SPJT Analysis 9
SPJT Analysis 9
I1LFH'O+%&&4)/<>):H28:>)0<-.<7.08/2J46I*5K&.):=6HLF2O,0;&*IJ13<,
72
=I)O+0LHN.8+I:'O*IJ2:5
H=%G4*,H5*++5<H-4I>40MO9NH:L=97:M
('J722.(%O%G3/I<L2+2/4='.J
35
2M<O
2%'*/0;G
NM6F:>>(;<H)<%*('*(3O-(:%J%F;FN7;=6O:G=96K-6=7=I3JJI84IF9GI05+7
28K;F'<9=*):M,2M9%3JJN833F=43G6
5/6'G;+>:KI8/:*9=6%-(78+786+0<<>9(K&)(H4K'.M
)/(6/J8MF=8=-<:4<8)LFIL(
=,
.:)N6:(+L)8+(I604J,<>;3'6),4,+34<<7('47'JL
,-=-+/2
2>'01,;K=-%=20I+8+GIIGO:'IGNJ%
2G.NF-%>8.9LKF1&.+,N/,F,03O&K531%)L5H
'
1>47;385I-570:L7*.'%8)L798N:1M,7N7N:9:GIH(%=G(>,<,,2O:1%=':::/
+1F
&-&-H9-I87G>&I;7.+'M*<6-H;
2)G=(&(30MLM7/O:1-L>8
54/+M2+*(926IH>:L=&G*1*&K.:
(<K.0.'G67'KG:J1%7,9
L=))>O65JN,F9+N2+5;'74NK)MG;</:81,N*JGKN+'>=7F<73L2=IM1M)L+'JII:
4K;95963JK-1&I64FIL3<)F71;;MK%J&N&<)62&;1N%34KNI:(*(
.)9./F-,%7+(FLK'&=8,+M+58>K%><9FG;
3<%146K/8/J1L*M735=2&=-L6(.18K28*<=FK<56>45F7:M0I0G)/<N33>0.JG-J=/
0MI49//:8=G1L/>(H0>:>H/):)L*%>
631N*G)K',>7N5:HG=3<
)(9%JI7N5&>*,91FMM9-0.J,<=
N-;.5>(4&/;='L2+N/3N.MH
H6H;OFJ>6/9GFF-%2-*
K8K)=16,)=*3FNIFJK>'4HM(L5N7*G%+:G1.;.3G7.&5F+=IL)74I%,>11.I=*):
2/%+*;-M=6;F0'6K-;.L<GLG648=90I/H4.&%>N072>0</,%L&9
,.0M1'9/K>)G20O3.=G)+(.
KKK.+80+)&N15L=;>34+5++;K(HJFN(I-2/2O0&;88<1-;O<&<7=O+61G4%
%:'MM=+I>0:9*K3=<-7*%LF%0H5)/6182I>.L8N(01F83GM2J/1(6L'4
7OM:%F24>82LFG3+&-3;N96=2)*89)G,O(:G>;L*4-71'-:N
HLF/0=%%G(K->
97)I0029;&0:15;8F0%+0:H&2K-)L'
O97G.=8::%*4622
M;FL47O78II=0N1M'*6I:7.HL1-L2F4J(.2L=.&N
G0,M:7KI;>/9.8LFF%,)<:4*G08++I1<K13JI1:<0J+0L->,6+703L&<5;%5/+9
MIOI=F&'/LL4**0
N8'3M'<H37417041=;09%=H%NH<:FJ542L*''437%7O1G;-NGOFN9*
+MHI<9NI8=<.M5%7-347;;'(%*-8NK,*FFI9H'(*L7:O<L*,H%OM9'H:6<;;10'+,3-
'68;0.F-
5F:<8;9II+3+<)FHL/+H'.G/LN-O->45;I&%L'%+'OK2>*H7,.MH.'4O&87JK,+L
8%GN8J(';5,MN4*6MJ.O,'03*1N1LM4J&*N/*N>)<-87(76=&/>=F8
9'1N3KH/M''(&<6..-<,,1/-K=JOH<&);;*J=10K7(:O),951K*O8<%&6&MO6N
&'6J-9N9-O82.O+<(24=9&MNJ/:5L1*5L'J
NN+51F=-J48KL.117=7+I=FI33-8I<)'=G7+J51MH+G>-J6>LL
O6I:-3L<4F224%94J<,:L</:
7I,:M;.*&F5NO7&*-3KJ387M<8<IG3
94,F:.,<;1OOF
:2%K.<;<&:1+KF4.LO.N>>KI4..2L<>
3)7FO'8J.43MNM,*0KI(H8/MG*878(887K=05FF;3->'L9>/('=M0-NJ45<M%J
L287G8>))6GN8L+:&OK'NGG
:3LNK35+07=+%9)*
6'7O
3<%8+1*6G).;/<J)&(I;>LN7L%+<K%:'+K')<H2LF+)'/'O16(0'<42>9J:9*
%H3F1&0<-6
*(NO7J:IKM,H')6:N956HL:)'
;JJ:H3(O)
285::0
%5&:99158+>)
6=+)+/231%,9=3<GK9,1N,<3-;-5-8J5=>(>>O/M/-0*+.89M.')/7>J%..M+;<>
&4(-'MF.(=.M*;8+8=:3&O'
*M2(/9
8O2%6KI;4:*(=4+7&LO/2>'%NGM.+.;-M+HJ0N=1M98
8>
F9&I*>4+;
8+<IG38:404*&MLJ48,.9LLH69HH1FK/*1+5M,0.I474H:2II10260/:G12/
J7-H
%.6J/.%;K<8H&OK,OLN<K03M<F1K38G7-*&0KNLMF%;6'M11:F));K5*
;:;,LN3>7,H/9%GMF'3(N),KN62I56N(J:36,(+..*7-&,N2>H:,9F;<*,597-J%
FHN<L;N2*,G2)*+5.)-,17/J83'G0J<;<-7>J956%22LMOFJ;%2'
8326MH
3K&HM+
G.1361F
<47+M-&*9++I0>:(+./GI)K23K%MM;4-&8>;5):**52,52(G33&*H95=>754H2&N/
LO.I-M%+66G<+/
1L>)6%OJ2:%><>I=I:M6;2G=8J*'>I''G2)F0'=OH))G(3JJJ+FO2K759''J2
;:1F9HN1KN
F8//H
&K3+)6JL>'LON-7:L';)6'L:+1
NF,;5803L<<=MN9M
.;G);O+IK6=>39*(0%;=
<HM2=I1F>138.12-9M8&8/L69J%->M&2(J%MN(
*J18.
;K=L;2&<(F*;J;%9>01829M>F570LIJ867N<'7*-O4L3:(2O49JHL1/F)49*L
J.O6%%9*4:;FG9L8:91;GJN7M,I5>+*,0K92)*L;FG6)F=,<MFJJ5)54880)90
-:5*M6=%+0:F58J<%/,FN;O<,43425JN%OG)4:48H-8-JK=M88&:G3/>0F;
J,=>/8/L
+O:/N1+.G*
,O=4';G6;/6-8/N=O1<3>4'%2(7:8J/%J&02I-,8).%(-=NK+(//:9%1,;4/G
%86/137<.NG9<<>%57;.L3+;F&(-;,;G>::,:91G&5%,;I5'0ML<880=0<%7979+7<
0(5FJ:8+6;&'.+H9MK)/4G=>O)(
8,F-<8+G;%=./6(,FJJHH<1F'))J'7)I/
LIIM3G;6
6&,<M:(<H<.-M(F=:2
IL6*/&MN2->0FF5JIF2>7J'4J6OL/
<F3L41N&6KG:,10)MH)J)>.;FK
H99-*27KN(-8:2364';-%FG'*1MG,=7I/9
%&
=%)4'<76&
%4'8*L&855N/>>9I>H13/2586ON>,G<H16F/1K359,;9M:
M)=71F>;O
K'I=880F'-K%/1G,F%'NM58>.>;F&1)><5,51=OGG;3464(7L%-GI2ML8
7%-%KF;9
=(3G77I829>(O;5-G)/JMK9G
;O:%6(3==ML0N0KM77,%F99*IJ=F3.%O-(N'IM(NK3NH*7G5%-JHHFH.8<,&6/
H.;*(9I781<58(%)MF%&:L=*GL3&H'<L614-=4
+4>&F5F758K45<ON:
7*10'/;(4
%1047476'MH2H&/IK
G'*0*GO
6)7;,NNM18O'>:=&HJL;+':
M*O0I<0O>4FH<4K,/.+I+4'K2
+*I/%:73*+6=>M75&'K>(7*M1*7L9.J-30JM&1G6I+1
8,<NI9''8G1%J5>G,K.;LM&6JG
MK-./'65H0I+1I&5./9J55JH62*8'OH9H.G2:+5:,5-L9<9K9(6O7-H*LMF,O2-2
=J(H0;7J:'J;3+9:L)I0L+O2&H)K,M-6<GH(2(;G75)%15
:&F4,3N3-;M&038K
N370JKM0.M<,M>=<O4I')*0;<>:%F+.99=6+2/5J9=L32I>3K'OF;=K*7-KL((59
L/5=+8
:<,44
;F6H
<*L;.:76F(8.F=KK'5J18)1:.-(L:*48JF=L0NMO25/L9*;0MHJ9KG;LI
(M>0JG07L7(,91+*9-L<*>,L<;0&H8O016>I7/+2
:6N
)M9J&%2=,><K.):,9:&;N626O),K(M=HOM
I<5.16L&O3-HG;<H9N6
*=19<7.,I/8&I3*81(0%/,.3
895IFK9%<5
N>%-5267%1)G4+;(L*%%,NKL
40-O<G*6)60F:N8H>L*N8J-I05HKI6
':=0:5G9%M2F
;H<L28H*/7
,I*&8,37F.<0/J9.3H1>H76H=-8KM>IH26MK=0(82/&0:15
I=G,,;I8,%,*4G0-+L.:
O)M;/M:,/NF46%>-,
I.-I()2*8J2-
>%M8
7%<-+I5;NG4H
5JGH0,F
I(L-KLJ842LF%=/%J2M/4HGO<33
O=2NN=MFH
N1;F(2L7NOM>-9LL/=(N=,=24-'3-%'7**6
MK7I+1H:08M%&M5%(1,4,FI
5<17N4M0&>8&%5/
8:0NH
-,.L*-KH/&-IJ;
%)&07K5&5NOI04J2&7<4)/%JH+7<HJ93=O(O%OK8<L+
I1&,%''(
/40MI<O+(9HG053
29>>*1(60L.0(%88;85711J
<71065/N;%3)K/HNIM>*&FOI9:3.F6L
*9:2)/1O+11())3OI
(*.'K,:/0+GM:&G=;,*+1:;6K=)<%F<0%45->0J*513L&&H+H8(J966:-6G1&&%H
'OMGFJ(N.*I3=(4
IN3'HKO,J6L+80+<2J&:GM14.O,3(M774
(.<44</K.(JM8K-I;%F+8F+JO/I.:';&46,&.-6N65NH>0>M(%8J0M8M.I5HN.(M
12+H8K8M;LM&/.79>->5/=+'+26)G2%04IO1/='N<=<0+&4.1F,2).6H:FK=
:.<.41O,2*M+%*)%6:N=F0KO&<F'()&9(GF%>L>G<5H79G+64J.0M8.H4><';M1&
O0:18:I7.NN=I(9):9>.
;2O*:JMK&/J:8%01J&I%.%L<F:,6).))F1%*19/K3;.K+.4;>4-:&+I9L):'
G.1N&,
K;;9.4=
1J,2K*M)J(7
7
K*/6/%'6%-4K2<:60%38K<8/&%/:*;:L5JG%5:H9%G2896,:0M%:-,4*4K/:4
<M6N,0.%*F)*G./.+0,.2;%F7OG1F4-;5=;
I01,JJ<9FM,:K*:K6<>HI0<N1O)F:&'=F9JL//8;7%&2>&2%50<LK<3)7=>=/
49IOK17L))7:+6O>508:=+21NJ&O24F861J1HOK6.G(N<,5:GIOO=*+5>
NF-5/83F,0H+'L2&K9=*'%OM=8>'N(>1.:K(64L+<1/==49M=6%(8
.-L,06K88J
6N6%/7.'3
L.)*5;<&'*7:N(K0-:GN6-&KONL=4)&FM%>><41-19I47;F:2*+&*+/>JHOK=;=.
&M
-%<2L&<-(<HG:F(=4<NG<=M8
/>+M:'I>(0<F8=H,1>M6>/1<O7H7))+;
3;73=J<4LK4I&(F.+1JN3%-:0,,5<1=)
'>H0/.MNK16:>;&/FM6H6;/:
>(4H'L+KL>/036
%1-6./
:9LH2F3;N:;1K,*-H>*/2'N6K<'MI:+:=%K</F>/0>5LHM%,96G5(3.-,:2'H0NF
:'1
7K0M92=/2755+J0G8-K:.G74:&<9+8++H&,-531&HN&<1LL-);I<70L0O;'9--
56M,LLG85/L89%9<
&G+;=)/K>+&)<>NI(,5H;-<-=FK.L2:
&L%IK2+=+N*2:()/N)2=01K7<)F4<17*17O6=I=OM5+&H7,K
%J;<<-6,--I+N+M8299090K70%L9OG,,'>'1+K+4)I3H=8JI
6G>349*/M4;8,/9;&H-**L25-'6J9%:FO.KFLL3/=F8%287G+H4--K=HH;
K8-H0K3)==OK3'*:7FKH'),+8</2,/I.++IF'=K
9FM90.8OJ1/H6:3.
N'<4:LK3+(/.%9/O,;JM55GL95+4*33-&/GO&6H-(4LI)GI'5)+3+G'=1IL'1%)9
6O;K:6)'8I<7.H=7-'NM<I;(N-K6*K-2H(7LJ:H'*+K3H
19/K2+(;ON)(;+K<N8O=KFI<K:O<HM(9
4'0)=+>HG4.'+6JO%+L/2)&F
4-.6:./6005JG0H<</OHHK3:FLO91FG3GG=-M,K::+,->(1,:3<IKNLM>(MG/
5,0/%O+;MN;(F/L9I<3LF48108H72OO)/HO656.</;F)1IH1=6%&5LM>K
+*6=+K19<H71(>6
')9K9=(:MKL
NF-7:N7(JMF,*45J)8K'<8(/NK>/&*HNJ13->FJ9>1/K5JM)&K01N%==J865K8*M
%60<9MG:L6:K+07O8'L71NI)
*O52,)+/'2.N7=/6,85:+,:8--
29:-./);+0L'2J,H85K&61,1-FJKNG,N7FN<
:&J.KKFH07
0<%.1%(N98.;/NK:G:G;J=*6
12>GF%%0K40G+06JFK(*:*M=G('6J9*9NHH;9:(7+J/,H'(:<9+>K5HJ
18N=K8IMH
-)4M*3(-4H*>8I7/O).G,&=0F)I3=N476(.I.-MFMK0(K=L
=+8=7-'1&L1K<K4IH1>;;6:>F4O91I&0O;;)6+&HF6F7:>M+'I,HGN;7(/M
''
I27.5%%4'386NM,50(:14(8<4%K0O0.O5M><)*:%=3,.>O<':;<*4..O:7'-8J+:)6'7O,:
0:01718H<*+'='/,N:KJGM,M'8;L*M5)L;H1,03=M%=L)5J;-M>K(>2('H%
>;5%7O;317LJ>:72K:8>>&MI9:>';16/35>.N3
=9K3<M/%3)F%%O=(93*15O5.49KLG6-+,4=O(22).O++-12NI;004J&43&=:N
M:(H/
-/>:-LN;798*33/H'OL9/+M-*J1I56/;79L/H
;:J3
(076+LK9-K3K+F'02J/:26&;%&)3
NM8IMHN564I'=>JI(KK,K<*:-L>
24O-0+7593+
4-252
7<4('I2=8J1+/,;I36I:-N-5I1*
'.>2,8/,5I&=<4%'&K<MHJO::
,%OF'H=4-8;'>KI96
'I.I/%F.3.3N4&%'7*(>J28*G&1:>37'OI8/,7.O9:1H
9<L';,8%-O.L79L0F>.O0J:.<-O.2+:H'4:J,4G/)/</10>N=1
KII,&5+9)J:G<
<5
/)LOJ76'6
5F/K
1':(+M:,6NIM
>*476<N/(LM,:OF7G-I2=,'-98HKK>IG7-'%01
L/6LHMG89,-91&
&>IK00KN&GK44=8+0;&4-%F&LO0%6+G;FL:K8)
6<1.0<2FH/N*3I;F579)1,(:(51I.<:IF9H1G82
*7<2F08--KH5+LF27J1=L2JN:5+6(=1-I7N,*-%M=2'':<K6.66GM.*
>4(:-OF9=:-'25L%/*N20O=7,*2(47F1;83>L6=<H+7%4*2-3(-7+9O>>J9HM=
(2%G*M&(
HN):I<-1-2(NH0&',,+&)-0L.'&897'>61-46JF=9H-:NIF>5-KKF03*'/853.N,
GI%3M=1+>H3+(/89MINH7N;;N0HJ)+0'O%.6&*/>*OH=%1K782<;6+MM<
K=JF25
*3
=F:7L>N*G.(J*L
&5=0JO4%')N&9>L*
.7O8FL'2).0.(4+JL'=H%95<N47:-'352)
728FM'5N2,N5F%(G:=&(0>7H5M;K%3G<-15I&=LMG7H0=
4G3.(9L%8(:M'*778G725L%+*4>G-MO59'3%:2
F;>9+-NGL
:3.L&ONL(+N4)%>>NIFN7
9>H/HK82NK>901+L:3J*4J;O5<><7G7I62K<%J5
3.<:5IH'K:9/MI4
>%M>6>>*0J8'
)HJ0/%*9'J1FM>
/.0-35F(*.5J3I:80L&NJG:M63K8J0'1K+08MH)0M,8O5%'8HF/-,&3*'
=G
J<.
30:&)5K4(>=)>'N2F)26L*3M'&K3:LGI8OHL&JL>//6=OO;>
(K8HH'6<HLH8+4,.OJH4324JF%M;&(3K+GM,9=%-<I(=<0&<=4&L-&>6M=
J)O9HO263FL.LM<F7N3698I1-H;<3K)9),09IO18*%O92K'N&KGJM5&'0I<'
(>>+>:>MJ(8
I;1J,*KKNIO%FO6G'/=8(8;K-4I3(,8.)+N=
67,J35462/07O2(K1&-81&/%&)F+7O=+-2H='%03;.G+K9J)(/MK9L7=0MKI
2L+J
N*II9/)</(H/I(2667M>5NJ0O--M9==3(+8)L&)%*J-+H-&7&=9>-60-4;>:7K
<4J68.>9/OL),F&F5H&F(5-44K=
<G+<:OH279/MM-60:LL:4J3+,7;9M9(98L+9+1F**(0-(13GOF<<3
K/0&3*(,5H)),7IH(1:)NJ6-0I)OO'6FI*K9;&F9OI5<&6IMJN+JH0*+&*')H45+,
MGI'0.<IM=:*771J2O+'+(%72/:/7,K0%HG,/%M<3&700:<:F78*N;5L
:7+L=&
MG%'G4NIMM>99&==.<I.=8*M5==>8H*1&6M)=9N0/6;6.
+39O3JNI<5F
5=)/G>%N(3*9*',
G=:HK/<02(-<:)H80369.37
;3HH3G.H*(NK:JI4)3O1I*3%IH'722KN
NF6G451%1;=)6O
+,L4+I'K%M.G;1.FLM23(<-+%J(KL/N%3J=N:4O)IH*H)',M,(F8,,%57
)H1GLLI
O2;.>
'L480%./)/&80I.K1I8G<;4-1K*::=
O/ML%5+J,95.)9)I/:,L(J,I;+.29;KL,5:2*O9.0H8)&9M<7I4G>-4<O,M''2
H74FN1>(5944)G91F4M+,+4-7&5>)JK01*1.O')L(5,,0.NI'8%
5'KM(8(M(J2H<<6/0:(<*&HL-8-4F6,((*LJN*8+LOILI)>;-1/)8H%K/315254M)/
IL:<LO&'.F31>).(K%O5N7/>21%:8I-&LI94J7&21+)%;4,H4G%G%(HO:L
J51J*>
'6>H0F.<;:N,HM:>%O=
H:O1GK)NJL%,2,4>:%-G>.J-HKH(25
GHN('O<*;J*-+JH&(3(H6<G&(-%<(
LHJ1I>F>:><1/5;+):9(>)10'.0&%L62-+FM+->.2
1%>G4'>56;/HG4
%&IH75-26
G4/5/K4/9F,.IO(=65><6H(GKJ(HO'NF2()</&6*F'F&JI8
1.8=3>I.F4**>,*;'I*J20.<M&8'4<++99+F8-6NLIJ=5OG3-+1))(G3MN4
65;'GN/6M'.KFL+1KLG*+M++>(,-+L'<N534:M'MG34M-%<0/%8
8'2HK6734*,I;H'M/.K.MF:5O+7<53L<9I7&/5FH&10,F)I54%4'%O''2=L1OIK
M<.>O(I<1F1,6I:7M,'J433;4
6LIJ0,>)82.7O7(3'*'
1JK=K972G%)>H&>,,;<HK9J%3,=O0I1)(.MO7:>78,'>;
>
4N<I5::,7'GM&;
O4)<K-('&M)<)N21M18
J9MH0J(*OHM6-+'>8>JL)3;F4IM((<)5)2L:5<<M
M0
9J++=(<,(<91/*/+:47O030;).+33/-L05
OF&>):(3L=)78<'G>0.OG9N)&LI=H62(M/LI+MNF,,/)256:*1
31O8;5%N6KIN5%(:38F;.;;9/,%JJI%F(&-.F'.:61+1>=3'98I:I4M581
:;G35G;90-HL5*-K01%6>(-5=I/>H9*19,0N-NN&58>8;G<I<GJ5*'=2I(I.=&&(*8
LN5%
<6=;)=JL<G.2O5.)<9M(J%K'G9G%NL),&7)5I3;:<
JI98GL8.(J41M75**G3>/+.(O4J(HFGLF
58<NN7()>15'8648'&:O:5**(OG>*,.%5K8/7+K;(%8<&
*.>*N>40O6.(K=%2*F>*'50'O>
KOJ&0L38H6
);NO<J62/)(H=91*<M:)%1JL137K66%OLO*K:7NHG';<=M-.-5G%F(=4>.1I8(N
N2H:-LJ=:2''KO>*
MG.;/=+2(7N0,'
-I,-0%LOM8KK%F>J
:%M=2I,*'(56-%46&H0LM->,K9M2LON)5I))4*M4(&/%>:9N'(/,4NG2/.7%&:G2O(>-
F%)L6>79%+
93+
22'=IH3L>8J51%',(03(;8
2J+1O5=*&'I/;65=IN6=
955J,/=7/NNH0'>,'N,
81+(N.&M-8
(<'=F.HH269;
%;0K,N<F:NI>L;>)3+:='63KH8IJ8(K5'MO;<KO+GON:0G:FJ':&'JM1*:-70
%M4II>&J4/;*033.&O;8F0>OKJ&=9)+51MK*3;2K'G/&375M78*
4M*%GO<.<7
O)%*
,<NNH205)L-ML61(KJ5H9)L:,12KN/LJ5GL%IL7O=5(<1G5,7/NG0<F<;-1;
F87*&18IFH-2L.+%)3067F//L37G/%-/>+J:I*H96*F/4GH>/1GI:(04:5>II0+H7/
L70.%O=J.N6I54';%.(L-HF5O;;K(H&90NH=K8F(8&G%N4.,M2%-464(I-K+/
O8H(*,)'2L;K=/2>MLNN0NI>M1=(8J=96:8:HJI9K<I382=2J<-%J)%=/-2-N'
(5LO*)),I>H;*>1*4H2<'2=2J2'5
0/:IH,)49<L)/L=;+=,+7K&&
1/7&*&%O79%M.G47*5F4-G*9:(3H1%5-)+(,25N-I5<J3H%;M:I+(+G3J42
3II.3O,)H24)3G3N&)<M;==/7I(24M/46-5'3509*JKH%J21=L.18+G01;&
4:50K=F9+M</1*899-
4OF5/F:+K;H6M5'7I'<K21I&
6L1/L7L+4FG'+0GO8*I:44N(>JH1J><J072;6F*%;,F9N:6L9N-4*8HN<4>J62+3KM
1849>I0HNGKF-47K/7F'O1&5F'';'FOJ0M6:;35<+13F8*<5))93KG+:8I6+=F2+.<
-,H/2'9:KG.)30N/H,703+48%G14':/;,5H770+&46H18/KK640IM*2J:,5%J.:7.%659
(+F75LM4(;.'5<7;22-/O-*64*+6..,/KHO2>J(%F'((N=0L8HM.:0H-
I(31(=O.J52.K%0(32-'
>I<>)L+,%-175,L5JMH%.2<&%-'/8(O>)9N/FG6(*4O=6*/N)IOL>HF5%'<0*-:L
89NGI
G1(,816F=;3<
%*,IJ;3F7<,4-F/.F:*J07<L<H
5245*J5&G
8*,8,>*:%%'M--
=+(+5=9>'K*<7,KG-'15
N/IM5'1<+,1I2I,;2/,
:<,9K/%F.O-FNG70+=>')&
K=-O=.F40&%<-6MN3>;%KO(</,6IK4HN1
O6,G-<'&'43(<7/.*(,*8=2J77601(I592&1,H10:*./HF
>7G5
)+<N5+N5);6-&>.OHM)1IK'*74,3
:/05GK2=0>M-F0+&++F2:&5/&I0=/=72'M,)
%%F(=5M(7+6*1.FKK&84%:,0)
/1)LO-%;JM<29,G,'/O0-6).NFOM;1<57<K1HK798<5<L<4*(-.FNL)>:/
/(0N<9FK-30KI,HH-J',=I<OG2>LKN)=
&9M-IH/2:
M.%N3+,L
%L8FH49.5&FM1I%NNF-M5:06O,<LHJ00&:*L7G+/>O'0-G&N+IF:N/8,04H
N;-09/0=H9I>*6N,LN8,,HJ2OJF03MJG.J3H9+F-(55(6G%>==95MOH8:5
GI0M*<I;6:0,6.>J9-=7&K;K<L
M70H5+>)G./KG2L0//.3((J1126-(::F;'9K/+'K;LMH<O5.(:(:,(.I50%'F1)*);
'5O:)54;67JI=/%/<J
L,,.GF3.1
L:=3(:<KF1,*&FF7*N<(4NI=OI,.K((8M'/<+5+71J=-F
,%90
8%&;3',75L(0I4502G0,4,(N;,8-OKI2H4(+KK<(7F4.J0O4<N%0NO4-F%)1*
M(-G)N94=F+L&40',=
(5KI56K''/.=:53/1.,O>/:,J0*/=>FF;+/L.+=&86,.H=8++GGL+F;
I(6GL'-):&+9G1G='6+1:2>.H%O,H;8+66J)&
;1,J770;
0L,N;%IH9>:<9J&)7--:/N<%GFJN=*NL2J%31J'
NL33K,8ML6>6<*<&
;.0))4:G-/%3*F,4N4J.=3ML85,:'KIHO)9',<>/N.;&7'IF/7%L-:4N60-0183N4/F5
884
38-='
G'J-./.F(LF1&N66-*MNK6H/,;80.>G
8+.2
==(5G-1+=)%M*/H93G*N05/L9H7:7:10=J*M,'&-%MM-4'2:,53*HGF,&O390J(
=,&1)80;H61.'=21JN.6I7:,67-HN<199273%=F/NF59'*9':*8L
%27,M(<5L;K6N<J&0I0&%N5)9492L65I9IK90H.)4H20146O7/-73=K=3785,L,
<7)7>5LOF806)K8F-(J0M9*,JFO9NK.%+:O-N)
H<,ML5I/2+4*>.+3<%-&>8=JH<HO:FN&1F97,GM((7=%K59&
1';NNNN'J
/
L;:);FONF7F>2KOI:775K-H
*700>27)&=
F)/:644HO0.,+KG/N+G)>JH(92790(<<39(7MIK35.O3O&80'+K2%<5<5)4)
29.;*,,K9
4:IL7.I>))KG6
,.I:8.88946H+(:H<>,*(0<GLI'KI6*F=I.2.J)=,-083833OGI.34:<++IG29
2476GO=%IOK.<+/;
H+4,5(O:J3M95OLM3I91G15(L.L(,H+H&9L:KM
(35L+,(
9G0,755F896MHJ2H5I-*N1<9;<%358>0);-*-NI36(7:6N./M*-<+(G..L1F)')
M,&JF<JG*L%<<<O))0)&;57'12%638;.40-G48N2=3,4K7-K41OLO:,6F&O%+7+9
1H
=(42
0(G/KF2L2&./&673(2';'51<8&*)FK**+LJ,K,36M,<JMJ-OG
87'-+4528*K0<&7-&0(5J;HK&KN4%GIF895%L%9J&4GH,5M90<+;3(,:J0)J3
M6J/&F9)150/M1J=2O2;*.)L/F6)GL-82>'/8I43F>0)6'8H1+H5K)M%)7I835:O,.5%>8
9>
I.0
=.
4=038GN'.'3'&L%4&0JM
4I1<6ON)<
L-;'7:519
>
-L,00(;03>5=J.;/0J2
8M6N+'0:6<FM7.=<)9,OMJ=H7,2FJ
271O.FO'G%,
%K>1=;N8)F):0>IJG':5=)0>76;,I8:+5>F;<=N4=I
5>4,9
JINK8;+1.FO.44'/M(.H+==*>9F-1:6FI55HM9.N:7.J-)-7>HM7*F3'4<;%,>FF;<=
M,F83H'K*)IM'2G=4'-.'<M0=%O=%L61H26760&/F+
G+
>L''I1*=F5K9+H-JI:G>0
<--M)-I(:8G1(1N)6;K&GHF0O,.HJJH',M/K6>L5/,1+L6K./-2658M'ONJHH4
M%(N2%LN3FF>JG.F
5L58G<JM<(-,8,
&*1&36I6IMMGN&(%%K.I7J.O6;O7<82I=J5:>293.1(F(-KNF2(1459('*
<(4N/;L/(O'/,O9F,J1O8L-G(+JKO=/5K'
;K5M*7N0M4M5'6L50MHKO=I.81:(:6;&JON
4,%F606GF5+IN8*N'46HK&F7OG=2N70>;2)
71'&6.L>J)8K*:J:);6(4
7&7J5-6;=4)K6-M>F.5,K8N;)&9&4<>%/;'4,+:+.%>N,O-,O6HK&848)-O;
.K0>64'.HMF(
H--N41%=1/>:(9%I
G-1J&8)5F/1-,LJK47*35M(4:&7+/)>O)NM&(I3*,(*F13&:+F61L&'M&
5=(=F8><32NL+(=M'J/>N3,-/G<8ML6,%/,9855-H=1-,+ONF+MM5H%614*K6
M/2
IN(8)=16*I9;4K9<NJ>N&
4<->)5MH490H(>-*:
,G2>99/M7MK94;+GH-J17(=56=(2N19N4M372N<,I
N*'
F(&;7(5
+F2,K%*0%<;
%<9.J4H=>;<%.+2N8=/7722.3,G2=
3M
KN2G5&>,2J
G-
)86&I+.6*
14%/20;6M93GL0-FJ&975/+1,KJ378LH:JF&<M5OKM./*J//1IO6>6F7
946N15J11%)+H44>5.5L-58)0J37=G5.G='O=H202G*6F'%57=5&J<5&.F
0*8H0F'0**;-:81-'8JMJ413+,M.NF4=,J&M),=9N=;><HN<,%%*(559I9
K;J2)1M:I21)HG8;JG-4>I9>
1/F-L.I6F0/7
,.5;*KH+I/65N&J0/
.*+2*F98II4OFO:L
017;,-
)L(94N;6*J
=&/54(2G5O7>%.:5JMF<>+=M:H
/J(N=:0:.*OO*)<>)>+H*H>/FI7+K.)-73*;2&5G6
I9G
;6)2N
I74:I4;)
&F1=H&(28(K0'G&0G
(G4>LO/88<>.0*79I..17&551-6)501,+19331*INH;
%'%,H0OJ.+HFO/N37'I*<85
M,+4L%)23191*.2F8K7GOILM>>F6M.:H;4+728/N,H81L46&;FH9'.1.=+:-'4LJ
%.*50-3=/=3
M7.5-*;>.HO8F1)I):-).I%/J42=3K+1ON+L;&;N7
)(25)7I07%G'(>H>*&86FK3OM
669(=H7/J>I+41.GNF952JI=K0%%
F*=F:1('4+LJ
-<5MI7;4F+668*G>;./+*0&8H8I1K6*,L
%&NHIH)<KO9KK6K-
+)56<MGJ9.(5N/77%G1MF'',.;L8NI1<3-&4)&42GFKI9JH,:-)6=<>O(6I-1.;FG15
4,)I4/G;G/94N<L5LJ;/
4.LOG/,8*L&LO.8K<2<MN27G0/*5*-3.0/.O='
+>170;--LK54+G9'N6O>>L(
'GG.0
6+4.49959=<973-*1HIH(N99:730IF4+50KNM:7I)HL)>:'&FLI,9FK<7/I5+%H+N
L9<&>22M8686)9>45/O>G+O&%=
N71N&FNM2I2-1G67;1&92.8;6&>%'>+3)5N2N*M<3><H:I;'7O/'GO6)
43<OM5;F2M.%0:0I%F;ON>=O)<+..9K;/J+1I-)(L3N.&N6-14/HL<M',6NF)3%:40
IGF>%JIH%=J)-*467I2>OK54-I%9
2/:12I&5HL88;%9.%
M9.*(5%-N7;1&>M,:9I%'2OHO'%M4+LJ,I0K:'0%9/3N':.IJ0=FK./=1M2,(4*(3)*,
H)%%H7HJHH.0F5H
J.-8HO.0.7=0%=8%0:1+-JGK,&L>;K&:=K1'(-)8)--)5-7-3-MJLL;%56>7:*
.&)-;:;F*-/K924K.
I5-N:'O3:4,/J5'*%L-3&%G-K=/23FH1-12*+6K03*OFO/038'<78IGK3H
1=9,KOHGMK%9
%7-N12N2/)00J>77'H%>N61)5.4LJ7L6&O2;%9N=I-4'F>J478M'(N.,JM'4
F&-36K*138&L2%-F+'2>HMH9)G=-INO%O+2+90I),-&I/>&M&,&FKL/>.FM=<NF
G8,;917=H7=>L
2;H%G;65JG
HK*F=F6K:3I17H/,M&LG:'K,G9(K;:*.K%&9189H=;I)(
LI1'=:*
&5*&7890-)-&,*.5,H3O<=5'(-I)N/KF;K,5*3%JJN<1I,O>&O
J+(%&L-%)0M:02+4&N*1IOI7-M.+5;40995(GK8,K2,(I(5
+K(M>=,;<4.K;89-&JH<3*/6%M%%GJ%GO)9:HO<&JG<2:'7H0;GI;M
K;F=K-.J<4-6H=F1MH>3M=FH2KNGM42I,4)<36>319(JF+>M5+F9J
I/3&HO17L:7-F%8/)<5:J78L6
I<&1(*:K'K+'5*/=+KNJ%:2>%IG=%=(&+%II,<;%NN'FM<.N)-+(<1O+G3F-NHM&K
I/;
5LN1I/H)
%)<+(.32+L;4:F:'3/0=KF''17.'I%.&%96MN;O<K.9),<'1G%<2
K(7G5:(0529)%'K&)954M.'2L>,21L*6'F0':N6;6G.+G7H;:1&;%K3.7;<>81(
<:.*%L6=/M07<
/KL(N,J>4&=8JJ826J,8>2IH0IK;FJ'79>G0=.>5LOH+%I1&683G
%;G4-5.6KK;IG69N,5&JJ>-F(+NM*:9;L/GL<H4IM<F2)'J;>*,9O)F.LO
GG3>
59IKO,<4J>9JNK2OI919'
)%8O19>.9
-5.O50=-,3L+OH<'IL=
.=L)0;O6H;%+*O-.;<I-+9,MG+<L=K
76,;%,HN('2&FI
N)
%-4/K('7
)3L9)8I:'M5>'17)O9KJ+
8>II1G//>J6>=,GG3K':-IN=*0
*N/1=6.8K+;953G%<2F')=;)=1(F%,51.&3>).2IO%O0'K<(*-%37,13FF4'K3&:
1H&,J-K;*%9M,:0+&;+KM/4495.=<
H1++/%-L/LIGL,K2O./J%'6+6+8<%/4'0,8M>H8'N-&F,)7FG.3=;;.L*
+)/L(1),G/536>0=753:&;)O67*'L<7O*HKOJ)3H,2MG;O*)5+-95LKHJF:ML0,(
H%I+HN
9/+,4&IO0H(:(7NMN-)%NJM6
HL;.'J25(O%<3K8K.1
I95F85(%)+O41;==*6N89&J2(K0=*660M&=9F7L6+'-F01%+1;400M+,,GGM
*LG1&/+%F;M5HMK+37)40;OM.-(7I0=/.(>,8:H.I0'3>JL2&;F2'*0N8-
K/((87OG1,L7)7)'5K'IHH;+M'33L&0NO0+)O6M5/==-&/2+JMO8GFLN+F8GF
%>-)K
>5,+ML%.7F:NH:<(.=>J0I0.%K.J&;3:)>%L5IH46=)
L<6):7=*.1'G.20;L)LOMNK2
GML5
H8N&14,H++%:0+0+HN7/FG4
,+65,G/,8:7>)I8754FF55=1<+9)OH=<LO&88IG*;I&>=IJ<+3%>8MMHO00'(;0
'9OF8,*9N)L/=,'GM-/:6N.9+O4G
666721'/O((I'-(>9%*+,:*)8KK75-4L05O,;>5N2F%FILJM4G39GK;&'KO7/F8H8
636+G)GN77(8L;
/6,F=2%J0,.>.N:35(3H<5GL;3L954=L=I%H4);K><G
FO&*N
N)L>4FOLO/4
6I>L8MK,N.
5FM+'=4MK.'2*L7I=(=;=&&I)4G(I<6J/(:F21&O8-.NH7)>=:N,=<=:G.763L:.N
J(82;2MI9HGH7;(2I=7029)9L%69>;JM69J/:5//';*K'L70:7O+
)'(O/..0I/1&7<>M
G8966N7J7%G.%5846(=G=126'*
5L9N;J(K.<N3'9+LML)*OF<'9&/I3=7MO(57N+7-3(HO*63G9L%:=8I=6+;>/'*5(4'
F++=6>(28M3JN/H41NKO1O.O-
IO1.<L0%8IM%*/K-J=5%))1(=L9,,0HG<G=)6<9KJJG81*>,:330,-++NI'9G/
%*;6&6+6NG86N.>,09I65.,I0>M-(KIHJ;/,7:;'<HH&G.O/,F<K%334MO%/OLO
L;J1FH-I&)MK<G,*=1'&5
/,-=;>I(<)=J:5+)N=%,H:L>
H(>>4
6H146/<.5H<*N7>:-M=1>INN:(J3+'7%G)38,/H8H8H.%.(3KLNG-K<+.,%0=1F<1/.
>M9:K;N<KM3F;2LIN>37G(5L)*<KMN)(8).M;5'GLM</1/,KF8&==>&I&N,J
9./'J>/NFMHM%40LO<>;J(:6;2O4<6O%)+1),<=F<L/*H;6(L793.-=;O=*
>+N(
0.LL*INI-7;J,;+O72JK.%GI6>%%'>,F9
N.J34J1'5K6J7::G':H-JNJ5=H22:>+61)O1.)+
&')7>++.8-,
2HI.8GN83*84H<1.O5IFGF5'&5NG++<.3+7=&1-84'I=H*N;K5H0.&K-O(
7L6-F*2>/IO+M<N1&1G%F7(%3+23+K+6024K&M1G9K<&&8'-1=
(;4=G&+*;2<+0(;0HLI4%4K.)8K,03
3=MH-6M4;&<5I/)*MHN.N0NHKIH=444OJ'M:N%5G:+58&O/J)-3L968=.-214*
M:,N69'>658;>9/5/'<H*.33H=3HON:7,:>;7</&-;>HG6,4'=LJJ6F'*
((.O:08.I;;;K9:=H*I-8IO5,+,KH2G33)8K7F5:,0.3=.4NH5M,K3'3<6N&FKM4
:M./-<F+0JNH-7I9=K4*5)F/=63J&:;M9
44/-HJ>L;I(JN+,
K5:>,%3MMJ4H(,
;3/))
48O&K=G-3M;/8H%N<GF49O%5(M4)MG*L(8.M=9;N3O.L0H89J4M)-16H/'J0:3=6
0/9/0I)N9:+0'F)(F42;J4O.2N1J4.(O+8..9L,;M:+I'78HO/<1&L4%MJMM
=,H5O'K8/1>O*+M7NM/,783/0)).:
4L<H8,:L'(F/M)
J-;I3;6&J-1FFJJK>I%LLG((>05I=9
I-'(9.71-O(;+F-M&G'-&0+FF>01/8G+NN5%,K&(
0.32G8K4;>%M)N,48:O-'GI'*GOHH7)<'(FK*;13(>3G7.OO5FG;*K21>/GM
8L)=(--%*H45)>*&3I<06K7/93;,M.,+:<=.)*7FK
)9,<K%JJ4JF'I
M8-G1M*8;;>4L>&();M+-*)L2KJN3&7<1(F.GG=
MG4N.N7:H0K99M-O.1K;LI7L7=N<>(7<;25'.:9I-/1)%F*9N1%N8ML
%H437*,909'6K)'%IIK**/(IO=J'4H*3NK/)F3)NN'NH22&;7M'->80(5F%'81
N5I'&<.->LM:F30GF7(
6=+6J6L+K0,'.%;,I066G:F=&J(%=9GKH39(KK5-F-(6(<MN03J:*4>H'
=)K+>,(M<,66.
8';
;4I6H,)%J+G(1=)%1;L-I:>&36;H.IJH4M+F:<2;+<J%+:'/8'N,=66):'ON*1I
NH)5H9+&./%63%M/)=O.+'5G:-7'*/:'<%3>&6.-JN>3LJ*K8NM%9N*F.FG-9
M3=:9LK6L
1(8
O'J3H,%'5N3-2I3<713J5K3K2=H&-:<3GN(G.F(27LK
<=<-
'I>*=+-&)N,=(4H:=3%4>O3M>N-1LGL2II3.&.=>H'7..'K<L8*:&,)=-J(
&&'*K94NN7;:516/9M7)<MOFN5;(2+<NIG,0FH64.+<77F3&89*&8(7+G,90I
H&.0G04>+8,'*G<
5330I
=(4:J(NL2-,IHI3;6=IF<23O;F7HJI.'069>/,+91I7L6/H5>,L7KH%O>0F&O
2K('5
0<;.&*/=,>0'0;=N0=7:6&*(N'=
N=:4H1%%9MF=28HL1=M9+0G1=3&325>5%%F/7097'4(N31>=5.J0%%KKO
.1:M8;II&M*329KK=H1%1((*O)59JLK:8I
;;87(3/08337>HF:)4K*LO'.>I&;''18'J&)49F-+9/30-;0:./N.M>7L/)IF7;%+0<(II
.;:.<8M:)>6KG/G5/1L1J77<,M<IF<>,82+%)6>.O-309GI*5:
,H;MOMK3132-(><6ML0&'=7:
02<&8*5'./.&F
HGK7)66.(/:L&9JIG83'
)O.>07IJ+(
*)6)H&F5M3
-=)2N6N8(4>F301>NH*
GKF5L-H*)=*',N:2K<:6%*G):<;(3NKI&-N%(>1L:'NN</7))J3'778O%73<(L*<
451+>G.
510%JG5(OK><:2NN/55JM/%HH/JNK>J8>61OI8*6697423'5LG(2=.59H
>.6'JO4236F.O1.**.FO1OF,8(K)'.08J,>H+(%.N9F:)4H4:(,41%3%M4*2-J8&:0HO(*(L
%F,<G/5F(/>8<&%KK'91G6I2'54LM4M1J%GKL4LF,MK42.*,2*
.=8<'-GO5
)=83F1.73N);+J9*3>K141&692FK//7=:02KJ2<O-
%K655;3(K.0<*41MM
M<MN9%
I3
'8%5-+=8
<=(40G/8/.4807*
)3
I'=0*-5G*+0;76.INH0IKNJ%*
(-85N6LMN+;156H=KH%>,&.:60F:M-&&<,:I.LGO2%,J6<0*>&*.(*='5*1=&
+L3+.K*)5&>F3566:+/G<<HKK4F09
2>J3';;43
M9L;3.97/%3GG'H/*%18,.96,2FH%3/1ML5+H91)9(F0'+I;:GL3;F>622F0L-2=,'
<(()5,+8,:L3H()-M(*F-++;('9.6O<;9;:><H5J(461;-.LK-&N/*'/JFO5'4.F+
N9/M1HML&FHJN7=+F12=.08(H:/--+I<263M6F1-7'6*N366
5>0NHJ/873%.N<&O*O2,G.25:.=79L*'M/O<)3<09N7+6/>8;9-5%F:4+O1NJ<1:%:I
4'+L
5H)5L
)OI%4HL6*.OO:GH'H9)O:(7&-09/46M<J<7391M=%<;+89;0H72,HJ
6<401(;%I3%I
5=4('F/:%9,M6O.5J.=;<
)G80/F+-,-OG&7'</+FM45/F'N,%8
-5M5H2&OM(8K+=G&
%NK793%L/<)%-93(K(OM*+,2--%:5'(0)8,23(HO;>=/1
&>-)>
KJ-MI;K7O.%>=%+1J*
;(7L=7/631LLMG4;0'
I<O+J/.'=9<L7HJ+2+(/%NN<9M05MH:39,K;:'2')GI66>;L.O-)O)L147K/;G
GH9NM*NL%*)LJ/-:&>,6+K
FG1J7-I*JJL5H(6.G>KJ(NO9)