Slides
Page 1
1SFTFOUBUJPO.BUFSJBM GPS':2 .BZ +VMZ 4NBSFHJ *OD 4FDVSJUJFTDPEF
Page 2
$POUFOUT 1 1 1 1 ':2'JOBODJBM4VNNBSZɹ #VTJOFTT4VNNBSZ 1SPHSFTTPG5IFSE.FEJVN 5 FSN.BOBHFNFOU1MBO ':': "QQFOEJY $POTPMJEBUFE3FTVMUT 5IFTFBSFDPOTPMJEBUFESFTVMUT JODMVEJOHBTVCTJEJBSZFTUBCMJTIFEJOBOUJDJQBUJPOPGUIFFYQBOTJPOPGUIFQBZNFOUSFMBUFECVTJOFTT 3FHBSEJOH3FUSPTQFDUJWF3FTUBUFNFOUPG1SJPSQFSJPE'HVSFT *O':2 UIF11" QVSDIBTFQSJDFBMMPDBUJPO BTTPDJBUFEXJUIUIFDPOTPMJEBUJPOPG/FUTIPQ4VQQPSUFST$P -UEBTBTVCTJEJBSZXBTpOBMJ[FE BOEQSJPSQFSJPEpHVSFTIBWFCFFOSFUSPTQFDUJWFMZSFTUBUFEBDDPSEJOHMZ'JHVSFTGPS':2UISPVHI':2JOUIJTNBUFSJBMUIFSFGPSFEJ⒎FSJO QBSUGSPNQSFWJPVTMZEJTDMPTFENBUFSJBMT %FpOJUJPOTBTOPUFEJOUIJTEPDVNFOU 'JHVSFT3PVOEFEEPXOUPUIFOFBSFTUVOJUPGEJTQMBZ 3BUJPT3PVOEFEUPUIFTFDPOEEFDJNBMQMBDF
Page 3
$POTPMJEBUFE ':2)JHIMJHIUT "33 /FU4BMFT 0QFSBUJOH1SPpU ':2'JOBODJBM4VNNBSZ 3FDPSE IJHI 3FDPSE IJHI /VNCFSPG FNQMPZFFT :P: :P: :P: :P: =CJMMJPO =CJMMJPO =CJMMJPO FNQMPZFFT
Page 4
$POTPMJEBUFE 4UBUFNFOUPG*ODPNF 4PMJEQFSGPSNBODFDFOUFSFEPOSFDVSSJOHSFWFOVFESPWFOFUTBMFTHSPXUIPG :P: 0QFSBUJOHQSPpUFYQBOEFE TJHOJpDBOUMZ VQ :P: POJNQSPWFEHSPTTNBSHJOBOEBMPXFS4("SBUJP $PTUPG4BMFT 4("FYQFOTFT 0QFSBUJOHQSPpU /FU4BMFT &BSOJOHTTUSVDUVSF :FOJONJMMJPOT :FOJONJMMJPOT ':2 .BZ+VM ':2 .BZ+VM :P: ':QMBO ':2 QSPHSFTTSBUF /FUTBMFT $PTUPGTBMFT (SPTTQSPpU 4("FYQFOTFT 0QFSBUJOHQSPpU 0SEJOBSZQSPpU 1SPpUBUUSJCVUBCMFUP PXOFSTPGQBSFOU ':2'JOBODJBM4VNNBSZ
Page 5
$POTPMJEBUFE #BMBODF4IFFU $POUJOVFEBDDVNVMBUJPOPGQSPpUIBTTFDVSFEpOBODJBMDBQBDJUZGPSHSPXUIJOWFTUNFOUXIJMFNBJOUBJOJOHBIJHIFRVJUZ SBUJPPG :FOJONJMMJPOT ':2 ':2 :P: ':2 2P2 $VSSFOUBTTFUT $BTIBOE EFQPTJUT /PODVSSFOU BTTFUT 5 PUBMBTTFUT $VSSFOUMJBCJMJUJFT /PODVSSFOU MJBCJMJUJFT 5 PUBMMJBCJMJUJFT 5 PUBMOFUBTTFUT 5 PUBMMJBCJMJUJFT BOEOFUBTTFUT /PODVSSFOUBTTFUT 0UIFSDVSSFOUBTTFUT $BTIBOEEFQPTJUT $VSSFOUMJBCJMJUJFT 5 PUBMOFUBTTFUT /PODVSSFOUMJBCJMJUJFT &RVJUZ3BUJP $VSSFOUBTTFUT BDDPVOUTSFDFJWBCMFPUIFS BOEDVSSFOUMJBCJMJUJFT BDDPVOUTQBZBCMFPUIFS JODSFBTFEEVFUPUIFOPSNBMJ[BUJPOPGSFWFOVFSFDPHOJUJPOUJNJOHJOUIFQBZNFOUCVTJOFTTJNQMFNFOUFEJO':2 "TTFUT -JBCJMJUJFT/FU"TTFUT :FOJONJMMJPOT ':2'JOBODJBM4VNNBSZ
Page 6
$POTPMJEBUFE $IBOHFTJO/FU4BMFT 0QFSBUJOH1SPpU BOE01.BSHJO #PUIOFUTBMFTBOEPQFSBUJOHQSPpUBSFQSPHSFTTJOHTUFBEJMZBHBJOTUUIFGVMMZFBSQMBO8IJMFDPOUJOVJOHHSPXUI JOWFTUNFOU PQFSBUJOHQSPpUNBSHJOSPTFUPPOJNQSPWFEHSPTTNBSHJOBOEBMPXFS4("SBUJP .BZ"QS :FOJONJMMJPOT ': ': ': ': ':2 /FUTBMFT 0QFSBUJOHQSPpU 01NBSHJO .BZ"QS .BZ"QS .BZ"QS .BZ+VM /FUTBMFTQSPHSFTTSBUF 0QFSBUJOHQSPpUQSPHSFTTSBUF = NN= NN = NN= NN ':2 .BZ+VM ʢ2SFTVMUʣ ':2'JOBODJBM4VNNBSZ
Page 7
$POTPMJEBUFE 2OFUTBMFTGFMM2P2 SFqFDUJOHTFBTPOBMJUZBOEBQVMMCBDLGSPNB2NFBTVSF CVUHSFX :P: 4VQQPSUFECZIJHIFSHSPTTNBSHJOBOEMPXFS4(" 2PQFSBUJOHQSPpUNBSHJOSPTF QU:P:UP BRVBSUFSMZSFDPSE 2 2 2 2 2 2 2 2 2 /FUTBMFT 0QFSBUJOHQSPpU 01NBSHJO ': .BZ+VM ': .BZ"QS :FOJONJMMJPOT 01.BSHJO 2P2 QU ': .BZ"QS "OBVUPNBUJDDIBOHFNBDIJOFDBNQBJHOXBTDPOEVDUFEGPSFYJTUJOHDVTUPNFST *O':2 DPTUPGTBMFTBOE4("FYQFOTFTTVDIBTBEWFSUJTJOHFYQFOTFTJODSFBTFE2P2EVFUPDBNQBJHOTGPSFYJTUJOH DVTUPNFSTBOENVMUJTUPSFEFBMT BNPOHPUIFSGBDUPST *O':2 OPOSFDVSSJOHFYQFOTFTXFSFJODVSSFE JODMVEJOHBQQSPYJNBUFMZ=NJMMJPOJODVTUPNFSUSBOTGFSGFFTSFTVMUJOHGSPNUIFUFSNJOBUJPOPGB DPNQFUJUPST104TFSWJDF BOEBQQSPYJNBUFMZ=NJMMJPOJOEJTQPTBMDPTUTGPSPMEQBZNFOUUFSNJOBMT ˞ :P: QU ˞ ':2 .BZ+VM 2VBSUFSMZ$IBOHFTJO/FU4BMFT 0QFSBUJOH1SPpUBOE01.BSHJO ɹ/FUTBMFT:P: 0QFSBUJOHQSPpU:P: ':2'JOBODJBM4VNNBSZ
Page 8
$POTPMJEBUFE "TUIFJNQBDUPG."POSFTVMUT UIFDPNCJOFEWBMVFPGHPPEXJMMBOEBNPSUJ[BUJPOPGDVTUPNFSSFMBUFEJOUBOHJCMFBTTFUTJTQSFTFOUFEBTHPPEXJMMBNPSUJ[BUJPO w /VNCFSPGOFXGFFQBZJOHDPOUSBDUTJODSFBTFE w (SPXUIPGDPOTJTUFOUTBMFT NPOUIMZGFFT EVFUPMPX DIVSOSBUF w &YQBOTJPOPGQBZNFOUSFMBUFECVTJOFTT w *ODSFBTFJODPTUPGQSPEVDUJPOJODMVEJOHMBCPSDPTUT w $PTUSFEVDUJPOGSPNJOIPVTJOHUIFQBZNFOUTCVTJOFTT w -PXFSDPTUPGTBMFTGSPNIJHIFSSFDVSSJOHSFWFOVF w )JHIFSQFSTPOBMFYQFOTFTEVFUPUIFJODSFBTFEPG FNQMPZFFT w -PXFSBETQFOEGSPNPQUJNJ[FE57DPNNFSDJBMBJSUJNF w )JHIFSDPTUTGSPNPVUTPVSDJOHGFFTBOE"*BEPQUJPO':2 0QFSBUJOHQSPpU .BZ+VM ':2 0QFSBUJOHQSPpU .BZ+VM )JHIFS TBMFT )JHIFS DPTU PGTBMFT 4("FYQFOTFT -PHJTUJDT DPTUT "EWFSUJTJOH FYQFOTFT 3FOU 0UIFST %FQSFDJBUJPO 1FSTPOOFM FYQFOTFT (PPEXJMM BNPSUJ[BUJPO )JHIFSTBMFT )JHIFSDPTUPGTBMFT )JHIFS4("FYQFOTFT :FOJONJMMJPOT "OBMZTJTPG$IBOHFTJO0QFSBUJOH1SPpU :P:DIBOHF ':2'JOBODJBM4VNNBSZ
Page 9
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˞ ˞ ':2'JOBODJBM4VNNBSZ
Page 10
$POTPMJEBUFE 2VBSUFSMZ$IBOHFTJO4("FYQFOTFT 8IJMFFYQFOTFTBTTPDJBUFEXJUICVTJOFTTHSPXUIJODSFBTFE BEWFSUJTJOHFYQFOTFTEFDMJOFE2P2 BOE24(" FYQFOTFTXFSF= NJMMJPO VQ 2P2 :FOJONJMMJPOT 2 2 2 2 2 2 2 2 2 1FSTPOOFM "EWFSUJTJOH -PHJTUJDT 3FOU %FQSFDJBUJPO (PPEXJMMBNPSUJ[BUJPO 0UIFS ':2QFSTPOOFMFYQFOTFTEFDSFBTFE2P2EVFUPUIFSFWFSTBMPGCPOVTQSPWJTJPOTBOEBEFDSFBTFJOTUPDLCBTFEDPNQFOTBUJPOFYQFOTFT %FQSFDJBUJPOFYQFOTFJO':2XBTUFNQPSBSJMZ OFHBUJWF8IJMFEFQSFDJBUJPOFYQFOTFJODSFBTFEEVFUPUIFBEEJUJPOBOESFMPDBUJPOPGP⒏DFTBOETIPXSPPNT UIJTXBTP⒎TFUCZBHBJOBSJTJOHGSPNUIFTFUUMFNFOUPGBTTFUSFUJSFNFOUPCMJHBUJPOT ': .BZ"QS ': .BZ"QS ˞ ˞ 4("SBUJP 4("FYQFOTFT = NN ':2 .BZ+VM 2P2 :P: ': .BZ+VM :P: ':2'JOBODJBM4VNNBSZ
Page 11
$POTPMJEBUFE 2VBSUFSMZ$IBOHFTJO"EWFSUJTJOH&YQFOTFTBOE4. 4.FYQFOTFXBTqBU2P28JUIOPJNQBDUGSPNNBKPSFWFOUTJO2 BEWFSUJTJOHFYQFOTFTXFSFEPXO2P2$POUJOVFTUPNBLF F⒏DJFODZGPDVTFE BDUJWFJOWFTUNFOUT CBMBODJOHBXBSFOFTTBOEMFBEHFOFSBUJPOPCKFDUJWFTXIJMFSFNBJOJOHNJOEGVMPG$1" 2 2 2 2 2 2 2 2 2 ': .BZ"QS ':2FYQFOTFTJODSFBTFE2P2EVFUPIPTUJOHPVSBOOVBMGPPEGFTUJWBMBOEBEFEJDBUFEDPOGFSFODFGPSNFSDIBOUPQFSBUPST ': .BZ"QS ˞ :FOJONJMMJPOT 2 2 2 2 2 2 2 2 2 4. 4.SBUJP ': ': .BZ"QS .BZ"QS "EWFSUJTJOHUPTBMFTSBUJP ': .BZ+VM 4. =NN 4.SBUJP ': .BZ+VM :FOJONJMMJPOT -FBEHFOFSBUJPO #SBOEBXBSFOFTT 0UIFST 8FCBET MJTUJOH B⒏MJBUF FWFOUFYIJCJUGFFT 57DPNNFSDJBMT 3BEJP &WFOUTTVDIBTGPPEGFTUJWBMT FUD XIJDIBSFUIFCSBOEJOHBDUJWJUJFT UIBUBSFOPUEJSFDUMZB⒎FDUFECZMFBEBDRVJTJUJPOTPSJODSFBTJOHSFDPHOJUJPO ':2'JOBODJBM4VNNBSZ
Page 12
$POTPMJEBUFE (SPXUIJO/VNCFSPG&NQMPZFFT 1.*PGUIFGPSNFSTVCTJEJBSZ /FUTIPQ4VQQPSUFST IBTCFFODPNQMFUFE)FBEDPVOUSPTF :P:UP DPOUJOVJOH BDUJWFIJSJOHXIJMFNBJOUBJOJOHTFMFDUJPOTUBOEBSET BMPOHTJEFPQFSBUJPOBMF⒏DJFODZHBJOTGSPN"*BEPQUJPO "TPGUIFFOEPG+VMZ FYDMVEFTUFNQPSBSZTUB⒎BOEQBSUUJNFFNQMPZFFT BTPGUIFFOEPG+VMZ :P:CBTF BTPGUIFFOEPG"QSJM 2P2CBTF *O':2 FNQMPZFFTXFSFSFBTTJHOFEGSPNDVTUPNFSTVQQPSUUPTBMFTBTQBSUPGBTUSFOHUIFOFETBMFTTUSBUFHZ ': ': ': ': ':2 .BZ"QS .BZ"QS .BZ"QS .BZ"QS .BZ+VM ˞ ':2 /VNCFSPG&NQMPZFFT :P: 2P2 $PSQPSBUF $VTUPNFSTVQQPSU4BMFT.BSLFUJOH&OHJOFFS%FTJHOFS 'PSNFS4VCTJEJBSZ /FUTIPQ4VQQPSUFST ':2'JOBODJBM4VNNBSZ
Page 13
#VTJOFTT4VNNBSZ
Page 14
':25 PQJDT #VTJOFTT4VNNBSZ .BZ+VMZ w -BVODIPGUIF4UPSF04'VOEUPBEWBODFTUSBUFHJDJOWFTUNFOUUPXBSE SFBMJ[JOHUIF4UPSF04DPODFQU w 6OJpDBUJPOPGNBOBHFNFOU PSHBOJ[BUJPOBM BOEEFWFMPQNFOUTUSVDUVSFTJO UIF&$EPNBJOGPMMPXJOHDPNQMFUJPOPGUIFBCTPSQUJPOUZQFNFSHFSPG /FUTIPQ4VQQPSUFST w $VNVMBUJWF(.7IBOEMFECZ4NBSFHJ 104 TVSQBTTFE=USJMMJPO w $FSUJpDBUJPOPG4NBSFHJTFSWJDFTBTFMJHJCMFUPPMTVOEFSUIF%JHJUBMJ[BUJPO BOE"*"EPQUJPO4VCTJEZ XJUIDMPVE104SFHJTUFSTTVCKFDUUPQSJPSJUZ TFMFDUJPO w 1BSUJDJQBUJPOJOXPSLJOHMFWFMNFFUJOHTBOEFWFOUTIPTUFECZUIF.JOJTUSZPG &DPOPNZ 5 SBEFBOE*OEVTUSZ .&5* BOEUIF4NBMMBOE.FEJVN&OUFSQSJTF "HFODZUPQSPNPUFUIFTQSFBEPGNPCJMF104TZTUFNT w #BOLSVQUDZPGDSFEJUQBZNFOUBHFODZ;FOUPTIJO DPNNFODFNFOUPG CBOLSVQUDZQSPDFFEJOHTB⒎FDUFEQBZNFOUBOETFUUMFNFOUPQFSBUJPOTGPSJUT NFNCFSNFSDIBOUT w )FMEUIFUIMBSHFTDBMFGPPEGFTUJWBM)BSBQFLP$*3$64 ESBXJOH BUUFOEFFT DVNVMBUJWFFWFOUBUUFOEBODFTVSQBTTFENJMMJPO w 4QPOTPSTIJQPG45"''0'5)&:&"3 IPTUFECZ45"''45"35 BT NBJOTQPOTPS UI 4VQQPSUJOHUIFBEPQUJPOPGNPCJMF104 TZTUFNTUISPVHIUIFVTFPGTVCTJEJFT ."*OWFTUNFOU(SPVQ&OUSZ
Page 15
3FTQPOTFUPUIF$POTVNQUJPO5 BY3BUF$IBOHFBOEUIF4QSFBEPG.PCJMF1044ZTUFNT #VTJOFTT4VNNBSZ *OSFTQPOTFUPUIFQMBOOFEDIBOHFJOUIFDPOTVNQUJPOUBYSBUF BUUFOUJPOJTUVSOJOHUPNPCJMF104TZTUFNTGPSUIFJS BCJMJUZUPqFYJCMZBDDPNNPEBUFSFHVMBUPSZDIBOHFT BOEUIFHPWFSONFOUJTQSPNPUJOHUIFTQSFBEPGTVDITZTUFNT5IF JNQPSUBODFPGDMPVE104SFHJTUFSTJTJODSFBTJOH #BTJDQPMJDZBQQSPWFECZ$BCJOFUEFDJTJPOPO"VHVTU 4VCKFDUUPDIBOHFEFQFOEJOHPOGVUVSFMFHJTMBUJPOBOETZTUFNEFTJHO /PUF.PCJMF104TZTUFNTSFGFSSFEUPJO+BQBOBTTNBSUSFHJTUFSTZTUFNTUVSOHFOFSBMQVSQPTFEFWJDFTTVDIBTUBCMFUTBOETNBSUQIPOFTJOUPBSFHJTUFSBOEDFOUSBMMZNBOBHFTBMFT JOWFOUPSZ BOEDVTUPNFSEBUBJOUIFDMPVE w 3FWJFXPGSFHJTUFSTBOEQFSJQIFSBMTZTUFNTUSJHHFSFECZUIF JOTUJUVUJPOBMDIBOHF w $SFBUJOHBOPQQPSUVOJUZGPSNJHSBUJPOGSPNMFHBDZ UFSNJOBMUZQF UPDMPVECBTFETZTUFNT .PCJMF104TZTUFNTDBQBCMFPGqFYJCMZ BDDPNNPEBUJOHUBYSBUFDIBOHFTBSFJOEFNBOE ˞ 5B Y D V U G P S U X P Z F B S T G S P N " Q S J M w &MJHJCMFGPS%JHJUBMJ[BUJPO"*TVCTJEZ DMPVE104QSJPSJUJ[FE w (PWUUPDPOUJOVFFYQBOENPCJMF104TVQQPSUJO': 4VQQPSUJOHUIFTQSFBEPGNPCJMF104TZTUFNT 4NBSFHJ104SFTQPOETJNNFEJBUFMZ XJUIKVTUBTFUUJOHTDIBOHF 1MBOUPSFEVDFUIFDPOTVNQUJPOUBYSBUFPOGPPETUV⒎TGSPNUIFDVSSFOUUPGPSBMJNJUFEUXPZFBS QFSJPETUBSUJOH"QSJM (PWU 4PVSDF=CJMMJPOGPS4NBSFHJBEPQUJPOBOECVTJOFTTTVDDFTTJPOTVCTJEJFT.&5*T ':CVEHFUSFRVFTU /JLLFJ "VHVTU
Page 16
"OOVBM3FDVSSJOH3FWFOVF 4VCTDSJQUJPO4BMFT 4VQQPSUFECZTUSPOHHSPXUIJODBTIMFTTQBZNFOUT 104Y1BZNFOUTJTESJWJOHCVTJOFTTHSPXUI "33HSFX :P:UP= NJMMJPO /PUF4UBSUJOHXJUIUIF':2SFTVMUTQSFTFOUBUJPO UIF4NBSFHJNBJOUFOBODFTFSWJDFGFF QSFWJPVTMZSFDPSEFEVOEFSTBMFTPGQSPEVDUTBOEPUIFST IBTCFFOSFDMBTTJpFEUPNPOUIMZGFFTBOEPUIFSTUP SFqFDUJUTOBUVSFBTBDPOUJOVJOHpYFEGFFTFSWJDF1SJPSQFSJPEpHVSFTIBWFOPUCFFOSFUSPTQFDUJWFMZSFTUBUFE 3FGFSFODF"TPG':2 UIFJNQBDUPGUIJTEFpOJUJPOBMDIBOHFPO4NBSFHJ104SFMBUFE"33 XBTBQQSPYJNBUFMZ=NJMMJPO 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3FMBUFEUP104 $BTIMFTT1BZNFOU 5JNF$BSE 4NBSFHJ&$ #VTJOFTT4VNNBSZ ': ': ': "33 =CO :P: 2P2 .BZ"QS .BZ"QS .BZ"QS :FOJONJMMJPOT ': .BZ"QS ': .BZ+VM 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 :P: &$SFMBUFEDPNQBOZ /FUTIPQ4VQQPSUFST$P -UE BDRVJTJUJPO 1SJDF3FWJTJPO $BTIMFTT1BZNFOU :P:
Page 17
104 4NBSFHJ104TQFDJpD,1*T.BZ+VM /PUF"TPGUIFFOEPG+VMZ'PSEFUBJMTPOEFpOJUJPOT QMFBTFSFGFSUPQBHF "33 =CJMMJPO :P: "31" = :P: "316 = :P: .33$IVSO :P:QU (.7 =CJMMJPO :P: 'FFQBZJOH4UPSFT :P: #VTJOFTT4VNNBSZ
Page 18
104 "TIJGUGSPNMVNQTVNQVSDIBTFTPGQFSJQIFSBMEFWJDFTUPEFWJDFTVCTDSJQUJPOTJTQSPHSFTTJOH TVQQPSUJOHBOJODSFBTFJO BWFSBHFSFWFOVFQFSDVTUPNFS"31"BOE"316DPOUJOVFEUIFJSVQXBSEUSFOE VQ :P:BOE :P: SFTQFDUJWFMZ 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 ': ': .BZ"QS .BZ"QS "31" "316:P: = "TPGUIFFOEPG+VM = = 2P2 = /PUF4UBSUJOHXJUI':2 "31""316XFSFSFEFpOFEUPBMTPSFqFDU"QQ.BSLFUBOEUIF4NBSFHJNBJOUFOBODFTFSWJDFGFF1SJPSQFSJPEpHVSFTIBWFOPUCFFOSFUSPTQFDUJWFMZSFTUBUFE ': .BZ"QS :P: = 2P2 = ': .BZ+VM ': ': .BZ"QS .BZ"QS ': .BZ"QS ': .BZ+VM #VTJOFTT4VNNBSZ"WFSBHF3FWFOVFQFS"DDPVOUBOE6TFS "31""316 "TPGUIFFOEPG+VM
Page 19
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
Page 20
104 $IBOHFTJO$IVSO3BUF $POUJOVFTUPGPDVTPOTUSFOHUIFOJOHPOCPBSEJOHBOEJNQSPWJOHTFSWJDFRVBMJUZ2DIVSOSBUFSFBDIFEBSFDPSEMPXPG 6TBHFCBTFEFOHBHFNFOUJOJUJBUJWFTBSFCFJOHJNQMFNFOUFEUPGVSUIFSJNQSPWFDVTUPNFSTBUJTGBDUJPO ': ': 2 2 2 2 2 2 2 2 2 2 2 2 2 ':2 ʢ.BZ+VMʣ ɹQU :P: 2P2 ɹQU .BZ"QS .BZ"QS ': .BZ"QS ': .BZ+VM ': $IVSOSBUF ': $IVSOSBUF ': $IVSOSBUF #VTJOFTT4VNNBSZ -PXFTU FWFS $IVSOSBUF.33DIVSOSBUF 5IFQFSDFOUBHFPGEFDSFBTFJOFYJTUJOH DVTUPNFSNPOUIMZGFFTDBVTFECZDBODFMMBUJPOT
Page 21
104 2VBSUFSMZ5 SFOETJO$SPTT4FMM$POUSBDUTBOE$SPTT4FMM"31" $SPTTTFMM"31" UIFNPOUIMZGFFQFSDPOUSBDUGPSDVTUPNFSTVTJOH4NBSFHJ104UPHFUIFSXJUIPUIFS4NBSFHJCSBOEFETFSWJDFT FYQBOEFE :P:UP= )JHIFSQFSDVTUPNFSSFWFOVFESJWFOCZUIFDSPTTTFMMTUSBUFHZJTTVQQPSUJOH"33HSPXUI ':2 ʢ.BZ+VMʣ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
Page 22
104 (.7 (SPTT.FSDIBOEJTF7BMVF 1SPHSFTT (.72SFBDIFEBOFXRVBSUFSMZSFDPSE FYQBOEJOH :P:UP= NJMMJPO$VNVMBUJWF(.7TVSQBTTFE= USJMMJPOJO+VOF DPOUSJCVUJOHUPUIFBEWBODFNFOUPGDBTIMFTTQBZNFOUTJO+BQBO +BQBOTEPNFTUJDDBTIMFTTQBZNFOUSBUJPXBTJO': UIFHPWFSONFOUUBSHFUTCZ JOUFSJNHPBM BOEPWFSUIFMPOHFSUFSN BOOPVODFECZ.&5* %FDFNCFS $BTIMFTTUSBOTBDUJPOTJODMVEFDSFEJUDBSET FNPOFZ 23DPEFQBZNFOUT BOE JOTPNFDBTFT HJGUDFSUJpDBUFTBOEWPVDIFST :FOJOCJMMJPOT =CO :P: (.7HSPXUISBUJP 2P2 2VBSUFSMZ 3FDPSE)JHI$VNVMBUJWF 5 SBOTBDUJPO"NPVOU .BZ+VM 2 2 2 2 2 2 2 2 2 2 2 2 2 5 PUBM"NPVOU ': .BZ"QS ': .BZ"QS ': .BZ"QS ': .BZ+VM :P: #VTJOFTT4VNNBSZ $BTIMFTTSBUF $VNVMBUJWF =UO &YDFFEFE
Page 23
141 $BTIMFTT1BZNFOU4FSWJDFT,1*T.BZ+VM 6TBHFSBUJPCZ104VTFST $SPTTTFMMSBUF :P: QUɹ2P2 QU "31" = :P:= "33 =CJMMJPO :P: $POUSBDUT :P: /PUF"TPGUIFFOEPG+VMZ'PSEFUBJMTPOEFpOJUJPOT QMFBTFSFGFSUPQBHF 3FHBSEJOHUIFSFDBMDVMBUJPOPGUIFDSPTTTFMMSBUF #FDBVTFQBSUPGUIFDBMDVMBUJPOTDPQFIBECFFOPNJUUFE UIFpHVSFTIBWFCFFOSFDBMDVMBUFE JODMVEJOHGPSQSJPSQFSJPET :P:BOE2P2BSFBMTPDBMDVMBUFEVTJOHUIFSFDBMDVMBUFEpHVSFT4FFUIF"QQFOEJYGPSEFUBJMT #VTJOFTT4VNNBSZ
Page 24
141 "HBJOTUBCBDLESPQPGFYQBOEJOH104Y1BZNFOUTDSPTTTFMM CPUIpYFENPOUIMZGFFSFWFOVFBOEQBZNFOUGFFSFWFOVF HSFX"OJODSFBTFJOQBZNFOUWPMVNFEVSJOHUIF(PMEFO8FFLIPMJEBZTBMTPDPOUSJCVUFE BOE"33FYQBOEFE :P:UP= NJMMJPO 2 2 2 2 2 2 2 2 2 2 2 2 2 ': .BZ"QS :FOJONJMMJPOT ': .BZ"QS ': .BZ"QS 2P2 :P: "33 =CO :P: 2P2 ': .BZ+VM 3FHBSEJOHUIFJNQBDUPGUIFCBOLSVQUDZPG ;FOUPTIJO BDSFEJUQBZNFOUBHFODZ 5IFJNQBDUPOSFTVMUTJTMJNJUFE4VQQPSUGPS FYJTUJOHNFNCFSNFSDIBOUTBOEOFXDVTUPNFS BDRVJTJUJPODPOUJOVFE XJUIOPTJHOJpDBOUDIBOHFUP UIFPWFSBMMHSPXUIUSFOEPGUIFQBZNFOUTCVTJOFTT #VTJOFTT4VNNBSZ"OOVBM3FDVSSJOH3FWFOVFPG$BTIMFTT1BZNFOU4FSWJDFT
Page 25
)3 4NBSFHJ5JNF$BSE,1*T.BZ+VM 3FHBSEJOHUIFSFDBMDVMBUJPOPGUIFDSPTTTFMMSBUF #FDBVTFUIFDBMDVMBUJPOTDPQFPG104VTFSTIBEJODMVEFETPNFVOOFDFTTBSZQMBOT UIFpHVSFTIBWFCFFOSFDBMDVMBUFE JODMVEJOHGPSQSJPSQFSJPET :P:BOE2P2BSFBMTPDBMDVMBUFEVTJOHUIFSFDBMDVMBUFEpHVSFT4FFUIF"QQFOEJYGPSEFUBJMT "QSJDFSFWJTJPOXBTJNQMFNFOUFEGPSUIF4UBOEBSEQMBO %VFUPUIFQSJDFSFWJTJPOJO'FCSVBSZ TPNFFYJTUJOHDVTUPNFSTPOUIFGSFFUJFSCFHBOQBZJOH "TBSFTVMU UIFOVNCFSPGDPOUSBDUTBOESFHJTUFSFEFNQMPZFFTSPTFTIBSQMZ DBVTJOH"31"UPEFDMJOF /PUF"TPGUIFFOEPG+VMZ'PSEFUBJMTPOEFpOJUJPOT QMFBTFSFGFSUPQBHF 6TBHFSBUJPCZ104VTFST $SPTTTFMMSBUF :P: QUɹ2P2 QU 'FFQBZJOH DPOUSBDUT :P: 3FHJTUFSFE FNQMPZFFT :P: "33 =NN :P: "31" = :P:= #VTJOFTT4VNNBSZ
Page 26
)3 "OOVBM3FDVSSJOH3FWFOVFPG4NBSFHJ5JNF$BSE $BQUVSJOHEFNBOEEVSJOHUIFpTDBMZFBSFOETUBSUUSBOTJUJPOQFSJPEXIJMFBMTPBDRVJSJOHNFEJVNUPMBSHFTDBMFEFBMT "33FYQBOEFE :P:UP=NJMMJPO DPOUJOVJOHTUBCMFHSPXUI 2 2 2 2 2 2 2 2 2 2 2 2 2 :FOJONJMMJPOT "33 =NN :P: 2P2 ': .BZ"QS ': .BZ"QS ': .BZ+VM ': .BZ"QS 2P2 :P: #VTJOFTT4VNNBSZ
Page 27
&$ 4NBSFHJ&$1SPHSFTTBOE'VUVSF(SPXUI 5IFBCTPSQUJPOUZQFNFSHFSBOEPSHBOJ[BUJPOBMJOUFHSBUJPOXFSFDPNQMFUFEJO.BZ NPWJOH1.*JOUPJUTSFWFOVF FYQBOTJPOQIBTF5IFOVNCFSPG104Y&$DSPTTTFMMDPOUSBDUTIBTSPVHIMZEPVCMFE XJUITZOFSHZDSFBUJPOVOEFSXBZ JODMVEJOHQSPEVDUJOUFHSBUJPOBOEQBZNFOUT #VJMEJOHBO*OUFHSBUFE'PVOEBUJPO 5ISFF5IFNFTGPS3FWFOVF&YQBOTJPO 104Y&$$SPTT4FMM w /VNCFSPGDPOUSBDUTSPVHIMZEPVCMFE:P: w 4USFOHUIFOFE104JOUFHSBUJPOGVODUJPOBMJUZ"CTPSQUJPOUZQFNFSHFSBOEPSHBOJ[BUJPOBM JOUFHSBUJPODPNQMFUFE 6OJpFENBOBHFNFOUBOEPSHBOJ[BUJPOBMTUSVDUVSFTJO.BZ $POTPMJEBUJPOPGP⒏DFMPDBUJPOTJTBMTPFYQFDUFEUPCFDPNQMFUFE UIJTGBMM UIFJNQBDUPOSFTVMUTJTMJNJUFE 1SPEVDUBOE 0OCPBSEJOH&YQFSJFODF 1BZNFOU3FWFOVF #VTJOFTT4VNNBSZ $PNQMFUFE w 4IPSUFOFEPOCPBSEJOHQFSJPE w &OIBODFEGVODUJPOBMJUZ JODMVEJOH#UP#&$ w 4XJUDIJOHGSPNUIJSEQBSUZQBZNFOU QSPWJEFSTUP1":("5& w 4USFOHUIFOFEQSPQPTBMTUPOFXDVTUPNFST
Page 28
1SPHSFTTPG5IFSE.FEJVN 5FSN.BOBHFNFOU1MBO ':':
Page 29
1SPHSFTTPG2':BOE"331MBO w 1041BZNFOU*OUFHSBUJPO&YQBOTJPO w 5 SBOTJUJPOJOHGSPNPOFUJNFIBSEXBSFTBMFTUPBSFDVSSJOH TVCTDSJQUJPONPEFM w "JNJOHUPJNQSPWFPVSUBLFSBUFCZSFTUSVDUVSJOHUIFQBZNFOUWBMVF DIBJO "33(SPXUI1MBO 5 BSHFUJOH$"(3PG 0WFS:FBST ': ': ': ԯԁ ԯԁ ԯԁ $"(3 .BZ"QS .BZ"QS .BZ"QS =CO w #PPTUJOH1BZNFOUTWJB5 BY'SFF3FGVOE4ZTUFN*OUFHSBUJPO w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
Page 30
-POHUFSN7JTJPOBOE.FEJVNUFSN.BOBHFNFOU1MBO .BSDI 3FMFBTF 5 BSHFUJOH"33PG+1:CJMMJPO CZUIFpTDBMZFBSFOEJOH"QSJM SE.FEJVN 5 FSN .BOBHFNFOU1MBO 4NBSFHJ-POHUFSN7JTJPOBOE.FEJVNUFSN.BOBHFNFOU1MBO 7*4*0/ IUUQTDPSQTNBSFHJKQFOJSNBOBHFNFOUWJTJPOQIQ
Page 31
"QQFOEJY
Page 32
$PSSFDUJPOPG6TBHFSBUJPCZ104VTFST $SPTTTFMMSBUFT "QQFOEJY ':2 ':2 ':2 ':2 ':2 ':2 $SPTT4FMM3BUFGPS$BTIMFTT1BZNFOU 5IFSFXBTBOFSSPSJOUIFDBMDVMBUJPODPOEJUJPOTGPSUIFDSPTTTFMMSBUFPGUIFTFSWJDFTCFMPX TPUIFpHVSFTIBWFCFFOSFDBMDVMBUFE JODMVEJOHGPSQSJPSQFSJPET&WFO BGUFSUIFSFDBMDVMBUJPO UIFSFJTOPDIBOHFUPUIFVQXBSEUSFOEJOUIFDSPTTTFMMSBUF 3FBTPOGPSDPSSFDUJPO 4PNFQBJEQMBOTIBECFFOPNJUUFEGSPNUIFDBMDVMBUJPOTDPQF ':2 ':2 ':2 ':2 ':2 ':2 $SPTT4FMM3BUFGPS4NBSFHJ5JNF$BSE 3FBTPOGPSDPSSFDUJPO 5IFDBMDVMBUJPOTDPQFPG104VTFSTIBEJODMVEFEVOOFDFTTBSZQMBOT /PUFPOCFGPSFBGUFSDPNQBSJTPO "T':2SFqFDUTUIFMBUFTUpHVSFTDBMDVMBUFEUIJTUJNF UIFSFJTOPCFGPSFDPSSFDUJPOpHVSFGPSUIBUQFSJPE ':2 ':2 ':2 ':2 ':2 "GUFS #FGPSF ':2 ':2 ':2 ':2 ':2 "GUFS #FGPSF
Page 33
.BSLFU4FHNFOUBUJPO4USBUFHZ3PMMPVUPGBO*OEVTUSZ4QFDJpD104GPS$PTNFUJDT4QFDJBMUZ4UPSFT "QQFOEJY &OIBODFEFYUFOTJPOBQQTBOETVQQPSUTZTUFNTQSPWJEFBWFSTJPOPG4NBSFHJXJUIJNQSPWFEDPOWFOJFODFGPSUIF DPTNFUJDTJOEVTUSZ "OBHFODZBHSFFNFOUIBTCFFOTJHOFEXJUIUIF /BUJPOBM'FEFSBUJPOPG$PTNFUJDT3FUBJM $PPQFSBUJWF"TTPDJBUJPOT ;FOTIPVLZP BOEB QIBTFENJHSBUJPOUP4NBSFHJJTVOEFSXBZ 1VSQPTF 'PMMPXJOHUIFSFWJTJPOPGUIFNBOBHFNFOUTZTUFNGPSDPTNFUJDTTQFDJBMUZ TUPSFT XIJDIXJMMEJTDPOUJOVFUIFQSPWJTJPOPGDFSUBJOGVODUJPOT 104 SFHJTUFST 4NBSFHJIBTCFFODFSUJpFECZ;FOTIPVLZPBTJUTSFDPNNFOEFE SFQMBDFNFOU104SFHJTUFS4JODF+BOVBSZ BOJOJUJBUJWFIBTCFFO VOEFSXBZUPTVQQPSUNJHSBUJPOUP4NBSFHJGPSDPTNFUJDTTQFDJBMUZTUPSFT OBUJPOXJEF 0GFYJTUJOHVTFST NPSFUIBO TUPSFT FYDMVEJOHUIPTFBMSFBEZVTJOH4NBSFHJ BSFFYQFDUFEUPNJHSBUFUP 4NBSFHJ XJUIVTFFYQFDUFEUPCFHJOJO':2 &⒎FDUTBOEJNQBDU
Page 34
"QQFOEJY %FpOJUJPOTPG,1*T 104 "33 3FMBUFEUP104 "OOVBM3FDVSSJOH3FWFOVF#BTFEPOUJNFTUIF.33BUUIFFOEPGFBDIRVBSUFS 104NPOUIMZGFFT FRVJQNFOUTVCTDSJQUJPO BEEJUJPOBMPQUJPOT UFSNJOBMBEEJUJPOGFFT TFMGDIFDLPVUGFFT NFNCFSMJNJUBEEJUJPOBMGFFT UIJSEQBSUZQBZNFOUUFSNJOBMJOUFHSBUJPOTGFFT FUD 4NBSFHJ "QQ.BSLFU BOE4NBSFHJNBJOUFOBODFTFSWJDFGFFT 4UBSUJOHGSPN':2 XFIBWFSFDMBTTJpFEFYQFOTFTSFMBUFEUPUIJSEQBSUZQBZNFOUUFSNJOBMJOUFHSBUJPOTGSPN$BTIMFTTQBZNFOUTUP3FMBUFEUP104` 4UBSUJOHGSPN':2 BEEFE4NBSFHJNBJOUFOBODFTFSWJDFGFFT "31""316 "31" "WFSBHF3FWFOVF1FS"DDPVOU 3FWFOVFQFSDVTUPNFSGPSFBDIGFFQBZJOHDPOUSBDU "316 "WFSBHF3FWFOVF1FS6TFS 3FWFOVFQFSDVTUPNFSGPSFBDIGFFQBZJOHTUPSF &⒎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ɹ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pDBUFT FUD $BTIMFTTQBZNFOU "33 "OOVBM3FDVSSJOH3FWFOVF#BTFEPOUJNFTUIF.33BUUIFFOEPGFBDIRVBSUFS $BTIMFTTQBZNFOUT$POTJTUJOHPGpYFEDIBSHFTBOEVTBHFCBTFEDIBSHFT1":("5&NPOUIMZGFFT NFSDIBOUGFFT TBMFTSFCBUFBOEDPNNVOJDBUJPOGFFT 4UBSUJOHGSPN':2 XFIBWFSFDMBTTJpFEFYQFOTFTSFMBUFEUPUIJSEQBSUZQBZNFOUUFSNJOBMJOUFHSBUJPOTGSPN$BTIMFTTQBZNFOUTUP3FMBUFEUP104` $POUSBDUT 5IFUPUBMOVNCFSPGDPOUSBDUFEDPNQBOJFT "31" 3FWFOVFQFSDPNQBOZGPSFBDIGFFCBTFEDPOUSBDU BTPGUIFFOEPGUIFRVBSUFS 6TBHFSBUJPCZ104VTFST 1FSDFOUBHFPGGFFQBZJOH104QMBOVTFSTXIPBMTPVTFDBTIMFTTQBZNFOUTTFSWJDFT $BMDVMBUFEPOBDPOUSBDU*%CBTJT 4NBSFHJ5JNF$BSE "33 "OOVBM3FDVSSJOH3FWFOVF#BTFEPOUJNFTUIF.33BUUIFFOEPGFBDIRVBSUFS 4NBSFHJ5JNF$BSENPOUIMZGFFT 'FFQBZJOHDPOUSBDUT 5IFUPUBMOVNCFSPGGFFQBZJOHDPOUSBDUT 4NBSFHJ5JNF$BSETFSWJDFVUJMJ[FTBIZCSJEQSJDJOHNPEFM DPNCJOJOHBpYFENPOUIMZGFFXJUIVTBHFCBTFEDIBSHFTQFSFNQMPZFF5IJTpHVSFJODMVEFTDPOUSBDUTVOEFSUIF4UBOEBSE GSFF QMBOUIBUJODVS DIBSHFTGPSBEEJUJPOBMFNQMPZFFT &⒎FDUJWF':2 UIFTDPQFPGEJTDMPTVSFIBTCFFOMJNJUFEUPQBJEDPOUSBDUT FYDMVEJOHOPOQBZJOHDPOUSBDUTUIBUXFSFQSFWJPVTMZJODMVEFE 3FHJTUFSFE&NQMPZFFT 5IFUPUBMOVNCFSPGFNQMPZFFTVOEFSGFFQBZJOHDPOUSBDUT &⒎FDUJWF':2 UIFTDPQFPGEJTDMPTVSFIBTCFFOMJNJUFEUPFNQMPZFFTVOEFSl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pYFEGFFT XJUITPNFVTBHFCBTFEDIBSHFT
Page 35
4UBZ6QEBUFE-BUFTU/FXT*OGPSNBUJPO "QQFOEJY *3/FXTMFUUFS (FUUIFMBUFTUJOGPSNBUJPOEFMJWFSFETUSBJHIUUPZPV IUUQTDPSQTNBSFHJKQFOJSOFXTMFUUFS IUUQTDPSQTNBSFHJKQFO IUUQTDPSQTNBSFHJKQFOJS 5IFMBUFTUJOGPSNBUJPOJTBMTPBWBJMBCMFPOPVSDPSQPSBUFXFCTJUF 1MFBTFUBLFBNPNFOUUPWJTJU $PSQPSBUF8FCTJUF *3JOGPSNBUJPO
Page 36
#VTJOFTTQMBOT GPSFDBTUT BOEPUIFSGPSXBSEMPPLJOHTUBUFNFOUTJOUIJTQSFTFOUBUJPOBSF CBTFEPOUIFSFBTPOBCMFKVEHNFOUTPG4NBSFHJCBTFEPOJOGPSNBUJPOUIBUXBTDVSSFOUMZ BWBJMBCMF5IFBDUVBMSFTVMUTPGPQFSBUJPOTNBZEJ⒎FSCFDBVTFUIFTFTUBUFNFOUTJODMVEF VODFSUBJOUJFTJOWPMWJOHNBSLFUDPOEJUJPOT QPMJUJDBMFWFOUT UIFFDPOPNZ BOEPUIFSJUFNT5IF QVSQPTFPGUIJTQSFTFOUBUJPOJTOPUUPFODPVSBHFJOWFTUPSTUPCVZPSTFMM4NBSFHJTUPDLPS NBLFBOZPUIFSJOWFTUNFOUEFDJTJPOT*OWFTUPSTBSFSFTQPOTJCMFGPSNBLJOHUIFTFEFDJTJPOTPO UIFJSPXO %JTDMBJNFS
Page 37
':2 .BZ +VMZ 1SFTFOUBUJPO.BUFSJBMGPS'JOBODJBM3FTVMUT 4NBSFHJ *OD