ÏORPpVNDGPLXPWDUWDORPPHJKDWiUR]iVDV]DUYDVPDUKD IHG V] UEHQYpUEHQpVWHMEHQ
.HOHPHQ-6]DWDL=V/DVVX=V
3DQQRQ$JUiUWXGRPiQ\L(J\HWHPÈOODWWHQ\pV]WpVL.DU.pPLDL,QWp]HW.DSRVYiU*XED6X
g66=()2*/$/È6
9L]VJiODWXQNEDQ V]DUYDVPDUKDIHG V] U YDODPLQW YpU pV WHMPLQWiN LOO WDNDUPiQ\RN yORPpV NDGPLXPWDUWDOPiW KDWiUR]WXN PHJ UpV]EHQ V]LQWIHOPpU MHOOHJJHO DODSDGDWRN V]HU]pVHFpOMiEyOUpV]EHQSHGLJPyGV]HUWDQLYL]VJiODWRNNHUHWpEHQDEEyODFpOEyOKRJ\
YiODV]WNDSMXQNDUUDDNpUGpVUHKRJ\DNO|QE|] V]tQ SLJPHQWiOWIHG V] U|NPHOOHWW PHQQ\LUHDONDOPDVDIHKpUV]tQ V] UDYL]VJiODWRNKR]&pONLW ]pVHLQNKH]WDUWR]RWWDQQDN PHJiOODStWiVD LV KRJ\ YDQH YDODPLIpOH NDSFVRODW D YpU pV WHM LOO D V] U yORP pV NDGPLXPWDUWDOPDN|]|WW6]iPROWXND]HJ\HVHOHPHNQDSLEHYLWHOpWDPpUWNRQFHQWUiFLyN pVD]HWHWHWWWDNDUPiQ\RNPHQQ\LVpJHLDODSMiQ$]RUiOLVQDSLEHYLWHOWILJ\HOHPEHYpYH PHJKDWiUR]WXN D] HJ\HV iOODWRN yORP pV NDGPLXPWHUKHOpVpW $] iOORPiQ\RNRQ EHOO PHJQp]WNDYpUpVWHMPLQWiNNRUUHOiFLyMiWDNO|QE|] V]tQ V] U|NNHO0HJiOODStWRW WXN KRJ\ OHJIHOMHEE N|]HSHVHQ MyQDN PRQGKDWyDN gVV]HKDVRQOtWRWWXN D] HOWpU V]tQ V] U|NyORPpVNDGPLXPWDUWDOPiW0HJiOODStWRWWXND]WLVKRJ\HNpWHOHPHWWHNLQWYHD IHNHWH V] U iWODJpUWpNHL V]LJQLILNiQVDQ PDJDVDEEDN D Y|U|V pV IHKpU V] UpQpO ÏORP HVHWpEHQ PLQG D SLJPHQWiOW PLQG D IHKpU V] U DONDOPDV D YL]VJiODWRNUD NDGPLXP HVHWpEHQFVDNDSLJPHQWiOWMDYDVROKDWy9L]VJiOWXNDMHOOHJ]HWHVNDOFLXPyORPpVFLQN NDGPLXPDQWDJRQL]PXVPHJMHOHQpVpWDV] UEHQ$NDOFLXPyORPHVHWpEHQDNRUUHOiFLyN QDJ\UpV]WN|]HSHVQHNU LOOV]RURVQDNU DY|U|VV] UEHQPRQGKDWyN tJ\H]D]LQWHUDNFLyQHPMHOOHJ]HWHV$FLQNNDGPLXPYLV]RQ\ODWiEDQDY|U|VV] UWNLYpYH J\HQJHDNRUUHOiFLyU DPLDNpWHOHPDQWDJRQL]PXViQDNPHJQ\LOYiQXOiViW MHOH]KHWLDV] UEHQ
$%675$&7
'HWHUPLQDWLRQRIOHDGDQGFDGPLXPFRQWHQWLQFDWWOHKDLUEORRGDQGPLON -.HOHPHQ=V6]DWDL=V/DVVX
3DQQRQ8QLYHUVLW\RI$JULFXOWXUH)DFXOW\RI$QLPDO6FLHQFH,QVWLWXWHRI&KHPLVWU\.DSRVYiU+*XED6X
/HDGDQGFDGPLXPFRQWHQWRIFDWWOHKDLUEORRGPLONDQGIRUDJHZHUHGHWHUPLQHGLQRXU DQDO\VLVLQRUGHUWRJDWKHUEDVLFGDWDDQGILQGWKHDQVZHUIRUKRZVXLWDEOHWKHGLIIHUHQW FRORXUHGKDLUVDQGWKHZKLWHKDLUVZHUHIRUH[DPLQDWLRQ2QHRIWKHRXUWDUJHWZDVWR HVWDEOLVKZKHWKHUWKHUHZHUHDQ\FRQQHFWLRQVEHWZHHQWKHOHDGDQGFDGPLXPFRQWHQWRI EORRGPLONDQGWKHOHDGDQGFDGPLXPFRQWHQWRIKDLU:HFRXQWHGWKHGDLO\LQWDNHRI HDFK HOHPHQW EDVHG RQ WKH PHDVXUHG SURSRUWLRQ DQG WKH TXDQWLW\ RI IRUDJH IHG
$FFRUGLQJWRWKHGDLO\LQWDNHZHGHWHUPLQHGWKHOHDGDQGFDGPLXPORDGRIHDFKDQLPDO 3DQQRQ$JUiUWXGRPiQ\L(J\HWHPÈOODWWHQ\pV]WpVL.DU.DSRVYiU
3DQQRQ8QLYHUVLW\RI$JULFXOWXUH)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU
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
.H\ZRUGVOHDGFDGPLXPFDWWOHKDLUEORRG
%(9(=(7e6
$ WHUPpV]HWHV N|UQ\H]HW HOV]HQQ\H] GpVH QDSMDLQN HJ\LN LJHQ V~O\RV pV JOREiOLV SUREOpPiMD PHOO\HO D PLQGHQQDSL pOHWEHQ LV J\DNUDQ WDOiONR]KDWXQN $ V]HUYHWOHQ PpUJH] DQ\DJRNN|]|WWIRQWRVKHO\HWIRJODOQDNHODWR[LNXVQHKp]IpPHNPLQGHQHNHO WW D PLNURHOHPNpQW V]iPRQWDUWRWW yORP pV NDGPLXP PHO\HNHW HOV VRUEDQ D PRGHUQ QDJ\LSDUD]HQHUJLDWHUPHO V]IpUDYDODPLQWDN|]OHNHGpVMXWWDWDOHYHJ EHDYL]HNEHLOO DWDODMEDEDQD)|OGOpJN|UpEHMXWRWW|VV]HV±EHFVOW±yORPHPLVV]LyQDNDD NDGPLXPpQDN SHGLJ D YROW DQWURSRJpQ HUHGHW 1ULDJX 1DSMDLQNEDQ PiU QHPFVDN D] XUEDQL]iOW |YH]HWHN KDQHP D PH] JD]GDViJL N|UQ\H]HW yORP pV NDGPLXPWDUWDOPD LV D NRUiEELQDN W|EEV]|U|VpUH HPHONHGHWW $ PDJ\DURUV]iJL WHUP KHO\HNVWDWLV]WLNDLDODSRQEHFVOWNDGPLXPHOOiWRWWViJDEDQN|]HSHVEDQ PDJDVPtJyORPHOOiWRWWViJDEDQN|]HSHVEDQPDJDV6LOODQSDD
$ QHKp]IpPHN EHNHUOYH D WiSOiOpNOiQFED PHJERQWMiN D NLDODNXOW HJ\HQV~O\W D PDJDVDEEUHQG V]HUYH]HWHNEH MXWYD SHGLJ PiU YLV]RQ\ODJ NLV PHQQ\LVpJEHQ LV DQ\DJFVHUH]DYDURNDW PpUJH]pVHNHW RNR]KDWQDN ,GOW yORPPpUJH]pVNRU HOV VRUEDQ D N|]SRQWLLGHJUHQGV]HUDYpUNpS] V]HUYHNpVDWiSFVDWRUQDNiURVRGLNPJGPIHOHWWL YpUyORPV]LQWQpODPpUJH]pVJ\DQ~MDPiUIHOYHWKHW %U\GO
0DJ\DURUV]iJRQ D V]DUYDVPDUKD QHKp]IpPWR[LNy]LVDL N|]O D OHJJ\DNRULEE D]
yORPPpUJH]pV (] D] iOODWIDM HOpJJp NLV]ROJiOWDWRWW D] yORPV]HQQ\H]pVQHN pV PiU D OHJHQ\KpEEPpUJH]pVUHLVMHOHQW VWHUPHOpVFV|NNHQpVVHOUHDJiO
$]yORPDWHMEHLViWNHUOKHWtJ\DNpUGpVQHNKXPiQYRQDWNR]iVDLYDOLVV]iPROQL NHOO6WULXVND pV PXQNDWiUVDL NpW pYHQ iW OHJHOWHWpVL V]H]RQEDQ LSDULXUEDQL]iOW WHUOHWHNPHOOHWWLOOHWYHH]HNW OWiYROHV NRQWUROOWHUOHWHNHQOHJHOWHWHWWWHKHQHNWHMpEHQ YL]VJiOWiN D] yORP pV NDGPLXPWDUWDOPDW $ NRQWUROOWHMHNEHQ NDGPLXP J\DNRUODWLODJ QHPYROWNLPXWDWKDWyD]yORPNRQFHQWUiFLyPJNJYROWPtJDV]HQQ\H]HWW KHO\HNU O V]iUPD]y WHMHN NDGPLXPWDUWDOPD PJNJ D] yORPWDUWDOPD SHGLJ PJNJ$SUREOpPDHPLDWWLVQDJ\MHOHQW VpJ D]iOODWWHQ\pV]WpVEHQ
6]DUYDVPDUKiNHVHWpEHQD]HJ\HViOORPiQ\RNiVYiQ\LDQ\DJHOOiWRWWViJiWDPDNUR pVPLNURHOHPHNV]HUYH]HWEHOLNRQFHQWUiFLyMiWMyOWNU|]LD PHJIHOHO LG EHQ WpOL YDJ\
Q\iUL KyQDSRNEDQ Q\tUW PDUWiML IHG V] U HOHP|VV]HWpWHOH $ V] UDQDOt]LV UpYpQ NDSRWW HUHGPpQ\HN D PLQWDYpWHO HO WWL KyQDSRV LG V]DN iWWHNLQWpVpW DGMiN WDNDUPiQ\R]iVL V]HPSRQWEyO D]D] D] H]HQ LG V]DNEDQ D V]HUYH]HWEH MXWRWW HOHPHN PHQQ\LVpJH LOOHWYH DUiQ\DMHOHQLNPHJDV] UEHQHJ\IDMWDÄLG V]HULQWLLQWHJUiO´IRUPiMiEDQ
$YpUpVDWHMiVYiQ\LDQ\DJWDUWDOPDH]]HOV]HPEHQDSLOODQDWQ\LiOODSRWRWWNU|]L:DUG /RQGRQ N|]HOpEHQ DXWySiO\D PHOOHWW YpJ]HWW YL]VJiODWRNDW D I LOOHWYH D] RWW OHJHO iOODWRNYpUpQHNpVV] UpQHNHOHPWDUWDOPiWLOOHW HQ7t]YL]VJiOWHOHPE O%U&G
&U &X 0Q 1L 3E 6H 9 =Q D YpUEHQ FVXSiQ D] yORP pV NDGPLXP PXWDWRWW V]LJQLILNiQV HPHONHGpVW D NRQWUROOiOODWRNpKR] NpSHVW $ V] UDQDOt]LV VRUiQ YLV]RQW D PDQJiQpVDV]HOpQNLYpWHOpYHOYDODPHQQ\LHOHPHVHWpEHQQDJ\REENRQFHQWUiFLyWPpUWHN
$YpUYDODPLQWDV] ULOODJ\DSM~yORPWDUWDOPDN|]|WWYLV]RQ\ODJV]RURV NRUUHOiFLyW iOODStWRWWDNPHJ-XKRNHVHWpEHQU ORYDNQiOU
5LYOLQV]HULQWD]RQEDQDV] ULOODYpUpVYL]HOHWyORPpVNDGPLXPWDUWDOPD N|]|WWPpJLGHiOLVN|UOPpQ\HNHVHWpQVHPOHKHWWDOiOQLVHPPLIDMWDNRUUHOiFLyW
9L]VJiODWXQNEDQ V]DUYDVPDUKDIHG V] U YDODPLQW YpU pV WHMPLQWiN LOO WDNDUPiQ\RNyORPpVNDGPLXPWDUWDOPiWKDWiUR]WXNPHJ
&pONLW ]pVHN
- (OHPDQDOt]LVWDNDUPiQ\RNEDQV]DUYDVPDUKDIHG V] UEHQYpUEHQpVWHMEHQ
- 0yGV]HUWDQLSUREOpPDNpQWDQQDNYL]VJiODWDKRJ\PHQQ\LUHDONDOPDVDSLJPHQWiOW IHG V] U PHOOHWW D IHKpU V] U D] yORP pV NDGPLXPVWiWXV] PHJiOODStWiViUD HJ\
iWODJRVWDNDUPiQ\R]iV~V]DUYDVPDUKDiOORPiQ\EDQ
- 6]iPtWyJpSHV DGDWIHOGROJR]iVVDO NDSFVRODWNHUHVpV D NO|QE|] V]tQ V] U|NEHQ PpUWV]RNiVRVHOHPHNPHQQ\LVpJHpVDWR[LNXVHOHPHNNRQFHQWUiFLyMDN|]|WW - .RUUHOiFLyNHUHVpVHDWDNDUPiQ\pVDV] UHOHPWDUWDOPDN|]|WW
- .RUUHOiFLyPHJiOODStWiVDD]LQWHJUiOWpUWpNHNHWPXWDWyV] UpVDSLOODQDWQ\LiOODSRWRW MHO] YpULOOWHMPLNURHOHPWDUWDOPDN|]|WW
$1<$*e60Ï'6=(5 0LQWDYpWHO
(J\ IHNHWHWDUND pV HJ\ Y|U|VWDUND PDJDV YpUKiQ\DG~ +ROVWHLQ)Ut] iOORPiQ\EyO DPHO\HNHW D]RQRV WHOHSHQ WDUWRWWDN D OLWHU QDSL WHMWHUPHOpV YpOHWOHQV]HU HQ NLYiODV]WRWW WHKHQHN ± HJ\HG± IHG V] U YpU pV WHMPLQWiMiW YL]VJiOWXN 0LQWiNDW YHWWQND]HWHWHWWWDNDUPiQ\RNEyOpVWDNDUPiQ\NLHJpV]tW NE OLVPHO\HNPpUpVHDODSMiQ DQDSLEHYLWHONLV]iPtWKDWy
6] U$ V] UPLQWDYpWHOQpO PLQGNpW iOORPiQ\EyO HJ\HGHW YL]VJiOWXQN 8J\DQDUUyO D]
iOODWUyOIHNHWHpVIHKpULOOHWYHY|U|VpVIHKpUV]tQ V] UWLVQ\tUWXQNPLYHODV] UV]tQHD]
iVYiQ\L HOHPHN PHQQ\LVpJpW QDJ\PpUWpNEHQ EHIRO\iVROKDWMD $ PLQWDYpWHO HO WW D ODSRFNDWiML IHG V] UW D PHFKDQLNDL V]HQQ\H] GpVHNW O JRQGRVDQ PHJWLV]WtWRWWXN OHNHIpOWNPDMGHOHNWURPRVQ\tUyJpSSHOPLQGNpWV]tQ V] UE ONEJRWYHWWQN$
PLQWiNDWDIHOGROJR]iVLJSDStU]DFVNyEDQWiUROWXN 7HM5HJJHOLIHMpVE OV]iUPD]yNEFPHOHJ\WHM
9pU$YHQDMXJXODULVEyONEFPYpUWYHWWQNPLQGHQHJ\HViOODWWyO 7DNDUPiQ\RN
06=V]HULQW
0LQWDHO NpV]tWpV
6] U$V] U|NHWDIDJJ\~YDODPLQW]VtUV]HU V]HQQ\H] GpVHNHOWiYROtWiVDYpJHWWSHWUROpWHUUHO SHUFLJ PRVWXN PDMG V]REDK PpUVpNOHWHQ PHJV]iUtWRWWXN $ V]HUYHWOHQ V]HQQ\H] GpVHN HOWiYROtWiViUDKiURPV]RULGHV]WLOOiOWYL]HVPRViVWDONDOPD]WXQNYpJO&RQYDOyV]iUtWiV N|YHWNH]HWW V]iUtWyV]HNUpQ\EHQ .|]YHWOHQO D PLQHUDOL]iOiV HO WW D V] U|NHW &RQ yUiQ iW W|PHJiOODQGyViJLJ V]iUtWRWWXN (]XWiQ J V] UW PpUWQN EH NYDUF KDPYDV]WyWpJHO\EH DPLW HOHNWURPRV NHPHQFpEH WHWWQN pV IRO\DPDWRVDQ HPHOYH D K PpUVpNOHWHW &yUD &RQ pMV]DNDQ iW KDPYDV]WRWWXQN $ KDPYDV]WiVRV HOMiUiVRNQiO V]RNiVRV K PpUVpNOHWQpO NLVHEE K PpUVpNOHWUH D] yORP pV NDGPLXP LOOpNRQ\ViJDPLDWWYROWV]NVpJ/HK OpVXWiQDKDPXW|PHJpWOHPpUWNPDMGFP0 +12EDQ ROGRWWXN H]XWiQ FP ELGHV]WLOOiOW YL]HW DGWXQN KR]]i $ SLURIRV]IiW KLGUROt]LVHFpOMiEyOD]ROGDWRWSHUFLJUH]VyQPHOHJtWHWWNYpJONYDQWLWDWtYHQiWPRVWXN FPHVPpU ORPELNEDpVH]WDW|U]VROGDWRWKDV]QiOWXNDNRQFHQWUiFLyPpUpVKH]
7DNDUPiQ\RN
06= DODSMiQ $ OpJV]iUD] PLQWiNDW PHJ U|OWN PDMG yUiQ iW &RQ V]iUtWyV]HNUpQ\EHQ V]iUtWRWWXN $]W N|YHW HQ D V]iUtWRWW Q|YpQ\HNE O JRW NYDUF WpJHO\EH PpUWQN PDMG D WpJHO\W HOHNWURPRV I WpV NHPHQFpEH WpYH D PLQWiW HOKDPYDV]WRWWXN )RO\DPDWRVDQ HPHOYH D NHPHQFH K PpUVpNOHWpW &yUD HOpUWN D
&WpVH]HQDK PpUVpNOHWHQpMV]DNiQiWW|UWpQWDKDPYDV]WiV$WRYiEELDNEDQD V] UPLQHUDOL]iOiViYDOPHJHJ\H] PyGRQMiUWXQNHO
7HM.E J WHMPLQWiW PpUWQN EH KDPYDV]WyWpJHO\EH pV &RQ QDSRQ iW W|PHJiOODQGyViJLJ V]iUtWRWWXN $ KDPYDV]WiVL IRO\DPDW VRUiQ D WRYiEELDNEDQ D WDNDUPiQ\RNQiOOHtUWDNV]HULQWMiUWXQNHO
9pU$ PLQWiN ROGDWEDYLWHOpW ]iUW WpUEHQ Q\RPiV DODWW VDYDV IHOWiUiVVDO YpJH]WN ~Q QDJ\Q\RPiV~QHGYHVURQFVROiVVDO+LJK3UHVVXUH$VKHU +3$
$+3$NpV]OpNFPHVNYDUFIHOWiUyNYHWWiMiEDNE-JYpUPLQWiWPpUWQNEH WL]HGHVMHJ\SRQWRVViJJDO+R]]iDGWXQNFPFF+12WpVOH]iUWXN
$URQFVROiVWD]DOiEELK PpUVpNOHWSURJUDPV]HULQWKDMWRWWXNYpJUH /pSFV NV]iPD ,QGXOiVL
K PpUVpNOHW ) WpVLLG 9pJK PpUVpNOHW
& SHUF &
& SHUF &
& SHUF &
.RQFHQWUiFLyPHJKDWiUR]iV
$V] U|NyORPWDUWDOPiWLQGXNWtYFVDWROiV~SOD]PDHPLVV]LyV,&3PyGV]HUUHOKDWiUR]WXN PHJD]DOiEELSDUDPpWHUHNNHO
0 V]HU 7KHUPR-DUUHO$VK$WRPVFDQ,&36SHNWURPpWHU
h]HPPyG 6FDQ
7RUFKJi] $UJRQ7+LJKIORZ
6HJpGJi] $UJRQGPSHUF
.LFVDWROWWHOMHVtWPpQ\ :
5pVPDJDVViJ PP
0HJILJ\HOpVLPDJDVViJ PP
0LQWDEHYLWHOLVHEHVVpJ FPSHUFSHULV]WDOWLNXVSXPSiYDO
+XOOiPKRVV] l QP
$GDWU|J]tWpVpVpUWpNHOpV 7(50263(&V]RIWYHU 5HJLV]WUiOiV ,%03URSULQWHU,,,
$ PpUpVL DGDWSRQWWDO pV YDNpUWpNNHO IHOYHWW NLpUWpNHO HJ\HQHV NDOLEUiOiViKR] 7-$
&86720*5$'(67$1'$5'ROGDWRW3DUW1R/RW1R):*KDV]QiO WXQNPHO\EHQDJDUDQWiOWyORPNRQFHQWUiFLyJFPYROW
$ WHM YpU pV WDNDUPiQ\PLQWiN W|U]VROGDWDLEyO JUDILWNHPHQFpV DWRPDEV]RUSFLyV
*) $$6 PyGV]HUUHO KDWiUR]WXN PHJ D] yOPRW pV D NDGPLXPRW 8J\DQFVDN H]]HO D PyGV]HUUHOPpUWNDV] U|NNDGPLXPWDUWDOPiWLV$]DOiEELSDUDPpWHUHNHWDONDOPD]WXN
0 V]HU 3(5.,1(/0(5=$$66SHNWURPpWHU +*$$WRPL]iOySLUROtWLNXVJUDILWNYHWWiYDO 0LQWDEHYLWHO $6DXWRPDWLNXVPLQWDDGDJROy
OLQMHNWiOWPLQWDWpUIRJDW +XOOiPKRVV] yORPl3E QP
NDGPLXPl&G QP
.LpUWpNHOpV 3($WRPLF6SHFWURPHWULF'DWD6\VWHPWtSXV~V]RIWYHUUHO
$ NLpUWpNHO J|UEpN NDOLEUiOiViKR] HOHPHW WDUWDOPD]y KLWHOHVtWHWW 0(5&. 67$1 '$5' ROGDWRW KDV]QiOWXQN 2UG 1R /RW 1R PHO\EHQ D]
yORPNRQFHQWUiFLyFHUWLILNiOWpUWpNHF3E JFPDNDGPLXPpSHGLJJFPYROW
$ V] U|N HJ\pE iVYiQ\LHOHPWDUWDOPiW 3<( 81,&$0 63 WtSXV~ OiQJDWRPL ]iFLyM~ DWRPDEV]RUSFLyV NpV]OpNNHO KDWiUR]WXN PHJ DFHWLOpQOHYHJ OiQJEDQ $ QiWULXPRWXJ\DQH]]HODNpV]OpNNHOOiQJIRWRPHWULiVDQPpUWN$]HJ\HVHOHPHNPDNUR pVPLNURPpUpVLKXOOiPKRVV]DLD]DOiEELDNYROWDN
NDOFLXP l&D QP PDJQp]LXP l0J QP QiWULXP l1D QP PDQJiQ l0Q QP
Up] l&X QP
FLQN l=Q QP
YDV l)H QP
$WDNDUPiQ\RNpVDV] UIRV]IRUWDUWDOPiQDNPHJKDWiUR]iViW>YDQDGRPROLEGiW@NRPSOH[
IRUPiMiEDQ IRWRPHWULiVDQ YpJH]WN l3 QP KXOOiPKRVV]RQ =(,66 J\iUWPiQ\~
6SHNROIRWRPpWHUUHO
$WDNDUPiQ\RNEHOWDUWDOPLpUWpNHLWD]06= V]HULQWKDWiUR]WXNPHJ (5('0e1<e6e57e.(/e6
$YL]VJiOWNpWV]DUYDVPDUKDiOORPiQ\IHNHWHWDUNDLOOHWYHY|U|VWDUNDPDJDVYpUKiQ\DG~
+) WDNDUPiQ\R]iViUD KDV]QiOW HJ\HV |VV]HWHY N EHOWDUWDOPL pUWpNHL D V]RNiVRV NpSHW PXWDWWiN0HJKDWiUR]WXNDPDNURpVPLNURHOHPHNHWLVWiMpNR]yGiVFpOMiEyOWiEOi]DW WRYiEEi D] DQWDJRQL]PXVRN YL]VJiODWDNRU D NDOFLXP pV FLQNNRQFHQWUiFLyUD LV V]NVpJ YROW $] yORP pV NDGPLXP pUWpNHNHW D] LURGDORPEDQ WDOiOKDWyDNNDO |VV]HKDVRQOtWYD PHJiOODStWRWWXNKRJ\D]iOWDOXQNPpUWDGDWRNiOWDOiQRVViJEDQYDODPLYHODODFVRQ\DEEDN
WiEOi]DW
$]HWHWHWWWDNDUPiQ\RNiVYiQ\LDQ\DJWDUWDOPD
&D 3 0J 1D 0Q &X =Q )H 3E &G 7DNDUPiQ\
>JNJ@ >JNJ@ >JNJ@ >JNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@
.XNRULFDV]LOi]V
/XFHUQDV]pQD
7HMHO WiS
7DEOH0LQHUDOVXEVWDQFHFRQWHQWRIIHGIRUDJH
)RUDJH&RUQVLODJH/XFHUQKD\/DFWLIHURXVQXWULPHQW
.LV]iPROWXN D] HJ\HV HOHPHN QDSL EHYLWHOpW D PpUW NRQFHQWUiFLyN pV D] HWHWHWW WDNDUPiQ\RN PHQQ\LVpJH DODSMiQ ( V]HULQW D WDNDUPiQQ\DO D V]HUYH]HWEH MXWRWW yORP PHQQ\LVpJHPJQDSDNDGPLXPpSHGLJPJQDS
WiEOi]DW
)HNHWHWDUNDWHKHQHNV] UpQHNyORPpVNDGPLXPWDUWDOPD
)HNHWHV] U )HKpUV] U
yORP NDGPLXP yORP NDGPLXP
6RUV]iP ÈOODWV]iP
>mJJ@
ÈWODJ
6]yUiV
7DEOH/HDGDQGFDGPLXPFRQWHQWLQKDLUVRIEODFNDQGZKLWHFRZV
6HULDO QXPEHU ,GHQWLW\ QXPEHU %ODFN KDLU :KLWH KDLU /HDG
&DGPLXP0HDQYDOXH'LVSHUVLRQ
$V] UYL]VJiODWRNVRUiQNO|QHOHPH]WNDV]tQHVSLJPHQWiOWIHNHWHY|U|VV] U|NHWpVD IHKpU V]tQ HNHW PLYHO D NRUiEEL WDSDV]WDODWRN DODSMiQ D SLJPHQWiFLy D] HOHPWDUWDOPDW QDJ\PpUWpNEHQEHIRO\iVROMD(DGVpV/DPEGLQ$IHNHWHWDUNDLOOHWYHDY|U|VWDUND iOORPiQ\V] UpQHNyORPpVNDGPLXPWDUWDOPiWDWiEOi]DWEDQWQWHWWNIHO
WiEOi]DW
9|U|VWDUNDWHKHQHNV] UpQHNyORPpVNDGPLXPWDUWDOPD
9|U|VV] U )HKpUV] U
ÏORP NDGPLXP yORP NDGPLXP
6RUV]iP ÈOODWV]iP
>mJJ@
ÈWODJ
6]yUiV
7DEOH/HDGDQGFDGPLXPFRQWHQWLQKDLUVRIUHGDQGZKLWHFRZV
6HULDOQXPEHU,GHQWLW\QXPEHU5HGKDLU:KLWHKDLU/HDG&DGPLXP 0HDQYDOXH'LVSHUVLRQ
$] HJ\HV DGDWVRURNDW V]iPtWyJpSHV PDWHPDWLNDL VWDWLV]WLNDL DGDWIHOGROJR]iVVDO KDVRQOtWRWWXN |VV]H 0HJiOODStWRWWXN KRJ\ D IHNHWH V] U D] yOPRW pV D NDGPLXPRW LV QDJ\REE NRQFHQWUiFLyEDQ WDUWDOPD]]D PLQW D Y|U|V V]tQ V] U $ NO|QEVpJ yORP HVHWpEHQ3 RVV]LQWHQNDGPLXPHVHWpEHQSHGLJ3 RVV]LQWHQV]LJQLILNiQV
$ Y|U|VWDUND pV D IHNHWHWDUND iOORPiQ\ IHKpU V] UpQHN yORPWDUWDOPD N|]|WW QLQFV V]LJQLILNiQVHOWpUpVDNDGPLXPDGDWRNWHNLQWHWpEHQYLV]RQWDNO|QEVpJQDJ\RQPDJDV RVV]LQWHQLVEL]WRVtWRWW
$ SLJPHQWiOW V] U|N D IHKpU V] UK|] NpSHVW QDJ\REE PHQQ\LVpJ yOPRW WDUWDOPD]QDN pV OHJDOiEE RV V]LQWHQ EL]WRVtWRWW D V]LJQLILNDQFLD $] DGDWVRURN N|]|WWLNRUUHOiFLyNDWDWiEOi]DWWDUWDOPD]]D
$ WHM LOO YpUPLQWiN yORP pV NDGPLXPWDUWDOPiW D WiEOi]DW PXWDWMD EH .DGPLXPHVHWpEHQW|EEiOODWQiODNLPXWDWiVLKDWiUDODWWPDUDGWDND]pUWpNHNJDOMHO]HWW DGDWRN$NpWiOORPiQ\DGDWVRUDN|]|WWQLQFVV]LJQLILNiQVHOWpUpVDKRJ\DQD]YiUKDWyLV YROW KLV]HQ D] D]RQRV WDNDUPiQ\R]iV D SLOODQDWQ\L iOODSRWRW WNU|] WHM pV YpU NRQFHQWUiFLyMiEDQQHPRNR]YiOWR]iVW
WiEOi]DW
.RUUHOiFLyVHJ\WWKDWyNUDSLJPHQWiOWLOOIHKpUV] UyORPpVNDGPLXPWDUWDOPD N|]|WW
)HNHWH 9|U|V
3E &G 3E &G
&G
)HKpU
)HNHWHWDUND 3E
&G
)HKpU
9|U|VWDUND 3E
7DEOH&RUUHODWLRQFRHIILFLHQWVEHWZHHQWKHOHDGDQGFDGPLXPFRQWHQWRIFRORXUHGDQG ZKLWHKDLU
:KLWHKDLURIEODFNDQGZKLWHFRZV:KLWHKDLURIUHGDQGZKLWHFRZV%ODFN 5HG
WiEOi]DW
.RUUHOiFLyVHJ\WWKDWyNUDIHKpUV] U|NyORPpVNDGPLXPWDUWDOPDN|]|WW )HKpUIHNHWHWDUND
3E &G
&G
)HKpU
Y|U|VWDUND 3E
7DEOH&RUUHODWLRQFRHIILFLHQWVEHWZHHQWKHOHDGDQGFDGPLXPFRQWHQWRIZKLWHUHG DQGZKLWHFRZVDQGZKLWHEODFNDQGZKLWHFRZVKDLU
:KLWHKDLURIUHGDQGZKLWHFRZV:KLWHKDLURIEODFNDQGZKLWHFRZV WiEOi]DW
.RUUHOiFLyVHJ\WWKDWyNUDNO|QE|] V]tQ SLJPHQWiOWV] U|NyORPpV NDGPLXPWDUWDOPDN|]|WW
)HNHWH
3E &G
&G
9|U|V 3E
7DEOH &RUUHODWLRQ FRHIILFLHQWV EHWZHHQ WKH OHDG DQG FDGPLXP FRQWHQW RI GLIIHUHQW FRORXUHGKDLU
5HG%ODFN
WiEOi]DW
)HNHWHWDUNDWHKHQHNYpUpQHNLOOHWYHWHMpQHNyORPpVNDGPLXPWDUWDOPD
7(- 9e5
yORP NDGPLXP yORP NDGPLXP
6RUV]iP ÈOODWV]iP
>mJJ@
<*
<*
<* <*
<*
<*
<*
<* <*
<* <*
iWODJ
V]yUiV
$*JDOMHO]HWWpUWpNHNHWDPDWHPDWLNDLVWDWLV]WLNDLV]iPtWiVRNQiOQHPYHWWNILJ\HOHPEH 7KHVHGDWDVKDYHQRWEHHQXVHGLQYDOXDWLRQ
7DEOH/HDGDQGFDGPLXPFRQWHQWLQPLONDQGEORRGRIEODFNDQGZKLWHFRZV
6HULDO QXPEHU ,GHQWLW\ QXPEHU 0LON %ORRG /HDG &DGPLXP 0HDQ YDOXH'LVSHUVLRQ
WiEOi]DW
9|U|VWDUNDWHKHQHNYpUpQHNYDODPLQWWHMpQHNyORPpVNDGPLXPWDUWDOPD
7(- 9e5
ÏORP NDGPLXP yORP .DGPLXP
6RUV]iP ÈOODWV]iP
>mJJ@
<* <*
<*
<*
<*
<*
<*
<*
)RO\WDWiVDN|YHWNH] ROGDORQ
WiEOi]DWIRO\WDWiV
<*
iWODJ
V]yUiV
$*JDOMHO]HWWpUWpNHNHWDPDWHPDWLNDLVWDWLV]WLNDLV]iPtWiVRNQiOQHPYHWWNILJ\HOHPEH 7KHVHGDWDVKDYHQRWEHHQXVHGLQYDOXDWLRQ
7DEOH/HDGDQGFDGPLXPFRQWHQWLQPLONDQGEORRGRIUHGDQGZKLWHFRZV
6HULDO QXPEHU ,GHQWLW\ QXPEHU 0LON %ORRG /HDG &DGPLXP 0HDQ YDOXH'LVSHUVLRQ
$]iOORPiQ\RNRQEHOOPHJQp]WNDYpUpV WHMPLQWiN NRUUHOiFLyMiW D NO|QE|] V]tQ V] U|NNHO$]HUHGPpQ\HNHWDWiEOi]DWWDUWDOPD]]DÈOWDOiQRVViJEDQPHJiOODStWKDWy KRJ\DNRUUHOiFLyNOHJIHOMHEEN|]HSHVHQMyQDNPRQGKDWyN
WiEOi]DW
$YpUEHQLOOHWYHWHMEHQPpUWyORPpVNDGPLXPpUWpNHNNRUUHOiFLyMDUDV] UUHO
9e5 7(-
3E &G 3E &G
)HNHWHV] U
)HKpUV] U
9|U|VV] U
)HKpUV] U
7DEOH&RUUHODWLRQRIWKHOHDGDQGFDGPLXPOHYHOLQPLONDQGEORRGWRWKHGLIIHUHQW FRORXUHGKDLU
%ODFNKDLU:KLWHKDLU5HGKDLU:KLWHKDLU%ORRG0LON
$ YpU pV WDNDUPiQ\RN HOHPWDUWDOPD DODSMiQ HONpV]tWHWWN HJ\ ´iWODJRV´ V]DUYDVPDUKD RUiOLVQDSLWHUKHOpVpWyORPpVNDGPLXPYRQDWNR]iViEDQHJ\DUiQW$V]iPROiVDODSMiWD]
iOWDOXQN PpUW yORP pV NDGPLXP pUWpNHN NpSH]WpN DPLKH] D IHOV]tYyGiVL pV EHpSOpVL DUiQ\RNDV]DNLURGDORPEyO7VDOHYV]iUPD]QDN
6]DUYDVPDUKDW|PHJH NJ
9pUpQHNPHQQ\LVpJH OLWHU
1DSLYt]V]NVpJOHWH OLWHU
9t]yORPNRQFHQWUiFLyMDPD[PJ OLWHUV]DEYiQ\V]HULQW 9t]]HOQDSRQWDEHMXWRWWyORPPHQQ\LVpJ PJ 1DSLNXNRULFDV]LOi]VPHQQ\LVpJH NJ
.XNRULFDV]LOi]VyORPWDUWDOPD PJNJ
.XNRULFDV]LOi]]VDOQDSRQWDEHMXWRWWyORPPHQQ\LVpJ PJ
1DSLOXFHUQDV]pQDPHQQ\LVpJH NJ
/XFHUQDV]pQDyORPWDUWDOPD PJNJ
/XFHUQDV]pQiYDOQDSRQWDEHMXWRWWyORPPHQQ\LVpJ PJ
1DSRQWDHWHWHWWWHMHO WiSPHQQ\LVpJH NJ
7HMHO WiSyORPWDUWDOPD PJNJ
7HMHO WiSSDOQDSRQWDEHMXWRWWyORPPHQQ\LVpJ PJ
gVV]HVRUiOLVQDSLEHYLWHO PJ
%pOFVDWRUQiEyOIHOV]tYyGyyORPKiQ\DG ÙPJ )HOV]tYyGRWWyORPV]HUYH]HWEHQPDUDGyKiQ\DGD ÙPJ )HOV]tYyGRWWyORPNHUOHOV GOHJHVHQD]OLWHUYpUEH
(QQHNDODSMiQDYpUyORPNRQFHQWUiFLyMD PJ OLWHU
$NDSRWWpUWpND]iOWDOXQNPpUWiWODJpUWpNQHN~D
$]RUiOLVEHMXWiVPHOOHWWOHKHWVpJHVPpJDWG QiWLOODE U|QNHUHV]WOLVyORPIHOYpWHO tJ\DV]iPROWpVPpUWDGDWRN|VV]HYHWpVHMyHJ\H]pVWPXWDW7HUPpV]HWHVHQILJ\HOHPEH NHOO YHQQL D] HOWpU PpUWpNHJ\VpJHNE O DGyGy iWV]iPtWiVRNDW LV KLV]HQ D YpU V U VpJH QHPHJ\VpJQ\L
+DVRQOy V]iPtWiVRNDW D NDGPLXP HVHWpEHQ LV HOYpJH]KHWQN $] DOiEELDNEDQ D]
yORPKR]NpSHVWQpPLNpSSHJ\V]HU VtWYHD]|VV]HVtWpVHNHWN|]O|PFVXSiQ
$]LWDWyYt]PHJHQJHGHWWPD[NDGPLXPWDUWDOPD PJOLWHU
$Yt]]HOQDSRQWDEHMXWyNDGPLXPPHQQ\LVpJ PJ
$WDNDUPiQQ\DOQDSRQWDEHMXWyNDGPLXPPHQQ\LVpJ PJ
$QDSLRUiOLV|VV]EHYLWHO PJ&G
$EpOFVDWRUQiEyOIHOV]tYyGyKiQ\DG ÙPJ
$IHOV]tYyGRWWNDGPLXPV]HUYH]HWEHQPDUDGyKiQ\DGD ÙPJ
$IHOV]tYyGRWWNDGPLXPRV]OLNHOD]OLWHUYpUEHQ
$YpUNDGPLXPNRQFHQWUiFLyMD PJOLWHU
$V]iPROWpUWpNH]HVHWEHQPDJDVDEEPLQWDNDSRWWiWODJHUHGPpQ\GHH]XWyEELPpUpVL SRQWRVViJD-PLYHODNLPXWDWiVLKDWiUN|UQ\pNpQGROJR]WXQN-SRQWDWODQDEEPLQWD]yORPp
$ WRYiEELDNEDQ D]W YL]VJiOWXN KRJ\ D V]DNLURGDORPEDQ MHOOHJ]HWHV DQWDJRQL]PXVRNNpQW HPOtWHWW yORPNDOFLXP LOOHWYH FLQNNDGPLXP N|OFV|QKDWiVRN PHJMHOHQQHNHDV] UEHQ0HJKDWiUR]WXNDV] UDQDOt]LVQpOV]RNiVRVPDNURpVPLNURHOHP NRQFHQWUiFLyNDWLVWiEOi]DW
WiEOi]DW
$NO|QE|] V]tQ V] U|NiWODJRViVYiQ\LDQ\DJWDUWDOPD
&D 3 0J 1D 0Q &X =Q )H 3E &G
$V] UV]tQH >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@ >PJNJ@
)HNHWH
9|U|V
)HKpUIHNHWH*
)HKpUY|U|V**
*)HKpUIHNHWH)HNHWHWDUNDWHKpQU OV]iUPD]yIHKpUV]tQ V] U:KLWH±EODFNDQGZKLWHFRZV
**)HKpUY|U|V9|U|VWDUNDWHKpQU OV]iUPD]yIHKpUV]tQ V] U:KLWH±UHGDQGZKLWHFRZV 7DEOH$YDUDJHPLQHUDOVXEVWDQFHFRQWHQWRIGLIIHUHQWFRORXUHGKDLU
7KHFRORXURIKDLU%ODFN5HG
(]W N|YHW HQ NRUUHOiFLyNDW NHUHVWQN D NO|QE|] V]tQ V] U|NEHQ D] LQWHUDNFLyN IHOWiUiViUD$]HUHGPpQ\HNHWDWiEOi]DWWDUWDOPD]]D
WiEOi]DW
.RUUHOiFLyNDNO|QE|] V]tQ V] U|NNDOFLXPyORPYDODPLQWFLQNpV NDGPLXPWDUWDOPDN|]|WW
&D3EWDUWDORPN|]|WWL
NRUUHOiFLyU =Q&GWDUWDORPN|]|WWL NRUUHOiFLyU
)HNHWHV] U
)HNHWHWDUNDWHKHQHNIHKpU
V] UH
9|U|VV] U
9|U|VWDUNDWHKHQHNIHKpU
V] UH
7DEOH&RUUHODWLRQEHWZHHQWKHFDOFLXPDQGOHDGUHVSHFWLYHO\WKH]LQFDQGFDGPLXP FRQWHQWRIGLIIHUHQWFRORXUHGKDLU
%ODFNKDLU:KLWHKDLURIEODFNDQGZKLWHFRZV5HGKDLU:KLWHKDLURIUHGDQG ZKLWHFRZV&RUUHODWLRQEHWZHHQFDOFLXP DQG OHDG FRQWHQW &RUUHODWLRQ EHWZHHQ ]LQFDQGFDGPLXPFRQWHQW
$NDOFLXPyORPYLV]RQ\ODWiEDQWHKiWDNRUUHOiFLyNN|]HSHVQHNLOOHWYHDY|U|VV] UEHQ MyQDNPRQGKDWyNtJ\H]D]LQWHUDNFLyQHPMHOOHJ]HWHV
$ FLQNNDGPLXP |VV]HKDVRQOtWiViEDQ D Y|U|V V] UW NLYpYH J\HQJH D NRUUHOiFLy DPLDNpWHOHPDQWDJRQL]PXViUDXWDOKDW
.g9(7.(=7(7e6(.
$V] UYL]VJiODWRNUyO|VV]HIRJODOyDQPHJiOODStWKDWMXNKRJ\D]yORPWDUWDORPYRQDWNR]i ViEDQ PLQG D SLJPHQWiOW PLQG SHGLJ D IHKpU V]tQ V] U DONDOPDV D YL]VJiODWRNUD $ NDGPLXPRW LOOHW HQ LQNiEE D SLJPHQWiOW IHG V] U MDYDVROKDWy PLYHO QDJ\REEDN D NRQFHQWUiFLyN eUGHNHV PyGRQ D]RQEDQ D IHKpU V] U NDGPLXP DGDWDLQDN UHODWtY V]yUiVpUWpNHLMREEDNDSLJPHQWiOWV] UpUWpNHLKH]NpSHVW
$WHMpVYpUPLQWiNYL]VJiODWDVRUiQDNDGPLXPpUWpNHNW|EEiOODWQiOLVDNLPXWDWiVL KDWiUDODWWPDUDGWDN
$] iOORPiQ\RNRQ EHOO D YpU YDODPLQW D WHM NRQFHQWUiFLyMD ±yORP pV NDGPLXP WHNLQWHWpEHQ± D NO|QE|] V]tQ V] U|NNHO YiOWR]DWRV NpSHW PXWDW ÈOWDOiQRVViJEDQ PHJiOODStWKDWy KRJ\ D NRUUHOiFLyN OHJIHOMHEE N|]HSHVHQ MyQDN PRQGKDWyN (]
YDOyV]tQ OHJ D]]DO LV |VV]HIJJ KRJ\ YLV]RQ\ODJ NHYpV YROW D PLQWDV]iP YDODPLQW D NDGPLXPpUWpNHNW|EEHVHWEHQDPyGV]HUNLPXWDWiVLKDWiUDDOiHVWHN$YpULOOHWYHDWHM yORPpVNDGPLXPpUWpNHLQHNOHJURVV]DEEDNRUUHOiFLyMDDY|U|VWDUNDiOODWRNUyOV]iUPD]y IHKpU V] UUHO D Y|U|V V] UUHO YLV]RQW D OHJMREE (J\ V]pOHVHEE N|U ±W|EE iOODWRW pV iOORPiQ\W YL]VJiOy KRVV]DEE LGHLJ WDUWy± NtVpUOHW EHiOOtWiViQiO H]W PLQGHQNpSSHQ ILJ\HOHPEHNHOOYHQQL
$ IHQWLHN DODSMiQ |VV]HJ]pVNpQW PHJiOODStWKDWMXN KRJ\ D] HOHPDQDOt]LVHQ pV D WR[LNXV HOHPHN V]LQWMHO] YL]VJiODWiQ W~OPHQ HQ D V] UDQDOt]LV LQIRUPiFLyWDUWDOPD PpJ HJ\iOWDOiQQLQFVNLKDV]QiOYD
,52'$/20
%U\GO(*|Q\H6+DUDV]WL-.XWDV)6iO\L66DV%9iQ\L$ÏORPPpUJH]pV
$ V]DUYDVPDUKD DQ\DJIRUJDOPL EHWHJVpJHL pV PpUJH]pVHL V]HUN %U\GO ( 0H] JD]GDViJL.LDGy%XGDSHVW
(DGV($/DPEGLQ&((QYLURQPHQWDO5HVHDUFK
1ULDJX -2 $ JOREDO DVVHVVPHQW RI QDWXUDO VRXUFHV RI DWPRVSKHULF WUDFH PHWDOV 1DWXUD
5LYOLQ560LVXVHRIKDLUDQDO\VLVIRUQXWULWLRQDODVVHVVPHQW$PHULFDQ-RXUQDO RI0HGLFLQH
6LOODQSDD0-DQVVRQ+6WDWXVRIFDGPLXPOHDGFREDOWDQGVHOHQLXPLQVRLOV DQGSODQWVRIWKLUW\FRXQWULHV)$26RLOV%XOOHWLQ5RPH
6WULNDXVND 6 2]ROD 9 %HU]LQV $ /DWYLHWLV - /HDG DQG FDGPLXP DV D QXWULWLRQDOKD]DUGWRIDUPOLYHVWRFN3URFHHGLQJ0HQJHQXQG6SXUHQHOHPHQWH
$UEHLWVWDJXQJ-HQD
7VDOHY ' / $WRPLF $EVRUSWLRQ 6SHFWURPHWULF LQ 2FFXSDWLRQDO DQG (QYLURQPHQWDO+HDOWK3UDFWLFH&5&3UHVV%RFD5DWRQ)ORULGD
:DUG 1, (OHPHQWDO VWDWXV RI JUD]LQJ DQLPDOV ORFDWHG DGMDFHQW WR WKH /RQGRQ 2UELWDO0PRWRUZD\6FLHQFHRIWKH7RWDO(QYLURQPHQW
/HYHOH]pVLFtPFRUUHVSRQGLQJDXWKRU .HOHPHQ-iQRV
3DQQRQ$JUiUWXGRPiQ\L(J\HWHPÈOODWWHQ\pV]WpVL.DU .DSRVYiU3I
3DQQRQ8QLYHUVLW\RI$JULFXOWXUH)DFXOW\RI$QLPDO6FLHQFH +.DSRVYiU32%R[
7HO)D[
HPDLONHOHPHQ#JD]GDHXHINYDUSRWHKX