-XO\1$&+,)8-,.26+,&253
2XWOLQH

䠍䠊6WUDWHJ\ IRU)<䠎䠉 䠕

䠎䠊2YHUYLHZRIWKH%XVLQHVV5HVXOWV)RUWKH)LUVW +DOIRI)<䠍䠌䠉䠍䠑

䠏䠊2YHUYLHZRIWKH%XVLQHVV)RUHFDVW 䠍䠒䠉䠎䠍IRU)<

5HVXOWVIRUWKH)LUVW+DOIRI)<DQG)RUHFDVWIRU)<2YHUYLHZ%LOOLRQ\HQ㻲㼅㻞㻜㻝㻤+㻲㼅㻞㻜㻝㻥+㻲㼡㼘㼘㻌㼅㼑㼍㼞㻔㻾㼍㼠㼑㻌㼛㼒㻌㻳㼞㼛㼣㼠㼔㻕

1HWVDOHV
2SHUDWLQJ,QFRPH
2UGLQDU\,QFRPH
1HW,QFRPH㻲㼡㼘㼘㻌㼅㼑㼍㼞㻌㻲㼛㼞㼑㼏㼍㼟㼠䠄䠇䠎㻚䠌㻑䠅㻝㻞㻠㻚㻢㻞㻡㻞㻚㻞䠄䠇䠏㻚䠍㻑䠅㻝㻞㻣㻚㻝䠄䠉䠓㻚䠔㻑䠅㻔䠒㻚䠑㻑㻕㻌㻌㻌㻤㻚㻝㻔䠒㻚䠍㻑㻕 㻝㻡㻚㻟䠄䠇䠍䠍㻚䠍䠂䠅㻔䠑㻚䠕㻑㻕㻌㻌㻌㻣㻚㻠䠄䠉䠒㻚䠒㻑䠅㻔䠑㻚䠓㻑㻕㻌㻌 㻣㻚㻜㻔䠑㻚䠑㻑㻕㻌㻌㻝㻟㻚㻥㻞㻢㻜㻚㻜㻔䠒㻚䠑㻑㻕㻝㻣㻚㻜䠄䠇䠍䠍㻚䠑䠂䠅㻔䠑㻚䠎㻑㻕㻌㻌 㻢㻚㻢䠄䞊䠒㻚䠏㻑䠅㻔䠒㻚䠌㻑㻕㻌 㻝㻡㻚㻡䠄䠇䠍䠓㻚䠐䠂䠅㻠㻚㻠㻤㻚㻥㻠㻚㻞㻝㻜㻚㻡㸦86'㸧㻝㻜㻥㻌㼥㼑㼚㻝㻝㻜 㼥㼑㼚㻝㻝㻜 㼥㼑㼚㻝㻜㻥 㼥㼑㼚㸦(XUR㸧㻝㻟㻞㻌㼥㼑㼚㻝㻟㻜㻌㼥㼑㼚㻝㻞㻡 㼥㼑㼚㻝㻞㻟 㼥㼑㼚

㸦50%㸧㻝㻣㻚㻝㻌㼥㼑㼚㻝㻢㻚㻣 㼥㼑㼚㻝㻢㻚㻟㻌㼥㼑㼚㻝㻡㻚㻥㻌㼥㼑㼚

7UDQVLWLRQRI%XVLQHVV3HUIRUPDQFH

2SHUDWLQJ,QFRPH %LOOLRQ \HQ

2UGHUV5HFHLYHG1HW6DOHV %LOOLRQ \HQ
2UGHUV5HFHLYHG

1HW6DOHV

2SHUDWLQJ,QFRPH

2YHUYLHZ㸯㹏㸰㹏㸱㹏㸲㹏㸯㹏)<㸰㹏㸱㹏㸲㹏)<

2YHUYLHZ)<+$)<+%,QFUHDVH
'HFUHDVH㻝㻣㻚㻟㻝㻣㻚㻣㻗㻞㻚㻟㻑 㻯㼡㼠㼠㼕㼚㼓㻌㼀㼛㼛㼘㼟 㻹㼍㼏㼔㼕㼚㼑㻌㼀㼛㼛㼘㼟㻤㻚㻥㻝㻝㻚㻣㻗㻟㻝㻚㻞㻑㻾㼛㼎㼛㼠㼟㻝㻢㻚㻠㻝㻢㻚㻜㻙㻞㻚㻤㻑㻮㼑㼍㼞㼕㼚㼓㼟㻠㻝㻚㻠㻟㻥㻚㻡㻙㻠㻚㻣㻑㻴㼥㼐㼞㼍㼡㼘㼕㼏㻱㼝㼡㼕㼜㼙㼑㼚㼠㻟㻝㻚㻣㻟㻞㻚㻣㻗㻟㻚㻟㻑 㻻㼠㼔㼑㼞㼟㻤㻚㻢㻥㻚㻟㻗㻤㻚㻜㻑 㼀㼛㼠㼍㼘㻝㻞㻠㻚㻢㻝㻞㻣㻚㻝㻗㻞㻚㻜㻑㻲㼅㻞㻜㻝㻤㻌㻝㻴㻲㼅㻞㻜㻝㻥㻌㻝㻴

&XWWLQJ7RROV 㸰㹏)<

6DOHVE\%XVLQHVV6HJPHQW%LOOLRQ\HQ㸯㹏0DFKLQH7RROV5RERWV%$%HDULQJV+\GUDXOLF(TXLSPHQW
2WKHUV 

6WUDWHJ\IRUWKHQGKDOIRI)<䐟

2YHUYLHZ‫ۑ‬/DXQFKLQJ DQG([SDQGLQJQHZ SURGXFWV࣭ ([SDQGLQJOLQHXSRIFDUELGHGULOOVDQGWDSV
/DXQFKLQJQHZVHULHVRIWKH$TXD5(92'ULOOZKLFKLV
PDGHIURPQHZFDUELGHPDWHULDOVGHYHORSHGLQKRXVH([SDQGLQJOLQHXSRI+\SHU=VHULHVRI LQQRYDWLYHWDSV࣭5HVSRQGLQJWRWKHVKLIWWR(9V DQGDXWRQRPRXVFDUV([SDQGLQJVDOHVRIHOHFWULFDFWXDWRUV
DQGWKLQZDOOHGEHDULQJVIRUZKLFKGHPDQGLVLQFUHDVLQJ(OHFWULFDFWXDWRUV$TXD5(92'ULOO+\SHU=WDS

3URSRVLQJVNLYLQJPDFKLQLQJFHQWHUVWRFDSWXUHGHPDQGIRU(9FRPSRQHQWV
DQGSURFHVVLQJRIVPDOOVL]HGUHGXFWLRQJHDU

7KLQZDOOHG EHDULQJVIRU
HOHFWULFXQLWV㻿㼗㼕㼢㼕㼚㼓㻌 㼓㼑㼍㼞㻌㻌㼟㼔㼍㼜㼕㼚㼓㻌㻌㼟㼥㼟㼠㼑㼙6WUDWHJ\IRUWKHQGKDOIRI)<䐠

2YHUYLHZ‫ۑ‬5RERWLF%XVLQHVV
࣭([SDQGLQJWKHVHULHVRIFRPSDFWURERWV/DXQFKLQJLQQRYDWLYH FRPSDFWURERWVVHTXHQWLDOO\RQWRWKHLQGXVWULDOPDFKLQHU\PDUNHW࣭([SDQGLQJDQGUHORFDWLQJWKH5RERW5 '&HQWHULQ7RN\R
6WUHQJWKHQLQJFDSDELOLWLHVLQVRIWZDUHDQGDSSOLFDWLRQ GHYHORSPHQW䠩䠶䠌䠍䠩䠶䠌䠐䠩䠶䠍䠎㻿㼑㼞㼕㼑㼟㻌㼛㼒㻌㼏㼛㼙㼜㼍㼏㼠㻌㼞㼛㼎㼛㼠㼟䠟䠶䠍䠌 㻯㼛㼘㼘㼍㼎㼛㼞㼍㼠㼕㼢㼑㻌㻾㼛㼎㼛㼠㻾㼛㼎㼛㼠㻌㻾㻒㻰㻌㻯㼑㼚㼠㼑㼞㻌㼕㼚㻌㼀㼛㼗㼥㼛࣭(VWDEOLVKLQJQHZIDFWRU\IRUFRPSDFWURERWV3URPRWLQJDXWRPDWLRQRISURGXFWLRQOLQHVWRGUDVWLFDOO\LPSURYHSURGXFWLYLW\5RERWIDFWRU\ 6WUDWHJ\IRUWKHQGKDOIRI)<䐡2YHUYLHZ+\GUDXOLFHTXLSPHQWIRUVPDOO FRQVWUXFWLRQPDFKLQHU\࣭,QFUHDVLQJ SURGXFWLRQFDSDFLW\([SDQGLQJDQH[LVWLQJEXLOGLQJ
$FFHOHUDWLQJRXUHIIRUWVWRFDSWXUHVWURQJGHPDQG
+\GUDXOLF0RWRUIDFWRU\(OHFWULFDFWXDWRUVDQGYDQH SXPSV࣭(VWDEOLVKPHQWRIDWKDXWRPRWLYHK\GUDXOLFVIDFWRU\6WDUWLQJPDVVSURGXFWLRQRIQHZSURGXFWVRQDIXOOVFDOH$XWRPRWLYH+\GUDXOLFV)DFWRU\&DUELGHURXQGWRROV

࣭([SDQGLQJSURGXFWLRQOLQHV
࣭(VWDEOLVKLQJDQDXWRPDWHGOLQHV,PSURYLQJSURGXFWLYLW\RIFDUELGHGULOOVIRUZKLFKWKHGHPDQG
LVH[SDQGLQJ$TXD5(92'ULOOV

8WLOL]LQJ ,R7 WHFKQRORJ\ WR EXLOG UDWLRQDOL]HG DQG DXWRPDWHG SURGXFWLRQ OLQH
7UHQGRI%XVLQHVV5HVXOWV2YHUYLHZ

1HW6DOHV %LOOLRQ\HQ

2SHUDWLQJ,QFRPH %LOOLRQ\HQ

1HW6DOHV㻟㻜㻜2SHUDWLQJ,QFRPH㻟㻜㻞㻡㻜㻞㻜㻜㻞㻜㻝㻡㻜㻝㻜㻜㻝㻜㻡㻜㻜㻜㻓㻝㻜㻓㻝㻝㻓㻝㻞㻓㻝㻟㻓㻝㻠㻓㻝㻡㻓㻝㻢㻓㻝㻣㻓㻝㻤㻓㻝㻥&RQVROLGDWHG)LQDQFLDO+LJKOLJKWV)<+
㸦%LOOLRQ\HQ㸧)<+ $

1HW6DOHV,QFUHDVH'HFUHDVH%$)<+ %㸩㸣 㸩

2SHUDWLQJ,QFRPH㸣㸣㸫㸣㸫

2UGLQDU\,QFRPH㸣㸣㸫㸣㸫㸫㸣㸫

1HW,QFRPH([FKDQJHUDWH86'
㸦(XUR㸧
㸦50%㸧 \HQ \HQ \HQ

\HQ \HQ\HQ \HQGHSUHFLDWLRQ
\HQDSSUHFLDWLRQ\HQDSSUHFLDWLRQ
&RQVROLGDWHG)LQDQFLDO'DWD)< +
㸦%LOOLRQ\HQ㸧)<+ $,QFUHDVH
'HFUHDVH%$)<+ %52(㸣㸣㸫SW

7RWDO$VVHWV㸫 㸦㸣 㸩

6WRFNKROGHU¶V (TXLW\6WRFNKROGHU¶V (TXLW\5DWLR,QWHUHVWEHDULQJ'HEW㸦㸣㸦㸧 㸦㸧 㸫&DSDFLW\,QYHVWPHQW

㸩'HSUHFLDWLRQDQG
$PRUWL]DWLRQ㸩㸩

6DOHVE\%XVLQHVV6HJPHQWDQG5HJLRQ)< +1HW'(5DWLR

1XPEHURI(PSOR\HHVSHRSOH%LOOLRQ\HQ

6DOHVE\%XVLQHVV6HJPHQW


&XWWLQJ7RROV

0DFKLQH7RROV  

5RERWV 

6DOHVE\5HJLRQ$PHULFDV &KLQD 



$VLD H[FHSW&KLQD


2WKHUV 
 -DSDQ+\GUDXOLF(TXLSPHQW
<R< (XURSH%HDULQJV   㻲㼅㻞㻜㻝㻤㻌㻝㻴㻲㼅㻞㻜㻝㻥㻌㻝㻴㻲㼅㻞㻜㻝㻤㻌㻝㻴㻲㼅㻞㻜㻝㻥㻌㻝㻴

&DXVHVRI&KDQJHVLQ2SHUDWLQJ,QFRPH,QFUHDVH㸸%LOOLRQ \HQ)< +'HFUHDVH㸸2SHUDWLQJ UDWH
LPSURYHPHQW 

&RVWUHGXFWLRQ

5LVHLQPDWHULDOSULFH 
(IIHFWRIH[FKDQJHUDWH ,QFUHDVHLQVDOHVSULFH,QFUHDVHLQRWKHUFRVWV㻤㻚㻝㻣㻚㻠㻲㼅㻞㻜㻝㻤㻌䠍㻴㻵㼚㼏㼞㼑㼍㼟㼑㻌㼒㼍㼏㼠㼛㼞㼟㻰㼑㼏㼞㼑㼍㼟㼑㻌㼒㼍㼏㼠㼛㼞㼟㻲㼅㻞㻜㻝㻥㻌㻝㻴

6DOHVDQG2SHUDWLQJ,QFRPHE\%XVLQHVV6HJPHQW)< +
㸦%LOOLLRQ\HQ㸧)<+ $0DFKLQHU\
7RROV&XWWLQJ7RROV
0DFKLQH7RROV
5RERWV
1HW6DOHV

2WKHUV &RPSRQHQWV2SHUDWLQJ,QFRPH%HDULQJV+\GUDXOLF(TXLSPHQW
1HW6DOHV
2SHUDWLQJ,QFRPH
1HW6DOHV
2SHUDWLQJ,QFRPH
7RWDO1HW6DOHV
7RWDO2SHUDWLQJ,QFRPH)<
+ %㸦㸣㸧  㸦㸣㸧 㸦㸣㸧  㸦㸣㸧 㸦㸣㸧 㸣㸦㸣㸧,QFUHDVH
'HFUHDVH%$㸩㸣 㸩㸩㸣 㸩㸫㸣 㸩㸣  㸩㸩㸣 㸩㸫㸣 㸩㸣 㸩㸫㸣 㸫㸣㸩㸣㸩㸩㸣  㸩㸩㸣㸩㸫㸣㸦㸣㸧

&RQVROLGDWHG)LQDQFLDO+LJKOLJKWV )<3ODQ)< H%LOOLRQ\HQ)<$1HW6DOHV)<3ODQ %,QFUHDVH
'HFUHDVH% ± $㸩㸣㸩

2SHUDWLQJ,QFRPH㸣㸣㸩㸣㸩

2UGLQDU\,QFRPH㸣㸣㸩㸣㸩㸩㸣  㸩

1HW,QFRPH([FKDQJHUDWH86'㸧(85㸧50%㸧\HQ\HQ\HQ \HQ\HQ DSSUHFLDWLRQ
 \HQDSSUHFLDWLRQ \HQ\HQDSSUHFLDWLRQ \HQ

&RQVROLGDWHG)LQDQFLDO'DWD)< H%LOOLRQ\HQ)<$)<
3ODQ %,QFUHDVH
'HFUHDVH% ± $52(㸣㸣㸩SW

7RWDO$VVHWV㸩㸣 㸣 㸩   㸩

&DSDFLW\,QYHVWPHQW㸩'HSUHFLDWLRQDQG
$PRUWL]DWLRQ㸩

6DOHVE\%XVLQHVV6HJPHQWDQG5HJLRQ)< H

6WRFNKROGHU¶V(TXLW\6WRFNKROGHU¶V(TXLW\5DWLR,QWHUHVWEHDULQJ'HEW
1HW'(5DWLR 

1XPEHURI(PSOR\HHVSHRSOH%LOOLRQ\HQ



6DOHVE\%XVLQHVV6HJPHQW

6DOHVE\5HJLRQ<R<

&XWWLQJ7RROV 0DFKLQH7RROV 5RERWV 
$PHULFDV (XURSH $VLD([FHSW&KLQD &KLQD

%HDULQJV  -DSDQ+\GUDXOLF(TXLSPHQW  

2WKHUV 㻲㼅㻞㻜㻝㻤㻲㼅㻞㻜㻝㻥㻌㻼㼘㼍㼚㻲㼅㻞㻜㻝㻤㻲㼅㻞㻜㻝㻥㻌㻼㼘㼍㼚

&DXVHVRI&KDQJHVLQ2SHUDWLQJ,QFRPH㸦,QFUHDVH㸸㸧%LOOLRQ\HQ)< H

㸦'HFUHDVH㸸㸧

5LVHLQPDWHULDOSULFHV

2SHUDWLQJUDWH
LPSURYHPHQW

(IIHFWRIH[FKDQJHUDWH

&RVW5HGXFWLRQ

,QFUHDVHLQRWKHUFRVWV,QFUHDVHLQ
VDOHVSULFH㸩㸯㸵㻝㻣㻚㻜㻌㻝㻡㻚㻟㻲㼅㻞㻜㻝㻤㻵㼚㼏㼞㼑㼍㼟㼑㻌㼒㼍㼏㼠㼛㼞㼟㻰㼑㼏㼞㼑㼍㼟㼑㻌㼒㼍㼏㼠㼛㼞㼟㻲㼅㻞㻜㻝㻥

6DOHVDQG2SHUDWLQJ,QFRPHE\%XVLQHVV6HJPHQW)< H
㸦%LOOOLRQ\HQ㸧)<$

0DFKLQHU\7RROV&XWWLQJ7RROV
0DFKLQH7RROV
5RERWV
1HW6DOHV

2WKHUV &RPSRQHQWV2SHUDWLQJ,QFRPH%HDULQJV+\GUDXOLF(TXLSPHQW
1HW6DOHV
2SHUDWLQJ,QFRPH
1HW6DOHV
2SHUDWLQJ,QFRPH
7RWDO1HW6DOHV
7RWDO2SHUDWLQJ,QFRPH)<
3ODQ %,QFUHDVH
'HFUHDVH% ± $㸩 㸩㸣 㸩㸣 㸩㸩㸣 㸩 㸩㸣  㸩㸦㸣㸧 㸦㸣㸧  㸩㸣 㸩 㸫㸣  㸩㸣  㸩㸩㸣㸩㸫㸣㸦㸣㸧 㸦㸣㸧  㸩㸣  㸩㸦㸣㸧  㸦㸣㸧  㸩㸣  㸩㸦㸣㸧 㸦㸣㸧 㸩㸣  㸩㸩㸣  㸩 㼔䡐䡐䡌㻦㻛㻛㼣㼣㼣㻚㼚㼍㼏㼔㼕㻙㼒㼡㼖㼕㼗㼛㼟㼔㼕㻚㼏㼛㻚㼖㼜㻛

7KHVHPDWHULDOVGHVFULEHRXUIXWXUHHDUQLQJVIRUHFDVWVDQGEXVLQHVVSODQVDQGDUHEDVHGRQWKHDVVXPSWLRQRIDQHFRQRPLFHQYLURQPHQWDQG
EXVLQHVVSROLFLHVWKDWUHPDLQIL[HGDVWKH\DUHQRZ7KHUHIRUHSOHDVH
QRWHWKDWDFWXDOHDUQLQJVDUHVXEMHFWWRQXPHURXVIDFWRUVLQFOXGLQJPDUNHWIOXFWXDWLRQVDQGFXUUHQF\IOXFWXDWLRQVZKLFKPD\UHVXOWLQDGLIIHUHQWHDUQLQJVIRUHFDVW