[3$,/$1 341$ ['4,(#(38 [ (15$+."(38 [2.4-# 1/, +47 [/1$2241$1$%1(&$1 3(.["411$-3 5.+3 &$1$2(23 -"$ [3'$1, +(, &(-& [%+4$& 2 - +82(2 [# 3 ,.-(3.1(-&2823$,2 [31 -2,(33$12 [#$6/.(-3".,/1$22$# (12.+43(.-2 [" +(!1 3(.-2$15("$
ZZZWHVWRLQ
/QNEDRRHNM@K ,D@RTQDLDMS 2NKTSHNMR @M.UDQUHDV
&203$1<352),/(
MRHRSRNEDLOKNXDDR RTARHCH@QHDR@MC
3NC@X NTQOQNCTBSQ@MFDG@RDWO@MCDCSNHMBKTCDQ@MFDNELD@RTQHMFHMRSTQTLDMSRENQ3DLODQ@STQD 'TLHCHSX HQ5DKNBHSX %KTD&@R M@KXRHR 3GDQL@K(L@FHMF 2NTMC +HFGS1/,,D@RTQDLDMS $KDBSQHB@K,D@RTQDLDMS 3Q@MRLHSSDQRENQ'TLHCHSX 3DLODQ@STQD #HEEDQDMSH@K/QDRRTQD #DVONHMSNE"NLOQDRRDC HQ "NLOQDRRDC HQ%KNV,DSDQ /NQS@AKD#@S@+NFFDQR@MC6HQDKDRR#@S@,NMHSNQHMF 2XRSDL2@UDQHR 3DRSNNEEDQRPT@KHSXRS@MC@QCR@MCTOSNSVNXD@QRNEV@QQ@MSXNM@KKHMRSQTLDMSR
6DTMCDQS@JDB@KHAQ@SHNMINARENQSDLODQ@STQD BNMS@BS@RVDKK@RMNM BNMS@BS GTLHCHSX OQDRRTQD @HQUDKNBHSX QOL RNTMC EKTDF@R@MCCDV ONHMSHMRSQTLDMSRNE@MXAQ@MCL@JD
*$6$1$/<6(56 1(:
WHVWR&20RQLWRU
WHVWRL7KH6PDUW )OXH*DV$QDO\VHU
q XD@QRV@QQ@MSXNM".RDMRNQ q CITRS@AKD@K@QLSGQDRGNKC q ".YDQNHMF@SRHSD q -NHMHSH@KHY@SHNMOG@RD HMRSQTLDMSQD@CX SNNODQ@SDHLLDCH@SDKX
q M@KXRDRSGQDDF@RDR. ".@MC-. q XD@QRV@QQ@MSXNMHMRSQTLDMS OQNAD . ".RDMRNQ q "NLOKDSDG@MCR EQDDNODQ@SHNM q ,D@RTQHMFUHDVHMFC@S@NM RL@QSOGNMDS@AKDSUH@!KTDSNNSG q "NLOQDGDMRHUDPTHBJQDONQSBQD@SHNM CHQDBSKXNMRHSDVHSG3DRSNH%QDD OO
WHVWR*DV/HDN'HWHFWRU
WHVWR)RXU6HQVRU )OXH*DV$QDO\VHU
q #DSDBSR"' "' ' q .OSHB@K@MC@TCHAKD@K@QL q 3QDMCCHROK@XRGNVRL@WHLTLKD@J@FD q (MSDFQ@SDCOTLO q %KDWHAKDLD@RTQDLDMSOQNADENQ HM@BBDRRHAKDOK@BDR
q M@KXRDRTOSNENTQF@RDRNTSNE. ". -. -.@MC2. q ,D@RTQHMFQ@MFDDWSDMRHNMENQGHFGF@R BNMBDMSQ@SHNMR q (MCTRSQH@KOQNADRSNVHSGRS@MCGHFGDQ RS@BJSDLODQ@STQDR q "QNRRRDMRHSHUHSXEHKSDQRENQ".@MC-. RDMRNQR
W HVWR7ZR6HQVRU )OXH*DV$QDO\VHU
WHVWR6L[6HQVRU )OXH*DV$QDO\VHU
q M@KXRDRSVNF@RDR.@MC". q /NVDQETKA@BJKHSCHROK@X q (MSTHSHUDLDMTM@UHF@SHNM q /QD @SS@BGDCOQNAD q 9DQNHMFNEF@RRDMRNQRHMITRSRDB q +NMFQDBG@QFD@AKDA@SSDQXKHED GQR
q M@KXRDRTOSNRHWF@RDRNTSNE. ". -. -. ". 2. '"@MC'2 q&Q@OGHBCHROK@XVHSGATHKSHMOQNFQ@LR q/DKSHDQBNNKDCF@ROQDO@Q@SHNMRXRSDL q2ODBH@KGNRDENQDQQNQEQDD2.W@MC -.WLD@RTQDLDMS q$@RXSNQDOK@BDRDMRNQR
#NVMKN@CEQDD
MCQNHC OO ENQSDRSNH
W HVWR7ZR6HQVRU )OXH*DV$QDO\VHU
q M@KXRDRSGQDDF@RDR. ".@MC-. q XD@QRV@QQ@MSXNMHMRSQTLDMS OQNAD . ".RDMRNQ q &Q@OGHBCHROK@XNELD@RTQDLDMSC@S@ q (MSDQBG@MFD@AKDLNCTK@QOQNAD q +NFFDQETMBSHNMENQKNMFSDQL LD@RTQDLDMSR
)XHODLUPL[WXUH
&D
UE
RQ
P
RQ
R[
LGH
&
2
Ȝ
([FHVVDLU
,GHDORSHUDWLQJUDQJHRIDEXUQHU
WHVWR//7KUHH6HQVRU )OXH*DV$QDO\VHU
,QVXIILFLHQWDLU
)OXHJDVFRPSRQHQWV
q M@KXRDRSVNF@RDR.@MC". q (MSDQBG@MFD@AKDLNCTK@QOQNAD q 9DQNHMFNEF@RRDMRNQRHMITRSRDB q +NMFQDBG@QFD@AKDA@SSDQXKHED GQR q ,DLNQXENQLD@RTQDLDMSU@KTDR
VV
OR
DV
J OXH
)
&DUE
RQGLR
[LGH
&2
2
JHQ
2[\
([FHVVDLU
(IILFLHQF\*UDSK
'$7$/2**(56
WHVWR7 6LQJOH&KDQQHO7HPSHUDWXUH
WHVWR+7ZR&KDQQHO 7HPSHUDWXUHDQG+XPLGLW\
q 2HMFKDBG@MMDKSDLODQ@STQDC@S@KNFFDQ VHSGHMSDQM@KRDMRNQ-3" q ,DLNQXB@O@BHSX QD@CHMFR q $@RXQD@CNTSNESGDC@S@@MCSQ@MREDQ SN@/"UH@SDRSN42!HMSDQE@BD
q3VNBG@MMDKSDLODQ@STQD@MCGTLHCHSX C@S@KNFFDQVHSGHMSDQM@KRDMRNQ -3""@O@BHSHUDGTLHCHSXRDMRNQ q,DLNQXB@O@BHSXQD@CHMFR q$@RXQD@CNTSNESGDC@S@ @MCSQ@MREDQ SN@/"UH@SDRSN42!HMSDQE@BD
WHVWR7 6LQJOH&KDQQHO7HPSHUDWXUH
WHVWR7 7ZR&KDQQHO7HPSHUDWXUH
q2HMFKDBG@MMDKSDLODQ@STQDC@S@KNFFDQ VHSGHMSDQM@K@MCDWSDQM@KRDMRNQR q,DLNQXB@O@BHSX QD@CHMFR q$@RXQD@CNTSNESGDC@S@@MCSQ@MREDQ SN@/"UH@2#B@QCNQVHSGLHMH#( 42!
q#T@KBG@MMDKSDLODQ@STQDC@S@KNFFDQ VHSGHMSDQM@K@MCDWSDQM@KRDMRNQR q,DLNQXB@O@BHSX QD@CHMFR q$@RXQD@CNTSNESGDC@S@@MCSQ@MREDQSN @/"UH@2#B@QCNQVHSGLHMH#(-42!
WHVWR7 7ZR&KDQQHO7HPSHUDWXUH
WHVWR+7ZR&KDQQHO 7HPSHUDWXUHDQG+XPLGLW\
q 3VNBG@MMDKSDLODQ@STQDC@S@KNFFDQ VHSGOQNUHRHNMENQSVNDWSDQM@KRDMRNQR q ,DLNQXB@O@BHSX QD@CHMFR q $@RXQD@CNTSNESGDC@S@@MCSQ@MREDQ SN@/"UH@2#B@QCNQVHSGLHMH#(-42!
q3VNBG@MMDKSDLODQ@STQD@MCGTLHCHSX C@S@KNFFDQVHSGDWSDQM@KRDMRNQ -3""@O@BHSHUDGTLHCHSXRDMRNQ q,DLNQXB@O@BHSX QD@CHMFR q!@SSDQXKHEDXD@QR q$@RXQD@CNTSNESGDC@S@@MCSQ@MREDQSN @/"UH@2#B@QCNQVHSGLHMH#(-42!
WHVWR7 6LQJOH&KDQQHO7HPSHUDWXUH
WHVWR77ZR&KDQQHO 7HPSHUDWXUHZLWK'LVSOD\
q 2HMFKDBG@MMDKSDLODQ@STQDC@S@KNFFDQ VHSGHMSDQM@K/3 RDMRNQ q ,DLNQXB@O@BHSX QD@CHMFR q !@SSDQXKHEDXD@QR q $@RXQD@CNTSNESGDC@S@@MCSQ@MREDQ SN@/"UH@2#B@QCNQVHSGLHMH#(-42!
q3VNBG@MMDKSDLODQ@STQDC@S@KNFFDQ VHSGSVNDWSDQM@K/3 RDMRNQR q,DLNQXB@O@BHSX QD@CHMFR q!@SSDQXKHEDXD@QR q$@RXQD@CNTSNESGDC@S@@MCSQ@MREDQSN @/"UH@2#B@QCNQVHSGLHMH#(-42!
WHVWR7 )RXU&KDQQHO7HPSHUDWXUH
WHVWR7)RXU&KDQQHO 7HPSHUDWXUHZLWK'LVSOD\
q %NTQBG@MMDKSDLODQ@STQDC@S@KNFFDQ VHSGDWSDQM@K@MC3 *@MC)SXOD SGDQLNBNTOKDRDMRNQR q ,DLNQXB@O@BHSX QD@CHMFR q !@SSDQXKHEDXD@QR q $@RXQD@CNTSNESGDC@S@@MCSQ@MREDQSN@ /"UH@2#B@QCNQVHSGLHMH#(-42!
q%NTQBG@MMDKSDLODQ@STQDC@S@KNFFDQ VHSGDWSDQM@K@MC3 *@MC)SXOD SGDQLNBNTOKDRDMRNQR q,DLNQXB@O@BHSX QD@CHMFR q!@SSDQXKHEDXD@QR q$@RXQD@CNTSNESGDC@S@@MCSQ@MREDQSN @/"UH@2#B@QCNQVHSGLHMH#(-42!
WHVWR+)RXU&KDQQHO 7HPSHUDWXUHDQG+XPLGLW\
WHVWR3)LYH&KDQQHO3UHVVXUH 7HPSHUDWXUHDQG+XPLGLW\
q %NTQBG@MMDKSDLODQ@STQD@MCGTLHCHSX C@S@KNFFDQVHSGDWSDQM@KRDMRNQBNMMDBSHNMR -3""@O@BHSHUDGTLHCHSXRDMRNQ q ,DLNQXB@O@BHSX QD@CHMFR q !@SSDQXKHEDXD@QR q $@RXQD@CNTSNESGDC@S@@MCSQ@MREDQSN@/" UH@2#B@QCNQVHSGLHMH#(-42!
q%HUDBG@MMDKOQDRRTQD SDLODQ@STQD@MCGTLHCHSX C@S@KNFFDQVHSGHMSDQM@KOQDRRTQDRDMRNQ@MCSVN DWSDQM@RDMRNQBNMMDBSHNMR -3""@O@BHSHUDGTLHCHSXRDMRNQ q,DLNQXB@O@BHSX QD@CHMFR q!@SSDQXKHEDXD@QR q$@RXQD@CNTSNESGDC@S@@MCSQ@MREDQSN@/"UH@ 2#B@QCNQVHSGLHMH#(-42!
WHVWR+)RXU&KDQQHO 7HPSHUDWXUHDQG+XPLGLW\
WHVWR76LQJOHXVH 7UDQVSRUW/RJJHUZLWKRXW'LVSOD\
q%NTQBG@MMDKSDLODQ@STQD@MCGTLHCHSX C@S@KNFFDQHMLDS@KGNTRHMFVHSGDWSDQM@KRDMRNQ BNMMDBSHNMR-3""@O@BHSHUDGTLHCHSXRDMRNQ q,DLNQXB@O@BHSX QD@CHMFR q!@SSDQXKHEDXD@QR q$@RXQD@CNTSNESGDC@S@@MCSQ@MREDQSN@/"UH@ 2#B@QCNQVHSGLHMH#(-42!
q2HMFKD TRDRHMFKDBG@MMDKSDLODQ@STQDC@S@KNFFDQ q,DLNQXNE QD@CHMFRVHSGC@XRKHEDSHLD q/QDBNMEHFTQDCKNFFDQENQHLLDCH@SDTRD q$@RXQD@CNTSNEC@S@UH@42!HMSDQE@BD NQ-%"RL@QSOGNMD q TSNL@SHB/#%FDMDQ@SHNMVHSGNTSRNESV@QD HMRS@KK@SHNM
W HVWR76LQJOHXVH 7UDQVSRUW/RJJHUZLWK'LVSOD\
WHVWR77HPSHUDWXUH/RJJHU IRU7UDQVSRUW
q2HMFKD TRDRHMFKDBG@MMDKSDLODQ@STQDC@S@KNFFDQ q,DLNQXNE QD@CHMFRVHSGC@XRKHEDSHLD q/QDBNMEHFTQDCKNFFDQENQHLLDCH@SDTRD q$@RXQD@CNTSNEC@S@UH@42!HMSDQE@BDNQ-%" RL@QSOGNMD q TSNL@SHB/#%FDMDQ@SHNMVHSGNTSRNESV@QD HMRS@KK@SHNM
q 3DLODQ@STQDC@S@KNFFDQVHSGDWBG@MFD@AKD A@SSDQX q ,DLNQXNE QD@CHMFRVHSG XD@QRNE A@SSDQXKHED q /QDBNMEHFTQDCKNFFDQENQHLLDCH@SDTRD q$@RXQD@CNTSNEC@S@UH@42!HMSDQE@BDNQ-%" RL@QSOGNMD q TSNL@SHB/#%FDMDQ@SHNMVHSGNTSRNESV@QD HMRS@KK@SHNM
WHVWR77UDQVSRUW/RJJHU IRU'U\,FH$SSOLFDWLRQV Ģ&
WHVWR+7HPHSUDWXUHDQG +XPLGW\/RJJHUIRU7UDQVSRUW
q3DLODQ@STQDC@S@KNFFDQENQCQXHBD@OOKHB@SHNMR ¦" q,DLNQXNE QD@CHMFR q /QDBNMEHFTQDCKNFFDQENQHLLDCH@SDTRD q$@RXQD@CNTSNEC@S@UH@42!HMSDQE@BDNQ-%" RL@QSOGNMD q TSNL@SHB/#%FDMDQ@SHNMVHSGNTSRNESV@QD HMRS@KK@SHNM
q3DLODQ@STQD@MC'TLHCHSXLD@RTQDLDMS q,DLNQXNE QD@CHMFRVHSG XD@QRNE A@SSDQXKHED q/QDBNMEHFTQDCKNFFDQENQHLLDCH@SDTRD q$@RXQD@CNTSNEC@S@UH@42!HMSDQE@BDNQ-%" RL@QSOGNMD q TSNL@SHB/#%FDMDQ@SHNMVHSGNTSRNESV@QD HMRS@KK@SHNM
WHVWR*7UDQVSRUW/RJJHU IRU6KRFN6HQVLWLYH*RRGV q3DLODQ@STQD 'TLHCHSX@MCFU@KTDLR LD@RTQDLDMS q,DLNQXNE QD@CHMFRENQ¦"1' QD@CHMFRENQRGNBJ q/QDBNMEHFTQDCKNFFDQENQHLLDCH@SDTRD q$@RXQD@CNTSNEC@S@UH@42!HMSDQE@BDNQ-%" RL@QSOGNMD q TSNL@SHB/#%FDMDQ@SHNMVHSGNTSRNESV@QD HMRS@KK@SHNM
67$7,21$5<0($685,1*6<67(06
1(:
6DYHULV70:LUHOHVV'DWD 0RQLWRULQJ6\VWHP
6DYHULV :L)L'DWD/RJJHU6\VWHP
q,D@RTQDLDMS@MCCNBTLDMS@SHNMNESDLODQ@STQD GTLHCHSXU@KTDRHMSGDDMUHQNMLDMS@MCOQNBDRRDR q#@S@SQ@MREDQONRRHAKDAXVHQDKDRR@MCDSGDQMDSBNMMDBSHNM q TSNL@SHBC@S@BNKKDBSHNM@MCR@EDBDMSQ@KC@S@RSNQ@FD q K@QLVGDMKHLHSU@KTDR@QDDWBDDCDC q CCHSHNM@KO@Q@LDSDQRNUDQ L 5#" B@MADHMSDFQ@SDC q#@S@RSNQ@FDB@O@BHSXODQOQNADTOSNQD@CHMFR @MC ODQBG@MMDKHMA@RDRS@SHNM q /NRRHAHKHSXNEHMSDFQ@SHNMNE@MXDWSDQM@KRDMRNQ
q#@S@SQ@MREDQAX6H%HC@S@KNFFDQRSN3DRSN"KNTC q KKLD@RTQDLDMSC@S@@KV@XR@U@HK@AKD @MXVGDQD NMCDUHBDRRTBG@RRL@QSOGNMD /" S@AKDS q K@QLRAXD L@HKNQ2,2NOSHNM@KVGDMKHLHS U@KTDR@QDUHNK@SDC q#@S@RSNQ@FDTOSNLD@RTQDLDMSU@KTDR ODQBG@MMDKHMC@S@KNFFDQ qSDRSN2@UDQHR 3@MC 3#(-$- BNLOKH@MS
WHVWR&OLPDWLF+XPLGLW\ 0HDVXUHPHQW7UDQVPLWWHU
WHVWR+LJK3HUIRUPDQFH +XPLGLW\0HDVXUHPHQW7UDQVPLWWHU
q %NQLNMHSNQHMFBKHL@SDHMATHKCHMF SDBGMNKNFX !,2 '4R@MCBKHL@SHB BG@LADQR q BBTQ@BX Q' q 2HLOKD@CITRSLDMSBNMBDOSENQ @CITRSLDMSRNMRHSD q "NMMDBSHNMSN/ 2NESV@QDENQ O@Q@LDSDQHY@SHNM @M@KXRHR@MC @CITRSLDMS
q %NQCQXHMFOQNBDRRDR BKD@MQNNLR@MC BQHSHB@K@HQBNMCHSHNMHMF@OOKHB@SHNMR q BBTQ@BXTOSNQ' q 'HFGDRSRXRSDL@U@HK@AHKHSXCTDSNRDKE LNMHSNQHMF@MCCHFHS@KOQNADR q 2ODBH@KRNKTSHNMRENQGHFGGTLHCHSX@MC SQ@BDGTLHCHSX@OOKHB@SHNMR q 3HLDR@UHMFCTDSN/ RNESV@QD@MC @M@KNF
WHVWR'LIIHUHQWLDO 3UHVVXUH7UDQVPLWWHUV
WHVWR'HZSRLQW7UDFH +XPLGLW\PRQLWRULQJ
q %NQBKD@MQNNLR O@HMSEHMHRGHMFRXRSDLR EHKKHMFOQNBDRRDR ATHKCHMF@HQ BNMCHSHNMHMF@MCUDMSHK@SHNMRXRSDLR q 6HSGVHSGNTSCHROK@XNOSHNM
q CRNQOSHNMCQXDQRNEBNLOQDRRDC@HQ LDCHB@KBNLOQDRRDC@HQ@MCMHSQNFDMF@R q ,D@RTQDRCDVONHMSRHMSGDQ@MFD ¦SN ¦"SC ¦SN ¦"SC q TSNRDKE @CITRSLDMS q .OSHNM@KCHROK@XVHSGNODQ@SHNMLDMT q / 2NESV@QDENQO@Q@LDSDQHY@SHNM @M@KXRHR@MC@CITRSLDMS
WHVWR'LIIHUHQWLDO3UHVVXUH +XPLGLW\ 7HPSHUDWXUH0RQLWRULQJ
WHVWR&RPSUHVVHG $LU)ORZ0HWHU
q "NMENQLO@MDKCDRHFMENQEKTRGV@KK LNTMSHMFHMBKD@MQNNLR q "NLAHM@SHNMNECHEEDQDMSO@Q@LDSDQRHM QDRODBSHUDSQ@MRLHSSDQUDQRHNMR D F U/ 1'@MC¦" q TSNL@SHBYDQNONHMS@CITRSLDMS q .OSHNMNEHMSDFQ@SHMFSQ@MRLHSSDQHM BTRSNLDQRDSGDQMDS
q 2@UHMFNODQ@SHMFBNRSAXLNMHSNQHMF BNMRTLOSHNM@MCCDSDBSHMFKD@J@FD q "NMUDMHDMSNODQ@SHMFLDMTENQ@KK O@Q@LDSDQHY@SHNM q KKQDPTHQDCRHFM@KRHMSDFQ@SDC EQNL @M@KNFNTSOTSSNSGDSNS@KHRDQ q "DQ@LHBEKNVRDMRNQ RDMRHSHUD@MC QNATRS@SSGDR@LDSHLD
7+(50$/,0$*(56 WHVWR
WHVWR
q 1DRNKTSHNM7OHWDKR q 3DLODQ@STQDQ@MFD ¦"SN¦" q 3GDQL@KRDMRHSHUHSXL* q %NBTREQDDHL@FHMFVHSGVHCD¦KDMR q (MATHKS LDF@OHWDKB@LDQ@ q +@QFDCHROK@XNE tK@MCRB@ODENQL@S q 'NS@MCBNKCRONSQDBNFMHSHNM
q1DRNKTSHNM7OHWDKR q3DLODQ@STQDQ@MFD ¦"SN¦" q4OFQ@C@AKDSN¦" q3GDQL@KRDMRHSHUHSXL* q,NU@AKDBTQRNQ NMDONHMSLNU@AKD BTQRNQ SVNONHMSLD@RTQDLDMS HRNSGDQLETMBSHNM q(MATHKSCHFHS@KB@LDQ@ q+@RDQONHMSDQ q5NHBD@MMNS@SHNMVHSGGD@CRDS
WHVWRL
WHVWR
q1DRNKTSHNM7OHWDKR q3DLODQ@STQDQ@MFD ¦"SN¦" q3GDQL@KRDMRHSHUHSXL* q3VNONHMSLD@RTQDLDMS@MCGNSBNKC RONSQDBNFMHSHNM q!THKSHMB@LDQ@ q(MSDFQ@SDCRNK@QLNCDENQRNK@Q @OOKHB@SHNMR q+@RDQONHMSDQ
q 1DRNKTSHNM7OHWDKR q 3DLODQ@STQDQ@MFD ¦"SN¦" NOSHNM@KKXTOSN¦" q 3GDQL@KRDMRHSHUHSXL* q ONHMSLNU@AKDBTQRNQ LNU@AKDANW HRNSGDQLETMBSHNM q $WBG@MFD@AKDKDMRDR 3DKDOGNSN¦ @MC2TODQSDKD¦ q (MATHKS LDF@OHWDKB@LDQ@ q +@RDQONHMSDQ 3NTBGRBQDDM@MC 1NS@S@AKDCHROK@X
WHVWRL
WHVWR
q1DRNKTSHNM7OHWDKR q3DLODQ@STQDQ@MFD ¦"SN ¦" q4OFQ@C@AKDSN¦" q3GDQL@KRDMRHSHUHSXL* q3VNONHMSLD@RTQDLDMS GNSBNKCRONS QDBNFMHSHNM@MCHRNSGDQLETMBSHNM q+DMRDWBG@MFD@AKDVHSGSDKDOGNSN q!THKSHMB@LDQ@VHSGAQHFGSKHFGS+$#R q(MSDFQ@SDCRNK@QLNCDENQRNK@Q @OOKHB@SHNMR q+@RDQONHMSDQ q5NHBD@MMNS@SHNMVHSGGD@CRDS
q1DRNKTSHNM7OHWDKR q3DLODQ@STQDQ@MFD ¦"SN¦" NOSHNM@KKXTOSN¦" q3GDQL@KRDMRHSHUHSXL* qONHMSLNU@AKDBTQRNQ LNU@AKDANW HRNSGDQLETMBSHNM q $WBG@MFD@AKDKDMRDR 2SC3DKD¦ @MC2TODQSDKD ¦ q(MATHKS LDF@OHWDKB@LDQ@ q%TKKXQ@CHNLDSQHBUHCDNB@OSTQHMF q+@RDQONHMSDQ 3NTBGRBQDDM@MC 1NS@S@AKDCHROK@X
+80,',7< WHVWR/DUJH'LVSOD\+\JURPHWHU ZLWK$EVROXWH3UHVVXUH
WHVWR3URIHVVLRQDO+XPLGLW\ 'HZ3RLQW0HWHU
q ,D@RTQDRCHROK@XRQ' ¦"% L!@Q @AR ORXBGNLDSQHBO@Q@LDSDQR q #HROK@XRC@SD@MCSHLD q 1DLHMCDQ@K@QLENQB@KHAQ@SHNM q 5HRT@K@K@QLRENQANSGSGDBG@MMDKRVHSG ,@W ,HM U@KTDR
q"@MADBNMMDBSDCSNU@QHNTROQNADRENQ GTLHCHSX LNHRSTQD CDVONHMS DSB q3HLDC@MCLTKSHONHMSLD@M B@KBTK@SHNMR q,@SDQH@KLNHRSTQDOQNADRENQ LD@RTQDLDMSNELNHRSTQDHMONVCDQ L@SDQH@K q5@QH@MS@U@HK@AKDVHSGLDLNQX@MC RNESV@QDENQC@S@QD@CNTS@M@KXRHR q4 5@KTDLD@RTQDLDMSENQHMRTK@SHNM BGDBJHMF
WHVWR/DUJH'LVSOD\+\JURPHWHU ZLWK+LVWRU\)XQFWLRQ q ,D@RTQDRCHROK@XRQ' ¦" ORXBGNLDSQHBO@Q@LDSDQR q #HROK@XRC@SD@MCSHLD q #HROK@XRGHRSNQXNELD@RTQDLDMSENQSGD K@RSC@XR q 5HRT@K@K@QLRENQANSGSGDBG@MMDKRVHSG ,@W ,HM U@KTDR
WHVWR3RUWDEOH+\JURPHWHU ZLWK%DFN/LW'LVSOD\ q ,D@RTQDRCHROK@XRQ' ¦" 63¦" SC¦" GNKC ,@W ,HM ETMBSHNM q #DS@BG@AKDRDMRNQENQCTBS@OOKHB@SHNM q 3NOR@EDNOSHNM@KBNUDQOQNSDBSRSGD HMRSQTLDMSEQNLCHQS@MCRGNBJR
WHVWR,QGXVWULDO3RUWDEOH +XPLGLW\0HWHU q "@MADBNMMDBSDCSNU@QHNTROQNADRENQ GTLHCHSX LNHRSTQD CDVONHMS DSB q (MATHKSLDLNQXENQKNMFSDQLC@S@ RSNQ@FD q "NMUDMHDMSC@S@@M@KXRHRVHSGSGD OQNEDRRHNM@KRNESV@QD q 1D@CXENQSNTFG@OOKHB@SHNMRVHSGSNO R@EDBNUDQNOSHNM@K
9(/2&,7< WHVWR&RPSDFW 9DQH$QHPRPHWHU
WHVWR$OO5RXQGHU,QVWUXPHQW IRU+9$& ,$4
q #HQDBSCHROK@XNEBELLGQ q ,TKSHONHMS@MCSHLDCLD@MB@KBTK@SHNMR HMSGDHMRSQTLDMS q LLU@MDOQNADVHSG22SDKDRBNOHB G@MCKDENQLD@RTQDLDMSHMCTBSR
q "@MLD@RTQDLREOL ¦" Q' U/ +TW ". ". DSB q ,TKSHONHMS@MCSHLDCLD@MB@KBTK@SHNMR HMSGDHMRSQTLDMS q 5@QH@MSRVHSGLDLNQX@MCRNESV@QDENQ @M@KXRHRQDONQSFDMDQ@SHNM
WHVWR/DUJH9DQH$QHPRPHWHU IRU+RRGV
WHVWR6HUYLFH,QVWUXPHQW IRU9$&(QJLQHHUV
q #HQDBSCHROK@XNEBELL GQ q ,TKSHONHMS@MCSHLDCLD@MB@KBTK@SHNMR HMSGDHMRSQTLDMS q LLU@MDOQNADVHSGEKNVCHQDBSHNM QDBNFMHSHNM
q "@MLD@RTQDLREOL ¦" Q' U/ KTW ". ". DSB q ,TKSHONHMS@MCSHLDCLD@MB@KBTK@SHNMR HMSGDHMRSQTLDMS q (MSDQM@KLDLNQX@MCKNB@SHNM L@M@FDLDMSRXRSDL
WHVWR+RW:LUH$QHPRPHWHU
WHVWR3URIHVVLRQDO9$& $QDO\VLV0HDVXULQJ,QVWUXPHQW
q #HQDBSCHROK@XNEBELLGQ q ,TKSHONHMS@MCSHLDCLD@MB@KBTK@SHNMR HMSGDHMRSQTLDMS q LLGNSVHQDVHSG@M@BBTQ@BXNE LR
q "@MLD@RTQDLREOL ¦" ' U/ U3 KTW ". AR/ ¦"SC 6AS¦" LG BEL G/@@S@SHLD q ,NCDQMSQ@BJO@C YDQNDQQNQBNKNQ FQ@OGHBRCHROK@X q #HFHS@KOQNADR HMSDKKHFDMSB@KHAQ@SHNM BNMBDOS q 2THS@AKDENQKNMFSDQLLD@RTQDLDMSR q (MSDQM@KLDLNQX 2#B@QCRSNQ@FD ONRRHAHKHSX
WHVWR$LU&DSWXUH+RRG
#NVMKN@CEQDD
MCQNHC OO ENQSDRSN
1(:
q #HQDBSCHROK@XNEBELLGQ ¦" Q' ƃ/ q 4MHPTDKXKNVVDHFGS@MCDQFNMNLHBCDRHFM q %KNVRSQ@HFGSDMDQENQLNQDOQDBHRD LD@RTQDLDMS@SRVHQKNTSKDSR q 1DLNU@AKD@MCSHKS@AKDLD@RTQHMF HMRSQTLDMSVHSG@K@QFDCHROK@X q OOHMSDFQ@SHNMUH@!KTDSNNSGENQE@RS@MC D@RXLNMHSNQHMF@MCQDONQSHMFNMRHSD
35(6685( 5()5,*(5$7,21 1(:
WHVWR&RPSDFW6L]H3UHVVXUH DQG9HORFLW\0HDVXULQJ,QVWUXPHQW
7HVWR (OHFWURQLF0DQLIROG
q OQDRRTQDTMHSRRDKDBS@AKDD F LA@Q /@ LL'. DSB q 2HLTKS@MDNTRCHROK@XNEOQDRRTQD@MC UDKNBHSX q 1D@CHMFROQHMSNTSVHSGC@SD SHLD,@W ,HM NOSHB@K@BBDRRNQX
q "@KBTK@SHNMNERTODQGD@SHMFRTABNNKHMF HMQD@KSHLDVHSGTOSNSVNDWSDQM@K SDLODQ@STQDOQNADR q V@XU@KUDAKNBJVHSGSGQDDBNMMDBSHNMR SGQDDGNRDO@QJDQR@MCRHFGSFK@RR BNLLNMQDEQHFDQ@MSRRSNQDCHMSGD HMRSQTLDMS q "@MVNQJHMQDEQHFDQ@SHNMGD@SOTLO LNCD
WHVWR5HIHUHQFH3UHVVXUH 0HDVXULQJ,QVWUXPHQWIRUDOOUDQJHV
7HVWR%OXHWRRWK0DQLIROG
q 6HSGHMSDQM@KRDMRNQR@MCDWSDQM@K RDMRNQRENQGHFGOQDRRTQD q .OSHNMR@U@HK@AKDVHSGUDQXGHFG @BBTQ@BX q (MSDQM@KLDLNQXVHSG/"HMSDQE@BDENQ KNMFSDQLLD@RTQDLDMSNOSHNM@K @BBDRR@QX
q OOHMSDFQ@SHNMUH@!KTDSNNSGENQE@RS@MC BNMUDMHDMSLNMHSNQHMF@MCQDONQSHMFNMRHSD q 1DEQHFDQ@MSTOC@SDHMSGDHMRSQTLDMSUH@ OO q "@KBTK@SHNMNERTODQGD@SHMFRTABNNKHMFHM QD@KSHLD q V@XU@KUDAKNBJENQE@RS@MCDEEHBHDMSVNQJ q BNLLNMQDEQHFDQ@MSRRSNQDCHMSGD HMRSQTLDMS
1(:
1(:
WHVWR5HIULJHUDQW/HDN'HWHFWRU
WHVWR(OHFWURQLF0DQLIROG ZLWK'DWD0DQDJHPHQW
q 2DMRHSHUHSXF@ NY@ q RDMRHSHUHSXKDUDKR'HFG@MC+NV q +$#RRGNVHMFKD@J@FDVHSG@TCHAKD @K@QL q +NVA@SSDQXHMCHB@SHNM q 2DMRNQCDEDBSHMCHB@SHNMD@RX QDOK@BDLDMSNERDMRNQ
q +@QFD+"#A@BJKHSCHROK@XENQD@RX QD@CHMFHMC@QJ@QD@R q "@KBTK@SHNMRNERTODQGD@SHMF RTABNNKHMF q QDEQHFDQ@MSRRSNQDCHMSGDHMRSQTLDMS B@MADTOFQ@CDCEQNLSGDVDARHSD q SDLODQ@STQDRNBJDSRENQ@BST@K LD@RTQDLDMSNESDLODQ@STQDNMSGDKHMD
7HVWR'LJLWDO9DFXXP*DXJH
WHVWR(OHFWURQLF0DQLIROG ZLWK9DFXXP 'DWD0DQDJHPHQW
q ,@HMSDM@MBD EQDD@ARNKTSDOQDRRTQD RDMRNQ q ,D@RTQDLDMSNEDU@ONQ@SHNM SDLODQ@STQD'. q .OSHB@K@K@QLVGDMKHLHSU@KTDR@QD DWBDDCDC q $WSQDLDKXQNATRS@MCQDRHRS@MSSNV@SDQ @MCCHQS(/
q "@KBTK@SDRTODQGD@SHMFRTABNNKHMF RHLTKS@MDNTRKX q /QDRRTQD SDLODQ@STQD BTQQDMS@MC U@BTTLLD@RTQDLDMSHMNMD HMRSQTLDMS q GNTQRQDBNQCHMFNELD@RTQDLDMS U@KTDR q QDEQHFDQ@MSRRSNQDC
/,*+7_6281'_530_&2 3+_&22.,1*2,/7(67(5 WHVWR&20HDVXUHPHQW ,QVWUXPHQWIRU+9$&(QJLQHHUV
WHVWR3RFNHW6L]HS+0HWHU
q +NMFSDQLLNMHSNQHMFA@RDCNML@W @MCLD@MB@KBTK@SHNMR q +NMFSDQLBG@MMDK(1RDMRNQ q /QHMSSGDC@S@NMRHSDC@SD@MCSHLD NOSHNM@K@BBDRRNQX
q ,@MXU@QH@MSR@U@HK@AKD q 6HSGD@RXSNBG@MFDRDMRNQRHMB@RDNE RDQUHBD q 6HSGB@KHAQ@SHNMLNCDENQD@RXNMRHSD B@KHAQ@SHNM
1(:
WHVWR$PELHQW &2&20RQLWRU q /@Q@KKDK@MCCHQDBS".". LD@RTQDLDMS q 3ă5 SDRSDC@BBNQCHMFSN$- q "NMUDMHDMS D@RXG@MCKHMF q .OSHB@K@MC@TCHAKD@K@QLR q 6HQDKDRRC@S@SQ@MREDQ
q $QFNMNLHB@MCQNATRSCDRHFM q 6HSGSDLODQ@STQDRDMRNQ@KNMFVHSG3/, q "KD@Q@K@QLRUH@A@BJKHSCHROK@X q 1HMR@AKDTMCDQQTMMHMFV@SDQ(O q ' ""/BDQSHEHDC
WHVWR&RPSDFW6L]H/LJKW 0HWHUZLWK/RFDWLRQ0DQDJHPHQW
WHVWR7ZRLQ2QH&RQWDFW 1RQ&RQWDFW7DFKRPHWHU
q 2SNQDRTOSNKNB@SHNMR@MCC@S@ TMCDQHS q +NFFDQETMBSHNMTOSNQD@CHMFR q #@S@@M@KXRHRONRRHAKDVHSGSDRSN RNESV@QD
q "@MADTRDCENQQOL RODDCKDMFSG q 2SNQ@FDNE,@W ,HM U@KTDNUDQ@ LD@RTQDLDMS q "NLDRVHSG@JHSHMBKTCHMF@BBDRRNQHDR ENQBNQQDBSLD@RTQDLDMS
WHVWR6RXQG0HWHU
WHVWR&RPSDFW+DQG +HOG6WURERVFRSH
q ,D@RTQHMFQ@MFDNESNCA q 5@QH@MSVHSGHMSDFQ@SDCC@S@RSNQ@FDENQ TOSN LD@RTQDLDMSU@KTDR@MC 2NESV@QDENQC@S@L@M@FDLDMS q 2VHSBG@AKDSHLDVDHFGSHMF%@RS2KNV q !@QFQ@OGCHROK@XVHSGA@BJKHS q "@MC#"NTSOTSENQSGDBNMMDBSHNMNE NSGDQHMRSQTLDMSR
q 'HFGKHFGSHMSDMRHSXWDMNMK@LO q 'HFGRDSSHMF@BBTQ@BXADB@TRDNE CXM@LHBCH@KRDSSHMF q 6HSGONVDQETKQDBG@QFD@AKDA@SSDQX O@BJ
7(03(5$785(&217$&7 6HOI$GKHVLYH7KHUPRPHWHU6WULSV q CGDQDRSNMD@QKX@KKRTQE@BDR q 2GNVRSDLODQ@STQDBG@MFDR HLLDCH@SDKX q ,NRSRTHS@AKDSNSQ@BDSGDQL@KBG@MFDR NML@SDQH@K
WHVWR+LJKO\$FFXUDWH 7HPSHUDWXUH0HDVXULQJ,QVWUXPHQW ZLWK,QSXWV7& 57' q (MRSQTLDMSVHSGOQNADG@UHMF@RXRSDL @BBTQ@BXNE ¦" q 5@QH@MS@U@HK@AKDVHSGHMATHKSLDLNQX VHSGKNB@SHNML@M@FDLDMSTOSN QD@CHMFR q 6HSGLTKSHKHMDA@BJKHSCHROK@XHMATHKS 42!ENQSQ@MREDQQHMFC@S@SN/" q ' ""/BDQSHEHDCVHSGSNOR@ED
WHVWR0XOWL3XUSRVH&KDQQHO 17&7KHUPRPHWHU
WHVWR6PDOOHVW )ROGDEOH7KHUPRPHWHU
q TCHAKD@K@QLB@MADRDSHEKHLHSU@KTD DWBDDCR q $-BDQSHEHDCENQRODBHEHBENNC OG@QL@BDTSHB@K@OOKHB@SHNMR q "GNHBDNEOQNADR@U@HK@AKDENQCHEEDQDMS @OOKHB@SHNMR q ' ""/BDQSHEHDCVHSGSNOR@ED
q BLKNMF D@RXSNEHSONBJDSRHYDC HMRSQTLDMS q 6GHSD !2GNTRHMF$-BDQSHEHDC CDRHFM q (CD@KENQRONSBGDBJHMOQNCTBSHNM@MC K@QFDJHSBGDMR q ' ""/BDQSHEHDC
WHVWR )DVWDQG$FFXUDWH )RRG7KHUPRPHWHU
WHVWR)ROGLQJ :DWHUSURRI7KHUPRPHWHU
q BG@MMDK3SXODSGDQLNBNTOKDHMOTS SGDQLNLDSDQVHSG@K@QL q ,D@RTQDCQD@CHMFRB@MADOQHMSDCNM SGDRHSDVHSG(1OQHMSDQ q #DRHFMDCHM@BBNQC@MBDSN$- ENQENNC@MCOG@QL@BDTSHB@K @OOKHB@SHNMR q ' ""/BDQSHEHDCVHSGSNOR@ED
q (/ L@JHMFHSV@SDQOQNNE BKD@MHMF TMCDQQTMMHMFV@SDQONRRHAKD q 6GHSD !2GNTRHMFVHSGCHDB@RSYHMB 22ANCX q $-@MC' ""/BDQSHEHDC q !DRSBNQDSDLODQ@STQDLD@RTQHMF HMRSQTLDMSENQOQNCTBSHNM@MC0"
WHVWR 7ZR&KDQQHO 7KHUPRFRXSOH,QSXW7KHUPRPHWHU
WHVWR,5)ROGLQJ :DWHUSURRI7KHUPRPHWHU
q "@MADTRDCEQNLUDQXKNVSNGHFG SDLODQ@STQDRTRHMF@*SXODRDMRNQ q #HROK@XRSVNBG@MMDKSDLODQ@STQDR@MC CHEEDQDMSH@KSDLODQ@STQD q "@MGNKC@MCOQHMSSGDC@S@NMSGDRHSD TRHMF(1OQHMSDQ
q 6@SDQOQNNE(/ (1HLLDQRHNM SGDQLNLDSDQ q 1@MFD ¦"SN¦"(1 ¦" SN¦"(LLDQRHNM q NOSHBRVHSG ONHMSK@RDQ q TSN 'NKC,HM ,@W ETMBSHNM q "DQSHEHDC@BBNQCHMFSN$- ' ""/
WHVWR([3W+LJK$FFXUDF\ ([3URRI3W7KHUPRPHWHU
WHVWR:DWHUSURRI 7KHUPRFRXSOH7KHUPRPHWHU
q 6HCDQ@MFDNEOQNADRSNRDKDBSEQNL ENQ RTQE@BD ODMDSQ@SHNM@MCLD@RTQDLDMS HMODSQNK@MCNHKS@MJR q 6HSG@OOQNU@KHM@BBNQC@MBDVHSG $TQNOD@M@MC LDQHB@M-NQLR
q $@RXSNTRD 3XOD*SGDQLNBNTOKD SGDQLNLDSDQ q /KTFFDCOQNADBNMMDBSHNM q (/VHSGCDKHUDQDCOQNAD q 1@MFD ¦"SN¦" q "DQSHEHDC@BBNQCHMFSN$- ' ""/
7(03(5$785(121&217$&7 WHVWR77)DVW,57KHUPRPHWHU
WHVWR7)RRG,5DQG&RQWDFW 7KHUPRPHWHUZLWK7RS6DIH&RYHU
q 5@QH@MSRVHSG@MCNOSHBR q $LHRRHUHSX@CITRS@AKDEQNL SN q +@QFDA@BJKHS+"#CHROK@XVHSG@TSN GNKCED@STQD q /HRSNKCDRHFMVHSG@TCHAKD@K@QL ETMBSHNM ADDORVGDMQ@MFDHR DWBDDCDCNQTMCDQQTM
q 3NOR@EDOQNSDBSRHMRSQTLDMSEQNLCTRS CHQS HLO@BSV@SDQHMFQDRR q TCHAKD@MCUHRT@K@K@QLSNMNSHEXTRDQHE KHLHSU@KTDR@QDDWBDDCDC q $-BDQSHEHDC' ""/"DQSHEHDC
WHVWR7)DVW,57KHUPRPHWHU ZLWK 'LVWDQFHWR6SRW5DWLR
WHVWR77+,57KHUPRPHWHU
q $LHRRHUHSX@CITRS@AKDEQNL SN q 3VNK@RDQAD@LRENQD@RXHCDMSHEHB@SHNM NESGDLD@RTQHMF@QD@ q /HRSNKCDRHFMVHSG@TCHAKD@K@QL ETMBSHNM ADDORVGDMQ@MFDHR DWBDDCDCNQTMCDQQTM
q ,D@RTQHMFQ@MFDTOSN¦" q NOSHBRVHSG ONHMSK@RDQL@QJHMF q (MSDFQ@SDCDLHRRHUHSXS@AKD q (MSDFQ@SDCLDLNQX@MC42! C@S@ SQ@MREDQ q "NMMDBSHNMNEDWSDQM@K3" OQNAD q TSNL@SHBCDSDBSHNMNEDLHRRHUHSXVHSG SGDGDKONEDWSDQM@KOQNAD q 5@QH@MS@U@HK@AKDVHSGGTLHCHSX LD@RTQDLDMS
WHVWR,57KHUPRPHWHUIRU )RRG$SSOLFDWLRQV
WHVWR,57KHUPRPHWHU ZLWK6ZLWFKDEOH2SWLFV
q $LHRRHUHSX@CITRS@AKDEQNL SN q ,D@RTQHMFQ@MFDEQNL ¦"SN¦" q #HRS@MBDSNRONSQ@SHNNEVHSG ONHMSK@RDQL@QJHMF q 3VN@CITRS@AKD@K@QLKHLHSU@KTDR
q #HRS@MBDSNRONSQ@SHNNEENQE@Q EHDKC B@MLD@RTQDNAIDBSRHYDNELL HMBKNRDCEHDKC q (MATHKSLDLNQX@MCNMKHMDSQDMCHMF ONRRHAKDUH@42!ONQS q 1DEDQDMBD@BBTQ@BXNE ¦"
32&.(7/,1( WHVWR3RFNHWVL]HG 0DWHULDO0RLVWXUH0HWHU
WHVWR3RFNHWVL]HG 1RQFRQWDFWUSP0HWHU
q,D@RTQDRCHROK@XRLNHRSTQDHM L@SDQH@KKHJDVNNC O@ODQ ATHKCHMF L@SDQH@K q!@BJKHSD@RXSNQD@CCHROK@X q U@HK@AKDHMU@QH@MSRVHSGGTLHCHSX@KRN
q.OSHB@KQOLLD@RTQDLDMSVHSG+$# LD@RTQDLDMSRONSL@QJHMF q6HSG'NKCETMBSHNM@MC,HM ,@W U@KTDR q(KKTLHM@SDCCHROK@XENQD@RXQD@C NTS q BBTQ@BXNE NELU
WHVWR++ 'LJLWDO7KHUPRK\JURPHWHU q,D@RTQDRCHROK@XRQ' ¦"% ¦"SC% q+@QFDD@RXSNQD@CCHROK@X q3VNU@QH@MSRVHSG@BBTQ@BX QDRODBSHUDKX
WHVWR3RFNHWVL]HG +XPLGLW\ 7HPSHUDWXUH0HWHU q,D@RTQDRCHROK@XRQ' ¦"% VS¦" SC¦"% q!@BJKHSD@RXSNQD@CCHROK@X q!DRS@BBTQ@BXNE Q'HMHSRBK@RR
WHVWR3RFNHWVL]HG'LIIHUHQWLDO 3UHVVXUH )ORZPHWHU qOQDRRTQDTMHSRRDKDBS@AKDD F LA@Q /@ LL'. DSB q3DLODQ@STQDBNLODMR@SDC q"@MADBNMMDBSDCVHSGOHSNSSTADENQ UDKNBHSXLD@RTQDLDMS
WHVWR3RFNHWVL]HG $EVROXWH3UHVVXUH0HWHU qOQDRRTQDTMHSRRDKDBS@AKDD F LA@Q /@ LL'. DSB q"@KBTK@SDCA@QNLDSQHBOQDRRTQD CHROK@XDC q BBTQ@BXNE LA@Q
WHVWR93RFNHWVL]HG+RW :LUH9HORFLW\0HWHU
WHVWR3RFNHWVL]HG /LJKW,QWHQVLW\0HWHU
q,D@RTQDRUDKNBHSXSDLODQ@STQDVHSG UNKTLDEKNV q!@BJKHSK@QFDD@RXSNQD@CCHROK@X q3DKDRBNOHBOQNADENQD@RXLD@RTQDLDMS
q+@QFDA@BJKHS+"#CHROK@X q6HCDQ@MFDTOSN +TW q6HSG'NKC ,@W ,HM ETMBSHNM
WHVWR3RFNHWVL]HG 9HORFLW\0HWHU
WHVWR3RFNHWVL]HG$LU 6XUIDFH7HPSHUDWXUH0HWHU
q3VNU@QH@MSRVHSGUDKNBHSX GTLHCHSX SDLODQ@STQD q3HLDCLD@MB@KBTK@SHNM q5@QH@MSVHSGGTLHCHSX@KRNB@KBTK@SDR ORXBGNLDSQHBU@KTDR
q(1LD@RTQDLDMSVHSGONHMSK@RDQRONS L@QJHMF q#HROK@XNECHEEDQDMSH@KSDLODQ@STQD q'NKCETMBSHNM@MC,@W ,HM U@KTDR
(/(&75,&$/0($685(0(17
1(:
WHVWR1RQFRQWDFWYROWDJHWHVWHU
WHVWR'LJLWDOPXOWLPHWHU
ŗ-NM BNMS@BSUNKS@FDSDRSHMFTOSN 5 " ŗ%HKSDQENQGHFG EQDPTDMBXHMSDQEDQDMBDRHFM@KR ŗ CITRS@AKDRDMRHSHUHSX ŗ"KD@QUHRT@K@MC@BNTRSHBV@QMHMFRHFM@KR ŗ6@SDQOQNNE@MCCTRSOQNNE@BBNQCHMFSN(/ ŗ,D@RTQHMFONHMSHKKTLHM@SHNM
ŗ3GQDDU@QH@MSR@U@HK@AKDENQ@KKHLONQS@MS DKDBSQHB@KLD@RTQHMFS@RJR ŗ$@RX LNCDQMNODQ@SHNMVHSGETMBSHNMJDXR HMRSD@CNE@CH@K ŗ TSNL@SHB,D@RTQDLDMSO@Q@LDSDQCDSDBSHNM @MCRDKDBSHNMUH@SGDRNBJDS@RRHFMLDMS ŗ/QDUDMSRHMBNQQDBSRDSSHMFR ŗ3QTDQNNSLD@MRPT@QDLD@RTQDLDMSl31,2 ŗ+@QFD A@BJKHSCHROK@X ŗ+NV/@RR%HKSDQlENQ5%#NTSOTSUNKS@FD LD@RTQDLDMSR@BBTQ@SDKX ŗƅ BTQQDMSLD@RTQHMFQ@MFD@U@HK@AKD
WHVWR9ROWDJHWHVWHU ŗ5NKS@FDQ@MFDEQNLSN5 ŗ(CD@KENQUNKS@FDSDRSHMF BNMSHMTHSXSDRSHMF @MCQNS@SHMFL@FMDSHBEHDKC ŗ3GQDDU@QH@MSR@U@HK@AKDVHSG@BKD@Q O@SDMSDC@KK QNTMC+$#CHROK@X ŗ%HAQD NOSHBSDBGMNKNFXENQNOSHLTLUNKS@FD HMCHB@SHNM ŗ$QFNMNLHBG@MCKDRG@ODVHSGRDBTQDFQHO ŗ,D@RTQHMFONHMSHKKTLHM@SHNM ŗ1""!SQHFFDQETMBSHNMENQ1""!SDRSHMFl 2@EDSX%HQRS
WHVWR&XUUHQWYROWDJHWHVWHU ŗ#DSDQLHMDRUNKS@FDTOSN5 BTQQDMS QDRHRS@MBD@RVDKK@RBNMSHMTHSXSDRSHMF ŗ"DQSHEHDC@BBNQCHMFSNUNKS@FDSDRSDQRS@MC@QC #(-$- ŗ TSNL@SHBLD@RTQDLDMSO@Q@LDSDQCDSDBSHNM ŗ,D@RTQDLDMSQDRTKSVHSGNTS@MXRVHSBGHMFNM NQRDKDBSHNM ŗ,D@RTQHMFONHMSHKKTLHM@SHNM ŗ$WBG@MFD@AKDLD@RTQHMFSHOR ŗ%HQRSUNKS@FDSDRSDQSNLD@RTQDBTQQDMS ŗ2HMFKDONKDUNKS@FDSDRSHMF ŗ#DSDBSHNMNECHQDBSHNMNEQNS@SHMFL@FMDSHBEHDKC ŗ U@HK@AKDHMSVNU@QH@MSR
WHVWR&ODPSPHWHU ŗ4MHPTDFQ@ALDBG@MHRLENQD@RXVNQJHMF@S SHFGSLD@RTQHMFONHMSR ŗ TSN "#"ENQBTQQDMS@MCUNKS@FD ŗ+@QFDSVN KHMDCHROK@X ŗ3QTDQNNSLD@MRPT@QDLD@RTQDLDMS 31,2 ŗ6HSG@CCHSHNM@KETMBSHNMR RTBG@RRS@QSHMF BTQQDMS ONVDQ@MCƅ LD@RTQDLDMS @KNMF VHSG!KTDSNNSG ŗ!KTDSNNSG@MCSDRSN2L@QS/QNADR OO ŗ(MQTRGBTQQDMSLD@RTQDLDMS ŗ/NVDQLD@RTQDLDMS ŗ3DLODQ@STQD@C@OSDQENQSDLODQ@STQD LD@RTQDLDMSlENQ3GDQLNBNTOKD * SXOD ŗ U@HK@AKDHMSGQDDU@QH@MSR
60$57352%(6 [ ,NMHSNQLD@RTQDCC@S@VHQDKDRRKX [ 2HLOKDTRDQHMSDQE@BDVHSGB@O@AHKHSHDRNE@RL@QSCDUHBD [ 2GNVRLD@RTQDCU@KTDRTOSNRHWRL@QSOQNADR@SSGDR@LDSHLD [ ,NMHSNQBG@MFDRTRHMFFQ@OGRS@AKDR [ 2@UD@MCRDMCLD@RTQDCU@KTDR@R/#%NQ$WBDKEHKD EQNL MCQNHC2L@QSOGNMD
-NV,D@RTQD ITRSVHSGXNTQ 2L@QSOGNMDŬ
[ $WBKTRHUDRDSRENQGD@SHMF BKHL@SD@MCQDEQHFDQ@SHNMBNMSQ@BSNQR
#NVMKN@C %QDD MCQNHC OO
60$57352%(6
1(:
WHVWRL6PDUW&ODPS7KHUPRPHWHU
WHVWR L6PDUW+LJK3UHVVXUH *DXJH
q ,D@RTQDLDMSNEEKNV@MCQDSTQM SDLODQ@STQDHMGD@SHMFRXRSDLR q ,D@RTQDRSDLODQ@STQDHMSGDQ@MFDNE ¦"SN ¦" q 6HQDKDRRBNMMDBSHNMSN@RL@QSOGNMDNQ S@AKDSUH@!KTDSNNSG%QDD OO q KKLD@RTQDLDMSC@S@HMFQ@OGNQS@ATK@Q ENQL@SB@MADCHQDBSKXRDMS@R/#%NQ $WBDKEHKDR
q ,D@RTQDLDMSNEGHFG@MCKNVOQDRRTQD HMSGDQ@MFDNE SNA@Q q %@RS@MCD@RXHMRS@KK@SHNM@S@OQDRRTQD BNMMDBSHNM q +NVQDEQHFDQ@MSKNRRSG@MJRSNGNRDKDRR @OOKHB@SHNM q 6HQDKDRRBNMMDBSHNMSN@RL@QSOGNMDNQ S@AKDSUH@!KTDSNNSG%QDD OO q KKLD@RTQDLDMSC@S@HMFQ@OGNQ S@ATK@QENQL@SB@MADCHQDBSKXRDMS@R /#%NQ$WBDKEHKDR
WHVWRL6PDUW7KHUPDO$QHPRPHWHU
WHVWRL6PDUW7KHUPDO+\JURPHWHU
q ,D@RTQDLDMSNE@HQEKNVUDKNBHSX SDLODQ@STQD@MCUNKTLDEKNV q ,D@RTQHMFQ@MFDNESNLR@MC ¦" SN ¦" q 3DKDRBNOHBRG@ES DWSDMC@AKDTOSNLL q 6HQDKDRRBNMMDBSHNMSN@RL@QSOGNMDNQ S@AKDSUH@!KTDSNNSG%QDD OO q KKLD@RTQDLDMSC@S@HMFQ@OGNQS@ATK@Q ENQL@SB@MADCHQDBSKXRDMS@R/#%NQ $WBDKEHKDR
q ,D@RTQDLDMSNE@HQGTLHCHSX@MC SDLODQ@STQDHMQNNLR@MCCTBSR q ,D@RTQHMFQ@MFDNESO1'@MC ¦"SN ¦" q 6HQDKDRRBNMMDBSHNMSN@RL@QSOGNMDNQ S@AKDSUH@!KTDSNNSG%QDD OO q KKLD@RTQDLDMSC@S@HMFQ@OGNQ S@ATK@QENQL@SB@MADCHQDBSKXRDMS@R /#%NQ$WBDKEHKDR q TSNL@SHBB@KBTK@SHNMNECDVONHMS@MC VDSATKASDLODQ@STQDUH@ OO
WHVWRL6PDUW9DQH$QHPRPHWHU
WHVWRL6PDUW,QIUDUHG 7KHUPRPHWHU
q ,D@RTQDLDMSNE@HQEKNVUDKNBHSX UNKTLD EKNV@MCSDLODQ@STQD@S@HQNTSKDSR q ,D@RTQHMFQ@MFDNE SNLR@MC ¦"SN ¦" q 6HQDKDRRBNMMDBSHNMSN@RL@QSOGNMDNQ S@AKDSUH@!KTDSNNSG%QDD OO q $RODBH@KKXTRDETKENQBNLO@QHMFUNKTLD EKNVRNERDUDQ@KNTSKDSR q KKLD@RTQDLDMSC@S@HMFQ@OGNQS@ATK@Q ENQL@SB@MADCHQDBSKXRDMS@R/#%NQ $WBDKEHKDR
q -NM BNMS@BS(1LD@RTQDLDMSNE RTQE@BDSDLODQ@STQDHMSGDQ@MFDNE ¦"SN ¦" q $@RXHL@FDCNBTLDMS@SHNMHMBK LD@RTQDLDMSU@KTDR@MCLD@RTQDLDMS RONSL@QJHMFVHSG ONHMSK@RDQBHQBKD q 6HQDKDRRBNMMDBSHNMSN@RL@QSOGNMDNQ S@AKDSUH@!KTDSNNSG%QDD OO q KKLD@RTQDLDMSC@S@HMFQ@OGNQ S@ATK@QENQL@SB@MADCHQDBSKXRDMS@R /#%NQ$WBDKEHKDR
WHVWRL6PDUW'LIIHUHQWLDO 3UHVVXUH*DXJH
WHVWR L6PDUW7KHUPRPHWHU
q ,D@RTQDLDMSRNEF@REKNV@MCRS@SHB OQDRRTQD@RVDKK@RUNKTLDEKNV q ,D@RTQHMFQ@MFDNE SNG/@ q 6HQDKDRRBNMMDBSHNMSN@RL@QSOGNMDNQ S@AKDSUH@!KTDSNNSG%QDD OO q ,D@RTQDLDMSLDMTENQOQDRRTQD CQNO SDRSHMBK @K@QLR q ,@FMDSHBEHWSTQDENQADSSDQ@SS@BGLDMS q KKLD@RTQDLDMSC@S@HMFQ@OGNQS@ATK@Q ENQL@SB@MADCHQDBSKXRDMS@R/#%NQ $WBDKEHKDR
q ,D@RTQDLDMSNESDLODQ@STQDHMQNNLR CTBSR@MC@S@HQNTSKDSR HMSGDQ@MFDNE ¦"SN ¦" q 6HQDKDRRBNMMDBSHNMSN@RL@QSOGNMDNQ S@AKDSUH@!KTDSNNSG%QDD OO q %@RSHCDMSHEHB@SHNMNESDLODQ@STQDBG@MFDR AXFQ@OGBTQUDCHROK@X q ,D@RTQDLDMSC@S@B@MADCHQDBSKXRDMS@R /#%NQ$WBDKEHKDRCHROK@X
&$/,%5$7256 +XPLQDWRU+XPLGLW\&DOLEUDWRU 4RHMF@'TLHM@SNQXNTB@MPTHBJKX@MCD@RHKXB@KHAQ@SDGTLHCHSXLD@RTQHMFHMRSQTLDMSR OQNADR@MCC@S@ KNFFDQREQNLSDRSN@MCNSGDQBNLO@MHDR 3GD'TLHM@SNQB@KHAQ@SHNMRXRSDLHR@GHFGODQENQL@MBD RS@MC@KNMD SDLODQ@STQDGTLHCHSXQDEDQDMBDFDMDQ@SNQ (SED@STQDR@SGDQL@KRDQUNRXRSDLSNRS@AHKHYDSDLODQ@STQDHMSGD Q@MFDNE¦"SN¦" 1DK@SHUDGTLHCHSXHRQ@OHCKXFDMDQ@SDCHMSGDQ@MFDNESN 6HSGSGDRODBH@KSDRSN EQNMSO@MDKNESGDBG@LADQHSHRONRRHAKDSNB@KHAQ@SDU@QHNTRC@S@KNFFDQR
0LQL:LQG7XQQHO$LU9HORFLW\&DOLEUDWRU ,HMH6HMC3TMMDKHMBKTCHMFONVDQBNMMDBSHNMB@AKD#Q@VTOXNTQNVM(2.B@KHAQ@SHNMBDQSHEHB@SDRŬ3GD3DRSN ,HMH 6HMC 3TMMDK B@M AD TRDC ENQ QDFTK@Q BGDBJR NM UDKNBHSX OQNADR @MC LD@RTQHMF HMRSQTLDMSR HM XNTQ BNLO@MX RODDC KDUDKR B@M AD RDS LR 3GDRD QD@CHMFR @QD SQ@BD@AKD SN SGD /3! RS@MC@QC BBTQ@BXNEVHMCSTMMDKHRNEQD@CHMF@SKD@RS LROKTRB@KHAQ@SHNMTMBDQS@HMSXNESGDQDRODBSHUD QDEDQDMBDHMRSQTLDMSRBDQSHEHB@SD
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
7KHUPDWRU7HPSHUDWXUH&DOLEUDWRU 3DRSN3GDQL@SNQHREKDWHAKD @BBTQ@SDLNAHKD 3GD3GDQL@SNQHR@TMHPTDLTKSHETMBSHNMSDLODQ@STQDB@KHAQ@SNQ L@CD AX 3DRSN (M NQCDQ SN BNMCTBS SDLODQ@STQD B@KHAQ@SHNMR SGD NODQ@SNQ NE SGD 3GDQL@SNQ B@M BGNNRD ADSVDDMENTQCHEEDQDMSNODQ@SHMFLNCDRKHPTHCA@SG CQXAKNBJ HMEQ@QDC@MCRTQE@BD $@RX@MCE@RSG@MCKHMFHR DMRTQDCADB@TRDNERODBHEHBHMRDQSR VGHBGB@MADD@RHKXBG@MFDCVHSGSGDGDKONEQDLNU@KSNNKRTOOKHDC 3GTR @E@RSBG@MFDEQNLNMDNODQ@SHMFLNCDSN@MNSGDQHRFT@Q@MSDDC %NQSGDNODQ@SHMFLNCDR CQXAKNBJ HMEQ@QDC @MCRTQE@BD SGDB@KHAQ@SHNMQ@MFDHREQNL ¦"SN¦" (MSGDKHPTHCA@SGLNCD B@KHAQ@SHNMRB@MAD BNMCTBSDCHMSGDQ@MFDNE ¦"SN¦"
6(59,&( &$/,%5$7,21 &DOLEUDWLRQt0RUH$FFXUDF\DQG6DIHW\ "@KHAQ@SHNMHMUNKUDRSGDBNLO@QHRNMNESGDQD@CHMFAXSGDHMRSQTLDMSADHMF B@KHAQ@SDCVHSGSG@SNE@QDEDQDMBDHMRSQTLDMS@KRNB@KKDCQDEDQDMBDRS@MC@QCHM RODBHEHB BNMCHSHNMR .SGDQ HLONQS@MS @RODBSR NE B@KHAQ@SHNM HMBKTCD CNBTLDMSHMFSGDCDUH@SHNMQDBNQCDCADSVDDMSGDLD@RTQHMFHMRSQTLDMSADHMF HMUDRSHF@SDC @MC SGD QDEDQDMBD RS@MC@QC B@KBTK@SHMF SGD QDRTKSHMF LD@RTQDLDMSTMBDQS@HMSX @MCBQD@SHMFSGDB@KHAQ@SHNMBDQSHEHB@SDQDBNQCHMFSGHR TMBDQS@HMSX
&RQWULEXWLRQWRZDUGV4XDOLW\$VVXUDQFH 3GD B@KHAQ@SHNM NE LD@RTQHMF HMRSQTLDMSR SGDQDENQD L@JDR @ BNMRHCDQ@AKD BNMSQHATSHNM SNV@QCR PT@KHSX @RRTQ@MBD @MC SGD OQDUDMSHNM NE QDIDBSHNM QDVNQJHMF NQBK@HLRENQBNLODMR@SHNM
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
$IWHU6DOHV6HUYLFHV O@QSEQNLB@KHAQ@SHNMRDQUHBDR VD@KRNNEEDQ@ESDQR@KDRRDQUHBDRHMSGDENQLNERO@QDO@QSR@MCQDO@HQRDQUHBDR 6SDUHSDUWVVHUYLFH 3DRSNVHKKGDKOXNTPTHBJKX@MCD@RHKXŬ 8NTB@MOGNMD E@WNQRDMC@MD L@HKRNSG@SVDB@MFDSSGDO@QSRNQBDKKRCDKHUDQDCSNXNT 3GDNQCDQB@MADRDMSSN3DRSN(MCH@ GD@CPT@QSDQ@S/TMDVGHBGG@RSGDB@KHAQ@SHNMRDQUHBDK@ARDS TO 5HSDLUVHUYLFH 6DOQNUHCDXNTVHSGQDO@HQRDQUHBDR@RODQXNTQQDPTHQDLDMS
+HDG2IILFH /KNS-N 2HMCG2NBHDSX !@MDQ1N@C TMCG /TMD ,@G@Q@RGSQ@ (MCH@ 3DK [%@W $L@HKHMEN SDRSNHMCH@ BNL[6DAVVV SDRSN HM 5HJLRQDO2IILFHV5HSUHVHQWDWLYHV GLDC@A@C[!@QNC@[!DMF@KTQT["G@MCHF@QG["GDMM@H[&TV@G@SH 'XCDQ@A@C[(MCNQD[*NKJ@S@[+TBJMNV[,TLA@H[-DV#DKGH[1@HOTQ
$XWKRUL]HG&KDQQHO3DUWQHU
.UDQUHDV 2TAIDBSSNBG@MFDVHSGNTSMNSHBD
7HVWR,QGLD3YW/WG
