zzz shuihfw wy
&$7$/2*_)$//
3DJH
3DJH 3DJH
3DJH
3DJ
H 3DJH
: ( / & 2 0 ( 7 2 3 ( 5 ) ( & 7 .4-29;38 ;827<
4%,,.) %,)
9%4"+')))'
.#&!)))'
4%,,.)
25'(5$7:(%6725(
3,#
3&#$
"5(!
"%
',675,%87,21&(17(56
3,&%.
7%"#,8%58
9#&&,%
.%
%
167%"#,8%58
%,&38
:%,#$(%%52
73*
3;7
!"##$%%&'#&(!)'
*+'"(',+#'-''"'#$'%%!%+
..#$"/,+&'012&2#%,3&'
3URGXFW$YDLODELOLW\3ULFHV6XEMHFWWR&KDQJH
‹3HUIHFW_$OOULJKWVUHVHUYHG
& $ 7 $ /2 * 4 8 , & . ) , 1 ' ( 5
2QOLQH5HVRXUFH
28;4=>8;2 ;742
:KROH+RPH6HUYLFH 5HFHLYHUV
2II$LU7XQHU 5HPRWHV 28;4=>399;82
5DFNV6KHOYHV&KDVVLV
0RGV3RZHU6XSSO\6FUHZV &RPELQHU0XOWLVZLWFK$PSOLILHU
&RXSOHU 7HUPLQDWRUV 3RZHU6WULSV6XUJH6XSSUHVVRU 0LQL00 'LVWULEXWLRQ$PSV
([WHQGHUV 6ZLWFKHU
5HFHLYHU+XE 7UDQVPLWWHU+XE 9LGHR'LVWULEXWLRQ ',5(&79Š5HFHLYHU 28;4=>9 ?
/RFN%R[ 3DGORFNV 3DGORFN6HDOV
%DFN%RDUG 6:05DFN6:0&KDVVLV
5HWSDWK /%DQGV -XPSHUV 6SOLWWHUV
&RXSOHUV
7HUPLQDWRUV&RQQHFWRUV *URXQG%DU $PSOLILHUV
([SDQGHU 0'8'LVWULEXWLRQ6XSSOLHV
',5(&79Š5HFHLYHU 4;24;
6DWHOOLWH$QWHQQDV
+RW6KRW.LW 6DWHOOLWH0RXQWV /1%V 6:0,QVHUWHU /LQH5HIOHFWRU 3UH$PS :HOFRPH.LWV :83 :7 +8*+(61(7Œ6\VWHPV$FFHVVRULHV
:;
5*&DEOH
5* &DW &DW 3KRQH&RUG :LUH&DGGLHV 6SHDNHU:LUH &DW( +'0,&DEOHV &RPSRQHQW&DEOH
<83?7 27<?2;
&ODPSV *URXQG6WUDSV
(QFORVXUH%R[HV *URXQG:LUH *URXQG5RGV *URXQG/XJV *URXQG6FUHZV *URXQG%ORFNV
93?74
1RQ3HQHWUDWLQJ0RXQWV 5RRI0DWV 7RZHU0RXQWV 3HDN9HQW:DOO0RXQWV 5RRI&KLPQH\0RXQWV 3ROHV$FFHVVRULHV 2744237?2;
7RROV
&RQQHFWRUV
$GDSWHUV
6HDOLQJ5LQJV &RPSUHVVLRQ7RROV
&DEOH6WULSSHU
7RUTXH:UHQFK 7HUPLQDWLRQ7RRO ,QVHUWLRQ7RRO )LVK5RGV &RD[-XPSHU&DEOH 0DJQHSXOO 0DJQH6SRW &OLSV
&DEOH7LHV
6WDSOHUV6WDSOHV 6FUHZV 7HVWHUV
7DSH 6HDODQW %XVKLQJV 3KRQH1HWZRUN$FFHVVRULHV
:DOO3ODWHV
6XUJH3URWHFWRUV /DGGHUV =2 ;3 2482:?4237
6SOLWWHUV
'LSOH[HUV 0XOWLVZLWFKHV
$PSOLILHUV 6ZLWFKHU $WWHQXDWRUV 2<79;74433
%,5'2*0(7(56
%LUGRJ8OWUD %LUGRJ86%3OXV 0(7(56
$FXWUDF,,, $FXWUDF3UR 'LJLDLU 'LJLVDW $OLJQPHQW7RROV 6DWHOOLWH6LJQDO0HWHUV
6SHFWUXP$QDO\]HU $,00HWHU 3..28
2))$,5$17(11$6
,QGRRU2XWGRRU+'
<DJLDQWHQQDV
4;;=2237
790RXQWV
5HPRWHV *!&8+'%,#! 7+(3(5)(&721/,1(5(6285&(
2<7?4)
***
;8.;4
4=B ;;88;3?8;B
41;;8.;4=32;[email protected]?8
;A?2=;8;3?8;
.38 ;;87;*
7 ? 4;
‡*5,!2%#%
&7'
‡%&+#,'
‡4"4#'
0DQDJH\RXUEXVLQHVV
ZLWKRXU
7+(3(5)(&7$'9$17$*(
;8.;4
3727; =74<;
%,3,#8'%+
(DV\
WRXVH
1HZ
GHVLJQ
@3?837;4313***
;8.;4
4=
‡
‡
‡
‡
‡
‡
‡
‡
6+#5&'!%&#$
%,,%$%%&+'
''!%+##%'
%$##%&#'+'
9%#%"$(5'
<''&"#'%!
45#%!
8+%'
‡
‡
‡
‡
‡
‡
‡
6+#5,!'"%"%&+'!%+
#,&%&+#%#%&"%%'
;/,+'#&,'%+'
'#$,'#$#%,,'%+'
9$!%+%+%,#
<('%%,!'#,'
,!'$#$"%,#
%%&'C,+'
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
9Š5HVLGHQWLDO ',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š 5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&79Š5HVLGHQWLDO',5(&7
',5(&79
Š
5HVLGHQWLDO
',5(&79Š_5HVLGHQWLDO
:+2/(+20(6(59,&(
(YHU\5RRP*HWV,W·V2ZQ9LUWXDO'95
:DWFKUHFRUGHGSURJUDPVRQDQ\FRQQHFWHG79
3DXVHDUHFRUGHGVKRZDQGFRQWLQXHZDWFKLQJLQ
DGLIIHUHQWURRP
6FKHGXOHDUHFRUGLQJIURPWKH79LQWKHRIILFH
'HOHWHLWIURPWKHOLYLQJURRP
0DQDJH\RXU'95SOD\OLVWIURPDQ\FRQQHFWHG79
%$1'
6723
),/7(5
‡%DQG6WRS
)LOWHU
%6)5
%52$'
%$1'
&219(57(5
%6),/7(5
683
'(&$32:(5
6833/<
‡'(&$
'(&$05
‡'(&$3RZHU6XSSO\
36'(5
'(&$
36'(&$
'(&$%%
:$<05963/,77(5 :$<05963/,77(5 :$<05963/,77(5
6:0,16(57(5
'(&$%52$'
%$1'$&&(66
+$5':$5(
'(&$
/1%:,7+6:0
‡',5(&79Š6:0
3RZHU,QVHUWHU6/6
6/6
3,
/1%:,7+6:0
‡',5(&79Š6OLP/LQH ‡',5(&79Š6OLP/LQH
/1%:6:0HDFK /1%:6:0HDFK
63/,7
63/,7
63/,7
6/6
6/6
1(: ,1 6 7$ / / $7 , 2 1 6 : , 7+ $ 1 + $ 1 '25 + 5 5 ( & ( ,9(56
5HVLGHQWLDO_',5(&79Š
',5(&79 +5(&(,9(5
Š
7(&+12/2*<7+$7·66+$53(5%5,*+7(5&5,63(5$1'($6,(57286(
,QDGGLWLRQWRDOORIWKHDGYDQFHGWHFKQRORJ\IRXQGLQWKH6WDQGDUG',5(&79Š5HFHLYHUWKH',5(&79Š
+'5HFHLYHUWUDQVIRUPVD79LQWRWKHXOWLPDWH+'79ZLWKXSWRSSLFWXUHRXWSXWIRUDQLQFUHGLEOH
OLIHOLNHYLHZLQJH[SHULHQFH
.+')
‡6WDQGDUGGHILQLWLRQ6'DQGKLJK
GHILQLWLRQ+'HQDEOHG
‡GD\$GYDQFHG3URJUDP*XLGHŠ
‡6HDUFKIXQFWLRQWRILQGSURJUDPLQJ
‡,QWHUDFWLYH79HQDEOHG
‡LSSLSLFWXUHRXWSXW
DQGSFRPSDWLEOH
‡+'0,&RPSRQHQW&RPSRVLWH2SWLRQDO
$XGLRFRD[RXWSXWV
‡(WKHUQHWHQDEOHGIRUQHWZRUNLQJZLWK
KRPH3&·VYLD',5(&79Œ0HGLD6KDUH
‡%XLOWLQ'(&$&RQQHFWHG+RPH1HW
ZRUNLQJ
‡'ROE\Š'LJLWDO6XUURXQG6RXQG
FDSDEOH
‡2QVFUHHQ&DOOHU,'
‡,QWHUJUDWHG5)DQWHQQD
‡3DUHQWDOORFNVFRQWUROV
‡)DYRULWHFKDQQHOVOLVW
‡*DPH6HDUFKŒZLOODXWRPDWLFDOO\UHF
RJQL]HZKHQWKH',5(&79Š5HFHLYHULV
WXQHGWRDFKDQQHOZLWKDVSRUWVEODFNRXW
‡)URQW7RXFK3DQHO
‡:KROH+RPH'95FRPSDWLEOHZLWK+'
'953URDQG+5[PRGHOV
+
:#')
‡9LHZVWDQGDUGGHILQLWLRQ
‡(QMR\WKHSLFWXUHDWWKH
FRQWHQWDQGKLJKGHILQLWLRQ SURSHUUHVROXWLRQ$OVR
FRQWHQW
FKRRVH\RXUVFUHHQIRUPDW
‡ 6HDUFKWKHFKDQQHOJXLGHXS
IXOOVFUHHQVWUHWFKHGOHW
WRGD\VLQDGYDQFHIRUZKDW
WHUER[SLOODUER[RUFURS
WRZDWFK
PRGH
‡ 6HDUFKIRU\RXUIDYRULWHVKRZV ‡/LVWHQWRVXSHUEGLJLWDO
E\SHUVRQWLWOHNH\ZRUGRU
VRXQGZLWKDGGLWLRQDO
FKDQQHO
KDUGZDUH
‡7DNHDGYDQWDJHRI',5(& ‡9LHZDQGORJ&DOOHU,'LQ
79ŠLQWHUDFWLYHIHDWXUHV
IRUPDWLRQSURYLGHGE\\RXU
OLNH',5(&79Š$FWLYHŒ
ORFDOSKRQHFRPSDQ\
',5(&79Š+55(&(,9(5
+5
7KH',5(&793OXV +''95LVWKHSHUIHFWZD\WRHQMR\DOO\RXUIDYRULWHVKRZVLQ+'ZLWKWKHVSHFWDFXODUSLFWXUHTXDOLW\RI',5(&79Š+'SUR
JUDPPLQJ7KLVVWDWHRIWKHDUW+''95GHOLYHUVWKHXOLPDWHLQGLJLWDOTXDOLW\SLFWXUHDQGVRXQG,PDJHVDUHVKDUSHU&RORUVDUHEULJKWHU
6RXQGLVFULVSHU$QGLWUHFRUGVDWUHPHQGRXVDPRXQWRIFRQWHQWZLWKRQHRIWKHPRVWLQWXLWLYHFRQWUROVRQWKHPDUNHW
Š
.+')
‡ :KROH+RPH'95YLHZLQJFRPSDW
‡ 6WDQGDUGGHILQLWLRQ6'DQGKLJK
LEOHZLWK+''953UR+5[DQG
GHILQLWLRQ+'HQDEOHG
++DQG+PRGHOV
‡ 6LPXOWDQHRXV6'+'RXWSXWIURP ‡ GD\$GYDQFHG3URJUDP*XLGHŠ
WKHVDPH+'6LJQDO
‡ 3DXVHDQGUHZLQGOLYH79IRUXSWR
‡ 5HFRUGXSWRKRXUVRI6'
PLQXWHV
XSWRKRXUVRI03(*+' ‡ 2QHWRXFKUHFRUGDXWRUHFRUG
SURJUDPPLQJ
PDQXDOUHPRWHUHFRUG
‡ %URDGEDQGHQDEOHGWRGRZQORDG ‡ ,QWHUDFWLYH79HQDEOHG
SURJUDPPLQJYLD',5(&79ŠRQ
‡ LSSLSLFWXUH
'HPDQG
RXWSXWDQGSFRPSDWLEOH
‡ (WKHUQHWHQDEOHGIRUQHWZRUNLQJ
‡ 'ROE\Š'LJLWDO6XUURXQG6RXQG
ZLWKKRPH3&·VYLD',5(&79Œ
FDSDEOH
0HGLD6KDUH
‡ 2QVFUHHQ&DOOHU,'
‡ %XLOWLQ'(&$&RQQHFWHG+RPH ‡ *DPH6HDUFKŒZLOODXWRPDWL
1HWZRUNLQJ
FDOO\UHFRJQL]HZKHQWKH',5(&79Š
‡ VDWHOOLWHWXQHUVIRUDFFHVVWR6'
5HFHLYHULVWXQHGWRDFKDQQHOZLWKD
DQG+'',5(&79ŠSURJUDPPLQJ
VSRUWVEODFNRXW
:#')
‡ 0RUHFRQWURORYHU\RXUSURJUDPV
‡ 9LHZDQGUHFRUGVWDQGDUGGHILQLWLRQ EDFNXSVORZGRZQRUXVHLQVWDQW
FRQWHQWDQGKLJKGHILQLWLRQFRQWHQW UHSOD\
‡ :DWFK79RQ\RXUVFKHGXOH6WRUH ‡ (DVLO\UHFRUGDQHQWLUHVHDVRQRI
\RXUIDYRULWHSURJUDPVWKHQYLHZ
\RXUIDYRULWHVKRZVHYHQLIWKH\
DQ\WLPH
FKDQJHGD\RUWLPH
‡ 5HFRUGWZRVKRZVDWRQFHZKLOH ‡ 5HFRUG\RXUIDYRULWHVKRZVZLWKD
ZDWFKLQJDWKLUGIURP\RXUSOD\OLVW VLQJOHFOLFNRIWKHUHPRWH
‡ $FFHVVWRWKRXVDQGVRIIUHH
‡ %RRNPDUNVDOORZDFFHVVWRIDYRULWH
',5(&79ŠRQ'HPDQGWLWOHVIRU
VFHQHVLQUHFRUGLQJLQVWDQWO\
YLHZLQJDQ\WLPH
‡ 1HZ6PDUW6HDUFKŒWHFKQRORJ\
PDNHVLWHDVLHUWKDQHYHUWRILQG
‡ 6KRZFDVHKRPHPRYLHVSKRWRV
VKRZPRYLHVVSRUWVSHRSOH
DQGPXVLFIURPWKHKRPH3&
‡ 6HDUFKWKHFKDQQHOJXLGHXSWR FKDQQHOVDQGPRUH
GD\VLQDGYDQFHIRUZKDWWRZDWFK ‡ 6XSHUEGLJLWDOVRXQGDGGLWLRQDO
RUUHFRUG
KDUGZDUHUHTXLUHG
‡ (DV\UHPRWHSURJUDPPLQJZLWK ‡ :DWFKFRQWHQWIURPRQH+''95RQ
;03
DQRWKHUUHFHLYHULQDGLIIHUHQWURRP
',5(&79Š_5HVLGHQWLDO
',5(&79 55(&(,9(5
Š
7KH',5(&793OXVŠ'95GHOLYHUVDFFHVVWRKXQGUHGVRIFKDQQHOVRIGLJLWDOTXDOLW\',5(&79Š
SURJUDPPLQJ³SOXVDOOWKHFRQYHQLHQFHRIDGLJLWDOYLGHRUHFRUGHU6HDUFKIRUDQGUHFRUGSURJUDPPLQJ
ZLWKHDVH3DXVHDQGUHZLQGOLYHWHOHYLVLRQ$QGLWVDGYDQFHGLQWHUDFWLYHFDSDELOLWLHVDOVRDOORZXVHUVLP
PHGLDWHFRQQHFWLRQWRDVRSKLVWLFDWHGUDQJHRIHQWHUWDLQPHQWDQGLQIRUPDWLRQRSWLRQV
0!.+')
‡5HFRUGXSWRKRXUVRIVWDQGDUGGHILQL
WLRQFRQWHQW
‡VDWHOOLWHWXQHUVIRUDFFHVVWR',5(&79
SURJUDPPLQJ
‡GD\$GYDQFHG3URJUDP*XLGHŠ
‡3DXVHDQGUHZLQGOLYH79IRUXSWR
PLQXWHV
‡6HULHV/LQNŒIHDWXUH
‡2QHWRXFKUHFRUGDXWRUHFRUGPDQXDO
UHFRUGDQGERRNPDUNV
‡6HDUFKDQGUHFRUG
‡,QWHUDFWLYH79HQDEOHG
‡'ROE\'LJLWDO6XUURXQG6RXQGFDSDEOH
‡2Q6FUHHQ&DOOHU,'
‡69LGHR&RPSRVLWH2SWLFDO$XGLRRXWSXWV
‡,QWHJUDWHG5)$QWHQQD5)UHPRWHDYDLODEOH
IURP',5(&79Š
‡3DUHQWDOORFNVFRQWUROV
‡)DYRULWHFKDQQHOVOLVW
3URGXFW
0RGHO
%UDQG
1DPH
:DUUDQW\
5
',5(&79Š
',5(&793OXVŠ'95
/LPLWHGGD\
6HH8VHU·V*XLGH
5HFHLYHU
:LGWK
+HLJKW
'HSWK
:HLJKW
µPD[
µPD[
µPD[
OEV
&DUWRQ
:LGWK
+HLJKW
'HSWK
:HLJKW
µ
µ
µ
OEV·
7XQHUV
6DWHOOLWH 5
:#')
‡:DWFKZKDWHYHU\RXZDQWRQ\RXURZQVFKHGXOHDQGVWRUH\RXUIDYRULWHSURJUDPV
‡1RQHHGWRFKRRVHZKLFKVKRZWRZDWFK²\RXFDQVHHERWK5HFRUGWZRVKRZV
DWRQFHZKLOHZDWFKLQJDQRWKHUUHFRUGLQJ
‡6HDUFKWKHFKDQQHOJXLGHIRUZKDWWRZDWFKRUVFKHGXOHUHFRUGLQJVXSWRGD\V
LQDGYDQFH
‡<RXDUHLQFRQWURORIKRZ\RXZDWFK²EDFNXSVORZGRZQRUXVHLQVWDQWUHSOD\
‡$XWRPDWLFDOO\DQGHDVLO\UHFRUGDQHQWLUHVHDVRQRI\RXUIDYRULWHVKRZVHYHQLI
WKH\FKDQJHGD\RUWLPH
‡(IIRUWOHVVO\UHFRUGV\RXUIDYRULWHVKRZVZLWKDVLQJOHEXWWRQWRXFKRURQDPR
PHQW·VQRWLFH$OVRDFFHVVIDYRULWHVFHQHVLQUHFRUGLQJVLQVWDQWO\
‡6HDUFKDQGUHFRUG\RXUIDYRULWHVKRZVYLDSHUVRQWLWOHNH\ZRUGRUFKDQQHO
‡7DNHDGYDQWDJHRI',5(&79ŠLQWHUDFWLYHIHDWXUHVOLNH',5(&79Š$FWLYH
‡/LVWHQWRVXSHUEWKHDWHUTXDOLW\VRXQGZLWKDGGLWLRQDOKDUGZDUH
‡9LHZDQGORJ&DOOHU,'LQIRUPDWLRQSURYLGHGE\\RXUORFDOSKRQHFRPSDQ\
‡(QMR\SHDFHRIPLQGDERXWZKDWFRQWHQWWKHFKLOGUHQDUHZDWFKLQJE\ORFNLQJRXW
REMHFWLRQDEOHSURJUDPPLQJ
‡&XVWRPL]HWKHJXLGHE\FKRRVLQJRQO\WKHFKDQQHOV\RXZDQWWRVHH
27?4B3?4?4
<;7;8
9LGHR2XWSXWV 69LGHR
&RPSRVLWH
0RGXODWRUVZLWFK
$XGLR2XWSXWV 'LJLWDO2SWLFDO
6WHUHR
2WKHU
6DWHOOLWH,Q
,QWHUQDO5)DQWHQQD
86%
2II$LU,Q
3KRQH
:3A374;74
&DEOHV
5&$W\SH
&KDQQHO 2WKHU
/55&$
5HPRWH
69LGHR
&RPSRVLWH5&$W\SH
$FFHVV&DUG
3KRQHFRUG
3RZHUFRUG
5&5
,5&DSDEOH
5)&DSDEOHUHPRWHDYDLODEOHIRU
SXUFKDVHIURP',5(&79Š
3RVLWLRQ6ZLWFK',5(&79Š5HFHLYHU
79$9$9
3URJUDPPDEOHWR',5(&79Š79
679'9'9&56WHUHR
%DWWHULHV,QFOXGHG$$
‡ 5HFRUGXSWRKRXUVRI6'
‡ &DOOHU,'‚‚
‡ 'XDOVDWHOOLWHWXQHUV
‡ 'ROE\Š'LJLWDO‚
‡ 3DUHQWDOORFNVFRQWUROV
‡ GD\$GYDQFHG3URJUDP*XLGHŠ
‡ )DYRULWHFKDQQHOVOLVW
$FWXDOUHFRUGLQJWLPHYDULHVGHSHQGLQJRQWKHW\SHRISURJUDPPLQJEHLQJUHFRUGHG6RPHLQWHUDFWLYHVHUYLFHVPD\UHTXLUHSKRQHOLQHFRQQHFWLRQDQGRUDGGLWLRQDOVHUYLFHIHH‚0DQXIDFWXUHG
XQGHUOLFHQVHIURP'ROE\/DERUDWRULHV'ROE\DQGWKHGRXEOH'V\PERODUHUHJLVWHUHGWUDGHPDUNVRI'ROE\/DERUDWRULHV‚‚7RXVHWKLVIHDWXUH\RXPXVWKDYH\RXUUHFHLYHUGLUHFWO\SOXJJHGLQWR
DWHOHSKRQHRXWOHWQRWDZLUHOHVVSKRQHMDFNDQGPXVWVXEVFULEHWR&DOOHU,'RUVLPLOLDUFDOOHULGHQWLILFDWLRQVHUYLFHIURP\RXUSKRQHFRPSDQ\
27?4B3?4?4
5HVLGHQWLDO_',5(&79Š
',5(&79 '5(&(,9(5
Š
:#'
‡9LHZDQGORJ&DOOHU,'LQIRUPD
‡6HDUFKWKHFKDQQHOJXLGHIRU
WLRQSURYLGHGE\\RXUORFDOSKRQH
ZKDWWRZDWFKXSWRGD\VLQ
FRPSDQ\
DGYDQFH
‡(QMR\SHDFHRIPLQGDERXWZKDW
‡6HDUFKIRU\RXUIDYRULWHVKRZVYLD
FRQWHQWWKHFKLOGUHQDUHZDWFK
SHUVRQWLWOHNH\ZRUGRUFKDQQHO
LQJE\ORFNLQJRXWREMHFWLRQDEOH
‡7DNHDGYDQWDJHRI',5(&79Š
SURJUDPPLQJ
LQWHUDFWLYHIHDWXUHVOLNH',5(&79Š ‡&RQWUROXSWRFRPSRQHQWVLQ
$FWLYH
FOXGLQJ\RXU',5(&79Š5HFHLYHU
‡&XVWRPL]HWKHJXLGHE\FKRRVLQJ
RQO\WKHFKDQQHOV\RXZDQWWRVHH
‡6FKHGXOHWLPHUWRDXWRPDWLFDOO\
WXQHWRDSURJUDP
.+')
‡GD\$GYDQFHG3URJUDP*XLGHŠ
‡,QWHUDFWLYH79HQDEOHG
‡6HDUFKIXQFWLRQWRILQGSURJUDPPLQJ
‡)DYRULWHFKDQQHOVOLVW
‡$XWRWXQH
‡2Q6FUHHQ&DOOHU,'
‡69LGHR&RPSRVLWHRXWSXWV
‡3DUHQWDOORFNVFRQWUROV
‡8QLYHUVDOUHPRWHFRQWURO
'
',5(&79 ',5(&(,9(5
Š
73*
2
8;:;
:LWKLWVDVWRXQGLQJYDULHW\RIFKDQQHOVDQGFKRLFHVFULVSGLJLWDOTXDOLW\SLFWXUHDQGVRXQGDQGRQHRIDNLQG
VSRUWVDQGHYHQWV«',5(&79ŠVHUYLFHRIIHUVHYHU\WKLQJ\RX·GZDQWLQ\RXUWHOHYLVLRQH[SHULHQFH:LWKWKH
',5(&79Š5HFHLYHU\RXFDQH[SHFWPRUHWKDQHYHUEHIRUHZLWKDFFHVVWRRYHUFKDQQHOVLQFOXGLQJRYHU
SUHPLXPPRYLHFKDQQHOVZLWKDOOWKHFRQYHQLHQFHRI',5(&79ŠVHUYLFH',5(&79Š3D\3HU9LHZRIIHUVD
KDQG\FKRLFHLQUHFHQWKLWPRYLHVSOXVH[FLWLQJOLYHVSRUWVFRQFHUWVDQGVSHFLDOV7KHUH·VH[FOXVLYHVSRUWV
VXEVFULSWLRQVIRUHYHU\WDVWHDQGWHDP(YHQDFFHVVWRFRPPHUFLDOIUHHPXVLFFKDQQHOV
',
',5(&79Š_5HVLGHQWLDO
',5(&79 $02))$,5781(5
Š
$02II$LU7XQHU&RPSRQHQW
',5(&79Š5HFHLYHU3XUFKDVHG6HSDUDWHO\
7KH',5(&79Š2II$LU7XQHULVWKHSHUIHFWVROXWLRQIRUDGGLQJRXWVWDQGLQJ'95IXQFWLRQDOLW\WRWHU
UHVWULDOEURDGFDVWWUDQVPLVVLRQV'HVLJQHGWRZRUNVHDPOHVVO\ZLWKWKH',5(&793OXVŠ+''95WKLV
VSHFLDOL]HGWXQHUZLOOLQWHJUDWH$76&EURDGFDVWKLJKGHILQLWLRQFKDQQHOVGLUHFWO\LQWRWKH',5(&79Š
$0
RQVFUHHQ$GYDQFHG3URJUDP*XLGHŠ
.+')
‡ 'XDO$76&WXQHUV
‡ 6LPSOH86%FRQQHFWLRQ
‡ 6PDOODQGOLJKWZHLJKWGHVLJQ
:#')
‡7KHHDVLHVWZD\WRZDWFK+'
FKDQQHOVWKDWDUHEURDGFDVWORFDOO\
+'FKDQQHOVMXVWOLNH',5(&79Š
EURDGFDVWFKDQQHOV
‡6HDPOHVVO\LQWHJUDWHVRIIDLU+'
‡1RFRQILJXUDWLRQQHFHVVDU\
FKDQQHOVLQWRWKH',5(&79ŠRQ
‡2QHWLPHVHWXSLVDXWRPDWLF
VFUHHQSURJUDPJXLGH
‡'HVLJQHGWRUHVWSHUIHFWO\RQWRS
‡/HWV\RXYLHZDQGUHFRUGORFDO
RIWKH',5(&793OXVŠ+''95
EDFN
?'#$" 28;4=>3#4+#''!)
D;441;;4?:;<27
D.27 41;;8.;4;
Š
<RXUV\VWHPZLOODXWRPDWLFDOO\GHWHFWWKH',5(&79Š
7KH',5(&79 2II$LU7XQHUZLOOILWFRQYHQLHQWO\RQWRS
RIRUEHORZWKH',5(&793OXVŠ+''95
2II$LU7XQHUDQGZLOOWDNH\RXWKURXJKDVHULHVRI
SURPSWVWRFXVWRPL]HLWIRU\RXUKRXVHKROG
D90;41;377;4237
D;[email protected];13*
7KHUHDUHMXVWDIHZHDV\FRQQHFWLRQVWRPDNH86%
7KDW·VDOOWKHUHLVWRLW<RXUQHZEURDGFDVWFKDQQHOV
DQWHQQDFDEOHDQGSRZHU
ZLOODSSHDULQWKH',5(&79Š2Q6FUHHQ$GYDQFHG
‡$0QRWFRPSDWLEOHZLWKDOOUHFHLYHUV&DOOIRUGH
3URJUDP*XLGHŠDQG\RXFDQYLHZDQGUHFRUGWKHP
WDLOV
MXVWOLNHDQ\RWKHUFKDQQHO
5HVLGHQWLDO_',5(&79Š
',5(&79Š
8QLYHUVDO
5)5HPRWH.LW
,55)
%DFNOLW9HUVLRQ
5&5%
',5(&79Š
5&%%
%,*%87721
‡',5(&79Š%LJ%XWWRQ5HPRWH
&RQWUROZLWKVLPSOHHDV\WRXVH
IHDWXUHV
‡/DUJHEXWWRQVIRUYROXPHFRQWURO
DQGFKDQQHOXSGRZQ
‡%LJQXPEHUEXWWRQVIRUHQWHULQJ
FKDQQHOPDQXDOO\
‡&RPSDWLEOHZLWKDOO',5(&79Š
UHFHLYHUV
‡%DFNOLWIRUHDV\YLHZLQJ
‡&DQSURJUDPIRUFRPSRQHQWVVXFK
DV9&5DQG'9'$8;$8;
‡,QFOXGHVEXWWRQVIRU',5(&79Š
UHFHLYHU*8,'(,1)2/,670(18
‡%DVLF9&5'9'IXQFWLRQVLQFOXG
LQJIRU))3$86(5(&25'
5(:,1'3$86(
5&%%
',5(&79Š
8QLYHUVDO
5)5HPRWH.LW
%DFNOLW9HUVLRQ
5&5%.
',5(&79Š
8QLYHUVDO
,5%LW
5HPRWH&RQWURO
5&
9 &200(5&,$/0'8',5(&79 &200(5&,$/0'8',5(&79 &200(5&,$/0'8',5(&79 &200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
Š
Š
Š
Š
9 &200(5&,$/0'8',5(&79 &200(5&,$/0'8',5(&79 &200(5&,$/0'8',5(&79 &200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
9Š &200(5&,$/0'8',5(&79Š &200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79Š&200(5&,$/0'8',5(&79
',5(&79
Š
&RPPHUFLDO0'8
Š
Š
Š
Š
',5(&79_&RPPHUFLDO
&200(5&,$/6$/(65(*,216
0,11(6727$
0$66$&+86(776
0,&+,*$1
:<20,1*
2+,2
,//,12,6
1(:0(;,&2
:(67
9,5*,1,$
*(25*,$
*'
8$#%
;'
8$#%
:DOODFH*LOOHVSLH
%UDQGRQ%DNHU
3HUIHFWGHGLFDWHVLWVHOIWRH[FHHGLQJWKHH[SHFWDWLRQVRILWVGHDOHUV
DQGWRKHOSLQJLQGHSHQGHQWGHDOHUVJURZDQGPDQDJHWKHLUEXVLQHVV
SURILWDEO\ZLWKDOO',5(&79ŠUHODWLRQVKLSV3HUIHFWKDVDFRPPLWWHG
&RPPHUFLDO 'HSDUWPHQW ZLWK 5HJLRQDO 0DQDJHUV WR KHOS UHFUXLW
WUDLQVXSSRUWJURZDQGPDQDJHWKH&RPPHUFLDOEXVLQHVV:HDOVR
RIIHUWHFKQLFDODVVLVWDQFHWKURXJKRXUODEZLWKWHFKQLFLDQVIXOO\FHU
WLILHGIRU&RPPHUFLDO60$790'8DSSOLFDWLRQVZLWK\HDUVRI(Q
JLQHHULQJH[SHULHQFH
.%%#%#%%''#','%+'/F
&RPPHUFLDO_',5(&79
3(5)(&7062)25%86,1(66
',5(&79ŠIRU%XVLQHVV
:KHWKHULQDEDUUHVWDXUDQWFRQIHUHQFHURRPJ\PRUEDQNDVD',5(&79Š&RPPHUFLDO'HDOHU\RXFDQVHOO
\RXUFXVWRPHUV',5(&79ŠVHUYLFHIRUWKHLUEXVLQHVVRUDOPRVWDQ\RWKHUFRPPHUFLDOQHHG3OXV\RXFDQJLYH
\RXUEXVLQHVVFXVWRPHUVWKHEHVWLQKLJKGHILQLWLRQHQWHUWDLQPHQWZLWKWKHFDSDFLW\IRUFKDQQHOVRI+'
SURJUDPPLQJ
:,7+
‡ <RXHQMR\SHUVRQDOL]HGVXSSRUWDVDQHZ3HUIHFW062FRPPHUFLDOGHDOHUIURP\RXUFRPPHUFLDODSSOLFD
WLRQWKURXJK\RXUILUVWVDOHV3HUIHFW·VFRPPHUFLDOVWDIIZLOOVXSSRUW\RXHYHU\VWHSRIWKHZD\
‡ 3HUIHFW·VWHUULWRU\PDQDJHUWRZRUNDV\RXUEXVLQHVVFRQVXOWDQW
‡ &RPPHUFLDO´SURJUDPµWKDWHQFRXUDJHVDQGJXLGHV\RXUFRPPHUFLDOEXVLQHVV
‡ 7UDLQLQJDYDLODEOHIRUERWK\RXUPDQDJHPHQWDQGVWDII
‡ $FFHVVWRDOOWKHSURGXFWV\RXQHHGWRFRPSOHWH\RXUFRPPHUFLDOLQVWDOODWLRQV
',5(&79ŠIRU%XVLQHVV2IIHU
3DFNDJHVDYDLODEOHIRUUHVWDXUDQWVEDUVJ\PVSULYDWHRIILFHVDQGPRUH
3URJUDPPLQJ7\SH
0RQWKO\)HH
5HFHLYHUV
&RQWUDFW
(92)&2
3XEOLF9LHZLQJ
%XVLQHVV9LHZLQJ
8SWR
Z+'
6WDUWLQJ
DW
6WDUWLQJ
DW
8SWR
Z+'
3ULYDWH9LHZLQJ
8SWR
Z+'
6WDUWLQJ
DW
PRQWKV
PRQWKV
PRQWKV
1$
+'$GG2Q
&RPPHUFLDO;WUD 6RQLF7DS0XVLF
,QFOXGHV
([LVWLQJ
5HFHLYHUV
PRQWKV
1$
PRQWKV
1$
1$
DGGLWLRQDOUHFHLYHUIHHDSSOLHVWR3ULYDWH9LHZLQJFXVWRPHUVDIWHUWKHVWUHFHLYHU
:LWKWKHFDSDFLW\IRUFKDQQHOVRI+'SURJUDPPLQJ
'HDOHU5HYHQXH
7DSLQWRPRUHUHYHQXHZLWK',5(&79&RPPHUFLDO
3URJUDPPLQJ7\SH 3XEOLF9LHZLQJ
33&
&6)
WR 2I0RQWKO\
3D\PHQW
%XVLQHVV9LHZLQJ
WR
2I0RQWKO\
3D\PHQW
6HW\RXURZQLQVWDOODWLRQIHHV
(DUQ XS WR DW DFWLYDWLRQ LQ EDUV UHVWDXUDQWV
(DUQXSWRDWDFWLYDWLRQLQEXVLQHVVHV
OREELHVUHWDLOORFDWLRQV
3ULYDWH9LHZLQJ
&RPPHUFLDO;WUD
WR 2I0RQWKO\
3D\PHQW
2I0RQWKO\
3D\PHQW
;05DGLR
2I0RQWKO\
3D\PHQW
(DUQXSWRDWDFWLYDWLRQLQSULYDWHRIILFHV
%XLOG UHVLGXDO LQFRPH ZLWKRXW WLPH RU GROODU
OLPLWV
;8.;41';!"#[email protected]%+7&4%@%+%#,:+'#'',,?'4%&!G
',5(&79_&RPPHUFLDO
%#,94=
,,#9'
4,#'#%#'
7KH3HUIHFW$GYDQWDJH0DNHV60$79(DV\
*"#'94=H
94=SURQRXQFHGĞPDWYHHLVWKHDFURQ\PIRU,,#9'4,=#'#%,WLVVLPSO\
YLGHRVHUYLFHVIRUPXOWLSOHXVHUVSURYLGHGYLDDVLQJOHVDWHOOLWHWHOHYLVLRQDQWHQQDZKHUHWKH79UDWKHUWKDQ
WKHVDWHOOLWHUHFHLYHULVXVHGWRFKDQJHFKDQQHOV',5(&79ŠQDUURZVWKHGHILQLWLRQWRVHUYLFHVVROGWR
KRVSLWDOVKRWHOVGRUPLWRULHVSULVRQVDQGDVVLVWHGOLYLQJ
*"#'I1&&JH
$FRPPRQFRQILJXUDWLRQIRUDKHDGHQGV\VWHPPLJKWFRQVLVWRIWKHIROORZLQJ
‡´+HDGHQGµHTXLSPHQWUDFNVHHSKRWRVRIFKDQQHO
‡5RRIPRXQWHGDQWHQQD
‡6SOLWWHUVLIPRUHWKDQRQHPXOWLVZLWFKLVUHTXLUHG
‡3RODULW\ORFNLQJ,)ODXQFKDPSOLILHU
‡0XOWLVZLWFK
‡&RD[FDEOHUXQIURPVDWHOOLWH
‡',5(&79UHFHLYHUVRQHSHUFKDQQHO
DQWHQQDWR´KHDGHQGµUDFN
‡0RGXODWRUVRQHSHUUHFHLYHUFKDQQHO
‡&RPELQHU
‡5)DPSOLILHU
‡$GGLWLRQDOLWHPVPD\LQFOXGH836EDFNXSSRZHU
PRQLWRUVKHOIIDQH[WUDPRGXODWRUIRUEDFNXSVHUYLFH
*"%K'9!+'%H
&KDQQHO+HDGHQG)URQW
+HDGHQGSURGXFWVIURP3HUIHFWFDQEHXVHGIRUIUHHWRDLUSURJUDPPLQJLQHGXFDWLRQDORUHWKQLF
PDUNHWVDVZHOODV',5(&79Š60$79LQVWDOODWLRQVLQLQVWLWXWLRQVKRWHOVORGJHVQXUVLQJKRPHVDQGPDQ\
RWKHUIDFLOLWLHV
+%7;*94= ,H
$EVROXWHO\:KLOHDQLQH[SHULHQFHGGHDOHULQVWDOOHUPD\QRWKDYHWKHFDSDELOLWLHVWRUHOLDEO\GHVLJQDVLJQDO
GLVWULEXWLRQV\VWHPXVHGLQDW\SLFDOSURVSHFWOLNHDKRWHOPRVWFRPPHUFLDOVDWHOOLWHLQVWDOOHUVZLOOEH
DEOHWRVXFFHVVIXOO\LQVWDOODKHDGHQGLQDQDFFRXQWSUHYLRXVO\SURYLGHGFDEOHRUVDWHOOLWHVHUYLFHXVLQJD
3HUIHFW&XVWRP%XLOW',5(&79Š6DWHOOLWH+HDGHQG
%'" ,:+#,&"1&&%:+!"%,&''(,!H
<HV3HUIHFWVWRFNVKHDGHQGFRPSRQHQWVWKDWSURYLGHWKHWUDLQHGGHDOHUWKHRSWLRQWRDVVHPEOHWKHLU
FXVWRPHU·VKHDGHQGDFFRUGLQJWRWKHLURZQGHVLJQ7KHGHDOHUPD\DOVRFKRRVH3HUIHFW·V&XVWRP
+HDGHQG6HUYLFH%\FDOOLQJWKHLU3HUIHFWLQVLGHVDOHVDVVRFLDWHDQGDQVZHULQJDIHZTXHVWLRQVWKH\
FDQRUGHUDQGKDYHZDLWLQJRQWKHPDWWKHLUFXVWRPHUVLWHDQHQJLQHHUHGDVVHPEOHGEXUQWLQDQGEDODQFHG
',5(&79Š6DWHOOLWHKHDGHQGDOOZLWKRXWWRXFKLQJWKHSURGXFWRUHQJLQHHULQJWKHV\VWHP
&KDQQHO+HDGHQG%DFN
94=%$.+'
1 2 7 ( W K H U H D U H 7 : 2 Z D \ V W R S X U F K D V H D K H D G H Q G S U R G X F W I U R P 3H U I H F W 3#% 360$793URGXFW/LQH
7+,6,6$3$57621/<25'(5
‡ 'HDOHU´VHOIEXLOWµKHDGHQGV\VWHP
‡&HQWUDOO\ORFDWHGLQYHQWRU\
‡0RGXODWRUFKDQQHOVKLJKHUQXPEHUV
DUHDYDLODEOHXSRQUHTXHVW
‡2QH\HDUUHSODFHPHQWZDUUDQW\
‡5HTXLUHVDGHWDLOHGNQRZOHGJHRIKHDGHQG
GHVLJQDQGDVVHPEO\
3#% 3&XVWRP%XLOW+HDGHQG6HUYLFH
7+,6,6$&86720$66(0%/('25'(5
‡3HUIHFWHQJLQHHUHGSUHEXLOWVHUYLFHV
‡&RPSOHWHGV\VWHPLVGURSVKLSSHGWRGHDOHU·VVSHFLILHGORFDWLRQ
‡(QJLQHHUHGDQGFXVWRPEXLOWE\3HUIHFW·VLQGXVWU\FHUWLILHGVWDII
‡$OOVDOHVDUHDFXVWRPTXRWH
‡5HTXLUHVQRHQJLQHHULQJDQG/,0,7('KHDGHQGDVVHPEO\NQRZOHGJH
‡)DVWWXUQDURXQGRQTXRWHVDQGSURGXFWLRQ
‡2QH\HDUUHSODFHPHQWZDUUDQW\
3HUIHFWKDV(YHU\WKLQJ\RXQHHGWRVWDUW\RXU&RPPHUFLDO60$79%XVLQHVV
,,?'4%&!%,@%+3&"%+$"3+*(%G
&RPPHUFLDO_',5(&79
3,&20$&20
3,&20$&20
81,75$&.6+(/)
5$&.
3267.,7
3,&20$&20
5$&.
+($'(1'
(48,30(17
‡
‡
‡
‡
‡5DFN
‡+HDGHQG(TXLSPHQW
‡[
5DFN
SRVWNLW
µ
$OVRQHHG0RU
%DVHQRFRVW
‡5DFN6KHOI
‡XQLWYHUWµVORW
025.,7
025
5$&.
3267.,7
‡5DFN
5$&.
+($'(1'
(48,30(17
‡3RVW.LW
‡µ
‡$OVRQHHG0RU
%DVHQRFRVW
‡5DFN
‡+HDGHQG(TXLSPHQW
‡[
025
57$7
3,&20$&20
81,75$&.6+(/)
‡5DFN6KHOI
‡XQLWYHUWµVORW
0256
02'8/$5
&+$66,6
‡6ORW0RGXODU&KDVVLV
3+05
0256
025.,7
02'8/$55$&.
‡,QFK3RVW0RGXODU5DFN
9(17('5$&.
&+$66,6
‡9HQWHG5DFN&KDVVLV
‡58µ
‡6ORW
‡+(
0,5&9
',5(&79_&RPPHUFLDO
µ9(17('6+(/)
6/27'6+(/)
%/$1.)$&(3/$7(
‡µ9HQWHG6KHOIIRU60$795DFN%/.
‡6ORW'6KHOIIRU60$795DFN
‡%ODQN)DFH3ODWHIRU60$795DFN%/.
393$&.'
39%/$1.)3
399(176+(/)
&+$11(/
0,1,02'
‡&KDQQHOWKUX
0LQL0RG
‡6DZ)LOWHUHG
‡G%P9
‡&KDQQHO
WKUX0LFUR
0RG
‡+(+(
‡G%P9
‡0+]
33+0067+58
0,&07+58
32:(5
6833/<
683
‡ 3RZHU 6XSSO\
‡3RZHU6XSSO\
‡+(
‡$#9'&
‡$#9'&
0,36&
0,&52
02'
32:(5
6833/<
‡3RZHU6XSSO\IRU6ORW6\VWHP
3+036
$*,/(
02'
‡%7
‡$JLOH0RG
‡',36ZLWFK6HO
‡+(
‡G%P9
0+]
$00
60$795$&.6&5(:6
‡60$795DFN5HSODFHPHQW6FUHZ
6
6
‡[µ
‡%DJ
5$&.6&5(:
&RPPHUFLDO_',5(&79
3$66,9(&20%,1(5
‡3RUW3DVVLYH
&RPELQHU
‡0+]
+&*
3$66,9(&20%,1(5
‡3RUW3DVVLYH
&RPELQHU
‡0+]
+&*
08/7,6:,7&+5$&.02817
‡[0XOWL6ZLWFK
‡5DFN0RXQW
‡0+]
+06$35
08/7,6:,7&+5$&.02817
‡[0XOWL6ZLWFK
‡5DFN0RXQW
‡0+]
+06$5.
/$81&+$03/,),(5
‡/DXQFK$PSOLILHU
‡5DFN0RXQWHG
‡G%0+]
+&$5.
/$81&+$03/,),(5
‡/DXQFK$PSOLILHU
‡5DFN0RXQWHG
‡G%0+]
+&$5.
',5(&79_&RPPHUFLDO
6$7(//,7(/,1($03
‡6DWHOOLWH/LQH$PSOLILHU
‡'%*DLQ
‡0K]
/$
/$81&+
$03/,),(5
‡/DXQFK$PSOLILHU
‡G%0+]
+&$
&$79
6(&85,7<
6/((9(
%/2&.,1*
&283/(5
‡'&9ROWDJH%ORFNLQJ&RXSOHU
‡+LJK5HWXUQ/RVV
9%&+5
‡&$796HFXULW\6OHHYH
‡+HDY\'XW\=LQF%RG\($
L
66
,'%+'&#9 ?,##%
,'%+'&#9 ?,##%
7',5(&7,21$/
&283/(5
2
'##%
#
<
3RUW7'LUHFWLRQDO&RXSOHU0+]G%
L
<
3RUW7'LUHFWLRQDO&RXSOHU0+]G%
L
<
3RUW7'LUHFWLRQDO&RXSOHU0+]G%
L
<
3RUW7'LUHFWLRQDO&RXSOHU0+]G%
L
<
3RUW7'LUHFWLRQDO&RXSOHU0+]G%
L
<F
3RUW7'LUHFWLRQDO&RXSOHU0+]G%
L
<
3RUW7'LUHFWLRQDO&RXSOHU0+]G%
L
<
3RUW7'LUHFWLRQDO&RXSOHU0+]G%
L
',5(&7,21$/
&283/(5
2
<
'##%
3RUW'LUHFWLRQDO&RXSOHU0+]G%
#
< 3RUW'LUHFWLRQDO&RXSOHU0+]G%
< 3RUW'LUHFWLRQDO&RXSOHU0+]G%
< 3RUW'LUHFWLRQDO&RXSOHU0+]G%
<F 3RUW'LUHFWLRQDO&RXSOHU0+]G%
< 3RUW'LUHFWLRQDO&RXSOHU0+]G%
< 3RUW'LUHFWLRQDO&RXSOHU0+]G%
&RPPHUFLDO_',5(&79
&$79
/2&.,1*
7(50,1$725
0,1,00
2
‡&$79/RFNLQJ7HUPLQDWRU:5HVLVWRU($
L
33/7
,'%+'&#9 ?,##%
&$79
/2&.,1*
7(50,1$725
'##%
=9E.F:0
0LQL00*+=)0DOHWR0DOHµ%ODFN
C
=9E.F:?
0LQL00*+=)0DOHWR0DOHµ%OXH
C
=9E.F<87
0LQL00*+=)0DOHWR0DOHµ*UHHQ
C
=9E.F8;
0LQL00*+=)0DOHWR0DOHµ5HG
C
=9E.F*14
0LQL00*+=)0DOHWR0DOHµ:KLWH
C
[email protected];
0LQL00*+=)0DOHWR0DOHµ<HOORZ
C
=9E.:0
0LQL00*+=)0DOHWR0DOHµ%ODFN
C
F
=9E.:?
0LQL00*+=)0DOHWR0DOHµ%OXH
C
F
=9E.<87
0LQL00*+=)0DOHWR0DOHµ*UHHQ
C
F
=9E.8;
0LQL00*+=)0DOHWR0DOHµ5HG
C
F
=9E.F:0
0LQL00*+=)0DOHWR0DOHµ%ODFN
C
=9E.F:?
0LQL00*+=)0DOHWR0DOHµ%OXH
C
=9E.F<87
0LQL00*+=)0DOHWR0DOHµ*UHHQ
C
=9E.F8;
0LQL00*+=)0DOHWR0DOHµ5HG
C
0LQL00*+=)0DOHWR5&$µ<HOORZ
CF
=98F*14
0LQL00*+=5&$WR5&$µ:KLWH
C
[email protected];
0LQL00*+=)0DOHWR5&$µ<HOORZ
CF
=98*14
0LQL00*+=5&$WR5&$µ:KLWH
C
[email protected];
0LQL00*+=)0DOHWR5&$µ<HOORZ
CF
=98F*14
0LQL00*+=5&$WR5&$µ:KLWH
C
[email protected];
0LQL00*+=)0DOHWR5&$µ<HOORZ
CF
[email protected];
‡&$79/RFNLQJ7HUPLQDWRU:25HVLVWRU($
L
33/7/5
,'%+'&#9 ?,##%
75,33/,7(
·32:(5
675,3
75,33/,7(
·32:(5
675,3
‡·3RZHU6WULS
‡$&LUFXLW%UHDNHU
‡2XWOHWV
‡·3RZHU6WULS
‡$&LUFXLW%UHDNHU
‡2XWOHWV
36
#
36
75,33/,7(685*(
68335(6625
‡,VREDU6XUJH6XSSUHVVRU
‡5DFN0RXQW
‡2XWOHWV
,%$5
',5(&79_&RPPHUFLDO
;&20326,7(
$9',675,%87,21
$03/,),(5
;9*$
',675,%87,21
$03/,),(5
)URQW
%DFN
9LGHR'LVWULEXWLRQ$PSOLILHU6HQGRQH9*$
6RXUFHWR0XOWLSOH/RFDWLRQV([WHQGVLJQDOXSWR
PHWHUVIHHWRYHU&$7&$7
‡0+]SL[HOIUHTXHQF\
‡(DV\LQVWDOODWLRQ
‡6XSSRUWV''&''&''&%IRU
YLGHRSDUW
‡&DQEHFDVFDGHG
‡2XWSXWLVFRPSDWLEOHZLWKVWDQGDUG
9*$FDUG
‡8UDFNGHVLJQ
;&20326,7(
$9',675,%87,21
$03/,),(5
'LVWULEXWHDXGLRFRPSRVLWHYLGHRDQG
VYLGHRWHOHYLVLRQVLJQDOVIURPDVLQJOH$9
VRXUFHWRPXOWLSOHWHOHYLVLRQPRQLWRUV
‡'DLV\FKDLQVHYHUDOXQLWVIRUODUJHU
GLVSOD\VZLWKJUHDWHUSLFWXUHTXDOLW\
‡+HDY\GXW\PHWDOKRXVLQJSURYLGHV
H[FHOOHQWVKLHOGLQJ
‡$OORZVXSWRIWUXQV
‡6DYHWKHH[SHQVHRIDGGLWLRQDO$9
UHFHLYHUV
;+'0,$9
',675,%87,21
$03/,),(5
;+'0,$9
',675,%87,21
$03/,),(5
'LVWULEXWH+'79DQGDQDORJWHOHYLVLRQVLJQDOV
IURPDVLQJOH$9VRXUFHWRPXOWLSOHWHOHYL
VLRQUHFHLYHUV
‡&RPSDWLEOHZLWKDOO+'79FRPSRQHQW
YLGHRVLJQDOV
‡'DLV\FKDLQVHYHUDOXQLWVIRUODUJHU
GLVSOD\V
‡$OORZVXSWRIWUXQV
‡6DYHWKHH[SHQVHRIDGGLWLRQDO$9
UHFHLYHUV
&20321(17
',675,%87,21
$03/,),(5
+'0,Œ$9'LVWULEXWLRQ$PSOLILHU
2XULQRXW+'0,Œ'HHS&RORU'LVWUL
EXWLRQ$PSOLILHUFDQGLVWULEXWHRQHKLJK
GHILQLWLRQVRXUFHWRPXOWLSOHGLVSOD\V
‡(QKDQFHG$PSOLILHGVLJQDOVIRUORQJHU
FDEOHUXQV
‡&RPSOLDQWZLWKYE+'0,Œ+'&3
UHTXLUHPHQWV
‡6XSSRUWVKLJKUHVROXWLRQGLVSOD\VRI
8;*$LSSLS
‡&DVFDGDEOHWRPXOWLSOHDPSOLILHUVIRU
ODUJH79GLVSOD\V
‡6HFXUH+'0,ŒFRQQHFWLRQZLWK
LQWHUJUDWHGFDEOHUHWHQWLRQEUDFNHW
‡'RHVQRWQHHGVSHFLDO+'0,ŒFDEOH
+'0,Œ$9'LVWULEXWLRQ$PSOLILHU
2XULQRXW+'0,Œ'HHS&RORU'LVWUL
EXWLRQ$PSOLILHUFDQGLVWULEXWHRQHKLJK
GHILQLWLRQVRXUFHWRPXOWLSOHGLVSOD\V
‡(QKDQFHG$PSOLILHGVLJQDOVIRUORQJHU
FDEOHUXQV
‡&RPSOLDQWZLWKYE+'0,Œ+'&3
UHTXLUHPHQWV
‡6XSSRUWVKLJKUHVROXWLRQGLVSOD\VRI
8;*$LSSLS
‡&DVFDGDEOHWRPXOWLSOHDPSOLILHUVIRU
ODUJH79GLVSOD\V
‡6HFXUH+'0,ŒFRQQHFWLRQZLWK
LQWHUJUDWHGFDEOHUHWHQWLRQEUDFNHW
‡'RHVQRWQHHGVSHFLDO+'0,ŒFDEOH
‡&RPSOLDQWZLWK+'0,Œ9E'HHS
&RORUXSWRELW
$XGLR9LGHR+'79'LVWULEXWLRQ$PSOLILHUZLWK
FRPSRQHQWYLGHRFRPSRVLWHYLGHRGLJLWDO
DXGLRDQGOHIWULJKWDXGLR
‡(OLPLQDWHKXPEDUSUREOHPV
‡(IIHFWLYHO\EUHDNV$&JURXQGORRSV
‡,QFOXGHVLQSXWJURXQGLVRODWLRQFLUFXLWU\
‡7UXHRQHWRRQHVLJQDOUDWLR
‡'LVWULEXWHVDQDXGLRYLGHRVRXUFHWRPXOWLSOH
RXWSXWVZLWKRXWVLJQDOORVV
‡'HVLJQHGIRUODUJHGLVSOD\DUUD\V
‡+HDY\GXW\PHWDOKRXVLQJFRPPHUFLDOGXW\
UDWHG
&RPPHUFLDO_',5(&79
;&20321(17
$9',675,%87,21
$03/,),(5
'LVWULEXWH+'79DQGDQDORJWHOHYLVLRQVLJQDOV
IURPDVLQJOH$9VRXUFHWRPXOWLSOHWHOHYL
VLRQUHFHLYHUV
‡&RPSDWLEOHZLWKDOO+'79FRPSRQHQW
YLGHRVLJQDOV
‡'DLV\FKDLQVHYHUDOXQLWVIRUODUJHU
GLVSOD\V
‡$OORZVXSWRIWUXQV
‡6DYHWKHH[SHQVHRIDGGLWLRQDO$9
UHFHLYHUV
;&20326,7(
$9',675,%87,21
$03/,),(5
'LVWULEXWH+'79DQGDQDORJWHOHYLVLRQVLJQDOV
IURPDVLQJOH$9VRXUFHWRPXOWLSOHWHOHYL
VLRQUHFHLYHUV
‡&RPSDWLEOHZLWKDOO+'79FRPSRQHQW
YLGHRVLJQDOV
‡'DLV\FKDLQVHYHUDOXQLWVIRUODUJHU
GLVSOD\V
‡$OORZVXSWRIWUXQV
‡6DYHWKHH[SHQVHRIDGGLWLRQDO$9
UHFHLYHU
;&20326,7(
$9',675,%87,21
$03/,),(5
'LVWULEXWH+'79DQGDQDORJWHOHYLVLRQVLJQDOV
IURPDVLQJOH$9VRXUFHWRPXOWLSOHWHOHYL
VLRQUHFHLYHUV
‡&RPSDWLEOHZLWKDOO+'79FRPSRQHQWYLGHR
VLJQDOV
‡'DLV\FKDLQVHYHUDOXQLWVIRUODUJHUGLVSOD\V
‡$OORZVXSWRIWUXQV
‡6DYHWKHH[SHQVHRIDGGLWLRQDO$9
UHFHLYHUV
&+$11(/
'&,62/$7,21
81,7
9*$(;7(1'(5
9*$(;7(1'(5
7RS
)URQW
%DFN
7ZLVWHG3DLU([WHQGHU.LW
‡$GMXVWDEOHHTXDOL]DWLRQOHQJWK
‡$GMXVWDEOH9*$VLJQDOJDLQ
‡5XJJHGPHWDOFKDVVLV
‡9*$ORRSRXWIRUORFDOPRQLWRULQJRQ9*(7/
‡([WHQGV9*$VLJQDOVPRUHWKDQIHHW
‡(DV\LQVWDOODWLRQZLWK&$7&$7
‡6DYHVWLPHDQGH[SHQVH
7ZLVWHG3DLU([WHQGHU.LW
‡$GMXVWDEOHHTXDOL]DWLRQOHQJWK
‡$GMXVWDEOH9*$VLJQDOJDLQ
‡5XJJHGPHWDOFKDVVLV
‡([WHQGV9*$VLJQDOVPRUHWKDQIHHW
‡(DV\LQVWDOODWLRQZLWK&$7&$7
‡6DYHVWLPHDQGH[SHQVH
;+'0,Œ6:,7&+(5:,7+5(027(
)URQW
%DFN
&RPSRQHQW'&,VRODWLRQ8QLWHOLPLQDWHV'&
RIIVHWVLQWKHYLGHRRUDXGLRWKDWFDQFDXVH
KXPEDULQWHUIHUHQFH
‡ (DV\WRXVH+'79PRGXOH
‡ &RPSDWLEOHZLWK+'GLVWULEXWLRQ
DPSOLILHUV
‡ 8SWRWKUHHYLGHRFKDQQHOVPD\EH
XVHGIRUWKUHHLQGLYLGXDOVFRPSRVLWH
YLGHRVLJQDOVLIGHVLUHG
[+'0,Œ6ZLWFKHUZLWK5HPRWH
+'79UHVROXWLRQXSWRS3&UHVROXWLRQXSWR
[+]
‡&RPSOLDQWZLWK+'0,Œ+'&3UHTXLUHPHQWV
‡,55HPRWH&RQWURO
‡$XWRPDWLF6RXUFH'HWHFWLRQ
‡56&RQWURO6XSSRUW
‡5XJJHG0HWDO+RXVLQJ
',5(&79_&RPPHUFLDO
;+'0,Œ
6:,7&+(5
;&20321(17
+'790$75,;
6:,7&+(5
;&20321(17
+'790$75,;
6:,7&+(5
)URQW
)URQW
%DFN
&RPSRQHQW+'790DWUL[6ZLWFKHUZLWK'LJLWDO
DQG/HIW5LJKW$XGLR)XOOPDWUL[FDSDELOLWLHV
[VZLWFKZLWK86%DQG563&&RQWURO
‡9LHZIRXUGLIIHUHQWVRXUFHVRQHLWKHUPRQLWRU
‡6RXUFHDQGPRQLWRUVHOHFWLRQE\,5UHPRWH
5686%RU0DQXDOVHOHFWLRQRQIURQWSDQHO
‡8QLWOHDUQV,5FRPPDQGVIRUXVHZLWKRWKHU,5
UHPRWHFRQWUROV
‡'LVFUHWHUHPRWHFRPPDQGVE\56RU86%
‡+LJKEDQGZLGWKDQGORZFURVVWDONSURYLGHV
PD[LPXPSLFWXUHSHUIRUPDQFH
‡5DFNPRXQWVLQFOXGHG
‡0HWDOFDELQHWKDVWKHZHLJKWWRVWD\LQSODFH
ZLWKDOOWKHFDEOHVFRQQHFWHG
+'0,Œ
&$7
',675,%87,21
)URQW
%DFN
+'0,Œ([WHQGHU.LW'HHS&RORUXSWR
ELWVRYHU&$7([WHQG+'0,ŒVLJQDOXSWR
PHWHUVIWRYHU&$7&$7
[2XW
6PDOOFRPSDFWGHYLFHFDSDEOHRIFRQQHFWLQJ
DOO\RXUSVRXUFHV
%DFN
‡ +'&3FRPSOLDQW
‡ $OORZVWKHDXWRPDWLFVHOHFWLRQRIXSWRWKUHH
&RPSRQHQW+'790DWUL[6ZLWFKHUZLWK'LJLWDODQG
VRXUFHVWRDVLQJOHGLVSOD\
/HIW5LJKW$XGLR56DQG56&RQWURO
‡ :RUNVZLWK;%2;Œ36Š%OXUD\Œ3OD\HU
‡+LJKEDQGZLGWKDQGORZFURVVWDONSURYLGHV
DQG$SSOH79Š
PD[LPXPSLFWXUHSHUIRUPDQFH
‡ $XWRPDWLFDOO\VZLWFKHVWRDFWLYHVRXUFH
‡9LHZIRXUGLIIHUHQWVRXUFHVRQHDFKPRQLWRU
‡ 1R$&DGDSWHUQHHGHG
‡6RXUFHDQGPRQLWRUVHOHFWLRQE\56
‡ 0DQXDOVRXUFHVHOHFWLRQVZLWFK
56RUPDQXDOVHOHFWLRQRQIURQWSDQHO
‡ $PD]LQJO\VPDOOµ[µ[µ
‡&XVWRPDSSOLFDWLRQIRUUHPRWH3&FRQWURO
‡ 6LJQDOLQJUDWHVXSWR*ELWVLQVXSSRUWWR
‡,QWHJUDWHGUDFNPRXQWV8
SGLVSOD\
‡'LVFUHWHUHPRWHFRPPDQGVE\56RU
‡ 6XSHUUHFHLYHUHTXDOL]DWLRQWRFRPSHQVDWHXSWR
56
P+'0,ŒFDEOHORVVHV
‡ G%GULYHUSUHHPSKDVLVWRFRPSHQVDWHIRU3&% ‡'LUHFWFKDQQHODFFHVVEXWWRQV
ORVVHV
&20321(17&$7+'5(&(,9(5+8%
'LVWULEXWHKLJKGHILQLWLRQFRPSRQHQWRUFRPSRVLWHYLGHR
DQGGLJLWDORUOHIWDQGULJKWDXGLRRYHUH[WHQGHGGLVWDQFHV
XVLQJ&$7ZLUH
‡&DEOHOHQJWKHTXDOL]HUIRUORQJ
GLVWDQFHV
‡9LGHRFRQWLQXLW\/('VWRHQVXUH
DOOVLJQDOVDUHWUDQVPLWWLQJ
‡,7SRUW
&20321(17&$7+'75$160,77(5+8%
'LVWULEXWHKLJKGHILQLWLRQFRPSRQHQWRUFRPSRVLWHYLGHRDQGGLJL
WDORUOHIWDQGULJKWDXGLRRYHUH[WHQGHGGLVWDQFHVXVLQJ&$7ZLUH
‡+'0,Œ'HHS&RORUXSWRELWV
‡$FWLYHDPSOLILFDWLRQHQVXUHVKLJKTXDOLW\
FRPSOLDQW
WUDQVPLVVLRQ
‡([WHQGVWKHWUDQVPLVVLRQGLVWDQFHXSWR
‡/RRSRXWSXWIRUXVHRIDGGLWLRQDO&$7
IWPIURPWKHVRXUFHXQGHUIRUPDWV
WUDQVPLWWHUV
SLSLRYHU&$7HXSWR
‡6HFRQG&$7RXWSXWIRUDGGLWLRQDO
ORFDWLRQ
IWPXQGHUSELW
‡'LVFUHWHSDVVLYH,5FKDQQHOIRUWKHXVH ‡([WHQGVWKHWUDQVPLVVLRQGLVWDQFHXSWRIW
RIH[WHUQDO,5UHPRWHFRQWUROV\VWHPV
PIURPWKHVRXUFHXQGHUIRUPDWS
ELWRYHU&$7H
‡0LQLPL]HVWKHFDEOHVNHZE\VHOHFWLRQRI
873%DOXQ7UDQVIRUPHUGLVWULEXWHDKLJKGHILQLWLRQFRPSRQHQWYLGHRGLJLWDODXGLRVRXUFHWRD
VZLWFKHVOHYHOGLJLWDOHTXDOL]DWLRQFRQWURO
UHPRWHORFDWLRQRYHUH[WHQGHGGLVWDQFHVXVLQJHFRQRPLFDO&$7FDEOH
‡$OORZVFDVFDGLQJ
‡8VHVVWDQGDUG&$7RU&$7FDEOH
‡&DQEHXVHGZLWKIRXUFRPSRVLWHYLGHRFDEOH
‡)RXU5&$FRQQHFWRUVIRUFRPSRQHQW
YLGHRDQG63',)
‡+HDY\JDXJHVWHHOSRZGHUFRDWHG
FKDVVLVFRUURVLVRQDQGVFUDWFKUHVLVWDQW &20321(17&$7%$/8175$160,77(5
&RPPHUFLDO_',5(&79
',5(&79 +535(&(,9(5
Š
7KHQHZ352+''95+53LVWKHQH[WVWHSXSLQWKHIXWXUHRIWHOHYLVLRQ0HDQWWREHULJKW
DWKRPHLQWRGD\·VWRSKRPHWKHDWHUV8SJUDGHGDQGHQKDQFHGRYHUWKH+5+''95SOXV
FXWWLQJHGJHWHFKQRORJ\OLNHILEHURSWLF+'0,RXWSXW\RXUFXVWRPHUVZLOOORYHWKDWWKH\KDYHD
+53
VSHFLDO+''95PDGHMXVWIRUWKHP
0!.+')
‡5HFRUGXSWRKRXUVRI6'RUKRXUVRI+'UHFRUGLQJ5HFRUGLQJ
WLPHYDULHVEDVHGRQW\SHRISURJUDPPLQJEHLQJUHFRUGHG'95VHUYLFH
DQG+'DFFHVVUHTXLUHG
‡56SRUWIRUFRQWUROYLDH[WHUQDOGHYLFH1RZ\RXFDQFRQQHFW\RXU
LQVWDOOHG+''95VZLWKRXWKDYLQJWRPHVVZLWK,5UHSHDWHUV
‡5DFNPRXQWDEOHDQGHYHQLQFOXGHVWKHPRXQWV
‡1HZILEHURSWLF+'0,RXWSXWZLWKDYDLODEOHILEHURSWLFWR+'0,FRQ
YHUWHU(QDEOHVPXFKORQJHUFDEOHUXQV
‡([SDQGHGFRQQHFWLRQRSWLRQVIRUWKHPRUHGHPDQGLQJLQVWDOODWLRQV
:#')
‡7ZLFHWKHUHFRUGLQJWLPHRIWKH+5*UHDWIRUFXVWRPHUVWKDW
OLNHWRVDYHSURJUDPVRUWDNHDGYDQWDJHRIDOOWKHQHZ',5(&79Š+'
SURJUDPPLQJ
‡&RQQHFWVWRDZLGHYDULHW\RIWKHFXVWRPHU·VHTXLSPHQWUHJDUGOHVVRI
ZKDWW\SHRI79RUDXGLRV\VWHPWKH\PD\EHXVLQJ
‡)ODWPRXQWHGRUKDUGWRLQVWDOODUHDVQHHGRQO\RQHVLQJOHILVKLQJOLQH
VL]HGFDEOHWRJRIURPWKH',5(&79Š'95WRWKHLU79
‡(DVLHUPRUHUHOLDEOHFRQWURORSWLRQVIRUFXVWRPHUVDQGLQVWDOOHUV
‡&DQEHLQVWDOOHGSURIHVVLRQDOO\RXWRIVLJKW
5($59,(:
27?4B3?4?4
<;7;8
3URGXFW 0RGHO
%UDQG
1DPH
+53
',5(&79Š
+''953UR
:DUUDQW\ /LPLWHGGD\
6HH8VHU·V*XLGH
5HFHLYHU
:LGWK
+HLJKW
'HSWK
:HLJKW
µ
µ
µ
OEV
&DUWRQ
:LGWK
+HLJKW
'HSWK
:HLJKW
7XQHUV
µ
µ
µ
OEV
6DWHOOLWH
9LGHR2XWSXWV
2SWLFDO+'0,'/,
+'0,6WDQGDUG
&RPSRQHQW
69LGHR
&RPSRVLWH
:3A374;74
<3E3U
5&$W\SH
$XGLR2XWSXWV 'LJLWDO2SWLFDO
'LJLWDO
FRD[LDO
6WHUHR
/55&$
2WKHU
6DWHOOLWH,Q
56
,QWHUQDO5)DQWHQQD ,5,Q
86%
(WKHUQHW
H6$7$+'',QWHUIDFH
3KRQH
&DEOHV
+'0,
&RPSRQHQW<3E3U
69LGHR
$95&$
2WKHU
$FFHVV&DUG
3KRQHFRUG
3RZHUFRUG
%EDQGFRQYHUWHUV
5HPRWH0RGHO5&5
,5&DSDEOH
5)&DSDEOH
3RVLWLRQ6ZLWFK',5(&79Š5HFHLYHU
79$9$9
3URJUDPPDEOHWR',5(&79Š79
679'9'9&56WHUHR
%DWWHULHV,QFOXGHG$$
$FWXDOUHFRUGLQJWLPHYDULHVGHSHQGLQJRQWKHW\SHRISURJUDPPLQJEHLQJUHFRUGHG6RPHLQWHUDFWLYHVHUYLFHVPD\UHTXLUHSKRQHOLQHFRQQHFWLRQDQGRUDGGLWLRQDOVHUYLFHIHH‚0DQXIDFWXUHG
XQGHUOLFHQVHIURP'ROE\/DERUDWRULHV'ROE\DQGWKHGRXEOH'V\PERODUHUHJLVWHUHGWUDGHPDUNVRI'ROE\/DERUDWRULHV‚‚7RXVHWKLVIHDWXUH\RXPXVWKDYH\RXUUHFHLYHUGLUHFWO\SOXJJHGLQWR
DWHOHSKRQHRXWOHWQRWDZLUHOHVVSKRQHMDFNDQGPXVWVXEVFULEHWR&DOOHU,'RUVLPLOLDUFDOOHULGHQWLILFDWLRQVHUYLFHIURP\RXUSKRQHFRPSDQ\
',5(&79_0'8
0'86$/(65(*,216
0'86$/(67($0
(QULTXH0RUHQR
-DYLHU+LOGDJR
.HLWK0LOOHU
%ULDQ7LQQHUPRQ
6XQHLO&KDQGHU
%LOO6SHQFHU
5RE/DJXDUGLD
5XVV(QJODQG
'DQ2·1HLOO
0LNH&ROVRQ
&KULV%DUQKLOO
-DVRQ3RGMDVHN
0DUN:LQFKHVWHU
5XVW\+DUQHG
.HYLQ:HLVLQJHU
-RKQ*DXQW
6FRWW6Q\GHU
&KULV.HQQHG\
0DWW3HVOHU
5HJJLH.XUW]H
%ULDQ/RZH
'DQLHO'LD]
&ODXGLD)UHGHULFNVRQ
6FRWW'RXFHWWH
'LDQH0RUJDQ
3HUIHFWFRPPLWVLWVHOIWRH[FHHGLQJWKHH[SHFWDWLRQVRILWV.H\6\VWHP2SHUDWRUVDQG6\VWHP2SHUDWRUVDQGWR
KHOSLQJ WKHP JURZ DQG PDQDJH WKHLU EXVLQHVVHV SURILWDEO\ 3HUIHFW KDV D GHGLFDWHG 0'8 GHSDUWPHQW DQG ZH
ZRUN FORVHO\ ZLWK WKH ODUJHVW 0'8 062 LQ WKH FRXQWU\ WR KHOS UHFUXLW WUDLQ VXSSRUW JURZ DQG PDQDJH WKH 0'8
%XVLQHVV:HDOVRRIIHUWHFKQLFDODVVLVWDQFHWKURXJKRXUODEZLWKWHFKQLFLDQVIXOO\FHUWLILHGIRU&RPPHUFLDO60$79
0'8DSSOLFDWLRQVZLWK\HDUVRI(QJLQHHULQJH[SHULHQFH
‡ 3HUIHFWLVDOHDGHULQWKHEURDGEDQGLQGXVWU\IRUWKHGHOLYHU\RI9LGHR9RLFHDQG'DWD(TXLSPHQW
ZRUOGZLGH
‡ &RPSOHWH VXSSRUW IRU FXVWRP GHVLJQHG 6LJQDO 'HOLYHU\ 6\VWHPV IRU 5) )LEHU DQG +HDG (QG
‡
‡
‡
‡
6ROXWLRQV 7KHVH V\VWHPV DUH XVHG IRU GHSOR\PHQW LQ DQ\ VL]HG 0XOWL'ZHOOLQJ SURSHUW\ RU
FRPPXQLW\
3HUIHFW PDQDJHV VXSSRUWV DQG GHYHORSV D QDWLRQZLGH QHWZRUN RI 6\VWHP 2SHUDWRUV ZKR
LQVWDOODQGPDQDJHSURSHUWLHVIRU6SHFLDO0DUNHWVVXFKDV0XOWL)DPLO\'ZHOOLQJV&RPPHUFLDO
3URSHUWLHV)UHHWR*XHVWDQG3XEOLF9LHZLQJ
7RWDOHQJLQHHULQJV\VWHPGHVLJQDVVLVWDQFHIURPEHJLQQLQJWRHQGIRURXUFXVWRPHUVEXGJHWRI
PDWHULDOVGHYHORSPHQWDQGSURMHFWPDQDJHPHQWVXSSRUW
(QJLQHHULQJDQGV\VWHPLQVWDOODWLRQSODQQLQJDQGDVVLVWDQFH
0$67(5 ',675,%8725 RI ',5(&79Š UHFHLYHUV LQFOXGLQJ %X\GRZQ 6XEVLGL]HG HTXLSPHQW IRU
0'8
0'8_',5(&79
9 ?B94?
9+,# ,,#$?#'B9+,#4?#'
7KH3HUIHFW$GYDQWDJH0DNHV0'8(DV\
*"#'9 ?H
9 ?LVWKHDFURQ\PIRU9+,# ,,#$?#'DQGW\SLFDOO\UHIHUVWRDSDUWPHQWVFRQGRVWRZQ
KRPHVDQGPDVWHUSODQQHGFRPPXQLWLHVWKDWXVHDFHQWUDOL]HGVDWHOOLWHGLVKORFDWLRQDQGDVKDUHG
GLVWULEXWLRQV\VWHP7KLVVLQJOHGLVKLQIUDVWUXFWXUHLVZKDWGLVWLQJXLVKHV9 ?IURPRWKHU',5(&79Š
EXVLQHVVW\SHV
*"#'J9.1#:%/JH
9.1LQDER[LVDSUHIDEULFDWHGORFNER[WKDWFDQEHVKLSSHGGLUHFWO\WRDSURSHUW\:HXVHRQO\
WKHEHVWHTXLSPHQWLQWKHLQGXVWU\2XUWHFKQLFLDQVDUHKLJKO\WUDLQHGDQGXVHVWDWHRIWKHDUWHTXLS
PHQWWRHQVXUHFRQVLVWHQWKLJKOHYHOVRITXDOLW\3HUIHFWFDQKHOS\RXUHGXFHLQVWDOODWLRQWLPHDQG
HUURUV
0)+LQD%R[
2XUORFNER[ZDVVSHFLILFDOO\GHVLJQHGIRU',5(&79Š:HZRUNHGFORVHO\ZLWK',5(&79Š(QJLQHHU
LQJDQG2SHUDWLRQVWRFUHDWHWKHPRVWUHOLDEOHDQGVHFXUHORFNER[LQWKHLQGXVWU\,W·VWKHRQO\ORFN
ER[XVHGIRU',5(&79ŠSURSHUWLHV
,,+'%.8;;6?34;G
*"#'J94?:%&JH
,VWKHVDPHDVD9.1LQDER[ZLWKRXWWKHER[9+,#4?#'DUHSULYDWHDQGSXEOLFRIILFH
EXLOGLQJV0RVWRIILFHEXLOGLQJVKDYHDVHFXUHXWLOLW\FORVHWVRWKHQHHGIRUDORFNER[LVUDUH:H
GHVLJQHGDIODWPHWDOERDUGWRPRXQW9.1HTXLSPHQWGLUHFWO\RQWKHERDUG
078%RDUG
9 ?%$.+'
1 2 7 ( W K H U H D U H 7 : 2 Z D \ V W R S X U F K D V H D 0 ' 8 S U R G X F W V I U R P 3H U I H F W 3#% 30'83URGXFW/LQH
7+,6,6$3$57621/<25'(5
‡'HDOHU´VHOIEXLOWµV\VWHPV
‡&HQWUDOO\ORFDWHGLQYHQWRU\
‡SDUWQXPEHUV
‡2QH\HDUUHSODFHPHQWZDUUDQW\
‡5HTXLUHVDGHWDLOHGNQRZOHGJHRIV\VWHP
GHVLJQDQGDVVHPEO\
3#% 3&XVWRP%XLOW6\VWHPV
7+,6,6$&86720$66(0%/('25'(5
‡3HUIHFWSUHEXLOWVHUYLFHV
‡&RPSOHWHGV\VWHPLVGURSVKLSSHGWRGHDOHU·VVSHFLILHGORFDWLRQ
‡&XVWRPEXLOWE\PDQXIDFWXUHUWRGHDOHU·VVSHFLILFDWLRQV
‡$OOVDOHVDUHDFXVWRPTXRWH
‡5HTXLUHVQRHQJLQHHULQJDQG/,0,7('V\VWHPDVVHPEO\NQRZOHGJH
‡)DVWWXUQDURXQGRQTXRWHVDQGSURGXFWLRQ
‡2QH\HDUUHSODFHPHQWZDUUDQW\
3HUIHFWKDV(YHU\WKLQJ\RXQHHGWRVWDUW\RXU0'8%XVLQHVV
,,?'4%&!%,@%+3&"%+$"3+*(%G
',5(&79_0'8
/2&.%2;
/2&.%2;
/2&.%2;
‡ [[
‡[[
‡:RRG%DFNERDUG
‡%HLJH
‡[[
‡:RRG%DFNERDUG
‡%HLJH
‡[[
‡:RRG%DFNERDUG
‡%HLJH
$3%0
$3%0
$3%0
/2&.%2;
0$67(5/2&.
0$67(5/2&.
‡[[
‡:RRG%DFNERDUG
‡/LJKW*UD\
‡µZLGHORFNERG\
‡µZLGHORFNERG\
‡',5(&79ŠRQO\
$3%
.$
.$
0$67(5/2&.+,1*(
9(/&5248,&.7,(
3$'/2&.6($/
‡3RZHU,QVHUWHU
‡0+]
‡4XLFN7LH
‡5HXVDEOH6WUDS
‡LQFKHV
‡%ODFNRU*UD\
'3)
47
‡%HQW66+DVS
‡:KLWH
‡'EO:ULWH2Q
‡1R3ULQW
L
0'8_',5(&79
3$'/2&.6($/
3$'/2&.6($/
3$'/2&.6($/
‡%HQW66+DVS
‡5HG
‡6HULDOL]HG
‡%HQW66+DVS
‡*UHHQ
‡6HULDOL]HG
‡%HQW66+DVS
‡%ODFN
‡6HULDOL]HG
L
L
L
%/66
%/66
%/66
3$'/2&.6($/
3$'/2&.6($/
3$'/2&.6($/
‡%HQW66+DVS
‡5HG
‡'EO:ULWH2Q
‡1R3ULQW
L
‡%HQW66+DVS
‡*UHHQ
‡'EO:ULWH2Q
‡1R3ULQW
L
‡%HQW66+DVS
‡%OXH
‡'EO:ULWH2Q
‡1R3ULQW
L
:2:2
:2:2
:2:2
078%$&.%2$5'
6:05$&.
6:05$&.
‡6:05DFN&KDVVLV
‡6:05DFN&KDVVLV
‡078%DFN%RDUG
‡[
‡%ODFN
078%%;
6:05.
6:05.
',5(&79_0'8
6:0&+$66,6
)2;&206/276+(/) )2;&20)25(73$7+
‡5;)25HW3DWK
‡6LQJOH6&$3&,Q
‡6LQJOH5)2XW
‡586ORW6KHOI
‡3DVVLYH0RGXOH6\VWHP
‡6L[VZPPRGXOHFKDVVLV
&$//)2535,&,1*
)0&
$/6&66
)36/*;
)2;&20/%$1'
2
'##%
#
4
7;/%DQG0+]QPG%P
C
4
7;/%DQG0+]QPG%P
C
4
7;/%DQG0+]QP,78G%P
C
4
7;/%DQG0+]QP,78G%P
C
4
7;/%DQG0+]QP,78G%P
C
4
7;/%DQG0+]QP,78G%P
C
4
7;/%DQG0+]QP,78G%P
C
4
7;/%DQG0+]QPG%P
C
)2;&20/%$1'-803(5
2
06&$3&
#
40
/%DQGG%P7;&:'0:D\6SOLW-XPSHUV/*;
C
40
/%DQGG%P7;&:'0:D\6SOLW-XPSHUV/*;
C
40
/%DQGG%P7;&:'0:D\6SOLW-XPSHUV/*;
C
0(7(5-803(5
‡0HWHU-XPSHU
‡6&$3&6&$3&
'##%
)2;&20-803(5
‡2QH0HWHU-XPSHU
‡60)6&$3&6&$3&
-6&$3&
)2;&20/%$1'5;
‡/%DQG5;:LWK%XLOW,Q&:'0&RPSDFW
$/5
0'8_',5(&79
)2;&20;237,&$/
63/,77(5
)2;&20;237,&$/
63/,77(5
)2;&2002'8/$725
‡[2SWLFDO6SOLWWHU0RGXOH
6&$3&&RQQHFWRU
‡[2SWLFDO6SOLWWHU0RGXOH
6&$3&&RQQHFWRU
‡[2SWLFDO6SOLWWHU0RGXOH6&$3&
ZLWKQP$2'05HWXUQ2XWSXW
)3663/6&
)362'06&
)3663/6&
0'8:$<63/,77(5 0'8:$<63/,77(5
63/,77(5
‡0'8:D\0596SOLWWHU
‡ 0'8:D\0596SOLWWHU
0'863/75:$<
0'863/75:$<
‡5DFN0RXQWHG6SOLWWHU
‡3RUW0+]G%
')&6
67$55287(63/,77(5
2
'##%
#
*48
:D\0)+6SOLWWHU0+]
C
*48F
:D\0)+6SOLWWHU0+]
C
*48
:D\0)+6SOLWWHU0+]
CF
48$'08/7,6$7(//,7(7$3 8/75$:,'($&7,9(63/,77(5
2
9A8
'##%
#
:D\8OWUD:LGH%DQG6SOLWWHU0)+
C
F
9AF8 :D\8OWUD:LGH%DQG6SOLWWHU0)+
C
9A
CF
:D\8OWUD:LGH%DQG6SOLWWHU0)+
9A8 :D\8OWUD:LGH%DQG6SOLWWHU0)+0)+ C
F
8/75$:,'(%$1'6$7(//,7(63/,77(5
2
‡4XDG0XOWL6DWHOOLWH7DS
‡[
067
'##%
#
?1.
:LGH%DQG6DWHOOLWH6SOLWWHU:D\
0+=0)+
C
?1.F
:LGH%DQG6DWHOOLWH6SOLWWHU:D\
0+=0)+
C
?1.
:LGH%DQG6DWHOOLWH6SOLWWHU:D\
0+=0)+
C
',5(&79_0'8
9(57,&$/
63/,77(5
2
'##%
#
18=
:D\6SOLWWHU9HUWLFDO0+]
18=
:D\6SOLWWHU9HUWLFDO0+]
F
18=F
:D\6SOLWWHU9HUWLFDO0+]
18=
:D\6SOLWWHU9HUWLFDO0+]
+25,=217$/
&283/(5
2
'##%
#
184
+RUL]RQWDO&RXSOHU0+]G%
184
+RUL]RQWDO&RXSOHU0+]G%
184
+RUL]RQWDO&RXSOHU0+]G%
184
+RUL]RQWDO&RXSOHU0+]G%
9(57,&$/
&283/(5
2
'##%
#
18=4 9HUWLFDO&RXSOHU0+]G%
18=4 9HUWLFDO&RXSOHU0+]G%
18=4 9HUWLFDO&RXSOHU0+]G%
18=4 9HUWLFDO&RXSOHU0+]G%
:$//3/$7(
&283/(5
2
'##%
#
184*
:DOO3ODWH&RXSOHU0+]G%
184*
:DOO3ODWH&RXSOHU0+]G%
184*
:DOO3ODWH&RXSOHU0+]G%
184*
:DOO3ODWH&RXSOHU0+]G%
0'8_',5(&79
%/2&.,1*
7(50,1$725
‡9ROWDJH%ORFNLQJ7HUPLQDWRU
‡9
9%7
92/7$*(
7(50,1$725
‡9ROWDJH%ORFNLQJ7HUPLQDWRU
:LWK+LJK5HWXUQ/RVV
‡9
‡9ROWDJH%ORFNLQJ&RXSOHU
‡0)+
„
9%7+5
76
62125$&211(&725 1$6)7<3(48,&.
&211(&725
)&$3
6(1,2508/7,3/(
*5281'%$5
‡0XOWLSOH*URXQG%DUIRU0'8$SSOLFDWLRQV
‡6ORWV
‡7KUHDGHG)&RQQHFWRUZLWK
5XEEHU,QQHU6HDO
„
92/7$*(&283/(5
1$64&
6,
:,5(02/'5$&(:$< :,5(02/'(/%2: 62125$6:0/,1($03
‡µ6LQJOH/9/DWFK
‡1RQ0HW5DFHZD\
‡,YRU\
‡&DVH
31/9
‡'HJUHH(OERZ
‡,YRU\
‡%DJRI
31)9
‡6:0/LQH$PS
‡G%*DLQ
‡Z5HW93RZHU6XSSO\
/$57
',5(&79_0'8
62125$6:0 62125$/1%/,1($03 62125$/1%/,1($03
/,1($03'%*$,1
‡6:0/LQH$PS
‡G%*DLQ
‡:LWK5HWXUQ
‡93RZHU6XSSO\
/$57
‡/1%.D.X/LQH$PS
‡G%*DLQ
‡:LWK3RZHU6XSSO\
‡/1%.D.X/LQH$PS
‡G%*DLQ
‡:LWK3RZHU6XSSO\
/$$7
/$$7
62125$/1%/,1($03 62125$/1%$872*$,1$03 62125$/1%$872*$,1$03
‡/1%.D.X/LQH$PS
/1% . . /L $
‡G%*DLQ
‡:LWK3RZHU6XSSO\
/$$7
‡/1%.D.X$XWR*DLQ$PS
‡G%*DLQ
‡:LWK3RZHU6XSSO\
‡/1%.D.X$XWR*DLQ$PS
‡G%*DLQ
‡:LWK3RZHU6XSSO\
/$/$7
/$/$7
62125$/1%$872*$,1$03 62125$/1%/,1($03/,),(5
‡/1%.D.X$XWR*DLQ$PS
‡G%*DLQ
‡:LWK3RZHU6XSSO\
/$/$7
2
'##%
#
F
/1%.D.X/LQH$PSG%*DLQ
C
FF
/1%.D.X/LQH$PSG%*DLQ
C
F
/1%.D.X/LQH$PSG%*DLQ
C
/1%.D.X/LQH$PSG%*DLQ C
8/75$/,1($03
‡8OWUD:LGH%DQG/LQH$PS
‡0+=
/$5
0'8_',5(&79
62125$$872*$,1$03
‡/1%.D.X$XWR*DLQ$PS
‡G%*DLQ
&$79$03/,),(5
‡&$79$PSOLILHUZLWK$FWLYH5HYHUVH
‡G%0+]
/$/$
$03//,)),(5
$03/,),(5
‡G%)L[HG*DLQ$PSOLILHU
‡6DWHOOLWH6HOHFWRU
0'875,3/(;(5
‡0'87ULSOH[HU059FRPSOLDQW
+&$(5$
0'8;)/75
$03/,),(5
$03/,),(5
‡G%)L[HG*DLQ
3RUW$PS
‡G%$GM*DLQ$PS
‡6DWHOOLWH6HOHFWRU
+'31%)*
+'66)*%
+'66$*
48$'6:0(;3$1'(5 '8$/6:0(;3$1'(5
$03/,),(5
‡$SDUWPHQW&RPSOH[$PSOLILHU
‡G%0+]
$&$
‡4XDG6:0([SDQGHU8QLW0)+
6:0(
‡'XDO6:0([SDQGHU8QLW0)+
6:0(
',5(&79_0'8
6$7(//,7(/,1(
‡6DWHOOLWH/LQH$GMXVWDEOH$P0)+
(48$/,=(5
‡(TXDOL]HU/LQHVG%
‡0)+
‡0)+0XOWL6DWHOOLWH7DS[
0)+ 0 O L 6 OOL 7 6:(
067
6$$/
32:(5
,16(57(5
‡:D\3RZHU,QVHUWHUZR360)+
‡0XOWL&KDQQHO3URJUDPPDEOH
)LOWHU$PSOLILHU0)+
3)$
'&32:(5-$&.
6$7(//,7(&20%,1(5
‡'&3RZHU-DFNWR'XDO)
&RQQHFWRU$GDSWHU
‡9+)8+)6DWHOOLWH6HSDUDWRU&RPELQHU
0)+
3$)
67'
3,6
352*5$00$%/(
),/7(5
08/7,
6$7(//,7(7$3
62125$/2:3$66),/7(5 '8$/&86720(5'(9,&(
‡/RZ3DVV)LOWHU
‡)WR)
‡0+]
/3)
‡'XDO&XVWRPHU'HYLFH
‡9HUVLRQ:6LQJOHLQ'XDO,5'2XWV
6&'3:
0'8_',5(&79
62125$32/$5,7</2&. 62125$/1%/2&.(5 62125$67$&.(5
‡/1%
‡)OH[3RZHU,QVHUW
‡3RODULW\/RFN0+]
‡/1%3RZHU,QVHUWHU3RODULW\/RFNHU
‡0+]
‡'%6.D&DEOH6ORSH&RPSHQVDWRU
‡,QSXW2XWSXW
‡'%6.D&DEOH6ORSH&RPSHQVDWRU
‡,QSXW2XWSXW
6(4
867
62125$'(67$&.(5 62125$'(67$&.(5
‡6LQJOH
‡0+]
62125$
+,*+5,6(+8%
‡+LJK5LVH'796:0+XE
‡=HUR/RVV
‡'XDO
‡0+]
''
'
6(4
62125$
,1387287387
&203(16$725
+53,'$
6$73/
62125$
,1387287387
&203(16$725
‡6WDFNHUZ3RZHU6XSSO\
‡0+]
6;$033
62125$*$5'(1+8%
‡*DUGHQ'796:0+XE
‡=HUR/RVV
‡3RODU/RFN
‡6ORSH(4
6;3/(4$03
',5(&79_0'8
62125$6:,7&++8%
‡6ZLWFK+XE
‡=HUR/RVV
027252/$ 7(5$<21
02'(0
02'(0
‡'2&6,6&DEOH0RGHP
62125$9$
32:(56833/<
7-
4)$1
62125$9$
32:(56833/<
36$
36$
932:(56833/< 932:(56833/<
‡6ZLWFK0RGHY3RZHU
6XSSO\0)+0)+
‡
‡93RZHU6XSSO\IRU
9 3RZHU 6XSSO\ IRU
)0&0)+0)+
62125$32:(56833/<
‡2XWOHW3RZHU6XSSO\
$&36
62125$:$<
32:(5',9,'(5
$'$
$'$
6:,7&+02'(32:(56833/<
‡ Y$ 3RZHU 6XSSO\
‡Y$3RZHU6XSSO\
‡6ZLWFKLQJ5HJXODWHG
‡)&RQQHFWRU
‡$&&RUG
2
6%
‡Y$3RZHU6XSSO\
$ 3
6 O
‡6ZLWFKLQJ5HJXODWHG
‡)&RQQHFWRU
‡$&&RUG
‡ 5HIXUELVKHG'2&6,6
&DEOH0RGHP
‡µ4XLHW)DQ
‡9
‡&)0Z*XDUG3&
6;$03
0,''/($7/$17,&
48,(7)$1
'##%
#
* 6ZLWFK0RGH3RZHU6XSSO\2XWSXW9'&#$
C
*F 6ZLWFK0RGH3RZHU6XSSO\2XWSXW9'&#$
C
‡:D\3RZHU'LYLGHUZ9$3RZHU6XSSO\
36$
0'8_',5(&79
',5(&79 +5,5(&(,9(5
Š
7KH',5(&79Š3OXV+''95LVDKLJKGHILQLWLRQGLJLWDOYLGHRUHFRUGHUWKDWOHWV\RXUHFRUGXSWR
KRXUVRI\RXUIDYRULWHSURJUDPVLQVWDQGDUGRUKLJKGHILQLWLRQDQGXVHSDXVHDQGRWKHUYLGHR
FRQWUROVRQOLYH79<RXFDQVHOHFWDVSHFLILFSURJUDPDQGVHWLWWRUHFRUGRQFHRUHYHU\WLPHLW·V
RQRU\RXFDQVHDUFKIRUDQGUHFRUG\RXUIDYRULWHVKRZVZLWK\RXUGHVLUHGQDPHWLWOHRUNH\ZRUGV
+5,
<RXFDQHYHQUHFRUGXSWRWKUHHVKRZVDWRQFH
0!.+')
‡3'''#')6HOHFWLQJ+HOS6HWWLQJVLQWKH4XLFN0HQX
GLVSOD\VDVXEPHQXRILWHPVWKDWOHWV\RXFXVWRPL]HDGMXVWDQGNHHS
WUDFNRI\RXU',5(&79ŠYLHZLQJH[SHULHQFH
‡"%%$')7KH6HDUFKIHDWXUHDOORZV\RXWRILQGDSUR
JUDPE\WLWOHSHUVRQNH\ZRUGRUFKDQQHO
‡8%&#$%$'):LWK\RXU',5(&79Š3OXV+''95\RXFDQ
UHFRUGXSWRWZRVKRZVDWRQFH
‡,!,#')<RXFDQDFFHVVWKH/,67RISURJUDPV\RX·YHUHFRUGHGE\
SUHVVLQJWKH/LVWEXWWRQRQ\RXUUHPRWH<RXUSURJUDPVDUHGLVSOD\HG
XQGHUWKH0\92'ŒWDE
‡",:):KHQ\RXWXQHWRDFKDQQHOWKH&KDQQHO%DQ
QHUDSSHDUVDFURVVWKHWRSRIWKHVFUHHQGLVSOD\LQJWKHFKDQQHODQG
SURJUDP\RXDUHFXUUHQWO\ZDWFKLQJ
‡6+#59+)7KH4XLFN0HQXOHWV\RXHDVLO\DFFHVV',5(&79ŠIHD
WXUHVUHOHYHQWWROLYH79RUDQ\VFUHHQ\RXDUHFXUUHQWO\YLHZLQJVXFK
DVWKH*XLGH
‡3'<+#&7KH*XLGHGLVSOD\VOLVWLQJVRIFXUUHQWDQGXSFRP
LQJSURJUDPVIRUXSWRGD\VLQDGYDQFH7KHWRSULJKWFRUQHUVKRZV
ZKDW·VSOD\LQJRQOLYH79:LWKRQHSUHVVWKH5('DQG*5((1EXWWRQV
LQWKH*XLGHDOORZ\RXWRVNLSIRUZDUGDQGEDFNZDUGVE\KRXUV
‡4"9##<+#&)7KH0LQL*XLGHLVDVSHFLDOYHULVRQRIWKH*XLGHWKDW
GLVSOD\VRQO\RQHFKDQQHODWDWLPHDOORZLQJ\RXWRZDWFKOLYH79LQ
IXOOVFUHHQ
73*
2
8;:;
5($59,(:
.83747;
'2253$1(/86%3257)RU)XWXUHXVH
32:(57XUQV\RXU',5(&79Š3OXV+''95RQRURII<RXU'95VWLOOUHFRUGVDQG
UHFHLYHVPHVVDJHVZKHQSRZHUHGRII
5(027(6(16257KHLQIUDUHGVHQVRUSLFNVXSFRPPDQGVIURPWKHFRQWURO
*8,'('LVSOD\VWKHRQVFUHHQSURJUDPJXLGH
0(18%ULQJVXSWKH4XLFN0HQXWRDFFHVVVHWWLQJVDQGVHUYLFHV
5(&25',QOLYH79UHFRUGVFXUUHQWSURJUDPVLQWKH*XLGHVHWVRQHWRXFKUHFRUG
IRUKLJKOLJKWHGSURJUDP
$552:60RYHWKHRQVFUHHQKLJKOLJKWXSGRZQOHIWRUULJKW
6(/(&76HOHFWVWKHLWHPKLJKOLJKWHG
/,*+75,1*EOXHOLJKWVLQGLFDWHWKHFXUUHQWVWDWHRIWKH',5(&79Š3OXV+''95
$&7,9('LVSOD\VWKH',5(&79Š$FWLYHŒ&KDQQHO²²ORFDOZHDWKHUDQGPRUH
,1)2'LVSOD\VFKDQQHOEDQQHURULQIRWRDKLJKOLJKWHGSURJUDPRUFKDQQHOFHOO
5(65(62/87,217KH5(6NH\VZLWFKHVWKHRXWSXWUHVROXWLRQRIWKH',5(&79Š
3OXV+''95(DFKWLPH\RXSUHVVWKHNH\LWF\FOHVWRWKHQH[WDYDLODEOHUHVROXWLRQ
SLSDQGL
5(62/87,21,1',&$7256/LJKWVLQGLFDWHWKHFXUUHQWUHVROXWLRQVHWWLQJ
'2253$1(/$&&(66&$5'7KHDFFHVVFDUGVORWDQG5(6(7NH\DUHORFDWHG
EHKLQGWKHGRRUSDQHO
8;87;
2))$,5,1&RQQHFWDQ$76&DQWHQQDWRWKH',5(&79Š3OXV+''95XVLQJWKLV
MDFN<RXZLOOEHDEOHWRZDWFKRIIDLUGLJLWDO79EURDGFDVWV$76&SURJUDPPLQJRQ
\RXU',5(&79Š+''95DQGWKHVH$76&FKDQQHOVZLOODSSHDULQWKH*XLGH
6DWHOOLWH,Q8VHWRFRQQHFWWKH'95WRWKHVDOHOOLWHGLVKDQWHQQD
6DOHOOLWH,QIWP8VHWRFRQQHFWWKH'95WRDVHFRQG/1%RQWKHVDWHOOLWHGLVK
DQWHQQDJLYLQJ\RXWKHDELOLW\WRZDWFKDQGUHFRUGXSWRWKUHHSURJUDPVDWRQFHWZR
IURPWKHVDWHOOLWHDQGRQHIURPWKH2II$LU,Q,I\RXULQVWDOODWLRQLQFOXGHVDQ)70
)UHTXHQF\7UDQVODWRU0RGXOHFRQQHFWWKH)70RXWSXWWRWKLVLQSXW)70LVDWHFK
QRORJ\WKDWDOORZVPXOLSOHWXQHUVWRZRUNZLWKDVLQJOHVDWHOOLWHLQSXW)70VXSSRUW
PD\UHTXLUHDVRIWZDUHXSJUDGH$VN\RXU',5(&79Š,QVWDOOHUIRUGHWDLOV
3KRQH&RQQHFWVWKH'95WRDWHOHSKRQHMDFN
+'0,3URYLGHVWKHEHVWTXDLOLW\+'SLFWXUH
$XGLR55HGDQG/:KLWH$XGLRFDEOHVRIIHUEHWWHUVRXQGTXDOLW\WKDQ5)FRD[LDO
FDEOHV
9LGHR<HOORZ3URYLGHVJRRGSLFWXUHTXDOLW\IRUVWDQGDUGGHILQLWLRQ79
69LGHR2XW3URYLGHVWKHEHVWTXDOLW\IRUVWDQGDUGGHILQLWLRQ79
'LJLWDO$XGLR2XW3URYLGHVGLJLWDOTXDOLW\DXGLRVLJQDO
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(//,7(6$7(/
6$7(//,7(
6$7(//,7(
(//,37,&$/',6+
µ6$7(//,7($17(11$:,7+'8$//1%)
6WXUG\'XUDEOH/LJKWZHLJKW
,QFOXGHV'XDO/1%)
‡6WDQGDUGLQFK',5(&79ŠDQWHQQDZLWK
GXDORXWSXW/1%)
‡3LFNVXS',5(&79ŠGHJUHHVDWHOOLWH
27? ;
4820
7:.
;2.24237)
‡8QLTXH'&KDQQHOIHHGVXSSRUWDUPUHGXFHV
FRQGHQVDWLRQZKLOHWKHGRPHGWRSUHGXFHV
VQRZDFFXPXODWLRQ
‡6HOIWDSSLQJEROWVSUHYHQWURFNLQJDFWLRQ
‡(DV\DFFHVVWRFODPSEROWV
‡$FFHSWVHLWKHUUHFWDQJOHRU'&KDQQHO/1%
öµ0DVW
‡(OOLSWLFDO[3KDVH'LVK
',6+
$QWHQQD%UDQGV0D\9DU\
',6+
µ'78%()(('',6+ µ'78%()(('',6+ µ'78%()(('',6+ µ5(&7$1*8/$5)(('',6+
‡,QFK'LVK
‡'7XEH)HHG
'6
‡,QFK'LVK
‡'7XEH)HHG
'6
µ5(&7$1*8/$5)(('',6+ 81,9(56$/)(('',6+
‡,QFK'LVK
‡'7XEH)HHG
‡,QFK'LVK
‡5HFWDQJXODU)HHG
'6
'6
',5(&79Š,QWHUQDWLRQDO$QWHQQD
ZLWK/1%)VIRU
:RUOG',5(&7Š
3URJUDPPLQJ
M*-M*
‡,QFK'LVK
‡5HFWDQJXODU)HHG
'6
‡,QFK'LVK
‡8QLYHUVDO)HHG
'6
‡/LQHDU'XDO/1%)VIRU
VLPXOWDQHRXVUHFHSWLRQRIƒ
:HVWƒ:HVW6DWHOOLWHV
‡8VHDQWHQQDZLWK6$0
[PXOWLVZLWFKIRULQWHUIDFH
WR',5(&79ŠV\VWHPWRDOORZ
UHFHSWLRQRI/RFDO&KDQQHO
SURJUDPPLQJYLD',5(&79Š
VDWHOOLWHVORFDWHGDW:
:
‡öµ0DVW
'79(
6$7(//,7(
75$9·/(5Œ',5(&79Š6OLPOLQH.8.$
+%#9+,#,,#4=
:,/'%/8(287'225
81,7:/()775,$
;2=;827< 28;4=1 177;[email protected]?88=G
',5(&79ŠLVQRZRIIHULQJRYHU+'FKDQQHOV
:LQHJDUGZDVWKHILUVWWRSURYLGHDPRELOHDQWHQQD
DEOH WR SURYLGH DOO +' DQG QRQ+' SURJUDPPLQJ
',5(&79Š RIIHUV ZLWK WKH 75$9·/(5 6OLPOLQH .X
.$)XOO\DXWRPDWLFZLWKHDV\RQHEXWWRQRSHUDWLRQ
DQGIDVWVDWHOOLWHDFTXLVLWLRQVSHHGSURYLGHDOOWKH
VDPH JUHDW IHDWXUHV RI D KRPH V\VWHP LQ WKH 59
'HVLJQHGZLWKD',5(&79ŠDSSURYHGDQGFHUWLILHG
UHIOHFWRUWRSURYLGHWKHKLJKHVWVLJQDOVWUHQJWKZLWK
WKHORZHVWVWRZKHLJKWRIRQO\µ)RUVWDWLRQDU\
XVHRQO\'LPHQVLRQVµO[µZOEV
75$9·/(5
VWRZHG
:%/
6.
µ5RDG7ULSŠ6WDWLRQDU\,Q0RWLRQ
%,,#4=
‡)XOO\DXWRPDWLF²EXWWRQRSHUDWLRQ
‡'9%SURYLGHVIDVWDQGDFFXUDWHDFTXLVLWLRQ
‡7RJJOHEHWZHHQVDWHOOLWHVZKLOHSDUNHGRU
WUDYHOLQJGRZQWKHURDG
‡7XQHGGRPHGRHVQRWZHDNHQVLJQDO
‡&RPSDWLEOHIRUUHFHLYHUV
‡7RJJOHVEHWZHHQ',5(&79.8EDQGVDWHOOLWHV
žDQGž
‡)HHWFRPHDWWDFKHGIRUHDV\LQVWDOODWLRQ
‡µGLDPHWHUµKLJKOEV
:,/'%/8(287'225
81,7:5,*+775,$
1RWFRPSDWLEOHZLWK',5(&79ž
#%! 84 *124; C
29%#% 844 *124; CF
0',6+
‡',5(&79ŠP'LVK$ODVND+DZDLL
'79$+',6+
:%5
:,/'%/8($17(11$
32,17,1*$,'
:%
6,1*/(3$&.',6+
‡',5(&79Š6OLP/LQH6LQJOH3DFN'LVK
:%UDFH
6/63)
6$7(//,7(
µ',6+5(752),7.,7)8//6,=(
‡)RU8VHRQ;$QWHQQDV
‡(QJLQHHUHGIURP'XUDEOH$OO:HDWKHU
0DWHULDO
‡5HPRYH%DFNLQJWR$GKHUHWR5HDURI
$QWHQQD
.;4?8;
‡/RZ9ROWDJH$QWHQQD+HDWHU.HHSV$QWHQQD
&OHDURI,FH6QRZ
‡%XLOWLQ6HQVRU7XUQV+HDWHU2QLQ)UHH]LQJ
&RQGLWLRQV
‡ 6HOI$GKHVLYH9LQ\O3DGLV(DV\WR$WWDFKWR
$QWHQQD
‡6HOI$GKHVLYH+HDWLQJ(OHPHQW
‡6DIH/RZ9ROWDJH3RZHU6XSSO\
02427? ;
‡)HHWRI&DEOH
‡7KHUPRVWDWLF7HPSHUDWXUH6HQVRU
‡(DV\7R)ROORZ,QVWDOODWLRQ,QVWUXFWLRQV
‡'XUDEOH$OO:HDWKHU0DWHULDO
‡6DIH/RZ9ROWDJH3RZHU6XSSOLHV
‡7UDQVIRUPHU&RQQHFWLRQ
)URP3HUIHFW(QJLQHHULQJ863DWHQW
,,%('##$
+61*5).,7
%#,+&&
81,9(56$/3((/67,&.+($7(5.,7
$IIL[HVWREDFNRI6OLPOLQH$QWHQQD
$50(/(0(17
‡4XLFN(DV\,QVWDOODWLRQ
‡'XUDEOH$OO:HDWKHU0DWHULDO
‡%HDWV,FHDQG6QRZ
‡$UP(OHPHQWµ[µ
,,%('##$
,,%('##$
+66/1*5).,7
+6$50
6$7(//,7(
3267.,7)25µ',6+
1350)5$0(
%$&.$66(0%/<
‡ 3RVW.LW)RUµ'LVKRQ'61350)UDPH2'
'6
-3,3(02817
‡ -3LSH0RXQW)RRW
‡-3LSH0RXQW)RRW
‡2',QFKHV
‡
2' ,QFKHV
‡ 1350)UDPH)RUµµ'LVK
'6
‡',5(&79 6OLP/LQH5DLO0RXQW&DVHRI
‡&KLPQH\0RXQWIRUµµ'LVKHV
‡-3LSHV
'6
678%(02817
‡',5(&79Š$=(/0RXQWIRUP$ODVND
+DZDLL
'79503.
/21*%5$&(
‡',5(&79
',5(&79Š/RQJ%UDFH6OLPH/LQH8QLYHUVDO
/RQJ %UDFH 6OLPH /LQH 8QLYHUU
0RXQW
/21*%5$&(
1213(102817
‡',5(&79Š1RQ3HQ0RXQW$ODVND+DZDLL
'79$+1213(1
%$83.
$=(/02817
'6
Š
&+,01(<02817
5$,/02817
‡',5(&79Š6OLP/LQH%DFN$VVHPEO\
&DVHRI
‡ ',5(&79Š6OLP/LQH67XEH0RXQW&DVHRI
'79678%(3.
'79$+$=(/
($9(02817
0DNHVDWWDFKPHQWRI'%6DQWHQQDVWRHDYHV
URRIRYHUKDQJVIDVWHDV\
522):$//02817
‡',5(&79ŠP5RRI:DOO0RXQW
$ODVND+DZDLL
'79$+:$//017
‡$GMXVWDEOHEUDFNHWPRXQWVDQWHQQDVRQ
DQJOHGURRIRYHUKDQJ
‡*UHDWSURIHVVLRQDODSSHDUDQFH
‡0DNHVDQWHQQDDLPLQJHDVLHU
(9(017
6$7(//,7(
/1%
/1%.,7
/1%:,7+6:0
‡',5(&799Š/1%.LW$ODVND+DZDLL
/1% .LW $O N
'79$+.$.8.,7
/1%
‡',5(&79Š6OLP/LQH/1%(DFK
6/
‡',5(&79Š6OLP/LQH/1%:6:0(DFK
6/6
/1%.,7 5&$02'8/$725
‡',5(&79Š6OLP/LQH/1%(DFK
6/
/1%:,7+6:0
‡',5(&79Š/1%.LW$ODVND+DZDLL
‡',5(&79Š6OLP/LQH/1%6:0(DFK
'79$+.,7
6:0,16(57(5
6/6
‡0LQL5)0RGXODWRU
&5))'
6:0,16(57(5
)256:0
=,1:(//
‡'XDO/1%)FRPSDWLEOHZLWKUHFWDQJXODUWXEH
/1%)DUPV
‡)LWV5HFWDQJXODU7XEH/1%)$UPV
‡',5(&79
5(&79Š6:03RZHU,QVHUWHU
6:0 3
,
6/66/6
‡',5(&79
,5(&79Š6:03RZHU,QVHUWHUIRU
6:0 3R HU ,QVHUWHU
6:0Y
=.)*1
3,
3,
6$7(//,7(
',5(&79Š
&20326,7(
&$%/(
‡',5(&79Š&RPSRVLWH
&DEOH)W
%$1'
6723
),/7(5
:,/'%/8(02'(0
‡%DQG6WRS)LOWHU
%6)5
&20326,7()7
%6),/7(5
/,1(5()/(&725
‡'796OLP/LQH5HIOHFWRU
&DVHRI
6/5()3.
:%
35($03&20%,1(5 35($03890,/(6 35($03890,/(6
‡3UHDPS
‡'XDO,QSXW&RPELQHU0LOHV
‡3UHDPS
‡890LOHVG%9+)G%8+)
$3
$3
&86720(583*5$'(.,7
'7983*5$'(.,7
1(:&86720(5
:(/&20(.,7
'79:.
‡3UHDPS
‡890LOHVG%9+)G%8+)
$3
:,/'%/8(:(/&20(.,7
:/'%/8:(/.,7
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1' %52$'%$1
%52$'%$1'
%52$'%$1'
0247 ;382;
17,,#:%&(&!'
1
7
,,#:%&(&
,,#
:
:%%&(&
!''
,,7%%%&4"17
.'(%+1+$"'7>
:LWKRYHUFXVWRPHUV1+$"'7>#'
#K'"%#IRUKLJKVSHHG,QWHUQHW
VDWHOOLWHVHUYLFH
1+$"'"'%!'RILQGXVWU\H[SHULHQFH
DQGSURYLGHVVHUYLFHWRPDQ\RI$PHULFD·V)RUWXQH
FRPSDQLHV
4#%"2'RZQORDGLQJPXVLF
RUVRIWZDUHILOHVWDNHVKRXUVZLWKGLDOXSEXWRQO\
PLQXWHVRUVHFRQGVZLWK+XJKHV1HWŠ
F
;'!%<&+XJKHV1HWŠPDNHVLWHDV\
WRHQMR\WKHKLJKVSHHGOLIHZLWKIOH[LEOHVHUYLFH
RSWLRQV
.%".#,!2IIHULQJVHUYLFHSODQVZLWK
GRZQORDGVSHHGVXSWR0HJWR0HJ
+XJKHV1HWŠPDNHVLWHDV\WRIRUJHWZKDWLWZDVOLNH
ZLWKGLDOXSDQGLWGRHVQ·WXVH\RXUSKRQHOLQH
4"7;*
!1+$"'7
%
.%"3#:LWKEHWWHUXSORDGDQGGRZQORDG
WW
O G GG O G
VSHHGVPRUHSRZHUIXOHTXLSPHQWVWDWLF,3
DGGUHVVHV6HUYLFH$VVXUDQFHSODQVDQGRWKHU
RSWLRQV+XJKHV1HWŠFDQPHHWWKHQHHGVRI\RXU
VPDOOEXVLQHVVFXVWRPHUV
:#$$#':+XJKHV1HWŠHPDLODFFRXQWVDUH
LQFOXGHGZLWKVHUYLFHDQGHDFKLQFOXGHV*%RI
VWRUDJHSHUDFFRXQW
+8QOLNHRWKHUVDWHOOLWH,QWHUQHWVHUYLFHV
+XJKHV1HWŠXVHV7ULSOH'(6HQFU\SWLRQWRVHFXUH
HYHU\WUDQVPLVVLRQSURWHFWLQJ\RXUVHQVLWLYHDQG
SHUVRQDOGDWD
;'!%?'$VLPSOHHWKHUQHWFRQQHFWLRQPDNHV
LWHDV\WRVKDUH\RXU+XJKHV1HWŠKLJKVSHHGDFFHVV
ZLWKWKHIDPLO\RUWKHRIILFH
:LWK PRUH IHDWXUHV FRQWHQW DQG HDVLHU QDYLJDWLRQ WKH 1(: !1+$"'7
% VLWH GHOLYHUV D UREXVW
SRUWDOH[SHULHQFHWR+XJKHV1HWŠVXEVFULEHUV
4"7.+'2,+&)
‡ :&&%3#$'
‡ .+,,!+'%#N(,
‡ ;'!4%7#$
‡
‡
2$&9#,.+
%%,'&9$4%%,'
%52$'%$1'
8'%'%,,#$
1?<1;7;4 43 @G
>
+XJKHVLVWKHZRUOGOHDGHULQVDWHOOLWHGDWDFRPPXQLFDWLRQV
+XJKHVPDQDJHVLWVRZQ1HWZRUN2SHUDWLRQ&HQWHUVF"%+'&!&!'!
+XJKHVXVHVDQHWZRUNRIQHDUO\DGR]HQWUDQVSRQGHUVSURYLGLQJPRUHQHWZRUNUHOLDELOLW\
;%%#,E+'C
C
#,#(
2IIHULQFOXGHVVWDQGDUG
SURIHVVLRQDOLQVWDOODWLRQDQWHQQDRXWGRRUHOHFWURQLFVPRGHPDQGFDEOH
;%%%#,G2XU/HDVH3ODQJHWVFRQVXPHUVLQWRD+XJKHV1HWŠVDWHOOLWH
EURDGEDQGV\VWHPIRUC##%
?'#&&%,%&#$GXULQJFHUWDLQRIISHDNKRXUV
.&!'%#+'%#%'%#%&%+(,%5IRUXSWR
IRXUFRPSXWHUVDQG72&#!4"%#%#)UHHIRUVL[PRQWKV
%DVLFVHUYLFHFRVWLVFO,''WKDQWKHRWKHUJX\VRQD´SHUNLORELWµFDOFXODWLRQ
[email protected]?;G
33 =;84227<?384G
%52$'%$1'
&203/(7(6<67(06
&203/(7(6<67(0 +15$',2:
²²²²,1&/8'(6²²²²
+102'(0
5()/(&725352'(/,1
&$1,67(5352'(/,1
75,0$67
&203/(7(6<67(0 +15$',2:
+102'(0
+1
5$',2:
5()/(&725
‡+15HIOHFWRU
‡%R[RI
+15$':
+1$17
+1
5$',2:
‡+15DGLR:
‡1HZ
+15$':
&$1,67(5
5()/(&725
‡+15DGLR:
‡1HZ
²²²²,1&/8'(6²²²²
5()/(&725
352'(/,1
‡+1
‡%R[RI
5HIOHFWRU ‡,QFOXGHGZ
‡3URGHOLQ
6\VWHP
+1$173
+15$':
+102'(0
‡+10RGHP
‡1HZ
+102'
&$1,67(5
352'(/,1
&$1,67(5
+1
5$',2:
‡+15DGLR:IRU
‡1HZ
75,0$67
‡+1&DQLVWHU
‡%R[RI
+1$17
‡+1&DQLVWHU
‡3URGHOLQ
‡%R[RI
+1&$13
%52$'%$1'
+102'(0
63$5((48,30(17
'$37722/.,7
‡+1)580RGHP
+102'
‡+10RGHP
‡1HZ
‡:DWW)58
+15$':
+102'
‡3RLQWLQJ0HWHU
*$8*(&233(5*5281':,5(
*$8*(&233(5
*5281':,5(
\
J
2QO\IRU+XJKHV1HWŒ,QVWDOODWLRQV
‡5HHORIIHHWRI$:*JURXQGZLUH
ZLWKJUHHQFRYHU
‡8VHLQFRQMXQFWLRQZLWKRWKHUJURXQGLQJ
VXSSOLHVWRSURWHFWDJDLQVWOLJKWQLQJVWULNHV
‡5XQJURXQGZLUHIURPH[WHULRURIVWUXFWXUH
WRJURXQGURG
‡*URXQGURGDEVRUEVOLJKWQLQJVWULNH
‡&RSSHU$:**UHHQ-DFNHWIW
$33529('
39*:
$33529('
39*:
'8$/)7&$%/( '8$/*')7&$%/( 3(5)(&732/(3$&. 3(5)(&732/(%81'/(
‡395*6&'XDOIW
‡%URDGEDQG
‡%ODFN
&;%
$33529('
‡395*6&'XDO*'IW
‡%URDGEDQG
‡%ODFN
&;%
$33529('
‡µ2'
‡µ/RQJ
‡3DFN
‡µ2'
‡µ/RQJ
‡%XQGOHRI
32/(3.
32/(%81'/(
$33529('
$33529('
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$%/(&$
&$%/(
&$%/(
:(2:17+()$&725<
3;8 4;;
8/$33529('&$%/(6.8
8/&233(5&/$'
&2/25
5((/
'(6&5,37,21
35,&(
‡?=8< ?:0
%/$&.
·
5*'8$/&&6
CFF
‡?=8< ?< :0
%/$&.
·
5*'8$/*5281'
C
‡?=8< ?8:
%/$&.
·
5*)7&05
C
‡?=8< ?8<
*5$<
·
5*)7&05
C
‡?=8< ?8*
:+,7(
5*)7&05
C
‡?=8<:0
%/$&.
·
5*6,1*/(&&6
CF
‡?=8<< :0
%/$&.
·
5*6,1*/(*5281'
CF
‡?=8<8:
%/$&.
·
&055,6(55$7('&$%/(
C
‡?=8<8<
*5$<
·
5*)7&05
CF
‡?=8<8*
:+,7(
·
5*)7&05
CF
8<.4FB98
8<.4FB98
8<.4FB98
8< ?
8< ?B<83?7 K8;;:0
K8;;:0
K8;;<[email protected]
K8;;*124;
?=8< ?:0
?=8< ?< :0
?=8< ?8:
?=8< ?8<
?=8< ?8*
K8;;:0
8<27<;B
K8;;:0
8<27<;B
<83?7
K8;;:0
98B8#'8&(,
K8;;:0
:KLWH*UD\5LVHU$OVR$YDLODEOH
8<.4FB98
8<.4FB98
K8;;<[email protected]
K8;;*124;
?=8<8<
?=8<8*
.#
8&
E5
?=8<:0
?=8<< :0
?=8<8:
&$%/(
8/62/,'&233(5&$%/(
;8.;4=2237?32 3;8*28;2:39274
?32 3;8
:39274
338
8;;
;824237
#
‡=A:
%/$&.
·
5*6,1*/(
C
‡=A*
:+,7(
·
5*6,1*/(
C
‡=A:
%/$&.
·
5*'8$/
C
‡=A*
:+,7(
·
5*'8$/
C
‡=A:
%/$&.
·
5*'8$/:,7+*5281'
CF
‡=A*
:+,7(
·
5*'8$/:,7+*5281'
CF
‡=AF:
%/$&.
·
5*6,1*/(:LWK*5281'
C
‡=AF*
:+,7(
·
5*6,1*/(:LWK*5281'
C
‡?=8< 6
%/$&.
·
5*'XDO4XDG6KLHOG
C
‡?=8<6?
%/$&.
·
5*4XDG6KLHOG
C
?:;24;9
=A:
=A:
=A:
=AF:
?=8< 6
=A*
=A*
=A*
=AF*
?=8<6?
&$%/(
/2:&267&$%/($772348$/,7<
3;8 4;;:;0?
=8<:0
=8<*14
3;8 4;;
338
8;;
;824237
82;
‡=8<:0
%/$&.
·
5*6,1*/(&&6
C
‡=8<*14
:+,7(
·
5*6,1*/(&&6
C
‡=8< ?:0
%/$&.
·
5*'8$/&&6
CF
‡=8< ?*14
:+,7(
·
5*'8$/&&6
CF
‡=8< ?< :0
%/$&.
·
5*'8$/*5281'
C
‡=8<< :0
%/$&.
·
5*6,1*/(*5281'
C
=8< ?:0
=8< ?*14
=8< ?< :0
=8<< :0
27027<;3;7 4;1733<@P
?3:37 22P8<%/#,(,
62/,'&233(5
%(/'(1&$%/(6.835,&(*8,'(
:; ;724;9
‡?:0
‡:0
‡*14
‡:
‡F
‡
‡F:0
‡@=FF
‡@=
‡
‡[email protected]=FR
‡Q=R
‡
‡
‡
‡
‡
‡=
;824237
5*6LQJOH%R[
5*6LQJOH6SRRO
5*6LQJOH5HHO:KLWH
5*6LQJOH%XULDO6SRRO
5*'XDO6SRRO
5*Z0HVVHQJHU6SRRO
5*'XDO6SRROZ0HVVHQJHU
5*6&'XDO%XULDO5HHO
5*'XDOZ0HVVHQJHU%XULDO
5*4XDG6KLHOG
5*6LQJOH3OHQXP
5*6LQJOH%UDLG
5*Z0HVVHQJHU
5*6LQJOH3OHQXP
5*%UDLG
5*4XDG3OHQXP
5*6LQJOH%UDLG&&
5*6LQJOH%R[
;7<41
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
82;
C
C
C
CF
CF
C
C
C
CF
C
CF
CF
CF
CF
C
C
CF
CF
&$%/(
5*3(%85,$/%/$&. 5*3(%85,$/25$1*(
5*&$79%/$&.
‡5*3(%XULDO
‡%ODFN
‡IW5HHO
‡5*3(%XULDO
‡2UDQJH
‡IW5HHO
6'31%5.
6'3125.
6'99%5.
‡5*&$79
‡%ODFN
‡IW5HHO
4-;:;
;8.;4=2237>;:;
;8.;4=2237>4
‡&DW
‡(=38//%2;
‡IW%R[
‡*UD\RU,YRU\
‡893URWHFWHG
<[email protected]
=4<[email protected]?=
[email protected]
[email protected]?=
‡(=38//%2;
‡IW%R[
‡%OXHRU:KLWH
‡893URWHFWHG
*124;
=4*14
:?;
=4:?
?;4127;4*380:;273?4<?2 ;
&$%/(
352*($55*6,1*/( 352*($55*'8$/ 5*:,7+&211(&7256
‡6LQJOH
‡&&6
‡%ODFN
‡)W
‡5*:LWK)&&RQQHFWRUV
‡IW
&DOOIRU%HVW3ULFLQJ
‡'XDO:LWK*URXQG
‡%ODFN
‡)7
&DOOIRU%HVW3ULFLQJ
%;
%;
:
·&055$7('&25'
‡&21'8&725
‡5RXQG:LUHIRU/RQJ5XQV
‡)RXU*D6ROLG&RSSHU&RQGXFWRU
‡(DV\WR8VH3XOO&DUWRQ
‡,YRU\
‡ &HQWHUIRU0LFUR(OHFWURQLFV5HVHDUFK&055DWHG
[email protected]
·3+21(&25'
‡0DOHWR0DOH3OXJV
‡0RGXODU
‡6WUDLJKW0ROGHG&RUG
‡6LOYHU
„
=F2=
·3+21(&25'
‡&21'8&725
'8&725
‡5RXQG:LUHIRU/RQJ5XQV
‡7ZR*D&RSSHU&RQGXFWRUV
‡(DV\WR8VH3XOO&DUWRQ
‡6ROLG&RSSHU&RQGXFWRU
‡,YRU\
=4*
·3+21(&25'
‡0DOHWR0DOH3OXJV
‡0RGXODU
‡6WUDLJKW0ROGHG&RUG
‡6LOYHU
„
=2=
·,925<3+21(&25'
‡0DOHWR0DOH3OXJV
‡0RGXODU
‡6WUDLJKW0ROGHG&RUG
‡,YRU\
„
[email protected]
·6,/9(53+21(&25'
‡0DOHWR0DOH3OXJV
‡0RGXODU
‡6WUDLJKW0ROGHG&RUG
‡6LOYHU
„
=2=
&$%/(
:,5(&$'',(6$8',2:,5(
*28;
@
‡&DGG\PDNHVSXOOLQJFDEOHVHDV\
‡&DGG\HTXLSSHGZLWKUXEEHUIRRWLQJVWR
NHHSILUPJULSRQJURXQG
.+'#,+&)
‡'XUDEOHFRQVWUXFWLRQ
‡5XEEHUZKHHOVNHHSV&DGG\VWDEOH
‡)LWVDQ\FRPPRQ5*UROORIZLUH
‡:RUNVZLWKSODVWLFRUZRRGHQVSRROV
‡&DGG\LVµ[µZLWKµ:KHHOV
‡6WHHO&RQVWUXFWLRQ
‡5ROOV(DVLO\
*28;
@
‡ /RZFRVWEXWELJYDOXHFDEOHZLUHFDGG\
‡ (DV\WRXVHGXUDEOHPHWKRGIRUFDEOH
VHUYLFH
‡ &DEOHIORZVVPRRWKO\
‡ /LJKWZHLJKWVWHHOWXELQJZLWKGXUDEOHFRDWHG
ILQLVKWRRIIHUORQJODVWLQJSURWHFWLRQIURP
KDUVKZHDWKHUFRQGLWLRQV
‡ 8QLTXHIROGLQJPHFKDQLVPIRUHDV\IROGLQJ
‡ 0DGHLQWKH86$
‡ ,QGLYLGXDOO\ER[HGDQGVKLSSHGIODW
95'1&,#$(,;'!G
=
=F
$8',2:,5(
=2:;2738F
37 ?438
FRQGXFWRUDXGLRFDEOH
LVGHVLJQHGIRUVHFXULW\
V\VWHPVLQWHUFRPVSXEOLF
DGGUHVVV\VWHPVUHPRWH
FRQWUROFLUFXLWVDQGJHQHUDO
SXUSRVH
.,/#(,%,%%&&*#'
952',,#%';'#
‡6ROLG&RSSHU
‡&RQGXFWRU
‡*DXJH
‡IW5HHO
63($.(5:,5(
‡6ROLG&RSSHU
‡
‡&RQGXFWRU
‡
‡*DXJH
‡
‡IW5HHO
‡
=F
=
‡&RQGXFWRU
‡*DXJH
‡IW5HHO
=*28;
&$7(*25<(3$7&+&$%/(
‡·3DWFK&DEOH
‡*UH\
‡5-0DOH0DOH
‡%DVH7%DVH7
4<[email protected]
‡·3DWFK&DEOH
‡*UH\<HOORZRU%OXH
‡5-0DOH0DOH
‡%DVH7%DVH7
4:?
[email protected]; 4<[email protected]
‡·3DWFK&DEOH
‡*UH\<HOORZRU%OXH
‡5-0DOH0DOH
‡%DVH7%DVH7
„ „ „
4:? [email protected]; 4<[email protected]
‡·3DWFK&DEOH
‡*UH\<HOORZRU%OXH
‡5-0DOH0DOH
‡%DVH7%DVH7
‡·3DWFK&DEOH
‡%OXH
‡5-0DOH0DOH
‡%DVH7%DVH7
„
4:?
4F:? [email protected]; 4F<[email protected]
&$%/(
1 92:;-3 AE?9;8
&RPSDWLEOHZLWKDOO+'0,FRQQHFWLRQVEHWZHHQKLJKHQG
'9'3OD\HUVVHWWRSER[HV$9UHFHLYHUV+'79V6DWHOOLWH%OX5D\+''9'
1 923;81; :;
‡&RQQHFWRUV+'0,PDOHWR+'0,PDOH
‡&/UDWHGIRULQZDOODSSOLFDWLRQVLQORQJOHQJWKV
‡3DVVHVEURDGFDVWKLJKUHVROXWLRQGLJLWDOYLGHRGLJLWDODXGLR
DQGLQWHUFRPSRQHQWFRQWUROVLJQDOVDOOLQRQHFRPSDFW
FRQQHFWLRQ
‡'RXEOHVKLHOGHGFRSSHUEUDLGHGDQG0\ODU5
DOXPLQXPIRLOSURYLGHVFRPSOHWHLPPXQLW\WRHQYLURQPHQWDO
(0,DQG5),
‡NDUDWJROGSODWHGFRQQHFWRUVHQVXUHVXSHULRUVLJQDO
WUDQVIHUDQGDOLIHWLPHRIPD[LPXPSHUIRUPDQFH
‡1LWURJHQLQMHFWHGGLHOHFWULFDQGTXDOLW\FRQVWUXFWLRQPDNH
WKLVLQWHUFRQQHFWWKHRQO\FKRLFHIRUDOOKRPHLQVWDOODWLRQV
VWUHVVUHOLHIFDEOHIRUWKRVHKDUGWRUHDFKSODFHVUHOLHYHVWKH
WHQVLRQRQWKHHTXLSPHQWZKHQLQVWDOOLQJODUJHUVWLIIFDEOHV
RULQWLJKWSODFHVOLNHLQDFDELQHWRUXSDJDLQVWWKHZDOO
91
91
F91
91
+'0,&233(5+($'&$%/(6
91
+'0,WR+'0,&RSSHUKHDG&DEOHPHWHUIHHW
C
91 +'0,WR+'0,&RSSHUKHDG&DEOHPHWHUIHHW
CF
F91
C
+'0,WR+'0,&RSSHUKHDG&DEOHPHWHUIHHW
91 +'0,WR+'0,&RSSHUKHDG&DEOHPHWHUIHHW
C
+'0,&DEOHV
1 92:
1 92:
1 92:
1 92:
+'0,WR+'0,&DEOH0HWHUIHHW
C
1 92:
+'0,WR+'0,&DEOHZLWK$PS0HWHUIHHW
CF
1 92:
+'0,WR+'0,&DEOHZLWK$PS0HWHUIHHW
C
5*&2$;-803(5)7
+'0,72+'0,&$%/(
1#$" ###%9+,#&#2
„
395*
‡&RQQHFWV5)2XWSXW
LQFOXGLQJ6DWHOOLWH
5HFHLYHUWR79RU9&5
9&5WR796DWHOOLWH
0HWHUVWR/1%V
‡)DFWRU\,QVWDOOHG)
&RQQHFWRU+LJK4XDOLW\
9LGHR'DWD6LJQDO
‡$YDLODEOHLQ·RU·
/HQJWKV
‡&RSSHU&ODG6WHHO
5*&2$;-803(5)7
„
395*
$&2867,&5(6($5&++'0,$8',29,'(2
‡+'0,WR+'0,&DEOH)W$1
+'0,00
‡3UHFLVLRQPDGH.JROGSODWHG+'0, ‡+LJKEDQGZLGWKGHVLJQ
FRQQHFWRU
‡+LJKTXDOLW\QLWURJHQLQMHFWHG3(IRDP
‡'HQVHRXWHUOD\HUVKLHOGLQJRI
GLHOHFWULFV
WLQQHGFRSSHUEUDLGVDQGDOXPL ‡&DEOHVIHHWRUORQJHUDUH8/&/
QXP0\ODUŠIRLO
‡IWDQGORQJHUOHQJWKVGRQRWKDYHD
‡32)&SROLVKHGR[\JHQIUHH PHVKMDFNHW
FRSSHUFRQGXFWRUV
‡8QLTXHO\GHVLJQHGPROGHGJULSVDQG
27+(
#
SRVLWLRQ
‡87K
C
‡6LOYHUVROGHUHGKLJKSXULW\LQWHUQDO
FRQQHFWLRQV
‡87FK
C
&$%/(
$&2867,&5(6($5&+
',*,7$/237,&$/$8',2
‡3UHFLVLRQPDGH7RVOLQNŒRSWLFDOFRQQHFWRU
‡4XDOLW\RSWLFDOILEHUHQJLQHHUHGVSHFLILFDOO\IRUDFFXUDWH
KLJKVSHHGVLJQDOWUDQVIHU
‡1RQUHIOHFWLYHRSWLFILEHUSURWHFWLRQIRURSWLPXPOLJKW
WUDQVIHU
‡&RUURVLRQIUHH.JROGSODWHGFROODU
‡PP39&MDFNHWDQGPROGHGVWUDLQUHOLHIPDLQWDLQV
DVVHPEO\LQWHJULW\
27+(
#
‡37K
C
‡37K
C
$&2867,&
5(6($5&+
&20321(17
$9',*,7$/
$8',29,'(2
$&2867,&5(6($5&+
&20321(179,'(2
‡*ROGSODWHGVHJPHQWPROGHG5&$FRQQHFWRU
‡2[\JHQIUHHFRSSHU2)&FRQGXFWRUV
‡'HQVHRXWHUOD\HUVKLHOGLQJRIRQHWLQQHGFRSSHU
EUDLGDQGRQHRYHUODSSLQJDOXPLQXP0\ODUŠIRLO
‡5XEEHUJULSV
‡1LWURJHQLQMHFWHG3(IRDPGLHOHFWULFV
27+(
#
‡37K
C
‡37K
C
$&2867,&5(6($5&+
+'0,9,'(2$8',2
‡.*ROGSODWHGFRUURVLRQIUHHMHZHOFRQQHFWRUEXLOW
IRUDSUHFLVHILWHQKDQFLQJSLFWXUHFODULW\DQGVRXQG
UHSURGXFWLRQ
‡+'0,&HUWLIHG
‡7ZRRXWHUVKLHOGOD\HUVRQHWLQQHGFRSSHUEUDLGIRU(0,
LVRODWLRQDQGRQHRYHUODSSLQJDOXPLQXP0\ODUŠIRLOIRU
5),LVRODWLRQLPSURYLQJGLJLWDOSLFWXUHFODULW\DQGVRXQG
UHSURGXFWLRQ
‡1LWURJHQ,QMHFWHG3()RDP'LHOHFWULFVSURYLGHVORZHUHG
UHVLVWDQFHDQGHQKDQFHGGLJLWDOVLJQDOWUDQVIHUDFFXUDF\
IRUSUHFLVHYLGHRUHSURGXFWLRQ
‡2[\JHQIUHHFRSSHUFRQGXFWRUVORZHUUHVLVWDQFHIRU
LPSURYHGYLGHRVLJQDOWUDQVIHU
‡3DLQWDEOHPP)ODW'HVLJQ
‡.*ROGSODWHGFRUURVLRQIUHHFRQQHFWRUV
IRUSUHFLVHILWDQGHQKDQFHGSHUIRUPDQFH
‡&DEOHVDUHFRORUFRGHGWRLQGXVWU\VWDQGDUGV
ZLWKLQSXWLGHQWLILFDWLRQFOHDUO\PDUNHGIRU
DFFXUDWHLQVWDOODWLRQ
‡7ZLVWHG3DLU1RLVH'UDLQ&RQVWUXFWLRQDXGLR
FDEOHVEDODQFHGDQGGLUHFWLRQDOQRLVHGUDLQ
FRQVWUXFWLRQFRPELQHIRUQDWXUDOQRLVHIUHH
VRXQGUHSURGXFWLRQ
‡7ZRRXWHUOD\HUVKLHOGVLQYLGHRFDEOHVRQH
WLQQHGFRSSHUEUDLGIRU(0,LVRODWLRQDQGRQH
RYHUODSSLQJDOXPLQXP0\ODUŠIRLOIRU5),
LVRODWLRQLPSURYLQJGLJLWDOSLFWXUHFODULW\
‡1LWURJHQ,QMHFWHG3()RDP'LHOHFWULFVSUR
YLGHORZHUHGUHVLVWDQFHDQGHQKDQFHGSURSHU
RKPVLJQDOWUDQVIHUIRUSUHFLVHYLGHR
UHSURGXFWLRQ
‡6KLHOG/D\HULQDXGLRFDEOHVWRLPSURYH
VRXQGTXDOLW\
‡2[\JHQIUHHFRSSHUFRQGXFWRUVORZHUUHVLV
WDQFHIRULPSURYHGYLGHRVLJQDOWUDQVIHU
‡3DLQWDEOHPP)ODW'HVLJQ
27+(
#
27+(
#
‡.3K
C
‡.3K
C
&$%/(
$&2867,&5(6($5&+
&20321(179,'(2
)7-803(5&$%/(
‡6SOLWFHQWHUSLQ.JROGSODWHGVHJPHQW5&$
FRQQHFWRU
‡6LOYHUVROGHUHGKLJKSXULW\LQWHUQDOFRQQHFWLRQV
‡3URSULHWDU\GHVLJQUXEEHUPHWDOJULS
‡SROLVKHGR[\JHQIUHH36&2)&FRSSHU
FRQGXFWRUV
‡+LJKTXDOLW\QLWURJHQLQMHFWHG3(IRDPGLHOHFWULFV
‡&DEOHVIHHWRUORQJHUDUH8/&/UDWHG
‡'HQVHRXWHUOD\HUVKLHOGLQJRIWLQQHGFRS
SHUEUDLGVDQGDOXPLQXP0\ODUŠIRLO
‡IWDQGORQJHUOHQJWKVGRQRWKDYHDPHVKMDFNHW
27+(
#
‡87K
C
*(352*5$'(
*(352*5$'(
9,'(2&$%/()7 9,'(2&$%/()7
‡IW-XPSHU)6FUHZ2Q
‡5*&DEOH
„
39))3
)7-803(5&$%/(
‡*(3URJUDGH'LJLWDO&RPSRQHQW9LGHR
‡IW
‡*(3URJUDGH'LJLWDO&RPSRQHQW9LGHR
‡IW
‡IW-XPSHU)6FUHZ2Q
‡5*&DEOH
*(
*(
39))3
„
&$%/(
)769,'(2
$8',2&$%/(
)79,'(2
$8',2&$%/(
<$'$37(5
‡5&$0DOHWR5&$)HPDOH
„
5&$<
5&$725&$$'$37(5
5&$69$$
5&$9$$
3$7&+&$%/()7
3$7&+&$%/()7
6ROG$V(DFK
„
5&$
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
„
5&$
„
5&$
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*68
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,(6*5281',1*6833/,
*5281',1*
6833/,(6
*5281',1*6833/,(6
)5217&/$036
‡8VHWKLVWR
FODPSJURXQG
ZLUHWRWKHIURQW
RIDPHWDOOLF
VXUIDFH
´,µ%($0&/$036
‡6FUHZJURXQGZLUHLQWRWKLV,%HDPFODPSWKHQFODPSRQWRJURXQGURG
‡*URXQGURGLVLQVHUWHGLQWRWKHJURXQGWRUHOHDVHHOHFWULFLW\LQFDVHRIOLJKWQLQJVWULNH
„
=.2
„
=<<
&251(5&/$036 7%,%($0
*5281',1*
&/$03
‡8VHWKLVFRUQHUFODPSWRJURXQGVDWHO
OLWHDQWHQQDV
‡&RUQHUFODPSFDQEHFRQQHFWHGWR
DQWHQQDRQURRIRUVLGHRIVWUXFWXUH
‡5XQJURXQGZLUHWRWKHJURXQGLQJ
V\VWHPLQXVH
=<
7%3$1(/
*5281'
&/$03
%21',1*
*5281',1*
&211(&725
=2
<<
.
&233(5&/$036
‡*URXQGLQJFODPS
VHFXUHV\RXUJURXQG
ZLUHWRDLQFK
JURXQGLQJURG
„
‡7KLVJURXQGFODPS
VHFXUHV\RXU
JURXQGZLUHWRD
LQFKJURXQGLQJURG
*$/9$1,=('*5281'675$36
*$/9$1,=('*5281'675
5$36
‡8VHWKHVHJDOYDQL]HG*URXQG6WUDSVWRFRQQHFWJURXQGZLUHWR
JURXQGLQJHOHFWURGHOLNHSLSHVRUVHUYLFHFRQGXLWV
‡6WUDSVZLOOQRWGDPDJHJURXQGLQJHOHFWURGH
‡6WUDSVVXLWDEOHIRUJURXQGLQJWHOHSKRQHVDWHOOLWHFDEOHWHOHYLVLRQ
„ „ „
&233(5*5281'675$36
J48
µ675$3
J48
:S
:S
:S
‡8VHFRSSHU*URXQG6WUDSWRFRQQHFWJURXQGZLUHWRJURXQGLQJ
HOHFWURGHOLNHSLSHVRUVHUYLFHFRQGXLWVZLWKRXWGDPDJLQJJURXQGLQJ
HOHFWURGH
‡*URXQG6WUDSVVXLWDEOHIRUJURXQGLQJWHOHSKRQHVDWHOOLWHFDEOH
WHOHYLVLRQ
„ J48
µ675$3
J48
:
:
:
µ&233(5*5281'675$3
&233(5*5281'675$3
*5281',1*6833/,(6
„
‡(IILFLHQWLQKDQGOLQJKLJKIUHTXHQF\FXUUHQWV
‡*UHDWIRU5)JURXQGLQJDSSOLFDWLRQVIRUOLJKWQLQJSURWHFWLRQ
‡LQFKHV
$8/
µ&233(5*5281'675$3
„
‡(IILFLHQWLQKDQGOLQJKLJKIUHTXHQF\FXUUHQWV
‡*UHDWIRU5)JURXQGLQJDSSOLFDWLRQVIRUOLJKWQLQJSURWHFWLRQ
‡LQFKHV
$8/
+($9<'87<(1&/2685(%2;
%2;
,1&/8'(602817,1*6&5(:6
J1/J*/
J
‡*UH\HQFORVXUHER[(QFORVXUHER[SURWHFWVDQ\
FRQQHFWLRQLQDFRD[LDOFDEOHUXQ
‡8VHWRFRYHUGLSOH[HUVDQGRUPXOWLVZLWFKHV
‡(QFORVXUHER[IHDWXUHVKROHVWRDOORZWKHFRQ
WLQXLQJUXQRIFDEOH
‡*UHDWRXWGRRUSURWHFWLRQIURPPRLVWXUH
=:<[email protected]
7(/(&5$)7(56+($9<'87<(1&/2685(%2;
[email protected];[email protected];7;*4;88;2474#";<27449;827<
49;827<
‡+LJKSHUIRUPDQFHHQFORVXUHER[
EHQGVLQFDEOH
LVDVSDFHHIILFLHQWHQFORVXUHWKDW ‡(QFORVXUHER[LVGHHSHQRXJKWR
IDFLOLWDWHVWKHSURSHUWXUQLQJUDGLXV KRXVHSURWHFWVHYHUDOFRPSR
RIFRD[LDOFDEOHV
QHQWVVXFKDVZD\VSOLWWHUV
‡(DV\WRLQVWDOOVHUYLFHZLWKD
VLQJOHRUGXDOJURXQGEORFNV
FDEOHWXUQUDGLXVRIµ
H[WUDFRLOVRIFDEOH
‡(OLPLQDWHVVLJQDOORVVGXHWRVKDUS
4:<[email protected]
.;4?8;)
‡3URYLGHVDµFDEOHWXUQUDGLXV
‡6QDSVFORVHGVHFXUHO\
‡6HDODEOHOLG
‡)XOO\UHPRYDEOHWRSIRUHDVHRIDFFHVV
‡)HHGVORWVDWWKHERWWRPIRUFDEOHHQWU\DQGH[LW
‡)RXUVFUHZKROHVIRUHDV\PRXQWLQJWRDZDOO
‡'XUDEOHUHVLOLHQWPDWHULDO
J1/J*/
J
J1 / J* / J
%',#&'%%''
*5281',1*6833/,(6
$:*&233(5*5281':,5( $:*&233(5*5281':,5( )227*5281'52'6
‡ )RXUIRRWJURXQGLQJURG
‡ 8VHZLWKRWKHUJURXQGLQJVXSSOLHV
WRJURXQGVDWHOOLWHDQWHQQDV
‡ (OHFWULFLW\IURPOLJKWQLQJSDVVHVWR
JURXQGLQJURGWRDEVRUEWKHVWULNH
‡ *URXQGURGDEVRUEVOLJKWQLQJVWULNH
‡%ODFN
‡IRRW5ROOV
‡*DXJH
=<*:0
=<*F:0
*5281'6&5(:
6(/)7$33,1*
*5((1
<
+2//$1''8$/
*5281'%/2&.
‡*URXQG%ORFN'XDO
‡:LWK*URXQG/XJV
‡*+=+)
„
39*%+)$
39*5GRHVQRW
FRQIRUPWR1(&
5HTXLUHPHQWV
‡%ODFN
‡IRRW5ROOV
‡*DXJH
=<8F
*5281'/8*6,1*/(
‡8VHJURXQGOXJZLWKH[LVWLQJJURXQGHGPHWDO
FDVHHOHFWULFDOER[RURWKHUJURXQGWRDGGDQ
DGGLWLRQDOJURXQGZLUH
‡*URXQG/XJPXVWDWWDFKWRDSSURYHGJURXQG
ZLWKEROW
‡*URXQGZLUHLQVHUWVWKURXJKHQGZLWKIODW
EODGHVFUHZYLVLEOH
‡6FUHZLVWLJKWHQHGGRZQRQZLUH
‡,QVLGHGLDPHWHURIPRXQWLQJOXJKROHLVµ
‡,QVLGHGLDPHWHURIFODPSLQJKROHLVµ
„ „
=<
8
'8$/+,*+)5(48(1&<
8/%/2&.:,7+
*5281',1*/8*6
*528
81',1*/8*6
=<
8
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
‡ *URXQGLQJEORFNDOORZVWZRFDEOHVWRUXQ
WKURXJKWRJURXQGFRD[LDOOLQH
‡ %ORFNKDVSODFHVIRUJURXQGZLUHWRFRQQHFW
‡ 8VHZLWKJURXQGLQJVXSSOLHVWRSURWHFWVDWHO
OLWHHTXLSPHQWIURPOLJKWQLQJVWULNHV
<8:418?
*22'
6,1*/(
6,1*/(%/2&.
‡8VHIRUKLJKIUHTXHQF\UXQWRJURXQGVDWHOOLWH
DQWHQQDFRD[
‡5XQWRJURXQGEORFNWKHQWRUHFHLYHUV
‡3URWHFWVUHFHLYHUVIURPOLJKWQLQJVWULNHV
‡*URXQGZLUHSDVVHVWKURXJKEORFNWR
JURXQGLQJURG
‡7KLVPRGHOLVXVHGIRURQHFRD[OLQH
„
=<:1.
<1N
6,1*/(%/2&.
‡ 6LQJOH ZLWK :HDWKHU 6HDO
‡6LQJOHZLWK:HDWKHU6HDO
‡7HVWHGWR6&7(VWDQGDUGV
„
'8$/%/2&.
*241 ?8;*
4;8927
‡7KLVPRGHOLVXVHGIRUWZRFRD[OLQHV
„
=<:1.
<1N
'8$/
'8$/%/2&.
‡'XDOZLWK:HDWKHU6HDO
‡7HVWHGWR6&7(VWDQGDUGV
„
<8 :0
‡2QH3RUW+LJK)UHTXHQF\*URXQG%ORFN
‡)7\SH6DWHOOLWH79$QWHQQD
‡9ROWDJH3URWHFW&RQQHFWLRQ0RXQW
‡2XWGRRU'LVK'LJLWDO9LGHR6LJQDO
‡:HDWKHU6HDO
<1N
48$'%/2&.
*241 ?8;*4;8927
‡8VHZLWKKLJKIUHTXHQF\EDUUHOVWRJURXQGVDWHOOLWH
DQWHQQDFRD[OLQHV
‡5XQOLQHVWRJURXQGEORFNDQGWKHQWRUHFHLYHUV
‡3URWHFWVUHFHLYHUVIURPOLJKWQLQJVWULNHV
‡*URXQGZLUHSDVVHVWKURXJKEORFNWRJURXQGLQJURG
‡8VHZLWKWZRFRD[OLQHV
„
=<:61.
48$'
48$'%/2&.
‡4XDGZLWK:HDWKHU6HDO
‡7HVWHGWR6&7(VWDQGDUGV
<8 :0F
%(77(5
6,1*/(%/2&.
48$'
<8 :0
6,1*/(
=<:1.*
'8$/
%(67
6,1*/(
„
*5281',1*6833/,(6
'8$/
48$'
'8$/%/2&.
48$'%/2&.
‡'XDO+LJK)UHTXHQF\*URXQG%ORFN
‡)7\SH*URXQG%ORFN
‡3UHYHQWV'DPDJHWR6DWHOOLWH79$QWHQQD
‡9ROWDJH3URWHFW&RQQHFWLRQ0RXQW
‡2XWGRRU'LVK'LJLWDO9LGHR6LJQDO
‡4XDG+LJK)UHTXHQF\*URXQG%ORFN
‡)7\SH*URXQG%ORFN
‡3UHYHQWV'DPDJHWR6DWHOOLWH79$QWHQQD
‡9ROWDJH3URWHFW&RQQHFWLRQ0RXQW
‡2XWGRRU'LVK'LJLWDO9LGHR6LJQDO
„
=<:1.*
<1N
„
=<:61.*
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
0281760281760281760281760281760281760281760281760281760281760281760281760281760
028176
028176
13502817
86(6%/2&.6
‡µ[µ%DVH
‡µ0DVW
‡$QJOH,URQ)UDPH
‡3RZGHU&RDWHG
‡'RXEOH6WUXW&HQWUDO6XSSRUW
‡8VHV6WDQGDUG%ORFNV
‡$WWDFKPHQW%ROWV
‡)LWV+XJKHV1HWŒ$QWHQQDV
135%02817
‡1RQ3HQHWUDWLQJµ
µ0DVW$GMXVWDEOH0RXQW
135%
135
13502817
13502817
൵%DVH
‡$QJOH,URQ)UDPH
‡3RZGHU&RDWHG
‡$WWDFKPHQW%ROWV
‡1RQ3HQHWUDWLQJZLWK
0XOWLSOH)RRW0RXQW
86(6%/2&.6
135
135
028176
522)0$7
)2513502817
522)0$7
)2513502817
‡µ[µ
‡µ[µ
‡)LWV135135
1350$7
1350$7
·6(/)6833257,1*72:(5 ·6(/)6833257,1*72:(5
·75,32':,7+µ0$67
K43*;8
$YDLODEOHLQ·DQG·KHLJKWV
‡+HDY\GXW\IRRWWULSRG
‡6XSSRUWVPDVWVXSWRöµLQGLDPHWHU
‡7ULSRGGRHVQRWLQFOXGHPDVW
‡6XSSRUWRIIDLUDQWHQQDV'%6V\VWHPV
‡IRRWPHGLXPGXW\WULSRG
‡6XSSRUWVPDVWVXSWRöµLQGLDPHWHU
‡7ULSRGGRHVQRWLQFOXGHPDVW
‡6XSSRUWRIIDLUDQWHQQDV'%6V\VWHPV
‡+HDY\GXW\IRRWWULSRG
‡6XSSRUWVPDVWXSWRöµLQGLDPHWHU
‡,QFOXGHVPDVWQHHGHGWRPRXQWRIIDLUDQWHQQD
RUVDWHOOLWHDQWHQQD
‡,QFOXGHVWKUHHµQDLOVµEROWVQXWV
‡µQDLOVµEROWVQXWV
‡µ2'
‡*DXJH
3973
3973
3973.,7
K43*;8
028176
:7<3(61$3,1:$//02817 <7<3(61$3,1:$//02817 <7<3(&+,01(<02817
‡$WWDFK9+)$QWHQQD ‡0RXQWRIIDLUDQWHQ
PDVWµGLDWR QDVIURPVLGHRI
WKHVLGHRIKRXVHVRU VWUXFWXUH
RWKHUVWUXFWXUHV
‡)RUPDVWVL]HRI
‡:W\SHZDOOPRXQW
µGLDPHWHU
‡$WWDFK9+)$QWHQQD ‡0RXQWRIIDLUDQWHQ
PDVWµGLDP
QDVIURPVLGHRI
HWHUWRWKHVLGH
VWUXFWXUH
RIKRXVHVRURWKHU ‡)RUPDVWVL]HRI
VWUXFWXUHV
µLQGLDPHWHU
‡<VKDSHGZDOOPRXQW
‡ 0RXQWVDWHOOLWHDQ ‡ 'RHVQRWLQFOXGHPDVW
WHQQDWRFKLPQH\
‡ ,QFOXGHVWZR´<µ
‡ ,QFOXGHVWZR<
EUDFNHWV
EUDFNHWVWZRIRRW‡ $WWDFKHVWRFKLPQH\
JDOYDQL]HGVWUDSVWR
ZLWKWZRIWJDOYD
VSDQFKLPQH\
QL]HGVWUDSVLQFOXGHG
39:%
39:0
39:%
3,7&+3$'6)25'%6028176
+3$'6)25'%6028
0$673,7&+3$'
'796+257%5$&(
824237
;824237)
7KLVSURGXFWLVGHVLJQHGWRSUHYHQWZDWHUIURP
VHHSLQJWKURXJK\RXUURRIDIWHULQVWDOODWLRQRI
\RXU QHZ VDWHOOLWH GLVK RU RXWGRRU DQWHQQD
6LPSO\ SODFH WKH SDGV EHWZHHQ WKH URRI DQG
\RXUPRXQWEHIRUHVHFXULQJLWWR\RXUURRI7KH
VHOIDGKHVLYHVWULSVZLOOZDWHUSURRIWKHPRXQW
‡3LWFK3DGVIRUµ$QWHQQDV
‡3DGVPHDVXUHµ[µ
‡ )RU·5RRI7RZHU
‡ ,QFOXGHV%ROWV6HDODQW3DGV
‡ 3UHYHQWV/HDNV
‡',5(&79Š6KRUW%UDFH6OLP
/LQH8QLYHUVDO0RXQW
39'6633
(=3
6+257%5$&(
'796/,0/,1(81'(5 '7981'(5(9(02817 '796/,0/,1(0$67
5$)7(502817
‡',5(&79Š6OLPOLQH8QGHU5DIWHU0RXQW
‡6/($523$&.
‡',5(&79Š8QGHU(YH0RXQW&DVHRI
6/078(53.
6/078(33.
‡',5(&79Š6OLP/LQH0DVW
‡1REUDFHV&DVHRI
6/0767'3.1%
028176
48,&.',6&211(&767((/0$67
75,32'02817
:$1&+25)25
µ',6+
*$8*(6:$*('78%,1*
‡+HDY\'XW\'XUDEOH3LSH
‡$GDSWHU6OLGHV2QWR([LVWLQJ3LSH
‡$GDSWV3LSHVWRµ$QWHQQDV
‡)LWV0RVW'%63LSH6L]HV
‡%ROWV7LJKWHQWR)LW3OXPEZLWK/HYHO
‡,QVWDOOVLQ0LQXWHV
‡µ2'3LSH$GDSWHU
‡)LWVRQ6LGHRI3ROH
‡([WHQGVDQWHQQDPDVWVHDVLO\
‡µ0DVWWXELQJLQ·VHFWLRQVIRU
VWUXFWXUDOLQWHJULW\
‡7XELQJIHDWXUHVORFNLQJMRLQWV
‡,GHDOIRUJURXQGJDEOHWULSRGPRXQWV
‡(OLPLQDWHV´MRLQWEXOJHµZLWKH[SDQGHG
PDVWWXELQJ
7%
3,3($'$37(56
75
·([WHQWLRQ
6$7(//,7(32/(6
3743$
7+(6$7(//,7(%/2&.
‡6DWHOOLWHEORFNVFRPHLQWKUHH
VW\OHVWRILWPRVWVLGLQJZRUN
ZLWKDOXPLQXPRUYLQ\OVLGLQJ
6%'%/
‡)LWV'RXEOH‡ODSVLGLQJZLWK
RXWVLGHGLPHQVLRQV[
‡*DOYDQL]HG
‡µ2'
‡µ/RQJ*$
‡3DFN
‡*DOYDQL]HG
‡µ2'
‡µ/RQJ*$
‡3DFN
32/(3.
32/(3.
‡*DOYDQL]HG
‡µ2'
‡µ/RQJ*$
‡%XQGOHRI
‡*DOYDQL]HG
‡µ2'
‡µ/RQJ*$
‡%XQGOHRI
32/(%81'/(
32/(%81'/(
'RQ·WGDPDJHWKHVLGLQJRQ\RXU
KRPHWRPRXQW\RXUVDWHOOLWH
DQWHQQD
7+(5(,6$%(77(5:$<
86(7+(6$7(//,7(%/2&.
‡3URWHFWVVLGLQJRI\RXUKRPH
IURPEHLQJGDPDJHGE\
DQWHQQDLQVWDOODWLRQ
‡3URWHFWVIURPLQVHFWLQIHVWD
WLRQV
‡6DWHOOLWH%ORFNVNHHSGLUW
LQVHFWVIURPJHWWLQJLQEHWZHHQ
DQWHQQDVLGLQJSUHYHQWLQJ
GDPDJHWRKRPHVDWHOOLWH
DQWHQQD
6%'%/
‡)LWVõRU‡ODSµVLGLQJZLWK
RXWVLGHGLPHQVLRQV[
'
6%'%/
‡)LWV'XWFKODSVLGLQJZLWK
RXWVLGHGLPHQVLRQV[
6%'%/
6%'%/
6%'%/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$/
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
/$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,167$//$7,216833/,(6,16
,167$//$7,21
6833/,(6
,167$//$7,216833/,(6
.12<1417 1; ;
‡5XJJHGGHVLJQDOXPLQXPERG\FRQWRXUHGIRUILUPJULS
‡/LJKWZHLJKWDQGHDV\WRFDUU\
‡3RZHUHGXVLQJ$$EDWWHULHV
82199;8
‡RXQFHULSKDPPHU
‡39&JULSIRUFRPIRUW
=.
=198
[email protected]**
‡+DUGHQHGEHYHOHGEODGHSRLQWIRUVFRULQJDQG
SOXQJHFXWV
‡7ULSOHJURXQGWHHWKIRUIDVWFXWVLQHLWKHUGLUHFWLRQ
3XVKRU3XOO
‡&RPIRUWJULSZLWKWKXPEJURRYH
‡)ODWHQGJULSIRUSDOPLQJRUSXQFKLQJWKURXJKGU\ZDOO
K4;9;?8;
‡µZLGHWDSHPHDVXUHZLWKPDJQHWV
‡9LQ\OFRDWHGEODGHIRUORQJOLIH
‡5XJJHGUXEEHUL]HGKRXVLQJIRULPSDFW
UHVLVWDQFH
‡/RRSFDUU\LQJVWUDS
‡0HDVXUHPHQWVRQERWKVLGHVRIWDSH
= *
=498
J:;?44;8
Q 3;7348?13AR
‡8QLTXHMDZVKDSHNHHSVFDEOHURXQGGXULQJFXWWLQJ
‡)RUJHGVWHHOKLJKTXDOLW\EODGHV
= ?4
J2;87;; ;73;
‡6HUUDWHGMDZV
‡6PRRWKFXVKLRQJULS
J2;827;97
‡+HDY\GXW\FXWWHU
‡3ODVWLFGLSSHGKDQGOHV
‡0DGHIURP&59VWHHO
=9
J2;8177;30
‡,QVXODWHGKDQGOHVIRUFRPIRUW
‡&KDQQHOMRLQWDOORZVZLGHUYDULHW\RIVL]H
DFFRPPRGDWLRQV
=1
=77
8;* 82=;8122 82=;418?
‡+LJKJUDGH1L&U0RVWHHO
‡+DUGHQHGWLS
‡1HZKDQGOHGHVLJQIRUDGGHGFRPIRUWDQGSRZHU
‡'ULYHWKUXIHDWXUHDOORZVVFUHZGULYHUWREHKLWZLWK
KDPPHUZLWKRXWGDPDJHWRKDQGOHRUWLS
= 8;* 82=;847 8 82=;418?
‡+LJKJUDGH1L&U0RVWHHO
‡+DUGHQHGWLS
‡1HZKDQGOHGHVLJQIRUDGGHGFRPIRUWDQGSRZHU
‡'ULYHWKUXIHDWXUHDOORZVVFUHZGULYHUWREHKLWZLWK
KDPPHUZLWKRXWGDPDJHWRKDQGOHRUWLS
= ,167$//$7,216833/,(6
9<7;42438; 3;=;
‡/LJKWZHLJKWDQGFRPSDFWZLWKPDJQHWIRUKDQGVIUHHZRUN
‡3URYLGHVDFFXUDWHUHDGLQJLQFOXGLQJKRUL]RQWDOYHUWLFDO
DQGGHJUHHDQJOHV
‡(DV\WRUHDGZLWKIOXRUHVFHQWJUHHQJDXJHV
279<7;426?2017<;8;* 82=;8
‡,QGXVWULDOTXDOLW\IRUPD[LPXPYHUVDWLOLW\
‡6KRFNSURRIKDQGOH
‡6DOOR\VWHHOELWV
‡µôµVRFNHW
‡SKLOOLSVKHDG
‡ôµµEODGH
=4=
= 39
%#B *,,%5
‡0DGHIURPFKURPHYDQDGLXPVWHHODQGEULJKWFKURPHSODWLQJ
‡SRLQWVIRUPD[LPXPJULSSLQJDQGSUHYHQWLRQRIURXQGLQJ
EROWKHDGV
„
%#T *,,%5
‡0DGHIURPFKURPHYDQDGLXPVWHHODQGEULJKWFKURPHSODWLQJ
‡SRLQWVIRUPD[LPXPJULSSLQJDQGSUHYHQWLRQRIURXQGLQJ
EROWKHDGV
„
=04
=04
B 82=;8841;4
‡0DGHIURPFKURPHYDQDGLXPVWHHODQGEULJKWFKURPHSODWLQJ
‡3XVKEXWWRQUHOHDVHIRUVRFNHWRUH[WHQVLRQ
‡5RXQGFRPIRUWJULSKDQGOH
B7?4;44;89<7;42
‡0DJQHWLFIRUHDV\LQVWDOODWLRQ
‡+H[VKDIWZLWKTXLFNFKDQJHHQG
=84
=7
J;A4;7237
‡0DGHIURPFKURPHYDQDGLXPVWHHODQGEULJKWFKURPHSODWLQJ
‡µH[WHQVLRQ
;;4824;424;
‡7HVWVVWDQGDUGDQG*)&,UHFHSWDFOHVIRUSURSHU
HOHFWULFDOFXUUHQW
=;40
=;A4
137;4;4;8
‡7HVWWZROLQHVLQVDPH5-MDFN
‡'DQJHURXVGLJLWDOOLQHVFDQFDXVHGDPDJHWRDFRPSXWHU
PRGHP3KRQHOLQHWHVWHUFDQGLVWLQJXLVKGDQJHURXV
GLJLWDOOLQHVIURPVDIHDQDORJOLQHV
=140
024<3*83
‡,GHDOIRUUXQQLQJFDEOHLQKDUGWRUHDFKDUHDVVXFKDVEHKLQG
ZDOOVWKRXJKFUDZOVSDFHVDQGXQGHUIORRUV
‡SLHFHVHWIHHWHDFKVHFWLRQ
‡+RRNULQJDQGIOH[LEOHH[WHQVLRQDWWDFKPHQWVLQFOXGHG
=<8
,167$//$7,216833/,(6
2<24=34B3199;4;8
.12<141; 9;
‡GLJLWVFRXQWV
‡EHVWDFFXUDF\
‡)XQFWLRQV'&YROWDJH$&FXUUHQWUHVLVWDQFH
IUHTXHQF\FDSDFLWDQFHWHPSHUDWXUHGXW\
F\FOHUHODWLYHUHIHUHQFHFRQWLQXLW\ZLWK
EX]]HUDQGGLRGHWHVW
‡/LJKWZHLJKW/('+HDGODPS
‡&DQEHZRUQRQKHDGRURQVDIHW\KDUGKDW
‡$GMXVWDEOHWRZRUNLQKDUGWRUHDFKDUHDV
‡3RZHUHGE\$$EDWWHULHV
=1
==4948
B;; *8;71
841;427<39:3
‡5DWFKHWLQJER[HQG
‡6SHHGGHVLJQHG
=*8
B;; *8;71
841;427<39:3
RSHQHQGIRU
TXLFNHUHDVLHUXVH
FDQEHXVHGLQ
HLWKHUGLUHFWLRQ
‡0DGHIURPFKURPH
YDQDGLXPVWHHO
DQGEULJKWFKURPH
SODWLQJ
‡5DWFKHWLQJER[HQG
‡6SHHGGHVLJQHGRSHQ
HQGIRUTXLFNHUHDVLHU
XVHFDQEHXVHGLQ
HLWKHUGLUHFWLRQ
‡0DGHIURPFKURPH
YDQDGLXPVWHHODQG
EULJKWFKURPHSODWLQJ
=*8
[email protected];433;
: ;8;;9;74
‡$OOPHWDOERG\
‡5XEEHUJULSIRU
=?072.
VDIHUKDQGOLQJ
‡4XLFNUHOHDVH
EXWWRQIRUWRROOHVV
EODGHH[FKDQJH
‡([WUDEODGH
VWRUDJH
FRPSDUWPHQW
B7?4 82=;8
‡LQFKSUHFLVLRQ
PDFKLQHGKHDG
‡$OOKROORZVKDIW
WRDFFRPPRGDWH
ORQJHUEROWV
‡,QVXODWHG
FXVKLRQHGJULSIRU
FRPIRUW
=7
B7?4 82=;8
‡LQFKSUHFLVLRQ ‡$OOKROORZVKDIW
PDFKLQHGKHDG
WRDFFRPPRGDWH
ORQJHUEROWV
‡,QVXODWHG
FXVKLRQHGJULSIRU
FRPIRUW
=7
433:;4*2413?1;-
3 :;827<?;7 ;8
‡7RROEHOWZLWKSRXFKHV
DQGDGMXVWDEOHORDGEHDULQJ
VXVSHQGHUV
‡,QFOXGHVKDPPHUKRRNDQG
FRUGOHVVGULOOSRXFK
‡0DGHIURP'SRO\HVWHU
‡/HDWKHUZDLVWEHOWZLWK
DGMXVWPHQWKROHVDQGUROOHU
PHWDOGRXEOHWRQJXHEXFNOH
‡6FDQQDEOHEDUFRGHIRUHDV\
LQYHQWRU\FRQWURO
=4:4
,167$//$7,216833/,(6
48 ;*27
>
; B0!%1&,#$"
‡ /('.U\SWRQKHDGODPS
‡ 7KLVLVDJUHDWWRROIRUVKLQLQJDOLJKWZKHUH
\RXQHHGLW\HWNHHSLQJ\RXUKDQGVIUHH
‡ 8OWUD%ULJKW/('/LJKW
‡ ([WHQVLYH/LIHWLPHRI/('KRXUV
‡ $GMXVWDEOHKHDGVWUDSKHOSVNHHSOLJKWIURP
ERXQFLQJ
‡ $GMXVWDEOH,QFOLQDWLRQ
‡ 8VHV$$$EDWWHULHV
‡ +LJK,QWHQVLW\/('
4*;
$9<24;>.,'",#$"
48 ;*27 >J
4%&%,
‡ /DUJHPDFKLQHGDOXPLQXP0DJOLWH
‡ ,QFOXGHVDVSDUHEXOELQWKHWDLOFDS
‡ /LPLWHGOLIHWLPHZDUUDQW\
‡ %XLOWLQPDJQHWDORQJWKHERW
WRPHGJH
9<24;
‡ 'HWHUPLQHVOHYHORQYHUWLFDO
KRUL]RQWDODQGžDQJOHV
,,9<24;>.,'",#$"
#"' ‡ 0LQL0DJOLWHFRPERSDFN
9<24;
Time &
Money
SAVING
TOOLS
‡ /HQJWKµ
‡ ,QFOXGHV$$EDWWHULHV
KROVWHU
‡ /HQJWKöµ
‡ %DUUHO'LDPHWHUµ
‡ +HDG'LDPHWHUµ
8;*-
377;438:<
44
Time &
Money
SAVING
TOOLS
[email protected] P418; ; 377;438
8;92?9;[email protected]
‡ 7KLVNLWFRQWDLQVDZLGH
UDQJHRIVSHFLDOL]HG
WKUHDGHGFRQQHFWRUWLSVIRU
\RXU5R\5RGŒV\VWHP
‡ 7KHNLWLVLQWHQGHGWR
FRPSOHPHQW\RXU
!5R\5RGŒ3UR
IW3XVK3XOO5RG.LW
0RGHO&=3
!5R\5RGŒ2IW5RG
.LW0RGHO&=2RU
&=2/
!5R\5RGŒIW
&RPSDFW5RG.LW
0RGHO&]
‡ 0XOWLSOHVSHFLDOW\WLSV
WRPHHWDZLGHUDQJHRI
LQVWDOODWLRQFKDOOHQJHV
8840
Time &
Money
SAVING
TOOLS
[email protected] P39483 024
‡ 8VHWKH5R\5RGŒ&RPSDFW5RG.LWIRU
OLPLWHGDFFHVVVSDFHVZKHUHW\SLFDOIW
‡ 7KH,QVWDOOHUV%HVW)ULHQG
5RGVDUHGLIILFXOWWRXVH
‡ 7KLVFRQQHFWRUEDJJLYHVWKHLQVWDOOHUQHZIUHHGRPDQG ‡ 7KHXQLTXH´TXLYHUµFDVHFDQEHKXQJ
FRQYHQLHQFHDWWKHMREVLWH
‡ (LJKWVHSDUDWHFRPSDUWPHQWVFDQEHXVHGWRRUJDQL]H
FRQQHFWRUVYDULRXVIDVWHQHUVDQGRWKHUVPDOOSDUWV
‡ 7KHSDUDFKXWHFRUGFORVXUHGRXEOHVDVDFDUU\LQJ
KDQGOH
‡ &RQVWUXFWHGRIKHDY\GXW\%DOOLVWLFQ\ORQZLWKDQR
PDUERWWRP
:
RQ\RXUVKRXOGHUWRDOORZ\RXWRGUDZRXW
URGVRQHDWDWLPH
‡ 8VHWKHFRQYHQLHQW]LSSHUHGVLGHSRFNHW
WRKROG\RXUZKLVNWLSDQGEDOOFKDLQ
ODQ\DUGIRUHDV\DFFHVV
‡ 7KLVURGNLWSURYLGHVVKRUWHUIWURGVIRUPRUHYHUVDWLOLW\DQGIXQFWLRQDOLW\LQ
FRQILQHGVSDFHVDQGLQFOXGHVDVRIWFDVHZLWKKDQGOHVWUDSVWKDWHQDEOHWKHNLWWR
EHFDUULHGOLNHDQDUURZ´TXLYHUµRQ\RXUVKRXOGHU
88F
,167$//$7,216833/,(6
Time &
Money
SAVING
TOOLS
28;4237433
Time &
Money
SAVING
TOOLS
‡ 7KH'LUHFWLRQDO7RROHQDEOHV\RXWRKROGFRQWURO
DQGJXLGHIOH[LEOHVKDIWGULOOELWVDQGH[WHQVLRQV
LQWRZDOOFDYLWLHVDQGRWKHUFRQILQHGVSDFHV
‡ 3ODFHWKHWRRORYHU\RXUIOH[LEOHGULOOELWVKDIW
DQGDUF\RXUELWLQWRWKHSURSHUDQJOHEHIRUH
GULOOLQJ\RXUKROH
‡ 0DGHRIKDUGHQHGVWHHODQGZHOGHGFRQ
VWUXFWLRQRXUGLUHFWLRQDOWRROLVILQLVKHGZLWKD
GXUDEOHDQGDWWUDFWLYHSRZGHUFRDWLQJIRU\HDUV
RIUHOLDEOHWURXEOHIUHHVHUYLFH
‡ ,I\RXFDQWRXFKWKHZLUHZLWKWKHSROH\RXFDQ
*5$%%,7Œ
‡ 7KH*UDEELWŒVHULHVRIWHOHVFRSLQJSROHVDUH
.4
/6*5
FRQVWUXFWHGRIQRQFRQGXFWLYHOLJKWZHLJKWIULFWLRQ
ORFNLQJILEHUJODVV
‡ 7KHWRROLVLQGLVSHQVDEOHIRUUXQQLQJSXVKLQJRU
SXOOLQJZLUHVRUFDEOHVWKURXJKOLPLWHGDFFHVVDUHDV
DQGIDOVHFHLOLQJV
.4
/6*5
‡ $XWR$GYDQFHFKDQJHVELWV
LQVWDQWO\ZLWKWKHSXVKRID
EXWWRQVZLWFKEODGHHIIHFW
‡ (DV\WRUHDGLFRQVRQ
SXVKEXWWRQVIRUHDV\ELW
‡‡ (QODUJHDSUHYLRXVO\GULOOHG
8;:
8;:F
5(75$&7$%,7Œ6&5(:'5,9(56
Time &
Money
SAVING
TOOLS
8;:38;S24>
8
82:24
<8
<8
Time &
Money
SAVING
TOOLS
BJ
8;:
4
BFJ
8;:F
<8::24P.2:;8<
4;;327<3;
KROHZKLOHUHWDLQLQJWKH
H[LVWLQJZLUHLQWKDWKROH
‡‡ 7KHELWLVIDEULFDWHGZLWK
DFXVWRPPDGHKROORZ
ERGLHGGULOOELWFRQWDLQLQJ
DIUHHVSLQQLQJVZLYHO
H\HOHWPRXQWHGWRLWVSLORW
KROHFHQWHUVKDIW
‡ 7KHELWZLOOQRWWZLVWWKH
ZLUH
‡ $YDLODEOHLQµµIL
QDOVL]HRIUHGULOOHGKROH
GLDPHWHUV
‡ (DFKGLDPHWHUKDVDQDV
VRFLDWHGSLORWKROHVL]H
VHOHFWLRQ
‡ RIWKHPRVWSRSXODUELWV
H[WHQGIURPLQVLGHWKH
KDQGOHYLDVSULQJDFWLRQ
‡ %LWVDXWRORFNLQSODFHRQFH
VHOHFWHG
‡ ,QFOXGHVUXJJHGEHOWFDUU\
LQJFDVH
8:
Time &
Money
SAVING
TOOLS
8;.;8;7;3274:24
‡ 7KH5HIHUHQFH3RLQW%LWLV
DQH[WUHPHO\VPDOOµ
GLDPHWHUZLUHELWIRUSUH
*F
*4>1! +!
<,
%&,''B%&&*B !=++
‡ 5XQVRIIRI99'(:$/7EDWWHU\
OLPLQDU\LGHQWLILFDWLRQRIGULOO
ELWSDWK
‡ 0DGHRIµORQJVSULQJ
ZLUHWKLVELWFDQEHFXWDWDQ
DQJOHDWDQ\OHQJWKWRPDNH
WKHVPDOOHVW´UHIHUHQFHµELW
‡ 3DFNDJHGDVDFRQYHQLHQW
SDFN
$1&+25.,7
ß'5,//%,7
SDFNVRU9$&
‡ *RUHŒZHWGU\ILOWHUWUDSVRI
GU\ZDOOGXVW
‡ :HW'U\ILOWHUHOLPLQDWHVFKDQJHRYHUV
‡ :DVKDEOHILOWHUWUDSVRIGXVWDV
VPDOODVPLFURQV
‡ 7DSRUZDWHUULQVHWRFOHDQ
‡ +HDY\GXW\UXEEHUKRVHSURYLGHV
GXUDELOLW\DQGIOH[LELOLW\
‡ 'UDLQSRUWRQWDQNIRUHDV\HPSW\LQJRI
OLTXLGV
‡ 2QERDUGKRVHFRUGDQGDFFHVVRU\
VWRUDJHSURYLGHVFRQYHQLHQWWUDQVSRUW
DQGVWRUDJH
‡ <HDU/LPLWHG:DUUDQW\
‡µDQFKRUV
‡µVFUHZV
‡µGULOOELW
=0
,167$//$7,216833/,(6
J8%+&(,+'
K4;9;?8;
‡ &RPIRUW*ULS
‡ 0DJQHWLFHQG
‡ 0HDVXUHVXSWR·
‡ +HDY\GXW\WRROFDSDEOHRIVWDQGLQJXSWRWKHWRXJKHVWFDEOH
‡ /LIHWLPHZDUUDQW\
1:
449
48 ;*27 >*##
*<%*<
J#',#'
‡ %ODFNUXEEHULQVHUWRQKDQGOHVIRUDGGHGJULS
‡ )XOOOLIHWLPHZDUUDQW\
‡ µOHQJWK
‡ +DUGHQHGVWHHOZLWKUXEEHUSODVWLFKDQGOH
‡ &RPIRUWDEOHPROGHGSODVWLFJULS
‡ 6SULQJORDGHG
‡ :LUHJDXJHV$:*ZLUHVRU$:*ZLUHV
49*
49*
1:F
;>8%+&
"5&#
‡ <HOORZDFHWDWHKDQGOHZLWKFXVKLRQJULS
GHVLJQHGIRUWRUTXHDQGFRPIRUW
‡ 5RXQGVKDIW
‡ 3KLOOLSV
‡ 6KDIWOHQJWKµORQJ
‡ &KURPHYDQDGLXPVWHHOEODGHDQGEODFNWLS
;>BJ
%(##%
*"
;>TJ:%/
-3;&
*"
‡ &KURPHYDQDGLXPVWHHO
‡ 0LUURUILQLVK
‡ 7RWDOOHQJWKµ
‡ µFRPELQDWLRQ
‡ &KURPHYDQDGLXPVWHHO
‡ 0LUURUILQLVK
‡ 7RWDOOHQJWKµ
‡ õµFRPELQDWLRQ
F
:33*
*4>1! +!
3LHFH(OHFWULFLDQ·V+ROH6DZ.LW
;>FJ8%+&
"5&#
‡ <HOORZDFHWDWHKDQGOHZLWKFXVKLRQJULS
‡ µµµµµµ+ROHVDZV
‡ 6PDOOTXLFNFKDQJHPDQGUHO
‡ /DUJHTXLFNFKDQJHPDQGUHO
‡ 5HSODFHPHQWSDUWV
‡ &DUU\LQJ&DVH
GHVLJQHGIRUWRUTXHDQGFRPIRUW
‡ 5RXQGVKDIW
‡ 6ORWWHG
‡ ôµEODGH;µORQJ
‡ &KURPHYDQDGLXPVWHHOEODGHDQGEODFNWLS
F
28*27>J%$6+#5"$:#
‡ 7RROOHQJWKµ
‡ 4XLFN&KDQJHFKXFNH[WHQWLRQ
‡ )RUXVHZLWKDOO6SHHGERU
/RFN1/RDG
‡ 8VHGZLWKPRVWôµJURRYHGKH[
VKDQNELWV
‡ 6OLPGLDPHWHUFKXFNDQGH[WHQWLRQ
SDVVHVWKURXJKµKROH
3,(&(0$*1(7,&187'5,9(56(7
µ µ µ µ µ
‡ 0DJQHWLFIRUHDV\LQVWDOODWLRQ
‡ +H[VKDIWZLWKTXLFNFKDQJHHQG
‡ 6L]HVµµµµµ
7?4 8
,167$//$7,216833/,(6
*4>1! +!
=%&,''% #,,B #0#
‡ &RPSDFWVL]HILWVLQWRWKHWLJKWHVWFRQGLWLRQV
‡ /LJKWZHLJKWGHVLJQOEVPLQLPL]HVXVHUIDWLJXH
‡ +LJKSHUIRUPDQFHPRWRUGHOLYHUVLQOEVRIPD[LPXPWRUTXH
‡ 'XDOVSHHGUDQJHUSPGHOLYHUVRSWLPDOSHUIRUPDQFH
‡ VLQJOHVOHHYHNH\OHVVUDWFKHWLQJFKXFNIRUWLJKWHUELWJULS
‡ 0D[LPXPGXUDELOLW\DQGUHOLDELOLW\ZLWKVWDQGVMREVLWHFRQGLWLRQV
,QFOXGHV
KRXUFKDUJHU
9EDWWHULHV
'RXEOHHQGHGVFUHZGULYHUELW
+HDY\GXW\NLWER[
0
#&:#
48 ;*27
JATJ
&:#
‡ VSDGHELWV
‡ 5XJJHGUXEEHUFDUU\FDVH
‡ +H[HQGILWVUDSLGFKDQJHGULOO
‡ +H[HQGSURYLGHVWLJKWILWIRUGULOODWWDFKPHQWV
‡ %LWVL]HVµµµµµ
‡ &DVHVL]Hµ;µµµµ
‡ 6SDGHELWXVHGIRUGULOOLQJWKURXJK
DOOW\SHVRIZRRGVDQGGU\ZDOO
‡ +ROHVLQWKHWRSRIWKHELWXVHGIRU
SXOOLQJZLUH
‡ µORQJ
‡ õµ'ULOOKHDGGLDPHWHU
F4
7UDGHZLQG µRU µ6SDGH%LWµ/RQJ
Š
‡ 6SDGHELWXVHGIRUGULOOLQJWKURXJKDOOW\SHVRIZRRGVDQGGU\ZDOO
‡ +ROHVLQWKHWRSRIWKHELWXVHGIRUSXOOLQJZLUH
‡ µRUµ'ULOOKHDGGLDPHWHU
4*:
.;A2:; 82:24
‡7KLVIOH[ELWLV0,*ZHOGHGWRD
IOH[LEOHFKURPHVLOLFRQVKDIWIRU
VXSHULRUVWUHQJWK
‡,QVHUWWKLVWRROWKURXJKVPDOOZDOO
RSHQLQJVWRERUHKROHVWKURXJK
VWXGVZLWKLQWKHZDOOFDYLWLHVZLWKRXW
GDPDJLQJILQLVKHGZDOOVRUFHLOLQJV
4*:
4*:
48 ;*27 >J%BFJA
J+$:#
‡ 6LQJOHFXWWHUDQGVLGHOLS
HIIRUWOHVVO\ERUHVKROHVLQ
ZRRGZKHUHQDLOVPD\EHHQ
FRXQWHUHG&XWVWKURXJKQDLOV
ZLWKRXWGDPDJLQJWKHELW
‡ )XOOOHQJWKKHDWWUHDWPHQW
JXDUGVDJDLQVWEHQGLQJLQ
KHDY\GXW\DSSOLFDWLRQVDQG
VWUHQJWKHQVWKHWZLVWZKHUH
WKHJUHDWHVWVWUDLQRFFXUV
FKLSVTXLFNO\RXWRIKROHV
‡ 6WD\VVWUDLJKWDVLWERUHV
‡ 'LDPHWHUµRUöµ
‡ 2YHUDOO/HQJWKµ
‡ 6KDQNHQGVL]HµKH[
‡ 7ZLVWOHQJWKµ
‡ +ROORZFHQWHUIOXWHVFOHDU
4*
>
4*F
BaAFa,/%M
.AF
BaAa,/%M
FJ
.A
J
,167$//$7,216833/,(6
´,W·V$OO$ERXW7KH/2&.µ
Œ
+,*+3(5)250$1&(&211(&725
4'&%4;&&'
*"4#$",
==
:;8<
#,&<#
&4+&)'.1%P
%''#%%5
*#"%+#0;611.P '#$
4"#'%%*%5'*#"!
&&%''#%4%%,
==
6+#5'!#',,#%%,,8<&8<
+,%/
'#$&%4= &(%&(&
#',,#%
=?;
6HH3DJH
#'#%"#&(%&!#"#,'
,#$
#,(,#"+'%#N(,##&
(&Q'#,%&R
4"#Yd_ZZWP&'#$%5'#"!
'&&%''#%%%,QR
''&'#$%#'+#$#%'#$
%4;'&&'
=6A=
:;8<
:;8<6?
:;8<6?
:;8<
:;
&52666(&7,21
2666(&7,21
==
'HVLJQHGIRU
TXLFNHDV\
LQVWDOODWLRQ
RQ5*
'XDO6KLHOG
FRD[LDOFDEOH
=6A=
'HVLJQHGIRU
TXLFNHDV\
LQVWDOODWLRQRQ
DQ\VWDQGDUG
QRQSOHQXP
5*4XDG
6KLHOGRU7UL
6KLHOGFRD[LDO
FDEOH
67(3
==
'HVLJQHGIRU
TXLFNHDV\
LQVWDOODWLRQRQ
5*FRD[LDO
FDEOH
==E8
67(3
%
:;8<
7KH5,'*(/2&·VWH[WXUHGVOHHYHF\OLQGHUDQGWKHHQGEHOOFDS
WXUHULQJVSUHYHQWEDFNLQJXSUHJDUGOHVVLIHQGEHOOLVORFDWHGLQWKH
VOHHYH7KHFRD[LVSRVLWLYHO\FDSWXUHGE\WKHHQGEHOOHYHU\WLPH
8VH DQ\ VWDQGDUG FRPSUHVVLRQ WRRO ZLWK D FRPSUHVVLRQ OHQJWK
DQ\ZKHUHFORVHWRPLOOLPHWHUVDQGWKH5,'*(/2&DOZD\V
LQVWDOOVFRUUHFWO\WRHQVXUHPD[LPXPTXDOLW\DQGSHUIRUPDQFH<RX
ZLOOQHYHUPLVVZLWKWKLVILWWLQJ7KH5,'*(/2&LVVXLWDEOHIRU
LQGRRUDSSOLFDWLRQVWHVWHGWR6&7(VWDQGDUGVDQGZHDWKHUSURRIIRU
KRVWLOHRXWGRRUHQYLURQPHQWV2WKHUIHDWXUHVLQFOXGHDQH[WUHPHO\
UXJJHGPDFKLQHGERG\PLOVSHFSODWLQJGLPSOHGJULSDQGDYDLO
DEOHFXVWRPL]DEOHLPSULQWRQEDQGPDNLQJWKH5,'*(/2&RQH
RIWKHPRVWUHOLDEOHDQGYHUVDWLOHFRQQHFWRUVDYDLODEOHLQWKHPDUNHW
WRGD\
&%''#%#&$',%5#%
%%,%%#',,#%!#
4;:@4;2744237
==
=?;
.;4?8;
'HVLJQHGIRU
TXLFNHDV\
LQVWDOODWLRQ
RQ$OO5*
FRD[LDOFDEOHV
LQFOXGLQJ'XDO
7ULDQG4XDG
6KLHOG
==E8
#'#%9"#&:%&!
1#$"%.!%%
&XWWKHHQGRIWKH5*
FDEOHFOHDQO\ZLWKVKDUS
FXWWHUVDWDƒDQJOH
67(3
3(5)(&7
,QVHUWWKH5*FRD[
LQWRWKHZLUHVWULSSHUVR
WKHHQGRIWKHFRD[ZLUH
LVIOXVKZLWKWKHVLGHRI
WKHZLUHVWULSWRRO
67(3
7(3
7XUQWKHZLUHVWULSWRROILYHRU
VL[IXOODQGFRQWLQXRXVUHYROX
WLRQVDURXQGWKHFRD[ZLUH
7KHWZRFXWRIIVHFWLRQVVKRXOGEH
DSSUR[LPDWHO\PPORQJ
7KHVPDOO¶GUDLQ·ZLUHVDURXQGWKHRXWVLGH
RIWKHDOXPLQXPMDFNHWVKRXOGQRWEH
QLFNHGRUFXWE\WKHZLUHVWULSWRRO
FRQW·SDJH
,167$//$7,216833/,(6
4
41;12<1;8.3897;
377;438.388<3AG
4'&%4;&&'
*"4#$",
=?;
&4+&)'.1%P
%''#%%5
:;8<
:;8<6?
*#"%+#0;611.P '#$4"#'
%%*%5'*#"!&&
%''#%4%%,
#'#%9"#&:%&!
.;4?8;
+'%#N(,2#&:&
7KH 5,'*(/2& 8QLYHUVDO·V VOHHYH F\OLQGHU DQG WKH HQG EHOO FDSWXUH
ULQJVSUHYHQWEDFNLQJXSUHJDUGOHVVLIHQGEHOOLVORFDWHGLQWKHVOHHYH
7KHFRD[LVSRVLWLYHO\FDSWXUHGE\WKHHQGEHOOHYHU\WLPH8VHDQ\
VWDQGDUGFRPSUHVVLRQWRROZLWKDFRPSUHVVLRQOHQJWKDQ\ZKHUHFORVH
WRPLOOLPHWHUVDQGWKH5,'*(/2&8QLYHUVDODOZD\VLQVWDOOVFRUUHFWO\
WRHQVXUHPD[LPXPTXDOLW\DQGSHUIRUPDQFH<RXZLOOQHYHUPLVVZLWK
WKLVILWWLQJ7KH5,'*(/2&8QLYHUVDOLVVXLWDEOHIRULQGRRUDSSOLFDWLRQV
WHVWHGWR6&7(VWDQGDUGVDQGLVZHDWKHUSURRIIRUKRVWLOHRXWGRRUHQYL
URQPHQWV2WKHUIHDWXUHVLQFOXGHDQH[WUHPHO\UXJJHGPDFKLQHGERG\
PLOVSHFSODWLQJDQGDYDLODEOHFXVWRPL]DEOHLPSULQWRQEDQGPDNLQJ
WKH5,'*(/2&8QLYHUVDORQHRIWKHPRVWUHOLDEOHDQGYHUVDWLOHFRQQHF
&52666(&7,21
1#$"%
.!%%
&%''#%
#&$',%5#%%%,
%%#',,#%!
#
6+#5'!
#',,#%%,,8<
%/#,(,'#,+&
#$ +,4#&6+&
"#,&
#,(,#"+'
%#N(,##&
(&Q'#,%&R
'#$&% &
(%&(&#',,#%
4"#Yd_ZZWP
&'#$%5'#"!
'&&%''#%
%%,
#'#%"#&
(%&!#"#,'
,#$
WRUVDYDLODEOHLQWKHPDUNHWWRGD\
''&'#$%#'
+#$#%'#$
%4;'&&'
4;:@4;2744237
67(3
$OVRORRNFORVHO\DWWKHDOXPLQXP
MDFNHWWRLQVXUHLWLVOD\LQJIODW
DJDLQVWWKHZKLWHGLHOHFWULFIRDP
67(3
7KHILWWLQJZLOOVOLGHGRZQ
LQWRWKHFRD[ZLUHVPRRWKO\
LI\RXKDYHDOLJQHGHYHU\
WKLQJSURSHUO\
&RQWLQXHSXVKLQJDQGWZLVW
LQJXQWLOWKHZKLWHGLHOHFWULF
IRDPLVIOXVKZLWKWKHLQVLGH
IDFHRIWKHFRQQHFWRU
67(3
)ROGWKHVPDOO¶GUDLQ·ZLUHVEDFN
RYHUWKH39&MDFNHW,QVSHFWWKH
ZLUHVFDUHIXOO\WRLQVXUHDOOZLUHV
DUHIROGHGEDFNQHDWO\
3(5)(&7
*HQWO\ILWWKH395LGJH/RFŒFRQQHFWRURQWR
WKHFRD[FDEOH,QVXUHWKHFRQQHFWRUVOLGHVRYHU
WKHWRSRIWKHDOXPLQXPIRLOOD\HU3UHVVWKH 7
ILWWLQJRQWRWKHFRD[ZLWKVLGHWRVLGHPRWLRQ
WZLVWRUURWDWHWKHILWWLQJ
VRLWFDQVOLGHGRZQLQWRWKH
FRD[ZLUH
67(3
3(5)(&7
&RPSOHWHWKHDWWDFKPHQWRI
WKH5LGJH/RFŒFRQQHFWRUE\
FRPSUHVVLQJWKHILWWLQJLQDJRRG
TXDOLW\FRPSUHVVLRQWRRO
,167$//$7,216833/,(6
%1&0$/(72
33&&2035(66,21 33&&2035(66,21
)&211(&725
))(0$/($'$3725
)&211(&725
0$/($'$
5*%/8(
5*5('
„
%)$
&03
&03
33&&2035(66,21 33&&2035(66,21 33&&2035(66,21
)&211(&725
)&211(&725
)&211(&725
81,9(56$/5* 81,9(56$/5* 5*48$'%/$&.
(;;/
(;
&034
33&&2035(66,21 33&&2035(66,21 %1&&211(&725
)&211(&725
)&211(&725
81,9(56$/3/(1805* 81,9(56$/$48$7,*+75*
(;;/3
(;;/:6
‡6LOYHU5*%1&&RQQHFWRU
)6%1&8
,167$//$7,216833/,(6
5*48$'6+,(/')&211(&7256
‡3UHPLXP)FRQQHFWRUVIRU5*WULVKLHOG5*
TXDGVKLHOGFRD[FDEOH
‡'LJLFRQFRD[FRQQHFWRUVWHUPLQDWHZLWKFRQLFDOFRP
SUHVVLRQIRUXQEHDWDEOHSHUIRUPDQFHUHOLDELOLW\
‡GHJUHHFRQLFDOFRPSUHVVLRQFRPSOHWHO\VHDOV
FRQQHFWRUDURXQGFDEOHMDFNHWIRULQFUHDVHGHOHFWULFDO
PHFKDQLFDOSHUIRUPDQFHVHFXUHZHDWKHUWLJKW
WHUPLQDWLRQHQKDQFHGSXOORXWVWUHQJWK
‡,Q'LJLFRQ66HULHVGLHWKDWFUHDWHVFRPSUHVVLRQ
VHDOLVORFDWHGLQFRQQHFWRU
'64
‡'LJLFRQFRQQHFWRUVLQFOXGHDXQLTXHPDFKLQHGEUDVV
VHDOLQJULQJORFDWHGLQILQDOFRPSUHVVLRQWDSHUWRFUH
DWHDSHUPDQHQWZDWHUEDUULHUDWFRQQHFWRUEDVH
‡/XEULFDWHGLQWHUQDO2ULQJSUHYHQWVPRLVWXUHPLJUD
WLRQDWPDQGUHOQXW
‡/DUJHIHUUXOHFRQWDFWVXUIDFHHQVXUHVDSURSHU5)
GLJLWDOLQWHUIDFH
‡7KHIUHHVSLQQLQJEUDVVWLQSODWHGERG\DQGQLFNHO
SODWHGQXWSURYLGHVXSHULRUFRUURVLRQUHVLVWDQFHDQG
GXUDELOLW\7KHFRQQHFWRUQXWLVSHUFHQWODUJHU
SHUFHQWGHHSHUZLWKSHUFHQWPRUHWKUHDGVIRUD
PRUHILUPJULSDQGWRSURYLGHDVHFXUHZHDWKHUWLJKW
FRQQHFWLRQ([FHHGV6&7(DQG7HOFRUGLDVSHFLILFD
WLRQV
5*)&211(&7256
‡3UHPLXP5*)FRQQHFWRUVIRU5*EUDLGWKUX
5*WULVKLHOGFRD[LDOFDEOH
‡'LJLFRQFRD[FRQQHFWRUVWHUPLQDWHZLWKDFRQLFDO
FRPSUHVVLRQIRUWRSSHUIRUPDQFHUHOLDELOLW\
‡7KHGHJUHHFRQLFDOFRPSUHVVLRQFRPSOHWHO\
VHDOVFRQQHFWRUDURXQGFDEOHMDFNHWIRULQFUHDVHG
HOHFWULFDOPHFKDQLFDOSHUIRUPDQFHVHFXUHWHUPLQD
WLRQHQKDQFHGSXOORXWVWUHQJWK
‡,QWKH'LJLFRQ66HULHVWKHGLHWKDWFUHDWHVWKHFRP
SUHVVLRQVHDOLVORFDWHGLQWKHFRQQHFWRU
‡'LJLFRQFRQQHFWRUVLQFOXGHDXQLTXHPDFKLQHGEUDVV
VHDOLQJULQJORFDWHGLQWKHILQDOFRPSUHVVLRQWDSHUWR
FUHDWHDSHUPDQHQWZDWHUEDUULHUDWFRQQHFWRUEDVH$
OXEULFDWHGLQWHUQDO2ULQJSUHYHQWVPRLVWXUHPLJUDWLRQ
DWWKHPDQGUHOQXW
‡$ODUJHIHUUXOHFRQWDFWVXUIDFHHQVXUHVDSURSHU5)
GLJLWDOLQWHUIDFH7KHIUHHVSLQQLQJEUDVVWLQSODWHG
ERG\QLFNHOSODWHGQXWSURYLGHVXSHULRUFRUURVLRQ
UHVLVWDQFHGXUDELOLW\
‡7KHFRQQHFWRUQXWLVSHUFHQWODUJHUSHUFHQW
GHHSHUZLWKSHUFHQWPRUHWKUHDGVIRUDILUPHUJULS
WRSURYLGHDVHFXUHZHDWKHUWLJKWFRQQHFWLRQ
'6
5*)&211(&7256
‡3UHPLXP5*)FRQQHFWRUVIRU5*EUDLG
WKUX5*WULVKLHOGFRD[LDOFDEOH
‡'LJLFRQFRD[FRQQHFWRUVWHUPLQDWHZLWKDFRQLFDO
FRPSUHVVLRQIRUXQEHDWDEOHSHUIRUPDQFHUHOLDELOLW\
‡7KHGHJUHHFRQLFDOFRPSUHVVLRQFRPSOHWHO\
VHDOVWKHFRQQHFWRUDURXQGWKHFDEOHMDFNHWIRULQ
FUHDVHGHOHFWULFDOPHFKDQLFDOSHUIRUPDQFHVHFXUH
ZHDWKHUWLJKWWHUPLQDWLRQSXOORXWVWUHQJWK
‡,QWKH'LJLFRQ66HULHVWKHGLHWKDWFUHDWHVWKHFRP
SUHVVLRQVHDOLVORFDWHGLQWKHFRQQHFWRU
‡'LJLFRQFRQQHFWRUVLQFOXGHDPDFKLQHGEUDVVVHDOLQJ
ULQJORFDWHGLQWKHILQDOFRPSUHVVLRQWDSHUWRFUHDWHD
SHUPDQHQWZDWHUEDUULHUDWWKHFRQQHFWRUEDVH
‡$OXEULFDWHGLQWHUQDO2ULQJSUHYHQWVPRLVWXUHPLJUD
WLRQDWWKHPDQGUHOQXW$ODUJHIHUUXOHFRQWDFWVXUIDFH
HQVXUHVDSURSHU5)DQGGLJLWDOLQWHUIDFH
‡7KHIUHHVSLQQLQJEUDVVWLQSODWHGERG\QLFNHO
SODWHGQXWSURYLGHVXSHULRUFRUURVLRQUHVLVWDQFH
GXUDELOLW\
‡7KHFRQQHFWRUQXWLVSHUFHQWODUJHUSHUFHQW
GHHSHUZLWKSHUFHQWPRUHWKUHDGVIRUDPRUHILUP
JULSWRSURYLGHDVHFXUHZHDWKHUWLJKWFRQQHFWLRQ
‡([FHHGV6&7(7HOFRUGLDVSHFLILFDWLRQV
'6
,167$//$7,216833/,(6
7:,6721
&211(&725
0$/(72)(0$/(
&211(&725
3$&.
‡7ZLVW2Q&RQQHFWRUIRU5*
32575(' 61$36($/
)&211(&725
63/,&(
&211
1(&72
&211(&725
‡)&RQQHFWRU5*
‡2UDQJH
)72
39),;
3985
6163
8/75$5$1*(Š 8/75$5$1*(Š 61$36($/
5*&211(&7256
81,9(56$/)&2035(66,21 &211(&725
‡2QHSLHFHFRQVWUXFWLRQ
‡ƒUDGLDOFRPSUHVVLRQ
‡$OOPHWDOFRQVWUXFWLRQ
‡8VHVVWDQGDUGWRROV
*)8(
‡&RQQHFWRU5*4XDG
‡3XUSOH
*)85
*,/%(5751&
&2035(66,21
616346
*,/%(57%1&
&2035(66,21
‡(DFKFRQQHFWRUKDVDFRORUFRGHGODEHO
ZKLFKGLVSOD\VWKHFDEOHVHULHV
‡ƒUDGLDOFRPSUHVVLRQDWWKHFRQQHFWRU
FDEOHLQWHUIDFHSURYLGHVH[FHOOHQW5)VKLHOG
LQJDQGSUHYHQWVPRLVWXUHLQJUHVV
*LOEHUW5&$&RPSUHVVLRQ
35,&(
<8?;
C
<8?;
C
8OWUD(DVH5&$5*
8OWUD(DVH5&$5*
61$36($/
&211(&725
‡&RQQHFWRU5*
‡%OXH
6163
*,/%(575*48$'
&211(&7256
‡:HDWKHUUHVLVWDQW
‡
‡
‡(DV\LQVWDOODWLRQ
‡(DV\IOXVKYHULILFDWLRQ
‡
‡/RZDFWLYDWLRQIRUFH
‡
‡3DWHQWHGJURRYHGQXW
‡
GHVLJQ
‡2QHSLHFHFRQVWUXFWLRQ
‡
‡5DSLGFRQQHFWLRQZLWKRXW
‡
ULVNRIPLVDOLJQPHQW
‡RUDGLDOFRPSUHVVLRQ
‡
‡
‡([FHOOHQW5)VKLHOGLQJ
LQWHJULW\
‡
‡([FHOOHQWPRLVWXUHVHDO
*LOEHUW%1&&RPSUHVVLRQ
35,&(
<:7?;
C
<:7?;
C
*)8(4
8OWUD(DVH%1&5*
8OWUD(DVH%1&5*
,167$//$7,216833/,(6
67$1'$5'
)&211(&725
‡&ULPSRQ
‡5*)&RQQHFWRU
‡%UDVVIRULQGRRUXVHRQO\
=.
8/7,0$7(
)&211(&725
‡)RU5*&RD[
‡6LOLFRQH6HDODQW
‡,QWHUQDO25LQJ6HDOV
‡%UDVV
‡ %DJRI5*)&RQQHFWRUV
‡ 3XVKRQFULPSZLWKSOLHUV
‡ %UDVVFRQQHFWRUVIRU5*
‡ ,QWHUQDO25LQJ6HDOV
=.
=.
)%$55(/
$'$37(5
+2//$1'%$55(/
63/,&(
‡)))*K]
=.
=.6
‡2QHSLHFHGHVLJQ
‡8WLOL]HV758(ž&RPSUHVVLRQ
‡&RQQHFWRUVKDYHDXQLTXHFRPSUHVVLRQWDSHUWR
FUHDWHDZHDWKHUWLJKWžVHDORQWKHZLUHDQG
SURYLGHVVXSHULRUSXOORXWVWUHQJWKIRUDORQJ
ODVWLQJTXDOLW\FRQQHFWLRQ
‡1RQEOLQGHQWU\VLPSOLILHVLQVHUWLQJWKHZLUHLQWR
WKHFRQQHFWRU
‡5HTXLUHV/&&7VHHSDJH
/&&76/0VHHSDJHWRRO
.8?
48$'6+,(/'
)&211(&725
‡'RXEOH)HPDOH)$GDSWHU
)&21121(3,(&(81,9(56$/
5&$&2035(66,21&211(&725
‡5*5*4XDG&DEOHV
‡)RU5*4XDG6KLHOG&RD[
‡1LFNHO
*))
'(/8;(
)&211(&725
+,*+)5(48(1&<
)&211(&7256
‡'RXEOHIHPDOHEDUUHOFRQQHFWRU
‡8VHWRMRLQWZRFDEOHV
‡$OVRILWVWRZDOOSODWHV
‡8VHGIRUKLJKIUHTXHQF\FDEOHUXQV
‡*+]
=.1.
,167$//$7,216833/,(6
)&211%$6,&6(5,(65*
)7<3(&211(&725
‡8WLOL]HV758(ž&RPSUHVVLRQ
‡3DWHQWHGLQWHUQDOFRPSUHVVLRQULQJDWPDQGUHO
QXWJXDUGVDJDLQVWPRLVWXUHPLJUDWLRQWRPDLQ
WDLQDTXDOLW\VLJQDO
‡&RQQHFWRUVKDYHDXQLTXHFRPSUHVVLRQWDSHU
WRFUHDWHDZHDWKHUWLJKWžVHDORQWKHZLUH
DQGSURYLGHVVXSHULRUSXOORXWVWUHQJWKIRUD
ORQJODVWLQJTXDOLW\FRQQHFWLRQ
‡)RURXWGRRUXVH
‡7KLVSURGXFWLVPRVWFRPPRQO\XVHGZKHQ
FRQQHFWLQJDVSOLWWHUWRDVZLWFKRUZKHQ
FRQQHFWLQJRQHVZLWFKWRDQRWKHU
‡7KLVSDUWLVXVHGUDWKHUWKDQPDNLQJXSD
VKRUW5*FDEOHZLWKWZR)FRQQHFWRUV
)0$/(63/,&(
=.
=.
7(50,1$725'&
))(0$/(72
5&$0$/(
‡7KLVSURGXFWDOORZV\RXWRPDNHDFRD[OLQH
‡ $OOSRUWVRIVSOLWWHUVPXOWLVZLWFKHVHWFHLWKHU
LQWRD5&$OLQH
RSHQRUQRWXVHGPXVWEHFDSSHGRII
‡3XWWKHFRQQHFWRURQWRWKHFRD[DVQRUPDO
‡ 7HUPLQDWRUVGLPLQLVKVLJQDOORVV
7KDWFRQQHFWRUFDQWKHQEHSXWLQWRWKLVSDUW
‡ ,QFUHDVHVVLJQDOIRUFHSURWHFWVSRUWIURP
WRFRQYHUWLWLQWRDPDOH5&$FRQQHFWLRQ
ZDWHUFRUURVLRQGDPDJHV
‡0DNHV$XGLR9LVLRQ&RQQHFWLRQV)$67
‡ 2+0
($6<
=.4
„
=..89
ƒ)$'$37(5 )1876:$6+(56
0;/+,#'31&
‡ƒ)$GDSWHUVPDNHZD\PXOWLVZLWFK
LQVWDOOVLQDOOZHDWKHUHQFORVXUHVHDV\
‡&RQQHFWRUVFUHZVRQWREDUUHOSRUWLRQRI
)DGDSWHU
‡8VHLQWLJKWILWWLQJVSRWV
„
=.
)0$/(72
5&$)(0$/(
‡0DNHDFRD[OLQHLQWRD5&$OLQH
‡3ODFHFRQQHFWRURQWRFRD[DVQRUPDO
‡0DNHVDIHPDOH5&$FRQQHFWLRQ
„
=.98.
$//:($7+(5
%227
$OO:HDWKHU3URWHFWLRQIRU<RXU&RQQHFWLRQV
.7*
‡6OLSDOOZHDWKHUERRWRYHUHQGRI)
&RQQHFWRU
‡8VHWRSURWHFWFRQQHFWRUIURPPRLVWXUH
IURPHOHPHQWVWKDWFDXVHGHJUDGDWLRQRU
ORVVRIVLJQDOLQWKHOLQH
=*:.
,167$//$7,216833/,(6
)6($/,1*5,1*6
)6($/,1*5,1*6
‡3ODFHWKHµµµZHDWKHUVHDODURXQGWKH)FRQQHFWRULQDQDUHD
WKDWLVH[SRVHGWRKLJKDPRXQWVRIPRLVWXUH
‡5LQJVSURWHFWWKHVLJQDODOORZV\VWHPWRZRUNORQJHUWKDQQRUPDOLQWKLV
FRQGLWLRQ
‡3XWDµRUµZHDWKHUVHDODURXQGWKH
)FRQQHFWRULQDQDUHDWKDWLVH[SRVHGWRKLJK
DPRXQWVRIPRLVWXUH
‡5LQJVSURWHFWWKHVLJQDODOORZVWKHV\VWHP
WRZRUNORQJHUWKDQQRUPDOLQWKLVFRQGLWLRQ
µ)6HDOLQJ5LQJ
ôµ)6HDOLQJ5LQJ
µ)6HDOLQJ5LQJ
õµ)6HDOLQJ5LQJ
*
=8
=8
=8
*
/,1($5
&2035(66,21
722/
‡:RUNVZLWK&RQQHFWRU0RGHOV
5LGJHORF
33&(;;/&036HULHV
'LJLFRQ'66HULHV
&RUQLQJ*LOEHUW8OWUD(DVH
6HULHV
6QDS¶Q6HDO6166HULHV
‡+HDY\'XW\)UDPH
‡5DWFKHWLQJ'HVLJQ
= A
/,1($5
8/75$6($/Š&2035(66,21
&2035(66,21
722/%<5,3/(<
722/
‡8QLYHUVDO);
‡:RUNVZLWK&RQQHFWRU0RGHOV
‡:RUNVZLWK5LGJHORF
‡+LJKTXDOLW\WRROZRUNV
ZLWKPRVWFRPSUHVVLRQ
ILWWLQJVLQFOXGLQJ*LOEHUW
8OWUDVHDO6WLUOLQJ3HU
PDVHDO'LJLFRQ6QDS
6HDO
5LGJHORF
33&(;;/&03
6HULHV
'LJLFRQ'66HULHV
&RUQLQJ*LOEHUW8OWUD(DVH
6HULHV
6QDS¶Q6HDO6166HULHV
‡0HWDO&OLS'HVLJQ5HLQIRUFHV
$QYLO
‡7DSHUHG<RNH'HVLJQ3UR
WHFWV<RNH
:25.6:,7+
6((3$*(
=4
:25.6:,7+
6((3$*(
‡/LJKWZHLJKWVWDLQOHVVVWHHO
DEOHWLSVWRFRPSUHVVDIXOO
IXOO
FRPSUHVVLRQWRROLVXQLTXH
OLQHRI)&RQQ8QLYHUVDO
LQLW·VVHOIDGMXVWLQJRQH
FRPSUHVVLRQFRQQHFWRUVV
VWHSIXQFWLRQDOLW\WRFUHDWH
‡&RPSUHVVHV)&RQQ
758(žFRPSUHVVLRQ
8QLYHUVDOQLFNHODQGJROG
G
FRQQHFWLRQV
FRPSUHVVLRQFRQQHFWRUVLQ
VLQ
‡&UHDWHVZDWHUWLJKW
)%1&5&$5LJKW$QJOHV
OHV
ZHDWKHUUHVLVWDQWVHDOWR
6SHDNHUFRQQHFWRUVDQG
G
UHGXFHPRLVWXUHPLJUDWLRQ
6WDQGDORQH6SOLFHVWRILWW
DQGVLJQDOUDGLDWLRQOHDNDJH
5*5*0LQL&RD[DQG
DQG
‡,QFOXGHVIRXULQWHUFKDQJH
SOHQXPFDEOHVL]HV
‡7KH6/0WRROJUHDWO\
UHGXFHVWKHDPRXQWRIWRROV
RROV
LQVWDOOHUVPXVWFDUU\
‡0DGHLQWKH86$
:25.6:,7+
6((3$*(
‡:RUNVZLWK5LGJHORF
‡8VHZLWKWKHVHFRQQHFWRUV
‡&03
‡&034
‡&03
‡&034
‡(;
‡(;;/
‡(;;/:6
49
<47
352)(66,21$/
21722/
&2035(66,21722/
352/,1($5&203/,$17
7
22/
&2035(66,216/0722/
µ)6HDOLQJ5LQJ
:25.6:,7+
6((3$*(
=4
:25.6:,7+
6((3$*(
,167$//$7,216833/,(6
&5,03722/)25
+(;&21
+(;&211(&7256
5*&5,03722/
‡+H[DJRQDOFULPSWRRO
IRU5*&RD[LDO
&DEOH4XDOLW\
(QJLQHHUHGIRU
'XUDELOLW\
‡$KH[DJRQDOFULPSWRRO
XVHGIRUFRQQHFWLQJ
FRUUHVSRQGLQJ
FRQQHFWRUVWRFRD[LDO
FDEOH
‡&ULPSWRROWKDWDWWDFKHV
‡
)ILWWLQJWR5*DQG
5*FRD[
‡&RPSRXQGKLQJH
‡
PDNHVFULPSLQJHDV\
‡8VHZLWKDQ\OLQHRI
‡
FRQQHFWRUVWKDWFRQQHFW
ZLWKKH[FULPSRQ
VW\OHOLNHWKH39)&
39)&
‡1RWIRU39)$/4
‡
=
=1;A
&$%/(352/,1($5&203/,$17
&2035(66,21&5,03722/
‡:RUNVZLWK5LGJHORF
‡ /LJKWZHLJKWVWDLQOHVVVWHHOFRP
',*,&2133&6QDS¶Q6HDO
&RQQHFWRUV
‡8VHZLWK'LJLFRQ5*'6
'LJLFRQ4XDG5*4'64
W\SHFRPSUHVVLRQFRD[FDEOH
)FRQQHFWRUV
‡3URIHVVLRQDOTXDOLW\FRPSUHVVLRQ
UDGLDOFULPSWRROGHOLYHUVSHUIHFWO\
URXQGZDWHUWLJKWFULPSVRQ5*
FRD[LDOFDEOH
4
:25.6:,7+
6((3$*(
SUHVVLRQWRROUHTXLUHVQRDGMXVW
PHQWIRUFRPSUHVVLRQVLPSOLI\LQJ
WKHLQVWDOODWLRQSURFHVV
‡(DV\RQHVWHSFRPSUHVVLRQWRRO
FUHDWHV758(žFRPSUHVVLRQ
FRQQHFWLRQV
‡&UHDWHVZDWHUWLJKWZHDWKHU
UHVLVWDQWVHDOWRUHGXFHPRLVWXUH
PLJUDWLRQDQGVLJQDOUDGLDWLRQ
OHDNDJH
‡&RPSUHVVHV)W\SH
DQG5&$FRQQHFWRUV
IRUERWK5*DQG5*FDEOH
VL]HV
‡0DGHLQWKH86$
&$%/(352/,1($5&203/,$17
&2035(66,21722/
‡:RUNVZLWK5LGJHORF
‡/LJKWZHLJKWVWDLQOHVVVWHHOFRPSUHVVLRQWRROLVGHVLJQHGWRHDVLO\
FRPSUHVVFRQQHFWRUVWRILW5*5*5*DQG5*ZLWKDIOLSRIWKH
GLH
‡&UHDWHV758(žFRPSUHVVLRQFRQQHFWLRQV
‡&UHDWHVZDWHUWLJKWZHDWKHUUHVLVWDQWVHDOWRUHGXFHPRLVWXUH
PLJUDWLRQDQGVLJQDOUDGLDWLRQOHDNDJH
‡&RPSUHVVHV)&RQQ·V5*)7\SH&RQQHFWRU)69
‡8VHZLWK&RQQHFWRU39)&
‡0DGHLQWKH86$
‡&RD[6WULSSHU5LSOH\
3UHS5*5*
4
:,5(675,33(5
‡/LJKWZHLJKW'URS7ULPPHU
‡µ[µ3UHS
‡3UHSDUHV5*5*DQG1FRD[IRU
DWWDFKPHQWRI)&RQQHFWRUV
‡5HSODFHPHQWEODGHSDUWQXPEHU
5&
4
5(3/$&(0(17
&$575,'*(6
‡$VHWRIWZRUHSODFHPHQWEODGHVIRUWKH
FDEOHVWULSSHU/'7
4
:,5(675,33(5
:25.6:,7+
6((3$*(
8
,167$//$7,216833/,(6
&$%/(3525*
&$%/(675,3722/
:,5(675,33(5
‡ 3UHSV5*DQG5*FDEOHV
‡ 3DWHQWHGFDEOHVWRSFUHDWHVSHUIHFWôµôµ
FDEOHSUHSDUDWLRQ
‡ ,QWHJUDWHGUROOHUVWRHQVXUHVWULSWRROUROOV
DURXQGWKHFDEOH
‡ 1RKDVVOHZLWKVFUHZVNH\VRURWKHU
DGMXVWPHQWSLHFHV
‡ ,QFOXGHVDUHSODFHDEOHEODGHFDUWULGJH
‡/LJKWZHLJKW'URS7ULPPHU
‡µ[µ3UHS
5(3/$&(0(17
%/$'(6
5(3/$&(0(17
%/$'(6
‡$VHWRIWZRUHSODFHPHQWEODGHVIRU
WKHFDEOHVWULSSHU/'7(85
‡5HSODFHPHQW%ODGH&DUWULGJHIRU
&DEOH3UR36$FDEOHVWULSWRRO
8
=
5(3/$&(0(17
%/$'(6
‡6L[UHSODFHPHQWEODGHVIRUWKH
39FDEOHVWULSWRRO
8
5(3/$&(0(17
%/$'(6
4;?8
‡3UHSDUHV5*5*&RD[IRU
$WWDFKPHQWRI)&RQQHFWRUV
‡&RPSDFW(DV\WR8VH
‡5HSODFHPHQW%ODGH&DUWULGJHIRU&DEOH
3UR36&DEOH6WULS7RRO
:,5(675,33(5
8;?8
=:
&$%/(3525*5*
&$%/(675,3722/
‡3UHSV5*DQG5*FDEOHV
‡3DWHQWHGFDEOHVWRSFUHDWHVSHUIHFWôµôµFDEOHSUHSDUDWLRQ
‡$GMXVWPHQWGLDORQWRRODOORZVLQVWDOOHUVWRORFDWHWKHSHUIHFWVHWWLQJWR
PDNHDFOHDQSUHFLVHFXWWKURXJKWKHFDEOH
‡,QWHJUDWHGVLGHIODULQJWRROWRVWUHWFKWKHMDFNHWRQGLIILFXOW5*FDEOHV
‡,QWHJUDWHGUROOHUVWRHQVXUHVWULSWRROUROOVDURXQGWKHFDEOH
‡,QFOXGHVDUHSODFHDEOHEODGHFDUWULGJH
,167$//$7,216833/,(6
&$%/(352Œ23(1(1'72548(:5(1&+
‡6XSHULRUTXDOLW\WRUTXHZUHQFKHVIRUHDV\LQVWDOODWLRQRI)FRQQHFWRUV
‡8VHGWRWRUTXHµ)ILWWLQJVDQGLVIDFWRU\VHWWR\RXUFKRVHQ
WRUTXHRULQFKSRXQGV
‡0DQXIDFWXUHGZLWKWKHKLJKHVWTXDOLW\PHWDOVDQGPDWHULDOVRQWKH
PDUNHWWRHQVXUHDVWURQJORQJODVWLQJWRRO
‡%ODFNR[LGHILQLVKRIIHUVWKHXOWLPDWHSURWHFWLRQDJDLQVWGDLO\ZHDU
DQGWHDU
‡$VRIWEOXHUXEEHUJULSSURYLGHVDVPRRWKJULSSLQJVXUIDFH
‡0DGHLQWKH86$
‡)RUXVHZLWKWKH*LOEHUWORFNLQJ
WHUPLQDWRUV
‡/RQJODVWLQJ6WHHO(DUVDUH
JXDUDQWHHGIRURQHIXOO\HDU
27B:B
27B:B
483;;
483;;
<<44
&$%/(352),7 0(7(5%2;%21',1*
)/$5,1*
$1'*5281',1*&/$03
,16(57,21722/
*/2:),6+
52'6
‡)LYHURGV
‡)LEHUILVK5RGV*/2:
LQWKHGDUN
‡&OHDUFDUU\FDVH
PHDQVURGVDUHDOZD\V
FKDUJHGUHDG\WRJR
‡)OH[LEOHµ
GLDPHWHUIOH[WRƒ
‡)ODULQJELWVDIHO\HPEHG
GHGLQVLGHKDQGOH
‡7RROHDVHVLQVHUWLRQRI
)7\SHFRQQHFWRUVRQWR
3OHQXPFDEOHDQG5*
5*DQG5*FDEOHVLQ
FROGZHDWKHU
‡+HDWWUHDWHGVWHHOZLWK
EODFNR[LGHILQLVK
‡,QVHUWLRQVLGHWKUHDGVDUH
PDFKLQHGDQGEXIIHG
<.F
µ-803(5
:,7+5,'*(/2&
&211(&725
&$%/(352Œ
7(50,1$7,21
722/
‡0HWHU%R[%RQGLQJ
‡*URXQGLQJ&ODPSZLWK*HO)LOOHG&DS
.24
µ-803(5
:,7+5,'*(/2&
&211(&725
(00%
µ-803(5
:,7+5,'*(/2&
&211(&725
‡ 5*&RD[µMXPSHU
‡ 5LGJHORFFRQQHFWRU
‡ LQDEXQGOH
‡ 5*&RD[µMXPSHU
‡ 5LGJHORFFRQQHFWRU
‡ LQDEXQGOH
‡ 5*&RD[µMXPSHU
‡ 5LGJHORFFRQQHFWRU
‡ LQDEXQGOH
39-3
39-3
39-3
,167$//$7,216833/,(6
?27?4; *27;417927?4;
:,5(&$%/(5(75,(9$/6<67(0
8&+(,#'"#$#(!O
7,0(,6021(<
6,03/(7286(
‡0$*1(38//LVWKHPRVWDGYDQFHGFDEOHUHWULHYDORQWKHPDUNHWWR
GD\8VLQJSRZHUIXOUDUHHDUWKPDJQHWV0$*1(38//ZRUNVWKURXJK
GU\ZDOOLQVXODWLRQDQGFDUSHW
‡,WVSDWHQWHGGHVLJQPDNHVDQ\ZLULQJRUFDEOHLQVWDOODWLRQMREDQ
HDV\RQHPDQWDVNDQG0$*1(38//5('8&(6&$%/(:,5(
,167$//$7,217,0(%<
‡0$*1(38//LVGHVLJQHGIRUFRPPHUFLDORUUHVLGHQWLDOLQVWDOODWLRQV
RIFDEOHVDWHOOLWH79KRPHWKHDWHUVHFXULW\DQGWHOHFRPZLULQJ
HOLPLQDWLQJWKHSUREOHPVDVVRFLDWHGZLWKZLUHILVKLQJ
‡0$*1(38//·VSRZHUIXOPDJQHWVJLYH\RXWKHFRQILGHQFHRINQRZLQJ
ZKHUH\RXUZLUHLVLQVLGHWKHZDOOVR\RXGULOORQO\WKHKROH\RXQHHG
‡0$*1(38//·VVPRRWKUROOLQJGHVLJQSUHYHQWVZDOOGDPDJH
‡0$*1(38//LVHDV\WRXVHLQWLJKWVSDFHV
‡0$*1(38//UHGXFHVWLPHLQKRWDWWLFV
9<7;[email protected];927? ;)
‡&RQYHQLHQW&DUU\&DVH
‡-DFN&KDLQ
‡'URS0DJQHW
‡5HWULHYDO8QLW
‡0DJQHVSRWRSWLRQDO
9<7;?A
,167$//$7,216833/,(6
+2:,7:25.6
,16(575()(5(1&(0$5.(5
/2&$7(
‡7KH0DJQHVSRWUHIHUHQFHSRLQWORFDWRULVXVHGWR
ORFDWHD5HIHUHQFH0DUNHUWKURXJKVWUXFWXUHVXFKDV
VKHHWURFNRUIORRULQJ
9<7;34
‡/RFDWHV5HIHUHQFH0DUNHUXSWRDGLVWDQFHRI
LQFKHVRUPRUH
‡5HGXFHVWLPHLQWKHDWWLF
‡+HOSVHOLPLQDWHZDOOGDPDJHGXHWRPLVSODFHG
KROHV
‡:RUNVZHOOIRUVSHDNHUSODFHPHQW
‡5HGXFHVWULSVWRWKHDWWLF
‡&DQEHXVHGZLWKUHXVDEOHDGKHVLYHWRHOLPLQDWH
5HIHUHQFH0DUNHUSLQ
,16758&7,216
$WWDFKWKHUHIHUHQFHPDUNHUDWWKHGHVLUHGORFDWLRQ7KH
UHIHUHQFHPDUNHUPD\EHDWWDFKHGXVLQJWKHLQVHUWLRQSLQ
RUWKHUHXVDEOHDGKHVLYHWKDWLVSURYLGHGLQWKHNLW
,QWKHDWWLFVLPSO\PRYHWKH5HIHUHQFH3RLQW/RFDWRULQ
DVZHHSLQJPRWLRQFORVHWRWKHDVVXPHGSRVLWLRQRIWKH
5HIHUHQFH0DUNHU:KHQWKH5HIHUHQFH3RLQW/RFDWRULV
ZLWKLQWRLQFKHVRIWKH5HIHUHQFH0DUNHUWKH5HIHU
HQFH3RLQW/RFDWRUZLOOJLYH\RXDQDXGLEOHDQGYLVXDO
LQGLFDWLRQ
?27<8;?:; 1;2=;
5HXVDEOHDGKHVLYHFDQEHXVHGZKHQWKHVPDOOSLQKROH
IURPWKHLQVHUWLRQSLQLVQRWGHVLUHG7RDSSO\WKHUHXV
DEOHDGKHVLYHVLPSO\UHPRYHWKHLQVHUWLRQSLQDQGDSSO\D
SHDVL]HEDOORIUHXVDEOHDGKHVLYH7KHUHIHUHQFHPDUNHU
FDQQRZEHDWWDFKWRWKHFHLOLQJ5HSODFHWKHDGKHVLYHDV
QHHGHGWRPDLQWDLQDGKHVLRQVWUHQJWK
,167$//$7,216833/,(6
27<;
*5,3&/,36Œ
BJ&BJ
Ba
?
BJ&BJ
Ba
*&%/.
*&'%/.
Ba
Ba
*&%/.
*&'%/.
*&:+7
*&':+7
)/(;&/,36Œ
&$%/(&/,36
:,7+1$,/
‡&DEOHFOLSLVXVHGIRUVLQJOHFDEOH
<83?7 .;A
*2418;*
*%/.
27<;.;A
*2418;*
6%/.
6:+7
?.;A
*2418;*
'%/.
':+7
‡7KHVXSHULRUGHVLJQRIWKH ‡$GMXVWDEOHWHHWKDOORZFOLSV
WRH[SDQG
IOH[FOLSVDYRLGVVWUHVVRQ
WKHFDEOHVWUHVVRQWKH ‡(DFKFOLSFDQDFFRPPRGDWH
DGGLWLRQDOJURXQGRUPHV
FOLS
VHQJHUZLUH
‡,QWHJULW\RIVLJQDOLV
XQLPSHGHGOLIHRIFOLSLV ‡6FUHZVHOLPLQDWHFKDQFH
YLUWXDOO\XQPDWFKHG
RIDFFLGHQWDOGDPDJHIURP
‡0DQXIDFWXUHGIURPDSOLDEOH WRROVVXFKDVKDPPHUV
GXUDEOHSRO\HWK\OHQHVDPH DUHSUHLQVHUWHGLQWRWKH
KRXVLQJVWRPDNHLQVWDOOD
W\SHRIPDWHULDODVFDEOH
WLRQVTXLFNHUHDVLHU
MDFNHWV
‡)OH[FOLSVZUDSDURXQGFDEOH‡0RGHOLVEODFNDQGLV
GHVLJQHGIRUJURXQGZLUH
ZLWKRXWH[HUWLQJSUHVVXUH
SHQHWUDWHVWKHVXUIDFHµ
RQFRD[
*5281':,5(*5,3&/,3
*
*&*'%/.
‡*ULSFOLSVDOORZ\RXWRKROGWZRVLQJOHRUD
GXDOFRD[OLQH
‡/LQHVDUHLQVHUWHGLQWRWKHFOLSWKHQ
VFUHZHGLQWRWKHGHVLUHGORFDWLRQ
‡7KLVSUHYHQWVWKHFDEOHIURPEHLQJHDVLO\
VQDJJHGE\VHFXULQJLWLQDQRXWRIWKH
ZD\SODFH
‡7KHVHPRGHOVSHQHWUDWHWKHVXUIDFHµ
µ
‡7KLVLVXVHIXOZKHQLQVHUWLQJLQWRDUHVLV
WDQWPDWHULDOWRDOORZIRUGHHSHUJULSSLQJ
RIWKHVFUHZ
386+,1&/,3
+2/'6,10257$5
:0
‡3XVKLQFDEOHFOLSV
GHVLJQHGIRUXVH
ZLWKFRQFUHWH
‡'ULOODKROHµ
KRRNFDEOHFOLSRYHU
WKHFDEOHDQGLQVHUW
LQWRGULOOHGKROHWR
FRQQHFW7KHVH
FOLSVFDQDOVREH
XVHGZLWKGU\ZDOO
EXWKDVWKHVWUHQJWK
IRUFRQFUHWH
‡&OLSLVPDGHIURPKLJKLPSDFWSODVWLFZKLFK
NHHSVLWIURPEUHDNLQJ
‡3UHLQVWDOOHGVWHHOQDLOVDUHLQFOXGHG
‡1DLOVVXLWDEOHIRUZRRGSODVWHUPRUWDURU
FRQFUHWH
27<;
?
?
„
„
:0
:0
39&&6%/.
39&&'%/.
39&&6:+7
39&&':+7
*124;
*124;
$/80,180´8µ&/,36
‡)LWV5*5*5*&RD[&DEOH
‡$OXPLQXP´8µYHUVLRQRIDFDEOHFOLS
‡)RUXVHZLWKFRD[LDOUXQVWRVHFXUHFDEOHWR
ZRRGRURWKHUPDWHULDORQVWUXFWXUH
‡7KHFDEOHLVSODFHGLQWRFOLSWKHVFUHZLVWKHQ
SXWWKURXJKHDFKKROHDQGVFUHZHGLQWRSODFH
‡7KLVSURWHFWVFDEOHIURPEUHDNVEHQGVZKLFK
UHVXOWLQVLJQDOORVV
8%/.
8:+7
39
*124;
,167$//$7,216833/,(6
3(5)(&79,6,21)/(;,%/()/$7:,1'2:&$%/(
‡6ZHSWWR*+]
‡&RPSOLDQWZLWK6&7(VSHFLILFDWLRQ
39):&
9(57,&$/6/,',1*&/,3
+25,=217$/6/,',1*&/,3
)259,1</6,',1*
‡&OLSXVHGIRUFDEOHUXQVJRLQJ ‡&DEOHSODFHGLQVLGHRIWKHFOLS
YHUWLFDOO\RQVWUXFWXUHZLWK
ZKLFKLVWKHQSXVKHGXSLQ
YLQ\OVLGLQJ
WKHVLGLQJIRUVHFXUHVXSSRUW
RIWKHFDEOHUXQ
3996&9
‡&OLSPDGHIRUFDEOHUXQV
&OL
G I
EO
JRLQJKRUL]RQWDOO\RQVWUXFWXUH
ZLWKPHWDOVLGLQJ
‡&DEOHLVSODFHGLQVLGHRIFOLS
ZKLFKLVWKHQSXVKHGXSLQ
WKHVLGLQJIRUDVHFXUHVXSSRUW
RIFDEOHUXQ
.389;4B8<
[email protected]<
.389;4B8<
[email protected]<
39+6&1
39+6&1
39+6&9
39+6&9
7(/(&5$)7(5&$%/(&/,36*816
‡ 8VHWKHVHFDEOHFOLSV
WRPRXQWVLQJOHFRD[
FDEOHWRDZRRGHQ
VXUIDFHZKLOHUXQQLQJ
OLQHV
‡ &OLSVPDGHZLWK
JDOYDQL]HGQDLOVWKDW
QHYHUEHQGRUNLQN
‡ &OLSVFDQQRWEHRYHU
GULYHQLQWRWKHZRRG
‡ &DEOHKRXVLQJVL]HVWR
ILWSHUIHFWO\WRKROGWKH
FDEOHZLWKRXWSUHVVXUH
‡ :RUNVWRDYRLGWRR
PXFKSUHVVXUHRQ
OLQHWKDWFDXVHVVLJQDO
ORVV
#$,
+,
2<?7
5%
2<?7
2B:0
7&(6
2B*124;
7&:6
5%
2B:0
7&(6
2B*124;
7&:6
893527(&7('
&$%/(7,(6:,7+
02817,1*+2/(
a(,4#'
#"9%+#$
1%,
&7%/.0+
,167$//$7,216833/,(6
8
893527(&7('&$%/(7,(6
5*&$%/(67$3/(5
#"B:0
#"B*124;
&7%/.
&7:+7
#"B:0
#"B*124;
&7%/.
&7:+7
F#"B:0
F#"B*124;
&7%/.
&7:+7
‡/RZLQVHUWLRQSXOOWKURXJKIRUFH
‡+LJKWHQVLOHVWUHQJWKLVDFKLHYHGIURPRQH
SLHFHDGYDQFHGSDZODQGWHHWKGHVLJQ
‡0DQXIDFWXUHGIURPILOWHUHGQ\ORQUHGXFLQJ
SDUWLFOHFRQWDPLQDWLRQ
‡$QJOHGWDLOSURYLGHVTXLFNHULQLWLDOLQVHUWLRQ
DOLJQPHQWWDLOILQJHUJULSVDOORZHDVLHU
KDQGOLQJWLJKWHQLQJ
‡5RXQGHGHGJHVSURYLGHVDGGHGVDIHW\
HOLPLQDWHVLQVXODWLRQGDPDJH
‡7KH\DOVRKDYHDIRUPXODWHGPROGLQJSUR
FHVVIRUFRQVLVWHQF\
‡)RU2XWGRRU8VH
‡7KH7LVWKHLGHDOVWDSOHJXQWRXVHZKHQZLUHSURWHFWLRQLVSDUDPRXQW
‡8QLTXHLQVXODWHGVWDSOHVZRQ·WKDUPIUDJLOHZLUH
‡7VSHFLDOO\PDGHIRUFDEOHZLUH5*5*&$7RWKHUVLPLODUZLUHVL]HV
ZKHUHLPSHGDQFHGXHWRZLUHFULPSVDUHDSUREOHP
%K.%$,'G
.;4?8;27? ;)
‡8VHV8/OLVWHGLQVXODWHGVWDSOHV
‡$OOVWHHOFRQVWUXFWLRQLVORQJODVWLQJ
‡*URRYHGJXLGHHQVXUHVSHUIHFWVWDSOLQJ
‡$UURZ·VSDWHQWHGMDPSURRIPHFKDQLVP
‡6KRUWVSDQHDV\FRPSUHVVLRQKDQGOH
‡&KURPHILQLVKUHVLVWVZHDUWHDU
‡*URRYHGGULYLQJEODGH
‡,QVXODWHGVWDSOHVZLOOQRWFULPSZLUH
7
$552:&$%/()$67(1(5)255*&$%/( *5281' 3/$67,&
&/$03 $1&+25
:0
%/.
,
&/5
‡8/DSSURYHG
$552:&$%/( ‡%RQGLQJZDWHUSLSH
)$67(1(56 )257
7
‡3ODVWLF$QFKRU
‡[
3DFNV 3LHFH
7138
,167$//$7,216833/,(6
;+(;+($'
6&5(:
;+(;+($'
6&5(:
;µ/$*%2/7
‡[µ
‡*UDGH/DJ%ROW
;6&5(:
;6&5(:
/63
6(/)'5,//,1*
6&5(:
+(;/$*6&5(:6
;µ/$*%2/7
‡[6FUHZ
‡LQDER[
A
//$*6&5(:6
$*6&5(:6
BaAa
BaAa
A
BaAa
A
/63
/$*6+,(/'
8/$33529('63/,7%2/7
‡7KLVODJVKLHOGLVDVFUHZ
‡µ+H[+HDG
‡)XOO7KUHDG
‡[µ
‡*UDGH/DJ%ROW
BaAa
VW\OHDQFKRUGHVLJQHGIRU
XVHZLWKODJEROWV
‡,WLVVXLWDEOHIRUXVHLQ
FRQFUHWHPRUWDUMRLQWVRI
EORFNRUEULFNZDOOV
‡$QFKRUVDUHIRUPHGIURP
=DPDFDOOR\
‡,QKDUGHUPDVRQU\PDWHULDOV
VKRUWVW\OHODJVKLHOGVDUH
XVHGWRUHGXFHGULOOLQJWLPH
‡7KHORQJVW\OHYHUVLRQ
LVXVHGLQVRIWRUZHDN
PDVRQU\WRGHYHORSVWUHQJWK
Ba/BFa
=
‡8VHWKLVVSOLWEROWWRMRLQWZRRU
PRUHJURXQGZLUHVWRJHWKHUOLNHD
VSOLFH
‡7KHQXWLVEDFNHGRIILQVHUWZLUHV
XQGHUWKHKHDGRIEROWWLJKWHQQXW
‡7KHQXWIRUFHVDVOLGLQJFHQWHU
7VKDSHGDQYLOXSDJDLQVWWKHWZR
ZLUHVFUXVKHVWKHPDJDLQVWWKH
XQGHUVLGHRIWKHEROWKHDG
„ „ „
1R6SOLW%ROW8/
6%8/
1R6SOLW%ROW8/
6%8/
1R6SOLW%ROW8/
6%8/
,167$//$7,216833/,(6
),1'$1'7(67&2$;&$%/(6
32&.(7&$%/(
7(67(5
92/7$*(7(67(5
‡$FDEOHFRQWLQXLW\WHVWHUWRLGHQWLI\FDEOHVLQ
DQ0'8
‡,WLVHTXLSSHGZLWKDVKRUWFLUFXLWGHWHFWRU/('
ORFDWHGDWWKHKHDGRIWKHWUDQVPLWWHUVHFWLRQ
‡/LJKWVXSZKHQD'&VKRUWH[LVWVLQWKHFDEOH
‡&RPSDFW6L]H&DEOH7HVWHU
‡)LQGV6KRUW&LUFXLWV
‡)LWV$Q\ZKHUH
‡$OZD\V5HDG\WR8VH
‡+DQG\'XUDEOH
‡,QGLFDWRU/LJKWVDW9ROWV
$&'&
‡5HOLDEOH'XUDEOH
‡.HHS([WUDV+DQG\
4;F
=44*3
7(6780,1&&2$;0$33(5
‡(OLPLQDWHVFDEOHFRQIXVLRQLQWKHKRPH
‡)LQGVDQGLGHQWLILHVPXOWLSOHFRD[FDEOH
‡*UHDWIRUURRPLQVWDOOV
‡6HHZKLFKFDEOHJRHVZKHUH
‡6SHHGVXSLQVWDOODWLRQV
‡)RUVDWHOOLWH&$79VHFXULW\FDPHUD
FRD[FRQQHFWLRQVWHVWLQJLQVWDOODWLRQ
‡,QFOXGHVFRORUFRGHG)FRQQHFWRUV
DQG%1&DGDSWHUV
([WUDFRORUFRGHGWHUPLQDWRUV
A
A
8;;9;74:44;[email protected]
3=2:;
7(6780,1&7(//$//
,1',&$725
‡
‡
‡
‡
,GHQWLILHV7HOHSKRQH'DWD/LQHV
EDVH77RNHQ5LQJ0%LW6\VWHPV
%XLOW,Q%DWWHU\
'HWHFWVYROWDJHDQGSRODULW\
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
4
A:4
,167$//$7,216833/,(6
7(6780,1&352)(66,21$/721($1'75$&(.,7
‡77+LJK6HQVLWLYLW\7RQH7UDFHU
‡7*0XOWL)XQFWLRQ7RQH*HQHUDWRU
‡7*&RUG6HWV$OOLJDWRU&OLSV
‡73LQ&DEOH$VVHPEO\
‡775RXQG7LS
‡773DGGOH6W\OH7LS
‡3&3RXFKIRU7RQH7UDFHUDQG7RQH*HQHUDWRU
‡,QVWUXFWLRQ0DQXDO
0
7(6780,1&7(67,),(5
‡7HVWVQHWZRUNZLUHWHOHSKRQHZLUHDQGFRD[FDEOLQJV\VWHPV
‡6XSSRUWVQHWZRUNUHPRWHVDQGFRD[UHPRWHVRSWLRQDOVHHDFFHVVRU\OLVW
‡/DUJHVHYHQVHJPHQW/&'ZLWKLFRQVIRUFOHDUUHVXOWV
‡&DEOHWHVWUHVXOWGLVSOD\HGLQZLUHPDSIRUPDW
‡7HVWVIRUVKRUWVRSHQVPLVZLUHVUHYHUVDOVDQGVSOLWSDLUV
‡'LVSOD\V3$66LFRQIRUFRUUHFWO\ZLUHG7$%ERWKRQHWRRQHXSOLQNFURVVRYHUFDEOHV
‡'LVSOD\V3$66LFRQIRUFRUUHFWO\ZLUHGSLQWHOHSKRQHFDEOHVERWKVWUDLJKWWKURXJKUHYHUVHG
‡7RQHJHQHUDWRUPRGHIRUXVHZLWKWRQHWUDFHUV
‡$XWRRIILQDQ\PRGHDQGORZSRZHUFRQVXPSWLRQIRUORQJEDWWHU\OLIH
‡0RGXODU3OXJ5HPRWHDQG&RD[7HVW7HUPLQDWRUVWRUHLQWKHERWWRPHQGRIWKHFDVH
4
.4
834;
8VHXQGHUDQ\DQWHQQD
PRXQWLQJKDUGZDUHEHIRUH
EROWLQJLWGRZQ
(/(&75,&$/7$3(
‡IRRWUROORIHOHFWULFDOWDSH
‡(OHFWULFDOWDSHLVSUHVVXUHVHQVLWLYHWRLQVXODWHHOHF
WULFDOZLUHVRWKHUPDWHULDOVWKDWFRQGXFWHOHFWULFLW\
‡7DSH·VVWUHWFKDELOLW\KHOSVWRFRYHUDODUJHUDUHDZLWK
DVPDOOHUDPRXQWRIWDSHEXWVWLOOLQVXODWHVHIIHFWLYHO\
„
=;4:0?
02&$36,/,&21(7$3(
‡6LOLFRQHWDSHVWUHWFKHVXSWR ‡6LOLFRQHWDSHGRHVQRWERQG
WRPDVNIRULUUHJXODU
WRDQ\VXUIDFH\HWIXVHVWR
VKDSHV
LWVHOILQVWDQWO\WRFUHDWHD
‡12$'+(6,9(PHDQVQR
SHUPDQHQWERQGZLWKLQ
VHFRQGDU\FOHDQXSDIWHU
KRXUV
KLJKWHPSHUDWXUHILQLVKLQJ ‡6LOLFRQHWDSHLVH[FHOOHQWIRU
RSHUDWLRQV
ZUDSSLQJFDEOHVZLUHWR
UHVLVWZHDWKHULQJ
‡µ;)75('
BJ*#&
BFJ*#&
BJ*#&
=
=
=
93
,167$//$7,216833/,(6
,1780(6&(17/$7(;
),5(67236($/$17
‡,QWHULRUH[WHULRUXVHRQYLUWXDOO\DQ\VXUIDFH
‡5HPDLQVIOH[LEOH
‡92&&RPSOLDQW
‡R]WXEH
‡([FHOOHQWIUHH]HWKDZSURSHUWLHV
‡6DIHWRXVHDQGKDQGOH
‡:DWHUFOHDQXS
‡PRQWKVKHOIOLIH
‡$SSO\XVLQJDVWDQGDUGFDXONJXQ
6,/,&21(6($/$17
‡R]FOHDUVLOLFRQHVHDODQW
‡,QVXODWHV7KHUPDOO\
‡:DWHUSURRI6HDO
‡:HDWKHUSURRI6HDO
‡3HUPDQHQWO\)OH[LEOHž)WRž)
‡,QVXODWHV(OHFWULFDOO\
‡ 3OLDEOHVHDODQWNHHSVPRLVWXUHRXWRI
VHQVLWLYHHOHFWULFDOILWWLQJVRQV\VWHPV
‡ (DFK5ROOLVµ[µ
=.F
<
3A
6,/,&21(
6($/$17
‡R]FOHDUVLOLFRQHVHDODQW
‡2QHFRPSRQHQWSDVWHOLNHDFHWR[\PDWHULDOFXUHVWR
WRXJKUXEEHU\VROLGZKHQH[SRVHGWRPRLVWXUHLQDLU
‡:RQ·WVDJVOXPSRUUXQRIIWRVHDORYHUKHDGVLGHZDOO
MRLQWV
‡$GKHUHVWRFOHDQPHWDOJODVVPRVWW\SHVRIZRRG579
VLOLFRQHVYXOFDQL]HGVLOLFRQHUXEEHUDQGFHUDPLFV
‡([FHOOHQWUHVLVWDQFHWRZHDWKHUWHPSHUDWXUHH[WUHPHV
FDXVWLFHQYLURQPHQWV
&2$;6($/
6,/,&21(
*5($6(
‡.HHSPRLVWXUHRXWRIHOHF
WULFDOFRQQHFWLRQVZLWKWKLV
VSHFLDOGLHOHFWULFJUHDVH
‡'RHVQRWGDPDJHHOHFWULFDO
FRQQHFWLRQV
‡R]WXEH
=<
=<FF
,167$//$7,216833/,(6
)(('7+58&2$;
:$//%86+,1*6
‡'ULOODKROHIURPWKHH[WHULRURIVWUXF
WXUHLQVHUWZDOOEXVKLQJWRDOORZWKH
FDEOHWRSDVVWKURXJKWKHZDOO
‡%XVKLQJVHDOVKROHZLWKWKHFDEOHIURP
PRLVWXUHLQVHFWVHWF
‡%XVKLQJDOORZV\RXWRSDVVDVLQJOH
FDEOHZLWKQRJURXQGZLUHWKURXJKZDOO
)(('7+58&2$;
:$//%86+,1*6
‡'ULOODKROHIURPWKHH[WHULRURIVWUXFWXUH
LQVHUWWKLVZDOOEXVKLQJWRDOORZWKH
FDEOHWRSDVVWKURXJKWKHZDOO
‡ %XVKLQJVHDOVKROHZLWKWKHFDEOHIURP
PRLVWXUHLQVHFWVHWF
‡%XVKLQJDOORZVVLQJOHFDEOHZLWKJURXQG
ZLUHWRSDVVWKURXJK
‡%XVKLQJKDVNQRFNRXWVWRDOORZJURXQG
ZLUHWRSDVVWKURXJK
[email protected]
.4:[email protected]
'8$/)(('7+58
&2$;:$//
%86+,1*6
:0
.4::0
*124;
.4:*14
[email protected]
.4:[email protected]
:0
.4:03:0
*124;
.4:03*14
‡ 'ULOODKROHIURPWKHH[WHULRURI
VWUXFWXUHLQVHUWZDOOEXVKLQJWR
DOORZFDEOHWRSDVVWKURXJKWKH
ZDOO
‡ %XVKLQJVHDOVKROHZLWKWKHFDEOH
IURPPRLVWXUHLQVHFWVHWF
‡ %XVKLQJDOORZVGXDOFDEOHZLWK
JURXQGZLUHWRSDVVWKURXJK
‡ %XVKLQJKDVNQRFNRXWVWRDOORZ
JURXQGZLUHWRSDVVWKURXJK
'8$/)(('7+58&2$; :$//%86+,1*6
.4: [email protected]
[email protected]
‡'ULOODKROHIURPWKHH[WHULRURIVWUXFWXUH
LQVHUWWKLVZDOOEXVKLQJWRDOORZWKH
FDEOHWRSDVVWKURXJKWKHZDOO
‡%XVKLQJVHDOVKROHZLWKWKHFDEOHIURP
PRLVWXUHLQVHFWVHWF
‡%XVKLQJDOORZVGXDOFDEOHZLWKQR
JURXQGZLUHWRSDVVWKURXJKZDOO
:0
.4: :0
:0
.4: 03:0
*124;
.4: 03*14
[email protected]
*124;
.4: [email protected]
.4: *14
)(('7+58&2$;:$//
%86+,1*:,7+.12&.287
'8$/)(('7+58:$//
%86+,1*6:,7+.12&.287
39)7%.26%
39)7%.26:
39)7%.2'%
39)7%.2':
,167$//$7,216833/,(6
&$7(5-
02'8/$53/8*6
‡6XLWDEOHIRU&DWHJRU\(&DEOH,QVWDOODWLRQV
‡PPWKLFN3KRVSKRU%URQ]H&RQWDFWV
‡—ß+DUG*ROG3ODWLQJRYHU—ß1LFNHO
‡&RQIRUPVWR)&&3DUWUHTXLUHPHQWV
‡7HUPLQDWHV$:*VROLGVWUDQGHGFDEOH
‡+LJK,PSDFW&OHDU3RO\FDUERQDWH3OXJV
‡)ODPH$XWR([WLQJXLVK/HYHO8/9
‡[5-5RXQG6ROLG&DEOH3OXJ²3URQJ
48EF9
02'8/$5),16(57
8/$5) ,1
‡0RGXODULQVHUWLQFOXGHVSUHLQVWDOOHG
)FRQQHFWRU39)
‡8VHWKLVEDUUHOWRFRQQHFWDFRD[LDOFDEOHIURP
LQVLGHWKHZDOOVRWKDWLWFDQEHFRQQHFWHGRQ
WKHZDOOSODWHVXUIDFH
*124;
„
492.*14
[email protected]
[email protected]
)&211(&725
02'8/$5%/$1.
02'8/$5,16(576
,16(57
‡7KLVPRGXODULQVHUWLVXVHGWRDOORZD
FDEOHWRSDVVWKURXJKRUWRXVHDFXV
WRP)EDUUHOLQDPRGXODUZDOOSODWH
‡:LWK+2/()25)
„
*124;
[email protected]
492.:*14
‡8VHWKLVPRGXODULQVHUWWRFRYHUDQ\
PRGXODUZDOOSODWHRSHQLQJWKDWLVQRWEHLQJ
XVHG
„
„
*124;
492:*14
[email protected]
492:[email protected]
492.:[email protected]
5-02'8/$5 61$3,13$7&+3$1(/6
,16(5761$3&29(5 ‡8QORDGHGSDQHOVVXLWDEOHIRUDQ\
FRPELQDWLRQRIFRD[LDOWZLVWHG
‡&DWHJRU\9RLFH
*UDGH8//LVWHG
.H\VWRQH-DFNV
‡4XLFN6QDS'RZQ
&RYHU7HUPLQDWLRQ
‡%HU\OOLXP&RSSHU
0RGXODU-DFN
&RQWDFWV
‡—ß+DUG*ROG
3ODWLQJRYHU—ß
1LFNHO3ODWLQJ
‡7LQ3ODWHG$:*
,'&&RQWDFWV
‡8/97KHUPR
SODVWLF$%6+RXVLQJ
‡[5-
„
*124;
492*14
[email protected]
[email protected]
:0
492:0
SDLURUILEHUFRQQHFWRUV
‡+ROGVLQGXVWU\VWDQGDUGPRGXODU
NH\VWRQHLQVHUWVIRUFXVWRPLQVWDO
ODWLRQV
‡+LJKJUDGHJDXJHWKLFNUROOHG
HGJHSDQHO
‡%ODFNHOHFWURVWDWLFSRZGHUFRDWHG
VWHHO
‡1XPHULFVWHQFLOHGSRUW,'ODEHOV
‡8VHZLWK.H\VWRQHVHULHVPRGXOHV
‡3RUW5RZ6QDS,Q3DQH
‡[(,$8QLWµ:[µ+
47
02'8/$569,'(2,16(57 5-02'8/$5,16(57
‡&DWHJRU\(8/9HULILHGDQG/LVWHG-DFNV
‡&RQGXFWRU%HU\OOLXP&RSSHU0RGXODU-DFN&RQWDFWV
‡—ß+DUG*ROG3ODWLQJRYHU—ß1LFNHO3ODWLQJ
‡7LQ/HDG3ODWHG$:*,'&&RQWDFWV
‡&RQQHFWRU0RGXOH,QVHUWVXVHGZLWK6WHUHQ
‡&RQIRUPVWR(,$7,$7$%VWDQGDUG²0+]
.H\VWRQH:DOO3ODWHV
‡&RQIRUPVWR)&&3DUWUHTXLUHPHQWV
‡6QDSLQWDEVPDNHPRGXOHVHDV\WRLQVHUWDQG
‡8/97KHUPRSODVWLF$%6+RXVLQJ
UHPRYHIRUDGMXVWPHQWVDQGZLULQJFKDQJHV
‡&UHDWHYLGHRYRLFHRUGDWDRXWOHWVXVLQJ)%1& ‡5-%ODFN&$7(ƒ.H\VWRQH-DFN
5&$DQGRWKHUFRQQHFWLRQV
‡69LGHR-DFN-DFN:KLWH
:?;
[email protected]
„
*124;
492=*14
*124;
492*14
492:?
387<;
49238<
[email protected]
:0
492:0
,167$//$7,216833/,(6
:$//-$&.
02'8/$5:$//3/$7(6
‡8VHWKLVPRGXODUGRXEOHZDOOSODWHWRFUHDWHDFXV
WRPZDOOSODWHE\XVLQJYDULRXVPRGXODULQVHUWVWR
FUHDWHWKHGHVLUHGSODWHIRUHDFKFXVWRPQHHG
[email protected]
„
[email protected]
49*[email protected]
„
*@
49*[email protected]
‡:DOOSKRQHMDFNWKDWFDQEHSXWGLUHFWO\RQ
WKHZDOOLQWKHVSRWZKHUHSKRQHOLQHLVUXQ
IURPWKHPDLQOLQH
[email protected]
*124;
49*[email protected]
49**14
„
[email protected]
[email protected]
49*[email protected]
49*[email protected]
27<;
27<;
*124;
*124;
*124;
*@
49**14
49**14
=9EF*14
*124;
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
49**14
*124;
[email protected]
[email protected]
49*F*14
3?:;
75,3/(;$'$37(5
=4
F*@
02'8/$53/8*
‡7KLVSURGXFWDO
ORZVWKUHHSKRQHV
WREHSOXJJHGLQWR
SKRQHRXWOHWZLWK
RQHOLQH$GDSWHU
GRHVQRWVSOLW
WKHOLQHRUPDNH
PXOWLSOHOLQHV
„
„
‡&RQQHFWLRQSLHFH
IURPWKHSKRQHOLQH
WRMDFN
‡3ODFHRQSKRQH
FRUGE\XVLQJ
&$75-&7FULPS
WRRO
=9;F
325763/,&(
(='6/,1/,1(0,&52),/7(5
‡,QFOXGHVµ
:,5(&211(&7256
PRGXODUSKRQHFRUG
‡0DNHDPRLVWXUHUHVLVWDQW
VSOLFHEHWZHHQWZRRUWKUHH
VROLGFRSSHUZLUHV
.24;8
=?8
‡5-MDFNVRQERWK
VLGHV
‡'6/ILOWHUFOHDUVWKLV
SUREOHPDOORZV
WKHUHFHLYHUWRGLDO
RXW
02'8/$5
&283/(5
‡0RGXODUFRXSOHUIRUSKRQHFRUGV
‡+HOSIXOIRUORQJSKRQHFRUGUXQVZKHQ\RX
GRQ·WZDQWWRDGGDQRWKHUZDOOMDFN
‡,QOLQHFRQQHFWRUIRUSKRQHFRUGV)HPDOH
MDFNVORFNWZRSKRQHFRUGVWRJHWKHULQWRRQH
FRQWLQXRXVOLQH
„
=2F
'83/(;
$'$37(5
685)$&(-$&. 7:2/,1($'$37(5 &$7(*25<685)$&(%2;
‡6XUIDFHPRXQWHGSKRQHMDFN ‡&RQYHUWVDWZROLQHSKRQHMDFN
LQWRLQGLYLGXDOSKRQHRXWOHWV
‡,QFOXGHVPRXQWLQJVFUHZV
„
;74
„
;74
‡6LQJOH:KLWH
‡3KRQHDGDSWHUDOORZVWZRSKRQHVWREH
SOXJJHGLQWRSKRQHRXWOHW
4E*14
= „
,167$//$7,216833/,(6
3+21(02'(0-$&.6<67(0
‡3KRQH[(DV\-DFNWXUQVDQ\HOHFWULFDORXWOHWLQWRDSKRQHFRQQHFWLRQIRUVDWHOOLWH
UHFHLYHUV'95VSRVWDJHPHWHUPDFKLQHVGLDOXSPRGHPVPRUH
‡$YRLGFKDUJHVIRUQRWKDYLQJSKRQHFRQQHFWLRQIRUVDWHOOLWHUHFHLYHU
‡2UGHUPRYLHVE\SUHVVLQJDEXWWRQRQUHPRWH
‡'RZQORDGSRVWDJHLQVWHDGRIPDNLQJDFDOO
‡&RQWHQWVEDVHXQLWH[WHQVLRQXQLWIRRWSKRQHFRUGRZQHU·VPDQXDO
ZDUUDQW\FDUG
‡0HDVXUHPHQWVµ[µ[µHDFKXQLW
‡$XGLR%DQGZLGWK+]
‡)0&DUULHU)UHTXHQF\0+]²0+]
‡0D[LPXPQXPEHURIXQLWV2QHEDVHXQLWXSWRHLJKWH[WHQVLRQXQLWV
‡2SHUDWLQJ7HPSHUDWXUH&)
‡5-SOXJVRQO\
‡)RUWHOHSKRQHGDLOXVHRQO\
A
A
137;A93 ;9B137;
E0;4
8;;2=;[email protected]
137;A93 ;9B137;
.42744237
‡3OXJEDVHXQLWGLUHFWO\LQWRDQ
HOHFWULFDORXWOHWQHDUDQH[LVWLQJ
ZDOOSKRQHMDFN
‡&RQQHFWLQFOXGHGVL[IRRWSKRQH
FRUGWRWKHFRQQHFWRUODEHOHG
¶/,1(·RQEDVHXQLWWKHQFRQQHFW
WKHRWKHUHQGRIWKHSKRQHFRUGWR
H[LVWLQJZDOOSKRQHMDFN
‡7KHOLJKWRQWKHEDVHXQLWZLOOWXUQ
VROLGJUHHQ
‡3OXJWKHH[WHQVLRQXQLWLQWR
HOHFWULFDORXWOHWZKHUH\RXQHHG
SKRQHFRQQHFWLRQ7KHOLJKWRQWKH
XQLWZLOOIODVKUHGWKHQWXUQVROLG
JUHHQ
‡&RQQHFWWKHH[WHQVLRQXQLWWRWKH
GHVLUHGGHYLFHXVLQJDSKRQHFRUG
‡7HVWGHYLFHIRUGLDOWRQHXVLQJD
KDQGVHWWHOHSKRQH
%$6(%2$5'-$&.
‡'XDOSRUWEDVHERDUGMDFNZKLWH
„
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
396'-8/;:+7
,167$//$7,216833/,(6
6,1*/(/2:
92/7$*(:$//%2;
6,1*/(/2:92/7$*(%2;
5HFWDQJXODU)ODQJHIRU
IDVWHUHDVLHULQVWDOODWLRQ
6KDOORZ%UDFNHWPRUH
DUHDWRZRUNLQ
&KDPIHUHG&RUQHUV
7KLQQHU)ODQJHIRU
OHVVJDS
(;&/86,9(0DUNLQJ
KROHVIRUZDOOFXWRXW
6,1*/(*$1*21/<
&ODPSVVWRSDWFHQWHU
SRLQWWRSUHYHQWWKH
EUDFNHWIURPWZLVWLQJRU
EHQGLQJRXWRIWKHZDOO
8
'8$//2:92/7$*(%2;
‡'XDOJDQJORZYROWDJHZDOOER[
‡'HVLJQHGIRU'XDOIDFHSODWH
8
‡*UHDWVROXWLRQIRUTXLFN
HDV\VKHHWURFNWLOHRUVWXFFR
PRXQWLQJRIORZYROWDJHZDOO
SODWHV
‡%XLOWLQPDUNLQJKROHVWUDLJKW
HGJHVPDNHLQVWDOODWLRQHDV\
‡6LQJOHJDQJORZYROWDJHZDOOER[
‡8VHZLWKDVLQJOHZDOOSODWH
„
=
/LPLWHGTXDQWLWLHVDYDLODEOH
/2:92/7$*(02817,1*%5$&.(76
:5
.%
‡6LQJOHJDQJORZYROWDJHPRXQWLQJEUDFNHW
‡'ULOOEUDFNHWWRGU\ZDOOIRUVHFXUHLQVWDOODWLRQ
‡6FUHZVIRUH[WUDVXSSRUWIRUIDFHSODWHV
02817,1*%5$&.(7
48,&.*8,'(
# , <
#$,<$,9%+#$:5
, 9 # : 5 :5
:5
.%
.%
‡3URYLGHVEUDFNHWIRU
HOHFWULFDOER[ZKHQ
PRXQWLQJORZYROWDJH
LQVWDOOLQJORZYROWDJHFODVV
FODVVFRPPXQLFDWLRQ
ZLULQJ
RXWOHWV
‡3URYLGHVSRVLWLYHVXSSRUW
‡6LGHVXSSRUWSURYLGHVULJLG ZLWKORFNLQJVFUHZV
LQVWDOODWLRQ
LQFOXGHG
‡,QVWDOOWRIURQWRUVLGHRI ‡0RXQWVDQ\VWDQGDUGORZ
PHWDORUZRRGVWXG
YROWDJHGHYLFHLQµ
‡$WWDFKHVZLWKVHOIWDSSLQJ WKURXJKµ:DOOV
VFUHZVRUQDLOV
‡0DNHVZLUH´ILVKLQJµHDVLHU
‡:RUNVZLWKµµ ‡,QVWDOOVZLWKGU\ZDOOVDZ
GU\ZDOO
VFUHZGULYHU
‡(OLPLQDWHVQHHGIRU
:5
.%
*:
„
*:
*:
*:F
#$,<$'% !,,
Q2,+&''R
%+(,<$'% !,,
Q2,+&''R
,167$//$7,216833/,(6
+,*+)5(48(1&<:$//3/$7(6
‡0RXQWVIOXVKWRZDOO
‡6LQJOH´)µFRQQHFWRU
SODWHIRU2KPFRD[
FDEOH
„
*124;
‡:KLWHRU,YRU\
‡6DPHORZSULFH
„
[email protected]
=**141.
+,*+)5(48(1&<:$//3/$7(6
=*[email protected]
‡:DOOSODWHZLWKKLJKIUHTXHQF\GXDOFRD[
FRQQHFWRUVIRU2KPFDEOHSKRQHMDFN
+,*+)5(48(1&<:$//3/$7(6
‡6LQJOH´)µ
FRQQHFWRUIRU
2KPFRD[
PRGXODUSKRQHMDFN
‡0RXQWVIOXVKZLWK
ZDOOVXUIDFH
‡:KLWHRU,YRU\
‡6DPHORZSULFH
„
*124;
[email protected]
=*F*141.
*124;
* [email protected]
* 8E*141.
'8$/3+21(
:$//3/$7(
:$//
//3/$7(
„
[email protected]
„ „
=*[email protected]
+,*+)5(48(1&<:$//3/$7(6
‡7ZR´)µFRQQHFWRU
‡0RXQWVIOXVKZLWKZDOO
ILWWLQJVIRU2KPFRD[ ‡:KLWHRU,YRU\
FDEOH
‡6DPHORZSULFH
„
*124;
[email protected]
=**141.
„
=*[email protected]
‡:DOO3ODWHZLWKGXDOSKRQHMDFNV
‡
:DOO 3ODWH ZLWWK GXDO SKRQH MDFNV
[email protected]
„
„
*124;
F2=
F*4
+2//$1''8$/
+2//$1''8$/
+2//$1'6,1*/(
,925<:$//3/$7( :+,7(:$//3/$7( :+,7(:$//3/$7(
‡'XDO):DOO3ODWH
‡*+]
‡+)
‡,YRU\
‡'XDO):DOO3ODWH
‡*+]
‡+)
‡:KLWH
‡6LQJOH):DOO3ODWH
‡*+]
‡+)
‡,YRU\
:3*',9
:3*':+
:3*:+
„
„
„
,167$//$7,216833/,(6
‡6LQJOH´)µFRQQHFWRUSODWHIRU2KPFRD[FDEOH
‡0RXQWVIOXVKWRZDOO
‡:KLWHRU,YRU\
‡6DPHORZSULFH
„
*124;
[email protected]
=**14
‡)OXVKPRXQWLQJSODWHIRUSKRQHZLUH
FRQQHFWLRQV
‡:KLWHRU,YRU\
‡6DPHORZSULFHHLWKHUFRORU
„ „
[email protected]
*124;
=9*[email protected]
=9**14
=*[email protected]
‡6LQJOH´)µFRQQHFWRU
IRU2KPFRD[
PRGXODUSKRQHMDFN
„
*124;
„
‡0RXQWVIOXVKZLWKZDOO
VXUIDFH
‡:KLWHRU,YRU\
‡6DPHORZSULFH
[email protected]
=*F*14
„
=*[email protected]
‡:DOO3ODWHZLWKWZR´)µFRQQHFWRUVIRU
2KPFRD[FDEOHSOXVSKRQHMDFN
‡:KLWHRU,YRU\
„
*124;
* 8E*14
‡7ZR´)µFRQQHFWRUILWWLQJVIRU2KP
FRD[FDEOH
‡0RXQWVIOXVKZLWKZDOO
‡:KLWHRU,YRU\
‡6DPHORZSULFH
„
*124;
=**14
„
[email protected]
=*[email protected]
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
‡0RXQWLQJDVVHPEO\IRU
DOOZDOOSKRQHV
‡3URMHFWVRXWIURPZDOO
ZLWKPRXQWLQJKROHVLQ
„
*124;
=9**14
„
[email protected]
* [email protected]
ZDOOSKRQHEDVH
‡:KLWHRU,YRU\
‡6DPHORZSULFH
„
[email protected]
=9*[email protected]
‡)OXVKPRXQWLQJSODWHFRYHUVGULOOHGKROHVIRU
ZLUHSDVVDJHWKUXZDOOV
‡&HQWHUKROHµFDQEHHQODUJHG
‡:KLWHRU,YRU\
‡6DPHORZSULFH
„
*124;
=**14
„
[email protected]
=*[email protected]
,167$//$7,216833/,(6
,167$//$7,21683
,1/,1(685*(
3527(&725
‡WUDQVIRUPHUVSDFHGRXWOHWVZLWKVXUJHSURWHFWLRQ
‡)HDWXUHV5),(0,QRLVHILOWUDWLRQ3DQDPD[·VH[FOXVLYH3URWHFWRU
'LVFRQQHFW70FLUFXLWU\
‡&$796$7FRD[LDOOLQHSURWHFWLRQ
‡+'79UHDG\
‡7HOHSKRQHOLQHSURWHFWLRQ
‡IW&RUG/HQJWK
‡3URWHFWV&$79&RQYHUWHUV'HFRGHUV6DWHOOLWH795HFHLYHUV
'9'3OD\HUV9LGHR5HFRUGHUV7HOHYLVLRQVIURPOLJKWQLQJ
VXUJHVVSLNHV
‡3OXJVLQWR&RD[/LQH
‡6DIH5HOLDEOH
=
=;
+,*+3(5)250$1&(
32:(5&21',7,21(5:,7+
685*(68335(66,21
D2%'#+&%+&6+,#!
7KH30$9·V3RZHU&OHDQLQJDQG)LOWUDWLRQHOLPLQDWHFRPPRQ
V\PSWRPVRIFRQWDPLQDWHGSRZHULQFOXGLQJORVVRIGHWDLOSRSV
KLVVHVKXPVDQGYLVXDODUWLIDFWVDQGDOORZV\RXU$9HTXLSPHQWWR
SHUIRUPXSWRLWVIXOOFDSDELOLW\
D+$%#%
3DQDPD[·V([FOXVLYH3URWHFWRU'LVFRQQHFWŒFLUFXLWU\,QWKHHYHQWRI
DFDWDVWRSKLFVXUJHVXFKDVOLJKWQLQJLWFRPSOHWHO\GLVFRQQHFWV$&
SRZHUWRFRQQHFWHGHTXLSPHQW
‡WUDQVIRUPHUVSDFHGRXWOHWVZLWKVXUJHSURWHFWLRQ
‡7HOHSKRQHOLQHSURWHFWLRQ
‡FRD[LDOOLQHSURWHFWLRQ
9=
‡$53XUH&XUUHQWILOWHULQJFLUFXLWU\SXULILHVWKH
HOHFWULFFXUUHQWE\DEVRUELQJ(0,DQG5),QRLVH
‡1RLVHILOWHUIRUEHWWHUSLFWXUHDQGVRXQG
‡8SWRGEQRLVHILOWHULQJ
‡MRXOHVXUJHSURWHFWLRQ
‡$&RXWOHWVDQGLQDQGRXWSKRQHOLQH
‡LQDQGRXWFRD[LDO
*
,167$//$7,216833/,(6
72348$/,7<:(51(5/$''(5
)227/$''(56
‡7\SH,$
‡OE5DWLQJ
)227/$''(5
‡7\SH,$
‡OE5DWLQJ
&&K%(%
&&K%(%
/$''(50$67(5/(9(/(56
‡$XWRPDWLFDOO\DGMXVWXSWRµ
‡,QFOXGHVPRXQWLQJKDUGZDUH
‡2QHVHWSHUER[
)227/$''(5
‡([WHQG:/9/5/DGGHU
‡7\SH,$
‡OE5DWLQJ
00
;6
)227/$''(56
‡([WHQG/DGGHU
‡7\SH,$
‡OE5DWLQJ
‡7\SH,$
‡OE5DWLQJ
&&FK
F
)227/$''(5
‡([WHQG/DGGHU
&&K
F
)227/$''(56
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
‡([WHQG/DGGHU
‡7\SH,$
‡OE5DWLQJ
&&K
&&K
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2'
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219,'(2',675,%87,219
9,'(2
',675,%87,21
9,'(2',675,%87,21
:$<63/,77(5
‡0K]
‡$OO3RUWV3RZHU3DVVLQJ
„
=
:$<63/,77(5
‡0K]
‡6LQJOH3RUW3RZHU3DVVLQJ
„
=
‡0K]
‡$OO3RUWV3RZHU3DVVLQJ
=F
=F
:$<63/,77(5
:$<63/,77(5
‡0K]
‡$OO3RUW3RZHU3DVVLQJ'LRGH
=
:$<63/,77(5
:$<63/,77(5
‡0K]
‡6LQJOH3RUWV3RZHU3DVVLQJ
„
:$<63/,77(5
‡0K]
‡6LQJOH3RUW3RZHU3DVVLQJ
=F
:$<63/,77(5
‡0K]
‡$OO3RUW3RZHU3DVVLQJ'LRGH
‡0K]
‡6LQJOH3RUWV3RZHU3DVVLQJ
‡0K]
‡$OO3RUW3RZHU3DVVLQJ'LRGH
=
=FF
=F
:$<63/,77(5
9,'(2',675,%87,21
:$<63/,77(5
‡0K]
‡6LQJOH3RUW3RZHU3DVVLQJ
:$<63/,77(5
‡0K]
‡$OO3RUW3RZHU3DVVLQJ'LRGH
:$<63/,77(5
‡0K]
‡$OO3RUWV3RZHU3DVVLQJ'LRGH
=
=
=
:$<63/,77(5
‡0K]
‡6LQJOH3RUWV3RZHU3DVVLQJ
=F
:$<8+)9+)
:$<8+)9+)
:$<8+)9+)
‡RKP
‡RKP
„
„
=?
=?
3*34 2;A;8
2;A;8
‡RKP
„
=F?
‡6LQJOH3RUW3RZHU
RQHOLQH
3DVVLQJ
‡7KLVFUHDWHVDVLQJOH
OLQHLQVWDOODWLRQ
‡a0+]
‡8VHDGLSOH[HUWR
‡$WWKHHQGRIWKLV
FRPELQHDORZEDQG OLQHDQRWKHUGLSOH[HU
IUHTXHQF\DQGKLJK
LVXVHGWRVSOLWWKH
EDQGIUHTXHQF\RQ
VLJQDOVEDFN
„
= ‡2QH3RUW3RZHU3DVVLYH
2;A;8
‡'LSOH[HU
‡$PS
4=
'3'
9,'(2',675,%87,21
:$<63/,77(5
‡3RZHU3DVVLQJ2QH3RUW
‡0+]
‡'LRGH6WHHUHG
‡0+]
‡'LRGH6WHHUHG
‡0+]
1.
1.
1.
',5(&79Š:$<
05963/,77(5
',5(&79Š:$<
05963/,77(5
:$<63/,77(5
‡'LRGH6WHHUHG
‡0+]
1.F
63/,7
63/,7
',5(&79Š:$<
05963/,77(5
63/,7
:$<63/,77(5
:$<63/,77(5
',5(&79Š6:0
',5(&79Š6:0
08/7,6:,7&+781(56 08/7,6:,7&+781(56
6:0
6:0
',5(&79Š6:0
08/7,6:,7&+781(56
9,'(2',675,%87,21
'796:0722/ =,1:(//Š;08/7,6:,7&+
‡a0+]ZLWK2KP7HUPLQDWRUV
‡2II$LU,QSXW3/86'XDO/1%),Q2XWWR
6DWHOOLWH5HFHLYHUV
‡0XOWLVZLWFKDOORZVFRQQHFWLRQRIXSWRIRXU
VHSDUDWHVDWHOOLWHUHFHLYHUVDWRQHWLPH
DOORZVHDFKRQHWRZDWFKLQGLYLGXDOFKDQQHOV
IURPVDWHOOLWHRIIDLUDQWHQQD
‡0XOWLVZLWFKLVSRZHUHGE\/1%
‡',5(&79Š6:0WXQLQJWRRO
$6/3
6:0
9AF*:
=,1:(//Š;08/7,6:,7&+
‡'HVLJQHGWRLQWHUIDFHZLWK
WKH6OLPOLQHVDWHOOLWHDQWHQQD
SOXVWZRDGGLWLRQDOH[SDQVLRQ
LQSXWV
‡7KLVLVD[PXOWLVZLWFK
GHVLJQHGWRLQWHUIDFHZLWK
ƒƒƒƒDQG
ƒ',5(&79ŠVDWHO
OLWHV,WLVWREHXVHGZLWK
',5(&79Š6OLPOLQH.$.8
6DWHOOLWHDQWHQQDIRU03(*
FRPSUHVVLRQ+'FRPSDWLEOH
UHFHLYHUV
‡0XOWLVZLWFKLVSDVVLYH
SRZHUHGRQO\E\FRQQHFWHG
VDWHOOLWHUHFHLYHUV
‡,WLVDZLGHEDQGIUHTXHQF\
PXOWLVZLWFK0K]
0K]
0K]
‡'RQRWSXWWHUPLQDWLQJEORFN
RQDQ\XQXVHGLQSXWRXWSXW
SRUWVRIWKLVVZLWFK
‡&RPSDWLEOHZLWKDOO',5(&
79ŠUHFHLYHUVDQGDQWHQQDV
9A*:
$%6:,7&+
‡3XVK%XWWRQ7\SH
=:
$&2867,&5(6($5&+
+'0,6:,7&+(5
‡[FRPSRQHQWVLQWRGLVSOD\
‡$OORZVORQJHUUXQVRI+'0,FDEOHZLWKRXWVLJQDOORVV
‡6PDUW/('WHFKQRORJ\IRUPLVWDNHIUHHLQVWDOODWLRQ
‡<HDUOLPLWHGZDUUDQW\
‡8VHZLWKDOO+'79IRUPDWVLQFOXGLQJSSLDQGS
‡.*ROG3ODWHGSUHFLVLRQPDGH+'0,MDFNV
81 F
9,'(2',675,%87,21
4;24;?<2=;@[email protected]
:,'(%$1'08/7,6:,7&+(6
‡1HZ.D.XEDQGPXOWLVZLWFKLVFRPSDWLEOHZLWKQHZ/1%',5(&79Š6\VWHP
‡0XOWLVZLWFKHVDYDLODEOHZLWKWZHOYHVL[WHHQRXWSXWVDQGPD\EHXVHGLQDOO',5(&79ŠLQVWDOODWLRQV
‡0XOWLVZLWFKHVFRPHZLWKZHDWKHUSURRIKRXVLQJDUHSRZHUHGUHPRWHO\YLD5*FRD[FDEOH
‡0XOWLVZLWFKHVGRQRWKDYHDWHUUHVWULDOLQSXWEHFDXVHVDWHOOLWHVLJQDOLVGLVWULEXWHGIURPWR0+]
‡:LGH%DQGPXOWLVZLWFKHVDUHDPSOLILHGDQGSURYLGHXSWRG%JDLQ
:$<08/7,6:,7&+
:$<08/7,6:,7&+
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:%61)
:,'(%$1'$03/,),(56
‡:LGHEDQGDPSOLILHUVXVHGDVVROXWLRQIRUORQJFDEOHUXQVLQLQVWDOODWLRQ
‡:LGHEDQGDPSOLILHUVDUHDYDLODEOHLQIRXULQSXWIRXURXWSXWPRGHOVLQJOHLQSXWPRGHO
‡$PSOLILHUVSURYLGHDPSOLILFDWLRQWRFRPSHQVDWHIRUUXQXSWRIHHWRI5*FRD[LDOFDEOH
‡ $PSOLILHUVFDQEHXVHGEHIRUHRUDIWHUDPXOWLVZLWFKZLWKSRZHUIURPOLQHRUWKURXJKUHPRWHSRZHUVXSSO\
6,1*/(/,1($03/,),(5
6<67(0$03/,),(5
:%61)
:%61)
:%61)
:%61)
:%$)
:%$)
:%$)
:%$)
:%$)
:%$)
:%$)
:%$)
:%$)
32:(56833/<
:%$)
:,'(%$1''&7$36
‡:LGH%DQG'&7DSVXVHGWRH[SDQGD
FDVFDGHV\VWHP
‡8VHWRWDSRIIDV\VWHPEDFNERQHFUHDWH
PXOWLSOHGLVWULEXWLRQRSWLRQV
‡$YDLODEOHLQVLQJOHRXWSXWRULQIRXURXWSXW
PRGHO
48$'7$3
‡3RZHU6XSSO\IRU´:%µ6HULHV
:%636
:%$)
:%$)
:%$)
:%$)
:%7
:%7
:%7
:%7
:%7
:%7
:%7
:%7
.8;6?;[email protected]<;
0+]6$7,)
0+]6$7,)
4183?<13
G%#0+] *DLQRIG%#0+]
G%#0+] *DLQRIG%#0+]
2342373.4
!G%
!G%
3*;[email protected]
P$#9
P$#9
732;.2<?8;
G%
G%
9A3?4?4;=;
0+] G%P G%P9
0+] G%P G%P9
83 ?4237 29;7237
µ:;µ+[µ'
µ:;µ+[µ'
?88;7437?94237
P$0D[5HPRWH&XUUHQW
P$0D[5HPRWH&XUUHQW
.8;6?;[email protected]<;
G%0+]
G%0+]
<27
G%#0+] G%#
G%#
0+]
0+]
G%#0+] G%#
G%#
0+]
0+]
?88;7437?94237
P$ZLWKH[WHUQDOSRZHUVXSSO\DQGP$
OLQHZKHQOLQHSRZHUHG
P$OLQHZKHQOLQHSRZHUHG
234237
!G%
!G%
9A3?4?4;=;
G%P
G%P
9A27?4;=;
G%P
G%P
.8;6?;[email protected]<;
0+]
0+]
4183?<13
G%#0+] G%#0+]
G%#0+]
G%#0+]
43
G%P
G%P
83 ?4 29;7237
µ:[µ+[µ'
µ:[µ+[µ'
:%7
9,'(2',675,%87,21
.+=6:,7&+(6,1287 ',675,%87,21$03
9+)8+))0
‡ZD\.+]VZLWFKGHYHORSHGWRZRUN
ZLWKUHFHLYHUVZLWK.+]RXWSXW
‡ZD\.+]VZLWFKGLJLWDOFRPSDWLEOH
‡3URGXFWDOORZVWZRVLQJOH/1%UXQVWREH
SXWWRJHWKHUIRUUHFHLYHUWRSLFNXSERWK
ZLWKRQHOLQH
‡3RZHU3DVVLYH
‡.+]6ZLWFKHV
‡2SHUDWHV/1%)VWR5HFHLYHU
‡&RXSOHVƒZLWKƒRUƒRQVDPH
UHFHLYHU
=0
2
+,*+3(5)250$1&(
$77(18$725
'##%
#
.918
$WWHQXDWRU'%+LJK3HUIRUPDQFH0+]*+]
C
.918
$WWHQXDWRU'%+LJK3HUIRUPDQFH0+]*+]
C
.918 $WWHQXDWRU'%+LJK3HUIRUPDQFH0+]*+]
C
.918 $WWHQXDWRU'%+LJK3HUIRUPDQFH0+]*+]
C
.918 $WWHQXDWRU'%+LJK3HUIRUPDQFH0+]*+]
C
.918 $WWHQXDWRU'%+LJK3HUIRUPDQFH0+]*+]
C
32:(53$66,1*
$77(18$725
2
'##%
#
.9
'&*+]3RZHU3DVVLQJ)7\SH$WWHQXDWRU$9
C
.9
'&*+]3RZHU3DVVLQJ)7\SH$WWHQXDWRU$9
C
.9
'&*+]3RZHU3DVVLQJ)7\SH$WWHQXDWRU$9
C
.9
'&*+]3RZHU3DVVLQJ)7\SH$WWHQXDWRU$9
C
.9
'&*+]3RZHU3DVVLQJ)7\SH$WWHQXDWRU$9
C
‡'LVWULEXWLRQDPSOLILHUXVHGZKHUHWKH
FDEOHGLVWDQFHRUQXPEHURI79VUHTXLUH
DPSOLILFDWLRQRIRULJLQDOVLJQDO
‡6SOLWWHUVXVHGWRGLYLGHRIIDLUVLJQDORU
PRGXODWHGUHFHLYHUVLJQDOVHQGVLJ
QDOWRPXOWLSOH79·VDWWHQXDWHUHGXFH
VLJQDOVWUHQJWK
‡7KHGLVWULEXWLRQDPSOLILHUSXPSVXS
WKHVLJQDOZLWKG%JDLQVRDVXIILFLHQW
VLJQDOVWUHQJWKLVSUHVHQWDWHDFKRXWOHW
RUDWWKHHQGRIDORQJFDEOHUXQ
‡$PSOLILHVZLWKRXWRYHUGULYLQJ79·VZLWK
WRRPXFKVLJQDO
‡9DULDEOHJDLQFRQWURO
‡)UHTXHQF\5DQJH0+=
‡0D[,QSXW9+)G%P98+)
G%P9
‡*DLQ9+)G%8+)G%
‡1RLVH9+)G%8+)G%
‡*DLQ&RQWUROG%
‡3RZHU5HTXLUHPHQWV
‡9$&+=RU9$&
= :
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(177
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722/6$/,*10(17722
$/,*10(17
722/6
$/,*10(17722/6
)520
0
$
1
8
)
$
&
7
8
5
,
1
*
%,5'2*8/75$
6,*1$/0(7(5
VSHFWUXPGLVSOD\FDSDELOLW\ ‡9ROWDJH0HDVXUHPHQW
‡'07&'RZQVWUHDP0XOWL
‡
'07&'R
5DWH7HFKQRORJ\&RPSDWLEOLW\ LVDXVHIXODGGLWLRQDOIHDWXUH ‡,QSXW5DQJH
5DWH7HFKQ
IRUIDXOWILQGLQJDQGWURXEOH ‡+U%DWWHU\/LIH
7KH%LU'RJ8OWUDLV0XOWL
‡Y3RZHU6XSSO\RXWRIWKH
5DWH'RZQVWUHDP7HFKQRORJ\ VKRRWLQJ
&RPSDWLEOHDQGZLOOGLUHFWO\ ‡&RPSOHWH3RZHU6ROXWLRQ7KH ER[
ORFNRQWRWKHQH[WJHQHUDWLRQ %LU'RJ8OWUDSURYLGHVDQDOOLQ ‡:LOG%OXHŒ3RZHURXWRIWKH
RQHSRZHUVROXWLRQZLWKRXWWKH ER[
RI:LOG%OXHŒ
QHHGIRUWKHSXUFKDVHRIDG ‡1RLVH*HQHUDWRURXWRIWKH
‡$OO,Q2QH=LS&RGH/RRN
8S7KHQHZ=LS&RGHIHDWXUH GLWLRQDOSRZHUVWHSXSGHYLFHV ER[
HQDEOHV\RXWRTXLFNO\HQWHU ‡&RQVWHOODWLRQ'LDJUDP7KH ‡1H[W*HQHUDWLRQ:LOG%OXHŒ
&RPSDWLEOH
\RXULQVWDOODWLRQVLWH=LS&RGH FRQVWHOODWLRQGLDJUDPLV
‡&RQVWHOODWLRQ'LDJUDP
WRREWDLQ\RXUORRNDQJOHVDQG DQRWKHUXVHIXOWRROIRUWKH
‡([SDQGHG0HDVXUHPHQW
LVSUHORDGHGDVRQHFRPSOHWH GHWHFWLRQRIIDXOWV
'LVSOD\
‡/1%)UHTXHQF\'HYLDWLRQ
WDEOH
‡7XUER+''LVK3RZHU
‡=LS&RGH'DWD
‡([SDQGHG0HDVXUHPHQW
'LVSOD\7KH%LU'RJ8OWUDDOVR‡3URRIRI3HUIRUPDQFH
‡G%P0HDVXULQJ
IHDWXUHVDQH[SDQGHGPHD
VXUHPHQWGLVSOD\IRUXVHZLWK ‡/LPLW6FDQ3DVV)DLO
‡)LHOG5HSODFHDEOH&RQQHFWRU
:LOG%OXHŒLQVWDOODWLRQV
:28 3<?48
‡&XUUHQW&KHFN
‡6SHFWUXP'LVSOD\7KH
$&&(6625,(6
,1&/8'('
?:?
2<7.27 ;8
‡6SHFWUXP$QDO\]HU&OHDUDQG
HDV\WRXVH
‡436.FRQVWHOODWLRQGLDJUDP
'HWDLOHGGLDJQRVLVRIGLJLWDO
VDWHOOLWHVLJQDOV
‡&XVWRP&DUULHU&UHDWH\RXU
RZQILOHZKLOHRQVLWHDQGVHHLW
¶ORFN·
‡'DWD/RJ8SORDG\RXU
LQVWDOODWLRQUHDGLQJVWR\RXU3&
‡/1%&DEOH7HVW0HDVXUHIRU
RSHQRUVKRUWFLUFXLWLQ/1%
FDEOH
‡'XDO'LVSOD\IRU'79
6HHWZRVDWHOOLWHVDWRQHWLPH
DOVRZRUNVZLWK6:0
‡'796:0+LVWRJUDP)XQFWLRQ
8SWRVLPXOWDQHRXVFDUULHU
IUHTXHQF\PHDVXUHPHQWV
‡86%&RQQHFWLYLW\
‡(DV\WR5HDG'LVSOD\ZLWK'LJLWDO
(QKDQFHG*UDSKLFV
‡7ZLFHWKH6DWHOOLWH0HPRU\
3RVLWLRQV
‡2QH7RXFK%XWWRQV(DV\WR8VH
‡0RUH%DWWHU\/LIH2YHU+RXUV
RQ)XOO&KDUJH
‡6SDQLVK/DQJXDJH'LVSOD\
2SWLRQ
‡5HFDOOV/DVW6DWHOOLWH3RVLWLRQ
XSRQ3RZHUXS
‡:LWK'LJLWDO'DWD6WUHDP
,GHQWLILFDWLRQ
,QFOXGHV
D2,:!B
%#'
D +%"$
DB"$%&
D?:2%&
D%
.4;@8;2:;3;84237
%,5'2*86%3/866&5((16+276
:28 3<?:?
$/,*10(17722/6
5(3/$&(0(17&$6(
)25%,5'2*0(7(5
%,5'2*8/75$
%$77(5<3$&.
:28 3<;
:F
%,5'2*86%
%$77(5<3$&.
‡:KLWH
:
.$.8%$1'6$7(//,7(6,*1$/0(7(5
‡7KH$FXWUDF,,,LVDQDIIRUGDEOHFRPSDFW
VDWHOOLWHVLJQDOPHWHUWKDWLVFDSDEOHRI
UHFHSWLRQRIERWKWKH.D%DQGVLJQDOVDQG
WKH.X%DQGVLJQDOV7KHLQFRUSRUDWHGGDWD
SRUWRQWKHPHWHUDOORZVWKH$FXWUDF,,,
WRUHPDLQIOH[LEOHZLWKIXWXUHH[SDQVLRQDQG
GHYHORSPHQWVE\JLYLQJWKHXVHUVLPSOH
DFFHVVWRILUPZDUHRUVRIWZDUHXSJUDGHV
‡7KHPHWHUSRZHUVWKH/1%DVVHPEO\ZLWKWKH
LQWHUQDOSRZHUVXSSO\
‡7KH$&875$&,,,PHWHULVVXSSOLHGZLWK
´$$µ1L0+UHFKDUJHDEOHFHOOVDQGDQ$&
WUDQVIRUPHUFKDUJHU,WDOVRFRPHVZLWKD
QHRSUHQHUXEEHULQVXODWLRQFDVHFRYHUDQG
FDUU\LQJVWUDS
‡75,%$1'0(7(5
‡,QSXW)UHTXHQFLHV.D+L0+]
.X0+].D/R0+]
‡,QSXWV)LHOGUHSODFHDEOHSRUWV6WDQGDUG
)EDUUHOFRQQHFWRUV
7R/1%
7R6DWHOOLWH5HFHLYHUIRURSWLRQDOLQOLQH
ORRSWKURXJK
‡'LVHTF&DSDEOHLQ0XOWL0RGH
‡8VHV´'LVHTFµ&DEOH',6+1HWZRUN1RW
,QFOXGHG
‡0HDVXULQJ0HWKRG/&'7KHUPRPHWHUW\SH
VFDOHVQRQVSHFLILFQXPHULFDOUHIHUHQFHLQ
´WHQWKVµDUHWREHPD[LPL]HGIRUWKHKLJKHVW
SRVVLEOHUHDGLQJRIWKHDQDORJFDUULHUZDYH
‡3RZHU6RXUFH,QWHUQDO$$UHFKDUJHDEOH
1L0+FHOOVZLWKDP$+FDSDFLW\UDWLQJ
‡:LOODOVRDFFHSWVWDQGDUG$ONDOLQHEDWWHULHVIRU
VKRUWWHUPXVH
‡&KDUJHUV$&ZDOOWUDQVIRUPHULQFOXGHG
9'&P$DVZHOODVWKH'&DXWR
FKDUJLQJFRUG
0867+$9()251(:6/,0/,1($17(11$
?48?
$/,*10(17722/6
8;;:;
:88;
377;438
0.0(7(5:,7+$&&(6625,(6
‡(DV\WR5HDG/&''LVSOD\
‡6HOI&RQWDLQHG5HFKDUJHDEOH
%DWWHU\
‡'XDO6DWHOOLWH6LJQDO
‡6WUHQJWK0HDVXUHPHQWV
‡6HOHFWDEOH$XGLR2Q2II7RQH
‡0HDVXUHV5HFHLYHU9ROWDJH
‡0HDVXUHV,QGLYLGXDO/1%)
‡&XUUHQW&RQVXPSWLRQ
‡6ZLWFKHV.+]2Q2II
‡$GMXVWDEOH/&'&RQWUDVW
/($7+(5&$6(
/($7+(5&$6(
‡%OXH
‡
%OXH
$&835&25'
/&
/&$&352
',*,6$7/($7+(5
&$6(
',*,6$7352,,,
/($7+(5&$6(
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
83
12::,7+6(/)&217$,1('
1,&.(/+<'5,'(%$77(5,(6
3/86$<($5:$55$17<
352*5$0&25'
‡7HVWV&RD[&DEOH5XQV
‡$&&KDUJHU
‡'&&KDUJHU
‡9ROW6ZLWFKLQJ
‡)LHOGUHSODFHDEOHEDWWHU\
‡.+]6ZLWFKLQJ
‡8VHWKLVPHWHUZLWK
+XJKHV1HWŒ6\VWHPV0XOWL
6DWHOOLWH,QVWDOOVƒƒ
ƒ'LVK3UR6XSHU',6+
‡%OXH
‡
%OXH
%O
/&
/&'*352
$/,*10(17722/6
',*,6$7,,,35208/7,0(7(5
;382;
12::,7+6(/)&217$,1('
1,&.(/+<'5,'(%$77(5,(6
3/86$<($5:$55$17<
;41;[email protected]<
;*B:;42
‡'LJLWDO/&''LVSOD\
‡0XOWL)XQFWLRQ0HWHU
‡0HQX'ULYHQ
‡(DV\WR8VH
‡5HOLDEOH'XUDEOH
‡6HOI&RQWDLQHG5HFKDUJHDEOH%DWWHU\
‡'LJLWDO/&''LVSOD\
‡0XOWL)XQFWLRQ0HQX'ULYHQ
‡$OLJQ$QWHQQD4XLFNO\5HOLDEO\
ZLWKRXW5HFHLYHU+RRNXS
‡6ZLWFKHV.+]2Q2II
‡1R0RUH3OXJJLQJ8QSOXJJLQJ
‡%DWWHU\3DFN
‡:RUNVZLWK$OO/1%)V
‡$&&KDUJHU,QFOXGHG
‡'&&KDUJHU,QFOXGHG
‡)RRW&RD[,QFOXGHGZLWK4XLFN
)&RQQHFWRUV
‡,QFOXGHV$FFHVVRULHV3DFN
‡9ROW6ZLWFKLQJ
‡683(5',6+6ZLWFKLQJ
<83
8< I.J 377;438 :;
8<I.J377;438:;
18<;8
3*;838
'',*,$,5352Œ
‡
‡(DV\WR8VHZLWK&RPSDFW'HVLJQ
‡
‡'HYHORSHGIRU([DFW$OLJQPHQW$GMXVWPHQW
RI7HUUHVWULDO$QWHQQDV2))$,5
‡
‡/&'GLVSOD\IRU6LJQDO6WUHQJWKLQ)RUPRI
7KHUPRPHWHU6FDOHV1XPEHUV
‡
‡'LJLDLUVKRZVDVLQJOHFKDQQHORUVL[
FKDQQHOVDWWKHVDPHWLPH&DQYLHZVLJQDO
LQVSHFWUXPPRGH
‡
‡&DQ)HHG9ROWDJH9ROWWRH[WHUQDODFWLYH
DPSOLILHGDQWHQQDV6KRUWFLUFXLWSURWHFWHG
E\DQDXWRPDWLFIXVH
‡
‡&KDUJHGYLD([WHUQDO'&SRZHUVRXUFHRI
YROW
‡
‡9LHZ&KDQQHOVDW2QFH
‡
‡,QSXWIUHTXHQF\0+]
‡
‡,QSXW/HYHOG%X9
‡
‡,QSXW,PSHGDQFH2KP)&RQQHFWRUV
‡
‡6KRUW&LUFXLW3URWHFWLRQ$XWRPDWLFIXVHRQ
DQWHQQDLQSXW
‡
‡,QGLFDWLRQV$QWHQQDYROWDJH9RQRII
‡
‡3RZHUVXSSO\([WHUQDO'&SRZHUVXSSO\
9&HQWHUSLQ
‡
‡'LVSOD\[SL[HOV/&'
‡3RZHU&RQVXPSWLRQ&DP$
‡,QWHUQDO%DWWHU\P$K9
‡:HLJKW.JOEV
‡'LPHQVLRQV[[PP
‡2SWLRQV&DUU\LQJ&DVH
‡0HDVXULQJ0HWKRG6LJQDOSUHVHQWDWLRQRQ
/&'GLVSOD\LQIRUPRIWKHUPRPHWHUVFDOHV
6SHFWUXPGLVSOD\RUWKUHHGLJLWQXPEHU
3LWFKWRQHLQGLFDWLRQRQORXGVSHDNHU
‡6LJQDO/HYHO5HDGRXW7KHUPRPHWHUVFDOHV
VKRZLQJPD[KROGFXUUHQWVLJQDOOHYHO
7KUHHGLJLWQXPEHUVKRZLQJKLJKHVWYDOXH
ZKHQPHDVXULQJRQDVLQJOHFKDQQHO+LJKHVW
WRQHRQORDGVSHDNHU0D[KROGIXQFWLRQ
2,+&')
D !'
D %'+,!%B
D "$
2<22883
$'$3725&+$5*(5 $&&+$5*(5&25' '&$872&+$5*(5&25'
'&'*
'3&
/'60
/'60'&
$/,*10(17722/6
&20387(5
,17(5)$&(&25'
0,1,&203$66
$17(11$/(9(/
‡%L'LUHFWLRQDO
‡/LTXLG)LOOHG
‡3ODVWLF&DVH
‡/LJKWZHLJKW
‡/LTXLG)LOOHG
‡3ODVWLF&DVH
‡(DV\WR5HDG
„
/'60
=39
7KLVOHYHOFDQEHXVHIXOZKHQPRXQWLQJVDWHOOLWH
V\VWHPV,WDOORZVWKHVDWHOOLWHWRKDYHSURSHU
YHUWLFDODQGKRUL]RQWDOEDODQFHWRHQVXUHWKDWWKH
VLJQDOFDQEHSLFNHGXSSURSHUO\7KLVOHYHOKDV
ELGLUHFWLRQDOOHYHOLQJFDSDELOLWLHVIRUWKLV
„
=;=
6881727$1'(0
‡6XSHU6LWH6XUYH\7RRO
‡,QFOLQRPHWHUVFDOHLVERWKLQ
0RXQWLQJ$QWHQQD
SHUFHQWDJHGHJUHHV
‡7ZR,QVWUXPHQWV,Q2QH
‡6ZLWFKIURP&RPSDVVWR
ž
‡0HDVXUH6ORSH+HLJKW
,QFOLQRPHWHUTXLFNDQGHDVLO\
‡&RPSDVVVFDOHLVLQ$]LPXWK
‡*HW&RPSDVV%HDULQJV
‡&RPSDFW&RPSDVV
žZLWKUHYHUVHVFDOH
‡&RPSDVV,QFOLQRPHWHUDUH
,QFOLQRPHWHU&RPELQDWLRQ
‡&RWDQJHQW&RVLQHWDEOHVFP
/LTXLG)LOOHGIRU3UHFLVLRQ
‡'XUDEOH$OXPLQXP+RXVLQJZLWK
LQFKVFDOHDWKUHDGIRUFDPHUD
‡5HFRJQL]H/LQHRI6LJKW%HIRUH (DV\WR5HDG6FDOHV
PRXQWLQJ
=39.
0(7(5648$:.(5:,7+.+=/,*+7$//,121(
‡6DWHOOLWHILQGHUZRUNVZLWK
‡3RFNHWVDWHOOLWHILQGHU
‡.+]OLJKWWHOOVZKHQUHFHLYHU
',5(&79Š',6+1HWZRUN
‡+LJKO\VHQVLWLYHLOOXPLQDWHG
LVXVLQJ.+]
‡&RQQHFW/1%)UHFHLYHUWR
PHWHU
‡(DV\&RQQHFWLRQV
6DWHOOLWHILQGHUWRWUDFNVDWHOOLWH ‡RKP0+]0+]
LQSXW
‡0HWHUZLWKDXGLRWRQHKHOSV
DOLJQVDWHOOLWHDQWHQQDWRVLJQDO ‡,QSXWOHYHOG%PG%P
‡$XGLRVLJQDOJHWVORXGHUDW
‡3RZHUUHTXLUHPHQWV99
RSWLPDOVHWWLQJ
'&
=.0
‡%XLOWLQPLQLDWXUHODPSEX]]HU‡0+]WR0+]
$1*/(),1'(5
/(16$7,&/,48,'),//('&203$66
‡8VHWRFKHFNYHUWLFDODOLJQPHQWRI
=.9
DQWHQQDPDVWWRHQVXUHOHYHOSODQH
‡3ODFHDJDLQVWWKHDQWHQQDWR
ILQGH[DFWDQJOHRIWKHDQWHQQD·V
HOHYDWLRQ
‡8QLWKHOSVLI\RXXVHDVDWHOOLWH
ORFDWLRQFDOFXODWRUWRILQG
GLUHFWLRQYHUWLFDODQJOH
‡8VHZLWKFRPSDVV
‡0DJQHWLF%DVH
‡(DV\WR8VH
‡/LJKWZHLJKW
‡%OLVWHU3DFNHG
‡µ'LDPHWHU
‡/LTXLG)LOOHGIRU)DVW5HDGV
/LTXLG)LOOHG
‡6WXUG\0HWDO&DVH
‡
6WXUG\0HWD
‡)ORDWLQJ/XPLQRXV'LDO(DV\WR5HDG
‡
)ORDWLQJ/XP
‡$GMXVWDEOH/XPLQRXV0DUFKLQJ/LQH
‡
$GMXVWDEOH/
‡7KXPE+ROG0DJQLI\LQJ9LHZHU
‡
7KXPE+ROG
‡6LJKWLQJ+DLUOLQH
‡
6LJKWLQJ+DL
‡,GHDOIRU/RFDWLQJ3RVLWLRQVRQ0DS
‡
,GHDOIRU/RF
RULQ)LHOG
F:
$/,*10(17722/6
683(5%8''<Œ6$7(//,7(0(7(5
‡,'WKHVDWHOOLWHE\´DOLJQWRORFNµRU´DXWRPDWLFVFDQµ
‡3RVLWLYH,'PXOWLORFNDOJRULWKPHOLPLQDWHVIDOVHSRVLWLYHV
‡)LHOGUHSODFHDEOHFRQQHFWRUV
‡5XJJHGGXUDEOHDOXPLQXPFDVHZLWKUXEEHUVKRFNJXDUGV
‡*HRVHQVLWLYH´)LHOG*XLGHµVRIWZDUHVWRUHVDOOVDWHOOLWHV
DQGWUDQVSRQGHUVSHUUHJLRQ
‡=LSFRGHHQWU\SURYLGHVDQWHQQDD]LPXWKDQGYHUWLFDO
DQJOHVHWWLQJV
‡&RQWUROVPXOWL/1%VVZLWFKHVZLWKN+]'L6(T&
‡/DUJHEDFNOLWJUDSKLF/&'
‡(DV\WRXVHVLQJOHIXQFWLRQIURQWSDQHOEXWWRQV
‡'LVSOD\VFURVVSROHYDOXHIURP+XJKHV1HWPRGHPV
‡$EOHWRPDQXDOO\HQWHUQHZVDWHOOLWHVXVLQJIURQWSDQHO
NH\SDG
‡$XGLEOHWRQHIRUVLJQDOORFNDQGSHDN
‡4XLFNFKDUJHEDWWHU\ZLWKXQLYHUVDO$&RUYHKLFOH9'&
‡&RPSXWHULQWHUIDFHIRUIXWXUHXSJUDGHV
?;8:?
=93 ?;:?2427
@
?;8:?
@
6$7%8''<Œ6$7(//,7(6,*1$/0(7(5
‡/1%VLJQDOLQSXWV
‡5XJJHGZHDWKHUUHVLVWDQWPHWDOHQFORVXUH
‡,QWHUQDOUHFKDUJHDEOH1L0+EDWWHU\
‡$XGLEOHWRQHZLWK'6%'XDO6LJQDO%DODQFH0RGH
‡%ULJKW/('GLVSOD\HDV\WRUHDGHYHQLQGLUHFWVXQOLJKW
‡/1%·VFDQEHSRZHUHGIURPLQWHUQDOEDWWHU\RU,5'
‡6LJQDO6WUHQJWK5)HQHUJ\IURPWR0+]
‡PRQWKOLPLWHGZDUUDQW\
:+&&!P.+'
‡)LHOGUHSODFHDEOHFRQQHFWRUV
‡N+]VZLWFKFRQWURODOVR'L6(T&ŒVWDQGDUG
‡&DUU\LQJFDVHZLWKEHOWFOLS
‡:DOOWUDQVIRUPHUIRUEDWWHU\FKDUJLQJ9VWG
‡9DYDLODEOH
‡&LJDUHWWHOLJKWHUDGDSWHUIRUEDWWHU\FKDUJLQJ
‡<($5/,0,7(':$55$17<
51N
#"%
%,
.#,&
8,(,
%%'
4:?
@
4:?
@
4:?
@
4:?
@
$/,*10(17722/6
75,/,7+,& 683(5%8''<Π'8$/%8''<Π%/8(%811<
6,*1$/0(7(5
)2508/7,6$7',6+
&$%/(
$/,*10(17$1'7(67,1*
75
‡3URJDPPLQJ&DEOH
‡6XSHUEXGG\0HWHU2QO\
683(5%8''<&%/
‡ N+]VZLWFK
FRQWURO
‡ )LHOGUHSODFHDEOH
FRQQHFWRUV
?:?
‡9ROWDJHVWHSXSIRU6XSHU%XGG\
:?;:[email protected]
@
6$7/22.&2/25',*,7$/
7$/
63(&7580$1$/<=(51,7
1,7
‡7KH6$7/22.1,7&2/253OXVLVD6ZHGLVK
PDGH6$779LQVWUXPHQWDQGVSHFWUXPDQD
O\]HU7KHXQLWLVPDGHIRUH[DFWDOLJQPHQWDQG
DGMXVWPHQWRIVDWHOOLWHGLVKHV,WLVLQWHQGHG
IRUSURIHVVLRQDOXVHZKHQKLJKDFFXUDF\DQG
SUHFLVHLQIRUPDWLRQDUHQHHGHG
‡,WVHDVLO\RSHUDWHGZLWKRXWDORWRIXQQHFHVVDU\
EXWWRQVDQGNQREV7KHEDVLFIXQFWLRQVDUHHDV\
WRJHWDKROGRQDQGWDNHVRQO\PLQXWHVWROHDUQ
‡7KHLQVWUXPHQWLVSURYLGHGZLWKDµ/&'
PRQLWRUZKLFKHLWKHUVKRZV´)UHHWRDLUµ6$7
79FKDQQHO'LJLWDORU$QDORJWKHIUHTXHQF\
VSHFWUXP0+]RUSDUWVWKHUHRIDOW
'LJLWDOGDWD0HQXVKHOSGLVSOD\VDUHVKRZQRQ
WKH/&'VFUHHQ[EHVLGHWKHPRQLWRU
‡´)UHHWRDLUµ'LJLWDO'9%6436.DQG$QDORJ
6$779FKDQQHOVFDQEHWXQHGLQDQGYLHZHG
XSRQ0XOWLVWDQGDUG9LGHR3$/176&DQG
6(&$0$XGLRIUHTXHQFLHVEHWZHHQ
0+]FDQEHOLVWHQHGWR
‡7KHVSHFWUXPFDQEHH[SDQGHG]RRPLQIRU
FRUUHFWDGMXVWPHQWRIWKHSRODULVDWLRQ´FURVV
SRODULVDWLRQµ7KHLQVWUXPHQWKDVYHU\KLJK
UHVROXWLRQDQGDFFXUDF\,WSUHVHQWVPHDVXUHG
GDWD“G%DWDURXQGƒ&
‡6$7/22.1,7&2/253OXVSUHVHQWVXQGHURQH
RIWKHVXEPHQXVGLJLWDOLQIRUPDWLRQOLNH%(5
ELWHUURUUDWHFRQVWHOODWLRQGLDJUDP436.
DQG61VLJQDOQRLVHUDWLR
‡6$7/22.1,7&2/253OXVFDQLGHQWLI\WKH
YDULRXV79VDWHOOLWHVE\UHDGLQJRXWWKH1,7
LQWKHELWVWUHDP1,7 1HWZRUN,QIRUPDWLRQ
7DEOH7KH1,7DOVRFRQWDLQVLQIRDERXWWKH
WUDQVSRQGHUV79DQG5DGLRFKDQQHOV
‡6$7/22.1,7&2/253OXVFDQKDQGOHDORW
RIPHPRU\SRVLWLRQVDQGERWKVSHFWUXP
SLFWXUHVDQGFHUWDLQIUHTXHQFLHVFDQEH
VDYHGERWKDQDORJDQGGLJLWDOWUDQVSRQ
GHUV
‡7KHSRODULVDWLRQRIWKH/1%LVVZLWFK
DEOH99DQGWKH+L/REDQGZLWK
N+]WRQH7KH'L6(T&IXQFWLRQFRQWUROVDOO
'L6(T&DFFHVVRULHVOLNHVZLWFKHV/1%V
DQGDFWXDWRUV
‡7KHSRZHURIWKHLQVWUXPHQWLVVXSSOLHGE\
DEXLOWLQDQGUHFKDUJHDEOH/LORQEDWWHU\
(YHQWKRXJKWKHLQVWUXPHQWKDVDORWRI
IXQFWLRQVLWLVVWLOOYHU\OLJKWDQGIOH[LEOH
4"#,'###%)
‡'9%6DWHOOLWHUHFHLYHU0+]
‡6SHFWUXP$QDO\]HUZLWKH[SDQGHGVSHFWUXP
‡$XWRPDWLF6DWHOOLWH,GHQWLILFDWLRQ
‡6XSHUEULJKWµ7)7/&'FRORUGLVSOD\
‡'LJLWDODQG$QDORJ79SLFWXUH
‡'LJLWDO%(5436.DQG615DWLR
‡6DWHOOLWH,'DQG795DGLR&KDQQHOLQIR
‡'L6(T&DFFRUGLQJWROHYHODQG
‡/1%YROWDJHY.+]WRQHVZLWFK
‡.8DQG&EDQG1RUPDOLQYHUWHGYLGHR
‡/RWVRIPHPRU\SRVLWLRQVIRUVSHFWUXPLPDJHV
‡7XQHDEOHDXGLREDQGZLGWK0+]
‡56IRU3&FRQQHFWLRQXSGRZQORDG
‡5HFKDUJHDEOH/L,RQEDWWHU\
‡5HPRWH&RQWURO
‡1LFHVPDOORQO\.JFRPSOHWHZLWKFDUU\LQJ
FDVH
6$7/22.',*&2/25
29
$/,*10(17722/6
$'9$1&(',167$//$7,210(7(5
7(5
‡',5(&79ŠVSHFLÀFVDWHOOLWHLQVWDOODWLRQPHWHU
‡(DV\WRUHDGGLVSOD\DQGNH\SDG
‡2QVFUHHQLQVWUXFWLRQVJXLGHWHFKQLFLDQWKURXJK
LQVWDOODWLRQ(,9DQGWURXEOHVKRRWLQJ
‡3RLQWDOO',5(&79Š2'8V
‡3HUIRUP(,9DWURRIRUDQ\ZKHUHLQGLVWULEXWLRQ
QHWZRUN
‡7XQHDQ\',5(&79ŠWUDQVSRQGHU1DWLRQDODQG
ORFDOVSRWEHDPV
‡3RZHUDOO/1%VLQFOXGLQJ6/6DQG6/6
‡0HDVXUHFDEOHUHVLVWDQFH
‡0HDVXUHLQOLQHFXUUHQWYROWDJHN+]WRQHDQG
'L6(T&PHVVDJHV
29
;##8+$$&&
='#,
7KH$,0ZDVGHYHORSHGE\',
5(&79Š7ULOLWKLFDQG,QGHVLJQ
WRSURYLGHFXVWRPL]HGIHDWXUHV
IRULQVWDOOLQJDQGWURXEOHVKRRW
LQJ',5(&79ŠVDWHOOLWHUHFHLYHU
V\VWHPV7KH$,0LVDUXJJHG
PHWHUVXLWDEOHIRUERWKLQGRRU
DQGRXWGRRUXVH$IXOO\
FKDUJHG$,0FDQEHXVHGIRU
DOODVSHFWVRILQVWDOODWLRQDQG
WURXEOHVKRRWLQJLQDVPDQ\DV
VL[VLQJOHIDPLO\KRPHV
JXLGHWKHWHFKQLFLDQWKURXJK
2'8LQVWDOODWLRQH[WHQGHG
LQVWDOODWLRQYHULILFDWLRQDQG
RWKHUWURXEOHVKRRWLQJWHVWV$
86%SRUWLVSURYLGHGWRWUDQVIHU
GDWDIURPWKH$,0WRDIODVK
GULYHDQGIRUXSJUDGLQJWKH
$,0ILUPZDUH
;/&&2',,#%=##
#%Q;2=R
(,9FDQEHSHUIRUPHGULJKW
DIWHU2'8DOLJQPHQWZKLOHWKH
WHFKQLFLDQLVRQWKHURRIWR
TXLFNO\FRQILUPWKDWSRLQWLQJ
7KH$,0·VODUJHGLVSOD\DQG
LVVDWLVIDFWRU\7KLVJLYHVWKH
NH\SDGPDNHLWHDV\WRQDYLJDWH LQVWDOOHUFRQILGHQFHWKDW,5'·V
WRWKHPDQ\IHDWXUHVRIWKH
LQVWDOOHGLQWKHKRPHZLOOSDVV
PHWHU2QVFUHHQGLUHFWLRQV
,9(,9FDQDOVREHXVHGDVD
9;298;;7
;2.24237
)UHTXHQF\5DQJH
0+]
6LJQDO/HYHO5DQJH
WRG%P
5),QSXW&RQQHFWRU
5HSODFHDEOH)FRQQHFWRU
,QSXW,PSHGDQFH
Ÿ
/1%3RZHU6XSSO\
9ROWV9ROWV
6:L0/1%3RZHU6XSSO\
9ROWV
&RPPXQLFDWLRQV
86%IODVKGULYH
%DWWHU\
FHOO9ROW$+UHFKDUJHDEOH1L0+
2SHUDWLQJ7HPSHUDWXUH
žWRž)žWRž&
6WRUDJH7HPSHUDWXUH
žWRž)žWRž&
%DWWHU\&KDUJLQJ7HPS
žWRž)žWRž&
'LVSOD\
[SL[HOWUDQVIOHFWLYHEDFNOLW/&'
:HLJKW
OEVJ
'LPHQVLRQV+[:['
[[PP
[[
3 ?,#$
3RLQWLQJVFUHHQVSURYLGHWKHWHFKQLFLDQZLWKDOOWKHLQIRUPDWLRQ
QHHGHGWRTXLFNO\ILQHWXQHDOLJQPHQW
;382;
‡&DUU\LQJ&DVH
‡WR9$&
SRZHUDGDSWHU
‡9$&YHKLFOHSRZHU
DGDSWHU
‡%DWWHU\SDFN
‡)FRQQHFWRU
‡FDEOHWHVWORDG
‡0%86%ÁDVK
GULYHFRQWDLQV$,0
8VHU·V0DQXDO
WURXEOHVKRRWLQJWRROWRSLQSRLQW
SUREOHPVDQ\ZKHUHZLWKLQD
GLVWULEXWLRQQHWZRUN
4%+(,'"%%#$
6HYHUDODGGLWLRQDOWURXEOH
VKRRWLQJIHDWXUHVFDQEHXVHG
WRTXLFNO\LGHQWLI\IDXOW\HTXLS
PHQWLQDQLQVWDOODWLRQ7KH
$,0DOORZVWHVWLQJRILQGLYLGXDO
FDEOHUXQVLQWKHGLVWULEXWLRQ
QHWZRUNWXQLQJWRDQ\
',5(&79ŠVDWHOOLWHWUDQVSRQ
GHUWHVWLQJFRPPXQLFDWLRQV
EHWZHHQWKH6:L0DQGWKH
,5'PHDVXULQJLQOLQHYROWDJH
FXUUHQWDQGWRQHDQGSHUIRUP
LQJDFRPSOHWHWUDQVSRQGHU
VXUYH\
4+',+,%
7KH7XUQV&DOFXODWRUIXQFWLRQKHOSVWKHWHFKQLFLDQ
ILQGWKHRSWLPXP2'8SRLQWLQJ
,QWKH)LQH$GMXVWPHQW'LWKHULQJVFUHHQVWKHWHFKQLFLDQFDQVHWD
UHIHUHQFHSRLQWRQRQHVLGHRIWKHSHDNDQGWKH$,0SURYLGHVDQDOHUW
ZKHQWKHVDPHSRLQWLVUHDFKHGRQWKHRWKHUVLGH
7KHWHFKQLFLDQHQWHUVWKHQXPEHUVRIWXUQV
EHWZHHQUHIHUHQFHSRLQWVRQHLWKHUVLGHRIWKHSHDN
DQGWKH$,0FDOFXODWHVKRZPDQ\WXUQVWRJREDFN
WRUHDFKSHDN
;/&&2',,#%=###%
,,#4+
(,9FDQEHSHUIRUPHGULJKWDIWHU2'8DOLJQPHQWWRHQVXUHDTXDOLW\
LQVWDOO7KHWHFKQLFLDQFDQVHHLPPHGLDWHO\LIUHSRLQWLQJLVQHFHVVDU\
6DW7XQHDOORZVWKHWHFKQLFLDQWRYLHZLQGLYLGXDO
',5(&79ŠWUDQVSRQGHUV$OO1DWLRQDOWUDQVSRQGHUV
DQGORFDOVSRWWUDQVSRQGHUVDUHYLHZDEOH
7KH(,9'HWDLOVFUHHQVKRZVWKHWHFKQLFLDQZKLFKRIWKHIRXUPHDVXUHG
SDUDPHWHUVIDLOHGSRZHU(V1R)UHTXHQF\RIIVHWRU'HPRGXODWRU/RFN
6LJQDOSRZHU(V1R)UHTXHQF\RIIVHWDQG/RFN
VWDWXVDUHGLVSOD\HG
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))$,52))
2))$,5
2))$,5
6(16$5,,Š
‡6OHHNKLJKWHFKGHVLJQ
‡*UHDWIRUPHWURSROLWDQVXEXUEDQDUHDV
‡9+)*DLQG%W\SLFDO
‡8+)*DLQG%W\SLFDO
‡&KDQQHOV
+'
‡ (YROXWLRQDU\GHVLJQ
‡ %RRVWVJDLQWRWLPHVPRUHWKDQVWDQG
DUGERZWLHDQWHQQDVRQ9+)KLJKEDQG
‡ &RPSDFWYHUWLFDOO\RULHQWHGDQWHQQDZLWK
RXWVWDQGLQJ',5(&79ŠSHUIRUPDQFH
‡ :LGHEHDPZLGWKDOORZVWKH+'
WRORFNLQRQEURDGFDVW79WRZHUVFORVH
WRJHWKHURUVSDFHGIDUDSDUWIRUFRPSOHWH
SURJUDPPLQJUHFHSWLRQ
‡ &KDQQHOV
<
1 '60RXQWQRWLQFOXGHG
201,',5(&7,21$/$17(11$
‡)02PQL'LUHFWLRQDO$QWHQQD
‡2KP(OHPHQW
+'3
+'
‡+LJKSHUIRUPDQFHDQWHQQD
‡3ODWLQXPKDUGZDUH
‡9+)(OHPHQWV8+)(OHPHQWVµ
%RRPOHQJWKµPD[ZLGWK
‡&KDQQHOV
‡6ROLGSHUIRUPHUDWDJUHDWSULFH
‡3URVWDUKDUGZDUH
‡9+)(OHPHQWV8+)(OHPHQWV
µ%RRP/HQJWK
‡&KDQQHOV
+'
+'
‡(FRQRP\YHUVLRQIRUVXEXUEDQXVH
‡0DWFKLQJWUDQVIRUPHULQFOXGHG
‡9+)(OHPHQWV8+)(OHPHQWV
µ%RRP/HQJWK
‡&KDQQHOV
1 1 F
+'3
1 +'3
‡6DPHIHDWXUHVDV+'3H[FHSWRIIHUV
‡$OOWKHVDPHJUHDWUXJJHGFRQVWUXFWLRQ
H[SDQGHGORZEDQGFKDQQHOV
IHDWXUHVRIWKH+'3ZLWKLQFUHDVHGOHQJWK ‡(IILFLHQWWUDQVIHURIGLJLWDOVLJQDOWKUX2KP
DQGHOHPHQWVIRUHYHQPRUHJDLQ
GRZQOHDGFRXSOHU
‡3RZHUIXO+'79DQWHQQD
‡9+)(OHPHQWV8+)(OHPHQWVµ
‡9+)(OHPHQWV8+)(OHPHQWV
%RRP/HQJWKµPD[ZLGWK
µ%RRP/HQJWKµPD[ZLGWK
‡&KDQQHOV
‡&KDQQHOV
1 1 F
2))$,5
$17(11$&5$)7<$*,$17(11$
0$7&+,1*75$16)250(5
386+21%$/812+0
%$/881
,1&/8'(6$//:($7+(5%227
‡0DNHV79&RQQHFWLRQV)DVW(DV\
‡,PSHGDQFHPDWFKLQJGHYLFHFRQYHUWLQJ
VLJQDOVHOHFWULFDOIURPEDODQFHG873WR
XQEDODQFHGFRD[
‡+LJKEDQG
‡%URDGEDQG9+)+'
‡&KDQQHO
„
@
‡)RURIIDLU79FRQQHFWLRQV
‡,PSHGDQFHPDWFKLQJGHYLFHFRQYHUWLQJ
VLJQDOVHOHFWULFDOIURPEDODQFHG873WR
XQEDODQFHGFRD[
„
=:
=94
79),76
(//,37,&$/
$17(11$6
+' +'3 )/$7',*,7$/$17(11$
‡%D\%RZ7LH8+)
‡0DWFKLQJWUDQVIRUPHU
LQFOXGHG
‡1R%XLOWLQ2KP
9+)FRXSOLQJ
‡$FWLYH(OHPHQWV
‡&KDQQHOV
‡3UHDPS
‡+LJK,QSXW
‡0LOHV
‡G%9+)
G%8+)
1 1 5(027((;7(1'(5
‡5HPRWH&RQWURO([WHQGHU.LW
‡8+)
‡,QGRRU$QWHQQD ‡+'%ODFN
‡0XOWL'LUHFWLRQDO ‡PLOHUDQJH
GHJUHHV ‡:DOODQGVXUIDFH
‡8+)9+))ODW
PRXQWDEOH
'LJLWDO3DVV
‡6WDQGXSEDVH
LQFOXGHG
‡$PSOLILHG
. 4=
6DWHOOLWH$QWHQQD1RW,QFOXGHG
)/$7',*,7$/$17(11$
.28A
:,5(/(666<67(0
‡:LUHOHVV$9(QWHUWDLQPHQW
([SDQVLRQ6\VWHP
‡*+=
.
‡,QGRRU$QWHQQD
‡5HPRYDEOH$PSOLILHU
‡0XOWL'LUHFWLRQDO ‡+'%ODFN
GHJUHHV
‡:DOODQGVXUIDFH
‡8+)9+))ODW'LJLWDO PRXQWDEOH
3DVV
‡6WDQGXSEDVH
LQFOXGHG
‡$PSOLILHG
. 4=
‡1RWRROVQHHGHGWRLQVWDOOFOLSVRQ
‡&RPHVZLWKDOOQHFHVVDU\FDEOHV
‡,QVWDOOVHDVLO\RQµ;µPXOWL
VDWHOOLWHDQWHQQDV
‡,QWHUQDO$PSOLILHUPLQLPL]HVVLJQDOORVV
‡'LPHQVLRQVµ+[µ:[µ'
‡(OHPHQW7\SH%URDGEDQGVLQJOHHOHPHQW
‡'%6&RQILJXUDWLRQ0XOWL/1%)
‡2SHUDWLQJ%DQGZLGWKWR0+]
0XOWLGLUHFWLRQDO
‡5DGLDWLRQ3DWWHUQ9+)G%W\SLFDO
‡$PSOLILHU*DLQ8+)G%W\SLFDO2KP
‡,PSHGDQFH,QWHUQDO
‡9ROWDJH5HJXODWRU,QGXVWULDOSRZHUFRROHG
‡:HDWKHUSURRILQJHOHPHQWVHDOHGKRXVLQJ
79
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,217(/(9,6,21
7(/(9,6,21
7(/(9,6,21
6$186)/$73$1(/+'79028176
)8//027,21:$//02817/$5*()/$73$1(/796
‡ 6DQXV6\VWHPV·9LUWXDO$[LVŒWLOWLQJV\VWHP
‡ ([WUXGHGDOXPLQXPDQGVROLGKHDY\JDXJHVWHHOFRQVWUXFWLRQ
‡ ([WHQGPRWLRQVXSWRLQFKHVIURPWKHZDOO
‡ 0RXQWFDQEHURWDWHGǓǞDIWHULQVWDOODWLRQWRHQVXUH79LVSHUIHFWO\OHYHO
=9:
?#',%+#$#'#+,,!!
%#" %,'4=+%,('
'8$/385326(7,/7,1*$1'/2:352),/(:$//02817
)250(',8072(;75$/$5*(/&'$1'3/$60$796
‡6DQXV6\VWHPV·9LUWXDO$[LVŒWLOWLQJV\VWHP
‡6ROLGKHDY\JDXJHVWHHOFRQVWUXFWLRQ
‡([SDQGDEOHZDOOSODWHDQG79EUDFNHWV
‡&OHDQORZSURILOHDSSHDUDQFH
=9:
?#',%+#$#'#+,,!!
%F#" &,'4=+%,('
7,/7,1*:$//02817)250(',80+'79
‡6DQXV6\VWHPV·9LUWXDO$[LVŒWLOWLQJV\VWHP
‡%XLOWLQZLUHPDQDJHPHQWV\VWHPSURWHFWVDQG
HDVLO\DGMXVWVYLHZLQJDQJOHZLWKMXVWWKHWRXFKRI FRQFHDOVFDEOHV
DILQJHU
‡/RFNLQJPHFKDQLVPKROGV79VHFXUHO\LQSODFH
‡6ROLGKHDY\JDXJHVWHHOFRQVWUXFWLRQRIIHUVD
SDGORFNVROGVHSDUDWHO\SURYLGHVDGGLWLRQDO
VOHHNKLJKWHFKORRNZKLOHSURYLGLQJVWUHQJWKDQG VHFXULW\
GXUDELOLW\
‡(DV\WRLQVWDOO
‡7HQ\HDUZDUUDQW\
?#',%+#$#,+&#$=;F/#'
#+,,!!%F#" 4=%%#%+%,('
94:
%'##%&,''"
#"'%",,%,
,%%#,
)8//027,21:$//028170(',80/&'796
‡6DQXV6\VWHPV·9LUWXDO$[LVŒDOORZVIXOOPRWLRQVPRRWKWLOWVZLYHODQGSDQ
‡([WHQGHGPRWLRQXSWRLQFKHVIURPWKHZDOO
‡0RXQWFDQEHURWDWHG“žDIWHULQVWDOODWLRQWRHQVXUH79LVSHUIHFWO\OHYHO
‡([WUXGHGDOXPLQXPDQGVROLGKHDY\JDXJHVWHHOFRQVWUXFWLRQ
‡(DV\WRLQVWDOO
‡7HQ\HDUZDUUDQW\
=9F:
=;&%+#$'#
#+,,!!%F#" 4=%%#%+%,('
6$0681*/&''/37967$1' )/86+02817)25/$5*(
‡3LQQDFOH'HVLJQ
‡6DPVXQJ/&''/3796WDQG
)/$73$1(/796
‡*ODVV6KHOYHV
‡%ODFN
48F.
9LVLWRXU
:HE6WRUHDW
ZZZSHUIHFWWY
:
7(/(9,6,21
6$186)/$73$1(/+'79028176
)8//027,21:$//0281748,&.&211(&7
9.:
‡6DQXV6\VWHPV·9LUWXDO$[LV'ŒWHFKQRORJ\DOORZVPRXQWWRWLOWVZLYHOSDQDQGH[WHQG
ZLWKIOXLGPRWLRQLQHYHU\GLUHFWLRQSRVVLEOH
‡$GMXVWPHQWNQREHQDEOHV79WRPRYHHDVLO\DQGPDLQWDLQWHQVLRQIRUDSHUIHFWYLHZLQJDQJOH
‡,QFOXGHVWZR9(6$FRPSDWLEOH79EUDFNHWVODUJHEUDFNHWILWV[[DQG
[VPDOOEUDFNHWILWV[DQG[
‡&XSVKDSHGIDFHSODWHGHVLJQDOORZVHIIRUWOHVVIOXLGPRWLRQLQHYHU\GLUHFWLRQSRVVLEOH
‡(DV\LQVWDOODWLRQ
‡7HQ\HDUZDUUDQW\
%%&'#+,,!!
J%J 4=%%#%
+%,('
%'##%&,''"#"'
%",,%,
,%%#,
)8//027,2160$//0(',80+'7902817
9.:
‡6DQXV6\VWHPV·9LUWXDO$[LV'ŒWHFKQRORJ\DOORZVPRXQWWRWLOWVZLYHOSDQDQGH[WHQG
ZLWKIOXLGPRWLRQLQHYHU\GLUHFWLRQSRVVLEOHXSWRµIURPWKHZDOO
‡$GMXVWPHQWNQREHQDEOHV79WRPRYHHDVLO\DQGPDLQWDLQWHQVLRQIRUDSHUIHFWYLHZLQJDQJOH
‡,QFOXGHVWZR9(6$FRPSDWLEOH79EUDFNHWVODUJHEUDFNHWILWV[[DQG
[VPDOOEUDFNHWILWV[DQG[
‡&XSVKDSHGIDFHSODWHGHVLJQDOORZVHIIRUWOHVVIOXLGPRWLRQLQHYHU\GLUHFWLRQSRVVLEOH
ZLWKRXWWKHXVHRIWRROV
‡(DV\LQVWDOODWLRQ
‡7HQ\HDUZDUUDQW\
%%&'#+,,!!J%J
4=%%#%+%,('
7,/76:,9(/&(,/,1*02817)25/$5*()/$73$1(/796
:
‡9LUWXDO$[LVŒWHFKQRORJ\RIIHUVHIIRUWOHVVWLOWPRWLRQZLWKRXWWKHXVHRIWRROV
‡8QLYHUVDO79%UDFNHWVILWQHDUO\DOOIODWSDQHO79V
‡:LUH0DQDJHPHQW&KDQQHO%XLOWLQZLUHPDQDJHPHQWV\VWHPURXWHVDQGFRQFHDOVFDEOHVIURPFHLOLQJWR79
‡(DVLO\UHSODFH&57PRXQWV6FRXSOHUDOORZVHDV\UHSODFHPHQWRIH[LVWLQJ&57PRXQWVZLWKµ137SLSH
‡7ZR3LSH/HQJWKV,QFOXGHVµDQGµSLSHOHQJWKVIRUPXOWLSOHFRQILJXUDWLRQV
‡&HLOLQJ$GDSWHU3ODWHV(DVLO\DWWDFKWRZRRGMRLVWRUVROLGVXUIDFHFHLOLQJV
‡6SDFHVDYLQJFRUQHUSODFHPHQW
)8//027,2102817)25/$5*()/$73$1(/796
=9:
‡6DQXV6\VWHPV·9LUWXDO$[LVŒDOORZVIXOOPRWLRQ
VPRRWKWLOWVZLYHODQGSDQ
‡([WHQGHGPRWLRQXSWRLQFKHVIURPWKHZDOO
‡0RXQWFDQEHURWDWHG“ƒDIWHULQVWDOODWLRQWRHQVXUH79
LVSHUIHFWO\OHYHO
‡([WUXGHGDOXPLQXPDQGVROLGKHDY\JDXJHVWHHO
FRQVWUXFWLRQ
‡'XUDEOHSRZGHUFRDWHGILQLVK
‡(DV\WRLQVWDOO
‡7HQ\HDUZDUUDQW\
?#',%+#$#'#+,,!!
%#" %,'4=+%,('
7(/(9,6,21
6$186)/$73$1(/+'79028176
/2:352),/(:$//02817)250(',80+'79
‡6DQXV6\VWHPV·9LUWXDO$[LVŒWLOWLQJV\VWHPHDVLO\DGMXVWVYLHZLQJDQJOHZLWKMXVWWKHWRXFKRIDILQJHU
‡6ROLGKHDY\JDXJHVWHHOFRQVWUXFWLRQRIIHUVDVOHHNKLJKWHFKORRNZKLOHSURYLGLQJVWUHQJWKDQG
GXUDELOLW\
‡'XUDEOHSRZGHUHGFRDWHGILQLVK
‡/RFNLQJPHFKDQLVPKROGV79VHFXUHO\LQSODFHSDGORFNVROGVHSDUDWHO\SURYLGHVDGGLWLRQDOVHFXULW\
‡(DV\WRLQVWDOO
‡7HQ\HDUZDUUDQW\
?#',%+#$#,+&#$=;
F/#'#+,,!!%F#" 4=
%%#%+%,('
9:
%'##%&b+'#"%",,%,
,%%#,
6$186)8//027,2102817
‡(QKDQFH\RXUYLHZLQJH[SHULHQFHZLWKWKLV
‡9LUWXDO$[LV'&XSVKDSHGIDFHSODWHGHVLJQ
WHOHYLVLRQPRXQW
DOORZVHIIRUWOHVV
‡79PRXQWRIIHUVDIXOOUDQJHRIPRWLRQ
IOXLGPRWLRQLQHYHU\
‡:DOOPRXQWFDQKROGXSWRSRXQGV
GLUHFWLRQSRVVLEOH
‡796L]H5DQJHLQFKWRLQFK
ZLWKRXWWKHXVHRIWRROV
‡7LOW5DQJH6ZLYHO3DQ ‡.H\KROHVRQIDFHSODWH
9.:
5ROO
VOLGHRQWR79IRU
‡/DUJH9(6$79EUDFNHWILWV[[
HIIRUWOHVVEUDFNHW
DQG[VPDOO9(6$79EUDFNHWILWV
DOLJQPHQW
[DQG[
/$5*(+'797,/7,1*:$//02817
‡6DQXV6\VWHPV·9LUWXDO$[LVŒWLOWLQJV\VWHP
HDVLO\DGMXVWVYLHZLQJDQJOHZLWKMXVWWKH
WRXFKRIDILQJHU
‡6ROLGKHDY\JDXJHVWHHOFRQVWUXFWLRQRIIHUVD
VOHHNKLJKWHFKORRNZKLOHSURYLGLQJVWUHQJWK
DQGGXUDELOLW\
‡$GMXVWDEOH79EUDFNHWVRIIHUODWHUDOVKLIWDELOLW\
WRDOORZSHUIHFW79SODFHPHQWHYHQZLWKRII
FHQWHUZDOOVWXGV
‡3RVLWLRQHGMXVWLQFKHVIURPWKHZDOOIRUD
FOHDQORZSURILOHDSSHDUDQFH
‡(DV\WRLQVWDOO
‡7HQ\HDUZDUUDQW\
=9
=9:
?#',%+#$#'#+,,!!
%#" %,'4=+%,('
/2:352),/(+'79:$//02817
‡6DQXV6\VWHPV·9LUWXDO$[LVŒWLOWLQJV\VWHPHDVLO\
DGMXVWVYLHZLQJDQJOHZLWKMXVWWKHWRXFKRIDILQJHU
‡6ROLGKHDY\JDXJHVWHHOFRQVWUXFWLRQRIIHUVDVOHHN
KLJKWHFKORRNZKLOHSURYLGLQJVWUHQJWKDQGGXUDELOLW\
‡$GMXVWDEOH79EUDFNHWVRIIHUODWHUDOVKLIWDELOLW\WRDOORZ
SHUIHFW79SODFHPHQWHYHQZLWKRIIFHQWHUZDOOVWXGV
‡3RVLWLRQHGMXVWLQFKHVIURPWKHZDOOIRUDFOHDQ
ORZSURILOHDSSHDUDQFH
‡(DV\WRLQVWDOO
‡7HQ\HDUZDUUDQW\
?#',%+#$#'#+,,!!
%#" %,'4=+%,('
=9:
7(/(9,6,21
1(:/&'79028176
81,9(56$//$5*()/$7
3$1(/)/86+02817
‡+ROGVPRVWµ²µIODWSDQHOV
..
‡'LVWDQFHIURPZDOOWRWKHEDFNRI
WKHPRQLWRUµ
‡$GMXVWDEOHPRXQWLQJUDLOVDFFRP
PRGDWHXSWRDPP[PP
KROHSDWWHUQ
‡$FFRPPRGDWHVGRXEOHJDQJER[
‡/RDGFDSDFLW\²OEV
‡6LOYHUSRZGHUFRDWILQLVK
81,9(56$//&'021,725
&(,/,1*02817
‡+ROGVPRVWµ²µ ‡/RDG&DSDFLW\OEV
/&'0RQLWRUV
‡,QFOXGHVFOLSEDVHG
‡$FFRPPRGDWHVPRQL
FDEOHPDQDJHPHQW
WRUVZLWKRUPP V\VWHP
9(6$VWDQGDUGV
‡6LOYHU3RZGHU&RDW
‡0DVWWHOHVFRSHVµ² )LQLVK
µIURPWKHFHLOLQJ
‡5RWDWHVžFHLOLQJ
‡$GMXVWDEOHžWRž
WLOW
‡5RWDWHVžDWWKH
:
PRQLWRU
81,9(56$/0,'
6,=()/$73$1(/
)/86+02817
92 .
‡+ROGV0RVWµ²µ/&'
0RQLWRUV
‡0RXQWLQJUDLOVDGMXVWWRDFFRP
PRGDWHPRQLWRUVZLWKPRXQWLQJ
KROHVXSWR9(6$[
‡'LVWDQFHIURPZDOOWREDFNRI
PRQLWRU²µ
‡/RDG&DSDFLW\²OEV
‡6LOYHU3RZGHU&RDWILQLVK
81,9(56$/0,'6,=(
)/$73$1(/)/86+
:,7+7,/702817
92 .4:
‡ +ROGV0RVWµ²µ/&'0RQLWRUV
‡ 0RXQWLQJUDLOVDGMXVWWRDFFRPPR
GDWHPRQLWRUVZLWKPRXQWLQJKROHVXS
WR9(6$[
‡ 'LVWDQFHIURPZDOOWREDFNRIWKH
PRQLWRU²µ
‡ +DVDGMXVWDEOHƒWRƒWLOW
‡ $FFRPPRGDWHVGRXEOHJDQJER[
‡ /RDGFDSDFLW\²OEV
‡ 6LOYHU3RZGHU&RDWILQLVK
/&'79:$//02817
‡&DQEHFRQILJXUHGDVDVLQJOHDUPGRXEOH
DUPRUQHDUIOXVKPRXQWZLWKSDUWVSURYLGHG
‡+ROGVPRVWµ²µ/&'PRQLWRUV
‡$FFRPPRGDWHVPRQLWRUVZLWKRUPP
9(6$VWDQGDUGV
‡$GMXVWDEOHžWRžWLOW
‡5RWDWHVžDWWKHPRQLWRU
‡5RWDWHVžDWWKHHOERZMRLQW'RXEOH$UP
FRQILJXUDWLRQ
‡5RWDWHVžDWWKHZDOO
‡)HHGWKURXJKZDOOSODWHZLWKGHFRUDWLYHFRYHU
‡,QFOXGHVFOLSEDVHGFDEOHPDQDJHPHQW
V\VWHP
‡/RDG&DSDFLW\OEV
‡6LOYHU3RZGHU&RDW)LQLVK
2=;8
:0
:
81,9(56$/
/&'79/$5*(
02817
‡&DQEHXVHGDVDVLQJOHDUP ‡,QFOXGHVFOLSEDVHGFDEOH
GRXEOHDUPDUWLFXODWLQJRUQHDU
PDQDJHPHQWV\VWHP
IOXVKPRXQWZLWKSDUWVSURYLGHG ‡/RDGFDSDFLW\OEV
‡+ROGVPRVWµWRµ/&'
‡6LOYHUSRZGHUFRDWILQLVK
PRQLWRUV
‡$FFRPPRGDWHVPRQLWRUVZLWK
DQG[
PP9(6$VWDQGDUGV
‡$GMXVWDEOHžWRžWLOW
2=;8
‡5RWDWHVžDWWKHPRQLWRU
žDWWKHZDOO
‡5RWDWHVžDWWKHHOERZMRLQW
:0
GRXEOHDUPFRQILJXUDWLRQ
‡)HHGWKURXJKZDOOSODWHZLWK
:
GHFRUDWLYHFRYHU
/&'021,725)/86+02817
‡,QFOXGHVPRXQWLQJSODWHVPP
9(6$PP9(6$PP
9(6$
‡0RXQWVPRVW/&'0RQLWRUVµµ
‡4XLFNFRQQHFWGLVFRQQHFWGHVLJQ
‡,QFOXGHV00PRXQWLQJVFUHZV
‡µGLVWDQFHIURPZDOOWREDFNRI
PRQLWRU
‡0RXQWLQJVFUHZVLQFOXGHG
‡/RDG&DSDFLW\²OEV
‡6LOYHU3RZGHU&RDW)LQLVK
.
7(/(9,6,21
81,9(56$//&'021,725)/86+02817
:,7+7,/7
.4:
‡+ROGV0RVWµ²µ/&'0RQLWRUV
‡$FFRPPRGDWHVPRQLWRUVZLWKRUPP9(6$VWDQGDUGV
‡$GMXVWDEOH7LOWWRƒ
‡'LVWDQFHIURPZDOOWREDFNRIPRQLWRU²µ
‡(DV\´NH\KROHµZDOOPRXQWV\VWHP
‡/RDG&DSDFLW\²OEV
‡6LOYHU3RZGHU&RDWILQLVK
'(&$32:(5
6833/<
‡&RQWUROXSWRFRPSRQHQWV
‡&XVWRPL]DEOH/&'VFUHHQ
‡)DYRULWHV&KDQQHO²FKRRVHXSWRRQH
WRXFKIDYRULWHV
‡0DFUR3RZHUŒEXWWRQV
‡'(&$3RZHU6XSSO\36'(5
5)
36'(&$
7851$1<,1)5$5('5(027(,172$
',*,7$/5)5(027(
‡,QFOXGHVUHFKDUJHDEOHEDWWHU\FKDUJHUWUDQVPLWWHUUHPRWHVLJQDOUHFHLYHU
‡'RHVQRWLQFOXGHUHPRWHFRQWURO
%:,'P
‡ )RUXVHZLWK0DVWHU&RQWUROŒ5)5)5)
‡+LGHFRPSRQHQWVEHKLQGFDELQHWHQWHUWDLQ
PHQWFHQWHUGRRUV
‡3LFNVXS5)VLJQDOVWKURXJKZDOOVGRRUV
IORRUV²LQGRRUVRXWGRRUV
‡3LFNVXSRXWRIVLJKWVLJQDOVIURPXSWR·
DZD\
05)%
75$160,77(5
,1%$77(5<
:#'
‡7XUQ\RXULQIUDUHGUHPRWHLQWRD'LJLWDO5)UHPRWH
‡&RQWURO$9FRPSRQHQWVXSWRIHHW
‡:RUNVWKURXJKZDOOVZLQGRZVGRRUVIORRUV
‡(DV\VHWXSZRUNVZLWKYLUWXDOO\DOOUHPRWHV
‡3ODFHUHFKDUJHDEOHEDWWHU\WUDQVPLWWHULQUHPRWH
‡3RLQWUHFHLYHUXQLWDWLQIUDUHG$9FRPSRQHQWV
‡&RQWDLQVUHFKDUJHDEOHEDWWHU\DQGFKDUJHU
‡)UHHGRPWRFRQWURO$9FRPSRQHQWVIURPURRPWRURRP
‡5HTXLUHVQRDWWDFKPHQWVWRIURQWRIUHPRWH
‡&RQYHUWPRUHWKDQRQHUHPRWH
‡3DWHQWHG7HFKQRORJ\
:'#.c+!
/55;
F91N.c+!
/55;
:$55$17<$1'5(7851632/,&<
*[email protected]@)
3OHDVHFRQWDFWWKH5HWXUQV'HSDUWPHQWDW3HUIHFWIRUODWHVW
ZDUUDQW\LQIRUPDWLRQDQGWRREWDLQDQ5HWXUQ0HUFKDQGLVH
$XWKRUL]DWLRQ50$3KRQH([W
IRUGHIHFWLYHJRRGV&ULWHULDIRUZDUUDQW\FUHGLWUHSODFHPHQW
‡'DPDJHGSURGXFWPXVWEHDWRULJLQDOGHOLYHU\ORFDWLRQ
DV GHOLYHUHG LQFOXGLQJ SURGXFW SDFNDJLQJ DQG FDUWRQ
SHQGLQJ FDUULHU LQVSHFWLRQ ZKLFK PD\ WDNH XS WR EXVLQHVVGD\V
‡&DOO(PDLO)D[UHTXHVWIRU50$²2QFH5$KDVEHHQ
DSSURYHGDQGHPDLOHGEDFNWR\RXSODFHWKLVUHIHUHQFH
ODEHORQWKHRXWVLGHRISDFNDJHWREHVHQWEDFN
)DLOXUH WR FRPSO\ ZLWK LQIRUPDWLRQ DERYH PD\ SUHYHQW
UHSODFHPHQW SURGXFW IURP VKLSSLQJ RU UHLPEXUVHPHQW RI
SURGXFWWR\RXUDFFRXQW
‡3URGXFWLVWREHLQRULJLQDOPDQXIDFWXULQJSDFNDJLQJ
‡(OLJLELOLW\ IRU D SUHSDLG VKLSSLQJ ODEHO ZLOO EH 8;4?87)
GHWHUPLQHG DW WKH WLPH WKH 5$ LV FUHDWHG DQG ZLOO EH
$Q\ SURGXFW UHWXUQHG WR 3HUIHFW PXVW ILUVW EH LVVXHG D
DGYLVHGWR\RXDIWHUFRPSOHWLRQRI\RXU50$
UHWXUQ DXWKRUL]DWLRQ 5$ QXPEHUV FDQ EH UHTXHVWHG YLD
SKRQHHPDLORUID[
‡8SRQ UHFHLSW RI SURGXFW LW VKDOO EH YHULILHG WKDW
(TXLSPHQW LV IUHH IURP DEXVH RU PLVXVH RI DQ\ NLQG
8SRQGLVFRYHU\RIDGHIHFWLYHLWHP\RXPD\EHHOLJLEOHIRUD
JRRGV KDYH DOO DFFHVVRULHV RULJLQDOO\ VKLSSHG ZLWK
SUHSDLGVKLSSLQJODEHOEDVHGRQ3HUIHFW·VSROLF\,QWKLV
XQOHVV RWKHUZLVH VSHFLILHG DQG SURGXFW PHHWV DOO
LQVWDQFH\RXZLOOSULQWWKHODEHODIIL[WRSDFNDJHVDQGJLYH
ZDUUDQW\ VWDQGDUGV DQG SROLFLHV DV VHW IRUWK E\ WKH
WRDQDXWKRUL]HG
UHSUHVHQWDWLYH WR UHWXUQ $Q\
PDQXIDFWXUHU
HTXLSPHQWEHLQJUHWXUQHGIRUFUHGLWZLWKQRGHIHFWVZLOOEH
DWWKHGHDOHU·VUHVSRQVLELOLW\WRVKLSLQ3HUIHFWZLOOQRW
9<;B1384<;29)
DFFHSWDQ\&2'VKLSPHQWV:LWKDQ\PHUFKDQGLVHEHLQJ
:H DOZD\V VWULYH IRU FRPSOHWH DFFXUDF\ EXW PLVWDNHV GR
UHWXUQHG WKH 5$ ODEHO LV WR EH DWWDFKHG WR WKH SDFNDJHV
KDSSHQ 3OHDVH LQVSHFW DQG FRXQW DOO VKLSPHQW SULRU WR
EHLQJUHWXUQHG$OOPHUFKDQGLVHUHWXUQHGWR3HUIHFWPXVW
VLJQLQJIRUWKHP,QWKHHYHQWWKHUHLVDQLVVXHZLWK\RXU
EHFRPSOHWHLQWKHRULJLQDOPDQXIDFWXUHU·VSDFNDJLQJZLWK
VKLSPHQWSOHDVHUHIHUHQFHWKHIROORZLQJ
DOODFFHVVRULHVLQFOXGHGDWWKHWLPHRIUHFHLSW
‡5HSRUWDQ\GDPDJHGRUORVWJRRGVDVLWLVIRXQGWRWKH
6KLSSLQJ,VVXHVJURXSDW3HUIHFWLPPHGLDWHO\
‡+LGGHQGDPDJHVKRUWDJHVVKRXOGEHUHSRUWHGWR3HUIHFW
ZLWKLQGD\VIURPWKHGHOLYHU\
$OODSSURYHGUHWXUQVKDYHWKHRSWLRQRIHLWKHUUHFHLYLQJFUHGLW
RUUHSODFHPHQW7KLVLVWREHVWDWHGDWWKHWLPHWKH5$LV
UHTXHVWHG)RUQRQGHIHFWLYHHTXLSPHQWDUHVWRFNLQJ
IHHZLOOEHDSSOLHGDJDLQVWWKHVHOOLQJSULFHRIWKHLWHP
‡/7/ GHOLYHU\ UHFHLSWV PXVW KDYH QRWDWLRQV RI VSHFLILF
GDPDJHRUFDUWRQVKRUWDJHWRHQVXUHFODLPFDQEHILOHG
DQGSURGXFWUHSODFHG
1RQGHIHFWLYH HTXLSPHQW FDQ RQO\ EH UHWXUQHG ZLWKLQ GD\VRIWKHLQYRLFHGDWH3OHDVHFRQWDFWD5HWXUQV6SHFLDOLVW
IRUVSHFLILFGHWDLOVRIWKHZDUUDQW\
‡$OOGDPDJHVKRUWDJHFODLPVPXVWEHILOHGE\3HUIHFW
WRWKHFDUULHUV
3URGXFWDYDLODELOWL\DQGSULFHVVXEMHFWWRFKDQJH
d,,8#$"'8'&
%!#$"&#,'#,+&&"#+(,#'"&(!%"'+'&%#&#"
#''#%
/'',!&#',#'!,#%%!#$"#"%!#$"&#,'%%"'#,+&&#"#'+(,##%
,,,%$%'&&5'%!%"#'#%'
7 2 / / ) 5 ( ( _ : : : 3 ( 5 ) ( & 7 7 9
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertisement