You are on page 1of 108

23456789:ÿ;7<6:=74ÿ

ÿ >?@AB@@CDEFÿ
ÿ ÿ GHHEÿ>IJ?KLMINÿ
ÿ
ÿ ÿ
ÿiOrkestra ÿ
ÿ ÿ
INSTITUTO VASCO
DE COMPETITIVIDAD
FUNDACION DEUSTO

ÿ
ÿ
ÿ
ÿ
23456ÿ7895
ÿ 9ÿ468ÿ
48ÿ89ÿ9ÿ
ÿ
9ÿ68ÿ868
ÿ5ÿ8ÿ45468ÿ
6ÿ69ÿ7895
ÿ45ÿÿ5!9654ÿ
ÿ
ÿ
8ÿ94ÿ
7 ÿ"#459$ÿ
%4#95ÿ5
&9ÿ
565ÿ$8ÿ
'84ÿ465ÿ
(489ÿ)*9$ÿ
+#,8ÿ456-8ÿ
ÿ
ÿ
5ÿ./01ÿ

ÿ
ÿ
!ÿ#$%&'()*+ÿ
ÿ
,-3..9/ÿ,. 2 90ÿ1.29433/ÿ1. 6-0ÿ,4543 /ÿ592
340ÿ 3 2/ÿ,4840ÿ794 /ÿ629
30ÿ78933/ÿ
123456ÿ 32ÿÿ

92
3. 0ÿ:94;2/ÿ<2=25ÿ
>?@ABC?DEÿGHÿIJKLMNOPÿDQRSKKJÿNTÿUEÿAVSWSXSOÿYMÿGOLJKXSMZ[ÿU\ÿ]ZMN^MEÿ_`ab_ÿcSZdMOÿ
CIAÿc>BC>eÿG>eBfYCgehÿh?>fijÿGHÿDZXMZkÿlm[ÿU\ÿ]ZMN^M[ÿU`aal[ÿnMVKSVÿ
AoLMSZMpÿDdJZZMEDZWONPOqdXQEXOLÿ
irONJdpÿs_ÿl_E_bsElaEasoÿsbmaEÿtMupÿl_E_bsElsEslEÿ
AoLMSZdpÿJMZvMKJw]JZJQKxqOKyJP^KMEVJRP^OEJPÿ
AoLMSZXpÿDKQRJPOEzMvSJKqdXQEXOLÿ
AoLMSZVpÿcOwONEDK^rRKqdXQEXOLÿ
irONJJpÿs_ÿl_E_bsElaEasoÿsUm`EÿtMupÿl_E_bsElsEslEÿ
AoLMSZJpÿRNMSEXMP^KOqOKyJP^KMEVJRP^OEJPÿ
AoLMSZWpÿYO]JwE{MNSJZqdXQEXOLÿ
AoLMSZQpÿnMK^JNEgvMNqdXQEXOLÿ
517ÿ 3|ÿ7/ÿ7}~/ÿ7~/ÿ:/ÿ /ÿ €~ÿ
36‚ 4|ÿ94ÿ323456/ÿ-
23ÿ 3./ÿ29.3ÿ89
2/ÿ.39
25/ÿ9 ‚34ÿ94893ÿ9543332/ÿ
432ƒ83ƒ993/ÿ323456ÿ342
3/ÿ94ÿ8 3/ÿ3.34

6/ÿ54
/ÿ392ÿ9295332/ÿ392ÿ
439 23/ÿ2
49.ÿ9 ‚34ÿ9.92/ÿ
4 54
/ÿ435.9
2/ÿ
292
25jÿ
„83ÿ 9
2
2/ÿ929.6
ÿ92ÿ4394ÿ 29
23ÿ‚
8
2ÿ8
ÿ 32ÿ43 .3ÿ83ÿ 9
2
2ÿ ÿ83ÿ
98 4ÿ92ÿ943ÿ2 ÿ23394
.6ÿ8 3ÿ ÿ83ÿ
2

2ÿ‚8
8ÿ836ÿ 4ÿ994ÿ jÿ

ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
…ANJKQxÿ{OXRLJN^Pÿ

ÿ9ÿ34
3ÿ‚8
8ÿ
2.3ÿ99934ÿ89ÿ943ÿ32 43ÿ 4ÿ94 3ÿ-6ÿ83ÿ123456ÿ789
4ÿ ÿ
4349jÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
ÿÿ
ÿ

ÿ
ÿ !"!#$%ÿ&%'()ÿ*+,-..#ÿ/.0(1+.#2ÿ


76489ÿ 2675ÿ
ÿ
ÿ

ÿ 35ÿ4ÿ29ÿ566346ÿ5 ÿ546675ÿ789:;ÿ=>?:@ABÿC?DÿEFFGHI9;HJ>Kÿ9>LÿMNKH>?KKÿ
OJL?GKPÿ3ÿ465 45ÿQR4 RÿR3ÿS667ÿ5465346TÿS9ÿUR6ÿV 5 7ÿW 765478ÿX4 5ÿYVWXZÿ47ÿ
663S 4354 7ÿQ45Rÿ5R6ÿ
76489ÿWR344ÿ [ÿ\4]6543^ÿUR4ÿ465 45ÿ4ÿ965ÿ37 5R64ÿ46[66 54 7ÿ [ÿ
VWX_ÿ3 54̀6ÿ53454 45354 7ÿ47ÿ5R6ÿ
76489ÿWR344Pÿ3ÿQ666ÿ3ÿ [ÿ 4ÿR346Tÿ4756465ÿ47ÿ
53 ]6478ÿ5435684 ÿ46ÿ5 ÿ5465346ÿ[ 4ÿ5R6ÿ[546^ÿ
3ÿQ 6Tÿ64]6ÿ5 ÿ26754 7ÿ5R6ÿ546T6 6 4ÿ5 ÿ5R4ÿ465 45Pÿabcbdÿcbÿcfdghfijkflmÿbnokghfkpÿ
cbnÿqjgjhrsÿtmÿpmunfdfdÿvphpÿdjÿcbdphhrnnrPÿQR4 RÿQ3ÿ5466756Tÿ35ÿ5R6ÿ15374Rÿ
76489ÿ
W6Sÿ47ÿw `62S64ÿxPÿ37TÿQR4 Rÿ54 `4T6Tÿ5R6ÿS34ÿ[ 4ÿ37ÿ475647354 736ÿ 7[6467 6ÿ
7ÿ5R6ÿ5 54 ÿ47ÿV46S3 ^ÿUR6ÿ5T9ÿ54566Tÿybmbhpkflmÿcfdghfijfcpÿzÿpjgrkrmdj{r|ÿ}munfdfdÿ
hb~jnpgrhfrxÿQ3ÿ5S64R6Tÿ 76ÿ9634ÿ63564Pÿ37Tÿ5R4ÿ 44675ÿ465 45ÿ4ÿ26375ÿ5 ÿ6537Tÿ
37Tÿ64`6ÿ3ÿ3ÿ 7547354 7ÿ [ÿ5R4ÿ6476ÿ [ÿ46634 Rÿ37Tÿ53564^ÿ
UR6ÿ 7 655ÿ [ÿ2345ÿ844TÿR3ÿS667ÿ5463T478ÿ€4 ]69ÿT6ÿ5 ÿ3T`37 6ÿ47ÿ5 Q64ÿ
T4544S54 7ÿ37Tÿ5R6ÿ47 64 7ÿ [ÿ 7264ÿ3ÿ3 54̀6ÿ76Qÿ53]6R 6T64ÿ47ÿ5 Q64ÿ
9562^ÿW 76€67569Pÿ5R66ÿT6`66 52675ÿ346ÿ84̀478ÿ446ÿ5 ÿ5R6ÿ 46354 7ÿ [ÿ76Qÿ
S476ÿ2 T66^ÿ
UR6ÿ676489ÿ5437454 7ÿ7T6453]67ÿS9ÿX642379ÿ37Tÿ437 6Pÿ37Tÿ5R6ÿ[3 5ÿ5R35ÿ5R6ÿ
437 ‚X64237ÿ676489ÿ34ÿ̀46Qÿ45ÿ3ÿ3ÿ5435684 ÿ̀6 5 4ÿ[ 4ÿ
4 56_ÿ56 R7 6 84 36ÿ37Tÿ
47T54436ÿ4673437 6Pÿ346ÿ35ÿ5R6ÿR6345ÿ [ÿ5R6ÿ ‚ 3666Tÿ2345ÿ844Tÿ54 6^ÿ
UR6ÿ6` 654 7ÿ [ÿ 642356‚466356Tÿ6`675Pÿ5R6ÿ48675ÿ766Tÿ5 ÿ46T 6ÿ
4 56_ÿ676489ÿ
T6567T67 6Pÿ5R6ÿ634 Rÿ[ 4ÿ
4 5637ÿ676489ÿ `64648759ÿS36Tÿ 7ÿ6[[4 467 9ÿ37Tÿ76Qÿ
676489ÿ 4 6Pÿ37Tÿ15347ÿ37Tÿ
4 56_ÿ43 6ÿ[ 4ÿ 2565454̀676ÿ383475ÿ 5R64ÿ4684 7ÿ
366ÿ46546675ÿ3TT454 736ÿ R3666786ÿ5 ÿ5R6ÿ `6434 R478ÿ342ÿ [ÿ5R6ÿ
4 5637ÿƒ74 7„ÿ
46 675ÿ54 5 36…ÿ3ÿ
4 5637ÿ
76489ÿƒ74 7ÿbmÿhrjgbÿ5 ÿ676489ÿ5437454 7^ÿ
UR6ÿ676489ÿ5437454 7ÿQ466ÿ663Tÿÿ5 ÿ[ ÿ 7ÿ3ÿ76Qÿ676489ÿ2 T66ÿ47ÿQR4 RPÿ764]6ÿ5R6ÿ
7`6754 736ÿ2 T66ÿQR4 RÿR3ÿR66TÿQ39ÿ47ÿ46 675ÿT6 3T6Pÿ56 R7 6 89Pÿ54 T 54 7ÿ
37Tÿ676489ÿ 72554 7ÿ346ÿ5639478ÿ3ÿ]69ÿ4 66ÿ37Tÿ6564467 478ÿ4874[4 375ÿ3T`37 6^ÿ
UR4ÿ676489ÿ5437454 7PÿQR4 Rÿ3ÿR3`6ÿ 3666Tÿ3556754 7ÿ5 ÿ4656356T69Pÿ53454 63469ÿ47ÿ
466354 7ÿ5 ÿ5R6ÿ15374Rÿ676489ÿ9562Pÿ4ÿ36463T9ÿ23]478ÿ474 3Tÿ47ÿ
4 56_ÿ23† 4ÿ
676489ÿ 45 4354 7^ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ37ÿ
7864RPÿ‡rˆbhÿ‰hpmd{fddfrmÿŠbgˆrh‹dÿrqÿgŒbÿjgjhbsÿ}ÿŽbbnrv{bmgÿ}mpnzdfd^ÿ\4484736ÿ47ÿ15374R^ÿ
xÿ37ÿ
7864RPÿŽfdghfijgbcÿybmbhpgfrmÿpmcÿbnq‘’rmdj{vgfrm|ÿpÿab~jnpgrhzÿ}mpnzdfd^ÿ\4484736ÿ47ÿ15374R^ÿ
12345ÿ676489ÿ
ÿ
83ÿ9229ÿ9296
ÿ 23ÿ6ÿ142ÿÿ 25ÿ!142 25"ÿ#$ÿ 2ÿ%4
3& %2ÿ
92ÿ83ÿ
'9
432ÿ ÿ93ÿ ÿ14 '392ÿ


3ÿ
2
93ÿ89ÿ3'43
9
2"ÿ%8
8ÿ
2ÿ
'94ÿ 3ÿ 4 ÿ532349
2ÿ93"ÿ
ÿ9ÿ54 %
25ÿ432(ÿ)229ÿ
'9
432ÿ 4ÿ
14 '3*ÿ+ÿ9453ÿ


3ÿ,-./ÿ1234ÿ5678ÿ9:;;:3.ÿ
2ÿ<=>=ÿ/3ÿ5?7@ÿ9:;;:3.ÿ:.ÿ<=>>"ÿ92ÿ
123456ÿ 32ÿÿ

43983ÿ5><76ÿ9:;;:3.ÿ:.ÿ<=><7ÿA.ÿ<=>=B"ÿ1( C"ÿ1Dÿ92ÿE932 9ÿ9 23ÿ 4ÿ


+Fÿ ÿ
'9
432ÿ92"ÿ
2ÿ"ÿ123"ÿGH1ÿ92ÿDÿI3Jÿ9 23ÿ 4ÿKF(ÿL2ÿ
<=><MÿNOPÿQR-Sÿ,23/-ÿO3,.ÿ5<ÿ9:;;:3.MÿT2:4U2:;Vÿ1234ÿ:/WÿXR23T-U.ÿUWW-/WÿYZ[\ÿ^_`ÿ̀
abc\\bÿdefcg_`"ÿh$(ÿ
Lÿ8 ÿ3ÿ2 3ÿ89"ÿ
2ÿD34946ÿ#"ÿDÿI3J*ÿ78
3 ÿ1i3
j3ÿ' 3ÿ9 ÿ

'9
432ÿ6ÿ9
25"ÿkLÿ9ÿ%4

25ÿ ÿ8
ÿ ÿ% 4(ÿLÿ%92ÿ ÿ89253ÿ83ÿ
 '926lÿ43ÿ92ÿ
2j3ÿ
2ÿ83ÿ23%ÿ% 4"ÿ%8
8ÿ
23ÿ 4ÿ
2j j332ÿ
2ÿ
14 '3lÿ323456ÿ492

2k(ÿ
m
3%
3"ÿ
2ÿC j334ÿ#"ÿ1( Cÿ922 23ÿ9ÿ4935
ÿ4294 2ÿ 4ÿ83ÿ '926ÿ
%8
8"ÿ'32
25ÿ89438 34ÿ9''4 j9"ÿ%
ÿ3ÿ'9223ÿ ÿ8
ÿ6394ÿ92ÿ
'3323ÿ

2ÿ+(ÿ83ÿ4294 2ÿ
ÿ 3ÿ 2ÿ83ÿ 43ÿ
39ÿ ÿ323456ÿ492

2ÿ92ÿ%
ÿ39ÿ
 ÿ83ÿ928ÿ ÿ1( C*ÿ 2j32
29ÿ
23ÿ9ÿ9ÿ23%ÿ '926(ÿ
833ÿ43 3
2ÿ96ÿ39ÿ43934ÿ ÿ3j3ÿ
2 ÿ83ÿ34ÿ ÿ34926ÿ92ÿD4923*ÿ
323456ÿ492

2"ÿ%8343ÿ 23ÿ%
ÿ
2ÿ89ÿ633496lÿ% 4ÿ
ÿ3
25ÿ3 ÿ38
2ÿ92ÿ
%3ÿ943ÿ3234
25ÿ9ÿ23%ÿ% 4ÿ ÿ323456(ÿ
8
ÿ43' 4ÿ 2
4ÿ89ÿ' %34ÿ63ÿ943ÿ35
22
25ÿ ÿ2345 ÿ89253n
2ÿ 3ÿ
93ÿ
52

92ÿ 23n ÿ83ÿ%96ÿ334
ÿ' %34ÿ
ÿ5323493ÿ92ÿ 23(ÿH3ÿ943ÿ
9 ÿ%
23
25ÿ83ÿ 9
29"ÿ

3ÿ'94

'9
2ÿ ÿ2 2&49

29ÿ938 34ÿ
2ÿ
83ÿ3j3 '32ÿ ÿ23%ÿ
23ÿ 3(ÿ83ÿ34393ÿ ÿ ÿ349
2ÿ382  5
3"ÿ
8ÿ9ÿ'8  j 9
"ÿ94ÿ334ÿ92ÿL7"ÿ 9

93ÿ8
ÿ89253"ÿ98 58ÿ83ÿ
3j3 '32ÿ ÿ833ÿ 3ÿ
ÿ
ÿ'94
96ÿ3'3232ÿ 2ÿ 9 4ÿ
3ÿ4359
2(ÿ
83ÿ38   5
9ÿ 493% 4ÿ9 '3ÿ
ÿ43j39
25ÿ393ÿ
ÿ3j993ÿ83ÿ3 2 
"ÿ

23&4393ÿ92ÿ4359 46ÿ
2 49
2ÿ2333ÿ ÿ3i'9
2ÿ83ÿ
23ÿ 3(ÿ
8
ÿ93ÿ
ÿ' 
3ÿ ÿ9 'ÿ9ÿ49834ÿ '8

93ÿ9''4 98ÿ92ÿ ÿ8 23ÿ
2ÿ 2ÿ36ÿ
9'3ÿ ÿ83ÿ 43ÿ
39ÿ ÿ94ÿ54
oÿ
4
3ÿ532349
2"ÿ392ÿ9295332ÿ
92ÿ83ÿ9554359
2ÿ ÿ 234ÿ9'9
6(ÿ
p
936"ÿ8
ÿ43' 4ÿ9296J3ÿ8 %ÿ83ÿ
23ÿ93ÿ92ÿ 3ÿ
3ÿ ÿ
' 32
96ÿ3ÿ9''
93ÿ ÿI'9
2(ÿH3ÿ832ÿ5 ÿ 2ÿ ÿ 34ÿ 2
2ÿ%8
8ÿLÿ3
3j3ÿ ÿ
3ÿ ÿ
2343"ÿ9ÿ836ÿ34j3ÿ9ÿ9ÿ 29
2ÿ92ÿ ÿ 4ÿ
'9
293ÿ393ÿ 2ÿ83ÿ

23j
93ÿ323456ÿ492

2(ÿ)ÿ9ÿ%8 3"ÿ 4ÿ9
ÿ
ÿ ÿ 24
3ÿ ÿ323456ÿ3

326ÿ
92"ÿ
2ÿ'94
94"ÿI'9
2*ÿ332
9ÿ382  5
9ÿ92ÿ
24
9ÿ4329
923(ÿ
Lÿ% ÿ
3ÿ ÿ 34ÿ6ÿ ÿ
2343ÿ892ÿ ÿ83ÿ  2ÿ7 2
25ÿ4 'ÿ92ÿ83ÿ
39ÿ8393ÿ6ÿLj92ÿq94r2ÿ92ÿ92
3ÿms'3Jn% ÿ

25
83ÿ3i'34ÿ 2ÿ83ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
676489ÿ6 5 43ÿ6ÿ3ÿ56ÿ35 4ÿ 7 ÿ63ÿ364ÿ486 ÿ37 ÿ454ÿ! " 7ÿ
4 2ÿ!#$ÿ37 ÿ
 9ÿ%346"ÿ&66849ÿ37 ÿ'73ÿ#354 ÿ4 2ÿ56ÿ
76489ÿ#34ÿ ÿ36ÿ
3ÿ667ÿ 22556ÿ5 ÿ23(78ÿ5ÿ46) 45ÿ3ÿ46359*ÿ

ÿ

76489ÿ 2675ÿ
ÿ
+,-.-/01ÿ31456ÿ789:;;/ÿ
<=/-;,/0ÿ1>ÿ8=5ÿ?410@1;ÿ<1,,-8855ÿ
+05;ABÿ<=/-;ÿ1>ÿC;D5@8;/EFG<HÿI0-J5;@-8Bÿ1>ÿK5:@81ÿ
ÿ ÿ

12345ÿ676489ÿ
ÿ
 !"#ÿ
ÿ
%&ÿ'()ÿ*+,-.)ÿ"/0+,-1ÿ231ÿ%45-4)ÿ#4)56/-0)7ÿ8,469:ÿ
123456ÿ 32ÿÿ

ÿ
ÿ ; << =
25ÿ3>349<ÿ6394ÿ ÿ 4
 <ÿ <<9? 49
2ÿ
2ÿ=8
8ÿ@83ÿ  2ÿ7 2<
25ÿ
4 AÿB7Cÿ89ÿ8943ÿ
ÿ2 =<353ÿ92ÿ3DA34
323ÿ=
8ÿ 4349ÿ
2ÿA4 E3ÿ
234932ÿ?6Fÿ92ÿ
2ÿ <<9? 49
2ÿ=
8Fÿ83ÿ123456ÿ789
4Fÿ83ÿ= ÿ
2

2ÿ89>3ÿ
 2
23ÿ= 4
25ÿ =94ÿ83
4ÿ8943ÿ5 9<ÿ ÿ 24
?
25ÿ ÿ3?93ÿ ÿ
A4 >3ÿ
323456ÿ3
96Fÿ3

326ÿ92ÿ A3

>323Gÿ
2ÿ8
ÿ 9
2FÿHÿ9ÿA<393ÿ ÿA4332ÿIJKLMÿOPQLRSTÿUQVÿWXXYZ[KMZ\P]ÿKP^ÿ
_`]ZPQ]]ÿa\^QY]Fÿ=8
8ÿ=9ÿA43A943ÿ
2ÿ <<9? 49
2ÿ=
8ÿ83ÿ123456ÿ789
4ÿ ÿ
4349Gÿ@83ÿ43A 4ÿA4 >
3ÿ92ÿ >34>
3=ÿ ÿ23=ÿ?
23ÿ 3<ÿ=8
8ÿ943ÿ
3345
25ÿ
2ÿ83ÿA =34ÿ
246ÿ92Fÿ 43ÿA3

9<<6Fÿ
2ÿ83ÿ
3<ÿ ÿ94ÿ323456GÿHÿ
ÿ

2323ÿ ÿ?3ÿ ÿ3ÿ 4ÿ9<<ÿA<9634ÿ A349
25ÿ
2ÿ83ÿ323456ÿ
246ÿ9ÿ=3<<ÿ9ÿ 834ÿ
938 <34Gÿ
@8
ÿ
ÿ9ÿ4
9<ÿ 32ÿ
2ÿ83ÿ3> <
2ÿ ÿ83ÿA =34ÿ
246ÿ5
>32ÿ83ÿ>94
ÿ
>3 4ÿ ÿ89253Fÿ8ÿ9ÿ23=ÿ323456ÿA <

3Fÿ83ÿA32349
2ÿ ÿA =34ÿ532349
2ÿ
382 < 5
3b4323=9?<3ÿ 43ÿ92ÿ
4
?3ÿ532349
2ÿ 43b92ÿ 43ÿ
9
>3Fÿ392
25ÿ 234Fÿ=8
8ÿ943ÿ9<<ÿ3
25ÿ9ÿ23=ÿ953ÿ 4ÿ A3

2GÿH2ÿ8
ÿ
8925
25ÿ32>
4 232Fÿ3>349<ÿ938 <34ÿ943ÿA 

2
25ÿ833<>3ÿ=
8
2ÿ83ÿ
A =34ÿ
246ÿ=
8ÿ23=ÿ?
23ÿ 3<Gÿ@83ÿ3 2 
ÿ?9
ÿ ÿ83ÿ
246ÿ
ÿ9< ÿ
3> <>
25ÿ 2
349?<6ÿ92Fÿ9ÿ9ÿ43<FÿA =34ÿ
<

3ÿ943ÿ 9
25ÿ23=ÿ89<<3253ÿ92ÿ
AA 42

3Gÿc3ÿ943ÿ=
23
25ÿ
3432ÿ439
2ÿ ÿ833ÿ89253ÿ
2ÿ398ÿ 246ÿ
9 4
25ÿ ÿ83ÿ
232
6ÿ92ÿA33ÿ ÿ398ÿ943dÿ3> <
2Gÿ
H2ÿ83ÿe2
3ÿf93ÿ92ÿ34926Fÿ A92
3ÿ943ÿ9
25ÿ9ÿ 43ÿA4 9
>3ÿ9AA4 98ÿ
=832ÿ
ÿ 3ÿ ÿ99A
25ÿ ÿ83ÿ23=ÿ32>
4 232Gÿe
<

3ÿ943ÿ 23249
25ÿ 2ÿ23=ÿ
?
23ÿ 3<ÿ?6ÿ3
834ÿ 34
25ÿ9ÿA3

ÿ34>
3ÿ ÿ83
4ÿ 234ÿ833<>3Fÿ 4ÿ
9
25ÿ9ÿ 4
29 4ÿ 4ÿ
3432ÿ34>
3ÿA4 >
34Gÿc89ÿ833ÿ9
2ÿ9<<ÿ89>3ÿ
2ÿ
  2ÿ
ÿ89ÿ836ÿ943ÿ 3ÿ 2ÿ?334ÿ33
25ÿ83ÿ233ÿ ÿ
2439
25<6ÿ
 A8

93ÿ92ÿ382 < 5
9<<6ÿ9>>6ÿ 234Gÿ
@8
ÿ43A 4ÿ
ÿ83ÿ43<ÿ433948ÿ 2ÿ83ÿ23=ÿ?
23ÿ 3<ÿ=8
8ÿ943ÿ3345
25ÿ
2ÿ
 24
3ÿ89ÿ943ÿ3DA34
32
25ÿ83ÿ ÿ
52

92ÿ89253Gÿ@892ÿ ÿ83ÿ>9ÿ
3DA34
323ÿ ÿ7dÿ< ?9<ÿ123456ÿg49
3Fÿ=3ÿ 34ÿ
<<49
>3ÿ3D9A<3ÿ ÿ
 A92
3ÿ89ÿ943ÿ9 A
25ÿ833ÿ?
23ÿ 3<ÿ92ÿ83ÿ
A9ÿ836ÿ943ÿ89>
25ÿ
2ÿ
83
4ÿ43A3
>3ÿ 24
3Gÿ@83ÿ43A 4ÿ9< ÿ >34ÿ4432ÿ36ÿ3ÿ 9 4ÿ 4ÿ398ÿ
ÿ83ÿ23=ÿ?
23ÿ 3<ÿ92ÿ 34ÿ5
3<
23ÿ43594
25ÿ8 =ÿ ÿ
A<332ÿ83Gÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
7 6ÿ3837ÿÿ ÿ6ÿ5 ÿ537ÿ56ÿ
76489ÿ34ÿ ÿ46543ÿ 4ÿ56ÿ  45759ÿ5 ÿ
346ÿ 4ÿ5 85ÿ37ÿ46 226735 7ÿ 7ÿ3ÿ6 5 4ÿ ÿÿ ÿ649ÿ2 45375ÿ5 ÿ56ÿ
6 7 29ÿ3ÿ3ÿ 6ÿ37ÿ5 ÿ56ÿ6!678ÿ ÿ 659"ÿÿ ÿ3 ÿ6ÿ5 ÿ 78435356ÿ

ÿ
56ÿ2387 675ÿ46634 ÿ37ÿ 5463 ÿ 4ÿ569ÿ36ÿ 3446ÿ 5ÿ7ÿ46 675ÿ9634"ÿ


76489ÿ 2675ÿ
#6ÿ 6ÿ535ÿ5ÿ59ÿÿ!6ÿ ÿ6ÿ5 ÿ3ÿ3964ÿ 643578ÿ7ÿ56ÿ676489ÿ7549ÿ3ÿ
6ÿ3ÿ 564ÿ536 64"ÿ
ÿ
$%&'ÿ)*+,-'ÿ./0*+,1ÿ
21'03+ÿ4*+,'1+ÿ5ÿ)*'*60'6ÿ70+18,3+ÿÿ
9/3:*/ÿ;1*<1+=ÿ>?1ÿ@3A,3'ÿB3'AC/,0'6ÿ9+3CDÿE'1+6Fÿ4+*8,081ÿG+1*ÿ
ÿ ÿ

12345ÿ676489ÿ
ÿ
 !ÿÿ
ÿ
#$%&'ÿ(#)*#ÿ+#,ÿ#$%&'ÿ-%+#.)/)*#.0ÿ12+/ÿ%*3$ÿ,*$.ÿ.4+%/ÿ$#$%&'ÿ53+'6ÿ
123456ÿ 32ÿÿ

ÿ
7'ÿ3*'ÿ839+%$:ÿ$3$&%'ÿ;<%=$./%+>ÿ
ÿ
ÿ ?2ÿ@93ÿA3B4946Cÿ2 ÿ@ 25ÿ9 34ÿ8
ÿ6ÿD9ÿ E@33Cÿ83ÿ14 E392ÿ
7 

2ÿEB@
83ÿ
ÿ7 FÿGHÿIÿ
29@ÿ 2
9
2Cÿ32
@3ÿJKLMNOÿQKRSKÿ
TUVWUNLXÿYÿZMU[L\SMWÿ]^MU^LNOÿ_SMÿUÿ`LaRbRLK^ÿJKLMNOÿQKRSKÿ\R^cÿUÿZSM\UMdefSSWRKNÿ
gbR[U^LÿgcUKNLÿTSbRVOhiÿk83ÿ123456ÿl2
2ÿ
ÿE94ÿ ÿ92ÿ9B

ÿ@
93ÿE @
6ÿ9
3ÿ
9ÿE4 m

25ÿ1lÿ 234ÿG43
32
9@ÿ92ÿB
233HÿD
8ÿ93ÿ ÿ343Cÿ
9
29B@3Cÿ E3

m3ÿ92ÿ9 49B@3ÿ323456hÿ
k83ÿ49356ÿ33ÿ ÿ98
3m3ÿ3m349@ÿ8
25Cÿ
2@
25ÿ9ÿ@ Dn94B 2ÿ3 2 6ÿD
8ÿ
4 25Cÿ
22 m9
m3ÿ92ÿ E3

m3ÿ E92
3hÿ7

o32ÿ943ÿ9ÿ83ÿ 43ÿ ÿ83ÿ123456ÿ
l2
2ÿ92ÿD
@@ÿB323
ÿ 4 ÿ9
m3ÿE94

E9
2ÿ
2ÿ83ÿ943ÿ92ÿ23Dÿ382 @ 5
3ÿ
D8
8ÿ433ÿ83
4ÿ323456ÿB
@@pÿ9@@ÿD8
@3ÿE4 3
25ÿm@2349B@3ÿ 234ÿ9ÿ83ÿ93ÿ

3hÿ
q 4
25ÿ ÿ83ÿ7 

2rÿ 32Cÿ
2ÿ 434ÿ ÿ98
3m3ÿ8
ÿ5 9@CÿD3ÿÿ m3ÿ
9D96ÿ 4 ÿ92ÿ3 2 6ÿ
2ÿD8
8ÿ323456ÿ
ÿB93ÿ 2ÿ9ÿ3249@
o3CÿEE@6n
3ÿ
9EE4 98Cÿ @ÿ382 @ 5
3ÿ92ÿ 93ÿB
23ÿ 3@hÿ
k83ÿ7 

2rÿ 2
9
2ÿ5 3ÿ 2ÿ ÿ93ÿ89ÿ 234ÿÿB3ÿ
3E D343ÿB6ÿE4 m

25ÿ83ÿD
8ÿ
2 49
2Cÿ8
3ÿ92ÿ439
25ÿ @3s
B
@
6ÿ ÿ
92953ÿ392ÿ9ÿD3@@ÿ9ÿEE@6hÿ
k833ÿ9332ÿD343ÿ8 32ÿB393ÿ836ÿ43m39@ÿ9ÿm

2ÿ 4ÿ83ÿ323456ÿ63ÿ
2ÿ
D8
8ÿ 234ÿ5499@@6ÿ89m3ÿ 43ÿ
2 49
2ÿ92ÿ3

2n9
25ÿE D34ÿ 2ÿ
83ÿ392ÿ
3Cÿ92ÿ
2ÿD8
8ÿ83ÿ9554359
2ÿ ÿ8 92ÿ ÿ392ÿ 4ÿ323456ÿ
ÿ
92953ÿ
2ÿ8ÿ9ÿD96ÿ89ÿ
ÿ
ÿ92ÿ9
m3ÿE94ÿ ÿ83ÿ
3
93ÿB9@923ÿB3D332ÿ
E D34ÿEE@
3ÿ92ÿ392hÿ
k8
ÿ6ÿE4 m
3ÿ92ÿ929@6
t 4 ÿD ÿ E@332946ÿE34E3
m3t ÿB
23ÿ
 3@ÿB93ÿ 2ÿ392ÿ9295332ÿG94ÿ8 3Cÿ392ÿ43E 23Cÿ3hHÿ9ÿD3@@ÿ
9ÿ435
29@ÿ9554359
2ÿGm
49@ÿE D34ÿE@92ÿ92ÿ
4 54
Hÿ92Cÿ2949@@6Cÿ

4
B3ÿ532349
2ÿ 3@hÿk833ÿ 3@ÿ943ÿ3s9
23Cÿ
4Cÿ9 4
25ÿ ÿ83
4ÿ
E 

2ÿ9@ 25ÿ83ÿE D34ÿ
246ÿm9@3ÿ89
2ÿ92Cÿ3 2Cÿ9 4
25ÿ ÿ83
4ÿ@3m3@ÿ ÿ
 E8

9
2hÿ
ÿiÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
u3ÿD
@@ÿ2 ÿB3ÿ 2
25ÿ9ÿ39
@3ÿ929@6
ÿ ÿ83ÿ 32ÿ 4ÿ
ÿ
332ÿ9
2ÿE
2ÿ8343hÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
ÿ ÿ566ÿ2 6ÿ3ÿ57ÿ56ÿ 7ÿ ÿ6 675436ÿ676489ÿ7ÿ ÿ 7264ÿ
36ÿ2 46ÿ7 4235 7ÿ2 46ÿ6  72378ÿ 64ÿ37ÿ346ÿ7 6ÿ7ÿ2373878ÿ
9562ÿ!9ÿ2637ÿ ÿ564ÿ6237"ÿ

ÿ

76489ÿ 2675ÿ
#6ÿ
4 637ÿ$7 7%ÿ5435689ÿ3ÿ6ÿ756446356ÿ267 7&ÿ676489ÿ6 459ÿ56ÿ

4 637ÿ676489ÿ23465ÿ676489ÿ6 67 9ÿ6 34! 778ÿ56ÿ6 7 29ÿ37ÿ359ÿ


46634 ÿ77 35 7ÿ37ÿ 2 655676"ÿ
'()*+ÿ-./*01ÿ2.ÿ+3/ÿ-./*01ÿ4.25.ÿ
ÿ 6ÿ!666ÿ535ÿ2345ÿ676489ÿ 39ÿ3ÿ87 375ÿ4 6ÿ7ÿ6643ÿ ÿ566ÿ
267 7"ÿ7 4ÿ6832 6ÿ5ÿ 754!56ÿ5 ÿ676489ÿ6 67 9ÿ7 6ÿ5ÿ3 ÿ 4ÿ6237ÿ
5 ÿ!6ÿ2 64356ÿ37ÿ6ÿ5 ÿ!6ÿ258356"ÿ12345ÿ676489ÿ3 ÿ 45ÿ
6 34! 735 7ÿ7 6ÿ5ÿ4 84669ÿ7 4 4356ÿ46763!6ÿ56 7  86ÿ!9ÿ2637ÿ
ÿ54!56ÿ8676435 7"ÿ95ÿ46834ÿ5 ÿ46634 ÿ77 35 7ÿ37ÿ 2 655676ÿ
2345ÿ676489ÿ3 5356ÿ 7264ÿ345 35 7ÿ7ÿ56ÿ676489ÿ54375 7ÿ54 8ÿ56ÿ
2 6267535 7ÿ ÿ2345ÿ84ÿ2345ÿ 26ÿ3 37 6ÿ2345ÿ 56ÿ37ÿ 26ÿ
35 235 7ÿ9562"ÿ
96ÿ3ÿ ÿ566ÿ267 7ÿ346ÿ466375ÿ5 ÿ 4ÿ59ÿ56ÿ4635 7ÿ!65667ÿ2345ÿ
676489ÿ37ÿ56ÿ267 7ÿ463578ÿ5 ÿ3ÿ9ÿ75684356ÿ676489ÿ23465ÿÿ56ÿ2 5ÿ
6675"ÿ67ÿ3 5ÿ56ÿ 227 35 7ÿ 56ÿ7 6ÿ3ÿ6  ÿ6 5 7ÿ4683478ÿ3ÿ76ÿ
4326 4ÿ 4ÿ 7264ÿ7ÿ ÿ32 78ÿ 564ÿ578ÿ5ÿ 75ÿ 5ÿ535ÿ2345ÿ
56 7  86ÿÿ6ÿ! 5ÿ 7264ÿ37ÿ56ÿ676489ÿ64 6ÿ 2 376ÿ 478ÿ 4ÿ
562ÿ5 ÿ536ÿ3375386ÿ ÿ 45756ÿ!9ÿ 754 78ÿ564ÿ676489ÿ 72 5 7ÿ:37ÿ
!6ÿ64  5 7;"ÿ#ÿÿ465ÿ7ÿ2 46ÿ68!59ÿ7ÿ56ÿ23465ÿ37ÿ46 6ÿ
7264ÿ!"ÿÿ
#6ÿ 227 35 7ÿ3 ÿ 32ÿ535ÿ5646ÿÿ 7576ÿ5 ÿ!6ÿ3ÿ ÿ5 34ÿ
5373435 7ÿ 45ÿ 4ÿ56ÿ6 92675ÿ ÿ2345ÿ26564ÿ37ÿ4564ÿ66 2675ÿ
7ÿ2345ÿ84ÿ37ÿ2345ÿ3 37 6ÿ5 ÿ4634ÿ68!6ÿ386ÿ ÿ676489"ÿ# ÿ5ÿ67ÿ56ÿ
< 22 7ÿÿ66 ÿ976486ÿ!65667ÿ56ÿ
76489ÿ$7 7ÿ37ÿ56ÿ 853ÿ1786ÿ
=3465ÿ38673"ÿ>359ÿ56ÿ 227 35 7ÿ5466ÿ56ÿ2 4537 6ÿ535ÿ468356ÿ
534ÿ7 5ÿ25ÿ56ÿ66 2675ÿ ÿ66 56ÿ 2 655 7ÿ ÿ535ÿ23465ÿ4 6ÿ67ÿ
56ÿ 446 5ÿ873"ÿ
?6 46ÿ6756478ÿ75 ÿ 4ÿ3739ÿ ÿ676489ÿ54375 7ÿ5ÿ239ÿ!6ÿ 4576ÿ5 ÿ 75ÿ
5ÿ3ÿ7 356ÿ63464ÿ535ÿ56ÿ< 22 7ÿ 764ÿ37ÿ32!5 ÿ 2356ÿ  9ÿ5 ÿ
!6ÿ35ÿ56ÿ 46ÿ ÿ56ÿ
76489ÿ$7 7"ÿ#646 46ÿ5ÿÿ7 ÿ446ÿ535ÿ56ÿ< 22 7ÿ3ÿ
3 ÿ!6ÿ37 564ÿ 227 35 7ÿ<@=ÿ:;ÿAÿ73ÿ3 ÿ67556ÿBCDEFGÿ
ICJKCÿLMNOMFDÿ!5ÿ!556ÿPQDÿLMEJRÿLEKSKNKTÿUÿVÿWTXDYEJCSÿZKEÿSMNOTJCFÿFTKWMTÿNTJ[MSDÿ
NQMCFDÿWDGKC\ÿ]^]^ÿ ÿ646ÿ3ÿ3ÿ4 323ÿ 4ÿ6378ÿ5ÿ 2356ÿ 3786ÿ3564ÿ
"ÿ

12345ÿ676489ÿ
ÿ
83ÿ 32ÿ433ÿ83ÿ233ÿ ÿ98
33ÿ9ÿ5 9ÿ492

2ÿ 94ÿ ÿ3

2ÿ
8
8ÿ!4  3ÿ !! 42

3ÿ92ÿ323
ÿ14 !392ÿ3 2 
3ÿ
8 ÿ
 !4 

25ÿ54 8ÿ92ÿ" #ÿ
 ÿ8
ÿ32$ÿ83ÿ 349ÿ "3
3ÿ ÿ83ÿ%94
ÿ7
93ÿ789253ÿ7 2 34323$ÿ8
8ÿ
ÿ3ÿ
123456ÿ 32ÿÿ

83ÿ
2ÿ93ÿ& 334ÿ92ÿ3946ÿ3334ÿ$ÿ8 ÿ3ÿ ÿ433ÿ5 9ÿ3

2ÿ
 ÿ9ÿ39ÿ'(ÿ3 ÿÿ33ÿ6ÿÿ92ÿ ÿ3243ÿ9ÿ629
ÿ!4 3ÿ
2ÿ8
8ÿ
5 9ÿ "3
3ÿ943ÿ43
3 3ÿ3346ÿ
3ÿ6394$ÿ8ÿ!4  
25ÿ
23429
29ÿ
 !349
2ÿ92ÿ3 3
3ÿ
!3329
2#ÿ
83ÿ 2
9
2ÿ!
2ÿ ÿ89ÿ83ÿ14 !392ÿ)2
2ÿ9 2ÿ 4ÿ*(ÿ ÿ5 9ÿ
3

2$ÿ98 58ÿ8
ÿ!4 ! 4
2ÿ
ÿ 9
25$ÿ92ÿ
ÿ43 52
+3ÿ89ÿ14 !3,ÿ
 24

2ÿ ÿ5 9ÿ3

2ÿ
ÿ 3$ÿ!94
946ÿ 832ÿ !943ÿ ÿ78
29,ÿ
(ÿ92ÿ83ÿ)-./ÿ(#ÿ0 4ÿ83ÿ!4   ÿ ÿ3ÿ3 3
3$ÿ92ÿ ÿ98
33ÿ9ÿ33ÿ5 9ÿ
!96
25ÿ
3$ÿ83ÿ 2
9
2ÿ
32

3ÿ83ÿ233ÿ ÿ!4  3ÿ4 934ÿ53 549!8
9ÿ
 34953ÿ92ÿ439
2ÿ3 332ÿ3

2ÿ3 4$ÿ92ÿ89ÿ83ÿ 24
3ÿ
8ÿ83ÿ
54393ÿ43! 2


6ÿ92ÿ9!9


3ÿ233ÿ ÿ893ÿ83ÿ ÿ9

ÿ92ÿ4 ÿ


59
2ÿ 
32#ÿ

32ÿ83ÿ
52

923ÿ ÿ83ÿ9 4332
23$ÿ8343ÿ943ÿ ÿ9!3ÿ8
8ÿ1ÿ ÿ
3ÿ
 ÿ!
2ÿ 2ÿ83ÿ3!89
ÿ 2ÿ 

+
25ÿ2333ÿ 2
25ÿ3!
ÿ92ÿ!4
934$ÿ92ÿ83ÿ
439
2ÿ92ÿ 

+9
2ÿ ÿ 834ÿ! 

3$ÿ8ÿ9ÿ433948ÿ92ÿ
22 9
2#ÿ1ÿ
ÿ
4342ÿ ÿ833ÿ !
ÿ3 ÿ832ÿ

25ÿ323456ÿ492

2#ÿ
56789:ÿ<6=ÿ>6=?@A8B<CÿD8<6@BABE6ÿ
ÿ 1ÿ
ÿ2 ÿ4!4

25ÿ89$ÿ
8
2ÿ83ÿ 23Fÿ ÿ3
Gÿ92ÿ 25G34ÿ89253ÿ
3
25ÿ 4 ÿ3 4ÿ ÿ 
6ÿ83ÿ3 2 6ÿ92ÿ323456ÿ 8
8ÿ943ÿ
23ÿ ÿ
394 2
+9
2ÿ92ÿ83ÿ
58ÿ959
2ÿ
93ÿ89253$ÿ83ÿ34ÿH323456ÿ492

2,$ÿ
HIJKLMNKOKJPK,ÿ92ÿHQLRJSNQNTJÿVJKLMVQNWXK,ÿ943ÿ2 ÿ
36ÿ3#ÿÿ
12ÿ8
ÿ43594$ÿ349
2ÿ 24
3$ÿ8ÿ9ÿ83ÿ)2
3ÿY
25 $ÿ343ÿ9ÿ32894ÿ3ÿ
 ÿ83ÿ 2
3493ÿ89253ÿ836ÿ!4 ! 3ÿ ÿ93ÿ 4ÿ83ÿ 43ÿ ÿ83
4ÿ323456ÿ
63ÿ92ÿ83ÿ394ÿ
!3329
2ÿ ÿ392G
3ÿ3943ÿ 4ÿ32ÿ 234#ÿ
83ÿ323456ÿ492

2ÿ922 23ÿ6ÿ34926ÿ92ÿ04923ÿ
2ÿ7 2
2329ÿ14 !3ÿ943ÿ
9 ÿ8
586ÿ2 3 486ÿ92ÿ893ÿ5
32ÿ4
3ÿ ÿ9453ÿ234ÿ ÿ92963ÿ92ÿ43 3
2ÿ
2ÿ83ÿ !
#ÿÿ
1332ÿ ÿ83ÿ323456ÿ492

2ÿ
2ÿ04923ÿ943ÿ9
26ÿ3F!433ÿ
2ÿ83ÿZLT[KQÿPKÿ\TNÿ
SXLÿ]Rÿ^LRJSNQNTJÿIJKLMVQNWXK#'ÿ- 3ÿ ÿ
ÿ36ÿ9!3ÿ
23ÿ83ÿ
232
2ÿ ÿ34393ÿ
83ÿ 3
58ÿ ÿ2394ÿ532349
2$ÿ ÿ4325832ÿ83ÿ 246,ÿ
24
3ÿ84 58ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ _`aÿcdaefgaÿhic`ajkeh̀ilÿmggÿefgÿmednoÿpdqrhmfgnÿqoÿefgÿsigatoÿufkhaÿ`cÿvawgmeakxÿHygngmÿ3ÿ
n'ÿhmeahqdzh{iÿgr|zeahzkÿngrÿcdeda`}ÿ~iÿkirhmhmÿpkakÿmdÿngmkaa`rr̀,}ÿ
12ÿ125
8$ÿ\KMR]ÿZLT[K€QÿTLÿQ‚KÿIJKLMƒÿ^LRJSNQNTJ#ÿ 4
5
29ÿ
2ÿ04328#ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
264864ÿ ÿ3ÿ463ÿ37ÿ
ÿ5 ÿ7 4636ÿ56ÿ346ÿ ÿ467636ÿ5 ÿ262675ÿ
676489ÿ6 67 9ÿ26346ÿ7ÿ78ÿ37ÿ5 ÿ637ÿ56ÿ4 6ÿ5 ÿ 5!67ÿ37ÿ 3ÿ
38675"ÿ

ÿ

76489ÿ 2675ÿ
#7ÿ5ÿ 7565ÿ56ÿ76ÿ676489ÿ34382ÿ643ÿ3ÿ 56753ÿ7543ÿ46 5 7ÿ
 ÿÿ6765ÿ4 2ÿ56ÿ643ÿ ÿ2345ÿ84ÿ676489ÿ6 67 9ÿ37ÿ56ÿ2379ÿ
 45756ÿ4 6ÿ9ÿ7 4235 7ÿ56 7  89"ÿ$6ÿ467 ÿÿ3 ÿ5356ÿ535ÿ
56ÿ8 6472675ÿÿ66 ÿ34 4356ÿ26346ÿ5 ÿ4 649ÿ66 ÿ6%
725 7ÿ5ÿ3ÿ535ÿ5ÿ6753ÿ37ÿ535ÿ5ÿÿ 45ÿ467636ÿ676489ÿ 4 6ÿ
5 ÿ649ÿ37ÿ4 2 56ÿ 26%84 7ÿ676486"ÿ
#7ÿ56ÿ 36ÿ ÿ&642379ÿ56ÿ54375 7ÿÿ 675646ÿ 7ÿ56ÿ 7 65ÿ ÿ'()*+,-*.*)/*0ÿ37ÿ
56ÿ 4837!35 7ÿ8 43ÿ3ÿ 76ÿ56ÿ2 5ÿ7ÿ5642ÿ ÿ !78ÿ662675ÿ ÿ 3786ÿ
37ÿ56ÿ546"1ÿ#7ÿ5ÿ 36ÿ56ÿ4 6ÿ ÿ2345ÿ676489ÿ7ÿ56ÿ676489ÿ54375 7ÿÿ 63464ÿ
7 6ÿ8 43ÿ3 356ÿ8463564ÿ6765435 7ÿ 4ÿ467636242349ÿ 5  53 ÿ
5ÿ 23ÿ37ÿ 83ÿ3ÿ6"ÿ3 664ÿ7ÿ4ÿ56ÿ6765435 7ÿ ÿ 34ÿ
 5  53 ÿ8676435 7ÿ3ÿ"15ÿ7ÿ&642379ÿ37ÿ4"65ÿ7ÿ137ÿ646ÿ74"45ÿ ÿ
 64ÿ8676435 7ÿ37ÿ75ÿ ÿ42349ÿ676489ÿ 326ÿ4 2ÿ467636ÿ 4 6"ÿ$35ÿ
326ÿ9634ÿ34 23569ÿ5ÿ ÿ&6423790ÿ 64ÿ37ÿ5ÿ ÿ42349ÿ676489ÿ646ÿ
467636"ÿ
835439ÿ5ÿÿ7 5ÿ56ÿ3 6ÿ 4ÿ3ÿ6536ÿ3739ÿ ÿ676489ÿ54375 7"ÿ3 664ÿ
5646ÿÿ7 ÿ463 7ÿ7 5ÿ5 ÿ885ÿ3ÿ6ÿ 75ÿ535ÿ346ÿ ÿ345 34ÿ756465ÿ5 ÿ5ÿ
59"ÿ
$6ÿ45ÿÿ34639ÿ 6349ÿ56ÿ7:65 736ÿ 7ÿ346ÿ9ÿ676489ÿ54375 7ÿ37ÿ
2345ÿ676489ÿ7ÿ564ÿ64675ÿ2376535 7ÿ 42ÿ37ÿ76ÿ2 627 78ÿ
7 5ÿ 79ÿ2345ÿ 26ÿ5ÿ3 ÿ3 35 7ÿ7ÿ 564ÿ6 5 4ÿ ÿ3ÿ64 6ÿ
; 754 5 7<ÿ37ÿ754925ÿ46834ÿ5 ÿ56ÿ6 67543!35 7ÿ37ÿ64 35 7ÿ
ÿ 64ÿ8676435 7"ÿ
$6ÿ6 7ÿ662675ÿÿ46356ÿ5 ÿ 659ÿ37ÿ56ÿ7 62675ÿ ÿ 7264ÿ37ÿ
5!67ÿ7ÿ2373878ÿ66 54 ÿ 64ÿ9562"ÿ#7ÿ 564ÿ 4ÿ56ÿ63ÿÿ535ÿ6ÿ25ÿ
2 46ÿ9ÿ7 6ÿ 659ÿ7ÿ56ÿ6 5 7ÿ5 34ÿ 564ÿ676489ÿ9562ÿ37ÿ535ÿ56ÿ
 653ÿ36 5ÿ ÿ676489=ÿ25ÿ6ÿ7>6ÿ5 ÿ56 7  86ÿ56ÿ6 7 29ÿ37ÿ
46835 7"ÿ$6ÿ54ÿ662675ÿ ÿÿ3 569ÿ>69ÿ3ÿ34639ÿ667ÿ2675 76ÿ9ÿ

237 ÿ? 6!ÿ5443ÿ7ÿÿ754  5 79ÿ56ÿ  6ÿ4635 7ÿ65667ÿ676489ÿ


54375 7ÿ37ÿ7543ÿ  6"ÿ$ÿÿ7 5ÿ76ÿ7ÿ437 6ÿ 4ÿ&642379"ÿ&642379ÿ3ÿ3ÿ

ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
1ÿ
@7ÿ5ÿA6 5ÿ66ÿ56ÿ 2675ÿBCÿEFGHIJKGÿLFÿMNOPQFRSGÿTFNOIHNUNFVN"ÿ
=ÿ@7ÿ5ÿA6 5ÿ#ÿ46 2267ÿ56ÿ364ÿWXÿZ+X)[-Z-\)ÿ])*+,]Z-^_*ÿ*)ÿ`+X)a*ÿ*Zÿ*)ÿbcc*dX,)*eÿ
/]a\)[Z+_-+*ÿc*[ÿ-/]*[ÿ+*a_*[ÿ4 2ÿ3ÿ 76467 6ÿ6ÿ 7ÿ64349ÿÿ7ÿf34"ÿ
12345ÿ676489ÿ
ÿ
4 25ÿ49

2ÿ ÿ
24
9ÿ 
6ÿÿ4332ÿ6ÿ!6ÿ83ÿ7
253293ÿ"23429
29ÿ
123456ÿ#4 5493ÿ$7"1#%ÿ9296&3ÿ323456ÿ492

2ÿ
23ÿ ÿ
24
9ÿ 
6ÿ
2ÿ
34926ÿ
23ÿ'ÿ 2
(36ÿ3 249
25ÿ)89ÿ
ÿ9
ÿ ÿ8343ÿ
"2ÿ83ÿ93ÿ ÿ*9
2'ÿ83ÿ439
28
ÿ!3)332ÿ323456ÿ 
6ÿ92ÿ
24
9ÿ 
6ÿ
ÿ36ÿ
123456ÿ 32ÿÿ

+5
25ÿ 4 ÿ382  5
9ÿ43'ÿ
2ÿ6ÿ 
2
2'ÿ*92
8ÿ
246,ÿ
9
2ÿ4332ÿ
92ÿ  42
6ÿ ÿ3942ÿ9ÿ3 2ÿ 2ÿ8 )ÿ ÿ ÿ8
25ÿ!334ÿ-8
ÿ
ÿ94
946ÿ43ÿ
ÿ
)3ÿ 943ÿ83ÿ 2
349!3ÿ
2(332ÿ92ÿ9 2ÿ ÿ9229ÿ!

3ÿ433
(3ÿ 4ÿ
4323)9!3ÿ382  5
3ÿ ÿ83ÿ
&3'ÿ99
6'ÿ
292
9ÿ3ÿ92ÿ35433ÿ ÿ34
25ÿ

2ÿ8
ÿ
24
9ÿ23) 4ÿ"2ÿ6ÿ 
2
2'ÿ8343ÿ
ÿ9ÿ394ÿ233ÿ 4ÿ92ÿ./ÿ123.ÿ
349
29
2ÿ ÿ83ÿ
9
2ÿ92ÿ 
!3ÿ3294
ÿ)8
8ÿ9 2ÿ 4ÿ83ÿ439
28
ÿ
!3)332ÿ323456ÿ 
6ÿ92ÿ
24
9ÿ 
6'ÿ92ÿ!3)332ÿ382  5
9ÿ433948ÿ92ÿ

22 (9
2'ÿ9ÿ"ÿ32
23ÿ
2ÿ6ÿ

2ÿ ÿ83ÿ123456ÿ52
2ÿ
-83ÿ6ÿ)8
8ÿ-83ÿ  2ÿ7 2
25ÿ4 ÿ944
3ÿ ÿ
2ÿ 9! 49
2ÿ)
8ÿ83ÿ
123456ÿ789
4ÿ 3ÿ2 ÿ349
23ÿ8
ÿ
 492ÿ936ÿ8 )3(34'ÿ8
ÿ
ÿ2 ÿ!393ÿ)3ÿ
 ÿ2 ÿ 2
34ÿ
ÿ ÿ!3ÿ
52

92ÿ!'ÿ49834'ÿ!393ÿ ÿ83ÿ94 98ÿ)3ÿ89(3ÿ
3 63ÿ 4ÿ!
23ÿ 3ÿ92ÿ83ÿ2949ÿ

9
2ÿ 2ÿ83ÿ 3ÿ ÿ926ÿ6ÿ
"ÿ8 3ÿ89ÿ8
ÿ
24 
2ÿ89ÿ93ÿ
ÿ 
!3ÿ ÿ
93ÿ789:;ÿ=>?:@ABÿC?Dÿ
EFFGHI9;HJ>Kÿ9>LÿMNKH>?KKÿOJL?GKÿ
2ÿ83ÿ4432ÿ 234'ÿ89ÿ
ÿ
ÿ4
5 4 ÿ92ÿ

2343
25ÿ32 58ÿ ÿ43)94ÿ83ÿ43934Pÿ932
2'ÿ92ÿ89ÿ8 3 6ÿ
ÿ5
(3ÿ4
3ÿ ÿ
23)ÿ934ÿ92ÿ23)ÿ
39ÿ
- ÿ 23'ÿ"ÿ) ÿ
3ÿ ÿ3432ÿ6ÿ892ÿ ÿ83ÿ3!34ÿ ÿ-83ÿ  2ÿ
7 2
25ÿ4 ÿ)8 ÿ 4ÿ83ÿ123456ÿ789
4Pÿ) 4ÿ92ÿ89(3ÿ932ÿ94ÿ
2ÿ8
ÿ
2349
25'ÿ94
946'ÿ"(Q2ÿR94S2'ÿ92
3ÿTU3&'ÿ 2 ÿ!39'ÿ+9(
34ÿ45V3 ÿ
92ÿ484ÿ & 26ÿ ÿ529
ÿ794 ÿ92ÿR994329ÿT94439ÿ 4 ÿ83ÿ123456ÿ789
46ÿ92ÿ ÿ
4ÿ 2 4'ÿ9ÿ)3ÿ9ÿ83ÿ4 3
29ÿ)8 ÿ89(3ÿ439ÿ83ÿ 32ÿ92ÿ 343ÿ
83
4ÿ553
2ÿ92ÿ 32ÿ
WXYZÿ\X]^_`aÿb`X`c_Zÿ
de_`fgY_hÿWi`_cZÿjk^e_ÿYlÿm_n`og_^ÿpqjhÿrie]`_oegZÿYlÿd`sogYÿ
ÿ ÿ

ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿt 4ÿ9ÿ 43ÿ 43832
(3ÿ (34(
3)ÿ ÿ8
 4
ÿ432ÿ
2ÿ3492ÿ
24
9ÿ 
6'ÿ33ÿu2vwx3yz1{ÿ
|}~2~z}xÿ12vÿ€y12z‚13z~2ƒÿ„ÿ|wy~….12ÿ†.yx….}3z‡.ÿÿ243  ÿˆÿÿ+9 ! 2ÿ$%ÿR49)‰Š
ÿ
79ÿ
ÿ*33ÿ83ÿ7
253293ÿ"23429
29ÿ123456ÿ#4 549ÿ 32'ÿ‹Œÿ‘’“”•ÿ–•ÿ—‘˜–™š›ÿ
u2vwx3yz1{ÿ†~{z}œÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
ÿ
ÿ9ÿ
2 !37 ÿ" #6$ÿ%5&443ÿ'(4)6543*ÿÿ

ÿ
ÿ9ÿ,-.7ÿ/34507ÿ1!3456ÿ'236ÿ4 5 7ÿ5 7!578ÿ64 #*ÿÿ


76489ÿ 2675ÿ
789:ÿ
76489ÿ17 7ÿ37;ÿ
76489ÿ24375 7:ÿ<335ÿ4 !6ÿ; 6ÿ2345ÿ676489ÿ#!39=ÿ
9ÿ
! 9ÿ>!-346$ÿ?6!6849ÿ'(4)6543*ÿÿ
@AÿBÿ9ÿ7ÿ8ÿCÿ7ÿAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAÿ@ÿ
DAÿE9ÿFGÿHÿEIÿ9ÿII9Jÿ9ÿÿAAAAAAAAAAAAAÿKÿ
LLÿ 5456;ÿ6676435 7ÿ476ÿ/ ;6!ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿMÿ
LLLÿ1##!9ÿ Nÿ 5456;ÿ6676435 7ÿ19562ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿÿ
LLLÿ"6378ÿOÿ? P64ÿ?4 336ÿ%84662675ÿ164- 6ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿQÿ
LLQLÿR675S536S1#3 6ÿ/ ;6!ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿTÿ
LLÿ 6237;ÿ/373862675ÿ476ÿ/ ;6!ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿQÿ
LLLÿ
76489ÿ164- 6ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿUÿ
LLLÿ1##!9ÿ Nÿ12345ÿV 26ÿ1 !5 7ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿTÿ
LLQLÿ 6237;ÿR6# 76ÿ164- 6ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿQWÿ
LQLÿ476ÿ/ ;6!ÿ7ÿR68 73!ÿ%8846835 7ÿ19562ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿUÿ
LQLLÿX453!ÿ? P64ÿ?!375ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿUÿ
LQLLÿ/ 4 84;ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿUUÿ
YAÿ9Eÿ8ÿÿ89ÿ8ÿE9ÿFGÿHÿEIÿKZÿ
ÿQLLÿ[69ÿ
&56473!ÿ\3 5 4ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿÿ
ÿQLLLÿR68!35 7ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿÿ
ÿQLLLLÿR6 875 7ÿ Nÿ476ÿ/ ;6!ÿ7ÿR68!35 49ÿ\4326P 4)ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿÿ
ÿQLLLLÿ,7 675-6ÿ5 ÿ 6-6! #ÿ12345ÿ
76489ÿ476ÿ/ ;6!ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿQÿ
ÿQLLL26 37 ! 89ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿWÿ
ÿQLLQLÿ\737 78ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿTÿ
ÿQLLÿ,756473!ÿ\3 5 4ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿMÿ
ÿQLLLÿ26 37 3!ÿ
&#6467 6ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿMÿ
ÿQLLLÿ53#!!3459ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿMÿ
ÿQLLQLÿ4437;ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿMÿ
ÿQLLULÿ?3457643#ÿLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLÿMQÿ
KAÿ977I9HIGÿ8ÿ^ÿE9ÿFGÿHÿEIÿÿ79ÿAAAAAAAAAAAAAÿ_`ÿ
12345ÿ676489ÿ
ÿ
ÿÿ33 !32ÿ"9ÿ ÿ"94ÿ123456ÿ
23ÿ# 3ÿ
2ÿ"!9
2ÿÿ$ÿ
ÿÿ&3
3'ÿ ÿ(36ÿ"3ÿ)9 4ÿ 4ÿ"94ÿ123456ÿ# 3ÿ'
8ÿ83ÿ4393ÿÿÿ
ÿÿÿ*2349
26ÿ&3594
25ÿ83
4ÿ+!9ÿ
2ÿ"!9
2ÿÿ$,ÿ
123456ÿ 32ÿÿ

ÿÿ&359
2ÿÿ$,ÿ
ÿÿ)
292
25ÿ79!9
6ÿÿ$-ÿ
ÿ.ÿ 834ÿ"3ÿ)9 4ÿ 4ÿ"94ÿ123456ÿ
2ÿ"!9
2ÿÿ,ÿ
ÿ.ÿÿ+!
9
2ÿ 4ÿ#9/ 4ÿ"938 34ÿ
2ÿ83ÿ+2460ÿ1 32
9ÿ2
23ÿ ÿÿÿ
ÿÿÿ3
2ÿ ÿ14  3ÿ83ÿ33 !32ÿ ÿ"94ÿ123456ÿ
2ÿ"!9
2ÿÿ,ÿ
45ÿ67869:;<78;ÿ55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555ÿ>?ÿ
@5ÿA<A9<7BCDEFGÿ55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555ÿ>@ÿ
DEEH8I<Jÿÿÿ5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555ÿKLÿ
DEEH8I<JÿLÿÿ5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555ÿKMÿ
D:NF7C;ÿÿ555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555ÿOLÿ
ÿ ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
ÿÿÿ ÿ! ÿÿ"ÿ#$#ÿ
ÿ

ÿ
%ÿ 1''(9ÿ )ÿ *54*+56,ÿ-676435* 7ÿ19562ÿ37,ÿ.63*78/001ÿ2ÿ1 (343*59ÿ%%%%%%%%%%%%%%%%ÿ4ÿ


76489ÿ 2675ÿ
%ÿ 5675657661'3 6ÿ2ÿ-4667ÿ835* 7ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿÿ
9%ÿ
76489ÿ164:* 6ÿ2ÿ; 77 7ÿ3 754 (ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<ÿ
=%ÿ 1''(9ÿ )ÿ12345ÿ> 26ÿ1 (5* 7ÿ2ÿ- 8(66865ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ9?ÿ
%ÿ 6237,ÿ56' 76ÿ164:* 6ÿ2ÿ
7647 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ=ÿ
?%ÿ @*453(ÿ0 A64ÿ0(375ÿ2ÿB(6C*54* *59ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ=9ÿ
4%ÿ D* 4 84*,ÿ2ÿ
(654 +43ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ=?ÿ
<%ÿ 1''(9ÿ )ÿ *54*+56,ÿ-676435* 7ÿ19562ÿ6ÿ16764E6 ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<ÿ
F%ÿ .63*78/001ÿ2ÿ G6=ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<ÿ
%ÿ5675657665 )ÿ2ÿ H6ÿ
76489ÿ6ÿ 2*7* 7ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<9ÿ
%ÿ
76489ÿ164:* 6ÿ2ÿ3 )6(9ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<=ÿ
%ÿ1''(9ÿ )ÿ12345ÿ> 26ÿ1 (5* 7ÿ2ÿ5I
ÿ123457 26ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<ÿ
9%ÿ1''(9ÿ )ÿ12345ÿ> 26ÿ1 (5* 7ÿ2ÿJ' A64ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<?ÿ
=%ÿ@*453(ÿ0 A64ÿ0(375ÿ2ÿ86C5ÿK43)5A64H6ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<4ÿ
%ÿD* 4 84*,ÿ2ÿ03465 ÿ
76489ÿ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ÿ<<ÿÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ

12345ÿ676489ÿ
ÿ
ÿ !"#$"ÿ&!'ÿ( )#ÿ*ÿ"+#ÿ,#) ,"ÿ
ÿ -2ÿ4332ÿ6394.ÿ83ÿ3/34
ÿ0 134ÿ
246ÿ89ÿ32034
323ÿ/
0/3ÿ
ÿ

492 49
2ÿ18
8ÿ04332ÿ3 8ÿ89//3253ÿ92ÿ 00 42

3ÿ 4ÿ 092
3ÿ
123456ÿ 32ÿ

0349
25ÿ
2ÿ83ÿ3 4ÿ
2ÿ83ÿ8 4.ÿ3
ÿ92ÿ/ 25ÿ344ÿ58
ÿ
ÿ3ÿ ÿ694
ÿ
63 4ÿ ÿ89253ÿ18
8ÿ943ÿ3345
25ÿ 2ÿ3 8ÿ83ÿ532349
2ÿ
3ÿ92ÿ 20
2ÿ

34ÿ
7ÿ 4ÿ532349
2.ÿ04 
2ÿ
23ÿ943ÿ8925
25ÿ3ÿ ÿ83ÿ54 18ÿ ÿ4323193/3ÿ
32345
3ÿ92ÿ83ÿ 23832ÿ34393ÿ
2ÿ83ÿ8943ÿ ÿ49

29/ÿ532349
2ÿ
382 / 5
3.ÿ094
/94/6ÿ8 3ÿ393ÿ 2ÿ 
/ÿ 3/4ÿ58
ÿ89ÿ9/ ÿ43/3ÿ
2ÿ9ÿ
34393ÿ
2ÿ83ÿ13
58ÿ ÿ49

29/ÿ532349
2ÿ3
2334ÿ7

29//6.ÿ

0/3329
2ÿ ÿ
4
33ÿ532349
2.ÿ18
8ÿ13ÿ23492ÿ ÿ33ÿ/ 19909
6ÿ
532349
2ÿ/ 93ÿ9ÿ83ÿ0
2ÿ ÿ 20
2.ÿ438
43ÿ89ÿ54
ÿ36 /63:04
94
/6ÿ

2ÿ
4
3
2: ÿ9  93ÿ231ÿ3
9
43
29/ÿ323456ÿ / 14ÿ
2ÿ83ÿ 20
2ÿ
3.ÿ83ÿ2
946ÿ392ÿ 4ÿ323456ÿ
2ÿ363/ 03ÿ 24
3ÿ
ÿ
3439
25ÿ3ÿ ÿ
232
63ÿ18
8ÿ04  3ÿ323456ÿ3

326.ÿ9ÿ13//ÿ9ÿ/ 134ÿ
3 2 
ÿ92ÿ0 0/9
2ÿ54 184ÿ;9/3ÿ945
2ÿ943ÿ9/ ÿ84
2
25ÿ3ÿ ÿ
24393ÿ
 03

63ÿ04343ÿ92ÿ83ÿ3345323ÿ ÿ231ÿ0/9634ÿ18 ÿ943ÿ904
25ÿ 3ÿ ÿ83ÿ
69/3ÿ/
23ÿ ÿ329 344ÿ
5833ÿ89253ÿ
2ÿ0 134ÿ532349
2ÿ92ÿ 20
2ÿ
2
3ÿ1
8ÿ83ÿ08ÿ ÿ
9 93ÿ
4
3
2ÿ231 4ÿ92ÿ363/ 0ÿ94ÿ54
4ÿ76923ÿ
2ÿ54
ÿ9// 1ÿ 4ÿ

4
33ÿ532349
2ÿ 43ÿ ÿ33ÿ
235493ÿ3

32/6ÿ92ÿ 4ÿ392ÿ92ÿ
04 
2ÿ ÿ0 134ÿ5323493ÿ9ÿ0
2ÿ ÿ 20
2ÿ ÿ33ÿ3334ÿ6284 2
<34ÿ
30/ 6
25ÿ94ÿ334ÿ 4ÿ43
32
9/ÿ953ÿ9/ ÿ0963ÿ83ÿ196ÿ 4ÿ392ÿ
9295332ÿ346
3ÿ18
8ÿ9// 1ÿ 4ÿ 20
2ÿ04
/3ÿ ÿ33ÿ9903ÿ ÿ83ÿ
63=ÿ2334ÿ
7ÿ36ÿ 9 4ÿ
2ÿ83ÿ323456ÿ3 4=ÿ492 49
2ÿ
ÿ83ÿ36 /
2ÿ ÿ83ÿ4 /3ÿ0/963ÿ36ÿ
329 234.ÿ18 ÿ8963ÿ5 23ÿ 4 ÿ92ÿ332
9//6ÿ09
63ÿ4 /3ÿ ÿ33 
25ÿ

2439
25/6ÿ
26 /63ÿ
2ÿ9
63/6ÿ9295
25ÿ3 8ÿ323456ÿ 20
2ÿ92ÿ
4
33ÿ
532349
24ÿ6ÿ0/96
25ÿ8
ÿ 43ÿ9
63ÿ4 /3.ÿ 234ÿ943ÿ33 
25ÿ>04 34?.ÿ 4ÿ
>3/ 9 234?.ÿ9ÿ34ÿ18
8ÿ43 34ÿ ÿ83ÿ4 /3ÿ0/963ÿ36ÿ 234ÿ18 ÿ04 3ÿ
094ÿ ÿ83ÿ0 134ÿ836ÿ 23@ÿ9ÿ4 /3ÿ49

29//6ÿ433463ÿ 4ÿ 234ÿ1
8ÿ
392
9/ÿ323456ÿ2334ÿ583ÿ3/
2
25ÿ ÿ ÿ
4
33ÿ0 134ÿ532349
2ÿ
382 / 5
3.ÿ 3
23ÿ1
8ÿ83ÿ
24393ÿ04
3ÿ ÿ0 134.ÿ
ÿ32 495
25ÿ83ÿ
04 543
63ÿ0439ÿ ÿ
4
33ÿ532349
2ÿ18
8.ÿ
2ÿ42.ÿ32092ÿ83ÿ4 /3ÿ ÿ
04 34ÿ
2 ÿ 234ÿ3532ÿ1
8ÿ/

3ÿ323456ÿ233.ÿ8ÿ9ÿ
2
6
9/ÿ
 344ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿABCÿECFGÿHIÿJÿKLFEGJMECJNÿLOÿ>KFLPNQCF?ÿJMPÿ>QLMINGCF?Rÿ

ÿ
ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!" ÿ#ÿÿ $  ÿÿ!ÿ! ÿ ÿ%& ÿ ÿÿ
 ÿ & ÿ'ÿ#ÿ$ÿ(ÿ)ÿ !!ÿ$! ÿÿ

ÿ
 #ÿ )ÿ* ÿ#ÿ!#ÿ'ÿ '! ÿÿÿ'ÿ  !ÿ ÿ

ÿ ÿ ÿ 


ÿ'!ÿ$ÿ ÿ  !ÿÿ #  (ÿÿ$! ÿÿ!ÿ
 ÿÿ'ÿ#ÿ +ÿ*ÿ *ÿ ÿ  !ÿ"ÿ&ÿ
ÿ$ÿ*ÿÿ&ÿÿÿ&!ÿ (ÿ ÿ & ÿÿ ÿ
 ÿÿÿ ÿ ÿÿ!ÿ$ ÿ* ÿ ÿ!" ÿ ÿ
ÿ#ÿ *ÿ !(ÿ, ÿÿ %ÿ#ÿ ÿ ÿ+ÿÿ !ÿ -ÿ
ÿ&'!ÿ+ÿ#ÿ%&!+ÿ +ÿ ÿ ÿ"ÿ&*ÿ & (ÿ
.!+ÿ ÿ&!ÿ ÿ ÿ!ÿ ÿ$ÿ& ÿÿ&!!ÿ
& ÿ$ÿ#ÿ (ÿÿÿÿ ÿ'ÿÿ  ÿ+ÿ*ÿ  $ÿ
ÿ&ÿ * '!ÿ ÿ$ÿ!ÿ' ÿÿÿ&ÿ#ÿ'ÿ  +ÿ
ÿ*!!ÿÿÿ ÿ+ÿ*ÿ ÿ## ÿ ÿ !ÿ & ÿÿ' ÿ
&(ÿ/!!ÿ#ÿÿÿ!ÿÿ&# ÿ ÿ ÿÿ!ÿ&*ÿ +ÿ#ÿ
  ÿÿ&*ÿ & (ÿ
ÿ &ÿ#ÿ ÿ ÿÿ'ÿ  !ÿ& ÿ* ÿÿ&*ÿ
 ÿÿÿÿ!&!ÿ$ÿ#ÿ ÿ  ÿ'$(ÿ0 ÿ ÿÿ
# ÿÿ1ÿ34567893ÿ5:ÿ;<=>95?538<@Aÿ177?8=1;859@ÿ19Bÿ@<4C8=<@ÿD>8=>ÿ1??5Dÿ
745@6E<4@ÿ;5ÿ7?1Fÿ1ÿE54<ÿ1=;8C<ÿ45?<ÿ19BÿD>8=>ÿB48C<ÿ;><ÿ<C5?6;859ÿ5:ÿ;><ÿ
<?<=;48=ÿ75D<4ÿ89B6@;4Fÿ;5D14B@ÿ1ÿE54<ÿ89;<??83<9;ÿ3<9<41;859ÿ19Bÿ=59@6E7;859ÿ
E5B<?(ÿ
ÿ&ÿÿÿÿ!ÿ ÿÿ *ÿ&&! ÿ ÿ' ÿ!ÿ*ÿÿ
 ÿ ÿÿ&*ÿ (ÿ/!ÿÿ&&! ÿ ÿ!ÿ'ÿ# ÿ ÿ
## ÿ +ÿÿ!ÿ *ÿ$!& ÿ ÿÿ&*ÿ ÿÿÿ
*&ÿ&  ÿ#ÿÿ &&! ÿ  ÿ !ÿ+ÿ  G
 !ÿ&  ÿ ÿÿ!ÿ+Hÿÿ$ÿ ÿÿ&(ÿI*$+ÿ
ÿ&ÿ#ÿÿ&ÿÿ ÿ !ÿ&&! ÿ ÿ ÿÿÿ ÿ
&*ÿJ((+ÿÿ&&! K+ÿ ÿÿ&ÿÿÿ#ÿÿ *ÿ!ÿ& ÿ
 ÿ$ÿ ÿÿ& +ÿ  ÿ ÿÿ! ÿ ÿÿ
ÿÿJ'-&ÿ  ÿ +ÿ ÿÿ##ÿ+ÿ(K(Lÿ
ÿ&ÿÿ$ÿ ÿÿ  ÿ (ÿ, ÿÿ#ÿ +ÿ*ÿÿ## ÿ
' ÿ!ÿÿÿ'ÿ ÿÿ *ÿ&&! ÿÿÿÿ ÿ
 ÿ*ÿÿÿ # ÿ $ ÿÿMÿÿN ÿ0+ÿN ÿ
O ÿ ÿP +ÿ&!ÿ ÿ$!& ÿ ÿ*ÿ& !ÿÿ ÿÿ!$!ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿQÿ ÿ&&! ÿ'ÿ ÿ ÿ ÿÿ'ÿ  +ÿÿÿ ÿ
& ÿ ÿ$!ÿ&*ÿ&! +ÿ !ÿ& ÿÿ!ÿ !(ÿ
Hÿÿ!ÿÿ !ÿ " ÿÿÿ $+ÿ&!ÿ ÿ$  ÿ'(ÿ
LÿQÿ#ÿ ÿ ÿ'-&ÿ#+ÿ&!ÿÿÿ&+ÿR78743STU8ÿVTW54TXYTV3ÿ
ÿ3Y5ZSZ8WY2Z[ÿ
\8]^TWTWÿ479Y^35Z4TZÿJ LKÿ'ÿ_-(ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ334

9
2ÿ49
ÿ!  "
25ÿ#ÿ 2ÿ8
ÿ9296
ÿ
2ÿ83ÿ3 2ÿ3
2ÿ"3ÿ
ÿ
83ÿ36ÿ3ÿ 9 4ÿ# 2ÿ"8
8ÿ83ÿ
3432ÿ 3ÿ943ÿ$93ÿ%2ÿ83ÿ8
4ÿ92ÿ

29ÿ3
2ÿ"3ÿ92963ÿ&#9
2'ÿ4432ÿ
9
2ÿ9 4
25ÿ ÿ83ÿ3ÿ 9 4ÿ
ÿ


32

3ÿ92ÿ83ÿ36ÿ ÿ3(3 #
25ÿ94ÿ323456ÿ ÿ
123456ÿ 32ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ !"#$ÿ&'&#()ÿ*+ ,'& ÿ!-.&/ ÿ"'.ÿ,//+ $#"$,0&ÿ1" &ÿ$+.,& ÿÿ
ÿ 234 ÿ5 ÿ65ÿ78ÿ 45 ÿ4 9ÿ 75 ÿ4ÿ4 :5 ÿ3ÿ

ÿ
;ÿ <46ÿ 345 =ÿ 8353ÿ 84ÿ 4955 466ÿ 5 49ÿ 849ÿ 4 ÿ

ÿ ÿ ÿ
74>98 4ÿ955 =ÿ?ÿ5ÿ 8ÿ<5 ÿ849ÿÿ9 465@9ÿ
4 5@45 AÿB3=ÿ3ÿÿ:ÿ3ÿ;ÿ<46ÿ345 =ÿ8353ÿ34ÿ4684ÿ
? ÿ<5466ÿ5 49ÿ4 9ÿ5655=ÿ5ÿ?5 ÿ5 45 6ÿ:4 9=ÿ3ÿ
4C5 ÿ84ÿ:ÿ 8ÿ764D5 695 ÿ ÿ36<D4ÿ95:: ÿ75 ÿ
46 ÿ3ÿ<46ÿ345 AÿB5ÿÿ5 954ÿ3ÿ755 ÿ:ÿ3ÿ4ÿ ÿ?5 ÿ
96ÿ 599ÿ5 ÿ35ÿ9ÿ46 ÿ3ÿ78ÿ5 9ÿ<46ÿ345 Aÿ
E,(+#&ÿFÿGHIJÿ&KLIMNÿOKÿJPLÿ&QLRJIORÿSTULIÿ,KVWXJINÿ0HQWLÿ1PHOKÿ
Centralized generation
and storage Transmission Distribution Prosumer
Prlva/e microgrid,r
a,,d virtual poww
planu

<:
'
'
''

''

Smartco11sumptio11

Smangrfd

Distributed generation Demand management


Reglon11l 11ggregauon systems consurrers use new technologies
Prosumers produce power for
to oourraze menconsuropuon in
the1rown coosumpboo and can Systems that integrate and response to increased energy
feed energy back to the gnd coordinate osmbutec generabon costs

ÿ
and smart consumpbon systems

YZÿ[3ÿ\ ÿ2 65 ÿ]7ÿ4 9ÿ^C4Aÿ


B6685 ÿ3ÿ4955 46ÿÿ:ÿ3ÿ78ÿ5 9ÿ<46ÿ345 =ÿ3ÿ?5 ÿ
96ÿ59 5:59ÿ4 ÿ?ÿ79ÿ5 ÿ3ÿ4_ÿ45=ÿ4ÿ38 ÿ5 ÿB5ÿ=ÿ
8353ÿ5 954ÿ3ÿ6<6ÿ:ÿ735545 ÿ:ÿ3ÿ96Zÿ
`ÿ55?9ÿ78ÿ 45 ÿ
`ÿ ÿ94 9ÿ4 4 ÿ
`ÿb5 46ÿ445 ÿcÿ4ÿ?5 45 ÿ:ÿ4776545 ÿ:ÿ3ÿ:5ÿ8ÿ
45ÿ
ÿ
ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
 !ÿ#$ÿ%&'()ÿ!*+(,-ÿ./01*+00ÿ234+50ÿ
ÿ

Positioning along the electric power Industry value chain


123456ÿ 32ÿ

Generation Consumption

0
Business models based on Business models based on
distributed generation demand management
�0
'a

E Supply of distributed
•• generation systems
Energy services
•c
-., Leasing- Power purchase Supply of smart home
D
• agreement services solutions
..
£
c
0
Rent-the-space model
BuUlefl model9 Naed on
region.II aggregation systems Demand response services
'iiiu
1ii Virtual power plants
z�
0
w
Microgrids
0
NB Supply ol generation systems locluaes ttte suppry of eccesscoes sucn as storage systems, Datteries ana souions to optimize energy geoe.-atklo.
NB2 Tile level ol soplllsUcat,onwas assessec acc«alOQ to tile compleXlly of eacn DuSiness mooei ana •s aooea ...aiue loreno-rustomeB.
ÿ
6 437ÿ883ÿ  2ÿ7 29
25ÿ4 :ÿ92ÿ 4349;ÿ
<10)(1=/)+4ÿ,+*+(')13*ÿ 39ÿ 34ÿ83ÿ54999ÿ3>39 :32ÿ ÿ532349
2ÿ63ÿ
9 93ÿ9ÿ:
2ÿ ÿ 2:
2;ÿ?
8
2ÿ8
ÿ935 46@ÿA3ÿ92ÿ
32
6ÿ8433ÿB
23ÿ
 39C::96ÿ ÿ
4
B3ÿ532349
2ÿ63@ÿ939
25ÿ34>
3ÿ 4ÿ: A34ÿ
:4893ÿ9543332@ÿ92ÿ83ÿ432D83D:93ÿ 39CA
8ÿ83ÿ9
2ÿ4
34
2ÿ 4ÿ

3432
9
25ÿB3A332ÿ83ÿB3
25ÿ A2348
:ÿ ÿ93ÿ92ÿ83ÿ93>39ÿ ÿ4
ÿ9 
93ÿ
A
8ÿ83ÿ
2>332ÿ
2ÿ83ÿ
4
B3ÿ532349
2ÿ63;ÿE2ÿ83ÿ93ÿ ÿ83ÿ::96ÿ ÿ
9ÿ532349
2ÿ63@ÿ:4 34ÿ A2ÿ83ÿ63ÿ92ÿ93ÿ999ÿ83ÿ4
@ÿA83439ÿ
2ÿ
83ÿ432D83D:93ÿ 39ÿ532349
2ÿ63ÿB39 25ÿ ÿ3>39 :34@ÿ92ÿ83ÿ 234ÿ

2ÿA8 3ÿ8 3ÿ 4ÿB
9
25ÿ83ÿ63ÿ943ÿ
29993ÿ89>3ÿ2 ÿ B9
59
2ÿ ÿ926ÿ
2;ÿ
F39
25ÿ 4ÿ: A34ÿ:4893ÿ9543332ÿ9
3ÿ899 A96ÿB3A332ÿ83ÿA @ÿ9ÿ:4 G3ÿ
3>39 :34ÿ A2ÿ83ÿ63@ÿBÿ:4 34ÿ95433ÿ ÿ93ÿ 2896ÿ:9632ÿ 4ÿ3ÿ
ÿ83ÿ: A34ÿ5323493ÿB6ÿ83ÿ63;ÿ
E2ÿ 249@ÿ4+&'*4ÿ014+ÿ&'*',+&+*)ÿ 39ÿ9 3ÿ83ÿ
299ÿ3
2ÿ ÿ83ÿ>993ÿ
89
2ÿB6ÿ329B9
25ÿ 234ÿ ÿ49
29996ÿ :

H3ÿ83
4ÿ: A34ÿ 2:
2;ÿ?
8
2ÿ
8
ÿ935 46@ÿA3ÿ89>3ÿ
32

3ÿ8433ÿB
23ÿ 39C323456ÿ34>
3@ÿ::96ÿ ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿE2ÿ939
25ÿ9543332@ÿ83ÿ:4 34ÿ9393ÿ9ÿ
4
B3ÿ532349
2ÿ63ÿ 4ÿ9ÿ
I3ÿ 33;ÿE2ÿ: A34ÿ
:4893ÿ9543332@ÿ83ÿ:4 34ÿ432ÿ9ÿ
4
B3ÿ532349
2ÿ63ÿ 4ÿ9ÿ>94
9B93ÿ 33@ÿA8
8ÿ
>94
3ÿ9 4
25ÿ ÿ83ÿ: A34ÿ5323493;ÿE2ÿ432D83D:93ÿ9543332@ÿ83ÿ:4 34ÿ432ÿ ÿ9ÿ:93ÿ
836ÿ A2ÿ ÿ89ÿ9ÿ :926ÿ92ÿ
2999ÿ92ÿ :3493ÿ9ÿ
4
B3ÿ532349
2ÿ63ÿ
2ÿ83ÿ:93;ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿ ÿ !ÿ! !ÿ" ÿ#$ÿÿ!%% ÿ
&' ÿÿÿÿ&ÿ !ÿÿÿ# ÿ #ÿ ÿ ÿ (ÿ) ÿ

ÿ
 "ÿ*ÿ ÿ#ÿÿ !ÿÿ" + ÿ ÿ " ÿ !ÿ

ÿ ÿ ÿ
ÿ"#!!ÿ&ÿ"+!ÿ" *ÿ'ÿÿÿ ÿ!ÿÿ
" &ÿ%ÿ" + ÿ " ÿÿ *ÿ'ÿÿ""!ÿ&ÿ ÿ
 !ÿ  ÿÿÿÿ ! ÿ%ÿ"'ÿÿÿ 'ÿ
"ÿ ÿÿ ÿ(ÿ,ÿÿ& ÿ!ÿ!ÿÿ! !ÿ" ÿ
#ÿÿ #!ÿ ÿÿ!*ÿÿÿ"!ÿ%ÿ " ÿÿÿ
 " ÿÿ ÿÿ ÿ!ÿÿ#ÿ!ÿ#!ÿÿÿ& ÿ"'ÿ
""ÿ !ÿ! !(ÿ
-*ÿ./012345ÿ400./047123ÿ8987/:8$#ÿ"'ÿ" ÿ !ÿ !$
 "ÿ&ÿ  *ÿÿÿ !ÿ!&!ÿ  ÿ*ÿÿ'ÿÿ
! !*ÿÿÿ% ÿ !ÿ ÿÿ ÿ !ÿ" +ÿ"'ÿ " (ÿ
;ÿ"'ÿ" ÿ!!ÿÿ%ÿ  ÿ !ÿ!<ÿ'ÿÿ ÿÿ
 &ÿÿ"'ÿÿ! ÿÿ% ÿ ÿ! !ÿ !ÿÿ"ÿ%ÿ
"'(ÿ= *ÿ !ÿÿ> ÿ"'ÿÿ  ÿÿÿ
%ÿ!&!ÿ  ÿ !ÿ"'ÿ " ÿ'ÿÿ&  ÿ"'ÿ""ÿ
 !ÿ! !ÿ' ÿ&?ÿ&ÿ  ÿÿÿÿ'(ÿ
@ÿ" ÿ%ÿÿÿÿ ÿ! !ÿ" ÿ#ÿ !ÿ ÿÿ
  ÿ%ÿ#ÿ"'ÿ" ÿ !ÿ !ÿ ÿÿ#ÿÿ%ÿ !ÿ
! ÿ&' ÿ!%% ÿÿ%ÿ  ÿ !>ÿ" ÿ%ÿ " (ÿ) ÿ
ÿ!*ÿÿ  ÿ%ÿÿÿ ÿÿ ÿÿ!#" ÿ
%ÿÿ"" *ÿ'ÿ'ÿ'ÿ!ÿ ÿÿ ÿ ÿÿ%(ÿ
ABCBÿ E187.1FG7/HÿI/3/.47123ÿJG813/88ÿK2H/58ÿ
ÿ @ÿ "ÿ%ÿ!&!ÿ  ÿ#ÿ!" ! ÿ ÿÿ&&"ÿ
 !(ÿLÿÿÿ%ÿ ÿÿ ÿ%ÿÿÿ%ÿ  *ÿÿ
"ÿÿ" ÿ ÿÿ !ÿ"ÿ%ÿÿÿ%ÿ  ( ÿ) ÿÿ
!*ÿ'ÿMÿ!&!ÿ  ÿÿ !ÿ"'ÿ"! ÿÿ'ÿÿ
!ÿ ÿÿ# ÿ%ÿÿ" ÿ%ÿ " ÿ%ÿ! ÿ !ÿÿ
*ÿ !ÿ'ÿÿÿ !ÿÿ'ÿNÿÿ!ÿNÿ#ÿ!& ÿ
'M(ÿ=ÿÿ""ÿ%ÿO % *ÿ'ÿ#ÿÿÿÿPLÿ ÿ%ÿ !ÿ
"*ÿÿQ! ÿ?"ÿ  ÿÿÿ  ÿ" (ÿ)ÿÿ
ÿ ! ! ÿÿÿÿ%ÿ  ÿ!ÿ ÿ%ÿ"ÿ%ÿÿ ÿ
Q"  ÿ%ÿ!&!ÿ  ÿ ÿ' !ÿ&ÿ (ÿÿ
ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ, ÿR&ÿR'ÿ, ÿO ÿÿR&ÿSÿTÿRÿ,*ÿU% ÿR&ÿ
VWXYXWXZ[ÿ]^__X[[X^`ÿa`bÿcdZbX[eÿf^gaYÿh`[WXWiWZÿ^jÿkZle`^Y^mgn[ÿoZpaqW_Z`Wÿ^jÿrYZlWqXlÿs^dZqÿ
  (ÿRÿÿÿ"*ÿt78743uvw8ÿxvy54vz{vx3ÿ
ÿ3{5|u|8y{2|}ÿ~8€vyvyÿ479{€35|4v|ÿ‚ƒÿ&ÿ
„Mÿ%ÿÿÿQ #ÿ! ÿ ÿÿ!%  ÿ%ÿ!&!ÿ  (ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
6
25ÿ8
ÿ3
2

2ÿ ÿ
4
3ÿ532349
2!ÿ
2ÿ!ÿ83ÿ8943ÿ ÿ 9ÿ
293ÿ
532349
2ÿ99
6ÿ4343323ÿ6ÿ
4
3ÿ532349
2ÿ 43ÿ"9ÿ
52

92ÿ
2ÿ
34926ÿ#$%&!ÿ 3493ÿ
2ÿ83ÿ'2
3ÿ(
25 ÿ#$%&!ÿ92ÿ

3ÿ
2ÿ49)
ÿ
ÿ

#3ÿ892ÿ%&ÿ92ÿ83ÿ'2
3ÿ*93ÿ#$%&+,ÿÿ 4ÿ*9
2!ÿ4323"93ÿ32345
3ÿ89-3ÿ
123456ÿ 32ÿ

3.34
323ÿ
52

92ÿ54 "8ÿ -34ÿ83ÿ9ÿ393ÿ92!ÿ
2ÿ!ÿ
293ÿ
8  - 9
ÿ "34ÿ43983ÿ/0+ÿ12ÿ ÿ ÿ9ÿ 9ÿ
293ÿ99
6ÿ ÿ/,ÿ1+ÿ
3 "3-34!ÿ9 4
25ÿ ÿ83ÿ3
2

2ÿ39
83ÿ9 -3!ÿ
293ÿ99
6ÿ
ÿ%+ÿ
4833ÿ3432953ÿ"
ÿ32ÿ ÿ54 "ÿ9ÿ
4
3ÿ532349
2ÿ382  5
3ÿ98
3-3ÿ
54
ÿ94
65ÿ
2ÿ 834ÿ" 4!ÿ"832ÿ83ÿ ÿ ÿ532349
25ÿ "34ÿ"
8ÿ833ÿ382  5
3ÿ

ÿ369ÿ ÿ83ÿ ÿ ÿ "34ÿ 4 ÿ83ÿ54
+ÿ74 ÿ89ÿ 32!ÿ836ÿ"
ÿ3 3ÿ
 3

-3ÿ92ÿ"
ÿ2 ÿ436
43ÿ 

3+ÿ88  - 9
ÿ382  56ÿ#89&ÿ
ÿ 23ÿ ÿ83ÿ
 ÿ 3

-3ÿ
2ÿ8
ÿ43594+ÿ7 4ÿ3.93!ÿ
293ÿ8  - 9
ÿ "34ÿ
2ÿ83ÿ
'2
3ÿ*93ÿ"32ÿ 4 ÿ/0+0ÿ1ÿ
2ÿÿ ÿ/+ÿ1ÿ
2ÿ
:0!ÿ92ÿ
ÿ
ÿ
3
93ÿ89ÿ
ÿ ÿ4398ÿ -34ÿÿ1ÿ6ÿ+ÿ;2ÿ83ÿ
4ÿ89 ÿ ÿ0!ÿ -34ÿ%ÿ ÿ
23"ÿ
293ÿ532349
2ÿ99
6ÿ
2ÿ83ÿ'2
3ÿ*93ÿ"9ÿ93ÿ 2ÿ 94ÿ382  56!ÿ
ÿ"8
8ÿ94 .
936ÿ0%ÿ93ÿ 4 ÿ
4
3ÿ532349
2+<ÿ;2ÿ83ÿ'2
3ÿ
(
25 !ÿ83ÿ39432ÿ ÿ123456ÿ=ÿ7
93ÿ789253ÿ89ÿ3ÿ9ÿ5 9ÿ ÿ4398ÿÿ1ÿ ÿ
532349
2ÿ99
6ÿ 4 ÿ 94ÿ382  56ÿ6ÿ!ÿ 4 ÿ83ÿ+0ÿ1ÿ
293ÿ
2ÿ
:
<+ÿ48
ÿ
23ÿ
299
2ÿ 
3ÿ83ÿ 3ÿ ÿ
4
3ÿ532349
2!ÿ8ÿ9ÿ
"89ÿ943ÿ2 "2ÿ9ÿ> 94ÿ 94?+ÿ;2ÿ34926!ÿ83ÿÿ9453ÿ3ÿ6ÿ83ÿ 246?ÿ
@9
29ÿA323"93ÿ123456ÿ
2ÿ892ÿ
ÿ ÿ4398ÿÿ1ÿ ÿ532349
2ÿ99
6ÿ"
8ÿ
 94ÿ382  56!ÿ94
25ÿ 4 ÿ/2ÿ1ÿ
293ÿ
2ÿ+ÿ48
ÿ9ÿ
543ÿ9 ÿ
23ÿ
 43ÿ ÿ532349
2ÿ"
8ÿ9ÿ8
5834ÿ99
6ÿ892ÿ8 3ÿ
23ÿ
2ÿ83ÿ3
2

2ÿ ÿ

4
3ÿ532349
2ÿ3ÿ 4ÿ8
ÿ6+ÿ;2ÿ49)
!ÿ
4
3ÿ532349
2ÿ99
6ÿ
4 ÿ8  - 9
ÿ63ÿ"
ÿ4 96ÿ439
2ÿ3 "ÿÿ1ÿ
2ÿÿ3
3ÿ9ÿ54 "
25ÿ
2 34ÿ ÿ
299
2ÿ -34ÿ83ÿ34
ÿ<$+0ÿ;2ÿ*9
2!ÿ8  - 9
ÿ532349
2ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ483ÿ  2ÿ7 2
25ÿ4 ÿ9296
ÿ93ÿ 2ÿ99ÿ 4 ÿ14 9!ÿ*1;!ÿ1;!ÿ;1!ÿ'(ÿ39432ÿ ÿ
1
,ÿ
23456ÿ=ÿ7
93ÿ789253!ÿ@11B!ÿ181+ÿ
;2ÿ83ÿ93ÿ ÿ83ÿ'2
3ÿ*93!ÿ8343ÿ943ÿ
34323ÿ3"332ÿ93!ÿ33
96ÿ
2ÿ34ÿ ÿ
293ÿ

2ÿ
94ÿ8  - 9
ÿ382  56+ÿ
'@17ÿ#*92
8ÿ88  - 9
ÿ'2
2&ÿ
2ÿ83ÿ43 4ÿCDEFDÿHIJKLMÿNLOJPLMÿOJÿOJMDQQLPPLÿRDQDÿPDÿJHJQSTDÿ
MLPDQÿULVLKLPVDFEDÿ#<&+ÿ
ÿ
ÿ
A3ÿ1W4
9ÿ3ÿ19X9ÿ99+ÿ
1
8ÿ43594ÿ ÿ 94ÿ99
6!ÿ
2ÿ<!ÿ83ÿ'@17ÿ93ÿ89!ÿY
2ÿ926ÿ93!ÿ83ÿZ 94[ÿ3 : 2
2ÿ
943ÿ
ÿ9ÿ83ÿ
2334
25ÿ953ÿ92ÿ
ÿ- 3ÿ
ÿ2 ÿ63ÿ
2
9
-3Y+ÿ 25ÿ83ÿ93ÿ
23!ÿ83ÿ;1ÿ
#;2
3ÿ 4ÿ123456ÿ
-34

9
2ÿ92ÿ*9-
25&ÿ93ÿ89ÿ
2ÿ!ÿ9:93ÿ 532349
2ÿ

299
2ÿ4343323ÿ/0ÿ\1ÿ ÿ
293ÿ "34+ÿ;1ÿ99ÿ
2ÿ83ÿ]LPJVTHÿOJÿJMVDOTMVFEDMÿ
JHJQS^VFEDMÿOJÿELSJHJQDEF_Hÿ̀abLÿcdecÿ#<&+ÿ
ÿ7 9
-3ÿ
293ÿ "34ÿ 4ÿÿ92ÿ0!ÿ433
-36!ÿ3.
25ÿ

6:93ÿ63+ÿ
4 3 32 438ÿ\3
9ÿ99+ÿ
<ÿ4332438ÿ
0ÿ1
\3
9ÿ99+ÿ

93ÿ6ÿ83ÿ1439ÿ3ÿ836
9ÿ12345W
9ÿ
2ÿfHMJQghLÿODÿiJQDghLÿjLVLKLPVDFEDÿkFMVQFlITODÿHLÿ
]QDMFPÿmÿnLHOFEFLHDHVJMÿJÿfNRDEVLMÿ#0&+ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ ÿ!"#ÿ$%ÿ ÿÿ &'ÿ& ÿÿ(ÿ) ÿ*ÿ+ &'ÿ ÿ &ÿ
,-ÿ.) /ÿ&ÿ ÿ0 ÿ*ÿ1'ÿÿ00ÿ ÿÿ!2#ÿ$%#ÿ

ÿ
345678ÿ:;ÿ<=>?@=AB?CDÿ5CEC@F?=GEÿHFIFJ=?KÿFEDÿ5CEC@F?=GEÿHFIFJ=?KÿL@GMÿNGOF@ÿ

ÿ ÿ ÿ
PCJQEGOGRKÿ=Eÿ?QCÿ6NSÿ6TSÿ5C@MFEKSÿU@FV=OÿFEDÿNIF=Eÿ
Distributed generation capacity Solar generation capacity

Drsmbutec generation capacity I Solar generabon


total installed capacity(%) capaaty�
20%
" '"
'" "
"
'"
20

- -

-

00 04

-
IJ...i
• Current cap.acrty '

• 2020 ex�cted /target capacrty •

ÿ
NB Solar data forlho US ond Bra.z,I o,cciu<lou!llt\'-1<1.lo,,,...1-."°""
1 201 4 data for U S 201 J for United KJngdom 2012 !orG0<mor,y llru,land Spa,n. l El<ptc!odcopoa!yklrUSand llrull, Wgotcopomp klrl)nfodKlngdom, Gonn""I' and Span

WXÿ,(ÿY ÿZ 0 ÿ$ÿ &ÿ[\'ÿ 'ÿW +]'ÿ +]'ÿ+ ]'ÿ^_ÿ ÿ*ÿ ÿ̀ÿZ0ÿ
Z( 'ÿ]a b'ÿ ÿ&ÿcdÿ e'ÿ+] 'ÿ^a f'ÿ) #ÿ
]&& 00'ÿ0ÿ(g0ÿ( 0ÿÿh&ÿÿh ÿÿ * ÿ
iÿ ÿ(ÿÿ(&ÿ( \ÿÿg ÿ ÿ(ÿ( 0-ÿÿ
g ÿ&ÿÿ(ÿÿ*ÿ0ÿ0&ÿiÿ0#ÿ,(ÿÿ*ÿ
  ÿ ÿ (ÿ(g0ÿÿjklmnopqÿstÿ(ÿ0g0u&ÿÿ*ÿ ÿ
.bZ[ /'ÿÿ0ÿh&ÿÿ&ÿ&ÿÿÿ*ÿ&ÿ ÿ(ÿÿ*ÿ(g0ÿ
vwxyz{ÿjklmnp|ÿ,(ÿÿ (ÿ( &ÿ ÿ$ 'ÿ*ÿh0'ÿ (ÿ(ÿgÿ
ÿ*ÿ(g0ÿ 0ÿÿ}y~tyw{y}ÿts€ÿk‚qƒƒƒlmnÿ„xÿ…ƒƒ†ÿ‡sÿ
kˆq†ƒƒlmnÿ„xÿywtz‰ÿ…ƒˆŠ|2ÿ
]ÿ(ÿÿ'ÿ(ÿ&ÿÿ ÿ(ÿÿ*ÿ0ÿ0&ÿgÿ& 0ÿ&ÿ
ÿ0ÿ i ÿÿ(ÿ( ÿ&ÿ#ÿ+ ÿ(ÿÿ(&'ÿÿ  ÿ
iÿ*ÿ(ÿ ÿÿh&ÿÿ* &ÿ(0gÿ ÿÿ ÿ ÿ ((ÿ
(ÿÿ*ÿ& ÿ ÿ (ÿ0ÿ 0ÿÿ0 ÿ( ÿ(ÿÿ*ÿ0ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
 ÿ,(ÿ^Wÿ ÿ*ÿ ÿ&&ÿ(ÿ(ÿgÿÿ*ÿc‹ÿ 0ÿ*ÿ& 0Œ0ÿ
ÿÿh&ÿÿ&ÿÿ'1Ž'Œ\%ÿ ÿ2'ÿ ( ÿÿ ÿŽ'1"'Œ\%ÿ*ÿÿ
 200&ÿ ÿŽ#ÿ
ÿÿ*ÿY &gi &ÿW0 (*ÿ."/#ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ

3ÿ6ÿ439
34ÿ!8
ÿ
ÿ94396ÿ8932
25ÿ
2ÿ 3ÿ93ÿ
2ÿ83ÿ"2
3ÿ#93$ÿ
8ÿ9ÿ%9&9

$ÿ&8343ÿ83ÿ 3

'323ÿ ÿ 94ÿ63ÿ
ÿ4
94
6ÿ9ÿ43ÿ ÿ83ÿ
8
58ÿ4
3ÿ ÿ334

6(
2ÿ$ÿ)**+,-8ÿ 943ÿ ÿ.)+,-8ÿ
2ÿ93ÿ8ÿ
ÿ

9ÿ79
42
9$ÿ/3&ÿ0 4$ÿ/3&ÿ13436ÿ92ÿ,9983ÿ
123456ÿ 32ÿ

234567ÿ9:ÿ;<=>?@AB<Cÿ<DÿEFGÿH<BEÿ<Dÿ><IG@ÿJGCG@?EA<CÿIAEFÿKLÿ>?CGMBÿD<@ÿ
@GBANGCEA?MOH<==G@HA?MÿPBGBÿ?CNÿE?@ADDBÿD<@ÿGMGHE@AHAEQÿBP>>MAGNÿRQÿ?ÿ@GE?AMG@ÿACÿ
S?I?AATUÿ
LCOE of a 6.4 kW (DC) rooftop PV system in Hawaii (2014)

..
S/MWh ITCl1 t><plldtcl!o
ue,uut>, IO'li ,n20H
1M 1eeoh1,1toe1

m,,11,,.to'"""'
�op,oe,o�on
, .... " tt
• 332 pnce of
... poweron 2012
... "
B
. r=l
m
... (66)

···1----,
I (47) I
,oo L----L··r----,
ee '' '
''
'' "' ''
'' '
' 1ns1atltd cOSI Ope, Tolal "c Accel1rated Fmal cost Local Final

ÿ
oosybs,dzed depuoat01 1>tfor1 IOCill ,nc1n!1Yts cost, all..i
mcent,vu

# 43Vÿ!83ÿ  2ÿ7 2


25ÿ4 ÿ92ÿ 4349$ÿ/W1X$ÿ39432ÿ ÿ123456$ÿ#1YZ$ÿ4332!38ÿ,3
9ÿ
Y2ÿ ÿ93$ÿ83ÿ3'3 32ÿ ÿ
23ÿ 3ÿ93ÿ 2ÿ[\ÿ923ÿ382  56ÿ
ÿ

ÿ94536ÿ33232ÿ 2ÿ
292
9ÿ 4ÿ 4 ÿ83ÿ
ÿ3 4ÿ!8
ÿ
ÿ83ÿ93ÿ
2ÿ
79
42
9$ÿ9ÿ8 &2ÿ
2ÿ]
543ÿÿ
ÿ ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 !ÿ#$ÿ%&'()*+,&-ÿ&.ÿ/01ÿ2&,/ÿ&.ÿ(&31*ÿ41-1*)/+&-ÿ3+/0ÿ56ÿ()-17,ÿ.&*ÿ
*1,+81-/+)792&''1*2+)7ÿ:,1,ÿ)-8ÿ/)*+..,ÿ.&*ÿ1712/*+2+/;ÿ,:((7+18ÿ<;ÿ)ÿ*1/)+71*ÿ+-ÿ

ÿ
%)7+.&*-+)=>ÿ

ÿ ÿÿ 
LCOE of a 6.4 kW (DC) rooftop PV system in California (2014)
SIMWh
ITC IS expected to
decrease by 10%.,
2017, and accelerated
deprec,ato, to remain at
the same level

""
--,------<,,"'=,....' .,. ,.,=.,,...,,.,,,,::, -,,----- . .
·1:@.!J:.l. .. -r----,
1,5 pnce of
powm,2012
,oo
'
': ''
"' 117 :
'
' ''
ln•talled COSI Opfa To1a1 ITC Accelerated fmal cost local Fmal

ÿ
unsubstd.zed depreciatllll , before local mcent,ves cost, all..i
------------• mcent,ves

?@ÿABÿCÿDEFÿGHÿIJÿKLIMÿNO PMÿHIÿQÿ Mÿ? RSMÿGABÿTJFIUÿ


NBEMÿVÿIFÿBEFÿIÿJWEHFÿWÿXFLEMÿIJÿHJFFÿ
QÿYÿIEFÿIEFÿBIÿZHJUÿRÿQIMÿFÿ MÿBÿRIFIEÿ ÿ
Sÿ[R S\ÿHJFJÿBIÿEYIEÿFIEEJÿHBWEIFÿIHIFÿVEJÿIBÿ]ÿG^ÿFÿ
 UÿSIEÿFIEEJÿIHIFÿFÿ ÿVIÿÿFÿBFBÿIÿ] ÿG^UÿPFLVFMÿBÿ
R S_ÿ ÿHJFFÿQÿFIEEJÿHBWEIFÿIHIFÿYÿ  ÿVIÿ `a bÿG^Mÿ
YÿBFÿVIÿIBJÿFÿ `Uÿ?FFEIEMÿVÿZHÿBÿÿQÿEIÿEEÿÿJHÿ
FFQFIEÿFÿBÿZÿ ÿIUÿABFÿVEJÿIEEVÿQÿEQcQQFFÿÿÿYÿ
IJÿYÿYFFÿBÿFIEEIFÿQÿEIÿHBWEIFÿHEIÿIJÿIEEcIEÿ
IÿYIFÿIÿHFFWÿHFUÿABQMÿÿBÿÿQÿFIEEFÿBÿ
ÿIBFWÿHIFÿVFBÿBÿHFÿQÿEFFÿQÿJcMÿBÿHIÿQÿ
JWEHÿFÿBÿBEFMÿIÿVEEÿIÿBFÿIFIJÿYFÿJEMÿFÿ
ZHJÿÿFIÿWÿUÿ
SÿBVÿFÿdFÿeMÿIBÿQÿBÿYFÿJEÿVFBFÿBÿHÿQÿJFFYJÿ
IFÿQQÿIÿJFQQÿEWEÿQÿIJJJÿWIEÿQÿJÿÿIJFÿÿBÿWIEÿ
BIFÿIFWFFÿBÿFEJUÿKÿÿBIJMÿIJIJÿJFFYJÿIFÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
RÿBÿIHBMÿBÿIÿRADÿIJÿQÿBÿRWÿAIZÿDJFMÿVBFBÿIEEVÿVÿQÿfgÿ
bÿ
HIEÿÿJJÿ` hÿQÿBÿÿQÿFIEEFÿBÿHIEÿQÿBFÿIZUÿSEÿBÿIÿWFMÿBÿ
TJFQFJÿSEIJÿDÿOWÿ?ÿFÿIÿBÿVBFBÿILÿFÿHFYEÿÿIÿ
ijkljmnopnqrÿqtÿpujÿnrvjwpxjrpÿnrÿyzÿkorj{wÿnrÿpujÿtnlwpÿ|jolwÿqtÿpujÿkorj{w_ÿ{ntjwkor}ÿnrÿqlijlÿpqÿqkpnxn~jÿ
IZÿHIÿQÿBÿVUÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ

8ÿ9294ÿ9
232923ÿ34
3ÿ 34ÿ 34ÿ439
36ÿ
3ÿ93ÿ93ÿ8
3ÿ
83ÿ43283!93ÿ 3ÿ 34ÿ398ÿ3532ÿ ÿ83ÿ93ÿ89
2ÿ8ÿ!4 

25ÿ9ÿ346ÿ
949
3ÿ93ÿ!4 ! 

2ÿ ÿ32ÿ34"ÿ
ÿ

#$%&'(ÿ*+ÿ,-./0ÿ12-34ÿ567ÿ839:73;/:0<ÿ%0407-:364ÿ=/934099ÿ>6<0.9ÿ
123456ÿ 32ÿ

- Oeslgn
,., , .. ...
c ·-·

Supply of systems and accessones with complete pre - and after - sales services

Supply of distributed Supply of systems and accessones adapted to speonc snuanons


generation systems >----1
and accessories
Supply of standard systems and accessones

Operabons and maintenance services

Leasing- power purchase agreement services

ÿ
Rent-the-space model

? 43@ÿA83ÿ  2ÿ7 2


25ÿ4 !ÿ92ÿ 4349"ÿ
3 43ÿ 
25ÿ 2ÿ ÿ9296B3ÿ398ÿC
23ÿ 3ÿ3ÿ8 ÿ94
6ÿ8433ÿ36ÿ!
2"ÿ
D
4ÿ ÿ9ÿ
2ÿ83ÿ  
25ÿ3
2ÿ83ÿ 23!ÿ ÿ
4
C3ÿ532349
2ÿ
ÿ9
26ÿ
3ÿ 2ÿ9296B
25ÿ9ÿ432ÿ89ÿ89ÿC332ÿ3345
25ÿ
2ÿ83ÿ43
32
9ÿ 234ÿ
3532ÿ92ÿ 34
9ÿ3 4@ÿ83ÿ
299
2ÿ ÿ43239C3ÿ323456ÿ532349
2ÿ92ÿ
 532349
2ÿ43 43ÿC6ÿ!4 34"ÿE8 58ÿ
4
C3ÿ532349
2ÿ63ÿ343ÿ
49

296ÿ43343ÿ 4ÿ
24
9ÿ !92
3ÿ8
ÿ432ÿ
ÿ8925
25ÿ892ÿ ÿ9ÿ
43
2ÿ
2ÿ83ÿ ÿ ÿ
4
C3ÿ532349
2ÿ63ÿ8
8ÿ89ÿ9 3ÿ993ÿ
 234ÿ ÿ C9
2ÿ833ÿ63ÿ9ÿ9ÿ ÿ89ÿ93ÿ
4
C3ÿ! 34ÿ532349
2ÿ
 !3

3ÿ34ÿ49

29ÿ! 34ÿ!!
3"ÿ
?3 26ÿ833ÿC
23ÿ 3ÿ943ÿ382  5
96ÿ2349"ÿF2ÿ 834ÿ 4ÿ836ÿ943ÿ
2 ÿC93ÿ 2ÿ9ÿ!3

ÿ382  56ÿCÿ49834ÿ92ÿC3ÿ99!3ÿ ÿ926ÿ
4
C3ÿ
532349
2ÿ382  56ÿ332ÿ8 58ÿ83ÿ ÿ ÿ
3!439ÿ382  5
3ÿ 96ÿ943ÿ
 94ÿ382  56ÿ92ÿ 532349
2"ÿEÿ32
23ÿ394
34ÿ
4
C3ÿ 4953ÿ63ÿ
9 
93ÿ
8ÿ 94ÿ!8   9
ÿ! 34ÿ96ÿ9 ÿC3ÿ33 !3ÿ
2ÿ83ÿ6394ÿ ÿ 3"ÿ
G96ÿ833ÿC
23ÿ 3ÿ943ÿ2 ÿ96ÿ3H
3"ÿ6ÿ8
ÿ3ÿ392ÿ89ÿ9ÿ5
32ÿ
 !926ÿ92ÿ !3493ÿ
923 6ÿ234ÿ94
ÿC
23ÿ 3ÿ8
8ÿ8943ÿ394ÿ
62345
3"ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ !""#$ÿ&'ÿ()*+,)-!+./ÿ0.1.,2+)&1ÿ$*+.3*ÿ
ÿ 45ÿ67ÿ87ÿ9:ÿ:;9ÿÿ97789ÿ<=ÿ;7ÿ7ÿ5ÿÿ

ÿ
;977;:ÿ;9ÿ:;ÿ<:>?ÿ5ÿ*2#.ÿ&'ÿ"&@.,ÿA.1.,2+)&1ÿ*$*+.3*ÿ21/ÿ

ÿ ÿÿ  
2BB.**&,).*ÿ6ÿ5ÿCÿ
D9ÿ57ÿ9:Eÿ=ÿ5;Fÿ797679ÿ6ÿ8G9:ÿ8;9ÿÿ9766ÿ<9ÿ
;9HÿF7ÿ6ÿ9ÿ?ÿ
IÿK;:ÿ6ÿÿ;9ÿ;7ÿ=75ÿ<:ÿ<ÿLÿ;9ÿ;6ÿLÿ;:ÿF7ÿ
IÿK;:ÿ6ÿÿ;9ÿ;7ÿ;9;<9ÿÿMÿ<767ÿ7;7ÿ
IÿK;:ÿ6ÿ;9;9ÿÿ;9ÿ;7ÿ
IÿN<;7ÿ;9ÿ;7;ÿF7ÿ6ÿÿ<5;9ÿ
45ÿ6ÿ8G9:ÿ;ÿ;F;7:;8:ÿÿ85ÿ97ÿEÿ87ÿ;9ÿ;ÿ
=ÿ<ÿ6ÿÿ5;ÿ7ÿ7Eÿ<7;::ÿ7ÿ5ÿD79ÿK;?ÿ<ÿ6ÿ
ÿ5;ÿ<5;ÿ;ÿ97789ÿ;7ÿÿ5Cÿÿÿ5ÿ
7<;ÿ6ÿ:;ÿÿ7ÿ97789ÿ;7ÿ7ÿ5ÿDKEÿ5ÿ;7;7ÿ;ÿ
:ÿ69ÿÿ;ÿO7ÿ:;PCÿ
Qÿ9ÿÿ9;9ÿ5ÿ6ÿ87ÿ8G9:ÿ;9ÿ5ÿ9766ÿ8=ÿ
5Eÿÿÿ8;ÿ7ÿ79ÿ5;ÿ5ÿ<<:ÿ6ÿ;7ÿÿ;ÿ<;ÿ6ÿ
9766ÿF;:ÿ5;7ÿ;7F77?ÿÿ97Eÿ7;::;7Eÿ;7;ÿ;9ÿ
;;Eÿ;ÿ7::;9ÿ7ÿR7ÿSCÿ
TU0VWXÿYÿZ2#!.ÿ[\2)1ÿ'&,ÿ+\.ÿ!""#$ÿ&'ÿ()*+,)-!+./ÿ0.1.,2+)&1ÿ$*+.3*ÿ
ÿ ]!*)1.**ÿ!-^3&/.#*ÿ
Design .. . '

Sale of systems and accessories with complete pre- and after-sales services

Sale of systems and accessories adapted to specific situations

Sale of standard systems and accessories

Operations and maintenance services

ÿ
K?ÿ45ÿ_ÿ̀:7ÿa<ÿ;9ÿNb;Cÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
2ÿ!ÿ#$%&ÿ'()*!%!ÿ*+!ÿ,ÿ-.ÿ/%!+ÿ,ÿ!ÿ!+0$'!1ÿ223
34ÿ 434ÿ933ÿ 4ÿ4933ÿ
89
2ÿ9
4

3ÿ
2ÿ83ÿ933ÿ ÿ2 534ÿ532349
2ÿ636ÿ7 292
3ÿ
4ÿ 2ÿ9ÿ
2433

2946ÿ6ÿ
2ÿ 434ÿ ÿ3
52ÿ63ÿ9 4
25ÿ ÿ 34ÿ233ÿ92ÿ
ÿ

437
43321ÿ92ÿ832ÿ836ÿ
2933ÿ83ÿ532349
2ÿ636ÿ8 345941ÿ 292
3ÿ
123456ÿ 32ÿ

24 4
3ÿ9
232923ÿ344
3ÿ58
8ÿ 434ÿ926ÿ63ÿ9439 52ÿ92ÿ22 4ÿ
 34ÿ
2ÿ 2
 4
25ÿ234 4923ÿ96ÿ5
4
25ÿ43 329
2ÿ92ÿ24 4

25ÿ
49
2
25ÿ 2ÿ8 5ÿ ÿ3ÿ83ÿ636ÿ
:83ÿ3 2ÿ9; 331ÿ83ÿ!ÿ(/ÿ<%!)ÿ.*%!.ÿ%(ÿ!'&ÿ$-.$0$.=ÿ$%=%$(-1ÿ
 434ÿ83ÿ
4ÿ8433ÿ9
4

3ÿ34
93ÿ99 436ÿ>223
34ÿ
2933ÿ ;3
523ÿ
63ÿ 4ÿ 341ÿ9ÿ836ÿ 2?ÿ9 9
9336ÿ
233ÿ 2349
2ÿ344
36ÿ8ÿ 4ÿ
9
2329231ÿ8
ÿ
ÿ9336ÿ3

3ÿ ÿ5944926ÿ 4349536ÿ:89ÿ93
25ÿ9
1ÿ 3ÿ
 292
3ÿ943ÿ 34
25ÿ3 25;34ÿ594492
3ÿ 4ÿ83
4ÿ24 ÿ
2ÿ92ÿ3 4ÿ ÿ

3432
93ÿ8333436ÿ
:83ÿ8
4ÿ9; 33ÿ
ÿ3

3ÿ ÿ83ÿ!ÿ(/ÿ%-.+.ÿ@!-!+%$(-ÿ<%!)ÿ92ÿ589ÿ

ÿ 4343ÿ234ÿ83ÿ34ÿ ÿ83
4ÿ4323
43ÿ59449266ÿ2ÿ8
ÿ931ÿ8343 431ÿ
223
34ÿ9
4

3ÿ943ÿ3

3ÿ ÿ
29339
2ÿ92ÿ9
2329236ÿ
A9361ÿ 3ÿ 292
3ÿ 34ÿ)$-%!--'!ÿ-.ÿ(*!+%$(-ÿ(=%$(-ÿ ÿ 9
3
93ÿ92ÿ
2

B3ÿ83ÿ3ÿ ÿ24893ÿ532349
2ÿ636ÿ:833ÿ 3
2ÿ
233ÿ
 243832
43ÿ9
232923ÿ344
3ÿ 4ÿ63ÿ92ÿ43393ÿ93 4
31ÿ93 25ÿ5
8ÿ
4323
43ÿ9295332ÿ344
31ÿ58
8ÿ943ÿ9
3ÿ9ÿ 2

B
25ÿ 2349
2ÿ5
8 ÿ
83ÿ 5234ÿ93
25ÿ
4336ÿ
24 3436ÿ
8ÿ
2533ÿ 2926ÿ92ÿ 23493ÿ
2ÿ343493ÿ ÿ833ÿ9
23ÿ9; 33ÿ96ÿ 34
251ÿ 4ÿ
3C92331ÿ9294ÿ532349
2ÿ63ÿ 2ÿ 23ÿ892ÿ921ÿ 2ÿ83ÿ 8341ÿ9
232923ÿ92ÿ
2349
2ÿ344
36ÿD4834 431ÿ9 34ÿ24332
25ÿ83ÿ23Cÿ9
23ÿ 331ÿ53ÿ5
33ÿ

24 3ÿ83ÿ93ÿ6ÿ ÿ> 3947
61ÿ58
81ÿ
2ÿ9

2ÿ ÿ
ÿ339
25ÿ92ÿ2 534ÿ
24893ÿ9543332ÿ 2
21ÿ93 ÿ223
3ÿ28  4 39
ÿ29233ÿ63ÿ58
8ÿ943ÿ
 ;3
523ÿ9 4
25ÿ ÿ83ÿ233ÿ ÿ
ÿ 346ÿ
EFGFEFÿI!$-@ÿ,ÿJ(#!+ÿJ=+'&!ÿK@+!!)!-%ÿL!+0$'!ÿ
ÿ M832ÿ532349
2ÿ63ÿ943ÿ3393ÿ 4ÿ8343ÿ
ÿ9ÿ2 534ÿ24893ÿ95433321ÿ
223
34ÿ439
2ÿ 52348
2ÿ ÿ83ÿ
4
93ÿ532349
2ÿ63ÿ92ÿ24 34ÿ296ÿ9ÿ

C3ÿÿ 4ÿ83ÿ953ÿ ÿ83ÿ63ÿ 4ÿ9ÿ494
9933ÿ 33ÿ9 4
25ÿ ÿ83ÿ2 534ÿ
53234936ÿ:833ÿ5 ÿ93ÿ9431ÿ8343 431ÿ9
23ÿ 33ÿ 4ÿ83ÿ2236ÿ ÿ

4
93ÿ532349
2ÿ63ÿ58
8ÿ33ÿ ÿ3

ÿ24 34?ÿ4
ÿ3
25ÿ 4 ÿ
63ÿ 52348
26ÿ
EFGFEFGFÿ I!$-@ÿL!+0$'!ÿ
ÿ 2ÿ!$-@ÿ@+!!)!-%1ÿ92ÿ
2
4
93ÿ 4ÿ 2926ÿ3393ÿ9ÿ
4
93ÿ
532349
2ÿ631ÿ92ÿ339
25ÿ24 N3ÿ3433 234ÿ
2933ÿ9ÿ2 534ÿ532349
2ÿ63ÿ
2ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿÿ!ÿÿ"ÿ#"ÿÿÿÿ##!ÿÿ$%ÿ&ÿ%ÿ&$!ÿÿ
#%ÿ&ÿÿ'ÿ(ÿÿ)ÿ%ÿÿ%ÿÿÿ%ÿÿÿ

ÿ
ÿ*ÿÿ!+ÿÿ%ÿ,ÿÿ)ÿ&ÿ%ÿ#"ÿ%ÿÿ

ÿ ÿÿ 
%-ÿ#ÿ&ÿÿ&%'ÿ
(ÿÿ#ÿ&ÿ)+ÿ!)#ÿ&&ÿÿÿ##ÿÿÿÿ%ÿ
"ÿ%-ÿ%'ÿ(ÿÿ"!+ÿÿ&ÿ#%!ÿ&ÿ.ÿ012ÿ34ÿ%ÿ)ÿ#!ÿ
!)!!ÿÿ%ÿ#"ÿ#!ÿ5-67ÿ&ÿÿ%ÿ#!ÿ!ÿ%ÿÿÿ
0189:;2ÿ<;=<ÿ3.ÿ>?@ABÿ<;=4ÿ<;AÿCB3DAÿ?Eÿÿ&&!ÿÿ%'ÿ
(ÿ!ÿÿ#)!ÿÿÿÿ%!ÿ%%ÿÿ%)ÿ%%ÿ%ÿ
%-ÿÿ#+ÿ%ÿ"ÿ!)#ÿ%ÿÿÿ
#!ÿ)ÿ&ÿÿ%ÿÿ%!'ÿ(ÿÿ)ÿ%ÿ#ÿÿ
"+ÿ!)#ÿ#%ÿÿ&ÿÿ&%ÿÿ#"ÿ#!ÿÿ
%!%ÿ"ÿ%ÿ%3EEÿ0189:;2ÿA.<=F>3.;AGÿ34ÿ<;Aÿ>A=.34HÿD?4<B=D<IÿJ<ÿ.;?K>GÿFAÿ4?<AGÿ
%ÿ#!ÿ!ÿÿ%!ÿÿÿ%ÿ%ÿÿ!ÿÿ&&ÿ
&ÿ&%'ÿ
LÿMÿ"ÿÿ&"ÿ&ÿ#%ÿ%!ÿ)ÿ"ÿ!&&ÿ%-!ÿ
))!ÿÿ%ÿ%ÿ!'ÿ
NOPQRSÿUVÿWXYZ[\YYÿ]^_\`ÿWaY\_ÿ^[ÿaÿb\aYZ[cÿd\efZg\ÿh^eÿP\[\eaiZ^[ÿdjYi\kYÿÿ
Le•1ing developer

'--E)
Otvtloper re1pons1ble Fi�ed monlhly paymen1
O lor�11gn,m11all.i,or,
""1"'

ando.!.M

Distributed
gener11tlon Energy produc!,on

L: , . _, J
.;:

'--!'' !'''*m
. ..
.•,,. \
Addrl:1onal tntrgy when tht :
:o: \ P,ymerrt for ,ddr!,on,I
9tntlllor11 unablt !o covtnht :: ' ,' 1 tntrgy coniumed at
cy1tom1(1 cor,1umpt1on ', ' ,,
...
; marttt pm;•

[ Energy provider �

ÿ
lmÿnÿoÿpÿq#ÿ%!ÿr-%'ÿ
6ÿ%!ÿÿÿ#%+ÿÿ!)#ÿ&&ÿÿ#ÿÿ!ÿÿ
ÿ&ÿÿ#%ÿÿ#%ÿÿ%!)%'ÿ
rÿ%!!%ÿ%!)%%ÿ&ÿ%ÿ%ÿÿ%ÿ!)#ÿ%ÿÿÿ%ÿ
!+ÿ%+ÿ%%ÿ%!ÿ%%ÿÿ5rst7'ÿn&+ÿÿÿ&ÿÿ
ÿ!!ÿÿ%ÿ!ÿÿ&ÿ%+ÿ"ÿ!ÿÿ%ÿ%ÿ
ÿ#%ÿ%!ÿÿ%ÿ&%ÿ!ÿÿ*ÿÿ!ÿÿ
!ÿÿ*ÿ#!)'ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
83ÿ 234ÿ ÿ83ÿ
4
3ÿ532349
2ÿ63ÿ89ÿ
ÿ83ÿ33! "34ÿ
ÿ83ÿ 23ÿ8 ÿ
433
3ÿ

3ÿ ÿ3"! 6ÿ83ÿ63#ÿ$ 334ÿ926ÿ3942
25ÿ 4 ÿ" 34ÿ 3ÿ9ÿ

2 ÿ83ÿ54
ÿ8ÿ9ÿ
58ÿ 4ÿ
8
2ÿ83ÿ 493 4ÿ ÿ9ÿ23ÿ334
25ÿ63ÿ5 ÿ ÿ
ÿ

83ÿ 34#ÿ
123456ÿ 32ÿ

%39
25ÿ 249ÿ943ÿ9!!6ÿ
523ÿ 4ÿ! 25ÿ"34
ÿ ÿ
3&9ÿ9ÿ532349!ÿ4!3ÿ94 2ÿ
ÿ6394#ÿ'ÿ83ÿ32ÿ ÿ83ÿ 249ÿ83ÿ 34ÿ9!!6ÿ89ÿ8433ÿ "
2(ÿ4323ÿ83ÿ
 249ÿ 4ÿ)*ÿ6394ÿ
52ÿ9ÿ23ÿ 249ÿ92ÿ" 
!6ÿ 9
2ÿ9ÿ23ÿ532349
2ÿ
63ÿ 4ÿ43+3ÿ89ÿ83ÿ532349
2ÿ63ÿ
29!!3ÿ6ÿ83ÿ33! "34ÿ3ÿ43 3ÿ
433ÿ ÿ89453#ÿ
,-.-,-,-ÿ 01234ÿ064789:3ÿ;<433=3>?:ÿ
ÿ 01234ÿ@64789:3ÿ9<433=3>?:ÿABB'Cÿ943ÿ346ÿ

!94ÿ ÿ!39
25ÿ9543332ÿ

8ÿ83ÿ9
2ÿ
34323ÿ3
25ÿ 34Dÿ6"3ÿ ÿ 28!6ÿ"9632ÿ92ÿ83
4ÿ "
2ÿ
9ÿ83ÿ32ÿ ÿ 249#ÿ
E2ÿBB'ÿ 34ÿ 2!6ÿ"96ÿ33! "34ÿ 4ÿ83ÿ3!34

6ÿ"4 3ÿ6ÿ
4
3ÿ
532349
2ÿ63ÿ9ÿ9ÿ 249F39!
83ÿGHIJJÿLMNOPQRÿ8
8ÿ
ÿ532349!!6ÿ! 34ÿ
892ÿ83ÿ943ÿ493#ÿ8343 43ÿ33! "34ÿ93ÿ 2ÿ9!!ÿ83ÿ4
ÿ3
25ÿ 4 ÿ946
25ÿ
"4 
2ÿ!33!ÿ
239ÿ ÿ 34#ÿ'ÿ
2ÿ!39
25ÿ9543332ÿ
ÿ532349
2ÿ63ÿ
 ÿ2 ÿ33ÿ 34ÿ323456ÿ233ÿ 34ÿ92ÿ
!
S3ÿ83ÿ34
3ÿ ÿ9ÿ" 34ÿ
439
!34ÿ ÿ93ÿ"ÿ83ÿ8 4 9!!#ÿ
TUVWXYÿZ-ÿ[6:\>3::ÿ]1^3_ÿ[9:3^ÿ1>ÿ9ÿ00;ÿ̀34a\73ÿb14ÿV3>349?\1>ÿ̀c:?3=:ÿ
PPAdeveloper l
O Oevelope,respoos,ble
for desogn, mstallat,on
andO&M
_,,/ ' • Pav;:�.: ::gy
..,,,,,,,,.. ""'-.._
below-marltet tariff

�"o"•�.,b-,
c. c,.-.�, [ )
ges��::n O Energy product,on Customer

·r;. �
Addrtoonal energy when the : ,, ,\Payment for addrtoonal

custome�s consumpt,on \\
0
generatoros unable to cove,the,, • ; 1 enegy consumed
' : at matt et pr,ce
\ ·:;.

ÿ
[ Energy provider}

d 43(ÿ83ÿ  2ÿ7 2!


25ÿ4 "ÿ92ÿ 4349#ÿ
E2ÿ9543332ÿ ÿ8
ÿ6"3ÿ 28!6ÿ"9632ÿ92ÿ3ÿ93ÿ
2ÿ9923ÿ6ÿ
25ÿ
 28!6ÿ" 34ÿ"4 
2ÿ3
93ÿ92ÿ"34

9!!6ÿ43 2
!
25ÿ 34Dÿ" 

3ÿ
4ÿ2359
3ÿ9!923ÿ9 4
25ÿ ÿ99!ÿ34ÿ3
93ÿ63ÿ"4 
2#ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!ÿÿ"ÿÿ#ÿ$ÿÿÿÿ"ÿ"ÿ!%&ÿ
ÿ%'()ÿ#ÿ*+ ÿ$ÿÿÿ)ÿÿÿ,ÿ"ÿ

ÿ
#ÿ'&ÿ#ÿÿÿ&&ÿ%ÿ'&!(ÿ&&ÿ"'ÿ

ÿ ÿÿ 
"ÿ"ÿÿ!"ÿ&&ÿÿ-ÿ
.ÿ%"ÿ%ÿ&(&ÿÿ!)ÿ!"ÿ('&!ÿÿ
!!&ÿÿ"ÿÿ%ÿÿÿÿ!)ÿÿ%ÿ"ÿ
ÿ-ÿ/ÿÿ$ÿÿÿ&&ÿ&ÿÿ"ÿ##ÿ
&ÿ)"ÿÿ$ÿ)"&$ÿÿ"$ÿ!!&ÿÿ)"ÿÿ
ÿÿÿ!ÿ##-ÿ
0&)ÿ)ÿ!ÿ"ÿÿÿÿ1&2$ÿÿ&ÿ!ÿÿ"ÿ3ÿ1ÿ
ÿ"ÿ&&ÿ#ÿ&ÿ!&ÿ#ÿÿ$ÿ%ÿÿ!ÿÿ"ÿ
&ÿÿ"ÿÿ"!&ÿÿ"&-ÿ4"ÿ!ÿ!!&ÿ&ÿ!&ÿ
ÿ%"ÿ"ÿ&ÿÿ556ÿ&ÿÿ%'$ÿ%ÿ&ÿÿÿÿ&ÿ
&-ÿ7)'$ÿÿÿ!ÿ#ÿ"ÿ#ÿ!8ÿ"ÿ&ÿÿÿ556-ÿ/ÿ"ÿ
%&ÿ9ÿ1&2:ÿ##$ÿ)ÿ"'ÿ!ÿ&ÿ;1&<=ÿÿ556ÿ
;1&556=ÿ"ÿÿÿ"ÿ &$ÿÿ>!&ÿÿ"ÿ!'ÿ-ÿ4"ÿ
##ÿ%)ÿ"ÿ)ÿ&ÿ&ÿÿ"ÿ!ÿ#ÿ"&ÿ!(#>ÿ
!ÿÿ"ÿÿ#ÿ&ÿ$ÿÿ!ÿ#ÿ!)ÿ!ÿÿ"ÿ
ÿ#ÿ556(ÿ)"ÿ&ÿ556ÿ##ÿ"ÿ!ÿÿÿ)"!ÿ#ÿ
ÿ-ÿ?ÿ"'ÿ&ÿ&ÿÿ&ÿ#ÿ1&2:ÿÿ ÿ
ÿ#&ÿ!#-ÿ4"ÿ!ÿ"ÿ>!ÿÿ)"ÿÿ&ÿÿ
ÿ$ÿÿÿ!ÿÿÿ-ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ!"ÿ#$%&'()*+ÿ
…†‡‡ˆ‰ÿ‹ŒÿŽ‘Ž’†“ÿ”“•“‘–Ž‹•ÿ‰“—ÿÿ
ÿ

–•ÿˆ“–Ž•”ÿ˜ÿ™™šÿ“‘›Žœ“ÿÿ So1arCity
123456ÿ 32ÿ

ÿ
-176ÿ7;=53ƒÿ?.>19-:;3ÿ
ÿ
-./0123ÿ56789:0;:.2ÿ125ÿÿ ÿ ?.>19ÿ0126/.56
>ÿ7=00>3@ÿ>617:2Aÿ125ÿBBCÿ
<=7:2677ÿ/.56>ÿ >7ÿ.DD6965ÿ
E19F6;ÿ>61569ÿ:2ÿ;G6ÿ:27;1>>1;:.2ÿ.Dÿ967:562;:1>ÿ7.>19ÿ ÿ
0126>7ÿ:2ÿ;G6ÿH?ÿ ÿ ÿ
Sol.11rleaSI!-& Sol.iirPPAopbons

Iÿ JKLMNOLPÿQRÿSTÿUVÿPONOLPÿWQOXÿYSZ[\[[[ÿ
]^PO_`LMPaÿONMbLOÿ_cÿSÿ̀QddQ_Rÿefÿg[Shÿ
Iÿ iNMjLOÿPXNMLkÿYglm\ÿOXMLLÿOQ̀LPÿbMLNOLMÿOXNRÿQOPÿ ÿ
so monthly
payments
Prepaid Fulp rice

]d_PLPOÿ]_`KLOQO_M\ÿnQoQROÿV_dNMÿ x
ÿ ÿx
Modttlllltl Low Nul

Iÿ pTqÿirÿM_ddLsÿ_^Oÿefÿ̀Qstg[SZ\ÿ]NKNedLÿ_cÿ x x
bLRLMNOQRbÿ̀_MLÿOXNRÿS\[[[ÿurXvfLNM\ÿ_MÿY[wgmÿ subisidies ./
_cÿO_ONdÿUVÿKM_s^]OQ_Rÿ_cÿMLRLWNedLÿK_WLMÿQRÿg[Sxÿ ÿ lowerelectncrty
./ ./ ./ ./././ ./
Iÿ YZ\x[[ÿL`Kd_fLLPÿ
ccst

ÿ ÿ ÿ x-
20 years 20 ye9rs 20 years
monitoring

y=2ÿ<3ÿ;G6ÿD.=25697ÿz:;Gÿ;G6ÿ7=00.9;ÿ.Dÿ6{069:62865ÿ
.=;7:56ÿ6{68=;:|67ÿ
Iÿ }W_ÿ_cÿOXLÿc_^RsLMPÿXNoLÿeLLRÿOXLÿ~JÿNRsÿ~}Jÿ ÿ ./
PQR]LÿOXLÿ]_`KNRfÿWNPÿc_^RsLsÿQRÿ€[qÿ ÿ ÿ x
Iÿ ~JÿNRsÿ~JJÿWQOXÿKMQ_MÿL‚KLMQLR]LÿQRÿQRs^POMf\ÿ
cQRNR]LÿNRsÿP_dNMÿKNRLdPÿ
Iÿ d_Rÿi^Pj\ÿc_^RsLMÿNRsÿ~Jÿ_cÿ}LPdNÿi_O_MP\ÿQPÿ ÿ ./ ./ ./ x
V_dNM~QOf€Pÿ̀NQRÿPXNMLX_dsLMÿ ÿ
Min mum
credit soore
ÿ 700 700 x x

ÿ ?.>19-:;3ÿ.DD697ÿ:;7ÿ8=7;./697ÿ8>612ÿ125ÿ>677ÿ6{0627:|6ÿ6269A3ÿz:;Gÿ2.ÿ:2:;:1>ÿ:2|67;/62;ÿ96ž=:965Ÿÿ
ÿ ;G9.=AGÿ1ÿ8./096G627:|6ÿ769|:86@ÿ17ÿ7G.z2ÿ<6>.zÿ
Iÿ ~_RP^`LMPÿ]NRÿK^M]XNPLÿOXLÿK_WLMÿbLRLMNOLsÿefÿQRPONddLsÿP_dNMÿKNRLdPÿNOÿNÿcQ‚LsÿONMQccÿWXQ]XÿQPÿd_WLMÿ
ÿ OXNRÿOXLÿ̀NMjLOÿMNOL\ÿ_MÿdLNPLÿOXLÿKNRLdPÿc_MÿNÿcQ‚Lsÿ̀_ROXdfÿP^`ÿ
ÿ Iÿ  LNPQRbÿNRsÿ¡¡¢ÿNMLÿOXLÿ_KOQ_RPÿ̀_POÿ_cOLRÿ]X_PLRÿefÿ]^PO_`LMPÿ
ÿ Iÿ ~_RP^`LMPÿ]NRÿNdP_ÿK^M]XNPLÿOXLÿP_dNMÿKNRLdPÿNRsÿLoLRÿONjLÿNsoNRONbLÿ_cÿcQRNR]QRbÿcN]QdQOQLPÿKM_oQsLsÿ
ÿ
ÿ eoyfÿV_ dNM~QOfÿ
:,01an.,11y
ÿ
ÿ
ÿ Purchase

ÿ Optional decision Optional

ÿ
ÿ Free consunauon tnstallat,on
ÿ
ÿ
ÿ • Free consUtalonfor • Internal teams • Customers can lease :·
Obtaining instalation • 20years of monik>ring
ÿ individuals and Design underthefolowi",g permits for leasing'PPAs

ÿ businesses Technical study schemes :•


Applying for subsidies • Maintenance included,
ÿ
• Personal contad with Subsidy study SOinvestmeri varying dll'ation
1• Certified supervisors
ÿ
SolarCiy C0!15Ulant - Govemmert Free maintenance
• PPA for businesses formallies Monitoring I overseetheprocess • Comprehensiveafter-

ÿ • Plannlngdoc\lnerts: Guaranteed r Project managed by sales service from

ÿ
SolarCiy
includes inbrmslion on proOOdk>n I SolarCiy

ÿ solar panels and power Potential to improve I

ÿ investors the system


Free inverter
ÿ replacement
accortingto the
warranty

ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!"ÿ#$%&'()*+ÿ,-$.*)./012ÿ

ÿ
ÿ ÿÿ 
ÿ
456789:;<=>ÿ8@A@BC@>ÿ7BDÿB@;ÿ:BE5F@ÿ ÿ N8@7OD5PBÿ5Qÿ456789:;<=>ÿRSTÿ
GHIJIKHIJLMÿ >;7;@F@B;ÿGHIJLMÿ
ÿ
ÿÿ
ÿ "'
··=�
201)

ÿ '" j$M)
'!I.Sales

ÿ "" m,
ÿ ••
ÿ Salo of ,olor panolo,""'"'

ÿ ,oo lou1ngor,dPPA
'"
ÿ
ÿ Tol.OlcootohalN
"'
12U
..
n,
,
ÿ
ÿ 0
ÿ
ÿ
ÿ
G«>Hm"'llin
S.l11 ana morlclll
Ow,e,11
··-
anaoam "9
.•

-••
'", ®
ÿ . ,oo --'""'"""!"
·-
Tola! 115,0

ÿ Net"'corne • 15\ 1•

ÿ
ÿ
ÿ Equo11olO'l.ollll
ol,ncrem n....
ÿ obtained erul>aln

ÿ
an!':;;'2012
2010 2011 2012 201]
ÿ
ÿ ---.-..- Netma,me •s;i1es
ÿ
ÿ
ÿ
ÿ
ÿ 4:BE@ÿHIJI‚ÿ456789:;<ÿƒ7>ÿ@„…@8:@BE@Dÿ>C>;7:B@Dÿ†85P;ƒÿ:Bÿ>76@>‚ÿ‡C;ÿ:;ÿƒ7>ÿB5;ÿ<@;ÿ‡@E5F@ÿ
ÿ
ÿ …85Q:;7‡6@ˆÿ‰ƒ@ÿ@6@A7;@DÿE5>;ÿ5QÿB@PÿEC>;5F@8ÿ7EŠC:>:;:5B>ÿ7BDÿ5A@8ƒ@7Dÿ78@ÿEC88@B;6<ÿ7ÿ
ÿ ‡C8D@Bÿ5Bÿ456789:;<=>ÿRSTÿ7EE5CB;ˆÿ
ÿ
ÿ
UVÿWXYZ[\\]ÿ^_àÿ̀abÿXc`_XdÿXeÿ[bcf[gaZh_diÿhXYZ[ÿcZdbYhÿjVÿkXdhflb[hÿaZmbÿ̀abÿXc`_XdÿXeÿfh_diÿZÿlXd_X̀[_diÿhnhb̀loÿpfÿ̀WXYZ[k_ǹÿ
qXbhÿdXÿ̀lXd_X̀[ÿ̀abÿcZdbYhÿrVÿsXZ̀YÿdbiZ`_mbÿ_lcZgÿ̀Xeÿtujvÿ_dÿXcb[Z`_diÿ_dgXlbwÿdbiZ`_mbÿ_lcZgÿ̀Xeÿtujxvÿe[Xlÿqbpÿ̀_db̀[bh`ÿZdqÿ
Xàb[ÿbycbdhbhoÿZdqÿcXh_`_mbÿ_lcZgÿ̀XeÿtujzvÿeX[ÿ̀Zyÿg[bq_h̀ÿ{Vÿ|dg[blbdZ̀YÿhZYbhÿgX[[bhcXdq_diÿ̀Xÿ̀abÿq_eeb[bdgbÿpb`^bbdÿ̀XZ̀YÿhZYbhÿ
eX[ÿj}UrÿZdqÿ[bgf[[_diÿhZYbhÿeX[ÿj}Ujÿe[XlÿYbZh_diÿ~ÿ\\]ÿ
ÿ
WXf[gbwÿWXYZ[k_ǹÿ^bph_b̀ÿhZ̀dqZ[qÿWXYZ[k_ǹÿYbZh_diÿZdqÿ\\]ÿgXd`[Zgh̀ÿWXYZ[k_ǹÿgX[cX[Zb̀ÿ_deX[lZ`_XdÿWXYZ[k_ǹÿj}Uj~j}Urÿ
ZddfZYÿZggXfdh̀ÿ€kÿZdZYnh_hÿ

ÿ
ÿ
ÿ
ÿ ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ"#$%&%'#&()*+#ÿ-./#0ÿ
ÿ 12ÿ83ÿ2#$%&%'#&3)*+#ÿ4./#0ÿ56789:ÿ;4 <3ÿ3=3> ;34ÿ
29>>ÿ
4
?3ÿ
532349
2ÿ63ÿ
2ÿ4323ÿ;93@ÿ783ÿ ÿ  2ÿ 4ÿ ÿ83ÿ432A83A;93ÿ
ÿ

 3>ÿ
ÿ?93ÿ 2ÿ432
25ÿ4  ;ÿ ÿ
29>>ÿ >94ÿ;923>@ÿ
123456ÿ 32ÿ

678ÿ;4 <3ÿ3=3> ;34ÿ;96ÿ83ÿ 34ÿ ÿ3ÿ83ÿ4323ÿ;93@ÿ12ÿ 3ÿ93:ÿ


;9632ÿ943ÿ;;>3323:ÿ 4ÿ3=32ÿB9
=3:ÿ?6ÿ3
25ÿ3ÿ ÿ83ÿ; B34ÿ5323493ÿ?6ÿ

29>>3ÿ63@ÿC B34ÿ9>>6ÿ922 ÿ?3ÿ 43ÿ 4ÿ>934ÿ3:ÿB8
8ÿ392ÿ89ÿ83ÿ
; B34ÿ9
523ÿ 2>6ÿ 443; 2ÿ ÿ83ÿ9 2ÿ5323493ÿ92ÿ3ÿ?6ÿ 34ÿ

>923 >6@ÿ
DEFG"HÿIÿ"#$%&%'#&()*+#ÿJK3L$#33ÿ-./#0ÿ
,--------- ..
: Go"m-•l
Jo,,.,," 0, E�ctnclly �t,He,

I �:,'.,
9Payme ''"'"":r'
eloctrn:tty: �---:-
Jo Paymem for

of poss,b'e '•,'·.�, elec1r>Crty f1d�n
subs,dlu ··�-· RTS project developer

0 ''"'""' (
available space
lorns1alla

., . ..
generahon


Customer/owner of a
J O
Paymen1slolhe
owner for PfO"•drng
the spac1
and/or cu!tng �••
ofll,e electr>Clly
genera1ed

space for rent

ÿ
8 43Mÿ783ÿ  2ÿ7 2>
25ÿ4 ;ÿ92ÿ 4349@ÿ
3=3> ;34ÿ89=3ÿ93ÿ ÿB ÿ 43ÿ ÿ43=323ÿ ÿ;4
ÿ 4 ÿ83
4ÿ
2=332ÿ
2ÿ
532349
2ÿ63ÿ92ÿ ÿ =34ÿ4329>ÿ Mÿÿ
Nÿ83>>ÿ83ÿ3>34

6ÿ5323493ÿ?6ÿ63ÿB8
8ÿ
ÿ2 ÿ3ÿ?6ÿ83ÿ>3 4ÿ ÿ83ÿ
;93ÿ92ÿ
ÿ 3ÿ?9ÿ
2 ÿ83ÿ54
ÿ
Nÿ8?

3ÿ;4 =
3ÿ?6ÿ5 =34232ÿ? 
3ÿ 4ÿ
4
?3ÿ; B34ÿ532349
2ÿ
C B34ÿ
ÿ6;
9>>6ÿ >ÿ ÿ> 9>ÿ323456ÿ439
>34@ÿ12ÿ 3ÿ93:ÿ83ÿ3=3> ;34ÿ ÿ83ÿ678ÿ
;4 <3ÿ
ÿ9> ÿ83ÿ439
>34ÿ92:ÿ8323:ÿ; B34ÿ 3ÿ?9ÿ
2 ÿ83ÿ54
ÿ
58ÿ?3ÿ >ÿ ÿ83ÿ
439
>34Pÿ 834ÿ 34:ÿ 4ÿ 2ÿ83ÿB8 >39>3ÿ3>34

6ÿ943@ÿ
8
23ÿ3=3> ;34ÿ B2ÿ83ÿ
29>>3ÿ532349
2ÿ63:ÿ836ÿ943ÿ43; 2
?>3ÿ 4ÿ

29>>
25:ÿ9
29
2
25ÿ92ÿ9295
25ÿ83@ÿQÿ 4ÿ 34:ÿ836ÿ ÿ2 ÿ89=3ÿ ÿ

2=3ÿ
2ÿ83ÿ63ÿ92:ÿ 23R32>6:ÿ836ÿ ÿ2 ÿ433
=3ÿ?

3@ÿ3;32
25ÿ 2ÿ
83ÿ678ÿ;4 <3ÿ9543332:ÿ 34ÿ96ÿ89=3ÿ83ÿ4
58ÿ ÿ3ÿ83ÿ; B34ÿ5323493@ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿÿÿÿ ÿÿ ÿ !ÿ"#ÿ#ÿÿ !ÿ
ÿÿ$ÿ"ÿ%ÿ#ÿ&ÿ&ÿ'ÿ

ÿ
("ÿ"ÿ)ÿ#ÿÿ ÿÿ*ÿ+&!ÿÿ)ÿ"#&#ÿ)ÿ&ÿ#ÿ

ÿ ÿÿ 
,&ÿ-&ÿ ÿ))&ÿÿ)ÿ ÿ#ÿ.#.)ÿ 'ÿ,&ÿ#ÿ
)ÿ ÿ#ÿ)"ÿÿÿÿ&ÿÿÿÿ%ÿ .ÿ
#/ÿÿ#ÿ&0ÿ&&0ÿ%%ÿ&ÿ#ÿ,&ÿ-&ÿ"#&#ÿ$%&ÿ
0)ÿ%ÿ12ÿ)3'ÿ*ÿ+&ÿÿ&&0ÿ%ÿ#ÿÿ%ÿ)"ÿ
ÿ%ÿ&ÿÿ"ÿÿÿ &&ÿ&&0ÿ%ÿÿ
)"ÿ#ÿ&4ÿÿ ÿ&ÿ%ÿ$/ÿ&ÿ#ÿ&'ÿ5ÿ"&ÿ6)&ÿ#"ÿ#ÿ
&&0ÿ%&ÿ&ÿÿ&ÿ&ÿ&ÿ7''!ÿ"#&#ÿ&ÿ%ÿÿ#ÿÿ
%"/ÿ%ÿ&ÿÿÿ))&&'ÿ5ÿ#ÿ&%ÿ#!ÿ&ÿ#ÿÿ%ÿ
&ÿ ÿÿÿÿÿ%!ÿ*ÿ+&ÿÿÿÿ"ÿ&ÿ
ÿÿ&&8ÿ#ÿ)"ÿ) ÿ ÿÿ)ÿÿ%&6ÿ#ÿ'ÿ
ÿ ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ!ÿ"#$$%ÿ&'()*%ÿ
‰Š‹ŒŒŽŠ‘’Šÿ”•–Š—ÿ
ÿ
123456ÿ 32ÿ

-176ÿ7;=53zÿD9662ÿE1;:.2ÿ
ÿ
ÿ
-./0123ÿ56789:0;:.2ÿ125ÿÿ ÿ ?62;@;A6@70186ÿ/.56>ÿB.9ÿ
<=7:2677ÿ/.56>ÿ <=:>5:2Cÿ9..B;.07ÿ
D9662ÿE1;:.2ÿ7=00>:67ÿ0A.;.F.>;1:8ÿ0126>ÿ ÿ o=91;:.2ÿ OPÿ]M[_Yÿ
737;6/7ÿ;.ÿ:25:F:5=1>7ÿ125ÿ<=7:267767ÿ
GÿHIJKLMLÿNKÿOPQQÿNKÿRSMÿTUÿÿ ÿ r_MMKÿs[RNIKÿNYÿRSMÿIiKM_ÿIfÿRSMÿ
GÿVJWWXNMYÿWSIRIZIXR[N\ÿY]YRM^YÿJKLM_ÿZ[_NIJYÿ pq2697A:0ÿÿ NKYR[XXMLÿY]YRM^Yÿ[KLÿ_M\MNZMYÿ[XXÿ
Y\SM^MYÿ̀ _MX[RMLÿYJjYNLNMY ÿ
aÿbMKRcRSMcYW[\Mÿ^ILMX̀ÿ_MYNLMKRN[Xÿ[KLÿ ÿ t2F67;/62;ÿ
\I^^M_\N[XÿdMKM_[RNIKÿY]YRM^Yeÿ
NK\XJLNKdÿYIX[_ÿd[_LMKYÿ
125ÿ uP
013/62;7ÿ
ÿ
aÿV[XMÿIfÿ\JYRI^ÿY]YRM^YQÿ̀^[NKRMK[K\Mÿ ÿ -=7;./69vÿ H_MMÿWIiM_eÿiNRSÿY[ZNKdYÿIfÿ
[KLÿ^IKNRI_NKdÿNK\XJLMLÿ
GÿgOPPÿNKYR[XX[RNIKYÿYNK\MÿNRYÿfIJKLNKdÿ 70186ÿ.q269ÿ uOPPawPPx]M[_eÿLMOWMKLNKdÿIKÿ
Gÿh[K[dMYÿY]YRM^YÿiNRSÿNKYR[XXMLÿWIiM_ÿIfÿ ÿ <626B:;7ÿ VJ
jMRiMMKÿklÿmnÿ[KLÿQPÿhnÿ
\IKYJ^WRNIKÿS[jNRYÿ
KK]eÿYIJRScf[\NKdÿ_IIfÿiNRSÿ
ÿ
ÿ
D9662ÿE1;:.2ÿ.BB697ÿ;q.ÿ962;@;A6@70186ÿ.0;:.27zÿ ÿ
t
56 1>
ÿ9..B;.0ÿ
ÿ Y W [\MÿfI_ÿQlaQyÿW[KMXYÿfI_ÿ[ÿklÿ
mnÿY]YRM^
ƒÿr_MMKÿs[RNIKÿNYÿ_MYWIKYNjXMÿfI_ÿ
ÿ
Gÿ{KÿjJNXLNKdÿ_IIfRIWYÿ̀ LMYNdKNKdÿ[KLÿNKYR[XXNKdÿMKRN_Mÿ
aÿr_MMKÿs[RNIKÿNKYR[XXYÿNRYÿW[KMXYÿIKÿ Y]YRM^Yÿ[KLÿS[KLXNKdÿ
_MKRMLÿ_IIfRIWYÿ[KLÿ[YYJ^MYÿ KM\MYY[_]ÿfI_^[XNRNMYÿ
_MYWIKYNjNXNR]ÿfI_ÿ[XXÿIWM_[RNIKYÿ_MX[RMLÿ ƒÿ„J_NKdÿRSMÿ_MKR[XÿWM_NILeÿr_MMKÿ
RIÿRSMÿ|}ÿW[KMXYÿ s[RNIKÿNYÿ_MYWIKYNjXMÿfI_ÿ
Gÿ{KÿX[KLÿIJRYNLMÿIfÿJ_j[Kÿ\MKRM_Yÿ̀ÿ ?6>1;65ÿ ^[NKR[NKNKdÿ[KLÿ^IKNRI_NKdÿ
aÿr_MMKÿs[RNIKÿNKYR[XXYÿNRYÿW[KMXYÿIKÿ 769F:867ÿÿ Y]YRM^Yÿ
X[_dMeÿYJKK]ÿWXIRYÿIfÿX[KLÿ~OPaQPÿ ƒÿ…JYRI^M_YÿIKX]ÿS[ZMÿRIÿ
[\_MY€ÿiNRSÿKM[_j]ÿ\IKKM\RNIKYÿRIÿRSMÿ ^[NKR[NKÿRSMÿ_IIfÿf_MMÿIfÿYS[LMÿ
WIiM_ÿd_NLÿr_MMKÿs[RNIKÿ\JYRI^M_Yÿ ƒÿ†RÿRSMÿMKLÿIfÿ\IKR_[\RYeÿr_MMKÿ
\IXXM\Rÿ[ÿfN‚MLÿ^IKRSX]ÿ_MKRÿ[KLÿ\[Kÿ s[RNIKÿIffM_YÿRSMÿIWRNIKÿIfÿf_MMÿ
\IKRNKJMÿRIÿJYMÿRSMÿX[KLÿ[Yÿ _M^IZ[XÿIfÿW[KMXYÿNfÿRSMÿ
W[YRJ_MX[KLÿfI_ÿY^[XXÿXNZMYRI\mÿ \IKYJ^M_ÿLIMYÿKIRÿi[KRÿRSM^ÿ
ÿ
ÿ
ÿ
QÿhIKNRI_NKdÿNK\XJLMLÿfI_ÿRSMÿfN_YRÿ]M[_ÿIfÿJYMÿIKX]ÿOÿr_MMKÿs[RNIKÿL[R[ÿ
ÿ
VIJ_\Mÿ̀r_MMKÿs[RNIKÿiMjYNRM‡ÿIfdM^dIZJmÿiMjYNRM‡ÿˆ…rÿ[K[X]YNYÿÿ
ÿ
ÿ
ÿ
ÿ ÿ
ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ ÿÿ!ÿ ÿ ÿÿÿ" ÿÿ"#ÿ ÿÿ$$ÿ!ÿ
 # ÿ%ÿ&ÿ&ÿ# #'ÿÿ$ ÿ!ÿÿ ÿÿ ÿÿ

ÿ
!ÿÿ(ÿ) ÿ #%ÿÿ ÿÿ#$ÿ#ÿ *#*ÿ#$$#ÿ& ÿÿ

ÿ ÿ ÿ 


ÿÿ*$ ÿ" ÿ%ÿ#ÿÿ+ÿÿ# # ÿÿ,535-,ÿ.-/ÿ ÿÿ
ÿ# ÿ!ÿ ÿ#  ÿ$ÿ$#ÿ# ÿ  ÿ ÿ #ÿ
#*# %ÿ$#ÿ ÿ01(ÿ2 #ÿ$#+ %ÿÿ#ÿ#ÿ#ÿ# ÿ ÿ
&ÿÿÿÿ#+3$#ÿ &ÿ$#3#ÿ*$ÿÿ$ÿ!ÿ
&ÿ" ÿ(ÿ
4 ÿ ÿ ÿÿ#ÿÿ5 ÿ6#%ÿ5 ÿ7 ÿ# ÿ2# %ÿ&ÿÿ
#*ÿÿ" ÿ !# ÿ# ÿÿÿ!ÿÿÿ!#ÿ ÿÿ*$ ÿ
!ÿÿ%ÿ#*ÿÿ" ÿÿ#+ÿ ÿ#ÿÿ#*ÿÿ ÿ*$ ÿÿ
(ÿÿ#*ÿ#ÿÿ#ÿ ÿ# ÿÿÿ$ #ÿ+ÿ!ÿ ÿ
* 8#+ÿ#ÿÿÿ &ÿ$#%ÿ#ÿ# ÿ#ÿ#ÿ#ÿÿ# ÿÿ
9ÿ(ÿ:ÿ#ÿ;#$ÿ!ÿÿÿ&#ÿ#$$ ÿ ÿ2# ÿ&ÿÿ ÿ
ÿ  ÿ #ÿ # %ÿ&ÿ#ÿ#ÿÿ$#ÿ ÿÿ#ÿ!&ÿ!ÿ
#<ÿ2# ÿÿ=((%ÿ (4>%ÿ0? %ÿ(@(Aÿ) ÿ #%ÿÿ$ ÿ ÿ
"ÿ # %ÿ# ÿ &#"ÿ ÿ #%ÿ#ÿ" ÿ ÿ ÿ (Bÿ
C&ÿ$# ÿ#*ÿ" ÿ##ÿ$ ÿ*ÿ ÿÿ &ÿ" ÿ
(ÿDÿ;#$%ÿ579ÿE #ÿ# ÿ2# 9ÿ0? ÿ#*ÿ!ÿ ÿ ÿ
 # ÿ(ÿ:ÿ!ÿÿ FF$#ÿ%ÿÿÿ# ÿ" ÿ*$ÿ ÿ
ÿ56ÿ"ÿ$# ÿÿ#ÿ+ÿ %ÿ>023&ÿ#*ÿ ÿ"ÿ
 # ÿ*ÿ!ÿÿÿ#ÿ#ÿ Fÿ# 3# ÿ  %ÿ"ÿ
#ÿ ÿÿ5 ÿ7 ÿ# ÿ2# %ÿ&ÿ (4>ÿ$  ÿ #*ÿ ÿ"ÿ
 (ÿÿCC:ÿ# ÿ# ÿ%ÿ$ ÿ$#ÿ ÿÿ56%ÿÿ #ÿ
"ÿ &ÿ# ÿÿ#ÿ6#E(ÿ? ÿ#ÿ!&ÿ;$ %ÿ%ÿ# ÿÿ$!#ÿ
#%ÿÿ ÿ ÿ$#ÿ#ÿ !# ÿÿ ÿÿ(ÿDÿ;#$%ÿÿ
%ÿ#ÿ"#ÿ!ÿE #%ÿ!ÿ#ÿ$# $ÿ&ÿ6#Eÿ ÿ#ÿ Gÿÿ
! # ÿÿ ## ÿ!ÿ$*#ÿ$# ÿ!ÿ$# ÿ#ÿ#ÿÿ!ÿ
ÿ (ÿÿ&#ÿ ÿÿ#ÿH Iÿ  ÿ! ÿ&ÿ&#ÿ#ÿ
$!#ÿ!ÿÿ$$%ÿ!ÿ&ÿHÿ  ÿ#ÿÿ!ÿÿ (ÿ) ÿ
# %ÿE # %ÿ# ÿ ; ÿ"#%ÿ& ÿ*ÿ ÿJ?ÿ!ÿ #ÿ# ÿ
#ÿÿKÿ#ÿ%ÿ&ÿ#ÿ! # ÿÿCC:(ÿ
ÿÿAÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿJÿ# ÿ#!ÿ!ÿ2# ÿ#Fÿ# ÿ#F!ÿ # ÿ$# ÿ#ÿ #*ÿ#ÿ!&ÿ ÿ G%ÿ
# ÿÿ##ÿ!ÿÿ$ÿ"ÿÿL ÿE  ÿ2$%ÿM3839N89ÿN8ÿO-4P-Q785ÿON27,Rÿ
STUVWXYZÿ\V]XUÿ^X_XU`abV_ÿc`UdXaÿ= I@(ÿ
Bÿefÿfhiÿijkÿlmÿnopoqÿrstfÿpuÿlmÿfhiÿvjtfwxxikÿywzwyvf{ÿml|ÿtlxw|ÿ}~ÿwjkÿvjkÿwtÿhixkÿ€{ÿfhiÿ‚vƒÿ„ls|Kqÿ
# ÿÿ##ÿ!ÿÿ$ÿ"ÿÿL ÿE  ÿ2$%ÿO/…34†ÿ3ÿ‡7…ÿˆ3Q38‰7ÿ/Šÿ‹/…74RÿŒ,ÿ
74238
ÿ‹N/8774N89ÿ3ÿQ/P3QÿO438,Š/4235N/8ÿ/Šÿ5Ž7ÿ8749
ÿ17‰5/4ÿ= G@(ÿ
ÿÿ$# ÿ#ÿ#ÿÿ"#ÿ>02ÿ‘8>02ÿ‘ÿ6#ÿ ÿÿÿ"ÿ#ÿ+ÿ$#ÿ
ÿÿ"ÿ # ÿÿ#ÿÿ # #ÿ*(ÿÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !"#$%ÿ'#$#(!"!$)ÿ*+,-$!,,ÿ'.%!/,ÿ
ÿ 03ÿ8913ÿ
1
3ÿ83ÿ 2
2ÿ
32

3ÿ ÿ92953ÿ392ÿ92ÿ 3

43ÿ
 23
2ÿ
2 ÿ8433ÿ
3432ÿ5
23ÿ 326ÿ323456ÿ341
37ÿ3326ÿ ÿ94ÿ
ÿ

8 3ÿ 2
2ÿ92ÿ392ÿ433 23ÿ341
38ÿ
123456ÿ 32ÿ

123456ÿ341
3ÿ 4433 2ÿ ÿ9ÿ5
23ÿ 32ÿ
2ÿ98
8ÿ 392
3ÿ89ÿ34 1
3ÿ
323456ÿ341
3ÿ 34ÿ83
4ÿ 34ÿ83ÿ 33 42
6ÿ ÿ433ÿ92ÿ 3

43ÿ83
4ÿ
323456ÿ 23
2ÿ56ÿ
2922
25ÿ63ÿ92ÿ3:
3327ÿ92ÿ56ÿ34 9
1326ÿ
9295
25ÿ323456ÿ 23
28ÿ;8
ÿ5
23ÿ 32ÿ
ÿ532349226ÿ433413ÿ 4ÿ29453ÿ
 2347ÿ
2ÿ 834ÿ9 47ÿ 392
3ÿ 4ÿ352
ÿ5 
37ÿ394
29426ÿ 4ÿ323456ÿ
341
3ÿ
21 21
25ÿ83ÿ9295332ÿ ÿ  43ÿ 23
2ÿ 7ÿ92ÿ34 1
3ÿ567ÿ9ÿ
33
92
43ÿ 39268ÿ;8
ÿ
ÿ83ÿ ÿ49

292ÿ92ÿ239ÿ 323<ÿ 328ÿ
=2ÿ83ÿ93ÿ ÿ94ÿ8 3ÿ 2
27ÿ
2
1
92ÿ 34ÿ943ÿ83ÿ 7ÿ9ÿ
ÿ
ÿ
 34ÿ98 ÿ943ÿ433 2
523ÿ 4ÿ9295
25ÿ323456ÿ 23
2ÿ84 58ÿ83ÿ3ÿ ÿ
3234 2
ÿ3:
332ÿ
29223ÿ
2ÿ8 3ÿ 4ÿ593ÿ 2ÿ 23
2ÿ43 329
2ÿ
34 1
3ÿ56ÿ3 934ÿ439
234ÿ 4ÿ 392
3ÿ3234
25ÿ83ÿ323456ÿ3 48ÿ;8
ÿ3 2ÿ
 32ÿ
ÿ 43ÿ 323<ÿ892ÿ83ÿ3431
ÿ 237ÿ333
9226ÿ9
8ÿ43594ÿ ÿ83ÿ 32ÿ
593ÿ 2ÿ 23
2ÿ43 329
28ÿ
>9267ÿ83ÿ392ÿ433 23ÿ5
23ÿ 32ÿ
ÿ83ÿ ÿ 323<ÿ
2ÿ34ÿ ÿ9295
25ÿ
3928ÿ=2ÿ8
ÿ67ÿ93ÿ8913ÿ54 33ÿ5
23ÿ 32ÿ
2ÿ98
8ÿ 392
3ÿ396ÿ
 234ÿ ÿ433ÿ83
4ÿ3 934ÿ 23
2ÿ9ÿ33

ÿ
3ÿ
2 ÿ83ÿ935 46ÿ ÿ
392ÿ433 238ÿ;892ÿ ÿ83ÿ95
2
6ÿ ÿ 24 2ÿ9ÿ3 4
2ÿ ÿ3927ÿ392ÿ
433 23ÿ 392
3ÿ92ÿ 34ÿ54
ÿ 3349 4ÿ92ÿ
2

3ÿ83ÿ 3
2ÿ ÿ433ÿ3 934ÿ
54
ÿ2 9ÿ9832ÿ9
ÿ938 234ÿ233ÿ ÿ ÿ 8ÿ
ÿ
ÿ
ÿ
ÿ ÿ

ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ;83ÿ5
23ÿ 32ÿ
223ÿ
2ÿ8
ÿ3
2ÿ
ÿ3:
19232ÿ ÿ989ÿ943ÿ9226ÿ2 92ÿ9ÿ
?@ABCAD@ECFCECADGHIJCKÿMND@MAJOÿPMQÿKCRIAKÿQCJNMAJCÿJCQE@BCJSÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 !"ÿ$$%ÿ&'()*ÿ+,'-.ÿ/01ÿ2*3'.4ÿ5'.'6*3*.7ÿ8)9-.*99ÿ504*(9ÿ

ÿ
ÿ ÿÿ 
Et% C l I I

Operations

Energy services1
Supply of
smart home
solutions
Sale of systems adapted to specific snuanoos

Sale of standard systems2

Consumption
recommendations

Demand response services

1 � od hoc moto.,•1• ore requndto carryol.flhe,.,...a, lhe ,uw.,..,, "''P"""!jefo,<l"''!l'W'lllh• ,y,tem to beinnded, 1nstallo.txw,and m<lrteo&nee
2 In ,ome ca,n, lhe in.ial&lron,. .. en donet.,. lhe encl-""" "'"'"'" oompa,,,-,upptyr,glhe ,,,..,. on, p,.,.m,g.,..,,tance,nlhe "'""to! proolem,
ÿ
:;ÿ<=ÿ>ÿ?@AÿBCÿDEÿFGDHÿ
I%I%$%ÿ".*16KÿL*1M-N*9ÿ
ÿ ÿOAÿCDAPÿÿ :?FPÿDÿQÿQA@@ÿRÿÿ=PÿRRÿ=Aÿ
ÿCAÿCAASDAÿ@AÿTÿDAÿÿGÿÿRÿ
ÿCAPÿ=ÿDÿ@A=AÿÿDAÿEAAAHÿ
<=AÿEÿAÿCADA@ÿREÿÿ@AÿRÿTAPÿAOÿ=DÿÿRRAAÿ
OAPÿ=ÿ@Aÿÿ@ODÿÿ=ÿCCÿRÿ=AÿCPÿDÿA@@ÿDA@ÿ
DEÿDÿ@DÿDEÿEAÿHÿUÿ=ÿTA ÿDEÿAD@ÿ Vÿ
PÿAÿ  Pÿ CWÿÿRRAAÿDGÿCEÿDÿD@ÿRÿXYZ[\ÿ
TA@@AÿDEÿAÿ^CEÿÿQÿTÿDÿDD@ÿDÿRÿV_ÿA@ÿ  PÿQ=ÿAÿQA@@ÿD=ÿ
`abcÿXYde[ZÿfghhgHÿiÿ=ÿjAEÿ:DPÿ=ÿÿRRAAÿDGÿCEÿ
XYe[kÿfghhgalÿAÿ  ÿDEPÿD@==ÿAÿQ=ÿRDÿDÿ@A=@ÿ@Qÿ=Dÿ=ÿ
Rÿ CÿDÿDTÿ_ÿDÿDÿTQÿ  ÿDEÿ  PÿAÿAÿ^CEÿÿmcnopÿXYdq[eÿ
TA@@AÿTÿ  H ÿ
ÿ
ÿ
ÿ
ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ ^@EAÿAEAD@ÿCDAHÿ
Vÿ
i@EAPÿRÿ^DC@Pÿ=CAD@PÿAOAAÿDEÿOÿDAHÿ
ÿ
DDÿRÿ=ÿCÿTÿ<=ÿ>ÿ?@AÿBCPÿrs7ÿt8749
ÿtuuvwv78w
ÿxyyz45{8v5
ÿ|  }Hÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
 !ÿ#$%ÿ!&'()*ÿ!++,-,'&-*ÿ./(0'1ÿ+2(ÿ345,&'55'5$6ÿ/&7ÿ18'ÿ92::'(-,/;ÿ<'-12(ÿ
,&ÿ!4(2='ÿ/&7ÿ18'ÿ&,1'7ÿ<1/1'5ÿ>$?#$@$?$?Aÿ
ÿ

..
123456ÿ 32ÿ

Miiiion euros
,,_

15,000

10,000

s ...

""
• "" "" ""
ÿ
B 43CÿD83ÿ  2ÿ7 2E
25ÿ4 Fÿ92ÿ 4349Gÿ
D49

29EE6Hÿ1B7 ÿ89I3ÿ 343ÿ83
4ÿ 34ÿJ ÿ6F3ÿ ÿ E
2Cÿ
KÿM47,1,&)ÿ/&7ÿ'N4,=:'&1ÿ5/;'5COÿP3Jÿ3Q
F32Hÿ
29EE3ÿ9 34ÿ 2
25ÿ92ÿ
323456ÿ9
Hÿ
ÿ 43ÿ323456ÿ3

32Hÿ8ÿ43
25ÿ83ÿ323456ÿ 2F
2ÿ
9 
93ÿJ
8ÿ F349
25ÿ83ÿ3Q
F32Gÿ7 34ÿ89ÿ Fÿ 4ÿ8
ÿ6F3ÿ ÿ
 E
2ÿ943ÿ6F
9EE6ÿR
233ÿJ
8ÿ83ÿ
292
9Eÿ9F9R
E
6ÿ92ÿ382
9Eÿ2 JS
8 Jÿ2333ÿ ÿ3ÿ92ÿ9
29
2ÿ FE3Tÿ3Q
F32GÿD83ÿ4 E3ÿ ÿ1B7 ÿ
ÿ9E ÿ
9EE6ÿE

3ÿ ÿ89ÿ ÿ9ÿ
E392ÿR3J332ÿ 4
5
29Eÿ3Q
F32ÿ92 9434ÿ
92ÿ32S 34Gÿ
Kÿ!&'()*ÿ5'(U,-'5Cÿ7 F92
3ÿ943ÿ
2439
25E6ÿ F
25ÿ 4ÿ8
ÿ3 2ÿ6F3ÿ ÿ
 E
2ÿ 343ÿR6ÿ1B7 Gÿ1T9FE3ÿ
2E3ÿ  4
25ÿ83ÿ9295332ÿ ÿ
E
58
25ÿ92ÿVWX7ÿ63Hÿ9ÿJ3EEÿ9ÿ ÿ323456ÿFFE
3Gÿ7 F92
3Yÿ54 J
25ÿ

2343ÿ
2ÿ833ÿ34I
3ÿ
ÿ43 E33ÿ
2ÿ9E3ÿ54 J8ÿ 439ÿ 4ÿ83ÿ14 F392ÿ
3Q
F32ÿ3532Z[ÿ9ÿ6394ÿR3J332ÿÿ92ÿZ92ÿ9E3ÿ
2ÿ83ÿ
 249
25ÿ3532HÿJ8
8ÿ
2E3ÿ34I
3ÿ 4 ÿ1B7 Z[ÿ9ÿ6394ÿ I34ÿ83ÿ
93ÿF34
Gÿ\
8
2ÿ83ÿ323456ÿ34I
3ÿ 493J 4Hÿ F92
3ÿF96ÿ 4ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ1TE
25ÿ
24
9Eÿ F92
3Gÿ

Oÿ
] 4ÿ3T9FE3Hÿ43FE9
25ÿ9
4ÿ 2

2
25ÿ63ÿ I34ÿ^ÿ6394ÿ EÿJ
8ÿ 43ÿ4332ÿ3Q
F32ÿ92ÿ
392ÿ9ÿ^_[ÿ43
2ÿ
2ÿ323456ÿ 2F
2Hÿ9 4
25ÿ ÿ83ÿ̀BÿB9EEÿ
23ÿX
2
49
2Gÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿ ÿ!ÿ"ÿ#$$ÿÿÿ%ÿ3&ÿ
'()ÿ$*ÿ**ÿ ÿÿ%ÿ +,-.ÿ /*ÿ* ÿ

ÿ
$"ÿÿ ÿÿÿ0ÿ*$1ÿ$1ÿ*ÿ

ÿ ÿÿ 
 ÿ"*ÿ.ÿ +,-ÿ*ÿ**ÿ* ÿÿ ÿÿ
ÿ"ÿ0ÿÿÿ*ÿ%0ÿ$ÿ"*. 2ÿ
+,-ÿ**ÿ00ÿ$ÿÿ0ÿÿ0ÿ$ÿ"3ÿ
4ÿ6789:ÿ<=>?9@ABÿCDEÿB<9F7C7FÿB9EG7F9B3ÿ+"ÿÿ%ÿ*ÿÿ$ÿ"*ÿ0ÿ
ÿ1ÿÿ#$$ÿÿ +,-ÿÿ$ÿHÿÿ#$*ÿ
ÿ$ÿÿ*"*ÿ0ÿ1ÿÿ$ÿÿ%ÿ*ÿÿÿ1ÿÿ
#$$ÿ +,-ÿÿ$ÿÿ0ÿÿ%1ÿ0ÿ/*1ÿ$0ÿÿÿ0ÿ
Iÿÿ$.ÿ,ÿÿÿ0/ÿ0ÿÿ$ÿ0ÿ$ÿ"ÿ* ÿÿ
$ÿ.ÿJ$ÿ *ÿ**#ÿÿÿÿ$ÿÿ0ÿ$ÿ +,-ÿ
1ÿ*$$ÿ$ÿÿÿ*ÿIÿ0ÿ0ÿ/ÿ$ÿ"ÿ
$".ÿ
4ÿK@9EL>ÿBM<<N>ÿFD@AE=FAB3ÿ +,-ÿÿÿÿ*ÿÿÿ
ÿÿÿ$ÿÿ0ÿÿ$ÿ%ÿ$ÿ.ÿ,ÿ**ÿ
ÿÿ*ÿ"ÿ$ÿÿ0ÿÿÿÿ$ÿ +,-1ÿ*$$ÿ$ÿ
#ÿ1ÿ* ÿ$ÿ1ÿÿ*#ÿ$ÿ$ÿÿ"*ÿÿ%ÿ$ÿ
.ÿJ$$ÿ$ÿ1ÿÿÿ$ÿÿ*$ÿ#$ÿ
ÿ*1ÿ%ÿ$ÿÿ$ ÿ ÿÿ"ÿ +,-ÿÿ
ÿÿÿÿ.ÿ
4ÿK@9EL>ÿ<9ECDE?=@F9ÿFD@AE=FAB3ÿ +,-ÿOOÿÿÿ"ÿ ÿ
ÿÿÿÿ$ÿ"ÿ$".ÿJ$ÿ"ÿ0ÿ$ÿ *ÿÿ$ÿ
+,-Oÿÿÿÿ*ÿ#$ÿ$ÿ0ÿ$ÿ.ÿJ$ÿ%ÿ1ÿÿÿ
00*ÿÿ%*$ÿÿ"*ÿ"ÿ%ÿ0ÿÿÿ%#ÿ
#ÿ ÿ0ÿÿÿ$ÿ *.ÿJ$ÿÿ**ÿ%0ÿ +,-ÿ#$ÿÿ
ÿÿÿ$ÿ"ÿ$".ÿ
J$ÿÿ**ÿ0ÿ$ÿ/*ÿÿÿ"1ÿÿÿÿ
*ÿ1ÿÿ$ÿ$ÿ**ÿ%*ÿÿÿ%ÿ%ÿÿ
00ÿ*ÿÿÿ*#ÿ.ÿP$ÿ$ÿ0#Iÿ0ÿ$ÿ"1ÿÿÿ
*ÿÿ0ÿ +,-ÿÿÿ%*ÿ0ÿ0ÿQÿ ÿ0ÿ
ÿÿIÿÿ0*ÿ*ÿ0ÿ$ÿ"ÿÿ"ÿ$ÿRÿ
ÿÿ0ÿ$ÿ.ÿ
S#ÿÿ$"ÿ%ÿ*ÿÿ"ÿ"ÿ*ÿ$ÿ
*ÿ"1ÿ*$$ÿ#$ÿÿ*ÿ$"ÿ0ÿ$ÿ$ÿ0ÿ +,-1ÿ
#$$ÿ**ÿÿÿ"*ÿQ1ÿ"ÿ0*ÿÿ ÿ
ÿ.ÿTÿ/*1ÿÿ$ÿUÿ+1ÿ, ÿ+*ÿ00ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿ0ÿ$ÿÿ%ÿJ$ÿVÿ,*ÿWÿX'7ÿY8749
ÿYZZ[)[78)
ÿ\]](45^8[5
ÿ_ `a.ÿ
2

12345ÿ78749
ÿ ÿ ÿ
ÿ
323456ÿ34
3ÿ8ÿ9ÿ323456ÿ6ÿ 249ÿ92ÿ323456ÿ34 4923ÿ 249ÿ
834ÿ9! 4ÿ


3ÿ
2ÿ83ÿ"#$
2
25ÿ
43ÿ123456%ÿ&3 ÿ92ÿ7 239
2ÿ
123456$893ÿ9 ÿ33 3ÿ92ÿ323456ÿ34
3ÿ9439ÿ#

94ÿ
34

9
2ÿ89ÿ
ÿ

443ÿ
2ÿ83ÿ"2
3ÿ'
25 ÿ92ÿ34926%ÿ(
8ÿ39
25ÿ


3ÿ8ÿ9ÿ7324
9%ÿ
123456ÿ 32ÿ

2& (34%ÿ1 )%ÿ12*%ÿ+932 9ÿ92ÿ,*1ÿ 34


25ÿ323456ÿ34
3ÿ ÿ 234ÿ
- ÿ
493ÿ83ÿ323456ÿ34
3ÿ 3%ÿ(3ÿ893ÿ8 32ÿ83ÿ93ÿ ÿ. 82 2ÿ7 24 %ÿ
23ÿ ÿ83ÿ9453ÿ 92
3ÿ
2ÿ83ÿ323456ÿ34
3ÿ3 4ÿ(8
8ÿ 34ÿ
ÿ 34ÿ9ÿ
(
3ÿ49253ÿ ÿ34
3ÿ-83ÿ34
3ÿ4 
3ÿ42ÿ83ÿ59ÿ 4 ÿ83ÿ ÿ49

29ÿ
 3%ÿ83ÿ93ÿ ÿ 24 ÿ63ÿ92ÿ3/
32%ÿ ÿ 
2ÿ(8
8ÿ943ÿ 3ÿ
3

96ÿ 2ÿ34
3ÿ4 
3ÿ ÿ 34%ÿ8ÿ9ÿ84 58ÿ323456ÿ34 4923ÿ
 249ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!"ÿ#$%&'$&ÿ($&)*$+'ÿ

ÿ
Š‹ŒŽÿ‘Œ’“”Œ‘ÿ Johnson ·

ÿ ÿÿ 
Controls

ÿ.287ÿ
8<>64‰
ÿD/E38/3ÿ
./3<
:/?
8ÿ
ÿ
./01234ÿ6789:;1<;/3ÿ236ÿÿ ÿ @>;?6;3Aÿ7BB;9;7394ÿ87:C;978ÿ/BB7:76ÿ
=>8;3788ÿ0/67?ÿ
D/E38/3ÿ./3<:/?8ÿ/17:2<78ÿ2:/>36ÿ<E7ÿF/:?6ÿ ÿ GÿgQ\_\N]WWIÿL\KJNSLÿMNÿWNW_SXÿ
<E:/>AEÿ<E:77ÿ/17:2<;3Aÿ6;C;8;/38ÿ n37 :A4ÿ VML]LÿUM_ÿVQL]M^W_Lÿ
Gÿ HÿIJKJLJMNLOÿPQJRIJNSÿTUUJVJWNVXÿYPTZ[ÿ\Q]M^M]JKWÿ 17:B/:02397ÿ ]M|ÿ
Gÿ€ ]\dWLÿ]iWÿNWVWLL\_Xÿ^W\LQ_WLÿ
LMRQ]JMNLÿ\NIÿWNW_SXÿLMRQ]JMNLÿY`_J^\_JRXÿ 9/3< :29<8ÿ ÿ\ViJWKWÿ]iWÿ̀_M^JLWIÿL\KJNSLÿ
a\]]W_JWLZÿÿ Gÿ€|ÿVMRRWV]Lÿ\ÿ̀W_VWN]\SWÿMUÿ]iWÿ
Gÿ b\cM_ÿ^\_dW]LOÿefÿ\NIÿgW_^\NX[ÿhJ]iÿjHklÿ\NIÿ L\KJNSLÿ\ViJWKWIÿ
jmmlÿMUÿL\RWL[ÿ_WL`WV]JKWRXÿ ÿ Gÿb\N\SW^WN]ÿMUÿ\J_VMNIJ]JMNJNSÿ
ÿ W ‚QJ̀^WN]ÿ\NIÿLXL]W^Lÿ
@>;?6;3AÿnBB;9;7394ÿ;8ÿ<E7ÿA:/>1o8ÿ879/36ÿ6;C;8;/3ÿ;3ÿ @>;?6;3Aÿ GÿfW VQ_J]Xÿ\NIÿUJ_Wÿ̀_WKWN]JMNÿ
82?78pÿ236ÿ<E;:6ÿ;3ÿ1:/B;<8ÿ 0232A7073<ÿ GÿTNW__dS`XR\ÿWVUWUJÿV^\
GÿƒM N\SW^WN]ÿ
Gÿ qmrstkÿaJRRJMNÿJNÿL\RWL[ÿM_ÿjHrlÿMUÿ]iWÿS_MQ`uLÿ JWNVXÿ\NIÿLQL]\JN\aJRJ]Xÿ
]M]\Rÿ ` _M S_\^L ÿ
Gÿ TPvwOÿqkxxÿ^JRRJMN[ÿ_W`_WLWN]JNSÿjHylÿMUÿ]iWÿ Gÿ„_McWV]ÿ^\N\SW^WN]ÿ
S_MQ`uLÿ]M]\Rÿ ÿ
ÿ GÿvNL]\RR\]JMNÿMUÿ\J_VMNIJ]JMNJNSÿ\NIÿ
@nÿ;8ÿ7z179<76ÿ</ÿA:/Fÿ<E:/>AEÿ;3<7:32<;/32?ÿ …2?7ÿ
/Bÿ LWVQ_J]XÿW‚QJ̀^WN][ÿ\NIÿ
7z1238;/3ÿ 9 /3<:/?ÿ \Q]M^\]JMNÿMUÿaQJRIJNSLÿ\NIÿ
Gÿ x{mylÿ|}g~ÿhJ]iÿW`\NLJMNÿJN]MÿW^W_SJNSÿ 7†>;107 3<ÿ W‚QJ̀^WN]ÿVMN]_MRÿLXL]W^Lÿ
^\_dW]LÿY|iJN\ÿJLÿ̀_JM_J]XZÿ 236ÿ848<708 ÿÿ GÿvNVRQIWLÿ^\JN]WN\NVWÿMUÿ]iWÿ
Gÿ jxylÿU_M^ÿ_WVQ__JNSÿ]_\NL\V]JMNLÿ JNL]\RRWIÿLXL]W^Lÿ
ÿ
ÿ
ÿ
ÿ .287ÿ8<>64‰ÿn37:A4ÿ17:B/:02397ÿ9/3<:29<ÿB/:ÿ<E7ÿn01;:7ÿ…<2<7ÿ@>;?6;3Aÿ
ÿ r---------------------------------------------------- :
ÿ
ÿ
case.
JC improved energy
value proposition: I

ÿ
Energy performance eff1c1ency and consumption control
I
• Savings "guaranteed" at the Empire State Building
ÿ
contract Limited investment and greater
I
I

ÿ access to f1nanc1ng I

ÿ Long-term strategy Energy performance:


contract
ÿ
Minimization or risk I
JC was able to I
ÿ
lmrpoved contort and security
panopti�· reduce annual
ÿ ... 10t1•tO• C:O•UOU
energy costs by

ÿ $4.4 million

ÿ
Yalu• proposition: JC earned out
Building energy • Lower cost than done 1f done
ÿ management in-house
equipment

ÿ
improvements
High yields from management
ÿ
before installing
programs
ÿ
comprehensive
control and
ÿ management
ÿ systems for energy

ÿ value proposition:
consumption

ÿ • Top quality equipment from a-year payback

ÿ established manufacturers
38% reduction in

ÿ
energy consumption
custom-designed projects I
ÿ
-
comprehensive management I :

ÿ from design to maintenance L----------------------


ÿ
ÿ
fMQ_VWOÿ€MiNLMNÿ|MN]_MRLÿ‡ymHÿ\NNQ\Rÿ_W`M_]ˆÿ€MiNLMNÿ|MN]_MRLÿhWaLJ]WˆÿTfPÿV\LWÿL]QIXÿaXÿ€MiNLMNÿ|MN]_MRLˆÿP|gÿ\N\RXLJLÿ
ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !""#$ÿ&'ÿ()*+ÿ,&(-ÿ&#!+.&/0ÿ
ÿ 132ÿ
5
93ÿ382 3 5
3ÿ92ÿ83ÿ423423ÿ8953ÿ93ÿ9
53ÿ
24 9ÿ
2 ÿ
8 38 36ÿ5499336ÿ42
25ÿ83ÿ
2 ÿ92ÿ3 63ÿ ÿ94ÿ3334
ÿ9773
923ÿ92ÿ
ÿ

35
38ÿ9

293366ÿ83ÿ
733329
2ÿ ÿ94ÿ334ÿ
ÿ93 ÿ9

25ÿ83ÿ
123456ÿ 32ÿ

3533 732ÿ ÿ232ÿ9773


9
2ÿ92ÿ:
23ÿ 338ÿ4ÿ8 3ÿ:3ÿ2 3ÿ8 235346ÿ
89ÿ
733329
2ÿ ÿ833ÿ334ÿ
ÿ2 ÿ:3
25ÿ944
3ÿ ÿ9ÿ83ÿ93ÿ793ÿ94 2ÿ
83ÿ2 438ÿ
42ÿ14 736ÿ83ÿ;8
4ÿ123456ÿ<9953ÿ43=
43ÿ89ÿ833ÿ334ÿ:3ÿ
7333236ÿ
74 5
3ÿ89ÿ9ÿ >:323
ÿ92936
ÿ
ÿ944
3ÿ ÿ92ÿ83ÿ433ÿ943ÿ7 

53ÿ
?97732
@ÿ48A8Bÿ;8
ÿ
ÿ83ÿ93ÿ
2ÿ83ÿC2
3ÿD
25 6ÿ28343ÿ
29339
2ÿ ÿ94ÿ
334ÿÿ:3ÿ 7333ÿ:6ÿ8ÿ42ÿ 2496ÿ83ÿ >:323
ÿ92936
ÿ 23ÿ:6ÿ
34926Eÿ43539 4ÿ
ÿ2 ÿ6
33ÿ7 

53ÿ4338ÿ7 792
3ÿ943ÿ2 ÿ8343 43ÿ
43=
43ÿ ÿ
2933ÿ83ÿ3348ÿ;8
ÿ
ÿ49239
25ÿ
2 ÿ9ÿ3 234ÿ73432953ÿ ÿ

733329
2ÿ 7943ÿ ÿ 834ÿ14 7392ÿ 24
38ÿF 235346ÿ
2ÿ83ÿ93ÿ ÿ83ÿ
CG6ÿ
733329
2ÿ
2ÿ ÿ93ÿ
ÿ74 33
25ÿ 43ÿ=
36ÿ892ÿ
2ÿ14 73ÿ3ÿ ÿ
9HH9ÿ 2
25ÿ92ÿ
232
53ÿ74 5
3ÿ:6ÿ
3432ÿ938ÿ9ÿ9ÿ4336ÿ83ÿ
29333ÿ
:93ÿ ÿ94ÿ334ÿ
ÿ94 2ÿÿ
33
26ÿ4374332
25ÿIJKÿ ÿ83ÿ7 32
93ÿ ÿ:3ÿ

293338JÿL9366ÿ49M
3ÿ
ÿ93 ÿ9
25ÿ
52

92ÿ95923ÿ
2ÿ83ÿ
29339
2ÿ ÿ94ÿ
334ÿ3ÿ ÿ83ÿ233ÿ ÿ :9ÿ3 3ÿ92ÿ
74 53ÿ83ÿ 246Nÿ7736ÿ=93
68ÿ
1 2383336ÿ83ÿ73432953ÿ ÿ94ÿ334ÿ
29333ÿ
ÿ
33ÿ3

38Jÿ
;833ÿ94ÿ8 3ÿ 3
2ÿ92ÿ:3ÿ
5
3ÿ
2 ÿ8433ÿ:
23ÿ:> 338ÿÿ
O
543ÿJÿ8 2ÿ833ÿ8433ÿ:
23ÿ:> 336ÿ 53834ÿ2
8ÿ3@9733ÿ ÿ83
4ÿ
4373
53ÿ 3
2ÿ92ÿ63ÿ 3438ÿ;83ÿ
4ÿ:> 33ÿ?9Aÿ54 7ÿ 53834ÿ83ÿ
7736ÿ ÿ2 ÿ673ÿ ÿ94ÿ8 3ÿ63Pÿ 23ÿ ÿ 24 3ÿ 27
2ÿ93 236ÿ92ÿ83ÿ
834ÿ 4ÿ83ÿ9 93ÿ 24 3ÿ92ÿ9295332ÿ ÿ 43ÿ ÿ 27
28ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Bÿ9223@ÿ48ÿ ÿ83ÿ3334

6ÿ?QRQ17Aÿ92ÿ59ÿ?QRJQ17Aÿ
43
53ÿ
7393ÿ89ÿS3:34ÿ
G93ÿÿ8953ÿ944
3ÿ ÿ9ÿ >:323
ÿ92936
ÿ:6ÿG373:34ÿ8ÿ42ÿ83ÿ3532ÿ89ÿ83ÿ433ÿ943ÿ
7 

53ÿ
2ÿBKÿ ÿ83ÿ936ÿ9ÿ7392ÿ29ÿ ÿ:3ÿ4922ÿ7ÿ 4ÿ
733329
2ÿ2
8
2ÿ83ÿ 33 2
25ÿÿ
63948ÿL
32
36ÿ83ÿ123456ÿ1

326ÿ
43
53ÿ93 ÿ73

3ÿ89ÿ74  
2ÿ ÿ323456ÿ3

326ÿ
345
3ÿÿ:3ÿ:93ÿ 2ÿ
733329
2ÿ ÿ94ÿ334ÿ?123456ÿ1

326ÿ
43
53ÿQRQ1CA8ÿ
ÿ938 58ÿ 3ÿ 24
3ÿ8953ÿ934396ÿ 7333ÿ
29339
2ÿ ÿ833ÿ334ÿ?8ÿ9ÿ49366ÿ 4ÿ
3@9733A6ÿ ÿ943ÿ9ÿ83ÿ3533 732ÿ9538ÿ42ÿ83ÿC2
3ÿD
25 6ÿ8
ÿ492393ÿ
2 ÿ9ÿKÿ:93ÿ ÿ
334ÿ9ÿ83ÿ:35
22
25ÿ ÿI8ÿ42ÿ 2496ÿ4432ÿ732349
2ÿ
2ÿ34926ÿ
ÿ94 2ÿJTIKÿ92ÿ
ÿ
3@733ÿ ÿ:3ÿ:33 2ÿKÿ
2ÿ6ÿ9 4
25ÿ ÿ99ÿ 4 ÿ29
293ÿ43539 46ÿ83ÿ14 7392ÿ
7 

2ÿ92ÿ345ÿ42
588ÿ
Jÿ;83ÿ934
92ÿH3 5346ÿ92ÿH3
25332ÿ9ÿ ÿÿ?9HH9Aÿ933 93ÿUI8ÿ:
33
2ÿ ÿ83ÿCGÿ
379432ÿ ÿ123456ÿ? 1Aÿ ÿ
253ÿ
2ÿ997
25ÿ7 234ÿ54
8ÿO 4ÿ83
4ÿ7946ÿ594
ÿ93ÿ8953ÿ

733323ÿ43539
2ÿ ÿ74  3ÿ83ÿ
29339
2ÿ ÿ833ÿ334ÿ? 4ÿ3@97336ÿ793
42
96ÿ433
2
6ÿ
D3266ÿ7 223
A8ÿ99ÿ 4 ÿVWXYXWZ[\]^Y_ÿ\a^bWÿc_W_bÿd_eYfZa_gWÿ:6ÿ4146ÿ92ÿhii_iia_gWÿfjÿ
d_a^gkÿl_iefgi_ÿ^gkÿhkm^g]_kÿc_W_bXgnÿ:6ÿO1H78ÿ
Jÿ;8343ÿ943ÿ4432 36ÿ94 2ÿ 23ÿ
33
2ÿ94ÿ3346ÿ9 4
25ÿ ÿ99ÿ 4 ÿ9111L6ÿo 432
3ÿ
42
3ÿ92ÿp74638ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ !ÿ"ÿ#ÿ#ÿ$%ÿ"!%%ÿ ÿ#ÿ ÿ! ÿ#ÿ
&ÿ&' %(ÿ)&*ÿ! ÿ)*+ÿ

ÿ
,-./01ÿ345ÿ6789:;88ÿ<7=>?@A;B8ÿC@DÿEF;ÿ<7GGBHÿ@Cÿ<IJDEÿK@I;ÿ<@B7E9@:8ÿ

ÿ ÿÿ 
Example of solutions offered Example companies

• _,
R•mote control of power consumption (global and by Q
V
8USCH·J,UGEl
c, ,uo(:1;


Control of sources Remote control of electncal appl,ances (lelev,s,on,
Bll..l UNE INNOVATIONS
of consumption washing rnadune, etc )

Smart home
systems
{ Automated control
and management of
Cemrahzed n,mote control of bwldong hgh\Jng and ""
condrt1oning

S•ll-ngulaung, n,mote controll•d smart thermostat


Automatic bhnds to opt,rroz• the bwlding's uposur1 to
vMnt. M!i11:l•l¢i
Honeywell
'*'
--
sources of the sun (open to genull\1 heat., Winier, and closed to
consumption k11p cool ., sunvner) @EcofAC'Tal; RW<
b PersDnal,zed recofflffleiiiiatJons based on customer
habrts to improve consumption eff,c,ency
Recommendations Alens for peak pnce hours to n,duce consumpt,on on first:utility
from electricity order to rronirroze demand spokes
retailers Pn,vention of hrgh �r bills through alerts when
Household
consumption
recommendations
consumptron exceeds a set hrnrt dunng the bilhng
��
Personal,zed recommenda\Jons based on customer
··-
habrts to improve consumption eff,c,ency
Recommendations
Companson of consumption levels With other s,rrolar OP@WER-"-
from new companies customers
,n the energy sector Proactrve consumption management through devices Go gle& nest
ÿ
offered to the customer (or subsidized devic1s)

LMÿN#ÿOÿ%ÿPÿ! ÿQR!+ÿ
Sÿ ÿÿ#ÿÿ"ÿTÿ9:8EJBB;Aÿ9:ÿU@:87I;D8VÿF@I;8ÿWF9UFÿ
IJX;ÿ9EÿG@889=B;ÿE@ÿD;I@E;BHÿU@:ED@BÿB;Y;B8ÿJ:AZ@Dÿ8@7DU;8ÿ@CÿG@W;Dÿ
U@:87IGE9@:ÿ[J\+ÿ]ÿ#%ÿ""!ÿ&$ÿTÿ$##ÿTÿ!^ÿ
%ÿÿ#ÿ!ÿ"ÿ(ÿ#ÿ!ÿ#ÿÿÿ!Rÿ!!%ÿ!_(ÿ! ÿ
Tÿ$##ÿ!!ÿ$ÿÿ"ÿÿÿÿ!%!ÿ
!!!%%ÿ$#%ÿ%%ÿ""ÿÿ#ÿÿ"ÿ!Rÿ!!%ÿ%ÿ^ÿ
#ÿ!%!+ÿ
L %(ÿÿG@W;DÿD;EJ9B;D8ÿ@CC;DÿU@:87I;D8ÿJAY9U;ÿJ:AÿD;U@II;:AJE9@:8ÿ
WF9UFÿJBB@WÿEF;IÿE@ÿIJ:J`;ÿEF;9DÿG@W;DÿU@:87IGE9@:ÿI@D;ÿ;CC9U9;:EBHÿ[=\+ÿaÿ#ÿ
!ÿ(ÿ!%ÿ!ÿ!Rÿ!^!!ÿ"ÿ#ÿ%!#ÿ! ÿR$%ÿ"ÿ#ÿ
bÿÿÿÿÿ%!#ÿÿ!ÿ!^ÿÿ!!ÿ
#ÿ""ÿÿ!#ÿbÿ"%ÿ& ÿ#ÿ%ÿ^+ÿÿ
c!%(ÿSÿ ÿ%%!ÿ#ÿ!ÿ"ÿU@IGJ:9;8ÿWF9UFdÿWF9B;ÿ:@EÿD;EJ9B;D8dÿUJ:ÿ
@CC;DÿEF;ÿ8JI;ÿEHG;ÿ@CÿD;U@II;:AJE9@:8ÿE@ÿU@:87I;D8ÿ[U\+ÿeÿ#ÿ!(ÿ#ÿ!!ÿ
%%ÿÿ"ÿÿ^ÿ!%ÿ! ÿ!Rÿ"!ÿÿ+ÿeÿ
#%ÿ&ÿÿ#!ÿ&#ÿ#ÿ ÿ! ÿ#ÿ&ÿ&' %ÿ!ÿTÿ#!ÿ!ÿ
!ÿÿ&ÿ!%%(ÿ%ÿ#ÿ^ÿ!ÿ(ÿ#ÿ!ÿ!ÿ#!(ÿÿ
""ÿ#ÿ !ÿÿ!&^+ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !"#$ÿ&'ÿ!(")*ÿ+&($ÿ!,-*$(-ÿ
ÿ .83ÿ
4ÿ/0 31ÿ
213ÿ83ÿ-"#$ÿ&'ÿ"2*&("*$3ÿ4&5*)&#ÿ"536&)ÿ
("5"7$($5*ÿ-,-*$(-ÿ'&)ÿ8&2-$8&#3ÿ-&2)4$-ÿ&'ÿ4&5-2(9*:&5;ÿ<4 =
34ÿ ÿ94ÿ
ÿ

8 3ÿ63ÿ 34ÿ> ÿ6?3ÿ ÿ63@ÿ


123456ÿ 32ÿ

AÿC&5*)&#ÿ-,-*$(-ÿ'&)ÿ-&2)4$-ÿ&'ÿ4&5-2(9*:&5@ÿ.833ÿ63ÿ911 >ÿ32ÿ34ÿ ÿ
 2
 4ÿ8 38 1ÿ92D 4ÿ/063ÿ? >34ÿ 2?
2ÿ/6ÿ43 316ÿ
 24 11
25ÿ
3432ÿ 43ÿ ÿ 2?
2ÿ8ÿ9ÿ839
25D 1
25Eÿ1
58
25Eÿ
3134
91ÿ9??1
923;ÿF2ÿ9

2Eÿ836ÿ9116ÿ911 >ÿ 234ÿ 13G
/
1
6ÿ
2ÿ83ÿ
3ÿ ÿ3=
3ÿ>
8ÿ313=93ÿ? >34ÿ 2?
2ÿ ÿ89ÿ836ÿ943ÿ ?3493Eÿ 4ÿ
3G9?13Eÿ 
3ÿ?39ÿ?4
3ÿ8 4;ÿ.833ÿ63ÿ91 ÿ433ÿ2233946ÿ
 2?
2;ÿH 4ÿ3G9?13Eÿ/3 43ÿ139=
25ÿ 4ÿ> 4ÿ
2ÿ83ÿ 42
25Eÿ34ÿ ÿ94ÿ
8 3ÿ 1
2ÿ92ÿ=34
6ÿ89ÿ911ÿ8 38 1ÿ3=
3ÿ92ÿ1
58ÿ943ÿ423ÿ ;ÿF2ÿ
83ÿ9 342 2Eÿ 23ÿ8 4ÿ/3 43ÿ4342
25ÿ8 3Eÿ34ÿ92ÿ43 316ÿ49
3ÿ83ÿ
3?34943ÿ
2ÿ83
4ÿ8 3ÿ49834ÿ892ÿ33?
25ÿ
ÿ8
58ÿ911ÿ96;ÿ
AÿI2*&("*$3ÿ-,-*$(-ÿ*&ÿ4&5*)&#ÿ"53ÿ("5"7$ÿ-&2)4$-ÿ&'ÿ4&5-2(9*:&5@ÿ.833ÿ
63ÿ ?1332ÿ43 3ÿ 2
 4
25ÿ92ÿ 24 1ÿ 2
2ÿ>
8ÿ83ÿ9 9
ÿ
9295332ÿ ÿ8 38 1ÿ9??1
923ÿ92ÿ3=
3;ÿF2ÿ9

2Eÿ836ÿ31 0435193ÿ
9 4
25ÿ ÿ 234ÿ89/
ÿ92ÿ3G34291ÿ 9 4Eÿ8ÿ9ÿ>39834ÿ 2

2;ÿ
J??1
34ÿ ÿ833ÿ94ÿ8 3ÿ63ÿ9116ÿ 34ÿ9294ÿ 1
2ÿ>8
8ÿ92ÿ
32ÿ/3ÿ
29113ÿ/6ÿ83ÿ34ÿ91 23Eÿ>
8ÿ9
232923ÿ/3
25ÿ1

3ÿ ÿ>89ÿ
ÿ =343ÿ
/6ÿ83ÿ>944926;ÿF2ÿ 3ÿ93Eÿ8ÿ9ÿ?43
ÿ94ÿ8 3ÿ63Eÿ??1
34ÿ92ÿ
3
52ÿ92ÿ
2911ÿ ÿ 1
2ÿ 4ÿ43
32
91ÿ 34;ÿ
ÿ C&5-2(9*:&5ÿK$4&(($53"*:&5-ÿ')&(ÿL&M$)ÿK$*":#$)-ÿ
ÿ .83ÿ3 2ÿ/
23ÿ/0 31ÿ 4ÿ94ÿ8 3ÿ 1
2ÿ
ÿ/93ÿ 2ÿ
3$N$#&9:57ÿ"ÿ4&##"O&)"*:N$ÿ)$#"*:&5-8:9ÿO$*M$$5ÿ:53:N:32"#-ÿ"53ÿ9&M$)ÿ)$*":#$)-;ÿ
F2ÿ8
ÿ4319
28
?Eÿ439
134ÿ 34ÿ83
4ÿ 34ÿ?34 291
P3ÿ43 329
2ÿ ÿ
?

P3ÿ8 38 1ÿ? >34ÿ 2?
2;ÿQ >3=34Eÿ
2ÿ 3ÿ93Eÿ 34ÿÿ?96ÿ
 3ÿ 4ÿ ÿ 33ÿ 4ÿ83ÿ439
134ÿ ÿ3ÿ?ÿ83ÿ3R
?32ÿ43R
43ÿ 4ÿ83ÿ34=
3;ÿF2ÿ
434ÿ ÿ 34ÿ43 329
2ÿ ÿ83
4ÿ1
32Eÿ439
134ÿ 113ÿ83
4ÿ 34Sÿ
 2?
2ÿ99ÿ/6ÿ392ÿ ÿ94ÿ334ÿ92ÿ 834ÿ3=
3ÿ
29113ÿ
2ÿ8 3Eÿ8ÿ
9ÿ94ÿ834 9;ÿ.83ÿ99ÿ 1133ÿ
ÿ9116ÿ32ÿ ÿ 
3ÿ ?92
3ÿ>8
8ÿ
3ÿ83ÿ99ÿ ÿ831?ÿ439
134ÿ92916P3ÿ83ÿ99ÿ92D 4ÿ
2349
2ÿ>
8ÿ 34;ÿ
31 >ÿ
ÿ9ÿ
9549ÿ ÿ83ÿ4319
28
?ÿ/3>332ÿ83ÿ
3432ÿ938 134ÿ
2= 1=3ÿ
2ÿ
83ÿ3 2ÿ/
23ÿ 31;ÿT18 58ÿ93ÿU9Vÿ
2ÿH
543ÿÿ
213ÿ9ÿ? 32
91ÿ?4 =
34ÿ
ÿ99ÿ92916
ÿ34=
3ÿ92D 4ÿ9ÿ 34ÿ32595332ÿ?19 4Eÿ
ÿ 3ÿ2 ÿ413ÿ ÿ
83ÿ? 
/
1
6ÿ89ÿ 3ÿ439
134ÿ96ÿ?34 4ÿ8
ÿ 2
2ÿ8331=3;ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 !"ÿ$%&ÿ'()*+,))ÿ-./,0ÿ'1),/ÿ.+ÿ2.+)(345*.+ÿ!,6.33,+/15*.+)ÿ78.3ÿ1ÿ
9.:,8ÿ!,51*0,8ÿ

ÿ
ÿ ÿÿ 
xtemal data.analysis company and/or
provider of customer engaoement

0 """'" ,�,"···� 8
'---,----,, P:latform

data colll'Ct•d
for ;analy$1$ .and/or
,nclu$1on "' a platform
Paym•m
for $erv,c•$
,-------'�
r Delrvery of .analy$e$
on data tran$rrrtted
.and/or ,uppon for
1nteract1on$ With
act•$$1bl• to th• Electricity CU$IOITMII$
CU$tomer

J
provider
tran$rT0$$11)11f
O Automat,c
of ton$umpt,on data
O !:� :;;:.a!r":.:
ton$umpt,on
v,a a $maff meter, .and
po$$1bl• paymt1m for[,------�]
,nstallatll)II of a dev,c•
Customer
us•d forth• s•MC•
.,
,.__
ÿ
provided

;<ÿ=>ÿ?ÿ@ABÿCDÿEFÿGHEIÿ
=>ÿBBBEBJÿÿDJBFÿFEBÿÿEÿDBÿEHÿBÿDBKAÿ
ÿEBÿELEÿEÿÿÿ>Eÿ>ÿFÿ>ÿEÿEFÿÿMÿ>ÿ
DLÿ>ÿIÿNÿOEDAPÿFEBÿEAAÿBEÿÿ
ELEÿEFBÿ>ÿKMBÿMÿ>BMBÿDEÿMÿ>BÿDBÿÿQDEHÿ
DBÿ>Iÿ
JADBÿEÿAEB>BDÿLB>ÿÿMMÿEÿKÿMÿKMBÿÿBABBPÿ>ÿ
ÿL>ÿKB<ÿMBPÿBÿBEÿRÿJEAAÿEBMEBÿLB>ÿ>Bÿ
DLÿEBAPÿBDJÿÿAEAÿEFÿEHÿBÿDBKAÿÿEFEDÿJBÿ
MMBÿÿÿFPÿ>ÿFBÿÿJIÿ;FPÿBÿBEÿ
ÿDEBBDEBÿBÿ>ÿDEÿL>B>ÿEÿBDEÿÿEBAPÿ>ÿEÿ
ÿEFBÿEFÿ>ÿÿDBBSEBÿMÿ>EBTABIÿUEAPÿBÿÿEHÿ
>ÿBÿJBFÿ>EÿFÿÿ>EJÿÿDBBJÿDDBÿMÿEBAÿEÿEÿ
AÿMÿEÿÿBEAAEBÿEDEBÿL>ÿ>BÿBEAAEBÿBÿÿEFEIÿ
NÿOEDAPÿGPÿÿMÿ>ÿAEÿABBÿEBBÿEFÿFBBKBÿ
DEBÿBÿ>ÿVBFÿ;EPÿLHFÿLB>ÿDEBÿABHÿUEFBWCPÿEÿEÿÿ
EMEPÿEFÿX?YÿÿAAÿDBÿFEEÿÿBÿÿKÿBEAABÿJÿ
IZÿBAABÿEÿÿBÿ=OEÿMÿEÿEAÿKFÿMÿ[\]ÿBAABIÿ^ÿDEÿMÿ>Bÿ
DEPÿÿ>EFÿÿDEÿGÿEÿHÿ>AÿMÿMÿEFÿLÿFAAEÿÿ
Jÿ>ÿÿMÿ>ÿEÿIÿ?EFÿÿ>ÿFEEÿAAFPÿGÿ>Eÿ>ADFÿBÿ
ÿFÿ>BÿÿDBÿEFÿ>AFÿKÿEKAÿÿEKAB>ÿEÿ>Aÿ
DBÿMÿDLÿBÿ>ÿMI ÿ
ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿEEÿMÿ>ÿV;ÿ ÿXMEBÿ^FBBEBIÿXÿFÿÿFBBB>ÿ>BÿFÿKBÿKQ
FAÿMÿ>ÿ>BFPÿBÿBÿBDEÿÿÿ>EPÿBÿ>BÿEPÿX?YÿBÿÿ>ÿAEFÿMÿ>ÿBBBEBJPÿKÿBÿ
BEFÿDMBÿEÿDDÿMBÿBÿ>ÿDBÿMÿFEEÿE>FÿMÿIÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !"#$%&'()"#ÿ+,-"&&,#./()"#$ÿ01"&ÿ2,3ÿ!"&'/#),$ÿ)#ÿ(4,ÿ5#,167ÿ
8,-("1ÿ
ÿ 983ÿ8
4ÿ92ÿ:9ÿ;< 3:=ÿ9ÿ3
5293ÿ9ÿ>?ÿ
2ÿ@
543ÿ=ÿ
ÿ;93ÿ 2ÿ
ÿ


A4 B
25ÿ83ÿ3

326ÿ ÿ8 38 :ÿ 2A
2CÿDÿ
ÿB346ÿ

:94ÿ ÿ83ÿA43B
ÿ
123456ÿ 32ÿ

 3:ÿ
2ÿ89ÿ
ÿ
2B :B3ÿ01,,ÿ$&/1(ÿ-"#$%&'()"#ÿ1,-"&&,#./()"#$ÿ0"1ÿ
)#.)E).%/F$GÿH%(Gÿ)#ÿ(4)$ÿ-/$,Gÿ(4,7ÿ/1,ÿ"00,1,.ÿH7ÿ#"#I%()F)(),$ÿ-"&'/#),$ÿ
239ÿ
ÿA J34ÿ439
:34Cÿ98
ÿ8
4ÿ;
23ÿ;< 3:ÿ
ÿ 3ÿ 2ÿ ::3
25ÿ99ÿ 2ÿ
A J34ÿ 2A
2ÿ89;
ÿ 4ÿ9ÿ:9453ÿ2;34ÿ ÿ
2
B
9:ÿ
2ÿ 434ÿ ÿ 23
K3ÿ83ÿ
99ÿJ
8ÿ
:

3Cÿ99ÿ92ÿ;3ÿ598343ÿ;6ÿ392ÿ ÿ94ÿ334ÿ
29::3ÿ
2ÿ
 234ÿ8 3LA4 B
3ÿ89ÿ83ÿ:359:ÿ63ÿA34
ÿ8
L 4ÿ84 58ÿ 834ÿ
3B
3ÿ
29::3ÿ;6ÿ A92
3ÿ 34
25ÿ43 329
2=ÿ8ÿ9ÿ9ÿ94ÿ834 9Cÿ
D2ÿ8
ÿ93=ÿ 34ÿ ;9
2ÿ9ÿ 433ÿ34B
3ÿJ8
8ÿ83:Aÿ83ÿ A

K3ÿ83
4ÿA J34ÿ
 2A
2ÿ92=ÿ
2ÿ3M89253=ÿ836ÿÿ9:: Jÿ A92
3ÿJ8
8ÿA4 B
3ÿ83ÿ34B
3ÿ
 ÿ3ÿ83
4ÿ 2A
2ÿ99CÿD2ÿ 3ÿ93=ÿ A92
3ÿ96ÿ3B32ÿ 34ÿ 234ÿ
3B
3ÿ ÿA4 B
3ÿ83
4ÿ34B
3=ÿ8ÿ9ÿ94ÿ834 9=ÿJ8
8ÿ 234ÿ96ÿ
89B3ÿ ÿA96ÿ 4Cÿ
23ÿ9ÿ43:9
28
Aÿ89ÿ;332ÿ39;:
83ÿJ
8ÿ32ÿ 234=ÿ83ÿ A926ÿA4 B

25ÿ
83ÿ34B
3ÿ92ÿ 23
K3ÿ; 8ÿ83ÿ 2A
2ÿ99ÿ ::33ÿ92ÿ
ÿ43:9
28
AÿJ
8ÿ

ÿ 34CÿN
:

3ÿ96ÿ;3ÿ
23433ÿ
2ÿ83ÿ99L49Jÿ 4ÿ929:6K3L ÿ A

K3ÿ
83
4ÿ A349
2CÿO

29::6=ÿA J34ÿ439
:34ÿ96ÿ;3ÿ
23433ÿ
2ÿ A6
25ÿ9ÿ
A43 3432
9:ÿA 

2ÿ 2ÿ:
ÿ ÿA4 B
34ÿ43 323ÿ ÿ32ÿ 34=ÿ 4ÿ
2ÿ;3
25ÿ
9;:3ÿ ÿ32ÿ833ÿ 34ÿ 
K3ÿA4  
2ÿ;93ÿ 2ÿ83
4ÿ 2A
2ÿ
89;
Cÿ
ÿ9::ÿ83ÿ;
23ÿ;< 3:ÿ54 A3ÿ234ÿ83ÿ94ÿ8 3ÿ 23A=ÿ83ÿ8
4ÿ92ÿ
:9ÿ 3:ÿ
3ÿ
ÿ83ÿ23J3ÿ92ÿ:39ÿ3B3: A3ÿ 3:ÿ9ÿ8
ÿ
3Cÿ
983ÿ3ÿ ÿ99ÿ 2ÿ43
32
9:ÿ34ÿ ::33ÿB
9ÿ94ÿ8 3ÿ63ÿ96ÿ;3ÿ ÿ

52

92ÿ
2343ÿ ÿ
:

3=ÿ3A32
25ÿ 2ÿ8 Jÿ83ÿ99ÿ
ÿ3MA:
3CÿP3Jÿ;
5ÿ99ÿ
382 : 5
3ÿ9: ÿ93ÿ
ÿA 
;:3ÿ ÿA4 3ÿ99ÿ
2ÿ9ÿ :94ÿ92234=ÿ89ÿ
=ÿ
J
8 ÿ233
25ÿ ÿ2 Jÿ83ÿ32
43ÿ 234ÿA4
:3Cÿ983ÿ23Mÿ3Aÿ
2ÿ9295
25ÿ99ÿ

ÿ ÿ
235493ÿ9::ÿ ÿ83ÿ99ÿ ::33ÿ;6ÿ
:

3ÿ
2 ÿ9ÿ
25:3ÿ929:6
ÿ ÿ32ÿ34Cÿ983ÿ
 ÿ9B923ÿ 234ÿ99ÿ929:6
ÿ
2B :B3ÿ3249:
K
25ÿ9::ÿ ÿ83ÿ99ÿ ::33ÿ;6ÿ
92ÿ3 63ÿ ÿA94234ÿ
2ÿ 434ÿ ÿ4393ÿ9ÿ
25:3=ÿ A43832
B3ÿB
3Jÿ ÿ 234Cÿ
Oÿ 4ÿA J34ÿ439
:34=ÿ83ÿ3ÿ ÿ;
5ÿ99ÿ382 : 56ÿ ÿ
:
K3ÿ ::33ÿ99ÿ92ÿA33ÿ
Aÿ83ÿA4 3ÿ ÿ3B3: A
25ÿ2 J:353ÿ 2ÿ 34ÿ92ÿ43:ÿ
2ÿ92ÿ
24393ÿ1D9ÿ
945
2ÿ ÿ;3J332ÿQRÿ92ÿRÿ B34ÿ9:3CÿS89ÿ
ÿ 43=ÿ
ÿ83ÿ99ÿ
ÿ
:
K3ÿ ÿ

A4 B3ÿ83ÿ3

326ÿ ÿ439
:34Tÿ;
23ÿA4 33=ÿ83ÿ1D9ÿ945
2ÿ :ÿ
24393ÿ
;6ÿ;3J332ÿURÿ92ÿRÿ B34ÿ9:3CÿV9:6=ÿA 

2
25ÿ833:B3ÿJ
8
2ÿ92ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿÿÿÿ!ÿ"#$ÿ%!ÿ%%&ÿ#%ÿÿ#$'ÿ
#ÿ ()*ÿ#ÿ+ÿ+&ÿ,-ÿ!ÿ-ÿ'ÿ%ÿ#ÿÿ%ÿ. ÿ

ÿ
/!#ÿÿÿ%#0ÿ#%##ÿ'ÿ&ÿ%'ÿÿ+ÿ"#ÿ!#0ÿ

ÿ ÿÿ
$#%%ÿ#ÿÿ1#!ÿ2.ÿ3ÿ+ÿÿ#%##ÿ'ÿ#$%!ÿ####'ÿÿ
ÿ#ÿÿ!#ÿ#!ÿÿ%$#ÿÿ!ÿ#ÿ$&ÿ
$#.ÿ4ÿ5$%0ÿ$#ÿ%#6ÿ7 !0ÿ#ÿ 0ÿ89: 0ÿ8ÿ2!ÿ
ÿ!ÿ8$ÿÿ%#ÿÿ;$& ÿ#ÿÿ1#!ÿ20ÿ!ÿ 4ÿ!ÿ4#ÿ1#%#ÿ
ÿÿ$<ÿ%#ÿ#ÿÿ1#!ÿ=#!.ÿ1#%##ÿ'ÿ%ÿ%!ÿ####'ÿ
ÿ$##ÿ%'ÿÿ$$%ÿ$#ÿ##ÿ!ÿ%ÿÿÿ!>
ÿ+ÿ!#%0ÿÿ0ÿÿ5$%0ÿ .;?ÿ#ÿ9ÿ!ÿÿ1#!ÿ
=#!ÿ!ÿ/@ ÿ#ÿ90ÿ!ÿÿ$#$ÿ&#ÿ$#ÿ!ÿ#ÿ
$$%#ÿÿÿ%#0ÿÿÿ8&ÿ#ÿÿ1#!ÿ=#!0ÿ& #ÿÿ
!ÿÿÿ&#ÿ?ÿÿÿ%ÿÿ$$%ÿÿÿ8&Aÿÿ
&#ÿÿ.ÿBÿ%0ÿ(##ÿ90ÿÿ+#!#ÿÿ7#0ÿ"#!ÿ
ÿ$ÿ3%BÿÿC ÿ#%%#.ÿ3%Bÿ$'#!ÿÿÿ%#ÿÿ
%%&ÿ#!#'#!%ÿÿ%ÿ%ÿ#ÿ#ÿ!ÿÿÿ&.ÿ
* ÿ$ÿ!ÿÿ#%%ÿÿ+#ÿ!%ÿ+!ÿÿÿ$$%ÿÿÿÿ
%#ÿ#ÿ9%0ÿ& #ÿ#ÿ$###ÿ#%ÿÿÿDÿ$%ÿ#ÿÿÿÿ
ÿÿ5$!ÿ6&%!ÿÿ#ÿ.ÿ9%ÿ#ÿ6#ÿ#!ÿ#ÿÿ+ÿ
#%%#ÿ#ÿ&ÿ$!ÿ!ÿ$$%#ÿÿ&#ÿ'#ÿÿ#!#'#!%.ÿ)ÿ
!ÿÿ$'#!ÿÿ'#0ÿ9%ÿÿ!ÿÿ#ÿ<ÿ+#0ÿ& #ÿ#ÿ
#ÿÿ+%ÿÿ#E.ÿ4ÿ5$%0ÿ&#ÿ9%Aÿ"###ÿÿ?ÿ#ÿ%ÿ 0ÿ#ÿ
ÿ&ÿ!ÿ##ÿÿ %!ÿÿ$#ÿÿ?ÿ
.ÿ
(ÿ!##ÿÿÿÿ?ÿ#ÿ!#%0ÿ&ÿ+%#'ÿ#ÿ#$ÿÿ#ÿÿÿ+#ÿ
''#&ÿÿÿ'%#ÿÿÿÿÿ6ÿ#ÿ!ÿÿ!!ÿÿ
ÿ+#!ÿ9%<ÿ$ÿÿ$##ÿ#%ÿÿÿ6ÿÿ#ÿ!'%$#ÿ
#!ÿ %!ÿÿ%#ÿ#ÿÿÿ ÿ%#ÿÿ
!##+!ÿ#ÿ%#. ÿ
* ÿÿÿ6ÿÿ!##%%ÿ+ÿÿ#ÿÿ#!#'#!%ÿ&#ÿ###ÿ
$#ÿ$&ÿÿ$$%ÿ&#ÿÿ#%ÿ6&%!ÿÿ+ÿ+%ÿÿ#%%ÿ#ÿ
&ÿÿÿ.ÿF&'0ÿ&#ÿÿ%#%ÿ'%#ÿ'ÿÿ$ÿÿ
0ÿÿÿ%#ÿ'ÿ+ÿÿ&#!$!ÿ!ÿ!+%ÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿGHIHÿKLMNÿIOPÿLPQMLIÿRSÿTOPÿUMVIMWÿXMWVYZI[W\ÿ]LMYQ^ÿ_`3ab89ÿcb9ÿd353ÿef4agÿh753biÿj8749
<ÿklmnopqÿ
ÿ
7$ÿ!ÿ#ÿ$'#!#ÿ$$ÿÿ#%##ÿ#ÿÿÿ#'##ÿ+ÿ$$%#ÿ
$#ÿ!#ÿÿÿÿÿ#%##.ÿ4ÿÿ!#%0ÿ$%ÿÿÿÿ
!ÿ#%!ÿ#ÿ3$$!#5ÿÿÿ#ÿ$.ÿ
ÿ9%ÿÿ#'!ÿ#ÿ'%ÿ2%7#ÿ%ÿ!.ÿ;ÿÿÿÿÿ&ÿ!ÿ#ÿ%ÿ0ÿ
&#ÿr,ÿ#%%#ÿ#ÿ!#ÿÿ#ÿÿ#%%#ÿÿ$ '%#ÿ!##+!ÿ#ÿ.ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
934953ÿ 234ÿ83ÿ ÿ4332ÿ63ÿ99
9!3ÿ 2ÿ83ÿ943ÿ 96ÿ943ÿ
894934
"3ÿ!6ÿ83
4ÿ393ÿ ÿ3#ÿ$8
8ÿ
ÿ332
9ÿ ÿ83
4ÿ3ÿ$
8ÿ 234ÿ
744326#ÿ94ÿ8 3ÿ 
2ÿ33ÿ ÿ!3ÿ3 
25ÿ $94ÿ9ÿ %43832
3ÿ
ÿ

9%%4 98ÿ ÿ8 3ÿ9295332ÿ


2ÿ$8
8ÿ
3432ÿ8 38 ÿ94ÿ63ÿ943ÿ
123456ÿ 32ÿ


234 2233ÿ8
ÿ
ÿ93ÿ% 
!3ÿ!6ÿ$89ÿ
ÿ2 $2ÿ9ÿ83ÿ&23423ÿ ÿ8
25#ÿ
$8
8ÿ
ÿ9ÿ23$ 4ÿ ÿ3'
%32ÿ$
8ÿ32 4ÿ92ÿ83ÿ9%9
6ÿ ÿ%4 3ÿ92ÿ
3(89253ÿ598343ÿ
2 49
2ÿ)ÿ83ÿ93ÿ
3#ÿ83ÿ33 %32ÿ ÿ94


9ÿ

23
5323ÿ92ÿ!
5ÿ99ÿ %32ÿ83ÿ 4ÿ ÿ34
3ÿ 34
25ÿ!93ÿ 2ÿ83ÿ233ÿ ÿ398ÿ
32ÿ34ÿ&2ÿ833ÿ23$ÿ94ÿ8 3ÿ 3#ÿ 3
25ÿ92ÿ9295
25ÿ 234ÿ99ÿ
$
ÿ!3ÿ332
9ÿ ÿ99%
25ÿ94ÿ8 3ÿ63ÿ ÿ398ÿ
2

9ÿ
9
2ÿ
ÿ
+,-./0ÿ123ÿ04567895:ÿ5;ÿ8<=ÿ>?@A8ÿB5?=ÿC@AD=8ÿ
r-------------,
. -.
1990+ 1 2014+ I 2020+
Niche and luxury
AV911geconsumer
Installed systems

1smartphone and Automation


Integrated [tablet as controllers
systems I
I
1Products to solve Big data
Wired systems
with controllers I I specific problems
I
I
•(D
I Emphasis on the Internet of
I consumer's user things
Oifficultto :experience
adaptto
.LQ :�.-,
--·----: -
consumers :New business Machine
1models •· · 1 11eaming

X Difficult adoption I /"Easieradoption


:
I •Personalized/automated
X Complicated configuration I �Easy configuration I experiences
X Suitableforindividuals with I �Intuitive user interface '• Trouble-free configuration
I �Mass B2C markets
ÿ
technical knowledge '•New business models
L-------------1
E 43Fÿ83ÿ  2ÿ7 2
25ÿ4 %ÿ92ÿ 4349ÿ
ÿ
ÿ
ÿ
ÿ
ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 ÿ"#ÿ$%%&'(ÿ)ÿ*(+,ÿ
ÿ ¡¢££¤¥ÿ§ÿ̈©ª«¬­ÿ®§ª¯ÿ©§¤¢­°§±©ÿ ÿ

ÿ
-:1:� G gl
ÿ

ÿ ÿÿ
ÿ
ÿ G</.ÿ/4?@p³ÿs55I>.ÿ́ÿ9./4ÿ
-./01234256ÿ58ÿ9./4ÿ ÿ :;<14ÿ=5;.ÿ/5>?4256/ÿ588.1.@ÿ
9./4ÿA<B/ÿC</ÿ85?6@.@ÿ26ÿDEFEÿ26ÿG<>285162<ÿ<6@ÿ ÿ JÿL^RÿxRY\ÿ\^RPQNY\]\ÿNOORPYÿ]ÿYQ]P\ÿ
.H3.12.60.@ÿ1<32@ÿI15C4=ÿÿ ]XP[NVZX\XNVXVWÿYNU_\XNVÿM^X[^ÿ[]Vÿ
Jÿ LMNÿONPQRPÿSTTURÿRVWXVRRPYÿZR[XZRZÿ\Nÿ[PR]\Rÿ]ÿ `Rÿ[NV\PNUURZÿPRQN\RUaÿbX]ÿQN`XURÿ
YQ]P\ÿ^NQRÿYNU_\XNVÿM^X[^ÿ[NQ`XVRYÿZRYXWVÿ]VZÿ T^NVRYÿ
R]YRÿNOÿ_YRÿONPÿRVZÿ_YRPYÿ Jÿ‘VÿghÿZ]aYiÿX\ÿ]Z]T\Yÿ\Nÿ\^Rÿ
Jÿ L^Rÿ[NQT]VaÿPR[RXbRZÿY_TTNP\ÿOPNQÿbRV\_PRÿ ‚„Ž€ƒ…†‡ˆ€ÿ‰Œ~€’ÿ„“~…~”~Ž•ÿ‰†ÿ
[]TX\]UÿO_VZYÿ ÿ \RQTRP]\_PRÿXVÿ\^Rÿ^N_YRÿ
Jÿ cdefÿY]URYÿNOÿghdidddjkdidddÿ\^RPQNY\]\YlQNV\^ÿ ZRTRVZXVWÿNVÿM^R\^RPÿ\^Raÿ]PRÿ]\ÿ
Jÿ cdehÿY]URYÿNOÿgeddidddÿ\^RPQNY\]\YlQNV\^ÿ ^NQRÿNPÿVN\ÿ
Jÿ mhkdÿRQTUNaRRYÿXVÿcdehÿ Jÿ‘\ÿ]Z]T\Yÿ\NÿR–\RPV]Uÿ[NVZX\XNVYÿ
ÿ —~‰ÿ‰†ÿ‚„Ž€ƒ…†‡ˆ€ÿ‰†Š“˜ÿ“†Œ™ÿ
TPX[Rÿ^N_PYiÿ\XQRÿ
n6ÿo<6?<1pÿDEFqrÿs55I>.ÿ<0t?21.@ÿ9./4ÿA<B/ÿ851ÿuvwDÿ JÿšTÿ\Nÿgcd›ÿPRZ_[\XNVÿXVÿ\^Rÿ[NY\ÿ
B2>>256ÿ NOÿ]XP[NVZX\XNVXVWÿ
Jÿ xRY\ÿy]`YÿPRTPRYRV\Yÿ]ÿTU]\ONPQÿONPÿzNNWURÿ\Nÿ ÿ JÿxRY\ÿ|PN\R[\ÿNOORPYÿ]ÿYQ]P\ÿ
YNU_\XNVÿ\NÿTPN\R[\ÿ^N_YR^NUZYÿ
ZRbRUNTÿYQ]P\ÿ^NQRÿNOORPXVWYÿ ]W]XVY\ÿOXPRYÿ
Jÿ {NUUNMXVWÿ\^RÿO]XU_PRÿNOÿ\^Rÿ|NMRP}R\RPÿXVX\X]\XbRiÿ JÿL^RÿZRbX[Rÿ[NQQ_VX[]\RYÿMX\^ÿ
xRY\ÿXYÿ]ÿVRMÿzNNWURÿXVX\X]\XbRÿ\Nÿ[NUUR[\ÿZ]\]ÿNVÿ ÿ [NVY_QRPYiÿ]URP\XVWÿ\^RQÿ\Nÿ\^Rÿ
~€ÿ‚ƒ€„…†‡€ˆÿ‰„ƒ€†‰„Š‹ÿ‰Œ~€ÿŒŽ‹ÿ†‰Œ~„‡ÿ TPRYRV[RÿNOÿYQNœRÿ̀RONPRÿ
ÿ ][\Xb]\XVWÿ\^Rÿ]U]PQÿ]bNXZXVWÿO]UYRÿ
]U]PQYiÿRžWžiÿXVÿ\^Rÿ[]YRÿNOÿY\R]Qÿ
NPÿYQNœRÿOPNQÿ\^RÿœX\[^RVŸÿ
Jÿ RQN\Rÿ[NV\PNUÿ\Nÿ[NV\PNUÿ\^Rÿ
Y\]\_YÿNOÿ\^Rÿ^N_YRÿÿ
s55I>.µ/ÿ35/2425626Iÿ26ÿ4=.ÿ/;<14ÿ=5;.ÿ/.0451ÿ
ÿ

zNNWURÿXYÿTPRYRV\ÿXVÿ\^RÿYQ]P\ÿ^NQRÿYR[\NPÿ\^PN_W^ÿX\Yÿ
ÿ

URXY_PRÿTPNZ_[\YžÿL^RÿTPNZ_[\Yÿ]PRÿSVZPNXZ`]YRZiÿ\^_Yÿ
ÿ
Company Business model

TPNbXZXVWÿ]ÿ[NQTPR^RVYXbRÿQR\^NZÿNOÿ^RUTXVWÿ_YRPYÿXVÿ
ÿ
acquired Date Price description
\^RXPÿZ]XUaÿ\]YœYÿ]VZÿ[NUUR[\XVWÿZ]\]žÿ
ÿ

ÿ
ÿ

ÿ
Nest Labs. Offers

‘VÿO][\iÿ\^RÿzNNWURÿ̀_YXVRYYÿQNZRUÿXYÿ̀]YRZÿNVÿ
ÿ
smart thermostats that
@January
[NUUR[\XVWÿZ]\]ÿNVÿX\Yÿ_YRPYÿM^X[^ÿ[]Vÿ\^RVÿ̀Rÿ
ÿ $ 3.2 regulate temperature

QNVR\X¶RZÿ\^PN_W^ÿ\^RÿY]URÿNOÿYRPbX[RYÿ\Nÿ̀_YXVRYYRYžÿ 2014 billion independently. Also


ÿ

ÿ
offers smart smoke
ÿ

ÿ ÿ detectors.
ÿ
‘Vÿ\^RÿO_\_PRiÿzNNWURÿ[N_UZÿR–T]VZÿ\^RÿZ]\]ÿ[NUUR[\XNVÿ
ÿ
`]YRÿ\NÿX\Yÿ_YRPYÿXVÿ]PR]YÿN\^RPÿ\^]VÿURXY_PRžÿLNÿZNÿYNiÿ
ÿ
zNNWURÿ[N_UZÿ][·_XPRÿNPÿT]P\VRPÿMX\^ÿYQ]P\ÿ^NQRÿ Dropcam offers
ÿ
YNU_\XNVYÿ̀_YXVRYYRYÿ̀RaNVZÿX\YÿPR[RV\ÿ][\XbX\aiÿY^NMVÿ remote home
ÿ
NVÿ\^RÿPXW^\žÿ̧NUUR[\RZÿZ]\]ÿMN_UZÿ̀Rÿ_YRZÿ\NÿTPNZ_[Rÿ 0 June $ 555 monitoring solutions
ÿ

]V]UaYRYiÿZRbRUNTÿXVYXW^\YÿXV\Nÿ\^Rÿ^]`X\YÿNOÿXVZXbXZ_]UYÿ dropcam 2014 million through easily


ÿ

]VZÿRV]`URÿzNNWURÿ\NÿQNVR\X¶Rÿ\^XYÿœVNMURZWRÿ installable cameras


\^PN_W^ÿ\^RÿY]URÿNOÿYRPbX[RYiÿY_[^ÿ]YÿQX[PNQ]PœR\XVWiÿ
ÿ

\Nÿ\^XPZT]P\aÿ[NQT]VXRYžÿ
ÿ and a mobile app
ÿ

ÿ ÿ¹Ï†N_€Pˆ[ÒÿR×ØÖÿ
ºÿ»¼½ÿ½¿ÀÁÂÃÄÃÅÆÿÇ¿ÈÉ¿ÊÿŒ‡~‚Š†ÿË̉†ÿ̈́—ŠÎÿ̉†‡…„€Œ’ÿτ—ÿÐ~Ž†‡ÿ„ÑÿІ•Œ—Œ€ˆÒÿÓÔÉÄÉÔÆÿÕÉÈ¿ÿŒ‡~‚Š†ÿË̉†ÿуƒ‡†ÿ„Ñÿք„•Š†ˆ€ÿ
ÿ

ŒŽŒŠÎ€~€ÿ
ÿ ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ"#$%&'ÿ)#*+,&*#ÿ-#./01#*ÿÿ
ÿ 283ÿ39ÿ392ÿ9295332ÿ4
23ÿ 33ÿ
3ÿ
ÿ392ÿ435 23ÿ
6789ÿ:2ÿ 3ÿ93;ÿ5 <34ÿ553
3ÿ96ÿ2 ÿ43ÿ32 58ÿ ÿ33ÿ3929ÿ28
ÿ96ÿ43ÿ
ÿ

3ÿ ;ÿ 4ÿ3=9533;ÿ 39


2ÿ
2ÿ532349
2ÿ33>33ÿ 4 ÿ4323<9433ÿ 43ÿ6
939;ÿ
123456ÿ 32ÿ

58  > 39
ÿ92ÿ<
28ÿ 4ÿ392ÿ5
39ÿ?832ÿ 93ÿ<
8ÿ
493923;ÿ392ÿ
435 23ÿ9554359 4ÿ92ÿ35 494
36ÿ433ÿ392ÿ
2ÿ 434ÿ ÿ43@3943
8ÿ5 <34ÿ
5536@392ÿ4939239ÿ
392ÿ435 23ÿ34>
3ÿ943ÿ
2ÿ83ÿ3>33 532ÿ953ÿ
2ÿ ÿ 24
3ÿ3=35ÿ 4ÿ
83ÿAB;ÿ<8343ÿ833ÿ34>
3ÿ43543323ÿCÿ?ÿ ÿ 93ÿ392ÿ43
2ÿ959
6ÿ

2ÿ9Dÿ
:2ÿ83ÿ392ÿ435 23ÿ 33ÿ92936E3;ÿ7ÿ 592
3ÿ9ÿ9ÿ
3332ÿ43<332ÿ
5 <34ÿ54
ÿ 5349 4;ÿ 4ÿ
2ÿ 3ÿ93ÿ
3

3;ÿ92ÿ83
4ÿ 34;ÿ<8
8ÿ943ÿ
54
94
36ÿ 34
93ÿ92ÿ
24
93ÿ3
32ÿ<
8ÿ8
58ÿ5 <34ÿ 25
2;ÿ8ÿ9ÿ
4
233ÿ92ÿ39453ÿ
2

2ÿ63959;ÿ2
>34

389ÿ:2ÿ8
ÿ653ÿ ÿ34>
3;ÿ54
ÿ
5349 4ÿ 4ÿ
3

3ÿ596ÿ392ÿ435 23ÿ 592
3ÿ ÿ35 494
36ÿ433ÿ83
4ÿ
 34Fÿ5 <34ÿ 25
29ÿ
392ÿ435 23ÿ 592
3ÿ 34ÿ ÿ433ÿ 25
2ÿ46ÿ392ÿ ÿ4
393493ÿ
 249ÿ<
8ÿ54
ÿ 5349 4ÿ 4ÿ84 58ÿ943ÿ3
93ÿ ÿ83ÿ933ÿ ÿ5 <34ÿ
392ÿ43
2ÿ959
69ÿ
Gÿ 33 <;ÿ<3ÿ34
43ÿ83ÿ65
93ÿ54 3ÿ ÿ433ÿ392ÿ84 58ÿ9ÿ392ÿ
435 23ÿ34>
39ÿ28
ÿ
ÿ
33493ÿ
2ÿH
543ÿD9ÿ:2ÿ83ÿ3>32ÿ ÿ92ÿ
493923ÿ43<332ÿ
5536ÿ92ÿ392;ÿ54
ÿ 5349 4ÿ2 
6ÿ7ÿ 592
3ÿ<8
8ÿ832ÿ333ÿ9ÿ3
ÿ ÿ
 34ÿ89ÿ233ÿ ÿ433ÿ83
4ÿ 25
2ÿ84 58ÿ92ÿ9 93ÿ54 3;ÿ92ÿ9ÿ
43
2ÿ43I3ÿ2 

9
2ÿ
ÿ32ÿ ÿ839ÿ7 34ÿ832ÿ
 223ÿ 4ÿ433ÿ83ÿ
9
>
6ÿ ÿ8
58@ 25
2ÿ3I
532ÿ 4ÿ9553
923;ÿ8ÿ9ÿ
24
93ÿ98
2346ÿ 4ÿ

3ÿ4
3
25ÿ9
4ÿ 2

2
259ÿ 23ÿ
2
32ÿ943ÿ43 3>3;ÿ7ÿ 592
3ÿ2 
6ÿ83
4ÿ
 34ÿ ÿ89ÿ836ÿ96ÿ4342ÿ ÿ83
4ÿ2 493ÿ 25
2ÿ33>339ÿ
ÿ
ÿ
ÿ
ÿ ÿ

ÿÿDÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
99ÿ 4 ÿ83ÿB94ÿ123456ÿ392ÿ7 93

2ÿ92ÿ83ÿH33493ÿ123456ÿ73539 46ÿ7 

2;ÿ

23
25ÿ4 8ÿ4
233ÿ92ÿ43
32
939ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
!"#ÿ%&'ÿ()*+,-**ÿ./0-1ÿ(2*-0ÿ/,ÿ3-42,0ÿ"-*5/,*-ÿ6-78+9-*ÿ

ÿ
ÿ ÿÿ
Distribution network
oper•tor I utlllty
ONo11foca1,on
ol onadem
on rh, gnd. , g •
dt:mand spihs

O Recluc!,on of Demand
response
O Automated selection of
""""
demand company
consumpr,on reduction
requests

&Payment

,------"'--�
[ )
Customers
J O Not1focamon to request
energy consumpt,on
reduct,on fmm
customers.
• g • decrease �ght
usage. :o.dJUst au,-
. con<lrtlOfllflg

O Demand response company mforms customer.; that they may return

ÿ
to nonnal consumpt,on levels once the gnd 1ncdent 1s resolved

:;ÿ<=ÿ>ÿ?@AÿBCÿDEÿFGDHÿ
IÿÿDJÿEDEÿCÿCDAÿDÿKKÿÿ=ÿCAÿKÿ
D@@LAÿ=ÿCDÿÿ@ÿ@ÿ=AÿMAAD@ÿÿKÿCAÿAÿ
EÿÿKDA@ADÿEDEÿCÿCDAHÿIÿDÿNJÿÿD@LDÿ
DADAÿ@ÿNÿ=AÿOACHÿ
PÿCDAÿCDÿ=AÿÿDÿKAQEÿDÿKÿDGAÿ=AÿÿDNDA@DR@Jÿ
DEÿDÿNDADR@ÿDÿRDEÿÿDD@ÿCAÿEAHÿ<=ÿCDÿ
CÿDÿCAÿKÿ=ÿDÿCDAEÿRÿAEÿCDÿÿPÿCDAÿKÿDNDA@DR@ÿ
EDEÿEAÿDCDAÿDEÿKÿDD@ÿÿKÿ=AÿDCDAHÿ
>Kÿ@EAÿ=AÿAJÿAÿDÿRÿDÿCCÿÿÿEAÿDÿKLÿKAD@ÿ
AEDAÿDEAÿ=ÿEDEÿCÿE@HÿSA@JÿAÿAÿ=ÿPÿCDAÿ
L=A=ÿDÿCAR@ÿKÿ@@AÿJÿDADAAÿDEÿAÿ=AÿAAÿ
ÿÿ=AÿAD@ÿDEÿAEAD@ÿT?UIVÿWÿCAÿ@ÿ
OACHÿ:EJÿÿEDEÿCÿCDAÿDDÿ=Aÿ?UIÿÿ
=Dÿ=ÿOAEÿCAÿEAÿLA@@ÿÿAKÿLA=ÿ=AÿGÿCDAHÿ
<=KJÿAD@ÿDEÿAEAD@ÿÿD@LDÿ=DNÿ=ÿCAÿÿÿEÿ
=AÿCAÿRÿ=ÿOEÿDJÿD@==ÿAÿDÿAÿCD@AHÿ<=AEJÿ
L=A@ÿEDEÿCÿNAXDÿLÿ=DNÿEKAEÿ=XDÿ@ÿEÿ
CADA@ÿÿ@DÿJÿ=AÿNAÿDÿCAD@@ÿRÿÿLAECDEÿ
DEÿD@@LÿAEANAED@ÿÿRÿCDEÿKÿEAÿ=AÿCLÿCAÿAÿ=ÿ
KHÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
7349
2ÿ


3ÿ893ÿ
 3323ÿ392ÿ43 23ÿ9


3ÿ
2ÿ83ÿ!2
3ÿ"93ÿ92ÿ
!2
3ÿ#
25 ÿ$6ÿ
436ÿ 34
25ÿ83
4ÿ 34ÿ83ÿ 
2ÿ ÿ433ÿ83
4ÿ
 2 
2ÿ9ÿ349
2ÿ
3ÿ
2ÿ3%89253ÿ 4ÿ9632&ÿ92ÿ'
8 ÿ23394
6ÿ5
25ÿ
ÿ

84 58ÿ9ÿ392ÿ43 23ÿ34


3ÿ  926ÿ9ÿ9ÿ
392(ÿ)3
32
9ÿ 234ÿ
123456ÿ 32ÿ

943ÿ 43ÿ
36ÿ ÿ$3ÿ
23ÿ
2ÿ8
ÿ6 3ÿ ÿ4 549ÿ892ÿ
2ÿ34
3ÿ4 
3ÿ$6ÿ9ÿ
392ÿ43 23ÿ34
3ÿ  926(ÿ*2ÿ83ÿ!2
3ÿ"93&ÿ+,1ÿ 34ÿ94
ÿ392ÿ
43 23ÿ38 ÿ ÿ
ÿ 34
9ÿ92ÿ
24
9ÿ 34&ÿ 4 ÿ43
25ÿ
 2 
2ÿ 2ÿ43-3ÿ ÿ9223ÿ 2 
2ÿ43
2&ÿ9ÿ'3ÿ9ÿ4 549ÿ
944
3ÿ ÿ
2ÿ 9$ 49
2ÿ'
8ÿ392ÿ43 23ÿ34
3ÿ  92
3(.ÿ*2ÿ83ÿ!2
3ÿ
#
25 &ÿ83ÿ


3ÿ'8
8ÿ 34ÿ392ÿ43 23ÿ4 549ÿ84 58ÿ83ÿ/9
29ÿ
4
ÿ"0 )ÿ4 5491ÿ
23ÿ  92
3ÿ8ÿ9ÿ2ÿ"33ÿ123456&ÿ92ÿ2+ '34ÿ
2ÿ
 9$ 49
2ÿ'
8ÿ23%
4

6(ÿ
43ÿ$3
33ÿ
ÿ
ÿ
 492ÿ ÿ
2ÿ ÿ89ÿ 3ÿ 4592
39
2ÿ
23ÿ'89ÿ943ÿ
2 '2ÿ9ÿ54
36$93ÿ 
27ÿ9ÿ94ÿ ÿ83
4ÿ392ÿ43 23ÿ34
3(ÿ0833ÿ
34
3ÿ9 'ÿ 234ÿ ÿ98ÿ83
4ÿ '34ÿ 2 
2ÿ9 4
25ÿ ÿ '34ÿ
4
3(ÿ4832ÿ83ÿ4
3ÿ ÿ '34ÿ3%32ÿ$36 2ÿ9ÿ349
2ÿ9 2&ÿ 234ÿ92ÿ ÿ
 ÿ433ÿ 4ÿ
2344 ÿ83
4ÿ '34ÿ392(ÿ9 '334&ÿ
2ÿ8
ÿ6&ÿ'3ÿ893ÿ8 32ÿ ÿ

23ÿ8
ÿ63ÿ ÿ 
2ÿ234ÿ323456ÿ34
3ÿ 4ÿ94ÿ8 3ÿ$
23ÿ 3&ÿ9ÿ
8343ÿ
ÿ9ÿ35433ÿ ÿ 349ÿ'
8ÿ83ÿ34
3ÿ4 
3ÿ$6ÿ1"7 &ÿ349
2ÿ94ÿ8 3ÿ
63ÿ8ÿ9ÿ94ÿ834 334&ÿ92ÿ 3ÿ '34ÿ439
34(ÿ:ÿ32
23ÿ9$ 3&ÿ
83ÿ$
23ÿ 3ÿ
23ÿ
2ÿ8
ÿ3
2ÿ
ÿ3-
932ÿ ÿ'89ÿ943ÿ96ÿ2 '2ÿ9ÿ
5
232
3;3326$93ÿ 
27ÿ 4ÿ392ÿ43 23ÿ34
3(ÿ
0 ÿ
493ÿ83ÿ392ÿ43 23ÿ 3&ÿ'3ÿ893ÿ8 32ÿ12342 &ÿ9ÿ39
25ÿ  926ÿ

2ÿ83ÿ3 4(ÿ12342 ÿ' 4ÿ'
8ÿ54
ÿ 349 4ÿ92ÿ


3ÿ
2ÿ3349ÿ 24
3&ÿ

2
25ÿ83ÿ!2
3ÿ"93&ÿ!2
3ÿ#
25 ÿ92ÿ34926&ÿ ÿ 4
293ÿ9453ÿ
 234<ÿ392ÿ43
2(ÿ= 43ÿ43326&ÿ12342 ÿ89ÿ$352ÿ
 332
25ÿ
323456ÿ34
3ÿ9


3>9 ÿ53943ÿ '94ÿ9453ÿ 234> ÿ83ÿ83ÿ433ÿ
83
4ÿ323456ÿ ÿ$6ÿ98
25ÿ83ÿ9 2ÿ ÿ323456ÿ 23ÿ 4ÿ9295
25ÿ392ÿ
 ÿ 

33ÿ83ÿ
3ÿ ÿ 2 
2ÿ
2ÿ 223
2ÿ'
8ÿ 
$3ÿ94
9
2ÿ
2ÿ83ÿ4
3ÿ
ÿ323456ÿ 34ÿ83ÿ 43ÿ ÿ83ÿ96(ÿ
ÿ ÿ

ÿÿ.ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
834ÿ  92
3ÿ
2ÿ83ÿ323456ÿ3 4&ÿ8ÿ9ÿ
43ÿ123456&ÿ",1&ÿ7 21
 2&ÿ 27 4ÿ92ÿ3ÿ
1 2
1ÿ
3456&ÿ893ÿ9 ÿ
 3323ÿ8
ÿ6 3ÿ ÿ392ÿ43 23ÿ34
3(ÿ
"8 4ÿ034ÿ 349
25ÿ)3343ÿ?"0 )@ÿ
ÿ92ÿ
2

9
3ÿ'8
8ÿ54  ÿ 53834ÿ 32
9ÿ532349 4ÿ ÿ
9

29ÿ '34ÿ92ÿ 32
9ÿ 43ÿ ÿ '34ÿ392ÿ43
2(ÿ*ÿ
ÿ 23ÿ ÿ83ÿ ÿ3ÿ$6ÿ83ÿ
/9
29ÿ4
ÿ ÿ3243ÿ 2
2 ÿ 6ÿ ÿ '34ÿ ÿ
ÿ 34(ÿ
ÿ
=9
26ÿ83ÿ23349ÿ123456ÿ)359 46ÿ7 

2ÿ92ÿ83ÿ39432ÿ ÿ123456ÿ
2ÿ83ÿ!"(ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!"ÿ#$%&$'(ÿ
ÿ
ÿˆ‰Š‹Œÿ‰‘’Œ‰ÿ‰“”•‰ÿ

ÿ
ÿ ÿÿ 
(!) EI\ERNOC

+/54ÿ59h31‡ÿg0470,6ÿ
ÿ
+,-./01ÿ ÿ :45678.98,0ÿ,;ÿ34-/03ÿ745.,054ÿ547<8645ÿ,;;4743ÿ
345678.98,0ÿ
ÿ
=ÿÿ
>?@ABCBÿDAÿEFFGÿ ÿ ÿ
ÿ
Powergnd operators Vertically integraledutJllties
(responStble for preventrflf}

=ÿOPQ
HICÿJR@ KLCMMLJÿKDASDÿKLNQÿCÿ
1/ICldentsJ

TK
XJ C AKKABBKQÿQYÿUC
S K I KJVK
A Q ÿ AWQÿ =ÿÿ
ZC [ÿ\CKSKABÿKABÿ ÿ ÿ
O]ÿ
lmportllrll economies
ohcaleafterthe --

=ÿa
^J_?GVÿ`ÿ ?CaÿÿOPÿ
JCbCA@Cÿ =ÿÿ
Sales and
plattonnis R&D
marketing

LN
1mplemffed

=ÿÿ
^ c F F ÿC VI S? W C C Mÿ ÿ ÿ
1-0yearcontmcts

=ÿÿ
^CdSeB`ÿ
N ÿf ?ÿaDÿAMMNLKDL@JCLDM?ÿAKSÿ =ÿÿ
W
Businesses
andpubllc

DAbCML?JMÿ ÿ ÿ
lnstJtubons

ÿ
ÿ
Main lunctJor&

ÿ =ÿg04 6 ,09 770,6


,– ÿ; ÿ
8,-ÿ
75ÿ/ÿœ–4l/ž34
=k7ÿÿ
k ÿÿ834
0ÿ9-/
—4ÿ034-/
3ÿ
7403ÿ
5 7454.,05
.,05 ÿ547
<486ÿ544ÿ66,05
9,7ÿhs89—ÿ
-4 j5˜Ÿjmÿ+h5
7 j™ÿš›ÿ
9
, ,;7ÿ59,9
-4 ÿ/03ÿ
/ –ÿ66/,./6h-4
05891ÿh034
75ÿ7ÿ895ÿ4ÿ
s—,5
ÿ 6/./6891ÿ89ÿ6,097,–5ÿ806–h34‡ÿ
ƒÿ ƒÿUJDBÿ?ICJKL?JM~ÿ Y}QÿXPH¡ZC[ÿ‚AzÿSKABQÿCL{xÿ
~ÿ U¢‚QÿT?A‚£QÿP¤}Qÿ£HZUÿCACJzWÿ
ÿOTL?DSADLMDC@MVC
ÿ
ÿ ƒ JM~ÿ}?JzKAÿPLKASCWQÿX†}Qÿ¤N?SCÿ>??BMQÿU‚QÿRy¢yQÿ aDCJQÿCL{xÿ
g0470,6ÿ74<40h45ÿ/03ÿ049ÿ806,-4ÿ ÿ q74/r3,s0ÿ,;ÿg0470,6t5ÿuvwÿ
ijkklmjknopÿ 59/94-409ÿijknopÿ
ÿ
ÿ
MS P&L 2013
(Sk)
% Sales

ÿ
600
Total revenues 383,460 100%

ÿ
ÿ "''
EfficiencySMART, SUpplySMt..RT and others 41,248

ÿ "'"
OemandSfM.RT 342,212
400

ÿ Total cost of aales


""' 192,292

ÿ Gron margin 191,168 50%

ÿ Sales and markelllg 65,915

ÿ
200

ÿ
General and administration 79,220
8
ÿ
ÿ
ÿ
ÿ
R&O
Total ope-ratmg costs

Netincome1 .,.
18,317
163,452

22,088 .
5%
43%

ÿ
-200
w"
Fixed expenses

ÿ 2005 2006 2007 2008 2009 2010 2011 2012 2013 pro portion th al
decrease as sales

ÿ
Expected gross margin of
-40% in the nextyears increase
---....- Net income • Sales
ÿ
Gxÿy?LKSÿACzKLDbCÿDVIK{Lÿ?aÿ^|d}ÿDAÿ?ICJKLDAzÿDA{?VC~ÿACzKLDbCÿDVIK{Lÿ?aÿ^|}ÿaJ?VÿBCfLÿDALCJCMLÿKABÿ?LNCJÿC€ICAMCMQÿKABÿACzKLDbCÿ
DVIK{Lÿ?aÿ^|}ÿa?Jÿf@MDACMMÿLK€ÿIJ?bDMD?AMxÿExÿXA{S@BCMÿBCVKABÿJCMI?AMCÿMCJbD{CMÿfKMCBÿ?AÿLNCÿ?ILDVDKLD?Aÿ?aÿI?[CJÿ{?AM@VILD?Aÿ
K{{?JBDAzÿL?ÿC€LCJAKSÿaK{L?JMQÿM@{NÿKMÿbKJDKLD?AMÿDAÿI?[CJÿIJD{CMxÿÿ
ÿ
P?@J{C~ÿ‚ACJA?{ÿEFFdƒEFGÿKAA@KSÿJCI?JLM„ÿ‚ACJA?{ÿ[CfMDLC„ÿZKMBK…„ÿ†TUÿKAKSWMDMÿ
ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !"#$%&##ÿ()*&+#ÿ$%ÿ,&-$)%.+ÿ/--0&-.1$)%ÿ23#1&4#ÿ
ÿ 5
496ÿ7 834ÿ7692ÿ92ÿ
4 54
ÿ4374332ÿ83ÿ
235493ÿ63ÿ935 46ÿ
8
8
2ÿ94ÿ3234569ÿ;833ÿ63ÿ943ÿ93ÿ7ÿ ÿ94ÿ323456ÿ9776
9
2ÿ 4ÿ
ÿ


4
<3ÿ532349
2ÿ92ÿ9776
9
2ÿ ÿ92953ÿ 27
29ÿ;83ÿ9= 4ÿ
34323ÿ
123456ÿ 32ÿ

<38332ÿ83ÿ8 ÿ94ÿ323456ÿ 6


2ÿ
ÿ89>ÿ26
3ÿ
4 54
>ÿ?
496ÿ7 834ÿ7692ÿ
92ÿ7 32
9666ÿ<3ÿ3ÿ ÿ235 
93ÿ83ÿ963ÿ ÿ7 834ÿ 2ÿ9ÿ88 63963ÿ9439ÿ
@ÿA$01".+ÿB)C&0ÿB+.%1#ÿ
ÿ Dÿ 2
343ÿ
2ÿ8
ÿ6>ÿ9ÿ?
496ÿ7 834ÿ7692ÿE5FFGÿ
ÿ9ÿ634ÿ ÿ

4
<3ÿ532349
2ÿ2
ÿ88
8ÿ
ÿ 24 663ÿ<6ÿ 23ÿ32
6ÿ92ÿ
ÿ979<63ÿ ÿ
7766
25ÿ323456ÿ?
9ÿ83ÿ7 834ÿ54
ÿ9ÿ73

ÿ
3>ÿ9ÿ
ÿ
ÿ8343ÿ9ÿ
2563ÿ532349
2ÿ
76929ÿ5FFÿ943ÿ 2
343ÿ 743832
?3ÿ63ÿ<393ÿ836ÿ
263ÿ83ÿ
9295332ÿ ÿ532349
2ÿ63ÿ92ÿ83ÿ963ÿ ÿ7 834ÿ5323493ÿ<93ÿ 2ÿ392ÿ
69
29ÿ
6 <9666>ÿ34?
3ÿ43693ÿ ÿ?
496ÿ7 834ÿ7692ÿ74 3ÿ94 2ÿH9ÿ<
66
2ÿ
2ÿ
43?323ÿ
2ÿÿ92ÿ943ÿ3I733ÿ ÿ5323493ÿHJ9Kÿ<
66
2ÿ
2ÿ43?323ÿ
2ÿ9ÿ
;83ÿ5FFÿ<
23ÿ 36ÿ
ÿ 4592
L3ÿ94 2ÿ5FFÿ 7349 4>ÿ 4ÿ9554359 49ÿ5FFÿ
7349 4ÿ366ÿ7 834ÿ532349
2ÿ979
6ÿ84 58ÿ<
693496ÿ 249ÿ8
8ÿ54
ÿ
7349 4ÿ 4ÿ
6

3>ÿ 4ÿ 2ÿ83ÿ88 63963ÿ3634

6ÿ9439ÿD554359 4ÿ <
23ÿ83ÿ
7 834ÿ74 
2ÿ979
6ÿ ÿ9ÿ2<34ÿ ÿ69453ÿ74 34Mÿ
2ÿ 834ÿ8 4>ÿ<
233ÿ
92ÿ69453ÿ
2

29ÿN2ÿ83ÿ3?32ÿ ÿ7766O392ÿ
<96923>ÿ5FFÿ929534ÿ
 <
23ÿ83ÿ7 834ÿ5323493ÿ92ÿ9?9
69<63ÿ 4 ÿ?
496ÿ7 834ÿ7692ÿ92ÿ 33ÿ
ÿ
2 ÿ
83ÿ7 834ÿ54
9ÿ
N2ÿ8
ÿ 36ÿ 4ÿ366
25ÿ7 834ÿ532349
2ÿ979
6>ÿ5FFÿ 7349 4ÿ96ÿ<3ÿ
 73293ÿ9 4
25ÿ ÿ83ÿ979
6ÿ93ÿ9?9
69<63ÿ ÿ83ÿ54
ÿ 7349 4ÿ 4ÿ
6

3ÿ
PQRSTUÿWXÿYZ[ÿ\]W^_YÿWÿ̀7 834ÿa^bbcd[eÿPQRSTZUfÿ88
8ÿ
ÿ79
ÿ9ÿ9ÿ94
ÿ
39<6
83ÿ
2ÿ83ÿ 249ÿ 4ÿ<6ÿ83ÿ88 63963ÿ3634

6ÿ9439ÿN2ÿ42>ÿ9554359 4ÿ
34ÿ

694ÿ79632ÿ ÿ74 34ÿ89ÿ93ÿ83
4ÿ7 834ÿ532349
2ÿ979
6ÿ
9?9
69<639ÿ
ÿ ÿ

ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ;8343ÿ
ÿ2 ÿ6394ÿ 232ÿ9ÿ ÿ83ÿ3
2

2ÿ ÿ9ÿ5FFÿ9 25ÿ83ÿ9= 4ÿ769634ÿ
2ÿ83ÿ323456ÿ3 49ÿ
;8343 43>ÿ
ÿ 6ÿ
263>ÿ 4ÿ3I9763>ÿ349
2ÿ532349
2ÿ9
?

3ÿ944
3ÿ ÿ<6ÿ
6

39ÿg 83?34>ÿ
5
?32ÿ83ÿ2943ÿ ÿ8
ÿ437 4>ÿ83ÿ89?3ÿ8 32ÿ ÿ 
ÿ8339ÿ
ÿ99ÿ 4 ÿh9?
592ÿi33948>ÿ
26
25ÿiÿ34?
3ÿ74 ?
3ÿ<6ÿ5FFÿ 7349 49ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 !"ÿ$%&ÿ'()*+,))ÿ-./,0ÿ'1),/ÿ.+ÿ2134*5*614*.+ÿ*+ÿ7*34(10ÿ2.8,3ÿ201+4)ÿ

ÿ
ÿ ÿÿ 
Utlllty I grid openitor

eP,y,,..ntlor S�t of �Yon tht


c;ap,c�y and wholt•�· tltc1ncrty
powtr ltd"' rnarlct1 or through btl11tral
contrac11

O Supplyol
powerto tht VPP openitor
O Automattd ,,1,e1,on of
cu51om.rs to requt1t I

"'' rt1pon1110 gnd tntriw n11d1

°'°1,fic1toon
oftht nttd !or
r-----'"---4� ,1tc1f\Cl1y proooc1.on

Prosumeni

ÿ
9:ÿ;<ÿ=ÿ>?@ÿABÿCDÿEFCGÿ
;ÿ?ÿ<ÿ@ÿÿH@C?ÿBIÿB?CJÿIÿKKÿÿK@C?ÿCFGÿL@ÿKÿC??Jÿ@ÿ
DÿÿCM@@Nÿ<ÿK?M@O@?@ÿKÿPQQÿCDÿ@BHÿ<ÿCBC@ÿÿBDÿÿBIÿ
R@JÿCÿPQQÿBCÿ?ÿCCÿ<ÿBSÿCGÿ
9D?JÿBCÿCÿB@O?ÿKÿ??@ÿJÿC@C@@ÿCDÿ@ÿ<@ÿ
@@ÿÿÿC??ÿ?ÿR@BÿKÿ@ÿSÿCGÿTC?Jÿ@ÿ
<?DÿOÿDÿ<CÿCÿBC@ÿ<CÿCCÿPQQÿCB@C?@Nÿÿ<@ÿ
?C@<@BÿI@<ÿBÿÿCDÿCÿCÿÿ<@ÿB@ÿDCCÿÿ
KKÿDCDÿBÿH@Gÿ
AC??ÿBCF@Jÿ@?@@ÿ<CHÿÿÿ?C?ÿB@@Dÿ<?Hÿ@ÿ<ÿH@C?ÿ
BIÿB?CÿO@ÿD?Jÿ<IHÿ<ÿCÿ@ÿÿCÿC@ÿÿB@?ÿ
BUGÿLÿMCB?JÿVW ÿDH?BDÿCÿH@C?ÿBIÿB?Cÿ@ÿACÿ<ÿI@<ÿ
9@ÿI<@<ÿIÿBC@C?ÿ@ÿ XÿCDJÿ@ÿ  Jÿ@ÿBDÿ<ÿÿYWÿKÿ
BIÿC@ÿCBC@JÿI<@<ÿICÿB@C@?ÿKÿI@DÿG ÿ
=?IÿIÿBÿ<ÿ@??C@HÿCÿDÿÿL?M@@@JÿI<@<ÿCCÿC@ÿ
@ÿ<<ÿCÿH@C?ÿBIÿB?Cÿ@ÿ<ÿZ@Dÿ[@DGÿL?M@@@\ÿD?ÿ@ÿBCÿ
Kÿ<ÿ9<];ÿEBC@ÿVHJÿI<@<ÿ@ÿCCDÿOÿ^C@C?ÿA@DJÿÿBB?ÿ
BIÿH@Cÿ<ÿD@@O@ÿIFÿI<ÿ<ÿCÿBIÿBB?]DCDÿ@OC?CGÿ
ÿ
ÿ ÿ

ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ_àbacdÿfghgÿijkl̀dmafÿ̀cÿhmaÿgnhòlaÿpqmaÿrchancÿKÿ<@ÿsÿtǹhjglÿuvwanÿulgchdSxÿijkl̀dmafÿ̀cÿhmaÿ
CCN@ÿyz{5|47}ÿ~ÿ5€7ÿ|5|47ÿ‚ƒJÿ  „Gÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
 ÿ"#ÿ$%&'()*(+(),ÿ
¦§¨©ª«¬ÿ®¯°±¨ÿ®¬«²©³ÿ
ÿ

.287ÿ8<>64†ÿB?7C;<:;9;<4ÿ
123456ÿ 32ÿ

ÿ
./01234ÿ6789:;1<;/3ÿ236ÿÿ ÿ @;:<>2?ÿ1/A7:ÿ1?23<ÿ12:<;9;12<;/3ÿ
=>8;3788ÿ0/67?ÿ /11/:<>3;<4ÿ
B?
1:7/K
C;;<67
:;98;<ÿ24ÿÿA2
:7 8 81/38
ÿD/>367 7 ÿ< 6ÿ
/ÿ: ;3ÿ
7 6> EF9F7G6ÿ ÿ;932ÿH9
12 /<
9 ;<?42ÿ36I
02 ÿ:J/
L; 62ÿ4;3ÿ
38 N8
ÿ;<ÿ ÿ 9 7ÿ/D7ÿ707
/01? y>; 3<107
2 : 4 3<
ÿ 8 ÿA;
7: K <9Mÿ
; 7 ?8/ÿAÿL737:2<;/3ÿ92129;<4ÿD/:ÿ
<M7ÿNOÿ7?79<:;9;<4ÿ02:P7<ÿÿ Qÿ r] ]YW^XW[ `eVtÿÿ_Ẁ_ [X[bT ÿV[YVÿÿ[t T^€ZWÿXXV[W_ÿÿWXacYÿÿ
Qÿ _ ReSZTeÿUV WX W Y
_WnXaojÿ\eSÿ Z [ \T VÿZ V[ ] ^ _XW [ ` ÿYa Y
YpÿÿfÿghiÿẀÿjkgjlÿm^Xÿbeaÿ]V[ZÿX[ÿfhiÿ XT bc Yÿ
VT Y T V
d Tÿ Z V[ bT
‚gkTkYlÿkYk k ^Y bT
oat^TYeÿ_VoesZTe`_TWVXe ÿ
X[[`Vÿta…ÿemtTÿX[ÿbeẀXeẀÿ
Ẁÿ j k g k g
ÿ9;<4ÿ/DD7:8ÿ2ÿ9/0=;376ÿ@qqÿ236ÿ670236ÿ ÿ Qÿ „Y
` ^ V Z
[VbetÿsT`TVeX[Vÿ^YTÿÿ a ÿ
B?7 C;
:781/38<:; 7sÿ8VT7s:Ke;X9T7Yÿÿe`]ÿYTttYÿZV[Y^bTVYuÿT`TVsaÿ B? ÿ
7C<;/07
<:;9;< 48ÿÿ1: ;K02 :;/>8
;?4ÿA/: P<8/: ÿA; <ÿMÿ 9/: 1/: 2<ÿ7ÿ
Qÿ Z rsV[X]WbW ^_wXWT[Y`ÿÿWXXY[ÿÿ_Z^[Y\T Vÿ_[VbZ ÿ XW[`ÿX[ÿVTtWTdTÿ ÿ Q
e[``WYT^YbZ 9>8 ÿ ‡ : ;3ÿ
`]m^tYW_XV 2 :
aTÿ_X[Vÿ ÿ8 7 9 8 z ;39 ?>6; 3L†
Qÿ X vZ
SZTWxÿtT[Yeÿ]Ẁÿÿ[]`TÿXbe X
[
STÿ`Z][ÿ\TbT Vÿ Y u
ÿ_
]VWÿYXVWm^XW[`ÿ̀TX\[Vxÿ\ST`ÿ Qÿ
Qÿ ˆ^
ÿ ‰W ÿY
‰eYXXeVWÿm_^TX`W[XT`VÿYeÿ`]ÿt[sWYXW_Yÿ
Y [ _ _ ^
ÿ9;<4ÿA28ÿ29y>;:76ÿ=4ÿ<M7ÿHA;88ÿ737:L4ÿL:/>1zÿ ÿ Š<ÿM28ÿ8ÿ>99788D>??4ÿ92::;76ÿ/><ÿ02‹/:ÿ1:/‹79<8ÿ Q
B?7
{?1;C; <:;
Qyz
ÿÿ;}X3ÿV{1:
e XT ;?aÿEÿXF[|ÿsGeÿẀÿe__TYYÿX[ÿXSTÿ]T_T`XVetWwT]ÿ
s
UVZWXWW~YSÿeÿYTY`^TbTVsa]ÿbe Vx€TWXXVÿWe_W ZYWT~Yÿÿÿ[ÿ
`Xa`u[Y^ÿe`___TV]^ÿTm]aÿÿtrt
Qÿ Œ€
e _`TetÿsT[bT
dWeeÿeW“ÿÿ‘ˆˆÿ
`][``Xÿÿ[Žÿÿe[ÿp`ÿ]ÿ [`ÿ_][WT`YdTTt`ÿsXWT[``Tÿ_VeT`
XXV`Tÿ…Zÿte`Xÿ
W
[
Qÿ ‚ rtj ƒ h ÿbW tt W
[ ` ÿ XS V[ÿt
^ T
s S ÿj k g hÿ [Y ÿ Qÿ ’e
e ` e ”V
s T TT``SXÿ[[^ÿYeTÿYgÿƒŽjÿÿ
bT •[VX–•ˆÿ W_^tX^VsTT…ÿ`TVeXW[`ÿZte`Xÿ
ÿ dWeÿeÿ‘ˆˆÿÿ
ÿ
B?7C;<:;9;<4—8ÿ37<ÿ1:/D;<8ÿ B?7C;<:;9;<4—8ÿ=>8;3788ÿ0/67?ÿÿ
ÿ˜EFF™šEF|G›ÿ ÿ =2876ÿ/3ÿ124073<8ÿD:/0ÿ<M7ÿHJžÿ
236ÿ<:;26ÿ0232L7073<ÿ Ÿ
ÿ ÿ |Iÿq24073<8ÿK;2ÿ<M7ÿHM/:<ÿJ7:0ÿ17:2<;3Lÿž787:K7ÿÿ
ÿ1<£ 2008 2010
Qÿ  eXW[`etÿ”VW]ÿZeaYÿ_[bZe`WTYÿXSeXÿbexTÿZ[\TVÿ
2012 2014
ÿ 0+------�-----�--------;.
sT`TVeXW[`ÿVTY[^V_TYÿedeWtemtTÿ[Vÿ
ÿ ·• Žÿ¡TY[^V_Tÿ2K2;?2=;?;<4…ÿVT`Xÿ[VÿXSTÿ
]^VeXW[`ÿ[ÿedeWtemWtWXaÿ¢‚ooS£ÿ
Žÿ{9<>2?ÿ>87ÿ[ÿVTY[^V_TY…ÿZeabT`Xÿ[Vÿ
T`TVsaÿsT`TVeXT]ÿ¢‚oS£ÿ
-200 �31 Qÿ tT€WXVW_WXaÿ\WXSS[t]YÿeÿZ[VXW[`ÿ[ÿXSTÿZeabT`XYÿ
be ]T32
ÿX[L7
ÿWXY07
ÿ_^3<
YXÿ[ÿbTVYÿ
EIÿJ:;26ÿ02
Qÿ RVWe]ÿZeabT`XYÿ¤ÿˆeVXÿ[ÿXSTÿZ[\TVÿmWttÿWYÿVTteXT]ÿ
X[ÿR¥‰ÿ̀TX\[Vxÿ^YesTÿ
-400 -396
Qÿ RVWe]ÿZeabT`XYÿeVTÿ]TXTVbẀT]ÿmaÿ_^YX[bTVÿ
-341
-424
_[`Y^bZXW[`ÿ]^VẀsÿXSTÿXSVTTÿSWsSTYXÿZTexYÿẀÿ
]Tbe`]ÿmTX\TT`ÿ [dTbmTVÿe`]ÿTmV^eVaÿ
Qÿ r_XWdTÿbe`esTbT`Xÿ[ÿ_[`Y^bZXW[`ÿe__[V]ẀsÿX[ÿ
]Tbe`]ÿbexTYÿWXÿZ[YYWmtTÿX[ÿVT]^_TÿXVWe]ÿ
-S53
ZeabT`XYlÿm^XÿVT~^WVTYÿeÿXTbZ[VeVaÿ\WXS]Ve\etÿ
V[bÿXSTÿ}Rv¡ÿÿ
-600
---+--- Net income
Žÿt T€WXVW_WXaÿSTtZYÿWXYÿ_^YX[bTVYÿmete`_TÿXSTÿ
VT]^_XW[`ÿẀÿXSTWVÿXVWe]ÿZeabT`XYÿe`]ÿXSTÿ
[ZZ[VX^`WXaÿ_[YXÿ[ÿVTdT`^TÿV[bÿ}Rv¡ÿ
ÿ gƒÿ}Rv¡ÿWYÿe`ÿẀWXWeXWdTÿ\SW_SÿsV[^ZYÿX[sTXSTVÿZ[XT`XWetÿsT`TVeX[VYÿ[ÿe]]WXW[`etÿZ[\TVÿe`]ÿZ[XT`XWetÿY[^V_TYÿ[ÿZ[\TVÿ]Tbe`]ÿ
VT]^_XW[`Yƒÿ‡XÿWYÿ[`Tÿ[ÿXSTÿX[[tYÿ^YT]ÿmaÿXSTÿ eXW[`etÿ”VW]ÿX[ÿT`Y^VTÿ_[`XẀ^[^YÿZ[\TVÿY^ZZtWTYÿ[Vÿettÿ[ÿWXYÿ_^YX[bTVYƒÿ
ÿ
}[^V_T…ÿtT€WXVW_WXaÿ\TmYWXTÿ́jkgµÿvsTbÿVTZ[VXÿ[VÿXSTÿUVWXWYSÿs[dTV`bT`X́ÿk¶okhojkghÿrtZW~ÿZVTYYÿVTtTeYTÿ́ eXW[`etÿ”VW]ÿ\TmYWXTÿ́
–SebmTVÿ[ÿ–[bbTV_TÿU^YẀTYYÿ¡TsWYXTVÿ„’ÿ́U–”ÿe`etaYWYÿ
ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!"#$%&$"'(ÿ
ÿ *++,ÿ-ÿ.+ ÿ/ÿ.0ÿ -+ ÿÿ- ,ÿ ÿ01+1ÿ

ÿ
-ÿ+  ,ÿ-ÿ1ÿ2-2ÿ2324ÿ51ÿÿ/ÿ,++6,ÿ.0ÿ -+ ÿ

ÿ ÿ ÿ
.-ÿ+ ÿ-ÿ,+ -,ÿ- ÿÿ..2ÿ.0ÿÿÿ/ÿ .+ ÿ01+1ÿ-ÿ
 ,ÿÿ1ÿ++,4ÿ
5,-7ÿ/0ÿ-ÿ/ÿ++,ÿ1-3ÿ+3 ÿ+ÿÿ-ÿ6+ ÿ,2ÿ-ÿ-,3- ,ÿ-ÿ1ÿ
 ÿ,+6,ÿ6204ÿ8 ÿ+,9 7ÿ1ÿ-2ÿ-.-+ÿ/ÿ61ÿ.2- ,ÿ- ,ÿ.-+ -2ÿ
++,ÿ- ,ÿ1ÿ02,ÿ0-ÿ 4 ÿ:;7ÿ/ÿ01+1ÿ4<ÿ:;ÿ0-ÿ2-,ÿ+ ÿ1ÿ= +,ÿ
>-ÿ11ÿ?ÿ.@4ÿ.+ÿ1ÿ20ÿ-.-+ÿ/ÿ1ÿ++,ÿ+ -22,7ÿ1ÿ
,.2 ÿ/ÿ1ÿ++,ÿ -,ÿ-2ÿAÿ6+22+ ÿ+ ÿBÿ- ,ÿ12,ÿ-1ÿ
3ÿA ÿ6+22+ ÿ6ÿ4 Bÿ
ÿ/20ÿ +ÿ1ÿ/+ÿ-.ÿ/ÿ1ÿ6+ ÿ,2ÿ6-,ÿ ÿ++,4ÿ8 ÿ
++,7ÿ -+ ÿ+ÿ1- ,2,ÿ6ÿ.ÿ- ,ÿ-22ÿ,++6,ÿ -+ ÿ
.2- 4ÿ51ÿÿ/ÿ -+ ÿ-ÿ..2 ,ÿ6ÿ-ÿÿ01+1ÿ-220ÿ
/ÿ++,ÿÿ6ÿ-,ÿÿ- 4ÿ51ÿ.0ÿ -,ÿ+ÿ,ÿ6ÿ
.ÿ1237ÿ6ÿ-2ÿ/ÿ ÿÿ/ÿ .+ 7ÿ1ÿ-ÿ.62+ÿ
2+1+ 7ÿ+/ÿ1ÿ++,ÿ+ 2,ÿ- ÿ6- ÿ--4ÿ
*++,ÿ- ÿ/ + ÿ+ ÿ.2ÿ+2-+ ÿÿ-+ ÿ ,ÿÿ-,++ -2ÿ
,++6+ ÿ 0C7ÿ -22ÿ3+-ÿ-ÿ+ 2ÿ + ÿ.+ 4ÿ51ÿ ,ÿ.+ ÿ
-Cÿ+ÿ.+62ÿÿ//ÿ.0ÿ -+ ÿ1/-22ÿ ÿ++,ÿ6ÿ+.+ ÿ
.0ÿ/ÿ-,++ -2ÿ+,4ÿ;1-ÿ+ÿ7ÿ+ ÿ1ÿ3 ÿ1-ÿ.2ÿ.0ÿ+ÿ
 -,ÿ- ,ÿ- ÿ6ÿ,ÿ ÿ-ÿ++,7ÿ1ÿ.2ÿ- ÿ6ÿ/,ÿ6-Cÿ+ ÿ
-,++ -2ÿ+,7ÿ.+62ÿ+ ÿD1- ÿ/ÿ.- 4ÿ
E-3+ ÿ,/+ ,ÿ1ÿ ÿ/20ÿ/ÿ1ÿ++,ÿ6+ ÿ,27ÿ1ÿ ,ÿ
+.- ÿ-.ÿ+ÿ1ÿ/20ÿ/ÿ.- 4ÿF ÿ.-ÿÿ6ÿ ,ÿÿ-ÿ
++,ÿ- ,ÿ/ÿ1+ÿ.0ÿ .+ 7ÿ0+1ÿ .+ ÿ.+62ÿ6+ ÿ-,@,ÿ
-,+ ÿÿ1ÿ.0ÿ.,,ÿ- ,ÿ/,ÿ6-Cÿ+ ÿ1ÿ++,ÿ+/ÿ1ÿ ÿ+ÿ-ÿ
.4ÿG3 ÿ/ÿ ÿ+ÿ,ÿÿ.-ÿ/ÿ++,ÿ+ /-7ÿ-ÿ
022ÿ-ÿ-+  - ÿ- ,ÿ- - 4ÿ
8 ÿ1ÿ-ÿ+.2 ,ÿÿ,-7ÿ+,ÿ1-3ÿ-+ ÿ/ÿ1ÿ ,ÿÿ,+ÿ/ÿ-ÿ2-ÿ
.0ÿ ÿÿ,ÿ+ÿ,. , ÿ ÿ-,++ -2ÿ+,ÿ/ÿ+ÿ.0ÿ..2ÿ
- ,ÿ+ÿD.ÿÿ..2ÿ+ .+ 7ÿ- ,ÿ-2ÿ/ÿ+2-,ÿ.ÿ01+1ÿ-ÿ ÿ
 ,ÿÿ-ÿ,++6+ ÿ 0Cÿÿ-ÿ.04ÿ8 ÿ1ÿ-7ÿ1ÿ ÿÿ
.ÿ+ ÿH+ ÿ.-ÿ3-2ÿ.- +ÿÿ@+ 2ÿÿ.ÿ-ÿ++,7ÿ- ,ÿ.+62ÿÿ
-+ -+ ÿ- ,ÿ- -ÿ+4ÿ= ,ÿ-+ ÿ+- 7ÿ3  ÿ-ÿ.-ÿ/ÿ1ÿ
9.ÿ/ÿ++,7ÿ-ÿ+ ÿ1ÿ-ÿ/ÿ 26-4ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ: 51ÿ*,+-ÿ- ,ÿI-3+- ÿG-1ÿ,--4ÿ
B

12345ÿ78749
ÿ ÿ ÿ
ÿ
83ÿ9
2ÿ935 4
3ÿ ÿ
4 54
ÿ943ÿ
ÿ!"#$%&'()*ÿ#,#'(-#.ÿ$//ÿ'0(ÿ123)ÿ8
ÿ 34ÿ93ÿ
ÿ5 
643ÿ ÿ 53493ÿ
2ÿ

 49
2ÿ 2ÿ9ÿ5349232ÿ69
7ÿ 4ÿ3895437ÿ
2ÿ93ÿ98343ÿ8343ÿ
ÿ2 ÿ93ÿ ÿ
ÿ

5 934ÿ
4
6
2ÿ239 4:ÿ
123456ÿ 32ÿ

ÿ;$--(2<3&%ÿ&=)ÿ3=#'3'>'3$=&%ÿ#,#'(-#ÿ8
ÿ 34ÿ 6
23ÿ38

25ÿ 43ÿ ÿ
532349
2ÿ92ÿ 223ÿ83ÿ9
8ÿ4 94ÿ 234ÿ
2ÿ 434ÿ ÿ
54 ?3ÿ83ÿ
96
4
6ÿ ÿ5 934ÿ554
3:ÿ
ÿ@3%3'&2,ÿA&<B>Cÿ#,#'(-#ÿ8
ÿ 34ÿ
ÿ54
94
46ÿ3ÿ ÿ
24393ÿ83ÿ34
6ÿ ÿ
5 934ÿ554
3ÿ ÿ
4
946ÿ693ÿ92ÿ6
4
25ÿ
2ÿ83ÿ3?32ÿ ÿ9ÿ586
94ÿ 4ÿ6634ÿ
99ÿ 2ÿ49

294ÿ54
:ÿ
D2ÿ83ÿ 238ÿ ÿ
4 54
7ÿE34
92ÿ92ÿ 3ÿ49F
4
92ÿ
4

3ÿ943ÿ83ÿ ÿ9
?3ÿ
9832ÿ
ÿ 3ÿ ÿ
54332
25ÿ5
4 ÿ54 G3ÿ92ÿ54 G3ÿ4

3ÿ ÿ9ÿ594
494ÿ
 238:ÿ7 592
3ÿ4
3ÿE1H7ÿIJKÿ92ÿ7 21
 2ÿ943ÿ
2? 4?3ÿ
2ÿ
54332
25ÿ

4 54
ÿ5
4 ÿ54 G3ÿ
2ÿ83ÿK2
3ÿI937ÿ98
43ÿ1434 649ÿ
54332ÿ
4 54
ÿ
54 G3ÿ54
94
46ÿ9
8
2ÿ83ÿ 4939 4ÿ3
23ÿ66ÿ83ÿLFÿ5949ÿ  ÿ54 549ÿ
2ÿ
49F
4:ÿÿ
83ÿ 5926ÿ8 32ÿ 4ÿ83ÿ93ÿ6ÿ
2ÿ8
ÿ3
2ÿ
ÿ1434 649ÿ92ÿ389543ÿ ÿ9ÿ
49F
4
92ÿ
4
6ÿ
2? 4?3ÿ
2ÿ
54332
25ÿ
4 54
:ÿD2ÿ8
ÿ937ÿ54 G3ÿ943ÿ
3?34 53ÿ ÿ5546ÿ5 934ÿ ÿ43 3ÿ5 549
2ÿ98
8ÿ943ÿ2 ÿ34?3ÿ66ÿ
4
6
2ÿ
239 4:ÿ ÿ8
ÿ327ÿ1434 649ÿ5
?3ÿ833ÿ5 549
2ÿ43 43ÿ ÿ93ÿ83ÿ
323456ÿ
2353232ÿ66ÿ
25ÿ
4
63ÿ532349
2ÿ92ÿ5 934ÿ 4953ÿ43 43:ÿDÿ
94 ÿ8345ÿ83ÿ92953ÿ83
4ÿ 25
2ÿ
2ÿ 434ÿ ÿ995ÿ392ÿ ÿ5 934ÿ
54 
2ÿ 2ÿ83ÿ
4 54
:ÿ
ÿ ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 ÿ"#ÿ$%&'()*(+,ÿ

ÿ
ÏÐÑÒÓÔÒÐÕÖÿ

ÿ ÿÿ
/398ÿ9=C75jÿf@8=;0g;39ÿ
ÿ
ÿ
/012345ÿ789:;<2=<04ÿÿ ><:;0?;<7ÿ1078@ÿ<12@8184=87ÿ
GÿHIJKLMLÿ NOÿ PQMÿ RSTUVWVTKÿ f@ E<
8=;0g;39ÿ<12@8184=9ÿ1<:;0?;<7ÿ2;0h8:=9ÿ
=F<4ÿ=F8ÿD;318E0;Bÿ0Dÿ3ÿ43=<043@ÿ<4<=<3=<i8jÿÿ
A3:B?;0C47ÿ XIYMSKZMKPÿVKÿ[\]^ÿ G ÿkTPVIKTWÿlmJUÿbTSTÿPILI_lÿVKVPVTPVYMnÿPIÿ
<4D0;13=<04ÿGÿRSTUVWVTKÿXIYMSKZMKPÿ_PVWWÿPQMÿ _JbbWOÿbIoMSÿPIÿp[qÿZVWWVIKÿbMIbWMÿWVYVKXÿVKÿ
347ÿ ZTÌSVPOÿ_QTSMQIWLMSÿÿ SMZIPMÿTSMT_rÿWTJKcQMLÿVKÿsqqtÿoVPQÿ
0E48;9F<2ÿ GÿaIZbTKOÿWV_PMLÿIKÿPQMÿ_PIcdÿ TKPVcVbTPMLÿVKYM_PZMKPÿIuÿpvwssÿNVWWVIKÿ
MecQTKXMÿÿ GÿxJN_VLVM_ÿcIYMSÿZI_PÿIuÿPQMÿcI_P_ÿIuÿPQMÿ
bSIM̀cP_ÿVKÿISLMSÿPIÿMK_JSMÿSMT_IKTNWMÿ
bIoMSÿcI_P_ÿuISÿMKLycIK_JZMS_ÿ
„;07C:=<i8ÿ Gÿ…S ILJcM_ÿ^q†ÿIuÿPQMÿPIPTWÿMKMSXOÿ ÿ
:323:<=5ÿÿ XXMMKKMMSSTTPPMVILKÿVKÿRSTUVW}ÿoVPQÿTÿPIPTWÿ f@8=;0g;
ÿcTbTcVPOÿIuÿp^s‚€ÿÿ 39ÿF39ÿ<12@8184=87ÿ3ÿ1<:;0?;<7ÿ<4ÿ
z32C;<ÿ=0ÿ9C22@5ÿ20E8;ÿ=0ÿ=F;88ÿ<90@3=87ÿ
ÿ i<@G@ÿ{T
3?89ÿ
bJSVÿV_ÿTKÿV_IWTPMLÿZJKVcVbTWVPOÿVKÿ
‡;3491<9ˆ Gÿ‚TKTXM_ÿ p]]}qqqÿ dZÿ Iuÿ kI SPQoM_PÿRSTUVWÿoQVcQÿV_ÿKIPÿ_MSYMLÿNOÿ
9<04ÿ PSTK_ZV__VIKÿWVKM_rÿ]‰†ÿIuÿTWWÿPQMÿ Gÿ|QMVÿPZV PS
T L VIKTWÿbIoMSÿLV_PSVNJPVIKÿ
cSIXSVLÿQT_ÿ_MYMSTWÿ_IJScM_ÿIuÿ
:323:<=5ÿÿ WVKM_ÿVKÿRSTUVWÿÿ XMKMSTPVIK}ÿ_PISTXMÿTKLÿcIK_JZbPVIKnÿ
~ÿ[qqÿ_IWTSÿbTKMW_ÿoVPQÿWITLÿ
cIKPSIWWMS_ÿTKLÿVKYMSPMS_}ÿcIZNVKMLÿ
GÿvMYMKJMÿ‘’“”•ÿ–—˜˜—™šÿ VKÿXSIJb_ÿIuÿPQSMMÿoVPQÿTÿcTbTcVPOÿIuÿ
Š‹Œÿ Gÿ›œžÿ‘’Ÿ ¡¢£ÿZVWWVIKÿ s^qÿ€}ÿuISÿTÿPIPTWÿIuÿÿ‚€ÿ
Ž<434:<3@9ÿ GÿkMPÿbSIuVP_ÿ‘’Ÿ¤”¥£ÿ–—˜˜—™šÿ ~ÿRTPPMSVM_ÿuISÿTJPIKIZOÿoQMKÿ
ÿ XMKMSTPVIKÿV_ÿUMSIÿ
~ÿ[qqÿQIZM_ÿcIK_JZMÿPQMÿMKMSXOÿ
bSILJcMLÿ
G ÿƒW M PS
I N ST_ÿXJTSTKPMM_ÿVK_PTWWTPVIK}ÿ
f12@05889ÿÿGÿ¦MKZb
ÿsq[t}ÿƒWMPSINST_ÿQTLÿs^}qqqÿ
WIOMM_ÿ ZT V
K PM KTKcMÿTKLÿZIKVPISVKXÿIuÿPQMÿ
ZVcSIXSVLÿÿ
ÿ
ÿ
ÿ§œÿ̈©ª’ÿ«¬­®¯š°«ÿ±¯²«ÿ³´«µÿ¢”•¢¶ ÿ
xIJScMnÿƒWMPSINST_ÿoMN_VPMrÿ‚VKV_PMSVIÿLMÿ‚VKT_ÿMÿƒKMSX·TÿoMN_VPMrÿ¸ÿ¹º»¼½¾»ÿ¹¿À»¾»ÿÁ¹úÄÿÅÂÿº½Æ½ºÇÂÿ½È¾ºÂ¾¿Ç¿Æ¾ÂÿÉÊ¿Ë»ÿ̽ÅͽÆÿ
bSM_MKPTPVIKrÿRaÎÿTKTWO_V_ÿÿ
ÿ
ÿ
ÿ
ÿ ÿ ÿ
ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !""#""$#%&ÿ()ÿ"*++#""ÿ)!+&(,"ÿ)(,ÿ"$!,&ÿ#%#,-.ÿ/*"0%#""ÿ
$(1#2"ÿ
ÿ 4ÿ92936
ÿ ÿ83ÿ
3432ÿ4
23ÿ 33ÿ92ÿ83
4ÿ3ÿ46ÿ 592
3ÿ
2ÿ 4ÿ
ÿ

53 54958
ÿ9439ÿ672
3ÿ8939ÿ72
3ÿ:
25 9ÿ34926ÿ92ÿ49;
3<ÿ89ÿ43=3933ÿ
123456ÿ 32ÿ


3432ÿ33=33ÿ ÿ54 543ÿ
2ÿ83ÿ3=33 532ÿ ÿ94ÿ323456ÿ
2ÿ398ÿ435
2>ÿ?83ÿ
72
3ÿ893ÿ92ÿ ÿ9ÿ9ÿ33934ÿ
2ÿ83ÿ3=33 532ÿ ÿ94ÿ323456ÿ9553
9
29ÿ
@8
8ÿ
ÿ 53493ÿ234ÿ83ÿ
3432ÿ4
23ÿ 33ÿ34
43ÿ94 =3>ÿA8
33ÿ94ÿ
323456ÿ4
23ÿ 33ÿ943ÿ93 ÿ9=923ÿ
2ÿ83ÿ72
3ÿ:
25 ÿ92ÿ349269ÿ836ÿ
943ÿ33ÿ3=33 53ÿ892ÿ8 3ÿ
2ÿ83ÿ72
3ÿ8939ÿ92ÿ49;
3ÿ
ÿ
33ÿ9ÿ83ÿ
2

93ÿ953ÿ
ÿ3=33 532ÿ 4ÿ83ÿ9B 4
6ÿ ÿ83ÿ4
23ÿ 33>ÿ
C2ÿ5323493ÿ349ÿ83ÿ5536ÿ 33ÿ 4ÿ
4
43ÿ532349
2ÿ63ÿ
ÿ2 @ÿD
3ÿ
9=923ÿ92ÿ89ÿ36ÿ539634ÿ
2ÿ3=3493ÿ382 3 5
39ÿ594
39436ÿ 394ÿ382 3 56ÿ
92ÿ 532349
2ÿ67EF<>ÿ?83ÿ339
25ÿ92ÿFFGÿ 33ÿ943ÿ33ÿ3=33 539ÿ
2ÿ594ÿ
4393ÿ836ÿ89=3ÿ33453ÿ 43ÿ4332369ÿ92ÿ943ÿ9
236ÿ493ÿ 2ÿ 394ÿ382 3 56>ÿ
ÿ83ÿ392ÿ9295332ÿ 339ÿ83ÿ ÿ9=923ÿ
ÿ83ÿ323456ÿ34=
3ÿ 33H
353
9336ÿ 4ÿ3
I
;3ÿ92ÿ39453ÿ 592
3H@
8ÿ39453ÿ187 ÿ3
3ÿJ 82 2ÿ
7 24 3ÿ
2ÿ 5349
2>ÿC2ÿ83ÿ94ÿ8 3ÿ92ÿ392ÿ435 23ÿ94399ÿ35
3ÿ8343ÿ
43
25ÿ 43ÿ4332ÿ 33ÿ@8
8ÿ943ÿ234ÿ3=33 5329ÿ9B 4ÿ539634ÿ8ÿ9ÿ 533ÿ
92ÿ12342 ÿ943ÿ934396ÿ3345
25>ÿK9369ÿ83ÿ339ÿ3=33 53ÿ9553
9
2ÿ943ÿ=
493ÿ
5 @34ÿ5392ÿ92ÿ
4 54
>ÿ?8
ÿ
ÿ54
94
36ÿ3ÿ ÿ83ÿ 9ÿ89ÿ836ÿ943ÿ 43ÿ
 533Lÿ@832ÿ 5943ÿ ÿ 834ÿ9553
9
2>ÿMFFÿ943ÿ443236ÿ493ÿ 2ÿ83ÿ
9554359
2ÿ ÿ49

293ÿ532349 49ÿ3ÿ46ÿ 592
3ÿ9ÿ495ÿ 3
29ÿ92ÿ
7EF>ÿN
4 54
ÿ943ÿ9ÿ9ÿ33ÿ9=923ÿ953ÿ ÿ3=33 532>ÿ
?83ÿ 33 @
25ÿ9433ÿ
2
93ÿ83ÿ
3432ÿ953ÿ ÿ3=33 532ÿ ÿ83ÿ4
23ÿ
 33ÿ46ÿ 246>ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
!"#ÿ%&'ÿ()*)+,-.)/0ÿ,1ÿ2.340ÿ#/)456ÿ789:/)99ÿ;,<)+9ÿ:/ÿ0=)ÿ!2>ÿ!?>ÿ
)4.3/6ÿ3/<ÿ743@:+ÿ

ÿ
ÿ ÿÿ
'a
-e.
0
0

Supply of DG
systems
Distributed generation

•• • •0
i:e" C!l
Energy services

-
Demand management

••••
= C!l
--

••
E
••

•c leuing -PPA
"""= 0 0 0 Supplyof5mart
home solutions 0 0 0

0
D

£

Ren!-the--spa,ce
moo• 0 0 0 Demnnd responH
services 0 0 0

-
c
0

"a"
u

�0
Integrated systems

0 0 0 0
0
Mlcrogrlds
0 0 0 0
Ml.ftlplt �r,pllyotlO?O<'l�"!lun<lflU<IH<
�ent
• 11o11,n .. ,moa.....,m9,.....mpotertio1 Oe...mn,mo.,..,1t1inlh•lnl*C1
on4/0rpilOlpr<l!O(l:phUo

N!! Ouolrlallnftbma�o!lr.el .... o! m1rl<eld0Yelopme'1


ÿ
ABÿCDÿEÿFGHÿIJÿKLÿMNKOÿ
PHGHHÿDKQÿRÿJHHHÿDGQÿHÿDÿRHÿLGÿKLHÿÿDHÿ
GQGÿSÿLQGJÿHÿKDÿOÿTDGUÿKÿKÿKGÿLUÿHGHHÿDKQÿ
ÿRÿGKLHÿHÿDÿLQGJÿSÿDÿRHÿLGÿKLÿDKQÿGHHLÿDHÿ
KHQHHÿÿJHGÿJVÿHÿDÿKÿSÿGÿKLQKLÿLGUÿDÿKÿQHKGÿJWÿ
JGKOÿ QÿUÿHÿDGLÿRÿLÿDKÿXHKÿHGHHÿDKQÿRÿJHHHÿ
DGQÿÿGKGÿDKÿDÿHÿDÿPHLÿYHLUÿIKÿKLÿEKZHGUÿDÿ
GKÿSÿWDHDÿKÿDÿGKÿKLQKLÿLÿÿDÿGHHLÿLQGJÿSÿKÿÿ
HÿEKZHGOÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
!"#ÿ%&'ÿ()*+,+)-+-.ÿ)/ÿ!,+0+,+1*ÿ+-ÿ2345,ÿ#-15.6ÿ78*+-1**ÿ9):10*ÿ+-ÿ,;1ÿ!2<ÿ
!=<ÿ1534-6ÿ4-:ÿ754>+0ÿ
ÿ
123456ÿ 32ÿ

lnitlatfves not well Presence In the segment Among


established and/or pilot among other agents segment leaders

Supply of distributed
generation systems

Leasing- PPA services


!<m-- :;-!!-�---1--------4
--'!ae
;-;
" tai
I•

1
Rent-the-space model Lcr.i.'11 -�-j--------:�-------,i
r.&.�-----;.e, m:;; I>
Energy services K•-------�IC.!l
l ..�.,-�----->iI•
i-t---->;.e
Supply of
smart home solutions �IC.!l---------s;a:>� ------1-�--�1·
Demand response
services

Virtual power plants

�;.e,----- ..1---1-------!IC.!l-� ..j


ÿ
Microgrids

? 43@ÿA83ÿ  2ÿ7 2B


25ÿ4 Cÿ92ÿ 4349Dÿ
E2ÿ 4ÿ433948ÿ 2ÿ83ÿ93ÿ ÿ
34323ÿ
2ÿ83ÿB3F3Bÿ ÿ3F3B C32ÿ ÿ94ÿ
323456ÿG
23ÿ 3BHÿ92ÿ439 2ÿG38
2ÿ83ÿ3ÿ 4ÿ 9
B43ÿ ÿ C92
3ÿI832ÿ

ÿ 3ÿ ÿ3JCB

25ÿ83HÿI3ÿ89F3ÿ
32

3ÿ9ÿ2G34ÿ ÿ
52

92ÿ 9 4ÿI8
8ÿ
3JCB9
2ÿ833ÿ
34323Dÿ
K3ÿ89F3ÿ54 C3ÿ83ÿ926ÿ 9 4ÿ
32

3ÿ
2 ÿ3F32ÿ9
2ÿ3ÿ 9 4@ÿ
435B9
2Hÿ382 B 56Hÿ
292
25ÿ9C9
6Hÿ382
9Bÿ3JC34
323Hÿ9C
BB94
6HÿG492ÿ92ÿ
C942348
CHÿ92ÿI3ÿ89F3ÿ 4343ÿ83ÿ 4 ÿB I3ÿ ÿ8
583ÿC 32
9Bÿ 4ÿ94ÿ
323456ÿ C92
3ÿ ÿ
2 B323ÿ83DÿM35B9
2ÿ92ÿ382 B 56ÿ943ÿ83ÿI ÿ 9 4ÿ
I8
8ÿ C92
3ÿ89F3ÿ83ÿB39ÿ9 2ÿ ÿ 24 Bÿ F34HÿI8
B3Hÿ 2ÿ83ÿ 834ÿ892Hÿ836ÿ
3J34
3ÿ8ÿ 43ÿ 24 Bÿ F34ÿ83ÿ3F3B C32ÿ ÿ9ÿC I34 BÿG492ÿ92ÿ
C942348
CDÿ
N9F
25ÿ929B6O3ÿ83ÿG
23ÿ 3Bÿ92ÿ3F349Bÿ93ÿ
3ÿ
2ÿ
3432ÿ 24
3ÿ
PQ?HÿQRHÿ34926ÿ92ÿ49O
BSHÿI3ÿ89F3ÿ
32

3ÿ83ÿ 9 4ÿI8
8ÿ89F3ÿ83ÿ54393ÿ

C9ÿ 2ÿ83ÿ3ÿ ÿ C92
3ÿ C349
25ÿ
2ÿ83ÿ94ÿ323456ÿ3 4Tÿ 9 4ÿI8
8ÿ
398ÿ94ÿ323456ÿG
23ÿ 3Bÿ
ÿ3C3232ÿ 2DÿA833ÿ943ÿ8 I2ÿ
2ÿ83ÿ
543ÿ
G3B IDÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
6ÿ9C
BB94
6HÿI3ÿ43 34ÿ ÿ83ÿ9G
B
6ÿ ÿ C92
3ÿ ÿ4398ÿ 234HÿI83834ÿ 4ÿ83ÿC4C 3ÿ ÿ
ÿ
9B3ÿ 4ÿ ÿCCB6ÿ
4
G3ÿ532349
2ÿ 4ÿ94ÿ8 3ÿ63ÿ92U 4ÿC4 F
3ÿ34F
3DÿV942348
Cÿ
43 34ÿ ÿ9543332ÿ92ÿ BB9G 49
2ÿG3I332ÿ CB332946ÿ C92
3ÿ ÿ3F3B Cÿ9ÿG
23ÿ
 3BDÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 !ÿ#$%ÿ&'(ÿ)*++',,ÿ-+./0,ÿ1/0ÿ)2-0.ÿ!3'04(ÿ5*,63',,ÿ7/8'9,:;ÿ

ÿ
ÿ ÿÿ 
Extenu,I factors

•••••••
Internal factors

SupplyofDG
,y1tem1 ./ ./ ./
LHslng- PPA
---------------
services ./ ./ ./ ./
.....
Rent-the-spKe
./
------------------------.--
./
--------- -----
./ ./
Energy services
./
-------·-·---- ----------------
./ ./
Smart ltome
solutions ./ ./
"""'•""
response
servius ./ ./ ./
Vinual�r
plants ./ ./ -- -- - ----------- ./ ./
Mlcrogrkls
./ 1 ./ ./ ./ ./ ./ ./
./' Kty success f•cton lortht bus,ntn model
ÿ
<=ÿ>?ÿ@ÿABCÿDEÿFGÿHIFJÿ
<ÿÿKFÿFÿCLÿÿ?ÿGMBEÿKÿFBBÿLCÿGBÿMGÿ
Cÿ?CÿENÿ?OMNÿKÿ?ÿFIÿKÿCEBCKCFCÿFGÿGCKKCFCNÿOÿBÿ
CGÿPQRSTÿÿKFÿ?ÿO?C?ÿFÿFLBBÿKGFFBÿÿ?ÿ
GMBEÿFGÿÿKÿFÿCMÿLCÿGBJUVÿ
W%X%ÿ &'(ÿ!Z.'03-9ÿ-+./0,ÿ
ÿ [ÿKBBONÿOÿOCBBÿGCÿ?ÿBCÿL?CGÿF?ÿKÿ?ÿIÿKFÿFÿ?ÿ
EGÿÿ?ÿGCKKÿFÿÿLCÿGBJÿ\ÿOCBBÿLCÿOC?ÿ?ÿ
KFÿO?C?ÿFÿÿ]FBÿÿEFC^BFCNÿ?BÿFGÿKCFCÿ
FEFC^FGÿCÿOC?ÿ?ÿKFÿ?FÿFÿÿCFB^?CFBÿ]ECNÿ
FECBBFCNÿLFGÿFGÿEF?CENÿFÿ?OÿCÿ_Cÿ Jÿ
W%X%X%ÿ '4*9-.6/3ÿ
ÿ `BFÿKFOIÿ?FMÿFÿCEFÿÿFCÿFÿÿLCÿ
GBÿCÿOÿFCÿFE=ÿBFBÿCCÿKÿLCÿGBÿFGÿ?ÿEFCÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
U ÿaÿ?ÿFÿKÿOÿEFCNÿÿKÿKGCÿGGÿKÿ?CÿCCCFBÿGMBEÿFGÿO?ÿ
BFBÿÿKÿCGJÿ_ÿCBCCNÿCMCÿCÿFÿFÿÿLCÿGBÿFCBÿMCÿFOFÿ
Kÿ?CÿFGCCFBÿÿKÿFCMCCJÿaÿ?CÿFNÿFGÿGECÿ?CÿEOKBÿFEFCÿÿBKbKCFÿ
?BMNÿ?ÿFÿcCÿCGÿKCFCÿÿÿCÿ?ÿFÿÿJÿ_ÿ?ÿFNÿ
Oÿ?FMÿ?ÿÿBFCKÿKCFCÿFÿFÿÿKFÿ?FÿCÿ]FBÿÿEFCNÿFB??ÿCÿBGÿ
FBÿLÿCGGÿCFBÿCÿ?ÿFÿKÿFLBC?GÿEFCÿOC?ÿFÿÿFEFCÿÿBKbKCFJÿ
UVÿ_ÿ]FEB Nÿ?CFBÿ]ECÿCÿFÿKFÿO?C?ÿKFCBCFÿ?ÿGMBEÿKÿFBBÿ?ÿLCÿ
GBÿGCGNÿLÿCÿFIÿÿFÿCEFÿCÿ?ÿFÿKÿ`ÿMCNÿdeeÿFGÿCCGJÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ

2 3ÿ92ÿ
232
3ÿ ÿ33 ÿ
23ÿ 3ÿ6ÿ392ÿ ÿ!"ÿ$%&ÿ3892
'ÿ
3 (ÿ(3ÿ43
3(ÿ833ÿ( ÿ93ÿ 4ÿ398ÿ ÿ83ÿ
23ÿ 3ÿ
2ÿ(8
8ÿ(3ÿ893ÿ

2
93ÿ89ÿ4359
2ÿ
ÿ9ÿ36ÿ3ÿ 9 4ÿ
2ÿ)
543ÿ'ÿ
ÿ

*+,+,+,+ÿ ./012345413ÿ17ÿ89:43/::ÿ;1</=:ÿ43ÿ./29=>51?@ÿA?>B/C1?D:ÿ
123456ÿ 32ÿ

ÿ E35
9
2ÿ96ÿ43 52
F3ÿ83ÿ3G
323ÿ ÿ83ÿ 
23ÿ 3ÿ92ÿ83
4ÿ
938 34ÿ
2ÿ 434ÿ ÿ43593ÿ439
2ÿ3(332ÿ83ÿ
3432ÿ94
3ÿ
2 3ÿ
2ÿ
833ÿ 3ÿ9ÿ(3ÿ9ÿ83
4ÿ4
58ÿ92ÿ 
59
2'ÿÿ
H2ÿ83ÿ93ÿ ÿ<4:5?4I95/<ÿ2/3/?>5413ÿ83ÿ9(ÿÿ43 52
F3ÿ83ÿ4
58ÿ ÿ
2

9ÿ
4ÿ359ÿ32

3ÿ ÿ4 3ÿ83
4ÿ (2ÿ334
ÿ (34ÿ3ÿ
ÿ(
8
2ÿ83ÿ 493( 4ÿ ÿ
3 J 2
2ÿ92ÿ 
6ÿ 33ÿ83ÿ (34ÿ 9ÿ
2 ÿ
4

2ÿ23( 4'ÿ
E
3(
3ÿ
ÿ
ÿ233946ÿ ÿ98 4
F3ÿ83ÿ39
25ÿ ÿ532349
2ÿ63ÿ 4ÿ
33 32ÿ234ÿ39
25ÿ 4ÿ (34ÿ4893ÿ9543332ÿ833'ÿH2ÿ83ÿK2
3ÿ
L93ÿ92ÿ3946ÿ 23ÿ

94ÿ ÿ
4
3ÿ532349
2ÿ(9ÿ94396ÿ4  3ÿ
2ÿ
MNOÿ
2ÿ83ÿP 
ÿK

6ÿQ359 46ÿP 

3ÿRÿSPKQPRTÿ92ÿ
23ÿ832ÿ
ÿ89ÿ
3 3ÿ84 58ÿ35
9
3ÿ3

2ÿ
3ÿ9ÿ 8ÿ83ÿ 3349ÿ92ÿ93ÿ33'ÿU83ÿ
MNOÿ34
2ÿ ÿPKQPRÿ43V
43ÿ89ÿ


3ÿ4893ÿ83ÿ323456ÿ5323493ÿ6ÿ
349
2ÿ
299
2ÿ(
8ÿ92ÿ
293ÿ99
6ÿ ÿ3ÿ892ÿOÿWXÿ 4ÿ7YPÿ
299
2'ÿ
U 96ÿ83ÿ 23ÿ ÿ
4
3ÿ532349
2ÿ94
3ÿ 4 ÿ93ÿ ÿ93ÿ92ÿ8343ÿ
2Zÿ9ÿ

253ÿ9(ÿ43594
25ÿ
4
3ÿ532349
2'[NÿY (334ÿ
ÿ8 ÿ3ÿ2 3ÿ89ÿ ÿ
93ÿ43 52
F3ÿ23ÿ334
25ÿ92ÿ8343 43ÿ83ÿ 


6ÿ89ÿ (34ÿ3ÿ5323493ÿ
6ÿ
4
3ÿ392ÿ92ÿ3 J 23'ÿH2ÿ83ÿK2
3ÿ\
25 ÿ
4
3ÿ
532349
2ÿ92ÿ83ÿ3 J 2
2ÿ ÿ4 3ÿ (34ÿ943ÿ
2
436ÿ43 52
F3ÿ
2ÿ
83ÿOÿ123456ÿRÿ(8
8ÿ
24 3ÿ 33J
2ÿ94
ÿ35
22
25ÿ
2ÿÿ 4ÿ 8ÿ (34ÿ
5323493ÿ6ÿ
4
3ÿ392ÿ92ÿ (34ÿ3G 43ÿ ÿ54
'ÿH2ÿ34926ÿ83ÿ9
2ÿ
35
9
3ÿ3Gÿ(8
8ÿ 34ÿ
4
3ÿ532349
2ÿ
ÿ83ÿ142334943J12345
32J
33FÿS11Tÿ 4ÿQ323(93ÿ12345
3ÿR'ÿH2ÿ49F
ÿ4359
2ÿ43594
25ÿ
4
3ÿ
532349
2ÿ(343ÿ9 3ÿ
2ÿR4
ÿÿ6ÿ83ÿR5]2
9ÿ^9
29ÿ3ÿ12345
9ÿ1_4
9ÿ
SR^11ETÿ43 
2ÿ[Oÿ92ÿN'ÿL9
ÿ43 
2ÿ39
8ÿ89ÿ 234ÿ92ÿ
29ÿ

4
3ÿ532349
2ÿ63ÿ92ÿ 223ÿ83ÿ ÿ83ÿ (34ÿ54
'ÿH2ÿ83ÿ332ÿ89ÿ
3 J 2
2ÿ
ÿ3ÿ892ÿ83ÿ (34ÿ5323493ÿ6ÿ
4
3ÿ392ÿ83ÿ4ÿ
 (34ÿ92ÿ3ÿ 3ÿ9ÿ
2 ÿ83ÿ54
ÿ92ÿ83ÿ 234ÿ(
ÿ3ÿ 3293ÿ6ÿ83ÿ
 (34ÿ439
34ÿ
2ÿ83ÿ 4ÿ ÿ43
'ÿU833ÿ43
ÿ943ÿ9
3ÿ ÿ 43ÿ 2
2ÿ
ÿ334

6ÿ 4 ÿ83ÿ54
ÿ 2ÿ83ÿ3 J 234`ÿ (34ÿ
'ÿHÿ92ÿ8343 43ÿ3ÿ
 23ÿ89ÿ49F
ÿ89ÿ 3ÿ 4ÿ9ÿ23ÿ334
25ÿ63ÿ ÿ43593ÿ
4
3ÿ
532349
2ÿ92ÿ3 J 2
2'ÿ
ÿ[ÿNÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿL9ÿ ÿKLÿ35
9
2ÿ93ÿ 2ÿ92ÿ9296
ÿ6ÿ83ÿR34
92ÿP 
ÿP (34ÿR 
9
2ÿ
2ÿ
ÿ43 4ÿ
abcdebfgdh"ÿihjhe!db%jkÿ!jÿlmhembhnÿ%oÿph&hjdÿq%rb&sÿ!j"ÿt!euhdÿahmhr%vwhjdcÿSxT'ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿÿÿ ÿ!ÿ ÿ"#$ÿ!%ÿ!$&ÿ$#$#ÿÿ#'ÿ
!#ÿÿÿ#ÿ ÿ#ÿ!#ÿÿ!%ÿ! #ÿ!#ÿ

ÿ
#ÿÿÿ$ÿ$$ÿ#ÿÿÿ#ÿ!ÿÿ#$#&ÿ$ÿÿ$ÿÿ#ÿ$ÿ

ÿ ÿÿ 
(ÿÿÿ)#ÿ*&ÿÿ ÿ!ÿ $ÿ%ÿ#!$ÿ#ÿÿ
+,&ÿ$&ÿÿÿ#&ÿ#ÿ#ÿ$$ÿÿ#ÿ$ÿ#ÿÿÿÿÿ
#!$ÿÿÿÿ#$$#ÿ%ÿ!#(ÿ $ÿ"$!ÿ$ÿ
$$%#ÿÿ+,-ÿ ÿ+,+ÿ#$ÿ##&ÿ ÿ ÿ!ÿ.ÿÿ#!ÿ
#ÿÿ++ÿÿÿ$ÿÿÿ#ÿÿ)*ÿ!%ÿ(ÿ/ÿ$ÿ$ÿ
#ÿÿ#!ÿÿÿ ÿ ÿ##ÿ#ÿ0$##ÿ ÿÿ1ÿ.$2ÿÿ
-ÿ%#ÿ#$ÿÿ"$!ÿ ÿ##ÿÿ ÿ!ÿ#ÿÿ)*(ÿ
3ÿÿ$ÿÿÿ"&ÿÿ0$##ÿ ÿ0##ÿ2ÿÿ####"ÿÿ!$ÿÿ
ÿÿ#$$#ÿ#ÿ ÿ4#ÿÿ#$$#ÿÿÿ(ÿ5ÿ##ÿ
$ÿ#ÿÿÿ%ÿÿÿÿ"$!ÿÿ##ÿÿÿ%$ÿ
$$%ÿÿ$$ÿÿÿ ÿ$ÿÿÿ#"ÿÿ$ÿ!#ÿ#$ÿ#ÿ
$6#&ÿÿ$$%#ÿÿÿ! ÿÿÿ#$(78ÿ3ÿ#&ÿÿ%ÿ
###ÿ"$!ÿ#ÿ ÿ!ÿ"#ÿÿÿ(ÿ5ÿ
#ÿ$#$#ÿ$#ÿ%#ÿ ÿ!ÿ#ÿÿ9 :0ÿ/ÿ,7 ÿÿ  &ÿ%#ÿ
#ÿ$ÿÿ#ÿÿ$$ÿ.$ÿÿ#ÿ#ÿ"$##&ÿÿ#ÿÿ.ÿ#ÿ"#$#ÿ
ÿÿ$#$#(7+ÿ
ÿ !&ÿÿ ÿ ##ÿ##"ÿ;  < ,< )=ÿ!##$$ÿ#ÿ ÿ
!ÿÿÿÿÿ!(ÿÿÿ)#ÿ>#&ÿÿ*ÿ5ÿ/!#ÿ
:"ÿ;*5/:=?#ÿ.ÿÿ@##ÿ!%ÿ#ÿ!&ÿ1#$ÿA#?#ÿ
ÿ#ÿ#ÿÿ!#ÿÿ"$!ÿÿ ÿ!ÿ"#ÿ
 $(ÿ*5/:ÿ#ÿÿÿ%#ÿÿ!ÿÿÿ!ÿ ÿ
#$ ÿÿ$ÿÿÿÿ#ÿÿ"#$ÿ!%ÿ!$(ÿ3ÿ!ÿÿÿ
$##ÿB2ÿ:&ÿ%#ÿ%ÿ!ÿ#ÿ ÿ ÿ#ÿ.ÿÿ -ÿ
ÿ3&ÿÿ%ÿ!#ÿ2ÿ#ÿ!$ÿ#ÿ ##ÿÿ*5/:ÿ#(ÿ5#ÿ
2ÿ%#$$ÿ#$ ÿ#ÿ!#ÿ ÿ ÿ#ÿ!#&ÿ ÿ#ÿ#ÿ
# ÿÿÿÿÿ#ÿ"ÿÿ#.$ÿ.%ÿ!%ÿ!!$ÿ ÿ
 (ÿÿA&ÿ ÿ!ÿ"#ÿ$ÿC#ÿ#ÿÿÿÿ"#$.$ÿ
 ÿ#ÿ!#ÿ#ÿÿ.$#ÿ"#ÿ2&ÿ.ÿÿÿÿ$$ÿ
#$ ÿ#ÿAÿ$#$#( ÿÿÿÿÿ"#$ÿ!%ÿ!$&ÿÿ#ÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
78ÿD##$$&ÿ0$##ÿÿ.ÿÿÿ#"ÿÿ%ÿ#ÿÿÿ"$!#ÿÿ!ÿÿ
ÿ#ÿ ÿÿ!!$##ÿ%#ÿ2ÿÿ!#.$(ÿÿ&ÿ0$##ÿ#ÿÿ#ÿÿÿ
#.ÿÿEÿÿ#ÿ$$%#ÿÿ###ÿÿÿ$ÿ$"$(ÿÿÿ$ÿ.ÿÿÿÿ
 #ÿ.###ÿÿ3::3ÿ #(ÿÿ
7+ÿ9ÿ ÿ#$ÿ#ÿÿÿÿÿ/ÿ,7 ÿ ÿÿ$#$#&ÿ!$ÿÿÿ9 :0ÿ

ÿ
! &
ÿFGG7GG2785ÿHIÿJ7238KÿL7GMH8G7ÿ38KÿFKN38O7KÿP7574Q89ÿ153IIÿL7MH45ÿ; 7=(ÿÿ
"#%ÿ%#ÿ"#ÿ@%&ÿR#ÿ ÿ069 ÿÿ &ÿ!.$#ÿ.ÿA5ÿB#ÿ
#ÿ3!#$ÿ 7(ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
35
9
2ÿ8
8ÿ
ÿ3946ÿ
2323ÿ ÿ43593ÿ8
ÿ
23ÿ 3ÿ
2ÿ83ÿ53 5498
9ÿ
9439ÿ
3!ÿ
"#$%&'%#()ÿ
ÿ83ÿ 3ÿ8
8ÿ
ÿ39ÿ *343ÿ6ÿ4359
2!ÿ1*32ÿ
2ÿ83ÿ+2
3ÿ
ÿ

,93-ÿ8343ÿ9ÿ
52

92ÿ234ÿ ÿ 4 .3ÿ89*3ÿ332ÿ
 3323-ÿ83ÿ359ÿ
123456ÿ 32ÿ

493 4ÿ
ÿ2349
2ÿ92ÿ 389ÿ2394!ÿ/ 4ÿ309 3-ÿ83ÿ 4592
19
2ÿ7
93ÿ
73249ÿ43 4ÿ 2ÿ
2

9
*3ÿ3*3 3ÿ  
25ÿ9ÿ39834ÿ 2

2ÿ
2ÿ93ÿÿ
89ÿ9 33ÿ9ÿ9453ÿ94ÿ ÿ83ÿ19ÿ7 9ÿ ÿ83ÿ+,!ÿ7349
2ÿ 2ÿ
2ÿ7 223
-ÿ
9 25ÿ
8ÿ83ÿ 4ÿ ÿ93ÿ98 4

3-ÿ89*3ÿ
 3323ÿ
4 54
ÿ4 .3ÿ ÿ
3243ÿ2
2344 3ÿ 34ÿ 
3ÿ ÿ32

3ÿ8 3ÿ34*
3ÿ943ÿ 2
343ÿ4

9!ÿ
2 3*34-ÿ7 223
ÿ9ÿ 2ÿ
4 54
ÿ 2
23ÿ ÿ3ÿ49834ÿ2394ÿ92ÿÿ3ÿ
93ÿ9ÿ83ÿ 3349ÿ3*3!ÿ32ÿ83ÿ 4ÿ ÿ,949ÿ7!ÿ4 2
2-ÿ4 3 4ÿ ÿ9ÿ9ÿ83ÿ
+2
*34
6ÿ ÿ7 223
4ÿ532ÿ23946ÿ3*346ÿ93-ÿ83ÿ359ÿ92ÿ4359 46ÿ893253ÿ ÿ

 332
25ÿ
4 54
ÿ943ÿ6ÿ 94ÿ83ÿ
553ÿ843!ÿ683ÿ382  56ÿ
ÿ8343!ÿ73ÿ
89*3ÿ29
296ÿ43 52
13ÿ
234 223
2ÿ9294ÿ89ÿ ÿ9 ÿ
4 54
ÿ ÿ
3ÿ 2233ÿ ÿ83ÿ334
ÿ54
!ÿ789ÿ3ÿ 28ÿ89*3ÿ
ÿ9ÿ359ÿ 493 4ÿ 4ÿ4
*93ÿ
4ÿ
94
*93ÿ
4 54
ÿ 234ÿ92ÿ 349 4ÿ8 ÿ943ÿ2 ÿ
ÿ


3ÿ ÿ4393ÿ

4 54
ÿ
8 ÿ89*
25ÿ ÿ5 ÿ84 58ÿ6394ÿ ÿ359ÿ92ÿ4359 46ÿ8435!ÿÿ
:;<;<;=;ÿ ?@$A@B#CA)ÿB&ÿEACAF&GÿHIJ%BÿK@A%'LÿMN)#@A))ÿ"&(AF)ÿ
ÿ 789ÿ
ÿ 43-ÿ4359 4ÿÿA@$&N%J'AÿBOAÿ(ACAF&GIA@Bÿ&PÿBOA)AÿQN)#@A))ÿ
I&(AF)ÿJ@(ÿBOAÿN)Aÿ&Pÿ)IJ%BÿA@A%'LÿJGGF#$JB#&@)!ÿ
Rÿ9ÿ8 3-ÿ4359
2ÿ
2ÿ83ÿ
3432ÿ 24
3ÿ
3S83ÿ+,-ÿ+T-ÿ34926ÿ92ÿ
491
S 2
3ÿ9ÿ
3ÿ49253ÿ ÿ
232
*3ÿ ÿ3*3 ÿ(#)B%#QNBA(ÿ'A@A%JB#&@-ÿ9ÿ
34
3ÿ3 !ÿ
683ÿ+,ÿ123456ÿ32 49
2ÿR
2
49
2ÿ43 52
13ÿ
*3ÿ9
ÿ833ÿ ÿ 4ÿ
83ÿ3*3 32ÿ ÿ
4
3ÿ532349
2ÿ
2ÿ83ÿ+2
3ÿ,934ÿBJUÿ$%A(#B)-ÿ@ABÿ
IABA%#@'-ÿPAA(V#@ÿBJ%#PP)-ÿ)BJBAÿ)NQ)#(#A)ÿ92ÿ%A@AWJQFAÿA@A%'Lÿ$A%B#P#$JBA)!ÿ
9XÿZJUÿ$%A(#B)ÿ943ÿ 3349ÿ833ÿ8
8ÿ9 ÿ83ÿ 234ÿ ÿ
299
2ÿ89ÿ
5323493ÿ323456ÿ 4 ÿ432393ÿ 43ÿ92ÿ93-ÿ9 25ÿ 834ÿ8
25-ÿ ÿ
433ÿ83ÿ ÿ ÿ833ÿ63!ÿ/ 4ÿ309 3-ÿ
2ÿ83ÿ93ÿ ÿ 94ÿ63-ÿ
3349ÿ90ÿ9ÿ 4 *
3ÿ 234ÿ ÿ 8  * 9
ÿ
4
3ÿ532349
2ÿ
63ÿ
8ÿ9ÿ90ÿ43
ÿ3[
*932ÿ ÿ\ÿ ÿ83ÿ ÿ ÿ63ÿ 4ÿ83ÿ32ÿ
34!ÿ68
ÿ43
ÿ9ÿ39
83ÿ
2ÿ]ÿ92ÿ89ÿ332ÿ43233-ÿ ÿ43326ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ32ÿ83ÿ93ÿ ÿ432393ÿ323456ÿ34

93-ÿ83ÿ
232
*3ÿ3032ÿ36 2ÿ
4
3ÿ532349
2ÿ
63ÿ92ÿ32  9ÿ9ÿ
34ÿ49253ÿ ÿ432393ÿ323456ÿ 43ÿ892ÿ83ÿ54  ÿ 2
343ÿ
2ÿ8
ÿ
43 4!ÿ
ÿ,3
2ÿÿ ÿ323429ÿ^3*323ÿ7 3ÿ 4ÿ43
32
9ÿ
299
2ÿ92ÿ3
2ÿ_`ÿ 4ÿ  92
3-ÿ8
8ÿ
39
83ÿ83ÿ9 2ÿ ÿ9
ÿ8
8ÿ92ÿ3ÿ33ÿ 4 ÿ83ÿ9 2ÿ9693ÿ ÿ83ÿ+,ÿ323429ÿ
^3*323ÿ,34*
3ÿ
2ÿ
43ÿ903!ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!ÿÿ!ÿ"ÿ#ÿ$ÿ ÿ ÿ%&'ÿ()ÿ*#ÿ
#ÿ+&&ÿÿÿ"ÿÿÿÿ"ÿ&ÿ#ÿ ÿ"ÿ,)ÿ

ÿ
-ÿ(&##ÿÿÿÿ! ÿÿÿ&&/ÿÿÿ'ÿÿ

ÿ ÿÿ
0&&ÿ0ÿÿ ÿ&&+ÿ!ÿÿ1'ÿ#ÿÿ"ÿ#ÿ!+ÿ
#ÿ)ÿ2ÿ1!&/ÿÿ3&"/ÿ#ÿÿÿ&&ÿ+##ÿ
&ÿÿÿÿ(4ÿ56/ÿ+##ÿ+ÿ!ÿÿ5/ÿ ÿ#ÿ
!&ÿ7ÿ%!&ÿ3!ÿ&ÿÿ(4ÿ8/ÿ+##ÿ+ÿ
!ÿÿ8) 5ÿ
9:;<=>ÿ@ABÿCDEDFGÿHIÿJKDÿLKDKMNOPÿNOÿDQKÿ<CÿEDÿDQKÿCDEDKÿRKSKTÿULEVÿ@WA@Xÿ

- ..._•
• Mandatory state requirement • Voluntary unnues program O No net metenng program
ÿ
%Yÿ ÿZ"ÿ(ÿ
-ÿ9KK[\NOÿDEMNIIGÿ&&+ÿ!ÿÿ&&ÿ#ÿ&ÿ#ÿÿÿ#ÿ
!+ÿ&ÿÿ"ÿÿ)ÿ*#ÿ#ÿÿÿ0ÿÿÿ#ÿ]ÿ
%ÿ ÿÿ&ÿÿÿ)ÿ^ÿ"ÿ#ÿ!+ÿ"ÿ_ÿÿ#ÿ
ÿÿ##&ÿ0&ÿ ÿ! ÿÿÿ&&/ÿÿ+&&ÿÿ&&ÿ!+ÿ
&)ÿ
-ÿCDEDKÿGF`GN[NKGÿÿ ÿÿ "ÿ#ÿÿ"ÿ ÿÿ
)ÿ2ÿ1!&/ÿÿ3&"/ÿ#ÿ%&"abÿZ0ÿ^ÿ
""ÿÿÿ"ÿ#ÿ!&ÿ"ÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
5ÿb&&ÿ!_/ÿ#ÿ&ÿ+ÿ#ÿ!+ÿ"ÿ_ÿÿ#ÿÿ ÿ#ÿ!+ÿ"ÿ#ÿÿ
ÿÿ&ÿÿÿ&ÿ)ÿ(ÿ&ÿÿÿÿ#ÿ ÿ"ÿ#ÿÿÿÿ
&&ÿÿÿ"ÿÿÿ#ÿ"&&+ÿ)ÿ2ÿ"#ÿ&ÿÿÿÿ!0ÿÿ
3&"ÿ ÿ#ÿ]%ÿ/ÿ!&ÿÿ#ÿÿ"ÿ%ÿZ0ÿ"ÿc+&ÿdÿ "")ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
 ÿ
293ÿ4 
2ÿ99
6ÿ ÿ3332ÿ!"#$ÿ92ÿ!#$%ÿ332
25ÿ 2ÿ
83ÿ382  56%ÿ 943ÿ ÿ83ÿ9&34953ÿ ÿ ÿ9ÿ 532349
2ÿ63ÿ'7()*%ÿ
8
8ÿ
ÿ!"#$ÿ
293"+ÿ
ÿ

3*ÿ-96%ÿ 3ÿ93ÿ43.
43ÿ89ÿ9ÿ
2
ÿ3432953ÿ ÿ83ÿ 34ÿ ÿ6ÿ
123456ÿ 32ÿ




3ÿ92ÿ323456ÿ439
34ÿ 3ÿ 4 ÿ432393ÿ 43"ÿ/2ÿ 434ÿ ÿ

332ÿ8
ÿ 
6%ÿ83ÿ93ÿ
3ÿ012345406317ÿ9:40:ÿ012345;ÿ21<196=>1ÿ
1<12?;ÿ@2ABC034A<ÿ92ÿ943ÿ392ÿ ÿ9 ÿ


3ÿ ÿ3 2493ÿ83
4ÿ
 
923ÿ
8ÿ4 
2ÿ. 9ÿ ÿ54332ÿ323456"ÿ/2ÿ83ÿ93ÿ8343ÿ
35
9
2ÿ34
ÿ %ÿ398ÿ4 34ÿ96ÿ493ÿ83ÿ432393ÿ323456ÿ
34

93ÿ 443 2
25ÿ ÿ83ÿ334

6ÿ83ÿ5323493ÿ 4 ÿ432393ÿ
 43"ÿD8
ÿ833ÿ
ÿ ÿ94
94ÿ
2343ÿ ÿ3
ÿ92ÿ9453ÿ4 34%ÿ
8ÿ9ÿ
233ÿ 4ÿ 34
9ÿ3 4ÿ32

3ÿ8 3ÿ3&3ÿ ÿ532349
2ÿ943ÿ
8
58ÿ32 58ÿ ÿ3ÿ93ÿ ÿ 9
2ÿ34

93ÿ
2ÿ
52

92ÿ.92

3"ÿ/ÿ8 ÿ
3ÿ2 3ÿ89ÿ35
9
2ÿ43594
25ÿ83ÿ 
59
2ÿ ÿ


3ÿ ÿ943ÿ9ÿ

2
ÿ3432953ÿ ÿ432393ÿ 34ÿ9 ÿ
93ÿ83ÿ432E83E93ÿ
 3%ÿ
2ÿ8
8ÿ
ÿ
ÿ


3ÿ89ÿ
29ÿ432393ÿ
4
3ÿ532349
2ÿ
63"ÿÿ
/2ÿ83ÿF2
3ÿG
25 %ÿ511BH4<ÿ3624557ÿ92ÿ21<196=>17ÿA=>4?634A<ÿ012345406317ÿ943ÿ
83ÿ9
2ÿ
232
&3ÿ ÿ4  3ÿ83ÿ
299
2ÿ ÿ
4
3ÿ532349
2ÿ63%ÿ9ÿ

3ÿ3 "ÿ
I11BH4<ÿ3624557ÿ
2ÿ83ÿF2
3ÿG
25 J39
83ÿ
2ÿKÿ6ÿ83ÿ123456ÿLJ943ÿ
9
3ÿ ÿ4 34ÿ
8ÿ9ÿ432393ÿ 34ÿ4 
2ÿ99
6ÿ ÿÿ ÿÿM$ÿ 4ÿ9ÿ
E6394ÿ34
%ÿ92ÿÿ6394ÿ
2ÿ83ÿ93ÿ ÿ
4 E 532349
2ÿ63ÿ92ÿ
8  & 9
ÿ923ÿ
293ÿ3 43ÿL5ÿ"ÿN33E
2ÿ94
ÿ
2ÿ83ÿF2
3ÿG
25 ÿ

23ÿ ÿ63ÿ ÿ9632Oÿ
Pÿ32349
2ÿ94
Oÿ4 34ÿ943ÿ9
ÿ 4ÿ83ÿ 34ÿ83
4ÿ63ÿ5323493ÿ
Pÿ1Q 4ÿ94
Oÿ4 34ÿ433
&3ÿ92ÿ9

29ÿ9632ÿ 4ÿ83ÿ 34ÿ5323493ÿ
92ÿ3Q 43ÿ9ÿ ÿ83ÿ 34ÿ54
ÿ
/2ÿR23ÿS%ÿ ÿ83ÿ+%ÿ
299
2ÿ
23ÿ
2ÿ8
ÿ833J
8ÿ9ÿ99
6ÿ ÿ
"ÿ$%ÿ8
8ÿ
ÿ3.
&932ÿ ÿTÿ ÿ432393ÿ 34ÿ532349
2ÿ99
6JUUTÿ
343ÿ8  & 9
ÿ923ÿ
299
2%ÿ3
3ÿ83ÿ 9ÿ89ÿ83ÿ833ÿ
23ÿ 94%ÿ

2%ÿ864 %ÿ92934 
ÿ
53
2ÿ92ÿ
4 E7()ÿ382  5
3ÿ'
8ÿ83ÿ934ÿ9ÿ83ÿ

 ÿ953*"Vÿ
ÿÿ+ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿF2
3ÿW93ÿ12&
4 2329ÿ)4 3
2ÿL5326ÿ99%ÿ9&9
93ÿ 2ÿ
ÿ3
3ÿ
2ÿ83ÿ3
2ÿ 2ÿ
99
25ÿ83ÿ3 2 
ÿ&94
93ÿ 4ÿ92ÿ9&34953ÿ7()ÿ63ÿ'
2
25ÿ
24
9ÿ9
9
2ÿ92ÿ83ÿ
 34
9ÿ3 4*%ÿ92ÿ79
42
9ÿ)
ÿF


3ÿ7 

2ÿ99"ÿ
ÿ/ 2ÿ83ÿ93ÿ ÿ432393ÿ 
59
2ÿ34

93%ÿ
232
&3ÿ3Q32ÿ36 2ÿ
4
3ÿ532349
2ÿ
V63ÿ92ÿ32 9ÿ9ÿ
34ÿ49253ÿ ÿ432393ÿ323456ÿ 43ÿ892ÿ8 3ÿ 2
343ÿ
2ÿ8
ÿ43 4"ÿ
ÿ39432ÿ ÿ123456ÿ92ÿ7
93ÿ789253ÿ99"ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿÿ !ÿ"#$ÿÿÿ !ÿ%!$ÿ&ÿÿ''&ÿ#ÿÿ
'#ÿ(ÿ)#*&ÿ')ÿ#!ÿ!#ÿÿ*ÿ#ÿ(ÿ+,-,./01,ÿ

ÿ
30145/643-ÿ7,+64847/6,9:ÿ;ÿ(ÿ*)ÿ ÿ<=ÿ#!ÿ ÿ>=ÿ#!ÿÿ)#*&ÿ

ÿ ÿÿ
ÿ#ÿ?ÿ)#*&ÿ*&#ÿ(#$ÿ)ÿ#ÿÿ*ÿ@&!ÿÿ
&ÿÿ#ÿÿ'&ÿ)ÿ&#)ÿÿÿ#ÿ(ÿ)#*&ÿ')ÿ''&!:ÿ
Aÿ#'ÿ(ÿÿ'&ÿÿ&#!ÿ#ÿ#ÿ#&ÿ&B&Cÿ &#!ÿ#!ÿ=#&$ÿ
"&#!$ÿ#!ÿDÿE&#!$ÿÿF)#*&ÿG*&#ÿG!:ÿAÿÿÿ
#!#&&ÿ*ÿ'&#!ÿ*ÿ)#ÿ#ÿ<)ÿ#ÿH#ÿ(ÿ!((I:ÿAÿ
#ÿ#&&)ÿ&#ÿ'ÿÿ&&ÿ!ÿ#!ÿ&ÿ!&ÿÿ
!#&ÿÿ(ÿ#ÿ'ÿ)ÿ#&&)ÿÿÿBÿÿÿ(ÿÿ!*!ÿ
#ÿÿ#!ÿ)$ÿ#ÿÿ#ÿ$ÿÿ&)ÿ#ÿÿ'ÿ(ÿ')ÿ
''&!ÿB#ÿÿ!: Jÿ
Eÿÿ#ÿ(ÿK#$ÿÿ#ÿÿ''ÿ)#*&ÿ!*!ÿ')ÿ
#ÿÿ8,,LM4-ÿ6/+4889$ÿ#ÿN!ÿÿÿ *#@ @KN:ÿ
;ÿ)ÿÿÿ&#&ÿ?ÿ#ÿÿÿ#ÿÿÿ
ÿ')ÿ!*ÿ)<ÿ#!ÿ&&ÿÿ')ÿÿ'!ÿ#ÿ#ÿ(O!ÿ#((ÿ(ÿÿ
#ÿ#!ÿÿÿ&ÿ!ÿÿ'!ÿ&:ÿK!ÿ'#ÿ#ÿ
?!ÿÿÿÿ!*!ÿ#ÿÿ)ÿ#ÿ'#ÿ(ÿÿÿ
ÿÿ!*ÿ)<ÿ#!ÿÿBÿ'ÿÿÿ&ÿÿ'!ÿBÿÿ
&ÿ(ÿ#!#&ÿÿÿ#ÿ&#$ÿ#&ÿ#!ÿ#:ÿ=#ÿÿ$ÿÿ
ÿ(ÿÿK#ÿÿ'&ÿ#ÿ#ÿ&ÿ(ÿ)#ÿÿ<)ÿ#ÿÿP8749Q7R78S7ÿ
!&ÿ'ÿÿ#!'ÿ(ÿ!*!ÿ#ÿÿ*ÿ?ÿ#ÿ
#ÿÿÿ(ÿÿ#:ÿEÿÿ#*#!ÿ&#ÿÿ#!ÿÿ
#ÿ?#ÿ(ÿÿ#!ÿ(ÿ)#*&ÿÿ(ÿÿ#ÿ##!:ÿAÿ
'(!ÿ&#ÿ#ÿ#ÿ&#!ÿÿ'#ÿ(ÿ!*!ÿ#ÿ
$ÿ#ÿ(ÿ)ÿ#ÿ*#!ÿÿ)#*&ÿ$ÿ*ÿ(ÿ(!@ÿ#(($ÿ
ÿ'ÿ&#ÿ&ÿ&<ÿ :GDÿÿ(ÿÿ)#*&ÿÿ#!ÿ!*!ÿ
#: Tÿ
EÿU#N&$ÿÿ#ÿÿ(ÿBÿ(ÿÿ#&&#ÿ#!ÿÿ(ÿ!*!ÿ
#ÿÿÿ(ÿ#ÿ-,6ÿV,6,+4-5ÿ#ÿ#*&!ÿ*ÿ&ÿ
WTXÿ#!ÿ JX:ÿAÿÿ#$ÿ&ÿ#!ÿ*ÿ
!*!ÿ#ÿ#!ÿ(!ÿ*#<ÿÿÿ!ÿ&ÿÿ'ÿÿ!ÿ(ÿ')ÿ
'ÿ''&!ÿ*ÿÿ!ÿ)ÿ#ÿ*ÿ!ÿÿ&)ÿ&ÿ*&&ÿ)ÿÿ
(&&)ÿY ÿ:ÿZ)B$ÿ!*!ÿ#ÿ#ÿ#&ÿ*ÿ!!ÿ*ÿÿ
#:ÿEÿ'&ÿY$ÿÿ[GD\]ÿ'*&!ÿ#ÿ@*!ÿ'^ÿ#''&#ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
JÿA($ÿ#ÿ)ÿ*)ÿ ÿ<=ÿ#!ÿ ÿ>=ÿ#ÿÿ*)ÿÿ)#*&ÿ
* &#ÿ(#ÿÿ#!ÿÿ(!@ÿ#((ÿÿ_#:ÿJU$ÿJÿFGGÿ`aÿ#!ÿ#:ÿYÿ\AGÿb:ÿ
Tÿ\ÿÿ! #&$ÿÿÿ :GDÿ'ÿ&#$ÿc7Rÿde4fe4357ÿg543579
hÿPijcÿ5eÿkedlgÿe8ÿ4787R3mn7goÿ
SQg54Qml5Qe8ÿ875Re4pgoÿ38Sÿdlg5e274ÿgenl5Qe8gÿ38Sÿ5eÿgfQ8ÿekkÿ5q7ÿ23re4Q5
ÿekÿ3ÿ87RoÿflmnQdn
ÿnQg57Sÿde2f38
ÿ
gf7dQ3nQsQ89ÿQ8ÿfeR74ÿ9787435Qe8oÿ9nem3nÿ78749
ÿ543SQ89oÿ38Sÿ7tfne435Qe8ÿ38Sÿf4eSld5Qe8ÿ_Wb:ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ3943ÿ
ÿ
2ÿ83ÿ892ÿ ÿ35
9 4ÿ
2ÿ398ÿ49

92ÿ93 8
8ÿ43 32ÿ
89ÿ!4 34ÿ!96ÿ83ÿ"7#$ÿ%ÿ
2
43ÿ9&3ÿ%ÿ 2ÿ83ÿ 9ÿ 2!
2ÿ ÿ334

6ÿ
!!
3ÿ'6ÿ83ÿ54
(ÿ3)32ÿ
ÿ 3ÿ ÿ8
ÿ89ÿ'332ÿ 3ÿ'6ÿ83ÿ334

6ÿ 3ÿ
2 ÿ83ÿ
ÿ

54
*ÿ+ 4
25ÿ ÿ83ÿ1!439ÿ3ÿ,3-
9ÿ12345.
9(ÿ833ÿ4359
2(ÿ 8
8ÿ943ÿ
123456ÿ 32ÿ

44326ÿ'3
25ÿ9!!
3ÿ
2ÿ9ÿ93ÿ3&3!ÿ 4ÿ#
29ÿ349
(ÿ ÿ396ÿ54
ÿ!94
6ÿ 4ÿ
,/ÿ!923ÿ
4
'3ÿ532349
2ÿ63ÿ2
ÿ(ÿ49834ÿ892ÿ*0ÿ
"2ÿ83ÿ93ÿ ÿ83ÿ123451ÿ7289:582ÿ92ÿ;<7=>4?ÿ9:@27ÿ9?45=ÿ 3(ÿ9ÿ836ÿ
5323493ÿ43)323(ÿ83ÿ
232
)3ÿ2333ÿ ÿ9
2ÿ83ÿ)
9'

6ÿ ÿ833ÿ'
23ÿ
 3ÿ943ÿ 43ÿ

3ÿ892ÿ 4ÿ
4
'3ÿ532349
2ÿ63*ÿ"2ÿ 9(ÿ
2ÿ43 52

25ÿ
83ÿ3&
323ÿ ÿ833ÿ 3ÿ92ÿ83ÿ! 

2ÿ ÿ9554359 4(ÿ83ÿ4359 4ÿ

923 6ÿ32)
953ÿ89ÿ83ÿ392ÿ43! 23ÿ92ÿ)
49ÿ! 34ÿ!92ÿ 3ÿ
92ÿ5323493ÿ43)323ÿ 4 ÿ83ÿ93ÿ ÿ4334)3ÿ! 34ÿ9!9
6*ÿ
A96(ÿ
2ÿ83ÿ93ÿ ÿ3<B7:C7<18(ÿ8343ÿ943ÿ 3 ÿ
292
9ÿ
232
)3ÿ ÿ3)3 !ÿ83(ÿ
5
)32ÿ89ÿ35
9
2ÿ89ÿ2 ÿ63ÿ3
23ÿ83ÿ3&
323ÿ ÿ833ÿ63ÿ92ÿ83
4ÿ

2 4! 49
2ÿ
2 ÿ49

29ÿ! 34ÿ63*ÿD 23833(ÿ8343ÿ943ÿEFÿHIJÿ359ÿ
43-
4332ÿ 4ÿ83ÿ3)3 !32ÿ ÿ!3

ÿ!4 K3ÿ
2ÿ49
*ÿL 4ÿ3&9!3(ÿ83ÿ
5 )34232ÿ89ÿ!!
3ÿ 2ÿ ÿ'

3ÿ83ÿ
!3329
2ÿ ÿ
4 54
ÿ
2ÿ

 93(ÿ449ÿ9439ÿ 8
8ÿ943ÿ2 ÿ34)3ÿ'6ÿ49

29ÿ334
ÿ! 34ÿ
4
'
2ÿ
23 4*ÿ
MNONPNÿÿR2BS5:?:CTÿ
ÿ L 4ÿ9ÿ94ÿ323456ÿ'
23ÿ 3ÿ 834ÿ892ÿ323456ÿ34)
3(ÿ83ÿ382  56ÿ
3ÿ
ÿ4

9ÿ
2ÿ334
2
25ÿ83ÿ)93ÿ!4 )
3ÿ ÿ32U 34*ÿ"2ÿ 9(ÿ398ÿ
382  56ÿ 34ÿ
3432ÿ6
3(ÿ 83834ÿ
2ÿ34ÿ ÿ323456ÿ5323493V!!
3ÿ 4ÿ
323456ÿ9)3(ÿ9ÿ
3432ÿ *ÿ93ÿ 2ÿ833ÿ ÿ3332(ÿ
ÿ
ÿ! 
'3ÿ ÿ
334
23ÿ ÿ34
)
25ÿ 4 ÿ83ÿ3ÿ ÿ398ÿ382  56ÿ!34ÿ2
ÿ ÿ323456ÿ
5323493V!!
3ÿ 4ÿ9)3*ÿW8343 43(ÿ
ÿ
ÿ! 
'3ÿ ÿ93ÿ398ÿ382  56ÿ
9 4
25ÿ ÿ83
4ÿ *ÿ
"2ÿ1<8=7<X>=21ÿC25274=<:5(ÿ83ÿ6
3ÿ 4 ÿ83ÿ382  5
3ÿ

3ÿÿ'3ÿ8
58ÿ
32 58ÿ
2ÿ439
2ÿ ÿ83ÿ382  56Yÿ (ÿ83ÿ ÿ ÿ334

6ÿ 4 ÿ83ÿ49

29ÿ
54
ÿ92V 4ÿ83ÿ
232
)3ÿ4393ÿ ÿ! 34ÿ!4 
2(ÿ9ÿ8 2ÿ
2ÿL
543ÿZÿ92ÿÿ
2ÿ
3
2ÿ*ÿÿ
[ÿ,4 34ÿ89ÿ89)3ÿ9>7BS4821ÿ4ÿ1<8=7<X>=21ÿC25274=<:5ÿ8T8=23ÿÿ'3ÿ9'3ÿ
 ÿ43 )34ÿ83
4ÿ
2)332ÿ'6ÿ392ÿ ÿ9ÿ43
2ÿ ÿ83
4ÿ334
ÿ'
ÿ92ÿ83ÿ

232
)3ÿ836ÿ96ÿ '9
2ÿ9ÿ9ÿ43ÿ ÿ! 34ÿ532349
2ÿ 4ÿ83ÿ
299
2ÿ ÿ83ÿ
532349
2ÿ63*ÿÿ
ÿÿ0ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿL 4ÿ 4834ÿ39
(ÿ!393ÿ33ÿ83ÿ1!439ÿ3ÿ,3-
9ÿ12345.
9ÿ2 3(ÿ]^_`abcIÿFEÿd`aEbcIÿ
eIfIgIhfEiJEÿji_faiklmFEÿ^IÿnaE_ihÿoÿpI^FiJiI^E^f`_ÿ̀ÿ]qrEJfI_*ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿÿ!"#$%&'ÿÿ(()ÿ*+,ÿ-ÿ.+//+0ÿ12ÿ-ÿ3+ÿ/ÿ-ÿ0++ÿ
330+.ÿ1ÿ.++0ÿÿ.ÿ-ÿÿ/ÿ3.+ÿ0++ÿ1ÿÿ/ÿÿ

ÿ
.++1.ÿ+ÿÿ+ÿ.+*+..ÿ12ÿ-ÿ34ÿ.*03ÿ.ÿ-ÿ

ÿ ÿÿ
35ÿ6ÿ..++,ÿ.*03ÿ-ÿ3ÿÿ3+ÿ70ÿÿ-ÿÿ/ÿ
+00+ÿ-ÿ,ÿ30ÿÿ +5ÿ8-+ÿÿÿ1ÿ0ÿ-ÿ-ÿ3+ÿ/ÿ
32ÿ/ÿ-ÿ+.ÿ+ÿ.ÿ/ÿ-ÿ0+ÿÿ99:ÿ//ÿÿ1ÿ+*ÿÿ
35ÿ;,ÿ-0+0ÿ//++<..ÿÿ-ÿ+ÿ/ÿ+ÿÿÿ
+ÿ3+<ÿ1ÿ-ÿÿ-ÿ-ÿ.+//+0ÿ+.ÿ1*ÿ
 =ÿ+ÿ3+10ÿÿ//ÿÿ+*ÿ.+ÿÿ-ÿÿ/ÿ32ÿÿ3ÿ
2-+0ÿ3*+.+ÿ +ÿÿ-ÿ.*03ÿ1+ÿÿ10ÿÿÿ345ÿ
ÿ>0,ÿ+ÿÿ?"&@A@B"A$C#D"ÿ.0,ÿ.*03ÿÿ1ÿ10ÿÿ*ÿ-+ÿ
+*ÿ+ÿ+ÿÿ--ÿ*ÿ/ÿ++*ÿ1.ÿÿ-ÿ
Eÿ0*0ÿ/ÿ32ÿ3.+5ÿ
8-ÿ$F#?@ÿBHF"ÿ$H!I@%H&$ÿ//.ÿÿÿ++/+ÿ*+ÿ/ÿ5ÿ
ÿ6ÿ-ÿÿ/ÿ$F#?@ÿBHF"ÿC?HJID@$,ÿ-ÿ*+ÿ-+*.ÿ1ÿÿ1ÿÿ
/ÿ-ÿ.*+ÿÿ//ÿ3-ÿ.ÿ+00+ÿ5ÿ:..++00,ÿÿ
++0ÿ+3ÿ7+ÿ2+-ÿ.ÿÿ-0+ÿ+ÿ-+ÿÿ/ÿ
5ÿKÿ++0ÿL3ÿ-0+ÿÿ1ÿ+++*,ÿÿÿÿ.ÿ
-ÿ-ÿÿ7+ÿ3+/+ÿ-+0ÿ=20.5ÿ:ÿÿ0,ÿ ÿ.*+ÿ2-+-ÿ
2=ÿ +00,ÿÿ+ÿ-ÿÿ/ÿM,ÿÿ-ÿÿ/0ÿ.5ÿÿ
ÿN++00,ÿ1+ÿ.0ÿ2-+-ÿ3*+.ÿ3+ÿ.+ÿ--ÿ
 ÿ-ÿ-0ÿ0+ÿ =ÿ+ÿ3+10ÿÿ+30ÿÿ
ÿ++++*ÿ+ÿ-ÿÿ/ÿ+0++,ÿÿÿ00ÿ3+ÿ.ÿ/ÿ
+.+*+.0ÿ2-+-ÿÿ-ÿ1ÿ+O.5ÿ+ÿ/ÿ00,ÿ-0+ÿÿ1ÿ
//+*ÿ-ÿÿ-ÿÿ+ÿÿ.+ÿ+ÿ32ÿ3+ÿ.ÿ
,ÿ-/,ÿ+.ÿ+ÿ-ÿ.+ÿ//.5ÿN.,ÿ-ÿÿ/ÿ
-0+ÿÿ1ÿ//.10ÿ-ÿÿ1ÿ02ÿ-ÿ-ÿÿ/ÿ*+ÿ
-+*.ÿ1ÿ+0++ÿ--ÿ..ÿÿ*,ÿÿ--ÿ*ÿ
1+.ÿ1ÿ+O+ÿ-ÿ3+ÿ.ÿ00.5ÿ
8-ÿ-0+0ÿ<3+ +0ÿ/2 <-ÿ33ÿJ"F#&Jÿ?"$CH&$"ÿ
*+ÿ.ÿ-ÿ+ÿ/ÿ32ÿ3.+ÿ3+ÿ1ÿÿ/ÿÿP%?@I#!ÿ
CHQ"?ÿC!#&@ÿÿ1ÿ//+*ÿ-ÿÿ7+=0ÿ.+ÿ-ÿ3+ÿ1++ÿ
/ÿÿ/ÿ2-+-ÿÿ7ÿ*ÿ3+,ÿÿ-+ÿ+ÿÿ=ÿ0ÿ/ÿ-ÿ
70+ÿ/ÿ-ÿ*+5ÿR-ÿ+ÿ,ÿÿ2=ÿ ÿÿÿ1ÿ
ÿ+ÿÿ=,ÿ-ÿÿÿ1ÿ=,ÿ/ÿL305ÿ
>0,ÿ/0ÿF%D?H'?%Jÿ34ÿÿ-*ÿ.++1.ÿ+,ÿÿ.ÿ
.++1+ÿÿ2-+-ÿÿ.3.10ÿ-ÿÿÿÿ0+10ÿ32ÿ330ÿ
*+ÿÿÿ3++*ÿ5ÿ6ÿ-+ÿ,ÿ-ÿÿ/ÿÿ+0+O.ÿÿ =ÿ+ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
 
3ÿ ÿ 34ÿ 34ÿ9ÿ9ÿ 3

!3ÿ4
3ÿ
2ÿ 94
 2ÿ ÿ49

29ÿ93429
!3"ÿ
# 4ÿ
 93ÿ63ÿ
2ÿ43 3ÿ9439ÿ 4ÿ9ÿ63ÿ 4ÿ

946ÿ3$ÿ 4ÿ3%93$ÿ
83ÿ 94
 2ÿ3 332ÿ83ÿ ÿ ÿ
4 54
ÿ92ÿ83ÿ4
3ÿ ÿ 34ÿ
3ÿ6ÿ
ÿ




3ÿ
ÿ2 ÿ9ÿ
52

92"ÿ
123456ÿ 32ÿ

&2ÿ83ÿ93ÿ ÿ1'7 $ÿ ÿ ÿ83ÿ


4 !332ÿ44326ÿ
3323ÿ ÿ
4 !3ÿ
323456ÿ3

326ÿ ÿ2 ÿ 3ÿ 4 ÿ83ÿ3ÿ ÿ23 ÿ382  5
9ÿ9
9
2$ÿÿ
49834ÿ4
94
6ÿ 4 ÿ 24
2(4393ÿ
4 !332$ÿ8ÿ9ÿ8349ÿ
29
2ÿ

2ÿ

25"ÿ)8343 43$ÿ
8ÿ43594ÿ ÿ323456ÿ34!
3ÿ9ÿ3ÿ89!3ÿ3
23ÿ83ÿ
2ÿ8
ÿ
43 4$ÿ382  56ÿ
ÿ ÿ3 2946ÿ
 4923"ÿÿ
*+,+*+ÿ./0102/03ÿ
ÿ &ÿ
ÿ332
9ÿ89ÿ 92
3ÿ 349
25ÿ234ÿ
23ÿ 3ÿ 8
8ÿ435
43ÿ

52

92ÿ
2

9ÿ
2!332ÿ 4ÿ398ÿ4 63ÿ92ÿ8 3ÿ
292
9ÿ4342ÿ943ÿ3963ÿ
 ÿ89!3ÿ

32ÿ
292
9ÿ43 43"ÿ
&2ÿ83ÿ
23ÿ 3ÿ93ÿ 2ÿ7819/03ÿ10:ÿ;;<ÿ98=>/289$ÿ=80?@?A8@9B128ÿ92ÿ
808=3Cÿ98=>/289$ÿ398ÿ23 ÿ4 63ÿ435
43ÿ
52

92ÿ
2

9ÿ
2!332ÿ ÿ9
9"ÿ
)83ÿ4342ÿ 2ÿ833ÿ4 63$ÿ 8
8ÿ 3ÿ 4 ÿ 34ÿ9632ÿ 4ÿ 3
25ÿ

232
!3$ÿ3%32ÿ ÿ34
ÿ ÿÿ ÿDÿ6394"ÿ&2ÿ83ÿ93ÿ ÿ
4 54
$ÿ83ÿ

9
2ÿ
ÿ3!32ÿ 43ÿ3%433$ÿ9ÿ398ÿ4 63ÿ435
43ÿ
2!332ÿ ÿ
29ÿ3!349ÿ

4
3ÿ532349
2ÿ63ÿ92ÿ 
6ÿ ÿ3!3 ÿ9ÿ 9ÿ
4

2ÿ23 4"ÿ
&2ÿ83ÿ93ÿ ÿ808=3Cÿ98=>/289$ÿ9ÿ3ÿ3%9
23ÿ
2ÿ83ÿ83 43
9ÿ43329
2$ÿ1'7 ÿ
943ÿ
2439
256ÿ 3ÿ 2ÿ9ÿ 3ÿ
2ÿ8
8$ÿ49834ÿ892ÿ3
25ÿ35
32ÿ ÿ
4 !3ÿ
323456ÿ3

326$ÿ836ÿ 34ÿ34!
3ÿ ÿ
4 !3ÿ323456ÿ 2
2ÿ84 58ÿ
 2
2ÿ394332ÿ92ÿ 24 ÿ63$ÿ9ÿ3ÿ9ÿ323456ÿ3

32ÿ35
32"ÿ
Eÿ32
23ÿ394
34$ÿ1'7 ÿ943ÿ54996ÿ !
25ÿ 94ÿ 34
25ÿ
292
25ÿ 
2ÿ

8
2ÿ83ÿ 493 4ÿ ÿ83
4ÿ34!
3ÿ 249"ÿ&2ÿ8
ÿ93$ÿ1'7 ÿÿ43 ÿ83
4ÿ

2!332ÿ934ÿ6ÿ392ÿ ÿ9632ÿ 4 ÿ 34ÿ 4ÿ83ÿ323456ÿ34!
3ÿ
4 !
3Fÿ
2ÿ 834ÿ 4$ÿ 4ÿ83ÿ9!
25ÿ98
3!3"ÿ)8343 43$ÿ
2ÿ 434ÿ 4ÿ83ÿ
23ÿ
 3ÿ ÿ 2
2$ÿ
ÿ435
43ÿ89ÿ1'7 ÿ89!3ÿ32 58ÿ
292
9ÿ99
6ÿ ÿ93ÿ83ÿ
435
43ÿ
2!332ÿ
2ÿ9
9ÿ92ÿ382
9ÿ35
32"ÿ
&2ÿ83ÿ:8G10:ÿ=89BH098ÿ34!
3ÿ92ÿ>/=?I17ÿBHJ8=ÿB710?ÿ 3$ÿ83ÿ
2!332ÿ
44326ÿ2333ÿ 4ÿ 92
3ÿ ÿ3%34
323ÿ945
29ÿ54 8$ÿ
2ÿ 834ÿ 4$ÿ ÿ
95
43ÿ23 ÿ 34ÿ
8ÿ9!9
93ÿ4334!3ÿ99
6$ÿ
ÿ2 ÿ!346ÿ8
58ÿ 832ÿ
 943ÿ ÿ83ÿ 

!3ÿ98ÿ  ÿ5323493ÿ6ÿ833ÿ9

29ÿ 34"ÿ7 926ÿ
3!3ÿ
2!332ÿ ÿ3!3 ÿ  943ÿ ÿ92953ÿ 234Kÿ9693ÿ392ÿ92ÿ
 34ÿ4 
2ÿ99
6$ÿ 4ÿ3%93$ÿ92ÿ3ÿ33!93ÿ 4ÿ9453ÿ
23ÿ! 3$ÿ
ÿ8
ÿ434332ÿ9ÿ  2ÿ63ÿ ÿ
2!332ÿ 4ÿ926ÿ 926ÿ8
8ÿ323
ÿ 4 ÿ
9ÿ93ÿ3 3"ÿ7 235326$ÿ 3ÿ 2
34ÿ
292
25ÿ ÿ3ÿ9ÿ36ÿ3ÿ 9 4ÿ 4ÿ8
ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿÿ!"ÿ#$ÿÿ"ÿ%ÿ&ÿ%ÿ'ÿÿ!ÿÿ"ÿ
"ÿÿÿÿ$%(ÿ

ÿ
)ÿ"ÿ$ÿ&ÿ"ÿ*+,,-.ÿ01ÿ23*4536+472ÿ87975:4309ÿ*.*47;*ÿ:92ÿ*;:54ÿ<0;7ÿ

ÿ ÿÿ 
,502+=4*>ÿÿÿ"ÿ?ÿ!"ÿÿ#%ÿÿÿ&$ÿ'#ÿ
#"$(ÿ@Aÿ#$ÿ"$ÿ&&ÿ$ÿÿBBCÿ%ÿ$ÿ!"">ÿ"&>ÿ
'ÿÿ#ÿ&ÿ&$$ÿ##ÿÿ$ÿ ?ÿ$ÿÿ&ÿ
$ÿ>ÿÿDÿ$ÿÿÿ&$ÿÿ#"$ÿ$ÿ
ÿ$ÿ>ÿ$ÿ%ÿÿÿ&ÿ$ÿ"ÿ#(ÿC ÿ$%$$ÿ
&$$ÿÿ!ÿ$ÿ"#ÿÿ%#ÿ"ÿÿ>ÿ"!%>ÿ$ÿ
!ÿE#$ÿ$ÿ"ÿÿ&ÿ"ÿÿÿAÿÿ&$>ÿ"ÿ&$ÿÿÿ
"ÿÿ$&ÿ&$ÿ$ÿ$ÿAÿÿ&$ÿ&ÿ"ÿ(ÿ
F&ÿÿ"ÿÿÿ&$>ÿ!ÿ"$%ÿÿ$ÿ%%!ÿÿ"ÿ
%#ÿ&ÿ3GÿHIJÿ&$ÿÿÿ"ÿ@K>ÿ"ÿÿ$%$ÿÿÿ
"ÿÿ>ÿÿ##ÿ"ÿ%#ÿ&ÿ#$ÿ!""ÿ#%ÿ
$ÿÿBBCÿ%ÿ&ÿ#"%$ÿ#$(ÿL$ÿ#$ÿÿ"ÿÿ"$%ÿ
$ÿ&$ÿ$ÿ&ÿÿ""ÿ%ÿ&ÿÿ$ÿ#Mÿ$ÿ$ÿ
ÿ"$ÿÿ$%ÿ!ÿ!"ÿ#$ÿÿ"ÿÿÿ"ÿ#M(ÿ@Kÿ#$ÿ
##ÿ$ÿ#$ÿ""ÿ$ÿ$ÿÿÿ$ÿBBCÿ"ÿ%ÿ
$ÿN(Oÿÿÿ (ÿP"ÿ$ÿÿE#ÿÿ$"ÿN(Qÿÿÿ  ( ÿ
Rÿ&ÿ"ÿ%ÿÿ"ÿ#MS$A>ÿ#%$ÿ'ÿ&ÿ$ÿ#$ÿÿ
"ÿS%ÿÿ$ÿ#Mÿ$ÿ&ÿ"ÿ$Eÿ&ÿ"ÿ&&(ÿP""ÿ
&$ÿÿ&ÿ%$ÿ#ES#$"#ÿ&#>ÿ$$Aÿ$ÿ$ÿ
#$?""S"ÿ%ÿ#ÿÿ&ÿ"ÿ$EÿÿAÿÿ"ÿ
$$ÿ&ÿBLÿ#$>ÿ$ÿ!ÿ$ÿ#$ÿ&ÿ"ÿ!?!(ÿP"ÿÿ"ÿAÿ&ÿ
#M>ÿ$ÿ$ÿ#ÿ&ÿ"ÿ%ÿÿ%ÿ$ÿ&ÿ"ÿ%ÿ&ÿ?
(ÿT"ÿ"ÿ&ÿÿÿ$Eÿÿ&ÿ"ÿ$$ÿ&ÿ$ÿ#$>ÿ
ÿ$ÿ#$ÿ$ÿE#ÿ!ÿ&$ÿ"(ÿU!"ÿ$ÿ"ÿ
$ÿ"ÿ& !>ÿÿÿ&ÿ$ÿÿÿ&$$ÿ#EV ÿ
WÿY50Z21+92398Vÿ %ÿ&$ÿ$%>ÿ!"ÿ%ÿ%ÿÿÿ
#MÿÿE"$ÿ&ÿ$ÿ#ÿ&ÿ"ÿ&ÿ$"ÿ&!ÿ
Wÿ[7:-ÿ7*4:47ÿ39\7*4;794ÿ45+*4*ÿ]^ )P_Vÿ##ÿ&ÿ"$ÿ&ÿ&ÿ$Eÿ
E#ÿ&ÿ%ÿÿ##ÿ$ÿ!""ÿÿÿ%ÿÿ$ÿÿBBCÿ
#Mÿ
Wÿ`**74a6:=b72ÿ*7=+53437*Vÿ&$$ÿÿ$Aÿÿ$ÿ#Mÿ$ÿ
Wÿc37-2Y0d*Vÿ#$ÿ#$ÿ$ÿÿ$$ÿ$ÿÿ$ÿeÿ"ÿ
$Eÿÿÿ"ÿ#&ÿ$ÿÿ"ÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿfP"ÿR$ÿ$$(ÿ

ÿF$ÿ
ÿ"ÿK$gÿ%$$ÿ#ÿÿR$ÿK$ÿ]Cÿ h_(ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !"#$%"&'ÿ)&*#+%,ÿ
ÿ -2ÿ83ÿ .. /
25ÿ0949549081ÿ/3ÿ/
..ÿ432
3/ÿ83ÿ439 2ÿ/8
8ÿ8923ÿ.3ÿÿ ÿ
334
23ÿ89ÿ382
9.ÿ33034
3231ÿ90
..94
61ÿ4492ÿ92ÿ0942348
0ÿ 2
3ÿ
ÿ


23429.ÿ3ÿ 9 4ÿ 4ÿ349
2ÿ94ÿ323456ÿ4
23ÿ 3.1ÿ9ÿ
2
93ÿ
2ÿ
123456ÿ 32ÿ

5
543ÿ6ÿ
7ÿ8$*9":*&'ÿ;<=$%:$"*$ÿ
ÿ > 3ÿ4
23ÿ 3.ÿ43?
43ÿ
52

92ÿ382
9.ÿ2 /.353ÿ 2ÿ8 /ÿ ÿ
92953ÿ83ÿ94ÿ323456ÿ900.
9
21ÿ
2ÿ094
.94ÿ83ÿ@$A&"@ÿ%$,=+",$ÿ92ÿB:%#C&'ÿ
=+D$%ÿ='&"ÿ 3.1ÿ/8
8ÿ43?
43ÿ89ÿ 0349 4ÿ8923ÿ03
9.
E3ÿ382
9.ÿ
2 /.353ÿ
2ÿ 434ÿ Fÿ
Gÿ 0

E3ÿ929
.94.3ÿ43 43ÿ ÿ892.3ÿ54
ÿ43?3ÿ92ÿ6284 2
E3ÿ83ÿ/ ÿ
54 0ÿ46ÿ00.6
25ÿ43?33ÿ909
6ÿ2 .3ÿ
GÿI4 3ÿ 20
2ÿ 2
 4
25ÿ23/ 4ÿ92ÿ 34ÿ532349 4ÿ 4 ÿ333429.ÿ
99ÿJ6434ÿ991ÿ 4ÿ3390.3K6ÿ
-2ÿ9

2ÿ ÿ382
9.ÿ2 /.353ÿ 2ÿ 0349
29.ÿ903ÿ ÿ83ÿ4
23ÿ 3.1ÿ
ÿ
8 .ÿ9. ÿ43ÿ8
58.
583ÿ89ÿ83ÿ 092
3ÿ89ÿ 34ÿ@$A&"@ÿ%$,=+",$ÿ342
3ÿ 4ÿ
92953ÿB:%#C&'ÿ=+D$%ÿ='&"#,ÿ233ÿ ÿ8923ÿ49
23ÿ92ÿ?9.

3ÿ9 ÿ ÿ 03493ÿ 2ÿ
/8 .39.3ÿ3.34

6ÿ943ÿ92ÿ49.92
25ÿ342
3ÿ943ÿ
2ÿ 434ÿ ÿ 0

E3ÿ
432323ÿ3
25ÿ 4 ÿ83ÿ9.3ÿ ÿ433423ÿ909
66ÿL

29..61ÿ04
4ÿ33034
323ÿ
ÿ
2333ÿ ÿ93ÿ094ÿ
2ÿ909
6ÿ9
2ÿ92ÿ4

25ÿ ÿ/
2ÿ4
.9349.ÿ 249ÿ/
8ÿ
54
ÿ 0349 46ÿ
-0.3329
2ÿ ÿA:*%+M%:@,ÿ43?
43ÿ33034
3ÿ
2ÿ9ÿ2434ÿ ÿ382
9.ÿ94391ÿ

2.
25ÿ83ÿ30. 632ÿ92ÿ9
232923ÿ ÿ83ÿ54
ÿ
2 49443ÿ92ÿ9295332ÿ
ÿ54
ÿ 0349
21ÿ/8
8ÿ
ÿ2 49..6ÿ034 43ÿ46ÿ
.

3ÿ 4ÿ03
9.
E3ÿ 092
3ÿ
9 
93ÿ/
8ÿ83ÿ323456ÿ3 46ÿ
N
8ÿ43594ÿ ÿ@:,#%:OC#$@ÿM$"$%&#:+"ÿ,P,#$A,1ÿ892
25ÿ382
9.ÿ33034
323ÿ96ÿ43ÿ
332
9.ÿ 4ÿ 3ÿ9031ÿ8ÿ9ÿ83ÿ
29..9
2ÿ ÿ7QIÿ532349 46ÿQ /32341ÿ 834ÿ

0 492ÿ382 . 5
31ÿ8ÿ9ÿ .94ÿ382 . 56ÿ 4ÿ
29..9
21ÿ9
232923ÿ92ÿ
9295332ÿ ÿ
4
43ÿ532349
2ÿ631ÿ
58ÿ2 ÿ43?
43ÿ92923ÿ382
9.ÿ
2 /.3531ÿ-2ÿ 91ÿ8343ÿ943ÿ .94ÿ0923.ÿ
29..9
2ÿ
ÿ/8
8ÿ9.. /ÿ
2
2
9.ÿ/
8ÿ
49
ÿ2 /.353ÿ ÿ
29..ÿ83
4ÿ /2ÿ .94ÿ
4
43ÿ532349
2ÿ636ÿLÿ9ÿ43.ÿ
ÿ8
ÿ94
5
61ÿ/3ÿ ÿ2 ÿ 2
34ÿ382
9.ÿ33034
323ÿ ÿ43ÿ9ÿ36ÿ 9 4ÿ 4ÿ

4
43ÿ532349
2ÿ4
23ÿ 3.ÿ5
232ÿ89ÿ
ÿ
ÿ0 
4.3ÿ ÿ 34ÿ 3ÿ

4
43ÿ532349
2ÿ63ÿ/
8 ÿ03

ÿ92ÿ

.R R9?
43ÿ382
9.ÿ
2 /.3536ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!"#$%%"&$'(ÿ
ÿ *+ÿ,ÿ-.-ÿ./011.0ÿÿ.ÿ2ÿ./.0ÿ+ÿ/.0ÿÿ.2ÿ.ÿ1.ÿ

ÿ
3ÿ+ÿÿ+ÿ02ÿ.1ÿ.0400ÿÿÿ//1ÿ/-ÿÿ405ÿ2ÿ

ÿ ÿÿ 
2ÿ2ÿ30ÿ-1ÿ1.-ÿÿ6$7'&$89':6ÿ;:<:&"'$=<5ÿ/40-0ÿ:<:&;(ÿ
7:&>$?:7ÿ.-ÿ0/10ÿ@$?&=;&$6ÿ/AÿB0ÿ00+0.ÿ0.1ÿ.-Cÿ
20.1ÿ./011.0Dÿ
*ÿ-ÿÿ0.ÿ.1ÿ//005ÿ//10ÿ+ÿ;:<:&"'$=<ÿ7(7':@7ÿ-ÿ.ÿ1.ÿ
.1ÿ+ÿ,202ÿ0ÿ./.31ÿ+ÿ.20ÿÿ/0.1ÿ5ÿ/0.11ÿ
,2ÿ2ÿ.ÿÿ0ÿ0-040-.1Dÿ*ÿ-ÿÿ4ÿ20ÿ2.115ÿÿEFÿ
/.0ÿÿ-0ÿ.G0ÿ.0ÿÿ.ÿ.1ÿ//005ÿ2ÿ
.11,0ÿ2ÿÿ.0ÿ20ÿ.1ÿ.ÿÿ0-040-.1ÿ,2ÿ2.4ÿ.1.-ÿ2,ÿ
0DÿH20ÿ0ÿ2ÿ.ÿ+ÿF1.I05ÿ,202ÿ/2.-ÿJ..ÿF1.ÿ0ÿ Kÿ+ÿ
L ÿ0110DÿH2ÿ1.ÿ/.ÿ//-ÿF1.I0ÿ0ÿ0ÿ++ÿÿ.B0ÿ,ÿ
DÿM2ÿ/.0ÿ2ÿ.ÿN040ÿ2.4ÿ-ÿ,Gÿ+ÿ.1ÿ.ÿ2.ÿ
4ÿ0ÿ0232-ÿ3ÿ0ÿ2OO2ÿ++0ÿ-003-ÿ.0ÿ
Dÿ*ÿ P5ÿF40ÿ1.2-ÿ.ÿ./.0ÿ,202ÿ.-ÿ0-040-.1ÿÿ
-ÿ1.ÿ/.1ÿQÿ0-040-.1ÿ2.-ÿ2ÿ//0ÿÿ11ÿLÿ+ÿ
.2ÿ,ÿÿ2ÿ30ÿÿF40Dÿ
R02ÿ.-ÿÿ32ÿ;:<:&"'$=<ÿ7(7':@7ÿ.-ÿ@$?&=;&$675ÿ/.0ÿ0ÿ2ÿÿ
ÿ2.4ÿ40ÿ,Gÿ,202ÿ.ÿ1.ÿ2ÿÿ3ÿ.31ÿÿ++ÿ405ÿ2ÿ.ÿ
0.11.05ÿ.0.5ÿD5ÿ+ÿ2ÿÿ.-ÿ0+.ÿ-/1-ÿ0ÿ40ÿ
..Dÿ
*ÿ2ÿ.ÿ+ÿ FIM5ÿ2ÿ-41/ÿ1.020/ÿ,02ÿÿ,202ÿ.ÿ
.ÿÿ/40-ÿ:<:&;(ÿ7:&>$?:7ÿ0ÿ2ÿSÿ301-0DÿT./20ÿ
4.0.3010ÿ.-ÿ/0.11ÿ.-ÿÿ3.ÿB0ÿ2.ÿ FIMÿ2.4ÿ,Gÿ
+ÿ40ÿ.ÿ,202ÿ.ÿ./.31ÿ+ÿ40ÿÿ0ÿ-0++ÿ./20.1ÿ..ÿ
01.1Dÿ
ÿU&"<6ÿ
ÿ V.-ÿ0ÿ.ÿGÿ//ÿ2.0ÿ.-ÿ.ÿ./ÿ+ÿ.1ÿ/02ÿ,202ÿ
0ÿ-ÿÿ40ÿÿÿ20ÿ:<:&;(ÿ7:&>$?:75ÿÿ/.00/.ÿ0ÿ>$&'9"%ÿ#=W:&ÿ
#%"<'7ÿÿÿÿÿ@$?&=;&$67ÿ+ÿ20ÿ/,ÿ//1Dÿÿ
V.-ÿ/1.ÿ.ÿ0.1ÿ1ÿ0ÿ2ÿ.1ÿ+ÿ:<:&;(ÿ7:&>$?:7ÿ0ÿ-ÿÿ40ÿ
/.0ÿ+ÿ2ÿ10.3010ÿ+ÿ.ÿ FIMÿ.-ÿ2ÿ++04ÿ+ÿ0ÿ40DÿIÿ
ÿ3ÿ.31ÿÿÿ2.ÿ2ÿ0ÿ2ÿ/03010ÿ+ÿ.2040ÿ00+0.ÿ.-ÿ1.0ÿ
.40ÿ3+ÿ00ÿÿ.ÿ15ÿ1Oÿ40ÿ.Dÿ FIMÿÿ.1ÿ
.Gÿÿ+1ÿ+0-ÿ2.ÿ.0400ÿ.-ÿ0+.0ÿ1.-ÿÿ/0ÿ
,011ÿ3ÿ.-ÿ.ÿ+0-0.1Dÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
!"#$ÿ&'()ÿ&$#*!ÿ +349 4ÿÿ 2,
23ÿ83
4ÿ 34ÿ ÿ33ÿ 24 -ÿ ÿ83
4ÿ
532349 4ÿ92ÿ5949233ÿ89ÿ532349 4ÿ 24 -ÿ63ÿ943ÿ+ .34 -ÿ32 58ÿ ÿ43
ÿ
926ÿ+ 32
9-ÿ93+ÿ ÿ/439ÿ
2 ÿ83ÿ,
49-ÿ+ .34ÿ54
0ÿ8ÿ9ÿ6/34ÿ991ÿ22ÿ
ÿ

8
ÿ930ÿ/492ÿ
ÿ36ÿ ÿ
3432
9
25ÿ 233- ÿ 4 ÿ83ÿ +3

2ÿ92ÿ/3
25ÿ9/-3ÿ ÿ
123456ÿ 32ÿ

34ÿ83ÿ43
/
-
6ÿ+4 34ÿ331ÿÿ
3

-94-60ÿ
2ÿ 434ÿ 4ÿ 234ÿ ÿ95433ÿ ÿ 223ÿ ÿ9ÿ+ .34ÿ54
ÿ 834ÿ892ÿ83ÿ
49

29-ÿ54
0ÿ45'67ÿ +349 4ÿÿ 34ÿ 234ÿ9ÿ43 52
83ÿ/4921ÿ4920ÿ
8343 430ÿ43
2 43ÿ83ÿ43-
9/
-
6ÿ ÿ83ÿ+ .34ÿ++-6ÿ34,
3ÿ 343ÿ92ÿ ÿ83ÿ
+4 ,
34ÿ.
8ÿ.8 ÿ- 25934ÿ43-9
28
+ÿ943ÿ39/-
831ÿ
22ÿ83ÿ93ÿ ÿ7:!;"!)7ÿ6)*)#!'*ÿ/
23ÿ 3-0ÿ.3ÿ ÿ2 ÿ/3-
3,3ÿ/492ÿ ÿ/3ÿ
9ÿ36ÿ3ÿ 9 41ÿ<8
ÿ
ÿ332
9--6ÿ 4ÿ. ÿ439 21ÿ=
4ÿ ÿ9--0ÿ
ÿ
ÿ43ÿ89ÿ9ÿ
/492ÿ92ÿ83-+ÿ3--ÿ9ÿ
4
/3ÿ532349
2ÿ63ÿ 4ÿ9ÿ-39
250ÿ>>?ÿ 4ÿ4329839+93ÿ
 2490ÿ/ÿ.3ÿ/3-
3,3ÿ890ÿ
2ÿ +94
 2ÿ.
8ÿ83ÿ/
23ÿ 3-ÿ
3ÿ394-
34ÿ

2ÿ8
ÿ3
20ÿ8
ÿ++ 4ÿ
ÿ-3ÿ
+ 4921ÿ33 2-60ÿ83ÿ93ÿ ÿ3 -947
6ÿ
3 2493ÿ89ÿ
ÿ
ÿ+ 
/-3ÿ ÿ4393ÿ9ÿ23.ÿ/492ÿ.8
-3ÿ9- ÿ98
3,
25ÿ4 25ÿ
54 .8ÿ92ÿ+ 

2
25ÿ83ÿ +926ÿ9ÿ83ÿ8 49ÿ92ÿ3
934ÿ-3934ÿ
2ÿ83ÿ

4
/3ÿ532349
2ÿ/
23ÿ 3-1ÿ
@ABACAÿE#!*):F&:ÿ
ÿ 6ÿ+942348
+0ÿ.3ÿ43 34ÿ ÿ9543332ÿ92ÿ --9/ 49
2ÿ.8
8ÿ92ÿ/3ÿ
32343ÿ
2 ÿ/6ÿ323456ÿ3 4ÿ +92
3ÿ +349
25ÿ
2ÿ83ÿ94ÿ323456ÿ. 4-ÿ.
8ÿ
834ÿ +92
3ÿ 4 ÿ83ÿ93ÿ3 4ÿ 4ÿ +92
3ÿ 4 ÿ243-93ÿ3 40ÿ8ÿ9ÿ
3-3 2
9
21ÿ<80ÿ.3ÿ 2
34ÿ+942348
+ÿ ÿ/3ÿ36ÿ3ÿ 9 4ÿ
2ÿ83ÿ
93ÿ ÿ/
23ÿ 3-ÿ/93ÿ 2ÿ83ÿ++-6ÿ ÿ:4#!ÿF'4)ÿ:'$"!'*:ÿ92ÿ
2ÿ83ÿ93ÿ
ÿ45'67:1ÿ
>942348
+ÿ93ÿ
ÿ+ 
/-3ÿ ÿ 34ÿ:4#!ÿF'4)ÿ:'$"!'*:ÿ.8
8ÿ
2 4+ 493ÿ
,94
ÿ 43ÿ ÿ 2+
2ÿ
2ÿ83ÿ8 31ÿ<83ÿ ÿ3 -ÿ94ÿ8 3ÿ
 -
2ÿ943ÿ8 3ÿ.8
8ÿ
2 4+ 493ÿ83ÿ-9453ÿ2/34ÿ ÿ43
32
9-ÿ9++-
9
2ÿ
G 4ÿ3H9+-30ÿ839
25ÿ92ÿ -
250ÿ-
58
25I0ÿ3-34 2
ÿ3J
+32ÿG 4ÿ3H9+-30ÿ
3-3,

20ÿ.98
25ÿ98
23Iÿ92ÿ43-93ÿ34,
3ÿG 4ÿ3H9+-30ÿ43 3ÿ 24 -ÿ ÿ
 2+
2ÿ92K 4ÿ9++-
9
2K9++-
9230ÿ9 9
20ÿ9,
3I1ÿ22ÿ 434ÿ ÿ
3 --6ÿ
235493ÿ9--ÿ ÿ833ÿ 43ÿ ÿ 2+
2ÿ92ÿ43-93ÿ34,
3ÿ
2 ÿ9ÿ

25-3ÿ94ÿ8 3ÿ -
20ÿ
ÿ
ÿ233946ÿ 4ÿ3,349-ÿ +92
3ÿ
2ÿ
3432ÿ
24
3ÿ
G 4ÿ3H9+-30ÿ92 9434ÿ ÿ9++-
923ÿ 2ÿ
2ÿ83ÿ8 30ÿ3-3 2
9
2ÿ
 +92
30ÿ382 - 56ÿ +92
3Iÿ ÿ. 4ÿ 53834ÿ ÿ4393ÿ92ÿ
235493ÿ94ÿ
8 3ÿ -
21ÿÿ
22ÿ83ÿ93ÿ ÿ45'67:0ÿ9ÿ.3ÿ3H+-9
23ÿ
2ÿ3
2ÿ1110ÿ 23ÿÿ89,3ÿ349
2ÿ
382
9-ÿ2 .-353ÿ
2ÿ 434ÿ ÿ
+-332ÿ+4 L3ÿ ÿ8
ÿ
21ÿ>942348
+ÿ943ÿ9- ÿ
233946ÿ
2ÿ 434ÿ 4ÿ+-9634ÿ3234
25ÿ83ÿ3 4ÿ ÿ89,3ÿ9--ÿ83ÿ
--ÿ43J
43ÿ 4ÿ8
ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ !"ÿ#$ÿÿÿ%ÿ&%!ÿ$!ÿ% ÿ$ÿ'ÿ%ÿ(ÿ
%&ÿÿÿ!!ÿÿ% ÿ)%ÿ%ÿÿ%*ÿÿ!*!ÿ$%ÿ%ÿ!ÿ

ÿ
)!%ÿ'!ÿ$%&ÿ%!!ÿ$ÿ*!!ÿ%ÿÿ)!!ÿ% ÿ(!!ÿ)!ÿ%ÿ

ÿ ÿÿ
"ÿ#$(+ÿÿÿ%&%!ÿÿÿÿ)%$)ÿ'$ÿ$ÿ)%ÿÿ
ÿÿ%ÿ)%ÿ(ÿ$ÿ&%!ÿ$%ÿ%&ÿ,(ÿ-%)!+ÿ!!.ÿ(ÿ$ÿ
ÿ(%+ÿ%%+ÿ%%/"ÿ
0%!ÿ(ÿ$ÿÿ(%ÿ% ÿ$ÿ%ÿ'$ÿ$ÿ%ÿÿ)%ÿ(ÿ
%ÿÿ !ÿ$%ÿ)&ÿÿ'$ÿ%ÿ%ÿ)ÿ'$$ÿÿ%ÿ$ÿÿ
%ÿÿ$ÿ1)%$ÿÿÿ'$ÿ%ÿÿ%ÿÿ%))!%"ÿ2%ÿ
ÿ$ÿ%+ÿ'ÿ$%&ÿ&%!%ÿ$ÿ%))!%!ÿ(ÿ$ÿ%ÿÿÿ
 !ÿÿ1)%ÿ%ÿ$ÿ)ÿ"ÿ#$ÿ%)ÿ%ÿÿÿ$ÿ(!!'ÿ
"ÿ
ÿ ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !!"#$ %#"#&'ÿ)*ÿ+,-ÿ./ 0&ÿ,+,01'ÿ%2.#+,..ÿ/)3,".ÿ#+ÿ.! #+ÿ
ÿ 42ÿ8
ÿ3
25ÿ63ÿ9297683ÿ83ÿ3937 :32ÿ9ÿ ÿ83ÿ
3432ÿ94ÿ323456ÿ
;
23ÿ 37ÿ
2ÿ<:9
2=ÿ>3ÿ832ÿ
ÿ83ÿ9ÿ ÿ36ÿ3ÿ 9 45ÿ 
25ÿ
ÿ

:94
79476ÿ 2ÿ83ÿ 9 4ÿ
2ÿ68
8ÿ8343ÿ
ÿ9ÿ35433ÿ ÿ2349
26ÿ
2ÿ<:9
2?ÿ43579
2ÿ
123456ÿ 32ÿ

92ÿ
292
25ÿ9:9
6=ÿ@9765ÿ;93ÿ 2ÿ83ÿ:433
255ÿ63ÿ796ÿ ÿ: 32
97ÿ 43ÿ ÿ
9
2ÿ68
8ÿ6 7ÿ
793ÿ83ÿ3937 :32ÿ ÿ94ÿ323456ÿ 37ÿ
2ÿ<:9
2=ÿ
Aÿ 3BCBDEFGBHIÿ.IJIKLÿEMÿ.GJNIÿ,HBNOPÿ%KLQHBLLÿ/ERBDLÿQHÿ.FJQHÿ
ÿ 4:73329
2ÿ ÿ94ÿ323456ÿ;
23ÿ 37ÿ;93ÿ 2ÿ
4
;3ÿ
532349
2ÿ89ÿ7 63ÿ 62ÿ9ÿ9ÿ437ÿ ÿ43579 46ÿ92ÿ
292
97ÿ 9 4=ÿS83ÿ4432ÿ
73597ÿ 4936 4ÿ6
8ÿ43594ÿ ÿ
4
;3ÿ532349
2ÿ
ÿ8925
255ÿ92ÿ9ÿ:4 : 3ÿ
T 697ÿ3433ÿ 2ÿ37 U 2:
2ÿ
ÿ
2ÿ83ÿ6 4=ÿ7 23V32765ÿ8343ÿ
ÿ9ÿ349
2ÿ
73937ÿ ÿ2349
26ÿ9ÿ ÿ83ÿ:4
9;
7
6ÿ ÿ: 32
97ÿ
4
;3ÿ532349
2ÿ:4 W3=ÿ
X

297765ÿ<:9
2Yÿ3 2 
ÿ92ÿ
292
97ÿ
9
2ÿ89ÿ7

3ÿ93ÿ ÿ43
=ÿS8
ÿ
43:4332ÿ92 834ÿV3
2ÿ94ÿ
2ÿ34ÿ ÿ83ÿ: 32
97ÿ3ÿ ÿ
4
;3ÿ
532349
2ÿ;
23ÿ 37ÿ
2ÿ<:9
25ÿ:4
94
76ÿ 4ÿ739
25ÿ92ÿZZXÿ349
35ÿ92ÿ 4ÿ
83ÿ432U83U:93ÿ 37=ÿ
Xÿ 4ÿ392ÿ92953325ÿ4332ÿ
24393ÿ
2ÿ83ÿ:4
3ÿ ÿ: 634ÿ8993ÿ93ÿ833ÿ
;
23ÿ 37ÿ 43ÿ
: 492=ÿS83ÿ:4
3ÿ ÿ: 634ÿ 4ÿ43
32
97ÿ 234ÿ

24393ÿ;6ÿ239476ÿ[ÿ;36332ÿ\ÿ92ÿ\5ÿ392
25ÿ89ÿ<:9
2ÿ2 6ÿ492ÿ

]8ÿ9 25ÿ1^ÿ 24
3ÿ6
8ÿ83ÿ8
583ÿ: 634ÿ:4
3=\ÿ123456ÿ349
3ÿ :92
3ÿ
943ÿ 9
25ÿ
2 ÿ<:9
25ÿ
27
25ÿ739
25ÿ57 ;97ÿ
4ÿ
2ÿ83ÿ
2465ÿ8ÿ9ÿX343 =ÿ
_ 639345ÿ1<7 ÿ943ÿ
77ÿ 23249
25ÿ 43ÿ 2ÿ323456ÿ9
ÿ92ÿ83ÿ
43ÿ973ÿ ÿ
323456U3

32ÿ3V
:32ÿ892ÿ 2ÿ 34
25ÿ323456ÿ349
3=ÿS8
ÿ
ÿ7945376ÿ3ÿ ÿ

292
25ÿ

7
3=`ÿXÿ 4ÿ94ÿ8 3ÿ 7
25ÿ63ÿ ÿ 24 7ÿ92ÿ
:4 93ÿ
43
32
97ÿ 2:
2ÿ3

326ÿ943ÿ999
79;73ÿ
2ÿ<:9
25ÿ8 639345ÿ94ÿ8 3ÿ
 7
2ÿ68
8ÿ:4 9
3ÿ43 329
2ÿ 2ÿ8 6ÿ ÿ :

83ÿ: 634ÿ3ÿ943ÿ
77ÿ
2ÿ
83
4ÿ2932ÿ953ÿ ÿ3937 :32=ÿXÿ:43325ÿ392ÿ43: 23ÿ349
3ÿ
2ÿ<:9
2ÿ
943ÿ7343ÿ94 2ÿ83ÿ
2344:
;
7
6ÿ349
3ÿ68
8ÿ
ÿ 4
293ÿ;6ÿT3ÿ17a4
9ÿ
3ÿ1:9b9=ÿ42ÿ<:9
25ÿ83ÿ3ÿ ÿ 37ÿ

794ÿ ÿ8 3ÿ332ÿ
2ÿ83ÿ^2
3ÿ<93ÿ92ÿ
^2
3ÿc
25 ÿ
ÿ;3
25ÿ8
2343ÿ;6ÿ83ÿ9;323ÿ ÿ83ÿ 23:ÿ ÿ9554359 4ÿ
2ÿ83ÿ
29
297ÿ43579 46ÿ 4936 4=ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿd76ÿ\ÿ934
2ÿ ÿ83ÿefghijklmÿojÿpjmqÿrjsfjlgÿhgfÿjqÿtijÿkjÿjklmuqjsjÿqmÿfjviqmswxyÿojÿqmkÿ
sgyowswgyjkÿmozwywklfmlw{mk|ÿl}sywsmkÿ~ÿjsgyxzwsmkÿojÿqmkÿzgomqwomojkÿojÿkizwywklfgÿojÿjyjfvmÿjq}slfwsmÿ
sgyÿmilgsgykizgÿ~ÿojÿhfgoisswxyÿsgyÿmilgsgykizg=ÿ
\ÿ14 9ÿ99ÿ 2ÿ\ÿ:4
3ÿ:34ÿ>8ÿ 4ÿ43
32
97ÿ 234€ÿ
273ÿ739
3ÿ92ÿ9]3=ÿ
`ÿ3:
3ÿ83ÿ3 4ÿ ÿ14 :392ÿ98 4

3ÿ ÿ:4  3ÿ833ÿ349
3=ÿS9453ÿ ÿ43
25ÿ323456ÿ
392ÿ;6ÿ[ÿ;6ÿÿ6
8ÿ43594ÿ ÿ83ÿÿZT4‚1<ÿ:4 W3
2ÿ92ÿ
43
93ÿƒƒ1^5ÿ68
8ÿ
:4  3ÿ29
297ÿ323456ÿ3

326ÿ:792=ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!"ÿ! ÿ ÿ#! ÿÿ ÿ$ÿ!ÿ!%ÿ!$&ÿ '!ÿ (ÿ$ÿ
!%ÿ! (ÿ ÿ$ÿ!) ÿ*ÿ+)ÿÿ!ÿ*ÿ$ÿ ! ÿ, 'ÿ!& ÿ

ÿ
-").ÿ$ÿ()! ÿ*ÿÿ() (ÿ/ ÿ(ÿÿ**(ÿ/ÿ$ÿ

ÿ ÿ ÿ
 ÿ0ÿ*ÿÿ ÿ$ÿÿ*"0ÿ"$ÿ(ÿÿ$ÿ !ÿ*ÿ
.ÿÿ ÿ$ÿÿ*ÿ( (ÿ! ÿ)&ÿ1.ÿ$ÿ()! ÿ*ÿ
(ÿ ÿ#! ÿÿÿ ÿ$ÿ ÿ&ÿ2$ÿ$)ÿ/ ÿÿ!ÿ!%.ÿ
$ÿÿ$ÿ#ÿ!%ÿ ÿ3!45ÿ6789ÿ;<ÿ7<787;=ÿ>?@AB8ÿCDÿEFGFÿH7==7C<G ÿ,ÿ
 /ÿ()! ÿ*ÿ(ÿ"ÿ(! (ÿ .ÿ ÿ$ÿ$ .ÿ$ÿ
ÿ*"0ÿ( ÿ*I ! .ÿ ÿ"$ÿ$ÿ( ÿ(.ÿ
 (ÿ$ÿ)/ÿ*ÿ*  ÿÿÿ* (ÿ$ÿ!  ÿ*ÿ$ÿ
 )&ÿÿ
J(ÿ ÿÿ(ÿ*ÿ$ÿ ÿ ÿ*ÿ$ÿ/ ÿ(ÿ ÿ#! .ÿ"ÿ$)ÿ
(ÿ$ÿÿ*ÿÿ ÿÿ*ÿ ÿ$ÿ &ÿ2$ÿÿ! (ÿ
/".ÿ* " ÿ$ÿ ÿ(ÿ ÿ,ÿ&ÿK L .ÿ"ÿ$)ÿ ÿ)(ÿ
*ÿ"$$ÿ$)ÿ/ ÿ( *(ÿÿÿÿ$ÿ()! ÿ*ÿ$ÿ/ ÿ
(ÿ)(ÿ ÿ$ÿ(&ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿM97Nÿ7<787;87OBPÿ697Q9ÿ9;Nÿ;ÿERSÿH7==7C<ÿ>?@AB8Pÿ>TC?A98ÿ8CAB89BTÿNBOBT;=ÿQCHU;<7BNÿDTCHÿV?TCUBWNÿ
! "ÿ (.ÿ ( ÿX/(.ÿ ,ÿ (ÿY ÿ3(&ÿ
ÿ,ÿ((  ÿ(ÿ ÿ$ÿ#ÿ!%.ÿ!ÿÿ$ÿ!ÿ.ÿZ[\]^_`3ÿa`8534bÿa`8ÿ]83ÿ
c[a4`ÿd7eÿfgha54[a3ÿi857g[97857ÿ\4`2`j[e3ÿ\`4ÿ[8k5[5]a[`87kÿ
ÿ72\47k3kÿg̀a3g7kÿlm&ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
!"#ÿ%%&ÿ'()(*+ÿ,-ÿ'.)/(ÿ#01/23ÿ'*441++ÿ)4(,/+ÿ50ÿ'6)50ÿ
ÿ
Internal fKtof'I

•••••••
123456ÿ 32ÿ

,,_,
SupplyofDG
? + +
........
LNSing- PPA
? + ? +
............ ? + ? +
""""'
---------------------------------- - ---- ----------
Ene<gy services ? + +
---····-··-····
Sm•r1tlome
solutions + +
-----------------·················
Dom,oo
response ? + +
-""
Vlr1u1t�r
plants + ................ + +
Mlcrogrlds ? + ? + + + +
Fac,or CU1Ten!ly unfavo,able to
dtvtlopment of the bus,ness mo,:jel + Factor C111Ttmly favorabt, 10
dtvtlo�m oftht bosm,ss model ? F a<:!or not currently bvorablt
'Mlh an urn:en� futu"

ÿ
7 438ÿ983ÿ  2ÿ7 2:
25ÿ4 ;ÿ92ÿ 4349<ÿ
=&%&ÿ "1?51@ÿ,-ÿA13ÿ'*441++ÿ)4(,/+ÿ-,/ÿ'.)/(ÿ#01/23ÿB,C1D+ÿ@5(Eÿ(E1ÿ/1)(1+(ÿ
!041/()50(3ÿ"12)/C502ÿ(E15/ÿ.6)4(ÿ50ÿ'6)50ÿ
ÿ 3: FÿF3ÿ
ÿ83ÿ9ÿ ÿ398ÿ ÿ83ÿ3ÿ 9 4ÿ 4ÿ83ÿ94ÿ323456ÿ
 3:ÿ
2ÿ7;9
2ÿG6ÿ 
25ÿ;94
:94:6ÿ 2ÿ 9 4ÿ89ÿ;4332ÿ83ÿ ÿ2349
26ÿ
2ÿ
34ÿ ÿ83ÿ; 32
9:ÿ3H3: ;32ÿ ÿ94ÿ323456ÿ
2ÿ7;9
2<ÿ
=&%&I&ÿ"12*D)(5,0ÿ
ÿ 983ÿ7;92
8ÿ435:9 46ÿ 493F 4ÿ;4 H
3ÿ 4ÿ92ÿ435:93ÿ83ÿ 23;ÿ ÿ
3: J 2;
2ÿF
8
2ÿ83ÿ ;3ÿ ÿ83ÿ4332ÿK9FÿLMNOÿF8
8ÿG
3ÿ83ÿ
394:
34ÿK9FÿLMPP<ÿ98
ÿ23Fÿ:9Fÿ 49::6ÿ92ÿ;3

9::6ÿ
2:3ÿ83ÿ 23;ÿ ÿ
3: J 2;
2ÿ
2ÿ83ÿ:35
:9
H3ÿ 493F 4ÿ 4ÿ83ÿ
4ÿ
3<ÿQÿ;4 ; 3ÿR 69:ÿ
3433ÿSRTÿ
ÿ4432:6ÿG3
25ÿ43H
3F3ÿG3 43ÿ
ÿ
ÿ;93<ÿ983ÿ ÿ4332ÿH34
2ÿ ÿ
8
ÿ:9Fÿ
ÿ 4 ÿU:6ÿNOÿ92ÿ
ÿ
2323ÿ ÿ435:93ÿ9
2
49
H3Oÿ382
9:ÿ92ÿ

292
9:ÿ 2

2ÿ 4ÿ; F34ÿ;;:
3ÿ89ÿ
2:3ÿ3: J 2;
2Oÿ9ÿF3::ÿ9ÿ
;4 
2ÿ G
23ÿF
8ÿ3: J 2;
2<ÿVÿ8 :ÿG3ÿ2 3ÿ89ÿ83ÿH34
2ÿ
4432:6ÿ234ÿ43H
3Fÿ :ÿG3ÿ:3ÿ 9H 49G:3ÿ ÿ 3ÿ ÿ83ÿG
23ÿ 3:ÿ892ÿ
2ÿ
834ÿ 24
3<ÿW
4ÿ ÿ9::Oÿ9:8 58ÿ; F34ÿ3 4ÿ435:9
2ÿ98 4
X3ÿ83ÿ F2348
;ÿ
ÿ
4
G3ÿ532349
2ÿ63ÿ 4ÿ3: J 2;
2Oÿ83ÿ4432ÿ;4 ; 3ÿRÿ 2ÿ
3: J 2;
2ÿ :ÿY3 ;94
X3ÿ83ÿ49

29:ÿ:39
25ÿ 4ÿZZQÿ 3:ÿ
2ÿF8
8ÿ83ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ ÿ!ÿ"ÿÿÿÿ!ÿ#""ÿ$ÿ%&ÿÿ'ÿ(#ÿ
&)ÿ#ÿ&ÿÿ"ÿ#**#ÿ!#&ÿ(ÿÿ+,ÿ"ÿ#ÿ -ÿ#ÿ&ÿÿ"ÿ

ÿ
!#ÿÿ"ÿ!ÿ.+ÿÿ&ÿ#ÿ#ÿÿÿ#(ÿ"##*ÿ#)ÿ&ÿ

ÿ ÿÿ
ÿ#ÿ!#&ÿÿ #ÿ#**#ÿÿ.ÿ&ÿÿ# #(#*ÿÿ
**ÿ#ÿÿ&ÿ#ÿ $ÿ%&")ÿ ÿ&ÿ)ÿ&ÿ*#ÿÿ
//0ÿ *ÿ*ÿ1#)ÿ.ÿ#ÿ!*ÿÿ.ÿÿ#(ÿÿ#ÿÿ#ÿ&ÿ
#$ 2ÿ,#&ÿÿÿ&ÿ3&3ÿ *)ÿ&ÿÿÿ&*ÿÿ
&(ÿÿ""ÿ#"ÿ&ÿ4ÿ(*ÿÿÿÿ&ÿ!ÿ"ÿ&ÿÿ
ÿ.ÿ#ÿÿ"ÿ&ÿ!ÿ$ÿ
0ÿ"ÿ&ÿ"##*ÿÿ"ÿ*"3#)ÿ&ÿ#ÿ*ÿÿÿ#ÿ
ÿ#ÿ*ÿ!&#&ÿ!*ÿ+ÿ#ÿ#.*ÿÿ+ÿ(ÿ"ÿ*ÿ!ÿ
 #)ÿÿ#ÿ&ÿ5#ÿ6$ÿ7!()ÿ&ÿ#ÿÿÿÿ"ÿ!ÿ"ÿ
#ÿ&ÿ#)ÿ(#ÿ&ÿ&#ÿ!ÿÿ"ÿ!.*ÿ)ÿ#ÿÿ
!$ÿ7!()ÿ#ÿ&ÿÿ"ÿ)ÿ!&#&ÿ&ÿ*#*#ÿ"ÿÿÿ89:;<
=>?8@A9B8)ÿ&ÿÿ'ÿÿ*"3#ÿ!*ÿ*##ÿ&#ÿÿÿÿ
**ÿ*"3)ÿ*(#ÿÿ&ÿ!#&ÿÿ #ÿÿÿ#ÿ!#&ÿ
!ÿ#*ÿÿ.*#&ÿÿ**ÿ."##*ÿ#ÿ"ÿ!ÿ"ÿ#ÿ&ÿ#$ÿ
,&ÿ#ÿ)ÿ&ÿ#ÿÿÿ"ÿ.##ÿÿ"##*ÿÿ"ÿ&ÿ(*ÿ
"ÿ##.ÿ#ÿÿÿ#(ÿÿ&ÿ56Cÿ1ÿ#$ÿD*)ÿ&ÿÿ
ÿ'ÿ!*ÿÿ&ÿ"##*ÿ*ÿ"ÿ*"3#ÿ*#ÿ
#.*)ÿ#(ÿ&ÿ#ÿ(#ÿE##ÿÿÿÿÿ.+ÿ"ÿ"ÿ&ÿ
!ÿ&ÿ ÿ ÿ$ ÿ
Fÿ ##ÿÿ&ÿ.##ÿ"ÿ&ÿÿ*ÿ"!+ÿ!#&ÿÿÿ&ÿ
(*ÿ"ÿ##ÿÿ*ÿ&ÿ##*ÿ##.#ÿ!+ÿÿÿ**ÿ
*(*)ÿ&ÿ##ÿ"ÿ*#ÿÿ##.ÿ#ÿ ÿ*"3#ÿ*ÿ
*ÿ""ÿ&ÿ(*ÿ"ÿ##$ÿFÿ")ÿ##ÿ&ÿÿÿ#ÿÿ
#*ÿÿ!#**ÿ#ÿÿÿ&ÿ##*ÿ#ÿ(#ÿÿ*ÿÿ#ÿ )ÿ
#ÿ&#ÿ)ÿ*ÿÿ#ÿ&!ÿÿ"#ÿ&ÿ ##.ÿ#ÿ
ÿ*ÿ#ÿÿ##$ÿGÿ&ÿ&ÿ& )ÿ&ÿÿ"ÿ##ÿÿ
#ÿÿ**ÿ"#ÿÿ#&ÿ&ÿ ÿÿ#*ÿ*(*$ Hÿ
6#Cÿÿ*ÿ"!+ÿ*ÿ#ÿ##.#*#ÿ(#)ÿ!&#&ÿ#ÿ
ÿ#""ÿ ÿÿ *ÿ&ÿ&ÿÿ!&#&ÿ#ÿ.*#&ÿ#ÿ&ÿ56$2ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
2ÿIJKLÿNOPQRÿQKSKTÿTJUÿVWOLPSUWXLÿOVVOWTPYKTZÿTOÿLUQQÿTJUÿLPWVQPLÿUQU[TWK[KTZÿ\UYUW]TUR^ÿÿ
ÿ
%&ÿÿ"ÿ&ÿ.+ÿ"ÿ#ÿÿ#ÿÿ*ÿ!&#&ÿ#.ÿÿ&ÿ#.#*#ÿ"ÿ&ÿ
6#&ÿ*##ÿ# $ÿ_ÿ"&ÿ##ÿ"ÿ.+ÿ")ÿ*ÿÿ&ÿ)ÿ`78743abc8ÿ
dbe54bfgbd3ÿ
ÿ3g5hah8eg2hiÿj8klbebeÿ479gl35h4bhÿmnoÿ.ÿG+$ÿ
Hÿ%&ÿp#*ÿ"ÿ ÿ ÿ'*ÿmp 'oÿ#ÿ*ÿ#ÿÿ.*#ÿ*#ÿÿ&ÿ
#.*ÿ*ÿ"ÿ##.#ÿ#ÿ#ÿ&ÿ")ÿ!&#&ÿ*ÿ(#ÿÿ*#ÿÿ&ÿÿ
mÿpn3/p32 qÿp 'ÿ/.*#ÿp*#ÿÿ&ÿ_ÿ'*ÿ"ÿ&ÿ6Go$ÿ
2ÿ,#&ÿ ÿÿ.#ÿ  ÿÿ&ÿ *ÿ#.ÿ.(ÿ#ÿ#ÿ$$r$ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
2344

!
6ÿ329!3ÿ!9453ÿ
24
9!ÿ 234ÿ ÿ433
"3ÿ9632ÿ 4ÿ43
25ÿ
83
4ÿ #34ÿ 2
2ÿ9ÿ3

ÿ
3ÿ92ÿ234ÿ349
2ÿ 2

2$ÿÿ8 !ÿ3ÿ
2 3ÿ89ÿ83ÿ 3!ÿ 4ÿ9!! 9
25ÿ
232
"3ÿ 4ÿ
2344

!
6ÿ34"
3ÿ89ÿ4332!6ÿ
ÿ

89253ÿ ÿ92ÿ9
2ÿ63$ÿ% #3"34&ÿ83ÿ392ÿ
3ÿ
ÿ2 ÿ9!! #3ÿ ÿ94

93ÿ
123456ÿ 32ÿ


43!6ÿ
2ÿ83ÿ323456ÿ943&ÿ9ÿ 4ÿ
2ÿ 3ÿ'(ÿ93$ÿ
2ÿ83ÿ93ÿ ÿ"
49!ÿ #34ÿ!92&ÿ83ÿ(92
8ÿ435!9 46ÿ 493# 4ÿ9! ÿ 3ÿ2 ÿ
43 52
)3ÿ83ÿ 23ÿ ÿ9554359 4$ÿ*ÿ9ÿ43!&ÿ8343ÿ
ÿ!

3ÿ 32
9!ÿ ÿ3"3! ÿ

23ÿ 3!ÿ

!94ÿ ÿ8 3ÿ
3ÿ
2ÿ34926ÿ92ÿ83ÿ'2
3ÿ+
25 &ÿ3
3ÿ
83ÿ 9ÿ89ÿ
! ÿ92ÿ,-ÿ4 .3ÿ#343ÿ944
3ÿ ÿ
2ÿ83ÿ9ÿ ÿ93ÿ83ÿ 32
9!ÿ
ÿ"
49!ÿ #34ÿ!92$ÿ
/01010ÿ345657458ÿ:6;674<=ÿ
ÿ >
292
25ÿ !ÿ3ÿ92ÿ 9!3ÿ ÿ83ÿ3"3! 32ÿ ÿ
23ÿ 3!ÿ93ÿ 2ÿ

4
3ÿ532349
2ÿ
2ÿ(9
2$ÿ?83ÿ432@83@93ÿ 3!ÿ92ÿ!39
25ÿ 4ÿAA*ÿ34"
3ÿ
 3!ÿ9!!ÿ43B
43ÿ
52

92ÿ 43ÿ ÿ
292
25&ÿ9ÿ
2ÿ83ÿ93ÿ ÿ
2"332ÿ 2ÿ 4ÿ
 !94ÿ4 .3ÿ
2ÿ83ÿ'($ÿ?833ÿ96ÿ2 ÿ3ÿ9"9
!9!3ÿ
2ÿ(9
2ÿ5
"32ÿ83ÿ3 2 
ÿ92ÿ

292
9!ÿ
9
2ÿ
2ÿ 8ÿ(9
2ÿ92ÿ84 58 ÿ14 3$ÿ743
ÿ!

9
2ÿ# !ÿ3ÿ
3"32ÿ543934ÿ
ÿ435!9
2ÿ#343ÿ ÿ433ÿ83ÿ4
9
!
6ÿ ÿ833ÿ4 .3&ÿ9ÿ
3C!9
23ÿ9 "3$ÿ% #3"34&ÿ !
ÿ 
3ÿ96ÿ "34ÿ 32
9!ÿ8 4 9!!ÿ
2ÿ
292
25ÿ
84 58ÿ!
23ÿ ÿ43
$ÿ
*!8 58ÿ323456ÿ34"
3ÿ 92
3ÿ 3493ÿ234ÿ92ÿ39!
83ÿ
23ÿ 3!&ÿ836ÿ
943ÿ9! ÿ9 33ÿ6ÿ434
3ÿ93ÿ ÿ43
ÿ ÿ
2923ÿ323456ÿ3

326ÿ
2

9
"3$ÿ2ÿ
9&ÿ2!
3ÿ
2ÿ83ÿ'(&ÿ#8343ÿ8343ÿ
ÿ9ÿ4 2534ÿ
292
9!ÿ!43ÿ ÿ 4ÿ1(7 ÿ92ÿ
3"3! ÿ323456ÿ3

326ÿ
4 "332ÿ4 .3&ÿ(92
8ÿ
292
9!ÿ
2

2ÿ
!!ÿ
89"32Dÿ9 3ÿ8
ÿ!43$ÿ 2ÿ8
ÿ .3&ÿ
ÿ8 !ÿ 3ÿ2 3ÿ89ÿ14 392ÿ
98 4

3ÿ9
ÿ ÿ
!93ÿ83ÿ3"3! 32ÿ ÿ323456ÿ34"
3&ÿ94
!94!6ÿ323456ÿ
34 4923ÿ 249$EÿA !
ÿ
2

2ÿ !ÿ9! ÿ3ÿ
2" !"3ÿ
2ÿ
292
25ÿ8
ÿ

23ÿ 3!$ÿ> 4ÿ3C9!3&ÿ83ÿ9 2  ÿ 2
6ÿ ÿ1C43949ÿ89ÿ
FGHIJKLGMFNÿIÿPQRÿSLKKLTUÿVKIUÿHMWTXYM ÿÿ ÿ
4 "3ÿ323456ÿ3

326ÿ9ÿ

233ÿ92ÿ ÿ4393ÿ4323#9!3ÿ323456ÿ4 .3$ÿÿ
?83ÿ3"3! 32ÿ ÿ
4 54
ÿ43B
43ÿ9. 4ÿ
2"332$ÿZ8
!3ÿ4 !3ÿ#
8ÿ83ÿ
B9!
6ÿ92ÿ34
6ÿ ÿ!
3ÿ
2ÿ 24
3ÿ!
3ÿ83ÿ'(ÿ92ÿ49)
!ÿ89"3ÿ5
"32ÿ4
3ÿ ÿ
 !
ÿ
292
9!ÿ 4&ÿ8343ÿ
ÿ2 ÿ3C39
2ÿ ÿ !
ÿ
292
25ÿ 4ÿ8
ÿ63ÿ ÿ
 !
2ÿ
2ÿ83ÿ8 4ÿ34ÿ
2ÿ(9
2$ÿ

ÿEÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ*4
!3ÿ[ÿ ÿ14 392ÿ
43
"3ÿ\E\1'ÿ
!93ÿ89ÿ]3 34ÿ(93ÿÿ^3243ÿ93ÿ ÿ
!394ÿ
2 49
2ÿ9 ÿ1A7ÿ 249$$$&ÿ
292
9!ÿ
2432ÿ92ÿ  42

3ÿ 4ÿ323456ÿ3

326ÿ
4 .3^&ÿ9 4
25ÿ ÿ83ÿ14 392ÿ7 

2Dÿ_`abÿdefghiÿjhklfiÿmnopÿqrs$ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ"#$%&ÿ()**%++ÿ,-*#.&+ÿ/.&ÿ(0-&#ÿ12%&34ÿ52ÿ(6-52ÿ
ÿ 789:ÿ89:ÿ:ÿ;89:<ÿ:ÿ9=<ÿ>9?ÿ9ÿÿ9==ÿ>ÿ>=ÿ

ÿ
@@ÿÿ88=ÿ@?=8ÿ9ÿÿA:ÿ@=BÿCDÿ>ÿ@::A@ÿ

ÿ ÿÿ 
9:ÿ>=:<ÿ=9ÿ>=ÿ:ÿDÿ89:=9ÿ:ÿÿ;89:<ÿ:?ÿ>9ÿ
>ÿÿ>9ÿÿDÿ>ÿ>:>ÿ=?=ÿDÿ=9ÿ9@:9:ÿ:ÿ 8B ÿ;9ÿ>ÿ
>=:ÿ9ÿ88@ÿAÿ>ÿ==EÿDÿ9ÿÿ9ÿ89ÿDÿF>9ÿ:ÿGFÿ9ÿ
>ÿHIJ38ÿKL853ML4NBÿO>:ÿ8=9ÿ8?:@ÿDÿ>ÿ8:?ÿ8=9ÿDÿ9@::9=ÿ
ÿF:>ÿ9ÿ<ÿ9@ÿ>ÿ8=ÿA::ÿDÿ9==ÿÿDÿ:@:?:@9=ÿ
ÿF:>ÿ8Fÿ9ÿDÿ8ÿÿÿGPÿAÿ>ÿ@ÿDÿ QB RÿO>ÿ>=ÿ
F>:>ÿ88ÿ@9@ÿ8ÿ?:ÿ:ÿ9=9@ÿA:ÿ@ÿ:ÿ;89:ÿ9ÿ89ÿDÿ>ÿ
:8:A:=:ÿ?:<ÿ9@ÿ:ÿ=@ÿAÿ88=@ÿAÿ>=ÿ@ÿ:ÿ>ÿ
:ÿF>:>ÿ:ÿ:8@ÿAÿ89:ÿ:@ÿ:ÿ89:ÿ:ÿ;89:Bÿ
Sÿ9ÿF>=<ÿ;89:>ÿ:=::ÿ>9?ÿ9==ÿ>ÿ>:9=ÿT8:ÿU:@ÿÿ:8=ÿ
>ÿ@:DDÿ9ÿÿA:ÿ@=BÿVÿ>ÿ9ÿDÿ@9@ÿ8<ÿÿ
T8:ÿ:ÿ8:9:=ÿA9@ÿÿ89:9=ÿ98ÿDÿ>ÿA:ÿ@=Bÿ
9A=:>:ÿ9ÿ9:ÿÿÿ9==9ÿ::?ÿDÿ:8:A:=:ÿ?:ÿA:ÿ
:@:9=ÿ;89:>ÿ89:ÿ=ÿÿ>ÿ@9@ÿ8ÿ@=ÿD@ÿ:ÿ=9@:ÿ
:ÿ:ÿ>ÿ<ÿ>ÿ9ÿ>ÿW:@ÿ;9<ÿ9@ÿ>Dÿ88ÿ>ÿ
@?=8ÿDÿ8@:9=ÿD:9:9=ÿ98ÿDÿ>ÿT8:ÿU:@ÿ:ÿ9ÿ
@9@ÿ8ÿ@=ÿ:ÿ@ÿÿAÿ9A=ÿÿ8:9==ÿ==ÿ9:?ÿ99@ÿ
989:Bÿ
;89:ÿ>9ÿ9ÿAÿDÿ=9=ÿ9@ÿ9:9=ÿ89:ÿF>:>ÿDDÿÿU:8ÿXDÿ
T98=<ÿ:E7YZÿ:<ÿZ[ÿ89=<ÿA:=\<ÿ:9==9:ÿ9@ÿ9:9ÿ?:Bÿ
O>ÿ89:ÿ=@ÿ88ÿ>ÿ89:ÿDÿ@::A@ÿ9:ÿÿ9@<ÿ
:Dÿ9<ÿ=@ÿAÿA9G@ÿAÿ@:ÿ9G:ÿ89:<ÿDÿT98=<ÿÿ>=8ÿ
9Gÿÿ9@ÿ?:Bÿ;89:>ÿÿ?:ÿ89:ÿ9=ÿ>9?ÿ>:ÿFÿ
FGÿDÿ9DD<ÿ9A=:ÿ>ÿÿ8?:@ÿ>:ÿ?:ÿ:ÿ>ÿ@:DDÿ98>:ÿ
=9:ÿF>ÿ>:ÿÿ9ÿD@BÿVÿ>ÿ9ÿDÿ::@<ÿ:=::ÿ=@ÿ
8?:@ÿ>:ÿFÿ>:9=ÿ9@ÿ9=ÿ9DDÿÿ:9==<ÿ9:9:<ÿ99ÿ9@ÿ9Gÿ
>ÿ?:Bÿ
789:ÿ:ÿ>ÿ;89:>ÿÿÿF>:>ÿ9=9@ÿ>9?ÿ<ÿ:]@ÿA9@ÿ
=@ÿ=?9ÿ>:ÿA9@ÿÿ:=9ÿ89:ÿDÿA:ÿ@=ÿF>:>ÿU:ÿ
>9ÿ88=:ÿ>9?ÿ9ÿ@:A:=:<ÿ>ÿ9ÿ:ÿ?:9=ÿ8Fÿ8=9ÿ9@ÿ::@<ÿ
9ÿ>9ÿ@ÿ:ÿ>ÿ@?=8ÿDÿÿ?:ÿ:ÿ>ÿ89Bÿ
ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ^_àb`_cdefgÿi_jkÿlmÿcnkÿobpeqk_fÿ^eiidggdefNgÿrfgcdcbckÿsepÿofkptmÿ_fjÿup_fgqepcvÿbgdftÿcnkÿ
Z >
Rÿ
?=9:ÿw98>:9=ÿVD9:ÿ;ÿ=Bÿ
C@ÿVO7xRQy x <ÿ@:D:@ÿAÿC@ÿV Oxz x Bÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
235493ÿ94ÿ8 3ÿ 
2ÿ ÿ3ÿ
24 3ÿ
2ÿ!9
2ÿ6ÿ39
25ÿ !92
3ÿ
2ÿ
"94
ÿ3 4ÿ# 4ÿ3$9!3%ÿ334
9ÿ9!!
923%ÿ33 2
9
2%ÿ &943'ÿ
&8
8ÿ 9 493ÿ ÿ4393ÿ
235493ÿ94ÿ8 3ÿ 
2(ÿ) 43 "34%ÿ83ÿ3$
323ÿ
ÿ

ÿ234 ÿ !92


3ÿ9 
93ÿ&
8ÿ83ÿ323456ÿ3 4ÿ& ÿ93ÿ
ÿ! 
3ÿ ÿ
123456ÿ 32ÿ

3"3 !ÿ83ÿ9 
9
2ÿ2333ÿ ÿ3"3 !ÿ
4 54
ÿ!4 *3(ÿ
+,-,ÿ /01234563789ÿ;7<ÿ=5>7<ÿ?65@AB72CA<9ÿ38ÿ6BAÿ/8CD96<EFÿG76A86352ÿH38A9ÿ7;ÿ
I46378ÿ67ÿG<7076Aÿ6BAÿJAKA2710A86ÿ7;ÿ?05<6ÿL8A<MEÿ38ÿ?1538ÿ
ÿ N8343ÿ943ÿ9ÿ234ÿ ÿ938 34ÿ
2ÿ83ÿ323456ÿ
246O4359 4%ÿ

292
9ÿ
2

2%ÿ!4 34%ÿ


3ÿ92ÿ23&ÿ!9634ÿ
2ÿ83ÿ3 4O&8
8ÿ943ÿ

2 32
25ÿ 4ÿ96ÿ
2 323ÿ83ÿ3"3 !32ÿ ÿ94ÿ323456ÿ
2ÿ!9
2(ÿP
4ÿ ÿ9%ÿ
4359 4ÿ89"3ÿ83ÿ! &34ÿ ÿ3
23%ÿ 9

93ÿ92ÿ
232
"
Q3ÿ83ÿ94ÿ323456ÿ 3ÿ
&3ÿ
ÿ
2ÿ8
ÿ43! 4(ÿR 25
3ÿ8
ÿ 6%ÿ
292
9ÿ
2

2ÿ ÿ!4 "
3ÿ

23ÿ 3ÿ&
8ÿ83ÿ ÿ! 32
9ÿ
2ÿ!9
2ÿ&
8ÿ9ÿ83ÿ
292
9ÿ43 43ÿ
2333ÿ 4ÿ83
4ÿ3"3 !32(ÿP 4ÿ83
4ÿ!94%ÿ!4 34ÿ ÿ
93ÿ83ÿ
3"3 !32ÿ ÿ349
2ÿ94ÿ323456ÿ9!!
9
2ÿ6ÿ
2 32
25ÿ 834ÿ938 34ÿ 4ÿ
439
25ÿ9S93ÿ!4 *3ÿ93ÿ 2ÿ833ÿ9!!
9
2(ÿT


3ÿ92ÿ23&ÿ!9634ÿ
2ÿ
83ÿ94ÿ323456ÿ3 4ÿ ÿ93ÿ83ÿ39ÿ
2ÿ3"3 !
25ÿ83ÿ
23ÿ 3ÿ234ÿ


2ÿ
2ÿ !9
2(ÿR3429
"36%ÿ836ÿ ÿ&9
ÿ2
ÿ83ÿ 834ÿ938 34ÿ
32
23ÿ4393ÿ9ÿ 9" 493ÿ32"
4 232ÿ 4ÿ94ÿ323456ÿ3 43ÿ
2"3
25ÿ
2ÿ
(ÿ
N83ÿ! 32
9ÿ3"3 !32ÿ ÿ94ÿ323456ÿ
2ÿ!9
2ÿ ÿ3ÿ 9

93ÿ6ÿ
246ÿ
938 34ÿ84 58ÿ8433ÿ!3

ÿ 43ÿ ÿ9
2Uÿ
5VÿWAMD256378ÿ
Xÿ3
52ÿ9ÿ359ÿ 493& 4ÿ&8
8ÿ!! 4ÿ83ÿ3"3 !32ÿ ÿ3$

25ÿ 3Uÿ
433ÿ83ÿ234ÿ92ÿ49
2ÿ ÿ9
2
49
"3ÿ!4 343ÿ92ÿ

ÿ83ÿ

292
9%ÿ359ÿ92ÿ382
9ÿ43Z
4332ÿ 4ÿ83ÿ3"3 !32ÿ ÿ94ÿ323456ÿ

2

9
"3(ÿ
Xÿ3
52ÿ9ÿ359ÿ 493& 4ÿ&8
8ÿ43593ÿ94ÿ323456ÿ
23ÿ 3Uÿ
43 52
Q3ÿ92ÿ9
52ÿ4 3ÿ ÿ83ÿ
3432ÿ938 34ÿ
2" "3ÿ
2ÿ83ÿ 3ÿ

3%ÿ92ÿ43593ÿ36ÿ9
"

3ÿ 4ÿ398ÿ
23ÿ 3(ÿ
Xÿ3
52ÿ9ÿ 3ÿ 4ÿ
93ÿ94ÿ323456ÿ
232
"3Uÿ!9632ÿ ÿ83ÿ938 34ÿ

2" "3ÿ9 4
25ÿ ÿ83ÿ
2"332ÿ92ÿ3 4ÿ43Z
43ÿ ÿ3"3 !ÿ94ÿ323456(ÿ
N8
ÿ 3ÿ8 ÿ3ÿ
235493ÿ
2 ÿ9ÿ833ÿ&
8ÿ9ÿ4 9ÿ !3ÿ&8
8ÿ9 ÿ
32"
953ÿ!9632ÿ 4ÿ83ÿ! &34ÿ
246ÿ93ÿ44326ÿ
293ÿ ÿ89ÿ
ÿ
ÿ
! 
3ÿ ÿ98
3"3ÿ9
293ÿ 2

2ÿ 4ÿ83ÿ3 4ÿ9ÿ9ÿ&8 3(ÿ
[Vÿ\3858438Mÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!ÿ!ÿÿ"!ÿ!#ÿ"$%ÿ""ÿ"$ÿ&''ÿ()(ÿ
(!ÿ"!ÿ!#ÿ*+ÿ"$,ÿ"-ÿ!(ÿ.ÿ/"!'ÿ"!ÿ

ÿ
!#ÿ!ÿ"(!ÿ!#ÿ".)ÿ0!!)ÿ1ÿ

ÿ ÿÿ 
ÿ!ÿ#.#ÿ!ÿÿ.ÿ#)ÿ''ÿ#(#!)ÿ!#ÿ
"!%ÿ#()"ÿ0!!)ÿÿÿ""ÿ!ÿÿ#)ÿ!#ÿ
)!ÿ'ÿ!ÿ0ÿ")!0ÿÿ!)-ÿ(ÿÿ!ÿÿ0ÿ
(!ÿ,ÿ'ÿ!ÿ20!!)ÿ"!ÿ!#ÿ#(#!)ÿ3&#0#,ÿ
0ÿ4!")51ÿ
67ÿ9:;<=>?=@ÿBCÿD=EFG@HIÿJ@KL?MB:E?HGÿ
ÿN!ÿÿ!#ÿ"ÿ!ÿÿ!(ÿ.ÿ"%ÿ"ÿ
"ÿÿ'ÿ#ÿ!O')#ÿÿ")ÿ"$ÿ!#ÿ!ÿ
))!.!(ÿ!(ÿÿ#ÿÿ# !ÿ!#ÿ""ÿ!ÿ1ÿ
ÿP!ÿ.ÿ)ÿ&'ÿ'ÿ!ÿ0ÿ")ÿ'ÿ!"!.)ÿ0ÿ"!ÿ0ÿ
(!ÿÿ!#ÿÿ!'(ÿÿÿ#ÿÿ)!ÿ'ÿ#()"ÿ0ÿ
"'(ÿ!ÿÿ)1ÿ
ÿQ!(ÿ&ÿ")!ÿ!ÿ!#ÿ"!"!ÿÿ!ÿÿ!(%ÿ'!(ÿ/"!'ÿ
"ÿ!#ÿ0ÿ"!ÿ ÿÿ'ÿ#()"ÿ0ÿ!ÿÿ
.ÿ#)ÿÿ/"!1ÿ
ÿQ!(ÿ)ÿ""ÿ'ÿ.ÿ#)%ÿ)(!ÿÿ!#ÿ'!)ÿ
O&)#ÿÿ"ÿ!ÿÿ#),ÿ!#ÿÿ!ÿ-#ÿ.!#ÿÿ'ÿ
#ÿÿ"(ÿ'ÿ#.)ÿ!#ÿ(.)ÿ0ÿ!(1ÿ
ÿR)ÿ&'ÿ),ÿ'ÿ".)ÿÿ)#ÿ"(#ÿ!##!)ÿ"",ÿ"!))ÿ
)!#ÿÿ!ÿ".)2"(!ÿ))!.!ÿ#)1ÿ
ÿ ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ !"#!$%&'"#&ÿ
ÿ )83ÿ* +34ÿ
246,ÿ23+ÿ-
23ÿ 3.ÿ-3
25ÿ3/3. *3ÿ234ÿ83ÿ 23*ÿ
ÿ94ÿ323456ÿ943ÿ9.4396ÿ9ÿ439.
6ÿ92ÿ943ÿ-3
25ÿ** 43ÿ-6ÿ23+ÿ323456ÿ* .

3ÿ
2ÿ
ÿ

 3ÿ14 *392ÿ 24


3ÿ92ÿ83ÿ02
3ÿ19323ÿ)83ÿ9
2ÿ 9 4ÿ+8
8ÿ
2 .323ÿ
123456ÿ 32ÿ

83
4ÿ3/3. *32ÿ92ÿ-3ÿ94
43ÿ9ÿ .. +5ÿ
6ÿ1 3ÿ435.9 48ÿ8ÿ9ÿ91:7ÿ
2ÿ83ÿ01ÿ92ÿ 834ÿ
2ÿ14 *38ÿ89/3ÿ
32

3ÿ
94ÿ323456ÿ9ÿ9ÿ392ÿ ÿ *.332ÿ49

29.ÿ* +34ÿ63ÿ92ÿ93ÿ83ÿ
 43ÿ3

32ÿ928ÿ83238ÿ836ÿ89/3ÿ39-.
83ÿ3943ÿ ÿ*4  3ÿ
2ÿ
6ÿ)8
ÿ** 48ÿ+8
8ÿ
2ÿ926ÿ93ÿ 3ÿ
2ÿ83ÿ 4ÿ ÿ-

38ÿ89ÿ329-.3ÿ83ÿ
49*
ÿ3/3. *32ÿ92ÿ9/9
.9-
.
6ÿ ÿ349
2ÿ233946ÿ382 . 5
32ÿ)83ÿ9;
*4 
2ÿ ÿ833ÿ382 . 5
3ÿ
ÿ9
25ÿ
ÿ* 
-.3ÿ ÿ433ÿ ÿ4/3ÿ 4ÿ83ÿ

29..9
2ÿ ÿ638ÿ+8
8ÿ
2ÿ 3ÿ93ÿ943ÿ2 +ÿ *3

/3ÿ+
8 ÿ-

3ÿ
4ÿ
232
/32ÿ<2ÿ 98ÿ83ÿ3/3. *32ÿ92ÿ54 +8ÿ98
3/3ÿ-6ÿ 3ÿ382 . 5
3ÿ
89ÿ4*93ÿ*43

2ÿ93ÿ9ÿ 3+ÿ6394ÿ95 2ÿ
6ÿ7 2348ÿ+8 ÿ89/3ÿ49

29..6ÿ*.963ÿ9ÿ*9
/3ÿ4 .38ÿ92ÿ-3 38ÿ92ÿ ÿ9ÿ
349
2ÿ3=32ÿ943ÿ-3 
258ÿ*4 342ÿ<2ÿ9

28ÿ83ÿ432ÿ +94ÿ

5
9.
49
2ÿ.39ÿ ÿ83ÿ3/3. *32ÿ ÿ23+ÿ .ÿ92ÿ34/
3ÿ+8
88ÿ
2ÿ 3ÿ
938ÿ89/3ÿ9.4396ÿ93ÿ
ÿ* 
-.3ÿ ÿ 2
 48ÿ92953ÿ92ÿ 
43ÿ* +34ÿ
 2*
2ÿ 34
252ÿ)8
ÿ4328ÿ+8
8ÿ
ÿ
..ÿ
2ÿ
ÿ394.6ÿ9538ÿ
ÿ3=*33ÿ ÿ
-3 3ÿ
2439
25.6ÿ+
3*439ÿ9ÿ83ÿ ÿ ÿ
4
-3ÿ532349
2ÿ34393ÿ
92ÿ*4 543ÿ
ÿ93ÿ
2ÿ392ÿ9295332ÿ92ÿ94ÿ8 3ÿ 2*
22ÿ
6ÿ<2ÿ 434ÿ ÿ3/3. *ÿ ÿ ÿ83ÿ-
23ÿ 3.ÿ6*
9..6ÿ54 *3ÿ234ÿ83ÿ
 23*ÿ ÿ94ÿ3234568ÿ382 . 5
3ÿ43.93ÿ ÿ83ÿ3/3. *32ÿ ÿ94ÿ54
ÿ
+
8
2ÿ49

29.ÿ54
ÿÿ-3ÿ
*.33235ÿ 24 .ÿ92ÿ *349
2ÿ ÿ54
ÿ
+8
8ÿ
2.3ÿ
4
-3ÿ532349
28ÿ94ÿ3348ÿ
23549
2ÿ ÿ
4
-3ÿ
 4953ÿ .
2ÿ>
2ÿ
4 54
ÿ 4ÿ9ÿ*
2ÿ 2ÿ
4
-
2ÿ54
ÿ+8
8ÿ943ÿ. 3ÿ
 ÿ32; 234?8ÿ32ÿ
)83ÿ
3432ÿ-
23ÿ 3.ÿ929.643ÿ9.4396ÿ
2.3ÿ 3ÿ/
9-.3ÿ93ÿ+8
8ÿ92ÿ
43/39.ÿ83ÿ* 32
9.ÿ ÿ4393ÿ/9.3ÿ 4ÿ938 .34ÿ
2ÿ83ÿ3/ .
2ÿ +94ÿ94ÿ
3234562ÿ
6ÿ32349..6ÿ*39
258ÿ83ÿ23+ÿ-
23ÿ 3.ÿ943ÿ-3
25ÿ3/3. *3ÿ-6ÿ
3243*43234ÿ92ÿ *92
3ÿ 4 ÿ2 2;323456ÿ3 4ÿ+8
8ÿ89/3ÿ
32

3ÿ
** 42

3ÿ9. 25ÿ
3432ÿ953ÿ ÿ83ÿ49

29.ÿ/9.3ÿ89
28ÿ3*
3ÿ3=

25ÿ
89..3253ÿ92ÿ2349
2
32ÿ
ÿÿ3ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ)833ÿ 2.
2ÿ /34ÿ
39ÿ
2ÿ83ÿ43* 4ÿ+8
8ÿ+3ÿ 2
34ÿ ÿ-3ÿ ÿ+ 486ÿ ÿ 322ÿ 4ÿ
9
ÿ
ÿ2 ÿ ÿ94
43ÿ 4ÿ39-.
8ÿ* 
-.3ÿ 2.
2ÿ 4ÿ83ÿ
3432ÿ3
2ÿ ÿ8
ÿ*9*342ÿ<2ÿ926ÿ
3/328ÿ83ÿ 2.
2ÿ43 34ÿ ÿ83ÿ *3ÿ ÿ83ÿ68ÿ+8
8ÿ
ÿ3=*.9
23ÿ
2ÿ83ÿ
24 
22ÿÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ ÿ!"##!$ÿ#$##ÿ!ÿ%###ÿ&$'ÿ#ÿ(#ÿ"$ÿ$!"ÿÿ
!ÿ)ÿ%#!$$ÿ#ÿ#ÿ*&#&ÿ!ÿ&ÿÿ!"'!"ÿ#ÿ&#ÿ!!)ÿ

ÿ
%!#$!$ÿ&ÿ+#"ÿ!)ÿ,!ÿ!"ÿ&ÿ+#"ÿ-#".ÿ

ÿ ÿÿ
ÿ/*ÿ%$!ÿ$ÿ&!'ÿ!ÿ$!#'$ÿ"ÿ!0ÿ&!ÿ%!"ÿÿ
!"##!$ÿ%*ÿ!#$.ÿ1ÿ#'ÿ!ÿ2!%$)ÿ#ÿÿ!ÿ&ÿ#!$$"ÿ!%!#ÿ
3ÿ"##("ÿ!#ÿÿ%ÿ$ÿ&!ÿ4ÿ3ÿ!$ÿ!#ÿ
!%!#ÿ5*#&ÿ&ÿ2%#ÿ3ÿ,!)ÿ*&ÿ&ÿ%!ÿ#ÿ!"ÿ46.ÿ
ÿ7ÿ3ÿ&ÿ*ÿ"$ÿ!ÿ#ÿ&ÿ#'ÿÿ!0ÿ2%!#ÿ!)ÿ*&#&ÿ
2%$!#ÿ*&ÿ%3#!(#$#ÿ#ÿ#$$ÿ"!ÿ!")ÿ#ÿÿ!)ÿ!#'.ÿ
/&$)ÿ(!"ÿÿ&ÿ###ÿ!ÿ3ÿ&ÿ(#ÿ!"ÿ&ÿ!%!(#$##ÿ
&ÿ%!#ÿ!ÿ"'$%#)ÿ&ÿ*ÿ(#ÿ"$ÿ*#$$ÿÿ$#0$ÿ(ÿ
%$!ÿ!$!#'ÿÿ!"##!$ÿ(#ÿ#ÿ&ÿ%*ÿ.ÿ8ÿ&#ÿ
!")ÿ&ÿ"$ÿ$!"ÿÿ"##("ÿ!#)ÿ%!#$!$ÿ&ÿ#'$'#ÿ
$!ÿ%&'$!#ÿ&$)ÿ*#&ÿÿ*#&ÿ!ÿ%%)ÿ!ÿ!!#ÿ*ÿ
%$!ÿ!"ÿ!ÿ!&#'ÿ!#ÿ#ÿ&ÿ!ÿ!&!"ÿ"ÿÿ&ÿ%#!$ÿ
"'$%ÿ3ÿ"$#ÿ&$#ÿ!"ÿ&ÿ%#'ÿ"#ÿ3ÿ.ÿÿ
8ÿ,!)ÿ!ÿ*$$ÿ!ÿ#ÿÿ+ ÿ!ÿ!"ÿ&ÿ+#"ÿ-#")ÿ&ÿ"'$%ÿ3ÿ
!ÿÿ#ÿ(#ÿ!"ÿ&&ÿ3!'!($ÿ$!ÿ&)ÿ##')ÿ
(#"#ÿ!"ÿ*ÿ3#!#ÿ&.ÿ
ÿ,!ÿ&!ÿ%%"ÿ!ÿÿ'$#ÿ#ÿ&ÿÿÿ*#&ÿ&ÿ!ÿ3ÿ
94ÿ*!($ÿ#ÿ#ÿ#ÿÿ#2ÿ(ÿ.ÿ1ÿ&#ÿ")ÿ#ÿ&!ÿ%%"ÿ
%*3$ÿ##')ÿ&ÿ!ÿ(#"#)ÿ*&#&ÿ&!'ÿ!"ÿ#ÿ%#($ÿÿ#%$ÿ
"##("ÿ!#ÿ#ÿÿ!.ÿ8ÿ!"##!$ÿ#$##)ÿ#ÿ&$"ÿ(ÿ"ÿ
&!ÿ&ÿ*ÿ!ÿ!"ÿ(ÿ .:/ÿ#ÿÿ"#'#"ÿ&ÿ%!ÿ#ÿ*ÿ#ÿ"ÿ
ÿ!"!%ÿÿ&ÿ*ÿ(#ÿ"$ÿ*&#&ÿ!ÿ#.ÿ
ÿ ÿ+ ÿ!ÿ&ÿ!ÿ;!$#3#!)ÿ3ÿ2!%$)ÿ!ÿ#%$#ÿÿ3!'!($ÿ
$!ÿ3!*0ÿ3ÿ$3<%#ÿ!"ÿÿ%#($ÿ3"ÿ%$ÿ%*ÿ
(!0ÿ#ÿ"##(#ÿ*0ÿ!ÿ3!'!($ÿ%#.ÿ1&ÿ!ÿ!$ÿ!&#=ÿ&ÿ
$!#ÿ3ÿ!#ÿÿÿ#%$ÿ$!#ÿÿ%*ÿ%&!ÿ!ÿ
&)ÿ!ÿ*$$ÿ!ÿÿ%!##%!ÿ#ÿ%*ÿ!0ÿ"!"ÿ&&ÿ!!.ÿ
ÿ ÿ+ ÿ!ÿ!ÿ!$ÿ*&ÿ3ÿ&!'#ÿ3#!#ÿ&!#)ÿ##'ÿ
!"ÿ(#"#ÿ!'!#$!($.ÿ>ÿ2!%$)ÿ#ÿ"##("ÿ!#)ÿ3#'ÿ%%ÿ
&!#ÿ&!'ÿ(ÿ"'$%"?ÿ!2ÿ"#)ÿÿ#)ÿ3"<#ÿ!#33)ÿ!ÿ
!"ÿ##%!$ÿ(#"#)ÿ!"ÿÿÿ#3#!.ÿ
ÿ1&ÿ+#"ÿ-#"ÿ#=ÿ"##("ÿ!#ÿ#ÿ#ÿ$#$!#ÿ!"ÿ33ÿ
!!#'ÿ##'ÿ3ÿ#!$$#ÿ&#ÿ%ÿ3ÿ)ÿ&(ÿ%#ÿ"!"ÿ
%ÿ'#.ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
2ÿ9
2ÿ3!3" 32ÿ ÿ94ÿ323456ÿ
ÿ
""ÿ
2ÿ
ÿ394"6ÿ953ÿ#ÿ
246ÿ
938 "34ÿ89!3ÿ83ÿ99#
"

3ÿ2333ÿ ÿ3!3" ÿ
ÿ$832ÿ 2

2ÿ4 !3ÿ
9! 49#"3%ÿ
ÿ

&ÿ74432"6ÿ435"9 46ÿ2349
26ÿ92ÿ"

3ÿ93ÿ ÿ
292
25ÿ943ÿ2 ÿ
123456ÿ 32ÿ

9
"
9
25ÿ83ÿ49
ÿ3!3" 32ÿ ÿ94ÿ323456%ÿ
&ÿ( ÿ9ÿ"9453ÿ3)32ÿ92
8ÿ382 " 56ÿ 92
3ÿ92ÿ
"

3ÿ89!3ÿ83ÿ99#
"

3ÿ
43*
43ÿ ÿ
"332ÿ94ÿ323456ÿ
2"
25ÿ382
9"ÿ2 $"353ÿ3!3" 3ÿ
84 58ÿ
" ÿ4 +3ÿ9ÿ
3
293ÿ9"3ÿ 43ÿ3)34
323ÿ
2ÿ 349
2ÿ92ÿ
9295332ÿ92ÿ8
4,946ÿ9543332%ÿ
&ÿ92
8ÿ
"

3ÿ943ÿ9+
25ÿ83
4ÿ9
2ÿ ÿ83ÿ"
"3ÿ 9 4ÿ92ÿ
2

9
!3ÿ ÿ

246ÿ938 "34%ÿ2ÿ 434ÿ ÿ43
2 43ÿ83
4ÿ
2!332ÿ
2ÿ94ÿ323456ÿ836ÿ
96ÿ93ÿ9!92953ÿ ÿ833ÿ23$ÿ 43ÿ ÿ!9"3ÿ$832ÿ83ÿ233946ÿ 2

2ÿ
94
3%ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ !"!#"$%&'()*ÿÿ
,-.ÿ/01-ÿ/2ÿ,-.-3ÿ4563ÿ789548:;57<ÿ=7874358>8?ÿ38ÿ@A74A87Bÿ>Cÿ

ÿ
D7E785ÿF>G8E
ÿ38<ÿH34I75ÿ77A7G>J27859ÿ

ÿ ÿÿ
KLÿMÿN1-ÿOP3ÿ4Q63ÿ789548:;57<ÿR8749
SÿTÿ7894;J58A7ÿU>4E7ÿ
KLÿMÿN1-ÿOP3ÿ4Q63ÿVW7ÿR8749
ÿRCC8E878E
ÿ@JJ>45;885
ÿ
KLÿMÿN1-ÿOP3ÿ4563ÿX9ÿ=74238
ÿF8>8774889ÿ3ÿ=G>:3GÿV4389C>42358>8ÿ
>Cÿ5W7ÿR8749
ÿ17E5>4Yÿ
KLÿMÿN1-ÿOP3ÿ4Q63ÿH3I889ÿZ89ÿ7353ÿ[>4ISÿD7538GÿR8749
ÿ
KLÿMÿN1-ÿOP3ÿ4Q63ÿ\]^]_`^_ÿ`^ÿbcdecfg^hÿbìgjkÿlcdmngojÿpmqgdr
=7874358>8ÿH34I75ÿ
NL.s03ÿ4Q63ÿtuÿD>>C5>Jÿ1>G34ÿH>A79ÿ885>ÿv89Wÿ=734ÿwÿ789548:;57<ÿ=7874358>8?ÿ
D798<78583G?ÿx>2274E83G?ÿU77<rX8ÿV348CC9?ÿX8E7858A79ÿ
ÿNL.-ÿyÿz{.3ÿ4Q63ÿ=78743E8|8ÿ<89548:;8<3ÿ
ÿ3;5>E>89;2>ÿ
ÿNL.-ÿyÿz{.3ÿ4563ÿD7<79ÿ<7ÿ<89548:;E8|8ÿ7G}E548E3ÿ<7GÿC;5;4>ÿ
P.ÿN--3ÿ4Q63ÿVW7ÿR;4>J738ÿR1x@ÿH34I75ÿD7J>45ÿ~€ÿ
P.ÿyÿ ÿ‚ÿN1-.ÿNL.3ÿ4563ÿtuÿ1>G34ÿFƒÿ1543579
ÿF345ÿ€SÿD>3<23Jÿ
5>ÿ3ÿZ489W574ÿU;5;47ÿ
..0.ÿyÿ„.ÿ…-†ÿyÿ‡2.01ÿ‚ÿ yy--3ÿ4Q63ÿÿ
P.ÿsÿ/ˆ-.ÿ ‰-.3ÿ4Q63ÿX8974Š‹>ÿ<3ÿ=743Š‹>ÿU>5>A>G538E3ÿ789548:;Œ<3ÿ
8>ÿZ4398Gÿwÿx>8<8E8>838579ÿ7ÿX2J3E5>9ÿ
10.3ÿ4 63ÿ@ÿJ4>75>ÿJ8G>5>ÿŽ3J;4Œÿ83ÿ47974A3ÿ754358A8953ÿxW8E>ÿH78<79ÿ
ÿ‚ÿ3ÿ4563ÿZ78EW234I889ÿR;4>J738ÿF>B74ÿ38<ÿt58G85
ÿT9975ÿX2J38427859Sÿ
‘799>89ÿC4>2ÿ~€~ÿ
’s.1ÿ“--ÿyÿLÿ †-”ÿ•.ÿN†.-ÿ.sÿ•1.ÿ„.y3ÿ463ÿ
789548:;57<ÿ=7874358>8ÿ88ÿ=74238
SÿU4>2ÿF>G8E
ÿFG388889ÿ5>ÿX2JG72785358>8ÿ5>ÿ
F74C>4238E7ÿ
’s.1ÿ ÿ‡1.ÿN--3ÿ4Q63ÿT997992785ÿ>Cÿ77238<ÿD79J>897ÿ38<ÿ
T<A38E7<ÿH7574889ÿ153CCÿD7J>45ÿ
OKLÿ“s-.3ÿ4Q63ÿ1>G34ÿH34I75ÿX8989W5ÿD7J>45ÿ~€–ÿ—ÿ
…N’ÿ….-.13ÿ4563ÿVW7ÿ@JJ>45;885
ÿC>4ÿxvFÿ88ÿ5W7ÿt8857<ÿ153579ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
2
3ÿ 4ÿ123456ÿ92ÿ492 4ÿ92ÿ8  ! "9
ÿ3 5498
9"ÿ2 49
2ÿ#63$ÿ
%&$ÿ# "94ÿ49
9
2ÿ92ÿ8  ! "9
ÿ3"34

6ÿ 32
9"ÿ 246ÿ92ÿ435
29"ÿ
9ÿ 4ÿ14 3$ÿ
ÿ

2
 ÿ949ÿ"9ÿ
!34

9
'2ÿ6ÿ(8 44 ÿ3ÿ"9ÿ12345)9$ÿ%*&$ÿ+,-./01ÿ3.ÿ.4/5304/6754ÿ
123456ÿ 32ÿ

.1.89:/6754ÿ3.ÿ7,9.1.8576;1<ÿ=>?=ÿ
23429
29"ÿ123456ÿ(5326$ÿ%@&$ÿA,8-3ÿB1.89CÿD1E.4/F.1/ÿGH/-,,Iÿ
J
2
34
ÿ3ÿ24
9Kÿ12345)9ÿ6ÿ4
 $ÿ%&$ÿL8,C.7/,ÿ3.ÿ8.5-ÿ3.78./,ÿM,8ÿ.-ÿNH.ÿ
4.ÿ.4/5O-.7.ÿ-5ÿ8.9H-576;1ÿ3.ÿ-54ÿ7,13676,1.4ÿ53F6164/85/6E54<ÿ/:716754ÿCÿ.7,1;F6754ÿ3.ÿ-5ÿ
F,35-6353ÿ3.ÿ4HF6164/8,ÿ3.ÿ.1.8905ÿ.-:7/8675ÿ7,1ÿO5-517.ÿ1./,ÿ
J
2
34
ÿ3ÿ24
9Kÿ12345)9ÿ6ÿ4
 $ÿ%@&$ÿL-516P67576;1ÿ.1.89:/675ÿQÿL-51ÿ3.ÿ
3.4588,--,ÿ3.ÿ-5ÿ8.3ÿ3.ÿ/8514M,8/.ÿ3.ÿ.1.8905ÿ.-:7/8675ÿ=>?RS=>=>ÿTL86F.85ÿM8,MH.4/5Uÿ
J 4592ÿ#92"36$ÿ%@&$ÿ# "947
6ÿ7 4$ÿ43 4KÿL8,F64619ÿGMM,8/H16/C<ÿOH/ÿV8,W/Xÿ
Y589.-CÿL867.3ÿD1ZÿD16/65/619ÿ5/ÿBNH5-SA.69X/ÿ
#
332$ÿ%[9""ÿ&$ÿL67/H8.4ÿ,Pÿ/X.ÿ\H/H8.ÿ
# "94ÿ123456ÿ24
3ÿ( 
9
2$ÿ%@&$ÿ
# "94ÿ123456ÿ24
3ÿ( 
9
2Kÿ49"3ÿ4 $ÿ%@&$ÿ],-58ÿB1.89Cÿ]HMM,8/ÿ61ÿ
V.8F51C^ÿ_ÿ̀-,4.8ÿY,,Iÿ
a2
'2ÿ19b "9ÿ[  ! "9
9$ÿ%*&$ÿc5765ÿ1H.E,4ÿF,3.-,4ÿ3.ÿ3.4588,--,ÿM585ÿ-5ÿ
.1.8905ÿ4,-58ÿP,/,E,-/5675ÿ
a#ÿ39432ÿ ÿ123456$ÿ%@&$ÿLX,/,E,-/567ÿ]C4/.FÿL867619ÿd8.134ÿQÿc64/,8675-<ÿ
e.7.1/<ÿ513ÿf.58Sd.8FÿL8,g.7/6,14ÿ
a#ÿ123456ÿ2 49
2ÿ(
2
49
2$ÿ%&$ÿ\,8FÿBD_Shi><ÿ_11H5-ÿB-.7/867ÿ
V.1.85/,8ÿe.M,8/ÿ
a#ÿ123456ÿ2 49
2ÿ(
2
49
2$ÿ%&$ÿ\,8F4ÿBD_Shi?ÿSÿ47X.3H-.4ÿj_Sk<ÿBD_S
hi?]ÿ513ÿBD_Shi?lÿ
dX.ÿA5--ÿ]/8../ÿm,H815-$ÿ%*&$ÿ
ÿ
ÿ ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 !"#$ÿ&'ÿ(#)*ÿ+,ÿ-#./0)ÿ

ÿ
12ÿ3ÿ45ÿ ÿ2ÿ6ÿ78ÿ9:ÿ;5<ÿ=652ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿ?ÿ

ÿ ÿÿ
12ÿ3ÿ45ÿ ÿ@2ÿA:<ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿÿ
12ÿB3ÿ22C:ÿD52ÿ=5E52ÿ5:ÿD52ÿ=5E52ÿFÿ4<5ÿ
G6<ÿ2ÿ6ÿH4IÿHJIÿD5Iÿ@5K2<ÿ5:ÿ4E52ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿ ÿ
12ÿ?3ÿ=E52ÿFÿ6ÿÿFÿE8ÿ52ÿ2ÿ7;ÿE5<ÿFÿ
2:25<L25<ÿÿ5:ÿ6ÿ52FFÿFÿE8ÿEE<2:ÿCÿ5ÿ52<ÿ2ÿM58522ÿ>>>>ÿNÿ
12ÿ3ÿ=E52ÿFÿ6ÿÿFÿE8ÿ52ÿ2ÿ7;ÿE5<ÿFÿ2:25<Lÿ
25<ÿÿ5:ÿ6ÿ52FFÿFÿE8ÿEE<2:ÿCÿ5ÿ52<ÿ2ÿ=5<2F25ÿ>>>>>>>>>>>>>>>>>>>>ÿÿ
12ÿP3ÿ;5<ÿ=652ÿFÿ22C:ÿD52ÿ@2ÿA:<ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿÿ
12ÿ 3ÿ;5<ÿ=652ÿFÿ6ÿ4EE<ÿFÿ22C:ÿD52ÿ4ÿ@2ÿ4CQ
A:<ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿÿ
12ÿ 3ÿ@2ÿA:<ÿ@5:ÿÿ5ÿR52ÿ4S2ÿFÿD52ÿ4ÿ>>>>>>>>>>>>>>>>ÿ?ÿ
12ÿN3ÿ@2ÿA:<ÿ@5:ÿÿ5ÿ77Tÿ4S2ÿFÿD52ÿ4ÿ>>>>>>>>>>>>>>>>>>>>>>>ÿÿ
12ÿ3ÿUQ6Q4E5ÿ@2ÿA:<ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿNÿ
12ÿ3ÿ;5<ÿ=652ÿFÿ5:ÿA55ÿ@2ÿA:<ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿ?ÿ
12ÿ3ÿ ÿ FF22ÿA5VÿFÿ@2ÿ5:ÿ6ÿ=25<ÿ4ÿ2ÿ
Eÿ5:ÿ6ÿH2:ÿ45ÿWXYÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿÿ
12ÿB3ÿ@2ÿ4CQA:<ÿFÿ6ÿ4EE<ÿFÿ45ÿMÿ4<2ÿ>>>>>>>>>>>>>>>>>>>>>>>>>ÿBÿ
12ÿ?3ÿ@2ÿA:<ÿ@5:ÿÿ=E2ÿU:52ÿFÿ5ÿ78ÿ
U52<ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿBÿ
12ÿ3ÿ S<2ÿFÿ6ÿ45ÿMÿA5Vÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿBÿ
12ÿP3ÿ@2ÿA:<ÿ@5:ÿÿ5:ÿUEÿ4S2ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿB ÿ
12ÿ 3ÿ@2ÿA:<ÿC5:ÿÿ7522E52ÿ2ÿ5ÿ;25<ÿ78ÿ7<5ÿ>>>>>>>>>>>>>>>>>>>>>ÿ?ÿ
12ÿ 3ÿS<EÿFÿ45ÿ ÿ@2ÿA:<ÿ2ÿ6ÿH4IÿHJIÿD5ÿ5:ÿ
@5K2<ÿ? ÿ
12ÿN3ÿ7222ÿFÿH2<22ÿ2ÿ45ÿ ÿ@2ÿA:<ÿ2ÿ6ÿH4IÿHJIÿ
D5ÿ5:ÿ@5K2<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿ?Nÿ
12ÿ3ÿJÿ4ÿ15ÿFÿ45ÿ ÿ@2ÿA:<ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿÿ
12ÿ3ÿ45ÿFÿZÿA2ÿ2ÿ6ÿH4ÿ5ÿ6ÿ5ÿ<S<ÿWA5ÿYÿ>>>>>>>>>>>>>>>>>>>>>>>>>ÿ?ÿ
12ÿ3ÿ45ÿFÿ45ÿ ÿ4ÿ15ÿ2ÿ4E52ÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿP ÿ
12ÿB3ÿR2ÿFÿ=5ÿ4:2ÿ9<::ÿ2ÿ6ÿUEÿ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ÿ Nÿ
ÿ ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
 !"#$ÿ&'ÿ""#(#)!*+ÿ,*-ÿ.(/"#-ÿ
02ÿ83ÿ9123ÿ132 3ÿ943ÿ83ÿ
4332ÿ 592
3ÿ38 3ÿ94ÿ323456ÿ9
6

3ÿ8963ÿ1332ÿ
ÿ


37ÿ
123456ÿ 32ÿ

89:;<=ÿ&>?ÿ@#-(ÿ)AÿB*-ÿ-(/"#-ÿ#!B+/" "ÿ#!ÿ(C ÿD)D(ÿ


Company studiltd Description of activity in the sman energy industry !Ill! m
""" la!:, ------
------
.po (!) Sal• of CHP un�s for custom•r$ r,th• convMrc,al sactorand ./ ./ :
Supply of distributed ...... ,.-,.., ... "-"� ••• domuhc customer$ wrth hljlh heating needs ••••••••••••••••••••••••••••• ; •••••••• -� •••••••• �- ••••••••
generation systems "'........._ Salt of PV panels and related stMCts for private r,d,y1duals, ' ' :
./
.,._..,.., buS111us,sillldcustomer.r,theco�sactor :
PV panel!tas111g and PPA for private 1ndrv1duals, businesses and ./
s-ciU
LeasinlJ. - PPA cornmt,o;,1 customer. •
1
5trYl«tS
llf Ltas,ng of PV panels and banenes forpnvatt r,dov,duals � ./ 1
• Rtn1al of roohops and land to r,stall and operate sol;,rpantls, ./ :
•••••••• -- •••••••• reclt!Vlllg the IIICtn\lVts 1villl�t r, lhe Unntd Kin.9.dom ••••••••••••••••••• · ••••••••• , •••••••• • •••••••••

*"�
....!,. Rtmal of roohops 10 r,stall and operate solar panels and recover
lht tlact"Clly generated
••• ./ ••• ; •••••••• �- ••••••••
' '
l .
,{ :

Energy servlc.s
ConsumpUon op1,m,zat1on for businesses and public bodes by ./ ./:./ . ./
mtillll of acuve con1umpt1on control and managemem systems
,I ,1:,1:,1
Alr-cond•hon•ng opt,mwit1on and colltct1on of energy consumption ./ ./ ./
da1aV!il a smart thermostat , , ,
Supply of
Jman home solutions
.t_- Sa!tol mon�onng and remo1t control systems to opt1m,ze
q11dtn\lill 1,ourt;e1 of consumption
:
,
./ r, ./ 1,
OP<:.:lWER
Suppor1 lor111,l�1t1 lo offer the� customers smart housthold
consumptJonrtcommendauons
./ ;

./ r' 1'
•E>e>NOC
�--------�•c•c•cc •
Demand response Olfers aggregate demand qd\lct1on capiltllyto gnd operators and
�-�-�---�---
./ ./ ./
servlc.___
,

Vlnual power plonrs Offers power generation cap� by aggregating tht avadablt ' ./ .
NEXT capiltllyof bu11ne11t1 and commercial customer$
: : ,I
rj.i"- ��:'3.;:gndmanagtmen\1ys\tmandm,crogndconnaction10 ./ '.
· · · · · · · · · j · · · · · · · · · Roll-ou1 of � ., remo1t areas not covered by the tred,t1ona! • • • • • • • • • • '· • • • • • • • •
ÿ
9"d1
Mlcrogrlds
Eletrobra power gnd ./

E 43FÿG83ÿ  2ÿ7 22


25ÿ54 5ÿ92ÿ 43497ÿ
G83ÿ93ÿ
3ÿ 4ÿE 2947
6Hÿ4332ÿI9
2HÿJ 82 2ÿ7 24 2HÿI3Hÿ12342 Hÿ
K234
4

6ÿ92ÿ1234 149ÿ3343ÿ
223ÿ
2ÿ3942
34ÿ3
2ÿ ÿ83ÿ435 4ÿ ÿ
22493ÿ
83ÿ94ÿ323456ÿ1
23ÿ 32ÿ5433237ÿG83ÿ93ÿ
3ÿ 4ÿ83ÿ2
23ÿ439
2
25ÿ
 592
3ÿ943ÿ54 53ÿ 53834ÿ132 37ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
ÿ!"ÿ#$%$&'$(ÿ

ÿ
ÿ ÿÿ 
ÿ
§¨©©ª«ÿ­®ÿ̄°±²³°́¨²µ¯ÿ¶µ·µ³¸²°­·ÿ±«±²µ¹±ÿ

,065ÿ6:<42¦ÿF5158>57ÿ
ÿ
ÿ
,-./012ÿ456789/:9-1ÿ014ÿ;<691566ÿ ÿ >58.6ÿ-?ÿ60=5ÿ?-8ÿ
.-45=ÿ @07A6ÿ.919B,CDÿE51580:-86ÿ
F5158>57ÿA06ÿ.01<?07:<854ÿ014ÿ916:0==54ÿ ÿ F5158>57ÿ,CDÿ626:5.6ÿ085ÿ
496:89;<:54ÿE51580:9-1ÿ,CDÿ<19:6ÿ?-8ÿ:A5ÿ/06:ÿGHÿ F26:5.ÿ 6:014084ÿÿ
25086ÿÿ 4569E1ÿ Iÿb\_ÿVKNLkWUP\Xÿ]Okc_ÿ\KÿeP\ÿ
IÿJKLMNONÿPMÿQRRSÿPMÿTOUVWMXÿWMNÿWYZLPUONÿ YL_\KVOUÿMOON_ÿÿ
[Xÿ\]Oÿ^UP\P_]ÿ^`abÿTUKLcdÿcWU\ÿKeÿ\]Oÿ^fgÿ ÿ ‚16:0==0:9-1ÿ96ÿ7088954ÿ-<:ÿ;2ÿ
h]OUVOWÿiUKLcÿ ‚16:0 ==
0:9
-1ÿ
ÿ 7-./012ÿ:50.6ÿ-8ÿ0ÿƒ1ÿ
IÿjWMLeWY\LUO_ÿ\]OÿVK_\ÿ_KkNÿlmnÿ LMP\ÿPMÿ 066-790:54ÿ916:0==58ÿ
oLUKcOdÿ\]OÿfWY]_ÿVPMPplmnÿÿ Q
qÿrsQdtttÿLMP\_ÿPM_\WkkONÿPMxÿoLUKcOdÿ ÿ F5158>57ÿ/8-…9456ÿ
WYYKLM\PMiÿeKUÿuQvtjw dÿKUÿ .091:510175ÿ658…9756ÿ:-ÿ:A598ÿ
OZLPyWkOM\ÿ\Kÿtz{|ÿKeÿ_KkWUÿYWcWYP\Xÿ „091:510175ÿÿ7<6:-.586ÿ?-8ÿ916:0==54ÿ
PM_\WkkONÿPMÿTOUVWMXÿ /8-4<7:6ÿ
IÿbM_\Wkk_ÿeKUÿYKVVOUYPWkÿYL_\KVOU_dÿcL[kPYÿ ÿ F5158>57ÿ4-56ÿ1-:ÿ.010E5ÿ
WNVPMP_\UW\PKM_ÿWMNÿkWUiOÿUO_PNOM\PWkÿ ,CDÿ<19:6ÿÿ
YL_\KVOU_ÿÿ „010E5.51:ÿÿ IÿnU KyPNO_ÿWÿO[ÿ\KKkÿ_Kÿ\]W\ÿ
qÿozizdÿ_]KccPMiÿYOM\OU_dÿ_Y]KKk_dÿ YL_\KVOU_ÿYWMÿVKMP\KUÿ
cUKcOU\PO_ÿ cK OUÿiOMOUW\PKMÿ
ÿ P
M NOcOMNOM\kXÿ
F5158>57}6ÿ,CDÿ<19:6ÿ085ÿA9EA=2ÿ5??97951:ÿ0:ÿ ÿ
E51580:91Eÿ/-~58ÿ014ÿA50:ÿ
IÿbMÿlmnÿLMP\_dÿWMÿOMiPMOÿiOMOUW\O_ÿcKOUÿ
]PkOÿWk_KÿYWc\LUPMiÿ]OW\ÿ\]W\ÿP_ÿcUKNLYONÿPMÿ F5158>57ÿ916:0==6ÿ077566-8956ÿ
\]OÿcUKYO__ÿ :-ÿ51A0175ÿ:A5ÿ/58?-8.0175ÿ-?ÿ
qÿmOW\ÿUOYKyOUXÿWkkK_ÿeKUÿOeePYPOMYXÿ\Kÿ †9::91E6ÿ ,CDÿ <19:6ÿ
[OÿPMYUOW_ONÿ[XÿLcÿ\KÿrRt|dÿyOU_L_ÿ Iÿoz izdÿYKMNOM_OU_ÿPVcUKyOÿ
\UWNP\PKMWkÿcKOUÿiOMOUW\PKMÿPMÿ]PY]ÿ ]O W\ÿiOMOUW\PKMÿ[Xÿx‡|ÿÿ
OeePYPOMYXÿsYWMÿKMkXÿ[OÿPVcUKyONÿ[Xÿ ÿ
S{|p€t| ÿ
IÿTW_ÿKUÿnTÿL_ONÿ\KÿKcOUW\OÿlmnÿLMP\_ÿ
ÿ
ÿ
QzÿfW\WÿeUKVÿ^`abpˆOMOUhOYdÿW_ÿKeÿ̀cUPkÿxtQ‡ÿxzÿ̀__O__VOM\ÿ[W_ONÿKMÿ{z{ÿ‰wÿlmnÿLMP\_zÿszÿfW\WÿeUKVÿ^`abpˆOMOUhOYÿWMNÿŠˆÿ
oMyPUKMVOM\ÿnUK\OY\PKMÿ̀iOMYXÿ‡zÿbMÿ\]OÿŠ‹dÿ^WŒPpˆOMOU\OYÿ]W_ÿP\_ÿKMÿOMiPMOOUÿ\OWV_ÿ\Kÿ_LccKU\ÿKcOUW\PKM_ÿPMÿWkkÿ\]OÿyWkLOÿY]WPMzÿ
bMÿTOUVWMXdÿˆOMOUhOYÿKU‰_ÿP\]ÿWÿMO\KU‰ÿKeÿKeePYPWkÿ_LcckPOU_zÿ
ÿ
ˆKLUYOÿ^WŒPpˆOMOUhOYÿŠ‹ÿO[_P\OÿŽÿfW\WÿKMÿOeePYPOMYXÿeUKVÿ\]OÿŠˆÿoMyPUKMVOM\ÿnUK\OY\PKMÿ̀iOMYXŽÿÿ‘’“ÿ”•‘“–ÿ•—˜™“ÿ
š›˜“˜œ˜“•ž‘–ÿž’ÿŸ ¡•’¢ÿ£¤LkXÿxtQ‡¥ÿ[XÿJUWLM]KeOUÿbˆoŽÿ^lTÿWMWkX_P_zÿ
ÿ
12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ!"ÿ#$%&ÿ
~€‚ƒ„ÿ†ÿ‡ˆ‰Šÿ‡‹ŠŒ€ÿ€„ŠŽƒÿŠ‚Œÿ
-
ÿ
123456ÿ 32ÿ

ÿ)-32ÿ
3791/}ÿ>?@Aÿ
ÿ
)*+,-./ÿ123456,76*.ÿ-.1ÿÿ ÿ ;2-36.<ÿ*,76*.3ÿ*==2521ÿÿ
8936.233ÿ+*12:ÿ
>?@Aÿ63ÿ-ÿ37-57@9,ÿBC64Cÿ*==253ÿ-ÿ:2-36.<ÿ3/372+ÿ ÿ ÿ
=*5ÿDEÿ,-.2:3ÿÿ SolarPV Lease
ÿ SolarPV Lease+ Battery
FÿGHIJKLKÿMJÿNLOPQJRÿMJÿSTUSÿMJÿOLVWHJVLÿXHÿ
XYLÿKLZ[MJLÿH\ÿXYLÿ]^ÿPQO_LXÿQJKÿXYLÿKOHWÿMJÿ ÿ
XYLÿWOMZLÿH\ÿWQJL[Vÿ
Fÿ`QZ_LKÿaRÿbLJXIOLÿZQWMXQ[ÿ\IJKVÿÿ
FÿcdefÿH\\LOVÿMXVÿZIVXHPLOVÿXYLÿHWWHOXIJMXRÿXHÿ
[LQVLÿVH[QOÿWQJL[VÿQJKÿIXM[MgLÿXYLÿLJLOhRÿXYLRÿ ÿ
-
- ÿ ÿ
10years
(optional +10years)

€0

hLJLOQXLÿ

Fixed payment for PV

ÿ ÿ
Fixed payment for PV panels and battery

ÿ panels (-2xfixed paymertfor

>?@Aÿ*==253ÿ673ÿ4937*+253ÿ-ÿijjkÿ52.2B-8:2ÿ systems witholia battery)

,*B25ÿ39,,:/ÿ
FÿcdefÿWOMHOMXMgLVÿWHlLOÿhLJLOQXLKÿaRÿ[LQVLKÿ
VH[QOÿWQJL[Vÿÿ
ÿ
- ..
.
ÿ
DZ-4 responsibk! for design, installation,

ÿ
maintenance and monitoring

ÿ
ÿ
FÿmJÿXYLÿLbLJXÿH\ÿVYHOX\Q[[VnÿZHJVIPLUOVÿOLZLMbLÿ ÿ
WHlLOÿLoZ[IVMbL[Rÿ\OHPÿpQXIOqQXXnÿQÿcdefÿ
WQOXJLOÿ
rÿsYLÿWHlLOÿVIWW[MLKÿaRÿpQXIOqQXXÿMVÿ
hIQOQJXLLKÿXHÿaLÿUTTtÿOLJLlQa[Lÿ

-
.

. ÿ
Upto-33'11

ÿ
Renewal possible after the first 10years
Purchase of the systemforthe residualvalueafter
the first 10 years or20years

ÿ ’4*3/372+ÿ*=ÿ4*+,-.623ÿ,-57.2521ÿB67Cÿ>?@Aÿ=*5ÿ673ÿ:2-36.<ÿ,5*19473ÿ
ÿ
ÿ ...... 1 Severalparrners � �----·····--···························· ·······---------·························

ÿ /swkbank.!
ÿ
Solar PV system +
NaturWatt
ÿ
Battery
ÿ
ÿ Design and installation Monitoring
ÿ
ÿ
Loan
100% green power
ÿ Maintenance and service
ÿ
ÿ I - - - - - - - - - --- - - - - - - - - - --- -
supply

ÿ
ÿ
·······················-·························,

ÿ
Complete DZ-4 offer !
contract.""t�-�t:o�e-J)<):er_J>�i�-�---··········...J
ÿ
ÿ 10-year
ÿ
UuÿvIaVMKMQORÿH\ÿwqxÿSuÿmJ\HOPQXMHJÿVIWW[MLKÿaRÿcdefÿyuÿ^QOMQaM[MXRÿMJÿXYLÿWHOXMHJÿH\ÿWHlLOÿZHJVIPWXMHJÿVIWW[MLKÿaRÿpQXIOqQXXÿHJ[Rÿ
vHIOZLzÿcdefÿWOLVVÿOL[LQVLV{ÿcdefÿlLaVMXL{ÿPLKMQÿVLQOZY{ÿ̀|NÿQJQ[RVMVÿ
ÿ
ÿ
ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ!"#ÿ$%&'ÿ()'*+,ÿ$-./)/-)ÿ
ÿ

ÿ
‡ˆ‰Š‹ŠŒˆ‹Žˆÿ’“”ˆ•ÿ

ÿ ÿÿ 
…`f6ÿf^4B<†ÿ3456ÿ896:;<ÿ̀9Bÿ3A@W9WA9ÿ
ÿ–—ÿ˜™šÿ›œÿžŸ šÿ¡˜¢£¢˜¢šžÿ¤—¥ÿ¦Ÿ§š¨ÿ̈š˜¤¢£š¨žÿ™¤©šÿ¢ ¦£š š—˜š¥ÿ¦¨Ÿª¨¤ žÿ˜Ÿÿ¢—ž˜¤££ÿžŸ£¤¨ÿ¦¤—š£žÿŸ—ÿ̈š—˜š¥ÿ
ÿ¨ŸŸ«˜Ÿ¦žÿ¤žÿ¦¤¨˜ÿŸ«ÿ¤ÿž˜¨¤˜šª¬ÿ¢—ÿ̈šž¦Ÿ—žšÿ˜Ÿÿ£šª¢ž£¤˜¢Ÿ—ÿ§™¢­™ÿ¢žÿ¢—­¨š¤ž¢—ª£¬ÿ¦¡ž™¢—ªÿ¡˜¢£¢˜¢šžÿ˜ŸÿŸ««š¨ÿ˜™š¢̈ÿ
ÿ­¡ž˜Ÿ š¨žÿ̈š—š§¤®£šÿš—š¨ª¬ÿ̄
ÿ
ÿ
3456ÿ896:;<ÿ=>?ÿ@AB6Cÿ
DEFGHÿIJFEKLMJNÿOLPGFLQRGSTÿUEKJFÿ ÿ XLFYLMLJ3A@W 9WA9ÿ=>?ÿ@AB6Cÿ
NÿUEKJFÿZJFGMSFPHL[ÿZFEYFJ\ÿÿ
VSMSFJGLEMÿÿ
ÿ ÿÿ
=AA]^A_ÿ:69^`Cÿ_:A;:`@ÿ̀__:Aa6BÿW9ÿbccdÿ =AA]^A_ÿ:69^`Cÿ_:A;:`@ÿ̀__:Aa6BÿW9ÿ|`:}gÿ
ÿ bc~ÿ
e6<ÿ6C6@69^fÿA]ÿ^g6ÿ_:A;:`@ÿ ÿ
hÿU[JiSÿEMÿFEEjGE[PÿJMTÿKJMTÿFSMGSTÿjFE\ÿ e6<ÿ6C6@69^fÿA]ÿ^g6ÿ_:A;:`@ÿ
QRPLMSPPSPkÿLMTLlLTRJKPÿJMTÿPiHEEKPÿmGEGJKÿEjÿ hÿU[JiSÿEMÿFEEjGE[PÿFSMGSTÿjFE\ÿQRPLMSPPSPÿ
noÿPLGSPpÿ JMTÿ[RQKLiÿLMPGLGRGLEMPÿmGEGJKÿEjÿowÿPLGSPpÿ
hÿUqPGS\PÿErMSTÿJMTÿ\JMJYSTÿQqÿORsSÿ €ÿZFSjSFSMiSÿjEFÿKJFYSÿKEiJGLEMPÿrLGHÿ
tMSFYqÿÿ jKJGÿFEEjPÿEMÿ[FEGSiGSTÿQRLKTLMYPÿMSJFÿ
hÿu[[FElSTÿiEPGÿEjÿR[ÿGEÿvowÿ\LKKLEMÿjEFÿxwÿ OE\LMLEMÿLMjFJPGFRiGRFSÿÿ
yzNÿPR[[KqÿjEFÿ{nkowwÿHE\SPÿ hÿUqPGS\PÿErMSTÿJMTÿ\JMJYSTÿQqÿOE\LMLEMÿÿ
ÿ hÿu[[FElSTÿiEPGÿEjÿR[ÿGEÿvxxxÿ\LKKLEMÿjEFÿwÿ
yzNÿPR[[KqÿjEFÿ{‚kowwÿHE\SPÿ
ÿ
ÿ
UERFiSNÿIEF[EFJGSÿrSQPLGSPƒÿ„IVÿJMJKqPLPÿ

ÿ
ÿ
ÿ ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
 ÿ""#ÿ$%&'()ÿ
ÿ+,-./010ÿ
‹ŒŽÿ’Ž“”•’ÿ
ÿ

COF"ELY
o,��
123456ÿ 32ÿ

48>=ÿ>BD<:Šÿ45I=E:ÿ
ÿ
ÿ
456789:ÿ<=>?@A7BA59ÿ89<ÿÿ ÿ F9=@G:ÿ>=@HA?=>ÿ5II=@=<ÿ
CD>A9=>>ÿ65<=Eÿ
ÿ ÿ QÿRS]e\U_U,01mUÿaW1.X1,`ÿ
45I=E:ÿI5@6>ÿ78@Bÿ5IÿJKLMND=OP>ÿ=9=@G:ÿ>=@HA?=ÿ L8?AEAB:ÿ ]-,-`U]U,^{ÿU,U\`/ÿ
8?BAHABA=>ÿ bS,0W]e^1S,dÿ0-TU^/dÿ^Ub_,1b-.ÿ
QÿRSTU./ÿV-0ÿTSW,XUXÿ1,ÿYZZ[ÿT\S]ÿ^_Uÿ]U\`U\ÿ 68>98 G=6=9Bÿ 1
=@HA?=>ÿ Qÿf. ,0^-..-^1S,0ÿ
aU^VUU,ÿRST-^_Ubÿ-,Xÿc./SdÿTS\]U\ÿ Sa-.ÿSTTU\ÿ-m-1.-a.Uÿ1,ÿzZÿ
0Wa01X1-\/ÿbS]e-,1U0ÿSTÿfghÿ-,XÿiWUjÿ bSW,^\1U0ÿÿ
QÿRSTU./ÿ10ÿfghkiWUjl0ÿ]-1,ÿa\-,XÿTS\ÿU,U\`/ÿ ÿ QÿW1.X1,`ÿU,U\`/ÿUTT1b1U,b/ÿ
0U\m1bU0ÿ €DAE<A9Gÿ 0 ^WX1U0dÿ1]e\SmU]U,^ÿe.-,0ÿ
nÿfghkiWUjÿ]-oU0ÿ^_Uÿ]S0^ÿSTÿ1^0ÿm-0^ÿ =9=@G:ÿ Qÿc, - ,Xÿ1]e.U]U,^-^1S,ÿÿ
o,SV.UX`UÿSTÿ^_UÿU,U\`/ÿ0Ub^S\ÿ-,Xÿ /ÿeU\TS\]-,bUÿ
=IIA?A=9?:ÿÿ bS,-^a\-.Ub0^1ÿ,U`,ÿU^S\`ÿ̀W
U,U\`/ÿ]-,-`U]U,^ÿ^SÿSTTU\ÿ\U.-^UXÿ -\-,^UUÿ
0U\m1bU0ÿ^SÿbS]e-,1U0pÿ U,U\`/ÿ0-m1,`0ÿÿ
Qÿq-\^ÿSTÿRSTU./l0ÿ-b^1m1^/ÿ10ÿTSbW0UXÿS,ÿU,U\`/ÿ ÿ QÿgU01̀,dÿ1,0^-..-^1S,ÿ-,Xÿƒ„…ÿSTÿ
]-,-`U]U,^dÿ0Wb_ÿ-0ÿ_U-^1,`dÿ1,ÿW\a-,ÿ _1̀_./ÿUTT1b1U,^ÿeSVU\ÿ
,U^VS\o0ÿrstuZÿ_U-^1,`ÿ,U^VS\o0ÿSeU\-^UXÿ1,ÿ ‚898G=6=9Bÿ U†W1e]U,^dÿ0Wb_ÿ-0ÿR‡qdÿTS\ÿ
]1XkYZtYvÿ 5Iÿ?56789:ÿ bS]e-,1U0ÿ
ÿ =9=@G:ÿ QÿƒTTU\0ÿ0S.W^1S,0ÿa-0UXÿS,ÿ
ÿ =IIA?A=9?:ÿ \U,UV-a.UÿU,U\`1U0ÿ1,ÿS\XU\ÿ^Sÿ
45I=E:ÿA>ÿ59=ÿ5IÿBw=ÿE8@G=>BÿFN4x>ÿ@D99A9GÿA9ÿ .1]1^ÿ^_UÿU,m1\S,]U,^-.ÿ1]e-b^ÿ
Bw=ÿy5@E<ÿ STÿbS]e-,1U0ÿ
QÿYZtzÿ\UmU,WU{ÿs|t}p~ÿa1..1S,ÿ ÿ 4E=89ÿ89<ÿ gUQÿ mU.Se]U,^ÿ-,Xÿ
QÿtZZpZZZÿbW0^S]U\0ÿ1,ÿs}ZÿbSW,^\1U0ÿÿ A9B=EEAG=9Bÿ U,_.-U,]U
1]e ,^-^1S,ÿSTÿ0S.W^1S,0ÿ^Sÿ
Qÿ[ZdZZZÿU]e.S/UU0ÿ D@C89ÿ b1^1U0dÿ^_UÿU\U,aU/\`ÿ1]e
b U /ÿUTT1b1U,b/ÿ1,ÿ
ÿ 9=By5@ˆÿ †W-.1^/ÿSTÿ.1TUÿ \Sm1,`ÿ^_Uÿ
ÿ
ÿ
hWU,^U{ÿfghkiWUjÿVUa01^U‰ÿRSTU./ÿVUa01^U‰ÿRfÿ-,-./010ÿ

ÿ
ÿ
ÿ ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 ÿ"#$ÿ%&'ÿ()*+,-.)/ÿ
ÿ stuuvwÿyzÿ{|}~ÿ€y|ÿ{yvt‚yƒ{ÿ ÿ

ÿ
ÿ ÿÿ
ÿ
ÿ

ÿ …6=;ÿ=8EHC†ÿ012ÿ456789:5;ÿ
ÿ

‡ˆ‰ÿŠ‹ÿŒŽÿŒŠÿ‘’“Ž‹Œÿ”Ž•’–ÿ—˜™ŽÿšŒŠ‘ŠŒ›ÿ’–ÿ˜–Žÿ˜œÿŒŽÿœŠŽÿ‘’“Ž‹ŒÿšŒŠ‘ŠŒŠŽ‹ÿŠ–ÿ‰š˜—ŽžÿŸŒÿ’‹ÿ ¡ÿ•Š‘‘Š˜–ÿ¢š‹Œ˜•Ž‹ÿ
ÿ £¤¥ÿ§¨¤¨©£ª̈¥ÿ«¬­®ÿ̄°±±°²¤ÿ°¤ÿ©¨³¨¤´¨ÿ°¤ÿµ¶·¸¹ÿ
ÿ

ÿ ŽŸ––ÿŽº»“ ›»ÿ—¼ÿ‡ˆ‰ÿ ‘’š–¢ŽÿŠŒ‹ÿ‹•’Œÿ˜•Žÿ—˜š¢Œ‹ÿŒ˜ÿŽ‘—ÿŠ–ŠŠš’‘‹ÿŽš¢ŽÿŒŽŠÿŽ–Ž“›ÿ¢˜–‹š•—ŒŠ˜–¼ÿŽ“’‘Ž‹‹ÿ˜œÿŒŽŠÿ
˜ŠŽžÿŸ–ÿŒŽÿ½–ŠŒŽÿ¾Š–“˜•¼ÿ‡ˆ‰ÿ–¿˜™ŽÿŠ‹ÿÀŽ“Š––Š–“ÿŒ˜ÿ˜œœŽÿŠŒ‹ÿ¢š‹Œ˜•Ž‹ÿ‹•’Œÿ˜•Žÿ‹˜‘šŒŠ˜–‹¼ÿœ˜ÿ
ÿ ŽÁ’•—‘Ž¼ÿŒ˜š“ÿŽ‹ŒÿŒŽ•˜‹Œ’Œ‹žÿ
ÿ
45678ÿ9:5;ÿ=C=8;5=ÿ:>>;7;HÿACÿ012ÿ
Household electrical devices
,:;;;- RWE SMARTHOME and alr-<:ondltionlng
integrated into home
... conuo/3 ••. based on... ...v;a ... ...and ... wireless networks

Sensors and 'local control 'Remote control Smart central unit which
Cent111I control urwt Automati:Jnrule,
controllers node,' node,'
controls the devices
- I
I;§ Installed

. -. -· ..
El
w,etess thffmos:at Functionalities included
PersonalcOt7¥111ter • Control of air-conditioning
,,,,.,._. • Control of llghts
• Turning appliances on/off
Tablet
ceeers • security
even outside • Smoke detection
otrefrlg coovenence, reduced energy expenses
andsecllfty

RWE has established partnerships with several leading companies (outside its strategic core) in their respective
industries, thus enabling it to otter an advanced, comprehensive smart home solution

l,%itJQ
RWE SmartHomeinclldes
STIEBEL ELTRON IQUEST @seluxit I Microsoft
Developmert olhaRM'are
d1stJrNastiers, was twig lndudeseffioentand Development of software to and software solltionsto Development ofthe RWE

ÿ
machines ancldryer!>that 1ntellf9S"i:alr�onng manage RWE SmartHome optimczecortrolover energy SmartHomesoftv.ere
lncil.de the M1ele(plome systems usage
function

012ÿ456789:5;ÿ<=ÿ6ÿ>?;@<A?;Bÿ 012ÿ456789:5;ÿ56F;=ÿ<8ÿG:==<A?;ÿ
;6=CD8:DE=;ÿ=C=8;5ÿ ÿ 8:ÿ7;HEI;ÿ9:E=;9:?Hÿ;J;7KCÿ
I:J=E5G8<:Jÿ
ÿ a fJ El Consumption ol

ÿ
Versalllny Adaptability EHe(lf use userur tleat1 (IM'hlml)
Moo.Jlar system "Mlh Quid:: and easy
Combined control ol sensors and lnstallabonWl!hou1
i1ppl1ances enca«.
controllel'.!lhat lheneedlor an
"

• •
con�omng adapts to ndl home mst.111abon company

ÿ
ÿ 1t'
RVVla

ÿ
�IHl()Mf

'voRWEg gehen' offers consumers Innovative


electronic products

ÿ a lnWitrYe m
ÿ
Intuitive system Secure lndepen(le ... Sin11lepersm Eldertypersm Family
Encrypted system Sys!emlhat can ee
controlled rrom a lhatollersmaximum usedw,lh any power
computer, serunty retailer
smartp!Jone or ta�et • Control group
• Groupus1n11 RVvE SmartHome

LMÿOPQRSTUVWPÿXSYZ[ZRZWÿVUPÿ\R[]^[S_ÿ̀TaY[bYÿYZR^aÿcQYW^ÿUSÿZTWÿRYWVR]ÿTWQZÿPWdR[PW^ÿVUPÿQÿY[S_]WÿPUUeÿÿ
fURPbWgÿhijÿfeQPZTUeWÿkWcY[ZWlÿmnLmÿQS^ÿmnLoÿhijÿQSSRQ]ÿPWpUPZYlÿ\qrÿQSQ]aY[Yÿÿ
ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ!"#ÿ$%&'(ÿ
\]^^_`ÿbcÿdefghÿibejÿdb_]hkbldÿ
ÿ

OP@WER
123456ÿ 32ÿ

Z-43ÿ4/6:<[ÿ>?2@3.ÿ
ÿ
ÿ
+,-./ÿ12,3ÿ4256/7284ÿ2993.3:ÿ;<ÿ ÿ AB-,?534ÿ29ÿ78/3.-C/728ÿ;3/@338ÿ
6/757/734ÿ/1.26=1ÿ>?2@3.ÿ .3/-753.4ÿ-8:ÿ/137.ÿC2846,3.4ÿÿ
ÿ
ÿ Explanation

ÿllilliiliilllli.
Opower anatyzes consumption patterns and provides

ÿ customized recommendations to help consumers reduce

ÿ
theirconsumption

•-o; �;;;�r��j(ie�-t�d�t� help utilities inEract.,;fttl-th;ir -


ÿ customers

ÿ
• Mobile alerts
• We� platform for p_ers_onar�ed advice _ _

ÿ
• Design of eledronicbitls with relevari information for
customers

ÿ
• Oevelopmert oftelephonesupport services

ÿ
II
Opower helps utilities launch awarenessampaigns
regarding spikes in demaoo

ÿ
---
• E.mail alertsregardngexpededspikes in demand
• AdviceonreCl.lO'lO consumption cilringspikes
-=---
ÿ • Design of feedback for customers aner spikes

ÿ
• Calculation oftic,,y customer performance evolves
----------------------- --
Opowerthermostatmanagement determines which
----------
ÿ customers utilities should offer a Wi-fi thermos lat

ÿ
Consumers choosethethermostst modelandconftgUreit
ba.sed on recommendltionsfor efficient energy usage

ÿ
Based onthennostatuse, corswners receive
recommenciltions on hrmto improve thei' consumption nationalgrid
Selection of
ÿ
efficiency
During demand spikes, utilities take cortrol ofth ermostsls to Opower clients a•Dnct
ÿ
•• EnltQII
slighly recilce the customer's consumption

ÿ
DE
ÿ
FGHIJÿKLEMIGÿMINOPQIRÿSTUÿVWVXYOPOÿÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 ÿ"#$ÿ%&'(ÿ)*+,(-&*.&ÿ
ÿ ÿ

ÿ
ÿ ²³́µ¶·ÿ̧º»¼½´ÿº¸·¾µ¿ÿÿ NEXT

ÿ ÿÿ
ÿÿ
KRArTwE.RK£

ÿ Z^dcÿdhjb`Àÿncohÿpf^qhmcfrcÿ
Z[\]^_`ÿbcdefg]hg[_ÿ^_bÿÿ ÿ lgfhj^kÿ][mcfÿ]k^_hÿ]^fhgeg]^hg[_ÿ
ijdg_cddÿ\[bckÿ []][fhj_gh`ÿ
ncohÿpf^qhmcfrcÿs\itÿgdÿ^ÿd]g_u[qqÿ[qÿ ÿ «f[ecddÿ\^_^ycbÿc_hgfck̀ÿi`ÿncohÿ
ÿ ÿ

hvcÿw_gxcfdgh`ÿ[qÿZ[k[y_cÿg_ÿ[]cf^hg[_ÿ pf^qhmcfrc¬ÿfcdjkhg_yÿg_ÿe[\]c_d^hg[_ÿq[fÿ
dg_ecÿz{|{ÿ hvcÿejdh[\cfÿÿ
}ÿ~Nÿ€ÿQ‚ƒMSÿ„ÿ…†‡ˆ‰M‚‡ÿ
OPŠRSMP‹ŒRS€ÿ
ÿ }ÿ­P MMÿ†MRMPQNŒPÿ‚ŒRRM‚NŒRÿNŒÿQÿŽM©Nÿ
®Œ©ÿ„ÿQÿ‚ŒL¡QR„ÿQ€€Œ‚QNMSÿ—N‡ÿ
ŽM‡Q€ÿQPNRMP€ÿQRSÿ€RM€€ÿ ŽM©Nÿ̄PQ‹N—MPƒMÿÿ
QR†M‘€ÿÿ }ÿPMˆ°Q‘‹‚QNŒRÿQ€MSÿŒRÿQÿ‚Q¡Q‚N„ÿ
}ÿ’Q‘MÿŒ‹ÿ“”•ÿ‰–‡ÿŒ‹ÿPMRM—Q‘MÿMRMP†„ÿ ÿ NM€Nÿ
AGÿ˜™š›ÿ=A9œÿ@;E4@ÿ0<ÿžš™™ÿŸAEEA0Gÿ }ÿ§Q¡Q‚N„ÿ€¡MP±€ŒRÿQRSÿ‚ŒRNPŒ‘ÿ„ÿ
ÿ N‡MÿŽM©Nÿ‚ŒRNPŒ‘ÿ‚MRNPMÿÿ
ncohÿpf^qhmcfrcÿ\^_^ycdÿbcec_hf^kgdcbÿ ÿ }ÿ§Q‘¡MQÿŒ‚‹ÿN‚„ÿQQ¡±QQ‚‘QN„ÿ‘ŒMRÿÿN¡‡ŒMRÿ€ÿ¡PMŒ°NÿLQ
}ÿ’Q

PƒMNÿÿ
Nÿ
\cbgj\ude^kcÿj_ghdÿ }ÿQ„LMRNÿQ€MSÿŒRÿN‡Mÿ‚Q¡Q‚N„ÿLQSMÿ
}ÿ RLLÿ†MRMPQNŒRÿ‚Q¡Q‚N„¢ÿ“£¤ÿ Q±Q‘Q‘MÿQRSÿN‡MÿPM€MP±MÿMRMP†„ÿ€Œ‘Sÿÿ
ƒ–ÿÿ ÿ
ÿ ÿ ÿ
¥vcÿijdg_cddÿ\[bckÿgdÿdj]][fhcbÿi`ÿ ÿ
^yyfcy^hg[_ÿ^_bÿd^kcÿ[qÿe^]^egh`ÿfcdcfxcÿ
[_ÿhvcÿi^k^_eg_yÿdcfxgecdÿ\^frchÿÿ ÿ
}ÿOMRMPQNŒRÿ‚Q¡Q‚N„ÿQRSÿ‚PNQ‘LMRNÿ
‚Q¡Q‚N„ÿ
}ÿ§Q¡Q‚N„ÿQ††PM†QNŒR¢ÿŒ†Q€ÿ¡‘QRN€ÿ
€LQ‘‘ÿ§…€ÿ€Œ‘QPÿ‹QPL€ÿ—RSÿ
†MRMPQNŒP€ÿQRSÿŒN‡MPÿ†MRMPQNŒP€ÿ
¨PRRR†ÿŒRÿ‘QRS‹‘‘ÿ†Q€ÿ‹ŒPÿM©QL¡‘Mªÿÿ
ÿÿ
ÿ
ÿ
ÿ NEXT
l'IRA,-TWllU(I[

ÿ
ÿ
/012345ÿ7489ÿ:2;<9=42>4ÿ=4?@A94BÿC41942@ÿD:ÿ;29A3E4ÿF7489ÿ:2;<9=42>4ÿ?1GHE4@ÿI244GÿJ0=42ÿ90ÿLMMNÿOMPLQRÿSMLQRSÿ
@12I4@TBÿUVWÿ;G;EX@A@ÿ
ÿ ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
 ÿ"#$ÿ%&'()*ÿ+,('-.ÿ
‹ŒŽŽŒ‘’ÿ
ÿ
123456ÿ 32ÿ

15;:ÿ;?A97ŠÿE5=:?2ÿF6:=D7ÿ
ÿ
ÿ
1234567ÿ9:;<=>4?>26ÿ569ÿÿ ÿ C><=2D=>9ÿ>34B:3:6?5?>26ÿ;2BA?>26ÿ
@A;>6:;;ÿ329:Bÿ
E5=:?2ÿF6:=D7ÿG5;ÿH2A69:9ÿ>6ÿIJJKÿ?2ÿ>6<=:5;:ÿ ÿ =>9€>6ÿ35:;ÿ>?ÿ42;;>@B:ÿ?2ÿ3565D:ÿ?L:ÿ
?L:ÿ=:B>5@>B>?7ÿ2Hÿ42G:=ÿ9>;?=>@A?>26ÿ>6ÿ?L:ÿMNÿ@7ÿ =:B5?>26;L>4ÿ@:?G::6ÿ3><=2D=>9;ÿ569ÿ
>34B:3:6?>6Dÿ3><=2D=>9;ÿÿ ?=59>?>265Bÿ9>;?=>@A?>26ÿ6:?G2=;ÿ
PÿQRSTUVÿWXTSYZÿV[[TS\ÿRÿ]^_SVYS^`ÿ Pÿ‚VSÿjU^b^U^T\cÿ]^_SVYS^`\ÿRSTÿUSTRUT`ÿR\ÿ
]RXRYT]TXUÿabRU[VS]cÿdS^`e^XfgÿhiT\TÿYS^`\ÿ ÿ \^]abTÿ_VX\j]TS\ÿ
[jX_U^VXÿ^X`TaTX`TXUbZÿ̀jS^XYÿRÿaVkTSÿ Pÿ}VX\j]TS\ÿ_VXXT_UT`ÿUVÿRÿ]^_SVYS^`ÿ_RXÿ
VjURYTÿRX`ÿTX\jSTÿ_VXU^XjVj\ÿTXTSYZÿ j\TÿUiTÿTXTSYZÿYTXTSRUT`ÿbV_RbbZÿRX`ÿ
\jaab^T\ÿ \jaabT]TXUÿ^Uÿk^UiÿTXTSYZÿ[SV]ÿUiTÿ
Pÿl__VS`^XYÿUVÿUiTÿmnÿWXTSYZÿoX[VS]RU^VXÿ ÿ USR`^U^VXRbÿYS^`ÿ
l`]^X^\USRU^VXcÿUiTÿXj]pTSÿV[ÿaVkTSÿVjURYT\ÿ ÿ
iR\ÿ^X_STR\T`ÿpZÿqrstÿ^XÿUiTÿmnÿ\^X_Tÿ =>9€>6ÿ24?>3>ƒ:;ÿ<266:<?>26;ÿ@:?G::6ÿ
uvrwcÿ_V\U^XYÿ_V]aRX^T\ÿxusyÿp^bb^VXÿRÿZTRSÿ 3><=2D=>9;ÿ569ÿ?=59>?>265Bÿ9>;?=>@A?>26ÿ
ÿ 6:?G2=;ÿ
E5=:?2ÿF6:=D7ÿ>;ÿ<A==:6?B7ÿ>34B:3:6?>6DÿIJÿ ÿ PÿQST|TXU\ÿUiTÿ]^_SVYS^`ÿRX`ÿ̀^\US^pjUT`ÿ
3><=2D=>9ÿ4=2z:<?;ÿ>6ÿ?L:ÿMNÿ26ÿ?L:ÿF5;?ÿ125;?{ÿ YTXTSRU^VXÿ\VjS_T\ÿ„SjXX^XYÿVXÿ…}†ÿ[SV]ÿ
>6ÿ?L:ÿC>9G:;?ÿ569ÿ>6ÿ15B>H2=6>5ÿ \ZX_iSVX^‡^XYÿk^UiÿUiTÿUSR`^U^VXRbÿYS^`ÿ
PÿnVbjU^VXÿRaaSV|T`ÿpZÿUiTÿYV|TSX]TXUÿRX`ÿ ÿ „SjXX^XYÿVXÿl}†ÿ
jU^b^U^T\ÿ\j_iÿR\ÿ}VXÿW`^\VXcÿQTa_VÿRX`ÿ PÿˆT`j_T\ÿaVUTXU^Rbÿ^X\URp^b^UZÿ_Rj\T`ÿpZÿ
}VXXT_U^_jUÿe^YiUÿ~ÿQVkTSÿ _VXXT_U^XYÿYTXTSRUVS\ÿUVÿUiTÿUSRu`^U^VXRbÿYS^`ÿ
ÿ
ÿ PÿˆT `j_T\ÿ^]abT]TXURU^VXÿ_V\U\ÿ_V]aRST`ÿ
UVÿUiTÿ_V\UÿV[ÿUT_iXVbVY^T\ÿUiRUÿ\ZX_iSVX^‡Tÿ
]^_SVYS^`\ÿk^UiÿUSR`^U^VXRbÿYS^`\ÿ
PÿnT|TSRbÿ_VXXT_U^VXÿaV^XU\ÿk^UiÿYS^`\ÿUVÿ
T
ÿ
X\jSTÿYSTRUTSÿ[bT‰^p^b^UZÿV[ÿ\jaabZÿaRUi\ÿ
ÿ
ÿ
ÿnVjS_T˜ÿQRSTUVÿWXTSYZÿkTp\^UT™ÿš}dÿRXRbZ\^\ÿ
ugÿxu”•ÿ_V]aRST`ÿUVÿxqg–—xwgsÿ[VSÿVUiTSÿ\VbjU^VX\cÿR__VS`^XYÿUVÿQRSTUVÿWXTSYZÿ
ÿ
ÿ
ÿ
ÿ ÿ

123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
 !"#ÿ
ÿ

ÿ
ÿ ÿ ÿ
%&'()*(ÿ%,-&&.ÿÿ
/01 ÿ/2003ÿ4ÿ3ÿ53 ÿ3 6ÿ73 34 ÿ4ÿ3ÿ89ÿ: ÿ; 04 ÿ<=>ÿ
73646ÿ114?ÿ@ÿ4ÿ= 420ÿ1ÿ ÿ ABÿ3 6ÿ4 13ÿ=Cÿ4 ÿ9ÿ
D243 ÿ5 4 03ÿ3 6ÿ4 ÿE34 ÿ/43?ÿ4 ÿ94ÿFÿ3ÿ3ÿ3ÿ 03 Gÿ9ÿ93ÿ
AB6ÿ1ÿ ÿ=3 4ÿ3 6ÿ0 434 ÿ14Gÿ=4340ÿ4 ÿ =ÿ3 6ÿ
E34 ÿ/43GÿA9ÿ9ÿ93ÿH6ÿ0ÿ=34 30ÿ=4ÿ4 064 ÿ6=0 ÿ
1ÿ=34 30ÿI00 ÿ=44J34 ÿ=3Gÿ=3 ÿ3 134 ÿ3 6ÿ=ÿ
ÿ4 34 ?ÿ@ÿ906ÿ3ÿ6ÿ4 ÿ80 434 ÿ 4 4 ÿ1ÿ9ÿ
89 430ÿK 4H4ÿ1ÿ73646Gÿ3 ÿ7Lÿ1ÿ9ÿ; ÿ1ÿ80 434 ÿ
MNONPQRSÿUVWMXÿPYÿZ[\]^OÿV_`Ǹ]Naÿb_\c_\aÿP\cÿP\ÿdefÿUg[YSÿh_\_QOXÿiQ_jÿklmnfo?ÿ
ÿ
p&(qÿr&s.t-uÿv-&-wtqÿÿ
0ÿx0H3Jÿ906ÿ3ÿ59ÿ4 ÿ74 4 ÿ 4 4 ÿ1ÿ9ÿ74 4 ÿ 4 4 ÿL90ÿ1ÿ
73646ÿy L8Dÿ74 3zGÿ3ÿÿ4 ÿ  4ÿ3 6ÿ:4 ÿ1ÿ9ÿ;=0 ÿ
K 4H4ÿ1ÿ73646ÿyK;7zÿ3 6ÿ3ÿ64=03ÿ4 ÿ:4 ÿL64ÿ1ÿE 6 ÿL90ÿ1ÿ
 4?ÿ@ÿ4ÿ9ÿ64ÿ1ÿ9ÿ ÿ;934ÿ3ÿ9ÿ{B3|:3}ÿD 4ÿ1ÿ
;=44H Gÿÿ~ 634 ÿ3 6ÿ3ÿ2ÿ1ÿ9ÿ30ÿ/36ÿ1ÿ
4 4 ?ÿ:A ÿ€ €ÿ3 6ÿ€Gÿ9ÿAB6ÿ1ÿ<=ÿK 4 ÿ~ 3GÿA9ÿ9ÿ
A3ÿ9ÿE36ÿ1ÿ H4  ÿ3 6ÿ‚Gÿ3ÿA00ÿ3ÿ503 4 ÿ3 6ÿ; 0?ÿ@ÿA3ÿ30ÿ
9ÿ< 30ÿL3ÿ1ÿK 4 ÿ~ 3ÿ<3?ÿ:1ÿ93Gÿ9ÿA3ÿ=06ÿ2ÿ 03ÿ6ÿ
ƒ4Gÿ 3„ÿ3 6ÿ;32 ÿ6ÿD=34 ?ÿ@ÿ93ÿ2 ÿ3ÿ=3|4ÿ0ÿ3ÿ 8LDÿ
74 3ÿ4 ÿ73646ÿ3 6ÿK;7Gÿ3 6ÿ3 ÿ/364ÿ4ÿ1ÿ9ÿL=3 49ÿ ÿ;02?ÿ
ÿ
….s†-tÿ%tw‡-*(ÿ
ˆ3H4ÿ/‰ÿ4ÿ3ÿ73 3ÿ4 ÿ89ÿ: ÿ; 04 ÿ<=>ÿ ÿŠ A06ÿ83ÿ
3 6ÿ3 ÿ I=ÿ ÿ46ÿ3 6ÿ Aÿ24 ÿ4 ÿ9ÿ ÿ?ÿL4 ÿ9ÿC4 6ÿ9ÿ
3 4J34 ÿ4 ÿGÿ9ÿ93ÿ2 ÿ4 H0H6ÿ4 ÿ=Cÿ1ÿ ÿ=3 4ÿ036ÿÿ
=Aÿ3 6ÿ3ÿ3 44 ÿ3 6ÿ64424 Gÿ3ÿA00ÿ3ÿ6H0=4 ÿ3ÿ3 6ÿ
4044ÿ3 134 ÿ3ÿ3ÿ0230ÿ0H0?ÿ:1ÿ9ÿC4 6ÿ:;<Gÿ9ÿAB6ÿ1ÿ
 04 ÿ3 6ÿ 4 4 ÿ14ÿ4 ÿ9ÿ ÿGÿ9ÿ3ÿ H4ÿ3 6ÿ  0?ÿ
@ÿ906ÿ3ÿ73ÿ4 ÿ‹330ÿÿ73 3 ÿ1ÿK 4H4636ÿ504Œ 43ÿ6ÿ
73646ÿ3 6ÿ3 ÿ7:/ÿ1ÿ9ÿD 4ÿ6ÿ =3ÿy73646zGÿA9ÿ9ÿA3ÿ06ÿ3ÿ
PÿjNjNQÿ_iÿYSNÿoNP\^OÿVP̀OOŽÿhNÿSPOÿPÒ_ÿR_jǸYNcÿP\ÿPcP\RNcÿQ_]QPjÿ[\ÿN\NQ]‘ÿ
ÿ14 3 ÿA49ÿ 02?ÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ
ÿ
ÿ

 !"#ÿ$%&%'ÿ
123456ÿ 32ÿ

(484ÿ ) 2ÿ
ÿ92ÿ( 
93ÿ7 2*92ÿ9ÿ+83ÿ  2ÿ7 2*
25ÿ4 ,-ÿ.94
ÿ

3ÿ92ÿ9ÿ3/34ÿ ÿ83ÿ123456ÿ049
31ÿ( 34ÿ3
58ÿ 28ÿ9ÿ7ÿ 2ÿ9ÿ2 4ÿ6ÿ
54923ÿ83ÿ4
23ÿ83ÿ ,926ÿ
2ÿ53,3/34ÿ61ÿ5
23ÿ8323ÿ83ÿ89ÿ2 43ÿ 2ÿ3
25ÿ
83ÿ9229*ÿ,*92ÿ 4ÿ9ÿ59ÿ ,926ÿ92ÿ ,

)
25ÿ/
23ÿ2
ÿ 4ÿ9ÿ59ÿ,,*
341ÿ73ÿ
54993ÿ 4 ÿ83ÿ15(1ÿ
23ÿ58 *ÿ2
8ÿ9ÿ35433ÿ
2ÿ
23ÿ(
2
49
2ÿ
92ÿ ÿ,94ÿ
2ÿ92ÿ3889253ÿ,4 549ÿ9ÿ3 453 22ÿ92
:34
6;ÿ. 2 58ÿ

23ÿ58 *1ÿ
ÿ
<'=>ÿ?=@!%ÿABC=&=ÿÿ
929
ÿ794 ÿ8 *ÿ9ÿ35433ÿ
2ÿD24
9*ÿ125
2334
25ÿ2
8ÿ9ÿ 23249
2ÿ
2ÿ123456ÿ
+382 * 56ÿ92ÿ9ÿ.934ÿ
2ÿ59
29/*3ÿ123456ÿ125
2334
25ÿ 4 ÿ83ÿ7
5834ÿ
+382
9*ÿ58 *ÿ ÿ125
2334
25ÿ
2ÿ
*/9 1ÿ73ÿ4432*6ÿ2 4ÿ 4ÿ83ÿ123456ÿ789
4ÿ ÿ
43493ÿ28343ÿ83ÿ
ÿ 3ÿ 2ÿ
3ÿ43*93ÿ ÿ83ÿ3:3* ,32ÿ ÿ, 234ÿ54
3ÿ

4
/3ÿ532349
2ÿ92ÿ9,,*
9
2ÿ ÿ83ÿ
2,E ,ÿ9/*3ÿ38  * 56ÿ ÿ83ÿ
, 234ÿ
2461ÿ043:
*63ÿ83ÿ29ÿ9ÿ43394834ÿ
2ÿ83ÿ123456ÿ92
ÿ9ÿ83ÿD34*92FDG6ÿ
382 * 56ÿ3243ÿH4, ÿ. 2495I2Jÿ92ÿ
2ÿ83ÿK9*6ÿ ÿ5
323ÿ92ÿ+382 * 56ÿ9ÿ
83ÿ92
:34
6ÿ ÿ83ÿ9L3ÿ7 246ÿH90MN179J1ÿ. 43ÿ4332*63ÿ83ÿ2 43ÿ9ÿ9ÿ
,4 43ÿ 4
29 4ÿ 4ÿ432329/*3ÿ32345
3ÿ9ÿ(*3 ,ÿH4, ÿ. 2495I2Jÿ9ÿ,94ÿ ÿ83ÿ
8
4ÿ9543332ÿ/32332ÿ51O(ÿH7 * /
9J3ÿ83ÿ9L3ÿ :34232ÿ92ÿ(*3 ,ÿ7 ,1ÿ
ÿ
P='>BQÿARSB&ÿ
92
3*ÿTI,3)ÿ
ÿ9ÿ532
4ÿ094234ÿ92ÿ.9295
25ÿ
43 4ÿ9ÿ+83ÿ  2ÿ7 2*
25ÿ
4 ,-ÿ.94
ÿ
31ÿ73ÿ
ÿ83ÿ* /9*ÿT3934ÿ ÿ
*ÿ
246ÿ ,
ÿ9ÿ7ÿ92ÿ9ÿ
T3934ÿ ÿ83ÿ123456ÿ92ÿ 4592
)9
2ÿ049
3ÿ
2ÿ83ÿD/34
92ÿ032
2*91ÿ73ÿ89ÿ :34ÿ
ÿ6394ÿ ÿ38,34
323ÿ9ÿ9ÿ 2*92ÿ92ÿ89ÿ3:3* ,3ÿ,4 43ÿ 4ÿ
23429
29*ÿ
,34 *33ÿ593ÿ, 234ÿ92ÿ,34 83
9*ÿ ,92
31ÿ73ÿ89ÿ9* ÿ2 43ÿ9ÿ9ÿ
435*9 46ÿ9:
 4ÿ 4ÿ ,92
3ÿ92ÿ5 :34232ÿ 2ÿ3:349*ÿ 2
2323ÿ92ÿ89ÿ
/332ÿ
2: *:3ÿ
2ÿ94 4ÿ4935
ÿ92ÿ 4, 493ÿ3:3* ,32ÿ,4 431ÿ73ÿ54993ÿ
2
8ÿ9ÿ

2
2ÿ
2ÿ
23ÿ1 2 
ÿ 4 ÿ79O1KÿH7 ,*323ÿ92
:34
6ÿ ÿ
.94
Jÿ92ÿ8 *ÿ92ÿ.(ÿ 4 ÿ592 4ÿ92
:34
63ÿ28343ÿ83ÿ433
:3ÿ,3
9*ÿ
43 52

2ÿ 4ÿ993
ÿ383**323ÿ9ÿ92ÿ(4496ÿ.
**34ÿ58 *941ÿ
ÿ
ÿ
123456ÿ789
4ÿ ÿ 4349ÿ92ÿ7ÿ ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ
ÿ
 ÿ"#$%& ÿ'()#$%*ÿ

ÿ
ÿ ÿÿ 
+,-ÿ./0ÿ1ÿ/ÿ21ÿ3/ÿ/4ÿ.//1ÿ1ÿ/ÿ56ÿ7ÿ891ÿ:;ÿ
/4ÿ6/ÿ<ÿ6ÿ:9</9ÿ=/4ÿ>ÿ78:?ÿ ÿ3/1ÿ1ÿ @AÿBÿ6/ÿ@ÿ/ÿ>ÿ
1/1/9ÿC;1ÿ1ÿ6ÿÿÿD;EFÿ/Fÿ19Gÿ/4ÿ/1/<9ÿ
4,9;ÿ;HÿDE/<9FÿE/Fÿ,1GFÿ/4ÿ6/ÿEI4ÿ>ÿ141/9ÿ
;;91ÿD11ÿ>1ÿ/4ÿJ1;ÿ/>/Gÿ/4ÿ141ÿE16ÿ616ÿ
9,9ÿ>ÿÿ;1ÿDFÿ9Fÿ61/9GAÿBÿ6/ÿ/4,14ÿ,ÿ
/4ÿ9/ÿ<41ÿ1ÿ41>>ÿ1ÿÿ1ÿ9/4ÿÿÿ9/1ÿ/4ÿ
/1/<9ÿ4,9;AÿBÿE/ÿ/4ÿÿ>ÿ6ÿ;ÿÿ9/ÿ1ÿ6ÿE94ÿ<ÿ
KL8MNO5P89ÿQ393RP87ÿ/4Fÿ1ÿ SFÿ6ÿ1,4ÿ6ÿTE/4ÿ>ÿ C99ÿ1ÿ6ÿÿ
AÿBÿE/ÿ/E/44ÿ/ÿ36ÿ8ÿ=/4ÿ1ÿ 1ÿ/4ÿ71ÿE16ÿ/ÿ
C/41/ÿ.1Fÿ/4ÿ6ÿU4/1VÿW1,14/4ÿ ;/ÿTE/4ÿ>ÿ6ÿ<ÿ
4/9ÿ61Aÿ

12345ÿ78749
ÿ ÿ ÿ
ÿ
ÿ
ÿ ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ

ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ ÿi ÿ
ÿ Orkestra
ÿ INSTITUTO VASCO

ÿ
DE COMPETITIVIDAD
FUNDACl6N DEUSTO

ÿ ÿ 12ÿ3456789
ÿ 554ÿ8ÿÿ
9ÿ7ÿ196457ÿÿ787ÿ
ÿ79ÿ
!78ÿ
"4#$ÿ%&%&ÿ4'#ÿ&(ÿ
)7'$ÿ%&%&&%ÿ
***#95+4
57#4
9#4
ÿ

You might also like