The removal of wood chip subsidies : boom or gloom for bio-based district heating?

The Removal of Wood Chip Subsidies.

– Boom or Gloom for Bio-based District Heating?

Fjerning av energiflistilskuddet.

– Dommedag for biobasert fjernvarme?

Norwegian University of Life Sciences Faculty of Social Sciences

School of Economics and Business

Master Thesis 2014 30 credits

Borge Håmsø

! "!

!"#$%&'()*(+($,-.

#$"%!&'%()*%!($)%"%!+'*,%!($)!)-.!/0!+1!(2/31)'*!+'%()*%!.)4*))!"-!)5/-/+"5%!'(!

($)!6/*2)4"'-!7-"8)*%"(1!/0!9"0)!:5")-5)%!;6&<7=>!!

?@*"-4! +1! ("+)! '(! 6&<7! A! $'8)! 0/5@%).! /-! )-8"*/-+)-(B! *)%/@*5)! '-.! )-)*41!

)5/-/+"5%! '-.! 2'-(! (/! ($'-,! +1! C*/0)%%/*%! 0/*! ($)"*! )-4'4"-4! D)5(@*)%! '-.!

."%5@%%"/-%>!A!2/@D.!C'*("5@D'*D1!D",)!(/!($'-,!+1!($)%"%!'.8"%)*!E"*",!F/+%('.!0/*!

$"%! C'(")-5)B! )-5/@*'4)+)-(! '-.! 4//.! '.8"5)>! A! 2/@D.! 'D%/! D",)! (/! ($'-,! :("4!

G'*%()"-B! <"*4"(()! F'++! '-.! H$*"%(/C$)*! F@@.! '(! &@D("5/-%@D(! 0/*! ($)"*! 8'D@'ID)!

'.8"5)!'-.!$)DC!"-!0/*+@D'("-4!+1!($)%"%!(/C"5>!!

&@5$!/0!($)!.'('!"-!+1!($)%"%!%()+%!0*/+!5/-8)*%'("/-%!/*!)+'"D%!2"($!5/+C'-")%!

'-.!4/8)*-+)-(!/*4'-"J'("/-%B!'-.!A!2/@D.!D",)!(/!($'-,!'DD!($/%)!"-."8".@'D%!2$/!

(//,!("+)!/@(!/0!($)"*!I@%1!D"8)%!(/!('D,!(/!+)!'-.!C*/8".)!+)!2"($!.'('>!!!

K"-'DD1B!A!2/@D.!D",)!(/!($'-,!+1!0'+"D1!'-.!0*")-.%!2$/!$'8)!%@CC/*().!+)!.@*"-4!

+1! %(@.")%>! A! 2/@D.! )%C)5"'DD1! D",)! (/! ($'-,! +1! 0'($)*! 0/*! (',"-4! ($)! ("+)! (/! *)'.!

/8)*!+1!($)%"%B!'-.!+1!0*")-.%!&'*("-!L*"+%('.!'-.!M@-!N'D($)*3O$'-4!2$/!$'8)!

I))-!+1!%()'.0'%(!2/*,!'-.!."%5@%%"/-!C'*(-)*%!0/*!($)!C'%(!(2/!1)'*%>!

!

!

&'1!PQRS!

!

!

!

</*4)!TU+%V!!

! ""!

!/-,01",.

A-!($"%!($)%"%!A!)8'D@'()!$/2!($)!6/*2)4"'-!W4*"5@D(@*)!W@($/*"(1X%!;:9K=!%@I%".1!(/!

0/*)%(!2//.!5$"C!C*/.@5("/-!$'%!'00)5().!."%(*"5(!$)'("-4!0'5"D"(")%X!C*/0"('I"D"(1B!'-.!

$/2!($)!0'5"D"(")%!2"DD!I)!'00)5().!I1!"(%!*)+/8'D!"-!PQRS>!A!)8'D@'()!($)!:9K!%@I%".1!

I1! )+CD/1"-4! '! ($)/*)("5'D! "-8)%(+)-(! +/.)D! /0! '! %+'DD! '-.! D'*4)! ."%(*"5(! $)'("-4!

0'5"D"(1! '-.! +/.)D! ($)! *)+/8'D! /0! ($)! %@I%".1! ($*/@4$! 8'*"/@%! %5)-'*"/%>! #$)!

'-'D1%"%! 2/*,%! @-.)*! ($)! '%%@+C("/-! ($'(! ."%(*"5(! $)'("-4! 5/+C'-")%! "-()*C*)().!

($)!%@I%".1!'%!C)*+'-)-(!'-.!)8'D@'()%!'!2/*%(35'%)!'-.!'!I)%(35'%)!%5)-'*"/!0/*!

($)! *)+/8'D! /0! ($)! %@I%".1>! #$)! %+'DD! 0'5"D"(1! 2'%! C'*("5@D'*D1! '00)5().! I1! ($)!

*)+/8'D!/0!($)!:9K!%@I%".1!2"($!I/($!%5)-'*"/%!1")D."-4!'!-)4'("8)!-)(!C*)%)-(!8'D@)!

;6YZ=!/-!"-8)%(+)-(>!K/*!($)!D'*4)!0'5"D"(1B!/-D1!($)!2/*%(35'%)!%5)-'*"/!1")D.).!'!

-)4'("8)! 6YZ>! #$)! '-'D1%"%! 5$'C()*! .)+/-%(*'()%! ($'(! ($)! )-.! /0! ($)! :9K! %@I%".1!

+'1!$'8)!D'*4)!"+C'5(%!/-!."%(*"5(!$)'("-4!5/+C'-")%B!C'*("5@D'*D1!%"-5)!+'-1!/0!($)!

0"*+%! '*)! %("DD! "-! '! )'*D1! %('4)! /0! .)8)D/C+)-(! '-.! $'8)! ($@%! 0'*! )[C)*")-5).!

*)D'("8)D1!2)',!'-.!8'*"'ID)!0"-'-5"'D!*)%@D(%>!

#$)! ($)%"%! 'D%/! .)+/-%(*'()%! ($'(! ($)! :9K! %@I%".1X%! -'**/2! 0/5@%! /-! '! C'*("5@D'*!

(1C)!/0!2//.!5$"C!+'1!$'8)!0'8/*).!%C)5"0"5!()5$-/D/4")%\!($@%!5*)'("-4!'!*)5"C)!0/*!

%@I/C("+'D!"-8)%(+)-(%!"-!($)!%)5(/*>!#$"%!C*/+C(%!'!."%5@%%"/-!/0!2$'(!5/-%("(@()%!

C*@.)-(!C/D"51!.)%"4-!0/*!($)!I"/3)-)*41!'-.!."%(*"5(!$)'("-4!%)5(/*%>!A-!($"%!5/-()[(!

A!+',)!%/+)!/I%)*8'("/-%!/-!($)!.)%"4-!/0!($)!:9K!%@I%".1!'-.!$/2!"(!+)'%@*)%!@C!

(/! *)D)8'-(! D"()*'(@*)! /-! C/D"51! .)%"4->! &1! *)%@D(%! "-."5'()! ($'(! "(! "%! D",)D1! ($)! :9K!

%@I%".1! 2'%! .)%"4-).! 2"($/@(! ($)! 0/*)%"4$(! '-.! -)5)%%'*1! 5'@("/-! -)).).! (/!

%("+@D'()! 'CC*/C*"'()! "-8)%(+)-(! "-! I/($! I"/3)-)*41! C*/.@5("/-! '-.! ."%(*"5(!

$)'("-4>!

!

!

!

! """!

!

21++($)01*.

A! .)--)! /CC4'8)-! '-'D1%)*)*! ])4! $8/*.'-! )-)*4"0D"%("D%,@..)(! ("D! :('()-%!

9'-.I*@,%0/*8'D(-"-4! $'*! CU8"*,)(! DV--%/+$)()-! "! 0])*-8'*+)I*'-%])-! /4! $8'!

)00),()-! 8"D! ID"! '8! %(V(()/*.-"-4)-%! '88",D"-4! "! PQRS>! G)4! I*@,)*! ()/*)("%,)!

"-8)%()*"-4%+/.)DD)*!0/*!IU.)!)(!D"()!/4!)(!%(/*(!0])*-8'*+)'-D)44B!/4!4])--/+0V*)*!

%5)-'*"/'-'D1%)*! '8! DV--%/+$)(%0/*'-.*"-4)*! ("D,-1(()(! I*)-%)DC*"%V,-"-4! 8).!

0])*-"-4!'8!)-)*4"0D"%("D%,@..)(>!&/.)DD)-)!0/*@(%)(()*!'(!0])*-8'*+)%)D%,'C)-)!$'*!

(/D,)(!%(V(()/*.-"-4)-!%/+!C)*+'-)-(B!/4!.'--)*!)(!I)%(!/4!8)*%(!()-,)D"4!%5)-'*"/!

0/*! 0])*-"-4! '8! ("D%,@..)(>! F)%@D('()-)! 8"%)*! '(! .)(! D"DD)! 0])*-8'*+)'-D)44)(! )*!

%C)%")D(!%U*I'*(!0/*!0])*-"-4!'8!("D%,@..)(B!/4!+/.)DD)-!,/++)*!0*'+!("D!)-!-)4'("8!

-U8)*."! "! I)44)! %5)-'*"/)-)>! ?)(! %(/*)! '-D)44)(! 0U*! /4%U! )-! -)4'("8! -U8)*."B! +)-!

.)(()! )*! ,@-! "! .)(! 8)*%()! %5)-'*"/)(>! :(@.")-! CUC),)*! '(! 0])*-"-4! '8! ("D%,@..)(!

+@D"4)-%!,'-!$'!)-!%(/*!)00),(!CU!DV--%/+$)()-!"!0])*-8'*+)I*'-%])-B!%C)%")D(!0/*!

8"*,%/+$)()*!+).!+'-4)!%+U!'-D)44>!?)(()!)*!)(!8",("4!0@--!)(()*%/+!0])*-8'*+)!)*!

)-! *)D'("8! @-4! I*'-%])! %/+! $'*! /CCD)8.! -/)! %8',! /4! 8'*"'I)D! '8,'%("-4! .)! %"%()!

U*)-)>!!

!

A!("DD)44!("D!U!8"%)!DV--%/+$)(%)00),()*!8).!0])*-"-4!'8!)-)*4"0D"%("D%,@..)(B!CUC),)*!

+/.)DD)-)! '(! %(V(()/*.-"-4)-B! 8).! U! 4"! ("D%,@..! ("D! )-! I)%()+(! (1C)! 0D"%B! ,'-! $'!

0'8/*"%)*(! %C)%"0",,)! (),-/D/4")*>! ?)(()! ,'-! "4])-! $'! %(V(()(! /CC! @-.)*!

0)"D"-8)%()*"-4)*! "! I*'-%])-B! -/)! %/+! 0V*)*! ("D! )-! ."%,@%]/-! *@-.(! $8/*.'-!

8"*,)+".D)*! 0/*! I"/)-)*4"! /4! 0])*-8'*+)%),(/*)-! IV*! @(0/*+)%>! A! .)(()! ,'C"(()D)(!

)8'D@)*)%! )-)*4"0D"%("D%,@..)(! @(! "! 0*'! $8'! V,/-/+"%,! D"(()*'(@*! %,*"8)*! /+!

$)-%",(%+)%%"4! .)%"4-! '8! 8"*,)+".D)*>! #"D! %D@((! ,/-,D@.)*)*! ])4! +).! '(!

)-)*4"0D"%("D%,@..)(!%'--%1-D"48"%!",,)!8'*!.)%"4-)(!+).!.)-!0/*@(%"4I'*$)()-!%/+!

)*!-V.8)-."4!0/*!4/.)!"-8)%()*"-4)*!"!I"/)-)*4"3!/4!0])*-8'*+)I*'-%])->!

! "8!

!

31/'(.%4.5%$,($,-.

6! 7$,0%)8",9%$ ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 6!

6:6! 2;%0,.<1"#*0%8$) ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::6! 6:=! >0%/'(+.2,1,(+($,::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::=! 6:?! >0%*0(--9%$.%4.,;(.3;(-9- ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::?!

=! <1"#*0%8$) :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: @!

=:6! 5800($,.A9-,09",.B(1,9$*.C(*8'1,9%$-::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::@!

=:=! D9$1$"91'.28EE%0,.,%.A9-,09",.B(1,9$*::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::F! P>P>R! E-/8'>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>^! P>P>P! A--/8'("/-!6/*2'1 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_! P>P>`! #$)!6/*2)4"'-!W4*"5@D(@*)!W@($/*"(1>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_!

=:?! 3GE(-.%4.H%%).5;9E-.1$).<9%I<%9'(0.3(";$%'%*G :::::::::::::::::::::::::::::::::::::::::::::::::::: 66!

?! J(,;%)%'%*G.1$).2"%E(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::6?!

?:6! 2"%E(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 6?!

?:=! A1,1.1$).J%)('.5;1''($*(-:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 6?!

?:?! 3;(.J%)(' :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 6F!

@! 3;(%0G::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::6K!

@:6! LM81,9%$- ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 6N! S>R>R! K"-'-5"'D!H/%(% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Ra! S>R>P! #'[>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Rb! S>R>`! A-8)%(+)-(!W-'D1%"% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Rb! F! !$1'G-9-::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::=O!

F:6! D9$1$"91'.B(1',;.%4.,;(.A9-,09",.B(1,9$*.2(",%0::::::::::::::::::::::::::::::::::::::::::::::::::::::::: =O! F:=! H%%).5;9E.>0%)8",9%$ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: =6! F:?! >09"(.7+E1",-.%4.2PD.-8/-9)G ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: =?!

^>`>R! cC("/-%!0/*!WD()*-'("8)!N//.!H$"C%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> PS! F:@! Q,9'9R1,9%$.%4.H%%).5;9E-.9$.,;(.A9-,09",.B(1,9$*.2(",%0::::::::::::::::::::::::::::::::::::::: =N! F:F! D9$1$"91'.J%)('-:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: =S!

^>^>R! A-()*'5("/-!<)(2))-!E-/8'!'-.!:9K!:@CC/*(!:5$)+)% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Pd!

F:K! 2"($109%.!$1'G-9- :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ?6!

^>_>R! <'%)35'%)!:5)-'*"/>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `P!

! 8!

^>_>P! Y*"5)35$'-4)!:5)-'*"/% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `S! F:N! 2($-9,9T9,G.!$1'G-9-::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ?U!

^>a>R! 9/'-!A-()*)%(!F'()% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `d!

^>a>P! N//.!H$"C!Y*"5)%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SR!

^>a>`! Z/D@+)!/0!T)'(!?)D"8)*). >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SP!

^>a>S! ED)5(*"5"(1!Y*"5)% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SS!

^>a>^! :@++'*1!:)-%"("8"(1!W-'D1%"%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> S_! F:S! >%,($,91'.4%0.28/%E,9+1'.7$T(-,+($,- ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: @N! F:U! !$1'G-9-.28++10G :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: F6! K! A9-"8--9%$ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::F?!

K:6! 5%+E'(V9,G.%4.,;(.<9%I($(0*G.2(",%0 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: F?! K:=! >%'9"G.!$1'G-9- ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: F@! K:?! D01+9$*.%4.<9%I($(0*G.Q-(.9$.W%0&1G ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: FK! N! 5%$"'8-9%$:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::FS!

N:6! J19$.D9$)9$*- ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: FS! N:=! !))9,9%$1'.D9$)9$*- :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: FU! N:?! D8,80(.C(-(10";.1$).D80,;(0.7+E'9"1,9%$-:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: KO! S! C(4(0($"(- ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::K=!

!

! 8"!

31/'(-.1$).D9*80(-.

!

K"4@*)!P>Re!E-)*41!?)D"8)*).!0*/+!<"/3I'%).!?"%(*"5(!T)'("-4 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ^!

K"4@*)!P>`e!E-/8'!A-8)%(+)-(!:@CC/*(!PQQb3PQRP >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> _!

K"4@*)!P>`e!:9K!N//.!H$"C!:@I%".1e!K"-'-5"'D!:@CC/*(!PQQd3PQR`>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> a!

K"4@*)!P>Se!:9K!:@CC/*(!(/!N//.!H$"C!Y*/.@5("/-!;&6cfg1*=>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> b!

K"4@*)!P>^e!:9K!H/-(*'5().!N//.!H$"C!Y*/.@5("/- >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> d!

K"4@*)!P>_e!E-/8'!'-.!:9K!H/-(*'5().!LN$ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> RQ!

K"4@*)!P>ae!Y*/C/*("/-!/0!#/('D!6/*2)4"'-!N//.!H$"C%!:@CC/*().!I1!:9K!:@I%".1 RQ!

K"4@*)!S>Re!:@CCD1!/0!T)'(!8"'!?"%(*"5(!T)'("-4>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> R_!

K"4@*)!^>Re!6/*.C//D!'8)*'4)!%C/(!C*"5)%!PQQR3PQR`>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> PR!

K"4@*)!^>Pe!W8)*'4)!?"%(*"5(3T)'("-4!Y*"5)!PQQR3PQRP>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> PR!

K"4@*)!^>`e!:9K!:@CC/*().!N//.!H$"C!Y*/.@5("/-!;&@D("5/-%@D(!PQRSI=>>>>>>>>>>>>>>>>>>>>> PP!

K"4@*)!^>Se!N//.!H$"C!Y*"5)% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> P`!

K"4@*)!^>^e!Y*"5)!?)8)D/C+)-(!/0!Y@DC2//.!3!9'%(!#2/!M)'*%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Pa!

K"4@*)!^>_e!Y)*5)-('4)!N$/D)3#*))!H$"C%!"-!K@)D!&"[!;R3P!&N!</"D)*= >>>>>>>>>>>>>>>>>>>>>>>> ``!

K"4@*)!^>ae!Y)*5)-('4)!/0!N$/D)3#*))!H$"C%!"-!K@)D!&"[!;a3b!&N!</"D)*= >>>>>>>>>>>>>>>>>>> ``!

K"4@*)!^>de!H'%$30D/2!'-'D1%"%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `S!

K"4@*)!^>de!K@)D!KD)["I"D"(1!:+'DD!K'5"D"(")%!;R3P&N!N//.!H$"C!</"D)*%=>>>>>>>>>>>>>>>>>>>>>> `^!

K"4@*)!^>RQe!K@)D!KD)["I"D"(1!9'*4)!K'5"D"(1!;a3b&N!N//.!H$"C!</"D)*%= >>>>>>>>>>>>>>>>>>>>>> `a!

K"4@*)!^>RRe!E00)5(!/0!F)+/8'D!/0!:9K!:@I%".1>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `b!

K"4@*)!^>RPe!:+'DD!K'5"D"(1!:)-%"("8"(1!(/!9/'-!A-()*)%(!F'()%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SQ!

K"4@*)!^>R`e!9'*4)!K'5"D"(1!:)-%"("8"(1!(/!9/'-!A-()*)%(!F'()%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SQ!

K"4@*)!^>RSe!:+'DD!K'5"D"(1!:)-%"("8"(1!(/!N//.!H$"C!Y*"5)>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SR!

K"4@*)!^>R^e!9'*4)!K'5"D"(1!:)-%"("8"(1!(/!N//.!H$"C!Y*"5) >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SP!

K"4@*)!^>R_e!:+'DD!K'5"D"(1!:)-%"("8"(1!(/!Z/D@+)!/0!T)'(!?)D"8)*).>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> S`!

K"4@*)!^>Rae!9'*4)!K'5"D"(1!:)-%"("8"(1!(/!Z/D@+)!/0!T)'(!?)D"8)*).>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SS!

K"4@*)!^>Rbe!:+'DD!K'5"D"(1!:)-%"("8"(1!(/!H$'-4)!"-!ED)5(*"5"(1!Y*"5)%>>>>>>>>>>>>>>>>>>>>>>>>>>>>> S^!

K"4@*)!^>Rde!!9'*4)!K'5"D"(1!:)-%"("8"(1!(/!ED)5(*"5"(1!Y*"5)%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> S_!

K"4@*)!^>PQe!F)(@*-%!#/!:5'D)!</"D)*!#)5$-/D/4")%!;R3`Q&N= >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Sd!

K"4@*)!^>PRe!F)(@*-%!(/!:5'D)!</"D)*!#)5$-/D/4")%!;R3RQ&N=>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Sd!

!

#'ID)!P>Re!K"-'-5"'D!:@CC/*(!(/!?"00)*)-(!#1C)%!/0!N//.!H$"C% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> b!

#'ID)!^>Re!N//.!H$"C!Y*"5)% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> P^!

#'ID)!^>Pe!N//.!H$"C!0*/+!Y@DC2//.!H'D5@D'("/-% >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> P_!

#'ID)!^>`e!?"%(*"5(!T)'("-4e!6ZE!?'(' >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Pa!

#'ID)!^>Se!&1!:@*8)1!F)%@D(%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Pb!

#'ID)!^>^e!E-/8'!?"%(*"5(!T)'("-4!Y*/])5(!H*"()*"' >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `Q!

#'ID)!^>_e!K"-'-5"'D!Y'*'+)()*%!'-.!K'5"D"(1!:C)5"0"5'("/-%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `R!

#'ID)!^>ae!&/.)D!K@)D!#1C)%!'-.!Y*"5)%>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `P!

#'ID)!^>be!K"-'-5"'D!A-."5'(/*%!:+'DD!K'5"D"(1>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `_!

#'ID)!^>de!K"-'-5"'D!A-."5'(/*%!9'*4)!K'5"D"(1 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> `a!

!

! 8""!

!EE($)9V..

WCC)-."[!Re!?)0"-"("/-%!'-.!WII*)8"'("/-%hhhhhhhhhhhhhhhhhhhhhh__!

WCC)-."[!Pe!6/*2)4"'-!#*'-%D'("/-%!'-.!<*")0!c8)*8")2!/0!N//.!H$"C!#1C)%hh>>_a!

WCC)-."[!`e!E+'"D!:@*8)1hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh>>_d!

WCC)-."[!Se!Y*/0"(!'-.!9/%%!:('()+)-(!:+'DD!K'5"D"(1!;RQQQ6cf=hhhhhhhhh>>>aQ!

WCC)-."[!^e!Y*/0"(!'-.!9/%%!:('()+)-(!9'*4)!K'5"D"(1!;RQQQ6cf=hhhhhhhhh>>>aR!

WCC)-."[!_e!A-8)%(+)-(!'-.!cC)*'("-4!H/%(%!?"%(*"5(3T)'("-4!K'5"D"(1hhhhhhhaP!

WCC)-."[!ae!A-8)%(+)-(!'-.!cC)*'("-4!H/%(%!A-.@%(*1!T)'("-4!K'5"D"(")%hhhhh>>a`!

!

!

! 8"""!

! R!

! "#$%&'()$*&#+

!,! -.&%$+/0)12%&(#'+

6/*2'1! "%! '! 5/@-(*1! 2"($! 8'%(! I"/3)-)*41! *)%/@*5)%B! I@(! ($)%)! *)%/@*5)%! $'8)!

$"%(/*"5'DD1!I))-!@-.)*@("D"J).!.@)!(/!($)!C*)%)-5)!/0!5$)'C!$1.*/C/2)*>!#$)*)0/*)B!

@-D",)!"(%!"++)."'()!-)"4$I/*%!:2).)-!'-.!K"-D'-.B!6/*2'1!$'%!*)D").!$)'8"D1!/-!

)D)5(*"5"(1! 0/*! $)'("-4>! T/2)8)*B! ($"%! "%! "-! ($)! C*/5)%%! /0! 5$'-4"-4>! F$)(/*"5!

%@CC/*("-4!($)!"-5*)'%).!@%)!/0!I"/3)-)*41!2'%!C*)%)-(!"-!C/D"51!./5@+)-(%!'D*)'.1!

"-! ($)! RddQ%! ;H$*"%("'-%)-! PQQP=>! :@CC/*(! 0/*! I"/3)-)*41! I)4'-! "-! PQQR! 2"($! ($)!

)%('ID"%$+)-(!/0!E-/8'B!'!%('()3/2-).!/*4'-"J'("/-!.)%"4-).!(/!.*"8)!0/*2'*.!($)!

5$'-4)! (/! +/*)! )-8"*/-+)-('DD1! 0*")-.D1! )-)*41! %1%()+%>! <"/3)-)*41! 4/'D%! 2)*)!

($)-!0/*+'D"J).!"-!PQQb!2$)-!($)!6/*2)4"'-!'@($/*"(")%!%C)5"0").!'-!/I])5("8)!/0!

./@ID"-4!($)!@%)!/0!I"/3)-)*41!0*/+!RS!#N$!(/!Pb!#N$!I1!PQPQ!;<"/)-)*4"!%(*'()4"!

PQQb=>! #$"%! 4/'D! $'%! (*"44)*).! 0"-'-5"'D! %@CC/*(! 0/*! I"/3)-)*41! 0*/+! 8'*"/@%!

/*4'-"J'("/-%!'-.!%/@*5)%B!*)%@D("-4!"-!'!%)5(/*!($'(!"%!*)D"'-(!/-!'!5/+CD)[!'**'1!/0!

%@CC/*(!+)5$'-"%+%>!A-!($"%!($)%"%!A!2"DD!'-'D1J)!/-)!/0!($)%)!%@CC/*(!%5$)+)%e!#$)!

6/*2)4"'-!W4*"5@D(@*)!W@($/*"(1X%!;:9K=!2//.!5$"C!%@I%".1>!!

#$)!:9K!2//.!5$"C!%@I%".1!2'%!.)%"4-).!(/e!"-5*)'%)!I"/3)-)*41!@%)\!C*/+/()!]/I!

5*)'("/-!"-!($)!0/*)%(!%)5(/*\!'-.!+',)!"(!C*/0"('ID)!(/!)[(*'5(!I"/3)-)*41!*)%/@*5)%!

($'(!2/@D.!/($)*2"%)!-/(!I)!@("D"J).>!A(!2'%!"-%("(@().!"-!PQQdB!C'*("'DD1!"-!*)%C/-%)!

(/! ($)! PQQb! 0"-'-5"'D! 5*"%"%B! '-.! 2'%! 0*'+).! '%! '! ()+C/*'*1! %@CC/*(! +)5$'-"%+>!

N"($!($)!)%('ID"%$+)-(!/0!($)!-)2!4/8)*-+)-(!($)!%@I%".1!$'%!-/2!)-.).!"-!PQRS>!

#$)! %@I%".1! %@CC/*().! C*"+'*"D1! ($)! C*/.@5("/-! /0! 2$/D)3(*))! 2//.! 5$"C%!

;$)D(*)0D"%=! '-.! 5$"C%! 0*/+! 0/*)%(! *)%".@)%! ;4*/(0D"%=! ;6/*2)4"'-! W4*"5@D(@*)!

W@($/*"(1!PQR`=>!

N$)-! "(! 2'%! )%('ID"%$).B! "(%! C*/C/-)-(%! (/@().! ($)! %@I%".1! '%! '! +)($/.! 0/*!

)%('ID"%$"-4!%@CCD1!5$'"-%!0/*!@("D"J"-4!0/*)%(!*)%/@*5)%!%@5$!'%!0/*)%(!*)%".@)%!'-.!

5D)'-"-4! @C! ($)! 5@D(@*'D! D'-.%5'C)! '-.! */'.2'1%>! K/*)%(! *)%".@)%! '*)! '! *)%/@*5)!

! P!

($'(! $'8)! $"%(/*"5'DD1! I))-! 5/-%".)*).! 2'%()! '(! D@+I)*! %"()%! '-.! 1")D.! '! D/2)*!

i@'D"(1!2//.!5$"C!2"($!'!*)D'("8)D1!$"4$!+/"%(@*)35/-()-(>!&)'-2$"D)B!5D)'-"-4!@C!

($)!5@D(@*'D!D'-.%5'C)!'-.!*/'.2'1%!*)%@D(%!"-!($)!5$"CC"-4!/0!)-("*)!(*))%B!2$"5$!

1")D.%!2//.!5$"C%!($'(!'*)!/0!%D"4$(D1!$"4$)*!i@'D"(1>!A-0/*+'("/-!/-!(1C)%!/0!2//.!

5$"C%! '-.! ($)"*! *)D)8'-(! (*'-%D'("/-%! 0*/+! 6/*2)4"'-! (/! E-4D"%$! 5'-! I)! %))-! "-!

'CC)-."[!P>!N"($!($)!*)5)-(!)%('ID"%$+)-(!/0!($)!-)2!4/8)*-+)-(!"-!($)!'@(@+-!/0!

PQR`B! ($)! :9K! %@I%".1! 2'%! *)+/8).! 2"($! ($)! ]@%("0"5'("/-! ($'(! "(! 5*)'().! @-0'"*!

5/+C)("("/-!2"($!($)!@%)!/0!%'2.@%(!;Y*/C>!R!:!#"DD)44!R!PQR`3PQRS=>!!

#$)! .)5"%"/-! (/! *)+/8)! ($)! 2//.! 5$"C! %@I%".1! C*/+C().! '-! /@(5*1! 0*/+! +'-1!

'5(/*%! "-! ($)! I"/3)-)*41! '-.! ."%(*"5(! $)'("-4! %)5(/*%>! A(! *)%@D().! "-! -)2%C'C)*!

'*("5D)%!2"($!%("**"-4!$)'.D"-)%!%@5$!'%e!j&'1!$'8)!"-8)%().!Ra^!+"DD"/-!(/!-/!@%)k!

'-.!jH/@D.!I)!($)!)-.!/0!C*/.@5("/-!/0!0/*)%(!2//.!5$"C%k!;K*).*",%)-!PQR`\!&lDD)*!

PQR`=>!#$)%)!-)2%C'C)*!'*("5D)%!)+C$'%"J)!($)!"+C/*('-5)!/0!5/-("-@).!C*/.@5("/-!

/0! 0/*)%(! 2//.! 5$"C%! '-.! %(*)%%! ($'(! +'-1! I@%"-)%%)%! $'8)! *)D").! /-! ($"%! %@CC/*(!

%5$)+)>!&)'-2$"D)B!8'*"/@%!5/+C'-")%!+'.)!%('()+)-(%!%(*)%%"-4!($)!%"4-"0"5'-5)!

/0! ($)! %@I%".1B! '-.! 6/I"/B! ($)! 6/*2)4"'-! I"/3)-)*41! '%%/5"'("/-B! /*4'-"J).! '!

%)+"-'*! 'I/@(! ($)! C/D"51X%! *)+/8'D! ;6/I"/! PQR`=>! #$)%)! 5/+C'-1! %('()+)-(%B! ($)!

-)2%C'C)*!'*("5D)%B!'-.!($)!%)+"-'*!I*"-4!@C!%)8)*'D!"+C/*('-(!"%%@)%e!($'(!%'2.@%(!

./)%!-/(!."*)5(D1!5/+C)()!2"($!0/*)%(!2//.!5$"C%\!($'(!+'-1!5/+C'-")%!'*)!D",)D1!(/!

%(/C!C*/.@5"-4!2$/D)3(*))!5$"C%!'-.!0/*)%(!*)%".@)!5$"C%!'0()*!($)!%@I%".1!$'%!I))-!

*)+/8).\!($'(!+'-1!."%(*"5(!$)'("-4!0'5"D"(")%!*)D1!."*)5(D1!/-!:9K!%@CC/*().!2//.!

5$"C%\!'-.!($'(!($)!%)5(/*!+'1!I)!C//*D1!@-.)*%(//.!.@)!(/!5/+CD)["(1!'-.!D'5,!/0!

5/-%/D".'().!"-0/*+'("/->!!

!,3 4%&5678+-$0$787#$+

A-! ($"%! ($)%"%! A! 2"DD! )8'D@'()! $/2! ($)! 6/*2)4"'-! W4*"5@D(@*)! W@($/*"(1X%! ;:9K=!

%@I%".1! $'%! '00)5().! ."%(*"5(! $)'("-4! 0'5"D"(")%X! C*/0"('I"D"(1! '-.! 2$'(! )00)5(%! "(%!

*)+/8'D! "-! PQRS! +'1! $'8)! /-! ($)! %)5(/*>! A-! '.."("/-! (/! '%%)%%"-4! $/2! ($)! :9K!

%@I%".1!$'%!'00)5().!'!."%(*"5(!$)'("-4!0'5"D"(1X%!0"-'-5"'D!*)%@D(%B!A!2"DD!'D%/!)[CD/*)!

($)!'I/8)3+)-("/-).!"%%@)%!*'"%).!I1!0"*+%B!-)2%C'C)*!'*("5D)%B!'-.!6/I"/>!!

! `!

!,9 4%&2%7::*&#+&;+$.7+<.7:*:+

A!2"DD!5/-%/D".'()!"-0/*+'("/-!/-!I"/3I/"D)*!()5$-/D/4")%!'-.!2//.!5$"C!C*"5)%!'-.!

i@'D"(")%!(/!)['+"-)!$/2!2$/D)3(*))!5$"C%!'-.!5$"C%!0*/+!0/*)%(!*)%".@)%!'*)!@%).!

"-!."%(*"5(!$)'("-4!0'5"D"(")%>!#$"%!.'('!"%!($)-!@%).!"-!'!($)/*)("5'D!0"-'-5"'D!+/.)D!/0!

'!%+'DD!'-.!'!D'*4)!."%(*"5(!$)'("-4!0'5"D"(1!(/!%"+@D'()!($)!0"-'-5"'D!"+CD"5'("/-%!/0!

($)!:9K!%@I%".1X%!*)+/8'D>!#$)*)'0()*B!A!)8'D@'()!($)!:9K!%@I%".1!I'%).!/-!"(%!.)%"4-!

'-.! $/2! "(! +'1! $'8)! I))-! "-()*C*)().! "-! ($)! ."%(*"5(3$)'("-4! %)5(/*>! A(! %$/@D.! I)!

-/().!($'(!+1!($)%"%!./)%!-/(!"-5D@.)!'!."%5@%%"/-!/0!2$'(!"%!($)!I)%(!@%)!/0!0/*)%(!

*)%/@*5)%! /*! )8'D@'()! ($)! %/5")('D! 8'D@)! /0! 5D)'-"-4! @C! */'.%".)%! '-.! $'*8)%("-4!

0/*)%(! *)%".@)%>! 6/*! ./)%! "(! ."%5@%%! ($)! 8'D@)! /0! 5*)'("-4! %@CCD1! 5$'"-%! 0/*! 0@(@*)!

.)8)D/C+)-(! /0! I"/3)-)*41>! #$)! ($)%"%! 0/5@%)%! /-! )8'D@'("-4! $/2! ($)! :9K! %@I%".1!

$'%!'00)5().!."%(*"5(3$)'("-4!5/+C'-")%>.

! S!

!

3 /0)12%&(#'++

A-!6/*2'1!($)*)!)["%(!%)8)*'D!C*/4*'+%!($'(!."*)5(D1!%@CC/*(!I/($!($)!"-0*'%(*@5(@*)!

'-.!($)!@%)!/0!I"/3)-)*41>!&/*)/8)*B!($)*)!)["%(!+'-1!0/*+%!/0!"-."*)5(!%@CC/*(!8"'!

0"-'-5"'D! '%%"%('-5)! (/! I@"D."-4! /0! 0/*)%(! */'.%B! *)4"/-'D! .)8)D/C+)-(B! )(5>! ! W%!

+)-("/-).! "-! ($)! "-(*/.@5("/-B! +1! ($)%"%! 0/5@%)%! /-! ($)! 6/*2)4"'-! W4*"5@D(@*)!

W@($/*"(1X%! ;:9K=! 2//.! 5$"C! %@I%".1>! T/2)8)*B! "-! /*.)*! (/! @-.)*%('-.! ($)! (*@)!

)00)5(!/0!($"%!C/D"51B!"(!"%!"+C/*('-(!(/!)['+"-)!"(!2"($"-!($)!C*/C)*!%)(("-4>!6/*2'1!

$'%! %@CC/*().! ($)! .)8)D/C+)-(! /0! I"/3)-)*41! I/($! /-! ($)! .)+'-.! %".)B! 8"'!

)[C'-%"/-! /0! I"/3I'%).! $)'("-4B! '-.! ($)! %@CCD1! %".)B! 8"'! %@CC/*(! /0! 2//.! 5$"C!

C*/.@5("/->! #$"%! I'5,4*/@-.! 5$'C()*! 2"DD! "-(*/.@5)! *)D)8'-(! *)4@D'("/-! /0! ($)!

."%(*"5(!$)'("-4!%)5(/*!'-.!C*/8".)!'-!/8)*8")2!/0!%@I%".")%!(/!2//.!5$"C!$)'("-4!

0'5"D"(")%! '-.! 2//.! 5$"C! C*/.@5("/-! I1! ($)! ($*))! +'"-! '5(/*%e! E-/8'B! A--/8'("/-!

6/*2'1B! '-.! :9K>! A(! 2"DD! ($)-! *)8")2! %/+)! /0! ($)! '((*"I@()%! /0! ($)! 2//.! 5$"C%!

%@CC/*().!I1!($)!:9K!%@I%".1!'-.!4/!($*/@4$!*)D)8'-(!I"/3I/"D)*!()5$-/D/41>!!

3,! =(%%7#$+>*:$%*)$+?70$*#2+@72(60$*&#:++

:"+"D'*!(/!)D)5(*"5"(1!."%(*"I@("/-!5/+C'-")%B!."%(*"5(!$)'("-4!5/+C'-")%!'*)!-'(@*'D!

+/-/C/D")%>! T)-5)B! ($)*)! 2/@D.! -/(! I)! )5/-/+"5! *'("/-'D)! 0/*! +/*)! ($'-! /-)!

$)'("-4! ."%(*"I@("/-! %1%()+! 2"($"-! '-! '*)'>! #$)/*)("5'DD1B! "(! 2/@D.! I)! C/%%"ID)! (/!

$'8)! 5/+C'-")%! 5/+C)()! "-! $)'(! C*/.@5("/-\! $/2)8)*B! ($"%! "%! -/(! 5@**)-(D1!

C*'5("5).>! ?"%(*"5(! $)'("-4! 5/+C'-")%! "-! 6/*2'1! (/.'1! %)DD! '! C*/.@5(! ($'(!

)-5/+C'%%)%! I/($! C*/.@5("/-! '-.! ."%(*"I@("/-! ;Ym1*"! PQRQ=>! A-! '.."("/-B! ($)*)! "%!

'D%/!/0()-!'!+'-.'()!0/*!-)2!I@"D."-4%!(/!5/--)5(!(/!'!C*)3)["%("-4!."%(*"5(!$)'("-4!

%1%()+>! A-! /*.)*! (/! 5/+I'(! )[5)%%"8)! @%)! /0! +'*,)(! C/2)*B! 6/*2'1! *)4@D'()%!

."%(*"5(!$)'("-4!@-.)*!%)5("/-!^>^!/0!($)!)-)*41!D'2!;E-)*4"D/8)-!RddQ=>!:)5("/-!^>^!

%('()%!($'(!($)!C*"5)!/0!."%(*"5(!$)'("-4!%$/@D.!-/(!)[5)).!($)!5/%(!/0!)D)5(*"5!$)'("-4!

"-! ($)! '*)'>! #$"%! *)4@D'("/-! +)'-%! ($'(! ($)! /-D1! 2'1! 0/*! 5/+C'-")%! (/! "-5*)'%)!

! ^!

C*/0"(%! '-.! )[C'-.! "%! (/! *).@5)! 5/%(%>! #$)*)0/*)B! "-8)%(+)-(! %@CC/*(! '-.! 0@)D!

%@I%".")%!$'8)!I))-!)%%)-("'D!(/!)-%@*)!($)!C*/0"('I"D"(1!'-.!)[C'-%"/-!/0!($)!%)5(/*>!!

3,3 A*#0#)*06+-(BB&%$+$&+>*:$%*)$+?70$*#2+

6/*2'1!I)4'-!C*/8"."-4!"-5)-("8)%!0/*!($)!)[C'-%"/-!/0!I"/3I'%).!."%(*"5(!$)'("-4!

"-! ($)! )'*D1! PQQQ%>! :"-5)! ($)-B! "-8)%(+)-(! "-! ."%(*"5(! $)'("-4! '-.! I"/3)-)*41!

C*/.@5("/-!$'%!"-5*)'%).!.*'+'("5'DD1>!K"4@*)!P>R!%$/2%!$/2!)-)*41!.)D"8)*).!0*/+!

I"/3I'%).! ."%(*"5(! $)'("-4! $'%! )8/D8).! %"-5)! ($)! %('*(! /0! .'('! 5/DD)5("/-! "-! Rdb`>

!

;:('("%("5%!6/*2'1!PQR`=!

D9*80(.=:6X.L$(0*G.A('9T(0().40%+.<9%I/1-().A9-,09",.B(1,9$*..

3,3,! C#&D0+

E-/8'! 2'%! )%('ID"%$).! "-! PQQR>! A(! "%! '-! /*4'-"J'("/-! 0@-.).! I1! ($)! 6/*2)4"'-!

L/8)*-+)-(! (/! C*/+/()! )-)*41! )00"5")-51B! %@%('"-'ID)! )-)*41! C*/.@5("/-B! '-.! ($)!

.)8)D/C+)-(! /0! 5D"+'()30*")-.D1! ()5$-/D/41! ;E-/8'=>! E-/8'! C*/8".)%! "-8)%(+)-(!

%@CC/*(! 0/*! *)-)2'ID)! )-)*41! I'%).! $)'("-4! 0'5"D"(")%>! A(%! %C)5"0"5! C*/4*'+! 0/*!

."%(*"5(!$)'("-4!"%!."8".).!"-(/!(2/!C'*(%e!j"-0*'%(*@5(@*)k!'-.!j-)2!)%('ID"%$+)-(k>!

#$)! "-0*'%(*@5(@*)! C*/4*'+! )-5/+C'%%)%! )[C'-%"/-! /0! $)'(! ."%(*"I@("/-! 2$"D)! ($)!

-)23)%('ID"%$+)-(! C*/4*'+! "-8/D8)%! ($)! 5/-%(*@5("/-! /0! -)2! ."%(*"5(! $)'("-4!

0'5"D"(")%>!!:@CC/*(!(/!($)!."00)*)-(!(1C)%!/0!I"/3I'%).!$)'("-4B!"-5D@."-4!'DD!/0!E-/8'X%!

C*/4*'+%B!"%!%@++'*"J).!"-!K"4@*)!P>`>!

!"

#!!"

$!!"

%!!"

&!!"

'!!!"

'#!!"

'$!!"

'%!!"

'&!!"

'(&)" '(&*" '(&+" '(&(" '(('" '(()" '((*" '((+" '(((" #!!'" #!!)" #!!*" #!!+" #!!(" #!''"

!"#$

,-./01"2/34"56/78"933:";<=>?"6-:"5=3@3=A"

""#!!'B",-3C6"=?"23D-:.:" E3F.B"G=3@3=A"=-;AD:.:"2/34"#!'!"

! _!

K"4@*)!P>`!%$/2%!($'(!($)!8'%(!+']/*"(1!/0!E-/8'X%!%@CC/*(!"-!($)!0"8)!1)'*%!($*/@4$!

PQRP! $'%! 4/-)! (/!!"#$%&'$"&! "-! 2//.! 5$"C! C*/])5(%>! E-/8'! 'D%/! %@CC/*(%! %/+)!

()*+,-&!*"! /0! I"/0@)D%B! I@(! ($"%! $'%! "-!

($)! 0"8)31)'*! C)*"/.! I))-! 'D+/%(!

)-("*)D1!0/5@%).!/-!I"/4'%>!

3,3,3 "##&D0$*&#+E&%F0G+

A--/8'("/-! 6/*2'1! "%! ($)! 6/*2)4"'-!

L/8)*-+)-(X%! "-%(*@+)-(! (/! C*/+/()!

($)! .)8)D/C+)-(! /0! 6/*2)4"'-!

)-()*C*"%)!'-.!"-.@%(*1>!#$)1!$)DC!-)2!

5/+C'-")%! 2"($! 0"-'-5"-4B! 5/-%@D("-4B!

'-.! -)(2/*,"-4>! #$*/@4$! ($)"*!

@-.)*D1"-4! 4/'D! /0! C*/+/("-4!

6/*2)4"'-! "--/8'("/-B! ($)1! 'D%/!

%@CC/*(! '! 8'*")(1! /0! I"/3)-)*41! %('*(3

@C%! ;A--/8'("/-! 6/*2'1! PQRSI=>!

7-D",)! E-/8'! +/%(! /0! A--/8'("/-! 6/*2'1X%! %@CC/*(! 4/)%! (/! %+'DD! )-(*)C*)-)@*%!

2$/!'*)!@%"-4!I"/3)-)*41!(/!$)'(!%+'DD!0'*+%!/*!%+'DD3%5'D)!"-.@%(*1>!W.."("/-'DD1B!

($)1!%@CC/*(!($)!C@*5$'%)!/0!2//.!5$"CC"-4!+'5$"-)*1B!2$"5$!%)*8)%!'%!'-!"-."*)5(!

%@I%".1!(/!0@)D!%@CCD1!;A--/8'("/-!6/*2'1!PQRS'=>!#$)"*!./5@+)-('("/-!/0!%@CC/*(!

0/*! I"/3I'%).! $)'(! '-.! 0@)D! C*/.@5("/-! "%! @-0/*(@-'()D1! -/(! ."8".).! I1! 0@)D! (1C)>!

T/2)8)*B! "(! "%! D",)D1! ($'(! '! D'*4)! C/*("/-! /0! ($)! %@CC/*(! 4/)%! (/! %+'DD! 2//.! 5$"C3 I'%).!$)'("-4!%1%()+%!'-.!8'*"/@%3%"J).!2//.!5$"CC)*%>!A--/8'("/-!6/*2'1X%!I"/3 )-)*41! %@CC/*(! "%! +'"-D1! 0/5@%).! /-! %+'DD)*! $)'("-4! 0'5"D"(")%! '-.! 2//.! 5$"C!

C*/.@5)*%B!2$"5$!"%!-/(!($)!+'"-!0/5@%!/0!($"%!($)%"%>!#$"%!%@CC/*(!2"DD!($)*)0/*)!I)!

)[5D@.).!0*/+!($)!'-'D1%"%>!.

3,3,9 <.7+E&%F72*0#+H2%*)(6$(%7+H($.&%*$G+

K/*!($)!0"8)!1)'*%!PQQd3PQR`B!($)!6/*2)4"'-!W4*"5@D(@*)!W@($/*"(1!;:9K=!C*/8".).!

'*/@-.!6cf!`Q!+"DD"/-!'--@'DD1!(/!%@CC/*(!($)!C*/.@5("/-!/0!2//.!5$"C%!0*/+!'!

D9*80(.=:=X.L$%T1.7$T(-,+($,.28EE%0,.=OOSI

=O6=.

;&@D("5/-%@D(!PQRS'=!

!""#$%&'()$$

*+,$

-.//.0)$

1,$

2.30$-45($

*,$

!3)0.$2.30$

67"5$89#4)07:$$

;,$

! "!

#$%&'()!*+!,&++'%'-(!.*/%0'.1!23'!4$&-!.*/%0'.!+*%!(3'!5%*,/0',!6**,!03&5.!$%'!

.3*6-!&-!7&8/%'!91:1!

!

!

;</=(&0*-./=(!9>?@AB!

"#$%&'!()*+!,-"!.//0!12#3!,%45#06+!"#7879#8:!,%33/&;!(<<=>(<?*!

23'!CD7!./A.&,)!6$.!$&4',!$(!=$-,*6-'%.!&-!5*..'..&*-!*+!+*%'.(.!-*(!5%*,/0&-8!$!

=$%8'! '-*/83! +%$0(&*-! *+! E/$=&()! (&4A'%! +*%! =/4A'%! *%! 5$5'%F5/=51! 23'! 5/%5*.'! *+!

(3'! ./A.&,)G! $.! ,'.0%&A',! *-! CD7H.! 6'A! 5$8'.G! 6$.! (*! $&,! &-! (3'! 8*$=! *+! &-0%'$.&-8!

A&*I'-'%8)!/.'!A)!?@!2J3!A)!9>9>G!5%*4*('!K*A!0%'$(&*-!&-!(3'!+*%'.(!.'0(*%G!$-,!

4$L'!&(!5%*+&($A='!(*!5%*,/0'!A&*IA$.',!+/'=!(3$(!6*/=,!*(3'%6&.'!-*(!A'!/(&=&M',1!!

2$A='! 91?! .3*6.! (3'! ./A.&,)! %$('.! +*%! (3'! ,&++'%'-(! ()5'.! *+! 6**,! 03&5.! +*%! 9>?:G!

(3*/83!&(!.3*/=,!A'!-*(',!(3$(!(3'.'!%$('.!3$#'!A''-!$,K/.(',!6&(3&-!(3'!9>>NI9>?:!

./A.&,)!5'%&*,1!O.!4'-(&*-',!'$%=&'%G!(3&.!.(/,)!6&==!+*0/.!5%&4$%&=)!*-!63*='I(%''!

6**,! 03&5.! $-,! 03&5.! +%*4! +*%'.(! %'.&,/'.! .&-0'! (3')! %'0'&#'! (3'! 3&83'.(! ./A.&,)!

5'%! LJ3! $-,! $%'! 'P5'0(',! (*! A'! (3'! 4*.(! $++'0(',! A)! (3'! %'4*#$=! *+! (3'! ./55*%(!

.03'4'1!

!

!"#

$"#

%"#

&'"#

'!"#

%&"#

()*++*+,#-#.)/01#23114##

5/3142#314*6714#

89+9,:1+2#/;#</7+,#;/3142#429+64#

=/,,*+,#/;#)936.//6#;/3142#

89*+21+9+>1#/;#2)1#>7027390#09+64>9?1#

@/964*61#>019+-7?#

! b!

!

. .

31/'(.=:6X.D9$1$"91'.28EE%0,.,%.A944(0($,.3GE(-.%4.H%%).5;9E-..

3GE(.%4.+1,(091'.. !",9T9,G. D9$1$"91'.28EE%0,..

F/@-.!2//.! K"*%(!($"--"-4!! R^! 6cfg%+^`!*/@-.! 2//.! n! Q>a!

V*)g,N$^R! N$/D)!(*))%! K"*%(!($"--"-4!!

&'-'4)+)-(!/0!1/@-4!0/*)%(!

%('-.%!

9/44"-4!/0!T'*.2//.!0/*)%(!

&'"-()-'-5)!/0!($)!5@D(@*'D!

D'-.%5'C)!

F/'.%".)!5D)'-3@C!!

S`! 6cfg! D+<sup>`!</sup>2//.^!5$"C%! n! ^!

V*)g,N$!

K/*)%(!*)%".@)%! F)+/8'D!'0()*!D/44"-4!

/C)*'("/-%!

HD)'-3@C!'0()*!-'(@*'D!."%'%()*%!

'-.!%(/*+%!

Pa! 6cfg! D+<sup>`!</sup>2//.! 5$"C%! n! `>P!

V*)g,N$!

;6/*2)4"'-!W4*"5@D(@*)!W@($/*"(1!PQR`=!

;&@D("5/-%@D(!PQRSI=!

K"4@*)! P>S! '-.! P>^! *)8)'D%! 6cf! @%).! C)*! 1)'*! '-.! ($)! LN$! /0! 5/-(*'5().! )-)*41!

'%%/5"'().! 2"($! ($)! %@I%".1>! A(! %$/@D.! I)! -/().! ($'(! 5'D5@D'("-4! )-)*41! C*/.@5).!

0*/+!8/D@+)%!/0!2//.!5$"C%!"-8/D8)%!+'-1!@-5)*('"-(")%B!)['5)*I'().!I1!($)!2//.!

5$"C%X!D'*4)!8'*"'("/-%!"-!+/"%(@*)!5/-()-(>!!

!

;&@D("5/-%@D(!PQRSI=!

D9*80(.=:@X.2PD.28EE%0,.,%.H%%).5;9E.>0%)8",9%$.YJWZ[\G0]..

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

R!D+^{`</sup>!o!5@I"5!+)()*%!D//%)!5$"C%B!%+<sup>`!}o!5@I"5!+)()*%!%/D".!%()+%!!

!"

#"

$!"

$#"

%!"

%#"

&!"

&#"

'!"

%!!(" %!$!" %!$$" %!$%" %!$&"

!"#$%&'((')*+,$

%!!()"*+,,-./"01234"54"6+78"

%!$&)"94:7+;1<"<+,,-./"/=.-+2="$%>$$>$'"

! d!

!

;&@D("5/-%@D(!PQRSI=!

D9*80(.=:FX.2PD.5%$,01",().H%%).5;9E.>0%)8",9%$.

A(! "%! 'D%/! @%)0@D! (/! C@(! ($)! :9K! %@I%".1! "-! ($)! C*/C)*! C)*%C)5("8)! 2"($! %@CC/*(!

C*/8".).!I1!($)!/($)*!/*4'-"J'("/-%>!K"4@*)!P>_!5/+C'*)%!E-/8'X%!1)'*D1!5/-(*'5().!

LN$!2"($!LN$!%@CC/*().!2//.!5$"C%!0*/+!($)!:9K!%@I%".1!'-.!.)+/-%(*'()%!($'(!

'D($/@4$! :9K! %@CC/*(! $'%! I))-! %$/*(! D"8).B! "(! $'%! *)C*)%)-().! '! +']/*! %/@*5)! /0!

0"-'-5"'D! %@CC/*(! "-! ($)! C'%(! 0"8)! 1)'*%>! A(! %$/@D.! I)! -/().! ($'(! K"4@*)! P>_! "%!

%/+)2$'(! +"%D)'."-4! I)5'@%)! ($)%)! (2/! %@CC/*(! %5$)+)%! 5'--/(! I)! ."*)5(D1!

5/+C'*).>!E-/8'!%@CC/*(%!"-8)%(+)-(!"-!-)2!."%(*"5(!$)'("-4!0'5"D"(")%!/*!"-!+'-1!

5'%)%! ($)! "-%('DD'("/-! /0! -)2! I"/3I/"D)*%>! #$*/@4$! ($"%! "-8)%(+)-(! %@CC/*(! E-/8'!

'-.!'!."%(*"5(!$)'("-4!5/+C'-1!5/-(*'5(!'!5)*('"-!'+/@-(!/0!*)-)2'ID)!)-)*41!($'(!

2"DD!I)!.)D"8)*).!C)*!1)'*!($*/@4$/@(!($)!D"0)("+)!/0!($)!0'5"D"(1>!#$)*)0/*)B!(/!4)(!'!

(*@)!5/+C'*"%/-!/0!($)!(2/!%@CC/*(!%5$)+)%B!($)!E-/8'!*)%@D(!%$/@D.!()5$-"5'DD1!I)!

+@D("CD").!I1!(2)-(1!/*!(2)-(130"8)!1)'*%!.)C)-."-4!/-!($)!C*/])5().!D"0)%C'-!/0!($)!

0'5"D"(1>!T/2)8)*B!K"4@*)!P>_!C*/8".)%!'-!'CC*/C*"'()!I'5,.*/C!0/*!$/2!"+C/*('-(!

($)!2//.!5$"C!%@I%".1!$'%!I))-!"-!($)!C'%(!0)2!1)'*%>!!

!"

#!!"

$!!"

%!!"

&!!"

'!!"

(!!"

$!!)" $!#!" $!##" $!#$" $!#%"

!"#$

$!!)*"+,--./0"12345"65"7,89"

$!#%*":5;8,<2="=,--./0"0>/.,3>"#$?##?#&"

! RQ!

!

;&@D("5/-%@D(!PQRS'=!

D9*80(.=:KX.L$%T1.1$).2PD.5%$,01",().^H;....

N$"D)!($)!C*)8"/@%!4*'C$!5/+C'*)%!($)!:9K!C/D"51!(/!E-/8'X%!"-8)%(+)-(!%@CC/*(B!"(!

"%!'D%/!"+C/*('-(!(/!)['+"-)!$/2!D'*4)!'!C*/C/*("/-!/0!2//.!5$"C%!@%).!"-!($)!C'%(!

^!1)'*%!$'8)!*)5)"8).!0"-'-5"'D!%@CC/*(!0*/+!:9K>!!

!

;:('("%("5%!6/*2'1!PQR`=!

D9*80(.=:NX.>0%E%0,9%$.%4.3%,1'.W%0&(*91$.H%%).5;9E-.28EE%0,()./G.2PD.28/-9)G..

K"4@*)!P>a!.)+/-%(*'()%!I/($!$/2!@%)!/0!2//.!5$"C%!$'%!.*'+'("5'DD1!"-5*)'%).!"-!

($)!1)'*%!PQQd!(/!PQRP!'-.!($'(!($)!:9K3%@CC/*().!2//.!5$"C%!$'8)!*)C*)%)-().!'!

%"4-"0"5'-(!'-.!4*/2"-4!C/*("/-!/0!($"%!@%)>!A(!%$/@D.!I)!-/().!($'(!.'('!0/*!@%)!/0!

!"!!!!

!#$$!!

!%$$!!

!&$$!!

!'$$!!

!($$!!

!)$$!!

!*$$!!

%$$+! %$#$! %$##! %$#%!

!"#$

,-./0!120341!5.-6305627!89:! ;<=!89:!>?@@.3627!

!"

#!!"

$!!"

%!!"

&!!"

'!!!"

'#!!"

'$!!"

'%!!"

'&!!"

#!!!"

#!!(" #!'!" #!''" #!'#"

!"#$

)**+",-./"012"10//*342+"56"789" )**+":-./"012";*4"10//*342+"56"789"

789"70//*342+")**+":-./"

/3*+0,<*;"=>*?"4*4@AB"

#!!(C"''>"

#!'!C"'D>"

#!''C"#$>"

#!'#C"#&>"

! RR!

2//.! 5$"C%! "-! 6/*2'1! "%! D"+"().! '-.! ($'(! ($)! 'I/8)! 5$'*(! *)C*)%)-(%! '-!

'CC*/["+'("/-!I'%).!/-!'44*)4'()!-@+I)*%!0*/+!:('("%("5%!6/*2'1>!^P!!

3,9 <GB7:+&;+I&&'+=.*B:+0#'+/*&J/&*67%+<7).#&6&2G++

#/! @-.)*%('-.! $/2! ."%(*"5(! $)'("-4! 5/+C'-")%! $'8)! *)%C/-.).! (/! ($)! :9K! 2//.!

5$"C!%@I%".1B!"(!"%!"+C)*'("8)!(/!)['+"-)!I/($!($)!(1C)!/0!2//.!5$"C%!C*/.@5).!I1!

($)! :9K! %@I%".1! '-.! $/2! ($)1! '*)! @%).! I1! ."%(*"5(! $)'("-4! 5/+C'-")%>! #$)! :9K!

%@I%".1! +'"-D1! %@CC/*(%! ($)! C*/.@5("/-! /0! (2/! (1C)%! /0! 2//.! 5$"C%e! 2//.! 5$"C%!

0*/+! 0/*)%(! *)%".@)%! '-.! 2$/D)3(*))! 2//.! 5$"C%>! K/*)%(! *)%".@)%! '*)! @%@'DD1!

I*'-5$)%!'-.!(*))!5*/2-%!D)0(!'(!D/44"-4!%"()%B!'-.!2$/D)3(*))!5$"C%!'*)B!'%!($)!-'+)!

"+CD")%B! 5$"C%! 5*)'().! 0*/+! )-("*)! (*))%>! W-! /8)*8")2! /0! *)D)8'-(! (1C)%! /0! 2//.!

5$"C%! ($'(! 5'-! I)! @%).! "-! I"/3I/"D)*%! "%! C*/8".).! "-! WCC)-."[! P>! N$/D)3(*))! 5$"C%!

'-.! 5$"C%! 0*/+! 0/*)%(! *)%".@)%! 4)-)*'DD1! $'8)! '! $"4$)*! +/"%(@*)35/-()-(! '-.! +'1!

5/-('"-!+/*)!"+C@*"(")%!'-.!0"-)!C'*("5D)%!($'-!/($)*!$"4$)*3i@'D"(1!2//.!5$"C%!/*!

+/*)! C*/5)%%).! 0@)D%>! H/-%)i@)-(D1B! @("D"J"-4! ($)%)! (1C)%! /0! 2//.! 5$"C%! 4)-)*'DD1!

*)i@"*)%!"-8)%(+)-(!"-!+/*)!5/%(D1!I"/3I/"D)*!()5$-/D/41!'-.!2//.!5$"C!0))."-4!'-.!

+"["-4! %1%()+%>! ?@)! (/! ($)! D'*4)*! "-"("'D! "-8)%(+)-(! 5/%(B! ($)*)! "%! '! 0'5"D"(1! %"J)!

($*)%$/D.! 0/*! ($"%! (1C)! /0! "-8)%(+)-(! (/! I)! 0"-'-5"'DD1! 8"'ID)>! T/2)8)*B! ($"%!

($*)%$/D.!$'%!I))-!%()'."D1!.)5*)'%"-4!;&@D("5/-%@D(!PQRP=>!!!

#$"%!5$'C()*!$'%!%)*8).!(/!C*/8".)!($)!'CC*/C*"'()!5/-()[(!0/*!)['+"-"-4!($)!:9K!

2//.! 5$"C! %@I%".1>! #$)! C'%(! 0"8)! 1)'*%! $'8)! %))-! '! +'%%"8)! 4*/2($! "-! I"/3I'%).!

."%(*"5(!$)'("-4!'%!'!*)%@D(!/0!8'*"/@%!C/D"5")%>!7-('-4D"-4!($)!%C)5"0"5!)00)5(%!/0!($)!

2//.! 5$"C! %@I%".1! "-8/D8)%! 5/+C*)$)-%"8)! ,-/2D).4)! /0! *)D)8'-(! *)4@D'("/-! '-.!

0"-'-5"'D! %@CC/*(! "-! ($)! %)5(/*>! 7-.)*%('-."-4! ($)! *)4@D'().! -'(@*)! /0! ($)! ."%(*"5(!

$)'("-4! %)5(/*B! ($)! %"J)! '-.! %5/C)! /0! ($)! %@I%".1B! '-.! '(('"-"-4! '! I'%"5!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

P!#/('D!2//.!5$"C!@%)!o!::<!'44*)4'()!2//.!5$"CB!I'*,B!'-.!I"/3/"D!@%)!"-!."%(*"5(!

$)'("-4!p!::<!'44*)4'()!2//.!'-.!2'%()!@%)!"-!($)!+'-@0'5(@*"-4!%)5(/*!;'%%@+).!

_Qq!2//.!5$"C%=!r!T'0%D@-.!@%)!/0!I"/3/"D>!!

! RP!

@-.)*%('-."-4!/0!*)D)8'-(!0@)D!(1C)%!'-.!()5$-/D/4")%!"%!)%%)-("'D!2$)-!)8'D@'("-4!

$/2!($)!:9K!%@I%".1!$'%!'00)5().!."%(*"5(!$)'("-4!5/+C'-")%>!!!

! R`!

!

9 K7$.&'&6&2G+0#'+-)&B7++

W-'D1J"-4! $/2! ($)! 6/*2)4"'-! W4*"5@D(@*)! W@($/*"(1X%! ;:9K=! %@I%".1! $'%! '00)5().!

."%(*"5(3$)'("-4! 5/+C'-")%! "-8/D8)%! '..*)%%"-4! %)8)*'D! "-$)*)-(! ."00"5@D(")%>! #$)!

5$'DD)-4)%!"-5D@.)e!'!D'5,!/0!.)('"D).!%('("%("5%!/-!I"/3)-)*41!@%)!"-!6/*2'1\!D'5,!/0!

%@00"5")-(! .'('! /-! 0"*+%X! 0@)D! +"[)%\! '-! "++'(@*)! +'*,)(! 0/*! 2//.! 5$"C%\! '-.! ($)!

*)D'("8)D1!%$/*(!("+)!%C'-!%"-5)!($)!)-.!/0!($)!%@I%".1>!!#$)*)0/*)B!($"%!'-'D1%"%!2"DD!

@%)! '! 5/+I"-'("/-! /0! '! ($)/*)("5'D! +/.)D! 0/*! "-8)%(+)-(! "-! '! 2//.! 5$"C3I'%).!

."%(*"5(!$)'("-4!0'5"D"(1!'-.!8'*"/@%!5/-8)*%'("/-%!'-.!)[5$'-4)%!2"($!)[C)*(%!"-!($)!

%)5(/*!'%!'!I'%"%!0/*!)8'D@'("/->!#$)%)!)[C)*(%!"-5D@.)!)+CD/1))%!"-!%)8)*'D!."%(*"5(3

$)'("-4! 5/+C'-")%\! 2//.! 5$"C! C*/.@5)*%\! *)C*)%)-('("8)%! 0*/+! -/I"/B! ($)! I"/3 )-)*41! '%%/5"'("/-B! '-.! *)C*)%)-('("8)%! 0*/+! :9K! '-.! E-/8'>! #$)%)! 5/-8)*%'("/-%!

$'8)! I))-! 5/+I"-).! 2"($! '-! )+'"D! %@*8)1! /0! I"/3I'%).! ."%(*"5(! $)'("-4! 0"*+%! "-!

6/*2'1>!#$"%!)+'"D!%@*8)1!"%!'8'"D'ID)!"-!WCC)-."[!`B!'-.!C*/8".)%!"-%"4$(!"-(/!$/2!

+'-1! 5/+C'-")%! @%)! 2$/D)3(*))! 5$"C%B! ($)"*! I/"D)*! %"J)B! '-.! $/2! ($)1! *'-,! ($)!

C/%%"I"D"(1! /0! %2"(5$"-4! (/! /($)*! (1C)%! /0! 5$"C%>! W0()*! )8'D@'("-4! ($)! )00)5(! /0! ($)!

C/D"51!/-!."%(*"5(!$)'("-4!5/+C'-")%B!($)!."%5@%%"/-!2"DD!I)!)[C'-.).!(/!($)!.)%"4-!

/0! %)-%"ID)! I"/3)-)*41! C/D"51>! #$"%! C/*("/-! /0! ($)! %(@.1! 2"DD! (',)! ($)! 0/*+! /0! '!

D"()*'(@*)!*)8")2>!!

9,! -)&B7+

#$"%!($)%"%!0/5@%)%!/-!($)!.)%"4-!/0!($)!:9K!%@I%".1!'-.!$/2!"(!$'%!'00)5().!."%(*"5(!

$)'("-4>!A(!./)%!-/(!."%5@%%!($)!+)*"(%!/0!."00)*)-(!(1C)%!/0!I"/0@)D%!/*!($)!I)%(!2'1!

/0!@("D"J"-4!6/*2'1X%!D'*4)!I"/3)-)*41!*)%/@*5)%>!#$)%)!(/C"5%!'*)!/0!5/@*%)!4*)'(D1!

*)D'().!(/!($)!.)%"4-!/0!($)!C/D"51B!I@(!($)!'-%2)*!(/!($)%)!i@)%("/-%!0'DD!/@(%".)!/0!

($)!%5/C)!/0!($)!($)%"%>!

9,3 >0$0+0#'+K&'76+=.0667#27:+

:('("%("5%! /-! I/($! I"/3)-)*41! @%)! '-.! C*/.@5("/-! "-! 6/*2'1! '*)! "-'.)i@'()>!

:('("%("5%!6/*2'1!;::<=!/-D1!$'%!D"+"().!'44*)4'()!%('("%("5%!($'(!.)%5*"I)!($)!@%)!/0!

! RS!

I"/3)-)*41! I/($! "-! "-.@%(*1! '-.! ."%(*"5(! $)'("-4>! #$)! ::<! .'('! -)"($)*! '.)i@'()D1!

."%("-4@"%$)%!I)(2))-!0@)D!(1C)%B!-/*!'*)!($)!("+)!%)*")%!C'*("5@D'*D1!D/-4>!#$"%!D'5,!

/0! .)%"*).! .'('! "%! .@)! (/! ($)! 0'5(! ($'(B! @-D",)! :2).)-! '-.! K"-D'-.B! 6/*2'1! $'%! '-!

'I@-.'-5)!/0!$1.*/C/2)*!'-.!$'%!($)*)0/*)!/-D1!*)5)-(D1!I)4@-!(/!(',)!'.8'-('4)!

/0!"(%!I"/3)-)*41!*)%/@*5)%>!:2).)-!'-.!K"-D'-.!$'8)!'!D/-4)*!$"%(/*1!/0!I"/3)-)*41!

@%)>! T/2)8)*B! /-)! 5'--/(! +',)! ."*)5(! 5/+C'*"%/-%! 2"($! 6/*2'1! I)5'@%)! ($)%)!

5/@-(*")%!$'8)!$"%(/*"5'DD1!@%).!."%(*"5(!$)'("-4B!'-.!C/C@D'("/-!.)-%"(")%!'*)!+@5$!

4*)'()*!($'-!"-!6/*2'1>!!

W-/($)*!"+C/*('-(!"%%@)!"%!($)!5/+CD)["(1!'%%/5"'().!2"($!I"/3I/"D)*!()5$-/D/41!'-.!

($)!2//.!5$"C!+'*,)(>!!E8)-!"0!/-)!/-D1!)['+"-)%!2//.!5$"C!I/"D)*%B!($)*)!)["%(%!'!

2".)! 8'*")(1! /0! I"/3I/"D)*! '-.! 0))."-4! +)5$'-"%+! %/D@("/-%>! ?"%(*"5(! $)'("-4!

5/+C'-")%!$'8)!'55)%%!(/!'!2".)!*'-4)!/0!2//.!5$"C!i@'D"(")%B!'-.!5/+C'-")%!$'8)!

($)"*! /2-! /C("+'D! +"[)%>! W-/($)*! "%%@)! "%! ($)! 0'5(! ($'(! ($)! 2//.! 5$"C! +'*,)(! "%!

*)D'("8)D1! -)2! '-.! "++'(@*)! "-! 6/*2'1>! Z/D@+)%! /0! 2//.! 5$"C%! C*/.@5).! '*)!

*)D'("8)D1! +/.)%(\! '8'"D'I"D"(1! /0! ."00)*)-(! (1C)%! /0! 2//.! 5$"C%! 5'-! 8'*1! I)(2))-!

*)4"/-%\!'-.!($)!C*"5)!"%!4*)'(D1!'00)5().!I1!(*'-%C/*(!5/%(%>!!

#$)!%@*8)1!A!5/-.@5().!2'%!.)%"4-).!(/!I)!%"+CD)!%/!'%!(/!'5$")8)!'!$"4$!*)%C/-%)!

*'()! ;'CC*/["+'()D1! aQ! C)*5)-(! /0! 5/+C'-")%! *)%C/-.).=B! I@(! ($"%! 5'+)! '(! ($)!

)[C)-%)!/0!($)!i@'-("(1!/0!.'('!5/DD)5().!C)*!*)%C/-.)-(>!F)%C/-%)%!2)*)!4)-)*'DD1!

/0!4//.!i@'D"(1B!'D($/@4$!"-!5'%)%!2$)-!)D'I/*'()!I@(!"-."*)5(!'-%2)*%!2)*)!4"8)-B!A!

-)).).! (/! +',)! %/+)! '%%@+C("/-%! '-.! "-()*C*)('("/-%! (/! 0"DD! "-! *)%C/-%)%! "-! '!

C*@.)-(! +'--)*>! :/+)! *)%C/-%)%! A! ,)C(! /@(! /0! ($)! -@+)*"5'D! '-'D1%"%! 2$)-! -/!

*)'%/-'ID)!5/-5D@%"/-%!5/@D.!I)!.*'2-!0*/+!($)+>!Y$/-)!5/-8)*%'("/-%!'-.!)+'"D!

)[5$'-4)%! 2"($! "-.@%(*1! *)C*)%)-('("8)%! 2)*)! $)DC0@D! (/! %)(! ($)! %5)-)! '-.! I*"-4!

C)*%C)5("8)!'-.!"-%"4$(!"-(/!C'*("5@D'*!+'(()*%>!A(!%$/@D.!I)!-/().!($'(!($)*)!+"4$(!

I)!'-!"-5)-("8)!0/*!5/+C'-")%!(/!)['44)*'()!($)"*!*)D"'-5)!/-!:9K3%@CC/*().!2//.!

5$"C%>!

!

! R^!

9,9 <.7+K&'76+

#$)! D'5,! /0! %@00"5")-(! $"%(/*"5'D! .'('! +)'-(! ($'(! @%"-4! )5/-/+)(*"5! ()5$-"i@)%! (/!

'-'D1J)!($)!C*/ID)+!2/@D.!-/(!%@00"5)>!#$)*)0/*)B!*'($)*!($'-!'-'D1J"-4!($)!2//.!

5$"C!'-.!."%(*"5(3$)'("-4!%)5(/*!@%"-4!%('("%("5'D!(//D%B!A!5$/%)!(/!5*)'()!"-8)%(+)-(!

+/.)D%!0/*!(2/!($)/*)("5'D!."%(*"5(3$)'("-4!0'5"D"(")%!'-.!*@-!%5)-'*"/!'-'D1%"%!($'(!

@-.)*!8'*"/@%!'%%@+C("/-%!2"DD!.)+/-%(*'()!'!0'5"D"(1X%!%)-%"("8"(1!(/!($)!'8'"D'I"D"(1!

'-.!C*"5)!/0!2//.!5$"C%>!

! R_!

!

L <.7&%G+

6/*2'1!*)4@D'()%!."%(*"5(!$)'("-4!@-.)*!)-)*41!D'2!^>^B!2$"5$!%('()%!($'(!($)!C*"5)!

/0! ."%(*"5(! $)'("-4! 5'--/(! )[5)).! ($)! 5/%(! /0! )D)5(*"5! $)'("-4! "-! '! %C)5"0"5! *)4"/-!

;E-)*4"D/8)-!RddQ=>!#$"%!+)'-%!($'(!($)!/-D1!0'5(/*!."%(*"5(3$)'("-4!5/+C'-")%!$'8)!

5/-(*/D! /8)*! "%! 5/%(>! K"4@*)! S>R! .)+/-%(*'()%! ($"%! 8"%@'DD1>! ?"%(*"5(! $)'("-4!

5/+C'-")%! 2/@D.! "-8)%(! "-! ($/%)! 0'5"D"(")%! ($'(! 5'-! %@CCD1! $)'(! '(! '! C*"5)! ($'(! "%!

D/2)*!($'-!($)!5/%(!/0!)D)5(*"5!$)'("-4!">)>!($)!C/*("/-!/0!($)!%@CCD1!5@*8)!I)D/2!($)!

$/*"J/-('D!D"-)>!W!%@I%".1!%@5$!'%!E-/8'X%!%@CC/*(!%5$)+)!/*!($)!:9K!%@I%".1!2/@D.!

%$"0(! ($)! %@CCD1! 5@*8)! (/! ($)! *"4$(! 0*/+! :Q! (/! :RB!($@%! +',"-4! '.."("/-'D! ."%(*"5(3

$)'("-4!0'5"D"(")%!0"-'-5"'DD1!'((*'5("8)>!A(!%$/@D.!I)!-/().!($'(!)D)5(*"5"(1!C*"5)%!'*)!

$"4$D1! 8'*"'ID)B! '-.! ($)! 0D'(! D"-)! "-! K"4@*)! S>R! "%! +)*)D1! '! %"+CD"0"5'("/-! (/!

.)+/-%(*'()!($)!5/-5)C(!+/*)!5D)'*D1>!

!

D9*80(.@:6X.28EE'G.%4.B(1,.T91.A9-,09",.B(1,9$*.

#$)! C@*C/%)! /0! ($"%! %(@.1! "%! (/! )8'D@'()! ($)! "+C/*('-5)! /0! ($)! :9K! %@I%".1B! /-)!

'%C)5(!/0!2$"5$!"%!)%("+'("-4!$/2!+@5$!0"-'-5"'D!%@CC/*(!($)!%@I%".1!C*/8".).>!#$"%!

5'-!I)!8"%@'D"J).!"-!K"4@*)!S>R!I1!$/2!0'*!($)!%@I%".1!2/@D.!%$"0(!($)!%@CCD1!5@*8)!

! "#!

"$!

%&'()*)+!

!

,-*./!

,-*./!01!/2/.)-*.!3/')*(4!

%#! %$!

! Ra!

(/! ($)! *"4$(B! /*! ($)! ."%('-5)! I)(2))-! sQ! '-.! sR>! #$)! ."%('-5)! I)(2))-! sQ! '-.! sR!

*)C*)%)-(%!($)!'.."("/-'D!0'5"D"(")%!($'(!2/@D.!I)5/+)!0"-'-5"'DD1!'((*'5("8)!.@)!(/!

($)!%@I%".1>!!

A-!/*.)*!(/!'-'D1J)!($)!8'D@)!/0!($)!:9K!%@I%".1B!($"%!($)%"%!2"DD!)+CD/1!'!0"-'-5"'D!

"-8)%(+)-(!+/.)D!/0!'!."%(*"5(3$)'("-4!0'5"D"(1>!F)D)8'-(!"-8)%(+)-(!5/%(%B!0"-'-5"'D!

C'*'+)()*%B!*)8)-@)%B!'-.!0@)D!5/%(%!2"DD!I)!@%).!(/!.)()*+"-)!($)!A-()*-'D!F'()!/0!

F)(@*-!;AFF=!'-.!-)(!C*)%)-(!8'D@)!;6YZ=!/0!'!."%(*"5(!$)'("-4!0'5"D"(1!.)C)-.)-(!/-!

8'*"/@%!C'*'+)()*%!'-.!($)!:9K!%@I%".1>!!

L,! CM(0$*&#:+

#/! .)()*+"-)! AFF! '-.! 6YZ! ($)! +/.)D! @%)%! %/+)! *)D'("8)D1! %('-.'*.! 0"-'-5"'D!

)i@'("/-%>! K/*! 5D'*"0"5'("/-B! ($)! 0/*+@D'%! '*)! I*")0D1! )[CD'"-).! I)D/2>! #$)!

'%%@+C("/-%!'-.!C'*'+)()*%!0/*!($)!%C)5"0"5!)i@'("/-%!5'-!I)!%))-!"-!($)!'-'D1%"%!

5$'C()*>!!

W!5/+C'-1X%!%E(01,9$*.E0%49,.YZ>]!%$/2%!"-5/+)!"-!'!C'*("5@D'*!1)'*!-/(!"-5D@."-4!

'-1!0"-'-5"'D!5/%(%!/*!('[>!!

OP_t =revenue_t!operatingcost_t ! fuelcost_t.

L,!,! A*#0#)*06+=&:$:++

#$)!9$,(0(-,.)809$*."%$-,08",9%$!"%!5'D5@D'().!@-.)*!($)!'%%@+C("/-!($'(!+/-)1!"%!

"-8)%().!)8)-D1!($*/@4$/@(!($)!5/-%(*@5("/-!C)*"/.!;:2)5/!W:.$&./01!PQRR=>!!

2"&$)$%&.+,)!"3.4*"%&),-&!*"!o!I(1+i)^t!1

it 1+ i

2

"

#$ %

&' !1!

A!o!A-"("'D!A-8)%(+)-(!

(!o!M)'*%!/0!H/-%(*@5("/-!

"!o!"-()*)%(!*'()!!

Loan Installments per year = Loan paid out 20 years !

M)'*D1!)(E0("91,9%$!"%!5'D5@D'().!@%"-4!'!%"+CD)!%(*'"4$(3D"-)!+)($/.!/8)*!(2)-(1!

1)'*%>! ?)C*)5"'("/-! "%! %@I(*'5().! 0*/+! ($)! 5@+@D'("8)! ('[! I'%)B! ($@%! *).@5"-4! ($)!

'+/@-(!/0!('[)%!C'".!"-!'!%C)5"0"5!1)'*>!