You are on page 1of 49

9LHZ6RQLF Š

3-' 8VHU*XLGH

'/33URMHFWRU *XLGHGHO¶XWLOLVDWHXU

%HGLHQXQJVDQOHLWXQJ

*XtDGHOXVXDULR

*XLGDGHOO¶XWHQWH

*XLDGRXVXiULR

$QYlQGDUKDQGERN

.l\WW|RSDV

Ɋɭɤɨɜɨɞɫɬɜɨɩɨɥɶɡɨɜɚɬɟɥɹ

‫ٺ‬ҢЙыġĩᖅᡝĪ

ሢ၊࿁࿳ġĩ⇷␅Ī

㇠㟝㣄G㙼⇨㉐

0RGHO1R96
&RPSOLDQFH,QIRUPDWLRQ
)&&6WDWHPHQW
7KLVGHYLFHFRPSOLHVZLWKSDUWRI)&&5XOHV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZR
FRQGLWLRQV  WKLVGHYLFHPD\QRWFDXVHKDUPIXOLQWHUIHUHQFHDQG  WKLVGHYLFHPXVWDFFHSW
DQ\LQWHUIHUHQFHUHFHLYHGLQFOXGLQJLQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ
7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKHOLPLWVIRUD&ODVV%GLJLWDOGHYLFH
SXUVXDQWWRSDUWRIWKH)&&5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOHSURWHFWLRQ
DJDLQVWKDUPIXOLQWHUIHUHQFHLQDUHVLGHQWLDOLQVWDOODWLRQ7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQ
UDGLDWHUDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQV
PD\FDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRFRPPXQLFDWLRQV+RZHYHUWKHUHLVQRJXDUDQWHHWKDW
LQWHUIHUHQFHZLOOQRWRFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLVHTXLSPHQWGRHVFDXVHKDUPIXO
LQWHUIHUHQFHWRUDGLRRUWHOHYLVLRQUHFHSWLRQZKLFKFDQEHGHWHUPLQHGE\WXUQLQJWKHHTXLSPHQW
RIIDQGRQWKHXVHULVHQFRXUDJHGWRWU\WRFRUUHFWWKHLQWHUIHUHQFHE\RQHRUPRUHRIWKH
IROORZLQJPHDVXUHV
‡ 5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD
‡ ,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU
‡ &RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLIIHUHQWIURPWKDWWRZKLFKWKHUHFHLYHU
LVFRQQHFWHG
‡ &RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS

:DUQLQJ<RXDUHFDXWLRQHGWKDWFKDQJHVRUPRGL¿FDWLRQVQRWH[SUHVVO\DSSURYHGE\WKHSDUW\
UHVSRQVLEOHIRUFRPSOLDQFHFRXOGYRLG\RXUDXWKRULW\WRRSHUDWHWKHHTXLSPHQW

)RU&DQDGD
‡ 7KLV&ODVV%GLJLWDODSSDUDWXVFRPSOLHVZLWK&DQDGLDQ,&(6
‡ &HWDSSDUHLOQXPpULTXHGHODFODVVH%HVWFRQIRUPHjODQRUPH10%GX&DQDGD

&(&RQIRUPLW\IRU(XURSHDQ&RXQWULHV
7KHGHYLFHFRPSOLHVZLWKWKHUHTXLUHPHQWVRIWKH((&GLUHFWLYH((&DV
DPHQGHGE\((&DQG((&$UWZLWKUHJDUGWR³(OHFWURPDJQHWLF
FRPSDWLELOLW\´DQG((&DVDPHQGHGE\((&$UWZLWKUHJDUGWR
³6DIHW\´

)ROORZLQJLQIRUPDWLRQLVRQO\IRU(8PHPEHUVWDWHV
7KHPDUNVKRZQWRWKHULJKWLVLQFRPSOLDQFHZLWKWKH:DVWH(OHFWULFDODQG(OHFWURQLF
(TXLSPHQW'LUHFWLYH(& :((( 
7KHPDUNLQGLFDWHVWKHUHTXLUHPHQW127WRGLVSRVHWKHHTXLSPHQWDVXQVRUWHG
PXQLFLSDOZDVWHEXWXVHWKHUHWXUQDQGFROOHFWLRQV\VWHPVDFFRUGLQJWRORFDOODZ

9LHZ6RQLF 3-' K
,PSRUWDQW6DIHW\,QVWUXFWLRQV
 5HDGWKHVHLQVWUXFWLRQV
 .HHSWKHVHLQVWUXFWLRQV
 +HHGDOOZDUQLQJV
 )ROORZDOOLQVWUXFWLRQV
 'RQRWXVHWKLVXQLWQHDUZDWHU
 &OHDQZLWKDVRIWGU\FORWK,IVWLOOQRWFOHDQVHH³&OHDQLQJWKH'LVSOD\´LQWKLVJXLGHIRU
IXUWKHULQVWUXFWLRQV
  RQRWEORFNDQ\YHQWLODWLRQRSHQLQJV,QVWDOOWKHXQLWLQDFFRUGDQFHZLWKWKHPDQXIDFWXUHU¶V
'
LQVWUXFWLRQV
 'RQRWLQVWDOOQHDUDQ\KHDWVRXUFHVVXFKDVUDGLDWRUVKHDWUHJLVWHUVVWRYHVRURWKHU
GHYLFHV LQFOXGLQJDPSOL¿HUV WKDWSURGXFHKHDW
 'RQRWGHIHDWWKHVDIHW\SXUSRVHRIWKHSRODUL]HGRUJURXQGLQJW\SHSOXJ$SRODUL]HGSOXJ
KDVWZREODGHVZLWKRQHZLGHUWKDQWKHRWKHU$JURXQGLQJW\SHSOXJKDVWZREODGHVDQGD
WKLUGJURXQGLQJSURQJ7KHZLGHEODGHDQGWKHWKLUGSURQJDUHSURYLGHGIRU\RXUVDIHW\,I
WKHSURYLGHGSOXJGRHVQRW¿WLQWR\RXURXWOHWFRQVXOWDQHOHFWULFLDQIRUUHSODFHPHQWRIWKH
REVROHWHRXWOHW
 3
 URWHFWWKHSRZHUFRUGIURPEHLQJZDONHGRQRUSLQFKHGSDUWLFXODUO\DWSOXJV&RQYHQLHQFH
UHFHSWDFOHVDQGWKHSRLQWZKHUHWKH\H[LWIURPWKHXQLW%HVXUHWKDWWKHSRZHURXWOHWLV
ORFDWHGQHDUWKHXQLWVRWKDWLWLVHDVLO\DFFHVVLEOH
 2QO\XVHDWWDFKPHQWVDFFHVVRULHVVSHFL¿HGE\WKHPDQXIDFWXUHU
  8VHRQO\ZLWKWKHFDUWVWDQGWULSRGEUDFNHWRUWDEOHVSHFL¿HGE\WKH
PDQXIDFWXUHURUVROGZLWKWKHXQLW:KHQDFDUWLVXVHGXVHFDXWLRQZKHQ
PRYLQJWKHFDUWXQLWFRPELQDWLRQWRDYRLGLQMXU\IURPWLSSLQJRYHU
 8QSOXJWKLVXQLWZKHQXQXVHGIRUORQJSHULRGVRIWLPH
 5
 HIHUDOOVHUYLFLQJWRTXDOL¿HGVHUYLFHSHUVRQQHO6HUYLFLQJLVUHTXLUHGZKHQWKHXQLWKDV
EHHQGDPDJHGLQDQ\ZD\VXFKDVLIWKHSRZHUVXSSO\FRUGRUSOXJLVGDPDJHGLIOLTXLGLV
VSLOOHGRQWRRUREMHFWVIDOOLQWRWKHXQLWLIWKHXQLWLVH[SRVHGWRUDLQRUPRLVWXUHRULIWKH
XQLWGRHVQRWRSHUDWHQRUPDOO\RUKDVEHHQGURSSHG

9LHZ6RQLF 3-' KK
'HFODUDWLRQRI5R+6&RPSOLDQFH
7KLVSURGXFWKDVEHHQGHVLJQHGDQGPDQXIDFWXUHGLQFRPSOLDQFHZLWK'LUHFWLYH(&RI
WKH(XURSHDQ3DUOLDPHQWDQGWKH&RXQFLORQUHVWULFWLRQRIWKHXVHRIFHUWDLQKD]DUGRXVVXEVWDQFHV
LQHOHFWULFDODQGHOHFWURQLFHTXLSPHQW 5R+6'LUHFWLYH DQGLVGHHPHGWRFRPSO\ZLWKWKH
PD[LPXPFRQFHQWUDWLRQYDOXHVLVVXHGE\WKH(XURSHDQ7HFKQLFDO$GDSWDWLRQ&RPPLWWHH 7$& 
DVVKRZQEHORZ

3URSRVHG0D[LPXP
6XEVWDQFH $FWXDO&RQFHQWUDWLRQ
&RQFHQWUDWLRQ

/HDG 3E  


0HUFXU\ +J  
&DGPLXP &G  
+H[DYDOHQW&KURPLXP &U  
3RO\EURPLQDWHGELSKHQ\OV 3%%  
3RO\EURPLQDWHGGLSKHQ\OHWKHUV 3%'(  

&HUWDLQFRPSRQHQWVRISURGXFWVDVVWDWHGDERYHDUHH[HPSWHGXQGHUWKH$QQH[RIWKH5R+6
'LUHFWLYHVDVQRWHGEHORZ
([DPSOHVRIH[HPSWHGFRPSRQHQWVDUH
0HUFXU\LQFRPSDFWÀXRUHVFHQWODPSVQRWH[FHHGLQJPJSHUODPSDQGLQRWKHUODPSVQRW
VSHFL¿FDOO\PHQWLRQHGLQWKH$QQH[RI5R+6'LUHFWLYH
/HDGLQJODVVRIFDWKRGHUD\WXEHVHOHFWURQLFFRPSRQHQWVÀXRUHVFHQWWXEHVDQGHOHFWURQLF
FHUDPLFSDUWV HJSLH]RHOHFWURQLFGHYLFHV 
/HDGLQKLJKWHPSHUDWXUHW\SHVROGHUV LHOHDGEDVHGDOOR\VFRQWDLQLQJE\ZHLJKWRU
PRUHOHDG 
/HDGDVDQDOORWWLQJHOHPHQWLQVWHHOFRQWDLQLQJXSWROHDGE\ZHLJKWDOXPLQLXP
FRQWDLQLQJXSWROHDGE\ZHLJKWDQGDVDFRRSHUDOOR\FRQWDLQLQJXSWROHDGE\
ZHLJKW

9LHZ6RQLF 3-' KKK


&RS\ULJKW,QIRUPDWLRQ
‹ ‹
&RS\ULJKW 9LHZ6RQLF &RUSRUDWLRQ$OOULJKWVUHVHUYHG
0DFLQWRVKDQG3RZHU0DFLQWRVKDUHUHJLVWHUHGWUDGHPDUNVRI$SSOH&RPSXWHU,QF
0LFURVRIW:LQGRZV:LQGRZV17DQGWKH:LQGRZVORJRDUHUHJLVWHUHGWUDGHPDUNVRI0LFURVRIW
&RUSRUDWLRQLQWKH8QLWHG6WDWHVDQGRWKHUFRXQWULHV
9LHZ6RQLFWKHWKUHHELUGVORJR2Q9LHZ9LHZ0DWFKDQG9LHZ0HWHUDUHUHJLVWHUHGWUDGHPDUNV
RI9LHZ6RQLF&RUSRUDWLRQ
9(6$LVDUHJLVWHUHGWUDGHPDUNRIWKH9LGHR(OHFWURQLFV6WDQGDUGV$VVRFLDWLRQ'306DQG''&
DUHWUDGHPDUNVRI9(6$
36 9*$DQG;*$DUHUHJLVWHUHGWUDGHPDUNVRI,QWHUQDWLRQDO%XVLQHVV0DFKLQHV&RUSRUDWLRQ
'LVFODLPHU9LHZ6RQLF&RUSRUDWLRQVKDOOQRWEHOLDEOHIRUWHFKQLFDORUHGLWRULDOHUURUVRU
RPLVVLRQVFRQWDLQHGKHUHLQQRUIRULQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVUHVXOWLQJIURPIXUQLVKLQJ
WKLVPDWHULDORUWKHSHUIRUPDQFHRUXVHRIWKLVSURGXFW
,QWKHLQWHUHVWRIFRQWLQXLQJSURGXFWLPSURYHPHQW9LHZ6RQLF&RUSRUDWLRQUHVHUYHVWKHULJKWWR
FKDQJHSURGXFWVSHFL¿FDWLRQVZLWKRXWQRWLFH,QIRUPDWLRQLQWKLVGRFXPHQWPD\FKDQJHZLWKRXW
QRWLFH
1RSDUWRIWKLVGRFXPHQWPD\EHFRSLHGUHSURGXFHGRUWUDQVPLWWHGE\DQ\PHDQVIRUDQ\
SXUSRVHZLWKRXWSULRUZULWWHQSHUPLVVLRQIURP9LHZ6RQLF&RUSRUDWLRQ

3URGXFW5HJLVWUDWLRQ
7RPHHW\RXUIXWXUHQHHGVDQGWRUHFHLYHDQ\DGGLWLRQDOSURGXFWLQIRUPDWLRQDVLWEHFRPHV
DYDLODEOHSOHDVHUHJLVWHU\RXUSURGXFWRQWKH,QWHUQHWDWZZZYLHZVRQLFFRP7KH9LHZ6RQLFŠ
:L]DUG&'520DOVRSURYLGHVDQRSSRUWXQLW\IRU\RXWRSULQWWKHUHJLVWUDWLRQIRUPZKLFK\RX
PD\PDLORUID[WR9LHZ6RQLF

)RU<RXU5HFRUGV
3URGXFW1DPH 3-'
9LHZ6RQLF'/33URMHFWRU
0RGHO1XPEHU 96
'RFXPHQW1XPEHU 3-'B8*B(1*5HYB19
6HULDO1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3XUFKDVH'DWH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7KHODPSLQWKLVSURGXFWFRQWDLQVPHUFXU\
3OHDVHGLVSRVHRILQDFFRUGDQFHZLWKORFDOVWDWHRUIHGHUDOODZV

9LHZ6RQLF 3-' KX
7DEOHRIFRQWHQWV
,QWURGXFWLRQ
3URMHFWRUIHDWXUHV 
6KLSSLQJFRQWHQWV 
3URMHFWRUH[WHULRUYLHZ 
&RQWUROVDQGIXQFWLRQV 

3RVLWLRQLQJ\RXUSURMHFWRU
&KRRVLQJDORFDWLRQ 
2EWDLQLQJDSUHIHUUHGSURMHFWHGSLFWXUHVL]H 

&RQQHFWLRQ
&RQQHFWLQJDFRPSXWHU 
&RQQHFWLQJ9LGHRVRXUFHGHYLFHV 

2SHUDWLRQ
6WDUWXS 
6ZLWFKLQJLQSXWVLJQDO 
$GMXVWLQJWKHSURMHFWHGSLFWXUH 
2SWLPL]LQJWKHSLFWXUH 
+LGLQJWKHSLFWXUH 
)UHH]LQJWKHSLFWXUH 
2SHUDWLQJLQDKLJKDOWLWXGHHQYLURQPHQW 
6KXWWLQJGRZQWKHSURMHFWRU 
0HQXRSHUDWLRQ 

0DLQWHQDQFH
&DUHRIWKHSURMHFWRU 
/DPSLQIRUPDWLRQ 

7URXEOHVKRRWLQJ
6SHFL¿FDWLRQV
3URMHFWRUVSHFL¿FDWLRQV 
7LPLQJFKDUW 

2WKHU,QIRUPDWLRQ
&XVWRPHUVXSSRUW 
/LPLWHG:DUUDQW\ 
,QWURGXFWLRQ
3URMHFWRUIHDWXUHV
7KHSURMHFWRULQWHJUDWHVKLJKSHUIRUPDQFHRSWLFDOHQJLQHSURMHFWLRQDQGDXVHUIULHQGO\
GHVLJQWRGHOLYHUKLJKUHOLDELOLW\DQGHDVHRIXVH
7KHSURMHFWRURIIHUVWKHIROORZLQJIHDWXUHV
‡ &RPSDFWDQGSRUWDEOHXQLW
‡ 2QHNH\DXWRDGMXVWPHQWWRGLVSOD\WKHEHVWSLFWXUHTXDOLW\
‡ 'LJLWDONH\VWRQHFRUUHFWLRQWRFRUUHFWGLVWRUWHGSLFWXUHV
‡ $GMXVWDEOHFRORUEDODQFHFRQWUROIRUGDWDYLGHRGLVSOD\
‡ $ELOLW\WRGLVSOD\PLOOLRQFRORUV
‡ 0XOWLODQJXDJH2Q6FUHHQ'LVSOD\ 26' PHQXV
‡ 6ZLWFKDEOHQRUPDODQG(FRQRPLFPRGHVWRUHGXFHWKHSRZHUFRQVXPSWLRQ
‡ &RPSRQHQW+'79FRPSDWLELOLW\ <3E3U
‡ 8SWRVHWVRISLFWXUHPRGHVSURYLGLQJPXOWLSOHFKRLFHVIRUGLIIHUHQWSURMHFWLRQSXUSRVHV
7KHDSSDUHQWEULJKWQHVVRIWKHSURMHFWHGSLFWXUHZLOOYDU\GHSHQGLQJRQWKHDPELHQW
OLJKWLQJFRQGLWLRQVVHOHFWHGLQSXWVRXUFHFRQWUDVWEULJKWQHVVVHWWLQJVDQGLVGLUHFWO\
SURSRUWLRQDOWRSURMHFWLRQGLVWDQFH
7KHODPSEULJKWQHVVZLOOGHFOLQHRYHUWLPHDQGPD\YDU\ZLWKLQWKHODPSPDQXIDFWXUHUV
VSHFL¿FDWLRQV7KLVLVQRUPDODQGH[SHFWHGEHKDYLRU

6KLSSLQJFRQWHQWV
7KHSURMHFWRULVVKLSSHGZLWKWKHFDEOHVUHTXLUHGIRUFRQQHFWLRQWRD3&&DUHIXOO\XQSDFN
DQGYHULI\WKDW\RXKDYHDOORIWKHLWHPVVKRZQEHORZ,IDQ\RIWKHVHLWHPVDUHPLVVLQJ
SOHDVHFRQWDFW\RXUSODFHRISXUFKDVH

6WDQGDUGSDFNLQJOLVW
 3URMHFWRU
 &DUGW\SHUHPRWHFRQWURODQGEDWWHU\
 4XLFN6WDUW*XLGH
 DQG9LHZ6RQLF:L]DUG&' 

 5*%FDEOH
 3RZHUFRUG





9LHZ6RQLF 3-' 
3URMHFWRUH[WHULRUYLHZ
)URQWXSSHUVLGH
 ([WHUQDOFRQWUROSDQHO

  9HQW KHDWHGDLUH[KDXVW
  )URQW,5UHPRWHVHQVRU
 4XLFNUHOHDVHEXWWRQ

  /HQVFDS
  )RFXVULQJ
  9HQW FRRODLULQWDNH
  3URMHFWLRQOHQV

5HDUVLGH

     



 5 * %  3 &  & R P S R Q H Q W  Y L G H R


 5HDUDGMXVWHUIRRW
<3E3U<&E&U VLJQDOLQSXWVRFNHW
 $&SRZHUFRUGLQOHW
 9LGHRLQSXWVRFNHW
 5HDU,5UHPRWHVHQVRU
 69LGHRLQSXWVRFNHW
 86%VRFNHW IRUVHUYLFLQJ
 56FRQWUROSRUW

8QGHUVLGH



  4XLFNUHOHDVHIRRW
  /DPSFRYHU
 &HLOLQJPRXQWLQJVFUHZKROHV
 

9LHZ6RQLF 3-' 
&RQWUROVDQGIXQFWLRQV
3URMHFWRU


      

 
 

 )
 RFXVULQJ  Ÿ (;,7
$GMXVWVWKHIRFXVRIWKHSURMHFWHG ([LWVDQGVDYHVWKHPHQXVHWWLQJV
SLFWXUH 6HOHFWVWKHGHVLUHGPHQXLWHPV
 /DPSLQGLFDWRUOLJKW
  3RZHU3RZHULQGLFDWRUOLJKW
,QGLFDWHVWKHVWDWXVRIWKHODPS/LJKWV
7XUQVWKHSURMHFWRURQRURII
XSRUÀDVKHVZKHQWKHODPSKDV
/LJKWVXSRUÀDVKHVZKHQWKHSURMHFWRU
GHYHORSHGDSUREOHP
LVXQGHURSHUDWLRQ
 .H\VWRQH$UURZEXWWRQV Ż/HIW
 $872
Ź5LJKW
$XWRPDWLFDOO\GHWHUPLQHVWKHEHVW
0DQXDOO\FRUUHFWVGLVWRUWHGSLFWXUHV
SLFWXUHWLPLQJVIRUWKHGLVSOD\HG
UHVXOWLQJIURPDQDQJOHGSURMHFWLRQ
SLFWXUH
6HOHFWVWKHGHVLUHGPHQXVDQGWRPDNH
 6285&(
DGMXVWPHQWV
6HTXHQWLDOO\VHOHFWVWKHLQSXWVLJQDO
02'(
'6XE&RPS &RPSRQHQW9LGHR 
6HTXHQWLDOO\VHOHFWVDSUHGH¿QHGSLFWXUH
69LGHRRU9LGHR
VHWWLQJDYDLODEOHIRUHDFKLQSXW
 %/$1.
 ź
 0(18
8VHGWRKLGHWKHVFUHHQSLFWXUH
7XUQVRQWKH2Q6FUHHQ'LVSOD\ 26' 
 7HPSHUDWXUHZDUQLQJOLJKW
PHQX
/LJKWVUHGLIWKHSURMHFWRU¶V
6HOHFWVWKHGHVLUHGPHQXLWHPV
WHPSHUDWXUHEHFRPHVWRRKLJK

9LHZ6RQLF 3-' 
5HPRWHFRQWURO

  .H\VWRQH 
0DQXDOO\FRUUHFWVGLVWRUWHGSLFWXUHV
 UHVXOWLQJIURPDQDQJOHGSURMHFWLRQ
  $872
$XWRPDWLFDOO\GHWHUPLQHVWKHEHVW
SLFWXUHWLPLQJVIRUWKHGLVSOD\HGSLFWXUH
   6285&(

6HTXHQWLDOO\VHOHFWVWKHLQSXWVLJQDO
 '6XE&RPS &RPSRQHQW9LGHR 

 69LGHRRU9LGHR

 %/$1.

8VHGWRKLGHWKHVFUHHQSLFWXUH3UHVV

DQ\NH\RQWKHUHPRWHFRQWUROWRUHVWRUH
WKHSLFWXUH
 02'(
  3RZHU
6HTXHQWLDOO\VHOHFWVDSUHGH¿QHGSLFWXUH
7XUQVWKHSURMHFWRURQRURII VHWWLQJDYDLODEOHIRUHDFKLQSXW
  )UHH]H
)UHH]HVWKHSURMHFWHGSLFWXUH
 Ÿ8Sź'RZQŻ/HIWŹ5LJKW
:KHQWKH2Q6FUHHQ'LVSOD\ 26' 
PHQXLVDFWLYDWHGWKHEXWWRQVDUH
XVHGDVGLUHFWLRQDODUURZVWRVHOHFW
WKHGHVLUHGPHQXLWHPVDQGWRPDNH
DGMXVWPHQWV
 0(18
'LVSOD\VRUKLGHVWKH2Q6FUHHQ
'LVSOD\ 26' PHQXV\VWHP

9LHZ6RQLF 3-' 
5HPRWHFRQWUROHIIHFWLYHUDQJH
,QIUD5HG ,5 UHPRWHFRQWUROVHQVRUVDUHORFDWHGRQWKHIURQWDQGWKHEDFNRIWKHSURMHFWRU
7KHUHPRWHFRQWUROPXVWEHKHOGDWDQDQJOHZLWKLQGHJUHHVSHUSHQGLFXODUWRWKH
SURMHFWRU¶V,5UHPRWHFRQWUROVHQVRUVWRIXQFWLRQFRUUHFWO\7KHGLVWDQFHEHWZHHQWKHUHPRWH
FRQWURODQGWKHVHQVRUVVKRXOGQRWH[FHHGPHWHUV aIHHW 
0DNHVXUHWKDWWKHUHDUHQRREVWDFOHVEHWZHHQWKHUHPRWHFRQWURODQGWKH,5VHQVRUVRQWKH
SURMHFWRUWKDWPLJKWREVWUXFWWKHLQIUDUHGEHDP
Ɣ2SHUDWLQJWKHSURMHFWRUIURPWKHIURQWƔ2SHUDWLQJWKHSURMHFWRUIURPWKHUHDU

ƒ 
ƒ
UR [  UR [ 
* $ SS $ SS
275

5HSODFLQJWKHUHPRWHFRQWUROEDWWHU\
 3XOORXWWKHEDWWHU\KROGHU
3OHDVHIROORZWKHLOOXVWUDWHGLQVWUXFWLRQV3XVKDQG
KROGWKHORFNLQJDUPZKLOHSXOOLQJRXWWKHEDWWHU\
KROGHU
 , QVHUWWKHQHZEDWWHU\LQWKHKROGHU1RWHWKH
SRVLWLYHSRODULW\VKRXOGIDFHRXWZDUG
 3XVKWKHKROGHULQWRWKHUHPRWHFRQWURO
Ɣ $YRLGH[FHVVLYHKHDWDQGKXPLGLW\
Ɣ7KHUHPD\EHEDWWHU\GDPDJHLIWKHEDWWHU\LVLQFRUUHFWO\UHSODFHG
Ɣ5HSODFHRQO\ZLWKWKHVDPHRUHTXLYDOHQWW\SHUHFRPPHQGHGE\WKHEDWWHU\
PDQXIDFWXUHU
Ɣ'LVSRVHRIWKHXVHGEDWWHU\DFFRUGLQJWRWKHEDWWHU\PDQXIDFWXUHU¶VLQVWUXFWLRQV
Ɣ1HYHUWKURZDEDWWHU\LQWRD¿UH7KHUHPD\EHGDQJHURIDQH[SORVLRQ
Ɣ,IWKHEDWWHU\LVGHDGRULI\RXZLOOQRWEHXVLQJWKHUHPRWHFRQWUROIRUDORQJWLPHUHPRYH
WKHEDWWHU\WRSUHYHQWGDPDJHWRWKHUHPRWHFRQWUROIURPSRVVLEOHEDWWHU\OHDNDJH

9LHZ6RQLF 3-' 
3RVLWLRQLQJ\RXUSURMHFWRU
&KRRVLQJDORFDWLRQ
<RXUSURMHFWRULVGHVLJQHGWREHLQVWDOOHGLQRQHRIIRXUSRVVLEOHLQVWDOODWLRQORFDWLRQV

 )URQW7DEOH  5HDU&HLOLQJ


6HOHFWWKLVORFDWLRQZLWKWKHSURMHFWRU 6HOHFWWKLVORFDWLRQZLWKWKHSURMHFWRU
SODFHGQHDUWKHÀRRULQIURQWRIWKH VXVSHQGHGXSVLGHGRZQIURPWKHFHLOLQJ
VFUHHQ7KLVLVWKHPRVWFRPPRQZD\WR EHKLQGWKHVFUHHQ
SRVLWLRQWKHSURMHFWRUIRUTXLFNVHWXSDQG 1RWHWKDWDVSHFLDOUHDUSURMHFWLRQVFUHHQDQG
SRUWDELOLW\ DVXLWDEOHSURMHFWRUFHLOLQJPRXQWLQJNLWDUH
UHTXLUHGIRUWKLVLQVWDOODWLRQORFDWLRQ

6HW LQWKH $GYDQFHG!


0LUURUPHQXDIWHU\RXWXUQWKHSURMHFWRU
RQ

 )URQW&HLOLQJ
6HOHFWWKLVORFDWLRQZLWKWKHSURMHFWRU
VXVSHQGHGXSVLGHGRZQIURPWKHFHLOLQJLQ
IURQWRIWKHVFUHHQ 
3XUFKDVHDUHFRPPHQGHGSURMHFWRUFHLOLQJ  5HDU7DEOH
PRXQWLQJNLWIURP\RXUGHDOHUWRPRXQW
6HOHFWWKLVORFDWLRQZLWKWKHSURMHFWRUSODFHG
\RXUSURMHFWRURQWKHFHLOLQJ
QHDUWKHÀRRUEHKLQGWKHVFUHHQ
6HW LQWKH $GYDQFHG! 1RWHWKDWDVSHFLDOUHDUSURMHFWLRQVFUHHQLV
0LUURUPHQXDIWHU\RXWXUQWKHSURMHFWRU UHTXLUHG
RQ
6HW LQWKH $GYDQFHG!
0LUURUPHQXDIWHU\RXWXUQWKHSURMHFWRU
RQ

<RXUURRPOD\RXWRUSHUVRQDOSUHIHUHQFHZLOOGLFWDWHZKLFKLQVWDOODWLRQORFDWLRQ\RXVHOHFW
7DNHLQWRFRQVLGHUDWLRQWKHVL]HDQGSRVLWLRQRI\RXUVFUHHQWKHORFDWLRQRIDVXLWDEOH
SRZHURXWOHWDVZHOODVWKHORFDWLRQDQGGLVWDQFHEHWZHHQWKHSURMHFWRUDQGWKHUHVWRI\RXU
HTXLSPHQW

9LHZ6RQLF 3-' 
2EWDLQLQJDSUHIHUUHGSURMHFWHGSLFWXUHVL]H
7KHGLVWDQFHIURPWKHSURMHFWRUOHQVWRWKHVFUHHQDQGWKHYLGHRIRUPDWHDFKIDFWRUVLQWKH
SURMHFWHGSLFWXUHVL]H
7KHQDWLYHUHVROXWLRQRIWKHSURMHFWRULV[SL[HOVZKLFKLVDWRDVSHFWUDWLR
H[SUHVVHGDV 7REHDEOHWRSURMHFWDFRPSOHWH ZLGHVFUHHQ DVSHFWUDWLRSLFWXUH
WKHSURMHFWRUFDQUHVL]HDQGVFDOHDZLGHVFUHHQSLFWXUHWRWKHSURMHFWRU¶VQDWLYHDVSHFWZLGWK
7KLVZLOOUHVXOWLQDSURSRUWLRQDOO\VPDOOHUKHLJKWHTXLYDOHQWWRRIWKHSURMHFWRU¶VQDWLYH
DVSHFWKHLJKW

 DVSHFW SLFWXUH LQ D  DVSHFW  DVSHFW SLFWXUH VFDOHG WR D 
GLVSOD\DUHD DVSHFWGLVSOD\DUHD
7KXVDDVSHFWSLFWXUHZLOOQRWXWLOL]HRIWKHKHLJKWRIDDVSHFWSLFWXUHGLVSOD\HG
E\WKLVSURMHFWRU7KLVZLOOEHVHHQDVGDUNHQHG XQOLW EDUVDORQJWKHWRSDQGERWWRP YHUWLFDO
KHLJKWUHVSHFWLYHO\ RIWKHSURMHFWLRQGLVSOD\DUHDZKHQHYHUGLVSOD\LQJDVFDOHG
DVSHFWSLFWXUHLQWKHYHUWLFDOFHQWHURIWKHSURMHFWLRQGLVSOD\DUHD
:KHQGHWHUPLQLQJWKHSRVLWLRQRI\RXUSURMHFWRU\RXVKRXOGFRQVLGHULWVLQWHQGHGXVHDQG
LQSXWVLJQDODVSHFWUDWLRV$OOLQSXWV RWKHUWKDQFRPSRVLWH9LGHREHLQJIHGDDVSHFW
VLJQDO ZLOOGLVSOD\LQDDVSHFWUDWLR DQGZLOOUHTXLUHDQDGGLWLRQDOGLVSOD\KHLJKW
WKDQWKDWRIWKHVFDOHGDVSHFWSLFWXUHSURMHFWLRQDUHD 
'RQRWVHOHFWDSHUPDQHQWSURMHFWRUSRVLWLRQEDVHGXSRQDSURMHFWLRQLI\RXZLOOHYHU
QHHGWRVHOHFWDQLQSXW RWKHUWKDQFRPSRVLWH9LGHREHLQJIHGDDVSHFWVLJQDO 
7KHSURMHFWRUVKRXOGDOZD\VEHSODFHGKRUL]RQWDOO\OHYHO OLNHÀDWRQDWDEOH DQGSRVLWLRQHG
GLUHFWO\SHUSHQGLFXODU ƒULJKWDQJOHVTXDUH WRWKHKRUL]RQWDOFHQWHURIWKHVFUHHQ7KLV
SUHYHQWVSLFWXUHGLVWRUWLRQFDXVHGE\DQJOHGSURMHFWLRQV RUSURMHFWLQJRQWRDQJOHGVXUIDFHV 
7KHPRGHUQGLJLWDOSURMHFWRUGRHVQRWSURMHFWGLUHFWO\IRUZDUG OLNHROGHUVW\OHUHHOWRUHHO
¿OPSURMHFWRUVGLG ,QVWHDGGLJLWDOSURMHFWRUVDUHGHVLJQHGWRSURMHFWDWDVOLJKWO\XSZDUG
DQJOHDERYHWKHKRUL]RQWDOSODQHRIWKHSURMHFWRU7KLVLVVRWKDWWKH\FDQEHUHDGLO\SODFHGRQ
DWDEOHDQGZLOOSURMHFWIRUZDUGDQGXSZDUGVRQWRDVFUHHQSRVLWLRQHGVRWKDWWKHERWWRPHGJH
RIWKHVFUHHQLVDERYHWKHOHYHORIWKHWDEOH DQGHYHU\RQHLQWKHURRPFDQVHHWKHVFUHHQ 
,IWKHSURMHFWRULVPRXQWHGRQDFHLOLQJLWPXVWEHPRXQWHGXSVLGHGRZQVRWKDWLWSURMHFWVDW
DVOLJKWO\GRZQZDUGDQJOH
<RXFDQVHHIURPWKHGLDJUDPRQSDJHWKDWWKLVW\SHRISURMHFWLRQFDXVHVWKHERWWRPHGJH
RIWKHSURMHFWHGSLFWXUHWREHYHUWLFDOO\RIIVHWIURPWKHKRUL]RQWDOSODQHRIWKHSURMHFWRU
:KHQFHLOLQJPRXQWHGWKLVUHIHUVWRWKHWRSHGJHRIWKHSURMHFWHGSLFWXUH
,IWKHSURMHFWRULVSRVLWLRQHGIXUWKHUDZD\IURPWKHVFUHHQWKHSURMHFWHGSLFWXUHVL]H
LQFUHDVHVDQGWKHYHUWLFDORIIVHWDOVRLQFUHDVHVSURSRUWLRQDWHO\
:KHQGHWHUPLQLQJWKHSRVLWLRQRIWKHVFUHHQDQGSURMHFWRU\RXZLOOQHHGWRDFFRXQWIRUERWK
WKHSURMHFWHGSLFWXUHVL]HDQGWKHYHUWLFDORIIVHWGLPHQVLRQZKLFKDUHGLUHFWO\SURSRUWLRQDOWR
WKHSURMHFWLRQGLVWDQFH

9LHZ6RQLF 3-' 
:HKDVSURYLGHGDWDEOHRIDVSHFWUDWLRVFUHHQVL]HVWRDVVLVW\RXLQGHWHUPLQLQJWKH
LGHDOORFDWLRQIRU\RXUSURMHFWRU7KHUHDUHWZRGLPHQVLRQVWRFRQVLGHUWKHSHUSHQGLFXODU
KRUL]RQWDOGLVWDQFHIURPWKHFHQWHURIWKHVFUHHQ SURMHFWLRQGLVWDQFH DQGWKHYHUWLFDORIIVHW
KHLJKWRIWKHSURMHFWRUIURPWKHKRUL]RQWDOHGJHRIWKHVFUHHQ RIIVHW 
+RZWRGHWHUPLQHWKHSRVLWLRQRIWKHSURMHFWRUIRU
DJLYHQVFUHHQVL]H
 6HOHFW\RXUVFUHHQVL]H
 5HIHUWRWKHWDEOHDQG¿QGWKHFORVHVWPDWFKWR\RXUVFUHHQVL]HLQWKHOHIWFROXPQV
ODEHOOHG³6FUHHQ'LDJRQDO´8VLQJWKLVYDOXHORRNDFURVVWKLVURZWRWKHULJKW
WR¿QGWKHFRUUHVSRQGLQJDYHUDJHGLVWDQFHIURPVFUHHQYDOXHLQWKHFROXPQODEHOOHG
³5HFRPPHQGHGSURMHFWLRQGLVWDQFHIURPVFUHHQLQPP´7KLVLVWKHSURMHFWLRQGLVWDQFH
 2QWKDWVDPHURZORRNDFURVVWRWKHULJKWFROXPQDQGPDNHQRWHRIWKHYHUWLFDORIIVHW
YDOXH7KLVZLOOGHWHUPLQHWKH¿QDOYHUWLFDORIIVHWSODFHPHQWRIWKHSURMHFWRULQUHODWLRQWR
WKHHGJHRIWKHVFUHHQ
 7KHUHFRPPHQGHGSRVLWLRQIRUWKHSURMHFWRULVDOLJQHGSHUSHQGLFXODUWRWKHKRUL]RQWDO
FHQWHURIWKHVFUHHQDWWKHGLVWDQFHIURPWKHVFUHHQGHWHUPLQHGLQVWHSDERYHDQGRIIVHW
E\WKHYDOXHGHWHUPLQHGLQVWHSDERYH
)RUH[DPSOHLI\RXDUHXVLQJDLQFKVFUHHQWKHUHFRPPHQGHGSURMHFWLRQGLVWDQFHLV
PPDQGZLWKDYHUWLFDORIIVHWRIPP
,I\RXSODFHWKHSURMHFWRULQDGLIIHUHQWSRVLWLRQ WRWKDWUHFRPPHQGHG \RXZLOOKDYHWRWLOW
LWGRZQRUXSWRFHQWHUWKHSLFWXUHRQWKHVFUHHQ,QWKHVHVLWXDWLRQVVRPHSLFWXUHGLVWRUWLRQ
ZLOORFFXU8VHWKH.H\VWRQHIXQFWLRQWRFRUUHFWWKHGLVWRUWLRQ
+RZWRGHWHUPLQHWKHUHFRPPHQGHGVFUHHQVL]H
IRUDJLYHQGLVWDQFH
7KLVPHWKRGFDQEHXVHGIRUVLWXDWLRQVZKHUH\RXKDYHSXUFKDVHGWKLVSURMHFWRUDQGZRXOG
OLNHWRNQRZZKDWVFUHHQVL]HZLOO¿WLQ\RXUURRP
7KHPD[LPXPVFUHHQVL]HLVOLPLWHGE\WKHSK\VLFDOVSDFHDYDLODEOHLQ\RXUURRP
 0 HDVXUHWKHGLVWDQFHEHWZHHQWKHSURMHFWRUDQGZKHUH\RXZDQWWRSRVLWLRQWKHVFUHHQ
7KLVLVWKHSURMHFWLRQGLVWDQFH
 5 HIHUWRWKHWDEOHDQG¿QGWKHFORVHVWPDWFKWR\RXUPHDVXUHPHQWLQWKHFROXPQODEHOOHG
³5HFRPPHQGHGSURMHFWLRQGLVWDQFHIURPVFUHHQLQPP´
 8 VLQJWKLVYDOXHORRNDFURVVWKDWURZWRWKHOHIWWR¿QGWKHFRUUHVSRQGLQJVFUHHQGLDJRQDO
OLVWHGLQWKDWURZ7KDWLVWKHSURMHFWHGSLFWXUHVL]HRIWKHSURMHFWRUDWWKDWSURMHFWLRQ
GLVWDQFH
 2 QWKDWVDPHURZORRNDFURVVWRWKHULJKWFROXPQDQGPDNHQRWHRIWKHYHUWLFDO2IIVHW
YDOXH7KLVZLOOGHWHUPLQHWKH¿QDOSODFHPHQWRIWKHVFUHHQLQUHODWLRQWRWKHKRUL]RQWDO
SODQHRIWKHSURMHFWRU
)RUH[DPSOHLI\RXUPHDVXUHGSURMHFWLRQGLVWDQFHZDVP PP WKHFORVHVWPDWFK
LQWKH³5HFRPPHQGHGSURMHFWLRQGLVWDQFHIURPVFUHHQLQPP´FROXPQLVPP/RRNLQJ
DFURVVWKLVURZVKRZVWKDWD¶ ¶¶ VFUHHQLVUHTXLUHG,I\RXFDQRQO\REWDLQDPHWULF
VL]HGVFUHHQWKHVFUHHQVL]HLVPPGLDJRQDOO\

9LHZ6RQLF 3-' 
3URMHFWLRQGLPHQVLRQV
5HIHUWR³'LPHQVLRQV´IRUWKHFHQWHURIOHQVGLPHQVLRQVRIWKLVSURMHFWRUEHIRUHFDOFXODWLQJ
WKHDSSURSULDWHSRVLWLRQ
6FUHHQ'LDJRQDO
6FUHHQ

&HQWHURIOHQV

2IIVHW
3URMHFWLRQGLVWDQFH

6FUHHQVL]H 'LVWDQFH 2IIVHWKHLJKW


)HHW ,QFK PP PP PP
    
    
  
    
    
  
    
    
  
    
  
    
  
    
    

7KHUHLVWROHUDQFHDPRQJWKHVHQXPEHUVGXHWRRSWLFDOFRPSRQHQWYDULDWLRQV
,WLVUHFRPPHQGHGWKDWLI\RXLQWHQGWRSHUPDQHQWO\LQVWDOOWKHSURMHFWRU\RXVKRXOG
SK\VLFDOO\WHVWWKHSURMHFWLRQVL]HDQGGLVWDQFHXVLQJWKHDFWXDOSURMHFWRULQVLWXEHIRUH\RX
SHUPDQHQWO\LQVWDOOLWVRDVWRPDNHDOORZDQFHIRUWKLVSURMHFWRU¶VRSWLFDOFKDUDFWHULVWLFV
7KLVZLOOKHOS\RXGHWHUPLQHWKHH[DFWPRXQWLQJSRVLWLRQVRWKDWLWEHVWVXLWV\RXU
LQVWDOODWLRQORFDWLRQ

9LHZ6RQLF 3-' 
&RQQHFWLRQ
:KHQFRQQHFWLQJDVLJQDOVRXUFHWRWKHSURMHFWRUEHVXUHWR
7XUQDOOHTXLSPHQWRIIEHIRUHPDNLQJDQ\FRQQHFWLRQV
8VHWKHFRUUHFWVLJQDOFDEOHVIRUHDFKVRXUFH
(QVXUHWKHFDEOHVDUH¿UPO\LQVHUWHG
,QWKHFRQQHFWLRQVVKRZQEHORZVRPHFDEOHVPD\QRWEHLQFOXGHGZLWKWKHSURMHFWRU
7KH\DUHFRPPHUFLDOO\DYDLODEOHIURPHOHFWURQLFVVWRUHV

&RQQHFWLQJDFRPSXWHU
7KHSURMHFWRUSURYLGHVD9*$LQSXWVRFNHWWKDWDOORZV\RXWRFRQQHFWLWWRDODSWRSRU
GHVNWRSFRPSXWHU
7RFRQQHFWWKHSURMHFWRUWRDODSWRSRUGHVNWRSFRPSXWHU
 7
 DNHWKHVXSSOLHG9*$FDEOHDQGFRQQHFWRQHHQGWRWKH'6XERXWSXWVRFNHWRIWKH
FRPSXWHU
 &
 RQQHFWWKHRWKHUHQGRIWKH9*$FDEOHWRWKH'68%VLJQDOLQSXWVRFNHWRQWKH
SURMHFWRU
7KH¿QDOFRQQHFWLRQSDWKVKRXOGEHOLNHWKDWVKRZQLQWKHIROORZLQJGLDJUDP

/DSWRSRUGHVNWRSFRPSXWHU

9*$FDEOH

0DQ\ODSWRSVGRQRWWXUQRQWKHLUH[WHUQDOYLGHRSRUWVZKHQFRQQHFWHGWRDSURMHFWRU
8VXDOO\DNH\FRPEROLNH)1)RU&57/&'NH\WXUQVWKHH[WHUQDOGLVSOD\RQRII
/RFDWHDIXQFWLRQNH\ODEHOHG&57/&'RUDIXQFWLRQNH\ZLWKDPRQLWRUV\PERORQWKH
ODSWRS3UHVV)1DQGWKHODEHOHGIXQFWLRQNH\VLPXOWDQHRXVO\5HIHUWR\RXUODSWRS¶V
GRFXPHQWDWLRQWR¿QG\RXUODSWRS¶VNH\FRPELQDWLRQ

9LHZ6RQLF 3-' 
&RQQHFWLQJ9LGHRVRXUFHGHYLFHV
<RXFDQFRQQHFW\RXUSURMHFWRUWRYDULRXV9LGHRVRXUFHGHYLFHVWKDWSURYLGHDQ\RQHRIWKH
IROORZLQJRXWSXWVRFNHWV
Ɣ &RPSRQHQW9LGHR
Ɣ 69LGHR
Ɣ 9LGHR FRPSRVLWH
<RXQHHGRQO\FRQQHFWWKHSURMHFWRUWRD9LGHRVRXUFHGHYLFHXVLQJMXVWRQHRIWKHDERYH
FRQQHFWLQJPHWKRGVKRZHYHUHDFKSURYLGHVDGLIIHUHQWOHYHORIYLGHRTXDOLW\7KHPHWKRG
\RXFKRRVHZLOOPRVWOLNHO\GHSHQGXSRQWKHDYDLODELOLW\RIPDWFKLQJWHUPLQDOVRQERWKWKH
SURMHFWRUDQGWKH9LGHRVRXUFHGHYLFHDVGHVFULEHGEHORZ
%HVWYLGHRTXDOLW\
7KHEHVWDYDLODEOHYLGHRFRQQHFWLRQPHWKRGLV&RPSRQHQW9LGHR QRWWREHFRQIXVHGZLWK
FRPSRVLWH9LGHR 'LJLWDO79WXQHUDQG'9'SOD\HUVRXWSXW&RPSRQHQW9LGHRQDWLYHO\VRLI
DYDLODEOHRQ\RXUGHYLFHVWKLVVKRXOGEH\RXUFRQQHFWLRQPHWKRGRIFKRLFHLQSUHIHUHQFHWR
FRPSRVLWH 9LGHR
%HWWHUYLGHRTXDOLW\
7KH69LGHRPHWKRGSURYLGHVDEHWWHUTXDOLW\DQDORJYLGHRWKDQVWDQGDUGFRPSRVLWH9LGHR,I
\RXKDYHERWKFRPSRVLWH9LGHRDQG69LGHRRXWSXWWHUPLQDOVRQ\RXU9LGHRVRXUFHGHYLFH
\RXVKRXOGHOHFWWRXVHWKH69LGHRRSWLRQ
/HDVWYLGHRTXDOLW\
&RPSRVLWH9LGHRLVDQDQDORJYLGHRDQGZLOOUHVXOWLQDSHUIHFWO\DFFHSWDEOHEXWOHVVWKDQ
RSWLPDOUHVXOWIURP\RXUSURMHFWRUEHLQJWKHOHDVWYLGHRTXDOLW\RIWKHDYDLODEOHPHWKRGV
GHVFULEHGKHUH

9LHZ6RQLF 3-' 
&RQQHFWLQJD&RPSRQHQW9LGHRVRXUFHGHYLFH
([DPLQH\RXU9LGHRVRXUFHGHYLFHWRGHWHUPLQHLILWKDVDVHWRIXQXVHG&RPSRQHQW9LGHR
RXWSXWVRFNHWVDYDLODEOH
Ɣ ,IVR\RXFDQFRQWLQXHZLWKWKLVSURFHGXUH
Ɣ ,IQRW\RXZLOOQHHGWRUHDVVHVVZKLFKPHWKRG\RXFDQXVHWRFRQQHFWWRWKHGHYLFH

7RFRQQHFWWKHSURMHFWRUWRD&RPSRQHQW9LGHRVRXUFHGHYLFH
 7DNHWKH RSWLRQDODFFHVVRU\ &RPSRQHQW9LGHRWR9*$ '6XE DGDSWRUFDEOHDQG
FRQQHFWWKHHQGZLWK5&$W\SHFRQQHFWRUVWRWKH&RPSRQHQW9LGHRRXWSXWVRFNHWVRIWKH
9LGHRVRXUFHGHYLFH0DWFKWKHFRORURIWKHSOXJVWRWKHFRORURIWKHVRFNHWVJUHHQWRJUHHQ
EOXHWREOXHDQGUHGWRUHG
 &RQQHFWWKHRWKHUHQGRIWKH&RPSRQHQW9LGHRWR9*$ '6XE DGDSWRUFDEOH ZLWKD
'6XEW\SHFRQQHFWRU WRWKH'68%VRFNHWRQWKHSURMHFWRU
7KH¿QDOFRQQHFWLRQSDWKVKRXOGEHOLNHWKDWVKRZQLQWKHIROORZLQJGLDJUDP

$9GHYLFH

&RPSRQHQW 9LGHR WR


9*$ '6XE DGDSWRU
FDEOH

,I\RXFRQQHFWWKHSURMHFWRUWRD'LJLWDO79 '79 WXQHUWKHIROORZLQJUHVROXWLRQLV


VXSSRUWHG
Ɣ L Ɣ S
Ɣ L Ɣ S
Ɣ S +]  Ɣ L +]
&RPSRQHQW9LGHRLVWKHRQO\YLGHRRXWSXWWKDWGHOLYHUVQDWLYHDVSHFWUDWLRSLFWXUH
,IWKHVHOHFWHGYLGHRSLFWXUHLVQRWGLVSOD\HGDIWHUWKHSURMHFWRULVWXUQHGRQDQGWKHFRUUHFW
YLGHRVRXUFHKDVEHHQVHOHFWHGFKHFNWKDWWKH9LGHRVRXUFHGHYLFHLVWXUQHGRQDQG
RSHUDWLQJFRUUHFWO\$OVRFKHFNWKDWWKHVLJQDOFDEOHVKDYHEHHQFRQQHFWHGFRUUHFWO\

9LHZ6RQLF 3-' 
&RQQHFWLQJDQ69LGHRRUDFRPSRVLWH9LGHR
VRXUFHGHYLFH
([DPLQH\RXU9LGHRVRXUFHGHYLFHWRGHWHUPLQHLILWKDVDQXQXVHG69LGHRRUFRPSRVLWH
9LGHRRXWSXWVRFNHWDYDLODEOH
Ɣ ,IVR\RXFDQFRQWLQXHZLWKWKLVSURFHGXUH
Ɣ ,IQRW\RXZLOOQHHGWRUHDVVHVVZKLFKPHWKRG\RXFDQXVHWRFRQQHFWWRWKHGHYLFH
,I\RXKDYHDOUHDG\PDGHD&RPSRQHQW9LGHRFRQQHFWLRQEHWZHHQWKHSURMHFWRUDQG
WKHYLGHRVRXUFHGHYLFH\RXQHHGQRWFRQQHFWWRWKLVGHYLFHDJDLQXVLQJDQ69LGHRRU
FRPSRVLWH9LGHRFRQQHFWLRQDVWKLVPDNHVDQXQQHFHVVDU\VHFRQGFRQQHFWLRQRISRRUHU
SLFWXUHTXDOLW\
<RXQHHGRQO\FRQQHFWXVLQJDFRPSRVLWH9LGHRFRQQHFWLRQLIERWK&RPSRQHQW9LGHRDQG
69LGHRDUHQRWVXSSOLHGRQWKHYLGHRVRXUFHGHYLFH IRUH[DPSOHZLWKVRPHDQDORJYLGHR
FDPHUDV 
7RFRQQHFWWKHSURMHFWRUWRDQ69LGHR9LGHRVRXUFHGHYLFH
 7
 DNHWKH RSWLRQDODFFHVVRU\ 69LGHRFDEOH9LGHRFDEOHDQGFRQQHFWRQHHQGWRWKH
69LGHR9LGHRRXWSXWVRFNHWRIWKH9LGHRVRXUFHGHYLFH
 &
 RQQHFWWKHRWKHUHQGRIWKH69LGHRFDEOH9LGHR&DEOHWRWKH69,'(29,'(2VRFNHW
RQWKHSURMHFWRU
7KH¿QDOFRQQHFWLRQSDWKVKRXOGEHOLNHWKDWVKRZQLQWKHIROORZLQJGLDJUDP

$9GHYLFH

RU

9LGHRFDEOH 69LGHRFDEOH

,IWKHVHOHFWHGYLGHRSLFWXUHLVQRWGLVSOD\HGDIWHUWKHSURMHFWRULVWXUQHGRQDQGWKHFRUUHFW
YLGHRVRXUFHKDVEHHQVHOHFWHGFKHFNWKDWWKH9LGHRVRXUFHGHYLFHLVWXUQHGRQDQG
RSHUDWLQJFRUUHFWO\$OVRFKHFNWKDWWKHVLJQDOFDEOHVKDYHEHHQFRQQHFWHGFRUUHFWO\

9LHZ6RQLF 3-' 
2SHUDWLRQ
6WDUWXS
 3
 OXJWKHSRZHUFRUGLQWRWKHSURMHFWRUDQGLQWRDZDOO
VRFNHW7XUQRQWKHZDOOVRFNHWVZLWFK ZKHUH¿WWHG 
&KHFNWKDWWKH3RZHULQGLFDWRURQWKHSURMHFWRUOLJKWV
RUDQJHDIWHUSRZHUKDVEHHQDSSOLHG
7KHSRZHUFDEOHXVHGLQWKHLOOXVWUDWLRQPD\ORRNGLIIHUHQW
WRWKHSRZHUFDEOHW\SHXVHGLQ\RXUUHJLRQ8VHRQO\WKH
SRZHUFDEOHDVVXSSOLHGZLWKWKHSURMHFWRUDQGZKLFKLV
VXLWDEOHIRU\RXUUHJLRQ

 5
 HPRYHWKHOHQVFDS,ILWLVOHIWRQLWFRXOGEHFRPHGHIRUPHG
GXHWRWKHKHDWSURGXFHGE\WKHSURMHFWRUODPS

275*

 3UHVVDQGKROG IRUVHFRQGV 

  32:(5RQWKHSURMHFWRURUUHPRWHFRQWURO
WRVWDUWWKHSURMHFWRU7KH3RZHULQGLFDWRUOLJKW
ÀDVKHVJUHHQDQGVWD\VJUHHQZKHQWKHSURMHFWRULV
RQ
 7KHVWDUWXSSURFHGXUHWDNHVDERXWVHFRQGV
,QWKHODWHUVWDJHRIVWDUWXSDVWDUWXSORJRLV
SURMHFWHG
  ,IQHFHVVDU\ 5RWDWHWKHIRFXVULQJWRDGMXVWWKHSLFWXUHFODULW\
,IWKHSURMHFWRULVVWLOOKRWIURPSUHYLRXVDFWLYLW\LWZLOOUXQWKHFRROLQJIDQIRUDSSUR[LPDWHO\
VHFRQGVEHIRUHHQHUJL]LQJWKHODPS
 6ZLWFKRQDOORIWKHFRQQHFWHGHTXLSPHQW
 7KHSURMHFWRUZLOOVWDUWWRVHDUFKIRULQSXWVLJQDOV7KHFXUUHQWLQSXWVRXUFHEHLQJVFDQQHG
GLVSOD\VLQWKHFHQWHURIWKHVFUHHQ,IWKHSURMHFWRUGRHVQ¶WGHWHFWDYDOLGVLJQDOWKH
VHDUFKLQJPHVVDJHZLOOFRQWLQXHGLVSOD\LQJXQWLODQLQSXWVRXUFHVLJQDOLVIRXQG
 <RXFDQDOVRSUHVV6285&(RQWKHSURMHFWRURUUHPRWHFRQWUROWRVHOHFW\RXUGHVLUHG
LQSXWVLJQDO
,IWKHIUHTXHQF\UHVROXWLRQRIWKHLQSXWVLJQDOH[FHHGVWKHSURMHFWRU¶VRSHUDWLQJUDQJH\RX
ZLOOVHHWKHPHVVDJHµ2XWRI5DQJH¶GLVSOD\HGRQWKHVFUHHQ3OHDVHFKDQJHWRDQLQSXW
VLJQDOZKLFKLVFRPSDWLEOHZLWKWKHSURMHFWRU¶VUHVROXWLRQRUVHWWKHLQSXWVLJQDOWRDORZHU
VHWWLQJ

9LHZ6RQLF 3-' 
6ZLWFKLQJLQSXWVLJQDO
7KHSURMHFWRUFDQEHFRQQHFWHGWRPXOWLSOHGHYLFHVDWWKHVDPHWLPH+RZHYHULWFDQRQO\
GLVSOD\RQHDWDWLPH
7RF\FOHWKURXJKWKHDYDLODEOHLQSXWVLJQDOV
 3
 UHVV6285&(RQWKHSURMHFWRURUWKHUHPRWHFRQWURO
WRGLVSOD\DVRXUFHVHOHFWLRQEDU,IWKHUHKDVEHHQD
VLJQDOVHOHFWHGSUHVV6285&(WZLFH7KH¿UVWEXWWRQ
SUHVVGLVSOD\VWKHFXUUHQWVRXUFHLQIRUPDWLRQDQGWKH
VHFRQGGLVSOD\VWKHVRXUFHVHOHFWLRQEDU

 
 <
 RXFDQPDQXDOO\SUHVV6285&(UHSHDWHGO\XQWLO\RXUGHVLUHGVLJQDOLVVHOHFWHGRUOHW
WKHSURMHFWRUDXWRPDWLFDOO\VHDUFKIRUWKHDYDLODEOHVLJQDO
2QFHGHWHFWHGWKHVHOHFWHGVRXUFHLQIRUPDWLRQZLOOGLVSOD\DWWKHORZHUULJKWFRUQHURI
WKHVFUHHQIRUVHFRQGV,IWKHUHLVPXOWLSOHHTXLSPHQWFRQQHFWHGWRWKHSURMHFWRU\RX
FDQSUHVVWKHEXWWRQDJDLQWRVHDUFKIRUDQRWKHUVLJQDO

%HVXUHWKH6RXUFH6FDQIXQFWLRQLQWKH $GYDQFHGPHQXLVDFWLYDWHGLI\RXZDQWWKH
SURMHFWRUWRDXWRPDWLFDOO\VHDUFKWKHVLJQDOV
7RSUHYHQWXQQHFHVVDU\ZDVWHRIODPSWLPH\RXFDQDFWLYDWHWKH$XWR2IIIXQFWLRQWRWXUQRII
WKHSURMHFWRUDXWRPDWLFDOO\ZKHQWKHUHLVQRVLJQDOGHWHFWHGDIWHUDSHULRGRIWLPH7RVHWWKH

$XWR2IIWLPHJRWRWKH $GYDQFHG!$XWR2IIPHQXDQGSUHVVŻ/HIWŹ5LJKWWR
VHWDWLPHIURPWRPLQXWHVLQPLQXWHLQFUHPHQWV
7KHEULJKWQHVVOHYHORIWKHSURMHFWHGSLFWXUHZLOOFKDQJHDFFRUGLQJO\ZKHQ\RXVZLWFK
EHWZHHQGLIIHUHQWLQSXWVLJQDOV'DWD JUDSKLF ³3&´SUHVHQWDWLRQVXVLQJPRVWO\VWDWLF
SLFWXUHVDUHJHQHUDOO\EULJKWHUWKDQ³9LGHR´XVLQJPRVWO\PRYLQJSLFWXUHV PRYLHV 
7KHLQSXWW\SHDIIHFWVWKHRSWLRQVDYDLODEOHIRUWKH3UHVHW0RGH

9LHZ6RQLF 3-' 
$GMXVWLQJWKHSURMHFWHGSLFWXUH
$GMXVWLQJWKHSURMHFWLRQDQJOH
7KHSURMHFWRULVHTXLSSHGZLWKRQHTXLFNUHOHDVHDGMXVWHU
IRRWDQGRQHUHDUDGMXVWHUIRRW7KHVHDGMXVWHUVFKDQJHWKH
SLFWXUHKHLJKWDQGSURMHFWLRQDQJOH7RDGMXVWWKHSURMHFWRU
 /
 LIWWKHSURMHFWRUXSDQGSUHVVWKHDGMXVWHUEXWWRQWR
UHOHDVHWKHDGMXVWHU7KHDGMXVWHUZLOOGURSLQWRSRVLWLRQ
DQGEHORFNHG
'RQRWORRNLQWRWKHOHQVZKLOHWKHODPSLVRQ7KHVWURQJOLJKWIURPWKHODPSPD\FDXVH
GDPDJHWR\RXUH\HV
 6FUHZWKHUHDUDGMXVWHUIRRWWR¿QHWXQHWKHKRUL]RQWDODQJOH
7RUHWUDFWWKHIRRWKROGXSWKHSURMHFWRUZKLOHSUHVVLQJWKHTXLFNUHOHDVHEXWWRQWKHQVORZO\
ORZHUWKHSURMHFWRU6FUHZWKHUHDUDGMXVWHUIRRWLQDUHYHUVHGLUHFWLRQ
,IWKHVFUHHQDQGWKHSURMHFWRUDUHQRWSHUSHQGLFXODUWRHDFKRWKHUWKHSURMHFWHGSLFWXUH
EHFRPHVYHUWLFDOO\WUDSH]RLGDO7RFRUUHFWWKLVVLWXDWLRQDGMXVWWKHYDOXHRI.H\VWRQHLQ
WKH3LFWXUHPHQXRQWKHSURMHFWRUFRQWUROSDQHORURQWKHUHPRWHFRQWURO

$XWRDGMXVWLQJWKHSLFWXUH
,QVRPHFDVHVOLNHZLWKFRPSXWHUWLPLQJV\RXPD\
QHHGWRRSWLPL]HWKHSLFWXUHTXDOLW\7RGRWKLVSUHVV
$872RQWKHSURMHFWRURUUHPRWHFRQWURO:LWKLQ
VHFRQGVWKHEXLOWLQ,QWHOOLJHQW$XWR$GMXVWPHQW
IXQFWLRQZLOOUHDGMXVWWKHYDOXHVRI)UHTXHQF\DQG
&ORFNWRSURYLGHWKHEHVWSLFWXUHTXDOLW\
7KHFXUUHQWVRXUFHLQIRUPDWLRQZLOOEHGLVSOD\HGLQ
WKHORZHUULJKWFRUQHURIWKHVFUHHQIRUVHFRQGV
7KHVFUHHQZLOOEHEODQNZKLOH$872LVIXQFWLRQLQJ

)LQHWXQLQJWKHSLFWXUHFODULW\
,IQHHGHGVKDUSHQWKHSLFWXUHE\URWDWLQJWKHIRFXVULQJ

 

9LHZ6RQLF 3-' 
&RUUHFWLQJNH\VWRQH
.H\VWRQLQJUHIHUVWRWKHVLWXDWLRQZKHUHWKHSURMHFWHGSLFWXUHLVQRWLFHDEO\ZLGHUDWHLWKHUWKH
WRSRUERWWRP,WRFFXUVZKHQWKHSURMHFWRULVQRWSHUSHQGLFXODUWRWKHVFUHHQ
7RFRUUHFWWKLVEHVLGHVDGMXVWLQJWKHKHLJKWRI
WKHSURMHFWRU\RXZLOOQHHGWRPDQXDOO\FRUUHFWLW
IROORZLQJ21(RIWKHVHVWHSV
Ɣ 3UHVV  RQWKHSURMHFWRURUUHPRWHFRQWURO
WRGLVSOD\WKHVWDWXVEDUODEHOOHG.H\VWRQHWKHQ
SUHVV WRFRUUHFWNH\VWRQLQJDWWKHWRSRIWKH
SLFWXUHRUSUHVV WRFRUUHFWNH\VWRQLQJDWWKH
ERWWRPRIWKHSLFWXUH

Ɣ 3
 UHVVź0(18RQWKHSURMHFWRURU0(18RQWKHUHPRWHFRQWURO*RWRWKH
3UR3LFWXUH!.H\VWRQHPHQXDQGDGMXVWWKHYDOXHVE\SUHVVLQJŻ/HIWŹ5LJKWRQWKH
SURMHFWRURUUHPRWHFRQWUROXQWLO\RXDUHVDWLV¿HGZLWKWKHVKDSH
)RUH[DPSOH

Ɣ3UHVV RQWKHSURMHFWRURU
UHPRWHFRQWURO
Ɣ3UHVVŻ/HIWRQWKHSURMHFWRURU
UHPRWHFRQWUROZKHQ\RXDUHLQ
WKH3UR3LFWXUH!.H\VWRQHPHQX
-G[UVQPG  -G[UVQPG 

Ɣ3UHVV RQWKHSURMHFWRURU
UHPRWHFRQWURO
Ɣ3UHVVŹ5LJKWRQWKHSURMHFWRURU
UHPRWHFRQWUROZKHQ\RXDUHLQ
WKH3UR3LFWXUH!.H\VWRQHPHQX
-G[UVQPG  -G[UVQPG 

9LHZ6RQLF 3-' 
6HOHFWLQJWKHDVSHFWUDWLR
7KHµDVSHFWUDWLR¶LVWKHUDWLRRIWKHSLFWXUHZLGWKWRWKHSLFWXUHKHLJKW0RVWDQDORJ79DQG
FRPSXWHUVDUHLQUDWLRDQGGLJLWDO79DQG'9'VDUHXVXDOO\LQUDWLR
:LWKWKHDGYHQWRIGLJLWDOVLJQDOSURFHVVLQJGLJLWDOGLVSOD\GHYLFHVOLNHWKLVSURMHFWRUFDQ
G\QDPLFDOO\VWUHWFKDQGVFDOHWKHSLFWXUHRXWSXWWRDGLIIHUHQWDVSHFWWKDQWKDWRIWKHSLFWXUH
LQSXWVRXUFH
<RXFDQFKDQJHWKHSURMHFWHGSLFWXUHUDWLR QRPDWWHUZKDWDVSHFWWKHVRXUFHLV E\HQWHULQJ

WKH 3UR3LFWXUH!$VSHFW5DWLRPHQX6HOHFWDQDVSHFWUDWLRWRVXLWWKHIRUPDWRIWKH
YLGHRVLJQDODQG\RXUGLVSOD\UHTXLUHPHQWV7KHUHDUHWKUHHDVSHFWUDWLRVDYDLODEOH
,QWKHSLFWXUHVEHORZWKHEODFNSRUWLRQVDUHLQDFWLYHDUHDVDQGWKHZKLWHSRUWLRQVDUH
DFWLYHDUHDV
1DWLYH7KHSLFWXUHLVSURMHFWHGDWLWVRULJLQDOUHVROXWLRQZLWKQRSL[HO
FRQYHUVLRQ)RULQSXWVLJQDOVZLWKORZHUUHVROXWLRQVWKHSURMHFWHGSLFWXUH
ZLOOGLVSOD\VPDOOHUWKDQLIUHVL]HGWRIXOOVFUHHQ<RXFRXOGPRYHWKH
SURMHFWRUWRZDUGVWKHVFUHHQWRLQFUHDVHWKHSLFWXUHVL]HLIQHFHVVDU\<RX
PD\DOVRQHHGWRUHIRFXVWKHSURMHFWRUDIWHUPRYLQJWKHSURMHFWRU
6FDOHVDSLFWXUHVRWKDWLWLVGLVSOD\HGLQWKHFHQWHURIWKHVFUHHQZLWK
DDVSHFWUDWLR7KLVLVPRVWVXLWDEOHIRUSLFWXUHVOLNHFRPSXWHU
PRQLWRUVVWDQGDUGGH¿QLWLRQ79DQGDVSHFW'9'PRYLHVDVLWGLVSOD\V
WKHPZLWKRXWDVSHFWDOWHUDWLRQ
6FDOHVDSLFWXUHVRWKDWLWLVGLVSOD\HGLQWKHFHQWHURIWKHVFUHHQZLWK
DDVSHFWUDWLR7KLVLVPRVWVXLWDEOHIRUSLFWXUHVZKLFKDUHDOUHDG\LQ
DDVSHFWOLNHKLJKGH¿QLWLRQ79DVLWGLVSOD\VWKHPZLWKRXWDVSHFW
DOWHUDWLRQ
DVSHFWUDWLRLVRQO\VRXUFHGWKURXJKWKH&RPSRQHQW9LGHRLQSXWZKHQEHLQJIHGDQ
DSSURSULDWHDVSHFWVLJQDO

9LHZ6RQLF 3-' 
2SWLPL]LQJWKHSLFWXUH
6HOHFWLQJDSLFWXUHPRGH
7KHSURMHFWRULVSUHVHWZLWKVHYHUDOSUHGH¿QHG
SLFWXUHPRGHVVRWKDW\RXFDQFKRRVHRQHWRVXLW\RXU
RSHUDWLQJHQYLURQPHQWDQGLQSXWVRXUFHSLFWXUHW\SH
7RVHOHFWDSLFWXUHPRGHWKDWVXLWV\RXUQHHG\RXFDQ
IROORZRQHRIWKHIROORZLQJVWHSV
Ɣ 3UHVV02'(RQWKHUHPRWHFRQWURORUSURMHFWRU
UHSHDWHGO\XQWLO\RXUGHVLUHGPRGHLVVHOHFWHG

Ɣ *RWRWKH 3LFWXUH!3UHVHW0RGHPHQXDQGSUHVVŻ/HIWŹ5LJKWWRVHOHFWD
GHVLUHGPRGH
7KHSUHVHWSLFWXUHPRGHVDUHVWRUHGLQWKHSURMHFWRUDORQJZLWKWKHFXUUHQWFRORUWHPSHUDWXUH
VHWWLQJIRUHDFKLQSXW<RXFDQFKDQJHWKHSLFWXUHPRGHDQGFRORUWHPSHUDWXUHVHWWLQJVIRU
WKHFXUUHQWO\DFWLYHLQSXWDQG\RXUVHOHFWLRQLVDXWRPDWLFDOO\VWRUHGLQWKHSURMHFWRUDQG
DVVRFLDWHGZLWKWKDWLQSXWVRXUFH
(DFKWLPH\RXFKDQJHWKHSLFWXUHPRGHWKHSURMHFWRUDOVRFKDQJHVWKHFRORUWHPSHUDWXUH
VHWWLQJWRWKHRQHZKLFKZDVODVWVHOHFWHGIRUWKDWSDUWLFXODUSLFWXUHPRGHRQWKDWSDUWLFXODU
LQSXW,I\RXFKDQJHWKHLQSXWVRXUFHWKHPRVWUHFHQWO\XVHGSLFWXUHPRGHDQGFRORU
WHPSHUDWXUHIRUWKDWLQSXWDQGUHVROXWLRQZLOOEHUHVWRUHG
7KHRWKHUSLFWXUHSURSHUWLHVVXFKDVEULJKWQHVVFRORUFRQWUDVWWLQWDQGVKDUSQHVVDUHQRW
FKDQJHGZLWKDFKDQJHLQSLFWXUHPRGHKRZHYHUDUHDOWHUHGE\DFKDQJHLQLQSXW7KH\
UHPDLQFRQVWDQWDQGV\VWHPZLGHQRPDWWHUZKDWRWKHUSLFWXUHSURSHUWLHVDUHFKDQJHG
7KHSLFWXUHPRGHVDYDLODEOHIRUGLIIHUHQWW\SHVRIVLJQDOVDUHOLVWHGEHORZ
Ŷ *UDSKLFLQSXWVRXUFHV
*UDSKLFLQSXWVRXUFHVDUHFRPSXWHU GDWD EDVHGJUDSKLFVFDUGVLJQDOWLPLQJVDQGDUH
RQO\HYHUFRQQHFWHGXVLQJWKH9*$ '6XE FDEOH*UDSKLFLQSXWVRXUFHVDUHDFWLYHRQO\
ZKHQ³5*%´LVVHOHFWHGDVWKHLQSXWVRXUFH
 %
 ULJKWHVW0RGH 'HIDXOW 0D[LPL]HVWKHEULJKWQHVVRIWKHSURMHFWHGSLFWXUH7KLVPRGH
LVVXLWDEOHIRUHQYLURQPHQWVZKHUHH[WUDKLJKEULJKWQHVVLVUHTXLUHGVXFKDVXVLQJWKH
SURMHFWRULQZHOOOLWURRPV
 3
 UHVHQWDWLRQ0RGH,VGHVLJQHGIRUSUHVHQWDWLRQV7KHEULJKWQHVVLVHPSKDVL]HGLQWKLV
PRGHWRPDWFK3&DQGQRWHERRNFRORULQJ
 3
 KRWR0RGH0D[LPL]HVWKHSXULW\RI5*%FRORUVWRSURYLGHWUXHWROLIHSLFWXUHV
UHJDUGOHVVRIEULJKWQHVVVHWWLQJ,WLVPRVWVXLWDEOHIRUYLHZLQJSKRWRVWDNHQZLWKDQ
V5*%FRPSDWLEOHDQGSURSHUO\FDOLEUDWHGFDPHUDDQGIRUYLHZLQJ3&JUDSKLFDQG
GUDZLQJDSSOLFDWLRQVVXFKDV$XWR&$'
 &
 LQHPD0RGH,VDSSURSULDWHIRUSOD\LQJFRORUIXOPRYLHVYLGHRFOLSVIURPGLJLWDO
FDPHUDVRU'9VWKURXJKWKH3&LQSXWIRUEHVWYLHZLQJLQDEODFNHQHG OLWWOHOLJKW 
HQYLURQPHQW

9LHZ6RQLF 3-' 
Ŷ 9LGHRLQSXWVRXUFHV
9LGHRLQSXWVRXUFHVDUHYLGHR PRYLH EDVHGVLJQDOWLPLQJVFRQQHFWHGXVLQJWKHYLGHR
FDEOHV&RPSRQHQW9LGHR <3E3U 69LGHRRUFRPSRVLWH9LGHR9LGHRLQSXWVRXUFHVDUH
DFWLYHRQO\ZKHQ³<3E3U &RPS ´³69LGHR´RU³9LGHR´LVVHOHFWHGDVWKHLQSXWVRXUFH
 6
 WDQGDUG0RGH 'HIDXOW ,VDSSURSULDWHIRUYLHZLQJFRORUIXOPRYLHVYLGHRFOLSVIURP
GLJLWDOFDPHUDVRU'9V
 %
 ULJKWHVW0RGH,VVXLWDEOHIRUSOD\LQJJDPHER[EDVHGYLGHRJDPHVLQDQRUPDOOLYLQJ
URRPOLJKWLQJOHYHOHQYLURQPHQW
 &
 LQHPD0RGH,VVXLWDEOHIRUHQMR\LQJGDUNPRYLHVRU'9'PRYLHVEHVWYLHZHGLQD
EODFNHQHG OLWWOHOLJKW KRPHFLQHPDRUORXQJHURRPHQYLURQPHQW

)LQHWXQLQJWKHSLFWXUHTXDOLW\
7KHIROORZLQJDGMXVWPHQWVDUHDFFHVVLEOHLQWKH 3LFWXUHPHQX+LJKOLJKWWKHLWHP
WREHDGMXVWHGE\SUHVVLQJŸ8Sź'RZQDQGSUHVVŻ/HIWŹ5LJKWWRPDNHDGMXVWPHQWV
EDVHGRQ\RXUQHHGV
6HOHFWLQJD&RORU7HPSHUDWXUH
7KHUHDUHIRXUSUHVHWFRORUWHPSHUDWXUH VHWWLQJVDYDLODEOH
 7:LWKWKHKLJKHVWFRORUWHPSHUDWXUH7PDNHVWKHSLFWXUHDSSHDUWKHPRVWEOXLVK
ZKLWHWKDQRWKHUVHWWLQJV
 70DNHVSLFWXUHVDSSHDUEOXLVKZKLWH
 70DLQWDLQVQRUPDOFRORULQJVIRUZKLWH
 70DNHVSLFWXUHVDSSHDUUHGGLVKZKLWH
$ERXWFRORUWHPSHUDWXUHV
7KHUHDUHPDQ\GLIIHUHQWVKDGHVWKDWDUHFRQVLGHUHGWREH³ZKLWH´IRUYDULRXVSXUSRVHV2QH
RIWKHFRPPRQPHWKRGVRIUHSUHVHQWLQJZKLWHFRORULVNQRZQDVWKH³FRORUWHPSHUDWXUH´$
ZKLWHFRORUZLWKDORZFRORUWHPSHUDWXUHDSSHDUVWREHUHGGLVKZKLWH$ZKLWHFRORUZLWKD
KLJKFRORUWHPSHUDWXUHDSSHDUVWRKDYHPRUHEOXHLQLW
$GMXVWLQJ%ULJKWQHVV
7KHKLJKHUWKHYDOXHWKHEULJKWHUWKHSLFWXUH7KHORZHUWKHVHWWLQJWKHGDUNHUWKHSLFWXUH
$GMXVWWKLVFRQWUROVRWKHEODFNDUHDVRIWKHSLFWXUHDSSHDUMXVWDVEODFNDQGWKDWGHWDLOLQWKH
GDUNDUHDVLVYLVLEOH

     

$GMXVWLQJ&RQWUDVW
7KHKLJKHUWKHYDOXHWKHJUHDWHUWKHFRQWUDVW$GMXVWWKLVFRQWUROVRWKDWZKLWHDUHDVRIWKH
SLFWXUHDSSHDUEULJKWDQGWKDWGHWDLOLQWKHZKLWHDUHDVUHPDLQVYLVLEOH8VHWKLVDIWHU\RX
KDYHSUHYLRXVO\DGMXVWHGWKH%ULJKWQHVVVHWWLQJWRVXLW\RXUVHOHFWHGLQSXWDQGYLHZLQJ
HQYLURQPHQW

     

9LHZ6RQLF 3-' 
2WKHUDGMXVWPHQWV

<RXFDQ¿QGRWKHUSLFWXUHTXDOLW\¿QHWXQHVHOHFWLRQVLQWKH 3LFWXUHPHQXDVZHOO
$FKDQJHRILQSXWZLOOFDXVHWKHSURMHFWRUWRUHVWRUHWKHSLFWXUHVHWWLQJVZKLFKZHUHFXUUHQW
ZKHQWKDWLQSXWZDVODVWVHOHFWHG,IQRFXVWRPDGMXVWPHQWVKDYHEHHQPDGHWRWKHSLFWXUH
VHWWLQJVRIWKDWLQSXWWKHGHIDXOWVHWWLQJVIRUWKDWLQSXWZLOOEHXVHG

+LGLQJWKHSLFWXUH
,QRUGHUWRGUDZWKHDXGLHQFH¶VIXOODWWHQWLRQWRWKH
SUHVHQWHU\RXFDQXVH%/$1.WRKLGHWKHVFUHHQ
SLFWXUH3UHVVDQ\NH\RQWKHSURMHFWRURUUHPRWH
FRQWUROWRUHVWRUHWKHSLFWXUH7KHZRUG³%/$1.´
DSSHDUVDWWKHORZHUULJKWFRUQHURIWKHVFUHHQZKLOH
WKHSLFWXUHLVKLGGHQ

<RXFDQVHWWKHEODQNWLPHLQWKH 6HWWLQJ!
%ODQN7LPHUPHQXWROHWWKHSURMHFWRUUHWXUQWKHSLFWXUHDXWRPDWLFDOO\DIWHUDSHULRGRIWLPH
ZKHQWKHUHLVQRDFWLRQWDNHQRQWKHEODQNVFUHHQ7KHOHQJWKRIWLPHFDQEHVHWIURPWR
PLQXWHVLQRQHPLQXWHLQFUHPHQWV6HOHFWLQJPLQXWHGLVDEOHVWKHIXQFWLRQ
2QFH%/$1.LVSUHVVHGWKHSURMHFWRUHQWHUV(FRQRPLFPRGHDXWRPDWLFDOO\
'RQRWEORFNWKHSURMHFWLRQOHQVIURPSURMHFWLQJDVWKLVFRXOGFDXVHWKHEORFNLQJREMHFWWR
EHFRPHKHDWHGDQGGHIRUPHGRUHYHQFDXVHD¿UH

)UHH]LQJWKHSLFWXUH
3UHVV RQWKHUHPRWHFRQWUROWRIUHH]HWKHSLFWXUH$QLFRQűűZLOO
GLVSOD\LQWKHORZHUULJKWFRUQHURIWKHVFUHHQ7RUHOHDVHWKHIXQFWLRQ
SUHVV RQWKHUHPRWHFRQWURORU6285&(RQWKHSURMHFWRU1RWHWKDW
SUHVVLQJ6285&(ZLOODOVRFKDQJHWKHLQSXWVRXUFH
(YHQLIDSLFWXUHLVIUR]HQRQWKHVFUHHQWKHSLFWXUHVDUHUXQQLQJRQWKH
YLGHRRURWKHUGHYLFH

9LHZ6RQLF 3-' 
2SHUDWLQJLQDKLJKDOWLWXGHHQYLURQPHQW
:HUHFRPPHQGWKDW\RXXVHWKH+LJK$OWLWXGH0RGHZKHQ\RXUHQYLURQPHQWLVEHWZHHQ
PPDERYHVHDOHYHODQGWHPSHUDWXUHLVEHWZHHQƒ&ƒ&
'RQRWXVHWKH+LJK$OWLWXGH0RGHLI\RXUDOWLWXGHLVEHWZHHQPDQGPDQG
WHPSHUDWXUHLVEHWZHHQƒ&DQGƒ&7KHSURMHFWRUZLOOEHRYHUFRROHGLI\RXWXUQWKH
PRGHRQXQGHUVXFKFRQGLWLRQ

7RDFWLYDWHWKH+LJK$OWLWXGH0RGHJRWRWKH $GYDQFHG!+LJK$OWLWXGH0RGH
PHQXVHOHFW2QE\SUHVVLQJŻ/HIW5LJKWRQWKHSURMHFWRURUUHPRWHFRQWURO$FRQ¿UPDWLRQ
PHVVDJHGLVSOD\V3UHVVź'RZQ

 
1H[WWLPH\RXWXUQRQWKHSURMHFWRULWZLOOVKRZDPHVVDJHSLFWXUHGEHORZDVDUHPLQGHU
GXULQJWKHVWDUWXS

 
2SHUDWLRQXQGHU³+LJK$OWLWXGH0RGH´PD\FDXVHDKLJKHUGHFLEHORSHUDWLQJQRLVHOHYHO
EHFDXVHRILQFUHDVHGIDQVSHHGQHFHVVDU\WRLPSURYHRYHUDOOV\VWHPFRROLQJDQGSHUIRUPDQFH
,I\RXXVHWKLVSURMHFWRUXQGHURWKHUH[WUHPHFRQGLWLRQVH[FOXGLQJWKHDERYHLWPD\GLVSOD\
DXWRVKXWGRZQV\PSWRPVZKLFKLVGHVLJQHGWRSURWHFW\RXUSURMHFWRUIURPRYHUKHDWLQJ
,QFDVHVOLNHWKLV\RXVKRXOGVZLWFKWR+LJK$OWLWXGHPRGHWRVROYHWKHVHV\PSWRPV
+RZHYHUWKLVLVQRWWRVWDWHWKDWWKLVSURMHFWRUFDQRSHUDWHXQGHUDQ\DQGDOOKDUVKRUH[WUHPH
FRQGLWLRQV

9LHZ6RQLF 3-' 
6KXWWLQJGRZQWKHSURMHFWRU
 3UHVV 32:(5DQGDSURPSWPHVVDJHDSSHDUV3UHVV
32:(5DVHFRQGWLPHWRWXUQWKHSURMHFWRURII
 7
 KH3RZHULQGLFDWRUOLJKWÀDVKHVRUDQJHDQGWKHODPS
VKXWVGRZQWKHIDQVFRQWLQXHWRUXQIRUDSSUR[LPDWHO\
VHFRQGVWRFRROGRZQWKHSURMHFWRU
7RSURWHFWWKHODPSWKHSURMHFWRUZLOOQRWUHVSRQGWRDQ\
FRPPDQGVGXULQJWKHFRROLQJSURFHVV
 , IWKHSURMHFWRUZLOOQRWEHXVHGIRUDORQJSHULRGRIWLPH
GLVFRQQHFWWKHSRZHUFRUGIURPWKHZDOOVRFNHW
Ɣ'RQRWXQSOXJWKHSRZHUFRUGEHIRUHWKHSURMHFWRU
VKXWGRZQVHTXHQFHLVFRPSOHWHRUGXULQJWKH
VHFRQGFRROLQJGRZQSURFHVV
 Ɣ,IWKHSURMHFWRULVQRWSURSHUO\VKXWGRZQWRSURWHFWWKHODPSZKHQ\RXDWWHPSWWRUH
VWDUWWKHSURMHFWRUWKHIDQVZLOOUXQIRUDIHZPLQXWHVWRFRROGRZQ3UHVV32:(5
DJDLQWRVWDUWWKHSURMHFWRUDIWHUWKHIDQVVWRSDQGWKH3RZHULQGLFDWRUOLJKWWXUQV
RUDQJH

9LHZ6RQLF 3-' 
0HQXRSHUDWLRQ
0HQXV\VWHP
3OHDVHQRWHWKDWWKHRQVFUHHQGLVSOD\ 26' PHQXVYDU\DFFRUGLQJWRWKHVLJQDOW\SH
VHOHFWHG
)XQFWLRQVDYDLODEOHZKHQUHFHLYLQJGLIIHUHQWVLJQDOW\SHV
6XE0HQX 3& 9LGHR69LGHR &RPSRQHQW9LGHR
Ɣ3UHVHW0RGH

Ɣ3UHVHW0RGH Ɣ&RORU7HPSHUDWXUH
Ɣ%ULJKWQHVV
Ɣ&RORU7HPSHUDWXUH
Ɣ&RQWUDVW
3LFWXUH Ɣ%ULJKWQHVV
Ɣ&RORU
Ɣ&RQWUDVW
Ɣ7LQW
Ɣ6KDUSQHVV

Ɣ$XWR5HVL]H
Ɣ$VSHFW5DWLR
Ɣ$XWR5HVL]H
Ɣ.H\VWRQH
Ɣ$VSHFW5DWLR
Ɣ+RUL]RQWDO3RVLWLRQ
3UR3LFWXUH Ɣ9HUWLFDO3RVLWLRQ Ɣ.H\VWRQH

Ɣ3KDVH
Ɣ+RUL]RQWDO6L]H

Ɣ26'7LPH
6HWWLQJ Ɣ5HVHW

Ɣ0LUURU
Ɣ%ODQN7LPHU
Ɣ6RXUFH6FDQ
Ɣ/DQJXDJH
$GYDQFHG Ɣ6SODVK6FUHHQ
Ɣ+LJK$OWLWXGH0RGH
Ɣ$XWR2II
Ɣ(FRQRPLF0RGH

Ɣ6RXUFH Ɣ6RXUFH Ɣ6RXUFH


Ɣ5HVROXWLRQ Ɣ6\VWHP Ɣ5HVROXWLRQ
,QIRUPDWLRQ Ɣ3UHVHW0RGH Ɣ3UHVHW0RGH Ɣ3UHVHW0RGH
Ɣ(TXLYDOHQW/DPS+RXU Ɣ(TXLYDOHQW/DPS+RXU Ɣ(TXLYDOHQW/DPS+RXU

:KHQD9LGHRRU69LGHRVLJQDOLVFRQQHFWHGWKHIXQFWLRQLVRQO\DYDLODEOHZLWK176&
V\VWHPVHOHFWHG

9LHZ6RQLF 3-' 
8VLQJWKH26'PHQXV
7KHSURMHFWRULVHTXLSSHGZLWKRQVFUHHQGLVSOD\ 26' PHQXVIRUPDNLQJYDULRXV
DGMXVWPHQWVDQGVHWWLQJV
7KHIROORZLQJH[DPSOHGHVFULEHVWKHDGMXVWPHQWRI.H\VWRQH

 3
 UHVVź0(18RQWKHSURMHFWRURU  $
 GMXVWNH\VWRQHYDOXHVE\SUHVVLQJ
0(18RQWKHUHPRWHFRQWUROWRWXUQ Ż/HIWŹ5LJKWRQWKHSURMHFWRURU
WKH26'PHQXRQ UHPRWHFRQWURO

 8VHŻ/HIWŹ5LJKWRQWKHSURMHFWRU  3


 UHVV(;,7RQWKHSURMHFWRUUHSHDWHGO\
RUSUHVV0(18RQWKHUHPRWHFRQWURO
RUUHPRWHFRQWUROWRVHOHFWWKH 
WROHDYHDQGVDYHWKHVHWWLQJ
3UR3LFWXUHPHQX
 3
 UHVVŸ8Sź'RZQRQWKHSURMHFWRU
RUUHPRWHFRQWUROWRVHOHFW.H\VWRQH

9LHZ6RQLF 3-' 
3LFWXUHPHQX
6RPHSLFWXUHDGMXVWPHQWVDUHDYDLODEOHRQO\ZKHQFHUWDLQLQSXWVRXUFHVDUHLQXVH
8QDYDLODEOHDGMXVWPHQWVDUHQRWVKRZQRQWKHVFUHHQ

)81&7,21
'(6&5,37,21
GHIDXOWVHWWLQJYDOXH

3UHVHW0RGH 3UHGH¿QHGPRGHVDUHSURYLGHGVR\RXFDQRSWLPL]H\RXUSURMHFWRU

2%$TKIJVGUV SLFWXUHVHWXSWRVXLW\RXUSURJUDPW\SH
;2D2T58KFGQ8KFGQ <RXFDQXVHWKHUHPRWHFRQWURO02'(EXWWRQWRVHOHFWD
5VCPFCTF SUHGH¿QHG3UHVHW0RGH

&RORU7HPSHUDWXUH

FGRGPFUQPVJGUGNGEVGF 7KHUHDUHIRXUFRORUWHPSHUDWXUHVHWWLQJVDYDLODEOH
2TGUGV/QFG

%ULJKWQHVV

FGRGPFUQPVJGUGNGEVGF $GMXVWVWKHEULJKWQHVVRIWKHSLFWXUH
KPRWVUQWTEG

&RQWUDVW

FGRGPFUQPVJGUGNGEVGF $GMXVWVWKHGHJUHHRIGLIIHUHQFHEHWZHHQGDUNDQGOLJKWLQWKHSLFWXUH
KPRWVUQWTEG

&RORU

FGRGPFUQPVJGUGNGEVGF ,QFUHDVHVRUGHFUHDVHVWKHFRORULQWHQVLW\RIWKHSLFWXUH
KPRWVUQWTEG

$GMXVWVWKHFRORUWRQHVRIWKHSLFWXUH7KHKLJKHUWKHYDOXHWKHPRUH
UHGGLVKWKHSLFWXUHEHFRPHV7KHORZHUWKHYDOXHWKHPRUHJUHHQLVK
7LQW
WKHSLFWXUHEHFRPHV


:KHQD9LGHRRU69LGHRVLJQDOLVFRQQHFWHGWKHIXQFWLRQLVRQO\
DYDLODEOHZLWK176&V\VWHPVHOHFWHG

6KDUSQHVV
$GMXVWVWKHSLFWXUHWRPDNHLWORRNVKDUSHURUVRIWHU



9LHZ6RQLF 3-' 
3UR3LFWXUHPHQX
6RPH SLFWXUH DGMXVWPHQWV DUH DYDLODEOH RQO\ ZKHQ FHUWDLQ LQSXW VRXUFHV DUH LQ XVH
8QDYDLODEOHDGMXVWPHQWVDUHQRWVKRZQRQWKHVFUHHQ

)81&7,21
'(6&5,37,21
GHIDXOWVHWWLQJYDOXH
$XWRPDWLFDOO\UHVL]HVWKHLQSXWVLJQDOSL[HOUHVROXWLRQWRWKHQDWLYH
UHVROXWLRQRIWKHSURMHFWRU
2Q7KHSL[HOUHVROXWLRQRIWKHLQSXWVLJQDOLVFRQYHUWHGWRWKHQDWLYH
UHVROXWLRQRIWKHSURMHFWRU [ )RULQSXWVLJQDOVZLWKORZHU
UHVROXWLRQVJDSVLQWKHSL[HOVDUHDXWRPDWLFDOO\LQWHUSRODWHGLQWRWKH
SLFWXUHEHIRUHEHLQJSURMHFWHG7KLVPD\GLVWRUWWKHSLFWXUHFODULW\
$XWR5HVL]H 2II7KHSLFWXUHLVSURMHFWHGDVLWVRULJLQDOUHVROXWLRQZLWKQRSL[HO

1P FRQYHUVLRQ)RULQSXWVLJQDOVZLWKORZHUUHVROXWLRQVWKHSURMHFWHG
SLFWXUHZLOOGLVSOD\VPDOOHUWKDQLIUHVL]HGWRIXOOVFUHHQ<RXFRXOG
PRYHWKHSURMHFWRUWRZDUGVWKHVFUHHQWRLQFUHDVHWKHSLFWXUHVL]HLI
QHFHVVDU\<RXPD\DOVRQHHGWRUHIRFXVWKHSURMHFWRUDIWHUPRYLQJ
WKHSURMHFWRU
7KHSURMHFWRULVDOZD\VVWDUWHGZLWKWKHGHIDXOWVHWWLQJRIWKLV
IXQFWLRQDQGZLOOQRWVDYHDQGVWRUHWKHODVWFKDQJH\RXPDNHWRLW

$VSHFW5DWLR 7KHUHDUHWKUHHRSWLRQVWRVHWWKHSLFWXUH¶VDVSHFWUDWLRGHSHQGLQJRQ

0CVKXG \RXULQSXWVLJQDOVRXUFH

.H\VWRQH
&RUUHFWVDQ\NH\VWRQLQJRIWKHSLFWXUH

$GMXVWVWKHKRUL]RQWDO
+RUL]RQWDO3RVLWLRQ
SRVLWLRQRIWKHSURMHFWHG


SLFWXUH  

9HUWLFDO3RVLWLRQ $GMXVWVWKHYHUWLFDOSRVLWLRQ

 RIWKHSURMHFWHGSLFWXUH
 

$GMXVWVWKHYLGHRLQSXWFORFNWR
3KDVH
V\QFKURQL]HZLWKWKHYLGHRVLJQDO

FGRGPFUQPVJGUGNGEVGF
7KLVKHOSVUHGXFHSLFWXUHGLVWRUWLRQ
KPRWVUQWTEG
SURGXFHGE\VRPH3&YLGHRWLPLQJV

+RUL]RQWDO6L]H
$GMXVWVWKHKRUL]RQWDOZLGWKRIWKHSLFWXUH

9LHZ6RQLF 3-' 
6HWWLQJPHQX

)81&7,21
'(6&5,37,21
GHIDXOWVHWWLQJYDOXH

26'7LPH 6HWVWKHOHQJWKRIWLPHWKH26'ZLOOUHPDLQDFWLYHDIWHU\RXUODVW

 EXWWRQSUHVV7KHUDQJHLVIURPWRVHFRQGV

5HWXUQVDOOVHWWLQJVWRWKHIDFWRU\SUHVHWYDOXHV
5HVHW 7KHIROORZLQJVHWWLQJVZLOOVWLOOUHPDLQ0LUURU/DQJXDJH+LJK

0Q $OWLWXGH0RGH3KDVH+RUL]RQWDO3RVLWLRQ9HUWLFDO3RVLWLRQDQG
+RUL]RQWDO6L]H

$GYDQFHGPHQX

)81&7,21 '(6&5,37,21
GHIDXOWVHWWLQJYDOXH GHIDXOWVHWWLQJYDOXH

7KHSURMHFWRUFDQEHLQVWDOOHGRQDFHLOLQJRUEHKLQGDVFUHHQRU
0LUURU ZLWKRQHRUPRUHPLUURUV&RQWDFW\RXUGHDOHUIRUWKHFHLOLQJPRXQW


EUDFNHW RSWLRQDODFFHVVRU\ LI\RXQHHGWRLQVWDOOWKHSURMHFWRURQ
\RXUFHLOLQJ

%ODQN7LPHU 6HWVWKHSLFWXUHEODQNWLPHZKHQWKH%ODQNIHDWXUHLVDFWLYDWHGRQFH

 HODSVHGWKHSLFWXUHZLOOUHWXUQWRWKHVFUHHQ
6HWVZKHWKHUWKHSURMHFWRUVHDUFKHVDXWRPDWLFDOO\IRULQSXWVLJQDOV,I
6RXUFH6FDQ WKHVRXUFHVFDQLV2QWKHSURMHFWRUZLOOVFDQIRULQSXWVLJQDOVXQWLOLW

1P DFTXLUHVDVLJQDO,IWKHIXQFWLRQLVQRWDFWLYDWHGWKHSURMHFWRUVHOHFWV
WKHODVWXVHGLQSXWVLJQDO7KHGHIDXOWYDOXHLVµ5*%¶
6HWVWKHODQJXDJHIRUWKH26'PHQXV

/DQJXDJH 7KHUHDUHODQJXDJHVIRU\RXUFKRLFH(QJOLVK GHIDXOW )UHQFK


*HUPDQ,WDOLDQ6SDQLVK5XVVLDQ6LPSOL¿HG&KLQHVH-DSDQHVH

'PINKUJ
6ZHGLVK'XWFK&]HFK3RUWXJXHVH7UDGLWLRQDO&KLQHVH.RUHDQ
DQG3ROLVK
6SODVK6FUHHQ 6HOHFWZKLFKORJRVFUHHQZLOOGLVSOD\GXULQJSURMHFWRUVWDUWXS7KUHH

$NWGNQIQ PRGHVDUHDYDLODEOH%OXHVFUHHQDQG%ODFNVFUHHQ

+LJK$OWLWXGH0RGH
$PRGHIRURSHUDWLRQLQDUHDVOLNHKLJKDOWLWXGHRUKLJKWHPSHUDWXUH

1HH

$XWR2II 6HWVWKHSURMHFWRUWRWXUQRIIDXWRPDWLFDOO\LIQRLQSXWVLJQDOLV

1HH GHWHFWHGDIWHUDVHWSHULRGRIWLPH

9LHZ6RQLF 3-' 
8VHWKLVPRGHWRUHGXFHV\VWHPQRLVHDQGUHGXFHSRZHUFRQVXPSWLRQ
E\,IWKLVPRGHLVDFWLYDWHGWKHOLJKWRXWSXWZLOOEHUHGXFHGDQG
(FRQRPLF0RGH UHVXOWLQGDUNHUSURMHFWHGSLFWXUHV

1HH 6HWWLQJWKHSURMHFWRULQ(FRQRPLFPRGHH[WHQGVWKHODPSWLPHU
DXWRPDWLFVKXWGRZQIHDWXUH)RUGHWDLOVRQKRZWKHWRWDOODPSKRXULV
FDOFXODWHG

,QIRUPDWLRQPHQX
7KLVPHQXVKRZV\RXWKHFXUUHQWRSHUDWLQJVWDWXVRIWKHSURMHFWRU
6RPHSLFWXUHDGMXVWPHQWVDUHDYDLODEOHRQO\ZKHQFHUWDLQLQSXWVRXUFHVDUHLQXVH
8QDYDLODEOHDGMXVWPHQWVDUHQRWVKRZQRQWKHVFUHHQ

)81&7,21 '(6&5,37,21
GHIDXOWVHWWLQJYDOXH GHIDXOWVHWWLQJYDOXH

6RXUFH 6KRZVWKHFXUUHQWVLJQDOVRXUFH

5HVROXWLRQ 6KRZVWKHUHVROXWLRQRIWKHLQSXWVLJQDO

6\VWHP 6KRZVWKH9LGHRLQSXWV\VWHPIRUPDW176&6(&$0RU3$/

3UHVHW0RGH 6KRZVWKHVHOHFWHGPRGHLQWKH 3LFWXUHPHQX

(TXLYDOHQW/DPS
'LVSOD\VWKHHTXLYDOHQWODPSKRXUFDOFXODWHGE\WKHEXLOWLQWLPHU
+RXU

9LHZ6RQLF 3-' 
0DLQWHQDQFH
&DUHRIWKHSURMHFWRU
<RXUSURMHFWRUQHHGVOLWWOHPDLQWHQDQFH7KHRQO\WKLQJ\RXQHHGWRGRRQDUHJXODUEDVLVLVWR
NHHSWKHOHQVFOHDQ
1HYHUUHPRYHDQ\SDUWVRIWKHSURMHFWRUH[FHSWWKHODPS&RQWDFW\RXUGHDOHULIRWKHUSDUWV
QHHGUHSODFLQJ

&OHDQLQJWKHOHQV
&OHDQWKHOHQVZKHQHYHU\RXQRWLFHGLUWRUGXVWRQWKHVXUIDFH
Ɣ 8VHDFDQLVWHURIFRPSUHVVHGDLUWRUHPRYHGXVW
Ɣ ,IWKHUHLVGLUWRUVPHDUVXVHOHQVFOHDQLQJSDSHURUPRLVWHQDVRIWFORWKZLWKOHQVFOHDQHU
DQGJHQWO\ZLSHWKHOHQVVXUIDFH
1HYHUUXEWKHOHQVZLWKDEUDVLYHPDWHULDOV

&OHDQLQJWKHSURMHFWRUFDVH
%HIRUH\RXFOHDQWKHFDVHWXUQWKHSURMHFWRURIIXVLQJWKHSURSHUVKXWGRZQSURFHGXUHDV
GHVFULEHGLQ³6KXWWLQJGRZQWKHSURMHFWRU´DQGXQSOXJWKHSRZHUFRUG
Ɣ 7RUHPRYHGLUWRUGXVWZLSHWKHFDVHZLWKDVRIWOLQWIUHHFORWK
Ɣ 7RUHPRYHVWXEERUQGLUWRUVWDLQVPRLVWHQDVRIWFORWKZLWKZDWHUDQGDQHXWUDOS+
GHWHUJHQW7KHQZLSHWKHFDVH
1HYHUXVHZD[DOFRKROEHQ]HQHWKLQQHURURWKHUFKHPLFDOGHWHUJHQWV7KHVHFDQGDPDJH
WKHFDVH

6WRULQJWKHSURMHFWRU
,I\RXQHHGWRVWRUHWKHSURMHFWRUIRUDQH[WHQGHGWLPHSOHDVHIROORZWKHLQVWUXFWLRQVEHORZ
Ɣ 0DNHVXUHWKHWHPSHUDWXUHDQGKXPLGLW\RIWKHVWRUDJHDUHDDUHZLWKLQWKHUHFRPPHQGHG
UDQJHIRUWKHSURMHFWRU3OHDVHUHIHUWR³6SHFL¿FDWLRQV´RUFRQVXOW\RXUGHDOHUDERXWWKH
UDQJH
Ɣ 5HWUDFWWKHDGMXVWHUIHHW
Ɣ 5HPRYHWKHEDWWHU\IURPWKHUHPRWHFRQWURO
Ɣ 3DFNWKHSURMHFWRULQLWVRULJLQDOSDFNLQJRUHTXLYDOHQW

7UDQVSRUWLQJWKHSURMHFWRU
,WLVUHFRPPHQGHGWKDW\RXVKLSWKHSURMHFWRUZLWKLWVRULJLQDOSDFNLQJRUHTXLYDOHQW:KHQ
\RXFDUU\WKHSURMHFWRU\RXUVHOISOHDVHXVHWKHRULJLQDOER[RUDVRIWFDUU\FDVHZKLFKLV
DYDLODEOHIURP\RXUGHDOHU

9LHZ6RQLF 3-' 
/DPSLQIRUPDWLRQ
&DOFXODWLRQRIODPSKRXU
:KHQWKHSURMHFWRULVLQRSHUDWLRQWKHGXUDWLRQ LQKRXUV RIODPSXVDJHLVDXWRPDWLFDOO\
FDOFXODWHGE\WKHEXLOWLQWLPHU7KHPHWKRGRIFDOFXODWLQJWKHHTXLYDOHQWODPSKRXULVDV
IROORZV
7RWDO HTXLYDOHQW ODPSKRXU
 KRXUVXVHGLQ(FRQRPLFPRGH  KRXUVXVHGLQQRUPDOPRGH
7KHODPSKRXULQ(FRQRPLFPRGHLVFDOFXODWHGDVRIWKDWLQQRUPDOPRGH7KDWLVXVLQJ
WKHSURMHFWRULQ(FRQRPLFPRGHKHOSVWRH[WHQGWKHODPSOLIHE\

9LHZ6RQLF 3-' 
:DUQLQJPHVVDJH
:KHQWKH/DPSLQGLFDWRUOLJKWVXSUHGRUDPHVVDJHDSSHDUVVXJJHVWLQJLWLVWLPHWR
UHSODFHWKHODPSSOHDVHLQVWDOODQHZODPSRUFRQVXOW\RXUGHDOHU$QROGODPSPD\FDXVHD
PDOIXQFWLRQLQWKHSURMHFWRUDQGLQVRPHLQVWDQFHVWKHODPSPD\H[SORGH
)RUPRUHGHWDLOHGLQIRUPDWLRQRQSURMHFWRUZDUQLQJVSOHDVHUHIHUWR³,QGLFDWRUV´
7KH/DPSLQGLFDWRUOLJKWDQG7HPSHUDWXUHZDUQLQJOLJKWZLOOOLJKWXSLIWKHODPSEHFRPHV
WRRKRW7XUQWKHSRZHURIIDQGOHWWKHSURMHFWRUFRROIRUPLQXWHV,IWKH/DPSRU7HPS
LQGLFDWRUVWLOOOLJKWVXSDIWHUWXUQLQJWKHSRZHUEDFNRQSOHDVHFRQWDFW\RXUGHDOHU
7KHIROORZLQJ/DPSZDUQLQJGLVSOD\VZLOOUHPLQG\RXWRFKDQJHWKHODPS

0HVVDJH 6WDWXV

7RWDO HTXLYDOHQW ODPSKRXUKDVUHDFKHGKRXUV,QVWDOO


DQHZODPSIRURSWLPDOSHUIRUPDQFH,IWKHSURMHFWRULV
QRUPDOO\UXQZLWK³(FRQRPLF0RGH´VHOHFWHG\RXPD\
FRQWLQXHWRRSHUDWHWKHSURMHFWRUXQWLOWKHKRXUODPS
ZDUQLQJDSSHDUV

7RWDO HTXLYDOHQW ODPSKRXUKDVUHDFKHGKRXU$QHZ


ODPSVKRXOGEH¿WWHGWRDYRLGWKHLQFRQYHQLHQFHZKHQWKH
SURMHFWRUUXQVRXWRIODPSWLPH

7RWDO HTXLYDOHQW ODPSKRXUKDVUHDFKHGKRXUV7KLV


PHVVDJHZLOOÀDVKLQWKHFHQWHURIWKHVFUHHQIRUDERXW
VHFRQGVWRJHWKHUZLWKWKH/DPSLQGLFDWRUOLJKWLQJXSUHGIRU
VHFRQGV
,WLVVWURQJO\UHFRPPHQGHGWKDW\RXUHSODFHWKHODPSDWWKLV
DJH7KHODPSLVDFRQVXPDEOHLWHP:LWKWKHXVDJHWLPH
LQFUHDVHWKHODPSEULJKWQHVVGLPLQLVKHGJUDGXDOO\7KLVLV
QRUPDOODPSEHKDYLRU<RXFDQUHSODFHWKHODPSZKHQHYHU
\RXQRWLFHWKDWWKHEULJKWQHVVOHYHOKDVVLJQL¿FDQWO\
GLPLQLVKHG,IWKHODPSLVQRWUHSODFHGEHIRUHKDQGLWPXVWEH
UHSODFHGDIWHUKRXUVXVDJH

,IWKLVZDUQLQJPHVVDJHGLVSOD\VWKHSURMHFWRUZLOOVKXW
GRZQLQVHFRQGV7KHODPS0867EHUHSODFHGEHIRUHWKH
SURMHFWRUZLOORSHUDWHQRUPDOO\

9LHZ6RQLF 3-' 
5HSODFLQJWKHODPS
7RSUHSDUHDQHZODPSFRQWDFW\RXUGHDOHUDQGWHOOWKHODPSW\SHQXPEHU
7\SHQXPEHU5/&
Ɣ7RUHGXFHWKHULVNRIHOHFWULFDOVKRFNDOZD\VWXUQWKHSURMHFWRURIIDQGGLVFRQQHFWWKH
SRZHUFRUGEHIRUHFKDQJLQJWKHODPS
Ɣ7RUHGXFHWKHULVNRIVHYHUHEXUQVDOORZWKHSURMHFWRUWRFRROIRUDWOHDVWPLQXWHV
EHIRUHUHSODFLQJWKHODPS
Ɣ7RUHGXFHWKHULVNRILQMXULHVWR¿QJHUVDQGGDPDJHWRLQWHUQDOFRPSRQHQWVXVHFDXWLRQ
ZKHQUHPRYLQJODPSJODVVWKDWKDVVKDWWHUHGLQWRVKDUSSLHFHV
Ɣ7RUHGXFHWKHULVNRILQMXULHVWR¿QJHUVDQGRUFRPSURPLVLQJSLFWXUHTXDOLW\E\WRXFKLQJ
WKHOHQVGRQRWWRXFKWKHHPSW\ODPSFRPSDUWPHQWZKHQWKHODPSLVUHPRYHG
Ɣ7KLVODPSFRQWDLQVPHUFXU\&RQVXOW\RXUORFDOKD]DUGRXVZDVWHUHJXODWLRQVWRGLVSRVH
RIWKLVODPSLQDSURSHUPDQQHU
 7
 XUQWKHSRZHURIIDQGGLVFRQQHFWWKH  '
 LVFRQQHFWWKHODPSFRQQHFWRUE\SXVKLQJ
SURMHFWRUIURPWKHZDOOVRFNHW,IWKH LWDJDLQVWWKHSURMHFWRUZKLOHSXOOLQJLWXS
ODPSLVKRWDYRLGEXUQVE\ZDLWLQJ
IRUDSSUR[LPDWHO\PLQXWHVXQWLOWKH
ODPSKDVFRROHG
 7
 XUQWKHSURMHFWRURYHU7KHQORRVHQ
WKHVFUHZVRQWKHODPSFRYHU  /RRVHQWKHVFUHZWKDWVHFXUHVWKHODPS

 /
 LIWWKHKDQGOHVRWKDWLWVWDQGVXS8VHWKH
 5
 HPRYHWKHODPSFRYHUIURPWKH KDQGOHWRVORZO\SXOOWKHODPSRXWRIWKH
SURMHFWRU SURMHFWRU

3XOOLQJLWWRRTXLFNO\PD\FDXVHWKHODPS
'RQRWWXUQWKHSRZHURQZLWKWKHODPS
WREUHDNDQGVFDWWHUEURNHQJODVVLQWKH
FRYHUUHPRYHG
SURMHFWRU
 5HPRYHWKHODPSFRUGVIURPWKHVORWV
'RQRWSODFHWKHODPSLQORFDWLRQVZKHUH
ZDWHUPLJKWVSODVKRQLWFKLOGUHQFDQ
UHDFKLWRUQHDUÀDPPDEOHPDWHULDOV
'RQRWLQVHUW\RXUKDQGVLQWRWKHSURMHFWRU
DIWHUWKHODPSLVUHPRYHG,I\RXWRXFKWKH
RSWLFDOFRPSRQHQWVLQVLGHLWFRXOGFDXVH
FRORUXQHYHQQHVVDQGGLVWRUWLRQRIWKH
SURMHFWHGSLFWXUHV

9LHZ6RQLF 3-' 
 $
 VVKRZQLQWKH¿JXUHKROGWKHQHZ  7LJKWHQWKHVFUHZVWKDWVHFXUHWKHODPS
ODPS¿UVWDQGDOLJQWKHODPSZLWKWKH FRYHU
FRPSDUWPHQWLQWKHSURMHFWRUDQGWKHQ
LQVHUWWKHODPSDOOWKHZD\LQWRWKH
SURMHFWRU

/RRVHVFUHZPD\FDXVHDEDGFRQQHFWLRQ
ZKLFKFRXOGUHVXOWLQPDOIXQFWLRQ
'RQRWRYHUWLJKWHQWKHVFUHZ
 7
 LJKWHQWKHVFUHZWKDWVHFXUHVWKH  5HVWDUWWKHSURMHFWRU
ODPS 'RQRWWXUQWKHSRZHURQZLWKWKHODPS
/RRVHVFUHZPD\FDXVHDEDG FRYHUUHPRYHG
FRQQHFWLRQZKLFKFRXOGUHVXOWLQ  5HVHWWLQJWKHODPSFRXQWHU
PDOIXQFWLRQ
'RQRWUHVHWLIWKHODPSLVQRWUHSODFHGDV
'RQRWRYHUWLJKWHQWKHVFUHZ
WKLVFRXOGFDXVHGDPDJH
&RQQHFWWKHODPSFRQQHFWRUWRWKH
L 3
 UHVVDQGKROGŸ8SRQWKHSURMHFWRU
SURMHFWRU
IRUVHFRQGVWRGLVSOD\WKHWRWDOXVHG
 3ODFHWKHODPSFRUGVEDFNWRWKHVORWV ODPSWLPH

LL 3UHVV$872RQWKHSURMHFWRURURQWKH
UHPRWHFRQWUROWRUHVHWWKHODPSKRXU
WR³´
LLL:DLWDERXWVHFRQGVWROHWWKH26'
5HSODFHWKHODPSFRYHURQWKH
GLVDSSHDU
SURMHFWRU

9LHZ6RQLF 3-' 
7HPSHUDWXUHLQIRUPDWLRQ
:KHQWKH7HPSHUDWXUHZDUQLQJOLJKWLVRQLWLVZDUQLQJ\RXRIWKHIROORZLQJSRVVLEOHSUREOHPV
7KHLQWHUQDOWHPSHUDWXUHLVWRRKLJK
7KHIDQVDUHQRWZRUNLQJ
7XUQWKHSURMHFWRURIIDQGFRQWDFWTXDOL¿HGVHUYLFHSHUVRQQHOIRUIXUWKHUKHOS)RUPRUH
GHWDLOHGLQIRUPDWLRQSOHDVHUHIHUWR³,QGLFDWRUV´

,QGLFDWRUV
,OOXVWUDWLRQ
Ɣ%ODQN/LJKW2))  Ɣ 22UDQJHOLJKW

Ɣ /LJKWÀDVKLQJ  Ɣ 55HGOLJKW

Ɣ /LJKW21  Ɣ **UHHQOLJKW
/LJKW 6WDWXV 'HVFULSWLRQ
3RZHU 7HPS /DPS
3RZHUHYHQWV

7KHSURMHFWRUKDVMXVWEHHQFRQQHFWHGWRDSRZHURXWOHW

  6WDQGE\PRGH

  3RZHULQJXS

  1RUPDORSHUDWLRQ

 7
 KHSURMHFWRUQHHGVVHFRQGVWRFRROGRZQDVLWZDV
DEQRUPDOO\VKXWGRZQZLWKRXWWKHQRUPDOFRROLQJGRZQ
  SURFHVV2U
 7
 KHSURMHFWRUQHHGVWRFRROIRUVHFRQGVDIWHUWKH
SRZHULVWXUQHGRII
7KHSURMHFWRUKDVVKXWGRZQDXWRPDWLFDOO\,I\RXWU\WRUH
  VWDUWWKHSURMHFWRULWZLOOVKXWGRZQDJDLQ3OHDVHFRQWDFW
\RXUGHDOHUIRUDVVLVWDQFH
/DPSHYHQWV
7KHSURMHFWRUKDVVKXWGRZQDXWRPDWLFDOO\,I\RXWU\WRUH
 VWDUWWKHSURMHFWRULWZLOOVKXWGRZQDJDLQ3OHDVHFRQWDFW
\RXUGHDOHUIRUDVVLVWDQFH
 7KHSURMHFWRUQHHGVVHFRQGVWRFRROGRZQ2U
 
 3OHDVHFRQWDFW\RXUGHDOHUIRUDVVLVWDQFH
9LHZ6RQLF 3-' 
/LJKW 6WDWXV 'HVFULSWLRQ
3RZHU 7HPS /DPS
3RZHUHYHQWV

 

7KHSURMHFWRUKDVVKXWGRZQDXWRPDWLFDOO\,I\RXWU\WRUH
VWDUWWKHSURMHFWRULWZLOOVKXWGRZQDJDLQ3OHDVHFRQWDFW
\RXUGHDOHUIRUDVVLVWDQFH

9LHZ6RQLF 3-' 
7URXEOHVKRRWLQJ
7KHSURMHFWRUGRHVQRWWXUQRQ

&DXVH 5HPHG\
3OXJWKHSRZHUFRUGLQWRWKH$&LQOHWRQWKH
SURMHFWRUDQGSOXJWKHSRZHUFRUGLQWRWKH
7KHUHLVQRSRZHUIURPWKHSRZHUFDEOH
SRZHURXWOHW,IWKHSRZHURXWOHWKDVDVZLWFK
PDNHVXUHWKDWLWLVVZLWFKHGRQ
$WWHPSWLQJWRWXUQWKHSURMHFWRURQDJDLQGXULQJ :DLWXQWLOWKHFRROLQJGRZQSURFHVVKDV
WKHFRROLQJSURFHVV FRPSOHWHG

1RSLFWXUH

&DXVH 5HPHG\

7KHYLGHRVRXUFHLVQRWWXUQHGRQRUFRQQHFWHG 7XUQ WKH YLGHR VRXUFH RQ DQG FKHFN WKDW WKH
FRUUHFWO\ VLJQDOFDEOHLVFRQQHFWHGFRUUHFWO\
7KHSURMHFWRULVQRWFRUUHFWO\FRQQHFWHGWRWKH
&KHFNWKHFRQQHFWLRQ
LQSXWVRXUFHGHYLFH
6HOHFW WKH FRUUHFW LQSXW VLJQDO E\ SUHVVLQJ
7KHLQSXWVLJQDOKDVQRWEHHQFRUUHFWO\VHOHFWHG
6285&(RQWKHSURMHFWRURUUHPRWHFRQWURO
7KHOHQVFDSLVVWLOODWWDFKHGWRWKHOHQV 5HPRYHWKHOHQVFDS

%OXUUHGSLFWXUH

&DXVH 5HPHG\
$GMXVW WKH IRFXV RI WKH OHQV XVLQJ WKH IRFXV
7KHSURMHFWLRQOHQVLVQRWFRUUHFWO\IRFXVHG
ULQJ
7KH SURMHFWRU DQG WKH VFUHHQ DUH QRW DOLJQHG $GMXVW WKH SURMHFWLRQ DQJOH DQG GLUHFWLRQ DV
SURSHUO\ ZHOODVWKHKHLJKWRIWKHXQLWLIQHFHVVDU\
7KHOHQVFDSLVVWLOODWWDFKHGWRWKHOHQV 5HPRYHWKHOHQVFDS

5HPRWHFRQWUROGRHVQRWZRUN

&DXVH 5HPHG\

7KHEDWWHU\LVRXWRISRZHU 5HSODFHWKHEDWWHU\ZLWKDQHZRQH
7KHUHLVDQREVWDFOHEHWZHHQWKHUHPRWHFRQWURO
5HPRYHWKHREVWDFOH
DQGWKHSURMHFWRU
6WDQG ZLWKLQ  PHWHUV  IHHW  RI WKH
<RXDUHWRRIDUDZD\IURPWKHSURMHFWRU
SURMHFWRU

9LHZ6RQLF 3-' 
6SHFL¿FDWLRQV
3URMHFWRUVSHFL¿FDWLRQV
$OOVSHFL¿FDWLRQVDUHVXEMHFWWRFKDQJHZLWKRXWQRWLFH
*HQHUDO
3URGXFWQDPH   'LJLWDO3URMHFWRU
2SWLFDO
5HVROXWLRQ   [69*$
'LVSOD\V\VWHP  &+,3'0'
/HQV)1XPEHU  )  ¿[HG
/DPS   :ODPS
(OHFWULFDO
3RZHUVXSSO\   $&9$+] $XWRPDWLF
3RZHUFRQVXPSWLRQ  : 0D[
0HFKDQLFDO
:HLJKW   OEV .J
,QSXWWHUPLQDO
&RPSXWHULQSXW
5*%LQSXW   '6XESLQ IHPDOH [
9LGHRVLJQDOLQSXW
69,'(2   0LQL',1SLQSRUW[
9,'(2   5&$MDFN[
+'79VLJQDOLQSXW  '6XE!&RPSRQHQW5&$MDFN[WKURXJK5*%LQSXW
&RQWURO IRUVHUYLFLQJ
86%FRQQHFWRU  $%VHULHV[
56VHULDOFRQWURO  PLQL'LQSLQ[
'LPHQVLRQV  PP : [PP + [PP '






 

9LHZ6RQLF 3-' 
7LPLQJFKDUW
6XSSRUWHGWLPLQJIRU3&LQSXW
+RUL]RQWDO 9HUWLFDO 3L[HO
5HVROXWLRQ )UHTXHQF\ )UHTXHQF\ )UHTXHQF\ 0RGH
N+] +] 0+]
   9*$B
   9*$B
[
   9*$B
   9*$B
[    [B
   69*$B
   69*$B
[
   69*$B
   69*$B
   ;*$B
   ;*$B
[
   ;*$B
   ;*$B
[    6;*$B

6XSSRUWHGWLPLQJIRU&RPSRQHQW<3E3ULQSXW
6LJQDO)RUPDW +RUL]RQWDO)UHTXHQF\ N+] 9HUWLFDO)UHTXHQF\ +]
L L #+]  
S S #+]  
L L #+]  
S S #+]  
S S #+]  
S S #+]  
L L #+]  
L L #+]  

6XSSRUWHGWLPLQJIRU9LGHRDQG69LGHRLQSXWV
+RUL]RQWDO 9HUWLFDO &RORUVXEFDUULHU
9LGHRPRGH
)UHTXHQF\ N+] )UHTXHQF\ +] )UHTXHQF\ 0+]
176&   
3$/   
6(&$0   RU
3$/0   
3$/1   
3$/   
176&   

9LHZ6RQLF 3-' 
Other Information
Customer Support
For technical support or product service, see the table below or contact your reseller.
Note : You will need the product serial number.

Country/Re- T=Telephone
Web Site E-mail
gion F=Fax
T= 800 688 6688
United States www.viewsonic.com service.us@viewsonic.com
F= 909 468 1202

T= 866 463 4775


Canada www.viewsonic.com service.ca@viewsonic.com
F= 909 468 5814

Latin America T= 866 323 8056


www.viewsonic.com/la/ soporte@viewsonic.com
(Mexico/Chile) F= 909 444 5655

www.viewsoniceurope.
United Kingdom www.viewsoniceurope.com/uk com/uk/Support/Calld-
esk.htm

Europe/Mid-
dle East/Baltic
www.viewsoniceurope.com Contact your reseller
countries/North
Africa

Australia and AUS=1800 880 818


www.viewsonic.com.au service@au.viewsonic.com
New Zealand NZ=0800 008 822

Singapore/Ma-
www.ap.viewsonic.com T= 65 64616044 service@sg.viewsonic.com
laysia/Thailand

South Africa/ T= 886 2 2246 3456


www.ap.viewsonic.com service@sd.viewsonic.com
Other countries F= 886 2 2249 1751

Hong Kong www.hk.viewsonic.com T= 852 3102 2900 service@hk.viewsonic.com

Macau www.hk.viewsonic.com T= 853 700 303 service@hk.viewsonic.com

Korea www.kr.viewsonic.com T= 080 265 9080 service@kr.viewsonic.com

ViewSonic PJ503D 40
/LPLWHG:DUUDQW\
9,(:621,&s352-(&725
:KDWWKHZDUUDQW\FRYHUV
9LHZ6RQLFZDUUDQWVLWVSURGXFWVWREHIUHHIURPGHIHFWVLQPDWHULDODQGZRUNPDQVKLSXQGHU
QRUPDOXVHGXULQJWKHZDUUDQW\SHULRG,IDSURGXFWSURYHVWREHGHIHFWLYHLQPDWHULDORU
ZRUNPDQVKLSGXULQJWKHZDUUDQW\SHULRG9LHZ6RQLFZLOODWLWVVROHRSWLRQUHSDLURUUHSODFH
WKHSURGXFWZLWKDOLNHSURGXFW5HSODFHPHQWSURGXFWRUSDUWVPD\LQFOXGHUHPDQXIDFWXUHGRU
UHIXUELVKHGSDUWVRUFRPSRQHQWV
+RZORQJWKHZDUUDQW\LVHIIHFWLYH
1RUWKDQG6RXWK$PHULFD\HDUVIRUDOOSDUWVH[FOXGLQJWKHODPS\HDUVIRUODERUPRQWKV
IRUWKHRULJLQDOODPSIURPWKHGDWHRIWKH¿UVWFRQVXPHUSXUFKDVH
(XURSH\HDUVIRUDOOSDUWVH[FOXGLQJWKHODPS\HDUVIRUODERUPRQWKVIRUWKHRULJLQDOODPS
IURPWKHGDWHRIWKH¿UVWFRQVXPHUSXUFKDVH
2WKHUUHJLRQVRUFRXQWULHV3OHDVHFKHFNZLWK\RXUORFDOGHDOHURUORFDO9LHZ6RQLFRI¿FHIRUWKH
ZDUUDQW\LQIRUPDWLRQ
/DPSZDUUDQW\VXEMHFWWRWHUPVDQGFRQGLWLRQVYHUL¿FDWLRQDQGDSSURYDO$SSOLHVWR
PDQXIDFWXUHU¶VLQVWDOOHGODPSRQO\
$OODFFHVVRU\ODPSVSXUFKDVHGVHSDUDWHO\DUHZDUUDQWHGIRUPRQWKV
:KRWKHZDUUDQW\SURWHFWV
7KLVZDUUDQW\LVYDOLGRQO\IRUWKH¿UVWFRQVXPHUSXUFKDVHU
:KDWWKHZDUUDQW\GRHVQRWFRYHU
 $Q\SURGXFWRQZKLFKWKHVHULDOQXPEHUKDVEHHQGHIDFHGPRGL¿HGRUUHPRYHG
 'DPDJHGHWHULRUDWLRQRUPDOIXQFWLRQUHVXOWLQJIURP
 D $FFLGHQWPLVXVHQHJOHFW¿UHZDWHUOLJKWQLQJRURWKHUDFWVRIQDWXUHXQDXWKRUL]HG
SURGXFWPRGL¿FDWLRQRUIDLOXUHWRIROORZLQVWUXFWLRQVVXSSOLHGZLWKWKHSURGXFW
 E 5HSDLURUDWWHPSWHGUHSDLUE\DQ\RQHQRWDXWKRUL]HGE\9LHZ6RQLF
 F $Q\GDPDJHRIWKHSURGXFWGXHWRVKLSPHQW
 G 5HPRYDORULQVWDOODWLRQRIWKHSURGXFW
 H &DXVHVH[WHUQDOWRWKHSURGXFWVXFKDVHOHFWULFSRZHUÀXFWXDWLRQVRUIDLOXUH
 I 8VHRIVXSSOLHVRUSDUWVQRWPHHWLQJ9LHZ6RQLF¶VVSHFL¿FDWLRQV
 J 1RUPDOZHDUDQGWHDU
 K $Q\RWKHUFDXVHZKLFKGRHVQRWUHODWHWRDSURGXFWGHIHFW
 $Q\SURGXFWH[KLELWLQJDFRQGLWLRQFRPPRQO\NQRZQDV³LPDJHEXUQLQ´ZKLFKUHVXOWVZKHQ
DVWDWLFLPDJHLVGLVSOD\HGRQWKHSURGXFWIRUDQH[WHQGHGSHULRGRIWLPH
 5HPRYDOLQVWDOODWLRQDQGVHWXSVHUYLFHFKDUJHV
+RZWRJHWVHUYLFH
 )RULQIRUPDWLRQDERXWUHFHLYLQJVHUYLFHXQGHUZDUUDQW\FRQWDFW9LHZ6RQLF&XVWRPHU
6XSSRUW SOHDVHUHIHUWR³&XVWRPHU6XSSRUW´SDJH <RXZLOOQHHGWRSURYLGH\RXUSURGXFW¶V
VHULDOQXPEHU
 7RREWDLQZDUUDQWHGVHUYLFH\RXZLOOEHUHTXLUHGWRSURYLGH D WKHRULJLQDOGDWHGVDOHVVOLS E \RXU
QDPH F \RXUDGGUHVV G DGHVFULSWLRQRIWKHSUREOHPDQG H WKHVHULDOQXPEHURIWKHSURGXFW
 7DNHRUVKLSWKHSURGXFWIUHLJKWSUHSDLGLQWKHRULJLQDOFRQWDLQHUWRDQDXWKRUL]HG9LHZ6RQLF
VHUYLFHFHQWHURU9LHZ6RQLF
 )RUDGGLWLRQDOLQIRUPDWLRQRUWKHQDPHRIWKHQHDUHVW9LHZ6RQLFVHUYLFHFHQWHUFRQWDFW
9LHZ6RQLF
9LHZ6RQLF 3-' 
/LPLWDWLRQRILPSOLHGZDUUDQWLHV
7KHUHDUHQRZDUUDQWLHVH[SUHVVRULPSOLHGZKLFKH[WHQGEH\RQGWKHGHVFULSWLRQFRQWDLQHG
KHUHLQLQFOXGLQJWKHLPSOLHGZDUUDQW\RIPHUFKDQWDELOLW\DQG¿WQHVVIRUDSDUWLFXODUSXUSRVH
([FOXVLRQRIGDPDJHV
9LHZ6RQLF¶VOLDELOLW\LVOLPLWHGWRWKHFRVWRIUHSDLURUUHSODFHPHQWRIWKHSURGXFW9LHZ6RQLF
VKDOOQRWEHOLDEOHIRU
 'DPDJHWRRWKHUSURSHUW\FDXVHGE\DQ\GHIHFWVLQWKHSURGXFWGDPDJHVEDVHGXSRQ
LQFRQYHQLHQFHORVVRIXVHRIWKHSURGXFWORVVRIWLPHORVVRISUR¿WVORVVRIEXVLQHVV
RSSRUWXQLW\ORVVRIJRRGZLOOLQWHUIHUHQFHZLWKEXVLQHVVUHODWLRQVKLSVRURWKHUFRPPHUFLDO
ORVVHYHQLIDGYLVHGRIWKHSRVVLELOLW\RIVXFKGDPDJHV
 $Q\RWKHUGDPDJHVZKHWKHULQFLGHQWDOFRQVHTXHQWLDORURWKHUZLVH
 $Q\FODLPDJDLQVWWKHFXVWRPHUE\DQ\RWKHUSDUW\
(IIHFWRIVWDWHODZ
7KLVZDUUDQW\JLYHV\RXVSHFL¿FOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURP
VWDWHWRVWDWH6RPHVWDWHVGRQRWDOORZOLPLWDWLRQVRQLPSOLHGZDUUDQWLHVDQGRUGRQRWDOORZWKH
H[FOXVLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVVRWKHDERYHOLPLWDWLRQVDQGH[FOXVLRQVPD\
QRWDSSO\WR\RX
6DOHVRXWVLGHWKH86$DQG&DQDGD
)RUZDUUDQW\LQIRUPDWLRQDQGVHUYLFHRQ9LHZ6RQLFSURGXFWVVROGRXWVLGHRIWKH86$DQG
&DQDGDFRQWDFW9LHZ6RQLFRU\RXUORFDO9LHZ6RQLFGHDOHU
7KHZDUUDQW\SHULRGIRUWKLVSURGXFWLQPDLQODQG&KLQD +RQJ.RQJ0DFDRDQG7DLZDQ
([FOXGHG LVVXEMHFWWRWKHWHUPVDQGFRQGLWLRQVRIWKH0DLQWHQDQFH*XDUDQWHH&DUG

3URMHFWRU:DUUDQW\35-B/:5HYJ

9LHZ6RQLF 3-' 

You might also like