2UGHU1R,7'%(

3'30RGHO!
7;39(
7;3*(
7;3*(
7;36(
7;38(
7;39(
7;36(6
9HU
7URXEOHVKRRWLQJ*XLGH
7KLVVHUYLFHKLQWLVSXEOLVKHGIRUWHFKQLFLDQVDQGHQJLQHHUVIRUUHSDLU
$QGLWJLYHV\RXWKHLQIRUPDWLRQKRZWRMXGJHWKHGHIHFWLYHERDUGRI3'3
,QWKHIXWXUHZHZLOOLPSURYHWKHFRQWHQWVIRUPRUHHDV\GLDJQRVWLFDQG
WURXEOHVKRRWLQJ

‹3DQDVRQLF&RUSRUDWLRQ
8QDXWKRUL]HG FRS\LQJ DQG GLVWULEXWLRQ LV D YLRODWLRQ
RIODZ
&RQWHQWV

3'3/LQHXS )HDWXUH&RPSDULVRQ3

3&%/RFDWLRQ )XQFWLRQ3

3&%/LVW3

%ORFN'LDJUDP3

7URXEOHVKRRWLQJ3

,PSRUWDQWLQIRUPDWLRQIRU7&3=3

3'3/LQHXS )HDWXUH&RPSDULVRQ
)XOO+'PRGHO


3'3/LQHXS )HDWXUH&RPSDULVRQ
96HULHV *6HULHV *6HULHV 66HULHV 86HULHV

6L]H     

3DQHO S+'1HR3'3 S+'1HR3'3 S+'1HR3'3 S+'3'3 S+'3'3
*UDGDWLRQ     
&RQWUDVW5DWLR     
0RYLQJ3LFWXUH5HVROXWLRQ OLQHV OLQHV OLQHV OLQHV OLQHV
+]6XEILHOG'ULYH < < < 1+] 1+]
[Y&RORXUU < < < < <
3LFXWXUH S&LQHPDWLF3OD\EDFN < < < < <
S6PRRWK)LOP <    
7+;0RGH <    
'LJLWDO&LQHPD&RORXU <    
'HHS&RORU < <   
$GYDQFHG'&RORXU0DQDJHPHQW < < < < <
0RWLRQ3DWWHUQ1RLVH5HGXFWLRQ < < < < <
6XE3L[HO&RQWURO < < < < <
6RXQG 6SHDNHU )XOO5DQJH )XOO5DQJH )XOO5DQJH )XOO5DQJH )XOO5DQJH
+'0,     
9,(5$/LQN+'$9,&RQWURO < < < < <
9,(5$&$67 < <   
<$9&+''LY; <$9&+''LY; <$9&+' <$9&+' <$9&+'
9,(5$,PDJH9LHZHU -3(*SOD\EDFN -3(*SOD\EDFN -3(*SOD\EDFN -3(*SOD\EDFN -3(*SOD\EDFN
1HWZRUNLQJ
3&,QSXW < < < < 
*DPH0RGH < < < < <
'/1$ 'LY; < <   
9,(5$7RROV < < < < <


3&%/RFDWLRQ )XQFWLRQ
)XOO+'PRGHO


3&%/RFDWLRQ )XQFWLRQ 96HULHV
7;39( 7;39( 7;39( 7;39(
66
68 68 68 68
3 3 3 3 3 3
66 66
6& 686 08/7, 66 6& 686 08/7, 66 6& 6&
6' ;6 6' ;6 6' ' ' ;6
;6 6'
' $ ' $ $ $
66 66 66 66
& & & & & & & & & & &
*. *. *. *.
*/ . 6 */ . 6 */ . 6 */ . 6

%RDUG %RDUG %RDUG %RDUG

1DPH )XQFWLRQ 3DUW1XPEHU 1DPH )XQFWLRQ 3DUW1XPEHU 1DPH )XQFWLRQ 3DUW1XPEHU 1DPH )XQFWLRQ 3DUW1XPEHU
3 3RZHU6XSSO\686 (7;000* 3 3RZHU6XSSO\686 (7;000) 3 3RZHU6XSSO\ (7;000). 3 3RZHU6XSSO\ (7;000))
3RZHU6XSSO\08/7, (7;000$ 3RZHU6XSSO\08/7, (7;000$
$ '&'&&RQYHUWHU7XQHU $39( $ '&'&&RQYHUWHU7XQHU $39( $ '&'&&RQYHUWHU7XQHU $39( $ '&'&&RQYHUWHU7XQHU $39(
6SHDNHURXW$97HUPLQDO 6SHDNHURXW$97HUPLQDO 6SHDNHURXW$97HUPLQDO 6SHDNHURXW$97HUPLQDO
$96ZLWFK3& $96ZLWFK3& $96ZLWFK3& $96ZLWFK3&
'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU
6<67(0038 6<67(0038 6<67(0038 6<67(0038
+'0,6ZLWFK3HDNV$9& +'0,6ZLWFK3HDNV$9& +'0,6ZLWFK3HDNV$9& +'0,6ZLWFK3HDNV$9&
(WKHUQHW (WKHUQHW (WKHUQHW (WKHUQHW
' )RUPDW&RQYHUWHU 7=713'18( ' )RUPDW&RQYHUWHU 7=713'38( ' )RUPDW&RQYHUWHU 7=713'58( ' )RUPDW&RQYHUWHU 7=713'78(
3ODVPD$, 3ODVPD$, 3ODVPD$, 3ODVPD$,
6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU
;6 6DW7XQHU 7;1;6(%8% ;6 6DW7XQHU 7;1;6(%8% ;6 6DW7XQHU 7;1;6(%8% ;6 6DW7XQHU 7;1;6(%8%
. 5HPRWHUHFHLYHU 7;1.(48( . 5HPRWHUHFHLYHU 7;1.(48( . 5HPRWHUHFHLYHU 7;1.(48( . 5HPRWHUHFHLYHU 7;1.(48(
3RZHU/('&$76VHQVRU 3RZHU/('&$76VHQVRU 3RZHU/('&$76VHQVRU 3RZHU/('&$76VHQVRU
6 3RZHU6ZLWFK 7;16'78( 6 3RZHU6ZLWFK 713$$% 6 3RZHU6ZLWFK 7;16'78( 6 3RZHU6ZLWFK 7;16'78(
*. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 7;1*.(48(
*/ 6'/(' 7;1*/(%8( */ 6'/(' 713$$% */ 6'/(' 7;1*/(%8( */ 6'/(' 7;1*/(%8(
& 'DWD'ULYHU/RZHU5LJKW 7;1&'18- & 'DWD'ULYHU/RZHU5LJKW 7;1&'38- & 'DWD'ULYHU/RZHU5LJKW 713$ & 'DWD'ULYHU/RZHU5LJKW 713$
& 'DWD'ULYHU/RZHU&HQWHU 7;1&'18- & 'DWD'ULYHU/RZHU&HQWHU 7;1&'38- & 'DWD'ULYHU/RZHU&HQWHU 713$ & 'DWD'ULYHU/RZHU&HQWHU 713$
& 'DWD'ULYHU/RZHU/HIW 7;1&'18- & 'DWD'ULYHU/RZHU/HIW 7;1&'38- & 'DWD'ULYHU/RZHU/HIW 713$
6& 6FDQ'ULYH 7;16&'18- 6& 6FDQ'ULYH 7;16&'38- 6& 6FDQ'ULYH 713$$) 6& 6FDQ'ULYH 713$$+
66 6XVWDLQ'ULYH 7;166'18- 66 6XVWDLQ'ULYH 7;166'38- 66 6XVWDLQ'ULYH 713$$) 66 6XVWDLQ'ULYH 713$$+
66 6XVWDLQRXW8SSHU 7;166'18- 66 6XVWDLQRXW/RZHU 7;166'38- 66 6XVWDLQRXW/RZHU 713$ 66 6XVWDLQRXW/RZHU 713$
66 6XVWDLQRXW/RZHU 7;166'18-
68 6FDQRXW8SSHU 7;168'18- 68 6FDQRXW8SSHU 7;168'38- 68 6FDQRXW8SSHU 713$ 68 6FDQRXW8SSHU 713$
1RQVHUYLFHDEOH 1RQVHUYLFHDEOH 1RQVHUYLFHDEOH 1RQVHUYLFHDEOH
68%RDUGVKRXOGEH 68%RDUGVKRXOGEH 68%RDUGVKRXOGEH 68%RDUGVKRXOGEH
H[FKDQJHGIRUVHUYLFH H[FKDQJHGIRUVHUYLFH H[FKDQJHGIRUVHUYLFH H[FKDQJHGIRUVHUYLFH
6' 6FDQRXW/RZHU 7;16''18- 6' 6FDQRXW/RZHU 7;16''38- 6' 6FDQRXW/RZHU 713$ 6' 6FDQRXW/RZHU 713$
1RQVHUYLFHDEOH 1RQVHUYLFHDEOH 1RQVHUYLFHDEOH 1RQVHUYLFHDEOH
6'%RDUGVKRXOGEH 6'%RDUGVKRXOGEH 6'%RDUGVKRXOGEH 6'%RDUGVKRXOGEH
H[FKDQJHGIRUVHUYLFH H[FKDQJHGIRUVHUYLFH H[FKDQJHGIRUVHUYLFH H[FKDQJHGIRUVHUYLFH


3&%/RFDWLRQ )XQFWLRQ *6HULHV
7;3*( 7;3*(

68 68
3 66 3
66
6& 6&
' ;6 ' ;6
6' 6'

$ 66 $
66
& & & & &
*. *.
*/ . 6 */ . 6

%RDUG %RDUG
)XQFWLRQ 3DUW1XPEHU 1DPH )XQFWLRQ 3DUW1XPEHU
1DPH
3 3RZHU6XSSO\ (7;000). 3 3RZHU6XSSO\ (7;000))
$ '&'&&RQYHUWHU7XQHU 7;1$'<8( $ '&'&&RQYHUWHU7XQHU $3*(
6SHDNHURXW$97HUPLQDO 6SHDNHURXW$97HUPLQDO
$9ZLWFK3& $9ZLWFK3&
'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU
6<67(0038+'0,6ZLWFK 6<67(0038+'0,6ZLWFK
3HDNV$9&(WKHUQHW 3HDNV$9&(WKHUQHW
' )RUPDW&RQYHUWHU3ODVPD$, 7=713';8( ' )RUPDW&RQYHUWHU3ODVPD$, 7=713'78(
6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU
;6 6DW7XQHU 7;1;6(%8% ;6 6DW7XQHU 7;1;6(%8%
. 5HPRWHUHFHLYHU3RZHU/(' 7;1.(48( . 5HPRWHUHFHLYHU3RZHU/(' 7;1.(48(
&$76VHQVRU &$76VHQVRU
6 3RZHU6ZLWFK 7;16(48( 6 3RZHU6ZLWFK 7;16(48(
*. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 713$$%
*/ 6'/(' 7;1*/(%8( */ 6'/(' 7;1*/(%8(
& 'DWD'ULYHU/RZHU5LJKW 7;1&';8& & 'DWD'ULYHU/RZHU5LJKW 713$
& 'DWD'ULYHU/RZHU&HQWHU 7;1&';8& & 'DWD'ULYHU/RZHU/HIW 713$
& 'DWD'ULYHU/RZHU/HIW 7;1&';8&
6& 6FDQ'ULYH 7;16&';8( 6& 6FDQ'ULYH 713$$+
66 6XVWDLQ'ULYH 7;166';8( 66 6XVWDLQ'ULYH 713$$+
66 6XVWDLQRXW/RZHU 7;166'<8& 66 6XVWDLQRXW/RZHU 713$
68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$ 68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$
68%RDUGVKRXOGEHH[FKDQJHG 68%RDUGVKRXOGEHH[FKDQJHG
IRUVHUYLFH IRUVHUYLFH
6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$ 6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$
6'%RDUGVKRXOGEHH[FKDQJHG 6'%RDUGVKRXOGEHH[FKDQJHG
IRUVHUYLFH IRUVHUYLFH


3&%/RFDWLRQ )XQFWLRQ *6HULHV
7;3*( 7;3*( 7;3*(

68 68 68
3 66 3 66 3
66
6& 6& 6&

6' 6' 6'

$ 66 $
66 $
66
& & & & & & & &
*. *. *.
*/ . 6 */ . 6 */ . 6

%RDUG %RDUG %RDUG

1DPH )XQFWLRQ 3DUW1XPEHU 1DPH )XQFWLRQ 3DUW1XPEHU )XQFWLRQ 3DUW1XPEHU
1DPH
3 3RZHU6XSSO\ (7;000). 3 3RZHU6XSSO\ (7;000). 3 3RZHU6XSSO\ (7;000))
$ '&'&&RQYHUWHU7XQHU $3*( $ '&'&&RQYHUWHU7XQHU $3*( $ '&'&&RQYHUWHU7XQHU $3*(
6SHDNHURXW$97HUPLQDO 6SHDNHURXW$97HUPLQDO 6SHDNHURXW$97HUPLQDO
$96ZLWFK3& $96ZLWFK3& $96ZLWFK3&
'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU
6<67(0038+'0,6ZLWFK 6<67(0038+'0,6ZLWFK 6<67(0038+'0,6ZLWFK
3HDNV$9&(WKHUQHW 3HDNV$9&(WKHUQHW 3HDNV$9&(WKHUQHW
)RUPDW&RQYHUWHU3ODVPD$, )RUPDW&RQYHUWHU3ODVPD$, )RUPDW&RQYHUWHU3ODVPD$,
6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU
. 5HPRWHUHFHLYHU3RZHU/(' 7;1.(48( . 5HPRWHUHFHLYHU3RZHU/(' 7;1.(48( . 5HPRWHUHFHLYHU3RZHU/(' 7;1.(48(
&$76VHQVRU &$76VHQVRU &$76VHQVRU
*/ 6'/(' 7;1*/(%8( */ 6'/(' 7;1*/(%8( */ 6'/(' 7;1*/(%8(
6 3RZHU6ZLWFK 7;16(48( 6 3RZHU6ZLWFK 7;16(48( 6 3RZHU6ZLWFK 7;16(48(
*. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 7;1*.(48(
& 'DWD'ULYHU/RZHU5LJKW 713$ & 'DWD'ULYHU/RZHU5LJKW 713$ & 'DWD'ULYHU/RZHU5LJKW 713$
& 'DWD'ULYHU/RZHU&HQWHU 713$ & 'DWD'ULYHU/RZHU&HQWHU 713$ & 'DWD'ULYHU/RZHU/HIW 713$
& 'DWD'ULYHU/RZHU/HIW 713$ & 'DWD'ULYHU/RZHU/HIW 713$
6& 6FDQ'ULYH 713$$% 6& 6FDQ'ULYH 713$$& 6& 6FDQ'ULYH 713$$'
66 6XVWDLQ'ULYH 713$$% 66 6XVWDLQ'ULYH 713$$& 66 6XVWDLQ'ULYH 713$$'
66 6XVWDLQRXW/RZHU 713$ 66 6XVWDLQRXW/RZHU 713$ 66 6XVWDLQRXW/RZHU 713$
68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$ 68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$ 68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$
68%RDUGVKRXOGEHH[FKDQJHG 68%RDUGVKRXOGEHH[FKDQJHG 68%RDUGVKRXOGEHH[FKDQJHG
IRUVHUYLFH IRUVHUYLFH IRUVHUYLFH
6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$ 6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$ 6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$
6'%RDUGVKRXOGEHH[FKDQJHG 6'%RDUGVKRXOGEHH[FKDQJHG 6'%RDUGVKRXOGEHH[FKDQJHG
IRUVHUYLFH IRUVHUYLFH IRUVHUYLFH


3&%/RFDWLRQ )XQFWLRQ 66HULHV
7;36( 7;36( 7;36(7;36(6

68 68 68
3 66 3 66 3
66
6& 6& 6&

6' 6' 6'

$ 66 $
66 $
66
& & & & & & & &
*. *. *.
. 6 . 6 . 6

%RDUG %RDUG %RDUG

1DPH )XQFWLRQ 3DUW1XPEHU )XQFWLRQ 3DUW1XPEHU )XQFWLRQ 3DUW1XPEHU
1DPH 1DPH
3 3RZHU6XSSO\ (7;000)* 3 3RZHU6XSSO\ (7;000)* 3 3RZHU6XSSO\ (7;000)(
$ '&'&&RQYHUWHU7XQHU $36( $ '&'&&RQYHUWHU7XQHU $36( $ '&'&&RQYHUWHU7XQHU $36(
6SHDNHURXW$97HUPLQDO 6SHDNHURXW$97HUPLQDO 6SHDNHURXW$97HUPLQDO IRU7;36(
$96ZLWFK3& $96ZLWFK3& $96ZLWFK3& $36(6
'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU IRU7;36(6
6<67(0038+'0,6ZLWFK 6<67(0038+'0,6ZLWFK 6<67(0038+'0,6ZLWFK
3HDNV$9&(WKHUQHW 3HDNV$9&(WKHUQHW 3HDNV$9&(WKHUQHW
)RUPDW&RQYHUWHU3ODVPD$, )RUPDW&RQYHUWHU3ODVPD$, )RUPDW&RQYHUWHU3ODVPD$,
6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU
. 5HPRWHUHFHLYHU3RZHU/(' 7;1.(48( . 5HPRWHUHFHLYHU3RZHU/(' 7;1.(48( . 5HPRWHUHFHLYHU3RZHU/(' 7;1.(48(
&$76VHQVRU &$76VHQVRU &$76VHQVRU
6 3RZHU6ZLWFK 7;16(48( 6 3RZHU6ZLWFK 7;16(48( 6 3RZHU6ZLWFK 7;16(48(
*. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 7;1*.(48(
& 'DWD'ULYHU/RZHU5LJKW 713$ & 'DWD'ULYHU/RZHU5LJKW 713$ & 'DWD'ULYHU/RZHU5LJKW 713$
& 'DWD'ULYHU/RZHU&HQWHU 713$ & 'DWD'ULYHU/RZHU&HQWHU 713$ & 'DWD'ULYHU/RZHU/HIW 713$
& 'DWD'ULYHU/RZHU/HIW 713$ & 'DWD'ULYHU/RZHU/HIW 713$
6& 6FDQ'ULYH 7;16&('8( 6& 6FDQ'ULYH 7;16&((8& 6& 6FDQ'ULYH 7;16&;%+
66 6XVWDLQ'ULYH 7;166('8( 66 6XVWDLQ'ULYH 7;166((8& 66 6XVWDLQ'ULYH 7;166;%+
66 6XVWDLQRXW/RZHU 713$ 66 6XVWDLQRXW/RZHU 713$ 66 6XVWDLQRXW/RZHU 713$
68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$$& 68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$$& 68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$
68%RDUGVKRXOGEHH[FKDQJHG 68%RDUGVKRXOGEHH[FKDQJHG 68%RDUGVKRXOGEHH[FKDQJHG
IRUVHUYLFH IRUVHUYLFH IRUVHUYLFH
6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$$& 6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$$& 6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$
6'%RDUGVKRXOGEHH[FKDQJHG 6'%RDUGVKRXOGEHH[FKDQJHG 6'%RDUGVKRXOGEHH[FKDQJHG
IRUVHUYLFH IRUVHUYLFH IRUVHUYLFH


3&%/RFDWLRQ )XQFWLRQ 86HULHV
7;38( 7;38(

68 68
3 66 3
66
6& 6&

6' 6'
$ 66 $
66
& & & & &
*. *.
. 6 . 6

%RDUG %RDUG
)XQFWLRQ 3DUW1XPEHU 1DPH )XQFWLRQ 3DUW1XPEHU
1DPH
3 3RZHU6XSSO\ (7;000)* 3 3RZHU6XSSO\ (7;000)(
$ '&'&&RQYHUWHU7XQHU $38( $ '&'&&RQYHUWHU7XQHU $38(
6SHDNHURXW$97HUPLQDO$96ZLWFK 6SHDNHURXW$97HUPLQDO$96ZLWFK
'LJLWDO6LJQDO3URFHVVRU 'LJLWDO6LJQDO3URFHVVRU
6<67(0038+'0,6ZLWFK 6<67(0038+'0,6ZLWFK
3HDNV$9&(WKHUQHW 3HDNV$9&(WKHUQHW
)RUPDW&RQYHUWHU3ODVPD$, )RUPDW&RQYHUWHU3ODVPD$,
6XE)LHOG3URFHVVRU 6XE)LHOG3URFHVVRU
. 5HPRWHUHFHLYHU3RZHU/(' 7;1.(78( . 5HPRWHUHFHLYHU3RZHU/(' 7;1.(78(
6 3RZHU6ZLWFK 7;16(78( 6 3RZHU6ZLWFK 7;16(78(
*. .H\6ZLWFK 7;1*.(48( *. .H\6ZLWFK 7;1*.(48(
& 'DWD'ULYHU/RZHU5LJKW 713$ & 'DWD'ULYHU/RZHU5LJKW 713$
& 'DWD'ULYHU/RZHU&HQWHU 713$ & 'DWD'ULYHU/RZHU/HIW 713$
& 'DWD'ULYHU/RZHU/HIW 713$
6& 6FDQ'ULYH 7;16&('8( 6& 6FDQ'ULYH 7;16&;%+
66 6XVWDLQ'ULYH 7;166('8( 66 6XVWDLQ'ULYH 7;166;%+
66 6XVWDLQRXW/RZHU 713$ 66 6XVWDLQRXW/RZHU 713$
68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$$& 68 6FDQRXW8SSHU1RQVHUYLFHDEOH 713$
68%RDUGVKRXOGEHH[FKDQJHG 68%RDUGVKRXOGEHH[FKDQJHG
IRUVHUYLFH IRUVHUYLFH
6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$$& 6' 6FDQRXW/RZHU1RQVHUYLFHDEOH 713$
6'%RDUGVKRXOGEHH[FKDQJHG 6'%RDUGVKRXOGEHH[FKDQJHG
IRUVHUYLFH IRUVHUYLFH


3&%/LVW)XOO+'PRGHO


 3&%/LVW

9VHULHV *VHULHV *VHULHV 6VHULHV 8VHULHV

%RDUG 7;39( 7;39( 7;39( 7;39( 7;3*( 7;3*( 7;3*( 7;3*( 7;3*( 7;36( 7;36( 7;36( 7;36(6 7;38( 7;38(

3686 (7;000* (7;000) (7;000). (7;000)) (7;000). (7;000)) (7;000). (7;000). (7;000)) (7;000)* (7;000)* (7;000)( (7;000)( (7;000)* (7;000)(

308/7, (7;000$ (7;000$             

$ $39( $39( $39( $39( 7;1$'<8( $3*( $3*( $3*( $3*( $36( $36( $36( $36(6 $38( $38(

' 7=713'18( 7=713'38( 7=713'58( 7=713'78( 7=713';8( 7=713'78(         

;6 7;1;6(%8% 7;1;6(%8% 7;1;6(%8% 7;1;6(%8% 7;1;6(%8% 7;1;6(%8%         

. 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(48( 7;1.(78( 7;1.(78(

6 7;16'78( 713$$% 7;16'78( 7;16'78( 7;16(48( 7;16(48( 7;16(48( 7;16(48( 7;16(48( 7;16(48( 7;16(48( 7;16(48( 7;16(48( 7;16(78( 7;16(78(

*. 7;1*.(48( 7;1*.(48( 7;1*.(48( 7;1*.(48( 7;1*.(48( 713$$% 7;1*.(48( 7;1*.(48( 7;1*.(48( 7;1*.(48( 7;1*.(48( 7;1*.(48( 7;1*.(48( 7;1*.(48( 7;1*.(48(

*/ 7;1*/(%8( 713$$% 7;1*/(%8( 7;1*/(%8( 7;1*/(%8( 7;1*/(%8( 7;1*/(%8( 7;1*/(%8( 7;1*/(%8(      

& 7;1&'18- 7;1&'38- 713$ 713$ 7;1&';8& 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$

& 7;1&'18- 7;1&'38- 713$ 713$ 7;1&';8& 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$

& 7;1&'18- 7;1&'38- 713$  7;1&';8&  713$ 713$  713$ 713$   713$ 

6& 7;16&'18- 7;16&'38- 713$$) 713$$+ 7;16&';8( 713$$+ 713$$% 713$$& 713$$' 7;16&('8( 7;16&((8& 7;16&;%+ 7;16&;%+ 7;16&('8( 7;16&;%+

66 7;166'18- 7;166'38- 713$$) 713$$+ 7;166';8( 713$$+ 713$$% 713$$& 713$$' 7;166('8( 7;166((8& 7;166;%+ 7;166;%+ 7;166('8( 7;166;%+

66 7;166'18- 7;166'38- 713$ 713$ 7;166'<8& 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$

66 7;166'18-              

68 7;168'18- 7;168'38- 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$$& 713$$& 713$ 713$ 713$$& 713$

6' 7;16''18- 7;16''38- 713$ 713$ 713$ 713$ 713$ 713$ 713$ 713$$& 713$$& 713$ 713$ 713$$& 713$


%ORFN'LDJUDP
)XOO+'PRGHO


%ORFN'LDJUDP 6LJQDO3URFHVVLQJ&LUFXLW96HULHV
3&%)XQFWLRQ! >HJ7;39(@
&,6ORW ,& $ '
VLGH ,&
,&
6DW
;6 ,& *HQ[
7XQHU  ,&

68
'LJLWDO
79 ,& 6& 3DQHO 66
$QDORJ /9'6
7XQHU ,& ,& ,&
,& 6'
0287 ,&
$9LQ 0287 *&
3HDNV$9& 66
26' 3'+ & & &
$9LQ 0287
,& 6XE

$9LQVLGH ,&
&RPSLQ
 9LGHR'DWD
$QDORJ0DLQ
3&VLGH ,&
6'6ORWVLGH *HQ[ 'LVFKDUJH&RQWURO
IRU6&
(7+(51(7
,& 'LVFKDUJH&RQWURO
+'0,VLGH IRU66

+'0, ,&
+'0,
$'9
+'0,

,& ,& ,&

)URQW(QG3URFHVVRU $'9+'0,,)ELW$' 3'+
,& ,& /9'65HFHLYHU
$96ZLWFK 3HDNV$9&0$,10389,'(2352&(6625 6XE)LHOG3URFHVVRU
,& ,& 'DWD'ULYHU3URFHVVRU
766ZLWFK /9'65; 3ODVPD$,
,& ,& ,&
 *& )3*$'LVFKDUJH&RQWURO
 9LGHR3URFHVVRU,&)RUPDW&RQYHUWHU ,&
%XIIHU /9'67UDQVPLWWHU *HQ[3DQHO0LFRP
,& ,&
*&)6QH[W )5&4
,&
*HQ[6<67(0038


%ORFN'LDJUDP 6LJQDO3URFHVVLQJ&LUFXLW*6HULHV
3&%)XQFWLRQ! >HJ7;3*(@
&,6ORW ,& $ '
VLGH
,&
,&
6DW
;6 ,& *HQ[
7XQHU  ,&

68
'LJLWDO
79 ,& 6& 3DQHO 66
$QDORJ /9'6
7XQHU ,& ,& ,& 6'
0287 ,&
$9LQ 0287
3HDNV$9& *& 66
$9LQ 0287
26' 3'+ & & &
,&

$9LQVLGH
&RPSLQ
 9LGHR'DWD
$QDORJ
3&VLGH ,&
6'6ORWVLGH *HQ[ 'LVFKDUJH&RQWURO
IRU6&
(7+(51(7
,& 'LVFKDUJH&RQWURO
+'0,VLGH IRU66

+'0, ,&
+'0,
$'9
+'0,

,& ,& ,&

)URQW(QG3URFHVVRU $'9+'0,,)ELW$' 3'+
,& ,& /9'65HFHLYHU
$96ZLWFK 3HDNV$9& 6XE)LHOG3URFHVVRU
,& 0$,10389,'(26,*1$/352&(6625 'DWD'ULYHU3URFHVVRU
766ZLWFK ,& 3ODVPD$,
,& /9'65; ,&
 ,& )3*$'LVFKDUJH&RQWURO
 *& ,&
%XIIHU 9LGHR3URFHVVRU,&)RUPDW&RQYHUWHU *HQ[3DQHO0LFRP
/9'67UDQVPLWWHU
,&
*HQ[6<67(0038


%ORFN'LDJUDP 6LJQDO3URFHVVLQJ&LUFXLW*66HULHV
3&%)XQFWLRQ! >HJ7;3*(@
&,6ORW ,& $
VLGH
,&
,&
*HQ[
,&

68
'LJLWDO
79 ,& 6& 3DQHO 66
/9'6
7XQHU $QDORJ ,&
6'
$9LQ 0287 0287 3HDNV$9& ,&
66
$9LQ 0287 3'+ & & &
,&

$9LQVLGH
&RPSLQ
 9LGHR'DWD
$QDORJ
3&VLGH ,&
6'6ORWVLGH *HQ[ 'LVFKDUJH&RQWURO
IRU6&
(7+(51(7
,&
'LVFKDUJH&RQWURO
IRU66

+'0,VLGH ,&
+'0,
$'9
+'0,

,& ,& ,&

)URQW(QG3URFHVVRU $'9+'0,,)ELW$' 3'+
,& ,& /9'65HFHLYHU
$96ZLWFK 3HDNV$9& 6XE)LHOG3URFHVVRU
,& 0$,10389,'(26,*1$/352&(6625 'DWD'ULYHU3URFHVVRU
 ,& 3ODVPD$,
 *HQ[6<67(0038 ,&
%XIIHU )3*$'LVFKDUJH&RQWURO
,&
*HQ[3DQHO0LFRP


%ORFN'LDJUDP 6LJQDO3URFHVVLQJ&LUFXLW86HULHV
3&%)XQFWLRQ! >HJ7;38(@
&,6ORW ,& $
VLGH
,&
,&
*HQ[
,&

68
'LJLWDO
79 ,& 6& 3DQHO 66
/9'6
7XQHU $QDORJ ,&
6'
$9LQ 0287 0287 3HDNV$9& ,&
66
$9LQ 0287 3'+ & & &
,&

$9LQVLGH
&RPSLQ
 9LGHR'DWD
$QDORJ
,&
6'6ORWVLGH *HQ[ 'LVFKDUJH&RQWURO
IRU6&
(7+(51(7
,&
'LVFKDUJH&RQWURO
IRU66
,&
+'0,
$'9
+'0,

,& ,& ,&

)URQW(QG3URFHVVRU $'9+'0,,)ELW$' 3'+
,& ,& /9'65HFHLYHU
$96ZLWFK 3HDNV$9& 6XE)LHOG3URFHVVRU
,& 0$,10389,'(26,*1$/352&(6625 'DWD'ULYHU3URFHVVRU
 ,& 3ODVPD$,
 *HQ[6<67(0038 ,&
%XIIHU )3*$'LVFKDUJH&RQWURO
,&
*HQ[3DQHO0LFRP


7URXEOHVKRRWLQJ
)XOO+'PRGHO


7URXEOHVKRRWLQJIRUSLFWXUHWURXEOH 5HODWLRQRIERDUGDQGGLVSOD\DUHD

:HNQRZWKHSRVVLEOHGHIHFWLYHERDUGE\SLFWXUHWURXEOHDUHD

'LVSOD\GHYLFHEORFNGLDJUDP! 5HODWLRQRIGHIHFWLYHERDUGDQG
SLFWXUHWURXEOHDUHD!
%DFNVLGHYLHZ %DFNVLGHYLHZ
$

68
,& 6&$1&21752/ 68
GLVFKDUJH 6& 3DQHO 66
FRQWURO
6& 66
6'
DOO DOO
,& 66 6'
6XE)LOHG3URFHVVRU & & &
7HVWSDWWHUQ

9LGHR'DWD
& & &
9LGHR'DWD

6867$,1&21752/ DOO
$

,QFDVHRI9VHULHVDQG*VHULHV$ERDUGFKDQJHWR'ERDUG


7URXEOHVKRRWLQJIRUSLFWXUHWURXEOH 3LFWXUHWURXEOHGLDJQRVLVRIYHUWLFDOOLQH
3'3SDQHOGHIHFWLYH'DWDGULYHU,&GHIHFWLYH 'DWDGULYHU,&RU&RU$ERDUGGHIHFWLYH
:LGWKLVQDUURZHUWKDQ)3& :LGWKLVVDPHDV)3&

'DWDGULYHU,&GHIHFW 3'3SDQHOGHIHFW

3'3SDQHO 3'3SDQHO

OLQH GHIHFW $ERXWFP

GHIHFW

'DWDGULYHU,& 'DWDGULYHU,&

&ERDUG &ERDUG

%XIIHU,& %XIIHU,&

$ERDUG

,QFDVHRI9VHULHVDQG*VHULHV
$ERDUGFKDQJHWR'ERDUG

7URXEOHVKRRWLQJIRUSLFWXUHWURXEOH 6XPPDU\RISLFWXUHWURXEOH
6RPHSDUWRIVFUHHQ!
6\PSWRP $FWXDOV\PSWRP 'HIHFWLYHERDUG

7URXEOHDW8SSHURU/RZHUKDOI 686'ERDUG

+RUL]RQWDOOLQH 686'ERDUG
8SSHURU/RZHUVLGH RU3'3SDQHO

7URXEOHDW/HIWRU
&HQWHURU5LJKWSDUW
&&ERDUG
LQFK/HIWRU5LJKWKDOI LQFK&&

&RU$ERDUG
9HUWLFDOOLQH
RU3'3SDQHO
:LGWKLVVDPHDV)3&
,QFDVHRI9*VHULHV
$ERDUGFKDQJHWR'ERDUG

9HUWLFDOOLQH
:LGWKLVQDUURZHUWKDQ)3&
3'3SDQHO

$ERDUG
5HJXODUO\EDU ,QFDVHRI9*VHULHV
  GHIHFWLYHERDUGLV
$ERDUGRU'ERDUG
 ,QFDVHRI9*VHULHVZHFDQMXGJH$ERDUGRU'ERDUGLVIDLOXUHE\XVLQJ7HVW3DWWHUQ
3OHDVHUHIHUWR3DJH

7URXEOHVKRRWLQJIRUSLFWXUHWURXEOH 6XPPDU\RISLFWXUHWURXEOH
$OODUHDRIVFUHHQ!
6\PSWRP $FWXDOV\PSWRP 'HIHFWLYHERDUG
,UUHJXODU&RORU
$ERDUG
 
,QFDVHRI9*VHULHV
GHIHFWLYHERDUGLV
$ERDUGRU'ERDUG

$OOYHUWLFDOOLQH
$ERDUG
 
,QFDVHRI9*VHULHV
GHIHFWLYHERDUGLV
$ERDUGRU'ERDUG

$EQRUPDOHOHFWULFGLVFKDUJH

6&66ERDUG

 ,QFDVHRI9*VHULHVZHFDQMXGJH$ERDUGRU'ERDUGLVIDLOXUHE\XVLQJ7HVW3DWWHUQ
3OHDVHUHIHUWR3DJH

7URXEOHVKRRWLQJIRUSLFWXUHWURXEOH 'LDJQRVLVE\7HVW3DWWHUQ
3XUSRVH!
7HVWSDWWHUQLVKHOSIXOWRILQGWKHGHIHFWLYHSDUWV
)RUH[DPSOHLIZHFDQVHHWKHSLFWXUHSUREOHPDWDOORYHUWKHVFUHHQ3LFWXUH1RLVH)XOO9HUWLFDO/LQH$EQRUPDOFRORU
ZHFDQILQGVLJQDOSURFHVVLQJSUREOHPRUSDQHOSKRVSKRUSUREOHPE\XVLQJWHVWSDWWHUQ

0RGHO!
)XOO+'0RGHOV9**68VHULHV
6\PSWRP! 7HVW3DWWHUQ1RUPDO!
3LFWXUH1RLVH)XOO9HUWLFDO/LQH 7XQHU%ORFN 3DQHO%ORFN
$EQRUPDOFRORU 7,0(
 

+RZWRHQWHUWKH7HVW3DWWHUQ! 5*%: %ODFN :KLWH :KLWH 5HG *UHHQ %OXH 212))

ZLWKFKDUDFWHU $JLQJ
:KLOHSUHVVLQJ³92/80(´EXWWRQRI
WKHPDLQXQLWSUHVV³´EXWWRQRI
WKHUHPRWHFRQWUROWKUHHWLPHVZLWKLQ
'DUN 5DPS
VHFRQGV %OXH :KLWH
3XVKEXWWRQ³´RI5HPRWH&RQWUROOHU
VHYHUDOWLPHVDQGVHOHFW³$JLQJ´VHWWLQJ
WKHQ³7HVWSDWWHUQ´ZLOODSSHDU
'DUN 5DPS
3XVK³´EXWWRQRI5HPRWH&RQWUROOHU *UHHQ 5HG
WRVHOHFWWKHWHVWSDWWHUQPRGHWRIRUZDUG
3XVK³´EXWWRQRI5HPRWH&RQWUROOHU
WRVHOHFWWKHWHVWSDWWHUQPRGHWRUHYHUVH 'DUN :KLWH 6FUROO $DQG &RORUEDU  5DPS 5DPS
5HG )UDPH %]RQH :LQGRZ %OXH *UHHQ


7URXEOHVKRRWLQJIRUSLFWXUHWURXEOH 'LDJQRVLVE\7HVW3DWWHUQ
'LDJQRVLV!
+RZWRGLDJQRVHE\XVLQJWHVWSDWWHUQ
$EQRUPDOSLFWXUH
3LFWXUH1RLVH)XOO9HUWLFDO/LQH$EQRUPDOFRORU

,QFDVHRI9*VHULHV

7HVWSDWWHUQ 'HIHFWLYH%ORFN>%RDUG@

$EQRUPDO 3DQHO%ORFN>'6&66%RDUG@
1RUPDO 7XQHU%ORFN>$%RDUG@

,QFDVHRI*68VHULHV
7HVWSDWWHUQ 'HIHFWLYH%ORFN>%RDUG@
$EQRUPDO 3DQHO%ORFN>$6&66%RDUG@
1RUPDO 7XQHU%ORFN>$%RDUG@