Scribd Logo
Upload

Welcome to Scribd!

  • Secrets of Intellectual Property - A Guide For SMEs

    Uploaded by

    nedivanova
    121 views194 pages
    This document is a guidebook published by the International Trade Centre and World Intellectual Property Organization aimed at helping small and medium-sized enterprises understand and utilize intellectual property rights. It explains basic concepts of patents, trademarks, copyright, and other forms of IP. The guide highlights the importance of IP for business, marketing, and export plans. It also addresses protecting IP abroad and includes appendices listing IP office websites. The overall goal is to enhance SME competitiveness by enabling them to leverage their innovation and creativity through effective use of the IP system.

    Original Description:

    Original Title

    Secrets of Intellectual Property - a guide for SMEs

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document is a guidebook published by the International Trade Centre and World Intellectual Property Organization aimed at helping small and medium-sized enterprises understand and utilize intellectual property rights. It explains basic concepts of patents, trademarks, copyright, and other forms of IP. The guide highlights the importance of IP for business, marketing, and export plans. It also addresses protecting IP abroad and includes appendices listing IP office websites. The overall goal is to enhance SME competitiveness by enabling them to leverage their innovation and creativity through effective use of the IP system.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    121 views194 pages

    Secrets of Intellectual Property - A Guide For SMEs

    Uploaded by

    nedivanova
    This document is a guidebook published by the International Trade Centre and World Intellectual Property Organization aimed at helping small and medium-sized enterprises understand and utilize intellectual property rights. It explains basic concepts of patents, trademarks, copyright, and other forms of IP. The guide highlights the importance of IP for business, marketing, and export plans. It also addresses protecting IP abroad and includes appendices listing IP office websites. The overall goal is to enhance SME competitiveness by enabling them to leverage their innovation and creativity through effective use of the IP system.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 194

    International Trade Centre

    U N C TA D / W T O

    Secrets of Intellectual Property


    A guide for small and medium-sized
    exporters
    ITC/WIPO
    International Trade Centre (ITC) World Intellectual Property Organization
    ITC is the technical cooperation agency of the (WIPO)
    United Nations Conference on Trade and WIPO is an intergovernmental organization in the
    Development (UNCTAD) and the World Trade United Nations system of organizations. It seeks
    Organization (WTO) for operational and to ensure that the rights of creators and owners
    enterprise-oriented aspects of international trade of intellectual property are protected worldwide
    development. and that inventors and authors are recognized
    ITC supports developing and transition and rewarded for their ingenuity.
    economies, and particularly their business WIPO’s mission is to promote through
    sectors, in their efforts to realize their full international cooperation the creation,
    potential for developing exports and improving

    Secrets of Intellectual Property


    dissemination, use and protection of works of
    import operations. the human spirit for the economic, cultural and
    ITC contributes, among other things, to the social progress of all humanity.
    advancement of the creation enterprises sector WIPO provides, among other things, technical
    by promoting trade opportunities, in order to assistance in relation to intellectual property to
    increase immediate benefits as well as long- small and medium-sized enterprises (including
    range export capacity and international artisans, and visual artists). It contributes to the
    competitiveness. It encourages the integration enhancement of their competitiveness by
    of the cultural dimension into the national trade enabling them to fully exploit their innovative
    development support policies of developing and and creative potential through an effective use of
    transition economies. the intellectual property system.

    This Guide provides a basic knowledge and understanding of marketing techniques and intellectual property
    for artisans, craft entrepreneurs and visual artists, with the aim of enhancing their chances of business success.

    International Trade Centre


    U N C TA D / W T O

    For more information: For more information:


    Street address: ITC, 54–56, rue de Montbrillant, Address: WIPO, 34 chemin des Colombettes,
    1202 Geneva, Switzerland. CH-1211 Geneva 20, Switzerland.
    Postal address: ITC, Palais des Nations, Telephone: +41 22 338 9111 Fax: +41 22 733 5428
    1211 Geneva 10, Switzerland. E-mail: wipo.mail@wipo.int
    Telephone: +41 22 730 0111 Fax: +41 22 733 4439 Internet: www.wipo.int
    E-mail: itcreg@intracen.org E-mail SMEs Division: sme@wipo.int
    Internet: www.intracen.org Internet SMEs Division: www.wipo.int/sme

    ISBN 92-9137-268-6 United Nations Sales No. E.03.III.T.??


    International Trade Centre
    U N C TA D / W T O

    Secrets of Intellectual Property


    A guide for small and medium-sized
    exporters

    Geneva 2003
    LL

    $%675$&7)2575$'(,1)250$7,216(59,&(6
    
      )
      6(&
    ,17(51$7,21$/75$'(&(175(81&7$':72
    :25/',17(//(&78$/3523(57<25*$1,=$7,21
    6HFUHWVRI,QWHOOHFWXDO3URSHUW\$JXLGHIRUVPDOODQGPHGLXPVL]HGH[SRUWHUV
    *HQHYD,7&:,32[LS
    
    *XLGHLQIRUPRITXHVWLRQVDQGDQVZHUVGHDOLQJZLWKLQWHOOHFWXDOSURSHUW\ ,3 LVVXHVDLPHGDW
    VPDOODQGPHGLXPVL]HGH[SRUWHUVDQGWUDGHVXSSRUWLQVWLWXWLRQV²H[SODLQVEDVLFFRQFHSWVDQG
    SULQFLSOHV UHJDUGLQJ SDWHQWV WUDGHPDUNV LQGXVWULDO GHVLJQ FRS\ULJKW FRQILGHQWLDO EXVLQHVV
    LQIRUPDWLRQ DQG JHRJUDSKLFDO LQGLFDWLRQV FRYHUV TXHVWLRQV UHOHYDQW WR RZQHUVKLS RI ULJKWV E\
    HPSOR\HHV FRQWUDFWLQJ OLFHQVLQJ DQG WHFKQRORJ\ WUDQVIHU KLJKOLJKWV LPSRUWDQFH RI ,3 LVVXHV
    ZKHQ GUDZLQJ EXVLQHVV PDUNHWLQJ DQG H[SRUW SODQV DQG VWUDWHJLHV DQG GHDOV ZLWK ,3 ULJKWV
    SURWHFWLRQ DEURDG ORRNV DW OLQN EHWZHHQ ,3 DQG TXDOLW\ UHJXODWLRQV DQG VWDQGDUGV SDFNDJLQJ
    DQGODEHOOLQJ HOHFWURQLF FRPPHUFH DQGXVH RI LQIRUPDWLRQ WHFKQRORJ\ FRQVLGHUV YDOXDWLRQDQG
    ILQDQFLDO DVSHFWV RI ,3 ULJKWV IRFXVHV RQ WKH DSSOLFDWLRQ RI WKH :72 $JUHHPHQW RQ 7UDGH
    5HODWHG $VSHFWV RI ,QWHOOHFWXDO 3URSHUW\ 5LJKWV 75,36 $JUHHPHQW  DSSHQGLFHV LQFOXGH OLVW RI
    ZHEVLWHVRIQDWLRQDODQGUHJLRQDOLQGXVWULDOSURSHUW\RIILFHVDVZHOODVOLVWRIZHEVLWHVRIQDWLRQDO
    FRS\ULJKWDGPLQLVWUDWLRQV
    6XEMHFWGHVFULSWRUV,QWHOOHFWXDO3URSHUW\75,36([SRUW0DUNHWLQJ0DQXDOV

    
    (QJOLVK)UHQFK6SDQLVK VHSDUDWHHGLWLRQV 
    
    3DODLVGHV1DWLRQV*HQHYD6ZLW]HUODQG
    
    

    7KLVJXLGHLVQRWDVXEVWLWXWHIRUOHJDODGYLFH
    7KHSDFHRIFKDQJHLQWKHLQWHUQDWLRQDOEXVLQHVVHQYLURQPHQWDQGLQWHOOHFWXDOSURSHUW\OHJLVODWLRQ
    DQG SUDFWLFHV LV UDSLG ,W LV UHFRPPHQGHG WR FKHFN ZLWK QDWLRQDO UHJLRQDO DQG LQWHUQDWLRQDO
    LQWHOOHFWXDOSURSHUW\LQVWLWXWLRQVRQWKHFXUUHQWSRVLWLRQ6KRXOGWKLVQRWEHSRVVLEOHWKHQ,7&RU
    :,32DVDSSURSULDWHPD\EHFRQWDFWHGE\SRVWID[SKRQHRUHPDLO
    9LHZVH[SUHVVHGLQWKHJXLGHDUHWKRVHRIWKHFRQWULEXWRUVDQGGRQRWQHFHVVDULO\UHIOHFWWKRVHRI
    ,7& RU :,32  7KH GHVLJQDWLRQV HPSOR\HG DQG WKH SUHVHQWDWLRQ RI PDWHULDO GR QRW LPSO\ WKH
    H[SUHVVLRQRIDQ\RSLQLRQZKDWVRHYHURQWKHSDUWRI,7&DQG:,32FRQFHUQLQJWKHOHJDOVWDWXVRI
    DQ\ FRXQWU\ WHUULWRU\ FLW\ RU DUHD RU RI LWV DXWKRULWLHV WKH GHOLPLWDWLRQ RI WKH IURQWLHUV RU
    ERXQGDULHVRIDQ\FRXQWU\RUWHUULWRU\RUWKHHQGRUVHPHQWRIDQ\FRPPHUFLDOILUPRUSURGXFW
    0HQWLRQRIQDPHVRIILUPVDQGRUJDQL]DWLRQVDQGWKHLUZHEVLWHVGRHVQRWLPSO\WKHHQGRUVHPHQW
    RI,7&

    
    
    'LJLWDOLPDJHRQWKHFRYHU‹
    
    ‹,QWHUQDWLRQDO7UDGH&HQWUH81&7$':72DQG:RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ
    
    $OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQPD\EHUHSURGXFHGVWRUHGLQDUHWULHYDOV\VWHPRUWUDQVPLWWHGLQ
    DQ\ IRUP RU E\ DQ\ PHDQV HOHFWURQLF HOHFWURVWDWLF PDJQHWLF WDSH PHFKDQLFDO SKRWRFRS\LQJ RU RWKHUZLVH
    ZLWKRXWSULRUSHUPLVVLRQLQZULWLQJIURPWKH,QWHUQDWLRQDO7UDGH&HQWUHDQGWKH :RUOG,QWHOOHFWXDO3URSHUW\
    2UJDQL]DWLRQ
    
    ,7&3(766%$6;,, ,6%1
     8QLWHG1DWLRQV6DOHV1R(,,,7BBB""B
    

    ,Q D JOREDOL]LQJ EXVLQHVV HQYLURQPHQW DQG DQ LQFUHDVLQJO\ FURZGHG PDUNHWSODFH VPDOO DQG PHGLXP
    VL]HGHQWHUSULVHV 60(V QHHGWRILQGZD\VWRGLIIHUHQWLDWHWKHLUSURGXFWVLQRUGHUWRDWWUDFWSRWHQWLDO
    FRQVXPHUV7KHLQWURGXFWLRQRIQHZRULPSURYHGSURGXFWVDQGWKHDGRSWLRQRIQHZZD\VRIPDNLQJ
    VHOOLQJRUPDUNHWLQJSURGXFWVDQGVHUYLFHVDUHVRPHRIWKHVWUDWHJLHVEHLQJXVHGE\60(VWRUHPDLQRU
    EHFRPH LQWHUQDWLRQDOO\ FRPSHWLWLYH $V LQQRYDWLRQ FUHDWLYLW\ DQG NQRZOHGJH DUH EHFRPLQJ NH\
    HOHPHQWVRIFRPSHWLWLYHQHVVFRPSDQLHVDUHLQFUHDVLQJO\IDFHGZLWKWKHQHHGWRILQGZD\VWRPDQDJH
    WKHLULQQRYDWLRQFUHDWLYLW\DQGNQRZOHGJHHIIHFWLYHO\

    7KHUDQJHRIWRROVRIIHUHGE\WKHOHJDOV\VWHPRILQWHOOHFWXDOSURSHUW\ ,3 ULJKWVSURYLGHVWKHRZQHUV
    RI ,3 ULJKWV D PXOWLSOLFLW\ RIRSWLRQV WRPDQDJH WKHLU LQQRYDWLRQ NQRZOHGJH DQG FUHDWLYLW\ ,3 ULJKWV
    HQDEOHFRPSDQLHVWRGLIIHUHQWLDWHWKHLUSURGXFWVIURPWKRVHRIWKHLUFRPSHWLWRUVDVZHOODVWRREWDLQD
    IDLU GHJUHH RI H[FOXVLYLW\ WKDW KHOSV WR UHGXFH WKH ULVNV DQG XQFHUWDLQWLHV DVVRFLDWHG ZLWK WKH
    LQWURGXFWLRQRIDQHZRULPSURYHGSURGXFWLQWRWKHPDUNHWSODFH,QSDUWLFXODUWKHULJKWVJUDQWHGE\
    WKH ,3 V\VWHP HQDEOH RZQHUV RI ,3 ULJKWV WR KDYH H[FOXVLYLW\ RYHU WKHLU WUDGH VHFUHWV WUDGHPDUNV
    GHVLJQVLQYHQWLRQVDQGOLWHUDU\RUDUWLVWLFFUHDWLRQVDQGWKHUHE\  GHFUHDVHWKHOLNHOLKRRGRIFRS\LQJ
    RU LPLWDWLRQ E\ FRPSHWLWRUV   LQFUHDVH WKH SUDFWLFDO RSWLRQV IRU FRPPHUFLDOL]LQJ QHZ RU LPSURYHG
    SURGXFWVDQG  GHDOPRUHHIIHFWLYHO\ZLWKDQ\YLRODWLRQVRIWKHLU,3ULJKWV

    ,W LV SDUWLFXODUO\ FUXFLDO IRU H[SRUWLQJ 60(V WR WDNH ,3 LQWR FRQVLGHUDWLRQ ,Q WKH FXUUHQW HFRQRPLF
    FRQWH[W ZLWK ORZHUHG WUDQVDFWLRQ FRVWV IRU LQWHUQDWLRQDO WUDGH DV D UHVXOW RI LPSURYLQJ DFFHVV WR
    PRGHUQ LQIRUPDWLRQ DQG FRPPXQLFDWLRQV WHFKQRORJLHV PDQ\ 60(V DUH LQFUHDVLQJO\ JHDULQJ WKHLU
    RSHUDWLRQV WRZDUGV H[SRUW PDUNHWV ,Q GHYHORSLQJ DQ H[SRUW SODQ DQG VWUDWHJ\ PRVW 60(V IDFH D
    QXPEHU RI FKDOOHQJHV 7KH\ QHHG WR HQVXUH WKDW WKHLU H[SRUW SODQ DQG VWUDWHJ\ DGHTXDWHO\ WDNH LQWR
    DFFRXQWDOOIDFWRUVWKDWPD\DIIHFWWKHLUFRPSHWLWLYHHGJHLQWKHWDUJHWPDUNHW V $Q\60(VHHNLQJWR
    H[SRUWZKHWKHUGLUHFWO\WKURXJKLQWHUPHGLDULHVE\HVWDEOLVKLQJDMRLQWYHQWXUHE\OLFHQVLQJWRWKLUG
    SDUWLHVRUWKURXJKHFRPPHUFHPXVWHQVXUHWKDWLWGRHVQRWYLRODWHWKH,3ULJKWVRIRWKHUVZKLOHWU\LQJ
    WRJHWWKHEHVWRXWRILWVRZQ,3DVVHWV7KXVLWPXVWWDNHVWHSVWRDGHTXDWHO\SURWHFWLWV,3DVVHWVLQ
    DOOWDUJHWPDUNHWVDWWKHDSSURSULDWHWLPHDQGLQWKHPRVWFRVWHIIHFWLYHPDQQHUDVZHOODVHQVXUHWKDW
    LWV SURGXFWV RU VHUYLFHV GR QRW LQIULQJH RQ WKH ,3 ULJKWV RI RWKHUV 1HJOHFWLQJ WR GR VR PD\ UHVXOW LQ
    DYRLGDEOH FRVWV DQG ULVNV RI GRLQJ EXVLQHVV WKDW FDQ EH YHU\ GDPDJLQJ IRU D FRPSDQ\·V HQWLUH H[SRUW
    VWUDWHJ\DQGVRPHWLPHVPD\HYHQSURYHWREHIDWDOIRUWKHVXUYLYDORIWKH60(LWVHOI

    1HYHUWKHOHVVZRUOGZLGH60(VJHQHUDOO\ODFNDZDUHQHVVRI,3LVVXHVDQGWKHLULPSOLFDWLRQVIRUSURGXFW
    GHYHORSPHQW SURGXFW GHVLJQ VHUYLFH GHOLYHU\ PDUNHWLQJ UDLVLQJ ILQDQFLDO UHVRXUFHV H[SRUWLQJ
    OLFHQVLQJRUIUDQFKLVLQJ$IXQGDPHQWDOXQGHUVWDQGLQJRIZKDWFRQVWLWXWHV,3WKHPHDQVWRSURWHFWLW
    DQG ZD\V RI HIIHFWLYHO\ PDQDJLQJ ,3 DVVHWV LV FUXFLDO IRU 60(V LQ JHQHUDO DQG HVSHFLDOO\ IRU WKRVH
    LQYROYHG LQ LQWHUQDWLRQDO WUDGH DV WKH VWDNHV DUH JHQHUDOO\ KLJKHU :LWKRXW WKLV XQGHUVWDQGLQJ 60(V
    ZLOOQRWEHDEOHWRGHYHORSDQGLQWHJUDWH,3LQWRWKHLUEXVLQHVVPDUNHWLQJDQGH[SRUWVWUDWHJLHV(YHQ
    60(VWKDWDUHDZDUHRIWKHQHHGWRGRVRRIWHQGRQRWKDYHUHDG\DFFHVVWRLQIRUPDWLRQDQGJXLGDQFH
    RQWKHVXEMHFWRI,3IURPDEXVLQHVVSHUVSHFWLYH,QPRVWFRXQWULHVHVSHFLDOO\GHYHORSLQJFRXQWULHVDQG
    FRXQWULHVLQWUDQVLWLRQWRDPDUNHWHFRQRP\DYDVWPDMRULW\RI60(FRQVXOWDQWVDQGDGYLVRUVEHWKH\
    LQWKHSULYDWHVHFWRURULQ60(VXSSRUWLQVWLWXWLRQVDUHDOVRQRWVXIILFLHQWO\HTXLSSHGWRDVVLVW60(V
    LQUHODWLRQWRWKHLU,3QHHGVDQGFRQFHUQV

    
    LY

    ,WLVLQUHVSRQVHWRWKLVJDSWKDW,7&DQG:,32FDPHWRJHWKHUWRSUHSDUHWKLVJXLGHRQ,3LVVXHVIRU
    WKH EHQHILW RI DOO 60( SROLF\PDNHUV 60( VXSSRUW DQG ILQDQFH LQVWLWXWLRQV 60( WUDLQLQJ DQG
    WHDFKLQJ LQVWLWXWLRQV DQG DERYH DOO 60(V WKHPVHOYHV ZKR DUH DIIHFWHG E\ ODFN RI DFFHVV WR HDV\WR
    XQGHUVWDQGPDWHULDORQ,3ZKHQGHYHORSLQJWKHLUEXVLQHVVPDUNHWLQJDQGH[SRUWSODQVDQGVWUDWHJLHV
    8QGHUVWDQGLQJDQGUHVSHFWIRU,3ZHEHOLHYHIRVWHUVDQHQYLURQPHQWLQZKLFKLQWHUQDWLRQDOWUDGHFDQ
    JURZLQDVXVWDLQHGPDQQHUE\OHYHUDJLQJ,3DVVHWVLQPXOWLSOHZD\V

    .DPLO,GULV -'HQLV%pOLVOH
    'LUHFWRU*HQHUDO ([HFXWLYH'LUHFWRU
    :RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ ,QWHUQDWLRQDO7UDGH&HQWUH
    

    7KLV SXEOLFDWLRQ ZDV PDGH SRVVLEOH WKURXJK WKH FRQWULEXWLRQV H[SHUWLVH DQG H[SHULHQFH RI PDQ\
    LQGLYLGXDOVWKH\DUHQRWHGEHORZZLWKWKDQNVDQGDSSUHFLDWLRQ

    5%DGULQDWK'LUHFWRU'LYLVLRQRI7UDGH6XSSRUW6HUYLFHV,7&DQG*6-DL\D'LUHFWRU6PDOODQG
    0HGLXPVL]HG (QWHUSULVHV 'LYLVLRQ :,32 SURYLGHG RYHUDOO VWUDWHJLF GLUHFWLRQ 6 0HLW]HO &KLHI
    %XVLQHVV $GYLVRU\ 6HUYLFHV 6HFWLRQ ,7& VXSHUYLVHG DQG SURYLGHG VXVWDLQHG VXSSRUW WR WKH
    SXEOLFDWLRQ
    +HPD 0HQRQ $VVRFLDWH $GYLVHU RQ &RPSHWLWLYHQHVV ,PSURYHPHQW RI 60(V ,7& JXLGHG DQG
    FRRUGLQDWHG WKH SURGXFWLRQ RI WKH SXEOLFDWLRQ DQG WKH VXUYH\ LQ GHYHORSLQJ FRXQWULHV 6SHFLDO
    PHQWLRQLVPDGHRI$*(;35217RI*XDWHPDODDQG%$1&20(;7RI0H[LFRIRUSURYLGLQJYDOXDEOH
    FRXQWU\OHYHOFRRUGLQDWLRQRIWKHVXUYH\

    (VWHEDQ%XUURQH&RQVXOWDQW60(V'LYLVLRQ:,32GHVLJQHGWKHVWUXFWXUHRIWKHJXLGHZURWHPRVW
    RIWKHTXHVWLRQVDQGDQVZHUVDQGFRRUGLQDWHGFRQWULEXWLRQVIURPFROOHDJXHVXQGHUWKHVXSHUYLVLRQRI
    *6-DL\D&KULVWRSKHU.DODQMH&RQVXOWDQW60(V'LYLVLRQ:,32ZURWHWKHVHFWLRQRQYDOXDWLRQRI
    LQWHOOHFWXDOSURSHUW\ULJKWV/LHQ9HUEDXZKHGH&RQVXOWDQW60(V'LYLVLRQ:,32ZURWHWKHVHFWLRQ
    RQRZQHUVKLSRIULJKWVE\HPSOR\HHV

    $W:,323KLOLSSH%DHFKWROG+HDG3DWHQW/DZ6HFWLRQ+DQV*HRUJ%DUWHOV+HDG3&75HODWLRQV
    ZLWK 2IILFHV 6HFWLRQ , *UHJRLUH %LVVRQ +HDG ,QWHUQDWLRQDO ,QGXVWULDO 'HVLJQ 5HJLVWUDWLRQV DQG
    6SHFLDO 3URMHFWV 6HFWLRQ -RUJHQ %ORPTXLVW 'LUHFWRU &RS\ULJKW /DZ 'LYLVLRQ 'HQLV &UR]H +HDG
    ,QWHUQDWLRQDO /DZ 'HYHORSPHQW 6HFWLRQ 7UDGHPDUNV ,QGXVWULDO 'HVLJQV DQG *HRJUDSKLFDO
    ,QGLFDWLRQV .DUHQ/HH5DWD6HQLRU&RXQVHOORU6SHFLDO&RXQVHO3DLYL/DKGHVPDNL,QWHUQDWLRQDO/DZ
    'HYHORSPHQW 6HFWLRQ 7UDGHPDUNV ,QGXVWULDO 'HVLJQV DQG *HRJUDSKLFDO ,QGLFDWLRQV  :ROIJDQJ
    6WDUHLQ 'LUHFWRU (QIRUFHPHQW DQG 6SHFLDO 3URMHFWV 'LYLVLRQ $QWRQLQD 6WR\DQRYD &RXQVHOORU
    7UDGHPDUNV ,QGXVWULDO 'HVLJQV DQG *HRJUDSKLFDO ,QGLFDWLRQV 'HSDUWPHQW DQG +HLNH :ROOJDVW
    $VVRFLDWH 2IILFHU $GPLQLVWUDWLYH 6XSSRUW 6HUYLFHV DQG ([WHUQDO 5HODWLRQV UHYLHZHG WKH SXEOLFDWLRQ
    DQGSURYLGHGYDOXDEOHFRPPHQWV
    $W,7&3HWHU1DUD\6HQLRU$GYLVHURQWKH0XOWLODWHUDO7UDGLQJ6\VWHP6K\DP.*XMDGKXU6HQLRU
    $GYLVHURQ([SRUW4XDOLW\0DQDJHPHQWDQG-HDQ)UDQoRLV%RXUTXH6HQLRU$GYLVHURQ/HJDO$VSHFWV
    RI,QWHUQDWLRQDO7UDGHUHYLHZHGWKHSXEOLFDWLRQDQGSURYLGHGYDOXDEOHFRPPHQWV
    $W ,7& $OLVRQ 6RXWKE\ HGLWHG WKH ERRN &DUPHOLWD (QGD\D SUHSDUHG LW IRU SULQWLQJ DQG GLG ILQDO
    FRS\HGLWLQJ
    

    
    

    
    

    )RUHZRUG LLL

    $FNQRZOHGJHPHQWV Y

    ,QWURGXFWRU\LVVXHV 

     :KDWLVLQWHOOHFWXDOSURSHUW\":K\VKRXOG,SURWHFWLW" 
     :KDWDUHWKHGLIIHUHQWZD\VRISURWHFWLQJP\LQWHOOHFWXDOSURSHUW\" 
     :K\VKRXOG,FRQVLGHULQWHOOHFWXDOSURSHUW\ZKHQWDNLQJWKHGHFLVLRQWRH[SRUW" 
     :KDWDUHWKHLQWHOOHFWXDOSURSHUW\PLVWDNHVPRVWFRPPRQO\PDGHE\H[SRUWHUV" 
     2QFH,KDYHSURWHFWHGP\LQWHOOHFWXDOSURSHUW\ULJKWVLQP\FRXQWU\DUHWKH\DXWRPDWLFDOO\
    SURWHFWHGDEURDG" 
     'RDOOFRXQWULHVSURWHFWLQWHOOHFWXDOSURSHUW\" 
     :KHUHFDQ,ILQGLQIRUPDWLRQRQLQWHOOHFWXDOSURSHUW\SURWHFWLRQDQGUHODWHGSURFHGXUHVLQ
    GLIIHUHQWFRXQWULHV" 

    3DWHQWEDVLFV  
     :KDWLVDSDWHQW" 
     +RZGR,GHWHUPLQHLIP\SURGXFWLVSDWHQWDEOH" 
     :K\VKRXOG,SDWHQWP\LQQRYDWLYHSURGXFWVRUSURFHVVHV" 
     :KDWKDSSHQVLI,GRQRWSDWHQWP\LQQRYDWLYHSURGXFWVRUSURFHVVHV" 
     :KDWLVDXWLOLW\PRGHO" 
     :KDWDUHWKHDGPLQLVWUDWLYHSURFHGXUHVIRUREWDLQLQJSDWHQWSURWHFWLRQ" 
     :KDWDUHWKHFRVWVRISDWHQWSURWHFWLRQ" 
     +RZFDQWKHLQIRUPDWLRQREWDLQHGIURPSDWHQWGDWDEDVHVEHXVHIXOLQEXVLQHVV" 
     +RZGR,UHDGDSDWHQWGRFXPHQW" 
     :KHUHFDQ,VHDUFKSDWHQWLQIRUPDWLRQ" 

    7UDGHPDUNEDVLFV 

     :KDWLVDWUDGHPDUN" 
     :KDWFDQQRWEHSURWHFWHGDVDWUDGHPDUN" 
     :K\VKRXOG,SURWHFWP\WUDGHPDUN" 
     :KDWDUHWKHGLIIHUHQWW\SHVRIPDUNV" 
     :KDWVKRXOG,EHDULQPLQGZKHQVHOHFWLQJRUFUHDWLQJP\WUDGHPDUN" 
     +RZGR,UHJLVWHUP\WUDGHPDUNV" 
     +RZFDQ,ILQGRXWLIP\FKRVHQWUDGHPDUNPLJKWFRQIOLFWZLWKRWKHUUHJLVWHUHGWUDGHPDUNV"
    :KDWLVDWUDGHPDUNVHDUFK" 
     :KDWGR,QHHGWRNQRZDERXWXVLQJDWUDGHPDUN" 

    ,QGXVWULDOGHVLJQEDVLFV 

     :KDWLVDQLQGXVWULDOGHVLJQ":K\LVLWLPSRUWDQWWRP\EXVLQHVV" 
     :K\VKRXOG,SURWHFWP\GHVLJQV" 

    
    YLLL 

     +RZGR,SURWHFWP\LQGXVWULDOGHVLJQV" 
     :KDWFDQEHUHJLVWHUHGDVDQLQGXVWULDOGHVLJQ" 
     +RZLPSRUWDQWLVLWWRNHHSWKHGHVLJQFRQILGHQWLDOEHIRUHUHJLVWUDWLRQ" 

    &RS\ULJKWEDVLFV 

     :KDWLVFRS\ULJKW":KDWW\SHVRIZRUNVDUHSURWHFWHGE\FRS\ULJKW" 
     :KDWULJKWVGRFRPSDQLHVLQYROYHGLQSHUIRUPLQJEURDGFDVWLQJDQGSURGXFLQJPXVLFUHFRUGLQJV
    KDYH" 
     +RZGR,SURWHFWP\ZRUNV":KDWULJKWVGRHVFRS\ULJKWSURYLGH" 
     :KDWLVFROOHFWLYHPDQDJHPHQWRIFRS\ULJKWDQGUHODWHGULJKWV" 
     +RZFDQ,EHWWHUXQGHUVWDQGWKHFRS\ULJKWV\VWHPLQP\FRXQWU\" 
     :KDWLVVXHVPXVW,FRQVLGHUDVDXVHURIZRUNVSURWHFWHGE\FRS\ULJKW" 

    7UDGHVHFUHWVEDVLFV 

     :KDWDUHWUDGHVHFUHWVDQGZKDWLVXQIDLUFRPSHWLWLRQ" 
     +RZGR,GHYHORSDWUDGHVHFUHWVWUDWHJ\IRUP\EXVLQHVV" 
     :KHQLVLWDGYLVDEOHWRSURWHFWLQIRUPDWLRQDVDWUDGHVHFUHW" 

    *HRJUDSKLFDOLQGLFDWLRQVEDVLFV 

     :KDWDUHJHRJUDSKLFDOLQGLFDWLRQVDQGKRZFDQWKH\EHSURWHFWHG" 
    ,QWHJUDWHGFLUFXLWVEDVLFV 
     &DQLQWHJUDWHGFLUFXLWVEHSURWHFWHGXQGHULQWHOOHFWXDOSURSHUW\SURWHFWLRQ"+RZ" 

    2ZQHUVKLSRIULJKWVE\HPSOR\HHV 

     :KRRZQVWKHLQWHOOHFWXDOSURSHUW\ULJKWVZKHQDQLQYHQWLRQGHVLJQRUFUHDWLYHZRUNLV
    GHYHORSHGE\DQHPSOR\HH" 
     :KRRZQVWKHLQWHOOHFWXDOSURSHUW\ULJKWVZKHQDQLQYHQWLRQFRS\ULJKWZRUNRUGHVLJQLV
    RXWVRXUFHG" 
     :KDWVWHSVFDQ,WDNHWRDYRLGGLVSXWHVUHJDUGLQJLQWHOOHFWXDOSURSHUW\RZQHUVKLSZLWK
    HPSOR\HHVRULQGHSHQGHQWVXEFRQWUDFWRUV" 

    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     :KDWDUHWKHPDLQFRQWUDFWXDODJUHHPHQWVIRUWKHWUDQVIHURIWHFKQRORJ\" 
     :KDWDUHWKHPDLQHOHPHQWVRIDOLFHQVLQJDJUHHPHQW":KDWDUHWKHPDLQLVVXHVWREHDULQ
    PLQGZKHQQHJRWLDWLQJDOLFHQVLQJDJUHHPHQW" 
     :KDWDUHWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIOLFHQVLQJ" 
     :KDWDUHWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRISDUWLFLSDWLQJLQDMRLQWYHQWXUHZLWKDQRWKHU
    FRPSDQ\" 
     +RZDUHLQGXVWULDOSURSHUW\ULJKWVSDLGIRULQOLFHQVLQJDJUHHPHQWV" 
     :KDWLVDIUDQFKLVH" 
     :KDWLVDQRQGLVFORVXUHDJUHHPHQW" 
     :KDWDUHWKHHVVHQWLDOHOHPHQWVRIWUDGHPDUNOLFHQFHV 
     +RZGR,OLFHQVHZRUNVSURWHFWHGE\FRS\ULJKW" 

    'UDZLQJXSDEXVLQHVVVWUDWHJ\ 

     :KDWDUHWKHHVVHQWLDOHOHPHQWVRIDEXVLQHVVSODQ" 


     L[

     :K\LVLWLPSRUWDQWWRLQFOXGHLQWHOOHFWXDOSURSHUW\LVVXHVLQP\EXVLQHVVSODQ" 


     +RZFDQ,NQRZLIP\FRPSDQ\KDVLQWHOOHFWXDOSURSHUW\DVVHWV":KDWLVDQLQWHOOHFWXDO
    SURSHUW\DXGLW" 
     +RZFDQLQWHOOHFWXDOSURSHUW\KHOSPHZLWKPDUNHWUHVHDUFKDQGFRPSHWLWLYHLQWHOOLJHQFH" 

    ,3ULJKWVLQH[SRUWPDUNHWV 

     :KDWDUHWKHYDULRXVZD\VRIHQWHULQJDQH[SRUWPDUNHWDQGKRZFDQLQWHOOHFWXDOSURSHUW\KHOS" 


     +DYLQJERXJKWP\,3SURWHFWHGJRRGVLQDQRYHUVHDVPDUNHWFDQDEX\HUUHLPSRUWWKRVHJRRGV
    DQGVHOOWKHPLQWKHGRPHVWLFPDUNHW"&DQ,VWRSKLPRUKHU"+RZGRHVWKLVDIIHFWP\H[SRUW
    DQGSULFLQJVWUDWHJ\" 
     :KHQVKRXOG,DSSO\IRUWKHSURWHFWLRQRIP\LQWHOOHFWXDOSURSHUW\ULJKWVDEURDG" 

    3URWHFWLQJ,3ULJKWVDEURDG 

     +RZGR,SURWHFWP\LQWHOOHFWXDOSURSHUW\ULJKWVDEURDG" 


     :KDWLVWKHHDVLHVWZD\WRDSSO\IRUSDWHQWSURWHFWLRQLQVHYHUDOFRXQWULHV":KDWLVWKH3&7" 
     :KDWLVWKHPRVWSUDFWLFDOZD\RIDSSO\LQJIRUWUDGHPDUNSURWHFWLRQLQVHYHUDOFRXQWULHV" 
     +RZFDQLQGXVWULDOGHVLJQVEHSURWHFWHGLQVHYHUDOFRXQWULHV" 
     ,VFRS\ULJKWSURWHFWLRQYDOLGLQWHUQDWLRQDOO\" 
     (QIRUFLQJLQWHOOHFWXDOSURSHUW\ULJKWV 
     :K\VKRXOG,HQIRUFHP\LQWHOOHFWXDOSURSHUW\ULJKWV":KRLVUHVSRQVLEOHIRUHQIRUFLQJWKHP
    LIWKH\DUHLQIULQJHG" 
     +RZFDQFXVWRPVDXWKRULWLHVKHOSSUHYHQWRUVWRSWKHYLRODWLRQRIP\LQWHOOHFWXDOSURSHUW\
    ULJKWV"'R,KDYHWRQRWLI\WKHPLQDGYDQFH" 
     :KDWDUHP\RSWLRQVIRUVHWWOLQJP\LQWHOOHFWXDOSURSHUW\GLVSXWHVRXWRIFRXUW" 

    4XDOLW\WHFKQLFDOUHJXODWLRQVDQGVWDQGDUGV 

     +RZGRHVLQWHOOHFWXDOSURSHUW\UHODWHWRWHFKQLFDOUHJXODWLRQVDQGVWDQGDUGV" 


     :KDWLVSURGXFWFHUWLILFDWLRQ":KDWLVWKHUROHRIFHUWLILFDWLRQPDUNV" 

    9DOXDWLRQRILQWHOOHFWXDOSURSHUW\ULJKWV 

     6KRXOG,JHWDYDOXDWLRQRIP\LQWHOOHFWXDOSURSHUW\ULJKWV" 


     :KHQDQGZK\VKRXOGLQWHOOHFWXDOSURSHUW\ULJKWVEHSULFHGRUYDOXHG" 
     +RZFDQLQWHOOHFWXDOSURSHUW\DVVHWVEHYDOXHG" 

    )LQDQFLQJ  

     +RZFDQLQWHOOHFWXDOSURSHUW\KHOSPHILQDQFHP\EXVLQHVV" 


     &DQLQWHOOHFWXDOSURSHUW\DVVHWVEHVHFXULWL]HG" 

    (FRPPHUFHDQGXVHRILQIRUPDWLRQWHFKQRORJLHV 

     :K\VKRXOG,FRQVLGHULQWHOOHFWXDOSURSHUW\LVVXHVLQXQGHUWDNLQJHFRPPHUFH" 


     :KDWDUHWKHLQWHOOHFWXDOSURSHUW\LVVXHVLQYROYHGLQFKRRVLQJDQGUHJLVWHULQJGRPDLQQDPHV" 
     :KDWVKRXOG,FRQVLGHUZKHQFKRRVLQJDGRPDLQQDPH" 
     :KDWLQWHOOHFWXDOSURSHUW\LVVXHVVKRXOG,FRQVLGHUZKHQ,GHVLJQDQGEXLOGP\FRPSDQ\·V
    ZHEVLWH" 
     +RZFDQ,SURWHFWP\LQWHOOHFWXDOSURSHUW\ULJKWVRQWKHZHE":KDWSUHFDXWLRQVFDQ,WDNHWR
    DYRLGYLRODWLQJWKHLQWHOOHFWXDOSURSHUW\ULJKWVRIRWKHUV" 
    [ 

    3DFNDJLQJDQGODEHOOLQJ 

     +RZPD\,REWDLQH[FOXVLYHULJKWVRYHUWKHXVHRIP\SDFNDJLQJRUODEHO" 

    7KH:RUOG7UDGH2UJDQL]DWLRQ :72  

     :KDWGR:72$JUHHPHQWVVD\DERXWLQWHOOHFWXDOSURSHUW\" 


     $UHWKHVWDQGDUGVRISURWHFWLRQRILQWHOOHFWXDOSURSHUW\ULJKWVSURYLGHGE\WKH75,36$JUHHPHQW
    DOUHDG\DSSOLFDEOHLQDOO0HPEHUVRIWKH:72" 
     :KDWDUHWKHPDLQSULQFLSOHVRIWKH75,36DJUHHPHQWDQGKRZGRHVWKLVDIIHFWFRPSDQLHV·
    GHFLVLRQPDNLQJRQWKHDFTXLVLWLRQRILQWHOOHFWXDOSURSHUW\ULJKWVDEURDG" 
     +RZGRHVWKH75,36$JUHHPHQWGHDOZLWKHQIRUFHPHQWRILQWHOOHFWXDOSURSHUW\ULJKWV" 
     +RZGRHVWKHGLVSXWHVHWWOHPHQWSURFHGXUHZRUNLQWKH:72DQGKRZFDQP\FRPSDQ\PDNH
    XVHRILW" 

    $SSHQGLFHV  
     , ,7&VXUYH\RQIUHTXHQWO\DVNHGTXHVWLRQVRIHQWHUSULVHVRQLQWHOOHFWXDOSURSHUW\ 
     ,, :HEVLWHVRIQDWLRQDODQGUHJLRQDOLQGXVWULDOSURSHUW\RIILFHV 
     ,,, :HEVLWHVRIQDWLRQDOFRS\ULJKWDGPLQLVWUDWLRQV 
     ,9 0HPEHUVRIWKH3DWHQW&RRSHUDWLRQ7UHDW\ 
     9 0HPEHUVRIWKH0DGULG8QLRQ 
     9, 0HPEHUVRIWKH+DJXH6\VWHPIRUWKH,QWHUQDWLRQDO'HSRVLWRI,QGXVWULDO'HVLJQV 
     9,, 0HPEHUVRIWKH%HUQH&RQYHQWLRQIRUWKH3URWHFWLRQRI/LWHUDU\DQG$UWLVWLF:RUNV 
    9,,, 0HPEHUVRIWKH3DULV&RQYHQWLRQIRUWKH3URWHFWLRQRI,QGXVWULDO3URSHUW\ 
    

    $5,32 $IULFDQ5HJLRQDO,QGXVWULDO3URSHUW\2UJDQL]DWLRQ
    FF7/'V &RXQWU\FRGHWRSOHYHOGRPDLQV
    &( (XURSHDQFHUWLILFDWLRQPDUN
    &6$ &DQDGLDQ6WDQGDUGV$VVRFLDWLRQ
    ('& ([SRUWGHYHORSPHQWFRPSDQ\
    (8 (XURSHDQ8QLRQ
    J7/'V *HQHULFWRSOHYHOGRPDLQV
    ,&$11 ,QWHUQHW&RUSRUDWLRQIRU$VVLJQHG1DPHVDQG1XPEHUV
    ,((( ,QVWLWXWHRI(OHFWULFDODQG(OHFWURQLFV(QJLQHHUV
    ,3 ,QWHOOHFWXDOSURSHUW\
    ,62 ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ
    ,7& ,QWHUQDWLRQDO7UDGH&HQWUH
    /(6, /LFHQVLQJ([HFXWLYHV6RFLHW\,QWHUQDWLRQDO
    0)1 0RVWIDYRXUHGQDWLRQ
    2$3, $IULFDQ,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ
    3&7 3DWHQW&RRSHUDWLRQ7UHDW\
    5 ' 5HVHDUFKDQGGHYHORSPHQW
    57$ 5HJLRQDOWUDGHDJUHHPHQW
    60 6HUYLFHPDUN
    60( V  6PDOODQGPHGLXPVL]HGHQWHUSULVH V 
    7%7 :72$JUHHPHQWRQ7HFKQLFDO%DUULHUVWR7UDGH
    7/'V 7RSOHYHOGRPDLQV
    70 7UDGHPDUN
    75,36 :72$JUHHPHQWRQ7UDGH5HODWHG$VSHFWVRI,QWHOOHFWXDO3URSHUW\5LJKWV
    8'53 :,328QLIRUP$GPLQLVWUDWLYH'LVSXWH5HVROXWLRQ3ROLF\
    :,32 :RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ
    :72 :RUOG7UDGH2UJDQL]DWLRQ

    
    

    
    

    ,QWHQVHO\FRPSHWLWLYHEXVLQHVVHQYLURQPHQW
    ,QWRGD\·VZRUOGLWLVIDVWHUHDVLHUDQGFKHDSHUWRWUDQVSRUWSHRSOHSURGXFWVDQGLQIRUPDWLRQDQGWR
    VKDUHLGHDVRUGLVVHPLQDWH NQRZOHGJH WKDQ ZDV HYHU WKHFDVH LQ WKH SDVW $GG WR WKLV WKH ZRUOGZLGH
    WUHQGWRZDUGVWKHGHUHJXODWLRQRIEXVLQHVVDQGLQGXVWU\DQGWKHOLEHUDOL]DWLRQRILQWHUQDWLRQDOWUDGH
    FRXSOHWKHVHGHYHORSPHQWVIXUWKHUZLWKWKHUHYROXWLRQDU\FKDQJHVEHLQJPDGHWREXVLQHVVPRGHOVDQG
    PHWKRGV WKDQNV WR WKH SRVVLELOLWLHV FUHDWHG E\ WKH LQIRUPDWLRQ DQG FRPPXQLFDWLRQ WHFKQRORJLHV
    VHFWRU DQG ZKDW GRHV LW DOO DGG XS WR" $Q LQWHQVHO\ FRPSHWLWLYH EXVLQHVV HQYLURQPHQW LQ ERWK
    GRPHVWLFDQGH[SRUWPDUNHWV$QGWKLVLVHTXDOO\WUXHIRUJRRGVDQGVHUYLFHVDOLNH
    ,QWKLVHQYLURQPHQWLQGXVWU\DQGEXVLQHVVILQGWKHJRLQJWRXJKDVWKHVXSSO\RIJRRGVDQGVHUYLFHV
    VHHPV WR IDU H[FHHG GHPDQG )XUWKHUPRUH FRQVXPHUV DUH ILQGLQJ LW GLIILFXOW WR FKRRVH IURP D
    EHZLOGHULQJO\ ZLGH DQG JURZLQJ UDQJH SRVLQJ WKH SUREOHP RI H[FHVVLYH FKRLFH DQG LQDGHTXDWHO\
    GLIIHUHQWLDWHG JRRGV DQG VHUYLFHV &HUWDLQO\ HQWUHSUHQHXUVKLS KDV DOZD\V EHHQ D ULVN\ EXVLQHVV 2QO\
    WKRVHEXVLQHVVHVWKDWFDQVXFFHVVIXOO\PDQDJHDQGFRQWUROULVNVDQGXQFHUWDLQWLHVFDQKRSHWRVXUYLYH
    DQGWKULYHLQGRPHVWLFDQGH[SRUWPDUNHWV8QGHUVWDQGLQJWKHQHHGVDQGFRQFHUQVRIWKHFXVWRPHUKDV
    DOZD\VEHHQWKHEDVLFSUHUHTXLVLWH7KHQH[WVWHSLVWRILQGFUHDWLYHDQGLQQRYDWLYHZD\VWRSURGXFHD
    SURGXFW RU SURYLGH D VHUYLFH DQG WKDW WRR LQ D WLPHO\ IDVKLRQ DQG DKHDG RI FRPSHWLWRUV ,Q VKRUW
    TXDOLW\ SULFH DQG VHUYLFH UHPDLQ WKH WKUHH FULWLFDO IDFWRUV LQ WKH VXFFHVV RI DQ\ EXVLQHVV
    HQGHDYRXULQFOXGLQJDQ\H[SRUWPDUNHWLQJHIIRUW

    
     ,QWURGXFWRU\LVVXHV

    0DNLQJWKHGHFLVLRQWRH[SRUW
    7KH NH\ WR VXFFHVVIXO GHFLVLRQPDNLQJ LQ H[SRUWLQJ DV LQ DQ\ RWKHU EXVLQHVV DUHD LV NQRZOHGJH
    5HOHYDQW NQRZOHGJH KDV WR EH EDVHG RQ UHOLDEOH LQIRUPDWLRQ DQG VRXQG PDUNHW DVVHVVPHQW
    ,QIRUPDWLRQ JDWKHULQJ E\ XQGHUWDNLQJ PDUNHW UHVHDUFK EHFRPHV D NH\ QHFHVVLW\ %XW HYHQ EHIRUH
    HPEDUNLQJRQWKLVVWDJHDVN\RXUVHOIDIHZIXQGDPHQWDOTXHVWLRQV$VDSRWHQWLDOH[SRUWHUKDYH\RX
    H[DPLQHGWKHUHDVRQVIRUWKHVXFFHVVRI\RXUSURGXFWRUVHUYLFHLQWKHGRPHVWLFPDUNHW",I\RXKDYH
    EHHQ VXFFHVVIXO LQ PDUNHWLQJ FHUWDLQ SURGXFWV RU VHUYLFHV LQ WKH GRPHVWLF PDUNHW WKHUH LV D JRRG
    FKDQFHWKDWWKH\ZLOODOVREHVXFFHVVIXOLQPDUNHWVDEURDGDWOHDVWLQWKRVHZKHUHFRQVXPHUQHHGVDQG
    FRQGLWLRQVDUHVLPLODU

    $QRWKHUDSSURDFKWRDVVHVVLQJ\RXUSRWHQWLDOIRUH[SRUWLQJLVWRH[DPLQHWKHXQLTXHRUNH\IHDWXUHVRI
    WKH SURGXFW RU VHUYLFH LQ TXHVWLRQ ,I WKHVH IHDWXUHV DUH GLIILFXOW IRU RWKHUV LQ H[SRUW PDUNHWV WR
    UHSOLFDWHWKHQLWLVOLNHO\WKDWWKDW\RXUSURGXFWRUVHUYLFHZLOOEHVXFFHVVIXODEURDG$XQLTXHSURGXFW
    RUVHUYLFHVKRXOGKDYHE\GHILQLWLRQOLWWOHRUQRFRPSHWLWLRQVRWKHFKDQFHVRIVWURQJGHPDQGIRULW
    DUHJRLQJWREHKLJK

    7KHXQLTXHRULPSRUWDQWIHDWXUHVRI\RXUSURGXFWRUVHUYLFHPD\KDYHEHHQFRQWULEXWHGE\\RXURZQ
    LQVLJKW FUHDWLYLW\ DQG LQYHQWLYHQHVV RU WKDW RI \RXU HPSOR\HHV FRQVXOWDQWV EXVLQHVV SDUWQHUV DQG
    RWKHUV6XFKIUXLWVRIKXPDQLQJHQXLW\LQYHQWLYHQHVVDQGFUHDWLYLW\DUHSURWHFWHGLQWKHPDUNHWSODFH
    E\DOHJDOV\VWHPNQRZQDVWKHV\VWHPRILQWHOOHFWXDOSURSHUW\ULJKWV,QWHOOHFWXDOSURSHUW\ ,3 LVD
    FROOHFWLYHWHUPXVHGWRGHVFULEHQHZLGHDVLQYHQWLRQVGHVLJQVZULWLQJVILOPVHWFWKDWDUHSURWHFWHG
    E\FRS\ULJKWSDWHQWVWUDGHPDUNVLQGXVWULDOGHVLJQVHWF(YHU\FRXQWU\KDVDUDQJHRIODZVSURWHFWLQJ
    ,3ZKLFKDSRWHQWLDOH[SRUWHUVKRXOGEHDZDUHRI7KHSRWHQWLDOH[SRUWHUZRXOGEHZHOODGYLVHGWRVHHN
    VSHFLDOLVWH[SHUW DGYLFH LQ WKLV UHVSHFW IURP D TXDOLILHG ,3 SURIHVVLRQDO EHIRUH H[SRUWLQJ SURGXFWV RU
    VHUYLFHV EDVHG RQ VXFK LGHDV GHVLJQV WHFKQRORJ\ WUDGH VHFUHWV RU NQRZKRZ 2QH RI WKH PRVW
    LPSRUWDQW FRQVLGHUDWLRQV LV WKDW ,3 PD\ EH VWROHQ LI WKH DSSURSULDWH VWHSV KDYH QRW EHHQ WDNHQ WR
    SURWHFW LW 2Q WKH RWKHU KDQG LI VXFK VWHSV KDYH EHHQ WDNHQ WKHQ LW PD\HYHQ EH SRVVLEOHWR H[SRUW
    MXVWWKH,3LWVHOIZLWKRXWDQDFFRPSDQ\LQJSURGXFW7KLVLVWKHFDVHZKHQ\RXOLFHQVHWRDFRPSDQ\RU
    FRPSDQLHV UHJLVWHUHG RYHUVHDV WKH ULJKW WR PDQXIDFWXUH RU VHOO \RXU SURGXFWV %\ GRLQJ VR \RX PD\
    HDUQ DGGLWLRQDO SURILW ZKLOH UHWDLQLQJ RZQHUVKLS RYHU \RXU LQYHQWLRQV LQQRYDWLYH GHVLJQV DQG
    WUDGHPDUNV
    ,QFRQGXFWLQJLQGHSWKPDUNHWUHVHDUFKLQH[SRUWPDUNHWVRQHRIWKHPRVWLPSRUWDQWHOHPHQWVLVWR
    XQGHUVWDQGWKHORFDOUXOHVUHJXODWLRQVDQGODZVJRYHUQLQJ,3,3ODZLVFRPSOH[$WPLQLPXPEHIRUH
    FRPPHQFLQJ H[SRUWHUV QHHG WR PDNH VXUH WKHLU SURGXFWV FRPSO\ ZLWK WKH ,3 ODZV RI WKH RYHUVHDV
    PDUNHWDQGRUGRQRWLQIULQJHRQ,3ULJKWVRZQHGE\RWKHUV

    7KHUHFDQEHPDQ\JRRGUHDVRQVIRUH[SRUWLQJLQSDUWQHUVKLSZLWKRWKHUV7KLVDSSURDFKZRXOGLQYROYH
    ORRNLQJ DW WKH SRVVLELOLW\ RI WHDPLQJ XS ZLWK RWKHU EXVLQHVVHV LQ RUGHU WR XVH WKHLU FRPSOLPHQWDU\
    VWUHQJWKV RU DVVHWV 7KLV PD\ UHVXOW LQ HLWKHU GLUHFW RU LQGLUHFW H[SRUWV 7KHUH DUH YDULRXV ZD\V RI
    WHDPLQJXSZLWKRWKHUV²IURPVWUDWHJLFDOOLDQFHVMRLQWYHQWXUHVOLFHQVLQJIUDQFKLVLQJDQGRXWVRXUFLQJ
    WRZKROO\RZQHGVXEVLGLDULHV²DOORIZKLFKDUHOLNHO\WRLQFOXGHWKHWUDQVIHURIRUOLFHQFHWRXVHRQHRU
    PRUHW\SHVRI,3ULJKW
    7KHVH DUH MXVW VRPH RI WKH UHDVRQV ZK\ DQ XQGHUVWDQGLQJ RI KRZ WKH ,3 V\VWHP ZRUNV KDV
    EHFRPHDNH\HOHPHQWLQGHYHORSLQJDQH[SRUWVWUDWHJ\7KHIROORZLQJTXHVWLRQVDQGDQVZHUV
    ZLOOSURYLGHEULHIH[SODQDWLRQVDQGFODULILFDWLRQRIVRPHRIWKHPRVWIUHTXHQWO\HQFRXQWHUHG,3
    LVVXHVIDFHGE\H[SRUWHUV
    ,QWURGXFWRU\LVVXHV 

     9JCVKUKPVGNNGEVWCNRTQRGTV[!9J[UJQWNF+RTQVGEVKV!

    :KHQHYHUDQHZSURGXFWHQWHUVWKHPDUNHWDQGLVVXFFHVVIXOLQDWWUDFWLQJFXVWRPHUVLWLVYHU\OLNHO\
    WKDW FRPSHWLWRUV ZLOO VRRQHU RU ODWHU DWWHPSW WR PDNH VLPLODU RU LGHQWLFDO SURGXFWV ,Q VRPH FDVHV
    FRPSHWLWRUV ZLOO EHQHILW IURP HFRQRPLHV RI VFDOH JUHDWHU PDUNHW DFFHVV EHWWHU FRQQHFWLRQV ZLWK WKH
    PDLQ GLVWULEXWRUV RU DFFHVV WR FKHDSHU SULPDU\ UHVRXUFHV DQG WKHUHIRUH EH DEOH WR PDNH D VLPLODU RU
    LGHQWLFDOSURGXFWDWDFKHDSHUSULFHSXWWLQJKHDY\SUHVVXUHRQWKHLQQRYDWRURIWKHRULJLQDOSURGXFWRU
    VHUYLFH2QRFFDVLRQWKLVZLOOGULYHWKHRULJLQDOLQQRYDWRURXWRIEXVLQHVVHVSHFLDOO\DVLWLVOLNHO\WR
    KDYHLQYHVWHGVLJQLILFDQWO\LQGHYHORSLQJWKHQHZSURGXFWZKLOHLWVFRPSHWLWRUVEHQHILWIURPWKHUHVXOW
    DQGJHWDIUHHULGHRQWKHFUHDWLYLW\DQGLQYHQWLYHQHVVRIWKHLQQRYDWRU

    7KLV LV WKH VLQJOH PRVW LPSRUWDQW UHDVRQ ZK\ VPDOO DQG PHGLXPVL]HG HQWHUSULVHV VKRXOG FRQVLGHU
    SURWHFWLQJ WKHLU LQQRYDWLYH DQG FUHDWLYH ZRUN XVLQJ WKH ,3 V\VWHP ZKLFK SURYLGHV H[FOXVLYH ULJKWV
    RYHU WKH XVH RI LQYHQWLRQV GHVLJQV EUDQGV OLWHUDU\ DQG DUWLVWLF ZRUNV DQG RWKHU LQWDQJLEOH DVVHWV
    3URWHFWLRQXQGHU,3ODZSURYLGHVRZQHUVKLSRYHUDJLYHQLQQRYDWLRQRUFUHDWLYHZRUNWKXVHIIHFWLYHO\
    OLPLWLQJWKHVFRSHIRUFRS\LQJDQGLPLWDWLRQE\FRPSHWLWRUV

    ,QWDQJLEOHDVVHWV
    $Q HQWHUSULVH·V DVVHWV PD\ EH GLYLGHG EURDGO\ LQWR WZR FDWHJRULHV SK\VLFDO DVVHWV ² LQFOXGLQJ
    EXLOGLQJV PDFKLQHU\ ILQDQFLDO DVVHWV DQG LQIUDVWUXFWXUH ² DQG LQWDQJLEOH DVVHWV ² UDQJLQJ IURP
    KXPDQFDSLWDODQGNQRZKRZWRLGHDVVWUDWHJLHVEXVLQHVVSODQVEUDQGVGHVLJQVDQGRWKHULQWDQJLEOH
    IUXLWV RI D FRPSDQ\·V FUHDWLYH DQG LQQRYDWLYH WDOHQWV 7UDGLWLRQDOO\ SK\VLFDO DVVHWV KDYH EHHQ
    UHVSRQVLEOHIRUWKHEXONRIWKHYDOXHRIDFRPSDQ\DQGKDYHEHHQFRQVLGHUHGWREHODUJHO\UHVSRQVLEOH
    IRU GHWHUPLQLQJ WKH FRPSHWLWLYHQHVV RI DQ HQWHUSULVH LQ WKH PDUNHWSODFH ,Q UHFHQW \HDUV WKLV KDV
    FKDQJHG UDGLFDOO\ &RPSDQLHV LQFUHDVLQJO\ DUH UHDOL]LQJ WKDW LQWDQJLEOH DVVHWV KDYH EHFRPH PRUH
    YDOXDEOHWKDQWKHLUSK\VLFDODVVHWV
    1RZDGD\V PDQ\ RI WKH OHDGLQJ HQWHUSULVHV LQ D QXPEHU RI VHFWRUV RXWVRXUFH PRVW RI WKH
    PDQXIDFWXULQJWRRWKHUILUPVDQGIRFXVDOPRVWH[FOXVLYHO\RQFUHDWLQJQHZSURGXFWVDQGGHVLJQVDQG
    SURPRWLQJ WKHLU EUDQGV RU WUDGHPDUNV  WR DWWUDFW FXVWRPHUV :KLOH WKH SURGXFWV DUH GHVLJQHG LQ
    KRXVH WKH PDQXIDFWXULQJ PD\ EH GRQH HOVHZKHUH )RU VXFK HQWHUSULVHV WKH YDOXH RI WKHLU WDQJLEOH
    DVVHWVPD\EHH[WUHPHO\OLPLWHGEXWWKHYDOXHRIWKHLULQWDQJLEOHDVVHWV VXFKDVWKHUHSXWDWLRQRIWKHLU
    EUDQG DQGRU WKHLU RZQHUVKLS RI H[FOXVLYH ULJKWV WR NH\ WHFKQRORJLHV RU DWWUDFWLYH GHVLJQV  ZKLFK DUH
    NH\WRWKHLUVXFFHVVLVYHU\KLJK

     4'('4'0%'5
    ,QWHOOHFWXDO 3URSHUW\ IRU %XVLQHVV /LVW RI TXHVWLRQV DQG DQVZHUV RQ WKH EDVLFV RI LQWHOOHFWXDO SURSHUW\ DYDLODEOH LQ $UDELF
    &KLQHVH (QJOLVK )UHQFK 5XVVLDQ DQG 6SDQLVK RQ WKH :,32 60(V ZHEVLWH DW ZZZZLSRLQWVPH $ KDUG FRS\ PD\ DOVR EH
    REWDLQHGIURPWKH60(V'LYLVLRQRI:,32FKHPLQGHV&RORPEHWWHV*HQHYD6ZLW]HUODQG7HO338 7035
    )D[(PDLOVPH#ZLSRLQW
    :,32,QWHOOHFWXDO3URSHUW\+DQGERRN3ROLF\/DZDQG8VH:RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ:,32FKHPLQ
    GHV&RORPEHWWHV*HQHYD6ZLW]HUODQG7HO)D[(PDLOSXEOLFLQI#ZLSRLQW
    :HESDJHZZZZLSRLQWHERRNVKRS3URYLGHVDEURDGLQWURGXFWLRQWRWKHSXUSRVHGHYHORSPHQWDQGXVHRILQWHOOHFWXDOSURSHUW\
    V\VWHPVLQFOXGLQJSDWHQWV
     ,QWURGXFWRU\LVVXHV

    /HJDOSURWHFWLRQRILQWDQJLEOHDVVHWVWKURXJKRZQHUVKLSRI,3ULJKWVSURYLGHVH[FOXVLYLW\RYHUWKHXVH
    RIWKRVHDVVHWVLQEXVLQHVVWXUQLQJLQWDQJLEOHDVVHWVLQWRH[FOXVLYHSURSHUW\ULJKWVDOEHLWIRUDOLPLWHG
    SHULRG RI WLPH 5HWXUQLQJ WR WKH DERYHPHQWLRQHG H[DPSOH WKH FRPSDQ\ RXWVRXUFLQJ WKH
    PDQXIDFWXULQJ RI LWV SURGXFWV PD\ FRQWLQXH WR GR VR ODUJHO\ EHFDXVH WKH PDLQ VHOOLQJ SRLQWV IRU LWV
    SURGXFWV DUH FUHDWLYH GHVLJQ LWV SURSULHWDU\ WHFKQRORJ\ DQGRU LWV WUDGHPDUN V  DOO RI ZKLFK DUH LWV
    H[FOXVLYH SULYDWH SURSHUW\ WKDQNV WR WKH HIIHFWLYH XVH RI WKH SURWHFWLRQ RIIHUHG E\ WKH ,3 V\VWHP ,Q
    VKRUW,3SURWHFWLRQPDNHVLQWDQJLEOHDVVHWV¶DELWPRUHWDQJLEOH·E\WXUQLQJWKHPLQWRH[FOXVLYHDVVHWV

     4'('4'0%'5
    :K\ ,QWHOOHFWXDO 3URSHUW\ 0DWWHUV 7KH ,PSRUWDQFH RI ,QWHOOHFWXDO 3URSHUW\ IRU 60(V (VWHEDQ %XUURQH :,32 :HE
    SDJHDWZZZZLSRLQWVPHHQGRFXPHQWVSGILSPDWWHUVSGI3URYLGHVDQRYHUYLHZRI,3DVLWUHODWHVWREXVLQHVVIRU60(VZLWKD
    EULHIGLVFXVVLRQRQYDULRXV,3SURYLVLRQVRQOLQHOLQNVDQGIXUWKHUUHDGLQJV
    7KH 0DQDJHPHQW RI ,QWHOOHFWXDO 3URSHUW\ 5LJKWV E\ 6PDOO DQG 0HGLXP 6L]HG (QWHUSULVHV
    +DQV*ROGULDQ:,32/HFWXUH JLYHQ DW D :,32 $FDGHP\ VHVVLRQ LQ 6HSWHPEHU  :HE SDJH DW
    ZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVSGIDFDGBBSGI 3URYLGHV DXWKRU·V YLHZV RQ PDQDJHPHQW DQG H[SORLWDWLRQ RI ,3
    ULJKWVIRU60(VLQVWDWHRIWKHDUWWHFKQRORJ\SURGXFWGHYHORSPHQWDQGUHVHDUFKDQGGHYHORSPHQW
    )RUPXODWLQJDQ,QWHOOHFWXDO3URSHUW\'HYHORSPHQW6WUDWHJ\IRU(QWHUSULVHV3HWHU&RUGVHQ:,323DSHUSUHVHQWHGDWD
    :,32 VHPLQDU LQ 0D\  :HE SDJH DW ZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVLSBKDQBLSBKDQBESGI )RFXVHV
    SULPDULO\RQSDWHQWVDVDPDUNHWLQJWRROZLWKUHIOHFWLRQVRQFRVWVDQGEHQHILWV
    ,QWURGXFWRU\LVVXHV 

     9JCVCTGVJGFKHHGTGPVYC[UQHRTQVGEVKPIO[KPVGNNGEVWCNRTQRGTV[!

    'HSHQGLQJRQWKHQDWXUHRI\RXULQWDQJLEOHDVVHWVWKHODZRIIHUVGLIIHUHQWOHJDOLQVWUXPHQWVE\ZKLFK
    \RXPD\SURWHFWWKHP
    • ,QQRYDWLYHSURGXFWVDQGSURFHVVHVFDQEHSURWHFWHGE\SDWHQWVDQGXWLOLW\PRGHOV
    • &UHDWLYHGHVLJQVLQFOXGLQJWH[WLOHGHVLJQVE\SURWHFWLRQRILQGXVWULDOGHVLJQV
    • %UDQGVE\WUDGHPDUNSURWHFWLRQ
    • 0LFURFKLSVE\SURWHFWLRQRIOD\RXWGHVLJQVRUWRSRJUDSKLHVRILQWHJUDWHGFLUFXLWV
    • 'HQRPLQDWLRQV IRU JRRGV RI D JLYHQ TXDOLW\ RU UHSXWDWLRQ DWWULEXWDEOH WR WKH JHRJUDSKLFDO RULJLQ E\
    SURWHFWLRQRIJHRJUDSKLFDOLQGLFDWLRQ
    • 7UDGHVHFUHWVE\SURWHFWLRQRIXQGLVFORVHGLQIRUPDWLRQRIFRPPHUFLDOYDOXH
    • &XOWXUDODUWLVWLFDQGOLWHUDU\ZRUNVLQFOXGLQJLQPRVWFRXQWULHVFRPSXWHUVRIWZDUHDQGFRPSLODWLRQRI
    GDWDE\FRS\ULJKWDQGUHODWHGULJKWV

    ,3LVJHQHUDOO\VXEGLYLGHGLQWRWZRPDLQEUDQFKHV  LQGXVWULDOSURSHUW\ZKLFKFRYHUVWKHILUVWVL[
    RIWKHVHYHQFDWHJRULHVDERYHDQG  FRS\ULJKWDQGUHODWHGULJKWVZKLFKFRYHUVWKHODVWFDWHJRU\,W
    LVLPSRUWDQWWREHFRPHIDPLOLDUZLWKWKLVWHUPLQRORJ\
    (DFKRIWKHDERYHPHDQVRISURWHFWLRQRI,3ULJKWVLVGLVFXVVHGLQPRUHGHWDLOLQWKHIROORZLQJVHFWLRQV

    2QHSURGXFWPDQ\,3ULJKWV
    $ VLQJOH SURGXFW PD\ EH SURWHFWHG E\ D YDULHW\ RI GLIIHUHQW ,3 ULJKWV &RQVLGHU D &' SOD\HU IRU
    H[DPSOH 7KH LQQRYDWLYH WHFKQLFDO IHDWXUHV RI WKH SURGXFW DUH SURWHFWHG E\ D VHULHV RI SDWHQWV
    RULJLQDOO\ RZQHG E\ 3KLOOLSV DQG 6RQ\ ZKR FRLQYHQWHG WKH &'  7KH HPEHGGHG FRPSXWHU SURJUDP
    FRQWUROOLQJWKHRSHUDWLRQVDUHSURWHFWHGE\FRS\ULJKW7KHDHVWKHWLFGHVLJQRIHDFKVSHFLILF&'SOD\HU
    LVXVXDOO\SURWHFWHGDVDQLQGXVWULDOGHVLJQDQGWKHEUDQGXVHGWRPDUNHWLWLVJHQHUDOO\SURWHFWHGDVD
    WUDGHPDUN,QDGGLWLRQWKHPDQXIDFWXUHUVSUREDEO\KROGDQXPEHURIWUDGHVHFUHWVUDQJLQJIURPWKHLU
    FXVWRPHU OLVW WR VRPH RI WKH PDQXIDFWXULQJ SURFHVVHV RU WR RWKHU FRQILGHQWLDO EXVLQHVV LQIRUPDWLRQ
    WKDWWKH\ZRXOGQRWZDQWWRGLVFORVHWRFRPSHWLWRUV7KHLQYHQWRUVRILQQRYDWLYHSURGXFWVVXFKDVD
    &' SOD\HU WKHUHIRUH FDQ REWDLQ H[FOXVLYLW\ WR XVH RU SURKLELW RWKHUV IURP XVLQJ HDFK RQH RI WKHVH
    HOHPHQWVWKURXJK,3SURWHFWLRQ,QDGGLWLRQWKHLQYHQWRUVRIWKH&'FKRVHWRJUDQWDQDXWKRUL]DWLRQ
    RUOLFHQFH WRDQXPEHURIRWKHUFRPSDQLHVWRXVHWKH&'WHFKQRORJ\LQH[FKDQJHIRUDSD\PHQWWKXV
    DFTXLULQJDQDGGLWLRQDOLQFRPHIURPWKHOLFHQFH
    ,WPD\EHQRWHGDOVRWKDWWKHPXVLFSOD\HGRQD&'SOD\HULVJHQHUDOO\SURWHFWHGE\FRS\ULJKW XQOHVV
    SURWHFWLRQ KDV H[SLUHG  DQG DQ\RQH ZLVKLQJ WR SHUIRUP WKH PXVLF LQ SXEOLF VHOO FRSLHV RI WKH &'
    EURDGFDVW LW RQ WKH UDGLR WUDQVODWH WKH PXVLF LQWR RWKHU ODQJXDJHV RU XVH LWV FRQWHQW LQ DQ\ RWKHU
    FRPPHUFLDOZD\KDVWRVHHNDXWKRUL]DWLRQIURPWKHPXVLFLDQFRPSRVHURURQKLVRUKHUEHKDOIIURPD
    FROOHFWLYHPDQDJHPHQWRUJDQL]DWLRQWKDWDGPLQLVWHUVWKHULJKWVRIWKHPXVLFLDQRUFRPSRVHU

     4'('4'0%'5
    :,32,QWHOOHFWXDO3URSHUW\+DQGERRN3ROLF\/DZDQG8VH:RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ:,32FKHPLQ
    GHV&RORPEHWWHV*HQHYD6ZLW]HUODQG7HO)D[(PDLOSXEOLFLQI#ZLSRLQW
    :HESDJHZZZZLSRLQWHERRNVKRS3URYLGHVDEURDGLQWURGXFWLRQWRWKHSXUSRVHGHYHORSPHQWDQGXVHRILQWHOOHFWXDOSURSHUW\
    V\VWHPVLQFOXGLQJSDWHQWV
    ,QWHOOHFWXDO 3URSHUW\ IRU %XVLQHVV /LVW RI TXHVWLRQV DQG DQVZHUV RQ WKH EDVLFV RI LQWHOOHFWXDO SURSHUW\ DYDLODEOH LQ $UDELF
    &KLQHVH (QJOLVK )UHQFK 5XVVLDQ DQG 6SDQLVK RQ WKH :,32 60(V ZHEVLWH DW ZZZZLSRLQWVPH $ KDUG FRS\ PD\ DOVR EH
    REWDLQHGIURPWKH60(V'LYLVLRQRI:,32FKHPLQGHV&RORPEHWWHV*HQHYD6ZLW]HUODQG7HO338 7035
    )D[(PDLOVPH#ZLSRLQW
    7KH,35+HOSGHVN:HEVLWHDWZZZLSUKHOSGHVNRUJ,QIRUPDWLRQRQLQWHOOHFWXDOSURSHUW\WDUJHWHGWR60(V&RQWDLQVDVHULHV
    RIJXLGHVRISDUWLFXODUUHOHYDQFHWRWKH(XURSHDQ8QLRQDVZHOODVKHOSGHVNDGYLFHRQLQWHOOHFWXDOSURSHUW\IRUFRPSDQLHV
     ,QWURGXFWRU\LVVXHV

    &KRRVLQJWKHULJKWSURWHFWLRQ
    *LYHQ WKDW SURGXFWV PD\ EH SURWHFWHG LQ YDULRXV GLIIHUHQW ZD\V XVLQJ GLIIHUHQW ,3 ULJKWV LW LV
    LPSRUWDQWIRUHQWUHSUHQHXUVWRNQRZWKHV\VWHPDQGPDNHDQLQIRUPHGFKRLFHRQKRZWKH\LQWHQGWR
    SURWHFWWKHLUULJKWVLQDFRVWHIIHFWLYHPDQQHULQRUGHUWRDYRLGFRS\LQJDQGLPLWDWLRQE\FRPSHWLWRUV
    (QWUHSUHQHXUV VHHNLQJ WR ODXQFK D QHZ SURGXFW VKRXOG WKHUHIRUH FRQVLGHU ZKDW LV OLNHO\ WR EH WKH
    PDLQVHOOLQJSRLQWRIWKHLUSURGXFW,QRWKHUZRUGVZKDWLVLWDERXWWKHSURGXFWWKDWLVPRVWOLNHO\WR
    DWWUDFW FRQVXPHUV" 2U ZKDW LV LW WKDW GLVWLQJXLVKHV LW IURP SURGXFWV PDGH E\ FRPSHWLWRUV" ,V LW DQ
    LQQRYDWLYHWHFKQLFDOIHDWXUH",VLWWKHGHVLJQRIWKHSURGXFW",VLWWKHEUDQG",VLWWKHFUHDWLYHDUWLVWLF
    RUOLWHUDU\HOHPHQWVFRQWDLQHGLQWKHSURGXFW"7KHDQVZHUPD\SURYLGHWKHHQWUHSUHQHXUZLWKDQLQLWLDO
    LGHDDVWRKRZWRJRDERXWSURWHFWLQJWKHQHZSURGXFWDQGWKXVREWDLQH[FOXVLYLW\IRUWKHPRVWOLNHO\
    UHDVRQ V IRUWKHSURGXFW·VVXFFHVVLQWKHPDUNHWSODFH6RPHWLPHVRQHVLQJOHDVSHFWPD\GRPLQDWHDW
    RWKHU WLPHV LW PD\ EH D FRPELQDWLRQ RI GLIIHUHQW DVSHFWV WKDW LQGXFHV WKH FXVWRPHU WR PDNH WKH
    FULWLFDO GHFLVLRQ WR EX\ D SDUWLFXODU SURGXFW ZKHQ WKHUH LV D UDQJH RI FRPSHWLQJ SURGXFWV RQ RIIHU
    'HSHQGLQJ RQ WKH PDUNHW UHDOLWLHV DWWHQWLRQ DQG UHVRXUFHV PD\ EH GHYRWHG WR RQH RU DQRWKHU RU D
    FRPELQDWLRQRIGLIIHUHQWW\SHVRI,3ULJKWVIRUDSDUWLFXODUSURGXFW
    ,QDGGLWLRQWKH,3ULJKWVV\VWHPLVHYROYLQJLQDGLUHFWLRQZKHUHWKHVDPHSDUWVRIDSURGXFWPD\EH
    SURWHFWHGLQGLIIHUHQWZD\V)RUH[DPSOHDQHZVKDSHIRUDSURGXFWPD\EHNHSWDVDWUDGHVHFUHWWLOO
    WKH ODXQFK RI WKH SURGXFW IXQFWLRQDO IHDWXUHV RI WKH VKDSH PD\ EH SURWHFWHG E\ SDWHQW V  DHVWKHWLF
    IHDWXUHV RI WKH VKDSH E\ GHVLJQ ULJKWV DQGRU FRS\ULJKW DQG LI FHUWDLQ UHTXLUHPHQWV DUH PHW DV D
    WUDGHPDUN6RWKHILQDODQVZHUPD\QRWEHREYLRXVDQGLWLVRIWHQDGYLVDEOHWRFRQVXOWDQ,3H[SHUWWR
    GHVLJQDFRPSOHWH,3VWUDWHJ\IRU\RXUSURGXFW
    :KDWHYHU PD\ EH \RXU ILQDO GHFLVLRQ LW LV DOZD\V DGYLVDEOH WR EHJLQ E\ SURWHFWLQJ DW OHDVW WKH
    WUDGHPDUN(YHQLILWPD\LQLWLDOO\QRWKDYHPXFKYDOXHDWWKHWLPHRIODXQFKLQJDQHZSURGXFWWKH
    VXFFHVVRIWKHSURGXFWZLOOLPPHGLDWHO\UDLVHWKHYDOXHRIWKHWUDGHPDUNDQGEHFRPHDFUXFLDOSDUWRI
    WKHSURGXFW·VLPDJHDQGLGHQWLW\%XWE\WKHQLWPD\EHWRRODWH 6HHTXHVWLRQ 
    ,QWURGXFWRU\LVVXHV 

     9J[ UJQWNF + EQPUKFGT KPVGNNGEVWCN RTQRGTV[ YJGP VCMKPI VJG FGEKUKQP VQ
    GZRQTV!

    ,Q GHYHORSLQJ DQ H[SRUW SODQ DQG SULRU WR HPEDUNLQJ RQ DQ H[SRUW RSHUDWLRQ PRVW HQWHUSULVHV JR
    WKURXJKVRPHLIQRWDOORIWKHIROORZLQJNH\VWHSV
    • ,GHQWLI\LQJDSSURSULDWHH[SRUWPDUNHWV
    • (VWLPDWLQJGHPDQGDQGPDUNHWQHHGV
    • )LQGLQJORFDOSDUWQHUVDQGFKDQQHOVRIGLVWULEXWLRQ
    • $GDSWLQJWKHSURGXFWLWVGHVLJQLWVEUDQGRULWVSDFNDJLQJWRWKHQHZPDUNHW
    • 1HJRWLDWLQJ DQG VLJQLQJ FRQWUDFWXDO DJUHHPHQWV ZLWK H[SRUW VDOHV UHSUHVHQWDWLYHV GLVWULEXWRUV ORFDO
    SDUWQHUVORFDOPDQXIDFWXUHUVOLFHQVHHVHWF
    • 'HWHUPLQLQJSULFHVIRUGLIIHUHQWH[SRUWPDUNHWV
    • %XGJHWLQJH[SRUWRSHUDWLRQVDQGUDLVLQJIXQGV
    • 0DNLQJWUDQVSRUWDUUDQJHPHQWVIRUH[SRUWV
    • $GYHUWLVLQJPDUNHWLQJWKHSURGXFWLQWKHH[SRUWPDUNHWV
    • 3DUWLFLSDWLQJLQWUDGHVKRZVRURWKHUHYHQWVDEURDG

    7KHUH DUH D QXPEHU RI UHDVRQV ZK\ DQ HQWHUSULVH VKRXOG DOVR FRQVLGHU ,3 LVVXHV ZKHQ SODQQLQJ LWV
    H[SRUWVWUDWHJ\²QRWOHDVWEHFDXVH,3SOD\VDQLPSRUWDQWDQGRIWHQFUXFLDOUROHLQPRVWRIWKHVWHSV
    RXWOLQHGDERYH$IHZH[DPSOHVDUHSURYLGHGEHORZWRLOOXVWUDWHWKHLVVXHPRUHFOHDUO\

    • 7KH SULFLQJ RI \RXU SURGXFW PD\ EH DIIHFWHG E\ WKH H[WHQW WR ZKLFK WKH EUDQG RU WUDGHPDUN LV
    UHFRJQL]HG DQG YDOXHG E\ FRQVXPHUV LQ WKH H[SRUW PDUNHW DQG WKH H[WHQW WR ZKLFK \RXU SURGXFW ZLOO
    IDFHFRPSHWLWLRQIURPVLPLODURULGHQWLFDOSURGXFWV ZKLFKPD\EHOLPLWHGWKURXJK,3SURWHFWLRQ 

    • ,QUDLVLQJIXQGVKROGLQJSDWHQWVRYHUWKHLQQRYDWLYHWHFKQLFDODVSHFWVRI\RXUSURGXFWLVRIWHQXVHIXO
    IRUFRQYLQFLQJLQYHVWRUVYHQWXUHFDSLWDOLVWVRUEDQNVRIWKHFRPPHUFLDORSSRUWXQLWLHVDYDLODEOHWR\RXU
    SURGXFW 6HHTXHVWLRQ 

    • 7KHDGDSWDWLRQRIWKHSURGXFWLWVGHVLJQLWVEUDQGRULWVSDFNDJLQJIRUWKHH[SRUWPDUNHW V ZLOO
    UHTXLUHFUHDWLYHDQGRULQYHQWLYHZRUNWKDWPD\EHSURWHFWHGWKURXJKWKH,3V\VWHPWKXVJXDUDQWHHLQJD
    GHJUHHRIH[FOXVLYLW\RYHUWKHDGDSWDWLRQV

    • 7KH QHJRWLDWLRQ RI DJUHHPHQWV ZLWK SDUWQHUV ZLOO KDYH WR WDNH LQWR DFFRXQW LVVXHV UHODWLQJ WR WKH
    RZQHUVKLS RI ,3 ULJKWV SDUWLFXODUO\ LI WKH SURGXFW ZLOO EH PDQXIDFWXUHG DEURDG RU ZLOO EH PRGLILHG
    SDFNDJHGRUGLVWULEXWHGE\RYHUVHDVSDUWQHUV 6HHTXHVWLRQ 

     4'('4'0%'5
    ,QWHOOHFWXDO 3URSHUW\ IRU ([SRUWHUV $YRLGLQJ &RPPRQ 3LWIDOOV (VWHEDQ %XUURQH :,32 :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVSGILSBH[SRUWVSGI'LVFXVVHV,3UHODWHGPLVWDNHVFRPPRQO\PDGHE\H[SRUWHUV
    6%$ *XLGH WR ([SRUWLQJ 8QLWHG 6WDWHV 6PDOO %XVLQHVV $GPLQLVWUDWLRQ :HE SDJH DW ZZZVEDJRY2,7LQIR*XLGH7R
    ([SRUWLQJ 'HYHORSHG IRU VPDOO EXVLQHVVHV H[SRUWLQJ IURP WKH 8QLWHG 6WDWHV 0RVW RI WKH PDWHULDO LV DOVR UHOHYDQW IRU VPDOO
    EXVLQHVVHVLQWKHUHVWRIWKHZRUOG
     ,QWURGXFWRU\LVVXHV

    • 7KHPDUNHWLQJRI\RXUSURGXFWZLOOUHO\VWURQJO\RQ\RXUFRPSDQ\·VEUDQGLPDJHHPERGLHGSULPDULO\
    LQLWVWUDGHPDUNZKLFKLIXQSURWHFWHGZRXOGEHLPSRVVLEOHRUVLJQLILFDQWO\PRUHGLIILFXOWWRHQIRUFHLQ
    FDVHRIFRS\LQJRULPLWDWLRQE\FRPSHWLWRUV

    • 7KHWLPLQJRI\RXUSDUWLFLSDWLRQLQIDLUVDQGH[KLELWLRQVPD\GHSHQGRQZKHWKHU\RXKDYHDOUHDG\
    DSSOLHG IRU SURWHFWLRQ IRU \RXU LQYHQWLRQV RU GHVLJQV DV HDUO\ GLVFORVXUH RI \RXU LQQRYDWLYH ZRUN PD\
    UHVXOWLQORVVRIQRYHOW\DQGSUHFOXGH\RXIURPDSSO\LQJIRUSURWHFWLRQDWDODWHUVWDJH XQOHVVD¶JUDFH
    SHULRG·LVDYDLODEOHLQFHUWDLQVSHFLILHGFLUFXPVWDQFHVLQWKHFRXQWU\FRQFHUQHG  6HHTXHVWLRQ 

    • ,QDGGLWLRQWKHUHPD\EHFRQILGHQWLDOEXVLQHVVLQIRUPDWLRQUHODWLQJWRPRVWLIQRWDOORIWKHLWHPV
    OLVWHG LQ WKH NH\ VWHSV DERYH 6XFK LQIRUPDWLRQ ZLOO EHQHILW IURP WUDGH VHFUHW SURWHFWLRQ RU SURWHFWLRQ
    DJDLQVW XQIDLU FRPSHWLWLRQ SURYLGHG LW LV GLVFORVHG RQ D ¶QHHG WR NQRZ· EDVLV RQO\ DQG RQO\ DIWHU D
    FRQILGHQWLDOLW\ RU QRQGLVFORVXUH DJUHHPHQW KDV EHHQ VLJQHG 7KH H[SRUW SODQ DQG VWUDWHJ\ LWVHOI LV D
    ¶WUDGHVHFUHW·DQGFRPSDQLHVZLOOJHQHUDOO\KDYHDQLQWHUHVWLQPDNLQJVXUHLWUHPDLQVFRQILGHQWLDODQGLV
    QRWGLVFORVHGWRFRPSHWLWRUV 6HHTXHVWLRQ 

    $QRWKHU LPSRUWDQW UHDVRQ IRU WDNLQJ ,3 LVVXHV LQWR DFFRXQW LV EHFDXVH GRLQJ VR PD\ HQDEOH DQ
    HQWHUSULVHWRVWUHQJWKHQLWVSRVLWLRQLQH[SRUWPDUNHWVDQGVWRSRWKHUFRPSDQLHVIURPLPLWDWLQJRU
    FRS\LQJDZRUNWKDWLVSURWHFWHGE\FRS\ULJKWE\LWVIXQFWLRQDOIHDWXUHVLWVWUDGHPDUNRULWVGHVLJQ,I
    WKH SURGXFW LV VXFFHVVIXO DEURDG LW LV OLNHO\ WKDW FRPSHWLQJ ILUPV ZLOO VRRQHU RU ODWHU PDQXIDFWXUH D
    VLPLODURULGHQWLFDOSURGXFWWKDWZLOOFRPSHWHZLWKWKHSURGXFWLQTXHVWLRQ:LWKRXW,3SURWHFWLRQLW
    PD\EHGLIILFXOWRULPSRVVLEOHWRVWRSLPLWDWRUVDQGWKHUHVXOWDQWORVVRISURILWPD\EHVXEVWDQWLDO
    $WKLUGUHDVRQWRWDNH,3LVVXHVLQWRDFFRXQWLVWKDW,3SURWHFWLRQPD\HQDEOHDQHQWHUSULVHWRDFFHVV
    QHZPDUNHWVWKURXJKOLFHQVLQJIUDQFKLVLQJRUHVWDEOLVKLQJMRLQWYHQWXUHVRURWKHUFRQWUDFWXDO
    DJUHHPHQWVZLWKRWKHUFRPSDQLHV,3ULJKWVHQDEOHILUPVWRQHJRWLDWHDJUHHPHQWVZLWKRWKHUILUPV
    IRUWKHSURGXFWLRQPDUNHWLQJGLVWULEXWLRQRUGHOLYHU\RIJRRGVDQGVHUYLFHVLQRYHUVHDVPDUNHWV7KH\
    PD\ DOVR SURYLGH \RXU FRPSDQ\ ZLWK JUHDWHU EDUJDLQLQJ SRZHU ZKHQ VHHNLQJ WR OLFHQVH WHFKQRORJ\
    IURP RWKHU ILUPV WKDW PD\ EH LQWHUHVWHG LQ \RXU SURSULHWDU\ WHFKQRORJLHV FRS\ULJKW ZRUNV GHVLJQV
    WUDGHPDUNVHWF
    )LQDOO\IDLOXUHWRFRQVLGHU,3LVVXHVPD\UHVXOWLQODUJHRUIDWDOORVVHVLI\RXUSURGXFWVDUHFRQVLGHUHGWR
    EHLQIULQJLQJXSRQWKH,3ULJKWVRIRWKHUVLQWKHH[SRUWPDUNHWFRQFHUQHG(YHQLIDQLQYHQWLRQGHVLJQ
    RU WUDGHPDUN LV QRW SURWHFWHG LQ \RXU RZQ FRXQWU\ WKLV GRHV QRW PHDQ WKDW VRPHRQH HOVH KDV QRW
    SURWHFWHGLWLQDQH[SRUWPDUNHW)RULQVWDQFH\RXUSURGXFWPD\KDYHIXQFWLRQDORUDHVWKHWLFIHDWXUHV
    WKDW DUH QRW SURWHFWHG LQ \RXU KRPH FRXQWU\ EXW DUH SURWHFWHG DV ,3 ULJKWV E\ RWKHUV LQ DQ H[SRUW
    PDUNHW7KLVPD\EHWUXHDOVRIRUWUDGHPDUNV
    ,Q DGGLWLRQ LW LV LPSRUWDQW WR EHDU LQ PLQG WKDW ILUPV WKDW KDYH VLJQHG D OLFHQVLQJ DJUHHPHQW ZLWK
    DQRWKHU FRPSDQ\ WKHUHE\ REWDLQLQJ D OLFHQFH WR VHOO D JLYHQ SURGXFW LQ WKHLU GRPHVWLF PDUNHW PD\
    QRW KDYH WKH ULJKW WR VHOO WKH SURGXFW LQ H[SRUW PDUNHWV 7KH WHUULWRULDO H[FOXVLYLW\ DQG VFRSH RI WKH
    OLFHQFH DUH VSHFLILHG LQ OLFHQVLQJ FRQWUDFWV DQG LW LV LPSRUWDQW WR EHDU WKLV LVVXH LQ PLQG ZKHQ
    QHJRWLDWLQJDOLFHQVLQJDJUHHPHQW VHHTXHVWLRQ 
    ,QWURGXFWRU\LVVXHV 

     9JCV CTG VJG KPVGNNGEVWCN RTQRGTV[ OKUVCMGU OQUV EQOOQPN[ OCFG D[
    GZRQTVGTU!

    ([SRUWHUVRIWHQUHDOL]HWKHLPSRUWDQFHRISURWHFWLQJWKHLU,3RQO\DIWHULWLVWRRODWHLHRQFHWKH\DUH
    IDFHGZLWKLPLWDWRUVRUFRXQWHUIHLWHUVRURQFHWKH\DUHEHLQJDFFXVHGRILQIULQJLQJWKHULJKWVRIRWKHUV
    :KHQ SUHSDULQJ WKH H[SRUW SODQ DQG VWUDWHJ\ LW LV WKHUHIRUH LPSRUWDQW WR XQGHUVWDQG WKH ,3
    HQYLURQPHQW LQ WKH SRWHQWLDO H[SRUW PDUNHW DV PXFK DV LW LV WR XQGHUVWDQG DOO RWKHU IDFHWV RI WKH
    EXVLQHVVHQYLURQPHQWLQWKDWPDUNHW6RPHRIWKHPRVWFRPPRQPLVWDNHVPDGHE\H[SRUWHUVLQFOXGH

    • %HOLHYLQJ WKDW ,3 SURWHFWLRQ LV XQLYHUVDO 0DQ\ H[SRUWHUV EHOLHYH WKDW E\ DSSO\LQJ IRU WUDGHPDUN
    SDWHQWRULQGXVWULDOGHVLJQSURWHFWLRQLQWKHLURZQFRXQWU\WKH\DUHDXWRPDWLFDOO\REWDLQLQJZRUOGZLGH
    SURWHFWLRQ+RZHYHU,3ULJKWVDUHWHUULWRULDOULJKWVDQG,3RIILFHVJUDQWSURWHFWLRQRQO\IRUWKHUHOHYDQW
    QDWLRQDO RUUHJLRQDO MXULVGLFWLRQ2QO\LQWKHILHOGRIFRS\ULJKWLVWKHUHEURDGDQGDXWRPDWLFSURWHFWLRQ
    LQDODUJHQXPEHURIFRXQWULHV7RILQGRXWKRZWRDSSO\IRU,3SURWHFWLRQDEURDGVHHTXHVWLRQ

    • $VVXPLQJ WKDW ODZV DQG SURFHGXUHV IRU WKH SURWHFWLRQ RI ,3 ULJKWV DUH WKH VDPH ZRUOGZLGH
    :KLOH WKHUH KDV EHHQ VLJQLILFDQW KDUPRQL]DWLRQ RI ODZV DQG SURFHGXUHV IRU WKH SURWHFWLRQ RI ,3 ULJKWV
    ZRUOGZLGH WKHUH UHPDLQ PDQ\ DUHDV LQ ZKLFK WKHUH DUH VLJQLILFDQW GLIIHUHQFHV EHWZHHQ FRXQWULHV 2QH
    H[DPSOH LV WKH 8QLWHG 6WDWHV RI $PHULFD ZKHUH SDWHQWV DUH JUDQWHG RQ D ILUVWWRLQYHQW EDVLV LH DQ
    DSSOLFDQW PD\ QRW EH JUDQWHG D SDWHQW LI VRPHERG\ HOVH FDQ SURYH WKDW KH RU VKH KDG PDGH WKH VDPH
    LQYHQWLRQ DW DQ HDUOLHU GDWH  ZKLOH PRVW RWKHU FRXQWULHV JUDQW SDWHQWV RQ D ILUVWWRILOH EDVLV LH WKH
    SDWHQWLVJUDQWHGWRWKHILUVWSHUVRQWRILOHDQDSSOLFDWLRQIRUSDWHQWSURWHFWLRQIRUDJLYHQLQYHQWLRQ 

    • 1RWFKHFNLQJZKHWKHUDWUDGHPDUNLVDOUHDG\UHJLVWHUHGRULVEHLQJXVHGE\FRPSHWLWRUVLQWKH
    H[SRUW PDUNHW 8VLQJ D WUDGHPDUN LQ DQRWKHU FRXQWU\ WKDW LV LGHQWLFDO RU VLPLODU WR RQH WKDW LV
    UHJLVWHUHG RU LV DOUHDG\ EHLQJ XVHG WKHUH E\ D GLIIHUHQW FRPSDQ\ FRXOG EH FRQVLGHUHG WR EH DQ
    LQIULQJHPHQW RQ WKH RWKHU ILUP·V WUDGHPDUN ULJKWV <RXU ILUP PD\ EH DVNHG WR FHDVH XVLQJ VXFK D
    WUDGHPDUNRUDVNHGWRSD\GDPDJHVIRULQIULQJHPHQWZKLFKPD\EHDKXJHEORZWRWKHHQWLUHPDUNHWLQJ
    DQG H[SRUW VWUDWHJ\ RI \RXU HQWHUSULVH 'RLQJ D WUDGHPDUN VHDUFK LQ WKH UHOHYDQW H[SRUW PDUNHW LV D
    FUXFLDO VWHS SULRU WR LQLWLDWLQJ \RXU H[SRUW RSHUDWLRQV DQG SUHIHUDEO\ SULRU WR VHOHFWLQJ WKH WUDGHPDUN
    6HHTXHVWLRQ 

    • 1RWXVLQJWKHUHJLRQDORULQWHUQDWLRQDOSURWHFWLRQV\VWHPV$SSO\LQJIRU,3SURWHFWLRQLQDQXPEHU
    RI QDWLRQDO ,3 RIILFHV ZRUOGZLGH PD\ EH H[SHQVLYH 5HJLRQDO DQG LQWHUQDWLRQDO SURWHFWLRQ V\VWHPV LI
    DYDLODEOHDUHDQHIIHFWLYHZD\RIDSSO\LQJIRU,3SURWHFWLRQLQYDULRXVFRXQWULHV 6HHTXHVWLRQV² 

    • $SSO\LQJWRRODWHIRU,3SURWHFWLRQDEURDG)RUVRPH,3ULJKWVVXFKDVSDWHQWVDQGLQGXVWULDOGHVLJQ
    ULJKWV \RX VKRXOG DSSO\ IRU SURWHFWLRQ LQ H[SRUW FRXQWULHV ZLWKLQ D VSHFLILHG SHULRG RI WLPH IURP WKH
    GDWHRIDSSOLFDWLRQWRWKHGRPHVWLFPDUNHW7KHSHULRGLVJHQHUDOO\UHIHUUHGWRDVWKH¶SULRULW\SHULRG·
    DQG LV RQH \HDU IRU SDWHQWV DQG XWLOLW\ PRGHOV DQG VL[ PRQWKV IRU WUDGHPDUNV DQG LQGXVWULDO GHVLJQV
    )DLOXUH WR DSSO\ GXULQJ WKH SULRULW\ SHULRG FDQ UHVXOW LQ WKH LQDELOLW\ WR REWDLQ SURWHFWLRQ LQ VXFK
    FRXQWULHV WKXV OHDYLQJ URRP IRU RWKHU FRPSDQLHV WR IUHHO\ FRS\ \RXU LQYHQWLRQ RU GHVLJQ 6HH
    TXHVWLRQ 

     4'('4'0%'5
    ,QWHOOHFWXDO 3URSHUW\ IRU ([SRUWHUV $YRLGLQJ &RPPRQ 3LWIDOOV (VWHEDQ %XUURQH :,32 :HE SDJH
    ZZZZLSRLQWVPHHQGRFXPHQWVSGILSBH[SRUWVSGI'LVFXVVHV,3UHODWHGPLVWDNHVFRPPRQO\PDGHE\H[SRUWHUV
     ,QWURGXFWRU\LVVXHV

    • 'LVFORVLQJ LQIRUPDWLRQ WRR HDUO\ RU ZLWKRXW D FRQILGHQWLDOLW\ RU QRQGLVFORVXUH DJUHHPHQW
    'LVFORVLQJ LQIRUPDWLRQ RQ \RXU ODWHVW SURGXFW LQQRYDWLRQ RU QHZ GHVLJQ WR SRWHQWLDO WUDGH SDUWQHUV
    H[SRUWDJHQWVGLVWULEXWRUVRUDQ\ERG\HOVHEHIRUHDSSO\LQJIRUSURWHFWLRQRUZLWKRXWDZULWWHQFRQWUDFW
    UHTXLULQJ FRQILGHQWLDOLW\ FRXOG UHVXOW LQ WKH ORVV RI \RXU ULJKWV RYHU WKH LQYHQWLRQ RU GHVLJQ <RXU
    SURGXFW LQQRYDWLRQ PD\ LQ IDFW QR ORQJHU EH FRQVLGHUHG QHZ RU SDWHQWDEOH 6RPHRQH HOVH PD\ DSSO\
    IRU SDWHQW SURWHFWLRQ WKXV H[FOXGLQJ \RX IURP WKH XVH RI \RXU RZQ LQYHQWLRQ $QG WKH VDPH JRHV IRU
    LQGXVWULDOGHVLJQV

    • ,QIULQJLQJWKH,3ULJKWVRIRWKHUV([SRUWLQJ\RXUSURGXFWVZLWKRXWFKHFNLQJZKHWKHUWKHSURGXFWLV
    LQIULQJLQJ RQ WKH ,3 ULJKWV RI RWKHUV LQ UHOHYDQW RYHUVHDV PDUNHWV FRXOG SURYH D FRVWO\ DIIDLU )RU
    H[DPSOH LI \RX KDYH OLFHQVHGLQ WHFKQRORJ\ IURP RWKHU FRPSDQLHV \RX PXVW HQVXUH WKDW \RX KDYH D
    ULJKWWRH[SRUWWKHSURGXFWLQFRUSRUDWLQJVXFKWHFKQRORJ\LQRUGHUWRDYRLGLQIULQJLQJRQWKHULJKWVRI
    WKHULJKWVKROGHU,I\RXUSURGXFWVDUHWKRXJKWWREHLQIULQJLQJLQVXFKDZD\WKH\PD\EHZLWKKHOGDW
    WKHERUGHUDQGWKHLUGLVWULEXWLRQLPSHGHGRUVWRSSHGDOWRJHWKHU ZKLFKPD\SURYHYHU\FRVWO\RUHYHQ
    IDWDOWR\RXUEXVLQHVV

    • 1RWGHILQLQJLVVXHVRIRZQHUVKLSRI,3ULJKWVZKHQRXWVRXUFLQJPDQXIDFWXULQJ0DQ\FRPSDQLHV
    RXWVRXUFHWKHFUHDWLRQPDQXIDFWXULQJRUGHVLJQRISURGXFWVWRRWKHUILUPVRIWHQDEURDG%XWEXVLQHVVHV
    RIWHQ IRUJHW WR SURWHFW WKHLU ,3 ULJKWV LQ VXFK FRXQWULHV RU WR VSHFLI\ LVVXHV RI RZQHUVKLS RI GHVLJQV
    LQYHQWLRQVVRIWZDUHHWFLQWKHFRQWUDFWVZLWKWKHRYHUVHDVPDQXIDFWXULQJFRPSDQLHV7KHPDLQGDQJHU
    LVWKDWPLVXQGHUVWDQGLQJVDERXWRZQHUVKLSRIWKH,3ULJKWVPD\DULVHEHWZHHQWKHFRPSDQ\RXWVRXUFLQJ
    WKHZRUNDQGWKHILUPFRQWUDFWHGWRGRWKHZRUN 6HHTXHVWLRQ 

    • 6HHNLQJ WR OLFHQVH D SURGXFW LQ D PDUNHW ZKHUH WKH UHOHYDQW SDWHQW RU GHVLJQ LV QRW SURWHFWHG
    5DWKHUWKDQH[SRUWLQJDSURGXFWGLUHFWO\PDQ\ILUPVJUDQWOLFHQFHVWRRWKHUFRPSDQLHVLQH[FKDQJHIRU
    D RQHWLPH IHH RU D UHFXUULQJ UR\DOW\ $ OLFHQVLQJ FRQWUDFW RIWHQ LQFOXGHV WKH VKDULQJ RI WHFKQRORJLFDO
    NQRZKRZDVZHOODVWKHDXWKRUL]DWLRQWRPDQXIDFWXUHDQGRUVHOODSURGXFWGHYHORSHGE\WKHOLFHQVRU,W
    LVLPSRUWDQWZKHUHYHUDOLFHQVLQJDJUHHPHQWLVEHLQJQHJRWLDWHGWRPDNHVXUHWKDWWKH,3ULJKWVUHODWHG
    WR WKH SURGXFW EHLQJ OLFHQVHG KDYH EHHQ DGHTXDWHO\ SURWHFWHG LQ WKH FRXQWU\ LQ TXHVWLRQ DQG WKDW
    DSSURSULDWH FODXVHV KDYH EHHQ LQFOXGHG WR FODULI\ LVVXHV RI RZQHUVKLS RYHU VXFK ,3 ULJKWV 6HH
    TXHVWLRQ 

    • 8VLQJDWUDGHPDUNWKDWLVLQDSSURSULDWHIRUWKHPDUNHWLQTXHVWLRQ7KHUHDUHQXPHURXVH[DPSOHV
    RI FRPSDQLHV VWDUWLQJ WR PDUNHW WKHLU SURGXFWV RU VHUYLFHV LQ DQ RYHUVHDV PDUNHW RQO\ WR UHDOL]H WKDW
    WKHLU WUDGHPDUN LV LQDSSURSULDWH IRU WKDW SDUWLFXODU PDUNHW LQ WKDW D  WKH WUDGHPDUN KDV QHJDWLYH RU
    XQGHVLUDEOH FRQQRWDWLRQV LQ WKH ORFDO ODQJXDJH RU ORFDO FXOWXUH RU E  WKH WUDGHPDUN LV XQOLNHO\ WR EH
    UHJLVWHUHGDWWKHQDWLRQDO,3RIILFHRQDEVROXWHJURXQGV 6HHTXHVWLRQ 

    ,Q VKRUW WKHUH DUH SOHQW\ RI UHDVRQV IRU PDNLQJ VXUH WKDW ,3 LVVXHV DUH WDNHQ LQWR GXH FRQVLGHUDWLRQ
    ZKHQGHYHORSLQJ\RXUH[SRUWSODQDQGWKDW\RXWDNHVXIILFLHQWPHDVXUHVWRHQVXUHWKDW D \RXDUHQRW
    FDXJKW RIIJXDUG LQIULQJLQJ RQ WKH ,3 ULJKWV RI RWKHUV DQG E  \RX OLPLW WKH RSSRUWXQLWLHV IRU
    FRPSHWLWRUVWRIUHHULGHRQ\RXUILUP·VLQYHQWLYHQHVVDQGFUHDWLYLW\
    ,QWURGXFWRU\LVVXHV 

     1PEG+JCXGRTQVGEVGFO[KPVGNNGEVWCNRTQRGTV[TKIJVUKPO[EQWPVT[CTGVJG[
    CWVQOCVKECNN[RTQVGEVGFCDTQCF!

    ,WLVLPSRUWDQWWREHDULQPLQGWKDW,3ULJKWVDUH¶WHUULWRULDOULJKWV·ZKLFKPHDQVWKDWWKH\DUHXVXDOO\
    SURWHFWHG RQO\ LQ WKH FRXQWU\ HJ )UDQFH  RU UHJLRQ HJ PHPEHU 6WDWHV RI WKH $IULFDQ ,QWHOOHFWXDO
    3URSHUW\2UJDQL]DWLRQ>2$3,@ ZKHUHSURWHFWLRQKDVEHHQDSSOLHGIRUDQGREWDLQHG7KXVDFRPSDQ\
    WKDWKDVGXO\ILOHGDQDSSOLFDWLRQWRSURWHFWLWVSDWHQWVWUDGHPDUNVRULQGXVWULDOGHVLJQVLQLWVGRPHVWLF
    PDUNHW DQG KDV EHHQ JUDQWHG VXFK ULJKWV PD\ VRRQ GLVFRYHU WKDW VXFK ULJKWV RIIHU QR SURWHFWLRQ LQ
    H[SRUWPDUNHWVXQOHVVWKHVDPHULJKWVKDYHEHHQDSSOLHGIRUDQGJUDQWHGE\WKHQDWLRQDO RUUHJLRQDO 
    ,3 RIILFH RI WKH H[SRUW PDUNHW LQ TXHVWLRQ )RU LQIRUPDWLRQ RQ KRZ WR SURWHFW \RXU ,3 DEURDG VHH
    TXHVWLRQ

    ([FHSWLRQV
    7KHUH DUH VRPH H[FHSWLRQV WR WKLV UXOH ZKLFK DUH ZRUWK EULHIO\ PHQWLRQLQJ KHUH )LUVWO\ LQ VRPH
    FRXQWULHV SULPDULO\WKRVHZKRVHOHJDOV\VWHPLVEDVHGRQ¶FRPPRQODZ·VXFKDV$XVWUDOLD,QGLDWKH
    8QLWHG.LQJGRPDQGWKH8QLWHG6WDWHV WUDGHPDUNVPD\EHSURWHFWHGWKURXJKXVH7KLVPHDQVWKDW
    RQFHWKHWUDGHPDUNKDVEHHQXVHGZLWKLQWKHWHUULWRU\RIWKHFRXQWU\LQTXHVWLRQLWZLOOEHQHILWIURP
    VRPH GHJUHH RI SURWHFWLRQ HYHQ LI LW KDV QRW EHHQ UHJLVWHUHG 1HYHUWKHOHVV HYHQ LQ FRXQWULHV ZKHUH
    WUDGHPDUNVPD\EHSURWHFWHGWKURXJKXVHLWLVJHQHUDOO\KLJKO\DGYLVDEOHWRDSSO\IRUUHJLVWUDWLRQDV
    WKLV ZLOO SURYLGH PXFK VWURQJHU SURWHFWLRQ DQG PDNH LW VLJQLILFDQWO\ HDVLHU DQG OHVV EXUGHQVRPH WR
    HQIRUFH)RUPRUHLQIRUPDWLRQRQWUDGHPDUNVVHHTXHVWLRQ
    6HFRQGO\ ULJKWV WKDW GR QRW UHTXLUH FRPSOLDQFH ZLWK RIILFLDO IRUPDOLWLHV IRU SURWHFWLRQ VXFK DV
    FRS\ULJKW DQG UHODWHG ULJKWV GR QRW UHTXLUH UHJLVWUDWLRQ DEURDG IRU SURWHFWLRQ ,Q WKH FDVH RI
    FRS\ULJKW DQ DUWLVWLF RU OLWHUDU\ ZRUN D FDWHJRU\ WKDW DOVR LQFOXGHV FRPSXWHU VRIWZDUH SURGXFWV  LV
    SURWHFWHG DXWRPDWLFDOO\ RQFH WKH ZRUN LV FUHDWHG RU LQ VRPH FRXQWULHV RQFH LW LV IL[HG LQ VRPH
    PDWHULDOIRUP,QWHUPVRISURWHFWLRQDEURDGWKHZRUNVFUHDWHGE\QDWLRQDOVRUUHVLGHQWVRIDFRXQWU\
    WKDWLVSDUW\WRWKH%HUQH&RQYHQWLRQIRUWKH3URWHFWLRQRI/LWHUDU\DQG$UWLVWLF:RUNVRULVD0HPEHU
    RI WKH :RUOG 7UDGH 2UJDQL]DWLRQ :72  ZLOO EH DXWRPDWLFDOO\ SURWHFWHG LQ DOO RWKHU FRXQWULHV WKDW
    DUH SDUW\ WR WKH %HUQH &RQYHQWLRQ RU DUH 0HPEHUV RI WKH :72 7KLV FXUUHQWO\ LQFOXGHV RYHU 
    FRXQWULHV $ OLVW RI PHPEHUV RI WKH %HUQH &RQYHQWLRQ LV SURYLGHG LQ DSSHQGL[ 9,, )RU PRUH
    LQIRUPDWLRQRQFRS\ULJKWDQGUHODWHGULJKWVVHHTXHVWLRQ
    ,Q DOO RWKHU FDVHV KRZHYHU ILOLQJ DQ DSSOLFDWLRQ IRU WKH SURWHFWLRQ RI ,3 ULJKWV LV DQ LPSRUWDQW
    SUHFRQGLWLRQIRUJDLQLQJSURWHFWLRQLQRWKHUFRXQWULHV$VLVRIWHQWKHFDVHZLWK,3SURWHFWLRQWDNLQJ
    PHDVXUHVHDUO\HQRXJKLVFUXFLDOLI\RXDUHWR
    • 0HHWGHDGOLQHVIRUWKHDSSOLFDWLRQIRU,3ULJKWVDEURDG VHHTXHVWLRQ 
    • /LPLWH[SRVXUHWRLPLWDWLRQRURXWULJKWFRS\LQJ
    • 'LVFRYHULQWLPHZKHWKHUWKHSURGXFWWREHH[SRUWHGZLOOLQIULQJHRQWKH,3ULJKWVRIRWKHUULJKWVKROGHUV
    LQ RUGHU WR DYRLG IDFLQJ H[SHQVLYH OLWLJDWLRQ RU EHLQJ XQDEOH WR LQWURGXFH WKH SURGXFW LQWR WKH GHVLUHG
    PDUNHW
    • 0DNHLWHDVLHUWRQHJRWLDWHOLFHQVLQJIUDQFKLVLQJRURWKHUFRQWUDFWXDODJUHHPHQWVZLWKRWKHUHQWHUSULVHV
    ZLWKRXWIHDURIORVLQJ,3ULJKWVWRRWKHUV

    'HWDLOVRIKRZWRSURWHFW,3ULJKWVLQRWKHUFRXQWULHVDUHSURYLGHGLQTXHVWLRQ 

     4'('4'0%'5
    7KH &ROOHFWLRQ RI /DZV IRU (OHFWURQLF $FFHVV &/($  :HEVLWH DW KWWSFOHDZLSRLQW $ XQLTXH LQWHUQDWLRQDO HOHFWURQLF
    DUFKLYHRILQWHOOHFWXDOSURSHUW\OHJLVODWLRQ,WSURYLGHVHDV\DFFHVVWRPXOWLODWHUDOWUHDWLHVDQGWRWKHLQWHOOHFWXDOSURSHUW\ODZVRI
    DZLGHUDQJHRIFRXQWULHV
     ,QWURGXFWRU\LVVXHV

     &QCNNEQWPVTKGURTQVGEVKPVGNNGEVWCNRTQRGTV[!

    9LUWXDOO\ HYHU\ FRXQWU\ LQ WKH ZRUOG KDV OHJLVODWLRQ SURWHFWLQJ ,3 2YHU WKH \HDUV WKHUH KDV EHHQ
    VLJQLILFDQWKDUPRQL]DWLRQRI,3ODZVDQGWRGD\PRVWFRXQWULHVKDYHHQDFWHGODZVWKDWSURYLGHIRUWKH
    PDLQ IRUPV RI SURWHFWLRQ RI ,3 SDWHQWV WUDGHPDUNV LQGXVWULDO GHVLJQV DQG FRS\ULJKW DQG UHODWHG
    ULJKWV 

    7KHWZRPDLQSLOODUVRIWKHLQWHUQDWLRQDO,3V\VWHPDUHWKH3DULVDQG%HUQH&RQYHQWLRQVZKLFKZHUH
    DGRSWHGLQDQGUHVSHFWLYHO\$QXPEHURIRWKHUWUHDWLHVKDYHEHHQDGRSWHGVXEVHTXHQWO\WR
    JXDUDQWHH WKDW WKH V\VWHP VWD\V LQ OLQH ZLWK FXUUHQW WUHQGV DQG YDOXHV ,Q  ZLWK WKH HQWU\ LQWR
    IRUFH RI WKH DJUHHPHQWV HVWDEOLVKLQJ WKH :RUOG 7UDGH 2UJDQL]DWLRQ IXUWKHU KDUPRQL]DWLRQ ZDV
    DFKLHYHGDVDOOPHPEHUVRIWKH:72 FRXQWULHVLQ1RYHPEHU KDYHUDWLILHGWKH$JUHHPHQW
    RQ 7UDGH5HODWHG $VSHFWV RI ,QWHOOHFWXDO 3URSHUW\ 5LJKWV FRPPRQO\ NQRZQ DV ¶75,36·  ZKLFK
    HVWDEOLVKHVPLQLPXPVWDQGDUGVIRUWKHSURWHFWLRQRIWKHPDLQIRUPVRI,3ULJKWV
    ,QUHFHQW\HDUVQHZWHFKQRORJLHVVXFKDVWKH,QWHUQHWRUELRWHFKQRORJ\KDYHFRQWLQXDOO\SRVHGQHZ
    FKDOOHQJHV WR WKH V\VWHP :KLOH GLIIHUHQW FRXQWULHV PHHW WKH FKDOOHQJHV LQ VOLJKWO\ GLIIHUHQW ZD\V
    LQFUHDVLQJHIIRUWVDUHEHLQJPDGHWRHQVXUHWKDWWKHSURFHVVRIKDUPRQL]DWLRQFRQWLQXHV)RUH[DPSOH
    WKH:,32&RS\ULJKW7UHDW\DQGWKH:,323HUIRUPDQFHVDQG3KRQRJUDPV7UHDW\DOVRNQRZQDVWKH
    ¶,QWHUQHWWUHDWLHV·ZKLFKHQWHUHGLQWRIRUFHLQ0DUFKDQG0D\UHVSHFWLYHO\DUHWUHDWLHVWKDWOD\
    GRZQ WKH OHJDO JURXQGZRUN WR VDIHJXDUG WKH LQWHUHVWV RI FUHDWRUV LQ F\EHUVSDFH HQDEOLQJ FRPSRVHUV
    DUWLVWV ZULWHUV SHUIRUPHUV DQG SKRQRJUDP SURGXFHUV WR XVH WKH ,QWHUQHW ZLWK FRQILGHQFH WR FUHDWH
    GLVWULEXWHDQGFRQWUROWKHXVHRIWKHLUZRUNVZLWKLQWKHGLJLWDOHQYLURQPHQW
    1HYHUWKHOHVVLWLVLPSRUWDQWWREHDULQPLQGWKDWWKHUHUHPDLQVLJQLILFDQWGLIIHUHQFHVLQWHUPVRIKRZ
    WKH,3V\VWHPRSHUDWHVLQGLIIHUHQWFRXQWULHVRUUHJLRQVDQGLWLVKLJKO\DGYLVDEOHWRFKHFNWKHUHOHYDQW
    ,3OHJLVODWLRQRUFRQVXOWDQ,3ODZ\HUWROHDUQPRUHDERXWWKHGHWDLOVRIWKH,3V\VWHPLQDFRXQWU\WKDW
    LVRILQWHUHVWWR\RXUFRPSDQ\

     4'('4'0%'5
    ,QWHUQDWLRQDO7UHDWLHVRQ,QWHOOHFWXDO3URSHUW\:HESDJHDWZZZZLSRLQWWUHDWLHV$QRYHUYLHZRIWKHPDLQLQWHUQDWLRQDO,3
    WUHDWLHVDGPLQLVWHUHGE\:,32ZLWKGHWDLOVRQZKLFKFRXQWULHVDUHVLJQDWRULHVWRWKHWUHDWLHV
    ,QWHOOHFWXDO 3URSHUW\ 3URWHFWLRQ DQG (QIRUFHPHQW :RUOG 7UDGH 2UJDQL]DWLRQ :72 &HQWUH :LOOLDP 5DSSDUG 5XH GH
    /DXVDQQH&+*HQHYD6ZLW]HUODQG7HO)D[(PDLOHQTXLULHV#ZWRRUJ
    :HE SDJH ZZZZWRRUJHQJOLVKWKHZWRBHZKDWLVBHWLIBHDJUPBHKWP $ VLPSOH LQWURGXFWLRQ WR LQWHOOHFWXDO SURSHUW\ DQG WKH
    75,36$JUHHPHQW
    7KH &ROOHFWLRQ RI /DZV IRU (OHFWURQLF $FFHVV &/($  :HEVLWH DW KWWSFOHDZLSRLQW $ XQLTXH LQWHUQDWLRQDO HOHFWURQLF
    DUFKLYHRILQWHOOHFWXDOSURSHUW\OHJLVODWLRQ,WSURYLGHVHDV\DFFHVVWRPXOWLODWHUDOWUHDWLHVDQGWRWKHLQWHOOHFWXDOSURSHUW\ODZVRI
    DZLGHUDQJHRIFRXQWULHV
    ,QWURGXFWRU\LVVXHV 

     9JGTGECP+HKPFKPHQTOCVKQPQPKPVGNNGEVWCNRTQRGTV[RTQVGEVKQPCPFTGNCVGF
    RTQEGFWTGUKPFKHHGTGPVEQWPVTKGU!

    7KHEHVWSODFHWRVWDUWORRNLQJIRULQIRUPDWLRQRQWKHUXOHVDQGSURFHGXUHVIRUWKHSURWHFWLRQRI,3LQ
    \RXU FRXQWU\ RU LQ DQRWKHU FRXQWU\ LV DW WKH RIILFH V  LQ FKDUJH RI ,3 SURWHFWLRQ LQ WKDW FRXQWU\ ,3
    RIILFHV DUH SXEOLF VHFWRU ERGLHV WKDW JHQHUDOO\ FRPH XQGHU WKH VXSHUYLVLRQ RI RQH RI WKH JRYHUQPHQW
    PLQLVWULHV HJWKH0LQLVWU\IRU7UDGHDQG,QGXVWU\ 

    :KLOHLQVRPHFRXQWULHVWKHUHLVDVLQJOH,3RIILFHFRYHULQJDOO,3ULJKWV HJWKH,QWHOOHFWXDO3URSHUW\
    2IILFH RI 6LQJDSRUH  LQ PDQ\ RWKHUV WKHUH LV RQH RIILFH IRU LQGXVWULDO SURSHUW\ ULJKWV SDWHQWV
    WUDGHPDUNVDQGLQGXVWULDOGHVLJQVHWF JHQHUDOO\UHIHUUHGWRDVDQLQGXVWULDOSURSHUW\RIILFHDQGD
    VHSDUDWHRQHIRUWKHDGPLQLVWUDWLRQRIFRS\ULJKWDQGUHODWHGULJKWV,QDWKLUGJURXSRIFRXQWULHVWKH
    JUDQWLQJ RI SDWHQWV DQG WKH UHJLVWUDWLRQ RI WUDGHPDUNV LV WKH UHVSRQVLELOLW\ RI GLIIHUHQW RIILFHV 7KH
    FRQWDFW GHWDLOV RI DOO ,3 RIILFHV LQFOXGLQJ LQGXVWULDO SURSHUW\ RIILFHV DQG FRS\ULJKW DGPLQLVWUDWLRQV 
    PD\ EH IRXQG DW WKH IROORZLQJ ZHEVLWH ZZZZLSRLQWQHZVHQOLQNVLQGH[KWP ,Q DGGLWLRQ DSSHQGL[
    ,, RI WKLV JXLGH FRQWDLQV D OLVW RI ZHEVLWHV RI LQGXVWULDO SURSHUW\ DQG FRS\ULJKW DGPLQLVWUDWLRQ RIILFHV
    IRUTXLFNUHIHUHQFH
    ,3 DJHQWV DQG ,3 ODZ\HUV PD\ DOVR EH D XVHIXO VRXUFH RI LQIRUPDWLRQ DQG DGYLFH RQ ,3 LVVXHV ,3
    DJHQWV DQG ODZ\HUV DUH SULYDWH VHFWRU VHUYLFH SURYLGHUV ZKR DUH TXDOLILHG WR HLWKHU UHSUHVHQW FOLHQWV
    GXULQJ WKH DSSOLFDWLRQ SURFHVV DQGRU GHIHQG FOLHQWV LQ WKH FRXUWV LQ FDVH RI DQ ,3 GLVSXWH 0DQ\
    FRXQWULHV UHTXLUH FRPSDQLHV IURP RYHUVHDV WR KLUH D QDWLRQDO ,3 DJHQW LQ RUGHU WR ILOH D SDWHQW RU
    WUDGHPDUNDSSOLFDWLRQ
    )LQDOO\\RXPD\FRQVXOWWKHQDWLRQDOOHJLVODWLRQRIDJLYHQFRXQWU\WRREWDLQGHWDLOVRQ,3SURWHFWLRQ
    LQ WKDW FRXQWU\ 7KH :,32 ZHEVLWH LQFOXGHV D FROOHFWLRQ RI QDWLRQDO ,3 ODZV WKDW PD\ EH FRQVXOWHG
    IUHHO\RQOLQHDWKWWSFOHDZLSRLQW

     4'('4'0%'5
    7KH &ROOHFWLRQ RI /DZV IRU (OHFWURQLF $FFHVV &/($  :HEVLWH DW KWWSFOHDZLSRLQW $ XQLTXH LQWHUQDWLRQDO HOHFWURQLF
    DUFKLYHRILQWHOOHFWXDOSURSHUW\OHJLVODWLRQ,WSURYLGHVHDV\DFFHVVWRPXOWLODWHUDOWUHDWLHVDQGWRWKHLQWHOOHFWXDOSURSHUW\ODZVRI
    DZLGHUDQJHRIFRXQWULHV
    :,32:HESDJHDWZZZZLSRLQWQHZVHQOLQNV&RQWDLQVDGLUHFWRU\RILQWHOOHFWXDOSURSHUW\RIILFHVRIGLIIHUHQWFRXQWULHV
    
    

    
    

    
    3DWHQWEDVLFV 

     9JCVKUCRCVGPV!

    $ SDWHQW LV DQ H[FOXVLYH ULJKW JUDQWHG IRU WKH SURWHFWLRQ RI DQ LQYHQWLRQ 7KH SDWHQW SURYLGHV LWV
    RZQHU ZLWK WKH H[FOXVLYH ULJKW WR SUHYHQW RWKHUV IURP FRPPHUFLDOO\ H[SORLWLQJ WKH LQYHQWLRQ IRU D
    OLPLWHGSHULRGRIWLPHLQUHWXUQIRUGLVFORVLQJWKHLQYHQWLRQWRWKHSXEOLF7KXVWKHKROGHURIDSDWHQW
    WKH SDWHQWKROGHU RU SDWHQWHH  FDQ SUHYHQW RWKHUV IURP PDNLQJ XVLQJ RIIHULQJ IRU VDOH VHOOLQJ RU
    LPSRUWLQJWKHSDWHQWHGLQYHQWLRQZLWKRXWSHUPLVVLRQDQGFDQVXHDQ\RQHZKRH[SORLWVWKHSDWHQWHG
    LQYHQWLRQZLWKRXWKLVRUKHUSHUPLVVLRQ

    7KHWKHRU\EHKLQGWKHV\VWHPLVWKDWWKHILQDQFLDOUHZDUGIORZLQJIURPWKHH[SORLWDWLRQRIWKHSDWHQW
    DQG WKH GLVFORVXUH RI WKH UHVXOWLQJ LQYHQWLRQV IRU SXEOLF GLVVHPLQDWLRQ DQG XVH ZRXOG HQFRXUDJH
    LQQRYDWLRQDQGUDLVHWKHWHFKQLFDOOHYHORIDQDWLRQ·VLQGXVWU\ZLWKWKHREYLRXVEHQHILWVWRLWVWUDGH

    :KLOH LW LV FHUWDLQO\ WUXH WKDW QRW DOO HQWHUSULVHV GHYHORS SDWHQWDEOH LQYHQWLRQV LW LV DOVR D
    PLVFRQFHSWLRQ WR EHOLHYH WKDW SDWHQWV DSSO\ RQO\ WR FRPSOH[ SK\VLFDO RU FKHPLFDO SURFHVVHV DQG
    SURGXFWV RU WKDW WKH\ DUH XVHIXO RQO\ WR ODUJH FRUSRUDWLRQV 3DWHQWV PD\ LQ JHQHUDO EH REWDLQHG IRU
    DQ\ DUHD RI WHFKQRORJ\ IURP SDSHU FOLSV WR FRPSXWHUV 7KHUH DOUHDG\ H[LVW WKRXVDQGV RI SDWHQWV IRU
    VLPSOHHYHU\GD\SURGXFWVVXFKDVSHQVJODVVERWWOHVWH[WLOHIDEULFVRUELF\FOHV

    7RJHWDSDWHQW\RXQHHGWRVXEPLWDQDSSOLFDWLRQWRWKHQDWLRQDORUUHJLRQDOSDWHQWRIILFH,QWKH
    DSSOLFDWLRQIRUP\RXZLOOEHUHTXLUHGWRGHVFULEH\RXULQYHQWLRQDQGFRPSDUHLWZLWKSUHYLRXVH[LVWLQJ
    WHFKQRORJLHV LQ WKH VDPH ILHOG $SSOLFDWLRQ IRUPV PD\ JHQHUDOO\ EH REWDLQHG IURP WKH SDWHQW RIILFH
    LWVHOI)RULQIRUPDWLRQRQKRZWRREWDLQSDWHQWSURWHFWLRQLQRWKHUFRXQWULHVVHHTXHVWLRQ
    7KLVH[FOXVLYHULJKWLVJLYHQIRUDOLPLWHGSHULRGRIWLPHJHQHUDOO\IRU\HDUVIURPWKHILOLQJGDWHDV
    ORQJDVDQQXDOPDLQWHQDQFHIHHVDUHSDLGE\WKHSDWHQWKROGHUDQGLVYDOLGRQO\LQWKHFRXQWU\ZKHUH
    \RXKDYHDSSOLHGIRUSURWHFWLRQ
    /HJDO SURWHFWLRQ DJDLQVW DQ\ YLRODWLRQ RI SDWHQW ULJKWV LQIULQJHPHQW  LV QRW JLYHQ DXWRPDWLFDOO\ EXW
    RQO\ZKHQWKHSDWHQWKROGHUDVNVIRULW+HQFHSDWHQWKROGHUVQHHGWRPRQLWRUWKHEXVLQHVVDFWLYLWLHV
    RIRWKHUVLIWKH\ZDQWWRHQIRUFHWKHLUSDWHQWULJKWV

     4'('4'0%'5
    :,323DWHQW3RUWDO:HESDJHDWZZZZLSRLQWSDWHQWHQ&RQWDLQVOLQNVWRRWKHU:,32ZHESDJHVRQSDWHQWV
    %ULWLVK /LEUDU\ :HE SDJH DW ZZZEOXNVHUYLFHVLQIRUPDWLRQSDWHQWVKWPO 3URYLGHV XVHIXO OLQNV RQ SDWHQWV VHDUFKLQJ
    GDWDEDVHVOLVWVIUHTXHQWO\DVNHGTXHVWLRQVRQSDWHQWV
    7KH 3URWHFWLRQ RI ,QYHQWLRQV 3DWHQWV DQG 2WKHU 7LWOHV RI 3URWHFWLRQ :,32  :HE SDJH DW
    ZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVSGILSBDGGBSGI &RQWDLQV DQ LQWURGXFWLRQ WR SDWHQWV UHDVRQV WR SURWHFW SDWHQWV
    UHTXLUHPHQWVDQGFRQWHQWV
    ,QWHOOHFWXDO 3URSHUW\ DQG %LRWHFKQRORJ\ $ 7UDLQLQJ +DQGERRN $3(&  :HE SDJH DW
    ZZZDSHFLSHJRUJOLEUDU\UHVRXUFHVELRWHFKDVS3UDFWLFDOSDWHQWUHODWHGLQIRUPDWLRQDOVRUHOHYDQWWRQRQELRWHFKQRORJ\ILUPV
     3DWHQWEDVLFV

     *QYFQ+FGVGTOKPGKHO[RTQFWEVKURCVGPVCDNG!

    7REHSDWHQWDEOH\RXUSURGXFWVKRXOG
    • )DOOZLWKLQSDWHQWDEOHVXEMHFWPDWWHU
    • %HDQLQYHQWLRQ
    • %HQRYHO
    • ,QYROYHDQLQYHQWLYHVWHS
    • %HFDSDEOHRILQGXVWULDODSSOLFDWLRQ

    3DWHQWV DUH JUDQWHG IRU LQYHQWLRQV :KDW LV DQ LQYHQWLRQ" *HQHUDOO\ LQ D QXPEHU RI FRXQWULHV DQ
    ¶LQYHQWLRQ·LVGHVFULEHGDVDVROXWLRQWRDWHFKQLFDOSUREOHP7KHSUREOHPPD\EHROGRUQHZEXWWKH
    VROXWLRQLQRUGHUWRPHULWWKHQDPHRILQYHQWLRQPXVWEHDQHZRQH0HUHO\ILQGLQJVRPHWKLQJWKDW
    DOUHDG\H[LVWVLQQDWXUHZKLFKZHFDOODGLVFRYHU\LVQRWDQLQYHQWLRQ+XPDQLQWHUYHQWLRQPXVWEH
    DGGHG7KXVDVXEVWDQFHH[WUDFWHGIURPDSODQWH[LVWLQJLQQDWXUHPD\EHDQLQYHQWLRQ$QLQYHQWLRQ
    LV QRW QHFHVVDULO\ D FRPSOH[ RU D KLJKWHFKQRORJ\ LWHP (YHQ D SDSHU FOLS RU D WRRWKSLFN FDQ EH DQ
    LQYHQWLRQLILWVROYHVDQH[LVWLQJWHFKQLFDOSUREOHP
    $OWKRXJKLWLVWUXHWKDWFHUWDLQLQYHQWLRQVFRPHRQO\DVDUHVXOWRIORQJWHUPUHVHDUFKDQGGHYHORSPHQW
    5 ' RUKXJHLQYHVWPHQW\RXFDQHDVLO\ILQGH[DPSOHVRIVLPSOHEXWJUHDWLQYHQWLRQVRIWKHSDVWLQ
    PDQ\DVSHFWVRIGDLO\OLIH

    $QLQYHQWLRQPXVWLQJHQHUDOIXOILOWKHIROORZLQJFRQGLWLRQVWREHSURWHFWHGE\DSDWHQW,WPXVWIDOO
    ZLWKLQSDWHQWDEOHVXEMHFWPDWWHU,WPXVWEHQRYHOWKDWLVLQFOXGHVRPHQHZFKDUDFWHULVWLFZKLFK
    LV QRW NQRZQ LQ WKH ERG\ RI H[LVWLQJ NQRZOHGJH LQ LWV WHFKQLFDO ILHOG 7KLV ERG\ RI H[LVWLQJ
    NQRZOHGJH LV FDOOHG ¶SULRU DUW· 7KH LQYHQWLRQ PXVW LQYROYH DQ LQYHQWLYH VWHS ZKLFK FRXOG QRW EH
    REYLRXVO\GHGXFHGE\DSHUVRQZLWKDYHUDJHNQRZOHGJHRIWKHWHFKQLFDOILHOG)LQDOO\LWVVXEMHFWPDWWHU
    PXVWEHFDSDEOHRILQGXVWULDODSSOLFDWLRQ

    1RYHOW\
    $QLQYHQWLRQLVQHZ RULQSDWHQWODZWHUPLQRORJ\ ¶QRYHOW\H[LVWV·LIWKHUHLVDQ\GLIIHUHQFHEHWZHHQ
    WKHLQYHQWLRQDQGFXUUHQWNQRZOHGJHRUWKH¶SULRUDUW·

    :KDWFDQEHLQFOXGHGLQWKH¶SULRUDUW·GLIIHUVIURPFRXQWU\WRFRXQWU\,QPDQ\(XURSHDQFRXQWULHV
    DQ\ LQYHQWLRQ GHVFULEHG E\ D SULQWHG SXEOLFDWLRQ DYDLODEOH DQ\ZKHUH LQ WKH ZRUOG RU NQRZQ RU XVHG
    DQ\ZKHUH LQ WKH ZRUOG FRQVWLWXWHV SULRU DUW DQG WKXV FDQ GHVWUR\ WKH QRYHOW\ RI \RXU LQYHQWLRQ
    7KHUHIRUHSXEOLVKLQJDGHVFULSWLRQRI\RXULQYHQWLRQSULRUWRLWVSDWHQWLQJFDQWHFKQLFDOO\UHQGHU\RXU
    LQYHQWLRQQRQQRYHODQGUHQGHULWXQSDWHQWDEOH

    ,QVRPHRWKHUFRXQWULHVXVHVDEURDGZLOOQRWEHLQFOXGHGLQWKHSULRUDUWRQWKHJURXQGVWKDWWKH\DUH
    GLIILFXOWWRSURYH,QDGGLWLRQVRPHFRXQWULHV VXFKDVWKH8QLWHG6WDWHV SURYLGHDJUDFHSHULRGRIXS
    WRPRQWKVIURPWKHPRPHQWDQLQYHQWLRQLVGLVFORVHGE\WKHLQYHQWRUGXULQJZKLFKWKHLQYHQWRU
    PD\ILOHDQDSSOLFDWLRQIRUSDWHQWSURWHFWLRQZLWKRXWWKHLQYHQWLRQORVLQJQRYHOW\

     4'('4'0%'5
    :KHQLV6RPHWKLQJ3ULRU$UW$JDLQVWD3DWHQW"$UQRXG(QJHOIULHW:HESDJHDWZZZLXVPHQWLVFRPSDWHQWVSULRUDUW
    3URYLGHVDQHDV\WRXQGHUVWDQGH[SODQDWLRQRIZKDWFRQVWLWXWHVSULRUDUW
    ,QWHOOHFWXDO 3URSHUW\ DQG %LRWHFKQRORJ\ $ 7UDLQLQJ +DQGERRN $3(&  :HE SDJH DW
    ZZZDSHFLSHJRUJOLEUDU\UHVRXUFHVELRWHFKDVS3UDFWLFDOSDWHQWUHODWHGLQIRUPDWLRQDOVRUHOHYDQWWRQRQELRWHFKQRORJ\ILUPV
    3DWHQWEDVLFV 

    ,QYHQWLYHVWHS QRQREYLRXVQHVV 
    $Q LQYHQWLRQ VKDOO EH FRQVLGHUHG DV LQYROYLQJ DQ ¶LQYHQWLYH VWHS· LI KDYLQJ UHJDUG WR WKH VWDWH RI D
    SDUWLFXODUDUWLWLVQRWREYLRXVWRDSHUVRQVNLOOHGLQWKDWDUWLQRWKHUZRUGVLWPXVWQRWEHSRVVLEOH
    IRUDQDYHUDJHH[SHUWWRPDNHWKHLQYHQWLRQE\PHUHURXWLQHZRUN
    7KLVLVDVXEMHFWLYHWHVWWKDWLVGLIILFXOWWRH[SODLQDQGGLIILFXOWWRDSSO\7KHUHDUHVLJQLILFDQWQXPEHUV
    RIFDVHVZKHUHWKHH[DPLQHUDQGWKHDSSOLFDQWRUWKHSDWHQWDWWRUQH\GLVDJUHHRQWKHLQYHQWLYHQHVVRI
    DSDUWLFXODUSDWHQWDSSOLFDWLRQDQGZKHUHDGHFLVLRQKDVWREHFRQFOXGHGLQDFRXUW,WLVQRWXQVXDOIRU
    GHFLVLRQV E\ DQ H[DPLQHU RI D SDWHQW RIILFH WR EH UHYHUVHG E\ D FRXUW GHFLVLRQ RU IRU D GHFLVLRQ E\ D
    ORZHUOHYHOFRXUWWREHUHYHUVHGE\DKLJKHUOHYHOFRXUW
    6RPHH[DPSOHVRIZKDWPD\QRWEHFRQVLGHUHGDVLQYHQWLYHDVHVWDEOLVKHGE\SDVWFRXUWGHFLVLRQVDUH
    PHUHFKDQJHRIVL]HPDNLQJSRUWDEOHWKHUHYHUVDORISDUWVWKHFKDQJHRIPDWHULDOVDJJUHJDWLRQRUWKH
    PHUHVXEVWLWXWLRQE\DQHTXLYDOHQWSDUWRUIXQFWLRQ7KHVHDUHQRWFRQVLGHUHGWREHLQYHQWLYHHQRXJK
    WRPHULWDSDWHQW+RZHYHUWKH\PD\TXDOLI\IRUSURWHFWLRQDVXWLOLW\PRGHOV 6HHTXHVWLRQ 

    ,QGXVWULDODSSOLFDELOLW\
    $Q LQYHQWLRQ PXVW EH FDSDEOH RI EHLQJ PDGH RU XVHG LQ VRPH NLQG RI LQGXVWU\ 7KLV PHDQV WKDW WKH
    LQYHQWLRQPXVWWDNHWKHSUDFWLFDOIRUPRIDQDSSDUDWXVRUGHYLFHDSURGXFWVXFKDVVRPHQHZPDWHULDO
    RUVXEVWDQFHRUDQLQGXVWULDOSURFHVVRUPHWKRGRIRSHUDWLRQ

    ,QGXVWU\ LV PHDQW LQ LWV EURDGHVW VHQVH DV DQ\WKLQJ GLVWLQFW IURP D SXUHO\ LQWHOOHFWXDO RU DHVWKHWLF
    DFWLYLW\ $Q LGHD LQ LWVHOI FDQQRW EH SDWHQWHG XQOHVV LW LV DQ LQYHQWLRQ WKDW LV FRQVLGHUHG WR KDYH DQ
    LQGXVWULDODSSOLFDELOLW\7KHGHILQLWLRQRI¶LQGXVWULDO·LQFOXGHVDJULFXOWXUH

    1RQSDWHQWDEOHVXEMHFWPDWWHU
    ,QDGGLWLRQQRWDOOLQYHQWLRQVDUHSDWHQWDEOH,QRUGHUWREHHOLJLEOHIRUSDWHQWSURWHFWLRQDQLQYHQWLRQ
    PXVWIDOOZLWKLQWKHVFRSHRISDWHQWDEOHVXEMHFWPDWWHU,I\RXDUHLQWHUHVWHGLQSDWHQWSURWHFWLRQIRU
    \RXULQYHQWLRQ\RXILUVWQHHGWRFRQVXOWWKHVWDWXWRU\GHILQLWLRQRISDWHQWDEOHVXEMHFWPDWWHULQ\RXU
    QDWLRQDOSDWHQWODZEHFDXVHWKLVGLIIHUVIURPRQHFRXQWU\WRDQRWKHU
    'HSHQGLQJRQWKHSDWHQWODZRIHDFKFRXQWU\VRPHRIWKHIROORZLQJPD\QRWEHSDWHQWDEOH
    • 'LVFRYHULHVRIPDWHULDOVRUVXEVWDQFHVDOUHDG\H[LVWLQJLQQDWXUH
    • 6FLHQWLILFWKHRULHVRUPDWKHPDWLFDOPHWKRGV
    • 3ODQWVRUDQLPDOV RUWKHYDULHWLHVWKHUHRI RWKHUWKDQPLFURRUJDQLVPVRUHVVHQWLDOO\ELRORJLFDOSURFHVVHV
    IRUWKHSURGXFWLRQRISODQWVRUDQLPDOV RUWKHYDULHWLHVWKHUHRI RWKHUWKDQPLFURELRORJLFDOSURFHVVHV
    • 6FKHPHVUXOHVRUPHWKRGVVXFKDVWKRVHIRUGRLQJEXVLQHVVSHUIRUPLQJSXUHO\PHQWDODFWVRUSOD\LQJ
    JDPHV
    • 0HWKRGV RI WUHDWPHQW IRU KXPDQV RU DQLPDOV RU GLDJQRVWLF PHWKRGV SUDFWLVHG RQ KXPDQV RU DQLPDOV
    EXWQRWSURGXFWVIRUXVHLQVXFKPHWKRGV 
    • $Q\LQYHQWLRQZKHUHSUHYHQWLRQRILWVFRPPHUFLDOH[SORLWDWLRQLVQHFHVVDU\WRSURWHFWSXEOLFRUGHUJRRG
    PRUDOVRUSXEOLFKHDOWK
     3DWHQWEDVLFV

     9J[UJQWNF+RCVGPVO[KPPQXCVKXGRTQFWEVUQTRTQEGUUGU!

    3DWHQWLQJ \RXU FRPSDQ\·V LQYHQWLRQV PD\ EH H[WUHPHO\ DGYDQWDJHRXV DQG FDQ SURYLGH \RXU EXVLQHVV
    ZLWKWKHH[FOXVLYHULJKWVWRXVHDQGH[SORLWWKHLQYHQWLRQIRUXSWR\HDUVIURPWKHGDWHRIILOLQJRI
    WKHSDWHQWDSSOLFDWLRQ)XUWKHUPRUHSDWHQWSURWHFWLRQPD\DOVRSURYLGH

    • $ VWURQJ PDUNHW SRVLWLRQ 7KURXJK WKHVH H[FOXVLYH ULJKWV \RX DUH DEOH WR SUHYHQW RWKHUV IURP XVLQJ
    \RXU SDWHQWHG LQYHQWLRQ FRPPHUFLDOO\ WKHUHE\ UHGXFLQJ FRPSHWLWLRQ DQG HVWDEOLVKLQJ \RXUVHOI LQ WKH
    PDUNHWDVWKHSUHHPLQHQWSOD\HU

    • +LJKHU UHWXUQ RQ LQYHVWPHQW +DYLQJ LQYHVWHG D FRQVLGHUDEOH DPRXQW RI PRQH\ DQG WLPH LQ
    GHYHORSLQJ WKH LQQRYDWLYH SURGXFW \RX FRXOG XQGHU WKH XPEUHOOD RI WKHVH H[FOXVLYH ULJKWV WKHQ
    FRPPHUFLDOL]HWKHLQYHQWLRQWKXVHQDEOLQJ\RXWRREWDLQDKLJKHUUHWXUQRQLQYHVWPHQW

    • 2SSRUWXQLW\ WR VHOO RU OLFHQVH WKH LQYHQWLRQ ,I \RX FKRRVH QRW WR H[SORLW WKH SDWHQW \RXUVHOI \RX
    KDYH WKH RSWLRQ RI HLWKHU VHOOLQJ LW RU OLFHQVLQJ WKH ULJKWV WR FRPPHUFLDOL]H LW WR DQRWKHU FRPSDQ\
    &KRRVLQJWKHODWWHULQYROYHVXVLQJWKHSDWHQWWRHDUQUR\DOW\UHYHQXHE\OLFHQVLQJWKHSDWHQWHGLQYHQWLRQ
    WRRWKHUILUPVWKDWKDYHWKHFDSDFLW\WRFRPPHUFLDOL]HLW7KLVPD\QRWRQO\VDYH\RXPRQH\EXWDOVR
    SURYLGH\RXZLWKDVWUHDPRILQFRPHIURP\RXULQYHQWLRQRUWKHLQYHQWLRQVRIHPSOR\HHVZLWKRXWWKH
    QHHGWRLQYHVWLQLWVFRPPHUFLDOL]DWLRQ

    • ,QFUHDVHG QHJRWLDWLQJ SRZHU ,I \RX DUH LQ WKH SURFHVV RI DFTXLULQJ WKH ULJKWV WR XVH WKH SDWHQWV RI
    DQRWKHUFRPSDQ\WKURXJKDOLFHQVLQJFRQWUDFW\RXURZQSDWHQWSRUWIROLRZLOOHQKDQFH\RXUEDUJDLQLQJ
    SRZHU7KDWLVWRVD\\RXUSDWHQWVPD\SURYHWREHRIFRQVLGHUDEOHLQWHUHVWWRWKHFRPSDQ\ZLWKZKRP
    \RXDUHQHJRWLDWLQJDQG\RXFRXOGHQWHULQWRDFURVVOLFHQVLQJDUUDQJHPHQWLQZKLFKVLPSO\SXWSDWHQW
    ULJKWVFRXOGEHH[FKDQJHGEHWZHHQ\RXUFRPSDQ\DQGWKHRWKHU

    • 3RVLWLYHLPDJHIRU\RXUHQWHUSULVH%XVLQHVVSDUWQHUVLQYHVWRUVDQGVKDUHKROGHUVPD\SHUFHLYHSDWHQW
    SRUWIROLRV DV D GHPRQVWUDWLRQ RI WKH KLJK OHYHO RI H[SHUWLVH VSHFLDOL]DWLRQ DQG WHFKQRORJLFDO FDSDFLW\
    ZLWKLQ\RXUFRPSDQ\7KLVPD\SURYHXVHIXOIRUUDLVLQJIXQGVILQGLQJQHZEXVLQHVVSDUWQHUVDQGUDLVLQJ
    \RXUFRPSDQ\·VPDUNHWYDOXH

     4'('4'0%'5
    7KH5ROHRIWKH,35LQWKH3URPRWLRQRI&RPSHWLWLYHQHVVDQG'HYHORSPHQWRI(QWHUSULVHV3HWHU&RUGVHQ:,32
    :HE SDJH DW ZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVLSBKDQBLSBKDQBESGI )RFXVHV RQ WKH EXVLQHVV XWLOLW\ RI SDWHQW
    LQIRUPDWLRQ
    7KH 5ROH RI ,QWHOOHFWXDO 3URSHUW\ 5LJKWV LQ WKH 3URPRWLRQ RI &RPSHWLWLYHQHVV DQG 'HYHORSPHQW RI (QWHUSULVHV
    .DUL6LSLOD:,32:HESDJHDWZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVSGILSUBPFWBDSGI'LVFXVVHVWKHEHQHILWVRI
    SDWHQWLQJ
    )RUPXODWLQJ DQG ,QWHOOHFWXDO 3URSHUW\ 'HYHORSPHQW 6WUDWHJ\ IRU (QWHUSULVHV 0DUWL /HHVWL :,32  :HE SDJH DW
    ZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVLSBKDQBLSBKDQBFSGI 2EVHUYDWLRQV DQG UHFRPPHQGDWLRQV RQ WKH GHYHORSPHQW
    RIDQ,3VWUDWHJ\
    3DWHQW6WUDWHJLHVIRU%XVLQHVV6WHSKHQ&*OD]LHU7KLUGHGLWLRQ/%,/DZ %XVLQHVV,QVWLWXWH86$YDLODEOH
    IURPZZZDPD]RQFRP'HDOVZLWKSUDFWLFDODVSHFWVRIVWUDWHJLFDOO\PDQDJLQJ,3
    5HPEUDQGWV LQ WKH $WWLF 8QORFNLQJ WKH +LGGHQ 9DOXH RI 3DWHQWV .HYLQ * 5LYHWWH DQG 'DYLG .OLQH +DUYDUG %XVLQHVV
    6FKRRO3UHVV86+DUYDUG%XVLQHVV6FKRRO3UHVV+DUYDUG:D\%RVWRQ0$86$7HO
    )D[(PDLOFRUSFXVWVHUY#KEVSKDUYDUGHGX$OVRDYDLODEOHIURPZZZDPD]RQFRP2IIHUVDGYLFHRQ
    KRZWRXVHLQWHOOHFWXDOSURSHUW\DVERWKDFRUSRUDWHDVVHWDQGDVWUDWHJLFEXVLQHVVWRROWRHQKDQFHWKH VXFFHVVRIDQHQWHUSULVH
    ZLWKH[DPSOHVIURPZHOONQRZQFRPSDQLHV
    3DWHQWEDVLFV 

     9JCVJCRRGPUKH+FQPQVRCVGPVO[KPPQXCVKXGRTQFWEVUQTRTQEGUUGU!

    3DWHQWLQJPD\QRWDOZD\VEHWKHULJKWVROXWLRQIRU\RXUEXVLQHVV,WLVDGYLVDEOHWRZHLJKXSWKHFRVWV
    DQGWKHEHQHILWVRISDWHQWSURWHFWLRQFDUHIXOO\SULRUWRLQLWLDWLQJWKHSURFHVV<RXZLOOWKHUHIRUHQHHG
    WRXQGHUVWDQGZKDWPLJKWKDSSHQLI\RXUEXVLQHVVGHFLGHVQRWWRSDWHQWDSDWHQWDEOHLQYHQWLRQ
    6RPHERG\HOVHPLJKWSDWHQWLW,QPRVWFRXQWULHV ZLWKWKHH[FHSWLRQRIWKH8QLWHG6WDWHV ZKHUH
    PRUH WKDQ RQH SHUVRQ RU HQWHUSULVH KDV ILOHG SDWHQW DSSOLFDWLRQV IRU WKH VDPH LQYHQWLRQ WKH ILUVW
    SHUVRQ RU HQWHUSULVH WR DSSO\ ZLOO KDYH WKH ULJKW WR WKH SDWHQW 7KLV PD\ PHDQ WKDW LI \RX GR QRW
    SDWHQW\RXULQYHQWLRQVRUWKHLQYHQWLRQVRI\RXUHPSOR\HHVDWDOORULI\RXILOH\RXUDSSOLFDWLRQWRR
    ODWHVRPHERG\HOVH²ZKRPD\KDYHGHYHORSHGWKHVDPHRUDQHTXLYDOHQWLQYHQWLRQODWHU²PLJKWJHWD
    SDWHQW 7KH SDWHQWKROGHU ZLOO WKHQ EH DEOH WR OHJLWLPDWHO\ H[FOXGH \RXU HQWHUSULVH IURP WKH PDUNHW
    OLPLW LWV DFWLYLWLHV WR WKH FRQWLQXDWLRQ RI SULRU XVH ZKHUH WKH SDWHQW OHJLVODWLRQ SURYLGHV IRU VXFK
    H[FHSWLRQ RUDVN\RXUHQWHUSULVHWRSD\DOLFHQVLQJIHHIRUXVLQJWKHLQYHQWLRQ
    &RPSHWLWRUV ZLOO WDNH DGYDQWDJH RI \RXU LQYHQWLRQ ,I WKH SURGXFW LV VXFFHVVIXO PDQ\ RWKHU
    FRPSHWLWRU ILUPV ZLOO EH WHPSWHG WR PDNH WKH VDPH SURGXFW E\ XVLQJ \RXU LQYHQWLRQ EXW ZLWKRXW
    KDYLQJWRSD\IRUVXFKXVH/DUJHUFRPSDQLHVPD\WDNHDGYDQWDJHRIHFRQRPLHVRIVFDOHWRSURGXFHWKH
    SURGXFWPRUHFKHDSO\DQGFRPSHWHDWDPRUHIDYRXUDEOHPDUNHWSULFH7KLVPD\FRQVLGHUDEO\UHGXFH
    \RXU PDUNHW VKDUH IRU WKDW SURGXFW (YHQ VPDOO FRPSHWLQJ FRPSDQLHV FDQ SURGXFH WKH VDPH SURGXFW
    DQGRIWHQVHOOLWDWDORZHUSULFHDVWKH\GRQRWKDYHWRUHFRXSUHVHDUFKDQGGHYHORSPHQW 5 ' FRVWV
    \RXKDYHLQYHVWHG
    3RVVLELOLWLHVRIOLFHQVLQJVHOOLQJRUWUDQVIHUULQJWHFKQRORJ\ZLOOEHVHYHUHO\KDPSHUHG1RERG\
    LV ZLOOLQJ WR SD\ IRU WKH ULJKW WR XVH VRPHWKLQJ WKDW GRHV QRW EHORQJ WR DQ\ERG\ :LWKRXW ,3
    SURWHFWLRQ RSSRUWXQLWLHV IRU OLFHQVLQJ WKH WHFKQRORJ\ WR RWKHUV LQ H[FKDQJH IRU UR\DOWLHV DUH VHYHUHO\
    KDPSHUHG 0RUHRYHU ZKHUHYHU QHJRWLDWLRQV GR WDNH SODFH IRU WUDQVIHUULQJ D JLYHQ WHFKQRORJLFDO
    GHYHORSPHQWZLWKRXW,3SURWHFWLRQRYHUWKHWHFKQRORJ\LQTXHVWLRQSDUWLHVDUHZDU\RIGLVFORVLQJWKHLU
    LQYHQWLRQVIHDULQJWKDWWKHRWKHUVLGHPD\¶UXQDZD\ZLWKWKHLQYHQWLRQ·3DWHQWSURWHFWLRQOLPLWVWKH
    ULVNVRIWKLVKDSSHQLQJDVWKHSDWHQWKROGHUKDVDOHJDOH[FOXVLYLW\RYHUWKHXVHRIWKHLQYHQWLRQ

     4'('4'0%'5
    :RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ6PDOODQG0HGLXP6L]HG(QWHUSULVHV'LYLVLRQFKHPLQGHV&RORPEHWWHV
    *HQHYD6ZLW]HUODQG)D[(PDLOVPH#ZLSRLQW:HEVLWHZZZZLSRLQWVPH3URYLGHVLQIRUPDWLRQRQ
    SDWHQWVWKHLUEXVLQHVVXVHDQGH[DPSOHVRIFRPSDQLHVPDNLQJXVHRISDWHQWV
     3DWHQWEDVLFV

     9JCVKUCWVKNKV[OQFGN!

    ,QVRPHFRXQWULHVLQYHQWLRQVPD\EHSURWHFWHGE\XWLOLW\PRGHOVZKLFKDUHDOVRNQRZQDV¶LQQRYDWLRQ
    SDWHQWV·¶XWLOLW\LQQRYDWLRQV·RU¶VKRUWWHUPSDWHQWV·

    7KHPDLQGLIIHUHQFHVEHWZHHQXWLOLW\PRGHOVDQGSDWHQWVDUH

    • 7KH UHTXLUHPHQWV IRU DFTXLULQJ D XWLOLW\ PRGHO DUH OHVV VWULQJHQW WKDQ IRU SDWHQWV :KLOH WKH ¶QRYHOW\·
    UHTXLUHPHQW KDV DOZD\V WR EH PHW WKDW RI ¶LQYHQWLYH VWHS· RU ¶QRQREYLRXVQHVV· PD\ EH PXFK OHVV RU
    HYHQ DEVHQW DOWRJHWKHU ,Q SUDFWLFH SURWHFWLRQ IRU XWLOLW\ PRGHOV LV RIWHQ VRXJKW IRU LQQRYDWLRQV RI D
    UDWKHULQFUHPHQWDOQDWXUHZKLFKPD\QRWPHHWWKHSDWHQWDELOLW\FULWHULD

    • 7KH WHUP RI SURWHFWLRQ IRU XWLOLW\ PRGHOV LV VKRUWHU WKDQ IRU SDWHQWV YDU\LQJ IURP FRXQWU\ WR FRXQWU\
    XVXDOO\EHWZHHQDQG\HDUVZLWKRXWWKHSRVVLELOLW\RIH[WHQVLRQRUUHQHZDO 

    • ,QPRVWFRXQWULHVZKHUHXWLOLW\PRGHOSURWHFWLRQLVDYDLODEOHSDWHQWRIILFHVGRQRWH[DPLQHDSSOLFDWLRQV
    IRUVXEVWDQFHSULRUWRUHJLVWUDWLRQ7KLVPHDQVWKDWWKHUHJLVWUDWLRQSURFHVVLVRIWHQVLJQLILFDQWO\VLPSOHU
    DQGIDVWHUWDNLQJVL[PRQWKVRQDYHUDJH

    • 8WLOLW\PRGHOVDUHPXFKFKHDSHUWRREWDLQDQGWRPDLQWDLQ

    • ,Q VRPH FRXQWULHV XWLOLW\ PRGHO SURWHFWLRQ PD\ EH REWDLQHG RQO\ LQ FHUWDLQ ILHOGV RI WHFKQRORJ\ DQG
    RQO\IRUSURGXFWVQRWIRUSURFHVVHV

    8WLOLW\PRGHOUHJLVWUDWLRQLVWKHUHIRUHDPRUHVXLWDEOHV\VWHPWKDQSDWHQWLQJLI\RXUHTXLUHSURWHFWLRQ
    IRUDSURGXFWZLWKDVKRUWOLIHF\FOHRU\RXDUHSDUWLFXODUO\HDJHUWRDYRLGDORQJZDLWLQJWLPH

    6RPHFRXQWULHVDOORZ\RXWRILOHERWKDSDWHQWDSSOLFDWLRQDQGDXWLOLW\PRGHODSSOLFDWLRQDWWKHVDPH
    WLPHVRWKDW\RXPD\UHDSWKHIUXLWVRI\RXULQYHQWLRQVRRQHUZKLOHZDLWLQJIRUWKHUHODWLYHO\ORQJHU
    SURFHVVRISDWHQWJUDQW%XWLIWKHSDWHQWLVJUDQWHG\RXDUHJHQHUDOO\UHTXLUHGWRVHOHFWRQO\RQHRIWKH
    WZRW\SHVRIULJKWVFRYHULQJ\RXULQYHQWLRQLH\RXFDQQRWKROGXWLOLW\PRGHODQGSDWHQWUHJLVWUDWLRQ
    DWWKHVDPHWLPHIRUWKHVDPHSURGXFW

     4'('4'0%'5
    /DGDV  3DUU\ :HE SDJH DW ZZZODGDVFRP3DWHQWV3DWHQW3UDFWLFH3HWW\3DWHQWV3HWW\3BFKWPO $Q LQWURGXFWLRQ WR XWLOLW\
    PRGHOV SHWW\SDWHQWV DQGWKHLUDGYDQWDJHVDQGGLIIHUHQFHVFRPSDUHGWRSDWHQWV
    :KHUHFDQ8WLOLW\0RGHOVEH$FTXLUHG":,32:HESDJHDWZZZZLSRLQWVPHHQLSBEXVLQHVVXWLOLW\BPRGHOVZKHUHKWP$
    OLVWRIFRXQWULHVWKDWSURYLGHSURWHFWLRQIRUXWLOLW\PRGHOV

    6HHIRUH[DPSOHDQLQWURGXFWLRQWRWKH$XVWUDOLDQ,QQRYDWLRQ3DWHQWDWZZZLSDXVWUDOLDJRYDXSDWHQWVZKDWBLQQRYDWLRQVKWPO
    
    3DWHQWEDVLFV 

     9JCVCTGVJGCFOKPKUVTCVKXGRTQEGFWTGUHQTQDVCKPKPIRCVGPVRTQVGEVKQP!

    7KHILUVWVWHSLQVHFXULQJDSDWHQWLVWKHILOLQJRIDSDWHQWDSSOLFDWLRQ3DWHQWDSSOLFDWLRQIRUPVFDQ
    JHQHUDOO\EHREWDLQHGIURPWKHQDWLRQDOSDWHQWRIILFHRIHDFKFRXQWU\,WLVLPSRUWDQWWKDW\RXGRQRW
    GLVFORVH \RXU LQYHQWLRQ SULRU WR ILOLQJ D SDWHQW DSSOLFDWLRQ (DUO\ GLVFORVXUH DIIHFWV \RXU FKDQFHV RI
    REWDLQLQJDSDWHQWEHFDXVHWKHLQYHQWLRQZLOOQRORQJHUEHFRQVLGHUHGQHZ

    +RZGR,ILQGRXWLIP\LQYHQWLRQLVQHZ"
    ,WLVHVVHQWLDOWRFRQGXFWDWKRURXJKSDWHQWVHDUFKSULRUWRILOLQJ\RXUDSSOLFDWLRQDVWKLVZLOOJLYH\RX
    DQLQGLFDWLRQRIZKHWKHU\RXULQYHQWLRQLVQHZDQGWKHUHIRUHOLNHO\WREHSDWHQWDEOH<RXFDQHLWKHU
    FDUU\RXWWKHVHDUFK\RXUVHOIRUXVHWKHVHUYLFHVRIDSURIHVVLRQDOSDWHQWDJHQWWRGRWKHVHDUFKIRU\RX
    0DQ\QDWLRQDOSDWHQWRIILFHVDURXQGWKHZRUOGQRZKDYHIUHHRQOLQHSDWHQWGDWDEDVHVZKLFKDOORZ\RX
    WR FRQGXFW \RXU RZQ VHDUFK 0RUH RQ SDWHQW LQIRUPDWLRQ DQG RQ WKH XVH RI SDWHQW GDWDEDVHV LQ
    TXHVWLRQ 

    'R,QHHGDSDWHQWDJHQWWRDSSO\IRUDSDWHQW"
    'LIIHUHQW FRXQWULHV KDYH GLIIHUHQW UXOHV RQ WKLV ,W LV XVXDOO\ SRVVLEOH WR DSSO\ IRU SDWHQW SURWHFWLRQ
    ZLWKRXWXVLQJDSDWHQWDJHQWWKRXJKLWLVDGYLVDEOHWRKLUHDQH[SHULHQFHGSURIHVVLRQDOWRHQVXUHWKDW
    WKH GUDIWLQJ RI WKH SDWHQW LV GRQH SURSHUO\ +RZHYHU PRVW QDWLRQDO UHJXODWLRQV UHTXLUH SHUVRQV ZKR
    DUH QRW GRPLFLOHG LQ WKH FRXQWU\ WR EH UHSUHVHQWHG E\ D SDWHQW DJHQW ZKR LV UHVLGHQW LQ WKH FRXQWU\
    ZKHUHSURWHFWLRQLVVRXJKW

    :KDWSURFHGXUHVGRHVWKHSDWHQWRIILFHJRWKURXJKSULRUWRJUDQWLQJDSDWHQW"
    2QFH DQ DSSOLFDWLRQ KDV EHHQ UHFHLYHG WKH SDWHQW RIILFH QRUPDOO\ WDNHV D VHULHV RI VWHSV SULRU WR
    JUDQWLQJWKHSDWHQW7KHUHDUHWKUHHPDLQDUHDVRIDFWLYLW\QDPHO\
    • )RUPDOH[DPLQDWLRQ
    • 6XEVWDQWLYHH[DPLQDWLRQ
    • *UDQWDQGSXEOLFDWLRQ

    $WHDFKRIWKHVHVWDJHVWKHQRUPDOSURFHGXUHLVIRUWKHUHWREHGLDORJXHPDLQO\LQZULWLQJEHWZHHQDQ
    H[DPLQHULQWKHSDWHQWRIILFHDQGWKHDSSOLFDQW7KHSDWHQWDJHQWPD\DFWDVDJREHWZHHQUHFHLYLQJ
    FRPPXQLFDWLRQVIURPWKHSDWHQWRIILFHDGYLVLQJWKHDSSOLFDQWDVWRWKHDSSURSULDWHFRXUVHRIDFWLRQ
    WDNLQJWKHDSSOLFDQW·VLQVWUXFWLRQVDQGUHVSRQGLQJDFFRUGLQJO\WRWKHSDWHQWRIILFH

     4'('4'0%'5
    $ *XLGH WR )LOLQJ $ 8WLOLW\ 3DWHQW $SSOLFDWLRQ 8QLWHG 6WDWHV 3DWHQW DQG 7UDGHPDUN 2IILFH :HE SDJH DW
    ZZZXVSWRJRYZHERIILFHVSDFXWLOLW\XWLOLW\KWP%DVLFLQIRUPDWLRQDERXWILOLQJDXWLOLW\SDWHQWDSSOLFDWLRQ
    *XLGHOLQHV IRU ([DPLQDWLRQ LQ WKH (32 (XURSHDQ 3DWHQW 2IILFH :HE SDJH DW ZZZHXURSHDQSDWHQW
    RIILFHRUJOHJDOJXLBOLQHVHFBLYKWP*XLGHOLQHVIROORZHGE\WKH(XURSHDQ3DWHQW2IILFHLQWKHH[DPLQDWLRQRISDWHQWV
    0DQXDORI3DWHQW3UDFWLFH8QLWHG.LQJGRP3DWHQW2IILFH:HESDJHDWZZZSDWHQWJRYXNSDWHQWUHIHUHQFHPSS'HWDLOHG
    LQIRUPDWLRQRQWKHPDQQHUIRUPDQGFRQWHQWRIPDNLQJDSDWHQWDSSOLFDWLRQLQWKH8QLWHG.LQJGRP
     3DWHQWEDVLFV

    )RUPDOH[DPLQDWLRQ
    7KLVVWDJHFRQVLVWVRIFKHFNLQJDOOWKHIRUPDOLWLHVUHTXLUHGHJZKHWKHUWKHDSSOLFDWLRQIRUPKDVEHHQ
    SURSHUO\ILOOHGLQDQGFRQWDLQVDOOWKHUHOHYDQWLQIRUPDWLRQ7KHDSSOLFDQWLVJLYHQDQRSSRUWXQLW\WR
    FRUUHFW DQ\ GHIHFWV LGHQWLILHG GXULQJ WKLV H[DPLQDWLRQ LI VXFK GHIHFWV DUH QRW FRUUHFWHG ZLWKLQ D
    VSHFLILHGSHULRGRIWLPHWKH3DWHQW2IILFHUHMHFWVWKHDSSOLFDWLRQ

    6XEVWDQWLYHH[DPLQDWLRQ
    7KH REMHFWLYH RI WKH VHDUFK LV WR GHWHUPLQH WKH SULRU DUW LQ WKH VSHFLILF ILHOG WR ZKLFK WKH LQYHQWLRQ
    UHODWHV ,Q FRQGXFWLQJ WKLV VXEVWDQWLYH H[DPLQDWLRQ WKH SDWHQW RIILFH FKHFNV LWV DUFKLYHV WR DVFHUWDLQ
    ZKHWKHUDQ\GRFXPHQWVH[LVWZKLFKGHVFULEHDVROXWLRQWKDWLVWKHVDPHDVRUVLPLODUWRWKDWGHVFULEHG
    LQWKHDSSOLFDWLRQ

    7KHDLPRIWKHH[DPLQDWLRQDVWRVXEVWDQFHLVWRHQVXUHWKDWWKHDSSOLFDWLRQVDWLVILHVFHUWDLQFRQGLWLRQV
    RISDWHQWDELOLW\,QHVVHQFHWKLVLVWRSUHYHQWWKHJUDQWRIDSDWHQWZKHUH
    • 7KHLQYHQWLRQLVH[FOXGHGIURPSDWHQWSURWHFWLRQE\VSHFLILFSURYLVLRQVLQWKHOHJLVODWLRQ
    • 7KHLQYHQWLRQLVQRWQHZGRHVQRWLQYROYHDQLQYHQWLYHVWHSDQGRULVQRWLQGXVWULDOO\DSSOLFDEOHRU
    • 7KHLQYHQWLRQLVQRWVXIILFLHQWO\GLVFORVHGLQDFOHDUDQGFRPSOHWHPDQQHU
    ,QWKHVDPHZD\DVZLWKWKHIRUPDOH[DPLQDWLRQWKHDSSOLFDQWLVJLYHQWKHRSSRUWXQLW\WRUHPRYHDQ\
    REMHFWLRQV UDLVHG GXULQJ WKH VXEVWDQWLYH H[DPLQDWLRQ 1RW DOO SDWHQW RIILFHV FRQGXFW D VXEVWDQWLYH
    H[DPLQDWLRQ RI SDWHQW DSSOLFDWLRQV ,Q D QXPEHU RI FRXQWULHV WKH\ JUDQW SDWHQWV RQ WKH EDVLV RI WKH
    IRUPDO H[DPLQDWLRQ ,Q VXFK FDVHV WKH DFWXDO YDOLGLW\ RI WKH SDWHQW DQG ZKHWKHU LW PHHWV WKH
    UHTXLUHPHQWVRISDWHQWDELOLW\DUHYHULILHGE\WKHFRXUWVRQO\LQFDVHRIGLVSXWH

    *UDQWDQGSXEOLFDWLRQ
    ,IDQGZKHQWKHH[DPLQDWLRQSURFHVVKDVUHDFKHGDFRQFOXVLRQIDYRXUDEOHWRWKHDSSOLFDQW²WKDWLVWR
    VD\ DOO WKH QHFHVVDU\ UHTXLUHPHQWV DV WR IRUP DQG VXEVWDQFH KDYH EHHQ IXOILOOHG DQG DVVXPLQJ QR
    RSSRVLWLRQKDVEHHQILOHGRUDQ\RSSRVLWLRQKDVEHHQXQVXFFHVVIXOWKHSDWHQWRIILFHZLOOJUDQWDSDWHQW
    RQWKHDSSOLFDWLRQ7KLVLQYROYHVFHUWDLQDFWLRQVRQWKHSDUWRIWKHSDWHQWRIILFH
    • 7KHGHWDLOVRIWKHSDWHQWDUHHQWHUHGLQWRWKHSDWHQWUHJLVWHU
    • $&HUWLILFDWHRI*UDQWLVLVVXHGWRWKHDSSOLFDQWWKLVLVWKHOHJDOGRFXPHQWHVWDEOLVKLQJRZQHUVKLSRIWKH
    SDWHQW
    • 7KH SDWHQW RIILFH JHQHUDOO\ SXEOLVKHV WKH SDWHQW GRFXPHQW LWVHOI 0DQ\ SDWHQW RIILFHV DOVR SXEOLVK WKH
    DSSOLFDWLRQPRQWKVDIWHUWKHILOLQJGDWH RUWKHSULRULW\GDWHVHHTXHVWLRQIRUGHILQLWLRQ 

    8VXDOO\ LQ RUGHU WR NHHS WKH SDWHQW LQ IRUFH HDFK \HDU DQG IRU WKH WHUP RI WKH SDWHQW D SUHVFULEHG
    UHQHZDORUPDLQWHQDQFHIHHKDVWREHSDLGWRWKHSDWHQWRIILFH
    3DWHQWEDVLFV 

     9JCVCTGVJGEQUVUQHRCVGPVRTQVGEVKQP!

    3DWHQWFRVWVPD\EHGLYLGHGLQWRIRXUGLIIHUHQWW\SHV

    • 7KH FRVWV UHODWLQJ WR WKH DSSOLFDWLRQ IHHV DQG RWKHU SURVHFXWLRQ IHHV SDLG WR WKH QDWLRQDO RU UHJLRQDO
    SDWHQW RIILFHV 6XFK FRVWV PD\ YDU\ ZLGHO\ IURP FRXQWU\ WR FRXQWU\ LQIRUPDWLRQ RQ WKH IHHV PD\ EH
    REWDLQHG GLUHFWO\ IURP WKH QDWLRQDO ,3 RIILFHV  DQG DUH W\SLFDOO\ ORZHU WKDQ WKH RWKHU FRVWV UHIHUUHG WR
    EHORZ

    • 7KHFRVWVUHODWLQJWRSDWHQWDWWRUQH\VRUDJHQWVZKRDVVLVWLQGUDIWLQJWKHSDWHQWDSSOLFDWLRQ:KLOHWKH
    XVHRIDSDWHQWDWWRUQH\RUDJHQWLVXVXDOO\RSWLRQDO XQOHVVWKHDSSOLFDQWLVQRWUHVLGLQJLQWKHFRXQWU\
    DQGWKHODZUHTXLUHVKLPRUKHUWREHUHSUHVHQWHGE\DQDWWRUQH\RUDJHQWDXWKRUL]HGWRSUDFWLVHLQWKH
    FRXQWU\ LWLVJHQHUDOO\DGYLVDEOHWRVHHNOHJDODGYLFHZKHQGUDIWLQJDSDWHQWGRFXPHQW

    • 7KH FRVWV RI WUDQVODWLRQ 6XFK FRVWV DUH UHOHYDQW RQO\ ZKHQ VHHNLQJ ,3 SURWHFWLRQ LQ FRXQWULHV ZKRVH
    RIILFLDO ODQJXDJH LV GLIIHUHQW IURP WKH ODQJXDJH LQ ZKLFK WKH DSSOLFDWLRQ KDV EHHQ SUHSDUHG 7KH\ PD\
    SURYHWREHKLJKHVSHFLDOO\LQFDVHVLQYROYLQJKLJKO\WHFKQLFDOSDWHQWDSSOLFDWLRQV

    • 7KHPDLQWHQDQFHIHHV6XFKIHHVDUHXVXDOO\SDLGDWUHJXODULQWHUYDOV HJHYHU\\HDURURQFHHYHU\ILYH
    \HDUV  LQ RUGHU WR PDLQWDLQ WKH DSSOLFDWLRQ RU NHHS WKH SDWHQW DOLYH ,Q FHUWDLQ FRXQWULHV SURWHFWLQJ
    SDWHQWV IRU WKH HQWLUH WHUP RI SURWHFWLRQ LQ JHQHUDO  \HDUV  PD\ SURYH WR EH DQ H[SHQVLYH
    XQGHUWDNLQJ 7KH IDFW WKDW DQQXDO PDLQWHQDQFH IHHV XVXDOO\ LQFUHDVH WKH ORQJHU WKH SURWHFWLRQ LV
    PDLQWDLQHGPXVWDOVREHWDNHQLQWRDFFRXQW

    )RU60(VZLOOLQJWRDSSO\IRUSDWHQWSURWHFWLRQLQYDULRXVFRXQWULHVWKHVHUYLFHRIIHUHGE\WKH:,32
    DGPLQLVWHUHG3&7V\VWHPPD\FRQVLGHUDEO\UHGXFHIHHVDQGVLPSOLI\SURFHGXUHV0RUHLQIRUPDWLRQRQ
    WKH3&7LQTXHVWLRQ

     4'('4'0%'5
    &RVWV²DQ,VVXHIRU:KRP-RKQ2UDQJH/HFWXUHJLYHQDWWKH:,32&RQIHUHQFHRQWKH,QWHUQDWLRQDO3DWHQW6\VWHP
    *HQHYD 6ZLW]HUODQG  0DUFK  :HE SDJH DW ZZZLQYHQWLRQLILDFK&RVWVBRUDQJHSGI 'LVFXVVHV WKH FRVWV RI SDWHQWLQJ
    DQGGLIIHUHQWRSWLRQVDQGVWUDWHJLHV
    ,3&RVW&DOFXODWRU:HEVLWHDWZZZLSFDOFXODWLRQFRP)UHHRQOLQHVRIWZDUHWRROIRUFDOFXODWLQJWKHFRVWRI,3SURWHFWLRQZLWK
    LQIRUPDWLRQIURPRYHUFRXQWULHV$OVRLQFOXGHVDGDWDEDVHRI,3H[SHUWVZRUOGZLGH
     3DWHQWEDVLFV

     *QY ECP VJG KPHQTOCVKQP QDVCKPGF HTQO RCVGPV FCVCDCUGU DG WUGHWN KP
    DWUKPGUU!

    ¶3DWHQW LQIRUPDWLRQ· LV WKH WHFKQLFDO DQG OHJDO LQIRUPDWLRQ FRQWDLQHG LQ SDWHQW GRFXPHQWV SXEOLVKHG
    SHULRGLFDOO\ E\ SDWHQW RIILFHV $ SDWHQW GRFXPHQW FRQWDLQV WKH IXOO GHVFULSWLRQ RI KRZ D SDWHQWHG
    LQYHQWLRQZRUNVDQGWKHFODLPVWKDWGHWHUPLQHWKHVFRSHRISURWHFWLRQ,WDOVRFRQWDLQVGHWDLOVRIZKR
    SDWHQWHGWKHLQYHQWLRQDQGZKHQLWZDVSDWHQWHGDQGSURYLGHVUHIHUHQFHVWRUHOHYDQWOLWHUDWXUH$ERXW
    WZRWKLUGVRIWKHWHFKQLFDOLQIRUPDWLRQUHYHDOHGLQSDWHQWSURFHVVLQJLVQHYHUSXEOLVKHGHOVHZKHUHDQG
    WKH HQWLUH VHW RI SDWHQW GRFXPHQWV ZRUOGZLGH FRQWDLQV DSSUR[LPDWHO\  PLOOLRQ LWHPV 7KLV PDNHV
    SDWHQWLQIRUPDWLRQWKHVLQJOHPRVWFRPSUHKHQVLYHFROOHFWLRQRIFODVVLILHGWHFKQRORJLFDOGDWDRQHDUWK

    3DWHQW LQIRUPDWLRQ FDQ EH XVHIXO WR 60(V IRU D QXPEHU RI UHDVRQV 3UREDEO\ WKH PRVW LPSRUWDQW LV
    WKDWSDWHQWVDUHDXQLTXHVRXUFHRIWHFKQLFDOLQIRUPDWLRQZKLFK60(VPD\ILQGRIJUHDWYDOXHLQWKHLU
    VWUDWHJLF EXVLQHVV SODQQLQJ 0RVW LQYHQWLRQV DUH GLVFORVHG WR WKH SXEOLF IRU WKH ILUVW WLPH ZKHQ WKH
    SDWHQW RU GHSHQGLQJ RQ WKH ORFDO ODZ WKH SDWHQW DSSOLFDWLRQ  LV SXEOLVKHG 7KXV SDWHQWV DUH D
    YDOXDEOH VRXUFH RI LQIRUPDWLRQ DERXW FXUUHQW UHVHDUFK DQG LQQRYDWLRQV RIWHQ ORQJ EHIRUH WKH
    LQQRYDWLYHSURGXFWVDSSHDURQWKHPDUNHW7KHWHFKQLFDOLQIRUPDWLRQFRQWDLQHGLQSDWHQWGRFXPHQWV
    FDQSURYLGHWKH60(ZLWKNH\LQVLJKWVWKDWPD\EHXVHGWR
    • $YRLGXQQHFHVVDU\H[SHQVHVLQUHVHDUFKLQJZKDWLVDOUHDG\NQRZQ
    • ,GHQWLI\DQGHYDOXDWHWHFKQRORJ\IRUOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU
    • ,GHQWLI\DOWHUQDWLYHWHFKQRORJLHV
    • .HHSDEUHDVWRIWKHODWHVWWHFKQRORJLHVLQ\RXUILHOGRIH[SHUWLVH
    • )LQGUHDG\PDGHVROXWLRQVWRWHFKQLFDOSUREOHPV
    • *HWLGHDVIRUIXUWKHULQQRYDWLRQ

    )URP WKH SRLQW RI YLHZ RI WKH FRPPHUFLDO VWUDWHJ\ RI \RXU HQWHUSULVH SDWHQW LQIRUPDWLRQ FDQ KHOS
    \RXWR
    • /RFDWHEXVLQHVVSDUWQHUV
    • /RFDWHVXSSOLHUVDQGPDWHULDOV
    • 0RQLWRUDFWLYLWLHVRIUHDODQGSRWHQWLDOFRPSHWLWRUV
    • ,GHQWLI\QLFKHPDUNHWV

    $QGILQDOO\WKHLQIRUPDWLRQFRQWDLQHGLQSDWHQWGRFXPHQWVFDQDOVREHXVHGE\60(VWR
    • $YRLGSRVVLEOHLQIULQJHPHQWSUREOHPV
    • $VVHVVWKHSDWHQWDELOLW\RI\RXURZQLQYHQWLRQV
    • 2SSRVHWKHJUDQWLQJRISDWHQWVZKHUHWKH\FRQIOLFWZLWK\RXURZQSDWHQW

     4'('4'0%'5
    7KH(32*XLGHWR3DWHQW,QIRUPDWLRQRQWKH,QWHUQHW(XURSHDQ3DWHQW2IILFH:HESDJHDWZZZHXURSHDQSDWHQW
    RIILFHRUJHVSDFHQHWLQIRPDQXDOKWP ([SODLQV KRZ WR XVH WKH ,QWHUQHW IRU SDWHQWUHODWHG DFWLYLWLHV DQG WR ILQG VFLHQWLILF DQG
    WHFKQLFDO LQIRUPDWLRQ UHODWLQJ WR SDWHQWV &RQWDLQV LQIRUPDWLRQ DERXW WKH ,QWHUQHW LWVHOI DQG VXJJHVWV D QXPEHU RI WLSV DQG
    WULFNVIRUVHDUFKLQJRQWKH,QWHUQHW$OVRLQFOXGHVOLVWVRI,QWHUQHWDGGUHVVHVRIVFLHQWLILFDQGWHFKQLFDOLQWHUHVWDVZHOODVVRXUFHV
    UHODWLQJWRSDWHQWLQIRUPDWLRQ
    *HQHUDO ,QIRUPDWLRQ RQ WKH ,QWHUQDWLRQDO 3DWHQW &ODVVLILFDWLRQ 6\VWHP :,32  :HE SDJH DW
    ZZZZLSRLQWSXEOLFDWLRQVSDWHQWVHSGI DOVR DYDLODEOH LQ 6SDQLVK DQG )UHQFK ([SODLQV WKH FODVVLILFDWLRQ V\VWHP WR
    IDFLOLWDWHVHDUFKLQJDQGUHWULHYDORISDWHQWGRFXPHQWV
    3DWHQWEDVLFV 

    $GYDQWDJHVRISDWHQWVDVDVRXUFHRIWHFKQLFDOLQIRUPDWLRQ
    3DWHQWVRIIHUDGYDQWDJHVRYHURWKHUVRXUFHVRILQIRUPDWLRQEHFDXVHWKH\
    • &RQWDLQLQIRUPDWLRQWKDWLVRIWHQQRWGLYXOJHGLQDQ\RWKHUIRUP
    • +DYHDUHODWLYHO\VWDQGDUGL]HGIRUPDWWKDWLQFOXGHVDQDEVWUDFWELEOLRJUDSKLFLQIRUPDWLRQDGHVFULSWLRQ
    RIWKHLQYHQWLRQ DQGLQPRVWFDVHVDOVRGUDZLQJVLOOXVWUDWLQJLW DQGIXOOGHWDLOVRIWKHDSSOLFDQW
    • $UHFODVVLILHGDFFRUGLQJWRWHFKQLFDOILHOGV
    • 3URYLGHH[DPSOHVRILQGXVWULDODSSOLFDELOLW\RIDQLQYHQWLRQ
    • &RYHUSUDFWLFDOO\HYHU\ILHOGRIWHFKQRORJ\

    ,QWHUQDWLRQDO3DWHQW&ODVVLILFDWLRQ
    7KH ,QWHUQDWLRQDO 3DWHQW &ODVVLILFDWLRQ ,3&  KDV EHHQ GHYHORSHG SULPDULO\ DV D V\VWHP IRU
    FODVVLILFDWLRQ DQG ODWHU UHWULHYDO RI SDWHQW GRFXPHQWV 7KH SULPDU\ DLP RI WKH ,3& LV WKH
    HVWDEOLVKPHQWRIDQHIIHFWLYHVHDUFKWRRO7RWKLVHQGLWDWWHPSWVWRHQVXUHWKDWDQ\WHFKQLFDOVXEMHFW
    ZLWKZKLFKDQLQYHQWLRQLVLPPHGLDWHO\FRQFHUQHGFDQEHFODVVLILHGDVIDUDVSRVVLEOHDVDZKROHDQG
    QRWE\VHSDUDWHFODVVLILFDWLRQRIFRQVWLWXHQWSDUWV7KH,3&VXEGLYLGHVWHFKQRORJ\LQWRVHFWLRQV
    FODVVHVVXEFODVVHVDQGDOPRVWJURXSVZKLFKFRYHUHYHU\ILHOGRIWHFKQRORJ\&XUUHQWO\
    VWDWHV DUH PHPEHUV RI WKH ,3& DQG D QXPEHU RI DGGLWLRQDO FRXQWULHV XVH WKH ,3& RU YDULDQWV RI LW LQ
    FODVVLI\LQJWKHLUSDWHQWV
    0RUHLQIRUPDWLRQRQWKH,3&LVDYDLODEOHDWZZZZLSRLQWFODVVLILFDWLRQVHQLSF

     4'('4'0%'5
    3DWHQW ,QIRUPDWLRQ DQG 'RFXPHQWDWLRQ &RQWHQWV RI D 3DWHQW 'RFXPHQW :,32  :HE SDJH DW
    ZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVSGILSBFPBSGI 3URYLGHV LQIRUPDWLRQ RQ WKH FRQWHQWV FODVVLILFDWLRQ VWRUDJH DQG
    UHWULHYDORISDWHQWVGRFXPHQWV
    3DWHQW6HDUFKLQJ²7XWRULDODQG*XLGHWR2QOLQH5HVRXUFHVDQG,QIRUPDWLRQ0F.LQQH\(QJLQHHULQJ/LEUDU\8QLYHUVLW\
    RI 7H[DV :HE SDJH DW ZZZOLEXWH[DVHGXHQJLQSDWHQWWXWRULDOLQGH[KWP +DQGVRQ LQWHUDFWLYH SDWHQWVHDUFKLQJ
    GHPRQVWUDWLRQXVLQJWKH8QLWHG6WDWHV3DWHQWDQG7UDGHPDUN2IILFH
    VZHEVLWH
    :,32 3DWHQW ,QIRUPDWLRQ 6HUYLFHV :3,6  IRU 'HYHORSLQJ &RXQWULHV :HE SDJH DW ZZZZLSRLQWLQQRYDWLRQHQZSLV
    3URYLGHVLQIRUPDWLRQRQGLIIHUHQWW\SHVRIVHDUFKHVRQ:3,6DQGLWVVHUYLFHVDQGJXLGHOLQHVIRUVXEPLWWLQJUHTXHVWV
     3DWHQWEDVLFV

     *QYFQ+TGCFCRCVGPVFQEWOGPV!

    ,W LV LPSRUWDQW WR XQGHUVWDQG ZKDW D SDWHQW GRFXPHQW ORRNV OLNH QRW MXVW IRU WKH SXUSRVHV RI ILOLQJ
    SDWHQWDSSOLFDWLRQVEXWDOVRLQRUGHUWREHDEOHWRILQGZLWKLQDSDWHQWGRFXPHQWWKHWHFKQLFDOOHJDO
    DQGRU FRPPHUFLDO LQIRUPDWLRQ \RX DUH VHHNLQJ 3DWHQW GRFXPHQWV DUH UHODWLYHO\ VLPLODUO\ VWUXFWXUHG
    ZRUOGZLGHDQGZLWKRQO\DIHZYDULDWLRQVDUHJHQHUDOO\DUUDQJHGDVIROORZV

    • )URQW SDJH DFWV DV D VXPPDU\ SDJH IRU WKH SDWHQW ,W FRQWDLQV LQIRUPDWLRQ RQ WKH GDWH RI ILOLQJ WKH
    SULRULW\GDWHWKHGDWHWKHSDWHQWZDVJUDQWHG LIWKHSDWHQWKDVEHHQJUDQWHG DQLGHQWLILFDWLRQQXPEHU
    IRUWKHSDWHQWGHWDLOVRIWKHLQYHQWRUWKHDSSOLFDQWDQGWKHSDWHQWDJHQW LIDSSOLFDEOH WHFKQLFDODQG
    FODVVLILFDWLRQGDWDDQGDQDEVWUDFWRIWKHSDWHQWZLWKDGUDZLQJ

    • 'HVFULSWLRQPXVWGHVFULEHLQHQRXJKGHWDLOWKHLQYHQWLRQVRWKDWVRPHRQHVNLOOHGLQWKHVDPHDUWFDQ
    UHSURGXFH WKH LQYHQWLRQ IURP WKH GHVFULSWLRQ DQG WKH GUDZLQJV ,Q SUDFWLFH WKHUH DUH RFFDVLRQV HJ
    JHQH VHTXHQFHV LQ WKH FDVH RI SDWHQWV LQ WKH ILHOG RI ELRWHFKQRORJ\  ZKHQ WKHUH PD\ EH DGGLWLRQDO
    VXSSRUWLQJPDWHULDOSURYLGHGRQGLVN&'RUE\RWKHUPHDQVZKLFKLVNHSWVHSDUDWHO\IURPWKHDFWXDO
    SDWHQWGRFXPHQW

    • &ODLPV LQGLFDWH WKH VFRSH RI SURWHFWLRQ 7KH\ DUH JHQHUDOO\ FRQVLGHUHG WKH PRVW LPSRUWDQW SDUW RI D
    SDWHQW,WLVFULWLFDOWKDWWKHFODLPVDUHZHOOGUDIWHGVWDWLQJH[DFWO\WKHDVSHFWVRIWKHLQYHQWLRQWKDWDUH
    QHZ7KHFODLPVDUHQRUPDOO\QXPEHUHGZLWKQXPEHUEHLQJWKHEURDGHVWFODLPDQGWKHQ¶GHSHQGHQW·
    FODLPV UHIHUULQJ EDFN WR HDUOLHU FODLPV 7KH SDWHQW FODLP PXVW EH VXSSRUWHG E\ WKH GHVFULSWLRQ DQG
    GUDZLQJV

    • 'UDZLQJVLOOXVWUDWHWHFKQLFDOGHWDLOVRIWKHLQYHQWLRQ7KHUHFDQEHDVPDQ\GUDZLQJVDVDUHFRQVLGHUHG
    QHFHVVDU\8VXDOO\WKHGUDZLQJVFRQWDLQUHIHUHQFHQXPEHUVIRUWKHGLIIHUHQWSDUWVRUIHDWXUHVWRZKLFK
    WKHGHVFULSWLRQFDQUHIHU

    • 6HDUFK UHSRUW SURYLGHG E\ WKH SDWHQW RIILFH WKLV FRQWDLQV D OLVW RI SDWHQWV ERRNV MRXUQDO DUWLFOHV
    FRQIHUHQFH SURFHHGLQJV DQG VR RQ ZKLFK KDYH VRPH UHODWLRQVKLS WR WKH LQYHQWLRQ LQ TXHVWLRQ 7KHVH
    FDQ EH RI JUHDW LQWHUHVW EXW DUH RIWHQ QHJOHFWHG E\ WKRVH XVLQJ SDWHQW GRFXPHQWV WR VHDUFK IRU
    LQIRUPDWLRQ

     4'('4'0%'5
    ¶+RZ WR 5HDG D 3DWHQW 6SHFLILFDWLRQ· 9LYLHQ ,ULVK ,Q (QJLQHHULQJ 0DQDJHPHQW -RXUQDO $SULO  :HE SDJH DW
    ZZZEOXNSGISDWVSHFSGI$QHDV\WRXQGHUVWDQGRYHUYLHZRIDSDWHQWGRFXPHQW
    'HWHUPLQLQJWKH6FRSHRID3DWHQW$UQRXG(QJHOIUHLW:HESDJHDWZZZLXVPHQWLVFRPSDWHQWVFODLPV$QRYHUYLHZ
    RIWKHUROHRIFODLPVLQGHWHUPLQLQJWKHVFRSHRISDWHQWSURWHFWLRQ'LVFXVVHVWKHGLIIHUHQWW\SHVRIFODLPV
    +RZWR5HDGD3DWHQW&$0%,$,QWHOOHFWXDO3URSHUW\5HVRXUFH
    :HESDJHDWZZZFDPELDLSRUJ7XWRULDOV7XWRULDOBWXWBKWP$QLQWHUDFWLYHWXWRULDORQWKHYDULRXVVHFWLRQVDQGFRQWHQWVRID
    SDWHQW
    :,323DWHQW,QIRUPDWLRQ6HUYLFHV :3,6 IRU'HYHORSLQJ&RXQWULHV
    :HE SDJH DW KWWSZZZZLSRLQWLQQRYDWLRQHQZSLV 3URYLGHV LQIRUPDWLRQ RQ GLIIHUHQW W\SHV RI VHDUFKHV RQ :3,6 DQG LWV
    VHUYLFHVDQGJXLGHOLQHVIRUVXEPLWWLQJUHTXHVWV
    3DWHQWEDVLFV 

     9JGTGECP+UGCTEJRCVGPVKPHQTOCVKQP!

    3DWHQWV EHLQJ SXEOLF GRFXPHQWV PRVW ,3 RIILFHV ZRUOGZLGH RIIHU IDFLOLWLHV IRU WKH JHQHUDO SXEOLF WR
    FRQVXOW SDWHQW GDWDEDVHV 6RPH QDWLRQDO DQG UHJLRQDO SDWHQW RIILFHV KDYH DOVR PDGH WKHLU SDWHQW
    GDWDEDVHVDYDLODEOHRQOLQHJHQHUDOO\IUHHRIFKDUJH,QDGGLWLRQDQXPEHURISULYDWHVHUYLFHSURYLGHUV
    RIIHUVRSKLVWLFDWHGGDWDEDVHVIRUDFRPPHUFLDOIHH3DWHQWDJHQWVDUHXVXDOO\WUDLQHGLQVHDUFKLQJSDWHQW
    GRFXPHQWVDQGDUHRIWHQXVHGE\FRPSDQLHVWRREWDLQWKHLQIRUPDWLRQUHTXLUHG

    /LQNVWRIUHHRQOLQHSDWHQWGDWDEDVHV
    
    &RXQWU\2UJDQL]DWLRQ   85/

    $XVWUDOLD ZZZLSDXVWUDOLDJRYDXVHUYLFHV6BVUFKKWP
    %UD]LO ZZZLQSLJRYEUSHVTBSDWHQWHVSDWHQWHVKWP
    &DQDGD KWWSSDWHQWVLFJFFDLQWURHKWPO 
    (XURSHDQ3DWHQW2IILFH ZZZHXURSHDQSDWHQWRIILFHRUJHVSDFHQHWLQIRDFFHVVKWP 
    )UDQFH ZZZLQSLIUEUHYHWKWPOUHFKEUHYKWP 
    *HUPDQ\ ZZZGSPDGHVXFKHVXFKHKWPO 
    +XQJDU\ ZZZKSRKX(QJOLVKGE 
    -DSDQ ZZZLSGOMSRJRMSKRPHSJBHLSGO 
    .RUHD ZZZNLSRJRNUHKWPOH/LN,QGH[KWPO 
    /DWLQ$PHULFD ZZZRHSPHVEDVHVGRFXPHQWDOHVODWLSDWBVS"$&7,21 5(7285 
    1HZ=HDODQG ZZZLSRQ]JRYWQ]VHDUFKFDGGEVVLWHQPDLQ 
    3RODQG ZZZDUVLQIRSODUVSDWHQWDBLQIRKWPO 
    5RPDQLD KWWSFJLELQLQYVHDUFK 
    5XVVLDQ)HGHUDWLRQ ZZZILSVUXHQVLWH 
    6SDLQ ZZZRHSPHVEDVHVGRFXPHQWDOHVRHSPSDWBVS"$&7,21 5(7285 
    7KDLODQG ZZZLSLFPRFJRWK 
    7ULODWHUDO'DWDEDVH ZZZXVSWRJRYZHEWZVVKKWP 
    8QLWHG.LQJGRP ZZZSDWHQWJRYXNSDWHQWGEDVHLQGH[KWP 
    8QLWHG6WDWHVRI$PHULFDZZZXVSWRJRYSDWIWLQGH[KWPO 
    

    7KHUHDUHDOVRDQXPEHURISULYDWHFRPSDQLHVWKDWSURYLGHGDWDEDVHVHDUFKVHUYLFHVIRUDIHH'HUZHQW
    ZZZGHUZHQWFRP  'LDORJ ZZZGLDORJFRP  671 ZZZVWQLQWHUQDWLRQDOGH  DQG 4XHVWHO 2UELW
    ZZZTXHVWHORUELWFRPLQGH[KWP DUHVRPHRIWKHODUJHUSRSXODUFRPPHUFLDOYHQGRUVZLWK'HUZHQW
    EHLQJ WKH ELJJHVW $OVR RQ WKH ,QWHUQHW WKHUH DUH VRPH UHODWLYH QHZFRPHUV ELJ DQG VPDOO VXFK DV
    0LFURSDWHQW www.micropatent.com/ :,36*OREDO ZZZZLSVJOREDOFRP DQGPDQ\RWKHUV

     4'('4'0%'5
    3RSXODUFRPPHUFLDOYHQGRUVDQGIHHEDVHGSURYLGHUVRIGDWDEDVHVHDUFKVHUYLFHV
    'HUZHQW:HEVLWHDWZZZGHUZHQWFRP
    'LDORJ:HEVLWHDWZZZGLDORJFRP
    671:HEVLWHDWZZZVWQLQWHUQDWLRQDOGH
    4XHVWHO2UELW:HEVLWHDWZZZTXHVWHORUELWFRP
    0LFURSDWHQW:HEVLWHDWZZZPLFURSDWHQWFRP
    :,36*OREDO:HEVLWHDWZZZZLSVJOREDOFRP
    

    
    

    
    

    
    7UDGHPDUNEDVLFV 

     9JCVKUCVTCFGOCTM!

    $WUDGHPDUNLVDGLVWLQFWLYHVLJQZKLFKGLVWLQJXLVKHVWKHJRRGVRUVHUYLFHVSURGXFHGRUSURYLGHGE\RQH
    HQWHUSULVHIURPWKRVHRIDQRWKHU

    ,Q JHQHUDO DQ\ GLVWLQFWLYH ZRUGV OHWWHUV QXPHUDOV GUDZLQJV FRORXUV SLFWXUHV VKDSHV
    ORJRW\SHVODEHOVRUFRPELQDWLRQVRIWKHDERYHXVHGWRGLVWLQJXLVKEHWZHHQWKHJRRGVDQGVHUYLFHV
    RI GLIIHUHQW FRPSDQLHV PD\ EH FRQVLGHUHG D WUDGHPDUN ,Q VRPH FRXQWULHV DGYHUWLVLQJ VORJDQV DUH
    FRQVLGHUHGWREHWUDGHPDUNVDQGPD\EHUHJLVWHUHGDVVXFKDWQDWLRQDOWUDGHPDUNRIILFHV$QLQFUHDVLQJ
    QXPEHURIFRXQWULHVDOVRDOORZIRUWKHUHJLVWUDWLRQRIOHVVWUDGLWLRQDOIRUPVRIWUDGHPDUNVXFKDVWKUHH
    GLPHQVLRQDO VLJQV HJ WKH &RFD&ROD ERWWOH RU WKH 7REOHURQH FKRFRODWH EDU  DXGLEOH VLJQV VRXQGV
    VXFKDVWKHURDURIWKHOLRQWKDWSUHFHGHVILOPVSURGXFHGE\0*0 RUROIDFWRU\VLJQV VPHOOVVXFKDV
    SHUIXPHV %XWPDQ\FRXQWULHVKDYHVHWOLPLWVDVWRZKDWPD\EHUHJLVWHUHGDVDWUDGHPDUNJHQHUDOO\
    DOORZLQJRQO\VLJQVWKDWDUHYLVXDOO\SHUFHSWLEOHRUFDQEHUHSUHVHQWHGJUDSKLFDOO\
    7KHPDLQIXQFWLRQVRIDWUDGHPDUNDUH
    • 7RHQDEOHFRQVXPHUVWRLGHQWLI\DSURGXFW ZKHWKHUDJRRGRUDVHUYLFH RIDSDUWLFXODUFRPSDQ\VRDV
    WRGLVWLQJXLVKLWIURPRWKHULGHQWLFDORUVLPLODUSURGXFWVSURYLGHGE\FRPSHWLWRUV&RQVXPHUVZKR
    DUHVDWLVILHGZLWKDJLYHQSURGXFWDUHOLNHO\WREX\RUXVHWKHSURGXFWDJDLQLQWKHIXWXUH)RUWKLVWKH\
    QHHGWREHDEOHWRGLVWLQJXLVKHDVLO\EHWZHHQLGHQWLFDORUVLPLODUSURGXFWV
    • 7RHQDEOHILUPVWRGLIIHUHQWLDWHWKHLUSURGXFWVIURPWKRVHRIWKHLUFRPSHWLWRUV7UDGHPDUNVWKXVSOD\D
    SLYRWDO UROH LQ WKH DGYHUWLVLQJ DQG PDUNHWLQJ VWUDWHJLHV RI FRPSDQLHV LQ GHILQLQJ WKH LPDJH DQG
    UHSXWDWLRQRIWKHFRPSDQ\·VSURGXFWVLQWKHH\HVRIFRQVXPHUV
    • $OVR WR SURYLGH DQ LQFHQWLYH WR FRPSDQLHV WR LQYHVW LQ PDLQWDLQLQJ RU LPSURYLQJ WKH TXDOLW\ RI
    WKHLUSURGXFWVLQRUGHUWRHQVXUHWKDWSURGXFWVEHDULQJWKHWUDGHPDUNKDYHDSRVLWLYHUHSXWDWLRQ

    7UDGHPDUNVGLIIHUIURPWUDGHQDPHV
    0DQ\ SHRSOH EHOLHYH WKDW LI WKH\ UHJLVWHU WKHLU EXVLQHVV DQG LWV WUDGH QDPH DW WKH EXVLQHVV UHJLVWU\
    WKLV QDPH ZLOO DOVR EH DXWRPDWLFDOO\ SURWHFWHG DV D WUDGHPDUN 7KLV LV D SRSXODU PLVFRQFHSWLRQ ,W LV
    LPSRUWDQWWRXQGHUVWDQGWKHGLIIHUHQFHEHWZHHQDWUDGHQDPHDQGDWUDGHPDUN
    $ WUDGH QDPH LV WKH IXOO QDPH RI \RXU EXVLQHVV VXFK DV ¶%ODFNPDUN ,QWHUQDWLRQDO /WG· DQG LW
    LGHQWLILHV \RXU FRPSDQ\ ,W RIWHQ HQGV ZLWK /WG ,QF RU DQRWKHU VLPLODU DEEUHYLDWLRQ GHQRWLQJ WKH
    OHJDO FKDUDFWHU RI WKH FRPSDQ\ $ WUDGHPDUN KRZHYHU LV ZKDW GLVWLQJXLVKHV WKH SURGXFW V  RI
    \RXU FRPSDQ\ IURP WKRVH RI RWKHU FRPSDQLHV $ FRPSDQ\ PD\ KDYH YDULRXV WUDGHPDUNV )RU
    LQVWDQFH %ODFNPDUN ,QWHUQDWLRQDO /WG PD\ VHOO RQH RI LWV SURGXFWV DV %/$&.0$5. EXW DQRWKHU DV
    5('0$5. &RPSDQLHV PD\ XVH D WUDGHPDUN WR LGHQWLI\ DOO WKHLU SURGXFWV RU D SDUWLFXODU UDQJH RI
    WKHLUSURGXFWVRUMXVWRQHVSHFLILFW\SHRISURGXFWWKDWWKH\SURGXFH6RPHFRPSDQLHVPD\DOVRXVH
    WKHLU WUDGH QDPH RU SDUW RI LW DV D WUDGHPDUN DQG VKRXOG WKHUHIRUH FRQVLGHU UHJLVWHULQJ LW DV D
    WUDGHPDUN

     4'('4'0%'5
    0DNLQJ D 0DUN $Q ,QWURGXFWLRQ WR 7UDGHPDUNV IRU 6PDOO DQG 0HGLXPVL]HG (QWHUSULVHV :,32 :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVJXLGHVPDNLQJBDBPDUNSGI $Q HDV\WRIROORZ RYHUYLHZ RI WUDGHPDUNV SURWHFWLRQ DQG WKHLU
    W\SHVXVHDQGHQIRUFHPHQWZLWKLOOXVWUDWLRQVDQGH[DPSOHV
    7KH,35+HOSGHVN:HEVLWHDWZZZLSUKHOSGHVNRUJ%DVLFLQIRUPDWLRQDQGJXLGHVIRUGRZQORDGDQGQXPHURXVOLQNVWRRWKHU
    SRUWDOV RQ ,3 ,QFOXGHV JXLGH RQ WUDGHPDUNV XQGHU WKH OLQN 'LVWLQFWLYH 6LJQV DQG FRYHUV ZKDW FRQVWLWXWHV WUDGHPDUNV WKHLU
    XWLOLW\SURWHFWLRQW\SHVDQGUHJLVWUDWLRQ
    7UDGHPDUN :RUOG :HEVLWH DW ZZZLSZRUOGRQOLQHFRP 6XEVFULSWLRQ UHTXLUHG 86  SHU \HDU 1HZV DQG LQWHUQDWLRQDO
    GHYHORSPHQWVLQWUDGHPDUNV

    
    7KHZRUGV¶WUDGHPDUNV·DQG¶PDUNV·DUHXVHGLQWHUFKDQJHDEO\WKURXJKRXWWKLVJXLGHLQUHIHUULQJWRJRRGV ZKHUH¶WUDGHPDUNV·
    XVXDOO\ DSSOLHV  RU WR VHUYLFHV ZKHUH ¶VHUYLFH PDUNV· XVXDOO\ DSSOLHV  DV WKH FDVH PD\ EH 6HH 4X« IRU D EULHI H[SODQDWLRQ RI
    VHUYLFHPDUNV
     7UDGHPDUNEDVLFV

     9JCVECPPQVDGRTQVGEVGFCUCVTCFGOCTM!

    :KHQ FKRRVLQJ WKH WUDGHPDUN V  RI \RXU EXVLQHVV LW PD\ EH KHOSIXO WR KDYH NQRZOHGJH RI WKH
    FDWHJRULHV RI VLJQV WKDW DUH XVXDOO\ QRW DFFHSWHG IRU UHJLVWUDWLRQ $SSOLFDWLRQV IRU WUDGHPDUN
    UHJLVWUDWLRQ DUH XVXDOO\ UHMHFWHG RQ ZKDW DUH FRPPRQO\ UHIHUUHG WR DV ¶DEVROXWH JURXQGV· LQ WKH
    IROORZLQJFDVHV

    *HQHULFWHUPV)RUH[DPSOHLI\RXUFRPSDQ\LQWHQGVWRUHJLVWHUWKHWUDGHPDUN&+$,5WRVHOOFKDLUV
    WKHPDUNZRXOGEHUHMHFWHGVLQFH¶FKDLU·LVWKHJHQHULFWHUPIRUWKHSURGXFW

    'HVFULSWLYHWHUPV7KHVHDUHZRUGVWKDWDUHXVXDOO\XVHGLQWUDGHWRGHVFULEHWKHSURGXFWLQTXHVWLRQ
    )RUH[DPSOHWKHPDUN6:((7LVOLNHO\WREHUHMHFWHGIRUPDUNHWLQJFKRFRODWHVDVEHLQJGHVFULSWLYH,Q
    IDFWLWZRXOGEHFRQVLGHUHGWREHXQIDLUWRJLYHDQ\VLQJOHFKRFRODWHPDQXIDFWXUHUH[FOXVLYLW\RYHUWKH
    ZRUG ¶VZHHW· IRU PDUNHWLQJ LWV SURGXFWV 6LPLODUO\ TXDOLWDWLYH RU ODXGDWRU\ WHUPV VXFK DV ¶5$3,'·
    ¶%(67·¶&/$66,&·RU¶,1129$7,9(·DUHOLNHO\WRJLYHULVHWRVLPLODUREMHFWLRQVXQOHVVWKH\DUHSDUW
    RIDQRWKHUZLVHGLVWLQFWLYHPDUN,QVXFKFDVHVLWPD\EHQHFHVVDU\WRLQFOXGHDGLVFODLPHUFODULI\LQJ
    WKDWQRH[FOXVLYLW\LVVRXJKWIRUWKDWSDUWLFXODUSDUWRIWKHPDUN
    'HFHSWLYHWUDGHPDUNV7KHVHDUHWUDGHPDUNVWKDWDUHOLNHO\WRGHFHLYHRUPLVOHDGFRQVXPHUVDVWRWKH
    QDWXUH TXDOLW\ RU JHRJUDSKLFDO RULJLQ RI WKH SURGXFW )RU H[DPSOH PDUNHWLQJ PDUJDULQH XQGHU D
    WUDGHPDUN IHDWXULQJ D FRZ ZRXOG SUREDEO\ EH UHMHFWHG DV LW ZRXOG EH FRQVLGHUHG PLVOHDGLQJ IRU
    FRQVXPHUVZKRDUHOLNHO\WRDVVRFLDWHWKHPDUNZLWKGDLU\SURGXFWV LHEXWWHU 

    0DUNV FRQVLGHUHG WR EH FRQWUDU\ WR SXEOLF RUGHU RU PRUDOLW\ :RUGV DQG LOOXVWUDWLRQV WKDW DUH
    FRQVLGHUHG WR YLRODWH FRPPRQO\ DFFHSWHG QRUPV RI PRUDOLW\ DQG UHOLJLRQ LQ WKH FRXQWU\ ZKHUH
    SURWHFWLRQLVEHLQJVRXJKWDUHJHQHUDOO\QRWDOORZHGWREHUHJLVWHUHGDVWUDGHPDUNV
    )ODJV DUPRULDO EHDULQJV RIILFLDO KDOOPDUNV DQG HPEOHPV RI 6WDWHV DQG LQWHUQDWLRQDO
    RUJDQL]DWLRQV ZKLFK KDYH EHHQ FRPPXQLFDWHG WR WKH ,QWHUQDWLRQDO %XUHDX RI :,32 DUH XVXDOO\
    H[FOXGHGIURPUHJLVWUDWLRQ
    $SSOLFDWLRQV DUH UHMHFWHG RQ ¶UHODWLYH JURXQGV· ZKHQ WKH WUDGHPDUN LV LQ FRQIOLFW ZLWK SULRU
    WUDGHPDUN ULJKWV +DYLQJ WZR LGHQWLFDO RU YHU\ VLPLODU  WUDGHPDUNV IRU WKH VDPH W\SH RI SURGXFW
    FRXOG FDXVH FRQIXVLRQ DPRQJ FRQVXPHUV 6RPH WUDGHPDUN RIILFHV FKHFN IRU FRQIOLFW ZLWK H[LVWLQJ
    PDUNV LQFOXGLQJ XQUHJLVWHUHG ZHOONQRZQ PDUNV  DV D UHJXODU SDUW RI WKH UHJLVWUDWLRQ SURFHVV ZKLOH
    PDQ\ RWKHUV GR VR RQO\ ZKHQ WKH WUDGHPDUN LV FKDOOHQJHG E\ D WKLUG SDUW\ DIWHU SXEOLFDWLRQ RI WKH
    WUDGHPDUN,QHLWKHUFDVHLIWKHRIILFHFRQVLGHUV\RXUWUDGHPDUNWREHLGHQWLFDORUFRQIXVLQJO\VLPLODU
    WR RQH WKDW DOUHDG\ H[LVWV IRU LGHQWLFDO RU VLPLODU SURGXFWV LW ZLOO EH UHMHFWHG RU FDQFHOOHG ,W ZRXOG
    WKHUHIRUHEHZLVHWRDYRLGXVLQJWUDGHPDUNVWKDWULVNEHLQJFRQVLGHUHGFRQIXVLQJO\VLPLODUWRH[LVWLQJ
    PDUNV

     4'('4'0%'5
    7KH,35+HOSGHVN:HEVLWHDWZZZLSUKHOSGHVNRUJ%DVLFLQIRUPDWLRQDQGJXLGHVIRUGRZQORDGDQGQXPHURXVOLQNVWRRWKHU
    SRUWDOV RQ ,3 ,QFOXGHV JXLGH RQ WUDGHPDUNV XQGHU WKH OLQN 'LVWLQFWLYH 6LJQV DQG FRYHUV ZKDW FRQVWLWXWHV WUDGHPDUNV WKHLU
    XWLOLW\SURWHFWLRQW\SHVDQGUHJLVWUDWLRQ
    $OO DERXW WUDGHPDUNV :HEVLWH DW ZZZJJPDUNFRPZKDWLVKWPO %DVLF LQIRUPDWLRQ RQ WUDGHPDUNV DQG QXPHURXV OLQNV WR
    UHODWHGVLWHVDQGLQIRUPDWLRQ
    0DNLQJ D 0DUN $Q ,QWURGXFWLRQ WR 7UDGHPDUNV IRU 6PDOO DQG 0HGLXPVL]HG (QWHUSULVHV :,32 :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVJXLGHVPDNLQJBDBPDUNSGI $Q HDV\WRIROORZ RYHUYLHZ RI WUDGHPDUNV SURWHFWLRQ DQG WKHLU
    W\SHVXVHDQGHQIRUFHPHQW,QFOXGHVPDLQUHDVRQVIRUUHMHFWLRQRIDSSOLFDWLRQVIRUWUDGHPDUNV
    7UDGHPDUNEDVLFV 

     9J[UJQWNF+RTQVGEVO[VTCFGOCTM!

    :KLOHPRVWEXVLQHVVHVUHDOL]HWKHLPSRUWDQFHRIXVLQJWUDGHPDUNVWRGLIIHUHQWLDWHWKHLUSURGXFWVIURP
    WKRVHRIWKHLUFRPSHWLWRUVQRWDOOUHDOL]HWKHLPSRUWDQFHRISURWHFWLQJWKHPE\UHJLVWUDWLRQ*LYHQWKH
    LPSRUWDQFHWKDWDWUDGHPDUNPD\KDYHLQGHWHUPLQLQJWKHVXFFHVVRIDSURGXFWLQWKHPDUNHWSODFHLWLV
    HVVHQWLDOWRHQVXUHWKDWLWKDVDGHTXDWHSURWHFWLRQ

    <RX FDQ SURWHFW \RXU WUDGHPDUN E\ UHJLVWHULQJ LW 5HJLVWHULQJ D WUDGHPDUN JLYHV \RXU FRPSDQ\ WKH
    H[FOXVLYHULJKWWRWKHXVHRIWKHWUDGHPDUN7KLVSUHYHQWVRWKHUVIURPPDUNHWLQJLGHQWLFDORUVLPLODU
    SURGXFWVXQGHUWKHVDPHPDUNRUXQGHUDFRQIXVLQJO\VLPLODUPDUN<RXPD\OLFHQVHRUIUDQFKLVH\RXU
    SURWHFWHG WUDGHPDUN WR RWKHU FRPSDQLHV WKXV SURYLGLQJ DQ DGGLWLRQDO VRXUFH RI UHYHQXH IRU \RXU
    FRPSDQ\2QRFFDVLRQVDSURWHFWHGWUDGHPDUNZLWKDJLYHQUHSXWDWLRQDPRQJFRQVXPHUVPD\DOVREH
    XVHG WR REWDLQ IXQGLQJ IURP ILQDQFLQJ LQVWLWXWLRQV VXFK DV EDQNV RU YHQWXUH FDSLWDOLVWV ZKR DUH
    LQFUHDVLQJO\DZDUHRIWKHLPSRUWDQFHRIEUDQGVIRUEXVLQHVVVXFFHVV
    ,I\RXGRQRWSURWHFW\RXUWUDGHPDUNRWKHUFRPSDQLHVFRXOG LQWHQWLRQDOO\RUXQLQWHQWLRQDOO\ XVHWKH
    VDPHRUDFRQIXVLQJO\VLPLODUVLJQIRUWKHLURZQSURGXFWV<RXUFRPSHWLWRUVPLJKWDGRSWDVLPLODURU
    LGHQWLFDO WUDGHPDUN DQG EHQHILW IURP WKH UHSXWDWLRQ DQG UHODWLRQVKLS \RX KDYH EXLOW ZLWK \RXU
    FXVWRPHUV DQG EXVLQHVV SDUWQHUV 8VH RI \RXU WUDGHPDUN E\ RWKHU FRPSDQLHV FDQ FRQIXVH \RXU
    FXVWRPHUVDQGPD\DOVRGDPDJHWKHUHSXWDWLRQ DQG LPDJH RI \RXUFRPSDQ\ SDUWLFXODUO\ LI WKH ULYDO
    SURGXFWLVRILQIHULRUTXDOLW\

    7KXVWUDGHPDUNSURWHFWLRQIRU\RXUSURGXFW
    • (QVXUHVWKDWFRQVXPHUVFDQGLVWLQJXLVKEHWZHHQSURGXFWV
    • (QDEOHVFRPSDQLHVWRGLIIHUHQWLDWHEHWZHHQWKHLUSURGXFWV
    • *LYHV\RXDPDUNHWLQJWRRODQGWKHEDVLVIRUEXLOGLQJDEUDQGLPDJHDQGUHSXWDWLRQ
    • 3URYLGHVWKHRSSRUWXQLW\IRUOLFHQVLQJDQGEHLQJDGLUHFWVRXUFHRIUHYHQXHWKURXJKUR\DOWLHV
    • 0D\EHDFULWLFDOFRPSRQHQWRIIUDQFKLVLQJDJUHHPHQWV
    • 0D\EHDYDOXDEOHEXVLQHVVDVVHW
    • (QFRXUDJHVFRPSDQLHVWRLQYHVWLQPDLQWDLQLQJSURGXFWTXDOLW\LQRUGHUQRWWRGHFHLYHFRQVXPHUV

    ,Q VRPH FRXQWULHV SDUWLFXODUO\ FRXQWULHV WKDW IROORZ D ¶FRPPRQ ODZ· V\VWHP VXFK DV $XVWUDOLD
    &DQDGD ,QGLD WKH 8QLWHG .LQJGRP DQG WKH 8QLWHG 6WDWHV  D WUDGHPDUN PD\ DOVR EH SURWHFWHG
    WKURXJKXVH7KHPDLQDGYDQWDJHVRIUHJLVWUDWLRQLQVXFKFDVHVDUH

    • 5HJLVWUDWLRQ SURYLGHV SURRI RI ULJKWV ZKLFK LV SDUWLFXODUO\ LPSRUWDQW LQ FDVH RI GLVSXWHV ZLWK WKLUG
    SDUWLHV
    • $QDSSOLFDWLRQFDQEHILOHGSULRUWRXVLQJWKHPDUNWKXVREWDLQLQJH[FOXVLYHULJKWVHYHQEHIRUH\RXKDYH
    EHJXQWRFRPPHUFLDOL]H\RXUSURGXFW
    • 5HJLVWUDWLRQPDNHVLWHDVLHUDQGFKHDSHUWRHQIRUFH\RXUULJKWV
    • 7KHWUDGHPDUNLVLQFOXGHGRQWKHUHJLVWHU
    • 7KHŠVLJQFDQEHXVHGQH[WWRWKHWUDGHPDUN
    

     4'('4'0%'5
    0DNLQJ D 0DUN $Q ,QWURGXFWLRQ WR 7UDGHPDUNV IRU 6PDOO DQG 0HGLXPVL]HG (QWHUSULVHV :,32 :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVJXLGHVPDNLQJBDBPDUNSGI3URYLGHVVRPHEXVLQHVVUHDVRQVIRUSURWHFWLRQRIWUDGHPDUNV
    7KH,35+HOSGHVN:HEVLWHDWZZZLSUKHOSGHVNRUJ%DVLFLQIRUPDWLRQDQGJXLGHVIRUGRZQORDGDQGQXPHURXVOLQNVWRRWKHU
    SRUWDOVRQ,3,QFOXGHVJXLGHRQWUDGHPDUNVXQGHUWKHOLQN'LVWLQFWLYH6LJQVDQGFRYHUVZK\WUDGHPDUNVVKRXOGEHSURWHFWHG
     7UDGHPDUNEDVLFV

     9JCVCTGVJGFKHHGTGPVV[RGUQHOCTMU!

    7UDGHPDUNV
    $VGHILQHGLQTXHVWLRQWUDGHPDUNVDUHGLVWLQFWLYHVLJQVXVHGWRGLVWLQJXLVKWKHJRRGVRUVHUYLFHVRI
    RQHHQWHUSULVHIURPWKRVHRIRWKHUV

    6HUYLFH0DUN
    $ VHUYLFH PDUN LV YHU\ VLPLODU LQ QDWXUH WR D WUDGHPDUN %RWK DUH GLVWLQFWLYH VLJQV WUDGHPDUNV
    GLVWLQJXLVK WKH JRRGV RI RQH HQWHUSULVH IURP WKRVH RI RWKHUV ZKLOH VHUYLFH PDUNV GLVWLQJXLVK WKH
    VHUYLFHVRIRQHHQWHUSULVHIURPWKRVHRIRWKHUV6HUYLFHVPD\EHRIDQ\NLQGVXFKDVILQDQFLDOEDQNLQJ
    WUDYHO DGYHUWLVLQJ RU FDWHULQJ WR QDPH D IHZ 6HUYLFH PDUNV FDQ EH UHJLVWHUHG UHQHZHG FDQFHOOHG
    DVVLJQHGDQGOLFHQVHGXQGHUWKHVDPHFRQGLWLRQVDVWUDGHPDUNV

    &ROOHFWLYH0DUNV
    $ FROOHFWLYH PDUN LV JHQHUDOO\ RZQHG E\ DQ DVVRFLDWLRQ RU FRRSHUDWLYH ZKLFK LWVHOI GRHV QRW XVH WKH
    FROOHFWLYH PDUN EXW ZKRVH PHPEHUV PD\ XVH LW WR PDUNHW WKHLU SURGXFWV 7KH FROOHFWLYH ERG\ ZKLFK
    RZQVWKHPDUNH[FOXVLYHO\JUDQWVLWVPHPEHUVWKHULJKWWRXVHLWLIWKH\FRPSO\ZLWKWKHUHTXLUHPHQWV
    IL[HGLQWKHUHJXODWLRQVFRQFHUQLQJWKHXVHRIWKHFROOHFWLYHPDUN HJTXDOLW\VWDQGDUGVJHRJUDSKLFDO
    RULJLQ  $ FROOHFWLYH PDUN PD\ EH DQ HIIHFWLYH ZD\ RI MRLQWO\ PDUNHWLQJ WKH SURGXFWV RI D JURXS RI
    HQWHUSULVHV WKDW PD\ LQGLYLGXDOO\ ILQG LW PRUH GLIILFXOW WR PDNH WKHLU LQGLYLGXDO PDUNV UHFRJQL]HG E\
    FRQVXPHUVDQGRUGLVWULEXWHGE\WKHPDLQUHWDLOHUV$QH[DPSOHRIDVXFFHVVIXOFROOHFWLYHPDUNLVWKH
    0(/,1'$PDUNXVHGE\DSSOHSURGXFHUVLQWKH,WDOLDQUHJLRQRIWKH9DOOHGL1RQDQG9DOOHGHO
    6ROH(DFKSURGXFHUKDVDULJKWWRXVHWKH0(/,1'$FROOHFWLYHPDUNZKLFKEHORQJVWRWKH0HOLQGD
    &RQVRUWLXPDVORQJDVWKHLUDSSOHVPHHWWKHUHTXLUHPHQWVGHWHUPLQHGE\WKHFRQVRUWLXP

    &HUWLILFDWLRQ0DUNV
    &HUWLILFDWLRQ PDUNV DUH JLYHQ IRU FRPSOLDQFH ZLWK GHILQHG VWDQGDUGV EXW DUH QRW FRQILQHG WR DQ\
    PHPEHUVKLS 7KH\ PD\ EH XVHG E\ DQ\RQH ZKR FDQ FHUWLI\ WKDW WKH SURGXFWV LQYROYHG PHHW FHUWDLQ
    HVWDEOLVKHG VWDQGDUGV ,Q PRVW FRXQWULHV WKH PDLQ GLIIHUHQFH EHWZHHQ FROOHFWLYH PDUNV DQG
    FHUWLILFDWLRQPDUNVLVWKDWWKHIRUPHUPD\EHXVHGRQO\E\DVSHFLILFJURXSRIHQWHUSULVHV HJPHPEHUV
    RIDQDVVRFLDWLRQ ZKLOHFHUWLILFDWLRQPDUNVPD\EHXVHGE\DQ\ERG\ZKRFRPSOLHVZLWKWKHVWDQGDUGV
    GHILQHGE\WKHRZQHURIWKHFHUWLILFDWLRQPDUN
    $Q LPSRUWDQW UHTXLUHPHQW IRU FHUWLILFDWLRQ PDUNV LV WKDW WKH HQWLW\ WKDW DSSOLHV IRU UHJLVWUDWLRQ EH
    FRQVLGHUHG¶FRPSHWHQWWRFHUWLI\·WKHSURGXFWVFRQFHUQHG$IDPRXVH[DPSOHRIDFHUWLILFDWLRQPDUNLV
    WKH:RROPDUNZKLFKFDQEHXVHGRQO\RQLWHPVWKDWDUHSURYHQWREHPDGHRIZRRO)RUPRUH
    RQFHUWLILFDWLRQPDUNVVHHTXHVWLRQ

     4'('4'0%'5
    ¶7KH9DOXHRI&ROOHFWLYHDQG&HUWLILFDWLRQ0DUNVIRU6PDOO3OD\HUV·,Q:,320DJD]LQH-XO\²6HSWHPEHU:HESDJH
    DW ZZZZLSRLQWVPHHQGRFXPHQWVZLSRBPDJD]LQHBSGI 'HVFULEHV WKH YDOXH W\SHV DQG XVH RI FROOHFWLYH PDUNV IRU
    60(VZLWKWZRFDVHVWXGLHVIURP3HUX
    ¶&HUWLILFDWLRQ0DUNV*XDUDQWHHVDQG7UXVW·-%HOVRQ,Q(XURSHDQ,QWHOOHFWXDO3URSHUW\5HYLHZ6ZHHWDQG0D[ZHOO/WG
    $YHQXH5RDG/RQGRQ1:3)8QLWHG.LQJGRP7HO  )D[  
    ¶3URWHFWLRQRI:HOO.QRZQ0DUNV·'HQLV&UR]H,Q-RXUQDORI,QWHOOHFWXDO3URSHUW\5LJKWV9ROXPH0D\SS²
    7UDGHPDUNEDVLFV 

    :HOONQRZQPDUNV
    7KHVH DUH PDUNV WKDW DUH FRQVLGHUHG WR EH ZHOONQRZQ E\ WKH FRPSHWHQW DXWKRULWLHV RI D JLYHQ
    FRXQWU\ ¶:HOONQRZQ PDUNV· JHQHUDOO\ EHQHILW IURP VWURQJHU SURWHFWLRQ )RU H[DPSOH WKH\ ZLOO EH
    SURWHFWHGHYHQLIWKH\DUHQRWUHJLVWHUHG RUKDYHQRWHYHQEHHQXVHG LQDJLYHQWHUULWRU\,QDGGLWLRQ
    ZKLOHPDUNVDUHJHQHUDOO\SURWHFWHGDJDLQVWFRQIXVLQJO\VLPLODUPDUNVRQO\LIXVHGIRULGHQWLFDORUVLPLODU
    SURGXFWV ZHOONQRZQ PDUNV DUH RIWHQ SURWHFWHG DJDLQVW FRQIXVLQJO\ VLPLODU PDUNV XVHG HYHQ IRU
    XQUHODWHG SURGXFWV LI FHUWDLQ FRQGLWLRQV DUH PHW 7KH PDLQ SXUSRVH RI WKLV VWURQJHU SURWHFWLRQ LV WR
    SUHYHQWFRPSDQLHVIURPIUHHULGLQJRQWKHUHSXWDWLRQRIDZHOONQRZQPDUNDQGRUFDXVLQJGDPDJHWR
    LWVUHSXWDWLRQDQGJRRGZLOO

    
     ,Q :,32 -RLQW 5HFRPPHQGDWLRQ &RQFHUQLQJ 3URYLVLRQV RQ WKH 3URWHFWLRQ RI :HOO.QRZQ 0DUNV WKH WHUP ¶FRPSHWHQW DXWKRULWLHV· LV
    XVHG WR FRYHU DGPLQLVWUDWLYH MXGLFLDO RU TXDVLMXGLFLDO DXWKRULWLHV 7KH FRPSHWHQW DXWKRULW\ PD\ EH LQWHU DOLD D FRXUW ZKLFK
    GHDOVZLWKLQIULQJHPHQWFDVHVRUDQLQGXVWULDOSURSHUW\RIILFHGXULQJDQH[DPLQDWLRQRUDQRSSRVLWLRQSURFHGXUH
     7UDGHPDUNEDVLFV

     9JCVUJQWNF+DGCTKPOKPFYJGPUGNGEVKPIQTETGCVKPIO[VTCFGOCTM!

    6HOHFWLQJRUFUHDWLQJDQDSSURSULDWHWUDGHPDUNLVDFULWLFDOVWHSEHFDXVHLWLVDQLPSRUWDQWHOHPHQWLQ
    WKHPDUNHWLQJVWUDWHJ\RI\RXUEXVLQHVV6RZKDWLVDQDSSURSULDWHWUDGHPDUNIRU\RXUSURGXFW V ",W
    VHHPVWKHUHDUHQRKDUGDQGIDVWUXOHVEXWWKHIROORZLQJDUHUHFRPPHQGHGSRLQWVWRFRQVLGHU

    • 7KH SURSRVHG WUDGHPDUN VKRXOG PHHW WKH OHJDO UHTXLUHPHQWV VR WKDW LW PD\ EH UHJLVWHUHG 6HH
    TXHVWLRQ 

    • ,W LV DGYLVDEOH WR HQVXUH WKDW LI WKH WUDGHPDUN FRQVLVWV RI RQH RU PRUH ZRUGV WKH ZRUGV DUH HDV\ WR
    UHDGZULWHVSHOODQGUHPHPEHUDQGVXLWDEOHIRUDGYHUWLVLQJSXUSRVHVLQDOOW\SHVRIPHGLD

    • 7KH WH[W VKRXOG QRW KDYH XQGHVLUDEOH FRQQRWDWLRQV HLWKHU LQ \RXU RZQ ODQJXDJH RU LQ DQ\ RI WKH
    ODQJXDJHVRISRWHQWLDOH[SRUWPDUNHWV

    • 7KH WUDGHPDUN VKRXOG QRW EH LGHQWLFDO RU FRQIXVLQJO\ VLPLODU WR H[LVWLQJ WUDGHPDUNV DQG WKH
    FRUUHVSRQGLQJ GRPDLQ QDPH ,QWHUQHW DGGUHVV  VKRXOG EH DYDLODEOH IRU UHJLVWUDWLRQ 0RUH RQ WKH
    UHODWLRQVKLSEHWZHHQGRPDLQQDPHVDQGWUDGHPDUNVLQTXHVWLRQ 

    :KHQ VHOHFWLQJ RQH RU PRUH ZRUGV DV \RXU WUDGHPDUN \RX VKRXOG DOVR WDNH LQWR FRQVLGHUDWLRQ WKH
    LPSOLFDWLRQVRIVHOHFWLQJWKHIROORZLQJW\SHVRIZRUGV

    • &RLQHG RU ¶IDQFLIXO· ZRUGV 7KHVH DUH LQYHQWHG ZRUGV ZLWKRXW DQ\ LQWULQVLF RU UHDO PHDQLQJ &RLQHG
    ZRUGVKDYHWKHDGYDQWDJHRIEHLQJHDV\WRSURWHFWDVWKH\DUHPRUHOLNHO\WREHFRQVLGHUHGLQKHUHQWO\
    GLVWLQFWLYH 2Q WKH QHJDWLYH VLGH KRZHYHU WKH\ PD\ EH PRUH GLIILFXOW WR UHPHPEHU IRU FRQVXPHUV
    UHTXLULQJJUHDWHUHIIRUWVLQDGYHUWLVLQJWKHSURGXFWV7\SLFDOH[DPSOHVDUH.RGDNDQG([[RQ

    • $UELWUDU\ PDUNV 7KHVH DUH ZRUGV WKDW KDYH D PHDQLQJ WKDW EHDUV QR UHODWLRQ WR WKH SURGXFW WKH\
    DGYHUWLVH:KLOHWKHVHW\SHVRIPDUNVZLOOEHHDV\WRSURWHFWWKH\PD\DOVRUHTXLUHKHDY\DGYHUWLVLQJWR
    FUHDWHWKHDVVRFLDWLRQEHWZHHQWKHPDUNDQGWKHSURGXFWLQWKHPLQGVRIFRQVXPHUV7\SLFDOH[DPSOHV
    ZRXOGEH$SSOHDQG6XQIRUFRPSXWHUV

    • 6XJJHVWLYH PDUNV 7KHVH DUH PDUNV WKDW KLQW DW RQH RU VRPH RI WKH DWWULEXWHV RI WKH SURGXFW 7KH
    DSSHDORIVXJJHVWLYHPDUNVLVWKDWWKH\DFWDVDIRUPRIDGYHUWLVLQJ$VOLJKWULVNKRZHYHULVWKDWVRPH
    FRXQWULHVPD\FRQVLGHUDVXJJHVWLYHPDUNWREHWRRGHVFULSWLYHRIWKHSURGXFWDQGUHMHFWLWVUHJLVWUDWLRQ
    2QHH[DPSOHRIDVXJJHVWLYHPDUNZRXOGEH&RSSHUWRQHIRUVXQFUHDP

    ,UUHVSHFWLYHRIWKHW\SHRIPDUN\RXFKRRVHLWLVLPSRUWDQWWRDYRLGLPLWDWLQJH[LVWLQJWUDGHPDUNV$
    VOLJKWO\ DOWHUHG FRPSHWLWRU·V WUDGHPDUN RU D PLVVSHOW ZHOONQRZQ RU IDPRXV PDUN LV XQOLNHO\ WR EH
    UHJLVWHUHG

     4'('4'0%'5
    7KH,35+HOSGHVN:HEVLWHDWZZZLSUKHOSGHVNRUJ%DVLFLQIRUPDWLRQDQGJXLGHVIRUGRZQORDGDQGQXPHURXVOLQNVWRRWKHU
    SRUWDOVRQ,3,QFOXGHVJXLGHRQWUDGHPDUNVXQGHUWKHOLQN'LVWLQFWLYH6LJQVDQGFRYHUVWKHYDULRXVW\SHVRIWUDGHPDUNV
    7UDGHPDUNEDVLFV 

     *QYFQ+TGIKUVGTO[VTCFGOCTMU!

    7KHDSSOLFDQW
    $VWKHILUVWVWHS\RXKDYHWRVHQGRUKDQGLQDGXO\FRPSOHWHGWUDGHPDUNDSSOLFDWLRQIRUPDQGSD\
    WKHUHTXLUHGIHHV7KHIRUPZLOOLQFOXGH
    • 7KHFRQWDFWGHWDLOVRI\RXUFRPSDQ\
    • $JUDSKLFLOOXVWUDWLRQRIWKHPDUN DVSHFLILFIRUPDWPD\EHUHTXLUHG 
    • $ GHVFULSWLRQ RI WKH JRRGV DQG VHUYLFHV DQGRU FODVV HV  IRU ZKLFK \RXU HQWHUSULVH ZLVKHV WR REWDLQ
    WUDGHPDUNSURWHFWLRQ

    ,WVKRXOGEHQRWHGWKDWVRPHWUDGHPDUNRIILFHV HJ8QLWHG6WDWHVDQG&DQDGD UHTXLUHHLWKHUSUHVHQW


    SURRIRIXVHRUDGHFODUDWLRQWKDW\RXUFRPSDQ\LQWHQGVWRXVHWKHWUDGHPDUNIRUWKHSXUSRVHVRI\RXU
    DSSOLFDWLRQ 7KH UHOHYDQW WUDGHPDUN RIILFH ZLOO JLYH \RX PRUH SUHFLVH LQIRUPDWLRQ FRQFHUQLQJ WKH
    DSSOLFDWLRQSURFHVV

    7KHWUDGHPDUNRIILFH
    7KHVWHSVWDNHQE\WKHWUDGHPDUNRIILFHWRUHJLVWHU\RXUWUDGHPDUNYDU\LQFHUWDLQGHWDLOVIURPFRXQWU\
    WRFRXQWU\EXWEURDGO\IROORZWKHSDWWHUQGHVFULEHGEHORZ

    )RUPDO H[DPLQDWLRQ 7KH WUDGHPDUN RIILFH H[DPLQHV WKH DSSOLFDWLRQ WR PDNH VXUH WKDW LW FRPSOLHV
    ZLWKDGPLQLVWUDWLYHUHTXLUHPHQWVRUIRUPDOLWLHVHJZKHWKHUWKHDSSOLFDWLRQIHHKDVEHHQSDLGDQGWKH
    DSSOLFDWLRQIRUPSURSHUO\ILOOHGLQ
    6XEVWDQWLYH H[DPLQDWLRQ ,Q VRPH FRXQWULHV WKH WUDGHPDUN RIILFH DOVR H[DPLQHV WKH DSSOLFDWLRQ WR
    YHULI\ZKHWKHULWFRPSOLHVZLWKDOOWKHVXEVWDQWLYHUHTXLUHPHQWVHJZKHWKHUWKHVLJQLVQRWH[FOXGHG
    IURP UHJLVWUDWLRQE\ WKH WUDGHPDUN ODZ DQG ZKHWKHU WKH WUDGHPDUN LV LQ FRQIOLFW ZLWK SULRU PDUNV LQ
    WKHUHOHYDQWFODVV HV 
    3XEOLFDWLRQDQGRSSRVLWLRQ,QPDQ\FRXQWULHVWKHWUDGHPDUNLVSXEOLVKHGLQDQRIILFLDOMRXUQDOWR
    DOORZ D VHW SHULRG RI WLPH IRU WKLUG SDUWLHV WR RSSRVH LWV UHJLVWUDWLRQ ,Q D IHZ RWKHU FRXQWULHV WKH
    WUDGHPDUN LV SXEOLVKHG RQO\ RQFH LW KDV EHHQ UHJLVWHUHG EXW ZLWK D VXEVHTXHQW SHULRG DOORZLQJ IRU
    SHWLWLRQVWREHDEOHWRUHYRNHWKHUHJLVWUDWLRQ
    5HJLVWUDWLRQ2QFHLWKDVEHHQGHFLGHGWKDWWKHUHDUHQRJURXQGVIRUUHIXVDOWKHWUDGHPDUNLVILQDOO\
    UHJLVWHUHGDQGDUHJLVWUDWLRQFHUWLILFDWHLVLVVXHGZKLFKLVJHQHUDOO\YDOLGIRU\HDUV
    5HQHZDO 7KH PDUN PD\ EH UHQHZHG LQGHILQLWHO\ E\ SD\LQJ WKH UHTXLUHG UHQHZDO IHHV EXW WKH
    UHJLVWUDWLRQ PD\ EH FDQFHOOHG HQWLUHO\ RU IRU FHUWDLQ JRRGV RU VHUYLFHV LI WKH WUDGHPDUN KDV QRW EHHQ
    XVHGIRUDFHUWDLQSHULRGRIWLPHDVVSHFLILHGE\WKHUHOHYDQWWUDGHPDUNODZ

     4'('4'0%'5
    *XLGHOLQHV IRU 7UDGHPDUN ([DPLQDWLRQ ,QWHUQDWLRQDO 7UDGHPDUN $VVRFLDWLRQ  :HE SDJH DW
    ZZZLQWDRUJGRZQORDGVWDSBWPH[DPSGI *XLGHOLQHV IRU WUDGHPDUN UHJLVWUDWLRQ RIILFHV RQ WKH FULWHULD IRU HYDOXDWLQJ
    WUDGHPDUNV
    2IILFLDO7UDGHPDUN)HHV,35+HOSGHVN'RFXPHQWFDQEHGRZQORDGHGIURPZZZLSUKHOSGHVNRUJ
     7UDGHPDUNEDVLFV

    7KHFRVWVRISURWHFWLRQ
    ,W LV LPSRUWDQW WR EHDU LQ PLQG DQG WR SURSHUO\ EXGJHW IRU WKH FRVWV UHODWHG WR WKH WUDGHPDUN
    UHJLVWUDWLRQSURFHVV
    • 7KHUH PD\ EH FRVWV DVVRFLDWHG ZLWK WKH FUHDWLRQ RI WKH ORJR RU WKH ZRUG WR EH XVHG DV D WUDGHPDUN
    0DQ\FRPSDQLHVRXWVRXUFHWKHFUHDWLYHZRUNWRFRQVXOWDQWV

    • 7KHUHPD\EHFRVWVIRUFRQGXFWLQJDWUDGHPDUNVHDUFK VHHTXHVWLRQ 

    • 7KHUH DUH FRVWV DVVRFLDWHG ZLWK WKH UHJLVWUDWLRQ SURFHVV ZKLFK ZLOO YDU\ GHSHQGLQJ RQ WKH QXPEHU RI
    FRXQWULHV DQG WUDGHPDUN FODVVHV FDWHJRULHV RI SURGXFWV  IRU ZKLFK SURWHFWLRQ LV VRXJKW <RXU QDWLRQDO
    WUDGHPDUNRIILFHZLOOEHDEOHWRJLYH\RXWKHGHWDLOHGFRVWVRIUHJLVWUDWLRQLQ\RXUFRXQWU\ VHHDSSHQGL[
    ,,IRUDOLVWRIZHEVLWHVRILQGXVWULDOSURSHUW\RIILFHV 

    • &RPSDQLHV FKRRVLQJ WR XVH D SURIHVVLRQDO WUDGHPDUN DJHQW WR DVVLVW WKHP LQ WKH UHJLVWUDWLRQ SURFHVV
    PLJKWIDFHDGGLWLRQDOFRVWVEXWZRXOGSUREDEO\VDYHDVLJQLILFDQWDPRXQWRIWLPHDQGHQHUJ\

    ,QJHQHUDODQ\SHUVRQZKRLQWHQGVWRXVHDWUDGHPDUNRUWRKDYHLWXVHGE\WKLUGSDUWLHVFDQDSSO\IRU
    UHJLVWUDWLRQ7KDWSHUVRQPD\EHHLWKHUDQDWXUDOSHUVRQRUDOHJDOHQWLW\
    7UDGHPDUNEDVLFV 

     *QY ECP + HKPF QWV KH O[ EJQUGP VTCFGOCTM OKIJV EQPHNKEV YKVJ QVJGT
    TGIKUVGTGFVTCFGOCTMU!9JCVKUCVTCFGOCTMUGCTEJ!

    %HIRUH VXEPLWWLQJ DQ DSSOLFDWLRQ IRU UHJLVWHULQJ \RXU WUDGHPDUN \RX VKRXOG HQVXUH WKDW D SURSHU
    WUDGHPDUNVHDUFKKDVEHHQFDUULHGRXW7KLVLVWRPDNHVXUHWKDWWKHWUDGHPDUN\RXLQWHQGWRXVHRU
    D VLPLODU RQH LV QRW DOUHDG\ UHJLVWHUHG E\ DQRWKHU FRPSDQ\ IRU LGHQWLFDO RU VLPLODU SURGXFWV ,W LV
    DGYLVDEOHWRFRQGXFWDWUDGHPDUNVHDUFKQRWRQO\LQ\RXURZQFRXQWU\EXWDOVRDVIDUDVLVSRVVLEOHLQ
    SRWHQWLDOH[SRUWFRXQWULHVLQRUGHUWRDYRLGSUREOHPVRILQIULQJHPHQWDWDODWHUVWDJH

    $ WUDGHPDUN VHDUFK PD\ EH FRQGXFWHG GLUHFWO\ E\ \RXU FRPSDQ\ RU \RX PD\ KLUH WKH VHUYLFHV RI D
    WUDGHPDUNDJHQW(LWKHURI\RXFDQGRWKHVHDUFKWKURXJK\RXUQDWLRQDOWUDGHPDUNRIILFH ZKLFKPD\
    EHIUHHRUUHTXLUHSD\PHQWRIDIHH RUWKURXJKDFRPPHUFLDOO\RSHUDWHGWUDGHPDUNGDWDEDVH:KDWHYHU
    WKH PDQQHU \RX FKRRVH SOHDVH EHDU LQ PLQG WKDW DQ\ VXFK WUDGHPDUN VHDUFK LV RQO\ SUHOLPLQDU\ ,W
    PD\ EH GLIILFXOW WR HQVXUH WKDW \RXU WUDGHPDUN RI FKRLFH LV QRW ¶FRQIXVLQJO\ VLPLODU· WR H[LVWLQJ YDOLGO\
    UHJLVWHUHG WUDGHPDUNV 7KLV LV ZK\ WKH JXLGDQFH RI DQ H[SHULHQFHG WUDGHPDUN DJHQW ZKR LV IDPLOLDU
    ZLWKWKHSUDFWLFHRIWKHWUDGHPDUNRIILFHDQGFRXUWGHFLVLRQVPD\EHH[WUHPHO\KHOSIXO

    +RZHYHUEHIRUHJRLQJWRDQDJHQW\RXPD\ZLVKWRFKHFNZKHWKHU\RXUQDWLRQDOWUDGHPDUNRIILFH RU
    DFRPPHUFLDOGDWDEDVHFRPSDQ\ KDVDIUHHRQOLQHWUDGHPDUNGDWDEDVHWKDW\RXFDQXVHWRFRQGXFWD
    SUHOLPLQDU\ VHDUFK RI \RXU RZQ $ OLVW RI WUDGHPDUN GDWDEDVHV LV DYDLODEOH RQ WKH :,32 ZHEVLWH DW
    KWWSHFRPPHUFHZLSRLQWGDWDEDVHVWUDGHPDUN 
    7UDGHPDUNVDUHJURXSHGLQWR¶FODVVHV·DFFRUGLQJWRWKHJRRGVRUVHUYLFHVWKH\VHUYHWRLGHQWLI\ VHHWKH
    H[SODQDWLRQ RI WKH LQWHUQDWLRQDO FODVVLILFDWLRQ V\VWHP DW ZZZZLSRLQWFODVVLILFDWLRQVHQQLFHDERXW 
    <RXPD\WKHUHIRUHEHJLQE\IDPLOLDUL]LQJ\RXUVHOIZLWKWKHGLIIHUHQWWUDGHPDUNFODVVHV

    7UDGHPDUNFODVVHV
    :KHQ ILOOLQJ LQ WKH WUDGHPDUN DSSOLFDWLRQ IRUP \RX DUH UHTXLUHG LQ PRVW FRXQWULHV WR LQGLFDWH WKH
    JRRGVDQGRUVHUYLFHVIRUZKLFK\RXZLVKWRUHJLVWHU\RXUWUDGHPDUNDQGWRJURXSWKHPDFFRUGLQJWR
    ¶FODVVHV· 7KH FODVVHV DUH WKRVH UHIHUUHG WR LQ WKH WUDGHPDUN FODVVLILFDWLRQ V\VWHP 7KH WUDGHPDUN
    FODVVLILFDWLRQV\VWHPDOORZVGDWDRQUHJLVWHUHGWUDGHPDUNVWREHVWRUHGLQDQRUGHUO\PDQQHUDFFRUGLQJ
    WR WKH GLIIHUHQW W\SHV RI JRRGV RU VHUYLFHV 7KLV JUHDWO\ IDFLOLWDWHV WKH UHWULHYDO RI LQIRUPDWLRQ ,W LV
    HVVHQWLDOWRUHJLVWHU\RXUWUDGHPDUNLQDOOWKHFODVVHVLQZKLFK\RXLQWHQGWRXVHLW
    7KH,QWHUQDWLRQDO7UDGHPDUN&ODVVLILFDWLRQV\VWHP WKH¶1LFH6\VWHP·IRUFODVVLILFDWLRQRIZRUGPDUNV 
    LVWKHPRVWZLGHO\XVHGZLWKFODVVHVIRUJRRGVDQGDIXUWKHUIRUVHUYLFHV

    ([DPSOH
    +RZDUHSURGXFWVFODVVLILHG"/HWXVWDNHDQH[DPSOH,I\RXUFRPSDQ\LVSURGXFLQJNQLYHVDQGIRUNV
    WKHQ\RXUWUDGHPDUNDSSOLFDWLRQVKRXOGEHPDGHIRUWKHFRUUHVSRQGLQJJRRGVLQFODVV,IKRZHYHU
    \RXZLVKWRPDUNHWRWKHUNLWFKHQXWHQVLOV VXFKDVFRQWDLQHUVSDQVRUSRWV XVLQJWKHVDPHWUDGHPDUN
    \RXZLOODOVRKDYHWRUHJLVWHUWKHPDUNIRUWKHFRUUHVSRQGLQJJRRGVLQFODVV,QVRPHFRXQWULHV\RX
    ZRXOGKDYHWRPDNHDVHSDUDWHDSSOLFDWLRQIRUHDFKFODVVRISURGXFWZKLOHLQRWKHUV\RXPD\FRYHUD
    QXPEHURIFODVVHVZLWKDVLQJOHDSSOLFDWLRQ

     4'('4'0%'5
    ,QWHUQDWLRQDO &ODVVLILFDWLRQ RI *RRGV DQG 6HUYLFHV IRU WKH 3XUSRVHV RI WKH 5HJLVWUDWLRQ RI 0DUNV XQGHU WKH 1LFH
    $JUHHPHQW:,32:HESDJHDWZZZZLSRLQWFODVVLILFDWLRQVHQQLFHDERXWLQGH[KWPO
    9LHQQD$JUHHPHQW(VWDEOLVKLQJDQ,QWHUQDWLRQDO&ODVVLILFDWLRQRIWKH)LJXUDWLYH(OHPHQWVRI0DUNV:,32:HESDJH
    DWZZZZLSRLQWWUHDWLHVFODVVLILFDWLRQYLHQQDLQGH[KWPO
    7UDGHPDUN6HDUFKHV,QWHUQDWLRQDO7UDGHPDUN$VVRFLDWLRQ:HESDJHDWZZZLQWDRUJLQIREDVLFVBVHDUFKHVKWPO,QIRUPDWLRQ
    RQZK\DQGKRZWRFRQGXFWDWUDGHPDUNVHDUFK
    7UDGHPDUN 6HDUFKLQJ *OHQQ $ *XQGHUVHQ 6HFRQG (GLWLRQ ,QWHUQDWLRQDO 7UDGHPDUN $VVRFLDWLRQ 86 ,17$
    PHPEHUV 86,QWHUQDWLRQDO7UDGHPDUN$VVRFLDWLRQ$YHQXHRIWKH$PHULFDV1HZ<RUN1<86$7HO
    )D[(PDLO FXVWRPHUVHUYLFH#LQWDRUJ:HESDJHZZZLQWDRUJSXEV$QDXWKRULWDWLYH
    UHVRXUFHRQWUDGHPDUNVHDUFK
     7UDGHPDUNEDVLFV

     9JCVFQ+PGGFVQMPQYCDQWVWUKPICVTCFGOCTM!

    8VHUHTXLUHPHQW
    $ ILUP PD\ DSSO\ IRU WUDGHPDUN UHJLVWUDWLRQ SULRU WR XVLQJ WKH WUDGHPDUN LQ WKH PDUNHW WR
    FRPPHUFLDOL]H LWV SURGXFWV RU VHUYLFHV EXW VRPH FRXQWULHV ZLOO QRW RIILFLDOO\ UHJLVWHU WKH WUDGHPDUN
    XQWLO\RXKDYHVKRZQSURRIRIXVH HJWKH8QLWHG6WDWHV $GGLWLRQDOO\LQPRVWFDVHVWKHUHJLVWUDWLRQ
    RIDWUDGHPDUNWKDWKDVQRWEHHQXVHGIRUDJLYHQSHULRGRIWLPH XVXDOO\WKUHHWRILYH\HDUVIROORZLQJ
    UHJLVWUDWLRQ  ZLOO EH FDQFHOOHG 7KLV LV WR WU\ WR JXDUDQWHH WKDW WKH UHJLVWUDWLRQ LV GRQH ZLWK WKH
    LQWHQWLRQ RI DFWXDOO\ XVLQJ WKH WUDGHPDUN LQ WKH PDUNHWSODFH UDWKHU WKDQ VLPSO\ IRU WKH SXUSRVH RI
    REVWUXFWLQJLWVXVHE\RWKHUV

    7UDGHPDUNV\PEROV
    0DQ\FRPSDQLHVXVHVLJQVVXFKDVŠ70600' )UHQFKPDUTXHGHSRVHp RU05 6SDQLVKPDUFD
    UHJLVWDGD RUHTXLYDOHQWV\PEROVQH[WWRWKHLUWUDGHPDUNLQRUGHUWRLQIRUPFRQVXPHUVDQGFRPSHWLWRUV
    WKDW WKH ZRUG ORJR RU RWKHU VLJQ LV D WUDGHPDUN :KLOH VXFK V\PEROV DUH QRW D UHTXLUHPHQW DQG
    JHQHUDOO\ SURYLGH QR IXUWKHU OHJDO SURWHFWLRQ IRU WKH WUDGHPDUN LW PD\ EH D FRQYHQLHQW ZD\ RI
    LQIRUPLQJRWKHUVWKDWDJLYHQVLJQLVDWUDGHPDUNWKXVZDUQLQJSRVVLEOHLQIULQJHUVDQGFRXQWHUIHLWHUV
    7KHŠV\PERO0'DQG05DUHXVHGRQFHWKHWUDGHPDUNKDVEHHQUHJLVWHUHG70GHQRWHVWKDWDJLYHQ
    VLJQLVDWUDGHPDUNDQG60LVVRPHWLPHVXVHGIRUVHUYLFHPDUNV

    8VHLQDGYHUWLVLQJ
    ,I \RXU PDUN LV UHJLVWHUHG DV D ORJR ZLWK D VSHFLILF GHVLJQ RU W\SHIDFH PDNH VXUH WKDW ZKHUHYHU LW
    DSSHDUV LW LV UHSUHVHQWHG LQ H[DFWO\ WKH IRUP LQ ZKLFK LW LV UHJLVWHUHG 0RQLWRU DQG VXSHUYLVH LWV XVH
    FORVHO\DVLWLVFULWLFDOWRWKHLPDJHRI\RXUFRPSDQ\·VSURGXFWV,WLVDOVRLPSRUWDQWWRDYRLGXVLQJWKH
    WUDGHPDUNDVDYHUERUQRXQLQRUGHUWKDWLWGRHVQRWFRPHWREHSHUFHLYHGE\FRQVXPHUVDVDJHQHULF
    WHUP

    2QHWUDGHPDUNIRUPDQ\SURGXFWV
    'HSHQGLQJ RQ LWV EUDQGLQJ VWUDWHJ\ D FRPSDQ\ PD\ GHFLGH WR XVH WKH VDPH WUDGHPDUN IRU DOO LWV
    SURGXFWVWKXVUHLQIRUFLQJWKHEUDQGQDPHHYHU\WLPHDQHZSURGXFWLVUHOHDVHGRUWRXVHDGLIIHUHQW
    PDUNIRUHDFKOLQHRISURGXFWV
    ([WHQGLQJ DQ H[LVWLQJ EUDQG QDPHWR D QHZ SURGXFW DOORZV LW WR EHQHILW IURP WKH H[LVWLQJ LPDJH DQG
    UHSXWDWLRQRIWKHPDUN+RZHYHUZKHUHDGLVWLQFWLYHLPDJHLVUHTXLUHGIRUWKHQHZSURGXFWOLQHLWPD\
    SURYH PRUH DGYDQWDJHRXV WR FUHDWH DQRWKHU PDUN RU EUDQG VSHFLILFDOO\ WDLORUHG WR WKH QHZ SURGXFW
    LWVHOI DQG HQDEOLQJ WKH FRPSDQ\ WR PRUH HDVLO\ WDUJHW D SDUWLFXODU FXVWRPHU JURXS HJ FKLOGUHQ
    WHHQDJHUV  0DQ\ FRPSDQLHV DOVR FKRRVH WKH RSWLRQ RI XVLQJ D QHZ PDUN LQ FRQMXQFWLRQ ZLWK DQ
    H[LVWLQJRQH
    :KDWHYHU \RXU FKRLFH DFFRUGLQJ WR \RXU VWUDWHJ\ \RX VKRXOG PDNH VXUH WKDW \RXU WUDGHPDUN LV
    UHJLVWHUHGIRUDOOFDWHJRULHVRIJRRGVDQGRUVHUYLFHVIRUZKLFKLWLVRUZLOOEHXVHG

     4'('4'0%'5
    ,QWHUQDWLRQDO7UDGHPDUN$VVRFLDWLRQ:HESDJHDWZZZLQWDRUJLQIRIDTV8KWPO)UHTXHQWO\DVNHGTXHVWLRQVRQSURSHUXVH
    RIWUDGHPDUNV
    
    
    ,QGXVWULDOGHVLJQEDVLFV 

     9JCVKUCPKPFWUVTKCNFGUKIP!9J[KUKVKORQTVCPVVQO[DWUKPGUU!

    0DQ\HQWHUSULVHVGHYRWHDVLJQLILFDQWDPRXQWRIWLPHDQGUHVRXUFHVWRHQKDQFLQJWKHGHVLJQRIWKHLU
    SURGXFWVLQRUGHUWR

    • &XVWRPL]HSURGXFWVWRSDUWLFXODUFXVWRPHUJURXSV6PDOOPRGLILFDWLRQVWRWKHGHVLJQRIDSURGXFW
    HJ D ZDWFK  PD\ PDNH LW HVSHFLDOO\ VXLWDEOH IRU SDUWLFXODU DJHV FXOWXUHV RU VRFLDO JURXSV :KLOH WKH
    PDLQIXQFWLRQVRIWKHZDWFKPD\UHPDLQWKHVDPHFKLOGUHQDQGDGXOWVDUHOLNHO\WRSUHIHUYHU\GLIIHUHQW
    GHVLJQV

    • &UHDWHDQHZ¶QLFKH·PDUNHW,QDFRPSHWLWLYHPDUNHWSODFHDFRPSDQ\PD\GHYHORSDQLFKHPDUNHW
    IRU LWVHOI E\ LQWURGXFLQJ D FUHDWLYH GHVLJQ IRU LWV SURGXFW WKDW GLIIHUHQWLDWHV LW IURP WKDW RI LWV
    FRPSHWLWRUV 7KLV FDQ EH HTXDOO\ WKH FDVH IRU VXFK RUGLQDU\ LWHPV DV ORFNV FXSV DQG VDXFHUV DV IRU
    SRWHQWLDOO\KLJKSULFHGLWHPVVXFKDVMHZHOOHU\FRPSXWHUVRUFDUV

    • 6WUHQJWKHQ EUDQGV &UHDWLYH GHVLJQV DUH RIWHQ FRPELQHG ZLWK GLVWLQFWLYH WUDGHPDUNV WR HQKDQFH D
    FRPSDQ\·V EUDQG V  0DQ\ FRPSDQLHV KDYH VXFFHVVIXOO\ UHGHILQHG WKHLU EUDQG LPDJH WKURXJK VWURQJ
    IRFXVRQSURGXFWGHVLJQ

    ,QHYHU\GD\ODQJXDJHDQ¶LQGXVWULDOGHVLJQ·JHQHUDOO\UHIHUVWRDSURGXFW·VRYHUDOOIRUPDQGIXQFWLRQ
    $QDUPFKDLULVVDLGWRKDYHD¶JRRGLQGXVWULDOGHVLJQ·ZKHQLWLVFRPIRUWDEOHWRVLWLQDQGZHOLNHWKH
    ZD\ LW ORRNV 7KXV IRU HQWHUSULVHV GHVLJQLQJ D SURGXFW JHQHUDOO\ LPSOLHV GHYHORSLQJ WKH SURGXFW·V
    IXQFWLRQDO DQG DHVWKHWLF IHDWXUHV ZKLOH WDNLQJ LQWR FRQVLGHUDWLRQ LVVXHV VXFK DV WKH SURGXFW·V
    PDUNHWDELOLW\DQGWKHFRVWVRIPDQXIDFWXULQJRUWKHHDVHRIWUDQVSRUWVWRUDJHUHSDLUDQGGLVSRVDO

    )URPDQ,3ODZSHUVSHFWLYHKRZHYHUDQLQGXVWULDOGHVLJQUHIHUVRQO\WRWKHDHVWKHWLFDVSHFWVRU
    RXWZDUGDSSHDUDQFHRIDSURGXFW,QRWKHUZRUGVLWUHIHUVRQO\WRWKHDSSHDUDQFHRIDQDUPFKDLU
    $OWKRXJK WKH GHVLJQ RI D SURGXFW PD\ KDYH WHFKQLFDO RU IXQFWLRQDO IHDWXUHV LQGXVWULDO GHVLJQ DV D
    FDWHJRU\RI,3ODZUHIHUVRQO\WRWKHDHVWKHWLFQDWXUHRIDILQLVKHGSURGXFWDQGWKHUHIRUHLVGLVWLQFW
    IURPDQ\WHFKQLFDORUIXQFWLRQDODVSHFWV
    ,QGXVWULDOGHVLJQLVDSSOLHGWRDZLGHYDULHW\RIPDVVSURGXFHGDVZHOODVLQGLYLGXDOO\FUDIWHGSURGXFWV
    IURPWHFKQLFDODQGPHGLFDOLQVWUXPHQWVWRZDWFKHVMHZHOOHU\DQGRWKHUOX[XU\LWHPVIURPKRXVHKROG
    SURGXFWV WR\V IXUQLWXUH DQG HOHFWULFDO DSSOLDQFHV WR FDUV DQG DUFKLWHFWXUDO VWUXFWXUHV IURP WH[WLOH
    GHVLJQVWRVSRUWVHTXLSPHQW,QGXVWULDOGHVLJQLVDOVRDSSOLHGWRSURGXFWSDFNDJLQJDQGFRQWDLQHUV

    $VDJHQHUDOUXOHDQLQGXVWULDOGHVLJQFRQVLVWVRIWKHWKUHHGLPHQVLRQDOIHDWXUHVVXFKDVWKHVKDSHRID
    SURGXFW WKH WZRGLPHQVLRQDO IHDWXUHV VXFK DV RUQDPHQWDWLRQ SDWWHUQV DQG OLQHV RU FRORXU RU D
    FRPELQDWLRQRIWZRRUPRUHRIWKHVH

     4'('4'0%'5
    /RRNLQJ *RRG $Q ,QWURGXFWLRQ WR ,QGXVWULDO 'HVLJQV IRU 6PDOO DQG 0HGLXPVL]HG (QWHUSULVHV :,32 :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVJXLGHVLQGXVWULDOBGHVLJQVSGI )XQGDPHQWDOV RI LQGXVWULDO GHVLJQ DQG LWV LPSRUWDQFH IRU
    EXVLQHVVHV
    &DQDGLDQ,QWHOOHFWXDO3URSHUW\2IILFH:HESDJHDWKWWSVWUDWHJLVLFJFFDVFBPUNVYFLSRKHOSIDTBLGHKWPO$QRYHUYLHZ
    RIZKDWLQGXVWULDOGHVLJQLV&RQWDLQVIUHTXHQWO\DVNHGTXHVWLRQVIURPD&DQDGLDQSHUVSHFWLYH$OVRFRYHUVLQIRUPDWLRQRQRWKHU
    ,3UHODWHGPDWWHUVVXFKDVSDWHQWVWUDGHPDUNVFRS\ULJKWVDQGLQWHJUDWHGFLUFXLWWRSRJUDSKLHV
    'HVLJQV *XLGH ,35+HOSGHVN 'RFXPHQW FDQ EH GRZQORDGHG IURP ZZZLSUKHOSGHVNRUJ )HDWXUHV LQIRUPDWLRQ RQ ZKDW
    GHVLJQVDUHWKHLUYDOXHIRUDEXVLQHVVDQGZK\DQGKRZWRSURWHFWGHVLJQV
     ,QGXVWULDOGHVLJQEDVLFV

     9J[UJQWNF+RTQVGEVO[FGUKIPU!

    7KHUHDUHDQXPEHURIUHDVRQVZK\LWLVLPSRUWDQWIRUEXVLQHVVHVWRSURWHFWWKHLUGHVLJQV

    • 7KH GHVLJQ RI DQ DUWLFOH LV RIWHQ WKH IDFWRU WKDW PDNHV LW DWWUDFWLYH DQG DSSHDOLQJ WR FXVWRPHUV DQG
    YLVXDODSSHDOLVDNH\FRQVLGHUDWLRQLQWKHGHFLVLRQRIWKHFRQVXPHUWRFKRRVHRQHSURGXFWLQSUHIHUHQFH
    WRDQRWKHU7KLVLVSDUWLFXODUO\WUXHRIFDWHJRULHVZKHUHWKHUHLVDZLGHUDQJHRISURGXFWVSHUIRUPLQJWKH
    VDPHIXQFWLRQVXFKDVKDLUEUXVKHVNQLYHVDQGODPSVRUDOVRFDUVDQGFRPSXWHUV*LYHQWKHFRPPHUFLDO
    LPSRUWDQFH RI GHVLJQ LQ WKH VXFFHVV RI D SURGXFW SURWHFWLQJ LW IURP FRS\LQJ DQG LPLWDWLRQ E\
    FRPSHWLWRUVVKRXOGEHDNH\SDUWRIWKHEXVLQHVVVWUDWHJ\RIDQ\GHVLJQHURUPDQXIDFWXUHU

    • 6PDUWLQGXVWULDOGHVLJQVDUHEXVLQHVVDVVHWVWKDWFDQLQFUHDVHWKHFRPPHUFLDOYDOXHRIDFRPSDQ\DQG
    LWVSURGXFWV7KHPRUHVXFFHVVIXOWKHGHVLJQWKHKLJKHULWVYDOXHWRWKHFRPSDQ\$VLVWKHFDVHZLWKDOO
    WKHDVVHWVRIDFRPSDQ\WKH\VKRXOGEHDGHTXDWHO\PDQDJHGPRQLWRUHGDQGSURWHFWHG

    • ,QGXVWULDOGHVLJQSOD\VDELJUROHLQWKHVXFFHVVIXOPDUNHWLQJRIDZLGHYDULHW\RISURGXFWVKHOSLQJWR
    GHILQHWKHLPDJHRIDFRPSDQ\·VEUDQG3URWHFWLRQRIDQLQGXVWULDOGHVLJQHQVXUHVH[FOXVLYLW\RYHULWVXVH
    DQGLVDNH\HOHPHQWLQDFRPSDQ\·VPDUNHWLQJVWUDWHJ\

    • $ SURWHFWHG GHVLJQ PD\ DOVR SURYLGH DQ DGGLWLRQDO VRXUFH RI UHYHQXH IRU \RXU FRPSDQ\ WKURXJK
    OLFHQVLQJRXWWRRWKHUVIRUDIHHWKHULJKWVWRLWVXVHRUE\VHOOLQJWKHUHJLVWHUHGGHVLJQULJKW

     4'('4'0%'5
    /RRNLQJ *RRG $Q ,QWURGXFWLRQ WR ,QGXVWULDO 'HVLJQV IRU 6PDOO DQG 0HGLXPVL]HG (QWHUSULVHV :,32 :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVJXLGHVLQGXVWULDOBGHVLJQVSGI )XQGDPHQWDOV RI LQGXVWULDO GHVLJQ DQG LWV LPSRUWDQFH IRU
    EXVLQHVVHV
    $ *XLGH WR ,QGXVWULDO 'HVLJQV LQ &DQDGD &DQDGLDQ ,QGXVWULDO 3URSHUW\ 2IILFH :HE SDJH DW
    KWWSVWUDWHJLVJFFDVFBPUNVYFLSRLGLGJXLGHHSGI$EULHIRYHUYLHZRIZK\LQGXVWULDOGHVLJQVVKRXOGEHSURWHFWHG
    'HVLJQV *XLGH ,35+HOSGHVN 'RFXPHQW FDQ EH GRZQORDGHG IURP ZZZLSUKHOSGHVNRUJ )HDWXUHV LQIRUPDWLRQ RQ ZKDW
    GHVLJQVDUHWKHLUYDOXHIRUDEXVLQHVVDQGZK\DQGKRZWRSURWHFWGHVLJQV
    ,QGXVWULDOGHVLJQEDVLFV 

     *QYFQ+RTQVGEVO[KPFWUVTKCNFGUKIPU!

    ,Q PRVW FRXQWULHV DQ LQGXVWULDO GHVLJQ PXVW EH UHJLVWHUHG LQ RUGHU WR EH SURWHFWHG XQGHU
    LQGXVWULDO GHVLJQ ODZ 7R UHJLVWHU DQ LQGXVWULDO GHVLJQ \RX PXVW ILOH DQ DSSOLFDWLRQ DW WKH QDWLRQDO
    LQGXVWULDOSURSHUW\RIILFHRIWKHFRXQWU\ZKHUH\RXDUHVHHNLQJSURWHFWLRQ

    :KHQ DQ LQGXVWULDO GHVLJQ LV SURWHFWHG E\ UHJLVWUDWLRQ WKH RZQHU LV JUDQWHG DQ H[FOXVLYH ULJKW
    DJDLQVW XQDXWKRUL]HG FRS\LQJ RU LPLWDWLRQ E\ WKLUG SDUWLHV 7KLV LQFOXGHV WKH ULJKW WR H[FOXGH DOO
    RWKHUV IURP PDNLQJ RIIHULQJ LPSRUWLQJ H[SRUWLQJ RU VHOOLQJ DQ\ DUWLFOH LQ ZKLFK WKH GHVLJQ LV
    LQFRUSRUDWHGRUWRZKLFKLWLVDSSOLHG7KHODZVDQGSUDFWLFHVRIWKHFRXQWU\RUUHJLRQGHWHUPLQHWKH
    DFWXDOVFRSHRISURWHFWLRQRIWKHUHJLVWHUHGGHVLJQULJKW

    5HJLVWUDWLRQSURFHVV
    7RUHJLVWHUDGHVLJQLQ\RXURZQFRXQWU\QRUPDOO\\RXPXVWJRWKURXJKWKHIROORZLQJVWHSV

    • )LOOLQWKHDSSOLFDWLRQIRUPREWDLQDEOHDW\RXUQDWLRQDOLQGXVWULDOSURSHUW\RIILFH VHHDSSHQGL[,,IRU
    D OLVW RI ZHEVLWHV RI LQGXVWULDO SURSHUW\ RIILFHV ZKHUH \RX FDQ UHJLVWHU \RXU GHVLJQV  <RX ZLOO EH
    UHTXHVWHG DOVR WR SURYLGH GUDZLQJV DQGRU SKRWRJUDSKV RI WKH GHVLJQ V  LQ TXHVWLRQ VWDQGDUG
    IRUPDWVDUHXVXDOO\VSHFLILHG 

    • ,QVRPHFRXQWULHV\RXPD\DOVREHUHTXLUHGWRILOHDZULWWHQGHVFULSWLRQRUVWDWHPHQWRIQRYHOW\RI
    WKHLQGXVWULDOGHVLJQ V 7KHGHVFULSWLRQXVXDOO\KDVWREHRIWKHGHVLJQDQGQRWRIWKHDUWLFOHWRZKLFKLW
    KDV EHHQ DSSOLHG ,W VKRXOG EH DFFXUDWH DQG DGHTXDWH LQ WHUPV RI LWV GLIIHUHQWLDWLRQ IURP DQ\ VLPLODU
    HDUOLHU GHVLJQV ,W VKRXOG FRYHU DOO WKH GLVWLQFWLYH DHVWKHWLF IHDWXUHV RI WKH GHVLJQ DQG VKRXOG GHVFULEH
    ZKLFKIHDWXUHVDUHWKHPRVWLPSRUWDQW,QVRPHFRXQWULHVWKHH[DPLQHUPD\DVNIRUDSK\VLFDOVDPSOHRI
    WKHGHVLJQLQRUGHUWREHDEOHWRDSSUHFLDWHLWEHWWHURUIHHOLWVWH[WXUHRUPDWHULDO

    • 3D\WKHDSSURSULDWHILOLQJIHH

    • <RX PD\ FKRRVH WR HPSOR\ DQ LQGXVWULDO SURSHUW\ DJHQW WR DVVLVW \RX LQ ILOLQJ WKH DSSOLFDWLRQ DQG
    IROORZWKURXJKWKHUHJLVWUDWLRQSURFHVV,QWKDWUHVSHFW\RXZLOODOVRKDYHWRILOHDGRFXPHQWFHUWLI\LQJ
    WKHSRZHUVRI\RXUUHSUHVHQWDWLYH

    6RPHRIILFHVUHJLVWHUWKHGHVLJQDIWHUXQGHUWDNLQJDQH[DPLQDWLRQDVWRDGPLQLVWUDWLYHIRUPDOLWLHVRQO\
    2WKHUV PD\ FKHFN LW DJDLQVW WKH H[LVWLQJ GHVLJQV RQ WKH UHJLVWHU IRU QRYHOW\ DQGRU RULJLQDOLW\ 0RUH
    DQGPRUHRIILFHVDUHDFFHSWLQJUHJLVWUDWLRQZLWKRXWFKHFNLQJIRUQRYHOW\DQGRURULJLQDOLW\
    2QFH D GHVLJQ LV UHJLVWHUHG LW LV HQWHUHG LQ WKH GHVLJQ UHJLVWHU SXEOLVKHG LQ WKH RIILFLDO GHVLJQ
    MRXUQDOJD]HWWHEXOOHWLQ DQG D GHVLJQ UHJLVWUDWLRQ FHUWLILFDWH LV LVVXHG ,Q VRPH FRXQWULHVUHJLRQV LW
    PD\EHSRVVLEOHWRUHTXHVWGHIHUPHQWRISXEOLFDWLRQLQZKLFKFDVHWKHGHVLJQZLOOEHNHSWVHFUHWIRU
    D FHUWDLQ SHULRG 3UHYHQWLQJ SXEOLFDWLRQ IRU D SHULRG RI WLPH PD\ EH SUHIHUDEOH IRU VWUDWHJLF EXVLQHVV
    UHDVRQV

     4'('4'0%'5
    ¶7KH 8QUHJLVWHUHG &RPPXQLW\ 'HVLJQ· 9LFWRU 6iH] ,Q (XURSHDQ ,QWHOOHFWXDO 3URSHUW\ 5HYLHZ 9ROXPH  'HFHPEHU 
    SS² 6ZHHW DQG 0D[ZHOO /WG  $YHQXH 5RDG /RQGRQ 1: 3) 8QLWHG .LQJGRP 7HO    
    )D[  
    ¶$6XUYH\RI,QGXVWULDO'HVLJQ3URWHFWLRQLQWKH(XURSHDQ8QLRQDQGWKH8QLWHG6WDWHV·.DWULQH$/HYLQDQG0RQLFD%
    5LFKPDQ,Q(XURSHDQ,QWHOOHFWXDO3URSHUW\5HYLHZ6ZHHWDQG0D[ZHOO/WG$YHQXH5RDG/RQGRQ1:3)8QLWHG
    .LQJGRP7HO  )D[  
     ,QGXVWULDOGHVLJQEDVLFV

    7KHWHUPRISURWHFWLRQIRUDUHJLVWHUHGLQGXVWULDOGHVLJQYDULHVIURPFRXQWU\WRFRXQWU\EXWLVXVXDOO\
    DWOHDVW\HDUVDQGRIWHQORQJHU IRUH[DPSOH\HDUVIRUGHVLJQSDWHQWVLQWKH8QLWHG6WDWHVDQG
     \HDUV XQGHU WKH UHJLVWHUHG &RPPXQLW\ GHVLJQ ULJKW RI WKH (XURSHDQ 8QLRQ  ,Q VRPH FRXQWULHV
    ULJKWKROGHUVDUHUHTXLUHGWRUHQHZWKHLUGHVLJQSURWHFWLRQHYHU\IHZ\HDUV

    *HQHUDOO\ WKH SHUVRQ ZKR FUHDWHG WKH GHVLJQ RU LI WKDW SHUVRQ ZDV ZRUNLQJ XQGHU FRQWUDFW WKH
    SHUVRQ·V HPSOR\HU FDQ DSSO\ IRU UHJLVWUDWLRQ 7KH DSSOLFDQW FDQ EH HLWKHU D QDWXUDO SHUVRQ HJ D
    GHVLJQHU RUDOHJDOHQWLW\ DFRPSDQ\ ,QHLWKHUFDVHWKHDSSOLFDWLRQPD\EHPDGHGLUHFWO\RUWKURXJK
    DQDJHQW,I\RXDUHDSSO\LQJIURPRYHUVHDV\RXPD\EHUHTXLUHGWRKDYHDQDJHQWGXO\DXWKRUL]HGE\
    WKHLQGXVWULDOSURSHUW\RIILFHRIWKHFRXQWU\WRZKLFK\RXDUHDSSO\LQJ

    1RQUHJLVWHUHGGHVLJQV
    6SHFLDO DWWHQWLRQ QHHGV WR EH SDLG WR WKH (XURSHDQ 8QLRQ ZKHUH UHFHQW OHJLVODWLRQ KDV PDGH LW
    SRVVLEOH WR REWDLQ OLPLWHG LQGXVWULDO GHVLJQ SURWHFWLRQ IRU D QRQUHJLVWHUHG GHVLJQ IRU WKUHH \HDUV
    IURP WKH GDWH RQ ZKLFK WKH GHVLJQ KDV EHHQ PDGH SXEOLF LQ WKH (XURSHDQ 8QLRQ )RU ORQJHU DQG
    VWURQJHU SURWHFWLRQ IXOO UHJLVWUDWLRQ LV UHTXLUHG 7KH QRQUHJLVWHUHG GHVLJQ SURWHFWLRQ LV PHDQW WR
    SURYLGHFRPSDQLHVZLWKWKHRSSRUWXQLW\WRWHVWPDUNHWWKHLUSURGXFWVEHIRUHJRLQJWKURXJKWKHHIIRUW
    DQG H[SHQVH RI UHJLVWHULQJ GHVLJQV PDQ\ RI ZKLFK PD\ QRW VXFFHHG LQ WKH PDUNHWSODFH $OVR VRPH
    GHVLJQV PD\ EH PDUNHWHG IRU D YHU\ VKRUW WLPH RQO\ HVSHFLDOO\ LQ WKH IDVKLRQ LQGXVWU\ ZLWK QR
    LQWHQWLRQIRUWKHPWREHUHJLVWHUHG

    3URWHFWLQJGHVLJQVWKURXJKFRS\ULJKW
    :KLOHWKLVVHFWLRQIRFXVHVPDLQO\RQUHJLVWHULQJLQGXVWULDOGHVLJQVLWLVLPSRUWDQWWRSRLQWRXWWKDWLQ
    VRPH FRXQWULHV WKHUH PD\ EH DOWHUQDWLYH ZD\V RI SURWHFWLQJ LQGXVWULDO GHVLJQV 'HSHQGLQJ RQ WKH
    SDUWLFXODU QDWLRQDO ODZ DQG WKH NLQG RI GHVLJQ RQH VXFK DOWHUQDWLYH LV FRS\ULJKW ODZ &RS\ULJKW
    JHQHUDOO\ SURYLGHV H[FOXVLYH ULJKWV IRU OLWHUDU\ RU DUWLVWLF ZRUNV $V VRPH GHVLJQV PD\ LQ VRPH
    FRXQWULHVEHFRQVLGHUHGZRUNVRIDUWRUDSSOLHGDUWFRS\ULJKWSURWHFWLRQPD\DSSO\DQGPD\UHSUHVHQW
    DQDWWUDFWLYHRSWLRQIRU60(V6HHTXHVWLRQ

    3URWHFWLQJGHVLJQVDVWUDGHPDUNV
    $OVR LQ VRPH FRXQWULHV LI DQ LQGXVWULDO GHVLJQ IXQFWLRQV DV D WUDGHPDUN LQ WKH PDUNHWSODFH WKHQ LW
    PD\EHSURWHFWHGDVDWKUHHGLPHQVLRQDOPDUN7KLVFRXOGEHWKHFDVHZKHQWKHVKDSHRIWKHSURGXFW
    RU LWV SDFNDJLQJ LV FRQVLGHUHG WR KDYH EHFRPH D GLVWLQFWLYH IHDWXUH RI WKH SURGXFWV PDGH E\ D JLYHQ
    HQWHUSULVH6HHTXHVWLRQ

    8QIDLUFRPSHWLWLRQ
    ,QPDQ\FRXQWULHVLQGXVWULDOGHVLJQVDUHSURWHFWHGXQGHUODZVRQXQIDLUFRPSHWLWLRQ7KXVDGHVLJQ
    PD\EHSURWHFWHGDJDLQVWDFWVRIVODYLVKFRS\LQJDQGDFWVWKDWPD\OHDGWRFRQIXVLRQDFWVRILPLWDWLRQ
    XVH RI WKLUG SDUW\ UHSXWDWLRQ HWF +RZHYHU SURWHFWLRQ XQGHU XQIDLU FRPSHWLWLRQ LV JHQHUDOO\
    VLJQLILFDQWO\ZHDNHUDQGLQIULQJHPHQWPRUHGLIILFXOWWRSURYH

     4'('4'0%'5
    )UHTXHQWO\$VNHG4XHVWLRQVRQWKH&RPPXQLW\'HVLJQ2IILFHIRU+DUPRQL]DWLRQLQWKH,QWHUQDO0DUNHW
    :HESDJHDWKWWSRDPLHXLQWHQGHVLJQIDTKWP4XHVWLRQVDQGDQVZHUVRQYDULRXVDVSHFWVRIFRPPXQLW\GHVLJQ
    +RZWR$SSO\WR5HJLVWHUD'HVLJQ8QLWHG.LQJGRP3DWHQW2IILFH
    :HE SDJH DW ZZZSDWHQWJRYXNGHVLJQKRZWRDSSO\KRZWRDSSO\SGI ,QIRUPDWLRQ RQ KRZ WR ILOO RXW WKH IRUP DQG DSSO\ IRU
    UHJLVWUDWLRQRIDGHVLJQLQWKH8QLWHG.LQJGRPZLWKH[DPSOHVDQGDOVRVRPHLQIRUPDWLRQRQKRZWRDSSO\LQRWKHUFRXQWULHV
    ,QGXVWULDOGHVLJQEDVLFV 

     9JCVECPDGTGIKUVGTGFCUCPKPFWUVTKCNFGUKIP!

    $V D JHQHUDO UXOH WR EH UHJLVWUDEOH D GHVLJQ PXVW PHHW RQH RU PRUH RI WKH IROORZLQJ EDVLF
    UHTXLUHPHQWVGHSHQGLQJRQWKHQDWLRQDOODZ

    • 7KHGHVLJQLV¶QHZ·$GHVLJQLVFRQVLGHUHGWREHQHZLIQRLGHQWLFDOGHVLJQKDVEHHQPDGHDYDLODEOHWR
    WKHSXEOLFEHIRUHWKHGDWHRIILOLQJRIWKHDSSOLFDWLRQIRUUHJLVWUDWLRQ

    • 7KH GHVLJQ LV ¶RULJLQDO· $ GHVLJQ LV FRQVLGHUHG RULJLQDO LI LW KDV EHHQ FUHDWHG E\ WKH GHVLJQHU
    LQGHSHQGHQWO\DQGLVQRWDFRS\RULPLWDWLRQRIH[LVWLQJGHVLJQV

    • 7KHGHVLJQKDV¶LQGLYLGXDOFKDUDFWHU·7KLVUHTXLUHPHQWLVPHWLIWKHRYHUDOOLPSUHVVLRQWKDWDGHVLJQ
    PDNHVRQDQLQIRUPHGXVHUGLIIHUVIURPWKHRYHUDOOLPSUHVVLRQPDGHRQVXFKDXVHUE\DQ\HDUOLHUGHVLJQ
    ZKLFKKDVEHHQPDGHDYDLODEOHWRWKHSXEOLF 

    ,Q WKH SDVW SURWHFWDEOH GHVLJQ LQ PDQXIDFWXUHG SURGXFWV UHODWHG WR HOHPHQWV VXFK DV WKH VKDSH RI D
    VKRHWKHGHVLJQRIDQHDUULQJRUWKHRUQDPHQWDWLRQRQDWHDSRW,QWRGD\·VGLJLWDOZRUOGKRZHYHUWKH
    VFRSHRISURWHFWLRQLVJUDGXDOO\H[SDQGLQJWRFRYHUPRUHSURGXFWVDQGGLIIHUHQWW\SHVRIGHVLJQ7KHVH
    QRZ LQFOXGH VXFK HOHPHQWV DV HOHFWURQLF GHVNWRS LFRQV JHQHUDWHG E\ FRPSXWHU FRGH W\SRJUDSKLF
    W\SHIDFHVRUWKHJUDSKLFGLVSOD\RQFRPSXWHUPRQLWRUVKRPHDSSOLDQFHVRUPRELOHWHOHSKRQHV

    :KDWFDQQRWEHSURWHFWHGE\LQGXVWULDOGHVLJQULJKWV"
    'HVLJQVWKDWDUHJHQHUDOO\EDUUHGIURPUHJLVWUDWLRQLQPDQ\FRXQWULHVLQFOXGH
    • 'HVLJQV WKDW GR QRW PHHW WKH UHTXLUHPHQWV RI QRYHOW\ RULJLQDOLW\ DQGRU LQGLYLGXDO FKDUDFWHU DV
    H[SODLQHGDERYH 
    • 'HVLJQV WKDW DUH FRQVLGHUHG WR EH GLFWDWHG H[FOXVLYHO\ E\ WKH WHFKQLFDO IXQFWLRQ RI D SURGXFW 6XFK
    WHFKQLFDORUIXQFWLRQDOGHVLJQIHDWXUHVPD\EHSURWHFWHGGHSHQGLQJRQWKHIDFWVRIHDFKFDVHE\RWKHU
    ,3ULJKWV HJE\SDWHQWVRUXWLOLW\PRGHOVRUWKH\PD\EHNHSWDVWUDGHVHFUHWV 
    • 'HVLJQVLQFRUSRUDWLQJSURWHFWHGRIILFLDOV\PEROVRUHPEOHPV VXFKDVWKHQDWLRQDOIODJ 
    • 'HVLJQVWKDWDUHFRQVLGHUHGWREHFRQWUDU\WRSXEOLFRUGHURUPRUDOLW\

    ,QDGGLWLRQLWLVLPSRUWDQWWRQRWHWKDWVRPHFRXQWULHVH[FOXGH KDQGLFUDIWVIURPGHVLJQSURWHFWLRQ
    EHFDXVHLQGXVWULDOGHVLJQODZLQWKHVHFRXQWULHVUHTXLUHVWKDWWKHSURGXFWWRZKLFKDQLQGXVWULDOGHVLJQ
    LVDSSOLHGLV¶DQDUWLFOHRIPDQXIDFWXUH·RUWKDWLWLVUHSOLFDWHGE\¶LQGXVWULDOPHDQV·
    'HSHQGLQJ RQ WKH QDWLRQDO OHJLVODWLRQ WKHUH PD\ EH IXUWKHU UHVWULFWLRQV RQ ZKDW FDQ RU FDQQRW EH
    UHJLVWHUHG DV D GHVLJQ ,W LV DGYLVDEOH WR FRQVXOW DQ LQGXVWULDO SURSHUW\ DJHQW RU WKH UHOHYDQW QDWLRQDO
    LQGXVWULDOSURSHUW\RIILFH

    7UDGLWLRQDOGHVLJQV
    7UDGLWLRQDO GHVLJQV DQG WUDGLWLRQDO FXOWXUDO H[SUHVVLRQV H[SUHVVLRQV RI IRONORUH  PRUH JHQHUDOO\ DUH
    RIWHQ UHJDUGHG DV ¶SXEOLF GRPDLQ· E\ ,3 ODZV DQG FDQQRW EH SURWHFWHG +RZHYHU FRQWHPSRUDU\
    DGDSWDWLRQVDQGLQWHUSUHWDWLRQVRIWUDGLWLRQDOGHVLJQVPDGHE\LQGLYLGXDOVFDQEHVXIILFLHQWO\¶RULJLQDO·
    DQG ¶QHZ· IRU LQGXVWULDO GHVLJQ SURWHFWLRQ 7UDGLWLRQEDVHG GHVLJQV KDYH EHHQ UHJLVWHUHG LQ VHYHUDO
    FRXQWULHV 7KH ,3 SURWHFWLRQ RI FRQWHPSRUDU\ DGDSWDWLRQV RI WUDGLWLRQDO GHVLJQV UHZDUGV IRUZDUG
    ORRNLQJFUHDWLYLW\DQGLQQRYDWLRQ

     4'('4'0%'5
    &DQDGLDQ ,QWHOOHFWXDO 3URSHUW\ 2IILFH :HE SDJH DW KWWSVWUDWHJLVLFJFFDVFBPUNVYFLSRLGLGBJGBUHJLVHKWPO  VHFWLRQ
    $QRYHUYLHZRIZKDWPD\QRWEHUHJLVWHUHGDVDQLQGXVWULDOGHVLJQ
    /RRNLQJ *RRG $Q ,QWURGXFWLRQ WR ,QGXVWULDO 'HVLJQV IRU 6PDOO DQG 0HGLXPVL]HG (QWHUSULVHV :,32 :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVJXLGHVLQGXVWULDOBGHVLJQVSGI)XQGDPHQWDOVRILQGXVWULDOGHVLJQLQFOXGLQJZKDWDQGZKDWPD\
    QRWEHFRQVLGHUHGLQGXVWULDOGHVLJQ
     ,QGXVWULDOGHVLJQEDVLFV

     *QYKORQTVCPVKUKVVQMGGRVJGFGUKIPEQPHKFGPVKCNDGHQTGTGIKUVTCVKQP!

    ,I \RX ZLVK WR SURWHFW \RXU LQGXVWULDO GHVLJQ XQGHU D UHJLVWUDWLRQ V\VWHP NHHSLQJ WKH GHVLJQ
    FRQILGHQWLDO LV DEVROXWHO\ FUXFLDO 7KH UHDVRQ IRU WKLV LV WKDW WKH FHQWUDO UHTXLUHPHQW IRU GHVLJQ
    SURWHFWLRQLVWKDWWKHGHVLJQPXVWEH¶QHZ·,I\RXVKRZ\RXUFUHDWLYHGHVLJQWRRWKHUVLWLVDGYLVDEOHWR
    KDYH ZULWWHQ DJUHHPHQWV FODULI\LQJ WKDW WKH GHVLJQ LV FRQILGHQWLDO $ GHVLJQ WKDW KDV DOUHDG\ EHHQ
    GLVFORVHGWRWKHSXEOLFE\IRUH[DPSOHDGYHUWLVLQJLWLQ\RXUFRPSDQ\·VFDWDORJXHRUEURFKXUHPD\QR
    ORQJHUEHFRQVLGHUHG¶QHZ·,WEHFRPHVSDUWRIWKHSXEOLFGRPDLQDQGFDQQRWEHSURWHFWHGXQOHVVWKH
    DSSOLFDEOHODZSURYLGHVIRUD¶JUDFHSHULRG·

    7KH¶JUDFHSHULRG·
    ,QVRPHFRXQWULHVWKHOHJLVODWLRQDOORZVIRUDJUDFHSHULRGIRUUHJLVWUDWLRQRIEHWZHHQVL[PRQWKVDQG
    RQH \HDU IURP WKH PRPHQW D GHVLJQ ZDV PDGH SXEOLF GLVFORVHG RU SXEOLVKHG 7KLV LV WKH FDVH ZKHQ
    DUWLFOHV EHDULQJ WKH GHVLJQ DUH VROG GLVSOD\HG DW D WUDGH VKRZ H[KLELWLRQ RU IDLU RU WKH GHVLJQ LV
    SXEOLVKHG LQ D FDWDORJXH EURFKXUH DGYHUWLVHPHQW HWF EHIRUH DQ DSSOLFDWLRQ LV ILOHG 'XULQJ WKDW
    SHULRG\RXPD\PDUNHW\RXUGHVLJQZLWKRXWLWORVLQJ¶QRYHOW\·DQG\RXPD\VWLOODSSO\IRUUHJLVWUDWLRQ
    +RZHYHUDVWKLVLVQRWWKHFDVHLQDOOFRXQWULHVDQGLQDQ\FDVHLVOLPLWHGLQWLPHLWLVDGYLVDEOHDV
    DQRYHUDOOSULQFLSOHWRNHHSWKHGHVLJQFRQILGHQWLDOXQWLO\RXDSSO\IRUGHVLJQSURWHFWLRQ,QDGGLWLRQ
    \RX ZLOO KDYH QR H[FOXVLYH GHVLJQ ULJKWV GXULQJ WKH JUDFH SHULRG +RZHYHU \RXU GHVLJQ PD\ EH
    SURWHFWHG XQGHU FRS\ULJKW RU XQIDLU FRPSHWLWLRQ ODZ GHSHQGLQJ RQ WKH SURYLVLRQV RI WKH UHOHYDQW
    QDWLRQDOOHJLVODWLRQV VHHTXHVWLRQ 

    'LVSOD\LQJ\RXUGHVLJQDWDQH[KLELWLRQRUIDLUSULRUWRSURWHFWLQJLW
    8QGHU WKH GHVLJQ ODZ RI FRXQWULHV ZKHUH WKHUH LV QR JUDFH SHULRG WKHUH LV OLNHO\ WR EH D VSHFLDO
    H[FHSWLRQ LQ WKH FDVH RI H[KLELWLRQV DQG IDLUV WKDW DOORZV GHVLJQHUV WR SODFH WKHLU GHVLJQ LQ DQ
    ¶LQWHUQDWLRQDOO\ FHUWLILHG H[KLELWLRQ· WKXV PDNLQJ LW SXEOLF  XS WR VL[ PRQWKV SULRU WR DSSO\LQJ IRU
    GHVLJQSURWHFWLRQZLWKRXWWKHGHVLJQORVLQJLWV¶QRYHOW\·RU¶RULJLQDOLW\·+RZHYHUWKLVPD\EHDULVN\
    WKLQJ WR GR EHFDXVH IHZ H[KLELWLRQV TXDOLI\ DV ¶LQWHUQDWLRQDOO\ FHUWLILHG H[KLELWLRQV· ,W LV WKHUHIRUH
    DGYLVDEOHWRILOHDQDSSOLFDWLRQSULRUWRH[KLELWLQJWKHGHVLJQVLQDQ\H[KLELWLRQRUIDLU

     4'('4'0%'5
    /RRNLQJ *RRG $Q ,QWURGXFWLRQ WR ,QGXVWULDO 'HVLJQV IRU 6PDOO DQG 0HGLXPVL]HG (QWHUSULVHV :,32 :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVJXLGHVLQGXVWULDOBGHVLJQVSGI )XQGDPHQWDOV RI LQGXVWULDO GHVLJQ LQFOXGLQJ WKH LPSRUWDQFH RI
    NHHSLQJLQGXVWULDOGHVLJQVFRQILGHQWLDO
    *HQHUDO ,QIRUPDWLRQ RQ ,QGXVWULDO 'HVLJQV LQ &DQDGD +RIEDXHU $VVRFLDWHV  +RIEDXHU $VVRFLDWHV 1 ² 
    /DNHVKRUH 5G %XUOLQJWRQ 2QWDULR &DQDGD 7HO     )D[     (PDLO LQIR#FDSDWHQWVFRP
    'RFXPHQW DYDLODEOH DW ZZZFDSDWHQWVFRPGRZQORDGV2SGI 6HFWLRQ  RI WKH GRFXPHQW GLVFXVVHV WKH LPSRUWDQFH RI
    FRQILGHQWLDOLW\EHIRUHDQGGXULQJWKHUHJLVWUDWLRQRIGHVLJQVFRQILGHQWLDOLW\DJUHHPHQWVPHDQVE\ZKLFKFRQILGHQWLDOLW\PD\EH
    HQVXUHG
    

    
    

    
    &RS\ULJKWEDVLFV 

     9JCVKUEQR[TKIJV!9JCVV[RGUQHYQTMUCTGRTQVGEVGFD[EQR[TKIJV!

    &RS\ULJKWLVWKHERG\RIODZWKDWJUDQWVDXWKRUVDUWLVWVDQGRWKHUFUHDWRUVSURWHFWLRQIRUWKHLUOLWHUDU\
    DQGDUWLVWLFFUHDWLRQVZKLFKDUHJHQHUDOO\UHIHUUHGWRDV¶ZRUNV·:RUNVHOLJLEOHIRUFRS\ULJKWSURWHFWLRQ
    DUHDVDUXOHDOORULJLQDOLQWHOOHFWXDOFUHDWLRQV7KH\DUHSURWHFWHGLUUHVSHFWLYHRIWKHLUTXDOLW\DQGWKH\
    LQFOXGHSXUHO\WHFKQLFDOJXLGHVRUHQJLQHHULQJGUDZLQJV:KLOHFRS\ULJKWODZVJHQHUDOO\GRQRWSURYLGH
    DQ H[KDXVWLYH OLVW RI WKH W\SHV RI ZRUNV WKDW DUH SURWHFWHG E\ FRS\ULJKW SUDFWLFDOO\ DOO QDWLRQDO ODZV
    SURYLGHIRUSURWHFWLRQRIWKHIROORZLQJ
    • /LWHUDU\ZRUNV
    • 0XVLFDOZRUNV
    • :RUNVRIDUW
    • 0DSVDQGWHFKQLFDOGUDZLQJV
    • 3KRWRJUDSKLFZRUNV
    • 0RWLRQSLFWXUHV
    • &RPSXWHUSURJUDPV
    • 0XOWLPHGLDSURGXFWV

    7KXVVRIWZDUHGHYHORSHUVZHEVLWHFUHDWRUVPXOWLPHGLDEXVLQHVVHVDGYHUWLVLQJDJHQFLHVUDGLRVWDWLRQV
    SXEOLVKLQJ KRXVHV DQG WHOHYLVLRQ FKDQQHOV DUH DOO FUHDWLQJ RU GLVVHPLQDWLQJ ZRUNV SURWHFWHG E\
    FRS\ULJKW RQ D UHJXODU EDVLV DQG VKRXOG KDYH D FOHDU XQGHUVWDQGLQJ RI ZKDW W\SH RI SURWHFWLRQ LV
    SURYLGHGIRUWKHZRUNVLQRUGHUWRH[SORLWWKHPSURSHUO\0RUHRYHUFRPSDQLHVZKRVHFRUHEXVLQHVVLV
    QRW GLUHFWO\ UHODWHG WR WKH FUHDWLRQ RU GLVVHPLQDWLRQ RI ZRUNV SURWHFWHG E\ FRS\ULJKW VKRXOG KDYH D
    JRRG XQGHUVWDQGLQJ RI WKH FRS\ULJKW V\VWHP EHFDXVH WKH FRPSDQ\·V ZHEVLWH LWV DGYHUWLVHPHQWV
    EURFKXUHV LQVWUXFWLRQ PDQXDOV DQG RWKHU PDWHULDO DUH JHQHUDOO\ SURWHFWHG E\ FRS\ULJKW ,Q DGGLWLRQ
    FRPSDQLHVPXVWWDNHFDUHZKHQXVLQJZRUNVSURWHFWHGE\RWKHUVVXFKDVFRPSXWHUVRIWZDUH

    ,WLVLPSRUWDQWWRQRWHWKDWFRS\ULJKWODZSURWHFWVRQO\WKHIRUPRIH[SUHVVLRQRILGHDVQRWWKHLGHDV
    WKHPVHOYHV7KHFUHDWLYLW\SURWHFWHGE\FRS\ULJKWODZLVFUHDWLYLW\LQWKHFKRLFHRIDQGDUUDQJHPHQWRI
    ZRUGV PXVLFDO QRWHV FRORXUV FRPSXWHU FRGLQJ HWF 7KXV WKH XQGHUO\LQJ LGHD RU VWRU\ RI WZR
    URPDQWLFQRYHOVPD\EHYHU\VLPLODUEXWWKHVSHFLILFZD\LQZKLFKWKDWVWRU\HYROYHVDQGWKHSUHFLVH
    ZRUGVXVHGWRGHVFULEHLWLVZKDWPDNHVHDFKQRYHORULJLQDOIURPDFRS\ULJKWODZSHUVSHFWLYH

     4'('4'0%'5
    *XLGHRQ&RS\ULJKW,35+HOSGHVN'RFXPHQWFDQEHGRZQORDGHGIURPhttp://www.ipr-helpdesk.org/&RYHUVZKDWFRS\ULJKWLV
    ZKDWPD\DQGPD\QRWEHFRQVLGHUHGFRS\ULJKWULJKWVJUDQWHGDQGRWKHUUHODWHGLVVXHV
    &RS\ULJKW DQG ,QWHUQHW *XLGH ,35+HOSGHVN 'RFXPHQW FDQ EH GRZQORDGHG IURP ZZZLSUKHOSGHVNRUJ 'HDOV ZLWK
    LQIRUPDWLRQRQSUDFWLFDODVSHFWVRIFRS\ULJKWDVDSSOLHGWRWKH,QWHUQHWDQGWKHXVHRIFRS\ULJKWHGZRUNV
    <RXU6RIWZDUHDQG+RZWR3URWHFWLWDJXLGHIRUVPDOOEXVLQHVVRQKRZWRSURWHFWWKHVRIWZDUH\RXKDYHGHYHORSHG
    (XURSHDQ&RPPLVVLRQ
    'RFXPHQWFDQEHGRZQORDGHGIURPIWSIWSFRUGLVOXSXELQQRYDWLRQVPHVGRFVEURFKXUHBLSUBVRIWZDUHBSURWHFWLRQBHQSGI
    $ 3UDFWLFDO *XLGH RQ &RS\ULJKW &OHDUDQFH IRU 1HZ 0HGLD 3URGXFHUV 'HSDUWPHQW RI &DQDGLDQ +HULWDJH DQG WKH
    ,QWHUDFWLYH 3URGXFHUV $VVRFLDWLRQ RI &DQDGD :HE SDJH DW ZZZSFKJFFDSURJVDFFDSXEVLFFLSXEVFRS\PPBHKWP $ WRRO
    LQWHQGHGSULPDULO\IRUSURGXFHUVZRUNLQJLQQHZPHGLDDOVRXVHIXOWRDQ\RQHLQWHUHVWHGLQWKHSURGXFWLRQDQGH[SORLWDWLRQRI
    QHZPHGLDSURGXFWV
    /DGDV 3DUU\*XLGHWR6WDWXWRU\3URWHFWLRQIRU&RPSXWHU6RIWZDUHLQWKH8QLWHG6WDWHV/DGDV 3DUU\:HESDJHDW
    ZZZODGDVFRP3DWHQWV&RPSXWHU&RPSXWHU86$KWPO,QFOXGHVFRS\ULJKWSURWHFWLRQLVVXHVIRUFRPSXWHUVRIWZDUH
    ,QIRUPDWLRQ6KHHWV$XVWUDOLDQ&RS\ULJKW&RXQFLO:HESDJHDWZZZFRS\ULJKWRUJDXSDJHKWP7KHEDVLFVRIFRS\ULJKWDV
    DSSOLHGLQ$XVWUDOLD
     &RS\ULJKWEDVLFV

     9JCV TKIJVU FQ EQORCPKGU KPXQNXGF KP RGTHQTOKPI DTQCFECUVKPI CPF
    RTQFWEKPIOWUKETGEQTFKPIUJCXG!

    2YHUWKHODVW\HDUVDQHZILHOGRIULJKWVUHODWHGWRFRS\ULJKWKDVGHYHORSHGUDSLGO\7KHVHVRFDOOHG
    ¶UHODWHGULJKWV·KDYHJURZQXSDURXQGFRS\ULJKWHGZRUNVDQGSURYLGHVLPLODUULJKWVDOWKRXJKRIWHQ
    PRUHOLPLWHGDQGRIVKRUWHUGXUDWLRQWR
    • 3HUIRUPLQJDUWLVWV VXFKDVDFWRUVDQGPXVLFLDQV LQWKHLUSHUIRUPDQFHV
    • 3URGXFHUV RI VRXQG UHFRUGLQJV IRU H[DPSOH FDVVHWWH UHFRUGLQJV DQG FRPSDFW GLVFV  LQ WKHLU
    UHFRUGLQJV
    • %URDGFDVWLQJRUJDQL]DWLRQVLQWKHLUUDGLRDQGWHOHYLVLRQSURJUDPPHV

    ¶5HODWHGULJKWV·GLIIHUIURP¶FRS\ULJKW·LQWKDWWKH\EHORQJWRRZQHUVUHJDUGHGDVLQWHUPHGLDULHVLQWKH
    SURGXFWLRQ UHFRUGLQJ RU GLIIXVLRQ RI ZRUNV 7KH OLQN ZLWK FRS\ULJKW LV WKDW WKH WKUHH FDWHJRULHV RI
    UHODWHG ULJKWV DUH DX[LOLDULHV LQ WKH SURFHVV RI LQWHOOHFWXDO FUHDWLRQ DQG GLVVHPLQDWLRQ VLQFH WKH\ OHQG
    WKHLU DVVLVWDQFH WR DXWKRUV LQ WKH FRPPXQLFDWLRQ RI WKH ODWWHU·V ZRUN WR WKH SXEOLF $ PXVLFLDQ
    SHUIRUPV D PXVLFDO ZRUN ZULWWHQ E\ D FRPSRVHU DQ DFWRU SHUIRUPV D UROH LQ D SOD\ ZULWWHQ E\ D
    SOD\ZULJKWSURGXFHUVRISKRQRJUDPV²RUPRUHFRPPRQO\¶WKHUHFRUGLQGXVWU\·²UHFRUGDQGSURGXFH
    VRQJV DQG PXVLF ZULWWHQ E\ DXWKRUV DQG FRPSRVHUV SOD\HG E\ PXVLFLDQV RU VXQJ E\ SHUIRUPHUV
    EURDGFDVWLQJRUJDQL]DWLRQVEURDGFDVWZRUNVDQGUHFRUGLQJVRQWKHLUVWDWLRQV

    ,I\RXUEXVLQHVVLVEDVHGRQDQ\RIWKHVHDFWLYLWLHVRU\RXDUHDUHJXODUXVHURIVXFKVHUYLFHVWKHQ\RX
    PXVWXQGHUVWDQGWKDWWKHUHDUHLPSRUWDQW,3ULJKWVZKLFKFDQQRWEHXVHGZLWKRXWDXWKRUL]DWLRQRIWKH
    ULJKWKROGHU 7KLV LQYDULDEO\ UHTXLUHV WKH SD\PHQW RI IHHV RU UHPXQHUDWLRQ IRU REWDLQLQJ VXFK
    SHUPLVVLRQ
    $VLVWKHFDVHZLWKFRS\ULJKWUHODWHGULJKWVDUHREWDLQHGZLWKRXWKDYLQJWRFRPSO\ZLWKDQ\IRUPDOLWLHV
    VXFKDVUHJLVWUDWLRQGHSRVLWRUGLVSOD\RIDQ\QRWLFHIRUH[DPSOHRQDSKRQRJUDP

    (YHQVRLWLVDGYLVDEOHWRSODFHDQRWLFHRQDSKRQRJUDPZLWKWKHIROORZLQJWKUHHHOHPHQWV
    • $FLUFOHGFDSLWDOOHWWHU3
    • 7KHQDPHRIWKHRZQHURIWKHH[FOXVLYHULJKWDQG
    • 7KH\HDURIILUVWSXEOLFDWLRQRIWKHSKRQRJUDP

     4'('4'0%'5
    ,QWHUQDWLRQDO )HGHUDWLRQ RI WKH 3KRQRJUDSKLF ,QGXVWU\ ,)3,  :HEVLWH DW ZZZLISLRUJ 8VHIXO UHVRXUFHV OLQNV
    SXEOLFDWLRQVQHZVLWHPVDQGLQIRUPDWLRQRQ,3UHODWHGULJKWVLQIULQJHPHQWDQGHQIRUFHPHQWLQWKHUHFRUGLQJLQGXVWU\
    6XUYH\ RQ 1DWLRQDO 3URWHFWLRQ RI $XGLRYLVXDO 3HUIRUPDQFHV :,32  :HE SDJH DW
    ZZZZLSRLQWGRFXPHQWVHQPHHWLQJVDYSBLPSGIDYSBLPBBSGI 3URYLGHV WKH PDLQ IHDWXUHV RI WKH SURWHFWLRQ RI IL[HG
    DXGLRYLVXDOSHUIRUPDQFHV
    3URWHFWLRQRI%URDGFDVWLQJ2UJDQL]DWLRQV:,32
    :HE SDJH DW ZZZZLSRLQWGRFXPHQWVHQPHHWLQJVVFFUSGIVFFUBSGI 7HFKQLFDO EDFNJURXQG LQIRUPDWLRQ RQ
    GHYHORSPHQWVLQWKHEURDGFDVWVHFWRUVLQFHWKHDGRSWLRQRIWKH5RPH&RQYHQWLRQLQVFRSHDQGDFWLYLWLHVRIEURDGFDVWLQJ
    RUJDQL]DWLRQVUHODWHGWRWUDQVPLVVLRQRISURJUDPPHVREMHFWDQGVFRSHRISURWHFWLRQRIVXFKRUJDQL]DWLRQV
    ,QWHUQDWLRQDO &RQIHGHUDWLRQ RI 6RFLHWLHV RI $XWKRUV DQG &RPSRVHUV &,6$&  :HEVLWH DW ZZZFLVDFRUJ $ NQRZOHGJH
    EDVHRQLQWHOOHFWXDOSURSHUW\DQGRQWKHEXVLQHVVRIFROOHFWLYHDGPLQLVWUDWLRQRIULJKWVIRU&,6$&PHPEHUV&,6$&UHJURXSV
    DXWKRUV
    VRFLHWLHVLQFRXQWULHV
    7KH:,32&RS\ULJKW7UHDW\ :&7 DQGWKH:,323HUIRUPDQFHVDQG3KRQRJUDPV7UHDW\ :337 :,32:HESDJHV
    DWZZZZLSRLQWSXEOLFDWLRQVHFRPPHUFHOLQHSGIDQGZZZZLSRLQWFRS\ULJKWHQDFWLYLWLHVZFWBZSSWSGIZFWBZSSWSGI
    ,QIRUPDWLRQRQWKHSURYLVLRQVDQGVWDWXVRIWKHVHWUHDWLHV
    &RS\ULJKWEDVLFV 

     *QYFQ+RTQVGEVO[YQTMU!9JCVTKIJVUFQGUEQR[TKIJVRTQXKFG!

    8QOLNH RWKHU ,3 ULJKWV ZKHUH UHJLVWUDWLRQ LV UHTXLUHG FRS\ULJKW LWVHOI GRHV QRW GHSHQG RQ RIILFLDO
    SURFHGXUHV $ FUHDWHG ZRUN LV FRQVLGHUHG SURWHFWHG E\ FRS\ULJKW DV VRRQ DV LW H[LVWV $FFRUGLQJ WR
    LQWHUQDWLRQDO FRQYHQWLRQV LQ SDUWLFXODU WKH %HUQH &RQYHQWLRQ IRU WKH 3URWHFWLRQ RI /LWHUDU\ DQG
    $UWLVWLF:RUNV OLWHUDU\DQGDUWLVWLFZRUNVDUHSURWHFWHGZLWKRXWDQ\IRUPDOLWLHVLQWKHFRXQWULHVSDUW\
    WR WKRVH FRQYHQWLRQV 7KXV WKHUH LV QR LQWHUQDWLRQDO V\VWHP IRU DSSO\LQJ IRU FRS\ULJKW SURWHFWLRQ
    DFURVVDQXPEHURIGLIIHUHQWFRXQWULHV
    +RZHYHUPDQ\FRXQWULHVKDYHDQDWLRQDOFRS\ULJKWRIILFHDQGVRPHQDWLRQDOODZVDOORZIRUUHJLVWUDWLRQ
    RI ZRUNV IRU WKH SXUSRVHV RI IRU H[DPSOH LGHQWLI\LQJ DQG GLVWLQJXLVKLQJ WLWOHV RI ZRUNV ,Q FHUWDLQ
    FRXQWULHVUHJLVWUDWLRQFDQDOVRVHUYHDVSULPDIDFLHHYLGHQFHLQDFRXUWRIODZZLWKUHVSHFWWRGLVSXWHV
    UHODWLQJWRFRS\ULJKW

    ([FOXVLYHULJKWV
    7KH RULJLQDO FUHDWRUV RI ZRUNV SURWHFWHG E\ FRS\ULJKW KDYH WKH H[FOXVLYH ULJKW WR XVH RU DXWKRUL]H
    RWKHUVWRXVHWKHZRUNRQDJUHHGWHUPV7KHFUHDWRURIDZRUNFDQSURKLELWRUDXWKRUL]HLWV
    • 5HSURGXFWLRQLQYDULRXVIRUPVVXFKDVSULQWHGSXEOLFDWLRQRUVRXQGUHFRUGLQJ
    • ,QLWLDOGLVWULEXWLRQWRWKHSXEOLFWKURXJKVDOHDQGRWKHUWUDQVIHURIRZQHUVKLSLQWDQJLEOHFRSLHV
    • 5HQWDORIFRSLHVWRWKHSXEOLF IRUFRPSXWHUSURJUDPVDQGSKRQRJUDPVDQGDOVRDXGLRYLVXDOZRUNV 
    • 3XEOLFSHUIRUPDQFHDVLQDSOD\RUPXVLFDOZRUN
    • 5HFRUGLQJVIRUH[DPSOHLQWKHIRUPRIFRPSDFWGLVFVFDVVHWWHVRUYLGHRWDSHV
    • %URDGFDVWLQJE\UDGLRFDEOHRUVDWHOOLWH
    • 7UDQVODWLRQLQWRRWKHUODQJXDJHVRUDGDSWDWLRQHJRIDQRYHOLQWRDVFUHHQSOD\

    0DQ\ FUHDWLYH ZRUNV SURWHFWHG E\ FRS\ULJKW UHTXLUH PDVV GLVWULEXWLRQ FRPPXQLFDWLRQ DQG ILQDQFLDO
    LQYHVWPHQW IRU WKHLU GLVVHPLQDWLRQ IRU H[DPSOH SXEOLFDWLRQV VRXQG UHFRUGLQJV DQG ILOPV  KHQFH
    FUHDWRUVRIWHQVHOOWKHULJKWVWRWKHLUZRUNVWRLQGLYLGXDOVRUFRPSDQLHVEHVWDEOHWRPDUNHWWKHZRUNV
    LQUHWXUQIRUSD\PHQW7KHVHSD\PHQWVDUHRIWHQPDGHDFFRUGLQJWRWKHDFWXDOXVHRIWKHZRUNDQGDUH
    WKHQUHIHUUHGWRDVUR\DOWLHV

     4'('4'0%'5
    :,32 3RUWDO RQ &RS\ULJKW DQG 5HODWHG 5LJKWV :,32 :HE SDJH DW  ZZZZLSRLQWFRS\ULJKWHQLQGH[KWPO ,QIRUPDWLRQ
    DQGOLQNVLQFOXGLQJIUHTXHQWO\DVNHGTXHVWLRQVRQFRS\ULJKW
    &RS\ULJKW 3URWHFWLRQ 5HDSLQJ WKH %HQHILWV RI /LWHUDU\ RU $UWLVWLF &UHDWLYLW\ :,32  :HE SDJH DW
    ZZZZLSRLQWVPHHQGRFXPHQWVZLSRBPDJD]LQHBSGI $ EULHI EDFNJURXQG RQ FRS\ULJKW DQG FRS\ULJKW LQGXVWULHV $OVR
    GLVFXVVHVZKDWEXVLQHVVHVQHHGWRGRWRHQVXUHWKDWWKHLUXVHRISURWHFWHGZRUNVLVLQOLQHZLWKFRS\ULJKWODZ
    &RS\ULJKW%DVLFV8QLWHG6WDWHV&RS\ULJKW2IILFH:HESDJHDWZZZFRS\ULJKWJRYFLUFVFLUFKWPO$QRYHUYLHZRIFRS\ULJKW
    DV DSSOLHG LQ WKH 8QLWHG 6WDWHV &RYHUV ZKDW PD\ EH SURWHFWHG VFRSH DQG GXUDWLRQ RI SURWHFWLRQ WUDQVIHU RI FRS\ULJKW
    UHJLVWUDWLRQSURFHGXUHVHWF
     &RS\ULJKWEDVLFV

    7KHVHHFRQRPLFULJKWVKDYHDWLPHOLPLWRIJHQHUDOO\\HDUVDIWHUWKHFUHDWRU·VGHDWK1DWLRQDOODZV
    PD\HVWDEOLVKORQJHUWLPHOLPLWV7KLVOLPLWHQDEOHVERWKFUHDWRUVDQGWKHLUKHLUVWREHQHILWILQDQFLDOO\
    IRU D UHDVRQDEOH SHULRG RI WLPH &RS\ULJKW SURWHFWLRQ DOVR LQFOXGHV PRUDO ULJKWV ZKLFK LQYROYH WKH
    ULJKWWRFODLPDXWKRUVKLSRIDZRUNDQGWKHULJKWWRRSSRVHFKDQJHVWRLWWKDWFRXOGKDUPWKHFUHDWRU·V
    UHSXWDWLRQ
    7KHFUHDWRU²RUWKHRZQHURIWKHFRS\ULJKWLQDZRUN²FDQHQIRUFHULJKWVDGPLQLVWUDWLYHO\DQGLQ
    WKH FRXUWV E\ LQVSHFWLRQ RI SUHPLVHV IRU HYLGHQFH RI SURGXFWLRQ RU SRVVHVVLRQ RI LOOHJDOO\ PDGH ² RU
    ¶SLUDWHG· ² JRRGV UHODWHG WR SURWHFWHG ZRUNV 7KH RZQHU PD\ REWDLQ D FRXUW RUGHU WR VWRS VXFK
    DFWLYLWLHVDVZHOODVVHHNGDPDJHVIRUORVVRIILQDQFLDOUHZDUGVDQGUHFRJQLWLRQ

     4'('4'0%'5
    *XLGH RQ &RS\ULJKW ,35+HOSGHVN 'RFXPHQW FDQ EH GRZQORDGHG IURP ZZZLSUKHOSGHVNRUJ &RYHUV ZKDW FRS\ULJKW LV
    ZKDWPD\DQGPD\QRWEHFRQVLGHUHGFRS\ULJKWULJKWVJUDQWHGDQGRWKHUUHODWHGLVVXHV
    ,QIRUPDWLRQ6KHHWV$XVWUDOLDQ&RS\ULJKW&RXQFLO:HESDJHDWZZZFRS\ULJKWRUJDXSDJHKWP7KHEDVLFVRIFRS\ULJKWDV
    DSSOLHGLQ$XVWUDOLD
    &RS\ULJKWEDVLFV 

     9JCVKUEQNNGEVKXGOCPCIGOGPVQHEQR[TKIJVCPFTGNCVGFTKIJVU!

    7KHUH DUH PDQ\ FDVHV ZKHUH IRU SUDFWLFDO UHDVRQV WKDW UHODWH WR FHUWDLQ W\SHV RI XVH LQGLYLGXDO
    PDQDJHPHQWRIULJKWVLVYLUWXDOO\LPSRVVLEOH$QDXWKRULVQRWSK\VLFDOO\FDSDEOHRIPRQLWRULQJDOOXVHV
    RIKLVRUKHUZRUNV$QDXWKRUFDQQRWIRULQVWDQFHFRQWDFWHYHU\VLQJOHUDGLRRUWHOHYLVLRQVWDWLRQWR
    QHJRWLDWHOLFHQFHVDQGUHPXQHUDWLRQ&RQYHUVHO\LWLVQRWSUDFWLFDOIRUDEURDGFDVWLQJRUJDQL]DWLRQWR
    VHHNVSHFLILFSHUPLVVLRQIURPHYHU\DXWKRUHDFKWLPHLWZLVKHVWRXVHDFRS\ULJKWHGZRUN$QDYHUDJH
    RIPXVLFDOZRUNVDUHEURDGFDVWRQWHOHYLVLRQHYHU\\HDUVRWKRXVDQGVRIRZQHUVRIULJKWVZRXOG
    KDYH WR EH DSSURDFKHG IRU DXWKRUL]DWLRQ 7KH YHU\ LPSUDFWLFDELOLW\ RI PDQDJLQJ WKHVH DFWLYLWLHV
    LQGLYLGXDOO\ERWKIRUWKHRZQHURIULJKWVDQGIRUWKHXVHUFUHDWHVDQHHGIRUFROOHFWLYHPDQDJHPHQW
    RUJDQL]DWLRQVZKRVHUROHLVWREULGJHWKHJDSEHWZHHQWKHPLQWKHVHNH\DUHDVDPRQJRWKHUV

    &ROOHFWLYH PDQDJHPHQW LV WKH H[HUFLVH RI FRS\ULJKW DQG UHODWHG ULJKWV E\ RUJDQL]DWLRQV DFWLQJ LQ WKH
    LQWHUHVWRIDQGRQEHKDOIRIWKHRZQHUVRIULJKWV

    :KDWDUHWKHPRVWFRPPRQW\SHVRIULJKWXQGHUFROOHFWLYHPDQDJHPHQW"
    &ROOHFWLYHPDQDJHPHQWRUJDQL]DWLRQVPRVWFRPPRQO\WDNHFDUHRIWKHIROORZLQJ
    • 7KH ULJKW RI SXEOLF SHUIRUPDQFH PXVLF SOD\HG RU SHUIRUPHG LQ GLVFRWKHTXHV UHVWDXUDQWV DQG RWKHU
    SXEOLFSODFHV 
    • 7KHULJKWRIEURDGFDVWLQJ OLYHDQGUHFRUGHGSHUIRUPDQFHVRQUDGLRDQGWHOHYLVLRQ 
    • 7KH PHFKDQLFDO UHSURGXFWLRQ ULJKWV LQ PXVLFDO ZRUNV WKH UHSURGXFWLRQ RI ZRUNV LQ &'V WDSHV YLQ\O
    UHFRUGVFDVVHWWHVPLQLGLVFVRURWKHUIRUPVRIUHFRUGLQJ 
    • 7KHSHUIRUPLQJULJKWVLQGUDPDWLFZRUNV WKHDWUHSOD\V 
    • 7KHULJKWRIUHSURJUDSKLFUHSURGXFWLRQRIOLWHUDU\DQGPXVLFDOZRUNV SKRWRFRS\LQJ 
    • 5HODWHG ULJKWV WKH ULJKWV RI SHUIRUPHUV DQG SURGXFHUV RI SKRQRJUDPV WR REWDLQ UHPXQHUDWLRQ IRU
    EURDGFDVWLQJRUWKHFRPPXQLFDWLRQWRWKHSXEOLFRISKRQRJUDPV 

    +RZGRHVFROOHFWLYHPDQDJHPHQWZRUN"
    7KHUH DUH YDULRXV NLQGV RI FROOHFWLYH PDQDJHPHQW RUJDQL]DWLRQ RU JURXSV RI VXFK RUJDQL]DWLRQV
    GHSHQGLQJ XSRQ WKH FDWHJRU\ RI ZRUNV LQYROYHG PXVLF GUDPDWLF ZRUNV ¶PXOWLPHGLD· SURGXFWLRQV
    HWF WKDWZLOOFROOHFWLYHO\PDQDJHGLIIHUHQWNLQGVRIULJKW
    ¶7UDGLWLRQDO· FROOHFWLYH PDQDJHPHQW RUJDQL]DWLRQV DFWLQJ RQ EHKDOI RI WKHLU PHPEHUV QHJRWLDWH
    UDWHVDQGWHUPVRIXVHZLWKXVHUVLVVXHOLFHQFHVDXWKRUL]LQJXVHVFROOHFWDQGGLVWULEXWHUR\DOWLHV7KH
    LQGLYLGXDORZQHURIULJKWVGRHVQRWEHFRPHGLUHFWO\LQYROYHGLQDQ\RIWKHVHVWHSV
    5LJKWVFOHDUDQFHFHQWUHVJUDQWOLFHQFHVWRXVHUVWKDWUHIOHFWWKHFRQGLWLRQVIRUWKHXVHRIZRUNVDQG
    WKHUHPXQHUDWLRQWHUPVVHWE\HDFKLQGLYLGXDOKROGHURIULJKWVZKRLVDPHPEHURIWKHFHQWUH LQWKH
    ILHOGRIUHSURJUDSK\IRULQVWDQFHDXWKRUVRIZULWWHQZRUNVVXFKDVERRNVPDJD]LQHVDQGSHULRGLFDOV 
    +HUHWKHFHQWUHDFWVDVDQDJHQWIRUWKHRZQHURIWKHULJKWVZKRUHPDLQVGLUHFWO\LQYROYHGLQVHWWLQJ
    WKHWHUPVRIXVHRIWKHZRUNV

    ¶2QHVWRSVKRSV·DUHDVRUWRIFRDOLWLRQRIVHSDUDWHFROOHFWLYHPDQDJHPHQWRUJDQL]DWLRQVZKLFKRIIHU
    XVHUV D FHQWUDOL]HG VRXUFH IURP ZKHUH DXWKRUL]DWLRQV FDQ EH HDVLO\ DQG TXLFNO\ REWDLQHG 7KHUH LV D
    JURZLQJ WHQGHQF\ WR VHW XS VXFK RUJDQL]DWLRQV EHFDXVH RI WKH LQFUHDVLQJ SRSXODULW\ RI PXOWLPHGLD
    SURGXFWLRQV SURGXFWLRQV FRPSRVHG RI RU FUHDWHG IURP VHYHUDO W\SHV RI ZRUN LQFOXGLQJ FRPSXWHU
    VRIWZDUH ZKLFKUHTXLUHDZLGHYDULHW\RIDXWKRUL]DWLRQV

     4'('4'0%'5
    &ROOHFWLYH0DQDJHPHQWRI&RS\ULJKWDQG5HODWHG5LJKWV:,32
    :HE SDJH DW ZZZZLSRLQWDERXWLSHQFROOHFWLYHBPQJWKWPO &RQWDLQV OLQNV WR LQIRUPDWLRQ RQ FRS\ULJKW DQG FROOHFWLYH
    PDQDJHPHQWLWVXWLOLW\DQGDSSOLFDWLRQLQGLIIHUHQWILHOGV
    ,QWHUQDWLRQDO &RQIHGHUDWLRQ RI 6RFLHWLHV RI $XWKRUV DQG &RPSRVHUV &,6$&  :HEVLWH DW ZZZFLVDFRUJ $ NQRZOHGJH
    EDVHRQLQWHOOHFWXDOSURSHUW\DQGRQWKHEXVLQHVVRIFROOHFWLYHDGPLQLVWUDWLRQRIULJKWVIRU&,6$&PHPEHUV&,6$&UHJURXSV
    DXWKRUV·VRFLHWLHVLQFRXQWULHV
     &RS\ULJKWEDVLFV

     *QYECP+DGVVGTWPFGTUVCPFVJGEQR[TKIJVU[UVGOKPO[EQWPVT[!

    ,I \RXU FRPSDQ\ LV GLUHFWO\ LQYROYHG LQ WKH VRFDOOHG FRS\ULJKW LQGXVWULHV HJ FUHDWLQJ SXEOLVKLQJ
    UHFRUGLQJGLVWULEXWLQJRUVHOOLQJZRUNVSURWHFWHGE\FRS\ULJKWRUUHODWHGULJKWV\RXVKRXOGPDNHVXUH
    \RXDUHDZDUHRI\RXUULJKWVDQGWDNHDSSURSULDWHPHDVXUHVWRH[HUFLVHOLFHQVHDQGHQIRUFHWKHP%XW
    HYHQ LI \RX DUH QRW GLUHFWO\ LQYROYHG LQ WKH FRS\ULJKW LQGXVWULHV \RXU HQWHUSULVH PD\ RFFDVLRQDOO\
    SURGXFH VRPH ZRUNV SURWHFWHG E\ FRS\ULJKW RU UHODWHG ULJKWV &RUSRUDWH SXEOLFDWLRQV EURFKXUHV
    ZHEVLWHV WHOHYLVLRQ RU QHZVSDSHU DGYHUWLVHPHQWV RU PDUNHWLQJ YLGHRV DUH DOO OLNHO\ WR EH SURWHFWHG
    XQGHUFRS\ULJKWOHJLVODWLRQ

    (LWKHU ZD\ LI \RX EHOLHYH WKDW \RXU HQWHUSULVH KDV FUHDWHG ZRUNV SURWHFWHG E\ FRS\ULJKW RU UHODWHG
    ULJKWVDQG\RXZLVKWRPD[LPL]HLWVUHZDUGVIURPVXFKZRUNVLWZRXOGEHSUXGHQWIRU\RXWRVHHNWKH
    DGYLFH RI \RXU QDWLRQDO FRS\ULJKW RIILFH RU RI D FRS\ULJKW ODZ\HU 7KH IROORZLQJ DUH VRPH RI WKH
    TXHVWLRQV\RXFRXOGDVNLQRUGHUWREHWWHUXQGHUVWDQGWKHFRS\ULJKWV\VWHPLQ\RXUFRXQWU\
    ,V WKHUH D FRS\ULJKW UHJLVWU\" $V D JHQHUDO UXOH FRS\ULJKW SURWHFWLRQ LV DXWRPDWLF DQG GRHV QRW
    GHSHQGRQUHJLVWUDWLRQ,QVRPHFRXQWULHVKRZHYHUWKHUHLVDFRS\ULJKWUHJLVWU\DQGUHJLVWHULQJ\RXU
    ZRUNLQWKHUHJLVWU\ZRXOGEHDVPDUWFKRLFHDVLWZRXOGFRQVLGHUDEO\DVVLVW\RXLQFDVHRIGLVSXWHIRU
    H[DPSOHRYHUWKHRZQHUVKLSRIWKHZRUN

    :KRRZQVWKHULJKWV"7KHRZQHURIFRS\ULJKWLQDZRUNLVJHQHUDOO\WKHRULJLQDOFUHDWRURUDXWKRURI
    WKHZRUN7KHUHDUHKRZHYHUVRPHH[FHSWLRQVWRWKLVUXOH,QVRPHFRXQWULHVWKHHFRQRPLFULJKWVRYHU
    DFRS\ULJKWZRUNDUHGHHPHGWRYHVWLQLWLDOO\LQWKHHPSOR\HUSURGXFHUZKLOHLQVRPHRWKHUVWKHVHDUH
    GHHPHG WR EH DVVLJQHG RU WUDQVIHUUHG WR WKH HPSOR\HUSURGXFHU ,W ZRXOG WKHUHIRUH EH DGYLVDEOH WR ILQG
    RXWDERXWWKHVSHFLILFUHJXODWLRQVLQ\RXURZQFRXQWU\DQGLIQHFHVVDU\LQFOXGHDSSURSULDWHODQJXDJH
    FODULI\LQJWKHWUDQVIHURIULJKWVLQ\RXUHPSOR\PHQWFRQWUDFW

    :KDW DUH P\ ULJKWV" 7KH H[FOXVLYH ULJKWV DFFRUGHG WR DXWKRUV DQG ULJKWKROGHUV XQGHU QDWLRQDO
    FRS\ULJKW OHJLVODWLRQ PD\ YDU\ IURP RQH FRXQWU\ WR DQRWKHU +RZHYHU H[FOXVLYH ULJKWV XVXDOO\
    HQFRPSDVVWKHULJKWRIUHSURGXFWLRQ ULJKWWRPDNHFRSLHV WKHULJKWRISXEOLFSHUIRUPDQFHWKHULJKW
    RI EURDGFDVWLQJ DQG WKH ULJKW RI DGDSWDWLRQ )XUWKHUPRUH DQ LQFUHDVLQJ QXPEHU RI FRXQWULHVSURYLGH
    ULJKWKROGHUV ZLWK ULJKWV LQ UHODWLRQ WR WKH GLVWULEXWLRQ RI WKHLU ZRUNV RYHU WKH ,QWHUQHW DV ZHOO DV
    SURWHFWLRQ DJDLQVW WKH FLUFXPYHQWLRQ RI WHFKQRORJLFDO SURWHFWLRQ PHDVXUHV 7KXV LW ZRXOG EH
    ZRUWKZKLOHILQGLQJRXWZKDWULJKWVDUHSURYLGHGXQGHU\RXUQDWLRQDOFRS\ULJKWOHJLVODWLRQLQRUGHUIRU
    \RXUHQWHUSULVHWRIXOO\EHQHILWIURPWKHSURWHFWLRQRIFRS\ULJKWDQGUHODWHGULJKWV
    +RZGR,REWDLQLQWHUQDWLRQDOSURWHFWLRQIRUP\ZRUNV",IWKHFRXQWU\RIZKLFK\RXDUHDQDWLRQDO
    RU D UHVLGHQW KDV UDWLILHG WKH LQWHUQDWLRQDO FRQYHQWLRQV LQ WKH ILHOG RI FRS\ULJKW DQG UHODWHG ULJKWV
    DGPLQLVWHUHG E\ :,32 VXFK DV WKH %HUQH &RQYHQWLRQ RU LV D PHPEHU RI WKH :RUOG 7UDGH
    2UJDQL]DWLRQDQGKDVLPSOHPHQWHGLWVREOLJDWLRQVXQGHUWKH75,36$JUHHPHQW\RXUZRUNSURWHFWHG
    E\FRS\ULJKWZLOOEHQHILWIURPDXWRPDWLFSURWHFWLRQLQDODUJHQXPEHURIFRXQWULHV RYHU ,IWKLVLV
    QRW WKH FDVH WKHUH PD\ VWLOO EH VRPH UHFLSURFDO DJUHHPHQWV EHWZHHQ \RXU FRXQWU\ DQG VRPH RWKHU
    FRXQWULHVWKDWSURYLGHVLPLODUULJKWV

     4'('4'0%'5
    :HE6LWH$GGUHVVHVRI&RS\ULJKW2IILFHV:,32:HESDJHDWZZZZLSRLQWQHZVHQOLQNVFUBZHEKWP:HEVLWHDGGUHVVHVRI
    QDWLRQDOFRS\ULJKWDGPLQLVWUDWLRQVJLYLQJDFFHVVWRFRS\ULJKWODZVLQYDULRXVFRXQWULHV
    *XLGHRQ(PSOR\HHV·&UHDWLRQV,35+HOSGHVN'RFXPHQWFDQEHGRZQORDGHGIURPZZZLSUKHOSGHVNRUJXQGHUWKHKHDGLQJ
    &RS\ULJKW$QRYHUYLHZRIWKHVLWXDWLRQUHJDUGLQJLQWHOOHFWXDOSURSHUW\ULJKWVLQYDULRXVFUHDWLRQVPDGHE\HPSOR\HHVDQGKRZ
    WRWUDQVIHUWKHULJKWVWRDQHPSOR\HHDQGWRDQHPSOR\HUZLWKDIRFXVRQ(8GLUHFWLYHV
    $ *XLGH WR 'LJLWDO 5LJKWV 0DQDJHPHQW 'HSDUWPHQW RI &RPPXQLFDWLRQV ,QIRUPDWLRQ 7HFKQRORJ\ DQG WKH $UWV '&,7$
    DQGWKH$XVWUDOLDQ,QWHUDFWLYH0XOWLPHGLD,QGXVWU\$VVRFLDWLRQ $,0,$ :HESDJHZZZGFLWDJRYDXGUPLQGH[KWPO'LJLWDO
    ULJKWVPDQDJHPHQWUHODWHGOHJDOLVVXHVDQGFDVHVWXGLHVZLWKSUDFWLFDOWRROVDQGWHPSODWHVIRUUHIHUHQFH
    &RS\ULJKWEDVLFV 

    +RZ VKRXOG , OLFHQVH P\ ZRUNV" ,I \RX ZLVK WR OLFHQVH \RXU ZRUN WR XVHUV VXFK DV EURDGFDVWHUV
    SXEOLVKHUVRUHYHQHQWHUWDLQPHQWHVWDEOLVKPHQWVRIDQ\NLQGUDQJLQJIURPEDUVWRQLJKWFOXEVMRLQLQJ
    DFROOHFWLYHPDQDJHPHQWVRFLHW\PD\EHDJRRGRSWLRQ&ROOHFWLYHPDQDJHPHQWRUJDQL]DWLRQVPRQLWRU
    XVHV RI ZRUNV RQ EHKDOI RI FUHDWRUV DQG DUH LQ FKDUJH RI QHJRWLDWLQJ OLFHQFHV DQG FROOHFWLQJ
    UHPXQHUDWLRQ 7KH\ DUH SDUWLFXODUO\ FRPPRQ LQ WKH ILHOG RI PXVLFDO DQG OLWHUDU\ ZRUNV ZKHUH WKHUH
    PD\EHDODUJHQXPEHURIXVHUVRIWKHVDPHZRUNDQGLWZRXOGEHGLIILFXOWERWKIRUWKHRZQHURIULJKWV
    DQGWKHXVHUVWRVHHNVSHFLILFDXWKRUL]DWLRQIRUHYHU\VLQJOHXVHDQGWRPRQLWRUWKHP:KHUHFROOHFWLYH
    PDQDJHPHQWVRFLHWLHVDUHQRWDYDLODEOHOLFHQFHDJUHHPHQWVQHHGWREHQHJRWLDWHGLQGLYLGXDOO\ZLWKWKH
    OLFHQVHH([SHUWDGYLFHPD\EHXVHIXOIRUREWDLQLQJDGYDQWDJHRXVWHUPVLQWKHOLFHQVLQJFRQWUDFW0RUH
    RQOLFHQVLQJFRS\ULJKWZRUNVLQ4X«

    +RZVKRXOG,HQIRUFHP\ULJKWV"7KHFUHDWRURIDZRUNKDVWKHULJKWWRDOORZRUWRSURKLELWWKHXVH
    RIKLVRUKHUZRUN,I\RXGLVFRYHUDQ\ERG\XVLQJ\RXUFRS\ULJKWZRUNVZLWKRXWDXWKRUL]DWLRQ\RXPD\
    HQIRUFH\RXUULJKWVDGPLQLVWUDWLYHO\DQGLQWKHFRXUWV,QPDQ\FRXQWULHVVRFDOOHGERUGHUPHDVXUHVWR
    SUHYHQWWKHLPSRUWDWLRQRISLUDWHGFRS\ULJKWJRRGVDUHDOVRDYDLODEOH([SHUWDGYLFHE\DQ,3DJHQWRU
    DWWRUQH\WKHFRS\ULJKWRIILFHRUWKHFXVWRPVDXWKRULWLHVZRXOGEHFUXFLDOZKHQHYHU\RXGLVFRYHUWKDW
    \RXU ZRUNV DUH EHLQJ LQIULQJHG 6RPH ZRUNV VXFK DV VRIWZDUH SURGXFWV SKRQRJUDPV DQG DXGLRYLVXDO
    ZRUNVPD\LQFOXGHWHFKQRORJLFDOPHDVXUHVRISURWHFWLRQ HJHQFU\SWLRQVFRQGLWLRQDODFFHVVV\VWHPV 
    WR VDIHJXDUG WKHP IURP XQOLFHQVHG XVH 6XFK V\VWHPV DUH PHDQV E\ ZKLFK ULJKWRZQHUV PD\ OLPLW
    DFFHVVWRWKRVHFXVWRPHUVZKRDFFHSWFHUWDLQFRQGLWLRQVIRUWKHXVHRIZRUNVDQGWKHSD\PHQWWREH
    PDGHIRUVXFKXVH
     &RS\ULJKWEDVLFV

     9JCVKUUWGUOWUV+EQPUKFGTCUCWUGTQHYQTMURTQVGEVGFD[EQR[TKIJV!

    )RU VRPH HQWHUSULVHV WKH XVH RU H[SORLWDWLRQ RI FRS\ULJKWHG ZRUNV VRXQG UHFRUGLQJV EURDGFDVWV RU
    SHUIRUPDQFHVPD\EHDFHQWUDOSDUWRIWKHLUGDLO\EXVLQHVVDFWLYLWLHV7KLVLVDOPRVWFHUWDLQO\WKHFDVH
    IRU UDGLR VWDWLRQV SXEOLVKLQJ KRXVHV OLEUDULHV VKRSV RU QLJKWFOXEV )RU RWKHUV LW PD\ EH VLPSO\ DQ
    RFFDVLRQDO WRRO XVHG IRU HQKDQFLQJ FRUSRUDWH SXEOLFDWLRQV ZHEVLWHV DQG RWKHU PDUNHWLQJ GHYLFHV)RU
    RWKHUVVWLOOWKHXVHRIFRS\ULJKWPDWHULDOPD\EHFRQILQHGWRWKHXVHRIWKHLUFRPSXWHUVRIWZDUH,QDOO
    VXFKFDVHV\RXPD\ZLVKWRFRQVLGHUWKHIROORZLQJLVVXHV
    'R,QHHGDOLFHQFH"3UREDEO\WKHPRVWLPSRUWDQWWKLQJWRNQRZIRUDQHQWHUSULVHXVLQJRUGHDOLQJLQ
    ZRUNVSURWHFWHGE\FRS\ULJKWRUUHODWHGULJKWVLVZKHWKHUWKHVHDFWLYLWLHVUHTXLUHDOLFHQFH$VDJHQHUDO
    UXOH HYHU\ FRPPHUFLDO XVH RU H[SORLWDWLRQ RI WKHVH ULJKWV UHTXLUHV D OLFHQFH RU DQ DVVLJQPHQW RI WKH
    ULJKWVIURPWKHULJKWRZQHU7KLVUDQJHVIURPWKHXVHRIDIDPRXVVRQJLQD79DGYHUWLVHPHQWWRWKH
    VDOHDQGGLVWULEXWLRQRI&'VDQG'9'VDQGWKHXVHRIVRIWZDUHLQDFRPSDQ\·VFRPSXWHUV:KHQLW
    FRPHV WR OLFHQVLQJ \RX VKRXOG ILQG RXW ZKHWKHU WKH ULJKWV DUH DGPLQLVWHUHG E\ D FROOHFWLYH
    PDQDJHPHQW RUJDQL]DWLRQ RU E\ WKH DXWKRU RU SURGXFHU GLUHFWO\ DQG QHJRWLDWH D OLFHQFH DJUHHPHQW
    EHIRUH\RXXVHRUH[SORLWWKHSURGXFW5HPHPEHUWKDWOLWLJDWLRQRYHUFRS\ULJKWLQIULQJHPHQWPD\EHD
    YHU\H[SHQVLYHDIIDLUDQGLWZRXOGEHZLVHWRWKLQNDERXWWKHVHLVVXHVEHIRUH\RXJHW\RXUVHOIDQG\RXU
    FRPSDQ\LQWRWURXEOH<RXPD\DOVRZLVKWRVHHNDGYLFHDERXWWKHWHUPVRI\RXUOLFHQVLQJDJUHHPHQW
    EHIRUH\RXVLJQ
    3URGXFWVVXFKDVSDFNDJHGVRIWZDUHDUHRIWHQOLFHQVHGWR\RXXSRQSXUFKDVH7KHWHUPVDQGFRQGLWLRQV
    RIWKHOLFHQFHDUHRIWHQFRQWDLQHGLQWKHSDFNDJHZKLFKFDQEHUHWXUQHGLI\RXGRQRWDJUHHZLWKWKHP
    ,V WKHUH D FROOHFWLYH PDQDJHPHQW VRFLHW\" &ROOHFWLYH PDQDJHPHQW VRFLHWLHV FRQVLGHUDEO\ VLPSOLI\
    WKHSURFHVVRIREWDLQLQJOLFHQFHVIRUYDULRXVZRUNV5DWKHUWKDQGHDOLQJGLUHFWO\ZLWKHDFKLQGLYLGXDO
    DXWKRURUULJKWKROGHUFROOHFWLYHPDQDJHPHQWVRFLHWLHVRIIHUXVHUVDFHQWUDOL]HGVRXUFHZKHUHUDWHVDQG
    WHUPVRIXVHFDQEHQHJRWLDWHGDQGZKHUHDXWKRUL]DWLRQVFDQEHHDVLO\DQGTXLFNO\REWDLQHG,QUHFHQW
    \HDUVWKHFUHDWLRQRI¶RQHVWRSVKRSV·EULQJLQJWRJHWKHUYDULRXVFROOHFWLYHPDQDJHPHQWVRFLHWLHVWKDW
    FDQHDVLO\DQGTXLFNO\GHOLYHUDXWKRUL]DWLRQVLVFRQVLGHUHGWREHDSDUWLFXODUO\XVHIXOGHYHORSPHQWIRU
    PXOWLPHGLD SURGXFWLRQV WKDW UHTXLUH D ZLGH YDULHW\ RI DXWKRUL]DWLRQV 'HDOLQJ ZLWK FROOHFWLYH
    PDQDJHPHQWVRFLHWLHVZKHUHYHUSRVVLEOHFDQVDYH\RXDORWRIWLPHDQGPRQH\'HWDLOVRIWKHUHOHYDQW
    FROOHFWLQJVRFLHWLHVRSHUDWLQJLQ\RXUFRXQWU\FDQEHREWDLQHGIURPWKHQDWLRQDOFRS\ULJKWRIILFH

    &DQ , IUHHO\ XVH ZRUNV SXEOLVKHG RQ WKH ,QWHUQHW" $ FRPPRQ PLVFRQFHSWLRQ LV WKDW ZRUNV
    SXEOLVKHG RQ WKH ,QWHUQHW DUH LQ WKH SXEOLF GRPDLQ DQG PD\ WKHUHIRUH EH ZLGHO\ XVHG E\ DQ\ERG\
    ZLWKRXW WKH DXWKRUL]DWLRQ RI WKH ULJKWRZQHU $Q\ ZRUNV SURWHFWHG E\ FRS\ULJKW RU UHODWHG ULJKWV
    UDQJLQJ IURP PXVLFDO FRPSRVLWLRQV WR PXOWLPHGLD SURGXFWV QHZVSDSHU DUWLFOHV DQG DXGLRYLVXDO
    SURGXFWLRQVIRUZKLFKWKHWLPHRISURWHFWLRQKDVQRWH[SLUHGDUHSURWHFWHGUHJDUGOHVVRIZKHWKHUWKH\
    DUH SXEOLVKHG RQ SDSHU RU E\ RWKHU PHDQV HJ RQ WKH ,QWHUQHW *HQHUDOO\ \RX VKRXOG VHHN WKH
    DXWKRUL]DWLRQRIWKHULJKWRZQHULQHDFKFDVHSULRUWRXVH6LPLODUO\DXWKRUL]DWLRQLVUHTXLUHGLI\RXU
    HQWHUSULVH LV HQJDJHG LQ SXEOLVKLQJ RU PDNLQJ FRS\ULJKW ZRUNV VRXQG UHFRUGLQJV EURDGFDVWV RU
    SHUIRUPDQFHVDYDLODEOHWKURXJK\RXU,QWHUQHWZHEVLWH

     4'('4'0%'5
    *XLGHOLQHV IRU &UHDWLQJ D 3ROLF\ IRU &RS\ULJKW &RPSOLDQFH &RS\ULJKW &OHDUDQFH &HQWHU ,QF :HE SDJH DW
    ZZZFRS\ULJKWFRP3')V*XLGHOLQHVSGI*XLGHOLQHVWRKHOSGHILQHDQGLPSOHPHQWDSROLF\WRHQVXUHFRS\ULJKWFRPSOLDQFHDQG
    DYRLGLQIULQJHPHQWDWFRPSDQ\RURUJDQL]DWLRQDOOHYHO&RQWDLQVOLQNVWRDGGLWLRQDOUHVRXUFHVRQFRS\ULJKW
    

    
    

    
    7UDGHVHFUHWVEDVLFV 

     9JCVCTGVTCFGUGETGVUCPFYJCVKUWPHCKTEQORGVKVKQP!

    $OO EXVLQHVVHV KDYH WUDGH VHFUHWV 6RPH DUH VR DFXWHO\ DZDUH RI WKHLU LPSRUWDQFH WKDW WKH\ HVWDEOLVK
    VWULFW VWUDWHJLHV WR JXDUDQWHH WKH SURWHFWLRQ RI WKHLU WUDGH VHFUHWV IURP DQ\ GLVFORVXUH WKDW PD\ EH
    SUHMXGLFLDO WR WKH FRPSDQ\ 0DQ\ RQO\ EHFRPH DZDUH RI WKHP ZKHQ FRPSHWLWRUV DWWHPSW WR DFTXLUH
    WKHLUFOLHQWOLVWVUHVHDUFKUHVXOWVRUPDUNHWLQJSODQVRUWRHPSOR\WKHLUHPSOR\HHVZLWKWKHLUYDOXDEOH
    NQRZKRZ2QO\WKHQGRHVLWEHFRPHHYLGHQWWKDWWKH\KDYHVRPHWKLQJYDOXDEOHWRSURWHFW

    %URDGO\ VSHDNLQJ DQ\ FRQILGHQWLDO EXVLQHVV LQIRUPDWLRQ WKDW SURYLGHV DQ HQWHUSULVH ZLWK D
    FRPSHWLWLYHHGJHPD\EHFRQVLGHUHGWREHDWUDGHVHFUHW7KHXQDXWKRUL]HGXVHRIVXFKLQIRUPDWLRQE\
    SHUVRQV RWKHU WKDQ WKH KROGHU LV UHJDUGHG DV XQIDLU SUDFWLFH DQG D YLRODWLRQ RI WKH WUDGH VHFUHW
    'HSHQGLQJ RQ WKH OHJDO V\VWHP WKH SURWHFWLRQ RI WUDGH VHFUHWV IRUPV SDUW RI WKH JHQHUDO FRQFHSW RI
    SURWHFWLRQDJDLQVWXQIDLUFRPSHWLWLRQRULVEDVHGRQVSHFLILFSURYLVLRQVRUFDVHODZRQWKHSURWHFWLRQRI
    FRQILGHQWLDO LQIRUPDWLRQ :KLOH D ILQDO GHWHUPLQDWLRQ RI ZKDW LQIRUPDWLRQ FRQVWLWXWHV D WUDGH VHFUHW
    ZLOO GHSHQG RQ WKH FLUFXPVWDQFHV RI HDFK LQGLYLGXDO FDVH FOHDUO\ XQIDLU SUDFWLFHV LQ UHVSHFW RI VHFUHW
    LQIRUPDWLRQLQFOXGHLQGXVWULDORUFRPPHUFLDOHVSLRQDJHEUHDFKRIFRQWUDFWDQGEUHDFKRIFRQILGHQFH
    $WUDGHVHFUHWJHQHUDOO\KDVVRPHFRVWDVVRFLDWHGZLWKLWVGHYHORSPHQWDQGLVQRWFRPPRQNQRZOHGJH
    LQ WKH LQGXVWU\ (YHQ QHJDWLYH LQIRUPDWLRQ VXFK DV UHVHDUFK RSWLRQV WKDW KDYH EHHQ H[SORUHG DQG
    IRXQG ZRUWKOHVV FDQ EH D WUDGH VHFUHW %HORZ DUH OLVWHG DUH D IHZ VDPSOH FDWHJRULHV RI ZKDW FDQ EH
    FRQVLGHUHGWUDGHVHFUHWV
    • 0DQXIDFWXULQJSURFHVVHVWHFKQLTXHVDQGNQRZKRZ
    • 'DWDFRPSLODWLRQVHJOLVWVRIFXVWRPHUV
    • 'HVLJQVGUDZLQJVEOXHSULQWVPDSV
    • $OJRULWKPV SURFHVVHV WKDW DUH LPSOHPHQWHG LQ FRPSXWHU SURJUDPV DQG WKH FRPSXWHU SURJUDPV
    WKHPVHOYHV
    • )RUPXODVIRUSURGXFLQJSURGXFWV
    • %XVLQHVVVWUDWHJLHVEXVLQHVVSODQVH[SRUWSODQVPDUNHWLQJSODQV
    • )LQDQFLDOLQIRUPDWLRQ
    • 3HUVRQQHOUHFRUGV
    • 0DQXDOV
    • ,QJUHGLHQWV
    • ,QIRUPDWLRQDERXWUHVHDUFKDQGGHYHORSPHQWDFWLYLWLHV

     4'('4'0%'5
    7KH 7UDGH 6HFUHWV +RPHSDJH 5 0DUN +DOOLJDQ :HE SDJH DW KWWSP\H[HFSFFRPaPKDOOLJQLLQGH[KWPO 5HDGLQJV DQG
    OLQNVWRYDULRXVWUDGHVHFUHWVUHVRXUFHVLQFOXGLQJGHILQLWLRQHYDOXDWLRQFODVVLILFDWLRQDQGDXGLWRIWUDGHVHFUHWV
    7UDGH6HFUHWVDUH*ROG1XJJHWV3URWHFW7KHP:,32
    :HE SDJH DW ZZZZLSRLQWVPHHQGRFXPHQWVZLSRBPDJD]LQHBSGI (PSKDVL]HV WKH LPSRUWDQFH RI SURWHFWLQJ WUDGH
    VHFUHWVIRUEXVLQHVVHV$OVRGLVFXVVHVZKDWFRQVWLWXWHVWUDGHVHFUHWVZLWKDIHZH[DPSOHV
     7UDGHVHFUHWVEDVLFV

    7UDGHVHFUHWSURWHFWLRQ
    8QOLNH SDWHQWV WUDGH VHFUHWV DUH SURWHFWHG ZLWKRXW UHJLVWUDWLRQ ² WKDW LV ZLWKRXW DQ\ SURFHGXUDO
    IRUPDOLWLHV&RQVHTXHQWO\DWUDGHVHFUHWFDQEHSURWHFWHGIRUDQXQOLPLWHGSHULRGRIWLPHRUDVORQJDV
    WKHLQIRUPDWLRQUHPDLQVFRQILGHQWLDO)RUWKHVHUHDVRQVWKHSURWHFWLRQRIWUDGHVHFUHWVPD\DSSHDUWR
    EH SDUWLFXODUO\ DWWUDFWLYH IRU 60(V 7KHUH DUH KRZHYHU VRPH FRQGLWLRQV IRU WKH LQIRUPDWLRQ WR EH
    FRQVLGHUHG D WUDGH VHFUHW &RPSOLDQFH ZLWK VXFK FRQGLWLRQV PD\ WXUQ RXW WR EH PRUH GLIILFXOW DQG
    FRVWO\WKDQLWZRXOGDSSHDUDWILUVWJODQFH:KLOHWKHVHFRQGLWLRQVYDU\IURPFRXQWU\WRFRXQWU\VRPH
    JHQHUDOVWDQGDUGVH[LVWZKLFKDUHUHIHUUHGWRLQ$UWLFOHRIWKH$JUHHPHQWRQ7UDGH5HODWHG$VSHFWV
    RI,QWHOOHFWXDO3URSHUW\5LJKWV 75,36 RIWKH:RUOG7UDGH2UJDQL]DWLRQ

    • 7KHLQIRUPDWLRQPXVWEHVHFUHW LHLWLVQRWJHQHUDOO\NQRZQDPRQJRUUHDGLO\DFFHVVLEOHWRFLUFOHVWKDW
    QRUPDOO\GHDOZLWKWKHNLQGRILQIRUPDWLRQLQTXHVWLRQ 

    • ,WPXVWKDYHFRPPHUFLDOYDOXHEHFDXVHLWLVDVHFUHW

    • ,WPXVWKDYHEHHQVXEMHFWWRUHDVRQDEOHVWHSVE\WKHULJKWIXOKROGHURIWKHLQIRUPDWLRQWRNHHSLWVHFUHW
    HJWKURXJKFRQILGHQWLDOLW\FODXVHVLQHPSOR\HHFRQWUDFWVQRQGLVFORVXUHDJUHHPHQWVHWF 

    $PRQJ WKH QRWDEOH H[DPSOHV RI FRQILGHQWLDO EXVLQHVV LQIRUPDWLRQ SURWHFWHG DV WUDGH VHFUHWV DUH WKH
    IRUPXODIRUPDNLQJ&RFD&RODDQGWKHVRXUFHFRGHIRU:LQGRZV
    7UDGHVHFUHWVEDVLFV 

     *QYFQ+FGXGNQRCVTCFGUGETGVUVTCVGI[HQTO[DWUKPGUU!

    7UDGHVHFUHWVDUHZLGHO\XVHGE\60(V,QIDFWPDQ\60(VUHO\DOPRVWH[FOXVLYHO\RQWUDGHVHFUHWVIRU
    WKHSURWHFWLRQRIWKHLU,3 DOWKRXJKLQPDQ\FDVHVWKH\PD\QRWHYHQEHDZDUHWKDWWUDGHVHFUHWVDUH
    OHJDOO\SURWHFWHG ,WLVLPSRUWDQWWKHUHIRUHWRPDNHVXUHWKDWHQWHUSULVHVWDNHDOOQHFHVVDU\PHDVXUHV
    WRSURWHFWWKHLUWUDGHVHFUHWVHIIHFWLYHO\7KHVHPHDVXUHVZRXOGLQFOXGH

    • $GRSWLQJDQHQWHUSULVHZLGHLQIRUPDWLRQVHFXULW\DQGSURWHFWLRQSURJUDPPH

    • (GXFDWLQJ HPSOR\HHV RQ WKH FRPSDQ\·V SROLFLHV UHJDUGLQJ GLVFORVXUH RI FRQILGHQWLDO LQIRUPDWLRQ ZLWK
    FOHDU GHILQLWLRQV DQG JXLGHOLQHV RQ KRZ WR DFFHVV PDQDJH SURWHFW GLVWULEXWH ODEHO DQGRU HYHQWXDOO\
    GLVFORVHDQ\FRQILGHQWLDOLQIRUPDWLRQ

    • ,GHQWLI\LQJDQGSULRULWL]LQJEXVLQHVVVHFUHWVRQWKHEDVLVRIWKHLUYDOXHDQGVHQVLWLYLW\

    • &RQVLGHULQJZKHWKHUDWUDGHVHFUHWPD\EHSURWHFWHGE\PHDQVRIDIRUPDOO\UHJLVWHUHG,3ULJKWVXFKDV
    DSDWHQWDQGLIVRZKHWKHULWZRXOGQRWEHEHWWHUSURWHFWHGWKDWZD\

    • 0DNLQJ VXUH WKDW D OLPLWHG QXPEHU RI SHRSOH NQRZ RU KDYH DFFHVV WR DQ\ FRQILGHQWLDO LQIRUPDWLRQ RI
    YDOXHWRWKHHQWHUSULVHDQGWKDWDOOWKRVHZKRGRDUHZHOODZDUHWKDWLWLVFRQILGHQWLDOLQIRUPDWLRQ

    • ,QFOXGLQJ FRQILGHQWLDOLW\ DJUHHPHQWV ZLWKLQ HPSOR\HHV· FRQWUDFWV 8QGHU WKH ODZ RI PDQ\ FRXQWULHV
    HPSOR\HHV RZH FRQILGHQWLDOLW\ WR WKHLU HPSOR\HU HYHQ ZLWKRXW VXFK DJUHHPHQWV 7KH GXW\ WR PDLQWDLQ
    FRQILGHQWLDOLW\RYHUWKHHPSOR\HU·VVHFUHWVJHQHUDOO\UHPDLQVDWOHDVWIRUDFHUWDLQSHULRGRIWLPHHYHQ
    DIWHUWKHHPSOR\HHKDVOHIWWKDWHPSOR\PHQW

    • 6LJQLQJQRQGLVFORVXUHDJUHHPHQWVZLWKEXVLQHVVSDUWQHUVZKHQHYHUGLVFORVLQJFRQILGHQWLDOLQIRUPDWLRQ
    6HHTXHVWLRQ

    • (VWDEOLVKLQJ DQ HIIHFWLYH VHFXULW\ V\VWHP IRU PDQDJLQJ GLJLWDO LQIRUPDWLRQ RQ WKH FRPSDQ\·V LQWHUQDO
    QHWZRUNZLWKWHFKQLFDOPHDVXUHVVRIWZDUHDQGHQFU\SWLRQWRUHVWULFWDFFHVVWRFODVVLILHGLQIRUPDWLRQD
    V\VWHP IRU PRQLWRULQJ FRPPXQLFDWLRQ DQG LQIRUPDWLRQ GLVFORVXUH DQG D V\VWHP IRU SUHYHQWLQJ RU
    WUDFNLQJDFFHVVWRFRQILGHQWLDOLQIRUPDWLRQ

     4'('4'0%'5
    7KH 7UDGH 6HFUHWV $XGLW 5 0DUN +DOOLJDQ :HE SDJH DW KWWSP\H[HFSFFRPaPKDOOLJQWUDGHVHFKWPO $ FKHFNOLVW IRU
    LGHQWLI\LQJSRWHQWLDOWUDGHVHFUHWV
    7UDGH6HFUHWV3ROLF\)UDPHZRUNDQG%HVW3UDFWLFHV:,32
    :HE SDJH DW ZZZZLSRLQWVPHHQGRFXPHQWVZLSRBPDJD]LQHBSGI )RFXVHV RQ WKH GLIIHUHQW PHDQV E\ ZKLFK WUDGH
    VHFUHWVPD\EHSURWHFWHG
    +RZ WR &ODVVLI\ 7UDGH 6HFUHWV 5 0DUN +DOOLJDQ :HE SDJH DW KWWSP\H[HFSFFRPaPKDOOLJQSURWHFWKWPO ,QFOXGHV VL[
    IDFWRUVWRFRQVLGHUZKHQFODVVLI\LQJWUDGHVHFUHWVLQRUGHUWRSXWDQDSSURSULDWHVWUDWHJ\IRUSURWHFWLRQLQSODFH
     7UDGHVHFUHWVEDVLFV

     9JGPKUKVCFXKUCDNGVQRTQVGEVKPHQTOCVKQPCUCVTCFGUGETGV!

    (VVHQWLDOO\ WKHUH DUH WZR NLQGV RI WUDGH VHFUHWV 2Q WKH RQH KDQG WUDGH VHFUHWV PD\ FRQFHUQ
    LQYHQWLRQV RU PDQXIDFWXULQJ SURFHVVHV WKDW GR QRW PHHW WKH SDWHQWDELOLW\ FULWHULD DQG WKHUHIRUH FDQ
    RQO\ EH SURWHFWHG DV WUDGH VHFUHWV 7KLV ZRXOG EH WKH FDVH ZLWK FXVWRPHU OLVWV RU PDQXIDFWXULQJ
    SURFHVVHV WKDW DUH QRW VXIILFLHQWO\ LQYHQWLYH WR EH JUDQWHG D SDWHQW WKRXJK WKH\ PD\ TXDOLI\ IRU
    SURWHFWLRQ DV D XWLOLW\ PRGHO ² VHH TXHVWLRQ   2Q WKH RWKHU KDQG WUDGH VHFUHWV PD\ FRQFHUQ
    LQYHQWLRQVWKDWZRXOGIXOILOWKHSDWHQWDELOLW\FULWHULDDQGFRXOGWKHUHIRUHEHSURWHFWHGE\SDWHQWV,Q
    WKHODWWHUFDVHWKH60(ZLOOIDFHDFKRLFHWRSDWHQWWKHLQYHQWLRQRUWRNHHSLWDVDWUDGHVHFUHW

    7KHDGYDQWDJHVRIWUDGHVHFUHWVLQFOXGH

    • 7UDGH VHFUHW SURWHFWLRQ LV QRW OLPLWHG LQ WLPH SDWHQWV ODVW LQ JHQHUDO IRU XS WR  \HDUV  ,W PD\
    FRQWLQXHWKHUHIRUHLQGHILQLWHO\DVORQJDVWKHVHFUHWLVQRWUHYHDOHGWRWKHSXEOLF

    • 7UDGH VHFUHWV LQYROYH QR UHJLVWUDWLRQ FRVWV WKRXJK WKHUH PD\ EH KLJK FRVWV UHODWHG WR NHHSLQJ WKH
    LQIRUPDWLRQFRQILGHQWLDOLQFOXGLQJWKHLQWURGXFWLRQRIWHFKQRORJLFDOPHDVXUHVRISURWHFWLRQ 

    • 7UDGHVHFUHWVKDYHLPPHGLDWHHIIHFW

    • 7UDGH VHFUHW SURWHFWLRQ GRHV QRW LQYROYH VXFK IRUPDOLWLHV DV WKH GLVFORVXUH RI WKH LQIRUPDWLRQ WR D
    JRYHUQPHQWDXWKRULW\

    7KHUHDUHKRZHYHUVRPHGHILQLWHGLVDGYDQWDJHVZLWKSURWHFWLQJFRQILGHQWLDOEXVLQHVVLQIRUPDWLRQDVD
    WUDGHVHFUHWHVSHFLDOO\ZKHQWKHLQIRUPDWLRQPHHWVWKHFULWHULDIRUSDWHQWDELOLW\)RUH[DPSOH

    • ,I WKH VHFUHW LV HPERGLHG LQ DQ LQQRYDWLYH SURGXFW RWKHUV PD\ EH DEOH WR LQVSHFW LW GLVVHFW LW DQG
    DQDO\VHLW LH¶UHYHUVHHQJLQHHU·LW GLVFRYHUWKHVHFUHWDQGEHHQWLWOHGWKHUHDIWHUWRXVHLW7UDGHVHFUHW
    SURWHFWLRQ RI DQ LQYHQWLRQ LQ IDFW GRHV QRW SURYLGH WKH H[FOXVLYH ULJKW WR H[FOXGH WKLUG SDUWLHV IURP
    PDNLQJFRPPHUFLDOXVHRILW2QO\SDWHQWVDQGXWLOLW\PRGHOVFDQSURYLGHWKLVW\SHRISURWHFWLRQ

    • 2QFHWKHVHFUHWLVPDGHSXEOLFDQ\RQHPD\KDYHDFFHVVWRLWDQGXVHLWDWZLOO

    • $WUDGHVHFUHWLVPRUHGLIILFXOWWRHQIRUFHWKDQDSDWHQW7KHOHYHORISURWHFWLRQJUDQWHGWRWUDGHVHFUHWV
    YDULHV VLJQLILFDQWO\ IURP FRXQWU\ WR FRXQWU\ EXW LV JHQHUDOO\ FRQVLGHUHG ZHDN SDUWLFXODUO\ ZKHQ
    FRPSDUHGZLWKWKHSURWHFWLRQJUDQWHGE\DSDWHQW

    • 6RPHRQH HOVH ZKR KDV GHYHORSHG WKH UHOHYDQW LQIRUPDWLRQ E\ OHJLWLPDWH PHDQV PD\ SDWHQW D WUDGH
    VHFUHW

     4'('4'0%'5
    3DWHQWV YV 7UDGH 6HFUHWV +RZDUG 0 (LVHQEHUJ  <DOH 8QLYHUVLW\ 2IILFH RI &RRSHUDWLYH 5HVHDUFK :HE SDJH DW
    ZZZ\DOHHGXRFULQYHQWBJXLGHOLQHVSDWHQWBYVBWUDGHBVHFUHWKWPO &RPSDUHV WUDGH VHFUHWV WR SDWHQWV GLVFXVVLQJ DGYDQWDJHV RI
    HDFKZLWKFRQVLGHUDWLRQVRQKRZWRGHFLGHRQVHHNLQJSURWHFWLRQDPRQJWKHWZRRSWLRQV
    3URWHFWLQJWKH7UDGH6HFUHWVRI<RXU60(:,32
    :HE SDJH DW ZZZZLSRLQWVPHHQLSBEXVLQHVVWUDGHBVHFUHWVWUDGHBVHFUHWVKWP 3URWHFWLRQ RI WUDGH VHFUHWV SUHFDXWLRQDU\
    PHDVXUHVWREHWDNHQE\60(VGHFLGLQJEHWZHHQSDWHQWVDQGWUDGHVHFUHWVFDVHVLQZKLFK60(VPD\EHQHILWIURPWUDGHVHFUHW
    SURWHFWLRQZLWKIXUWKHUOLQNVDQGUHDGLQJV
    

    
    

    
    *HRJUDSKLFDOLQGLFDWLRQVEDVLFV 

     9JCVCTGIGQITCRJKECNKPFKECVKQPUCPFJQYECPVJG[DGRTQVGEVGF!

    $JHRJUDSKLFDOLQGLFDWLRQLVDVLJQXVHGRQJRRGVWKDWKDYHDVSHFLILFJHRJUDSKLFDORULJLQDQGSRVVHVV
    TXDOLWLHVRUDUHSXWDWLRQWKDWDUHGXHWRWKDWSODFHRIRULJLQ0RVWFRPPRQO\DJHRJUDSKLFDOLQGLFDWLRQ
    FRQVLVWVRIWKHQDPHRIWKHSODFHRIRULJLQRIWKHJRRGV$JULFXOWXUDOSURGXFWVW\SLFDOO\KDYHTXDOLWLHV
    WKDWGHULYHIURPWKHLUSODFHRISURGXFWLRQDQGDUHLQIOXHQFHGE\VSHFLILFORFDOIDFWRUVVXFKDVFOLPDWH
    DQG VRLO :KHWKHU D VLJQ IXQFWLRQV DV D JHRJUDSKLFDO LQGLFDWLRQ LV D PDWWHU RI QDWLRQDO ODZ DQG
    FRQVXPHUSHUFHSWLRQ
    ¶&KDPSDJQH· ¶7HTXLOD· ¶'DUMHHOLQJ· ¶5RTXHIRUW· ¶&KLDQWL· ¶3LOVHQ· ¶3RUWR· ¶6KHIILHOG· DQG ¶+DYDQD·
    DUHVRPHH[DPSOHVRIZHOONQRZQQDPHVWKDWDUHDVVRFLDWHGWKURXJKRXWWKHZRUOGZLWKSURGXFWVRID
    FHUWDLQQDWXUHDQGTXDOLW\2QHFRPPRQIHDWXUHRIDOOWKHVHQDPHVLVWKHLUJHRJUDSKLFDOFRQQRWDWLRQ
    WKDWLVWRVD\WKHLUIXQFWLRQRIGHVLJQDWLQJH[LVWLQJSODFHVWRZQVUHJLRQVRUFRXQWULHV+RZHYHUZKHQ
    ZHKHDUWKHVHQDPHVZHWKLQNRISURGXFWVUDWKHUWKDQWKHSODFHVWKH\GHVLJQDWH
    7KHVH H[DPSOHV VKRZ WKDW JHRJUDSKLFDO LQGLFDWLRQV FDQ DFTXLUH D KLJK UHSXWDWLRQ DQG WKXV PD\ EH
    YDOXDEOH FRPPHUFLDO DVVHWV )RU WKLV YHU\ UHDVRQ WKH\ DUH RIWHQ H[SRVHG WR PLVDSSURSULDWLRQ
    FRXQWHUIHLWLQJRUIRUJHU\DQGWKHLUSURWHFWLRQ²QDWLRQDODVZHOODVLQWHUQDWLRQDO²LVKLJKO\GHVLUDEOH

    &DQJHRJUDSKLFDOLQGLFDWLRQVEHXVHGRQO\IRUDJULFXOWXUDOSURGXFWV"
    7KH XVH RI JHRJUDSKLFDO LQGLFDWLRQV LV QRW OLPLWHG WR DJULFXOWXUDO SURGXFWV 7KH\ PD\ DOVR KLJKOLJKW
    VSHFLILFTXDOLWLHVRIDSURGXFWZKLFKDUHGXHWRKXPDQIDFWRUVWKDWFDQEHIRXQGLQWKHSODFHRIRULJLQ
    RI WKH SURGXFWV VXFK DV VSHFLILF PDQXIDFWXULQJ VNLOOV DQG WUDGLWLRQV 7KDW SODFH RI RULJLQ PD\ EH D
    YLOODJHRUWRZQDUHJLRQRUDFRXQWU\$FOHDUH[DPSOHRIWKHODWWHULV¶6ZLW]HUODQG·RU¶6ZLVV·ZKLFKLV
    ZLGHO\ SHUFHLYHG DV D JHRJUDSKLFDO LQGLFDWLRQ IRU SURGXFWV WKDW DUH PDGH LQ 6ZLW]HUODQG DQG LQ
    SDUWLFXODUIRUZDWFKHV

    :KDWLVDQDSSHOODWLRQRIRULJLQ"
    $Q DSSHOODWLRQ RI RULJLQ LV D VSHFLDO NLQG RI JHRJUDSKLFDO LQGLFDWLRQ XVHG RQ SURGXFWV WKDW KDYH D
    VSHFLILF TXDOLW\ WKDW LV H[FOXVLYHO\ RU HVVHQWLDOO\ GXH WR WKH JHRJUDSKLFDO HQYLURQPHQW LQ ZKLFK WKH
    SURGXFWVDUHSURGXFHG7KHFRQFHSWRIJHRJUDSKLFDOLQGLFDWLRQHQFRPSDVVHVDSSHOODWLRQVRIRULJLQ

    :KDWGRHVDJHRJUDSKLFDOLQGLFDWLRQGR"
    $ JHRJUDSKLFDO LQGLFDWLRQ SRLQWV WR D VSHFLILF SODFH RU UHJLRQ RI SURGXFWLRQ WKDW GHWHUPLQHV WKH
    FKDUDFWHULVWLFTXDOLWLHVRIWKHSURGXFWWKDWRULJLQDWHVWKHUHLQ,WLVLPSRUWDQWWKDWWKHSURGXFWGHULYHV
    LWVTXDOLWLHVDQGUHSXWDWLRQIURPWKDWSODFH6LQFHWKRVHTXDOLWLHVGHSHQGRQWKHSODFHRISURGXFWLRQD
    VSHFLILF¶OLQN·H[LVWVEHWZHHQWKHSURGXFWVDQGWKHLURULJLQDOSODFHRISURGXFWLRQ

    :KDWLVWKHGLIIHUHQFHEHWZHHQJHRJUDSKLFDOLQGLFDWLRQVDQGUXOHVRIRULJLQ"
    ¶5XOHVRIRULJLQ·DUHWKHFULWHULDXVHGWRGHILQHZKHUHDSURGXFWZDVPDGH7KH\DUHDQHVVHQWLDOSDUWRI
    WUDGHUXOHVEHFDXVHDQXPEHURISROLFLHVGLVFULPLQDWHEHWZHHQH[SRUWLQJFRXQWULHVTXRWDVSUHIHUHQWLDO
    WDULIIV DQWLGXPSLQJ DFWLRQV FRXQWHUYDLOLQJ GXW\ FKDUJHG WR FRXQWHU H[SRUW VXEVLGLHV  DQG PRUH

     4'('4'0%'5
    'RFXPHQWV RI WKH :RUOGZLGH 6\PSRVLXP RQ *HRJUDSKLFDO ,QGLFDWLRQV :,32  :HE SDJH DW
    ZZZZLSRLQWPHHWLQJVJHRLQGHQGRFXPHQWVLQGH[KWP %DFNJURXQG LQIRUPDWLRQ RQ JHRJUDSKLFDO LQGLFDWLRQV DQG LQ
    SDUWLFXODU RQ TXHVWLRQV FRQFHUQLQJ WHUPLQRORJ\ WKH H[LVWLQJ DSSURDFKHV WR WKH SURWHFWLRQ RI JHRJUDSKLFDO LQGLFDWLRQV RQ
    QDWLRQDODQGUHJLRQDOOHYHOVDQGWKHLQWHUQDWLRQDOOHJDOIUDPHZRUNIRUWKHSURWHFWLRQRIJHRJUDSKLFDOLQGLFDWLRQV
    'RFXPHQWVRIWKH6\PSRVLXPRQWKH,QWHUQDWLRQDO3URWHFWLRQRI*HRJUDSKLFDO,QGLFDWLRQV:,32$YDLODEOHIURP
    WKH:,32(OHFWURQLF%RRNVKRSDWZZZZLSRLQWHERRNVKRS
    5XOHV RI RULJLQ :RUOG 7UDGH 2UJDQL]DWLRQ :HE SDJH DW ZZZZWRRUJHQJOLVKWUDWRSBHURLBHURLBHKWP $Q LQWURGXFWLRQ WR
    DQGWHFKQLFDOLQIRUPDWLRQRQUXOHVRIRULJLQDQGH[SODQDWLRQRIWKH5XOHVRI2ULJLQ$JUHHPHQW
     *HRJUDSKLFDOLQGLFDWLRQVEDVLFV

    5XOHVRIRULJLQDUHDOVRXVHGWRFRPSLOHWUDGHVWDWLVWLFVDQGIRU¶PDGHLQ·ODEHOVWKDWDUHDWWDFKHGWR
    SURGXFWV 7KLV LV FRPSOLFDWHG E\ JOREDOL]DWLRQ DQG WKH ZD\ D SURGXFW FDQ EH SURFHVVHG LQ VHYHUDO
    FRXQWULHVEHIRUHLWLVUHDG\IRUWKHPDUNHW

    *HRJUDSKLFDOLQGLFDWLRQVRQWKHRWKHUKDQGDUHVLJQVXVHGRQJRRGVWKDWKDYHDVSHFLILFJHRJUDSKLFDO
    RULJLQDQGSRVVHVVTXDOLWLHVRUDUHSXWDWLRQWKDWDUHGXHWRWKDWSODFHRIRULJLQ2QO\FHUWDLQSURGXFWV
    WKDWPHHWWKHDERYHUHTXLUHPHQWDQGKDYHEHHQUHJLVWHUHGDVJHRJUDSKLFDOLQGLFDWLRQVPD\EHDUVXFK
    VLJQV 0RVW FRPPRQO\ D JHRJUDSKLFDO LQGLFDWLRQ FRQVLVWV RI WKH QDPH RI WKH SODFH RI RULJLQ RI WKH
    JRRGV

    :KDWLVWKHGLIIHUHQFHEHWZHHQDJHRJUDSKLFDOLQGLFDWLRQDQGDWUDGHPDUN"
    $WUDGHPDUNLVDVLJQXVHGE\DQHQWHUSULVHWRGLVWLQJXLVKLWVJRRGVDQGVHUYLFHVIURPWKRVHRIRWKHU
    HQWHUSULVHV 7KH RZQHU RI D WUDGHPDUN KDV WKH ULJKW WR H[FOXGH RWKHUV IURP XVLQJ LW $ JHRJUDSKLFDO
    LQGLFDWLRQWHOOVFRQVXPHUVWKDWDSURGXFWLVSURGXFHGLQDFHUWDLQSODFHDQGKDVFHUWDLQFKDUDFWHULVWLFV
    WKDW DUH GXH WR WKDW SODFH RI SURGXFWLRQ $OO SURGXFHUV ZKR PDNH WKHLU SURGXFWV LQ WKH SODFH
    GHVLJQDWHGE\DJHRJUDSKLFDOLQGLFDWLRQDQGZKRVHSURGXFWVVKDUHW\SLFDOTXDOLWLHVPD\XVHLW

    :K\GRJHRJUDSKLFDOLQGLFDWLRQVQHHGSURWHFWLRQ"
    *HRJUDSKLFDO LQGLFDWLRQV DUH XQGHUVWRRG E\ FRQVXPHUV WR GHQRWH WKH RULJLQ DQG WKH TXDOLW\ RI
    SURGXFWV0DQ\RIWKHPKDYHDFTXLUHGYDOXDEOHUHSXWDWLRQVZKLFKLIQRWDGHTXDWHO\SURWHFWHGPD\
    EH PLVUHSUHVHQWHG E\ GLVKRQHVW FRPPHUFLDO RSHUDWRUV )DOVH XVH RI JHRJUDSKLFDO LQGLFDWLRQV E\
    XQDXWKRUL]HG SDUWLHV LV GHWULPHQWDO WR FRQVXPHUV DQG OHJLWLPDWH SURGXFHUV 7KH IRUPHU DUH GHFHLYHG
    DQG OHG LQWR EHOLHYLQJ WKH\ DUH EX\LQJ D JHQXLQH SURGXFW ZLWK VSHFLILF TXDOLWLHV DQG FKDUDFWHULVWLFV
    ZKLOH WKH\ DUH JHWWLQJ LQ IDFW D ZRUWKOHVV LPLWDWLRQ 7KH ODWWHU VXIIHU EHFDXVH YDOXDEOH EXVLQHVV LV
    WDNHQDZD\IURPWKHPDQGWKHHVWDEOLVKHGUHSXWDWLRQRIWKHLUSURGXFWVLVGDPDJHG

    +RZLVDJHRJUDSKLFDOLQGLFDWLRQSURWHFWHG"
    *HRJUDSKLFDO LQGLFDWLRQV DUH SURWHFWHG LQ DFFRUGDQFH ZLWK QDWLRQDO ODZV DQG XQGHU D ZLGH UDQJH RI
    FRQFHSWVVXFKDVODZVDJDLQVWXQIDLUFRPSHWLWLRQFRQVXPHUSURWHFWLRQODZVODZVIRUWKHSURWHFWLRQRI
    FHUWLILFDWLRQ PDUNV RU VSHFLDO ODZV IRU WKH SURWHFWLRQ RI JHRJUDSKLFDO LQGLFDWLRQV RU DSSHOODWLRQV RI
    RULJLQ ,Q HVVHQFH XQDXWKRUL]HG SDUWLHV PD\ QRW XVH JHRJUDSKLFDO LQGLFDWLRQV LI VXFK XVH LV OLNHO\ WR
    PLVOHDG WKH SXEOLF DV WR WKH WUXH RULJLQ RI WKH SURGXFW $SSOLFDEOH VDQFWLRQV UDQJH IURP FRXUW
    LQMXQFWLRQVSUHYHQWLQJWKHXQDXWKRUL]HGXVHWRWKHSD\PHQWRIGDPDJHVDQGILQHVRULQVHULRXVFDVHV
    LPSULVRQPHQW

    +RZDUHJHRJUDSKLFDOLQGLFDWLRQVSURWHFWHGDWWKHLQWHUQDWLRQDOOHYHO"
    $ QXPEHURI WUHDWLHVDGPLQLVWHUHG E\ WKH :RUOG ,QWHOOHFWXDO3URSHUW\ 2UJDQL]DWLRQ :,32  SURYLGH
    IRUWKHSURWHFWLRQRIJHRJUDSKLFDOLQGLFDWLRQVPRVWQRWDEO\WKH3DULV&RQYHQWLRQIRUWKH3URWHFWLRQRI
    ,QGXVWULDO 3URSHUW\ RI  DQG WKH /LVERQ $JUHHPHQW IRU WKH 3URWHFWLRQ RI $SSHOODWLRQV RI 2ULJLQ
    DQG7KHLU,QWHUQDWLRQDO5HJLVWUDWLRQ,QDGGLWLRQ$UWLFOHVWRRIWKH$JUHHPHQWRQ7UDGH5HODWHG
    $VSHFWVRI,QWHOOHFWXDO3URSHUW\5LJKWV 75,36 GHDOZLWKWKHLQWHUQDWLRQDOSURWHFWLRQRIJHRJUDSKLFDO
    LQGLFDWLRQVZLWKLQWKHIUDPHZRUNRIWKH:RUOG7UDGH2UJDQL]DWLRQ :72 

    :KDWLVD¶JHQHULF·JHRJUDSKLFDOLQGLFDWLRQ"
    ,IDJHRJUDSKLFDOWHUPLVXVHGDVWKHGHVLJQDWLRQRIDNLQGRISURGXFWUDWKHUWKDQDQLQGLFDWLRQRIWKH
    SODFHRIRULJLQRIWKDWSURGXFWWKLVWHUPGRHVQRORQJHUIXQFWLRQDVDJHRJUDSKLFDOLQGLFDWLRQ:KHUH
    WKDW KDV RFFXUUHG LQ D FHUWDLQ FRXQWU\ RYHU D VXEVWDQWLDO SHULRG RI WLPH WKDW FRXQWU\ PD\ UHFRJQL]H
    WKDW FRQVXPHUV KDYH FRPH WR XQGHUVWDQG D JHRJUDSKLFDO WHUP WKDW RQFH VWRRG IRU WKH RULJLQ RI WKH
    SURGXFW²IRUH[DPSOH¶'LMRQ0XVWDUG·DVW\OHRIPXVWDUGRULJLQDOO\IURPWKH)UHQFKWRZQRI'LMRQ²
    WRGHQRWHQRZDFHUWDLQNLQGRISURGXFWUHJDUGOHVVRILWVSODFHRISURGXFWLRQ
    

    
    

    
    ,QWHJUDWHGFLUFXLWVEDVLFV 

     %CP KPVGITCVGF EKTEWKVU DG RTQVGEVGF WPFGT KPVGNNGEVWCN RTQRGTV[ RTQVGEVKQP!
    *QY!

    $QRWKHUILHOGRISURWHFWLRQRI,3LVWKDWRIOD\RXWGHVLJQV WRSRJUDSKLHV RILQWHJUDWHGFLUFXLWV

    7KH OD\RXWGHVLJQV RI LQWHJUDWHG FLUFXLWV DUH XVXDOO\ WKH UHVXOW RI DQ HQRUPRXV LQYHVWPHQW ERWK LQ
    WHUPV RI WKH WLPH RI KLJKO\ TXDOLILHG H[SHUWV DQG ILQDQFLDOO\ 7KHUH LV D FRQWLQXLQJ QHHG IRU WKH
    FUHDWLRQRIQHZOD\RXWGHVLJQVWKDWUHGXFHWKHGLPHQVLRQVRIH[LVWLQJLQWHJUDWHGFLUFXLWVDQGLQFUHDVH
    WKHLU IXQFWLRQV VLPXOWDQHRXVO\ 7KH VPDOOHU DQ LQWHJUDWHG FLUFXLW WKH OHVV WKH PDWHULDO QHHGHG IRU LWV
    PDQXIDFWXUHDQGWKHVPDOOHUWKHVSDFHQHHGHGWRDFFRPPRGDWHLW,QWHJUDWHGFLUFXLWVDUHXWLOL]HGLQD
    ODUJH UDQJH RI SURGXFWV LQFOXGLQJ DUWLFOHV RI HYHU\GD\ XVH VXFK DV ZDWFKHV WHOHYLVLRQ VHWV ZDVKLQJ
    PDFKLQHVDQGDXWRPRELOHVDVZHOODVVRSKLVWLFDWHGGDWDSURFHVVLQJHTXLSPHQW
    :KHUHDV WKH FUHDWLRQ RI D QHZ OD\RXWGHVLJQ IRU DQ LQWHJUDWHG FLUFXLW FDQ LQYROYH DQ LPSRUWDQW
    LQYHVWPHQWWKHFRS\LQJRIVXFKDOD\RXWGHVLJQPD\FRVWRQO\DIUDFWLRQRIWKDWLQYHVWPHQW&RS\LQJ
    PD\ EH GRQH E\ SKRWRJUDSKLQJ HDFK OD\HU RI DQ LQWHJUDWHG FLUFXLW DQG SUHSDULQJ PDVNV IRU LWV
    SURGXFWLRQ RQ WKH EDVLV RI WKH SKRWRJUDSKV REWDLQHG 7KH SRVVLELOLW\ IRU VXFK FRS\LQJ LV WKH PDLQ
    UHDVRQIRUWKHLQWURGXFWLRQRIOHJLVODWLRQWRSURWHFWOD\RXWGHVLJQV
    $FFRUGLQJWRWKH:7275,36$JUHHPHQWWKHWHUPRISURWHFWLRQLVDWOHDVW\HDUVIURPWKHGDWHRI
    ILOLQJDQDSSOLFDWLRQRURIWKHILUVWFRPPHUFLDOH[SORLWDWLRQLQWKHZRUOGEXW0HPEHUVPD\SURYLGHD
    WHUPRISURWHFWLRQRI\HDUVIURPWKHFUHDWLRQRIWKHOD\RXWGHVLJQ

     4'('4'0%'5
    ,QWHJUDWHG&LUFXLW7RSRJUDSKLHV&DQDGLDQ,QWHOOHFWXDO3URSHUW\2IILFH
    :HESDJHDWKWWSVWUDWHJLVLFJFFDVFBPUNVYFLSRLFWLFWBPDLQHKWPO,QIRUPDWLRQRQLQWHJUDWHGFLUFXLWWRSRJUDSKLHVGHILQLWLRQ
    DQG XVH WKH &DQDGLDQ V\VWHP RI SURWHFWLRQ H[FHSWLRQV UHJLVWUDWLRQ DSSOLFDWLRQ DQG IHHV ZLWK LQVWUXFWLRQV RQ ILOOLQJ RXW WKH
    IRUP
    
    

    
    

    
    2ZQHUVKLSRIULJKWVE\HPSOR\HHV 

     9JQ QYPU VJG KPVGNNGEVWCN RTQRGTV[ TKIJVU YJGP CP KPXGPVKQP FGUKIP QT
    ETGCVKXGYQTMKUFGXGNQRGFD[CPGORNQ[GG!

    %XVLQHVVHVRIWHQUHO\RQHPSOR\HHVDQGLQGHSHQGHQWFRQVXOWDQWVWRGHYHORSWKHLULQWHOOHFWXDOSURSHUW\
    ,3  DVVHWV DQG DVVXPH WKDW WKH\ DXWRPDWLFDOO\ RZQ WKH ULJKWV RQ WKRVH DVVHWV DFFRUGLQJ WR WKH
    SULQFLSOH ¶, SDLG IRU LW WKHUHIRUH , RZQ LW· 7KLV PD\ EH D VRIWZDUH SURJUDP DQ DUWLFOH D VFULSW
    DUFKLWHFW·V SODQV DQG GUDZLQJV D QHZ ORJR D QHZ SURGXFW RU SURFHVV SURGXFW SDFNDJLQJ D QHZ
    SURGXFW GHVLJQ D EXVLQHVV SODQ DQ LQYHQWLRQ DQG WKH RXWSXW RI PDQ\ RWKHU W\SHV RI FUHDWLYH
    HQGHDYRXUV :KR RZQV WKH ULJKW WR WKH ZRUN WKDW HPSOR\HHV FUHDWH WKH LQGLYLGXDO FUHDWRU RU WKH
    FRPSDQ\ZKRHPSOR\VWKHP"7KHDQVZHUWRWKLVTXHVWLRQLVQRWDOZD\VHDV\RUFOHDULWPD\YDU\DORW
    IURP RQH FRXQWU\ WR DQRWKHU DQG LQ D JLYHQ FRXQWU\ GHSHQGLQJ RQ WKH ODZ DQG WKH IDFWV DQG
    FLUFXPVWDQFHVRIDSDUWLFXODUHPSOR\HU²HPSOR\HHUHODWLRQVKLS

    2ZQHUVKLSRIIXQFWLRQDOLPSURYHPHQWVWRDSURGXFW LQYHQWLRQVSDWHQWV 
    ,QPDQ\FRXQWULHVWKHHPSOR\HURZQVDQLQYHQWLRQPDGHE\KLVRUKHUHPSOR\HHLILWLVUHODWHGWRWKH
    HPSOR\HU·V EXVLQHVV XQOHVV WKH HPSOR\PHQW FRQWUDFW VWLSXODWHV RWKHUZLVH &RQYHUVHO\ LQ RWKHU
    FRXQWULHV WKH ,3 ULJKWV WR LQYHQWLRQV EHORQJ LQ SULQFLSOH WR WKH HPSOR\HH LQYHQWRU XQOHVV RWKHUZLVH
    DJUHHG ,Q VRPH FRXQWULHV HJ WKH 8QLWHG 6WDWHV  WKH HPSOR\HH LQYHQWRU PD\ UHWDLQ WKH ULJKW WR
    H[SORLWWKHLQYHQWLRQEXWWKHHPSOR\HULVRIWHQJLYHQDQRQH[FOXVLYHULJKWWRXVHWKHLQYHQWLRQIRULWV
    LQWHUQDO SXUSRVHV FDOOHG ¶VKRS ULJKWV·  6SHFLDO UXOHV PD\ DSSO\ KRZHYHU WR LQYHQWLRQV PDGH E\
    XQLYHUVLW\WHDFKHUVRUUHVHDUFKHUVDVPD\EHSUHVFULEHGLQWKH,3SROLF\RIWKHLQVWLWXWLRQ

    6RPH FRXQWULHV JUDQW WKH HPSOR\HH LQYHQWRU WKH ULJKW WR D IDLU DQG UHDVRQDEOH UHPXQHUDWLRQ RU
    FRPSHQVDWLRQIRUKLVRUKHULQYHQWLRQLIWKHHPSOR\HUWDNHVULJKWVWRWKHLQYHQWLRQ2WKHUFRXQWULHVGR
    QRW JUDQW DQ\ VSHFLILF UHPXQHUDWLRQ IRU WKH HPSOR\HH RU RQO\ YHU\ OLPLWHG UHPXQHUDWLRQ RU
    FRPSHQVDWLRQDQGRQO\LQH[FHSWLRQDOFDVHV

    2ZQHUVKLSRIFRS\ULJKW
    ,Q PRVW FRXQWULHV LI DQ HPSOR\HH SURGXFHV D OLWHUDU\ RU DUWLVWLF ZRUN ZLWKLQ WKH VFRSH RI WKHLU
    HPSOR\PHQWWKHQWKHHPSOR\HUDXWRPDWLFDOO\RZQVWKHFRS\ULJKWLQLWXQOHVVRWKHUZLVHDJUHHG%XWLW
    LVQRWDOZD\VVR8QGHUWKHFRS\ULJKWODZRIVRPHFRXQWULHVWKHUHPD\QRWEHDQDXWRPDWLFWUDQVIHURI
    ULJKWVDQGWKHUHLVFRPSOLFDWHGFDVHODZRQWKHSRVLWLRQ
    7KHUH DUH VHYHUDO FLUFXPVWDQFHV XQGHU ZKLFK DQ HPSOR\HH PD\ RZQ DOO RU SDUW RI WKH ULJKWV )RU
    H[DPSOHLIWKHHPSOR\HULVDQHZVSDSHURUPDJD]LQHSXEOLVKHUWKHHPSOR\HHZLOOLQPRVWFRXQWULHV
    RZQWKHFRS\ULJKWIRUVRPHSXUSRVHVLQFOXGLQJSXEOLFDWLRQLQERRNVZKLOHWKHHPSOR\HUZLOORZQWKH
    FRS\ULJKWIRURWKHUSXUSRVHV,QPRVWFRXQWULHVKRZHYHULIDQHPSOR\HHJHQHUDWHVDVRIWZDUHSURGXFW
    LQ WKH FRXUVH RI HPSOR\PHQW WKH HPSOR\HU ZLOO RZQ WKH ULJKWV LQ WKH FUHDWLYH SURGXFW XQOHVV
    RWKHUZLVHVWDWHGLQWKHHPSOR\PHQWFRQWUDFW

     4'('4'0%'5
    *XLGHRQ(PSOR\HHV·&UHDWLRQV,35+HOSGHVN'RFXPHQWFDQEHGRZQORDGHGIURPZZZLSUKHOSGHVNRUJXQGHUWKHKHDGLQJ
    &RS\ULJKW$QRYHUYLHZRIWKHVLWXDWLRQUHJDUGLQJLQWHOOHFWXDOSURSHUW\ULJKWVLQYDULRXVFUHDWLRQVPDGHE\HPSOR\HHVDQGKRZ
    WRWUDQVIHUWKHULJKWVWRDQHPSOR\HHDQGWRDQHPSOR\HUZLWKDIRFXVRQ(8GLUHFWLYHV
    2ZQHUVKLS RI ,QWHOOHFWXDO 3URSHUW\ 5LJKWV 7KRPDV 4 +HQU\ :HE SDJH DW ZZZXVSDWHQWFRPLSRFKWP $Q RYHUYLHZ RI
    RZQHUVKLSRI,3ULJKWVLQWKH8QLWHG6WDWHV
     2ZQHUVKLSRIULJKWVE\HPSOR\HHV

    ,WVKRXOGEHQRWHGDOVRWKDWWKHPRUDOULJKWV LHWKHULJKWWRFODLPDXWKRUVKLSRIDZRUNDQGWKHULJKW
    WR RSSRVH FKDQJHV WR LW WKDW FRXOG KDUP WKH FUHDWRU·V UHSXWDWLRQ  DUH QRW DVVLJQDEOH DQG ZLOO WKXV
    UHPDLQZLWKWKHDXWKRUHYHQLIWKHFRS\ULJKWRZQHUVKLSRIWKHHFRQRPLFULJKWVKDVEHHQWUDQVIHUUHGWR
    WKH HPSOR\HU ,Q VRPH FRXQWULHV KRZHYHU HJ &DQDGD WKH 8QLWHG 6WDWHV  PRUDO ULJKWV FDQ EH
    ZDLYHG

    2ZQHUVKLSRILQGXVWULDOGHVLJQV
    *HQHUDOO\ ZKHUH WKH HPSOR\HH LV UHTXLUHG XQGHU DQ HPSOR\PHQW UHODWLRQVKLS WR FUHDWH D GHVLJQ WKH
    GHVLJQULJKWVEHORQJWRWKHHPSOR\HU,QVRPHFRXQWULHVKRZHYHUWKHULJKWRIRZQHUVKLSWRLQGXVWULDO
    GHVLJQVFUHDWHGE\HPSOR\HHVGXULQJWKHFRXUVHRIDQHPSOR\PHQWFRQWUDFWEHORQJVWRWKHHPSOR\HH
    XQOHVVRWKHUZLVHDJUHHG,QVRPHFDVHVWKHHPSOR\HULVUHTXLUHGWRSD\WRWKHHPSOR\HHDQHTXLWDEOH
    UHPXQHUDWLRQWDNLQJLQWRDFFRXQWWKHHFRQRPLFYDOXHRIWKHLQGXVWULDOGHVLJQDQGDQ\EHQHILWGHULYHG
    E\ WKH HPSOR\HU IURP WKH XWLOL]DWLRQ RI WKH LQGXVWULDO GHVLJQ ,Q RWKHU FRXQWULHV HJ WKH 8QLWHG
    6WDWHV  WKH FUHDWRU RI DQ LQGXVWULDO GHVLJQ LV WKH SURSULHWRU XQOHVV FRPSHQVDWLRQ ZDV SDLG IRU WKH
    LQGXVWULDOGHVLJQ
    2ZQHUVKLSRIULJKWVE\HPSOR\HHV 

     9JQQYPUVJGKPVGNNGEVWCNRTQRGTV[TKIJVUYJGPCPKPXGPVKQPEQR[TKIJVYQTM
    QTFGUKIPKUQWVUQWTEGF!

    &RPSDQLHVUHJXODUO\HQJDJHDGYLVHUVFRQVXOWDQWVRULQGHSHQGHQWFRQWUDFWRUVWRFUHDWHDZLGHYDULHW\
    RI RULJLQDO RU QHZ PDWHULDO IRU WKHP 7KLV PDWHULDO FDQ LQFOXGH EXVLQHVV SODQV PDUNHWLQJ SODQV
    WUDLQLQJ PDQXDOV LQIRUPDWLRQ PDQXDOV WHFKQLFDO JXLGHV VRIWZDUH D ZHEVLWH GHVLJQV GUDZLQJV
    UHVHDUFKUHSRUWVGDWDEDVHVDORJRIRUDQDGYHUWLVLQJFDPSDLJQDQGVRRQ%RWKVLGHVLHWKHFRPSDQ\
    DQGWKHLQGHSHQGHQWFRQWUDFWRUVKRXOGWDNHFDUHZKHQHQWHULQJLQWRVXFKDQDJUHHPHQWWRDGHTXDWHO\
    DGGUHVVWKHTXHVWLRQRIRZQHUVKLSRI,3DVVHWV)RUH[DPSOHLIWKHFRQVXOWDQWRUFRQWUDFWRUSUHVHQWVD
    QXPEHURIGLVWLQFWGHVLJQVRUORJRVDQGWKHFRPSDQ\DFFHSWVRQO\RQHWKHQZKRRZQVWKH,3ULJKWV
    RYHUWKHUHPDLQLQJRSWLRQV"
    ,QYHQWLRQV,QPRVWFRXQWULHVLQSULQFLSOHDQLQGHSHQGHQWFRQWUDFWRUKLUHGE\DFRPSDQ\WRGHYHORS
    D QHZ SURGXFW RU SURFHVV RZQV DQ\ ULJKWV WR WKH LQYHQWLRQ XQOHVV VSHFLILFDOO\ VWDWHG RWKHUZLVH 7KLV
    PHDQVWKDWLQJHQHUDOXQOHVVWKHFRQWUDFWRUKDVDZULWWHQDJUHHPHQWZLWKWKHFRPSDQ\DVVLJQLQJWKH
    LQYHQWLRQWRWKDWFRPSDQ\WKHFRPSDQ\ZLOOKDYHQRRZQHUVKLSULJKWVLQZKDWLVGHYHORSHGHYHQLILW
    SDLGIRUWKHGHYHORSPHQW

    &RS\ULJKW ,Q PRVW FRXQWULHV D IUHHODQFH FUHDWRU RZQV WKH FRS\ULJKW XQOHVV KH RU VKH KDV VLJQHG D
    ZULWWHQDJUHHPHQWWUDQVIHUULQJWKHULJKWV,IDQGRQO\LIWKHUHLVVXFKDZULWWHQDJUHHPHQWLQSODFHZLOO
    WKH FRPSDQ\ ZKR FRPPLVVLRQHG WKH FUHDWRU QRUPDOO\ RZQ WKH ,3 DJDLQ WKH PRUDO ULJKWV UHPDLQ LQ
    SULQFLSOHZLWKWKHDXWKRU ,QWKHDEVHQFHRIVXFKDQDJUHHPHQWWKHSHUVRQZKRSDLGIRUWKHZRUNLV
    JHQHUDOO\HQWLWOHGWRXVHWKHZRUNRQO\IRUWKHSXUSRVHVIRUZKLFKLWZDVFUHDWHG&RPSDQLHVZKRIRU
    H[DPSOH KDYH SDLG DQ LQGHSHQGHQW FRQWUDFWRU WR FUHDWH D ZHEVLWH IRU WKHP PD\ EH XQSOHDVDQWO\
    VXUSULVHG WR ILQG WKDW WKH\ GR QRW RZQ ZKDW KDV EHHQ FRPPLVVLRQHG 7KLV PHDQV IRU H[DPSOH WKDW
    WKH\PD\QRWEHDEOHWRPRGLI\LWVFRQWHQWRUWKDWDQ\ERG\ZLOOLQJWRUHSURGXFHFRQWHQWFDQGRVRE\
    UHTXHVWLQJDXWKRUL]DWLRQIURPWKHFRQWUDFWRU
    'LIIHUHQWUXOHVRUH[FHSWLRQVPD\DSSO\IRUH[DPSOHWRFRPPLVVLRQHGSKRWRJUDSKVILOPVDQGVRXQG
    UHFRUGLQJV
    ,QGXVWULDOGHVLJQV,IDIUHHODQFHGHVLJQHULVEURXJKWLQRQFRPPLVVLRQWRSURGXFHDVSHFLILFGHVLJQ
    WKHQDJDLQLQPDQ\FDVHVWKH,3ULJKWVZLOOQRWSDVVDXWRPDWLFDOO\WRWKHFRPPLVVLRQLQJSDUW\EXWZLOO
    UHPDLQ ZLWK WKH IUHHODQFH GHVLJQHU ,Q VRPH FRXQWULHV WKH FRPPLVVLRQLQJ SDUW\ RZQV WKH ULJKWV LQ D
    GHVLJQRQO\LIFRPSHQVDWLRQKDVEHHQSDLGIRUWKDWGHVLJQ

     4'('4'0%'5
    ¶&ROODERUDWLYHUHVHDUFK&RQIOLFWVRQDXWKRUVKLSRZQHUVKLSDQGDFFRXQWDELOLW\·5RFKHOOH&RRSHU'UH\IXVV,Q9DQGHUELOW
    /DZ5HYLHZYRO:HESDJHDWKWWSODZYDQGHUELOWHGXODZUHYLHZYROGUH\IXVVSGI'LVFXVVHVRZQHUVKLSRI,3LVVXHV
    LQFROODERUDWLYHHIIRUWVKLUHGRUVXEFRQWUDFWHGZRUNDQGVROXWLRQV
    5LJKWV DQG 2ZQHUVKLS 2SWLRQV LQ 7HFKQRORJ\ 'HYHORSPHQW $JUHHPHQWV +RZDUG * =DKDURII :HE SDJH DW
    ZZZPEESFRPDUWLFOHKWPO'LVFXVVHVWKHWKUHHVFHQDULRVRIRZQHUVKLSRI,3FUHDWLRQVDPRQJFOLHQWDQGGHYHORSHU
     2ZQHUVKLSRIULJKWVE\HPSOR\HHV

     9JCV UVGRU ECP + VCMG VQ CXQKF FKURWVGU TGICTFKPI KPVGNNGEVWCN RTQRGTV[
    QYPGTUJKRYKVJGORNQ[GGUQTKPFGRGPFGPVUWDEQPVTCEVQTU!

    $IHZJROGHQUXOHVWRDYRLGGLVSXWHVZLWKHPSOR\HHVRULQGHSHQGHQWFRQWUDFWRUVDUHOLVWHGEHORZ

    • *HWOHJDODGYLFH2ZQHUVKLSPDWWHUVDUHFRPSOLFDWHGDQGYDU\DORWIURPRQHFRXQWU\WRDQRWKHU$V
    ZLWK PRVW OHJDO PDWWHUV LW LV HVVHQWLDO WR WDNH VNLOOHG DGYLFH EHIRUH HQWHULQJ LQWR DQ\ DJUHHPHQW ZLWK
    HPSOR\HHVRULQGHSHQGHQWFRQWUDFWRUV

    • &RQFOXGH D ZULWWHQ DJUHHPHQW $JUHH RQ ZKR RZQV WKH ,3 ULJKWV WR DQ\ PDWHULDO FUHDWHG E\ DQ
    HPSOR\HHRULQGHSHQGHQWFRQWUDFWRUZKHWKHUDQGZKHQWUDQVIHURIRZQHUVKLSZLOOWDNHSODFHZKRKDV
    WKH ULJKW WR H[SORLW LW ZKR LV WR SD\ IRU LW ZKHWKHU LPSURYHPHQWV RU PRGLILFDWLRQV DUH DOORZHG HWF
    0DNHVXUHWKDWZKDW\RXZLVKWRDJUHHWRLVYDOLGXQGHUWKHDSSOLFDEOH,3ODZV

    • +DYH D FRQWUDFW EHIRUH ZRUN LV VWDUWHG 'R QRW VZHHS ,3 RZQHUVKLS LVVXHV XQGHU WKH FDUSHW PDNH
    VXUHWKDW\RXGHDOZLWK WKHVH DWWKHEHJLQQLQJ EHIRUHWKHFROODERUDWLRQLWVHOIEHJLQV(YHQWKHHDUOLHVW
    VWDJHVRIZRUNFDQJLYHULVHWRLPSRUWDQW,3ULJKWVLVVXHV

    • ,QFOXGHFRQILGHQWLDOLW\FODXVHVDJUHHPHQWVLQFRQWUDFWVZLWKHPSOR\HHVRULQGHSHQGHQWFRQWUDFWRUV
    ,QFOXGH QRQFRPSHWH FODXVHV DV ZHOO LQ FRQWUDFWV ZLWK HPSOR\HHV EHFDXVH WRGD\·V HPSOR\HHV PD\ EH
    WRPRUURZ·VFRPSHWLWRUV

    • $GRSWLQWHUQDOSROLFLHVDQGUHJXODWLRQVRUJXLGHOLQHVRQHPSOR\HHLQYHQWLRQV6XFKSROLFLHVDQG
    UHJXODWLRQVXQGHUWKHSROLF\VKRXOGFRQWDLQSURYLVLRQVRQLQWHUDOLDWKHFDWHJRULHVRILQYHQWLRQVZKLFK
    IDOO ZLWKLQ WKH ILHOG RI WKH HPSOR\HU·V EXVLQHVV WKH HPSOR\HH LQYHQWRU·V REOLJDWLRQ WR QRWLI\ WKH
    HPSOR\HU RI LQYHQWLRQV WKH HPSOR\HU·V SURFHGXUHV IRU KDQGOLQJ QRWLILFDWLRQV RQ LQYHQWLRQV
    FRQILGHQWLDOLW\ UHTXLUHPHQWV DQG SDWHQW SURVHFXWLRQ DQG UHPXQHUDWLRQ IRU WKH LQYHQWRU 6XFK
    UHJXODWLRQVVKRXOGRIFRXUVHEHLQOLQHZLWKWKHDSSOLFDEOHQDWLRQDO,3ODZV

    • 7DNHVSHFLDOFDUHZKHQRXWVRXUFLQJUHVHDUFKDQGGHYHORSPHQW 5 ' ,IRWKHUSHRSOHEHVLGHVWKH


    HPSOR\HHV RI WKH FRPSDQ\ SDUWLFLSDWH LQ VXFK DFWLYLWLHV HQVXUH WKDW DOO LQYROYHG VLJQ DQ DJUHHPHQW LQ
    ZKLFK WKH\ JLYH WKH FRPSDQ\ VXIILFLHQW ULJKWV WR WKH UHVXOWV RI WKHLU ZRUNV &RPSDQLHV VKRXOG HQVXUH
    WKDWVXFKSHRSOHWUDQVIHUDQ\DQGDOOULJKWVWRWKHUHVXOWVRIWKH5 'SURMHFWWRWKHFRPSDQ\LQFOXGLQJ
    WKHULJKWWRUHWUDQVIHUWKHULJKWVDQGHVSHFLDOO\WKHULJKWWRDOWHUWKHZRUNVLIWKH5 'SURMHFWSURGXFHV
    ZRUNVRURWKHUPDWHULDOVHOLJLEOHIRUFRS\ULJKWSURWHFWLRQ$SDUWIURPLQYHQWLRQVWKH5 'DJUHHPHQWV
    VKRXOGDOVRFRQWDLQSURYLVLRQVFRQIHUULQJWKHULJKWVWRNQRZKRZFRS\ULJKWIRUWKHUHVHDUFKUHSRUWVDQG
    UHVXOWVDQGULJKWVRYHUWKHSK\VLFDOPDWHULDOLQYROYHGLQUHVHDUFKDFWLYLWLHV VXFKDVPLFURRUJDQLVPVRU
    RWKHU ELRORJLFDO PDWHULDO  DV ZHOO DV ,3 ULJKWV RYHU DQ\ EDFNJURXQG LQIRUPDWLRQ WKDW LV QRW ZLWKLQ WKH
    SXEOLFGRPDLQ$OOWKLVVKRXOGEHNHSWVWULFWO\FRQILGHQWLDO

     4'('4'0%'5
    *XLGHRQ(PSOR\HHV·&UHDWLRQV,35+HOSGHVN'RFXPHQWFDQEHGRZQORDGHGIURPZZZLSUKHOSGHVNRUJXQGHUWKHKHDGLQJ
    &RS\ULJKW$QRYHUYLHZRIWKHVLWXDWLRQUHJDUGLQJLQWHOOHFWXDOSURSHUW\ULJKWVLQYDULRXVFUHDWLRQVPDGHE\HPSOR\HHVDQGKRZ
    WRWUDQVIHUWKHULJKWVWRDQHPSOR\HHDQGWRDQHPSOR\HUZLWKDIRFXVRQ(8GLUHFWLYHV
    ¶&ROODERUDWLYHUHVHDUFK&RQIOLFWVRQDXWKRUVKLSRZQHUVKLSDQGDFFRXQWDELOLW\·5RFKHOOH&RRSHU'UH\IXVV,Q9DQGHUELOW
    /DZ5HYLHZYRO:HESDJHDWKWWSODZYDQGHUELOWHGXODZUHYLHZYROGUH\IXVVSGI'LVFXVVHVRZQHUVKLSRI,3LVVXHV
    LQFROODERUDWLYHHIIRUWVKLUHGRUVXEFRQWUDFWHGZRUNDQGVROXWLRQV
    

    
    

    
    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     9JCVCTGVJGOCKPEQPVTCEVWCNCITGGOGPVUHQTVJGVTCPUHGTQHVGEJPQNQI[!

    $ WUDQVIHU RI WHFKQRORJ\ JHQHUDOO\ WDNHV SODFH WKURXJK D OHJDO UHODWLRQVKLS E\ ZKLFK WKH RZQHU RI D
    SDWHQWHGWHFKQRORJ\RUNQRZKRZVHOOVRUJUDQWVDOLFHQFHWRXVHWKHVDLGWHFKQRORJ\RUNQRZKRZWR
    DQRWKHUSHUVRQRUOHJDOHQWLW\
    7KHVHOHJDOUHODWLRQVKLSVDUHHVVHQWLDOO\FRQWUDFWXDOLQQDWXUHZKLFKPHDQVWKDWWKHWUDQVIHURURIWKH
    WHFKQRORJ\FRQVHQWVWRWUDQVIHUDQGWKHWUDQVIHUHHFRQVHQWVWRDFTXLUHWKHULJKWVWKHSHUPLVVLRQRUWKH
    NQRZKRZ LQ TXHVWLRQ 7KHUH DUHYDULRXV PHWKRGVDQG OHJDO DUUDQJHPHQWV WKURXJK ZKLFK WHFKQRORJ\
    PD\EHWUDQVIHUUHGRUDFTXLUHGLQFOXGLQJWKHIROORZLQJ

    7KHVDOHRUDVVLJQPHQWRI,3ULJKWV
    7KHILUVWOHJDOPHWKRGLVWKHVDOHE\WKHRZQHURIDOOWKHLURULWVH[FOXVLYHULJKWVWRDSDWHQWHGLQYHQWLRQ
    DQGWKHSXUFKDVHRIWKRVHULJKWVE\DQRWKHUSHUVRQRUOHJDOHQWLW\:KHQDOOWKHH[FOXVLYHULJKWVWRD
    SDWHQWHGLQYHQWLRQDUHWUDQVIHUUHGZLWKRXWDQ\UHVWULFWLRQLQWLPHRURWKHUFRQGLWLRQE\WKHRZQHURI
    WKHSDWHQWHGLQYHQWLRQWRDQRWKHUSHUVRQRUOHJDOHQWLW\LWLVVDLGWKDWDQDVVLJQPHQWRIVXFKULJKWV
    KDV WDNHQ SODFH 6LPLODU SULQFLSOHV DQG FKDUDFWHULVWLFV DSSO\ WR WKH DVVLJQPHQW RI RWKHU REMHFWV RI
    LQGXVWULDOSURSHUW\ HJWUDGHPDUNVDQGLQGXVWULDOGHVLJQV 

    /LFHQVLQJ
    7KHVHFRQGOHJDOPHWKRGLVWKURXJKDOLFHQFHWKDWLVWKHSHUPLVVLRQJLYHQE\WKHRZQHURIDSDWHQWHG
    LQYHQWLRQ WR DQRWKHU SHUVRQ RU OHJDO HQWLW\ WR SHUIRUP LQ WKH FRXQWU\ DQG IRU WKH GXUDWLRQ RI WKH
    SDWHQW ULJKWV RQH RU PRUH RI WKH ¶DFWV· ZKLFK DUH FRYHUHG E\ WKH H[FOXVLYH ULJKWV WR WKH SDWHQWHG
    LQYHQWLRQ LQ WKDW FRXQWU\ :KHQ WKDW SHUPLVVLRQ LV JLYHQ D ¶OLFHQFH· KDV EHHQ JUDQWHG ,W PD\ EH
    UHFDOOHGWKDWWKHVH¶DFWV·DUHWKH¶PDNLQJRUXVLQJRIDSURGXFWWKDWLQFOXGHVWKHLQYHQWLRQWKHPDNLQJ
    RI SURGXFWV E\ D SURFHVV WKDW LQFOXGHV WKH LQYHQWLRQ RU WKH XVH RI WKH SURFHVV WKDW LQFOXGHV WKH
    LQYHQWLRQ·

    .QRZKRZFRQWUDFW
    7KHWKLUGRIWKHWKUHHSULQFLSDOOHJDOPHWKRGVRIWUDQVIHUDQGDFTXLVLWLRQRIWHFKQRORJ\FRQFHUQVNQRZ
    KRZ.QRZKRZJHQHUDOO\UHIHUVWRWKHNQRZOHGJHRIKRZWRGRVRPHWKLQJWKHH[SHUWLVHDFTXLUHGLQD
    JLYHQ ILHOG 7KH NQRZKRZ PD\ EH FRPPXQLFDWHG LQ D WDQJLEOH IRUP E\ ZD\ RI GRFXPHQWV
    SKRWRJUDSKV EOXHSULQWV DQG FRPSXWHU FDUGV DPRQJ RWKHUV ,W PD\ DOVR EH FRPPXQLFDWHG LQ DQ
    LQWDQJLEOH IRUP $Q H[DPSOH KHUH PLJKW EH WKH DFW RI DQ HQJLQHHU RI WKH VXSSOLHU RI WKH NQRZKRZ
    H[SODLQLQJDSURFHVVWRDQHQJLQHHURIWKHUHFLSLHQW
    ,WLVSRVVLEOHWRLQFOXGHSURYLVLRQVFRQFHUQLQJNQRZKRZLQDZULWWHQGRFXPHQWWKDWLVVHSDUDWHIURPD
    OLFHQFH FRQWUDFW ,W LV DOVR SRVVLEOH WR LQFOXGH VXFK SURYLVLRQV LQ D OLFHQFH FRQWUDFW :KHQHYHU
    SURYLVLRQVFRQFHUQLQJNQRZKRZDSSHDULQDVHSDUDWHRUGLVWLQFWZULWLQJRUGRFXPHQWWKDWZULWLQJRU
    GRFXPHQWLVQRUPDOO\FDOOHGD¶NQRZKRZFRQWUDFW·

     4'('4'0%'5
    7KH/LFHQVLQJ([HFXWLYHV6RFLHW\,QWHUQDWLRQDO /(6, :HEVLWHDWZZZOHVLRUJ$UWLFOHVQHZVOHWWHUVDQGUHVRXUFHVUHODWHG
    WR WUDQVIHU RI WHFKQRORJ\ RU LQWHOOHFWXDO SURSHUW\ ULJKWV ² IURP WHFKQLFDO NQRZKRZ DQG SDWHQWHG LQYHQWLRQV WR VRIWZDUH
    FRS\ULJKWDQGWUDGHPDUNV
    6WUDWHJLHVIRUOHYHUDJLQJ,3WKURXJKOLFHQVLQJMRLQWYHQWXUHVDOOLDQFHVDQGIUDQFKLVLQJ1HWSUHQHXU'LVWLQJXLVKHG$XWKRU
    6HULHV:HESDJHDWZZZQHWSUHQHXURUJDGYLVRUVLSLPDJHV6WUDWHJLHVBIRUB,3SGI'LVFXVVHVNH\WUHQGVLQOHYHUDJLQJRI,3
    YDULRXVVWUDWHJLHVWKHLUDSSOLFDELOLW\IRUGLIIHUHQWREMHFWLYHVFRPPLWPHQWVUHVRXUFHVDQGNH\OHJDODQGUHJXODWRU\LVVXHV
     &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU

    )UDQFKLVLQJ
    &RPPHUFLDOWUDQVIHURIWHFKQRORJ\PD\DOVRWDNHSODFHLQFRQQHFWLRQZLWKWKHV\VWHPRIIUDQFKLVLQJDV
    LWUHODWHVWRWKHVHOOLQJRIJRRGVDQGVHUYLFHV$IUDQFKLVHRUGLVWULEXWRUVKLSLVDEXVLQHVVDUUDQJHPHQW
    LQ ZKLFK WKH UHSXWDWLRQ WHFKQLFDO LQIRUPDWLRQ DQG H[SHUWLVH RI RQH SDUW\ DUH FRPELQHG ZLWK WKH
    LQYHVWPHQW RI DQRWKHU SDUW\ IRU WKH SXUSRVH RI VHOOLQJ JRRGV RU UHQGHULQJ VHUYLFHV GLUHFWO\ WR WKH
    FRQVXPHU 7KH RXWOHW IRU WKH PDUNHWLQJ RI WKHVH JRRGV RU VHUYLFHV LV XVXDOO\ EDVHG RQ D WUDGHPDUN
    VHUYLFHPDUNRUDWUDGHQDPHDQGDVSHFLDOGpFRU ¶ORRN· RUGHVLJQRIWKHSUHPLVHV7KHOLFHQFHRIVXFK
    D PDUN RU QDPH E\ LWV RZQHU LV QRUPDOO\ FRPELQHG ZLWK WKH VXSSO\ E\ WKDW RZQHU RI NQRZKRZ LQ
    VRPH IRUP ² WHFKQLFDO LQIRUPDWLRQ WHFKQLFDO VHUYLFHV WHFKQLFDO DVVLVWDQFH RU PDQDJHPHQW VHUYLFHV
    FRQFHUQLQJSURGXFWLRQPDUNHWLQJPDLQWHQDQFHDQGDGPLQLVWUDWLRQ6HHTXHVWLRQ

    6DOHDQGLPSRUWRIFDSLWDOJRRGV
    7KH FRPPHUFLDO WUDQVIHU DQG DFTXLVLWLRQ RI WHFKQRORJ\ FDQ WDNH SODFH ZLWK WKH VDOH SXUFKDVH DQG
    LPSRUWRIHTXLSPHQWDQGRWKHUFDSLWDOJRRGV([DPSOHVRIFDSLWDOHTXLSPHQWDUHPDFKLQHU\DQGWRROV
    QHHGHGIRUWKHPDQXIDFWXUHRISURGXFWVRUWKHDSSOLFDWLRQRIDSURFHVV

    -RLQWYHQWXUHDJUHHPHQWV
    $ MRLQW YHQWXUH LV D IRUP RI DOOLDQFH EHWZHHQ WZR VHSDUDWH FRPSDQLHV 7KHUH DUH WZR IXQGDPHQWDO
    IRUPV RI MRLQW YHQWXUH WKH HTXLW\ MRLQW YHQWXUH DQG WKH FRQWUDFWXDO MRLQW YHQWXUH 7KH HTXLW\ MRLQW
    YHQWXUHLVDQDUUDQJHPHQWLQZKLFKDVHSDUDWHOHJDOHQWLW\LVFUHDWHGZLWKWKHDJUHHPHQWRIWZRRUPRUH
    SDUWLHV7KHFRQWUDFWXDOMRLQWYHQWXUHPLJKWEHXVHGZKHUHWKHHVWDEOLVKPHQWRIDVHSDUDWHOHJDOHQWLW\
    LV QRW QHHGHG RU ZKHUH LW LV QRW SRVVLEOH WR FUHDWH VXFK DQ HQWLW\ /LFHQVLQJ DJUHHPHQWV NQRZKRZ
    FRQWUDFWV RU RWKHU OHJDO PHWKRGV IRU WKH FRPPHUFLDO WUDQVIHU DQG DFTXLVLWLRQ RI WHFKQRORJ\ FDQ EH
    LQWHJUDWHGLQWRHLWKHUIRUPRIMRLQWYHQWXUHDUUDQJHPHQW

    7KHWXUQNH\SURMHFW
    ,Q FHUWDLQ LQVWDQFHV WZR RU PRUH RI WKH EXVLQHVV DUUDQJHPHQWV IRU WKH WUDQVIHU RI WHFKQRORJ\ DQG
    KHQFHWKHOHJDOPHWKRGVWKDWWKH\UHIOHFWFDQEHFRPELQHGLQVXFKDZD\DVWRHQWUXVWWKHSODQQLQJ
    FRQVWUXFWLRQDQGRSHUDWLRQRIDIDFWRU\WRDVLQJOHWHFKQRORJ\VXSSOLHURUWRDYHU\OLPLWHGQXPEHURI
    WHFKQRORJ\ VXSSOLHUV 7KXV WKH WXUQNH\ SURMHFW PD\ LQYROYH D FRPSUHKHQVLYH DUUDQJHPHQW LQ ZKLFK
    RQHSDUW\XQGHUWDNHVWRKDQGRYHUWRKLVRUKHUFOLHQW²WKHWHFKQRORJ\UHFLSLHQW²DQHQWLUHLQGXVWULDO
    SODQWWKDWLVFDSDEOHRIRSHUDWLQJLQDFFRUGDQFHZLWKDJUHHGSHUIRUPDQFHVWDQGDUGV0RUHXVXDOO\WKH
    WXUQNH\ SURMHFW LQYROYHV WKH XQGHUWDNLQJ E\ RQH SDUW\ WR VXSSO\ WR WKH FOLHQW WKH GHVLJQ IRU WKH
    LQGXVWULDOSODQWDQGWKHWHFKQLFDOLQIRUPDWLRQRQLWVRSHUDWLRQ

    &RQVXOWDQF\DUUDQJHPHQWV
    &RQVXOWDQF\ DUUDQJHPHQWV JHQHUDOO\ UHODWH WR WKH VXSSRUW DGYLFH RU RWKHU VHUYLFHV SURYLGHG E\ D
    FRQVXOWDQW ZKHWKHUDQLQGLYLGXDORUDILUP ZKLOHSODQQLQJIRUWKHDFTXLVLWLRQRIDJLYHQWHFKQRORJ\
    GHVLJQLQJDQHZSODQWSUHSDULQJWHQGHUVIRUWKHFRQVWUXFWLRQRIDQHZEXLOGLQJIDFWRU\RUHTXLSPHQW
    VHHNLQJ WR LPSURYH DQ H[LVWLQJ WHFKQRORJ\ RU RWKHU DFWLYLWLHV IRU ZKLFK H[SHUW DGYLFH ZLWK UHOHYDQW
    NQRZKRZPD\EHUHTXLUHG
    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     9JCV CTG VJG OCKP GNGOGPVU QH C NKEGPUKPI CITGGOGPV! 9JCV CTG VJG OCKP
    KUUWGUVQDGCTKPOKPFYJGPPGIQVKCVKPICNKEGPUKPICITGGOGPV!

    %HORZ DUH WKH WRSLFV WKDW DUH W\SLFDOO\ WKH VXEMHFW RI QHJRWLDWLRQV OHDGLQJ WR WKH FRQFOXVLRQ RI WKH
    OLFHQFH FRQWUDFW DQG WKDW UHTXLUH VSHFLDO DWWHQWLRQ LQ GUDIWLQJ LWV SURYLVLRQV 7KHVH SURYLVLRQV DUH
    GLVFXVVHGIURPWKHSRLQWRIYLHZRIWKHOLFHQVLQJRISDWHQWVEXWWKH\DOVRDSSO\WRRWKHUIRUPVRI,3

    ,GHQWLILFDWLRQRIWKHSDUWLHV
    2QHRIWKHILUVWSRLQWVRIFRQFHUQWRQHJRWLDWRUVRIWKHOLFHQFHFRQWUDFWZLOOEHWKHLGHQWLILFDWLRQRIWKH
    HQWLWLHVRUSHUVRQVWKDWRUZKRZLOOEHFRPHWKHSDUWLHVRULQRWKHUZRUGVZLOOVLJQWKHOLFHQFHFRQWUDFW
    DQG EHFRPH OHJDOO\ ERXQG WR FDUU\ RXW LWV SURYLVLRQV 7KH REMHFWLYH LQ GHVFULELQJ WKH SDUWLHV WR D
    OLFHQFHFRQWUDFWLVWRLGHQWLI\HDFKRIWKHPZLWKVXIILFLHQWFHUWDLQW\VRWKDWWKHLULGHQWLW\ZLOOQRWODWHU
    EHFRPHDVXEMHFWRIFRQWURYHUV\

    6XEMHFWPDWWHU
    7KHVHSURYLVLRQVGHVFULEHWKHSURGXFWWREHPDGHXVHGRUVROGRUWKHSURFHVVWREHDSSOLHGDQGIURP
    ZKLFK D SURGXFW ZLOO EH REWDLQHG DQG LQ WXUQ XVHG RU VROG 7KH\ ZLOO DOVR LGHQWLI\ WKH LQYHQWLRQ RU
    LQYHQWLRQV LQFOXGHG LQ WKDW SURGXFW RU SURFHVV PDNLQJ UHIHUHQFH WR WKH UHOHYDQW SDWHQW RU SDWHQW
    DSSOLFDWLRQ GHVFULEH WKH NQRZKRZ LI DQ\ WKDW LV WR EH VXSSOLHG DQG LGHQWLI\ WKH WHFKQRORJLFDO
    DGYDQFHV RI RQH SDUW\ RU WKH RWKHU DQG WKH FRQGLWLRQV XQGHU ZKLFK WKRVH DGYDQFHV ZLOO EH PDGH
    DYDLODEOHE\WKDWSDUW\WRWKHRWKHU

    /LPLWDWLRQVRIWKHOLFHQFHDQGDQWLFRPSHWLWLYHSUDFWLFHV
    7KH OLFHQFH FDQ KDYH VHYHUDO FRQWUDFWXDO OLPLWDWLRQV UHJDUGLQJ SHUPLVVLEOH DFWLYLWLHV WR PDNH WR VHOO
    WKH ILHOGV RI XVHHWF RU UHVWULFWLRQV WRSDUW RI WKHFODLPV RQ WKHP DV ZHOO DV WHUULWRULDO RUTXDQWLW\
    UHVWULFWLRQRUOLPLWDWLRQVRQWKHVDOHSULFHV7KHOLFHQVLQJDJUHHPHQWZLOOJHQHUDOO\VSHOORXWZKLFKRI
    WKH SDUWLHV WR WKH OLFHQFH FRQWUDFW ZLOO EH DEOH E\ YLUWXH RI LWV SURYLVLRQV WR SHUIRUP ZKDW DFWV RI
    H[SORLWDWLRQLQZKDWWHUULWRU\RUWHUULWRULHVDQGZLWKZKDWHIIHFWVRQDUUDQJHPHQWVZLWKWKLUGSHUVRQV
    LQUHODWLRQWRWKHOLFHQVRURUWKHOLFHQVHH
    $GHFLVLRQRQHDFKRIWKHVHTXHVWLRQVPXVWEHFOHDUO\UHIOHFWHGLQWKHOLFHQFHFRQWUDFW+RZHYHUDQ\
    SURYLVLRQ FRQIOLFWLQJ ZLWK WKH SURKLELWLRQ RI DQWLWUXVW RU DQWLFRPSHWLWLYH SUDFWLFHV LV XVXDOO\
    FRQVLGHUHGQXOORUYRLG

     4'('4'0%'5
    ,QWHUQDWLRQDO/LFHQVLQJ²6WUXFWXULQJ'HDOV:RUOGZLGH/DGDV 3DUU\
    :HE SDJH DW ZZZODGDVFRP,33URSHUW\/LFHQVLQJ,QWHUQDWLRQDO,3/LFHQVLQJ &RQWDLQV LQIRUPDWLRQ RQ ,3 OLFHQVLQJ
    FRQVLGHUDWLRQVZKHQGHFLGLQJWROLFHQVH,3DQGPDLQSURYLVLRQVRIDOLFHQVLQJDJUHHPHQW
    $VLDQ DQG 3DFLILF &HQWUH IRU 7HFKQRORJ\ 7UDQVIHU RI 7HFKQRORJ\ $3&77  :HEVLWH DW ZZZDSFWWRUJ 7KH $VLDQ DQG
    3DFLILF &HQWUH IRU 7HFKQRORJ\ 7UDQVIHU RI 7HFKQRORJ\ $3&77  LV D OHDGLQJ RUJDQL]DWLRQ LQ WKH ILHOG RI WHFKQRORJ\ WUDQVIHU
    VHUYLFHV IRU 60(V $3&77 %XLOGLQJ 32%R[  4XWDE ,QVWLWXWLRQDO $UHD 1HZ 'HOKL   ,QGLD 7HO   
    )D[(PDLOLQIRFHQWUH#DSFWWRUJ
     &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU

    ([SORLWDWLRQ
    4XHVWLRQV WR EH GHDOW ZLWK LQ WHUPV RI WKH H[SORLWDWLRQ RI WKH SURGXFW LQFOXGH WKH TXDOLW\ RI WKH
    SURGXFW LWVHOI WKH YROXPH RI SURGXFWLRQ WKH PDNLQJ RI SDUW RI WKH SURGXFW E\ WKLUG SHUVRQV WR EH
    DXWKRUL]HGE\WKHOLFHQVHHWKHLPSRUWRIWKHSURGXFWWRPHHWORFDOGHPDQGLQWKHDEVHQFHRIVXIILFLHQW
    ZRUNLQJLQWKHFRXQWU\LWVHOIDQGWKHXVHRIWKHGLVWULEXWLRQFKDQQHOVRIWKHOLFHQVRU

    7KH OLFHQVHH PD\ DOVR VHHN DQ DVVXUDQFH WKDW WKH NQRZKRZ VXSSOLHG ZLOO EH DGHTXDWH WR DWWDLQ WKH
    REMHFWLYHDJUHHGZLWKWKHOLFHQVRU6XFKDQDVVXUDQFHLVUHIHUUHGWRDVDJXDUDQWHHRINQRZKRZDQGLV
    RIWHQLQFOXGHGDVD¶JXDUDQWHHSURYLVLRQ·LQWKHOLFHQFHDJUHHPHQW

    6HWWOHPHQWRIGLVSXWHV
    'LVSXWHVDQGWKHLUUHVROXWLRQDUHLVVXHVWKDWPXVWEHDGGUHVVHGLQWKHFRQWUDFW,WFDQEHGLIILFXOWWR
    LGHQWLI\LQDGYDQFHWKHSUREOHPVWKDWPD\FDXVHDSDUW\JULHIGXULQJWKHWHUPRIDOLFHQVHDJUHHPHQW
    ,W LV QRW KRZHYHU VR GLIILFXOW WR SURYLGH D ZD\ IRU GLVSXWHV WR EH KDQGOHG ZKHQ WKH\ DULVH 'LVSXWH
    UHVROXWLRQDOVRLQYROYHVWZRIXUWKHUDVSHFWV7KHILUVWLVWKHODZWKDWVKRXOGJRYHUQWKHDJUHHPHQW7KLV
    LV D PDWWHU IRU QHJRWLDWLRQ EXW LW FRXOG EH WKH ODZ RI WKH FRXQWU\ RI WKH OLFHQVRU RU WKH OLFHQVHH RU
    RIWHQWKHFRXQWU\ZKHUHDOORUPRVWRIWKHDJUHHPHQWLVEHLQJFDUULHGRXW$IWHUDOOWKLVLVSUREDEO\WKH
    PRVWOLNHO\SODFHIRUDGLVSXWH7KHVHFRQGDVSHFWLVWKHDSSURSULDWHPHWKRGDQGIRUXPWRUHVROYHWKH
    GLVSXWH7KHSDUWLHVFDQGHFLGHZKHWKHUGLVSXWHVVKRXOGEHUHVROYHGE\WKHSDUWLHVSHUKDSVZLWKWKH
    DVVLVWDQFHRIDPHGLDWRURUE\DQDUELWUDWLRQRUE\DMXGJH:KDWLVLPSRUWDQWLVWKDWWKHVHPDWWHUVDV
    DJUHHGSURYLGHWKHEHVWSRVVLEOHRSSRUWXQLW\IRUGLVSXWHVWREHSURPSWO\DQGUHDGLO\UHVROYHG:LWK
    UHVSHFWWRDUELWUDWLRQDQGPHGLDWLRQDFODXVHGHVLJQDWLQJWKH:,32$UELWUDWLRQDQG0HGLDWLRQ&HQWHU
    DV WKH IRUXP IRU VHWWOLQJ GLVSXWHV PD\ EH DGGHG WR D OLFHQFH FRQWUDFW 0RUH RQ DOWHUQDWLYH GLVSXWH
    UHVROXWLRQPHFKDQLVPVVXFKDVDUELWUDWLRQDQGPHGLDWLRQLQTXHVWLRQ$OVRYLVLWWKHZHEVLWHRIWKH
    :,32$UELWUDWLRQDQG0HGLDWLRQ&HQWHUDWKWWSDUELWHUZLSRLQWFHQWHU

    'XUDWLRQRIWKHOLFHQFHFRQWUDFW
    7KH WLPHVFDOH RI D OLFHQVLQJ FRQWUDFW ² LH LWV FRPPHQFHPHQW GXUDWLRQ DQG WHUPLQDWLRQ ² PXVW EH
    VWLSXODWHGLQWKHFRQWUDFW$Q,3ULJKWFDQEHOLFHQVHGIRUWKHPD[LPXPSHULRGRIWLPHGXULQJZKLFKLW
    LVLQIRUFH HJWKHPD[LPXPIRUSDWHQWVLVJHQHUDOO\\HDUV 6KRUWHUOLFHQVLQJDJUHHPHQWVPD\DOVR
    EH DJUHHG XSRQ DQG WKH SDUWLHV PD\ UHVHUYH WKH ULJKW WR WHUPLQDWH WKH FRQWUDFW LI VSHFLILHG
    FLUFXPVWDQFHVRFFXU

     4'('4'0%'5
    ,QQRYDWLRQ 5HOD\ &HQWUH ,5&  *DWHZD\ :HEVLWH DW KWWSLUFFRUGLVOX $ OHDGLQJ (XURSHDQ QHWZRUN IRFXVLQJ RQ
    WUDQVQDWLRQDOWHFKQRORJ\WUDQVIHUVHUYLFHIRUFRPSDQLHVHVSHFLDOO\60(V
    *HWWLQJWR<HV1HJRWLDWLQJ$JUHHPHQW:LWKRXW*LYLQJ,Q5RJHU)LVKHU:LOOLDP8U\DQG%UXFH3DWWRQ6HFRQGHGLWLRQ
    3HQJXLQ863HQJXLQ 86$ 3HQJXLQ*URXS 86$ ,QF0XUUD\+LOO3DUNZD\(DVW5XWKHUIRUG1-
    86$7HO ZLWKLQ86$ :HEVLWHZZZSHQJXLQSXWQDPFRP%RRNRQQHJRWLDWLRQWHFKQLTXHV
    
    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     9JCVCTGVJGCFXCPVCIGUCPFFKUCFXCPVCIGUQHNKEGPUKPI!

    $FRPSDQ\WKDWRZQVULJKWVLQDSDWHQWNQRZKRZRURWKHU,3DVVHWVEXWFDQQRWRUGRHVQRWZDQWWR
    EHLQYROYHGLQWKHPDQXIDFWXULQJRISURGXFWVFRXOGEHQHILWIURPWKHOLFHQVLQJRXWRIVXFK,3DVVHWV
    E\ UHO\LQJ RQ WKH EHWWHU PDQXIDFWXULQJ FDSDFLW\ ZLGHU GLVWULEXWLRQ RXWOHWV JUHDWHU ORFDO NQRZOHGJH
    DQGPDQDJHPHQWH[SHUWLVHRIDQRWKHUFRPSDQ\ WKHOLFHQVHH ,QDGGLWLRQ

    • /LFHQVRUVZLWKH[SHULHQFHLQWKHILHOGRIUHVHDUFKDQGSURGXFWGHYHORSPHQWPD\ILQGLWPRUHHIILFLHQWWR
    OLFHQVHRXWQHZSURGXFWVUDWKHUWKDQWDNHXSSURGXFWLRQWKHPVHOYHV

    • /LFHQVLQJRXWPD\EHXVHGWRJDLQDFFHVVWRQHZPDUNHWVWKDWDUHRWKHUZLVHLQDFFHVVLEOH%\JUDQWLQJWKH
    OLFHQVHHWKHULJKWWRPDUNHWDQGGLVWULEXWHWKHSURGXFWWKHOLFHQVRUFDQSHQHWUDWHPDUNHWVLWFRXOGQRW
    RWKHUZLVHKRSHWRVHUYH

    • $OLFHQFHDJUHHPHQWFDQDOVRSURYLGHDPHDQVIRUWKHOLFHQVRUWRJDLQULJKWVLQLPSURYHPHQWVNQRZKRZ
    DQG UHODWHG SURGXFWV WKDW ZLOO EH GHYHORSHG E\ WKH OLFHQVHH GXULQJ WKH WHUP RI WKH FRQWUDFW +RZHYHU
    WKLV FDQQRW DOZD\V EH GHPDQGHG DV D PDWWHU RI ULJKW E\ WKH OLFHQVRU DQG LQ VRPH FRXQWULHV WKHUH DUH
    VWURQJUHVWULFWLRQVWRWKHLQFOXVLRQRIFODXVHVRIWKLVW\SHLQOLFHQVLQJDJUHHPHQWV

    • $QLQIULQJHURUFRPSHWLWRUFDQEHWXUQHGLQWRDQDOO\RUSDUWQHUE\VHWWOLQJDQ,3GLVSXWHRXWRIFRXUW
    DQGDJUHHLQJWRHQWHULQWRDOLFHQFHDJUHHPHQW

    • $OLFHQFHPD\EHHVVHQWLDOLIDSURGXFWVHOOVEHVWRQO\ZKHQ LWLVLQFRUSRUDWHGLQRUVROGIRUXVHZLWK
    DQRWKHU SURGXFW RU LI D QXPEHU RI ,3 DVVHWV IRU H[DPSOH SDWHQWV RZQHG E\ GLIIHUHQW EXVLQHVVHV DUH
    UHTXLUHGVLPXOWDQHRXVO\IRUHIILFLHQWPDQXIDFWXULQJRUVHUYLFLQJRIDSURGXFW

    • /DVWEXWQRWOHDVWDOLFHQFHDJUHHPHQWDOORZVWKHOLFHQVRUWRUHWDLQRZQHUVKLSRIWKH,3DQGDWWKHVDPH
    WLPH WR UHFHLYH UR\DOW\ LQFRPH IURP LW LQ DGGLWLRQ WR WKH LQFRPH IURP LWV RZQ H[SORLWDWLRQ RI LW LQ
    SURGXFWVDQGVHUYLFHVWKDWLWVHOOV

    7KHULVNVRIOLFHQVLQJRXWLQFOXGHWKHIROORZLQJ

    • $ OLFHQVHH FDQ EHFRPH WKH OLFHQVRU·V FRPSHWLWRU 7KH OLFHQVHH PD\ ¶FDQQLEDOL]H· VDOHV RI WKH OLFHQVRU
    FDXVLQJWKHODWWHUWRJDLQOHVVIURPUR\DOWLHVWKDQLWORVHVIURPVDOHVWKDWJRWRLWVQHZFRPSHWLWRU7KH
    OLFHQVHHPD\EHPRUHHIIHFWLYHRUJHWWRWKHPDUNHWIDVWHUWKDQWKHOLFHQVRUEHFDXVHLWPD\KDYHIHZHU
    GHYHORSPHQWFRVWVRUPD\EHPRUHHIILFLHQW

    • 7KH OLFHQVHH PD\ VXGGHQO\ DVN IRU FRQWULEXWLRQV VXFK DV WHFKQLFDO DVVLVWDQFH WUDLQLQJ RI SHUVRQQHO
    DGGLWLRQDOWHFKQLFDOGDWDHWF$OOWKLVPD\VLPSO\SURYHWRRH[SHQVLYHIRUWKHOLFHQVRU,WLVLPSRUWDQW
    WKDWWKHOLFHQFHDJUHHPHQWFOHDUO\GHILQHVWKHULJKWVDQGUHVSRQVLELOLWLHVRIWKHSDUWLHVVRWKDWDQ\IXWXUH
    GLVDJUHHPHQWVFDQEHTXLFNO\DQGHIILFLHQWO\UHVROYHG

    • 7KH OLFHQVRU GHSHQGV RQ WKH VNLOOV DELOLWLHV DQG UHVRXUFHV RI WKH OLFHQVHH DV D VRXUFH RI UHYHQXH 7KLV
    GHSHQGHQFH LV HYHQ JUHDWHU LQ DQ H[FOXVLYH OLFHQFH ZKHUH DQ LQHIIHFWLYH OLFHQVHH FDQ PHDQ QR UR\DOW\
    UHYHQXH IRU WKH OLFHQVRU &RQWUDFWXDO SURYLVLRQV IRU PLQLPXP UR\DOWLHV DQG RWKHU WHUPV FDQ JXDUG
    DJDLQVWWKLVEXWLWLVVWLOODFRQFHUQ

    4'('4'0%'5
    
    1HJRWLDWLQJ 7HFKQRORJ\ /LFHQVHV $ EDVLF WUDLQLQJ PDQXDO :,32,7& SXEOLFDWLRQ IRUWKFRPLQJ  :LOO EH DYDLODEOH IURP
    WKH:,32HOHFWURQLFERRNVKRSDWZZZZLSRLQWHERRNVKRS&RQWDLQVLQIRUPDWLRQRQKRZYDULRXVIRUPVRIUHPXQHUDWLRQPD\
    EHFRPELQHGLQDJLYHQLQGXVWULDOSURSHUW\OLFHQFHRUWHFKQRORJ\WUDQVIHUDJUHHPHQW
    7KH%DVLFVRI/LFHQVLQJ/LFHQVLQJ([HFXWLYHV6RFLHW\0HPEHUSULFH86QRQPHPEHUSULFH86$YDLODEOH
    IURP ZZZOHVLRUJ %RRNOHW SURYLGLQJ D EDVLF LQWURGXFWLRQ WR WKH OLFHQVLQJ SURFHVV LQFOXGLQJ LQWHUQDWLRQDO OLFHQVLQJ DQG D
    QHJRWLDWLQJWKHVDXUXV
    /LFHQVLQJ$6WUDWHJ\IRU3URILWV(GZDUG3:KLWH5HYLVHGHGLWLRQ/LFHQVLQJ([HFXWLYHV6RFLHW\0HPEHUSULFH86
     QRQPHPEHU SULFH 86  $YDLODEOH IURP ZZZOHVLRUJ &RPSUHKHQVLYH LQIRUPDWLRQ RQ EX\LQJ DQG VHOOLQJ
    WHFKQRORJ\SDWHQWVFRS\ULJKWVDQGWUDGHPDUNVLQDOOILHOGV&RQWDLQVDSODQQLQJJXLGHIRUEHVWUHVXOWVEDVHGRQWKHH[SHULHQFH
    RIRWKHUVKRZWRRUJDQL]H\RXUFRPSDQ\WRGROLFHQVLQJFDVHVWXGLHVH[WHQVLYHLQGH[DQGELEOLRJUDSK\
     &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU

    • $OLFHQFHDJUHHPHQWFDQEHGLVDGYDQWDJHRXVZKHQWKHSURGXFWRUWHFKQRORJ\LVQRWFOHDUO\GHILQHGRULV
    QRW FRPSOHWH ,Q VXFK D FDVH WKH OLFHQVRU PD\ EH H[SHFWHG WR FRQWLQXH GHYHORSPHQW ZRUN DW JUHDW
    H[SHQVHWRVDWLVI\WKHOLFHQVHH

    $GYDQWDJHVRIOLFHQVLQJIRUWKHOLFHQVHH
    7KHUHDUHYDULRXVZD\VLQZKLFKDOLFHQFHDJUHHPHQWFDQJLYHWKHOLFHQVHHWKHSRVVLELOLW\RILQFUHDVLQJ
    UHYHQXHVDQGSURILWVDQGRIHQODUJLQJPDUNHWVKDUH

    • 7KHUHLVRIWHQDUXVKWREULQJQHZSURGXFWVRQWRWKHPDUNHW$OLFHQFHDJUHHPHQWWKDWJLYHVDFFHVVWR
    WHFKQRORJLHVZKLFKDUHDOUHDG\HVWDEOLVKHGRUUHDGLO\DYDLODEOHFDQPDNHLWSRVVLEOHIRUDQHQWHUSULVHWR
    UHDFKWKHPDUNHWIDVWHU

    • 6PDOO FRPSDQLHV PD\ QRW KDYH WKH UHVRXUFHV WR FRQGXFW WKH UHVHDUFK DQG GHYHORSPHQW QHFHVVDU\ WR
    SURYLGH QHZ RU VXSHULRU SURGXFWV $ OLFHQFH DJUHHPHQW FDQ JLYH DQ HQWHUSULVH DFFHVV WR WHFKQLFDO
    DGYDQFHVWKDWZRXOGRWKHUZLVHEHGLIILFXOWIRULWWRREWDLQ

    • $ OLFHQFH FDQ DOVR EH QHFHVVDU\ IRU WKH PDLQWHQDQFH DQG GHYHORSPHQW RI D PDUNHW SRVLWLRQ WKDW LV
    DOUHDG\ ZHOO HVWDEOLVKHG EXW LV WKUHDWHQHG E\ D QHZ GHVLJQ RU QHZ SURGXFWLRQ PHWKRGV 7KH FRVWV
    HQWDLOHGLQIROORZLQJHYHQWVDQGWUHQGVFDQEHGDXQWLQJDQGTXLFNDFFHVVWRDQHZWHFKQRORJ\WKURXJKD
    OLFHQFHDJUHHPHQWPD\EHWKHEHVWZD\WRRYHUFRPHWKLVSUREOHP

    • 7KHUHPD\DOVREHOLFHQVLQJLQRSSRUWXQLWLHVZKLFKZKHQSDLUHGZLWKWKHFRPSDQ\·VFXUUHQWWHFKQRORJ\
    SRUWIROLRFDQFUHDWHQHZSURGXFWVVHUYLFHVDQGPDUNHWRSSRUWXQLWLHV

    'LVDGYDQWDJHVRIOLFHQVLQJIRUWKHOLFHQVHH
    • 7KH OLFHQVHH PD\ KDYH PDGH D ILQDQFLDO FRPPLWPHQW IRU D WHFKQRORJ\ WKDW LV QRW ¶UHDG\· WR EH
    FRPPHUFLDOO\H[SORLWHGRUWKDWPXVWEHPRGLILHGWRPHHWWKHOLFHQVHH·VEXVLQHVVQHHGV

    • $Q ,3 OLFHQFH PD\ DGG D OD\HU RI H[SHQVH WR D SURGXFW WKDW LV QRW VXSSRUWHG E\ WKH PDUNHW IRU WKDW
    SURGXFW ,W LV ILQH WR DGG QHZ WHFKQRORJ\ EXW RQO\ LI LW FRPHV DW D FRVW WKDW WKH PDUNHW ZLOO EHDU LQ
    WHUPV RI WKH SULFH WKDW FDQ EH FKDUJHG 0XOWLSOH WHFKQRORJLHV DGGHG WR D SURGXFW FDQ UHVXOW LQ D
    WHFKQRORJ\ULFKSURGXFWWKDWLVWRRH[SHQVLYHWREULQJWRPDUNHW

    • /LFHQVLQJPD\FUHDWHWHFKQRORJ\GHSHQGHQFHRQWKHVXSSOLHUZKRFRXOGFKRRVHWRQRWUHQHZDOLFHQFH
    DJUHHPHQWWRQHJRWLDWHOLFHQFHDJUHHPHQWVZLWKFRPSHWLWRUVWROLPLWWKHPDUNHWVLQZKLFK\RXPD\XVH
    WKHOLFHQVHGWHFKQRORJ\RUWROLPLWWKHDFWVRIH[SORLWDWLRQDOORZHGXQGHUWKHOLFHQVLQJDJUHHPHQW

    7KH OLFHQVLQJ RI ,3 PD\ UXQ LQWR SUREOHPV IRU ERWK OLFHQVRU DQG OLFHQVHH LI JRYHUQPHQW UHJXODWRU\
    DJHQFLHV FRQVLGHU LW WR EH DQWLFRPSHWLWLYH RU FROOXVLYH LQ QDWXUH $QG RI FRXUVH OLFHQFHV DUH FRPSOH[
    DQG LI DOO PDWHULDO WHUPV DUH QRW FDUHIXOO\ VWXGLHG DQG UHYLHZHG E\ OHJDO FRXQVHO FDQ EH GDPDJLQJ
    :LWKDGYDQFHSUHSDUDWLRQDQGOHJDODGYLFHKRZHYHU,3OLFHQFHVEHFRPHDQHVVHQWLDOEXVLQHVVWRROWKDW
    FDQEHQHILWERWKSDUWLHV

     4'('4'0%'5
    $ 3UDFWLFDO *XLGH WR /LFHQVLQJ 5REHUW $XHUEDFK )RXQGDWLRQ IRU 5HVHDUFK 6FLHQFH DQG 7HFKQRORJ\  :HE SDJH DW
    ZZZIUVWJRYWQ]EXVLQHVVDUWLFOHV*XLGHOLFHQVLQJ6HSSGI )RFXVHV RQ QHJRWLDWLQJ OLFHQVHV DOVR GLVFXVVHV WKH EDVLFV RI
    OLFHQVLQJDGYDQWDJHVDQGGLVDGYDQWDJHV
    7KH /LFHQVLQJ %XVLQHVV +DQGERRN .DUHQ 5DXJXVW )RXUWK (GLWLRQ (30 &RPPXQLFDWLRQV  86  (30
    &RPPXQLFDWLRQV ,QF  0HUFHU 6WUHHW UG )ORRU 1HZ <RUN 1<  86$ 7HO     )D[   
     (PDLO LQIR#HSPFRPFRP ([SODLQV OLFHQVLQJ IRU ERWK H[SHULHQFHG SOD\HUV DQG EHJLQQHUV DQG KRZ WR XVH OLFHQVLQJ WR
    IXOILOEXVLQHVVREMHFWLYHVDQGH[WHQGSURGXFWOLQHV
    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     9JCV CTG VJG CFXCPVCIGU CPF FKUCFXCPVCIGU QH RCTVKEKRCVKPI KP C LQKPV
    XGPVWTGYKVJCPQVJGTEQORCP[!

    -RLQWYHQWXUHV
    -RLQWYHQWXUHVFDQSURYHWREHDXVHIXODQGQHFHVVDU\ZD\WRHQWHUQHZPDUNHWV,QVRPHPDUNHWVWKDW
    UHVWULFWLQZDUGLQYHVWPHQWMRLQWYHQWXUHVPD\EHWKHRQO\ZD\WRDFKLHYHPDUNHWDFFHVV:LWKLQMRLQW
    YHQWXUHV FOHDU HTXLW\ SRVLWLRQV DUH XVXDOO\ WDNHQ E\ WKH SDUWLFLSDQWV 6XFK KROGLQJV FDQ YDU\ LQ VL]H
    VLJQLILFDQWO\ DOWKRXJK LW LV XVXDOO\ LPSRUWDQW WR HVWDEOLVK FOHDU OLQHV RI PDQDJHPHQW FRQWURO RYHU
    GHFLVLRQV LQ RUGHU WR DFKLHYH VXFFHVV $ OHVVHU IRUP RI SDUWLFLSDWLRQ ZKLFK PD\ RU PD\ QRW LQYROYH
    HTXLW\ SDUWLFLSDWLRQ LV WKDW RI VWUDWHJLF DOOLDQFHV -RLQW YHQWXUHV GR WHQG WR KDYH D UHODWLYHO\ KLJK
    IDLOXUHUDWH1RQHWKHOHVVWKH\DOVRHQMR\DQXPEHURIVSHFLILFDGYDQWDJHV

    $GYDQWDJHVRIMRLQWYHQWXUHV
    • )RU WKH VPDOOHU RUJDQL]DWLRQ ZLWK LQVXIILFLHQW ILQDQFH DQGRU VSHFLDOLVW PDQDJHPHQW VNLOOV WKH MRLQW
    YHQWXUHFDQSURYHDQHIIHFWLYHPHWKRGRIREWDLQLQJWKHQHFHVVDU\UHVRXUFHVWRHQWHUDQHZPDUNHW7KLV
    FDQ EH HVSHFLDOO\ WUXH LQ DWWUDFWLYH PDUNHWV ZKHUH ORFDO FRQWDFWV DFFHVV WR GLVWULEXWLRQ DQG SROLWLFDO
    UHTXLUHPHQWVPD\PDNHDMRLQWYHQWXUHWKHSUHIHUUHGRUHYHQOHJDOO\UHTXLUHGVROXWLRQ

    • -RLQW YHQWXUHV FDQ EH XVHG WR UHGXFH SROLWLFDO IULFWLRQ DQG LPSURYH ORFDOQDWLRQDO DFFHSWDELOLW\ RI WKH
    FRPSDQ\

    • -RLQW YHQWXUHV PD\ SURYLGH VSHFLDOLVW NQRZOHGJH RI ORFDO PDUNHWV HQWU\ WR UHTXLUHG FKDQQHOV RI
    GLVWULEXWLRQ DQG DFFHVV WR VXSSOLHV RI UDZ PDWHULDOV JRYHUQPHQW FRQWUDFWV DQG ORFDO SURGXFWLRQ
    IDFLOLWLHV

    • ,Q D JURZLQJ QXPEHU RI FRXQWULHV MRLQW YHQWXUHV ZLWK KRVW JRYHUQPHQWV KDYH EHFRPH LQFUHDVLQJO\
    LPSRUWDQW 7KHVH PD\ EH IRUPHG GLUHFWO\ ZLWK 6WDWHRZQHG HQWHUSULVHV RU GLUHFWHG WRZDUG QDWLRQDO
    FKDPSLRQV

    • 7KHUHKDVEHHQJURZWKLQWKHFUHDWLRQRIWHPSRUDU\FRQVRUWLXPFRPSDQLHVDQGDOOLDQFHVWRXQGHUWDNH
    SDUWLFXODU SURMHFWV WKDW DUH FRQVLGHUHG WR EH WRR ODUJH IRU LQGLYLGXDO FRPSDQLHV WR KDQGOH DORQH HJ
    PDMRUGHIHQFHLQLWLDWLYHVFLYLOHQJLQHHULQJSURMHFWVQHZJOREDOWHFKQRORJLFDOYHQWXUHV 

    • ([FKDQJH FRQWUROV PD\ SUHYHQW D FRPSDQ\ IURP H[SRUWLQJ FDSLWDO DQG WKXV PDNH WKH IXQGLQJ RI QHZ
    RYHUVHDVVXEVLGLDULHVGLIILFXOW7KHVXSSO\RINQRZKRZPD\WKHUHIRUHEHXVHGWRHQDEOHDFRPSDQ\WR
    REWDLQDQHTXLW\VWDNHLQDMRLQWYHQWXUHZKHUHWKHORFDOSDUWQHUPD\KDYHDFFHVVWRWKHUHTXLUHGIXQGV

     4'('4'0%'5
    3UDFWLFDO*XLGHWR-RLQW9HQWXULQJ5REHUW$XHUEDFK)RXQGDWLRQIRU5HVHDUFK6FLHQFHDQG7HFKQRORJ\:HESDJHDW
    ZZZIUVWJRYWQ]EXVLQHVVDUWLFOHV*XLGH-QW9HQWXUHVHSSGI 'LVFXVVHV MRLQW YHQWXUHV ZLWK WLSV DQG JXLGDQFH RQ UHGXFLQJ
    PLVXQGHUVWDQGLQJVDQGGLVSXWHVZLWKEXVLQHVVSDUWQHUV
    ,QWHUQDWLRQDO0 $-RLQW9HQWXUHVDQG%H\RQG'RLQJWKH'HDO'DYLG-%HQ'DQLHO$UWKXU+5RVHQEORRPDQG-DPHV-
    +DQNV6HFRQGHGLWLRQ-RKQ:LOH\ 6RQV86-RKQ:LOH\ 6RQV&URVVSRLQW%OYG,QGLDQDSROLV,1
     86$ 7HO     )D[     (PDLO FRQVXPHUV#ZLOH\FRP +RZ WR ILQG DQDO\VH VWUXFWXUH
    DQGQHJRWLDWHLQWHUQDWLRQDOGHDOVLQFOXGHVFDVHVWXGLHVDQGFKHFNOLVWVWRKHOSZLWKGHFLVLRQPDNLQJ
     &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU

    'LVDGYDQWDJHVRIMRLQWYHQWXUHV
    • $PDMRUSUREOHPLVWKDWMRLQWYHQWXUHVDUHYHU\GLIILFXOWWRLQWHJUDWHLQWRDJOREDOVWUDWHJ\WKDWLQYROYHV
    VXEVWDQWLDOFURVVERUGHUWUDGLQJ,QVXFKFLUFXPVWDQFHVWKHUHDUHDOPRVWLQHYLWDEO\SUREOHPVFRQFHUQLQJ
    LQZDUG DQG RXWZDUG WUDQVIHU SULFLQJ DQG WKH VRXUFLQJ RI H[SRUWV LQ SDUWLFXODU LQ IDYRXU RI ZKROO\
    RZQHGVXEVLGLDULHVLQRWKHUFRXQWULHV

    • 7KHWUHQGWRZDUGDQLQWHJUDWHGV\VWHPRIJOREDOFDVKPDQDJHPHQWYLDDFHQWUDOWUHDVXU\PD\OHDGWR
    FRQIOLFW EHWZHHQ SDUWQHUV ZKHQ WKH FRUSRUDWH KHDGTXDUWHUV HQGHDYRXUV WR LPSRVH OLPLWV RU HYHQ
    JXLGHOLQHV RQ FDVK DQG ZRUNLQJ FDSLWDO XVDJH IRUHLJQ H[FKDQJH PDQDJHPHQW DQG WKH DPRXQW DQG
    PHDQVRISD\LQJUHPLWWDEOHSURILWV

    • $QRWKHU VHULRXV SUREOHP RFFXUV ZKHQ WKH REMHFWLYHV RI WKH SDUWQHUV DUH RU EHFRPH LQFRPSDWLEOH )RU
    H[DPSOH WKH PXOWLQDWLRQDO HQWHUSULVH PD\ KDYH D YHU\ GLIIHUHQW DWWLWXGH WR ULVN WKDQ LWV ORFDO SDUWQHU
    DQGPD\EHSUHSDUHGWRDFFHSWVKRUWWHUPORVVHVLQRUGHUWREXLOGPDUNHWVKDUHWRWDNHRQKLJKHUOHYHOV
    RIGHEWRUWRVSHQGPRUHRQDGYHUWLVLQJ6LPLODUO\WKHREMHFWLYHVRIWKHSDUWLFLSDQWVPD\ZHOOFKDQJH
    RYHU WLPH HVSHFLDOO\ ZKHQ ZKROO\ RZQHG VXEVLGLDU\ DOWHUQDWLYHV PD\ RFFXU IRU WKH PXOWLQDWLRQDO
    HQWHUSULVHZLWKDFFHVVWRWKHMRLQWYHQWXUHPDUNHW

    • 3UREOHPVRFFXUZLWKUHJDUGWRPDQDJHPHQWVWUXFWXUHVDQGVWDIILQJRIMRLQWYHQWXUHV

    • 0DQ\MRLQWYHQWXUHVIDLOEHFDXVHRIDFRQIOLFWLQWD[LQWHUHVWVEHWZHHQWKHSDUWQHUV
    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     *QYCTGKPFWUVTKCNRTQRGTV[TKIJVURCKFHQTKPNKEGPUKPICITGGOGPVU!

    7KH ¶SULFH· RU WKH ¶FRVW· RI WKH DFTXLVLWLRQ RI LQGXVWULDO SURSHUW\ LV GHSHQGHQW XSRQ D QXPEHU RI
    IDFWRUV LQFOXGLQJ WKH QDWXUH DQG GXUDWLRQ RI WKH LQGXVWULDO SURSHUW\ ULJKWV DQG WKH WHFKQRORJ\ DQG
    UHODWLYHEDUJDLQLQJSRZHURIWKHSDUWLHV7KHSURVSHFWLYHWUDQVIHURUXVXDOO\PDNHVDFDUHIXODVVHVVPHQW
    LQWHUPVRIYDOXHRUWKHQHHGIRUWKHSDUWLFXODUWHFKQRORJ\WKHDOWHUQDWLYHWHFKQRORJLHVDYDLODEOHWKH
    SURVSHFW RI WHFKQRORJLFDO DGYDQFHV DQG WKH OLNHO\ SURGXFWLRQ DQG SURILWDELOLW\ RI WKH SRWHQWLDO
    WUDQVIHUHH 7KH SURVSHFWLYH WUDQVIHURU DOVR PDNHV GHWDLOHG SURMHFWLRQV RI SURGXFWLRQ DQG FRQVHTXHQW
    LQFRPHIORZIURPRWKHUSRWHQWLDOOLFHQVHHVRUWHFKQRORJ\UHFLSLHQWV

    7KHSRWHQWLDOWUDQVIHUHHDVVHVVHVWKHWRWDOSD\PHQWVOLNHO\WREHPDGHIRUDSDUWLFXODUWHFKQRORJ\DQG
    IRU DGYDQFHV LQ WKDW WHFKQRORJ\ DJDLQVW WKH SURILWDELOLW\ RI WKH HQWHUSULVH RYHU D SHULRG RI WLPH 7KH
    WUDQVIHUHH DOVR HYDOXDWHV VXFK SD\PHQWV LQ UHODWLRQ WR FRVWV RI DOWHUQDWLYH WHFKQRORJ\ RU SD\PHQWV
    PDGH ZLWK UHVSHFW WR VLPLODU WUDQVDFWLRQV 0RUH RQ WKH YDOXDWLRQ RI LQGXVWULDO SURSHUW\ ULJKWV LQ
    TXHVWLRQ
    'LUHFW PRQHWDU\ FRPSHQVDWLRQ IRU LQGXVWULDO SURSHUW\ ULJKWV RU IRU WHFKQRORJ\ PD\ WDNH GLIIHUHQW
    IRUPV

    • /XPSVXPSD\PHQWDSUHFDOFXODWHGDPRXQWWREHSDLGRQFHRULQLQVWDOPHQWV

    • 5R\DOWLHV SRVWFDOFXODWHG UHFXUULQJ SD\PHQWV WKH DPRXQWV RI ZKLFK DUH GHWHUPLQHG DV D IXQFWLRQ RI
    HFRQRPLFXVHRUUHVXOW SURGXFWLRQXQLWVVHUYLFHXQLWVVDOHVRIWKHSURGXFWSURILWV 

    • )HHVFRPSHQVDWLRQIRUVHUYLFHVDQGDVVLVWDQFHUHQGHUHGE\WHFKQLFDORUSURIHVVLRQDOH[SHUWVIL[HGDWD
    VSHFLILHGDPRXQWRUFDOFXODWHGSHUSHUVRQDQGSHUSHULRGRIVHUYLFH

    7KHVH IRUPV RI UHPXQHUDWLRQ PD\ EH FRPELQHG LQ D JLYHQ LQGXVWULDO SURSHUW\ OLFHQFH RU WHFKQRORJ\
    WUDQVIHU DJUHHPHQW ,Q VRPH LQVWDQFHV WKH OXPSVXP SD\PHQW IRUP PD\ UHSODFH WKH V\VWHP RI
    UR\DOWLHV DOWRJHWKHU ZKLOH LQ RWKHU LQVWDQFHV WKH WZR PLJKW EH FRPELQHG HJ WKH OLFHQVHH RU
    WHFKQRORJ\UHFLSLHQWPD\HOHFWWRPDNHDOXPSVXPSD\PHQWLQOLHXRIRQHIRUPRIUR\DOW\RUDQRWKHU
    ,QRWKHULQVWDQFHVWKHOLFHQVHHRUWHFKQRORJ\UHFLSLHQWPD\EHJLYHQWKHRSSRUWXQLW\WRHOHFWWRSD\
    UR\DOWLHVRQSURGXFWLRQXQLWVUDWKHUWKDQRQVDOHV7KHIHHVIRUWHFKQLFDOVHUYLFHVDQGDVVLVWDQFHPD\EH
    GHWHUPLQHGVHSDUDWHO\HLWKHUVWLSXODWHGLQDGYDQFHRUQHJRWLDWHGDVUHQGHUHG

     4'('4'0%'5
    1HJRWLDWLQJ 7HFKQRORJ\ /LFHQVHV $ EDVLF WUDLQLQJ PDQXDO :,32,7& SXEOLFDWLRQ IRUWKFRPLQJ  :LOO EH DYDLODEOH IURP
    WKH:,32HOHFWURQLFERRNVKRSDWZZZZLSRLQWHERRNVKRS&RQWDLQVLQIRUPDWLRQRQKRZYDULRXVIRUPVRIUHPXQHUDWLRQPD\
    EHFRPELQHGLQDJLYHQLQGXVWULDOSURSHUW\OLFHQFHRUWHFKQRORJ\WUDQVIHUDJUHHPHQW
     &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU

     9JCVKUCHTCPEJKUG!

    )UDQFKLVLQJ PD\ EH GHVFULEHG DV DQ DUUDQJHPHQW LQ ZKLFK RQH SHUVRQ WKH IUDQFKLVHU  ZKR KDV
    GHYHORSHGDV\VWHPIRUFRQGXFWLQJDSDUWLFXODUEXVLQHVVDOORZVDQRWKHUSHUVRQ WKHIUDQFKLVHH WRXVH
    WKDWV\VWHPLQDFFRUGDQFHZLWKWKHSUHVFULSWLRQVRIWKHIUDQFKLVHULQH[FKDQJHIRUFRPSHQVDWLRQ7KH
    UHODWLRQVKLSLVDFRQWLQXLQJRQHDVWKHIUDQFKLVHHRSHUDWHVLQDFFRUGDQFHZLWKVWDQGDUGVDQGSUDFWLFHV
    HVWDEOLVKHGDQGPRQLWRUHGE\WKHIUDQFKLVHUDQGZLWKWKHODWWHU·VFRQWLQXLQJDVVLVWDQFHDQGVXSSRUW

    )UDQFKLVLQJ WKHUHIRUH UHODWHV WR D V\VWHP ZKLFK WKH IUDQFKLVHU DOORZV ² RU JLYHV OLFHQFH WR ² WKH
    IUDQFKLVHH WR H[SORLW 7KLV PD\ EH UHIHUUHG WR DV WKH IUDQFKLVHG V\VWHP RU VLPSO\ WKH V\VWHP 7KH
    V\VWHP LV D SDFNDJH FRPSULVLQJ ,3 ULJKWV UHODWLQJ WR RQH RU PRUH PDUNV WUDGH QDPHV LQGXVWULDO
    GHVLJQV LQYHQWLRQV DQG ZRUNV SURWHFWHG E\ FRS\ULJKW WRJHWKHU ZLWK UHOHYDQW NQRZKRZ DQG WUDGH
    VHFUHWVWREHH[SORLWHGIRUWKHVDOHRIJRRGVRUWKHSURYLVLRQRIVHUYLFHVWRHQGXVHUV,QDGGLWLRQWKH
    V\VWHP LQFOXGHV YDULRXV IDFWRUV WKDW FRQWULEXWH WR WKH VXFFHVV RI D EXVLQHVV LQFOXGLQJ UHFLSHV DQG
    PHWKRGVRISUHSDULQJPHDOVWKHGHVLJQRIHPSOR\HHV·XQLIRUPVWKHGHVLJQRIWKHEXLOGLQJVWKHGHVLJQ
    RISDFNDJLQJDQGPDQDJHPHQWDQGDFFRXQWLQJV\VWHPV
    7KHIROORZLQJIHDWXUHVDUHW\SLFDOFKDUDFWHULVWLFVRIDIUDQFKLVHUHODWLRQVKLS

    • $ OLFHQFH WR XVH WKH V\VWHP ,Q UHWXUQ IRU DQ DJUHHG SD\PHQW WKH IUDQFKLVHH LV DOORZHG WR XVH WKH
    IUDQFKLVHG V\VWHP ² LQ HIIHFW JLYHQ D OLFHQFH WR XVH WKH IUDQFKLVHU·V V\VWHP WR FDUU\ RXW WKH EXVLQHVV
    :KHUHWKHIUDQFKLVHGV\VWHPLVWREHH[SORLWHGDWDSDUWLFXODUORFDWLRQVXFKDVDWDIUDQFKLVHGUHVWDXUDQW
    RUVKRSWKDWORFDWLRQLVXVXDOO\UHIHUUHGWRDVWKH¶IUDQFKLVHGXQLW·

    • $Q RQJRLQJ LQWHUDFWLYH UHODWLRQVKLS 7KH UHODWLRQVKLS LV RQJRLQJ LQYROYLQJ PXOWLSOH VDOHV RI WKH
    IUDQFKLVHG SURGXFW RU RIIHULQJV RI WKH IUDQFKLVHG VHUYLFHV  RYHU D SHULRG RI WLPH ZLWK WKH IUDQFKLVHU
    JLYLQJFRQWLQXRXVDVVLVWDQFHWRWKHIUDQFKLVHHLQHVWDEOLVKLQJPDLQWDLQLQJDQGSURPRWLQJWKHIUDQFKLVHG
    XQLW 7KLV LQFOXGHV XSGDWLQJ WKH UHOHYDQW LQIRUPDWLRQ DV WKH IUDQFKLVHU GHYHORSV QHZ RU EHWWHU
    WHFKQLTXHV IRU RSHUDWLQJ D IUDQFKLVHG XQLW 7KH IUDQFKLVHH IRU LWV SDUW KDV D FRQWLQXLQJ REOLJDWLRQ WR
    SD\ IHHV WR WKH IUDQFKLVHU IRU WKH XVH RI WKH IUDQFKLVHG V\VWHP RU WR FRPSHQVDWH WKH IUDQFKLVHU IRU
    SURYLGLQJRQJRLQJPDQDJHPHQWVHUYLFHV

    • 7KHIUDQFKLVHU·VULJKWWRSUHVFULEHWKHPDQQHURIRSHUDWLQJWKHEXVLQHVV7KHIUDQFKLVHHDJUHHVWR
    DELGHE\GLUHFWLYHVLVVXHGE\WKHIUDQFKLVHUZKLFKVHWRXWWKHPDQQHURIRSHUDWLRQRIWKHV\VWHP6XFK
    GLUHFWLYHV PD\ LQFOXGH TXDOLW\ FRQWURO SURWHFWLRQ RI WKH V\VWHP WHUULWRULDO UHVWULFWLRQV RSHUDWLRQDO
    GHWDLOV DQG D KRVW RI RWKHU UHJXODWLRQV JRYHUQLQJ WKH FRQGXFW RI WKH IUDQFKLVHH LQ UHODWLRQ WR WKH
    IUDQFKLVH

    /LFHQVLQJ RI D WUDGHPDUN LV XVXDOO\ D PDLQ FRQGLWLRQ RI WKH IUDQFKLVLQJ DJUHHPHQW ,Q IUDQFKLVLQJ
    DJUHHPHQWVWKHGHJUHHRIFRQWURORIWKHWUDGHPDUNRZQHURYHUWKHIUDQFKLVHHLVJHQHUDOO\JUHDWHUWKDQ
    LVWKHFDVHLQVWDQGDUGWUDGHPDUNOLFHQVLQJDJUHHPHQWV

     4'('4'0%'5
    $Q ,QWURGXFWLRQ WR )UDQFKLVLQJ ,QWHUQDWLRQDO )UDQFKLVH $VVRFLDWLRQ ,)$  (GXFDWLRQDO )RXQGDWLRQ  :HE SDJH DW
    ZZZIUDQFKLVHRUJHGXIRXQGLQWURIUDQFKLVLQJSGI 'HDOV ZLWK WKH IXQGDPHQWDOV RI IUDQFKLVLQJ WKH WHUPV XVHG DOWHUQDWLYHV
    DGYDQWDJHVDQGGLVDGYDQWDJHVDQGWKHOHJDOLVVXHV
    ,QWHUQDWLRQDO )UDQFKLVH $VVRFLDWLRQ :HEVLWH DW ZZZIUDQFKLVHRUJ ,QIRUPDWLRQ QHZV UHVRXUFHV DQG GDWDEDVHV RQ
    IUDQFKLVHV0RVWUHVRXUFHVDUHSULFHGDQGDYDLODEOHRQPHPEHUVKLS
    :RUOG)UDQFKLVH&RXQFLO:HEVLWHDWZZZZRUOGIUDQFKLVHFRXQFLORUJ$UWLFOHVDQGDQRYHUYLHZRIIUDQFKLVLQJLQDQXPEHURI
    FRXQWULHV
    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     9JCVKUCPQPFKUENQUWTGCITGGOGPV!

    ,WLVVRPHWLPHVQHFHVVDU\IRUDEXVLQHVVWRVKDUHDVHFUHWZLWKDQRWKHUFRPSDQ\$PDQXIDFWXUHUPD\
    QHHGWRKDYHVSHFLDOL]HGWHVWVFDUULHGRXWRQDSURWRW\SHDQGQRWZDQWFRPSHWLWRUVWRNQRZGHWDLOVRI
    WKH QHZ SURGXFW $Q DVVHPEO\ FRPSDQ\ PD\ ZLVK WR NQRZ LI D VXSSOLHU FDQ PHHW D QHZ WRXJK
    VSHFLILFDWLRQ ZKLFK ZLOO JLYH D TXLFN PDUNHW DGYDQWDJH EXW QRW ZDQW DQ\RQH HOVH WR XVH WKH VDPH
    VSHFLILFDWLRQ,QERWKRIWKHVHH[DPSOHVWKHSURWRW\SHDQGWKHQHZVSHFLILFDWLRQPXVWSDVVRXWRIWKH
    RZQHU·VKDQGVEXWWKHRZQHUZLOORIFRXUVHZLVKWRUHWDLQFRQWURO
    7KHVROXWLRQLVWRJHWWKHFRPSDQ\WRZKLFKWKHFRQILGHQWLDOLQIRUPDWLRQLVWREHGLVFORVHGWRVLJQD
    FRQILGHQWLDOLW\ DJUHHPHQW VRPHWLPHV FDOOHG D QRQGLVFORVXUH DJUHHPHQW 1'$  $ QRQGLVFORVXUH
    DJUHHPHQW LV D FRQWUDFW LQ ZKLFK WKH VLJQHU DJUHHV QRW WR GLVFORVH FHUWDLQ LQIRUPDWLRQ H[FHSW XQGHU
    WHUPVDVGHVFULEHGLQWKHFRQWUDFW1'$VDUHRIWHQXVHGE\LQYHQWRUVRUFRPSDQLHVZKHQVKDULQJWKHLU
    EXVLQHVV LGHD WKHLU SURWRW\SH RI DQ LQQRYDWLYH SURGXFW RU RWKHU FRQILGHQWLDO LQIRUPDWLRQ ZLWK WKLUG
    SDUWLHV 7KLV LV RIWHQ GRQH LQ RUGHU WR H[SORUH WKH SRVVLELOLWLHV RI PDQXIDFWXULQJ GHVLJQLQJ RU
    FRPPHUFLDOL]LQJ D JLYHQ SURGXFW LQ SDUWQHUVKLS ZLWK RWKHU FRPSDQLHV ZKHQ QHJRWLDWLQJ OLFHQVLQJ
    DJUHHPHQWVRUZKHQVHHNLQJILQDQFHWRGHYHORSDSURGXFWRULPSOHPHQWDEXVLQHVVSODQ

    1RQGLVFORVXUHDJUHHPHQWV
    $Q 1'$ EHJLQV E\ FOHDUO\ VWDWLQJ WKH RZQHU RI WKH LQIRUPDWLRQ RZQHU  WKH FRPSDQ\ UHFHLYLQJ LW
    UHFLSLHQW DQGWKHUHDVRQIRUKDQGLQJRYHUWKHFRQILGHQWLDOLQIRUPDWLRQ²WKHSHUPLWWHGSXUSRVH7KH
    GHILQLWLRQRIZKDWWKHFRQILGHQWLDOLQIRUPDWLRQFRQVLVWVLVIROORZHGE\ZKDWDUHNQRZQDVUHOHDVHVIURP
    FRQILGHQWLDOLW\LHDOLVWRIHYHQWVZKLFKSXWWKHVHFUHWLQWRWKHSXEOLFGRPDLQVRWKDWWKHUHFLSLHQWQR
    ORQJHUQHHGVWRFRPSO\ZLWKWKH1'$FRQGLWLRQV%XWRIFRXUVHWKHUHFLSLHQWPXVWQRWEHWKHSHUVRQ
    WKDWSXEOLVKHVWKHLQIRUPDWLRQLQWKHILUVWSODFH

    1'$VDOVRJRRQWRVHWRXWKRZWKHUHFLSLHQWPXVWORRNDIWHUWKHLQIRUPDWLRQZKDWWKHUHFLSLHQWLV
    DOORZHGWRGRZLWKWKHLQIRUPDWLRQ XVHLWRQO\IRUWKHSHUPLWWHGSXUSRVH DQGZKDWWKHUHFLSLHQWLV
    QRWDOORZHGWRGR HJWHOODQ\RQHZKRGRHVQRWQHHGDFFHVVWRWKHLQIRUPDWLRQ 

    7KH\JHQHUDOO\VSHFLI\KRZORQJWKHLQIRUPDWLRQPXVWEHNHSWVHFUHW²WKLVFDQEHVHWDVWKHOHQJWKRI
    WLPHWKHVHFUHWZLOOJLYHWKHRZQHUDPDUNHWDGYDQWDJHSOXVDOLWWOHELWRIOHHZD\7ZRRUILYH\HDUVDUH
    FRPPRQSHULRGV
    2QFH WKH UHFLSLHQW KDV VLJQHG WKH 1'$ WKH RZQHU FDQ SDVV RYHU WKH FRQILGHQWLDO LQIRUPDWLRQ ZLWK
    LPSURYHGSHDFHRIPLQG

     4'('4'0%'5
    'LFORVLQJ&RQILGHQWLDO,QIRUPDWLRQ9LYLHQ,ULVK:,32
    :HE SDJH DW ZZZZLSRLQWVPHHQGRFXPHQWVGLVFORVLQJBLQIKWP 'LVFXVVHV ZKDW PD\ EH SURWHFWHG E\ QRQ GLVFORVXUH
    DJUHHPHQWV 1'$V DQGZKHQWRXVH1'$VDQGLQFOXGHVDPRGHO1'$
    ,QWHOOHFWXDO 3URSHUW\ 5LJKWV IRU (QJLQHHUV 9LYLHQ ,ULVK ,QVWLWXWLRQ RI (OHFWULFDO (QJLQHHUV  86  ,QVWLWXWLRQ RI
    (OHFWULFDO (QJLQHHUV 0LFKDHO )DUDGD\ +RXVH 6L[ +LOOV :D\ 6WHYHQDJH +HUWV 6* $< 8QLWHG .LQJGRP :HEVLWH
    ZZZLHHRUJ([SODLQVSURWHFWLRQRIHQJLQHHULQJLQQRYDWLRQVZLWKH[DPSOHV$OVRFRQVLGHUVWKHRZQHUVKLSRIULJKWVWKHPHWKRGV
    RI FRPPHUFLDO H[SORLWDWLRQ UHVWULFWLRQV LPSRVHG E\ WKH (XURSHDQ &RPPXQLW\ WHFKQLTXHV IRU PDQDJLQJ LQWHOOHFWXDO SURSHUW\
    ULJKWHIIHFWLYHO\DQGZKHQWRFDOOLQSURIHVVLRQDOOHJDOKHOS
     &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU

    :KHQWRXVH1'$V
    &RPSDQLHV VKRXOG QRW XVH 1'$V WRR RIWHQ 7KH EHVW ZD\ WR NHHS D VHFUHW ZLOO DOZD\V EH WR QRW WHOO
    DQ\RQH,IDVHFUHWUHDOO\PXVWEHVKDUHGWHOODVOLWWOHDVQHFHVVDU\WRDFKLHYHWKHFRPPHUFLDOREMHFWLYH
    VRPHWLPHVDJHQHUDORXWOLQHLVDOOWKDWLVQHHGHGDOWKRXJKIRUDWHFKQLFDODSSUDLVDOWKHIXOOGHWDLORIWKH
    NQRZKRZZLOOQHHGWREHSDVVHGRYHUIRUUHYLHZ

    6RPHWLPHVDQ1'$VHWVRXWDSHULRGRIWLPHGXULQJZKLFKLQIRUPDWLRQGLVFORVHGVD\ZLWKLQDGHILQHG
    \HDU IDOOV ZLWKLQ WKH DJUHHPHQW 7KLV LV XVHIXO IRU FRPSOH[ WHFKQLFDO GHDOV VXFK DV MRLQW YHQWXUHV
    DOWKRXJKDVHSDUDWHMRLQWYHQWXUHDJUHHPHQWZLOOHYHQWXDOO\EHQHHGHG

    $OVRFKRVHWKHUHFLSLHQWYHU\FDUHIXOO\²DUH\RXDVVXUHDV\RXFDQEHWKDWDSURPLVHRIVHFUHF\ZLOO
    UHDOO\EHNHSW"

    2QHZHDNQHVVRIOHJDOSURWHFWLRQIRUVHFUHWVLVWKDWRQFHWKH\KDYHEHHQSXEOLVKHGLQVRPHZD\WKH\
    FDQQRWEH¶PDGHVHFUHW·DJDLQ(YHQLIWKHRZQHURIWKHVHFUHWJRHVWRFRXUWDQGZLQVDSD\PHQWIRUWKH
    GDPDJH VXIIHUHG WKLV ZLOO QRW EH DV JRRG DV KDYLQJ WKH LQIRUPDWLRQ NHSW FRQILGHQWLDO <RXU
    FRPSHWLWRUV ZLOO EH IUHH WR XVH \RXU KDUGZRQ VHFUHWV 6R WKH EHVW SUDFWLFH LV WR PDNH VXUH WKDW WKH
    VHFUHWLVNHSWLQWKHILUVWSODFH

    7ZRZD\1'$V
    6RPHWLPHVWKHIORZRILQIRUPDWLRQLVWZRZD\ZLWKERWKSDUWLHVGLVFORVLQJFRQILGHQWLDOLQIRUPDWLRQWR
    WKHRWKHUVXFKDVZKHQDMRLQWYHQWXUHLVEHLQJVHWXSEHWZHHQWKHP7KH1'$ZRXOGWKHQUHIOHFWWKLV
    DUUDQJHPHQWFOHDUO\VSHFLI\LQJWKHFRQILGHQWLDOLQIRUPDWLRQWKDWLVEHLQJVKDUHGE\HDFKSDUW\

     4'('4'0%'5
    $ 3UDFWLFDO *XLGH WR 1RQGLVFORVXUH $JUHHPHQWV 5REHUW $XHUEDFK )RXQGDWLRQ IRU 5HVHDUFK 6FLHQFH DQG 7HFKQRORJ\
     :HE SDJH DW ZZZIUVWJRYWQ]EXVLQHVVDUWLFOHV*XLGH1RQ'LVFORVXUH-XOSGI ([SODLQV ZKDW 1'$V DUH WKHLU SXUSRVH
    GLIIHUHQWW\SHVSUDFWLFDODSSOLFDWLRQVDQGWUHDWPHQWRIFRQILGHQWLDOLQIRUPDWLRQ
    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     9JCVCTGVJGGUUGPVKCNGNGOGPVUQHVTCFGOCTMNKEGPEGU

    7UDGHPDUN OLFHQVLQJ LV RI IDLUO\ UHFHQW RULJLQ LQ WUDGHPDUN KLVWRU\ 6LQFH WKH RULJLQDO IXQFWLRQ RI D
    WUDGHPDUN ZDV WR LQGLFDWH WUDGH RULJLQ JRRGV HPDQDWLQJ IURP D VRXUFH RWKHU WKDQ WKH WUDGHPDUN
    RZQHU FRXOG QRW ZLWKRXW GHFHSWLRQ FDUU\ D OLFHQVRU·V PDUN ,QGHHG WKH JUDQWLQJ RI D WUDGHPDUN
    OLFHQFHUHQGHUHGDOLFHQVRUYXOQHUDEOHWRWKHFODLPRIQRQXVHUDQGWRWKHH[SXQJHPHQW FDQFHOODWLRQ 
    RIWKHPDUN7KHH[HUFLVHRITXDOLW\FRQWUROE\DOLFHQVRURYHUWKHSURGXFWVVROGE\DOLFHQVHHWRZKLFK
    WKHPDUNZDVDIIL[HGRSHQHGWKHGRRUWRWKHLGHDWKDWVXFKFRQWUROZDVDZD\IRUWKHXVHUWRDYRLG
    H[SXQJHPHQW RI WKH PDUN 7KLV ILFWLRQDO LGHD IRUPHG WKH EDVLV RI WKH UHJLVWHUHG XVHU SURYLVLRQV
    LQVHUWHGLQWRPRVWWUDGHPDUNVWDWXWHVIRUPRUHWKDQ\HDUV

    0RVWUHJLVWHUHGXVHUSURYLVLRQVUHTXLUHWKHOLFHQFHSDUWLHVWRVXEPLWWKHLUDJUHHPHQWVWRWKHUHJLVWUDU
    ZKRVFUXWLQL]HVWKHPWRDVFHUWDLQWKHQDWXUHDQGH[WHQWRIWKHTXDOLW\FRQWUROVWREHH[HUFLVHGE\WKH
    OLFHQVRUV 7KH UHJLVWUDU LV REOLJHG WR HQVXUH WKDW UHJLVWUDWLRQ RI VXFK DJUHHPHQWV DFFRUGV ZLWK WKH
    QDWLRQDO LQWHUHVW DQG LV UHTXLUHG WR UHIXVH UHJLVWUDWLRQ WR DJUHHPHQWV WKDW DSSHDU WR IDFLOLWDWH
    WUDIILFNLQJ,WVKRXOGEHQRWHGKRZHYHUWKDWUHJLVWUDWLRQKDVEHHQFRQVLGHUHGQRWHVVHQWLDOIRUYDOLGLW\
    RI D WUDGHPDUN OLFHQFH 7KH UHJLVWUDWLRQ SURYLVLRQV KDYH EHHQ GHVFULEHG DV SHUPLVVLYH DQG QRW
    PDQGDWRU\ 3URYLGHG D OLFHQVRU PDLQWDLQV FRQWURO RYHU WKH TXDOLW\ RI WKH OLFHQVHG SURGXFWV DQG WKH
    OLFHQVRU LV SHUFHLYHG DV UHWDLQLQJ D FRQQHFWLRQ ZLWK WKH OLFHQVHG SURGXFWV H[SXQJHPHQW FDQ EH
    DYRLGHG
    7UDGHPDUNOLFHQFHVPD\EHJUDQWHGDVDGMXQFWVWRRUVHSDUDWHO\IURPSDWHQWDQGNQRZKRZOLFHQFHV
    $PRQJWKHSURYLVLRQVSDUWLFXODUWRPRVWWUDGHPDUNOLFHQFHVDUHWKHIROORZLQJ

    • 3HUPLVVLRQ WR XVH 7KH JUDQW RI SHUPLVVLRQ WR XVH WKH UHOHYDQW PDUN RU PDUNV LV WKH ILUVWVWDWHG
    SURYLVLRQ RI PRVW OLFHQFH DJUHHPHQWV 7KH SDUWLFXODUV RI WKH PDUN RU PDUNV DUH XVXDOO\ OLVWHG LQ D
    VFKHGXOHWRWKHOLFHQFHDJUHHPHQWWRJHWKHUZLWKWKHSURGXFWVLQUHVSHFWRIZKLFKWKHPDUNLVWREHXVHG

    • 1XPEHU RI OLFHQVHHV ,W ZLOO EH LPSRUWDQW IRU WKH OLFHQVHH WR NQRZ KRZ PDQ\ RWKHU OLFHQVHHV ZLOO EH
    DSSRLQWHG WR VHUYLFH WKH OLFHQFH WHUULWRU\ ,W ZLOO DOVR EH LPSRUWDQW WR DVFHUWDLQ ZKHWKHU WKH OLFHQVRU
    LQWHQGVWRGLVWULEXWHZLWKLQWKHWHUULWRU\)LQDOO\LWZLOOEHLPSRUWDQWWRDOLFHQVHHZKHUHRWKHUVDUHWR
    EHDSSRLQWHGWRHQVXUHWKDWLWVULYDOVDUHDSSRLQWHGRQFRPSDUDEOHWHUPV

    • 4XDOLW\FRQWURO$VPHQWLRQHGDERYHDWWKHKHDUWRIDQ\UHJLVWHUHGXVHUDJUHHPHQWLVDSURYLVLRQWKDW
    WKHOLFHQVHHZLOOQRWXVHWKHPDUNVRQSURGXFWVWKDWGRQRWDWWDLQWKHVWDQGDUGRITXDOLW\SUHVFULEHGE\
    WKH OLFHQVRU 4XDOLW\ FRQWURO SURYLVLRQV ZLOO SURYLGH WKDW WKH XVHU UHFHLYHV RQ D FRQILGHQWLDO EDVLV DOO
    VSHFLILFDWLRQVWHFKQLFDOGDWDDQGNQRZKRZRIWKHOLFHQVRUWRDOORZWKHSUHVFULEHGTXDOLW\VWDQGDUGVWR
    EHPHW3ROLFLQJRIWKLVFODXVHZLOOXVXDOO\UHTXLUHWKHXVHUWRVHQGVDPSOHSURGXFWVWRWKHOLFHQVRUDQG
    WR SHUPLW LQVSHFWLRQV RI WKH XVHU·V IDFWRU\ DQG ZDUHKRXVHV DQG RI PHWKRGV RI SURGXFWLRQ PDWHULDOV
    XVHG VWRUDJH DQG SDFNLQJ RI ILQLVKHG SURGXFWV 7KH DJUHHPHQW VKRXOG SHUPLW WKH XVHU WR GLVSRVH RI
    SURGXFWVWKDWGRQRWPHHWWKHTXDOLW\VWDQGDUGSURYLGHGWKH\GRQRWFDUU\WKHWUDGHPDUN

     4'('4'0%'5
    /LFHQVLQJ DQG )UDQFKLVLQJ 0DNLQJ WKH 0RVW RI D 0DUN *HUG ) .XQ]H :,32  :HE SDJH DW
    ZZZZLSRLQWDUDEHQPHHWLQJVWPBEH\GRFZLSRBWPBEH\BBGRF 'HDOV ZLWK WKH LPSRUWDQFH RI OLFHQVLQJ DQG
    IUDQFKLVLQJWUDGHPDUNOLFHQVLQJDQGVWDQGDUGSURYLVLRQVRIFODXVHV
    -RLQW 5HFRPPHQGDWLRQV &RQFHUQLQJ 7UDGHPDUN /LFHQVHV :,32  :HE SDJH DW ZZZZLSRLQWDERXW
    LSHQGHYHORSPHQWBLSODZSXEKWP 7KH WH[W RI WKH UHFRPPHQGDWLRQV RQ OLFHQVLQJ RI WUDGHPDUNV ZLWK PRGHO LQWHUQDWLRQDO
    IRUPV
     &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU

    • 0DUNHWLQJ 7KH OLFHQFH ZLOO GHVLJQDWH WKH WHUULWRU\ LQ ZKLFK WKH WUDGHPDUN PD\ EH XVHG 7KLV ZLOO
    XVXDOO\ FRQWDLQ SURKLELWLRQV DJDLQVW WUDGLQJ RXWVLGH WKH GHVLJQDWHG WHUULWRU\ DV ZHOO DV SURYLVLRQV
    NHHSLQJWKHOLFHQVRURXWRIWKHOLFHQFHWHUULWRU\$GYHUWLVLQJPDWHULDOHPSOR\HGE\WKHOLFHQVHHPD\KDYH
    WRUHFHLYHWKHOLFHQVRU·VDSSURYDO

    • )LQDQFLDO DUUDQJHPHQWV ,Q DGGLWLRQ WR UHTXLULQJ D IHH RU UR\DOWLHV IRU SHUPLVVLRQ WR XVH WKH
    WUDGHPDUNVDOLFHQVRUPD\DOVRUHTXLUHSD\PHQWLQUHVSHFWRIWKHSURYLVLRQRIVNLOOHGSHUVRQVWRLQVWUXFW
    HPSOR\HHVRIWKHOLFHQVHHLQWKHPDWHULDOVUHTXLUHGWRDFKLHYHWKHSUHVFULEHGTXDOLW\VWDQGDUGVUHTXLUHG
    LQ WKH DJUHHPHQW $UUDQJHPHQWV DOVR KDYH WR EH PDGH WR DOORFDWH WKH FRVW RI WKH VDPSOLQJ SURFHGXUH
    )LQDOO\WKHOLFHQVHHLVXVXDOO\UHTXLUHGWRNHHSGHWDLOHGERRNVDQGUHFRUGVRIVDOHVRIWKHWUDGHPDUNHG
    SURGXFWV

    • ,QIULQJHPHQWV 7KH OLFHQVHH LV QRUPDOO\ UHTXLUHG WR UHSRUW WR WKH OLFHQVRU DOO SDUWLFXODUV RI
    LQIULQJHPHQWVWKDWRFFXUDQGWKHOLFHQVRUXVXDOO\KDVFRQGXFWRIDOOLQIULQJHPHQWSURFHHGLQJV
    &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU 

     *QYFQ+NKEGPUGYQTMURTQVGEVGFD[EQR[TKIJV!

    ,QWKHFDVHRIDSXEOLVKLQJFRQWUDFWWKHRZQHURIFRS\ULJKWGRHVQRWQHHGDQGXVXDOO\GRHVQRWLQWHQG
    WR SDUW ZLWK WKH FRS\ULJKW RU HYHQ WKH ULJKW WR FRQWURO WKH SXEOLFDWLRQ RI WKH ZRUN 8QGHU FHUWDLQ
    FRS\ULJKW ODZV ZKLFK FRQVLGHU WKH DXWKRU·V HFRQRPLF ULJKWV LQVHSDUDEOH IURP WKH PRUDO ULJKWV
    DVVLJQPHQWRIWKHDXWKRU·VULJKWWRSXEOLVKWKHZRUNPD\QRWHYHQEHSRVVLEOH:KHQHQWHULQJLQWRD
    SXEOLVKLQJFRQWUDFWWKHRZQHURIWKHFRS\ULJKWXVXDOO\RQO\XQGHUWDNHVWRUHVWULFWWKHH[HUFLVHRIWKH
    ULJKWLQWKHZRUNWREHSXEOLVKHGDQGUHVWULFWLWWRWKHH[WHQWQHFHVVDU\IRUWKHSXEOLVKHUWREHDEOHWR
    XVH WKH ZRUN $W WKH VDPH WLPH WKH RZQHUVKLS RI FRS\ULJKW GRHV QRW FKDQJH EXW UHPDLQV ZLWK WKH
    DXWKRURURWKHURZQHURIWKHFRS\ULJKW

    7KXVDFKDUDFWHULVWLFSXEOLVKLQJFRQWUDFWLVDPHUHOLFHQFHJUDQWHGWRWKHSXEOLVKHUE\WKHRZQHURIWKH
    FRS\ULJKW 7R EH RI YDOXH WR WKH SXEOLVKHU D OLFHQFH PXVW DOVR DOORZ SURWHFWLRQ RI WKH SXEOLVKLQJ
    DFWLYLW\DJDLQVWWKLUGSHUVRQV
    $OLFHQFHLVJHQHUDOO\XQGHUVWRRGLQWKHILHOGRIFRS\ULJKWWREHWKHDXWKRUL]DWLRQJLYHQE\WKHDXWKRU
    RURWKHURZQHURIFRS\ULJKW OLFHQVRU WRWKHXVHURIWKHZRUN SXEOLVKHURURWKHUOLFHQVHH WRXVHLWLQD
    PDQQHUDQGDFFRUGLQJWRFRQGLWLRQVDJUHHGXSRQEHWZHHQWKHP
    7KHSXEOLVKHUVKRXOGEHJUDQWHGDOLFHQFHFRPSULVLQJDOOWKHULJKWVQHFHVVDU\IRURSWLPXPUHDOL]DWLRQ
    RIWKHSODQQHGSXEOLFDWLRQ*HQHUDOO\DQH[FOXVLYHOLFHQFH SURYLGLQJDQH[FOXVLYHULJKW LVDFTXLUHGE\
    WKHSXEOLVKHUWRUHSURGXFHDQGSXEOLVKWKHZRUNFRQFHUQHG³RULIDSSURSULDWHWRSURYLGHUHSURGXFH
    DQGSXEOLVKLWVWUDQVODWLRQ³LQDVWDQGDUGWUDGHHGLWLRQFRPSULVLQJDUHDVRQDEOHQXPEHURIFRSLHV

    7KHOLFHQFHFDQEHJUDQWHGIRURQHHGLWLRQRQO\RUDOVRIRUVXEVHTXHQWRQHV7KHVL]HRIDVLQJOH²RU
    WKHILUVW²HGLWLRQLVXVXDOO\GHWHUPLQHGLQWKHFRQWUDFWHLWKHUE\IL[LQJWKHQXPEHURIFRSLHVLWVKRXOG
    FRPSULVH RU E\ VWLSXODWLQJ D PLQLPXP DQGRU PD[LPXP QXPEHU RI FRSLHV ¶WKH SULQW UXQ·  7KH
    DJUHHPHQWRQWKHVL]HRIDVLQJOH²RUWKHILUVW²HGLWLRQXVXDOO\WDNHVLQWRDFFRXQWWKHQHHGWRFRPSO\
    ZLWKWKHSUHVXPDEOHGHPDQGRIWKHSXEOLFDWFRVWVSHUPLWWLQJVDOHVDWWKHXVXDOUHWDLOSULFHSHUFRS\
    SUHYDLOLQJLQWKHJLYHQERRNPDUNHWDVUHJDUGVVLPLODUSXEOLFDWLRQV
    ,Q WKH FDVH RI D OLFHQFH WR SXEOLVK WKH ZRUN LQ WUDQVODWLRQ WKH ODQJXDJH RU ODQJXDJHV  RI WKH
    DXWKRUL]HGHGLWLRQ RUHGLWLRQV PXVWEHVSHFLILHG

    ,Q RUGHU WR SURPRWH WKH GLVVHPLQDWLRQ RI WKH ZRUN SXEOLVKHG DQG ZLWK UHJDUG WR SRVVLEOH IXUWKHU
    H[SORLWDWLRQ RI WKH SXEOLFDWLRQ XQGHU WKH FRQWUDFW WKH OLFHQVHH PD\ DFTXLUH DOVR FHUWDLQ VRFDOOHG
    VXEVLGLDU\ ULJKWV 6XFK ULJKWV VHUYH WKH SXUSRVH RI UHSURGXFLQJ RU FRPPXQLFDWLQJ WR WKH SXEOLF RU
    OLFHQVLQJRWKHUVWRUHSURGXFHRUFRPPXQLFDWHWRWKHSXEOLFWKHZRUN RULWVWUDQVODWLRQ LQVSHFLILHG
    IRUPVRWKHUWKDQWKHVWDQGDUGWUDGHHGLWLRQ

     4'('4'0%'5
    ,QWHUQDWLRQDO3XEOLVKHUV·$VVRFLDWLRQ:HEVLWHDWZZZLSDXLHRUJ
    ,QWHUQDWLRQDO&RQIHGHUDWLRQRI6RFLHWLHVRI$XWKRUVDQG&RPSRVHUV &,6$& :HEVLWHDWZZZFLVDFRUJ
     &RQWUDFWLQJOLFHQVLQJDQGWHFKQRORJ\WUDQVIHU

    6XFKVXEVLGLDU\ULJKWVPD\IRULQVWDQFHFRPSULVHWKHULJKWRISUHYLRXVDQGVXEVHTXHQWSXEOLFDWLRQLQ
    WKHSUHVVRIRQHRUPRUHH[WUDFWVIURPWKHZRUNVHULDOULJKWV²WKDWLVWKHULJKWWRSXEOLVKWKHHQWLUH
    ZRUN RU SDUWV RI LW LQ RQH RU PRUH VXFFHVVLYH LVVXHV RI D QHZVSDSHU RU SHULRGLFDO EHIRUH RU DIWHU
    SXEOLFDWLRQRIWKHZRUNLQWKHVWDQGDUGWUDGHHGLWLRQWKHULJKWWRUHDGH[WUDFWVIURPWKHZRUNLQVRXQG
    RUWHOHYLVLRQEURDGFDVWLQJWKHULJKWWRLQFOXGHWKHSXEOLVKHGZRUNRUDSDUWRILWLQDQDQWKRORJ\WKH
    ULJKWWRDUUDQJHIRUSDSHUEDFNRUERRNFOXEHGLWLRQVDIWHUWKHVWDQGDUGWUDGHHGLWLRQ3XEOLVKHUVRIWHQ
    UHTXHVWWKHOLFHQVRUWRFRQIHURQWKHPLQWKHIUDPHZRUNRIVXEVLGLDU\ULJKWVWKHULJKWDOVRWROLFHQVH
    WKH UHSURGXFWLRQ RI WKH SXEOLVKHG ZRUN E\ PHDQV RI PDNLQJ PLFURILOPV RU RWKHU UHSURJUDSKLF
    UHSURGXFWLRQVIRUSXUSRVHVEH\RQGWKHOLPLWVRIIDLUXVHDOORZHGE\WKHODZ7KHSXEOLVKHUPD\DOVR
    UHTXHVW WKH ULJKW WR OLFHQVH VWRUDJH RI WKH ZRUN LQ D FRPSXWHU DFFHVVLEOH WR WKH SXEOLF $JDLQ
    SXEOLVKHUVPD\UHTXHVWWKHOLFHQVRUWRHQWLWOHWKHPWROLFHQVHWKHUHSURGXFWLRQRIWKHZRUNLQWKHIRUP
    RIVRXQGUHFRUGLQJV6RPHWLPHVWKHULJKWRIOLFHQVLQJWKHUHSURGXFWLRQRIILOPVWULSVLVDOVRUHTXHVWHG
    $OOWKHVHNLQGVRIUHSURGXFWLRQE\PHDQVRIPRGHUQWHFKQRORJ\DUHRIWHQUHIHUUHGWRLQFRQWHPSRUDU\
    SXEOLVKLQJFRQWUDFWVDV¶PHFKDQLFDOUHSURGXFWLRQ·RIWKHZRUNDQGWKHULJKWVLQYROYHGDV¶PHFKDQLFDO
    UHSURGXFWLRQ ULJKWV· 7KLV WHUP VKRXOG QRW EH FRQIXVHG ZLWK WKH QRWLRQ RI WKH ¶PXVLFDO PHFKDQLFDO
    ULJKW·ZKLFKPHDQVWKHULJKWWRUHSURGXFHDPXVLFDOZRUNLQWKHIRUPRIVRXQGUHFRUGLQJV
    ,WLVDUHDVRQDEOHDQGXVXDOO\DFFHSWHGSRVLWLRQQRWWRFRQIHUXSRQWKHSXEOLVKHUULJKWVWRH[SORLWWKH
    ZRUNLQDQ\PDQQHULQYROYLQJLWVDGDSWDWLRQVXFKDVGUDPDWL]DWLRQULJKWVIRUVWDJHRUILOPSURGXFWLRQ
    RU IRU VRXQG RU WHOHYLVLRQ EURDGFDVWLQJ RU WUDQVODWLRQ ULJKWV LQ JHQHUDO 6WULFWO\ VSHDNLQJ WKH
    H[SORLWDWLRQ RI VXFK ULJKWV JRHV EH\RQG WKH VFRSH RI WKH SURPRWLRQ RU GLUHFW H[SORLWDWLRQ RI WKH
    SXEOLVKHU·VRZQSXEOLFDWLRQRIWKHZRUN
    7KHJUDQWRI¶GLJHVWULJKWV· WKHULJKWWRSXEOLVKDQDEULGJPHQWRUVKRUWHQHGIRUPRIWKHZRUN RURI
    WKHVRFDOOHG¶VWULSFDUWRRQULJKWV·LVRIWHQPDGHVXEMHFWWRVSHFLDODXWKRUL]DWLRQLQHDFKFDVHLQYLHZ
    RIWKHPRUDOLQWHUHVWVRIWKHDXWKRUUHODWLQJWRWKHLQWHJULW\RIWKHZRUN:LWKUHJDUGWRWKHLQWHJULW\RI
    WKH ZRUN WR EH SXEOLVKHG VSHFLDO VWLSXODWLRQV FDQ EH LQFRUSRUDWHG LQ WKH FRQWUDFW 7KLV PD\ SURYH
    XVHIXO HVSHFLDOO\ LQ FRXQWULHV ZKHUH QR DSSURSULDWH ¶PRUDO ULJKWV· SURYLVLRQV DUH HVWDEOLVKHG E\
    OHJLVODWLRQ )RU H[DPSOH LW PD\ EH DJUHHG WKDW ¶WKH SXEOLVKHU VKDOO UHSURGXFH WKH ZRUN ZLWKRXW DQ\
    DPHQGPHQWRUDEEUHYLDWLRQWKHUHRIRUDGGLWLRQWKHUHWR·

    $V UHJDUGV WUDQVODWLRQ RI WKH ZRUN LW LV XVXDO WR DJUHH WKDW ¶WKH SXEOLVKHU VKDOO KDYH D SUHFLVH DQG
    IDLWKIXOWUDQVODWLRQPDGHDWKLVRUKHURZQH[SHQVH7KHWLWOHRIWKHWUDQVODWLRQLVVXEMHFWWRWKHZULWWHQ
    DSSURYDO RI WKH FRS\ULJKW OLFHQVRU 8SRQ UHTXHVW WKH ILQDO WH[W RI WKH WUDQVODWLRQ VKDOO DOVR EH
    VXEPLWWHGWRWKHOLFHQVRUIRUDSSURYDO·
    :LWKUHJDUGWRFHUWDLQIRUPDOLWLHVUHTXLUHGLQDIHZFRXQWULHV PDLQO\WKH8QLWHG6WDWHV DVDFRQGLWLRQ
    RIWKHIXOOHQMR\PHQWRIFRS\ULJKWLQSXEOLVKHGZRUNVLWLVJHQHUDOO\VWLSXODWHGLQSXEOLVKLQJFRQWUDFWV
    WKDW DQ DSSURSULDWH QRWLFH RI FRS\ULJKW VKDOO EH SULQWHG RQ WKH WLWOH SDJH 7KH QRWLFH FRQVLVWV RI WKH
    V\PERO‹WKH\HDURIWKHILUVWSXEOLFDWLRQRIWKHZRUNDQGWKHQDPHRIWKHRZQHURIWKHFRS\ULJKWLQ
    WKHZRUN
    $VUHJDUGVGLVWULEXWLRQRIWKHFRSLHVSXEOLVKHGLWLVRIWHQVWLSXODWHGWKDW¶WKHSXEOLVKHUVKDOOSURYLGH
    IRUHIILFLHQWSURPRWLRQRIWKHZRUNDWKLVRUKHURZQH[SHQVH·,QFDVHVZKHUHWKHOLFHQFHKDVQRWEHHQ
    FRQILQHG WR RQH HGLWLRQ RQO\ LW LV RIWHQ DGGHG WKDW ¶KH RU VKH VKDOO VHH WR LW WKDW WKH ERRN LV
    FRQWLQXRXVO\ DYDLODEOH DQG WKDW QHZ HGLWLRQV DUH SULQWHG LQ GXH WLPH VR DV WR FRPSO\ ZLWK DFWXDO
    GHPDQG·
    
    

    
    'UDZLQJXSDEXVLQHVVVWUDWHJ\ 

     9JCVCTGVJGGUUGPVKCNGNGOGPVUQHCDWUKPGUURNCP!

    $ EXVLQHVV SODQ LV D PHFKDQLVP WR HQVXUH WKDW WKH UHVRXUFHV RU DVVHWV RI D EXVLQHVV DUH DSSOLHG
    SURILWDEO\ DFURVVDOO LWV DFWLYLWLHV IRU GHYHORSLQJ DQG UHWDLQLQJ D FRPSHWLWLYH HGJH LQ WKH PDUNHWSODFH
    )RU D QHZ EXVLQHVV LW SURYLGHV D EOXHSULQW IRU VXFFHVV ZKLOH IRU DQ RQJRLQJ EXVLQHVV LW SURYLGHV DQ
    RYHUYLHZRIZKHUHDEXVLQHVVLVDWSUHVHQWKRZWKHEXVLQHVVLVSRVLWLRQLQJLWVHOIDQGKRZLWVHHNVWR
    DFKLHYHLWVREMHFWLYHVWREHFRPHDQGRUUHPDLQVXFFHVVIXO

    $OWKRXJK SXWWLQJ WRJHWKHU D JRRG EXVLQHVV SODQ WDNHV D ORW RI ZRUN LWV EHQHILWV MXVWLI\ WKH WLPH DQG
    HQHUJ\\RXZLOOVSHQGFUHDWLQJLW$EXVLQHVVSODQZLOOKHOS\RXWR

    • ([DPLQH WKH IHDVLELOLW\ RI \RXU EXVLQHVV LGHD RU H[SRUW SODQ $ ZULWWHQ EXVLQHVV SODQ IRUFHV D
    FRPSDQ\WRWKLQNWKURXJKDOOWKHNH\LVVXHV²VXFKDVWKHSRWHQWLDOGHPDQGIRULWVSURGXFWVRUVHUYLFHV
    WKH QDWXUH RI WKH FRPSHWLWLRQ HQWU\ EDUULHUV WKH XQLTXH VHOOLQJ SURSRVLWLRQ RI WKH QHZ RU LPSURYHG
    SURGXFWVRUVHUYLFHVUHVRXUFHVUHTXLUHGFULWLFDOHPSOR\HHVUHOHYDQWWHFKQRORJLHVDQGVWUDWHJLFSDUWQHUV
    UDLVLQJIXQGVSURMHFWHGVWDUWXSFRVWVPDUNHWLQJVWUDWHJLHVDQGWKHOLNH

    • $FFHVV VWDUWXS VHUYLFHV DQG ILQDQFLQJ 3RWHQWLDO LQYHVWRUV DQG OHQGHUV UHTXLUH ZHOOIRUPXODWHG DQG
    UHDOLVWLF EXVLQHVV SODQV 7KLV LV RIWHQ QRW WKH FDVH LW LV QRW VXUSULVLQJ WKHUHIRUH WKDW VRPH  RI
    EXVLQHVVSODQVUHFHLYHGE\LQYHVWRUVDQGEXVLQHVVLQFXEDWRUVDUHUHMHFWHG

    • 3URYLGHVWUDWHJLFJXLGDQFH$EXVLQHVVSODQLVDUHIHUHQFHSRLQWSURYLGLQJ\RXDQG\RXUPDQDJHPHQW
    WHDP ZLWK DQ REMHFWLYH EDVLV IRU GHWHUPLQLQJ ZKHWKHU WKH EXVLQHVV LV RQ WUDFN WR PHHW WKH JRDOV DQG
    REMHFWLYHVLQWKHWLPHIUDPHVHWDQGZLWKWKHDYDLODEOHUHVRXUFHV

    • )XUQLVKDVWDQGDUGRUEHQFKPDUNDJDLQVWZKLFKWRMXGJHIXWXUHEXVLQHVVGHFLVLRQVDQGUHVXOWV7KLV
    VWDQGDUG RU EHQFKPDUN PD\ HYROYH DORQJ ZLWK WKH EXVLQHVV WKH EXVLQHVV SODQ LV D G\QDPLF GRFXPHQW
    WKDWVKRXOGEHUHYLVHGEDVHGRQQHZDQGHYROYLQJFLUFXPVWDQFHV

    ,QWHUQDWLRQDOEXVLQHVVSODQV
    'HYHORSLQJDQLQWHUQDWLRQDOEXVLQHVVSODQUHTXLUHVFDUHIXOSODQQLQJDQGFRPPLWPHQW$VZLWKDQ\
    QHZ EXVLQHVV RSHUDWLRQ WKH GHFLVLRQ WR H[SRUW PXVW EH HQYLVDJHG DV D ORQJWHUP EXVLQHVV LQYHVWPHQW
    UDWKHU WKDQ D VKRUWWHUP SURILW REMHFWLYH %HIRUH WDNLQJ RQ D FRPPLWPHQW WR HQWHU LQWR LQWHUQDWLRQDO
    EXVLQHVVDJUHHPHQWVWKHGHYHORSPHQWRIDQLQWHUQDWLRQDOEXVLQHVVSODQLVDNH\VWHSLQGHWHUPLQLQJD
    SURGXFW·V UHDGLQHVV IRU H[SRUW $ ZHOOSUHSDUHG EXVLQHVV SODQ ZLOO DVVLVW WKH ILUP LQ DVVHVVLQJ WKH
    SRWHQWLDORIDSURGXFWLQLQWHUQDWLRQDOPDUNHWVIDFLOLWDWHDSSOLFDWLRQIRUILQDQFLQJDQGKHOSGHWHUPLQH
    ZKHWKHUWKHUHLVDPDUNHWIRUWKHSURGXFWDQGKRZPXFKLWZLOOFRVWWRH[SRUWDSURGXFW

     4'('4'0%'5
    %XVLQHVV3ODQ%DVLFV8QLWHG6WDWHV6PDOO%XVLQHVV$GPLQLVWUDWLRQ
    :HESDJHDWZZZVEDJRYVWDUWLQJBEXVLQHVVSODQQLQJEDVLFKWPO'LVFXVVHVWKHLPSRUWDQFHRIEXVLQHVVSODQVWKHLUHOHPHQWVDQG
    KRZWRZULWHDQGXVHWKHP
    %DVLF %XVLQHVV 3ODQ 7DJXVSDUN :HE SDJH DW KWWSRQOLEURZVHUSWESEDVLFBKRPHKWPO $Q RQOLQH LQWHUDFWLYH EXVLQHVV SODQ
    WXWRULDO
    &HQWUH IRU %XVLQHVV 3ODQQLQJ :HEVLWH DW ZZZEXVLQHVVSODQVRUJ /LQNV WR EXVLQHVV SODQQLQJ UHVRXUFHV LQFOXGLQJ YHQWXUH
    FDSLWDO QHZ SURGXFWV PDUNHW DQDO\VLV FRPSHWLWLYH DQDO\VLV SURGXFWLRQ PDQDJHPHQW WD[ SUREOHPV OHJDO LVVXHV ILQDQFLDO
    VWDWHPHQWVZULWLQJDEXVLQHVVSODQ 6DPSOHEXVLQHVVSODQV%XVLQHVVSODQQLQJWRROV VRIWZDUHWRGRFXPHQW\RXUEXVLQHVVSODQ
    HYDOXDWH\RXUPDUNHWLQJVWUDWHJ\DQGWHVW\RXUSURGXFWLGHDV )UHHVDPSOHDQDO\VLVWRHYDOXDWH\RXUEXVLQHVVVWUDWHJ\
     'UDZLQJXSDEXVLQHVVVWUDWHJ\

     9J[ KU KV KORQTVCPV VQ KPENWFG KPVGNNGEVWCN RTQRGTV[ KUUWGU KP O[ DWUKPGUU
    RNCP!

    1HZ RU RULJLQDO NQRZOHGJH DQG WKH FUHDWLYH H[SUHVVLRQ RI LGHDV DUH WKH GULYLQJ IRUFH RI VXFFHVVIXO
    EXVLQHVVHVLQWKHWZHQW\ILUVWFHQWXU\7KHUHIRUHVDIHJXDUGLQJVXFKNQRZOHGJHDQGFUHDWLYHH[SUHVVLRQ
    IURP LQDGYHUWHQW GLVFORVXUH RU XQDXWKRUL]HG XVH E\ FRPSHWLWRUV LV EHFRPLQJ DQ LQFUHDVLQJO\ FULWLFDO
    HOHPHQW LQ GHYHORSLQJ DQG UHWDLQLQJ FRPSHWLWLYH DGYDQWDJH %XLOGLQJ D EXVLQHVV DOVR UHTXLUHV YDULRXV
    W\SHV RI RWKHU UHVRXUFHV LQFOXGLQJ D QHWZRUN RI UHODWLRQVKLSV DQG VRXUFHV RI IXQGV 7KH LQWHOOHFWXDO
    SURSHUW\ ,3 SURWHFWLRQV\VWHPSURYLGHVDNH\WRROIRU
    • .HHSLQJDWED\XQVFUXSXORXVFRPSHWLWRUV
    • 'HYHORSLQJ UHODWLRQVKLSV ZLWK HPSOR\HHV FRQVXOWDQWV VXSSOLHUV VXEFRQWUDFWRUV EXVLQHVV SDUWQHUV DQG
    FXVWRPHUV
    • 2EWDLQLQJIXQGV

    7R DWWUDFW LQYHVWRUV LW LV QHFHVVDU\ WR KDYH D TXDOLW\ EXVLQHVV SODQ WKDW ORRNV REMHFWLYHO\ DW WKH
    SURVSHFWVRIWKHSURSRVHGEXVLQHVV,QRUGHUWRFRQYLQFHLQYHVWRUV\RXZLOOKDYHWRVKRZWKDW
    • 7KHUHLVDGHPDQGIRU\RXUSURGXFWLQWKHPDUNHWSODFH
    • <RXUSURGXFWLVVXSHULRUWRFRPSHWLQJSURGXFWVLIDQ\
    • <RXKDYHWDNHQDGHTXDWHVWHSVWRSUHYHQW¶IUHHULGLQJ·RQ\RXUVXFFHVVE\GLVKRQHVWFRPSHWLWRUV

    0RVWHQWUHSUHQHXUVZRXOGDUJXHWKDWWKHSURGXFWWKH\DUHRIIHULQJLVLQQRYDWLYHXQLTXHRUVXSHULRUWR
    WKHRIIHULQJVRIFRPSHWLWRUV%XWLVWKLVUHDOO\VR",I\RXEHOLHYHLWLV\RXZLOOKDYHWRSURYHLWDQGD
    SDWHQW RUWKHUHVXOWVRIDUHOLDEOHSDWHQWVHDUFK PD\EHWKHEHVWSURRIRIQRYHOW\\RXFDQJHW
    <RXU WUDGH QDPH WUDGHPDUNV DQG GRPDLQ QDPHV PD\ EH WKH SULPH HOHPHQWV WKDW GLIIHUHQWLDWH \RXU
    SURGXFWIURPWKRVHRIFRPSHWLWRUV7KHUHIRUH\RXUSURSRVHGQDPH V VKRXOGEHFDUHIXOO\FKRVHQDQG
    WKHVWHSVWDNHQWRUHJLVWHUWKHPVKRXOGEHUHIHUUHGWRLQ\RXUEXVLQHVVSODQ
    ,Q DGGLWLRQ VWDUWXS VHUYLFH SURYLGHUV DQG LQYHVWRUV ZLOO ZDQW WR PDNH VXUH WKDW WKH SURGXFW \RX
    SURSRVH WR VHOO LV QRW UHO\LQJ ZLWKRXW DXWKRUL]DWLRQ RQ RWKHU FRPSDQLHV· WUDGH VHFUHWV FRS\ULJKWHG
    PDWHULDOV SDWHQWV RU RWKHU ,3 ULJKWV DV WKLV PD\ EULQJ WKH GRZQIDOO RI \RXU RZQ EXVLQHVV WKURXJK
    H[SHQVLYH OLWLJDWLRQ ,Q VRPH KLJKWHFK VHFWRUV WKH ULVN RI LQIULQJLQJ RQ WKLUGSDUW\ ,3 ULJKWV LV KLJK
    DQGVWDUWXSVHUYLFHSURYLGHUVDQGLQYHVWRUVPD\EHUHOXFWDQWWRWDNHWKHULVNXQOHVV\RXFDQSURYH HJ
    WKURXJKDSDWHQWRUWUDGHPDUNVHDUFK WKDWQRVXFKULVNVH[LVW

     4'('4'0%'5
    3UDFWLFDO,3LVVXHVLQGHYHORSLQJDEXVLQHVVSODQ:,32
    :HESDJHDWZZZZLSRRUJVPHHQLSBEXVLQHVVPDQDJLQJBLSEXVLQHVVBSODQQLQJKWP'LVFXVVHVWKHLPSRUWDQFHRIEXVLQHVVSODQV
    DQGZK\DQGKRZWRLQWHJUDWH,3LQWREXVLQHVVSODQV
    'UDZLQJXSDEXVLQHVVVWUDWHJ\ 

    )RU PDQ\ EXVLQHVVHV FRQILGHQWLDO EXVLQHVV LQIRUPDWLRQ VXFK DV GHWDLOV RI SURGXFWLRQ VHFUHW
    LQYHQWLRQV DQG WHFKQLFDO ILQDQFLDO DQG PDUNHWLQJ NQRZKRZ  DORQH PD\ EH WKH VRXUFH RI WKHLU
    FRPSHWLWLYH DGYDQWDJH ,Q VXFK FLUFXPVWDQFHV LW LV LPSRUWDQW WR FRPPXQLFDWH WR VWDUWXS VHUYLFH
    SURYLGHUV DQG LQYHVWRUV WKDW \RXU HQWHUSULVH KDV SURSULHWDU\ DQG VLJQLILFDQW EXVLQHVV LQIRUPDWLRQ ²
    NQRZQ DV WUDGH VHFUHWV ² DQG WKDW \RX KDYH WDNHQ DGHTXDWH VWHSV WR SURWHFW LW IURP HPSOR\HHV DQG
    FRPSHWLWRUV,QIDFWHYHQ\RXUEXVLQHVVSODQLVDVHFUHWGRFXPHQWWKDWVKRXOGQRWEHGLVFORVHGH[FHSW
    RQD¶QHHGWRNQRZ·EDVLVDQGWKDWWRRJHQHUDOO\RQO\DIWHUWKHHPSOR\HHLQYHVWRURUZKRHYHUHOVHLV
    FRQFHUQHGKDVILUVWVLJQHGDQRQGLVFORVXUHRUFRQILGHQWLDOLW\DJUHHPHQW
    ,Q VKRUW LI ,3 LV DQ LPSRUWDQW DVVHW IRU \RXU EXVLQHVV LH LI \RX RZQ SDWHQWV RU SDWHQWDEOH
    WHFKQRORJLHVLQGXVWULDOGHVLJQVWUDGHVHFUHWVUHSXWDEOHWUDGHPDUNVRULI\RXKROGWKHHFRQRPLFULJKWV
    WRFRS\ULJKWZRUNV WKHQLWVKRXOGEHDNH\SDUWRI\RXUEXVLQHVVSODQ$QDGHTXDWHUHIHUHQFHWRWKH
    DVVHWVRIDFRPSDQ\DQGLWVPDUNHWRSSRUWXQLWLHVVKRXOGQRWRQO\OLVWWKHWDQJLEOHDVVHWV HJIDFWRULHV
    HTXLSPHQW FDSLWDO  EXW DOVR WKH LQWDQJLEOH DVVHWV EHFDXVH WKH ODWWHU DUH LQFUHDVLQJO\ WKH NH\ WR D
    FRPSDQ\·VVXFFHVVLQDK\SHUFRPSHWLWLYHHQYLURQPHQW$Q\LQGLFDWLRQWKDWFRQILUPVGXHGLOLJHQFHRQ
    \RXU SDUW LQ WKH PDQDJHPHQW RI ,3 DVVHWV LV OLNHO\ WR SOD\ DQ LPSRUWDQW UROH LQ FRQYLQFLQJ VWDUWXS
    VHUYLFHSURYLGHUVDQGLQYHVWRUVRI\RXUFRPSDQ\·VSRWHQWLDO
     'UDZLQJXSDEXVLQHVVVWUDWHJ\

     *QYECP+MPQYKHO[EQORCP[JCUKPVGNNGEVWCNRTQRGTV[CUUGVU!9JCVKUCP
    KPVGNNGEVWCNRTQRGTV[CWFKV!

    :K\FRQGXFWDQ,3DXGLW"
    :KLOH VRPH EXVLQHVVHV KDYH VRSKLVWLFDWHG SURFHVVHV DQG V\VWHPV LQ SODFH WR LGHQWLI\ SURWHFW DQG
    PDQDJH ,3 DVVHWV DV WKH\ DUH FUHDWHG D VXUSULVLQJ QXPEHU GR QRW 6RPH EXVLQHVVHV KDYH V\VWHPV IRU
    PDQDJLQJWKRVH,3ULJKWVWKDWFDQEHUHJLVWHUHG SDWHQWDEOHLQYHQWLRQVDQGUHJLVWUDEOHWUDGHPDUNVIRU
    H[DPSOH  EXW ILQG WKHPVHOYHV LQ WURXEOH ZKHQ YDOXDEOH VWDII PHPEHUV OHDYH WDNLQJ XQGRFXPHQWHG
    NQRZKRZZLWKWKHP(YHQIRU¶,3DZDUH·EXVLQHVVHVV\VWHPVVKRXOGEHSHULRGLFDOO\UHYLHZHGDQGVWDII
    WUDLQHG RU UHPLQGHG RI KRZ WR JHW WKH PRVW RXW RI WKH ,3 DVVHWV KHOG E\ WKHLU EXVLQHVV 7KH LVVXHV
    DVVHVVHGE\DQ,3DXGLWPD\LQFOXGH

    • 2ZQHUVKLS RI ,3 ULJKWV +DV \RXU FRPSDQ\ SURSHUO\ SURWHFWHG DOO LWV ,3" $UH WKHUH DQ\ SDWHQWDEOH
    LQYHQWLRQV GHVLJQV WUDGHPDUNV DQG FRS\ULJKW RU UHODWHG ULJKWV WKDW FRXOG EH EHWWHU SURWHFWHG" $UH DOO
    WKHGHVLJQVRULQYHQWLRQVFUHDWHGE\\RXUHPSOR\HHVRUE\RXWVLGHFRQVXOWDQWVRZQHGE\\RXUEXVLQHVV"
    ,IQRWGR\RXKDYHDULJKWWRXVHWKHP"

    • 'XHGLOLJHQFH'RHV\RXUFRPSDQ\RZQRUKDYHDOLFHQFHWRXVHDOOWKHWHFKQRORJLHVWKDWDUHUHTXLUHG
    IRULWVSURGXFWV",V\RXUFRPSDQ\LQIULQJLQJRUOLNHO\WRLQIULQJHRQWKH,3ULJKWVRIRWKHUV"

    • /LFHQVLQJ,V\RXUFRPSDQ\PDNLQJWKHPRVWRILWV,3DVVHWV"$UH\RXOLFHQVLQJDQ\,3ULJKWVWRRWKHU
    ILUPV"$UH\RXUHFHLYLQJSURSHUUHPXQHUDWLRQIRUWKHP"

    • (QIRUFHPHQW 'R \RX NQRZ ZKHWKHU \RXU ,3 ULJKWV DUH EHLQJ LQIULQJHG E\ RWKHUV" 6KRXOG \RX WDNH
    PHDVXUHVWRVWRSRUSUHYHQWLQIULQJHPHQW"

    'LIIHUHQWW\SHVRI,3DXGLW
    $Q ,3 DXGLW ZLOO EH WDLORUHG WR WKH H[DFW QHHGV RI WKH EXVLQHVV EXW LV JHQHUDOO\ GHVLJQHG WR LGHQWLI\
    H[LVWLQJ,3DVVHWVHQVXUHSURSHUSURWHFWLRQ VXFKDVGRFXPHQWLQJNQRZKRZZKHUHDSSURSULDWH DQG
    SXWLQSODFHRUUHYLHZV\VWHPVIRURQJRLQJPDQDJHPHQWRI,3DVVHWVIURPFUHDWLRQWKURXJKWRH[SLU\
    ([DPSOHVRIWKHGLIIHUHQWZD\VWKDW,3DXGLWVPD\EHFDUULHGRXWDUH

    • $ VWDUWXS FRPSDQ\ ZLOO XVXDOO\ ZDQW WR JDLQ WKH DSSURSULDWH ,3 SURWHFWLRQ IRU LWV FRUH WHFKQRORJLHV
    DQGRURWKHU,3DVVHWV6HWWLQJXSV\VWHPVIRULGHQWLI\LQJ,3DWDQHDUO\VWDJHLQWKHOLIHRIDFRPSDQ\
    FDQDOVRLQFUHDVHDFRPSDQ\·VSURILWIURPLWV,3

    • $ EXVLQHVV PHUJLQJ ZLWK DFTXLULQJ RU LQYHVWLQJ LQ DQRWKHU EXVLQHVV ZLOO ZDQW WR IRFXV RQ YDOXLQJ WKH
    DVVHWVRIWKDWEXVLQHVVLQFOXGLQJDVVHVVLQJWKHYDOXHRI,3ULJKWV7KLVLVDOVRDQLPSRUWDQWFRQVLGHUDWLRQ
    IRUEXVLQHVVHVWKDWDUHFRQVLGHULQJVHOOLQJNH\,3DVVHWV

    • $FRPSDQ\WKDWLVLQWRH[SRUWVZLOOKDYHWRIRFXVLQLWVDXGLWRQHQVXULQJFRVWHIIHFWLYHSURWHFWLRQRILWV
    ,3 DVVHWV LQ DOO PDUNHWV RI LQWHUHVW LQFOXGLQJ LGHQWLILFDWLRQ RI RSSRUWXQLWLHV IRU ,3EDVHG VWUDWHJLF
    SDUWQHUVKLSVMRLQW PDUNHWLQJMRLQWSURGXFWLRQDUUDQJHPHQWVOLFHQVLQJIUDQFKLVLQJDQGRQRFFDVLRQV
    WKHVHOOLQJRI,3DVVHWV

     4'('4'0%'5
    &RQGXFWLQJD,QWHOOHFWXDO3URSHUW\$XGLWDQG,3'XH'LOLJHQFH%UDG/LPSHUWDQG$OL6DPLLDQ*RZOLQJ/DIOHXU+HQGHUVRQ
    :HESDJHDWZZZJRZOLQJVFRPUHVRXUFHV3XEOLFDWLRQ3')V&RQGXFWLQJ,3$XGLWDQG,3'XH'LOLJHQFHB5HIRUPDWWHGSGI'LVFXVVHV
    GLIIHUHQW,3ULJKWVVFRSHRISURWHFWLRQFRQGXFWLQJGXHGLOLJHQFHDVVHVVLQJULVNRILQIULQJHPHQW
    7KH,QWHOOHFWXDO3URSHUW\'XH'LOLJHQFH$&ULWLFDO&RPSRQHQWRI5LVN0DQDJHPHQW0DU\-+LOGHEUDQGDQG-DFTXHOLQH
    .ORVHN*RRGZLQ3URFWHU:HESDJHDWZZZJRRGZLQSURFWHUFRPSXEOLFDWLRQVKLOGHEUDQGBNORVHNBBSGI'LVFXVVHVWKH
    LPSRUWDQFHRIGXHGLOLJHQFHIRU,3YDOXDWLRQ,QFOXGHVJRDOVDQGVRPHWLSV
    7KH ,PSRUWDQFH RI 3HULRGLF ,QWHOOHFWXDO 3URSHUW\ $XGLWV $QGUHZ 6KHUPDQ 3DWHQW&DIH  :HE SDJH DW
    ZZZFDIH]LQHFRPLQGH[BDUWLFOHDVS",G  GHSWLG  'LVFXVVHV WKH LPSRUWDQFH RI SHULRGLF DVVHVVPHQW RI ,3 WKURXJK ,3
    SURWHFWLRQDQGOHYHUDJLQJDQDO\VLVDQGFULWHULDWREHFRQVLGHUHG
    'UDZLQJXSDEXVLQHVVVWUDWHJ\ 

     *QYECPKPVGNNGEVWCNRTQRGTV[JGNROGYKVJOCTMGVTGUGCTEJCPFEQORGVKVKXG
    KPVGNNKIGPEG!

    7R EH VXFFHVVIXO H[SRUWHUV PXVW DVVHVV WKHLU PDUNHWV WKURXJK PDUNHW UHVHDUFK ([SRUWHUV HQJDJH LQ
    PDUNHWUHVHDUFKSULPDULO\WRLGHQWLI\WKHLUPDUNHWLQJRSSRUWXQLWLHVDQGFRQVWUDLQWVZLWKLQLQGLYLGXDO
    PDUNHWVDEURDGDQGDOVRWRLGHQWLI\SURVSHFWLYHEX\HUVDQGFXVWRPHUV

    0DUNHWUHVHDUFKLQFOXGHVDOOPHWKRGVWKDWDILUPXVHVWRGHWHUPLQHWKHRYHUVHDVPDUNHWVWKDWKDYHWKH
    EHVW SRWHQWLDO IRU LWV SURGXFWV 5HVXOWV RI WKLV UHVHDUFK LQIRUP WKH ILUP RI WKH ODUJHVW PDUNHWV IRU LWV
    SURGXFWV WKH IDVWHVWJURZLQJ PDUNHWV PDUNHW WUHQGV DQG RXWORRN PDUNHW FRQGLWLRQV DQG SUDFWLFHV
    DQGFRPSHWLWLYHILUPVDQGSURGXFWV

    +RZFDQ,3KHOSGXULQJ\RXUPDUNHWUHVHDUFK"
    3DWHQW DQG WUDGHPDUN GDWDEDVHV FDQ EH D YHU\ XVHIXO WRRO GXULQJ \RXU PDUNHW UHVHDUFK 3DWHQW
    GDWDEDVHVZLOOJLYH\RXLQIRUPDWLRQRQIRUH[DPSOHZKHWKHUDJLYHQWHFKQRORJ\LVSURWHFWHGE\RWKHUV
    LQ D JLYHQ PDUNHW WKXV GHWHUPLQLQJ ZKHWKHU \RX UHTXLUH D OLFHQFH WR XVH WKH WHFKQRORJ\ LQ WKDW
    PDUNHW WKH ODWHVW WHFKQRORJLHV GHYHORSHG E\ \RXU FRPSHWLWRUV ZKLFK DUH SURWHFWHG LQ WKDW PDUNHW
    SRWHQWLDOSDUWQHUVZKRKDYHGHYHORSHGFRPSOHPHQWDU\WHFKQRORJ\WKDWPLJKWHQKDQFH\RXUSURGXFWV
    DQGRU VHUYLFHV DQG RWKHU LQIRUPDWLRQ WKDW PD\ EH LPSRUWDQW IRU DVVHVVLQJ WKH FRPSHWLWLYH
    HQYLURQPHQWLQDJLYHQPDUNHWDQG\RXUFKDQFHVRIVXFFHVV6HHTXHVWLRQ

    7UDGHPDUNGDWDEDVHVVKRXOGDOVREHFRQVXOWHGLQRUGHUWRFKHFNZKHWKHUWKHWUDGHPDUN\RXLQWHQGWR
    XVH LV OLNHO\ WR FRQIOLFW ZLWK D SURWHFWHG WUDGHPDUN LQ WKDW PDUNHW 'LVFRYHULQJ WKDW D FRQIOLFW H[LVWV
    PD\ VWURQJO\ LQIOXHQFH \RXU GHFLVLRQ WR HQWHU D PDUNHW FKDQJH \RXU PDUNHWLQJ VWUDWHJ\ DQGRU IRUFH
    \RXWRXVHDGLIIHUHQWWUDGHPDUNIRUWKDWPDUNHW6HHTXHVWLRQ

     4'('4'0%'5
    8VLQJ,QWHOOHFWXDO3URSHUW\'DWDIRU&RPSHWLWLYH,QWHOOLJHQFH5RQ6LPPHU/LFHQVLQJ([HFXWLYH6RFLHW\86$DQG&DQDGD
     :HE SDJH DW ZZZOLEUDU\XEFFDSDWVFDQ&+&RPS,QWHO5HY%SGI 'LVFXVVHV ,3 LQIRUPDWLRQ DV D UHVHDUFK WRRO IRU
    FRPSHWLWLYHLQWHOOLJHQFHLWVXVH,3GDWDVRXUFHVSDWHQWVHDUFKLQJWRROVDQGVWUDWHJLHVLQIRUPDWLRQWKDWPD\EHH[WUDFWHGIURP
    SDWHQWVDQDO\VLQJWHFKQRORJ\,QFOXGHVH[DPSOHVIURPFRPSDQLHV
    :,32 3DWHQW ,QIRUPDWLRQ 6HUYLFHV :3,6  IRU 'HYHORSLQJ &RXQWULHV :,32 3DWHQW ,QIRUPDWLRQ 6HUYLFHV :3,6  IRU
    'HYHORSLQJ &RXQWULHV :HE SDJH DW ZZZZLSRLQWLQQRYDWLRQHQZSLV 3URYLGHV LQIRUPDWLRQ RQ GLIIHUHQW W\SHV RI VHDUFKHV RQ
    :3,6DQGLWVVHUYLFHVDQGJXLGHOLQHVIRUVXEPLWWLQJUHTXHVWV
    

    
    
    

    
    ,3ULJKWVLQH[SRUWPDUNHWV 

     9JCV CTG VJG XCTKQWU YC[U QH GPVGTKPI CP GZRQTV OCTMGV CPF JQY ECP
    KPVGNNGEVWCNRTQRGTV[JGNR!

    6HOHFWLQJ WKH PRGH RI HQWU\ LQWR D SDUWLFXODU PDUNHW LV RQH RI WKH PRVW FULWLFDO GHFLVLRQV IRU DQ
    H[SRUWHU WR WDNH EHFDXVH LW KDV VLJQLILFDQW LPSOLFDWLRQV IRU D ZLGH UDQJH RI LQWHUQDWLRQDO PDUNHWLQJ
    FRQFHUQV :KHQ FKRRVLQJ D PRGH RI HQWU\ WKH H[SRUWHU VKRXOG FRQVLGHU WKH VLPLODULWLHV EHWZHHQ WKH
    GRPHVWLF PDUNHW DQG WKH RQH WKDW LV WKH GHVWLQDWLRQ RI WKH H[SRUW KRZ PXFK DIWHUVDOHV VHUYLFH LV
    UHTXLUHGWDULIIVDQGVKLSSLQJOHDGWLPHUHTXLUHPHQWVEUDQGDZDUHQHVV,3SURWHFWLRQDQGFRPSHWLWLYH
    DGYDQWDJH7KHUHDUHWZRPDLQRSWLRQVIRUPDUNHWHQWU\²GLUHFWH[SRUWLQJDQGLQGLUHFWH[SRUWLQJ

    'LUHFWH[SRUWLQJ
    7KH PDQXIDFWXUHU²H[SRUWHU XQGHUWDNHV WKH HQWLUH H[SRUW SURFHVV IURP LGHQWLI\LQJ WKH FXVWRPHU WR
    FROOHFWLQJ SD\PHQW 7KH ILUP PD\ KDYH WR HVWDEOLVK DQ LQGHSHQGHQW H[SRUW GHSDUWPHQW ZLWK WKH
    QHFHVVDU\IXQGLQJWRGRWKLV

    $GYDQWDJHVDUHWKDWWKHILUP
    • +DVFRPSOHWHFRQWURORYHUWKHH[SRUWLQJSURFHVV
    • ,QFUHDVHVLWVSURILWPDUJLQE\VDYLQJRQSD\PHQWVWRDQLQWHUPHGLDU\DQG
    • 'HYHORSVDFORVHUUHODWLRQVKLSZLWKWKHRYHUVHDVEX\HU

    'LVDGYDQWDJHVDUH
    • 7KHFRVWVRIHVWDEOLVKLQJDQRWKHUPDUNHWPD\RXWZHLJKWKHEHQHILWVRIGLUHFWH[SRUWLQJDQG
    • 7KHH[SRUWHUPD\EHH[SRVHGWRPRUHGLUHFWULVN

    2QH ZD\ RI GLUHFW H[SRUWLQJ IRU 60(V LV IRU WKHP WR MRLQ WRJHWKHU WR IRUP DQ H[SRUW FRQVRUWLXP
    *RYHUQPHQWV RIWHQ DOORFDWH VSHFLDO EHQHILWV WR VPDOO H[SRUWHUV ZKR IRUP DQ H[SRUW DVVRFLDWLRQ ZLWK
    RWKHU60(V7KLVW\SHRIDUUDQJHPHQWFDQEHHVSHFLDOO\DGYDQWDJHRXVIRULQH[SHULHQFHGH[SRUWHUV

    ,QGLUHFWH[SRUWLQJ
    $ ILUP ZLVKLQJ WR H[SRUW EXW QRW KDYLQJ WKH QHFHVVDU\ LQIUDVWUXFWXUH DQG H[SHUWLVH PD\ H[SRUW
    WKURXJK FRPPLVVLRQ DJHQWV ORFDO EX\LQJ RIILFHV PHUFKDQW H[SRUWHUV RU H[SRUW GHYHORSPHQW
    FRPSDQLHV ('&V 

    $GYDQWDJHVIRUWKHILUPDUHWKDWLW
    • 0D\FRQFHQWUDWHRQSURGXFWLRQZLWKRXWKDYLQJWROHDUQDOOWKHWHFKQLFDODQGOHJDODVSHFWVRIH[SRUWLQJ
    DQG
    • %HQHILWVIURPWKHSURIHVVLRQDOH[SHUWLVHRIWKHLQWHUPHGLDU\

     4'('4'0%'5
    *OREDO 7UDGH 7XWRULDO 'HYHORSLQJ DQ ([SRUW 6WUDWHJ\ 7UDGH3RUW :HE SDJH DW ZZZWUDGHSRUWRUJWXWRULDOVWUDWHJ\
    'LVFXVVHV YDULRXV PDUNHW HQWU\ VWUDWHJLHV LVVXHV LQYROYHG LQ HQWHULQJ WKH IRUHLJQ PDUNHW ILQGLQJ DQG GHYHORSLQJ WUDGH OHDGV
    H[SRUWLQJ GLUHFWO\ DQG LQGLUHFWO\ SXUVXLQJ LQWHUQDWLRQDO ELG RSSRUWXQLWLHV PDQDJLQJ DQG PRWLYDWLQJ GLVWULEXWRUV SURPRWLQJ
    \RXUSURGXFWDQGWUDYHOOLQJRYHUVHDV
    /HJDO $VSHFWVRI(QWHULQJ)RUHLJQ 0DUNHWV² 3LWIDOOVDQG6DIHJXDUGV )UHG 0 *UHJXUDV )HQZLFN DQG :HVW :HESDJH DW
    ZZZEDWQHWFRPRLNRXPHQHHQWHUIUJQBPNWVKWPO 'LVFXVVHV EULHIO\ WKH YDULRXV OHJDO LVVXHV WD[ DVSHFWV FKRLFH RI EXVLQHVV
    SDUWQHU,3SURWHFWLRQDELOLW\WRHQWHULQWRFRQWUDFWHWF LQYROYHGZKHQHQWHULQJIRUHLJQPDUNHWV
     ,3ULJKWVLQH[SRUWPDUNHWV

    'LVDGYDQWDJHVDUH
    • 7KHSRVVLELOLW\RIORVLQJFRQWURORYHUWKHSURGXFWWRDQRYHUO\DJJUHVVLYHUHSUHVHQWDWLYHDQG
    • 6RPHLQWHUPHGLDULHVPD\KDYHGLIIHUHQWREMHFWLYHVIURPWKHH[SRUWHUV

    ,QFDVHVRILQGLUHFWH[SRUWLQJLWLVLPSRUWDQWWRHVWDEOLVKFODULW\RI,3RZQHUVKLSLQWKHH[SRUWPDUNHWV
    LQRUGHUWRDYRLGGLVSXWHVDWDODWHUVWDJH

    2WKHURSWLRQVDOVRH[LVWIRUDILUPWKDWZDQWVWRH[SRUWLQFOXGLQJMRLQWYHQWXUHVOLFHQVLQJDQGRIIVKRUH
    SURGXFWLRQ

    -RLQWYHQWXUHV $ MRLQW YHQWXUH LV D SDUWQHUVKLS EHWZHHQ WKH H[SRUWLQJ ILUP DQG WKH LPSRUWLQJ ILUP
    QHJRWLDWHG WR LQYROYH RQH RU PRUH RI WKH IROORZLQJ HTXLW\ WUDQVIHU RI WHFKQRORJ\ LQYHVWPHQW
    SURGXFWLRQ DQG PDUNHWLQJ 7KH SDUWQHUVKLS FRQWUDFW ZLOO GHILQH UHVSRQVLELOLWLHV IRU SHUIRUPDQFH
    DFFRXQWDELOLW\ SURILW VKDULQJ DQG PDUNHWLQJ DUUDQJHPHQWV -RLQW YHQWXUHV FDQ VSUHDG FRVWV PLWLJDWH
    ULVNVRIIHUNQRZOHGJHDQGGHWDLOVRIWKHORFDOPDUNHWDQGHDVHPDUNHWHQWU\,QGLYLGXDOFRXQWULHVPD\
    KDYHODZVWKDWUHJXODWHMRLQWYHQWXUHV6HHTXHVWLRQ
    /LFHQVLQJ $ ILUP FDQ FRQWUDFWXDOO\ OLFHQVH RU DVVLJQ LWV ,3 ULJKWV VXFK DV SDWHQWV XWLOLW\ PRGHOV
    LQGXVWULDO GHVLJQV WUDGHPDUNV FRS\ULJKW RU WHFKQRORJLFDO NQRZKRZ SURWHFWHG DV D WUDGH VHFUHW WR D
    FRPSDQ\ RYHUVHDV IRU D RQHWLPH IHH RU D UHFXUULQJ UR\DOW\ /LFHQVLQJ RIIHUV UDSLG HQWU\ LQWR DQRWKHU
    PDUNHW &DSLWDO LQYHVWPHQW LV DOORZHG DQG WKH UHWXUQ LV XVXDOO\ UHDOL]HG PRUH TXLFNO\ EXW OLFHQVLQJ
    LQYROYHV ORVV RI FRQWURO RYHU SURGXFWLRQ DQG PDUNHWLQJ DQG WKH LQHYLWDEOH VKDULQJ RI WHFKQRORJLFDO
    NQRZKRZE\WKHOLFHQVHHXQOHVVFDUHIXOO\SURVFULEHGLQDOHJDOFRQWUDFW6HHTXHVWLRQ
    2IIVKRUH SURGXFWLRQ $ ILUP PD\ ZLVK WR HVWDEOLVK D PDQXIDFWXULQJ SODQW LQ WKH WDUJHWHG RYHUVHDV
    PDUNHWWRUHGXFHWUDQVSRUWDWLRQFRVWVDYRLGSURKLELWLYHWDULIIVORZHUODERXUFRVWVORZHULQSXWFRVWV
    RUJDLQJRYHUQPHQWLQFHQWLYHV
    ,3ULJKWVLQH[SRUWPDUNHWV 

     *CXKPIDQWIJVO[+2RTQVGEVGFIQQFUKPCPQXGTUGCUOCTMGVECPCDW[GTTG
    KORQTVVJQUGIQQFUCPFUGNNVJGOKPVJGFQOGUVKEOCTMGV!%CP+UVQRJKOQT
    JGT!*QYFQGUVJKUCHHGEVO[GZRQTVCPFRTKEKPIUVTCVGI[!

    :KLOHGHYHORSLQJ\RXUH[SRUWLPSRUWVWUDWHJ\\RXVKRXOGYHULI\SUHIHUDEO\E\FRQVXOWLQJDTXDOLILHG
    SURIHVVLRQDOZKHWKHUDEX\HUFRXOGOHJDOO\UHVHOOLQDQRWKHUFRXQWU\JRRGVRI\RXUHQWHUSULVHWKDWDUH
    ,3SURWHFWHGZLWKRXWKDYLQJWRVHHN\RXUFRQVHQW,QRWKHUZRUGV\RXVKRXOGILQGRXWZKHWKHU\RXU
    ,3ULJKWVDUH¶H[KDXVWHG·DIWHUWKHILUVWLQWHUQDWLRQDOVDOHRIWKHSURGXFW
    6LPLODUO\ LI \RXU HQWHUSULVH KDV ERXJKW JRRGV WKDW DUH SURWHFWHG E\ D SDWHQW WUDGHPDUN LQGXVWULDO
    GHVLJQDQGRUFRS\ULJKWWKHQ\RXVKRXOGDVFHUWDLQZKHWKHU\RXZRXOGQHHGWKHIRUPDODJUHHPHQWRI
    WKH,3RZQHU V WRVHOOWKRVHJRRGVDEURDG²LHLQDQRWKHUPDUNHW V 

    7KHDQVZHUVWRWKHVHTXHVWLRQVDUHIDLUO\FRPSOH[1RWRQO\PD\WKH\EHGLIIHUHQWIURPRQHFRXQWU\WR
    DQRWKHUEXWWKH\PD\DOVRGHSHQGRQWKHNLQGRI,3ULJKWVLQYROYHGDQGWKHQDWXUHRIWKHSURGXFWVLQ
    TXHVWLRQ

    ([KDXVWLRQRI,3ULJKWV
    %HIRUHGLVFXVVLQJWKHVHLVVXHVZHPXVWGHILQHZKDWLVPHDQWE\¶H[KDXVWLRQ·RI,3ULJKWV7KLVLVRQH
    W\SHRIOLPLWRQ,3ULJKWV6LPSO\SXWLWPHDQVWKDWRQFHDSURGXFWSURWHFWHGE\DQ,3ULJKWKDVEHHQ
    VROGHLWKHUE\\RXUHQWHUSULVHRUZLWK\RXUFRQVHQWE\RWKHUVWKH,3ULJKWVRIFRPPHUFLDOH[SORLWDWLRQ
    RYHU WKH SURGXFW DUH VDLG WR EH ¶H[KDXVWHG· 6RPHWLPHV WKLV OLPLWDWLRQ LV DOVR FDOOHG WKH ¶ILUVW VDOH
    GRFWULQH·DVWKHULJKWVRIFRPPHUFLDOH[SORLWDWLRQIRUDJLYHQSURGXFWHQGZLWKWKHSURGXFW·VILUVWVDOH
    8QOHVV RWKHUZLVH VSHFLILHG E\ ODZ VXEVHTXHQW DFWV RI UHVDOH UHQWDO OHQGLQJ RU RWKHU IRUPV RI
    FRPPHUFLDOXVHE\WKLUGSDUWLHVFDQQRORQJHUEHFRQWUROOHGRURSSRVHGE\\RXUHQWHUSULVH
    7KHUHLVDIDLUO\EURDGFRQVHQVXVWKDWWKLVDSSOLHVDWOHDVWZLWKLQWKHFRQWH[WRIWKHGRPHVWLFPDUNHW,I
    \RXZLVKWRUHWDLQFRQWURORYHUVXEVHTXHQWDFWVVXFKDVUHVDOHUHQWDORUOHQGLQJWKHQLWLVDGYLVDEOHWR
    JRLQIRUOLFHQVLQJRI\RXU,3ULJKWVUDWKHUWKDQVHOOLQJRIWKHSURGXFW7KLVLVZKDWXVXDOO\RFFXUVZLWK
    VRIWZDUHSURGXFWV

    )XUWKHUPRUH PRVW FRXQWULHV KDYH SXW OLPLWV RQ WKH ¶ILUVW VDOH GRFWULQH· E\ SUHYHQWLQJ EX\HUV RI IRU
    H[DPSOHDXGLRDQGYLGHRFDVVHWWHV&'VDQG'9'VIURPUHQWLQJOHDVLQJRUOHQGLQJWKHVHIRUGLUHFWRU
    LQGLUHFWFRPPHUFLDODGYDQWDJH7KHUHLVDGHEDWHLQLQWHUHVWHGFLUFOHVDVWRZKHWKHUWKHUHVKRXOGEHD
    SURKLELWLRQRQOHQGLQJRIDOOGLJLWDOL]HGZRUNV

     4'('4'0%'5
    3DUDOOHO,PSRUWVDQG,QWHUQDWLRQDO7UDGH&KULVWRSKHU+HDWK:,32
    :HESDJHDWZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVSGIDWULSBJYDBBSGI'LIIHUHQWDSSURDFKHVLQFLYLOODZDQGFRPPRQODZ
    FRXQWULHVDQGLQWKHLQWHUQDWLRQDOFRQWH[W
     ,3ULJKWVLQH[SRUWPDUNHWV

    ,QWHUQDWLRQDOH[KDXVWLRQ
    7KHUHLVOHVVRIDFRQVHQVXVRQZKHWKHUDQGWRZKDWH[WHQWWKHVDOHRUFRPPHUFLDOH[SORLWDWLRQRIDQ
    ,3SURWHFWHGSURGXFWDEURDGDOVRH[KDXVWVWKH,3ULJKWVRYHUWKLVSURGXFW7KLVLVVXHEHFRPHVUHOHYDQW
    LQ FDVHV RI VRFDOOHG SDUDOOHO LPSRUWDWLRQ 3DUDOOHO LPSRUWDWLRQ UHIHUV WR WKH LPSRUW RI JRRGV E\
    LPSRUWHUVZKRDUHQRWSDUWRIWKHGLVWULEXWLRQFKDQQHOVFRQWUDFWXDOO\QHJRWLDWHGE\WKHPDQXIDFWXUHU
    RIWKH,3SURWHFWHGSURGXFW%HFDXVHWKHPDQXIDFWXUHURU,3RZQHUKDVQRFRQWUDFWXDOFRQQHFWLRQZLWK
    D SDUDOOHO LPSRUWHU WKH LPSRUWHG JRRGV DUH VRPHWLPHV UHIHUUHG WR DV ¶JUH\ PDUNHW JRRGV· ZKLFK LV
    VRPHZKDWPLVOHDGLQJDVWKHJRRGVWKHPVHOYHVDUHRULJLQDORQO\WKH¶SDUDOOHO·GLVWULEXWLRQFKDQQHOVDUH
    QRWFRQWUROOHGE\WKHPDQXIDFWXUHURU,3RZQHU7KH\PD\EHSDFNDJHGRUODEHOOHGGLIIHUHQWO\

    %DVHGXSRQWKHULJKWRILPSRUWDWLRQWKDWDQ,3ULJKWFRQIHUVXSRQDQ,3RZQHUWKH,3RZQHUPD\WU\
    WR RSSRVH VXFK LPSRUWDWLRQ RU UHLPSRUWDWLRQ LQ RUGHU WR VHSDUDWH RU VHJPHQW PDUNHWV IRU EXVLQHVV
    UHDVRQV,IKRZHYHUPDUNHWLQJRIWKHSURGXFWDEURDGE\WKH,3RZQHURUZLWKKLVRUKHUFRQVHQWOHDGV
    WR WKH H[KDXVWLRQ RI DOO GRPHVWLF ,3 ULJKWV WKHQ WKH ULJKW WR SUHYHQW LPSRUWDWLRQ VKRXOG DOVR EH
    H[KDXVWHG,QRWKHUZRUGVWKH,3RZQHUVKRXOGQRWEHDEOHWRRSSRVHWKHLPSRUWDWLRQRIWKHSURGXFW
    LQWRDQRWKHUFRXQWU\RULWVUHLPSRUWDWLRQLQWRWKHKRPHFRXQWU\ZKHUHLWZDVILUVWPDUNHWHG
    7KHSULQFLSOHRIH[KDXVWLRQWKHUHIRUHKDVGLIIHUHQWLPSOLFDWLRQVGHSHQGLQJRQZKHWKHUWKHFRXQWU\RI
    LPSRUWDWLRQ DSSOLHV WKH FRQFHSW RI QDWLRQDO UHJLRQDO RU LQWHUQDWLRQDO H[KDXVWLRQ 7KH FRQFHSW RI
    QDWLRQDOH[KDXVWLRQGRHVQRWDOORZWKH,3RZQHUWRFRQWUROWKHFRPPHUFLDOH[SORLWDWLRQRIJRRGVSXW
    RQWKHGRPHVWLFPDUNHWE\WKH,3RZQHURUZLWKKLVRUKHUFRQVHQWDVORQJDVWKHJRRGVUHPDLQLQWKH
    GRPHVWLFPDUNHW+RZHYHUWKH,3RZQHU RUDQDXWKRUL]HGOLFHQVHH FRXOGVWLOORSSRVHWKHLPSRUWDWLRQ
    RI RULJLQDO JRRGV PDUNHWHG DEURDG RU H[SRUWHG IURP WKH GRPHVWLF PDUNHW EDVHG RQ WKH ULJKW RI
    LPSRUWDWLRQ ,Q WKH FDVH RI UHJLRQDO H[KDXVWLRQ WKH ILUVW VDOH RI WKH ,3 SURWHFWHG SURGXFW E\ WKH ,3
    RZQHU RU E\ VRPHRQH HOVH ZLWK KLV RU KHU FRQVHQW H[KDXVWV DOO ,3 ULJKWV RYHU WKH SURGXFWV QRW RQO\
    GRPHVWLFDOO\EXWZLWKLQWKHZKROHUHJLRQ3DUDOOHOLPSRUWVZLWKLQWKHUHJLRQFDQQRORQJHUEHRSSRVHG
    EDVHG RQ WKH ,3 ULJKW EXW FDQ EH RSSRVHG DW WKH LQWHUQDWLRQDO ERUGHU RI WKH UHJLRQ ZLWK FRXQWULHV
    RXWVLGH WKH UHJLRQ ,I D FRXQWU\ DSSOLHV WKH FRQFHSW RI LQWHUQDWLRQDO H[KDXVWLRQ WKH ,3 ULJKWV DUH
    H[KDXVWHGRQFHWKHSURGXFWKDVEHHQVROGE\WKH,3RZQHURUZLWKKLVRUKHUFRQVHQWLQDQ\SDUWRIWKH
    ZRUOG
    1DWLRQDO,3RIILFHVRU,3DJHQWVRUDWWRUQH\VVKRXOGEHDEOHWRSURYLGHJXLGDQFHFRQFHUQLQJWKHOHJDO
    SURYLVLRQVIRUHDFKW\SHRI,3ULJKWLQWKHFRXQWULHVRILQWHUHVWWR\RX

    ,3ULJKWVH[KDXVWLRQDQGLWVLPSDFWRQH[SRUWDQGSULFLQJVWUDWHJ\
    0DQ\ILUPVKDYHGLIIHUHQWSULFHVIRUDSDUWLFXODUSURGXFWLQGLIIHUHQWFRXQWULHVGHSHQGLQJRQDPRQJ
    RWKHUIDFWRUVWKHSXUFKDVLQJSRZHURIWKHSRSXODWLRQ7KXVLIDJLYHQSURGXFWPDQXIDFWXUHGDQGVROG
    E\ \RXU FRPSDQ\ RU E\ DQRWKHU FRPSDQ\ RQ WKH EDVLV RI D OLFHQFH JUDQWHG E\ \RX LV DYDLODEOH DW D
    ORZHU SULFH LQ DQRWKHU FRXQWU\ WKHQ VRPHRQH HOVH PLJKW EH WHPSWHG WR EX\ LW LQ WKDW FRXQWU\ DQG
    LPSRUWRUUHLPSRUWLWLQWR\RXURZQFRXQWU\7KXVWKHLPSRUWHUZRXOGEHRIIHULQJDSURGXFWWKDWZDV
    OHJDOO\PDQXIDFWXUHGE\\RXUFRPSDQ\RU\RXUOLFHQVHHDWDORZHUSULFHWKDQWKHSULFHDWZKLFK\RXU
    FRPSDQ\ LV VHOOLQJ LW 6XFK D SUDFWLFH ZRXOG EH DFFHSWDEOH LI \RXU FRXQWU\ DSSOLHV WKH SULQFLSOH RI
    LQWHUQDWLRQDO H[KDXVWLRQ RI ,3 ULJKWV DV H[SODLQHG DERYH $ FRXQWU\·V SRVLWLRQ RQ LQWHUQDWLRQDO
    H[KDXVWLRQDQGSDUDOOHOLPSRUWLQJPD\WKHUHIRUHKDYHDQLPSDFWRQ\RXUH[SRUWDQGSULFLQJVWUDWHJ\
    ,3ULJKWVLQH[SRUWPDUNHWV 

     9JGP UJQWNF + CRRN[ HQT VJG RTQVGEVKQP QH O[ KPVGNNGEVWCN RTQRGTV[ TKIJVU
    CDTQCF!

    :KHQDSSO\LQJIRU,3SURWHFWLRQLQRWKHUFRXQWULHVWLPLQJLVDFULWLFDOIDFWRU,WLVJHQHUDOO\KDUGWR
    GHWHUPLQH WKH ULJKW PRPHQW WR LQLWLDWH WKH DSSOLFDWLRQ SURFHVV 7KH H[DFW WLPLQJ ZLOO GHSHQG RQ
    FRQVLGHUDWLRQVVXFKDV
    • +RZFORVH\RXDUHWRSURGXFWODXQFK
    • 7KHDPRXQWDQGDYDLODELOLW\RIILQDQFLDOUHVRXUFHVIRUSURWHFWLQJ\RXU,3ULJKWVDEURDG
    • 7KH OLNHOLKRRG WKDW \RXU SURGXFW·V WHFKQLFDO IHDWXUHV GHVLJQ RU WUDGHPDUN ZLOO EH LQGHSHQGHQWO\
    GHYHORSHGFRSLHGRULPLWDWHGE\RWKHUV
    • 7KHWLPHWDNHQWRUHJLVWHUJUDQWWKHULJKWVE\WKHUHOHYDQW,3RIILFHVLQFRXQWULHVRILQWHUHVWWR\RX

    7KHUHDUHKRZHYHUVRPHLPSRUWDQWFRQVLGHUDWLRQVWREHERUQHLQPLQGLQRUGHUWRPDNHVXUHWKDW\RX
    DUHQRWIDFHGZLWKKLJKH[SHQVHVIRUPDLQWDLQLQJ\RXU,3ULJKWVWRRHDUO\LQWKHSURFHVVRUWKDW\RXGR
    QRWPLVVLPSRUWDQWGHDGOLQHVIRUDSSO\LQJIRUSURWHFWLRQDEURDG

    $SSO\LQJWRRHDUO\
    $SSO\LQJIRUSDWHQWSURWHFWLRQLQYDULRXVFRXQWULHVPD\EHDQH[SHQVLYHDIIDLUDQGLWLVLPSRUWDQWQRW
    WRLQLWLDWHWKHSURFHVVWRRVRRQRU\RXZLOOIDFHKLJKH[SHQGLWXUHRQDSSOLFDWLRQIHHVWUDQVODWLRQIHHV
    DQGRUPDLQWHQDQFHIHHVDWDQXQQHFHVVDULO\HDUO\VWDJHRIFRPPHUFLDOL]DWLRQ2QHZD\RIGHOD\LQJWKH
    QHHGWRSD\QDWLRQDODSSOLFDWLRQIHHVWUDQVODWLRQIHHVDQGPDLQWHQDQFHIHHVIRUSDWHQWVLVWRXVHWKH
    V\VWHPIRULQWHUQDWLRQDODSSOLFDWLRQVFDOOHGWKH3DWHQW&RRSHUDWLRQ7UHDW\ 3&7 ,QIRUPDWLRQRQWKH
    3&7LVSURYLGHGLQTXHVWLRQ

    $SSO\LQJWRRODWH
    7KHUH DUH DOVR D QXPEHU RI YHU\ LPSRUWDQW UHDVRQV IRU PDNLQJ VXUH WKDW \RX GR QRW DSSO\ IRU ,3
    SURWHFWLRQWRRODWH

    )LUVW DQG IRUHPRVW IRU ,3 ULJKWV WKDW UHTXLUH UHJLVWUDWLRQ RU JUDQW VXFK DV SDWHQWV WUDGHPDUNV DQG
    LQGXVWULDOGHVLJQV DYHU\VLPSOHSULQFLSOHDSSOLHVLQPRVWFRXQWULHVWKHRQHZKRDSSOLHVILUVWJHWVWKH
    ULJKW,QWKHFDVHRISDWHQWVWKLVLVFDOOHGWKH¶ILUVWWRILOH·V\VWHP7KXVZDLWLQJWRRORQJPD\PHDQ
    WKDWVRPHERG\HOVHZKRKDVEHHQZRUNLQJRQWKHVDPHWHFKQLFDOSUREOHPDQGKDVIRXQGDQLGHQWLFDO
    RU VLPLODU VROXWLRQ PD\ DSSO\ IRU SURWHFWLRQ IRU WKH VDPH LQYHQWLRQ EHIRUH \RX GR WKXV REWDLQLQJ
    H[FOXVLYH ULJKWV RYHU LW 6LPLODUO\ LQ WKH FDVH RI WUDGHPDUNV \RXU WUDGHPDUN ZLOO JHQHUDOO\ QRW EH
    UHJLVWHUHGLILWLVFRQVLGHUHGWREHLGHQWLFDORUVLPLODUWRDWUDGHPDUNSURWHFWHGE\RWKHUV
    6HFRQGO\RQFH\RXKDYHODXQFKHGDQHZSURGXFWRUGLVFORVHGLQIRUPDWLRQRQWKHLQQRYDWLYHWHFKQLFDO
    RUDHVWKHWLFIHDWXUHVRI\RXUSURGXFWLWZLOOJHQHUDOO\EHFRQVLGHUHGWRRODWHWRREWDLQSURWHFWLRQ7KH
    GLVFORVHG LQYHQWLRQ RU GHVLJQ ZLOO QR ORQJHU PHHW WKH QRYHOW\ UHTXLUHPHQWV DQG ZLOO WKHUHIRUH QRW
    TXDOLI\IRUSURWHFWLRQXQOHVVWKHOHJLVODWLRQSURYLGHVDJUDFHSHULRG,WLVLPSRUWDQWWREHDULQPLQG
    WKDWWKLVGRHVQRWDSSO\WRWUDGHPDUNVDQG\RXPD\REWDLQSURWHFWLRQIRUWUDGHPDUNVDIWHU\RXKDYH
    XVHGWKHPLQWKHPDUNHW DOWKRXJKLWLVJHQHUDOO\DGYLVDEOHWRUHJLVWHUWKHPZHOOLQDGYDQFH 

     4'('4'0%'5
    7RZDUGV D &RPPRQ (XURSHDQ 9LHZ RQ WKH )HDWXUHV RI D *UDFH 3HULRG (XURSHDQ &RPPLVVLRQ  :HE SDJH DW
    KWWSHXURSDHXLQWFRPPUHVHDUFKHUDSGILSUJSUHSRUWSGI 'LVFXVVHV WKH YDULRXV IDFWRUV FRQVLGHUHG LQ GHWHUPLQLQJ D JUDFH
    SHULRG

    
    $QRWDEOHH[FHSWLRQLVWKH8QLWHG6WDWHVZKLFKIROORZVWKH¶ILUVWWRLQYHQW·UXOHZKHUHE\WKHSDWHQWLVJUDQWHGWRWKHILUVWWR
    KDYHFRPHXSZLWKWKHLQYHQWLRQ
    
    6RPHFRXQWULHVSURYLGHDJUDFHSHULRGHQDEOLQJLQYHQWRUVRUGHVLJQHUVWRGLVFORVHSXEOLVKRUH[KLELWWKHLUSURWHFWHGSURGXFW
    RUPRQWKVSULRUWRVXEPLWWLQJDQDSSOLFDWLRQZLWKRXWWKHLQYHQWLRQRUGHVLJQORVLQJQRYHOW\
     ,3ULJKWVLQH[SRUWPDUNHWV

    7KHUH LV D WKLUG LPSRUWDQW UHDVRQ IRU QRW ZDLWLQJ WRR ORQJ SDUWLFXODUO\ RQFH \RX KDYH DSSOLHG IRU
    SURWHFWLRQLQWKHGRPHVWLFPDUNHW7KLVUHODWHVWRZKDWLVJHQHUDOO\UHIHUUHGWRDVWKHULJKWRISULRULW\
    7KLV ULJKW PHDQV WKDW RQ WKH EDVLV RI D UHJXODU DSSOLFDWLRQ IRU DQ LQGXVWULDO SURSHUW\ ULJKW ILOHG E\ D
    JLYHQ DSSOLFDQW LQ RQH FRXQWU\ WKH VDPH DSSOLFDQW PD\ ZLWKLQ D VSHFLILHG SHULRG RI WLPH  WR O
    PRQWKVGHSHQGLQJRQWKHW\SHRI,3ULJKW DSSO\IRUSURWHFWLRQLQPRVWRWKHUFRXQWULHV7KHVHODWHU
    DSSOLFDWLRQVZLOOWKHQEHUHJDUGHGDVLIWKH\KDGEHHQILOHGRQWKHVDPHGD\DVWKHHDUOLHVWDSSOLFDWLRQ
    +HQFH WKHVH ODWHU DSSOLFDWLRQV HQMR\ D SULRULW\ VWDWXV ZLWK UHVSHFW WR DOO DSSOLFDWLRQV UHODWLQJ WR WKH
    VDPH LQYHQWLRQ RU GHVLJQ ILOHG DIWHU WKH GDWH RI WKH ILUVW DSSOLFDWLRQ ,Q WKH FDVH RI SDWHQWV DQG
    LQGXVWULDO GHVLJQV DSSOLFDWLRQV ILOHG DEURDG DIWHU WKH SULRULW\ SHULRG KDV HODSVHG FDQQRW EHQHILW IURP
    WKHULJKWRISULRULW\DQGWKXVPD\QRWEHFRQVLGHUHGWRPHHWWKHQRYHOW\UHTXLUHPHQWDQGPD\QRWEH
    JUDQWHG
    7KHULJKWRISULRULW\RIIHUVJUHDWSUDFWLFDODGYDQWDJHVWRWKHDSSOLFDQWGHVLULQJSURWHFWLRQLQVHYHUDO
    FRXQWULHV EXW LW DOVR HVWDEOLVKHV D FOHDU GHDGOLQH 7KH SUDFWLFDO DGYDQWDJHV UHODWH WR WKH IDFW WKDW DOO
    WKH DSSOLFDWLRQV DUH QRW UHTXLUHG WR EH SUHVHQWHG LQ WKH DSSOLFDQW·V KRPH FRXQWU\ DQG LQ RWKHU
    FRXQWULHVDWWKHVDPHWLPHVLQFHWKHUHDUHRUOPRQWKVDYDLODEOHLQZKLFKWRGHFLGHRQWKHFRXQWULHV
    ZKHUH SURWHFWLRQ LV QHHGHG 7KH DSSOLFDQW FDQ XVH WKDW SHULRG WR RUJDQL]H WKH VWHSV WR EH WDNHQ WR
    VHFXUH SURWHFWLRQ LQ WKH YDULRXV FRXQWULHV RI LQWHUHVW DQG WR H[SORUH WKH SRVVLELOLWLHV IRU
    FRPPHUFLDOL]DWLRQ RI WKH QHZ SURGXFW 2Q WKH RWKHU KDQG WKH DSSOLFDQW KDV WR PHHW VWULFWO\ WKH
    GHDGOLQHHVWDEOLVKHGE\WKHSULRULW\SHULRGLQRUGHUWRREWDLQSURWHFWLRQLQDQRWKHUFRXQWU\
    7KHOHQJWKRIWKHSULRULW\SHULRGYDULHVDFFRUGLQJWRWKHGLIIHUHQWNLQGVRILQGXVWULDOSURSHUW\ULJKWV

    • )RUSDWHQWVWKHSULRULW\SHULRGLVPRQWKVIURPWKHILUVWDSSOLFDWLRQ2QFHWKLVKDVHODSVHG\RXKDYH
    D KLJKHU ULVN RI QRW EHLQJ DEOH WR REWDLQ SDWHQW SURWHFWLRQ LQ RWKHU FRXQWULHV +RZHYHU DSSO\LQJ IRU
    SDWHQWSURWHFWLRQXVLQJWKH3&7V\VWHP VHHTXHVWLRQ HIIHFWLYHO\JLYHV\RXDQDGGLWLRQDOPRQWKV
    PRQWKVIRUVRPHFRXQWULHV WRGHFLGHLQZKLFKFRXQWULHV\RXZLVKWRREWDLQSURWHFWLRQ

    • )RULQGXVWULDOGHVLJQVPRVWFRXQWULHVSURYLGHDVL[PRQWKSULRULW\SHULRGIURPWKHGDWHRIILOLQJRIWKH
    ILUVWDSSOLFDWLRQLQZKLFKWRDSSO\IRULQGXVWULDOGHVLJQSURWHFWLRQLQRWKHUFRXQWULHV

    • )RUWUDGHPDUNVDVL[PRQWKSULRULW\SHULRGDOVRDSSOLHV

    &RS\ULJKWDQGUHODWHGULJKWV
    7KH LVVXH RI WKH WLPLQJ RI WKH DSSOLFDWLRQ RU UHJLVWUDWLRQ DOVR DULVHV IRU FRS\ULJKW LQ FRXQWULHV ZKHUH
    UHJLVWUDWLRQLVDYDLODEOH$VWKHUHDUHVLJQLILFDQWSUDFWLFDODGYDQWDJHVLQUHJLVWHULQJFRS\ULJKWZKHUHYHU
    WKLV RSWLRQ H[LVWV LW LV KLJKO\ DGYLVDEOH WR GR WKLV DV HDUO\ DV SRVVLEOH SUHIHUDEO\ SULRU WR VWDUWLQJ WR
    H[SRUW WKH SURWHFWHG SURGXFW  ,Q DGGLWLRQ IRU FHUWDLQ SURGXFWV LW LV DOVR KLJKO\ UHFRPPHQGHG WR
    UHJLVWHU\RXUZRUNVSURWHFWHGE\FRS\ULJKWZLWKDFROOHFWLYHPDQDJHPHQWVRFLHW\ VHHTXHVWLRQ ,I
    \RX KDYH GRQH VR LQ \RXU RZQ FRXQWU\ LW LV OLNHO\ WKDW \RXU QDWLRQDO FROOHFWLYH PDQDJHPHQW
    RUJDQL]DWLRQ KDV DUUDQJHPHQWV ZLWK LWV FRXQWHUSDUWV LQ RWKHU FRXQWULHV WR HQVXUH IDLU GLVWULEXWLRQ RI
    UR\DOWLHVFROOHFWHGIRUWKHFRS\ULJKWZRUNRIWKHLUPHPEHUV
    
    

    
    3URWHFWLQJ,3ULJKWVDEURDG 

     *QYFQ+RTQVGEVO[KPVGNNGEVWCNRTQRGTV[TKIJVUCDTQCF!

    7KHUHDUHHVVHQWLDOO\WKUHHDOWHUQDWLYHSURFHGXUHVIRUDSSO\LQJIRU,3SURWHFWLRQLQRWKHUFRXQWULHV

    7KHQDWLRQDOURXWH
    2QH RSWLRQ LV WR VHHN SURWHFWLRQ LQ LQGLYLGXDO FRXQWULHV VHSDUDWHO\ E\ DSSO\LQJ GLUHFWO\ WR QDWLRQDO
    LQGXVWULDORU,3RIILFHV(DFKDSSOLFDWLRQPD\KDYHWREHWUDQVODWHGLQWRDSUHVFULEHGODQJXDJHZKLFKLV
    XVXDOO\ WKH QDWLRQDO ODQJXDJH <RX ZLOO EH UHTXLUHG WR SD\ WKH QDWLRQDO DSSOLFDWLRQ IHHV DQG
    SDUWLFXODUO\LQWKHFDVHRISDWHQWV\RXPD\QHHGWRHQWUXVWDQ,3DJHQWRUDWWRUQH\ZKRZLOODVVLVW\RX
    LQ PDNLQJ VXUH WKH DSSOLFDWLRQ PHHWV QDWLRQDO UHTXLUHPHQWV 6RPH FRXQWULHV ZLOO DOVR UHTXLUH \RX WR
    KLUHDQ,3DJHQW,I\RXDUHVWLOOLQWKHSKDVHRIDVVHVVLQJWKHFRPPHUFLDOYLDELOLW\RIDQLQYHQWLRQRU
    DUHVWLOOH[SORULQJSRWHQWLDOH[SRUWPDUNHWVRUOLFHQVLQJSDUWQHUVWKHQDWLRQDOURXWHZRXOGDSSHDUWREH
    SDUWLFXODUO\H[SHQVLYHDQGFXPEHUVRPHHVSHFLDOO\ZKHUHSURWHFWLRQLVEHLQJVRXJKWLQDODUJHQXPEHU
    RI FRXQWULHV ,Q VXFK FDVHV WKH IDFLOLWLHV RIIHUHG E\ WKH :,32DGPLQLVWHUHG LQWHUQDWLRQDO ILOLQJ DQG
    UHJLVWUDWLRQV\VWHPVIRULQYHQWLRQVPDUNVDQGLQGXVWULDOGHVLJQV VHHTXHVWLRQ RIIHUDVLPSOHUDQG
    JHQHUDOO\OHVVH[SHQVLYHDOWHUQDWLYH

    7KHUHJLRQDOURXWH
    6RPH FRXQWULHVKDYH HVWDEOLVKHGUHJLRQDO DJUHHPHQWV IRU REWDLQLQJ ,3 SURWHFWLRQ IRU DQ HQWLUH UHJLRQ
    ZLWKDVLQJOHDSSOLFDWLRQ7KHUHJLRQDO,3RIILFHVLQFOXGH

    • (XURSHDQ 3DWHQW 2IILFH IRU SDWHQW SURWHFWLRQ LQ DOO FRXQWULHV WKDW DUH SDUW\ WR WKH
    (XURSHDQ3DWHQW&RQYHQWLRQ FXUUHQWO\  FRXQWULHV  0RUH LQIRUPDWLRQ PD\ EH REWDLQHG DW
    ZZZHXURSHDQSDWHQWRIILFHRUJ

    • 2IILFH IRU +DUPRQL]DWLRQ LQ WKH ,QWHUQDO 0DUNHW IRU WKH &RPPXQLW\ 7UDGHPDUN DQG WKH
    &RPPXQLW\ 'HVLJQ ZKLFK JUDQW WKHLU SURSULHWRUV D XQLIRUP ULJKW YDOLG LQ DOO 0HPEHU 6WDWHV RI WKH
    (XURSHDQ8QLRQE\PHDQVRIRQHSURFHGXUDOV\VWHP KWWSRDPLHXLQW

    • $IULFDQ 5HJLRQDO ,QGXVWULDO 3URSHUW\ 2UJDQL]DWLRQ $5,32 WKH UHJLRQDO ,3 RIILFH IRU (QJOLVK
    VSHDNLQJ$IULFDIRUSDWHQWVXWLOLW\PRGHOVWUDGHPDUNVDQGLQGXVWULDOGHVLJQV KWWSDULSRZLSRQHW

    • $IULFDQ,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ 2$3,WKHUHJLRQDO,3RIILFHIRU)UHQFKDQG3RUWXJXHVH
    VSHDNLQJ$IULFDIRUSDWHQWVXWLOLW\PRGHOVJHRJUDSKLFDOLQGLFDWLRQVWUDGHPDUNVLQGXVWULDOGHVLJQVDQG
    LQWKHIXWXUHOD\RXWGHVLJQVRILQWHJUDWHGFLUFXLWV KWWSRDSLZLSRQHW

    • (XUDVLDQ 3DWHQW 2IILFH IRU SDWHQW SURWHFWLRQ LQ FRXQWULHV RI WKH &RPPRQZHDOWK RI ,QGHSHQGHQW
    6WDWHV ZZZHDSRRUJ

    • %HQHOX[ 7UDGHPDUN 2IILFH  %HQHOX[ 'HVLJQV 2IILFH IRU WUDGHPDUN DQG LQGXVWULDO GHVLJQ
    SURWHFWLRQLQ%HOJLXPWKH1HWKHUODQGVDQG/X[HPERXUJ 
    ZZZEPEEEPRUJDQGZZZEEWPEEGPRUJ

    • 3DWHQW2IILFHRIWKH&RRSHUDWLRQ&RXQFLOIRUWKH$UDE6WDWHVRIWKH*XOI IRUSDWHQWSURWHFWLRQLQ
    %DKUDLQ .XZDLW 2PDQ 4DWDU 6DXGL $UDELD DQG WKH 8QLWHG $UDE (PLUDWHV  ZZZJXOISDWHQW
    RIILFHRUJVD

    
    7KHIROORZLQJSDUDJUDSKVUHIHUWRSDWHQWVWUDGHPDUNVDQGLQGXVWULDOGHVLJQV)RULQIRUPDWLRQRQFRS\ULJKWSURWHFWLRQDEURDG
    VHHTX«
     3URWHFWLQJ,3ULJKWVDEURDG

    7KHLQWHUQDWLRQDOURXWH
    7KH :,32DGPLQLVWHUHG V\VWHPV RI LQWHUQDWLRQDO ILOLQJ DQG UHJLVWUDWLRQ V\VWHPV JUHDWO\ VLPSOLI\ WKH
    SURFHVV IRU VLPXOWDQHRXVO\ VHHNLQJ ,3 SURWHFWLRQ LQ D ODUJH QXPEHU RI FRXQWULHV 5DWKHU WKDQ ILOLQJ
    QDWLRQDODSSOLFDWLRQVLQPDQ\ODQJXDJHVWKHLQWHUQDWLRQDOILOLQJDQGUHJLVWUDWLRQV\VWHPVHQDEOH\RXWR
    ILOH D VLQJOH DSSOLFDWLRQ LQ RQH ODQ JXDJH DQG WR SD\ RQH DSSOLFDWLRQ IHH 7KHVH LQWHUQDWLRQDO ILOLQJ
    V\VWHPV QRW RQO\ IDFLOLWDWH WKH ZKROH SURFHVV EXW DOVR LQ WKH FDVH RI PDUNV DQG LQGXVWULDO GHVLJQV
    FRQVLGHUDEO\UHGXFH\RXUFRVWVIRUREWDLQLQJLQWHUQDWLRQDOSURWHFWLRQ LQWKHFDVHRISDWHQWVWKH3&7
    KHOSV\RXUHQWHUSULVHWRJDLQWLPHWRDVVHVVWKHFRPPHUFLDOYDOXHRI\RXULQYHQWLRQEHIRUHQDWLRQDOIHHV
    DUHWREHSDLGLQWKHQDWLRQDOSKDVH :,32DGPLQLVWHUHGV\VWHPVRILQWHUQDWLRQDOSURWHFWLRQLQFOXGH
    WKUHHGLIIHUHQWPHFKDQLVPVRISURWHFWLRQIRUVSHFLILFLQGXVWULDOSURSHUW\ULJKWV

    • $ V\VWHP IRU ILOLQJ LQWHUQDWLRQDO SDWHQW DSSOLFDWLRQV LV SURYLGHG XQGHU WKH 3DWHQW &RRSHUDWLRQ
    7UHDW\ RU3&7 V\VWHPWKHZRUOGZLGHV\VWHPIRUVLPSOLILHGPXOWLSOHILOLQJRISDWHQWDSSOLFDWLRQV6HH
    TXHVWLRQ

    • ,QWHUQDWLRQDOUHJLVWUDWLRQRIWUDGHPDUNVLVIDFLOLWDWHGE\WKH0DGULG6\VWHP6HHTXHVWLRQ

    • ,QWHUQDWLRQDOGHSRVLWRILQGXVWULDOGHVLJQVLVSURYLGHGE\WKH+DJXH$JUHHPHQW6HHTXHVWLRQ
    3URWHFWLQJ,3ULJKWVDEURDG 

     9JCVKUVJGGCUKGUVYC[VQCRRN[HQTRCVGPVRTQVGEVKQPKPUGXGTCNEQWPVTKGU!
    9JCVKUVJG2%6!

    'R\RXZDQWWRSURWHFW\RXULQYHQWLRQLQVHYHUDOFRXQWULHV",IVR\RXVKRXOGFRQVLGHUWKHDGYDQWDJHV
    WKDWDUHRIIHUHGE\ILOLQJDQLQWHUQDWLRQDODSSOLFDWLRQXQGHUWKH3DWHQW&RRSHUDWLRQ7UHDW\ 3&7 %\
    ILOLQJRQHLQWHUQDWLRQDODSSOLFDWLRQXQGHUWKH3&7\RXFDQVLPXOWDQHRXVO\VHHNSDWHQWSURWHFWLRQIRU
    DQLQYHQWLRQLQDOOFRXQWULHVWKDWDUH&RQWUDFWLQJ3DUWLHVWRWKH3&7 6WDWHVLQ-DQXDU\ 

    $QLPSRUWDQWDGYDQWDJHRIWKH3&7LVWKDWLWJHQHUDOO\SURYLGHVDGGLWLRQDOPRQWKV PRQWKVLQ
    VRPH FDVHV  ² LH D WRWDO RI  PRQWKV RU  LQ VRPH FDVHV  FRPSDUHG WR WKH  PRQWKV REWDLQHG
    XVLQJ WKH ULJKW RI SULRULW\ ² IRU PDNLQJ XS \RXU PLQG DERXW ZKLFK FRXQWULHV \RX ZLVK WR REWDLQ
    SURWHFWLRQLQ'XULQJWKLVDGGLWLRQDOWLPHDSSOLFDQWVPD\H[SORUHWKHFRPPHUFLDOSRVVLELOLWLHVRIWKHLU
    SURGXFWLQYDULRXVFRXQWULHVDQGGHFLGHZKHUHLWLVLPSRUWDQWRUFRQYHQLHQWWRREWDLQSURWHFWLRQ7KH
    SD\PHQW RI QDWLRQDO DSSOLFDWLRQV IHHV DQG FRVWV RI WUDQVODWLRQ LQWR WKH UHOHYDQW QDWLRQDO ODQJXDJHV LV
    WKXVGHOD\HGJLYLQJDSSOLFDQWVDEUHDWKLQJVSDFHRIXSWRPRQWKV7KHFRVWRIIXUWKHUWUDQVODWLRQ
    KDVWREHPHWHYHQWXDOO\EXWQRWXQWLO RULQVRPHFDVHV PRQWKVODWHUWKDQXQGHUDSURFHGXUH
    ZKLFKGRHVQRWXVHWKH3&7DQGRQO\LIWKHDSSOLFDQWLVVWLOOLQWHUHVWHGLQWKHFRXQWULHVFRQFHUQHG,I
    QRWDOOVXEVHTXHQWFRVWVFDQEHVDYHG
    7KH 3&7 LV ZLGHO\ XVHG E\ DSSOLFDQWV LQ RUGHU WR NHHS DOO WKHLU RSWLRQV IRU SURWHFWLQJ LQYHQWLRQV LQ
    PDQ\GLIIHUHQWFRXQWULHVRSHQIRUDVORQJDVSRVVLEOH$SSOLFDQWVPD\ILOHWKHLUDSSOLFDWLRQLQWKHLURZQ
    FRXQWU\RUZKHUHDSSOLFDEOHZLWKWKHFRPSHWHQWUHJLRQDORIILFHRUZLWKWKH,QWHUQDWLRQDO%XUHDXRI
    :,32 <RXU QDWLRQDO SDWHQW RIILFH ZLOO EH DEOH WR SURYLGH \RX ZLWK GHWDLOV RI KRZ WR VXEPLW D 3&7
    DSSOLFDWLRQ
    ,I WKH DSSOLFDQW GRHV QRW XVH WKH LQWHUQDWLRQDO SURFHGXUH RIIHUHG E\ WKH 3&7 SUHSDUDWLRQV IRU ILOLQJ
    DEURDGPXVWEHVWDUWHGWKUHHWRVL[PRQWKVEHIRUHWKHH[SLUDWLRQRIWKHSULRULW\SHULRG7UDQVODWLRQVRI
    WKHDSSOLFDWLRQPXVWEHSUHSDUHGDQGSXWRQWRDGLIIHUHQWDSSOLFDWLRQIRUPIRUHDFKFRXQWU\%\XVLQJ
    WKH3&7RQWKHRWKHUKDQG
    • 7KHDSSOLFDQWILOHVRQO\RQHDSSOLFDWLRQZLWKLQWKHSULRULW\\HDU LHZLWKLQPRQWKVIURPILOLQJWKH
    QDWLRQDODSSOLFDWLRQ 
    • 7KHDSSOLFDWLRQKDVHIIHFWLQDOO3&7&RQWUDFWLQJ6WDWHV
    • 7KH DSSOLFDWLRQ PD\ EH LGHQWLFDO DV WR ERWK ODQJXDJH DQG IRUP ZLWK WKH DSSOLFDQW·V RZQ QDWLRQDO
    DSSOLFDWLRQ
    • 7KHDSSOLFDQWJDLQVWLPHWRH[SORUHWKHFRPPHUFLDOSRWHQWLDORIWKHLQYHQWLRQ

    7KHPHPEHUVRIWKH3&7DUHOLVWHGLQDSSHQGL[,9

     4'('4'0%'5
    %DVLF )DFWV $ERXW WKH 3&7 :,32 :HE SDJH DW ZZZZLSRLQWSFWHQEDVLFBIDFWVEDVLFBIDFWVSGI 3UDFWLFDO TXHVWLRQ DQG
    DQVZHUVRQWKH3&7IURPDEXVLQHVVSHUVSHFWLYH
    7KH3DWHQW&RRSHUDWLRQ7UHDW\:,32:HESDJHDWZZZZLSRLQWSFWHQ,QIRUPDWLRQRQWKH3&7UHJXODWLRQVDQGJXLGHV
    IRUDSSOLFDQWV
     3URWHFWLQJ,3ULJKWVDEURDG

     9JCV KU VJG OQUV RTCEVKECN YC[ QH CRRN[KPI HQT VTCFGOCTM RTQVGEVKQP KP
    UGXGTCNEQWPVTKGU!

    ,I\RXZRXOGOLNHWRKDYH\RXUWUDGHPDUNSURWHFWHGLQVHYHUDOFRXQWULHVEXW\RXUHDOL]HWKDWILOLQJD
    VHSDUDWHDSSOLFDWLRQLQHDFKFRXQWU\LVFRPSOLFDWHGDQGH[SHQVLYH\RXPD\ZDQWWRILOHDQDSSOLFDWLRQ
    IRULQWHUQDWLRQDOUHJLVWUDWLRQXQGHUWKH0DGULG6\VWHPZKLFKLVJRYHUQHGE\WZRWUHDWLHVWKH0DGULG
    $JUHHPHQW&RQFHUQLQJWKH,QWHUQDWLRQDO5HJLVWUDWLRQRI0DUNVDQGWKH0DGULG3URWRFRO:KLOHVRPH
    FRXQWULHVDUHSDUW\WRERWKWUHDWLHVRWKHUVDUHSDUW\WRRQO\RQHRIWKHWZR7KHV\VWHPLVDGPLQLVWHUHG
    E\ WKH ,QWHUQDWLRQDO %XUHDX RI :,32 ZKLFK PDLQWDLQV WKH ,QWHUQDWLRQDO 5HJLVWHU DQG SXEOLVKHV WKH
    :,32*D]HWWHRI,QWHUQDWLRQDO0DUNV

    ,QWHUQDWLRQDODSSOLFDWLRQVXQGHUWKH0DGULG6\VWHP
    $QLQWHUQDWLRQDODSSOLFDWLRQXQGHUWKH0DGULG6\VWHPPD\EHILOHGE\DQDWXUDOSHUVRQRUOHJDOHQWLW\
    WKDW KDV D UHDO DQG HIIHFWLYH LQGXVWULDO RU FRPPHUFLDO HVWDEOLVKPHQW LQ RU LV GRPLFLOHG LQ RU LV D
    QDWLRQDORIRQHRIWKHFRXQWULHVSDUW\WRWKH0DGULG$JUHHPHQWDQGRUWKH3URWRFRO

    $ PDUN PD\ EH WKH VXEMHFW RI DQ LQWHUQDWLRQDO DSSOLFDWLRQ RQO\ LI LW KDV DOUHDG\ EHHQ UHJLVWHUHG RU
    ZKHUH WKH LQWHUQDWLRQDO DSSOLFDWLRQ LV JRYHUQHG H[FOXVLYHO\ E\ WKH 3URWRFRO LI UHJLVWUDWLRQ KDV EHHQ
    DSSOLHGIRU LQWKHWUDGHPDUNRIILFHRIWKHFRQWUDFWLQJSDUW\ZLWKZKLFKWKHDSSOLFDQWKDVWKHQHFHVVDU\
    FRQQHFWLRQ²UHIHUUHGWRDVWKHRIILFHRIRULJLQ
    7KHSULQFLSDODGYDQWDJHVRIXVLQJWKH0DGULG6\VWHPDUHWKDWWKHWUDGHPDUNRZQHUFDQSURWHFWWKH
    WUDGHPDUN LQ D QXPEHU RI GLIIHUHQW FRXQWULHVPHPEHUV RI WKH 0DGULG 6\VWHP E\ ILOLQJ D VLQJOH
    DSSOLFDWLRQ LQ RQH ODQJXDJH HLWKHU (QJOLVK RU )UHQFK DOWKRXJK WKH RIILFH RI RULJLQ PD\ UHVWULFW WKH
    DSSOLFDQW·V FKRLFH WR RQO\ RQH RI WKHVH ODQJXDJHV  VXEMHFW WR RQH VHW RI IHHV LQ RQH FXUUHQF\
    7KHUHDIWHU WKH FKDQJHV WR WKH LQWHUQDWLRQDO UHJLVWUDWLRQ DQG WKH UHQHZDO RI WKH UHJLVWUDWLRQ PD\ EH
    PDGHLQDVLQJOHSURFHGXUDOVWHSZKLFKWDNHVHIIHFWLQDOOGHVLJQDWHGFRQWUDFWLQJSDUWLHV
    3URWHFWLRQIRUWKHPDUNFDQEHREWDLQHGLQDQ\FRXQWU\WKDWLVSDUW\WRWKHVDPHWUHDW\ $JUHHPHQWRU
    3URWRFRO  DV WKH 6WDWH ZKRVH RIILFH LV WKH RIILFH RI RULJLQ 7KH FRXQWULHV ZKHUH SURWHFWLRQ LV VRXJKW
    PXVW EH GHVLJQDWHG LQ WKH LQWHUQDWLRQDO DSSOLFDWLRQ DQG IXUWKHU FRXQWULHV PD\ EH GHVLJQDWHG
    VXEVHTXHQWO\

     4'('4'0%'5
    3URWHFWLQJ <RXU 7UDGHPDUNV $EURDG 7ZHQW\ 4XHVWLRQV $ERXW WKH 0DGULG 3URWRFRO :,32 :HE SDJH DW
    ZZZZLSRLQWPDGULGHQBTXHVWLRQVSGI $Q HDV\WRXQGHUVWDQG RYHUYLHZ RI WKH 0DGULG 3URWRFRO DQG SUDFWLFDO LVVXHV DQG
    DVSHFWVRIILOLQJRIDQLQWHUQDWLRQDODSSOLFDWLRQIRUSURWHFWLRQRIWUDGHPDUNLQVHYHUDOFRXQWULHV
    7KH0DGULG6\VWHPIRUWKH,QWHUQDWLRQDO5HJLVWUDWLRQRI0DUNV:,32:HESDJHDWZZZZLSRLQWPDGULGHQ&RQWDLQV
    JHQHUDOLQIRUPDWLRQRQWKH0DGULG6\VWHPXQGHUWKHKHDGLQJ2YHUYLHZ
    *XLGHWRWKH,QWHUQDWLRQDO5HJLVWUDWLRQRI0DUNVXQGHUWKH0DGULG$JUHHPHQWDQGWKH0DGULG3URWRFRO:,32
    :HESDJHDWZZZZLSRLQWPDGULGHQJXLGH&KDSWHU,GHDOVZLWKSURFHGXUHVRIFRQFHUQWRDSSOLFDQWVDQGKROGHUVDVZHOODVWR
    RIILFHV&KDSWHU,,GHVFULEHVWKHSURFHGXUHVRIWKH0DGULG6\VWHPIURPWKHSRLQWRIYLHZRIDQDSSOLFDQWRUKROGHU

    
    ,QDGGLWLRQXQGHUWKH3URWRFRODSHUVRQZKRLVDQDWLRQDOLVGRPLFLOHGLQRUKDVDUHDODQGHIIHFWLYHFRPPHUFLDOHVWDEOLVKPHQW
    LQ D PHPEHU 6WDWH RI D FRQWUDFWLQJ SDUW\ WR WKH 3URWRFRO VXFK DV DQ LQWHUJRYHUQPHQWDO RUJDQL]DWLRQ  PD\ DOVR ILOH DQ
    DSSOLFDWLRQ:KLOHWKHUHLVFXUUHQWO\QRLQWHUJRYHUQPHQWDORUJDQL]DWLRQPHPEHURIWKH3URWRFROWKH3URWRFROPDNHVLWSRVVLEOH
    IRUUHJLRQDO,3RIILFHVWREHFRPHPHPEHUV
    3URWHFWLQJ,3ULJKWVDEURDG 

    )HHVXQGHUWKH0DGULG6\VWHP
    7KHIROORZLQJIHHVDUHSD\DEOHIRUWKHILOLQJRIDQLQWHUQDWLRQDODSSOLFDWLRQ

    • $EDVLFIHHRI6ZLVVIUDQFV RU6ZLVVIUDQFVZKHUHWKHPDUNLVLQFRORXU 

    • (LWKHUDVWDQGDUGGHVLJQDWLRQIHHRI6ZLVVIUDQFVRUDQLQGLYLGXDOGHVLJQDWLRQIHHZKRVHDPRXQW
    LVIL[HGE\WKHFRXQWU\FRQFHUQHGIRUHDFKGHVLJQDWHGFRXQWU\

    • $VXSSOHPHQWDU\IHHRI6ZLVVIUDQFVIRUHDFKFODVVRIJRRGVDQGVHUYLFHVEH\RQGWKHWKLUG KRZHYHU
    QRVXSSOHPHQWDU\IHHLVSD\DEOHZKHUHDOOWKHFRXQWULHVGHVLJQDWHGDUHRQHVIRUZKLFKDQLQGLYLGXDOIHH
    LVSD\DEOH 

    7KHRIILFHRIDGHVLJQDWHGFRXQWU\KDVWKHULJKWWRUHIXVHSURWHFWLRQRIDPDUNLQWKHWHUULWRU\RIWKDW
    FRXQWU\ 5HIXVDO PD\ EH PDGH RQ DQ\ RI WKH JURXQGV RQ ZKLFK DQ DSSOLFDWLRQ IRU UHJLVWUDWLRQ ILOHG
    GLUHFWO\ZLWKWKDW2IILFHPLJKWEHUHIXVHG5HIXVDOLVQRWLILHGWRWKH,QWHUQDWLRQDO%XUHDXDQGUHFRUGHG
    LQWKH,QWHUQDWLRQDO5HJLVWHU
     3URWHFWLQJ,3ULJKWVDEURDG

    ,Q SULQFLSOH DQ\ UHIXVDO PXVW EH LVVXHG QR ODWHU WKDQ  PRQWKV IURP WKH GDWH RQ ZKLFK WKH RIILFH
    FRQFHUQHG ZDV QRWLILHG RI WKH GHVLJQDWLRQ +RZHYHU ZKHUH D FRXQWU\ GHVLJQDWHG XQGHU WKH 3URWRFRO
    KDV PDGH D GHFODUDWLRQ WR WKDW HIIHFW WKH WLPH OLPLW LV H[WHQGHG WR  PRQWKV 6XFK D FRXQWU\ PD\
    DOVRGHFODUHWKDWDUHIXVDOEDVHGRQDQRSSRVLWLRQPD\EHLVVXHGDIWHUWKHH[SLU\RIWKHPRQWKWLPH
    OLPLW SURYLGHG KRZHYHU WKDW WKH RIILFH FRQFHUQHG KDV ZLWKLQ WKH PRQWK SHULRG QRWLILHG WKH
    ,QWHUQDWLRQDO%XUHDXRIWKLVSRVVLELOLW\

    $W WKH HQG RI WKH DSSOLFDEOH WLPH OLPLW WKHUHIRUH WKH KROGHU RI DQ LQWHUQDWLRQDO UHJLVWUDWLRQ LV LQ D
    SRVLWLRQ WR NQRZ ZKHWKHU WKH PDUN KDV EHHQ DFFHSWHG IRU SURWHFWLRQ LQ HDFK RI WKH GHVLJQDWHG
    FRXQWULHVRUZKHWKHUSURWHFWLRQKDVEHHQUHIXVHGLQRQHFRXQWU\RUZKHWKHUWKHUHLVVWLOODSRVVLELOLW\
    RIUHIXVDORQWKHEDVLVRIDQRSSRVLWLRQLQDSDUWLFXODUFRXQWU\$QLQWHUQDWLRQDODSSOLFDWLRQLVHIIHFWLYH
    IRU\HDUV,WPD\EHUHQHZHGIRUXQOLPLWHGQXPEHUVRIIXUWKHUSHULRGVRI\HDUVRQSD\PHQWRI
    WKHSUHVFULEHGIHHV
    7KHPHPEHUVRIWKH0DGULG6\VWHPDUHOLVWHGLQDSSHQGL[9
    3URWHFWLQJ,3ULJKWVDEURDG 

     *QYECPKPFWUVTKCNFGUKIPUDGRTQVGEVGFKPUGXGTCNEQWPVTKGU!

    $V D JHQHUDO UXOH LQGXVWULDO GHVLJQ SURWHFWLRQ LV OLPLWHG WR WKH WHUULWRU\ RI WKH FRXQWU\ ZKHUH
    SURWHFWLRQ LV VRXJKW DQG JUDQWHG ,I SURWHFWLRQ LV GHVLUHG LQ VHYHUDO FRXQWULHV VHSDUDWH QDWLRQDO
    GHSRVLWVPXVWEHPDGHDQGGLIIHUHQWSURFHGXUHVPXVWEHFRPSOLHGZLWKLQHDFKFRXQWU\
    7KH +DJXH $JUHHPHQW &RQFHUQLQJ WKH ,QWHUQDWLRQDO 'HSRVLW RI ,QGXVWULDO 'HVLJQV D PXOWLODWHUDO
    WUHDW\ DGPLQLVWHUHG E\ :,32 RIIHUV DQ DOWHUQDWLYH WKDW VLPSOLILHV WKHVH WDVNV HQRUPRXVO\ ,W DOORZV
    QDWLRQDOV DQG UHVLGHQWV RI RU FRPSDQLHV HVWDEOLVKHG LQ D 6WDWH WKDW LV SDUW\ WR WKH $JUHHPHQW WR
    REWDLQLQGXVWULDOGHVLJQSURWHFWLRQLQDQXPEHURIFRXQWULHVWKURXJKWKHIROORZLQJSURFHGXUH
    • $VLQJOH¶LQWHUQDWLRQDO·GHSRVLW
    • ,QRQHODQJXDJH (QJOLVKRU)UHQFK 
    • 3D\PHQWRIDVLQJOHVHWRIIHHV
    • ,QRQHFXUUHQF\
    • )LOHG ZLWK RQH RIILFH HLWKHU GLUHFWO\ ZLWK WKH ,QWHUQDWLRQDO %XUHDX RI :,32 RU XQGHU FHUWDLQ
    FLUFXPVWDQFHVWKURXJKWKHQDWLRQDORIILFHRIDFRQWUDFWLQJ6WDWH 

    $QLQGXVWULDOGHVLJQWKDWLVWKHVXEMHFWRIDQLQWHUQDWLRQDOGHSRVLWHQMR\VLQHDFK6WDWHFRQFHUQHGWKDW
    KDVQRWUHIXVHGSURWHFWLRQWKHVDPHSURWHFWLRQDVLVJHQHUDOO\FRQIHUUHGRQLQGXVWULDOGHVLJQVE\WKH
    ODZ RI WKDW 6WDWH XQOHVV SURWHFWLRQ LV H[SUHVVO\ UHIXVHG E\ D QDWLRQDO RIILFH XQGHU SUHVFULEHG
    FLUFXPVWDQFHV7KHLQWHUQDWLRQDOGHSRVLWLVWKXVHTXLYDOHQWWRDQDWLRQDOULJKWLQWHUPVRILWVVFRSHRI
    SURWHFWLRQ DQG HQIRUFHPHQW $W WKH VDPH WLPH WKH LQWHUQDWLRQDO GHSRVLWIDFLOLWDWHV WKH PDLQWHQDQFH RI
    SURWHFWLRQWKHUHLVDVLQJOHGHSRVLWWRUHQHZDQGRQHVLPSOHSURFHGXUHIRUUHFRUGLQJDQ\FKDQJHVHJLQ
    RZQHUVKLSRUDGGUHVVHV
    7KHPHPEHUVRIWKH+DJXH6\VWHPDUHOLVWHGLQDSSHQGL[9,

     4'('4'0%'5
    7KH+DJXH6\VWHPIRUWKH,QWHUQDWLRQDO'HSRVLWRI,QGXVWULDO'HVLJQV:,32:HESDJHDW ZZZZLSRLQWKDJXHHQ $Q
    LQWURGXFWLRQWRLQGXVWULDOGHVLJQVSURWHFWLRQDQGDGYDQWDJHVOLQNVWRUHOHYDQWDSSOLFDWLRQIRUPVDQGVFKHGXOHRIIHHV
    7KH+DJXH$JUHHPHQW2EMHFWLYHV0DLQIHDWXUHV$GYDQWDJHV:,32:HESDJHDW ZZZZLSRLQWKDJXHHQSXEB$Q
    RYHUYLHZRIWKHREMHFWLYHVIHDWXUHVDQGDGYDQWDJHVRIXVLQJWKH+DJXH6\VWHPIRULQWHUQDWLRQDOGHSRVLWRILQGXVWULDOGHVLJQV
     3URWHFWLQJ,3ULJKWVDEURDG

     +UEQR[TKIJVRTQVGEVKQPXCNKFKPVGTPCVKQPCNN[!

    &RS\ULJKW LWVHOI GRHV QRW GHSHQG RQ RIILFLDO SURFHGXUHV $ FUHDWHG ZRUN LV FRQVLGHUHG SURWHFWHG E\
    FRS\ULJKW DV VRRQ DV LW H[LVWV $FFRUGLQJ WR WKH %HUQ &RQYHQWLRQ IRU WKH 3URWHFWLRQ RI /LWHUDU\ DQG
    $UWLVWLF:RUNVOLWHUDU\DQGDUWLVWLFZRUNVDUHSURWHFWHGZLWKRXWDQ\IRUPDOLWLHVLQWKHFRXQWULHVSDUW\
    WRWKDW&RQYHQWLRQ FRXQWULHVLQ$XJXVW²VHHDSSHQGL[9,,IRUDOLVW 7KLVDOVRDSSOLHVWR
    DOOPHPEHUVRIWKH:RUOG7UDGH2UJDQL]DWLRQ

    7KXV WKHUH LV QR LQWHUQDWLRQDO DSSOLFDWLRQ SURFHGXUH WR REWDLQ FRS\ULJKW SURWHFWLRQ DV WKHUH LV IRU
    SDWHQWVWUDGHPDUNVDQGLQGXVWULDOGHVLJQV+RZHYHUPDQ\FRXQWULHVKDYHDQDWLRQDOFRS\ULJKWRIILFH
    DQGVRPHQDWLRQDOODZVDOORZIRUUHJLVWUDWLRQRIZRUNVIRUWKHSXUSRVHVRIIRUH[DPSOHLGHQWLI\LQJDQG
    GLVWLQJXLVKLQJWLWOHVRIZRUNV,QFHUWDLQFRXQWULHVUHJLVWUDWLRQRIIHUVDQXPEHURISUDFWLFDODGYDQWDJHV
    DVLWFDQVHUYHDVSULPDIDFLHHYLGHQFHLQDFRXUWRIODZZLWKUHIHUHQFHWRGLVSXWHVUHODWLQJWRFRS\ULJKW
    DQGWKHH[HUFLVHRIVRPHULJKWVPD\EHFRQWLQJHQWRQUHJLVWUDWLRQ)RUH[DPSOHLQWKH8QLWHG6WDWHV
    UHJLVWUDWLRQ LV UHTXLUHG LQ RUGHU WR JHW VWDWXWRU\ GDPDJHV 5HJLVWUDWLRQ PD\ DOVR EH UHTXLUHG IRU
    QDWLRQDOVRIWKHFRXQWU\EHFDXVHWKHLUULJKWVLQWKHLURZQFRXQWULHVDUHQRWDIIHFWHGE\LQWHUQDWLRQDO
    WUHDWLHV 7KXV IRU QDWLRQDOV RI WKH 8QLWHG 6WDWHV D FRXUW DFWLRQ IRU LQIULQJHPHQW ZLOO EH GLVPLVVHG
    ZLWKRXWDYDOLGUHJLVWUDWLRQ
    +HQFH ZKLOH WKHUH LV QR LQWHUQDWLRQDO SURFHGXUH IRU REWDLQLQJ FRS\ULJKW SURWHFWLRQ DEURDG DQG \RXU
    ZRUNLVDXWRPDWLFDOO\SURWHFWHGZLWKRXWWKHQHHGIRUUHJLVWUDWLRQLQDOOFRXQWULHVWKDWDUHPHPEHUVRI
    WKH%HUQH&RQYHQWLRQ\RXPD\VWLOOZLVKWRUHJLVWHU\RXUZRUNLQQDWLRQDOFRS\ULJKWRIILFHVZKHUHYHU
    WKLV RSWLRQ LV DYDLODEOH $ OLVW RI QDWLRQDO FRS\ULJKW RIILFHV LV DYDLODEOH RQ WKH :,32 ZHEVLWH DW
    ZZZZLSRLQWQHZVHQOLQNVDGGUHVVHVFU

     4'('4'0%'5
    %HUQH&RQYHQWLRQIRUWKH3URWHFWLRQRI/LWHUDU\DQG$UWLVWLF:RUNV:,32:HESDJHDWZZZZLSRLQWWUHDWLHVLSEHUQH
    7KHWH[WRIWKHFRQYHQWLRQ
    %HUQH &RQYHQWLRQ IRU WKH 3URWHFWLRQ RI /LWHUDU\ DQG $UWLVWLF :RUNV 1DWLRQ0DVWHU :HE SDJH DW
    ZZZQDWLRQPDVWHUFRPHQF\FORSHGLD%HUQH&RQYHQWLRQIRUWKH3URWHFWLRQRI/LWHUDU\DQG$UWLVWLF:RUNV$EULHIGHVFULSWLRQRI
    WKH%HUQH&RQYHQWLRQDQGLWVFRS\ULJKWSURYLVLRQV
    3URWHFWLQJ,3ULJKWVDEURDG 

     'PHQTEKPIKPVGNNGEVWCNRTQRGTV[TKIJVU

    ,I,QRWLFHYLRODWLRQRIP\LQWHOOHFWXDOSURSHUW\ULJKWVZKDWVKRXOGRUFDQ,GR"

    7KHPRUHYDOXDEOHWKH,3DVVHWVRI\RXUHQWHUSULVHWKHJUHDWHUWKHSRVVLELOLW\WKDWRWKHUVZLOOZDQWWR
    PDNHXVHRIWKHPDQGSUHIHUDEO\ZLWKRXWKDYLQJWRSD\IRUWKHP'R\RXKDYHDVWUDWHJ\WRSUHYHQW
    WKLV" ,I GHVSLWH \RXU EHVW HIIRUWV VRPHRQH LV LPLWDWLQJ FRS\LQJ RU LQIULQJLQJ WKH ,3 ULJKWV RI \RXU
    FRPSDQ\ZLWKRXW\RXUDXWKRUL]DWLRQZKDWVKRXOG\RXGR":KDWDUH\RXURSWLRQV"+RZGR\RXZHLJK
    XSWKHFRVWVDQGEHQHILWVRIYDULRXVDOWHUQDWLYHV"2UZRXOG\RXVLPSO\UXVKWRFRXUW"
    %HIRUHWDNLQJDGHFLVLRQRQZKLFKRSWLRQWRWDNHLWLVJHQHUDOO\FRQYHQLHQWWR
    • ,GHQWLI\ ZKR LV LQIULQJLQJ LQFOXGLQJ WKH PDQXIDFWXUHUV DQG PDLQ GLVWULEXWRUV DQG QRW PHUHO\ WKH
    UHWDLOHUV 
    • 'HWHUPLQHWKHH[WHQWRIWKHSUREOHP
    • &RQVLGHUZKHWKHULWLVOLNHO\WRLQFUHDVH
    • &DOFXODWHLISRVVLEOHKRZPXFKGLUHFWRULQGLUHFWORVV\RXKDYHVXIIHUHGRUZLOOVXIIHU

    2QFH \RX KDYH D FOHDU LGHD RI WKH IDFWV RI WKH PDWWHU WKHQ IRFXV RQ WKH FRVWV DQG EHQHILWV RI \RXU
    UHVSRQVH+RZHYHUDOVREHDULQPLQGWKDWRQRFFDVLRQVLWPD\EHDGYLVDEOHWRDFWDVIDVWDVSRVVLEOH
    UDWKHUWKDQZDLWWRRORQJ
    %HORZDUHVRPHRI\RXURSWLRQV

    • <RXKDYHWKHRSWLRQWR¶LJQRUH·WKH YLRODWLRQRI\RXU,3ULJKWVRI\RXUFRPSDQ\LIWKHORVVRILQFRPH
    VDOHV RU SURILWV DSSHDUV WR EH QHJOLJLEOH IURP \RXU SRLQW RI YLHZ ,I WKH VFDOH RI YLRODWLRQ LV DOUHDG\
    VLJQLILFDQW RU VRRQ ZLOO EH WKHQ \RX PXVW ILQG RXW DV TXLFNO\ DV SRVVLEOH WKH PDLQ FXOSULWV DQG GHDO
    ZLWK WKHP H[SHGLWLRXVO\ EXW PHWKRGLFDOO\ ,W LV REYLRXV WKDW GHDOLQJ ZLWK WKHVH NLQGV RI VLWXDWLRQ
    UHTXLUHVDFDUHIXOZHLJKLQJXSRIWKHSURVDQGFRQVRIGLIIHUHQWDOWHUQDWLYHV<RXDOVRKDYHWRDVVHVVWKH
    FKDQFHVRIZLQQLQJ\RXUFDVHWKHDPRXQWRIFRPSHQVDWLRQDQGGDPDJHVWKDW\RXFDQUHDVRQDEO\H[SHFW
    WRJHWIURPWKHLQIULQJLQJSDUW\DQGWKHOLNHOLKRRGDQGH[WHQWRIUHLPEXUVHPHQWRIDWWRUQH\·VIHHVLIWKH
    ILQDOGHFLVLRQLVLQ\RXUIDYRXU

    • ,I\RXKDYHDGLVSXWHZLWKDFRPSDQ\ZLWKZKLFK\RXKDYHVLJQHGDFRQWUDFW HJDOLFHQVLQJFRQWUDFW 
    FKHFNZKHWKHUWKHUHLVDQDUELWUDWLRQRUPHGLDWLRQFODXVHLQWKHFRQWUDFWLWVHOI,WLVSUXGHQWWRLQFOXGHD
    VSHFLDO SURYLVLRQ LQ FRQWUDFWV IRU WKH GLVSXWH WR EH UHIHUUHG IRU DUELWUDWLRQ RU PHGLDWLRQ LQ RUGHU WR
    DYRLG H[SHQVLYH OLWLJDWLRQ FRVWV 2Q RFFDVLRQV LW PD\ EH SRVVLEOH WR XVH DOWHUQDWLYH GLVSXWH UHVROXWLRQ
    V\VWHPVVXFKDVDUELWUDWLRQRUPHGLDWLRQHYHQLIWKHUHLVQRFODXVHLQWKHFRQWUDFWRUQRFRQWUDFWDWDOODV
    ORQJDVERWKSDUWLHVDJUHHWRLW0RUHRQDUELWUDWLRQDQGPHGLDWLRQLQTXHVWLRQ

     4'('4'0%'5
    &RPEDWLQJ &RXQWHUIHLWLQJ $ SUDFWLFDO JXLGH IRU (XURSHDQ HQJLQHHULQJ FRPSDQLHV 2UJDOLPH :HE SDJH DW
    ZZZRUJDOLPHRUJSGI$QWL&RXQWHUIHLWLQJ*XLGHSGI *XLGH SUHSDUHG LQ DVVRFLDWLRQ ZLWK WKH (XURSHDQ &RPPLVVLRQ
    2IIHUVSUDFWLFDODGYLFHRQUHFRJQL]LQJFRXQWHUIHLWLQJOHJDODQGWHFKQLFDOSURWHFWLRQFKHFNOLVWVDFWLRQVWKDWPD\EHWDNHQDJDLQVW
    FRXQWHUIHLWLQJDQGVXFFHVVVWRULHV'UDZVRQWKHH[SHULHQFHRIDODUJHQXPEHURIERWKODUJHDQGVPDOOHQJLQHHULQJILUPV
    $ *XLGH WR 8QLWHG 6WDWHV 3DWHQW /LWLJDWLRQ 0DUN ' 6FKXPDQ 0HUFKDQW DQG *RXOG  :HE SDJH DW
    ZZZPHUFKDQWJRXOGFRPDWWDFKPHQWVSGI'LVFXVVHVWKH8QLWHG6WDWHVSDWHQWOLWLJDWLRQV\VWHP
    &RQWUHIDoRQFRPPHQWVHSURWpJHU &RXQWHUIHLWLQJ+RZWR3URWHFW<RXUVHOI 0LQLVWqUHGHO
    eFRQRPLHGHV)LQDQFHVHWGH
    O
    ,QGXVWULH GH )UDQFH  :ZHE SDJH DW ZZZLQGXVWULHJRXYIUSUDWLTXHFRQVHLOFRQWUHIDVSBFRQWUKWP 'LVFXVVHV
    FRXQWHUIHLWLQJLWVPDJQLWXGHSUHYDOHQFHLQLQGXVWULHVDQGSURWHFWLRQPHDVXUHV ,Q)UHQFK 
     3URWHFWLQJ,3ULJKWVDEURDG

    • 2QFH \RX KDYH IRXQG RXW WKDW VRPHRQH LV LQIULQJLQJ WKH ,3 ULJKWV RI \RXU FRPSDQ\ \RX PD\ ZLVK WR
    FRQVLGHU VHQGLQJ D OHWWHU FRPPRQO\ NQRZQ DV D ¶FHDVH DQG GHVLVW OHWWHU·  WR WKH DOOHJHG LQIULQJHU
    LQIRUPLQJ KLP RU KHU RI WKH SRVVLEOH H[LVWHQFH RI D FRQIOLFW EHWZHHQ \RXU ,3 ULJKWV DQG KLV RU KHU
    EXVLQHVVDFWLYLWLHV LGHQWLI\LQJWKHH[DFWDUHDRIFRQIOLFW DQGVXJJHVWLQJWKDWDSRVVLEOHVROXWLRQWRWKH
    SUREOHPEHGLVFXVVHG,WLVKLJKO\DGYLVDEOHWRVHHNWKHDVVLVWDQFHRIDQDWWRUQH\ZKHQRQHZULWHVVXFKD
    ¶FHDVHDQGGHVLVW·OHWWHULQRUGHUWRDYRLGFRXUWSURFHHGLQJVLQLWLDWHGE\WKHDOOHJHGLQIULQJHUSURWHVWLQJ
    WKDW QR LQIULQJHPHQW KDV WDNHQ SODFH RU LV LPPLQHQW 7KLV SURFHGXUH LV RIWHQ HIIHFWLYH LQ WKH FDVH RI
    QRQLQWHQWLRQDOLQIULQJHPHQWVLQFHWKHLQIULQJHUZLOOLQPRVWVXFKFDVHVHLWKHUGLVFRQWLQXHWKHDFWLYLWLHV
    RUDJUHHWRQHJRWLDWHDOLFHQVLQJDJUHHPHQW

    • :KHQ \RX DUH IDFHG ZLWK LQWHQWLRQDO LQIULQJHPHQW LQFOXGLQJ LQ SDUWLFXODU FRXQWHUIHLWLQJ DQG SLUDF\
    \RXPD\ZLVKWRVHHNWKHDVVLVWDQFHRIODZHQIRUFHPHQWDXWKRULWLHVWRVXUSULVHWKHLQIULQJHUDWKLVRUKHU
    EXVLQHVV SUHPLVHV LQ RUGHU WR SUHYHQW LQIULQJHPHQW DQG WR SUHVHUYH HYLGHQFH UHOHYDQW WR WKH DOOHJHG
    LQIULQJHPHQW )XUWKHUPRUH WKH LQIULQJHU PD\ EH FRPSHOOHG E\ WKH FRPSHWHQW MXGLFLDO DXWKRULWLHV WR
    LQIRUP\RXRIWKHLGHQWLW\RIWKLUGSDUWLHVLQYROYHGLQWKHSURGXFWLRQDQGGLVWULEXWLRQRIWKHLQIULQJLQJ
    JRRGV RU VHUYLFHV DQG WKHLU FKDQQHOV RI GLVWULEXWLRQ $V DQ HIIHFWLYH GHWHUUHQW WR LQIULQJHPHQW WKH
    MXGLFLDODXWKRULWLHVPD\RUGHUXSRQUHTXHVWIURP\RXUFRPSDQ\WKDWLQIULQJLQJJRRGVEHGHVWUR\HGRU
    GLVSRVHGRIRXWVLGHWKHFKDQQHOVRIFRPPHUFHZLWKRXWFRPSHQVDWLRQRIDQ\VRUW

    • <RX PD\ LQLWLDWH FLYLO SURFHHGLQJV 7KH FRXUWV JHQHUDOO\ SURYLGH D ZLGH UDQJH RI FLYLO UHPHGLHV WR
    FRPSHQVDWH DJJULHYHG RZQHUV RI ,3 ULJKWV 7KHVH LQFOXGH GDPDJHV LQMXQFWLRQV RUGHUV WR DFFRXQW IRU
    SURILWVDQGRUGHUVWRGHOLYHUXSLQIULQJLQJJRRGVWRULJKWKROGHUV7KH,3ODZPD\DOVRFRQWDLQSURYLVLRQV
    WKDWLPSRVHFULPLQDOOLDELOLW\IRUPDNLQJRUFRPPHUFLDOO\GHDOLQJZLWKLQIULQJLQJREMHFWV7KHSHQDOWLHV
    IRUEUHDFKRIWKHUHOHYDQWVHFWLRQVPD\EHLPSULVRQPHQWDQGSHUKDSVHYHQDILQHDVZHOO

    ,QDQ\FDVHLQWKRVHVLWXDWLRQVZKHUHWKHUHLVDQDOOHJHGLQIULQJHPHQWRUDGLVSXWHEHIRUHWDNLQJDQ\
    IRUPDODFWLRQLWZRXOGEHSUXGHQWWRVHHNOHJDOFRXQVHOIURPDFRPSHWHQW,3SURIHVVLRQDOLQRUGHUWR
    PRUH DFFXUDWHO\ DVVHVV WKH PRVW IDYRXUDEOH RSWLRQ IRU \RXU FRPSDQ\ DW WKH ORZHVW SRVVLEOH FRVW ,W
    PD\DOVREHLPSRUWDQWWRUHJLVWHU\RXU,3ULJKWVZLWKWKHFXVWRPVDXWKRULWLHVRQSD\PHQWRIIHHVLQ
    FDVHWKHLQIULQJLQJSLUDWHGRUFRXQWHUIHLWLWHPVDUHFRPLQJIURPDQRWKHUFRXQWU\
    3URWHFWLQJ,3ULJKWVDEURDG 

     9J[UJQWNF+GPHQTEGO[KPVGNNGEVWCNRTQRGTV[TKIJVU!9JQKUTGURQPUKDNGHQT
    GPHQTEKPIVJGOKHVJG[CTGKPHTKPIGF!

    :K\HQIRUFH,3ULJKWV"
    7KH PDLQ REMHFWLYH RI DFTXLULQJ ,3 SURWHFWLRQ LV WR HQDEOH \RXU FRPSDQ\ WR UHDS WKH IUXLWV RI WKH
    LQYHQWLRQV DQG FUHDWLRQV RI LWV HPSOR\HHV 7KH ,3 ULJKWV RI \RXU HQWHUSULVH FDQ OHDG WR EHQHILWV RQO\
    ZKHQWKH\FDQEHHQIRUFHGRWKHUZLVHLQIULQJHUVDQGFRXQWHUIHLWHUVZLOODOZD\VWDNHDGYDQWDJHRIWKH
    DEVHQFHRIHIIHFWLYHHQIRUFHPHQWPHFKDQLVPVWREHQHILWIURP\RXUKDUGZRUN2IWHQWKHPHUHWKUHDW
    RIHQIRUFHPHQWLVDVXIILFLHQWGHWHUUHQWWRZRXOGEHLQIULQJHUV

    ,QDQXWVKHOOIRU\RXUHQWHUSULVHWKHHQIRUFHPHQWRI,3ULJKWVLVHVVHQWLDOLQRUGHUWR
    • 3UHVHUYHWKHOHJDOYDOLGLW\RI\RXU,3ULJKWVEHIRUHWKHUHOHYDQWSXEOLFDXWKRULW\
    • 3UHYHQW LQIULQJHPHQW IURP RFFXUULQJ RU FRQWLQXLQJ LQ WKH PDUNHWSODFH WKXV DYRLGLQJ GDPDJH VXFK DV
    ORVVRIJRRGZLOORUUHSXWDWLRQ
    • 6HHNFRPSHQVDWLRQIRUDFWXDOGDPDJHHJORVVRISURILWUHVXOWLQJIURPDQ\LQVWDQFHRILQIULQJHPHQWLQ
    WKHPDUNHWSODFH

    :KRLVUHVSRQVLEOHIRUHQIRUFLQJ,3ULJKWV"
    7KHEXUGHQRIHQIRUFLQJ,3ULJKWVLVPDLQO\RQWKHKROGHURIVXFKULJKWV,WLVXSWR\RXDVDQ,3ULJKW
    KROGHU WR LGHQWLI\ DQ\ LQIULQJHPHQW RU FRXQWHUIHLWLQJ RI \RXU ,3 ULJKWV DQG WR GHFLGH ZKDW PHDVXUHV
    VKRXOGEHWDNHQ

    +RZHYHU LW LV WKH UHVSRQVLELOLW\ RI WKH QDWLRQDO RU 6WDWH JRYHUQPHQW WR HVWDEOLVK LQVWLWXWLRQV WKDW
    IDFLOLWDWHWKHHQIRUFHPHQWRI,3ULJKWV7KHMXGLFLDU\DQGLQVRPHFDVHVDGPLQLVWUDWLYHERGLHVVXFKDV
    ,3RIILFHVRUFXVWRPVDXWKRULWLHVDUHJRYHUQPHQWLQVWLWXWLRQVWKDWPD\KDYHWRGHDOZLWKLQIULQJHPHQW
    SLUDF\RUFRXQWHUIHLWLQJFDVHV
    :KHUH ERUGHU PHDVXUHV DUH DYDLODEOH DW WKH LQWHUQDWLRQDO ERUGHU V  RI \RXU FRXQWU\ WR SUHYHQW WKH
    LPSRUWDWLRQ RI FRXQWHUIHLW WUDGHPDUN JRRGV RU SLUDWHG FRS\ULJKW JRRGV FXVWRPV DXWKRULWLHV KDYH D
    PDMRU UROH WR SOD\ ZKHQ LW FRPHV WR ,3 HQIRUFHPHQW $FFRUGLQJ WR WKH SURYLVLRQV RI WKH DSSOLFDEOH
    OHJLVODWLRQWKHFXVWRPVDXWKRULWLHVKDYHWRWDNHDFWLRQRQWKHLURZQLQLWLDWLYHRURQWKHUHTXHVWRIWKH
    ULJKWKROGHURUH[HFXWHFRXUWRUGHUV
    )XUWKHUPRUH LQ VRPH FRXQWULHV WKHUH DUH LQGXVWU\ DVVRFLDWLRQV WKDW DVVLVW WKHLU PHPEHUV LQ WKH
    HQIRUFHPHQWRIWKHLU,3ULJKWV VHHZZZEVDRUJRUZZZULDDFRP 

     4'('4'0%'5
    7KH5ROHRIWKH*RYHUQPHQW$XWKRULWLHVLQWKH(QIRUFHPHQWRI,QWHOOHFWXDO3URSHUW\5LJKWV$ODVWDLU+LUVW:,32
    :HE SDJH DW ZZZZLSRLQWVPHHQDFWLYLWLHVPHHWLQJVSGILSUBMXBEH\BESGI 'LVFXVVHV WKH YDULRXV PHWKRGV E\ ZKLFK
    GLIIHUHQWJRYHUQPHQWDXWKRULWLHVPD\HQIRUFH,3ULJKWV
    %XVLQHVV6RIWZDUH$OOLDQFH:HEVLWHDWZZZEVDRUJ,QIRUPDWLRQRQOHJDODVSHFWVRIGLJLWDOZRUNVDQGOLQNVWRDQXPEHURI
    FRXQWU\ DQG UHJLRQVSHFLILF DUWLFOHV RQ ,3UHODWHG LVVXHV VXFK DV ,3 DQG FRS\ULJKW VHFXULW\ DQG F\EHUFULPH WUDGH DQG H
    FRPPHUFH(8SROLFLHVDQGSRVLWLRQSDSHUV
     3URWHFWLQJ,3ULJKWVDEURDG

     *QY ECP EWUVQOU CWVJQTKVKGU JGNR RTGXGPV QT UVQR VJG XKQNCVKQP QH O[
    KPVGNNGEVWCNRTQRGTV[TKIJVU!&Q+JCXGVQPQVKH[VJGOKPCFXCPEG!

    0DQ\ FRXQWULHV KDYH LPSOHPHQWHG ERUGHU HQIRUFHPHQW PHDVXUHV LQ DFFRUGDQFH ZLWK WKHLU
    REOLJDWLRQVXQGHUWKH:72$JUHHPHQWV7KHVHPHDVXUHVDOORZWUDGHPDUNDQGFRS\ULJKWRZQHUVDQG
    OLFHQVHHVWRUHTXHVWWKHGHWHQWLRQRIVXVSHFWHGSLUDWHGDQGFRXQWHUIHLWJRRGVZKLOHWKH\DUHVXEMHFWWR
    WKHFRQWURORIWKHFXVWRPVDXWKRULWLHV
    *HQHUDOO\KRZHYHUERUGHUHQIRUFHPHQWPHDVXUHVGRQRWDSSO\WRJRRGVLPSRUWHGE\DSHUVRQIRUKLV
    RUKHUSULYDWHRUGRPHVWLFXVH7KHH[DFWGHILQLWLRQRIWKHLPSRUWHGTXDQWLW\WKDWTXDOLILHVDV¶JRRGV
    LPSRUWHGIRUSULYDWHRUGRPHVWLFXVHRIDSHUVRQ·YDULHVIURPFRXQWU\WRFRXQWU\DQGHYHQZLWKLQWKH
    VDPHFRXQWU\GHSHQGLQJRQWKHQDWXUHRIWKHJRRGV
    ,Q VRPH FRXQWULHV WKH ULJKWKROGHU FDQ UHTXHVW WKH DVVLVWDQFH RI WKH FXVWRPV DXWKRULWLHV E\ ORGJLQJ
    QRWLFHVJHQHUDOO\RQSD\PHQWRIDSUHVFULEHGIHHRIWKHLUUHJLVWHUHGWUDGHPDUNVDQGJRRGVVXEMHFWWR
    FRS\ULJKW SURWHFWLRQ :KHQ D QRWLFH KDV EHHQ ORGJHG WKH FXVWRPV DXWKRULWLHV DUH DEOH WR GHWDLQ
    XQDXWKRUL]HGFRSLHVRIWUDGHPDUNHGJRRGVRUJRRGVVXEMHFWWRFRS\ULJKWSURWHFWLRQ,QPRVWFRXQWULHV
    WKHULJKWKROGHUKDVWRORGJHDFRPSODLQWSURYLGLQJDOOUHOHYDQWGHWDLOVRIWKHFRQVLJQPHQWFRQFHUQHG
    HYHU\WLPHWKHULJKWKROGHUKDVUHDVRQWREHOLHYHWKDWSLUDWHGRUFRXQWHUIHLWJRRGVDUHEHLQJLPSRUWHG
    &XVWRPV DXWKRULWLHV PD\ GHWDLQ JRRGV VXEMHFW WR D QRWLFH IRU D SHULRG RI XS WR  ZRUNLQJ GD\V
    1RWLFHVDUHYDOLGIRUDVSHFLILHGSHULRGDIWHUZKLFKWKH\DUHUHQHZDEOHRUXQWLOWKHSHULRGRIFRS\ULJKW
    SURWHFWLRQ RU WUDGHPDUN UHJLVWUDWLRQ H[SLUHV 'XULQJ WKLV SHULRG WKH LPSRUWHU PD\ DOVR DSSO\ WR WKH
    FRXUWIRUDUXOLQJWKDWWKHJRRGVGRQRWLQIULQJHWKHWUDGHPDUNRUFRS\ULJKWHGZRUNRUDUHQRWFRYHUHG
    E\WKHQRWLFH

    ,QVRPHFRXQWULHVLIWKHFXVWRPVDXWKRULWLHVEHFRPHDZDUHWKDWVXVSHFWHGLQIULQJLQJJRRGVKDYHEHHQ
    LPSRUWHGDQGDQDSSOLFDEOHQRWLFHLVQRWLQSODFHWKH\PD\LQIRUPWKHULJKWKROGHUV LINQRZQ RIWKH
    LPSRUWDWLRQ DQG DGYLVH WKHP WR ORGJH D QRWLFH ZLWK WKH FXVWRPV DXWKRULWLHV ZLWKLQ D VSHFLILHG WLPH
    IUDPH

    ,QYDULDEO\ WKH ULJKWKROGHU LV DVNHG WR FRPSOHWH D IRUP RI LQGHPQLW\ WR FRYHU FRVWV WKDW PLJKW EH
    LQFXUUHGE\WKHFXVWRPVDXWKRULWLHV VXFKDVVWRUDJHWUDQVSRUWDQGOHJDOFRVWV LQHQIRUFLQJQRWLFHV
    :KHUHJRRGVDUHGHWDLQHGWKHFXVWRPVDXWKRULWLHVQRWLI\WKHULJKWKROGHUVVRWKDWWKH\FDQGHWHUPLQH
    ZKHWKHUWKHJRRGVDUHSLUDWHGRUFRXQWHUIHLW2QO\LQWKH8QLWHG6WDWHVLVWKLVGHWHUPLQDWLRQFDUULHG
    RXW E\ WKH FXVWRPV DXWKRULWLHV WKHPVHOYHV 'XULQJ WKLV GHWHQWLRQ SHULRG ULJKWKROGHUV PXVW DOVR
    GHFLGH ZKHWKHU WKH\ ZLOO SXUVXH SURFHHGLQJV WR SURYH WKDW WKH JRRGV DUH LQIULQJLQJ WKHLU ULJKWV ²
    WKRXJKDIXUWKHUGD\SHULRGLVDYDLODEOHLQVRPHFLUFXPVWDQFHVRQDSSOLFDWLRQSURYLGLQJVXSSRUWLQJ
    UHDVRQV6XVSHFWHGJRRGVZLOOEHGHWDLQHGE\WKHFXVWRPVDXWKRULWLHVSHQGLQJWKHGHFLVLRQRIWKHFRXUW
    ,IDULJKWKROGHUGRHVQRWFRPPHQFHSURFHHGLQJVZLWKLQWKHGD\SHULRGWKHFXVWRPVDXWKRULWLHVDUH
    UHTXLUHGWRUHOHDVHWKHJRRGVWRWKHLPSRUWHU
    6LQFH ,3 SURWHFWLRQ LV D FRPSOH[ LVVXH \RX PD\ ZLVK WR FRQVLGHU REWDLQLQJ VSHFLDOLVW DGYLFH IURP D
    SDWHQWDWWRUQH\ODZ\HUHWFEHIRUHORGJLQJDQRWLFH

     4'('4'0%'5
    7KH :&2 ,35 6WUDWHJLF *URXS :RUOG &XVWRPV 2UJDQL]DWLRQ :HEVLWH DW ZZZZFRLSURUJ &RQWDLQV OLQNV WR D ZRUOG
    GLUHFWRU\RIFXVWRPVOHJLVODWLRQRQOLQHDSSOLFDWLRQVIRUFXVWRPVSURWHFWLRQIRUPVIRUGRZQORDGDQGJXLGDQFHRQKRZWRDSSO\
    UHOHYDQW SUHVHQWDWLRQV DQG SXEOLVKHG DUWLFOHV DQG OLQNV WR WKH 5($&7 LQWHUQHW VLWH ZKLFK KHOSV IURQWOLQH RIILFHUV WR LGHQWLI\
    LQIULQJLQJJRRGV
    8QLWHG6WDWHV&XVWRPV %RUGHU3URWHFWLRQ &%3 ,35(QIRUFHPHQW
    :HE SDJH DW ZZZFXVWRPVXVWUHDVJRY[SFJRYLPSRUWFRPPHUFLDOBHQIRUFHPHQWLSULSU[PO ,QIRUPDWLRQ RQ FXVWRPV ,35
    HQIRUFHPHQWLQWKH8QLWHG6WDWHV
    3URWHFWLQJ,3ULJKWVDEURDG 

     9JCV CTG O[ QRVKQPU HQT UGVVNKPI O[ KPVGNNGEVWCN RTQRGTV[ FKURWVGU QWV QH
    EQWTV!

    ,QPDQ\LQVWDQFHVWKHPRVWH[SHQVLYHZD\WRGHDOZLWKLQIULQJHPHQWPD\EHOLWLJDWLRQLQDFRXUWRI
    ODZ WKDW KDV MXULVGLFWLRQ RYHU WKH LVVXH LQ SDUWLFXODU ZKHQ ,3 ULJKWV RI \RXU FRPSDQ\ KDYH EHHQ
    YLRODWHG E\ D QXPEHU RI ¶FRPSHWLWRUV· LQ WKH VDPH RU GLIIHUHQW MXULVGLFWLRQV ,Q WKH ODWWHU VLWXDWLRQ
    \RXU HQWHUSULVH ZRXOG KDYH WR HQIRUFH LWV ULJKWV LQ GLIIHUHQW SODFHV EHIRUH GLIIHUHQW FRXUWV )RU WKLV
    UHDVRQ\RXPD\ZDQWDQDOWHUQDWLYHGLVSXWHUHVROXWLRQPHFKDQLVP²XVXDOO\DUELWUDWLRQRUPHGLDWLRQ²
    ZKLFKPD\EHOHVVFRVWO\DQGOHVVWLPHFRQVXPLQJ$UELWUDWLRQJHQHUDOO\KDVWKHDGYDQWDJHRIEHLQJD
    OHVV IRUPDO SURFHGXUH WKDQ D FRXUW DQG DQ DUELWUDO DZDUG LV PRUH HDVLO\ HQIRUFHDEOH LQWHUQDWLRQDOO\
    2QH DGYDQWDJH RI PHGLDWLRQ LV WKDW WKH SDUWLHV UHWDLQ FRQWURO RI WKH GLVSXWH UHVROXWLRQ SURFHVV 7KLV
    FDQ KHOS WR SUHVHUYH JRRG EXVLQHVV UHODWLRQV ZLWK DQRWKHU HQWHUSULVH ZLWK ZKLFK \RX PD\ ZLVK WR
    FROODERUDWHLQWKHIXWXUH+RZHYHUWKHGHFLVLRQVRIPHGLDWRUVDUHQRWELQGLQJDQGWKHUHIRUHPD\ODFN
    WKH¶WHHWK·WRVROYHDGLVSXWH

    &RXUWOLWLJDWLRQRUDOWHUQDWLYHGLVSXWHUHVROXWLRQ"
    'HSHQGLQJ RQ WKH PHULWV RI \RXU FDVH PHGLDWLRQ RU DUELWUDWLRQ PD\ EH D JRRG DOWHUQDWLYH WR FRXUW
    SURFHHGLQJV7KHVHDOWHUQDWLYHRSWLRQVKRZHYHUDUHJHQHUDOO\DYDLODEOHRQO\ZKHQWKHGLVSXWHRYHU,3
    ULJKWVLVEHWZHHQSDUWLHVWRDFRQWUDFWIRUH[DPSOHEHWZHHQDOLFHQVRUDQGDOLFHQVHHRUEHWZHHQMRLQW
    YHQWXUH SDUWQHUV ZKR KDYH DJUHHG WR KDYH UHFRXUVH WR PHGLDWLRQ RU DUELWUDWLRQ LQ SUHIHUHQFH WR
    DGMXGLFDWLRQ LQ D FRPSHWHQW FRXUW RI ODZ ,W LV SUXGHQW WR FRQVLGHU WKH SRVVLELOLW\ RI D GLVSXWH DQG
    SURYLGH PHDQV IRU LWV VHWWOHPHQW DW WKH WLPH RI GUDIWLQJ WKH RULJLQDO FRQWUDFW 2QFH D GLVSXWH KDV
    DULVHQLWLVPRUHGLIILFXOWDQGVRPHWLPHVHYHQLPSRVVLEOHWRUHDFKDQDJUHHPHQWWRVHWWOHWKHGLVSXWH
    E\PHGLDWLRQRUDUELWUDWLRQ<RXPD\KRZHYHUZLVKWRUHTXHVWWKH:,32$UELWUDWLRQDQG0HGLDWLRQ
    &HQWHUWRFRQWDFWWKHRWKHUHQWHUSULVHLQYROYHGLQWKHGLVSXWHLQRUGHUWRKHOSWKHSDUWLHVWRDJUHHWR
    WKHVXEPLVVLRQRIWKHGLVSXWHWRWKH&HQWHUIRUVHWWOHPHQWXQGHUWKH:,320HGLDWLRQ$UELWUDWLRQRU
    ([SHGLWHG$UELWUDWLRQ5XOHV2IWHQPHGLDWLRQDQGDUELWUDWLRQDUHDYHU\JRRGVXEVWLWXWHIRURUDWOHDVW
    LQWKHFDVHRIPHGLDWLRQDOHVVH[SHQVLYHSUHOXGHWRIRUPDOOLWLJDWLRQ$VSDUWRI\RXUEXVLQHVVVWUDWHJ\
    \RXU FRPSDQ\ ZRXOG EH ZHOO DGYLVHG WR LQFRUSRUDWH DSSURSULDWH FODXVHV LQ DJUHHPHQWV VR WKDW WKH
    RSWLRQRIGHDOLQJZLWK,3GLVSXWHVILUVW DQGSRVVLEO\RQO\ E\UHFRXUVHWRPHGLDWLRQRUDUELWUDWLRQLV
    DYDLODEOH

    7KH:,32$UELWUDWLRQDQG0HGLDWLRQ&HQWHU
    7KH:,32$UELWUDWLRQDQG0HGLDWLRQ&HQWHULVRQHRIDQXPEHURILQVWLWXWLRQVWKDW\RXFDQDSSURDFK
    IRUDVVLVWDQFHLQUHVROYLQJDQ,3GLVSXWHZLWKRXWUHFRXUVHWRFRXUWSURFHHGLQJV,WSURYLGHVDYDULHW\RI
    VHUYLFHV IRU WKH UHVROXWLRQ RI FRPPHUFLDO GLVSXWHV EHWZHHQ SULYDWH HQWHUSULVHV LQFOXGLQJ 60(V 7KH
    &HQWHUSURYLGHVVHUYLFHVLQUHODWLRQWR
    • $UELWUDWLRQ KWWSDUELWHUZLSRLQWDUELWUDWLRQ 
    • 0HGLDWLRQ KWWSDUELWHUZLSRLQWPHGLDWLRQ 
    • 'LVSXWHVFRQFHUQLQJGRPDLQQDPHV KWWSDUELWHUZLSRLQWGRPDLQV DQG
    • 2WKHUVSHFLDOL]HGVHUYLFHVIRUWKHUHVROXWLRQRIGLVSXWHV KWWSDUELWHUZLSRLQWFHQWHU 

     4'('4'0%'5
    :,32$UELWUDWLRQDQG0HGLDWLRQ&HQWHU:HEVLWHDWKWWSDUELWHUZLSRLQW/LQNVDQGLQIRUPDWLRQRQRXWRIFRXUWGLVSXWH
    VHWWOHPHQWRSWLRQV
    'LVSXWH5HVROXWLRQIRUWKHVW&HQWXU\:,32ZZZZLSRLQWIUHHSXEOLFDWLRQVHQDUELWUDWLRQHSGI$QRYHUYLHZRI
    UHVRXUFHVDQGVHUYLFHVDYDLODEOHWKURXJKWKH:,32$UELWUDWLRQDQG0HGLDWLRQ&HQWHU
    5HVROYLQJ ,3 GLVSXWHV WKURXJK $'5 - /DPEHUW 1,3&  :HE SDJH DW ZZZQLSFODZFRPOLWDGULSKWP 'LVFXVVHV
    DOWHUQDWLYHGLVSXWHUHVROXWLRQIRU,3GLVSXWHVDVDQLPSRUWDQWPHFKDQLVPKDVOLQNVWRRWKHUUHODWHGUHVRXUFHV
    
    

    
     4XDOLW\WHFKQLFDOUHJXODWLRQVDQGVWDQGDUGV

     *QYFQGUKPVGNNGEVWCNRTQRGTV[TGNCVGVQVGEJPKECNTGIWNCVKQPUCPFUVCPFCTFU!

    7KH ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,62  GHILQHV D VWDQGDUG DV ¶D GRFXPHQW
    HVWDEOLVKHGE\FRQVHQVXVDQGDSSURYHGE\DUHFRJQL]HGERG\WKDWSURYLGHVIRUFRPPRQDQGUHSHDWHG
    XVH UXOHV JXLGHOLQHV RU FKDUDFWHULVWLFV IRU DFWLYLWLHV RU WKHLU UHVXOWV DLPHG DW WKH DFKLHYHPHQW RI WKH
    RSWLPXPGHJUHHRIRUGHULQDJLYHQFRQWH[W·

    7KHUHDUHPDQ\W\SHVRIVWDQGDUGVVHUYLQJGLIIHUHQWSXUSRVHV7KH\KHOSWRPDNHOLIHVLPSOHUDQGVDIHU
    IRUFRQVXPHUVWKH\LQFUHDVHWKHUHOLDELOLW\DQGWKHHIIHFWLYHQHVVRIPDQ\JRRGVDQGVHUYLFHVDQGWKH\
    VLJQLILFDQWO\ IDFLOLWDWH WUDGH 6WDQGDUGV DUH JHQHUDOO\ GHVLJQHG IRU YROXQWDU\ XVH +RZHYHU ODZV DQG
    UHJXODWLRQVPD\PDNHFRPSOLDQFHZLWKFHUWDLQVWDQGDUGVFRPSXOVRU\7KLVPD\EHWKHFDVHSDUWLFXODUO\
    ZLWK VWDQGDUGV UHODWLQJ WR KHDOWK VDIHW\ RU WKH HQYLURQPHQW ,I \RX DUH SODQQLQJ WR VHOO SURGXFWV LQ
    RWKHUFRXQWULHVLWLVHVVHQWLDOWKDWWKH\FRQIRUPWRWKHKHDOWKVDIHW\DQGHQYLURQPHQWDOVWDQGDUGVRI
    WKH FRXQWULHV LQ TXHVWLRQ 0RVW QDWLRQDO VWDQGDUGVHWWLQJ ERGLHV RU VWDQGDUGV GHYHORSPHQW
    RUJDQL]DWLRQVKDYHDZHEVLWHZKHUHDOLVWRIH[LVWLQJVWDQGDUGVFDQJHQHUDOO\EHIRXQG

    3DWHQWVLQVWDQGDUGVDQGWHFKQLFDOUHJXODWLRQV
    6WDQGDUGVDUHJHQHUDOO\GHYHORSHGE\WHFKQLFDOFRPPLWWHHVFRPSULVLQJDQXPEHURIVWDNHKROGHUVDQG
    H[SHUWV LQ WKH ILHOG 'XULQJ WKH GHYHORSPHQW RI WHFKQLFDO VWDQGDUGV SDUWLFLSDQWV PD\ GUDZ WKH
    DWWHQWLRQ RI WKH FRPPLWWHH WR WKH IDFW WKDW WKHUH PD\ EH RQH RU PRUH ¶HVVHQWLDO SDWHQWV· ZKLFK DUH
    QHHGHGIRUPHHWLQJWKHVWDQGDUGLHLWZRXOGEHLPSRVVLEOHIRUVRPHRQHWRFRPSO\ZLWKWKHVWDQGDUG
    ZLWKRXWLQIULQJLQJWKHSDWHQW6RWKHSHUPLVVLRQRIWKHSDWHQWKROGHUZRXOGEHQHHGHGDQGWKDWZRXOG
    PHDQPDNLQJDSD\PHQWIRUXVLQJLWXQGHUDOLFHQFHDJUHHPHQW
    $V D JHQHUDO UXOH PDQ\ VWDQGDUGVHWWLQJ ERGLHV GLVFRXUDJH WKH XVH RI SURSULHWDU\ RU SDWHQWHG
    WHFKQRORJ\ LQ VWDQGDUGV WKH\ VXSSRUW LW RQO\ LQ ¶H[FHSWLRQDO FDVHV· ZKHUH MXVWLILHG E\ ¶WHFKQLFDO
    UHDVRQV· ,Q VXFK FDVHV WKH SDWHQW KROGHU RI D WHFKQRORJ\ FRQVLGHUHG WR EH FUXFLDO IRU PHHWLQJ WKH
    UHTXLUHPHQWV RI D VWDQGDUG PD\ EH FRQWDFWHG E\ WKH WHFKQLFDO FRPPLWWHH RI D VWDQGDUGVHWWLQJ ERG\
    DQGDVNHGZKHWKHULWDJUHHVWRQHJRWLDWHOLFHQFHVZLWKXVHUVRIVXFKVWDQGDUGVRQQRQGLVFULPLQDWRU\
    DQG UHDVRQDEOH WHUPV DQG FRQGLWLRQV 7KHUH PD\ DOVR EH FDVHV LQ ZKLFK LQ RUGHU WR FRPSO\ ZLWK D
    JLYHQVWDQGDUG\RXFRXOGFKRRVHIURPDVHULHVRIDOWHUQDWLYHWHFKQRORJLHVPDQ\RIZKLFKLQFOXGHWKH
    XVHRISDWHQWHGWHFKQRORJ\
    :KDWLVFUXFLDOWRXQGHUVWDQGLVWKDWLQRUGHUWRFRPSO\ZLWKDJLYHQVWDQGDUGRUWHFKQLFDOUHJXODWLRQ
    \RX PD\ KDYH WR XVH D SDWHQWHG WHFKQRORJ\ ,Q VXFK FDVHV \RX ZRXOG QHHG WR REWDLQ D OLFHQFH
    IURP WKH SDWHQWKROGHU 2Q RFFDVLRQV SDWHQWKROGHUV PD\ DJUHH WR JUDQW UR\DOW\IUHH OLFHQFHV EXW
    WKLVPD\QRWDOZD\VEHWKHFDVH

    ([DPSOH
    'LIIHUHQW VWDQGDUGVHWWLQJ ERGLHV PD\ GHDO ZLWK WKHVH W\SHV RI VLWXDWLRQV LQ GLIIHUHQW ZD\V $V DQ
    LOOXVWUDWLRQWKH,QVWLWXWHRI(OHFWULFDODQG(OHFWURQLFV(QJLQHHUV ,((( VWDWHVWKDWSDWHQWHGWHFKQRORJ\
    PD\EHLQFOXGHGLQDQ,(((VWDQGDUGSURYLGHGWKHUHLVWHFKQLFDOMXVWLILFDWLRQ

     4'('4'0%'5
    ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ ,62 :HEVLWHDWZZZLVRRUJ

    
    6HHZZZLVRFKLVRHQDERXWLVRLVRPHPEHUVIRUDOLVWRIQDWLRQDOVWDQGDUGVVHWWLQJERGLHV
    4XDOLW\WHFKQLFDOUHJXODWLRQVDQGVWDQGDUGV 

    $Q ,((( ZRUNLQJ JURXS PD\ VHQG WR WKH KROGHU RI WKH ¶HVVHQWLDO SDWHQW· D UHTXHVW IRU D OHWWHU RI
    DVVXUDQFH,QWKHOHWWHURIDVVXUDQFHDSDWHQWKROGHUPD\GRRQHRIWKUHHWKLQJV
    • 6WDWHWKDWLWZLOOQRWHQIRUFHLWVSDWHQWDJDLQVWLPSOHPHQWHUVRIWKHVWDQGDUG
    • 2IIHUDQRQGLVFULPLQDWRU\UR\DOW\IUHHOLFHQFHZLWKUHDVRQDEOHWHUPVDQGFRQGLWLRQV
    • 2IIHUDQRQGLVFULPLQDWRU\OLFHQFHZLWKUHDVRQDEOHUDWHVWHUPVDQGFRQGLWLRQV

    ,((( ZRUNLQJ JURXSV GR QRW PDNH DVVHVVPHQWV RI WKH UHDVRQDEOHQHVV RI WHUPV DQG FRQGLWLRQV RI D
    OLFHQFH DQG FRPSDQLHV ZLVKLQJ WR FRPSO\ ZLWK WKH VWDQGDUG ZLOO QHHG WR QHJRWLDWH D OLFHQFH GLUHFWO\
    ZLWKWKHSDWHQWKROGHU

    $VDQ60(\RXPXVWNQRZWKHUXOHVRIWKHJDPHVRWKDW\RXDUHDEOHWRQHJRWLDWHWKHEHVWSRVVLEOH
    WHUPVIRUVXFKDSURSULHWDU\WHFKQRORJ\ZKLFKLVHVVHQWLDOIRUPHHWLQJWKHUHTXLUHPHQWVRIDYROXQWDU\
    RUFRPSXOVRU\VWDQGDUG

    'HIDFWRVWDQGDUGV
    $VZHOODVWKHIRUPDOVWDQGDUGVVHWE\DQDWLRQDORULQWHUQDWLRQDOVWDQGDUGVHWWLQJERG\PDQ\GHIDFWR
    VWDQGDUGV DULVH LQ WKH PDUNHWSODFH HVSHFLDOO\ LQ WKH DUHD RI HOHFWURQLFV DQG LQIRUPDWLRQ WHFKQRORJ\
    HJ LQ WKH FDVH RI ,QWHO DQG 0LFURVRIW  ,Q VXFK VLWXDWLRQV \RXU ILUP PD\ JHW ¶ORFNHG LQ· WR XVLQJ
    SURSULHWDU\ RU SDWHQWHG WHFKQRORJLHV LI WKH GHYHORSPHQW PDQXIDFWXUH GLVWULEXWLRQ RU PDUNHWLQJ RI
    \RXUSURGXFWLVGHSHQGHQWRQWKHGHIDFWRVWDQGDUGWHFKQRORJ\,I\RXSURGXFWLVWRLQFOXGHSURSULHWDU\
    WHFKQRORJ\ RI DQ\ NLQG \RX ZLOO QHHG WR VHHN DXWKRUL]DWLRQ DQG VLJQ D OLFHQVLQJ DJUHHPHQW ZLWK WKH
    RZQHURIWKHWHFKQRORJ\HYHQLILWUHODWHVWRDGHIDFWRVWDQGDUG ,I\RXILQG\RXUVHOI¶ORFNHGLQ·DQGWKH
    KROGHURISDWHQWVLQVXFKDGHIDFWRVWDQGDUGLVQRORQJHUSURYLGLQJDFFHVVWRWKHSDWHQWHGWHFKQRORJ\RU
    LV GRLQJ VR RQ XQUHDVRQDEOH WHUPV WKHQ \RX PD\ KDYH WR WDNH DFWLRQ EDVHG RQ DQWLFRPSHWLWLYH
    SUDFWLFHZKLFKLVDFWLRQDEOHXQGHUDFRXQWU\·VFRPSHWLWLRQRUDQWLWUXVWODZ 
     4XDOLW\WHFKQLFDOUHJXODWLRQVDQGVWDQGDUGV

     9JCVKURTQFWEVEGTVKHKECVKQP!9JCVKUVJGTQNGQHEGTVKHKECVKQPOCTMU!

    3URGXFWFHUWLILFDWLRQ
    3URGXFW FHUWLILFDWLRQ LV GHILQHG DV D ¶SURFHGXUH E\ ZKLFK D WKLUG SDUW\ JLYHV ZULWWHQ DVVXUDQFH WKDW D
    SURGXFWSURFHVVRUVHUYLFHFRQIRUPVWRVSHFLILHGUHTXLUHPHQWV·3URGXFWFHUWLILFDWLRQLQYROYHVWKHLVVXH
    RI D FHUWLILFDWH RU PDUN RU ERWK  WR GHPRQVWUDWH WKDW D SDUWLFXODU SURGXFW PHHWV D GHILQHG VHW RI
    UHTXLUHPHQWV IRU WKDW SURGXFW XVXDOO\ VSHFLILHG LQ D VWDQGDUG 7KH FHUWLILFDWLRQ PDUN LV QRUPDOO\
    IRXQG RQ WKH SURGXFW RU LWV SDFNDJLQJ DQG PD\ DOVR DSSHDU RQ D FHUWLILFDWH LVVXHG E\ WKH SURGXFW
    FHUWLILFDWLRQ ERG\ 7KH PDUN FDUULHV D UHIHUHQFH WR WKH QXPEHU RU QDPH RI WKH UHOHYDQW SURGXFW
    VWDQGDUGDJDLQVWZKLFKWKHSURGXFWKDVEHHQFHUWLILHG

    $FHUWLILFDWLRQPDUNPD\EHGHILQHGDVD¶PDUNXVHGWRGLVWLQJXLVKJRRGVDQGVHUYLFHVWKDWFRPSO\ZLWK
    DVHWRIVWDQGDUGVDQGKDYHEHHQFHUWLILHGE\DFHUWLI\LQJDXWKRULW\·7KH:RROPDUNV\PEROZKLFKLVD
    FHUWLILFDWLRQ PDUN RI WKH :RROPDUN &RPSDQ\ LV D ZHOONQRZQ H[DPSOH 7KH :RROPDUN LV D TXDOLW\
    DVVXUDQFHV\PEROGHQRWLQJWKDWWKHSURGXFWVRQZKLFKLWLVDSSOLHGDUHPDGHIURPQHZZRRODQG
    FRPSO\ZLWKVWULFWSHUIRUPDQFHVSHFLILFDWLRQVVHWGRZQE\WKH:RROPDUN&RPSDQ\,WLVUHJLVWHUHGLQ
    RYHUFRXQWULHVDQGLVOLFHQVHGWRPDQXIDFWXUHUVZKRDUHDEOHWRPHHWWKHVHTXDOLW\VWDQGDUGVLQ
    FRXQWULHV

    $GHPRQVWUDWLRQRITXDOLW\
    $SURGXFWEHDULQJDPDUNFDUULHVDWKLUGSDUW\JXDUDQWHHWKDW
    • 7KHSURGXFWKDVEHHQSURGXFHGDFFRUGLQJWRDQDSSOLFDEOHVWDQGDUG
    • 3URGXFWLRQKDVEHHQVXSHUYLVHGDQGFRQWUROOHG
    • 7KHSURGXFWKDVEHHQWHVWHGDQGLQVSHFWHG
    • ,IFXVWRPHUVILQGWKDWWKHPDUNHGSURGXFWGRHVQRWPHHWWKHGHFODUHGVWDQGDUGWKH\FDQDSSURDFKWKH
    FHUWLILFDWLRQERG\WRUHVROYHWKHLUFRPSODLQW

    3URGXFWFHUWLILFDWLRQERGLHVXVHYDULRXVHYDOXDWLRQWHFKQLTXHV PRVWRIZKLFKDUHGHSHQGHQWRQWHVWLQJ
    RIWKHSURGXFW ZKHQGHFLGLQJZKHWKHURUQRWWRDZDUGDFHUWLILFDWH6RPHRIWKHPRUHFRPSUHKHQVLYH
    PHWKRGVDUH
    • ¶7\SHWHVWLQJ·RIWKHSURGXFW
    • $VVHVVPHQWRIIDFWRU\TXDOLW\FRQWURODQGLWVDFFHSWDQFH
    • 6XUYHLOODQFHYLVLWWRWKHIDFWRU\WRDXGLWIDFWRU\TXDOLW\FRQWURODQG
    • 7HVWLQJRIVDPSOHVWDNHQIURPWKHRSHQPDUNHW

    ,GHDOO\SURGXFWFHUWLILFDWLRQPDUNVVKRXOGGHPRQVWUDWHWRFRQVXPHUVWKDWWKHSURGXFWPHHWVDQGZLOO
    FRQWLQXH WR PHHW WKH JHQHUDOO\ DFFHSWHG VWDQGDUG IRU WKDW SURGXFW RU VHUYLFH 2WKHU SDUWLHV VXFK DV
    UHJXODWRUV PD\ UHTXLUH WKH PDUNV WR GHPRQVWUDWH WKDW WKH ERG\ WKDW SHUIRUPHG WKH SURGXFW
    FRQIRUPLW\DVVHVVPHQWLVFRPSHWHQWWRGRVR

     4'('4'0%'5
    *HQHUDO5HTXLUHPHQWVIRU%RGLHV2SHUDWLQJ3URGXFW&HUWLILFDWLRQ6\VWHPV,62,(&*XLGH86$YDLODEOH
    IURPWKH,626WRUHDWZZZLVRFK6SHFLILHVJHQHUDOUHTXLUHPHQWVIRUWKLUGSDUWLHVRSHUDWLQJDSURGXFWFHUWLILFDWLRQV\VWHP
    &(0DUNLQJ:HEVLWHDWZZZFHPDUNLQJRUJ3URYLGHVLQIRUPDWLRQRQ&(PDUNLQJLQ(XURSH
    4XDOLW\WHFKQLFDOUHJXODWLRQVDQGVWDQGDUGV 

    5HDVRQVIRUFHUWLILFDWLRQ
    $QHHGIRUSURGXFWFHUWLILFDWLRQPD\DULVHIRURQHRUPRUHRIWKHIROORZLQJUHDVRQV
    • 7KH VHOOHUV DUH DQ[LRXV WR EXLOG WKHLU UHSXWDWLRQ H[SDQG WKHLU PDUNHWV LPSURYH FRPSHWLWLYHQHVV
    SURPRWHQHZSURGXFWVHWF
    • 7KHSXUFKDVHUV LQGLYLGXDOVVWRFNLVWVPDQXIDFWXUHUVSXEOLFSURFXUHPHQWRIILFLDOVLPSRUWHUVHWF ZDQW
    DJXDUDQWHHRIWKHTXDOLW\RIWKHSURGXFWVWKH\EX\
    • /HJLVODWLRQ WR SURWHFW FRQVXPHUV· KHDOWK DQG VDIHW\ UHTXLUHV SURGXFWV WR FDUU\ D FHUWLILFDWLRQ PDUN )RU
    H[DPSOH FHUWDLQ SURGXFWV DSSHDULQJ LQ WKH OLVWV RI (XURSHDQ 8QLRQ (8  SURGXFW UHJXODWLRQV DUH
    UHTXLUHG WR EHDU WKH ¶&(· PDUN DQG FHUWDLQ HOHFWULF RU HOHFWURQLF SURGXFWV FDQQRW EH PDUNHWHG LQ
    &DQDGDXQOHVVWKH\EHDUWKH&DQDGLDQ6WDQGDUGV$VVRFLDWLRQ &6$ PDUN
    3URGXFW FHUWLILFDWLRQ FDUULHG RXW E\ WKLUGSDUW\ LH LQGHSHQGHQW RI FRQVXPHU VHOOHU RU EX\HU 
    FHUWLILFDWLRQ ERGLHV LV PRVW DFFHSWDEOH WR SXUFKDVHUV LPSRUWHUV DQG UHJXODWRU\ DXWKRULWLHV 0DQ\
    QDWLRQDO VWDQGDUGVHWWLQJ ERGLHV SURYLGH WKLUGSDUW\ SURGXFW FHUWLILFDWLRQ VHUYLFHV ZKLFK LQFOXGH
    SODFLQJ WKHLU FHUWLILFDWLRQ PDUN RQ WKH SURGXFW DORQJ ZLWK WKH UHIHUHQFH QXPEHU RI WKH QDWLRQDO
    VWDQGDUGXVHGDVWKHFULWHULRQIRUWHVWLQJWKHSURGXFW,QVRPHFRXQWULHVSURGXFWFHUWLILFDWLRQLVDOVR
    FDUULHGRXWE\WUDGHRULQGXVWU\DVVRFLDWLRQVJRYHUQPHQWLQVWLWXWLRQVRUSULYDWHFHUWLILFDWLRQERGLHV²
    DVLVWKHFDVHZLWKSURGXFWFHUWLILFDWLRQRIHOHFWULFDOLWHPVE\.(0$DFRPSDQ\LQWKH1HWKHUODQGVRU
    ZLWKFHUWLILFDWLRQRIOXEULFDQWVE\WKH/XEULFDQW0DQXIDFWXUHUV$VVRFLDWLRQLQWKH8QLWHG6WDWHV

    ,62,(& *XLGH  *HQHUDO 5HTXLUHPHQWV IRU %RGLHV 2SHUDWLQJ 3URGXFW &HUWLILFDWLRQ 6\VWHPV JLYHV
    UHTXLUHPHQWVIRUHQVXULQJWKHRSHUDWLRQRIWKLUGSDUW\FHUWLILFDWLRQV\VWHPVLQDFRQVLVWHQWDQGUHOLDEOH
    PDQQHU ,62,(& *XLGH  KHOSV SURGXFW FHUWLILFDWLRQ ERGLHV WR REWDLQ DFFHSWDQFH QDWLRQDOO\ DQG
    LQWHUQDWLRQDOO\ WKXV IXUWKHULQJ LQWHUQDWLRQDO WUDGH DQG DOVR IXOILOOLQJ WKH UHTXLUHPHQWV UHODWLQJ WR
    FRQIRUPLW\DVVHVVPHQWRIWKH:72$JUHHPHQWRQ7HFKQLFDO%DUULHUVWR7UDGH
    
    

    
     9DOXDWLRQRILQWHOOHFWXDOSURSHUW\ULJKWV

     5JQWNF+IGVCXCNWCVKQPQHO[KPVGNNGEVWCNRTQRGTV[TKIJVU!

    7KH LQFUHDVHG UHFRJQLWLRQ RI ,3 DV D EXVLQHVV DVVHW DQG WRRO WKDW FDQ VLJQLILFDQWO\ FRQWULEXWH WR
    EXVLQHVVVXFFHVVDQGRIWKHIDFWWKDWWKHSRWHQWLDOH[LVWVIRUHQWHUSULVHVWRH[WUDFWYDOXHIURPWKHLU,3
    SRUWIROLRVKDVOHGWRDJURZLQJLQWHUHVWLQWKHZD\,3ULJKWVPLJKWEHYDOXHG

    &DUH VKRXOG EH WDNHQ KHUH RQ WKH GLIIHUHQFH EHWZHHQ WKH SULFH DQG WKH YDOXH RI DQ ,3 DVVHW 3ULFH LV
    W\SLFDOO\ GHILQHG DV ZKDW D EX\HU LV ZLOOLQJ WR SD\ LQ DQ DUPVOHQJWK WUDQVDFWLRQ EDVHG LQ WKH
    SHUFHLYHG YDOXH RI WKH SURGXFW 9DOXH LV DQ DEVWUDFW EXW GHWHUPLQLVWLF TXDQWLW\ ZKRVH FDOFXODWLRQ LV
    EDVHG XSRQ DQ RUGHUO\ WHVWHG VHW RI PHWKRGV DQG UXOHV ,Q RWKHU ZRUGV ZKLOH ,3 YDOXDWLRQ PD\
    LQIOXHQFHWKHSULFLQJRIDQ,3DVVHWLWLVQRWQHFHVVDULO\WKHVDPHDVWKHSULFLQJH[HUFLVH7KHODWWHULV
    XVXDOO\ LQIOXHQFHG E\ PDQ\ RWKHU IDFWRUV ZKLFK LQFOXGH WLPH GHPDQG UHDVRQV IRU VHOOLQJ DQG WKH
    QHJRWLDWLRQVNLOOVRIWKHSDUWLHVLQYROYHG
    7KH WRROV XVHG IRU WKH YDOXDWLRQ RI ,3 DVVHWV FDQ KHOS HQWHUSULVHV WR PDQDJH WKHLU ,3 SRUWIROLR PRUH
    HIIHFWLYHO\DQGHIILFLHQWO\DQGDQ,3YDOXDWLRQSURYLGHVDXVHIXO\DUGVWLFNDQGQHJRWLDWLQJEDVHLQWKH
    HYHQWRIDVVLJQLQJRUSXUFKDVLQJ,3DVVHWV
    %HIRUH DQ HQWHUSULVH HPEDUNV RQ D YDOXDWLRQ RI LWV ,3 DVVHWV WKH IROORZLQJ TXHVWLRQV VKRXOG EH
    DQVZHUHG
    • :K\KDVLWGHFLGHGWRYDOXHLWV,3ULJKWV"
    • :KHQZLOOWKHLQIRUPDWLRQ WKHUHVXOWVRIWKHYDOXDWLRQ EHQHHGHGDQGXVHG"
    • :KLFK,3ULJKWVDUHWREHYDOXHG"
    • :KDWYDOXDWLRQPHWKRGVKRXOGEHXVHG"

    &RQVLGHUDWLRQVZKHQYDOXLQJ\RXU,3
    7KHVFRSHDQGWKHVWUHQJWKRIWKHFODLPVLQDSDWHQWRUWKHVWUHQJWKRIDQ,3DVVHWSOD\DQLPSRUWDQW
    UROH LQ WKH ZKROH YDOXDWLRQ H[HUFLVH :LGHO\ VSUHDG SURWHFWLRQ SURWHFWHG LQ VHYHUDO FRXQWULHV  PD\
    HQKDQFH D SURGXFW·V YDOXH +RZHYHU WKLV ZRXOG DOVR GHSHQG RQ WKH ZD\ WKH DSSUDLVHU SHUFHLYHV WKH
    VWUHQJWKRI,3HQIRUFHPHQWPHFKDQLVPVLQWKHFRXQWULHVFRQFHUQHG
    7KH OHYHO RI FRGLILFDWLRQ DQG KRZ HIIHFWLYHO\ RQH FDQ XVH WKH FRGLILHG LQIRUPDWLRQ HPERGLHG LQ WKH
    SURGXFWPD\DOVRLQIOXHQFHWKHYDOXDWLRQ
    $KLJKGHJUHHRIGLIILFXOW\LQEHLQJDEOHWRLQIULQJHWKHSURGXFW·V,3ULJKWVFDQDGGWRLWVYDOXH2QWKH
    RWKHU KDQG WKH H[LVWHQFH RI DOWHUQDWLYH SURGXFWV WKDW DUH DOVR FRYHUHG E\ VWURQJ ,3 SURWHFWLRQ PD\
    QHJDWLYHO\DIIHFWWKHYDOXHRIWKHSURGXFW
    ,WLVLPSHUDWLYHWKHUHIRUHIRUDQHQWHUSULVHWRSHUIRUPDVWXG\WKDWLGHQWLILHVWKHDERYHPHQWLRQHG,3
    FRQFHUQV ZKLFK FDQ HDFK KDYH DQ LPSDFW SRVLWLYH RU QHJDWLYH  RQ WKH YDOXH RI LWV SURGXFWV DQG LWV
    DVVHWV

     4'('4'0%'5
    /LVWRI'RFXPHQWVRQ,3YDOXDWLRQ:,32:HESDJHDWZZZZLSRLQWVPHHQGRFXPHQWVYDOXDWLRQGRFV/LQNVWRDVHULHVRI
    GRFXPHQWVRQ,3YDOXDWLRQLQFOXGLQJLVVXHVWREHFRQVLGHUHGDQGVWUDWHJLHV
    ,QWHOOHFWXDO $VVHWV 9DOXDWLRQ DQG &DSLWDOL]DWLRQ 8QLWHG 1DWLRQV (FRQRPLF &RPPLVVLRQ IRU (XURSH  :HE SDJH DW
    ZZZXQHFHRUJLHHQWHUSGRFXPHQWVYDOXDWLRQSXESGI &RQWDLQV DUWLFOHV E\ YDULRXV H[SHUWV RQ WKH YDOXDWLRQ DQG
    FRPPHUFLDOLVDWLRQRI,3DVVHWV
    9DOXDWLRQRILQWHOOHFWXDOSURSHUW\ULJKWV 

     9JGPCPFYJ[UJQWNFKPVGNNGEVWCNRTQRGTV[TKIJVUDGRTKEGFQTXCNWGF!

    )RU DQ\ HQWHUSULVH WKHUH FDQ EH PDQ\ GLIIHUHQW UHDVRQV ZK\ LW PLJKW EH EHQHILFLDO WR FRQGXFW D
    YDOXDWLRQ RI ,3 DVVHWV LQWHUQDO PDQDJHPHQW RI WKH ,3 SRUWIROLR OLFHQVLQJ PHUJHUV RU DFTXLVLWLRQV
    DVVLJQLQJ VDOH  RI ,3 DVVHWV SXUFKDVLQJ RI ,3 DVVHWV HQWHULQJ LQWR MRLQW YHQWXUH DUUDQJHPHQWV
    HVWDEOLVKLQJVWUDWHJLFDOOLDQFHVIXQGUDLVLQJLQYHVWPHQWLQIXUWKHUGHYHORSPHQWRIDQ,3DVVHWHWF7KH
    SDUWLFXODU UHDVRQV DQG WKH W\SHV RI ,3 DVVHWV WR EH YDOXHG SOD\ DQ LPSRUWDQW UROH LQ LQIOXHQFLQJ WKH
    YDOXDWLRQPHWKRGWREHXVHG
    7KHYDOXHRIDQ,3DVVHWPD\GLIIHUGHSHQGLQJRQWKHPHWKRGXVHG2WKHUIDFWRUVVXFKDVH[SHULHQFH
    DQGWKHH[LVWHQFHRIGDWDWKDWHQDEOHVDSDUWLFXODUPHWKRGWREHXVHGPD\DOVRLQIOXHQFHWKHFKRLFHRI
    YDOXDWLRQPHWKRG
    $Q ,3 ULJKW HJ D SDWHQW  PD\ EH YDOXHG PRUH KLJKO\ LI WKH VHOOLQJ RU OLFHQVLQJ SHULRG GRHV QRW
    FRLQFLGHZLWKWKHLQWURGXFWLRQRIDFORVHVXEVWLWXWHRUDQDOWHUQDWLYHDQGPRUHHIILFLHQWWHFKQRORJ\LQ
    WKH PDUNHW ,W LV WKHUHIRUH LPSRUWDQW WR KDYH DGHTXDWH NQRZOHGJH RI WKH WUHQGV LQ WKH LQGXVWU\ RU
    WHFKQRORJ\ZKHQXQGHUWDNLQJDYDOXDWLRQH[HUFLVH
    ,W LV LPSRUWDQW IRU DQ HQWHUSULVH WR XQGHUVWDQG ZK\ LW LV QHFHVVDU\ WR YDOXH LWV ,3 DQG ZKHQ WR
    XQGHUWDNH WKH YDOXDWLRQ H[HUFLVH $ EDVLF NQRZOHGJH RI WKH WRROV XVHG IRU YDOXDWLRQ FDQ EH XVHIXO LQ
    FKRRVLQJDQGGHFLGLQJXSRQWKHPRVWDSSURSULDWHSURIHVVLRQDOKHOS6HHTXHVWLRQ

     4'('4'0%'5
    6HOHFWLRQDQG$SSOLFDWLRQRI,QWHOOHFWXDO3URSHUW\9DOXDWLRQ0HWKRGV,Q3RUWIROLR0DQDJHPHQWDQG9DOXH([WUDFWLRQ
    6.KRXU\-'DQLHOHDQG3*HUPHUDDG,QDYLVLV:HESDJHDWZZZLQDYLVLVFRPDUWLFOHVSRUWIROLRPDQDJHPHQWSGI$QRYHUYLHZ
    RIGLIIHUHQWPHWKRGVRIYDOXDWLRQRI,3DQGWKHFULWHULDDSSOLHGIRUWKHLUVHOHFWLRQ
    /LVWRI'RFXPHQWVRQ,3YDOXDWLRQ:,32:HESDJHDWZZZZLSRLQWVPHHQGRFXPHQWVYDOXDWLRQGRFV/LQNVWRDVHULHVRI
    GRFXPHQWVRQ,3YDOXDWLRQLQFOXGLQJLVVXHVWREHFRQVLGHUHGDQGVWUDWHJLHV
     9DOXDWLRQRILQWHOOHFWXDOSURSHUW\ULJKWV

     *QYECPKPVGNNGEVWCNRTQRGTV[CUUGVUDGXCNWGF!

    7KHUHDUHVHYHUDOZD\VRIFDUU\LQJRXWDYDOXDWLRQRI,3DVVHWV(DFKPHWKRGKDVLWVSURVDQGFRQVDQG
    VRPHDUHPRUHDSSOLFDEOHWKDQRWKHUVWRFHUWDLQFDVHVDQGVLWXDWLRQV7KHIROORZLQJDUHWKHYDOXDWLRQ
    PHWKRGVPRVWZLGHO\XVHGDWWKHSUHVHQWWLPH

    • ,QFRPHPHWKRG7KLVLVWKHPRVWFRPPRQO\XVHG,3YDOXDWLRQPHWKRG7KHUHDUHVHYHUDOYDULDWLRQVRI
    WKH LQFRPH PHWKRG DQG VRPHWLPHV WKH YDULDWLRQV DUH UHIHUUHG WR DV VHSDUDWH PHWKRGV 7KH PHWKRG
    EDVLFDOO\ IRFXVHV RQ WKH H[SHFWHG LQFRPH VWUHDP WKDW WKH KROGHU RI WKH ,3 ULJKW ZRXOG JHW GXULQJ WKH
    OLIHWLPH RI WKH ,3 ULJKW KHQFH WKH XVH RI FDVK IORZ GLVFRXQW WR HVWDEOLVK WKH SUHVHQW YDOXH RI D IXWXUH
    IORZRILQFRPH7KHLQFRPHVWUHDPFDQDOVREHHVWLPDWHGE\ORRNLQJDWWKHDPRXQWWKDWDQHQWHUSULVH
    ZRXOGVDYHLQOLFHQVLQJUR\DOWLHVLILWZHUHWRJHWDOLFHQFHIRUXVLQJDSDUWLFXODU,3ULJKW7KHPHWKRG·V
    SULPDU\VKRUWFRPLQJLVLWVFRPSOH[LW\7KHPDLQYDULDWLRQRIWKLVPHWKRGLV

    5R\DOW\UHOLHI,QWKLVYDULDWLRQWKHIORZRIUR\DOWLHVLVFDOFXODWHGLQRUGHUWRHVWLPDWHWKHH[SHFWHGFDVK
    IORZSURILWRUFDSLWDOL]DWLRQRIWKHDYHUDJHSURILWFDVKIORZ7KHUR\DOW\UDWHFDQEHGHWHUPLQHGE\XVLQJ
    H[LVWLQJ UDWHV XVHG LQ VLPLODU W\SHV RI DUUDQJHPHQW OLFHQVLQJ  RU H[LVWLQJ GDWD IURP WDEOHV RI VWDQGDUG
    UR\DOW\UDWHV

    • &RVW PHWKRG 7KLV DSSURDFK VHHNV WR PHDVXUH WKH IXWXUH EHQHILWV RI ,3 DVVHWV E\ FDOFXODWLQJ WKH
    DPRXQW RI PRQH\ WKDW ZRXOG EH UHTXLUHG WR UHSODFH WKH ,3 LQ TXHVWLRQ 7KH FRVW PHWKRG FDQ DOVR EH
    DSSOLHGLQYDULDWLRQV

    – &RVW RI UHSURGXFWLRQ :LWK JRRG UHFRUGNHHSLQJ UHSURGXFWLRQ FRVWV FDQ EH FDOFXODWHG E\ WDNLQJ
    WKHDJJUHJDWHFRVWDWWKHFXUUHQWSULFHRIWKHDPRXQWXVHGWRGHYHORSWKH,3DVVHWLQTXHVWLRQ WKLV
    LV NQRZQ DV KLVWRULFDO FRVW WUHQGLQJ  ,Q WKH DEVHQFH RI JRRG UHFRUGV UHSURGXFWLRQ FRVWV FDQ EH
    HVWLPDWHGE\GLUHFWO\FDOFXODWLQJWKHFRVWRIWKHHIIRUWVDQGH[SHQGLWXUHQHHGHGWRFUHDWHDVLPLODU
    DVVHW

    – 5HSODFHPHQW FRVW 7KH DPRXQW RI PRQH\ QHHGHG WR DFTXLUH ,3 DVVHWV RI WKH VDPH XWLOLW\
    'HSUHFLDWLRQ RI WKH ,3 DVVHW FRQFHUQHG PXVW EH GHGXFWHG IURP WKH HVWLPDWHG
    UHSURGXFWLRQUHSODFHPHQWFRVWEHIRUHDQHVWLPDWHGYDOXHSULFHLVILQDOO\UHDFKHG

    7KH FRVW PHWKRG LV XVHIXO ZKHQ FRQVLGHULQJ ,3 ULJKWV HPERGLHG LQ LQWDQJLEOH DVVHWV VXFK DV FRPSXWHU
    VRIWZDUH HQJLQHHULQJ GUDZLQJV SDFNDJLQJ GHVLJQV DQG GLVWULEXWLRQ QHWZRUNV ,W LV RIWHQ XVHG DV D
    VXSSOHPHQWWRWKHLQFRPHPHWKRG,WVPDLQZHDNQHVVLVWKHVWURQJFKDQFHRIHQGLQJXSZLWKPLVOHDGLQJ
    UHVXOWV 7KLV LV EHFDXVH LQ PRVW FDVHV WKH FRVW DVVRFLDWHG ZLWK WKH GHYHORSPHQW RI VRPHWKLQJ LV QRW
    QHFHVVDULO\GLUHFWO\UHODWHGWRLWVYDOXH7KLVLVSDUWLFXODUO\HYLGHQWLQUHVSHFWRI5 'DFWLYLWLHV

     4'('4'0%'5
    ,QWHOOHFWXDO $VVHWV 9DOXDWLRQ DQG &DSLWDOL]DWLRQ 8QLWHG 1DWLRQV (FRQRPLF &RPPLVVLRQ IRU (XURSH  :HE SDJH DW
    ZZZXQHFHRUJLHHQWHUSGRFXPHQWVYDOXDWLRQSXESGI &RQWDLQV DUWLFOHV E\ YDULRXV H[SHUWV RQ WKH YDOXDWLRQ DQG
    FRPPHUFLDOLVDWLRQRI,3DVVHWV
    ,36FRUHŠ'DQLVK3DWHQWDQG7UDGHPDUN2IILFH:HEVLWHDWZZZLSVFRUHFRP3URYLGHVDQRYHUYLHZRI,36FRUHŠPHWKRGRORJ\
    IRUYDOXDWLRQDQGLQIRUPDWLRQRQYDULRXVW\SHVRIUHSRUWVDQGPDQDJHPHQWRI,3DVVHWV

    
    :LGHO\XVHGLQGHYHORSHGFRXQWULHVDQGE\ODUJHYDOXDWLRQFRPSDQLHV
    9DOXDWLRQRILQWHOOHFWXDOSURSHUW\ULJKWV 

    0DUNHWDSSURDFK7KLVDSSURDFKLVEDVHGRQZKDWDWKLUGSDUW\ZRXOGEHZLOOLQJWRSD\LQRUGHUWREX\
    RUUHQWDQ,3DVVHW7KLVPHWKRGFDQDOVREHXVHGDVDVXSSOHPHQWIRUWKHLQFRPHPHWKRG+RZHYHULW
    VKRXOGEHQRWHGWKDWVRPHHQWHUSULVHVFRQVLGHULWWREHWKHEHVWPHWKRGEHFDXVHRILWVVLPSOLFLW\DQGXVH
    RIPDUNHWLQIRUPDWLRQ7KHGHILFLHQF\RIWKHPHWKRGLVWKDWLWGRHVQRWSURYLGHDQ\LQVLJKWLQWRKRZWR
    GHDOZLWKLQGLYLGXDOIHDWXUHVRIVSHFLILFWUDQVDFWLRQV/LNHRWKHUYDOXDWLRQPHWKRGVWKHPDUNHWDSSURDFK
    DOVRKDVLWVYDULDWLRQVZKLFKLQFOXGH

    – &RPSDULVRQRIVDOHVPHWKRG7KHXVHUVRIWKLVYDULDWLRQEDVHWKHYDOXDWLRQRIDQ,3DVVHWRQWKH
    YDOXDWLRQ RI D VLPLODU ,3 DVVHW LQ WKH PDUNHW 7KH PDLQ VKRUWFRPLQJ RI WKLV PHWKRG LV WKDW VLQFH
    HDFK,3DVVHWWUDQVDFWLRQLVXQLTXHLWLVDOPRVWLPSRVVLEOHWRFRPHDFURVVDQH[DFWO\VLPLODUGHDORQ
    ZKLFKWREDVHDQHZYDOXDWLRQ
    – 8VH RI VWDQGDUG UR\DOW\ UDWHV 7KLV PHWKRG XVHV HVWDEOLVKHG VWDQGDUG LQGXVWULDO UR\DOW\ UDWHV
    7KHUHDUHVRPHLQGXVWULHVZKHUHUR\DOW\UDWHVKDYHYROXQWDULO\EHHQHVWDEOLVKHGDQGXVHGIRUVRPH
    \HDUV
    • 2SWLRQSULFLQJEDVHGPHWKRGV7KHVHDUHJHQHUDOO\XVHGLQWKHYDOXDWLRQRIWKHPDUNHWYDOXHRIVKDUH
    RSWLRQV $SSUDLVHUV RI ,3 DVVHWV LQ SDUWLFXODU SDWHQWV  LQ WKH WHFKQRORJ\ VHFWRU DQG LQ SKDUPDFHXWLFDO
    LQGXVWULHV DUH XVLQJ WKHVH PHWKRGV LQFUHDVLQJO\ :KLOH RWKHU ¶ULVN QHXWUDO· YDOXDWLRQ PHWKRGV H[LVW
    RSWLRQ SULFLQJ LV FRQVLGHUHG PRUH SRZHUIXO $V ZLWK RWKHU ,3 YDOXDWLRQ PHWKRGV WKH\ DOVR KDYH WKHLU
    YDULDWLRQV ZKLFK LQFOXGH WKH %ODFN6FKROHV RSWLRQ SULFLQJ PHWKRG 7HFKQRORJ\ 5LVN5HZDUG 8QLWV
    7558Š DQGWKH,3VFRUHŠGHYHORSHGE\WKH'DQLVK3DWHQWDQG7UDGHPDUN2IILFHDQGDYDLODEOHRQOLQH
    DWZZZLSVFRUHFRP

    7KHPDLQSUREOHPZLWKWKHRSWLRQEDVHGPHWKRGVLVWKHLUUHODWLYHFRPSOH[LW\
    
    

    
     )LQDQFLQJ

     *QYECPKPVGNNGEVWCNRTQRGTV[JGNROGHKPCPEGO[DWUKPGUU!

    ,QWHOOHFWXDOSURSHUW\ ,3 DVVHWVPD\KHOS\RXWRVWUHQJWKHQ\RXUFDVHIRUREWDLQLQJEXVLQHVVILQDQFH
    IURPLQYHVWRUV

    ,QXQGHUWDNLQJDQDSSUDLVDORIWKHUHTXHVWIRUHTXLW\DVVLVWDQFHRUORDQWKHLQYHVWRU EHLWDEDQND
    JRYHUQPHQWIXQGDYHQWXUHFDSLWDOLVWRUDEXVLQHVVDQJHO ZLOODVVHVVZKHWKHUWKHSURGXFWRUVHUYLFH
    RIIHUHGE\\RXUFRPSDQ\KDVDWUXHPDUNHWSRWHQWLDO,QDVVHVVLQJDEXVLQHVVRUH[SRUWSODQWKH\ZLOO
    VHHNHYLGHQFHWKDW
    • 7KHWHFKQRORJ\LVQRWDOUHDG\RQRIIHULQWKHPDUNHW RUDWOHDVWQRWDWDORZHUSULFH 
    • 7KHUHLVOLNHO\WREHGHPDQGIRUWKHSURGXFWDQG
    • <RX ZLOO QRW UXQ LQWR PDMRU REVWDFOHV OHJDO RU RWKHUZLVH  WKDW ZLOO SUHYHQW \RX IURP EHLQJ DEOH WR
    FRPPHUFLDOL]H\RXUSURGXFW

    3UHVHQWLQJDVROLG,3VWUDWHJ\ZLWKGRFXPHQWDWLRQRQDSSOLFDWLRQVIRU,3ULJKWVLQIRUPDWLRQRQSDWHQW
    VHDUFKHV SURYLQJ WKDW \RXU WHFKQRORJ\ LV XQOLNHO\ WR LQIULQJH SDWHQWV RZQHG E\ FRPSHWLWRUV DQG
    OLFHQFH  DJUHHPHQWV ZLWK SDWHQW RZQHUV DXWKRUL]LQJ \RX WR XVH WHFKQRORJ\ WKDW LV QHHGHG WR
    FRPPHUFLDOL]HDJLYHQSURGXFWZLOOJHQHUDOO\EHUHTXLUHGIRUVHFXULQJHTXLW\LQYHVWPHQWIURPYHQWXUH
    FDSLWDOLVWV 2ZQHUVKLS RI ,3 ULJKWV RYHU WKH FUHDWLYH RXWSXW RU LQQRYDWLRQV UHODWHG WR WKH SURGXFWV RU
    VHUYLFHVWKDWDQHQWHUSULVHLQWHQGVWRPDUNHWJXDUDQWHHVDFHUWDLQGHJUHHRIH[FOXVLYLW\DQGWKHUHE\D
    KLJKHUPDUNHWVKDUHLIWKHSURGXFWRUVHUYLFHSURYHVVXFFHVVIXODPRQJFRQVXPHUV

    ,3 RZQHUVKLS WKXV SOD\V DQ LPSRUWDQW UROH LQ FRQYLQFLQJ LQYHVWRUV RU OHQGHUV RI WKH PDUNHW
    RSSRUWXQLWLHV RSHQ WR WKH HQWHUSULVH IRU WKH FRPPHUFLDOL]DWLRQRI WKH SURGXFW RU VHUYLFH LQ TXHVWLRQ
    2QRFFDVLRQVDVLQJOHSRZHUIXOSDWHQWPD\RSHQGRRUVWRDQXPEHURIILQDQFLQJRSSRUWXQLWLHV

    'LIIHUHQW LQYHVWRUV RU OHQGHUV PD\ YDOXH \RXU ,3 DVVHWV LQ GLIIHUHQW ZD\V DQG PD\ DWWDFK GLIIHUHQW
    GHJUHHVRILPSRUWDQFHWR,3ULJKWV$FOHDUWUHQGKRZHYHULVGHYHORSLQJWRZDUGVJUHDWHUUHOLDQFHRQ,3
    DVVHWV DV D VRXUFH RI FRPSHWLWLYH DGYDQWDJH IRU ILUPV 7KXV LQYHVWRUV DQG OHQGHUV DUH IRFXVLQJ PRUH
    DQGPRUHRQILUPVZLWKDZHOOPDQDJHG,3SRUWIROLRGHVSLWHWKHIDFWWKDWWKH\HQFRXQWHUHYHQLQWKH
    GHYHORSHGFRXQWULHVPDQ\QHZSUREOHPVDQGLVVXHVZKLOHWU\LQJWRSHUIHFWVHFXULW\LQWHUHVWVLQ,3

     4'('4'0%'5
    &DQ<RXU60(8VH,QWHOOHFWXDO3URSHUW\$VVHWVIRU)LQDQFLQJ":,32
    :HE SDJH DW ZZZZLSRLQWVPHHQLSBEXVLQHVVILQDQFHLSBDVVHWVBILQDQFLQJKWP 'LVFXVVHV WKH XVH RI ,3 DV D ILQDQFLDO
    LQVWUXPHQW
    )LQDQFLQJ 

     %CPKPVGNNGEVWCNRTQRGTV[CUUGVUDGUGEWTKVK\GF!

    /HQGLQJ SDUWO\ RU ZKROO\ DJDLQVW LQWHOOHFWXDOSURSHUW\ ,3  DVVHWV LVD UHFHQW SKHQRPHQRQ ZKLFK KDV
    RQO\UHDOO\GHYHORSHGLQDIHZFRXQWULHVDQGLQDIHZYHU\VSHFLILFPDUNHWV

    6HFXULWL]DWLRQ QRUPDOO\ UHIHUV WR WKH SRROLQJ RI GLIIHUHQW ILQDQFLDO DVVHWV DQG WKH LVVXDQFH RI QHZ
    VHFXULWLHV EDFNHG E\ WKRVH DVVHWV ,Q SULQFLSOH WKHVH DVVHWV FDQ EH DQ\ FODLPV WKDW KDYH UHDVRQDEO\
    SUHGLFWDEOHFDVKIORZVRUHYHQIXWXUHUHFHLYDEOHVWKDWDUHH[FOXVLYH7KXVVHFXULWL]DWLRQLVSRVVLEOHIRU
    IXWXUH UR\DOW\ SD\PHQWV IURP OLFHQVLQJ D SDWHQW WUDGHPDUN RU WUDGH VHFUHW RU IURP PXVLFDO
    FRPSRVLWLRQV RU UHFRUGLQJ ULJKWV RI D PXVLFLDQ ,Q IDFW RQH RI WKH PRVW IDPRXV H[DPSOHV RI
    VHFXULWL]DWLRQRIUHFHQW\HDUVLQYROYHGWKHUR\DOW\SD\PHQWVLQWKH8QLWHG6WDWHVRIWKHVLQJHU'DYLG
    %RZLH
    $W SUHVHQW WKH PDUNHWV IRU ,3 DVVHWEDVHG VHFXULWLHV DUH VPDOO EHFDXVH WKH XQLYHUVH RI EX\HUV DQG
    VHOOHUVLVOLPLWHG7KHPDUNHWJHQHUDOO\IDYRXUVWDQJLEOHDVVHWVRYHULQWDQJLEOHDVVHWV$VPDUNHWVIRU,3
    DUHODUJHO\XQGHUGHYHORSHGDQGWHFKQLTXHVIRU,3YDOXDWLRQDUHQRWVXIILFLHQWO\DFFXUDWHYDOXHVFDQQRW
    EH HVWLPDWHG ZLWK FRQILGHQFH ,Q DGGLWLRQ ,3 SDUWLFXODUO\ SDWHQWV  JHQHUDOO\ UHTXLUHV VSHFLDOLVW
    NQRZOHGJH LQ D JLYHQ ILHOG RI WHFKQRORJ\ WR EH SURSHUO\ XQGHUVWRRG DQG H[SORLWHG DQG OHQGHUV RIWHQ
    ODFNVXFKH[SHUWLVH

    $VPRUHFDVKIORZVDUHJHQHUDWHGE\,3KRZHYHUPRUHRSSRUWXQLWLHVZLOOEHFUHDWHGIRUVHFXULWL]DWLRQ
    0DUNHWGHYHORSPHQWVDUHDOUHDG\LPSURYLQJWKHTXDOLW\DQGTXDQWLW\RILQIRUPDWLRQDYDLODEOHWRERWK
    ERUURZHUVDQGOHQGHUV)RUH[DPSOHWKHJURZLQJQXPEHURIWHFKQRORJ\EDVHGEXVLQHVVHVSDUWLFXODUO\
    LQ VHFWRUV VXFK DV ELRWHFKQRORJ\ RU VRIWZDUH UHO\ RQ ,3 ULJKWV DV WKHLU PDLQ DVVHWV DQG VRXUFHV RI
    UHYHQXH 6LPLODUO\ WKH WRWDO DPRXQWV RI OLFHQVLQJ UHYHQXHV DUH LQFUHDVLQJ DQG WKH UHVXOWLQJ XVH RI
    UR\DOW\VWUHDPVDULVLQJIURPOLFHQFHVDUHEHLQJXVHGWRGHWHUPLQHWKHYDOXHRI,3

    $QXPEHURIJRYHUQPHQWYHQWXUHIXQGVDUHDOVREHJLQQLQJWRDFFHSW,3DVVHWVDVFROODWHUDOIRUYHQWXUH
    IXQGLQJ

     4'('4'0%'5
    6HFXULW\,QWHUHVWVLQ,QWHOOHFWXDO3URSHUW\$Q,QWHUQDWLRQDO&RPSDUDWLYH$SSURDFK+RZDUG3.QRSI/DZ&RPPLVVLRQ
    RI&DQDGD:HESDJHDWZZZOFFJFFDHQWKHPHVHUIVLNQRSINQRSISGI
    6HFXULWL]DWLRQDQG9DOXDWLRQRI,QWHOOHFWXDO3URSHUW\3ULFHZDWHUKRXVH&RRSHUV
    :HE SDJH DW ZZZSZFMSWD[FRPHJOLEUDU\JHWVHSGI $Q RYHUYLHZ RI VHFXULWL]DWLRQ DQG YDOXDWLRQ RI ,3 IURP DQ ,3
    ILQDQFHSHUVSHFWLYH
    
    

    
     (FRPPHUFHDQGXVHRILQIRUPDWLRQWHFKQRORJLHV

     9J[ UJQWNF + EQPUKFGT KPVGNNGEVWCN RTQRGTV[ KUUWGU KP WPFGTVCMKPI G


    EQOOGTEG!

    ,3LVDFUXFLDOHOHPHQWRIHFRPPHUFH0RUHWKDQRWKHUEXVLQHVVV\VWHPVHFRPPHUFHRIWHQLQYROYHV
    VHOOLQJSURGXFWVDQGVHUYLFHVWKDWDUHEDVHGRQ,3DQGLWVOLFHQVLQJ0XVLFSLFWXUHVSKRWRVVRIWZDUH
    GHVLJQV WUDLQLQJ PRGXOHV V\VWHPV HWF FDQ DOO EH WUDGHG WKURXJK HFRPPHUFH DQG ,3 LV WKH PDLQ
    FRPSRQHQWRIYDOXHLQWKHWUDQVDFWLRQ,3LVDOVRLPSRUWDQWEHFDXVHWKHWKLQJVRIYDOXHWKDWDUHWUDGHG
    RQ WKH ,QWHUQHW PXVW EH SURWHFWHG XVLQJ WHFKQRORJLFDO VHFXULW\ V\VWHPV DQG ,3 ODZV RWKHUZLVH WKH\
    FDQEHVWROHQRUSLUDWHGDQGZKROHEXVLQHVVHVFDQEHGHVWUR\HG

    ,3 LV DOVR LQYROYHG LQ PDNLQJ HFRPPHUFH ZRUN 7KH V\VWHPV WKDW DOORZ WKH ,QWHUQHW WR IXQFWLRQ ²
    VRIWZDUH QHWZRUNV GHVLJQV FKLSV URXWHUV DQG VZLWFKHV WKH XVHU LQWHUIDFH DQG VR RQ ² DUH RIWHQ
    SURWHFWHG E\ ,3 ULJKWV 7UDGHPDUNV DUH DQ HVVHQWLDO SDUW RI HFRPPHUFH EXVLQHVV EHFDXVH EUDQGLQJ
    FXVWRPHUUHFRJQLWLRQDQGJRRGZLOO²WKHHVVHQWLDOHOHPHQWVRIDZHEEDVHGEXVLQHVV²DUHDOOSURWHFWHG
    E\WUDGHPDUNVDQGXQIDLUFRPSHWLWLRQODZ

    (FRPPHUFHDQG,QWHUQHWUHODWHGEXVLQHVVHVPD\DOVREHEDVHGRQSURGXFWRUSDWHQWOLFHQVLQJ7KLVLV
    EHFDXVHVRPDQ\GLIIHUHQWWHFKQRORJLHVDUHUHTXLUHGWRFUHDWHDSURGXFWWKDWFRPSDQLHVRIWHQFKRRVHWR
    RXWVRXUFH WKH GHYHORSPHQW RI VRPH FRPSRQHQWV RU VKDUH WHFKQRORJLHV WKURXJK OLFHQVLQJ
    DUUDQJHPHQWV ,I HYHU\ FRPSDQ\ KDG WR GHYHORS DQG SURGXFH DOO WKH WHFKQRORJLFDO DVSHFWV RI LWV
    SURGXFWVLQGHSHQGHQWO\WKHGHYHORSPHQWRIKLJKWHFKSURGXFWVZRXOGEHLPSRVVLEOH7KHHFRQRPLFV
    RIHFRPPHUFHGHSHQGVRQFRPSDQLHVZRUNLQJWRJHWKHUWRVKDUHWKURXJKOLFHQVLQJWKHRSSRUWXQLWLHV
    DQGULVNVRIEXVLQHVV0DQ\RIWKHVHFRPSDQLHVDUH60(V
    $QGILQDOO\DJUHDWGHDORIWKHYDOXHRIHFRPPHUFHEDVHGEXVLQHVVHVLVXVXDOO\KHOGLQWKHIRUPRI,3²
    VRWKHYDOXDWLRQRIDQHFRPPHUFHEXVLQHVVZLOOEHDIIHFWHGE\ZKHWKHULWKDVSURWHFWHGLWV,3ULJKWV
    0DQ\HFRPPHUFHFRPSDQLHVOLNHRWKHUWHFKQRORJ\FRPSDQLHVKDYHSDWHQWSRUWIROLRVWUDGHPDUNV
    GRPDLQQDPHVVRIWZDUHRURULJLQDOGDWDEDVHVWKDWDUHE\IDUWKHLUPRVWYDOXDEOHEXVLQHVVDVVHWV

     4'('4'0%'5
    ,QWHOOHFWXDO 3URSHUW\ RQ WKH ,QWHUQHW $ 6XUYH\ RI ,VVXHV :,32  :HE SDJH DW KWWSHFRPPHUFHZLSRLQWVXUYH\
    'LVFXVVHVWKHIDUUHDFKLQJLPSDFWWKDWGLJLWDOWHFKQRORJLHVWKH,QWHUQHWLQSDUWLFXODUKDYHKDGRQLQWHOOHFWXDOSURSHUW\ ,3 DQG
    WKHLQWHUQDWLRQDO,3V\VWHP
    H%XVLQHVVOH[QHW:HEVLWHDWZZZHEXVLQHVVOH[QHW3RUWDORIIHULQJ(XURSHDQFRPSDQLHVLQSDUWLFXODU60(VLQIRUPDWLRQRQ
    DOOOHJDODVSHFWVRIHEXVLQHVV
    $/HJDO*XLGHWRWKH,QWHUQHW)RXUWK(GLWLRQ0HUFKDQWDQG*RXOGDQGWKH0LQQHVRWD'HSDUWPHQWRI7UDGHDQG(FRQRPLF
    'HYHORSPHQW  )UHH 0LQQHVRWD 6PDOO %XVLQHVV $VVLVWDQFH 2IILFH  0HWUR 6TXDUH  6HYHQWK 3ODFH (DVW 6W 3DXO
    01  8QLWHG 6WDWHV 7HO     :HE SDJH DW ZZZPHUFKDQWJRXOGFRPDWWDFKPHQWVSGI 'LVFXVVHV ,3
    LVVXHVWKDWDULVHZKHQRSHUDWLQJRQWKH,QWHUQHW&RYHUV,3DQGOHJDOLVVXHVLQXVHRIHPDLODQGHYLGHRHFRPPHUFHUHODWHGWR
    GRPDLQQDPHVXVHRIWUDGHPDUNVSDWHQWVDQGFRS\ULJKWRQWKH,QWHUQHWZLWKRWKHUFRQWUDFWXDODQGHPSOR\PHQWUHODWHGLVVXHV
    PDLQO\IURPD8QLWHG6WDWHVSHUVSHFWLYH
    (FRPPHUFHDQGXVHRILQIRUPDWLRQWHFKQRORJLHV 

     9JCV CTG VJG KPVGNNGEVWCN RTQRGTV[ KUUWGU KPXQNXGF KP EJQQUKPI CPF
    TGIKUVGTKPIFQOCKPPCOGU!

    'RPDLQ QDPHV DUH ,QWHUQHW DGGUHVVHV DQG DUH FRPPRQO\ XVHG WR LGHQWLI\ DQG ILQG ZHEVLWHV )RU
    H[DPSOHWKHGRPDLQQDPH¶ZLSRLQW·LVXVHGWRORFDWHWKH:,32ZHEVLWHDW ZZZZLSRLQW2YHUWLPH
    GRPDLQ QDPHV KDYH FRPH WR FRQVWLWXWH EXVLQHVV LGHQWLILHUV WKHUHE\ FRPLQJ LQWR FRQIOLFW ZLWK
    WUDGHPDUNV ,W LV LPSRUWDQW WKHUHIRUH WR SLFN D GRPDLQ QDPH WKDW LV QRW WKH WUDGHPDUN RI DQRWKHU
    FRPSDQ\RUDZHOONQRZQPDUN
    7KHFKRLFHRIDGRPDLQQDPH RU,QWHUQHWDGGUHVV KDVEHFRPHRQHRIWKHPRVWLPSRUWDQWEXVLQHVV
    GHFLVLRQVDFRPSDQ\FDQPDNH$GRPDLQQDPHLVUHJLVWHUHGE\\RXWRHQDEOH,QWHUQHWXVHUVWRORFDWH
    \RXU FRPSDQ\·V VLWH RQ WKH :RUOG :LGH :HE &RPSDQ\ GRPDLQ QDPHV PD\ EH UHJLVWHUHG LQ DQ\
    QXPEHURI¶WRSOHYHOGRPDLQV· 7/'V <RXFDQFKRRVHIURPWKH¶JHQHULFWRSOHYHOGRPDLQV· J7/'V 
    VXFK DV FRP QHW RUJ DQG LQIR 2U \RX FDQ FKRRVH IURP WKH VSHFLDOL]HG DQG UHVWULFWHG WRS OHYHO
    GRPDLQV LI \RX TXDOLI\ HJ DHUR IRU DLU WUDYHO DQG WUDQVSRUW EXVLQHVVHV RU EL] IRU FRPPHUFLDO
    HQWHUSULVHV 
    <RX FDQ DOVR UHJLVWHU \RXU GRPDLQ QDPH XQGHU D ¶FRXQWU\ FRGH WRS OHYHO GRPDLQ· FF7/'  IRU
    H[DPSOHEQIRU%XOJDULDFQIRU&KLQDFKIRU6ZLW]HUODQG
    7KHWHFKQLFDOPDQDJHPHQWRIWKHGRPDLQQDPHV\VWHPLVLQWKHKDQGVRIWKH,QWHUQHW&RUSRUDWLRQIRU
    $VVLJQHG 1DPHV DQG 1XPEHUV ,&$11  +RZHYHU LQ WKH J7/'V WKH UHJLVWUDWLRQV WKHPVHOYHV DUH
    KDQGOHGE\DQXPEHURI,QWHUQHWUHJLVWUDUVDFFUHGLWHGE\,&$117KHVHFDQEHIRXQGDW,&$11·VVLWH
    DW ZZZLFDQQRUJ <RX FDQ DOVR FKHFN ZKHWKHU D GRPDLQ QDPH KDV DOUHDG\ EHHQ UHJLVWHUHG HLWKHU E\
    VHDUFKLQJDUHJLVWUDU·VVLWHRUE\XVLQJD¶:KRLV·VHDUFKVXFKDVWKDWDWZZZXZKRLVFRP
    )RUUHJLVWUDWLRQVLQWKHFF7/'V\RXZLOOQHHGWRFRQWDFWWKHUHJLVWUDWLRQDXWKRULW\GHVLJQDWHGIRUHDFK
    FF7/')RUWKLVFRQVXOWDFF7/'GDWDEDVHVHWXSE\:,32WKDWOLQNVWRWKHZHEVLWHVRIFF7/'V
    ZKHUH \RX FDQ ILQG LQIRUPDWLRQ DERXW WKHLU UHJLVWUDWLRQ DJUHHPHQW WKH ¶:KR LV· VHUYLFH DQG GLVSXWH
    UHVROXWLRQSURFHGXUHV

     4'('4'0%'5
    $/HJDO*XLGHWRWKH,QWHUQHW)RXUWK(GLWLRQ0HUFKDQWDQG*RXOGDQGWKH0LQQHVRWD'HSDUWPHQWRI7UDGHDQG(FRQRPLF
    'HYHORSPHQW)UHHMinnesota Small Business Assistance Office, 500 Metro Square, 121 Seventh Place East, St. Paul,
    MN 55101, United States. Tel: +1 651 296 3871. :HESDJHDWZZZPHUFKDQWJRXOGFRPDWWDFKPHQWVSGI'LVFXVVHV,3LVVXHV
    WKDWDULVHZKHQRSHUDWLQJRQWKH,QWHUQHW&RYHUV,3DQGOHJDOLVVXHVLQXVHRIHPDLODQGHYLGHRHFRPPHUFHUHODWHGWRGRPDLQ
    QDPHVXVHRIWUDGHPDUNVSDWHQWVDQGFRS\ULJKWRQWKH,QWHUQHWZLWKRWKHUFRQWUDFWXDODQGHPSOR\PHQWUHODWHGLVVXHVPDLQO\
    IURPD8QLWHG6WDWHVSHUVSHFWLYH
    7KH ,QWHUQHW &RUSRUDWLRQ IRU $VVLJQHG 1DPHV DQG 1XPEHUV ,&$11  :HE SDJH DW ZZZLFDQQRUJIDT $QVZHUV WR
    IUHTXHQWO\DVNHGTXHVWLRQVRQGRPDLQQDPHUHJLVWUDWLRQVLQFOXGLQJ,3LVVXHV
    'RPDLQ QDPH GLVSXWHV :,32 :HE SDJH DW KWWSDUELWHUZLSRLQWFHQWHUIDTGRPDLQVKWPOE $ UDQJH RI GRFXPHQWV RQ
    GRPDLQQDPHGLVSXWHVDQGKRZWRUHVROYHWKHP
     (FRPPHUFHDQGXVHRILQIRUPDWLRQWHFKQRORJLHV

     9JCVUJQWNF+EQPUKFGTYJGPEJQQUKPICFQOCKPPCOG!

    'HSHQGLQJRQZKHUH\RXUHJLVWHU\RXPD\SLFNDFRPPRQO\XVHGJHQHULFQDPHEXWLI\RXFKRRVHD
    QDPH WKDW LV GLVWLQFWLYH XVHUV DUH PRUH OLNHO\ WR EH DEOH WR UHPHPEHU DQG VHDUFK IRU LW PRUH HDVLO\
    ,GHDOO\ LW VKRXOG EH GLVWLQFWLYH HQRXJK DOVR WR EH SURWHFWDEOH XQGHU WUDGHPDUN ODZ EHFDXVH GRPDLQ
    QDPHV FDQEH SURWHFWHG DV WUDGHPDUNV LQ VRPH FRXQWULHV ,I \RX SLFN D YHU\ FRPPRQ SKUDVH DV \RXU
    GRPDLQ QDPH HJ ¶*RRG 6RIWZDUH·  \RXU FRPSDQ\ FRXOG KDYH GLIILFXOW\ LQ EXLOGLQJ XS DQ\ VSHFLDO
    UHSXWDWLRQ RU JRRGZLOO LQ WKLV QDPH DQG HYHQ PRUH GLIILFXOW\ LQ SUHYHQWLQJ RWKHUV IURP XVLQJ \RXU
    QDPHLQFRPSHWLWLRQ

    <RX VKRXOG SLFN D GRPDLQ QDPH WKDW LV QRW WKH WUDGHPDUN RI DQRWKHU FRPSDQ\ SDUWLFXODUO\ D ZHOO
    NQRZQPDUN7KLVLVEHFDXVHPRVWODZVWUHDWGRPDLQQDPHUHJLVWUDWLRQRIDQRWKHUSHUVRQ·VWUDGHPDUN
    DVWUDGHPDUNLQIULQJHPHQW DOVRNQRZQDV¶F\EHUVTXDWWLQJ· DQG\RXUFRPSDQ\PLJKWKDYHWRWUDQVIHU
    RU FDQFHO WKH GRPDLQ QDPH DV ZHOO DV SD\ DQ\ GDPDJHV $OO GRPDLQ QDPHV UHJLVWHUHG LQ WKH J7/'V
    FDWHJRU\ VXFK DV FRP DQG PDQ\ UHJLVWHUHG LQ WKH FF7/'V DUH VXEMHFW WR D GLVSXWH UHVROXWLRQ
    SURFHGXUH GHVFULEHGEHORZ WKDWDOORZVDWUDGHPDUNRUVHUYLFHPDUNRZQHUWRSUHYHQW¶F\EHUVTXDWWLQJ·
    RIWKHLUWUDGHPDUN
    7KHUH DUH YDULRXV GDWDEDVHV WKDW \RX FDQ VHDUFK RQ WKH ZHE WR GHWHUPLQH LI \RXU FKRLFH RI GRPDLQ
    QDPH LV D UHJLVWHUHG WUDGHPDUN LQ D SDUWLFXODU FRXQWU\ :,32 KDV HVWDEOLVKHG D WUDGHPDUN GDWDEDVH
    SRUWDO DWKWWSHFRPPHUFHZLSRLQWGDWDEDVHVWUDGHPDUN WRKHOS\RXFDUU\RXWWKLVVHDUFK
    ,I \RX ILQG WKDW VRPHRQH HOVH LV XVLQJ \RXU WUDGHPDUN RU VHUYLFH PDUN DV D GRPDLQ QDPH WKHUH LV D
    VLPSOH RQOLQH SURFHGXUH \RX FDQ JR WKURXJK ZKHUH DQ LQGHSHQGHQW H[SHUW ZLOO GHFLGH ZKHWKHU WKH
    GRPDLQ QDPH VKRXOG EH UHWXUQHG WR \RX DQG WKH UHJLVWUDUV DUH UHTXLUHG WR IROORZ WKLV GHFLVLRQ <RX
    FDQILQGLQIRUPDWLRQRQWKLV8QLIRUP$GPLQLVWUDWLYH'LVSXWH5HVROXWLRQ3ROLF\ 8'53 DWWKH:,32
    VLWHKWWSDUELWHUZLSRLQWGRPDLQV
    ,Q DGGLWLRQ WR WUDGHPDUNV LW LV ZLVH WR DYRLG GRPDLQ QDPHV WKDW LQFOXGH FHUWDLQ RWKHU FRQWURYHUVLDO
    ZRUGVVXFKDVJHRJUDSKLFDOWHUPV HJ&KDPSDJQH%HDXMRODLV QDPHVRIIDPRXVSHRSOHJHQHULFGUXJ
    QDPHVQDPHVRILQWHUQDWLRQDORUJDQL]DWLRQVDQGWUDGHQDPHV HJQDPHRIDQRWKHUSHUVRQ·VEXVLQHVV 
    WKDWPLJKWLQWHUIHUHZLWKWKHULJKWVRIRWKHUVRULQWHUQDWLRQDOV\VWHPVRISURWHFWLRQ

     4'('4'0%'5
    7KH ,QWHUQHW &RUSRUDWLRQ IRU $VVLJQHG 1DPHV DQG 1XPEHUV ,&$11  :HE SDJH DW ZZZLFDQQRUJIDT $QVZHUV WR
    IUHTXHQWO\DVNHGTXHVWLRQVRQGRPDLQQDPHUHJLVWUDWLRQVLQFOXGLQJ,3LVVXHV
    )UHTXHQWO\$VNHG4XHVWLRQV,QWHUQHW'RPDLQ1DPHV:,32:HESDJHDWKWWSDUELWHUZLSRLQWGRPDLQV3URYLGHVOLQNV
    WRDQXPEHURIGRPDLQQDPHUHODWHGDUWLFOHVSXEOLFDWLRQVIUHTXHQWO\DVNHGTXHVWLRQVQHZVLWHPVDQGLQIRUPDWLRQRQGRPDLQ
    QDPHGLVSXWHV
    7KH8QLYHUVDO¶:KRLV·IRU,QWHUQHW'RPDLQ1DPHV:HEVLWHDWZZZXZKRLVFRP6HDUFKHQJLQHWRLGHQWLI\WKHUHJLVWHUHG
    KROGHURIDGRPDLQQDPH
    (FRPPHUFHDQGXVHRILQIRUPDWLRQWHFKQRORJLHV 

     9JCVKPVGNNGEVWCNRTQRGTV[KUUWGUUJQWNF+EQPUKFGTYJGP+FGUKIPCPFDWKNF
    O[EQORCP[ UYGDUKVG!

    2QH RI WKH EDVLF HOHPHQWV RI HFRPPHUFH LV WKH GHVLJQ DQG IXQFWLRQ RI WKH FRPSDQ\ ZHEVLWH ,Q
    GHVLJQLQJ DQG EXLOGLQJ \RXU ZHEVLWH WKH ILUVW WKLQJ WR EH DZDUH RI LV ZKHWKHU \RX RZQ WKH
    ZHEVLWH SUHVHQWDWLRQ DQG FRQWHQW DQG HYHU\ DVSHFW RI ,3 LQ LW <RX PD\ QRW EXW WKLV LV QRW
    QHFHVVDULO\DSUREOHP:KDWLVLPSRUWDQWLVWRNQRZZKDW\RXRZQZKDW\RXKDYHULJKWVWRXVHDQG
    ZKDW \RX GR QRW RZQ RU KDYH ULJKWV WR XVH ,I \RX DUH XVLQJ D FRQVXOWDQW RU VSHFLDOLVW FRPSDQ\ WR
    GHVLJQ \RXU ZHEVLWH FKHFN RXW WKH SURYLVLRQV LQ WKH DJUHHPHQW FRQFHUQLQJ RZQHUVKLS DQG ,3 ULJKWV
    :KR RZQV WKH ZHEVLWH GHVLJQ DQG WH[W" &KHFN RXW H[DFWO\ ZKDW REOLJDWLRQV WKH FRPSDQ\ KDV DQG
    HQVXUHLWGRHVQRWXVHLQWKHFRXUVHRILWVZRUNDQ\,3WKDWEHORQJVWRDWKLUGSDUW\

    ,I\RXDUHXVLQJDGDWDEDVHVRIWZDUHDVHDUFKHQJLQHRURWKHUWHFKQLFDO,QWHUQHWWRROVOLFHQVHGWR\RX
    E\DQRWKHUFRPSDQ\FKHFNWKHWHUPVRIWKHOLFHQFHDJUHHPHQWWRVHHZKRRZQVWKHV\VWHPZKHWKHU
    \RX DUH DOORZHG WR PDNH PRGLILFDWLRQV WR WKH V\VWHP DQG ZKR RZQV VXFK PRGLILFDWLRQV 0DNH VXUH
    WKDW\RXGRKDYHDZULWWHQDJUHHPHQWDQGJHWLWFKHFNHGE\DODZ\HUEHIRUH\RXVLJQLWDQGEHIRUHDQ\
    GHVLJQFXVWRPZRUNRULQVWDOODWLRQRIWKHVLWHEHJLQV

    <RXZLOOQHHGZULWWHQSHUPLVVLRQ DOVRUHIHUUHGWRDVDOLFHQFHDFRQVHQWRUDQDJUHHPHQW WR


    XVHDQ\SKRWRVYLGHRVPXVLFYRLFHVDUWZRUNRUVRIWZDUHHWFWKDWEHORQJWRVRPHRQHHOVH
    -XVWEHFDXVH\RXILQGPDWHULDORQWKH,QWHUQHWGRHVQRWPHDQWKDWLWLVLQWKHSXEOLFGRPDLQ<RXPD\
    KDYHWRSD\IRUSHUPLVVLRQWRXVHWKLVPDWHULDO,QPDQ\FRXQWULHV\RXZLOOQHHGWRFRPPXQLFDWHZLWK
    DFROOHFWLQJVRFLHW\RUDVVRFLDWLRQRIDUWLVWVLQRUGHUWRJHWSHUPLVVLRQ
    'R QRW GLVWULEXWH IURP RU GRZQORDG RQWR \RXU ZHEVLWH DQ\ FRQWHQW RU PXVLF WKDW GRHV QRW
    EHORQJWR\RXXQOHVV\RXKDYHREWDLQHGZULWWHQSHUPLVVLRQIURPWKHRZQHUWRGLVWULEXWHLWRQ
    WKH,QWHUQHW

    +\SHUOLQNV
    7DNH FDUH ZKHQ OLQNLQJ WR RWKHU ZHEVLWHV /LQNV DUH D JUHDW HFRPPHUFH WRRO DQG D XVHIXO VHUYLFH WR
    \RXUFXVWRPHUVEXWLQPDQ\FRXQWULHVWKHUHLVQRFOHDUODZRQZKHQDQGKRZ\RXFDQXVHOLQNV7KH
    VDIHVWSUDFWLFHLVWRVHHNDQGREWDLQSHUPLVVLRQIURPWKHRWKHUVLWHEHIRUHSXWWLQJLQWKHOLQNHVSHFLDOO\
    LI\RXDUH¶GHHSOLQNLQJ·LHOLQNLQJWRDSDJHRQDQRWKHUZHEVLWHWKDWLVQRWWKHKRPHSDJH

    )UDPLQJ
    )UDPLQJ LV D SUDFWLFH WKDW LV PRUH FRQWURYHUVLDO WKDQ OLQNLQJ ,W PHDQV LQFOXGLQJ SDUWV RI DQRWKHU
    ZHEVLWHLQ\RXUZHEVLWHLQDZD\WKDWPDNHVLWORRNDVWKRXJKLWLVSDUWRI\RXUVLWH$OZD\VJHWZULWWHQ
    SHUPLVVLRQEHIRUHGRLQJWKLV

     4'('4'0%'5
    $/HJDO*XLGHWRWKH,QWHUQHW)RXUWK(GLWLRQ0HUFKDQWDQG*RXOGDQGWKH0LQQHVRWD'HSDUWPHQWRI7UDGHDQG(FRQRPLF
    'HYHORSPHQW)UHHMinnesota Small Business Assistance Office, 500 Metro Square, 121 Seventh Place East, St. Paul,
    MN 55101, United States. Tel: +1 651 296 3871. :HESDJHDWZZZPHUFKDQWJRXOGFRPDWWDFKPHQWVSGI'LVFXVVHV,3LVVXHV
    WKDWDULVHZKHQRSHUDWLQJRQWKH,QWHUQHW&RYHUV,3DQGOHJDOLVVXHVLQXVHRIHPDLODQGHYLGHRHFRPPHUFHUHODWHGWRGRPDLQ
    QDPHVXVHRIWUDGHPDUNVSDWHQWVDQGFRS\ULJKWRQWKH,QWHUQHWZLWKRWKHUFRQWUDFWXDODQGHPSOR\PHQWUHODWHGLVVXHVPDLQO\
    IURPD8QLWHG6WDWHVSHUVSHFWLYH
    ,QWHOOHFWXDO 3URSHUW\ RQ WKH ,QWHUQHW $ 6XUYH\ RI ,VVXHV :,32  :HE SDJH DW KWWSHFRPPHUFHZLSRLQWVXUYH\
    'LVFXVVHVWKHIDUUHDFKLQJLPSDFWWKDWGLJLWDOWHFKQRORJLHVWKH,QWHUQHWLQSDUWLFXODUKDYHKDGRQLQWHOOHFWXDOSURSHUW\ ,3 DQG
    WKHLQWHUQDWLRQDO,3V\VWHP
     (FRPPHUFHDQGXVHRILQIRUPDWLRQWHFKQRORJLHV

     *QY ECP + RTQVGEV O[ KPVGNNGEVWCN RTQRGTV[ TKIJVU QP VJG YGD! 9JCV
    RTGECWVKQPU ECP + VCMG VQ CXQKF XKQNCVKPI VJG KPVGNNGEVWCN RTQRGTV[ TKIJVU QH
    QVJGTU!

    ,QUHFHQW\HDUVWKHUHKDVEHHQPXFKSXEOLFLW\DERXWWKHXQODZIXOGLVWULEXWLRQRI,3SURWHFWHGPXVLF
    ILOPV DUW SKRWRV VFULSWV DQG VRIWZDUH ¶FRQWHQW·  RQ WKH ,QWHUQHW 7KHVH XQDXWKRUL]HG GRZQORDGV
    RIWHQYLRODWHQDWLRQDOODZVRIFRS\ULJKW
    ,WLVLPSRUWDQWWRSURWHFW\RXU,3ULJKWVRQWKH,QWHUQHW7KLVFDQEHGRQHLQDQXPEHURIZD\V$OZD\V
    FOHDUO\ LGHQWLI\ \RXU FRQWHQW ZLWK HLWKHU D FRS\ULJKW QRWLFH RU VRPH RWKHU LQGLFDWLRQ RI RZQHUVKLS
    <RXPD\ZLVKWRVLPSO\WHOOXVHUVZKDWWKH\FDQDQGFDQQRWGRZLWK\RXUFRQWHQW1HYHUGLVWULEXWH
    RUSHUPLWGRZQORDGVRIWKLUGSDUW\FRQWHQWWKDWGRHVQRWEHORQJWR\RXUFRPSDQ\DQGSXWLQ
    SODFHSURJUDPPHVWRPDNHVXUHWKDW\RXUHPSOR\HHVXQGHUVWDQG\RXUFRPSDQ\SROLFLHVLQWKLV
    UHJDUG

    7KH 1DSVWHU FDVH LQ WKH 8QLWHG 6WDWHV SXWV DQ LQWHUQDWLRQDO VSRWOLJKW RQ WKH XQDXWKRUL]HG
    GRZQORDGLQJ RI PXVLF ILOHV 7KH FDVH ZKLFK UHVXOWHG LQ WKH FRXUW LVVXLQJ D SHUPDQHQW LQMXQFWLRQ
    SUHYHQWLQJ 1DSVWHU IURP RSHUDWLQJ LWV ILOHVKDULQJ V\VWHP ZDV D ¶FRQWULEXWRU\ LQIULQJHPHQW· FDVH
    EHFDXVHWKHFODLPZDVWKDW1DSVWHUIDFLOLWDWHGLOOHJDOFRS\LQJE\XVHUVRIWKHV\VWHPQRWWKDW1DSVWHU
    FRSLHGWKHILOHVLWVHOI2WKHUFDVHVZLOOFRQWLQXHWRWHVWWKHODZLQWKLVDUHDDQGWKHUHPD\EHGLIIHUHQW
    LVVXHVDQGGLIIHUHQWUHVXOWVLQGLIIHUHQWMXULVGLFWLRQVEXWWKHOHVVRQRI1DSVWHULVWKDWLWLVLPSRUWDQW
    IRUDQHFRPPHUFHFRPSDQ\WRPDNHVXUHLWKDVDFOHDUSROLF\DJDLQVWXQDXWKRUL]HGFRS\LQJRIILOHVRU
    DQ\DFWLRQVWKDWHQFRXUDJHRUIDFLOLWDWHVXFKFRS\LQJ

    ,QFUHDVLQJO\ VRPH FRPSDQLHV DUH XVLQJ WHFKQLFDO PHDQV WR SURWHFW FRQWHQW RQ WKH ,QWHUQHW E\
    ZDWHUPDUNLQJ HQFU\SWLQJ RU RWKHUZLVH FUHDWLQJ LGHQWLILFDWLRQ DQG WUDFNLQJ V\VWHPV (OHFWURQLF
    FRS\ULJKWPDQDJHPHQWV\VWHPVDUHEHLQJSURSRVHGE\EXVLQHVVFRQVRUWLDDQGLQGLYLGXDOFRPSDQLHV
    ZKRVHHWKHVHV\VWHPVDVDZD\WRXVHWHFKQLFDOPHDQVWRFRQWUROXVHRIFRQWHQW

     4'('4'0%'5
    $/HJDO*XLGHWRWKH,QWHUQHW)RXUWK(GLWLRQ0HUFKDQWDQG*RXOGDQGWKH0LQQHVRWD'HSDUWPHQWRI7UDGHDQG(FRQRPLF
    'HYHORSPHQW)UHHMinnesota Small Business Assistance Office, 500 Metro Square, 121 Seventh Place East, St. Paul,
    MN 55101, United States. Tel: +1 651 296 3871. :HESDJHDWZZZPHUFKDQWJRXOGFRPDWWDFKPHQWVSGI'LVFXVVHV,3LVVXHV
    WKDWDULVHZKHQRSHUDWLQJRQWKH,QWHUQHW&RYHUV,3DQGOHJDOLVVXHVLQXVHRIHPDLODQGHYLGHRHFRPPHUFHUHODWHGWRGRPDLQ
    QDPHVXVHRIWUDGHPDUNVSDWHQWVDQGFRS\ULJKWRQWKH,QWHUQHWZLWKRWKHUFRQWUDFWXDODQGHPSOR\PHQWUHODWHGLVVXHVPDLQO\
    IURPD8QLWHG6WDWHVSHUVSHFWLYH
    /HJDO$VSHFWVRI(OHFWURQLF5LJKWV0DQDJHPHQW6\VWHPV6pYHULQH'XVROOLHU&HQWUHGH5HFKHUFKHV,QIRUPDWLTXHHW'URLW
    8QLYHUVLW\RI1DPXU:HESDJHDWZZZGURLWIXQGSDFEH7H[WHV'XVROOLHUSGI'LVFXVVHVWKHLPSRUWDQFHRIDQGQHHGIRU
    UHJXODWRU\PHFKDQLVPVIRUHOHFWURQLFULJKWVPDQDJHPHQWV\VWHPV
    

    
    
    

    
     3DFNDJLQJDQGODEHOOLQJ

     *QYOC[+QDVCKPGZENWUKXGTKIJVUQXGTVJGWUGQHO[RCEMCIKPIQTNCDGN!

    :LWK WKH H[FHSWLRQ RI D OLPLWHG QXPEHU RI LWHPV VXFK DV UDZ PDWHULDOV LQ EXON DXWRPRELOHV DQG
    IXUQLWXUH LWHPV PRVW SURGXFWV DUH GLVWULEXWHG LQ SDFNDJHV 3DFNDJLQJ UHIHUV WR WKH DSSHDUDQFH RI
    ODEHOVZUDSSHUVDQGFRQWDLQHUVXVHGLQSDFNDJLQJWKHSURGXFW3DFNDJLQJLVLPSRUWDQWLQRUGHUWR
    • )DFLOLWDWHVWRUDJHDQGWUDQVSRUW
    • 3URPRWHEHWWHUXWLOL]DWLRQRIWUDQVSRUWHTXLSPHQW
    • 3URYLGHSURGXFWSURWHFWLRQ
    • 3URPRWHWKHVDOHRIWKHSURGXFW
    • )DFLOLWDWHWKHXVHRIWKHSURGXFW
    • 3URYLGHUHXVHYDOXHIRUWKHFXVWRPHU

    /DEHOV
    /DEHOV DUH PDWHULDOV DWWDFKHG WR D SURGXFW WR LGHQWLI\ LW RU JLYH LQVWUXFWLRQV RU GHWDLOV FRQFHUQLQJ LWV
    RZQHUVKLSXVHQDWXUHGHVWLQDWLRQHWF/LVWHGEHORZDUHVRPHRIWKHPRVWFRPPRQUHTXLUHPHQWVIRU
    DQGIXQFWLRQVRIODEHOOLQJ
    3URGXFW ODEHOOLQJ ZLOO XVXDOO\ GHVFULEH UDZ PDWHULDO FRQWHQW WKH SURYLGHU RI WKH SURGXFW DQG WKH
    FRXQWU\ RI RULJLQ LQ VRPH PDUNHWV VXFK GHVFULSWLRQV DUH OHJDOO\ UHTXLUHG  7KHUH PD\ DOVR EH D
    SURGXFWQDPHDQGFRGHQXPEHU
    &DUH ODEHOV DUH LQFUHDVLQJO\ LPSRUWDQW IRU PDQ\ W\SHV RI SURGXFWV $ EULHI GHVFULSWLRQ RI FDUH DQG
    PDLQWHQDQFH RI WKH SURGXFW E\ WKH FRQVXPHU LV FRPPRQ ,Q WKH FDVH RI WH[WLOH SURGXFWV ZDVKLQJ
    LQVWUXFWLRQVDUHGHWDLOHG7KH\DUHFDUHIXOO\VWXGLHGE\FRQVXPHUVGXULQJSXUFKDVHDQGLQXVH
    6KLSSLQJZDUQLQJODEHOVDUHXVHGRQFRQVLJQPHQWSDFNV¶7KLVZD\XS·¶)UDJLOH·¶+HDY\·HWF7KHVH
    DUHVHWWRLQWHUQDWLRQDOVWDQGDUGV

    ,3LQODEHOOLQJDQGSDFNDJLQJ
    0DQ\ HOHPHQWV RI ODEHOOLQJ DQG SDFNDJLQJ DUH SURWHFWHG E\ ,3 ULJKWV :KHQ PDNLQJ ODEHOOLQJ RU
    SDFNDJLQJ GHFLVLRQV LW LV HVVHQWLDO WR FRQVLGHU WKH UHOHYDQW ,3 ULJKWV DQG WR GHFLGH ZKHQ DQG KRZ WR
    SURWHFWWKHP%HORZLVDVXPPDU\RIWKHNH\DVSHFWVWKDWVKRXOGEHFRQVLGHUHG

    • :RUGVOHWWHUVQDPHVVORJDQVGUDZLQJVGHVLJQVV\PEROVSLFWRULDOPDWWHUVRUDFRPELQDWLRQRIWKHVH
    XVHGLQODEHOOLQJRUSDFNDJLQJFDQEHSURWHFWHGDVWUDGHPDUNVLIWKH\DUHXVHGWRLGHQWLI\RUGLVWLQJXLVK
    WKHVRXUFHRIJRRGVRUVHUYLFHV

     4'('4'0%'5
    7UDGH'UHVV,QWHUQDWLRQDO7UDGHPDUN$VVRFLDWLRQ:HESDJHDWZZZLQWDRUJWUDGHGUHVV%DVLFLQIRUPDWLRQRQWUDGHGUHVVDQG
    ¶QRQWUDGLWLRQDOWUDGHPDUNV·
    3URGXFW0DNHUV&DQ3URWHFW7KHLU7UDGH'UHVV6KHOGRQDQG0DN:HESDJHDWZZZXVLSFRPDUWLFOHVWUGHGUVVKWP
    'LVFXVVHVZKDWFRQVWLWXWHVWUDGHGUHVVDQGKRZWRSURWHFWLWWKURXJK,3
    7KH3UREOHPZLWK3DWHQWHG3DFNDJLQJ,Q3DFNZRUOG$XJXVW
    :HESDJHDWZZZSDFNZRUOGFRPFGVBSULQWKWPO"UHFBLG 'LVFXVVHV8QLWHG6WDWHVFRXUWUXOLQJVRQYDOLGLW\RIWUDGHGUHVV
    ZKHQYDOLGLW\RISDWHQWVUXQRXW
    3DFNDJLQJDQGODEHOOLQJ 

    • &RPSDQLHV PD\DOVRXVHFROOHFWLYHPDUNVRQWKHLUODEHOOLQJDQGSDFNDJLQJLQRUGHUWRMRLQWO\PDUNHW
    WKHSURGXFWVRIDJURXSRIFRPSDQLHVDQGHQKDQFHSURGXFWUHFRJQLWLRQRUXVHFHUWLILFDWLRQPDUNVWR
    FHUWLI\ WKDW WKHLU SURGXFWV FRPSO\ ZLWK D SUHHVWDEOLVKHG VHW RI VWDQGDUGV &ROOHFWLYH DQG FHUWLILFDWLRQ
    PDUNVPD\ERWKEHXVHGWRJHWKHUZLWKWKHLQGLYLGXDOWUDGHPDUNRIWKHFRPSDQ\

    • 6RPH SURGXFWV IURP GLVWLQFW JHRJUDSKLFDO RULJLQV PD\ EH ODEHOOHG SDFNHG DQG DGYHUWLVHG XQGHU
    JHRJUDSKLFDO LQGLFDWLRQV ZKHUH WKH SURGXFWV LQ TXHVWLRQ KDYH D JLYHQ TXDOLW\ UHSXWDWLRQ RU RWKHU
    FKDUDFWHULVWLF ZKLFK LV DWWULEXWDEOH WR WKHLU JHRJUDSKLFDO RULJLQ DQG KDV EHHQ GXO\ SURWHFWHG DV D
    JHRJUDSKLFDO LQGLFDWLRQ )RU FHUWDLQ SURGXFWV VXFK DV ZLQH DQG VSLULWV  LW LV LPSRUWDQW WKDW H[SRUWHUV
    WDNH JUHDW FDUH QRW WR LQFOXGH WHUPV RQ WKHLU ODEHOV RU SDFNDJHV WKDW DUH SURWHFWHG DV JHRJUDSKLFDO
    LQGLFDWLRQV HJ ¶7HTXLOD· ¶&KDPSDJQH· ¶&KLDQWL·  XQOHVV WKHLU SURGXFWV KDYH EHHQ FHUWLILHG E\ WKH
    UHOHYDQWERG\DVSURGXFWVHQWLWOHGWRXVHWKHJHRJUDSKLFDOLQGLFDWLRQ

    • 2Q RFFDVLRQV D ODEHO PD\ LQFOXGH SLFWXUHV GUDZLQJV RU RWKHU ZRUNV RI DUW RU DSSOLHG DUW WKDW PD\ EH
    SURWHFWDEOHXQGHUFRS\ULJKWODZ

    7KH GHVLJQ RI WKH SDFNDJLQJ PD\ EH SURWHFWHG LQ GLIIHUHQW FRXQWULHV XQGHU RQH RU PRUH RI WKH
    IROORZLQJ,3ULJKWV

    • 7KHVKDSHDQGGHVLJQRIWKHSURGXFWSDFNDJLQJ LHWKHRUQDPHQWDORUDHVWKHWLFDVSHFWRIWKHSURGXFW
    SDFNDJLQJ PD\EHSURWHFWHGDVDQLQGXVWULDOGHVLJQ6HHTXHVWLRQ

    • 7KH VKDSH DQG SDFNDJLQJ RI SURGXFWV PD\ DOVR EH FRQVLGHUHG GLVWLQFWLYH PHDQLQJ WKDW LW GLVWLQJXLVKHV
    WKH SURGXFW IURP WKRVH RI FRPSHWLWRUV  DQG PD\ WKHUHIRUH DOVR RSHUDWH DQG EH UHJLVWHUHG DV D WKUHH
    GLPHQVLRQDOWUDGHPDUN 6HHTXHVWLRQ $IDPRXVH[DPSOHLVWKHVKDSHRIWKH&RFD&RODERWWOHRU
    WKH2UDQJLQDERWWOHZKLFKDUHSURWHFWHGDVWKUHHGLPHQVLRQDOWUDGHPDUNV

    • )LQDOO\LQDIHZFRXQWULHV HJWKH8QLWHG6WDWHV DSURGXFW·VGLVWLQFWLYHSDFNDJLQJPD\EHSURWHFWHGDV


    WUDGH GUHVV LQ RUGHU WR SUHYHQW FRPSHWLWRUV IURP XVLQJ FRQIXVLQJO\ VLPLODU IHDWXUHV 7UDGH GUHVV
    JHQHUDOO\SURWHFWVWKHWRWDOLPDJHRIWKHSURGXFWDQGFDQLQFOXGHFRORXUVFKHPHVWH[WXUHVVL]HVGHVLJQV
    VKDSHVDQGWKHSODFHPHQWRIZRUGVJUDSKLFVDQGGHFRUDWLRQVRQDSURGXFWRULWVSDFNDJLQJ

    • ,IWKHSDFNDJLQJKDVLQQRYDWLYHIXQFWLRQDOIHDWXUHVLWPD\EHSURWHFWHGE\SDWHQWVRUXWLOLW\PRGHOV6HH
    TXHVWLRQ

    10
    7UDGHGUHVVLVDFDWHJRU\RI,3ULJKWVWKDWKDVQRWEHHQFRYHUHGLQWKLVJXLGH,WDSSOLHVWRDYHU\OLPLWHGQXPEHURIFRXQWULHV
    7KHWHUP¶WUDGHGUHVV·UHIHUVLQJHQHUDOWHUPVWRWKH¶ORRNDQGIHHO·RIDSURGXFWRULWVSDFNDJLQJ
    
    

    
     7KH:RUOG7UDGH2UJDQL]DWLRQ :72 

     9JCVFQ961#ITGGOGPVUUC[CDQWVKPVGNNGEVWCNRTQRGTV[!

    7KH:RUOG7UDGH2UJDQL]DWLRQ :72 LVDQLQWHUQDWLRQDOERG\GHDOLQJZLWKLQWHUQDWLRQDOWUDGHUXOHV


    ,W DLPV DW IDFLOLWDWLQJ WUDGH DPRQJ FRXQWULHV E\ FUHDWLQJ FRQGLWLRQV RI FRPSHWLWLRQ WKDW DUH IDLU DQG
    HTXLWDEOH 7R WKLV HQG LW HQFRXUDJHV FRXQWULHV WR HQWHU LQWR QHJRWLDWLRQV IRU WKH UHGXFWLRQ RI WDULIIV
    DQGWKHUHPRYDORIRWKHUEDUULHUVWRWUDGHDQGUHTXLUHVWKHPWRDSSO\FRPPRQVHWVRIUXOHVWRWUDGHLQ
    JRRGVDQGVHUYLFHV

    2QH VHW RI WKHVH UXOHV SHUWDLQLQJ WR LQWHOOHFWXDO SURSHUW\ LV FRQWDLQHG LQ WKH :72 $JUHHPHQW RQ
    7UDGH5HODWHG$VSHFWVRI,QWHOOHFWXDO3URSHUW\5LJKWV RUWKH¶75,36$JUHHPHQW· 

    7KH 75,36 $JUHHPHQW ZKLFK LV ELQGLQJ RQ DOO 0HPEHUV RI WKH :72 LV DQ DWWHPSW WR QDUURZ WKH
    JDSV LQ WKH ZD\ WKHVH ULJKWV DUH SURWHFWHG DURXQG WKH ZRUOG DQG WR EULQJ WKHP XQGHU FRPPRQ
    LQWHUQDWLRQDO UXOHV VHWWLQJ ZKDW DUH JHQHUDOO\ UHIHUUHG WR DV ¶PLQLPXP QRUPV DQG VWDQGDUGV· RI ,3
    SURWHFWLRQ$VWKH75,36$JUHHPHQWUHTXLUHVFRPSOLDQFHZLWKWKRVHQRUPVDQGVWDQGDUGV0HPEHUV
    PD\ QHHG WR HQDFW RU PRGLI\ WKHLU OHJLVODWLRQ UXOHV DQG SURFHGXUHV WR UHJXODWH WKH UHJLVWUDWLRQ
    JUDQWLQJHQMR\PHQWDQGHQIRUFHPHQWRI,3ULJKWVDFFRUGLQJO\:KHQWKHUHDUHWUDGHGLVSXWHVRYHU,3
    ULJKWV UHODWLQJ WR WKH SURYLVLRQV RI WKH 75,36 $JUHHPHQW WKH :72 GLVSXWH VHWWOHPHQW V\VWHP LV
    DYDLODEOH7KHDJUHHPHQWFRYHUVILYHEURDGDUHDV
    • +RZ WKH EDVLF SULQFLSOHV RI WKH LQWHUQDWLRQDO WUDGLQJ V\VWHP DQG RI RWKHU LQWHUQDWLRQDO ,3 DJUHHPHQWV
    VKRXOGEHDSSOLHG
    • +RZWRJLYHDGHTXDWHSURWHFWLRQWR,3ULJKWV
    • +RZFRXQWULHVVKRXOGHQIRUFH,3ULJKWVDGHTXDWHO\LQWKHLURZQWHUULWRULHV
    • +RZWRVHWWOHGLVSXWHVRQ,3EHWZHHQPHPEHU6WDWHVRIWKH:72DQG
    • 7UDQVLWLRQDODUUDQJHPHQWVGXULQJWKHSHULRGZKHQWKHQHZV\VWHPLVEHLQJLQWURGXFHG

    :KLOH LW PD\ EH XVHIXO IRU HQWHUSULVHV WR XQGHUVWDQG WKH EDVLF UXOHV RI WKH JDPH RQ ,3 DW DQ
    LQWHUQDWLRQDOOHYHOIRUWKHSXUSRVHVRIWUDGLQJLQ,3SURWHFWHGJRRGVDQGVHUYLFHVLWLVWKHQDWLRQDORU
    UHJLRQDO ,3 ODZV WKDW SURYLGH WKH EDVHV IRU UHJLVWUDWLRQ JUDQWLQJ H[SORLWDWLRQ DQG HQIRUFHPHQW RI ,3
    ULJKWV 6R DV DQ 60( \RXU SULPDU\ IRFXV VKRXOG EH RQ WKH QDWLRQDO DQG UHJLRQDO OHJLVODWLRQ V 
    DSSOLFDEOHHLWKHULQ\RXURZQFRXQWU\RULQRWKHUFRXQWULHVWRZKLFK\RXPD\EHH[SRUWLQJRULQZKLFK
    \RXKDYHVWUDWHJLFEXVLQHVVUHODWLRQVKLSV

     4'('4'0%'5
    World Trade Organization. Website at www.wto.org. Under the item Trade Topics, links to a wide range of materials on trade-related aspects
    of intellectual property.
    7KH:RUOG7UDGH2UJDQL]DWLRQ :72  

     #TG VJG UVCPFCTFU QH RTQVGEVKQP QH KPVGNNGEVWCN RTQRGTV[ TKIJVU RTQXKFGF D[
    VJG64+25#ITGGOGPVCNTGCF[CRRNKECDNGKPCNN/GODGTUQHVJG961!

    :KHQWKH:72$JUHHPHQWVWRRNHIIHFWRQ-DQXDU\GHYHORSHGFRXQWULHVZHUHJLYHQRQH\HDU
    WR HQVXUH WKDW WKHLU QDWLRQDO ,3 ODZV DQG SUDFWLFHV ZHUH LQ FRQIRUPLW\ ZLWK WKH UHTXLUHPHQWV RI WKH
    75,36 $JUHHPHQW 'HYHORSLQJ FRXQWULHV DQG XQGHU FHUWDLQ FRQGLWLRQV  WUDQVLWLRQ HFRQRPLHV ZHUH
    JLYHQILYH\HDUV WR-DQXDU\ DQGOHDVWGHYHORSHGFRXQWULHV\HDUV WR-DQXDU\ ODWHU
    H[WHQGHGE\DIXUWKHU\HDUVIRUFHUWDLQSURGXFWV WR-DQXDU\ 
    ,QDGGLWLRQDWWKHWLPHZKHQWKH75,36$JUHHPHQWHQWHUHGLQWRIRUFHRQ-DQXDU\DQXPEHU
    RIGHYHORSLQJFRXQWULHVGLGQRWRIIHUSDWHQWSURWHFWLRQIRUSURGXFWVLQFHUWDLQVHFWRUVIRUH[DPSOHLQ
    WKH SKDUPDFHXWLFDOV DQG FKHPLFDOV ILHOGV :KHUH WKLV ZDV WKH FDVH WKH $JUHHPHQW DOORZHG XS WR 
    \HDUV WR-DQXDU\ WRLQWURGXFHVXFKSURWHFWLRQ+RZHYHUIRUSKDUPDFHXWLFDODQGDJULFXOWXUDO
    FKHPLFDO SURGXFWV WKH ILOLQJ RI SDWHQW DSSOLFDWLRQV KDG WR EH DFFHSWHG LQ WKRVH FRXQWULHV IURP WKH
    EHJLQQLQJ RI WKH WUDQVLWLRQDO SHULRG WKRXJK WKH SDWHQW QHHG QRW EH JUDQWHG XQWLO WKH HQG RI WKLV
    SHULRG 7KXV FRPSDQLHV ZLVKLQJ WR DSSO\ IRU SDWHQW SURWHFWLRQ IRU WKRVH WHFKQRORJLFDO DUHDV LQ VXFK
    FRXQWULHVPD\GRVREXWSURWHFWLRQZLOOQRWEHJUDQWHGXQWLO-DQXDU\DWWKHODWHVW

     4'('4'0%'5
    A unique contribution. World Trade Organization. Web page at KWWSZZZZWRRUJHQJOLVKWUDWRSBHWULSVBHWULSITBHKWP7UDQVLWLRQ
    More information and links on the transition periods applicable for different groups of countries with regard to the provisions of the agreement on
    TRIPS.
     7KH:RUOG7UDGH2UJDQL]DWLRQ :72 

     9JCV CTG VJG OCKP RTKPEKRNGU QH VJG 64+25 CITGGOGPV CPF JQY FQGU VJKU
    CHHGEVEQORCPKGU FGEKUKQPOCMKPIQPVJGCESWKUKVKQPQHKPVGNNGEVWCNRTQRGTV[
    TKIJVUCDTQCF!

    $V ZLWK RWKHU :72 $JUHHPHQWV WKH SULQFLSOH RI QRQGLVFULPLQDWLRQ LV D SURPLQHQW IHDWXUH RI WKH
    75,36 $JUHHPHQW ,PSOHPHQWDWLRQ LV WKURXJK QDWLRQDO WUHDWPHQW DQG PRVWIDYRXUHG QDWLRQ
    WUHDWPHQW 1DWLRQDO WUHDWPHQW LH WKH SULQFLSOH E\ ZKLFK LQ FRPPHUFLDO WHUPV D FRXQWU\ PXVW
    H[WHQGWKHVDPHWUHDWPHQWWRSHUVRQVIURPRWKHUFRXQWULHVDVLWGRHVWRLWVRZQQDWLRQDOV LVLPSRUWDQW
    EHFDXVH LW HQVXUHV WKDW FRPSDQLHV LQWHUHVWHG LQ REWDLQLQJ SURWHFWLRQ IRU WKHLU ,3 LQ RYHUVHDV PDUNHWV
    ZLOOREWDLQWKHVDPHOHYHORISURWHFWLRQ HJGXUDWLRQDQGVFRSH DVQDWLRQDOVRIWKDWFRXQWU\
    0RVWIDYRXUHGQDWLRQ 0)1 WUHDWPHQW WKHSULQFLSOHE\ZKLFKHTXDOWUHDWPHQWPXVWEHJLYHQWR
    QDWLRQDOV RI DOO WKH WUDGLQJ SDUWQHUV LQ WKH :72  LV DOVR LQFOXGHG LQ WKH 75,36 $JUHHPHQW WKXV
    JXDUDQWHHLQJ WKDW DOO FRPSDQLHV REWDLQ DQ HTXDO OHYHO RISURWHFWLRQ IRU WKHLU ,3 LQ DQ\ JLYHQ PDUNHW
    6RLIDFRXQWU\SURYLGHVFHUWDLQ,3EHQHILWVWRHQWHUSULVHVIURPRQH:720HPEHUWKHQEHFDXVHRI
    WKH 0)1 SULQFLSOH HQVKULQHG LQ WKH 75,36 $JUHHPHQW WKDW FRXQWU\ KDV WR SURYLGH WKH VDPH ,3
    EHQHILWVWRWKHFRPSDQLHVIURPDOORWKHU:720HPEHUV5HJLRQDOWUDGHDJUHHPHQWV 57$V KRZHYHU
    DUHDQDJUHHGH[FHSWLRQWRWKLV0)1SULQFLSOH
    7KH75,36$JUHHPHQWSURYLGHVZKDWDUHJHQHUDOO\UHIHUUHGWRDV¶PLQLPXPQRUPVDQGVWDQGDUGV·IRU
    WKH SURWHFWLRQ RI ,3 ULJKWV :KDW WKLV PHDQV LV WKDW 0HPEHUV DUH IUHH WR GHWHUPLQH WKH DSSURSULDWH
    PHWKRGRILPSOHPHQWLQJWKHSURYLVLRQVRI75,36ZLWKLQWKHLURZQOHJDOV\VWHPDQGSUDFWLFHDQGPD\
    LPSOHPHQW PRUH H[WHQVLYH SURWHFWLRQ WKDQ LV UHTXLUHG )RU H[DPSOH ZKLOH WKH 75,36 $JUHHPHQW
    SURYLGHVIRUFRS\ULJKWSURWHFWLRQIRU\HDUVIURPWKH\HDURIGHDWKRIWKHDXWKRURIDZRUNDODUJH
    QXPEHURIFRXQWULHVLQIDFWSURYLGHIRUSURWHFWLRQIRU\HDUVDIWHUWKHGHDWKRIWKHDXWKRU

     4'('4'0%'5
    3ULQFLSOHVRIWKH7UDGLQJ6\VWHP:RUOG7UDGH2UJDQL]DWLRQ
    :HE SDJH DW ZZZZWRRUJHQJOLVKWKHZWRBHZKDWLVBHWLIBHIDFWBHKWP $Q HDV\WRXQGHUVWDQG RYHUYLHZ RI WKH SULQFLSOHV RI
    QDWLRQDOWUHDWPHQWDQGPRVWIDYRXUHGQDWLRQWUHDWPHQWDQGOLQNVWRIXUWKHUDUWLFOHVDQGUHVRXUFHV
    7KH:RUOG7UDGH2UJDQL]DWLRQ :72  

     *QY FQGU VJG 64+25 #ITGGOGPV FGCN YKVJ GPHQTEGOGPV QH KPVGNNGEVWCN
    RTQRGTV[TKIJVU!

    $FFRUGLQJWRWKH75,36$JUHHPHQWJRYHUQPHQWVKDYHWRHQVXUHWKDW,3ULJKWVFDQEHHQIRUFHGXQGHU
    WKHLU ODZV DQG WKDW WKH SHQDOWLHV IRU LQIULQJHPHQW DUH WRXJK HQRXJK WR GHWHU IXUWKHU YLRODWLRQV 7KH
    SURFHGXUHV PXVW EH IDLU DQG HTXLWDEOH DQG QRW XQQHFHVVDULO\ FRPSOLFDWHG RU FRVWO\ 7KH\ PXVW QRW
    HQWDLOXQUHDVRQDEOHWLPHOLPLWVRUXQZDUUDQWHGGHOD\V3HRSOHLQYROYHGVKRXOGEHDEOHWRDVNDFRXUWWR
    UHYLHZDQDGPLQLVWUDWLYHGHFLVLRQRUWRDSSHDOWRDORZHUFRXUW·VUXOLQJ
    7KH $JUHHPHQW GHVFULEHV LQ VRPH GHWDLO KRZ HQIRUFHPHQW KDV WR EH KDQGOHG LQFOXGLQJ UXOHV IRU
    REWDLQLQJHYLGHQFHSURYLVLRQDOPHDVXUHVLQMXQFWLRQVGDPDJHVDQGRWKHUSHQDOWLHV,WVD\VFRXUWVPXVW
    KDYHWKHULJKWXQGHUFHUWDLQFRQGLWLRQVWRRUGHUWKHGLVSRVDORUGHVWUXFWLRQRISLUDWHGRUFRXQWHUIHLW
    JRRGV :LOIXO WUDGHPDUN FRXQWHUIHLWLQJ RU FRS\ULJKW SLUDF\ RQ D FRPPHUFLDO VFDOH PXVW EH FULPLQDO
    RIIHQFHV *RYHUQPHQWV KDYH WR PDNH VXUH WKDW ,3 ULJKWKROGHUV FDQ UHFHLYH WKH DVVLVWDQFH RI FXVWRPV
    DXWKRULWLHVWRSUHYHQWLPSRUWVRIFRXQWHUIHLWDQGSLUDWHGJRRGV

    )RUPRUHRQHQIRUFHPHQWVHHTXHVWLRQ

     4'('4'0%'5
    :RUOG 7UDGH 2UJDQL]DWLRQ :HE SDJH DW ZZZZWRRUJHQJOLVKGRFVBHOHJDOBHOHJDOBHKWP75,3V $ VXPPDU\ RI WKH :72
    $JUHHPHQWV ,QFOXGHV WKH $JUHHPHQW RQ 75,36 ,QFOXGLQJ 7UDGH LQ &RXQWHUIHLW *RRGV DOVR VXPPDUL]HV 3DUW ,,, RI WKH
    $JUHHPHQWZKLFKVHWVRXWWKHREOLJDWLRQVRIPHPEHUJRYHUQPHQWVWRSURYLGHSURFHGXUHVDQGUHPHGLHVXQGHUWKHLUGRPHVWLFODZ
    WRHQVXUHWKDWLQWHOOHFWXDOSURSHUW\ULJKWVFDQEHHIIHFWLYHO\HQIRUFHGE\IRUHLJQULJKWKROGHUVDVZHOODVE\WKHLURZQQDWLRQDOV
     7KH:RUOG7UDGH2UJDQL]DWLRQ :72 

     *QY FQGU VJG FKURWVG UGVVNGOGPV RTQEGFWTG YQTM KP VJG 961 CPF JQY ECP
    O[EQORCP[OCMGWUGQHKV!

    :72 0HPEHUV KDYH DJUHHG WKDW LI WKH\ EHOLHYH IHOORZ 0HPEHUV DUH YLRODWLQJ :72DGPLQLVWHUHG
    WUDGHUXOHVLQFOXGLQJWKH75,36$JUHHPHQWWKH\ZLOOXVHWKHPXOWLODWHUDOV\VWHPRIVHWWOLQJGLVSXWHV
    EHIRUH WDNLQJ DFWLRQ XQLODWHUDOO\ 7KDW PHDQV DELGLQJ E\ WKH DJUHHG SURFHGXUHV DQG UHVSHFWLQJ
    MXGJHPHQWV

    7\SLFDOO\ D GLVSXWH DULVHV ZKHQ RQH 0HPEHU DGRSWV D WUDGH SROLF\ PHDVXUH RU WDNHV VRPH DFWLRQ RU
    LQDFWLRQWKDWRQHRUPRUHIHOORZ:720HPEHUVFRQVLGHUWREHEUHDNLQJWKH:72$JUHHPHQWRUWR
    EH D IDLOXUH WR OLYH XS WR LWV REOLJDWLRQV $ WKLUG JURXS RI FRXQWULHV FDQ GHFODUH WKDW WKH\ KDYH DQ
    LQWHUHVWLQWKHFDVHDQGHQMR\VRPHULJKWV
    7KH :72 $JUHHPHQW LQWURGXFHG D VWUXFWXUHG SURFHVV IRU GLVSXWH VHWWOHPHQW ZLWK FOHDUO\ GHILQHG
    VWDJHVLQWKHSURFHGXUH,WLQWURGXFHGGLVFLSOLQHIRUWKHOHQJWKRIWLPHDFDVHVKRXOGWDNHWREHVHWWOHG
    ZLWKIOH[LEOHGHDGOLQHVVHWIRUYDULRXVVWDJHVRIWKHSURFHGXUH7KH$JUHHPHQWHPSKDVL]HVWKDWSURPSW
    VHWWOHPHQW LV HVVHQWLDO LI WKH :72 LV WR IXQFWLRQ HIIHFWLYHO\ ,W VHWV RXW LQ FRQVLGHUDEOH GHWDLO WKH
    SURFHGXUHVDQGWKHWLPHWDEOHWREHIROORZHGLQUHVROYLQJGLVSXWHV
    &RPSDQLHVIDFLQJSUREOHPVLQDQRYHUVHDVPDUNHWWKDWDUHEHOLHYHGWREHFDXVHGE\WKHIDLOXUHRIWKH
    FRXQWU\WRPHHWLWVREOLJDWLRQVXQGHUWKH75,36$JUHHPHQWPD\LQIRUPWKHLUJRYHUQPHQWZKRPD\LQ
    WXUQ GHFLGH WR SUHVHQW WKH FDVH IRU GLVSXWH UHVROXWLRQ XQGHU WKH :72 7KLV PD\ EH D FXPEHUVRPH
    SURFHVV EHFDXVH LW UHTXLUHV DFWLRQ IURP WKH JRYHUQPHQW LQGLYLGXDOV RU FRPSDQLHV FDQQRW WDNH D
    GLVSXWH VHWWOHPHQW FDVH WR WKH :72  1HYHUWKHOHVV WKH GLVSXWH VHWWOHPHQW PHFKDQLVP SURYLGHV D
    IUDPHZRUNIRUHQVXULQJWKDWFRXQWULHVFRPSO\ZLWKWKHLUREOLJDWLRQVXQGHUWKH75,36$JUHHPHQW

     4'('4'0%'5
    A unique contribution. World Trade Organization. Web page at www.wto.org/english/thewto_e/whatis_e/tif_e/disp1_e.htm. $QRYHUYLHZRI
    WKHGLVSXWHVHWWOHPHQWPHFKDQLVPLQ:72ZLWKFDVHVWXGLHV
    
    

    
    $SSHQGL[, 

    #RRGPFKZ+

    $/HWWHURILQYLWDWLRQWRSURVSHFWLYHSDUWLFLSDQWV
    

    'HDU&ROOHDJXH

    7KH ,QWHUQDWLRQDO 7UDGH &HQWUH 81&7$':72 ,7&  ZDQWV WR NQRZ ZKDW \RXU PRVW IUHTXHQWO\ DVNHG
    TXHVWLRQV DUH LQ WKH DUHD RI LQWHOOHFWXDO SURSHUW\ <RXU TXHVWLRQV ZLOO EH FRPSLOHG LQWR D PDVWHU OLVW RI
    FRPPRQ TXHVWLRQV )URP WKLV OLVW ZH ZLOO VHOHFW DQG DQVZHU RYHU  RI WKH PRVW FRPPRQO\ DVNHG
    TXHVWLRQV UHVXOWLQJ LQ D SXEOLFDWLRQ PDGH LQ FROODERUDWLRQ ZLWK WKH :RUOG ,QWHOOHFWXDO 3URSHUW\
    2UJDQL]DWLRQ :,32 ¶6HFUHWVRI,QWHOOHFWXDO3URSHUW\·

    7KLVLVD81,48(RSSRUWXQLW\IRU\RXWRJHWWKHDQVZHUV\RXUHDOO\QHHGIURPDQH[SHUWDQGDFKDQFHWR
    VHHWKHUHVSRQVHWRTXHVWLRQVFRPSDQLHVDUHDVNLQJ:HXUJH\RXWRUHVSRQGWRWKLVVKRUWTXHVWLRQORQJ
    VXUYH\ DW WKH HDUOLHVW $V ZH KDYH GRQH LQ RXU SDVW ,7& ¶7UDGH 6HFUHWV· VHULHV RI SXEOLFDWLRQV ZH ZLOO QRW
    RQO\ DFNQRZOHGJH \RXU FRQWULEXWLRQ LQ WKH SXEOLFDWLRQ ZH ZLOO DOVR VHQG \RX D IUHH FRS\ RI WKH ILQLVKHG
    SXEOLFDWLRQLI\RXVHQGLQ\RXUTXHVWLRQV

    2QOLQHVVLPLODUWR,7&·VVXFFHVVIXOVHULHVRISXEOLFDWLRQVFDOOHG¶7UDGH6HFUHWV·WKLVSXEOLFDWLRQZLOOVHUYHDV
    D SUDFWLFDO UHIHUHQFH JXLGH IRU VPDOO DQG PHGLXPVL]HG HQWHUSULVHV HVSHFLDOO\ LQ GHYHORSLQJ FRXQWULHV DQG
    HFRQRPLHVLQWUDQVLWLRQ7KHERRNZLOOEHVWUXFWXUHGLQDRQHSDJHTXHVWLRQDQVZHUDQGUHIHUHQFHIRUPDW
    DQGZLOODQVZHUDERXWFRPPRQTXHVWLRQVDVNHGE\60(PDQDJHUVLQ\RXULQGXVWU\VHFWRU )RUPRUH
    RQ,7&·V7UDGH6HFUHWVVHULHVRISXEOLFDWLRQVVHHZZZLQWUDFHQRUJHFJXLGHVZHOFRPHKWP 

    :H DOVR VHHN WR LGHQWLI\ ZKDW W\SH RI LQIRUPDWLRQ WUDLQLQJ SXEOLFDWLRQ &'520 EDVHG WRROV RU RWKHU
    VRXUFH RI DVVLVWDQFH LV QHHGHG E\ 60(V LQ WKH DUHD RI LQWHOOHFWXDO SURSHUW\ )LQDOO\ ZH ZLOO DWWHPSW WR
    LGHQWLI\WKHPRVWFRPPRQO\XWLOL]HGUHVRXUFHVDILUPFRQWDFWVZKHQDWWHPSWLQJWRDQVZHUWKHVHTXHVWLRQV

    <RXKDYHEHHQLGHQWLILHGE\,7&·VSDUWQHURUJDQL]DWLRQLQ\RXUFRXQWU\DVDVHOHFWJURXSRILQGLYLGXDOVWR
    SDUWLFLSDWHLQWKLVYHU\LPSRUWDQWVXUYH\:HDUHYHU\PXFKLQWHUHVWHGLQ\RXURSLQLRQVRQZKDWVKRXOGEH
    LQFOXGHGLQWKLVXSFRPLQJSXEOLFDWLRQ

    3OHDVHWDNHVRPHWLPHIURP\RXUEXV\VFKHGXOHWRDQVZHUWKHIROORZLQJWKUHHTXHVWLRQV,I\RXUHVSRQGZH
    ZLOOVHQG\RXDIUHHFRS\RIWKHSXEOLFDWLRQDQGOLVW\RXUQDPHDQGWLWOHLQWKHSXEOLFDWLRQ

    3OHDVHUHWXUQ\RXUDQVZHUVWRWKHIROORZLQJTXHVWLRQVWRPHDW0HQRQ#LQWUDFHQRUJ

    SKRQH      ID[      5HJXODU SRVW 'LYLVLRQ RI 7UDGH 6XSSRUW 6HUYLFHV
    ,QWHUQDWLRQDO7UDGH&HQWUH81&7$':723DODLVGHV1DWLRQV&+*HQHYD6ZLW]HUODQG

    ,7&

    7KH,QWHUQDWLRQDO7UDGH&HQWUH81&7$':72 ,7& LVWKHIRFDOSRLQWLQWKH8QLWHG1DWLRQVV\VWHPIRU


    WHFKQLFDO FRRSHUDWLRQ LQ WUDGH SURPRWLRQ ZLWK GHYHORSLQJ FRXQWULHV ,7& ZRUNV ZLWK GHYHORSLQJ FRXQWULHV
    DQG HFRQRPLHV LQ WUDQVLWLRQ DQG SDUWLFXODUO\ ZLWK WKHLU EXVLQHVV VHFWRUV WR VHW XS WUDGH SURPRWLRQ
    SURJUDPPHV IRU H[SDQGLQJ WKHLU H[SRUWV DQG LPSURYLQJ WKHLU LPSRUW RSHUDWLRQV ,7&·V IRFXV DUHDV DUH
    )DFLOLWDWLQJ LQWHJUDWLRQ LQWR WKH PXOWLODWHUDO WUDGLQJ V\VWHP 'HVLJQLQJ WUDGH GHYHORSPHQW VWUDWHJLHV
    5HLQIRUFLQJ WUDGH VXSSRUW LQVWLWXWLRQV ,PSURYLQJ VHFWRUDO WUDGH SHUIRUPDQFH %XLOGLQJ HQWHUSULVH
    FRPSHWLWLYHQHVV)RUPRUHLQIRUPDWLRQRQ,7&FRQWDFWXVRUUHIHUWRWKH,7&ZHEVLWHZZZLQWUDFHQRUJ

    
     $SSHQGL[,

    4XHVWLRQ

    :KDW DUH WKH ILYH PRVW FRPPRQ TXHVWLRQV \RX KDYH LQ WKH ILHOG RI LQWHOOHFWXDO SURSHUW\" 3OHDVH WKLQN RI
    WUDGHPDUNVSDWHQWVFRS\ULJKWVIUDQFKLVLQJDJUHHPHQWVSURWHFWLQJ\RXUEUDQGQDPHRUDFTXLULQJ,3ULJKWV
    RQ\RXULQQRYDWLRQVHWF 

    

    

    

    

    

    4XHVWLRQ

    3OHDVH OHW XV NQRZ ZKDW W\SH RI LQIRUPDWLRQ WUDLQLQJ SXEOLFDWLRQ RU VRXUFH RI DVVLVWDQFH \RX QHHG DV D
    VPDOODQGPHGLXPVL]HGHQWHUSULVHWRXQGHUVWDQGEXVLQHVVUHODWHGLQWHOOHFWXDOSURSHUW\LVVXHVDQGXVHLWWR
    \RXUDGYDQWDJH

    ,QIRUPDWLRQRQ«

    7UDLQLQJSURJUDPPHRQ«

    3XEOLFDWLRQRQ&'520RQ«

    $Q\RWKHUVRXUFHRIDVVLVWDQFH«

    7HFKQLFDODVVLVWDQFHRQ«

    4XHVWLRQ

    :KHUH ZRXOG \RX JR WR ILQG DQVZHUV WR \RXU TXHVWLRQV RU VHHN DVVLVWDQFH RQ LQWHOOHFWXDO SURSHUW\ DQG
    UHODWHGLVVXHV"

    7KHRUJDQL]DWLRQV,ZRXOGFRQWDFWDUH

    ,ZRXOGDVNWKHIROORZLQJLQGLYLGXDOV

    ,ZRXOGXVHWKHIROORZLQJSXEOLFDWLRQRUZHEVLWH«

    ,Q \RXU DQVZHU SOHDVH LQFOXGH \RXU QDPH DQG WLWOH WKH QDPH RI \RXU ILUP RU RUJDQL]DWLRQ DQG LWV SRVWDO
    DGGUHVVWRHQDEOHXVWRDFNQRZOHGJH\RXUSDUWLFLSDWLRQLQWKHSXEOLFDWLRQDQGVHQG\RXDIUHHFRS\RIWKH
    ILQDOSXEOLFDWLRQ

    2Q EHKDOI RI ,7& ZH VLQFHUHO\ DSSUHFLDWH \RXU WDNLQJ WKH WLPH WR EH SDUW RI WKLV LPSRUWDQW LQLWLDWLYH E\
    RIIHULQJ\RXUYDOXHGRSLQLRQ

    6LQFHUHO\

    +HPD0HQRQ
    $VVRFLDWH$GYLVHURQ&RPSHWLWLYHQHVV,PSURYHPHQWRI60(V
    ,QWHUQDWLRQDO7UDGH&HQWUH*HQHYD

    
    $SSHQGL[, 

    %3DUWLFLSDQWV
    )UDQFLVFR-RVp0HQHQGH]&KLX*HUHQWH*HQHUDO&RQVHUYDV\&RQJHODGRV<DHVWD6$*XDWHPDOD

    &DUORV5DIDHOGH-$UDQD0*HUHQWH*HQHUDO3UHSDF&HQWURDPHULFDQD6$*XDWHPDOD

    0DUFR 7XOLR 0ROLQD 7HMHGD 'LUHFWRU (MHFXWLYR *UHPLDO GH )DEULFDQWHV GH 3URGXFWRV 4XtPLFRV SDUD OD
    $JULFXOWXUD$GVFULWDDOD&iPDUDGH,QGXVWULDGH*XDWHPDOD*XDWHPDOD

    5DPLUR(VWXDUGR0XUDOOHV$UDXMR*HUHQWH*HQHUDO/DERUDWRULRV,QWHFID*XDWHPDOD

    7KRPDV-DPHV'LUHFWRU*HQHUDO6(352),16$GH&90H[LFR

    +HFWRU-LPHQH]*HUHQWH*HQHUDO&KHFKHQW&KDLUV6$GH&90H[LFR

    &DUROLQD&XpOODU8UHxD'HSDUWDPHQWRGH0DUNHWLQJ0XQVD0ROLQRV6$GH&90H[LFR

    %UXQR*LHVHPDQQ*YHUVEXVFK3URSLHWDULR)LQFD$UJRYLD0H[LFR

    & 3 $UWHPLR )FR 5REOHUR *RQ]DOH] *HUHQWH *HQHUDO 3URGXFWRUHV ,QGLJHQDV 6HUUDQRV 'HFKLDSDV $ULF
    0H[LFR

    &ODXGLD9DODGH]*RQ]iOH]&RRUGLQDGRUDGHOÉUHDGH'HVDUUROOR,QVWLWXFLRQDO,QVWLWXWRSDUDHO'HVDUUROOR
    6XVWHQWDEOHHQ0HVRDPpULFD$&0H[LFR

    ,QJ $PEHUWR %DXWLVWD %ODQFD 5HSUHVHQWDQWH /HJDO ,QWHJUDGRUD GH )UXWDV )LQDV 6RFRQXVFR 6$ GH &9
    0H[LFR

    -RUJH&DFKR&KDFRQ*HUHQWH$GPLQLVWUDWLYR&$552&(5$635'(5/0H[LFR

    -HDQ3LHUUH*RIILQJV'LUHFWRU*HQHUDO),1&$60$5,1$6'(75,66$GH&90H[LFR

    0DUFR$QWRQLR0DJDxD$FHYHGR&RQVXOWRU&$6$70H[LFR

    $QJpOLFD9i]TXH]0'LUHFWRU,UHQND&RVPpWLFRV6$GH&90H[LFR

    +XPEHUWR&HUYDQWHV$GPLQLVWUDGRU*HQHUDO$FXtFROD6DQWD5RVDOtD0H[LFR

    /XLV0LJXHO/ySH]0RUHQR'LUHFWRU*HQHUDO*UXSR*ULVND6$GH&90H[LFR

    $OIRQVR6DQ]*yPH]'LUHFWRU*HQHUDO0$35(6$&RPHUFLDO6$GH&90H[LFR

    (GXDUGR5LFR&iUGHQDV'LUHFWRU3URGX9LGD%DVHV0yYLOHVSDUD0DFHWDV0H[LFR

    0DULR $UQXOIR &HUGD 5RGUtJXH] 3UHVLGHQWH 'LUHFFLyQ (VWUDWpJLFD &RUSRUDWLYD 6$ GH
    &9'LHVWUDOLTXHXUV0H[LFR

    -DTXHOLQH 0RVTXHGD 5RGUtJXH] *LOEHUWR 0DFLDV =DYDOD 'HVDUUROOR ([SRUWDGRU ² &HQWUR %DQFRPH[W
    7LMXDQD0H[LFR

    5LFDUGR4XLQWDQD2UR]FR(VSHFLDOLVWDGH$VHVRUtD%DQFRPH[W61&0H[LFR

    &HFLOLD5DPtUH]5LHVWUD*HUHQWH$GPLQLVWUDWLYR'DQLHODGH0p[LFR6$GH&90H[LFR

    0DULR $UQXOIR &HUGD 5RGUtJXH] 3UHVLGHQWH 'LUHFFLyQ (VWUDWpJLFD &RUSRUDWLYD 6$ GH
    &9'LHVWUDOLTXHXUV0H[LFR

    $OHMDQGUR7XUUHQW'LUHFWRU([SRUWDFLRQHV1XHYD0DWDFDSDQ7DEDFRV6$GH&90H[LFR

    
     $SSHQGL[,,

    #RRGPFKZ++

    $OJHULD ZZZLQDSLRUJ

    $QGRUUD ZZZRPSDDG

    $UJHQWLQD ZZZLQSLJRYDU
    $5,32 $IULFDQ5HJLRQDO,QGXVWULDO3URSHUW\
    ZZZDULSRZLSRQHW
    2UJDQL]DWLRQ 
    $UPHQLD ZZZDUPSDWHQWRUJ
    $XVWULD ZZZSDWHQWEPZDJYDW
    $XVWUDOLD ZZZLSDXVWUDOLDJRYDX
    %DUEDGRV ZZZFDLSRJRYEE
    %HOL]H ZZZEHOLSRE]
    %HQHOX[ %HQHOX[7UDGHPDUNV2IILFH²%72  ZZZEPEEEPRUJ
    %ROLYLD ZZZVHQDSLJRYER

    %RVQLDDQG+HU]HJRYLQD ZZZELKQHWED]VPS

    %UD]LO ZZZLQSLJRYEU

    %XOJDULD ZZZESREJ

    &DQDGD ZZZFLSRJFFD

    &KLQD ZZZVLSRJRYFQ

    &KLQD+RQJ.RQJ 6$5  ZZZLQIRJRYKNLSG

    &KLQD0DFDR 6$5  ZZZHFRQRPLDJRYPR

    &KLOH ZZZSURLQGJRYFO

    &RORPELD ZZZVLFJRYFR
    &URDWLD ZZZG]LYKU
    &XED ZZZRFSLFX
    &]HFK5HSXEOLF ZZZXSYF]
    'HQPDUN ZZZGNSWRGN

    'RPLQLFDQ5HSXEOLF ZZZVHLFJRYGRRQDSL

    (VWRQLD ZZZHSDHH

    (XURSHDQ3DWHQW2IILFH ZZZHSRRUJ
    (XURSHDQ8QLRQ 2IILFHIRUWKH+DUPRQL
    KWWSRDPLHXLQW
    ]DWLRQLQWKH,QWHUQDO0DUNHW²2+,0 
    )LQODQG ZZZSUKIL
    $SSHQGL[,, 

    )UDQFH ZZZLQSLIU

    *HRUJLD ZZZVDNSDWHQWLRUJJH

    *HUPDQ\ ZZZGSPDGH

    *UHHFH ZZZRELJU

    +XQJDU\ ZZZKSRKX

    ,FHODQG ZZZHOVVWMULV

    ,QGLD ZZZSDWHQWRIILFHQLFLQ

    ,QGRQHVLD ZZZGJLSJRLG

    ,UHODQG ZZZSDWHQWVRIILFHLH

    ,VUDHO ZZZMXVWLFHJRYLOUDVKDPKDSWHQWLP

    ,WDO\ ZZZHXURSHDQSDWHQWRIILFHRUJLW

    -DSDQ ZZZMSRJRMS

    -RUGDQ ZZZPLWJRYMR

    .D]DNKVWDQ ZZZND]SDWHQWN]

    .HQ\D ZZZNLSRNHZLSRQHW

    .\UJ\]VWDQ ZZZNU\J\]SDWHQWNJ

    /DR3HRSOH·V'HPRFUDWLF5HSXEOLF ZZZVWHDODZLSRQHW

    /LWKXDQLD ZZZYSEOW

    /X[HPERXUJ ZZZHWDWOX(&

    0DFDR ZZZHFRQRPLDJRYPR

    0DOD\VLD ZZZNSGQKTJRYP\

    0H[LFR ZZZLPSLJREP[

    0RQDFR ZZZHXURSHDQSDWHQWRIILFHRUJSDWOLEFRXQWU\PRQDFR

    0RURFFR ZZZRPSLFRUJPD

    1HWKHUODQGV ZZZELHPLQH]QO

    1HSDO ZZZLSQSZLSRQHW

    1HZ=HDODQG ZZZLSRQ]JRYWQ]

    1RUZD\ ZZZSDWHQWVW\UHWQR
    2UJDQLVDWLRQ$IULFDLQHGHOD3URSULpWp
    ZZZRDSLZLSRQHW
    ,QWHOOHFWXHOOH 2$3, 
    3DQDPD ZZZPLFLJRESDFRPLQWIKWPO

    3HUX ZZZLQGHFRSLJRESH

    3KLOLSSLQHV ZZZLSRSKLOJRYSK

    3RODQG ZZZXSUSSO
     $SSHQGL[,,

    3RUWXJDO ZZZLQSLSW
    5HSXEOLFRIWKH&RQJR ZZZDQSLFJZLSRQHW
    5HSXEOLFRI.RUHD ZZZNLSRJRNU
    5HSXEOLFRI0DFHGRQLD ZZZLSSRJRYPN
    5HSXEOLFRI0ROGRYD ZZZDJHSLPG

    5RPDQLD ZZZRVLPUR

    5XVVLDQ)HGHUDWLRQ ZZZUXSWRUX
    6HUELDDQG0RQWHQHJUR ZZZ\XSDWVYJRY\X
    6LQJDSRUH ZZZLSRVJRYVJ
    6ORYDN5HSXEOLF ZZZLQGSURSJRYVN

    6ORYHQLD ZZZVLSRP]WVL
    6SDLQ ZZZRHSPHV
    6ZHGHQ ZZZSUYVH

    6ZLW]HUODQG ZZZLJHFK

    7DMLNLVWDQ ZZZWLSDWRUJ

    7KDLODQG ZZZLSWKDLODQGRUJ

    7XUNH\ ZZZWXUNSDWHQWJRYWU

    8NUDLQH ZZZXNUSDWHQWRUJ

    8QLWHG.LQJGRP ZZZSDWHQWJRYXN
    8QLWHG6WDWHV ZZZXVSWRJRY
    8UXJXD\ ZZZGQSLJXEX\
    8]EHNLVWDQ ZZZSDWHQWX]
    9HQH]XHOD ZZZVDSLJRYYH
    

    #RRGPFKZ+++

    $QGRUUD ZZZRPSDDG

    %RVQLDDQG+HU]HJRYLQD ZZZELKQDWED]VPS

    %UD]LO ZZZPLQFJRYEU

    &DQDGD KWWSFLSRJFFD

    &KLQD+RQJ.RQJ 6$5  ZZZLQIRJRYKNLSG

    &URDWLD KWWSSXEZZZVUFHKUSDWHQW

    +XQJDU\ ZZZKSRKX

    ,QGRQHVLD ZZZSDWHQWJRLG

    /X[HPERXUJ ZZZHWDWOX(&

    0DOD\VLD KWWSNSGQKTJRYP\

    0RQDFR ZZZHXURSHDQSDWHQWRIILFHRUJSDWOLEFRXQWU\PRQDFR

    1HZ=HDODQG ZZZPHGJRYWQ]

    1RUZD\ ZZZGHSQRNG

    5XVVLDQ)HGHUDWLRQ ZZZUXSWRUX

    6LQJDSRUH ZZZLSRVJRYVJ

    6ORYHQLD ZZZVLSRP]WVL

    6SDLQ ZZZPFXHV3URSLHGDGB,QWHOHFWXDOLQGLFHKWP

    6ZLW]HUODQG ZZZLJHFK

    7KDLODQG ZZZLSWKDLODQGRUJ

    8QLWHG.LQJGRP ZZZSDWHQWJRYXN

    8QLWHG6WDWHVRI$PHULFD ZZZORFJRYFRS\ULJKW

    
    

    #RRGPFKZ+8

    (As at date???)
    $OEDQLD *DPELD 3KLOLSSLQHV
    $OJHULD *HRUJLD 3RODQG
    $QWLJXDDQG%DUEXGD *HUPDQ\ 3RUWXJDO
    $UPHQLD *KDQD 5HSXEOLFRI.RUHD
    $XVWUDOLD *UHHFH 5HSXEOLFRI0ROGRYD
    $XVWULD *UHQDGD 5RPDQLD
    $]HUEDLMDQ *XLQHD 5XVVLDQ)HGHUDWLRQ
    %DUEDGRV *XLQHD%LVVDX 6DLQW/XFLD
    %HODUXV +XQJDU\ 6HQHJDO
    %HOJLXP ,FHODQG 6LHUUD/HRQH
    %HOL]H ,QGLD 6LQJDSRUH
    %HQLQ ,QGRQHVLD 6ORYDNLD
    %RVQLDDQG+HU]HJRYLQD ,UHODQG 6ORYHQLD
    %RWVZDQD ,VUDHO 6RXWK$IULFD
    %UD]LO ,WDO\ 6SDLQ
    %XOJDULD -DSDQ 6UL/DQND
    %XUNLQD)DVR .D]DNKVWDQ 6XGDQ
    &DPHURRQ .HQ\D 6ZD]LODQG
    &DQDGD .\UJ\]VWDQ 6ZHGHQ
    &HQWUDO$IULFDQ5HSXEOLF /DWYLD 6ZLW]HUODQG
    &KDG /HVRWKR 7DMLNLVWDQ
    &KLQD /LEHULD 7KHIRUPHU<XJRVODY5HSXEOLF
    &RORPELD /LHFKWHQVWHLQ RI0DFHGRQLD
    &RQJR /LWKXDQLD 7RJR
    &RVWD5LFD /X[HPERXUJ 7ULQLGDGDQG7REDJR
    &{WHG·,YRLUH 0DGDJDVFDU 7XQLVLD
    &URDWLD 0DODZL 7XUNH\
    &XED 0DOL 7XUNPHQLVWDQ
    &\SUXV 0DXULWDQLD 8JDQGD
    &]HFK5HSXEOLF 0H[LFR 8NUDLQH
    'HPRFUDWLF3HRSOH·V5HSXEOLF 0RQDFR 8QLWHG$UDE(PLUDWHV
    RI.RUHD 0RQJROLD 8QLWHG.LQJGRP
    'HQPDUN 0RURFFR 8QLWHG5HSXEOLFRI7DQ]DQLD
    'RPLQLFD 0R]DPELTXH 8QLWHG6WDWHVRI$PHULFD
    (FXDGRU 1DPLELD 8]EHNLVWDQ
    (TXDWRULDO*XLQHD 1HWKHUODQGV 9LHW1DP
    (VWRQLD 1HZ=HDODQG <XJRVODYLD
    )LQODQG 1LJHU =DPELD
    )UDQFH 1RUZD\ =LPEDEZH
    *DERQ 2PDQ
    

    7RWDO6WDWHV
    

    #RRGPFKZ8

    $VDWGDWH""" 

    $OEDQLD $  *HUPDQ\ $ 3  5HSXEOLFRI0ROGRYD $ 3 


    $OJHULD $  *UHHFH 3  5RPDQLD $ 3 
    $QWLJXDDQG%DUEXGD 3  +XQJDU\ $ 3  5XVVLDQ)HGHUDWLRQ $ 3 
    $UPHQLD $ 3  ,FHODQG 3  6DQ0DULQR $ 
    $XVWUDOLD 3  ,UHODQG 3  6LHUUD/HRQH $ 3 
    $XVWULD $ 3  ,WDO\ $ 3  6LQJDSRUH 3 
    $]HUEDLMDQ $  -DSDQ 3  6ORYDNLD $ 3 
    %HODUXV $ 3  .D]DNKVWDQ $  6ORYHQLD $ 3 
    %HOJLXP  $ 3  .HQ\D $ 3  6SDLQ $ 3 
    %KXWDQ $ 3  .\UJ\]VWDQ $  6XGDQ $ 
    %RVQLDDQG+HU]HJRYLQD $  /DWYLD $ 3  6ZD]LODQG $ 3 
    %XOJDULD $ 3  /HVRWKR $ 3  6ZHGHQ 3 
    &KLQD $ 3  /LEHULD $  6ZLW]HUODQG $ 3 
    &URDWLD $  /LHFKWHQVWHLQ $ 3  7DMLNLVWDQ $ 
    &XED $ 3  /LWKXDQLD 3  7KHIRUPHU<XJRVODY
    &\SUXV 3  /X[HPERXUJ  $ 3  5HSXEOLFRI0DFHGRQLD $ 
    &]HFK5HSXEOLF $ 3  0RQDFR $ 3  7XUNH\ 3 
    'HPRFUDWLF3HRSOH·V 0RQJROLD $ 3  7XUNPHQLVWDQ 3 
    5HSXEOLFRI.RUHD $ 3  0RURFFR $ 3  8NUDLQH $ 3 
    'HQPDUN 3  0R]DPELTXH $ 3  8QLWHG.LQJGRP 3 
    (J\SW $  1HWKHUODQGV  $ 3  8QLWHG6WDWHV 3 
    (VWRQLD 3  1RUZD\ 3  8]EHNLVWDQ $ 
    )LQODQG 3  3RODQG $ 3  9LHWQDP $ 
    )UDQFH $ 3  3RUWXJDO $ 3  6HUELDDQG0RQWHQHJUR $ 3 
    *HRUJLD 3  5HSXEOLFRI.RUHD 3  =DPELD 3 
    
    7RWDO6WDWHV
    
    
    $  LQGLFDWHVDSDUW\WRWKH$JUHHPHQW
    3  LQGLFDWHVDSDUW\WRWKH3URWRFRO
    
    
    BBBBBBBBBBBBBBBBBBBBBBBBBBB

    3URWHFWLRQPD\QRWEHUHTXHVWHGVHSDUDWHO\IRU%HOJLXP/X[HPERXUJRUWKH1HWKHUODQGVEXWRQO\IRUDOOWKUHHFRXQWULHVDVD
    ZKROH %HQHOX[ VXEMHFWWRSD\PHQWRIDVLQJOHFRPSOHPHQWDU\RULQGLYLGXDOIHH
    

    #RRGPFKZ8+

    (As at date???)
    %HOJLXP *UHHFH 5HSXEOLFRI0ROGRYD
    %HOL]H +RO\6HH 5RPDQLD
    %HQLQ +XQJDU\ 6HQHJDO
    %XOJDULD ,FHODQG 6HUELDDQG0RQWHQHJUR
    &{WHG·,YRLUH ,QGRQHVLD 6ORYHQLD
    'HPRFUDWLF3HRSOH·V5HSXEOLF ,WDO\ 6SDLQ
    RI.RUHD .\UJ\]VWDQ 6XULQDPH
    (J\SW /LHFKWHQVWHLQ 6ZLW]HUODQG
    (VWRQLD /X[HPERXUJ 7KH)RUPHU<XJRVODY5HSXEOLF
    )UDQFH 0RQDFR RI0DFHGRQLD
    *DERQ 0RQJROLD 7XQLVLD
    *HRUJLD 0RURFFR 8NUDLQH
    *HUPDQ\ 1HWKHUODQGV
    
    
    7RWDO6WDWHV
    

    #RRGPFKZ8++

    $VDW6HSWHPEHU 

    $OEDQLD (FXDGRU 0DGDJDVFDU


    $OJHULD (J\SW 0DODZL
    $QWLJXDDQG%DUEXGD (O6DOYDGRU 0DOD\VLD
    $UJHQWLQD (TXDWRULDO*XLQHD 0DOL
    $UPHQLD (VWRQLD 0DOWD
    $XVWUDOLD )HGHUDWHG6WDWHVRI 0DXULWDQLD
    $XVWULD 0LFURQHVLD 0DXULWLXV
    $]HUEDLMDQ )LML 0H[LFR
    %DKDPDV )LQODQG 0RQDFR
    %DKUDLQ )UDQFH 0RQJROLD
    %DQJODGHVK *DERQ 0RURFFR
    %DUEDGRV *DPELD 1DPLELD
    %HODUXV *HRUJLD 1HWKHUODQGV
    %HOJLXP *HUPDQ\ 1HZ=HDODQG
    %HOL]H *KDQD 1LFDUDJXD
    %HQLQ *UHHFH 1LJHU
    %ROLYLD *UHQDGD 1LJHULD
    %RVQLDDQG+HU]HJRYLQD *XDWHPDOD 1RUZD\
    %RWVZDQD *XLQHD 2PDQ
    %UD]LO *XLQHD%LVVDX 3DNLVWDQ
    %XOJDULD *X\DQD 3DQDPD
    %XUNLQD)DVR +DLWL 3DUDJXD\
    &DPHURRQ +RO\6HH 3HUX
    &DQDGD +RQGXUDV 3KLOLSSLQHV
    &DSH9HUGH +XQJDU\ 3RODQG
    &HQWUDO$IULFDQ5HSXEOLF ,FHODQG 3RUWXJDO
    &KDG ,QGLD 4DWDU
    &KLOH ,QGRQHVLD 5HSXEOLFRI.RUHD
    &KLQD ,UHODQG 5HSXEOLFRI0ROGRYD
    &RORPELD ,VUDHO 5RPDQLD
    &RQJR ,WDO\ 5XVVLDQ)HGHUDWLRQ
    &RVWD5LFD -DPDLFD 5ZDQGD
    &{WHG·,YRLUH -DSDQ 6DLQW.LWWVDQG1HYLV
    &URDWLD -RUGDQ 6DLQW/XFLD
    &XED .D]DNKVWDQ 6DLQW9LQFHQWDQGWKH
    &\SUXV .HQ\D *UHQDGLQHV
    &]HFK5HSXEOLF .\UJ\]VWDQ 6HQHJDO
    'HPRFUDWLF3HRSOH·V5HSXEOLF /DWYLD 6HUELDDQG0RQWHQHJUR
    RI.RUHD /HEDQRQ 6LQJDSRUH
    'HPRFUDWLF5HSXEOLFRI /HVRWKR 6ORYDNLD
    WKH&RQJR /LEHULD 6ORYHQLD
    'HQPDUN /LE\DQ$UDE-DPDKLUL\D 6RXWK$IULFD
    'MLERXWL /LHFKWHQVWHLQ 6SDLQ
    'RPLQLFD /LWKXDQLD 6UL/DQND
    'RPLQLFDQ5HSXEOLF /X[HPERXUJ 6XGDQ
     $SSHQGL[9,,

    6XULQDPH 7RJR 8QLWHG6WDWHVRI$PHULFD


    6ZD]LODQG 7RQJD 8UXJXD\
    6ZHGHQ 7ULQLGDGDQG7REDJR 9HQH]XHOD
    6ZLW]HUODQG 7XQLVLD =DPELD
    7DMLNLVWDQ 7XUNH\ =LPEDEZH
    7KDLODQG 8NUDLQH
    7KHIRUPHU<XJRVODY5HSXEOLF 8QLWHG.LQJGRP
    RI0DFHGRQLD 8QLWHG5HSXEOLFRI7DQ]DQLD
    
    7RWDO6WDWHV
    

    #RRGPFKZ8+++

    $VDW-XO\ 

    $OEDQLD (J\SW 0DOL


    $OJHULD (O6DOYDGRU 0DOWD
    $QWLJXDDQG%DUEXGD (TXDWRULDO*XLQHD 0DXULWDQLD
    $UJHQWLQD (VWRQLD 0DXULWLXV
    $UPHQLD )LQODQG 0H[LFR
    $XVWUDOLD )UDQFH 0RQDFR
    $XVWULD *DERQ 0RQJROLD
    $]HUEDLMDQ *DPELD 0RURFFR
    %DKDPDV *HRUJLD 0R]DPELTXH
    %DKUDLQ *HUPDQ\ 1HSDO
    %DQJODGHVK *KDQD 1HWKHUODQGV
    %DUEDGRV *UHHFH 1HZ=HDODQG
    %HODUXV *UHQDGD 1LFDUDJXD
    %HOJLXP *XDWHPDOD 1LJHU
    %HOL]H *XLQHD 1LJHULD
    %HQLQ *XLQHD%LVVDX 1RUZD\
    %KXWDQ *X\DQD 2PDQ
    %ROLYLD +DLWL 3DQDPD
    %RVQLDDQG+HU]HJRYLQD +RO\6HH 3DSXD1HZ*XLQHD
    %RWVZDQD +RQGXUDV 3DUDJXD\
    %UD]LO +XQJDU\ 3HUX
    %XOJDULD ,FHODQG 3KLOLSSLQHV
    %XUNLQD)DVR ,QGLD 3RODQG
    %XUXQGL ,QGRQHVLD 3RUWXJDO
    &DPERGLD ,UDQ ,VODPLF5HSXEOLFRI  4DWDU
    &DPHURRQ ,UDT 5HSXEOLFRI.RUHD
    &DQDGD ,UHODQG 5HSXEOLFRI0ROGRYD
    &HQWUDO$IULFDQ5HSXEOLF ,VUDHO 5RPDQLD
    &KDG ,WDO\ 5XVVLDQ)HGHUDWLRQ
    &KLOH -DPDLFD 5ZDQGD
    &KLQD -DSDQ 6DLQW.LWWVDQG1HYLV
    &RORPELD -RUGDQ 6DLQW/XFLD
    &RQJR .D]DNKVWDQ 6DLQW9LQFHQWDQGWKH
    &RVWD5LFD .HQ\D *UHQDGLQHV
    &{WHG·,YRLUH .\UJ\]VWDQ 6DQ0DULQR
    &URDWLD /DR3HRSOH·V'HPRFUDWLF 6DR7RPHDQG3ULQFLSH
    &XED 5HSXEOLF 6HQHJDO
    &\SUXV /DWYLD 6HUELDDQG0RQWHQHJUR
    &]HFK5HSXEOLF /HEDQRQ 6H\FKHOOHV
    'HPRFUDWLF3HRSOH·V5HSXEOLF /HVRWKR 6LHUUD/HRQH
    RI.RUHD /LEHULD 6LQJDSRUH
    'HPRFUDWLF5HSXEOLFRI /LE\DQ$UDE-DPDKLUL\D 6ORYDNLD
    WKH&RQJR /LHFKWHQVWHLQ 6ORYHQLD
    'HQPDUN /LWKXDQLD 6RXWK$IULFD
    'MLERXWL /X[HPERXUJ 6SDLQ
    'RPLQLFD 0DGDJDVFDU 6UL/DQND
    'RPLQLFDQ5HSXEOLF 0DODZL 6XGDQ
    (FXDGRU 0DOD\VLD 6XULQDPH
     $SSHQGL[9,,,

    6ZD]LODQG 7ULQLGDGDQG7REDJR 8QLWHG6WDWHVRI$PHULFD


    6ZHGHQ 7XQLVLD 8UXJXD\
    6ZLW]HUODQG 7XUNH\ 8]EHNLVWDQ
    6\ULDQ$UDE5HSXEOLF 7XUNPHQLVWDQ 9HQH]XHOD
    7DMLNLVWDQ 8JDQGD 9LHW1DP
    7KHIRUPHU<XJRVODY5HSXEOLF 8NUDLQH =DPELD
    RI0DFHGRQLD 8QLWHG$UDE(PLUDWHV =LPEDEZH
    7RJR 8QLWHG.LQJGRP
    7RQJD 8QLWHG5HSXEOLFRI7DQ]DQLD
    

    7RWDO6WDWHV

    
     7KH 6WRFNKROP $FW DSSOLHV DOVR WR WKH +RQJ .RQJ 6SHFLDO $GPLQLVWUDWLYH 5HJLRQ ZLWK HIIHFW IURP -XO\   DQG WR WKH
    0DFDX6SHFLDO$GPLQLVWUDWLYH5HJLRQZLWKHIIHFWIURP'HFHPEHU
    
    'HQPDUNH[WHQGHGWKHDSSOLFDWLRQRIWKH6WRFNKROP$FWWRWKH)DURH,VODQGVZLWKHIIHFWIURP$XJXVW
    
    ,QFOXGLQJDOO2YHUVHDV'HSDUWPHQWVDQG7HUULWRULHV
    
    5DWLILFDWLRQIRUWKH.LQJGRPLQ(XURSHWKH1HWKHUODQGV$QWLOOHVDQG$UXED
    
    7KHDFFHVVLRQRI1HZ=HDODQGWRWKH6WRFNKROP$FWZLWKWKHH[FHSWLRQRI$UWLFOHVWRH[WHQGVWRWKH&RRN,VODQGV1LXH
    DQG7RNHODX
    
    7KH8QLWHG.LQJGRPH[WHQGHGWKHDSSOLFDWLRQRIWKH6WRFNKROP$FWWRWKH,VOHRI0DQZLWKHIIHFWIURP2FWREHU
    
    7KH8QLWHG6WDWHVRI$PHULFDH[WHQGHGWKHDSSOLFDWLRQRIWKH6WRFNKROP$FWWRDOOWHUULWRULHVDQGSRVVHVVLRQVRIWKH8QLWHG
    6WDWHVRI$PHULFDLQFOXGLQJWKH&RPPRQZHDOWKRI3XHUWR5LFRDVIURP$XJXVW

    You might also like