ZŝƐŬƐƐĞƐƐŵĞŶƚŽĨŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐŝŶ:ĂƉĂŶDĂƐĂƐŚŝ^,/D/hŚĞŵŝĐĂůƐǀĂůƵĂƚŝŽŶKĨĨŝĐĞŶǀŝƌŽŶŵĞŶƚĂů,ĞĂůƚŚĞƉĂƌƚŵĞŶƚDŝŶŝƐƚƌǇŽĨƚŚĞŶǀŝƌŽŶŵĞŶƚ͕:ĂƉĂŶŽŶƚĞŶƚƐϭ͘KǀĞƌǀŝĞǁŽĨZĞŐƵůĂƚŝŽŶƵŶĚĞƌŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐŽŶƚƌŽů>ĂǁŝŶ:ĂƉĂŶϮ͘^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚϯ͘ZĞƐƵůƚŽĨƚŚĞĨŝƌƐƚ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚϰ͘WƌŽĐĞĚƵƌĞĂĨƚĞƌĚĞƐŝŐŶĂƚŝŽŶŽĨW^Ɛ;ƵŶĚĞƌĚŝƐĐƵƐƐŝŽŶͿϭ͘KǀĞƌǀŝĞǁŽĨZĞŐƵůĂƚŝŽŶƵŶĚĞƌŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐŽŶƚƌŽů>ĂǁŝŶ:ĂƉĂŶŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐŽŶƚƌŽů>Ăǁ;Ɖƌŝůϭ͕ϮϬϭϭ!Ϳ
ǆŝƐƚŝŶŐŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐEĞǁŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐ^ƉĞĐŝĨŝĞĚĂƐĞƐхϭƚŽŶͬǇĞĂƌ чϭƚŽŶͬǇĞĂƌ ;Ğ͘Ő͕͘ŝŶƚĞƌŵĞĚŝĂƚĞƐͿWŽůǇŵĞƌƐŽĨ>ŽǁŽŶĐĞƌŶ'ĞŶĞƌĂůŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐǀĂůƵĂƚŝŽŶŽĨWdΎĞƚĞƌŵŝŶĂƚŝŽŶďǇĂǀĂŝůĂďůĞŬŶŽǁůĞĚŐĞ͕ƚŚĞƐƚĂƚĞŽĨŝƚƐŵĂŶƵĨĂĐƚƵƌĞ͕ŝŵƉŽƌƚ͕ĞƚĐ͘WƌŝŽƌǀĞƌŝĨŝĐĂƚŝŽŶĂŶĚŵŽŶŝƚŽƌŝŶŐĞƚĞƌŵŝŶĂƚŝŽŶďǇĂǀĂŝůĂďůĞŬŶŽǁůĞĚŐĞ͕ƚŚĞƐƚĂƚĞŽĨŝƚƐŵĂŶƵĨĂĐƚƵƌĞ͕ŝŵƉŽƌƚ͕ĞƚĐ͘DŽŶŝƚŽƌŝŶŐŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐ
LIQHFHVVDU\/ŶƐƚƌƵĐƚŝŽŶƚŽƌĞƉŽƌƚƚŚĞƐƚĂƚĞŽĨŚĂŶĚůŝŶŐ
LIQHFHVVDU\KƌĚĞƌƚŽŝŶǀĞƐƚŝŐĂƚĞůŽŶŐͲƚĞƌŵƚŽǆŝĐŝƚǇůĂƐƐ/^ƉĞĐŝĨŝĞĚŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐWƌŝŽƌŝƚǇƐƐĞƐƐŵĞŶƚŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐ
LIQHFHVVDU\/ŶƐƚƌƵĐƚŝŽŶƚŽƌĞƉŽƌƚƚŚĞƐƚĂƚĞŽĨŚĂŶĚůŝŶŐ
LIQHFHVVDU\KƌĚĞƌƚŽ/ŶǀĞƐƚŝŐĂƚĞůŽŶŐͲƚĞƌŵƚŽǆŝĐŝƚǇůĂƐƐ//^ƉĞĐŝĨŝĞĚŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐ

ΎW͗WĞƌƐŝƐƚĞŶƚ
͗ŝŽĂĐĐƵŵƵůĂƚŝŽŶd͗dŽǆŝĐŝƚǇKďůŝŐĂƚŽƌǇƌĞƉŽƌƚŝŶŐŽĨŚĂǌĂƌĚŝŶĨŽƌŵĂƚŝŽŶŽďƚĂŝŶĞĚďǇďƵƐŝŶĞƐƐϰ^ŚŝĨƚƚŽZŝƐŬͲďĂƐĞĚŚĞŵŝĐĂůDĂŶĂŐĞŵĞŶƚZŝƐŬс,ĂǌĂƌĚ" ŵŽƵŶƚŽĨǆƉŽƐƵƌĞ,ĂǌĂƌĚ ͗WŽƚĞŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽĨĐŚĞŵŝĐĂůƐĨŽƌŚƵŵĂŶŚĞĂůƚŚĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚŵŽƵŶƚŽĨǆƉŽƐƵƌĞ ͗WŽƚĞŶƚŝĂůĂŵŽƵŶƚŽĨĐŚĞŵŝĐĂůƐǁŚŝĐŚŵĂǇĞǆƉŽƐĞŚƵŵĂŶĂŶĚĞĐŽƐǇƐƚĞŵĞĨŽƌĞƚŚĞŵĞŶĚŵĞŶƚŽĨ>ĂǁŝŶϮϬϬϵĨƚĞƌƚŚĞŵĞŶĚŵĞŶƚŽĨ>Ăǁ

ZĞŐƵůĂƚŝŽŶƐĂƌĞŵĂŝŶůǇďĂƐĞĚŽŶŚĂǌĂƌĚƐŽĨZĞŐƵůĂƚŝŽŶƐƐŚĂůůďĞŵĂŝŶůǇďĂƐĞĚŽŶƌŝƐŬƐŽĨƌŝƐŬƐŽĨĐŚĞŵŝĐĂůƐĐŚĞŵŝĐĂůƐϱ^ƚĞƉͲǁŝƐĞZŝƐŬƐƐĞƐƐŵĞŶƚ^>ŚĞŵŝĐĂů/ŶǀĞŶƚŽƌǇ/ŶĚƵƐƚƌǇ͛ƐƌŽůĞǆŝƐƚŝŶŐŚĞŵŝĐĂůƐнǀĂůƵĂƚĞĚEĞǁŚĞŵŝĐĂůƐEŽƚŝĨŝĞĚŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐͲEŽƚŝĨǇĂŶŶƵĂůƋƵĂŶƚŝƚǇŽĨŵĂŶƵĨĂĐƚƵƌĞĞƚĐ͘;ŵĂŶĚĂƚŽƌǇͿͲ ^ƵďŵŝƚŚĂǌĂƌĚŝŶĨŽƌŵĂƚŝŽŶ;ǀŽůƵŶƚĂƌǇͿ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚĞƐŝŐŶĂƚŝŽŶŽĨW^ƐͲ EŽƚŝĨǇĂŶŶƵĂůƋƵĂŶƚŝƚǇŽĨŵĂŶƵĨĂĐƚƵƌĞĞƚĐ͘ǁŝƚŚĚĞƚĂŝůĞĚƵƐĂŐĞ;ŵĂŶĚĂƚŽƌǇͿͲ ^ƵďŵŝƚƌĞƋƵĞƐƚĞĚŚĂǌĂƌĚŝŶĨŽƌŵĂƚŝŽŶͲ ZĞƉŽƌƚƌĞƋƵĞƐƚĞĚĨŽƌŚĂŶĚůŝŶŐƐŝƚƵĂƚŝŽŶƐZŝƐŬƐƐĞƐƐŵĞŶƚ;ϭƐƚͿZŝƐŬƐƐĞƐƐŵĞŶƚ;ϮŶĚͿůĂƐƐ//^ƉĞĐŝĨŝĞĚŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐ
5LVN$VVHVVPHQW6FKHPHLVXQGHUFRQVLGHUDWLRQLQH[WHUQDOFRPPLWWHHRI0LQLVWULHVͲ ŽŶĚƵĐƚĂĚŵŝŶŝƐƚƌĂƚŝǀĞůǇŝŶƐƚƌƵĐƚĞĚŚĂǌĂƌĚŽƵƐƉƌŽƉĞƌƚŝĞƐƐƚƵĚǇ;ůŽŶŐͲƚĞƌŵƚŽǆŝĐŝƚǇƚĞƐƚƐͿ;ŵĂŶĚĂƚŽƌǇƵƉŽŶŝŶƐƚƌƵĐƚŝŽŶͿͲEŽƚŝĨǇƉůĂŶĞĚĂŶŶƵĂůƋƵĂŶƚŝƚǇŽĨŵĂŶƵĨĂĐƚƵƌĞĞƚĐ͘ͲdĞĐŚŶŝĐĂůŐƵŝĚĂŶĐĞĨŽƌƵƐĞĞƚĐ͘Ϯ͘ ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ^dWϭ ͗ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨǆƉŽƐƵƌĞEŽƚŝĨŝĞĚ/ŶĨŽƌŵĂƚŝŽŶ͗ŶŶƵĂůYƵĂŶƚŝƚǇŽĨDĂŶƵĨĂĐƚƵƌĞĞƚĐ͘ͬhƐĞĐĂƚĞŐŽƌǇŐŐƌĞŐĂƚĞƚŚĞĚĂƚĂĨŽƌƚŚĞƚĂƌŐĞƚĐŚĞŵŝĐĂůƐƵďƐƚĂŶĐĞƐŽĨĞĂĐŚĂƐƐĞƐƐŵĞŶƚƵƐŝŶŐD/d/ŶƵŵďĞƌŽƌ^ŶƵŵďĞƌƉƉůǇdŚƌĞƐŚŽůĚΎŵŝƐƐŝŽŶ&ĂĐƚŽƌdĂďůĞƐƚŝŵĂƚŝŽŶŽĨŶǀŝƌŽŶŵĞŶƚĂůZĞůĞĂƐĞůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ ǆƉŽƐƵƌĞΎdŚƌĞƐŚŽůĚĨŽƌƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͗dŽƚĂůĂŶŶƵĂůƋƵĂŶƚŝƚǇŽĨŵĂŶƵĨĂĐƚƵƌĞĞƚĐ͘ŝƐůĞƐƐƚŚĂŶϭϬƚͬǇĞĂƌǆƉŽƐƵƌĞůĂƐƐ&ODVV&ODVV&ODVV&ODVV&ODVV

7RWDOQDWLRQDOHPLVVLRQV WRQV
2YHU
± 
± 
± ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ^dWϮ͗ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ,ĂǌĂƌĚ,ĂǌĂƌĚŝŶĨŽƌŵĂƚŝŽŶĐŽůůĞĐƚĞĚďǇƚŚĞŐŽǀĞƌŶŵĞŶƚ,ĂǌĂƌĚŝŶĨŽƌŵĂƚŝŽŶƐƵďŵŝƚƚĞĚĨƌŽŵƚŚĞŝŶĚƵƐƚƌŝĞƐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ,ĂǌĂƌĚ^>^ĐƌĞĞŶŝŶŐ^ĐĂůĞůĂƐƐϭůĂƐƐϮůĂƐƐϯůĂƐƐϰZĞƉĞĂƚĞĚŽƐĞdŽǆŝĐŝƚǇĂƌĐŝŶŽŐĞŶŝĐŝƚǇDƵƚĂŐĞŶŝĐŝƚǇE ŽĚ Ă ƚ ĂĂ ǀ Ă ŝ ů Ă ď ů ĞEŽĚĂƚĂĂǀĂŝůĂďůĞZĞƉƌŽĚƵĐƚŝǀĞdŽǆŝĐŝƚǇ;ďĂƐĞĚŽŶ',^͕ƉƌĞǀŝŽƵƐ^>ƌƵůĞĞƚĐ͘Ϳ/ĨŶŽĚĂƚĂĂǀĂŝůĂďůĞ͕ĚĞĨĂƵůƚĐůĂƐƐ;ĐůĂƐƐϮͿǁŝůůďĞĂƉƉůŝĞĚĨŽƌZĞƉĞĂƚĞĚŽƐĞdŽǆŝĐŝƚǇĂŶĚDƵƚĂŐĞŶŝĐŝƚǇ͘;ĚĞĨĂƵůƚĐůĂƐƐǁŝůůŶŽƚďĞĂƉƉůŝĞĚĨŽƌĐĂƌĐŝŶŽŐĞŶŝĐŝƚǇĂŶĚƌĞƉƌŽĚƵĐƚŝǀĞƚŽǆŝĐŝƚǇͿ
Ύ:HGRQRWFRQVLGHUWKDW³1RGDWD´
PHDQV³1RWKD]DUGRXV´,ĂǌĂƌĚůĂƐƐdŚĞ,ŝŐŚĞƐƚůĂƐƐŝŶƚŚĞĨŽƵƌĐĂƚĞŐŽƌŝĞƐǁŝůůďĞĐŚŽƐĞŶĂƐ,ĂǌĂƌĚůĂƐƐ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ^dWϮ͗ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ,ĂǌĂƌĚĞƚĂŝůƐŽĨ,ĂǌĂƌĚůĂƐƐĞƐ;ŚƵŵĂŶŚĞĂůƚŚͿ&ODVV&ODVV&ODVV5HSHDWHG'RVH
7R[LFLW\1$+$9&DUFLQRJHQLFLW\,$5&
HWF,$5&$%
HWF

1$

1$

0XWDJHQLFLW\*+6$*+6%
&6&/6WURQJO\
3RVLWLYH&6&/'XDO
3RVLWLYH

&6&/6LQJOH
3RVLWLYH

5HSURGXFWLYH
7R[LFLW\1$+$9

+$9

+$9

+$9&ODVV
+$9

;ΎͿ,sс,ĂǌĂƌĚƐƐĞƐƐŵĞŶƚsĂůƵĞ;ƐĞĞŶĞǆƚƉĂŐĞͿ;ΎΎͿ^>ƌĞƋƵŝƌĞƐŵĞƐƚĞƐƚĂŶĚŚƌŽŵŽƐŽŵĂůĂďĞƌƌĂƚŝŽŶƚĞƐƚĨŽƌŶĞǁĐŚĞŵŝĐĂůƐ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ^dWϮ͗ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ,ĂǌĂƌĚĞƚĂŝůƐŽĨ,ĂǌĂƌĚůĂƐƐĞƐ;ŚƵŵĂŶŚĞĂůƚŚ͕ĐŽŶƚ͛ĚͿy ĞƚĞƌŵŝŶĂƚŝŽŶŽĨ,ĂǌĂƌĚƐƐĞƐƐŵĞŶƚsĂůƵĞy ,sсEK>ĞƚĐͬhŶĐĞƌƚĂŝŶƚǇ&ĂĐƚŽƌƐ;h&ƐͿ
y h&Ɛ/ŶƚĞƌͲ^ƉĞĐŝĞƐŝĨĨĞƌĞŶĐĞ͙y /ŶƚƌĂͲ^ƉĞĐŝĞƐŝĨĨĞƌĞŶĐĞ͙y hƐĞŽĨ>K;Ϳ>͙
y ^ĞǀĞƌŝƚǇŽĨĨĨĞĐƚ͙y >ĞŶŐƚŚŽĨ^ƚƵĚǇy >ĞƐƐƚŚĂŶϵϬĚĂǇƐ͙y >ĞƐƐƚŚĂŶϭǇĞĂƌ͙yϭϬϭϬϭϬϭΕϭϬϲϮ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ^dWϮ͗ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ,ĂǌĂƌĚ

ĞƚĂŝůƐŽĨ,ĂǌĂƌĚůĂƐƐĞƐ;ĞŶǀŝƌŽŶŵĞŶƚͿ&ODVV(FRWR[LFLW\WHVW

31(&&ODVV
31(&&ODVV31(&&ODVV
31(&WE# WƌĞĚŝĐƚĞĚEŽͲĨĨĞĐƚŽŶĐĞŶƚƌĂƚŝŽŶ;ŵŐͬ>Ϳ
$>ŽǁĞƐƚƚŽǆŝĐŝƚǇǀĂůƵĞͬƚŚĞƉƌŽĚƵĐƚŽĨh&$ĞĞŵĞĚĐŚƌŽŶŝĐƚŽǆŝĐŝƚǇǀĂůƵĞͬϭϬ/ĨŶŽĚĂƚĂĂǀĂŝůĂďůĞ͕ĚĞĨĂƵůƚĐůĂƐƐ;ĐůĂƐƐϭͿǁŝůůůŝŬĞůǇďĞĂƉƉůŝĞĚ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ&ůŽǁŽĨůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ,ĂǌĂƌĚĨŽƌĐŽͲƐǇƐƚĞŵ
1RWDYDLODEOH&KURQLF
7R[LFLW\WHVWVIURPWURSKLF
WURSKLF OHYHOV5HVXOWVRI
7R[LFLW\WHVW&KURQLF
WR[LFLW\WHVWVIURPWURSKLF
WURSKLF OHYHOV$YDLODEOHIRU
WURSKLFOHYHOV$FXWH
7R[LFLW\WHVW)URPWKHPLVVLQJ$YDLODEOHWURSKLF/HYHO&KRRVHWKH
ORZHVW&KRRVHWKHORZHVWYDOXHEHWZHHQ
9DOXHEHWZHHQ
1RW
FKURQLF&KURQLF12(&DYDLODEOH
12(&DQG$FXWH/ ( &$&5DQG&KRRVHWKHORZHVWDFXWH
9DOXHIURP/ ( &$&5&KURQLF12(&&KRRVHWKH
ORZHVWYDOXH
IURP
&KURQLF12(&WURSKLFOHYHOVILVKFUXVWDFHDDOJDH$&5
$FXWH&KURQLF5DWLR

1RWDYDLODEOH$YDLODEOH$YDLODEOH$YDLODEOH&KURQLF
WR[LFLW\WHVWVIURPWURSKLF
WURSKLF OHYHO

1RWDYDLODEOHOHYHOV$FXWHWR[LFLW\WHVWIURPWKHPLVVLQJWURSKLFOHYHOV$YDLODEOHIRU
WURSKLFOHYHO&KRRVHWKHO
RZHVW YDOXH
EHWZHHQ&KURQLF
12(&DQG
$FXWH/ ( &$&5 31(&$31(&$&KRRVHWKHORZHVWYDOXH&ODVVLI\+D]DUG
EDVHGRQWKH31(&YDOXH

1RW
DYDLODEOH

1XPEHURIWURSKLF
/HYHOVRIDFXWH
WR[LFLW\WHVW
RUOHYHOV&KRRVHWKH
ORZHVWYDOXH
8VH&KURQLF
IURP$FXWH
12(&/ ( &$&51RGDWD&KRRVHORZHVW
9DOXHIURP$FXWH
/ ( & $&5 &ODVVLI\+D]DUG
EDVHGRQ
QRGDWD^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ^dWϯ͗ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨǆƉŽƐƵƌĞhƐĞĂƚĞŐŽƌǇdĂďůĞ
8VH&DWHJRU\FRGH
 ,QWHUPHGLDWHV

8VH&DWHJRU\6ROYHQWV
6ROYHQWVIRUSDLQWVYDUQLVKHVFRDWLQJVSULQWLQJLQNVFRS\LQJ
DQGELRFLGDOSURGXFWV

6XE8VH&DWHJRU\FRGH
DE]

6\QWKHWLFUDZPDWHULDOVSRO\PHUL]DWLRQUDZPDWHULDOVSUHSRO\PHUV3RO\PHUL]DWLRQLQLWLDWRUV
2WKHUVD

6ROYHQWVIRUSDLQWVVROYHQWGLOXHQWV

E
FGI]

6ROYHQWVIRUSDLQWUHPRYHUV
6ROYHQWVIRUYDUQLVKHV
6ROYHQWVIRUFRDWLQJVVROYHQWVIRUUHVLVWLQNV
6ROYHQWVIRUSULQWLQJLQNVVROYHQWVIRUHOHFWURQLFGHYLFHVVROYHQWVIRULQNVDQGLQN
GHWHUJHQWV
6ROYHQWVIRUELRFLGDOSURGXFWV2WKHUVD

6ROYHQWVIRUDGKHVLYHVVROYHQWVIRUSUHVVXUHVHQVLWLYHDGKHVLYHVEFG]

6ROYHQWVIRUDGKHVLYHUHPRYHUVVROYHQWVIRUSDVWHUHPRYHUV
6ROYHQWVIRUDGKHVLRQ
6ROYHQWVIRUVHDODQWV
2WKHUVH

6ROYHQWVIRUDGKHVLYHVSUHVVXUHVHQVLWLYHDGKHVLYHVDQG
VHDODQWVhƐĞĂƚĞŐŽƌŝĞƐ;ϱϬĐĂƚĞŐŽƌŝĞƐͿĂƌĞƵƐĞĚĨŽƌŐĞŶĞƌĂůĐŚĞŵŝĐĂůƐƵďƐƚĂŶĐĞƐ

6XE8VH&DWHJRU\^ƵďhƐĞĂƚĞŐŽƌŝĞƐ;ĂďŽƵƚϮϴϬĐĂƚĞŐŽƌŝĞƐͿĂƌĞƵƐĞĚĨŽƌW^Ɛ͕DŽŶŝƚŽƌŝŶŐŚĞŵŝĐĂů^ƵďƐƚĂŶĐĞƐĂŶĚůĂƐƐ//^ƉĞĐŝĨŝĞĚŚĞŵŝĐĂůϭϰ^ƵďƐƚĂŶĐĞƐ͘^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚͲĂƐĞĚŽŶƚŚĞŶŽƚŝĨŝĞĚĂŶŶƵĂůƋƵĂŶƚŝƚǇŽĨŵĂŶƵĨĂĐƚƵƌĞĞƚĐ͕͘ƚŚĞŐŽǀĞƌŶŵĞŶƚĞƐƚŝŵĂƚĞƐƚŚĞĂŵŽƵŶƚŽĨĞŶǀŝƌŽŶŵĞŶƚĂůƌĞůĞĂƐĞ͘Ͳ ŵŝƐƐŝŽŶĨĂĐƚŽƌƐĨŽƌĞĂĐŚƵƐĞĐĂƚĞŐŽƌǇĂƌĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŐŽǀĞƌŶŵĞŶƚďĂƐĞĚŽŶƐƵƌǀĞǇƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞŝŶĚƵƐƚƌǇ͕ĞƚĐ͘dŽƚĂůĂŵŽƵŶƚŽĨĞŶǀŝƌŽŶŵĞŶƚĂůƌĞůĞĂƐĞсĞŵŝƐƐŝŽŶƐĨƌŽŵƉƌŽĚƵĐƚŝŽŶ ƐƚĂŐĞфхнĞŵŝƐƐŝŽŶƐĨƌŽŵƵƐŝŶŐ ƐƚĂŐĞфхфхсƋƵĂŶƚŝƚǇŽĨŵĂŶƵĨĂĐƚƵƌĞ;ŶŽƚŝĨŝĞĚͿǆ ĞŵŝƐƐŝŽŶĨĂĐƚŽƌƐŽĨƉƌŽĚƵĐƚŝŽŶƐƚĂŐĞфхсɇ΂ƋƵĂŶƚŝƚǇŽĨƐŚŝƉŵĞŶƚĨŽƌĞĂĐŚƵƐĞĐĂƚĞŐŽƌǇ;ŶŽƚŝĨŝĞĚͿǆ ĞŵŝƐƐŝŽŶĨĂĐƚŽƌƐĨŽƌĞĂĐŚƵƐĞĐĂƚĞŐŽƌǇ΃dĂďůĞŽĨĞŵŝƐƐŝŽŶĨĂĐƚŽƌƐĨŽƌĞĂĐŚƵƐĞĐĂƚĞŐŽƌǇƵƐĞĚŝŶƐĐƌĞĞŶŝŶŐĂƐƐĞƐƐŵĞŶƚ
P2+: O)*+@7'IP2+ :O)*+ @7'I? 71+
QR S,- ./*+'0+1&)*+2
6789+/*2:;7':<)&/*2=:9)'/&2>+2=:?7)*&/@2=:<'&/*&/@:&/A2:)/1,5B&7?&1)8:<'71C?*26789+/*2:;7':)1>+2&9+2=:<'+22C'+:2+/2&*&9+:)1>+2&9+2:)/1,42+)8)/*2,F 6789+/*2:;7':?8+)/&/@:)/1:1+@'+)2&/@:0+*)82,G 678+9+/*2:;7':?8+)/&/@:;)B8&?2H8)C/1'I=:1'I:?8+)/&/@:&/1C2*'IJ,K 6789+/*2:;7':?8+)/&/@:7*>+'2,L 6789+/*2:;7':?>+0&?)8:0)/C;)?*C'+:)/1:<'7?+22&/@,D 6789+/*2:;7':)+'7278,M N*>+':2789+/*2-, O>+0&?)8:<'7?+22:'+@C8)*7'2@+/+ ')8: 2CB2*)/? +2<78I0+'2%&',3,,-()*+',3,,,4%&',3,,,-()*+',3,,,-,34,3,,,,DE

E,3F,3,,,5E

E,35,3,5,3,K,3,5,3,,,F,3,,,,D,3,,,,3,,,4,3,,,L,,,3,,,4E
EEE
EE,3,,,,,GE
EE
E
E
E,3,,,5ΎtĞĐůĂƐƐŝĨǇĞǆƉŽƐƵƌĞďĂƐĞĚŽŶĞŵŝƐƐŝŽŶƐŽĨ͞ŝƌнtĂƚĞƌ͟ĨŽƌ,ƵŵĂŶ,ĞĂůƚŚ͕͞tĂƚĞƌ͟ĨŽƌĐŽͲƐǇƐƚĞŵ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ^dWϰ͗WƌŝŽƌŝƚŝǌĂƚŝŽŶWƌŝŽƌŝƚŝǌĂƚŝŽŶDĂƚƌŝǆǆƉŽƐƵƌĞůĂƐƐ,ĂǌĂƌĚůĂƐƐ&ODVV&ODVV&ODVV&ODVV&ODVV+LJK+LJK+LJK+LJK&ODVV+LJK+LJK+LJK

0HGLXP&ODVV+LJK+LJK0HGLXP

0HGLXP&ODVV+LJK

0HGLXP

0HGLXP&ODVV

0HGLXP

0HGLXP'HVLJQDWHGDV3$&6V

5HPDLQWR*HQHUDO&KHPLFDO
6XEVWDQFHVǆƉŽƐƵƌĞůĂƐƐ&ODVV&ODVV&ODVV&ODVV&ODVV

7RWDOQDWLRQDOHPLVVLRQV WRQV
2YHU
± 
± 
± 

EKd͗ͲdŚƌĞƐŚŽůĚǀĂůƵĞĨŽƌƌŝƐŬĂƐƐĞƐƐŵĞŶƚǁŝůůďĞĂƉƉůŝĞĚͲKƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞŐŝǀĞŶƚŽŝŶĚƵƐƚƌǇĨŽƌƐƵďŵŝƐƐŝŽŶŽĨŚĂǌĂƌĚŝŶĨŽƌŵĂƚŝŽŶďĞĨŽƌĞĚĞƐŝŐŶĂƚŝŽŶŽĨW^ƐͲ^ŝŵŝůĂƌŵĞƚŚŽĚŽůŽŐǇŝƐĂĚŽƉƚĞĚĨŽƌĞĐŽͲƚŽǆŝĐŝƚǇ͘Ͳ>ŝƐƚŽĨW^ƐǁŝůůďĞƌĞĐŽŶƐŝĚĞƌĞĚďĂƐĞĚŽŶĂŶŶƵĂůƌĞƉŽƌƚŝŶŐĂŶĚŶĞǁŚĂǌĂƌĚŝŶĨŽƌŵĂƚŝŽŶ͘ϯ͘ZĞƐƵůƚŽĨƚŚĞĨŝƌƐƚ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚZĞƐƵůƚŽĨƚŚĞĨŝƌƐƚ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚy ƐŽĨƉƌŝůϭ͕ϮϬϭϬ͕ϭϬϳϬƚǇƉĞ//ŵŽŶŝƚŽƌŝŶŐƐƵďƐƚĂŶĐĞƐĂŶĚϮϳϲƚǇƉĞ///ŵŽŶŝƚŽƌŝŶŐƐƵďƐƚĂŶĐĞƐŚĂǀĞďĞĞŶĚĞƐŝŐŶĂƚĞĚ͘y dŚƌĞƐŚŽůĚ;ΎͿĂƌĞĂƉƉůŝĞĚĨŽƌƚŚĞĂƐƐĞƐƐŵĞŶƚy ϰϰϳƚǇƉĞ//ŵŽŶŝƚŽƌŝŶŐƐƵďƐƚĂŶĐĞƐĂŶĚϭϲϲƚǇƉĞ///ŵŽŶŝƚŽƌŝŶŐƐƵďƐƚĂŶĐĞƐǁĞƌĞĂƐƐĞƐƐĞĚ͘;ΎͿdŚƌĞƐŚŽůĚŽĨƚŚĞĂƐƐĞƐƐŵĞŶƚ͗ϭϬ͕ϬϬϬŬŐƉĞƌǇĞĂƌŽĨŵĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚŝŵƉŽƌƚZĞƐƵůƚŽĨƚŚĞĨŝƌƐƚ^ĐƌĞĞŶŝŶŐƐƐĞƐƐŵĞŶƚ ;ĐŽŶƚ͛ĚͿy dŽƚĂůϴϴƐƵďƐƚĂŶĐĞƐĂƌĞƐĞůĞĐƚĞĚĨŽƌW^Ɛy ϲϴƐƵďƐƚĂŶĐĞƐĂƌĞƐĞůĞĐƚĞĚĨŽƌƌŝƐŬƐƚŽŚƵŵĂŶŚĞĂůƚŚy ϭ͕ϮͲĚŝĐŚůŽƌŽĞƚŚĂŶĞ͕ϭ͕ϰͲĚŝŽǆĂŶĞ͕ϭ͕ϯͲďƵƚĂĚŝĞŶĞ͕ĞƚĐ͘y ϭϯƐƵďƐƚĂŶĐĞƐĂƌĞƐĞůĞĐƚĞĚĨŽƌƌŝƐŬƐƚŽĞĐŽͲƐǇƐƚĞŵy ϰ͕ϰΖͲ;WƌŽƉĂŶĞͲϮ͕ϮͲĚŝǇůͿĚŝƉŚĞŶŽů͕ϭ͕Ϯ͕ϰͲdƌŝŵĞƚŚǇůďĞŶǌĞŶĞĞƚĐ͘y ϳƐƵďƐƚĂŶĐĞƐĂƌĞƐĞůĞĐƚĞĚĨŽƌďŽƚŚƌŝƐŬƐy ŚǇĚƌĂǌŝŶĞ͕ĐŚůŽƌŽĨŽƌŵ͕ďƌŽŵŽŵĞƚŚĂŶĞ͕ĞƚĐ͘y >ŝƐƚŽĨĂůůW^ƐĂƌĞĂǀĂŝůĂďůĞĂƚy ŚƚƚƉ͗ͬͬǁǁǁ͘ŵĞƚŝ͘ŐŽ͘ũƉͬƉŽůŝĐǇͬĐŚĞŵŝĐĂůͺŵĂŶĂŐĞŵĞŶƚͬĞŶŐůŝƐŚͬĨŝůĞƐͬW^ƐͲůŝƐƚ͘ƉĚĨϰ͘ WƌŽĐĞĚƵƌĞĂĨƚĞƌĚĞƐŝŐŶĂƚŝŽŶŽĨW^Ɛ;ƵŶĚĞƌĚŝƐĐƵƐƐŝŽŶͿ3ULRULW\$VVHVVPHQW
3URFHGXUHDIWHUGHVLJQDWLRQRI3$&6V &KHPLFDO6XEVWDQFHVXQGHUGLVFXVVLRQ
1RWLILFDWLRQRI4XDQWLW\HWFRI0DQXIDFWXUH $UWLFOH
5HSRUWLQJRI+D]DUGRXV3URSHUWLHV $UWLFOH
3UHSDUDWLRQIRU$VVHVVPHQW

7RWDODQQXDOTXDQWLW\RIPDQXIDFWXUHHWFLVOHVVWKDQW
5HVFLVVLRQRI'HVLJQDWLRQ
DVD3$&6 $UWLFOH$VVHVVPHQW,+D]DUG$VVHVVPHQW,+HDULQJRI2SLQLRQ
RI&RXQFLOV $UWLFOH

&RXQWRI4XDQWLW\RI0DQXIDFWXUHHWF

([SRVXUH$VVHVVPHQW,$GGLWLRQDQG,QVSHFWLRQ
RI+D]DUGRXV3URSHUWLHV(VWLPDWLRQRI(QYLURQPHQWDO5HOHDVH+D]DUG$VVHVVPHQW([SRVXUH$VVHVVPHQW!7RWDODQQXDOTXDQWLW\RIH[SRVXUHLVOHVVWKDQW!:KHQ$VVHVVPHQW,,LVQ¶WGRQH
0RQLWRULQJRI4XDQWLW\HWFRI0DQXIDFWXUH

3ULRULWL]DWLRQ
5HTXHVWLQJRI+D]DUGRXV3URSHUWLHV6WXG\ $UWLFOH  5HSRUWLQJRI+D]DUGRXV3URSHUWLHV $UWLFOH&DUU\RXW$VVHVVPHQW,,LQFRQVLGHUDWLRQRISULRULW\DQGFROOHFWLRQVLWXDWLRQRIKD]DUGRXVSURSHUWLHV$VVHVVPHQW,,+D]DUG$VVHVVPHQW,,([SRVXUH$VVHVVPHQW,,,QYHVWLJDWLRQRI+D]DUGRXV3URSHUWLHV,QYHVWLJDWLRQRIPRQLWRULQJGDWD
PDLQO\RQH[LVWLQJGDWD+D]DUG$VVHVVPHQW([SRVXUH$VVHVVPHQWEDVHGRQPRQLWRULQJGDWD

5HVFLVVLRQRI'HVLJQDWLRQ
DVD3$&6 $UWLFOH,QYHVWLJDWLRQRI3575GDWD ,QVSHFWLRQRISUHVXPHGDPRXQW
RIHQYLURQPHQWDOUHOHDVH([SRVXUH$VVHVVPHQWEDVHGRQ3575GDWD([SRVXUH$VVHVVPHQWEDVHGRQQRWLILHGGDWD

5LVN&KDUDFWHUL]DWLRQ
5HTXHVWLQJRI+D]DUGRXV3URSHUWLHV6WXG\ $UWLFOH  5HSRUWLQJRI+D]DUGRXV3URSHUWLHV $UWLFOH
5HTXHVWLQJRI5HSRUWRQWKH6WDWXVRI+DQGOLQJ $UWLFOH 9ROXQWDU\5HSRUWRQWKH6WDWXVRI+DQGOLQJ$GGLWLRQDO0RQLWRULQJHWF
+HDULQJRI2SLQLRQRI&RXQFLOVDERXW5HVFLVVLRQRI'HVLJQDWLRQ'HVLJQDWLRQRID&ODVV,,VSHFLILHG
$VVHVVPHQW,,,DVD3$&6 $UWLFOH&KHPLFDO6XEVWDQFH $UWLFOH $VVHVVPHQW,,EDVHGRQPRUHFRUUHFWGDWD,QVWUXFWLRQRI+D]DUGRXV3URSHUWLHV6WXG\ $UWLFOH +HDULQJRI2SLQLRQRI&RXQFLOVDERXW'HVLJQDWLRQRID&ODVV,,VSHFLILHG
&KHPLFDO6XEVWDQFH $UWLFOH 

6HFRQG5LVN$VVHVVPHQW$VVHVVPHQW,,,EDVHGRQKD]DUGRXVSURSHUWLHVVWXG\

5HVFLVVLRQRI'HVLJQDWLRQ
DVD3$&6 $UWLFOH*HQHUDO&KHPLFDO6XEVWDQFHV&ODVV,,6SHFLILHG&KHPLFDO6XEVWDQFHV+HDULQJRI2SLQLRQRI&RXQFLOVDERXW'HVLJQDWLRQRID&ODVV,,VSHFLILHG
&KHPLFDO6XEVWDQFH $UWLFOH 

0RUHWKDQSDVWWKUHH\HDUV!
7RWDODQQXDOTXDQWLW\RIPDQXIDFWXUHHWFLVOHVVWKDQW
RU
7RWDODQQXDOTXDQWLW\RI
H[SRVXUHLVOHVVWKDQW^ƵŵŵĂƌǇhŶĚĞƌ^>͕ĂŵĞŶĚĞĚŝŶϮϬϬϵ͕ƐƚĞƉǁŝƐĞƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐƚĂƌƚĞĚ͘^ŽĨĂƌ͕ŵĞƚŚŽĚƐĨŽƌƐĐƌĞĞŶŝŶŐĂƐƐĞƐƐŵĞŶƚǁĂƐĞƐƚĂďůŝƐŚĞĚĂŶĚŝŶŝƚŝĂůďĂƚĐŚŽĨĐŚĞŵŝĐĂůƐŚĂǀĞďĞĞŶƐĐƌĞĞŶĞĚ͘ĞǀĞůŽƉŵĞŶƚŽĨŵĞƚŚŽĚƐĨŽƌĨƵƌƚŚĞƌƌŝƐŬĂƐƐĞƐƐŵĞŶƚŝƐƵŶĚĞƌǁĂǇ͘KŶĐĞĂƐƵďƐƚĂŶĐĞŝƐĚĞƐŝŐŶĂƚĞĚĂƐĂW^͕ŶŽŶͲŵĂŶĚĂƚŽƌǇƌĞƋƵĞƐƚĨŽƌŚĂǌĂƌĚĂŶĚĞǆƉŽƐƵƌĞŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞŵĂĚĞƚŽŵĂŶƵĨĂĐƚƵƌĞƌƐĂŶĚŝŵƉŽƌƚĞƌƐ͘&ŝƌƐƚƌŝƐŬĂƐƐĞƐƐŵĞŶƚǁŝůůďĞĚŽŶĞƵƐŝŶŐƚŚĞƐĞĚĂƚĂ͕ĂŶĚĚĞĐŝƐŝŽŶƐǁŝůůďĞŵĂĚĞǁŚĞƚŚĞƌƚŽŝƐƐƵĞĂŵĂŶĚĂƚŽƌǇŝŶƐƚƌƵĐƚŝŽŶĨŽƌŚĂǌĂƌĚƚĞƐƚŝŶŐ͘dŚĞŵĞƚŚŽĚƐĨŽƌƚŚĞƐĞĂƐƐĞƐƐŵĞŶƚƐĂƌĞƵŶĚĞƌĚŝƐĐƵƐƐŝŽŶĂƚƚŚĞũŽŝŶƚĐŽƵŶĐŝůŽĨƚŚƌĞĞƌĞůĞǀĂŶƚŵŝŶŝƐƚƌŝĞƐ;DŝŶŝƐƚƌǇŽĨ,ĞĂůƚŚ͕>ĂďŽƌĂŶĚtĞůĨĂƌĞ͕DŝŶŝƐƚƌǇŽĨĐŽŶŽŵǇ͕dƌĂĚĞĂŶĚ/ŶĚƵƐƚƌǇ͕ĂŶĚDŝŶŝƐƚƌǇŽĨƚŚĞŶǀŝƌŽŶŵĞŶƚͿ͘