7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

(&8)DXOW&RGHV
',6&/$,0(57KHLQIRUPDWLRQLQWKHVHGRFXPHQWVDUHDFROOHFWLRQIURPH[SHULHQFHIULHQGVRUP\VHOIPDJD]LQHDUWLFOHVPDLOLQJ
OLVWVDQG,QWHUQHWZHEVLWHVHWF6RGRQ
WWDNHWKHVHDVFRUUHFWJRVSHOKHQFH,GRQ
WWDNHDQ\UHVSRQVLELOLW\IRUDQ\RIWKHVH
JXLGHV

'RZQORDGSULQWDEOH$GREH$FUREDWILOH . &UHDWHG'HF

5HYLVLRQ
'RZQORDG]LSSHGZHESDJHYHUVLRQ .

&OLFNRQDSLFWXUHIRUD :KDWDUH
IDXOWFRGHV
"
ELJJHUYLHZ
)DXOWFRGHVDUHUHFRJQL]HGSUREOHPVRUIDXOW\VHQVRUVWRWKH(08
(QJLQH0DQDJHPHQW8QLWZKLFKLVD(&8(OHFWURQLF&RQWURO8QLW
7KH(&8UHOLHVRQWKHVHQVRUVRQ\RXUFDUWRPDNHLWUXQDWLW
VRSWLPXP
SHUIRUPDQFHDWDOOWLPHV:KHQDVHQVRUVJRHVZURQJRUWKHUHLVDIDXOW
ZLWKWKHHQJLQHWKH(&8VHHVWKLVSUREOHPDQGORJVWKHIDXOWFRGH
ZLWKLQLW
VPHPRU\127(QRW$//SUREOHPVDUHORJJHGGHSHQGVRQ
ZKDWV\VWHP\RXUFDUKDV2IWHQWKH(&8ZDUQLQJOLJKWRQWKHGDVK
ERDUGPD\OLJKWXSLQGLFDWLQJWR\RXWKDWWKHUHLVDSUREOHP
)LJXUH
$/'/7HVW3OXJ
FRQQHFWLRQV 'RDOO(&8
VKDQGOHIDXOWFRGHV"

,I\RXUHQJLQHLVIXHOLQMHFWHGWKHQLWQHHGVD(&8WRFRQWUROWKHLQMHFWLRQ
WLPLQJ$OO9DX[KDOOPRGHOVWKDWKDYHLQMHFWLRQQHHGD(&8WRGRWKLV
DQGKHQFHWKH\ZLOOKDYHWKHIDFLOLW\WRORJIDXOWFRGHV,I\RXUHQJLQHLV
UXQRQDFDUEXUHWRUWKHQLWKDVQR(&8KHQFHQRIDXOWFRGHVFDQEH
ORJJHGRUUHDG

+RZGR,UHDGWKHIDXOWFRGHV"
)LJXUH
7KHUHDUHWZRFRPPRQZD\VWRGRWKLV7KHILUVWLVWRXVHD7(&+
/RFDWLRQRIWKH$/'/SOXJ
UHDGHUZKLFKLVDQH[SHQVLYHELWRIHTXLSPHQW6RPHGHDOHUVKLSVFRXOG
LQWKHHQJLQHED\
FKDUJH\RX…MXVWWRFRQQHFWLWXSWR\RXUFDU7KHVHFRQGRSWLRQLV
)5((DQG<28FDQGRLWZLWKDSDSHUFOLS

7KHSDSHUFOLSPHWKRGIODVKHVWKH(&8ZDUQLQJODPSRQWKHGDVKDQG
\RXUHDGWKHDPRXQWRIIODVKHVDQGSDXVHV7KHFKDUWVXSSOLHGLQWKLV
DUWLFOHWHOOV\RXZKDWWKHIDXOWFRGHPHDQV7KHSDSHUFOLSLVXVHGWR
VKRUWRXWWZRSLQVLQWKH$/'/FRQQHFWRUDOVRNQRZDV
GLDJQRVWLFV
SOXJ
RU
WHVWFRQQHFWRU
7KHVHDUHFRPPRQO\FRORXUHGEOXHDQGLV
ORFDWHGLQWKHHQJLQHED\6RPHQHZHUPRGHOVLH(FR WHFHQJLQHV
)LJXUH KDYHWKHWHVWFRQQHFWRULQVLGHWKHFDELQ
(&8ZDUQLQJODPSRQWKH
GDVKERDUG

*HQHUDO1RWHV
-XVWEHIRUH\RXVWDUWPDNHVXUH\RXQRWHWKHIROORZLQJ

z ,I\RXGRQ
WKDYHRQHEX\D+D\QHVPDQXDOIRU\RXUFDUDQGKDYHWKLVLVIURQWRI\RXLI\RX
ILQGDIDXOWDQGZLVKWRLQYHVWLJDWHLW
z <RX
OOQHHGDSDSHUFOLSDQGDSHQFLODQGSDSHUWRMRWGRZQWKHIDXOWFRGHVDVWKH\DUH
IODVKHGXS
z <RXGRQRWQHHGWRVWDUWWKHHQJLQHEXWLWGRVQ
WKXUW-XVWVZLWFKLQJRQWKHHOHFWULF
VLV
HQRXJKLHGDVKOLJKWVFRPHRQ
z ,IWKHSDSHUFOLSLVLQVHUWHGLQWKHZURQJSLQVGRQ
WZRUU\\RXZRQ
WGDPDJHQRWKLQJ$OOWKDW
ZLOOKDSSHQLVWKHIDXOWFRGHVZLOOQRWEHGLVSOD\HG

2.JRWDOOWKHDERYH"7KHQIROORZWKHVWHSVEHORZUHPHPEHUWRFOLFNRQWKHSLFVIRUDELJJHUYLHZ
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

2SHQXSWKHERQQHWDQGORRN :LWKWKHFRQQHFWRUSRLQWLQJ *HWLQWKHFDUDQGVZLWFKRQWKH

LQWKHHQJLQHED\IRUD SLQ WRZDUGV\RXDQGWKHUHWDLQLQJ HOHFWULF
V7KH(&8OLJKWZLOO
EOXHFRQQHFWRUZLWKDEODQNLQJ FOLSDWWKHERWWRPVKRUWWKHWRS EHJLQWRIODVKDQGSDXVHD
SOXJRUSODWH'LVFRQQHFWLWIURP WZRSLQV$ %RQWKHOHIW KDQG QXPEHURIWLPHVWDNHQRWHRI
WKHEODQNLQJSOXJ VLGHZLWKWKHSDSHUFOLS WKHVH

2QFHWKHZLUHOLQNLVLQSODFHDQGWKHHOHFWULF
VDUHRQWKH(&8ZDUQLQJODPSZLOOEHJLQWRIODVKRXW
WKHFRGHVZDLWIRUWKHLQLWLDOERRWXSFKHFNWKDWOLJKWVXSDOOWKHZDUQLQJODPSV(DFKIDXOWFRGHLV
UHSHDWHGWLPHVDQGWKHQLWPRYHVRQWRWKHQH[WRQHLIDQ\2QFHDWWKHHQGRIWKHORJJHGIDXOW
FRGHOLVWLWZLOOJRWRWKHEHJLQQLQJDJDLQJLYLQJ\RXSOHQW\RIWLPHWRQRWHGRZQ WKHFRGHRQHDFK
IDXOWFRGHVKRZQWKHUHZLOOEHDSDXVHEHIRUHLWVKRZVWKHQH[WRQH,WZLOOFDUU\RQOLNHWKLVIRUHYHU
XQWLO\RXUHPRYHWKHNH\IURPWKHLJQLWLRQ7RFOHDUWKHFRGHVVLPSO\UHPRYHWKHEDWWHU\OHDGVIRU
6LPWHF(&8
VILWWHGWR(FR WHFHQJLQHVVWDUWWKHLJQLWLRQWLPHVWRFOHDUWKHFRGHV

)RUH[DPSOHOHWVVD\WKHUHZDVD(&8ZDUQLQJODPSQRWHGDQGWKHRZQHUZDQWHGWRUHDGZKDW
IDXOWFRGHZDVORJJHG7KHRZQHUKDVDOUHDG\SXWWKHZLUHOLQNLQSODFHDQGVZLWFKHGRQWKHLJQLWLRQ
$IODVKLVLQGLFDWHGE\DQDVWUL[ DQGDSDXVHLVVKRZQDVDGDVK 

 IODVKDSDXVHDQGDQRWKHUIODVKHV FRGH
 
 

 
 
 

 
 
 

 
 
 

2ZQHUWKHQWDNHVWKHNH\RXWRIWKHLJQLWLRQ

/HWVJRWKURXJKZKDWKDVKDSSHQHG$IWHUVZLWFKLQJRQWKHLJQLWLRQWKHGDVKERDUGOLJKWVXS
VKRZLQJWKHVHOIFKHFNDIWHUWKDWDOOWKHOLJKWVJRRXWDQGWKH(&8ZDUQLQJOLJKWEHJLQVWRIODVKWKH
HUURUFRGH7KHILUVWFRGHLVRQHIODVKDSDXVHDQGWKHQWZRIODVKHV7KLVLVUHSHDWHGWLPHV

&RGHDWWKLVPRPHQWPHDQVLQLWLDWLRQRIGLDJQRVLV$IWHUWKDWFDPHFRGHZKLFKPHDQV
.QRFN
FRQWUROPRGXOH
LHWKHUHLVPRVWOLNHO\DIDXOW\XQLWRUDEDGFRQQHFWLRQDWLWVSOXJ$IWHUFRGH
KDVEHHQUHSHDWHGWLPHVLWJRHVRQWRWKHQH[WIDXOWFRGHLIDQ\

%HIRUHLWGRHVLWIODVKHVDVHSDUDWRUFRGHZKLFKLVFRGH127(RQODWHUPRGHOVLH6LPWHFWKH
VHSDUDWRUFRGHLVDQGQRW,WIODVKHVWKLVWLPHVEHIRUHJRLQJWRWKHQH[WIDXOWFRGH7KHQH[W
FRGHLVFRGHDJDLQZKLFKPHDQVLWVILQLVKHGVKRZLQJWKHORJJHGIDXOWFRGHVDQGKDVVWDUWHG
EDFNDWWKHEHJLQQLQJ7KHRZQHUFDQVZLWFKRIIWKHLJQLWLRQ$KHDOWK\FDUVKRXOGGLVSOD\DVWUHDP
RIFRGH
VQRWHVRPH(&8V\VWHPVZLOODOVRVKRZFRGHRUIRU6LPWHFEHFDXVHLW
GRHVQ
WVHHWKHHQJLQHWXUQLQJRYHUWKLVLVQRWDIDXOWEHFDXVH\RXKDYHQ
WVWDUWHGWKHFDU

)DXOW&RGH&KDUW
2YHUWKH\HDUVWKHUHKDYHEHHQPDQ\GLIIHUHQWPRGHOVLQWKH9DX[KDOOUDQJHDQGKHQFHWKHUHDUH
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

GLIIHUHQW(&8V\VWHPV:LWKHDFKGLIIHUHQWV\VWHPWKHUHDUHXVXDOO\GLIIHUHQWIDXOWFRGHV/LVWHG

EHORZDUHWKHIDXOWFRGHVVHDUFKIRUWKHPRGHORI\RXUFDUDQGFOLFNRQWKHOLQNWRYLHZWKHIDXOW
FRGHV

7KLVOLVWLVE\QRPHDQVFRPSOHWHDQGVWLOOQHHGJDSVILOOLQJLQDQGVRPHFRUUHFWLRQV,I\RXNQRZ
PRUHDERXWRWKHUHQJLQHV\VWHPVRUFDQFRUUHFWDQ\WKLQJEHORZSOHDVHH PDLOXVDW
HFXBFRGHV#WRSEX]]FRXN7KDQN\RX

9DX[KDOO$VWUD2SHO.DGHWW
0RGHO (QJLQH&RGH <HDU 6\VWHP
$VWUD)L ;1=  *00XOWHF&)L
$VWUD)L ;;(  *00XOWHF&)L
$VWUD)LFDW &1=  *00XOWHF&)L
$VWUD)FDW &1=  *00XOWHF&)L
$VWUD)LFDW &1=  *00XOWHF&)L
$VWUD9DQLFDW &1=  *00XOWHF&)L
$VWUD)LFDW &6(  *00XOWHF03L
$VWUD)LFDW &6(  *00XOWHF03L
$VWUD)LFDW &6(  *00XOWHF03L
$VWUD)L ;6=  *00XOWHF&)L
$VWUD)LFDW &6(  *00XOWHF03L
$VWUD)L ;6=5  *00XOWHF&)L
$VWUDLFDW &6(  %RVFK0RWURQLF
$VWUDL 6(  %RVFK/DQG(=
$VWUD*7( 1(  %RVFK0RWURQLF0/
$VWUD*7( 6(+  %RVFK0RWURQLF0/
$VWUDL 6(+  %RVFK0RWURQLF
$VWUDLFDW &1(  %RVFK0RWURQLF
$VWUDLY'2+& ;(-  %RVFK0RWURQLF
$VWUD)LY'2+& &;(  %RVFK0RWURQLF
$VWUD)LFDW62+& &1(  %RVFK0RWURQLF
$VWUD)LY &;(/  6LHPHQV6LPWHF
$VWUD)LY ;;(  6LHPHQV6LPWHF
$VWUD)LY ;;(  6LHPHQV6LPWHF

%HOPRQW
0RGHO (QJLQH&RGH <HDU 6\VWHP
%HOPRQWLFDW &1=  *00XOWHF&)L
%HOPRQWL &1=  *00XOWHF&)L
%HOPRQWLFDW &1=  *00XOWHF&)L

%UDYD
0RGHO (QJLQH&RGH <HDU 6\VWHP
%UDYDLFDW ='  *00XOWHF03L

&DOLEUD
0RGHO (QJLQH&RGH <HDU 6\VWHP
&DOLEUDL62+& [FDW &1(  %RVFK0RWURQLF
&DOLEUDLY'2+&FDW &;(  %RVFK0RWURQLF
&DOLEUDLY ['2+&FDW &;(  %RVFK0RWURQLF
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

&DOLEUDLY7XUER['2+&FDW &/(7  %RVFK0RWURQLF

&DOLEUDLY9FDW &;(  %RVFK0RWURQLF
&DOLEUDLY9FDW ;;(  %RVFK0RWURQLF
&DOLEUDLYFDW ;;(9  6LHPHQV6LPWHF

&DUOWRQ
0RGHO (QJLQH&RGH <HDU 6\VWHP
&DUOWRQLY 6(  %RVFK0RWURQLF0/
&DUOWRQLY62+& &1(  %RVFK0RWURQLF0/
&DUOWRQLY62+& &6(  %RVFK0RWURQLF0/
&DUOWRQLY62+& &1(  %RVFK0RWURQLF
&DUOWRQLY62+& &6(  %RVFK0RWURQLF
&DUOWRQLFDW62+& &1(-  %RVFK0RWURQLF
&DUOWRQLFDW&,+ &1(  %RVFK0RWURQLF
&DUOWRQLFDW&,+ &1(  %RVFK0RWURQLF
&DUOWRQLFDW&,+ &1(  %RVFK0RWURQLF
&DUOWRQLYFDW&,+ &1(  %RVFK0RWURQLF
&DUOWRQLYFDW'2+& &6(  %RVFK0RWURQLF
&DUOWRQLYFDW(VWDWH'2+& &6(-  %RVFK0RWURQLF

&DPSR
0RGHO (QJLQH&RGH <HDU 6\VWHP
&DPSRFDW ='  *00XOWHF03L

9DX[KDOO&DYDOLHU2SHO9HFWUD$
0RGHO (QJLQH&RGH <HDU 6\VWHP
&DYDOLHU9HFWUD $LFDW &1=  *00XOWHF&)L
&DYDOLHU9HFWUD $LFDW &1=  *00XOWHF&)L
&DYDOLHU9HFWUD $L &1=1=  *00XOWHF&)L
&DYDOLHU9HFWUD $L ;6=  *00XOWHF&)L
&DYDOLHU9HFWUD $LFDW &1=  *00XOWHF&)L
&DYDOLHU9HFWUD $L 6(+  %RVFK0RWURQLF0/
&DYDOLHU9HFWUD $65L 6(+  %RVFK0RWURQLF0/
&DYDOLHU9HFWUD $LFDW &1(  %RVFK0RWURQLF
&DYDOLHU9HFWUD $62+& 1(  %RVFK0RWURQLF
&DYDOLHU9HFWUD $L [62+& 6(+  %RVFK0RWURQLF
&DYDOLHU9HFWUD $L62+&FDW &1(  %RVFK0RWURQLF
&DYDOLHU9HFWUD $*6LY'2+& ;(-  %RVFK0RWURQLF
&DYDOLHU9HFWUD $LY['2+&FDW &;(  %RVFK0RWURQLF
&DYDOLHU9HFWUD $LY[7XUER &/(7  %RVFK0RWURQLF
&DYDOLHU9HFWUD $ 1(  %RVFK0RWURQLF0/
&DYDOLHU9HFWUD $L62+& 1(  %RVFK0RWURQLF
&DYDOLHU9HFWUD $LFDW62+& &1(  %RVFK0RWURQLF
&DYDOLHU9HFWUD $LY &;(  %RVFK0RWURQLF
&DYDOLHU9HFWUD $LY ;;(9  6LHPHQV6LPWHF

&RUVD
0RGHO (QJLQH&RGH <HDU 6\VWHP
&RUVD% &RPERL &1=  *00XOWHF&)L
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

&RUVD% &RPERL ;6=  *00XOWHF&)L

&RUVD% &RPERL ;6=  *00XOWHF&)L
&RUVD%L 9DQ &1=  *00XOWHF&)L
&RUVD%L &6(  *00XOWHF03L
&RUVD%L ;;(  *00XOWHF6
&RUVD%L &1=  *00XOWHF03L
&RUVD%LY*6L &6( """" *00XOWHF03L
&RUVD%LY*6L &;(  *00XOWHF6
&RUVD%LYDXWRPDWLF ;6= """" *00XOWHF03L

)URQWHUD
0RGHO (QJLQH&RGH <HDU 6\VWHP
)URQWHUDLFDW62+& &1(  %RVFK0RWURQLF
)URQWHUDLFDW&,+ &1(  %RVFK0RWURQLF
)URQWHUDL ;;(  %RVFK0RWURQLF
)URQWHUDLY ;6(  %RVFK0RWURQLF
)URQWHUDLY ;;(  %RVFK0RWURQLF

9DX[KDOO1RYD2SHO&RUVD$
0RGHO (QJLQH&RGH <HDU 6\VWHP
1RYD&RUVD$LYFDW ;6=  *00XOWHF&)L
1RYD&RUVD$LYFDW &1=  *00XOWHF&)L
1RYD&RUVD$LYFDW &1=  *00XOWHF&)L
1RYD&RUVD$LY*7( &1=  *00XOWHF&)L
1RYD&RUVD$LYFDW &6(  *00XOWHF03L
1RYD&RUVD$LYFDW &6(  *00XOWHF03L
1RYD&RUVD$LY*6LFDW &6(  *00XOWHF03L
1RYD&RUVD$LY03LFDW &6(,  %RVFK0RWURQLF

2PHJD
0RGHO (QJLQH&RGH <HDU 6\VWHP
2PHJDL 6(  %RVFK0RWURQLF0/
2PHJDL62+& 6(  %RVFK0RWURQLF
2PHJDL62+&FDW &1(  %RVFK0RWURQLF
2PHJDL62+&FDW &1(-  %RVFK0RWURQLF
2PHJD%LY ;6(  %RVFK0RWURQLF
2PHJDL&,+FDW &1(  %RVFK0RWURQLF
2PHJDL ;;(  %RVFK0RWURQLF
2PHJD%LY ;;(  %RVFK0RWURQLF
2PHJDL&,+FDW &1(  %RVFK0RWURQLF
2PHJDL ;;(  %RVFK0RWURQLF
2PHJDL&,+FDW &1(  %RVFK0RWURQLF
2PHJDY'2+&FDW &6(  %RVFK0RWURQLF
2PHJDY'2+&(VWDWHFDW &6(-  %RVFK0RWURQLF
2PHJD%L9 ;;(9  6LHPHQV6LPWHF

6HQDWRU
0RGHO (QJLQH&RGH <HDU 6\VWHP
6HQDWRUL&,+FDW &1(  %RVFK0RWURQLF
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

6HQDWRUL &/( """" %RVFK0RWURQLF

6HQDWRUL&,+FDW &1(  %RVFK0RWURQLF
6HQDWRULY'2+&FDW &6(  %RVFK0RWURQLF
6HQDWRULY(VWDWH'2+&FDW &6(-  %RVFK0RWURQLF

6LQWUD
0RGHO (QJLQH&RGH <HDU 6\VWHP
6LQWUDL ;;(  %RVFK0RWURQLF
6LQWUDLY9 ;;(  %RVFK0RWURQLF

7LJUD
0RGHO (QJLQH&RGH <HDU 6\VWHP
7LJUDLY ;;(  *00XOWHF03L
7LJUDLY ;;(  *00XOWHF03L

9DX[KDOO9HFWUD2SHO9HFWUD%RQZDUGV
0RGHO (QJLQH&RGH <HDU 6\VWHP
9HFWUD%LY ;6(-  *00XOWHF&)L
9HFWUD%LY ;;(/  *00XOWHF&)L
9HFWUD%LY ;6=5  *00XOWHF&)L
9HFWUD%LY ;;(  6LHPHQV6LPWHF
9HFWUD%LY ;;(  6LHPHQV6LPWHF
9HFWUD%L9Y ;;(  %RVFK0RWURQLF

%26&+0RWURQLF(&8)DXOW&RGHV
7KLVIDXOWFRGHFKDUWVKRZVWKH%RVFK0RWURQLFIDXOWFRGHVIRUWKHIROORZLQJV\VWVPV  
03)LUVW*HQHUDWLRQDQG03L

%RVFK0RWURQLF&RGH&KDUW
&RGH ,WHP )DXOW
 ,QLWLDWLRQRIGLDJQRVLV QD
 2[\JHQVHQVRU 1RFKDQJHLQYROWDJHRSHQFLUFXLW
 &RRODQW7HPSHUDWXUH6HQVRU&76 /RZYROWDJH
 &RRODQW7HPSHUDWXUH6HQVRU&76 +LJKYROWDJH
 .QRFNVHQVRU 1RFKDQJHLQYROWDJH
 .QRFNVHQVRU 1RFKDQJHLQYROWDJH
 .QRFNFRQWUROXQLW 1RVLJQDO(QJLQH&RQWURO8QLW(&8IDXOW
 530VLJQDOFUDQNVKDIWVHQVRU ,QFRUUHFWVLJQDO
 7KURWWOHSRVLWLRQVHQVRU +LJKYROWDJH
 7KURWWOHSRVLWLRQVHQVRU /RZYROWDJH
 .QRFNVHQVRUPRGXOH QD
 9HKLFOHVSHHGVHQVRU966 1RVLJQDO
 ,QMHFWRUYDOYH +LJKYROWDJH
 ,QMHFWRUYDOYH +LJKYROWDJH
 ,QMHFWRUYDOYH +LJKYROWDJH
 ,QMHFWRUYDOYH +LJKYROWDJH
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

 )XHOSXPSUHOD\ /RZYROWDJH
 ,QMHFWRUYDOYH +LJKYROWDJH
 (QJLQH530VLJQDOFUDQNVKDIWVHQVRU 1RVLJQDO
 ,QMHFWRUYDOYH +LJKYROWDJH
 )XHOSXPSUHOD\ +LJKYROWDJH
 ,QOHWPDQLIROGSUHVVXUHVHQVRU 9ROWDJHWRRKLJK
 ([KDXVW*DV5H FLUFXODWLRQ(*5YDOYH 9ROWDJHWRRKLJK
 0DQLIROG$EVROXWH3UHVVXUH0$3VHQVRU /RZYROWDJH
 ,GOH6SHHG&RQWURO9DOYH,6&9 3RRURUQRLGOHVSHHGFRQWURO
 (QJLQHVHOI GLDJQRVLVIDXOWFRGHOLJKW /RZYROWDJH
 2[\JHQVHQVRU 9ROWDJHORZPRGHO\HDURQ
 2[\JHQVHQVRU 9ROWDJHKLJKPRGHO\HDURQ
 9HKLFOHVSHHGVHQVRU966 /RZYROWDJH
 JHDULGHQWVZLWFK&/(7V\VWHPV /RZYROWDJH
 (67/LQHFRLOF\OLQGHU 0;(9V\VWHPV +LJKYROWDJH
 9HKLFOHVSHHGVHQVRU966 +LJKYROWDJH
 JHDULGHQWVZLWFK&/(7V\VWHPV +LJKYROWDJH
 (67/LQHFRLOF\OLQGHU 0;(9V\VWHPV +LJKYROWDJH
 /LQHDU(*5V\VWHP;(9V\VWHPV )DXOW\
 2[\JHQVHQVRU $LUIXHOPL[WXUHWRROHDQZHDN
 2[\JHQVHQVRU $LUIXHOPL[WXUHWRRULFK
 $LUSXPSUHOD\ +LJKYROWDJH
 $LUSXPSUHOD\ /RZYROWDJH
 /LQHDU(*53RVLWLRQ;(9V\VWHPV )DXOW\
 %DWWHU\YROWDJH /RZYROWDJH
 %DWWHU\YROWDJH +LJKYROWDJH
 (&83URJUDPPDEOHPHPRU\ 3520HUURUKDUGZDUHIDLOXUH
 (QJLQHFKHFNOLJKWILQDOVWDJHIDXOWFRGHOLJKW +LJKYROWDJH
 )XHOSXPSUHOD\ /RZYROWDJH
 )XHOSXPSUHOD\ +LJKYROWDJH
 (QJLQH&RQWURO8QLW(&8IDXOW 5HQHZ(QJLQH&RQWURO8QLW(&8
 ,GOH6SHHG&RQWURO9DOYH,6&9 6KRUWWRHDUWK
 ,GOH6SHHG&RQWURO9DOYH,6&9 ,QWHUUXSWLRQ
 ,QOHWPDQLIROGYDOYH /RZYROWDJH
 )XHO7DQN9HQW9DOYH)799 /RZYROWDJH
 )XHO7DQN9HQW9DOYH)799 +LJKYROWDJH
 ,QOHWPDQLIROGYDOYH +LJKYROWDJH
 (67/LQHFRLOF\OLQGHU 0;(9V\VWHPV /RZYROWDJH
 (67/LQHFRLOF\OLQGHU 0;(9V\VWHPV /RZYROWDJH
 &DUERQ0RQR[LGH&2SRWHQWLRPHWHU /RZYROWDJH
 &DUERQ0RQR[LGH&2SRWHQWLRPHWHU +LJKYROWDJH
 7KURWWOHYDOYHVZLWFK  LGOHSRVLWLRQVZLWFK /RZYROWDJH VZLWFKQRWRSHQLQJ
 7KURWWOH6ZLWFK76  LGOHFRQWDFW ,GOHVZLWFKQRWRSHQLQJ
 $LU7HPSHUDWXUH6HQVRU$76 /RZYROWDJH
 $LU7HPSHUDWXUH6HQVRU$76 +LJKYROWDJH
 7KURWWOH6ZLWFK76  IXOOORDGFRQWDFW +LJKYROWDJH )XOOORDGVZLWFKQRWUXQQLQJ
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

 $LU)ORZ6HQVRU$)6 /RZYROWDJH

 $LU)ORZ6HQVRU$)6 +LJKYROWDJH
 7UDQVPLVVLRQVZLWFK  WRUTXHFRQWURO /RZYROWDJH
 $XWRPDWLF7UDQVPLVVLRQ$7WRUTXHFRQWURO (QJDJHGORQJLJQLWLRQUHWDUGORQJ
 7UDFWLRQFRQWUROXQLW ,QFRUUHFWLJQLWLRQLQMHFWRUFXW RII
 ,QMHFWRUYDOYH /RZYROWDJH
 ,QMHFWRUYDOYH /RZYROWDJH
 ,QMHFWRUYDOYH /RZYROWDJH
 ,QMHFWRUYDOYH /RZYROWDJH
 ,QMHFWRUYDOYH /RZYROWDJH
 ,QMHFWRUYDOYH /RZYROWDJH
 $LU&RQGLWLRQLQJ$&FXWRIIUHOD\ /RZYROWDJH
 $LU&RQGLWLRQLQJ$&FXWRIIUHOD\ +LJKYROWDJH
 2[\JHQVHQVRUKHDWHU /RZYROWDJH
 2[\JHQVHQVRUKHDWHU +LJKYROWDJH
 &DPVKDIWVHQVRUIDLOXUH;(9V\VWHPV )DXOW\
 +DOO(IIHFW6ZLWFK+(6 /RZYROWDJH
 +DOO(IIHFW6ZLWFK+(6 +LJKYROWDJH
 +RWVWDUWYDOYH /RZYROWDJH
 +RWVWDUWYDOYH +LJKYROWDJH
 7UDFWLRQFRQWUROXQLW  LJQLWLRQLQMHFWLRQFXWRII ,QFRUUHFWVLJQDO  KLJKYROWDJH
 2[\JHQVHQVRU 2SHQFLUFXLWZLULQJEUHDN
 &RGHXQNQRZQ QD
 7XUERERRVWFRQWURO %RRVWSUHVXUHKLJKRXWRIUDQJH
 ,GOHERRVWYDOYH $ERYHXSSHUOLPLW
 )XOOERRVWSUHVVXUH %HORZORZHUOLPLW
 %RRVWSUHVVXUH $ERYHXSSHUOLPLW
 :DVWHJDWHYDOYH /RZYROWDJH
 :DVWHJDWHYDOYH +LJKYROWDJH
 2[\JHQVHQVRU /HDQH[KDXVWZHDNPL[WXUH
 2[\JHQVHQVRU 5LFKPL[WXUHH[KDXVW
 ,QOHWPDQLIROGYDOYH %ORFNHG
 ,QOHWPDQLIROGYDOYH %ORFNHG
 ([KDXVW*DV5H FLUFXODWLRQ(*5YDOYH ,QFRUUHFWVLJQDO
 ([KDXVW*DV5H FLUFXODWLRQ(*5YDOYH +LJKYROWDJH
 ([KDXVW*DV5H FLUFXODWLRQ(*5YDOYH /RZYROWDJH

&KHFNHQJLQH
ODPSIDXOWFRGHODPS /RZYROWDJH
 (QJLQH&RQWURO8QLW(&8 QD
 (QJLQH&RQWURO8QLW(&8ER[ +LJKWHPSHUDWXUH
 6HFRQGDU\DLUSXPS 1RWHQRXJKDLU
 6HFRQGDU\DLUSXPS $LUZLWKRXWSXPS
 ,PPRELOLVHUIXQFWLRQLQ(&8 1RRULQFRUUHFWVLJQDO
 1RLPPRELOLVHUVLJQDOUHFLYHG )DXOW\XQLWRUEUHDNLQZLULQJ
 ,QFRUUHFWLPPRELOLVHUVLJQDOUHFHLYHG )DXOW\XQLWRUEUHDNLQZLULQJ

*00XOWHF(&8)DXOW&RGHV
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN 3DJH RI

7KLVIDXOWFRGHFKDUWVKRZVWKH*0 0XOWHFIDXOWFRGHVIRUWKHIROORZLQJV\VWHPV  63L03L&)L0

DQG6

*00XOWHF&RGH&KDUW
&RGH ,WHP )DXOW
 ,QLWLDWLRQRIGLDJQRVLV QD
 2[\JHQVHQVRU 1RFKDQJHLQYROWDJHRSHQFLUFXLW
 &RRODQW7HPSHUDWXUH6HQVRU&76 /RZYROWDJH
 &RRODQW7HPSHUDWXUH6HQVRU&76 +LJKYROWDJH
 .QRFNVLJQDOFLUFXLW QD
 .QRFNFRQWUROSURFHVVRU QD
 &UDQN$QJOH6HQVRU&$6 ,QFRUUHFW530VLJQDO
 7KURWWOH3RWHQWLRPHWHU6HQVRU736 +LJKYROWDJH
 7KURWWOH3RWHQWLRPHWHU6HQVRU736 /RZYROWDJH
 9HKLFOH6SHHG6HQVRU966 1RVSHHGVLJQDORUORZYROWDJH
 ,QMHFWRUYDOYH /RZYROWDJH
 )XHOSXPSUHOD\FRQWDFWV &RQWDFWSUREOHP
 )XHOSXPSUHOD\ /RZYROWDJH
 )XHOSXPSUHOD\ +LJKYROWDJH
0DQLIROG$EVROXWH3UHVVXUH0$3
 +LJKYROWDJH
VHQVRU
0DQLIROG$EVROXWH3UHVVXUH0$3
 /RZYROWDJH
VHQVRU
 ,GOHVWHSSHUPRWRU 3RRURUQRLGOHVSHHGFRQWURO
$PSOLILHUFRQWUROVLJQDOF\OLQGHUVDQG
 +LJKYROWDJH
'LUHFW,JQLWLRQ6\VWHP',6
$PSOLILHUFRQWUROVLJQDOF\OLQGHUVDQG
 +LJKYROWDJH
'LUHFW,JQLWLRQ6\VWHP',6
 3ULPDU\LJQLWLRQGLVWULEXWRUV\VWHPV +LJKYROWDJH
 2[\JHQVHQVRU $LU)XHOPL[WXUHWRROHDQZHDN
 2[\JHQVHQVRU $LU)XHOPL[WXUHWRRULFK
$PSOLILHU'LUHFW,JQLWLRQ6\VWHP',6
 +LJKYROWDJH
FRQWUROVLJQDO$%
/LQHDUH[KDXVWJDVUH FLUFXODWLRQ(*5
 QD
SRVLWLRQ
%DWWHU\VXSSO\WR(QJLQH&RQWURO8QLW
 +LJKYROWDJHJUHDWHUWKDQYROWV
(&8
'HIHFWLYH(&8GLVFRQQHFWDQGUHFRQQHFW(&8
 (QJLQH&RQWURO8QLW(&8
WKHQUHFKHFNIRUIDXOWFRGHV0HPRU\IDLOXUH
 6HFRQGDU\DLUSXPSUHOD\ /RZYROWDJH
 6HFRQGDU\DLUSXPSUHOD\ +LJKYROWDJH
,GOH&DUERQ0RQR[LGH&2
 QD
SRWHQWLRPHWHU
 (QJLQH&RQWURO8QLW(&8IDXOW 5HQHZ(QJLQH&RQWURO8QLW(&8
 $LUFRQWUROVROHQLRG /RZYROWDJH
 $LUFRQWUROVROHQLRG +LJKYROWDJH
 )XHOWDQNYHQWYDOYH)799 /RZYROWDJH
 )XHOWDQNYHQWYDOYH)799 +LJKYROWDJH
 $PSOLILHUFRQWUROVLJQDOF\OLQGHUVDQG /RZYROWDJH
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN
 3DJH RI

'LUHFW,JQLWLRQ6\VWHP',6
$PSOLILHUFRQWUROVLJQDOF\OLQGHUVDQG
 /RZYROWDJH
'LUHFW,JQLWLRQ6\VWHP',6
 3ULPDU\LJQLWLRQGLVWULEXWRUV\VWHPV /RZYROWDJH
 7KURWWOHSRVLWLRQVHQVRU736 +RVHEURNHQ
$LU)ORZ6HQVRU$)6KRWZLUHPHWHU 6LJQDOLVRXWVLGHQRUPDORSHUDWLRQSDUDPHWHUVRXW

DLUPDVVPHWHU RIUDQJH
$LU)ORZ6HQVRU$)6KRWZLUHPHWHU
 )DXOW\DLUPDVVPHWHUVLJQDOLQFRUUHFWIUHTXHQF\
DLUPDVVPHWHU
$LU7HPSHUDWXUH6HQVRU$7603L
 /RZYROWDJH
RQO\
$LU7HPSHUDWXUH6HQVRU$7603L
 +LJKYROWDJH
RQO\
$PSOLILHU'LUHFW,JQLWLRQ6\VWHP',6
 /HDGLQWHUUXSWLRQRSHQFLUFXLW
FRQWUROVLJQDO$%
7RUTXHFRQWURO$XWRPDWLF7UDQVPLVVLRQ
 /RZYROWDJH
$7RQO\
7RUTXHFRQWURO$XWRPDWLF7UDQVPLVVLRQ
 &RQWLQXRXV
$7RQO\
 ,QMHFWRUYDOYH +LJKYROWDJH
 ,PPRELOLVHU 1RRUZURQJFRGH
 ,PPRELOLVHU 1RVLJQDO
 ,PPRELOLVHU :URQJVLJQDO
 $LUFRQGLWLRQLQJFXW RIIUHOD\ /RZYROWDJH
 $LUFRQGLWLRQLQJFXW RIIUHOD\ +LJKYROWDJH
 &DPVKDIWVHQVRU )DXOW\KDOOHIIHFWVHQVRURUFLUFXLW
 4XDGGULYHPRGXOHLQ(&8 QD

6LHPHQV6LPWHF(&8)DXOW&RGHV
6LHPHQV6LPWHF&RGH&KDUW
&RGH ,WHP )DXOW
 ,QLWLDWLRQRIGLDJQRVLV QD
 2[\JHQVHQVRU 2SHQFLUFXLW
 &RRODQWWHPSHUDWXUHVHQVRU 9ROWDJHORZ
 &RRODQWWHPSHUDWXUHVHQVRU 9ROWDJHKLJK
 .QRFNVHQVRUVLJQDOFLUFXLW 1RFKDQJHLQYROWDJH
,QFRUUHFW5HYVSHU0LQXWH530VLJQDOFUDQNVKDIW
 ,QFRUUHFWVLJQDOFKHFNVHQVRU
VHQVRU
 7KURWWOHSRVLWLRQVHQVRU736 9ROWDJHKLJK
 7KURWWOHSRVLWLRQVHQVRU736 9ROWDJHORZ
 .QRFNFRQWUROPRGXOHVLJQDO 2XWRIUDQJH
 9HKLFOHVSHHGVLJQDO966 1RVLJQDO
 ,QMHFWRUYDOYH 9ROWDJHKLJK
 ,QMHFWRUYDOYH 9ROWDJHKLJK
 ,QMHFWRUYDOYH 9ROWDJHKLJK
 ,QMHFWRUYDOYH 9ROWDJHKLJK
 &KHFNOLJKWIDXOWFRGHODPS 9ROWDJHORZ
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN
 3DJH RI

 2[\JHQVHQVRUFLUFXLW 9ROWDJHKLJK
 2[\JHQVHQVRUFLUFXLW 9ROWDJHORZ
 2[\JHQVHQVRU /HDQH[KDXVWZHDNPL[WXUH
 2[\JHQVHQVRU 5LFKH[KDXVWULFKPL[WXUH
 %DWWHU\ 9ROWDJHORZ
 %DWWHU\ 9ROWDJHKLJK
 &KHFNOLJKWIDXOWFRGHODPS 9ROWDJHKLJK
 )XHOSXPSUHOD\ 9ROWDJHORZ
 )XHOSXPSUHOD\ 9ROWDJHKLJK
&KHFNFKDVVLVHDUWKDQG(&8
 (QJLQH&RQWURO8QLW(&8IDXOW\
FRQQHFWRU
 ,GOHDLUFRQWURO 9ROWDJHKLJK
 ,GOHDLUFRQWURO 9ROWDJHORZ
 )XHOWDQNYHQWYDOYH 9ROWDJHORZ
 )XHOWDQNYHQWYDOYH 9ROWDJHKLJK
 ,QWDNHDLUWHPSHUDWXUHVHQVRU 9ROWDJHORZ
 ,QWDNHDLUWHPSHUDWXUHVHQVRU 9ROWDJHKLJK
 0DVVDLUIORZWHPSHUDWXUH 9ROWDJHORZ
 0DVVDLUIORZWHPSHUDWXUH 9ROWDJHKLJK
 7RUTXHFRQWURODXWRPDWLF 9ROWDJHORZ
 7RUTXHFRQWURODXWRPDWLF &RQWLQXRXVVLJQDOLJQLWLRQUHWDUGORQJ
9ROWDJHORZ,QMHFWRUVKRUWFLUFXLWWR
 ,QMHFWRUYDOYH
JURXQG
9ROWDJHORZ,QMHFWRUVKRUWFLUFXLWWR
 ,QMHFWRUYDOYH
JURXQG
9ROWDJHORZ,QMHFWRUVKRUWFLUFXLWWR
 ,QMHFWRUYDOYH
JURXQG
9ROWDJHORZ,QMHFWRUVKRUWFLUFXLWWR
 ,QMHFWRUYDOYH
JURXQG
 $LU&RQGLWLRQLQJ$&FXW RIIUHOD\ 9ROWDJHORZ
 $LU&RQGLWLRQLQJ$&FXW RIIUHOD\ 9ROWDJHKLJK
 2[\JHQVHQVRUKHDWHU 9ROWDJHKLJK
 &DPVKDIWVHQVRU ,QFRUUHFWVLJQDO
 2[\JHQVHQVRUKHDWHU 9ROWDJHORZRSHQFLUFXLW

6LHPHQV6LPWHF(&8)DXOW&RGHV
6LHPHQV6LPWHF&RGH&KDUW
&RGH ,WHP )DXOW
 0DVV$LU)ORZ0$)VHQVRU QD
 ,QWDNHPDQLIROGSUHVVXUHVHQVRU QD
 ,QWDNH$LU7HPSHUDWXUH6HVQRU$76 QD
 ,QWDNH&RRODQW7HPSHUDWXUH6HVQRU&76 QD
 7KURWWOH3RWHQWLRPHWHU6HQVRU736 QD
 +HDWHG([KDXVW*DV2[\JHQ+(*2VHQVRU QD
 +HDWHG([KDXVW*DV2[\JHQ+(*2VHQVRUKHDWHU QD
 +HDWHG([KDXVW*DV2[\JHQ+(*2VHQVRU QD
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN
 3DJH RI

 +HDWHG([KDXVW*DV2[\JHQ+(*2VHQVRU QD

 ,QMHFWRUYDOYH QD
 ,QMHFWRUYDOYH QD
 ,QMHFWRUYDOYH QD
 ,QMHFWRUYDOYH QD
 ,QMHFWRUYDOYH QD
 ,QMHFWRUYDOYH QD
 )XHOSXPS QD
 .QRFNVHQVRU QD
 .QRFNVHQVRU QD
 &UDQNVHQVRU QD
 &DPVKDIWVHQVRU QD
 ,JQLWLRQFRLODQG QD
 ,JQLWLRQFRLODQG QD
 ([KDXVWJDVFLUFXODWLRQYDOYH QD
 ([KDXVW*DV5H FLUFXODWLRQ(*5YDOYH QD
 6HFRQGDU\DLUSXPSUHOD\ QD
 6HFRQGDU\VROHQRLGYDOYH QD
 7DQNYHQWYDOYH QD
 ,GOHVSHHGVWHSSHUPRWRULGOHDLUUHJXODWRU QD
 %DWWHU\ QD
 6ZLWFKRYHUYDOYHVROHQRLG QD
 6ZLWFKRYHUYDOYH QD
 6ZLWFKRYHUYDOYH QD
 7KURWWOHERG\PDOIXQFWLRQ QD
 3RZHUVXSSO\UHOD\ QD
 )XHOSXPSUHOD\ QD
 .QRFNFRQWUROF\OLQGHU QD
 .QRFNFRQWUROF\OLQGHU QD
 .QRFNFRQWUROF\OLQGHU QD
 .QRFNFRQWUROF\OLQGHU QD
 ([KDXVW*DV5H FLUFXODWLRQ(*5YDOYH QD
 6HFRQGDU\DLUSXPSUHOD\ QD
 6HFRQGDU\DLUSXPS QD
 ,PPRELOLVHUFRQWUROXQLW QD
 ,PPRELOLVHUFRQWUROXQLW QD
 ,PPRELOLVHUFRQWUROXQLW QD
 $LUIORZUHOD\ QD
 ,QWHUQDOFRQWUROPRGXOH QD
 (QJLQH&RQWURO8QLW(&8WRRKRW QD
 .QRFNFRQWUROPRGXOH QD
 .QRFNFRQWUROXQLW QD
 .QRFNFRQWUROXQLW QD
 .QRFNFRQWUROXQLW QD
 .QRFNFRQWUROXQLWRUTXDGGULYHPRGXOH QD
 0,/(QJLQHIDLOPDOIXQFWLRQLQGLFDWRUODPS QD
7RSEX]]:HE6LWH 7HFKQLFDO,QIRUPDWLRQ (&8)DXOW&RGHV#ZZZWRSEX]]FRXN
 3DJH RI

 7RUTXHFRQWUROXQLW QD

6SHFLDOWKDQNVJRWR&DY:HE$QG\.LUZDQ DQGOLVWPHPEHUVRQWKH
YDX[KDOOBVHQDWRU
PDLOLQJOLVWIRUWKHKHOSDQGDGYLFHRQWKH
FRQVWUXFWLRQRIWKLVIDXOWFRGHFKDUWDQGHQJLQHV\VWHPV

KRPH _VHDUFK _FRQWDFWV _‹ _WRSEX]]FRXN