQWH HSDULDTXHOORFDOFRODWRD3D FRQVHJQDOH QRPLQDOH FKHLGHQWLILFD%UXVKOHVV $VLQFURQR DG HFFH]LRQH WDJOLD SHU OD TXDOH VL VWDELOLVFH UDSSRUWR 0,1 FXUYD FRQ UDSSRUWR 0LQ0D[ FRVWDQWH H SDUL D TXHOORFDOFRODWRD3DFRQVHJQDOH9GF 3RUWDWHDULDQRPLQDOLULIHULWHDQHVVXQDUHVLVWHQ]DDOO·LQJUHVVRHDOO·XVFLWDGHOO·DULDRVVLDXQLWjFRQEDWWHULDVHFFDVHQ]DILOWUR DULDVHQ]DJULJOLDDVSLUD]LRQHHVHQ]DJULJOLDGL PDQGDWDDQFKHSHUFKp O·XQLWjSXz HVVHUH HTXLSDJJLDWD FRQGLYHUVL WLSLGL ILOWURJULJOLHDFFHVVRUL FRQ GLIIHUHQWL SHUGLWH GL FDULFR FKH LPSOLFDQR GLIIHUHQWL SRUWDWH DULD H FRQVHJXHQWL GLIIHUHQWL SUHVWD]LRQL6LFRQVLJOLDGLVHOH]LRQDUHO·XQLWjYDOXWDQGRVHPSUHODSUHVVLRQHVWDWLFDVXIILFLHQWHSHUWHQHUFRQWRGHOOHSHUGLWH GLFDULFRGHOILOWURVSRUFREDWWHULDEDJQDWDLQUDIIUHGGDPHQWRSUHVHQ]DGLJULJOLHFDQDOLDULDHFF 3HU OH YHUVLRQL RUL]]RQWDOL VL UDFFRPDQGD GL QRQ VRWWRYDOXWDUH LO SUREOHPD GHOOD VWUDWLILFD]LRQH GHOO·DULD FDOGD LQ UHJLPH GL ULVFDOGDPHQWR LQYHUQDOH 3HU FRQWUDVWDUH H ULGXUUH TXHVWR LQGHVLGHUDWR IHQRPHQR VL FRQVLJOLD GL VFHJOLHUH GHOOH XQLWj VRYUDGLPHQVLRQDWH ULVSHWWR DOOH HIIHWWLYH QHFHVVLWj $OLPHQWDUH OH XQLWj FRQ DFTXD D EDVVD WHPSHUDWXUD LQ PRGR FKH OD WHPSHUDWXUD GL PDQGDWD DULD VLD OD SL EDVVDSRVVLELOH 6X ULFKLHVWD LO QRVWUR XIILFLR WHFQLFR SURYYHGHUj D IRUQLUH PROWL DOWUL DFFRUJLPHQWLDGHVFRPHDXPHQWDUHLOODQFLRGHOIOXVVRDULDHFF '(&/$5('3(5)250$1&(6,17+(&$7$/2*8( 1RPLQDOSHUIRUPDQFHVDQGDLUIORZVDFFRUGLQJWRUHIHUHQFHQRUPVUHIHUULQJWR 1RPLQDOSHUIRUPDQFHVZLWK(63 3DUHIPRGXODWLQJVLJQDOZKLFKJXDUDQWHHV´$LU)ORZ);(%UXVKOHVV 1RPLQDO$LUIORZRI WKH FRUUHVSRQGLQJ DV\QFKURQRXV );µ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´3HUIRUPDQFHV RI WKH XQLW UHTXLUHG SHUIRUPDQFHVµ 7KH FRQWLQXRXV YDULDWLRQ RI WKH DLU IORZ LV WUDQVODWHG LQWR WKH FRQVHTXHQW PRGXODWLRQ RI WKH KHDWLQJ DQG FRROLQJ FDSDFLW\ DGMXVWHG LQVWDQW E\ LQVWDQW DFFRUGLQJ WR WKH DFWXDO URRP UHTXLUHPHQWV ,W LV HVWLPDWHG WKDW ZLWK 9GF LW FDQ EH UHDFKHG WKH EDODQFH LQ PRVW RI WKH DSSOLFDWLRQV ´KHDWLQJFRROLQJ FDSDFLW\RIWKHXQLW UHTXLUHGFDSDFLW\ KHDWLQJORVVHVRIWKHURRPµ 0,12SHUDWLQJ/LPLWZLWK(63 3DUHIPRGXODWLQJVLJQDO9GF:LWK6LJQDO9GFWKHPRWRULV2)) ´$LUIORZ 6WDWLF3UHVVXUHµ&XUYHV FRQWLQXRXVDGMXVWPHQW«9GFLGHQWLILHVDZRUNLQJILHOGZKLFKLV WKH HQWLUHDUHDEHORZ WKH UHI FXUYH 9GF 0$; 7KH XQLW ZLOO DOZD\V ILQG D ZRUNLQJ FRQGLWLRQ LQVLGH WKLV DUHD ZKLFK LV WKH SRLQW RI HTXLOLEULXP (63 $3' 6WDWLF SUHVVXUH RI WKH XQLW $LU V\VWHP SUHVVXUH GURSV :HOO GHILQHG FXUYHV VLPLODU WR WKH RQHV RI DV\QFKURQRXV PRWRUVKDYHEDVLFDOO\QRVHQVHZLWK%UXVKOHVVPRWRUVMXVWEHFDXVHWKH%UXVKOHVVLVFRPSOHWHO\PRGXODWLQJDQGLWLGHQWLILHVDQ HQWLUHDUHDUDWKHUWKDQVLPSOHFXUYHV,QDQ\FDVH´VLPLODUO\µWRHQDEOHFRPSDULVRQVZLWKWUDGLWLRQDOHTXLYDOHQW$V\QFKURQRXV PRWRUVDQGLQRUGHUWRVHOHFWVRPHUHIHUHQFHUHVWULFWHGYDOXHVFXUYHVDUHHVWDEOLVKHGDFFRUGLQJZLWKWKHIROORZLQJORJLF 0$; FXUYHUHIWR9GFZLWKUHIVRIWZDUH´&RQVWDQW9ROWDJHµ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« )RU KRUL]RQWDO YHUVLRQV ZH UHFRPPHQG GR QRW XQGHUHVWLPDWH WKH KRW DLU VWUDWLILFDWLRQ LQFRQYHQLHQFH LQ ZLQWHU KHDWLQJ ,Q RUGHUWRDYRLGWKLVXQZLVKHGLQFRQYHQLHQFHZHVXJJHVWWRFKRRVHRYHUVL]HGXQLWVLQFRPSDULVRQZLWKWKHUHDOUHTXLUHPHQWV 6XSSO\ WKH XQLWV ZLWK ORZ ZDWHU WHPSHUDWXUH VR WKDW WKH DLU RXWOHW WHPSHUDWXUH LV DV ORZHU DV SRVVLEOH 2Q UHTXHVW RXU WHFKQLFDOGHSDUWPHQWZLOOSURYLGHDGGLWLRQDOLQIRUPDWLRQIRUH[DPSOHWKHZD\WRLQFUHDVHWKHDLUIORZRXWOHWHWF« 'DWLWHFQLFLQRPLQDOLXQLWjDWXEL 1RPLQDOWHFKQLFDOGDWDSLSHXQLWV 120,1$/ / % φ 'UDLQSLSH 6FDULFRFRQGHQVD φ =RFFROLDFFHVVRULR )HHWRSWLRQDO + + =RFFRORQHULSUHVDDULDFRQJULJOLD $LULQWDNHIHHWVXSSRUWZLWKJULOO YHUVLRQLYHUVLRQV9&²+& 6 φ 6 ,PEXWRUDFFROWDFRQGHQVD &RQGHQVDWLRQGUDLQIXQQHO %DFLQHOODDXVLOLDULDDFFHVVRULR $X[LOLDU\GUDLQSDQRSWLRQDO 9HUVLRQLFRQPRELOH 9HUVLRQVZLWKFDELQHW 9HUVLRQLVHQ]DPRELOH 9HUVLRQVZLWKRXWFDELQHW + PP 6 PP + PP 6 PP );( 3UHVWD]LRQLQRPLQDOLULIVHJQDOHGLPRGXOD]LRQHFKHJDUDQWLVFH´SRUWDWDDULD);(%UXVKOHVV SRUWDWDDULD);$VLQFURQRFRUULVSRQGHQWHµ 1RPLQDOSHUIRUPDQFHVUHIPRGXODWLQJVLJQDOZKLFKJXDUDQWHHV´$LU)ORZ);(%UXVKOHVV $LUIORZRIWKHFRUUHVSRQGLQJDV\QFKURQRXV);µ 7RWDOH7RWDO: 6HQVLELOH6HQVLEOH: 3RWHQ]LDOLWj7HUPLFD+HDWLQJFDSDFLW\ : 3RUWDWDDULDQRPLQDOH²1RPLQDO$LUIORZPK 3RWHQ])ULJRULIHUD &RROLQJFDSDFLW\ 5DIIUHG²&RROLQJOK 5LVFDOG²+HDWLQJOK 3HUGLWHGLFDULFRDFTXD 5DIIUHG²&RROLQJN3D :DWHUSUHVVXUHGURSV 5LVFDOG²+HDWLQJN3D 3RUWDWDDFTXD :DWHUIORZ /LYHOOLVRQRUL6RXQGOHYHOV 1RPLQDOG%$ $VVRUE(OHWWUYDORULGLIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV 6HJQDOHGLFRQWUROORGLULIHULPHQWR²5HIHUHQFHFRQWUROVLJQDO :$ :$ :$ :$ :$ :$ :$ :$ :$ :$ 9GF 9GF $OLPHQWD]LRQHHOHWWULFD²3RZHUVXSSO\ (&29GF $WWDFFKLLGUDXOLFL :DWHUFRQQHFWLRQV $ / + 6 78%,EDWWHULD 3,3(FRLO 7DJOLD6L]H 9GF 9GF 9GF 9GF 9GF 9GF 9GF 9GF 3RWHQ]DSRZHU9DF²3K²+]6HJQDOHVLJQDO«9GF 3UHVWD]LRQLGLIXQ]LRQDPHQWRDWWHVHHTXLOLEULR´3UHVWD]LRQLXQLWj SUHVWD]LRQLULFKLHVWHµ([SHFWHGRSHUDWLQJFRQGLWLRQVEDODQFH´8QLW·VSHUIRUPDQFHV UHTXLUHGSHUIRUPDQFHVµ 3RUWDWDDULD/LYHOOLVRQRUL²$LUIORZ6RXQG/HYHOV $VVRUE(OHWWUYDORULIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV PKG%$ :$ PKG%$ :$ PKG%$ :$ PKG%$ :$ PKG%$ :$ 5$1*(9GF 3UHVWD]LRQL0$;ULIVHJQDOH9GF0,1ULI9GFSHUVHJQDOL9GFO·XQLWjULPDQH2))0$;SHUIRUPDQFHVUHI9GFVLJQDO0,1UHI9GFIRUVLJQDO9GFWKHXQLWLV2)) 3RWHQ]IULJRUWRWDOH²7RWDOFRROLQJFDS5DQJH: 3RWHQ]DWHUPLFD²+HDWLQJFDSDFLW\ 5DQJH: 3RUWDWDDULD²$LUIORZ 5DQJHPK /LYHOOLVRQRUL6RXQG/HYHOV 5DQJHG%$ $VVHOYDORULIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV5DQJH :$ :$ :$ :$ :$ 5DQJKL²5RZV5$WWDFFKL²&RQQHFWLRQV'1 )6FDULFRFRQGHQVD'UDLQSLSHφ PP %DWWHULDFDOGRIUHGGR+HDWLQJFRROLQJFRLO /[+[6 PP /[+[6 /[+[6 /[+[6 /[+[6 /[+[6 'LPHQVLRQLSULQFLSDOL 0DLQGLPHQVLRQV $% PP $ % $ % $ % $ % $ % 0RWRUL9HQWLODWRUL²0RWRUV)DQV 1R1R $VVRUE(OHWWUGLWDUJD²/DEHOFXUUHQWLQSXW0$; :$ :$ :$ :$ :$ 5,'8=,21(3257$7$$5,$ &RHIILFLHQWLFKHGHILQLVFRQROHFXUYH ´3RUWDWD$ULD3UHVVLRQHVWDWLFDµ DOOHYHORFLWj0D[0HG0LQ $,5)/2:5('8&7,21 &RHIILFLHQWVGHILQLQJWKH ´$LUIORZ6WDWLFSUHVVXUHµGLDJUDPV DWVSHHG0D[0HG0LQ /)6(63 3D4D PK /LPLWHIXQ]LRQDPVXSHULRUH 8SSHUZRUNLQJOLPLW 5HI3RUWDWDDULDQRPLQDOH²1RPLQDODLUIORZ /LPLWHIXQ]LRQDPLQIHULRUH /RZHUZRUNLQJOLPLW /), (63 3D 3D 3D 3D 3D (63[4D (63[4D (63[4D 0D[ 0HG 0LQ 0D[ 0HG 0LQ 0D[ 0HG 0LQ 0D[ 0HG 0LQ 0D[ 0HG 0LQ 0D[ 3D[ 0HG 3D[ 0LQ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 5,'8=,21(327(1=,$/,7É)5,*25,)(5$7(50,&$LQIXQ]LRQHGHOODULGX]LRQHSRUWDWDDULD &22/,1*+($7,1*&$3$&,7<5('8&7,21GHSHQGLQJRQDLUIORZUHGXFWLRQ 3RUWDWDDULD$LUIORZ 3RWHQ]LDO)ULJRULIHUD 7RWDOH²7RWDO &RROLQJFDSDFLW\ 6HQVLELOH6HQVLEOH 3RWHQ]LDOLWjWHUPLFD+HDWLQJFDSDFLW\ '1 'LDPHWURQRPLQDOH) $WWDFFKLLGUDXOLFLEDWWHULD*DVIHPPLQD '1 1RPLQDOGLDPHWHU) )HPDOHJDVZDWHUFRLOFRQQHFWLRQV 'DWLWHFQLFLULIHULWLDOOHVHJXHQWLFRQGL]LRQL8QLWj6WDQGDUG3UHVVLRQHDWPRVIHULFDPEDU$OLPHQWD]LRQHHOHWWULFD9DF3K+] 'DWLWHFQLFLQRPLQDOLULISRUWDWDDULDULIHULWDDOVHJQDOHLQGLFDWRHGXQLWjDERFFDOLEHUD3UHVVLRQHVWDWLFDHVWHUQD(63 3D 5DIIUHGGDPHQWR7HPSDULD&EV&EX²7HPSDFTXDLQJUHVVRXVFLWD&²9HORFLWj1RPLQDOHULIVHJQDOH SRUWDWDDULD3HUDOWUH SRUWDWHDULDHV0D[HR0LQYHORFLWjHR(63!3DYHGLULISRUWDWHDULDQRPLQDOLDFTXDLQJU&HSRUWDWDDFTXDFRPHDOODYHORFLWjQRP 5LVFDOGDPHQWR7HPSDULD&²7HPSDFTXDLQJUHVVRXVFLWD&²9HORFLWj1RPLQDOHULIVHJQDOH SRUWDWDDULD3HUDOWUHSRUWDWH DULDHV0D[HR0LQYHORFLWjHR(63!3DYHGLULISRUWDWHDULDQRPLQDOLDFTXDLQJU&HSRUWDWDDFTXDFRPHDOODYHORFLWjQRP 5HVH)ULJRULIHUHH7HUPLFKH9DORULFDOFRODWLGD6:HGDWLULOHYDWLLQFDPHUDFDORULPHWULFDULIQRUPH81,SDUWH81,(1 3RUWDWDDULDH3UHVVVWDWLFD9DORULQRPLQDOLULOHYDWLFRQFDVVRQHULIQRUPH$0&$ILJHFRQGRWWRGLDIUDPPDULIQRUPH&1581, &XUYHSRUWDWDDULD0D[ VHJQDOH9GF0HG VHJQDOHQRPWDJOLD[0D[0LQ VHJQDOH9GFULI6:´7HQVLRQHFRVWµUDSSRUWLFRVW /LYHOOLVRQRUL3UHVVLRQHVRQRUDLQFDPSROLEHURGLVWDQ]DP9DORULFDOFRODWLGDSRWHQ]DVRQRUDULOHYDWDLQFDPHUDULYHUEHUDQWHULIQRUPH,62,62 'DWLHOHWWULFL9DORUH0$;GLWDUJDPRWRUH YDORUHGLULIHULPHQWRSHUSURJHWWD]LRQHLPSLDQWRHOHWWULFR7XWWLL'DWLHOHWWULFLULOHYDWLFRQ:DWWPHWUR-RNRJDZD:7 7HFKQLFDOGDWDUHIHUWRWKHIROORZLQJFRQGLWLRQV6WDQGDUGXQLW²$WPRVSKHULFSUHVVXUHPEDU3RZHUVXSSO\9DF3K+] 1RPLQDOWHFKQLFDOGDWDUHIDLUIORZWRWKHLQGLFDWHGVLJQDODQGXQLWZLWKIUHHDLUIORZ([WHUQDOVWDWLFSUHVVXUH(63 3D &RROLQJ$LUWHPS&GE&ZE²(QWHULQJOHDYLQJZDWHUWHPS&²1RPLQDOVSHHGUHI6LJQDO DLUIORZ)RUGLIIHUHQWDLUIORZV H[0D[DQGRU0LQVSHHGDQGRU(63!3DVHHUHIQRPLQDODLUIORZVHQWHULQJZDWHUWHPS&DQGZDWHUIORZDVIRUQRPLQDOVSHHG +HDWLQJ $LUWHPS &²(QWHULQJOHDYLQJZDWHUWHPS&²1RPLQDOVSHHGUHI6LJQDO DLUIORZ)RUGLIIHUHQWDLUIORZVH[0D[ DQGRU0LQVSHHGDQGRU(63!3DVHHUHIQRPLQDODLUIORZVHQWHULQJZDWHUWHPS&DQGZDWHUIORZDVIRUQRPLQDOVSHHG &RROLQJDQG+HDWLQJFDSDFLWLHV'DWDFDOFXODWHGE\6:DQGPHDVXUHPHQWVPDGHLQFDORULPHWULFURRPUHI81,SDUW81,(1VWDQGDUGV $LUIORZDQG6WDWLFSUHVVXUH1RPLQDOGDWDPHDVXUHGZLWKFDVLQJUHI$0&$ILJVWDQGDUGVDQGSOHQXPGLDSKUDJPUHI&1581,VWDQGDUGV $LUIORZFXUYHV0D[ 9GFVLJQDO0HG QRPLQDOVLJQDOVL]H[0D[0LQ 9GFVLJQDOUHI6:´&RQVWDQW9ROWDJHµFRQVWDQWUDWLR 6RXQG/HYHOV)UHHILHOGVRXQGSUHVVXUHPGLVWDQFH'DWDFDOFXODWHGEDVHGRQVRXQGSRZHUPHDVXUHGLQULYHUEHUDWLRQURRPUHI,62,62VWDQGDUGV (OHFWULFDOGDWD0$;YDOXHRIPRWRUODEHO UHIHUHQFHYDOXHIRUWKHHOHFWULFDOV\VWHPGHVLJQ$OOWKHHOHFWGDWDPHDVXUHGZLWK:DWWPHWHU-RNRJDZD:7 'DWLWHFQLFLQRPLQDOLXQLWjDWXEL 1RPLQDOWHFKQLFDOGDWDSLSHXQLWV 120,1$/ / $WWDFFKLLGUDXOLFL :DWHUFRQQHFWLRQV φ 'UDLQSLSH 6FDULFRFRQGHQVD φ =RFFROLDFFHVVRULR )HHWRSWLRQDO =RFFRORQHULSUHVDDULDFRQJULJOLD $LULQWDNHIHHWVXSSRUWZLWKJULOO YHUVLRQLYHUVLRQV9&²+& + + ,PEXWRUDFFROWDFRQGHQVD &RQGHQVDWLRQGUDLQIXQQHO $ 6 %DFLQHOODDXVLOLDULDDFFHVVRULR φ $X[LOLDU\GUDLQSDQRSWLRQDO 9HUVLRQLFRQPRELOH 9HUVLRQVZLWKFDELQHW 9HUVLRQLVHQ]DPRELOH 9HUVLRQVZLWKRXWFDELQHW + PP 6 PP + PP 6 PP 3UHVWD]LRQLQRPLQDOLULIVHJQDOHGLPRGXOD]LRQHFKHJDUDQWLVFH´SRUWDWDDULD);(%UXVKOHVV SRUWDWDDULD);$VLQFURQRFRUULVSRQGHQWHµ 1RPLQDOSHUIRUPDQFHVUHIPRGXODWLQJVLJQDOZKLFKJXDUDQWHHV´$LU)ORZ);(%UXVKOHVV $LUIORZRIWKHFRUUHVSRQGLQJDV\QFKURQRXV);µ 7RWDOH7RWDO: 6HQVLELOH6HQVLEOH: 3RWHQ]LDOLWj7HUPLFD+HDWLQJFDSDFLW\ : 3RUWDWDDULDQRPLQDOH²1RPLQDO$LUIORZPK 3RWHQ])ULJRULIHUD &RROLQJFDSDFLW\ 5DIIUHG²&RROLQJOK 5LVFDOG²+HDWLQJOK 3HUGLWHGLFDULFRDFTXD 5DIIUHG²&RROLQJN3D :DWHUSUHVVXUHGURSV 5LVFDOG²+HDWLQJN3D 3RUWDWDDFTXD :DWHUIORZ /LYHOOLVRQRUL6RXQGOHYHOV 1RPLQDOG%$ $VVRUE(OHWWUYDORULGLIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV 6HJQDOHGLFRQWUROORGLULIHULPHQWR²5HIHUHQFHFRQWUROVLJQDO :$ :$ :$ :$ :$ :$ :$ :$ :$ :$ 9GF 9GF $OLPHQWD]LRQHHOHWWULFD²3RZHUVXSSO\ (&29GF % 6 / + 6 78%,EDWWHULH 3,3(FRLOV 7DJOLD6L]H );( 9GF 9GF 9GF 9GF 9GF 9GF 9GF 9GF 3RWHQ]DSRZHU9DF²3K²+]6HJQDOHVLJQDO«9GF 3UHVWD]LRQLGLIXQ]LRQDPHQWRDWWHVHHTXLOLEULR´3UHVWD]LRQLXQLWj SUHVWD]LRQLULFKLHVWHµ([SHFWHGRSHUDWLQJFRQGLWLRQVEDODQFH´8QLW·VSHUIRUPDQFHV UHTXLUHGSHUIRUPDQFHVµ 3RUWDWDDULD/LYHOOLVRQRUL²$LUIORZ6RXQG/HYHOV $VVRUE(OHWWUYDORULIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV PKG%$ :$ PKG%$ :$ PKG%$ :$ PKG%$ :$ PKG%$ :$ 5HI3RUWDWDDULDQRPLQDOH²1RPLQDODLUIORZ 5$1*(9GF 3UHVWD]LRQL0$;ULIVHJQDOH9GF0,1ULI9GFSHUVHJQDOL9GFO·XQLWjULPDQH2))0$;SHUIRUPDQFHVUHI9GFVLJQDO0,1UHI9GFIRUVLJQDO9GFWKHXQLWLV2)) 3RWHQ]IULJRULIWRWDOH²7RWDOFRROLQJFDSDFLW\5DQJH: 3RWHQ]DWHUPLFD²+HDWLQJFDSDFLW\ 5DQJH: 3RUWDWDDULD²$LUIORZ 5DQJHPK /LYHOOLVRQRUL6RXQG/HYHOV 5DQJHG%$ $VVHOYDORULIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV5DQJH :$ :$ :$ :$ :$ 5DQJKL²5RZV5$WWDFFKL²&RQQHFWLRQV'1 )6FDULFRFRQGHQVD'UDLQSLSHφ PP %DWWHULDIUHGGR²&RROLQJFRLO %DWWHULDFDOGR²+HDWLQJFRLO 5DQJKL²5RZV5$WWDFFKL²&RQQHFWLRQV'1 ) /[+[6 PP /[+[6 /[+[6 /[+[6 /[+[6 /[+[6 'LPHQVLRQLSULQFLSDOL 0DLQGLPHQVLRQV $% PP $ % $ % $ % $ % $ % 0RWRUL9HQWLODWRUL²0RWRUV)DQV 1R1R $VVRUE(OHWWUGLWDUJD²/DEHOFXUUHQWLQSXW0$; :$ :$ :$ :$ :$ 0D[ /LPLWHIXQ]LRQDPLQIHULRUH /), 0HG (63 3D /RZHUZRUNLQJOLPLW 0LQ 0D[ 0HG 3D 0LQ 0D[ 0HG 3D 5,'8=,21(3257$7$$5,$ 0LQ &RHIILFLHQWLFKHGHILQLVFRQROHFXUYH 0D[ ´3RUWDWD$ULD3UHVVLRQHVWDWLFDµ DOOHYHORFLWj0D[0HG0LQ 0HG 3D $,5)/2:5('8&7,21 0LQ &RHIILFLHQWVGHILQLQJWKH 0D[ ´$LUIORZ6WDWLFSUHVVXUHµGLDJUDPV 0HG 3D DWVSHHG0D[0HG0LQ 0LQ 3D[ 3D[ 3D[ 3D[ 3D[ (63[4D 0D[ 3D[ 3D[ 3D[ 3D[ 3D[ /)6(63 3D4D PK 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ (63[4D 0HG 3D[ /LPLWHIXQ]LRQDPVXSHULRUH (63[4D 0LQ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 3D[ 8SSHUZRUNLQJOLPLW 5,'8=,21(327(1=,$/,7É)5,*25,)(5$7(50,&$LQIXQ]LRQHGHOODULGX]LRQHSRUWDWDDULD &22/,1*+($7,1*&$3$&,7<5('8&7,21GHSHQGLQJRQDLUIORZUHGXFWLRQ 3RUWDWDDULD$LUIORZ 3RWHQ]LDO)ULJRULIHUD 7RWDOH²7RWDO &RROLQJFDSDFLW\ 6HQVLELOH6HQVLEOH 3RWHQ]LDOLWjWHUPLFD+HDWLQJFDSDFLW\ '1 'LDPHWURQRPLQDOH) $WWDFFKLLGUDXOLFLEDWWHULD*DVIHPPLQD '1 1RPLQDOGLDPHWHU) )HPDOHJDVZDWHUFRLOFRQQHFWLRQV 'DWLWHFQLFLULIHULWLDOOHVHJXHQWLFRQGL]LRQL8QLWj6WDQGDUG3UHVVLRQHDWPRVIHULFDPEDU$OLPHQWD]LRQHHOHWWULFD9DF3K+] 'DWLWHFQLFLQRPLQDOLULISRUWDWDDULDULIHULWDDOVHJQDOHLQGLFDWRHGXQLWjDERFFDOLEHUD3UHVVLRQHVWDWLFDHVWHUQD(63 3D 5DIIUHGGDPHQWR7HPSDULD&EV&EX²7HPSDFTXDLQJUHVVRXVFLWD&²9HORFLWj1RPLQDOHULIVHJQDOH SRUWDWDDULD3HUDOWUH SRUWDWHDULDHV0D[HR0LQYHORFLWjHR(63!3DYHGLULISRUWDWHDULDQRPLQDOLDFTXDLQJU&HSRUWDWDDFTXDFRPHDOODYHORFLWjQRP 5LVFDOGDPHQWR7HPSDULD&²7HPSDFTXDLQJUHVVRXVFLWD&²9HORFLWj1RPLQDOHULIVHJQDOH SRUWDWDDULD3HUDOWUHSRUWDWH DULDHV0D[HR0LQYHORFLWjHR(63!3DYHGLULISRUWDWHDULDQRPLQDOLDFTXDLQJU&HSRUWDWDDFTXDFRPHDOODYHORFLWjQRP 5HVH)ULJRULIHUHH7HUPLFKH9DORULFDOFRODWLGD6:HGDWLULOHYDWLLQFDPHUDFDORULPHWULFDULIQRUPH81,SDUWH81,(1 3RUWDWDDULDH3UHVVVWDWLFD9DORULQRPLQDOLULOHYDWLFRQFDVVRQHULIQRUPH$0&$ILJHFRQGRWWRGLDIUDPPDULIQRUPH&1581, &XUYHSRUWDWDDULD0D[ VHJQDOH9GF0HG VHJQDOHQRPWDJOLD[0D[0LQ VHJQDOH9GFULI6:´7HQVLRQHFRVWµUDSSRUWLFRVW /LYHOOLVRQRUL3UHVVLRQHVRQRUDLQFDPSROLEHURGLVWDQ]DP9DORULFDOFRODWLGDSRWHQ]DVRQRUDULOHYDWDLQFDPHUDULYHUEHUDQWHULIQRUPH,62,62 'DWLHOHWWULFL9DORUH0$;GLWDUJDPRWRUH YDORUHGLULIHULPHQWRSHUSURJHWWD]LRQHLPSLDQWRHOHWWULFR7XWWLL'DWLHOHWWULFLULOHYDWLFRQ:DWWPHWUR-RNRJDZD:7 7HFKQLFDOGDWDUHIHUWRWKHIROORZLQJFRQGLWLRQV6WDQGDUGXQLW²$WPRVSKHULFSUHVVXUHPEDU3RZHUVXSSO\9DF3K+] 1RPLQDOWHFKQLFDOGDWDUHIDLUIORZWRWKHLQGLFDWHGVLJQDODQGXQLWZLWKIUHHDLUIORZ([WHUQDOVWDWLFSUHVVXUH(63 3D &RROLQJ$LUWHPS&GE&ZE²(QWHULQJOHDYLQJZDWHUWHPS&²1RPLQDOVSHHGUHI6LJQDO DLUIORZ)RUGLIIHUHQWDLUIORZV H[0D[DQGRU0LQVSHHGDQGRU(63!3DVHHUHIQRPLQDODLUIORZVHQWHULQJZDWHUWHPS&DQGZDWHUIORZDVIRUQRPLQDOVSHHG +HDWLQJ $LUWHPS &²(QWHULQJOHDYLQJZDWHUWHPS&²1RPLQDOVSHHGUHI6LJQDO DLUIORZ)RUGLIIHUHQWDLUIORZVH[0D[ DQGRU0LQVSHHGDQGRU(63!3DVHHUHIQRPLQDODLUIORZVHQWHULQJZDWHUWHPS&DQGZDWHUIORZDVIRUQRPLQDOVSHHG &RROLQJDQG+HDWLQJFDSDFLWLHV'DWDFDOFXODWHGE\6:DQGPHDVXUHPHQWVPDGHLQFDORULPHWULFURRPUHI81,SDUW81,(1VWDQGDUGV $LUIORZDQG6WDWLFSUHVVXUH1RPLQDOGDWDPHDVXUHGZLWKFDVLQJUHI$0&$ILJVWDQGDUGVDQGSOHQXPGLDSKUDJPUHI&1581,VWDQGDUGV $LUIORZFXUYHV0D[ 9GFVLJQDO0HG QRPLQDOVLJQDOVL]H[0D[0LQ 9GFVLJQDOUHI6:´&RQVWDQW9ROWDJHµFRQVWDQWUDWLR 6RXQG/HYHOV)UHHILHOGVRXQGSUHVVXUHPGLVWDQFH'DWDFDOFXODWHGEDVHGRQVRXQGSRZHUPHDVXUHGLQULYHUEHUDWLRQURRPUHI,62,62VWDQGDUGV (OHFWULFDOGDWD0$;YDOXHRIPRWRUODEHO UHIHUHQFHYDOXHIRUWKHHOHFWULFDOV\VWHPGHVLJQ$OOWKHHOHFWGDWDPHDVXUHGZLWK:DWWPHWHU-RNRJDZD:7 78%,EDWWHULD 3,3(FRLO 7DJOLD6L]H );( 3RWIULJRULIHUD7RWDOH7RWDO&RROLQJFDS : 3RWHQ]LDOLWj7HUPLFD+HDWLQJFDSDFLW\ : 3RUWDWDDULD$LUIORZ PK /LYHOOLVRQRUL6RXQGOHYHOV 9GF(FR1RPG%$ 9HUVLRQLFRQPRELOHXQLWjDWXEL 9HUVLRQVZLWKFDELQHWSLSHXQLW 6SHFLILFDUHLOODWRDWWDFFKLLGUDXOLFLEDWWHULD 6SHFLI\WKHZDWHUFRLOFRQQHFWLRQVVLGH 6; 6LQLVWUD²/HIW67$1'$5' '; 'HVWUD²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jHVFOXVRLPEDOOR /[+[6 /XQJKH]]D[$OWH]]D[6SHVVRUHGLPHQVLRQLLQPP [[ );(9% );(+% [[ );(9% /[+[6 [[ 0RG );(+$ 9HUVLRQHYHUWLFDOHDSDUHWHPRELOHEDVH 9HUWLFDOZDOOYHUVLRQEDVLFFDELQHW );(9$ /[+[6 );(9$ &RG );(9$ 0RG );(9$ );(9& );(9$ /[+[6 );(9$ );(9% );(9$ /[+[6 );(9$ &RG );(9$ 0RG NJ 1HWZHLJKWXQLWRQO\H[FOXGLQJSDFNDJLQJ /[+[6 /HQJWK[+HLJKW['HSWKGLPHQVLRQVLQPP [[ 9HUVLRQLDGLQFDVVRVHQ]DPRELOHXQLWjDWXEL &RQFHDOHGYHUVLRQVZLWKRXWFDELQHWSLSHXQLW 6SHFLILFDUHLOODWRDWWDFFKLLGUDXOLFLEDWWHULD 6SHFLI\WKHZDWHUFRLOFRQQHFWLRQVVLGH 6; 6LQLVWUD²/HIW67$1'$5' '; 'HVWUD²5LJKW 78%,EDWWHULD 3,3(FRLO 7DJOLD6L]H );( 3RWIULJRULIHUD7RWDOH7RWDO&RROLQJFDS : 3RWHQ]LDOLWj7HUPLFD+HDWLQJFDSDFLW\ : 3RUWDWDDULD$LUIORZ PK /LYHOOLVRQRUL6RXQGOHYHOV 9GF(FR1RPG%$ 9HUVLRQHLQFDVVRYHUWLFDOHEDVHVHQ]DPRELOH 9HUWLFDOFRQFHDOHGYHUVLRQEDVLFZLWKRXWFDELQHW );(&$ 0RG &RG (XUR NJ /[+[6 );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ [[ );(&% 0RG &RG (XUR NJ /[+[6 &RG (XUR NJ /[+[6 &RG (XUR NJ /[+[6 &RG (XUR NJ /[+[6 &RG (XUR NJ /[+[6 );(&% );(&% );(&% );(&% );(&% );(&% [[ 9HUVLRQHLQFDVVRYHUWLFDOHPDQGDWDDULDIURQWDOHVHQ]DPRELOH 9HUWLFDOFRQFHDOHGYHUVLRQIURQWDLUVXSSO\ZLWKRXWFDELQHW );(&& );(&& );(&& );(&& );(&& );(&& );(&& );(&& [[ [[ [[ [[ [[ 9HUVLRQHLQFDVVRYHUWLFDOHDVSLUD]LRQHHPDQGDWDDULDIURQWDOLVHQ]DPRELOH 9HUWLFDOFRQFHDOHGYHUVLRQIURQWDLULQWDNHDQGVXSSO\ZLWKRXWFDELQHW );(&' );(&' );(&' );(&' );(&' );(&' );(&' );(&' );(&' );(&' [[ [[ [[ [[ [[ 9HUVLRQHLQFDVVRRUL]]RQWDOHEDVHVHQ]DPRELOH²(VWUD]LRQHILOWURGDOEDVVRREOLTXD121FDQDOL]]DELOH +RUL]RQWDOFRQFHDOHGYHUVLRQEDVLFZLWKRXWFDELQHW2EOLTXHGRZQZDUGILOWHUH[WUDFWLRQ127GXFWDEOH );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ [[ [[ [[ [[ [[ 9HUVLRQHLQFDVVRRUL]]RQWDOHDVSLUD]LRQHDULDIURQWDOHVHQ]DPRELOH +RUL]RQWDOFRQFHDOHGYHUVLRQIURQWDLULQWDNHZLWKRXWFDELQHW );(&. );(&. );(&. );(&. );(&. );(&. );(&. );(&. );(&. );(&. [[ [[ [[ [[ [[ 9HUVLRQHLQFDVVRRUL]]RQWDOHEDVHVHQ]DPRELOH²(VWUD]LRQHILOWURGDOEDVVRYHUWLFDOHFDQDOL]]DELOH +RUL]RQWDOFRQFHDOHGYHUVLRQEDVLFZLWKRXWFDELQHW²9HUWLFDOGRZQZDUGILOWHUH[WUDFWLRQGXFWDEOH );(&6 );(&6 );(&6 );(&6 );(&6 );(&6 );(&6 );(&6 );(&6 &RG 0RG &RG (XUR [[ NJ /[+[6 [[ [[ [[ [[ 9HUVLRQHLQFDVVRRUL]]RQWDOHFRQSOHQXPGLDVSLUD]LRQHHPDQGDWDDULDFRQDWWDFFKLFLUFRODULVHQ]DPRELOH +RUL]RQWDOFRQFHDOHGYHUVLRQZLWKDLULQWDNHDQGDLUVXSSO\SOHQXPZLWKVSLJRWVZLWKRXWFDELQHW );(&< );(&< );(&< );(&< );(&< );(&< );(&< );(&< );(&< );(&< [[ [[ [[ [[ NJ 3HVRQHWWRVRORXQLWjHVFOXVRLPEDOOR /[+[6 /XQJKH]]D[$OWH]]D[6SHVVRUHGLPHQVLRQLLQPP [[ );(&& );(&< [[ );(&6 NJ /[+[6 [[ 0RG (XUR [[ );(&& );(&6 9HUVLRQHLQFDVVRYHUWLFDOHDVSLUD]LRQHDULDIURQWDOHVHQ]DPRELOH 9HUWLFDOFRQFHDOHGYHUVLRQIURQWDLULQWDNHZLWKRXWFDELQHW );(&% );(&. 0RG [[ );(&% );(&+ 0RG [[ );(&% );(&' 0RG [[ );(&% );(&& 0RG [[ NJ 1HWZHLJKWXQLWRQO\H[FOXGLQJSDFNDJLQJ /[+[6 /HQJWK[+HLJKW['HSWKGLPHQVLRQVLQPP [[ 78%,EDWWHULH 3,3(FRLOV 7DJOLD6L]H );( 3RWIULJRULIHUD7RWDOH7RWDO&RROLQJFDS : 3RWHQ]LDOLWj7HUPLFD+HDWLQJFDSDFLW\ : 3RUWDWDDULD$LUIORZ PK /LYHOOLVRQRUL6RXQGOHYHOV 9GF(FR1RPG%$ 9HUVLRQLFRQPRELOHXQLWjDWXEL 9HUVLRQVZLWKFDELQHWSLSHXQLW 6SHFLILFDUHLOODWRDWWDFFKLLGUDXOLFLEDWWHULD 6SHFLI\WKHZDWHUFRLOFRQQHFWLRQVVLGH 6; 6LQLVWUD²/HIW67$1'$5' '; 'HVWUD²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jHVFOXVRLPEDOOR /[+[6 /XQJKH]]D[$OWH]]D[6SHVVRUHGLPHQVLRQLLQPP [[ (XUR /[+[6 [[ );(9% &RG );(9% 0RG );(9$ );(+$ );(9% /[+[6 );(9% &RG );(9% 0RG );(9$ );(9& 0RG /[+[6 );(9$ );(9% NJ 1HWZHLJKWXQLWRQO\H[FOXGLQJSDFNDJLQJ /[+[6 /HQJWK[+HLJKW['HSWKGLPHQVLRQVLQPP [[ 9HUVLRQLDGLQFDVVRVHQ]DPRELOHXQLWjDWXEL &RQFHDOHGYHUVLRQVZLWKRXWFDELQHWSLSHXQLW 78%,EDWWHULH 3,3(FRLOV 7DJOLD6L]H );( 3RWIULJRULIHUD7RWDOH7RWDO&RROLQJFDS : 3RWHQ]LDOLWj7HUPLFD+HDWLQJFDSDFLW\ : 3RUWDWDDULD$LUIORZ PK /LYHOOLVRQRUL6RXQGOHYHOV 9GF(FR1RPG%$ 0RG &RG 6SHFLILFDUHLOODWRDWWDFFKLLGUDXOLFLEDWWHULD 6SHFLI\WKHZDWHUFRLOFRQQHFWLRQVVLGH 6; 6LQLVWUD²/HIW67$1'$5' '; 'HVWUD²5LJKW 9HUVLRQHLQFDVVRYHUWLFDOHEDVHVHQ]DPRELOH 9HUWLFDOFRQFHDOHGYHUVLRQEDVLFZLWKRXWFDELQHW );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ );(&$ (XUR NJ /[+[6 [[ );(&% );(&% );(&% );(&% );(&% );(&% );(&% );(&% &RG [[ );(&& );(&& );(&& );(&& );(&& );(&& &RG [[ [[ 9HUVLRQHLQFDVVRYHUWLFDOHDVSLUD]LRQHHPDQGDWDDULDIURQWDOLVHQ]DPRELOH 9HUWLFDOFRQFHDOHGYHUVLRQIURQWDLULQWDNHDQGVXSSO\ZLWKRXWFDELQHW );(&' );(&' );(&' );(&' );(&' );(&' );(&' );(&' &RG [[ [[ [[ [[ [[ 9HUVLRQHLQFDVVRRUL]]RQWDOHEDVHVHQ]DPRELOH²(VWUD]LRQHILOWURGDOEDVVRREOLTXD121FDQDOL]]DELOH +RUL]RQWDOFRQFHDOHGYHUVLRQEDVLFZLWKRXWFDELQHW2EOLTXHGRZQZDUGILOWHUH[WUDFWLRQ127GXFWDEOH 0RG );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ );(&+ &RG [[ [[ [[ [[ [[ 9HUVLRQHLQFDVVRRUL]]RQWDOHDVSLUD]LRQHDULDIURQWDOHVHQ]DPRELOH +RUL]RQWDOFRQFHDOHGYHUVLRQIURQWDLULQWDNHZLWKRXWFDELQHW 0RG );(&. );(&. );(&. );(&. );(&. );(&. );(&. );(&. );(&. );(&. &RG (XUR NJ /[+[6 [[ );(&6 [[ [[ [[ [[ 9HUVLRQHLQFDVVRRUL]]RQWDOHEDVHVHQ]DPRELOH²(VWUD]LRQHILOWURGDOEDVVRYHUWLFDOHFDQDOL]]DELOH +RUL]RQWDOFRQFHDOHGYHUVLRQEDVLFZLWKRXWFDELQHW²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jHVFOXVRLPEDOOR /[+[6 /XQJKH]]D[$OWH]]D[6SHVVRUHGLPHQVLRQLLQPP NJ 1HWZHLJKWXQLWRQO\H[FOXGLQJSDFNDJLQJ /[+[6 /HQJWK[+HLJKW['HSWKGLPHQVLRQVLQPP [[ 9$5,$17,PRWRUH(&%UXVKOHVV%DWWHULDUDQJKL 9$5,$176(&%UXVKOHVVPRWRUURZVFRLO 67$1'$5'9$5,$17( 1XRYDVROX]LRQH 6RQRGLVSRQLELOLDOFXQH9$5,$17,LQDOWHUQDWLYDDOODVROX]LRQHVWDQGDUG 9$5,$17( 0RGLILFKH GD DSSRUWDUH VXOO·XQLWj EDVH &RPSRQHQWL HR VROX]LRQL GD LQVWDOODUH LQ $/7(51$7,9$DLFRPSRQHQWLVROX]LRQLVWDQGDUG /H 9$5,$17, FRQVHQWRQR GL FRQILJXUDUH O·XQLWj FRQ OD PDVVLPD IOHVVLELOLWj HG LQ SLHQD OLEHUWj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j );( %UXVKOHVV LQ FRQIURQWR DOOH XQLWj ); $VLQFURQH WUDGL]LRQDOL $JJLXQJHQGR OD YDULDQWH ´90%µDO);$VLQFURQRVLRWWLHQHXQ);(%UXVKOHVV 7KLVYDULDQWLVXVHIXOWRUDSLGO\PDQDJHWKH);(%UXVKOHVVXQLWVFRPSDUHGWRWUDGLWLRQDO);$V\QFKURQRXVXQLWV$GGLQJ´90%µYDULDQWWR);$V\QFKURQRXV\RX JHWDQ);(%UXVKOHVV 9$5,$17(*UXSSRYHQWLODQWHFRQPRWRUH(&%UXVKOHVV,QYHUWHUULVSDUPLRHQHUJHWLFRUHJROD]«9GF,QDOWHUQDWLYDDPRWRUHVWDQGDUGDVLQFURQR9HO);90% );( 9$5,$17)DQVHFWLRQZLWK(&%UXVKOHVVPRWRU,QYHUWHUHQHUJ\VDYLQJUHJXODWLRQ«9GF$VDOWHUQDWLYHWRWKHVWDQGDUGDV\QFKURQRXV6SHHGPRWRU);90% );( &RPSDWLELOLWj\ XQLWj´);µWXWWHOHYHUVLRQL ´);µXQLWDOOYHUVLRQV 90% 0RG &RG (XUR 90% [); 90% [); 90% [); 90% [); 90% [); 90% [); 90% [); 90% [); 90% [); 90% [); 'DWLWHFQLFLQRPLQDOL´);(9DULDQWH95µ6RORXQLWjDWXEL 1RPLQDOWHFKQLFDOGDWD´);(959DULDQWµ2QO\SLSHXQLWV 78%,EDWWHULD 3,3(FRLO 9$5,$17(%DWWHULD5²,QDOWHUQDWLYDDOODEDWWHULDVWDQGDUG5VRORSHUXQLWj);(7XEL 9$5,$175&RLO$VDOWHUQDWLYHWRVWDQGDUG5FRLORQO\IRU3LSH);(XQLW %DWWHULH 5 QRUPDOPHQWH XWLOL]]DWH SHU LO UDIIUHGGDPHQWRULVFDOGDPHQWR FRQ WUDWWDPHQWR GL WXWWD R SDU]LDOH DULD HVWHUQD GL ULQQRYR QHL FDVL LQ FXL VLD ULFKLHVWD XQD HOHYDWD D]LRQH GL GHXPLGLILFD]LRQHLGRQHHDQFKHSHUIXQ]LRQDPHQWRLQVLVWHPLGLVWULFWFRROLQJFRQHOHYDWLƦ7DFTXD URZVFRLOVXVXDOO\XVHGIRUFRROLQJKHDWLQJZLWKWRWDOH[WHUQDORUHYHQSDUWLDOUHQHZDODLULQFDVHLWLVUHTXLUHGKLJKGHKXPLGLILFDWLRQDOVRVXLWDEOHIRUGLVWULFWFRROLQJDSSOLFDWLRQVZLWKKLJKZDWHUƦ7 &RPSDWLELOLWj&RPSDWLELOLW\ );( );( );( );( );( );( );( );( );( );( 95 9$5,$17(%$77(5,$5 5&2,/9$5,$17 95 [);( 0RG &RG ? 95 [);( ? 95 [);( ? 95 [);( ? (XUR );( );(95 );(95 );(95 );(95 95 [);( ? 7DJOLD6L]H 120,1$/ );(95 3UHVWD]LRQLQRPLQDOLULIVHJQDOHGLPRGXOD]LRQHFKHJDUDQWLVFH´SRUWDWDDULD);(%UXVKOHVV SRUWDWDDULD);$VLQFURQRFRUULVSRQGHQWHµ 1RPLQDOSHUIRUPDQFHVUHIPRGXODWLQJVLJQDOZKLFKJXDUDQWHHV´$LU)ORZ);(%UXVKOHVV $LUIORZRIWKHFRUUHVSRQGLQJDV\QFKURQRXV);µ 7RWDOH7RWDO: 3RWHQ])ULJRULIHUD &RROLQJFDSDFLW\ 6HQVLELOH6HQVLEOH: 3RWHQ]LDOLWj7HUPLFD+HDWLQJFDSDFLW\ : 3RUWDWDDULDQRPLQDOH²1RPLQDO$LUIORZPK 5DIIUHG²&RROLQJOK 3RUWDWDDFTXD :DWHUIORZ 5LVFDOG²+HDWLQJOK 3HUGLWHGLFDULFRDFTXD 5DIIUHG²&RROLQJN3D :DWHUSUHVVXUHGURSV 5LVFDOG²+HDWLQJN3D /LYHOOLVRQRUL6RXQGOHYHOV 1RPLQDOG%$ $VVRUE(OHWWUYDORULGLIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV 6HJQDOHGLFRQWUROORGLULIHULPHQWR²5HIHUHQFHFRQWUROVLJQDO :$ :$ :$ :$ :$ 9GF 9GF 9GF 9GF 9GF $OLPHQWD]LRQHHOHWWULFD²3RZHUVXSSO\ 3RWHQ]DSRZHU9DF²3K²+]6HJQDOHVLJQDO«9GF (&29GF 3UHVWD]LRQLGLIXQ]LRQDPHQWRDWWHVHHTXLOLEULR´3UHVWD]LRQLXQLWj SUHVWD]LRQLULFKLHVWHµ([SHFWHGRSHUDWLQJFRQGLWLRQVEDODQFH´8QLW·VSHUIRUPDQFHV UHTXLUHGSHUIRUPDQFHVµ 3RUWDWDDULD/LYHOOLVRQRUL²$LUIORZ6RXQG/HYHOV $VVRUE(OHWWUYDORULIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV PKG%$ :$ PKG%$ :$ PKG%$ :$ PKG%$ :$ PKG%$ :$ 5HI3RUWDWDDULDQRPLQDOH²1RPLQDODLUIORZ 5$1*(9GF 3UHVWD]LRQL0$;ULIVHJQDOH9GF0,1ULI9GFSHUVHJQDOL9GFO·XQLWjULPDQH2))0$;SHUIRUPDQFHVUHI9GFVLJQDO0,1UHI9GFIRUVLJQDO9GFWKHXQLWLV2)) 3RWHQ]IULJRULIWRWDOH²7RWDOFRROLQJFDSDFLW\5DQJH: 3RWHQ]DWHUPLFD²+HDWLQJFDSDFLW\ 5DQJH: 3RUWDWDDULD²$LUIORZ 5DQJHPK /LYHOOLVRQRUL6RXQG/HYHOV 5DQJHG%$ $VVHOYDORULIXQ]LRQ&XUUHQWLQSXWRSHUDWLQJYDOXHV5DQJH :$ :$ :$ :$ :$ 5DQJKL²5RZV5$WWDFFKL²&RQQHFWLRQV'1 )6FDULFRFRQGHQVD'UDLQSLSHφ PP %DWWHULDFDOGRIUHGGR+HDWLQJFRROLQJFRLO 0RWRUL9HQWLODWRUL²0RWRUV)DQV 1R1R $VVRUE(OHWWUGLWDUJD²/DEHOFXUUHQWLQSXW0$; :$ :$ :$ :$ :$ 0D[ /LPLWHIXQ]LRQDPLQIHULRUH /), 0HG (63 3D /RZHUZRUNLQJOLPLW 0LQ 0D[ 0HG 3D 0LQ 0D[ 0HG 3D 5,'8=,21(3257$7$$5,$ 0LQ &RHIILFLHQWLFKHGHILQLVFRQROHFXUYH 0D[ ´3RUWDWD$ULD3UHVVLRQHVWDWLFDµ DOOHYHORFLWj0D[0HG0LQ 0HG 3D $,5)/2:5('8&7,21 0LQ &RHIILFLHQWVGHILQLQJWKH 0D[ ´$LUIORZ6WDWLFSUHVVXUHµGLDJUDPV 0HG 3D DWVSHHG0D[0HG0LQ 0LQ 3D[ 3D[ 3D[ 3D[ 3D[ (63[4D 0D[ /)6(63 3D4D P K 3D[ 3D[ 3D[ 3D[ 3D[ (63[4D 0HG /LPLWHIXQ]LRQDPVXSHULRUH (63[4D 0LQ 3D[ 3D[ 3D[ 3D[ 3D[ 8SSHUZRUNLQJOLPLW 5,'8=,21(327(1=,$/,7É)5,*25,)(5$7(50,&$LQIXQ]LRQHGHOODULGX]LRQHSRUWDWDDULD &22/,1*+($7,1*&$3$&,7<5('8&7,21GHSHQGLQJRQDLUIORZUHGXFWLRQ 3RUWDWDDULD$LUIORZ 3RWHQ]LDO)ULJRULIHUD 7RWDOH²7RWDO &RROLQJFDSDFLW\ 6HQVLELOH6HQVLEOH 3RWHQ]LDOLWjWHUPLFD+HDWLQJFDSDFLW\ '1 'LDPHWURQRPLQDOH) $WWDFFKLLGUDXOLFLEDWWHULD*DVIHPPLQD '1 1RPLQDOGLDPHWHU) )HPDOHJDVZDWHUFRLOFRQQHFWLRQV 'DWLWHFQLFLULIHULWLDOOHVHJXHQWLFRQGL]LRQL8QLWj6WDQGDUG3UHVVLRQHDWPRVIHULFDPEDU$OLPHQWD]LRQHHOHWWULFD9DF3K+] 'DWLWHFQLFLQRPLQDOLULISRUWDWDDULDULIHULWDDOVHJQDOHLQGLFDWRHGXQLWjDERFFDOLEHUD3UHVVLRQHVWDWLFDHVWHUQD(63 3D 5DIIUHGGDPHQWR7HPSDULD&EV&EX²7HPSDFTXDLQJUHVVRXVFLWD&²9HORFLWj1RPLQDOHULIVHJQDOH SRUWDWDDULD3HUDOWUH SRUWDWHDULDHV0D[HR0LQYHORFLWjHR(63!3DYHGLULISRUWDWHDULDQRPLQDOLDFTXDLQJU&HSRUWDWDDFTXDFRPHDOODYHORFLWjQRP 5LVFDOGDPHQWR7HPSDULD&²7HPSDFTXDLQJUHVVRXVFLWD&²9HORFLWj1RPLQDOHULIVHJQDOH SRUWDWDDULD3HUDOWUHSRUWDWH DULDHV0D[HR0LQYHORFLWjHR(63!3DYHGLULISRUWDWHDULDQRPLQDOLDFTXDLQJU&HSRUWDWDDFTXDFRPHDOODYHORFLWjQRP 5HVH)ULJRULIHUHH7HUPLFKH9DORULFDOFRODWLGD6:HGDWLULOHYDWLLQFDPHUDFDORULPHWULFDULIQRUPH81,SDUWH81,(1 3RUWDWDDULDH3UHVVVWDWLFD9DORULQRPLQDOLULOHYDWLFRQFDVVRQHULIQRUPH$0&$ILJHFRQGRWWRGLDIUDPPDULIQRUPH&1581, &XUYHSRUWDWDDULD0D[ VHJQDOH9GF0HG VHJQDOHQRPWDJOLD[0D[0LQ VHJQDOH9GFULI6:´7HQVLRQHFRVWµUDSSRUWLFRVW /LYHOOLVRQRUL3UHVVLRQHVRQRUDLQFDPSROLEHURGLVWDQ]DP9DORULFDOFRODWLGDSRWHQ]DVRQRUDULOHYDWDLQFDPHUDULYHUEHUDQWHULIQRUPH,62,62 'DWLHOHWWULFL9DORUH0$;GLWDUJDPRWRUH YDORUHGLULIHULPHQWRSHUSURJHWWD]LRQHLPSLDQWRHOHWWULFR7XWWLL'DWLHOHWWULFLULOHYDWLFRQ:DWWPHWUR-RNRJDZD:7 7HFKQLFDOGDWDUHIHUWRWKHIROORZLQJFRQGLWLRQV6WDQGDUGXQLW²$WPRVSKHULFSUHVVXUHPEDU3RZHUVXSSO\9DF3K+] 1RPLQDOWHFKQLFDOGDWDUHIDLUIORZWRWKHLQGLFDWHGVLJQDODQGXQLWZLWKIUHHDLUIORZ([WHUQDOVWDWLFSUHVVXUH(63 3D &RROLQJ$LUWHPS&GE&ZE²(QWHULQJOHDYLQJZDWHUWHPS&²1RPLQDOVSHHGUHI6LJQDO DLUIORZ)RUGLIIHUHQWDLUIORZV H[0D[DQGRU0LQVSHHGDQGRU(63!3DVHHUHIQRPLQDODLUIORZVHQWHULQJZDWHUWHPS&DQGZDWHUIORZDVIRUQRPLQDOVSHHG +HDWLQJ $LUWHPS &²(QWHULQJOHDYLQJZDWHUWHPS&²1RPLQDOVSHHGUHI6LJQDO DLUIORZ)RUGLIIHUHQWDLUIORZVH[0D[ DQGRU0LQVSHHGDQGRU(63!3DVHHUHIQRPLQDODLUIORZVHQWHULQJZDWHUWHPS&DQGZDWHUIORZDVIRUQRPLQDOVSHHG &RROLQJDQG+HDWLQJFDSDFLWLHV'DWDFDOFXODWHGE\6:DQGPHDVXUHPHQWVPDGHLQFDORULPHWULFURRPUHI81,SDUW81,(1VWDQGDUGV $LUIORZDQG6WDWLFSUHVVXUH1RPLQDOGDWDPHDVXUHGZLWKFDVLQJUHI$0&$ILJVWDQGDUGVDQGSOHQXPGLDSKUDJPUHI&1581,VWDQGDUGV $LUIORZFXUYHV0D[ 9GFVLJQDO0HG QRPLQDOVLJQDOVL]H[0D[0LQ 9GFVLJQDOUHI6:´&RQVWDQW9ROWDJHµFRQVWDQWUDWLR 6RXQG/HYHOV)UHHILHOGVRXQGSUHVVXUHPGLVWDQFH'DWDFDOFXODWHGEDVHGRQVRXQGSRZHUPHDVXUHGLQULYHUEHUDWLRQURRPUHI,62,62VWDQGDUGV (OHFWULFDOGDWD0$;YDOXHRIPRWRUODEHO UHIHUHQFHYDOXHIRUWKHHOHFWULFDOV\VWHPGHVLJQ$OOWKHHOHFWGDWDPHDVXUHGZLWK:DWWPHWHU-RNRJDZD:7 0RUVHWWLHUHH&RPDQGLUHPRWL 7HUPLQDOERDUGVDQG5HPRWHFRQWUROV 0RW 0RW 0RW 0RW 0RW 70 70 %UXVKOHVV %UXVKOHVV )$1212))9GF )$19GF 9DOYROH9DOYHV«9GF 9DOYROH9DOYHV212)) $FTXD:DWHU $FTXD:DWHU $ULD$LU 127$ODPRUVHWWLHUDqVHPSUHQHFHVVDULDTXDQGRVLLQVWDOODXQFRPDQGRUHPRWR /·(48,3$**,$0(172(/(775,&2e81$&&(6625,2$**,817,922%%/,*$725,26FHJOLHUHIUD 0RUVHWWLHUD&RPDQGRUHPRWRYHGLVH]LRQL056&5&5 2SSXUH4XDGUR&RPDQGRLQVWDOODWRDERUGRXQLWj&%&% 61'$ 0RW 61'$ 70 %UXVKOHVV 'LVSOD\ )$1212))9GF 9DOYROH9DOYHV«9GF %UXVKOHVV 'LVSOD\ )$19GF 9DOYROH9DOYHV212)) 7877,5(*2/$725,$0,&52352&(6625( $//0,&52352&(6625&21752//(56 2JQLSDQQHOORFRPDQGLSXzFRQWUROODUHSLXQLWj 3HU XOWHULRUL LQIRUPD]LRQL WHFQLFKH H 0RGDOLWj GL IXQ]LRQDPHQWR GHL FRPDQGL HVSRVWL GLVSRQLELOLWjGLXOWHULRULFRPDQGLYHGLVH]LRQH´5HJROD]LRQHµ (DFKFRQWUROSDQHOFDQFRQWUROVHYHUDOXQLWV )RU IXUWKHU 7HFKQLFDO DQG 2SHUDWLQJ LQIRUPDWLRQ DERXW WKH VKRZQ FRQWUROV IXUWKHU DYDLODEOHFRQWUROVVHH´5HJXODWLRQµVHFWLRQ 127(7KHWHUPLQDOERDUGLVDOZD\VUHTXLUHGLQVWDOOLQJDUHPRWHFRQWURO 7+((/(&75,&$/(48,30(17,6$'',7,21$/$&&(6625<&2038/625<&KRRVHEHWZHHQ 7HUPLQDOERDUG5HPRWHFRQWUROVHH056&5&5 2U&RQWURO3DQHOLQVWDOOHGLQVLGHWKHXQLW&%&% 0RG 056 056 056 056 056 056 056 056 056 0RUVHWWLHUHSHUFROOHJDPHQWRDFRPDQGRUHPRWRIRUQLWHPRQWDWHVXOO·XQLWj&RPDQGLUHPRWLIRUQLWLQRQPRQWDWL 7HUPLQDOERDUGVIRUFRQQHFWLRQZLWKWKHUHPRWHFRQWUROVXSSOLHGPRXQWHGRQWKHXQLW5HPRWHFRQWUROVVXSSOLHGQRWPRXQWHG &RG (XUR 76(7 & 76(7 & 76(7 & 76(7 & 76(7 & 76(7 & 0RUVHWWLHUDWLSR´0DPXWµPLQSROL,3 ´0DPPRWKµW\SHWHUPLQDOERDUGPLQSROHV,3 0RUVHWWLHUDWLSR´0DPXWµPLQSROL,37HUPRVWDWRPLQLPDWHPSHUDWXUDDFTXDFDOGD´70µ ´0DPPRWKµW\SHWHUPLQDOERDUGPLQSROHV,30LQLPXPKRWZDWHUWHPSHUDWXUHWKHUPRVWDW´70µ 0RUVHWWLHUDWLSR´0DPXWµPLQSROLFRQFRSHUFKLRGLFKLXVXUD,3 ´0DPPRWKµW\SHWHUPLQDOERDUGPLQSROHVZLWKFORVLQJFRYHU,3 0RUVHWWLHUDWLSR´0DPXWµPLQSROLFRQFRSHUFKLRGLFKLXVXUD,37HUPRVWDWRPLQLPDWHPSDFTXDFDOGD´70µ ´0DPPRWKµW\SHWHUPLQDOERDUGPLQSROHVZLWKFORVLQJFRYHU,30LQLPXPKRWZDWHUWHPSWKHUPRVWDW´70µ 0RUVHWWLHUDWLSR´0DPXWµGHQWURVFDWRODHOHWWULFD,3 ´0DPPRWKµW\SHWHUPLQDOERDUGLQVLGH,3HOHFWULFDOER[ 0RUVHWWLHUDWLSR´0DPXWµGHQWURVFDWRODHOHWWULFD,37HUPRVWDWRPLQLPDWHPSDFTXDFDOGD´70µ ´0DPPRWKµW\SHWHUPLQDOERDUGLQVLGH,3HOHFWULFDOER[0LQLPXPKRWZDWHUWHPSWKHUPRVWDW´70µ 5(*2/$725,$0,&52352&(6625(&21),*85$%,/,²0,&52352&(6625&21),*85$%/(&21752//(56 &5 &5 *HVWLRQHXQLWjWXEL8VFLWHPRWRUH9HORFLWjRHOHWWURQLFR«9GFHV%UXVKOHVVYDOYROHPRGXODQWL«9GF &RQWUROSLSHVXQLW2XWSXWPRWRU6SHHGRUHOHFWURQLF«9GFH[%UXVKOHVVPRGXODWLQJYDOYHV«9GF 9HQWLODWRUH)DQ$9DF *HVWLRQHXQLWjWXELFRQVHQ]DYDOYROH8VFLWHPRWRUHHOHWWURQLFR«9GF(&HV%UXVKOHVVYDOYROH212)) &RQWUROSLSHVXQLWZLWKZLWKRXWYDOYHV2XWSXWHOHFWURQLFPRWRU«9GF(&H[%UXVKOHVVYDOYHV212)) 9DOYROH9DOYHV$9DF 0RG 4XDGULFRPDQGRIRUQLWLPRQWDWLVXOO·XQLWj&RQWUROSDQHOVVXSSOLHGPRXQWHGRQWKHXQLW &RG (XUR 5(*2/$725,$0,&52352&(6625(&21),*85$%,/,²0,&52352&(6625&21),*85$%/(&21752//(56 &% &% *HVWLRQHXQLWjWXEL8VFLWHPRWRUH9HORFLWjRHOHWWURQLFR«9GFHV%UXVKOHVVYDOYROHPRGXODQWL«9GF &RQWUROSLSHVXQLW2XWSXWPRWRU6SHHGRUHOHFWURQLF«9GFH[%UXVKOHVVPRGXODWLQJYDOYHV«9GF &% ´&5VRQGDDULD61'$µLQVWDOODWRDERUGRXQLWj&% ´&561'$DLUVHQVRUµPRXQWHGRQERDUGRIWKHXQLW *HVWLRQHXQLWjWXELFRQVHQ]DYDOYROH8VFLWHPRWRUHHOHWWURQLFR«9GF(&HV%UXVKOHVVYDOYROH212)) &RQWUROSLSHVXQLWZLWKZLWKRXWYDOYHV2XWSXWHOHFWURQLFPRWRU«9GF(&H[%UXVKOHVVYDOYHV212)) &% ´&5VRQGDDULD61'$µLQVWDOODWRDERUGRXQLWj&% ´&561'$DLUVHQVRUµPRXQWHGRQERDUGRIWKHXQLW 621'(7(03(5$785$(67(51(5(027(²(;7(51$/5(027(7(03(5$785(6(16256 70 70 61'$ 61': 7HUPRVWDWRPLQLPDWHPSHUDWXUDDFTXDFDOGD´70µ 76(7 & 0LQLPXPKRWZDWHUWHPSHUDWXUHWKHUPRVWDW´70µ 76(7 & &RPSDWLELOLWj²&RPSDWLELOLW\&%²&%²&5²&5&%«&%(«&5« 6RQGDUHPRWDWHPSHUDWXUDDULDDPELHQWHWLSR17&2KP#&FRQFDYR/ P²,QFOXVDFRQLO´&%µR´&%µ 5HPRWHURRPDLUWHPSHUDWXUHVHQVRUW\SH17&2KP#&ZLWKFDEOH/ P²,QFOXGHGZLWKWKH´&%µRU´&%µ &RPSDWLELOLWj²&RPSDWLELOLW\&%²&%²&5²&5&%(«&5« 6RQGDWHPSHUDWXUDDFTXDWLSR17&2KP#&FRQFDYR/ PLQDOWHUQDWLYDDOWHUPRVWDWR´70µ :DWHUWHPSHUDWXUHVHQVRUW\SH17&2KP#&ZLWKFDEOH/ PDOWHUQDWLYHWR´70µWKHUPRVWDW &RPSDWLELOLWj²&RPSDWLELOLW\&%²&%²&5²&5&%(«&5« 70FRQ76(7 &&RQVLJOLDWRSHUDFTXDFDOGDDEDVVDWHPSHUDWXUDHVSRPSDGLFDORUH 70FRQ76(7 &&RQVLJOLDWRSHUDFTXDFDOGDDGDOWDWHPSHUDWXUDDFTXD,1ILQRD& 70ZLWK76(7 &5HFRPPHQGHGZLWKORZWHPSHUDWXUHKRWZDWHUH[KHDWSXPS 70ZLWK76(7 &5HFRPPHQGHGZLWKKLJKWHPSHUDWXUHKRWZDWHUZDWHU,1XSWR& 3HU WXWWL JOL DOWUL $FFHVVRUL 9DULDQWL H 9HUVLRQL ULIHULUVL DL WUDGL]LRQDOL IDQFRLOV DVLQFURQL FRUULVSRQGHQWL YHGL VH]LRQL ´);µ ² ´);=3.µ VRQRSHUIHWWDPHQWHFRPSDWLELOLFRQLIDQFRLOV%UXVKOHVV´);(µ )RUDOORWKHU$FFHVVRULHV9DULDQWVDQG9HUVLRQVSOHDVHUHIHUWRWKH FRUUHVSRQGLQJWUDGLWLRQDODV\QFKURQRXVIDQFRLOVVHH´);µ²´);=3.µ VHFWLRQVWKH\DUHSHUIHFWO\FRPSDWLEOHZLWK´);(µ%UXVKOHVVIDQFRLOV