%1*%25%%&20%,1('%22.






sE/ZZ&ddZ/E/E'





K/E'ϳϯϳϲϬϬ͕ϳϬϬ͕ϴϬϬ͕ϵϬϬ͕ϭKZϭͬϮ




KK<ϭ


d͕/EdZK͕DEh>^͕ϯϭ͕Ϯϰ͕ϱϭ͕ϱϮ͕ϱϲ͕ϯϴ

dŚŝƐƉƵďůŝĐĂƚŝŽŶŝƐĨŽƌƚƌĂŝŶŝŶŐƉƵƌƉŽƐĞƐŽŶůLJĂŶĚŵƵƐƚŶŽƚďĞƵƐĞĚĨŽƌŵĂŝŶƚĞŶĂŶĐĞƉƵƌƉŽƐĞƐ
EŽƵƉĚĂƚĞƐĞƌǀŝĐĞǁŝůůďĞƉƌŽǀŝĚĞĚ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/EdEd/KE>>z>&d>E<

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5(9,6,216

0$18$/7,7/(%2(,1*%%25%%
5(9,6,21
'$7( 5($621)255(9,6,21 ,1,7,$/
180%(5
Zs/^/KEϭ ϬϭWZ/>ϮϬϭϰ dydZs/^/KE :͘Z͘>

Zs/^/KEϮ ϬϮWZ/>ϮϬϭϰ ZD/Z ZDK΀dϮϭ΁ :͘Z͘>

Zs/^/KEϯ ϭϳKdϮϬϭϰ hWd^dK^͕^dZhdhZ^ <͘:͘D

Zs/^/KEϰ ϮϬϭϱ &h>>hWd&KZK>KhZ/'ZD^ <͘:͘D

Zs/^/KE  <͘:͘D

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/EdEd/KE>>z>&d>E<

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&217(176/,67%2(,1*%%

,1752'8&7,21 
6758&785(6  
0$18$/6  
0$67(5&$87,216<67(0 
$85$/:$51,1*6<67(0
&20021',63/$<6<67(0
(/(&75,&$/32:(5
'2256 
:,1'2:6 
2;<*(1
:$7(5$1':$67(

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/EdEd/KE>>z>&d>E<

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

*(1(5$/,1752'8&7,21
,QWURGXFWLRQ $',56  DLUGDWDLQHUWLDOUHIHUHQFHV\VWHP
$)&6  DXWRPDWLFIOLJKWFRQWUROV\VWHP
7KLVVHFWLRQLQWURGXFHV\RXWRWKHDLUSODQH $*&8  $38JHQHUDWRUFRQWUROXQLW
DOWQ  DOWHUQDWH
<RXZLOOVHHJHQHUDOLQIRUPDWLRQDERXWWKHVHWRSLFV
DPS  DPSOLILHU
 5DQJH $3%  $38EUHDNHU
 'LPHQVLRQV $38  DX[LOLDU\SRZHUXQLW
 (QJLQHV $7&  DLUWUDIILFFRQWURO
 )OLJKWFRQWUROV DWW  DWWHQGDQW
 'RRUV
DXWR  DXWRPDWLF
 )OLJKWFRPSDUWPHQWSDQHOV
 (OHFWURQLFHTXLSPHQWUDFNFRQILJXUDWLRQ EDW  EDWWHU\
 (OHFWULFDO EFQ  EHDFRQ
%/  EXWWRFNOLQH
7KLVVHFWLRQDOVRLQWURGXFHV\RXWRWKHVHWDVNV %3&8  EXVSRZHUFRQWUROXQLW
%7%  EXVWLHEUHDNHU
 (OHFWULFDOSRZHUDSSOLFDWLRQ
&:  FRQWUROZKHHO
 +\GUDXOLFSRZHUDSSOLFDWLRQ
 (TXLSPHQWFRROLQJRSHUDWLRQ FDSW  FDSWDLQ
 5DGLRDQGLQWHUFRPPXQLFDWLRQV\VWHPRSHUDWLRQ &'6  FRPPRQGLVSOD\V\VWHP
 7RZLQJ &'8  FRQWUROGLVSOD\XQLW
 &RQWUROGLVSOD\XQLW&'8RSHUDWLRQ FKJU  FKDUJHU
FRPP  FRPPXQLFDWLRQ
$EEUHYLDWLRQVDQG$FURQ\PV
FRPS  FRPSXWHU
$3  DXWRSLORW FRQQ  FRQQHFWHG
$6  DLUVSHHG FRQG  FRQGLWLRQ
DF  DOWHUQDWHFXUUHQW FQWO  FRQWURO
$&$56  DLUFUDIWFRPPXQLFDWLRQVDGGUHVVLQJDQG GHW  GHWHFWRU
UHSRUWLQJV\VWHP '(8  GLVSOD\HOHFWURQLFXQLW
$&06  DLUSODQHFRQGLWLRQPRQLWRULQJV\VWHP GLVW  GLVWULEXWLRQ
$')  DXWRPDWLFGLUHFWLRQILQGHU '0(  GLVWDQFHPHDVXULQJHTXLSPHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*(1(5$/,1752'8&7,21
'8  GLVSOD\XQLW 0&3  PRGHFRQWUROSDQHO
(&8  HOHFWURQLFFRQWUROXQLW 0&'8 PXOWLSXUSRVHFRQWUROGLVSOD\XQLW
((  HOHFWURQLFHTXLSPHQW 0/*  PDLQODQGLQJJHDU
((&  HOHFWURQLFHQJLQHFRQWURO 03'  PDLQWHQDQFHSODQQLQJGRFXPHQW
HOH[  HOHFWURQLFV QDY  QDYLJDWLRQ
(/7  HPHUJHQF\ORFDWRUWUDQVPLWWHU 1/*  QRVHODQGLQJJHDU
(0'3  HOHFWULFPRWRUGULYHQSXPS RYKW  RYHUKHDW
(6'6  HOHFWURVWDWLFGLVFKDUJHVHQVLWLYH 3$  SDVVHQJHUDGGUHVV
H[W  H[WHUQDO 3&8  SRZHUFRQWUROXQLW
)2  ILUVWRIILFHU 3'3  SRZHUGLVWULEXWLRQSDQHO
)&&  IOLJKWFRQWUROFRPSXWHU SQO  SDQHO
)0&  IOLJKWPDQDJHPHQWFRPSXWHU SUR[  SUR[LPLW\
)0&6  IOLJKWPDQDJHPHQWFRPSXWHUV\VWHP 368  SDVVHQJHUVHUYLFHXQLW
IUHT  IUHTXHQF\ SZU  SRZHU
IZG  IRUZDUG 5  ULJKW
*&8  JHQHUDWRUFRQWUROXQLW 5%/  ULJKWEXWWRFNOLQH
JQG  JURXQG 5(8  UHPRWHHOHFWURQLFVXQLW
*36  JOREDOSRVLWLRQLQJV\VWHP 5/<  UHOD\
+)  KLJKIUHTXHQF\ 6$7&20  VDWHOOLWHFRPPXQLFDWLRQ
+8'  KHDGVXSGLVSOD\ 6%  VSHHGEUDNH
,'*  LQWHJUDWHGGULYHJHQHUDWRU VHF  VHFWLRQ
,/6  LQVWUXPHQWODQGLQJV\VWHP VHO  VHOHFW
LQY  LQYHUWHU 6&8  VWDUWFRQYHUWHUXQLW
/  OHIW 63&8  VWDQGE\SRZHUFRQWUROXQLW
/%/  OHIWEXWWRFNOLQH 629  VKXWRIIYDOYH
/(  OHDGLQJHGJH VWDE  VWDELOL]HU
/55$  ORZUDQJHUDGLRDOWLPHWHU 67$  VWDWLRQ
/58  OLQHUHSODFHDEOHXQLW VWGE\  VWDQGE\
PRG  PRGXOH VZ  VZLWFK
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/,1752'8&7,21
7&$6  WUDIILFDOHUWDQGFROOLVLRQDYRLGDQFH
V\VWHP
7(  WUDLOLQJHGJH
758  WUDQVIRUPHUUHFWLILHUXQLW
W\S  W\SLFDO
9+)  YHU\KLJKIUHTXHQF\
YOY  YDOYH
925  9+)RPQLUDQJH
:/  ZDWHUOLQH
[IHU  WUDQVIHU
[IPU  WUDQVIRUPHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*(1(5$/,1)250$7,21 7$6.,1752'8&7,21
5$1*( (/(&75,&$/32:(5$33/,&$7,21
',0(16,216 +<'5$8/,&32:(5$33/,&$7,21
(1*,1(6 (48,30(17&22/,1*
)/,*+7&21752/6 &20081,&$7,21
'2256 72:,1*
)/,*+7&203$570(173$1(/6 &'823(5$7,21
(/(&7521,&(48,30(175$&.6
(/(&75,&$/

*(1(5$/,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/5$1*(
,QWURGXFWLRQ IRUH[WHQGHGUDQJH7KH%%-LVD(5ZLWK
DX[LOLDU\IXHOWDQNVIRUH[WHQGHGUDQJH
7KHLVDWZRHQJLQHDLUSODQH,WLVIRUVKRUWWR
PHGLXPUDQJHIOLJKWV )HDWXUHV

7KH(5LVDZLWKDX[LOLDU\IXHOWDQNV 7KHUHDUHPDQ\QHZIHDWXUHV7KHVHQHZIHDWXUHV
IRUH[WHQGHGUDQJH7KH%%-LVDZLWK LQFUHDVHWKHDLUSODQHSD\ORDGUDQJHDQGVHUYLFH
ZLQJVDQGDX[LOLDU\IXHOWDQNVIRUH[WHQGHGUDQJH FHLOLQJ
7KH%%-LVDZLWKDX[LOLDU\IXHOWDQNV

$,53/$1(   (5 

3$66(1*(562)8372    
5$1*(DSSUR[LPDWH 10.0 10.0 10.0 10.0
6(59,&(&(,/,1* )70 )70 )70 )70

$,53/$1( (5 %%- %%- %%-

3$66(1*(562)8372    
5$1*(DSSUR[LPDWH 10.0 10.0 10.0 10.0
6(59,&(&(,/,1* )70 )70 )70 )70

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

%(,-,1*

9/$',92672. 080%$,

026&2:
-(''$+ %%-
$1&+25$*(
%%-
(5
/21'21
+212/8/8 6($77/(
&$6$%/$1&$ %%-

1(:<25.
/$*26

 48,72

(5


 %8(126$,5(6

*(1(5$/5$1*(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/*5281'6(59,&(32,176
*HQHUDO

7KHGLDJUDPVKRZVWKHQRUPDOVHUYLFLQJSRLQWV7KHVH
VHUYLFHSRLQWVOHW\RXGRWKHVHWDVNV

 6XSSO\HOHFWULFDOSRZHU
 $GGRUUHPRYHIXHO
 6XSSO\FRQGLWLRQHGDLU
 6XSSO\SUHVVXUL]HGDLU
 6HUYLFHWKHODYDWRU\
 6HUYLFHWKHSRWDEOHZDWHUV\VWHP
 $GGWKHFUHZR[\JHQ
 $GGRLOWRWKHHQJLQH,'*DQG$38
 6HUYLFHWKHK\GUDXOLFV\VWHP
 6HUYLFHWKHEUDNHDFFXPXODWRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6(59,&,1*32,176
(/(&75,&$/
)8(/
&21',7,21('$,5
31(80$7,&6
327$%/(:$7(5
9$&/$96(59,&(
2;<*(16(59,&(237,21$/ 
(1*,1(2,/
(1*,1(67$57(52,/ 
(1*,1(,'*2,/
$382,/
+<'5$8/,&  
%5$.(6     






127(<286(59,&($732,17(1*,1(67$57(52,/
21/<:+(1<285(3/$&(7+((1*,1(67$57(5

*(1(5$/*5281'6(59,&(32,176
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/32:(53/$17(1*,1(+$=$5'6
*HQHUDO ([KDXVW9HORFLW\

,WLVGDQJHURXVWRZRUNDURXQGHQJLQHV8VHWKH ([KDXVWYHORFLW\LVYHU\KLJKIRUDORQJGLVWDQFH
HQWU\H[LWFRUULGRUZKHQWKHHQJLQHLVLQRSHUDWLRQ EHKLQGWKHHQJLQH7KLVFDQFDXVHGDPDJHWRSHUVRQQHO
6WD\RXWRIWKHLQOHWDQGH[KDXVWDUHDVZKHQWKHHQJLQH DQGHTXLSPHQW
LVLQRSHUDWLRQ
(QJLQH1RLVH
7KHVHDUHWKHKD]DUGVDURXQGDQHQJLQHLQRSHUDWLRQ
(QJLQHQRLVHFDQFDXVHWHPSRUDU\DQGSHUPDQHQWORVVRI
 ,QOHWVXFWLRQ \RXUDELOLW\WRKHDU<RXPXVWZHDUHDUSURWHFWLRQZKHQ
 ([KDXVWKHDW QHDUDQHQJLQHLQRSHUDWLRQ
 ([KDXVWYHORFLW\
 (QJLQHQRLVH (QJLQH(QWU\([LW&RUULGRU

,QOHW6XFWLRQ (QJLQHHQWU\FRUULGRUVDUHEHWZHHQWKHLQOHWKD]DUG
DUHDVDQGWKHH[KDXVWKD]DUGDUHDV<RXVKRXOGJRQHDU
(QJLQHLQOHWVXFWLRQFDQSXOOSHRSOHDQGODUJHREMHFWV DQHQJLQHLQRSHUDWLRQRQO\ZKHQ
LQWRWKHHQJLQH$WLGOHSRZHUWKHLQOHWKD]DUGDUHD
LVDIWPUDGLXVDURXQGWKHLQOHWDQGH[WHQGV  7KHHQJLQHLVDWLGOH
IWPEHKLQGWKHLQOHW  <RXFDQVSHDNZLWKSHRSOHLQWKHIOLJKW
FRPSDUWPHQW
:$51,1* ,)7+(:,1',629(5.1276,1&5($6(7+(
,1/(7+$=$5'$5($%< )RUDGGLWLRQDOVDIHW\ZHDUDVDIHW\KDUQHVVZKHQWKH
HQJLQHLVLQRSHUDWLRQ
([KDXVW+HDW
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KHHQJLQHH[KDXVWLVYHU\KRWIRUDORQJGLVWDQFH
EHKLQGWKHHQJLQH7KLVFDQFDXVHGDPDJHWRSHUVRQQHO :KHQWKHHQJLQHLVLQRSHUDWLRQWKHDQWLFROOLVLRQ
DQGHTXLSPHQW OLJKWVVKRXOGEHRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$17,&2//,6,21/,*+7
7232))86(/$*(
$17,&2//,6,21/,*+7
%277202))86(/$*(
,1/(7+$=$5'$5($
,'/()70
7$.(2)))70

',67$1&()5207$,/ ,'/()70

7$.(2)))70


,'/(32:(5
)7
0
'(*

%5($.$:$<32:(5 (175<(;,7
)7 &255,'25
0

+($7$1'(;+$867
9(/2&,7<
+$=$5'$5($6
7$.(2))32:(5
)7
+($7$1'(;+$867 0
9(/2&,7<
+$=$5'$5($6
*(1(5$/32:(53/$17(1*,1(+$=$5'6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/)/,*+7&203$570(173$1(/6
)OLJKW&RPSDUWPHQW3DQHOV

7KHVHDUHWKHPDMRUSDQHOVLQWKHIOLJKWFRPSDUWPHQW

 3DIWRYHUKHDGSDQHO
 3IRUZDUGRYHUKHDGSDQHO
 3FHQWHULQVWUXPHQWSDQHO
 3FDSWDLQLQVWUXPHQWSDQHO
 3JODUHVKLHOGSDQHO
 3ILUVWRIILFHULQVWUXPHQWSDQHO
 3IRUZDUGHOHFWURQLFSDQHO
 &RQWUROVWDQG
 3DIWHOHFWURQLFSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3$)7
29(5+($'3$1(/

3)25:$5'
29(5+($'3$1(/
3*/$5(6+,(/'3$1(/
3&(17(5
,167580(173$1(/
3),5672)),&(5
,167580(173$1(/
3&$37$,1 3)25:$5'
,167580(17 (/(&7521,&3$1(/
3$1(/

&21752/67$1'

3$)7(/(&7521,&
3$1(/

*(1(5$/)/,*+7&203$570(173$1(/6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/0$,1,167580(173$1(/6
*HQHUDO

7KHFRQWUROVDQGGLVSOD\VRQWKHPDLQLQVWUXPHQWSDQHOV
3DQG3LQFOXGHWKHVHFRPSRQHQWV

 &ORFN
 'LVSOD\XQLW
 'LVSOD\VHOHFWSDQHO
 0DVWHUGLPDQGWHVWVZLWFK
 %UDNHSUHVVXUHLQGLFDWRU
 $XWRIOLJKWVWDWXVDQQXQFLDWRU
 *3:6FRQWUROSDQHO
 /LJKWLQJFRQWURO
 &RQGLWLRQHGDLURXWOHWFRQWURO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/,*+76
 7(67 
0$,13$1(/'8V /2:(5'8 $3 $7 )0&  
/2:(5'8
125 0
0$,13$1(/'8V
125 0
125 0 125 0 3567 3567 3567 
287 %' (1* (1* 1'  %57 %5$ .( $3 $7 )0& 1'
(1* (1* 287 %'
3)'
3)' 35, 35,
35, 35, 7(67  36,[35( 66 3567 3567 3567

',0
3)'  7(6 7 3)'
,1% ' ,1% '
63( ('%5$ .(
$50( ' 67$% 0)'
0)' 2872)
%(/ 2:*6 &$%,1 7$.2)) 63(('%5$.(6 )/$3/2$' %(/2: *6
7$.2)) &$%,1 63( ('%5 $.( 75,0
3,1+,%,7 &21),* $/7,78'( $/7,78'( &21),* (;7(1'(' 5(/,() 3,1+, %,7
'2 127$ 50

'21 27 (;7( 1'7 +(6 3( (' %5$. (/( 9(5 '21 27 (;7(1' 7+( 63(( '%5$.( / (9(5
%(<2 1' 7+( )/,* +7' (7 (1 7,1 )/, *+7 %(<2 1' 7+( )/,* +7' (7 (17,1 )/, *+7

&+5 7,0( '$7( &+5 7, 0( '$ 7(

 
87& 87&
0$1 7,0( 0$1 7,0(
   
'$< 02<5 '$< 02<5

 581 (7 &+5   581 (7 &+5 

+/' +/'

 
(7 +2/'725(6(7 386 +726(7 (7 +2/ '725(6(7 386+726(7

126(:+((/67((5,1*
1
$
2
/
5
7
0

5(*,675$7,21
5(*,675$7,21 6(/&$/
6(/&$/

3$1(/ 3$1(/
833(5 %$&.*5281' $)'6)/22'
*5281'352;,0,7<
%57 *1'352;
)/$3 *($5 7(55 581:$<
,123 ,1+,%,7 ,1+, %,7 ,1+,%,7 ,1+,%,7

6<67(67 2))
2))
:,1' 2)) 2)) :,1'
)227 )227
6+,(/' 287%' ,1%' /2:(5 ,1%' 287%' 6+,(/'
$,5 $,5
$,5 %57 %57 $,5
%57 %57 %57
581:$<

,123
1250 1250 1250 1250

3&$37,167580(173$1(/ 3)2,167580(173$1(/

7<3,&$/3$1'33$1(/6
*(1(5$/0$,1,167580(173$1(/6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/*/$5(6+,(/'3$1(/6
*HQHUDO

7KHFRQWUROVDQGGLVSOD\VRQWKH3JODUHVKLHOGLQFOXGH
WKHVHFRPSRQHQWV

 0DVWHUFDXWLRQDQQXQFLDWRU
 6\VWHPFDXWLRQDQQXQFLDWRU
 0RGHFRQWUROSDQHO0&3
 (),6FRQWUROSDQHO
 )LUHZDUQLQJOLJKW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&2856( $7 ,$60$&+ +($',1* $/7,78'( 9(5763((' $ $3(1*$*(% &2856(

$50 91$9 /1$9
&0' &0'
0,16 )39 0756 %$52 0,16 )39 0756 %$52
5$',2 %$52 ,1 +3$ 5$',2 %$52 ,1 +3$
&2  
567 67' 567 67'
),5( 0$67(5 )/7&217 (/(& 0$ 925 /2& '1 0$ $17,,&( (1* 0$67(5 ),5(
:$51 &$87,21 925 0$3  2)) 63' $/7 &:6 &:6 925 0$3  &$87,21 :$51
,56 $38 3/1   3/1   +<' 29(5+($'
%(//&87287 386+725(6(7
925  $33
 
925  )' ,179 ,179 )' 925  $33
 
925 
386+725(6(7 %(//&87287
)8(/ 29+7'(7 2)) 21 21 '2256 $,5&21'
&75  7)&  2)) ',6(1*$*(
2)) &75  7)&  2))
1 63((' /9/ &+* +'* 6(/ $33 $/7 +/' 96
$')   $')  $')   $') 

:;5 67$ :37 $537 '$7$ 326 7(55 2)) 83 2)) :;5 67$ :37 $537 '$7$ 326 7(55

7<3,&$/3*/$5(6+,(/'3$1(/6
*(1(5$/*/$5(6+,(/'3$1(/6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3&(17(5,167580(173$1(/$1'3)25:$5'(/(&7521,&63$1(/
*HQHUDO

7KHFRQWUROVDQGGLVSOD\VRQWKH3FHQWHULQVWUXPHQW
SDQHOLQFOXGHWKHVHFRPSRQHQWV

 6WDQGE\LQVWUXPHQWV
 (QJLQHGLVSOD\FRQWUROSDQHO
 $QWLVNLGDQGDXWREUDNHVZLWFKHVDQGOLJKWV
 )ODSSRVLWLRQLQGLFDWRU
 /DQGLQJJHDUOHYHUDQGSRVLWLRQLQGLFDWRU
 8SSHUFHQWHUGLVSOD\XQLW

7KHFRQWUROVDQGGLVSOD\VRQWKH3IRUZDUGHOHFWURQLFV
SDQHOLQFOXGHWKHVHFRPSRQHQWV

 /RZHUFHQWHUGLVSOD\XQLW
 &RQWUROGLVSOD\XQLW&'8

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0 $, 1 7 %, 7 ( ,1 '(;    0 $, 1 7 % ,7 ( , 1' ( ;   

) 0 & ( 1 * ,1 (6 !  )0 & ( 1 *, 1 ( 6!
' ) & 6 $ 38 !  ') &6 $3 8 !

$872%5$.( $ 7 ) 4 ,6 !  $ 7 ) 4 , 6!
16(7 63'5()
$872 $872 $872%5$ .( $ ' , 56
 %27+ 9  $' ,5 6
',6$50 126(
  *($5 & ' 6  &' 6
 6(7 95  
 126(
  *($5
, 1 ' (;  ,1 '( ;
:7 83 
 )8(/)/2: 95() 2)) 0$; /()7 5,*+7
)/$36  *($5 *($5
 5(6(7
 0)' 572 
 /()7 5,*+7 ,1,7 %57 ,1,7 %57
57( &/% &5= '(6 57( &/% &5= '(6
5$7( (1* 6<6 $17,6.,' *($5 *($5 5() 5()

86(' $17,6.,' /()/$36 /()/$36 '(3 '(3
 ,123 ,123 75$16,7 (;7 0(18 /(*6 $55 +2/' 352* (;(& 0(18 /(*6 $55 +2/' 352* (;(&

$33 1 ),; 1 ),;
2))
%&5 6
/,0,7 $ % & ' ( /,0,7 $ % & ' (
83
35(9 1(;7
1(;7 35(9 1(;7
1(;7
/ 3$*( 3$*(
3$*( ) * + , - 3$*( 3$*(
3$*( ) * + , -
$ & &
$ 1 $ 1
1 / 6 / 6
   ' /    . / 0 1 2 * /    . / 0 1 2 *
, ) 2 ) 2
     1 $ ) $ )
* 2)) ,    3 4 5 6 7 6 ,    3 4 5 6 7 6
  / 7 / 7
$/7
0% ,1+*
 
   *    8 9 : ; <    8 9 : ; <
(
  $
5    = 63 '(/  &/5    = 63 '(/  &/5
%$52
,$6 .1276 '1

3)25:$5'(/(&7521,&3$1(/
/$1',1**($5
/,0,7,$6
9 23(5$7,1*
9 (;7(1'0
2 2 5(75$&7.
5 5 (;7(1'('.0
)/$36/,0,7,$6
$') $') . .
.
,123 . .
.
,123
. .
.
. .
.
.$/7)/$3
(;7(1'

3&(17(5,167580(173$1(/

$33 +3,1

$33 ,1



 


 








$77 567 %$52

,17(*5$7('67$1'%<)/,*+7',63/$<237,21$/ 7<3,&$/3$1'33$1(/6

*(1(5$/3&(17(5,167580(173$1(/$1'3)25:$5'(/(&7521,&63$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/&21752/67$1'
*HQHUDO

7KHFRQWUROVDQGLQGLFDWLRQVRQWKHFRQWUROVWDQG
LQFOXGHWKHVHFRPSRQHQWV

 )RUZDUGWKUXVWOHYHU
 5HYHUVHWKUXVWOHYHU
 6SHHGEUDNHKDQGOH
 +RUL]RQWDOVWDELOL]HUWULPZKHHODQGLQGLFDWRU
 3DUNLQJEUDNHOHYHUDQGOLJKW
 )ODSOHYHU
 6WDELOL]HUWULPFXWRXWVZLWFK
 6WDUWOHYHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$%75,0
,'/( 0$,1 $872
(/(&7 1250$/ 3,/27

&87
287

&872))


3$5.,1*
%5$.(

$7 $7
',6(1*$*( ',6(1*$*(

*(1(5$/&21752/67$1'
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3$)7(/(&7521,&63$1(/
*HQHUDO

7KH3DIWHOHFWURQLFVSDQHOKDVWKHVHFRPSRQHQWV

 :HDWKHUUDGDUFRQWUROSDQHO
 &DUJRILUHFRQWUROSDQHO
 $LOHURQUXGGHUWULPSDQHO
 $7&7&$6FRQWUROSDQHO
 $XGLRFRQWUROSDQHO
 2YHUKHDWILUHSURWHFWLRQSDQHO
 1DYLJDWLRQFRQWUROSDQHO
 9+)FRPPXQLFDWLRQFRQWUROSDQHO
 6(/&$/FRQWUROSDQHO
 +)FRPPXQLFDWLRQFRQWUROSDQHO
 5DGLRFRPPXQLFDWLRQSDQHO
 $')FRQWUROSDQHO
 $&06SULQWHU
 3$KDQGVHW
 /LJKWLQJFRQWURO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
29+7'(7 29+7'(7
%(//&87287

(1*,1(6

7(67 ),5(6:,7&+(6
)8(/6+872))
38//:+(1,//80,1 $7('
/2&.29(55,'(35(66
%8772181'(5+$1'/(

$&7,9( 67$1'%< (;7 '(76(/(&7 $&7,9( 67$1'%<

7)5 ):' $)7 1250 1250 7)5
$ % $ %
& & &
9 $ ) 9
+ 2 ',6&+ , + 2
0 5 ):' $)7 0
) * $50 5 ) 3
0 7(67 ( 0 1 7(67
&2007(67 2 &2007(67 /
$50(' $50(' 9+) 9+) 9+)
',6&+
):' $)7 +) $0 +)

$&7
  
$&7,9( 7)5
67$1'%<
$/7 2)) $/721
67%< 7$ $7& 5 $7&
$&7,9( 7)5
67$1'%<
237,21$/
   1 1
$
7(67 7$5$
)$,/ 1
$
5$',2&2003$1(/
67%< $ 9   9
$7&
7(67
   9 7(67 7(67
02'( $7& $/7
 ,'(17 
 &/5

:;5$'$5
:; :;785%

237,21$/ 7(67 0$3

9+) 9+) 9+) +) +) ,17 &$%,1 3$

1$9&21752/3$1(/
7,/7
 
*$,1
83  & & & & & & &

'1 
$872 0$;
 

6$7 6$7

& &
1$9 $') 0.5 63.5
%
5$',2 9 5 $/7
6/(: 5(6(7 7(67 06* 3$3(5 )$,/

&$//
,17 1250 6$7 &21752/ 6$7
7)5 '$7$35,17(5 7)5

)8//
237,21$/
$
' $') $17 2)) 21 (037<
$
' $') $17 2)) 21
$8',2&21752/3$1(/
) 3$3(5
)
:&$///,*+76
721( 721(

5)6(16
,123
9+) 9+) 9+) 9+) +)
35(66725(6(7 +
) 2))
86%
$0

)/22' 3$1(/
126( 126( 67$%75,0 )/7'.'225
/()7 5,*+7 $872
5 81/.' '(1<
8 /2&.
' )$,/
' $872
( /2&.
81/.
5
2)) 2))

7<3,&$/33$1(/
*(1(5$/3$)7(/(&7521,&63$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3$)729(5+($'3$1(/
*HQHUDO

7KHFRQWUROVDQGGLVSOD\VRQWKH3DIWRYHUKHDGSDQHO
LQFOXGHWKHVHFRPSRQHQWV

 ,QHUWLDOV\VWHPGLVSOD\XQLW
 (QJLQHSDQHO
 2EVHUYHUDXGLRFRQWUROSDQHO
 2[\JHQSDQHO
 /DQGLQJJHDULQGLFDWRUOLJKWV
 :KLWHGRPHOLJKWVZLWFK
 6HUYLFHLQWHUSKRQHVZLWFK
 ,56PRGHVHOHFWXQLW
 )OLJKWUHFRUGHUDQG0DFKDLUVSHHGZDUQLQJPRGXOH
 6WDOOZDUQLQJWHVWPRGXOH
 3UR[LPLW\VZLWFKHOHFWURQLFVXQLWOLJKW
 (/7FRQWUROSDQHO
 /HDGLQJHGJHGHYLFHVDQQXQFLDWRUSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0,&6(/(&725

9+)9+) +) 3$

,56',63/$<

1$9 $') 0.5 63.5

'63/6(/ %
3326 :,1' 57 0$6. 9 5 $/7
7.*6 +'*676 1
  
7(67
: + ( ,& %220 1250
  

(1*,1( 0$&+
6<6'63/ 
6
   $,563(('
/ 5  )/,*+75(&25'(5
5(9(56(5 5(9(56(5 :$51,1*
(/7 (17  &/5 7(67
((& ((& 7(67 1250$/ 12 12
$50
6(59,&( 21 21 2))
(/7 ,17(53+21( (1*,1( (1*,1(
2)) &21752/ $/71 $/71 &21752/

21 *36

&5(: 3$662;<*(1 67$//:$51,1*7(67

21
/('(9,&(6 $/,*1 21'& $/,*1 21'&
2;<*(1 12 12
)/$36
  1250$/
  )$8/7 '&)$,/ )$8/7 '&)$,/ 
75$16,7  
(;7 $/,*1 1$9 $/,*1 1$9
  21
  2)) $77 2)) $77
 )8// (;7  
 
6/$76 6/$76 2;<35(66 3$662;<
21
7(67 / ,56 5

'20(:+,7( /()7 5,*+7

*($5 *($5
',0
7 7
, 2 36(8
126( , 2
1 2)) *($5 1
' / ' /
( 2 ( 2
%5,*+7 &
; & ;
. .

7<3,&$/3$)729+'3$1(/
*(1(5$/3$)729(5+($'3$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3)25:$5'29(5+($'3$1(/
*HQHUDO

7KHFRQWUROVDQGGLVSOD\VRQWKH3IRUZDUGRYHUKHDG
SDQHOLQFOXGHWKHVHFRPSRQHQWV

 $38FRQWUROVZLWFK
 $38LQGLFDWRUSDQHO
 )XHOFRQWUROSDQHO
 *URXQGSRZHUDQGEXVVZLWFKLQJSDQHO
 (TXLSPHQWFRROLQJSDQHO
 *HQHUDWRUGULYHDQGVWDQGE\SRZHUSDQHO
 $&DQGGFPHWHUSDQHO
 )OLJKWFRQWUROSDQHO
 $LUFRQGLWLRQLQJEOHHGDLUFRQWUROVSDQHO
 +\GUDXOLFFRQWUROSDQHO
 &DELQDOWLWXGHSDQHO
 &DELQSUHVVXUHFRQWUROSDQHO
 &RFNSLWYRLFHUHFRUGHUSDQHO
 (QJLQHVWDUWSDQHO
 3DVVHQJHUVLJQVSDQHO
 6RXUFHVHOHFWSDQHO
 :LQGRZSLWRWKHDWPRGXOH
 ,QVWUXPHQWVZLWFKLQJDQG9+)1$9DQG,56SDQHO
 'RRUZDUQLQJSDQHO
 $QWLLFHSDQHO
 7HPSHUDWXUHFRQWUROSDQHO
 /LJKWVZLWFKHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
92,&( $872
5(&25'(5
$,57(03 3$66
&$%
6 ):' / :,1'2:+($7 5 21
8 ' $)7 $)7
3 8 ) )/7&21752/ 67$1'%< &217&$%,1 $,57(03 3$66&$%,1
3 & : 5 3 +<' 6833/ < 3$66
/ 7 ' $ '8&7 &$%,1
< &217 / & $,50 ,; $,50 ,;
9$/9( 9$/9(
75,0$,5 &$% . 352%(
2))

21 $/7(51$7()/$36 
&,5&8,7%5($.(5  7(03
=21( =21( =21( +($7 
'8&7 '8&7
7(03 7(03 7(03 29(5+ ($7  29(5+ ($7
%$7
&217&$% ):'&$% $)7&$% ',6&+$5*( 
$872 $872 $872 632,/(5  R
&

& : & : & :

2)) 2)) 2))

'8$/ 5$0'225 5$0'225

%/((' )8//23(1 )8//23(1
:,1*$17,,&( (1*
<$:'$03(5 2)) 2)) $17,,&( '8$/ 5$0'225 5$0'225
%/((' )8//23(1 )8//23(1
21 21 /$9$725<
&$%87,/ ,)(3$66
6($7   5(&,5&)$1
602.(
2))

$872

1$9,*$7,21 (48,3&22/,1*  

(;+$867 '8& 7 29+7

6833/<  35( 66
9+)1$9 ,56 36,

 
%27+ %27+ %27+ %27+
,62/$7,21 7(67
21  21  21 / 21 5
9$/9(
&/26( 1250$/ 2)) 2)) /3$&. ,62/$7,21 53$&.
2)) 9$/9( 2))
',63/$<6 $872
&/26( $872
21 21 +,*+ +,*+
3$&. 3$&. 6285&( &21752/3$1(/ $872
$// $// (0(5(;,7/,*+76
:,1*%2'< :,1*%2'< $872 :,1* 3$&. 3$&. :,1*
29(5+($7 29(5+($7 21 21 %27+ %27+ $17, 75,3 2)) 23(1 75,3 2)) $17,
%/((' %/((' 21  21  ,&( :,1* %2'< 75,3 :,1* %2'< ,&(
75,32)) 75,32)) ):' ):' ):' 29(5+ ($7 29(5+ ($7
(175< 6(59, &( &$5*2
1250$/ %/((' %/(('
(48,3 /()7 5,*+7 $)7 75,3 2)) 75,3 2))
29(5:,1* 29(5: ,1* &$5*2
5(6(7
1 $)7 $)7
*5'32:(5 2 (175< 6(59, &( 2)) 2))
$9$,/$%/( 7
*5' 21 21
3:5  $38 
2)) 12 )$67(1
602.,1* %(/76 %/(('
$872 2))6&+(' $/71 0$18$/ 2))
)$,/ '(6&(17 2))6&+('
21 $872 '(6&(17
21

 &2&.3,792,&(5(&25'(5
$872 0$18$/

&5266 )((' *5'

$/7
$77(1' &$//
+251 )/7$/7
&87287

&$//
)8(/38036 1
2))
/ 5 *(1 $38*(1 *(1
$38 /$1'$/7
21
&75
/:,3(5 5:,3(5
$)7 ):' ):' $)7
2)) 2))
)8(/
21
38036 21

 
581:$< $38
78512)) 7$;, (1*,1(67$57
/ 5 2)) 2))
*5' &217 *5' &217
2)) 2)) %27+
2)) )/7 ,*1 )/7
,*1
21 21 / 5
21

67$57

 

7<3,&$/3):'29+'3$1(/

*(1(5$/3)25:$5'29(5+($'3$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/$)7)/,*+7&203$570(173$1(/6
*HQHUDO

7KHPDLQFLUFXLWEUHDNHUSDQHOVDUHEHKLQGWKHILUVW
RIILFHUDQGFDSWDLQVHDWV7KH3DQG3KDYHWKH
FRPSRQHQWORDGFLUFXLWEUHDNHUV&LUFXLWEUHDNHU
RUJDQL]DWLRQLVE\DLUSODQHV\VWHPV

7KH3SDQHOKDVWKHGDWDORDGHUFRQWUROV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3

3

3

)/,*+7&203$570(17
/22.,1*$)7

*(1(5$/$)7)/,*+7&203$570(173$1(/6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/(/(&7521,&(48,30(175$&./2&$7,21
*HQHUDO

7KHDLUSODQHKDVHTXLSPHQWUDFNVLQWKHVHSDUWVRIWKH
DLUSODQH

 (OHFWURQLFHTXLSPHQW((FRPSDUWPHQW
 $IWFDUJRFRPSDUWPHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&7521,&(48,30(17
((&203$570(17
(5$&.
(5$&.
(5$&.
(5$&.
(5$&.

$)7&$5*2
&203$570(17
(5$&.

*(1(5$/(/(&7521,&(48,30(175$&./2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/(/(&7521,&(48,30(17&203$570(17
*HQHUDO 7KHDLUSODQHKDVDQ(HTXLSPHQWUDFNQRWVKRZQLQ
WKHDIWFDUJRFRPSDUWPHQWRQWKHULJKWVLGHDIWRIWKH
0RVWHOHFWURQLFHTXLSPHQWLVLQDFRPSDUWPHQWEHORZWKH FDUJRGRRU7KHUDFNGRHVQRWKDYHFRROLQJDLU7KH
PDLQFDELQIORRUDIWRIWKHQRVHZKHHOZHOO2QWKH HTXLSPHQWRQWKLVUDFNLVSDVVLYHO\FRROHG
JURXQG\RXHQWHUWKLVHOHFWURQLFHTXLSPHQW((
FRPSDUWPHQWWKURXJKDGRRULQWKHERWWRPRIWKH
IXVHODJH7KHGRRULVDIWRIWKHQRVHODQGLQJJHDU

7KHDLUSODQHKDVWKHVHHTXLSPHQWUDFNVLQWKH((
FRPSDUWPHQW

 (IRUZDUGSDUWRIWKHFRPSDUWPHQW
 (OHIWDIWSDUWRIWKHFRPSDUWPHQW
 (FHQWHUDIWSDUWRIWKHFRPSDUWPHQW
 (ULJKWDIWSDUWRIWKHFRPSDUWPHQW
 (ULJKWVLGHRIWKHFRPSDUWPHQW
 (IRUZDUGSDUWRIWKHFRPSDUWPHQWDERYHWKH(

127( 7KH(HTXLSPHQWUDFNLVRSWLRQDO7KH(
HTXLSPHQWUDFNFDQQRWEHLQVWDOOHGLIWKH
DLUSODQHKDVWKHRSWLRQDODLUVWDLUV%RWKWKH(
UDFNDQGWKHDLUVWDLUVJRLQWRWKHVDPHVSDFHLQ
WKHRYHUKHDGRIWKH((FRPSDUWPHQW

6KHOIDVVHPEOLHVKDYHHTXLSPHQWPRXQWVLQWHUFRQQHFWHG
ZLULQJDQGDFFHVVRU\ER[HV0RVWHTXLSPHQWUDFN
VKHOYHVDUHFRROHGZLWKDLU$LULVEORZQWKURXJKRU
GUDZQWKURXJKWKHHTXLSPHQWUDFNV6RPHHTXLSPHQWUDFNV
KDYHERWKEORZWKURXJKDQGGUDZWKURXJKHTXLSPHQW
FRROLQJ

7KHUHLVDGULSVKLHOGRYHUWKHUDFNVWRSURWHFWWKH
HTXLSPHQWIURPPRLVWXUHFRQGHQVDWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

237,21$/($%29(7+((

(

(

(
(

(

*(1(5$/(/(&7521,&(48,30(17&203$570(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/(/(&7521,&(48,30(175$&.(
*HQHUDO 7KHHTXLSPHQWRQWKH(UDFNLQFOXGHVWKHVHOLQH
UHSODFHDEOHXQLWV/58V
7KHHTXLSPHQWRQWKH(UDFNLQFOXGHVHOHFWURQLFVIRU
WKHVHIXQFWLRQV  $QWLVNLGDXWREUDNHFRQWUROOHU
 3$DPSOLILHU
 $XWRWKURWWOH  9+)FRPPXQLFDWLRQWUDQVFHLYHU
 $XWRSLORW
 &RPPXQLFDWLRQ %ORZWKURXJKFRROLQJFRROVWKHHTXLSPHQWRQWKLVUDFN
 1DYLJDWLRQ
 )OLJKWFRQWURO 7KHHTXLSPHQWRQWKH(UDFNLQFOXGHVWKHVHOLQH
UHSODFHDEOHXQLWV/58V
(TXLSPHQW
 925PDUNHUEHDFRQUHFHLYHU
7KHHTXLSPHQWRQWKH(UDFNLQFOXGHVWKHVHOLQH  0XOWLPRGHUHFHLYHU
UHSODFHDEOHXQLWV/58V  )OLJKWFRQWUROFRPSXWHU%
 &RPSDUWPHQWRYHUKHDWGHWHFWRUFRQWUROOHU
 *URXQGSUR[LPLW\ZDUQLQJFRPSXWHU*3:&
 ,QWHJUDWHGIOLJKWV\VWHPVDFFHVVRU\XQLW,)6$8 'UDZWKURXJKFRROLQJFRROVWKHHTXLSPHQWRQWKLVUDFN
 )ODSVODWHOHFWURQLFVXQLW)6(8
 )OLJKWFRQWUROFRPSXWHU$)&&$ 7KHHTXLSPHQWRQWKH(UDFNLQFOXGHVWKHVHOLQH
 7&$6FRPSXWHU UHSODFHDEOHXQLWV/58V

%ORZWKURXJKFRROLQJFRROVWKHHTXLSPHQWRQWKLVUDFN  9+)FRPPXQLFDWLRQWUDQVFHLYHU
 $7&WUDQVSRQGHU
7KHHTXLSPHQWRQWKH(UDFNLQFOXGHVWKHVHOLQH  '0(LQWHUURJDWRU
UHSODFHDEOHXQLWV/58V
'UDZWKURXJKFRROLQJFRROVWKHHTXLSPHQWRQWKLVUDFN
 '0(LQWHUURJDWRU
 $7&WUDQVSRQGHU
 925PDUNHUEHDFRQUHFHLYHU
 0XOWLPRGHUHFHLYHU005

%ORZWKURXJKFRROLQJFRROVWKHHTXLSPHQWRQWKLVUDFN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

* &$%
3 35(6 7&$6
,)6$8 )6(8 )&&$
: &217 &20387(5 352*5$06:,7&+
&  02'8/(7<3
(6+(/)

$17,
6.,' 9+) $7& 925 005
3$ %708 '0(
$872 &20  0% 
$03 3529
%5$.( 
&217 (6+(/)
(6+(/)

29(5
9+)
$7& '0( 925 005 )&& +($7
&20
    % &217

(6+(/) 02'
(6+(/)

):'

$&&(66'225
7<3,&$/(5$&.

*(1(5$/(/(&7521,&(48,30(175$&.(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/(/(&7521,&(48,30(175$&.6(($1'(
*HQHUDO

7KHHTXLSPHQWLQWKH((DQG(UDFNVLQFOXGH
HOHFWURQLFVIRUWKHVHIXQFWLRQV

 :LQGRZKHDW
 &RPPXQLFDWLRQV
 (OHFWULFDOSRZHU
 &RPPRQGLVSOD\V\VWHP&'6
 )OLJKWFRQWURO
 )LUHGHWHFWLRQ
 $38

7KH((FRPSDUWPHQWOLJKWVZLWFKLVRQDSDQHO
LPPHGLDWHO\DIWRIWKHDFFHVVGRRURSHQLQJ

%ORZWKURXJKDQGGUDZWKURXJKFRROLQJUHPRYHVKHDWIURP
WKHHTXLSPHQWRQWKHUDFNV(XVHVEORZWKURXJK
FRROLQJ(((DQG(XVHGUDZWKURXJK
FRROLQJ

(XVHVGUDZWKURXJKDQGEORZWKURXJKFRROLQJ

(GRHVQRWKDYHIRUFHGDLUFRROLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(5$&. (5$&. (5$&.

$,5 $,5 +8'

,6)' &08 $') :,1' :,1' 0$,1
&21 &21 6(/ +*6 &'6'(8 &'6'(8 $') /55$ *&8 758
5(8 %$7 12  &217 &217 $*&8 %$7
5/<6 5/<6 &$/ &203 3529      
35293529   &+*55
  3529

$8',2 $872 (1* $8',2 ),5( &$%

:,1' :,1'
(17 63' 758 758 *&8 /55$ 9,% (1* (17 60<' 60<' '(7 35(66 $38 67$7,& $38
&217 &217 %3&8 ')'$8
08; %5.     6,* $&& 3/$<(5   &217 &217 6&8 ,19 638
3529 $&&   &21' 3529 02' 

=21( =21( 9+)

$8;%$7
7(03 7(03 $&$56 &200
&+$5*(5
&217 &217 3529 
3529
32:(5',67   3529 32:(5',67
3$1(/ 3$1(/

%$77(5<6

((&203$570(17
/,*+76:,7&+
$)7 $&&(66'225
7<3,&$/(($1'(5$&.6
*(1(5$/(/(&7521,&(48,30(175$&.6(($1'(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/(/(&7521,&(48,30(175$&.(
*HQHUDO

7KHHTXLSPHQWLQWKH(UDFNLQFOXGHVHOHFWURQLFVIRU
WKHVHIXQFWLRQV

 $LUGDWDLQHUWLDOUHIHUHQFHV\VWHP$',56
 )OLJKWPDQDJHPHQWFRPSXWHUV\VWHP)0&6

(TXLSPHQW

7KH(VKHOIKDVWKHVHOLQHUHSODFHDEOHXQLWV

 )OLJKWPDQDJHPHQWFRPSXWHUDQG
 $LUGDWDLQHUWLDOUHIHUHQFHXQLW/HIWDQG5LJKW

'UDZWKURXJKDQGEORZWKURXJKFRROLQJUHPRYHVKHDWIURP
WKHHTXLSPHQWRQWKH(VKHOI

$QRSWLRQDO(VKHOIKDVHOHFWURQLFVIRU+)DQGWKH
SDVVHQJHUHQWHUWDLQPHQWV\VWHPV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(6+(/)
237,21$/

)0&
$',58 )0& $',58
/()7   5,*+7
3529 (6+(/)

3257$%/(&'8
&211(&725
237,21$/

):'

7<3,&$/(6+(/) $&&(66'225
*(1(5$/(/(&7521,&(48,30(175$&.(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/(/(&7521,&(48,30(175$&.(
3XUSRVH

7KH(UDFNJLYHVDSODFHWRPRXQWHOHFWULFDODQG
HOHFWURQLFHTXLSPHQW

/RFDWLRQ

7KHUDFNLVLQWKHDIWFDUJRFRPSDUWPHQWRQWKHULJKW
VLGHDIWRIWKHFDUJRGRRU

3K\VLFDO'HVFULSWLRQ

7KH(UDFNKDVWKUHHVKHOYHV7KHUDFNLVVHDOHGIURP
WKHFDUJRFRPSDUWPHQWZLWKWZRSDQHOVDQGFDUJR
VLGHZDOOOLQHUPDWHULDO7KHSDQHOVKDYHTXLFNUHOHDVH
IDVWHQHUV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(

7<3,&$/(5$&.
+)&200 +)&200 6,'($&&(663$1(/5(029('
 

$38
(&8 (

(

7<3,&$/(5$&.
):'$&&(663$1(/5(029('
*(1(5$/(/(&7521,&(48,30(175$&.(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/352*5$06:,7&+02'8/(
*HQHUDO 6HHWKH6WDQGDUG:LULQJ3UDFWLFHV0DQXDOIRUPRUH
LQIRUPDWLRQRQWKHSURJUDPVZLWFKPRGXOH
0DQ\RIWKHOLQHUHSODFHDEOHXQLWV/58VDUH
FRQWUROOHGE\LQWHUQDOGLJLWDOFRPSXWHUV7KHVH
FRPSXWHUVIROORZLQVWUXFWLRQVRUSURJUDPVWRGRD
FHUWDLQWDVN

7KHSURJUDPVZLWFKPRGXOHJLYHVDQH[WHUQDOPHWKRGWR
FXVWRPL]HDFRPSXWHU
VSURJUDP

7KHSURJUDPVZLWFKPRGXOHKDVWKHVHFRPSRQHQWV

 6ZLWFKHV
 3LQFRQWDFWV
 6ZLWFKVHDOSOXJ
 6HFXULW\FRYHU

$Q/58
VSURJUDPPLQJSLQLQSXWVFRPHLQRQWKHSLQ
FRQWDFWV7KHVZLWFKHVVHWWKHSURJUDPPLQJSLQV

7KHVHFXULW\FRYHUJRHVRYHUWKHVZLWFKVHDOSOXJ7KH
VHFXULW\FRYHUDQGWKHVZLWFKVHDOSOXJNHHSVWKH
VZLWFKHVVWDWLRQDU\

7KHSURJUDPVZLWFKPRGXOHJLYHVWKLVLQIRUPDWLRQWRDQ
/58

 (TXLSPHQWSK\VLFDORULHQWDWLRQ
 $LUSODQHW\SH
 1XPEHURIXQLWVLQVWDOOHG
 &XVWRPHUVSHFLILFRSWLRQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6:,7&+

                       
2 2
6(&85,7< 1 1
&29(5
&76  7 6 &76  7 6
            

            

3,1&217$&76
,16,'(&$9,7<


:,5(672/58
7<3,&$/

3,1&217$&76 6:,7&+6($/
,16,'(&$9,7< 3/8*


*(1(5$/352*5$06:,7&+02'8/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$//2$'$%/(62)7:$5(
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*(1(5$//2$'$%/(62)7:$5(
*HQHUDO 127( 6RPHRIWKHDERYHXQLWVDUHIRURSWLRQDOV\VWHPV
RQWKHDLUSODQH:KHQWKHDLUSODQHGRHVQRWKDYH
6RPHRIWKHOLQHUHSODFHDEOHXQLWV/58VLQWKH
QHHGERWKKDUGZDUHDQGVRIWZDUH:LWKRXWWKHVRIWZDUH
WKHORJLFFLUFXLWVLQWKH/58VFDQQRWGRWKHLU
VSHFLILHGIXQFWLRQ
<RXFDQLQVWDOOVRIWZDUHLQWRWKH/58DWWKHVKRSRU
DWWKHDLUSODQH7RLQVWDOOVRIWZDUHDWWKHDLUSODQH
WKHDLUSODQHKDVDGDWDWUDQVIHUXQLWUHFHSWDFOHRUDQ
WKH/58IRUWKHRSWLRQDOV\VWHPWKHVZLWFK
SRVLWLRQIRUWKHRSWLRQDOV\VWHPVKRZV,123
<RXORDG((&VRIWZDUHDWWKHHQJLQHZLWKDSRUWDEOH
GDWDORDGHU
/RDGDEOH6RIWZDUH%LQGHU
DLUERUQHGDWDORDGHU$'/RQWKH3,IWKHDLUSODQH $ELQGHULVLQWKHERRNFRPSDUWPHQWDWWKHERWWRPRI
KDVDGDWDWUDQVIHUXQLWUHFHSWDFOH\RXFRQQHFWD WKH37KHELQGHUKDVDOOWKHVRIWZDUHQHFHVVDU\WR
SRUWDEOHGDWDORDGHU3'/WRWKHUHFHSWDFOH ORDGVRIWZDUHDWWKHDLUSODQH

6\VWHPV ,QVWDOODWLRQ3URFHGXUH

7KHVH/58VKDYHORDGDEOHVRIWZDUHIHDWXUHV 7KHLQIRUPDWLRQEHORZVKRZVWKHVWHSVWRLQVWDOOWKH
)0&6QDYLJDWLRQGDWDEDVH7KHSURFHGXUHWRORDGWKH
 )OLJKWPDQDJHPHQWFRPSXWHU)0& RWKHUV\VWHPVGDWDLVVLPLODU7KHVHDUHWKHVWHSVWR
 &RQWUROGLVSOD\XQLW&'8 LQVWDOOVRIWZDUHZLWKDQ$'/6WHSVIRUWKH3'/DUH
 $5,1&FRPPXQLFDWLRQVDGGUHVVLQJDQGUHSRUWLQJ DOPRVWWKHVDPH
V\VWHP$&$56FRPPXQLFDWLRQPDQDJHPHQWXQLW&08
 'LVSOD\HOHFWURQLFXQLW'(8 7KHVHDUHWKHVWHSVWRLQVWDOOVRIWZDUHZLWKDQ$'/
 6DWHOOLWHFRPPXQLFDWLRQ6$7&20 6WHSVIRUWKH3'/DUHDOPRVWWKHVDPH
 )OLJKWFRQWUROFRPSXWHU)&&
 $38HQJLQHFRQWUROXQLW(&8  $LUSODQHPXVWEHRQWKHJURXQG
 $WWHQGDQW&RQWUROSDQHO$&3  $SSO\HOHFWULFDOSRZHUWRWKHDLUSODQH
 3DVVHQJHUIOLJKWLQIRUPDWLRQGLVWULEXWLRQV\VWHP  6HWWKH)0&VRXUFHVHOHFWVZLWFKWRWKH)0&\RX
3),'6RU$,56+2: ZLOOORDGWKH%27+21/DQGWKH1250$/SRVLWLRQV
 'LJLWDOIOLJKWGDWDDFTXLVLWLRQXQLW')'$8 ORDGWKHOHIW)0&DQGWKH%27+215SRVLWLRQORDGV
 $LUSODQHFRQGLWLRQPRQLWRULQJV\VWHP$&06 WKHULJKW)0&
 6HWWKHGDWDORDGVHOHFWRUWRWKH)0&SRVLWLRQ
 2SHQWKHGDWDORDGHUDFFHVVGRRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

*(1(5$//2$'$%/(62)7:$5(
 3XWWKHQHFHVVDU\GLVNHWWHLQWRWKH$'/

127( 7KH)0&VRXUFHVHOHFWVZLWFKRQWKH3SDQHOPXVW
EHVHWLQWKH%27+21/RU1250$/SRVLWLRQVWR
VHHWKHORDGSURJUHVVRQWKH&'8VLI)0&LV
ORDGHG,IWKHSRVLWLRQVZLWFKLVLQWKH5
SRVLWLRQWKH)0&VRXUFHVHOHFWVZLWFKPXVWEH
VHWWR%27+215WRVHHWKHORDGSURJUHVVRQWKH
&'8V

7KHGDWDORDGSURFHVVLVDXWRPDWLF:KHQWKHGDWD
ORDGHUSRVLWLRQVZLWFKLVVHWWRWKH/SRVLWLRQWKH
GDWDORDGVLQWR)0&7KHQ\RXGRDFURVVORDGDQG
ORDGWKHGDWDLQWR)0&RQWKH)0&6LQWHUV\VWHPEXV

<RXUHWXUQWKHGDWDORDGHUFRQWUROSDQHOWRWKH1250
SRVLWLRQDIWHUWKHWUDQVIHULVFRPSOHWH

127( 'RQRWLQWHUUXSWHOHFWULFDOSRZHUWRWKHV\VWHP
GXULQJVRIWZDUHORDGLQJ,ISRZHULVLQWHUUXSWHG
\RXQHHGWRGRWKHVRIWZDUHORDGSURFHGXUHDJDLQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

33$1(/
'$7$75$16)(5
81,75(&(37$&/(

6HOHFW7DUJHW6\VWHP
)ORSS\'ULYH

)0&

)0&'DWD5HSRUW 6(/(&7!

6'8 '2:1!

*2%$&.!

$,5%251('$7$/2$'(5 25 3257$%/('$7$/2$'(5
7<3,&$/ 7<3,&$/

'$7$/2$'6(/(&725
&
6,1*/(6<6
/ 5
)/,*+7&203$570(17 &$37 )2
835 /:5
/22.,1*$)7

/2$'$%/( 6<67(06(/(&7
62)7:$5( 1250$/
$&06 )0&
%,1'(5 ')'$8 &'8
3),'6 $&$56&08
$&3 ,123
,123 ,123
$38 '(8
,123 ,123
,123 6$7&20
,123 )&&
,123 
 237,21$/6<67(06127$&7,9(
$5(/$%(/(',123 '$7$/2$'(5&21752/3$1(/

*(1(5$//2$'$%/(62)7:$5(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$//(9(/,1*$1':(,*+,1*,1752'8&7,21
*HQHUDO

<RXU$LUFUDIW0DLQWHQDQFH3URJUDPPDNHVLWQHFHVVDU\
WKDW\RXUHJXODUO\ZHLJKWKHDLUSODQH7KLVQRUPDOO\
LQFOXGHVWKUHHRSHUDWLRQVMDFNLQJOHYHOLQJDQG
ZHLJKLQJ:HLJKWDQGEDODQFHFDOFXODWLRQVDUHLQ
UHODWLRQWRWKHDLUSODQHHPSW\ZHLJKW7KHFRPSOHWH
LQVWUXFWLRQVIRUOHYHOLQJDQGZHLJKLQJRIWKHDLUSODQH
DUHLQWKH$00FKDSWHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&+$37(5


/(9(/,1*$1'
:(,*+,1*

*(1(5$//(9(/,1*$1':(,*+,1*,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.
*(1(5$//(9(/,1*$1':(,*+,1*$,53/$1(-$&.,1*
*HQHUDO
7KHDLUSODQHKDVPDLQMDFNSRLQWVDQGDX[LOLDU\
MDFNSRLQWV
7KHPDLQMDFNSRLQWVDUHWKHZLQJMDFNSRLQWV$DQG%
&$87,21 '21273877+($,53/$1(217+(-$&.6,1:,1'6
025(7+$1.1276,)<28'21272%(<7+(6(
,16758&7,216'$0$*(727+($,53/$1(&$1
2&&85
&$87,21 '85,1*:,1'<&21',7,216<28086786(7+(
DQGDIWERG\MDFNSRLQW& 67$%,/,=,1*-$&.-$&.32,17'<280867387
$35(/2$'217+(67$%,/,=,1*-$&.72$
7KHDX[LOLDU\MDFNSRLQWVDUH 0$;,0802)3281'6.,/2*5$06$7
 6WDELOL]LQJMDFNSRLQWDWWKHIRUZDUGERG\MDFN
SRLQW'
 7ZRPDLQODQGLQJJHDUD[OHMDFNSRLQWVDW)
 1RVHODQGLQJJHDUD[OHMDFNSRLQWDW(
<RXFDQOLIWWKHDLUSODQHRQMDFNVDWGLIIHUHQWJURVV
ZHLJKWVLIWKHORDGRQHDFKMDFNSRLQWLVQRWPRUHWKDQ
WKHPD[LPXPSHUPLWWHGORDG
:,1'62)0,/(63(5+285,)<28'21272%(<
7+(6(,16758&7,216<28&$1&$86('$0$*(72
7+($,53/$1(
2SHQWKH'5$,10$67$,5FLUFXLWEUHDNHURQWKH3
FLUFXLWEUHDNHUSDQHODQGDWWDFKD'2127&/26(WDJ
7KLVUHPRYHVKHDWIURPWKHGUDLQPDVWVRLWGRHVQRW
EXUQSHUVRQVDURXQGWKHDLUSODQH

%HIRUH\RXOLIWWKHDLUSODQHPDNHVXUHWKDWWKH
DLUSODQHJURVVZHLJKWDQGWKHFHQWHURIJUDYLW\DUHLQ
WKHDSSURYHGOLPLWV)RUFRPSOHWHLQIRUPDWLRQDERXW
MDFNLQJDQGOHYHOLQJWKHDLUSODQHUHIHUWR0DLQWHQDQFH
0DQXDO3DUW,,&KDSWHUDQG

7UDLQLQJ,QIRUPDWLRQ3RLQW

:$51,1* 0$.(685(7+('2:1/2&.3,16$5(,167$//('21
$//7+(/$1',1**($56:,7+2877+('2:1/2&.
3,167+(/$1',1**($5&28/'5(75$&7$1'&$86(
,1-85,(6723(56216$1''$0$*(72(48,30(17

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

-$&.32,17$ -$&.32,17)
:,1* 0$,1*($5$;/(

-$&.32,17&
$)7%2'<
-$&.32,17(
126(*($5$;/(

-$&.32,17'
)25:$5'%2'<
-$&.32,17% -$&.32,17)
:,1* 0$,1*($5$;/(

&

'
$ %
) ( )

*(1(5$//(9(/,1*$1':(,*+,1*$,53/$1(-$&.,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$//(9(/,1*$1':(,*+,1*0$,1$1'126(/$1',1**($5-$&.,1*
*HQHUDO 1RVHODQGLQJ*HDU-DFNLQJ

%HIRUH\RXOLIWWKHDLUSODQHPDNHVXUHWKDWWKH
DLUSODQHJURVVZHLJKWDQGWKHFHQWHURIJUDYLW\DUH
ZLWKLQWKHDSSURYHGOLPLWV)RUFRPSOHWHLQIRUPDWLRQ
DERXWMDFNLQJDQGOHYHOLQJWKHDLUSODQHUHIHUWR
0DLQWHQDQFH0DQXDO3DUW,,&KDSWHUDQG
7KHUHLVDMDFNSRLQWDWWKHQRVHODQGLQJJHDUD[OHWR
SHUPLWWKHUHPRYDORIWKHZKHHODVVHPEO\
5HPRYHRQO\RQHZKHHODVVHPEO\DWDWLPH<RXFDQ
UHPRYHWZRZKHHOVIURPWKHJHDURQO\ZKHQ\RXXVHD
MDFNZLWKWKHPHFKDQLFDOVDIHW\SURYLVLRQORFN
0DLQ/DQGLQJ*HDU-DFNLQJ GHYLFH

7KHUHDUHMDFNSRLQWVDWHDFKODQGLQJJHDUD[OHWR
SHUPLWWKHUHPRYDORIWKHZKHHODQGWLUHRUEUDNH
DVVHPEO\ZLWKRXWDOLIWRIWKHFRPSOHWHDLUSODQH
0DNHVXUHWKDW\RXKDYHWKHFRUUHFWD[OHMDFNSDG
KHLJKWVDQGFOHDUDQFHVEHWZHHQWKHWLUHV7KHD[OHMDFN
SRLQWVDOORZ\RXWRFKDQJHWZRIODWWLUHVRQWKHVDPH
ODQGLQJJHDUZKLOHWKHDLUSODQHLVDWLWVPD[LPXPWD[L
ZHLJKW
0DNHVXUHWKHDLUSODQHFHQWHURIJUDYLW\LVLQWKH
VSHFLILHGOLPLWV
7UDLQLQJ,QIRUPDWLRQ3RLQW
:$51,1* 0$.(685(7+('2:1/2&.3,16$5(,167$//('21
$//7+(/$1',1**($56:,7+2877+('2:1/2&.
3,167+(/$1',1**($5&28/'5(75$&7$1'&$86(
,1-85,(6723(56216$1''$0$*(72(48,30(17

)ROORZWKHVHVDIHW\LQVWUXFWLRQVZKHQ\RXOLIWWKH
DLUSODQHRQWKHD[OHMDFNV

 /LIWRQO\RQHPDLQODQGLQJJHDUDWDWLPH
 5HPRYHRQO\RQHZKHHODVVHPEO\DWDWLPH

<RXFDQUHPRYHWZRZKHHOVIURPWKHJHDURQO\ZKHQ\RX
XVHDMDFNZLWKWKHPHFKDQLFDOVDIHW\SURYLVLRQORFN
GHYLFH

0DNHVXUHWKHDLUSODQHFHQWHURIJUDYLW\LVLQWKH
VSHFLILHGOLPLWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

-$&.32,17) -$&.32,17)
0$,1*($5$;/( 0$,1*($5$;/(

-$&.32,17(
126(*($5$;/(

0$,1/$1',1*
*($5-$&.
32,17)

126(/$1',1*
*($5-$&.
32,17(

*(1(5$//(9(/,1*$1':(,*+,1*0$,1$1'126(/$1',1**($5-$&.,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.
*(1(5$//(9(/,1*$1':(,*+,1*3/80%%2%
*HQHUDO
7KHDLUSODQHPXVWEHOHYHOZKHQLWLVRQMDFNVIRU
WKHVHSURFHGXUHV ZKHHOZHOO7KHLQFOLQRPHWHUVDUHXVHGLQFRQMXQFWLRQ
 :HLJKLQJWKHDLUSODQH
 *HQHUDODLUSODQHPDLQWHQDQFH
 *HDUUHWUDFWLRQWHVW
3DUNWKHDLUSODQHLQDOHYHOORFDWLRQ0DNHVXUHWKH
GRZQORFNSLQVDUHLQVWDOOHG
,WLVHDVLHUWROHYHOWKHDLUSODQHODWHUDOO\UROO
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KH1*DLUSODQHKDVLQFOLQRPHWHUVLQWKHOHIWVLGH
ZLWKWKHDLUFUDIWIXHOLQJPDQXDODQGWKHIXHOVWLFNVWR
GHWHUPLQHIXHOTXDQWLW\7KHLQFOLQRPHWHUVDUHQRWXVHG
IRUOHYHOLQJWKHDLUFUDIW
:$51,1* 0$.(685(7+('2:1/2&.3,16$5(,167$//('21
$//7+(/$1',1**($5:,7+2877+('2:1/2&.
3,167+(/$1',1**($5&28/'5(75$&7$1'&$86(
,1-85,(6723(56216$1''$0$*(72(48,30(17
D[LVILUVW

$WWDFKWKHSOXPEEREDQGFRUGWRWKHEUDFNHWLQWKH
ULJKWPDLQZKHHOZHOO7KHEUDFNHWVKRZVWKHZRUGV
/(9(/+(5(7KHEUDFNHWLVGLUHFWO\DERYHWKHOHYHOLQJ
VFDOH

7KHSOXPEEREFRUGPXVWEHRQWKHRXWERDUGVLGHGHFDO
VLGHRIWKHVXSSRUW7KHSOXPEEREPXVWEHDZD\IURP
WKHWDUJHWE\OHVVWKDQLQFKPP

([DPLQHWKHSRVLWLRQRIWKHSOXPEEREZKHQQRPRYHPHQW
FRQWLQXHV,IWKHSOXPEERELVQRWDWWKH]HURSRVLWLRQ
RQWKHOHYHOLQJVFDOHPDNHWKHDLUSODQHOHYHO

/LIWRUORZHUWKHMDFNVXQWLOWKHSOXPEERELVDWWKH
]HURSRVLWLRQRQWKHOHYHOVFDOH

&RPSOHWHOHYHOLQJLQVWUXFWLRQVDUHLQ$003DUW,,
&KDSWHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&(,/,1*%($0
5,*+70$,1
:+((/:(//

3/80%%2%
$77$&+0(17
32,17 ):'

3/80%%2%

):'

/(9(/6&$/(
)25:$5'%8/.+($'0$,1:+((/:(//

*(1(5$//(9(/,1*$1':(,*+,1*3/80%%2%
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$//(9(/,1*$1':(,*+,1*$77,78'(*$*(
*HQHUDO 3XWWKHJDJHSDUDOOHOWRWKHDLUSODQHFHQWHUOLQHWRVHH
LIWKHDLUSODQHLVOHYHODURXQGLWVSLWFKD[LV6HWWKH
7KHDLUSODQHPXVWEHOHYHOZKHQLWLVRQMDFNVIRU VFUHZDGMXVWHURQWKHWRSRIWKHDWWLWXGHJDJHXQWLO
WKHVHSURFHGXUHV WKHSRLQWHULVRQ]HUR

 :HLJKLQJWKHDLUSODQH /LIWRUORZHUWKHMDFNVXQWLOWKHEXEEOHLVLQWKH
 *HQHUDODLUSODQHPDLQWHQDQFH FHQWHURIWKHWXEH7KHEXEEOHPRYHVWRWKHKLJKVLGH
 *HDUUHWUDFWLRQWHVW RIWKHDLUSODQH

3DUNWKHDLUSODQHLQDOHYHOORFDWLRQ0DNHVXUHWKDW
WKHGRZQORFNSLQVDUHLQVWDOOHG
3XWWKHDWWLWXGHJDJHSHUSHQGLFXODUWRWKHDLUSODQH
FHQWHUOLQHWRVHHLIWKHDLUSODQHLVOHYHODURXQGLWV
ODWHUDOD[LV
0DNHVXUHWKDWWKHDOLJQPHQWWXEHHQGVDUHRQDIODW
VXUIDFHRIWKHZKHHOZHOOFHLOLQJ
6HWWKHVFUHZDGMXVWHURQWRSRIWKHDWWLWXGHJDJH
XQWLOWKHSRLQWHULVRQ]HUR
,IWKHEXEEOHLVQRWLQWKHFHQWHURIWKHWXEH\RXPXVW
OLIWRUORZHUWKHVLGHVRIWKHDLUSODQH7KHEXEEOH
PRYHVWRWKHKLJKVLGHRIWKHDLUSODQH
/HYHOLQJLQVWUXFWLRQVDUHLQ$003DUW,,&KDSWHU
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KH1*DLUSODQHKDVLQFOLQRPHWHUVLQWKHOHIWVLGH
ZKHHOZHOO8VHWKHLQFOLQRPHWHUVWKHDLUFUDIWIXHOLQJ
PDQXDODQGWKHIXHOVWLFNVWRILQGIXHOTXDQWLW\7KH
LQFOLQRPHWHUVDUHQRWXVHGWROHYHOWKHDLUFUDIW
:$51,1* 0$.(685(7+('2:1/2&.3,16$5(,167$//('21
$//7+(/$1',1**($5:,7+2877+('2:1/2&.
3,167+(/$1',1**($5&28/'5(75$&7$1'&$86(
,1-85,(6723(56216$1''$0$*(72(48,30(17

0DNHWKHDLUSODQHOHYHODURXQGLWVUROOD[LV/LIWRU
ORZHUWKHMDFNVXQWLOWKHEXEEOHLVLQWKHFHQWHURI
WKHWXEH

0DNHWKHDLUSODQHOHYHODURXQGLWVORQJLWXGLQDOD[LV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$/,*10(1778%(
/2:




$/,*10(17
78%( 




+,*+
$77,78'(
*$*(
6&$/(

):'

0$,1:+((/:(// /(9(/9,$/$66(0%/<

*(1(5$//(9(/,1*$1':(,*+,1*$77,78'(*$*(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$//(9(/,1*$1':(,*+,1*:(,*+,1*
*HQHUDO &$87,21 '85,1*:,1'<&21',7,216<28086786(7+(
67$%,/,=,1*-$&.-$&.32,17'<280867387
<RXFDQZHLJKWKHDLUSODQHZLWKWKHVHIRXUHTXDOO\ $35(/2$'217+(67$%,/,=,1*-$&.72$
DFFXUDWHSURFHGXUHV 0$;,0802)3281'6.,/2*5$06$7
:,1'62)03+,)<28'21272%(<7+(6(
 :HLJKDWWKHODQGLQJJHDUZKHHOVZLWKDVHWRI ,16758&7,216<28&$1&$86('$0$*(727+(
IORRUVFDOHV $,53/$1(
 :HLJKDWWKHPDLQODQGLQJJHDUDQGQRVHODQGLQJ
JHDUD[OHMDFNSRLQWV
 :HLJKDWWKHPDLQODQGLQJJHDUDQGIRUZDUGERG\
MDFNSRLQWV
 :HLJKDWWKHZLQJDQGDIWERG\MDFNSRLQWV

5HIHUWRWKH:HLJKWDQG%DODQFH&RQWURODQG/RDGLQJ
0DQXDOIRUWKHLQVWUXFWLRQVWKDWVKRZKRZWRZHLJKWKH
DLUSODQH

7UDLQLQJ,QIRUPDWLRQ3RLQW

:$51,1* 0$.(685(7+('2:1/2&.3,16$5(,167$//('21
$//7+(/$1',1**($5:,7+2877+('2:1/2&.
3,167+(/$1',1**($5&28/'5(75$&7$1'&$86(
,1-85,(6723(56216$1''$0$*(72(48,30(17

&$87,21 '21273877+($,53/$1(217+(-$&.6,1:,1'6
025(7+$1.1276,)<28'21272%(<7+(6(
,16758&7,216'$0$*(727+($,53/$1(&$1
2&&85

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*(1(5$//(9(/,1*$1':(,*+,1*:(,*+,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$//,)7,1*$1'6+25,1**(1(5$/'(6&5,37,21
*HQHUDO

7KHDLUSODQHUHFRYHU\GRFXPHQW'$FRQWDLQVWKH
GDWDIRUOLIWLQJDQGVKRULQJWKHDLUSODQH7KHQHHGWR
UHFRYHUDQDLUSODQHLVDOZD\VWKHUHVXOWRIDQ
DFFLGHQW

7KHDLUSODQHFDQEHOLIWHGZLWKMDFNVSQHXPDWLFEDJV
RUFUDQHV7KHDLUSODQHPXVWEHNHSWLQDOHYHO
DWWLWXGHZKLOHLWLVOLIWHG7KLVNHHSVWKHFHQWHURI
JUDYLW\LQDVDIHUDQJH

7HWKHUVDUHUHTXLUHGZKHQWKHDLUSODQHLVOLIWHGZLWK
SQHXPDWLFEDJVRUFUDQHV7HWKHUVPDNHWKHDLUSODQH
VWDEOHDQGPDLQWDLQDFRQWUROOHGOLIW

,WPD\EHQHFHVVDU\WRXVHVXSSRUWVFUDGOHVFULEV
GXULQJDUHFRYHU\RSHUDWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$,53/$1(5(&29(5<
'2&80(17
&5$1(

'2&80(17'$
38%/,6+('%<%2(,1*&200(5&,$/$,53/$1(66($77/(:$6+,1*72186$
$',9,6,212)7+(%2(,1*&203$1<

&5,%%,1*

$,5%$*6 -$&.6$1'&5,%%,1*
*(1(5$//,)7,1*$1'6+25,1**(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3$5.,1*$1'0225,1*,1752'8&7,21
*HQHUDO

7KLVVHFWLRQJLYHVGDWDIRUSDUNLQJDQGPRRULQJWKH
DLUSODQH&RPSOHWHLQIRUPDWLRQLVLQWKH$LUFUDIW
0DLQWHQDQFH0DQXDO3DUW,,FKDSWHU1RUPDOSDUNLQJ
SURFHGXUHVDUHIRUDLUSODQHVLQWUDQVLWDQGWKRVH
SDUNHGRYHUQLJKW2WKHUSDUNLQJSURFHGXUHVDUHIRU
DLUSODQHVSDUNHGPRUHWKDQGD\V)RUDLUSODQH
SURWHFWLRQIURPKLJKZLQGV\RXFDQPRRUWKHDLUSODQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*(1(5$/3$5.,1*$1'0225,1*,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3$5.,1*$1'0225,1*3$5.,1*%5$.(
*HQHUDO

<RXPXVWSXWZKHHOFKRFNVLQIURQWRIDQGEHKLQGD
PLQLPXPRIRQHRIWKHPDLQJHDUIRUQRUPDOSDUNLQJ

3DUNLQJ%UDNH

,IWKHEUDNHVDUHYHU\KRWWKH\FDQERQGWRJHWKHUZKHQ
WKHSDUNLQJEUDNHLVVHW:KHQWKHEUDNHVDUHKRWGR
QRWXVHWKHSDUNLQJEUDNHIRUPRUHWLPHWKDQQHFHVVDU\

:KHQ\RXVHWWKHSDUNLQJEUDNHVXFKDVIRUKRXU
SDUNLQJRSHQWKHFLUFXLWEUHDNHUIRUWKH
DQWLVNLGDXWREUDNHFRQWUROXQLWDQGWKHSDUNLQJEUDNH
YDOYH7KLVSUHYHQWVDGLVFKDUJHRIWKHEDWWHU\7KH
SDUNLQJEUDNHKROGVIRUDPD[LPXPRIKRXUVEHIRUH\RX
PXVWSUHVVXUL]HWKH%K\GUDXOLFV\VWHPDJDLQ,WLV
SRVVLEOHIRUDSDUNLQJEUDNHIDLOXUHWRRFFXULIWKH
SUHVVXUHJDJHVKRZVOHVVWKDQSVL

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

):'

*(1(5$/3$5.,1*$1'0225,1*3$5.,1*%5$.(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3$5.,1*$1'0225,1*3,727352%($1'67$7,&3257
3$5.,1*$1'0225,1*3$5.,1*$1'0225,1*3,727352%($1'67$7,&3257
*HQHUDO

,QVWDOOSLWRWSUREHDQGVWDWLFSRUWFRYHUVZKHQWKH
DLUSODQHLVSDUNHG,I\RXGRQRWUHPRYHWKHFRYHUV
EHIRUHDIOLJKWODUJHHUURUVLQDLUVSHHGDQGDOWLWXGH
VHQVLQJVLJQDOVFDQRFFXU7KLVFDQKDYHDGDQJHURXV
HIIHFWRQWKHIOLJKW

7UDLQLQJ,QIRUPDWLRQ3RLQW

:$51,1* 3,727352%(&29(56$1'67$7,&3257&29(56$5(
5(&200(1'(':+(17+($,53/$1(,63$5.(')25
025(7+$1$67$1'$5'7851$5281'25:+(1
&21',7,21668&+$6,16(&7$&7,9,7<'867
6725062592/&$1,&$6+0$<,1&5($6(7+(5,6.
2)3,727352%(2567$7,&3257&217$0,1$7,21$
3,727352%(2567$7,&32576<67(0%/2&.('%<
)25(,*12%-(&7668&+$6,16(&760$<&$86(
/$5*((55256,1$,563(('6(16,1*$1'$/7,78'(
6(16,1*6,*1$/6:+,&+0$</($'72/2662)
6$)()/,*+7

:$51,1* $77$&+$7$*727+(/()7&21752/:+((/,17+(
)/,*+7'(&.$6$5(0,1'(57+$77+(67$7,&
32576$1'3,727352%(6$5(&29(5(')$,/85(72
5(029(&29(5,1*60$<&$86(/$5*((55256,1
$,563(('6(16,1*$1'$/7,78'(6(16,1*
6,*1$/6:+,&+0$</($'72/2662)6$)(
)/,*+7

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3,727
352%(

67$7,&
32576

3,727
352%(6

67$7,&
32576

*(1(5$/3$5.,1*$1'0225,1*3,727352%($1'67$7,&3257
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.
*(1(5$/3$5.,1*$1'0225,1*67$7,&*5281'32,176
*HQHUDO
:KHQWKHDLUSODQHLVSDUNHGIRUDWXUQDURXQGIOLJKW
HOHFWULFDOJURXQGLQJLVQRWQHFHVVDU\LIQRPDLQWHQDQFH
LVWREHGRQHRQWKHDLUSODQH
'XULQJSUHVVXUHUHIXHOLQJ WKURXJKWKHWLUHV
 *URXQGLQJLVQRWQHFHVVDU\
 $QHOHFWULFDOERQGEHWZHHQWKHDLUSODQHDQGWKH
UHIXHOLQJYHKLFOHLVUHFRPPHQGHG
3URYLGHDQHOHFWULFDOERQGWRWKHDLUSODQHZKHQGRLQJ
PDLQWHQDQFHWDVNVZLWKWKHVHLWHPV :$51,1* '2127:($5+($'6(725+$1'/($1<80%,/,&$/
 3RZHUWRROV
 (OHFWULFDOSRZHUVRXUFHV
 /LJKWV
 3RZHUHGLQVWUXPHQWV
:KHQJURXQGLQJLVUHFRPPHQGHGPDNHDQHOHFWULFDO
JURXQGIURPWKHDLUSODQHWRDFRPPRQDSSURYHG
LGHQWLILHGJURXQG
:KHUHDJULGV\VWHPLVXVHGDQ\QXPEHURILQGLYLGXDO
JURXQGVZLOOSURYLGHDFRPPRQJURXQGVLQFHDOOJURXQGV
DUHLQWHUFRQQHFWHG,IDQDUHDGRHVQRWKDYHDJULG
V\VWHPXVHDVLQJOHDSSURYHGDQGLGHQWLILHGJURXQGDV
WKHFRPPRQJURXQGIRUDOOJURXQGLQJFDEOHV
7KHDLUSODQHLVQRUPDOO\HOHFWURVWDWLFDOO\JURXQGHG
WKURXJKFRQGXFWLYHWLUHV
9(56,21'$7('$8*867
7KHDLUSODQHVKRXOGEHHOHFWURVWDWLFDOO\JURXQGHGWRDQ
LGHQWLILHGJURXQGSRLQWLIQHFHVVDU\WRSUHYHQW
VWDWLFHOHFWULFDOVKRFNVWRDWWHQGLQJSHUVRQQHORU
SDVVHQJHUVGXHWR
 $LUSODQHVKDYLQJLQDGHTXDWHFRQGXFWLYLW\WRJURXQG
 $LUSODQHVSDUNHGRQDVXUIDFHZKHUHWKHSDUNLQJ
VLWHFRQGXFWLYLW\LVLQDGHTXDWHWRFDUU\DZD\
HOHFWULFDOFKDUJH
7UDLQLQJ,QIRUPDWLRQ3RLQW
&211(&7,21672$,53/$1('85,1*$70263+(5,&
(/(&75,&$/',6785%$1&(6/,*+71,1*675,.(&$1
&$86(6(9(5(,1-85<
:$51,1* $/:$<6$77$&+7+(*5281',1*&$%/(727+(
*5281'&211(&7,21),5671(9(5$77$&+7+(
&$%/(727+($,53/$1($1'7+(1727+(*5281'
&211(&7,21
:$51,1* $77$&+*5281',1*&$%/(621/<7263(&,),('
32,176217+($,53/$1(,1&255(&7/<$77$&+('
*5281',1*675$36&$1&$86(6&5$7&+(6:+,&+&$1
&$86(&25526,21$1'&5$&.621675(66('3$576
*5281':,5(6$77$&+('72'225625)$,5,1*6
0$'()520&20326,7(0$7(5,$/'21273529,'($
*5281'
RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

126(*($572:,1*/8* *5281'678'

):' 0$,1:+((/:(//
):'

*(1(5$/3$5.,1*$1'0225,1*67$7,&*5281'32,176
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3$5.,1*$1'0225,1*352/21*('6725$*(
*HQHUDO

:KHQDQDLUSODQHLVQRWLQRSHUDWLRQIRUGD\VRU
PRUHWKHDLUSODQHPXVWKDYHSURWHFWLRQ7KHUHDUH
GLIIHUHQWSURFHGXUHVWRSUHSDUHVRPHV\VWHPVIRU
VWRUDJH7KHSURFHGXUHVXVHGDUHGHWHUPLQHGE\WKH
OHQJWKRIWLPHWKHDLUSODQHLVWREHLQVWRUDJH7KH
0DLQWHQDQFH0DQXDOJLYHVSURFHGXUHVWKDWSUHYHQWWKH
GHWHULRUDWLRQRIWKHDLUSODQHVWUXFWXUHILQLVKDQG
V\VWHPFRPSRQHQWV

7KHWLPHLQVWRUDJHKDVDUHODWLRQWRWKHQHFHVVDU\
VWRUDJHSURFHGXUHV7KH$LUFUDIW0DLQWHQDQFH0DQXDO
FRQWDLQVWKHVHSURFHGXUHVIRUORQJVWRUDJH

 3UHSDUHGWKHDLUSODQHIRUVWRUDJHIRUPRUHWKDQ
VHYHQ'D\V
 6HUYLFHDQGSURWHFWLRQRQGD\ZHHNF\FOHV
 6HUYLFHDQGSURWHFWLRQRQGD\ZHHNF\FOHV
 6HUYLFHDQGSURWHFWLRQRQGD\PRQWKF\FOHV
 6HUYLFHDQGSURWHFWLRQRQGD\PRQWKF\FOHV
 6HUYLFHDQGSURWHFWLRQIRUPRUHWKDQGD\V
PRQWKV
 6HUYLFHDQGSURWHFWLRQIRUPRUHWKDQGD\V
PRQWKV
 6HUYLFHDQGSURWHFWLRQIRUPRUHWKDQGD\V
PRQWKV
 6HUYLFHDQGSURWHFWLRQIRUPRUHWKDQGD\V
\HDU
 3XWWKHDLUSODQHEDFNWRDVHUYLFHDEOHFRQGLWLRQ
DIWHUWKHVWRUDJH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


$,5&5$)70$,17(1$1&(0$18$/
352/21*('3$5.,1*0$,17(1$1&(35$&7,&(6
 *(1(5$/
$ 7KLVSURFHGXUHKDVWKHVHWDVNV
 3UHSDUHWKH$LUSODQHIRU6WRUDJHIRU0RUH7KDQ6HYHQ'D\V
 6HUYLFHDQG3URWHFWLRQRQ'D\:HHN&\FOHV
 6HUYLFHDQG3URWHFWLRQRQ'D\:HHN&\FOHV
 6HUYLFHDQG3URWHFWLRQRQ'D\0RQWK&\FOHV
 6HUYLFHDQG3URWHFWLRQRQ'D\0RQWK&\FOHV
 6HUYLFHDQG3URWHFWLRQIRU0RUH7KDQ'D\V0RQWKV
 6HUYLFHDQG3URWHFWLRQIRU0RUH7KDQ'D\V0RQWKV
 6HUYLFHDQG3URWHFWLRQIRU0RUH7KDQ'D\V0RQWKV
 6HUYLFHDQG3URWHFWLRQIRU0RUH7KDQ'D\V<HDU
 3XWWKH$LUSODQH%DFNWRD6HUYLFDEOH&RQGLWLRQ$IWHUWKH6WRUDJH
7$6. 

 3UHSDUH7KH$LUSODQH)RU6WRUDJHIRU0RUH7KDQ6HYHQ'D\V
$ *HQHUDO

*(1(5$/3$5.,1*$1'0225,1*352/21*('6725$*(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3$5.,1*$1'0225,1*0225,1*
*HQHUDO

7KHDLUSODQHLVUHVLVWDQWWRORZYHORFLW\JURXQGZLQGV
IURPDOODQJOHVZLWKRXWPRRULQJ7KHPDLQWHQDQFHPDQXDO
FRQWDLQVWKHLQVWUXFWLRQVWRPDNHVXUHWKHDLUSODQH
VWD\VLQLWVSRVLWLRQZKHQLWLVSDUNHGLQORZHUZLQG
FRQGLWLRQV$00

:KHQKLJKZLQGYHORFLW\FRQGLWLRQVDUHIRUHFDVWPRRULQJ
DWWKHZKHHOVPD\EHQHFHVVDU\WRGHFUHDVHDLUSODQH
PRYHPHQW7KLVDOVRGHFUHDVHVWKHULVNRIVWUXFWXUDO
GDPDJH0RRULQJRIWKHDLUSODQHLQFOXGHVWKHVH
IXQFWLRQVDQGVHUYLFHV

 5HPRYDORIVXUIDFHGHEULVVXFKDVVQRZDQGLFH
 :KHHOFKRFNVLQSODFH
 3DUNLQJEUDNHVRQ
 0RRULQJVWUDSVRQWKHQRVHDQGPDLQODQGLQJJHDU
 )XOOIXHOWDQNV
 ,QVWDOODWLRQRIFRYHUVDQGSOXJV

&RPSOHWHPRRULQJLQVWUXFWLRQVDUHLQWKHPDLQWHQDQFH
PDQXDO$00

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


$,5&5$)70$,17(1$1&(0$18$/


)70$,17(1$1&(0$18$/


)70$,17(1$1&(0$18$/

,1&+(6
0(7(56

26(/$1',1**($5
5,1*722/$66(0%/<

,1&+(6

0(7(56

0RRULQJ'LDJUDP
)LJXUH6KHHWRI
,1/$1',1**($5
5,1*722/$66(0%/<
)52179,(:
())(&7,9,7< 0RRULQJ'LDJUDP

,/)$//  6KHHWRI

3DJH
2FW
'$,/)
%2(,1*35235,(7$5<&RS\ULJKW#8QSXEOLVKHG:RUN6HHWLWOHSDJHIRUGHWDLOV

0RRULQJ'LDJUDP
 6KHHWRI

3DJH
2FW
'$,/)
%2(,1*35235,(7$5<&RS\ULJKW#8QSXEOLVKHG:RUN6HHWLWOHSDJHIRUGHWDLOV


3DJH
2FW
'$,/)
%2(,1*35235,(7$5<&RS\ULJKW#8QSXEOLVKHG:RUN6HHWLWOHSDJHIRUGHWDLOV

*(1(5$/3$5.,1*$1'0225,1*0225,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6(59,&,1*7(50,1$/6(59,&($55$1*(0(17
*HQHUDO

7KLVGLDJUDPVKRZVWKHJHQHUDOWHUPLQDOVHUYLFLQJ
FRQILJXUDWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)8(/,1*

%5$.($1'
+<'5$8/,&
6(59,&(
(/(&75,&$/
32:(5 $38 


$,5&21',7,21,1* 327$%/(:$7(5
 6(59,&(
/$9$725<6(59,&(
*5281'$,5


 1271(&(66$5<,)$38,6,186(
 $38&$16833/<(/(&75,&$/32:(5(1*,1(67$57
$1'$,5&21',7,21,1*

*(1(5$/6(59,&,1*7(50,1$/6(59,&($55$1*(0(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/3/$&$5'6$1'0$5.,1*6*(1(5$/'(6&5,37,21
*HQHUDO

7KHDLUFUDIWPDLQWHQDQFHPDQXDO$00FKDSWHUVKRZV

WKHORFDWLRQRIDLUSODQHSODFDUGVDQGPDUNLQJV
3ODFDUGVDQGPDUNLQJVDUH

 3UHVVXUHVHQVLWLYHGHFDOV
 9LQ\OSODFDUGV
 $OXPLQXPIRLOPDUNHUV
 6WHQFLOPDUNLQJV

5HSDLUDQGUHSODFHPHQWSURFHGXUHVDUHLQWKH$00
FKDSWHUVWDQGDUGSUDFWLFHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

35(6685(6(16,7,9('(&$/6
9,1</3/$&$5'6
$/80,180)2,/0$5.(56
67(1&,/0$5.,1*6

1267(3
3/$&$5'6

02%,/
*36 -(72,/
&$87,21 
7+,6$66(0%/<
&217$,16
(/(&75267$7,& '21273$,17
6(16,7,9(
'(9,&(6

:$51,1*
'2256:,1*6
(0(5*(1&<(;,7 287$1'83
+2/'<285
21/< .1(($*$,167
'225:+,/(
386+7223(1
23(1,1*25
'22523(16287$1'83
6(5,286
$8720$7,&$//<
,1-85<&$1
2&&85

*(1(5$/3/$&$5'6$1'0$5.,1*6*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/7,0(/,0,760$,17(1$1&(&+(&.6*(1(5$/'(6&5,37,21
*HQHUDO YLVXDODQGIXQFWLRQDO7KLVVHFWLRQRIWKHPDQXDODOVR
GHWDLOVVRPHVFKHGXOHGPDLQWHQDQFHWDVNV
7KHDLUFUDIWPDLQWHQDQFHPDQXDOFKDSWHUILYH7LPH
/LPLWV0DLQWHQDQFH&KHFNVKDVWKHIROORZLQJVHFWLRQV 7KHUHVLVWDQFHVHFWLRQFRQWDLQVLQVWUXFWLRQVRQKRZWR
XVHDWHVWHUWRPHDVXUHDQGHYDOXDWHUHVLVWDQFH
 7LPH/LPLWV0DLQWHQDQFH&KHFNV
 =RQDO,QVSHFWLRQ,WHPV
 8QVFKHGXOHG0DLQWHQDQFH&KHFNV
 +,5)/LJKWQLQJ3URFHGXUHV
 5HVLVWDQFH

7KHWLPHOLPLWVPDLQWHQDQFHFKHFNVVHFWLRQGHWDLOV
DLUZRUWKLQHVVOLPLWDWLRQV$:/V$:/VDUHGHILQHGDVD
FULWLFDOGHVLJQFRQILJXUDWLRQFRQWUROOLPLWDWLRQ
&'&&/RUDVDLUZRUWKLQHVVOLPLWDWLRQLWHPV$/,V
&'&&/VDUHFULWLFDOIXHOWDQNLJQLWLRQVRXUFH
SUHYHQWLRQIHDWXUHV$/,VLGHQWLI\LQVSHFWLRQWDVNV
UHODWHGWRIXHOWDQNLJQLWLRQVRXUFHSUHYHQWLRQ

7KH]RQDOLQVSHFWLRQSURJUDPGLYLGHVWKHDLUSODQHLQWR
VSHFLILF]RQHV(DFK]RQDOLQVSHFWLRQLQFOXGHVD
JHQHUDOYLVXDOFKHFNRIDGHILQHGDUHD

7KHXQVFKHGXOHGPDLQWHQDQFHFKHFNVVHFWLRQGHWDLOVWKH
UHTXLUHGFRQGLWLRQDOLQVSHFWLRQVIRUXQXVXDOHYHQWV
6RPHH[DPSOHVDUHDKDUGODQGLQJOLJKWQLQJVWULNHDQG
YROFDQLFDVK

7KH+,5)OLJKWQLQJSURFHGXUHVVHFWLRQFRQWDLQVKLJK
LQWHQVLW\UDGLDQWILHOGV+,5)OLJKWQLQJLQVSHFWLRQ
FULWHULD7KHWKUHHW\SHVRILQVSHFWLRQVGHWDLOHGLQ
WKLVVHFWLRQRIWKHPDQXDODUHJHQHUDOYLVXDOGHWDLOHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7LPH/LPLWV0DLQWHQDQFH&KHFNV

=RQDO,QVSHFWLRQ,WHPV

8QVFKHGXOHG0DLQWHQDQFH&KHFNV

+,5)/LJKWQLQJ3URFHGXUHV

5HVLVWHQFH

*(1(5$/7,0(/,0,760$,17(1$1&(&+(&.6*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/$,53/$1(72:,1*
*HQHUDO

<RXWRZWKHDLUSODQHZLWKDWRZEDUWKDWFRQQHFWVWRWKH
QRVHJHDUWRZILWWLQJ

<RXLQVWDOODVSHFLDOH\HEROWRQHDFKPDLQJHDUWRPRYH
WKHDLUSODQHLQQRQQRUPDOFRQGLWLRQV

<RXFDQDOVRWRZWKHDLUSODQHZLWKWRZEDUOHVV
HTXLSPHQW

:$51,1* :+(1<2872:7+($,53/$1($//3(562160867
67$<2872)7+('$1*(5286$5($6$5281'7+(72:
9(+,&/(72:%$5$1'126(:+((/63(56211(/
217+(*5281'0867%($:$5(2)7+(3266,%,/,7<
2)%(,1*58129(5%<7+(126(:+((/67+(72:
9(+,&/(72:%$5$1'$,53/$1(:,//&+$1*(
326,7,21'85,1*386+%$&.$1'72:,1*0$,17$,1
$0,1,0802))((76(3$5$7,21%(7:((1
3(56216217+(*5281'$1'7+((48,30(177+$7
029(6$)$7$/,1-85<&28/'2&&85

6HHSDUWWZRRIWKHPDLQWHQDQFHPDQXDOIRUPRUH
LQIRUPDWLRQDERXWWRZLQJWKHDLUSODQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

126(*($572:
),77,1* 0$,1/$1',1**($5
72:),77,1*
*(1(5$/$,53/$1(72:,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/72:,1*23(5$7,21
*HQHUDO

<RXSXVKRUSXOOWKHDLUSODQHZLWKDWRZYHKLFOH7KH
GHVLJQRIWKHDLUSODQHOHWV\RXWRZWKHDLUSODQHIURP
WKHQRVHRUWKHPDLQODQGLQJJHDU

<RXXVXDOO\WRZWKHDLUSODQHE\WKHQRVHJHDU$WRZ
EDUIURPDWRZYHKLFOHFRQQHFWVWRDILWWLQJRQWKH
QRVHJHDU7KHPD[LPXPWXUQDQJOHLVGHJUHHVIRU
QRUPDOWRZLQJ5HGVWULSHVRQWKHQRVHJHDUGRRUVVKRZ
WKLVWRZLQJOLPLW'LVFRQQHFWWKHQRVHJHDUWRUVLRQ
OLQNIRUWXUQDQJOHVPRUHWKDQGHJUHHV'LVFRQQHFW
WKHWRUVLRQOLQNDQGWKHWD[LOLJKWFDEOHIRUWXUQ
DQJOHVPRUHWKDQGHJUHHV

<RXGRQRWXVHDWRZEDUWRPRYHWKHDLUSODQHIURPWKH
PDLQJHDU

<RXWRZIURPWKHPDLQJHDUIRUXQXVXDOWRZLQJ
FRQGLWLRQVVXFKDVWRZLQJRQVRIWJURXQGRURQDQ
LQFOLQH7KLVSUHYHQWVORDGVPRUHWKDQWKHQRVHJHDU
VWUXFWXUDOOLPLWV$WRZILWWLQJFRQQHFWVWRDQH\HLQ
WKHMDFNLQJFRQHRQHDFKPDLQJHDU$ORFDOO\PDGH
FDEOHFRQQHFWVWKHWRZILWWLQJWRWKHWRZYHKLFOH:KHQ
\RXWRZIURPWKHPDLQJHDUWKHPD[LPXPWXUQDQJOHLV
GHJUHHVIURPWKHODQGLQJJHDUFHQWHUOLQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,1*($5
&(17(5/,1(
0$;72:,1*
5$1*(

'(*

'(*

6((127(6$1'

127(6 ',6&211(&7126(*($57256,21
/,1.:+(172:,1*$7$1*/(6!'(*
',6&211(&77256,21/,1.$1'
7$;,/,*+7&$%/(:+(172:,1*
$7$1*/(6!'(*

*(1(5$/72:,1*23(5$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6,1752'8&7,21
*HQHUDO /)(& ORZIUHTXHQF\HGG\FXUUHQW
0)(& PHGLXPIUHTXHQF\HGG\FXUUHQW
7KHIROORZLQJ$7$FKDSWHUVDUHDVVLJQHGWRWKHVHSDUWV 1'7 QRQGHVWUXFWLYHWHVW
RIWKHDLUSODQH
287%' RXWERDUG
 *HQHUDO6WUXFWXUDO3UDFWLFHV3URFHGXUHVDQG 5$7 UDPDLUWXUELQH
7\SLFDO5HSDLUV 5%/ 5LJKWEXWWRFNOLQH
 'RRUV 56 UHDUVSDU
 )XVHODJH 6[[ VWULQJHU
 3\ORQ 6(& VHFWLRQ
 6WDELOL]HUV
67$ VWDWLRQ
 :LQGRZV
 :LQJV 6<0 V\PPHWULFDO
7( WUDLOLQJHGJH
$EEUHYLDWLRQVDQG$FURQ\PV :/ ZDWHUOLQH

$66< DVVHPEO\
%+' EXONKHDG
%06 ERHLQJPDWHULDOVSHFLILFDWLRQ
%6 ERG\IXVHODJHVWDWLRQ
&* FHQWHURIJUDYLW\
&/ FHQWHUOLQH
(&6 HQYLURQPHQWDOFRQWUROV\VWHP
)6 )URQW6SDU
):' IRUZDUG
*9, JHQHUDOYLVXDOLQVSHFWLRQ
+)(& KLJKIUHTXHQF\HGG\FXUUHQW
,/6 LQVWUXPHQWODQGLQJV\VWHP
,1%' ,1%2$5'
/%/ /HIW%XWWRFN/LQH
/( OHDGLQJHGJH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(57,&$/
67$%,/,=(5

:,1*

+25,=217$/
67$%,/,=(5

)86(/$*(

126(5$'20( 3</21

*(1(5$/6758&785(6,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6',0(16,216
*HQHUDO

7KHVHDUHWKHJHQHUDOGLPHQVLRQVRIWKHDLUSODQH

',0(16,21 )((7 0(7(56

:,1*63$1 )7,1 0
:,1*63$1
)7,1 0
:,7+:,1*/(76
+2567$%63$1 )7,1 0
+(,*+7 )7,1 0

',0(16,21 )((7 0(7(56

/(1*7+ )7,1 0
/(1*7+ )7,1 0
/(1*7+ )7,1 0
/(1*7+ )7,1 0

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)((7,1&+(6
0(7(56

)((7,1&+
0(7(56

)((7,1&+(6
0(7(56

)((7,1&+(6
0(7(56

',0(16,216

*(1(5$/6758&785(6',0(16,216
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6)86(/$*(5()(5(1&(',0(16,216
*HQHUDO

'LPHQVLRQVJLYHORFDWLRQVRQWKHIXVHODJH7KHVFDOH
IRUHDFKGLPHQVLRQLVLQFKHV8VHWKHVHGLPHQVLRQVWR
ILQGFRPSRQHQWVRQWKHIXVHODJH

 %RG\VWDWLRQOLQH
 %RG\EXWWRFNOLQH
 :DWHUOLQH

7KHERG\VWDWLRQOLQH67$LVDKRUL]RQWDOGLPHQVLRQ

,WVWDUWVDWVWDWLRQOLQH]HUR7KHQRVHRIWKH
DLUSODQHLVVWDWLRQ0HDVXUHWKHERG\VWDWLRQOLQH
IURPDYHUWLFDOUHIHUHQFHSODQHWKDWLVIRUZDUGRI
WKHDLUSODQH

7KHERG\EXWWRFNOLQH%/LVDODWHUDOGLPHQVLRQ
0HDVXUHWKHEXWWRFNOLQHWRWKHOHIW/%/RUULJKW
5%/RIWKHDLUSODQHFHQWHUOLQH

7KHZDWHUOLQH:/LVDKHLJKWGLPHQVLRQ0HDVXUHWKH
ZDWHUOLQHIURPDKRUL]RQWDOUHIHUHQFHSODQHEHORZWKH
DLUSODQH:DWHUOLQHLVWKHWRSRIWKHFDELQIORRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,1675(7&+ ,1675(7&+
67$7,21/,1(66+2:1

67$ :/

/%/ /%/ 5%/ 5%/

:/

:/$77232) :/
)/225%2$5'
):'

:/
%%/
%2'<%8772&.$1':$7(5/,1(6
*(1(5$/6758&785(6)86(/$*(5()(5(1&(',0(16,216
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

 *(1(5$/  )86(/$*( ',0(16,216

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6(&7,21 6(&7,21

)25:$5'*$//(<
6(59,&('225

)25:$5'
(175<
'225

67$


&5(:&$%,1 7232))/225
)/225 :/ 
:/ 

)25:$5'
$,567$,5
'225

):'
67$ :,1*72%2'<
)25:$5'
 )$,5,1*
&$5*2'225 :,1*&(17(5
5,*+76,'( 6(&7,21
;,1&+(6

)XVHODJH6WDWLRQ'LDJUDP6HFWLRQ )XVHODJH6WDWLRQ'LDJUDP6HFWLRQ
)LJXUH )LJXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

 *(1(5$/  )86(/$*( ',0(16,216

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6(&7,21 6(&7,21

67$ 67$ 67$ 67$ 67$ 67$ 67$ 67$ 67$ 67$ 67$ 67$ 67$ 67$
 $ % & ' (        

(6&$3(+$7&+
/()7 $1'5,*+7

:,1*72%2'< $)7&$5*2'225
):' ):' 67$
)$,5,1* 5,*+76,'(
67$ 67$  ;,1&+(6
&(17(5:,1*
 
6(&7,21

)XVHODJH6WDWLRQ'LDJUDP6HFWLRQ )XVHODJH6WDWLRQ'LDJUDP6HFWLRQ
)LJXUH )LJXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

 *(1(5$/  )86(/$*( ',0(16,216

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6(&7,21
6(&7,21

67$ 67$ 67$ 67$ 67$ 67$ 67$

       67$ 67$ 67$ 67$ 67$ 67$ 
 67$ 67$
     

67$

$)7*$//(<
6(59,&('225

$)7(175< '225

7$,/&21(
$&&(66'225
5,*+76,'(
67$ 67$
 
67$ 7232))/225
$&&(66 67$ 67$
 '225 :/ 
 
):' 67$ 67$ ):'
67$  


)XVHODJH6WDWLRQ'LDJUDP6HFWLRQ )XVHODJH6WDWLRQ'LDJUDPB6HFWLRQ
)LJXUH )LJXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6&20326,7(6
*HQHUDO

6RPHDLUSODQHVWUXFWXUHLVPDGHRIFRPSRVLWHPDWHULDOV
WKDWDUHUHVLVWDQWWRGDPDJHDQGFRUURVLRQDQGGHFUHDVH
DLUSODQHZHLJKW&RPSRVLWHPDWHULDOVDUHOD\HUVRI
VWURQJILEHUVRIFDUERQRUILEHUJODVVLQDPL[WXUHRI
SODVWLFUHVLQ&RPSRQHQWVPDGHRIFRPSRVLWHPDWHULDOV
XVHODPLQDWLRQVRUPL[OD\HUVRIFRPSRVLWHPDWHULDOV
ZLWKDKRQH\FRPEFRUHWRPDNHDVDQGZLFKFRQVWUXFWLRQ

&RPSRVLWH0DWHULDOV

7KHDLUSODQHVWUXFWXUHXVHVFRPSRVLWHPDWHULDOVIRU
WKHLUKLJKVWUHQJWKWRZHLJKWUDWLR:HLJKWUHGXFWLRQ
LVPDGHE\XVHRIFDUERQILEHUDQGDGYDQFHGILEHU
FRPSRVLWHPDWHULDOV&RPSRVLWHPDWHULDOVDOVRSURYLGH
WKHVHLPSURYHPHQWV

 )DWLJXHSURWHFWLRQ
 &RUURVLRQSURWHFWLRQ
 6RQLF5HVLVWDQFH
 $HURG\QDPLFVXUIDFHV

&RUURVLRQ3URWHFWLRQ

6SHFLDOSURWHFWLYHV\VWHPVDUHXVHGWRSUHYHQWJDOYDQLF
FRUURVLRQRIDOXPLQXPFRPSRQHQWVLQFRQWDFWZLWK
FRPSRVLWHPDWHULDOV(DFKDOXPLQXPFRPSRQHQWLV
DQRGL]HGSULPHGDQGHQDPHOHG$QLVRODWLQJVHDODQWLV
RQDOOFRQWDFWVXUIDFHVDWDVVHPEO\DQGRQDOO
IDVWHQHUV&RUURVLRQUHVLVWDQWVWHHORUWLWDQLXPLV
XVHGZLWKFDUERQILEHUFRPSRQHQWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(57,&$/67$%,/,=(57,3
7$,/&21(
),;('75$,/,1*
('*(3$1(/6 (/(9$725
'256$/
),1

),;('
67587 3$1(/6
)$,5,1*

$,/(521

7+58675(9(56(5
75$16/$7,1*287(5&2:/
)$1'8&7,11(5$1'287(5:$//
%/2&.(5'2256
),;('/($',1* :,1*72%2'< &$6&$'(6
('*(3$1(/6 )$,5,1*6

5$'20(

),%(5*/$66 /($',1*('*( 58''(5

)/$36
&$5%21),%(5
5(,1)25&('3/$67,&
*/$66),%(5
5(,1)25&('3/$67,&
*/$66),%(5$1'
)/$375$&.
&$5%21),%(5
)$,5,1*6
5(,1)25&('3/$67,&
+21(<&20%6$1':,&+
*(1(5$/6758&785(6&20326,7(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6=21(',$*5$0
*HQHUDO

7KHDLUSODQHKDVHLJKWPDMRU]RQHVWRKHOSILQGDQG
LGHQWLI\WKHDLUSODQHFRPSRQHQWVDQGSDUWV7KHPDMRU
]RQHVDUHGLYLGHGLQWRVXE]RQHVDQGWKHVXE]RQHVLQWR
]RQHV7KHVHDUHWKHPDMRU]RQHV

 ORZHUKDOIRIWKHIXVHODJH
 XSSHUKDOIRIWKHIXVHODJH
 HPSHQQDJH
 SRZHUSODQWDQGQDFHOOHVWUXWV
 OHIWZLQJ
 ULJKWZLQJ
 ODQGLQJJHDUDQGODQGLQJJHDUGRRUV
 GRRUV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.



  

 

 

  

833(5)86(/$*(
'2256 :,1*6

(03(11$*(

/2:(5)86(/$*(

32:(53/$1767587 /$1',1**($5/$1',1*
*($5'2256

*(1(5$/6758&785(6=21(',$*5$0
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(635,0$5<$1'6(&21'$5<
*HQHUDO

7KHVHDUHWKHWZRW\SHVRIDLUSODQHVWUXFWXUHV

 3ULPDU\
 6HFRQGDU\

3ULPDU\6WUXFWXUH

$SULPDU\VWUXFWXUHWUDQVPLWVIOLJKWJURXQGRU
SUHVVXUHORDGV7KHVHDUHWKHSULPDU\VWUXFWXUHV

 6NLQ
 'RRUV
 /DQGLQJ*HDU

6HFRQGDU\6WUXFWXUH

$VHFRQGDU\VWUXFWXUHWUDQVPLWVRQO\DLURULQHUWLDO
ORDGVFUHDWHGRQRULQWKHVHFRQGDU\VWUXFWXUH0RVW
VHFRQGDU\VWUXFWXUHVDUHLPSRUWDQWWRDHURG\QDPLF
SHUIRUPDQFHRIWKHDLUSODQH6HFRQGDU\VWUXFWXUH
LQFOXGHVWKHVNLQDQGVWUXFWXUHRIGRRUVWKDWDUHQRW
SULPDU\VWUXFWXUH7KHVHDUHDOVRVHFRQGDU\VWUXFWXUHV

 5DGRPH
 $LUVWDLUV
 OHDGLQJHGJHV
 6WDELOL]HUWLSV
 )DLULQJV
 &RZOLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

35,0$5<6758&785(
9(57,&$/
6(&21'$5<6758&785( 67$%,/,=(5
58''(5
7,3

7$,/&21( 67$%,/,=(5
75$,/,1*('*(6
'256$/),1
(/(9$725

+25,=217$/
67$%,/,=(5
7,3

67$%,/,=(5
/($',1*('*(6
632,/(56
:,1*72%2'<)$,5,1*6
$,/(5216
$)7$1'0$,1)/$36
:,1*),;('
75$,/,1*('*(

5$'20(

)/$36
126(/$1',1* (1*,1(67587
*($51/* 0/*'2256 )$,5,1* :,1*/(7
(1*,1(67587
1/*'2256 0$,1/$1',1* :,1*),;('
*($50/* 12==/($1'3/8* /($',1*('*(
$,567$,56 6/$76
)$1'8&7&2:/,1*$1'
7+58675(9(56(56
,1/(7&2:/,1* )$1&2:/,1*6

*(1(5$/6758&785(635,0$5<$1'6(&21'$5<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6)86(/$*(,17(51$/6758&785(
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*(1(5$/6758&785(6)86(/$*(,17(51$/6758&785(
)XVHODJH&RPSRQHQWV  6XSSO\DORDGSDWKIRUIORRUEHDPV
 6XSSO\DORDGSDWKIRURYHUKHDGELQORDGVLQWRWKH
7KHIXVHODJHLVDSUHVVXUL]HGVHPLPRQRFRTXHVWUXFWXUH VNLQ
PDGHSULPDULO\RIDOXPLQXPDOOR\V
6WULQJHUV
%XONKHDGV
6WULQJHUVDUHORQJVWUXFWXUHVWKDWJRIURPWKHQRVHWR
3UHVVXUHEXONKHDGVDWWKHIRUZDUGDQGDIWHQGVRIWKH WKHWDLORIWKHIXVHODJH0RVWRIWKHPDUHPDGHIURP
IXVHODJHIRUPDSUHVVXUHYHVVHO%XONKHDGVGLVWULEXWH DOXPLQXP6WULQJHUVWUDQVPLWD[LDOORDGVIURPERG\
PDMRUORDGVLQWRWKHIXVHODJHDWWKHVHORFDWLRQV EHQGLQJDQGFRPSUHVVLRQORDGVFDXVHGE\VNLQGLDJRQDO
WHQVLRQ
 /DQGLQJJHDUVXSSRUWV
 :LQJ6SDUV )ORRU%HDPV
 9HUWLFDOVWDELOL]HUVSDUV
 +RUL]RQWDOVWDELOL]HUKLQJHDWWDFKSRLQWV )ORRUEHDPVVXSSRUWWKHFDELQIORRUDQGVHDWWUDFNV
0RVWRIWKHIORRUEHDPVJRODWHUDOO\IURPRQHVLGHWR
%XONKHDGVDOVRIXQFWLRQDVSDUWRIWKHSUHVVXUHYHVVHO WKHRWKHULQWKHIXVHODJH7KHIORRUEHDPVDERYHWKH
DWWKHVHORFDWLRQV ZLQJVXSSRUWDUHDJRORQJLWXGLQDOO\IURPIURQWWRUHDU
EHFDXVHRIZLQJWUDYHO$OORIWKHIORRUEHDPVDUHPDGH
 )RUZDUGIXVHODJH RIDOXPLQXP
 $IWIXVHODJH
 :KHHO:HOO .HHO%HDP
 2WKHUSUHVVXUHFORVHRXWV
7KHNHHOEHDPNHHSVWKHDELOLW\RIWKHIXVHODJHWREHQG
)UDPHV ZKHUHWKHZLQJDQGZKHHOZHOODUH,WLVRIDER[EHDP
GHVLJQDQGWUDQVPLWVDODUJHFRPSUHVVLRQORDGEHFDXVH
)UDPHVDUHFLUFXODUVWUXFWXUHVXQGHUWKHVNLQRIWKH RIERG\EHQGLQJPRYHPHQW,WKDVDEHORZZLQJVHFWLRQ
IXVHODJH7KHVHDUHWKHIUDPHIXQFWLRQV DQGDZKHHOZHOOVHFWLRQ

 +ROGWKHVKDSHRIWKHIXVHODJH )XVHODJH$X[LOLDU\6WUXFWXUHV
 7UDQVPLWWHQVLRQORDGVGXHWRSUHVVXUL]DWLRQ
 5HDFWWREHQGLQJGXHWRSDVVHQJHUDQGFDUJRGHFN 7KHVHDX[LOLDU\VWUXFWXUHVDWWDFKWRWKHIXVHODJH
ORDGLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6)86(/$*(,17(51$/6758&785(
 1RVHUDGRPH
 :LQJWRERG\IDLULQJV
 7DLOFRQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7$,/&21(
$)735(6685(
%8/.+($'
6.,1

)/225%($06

)5$0(6

675,1*(56

:,1*72%2'<
)$,5,1*5()
.((/%($0

126(
5$'20(

)25:$5'35(6685(
%8/.+($'

*(1(5$/6758&785(6)86(/$*(,17(51$/6758&785(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6)86(/$*(&52666(&7,21
)XVHODJH&URVV6HFWLRQ

6WULQJHUVDUHDWWDFKHGWRWKHIUDPHV7KHVWULQJHUDW
WKHWRSRIWKHIUDPHLVVWULQJHUQXPEHURQH$OORWKHU
VWULQJHUVDUHQXPEHUHGLQVHTXHQFHGRZQWKHOHIWDQG
ULJKWVLGHRIWKHIUDPH7KHW\SLFDOIXVHODJHFURVV
VHFWLRQKDVDQXSSHUDQGORZHUOREHWKDWDOLJQDWWKH
SDVVHQJHUIORRUOHYHO7KHHQGVRIWKHIORRUEHDPVDUH
DWWDFKHGWRWKHVLGHVRIWKHIUDPHVEHWZHHQWKHOREHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)5$0(

675,1*(56

)/225%($0

*(1(5$/6758&785(6)86(/$*(&52666(&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6)86(/$*(126(5$'20(
*HQHUDO

7KHQRVHUDGRPHLVDQDHURG\QDPLFIDLULQJRQWKHIURQW
RIWKHIXVHODJH0RVWRIWKHPDWHULDOLQWKHUDGRPHLV
ILEHUJODVV

7KHUDGRPHDUHDKDVQDYLJDWLRQDQGZHDWKHUUDGDU
DQWHQQDV/LJKWQLQJGLYHUWHUVWULSVSUHYHQWGDPDJHWR
WKHVHDQWHQQDVDQGWKHHTXLSPHQWWKH\FRQQHFWWR7KH
OLJKWQLQJGLYHUWHUVWULSVGHFUHDVHOLJKWQLQJHQHUJ\DQG
WUDQVPLWLWWRWKHDLUIUDPH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/,*+71,1*',9(57(5
675,3

*(1(5$/6758&785(6)86(/$*(126(5$'20(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6)86(/$*()25:$5'%8/.+($' &$5*2&203$570(17
*HQHUDO

7KHIRUZDUGSUHVVXUHEXONKHDGLVORFDWHGDWWKHIURQW
HQGRIWKHIXVHODJHEHKLQGWKHUDGRPH)UDPHV
VWULQJHUVDQGIORRUEHDPVDUHORFDWHGLQWKHIXVHODJH
VWUXFWXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)/225 )5$0( 675,1*(5 6.,1

%($0

)25:$5'35(6685(%8/.+($' )25:$5'&$5*2&203$570(17

*(1(5$/6758&785(6)86(/$*()25:$5'%8/.+($' &$5*2&203$570(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6)86(/$*($)735(6685(%8/.+($'
*HQHUDO

0DQ\DLUSODQHVKDYHWKHURXQGHGDIWSUHVVXUHEXONKHDG
6RPHDLUSODQHVKDYHWKHIODWDIWSUHVVXUHEXONKHDG7KH
IODWEXONKHDGJLYHVPRUHLQWHULRUVSDFHLQWKH
IXVHODJH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5281'$)735(6685(%8/.+($' )/$7$)735(6685(%8/.+($'

*(1(5$/6758&785(6)86(/$*($)735(6685(%8/.+($'
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6:,1*6723
*HQHUDO

0RVWRIWKHPDWHULDOLQWKHZLQJLVDOXPLQXP7KHVH
FRPSRQHQWVDWWDFKWRWKHZLQJVWUXFWXUH

 (QJLQHQDFHOOHS\ORQ
 )OLJKWFRQWUROVXUIDFHV
 0DLQODQGLQJJHDU
 :LQJWLS

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/($',1*
('*()/$3

/($',1*('*(

833(5:,1*6.,1

6/$7
*5281'
632,/(5

75$,/,1*
('*()/$36
)/,*+7
632,/(5

$,/(521
%$/$1&( *5281'
$,/(521 7$% 632,/(5
:,1*/(7

*(1(5$/6758&785(6:,1*6723
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6:,1*6%27720
*HQHUDO

7KHERWWRPRIWKHOHIWZLQJLVVKRZQ)XHOWDQNDFFHVV
SDQHOVDOORZDFFHVVLQWRWKHIXHOWDQNV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/($',1*
('*()/$3

/($',1*('*(

/2:(5:,1*6.,1

)/$375$&.
)$,5,1*

6/$7

&(17(57$1. 0$,17$1.12
$&&(663$1(/6 $&&(663$1(/

685*(7$1.
$&&(663$1(/6

75$,/,1*
('*()/$36 :,1*/(7

$,/(521
%$/$1&(7$%
$,/(521

*(1(5$/6758&785(6:,1*6%27720
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6:,1*6,17(51$/6758&785(
*HQHUDO

7KHZLQJKDVVSDUVDQGULEV7KHZLQJKDVDIURQWVSDU
DQGDUHDUVSDU7KHIURQWVSDUWUDQVPLWVPRVWRIWKH
ORDGIURPWKHZLQJWRWKHIXVHODJH7KHIURQWVSDULV
DOVRWKHPRXQWLQJVWUXFWXUHIRUWKHOHDGLQJHGJHIODSV
DQGVODWV7KHUHDUVSDUWUDQVPLWVORDGVWRWKH
IXVHODJH7KHUHDUVSDUDOVRLVWKHPRXQWLQJVWUXFWXUH
IRUWKHIODSVDQGDLOHURQV

7KHULEVDUHQXPEHUHGIURPWR5LEQXPEHULVWKH
PRVWLQERDUGULERQWKHZLQJDQGLVDOVRFDOOHGWKH
VLGHRIERG\ULE5LELVWKHGLYLGHUEHWZHHQWKH
FHQWHUDQGPDLQIXHOWDQNV5LELVWKHGLYLGHU
EHWZHHQWKHPDLQWDQNDQGWKHVXUJHWDQN5LELVWKH
HQGRIWKHVXUJHWDQN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5,%
)/$36
5,%
6,'(2)%2'<5,%
5($563$5
$,/(521

/($',1*('*( )521763$5 :,1*/(7

)/$36 6/$76
5,%
5,%
5,%

*(1(5$/6758&785(6:,1*6,17(51$/6758&785(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6:,1*65,%6$1'63$56
*HQHUDO

7KHZLQJVDUHDVVHPEOHGLQYHUWLFDOMLJV7KHVSDUVDQG
ULEVDUHFRQQHFWHGILUVWDQGWKHQWKHVNLQVDUH
DWWDFKHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)521763$5

5,%6

5($563$5

*(1(5$/6758&785(6:,1*65,%6$1'63$56
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6:,1*6:,1*/(7
*HQHUDO

7KHZLQJOHWVDUHPDGHRIJUDSKLWHVSDUVDOXPLQXPULEV
DQGDOXPLQXPVNLQV7KHIRUZDUGSRVLWLRQDIWSRVLWLRQ
DQGVWUREHOLJKWVDUHLQFOXGHGLQWRWKHVWUXFWXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7,3

/($',1*('*(6.,1

63$56

5,%6

75$,/,1*('*(

326,7,21$1'
6752%(/,*+76

6.,1

,17(5)$&(
-2,17

$)7326,7,21/,*+7

*(1(5$/6758&785(6:,1*6:,1*/(7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(61$&(//(63</216
*HQHUDO

7KHQDFHOOHLVWKHIDLULQJVDQGWKHFRPSRQHQWVWKDW
VXUURXQGWKHHQJLQH7KHQDFHOOHJLYHVDQ
DHURG\QDPLFDOO\VPRRWKVXUIDFHWRWKHVWUXWDQGHQJLQH
7KHQDFHOOHDOVRFRQWDLQVWKHVHLWHPV

 ,QOHWFRZO
 )DQFRZO
 )DQGXFWFRZODQGWKUXVWUHYHUVHU
 3ULPDU\H[KDXVWQR]]OH
 ([KDXVWSOXJ

7KHS\ORQLVWKHVWUXWWKDWDWWDFKHVWKHHQJLQHWRWKH
ZLQJ7KHVWUXWFRQWDLQVWKHVHLWHPV

 )XHOOLQHV
 (OHFWULFDOKDUQHVVHV
 +\GUDXOLFOLQHV
 3QHXPDWLFGXFWV
 )DLULQJV
 )LUHRYHUKHDWGHWHFWRUH[WLQJXLVKOLQHV

1DFHOOHVWDWLRQVDQGZDWHUOLQHVJLYHORFDWLRQVRQWKH
QDFHOOHS\ORQ7KHVFDOHIRUQDFHOOHVWDWLRQVDQG
ZDWHUOLQHVLVLQFKHV

7KHVWDWLRQOLQHLVDKRUL]RQWDOGLPHQVLRQ,WVWDUWV
DWVWDWLRQOLQH]HUR

7KHZDWHUOLQHLVDKHLJKWGLPHQVLRQ<RXPHDVXUHWKH
ZDWHUOLQHIURPDKRUL]RQWDOUHIHUHQFHSODQHEHORZWKH
QDFHOOHS\ORQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

29(5:,1*)$,5,1* 1$&(//(67$7,21
)25:$5')$,5,1*
7567587 :,1*
7+80%1$,/ )$,5,1*
)$,5,1*
1$&(//(67$7,21

:$7(5/,1(

$)7)$,5,1*
$&&(663$1(/6

(;+$8673/8*

:$7(5/,1( 35,0$5<
(;+$867
12==/(

,1/(7&2:/ )$1&2:/ )$1'8&7&2:/$1'

7+58675(9(56(5

*(1(5$/6758&785(61$&(//(63</216
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6+25,=217$/67$%,/,=(5*(1(5$/
*HQHUDO

0RVWRIPDWHULDOLQWKHKRUL]RQWDOVWDELOL]HULV
DOXPLQXP7KHHOHYDWRULVJUDSKLWHFRPSRVLWH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$%,/,=(567$7,21
67$%,/,=(5/($',1*
('*(67$7,21

(/(9$72567$7,21

/($',1*('*(

(/(9$725+,1*(
/,1(
7$%

(/(9$725

%8772&./,1(

*(1(5$/6758&785(6+25,=217$/67$%,/,=(5*(1(5$/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(6+25,=217$/67$%,/,=(5,17(51$/6758&785(
*HQHUDO

7KHKRUL]RQWDOVWDELOL]HUVKDYHVSDUVDQGULEV7KH
HOHYDWRUVKDYHJUDSKLWHFRPSRVLWHPDWHULDOV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/($',1*('*(

0$,15,%6

)521763$5

75$,/,1*('*(
7,3 5,%6
$66(0%/< 5($5
63$5

(/(9$725

*(1(5$/6758&785(6+25,=217$/67$%,/,=(5,17(51$/6758&785(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(69(57,&$/67$%,/,=(5*(1(5$/
*HQHUDO

7KHYHUWLFDOVWDELOL]HULVPDGHIURPDOXPLQXP7KH
UXGGHULVJUDSKLWHFRPSRVLWH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/($',1*('*( 58''(5

'256$/),1

%2'<&52:1/,1(
%2'<&52:1/,1(

9(57,&$/67$%,/,=(5
:$7(5/,1(

*(1(5$/6758&785(69(57,&$/67$%,/,=(5*(1(5$/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$/6758&785(69(57,&$/67$%,/,=(5,17(51$/6758&785(
9HUWLFDO6WDELOL]HU

7KHVHSDUWVLQWKHPDLQWRUTXHER[RIWKHYHUWLFDO
VWDELOL]HUDUHPDGHRIFDUERQILEHUUHLQIRUFHGSODVWLF

 6SDUV
 5LEV
 6WULQJHUV
 6NLQV

$X[LOLDU\VWUXFWXUHLVDOXPLQXPRUWLWDQLXP7KH
OHDGLQJHGJHDQGWLSDUHUHPRYDEOH$OOSDQHOVDUH
ILEHUJODVV7KHUXGGHUDQGWDEVWUXFWXUHLVFDUERQ
ILEHUUHLQIRUFHGSODVWLF

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7,3$66(0%/<

/($',1*('*(

)521763$5

0$,15,%6 58''(5

5($563$5

'256$/),1 75$,/,1*
('*(5,%

*(1(5$/6758&785(69(57,&$/67$%,/,=(5,17(51$/6758&785(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176,1752'8&7,21
*HQHUDO  )OLJKWIDXOWV
 *URXQGIDXOWV
7KHPDLQWHQDQFHGRFXPHQWVIRUWKH  6HUYLFHSUREOHPV
VXSSO\DLGIRUDOOPDLQWHQDQFHDFWLYLWLHV0DQ\  6WUXFWXUDOGDPDJH
GLIIHUHQWGRFXPHQWVXVHGWRJHWKHUOHW\RXGR
PDLQWHQDQFHRQWKHDLUSODQH7KHPDLQWHQDQFHGRFXPHQWV <RXXVHWKHVHGRFXPHQWVWRGRXQVFKHGXOHGPDLQWHQDQFH
KHOS\RXGRVFKHGXOHGDQGXQVFKHGXOHGPDLQWHQDQFHZRUN
 )DXOW5HSRUWLQJ0DQXDO)50
6FKHGXOHG0DLQWHQDQFH  )DXOW,VRODWLRQ0DQXDO),0
 6WUXFWXUDO5HSDLU0DQXDO650
7KHVHDUHH[DPSOHVRIVFKHGXOHGPDLQWHQDQFHZRUN  'LVSDWFK'HYLDWLRQV*XLGH''*
 $LUSODQH0DLQWHQDQFH0DQXDO$00
 7KURXJKVWRSFKHFNV
 $LUSODQHWXUQDURXQG 0DLQWHQDQFH3ODQQLQJ'RFXPHQW
 'DLO\FKHFNV
 3ODQQHGFKHFNV 7KH0DLQWHQDQFH3ODQQLQJ'RFXPHQW03'JLYHVWDVNVIRU
HDFKW\SHRIVFKHGXOHGPDLQWHQDQFHFKHFN$LUOLQHVXVH
<RXXVHWKHVHGRFXPHQWVWRGRVFKHGXOHGPDLQWHQDQFH WKH03'WRPDNHWDVNFDUGVWKDWWKHWHFKQLFLDQXVHV
GXULQJWKHPDLQWHQDQFHFKHFNV
 0DLQWHQDQFH3ODQQLQJ'RFXPHQW03'
 $LUSODQH0DLQWHQDQFH0DQXDO$00 $LUSODQH0DLQWHQDQFH0DQXDO

7KHVHGRFXPHQWVVXSSO\VXSSRUWGDWDWRGRVFKHGXOHG 7KH$LUSODQH0DLQWHQDQFH0DQXDO$00KDVWZRSDUWV

PDLQWHQDQFH 3DUW,LVWKH6\VWHPV'HVFULSWLRQ6HFWLRQ6'67KLV
VHFWLRQUHSODFHVWKHGHVFULSWLRQDQGRSHUDWLRQ'DQG
 6\VWHP6FKHPDWLFV0DQXDO660 2 VHFWLRQRIWKHDLUSODQHPRGHOV
 :LULQJ'LDJUDP0DQXDO:'0
 6WUXFWXUDO5HSDLU0DQXDO650 3DUW,,LVSUDFWLFHVDQGSURFHGXUHV7KHSUDFWLFHVDQG
 ,OOXVWUDWHG3DUWV&DWDORJ,3& SURFHGXUHVKDVGDWDLQUHODWLRQWRWKHVHIXQFWLRQV

8QVFKHGXOHG0DLQWHQDQFH  5HPRYDOLQVWDOODWLRQRIFRPSRQHQWV
 &RPSRQHQWORFDWLRQ
7KHVHDUHH[DPSOHVRIXQVFKHGXOHGPDLQWHQDQFHZRUN  0DLQWHQDQFHSUDFWLFHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176,1752'8&7,21
 6HUYLFLQJ 6WDQGDUG:LULQJ3UDFWLFHV0DQXDO
 $GMXVWPHQWWHVW
 ,QVSHFWLRQFKHFN 7KH6WDQGDUG:LULQJ3UDFWLFHV0DQXDOKDVLQVWUXFWLRQV
 &OHDQLQJSDLQWLQJ IRUPDLQWHQDQFHDQGUHSDLURIWKHZLULQJRIDOO%RHLQJ
 5HSDLU DLUSODQHV,WLVQRWFXVWRPL]HG

6\VWHP6FKHPDWLFV0DQXDO )DXOW5HSRUWLQJ0DQXDO

7KH6\VWHP6FKHPDWLF0DQXDO660JLYHVDGHVFULSWLRQ
RIV\VWHPRSHUDWLRQDQGKHOSVLQWKHIDXOWLVRODWLRQ
SURFHVV,WVKRZVWKHLQWHUIDFHVRIDOO/58VRID
V\VWHPRUVXEV\VWHP,WDOVRVXSSOLHVDJHQHUDO
NQRZOHGJHDERXWV\VWHPRSHUDWLRQ
:LULQJ'LDJUDP0DQXDO
7KHIOLJKWFUHZXVHVWKH)DXOW5HSRUWLQJ0DQXDO)50
WRPDNHFRPPXQLFDWLRQEHWWHUZLWKPDLQWHQDQFH
SHUVRQQHO7KHIOLJKWFUHZXVHVWKH)50WRJHWIDXOW
FRGHVIRUDLUSODQHIDXOWV7KHVHIDXOWVFDQEHIOLJKW
GHFNHIIHFWVRURWKHUIDXOWV7KH)50KDVVWDQGDUGORJ
ERRNZULWHXSVIRUHDFKIDXOWFRGH
7KHIDXOWFRGHSHUPLWVIDVWHUPDLQWHQDQFHZKHQWKH
7KH:LULQJ'LDJUDP0DQXDO:'0VXSSOLHVGHWDLOVRIWKH DLUSODQHLVRQWKHJURXQG
SRLQWWRSRLQWZLULQJRQWKHDLUSODQH
)50IDXOWFRGHVUHIHU\RXWRWKH),0
,OOXVWUDWHG3DUWV&DWDORJ
)DXOW,VRODWLRQ0DQXDO
7KH,OOXVWUDWHG3DUWV&DWDORJVXSSOLHVSDUWUHSODFHPHQW
GDWD7KLVGDWDLQFOXGHV <RXXVHWKH)DXOW,VRODWLRQ0DQXDO),0WRUHSDLU
DLUSODQHIDXOWV<RXVWDUWWKHIDXOWLVRODWLRQSURFHVV
 5HSODFHPHQWSDUWQXPEHU ZLWK)50IDXOWFRGHVRUDIDXOWGHVFULSWLRQ7KH),0
 3DUWLOOXVWUDWLRQV LGHQWLILHVWKHPDLQWHQDQFHDFWLRQV\RXXVHWRFRUUHFW
 6XSSOLHUGDWD WKHIDXOW
 6SHFLILFDWLRQQXPEHUV
 5HFRPPHQGHGVSDUHV 6WUXFWXUDO5HSDLU0DQXDO

7KH6WUXFWXUDO5HSDLU0DQXDO650VXSSOLHVGHVFULSWLYH

GDWDDQGLQVWUXFWLRQVWRKHOSLQILHOGUHSDLURI

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176,1752'8&7,21
DLUSODQHVWUXFWXUH7KH650LVQRWFXVWRPL]HG,WKDV &3  FOHDQLQJSDLQWLQJ
GDWDLQUHODWLRQWRWKHVHDUHDV ''*  'LVSDWFK'HYLDWLRQ*XLGH
),0  )DXOW,VRODWLRQ0DQXDO
 $OORZDEOHGDPDJHHYDOXDWLRQ
)50  )DXOW5HSRUWLQJ0DQXDO
 7\SLFDOUHSDLUV
 0DWHULDOLGHQWLILFDWLRQ ,&  LQVSHFWLRQFKHFN
 0DWHULDOVXEVWLWXWLRQ ,3&  ,OOXVWUDWHG3DUWV&DWDORJ
 )DVWHQHULQVWDOODWLRQ /58  OLQHUHSODFHDEOHXQLW
 $OLJQPHQWFKHFN 00(/  0DVWHU0LQLPXP(TXLSPHQW/LVW
 3ODQQLQJ 03  PDLQWHQDQFHSUDFWLFHV
03'  0DLQWHQDQFH3ODQQLQJ'RFXPHQW
'LVSDWFK'HYLDWLRQ*XLGH
5,  UHPRYDOLQVWDOODWLRQ
7KH'LVSDWFK'HYLDWLRQ*XLGH''*VXSSOLHV%RHLQJ 6'6  6\VWHPV'HVFULSWLRQ6HFWLRQ
UHFRPPHQGHGPLQLPXPHTXLSPHQWQHFHVVDU\IRUGLVSDWFKLQ 650  6WUXFWXUDO5HSDLU0DQXDO
WKH0DVWHU0LQLPXP(TXLSPHQW/LVW00(/,WDOVR 659  VHUYLFH
VXSSOLHVWKHSURFHGXUHVIRUGLVSDWFKZLWKDIDXOWLI 660  6\VWHP6FKHPDWLFV0DQXDO
SHUPLWWHG
:'0  :LULQJ'LDJUDP0DQXDO
7UDLQLQJ,QIRUPDWLRQ3RLQW

(DFKPDLQWHQDQFHGRFXPHQWKDVDQLQWURGXFWLRQWRVKRZ
\RXKRZWRXVHWKDWGRFXPHQW

$EEUHYLDWLRQVDQG$FURQ\PV

$00  $LUSODQH0DLQWHQDQFH0DQXDO
$61  DVVLJQHGVXEMHFWQXPEHU
$7  DGMXVWPHQWWHVW
$7$  $LU7UDQVSRUW$VVRFLDWLRQ
&/  FRPSRQHQWORFDWLRQ
&0&6  FHQWUDOPDLQWHQDQFHFRPSXWLQJV\VWHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6&+('8/('0$,17(1$1&( 816&+('8/('0$,17(1$1&(

7+528*+6723 6758&785$/'$0$*( )/,*+7)$8/76 )/,*+7)$8/76

7851$5281' *5281')$8/76
'$,/< 6(59,&(352%/(06
3/$11('&+(&.6

)$8/7
0$,17(1$1&( 6758&785$/ 5(3257,1*
3/$11,1*'$7$ 5(3$,5 0$18$/
'2&80(17 0$18$/

',63$7&+
'(9,$7,21
*8,'(
%2(,1*
7$6.&$5'6 0$,17(1$1&(
$1',1'(;(6 7,36

$,53/$1(
0$,17(1$1&( )$8/7
0$18$/ ,62/$7,21
0$18$/
-2%
6833257,1*'$7$ &203/(7(

6<67(0 :,5,1* ,//8675$7(' 67$1'$5'

6&+(0$7,&6 ',$*5$0 3$576 :,5,1*
0$18$/ 0$18$/ &$7$/2* 35$&7,&(6
0$18$/

0$,17(1$1&('2&80(176,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(1760$,17(1$1&(3/$11,1*'$7$'2&80(17
*HQHUDO  $SSHQGL[$$FFHVV'DWDDQG=RQH'LDJUDPV
 $SSHQGL[%/DERU+RXU,QIRUPDWLRQ
7KHPDLQWHQDQFHSODQQLQJGDWD03'GRFXPHQWJLYHV
JHQHUDOLQIRUPDWLRQDERXWVFKHGXOHGPDLQWHQDQFHIRUWKH
DLUSODQH2SHUDWRUVXVHWKH03'WR
GHYHORSDVFKHGXOHGPDLQWHQDQFHSURJUDP
 $SSHQGL[&7DVNV6RUWHGE\,QWHUYDO
 $SSHQGL['&URVV5HIHUHQFH,QGH[HV
 $SSHQGL[($LUSODQH'LPHQVLRQVDQG6WDWLRQ
'LDJUDPV
 $SSHQGL[)6WUXFWXUH'DPDJH7ROHUDQFH5DWLQJDQG
7KHPDLQWHQDQFHVWHHULQJJURXSWKUHH06*DQDO\]HV
HDFKFRPSRQHQW7KH06*GHWHUPLQHVLIDFRPSRQHQWLV
WUDFNHGE\F\FOHVIOLJKWKRXUVGD\VPRQWKVRU\HDUV
7KHUHVXOWVRIWKLVDQDO\VLVDUHLQWKHPDLQWHQDQFH
UHTXLUHPHQWVUHYLHZDQGSURSRVDOGRFXPHQW
5HSRUW)RUPV
 $SSHQGL[*3UHFOXGHG7DVNV
 $SSHQGL[+/LIH/LPLWHG3DUWV
 $SSHQGL[,&ULWLFDO6\VWHPV/LVW

7KHPDLQWHQDQFHUHYLHZERDUG05%XVHVWKHPDLQWHQDQFH

UHTXLUHPHQWVUHYLHZDQGSURSRVDOGRFXPHQWWRGHYHORS
WKH05%UHSRUW7KH03'GRFXPHQWLVPDGHIURPWKH05%
UHSRUW7KHDLUOLQHVFKHGXOHGPDLQWHQDQFHSURJUDPDQG
DLUOLQHMREFDUGVFRPHIURPWKH03'GRFXPHQW

7KH03'GRFXPHQWKDVWKHVHVHFWLRQVDQGDSSHQGLFHV

 6HFWLRQ6\VWHPVDQG3RZHUSODQW0DLQWHQDQFH
3URJUDP
 6HFWLRQ6WUXFWXUDO0DLQWHQDQFH3URJUDP
 6HFWLRQ=RQDO,QVSHFWLRQ3URJUDP
 6HFWLRQ6RXUFH'RFXPHQWVIRU7DVNV
 6HFWLRQ5HVHUYHGFXUUHQWO\QRWXVHG
 6HFWLRQ5HVHUYHGFXUUHQWO\QRWXVHG
 6HFWLRQ5HVHUYHGFXUUHQWO\QRWXVHG
 6HFWLRQ5HVHUYHGFXUUHQWO\QRWXVHG
 6HFWLRQ$LUZRUWKLQHVV/LPLWDWLRQVDQG
&HUWLILFDWLRQV0DLQWHQDQFH5HTXLUHPHQWV
 6HFWLRQ5HVHUYHGFXUUHQWO\QRWXVHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


0$,17(1$1&(
0$,17(1$1&( 5(48,5(0(176
67((5,1* 5(9,(:
*5283
$1$/<6,6 352326$/
'2&80(17
9RO
$7$


05%
5(3257

0$,17(1$1&( %2(,1*
0$18$/ 0$,17(1$1&(
7$6.&$5'6 3/$11,1*
$1',1'(;(6
%2(,1* %2(,1*
'$7$
'2&80(17 )$$

0$,17(1$1&( %2(,1*
0$18$/

$,5/,1(
0$,17(1$1&( $,5/,1(
6(59,&(/(77(56 352*5$0 -2%
$,5:257+,1(66',5(&7,9(6 &$5'6
9(1'250$18$/6 $,5/,1(
$,5/,1(
6(59,&(%8//(7,16

0$,17(1$1&('2&80(1760$,17(1$1&(3/$11,1*'$7$'2&80(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176)$8/75(3257,1*0$18$/
*HQHUDO &DELQ)DXOWV

7KHIDXOWUHSRUWLQJPDQXDO)50JLYHVWKHIOLJKWFUHZ 7KH&$%,1)$8/76VHFWLRQLVDOLVWRIIDXOW

DVLPSOHOLVWRIIDXOWGHVFULSWLRQV(DFKIDXOW
GHVFULSWLRQKDVDIDXOWFRGH
:KHQWKHIOLJKWFUHZILQGVDSUREOHPRQWKHDLUSODQH
WKH\ORRNIRUWKHGHVFULSWLRQRIWKHIDXOWLQGLFDWLRQ
LQWKH)507KH\ZULWHWKHIDXOWGHVFULSWLRQDQGWKH
IDXOWFRGHLQWKHORJERRN7KH\FDQDOVRVHQGWKH
LQIRUPDWLRQWRDJURXQGVWDWLRQVRPDLQWHQDQFH
SHUVRQQHOFDQSUHSDUHEHIRUHWKHDLUSODQHDUULYHV
GHVFULSWLRQVIRUPDOIXQFWLRQVWKDWWKHFDELQFUHZFDQ
VHH7KHIDXOWVDUHLQJURXSVEDVHGRQV\VWHPIXQFWLRQ
:LWKHDFKGHVFULSWLRQLVDIDXOWFRGH$QH[DPSOHRID
FDELQIDXOWLV5($',1*/,*+7'2(612778512))
7KLVLQIRUPDWLRQLVWKHVDPHDVWKHLQIRUPDWLRQLQWKH
),07KH),0DOVRKDVD),0WDVNQXPEHU6HHWKH
VHFWLRQRQWKH),0IRUPRUHLQIRUPDWLRQ

7KH)50KDVWKHVHVHFWLRQV

 2EVHUYHGIDXOWV
 &DELQIDXOWV

2EVHUYHG)DXOWV

7KH2%6(59(')$8/76VHFWLRQLVDQDOSKDEHWLFDOOLVWRI
IDXOWGHVFULSWLRQVIRUPDOIXQFWLRQVWKDWWKHIOLJKW
FUHZRUJURXQGVHUYLFHFUHZFDQVHH7KHVHDUHVRPH
H[DPSOHVRIREVHUYHGIDXOWV

 )ODSOHYHUGLIILFXOWWRRSHUDWH
 7LUHQXPEHULVZRUQ

7KLVLQIRUPDWLRQLVDOVRLQWKH),07KH),0DOVRKDVD
),0WDVNQXPEHU6HHWKHVHFWLRQRQWKH),0IRUPRUH
LQIRUPDWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.



)DXOW5HSRUWLQJ0DQXDO

())(&7,9,7<
2%6(59(')$8/76
$// 3DJH
2FW

())(&7,9,7<
&$%,1)$8/76
$// 3DJH
2FW

0$,17(1$1&('2&80(176)$8/75(3257,1*0$18$/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176',63$7&+'(9,$7,21352&('85(6*8,'(
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176',63$7&+'(9,$7,21352&('85(6*8,'(
*HQHUDO 7KH00(/KDVDWDEOHRIFRQWHQWVIRUHDFK$7$DQGDOLVW
RIGHILQLWLRQV
7KHGLVSDWFKGHYLDWLRQVSURFHGXUHVJXLGH''*WHOOV
WKHDLUOLQHRSHUDWLRQVDQGPDLQWHQDQFHRUJDQL]DWLRQV 7KH00(/FKDSWHUVDUHLQ$7$VHTXHQFH
KRZWRRSHUDWHWKHDLUSODQHLQQRQVWDQGDUG
FRQILJXUDWLRQV7KLVJXLGHKDVWKH)HGHUDO$YLDWLRQ 7KHVHDUHWKHSDUWVRIWKH00(/LWHPV
$GPLQLVWUDWLRQ)$$SHUPLWWHGQRQVWDQGDUG
FRQILJXUDWLRQVDQGKDVWKHVHVHFWLRQV  ,WHP
 ,QWHUYDO
 6HFWLRQLQWURGXFWLRQ  ,QVWDOOHG
 6HFWLRQPDVWHUPLQLPXPHTXLSPHQWOLVW00(/  5HTXLUHG
 6HFWLRQFRQILJXUDWLRQGHYLDWLRQOLVW&'/  3URFHGXUH
 6HFWLRQPLVFHOODQHRXV  5HPDUNV
 0DLQWHQDQFHSURFHGXUHRSWLRQDO
,QWURGXFWLRQ  2SHUDWLRQVSURFHGXUHRSWLRQDO

7KHLQWURGXFWLRQVHFWLRQJLYHVWKLVLQIRUPDWLRQIRUWKH 7KHLWHPLVWKHHTXLSPHQWV\VWHPFRPSRQHQWRU
''* IXQFWLRQLQVWDOOHGLQWKHDLUSODQH

 3XUSRVH 7KHLQWHUYDOVKRZVZKHQ\RXPXVWUHSDLUWKHLWHP
 %DFNJURXQG 5HSDLULQWHUYDOVDUHVSHFLILHGLQWKHIURQWSDUWRI
 'RFXPHQWFRQWHQW VHFWLRQ00(/7KHIROORZLQJOHWWHUFRGHVVKRZWKH
 0DQXDORUJDQL]DWLRQ UHSDLULQWHUYDOFDWHJRULHV

0LQLPXP(TXLSPHQW/LVW,WHPV  $DVVKRZQLQWKHUHPDUNV
 %ZLWKLQFRQVHFXWLYHFDOHQGDUGD\V
7KH)$$SXEOLVKHVDPDVWHUPLQLPXPHTXLSPHQWOLVW  &ZLWKLQFRQVHFXWLYHFDOHQGDUGD\V
00(/7KH00(/LVLQWKH''*,WLGHQWLILHVWKH  'ZLWKLQFRQVHFXWLYHFDOHQGDUGD\V
HTXLSPHQWUHTXLUHPHQWDQGSURFHGXUHVQHFHVVDU\WR
RSHUDWHWKHDLUFUDIWLQQRQVWDQGDUGFRQILJXUDWLRQV7KH 7KHQXPEHULQVWDOOHGLVWKHTXDQWLW\XVXDOO\LQVWDOOHG
RSHUDWRUFDQDGGWRWKH00(/7KHQLWLVWKHRSHUDWRU LQWKHDLUSODQH$GDVKVKRZVLIWKHTXDQWLW\FDQ
PLQLPXPHTXLSPHQWOLVW0(/7KHRSHUDWRU0(/FDQQRWEH FKDQJH
OHVVUHVWULFWLYHWKDQWKH00(/

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176',63$7&+'(9,$7,21352&('85(6*8,'(
7KHQXPEHUUHTXLUHGIRUGLVSDWFKLVWKHPLQLPXP &RQILJXUDWLRQ'HYLDWLRQ/LVW,WHPV
TXDQWLW\QHFHVVDU\IRURSHUDWLRQLI\RXPHHWWKH
FRQGLWLRQVLQWKHUHPDUNV7KH00(/PD\VKRZDGDVK 7KHFRQILJXUDWLRQGHYLDWLRQOLVW&'/LVDQDSSHQGL[
LQWKLVFROXPQWRUHIOHFWDYDULDEOHQXPEHU7KH0(/
PXVWVKRZDFWXDOTXDQWLW\UHTXLUHG
7KHSURFHGXUHFROXPQVKRZVWKHUHTXLUHPHQWIRUD
PDLQWHQDQFHRURSHUDWLRQVSURFHGXUHIRUWKHGHIHFWLYH
WRWKH)$$DSSURYHGDLUFUDIWIOLJKWPDQXDO$)07KH
&'/LQFOXGHVVHFRQGDU\DLUIUDPHDQGHQJLQHSDUWVZKLFK
\RXGRQRWKDYHWRKDYHIRUGLVSDWFK
0LVFHOODQHRXV,WHPV
LWHP7KHV\PERO0VKRZVDPDLQWHQDQFHSURFHGXUHDQG
WKHV\PERO2VKRZVDQRSHUDWLRQVSURFHGXUH 7KHPLVFHOODQHRXVLWHPVVHFWLRQFRQWDLQVDOLVWRI
RWKHULWHPVWKDWDUHXQLTXH
7KHUHPDUNVVHFWLRQVKRZVLPPHGLDWHO\EHORZWKH
LQWHUYDOLQVWDOOHGUHTXLUHGDQGSURFHGXUHFROXPQV
5HPDUNVFDQLQFOXGHH[FHSWLRQVFRQGLWLRQVRU
OLPLWDWLRQVDQGQRWHVDERXWUHOHDVLQJWKHDLUSODQH

6RPH00(/LWHPVKDYHDPDLQWHQDQFH0SURFHGXUHWKDW
\RXPXVWGRWRUHOHDVHWKHDLUSODQH,IWKHPDLQWHQDQFH
SURFHGXUHLVVLPSOHWKHSURFHGXUHVKRZVRQWKH00(/
LWHPSDJH,IWKHPDLQWHQDQFHSURFHGXUHLVFRPSOH[WKH
DLUSODQHPDLQWHQDQFHPDQXDO$00SDJHEORFN
UHIHUHQFHZLOOVKRZ

6RPH00(/LWHPVKDYHDQRSHUDWLRQV2SURFHGXUH7KH
IOLJKWFUHZPXVWGRWKLVSURFHGXUHLI\RXUDLUOLQH
RSHUDWHVWKHDLUSODQHZKHQWKLVLWHPGRHVQRWRSHUDWH

$SODFDUGLVSXWDGMDFHQWWRWKHFRQWURORULQGLFDWRU
IRUWKHLWHPDIIHFWHG8QOHVVRWKHUZLVHVSHFLILHGLQ
WKH00(/SODFDUGZRUGLQJDQGORFDWLRQZLOOEH
GHWHUPLQHGE\WKHRSHUDWRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$ ',63$7&+'(9,$7,216*8,'( 6HFWLRQ

$7$ 6WDUW3RZHU8QLW

00(/,7(0 00$,17(1$1&(352&('85(
223(5$7,216352&('85(
5(3$,5,17(59$/ ,QWHUYDO ,QVWDOOHG 5HTXLUHG 3URFHGXUH

&   0

([FHSWIRU(5RSHUDWLRQVPD\EHLQRSHUDWLYHSURYLGHGSURFHGXUHVGRQRWUHTXLUH
180%(5,167$//(' XVHRI$38
180%(55(48,5(')25
5(0$5.6 ',63$7&+
0$,17(1$1&(0

'HDFWLYDWHWKHVWDUWSRZHUXQLW$00
0$,17(1$1&(352&('85( 3RVLWLRQWKH$38VZLWFK3SDQHO2))

2SHQDQGFROODUWKHIROORZLQJFLUFXLWEUHDNHUV
$3SDQHO$8;32:(581,7&217

%3SDQHO$8;32:(581,76&8)$132:(5

&3SDQHO$38),5(6:32:(5

'3SDQHO$386&8$&

'LVFRQQHFWFDSDQGVWRZWKHEDWWHU\W\SHFRQQHFWRUWRWKH638ORFDWHGRQWKH(6KHOI
LQWKH((ED\

23(5$7,216352&('85(
1276+2:1

 '7%& -XQH

',63$7&+'(9,$7,21352&('85(6*8,'(0$67(50,1,080(48,30(17/,67,7(0

0$,17(1$1&('2&80(176',63$7&+'(9,$7,21352&('85(6*8,'(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176),0,1752'8&7,21
*HQHUDO ),0&KDSWHU6XEMHFWV

<RXXVHWKH)DXOW,VRODWLRQ0DQXDO),0WRLVRODWHDQG 7KHFKDSWHUVXEMHFWVKDYHWZRW\SHVRILQIRUPDWLRQ7KH

FRUUHFWDLUSODQHIDXOWV VXEMHFWVKDYHWKHIDXOWLVRODWLRQWDVNV7KH\DOVRKDYH
LQIRUPDWLRQWKDWKHOS\RXLGHQWLI\WKHFRUUHFWWDVN
7RLVRODWHDIDXOW\RXPXVWJHWD),0WDVNQXPEHU<RX 7KHVHDUHWKHFKDSWHUVXEMHFWV
XVHGLIIHUHQWVHFWLRQVRIWKH),0DORQJZLWKDLUSODQH
GDWDWRLGHQWLI\WKHFRUUHFWWDVNQXPEHU  +RZWRXVHWKH),0
 )DXOWFRGHLQGH[
7KH),0KDVWKHVHSDUWV  0DLQWHQDQFHPHVVDJHLQGH[
 )DXOWLVRODWLRQWDVNV
 ,QWURGXFWLRQ  7DVNVXSSRUWSDJHV
 )URQWVXEMHFWV
 &KDSWHUVXEMHFWV 7UDLQLQJ,QIRUPDWLRQ3RLQW

),0,QWURGXFWLRQ 7KHIOLJKWFUHZXVHVWKHIDXOWUHSRUWLQJPDQXDO)50

7KHLQWURGXFWLRQLVDYHU\LPSRUWDQWSDUWRIWKH),0
,WH[SODLQVWKHSDUWVRIWKH),0DQGWHOOVKRZWRXVH
WKHP
),0)URQW6XEMHFWV
WRILQGWKHIDXOWFRGH
,IWKHIOLJKWFUHZGRHVQRWVXSSO\DIDXOWFRGH\RX
FDQXVHWKHIURQWVXEMHFWVRIWKH),0WRILQGWKHWDVN
QXPEHU

<RXXVHWKHIURQWVXEMHFWVWRILQGDWDVNQXPEHU:LWK
DIDXOWGHVFULSWLRQRUDFDELQIDXOWFRGH\RXFDQILQG
ZKLFKWDVNVLQWKH),0\RXPXVWGRWRFRUUHFWWKH
IDXOW7KHVHDUHWKHIURQWVXEMHFWV

 2EVHUYHGIDXOWOLVWLQDOSKDEHWLFDORUGHU
 2EVHUYHGIDXOWOLVWLQV\VWHPRUGHU
 &DELQIDXOWOLVW
 &DELQIDXOWFRGHLQGH[

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.



)DXOW,VRODWLRQ0DQXDO



())(&7,9,7< 2%6(59(')$8/7/,67 ())(&7,9,7< +2:7286(7+(),0

$// $/3+$%(7,&$/ $// 3DJH
3DJH 'HF
2FW
())(&7,9,7< )$8/7&2'(,1'(;
())(&7,9,7< 2%6(59(')$8/7/,67 $// 3DJH
6<67(025'(5 'HF
$//
3DJH
2FW ())(&7,9,7< 0$,1706*,1'(;
3DJH
())(&7,9,7< &$%,1)$8/7/,67 $//
'HF

$//
3DJH
())(&7,9,7< 7$6.
2FW
$// 3DJH
'HF
())(&7,9,7<
&$%,1)$8/7&2'(,1'(; ())(&7,9,7< 7$6.6833257
$//
3DJH $// 3DJH
2FW 'HF

),0)521768%-(&76 ),0&+$37(568%-(&76
0$,17(1$1&('2&80(176),0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176),02%6(59(')$8/7/,676
*HQHUDO

7KH2EVHUYHG)DXOW/LVWLVDOLVWRIIDXOWGHVFULSWLRQV
IRUPDOIXQFWLRQVWKDWWKHIOLJKWFUHZRUJURXQGVHUYLFH
FUHZFDQVHH7KHILUVWOLVWKDVDOORIWKHIDXOW
GHVFULSWLRQVLQDOSKDEHWLFDORUGHU7KHVHFRQGOLVWKDV
DOORIWKHIDXOWGHVFULSWLRQVJURXSHGE\V\VWHPVDQG
WKHV\VWHPVDUHLQ$7$FKDSWHUVHFWLRQRUGHU

7KHVHDUHWKHLWHPVLQWKHOLVW

 )DXOWGHVFULSWLRQ
 )DXOWFRGH
 ),0WDVNQXPEHU

7UDLQLQJ,QIRUPDWLRQ3RLQW

:KHQ\RXXVHWKHDOSKDEHWLFDOOLVWVHOHFWWKHIDXOW
WKDWEHVWGHVFULEHVWKHPDOIXQFWLRQ

7KHVDPHIDXOWPD\KDYHPRUHWKDQRQHGHVFULSWLRQ)RU
H[DPSOHWKHIDXOWFRGHLVWKHVDPHIRUWKHVH
GHVFULSWLRQV

 *ODUHVKLHOGSDQHOOLJKWVGRQRWFRPHRQ
 /LJKWVJODUHVKLHOGSDQHOGRQRWFRPHRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

 
)$8/7,62/$7,210$18$/ )$8/7,62/$7,210$18$/
)$8/7'(6&5,37,21 )$8/7&2'( *272),07$6. )$8/7'(6&5,37,21 )$8/7&2'( *272),07$6.
$QWLFROOLVLRQVWUREHOLJKW  :$7(5:$67(3257$%/(:$7(5
GRHVQRWJRRII
*DOOH\IDXFHWOHDNVRUIDXFHWGDPDJHG 7$6.
OHIWZLQJ 7$6.
ULJKWZLQJ 7$6.
3RUWDEOHZDWHU
WDLO 7$6.
DX[LOLDU\WDQNJDOORQOHDNV 7$6.
PDLQWDQNJDOORQOHDNV 7$6.
$QWLFROOLVLRQOLJKW
V\VWHPGRHVQRWSUHVVXUL]H 7$6.
GRHVQRWFRPHRQFRUUHFWO\
WDQNGRHVQRWILOO 7$6.
OHIWZLQJ 7$6.
WDQNOHDNV 7$6.
ORZHU 7$6.
ULJKWZLQJ 7$6. :DWHUOHDNDJH
WDLO 7$6.
DIWFDUJRFRPSDUWPHQWFHLOLQJ 7$6.
XSSHU 7$6.
IRUZDUGFDUJRFRPSDUWPHQWFHLOLQJ 7$6.
GRHVQRWJRRII
ORZHU 7$6.
 :$7(5:$67(:$67(',6326$/
XSSHU 7$6.
:DVWHTXDQWLW\LQGLFDWRU
$17,6.,',123OLJKW VKRZVWDQNLVHPSW\ZKHQWDQNLVIXOO
OLJKWRQ 7$6. DWWHQGDQW
VSDQHO 7$6.
VKRZVWDQNLVIXOOZKHQWDQNLVQRWIXOO
$3&+:$51VKRZVRQ+8'FRPELQHUGLVSOD\RU+8'DQQXQFLDWRU DWWHQGDQW
VSDQHO 7$6.
SDQHO 7$6.
:DVWHWDQN
$38 GRHVQRWSUHFKDUJH 7$62
DLULQOHWGRRUGRHVQRWIXOO\RSHQRUIXOO\FORVH 7$6.
EDFNILUH 7$6. :DVWHWDQNGUDLQYDOYHKDQGOH
GRHVQRWVWDUW)$8/7OLJKWRQ 7$6. GRHVQRWGUDLQWDQNZKHQSXOOHG 7$6.
GRHVQRWVWDUW0$,17OLJKWRQ 7$6.
GRHVQRWVWDUWQR$38LQGLFDWLRQOLJKWVRQ 7$6.  $8;,/,$5<32:(581,732:(53/$17
GRHVQRWVWDUW29(563(('OLJKWRQ 7$6.
$38
ILUHIDOVHDODUP 7$6.
DLULQOHWGRRUGRHVQRWIXOO\RSHQRUIXOOFORVH 7$6.
IXHOYDOYHGRHVQRWIXOO\RSHQRUIXOO\FORVH 7$6.
YLEUDWLRQLVH[FHVVLYH 7$6.
RLOFRQVXPSWLRQKLJKW 7$6.
VXUJHVGXULQJPDLQHQJLQHVWDUW 7$6.
$38VWDUWHUJHQHUDWRU
YLEUDWLRQLVH[FHVVLYH 7$6.
QRLV\GXULQJ$38VWDUW 7$6.
$38%,7(,123PHVVDJHVKRZVRQWKH&'8 7$6.
 $8;,/,$5<32:(581,7(1*,1(
$38%277/(',6&+$5*('OLJKWIRUWKH$38ILUHH[WLQJXLVKLQJ $38
V\VWHP GRHVQRWVWDUW)$8/7OLJKWRQ 7$6.
OLJKWRQ 7$6. GRHVQRWVWDUW0$,17OLJKWRQ 7$6.
GRHVQRWVWDUWQR$38LQGLFDWLRQOLJKWVRQ 7$6.
$38'(7,123OLJKW GRHVQRWVWDUW29(563(('OLJKWRQ 7$6.
OLJKWRQ 7$6. RLOFRQVXPSWLRQKLJK 7$6.

$38)$8/7OLJKW
OLJKWRQ$38KDGDSURWHFWLYHVKXWGRZQ 7$6.
OLJKWRQ$38RSHUDWHVZLWKRXWDSURWHFWLYHVKXWGRZQ 7$6.

())(&7,9,7<
())(&7,9,7<
2%6(59(')$8/7/,67 2%6(59(')$8/7/,67
$// $/3+$%(7,&$/ $// 6<67(025'(5
3DJH 3DJH
2FW )HE

2%6(59(')$8/7/,67,1$/3+$%(7,&$/25'(5 2%6(59(')$8/7/,67,16<67(025'(5

0$,17(1$1&('2&80(176),02%6(59(')$8/7/,676
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176),0&$%,1)$8/7/,67
*HQHUDO 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KH&DELQ)DXOW/LVWLVDOLVWRIIDXOWGHVFULSWLRQV :KHQ\RXXVHWKHFDELQIDXOWOLVWVHOHFWWKHIDXOW
IRUPDOIXQFWLRQVWKDWWKHFDELQFUHZILQGV7KHIDXOWV WKDWEHVWGHVFULEHVWKHPDOIXQFWLRQ
DUHLQJURXSVEDVHGRQV\VWHPIXQFWLRQ
7KH),0FDELQIDXOWOLVWDQGWKH)50FDELQIDXOWV
7KHVHDUHWKHLWHPVLQWKHOLVW VHFWLRQKDYHWKHVDPHLQIRUPDWLRQH[FHSWWKH),0FDELQ
IDXOWOLVWDOVRKDVWKH),0WDVNQXPEHU
 )DXOWGHVFULSWLRQ
 )DXOWFRGH
 ),0WDVNQXPEHU

&DELQ)DXOW&RGH6WUXFWXUH

(DFKFDELQIDXOWFRGHVWDUWVZLWKDOHWWHU7KLVWHOOV
\RXWKDWWKHIDXOWLVQRWLQDIOLJKWUHODWHGV\VWHP
,WVKRZVWKHJHQHUDOFDELQIXQFWLRQ)RUH[DPSOH/LV
WKHOHWWHUIRUOLJKWVIDXOWV

7KHVHFRQGDQGWKLUGGLJLWVVKRZWKHW\SHRIFRPSRQHQW
)RUH[DPSOHLVWKHFRGHIRUDUHDGLQJOLJKW

7KHIRXUWKDQGILIWKGLJLWVVKRZWKHW\SHRISUREOHP
)RUH[DPSOHLVWKHFRGHIRUDQLQRSHUDWLYH
FRPSRQHQW

7KHODVWWKUHHGLJLWVDUHQRWVSHFLILHG7KHFDELQFUHZ
XVHVWKHVHGLJLWVWRHQWHUDORFDWLRQLGHQWLILHUVXFK
DVDVHDWQXPEHURUJDOOH\ORFDWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

GRHVQRWWXUQRII / 7$6.

GRHVQRWWXUQRQ  / 7$6.

&DOOOLJKWDERYHWKHSDVVHQJHUVHDW
GRHVQRWWXUQRII / 7$6.
GRHVQRWWXUQRQ  / 7$6.

&HLOLQJOLJKWELQPRXQWHG
GRHVQRWWXUQRII / 7$6.
GRHVQRWWXUQRQ  / 7$6.

&HLOLQJOLJKWUHFHVVHG
GRHVQRWWXUQRII / 7$6.
GRHVQRWWXUQRQ  / 7$6.

ORFDWLRQ
/,*+76
6<67(0
)81&7,21

5HDGLQJOLJKW
GRHVQRWWXUQRII / 7$6.
GRHVQRWWXUQRQ  / 7$6.

&$%,1)$8/7 :LQGRZOLJKW
7<3,&$/ GRHVQRWWXUQRII
GRHVQRWWXUQRQ 
/
/
7$6.
7$6.

&$%,1)$8/7/,67

0$,17(1$1&('2&80(176),0&$%,1)$8/7/,67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176),0&$%,1)$8/7&2'(,1'(;
*HQHUDO

7KH&DELQ)DXOW&RGH,QGH[LVDQDOSKDEHWLFDOOLVWRI
IDXOWFRGHVIRUPDOIXQFWLRQVWKDWWKHFDELQFUHZFDQ
VHH<RXXVHWKHLQGH[ZKHQ\RXKDYHDFDELQIDXOW
FRGH

7KHLQGH[KDVWKHVHLWHPV

 )DXOWFRGH
 %ULHIGHVFULSWLRQ
 ),0WDVNQXPEHU

7UDLQLQJ,QIRUPDWLRQ3RLQW

7KH&DELQ)DXOW&RGH,QGH[KDVWKHVDPHGDWDDVWKH
&DELQ)DXOW/LVW7KHRQO\GLIIHUHQFHLVWKHIDXOWVDUH
LQDOSKDQXPHULFDORUGHURIWKHIDXOWFRGHV7KH\DUH
QRWLQJURXSVE\V\VWHPIXQFWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/

)$8/7&2'( )$8/7'(6&5,37,21 *272),07$6.

/ (QWU\OLJKWGRHVQRWWXUQRQ 7$6.
/ *DOOH\FHLOLQJOLJKWGRHVQRWWXUQRII 7$6.
/ *DOOH\FHLOLQJOLJKWGRHVQRWWXUQRQ 7$6.
/ /DYDWRU\OLJKWGRHVQRWWXUQRII 7$6.
/ /DYDWRU\OLJKWGRHVQRWWXUQRII 7$6.
/ 1LJKWOLJKWGRHVQRWWXUQRII 7$6.
/ 1LJKWOLJKWGRHVQRWWXUQRQ 7$6.
/ 5HDGLQJOLJKWGRHVQRWWXUQRII 7$6.
/ 5HDGLQJOLJKWGRHVQRWWXUQRQ 7$6.
/ :LQGRZOLJKWGRHVQRWWXUQRII 7$6.

)$8/7&2'( )$8/7'(6&5,37,21 *272),07$6.

/ 5HDGLQJOLJKWGRHVQRWWXUQRII 7$6.

/ 5HDGLQJOLJKWGRHVQRWWXUQRQ 7$6.
&$%,1)$8/7&2'(
7<3,&$/ 0 &HLOLQJSDQHOZHW 7$6.
0 &ORVHWGRRUGDPDJHG $,5/,1(0(7+2'
0 &ORVHWGRRUKDUGWRFORVH $,5/,1(0(7+2'
0 &ORVHWGRRUKDUGWRRSHQ $,5/,1(0(7+2'

())(&7,9,7<
&$%,1)$8/7&2'(,1'(;
$// 3DJH
-XQ

0$,17(1$1&('2&80(176),0&$%,1)$8/7&2'(,1'(;
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176),0)$8/7&2'(,1'(;
*HQHUDO

(DFK)$8/7&2'(,1'(;LVDQXPHULFDOOLVWRIDOOIDXOW
FRGHVIRUDFKDSWHU(DFKIDXOWFRGHKDVDIDXOW
GHVFULSWLRQDQGD),0WDVNQXPEHU

)DXOW&RGH6WUXFWXUH

$OOIDXOWFRGHVKDYHHLJKWGLJLWV7KHFRGHVKDYHWZR
EODQNVSDFHVWRPDNHWKHPHDVLHUWRUHDG

7KHILUVWWKUHHGLJLWVRIWKHIDXOWFRGHDUHWKH$7$
FKDSWHUSOXVWKHVXEMHFW)RUH[DPSOHLV
FKDSWHU$38VXEMHFW VWDUW

7KHPLGGOHWKUHHGLJLWVDUHDXQLTXHQXPEHUIRUWKH
IDXOW

7KHODVWWZRGLJLWVDUHDORFDWLRQLGHQWLILHURUDQ
HQJLQHLGHQWLILHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/

)$8/7&2'( )$8/7'(6&5,37,21 *272),07$6.

 $38DLULQOHWGRRUGRHVQRWIXOO\RSHQRUIXOO\FORVH 7$6.

 $38YLEUDWLRQLVH[FHVVLYH 7$6.
 $38VWDUWHUJHQHUDWRUQRLV\GXULQJ$38VWDUW 7$6.
 $38)$8/7OLJKWOLJKWRQ$38KDGDSURWHFWLYH
VKXWGRZQ 7$6.

)$8/7&2'( )$8/7'(6&5,37,21 *272),07$6.

 $38GRHVQRWVWDUW)$8/7OLJKWRQ 7$6.

 $3829(563(('OLJKWOLJKWRQ$38KDGDSURWHFWLYH
VKXWGRZQ 7$6.
 $38GRHVQRWVWDUW)$8/7OLJKWRQ 7$6.
 $38GRHVQRWVWDUW0$,17OLJKWRQ 7$6.
 $38GRHVQRWVWDUW29(563(('OLJKWRQ 7$6.
 $38GRHVQRWVWDUWQR$38LQGLFDWLRQOLJKWVRQ 7$6.
 $38RLOFRQVXPWSWLRQKLJK 7$6.
 6PRNHRUIODPHLQ$38H[KDXVW 7$6.
 6XUJHRI$38GXULQJPDLQHQJLQHVWDUW 7$6.
 $38IXHOYDOYHGRHVQRWIXOO\RSHQRUIXOO\FORVH 7$6.
 %DWWHU\YROWDJHOHVVWKDQYROWVZLWK%$7VZLWFK
DW21DQGQR$&SRZHURQWKHFKDUJHU 7$6.
 %DWWHU\YROWDJHOHVVWKDQYROWVZLWK$&SRZHU
WKHFKDUJHU 7$6.
 '8$/%/(('OLJKWOLJKWRQ$38%/(('VZLWFKDW2)) 7$6.
 'XFWSUHVVXUHLQGLFDWLRQORZRUQRWFRQVWDQWGXULQJ
PDLQHQJLQHVWDUWWKH$38LVWKHEOHHGVRXUFH 7$6.
 'XFWSUHVVXUHLQGLFDWLRQORZRUQRWFRQVWDQWGXULQJ
SDFNSHUDWLRQWKH$38LVWKHEOHHGVRXUFH 7$6.
 'XFWSUHVVXUHLQGLFDWLRQ]HURWKH$38LVWKHEOHHG
VRXUFH 7$6.
 $38%,7(,123PHVVDJHVKRZVRQWKH&'8 7$6.

())(&7,9,7<
)$8/7&2'(,1'(;
$// 3DJH
)HE

0$,17(1$1&('2&80(176),0)$8/7&2'(,1'(;
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176),00$,17(1$1&(0(66$*(,1'(;
*HQHUDO

$0$,17(1$1&(0(66$*(,1'(;LVLQWKHIURQWRIWKH
FKDSWHUIRUFRPSRQHQWVFRYHUHGLQWKDWFKDSWHUWKDW
KDYH%,7(

$PDLQWHQDQFHPHVVDJHLVWKHIDXOWLQGLFDWLRQWKDW\RX
JHWIURP%,7(,WFDQKHOS\RXILQGWKHFDXVHRIDQ
REVHUYHGIDXOW7KHVHDUHPDLQWHQDQFHPHVVDJHV

 $QDOSKDQXPHULFFRGH
 $JURXSRIHQJOLVKZRUGVZLWKRUZLWKRXWDQ
DVVRFLDWHGQXPHULFFRGH
 $VSHFLILFOLJKWRUOLJKWV

7KH0$,17(1$1&(0(66$*(,1'(;LVDOLVWLQ
DOSKDQXPHULFRUGHURI%,7(LQGLFDWLRQVJURXSHGE\/58
DQGV\VWHP(DFKPHVVDJHKDVD),0WDVNQXPEHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/

$1$/3+$180(5,&&2'(
/586<67(0 0$,17(1$1&(0(66$*( *272),07$6.

$38 67$57&219(57(581,76+2:6+,*+ 7$6.

7(03(5$785(
$38 67$57&219(57(56+2:692/7$*( 7$6.
5(*8/$725)$,/('
$38 67$5732:(581,76+2:667$57 7$6.
6<67(0,123
$38 67$57&219(57(581,76+2:667$57 7$6.
6<67(0,123
$38 67$5732:(581,76+2:6+,*+ 7$6.
7(03(5$785(

$*52832)(1*/,6+:25'6
/586<67(0 0$,17(1$1&(0(66$*( *272),07$6.

&$%35(66&21 $&)75$7(+, 7$6.

&$%35(66&21 $8720$1(5525 7$6.

&$%35(66&21 &$%',))35(66+, 7$6.

$63(&,),&/,*+7
/586<67(0 0$,17(1$1&(0(66$*( *272),07$6.

$7&/;3'5 $/7 7$6.

$7&/;3'5 %27 7$6.

$7&/;3'5 '$7$,1 7$6.

())(&7,9,7<
0$,1706*,1'(;
$//

3DJH
2&7

0$,17(1$1&('2&80(176),00$,17(1$1&(0(66$*(,1'(;
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176),0),07$6.6
*HQHUDO
),0WDVNVKDYHWKHSURFHGXUHVWRILQGDQGFRUUHFW
IDXOWV7KHWDVNVDUHJURXSHGDWWKHFKDSWHUVHFWLRQ
OHYHO7KHVHWDVNVDUHLQQXPHULFDORUGHUE\WDVN
QXPEHU
7KHWDVNLGHQWLILHULVWKHFKDSWHUVHFWLRQDQGDWKUHH
GLJLW7$6.QXPEHU
7KHWDVNKDVDQLQLWLDOHYDOXDWLRQSDUDJUDSKWKDWWHOOV
\RXLIWKHIDXOWLVLQWHUPLWWHQW
$IWHUWKHLQLWLDOHYDOXDWLRQSDUDJUDSKWKHWDVNKDV
VHYHUDOVWHSV7KHVWHSVPD\XVHVHYHUDOGLIIHUHQW
SDWKV:KHQ\RXDUHDWWKHHQGRIDSDWKWKDWWDVNVD\V
WKDW\RXFRUUHFWHGWKHIDXOW
7UDLQLQJ,QIRUPDWLRQ3RLQW

(DFK),0WDVNDVVXPHVWKDWWKHFDXVHRIWKHIDXOWLVD :KHQDVWHSLQD),0WDVNVD\VWRGRDZLULQJFKHFN
VLQJOHIDLOXUH WKHVHDUHWKHW\SHVRIFKHFNV\RXPXVWGRIRUWKH
VSHFLILHGSLQV
),07DVN6WUXFWXUH
 &RQWLQXLW\IURPFRQWDFWWRFRQWDFW
(DFK),0WDVNKDVVRPHRUDOORIWKHVHSDUDJUDSKV  6KRUWVEHWZHHQWKHFRQWDFWV
 6KRUWVIURPHDFKFRQWDFWWRJURXQG
 7DVNQXPEHUDQGWDVNWLWOH
 7DVNGHVFULSWLRQ $VWHSLQD),0WDVNPD\DVN\RXWRGRDWDVNLQWKH
 3RVVLEOHFDXVHV $00$IWHU\RXGRWKH$00WDVN\RXPXVWJREDFNWRWKH
 &LUFXLWEUHDNHUV ),0DQGFRPSOHWHWKH),0WDVN
 5HODWHGGDWD
 ,QLWLDOHYDOXDWLRQ
 )DXOWLVRODWLRQSURFHGXUH

7KHVHDUHWKHDVVXPHGFRQGLWLRQVDWWKHVWDUWRIWKH
WDVN

 ([WHUQDOHOHFWULFDOSRZHULVRQ
 +\GUDXOLFSRZHUDQGSQHXPDWLFSRZHUDUHRII
 (QJLQHVDUHVKXWGRZQ
 &LUFXLWEUHDNHUVIRUWKHV\VWHPDUHFORVHG
 1RHTXLSPHQWLQWKHV\VWHPLVGHDFWLYDWHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7$6.180%(5$1'
7$6.7,7/(

7$6.  

'(6&5,37,21 )$8/7,62/$7,210$18$/ )$8/7,62/$7,210$18$/

5(/$7('
'$7$
0$,17(1$1&(
0(66$*( ,1,7,$/
(9$/8$7,21

3266,%/(
&$86(6

&,5&8,7 )$8/7
%5($.(56 ,62/$7,21
352&('85(

())(&7,9,7< ())(&7,9,7<
7$6.6 7$6.6
$// 3DJH $// 3DJH
-XQH -XQH

0$,17(1$1&('2&80(176),0),07$6.6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176),07$6.68332573$*(6
*HQHUDO

)RUHDFKVXEVXEV\VWHPVRPHWDVNVKDYH7$6.6833257
SDJHV7KHVHSDJHVKDYHGDWDWRKHOS\RXGRWKH),0
WDVNV7KLVGDWDPD\LQFOXGHVLPSOLILHGVFKHPDWLFVRU
FRPSRQHQWDFFHVVLOOXVWUDWLRQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

' '% '

9$& 
$ 
75$16)(5
%86 % 
&  3(/(&75,&$/
 '$ 0(7(56%$77(5<$1'
&
 638)$13:5571 *$//(<32:(502'8/(
$3867$57
&219(57(5  638)$13:5
$ '%
332:(5 067$5732:(5 
',675,%87,213$1(/ 81,7
067$1'%<32:(5
&21752//(581,7
'%

 '& '%
67$57(1$%/(  % 67$57(1$%/(
6&8%,7(  ' 6&8%,7(
6&8%,7(  ' 6&8%,7(
6&8%,7(  ' 6&8%,7(
'$
6&8%,7(  & 6&8%,7(
'&
'%
 '&&2173:5
 '&3:5571 ' ,*1,7,21287387

6$386: 067$57 0$38(/(&7521,&

&219(57(581,7 &21752/81,7
$)7&$5*2%$<

'3 3
 
 

$38),5(:$// <$$0
',6&211(&7 ,*1,7,2181,7
:'0 67$
 $8;,/,$5<32:(581,7

660


$38,JQLWLRQDQG6WDUW6\VWHP6LPSOLILHG6FKHPDWLF
)LJXUH6KHHWRI

())(&7,9,7<
7$6.6833257
$// 3DJH
2FW

0$,17(1$1&('2&80(176),07$6.68332573$*(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176+2:7286(7+(),0,1752'8&7,21
*HQHUDO

7KHUHLVDKRZWRXVHWKHIDXOWLVRODWLRQPDQXDO),0
LQIURQWRIHDFK$7$FKDSWHU7KHVHDUHVLPSOLILHG
ILJXUHVWKDWJLYHDVXPPDU\RIKRZWRXVHWKH),0DQG
WKHDLUSODQHV\VWHPV%,7(WRLVRODWHDIDXOW7KHVL[
ILJXUHVDUH

 )LJXUH%DVLFIDXOWLVRODWLRQSURFHVV
 )LJXUH*HWWLQJIDXOWLQIRUPDWLRQIURP%,7(
 )LJXUH)LQGLQJWKHIDXOWLVRODWLRQWDVNLQWKH
),0
 )LJXUH'RLQJWKHIDXOWLVRODWLRQWDVN
 )LJXUH6XEMHFWVDWWKHIURQWRI),0
 )LJXUH6XEMHFWVLQHDFK),0FKDSWHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/

7KHVHDUHWKHSRVVLEOHW\SHV
RIIDXOWV

2EVHUYHG)DXOW
 &DELQ)DXOW
<28),1'$)$8/7:,7+
$1$,53/$1(6<67(0 ,I\RXDUHRQWKHDLUSODQHDQG\RX
KDYHWKH%,7(PDQXDO\RXFDQXVH
WKH%,7(PDQXDOWRJHWPRUH
LQIRUPDWLRQ

RU

8VHWKHIDXOWGHVFULSWLRQWRILQG
WKHIDXOWLVRODWLRQWDVN7KHWDVNV
WKDWDUH%,7(SURFHGXUHVDUHLQWKH
%,7(PDQXDO

)RUGHWDLOVVHH)LJXUH
),0

),0
GH[LQ
8VHWKHIDXOWFRGHRUGHVFULSWLRQ DXOW
WRILQGWKHWDVNLQWKH),0 )DXOW
*2727+( 7KHUHLVDQXPHULFDOOLVWRIIDXOW GXUH
)$8/7,62/$7,21 FRGHVLQHDFKFKDSWHU7KHUHDUH
7$6.,17+(),0 OLVWVRIIDXOWGHVFULSWLRQVDWWKH KH
IURQWRIWKH),0

)RUGHWDLOVVHH)LJXUH EHD
JKW
KH

JLYH
7KHIDXOWLVRODWLRQWDVNH[SODLQV LW XOW G
KRZWRILQGWKHFDXVHRIWKHIDXOW RUWKH WKH
)2//2:7+(67(362)7+( :KHQWKHWDVNVD\V<RXFRUUHFWHG RWKH QHLI
WKHIDXOW\RXNQRZWKDWWKHIDXOW VWHSV
)$8/7,62/$7,217$6. LVJRQH
VWR
RQRI
)RUGHWDLOVVHH)LJXUH ),0

)DXOW,VRODWLRQ3URFHVV XOW
DQG
)LJXUH WKH
SV
())(&7,9,7<
+2:7286(7+(),0
$// W
3DJH WHU OOVD\
-XQ WKH
*HWWLQJ)DXOW,QIRUPDWLRQIURP%,7( DQFH HPHQW
)LJXUH HQWVWR
DSSHQV
())(&7,9,7<
+2:7286(7+(),0
$//
$//

3DJH
-XQ
WKHQ
)LQGLQJWKH)DXOW,VRODWLRQ7DVNLQWKH),0

)LJXUH
7
())(&7,9,7<
+2:7286(7+(),0 UH
5


$//
,67
3DJH
DJH 
0DU 

'RLQJWKH)DXOW,VRODWLRQ7DVN ,1'(;
3DJH
)LJXUH -XQ

())(&7,9,7<
+2:7286(7+(),0
$// LQ
3DJH VN
-XQ 

6XEMHFWVDW)URQWRI),0 

)LJXUH 33257
())(&7,9,7< 3DJH

$//
+2:7286(7+(),0 XQ 

3DJH HGWR
-XQ RQ

6XEMHFWVLQ(DFK),0&KDSWHU
)LJXUH
())(&7,9,7<

$//
+2:7286(7+(),0
3DJH
-XQ

0$,17(1$1&('2&80(176+2:7286(7+(),0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
)LJXUH%DVLF)DXOW,VRODWLRQ3URFHVV

)LJXUHVKRZVWKHEDVLFIDXOWLVRODWLRQSURFHVV7KHVH
DUHWKHWKUHHPDLQVWHSVWRWKHIDXOWLVRODWLRQ
SURFHVV

 )LQGDIDXOW
 *RWRWKHIDXOWLVRODWLRQWDVN
 'RWKHVWHSVRIWKHIDXOWLVRODWLRQWDVN

7KHLQIRUPDWLRQDWWKHULJKWRIWKHVWHSJLYHVPRUH
LQIRUPDWLRQRQKRZWRFRPSOHWHWKHVWHS

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/

7KHVHDUHWKHSRVVLEOHW\SHV
RIIDXOWV
<28),1'$)$8/7:,7+
$1$,53/$1(6<67(0
2EVHUYHG)DXOW
 &DELQ)DXOW

,I\RXGLGD%,7(WHVWDOUHDG\
WKHQ\RXFDQJRGLUHFWO\WRWKH
86(%,7(72*(7 IDXOWLVRODWLRQSURFHGXUHIRU
WKHPDLQWHQDQFHPHVVDJH
025(,1)250$7,21
)RUGHWDLOVVHH)LJXUH

*2727+(
)$8/7,62/$7,21
7$6.,17+(),0
8VHWKHIDXOWFRGHRUGHVFULSWLRQ
WRILQGWKHWDVNLQWKH),0
7KHUHLVDQXPHULFDOOLVWRIIDXOW
FRGHVLQHDFKFKDSWHU7KHUHDUH
OLVWVRIIDXOWGHVFULSWLRQVDWWKH
IURQWRIWKH),0
)RUGHWDLOVVHH)LJXUH

)2//2:7+(67(362)7+(
)$8/7,62/$7,217$6.
7KHIDXOWLVRODWLRQWDVNH[SODLQV
KRZWRILQGWKHFDXVHRIWKHIDXOW
:KHQWKHWDVNVD\V<RXFRUUHFWHG
WKHIDXOW\RXNQRZWKDWWKHIDXOW
LVJRQH
)RUGHWDLOVVHH)LJXUH

%DVLF)DXOW,VRODWLRQ3URFHVV
)LJXUH

())(&7,9,7<
+2:7286(7+(),0
$//
3DJH
-XQ

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
)LJXUH*HWWLQJ)DXOW,QIRUPDWLRQIURP%,7(

)LJXUHVKRZVKRZWRXVH%,7(LQIRUPDWLRQ%,7(
LQIRUPDWLRQFDQVKRZDV

 $FRGH
 $WH[WQXPEHUWH[WPHVVDJH
 $OLJKW
 $QLQGLFDWLRQ

)LQGWKHIDXOWLVRODWLRQWDVNIRUDPDLQWHQDQFHPHVVDJH
LQWKH0DLQWHQDQFH0HVVDJH,QGH[IRUWKHUHODWHGV\VWHP
FKDSWHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/

6RPHDLUSODQHV\VWHPVKDYHEXLOWLQWHVWHTXLSPHQW%,7(,I\RX

ILQGDIDXOWZKHQ\RXGRD%,7(WHVWLWZLOOJLYH\RXDPDQLWHQDQFH
PHVVDJH

$PDLQWHQDQFHPHVVDJHFDQEHDQ\RIWKHVH

DFRGH
DWH[WQXPEHU
DOLJKW
DQLQGLFDWLRQ

7RILQGWKHIDXOWLVRODWLRQWDVNIRUDPDLQWHQDQFHPHVVDJHJRWRWKH
0DLQWHQDQFH0HVVDJH,QGH[LQWKHFKDSWHUIRUWKHDSSOLFDEOHV\VWHP
,I\SXGRQRWNQRZZKLFKFKDSWHULVWKHFRUUHFWRQHORRNDWWKHOLVWDWWKH
IURQWRIDQ\0DLQWHQDQFH0HVVDJH,QGH[)RUHDFKV\VWHPRUFRPSRQHQW/58
WKDWKDV%,7(WKLVOLVWJLYHVWKHFKDSWHUQXPEHUZKHUH\RXFDQILQGWKH
,QGH[WKDW\RXQHHG

)LQGWKHPDLQWHQDQFHPHVVDJHIRUWKHDSSOLFDEOH/58RUV\VWHPLQWKH,QGH[
7KHQILQGWKHWDVNQXPEHURQWKHVDPHOLQHDVWKHPDLQWHQDQFHPHVVDJH
*RWRWKHWDVNLQWKH),0DQGGRWKHVWHSVRIWKHWDVNVHH)LJXUH

*HWWLQJ)DXOW,QIRUPDWLRQIURP%,7(
)LJXUH

())(&7,9,7<
+2:7286(7+(),0
$//
3DJH
2FW

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
)LJXUH)LQGLQJ7KH)DXOW,VRODWLRQ7DVN,Q7KH),0

)LJXUHVKRZVZKDW\RXQHHGWRGRWRILQGWKHIDXOW
LVRODWLRQWDVNLQWKH),07KHOHIWVLGHRIILJXUH
DVNVWKHTXHVWLRQ,)<28+$9(7KHULJKWVLGH7+(1
'27+,672),1'7+(7$6.,17+(),0WHOOV\RXKRZWR
ILQGWKHWDVNLQWKH),0

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/

,)<28+$9( 7+(1'27+,672),1'7+(7$6.,17+(),0

7KHILUVWWZRGLJLWVRIWKHIDXOWFRGHDUHWKH),0
FKDSWHUWKDW\RXQHHG*RWRWKH)DXOW&RGH,QGH[LQ
WKDWFKDSWHUDQGILQGWKHIDXOWFRGH,IWKHIDXOW
FRGHVWDUWVZLWKDOHWWHUWKHQJRWRWKH&DELQ)DXOW
)$8/7&2'( &RGH,QGH[DWWKHIURQWRIWKH),0
 )LQGWKHWDVNQXPEHURQWKHVDPHOLQHDVWKH
IDXOWFRGH*RWRWKHWDVNLQWKH),0DQGGRWKH
VWHSVLQWKHWDVNVHH)LJXUH

*RWRWKH2EVHUYHG)DXOW/LVWDWWKHIURQWRIWKH
),0DQGILQGWKHEHVWGHVFULSWLRQIRUWKHIDXOW
2%6(59(')$8/7
'(6&5,37,21  )LQGWKHWDVNQXPEHURQWKHVDPHOLQHDVWKHIDXOW
GHVFULSWLRQ*RWRWKHWDVNLQWKH),0DQGGRWKH
VWHSVRIWKHWDVNVHH)LJXUH

*RWRWKH&DELQ)DXOW/LVWDWWKHIURQWRIWKH),0
DQGILQGWKHEHVWGHVFULSWLRQIRUWKHIDXOW
&$%,1)$8/7
'(6&5,37,21  )LQGWKHWDVNQXPEHURQWKHVDPHOLQHDVWKHIDXOW
GHVFULSWLRQ*RWRWKHWDVNLQWKH),0DQGGRWKH
VWHSVRIWKHWDVNVHH)LJXUH

*RWRWKH0DLQWHQDQFH0HVVDJH,QGH[LQWKHFKDSWHU
IRUWKH/58WKHIURQWRIHDFK,QGH[JLYHV\RXWKH
0$,17(1$1&( FKDSWHUQXPEHUIRUDOO/58V)LQGWKHPDLQWHQDQFH
0(66$*( PHVVDJHLQWKH,QGH[
)520%,7(  )LQGWKHWDVNQXPEHURQWKHVDPHOLQHDVWKH
PDLQWHQDQFHPHVVDJH*RWRWKHWDVNLQWKH),0
DQGGRWKHVWHSVLQWKHWDVNVHH)LJXUH

)LQGLQJWKH)DXOW,VRODWLRQ7DVNLQWKH),0
)LJXUH

())(&7,9,7<
+2:7286(7+(),0
$//
3DJH
0DU

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
)LJXUH'RLQJ7KH)DXOW,VRODWLRQ7DVN

)LJXUHVKRZVWKHVHVWHSVLQHDFK),0WDVN

 $VVXPHGFRQGLWLRQVDWWKHVWDUWRIWKHWDVN
 3RVVLEOHFDXVHV
 ,QLWLDOHYDOXDWLRQSDUDJUDSK
 )DXOWLVRODWLRQVWHSV

7KHSRVVLEOHFDXVHVVKRZDOLVWRI/58VDQGWKLQJVWKDW
FDQFDXVHWKHSUREOHP7KHIDXOWLVRODWLRQVWHSVKHOS
WRILQGZKLFKRIWKHSRVVLEOHFDXVHVPDGHWKHIDXOW
RFFXU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/

$6680('&21',7,216$767$572)7$6.
([WHUQDOHOHFWULFDOSRZHULV21
+\GUDXOLFSRZHUDQGSQHXPDWLFSRZHUDUH2))
(QJLQHVDUHVKXWGRZQ
&LUFXLWEUHDNHUVIRUWKHV\VWHPDUHFORVHG
1RHTXLSPHQWLQWKHV\VWHPLVGHDFWLYDWHG

3266,%/(&$86(6
7KHOLVWRISRVVLEOHFDXVHVKDVWKHPRVWOLNHO\FDXVHILUVWDQG
WKHOHDVWOLNHO\FDXVHODVW
<RXFDQXVHWKHPDLQWHQDQFHUHFRUGVRI\RXUDLUOLQHWRGHWHUPLQHLI
WKHIDXOWRFFXUUHGEHIRUH&RPSDUHWKHOLVWRISRVVLEOHFDXVHVWR
WKHSDVWPDLQWHQDQFHDFWLRQV7KLVZLOOKHOSSUHYHQWUHSHWLWLRQRI
WKHVDPHPDLQWHQDQFHDFWLRQV

,1,7,$/(9$/8$7,213$5$*5$3+
7KHSULPDU\SXUSRVHRIWKH,QLWLDO(YDOXDWLRQSDUDJUDSKDWWKH
VWDUWRIWKHWDVNLVWRKHOS\RXILQGRXWLI\RXFDQGHWHFWWKH
IDXOWULJKWQRZ
,I\RXFDQQRWGHWHFWWKHIDXOWULJKWQRZWKHQWKHWDVNFDQQRW
LVRODWHWKHIDXOWDQGWKH,QWLDO(YDOXDWLRQSDUDJUDSKZLOOVD\
WKDWWKHUHZDVDQLQWHUPLWWHQWIDXOW
,I\RXKDYHDQLQWHUPLWWHQWIDXOW\RXPXVWXVH\RXUMXGJHPHQW

DQGIROORZ\RXUDLUOLQH
VSROLF\WRGHFLGHZKLFKPDLQWHQDQFH
DFWLRQWRWDNH7KHQPRQLWRUWKHDLUSODQHWRVHHLIWKHIDXOW
KDSSHQVDJDLQRQVXEVHTXHQWIOLJKWV
7KH,QLWLDO(YDOXDWLRQSDUDJUDSKFDQDOVRKHOS\RXILQGRXWZKLFK
)DXOW,VRODWLRQ3URFHGXUHWRXVHWRLVRODWHDQGFRUUHFWWKHIDXOW

)$8/7,62/$7,2167(36
'RWKHVWHSVRIWKHWDVNLQWKHVSHFLILHGRUGHU7KH,IWKHQ
VWDWHPHQWVWKDW\RXVHHZLOOJXLGH\RXDORQJWKHFRUUHFWSDWK
:KHQ\RXDUHDWWKHHQGSRLQWRIWKHSDWKWKHVWHSVD\V<RX
FRUUHFWHGWKHIDXOW&RPSOHWHWKHVWHSDQGH[LWWKHSURFHGXUH

'RLQJWKH)DXOW,VRODWLRQ7DVN
)LJXUH

())(&7,9,7<
+2:7286(7+(),0
$//
3DJH
-XQ

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
)LJXUH6XEMHFWVDW)URQWRI),0

)LJXUHVKRZVZKDWLQIRUPDWLRQLVDWWKHIURQWRIWKH
IDXOWLVRODWLRQPDQXDO7KHIURQWVXEMHFWVDOVRVKRZLQ
WKH),0LQWURGXFWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/



)$8/7,62/$7,210$18$/

$OSKDEHWLFDOOLVWRIDOO
REVHUYHGIDXOWV*LYHVWKH ())(&7 ,9,7< 2%6(59(')$8/7/,67
IDXOWFRGHDQGD),0WDVN $//
$/3+$% (7,&$ /
3 DJH
2FW 
QXPEHUIRUHDFKIDXOW
())(&7, 9,7< 2%6(59(')$8/7/,67
6<67(0 25'(5
$//  3 DJH
2FW 
/LVWRIDOOREVHUYHGIDXOWVLQ
RUGHUE\$7$V\VWHP*LYHVWKH ())( &7 ,9,7< &$%,1)$8/7/,67
$// 3 DJH
IDXOWFRGHDQG),0WDVNQXPEHU 2FW 

IRUHDFKIDXOW ())(&7 ,9,7< &$%,1)$8/7&2'(,1'(;

$// 3DJ H
2FW 

/LVWRIDOOFDELQIDXOWVDUUDQJHG
LQRUGHUE\FDELQIXQFWLRQ*LYHV
WKHIDXOWFRGHDQG),0WDVNQXPEHU
IRUHDFKIDXOW
1XPHULFDOOLVWRIDOOFDELQIDXOWVLQ
RUGHUE\IDXOWFRGH*LYHVD),0WDVN
QXPEHUIRUHDFKIDXOW

6XEMHFWVDW)URQWRI),0
)LJXUH

+2:7286(7+(),0
3DJH
-XQ

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
)LJXUH6XEMHFWVLQ(DFK),0&KDSWHU

)LJXUHVKRZVZKDWLQIRUPDWLRQLVDWWKHIURQWRIHDFK
$7$FKDSWHURIWKHIDXOWLVRODWLRQPDQXDO7KH$7$
FKDSWHULQIRUPDWLRQDOVRVKRZVLQWKH),0LQWURGXFWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


)$8/7,62/$7,210$18$/



,QVWUXFWLRQVIRU
XVLQJWKH),0
())(&7 ,9,7 <
+2:7286(7+(),0
$// 3 DJ H
1XPHULFDOLQGH[RIDOO 2FW  

IDXOWFRGHVWKDWVWDUW ())( &7 ,9 ,7 <

)$8/7&2'(,1'(;
ZLWKWKHFKDSWHUQXPEHU $// 3 DJ H
2FW   
*LYHVDGHVFULSWLRQDQG
D),0WDVNQXPEHUIRU ())(&7 ,9,7 <
0$,1706*,1'(;
$// 3 DJ H  
HDFKIDXOW 2FW  

())( &7 ,9 ,7 <

7$6.
$OSKDQXPHULFLQGH[RIDOO $// 3 DJH 

PDLQWHQDQFHPHVVDJHVIURP%LWH 2FW  

IRUWKHFKDSWHU*LYHVD),0WDVN ())( &7 ,9,7 <

7$6.6833257
QXPEHUIRUHDFKPHVVDJH $// 3DJ H
2FW   

)DXOWLVRODWLRQSURFHGXUHVIRUWKH
FKDSWHU(DFKSURFHGXUHLVLGHQWLILHG ,OOXVWUDWLRQVDQGFKDUWVUHODWHGWR
E\DFKDSWHUVHFWLRQQXPEHUDQGD WKHWDVNVLQWKHFKDSWHUVHFWLRQ
GLJLWWDVNQXPEHU
6XEMHFWVLQ(DFK),0&KDSWHU
)LJXUH

+2:7286(7+(),0
3DJH
-XQ

0$,17(1$1&('2&80(176+2:7286(7+(),0),*85(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$,17(1$1&('2&80(1760$,17(1$1&(7,3
*HQHUDO 5HFRPPHQGHG$FWLRQ

7KHPDLQWHQDQFHWLSJLYHVLQIRUPDWLRQWKDWKHOSVWKH
PHFKDQLFLQDSURFHGXUH7KHLQIRUPDWLRQLVVKRUWDQG
VLPSOHVRLWLVHDV\WRXQGHUVWDQG,WLVSXEOLVKHGDQG
PDLOHGZLWKLQGD\V7KHPDLQWHQDQFHWLSJLYHV
PHFKDQLFVLQIRUPDWLRQWRPDNHUHSDLUVTXLFNO\DQG
HDVLO\,WKDVWKHVHVHFWLRQV
 6XEMHFW
 $SSOLFDELOLW\
 &RQGLWLRQ
 5HFRPPHQGHGDFWLRQ
7KLVVHFWLRQJLYHVWKHDFWLRQVUHTXLUHGWRGLVSDWFKWKH
DLUSODQH7KLVVHFWLRQPD\LQFOXGHDVNHWFKLI
DSSOLFDEOH
%DFNJURXQG
7KHEDFNJURXQGVHFWLRQJLYHVWKHSUREDEOHFDXVHRIWKH
FRQGLWLRQ,WPD\WHOOKRZWRSUHYHQWWKHFRQGLWLRQ
0DLQWHQDQFH0DQXDO$FWLRQ
 %DFNJURXQGRSWLRQDO 7KLVVHFWLRQLVPDGHE\PDLQWHQDQFHSXEOLFDWLRQVDQG
 0DLQWHQDQFHPDQXDODFWLRQ VKRZVZKLFKPDQXDOVKDYHXSGDWHV

6XEMHFW

7KHVXEMHFWVKRZVWKHWRSLFRIWKHSURFHGXUH

$SSOLFDELOLW\

7KHDSSOLFDELOLW\VSHFLILHVOLQHQXPEHUVDLUSODQHVRU
SDUWQXPEHUVDQGVRIWZDUHLIQHFHVVDU\

&RQGLWLRQ

7KHFRQGLWLRQVHFWLRQJLYHVDEULHIGHVFULSWLRQRIWKH
FRQGLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&XVWRPHU
6HUYLFHV
'LYLVLRQ

07
0D\

68%-(&7 &(17(57$1.%226738036$//2:('72581'5<

$33/,&$%,/,7< $//72$,53/$1(6
&21',7,21 7KHUHKDYHEHHQWZRUHSRUWVRIFHQWHUWDQNIXHOERRVWSXPSORZSUHVVXUH
OLJKWVUHPDLQLQJLOOXPLQDWHGDIWHUSXWWLQJIXHOLQWKHFHQWHUWDQN7KHVH
KDYHRFFXUUHGDIWHUPDLQWHQDQFHRURSHUDWLRQDOXVHZKHUHWKHSXPSVKDYH
EHHQUXQIRUVHYHUDOPLQXWHVDIWHUWKHORZSUHVVXUHOLJKWEHFRPHV
LOOXPLQDWHGZLWKDQHDUO\HPSW\WDQN7KLVFRQWLQXHGRSHUDWLRQZLWKORZ
IXHOFDXVHVWKHIXHOZLWKLQWKHIXHOSXPSWRHYDSRUDWHUHVXOWLQJLQDORVVRI
SULPHWRWKHSXPS

5(&200(1'(' :KHQWKHORZSUHVVXUHOLJKWUHPDLQVLOOXPLQDWHGWXUQWKHSXPSRII'R
$&7,21 QRWUXQWKHSXPSVGU\IRUH[WHQGHGSHULRGVRIWLPH7RUHSULPHWKHSXPSV
LQSODFHUHTXLUHVWKDWOEVRIIXHOEHLQWKHFHQWHUWDQN$OWHUQDWLYHO\
WKHSXPSVPD\EHSULPHGE\SUHIRUPLQJRQHRIWKHIROORZLQJSURFHGXUHV

 ',37+(02725,03(//(581,7,1)8(/35,2572,167$//$7,21

 :(77+(02725,03(//(581,7%<$'',1*)8(/9,$7+(3803+286,1*
'5$,13257(;7(51$/727+(7$1.

$IWHUSULPLQJSXWDPLQLPXPRIOEVRIIXHOLQWKHFHQWHUWDQNWRFRYHU
WKHSXPSLQOHW7XUQRQWKHDIIHFWHGSXPSVDQGYHULI\WKDWSXPSVZLOO
WUDQVIHUIXHO

%$&.*5281' 7KHORZSUHVVXUHOLJKWRQWKH3SDQHOZLOOIODVKDWGLIIHUHQWOHYHOVRIIXHO
LQWKHFHQWHUWDQNGHSHQGLQJRQWKHDWWLWXGHRIWKHDLUSODQH7KHSXPSV
VKRXOGEHWXUQHGRIIZKHQWKHORZSUHVVXUHOLJKWUHPDLQVLOOXPLQDWHG
7\SLFDOO\WKHULJKWERRVWSXPSLQOHWLVXQFRYHUHGILUVWWKHQWKHOHIWSXPS

7KHORVVRISULPHFRQGLWLRQLVQRWREVHUYHGRQPRGHOV
EHFDXVHWKHFHQWHUWDQNERRVWSXPSVKDYHDUHSULPHOLQHZKLFKDOORZWKH
SXPSVWRUHSULPHGXULQJUHIXHOLQJRSHUDWLRQV8QOLNHWKH
DLUSODQHVWKHPRGHOVGRQRW
KDYHDFHQWHUWDQNERRVWSXPSUHSULPHOLQH

0$,17(1$1&( $OWHUQDWHERRVWSULPHSURFHGXUHVZLOOEHDGGHGWRPDLQWHQDQFHPDQXDO
0$18$/$&7,21 DQGQRWHVZLOOEHLQVHUWHGLQWRDSSURSULDWHVHFWLRQRI),0LQWKH
2FWREHUUHYLVLRQRIWKH$LUSODQH0DLQWHQDQFH0DQXDODQG),0

0$,17(1$1&('2&80(1760$,17(1$1&(7,3
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

0$67(5&$87,216<67(0,1752'8&7,21
*HQHUDO )2  ILUVWRIILFHU
IZG  IRUZDUG
7KHPDVWHUFDXWLRQV\VWHPSURYLGHVDYLVXDODOHUWWR JHQ  JHQHUDWRU
WKHIOLJKWFUHZIRULQFRUUHFWDLUSODQHV\VWHPV
*36  JOREDOSRVLWLRQLQJV\VWHP
RSHUDWLRQ
K\G  K\GUDXOLF
$EEUHYLDWLRQVDQG$FURQ\PV LQRS  LQRSHUDWLYH
,56  LQHUWLDOUHIHUHQFHV\VWHP
DF  DOWHUQDWLQJFXUUHQW /  OHIW
DOWQ  DOWHUQDWH OW  OLJKW
DQQXQ  DQQXQFLDWRU PDZUQ  PDVWHUZDUQLQJ
$38  DX[LOODU\SRZHUXQLW RYKW  RYHUKHDW
DX[  DX[LOODU\ R[\  R[\JHQ
EDW  EDWWHU\ SUHVV  SUHVVXUH
EUW  EULJKW 36(8  SUR[LPLW\V\VWHPHOHFWURQLFVXQLW
FDE  FDELQ SZU  SRZHU
FDSW  FDSWDLQ 5  ULJKW
FRQG  FRQGLWLRQFRQGLWLRQLQJ UFGU  UHFRUGHU
FRQW  FRQWURO UHF  UHFRUGHU
FRZO  FRZOLQJ VFKHG  VFKHGXOHG
FWU  FHQWHU VWE\  VWDQGE\
GF  GLUHFWFXUUHQW VZ  VZLWFK
GHW  GHWHFWRUGHWHFWLRQ WHPS  WHPSHUDWXUH
((&  HOHFWURQLFHQJLQHFRQWURO Y  YROWV
HOHF  HOHFWULFHOHFWULFDO ZDUQ  ZDUQLQJ
(/7  HPHUJHQF\ORFDWRUWUDQVPLWWHU
HPHU  HPHUJHQF\
HQJ  HQJLQH
HTXLS  HTXLSPHQW
IOW  IOLJKW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

),5( 0$67(5 )/7&217 (/(& $17,,&( (1* 0$67(5 ),5(

:$51 &$87,21 &$87,21 :$51
%(//&87287 386+725(6(7
,56 $38 +<' 29(5+($' 386+725(6(7 %(//&87287

)8(/ 29+7'(7 '2256 $,5&21'

0$67(5&$87,216<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$67(5&$87,216<67(0*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$67(5&$87,216<67(0*(1(5$/'(6&5,37,21
*HQHUDO  67%<+<'/2:48$17,7<
 67%<58'21
7KHPDVWHUFDXWLRQV\VWHPUHFHLYHVGLVFUHWHJURXQG  <$:'$03(5
VLJQDOVIURPPDQ\DLUSODQHV\VWHPV7KHGLVFUHWHJURXQG
VLJQDOVFDXVHWKH0$67(5&$87,21OLJKWVDQGWKHV\VWHP *HQHUDWRU'ULYHDQG6WDQGE\3RZHU3DQHO
DQQXQFLDWRUOLJKWVWRFRPHRQ7KLVJLYHVDYLVXDO
DOHUWRIV\VWHPIDLOXUHV 7KHJHQHUDWRUGULYHDQGVWDQGE\SRZHUSDQHOFDXVHVWKH
0$67(5&$87,21OLJKWVDQGWKH(/(&OLJKWRQWKHOHIW
2YHUKHDW)LUH3URWHFWLRQ3DQHO V\VWHPDQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQHRUPRUH
RIWKHVHOLJKWVFRPHRQ
7KHRYHUKHDWILUHSURWHFWLRQSDQHOVFDXVHWKH0$67(5
&$87,21OLJKWVDQGWKH29+7'(7OLJKWRQWKHOHIW  %$7',6&+$5*(
V\VWHPDQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQHRUPRUH  7581,7
RIWKHVHV\VWHPOLJKWVFRPHRQ  (/(&
 *HQ75$16)(5%XV2))
 (1*29(5+($7  *HQ6285&(2))
 (1*29(5+($7  *HQ75$16)(5%XV2))
 $38'HW,123  *HQ6285&(2))
 67$1%<32:(52))
)OLJKW&RQWURO3DQHO
$38,QGLFDWRU3DQHO
7KHIOLJKWFRQWUROSDQHOFDXVHVWKH0$67(5&$87,21
OLJKWVDQGWKH)/7&217OLJKWRQWKHOHIWV\VWHP 7KH$38LQGLFDWRUSDQHOFDXVHVWKH0$67(5&$87,21
DQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQHRUPRUHRIWKHVH OLJKWVDQGWKH$38OLJKWRQWKHOHIWV\VWHPDQQXQFLDWRU
IOLJKWFRQWUROV\VWHPOLJKWVFRPHRQ OLJKWVWRFRPHRQZKHQRQHRUPRUHRIWKHVH$38OLJKWV
FRPHRQ
 63(('75,0)$,/
 )((/',))35(66  $38/2:2,/35(6685(
 )/7&21752/$/2:35(66  $38)$8/7
 )/7&21752/%/2:35(66  $3829(563(('
 $8726/$7)$,/
 0$&+75,0)$,/
 67%<+<'/2:35(66

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

0$67(5&$87,216<67(0*(1(5$/'(6&5,37,21
)XHO&RQWURO3DQHO $LU&RQGLWLRQLQJ%OHHG$LU&RQWURO3DQHOIRURU

7KHIXHOFRQWUROSDQHOFDXVHVWKH0$67(5&$87,21
OLJKWVDQGWKH)8(/OLJKWRQWKHOHIWV\VWHP 7KHDLUFRQGLWLRQLQJEOHHGDLUFRQWUROSDQHOFDXVHVWKH
DQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQHRUPRUHRIWKHVH 0$67(5&$87,21OLJKWVDQGWKH$,5&21'OLJKWRQWKH
IXHOV\VWHPOLJKWVFRPHRQ ULJKWV\VWHPDQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQHRU
PRUHRIWKHVHDLUFRQGLWLRQLQJV\VWHPOLJKWVFRPHRQ
 (QJ),/7(5%<3$66
 (QJ),/7(5%<3$66  &217&$%,1'8&729(5+($7
 7DQN):'/2:35(6685(  3$66&$%,1'8&729(5+($7
 7DQN$)7/2:35(6685(  /3$&.75,32II
 7DQN):'/2:35(6685(  53$&.75,32II
 7DQN$)7/2:35(6685(
 &757DQN//2:35(6685( $LU&RQGLWLRQLQJ%OHHG$LU&RQWURO3DQHOIRURU
 &757DQN5/2:35(6685( 

,560DVWHU&DXWLRQ8QLW 7KHDLUFRQGLWLRQLQJEOHHGDLUFRQWUROSDQHOFDXVHVWKH
0$67(5&$87,21OLJKWVDQGWKH$,5&21'OLJKWRQWKH
7KH,56PDVWHUFDXWLRQXQLWFDXVHVWKH0$67(5&$87,21 ULJKWV\VWHPDQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQHRU
OLJKWVDQGWKH,56OLJKWRQWKHOHIWV\VWHPDQQXQFLDWRU PRUHRIWKHVHDLUFRQGLWLRQLQJV\VWHPOLJKWVFRPHRQ
OLJKWVWRFRPHRQZKHQRQHRUPRUHRIWKHVH068OLJKWV
FRPHRQ  /3$&.2II
 53$&.2II
 *36)DXOW  &217&$%=21(7(03
 ,/6)DXOW  ):'&$%=21(7(03
 */6)DXOW  $)7&$%=21(7(03
 /)$8/7  $872)$,/
 /21'&  2))6&+(''(6&(17
 /'&)$,/  /:,1*%2'<29(5+($7
 5)$8/7  5:,1*%2'<29(5+($7
 521'&  /%/(('75,32))
 5'&)$,/  '8$/%/(('
 5%/(('75,32))

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$67(5&$87,216<67(0*(1(5$/'(6&5,37,21
6\VWHP$QQXQFLDWRUV :LQGRZ+HDWDQG3UREH+HDW3DQHOV

7KHV\VWHPDQQXQFLDWRUVFDXVHWKH0$67(5&$87,21 7KHZLQGRZKHDWDQGSUREHKHDWSDQHOVFDXVHWKH
OLJKWVDQGWKH'2256OLJKWRQWKHULJKWV\VWHP 0$67(5&$87,21OLJKWVDQGWKH$17,,&(OLJKWRQWKH
DQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQHRUPRUHRIWKHVH ULJKWV\VWHPDQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQHRU
OLJKWVFRPHRQ PRUHRIWKHVHOLJKWVFRPHRQ

 ):'&$5*2'RRU  &$373,727
 $)7&$5*2'RRU  )23,727
 ):'6(59,&('RRU  /(/(93,727
 $)76(59,&('RRU  $8;3,727
 ):'(175<'RRU  7(03352%(
 $)7(175<'RRU  5(/(93,727
 (48,3'RRU  /$/3+$9$1(
 $,567$,5'RRU  5$/3+$9$1(
 2YHUZLQJ([LW'RRU  (QJ&2:/$17,,&(
 (QJ&2:/$17,,&(
(QJLQH3DQHO  /)5217:,1'2:29(5+($7
 5)5217:,1'2:29(5+($7
7KHHQJLQHSDQHOFDXVHVWKH0$67(5&$87,21OLJKWVDQG  /6,'(:,1'2:29(5+($7
WKH(1*OLJKWRQWKHULJKWV\VWHPDQQXQFLDWRUOLJKWVWR  56,'(:,1'2:29(5+($7
FRPHRQZKHQRQHRUPRUHRIWKHVHOLJKWVFRPHRQ
+\GUDXOLF3DQHO
 (QJ5(9(56(5)DXOW
 (QJ((&$/716Z 7KHK\GUDXOLFSDQHOFDXVHVWKH0$67(5&$87,21OLJKWV
 (QJLQH(1*,1(&21752/ DQGWKH+<'OLJKWRQWKHULJKWV\VWHPDQQXQFLDWRU
 (QJ5(9(56(5)DXOW OLJKWVWRFRPHRQZKHQRQHRUPRUHRIWKHVHK\GUDXOLF
 (QJ((&$/716Z V\VWHPOLJKWVFRPHRQ
 (QJLQH(1*,1(&21752/
 6\VWHP$(/(&/2:35(6685(
 6\VWHP$(/(&29(5+($7
 6\VWHP$(1*/2:35(6685(
 6\VWHP%(/(&/2:35(6685(

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

0$67(5&$87,216<67(0*(1(5$/'(6&5,37,21
 6\VWHP%(/(&29(5+($7
 6\VWHP%(1*/2:35(6685(

)OLJKW5HFRUGHU0DFK$LUVSHHG:DUQLQJ3DQHO

7KHIOLJKWUHFRUGHU0DFKDLUVSHHGZDUQLQJSDQHOFDXVHV
WKH0$67(5&$87,21OLJKWVDQGWKH29(5+($'OLJKWRQ
WKHULJKWV\VWHPDQQXQFLDWRUOLJKWVWRFRPHRQZKHQRQH
RUPRUHRIWKHVHOLJKWVFRPHRQ

 3$662;<21
 (0(5(;,7127$50('
 )/,*+75(&25'(52))
 (/7
 /$9$725<602.(
 /DYDWRU\JDOOH\602.(
 (48,3&22/,1*(;+$8672))
 (48,3&22/,1*6833/<2))
 36(8IDXOW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

29+7'(7
)/7&217 (/(&

29(5+($7),5( $38 ,56 $38

3527(&7,213$1(/3
$38,1',&$725 ,56 )8(/ 29+7'(7
3$1(/3
/()76<67(0$1181&,$725
)/7&217 ,560$67(5 /,*+76
&$87,2181,73
)/,*+7&21752/ )8(/
3$1(/3 0$67(5
)8(/&21752/
3$1(/3 &$87,21
386+725(6(7
(/(&
*(1(5$725'5,9($1' /()70$67(5
67%<32:(53$1(/3 &$87,21/,*+7

0$67(5
&$87,21
$,5&21'
386+725(6(7
$,5&21',7,21,1*
%/(('$,5&21752/
3$1(/3 5,*+70$67(5
&$87,21/,*+7
$17,,&(
:,1'2:+($7 352%(
'2256 +($73$1(/63
29(5+($' $17,,&( (1*
6<67(0
$1181&,$72563 )/,*+75(&25'(50$&+
$6:$51,1*3$1(/3 +<' 29(5+($'
+<'
+<'5$8/,&3$1(/3 '2256 $,5&21'
(1*
5,*+76<67(0$1181&,$725
(1*,1(3$1(/3 /,*+76

0$67(5&$87,216<67(0*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$67(5&$87,216<67(0&20321(17/2&$7,21)/,*+7&203$570(17
*HQHUDO  3UREHKHDWSDQHO
 +\GUDXOLFSDQHO
7KHFRPSRQHQWVIRUWKHPDVWHUFDXWLRQV\VWHPDUHLQWKH  6\VWHPDQQXQFLDWRUV
IOLJKWFRPSDUWPHQW  $LUFRQGLWLRQLQJEOHHGDLUFRQWUROVSDQHO

0DVWHU&DXWLRQ6\VWHP&RPSRQHQWV 7KHRYHUKHDWILUHSURWHFWLRQSDQHOLVRQWKH3DIW
HOHFWURQLFSDQHO
7KHVHDUHWKHPDVWHUFDXWLRQV\VWHPFRPSRQHQWVRQWKH
3JODUHVKLHOGSDQHO

 0DVWHUFDXWLRQOLJKWV
 /HIWV\VWHPDQQXQFLDWRUOLJKWV
 5LJKWV\VWHPDQQXQFLDWRUOLJKWV

,QSXW&RPSRQHQWV

0DQ\V\VWHPVSURYLGHGLVFUHWHLQSXWVWRWKHPDVWHU
FDXWLRQV\VWHP

7KHVHDUHWKHFRPSRQHQWVRQWKH3DIWRYHUKHDGSDQHO

 ,56PRGHVHOHFWXQLW
 (QJLQHSDQHO
 )OLJKWUHFRUGHU0DFKDLUVSHHGZDUQLQJSDQHO

7KHVHDUHWKHFRPSRQHQWVRQWKH3IRUZDUGRYHUKHDG
SDQHO

 )OLJKWFRQWUROSDQHO
 )XHOFRQWUROSDQHO
 *HQHUDWRUGULYHDQGVWDQGE\SRZHUSDQHO
 $38LQGLFDWRUSDQHO
 :LQGRZKHDWSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3$)729(5+($'3$1(/
,5602'(6(/(&781,7
(1*,1(3$1(/
)/,*+75(&25'(50$&+$,563(('
:$51,1*3$1(/
3)25:$5'29(5+($'3$1(/
*(1(5$725'5,9($1'
67$1'%<32:(53$1(/
)/,*+7&21752/3$1(/ 3)25:$5'29(5+($'3$1(/
$38,1',&$7253$1(/ :,1'2: 352%(+($73$1(/6
)8(/&21752/3$1(/ $,5&21',7,21,1*%/(('$,5
&21752/3$1(/
+<'5$8/,&3$1(/
6<67(0$1181&,$7256

3*/$5(6+,(/'3$1(/
3*/$5(6+,(/'3$1(/ 0$67(5&$87,21/,*+7
0$67(5&$87,21/,*+7 5,*+76<67(0$1181&,$725
/()76<67(0$1181&,$725 /,*+76
/,*+76

3$)7(/(&7521,&3$1(/
29(5+($7),5(
3527(&7,213$1(/

0$67(5&$87,216<67(0&20321(17/2&$7,21)/,*+7&203$570(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

0$67(5&$87,216<67(0&20321(17/2&$7,21)/,*+7&203$570(173
*HQHUDO

7KH,56PDVWHUFDXWLRQXQLWSURYLGHVGLVFUHWHLQSXWVWR
WKHPDVWHUFDXWLRQV\VWHP7KH,56PDVWHUFDXWLRQXQLW
LVRQWKH3SDQHOLQWKHIOLJKWFRPSDUWPHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

33$1(/
,560$67(5&$87,2181,7

)/,*+7&203$570(17
/22.,1*$)7

0$67(5&$87,216<67(0&20321(17/2&$7,21)/,*+7&203$570(173
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.
0$67(5&$87,216<67(0,17(5)$&(6
/LJKWV
7KHYGFEDWWHU\EXVDQGWKHYGFEXVVXSSO\SRZHU
IRUWKHPDVWHUFDXWLRQOLJKWVDQGWKHV\VWHP
DQQXQFLDWRUOLJKWV
7KHYGFSRZHUJRHVWKURXJKVZLWFKHVLQWKHPDVWHU
FDXWLRQOLJKWV
7KHSRZHUJRHVWKURXJKWKHDQQXQFLDWLRQDQGGLPPLQJ
 6\VWHPDQQXQFLDWRUV
7KH0$67(5&$87,21$1181&,$725&217FLUFXLWEUHDNHU
VXSSOLHVSRZHUWRWKHORJLFLQWKHVHSDQHOV
 $LUFRQGLWLRQLQJEOHHGDLUFRQWUROSDQHO
 (QJLQHSDQHO
7KH0$67(5&$87,21$1181&,$725&217FLUFXLWEUHDNHU
VXSSOLHVSRZHUWRWKHORJLFLQWKHVHSDQHOV
PRGXOH:KHQ\RXVHOHFWEULJKW%57RQWKHPDVWHU
OLJKWVFRQWURORQ3WKHYROWDJHLVYROWV:KHQ\RX
VHOHFW',0RQWKHPDVWHUOLJKWVFRQWUROWKHYROWDJHLV
YROWV
&RQWURO
3RZHUIRUWKHFRQWURORIWKHPDVWHUFDXWLRQ
DQQXQFLDWLRQJRHVWKURXJKVHSHUDWHFLUFXLWEUHDNHUVRQ
 ,56PDVWHUFDXWLRQXQLW
 )OLJKWUHFRUGHU0DFKDLUSVHHGZDUQLQJSDQHO
7KH'&%86,1',&$7,21%$7FLUFXLWEUHDNHUVXSSOLHV
SRZHUWRWKHORJLFLQWKH$38LQGLFDWRUSDQHODQGWKH
JHQHUDWRUGULYHDQGVWDQGE\SRZHUSDQHO
7KH'&%86,1',&$7,21%86FLUFXLWEUHDNHUVXSSOLHV
3WRWKHFRQWUROSDQHOVRQWKHRYHUKHDGSDQHO3DQG SRZHUWRWKHORJLFLQWKHJHQHUDWRUGULYHDQGVWDQGE\
WKHDIWHOHFWURQLFVWDQG3 SRZHUSDQHO

7KH0$67(5&$87,21$1181&,$725&217FLUFXLWEUHDNHU 7KH),5(3527(&7,21'(7(&7,210$:51 &217FLUFXLW

VXSSOLHVSRZHUWRWKHORJLFLQWKHVHSDQHOV EUHDNHUVXSSOLHVSRZHUWRWKHORJLFLQWKH
RYHUKHDWILUHSURWHFWLRQSDQHO
 )OLJKWFRQWUROSDQHO
 )XHOFRQWUROSDQHO

7KH0$67(5&$87,21$1181&,$725&217FLUFXLWEUHDNHU
VXSSOLHVSRZHUWRWKHORJLFLQWKHVHSDQHOV

 +\GUDXOLFSDQHO
 :LQGRZKHDWSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'&
%$7%86
0$67(5&$87,21
$1181&,$725%$7
32:(5 32:(5
9'& 32:(5 /()70$67(5 5,*+70$67(5
%86 &$87,21/,*+7 &$87,21/,*+7
0$67(5&$87,21 9'&
$1181&,$725 0$67(5',0
%86 $1181&,$7,21$1'
02'8/( ',00,1*02'8/(
9'& 32:(5 32:(5
%$7%86
0$67(5&$87,21 /()76<67(0 5,*+76<67(0
$1181&,$725&217 )/,*+7&21752/ $1181&,$725 $1181&,$725
3$1(/ /,*+76 /,*+76
9'&
%$7%86
0$67(5&$87,21 )8(/&21752/3$1(/
$1181&,$725&217
9'&
%$7%86 +<'5$8/,&
0$67(5&$87,21 3$1(/
$1181&,$725&217 $,5&21'%/(('
9'& $,5&2173$1(/
%$7%86 :,1'2:+($7
0$67(5&$87,21 3$1(/
$1181&,$725&217 ,560$67(5 (1*,1(3$1(/
9'& &$87,2181,7
%$7%86
'&%86,1',&$7,21%$7 6<67(0
$38,1',&$725 $1181&,$7256
3$1(/ )/75(&0$&+
9'&
%86 $,563((':$51
'&%86,1',&$7,21
%86 $& '& *(1'5,9(
9'& 0(7(53$1(/ 67%<3:53$1(/
%$7%86
),5(3527(&7,21'(7(&7,21
0$:51 &217 29+7),5(3527(&73$1(/
3/2$'&21752/&(17(5
0$67(5&$87,216<67(0,17(5)$&(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0,1752'8&7,21
*HQHUDO VZ  VZLWFK
V\V  V\VWHP
7KHIOLJKWFRPSDUWPHQWDXUDOZDUQLQJV\VWHPVXSSOLHV Y  YROW
VRXQGVLJQDOVWRDOHUWWKHIOLJKWFUHZWRDLUSODQH
ZDUQ  ZDUQLQJ
V\VWHPFRQGLWLRQV
ZUQ  ZDUQLQJ
$EEUHYLDWLRQVDQG$FURQ\PV

$&$56  DLUFUDIWFRPPXQLFDWLRQVDGGUHVVLQJDQG
UHSRUWLQJV\VWHP
$',58  DLUGDWDLQHUWLDOUHIHUHQFHXQLW
DOW  DOWLWXGH
$38  DX[LOLDU\SRZHUXQLW
EDW  EDWWHU\
%,7(  EXLOWLQWHVWHTXLSPHQW
FRQW  FRQWURO
FDSW  FDSWDLQ
GE  GHFLEHO
GF  GLUHFWFXUUHQW
')&6  GLJLWDOIOLJKWFRQWUROV\VWHP
HPHUJ  HPHUJHQF\
HYDF  HYDFXDWLRQ
IZG  IRUZDUG
)2  ILUVWRIILFHU
PD  PDVWHU
PDLQW  PDLQWHQDQFH
0&3  PRGHFRQWUROSDQHO
SZU  SRZHU
SUHVV  SUHVVXUH
6(/&$/  VHOHFWLYHFDOOLQJV\VWHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$8723,/27',6(1*$*(:$,/(5

&5(:&$//&+,0(6 /$1',1*:$51,1*+251

$85$/:$51,1*
6<67(0

),5(:$51,1*%(//
29(563(('&/$&.(56

7$.(2)):$51,1*25
&$%,1$/7,78'(+251
$85$/:$51,1*6<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0*(1(5$/'(6&5,37,21
*HQHUDO

7KHDXUDOZDUQLQJPRGXOHLVWKHRQO\FRPSRQHQWLQWKH
DXUDOZDUQLQJV\VWHP6\VWHPPRQLWRUFLUFXLWVGHWHFW
LQFRUUHFWV\VWHPFRQGLWLRQVDQGIOLJKWFUHZDOHUWV7KH
PRQLWRUFLUFXLWVVXSSO\GLVFUHWHVLJQDOVWRWKHDXUDO
ZDUQLQJPRGXOH

7KHVHDUHWKHGLVFUHWHLQSXWVWRWKHDXUDOZDUQLQJ
V\VWHP

 8QVDIHWDNHRIIZDUQLQJ
 &DELQSUHVVXUHZDUQLQJ
 8QVDIHODQGLQJZDUQLQJ
 )LUHZDUQLQJ
 $XWRSLORWGLVHQJDJH
 2YHUVSHHGZDUQLQJ
 &UHZFDOO
 6(/&$/DOHUW
 $&$56DOHUW

7KHDXUDOZDUQLQJPRGXOHJLYHVWKHVHVRXQGVLQWKH
IOLJKWFRPSDUWPHQW

 ,QWHUPLWWHQWKRUQ
 &RQWLQXRXVKRUQ
 )LUHEHOO
 :DLOHU
 2YHUVSHHGFODFNHU
 &KLPHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7$.(2)):$51,1*

&$%,135(6685(:$51,1* ,17(50,77(17+251

/$1',1*:$51,1* &217,18286+251

),5(:$51,1* ),5(%(//

$8723,/27',6(1*$*( :$,/(5

29(563((':$51,1* 29(563(('&/$&.(56

&5(:&$// &+,0(6

6(/&$/$/(57

$&$56$/(57

$85$/:$51,1*02'8/(

$85$/:$51,1*6<67(0*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0&20321(17/2&$7,21)/,*+7&203$570(17
*HQHUDO

7KHDXUDOZDUQLQJPRGXOHLVLQWKHIOLJKWFRPSDUWPHQW
,WLVRQWKHDIWULJKWIDFHRIWKH3IRUZDUG
HOHFWURQLFSDQHO

7KHDOWLWXGHKRUQFXWRXWVZLWFKLVRQWKH3IRUZDUG
RYHUKHDGSDQHO

7KHPDVWHUILUHZDUQLQJOLJKWVDUHRQWKH3
JODUHVKLHOGSDQHO

7KHODQGLQJJHDUZDUQLQJKRUQFXWRXWVZLWFKLVRQWKH
FRQWUROVWDQG

7KHILUHZDUQLQJEHOOFXWRXWVZLWFKLVRQWKH3DIW
HOHFWURQLFVSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

329(5+($'3$1(/
$/7,78'(+251&872876:,7&+

3*/$5(6+,(/'3$1(/
0$67(5),5(:$51,1*/,*+76

3)25:$5'(/(&7521,&3$1(/
$85$/:$51,1*02'8/(

&21752/67$1'
/$1',1**($5:$51,1*
+251&872876:,7&+

3$)7(/(&7521,&63$1(/
),5(:$51,1*%(//
&872876:,7&+

$85$/:$51,1*6<67(0&20321(17/2&$7,21)/,*+7&203$570(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0,17(5)$&(6
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0,17(5)$&(6
3RZHU :DLOHU,QSXWV

7KHDXUDOZDUQLQJPRGXOHUHFHLYHVYGFIURPIRXU 7RPDNHWKHZDLOHUVRXQGWKHDXUDOZDUQLQJPRGXOH
FLUFXLWEUHDNHUV(DFKFLUFXLWEUHDNHUVXSSOLHVSRZHU UHFHLYHVGLVFUHWHLQSXWVIURPWKHGLJLWDOIOLJKW
IRUGLIIHUHQWDXGLRVRXQGV
&RQWLQXRXV+RUQ,QSXWV
7RPDNHWKHFRQWLQXRXVKRUQVRXQGWKHDXUDOZDUQLQJ
PRGXOHUHFHLYHVDGLVFUHWHLQSXWIURPWKHSUR[LPLW\
FRQWUROV\VWHP')&6PRGHFRQWUROSDQHO0&3IRUWKH
DXWRSLORWGLVFRQQHFWZDUQLQJ
&ODFNHU,QSXWV
7RPDNHWKHFODFNHUVRXQGWKHDXUDOZDUQLQJPRGXOH
VZLWFKHOHFWURQLFVXQLW36(8IRUDODQGLQJZDUQLQJ UHFHLYHVGLVFUHWHLQSXWVIURPWKHOHIWRUULJKWDLU
GDWDLQHUWLDOUHIHUHQFHXQLW$',58IRUDQRYHUVSHHG
,QWHUPLWWHQW+RUQ,QSXWV ZDUQLQJ

7RPDNHWKHLQWHUPLWWHQWKRUQVVRXQGWKHDXUDOZDUQLQJ +,&KLPH,QSXWV
PRGXOHUHFHLYHVGLVFUHWHLQSXWVIURPWKHVHXQLWV
7RPDNHWKH+,FKLPHVRXQGWKHDXUDOZDUQLQJPRGXOH
 3UR[LPLW\VZLWFKHOHFWURQLFVXQLW36(8IRUD UHFHLYHVGLVFUHWHLQSXWVIURPWKHVHXQLWV
WDNHRIIZDUQLQJ
 &DELQDOWLWXGHSDQHOIRUDFDELQDOWLWXGHZDUQLQJ  &DSWFDOOVZLWFKIRUDFDOOIURPVRPHRQHRQWKH
JURXQGDWWKHH[WHUQDOSRZHUSDQHO
%HOO,QSXWV  )RUZDUGDQGDIWDWWHQGDQWSDQHOVIRUDFDOOIURP
VRPHRQHDWWKHDWWHQGDQWVWDWLRQV
7RPDNHWKHEHOOVRXQGWKHDXUDOZDUQLQJPRGXOH
UHFHLYHVGLVFUHWHLQSXWVIURPWKHVHXQLWV +,/2&KLPH,QSXWV

 (QJLQHDQG$38ILUHGHWHFWLRQPRGXOHIRUDQHQJLQH
RU$38ILUH
 &DUJRVPRNHGHWHFWLRQDQGILUHVXSSUHVVLRQSDQHO
IRUVPRNHGHWHFWLRQLQWKHIRUZDUGRUDIWFDUJR
FRPSDUWPHQW
 &RPSDUWPHQWRYHUKHDWGHWHFWLRQFRQWUROOHUIRUD
ZKHHOZHOOILUH
7RPDNHWKH+,/2FKLPHVRXQGWKHDXUDOZDUQLQJPRGXOH
UHFHLYHVDGLVFUHWHLQSXWIURPWKHUHPRWHHOHFWURQLFV
XQLW
7KHUHPRWHHOHFWURQLFVXQLWUHFHLYHVDVLJQDOIURP
WKHVHXQLWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0,17(5)$&(6
 7KH6(/&$/DXUDOZDUQLQJUHOD\ZKHQWKH6(/&$/
GHFRGHUVHQVHVDFDOOIURPWKHJURXQGVWDWLRQ
 7KH$&$56PDQDJHPHQWXQLWZKHQWKHJURXQGVWDWLRQ
FDOOVWKHIOLJKWFUHZWKURXJKWKH$&$56QHWZRUN


9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'&
%$7%86 +251&+,0($1'
/$1',1**($5 :$,/(532:(5
$85$/:$51 %(//32:(5
9'& &/$&.(532:(5
%$7%86 &/$&.(532:(5
),5(3527(&7,21 &217,18286+251
'(7(&7,21 /$1',1*:$51,1* ',6&5(7(
0$:51 &217 (1*,1($38
),5(:$51,1* 7$.(2)):$51,1* ,17(50,77(17+251
9'& ',6&5(7(
%86 (1*,1($1'$38 352;,0,7<6:,7&+ &$%,135(66
0$&+:$51 ),5('(7(&7,21 (/(&7521,&681,7 :$51,1*
6<6 02'8/(( (
&$%,1$/7,78'(
3&,5&8,7%5($.(5 :+((/:(// 3$1(/3 %(//',6&5(7(
3$1(/ ),5(:$51,1*
&203$570(17 $8723,/27
',6(1*$*( :$,/(5',6&5(7(
9'& 29(5+($7'(7(&7,21
67%<%86 &21752//(5( ')&60&33
0$&+:$51 29(563((' &/$&.(5',6&5(7(
6<6 &$5*2
602.(:$51,1* /()7$',58( 29(563((' &/$&.(5',6&5(7(
3&,5&8,7
%5($.(53$1(/ &$5*2602.('(7(&7,21
$1'),5(68335(66,21 5,*+7$',58(
3$1(/3 &5(:&$//

&$37&$// &5(:&$// +,&+,0(',6&5(7(

$/(57 6:,7&+3
$)7$77(1'$17
$&$560$1$*(0(17 3$1(/3
81,7( &5(:&$//

):'$77(1'$17
$/(57 3$1(/3
5(027((/(&7521,&6
6(/&$/$85$/ 81,7( +,/2&+,0(',6&5(7(
:$51,1*
5(/$<- $85$/:$51,1*02'8/(3
$85$/:$51,1*6<67(0,17(5)$&(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0$85$/:$51,1*02'8/(
3XUSRVH

7KHDXUDOZDUQLQJPRGXOHUHFHLYHVGLVFUHWHLQSXWVIURP
YDULRXVV\VWHPV7KHDXUDOZDUQLQJPRGXOHXVHVWKHVH
LQSXWVWRPDNHDXUDODOHUWVRXQGVIRUWKHIOLJKWFUHZ

$XUDO:DUQLQJ0RGXOH&KDQQHOV

7KHDXUDOZDUQLQJPRGXOHKDVWZRFKDQQHOV(DFKFKDQQHO
LVWKHVDPH7KHWZRFKDQQHOVDUHFRQQHFWHGLQ
SDUDOOHO,IRQHFKDQQHOIDLOVWKHDXGLRRXWSXWRIWKH
DXUDOZDUQLQJPRGXOHZLOOGHFUHDVHE\GE

7HVW6ZLWFK

$WHVWVZLWFKLVRQWKHWRSRIWKHDXUDOZDUQLQJ
PRGXOH7KHWHVWVZLWFKFKHFNVRSHUDWLRQRIERWK
FKDQQHOVRIWKHDXUDOZDUQLQJPRGXOH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$85$/:$51,1*02'8/(

$85$/:$51,1*6<67(0$85$/:$51,1*02'8/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0)81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0)81&7,21$/'(6&5,37,21
*HQHUDO &RQWUROOHU

7KHDXUDOZDUQLQJPRGXOHKDVWZRSDUDOOHOFKDQQHOV 7KHFRQWUROOHUUHFHLYHVVLJQDOVIURPERWKLQSXW
FKDQQHO$DQGFKDQQHO%%RWKFKDQQHOVUHFHLYHLQSXWV FLUFXLWVDQGFDXVHVWKHDXUDOV\QWKHVL]HUWRPDNH
IURPWKHDLUSODQHV\VWHPV%RWKFKDQQHOVRSHUDWHDWWKH VRXQGV,WFRQWUROVWKHVHTXHQFHRIVRPHVRXQGVPDGHE\
VDPHWLPH WKHV\QWKHVL]HU7KLVLVWKHVHTXHQFHRIWKHVRXQGV
IURPPRVWLPSRUWDQWWROHDVWLPSRUWDQW
,IRQHFKDQQHOIDLOVWKHIOLJKWFUHZZLOOKHDUDGE
GHFUHDVHLQYROXPHIURPWKHDXUDOZDUQLQJPRGXOH  ,QWHUPLWWHQWKRUQ
 6WHDG\KRUQ
(DFKFKDQQHOKDVWKHVHFRPSRQHQWV  :DLOHU

 3RZHUVXSSO\ 7KHEHOOWKHFODFNHUDQGWKHFKLPHVRXQGVGRQRWKDYH
 'LVFUHWHJURXQGLQSXWFLUFXLW DVHTXHQFH7KHFRQWUROOHUSHUPLWVWKHVHVRXQGVDWWKH
 'LVFUHWHSRZHULQSXWFLUFXLW VDPHWLPHDVDQ\RWKHUVRXQG
 &RQWUROOHUFLUFXLW
 7ZRDXUDOV\QWKHVL]HUV $XUDO6\QWKHVL]HU
 $QDORJDPSOLILHU
 6SHDNHU 7KHDXUDOV\QWKHVL]HUVPDNHDOOWKHVRXQGVWKDWWKH
SLORWVKHDUIURPWKHDXUDOZDUQLQJPRGXOH2QHDXUDO
7KHUHLVDEXLOWLQWHVWHTXLSPHQW%,7(VZLWFKRQWKH
DXUDOZDUQLQJPRGXOH(DFKFKDQQHOUHFHLYHVDVLJQDO
IURPWKH%,7(VZLWFK
,QSXW&LUFXLW
(DFKFKDQQHOKDVWZRLQSXWFLUFXLWV2QHFLUFXLW
UHFHLYHVGLVFUHWHJURXQGLQSXWVWKHRWKHUUHFHLYHV
V\QWKHVL]HUPDNHVWKHEHOODQGFODFNHUVRXQGV7KH
RWKHUDXUDOV\QWKHVL]HUPDNHVWKHKRUQZDLOHUDQG
FKLPHVRXQGV7KHV\QWKHVL]HUVFDQPDNHPRUHWKDQRQH
VRXQGDWDWLPH
$QDORJ$PSOLILHU
7KHDQDORJDPSOLILHUDGGVWKHVLJQDOVIURPERWK
SRZHUYGFGLVFUHWHLQSXWV
'LVFUHWHLQSXWVIURPWKHFUHZFDOOV\VWHPWKH6(/&$/
V\VWHPDQGWKH$&$56DUHSRZHUGLVFUHWHV$OORWKHU
LQSXWVDUHGLVFUHWHJURXQGV
V\QWKHVL]HUV7KHDPSOLILHUDOVRLQFUHDVHVWKHVLJQDO
VWUHQJWKIURPWKHDXUDOV\QWKHVL]HUVDQGVHQGVLWWR
WKHVSHDNHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(0)81&7,21$/'(6&5,37,21
6SHDNHU

7KHVSHDNHUVSURYLGHWKHVRXQG&KDQQHO$GULYHVWKH
WRSVSHDNHU&KDQQHO%GULYHVWKHERWWRPVSHDNHU:KHQ
WKHUHLVDQDXUDOZDUQLQJERWKVSHDNHUVSURYLGHVRXQG
DWWKHVDPHWLPH

%,7(6ZLWFK

7KH%,7(VZLWFKOHWVWKHRSHUDWRUGRDWHVWRIHDFK
FKDQQHORIWKHDXUDOZDUQLQJPRGXOH

:KHQ\RXPRYHWKHVZLWFKWRWKH$SRVLWLRQFKDQQHO$
FDXVHVWKHDXUDOV\QWKHVL]HUWRPDNHWKHLQWHUPLWWHQW
KRUQVRXQG:KHQ\RXUHOHDVHWKHVZLWFKFKDQQHO$
FDXVHVWKHDXUDOV\QWKHVL]HUWRPDNHWKHFODFNHUVRXQG
7KHVRXQGFRPHVRXWRIWKHWRSVSHDNHU

:KHQ\RXSXWWKHVZLWFKWRWKH%SRVLWLRQDQGUHOHDVH
LWFKDQQHO%PDNHVWKHKRUQDQGFODFNHUVRXQGV7KH
VRXQGFRPHVRXWRIWKHERWWRPVSHDNHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$
%
%,7(6:,7&+
+,&+,0( 32:(5
&5(:&$//
',6&5(7( 
+,/2&+,0( ,1387
6(/&$/$/(57 &,5&8,7
&21752//(5
$&$56$/(57


),5(:$51,1* %(//
$85$/6<17+(6,=(56
29(563((':$51,1* &/$&.(5
%(// +251
:$,/(5 *5281' &/$&.(5 :$,/(5
$8723,/27',6(1*$*(:$51,1* ',6&5(7( &+,0(6
,1387
&$%,135(6685(:$51,1* ,17(50,77(17+251 &,5&8,7

7$.(2)):$51,1*

/$1',1*:$51,1* &217,18286+251

$03/,),(5 723
63($.(5

&+$11(/$

6$0($6&+$11(/$

&+$11(/$$1'%:,5('
,13$5$//(/ %27720
63($.(5
&+$11(/%
$85$/:$51,1*02'8/(

$85$/:$51,1*6<67(0)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(023(5$7,217$.(2))
*HQHUDO

7KHDXUDOZDUQLQJPRGXOHJLYHVWKHVRXQGRIDQ
LQWHUPLWWHQWKRUQIRUDWDNHRIIZDUQLQJ

2QWKH*URXQG

7KHVHDUHWKHFRQGLWLRQVWKDWFDXVHWKHWDNHRIIZDUQLQJ
RQWKHJURXQG

 3RVLWLRQRIWKHKRUL]RQWDOVWDELOL]HULVRXWRI
WKHJUHHQEDQG
 7UDLOLQJHGJHIODSVDUHOHVVWKDQXQLWRUPRUH
WKDQXQLWV
 /HDGLQJHGJHGHYLFHVDUHUHWUDFWHGRUWKHUHLV
XQFRPPDQGHGPRWLRQ
 7UDLOLQJHGJHIODSVDUHDV\PPHWULFVNHZHGRU
WKHUHLVXQFRPPDQGHGPRWLRQ
 *URXQGVSRLOHUVKDYHK\GUDXOLFSUHVVXUH
 6SHHGEUDNHOHYHULVQRWGRZQ
 3DUNLQJEUDNHLVVHW

7KHDLUSODQHPXVWEHRQWKHJURXQGDQG\RXPXVWPRYH
WKHWKUXVWOHYHUVWRZDUGVWDNHRIISRZHUEHIRUHWKH
DXUDOZDUQLQJV\VWHPJLYHVWKHWDNHRIIZDUQLQJVRXQG
IRUWKHFRQGLWLRQVDERYH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$%
75,0

67$%,/,=(52872)*5((1%$1'

)/$3681,7
25)/$36!81,76

/($',1*('*('(9,&(65(75$&7('
81&200$1'('027,21 $,53/$1(21*5281' 7+5867/(9(56
75$,/,1*('*()/$3$6<00(75<256.(: $77$.(2))
81&200$1'('027,21

35(6685(72*5281'632,/(56

63(('%5$.(/(9(5127'2:1

3$5.,1*%5$.(6(7
,17(50,77(17
+251
$85$/:$51,1*6<67(023(5$7,217$.(2))
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(023(5$7,217$.(2))
*HQHUDO

7KHDXUDOZDUQLQJPRGXOHJLYHVWKHVRXQGRIDQ
LQWHUPLWWHQWKRUQIRUDWDNHRIIZDUQLQJ

,QWKH$LU

7KHDXUDOZDUQLQJV\VWHPFDQJLYHWKHWDNHRIIZDUQLQJ
ZKHQWKHDLUSODQHLVLQWKHDLU7KLVZDUQLQJWHOOVWKH
IOLJKWFUHZWKDWWKHJURXQGVSRLOHULQWHUORFNYDOYHLV
RSHQ

<RXKHDUWKHZDUQLQJZKHQDOORIWKHIROORZLQJ
FRQGLWLRQVDUHWUXH

 7KHJURXQGVSRLOHULQWHUORFNYDOYHLVRSHQ
 7KHOHDGLQJHGJHIODSVDUHUHWUDFWHG
 7KHDLUSODQHLVLQWKHDLU

7RVWRSWKHZDUQLQJRSHQWKH/$1',1**($57$.(2))
:$51,1*&872))FLUFXLWEUHDNHURQWKHORDGFRQWURO
SDQHO3

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*5281'632,/(5 /($',1*('*( $,53/$1(,1$,5

,17(5/2&.9$/9(23(1 '(9,&(65(75$&7('

,17(50,77(17
+251

/$1',1**($5
7$.(2))
:$51,1*
&872))

  

/$1',1**($5
7$.(2)):$51,1*&872))
&,5&8,7%5($.(53

$85$/:$51,1*6<67(023(5$7,217$.(2))
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(023(5$7,21/$1',1*
*HQHUDO
7KHDXUDOZDUQLQJPRGXOHJLYHVWKHVRXQGRID
FRQWLQXRXVKRUQIRUDODQGLQJZDUQLQJ
7KHUHDUHIRXUVHWVRIFRQGLWLRQVZKLFKFDXVHWKH
ODQGLQJZDUQLQJ
,QWKHILUVWVHWRIFRQGLWLRQVWKHKRUQVRXQGVZKHQ
WKHVHFRQGLWLRQVDUHWUXH LVPRUHWKDQXQLWV7KHSLORWFDQQRWVWRSWKHKRUQ
 *HDULVQRWGRZQDQGORFNHG
 )ODSSRVLWLRQLVIURPWRXQLWV
 7KUXVWOHYHUVDUHVHWIRUODQGLQJ
)RUWKLVVHWRIFRQGLWLRQVWKHSLORWFDQQRWVWRSWKH
KRUQ
,QWKHIRXUWKVHWRIFRQGLWLRQVWKHKRUQVRXQGVZKHQ
WKHJHDULVQRWGRZQDQGORFNHGDQGWKHIODSSRVLWLRQ

 *HDULVQRWGRZQDQGORFNHG
 )ODSSRVLWLRQLVIURPWRXQLWV
 7KUXVWOHYHUVDUHVHWIRUODQGLQJ
 5DGLRDOWLWXGHLVEHWZHHQDQGIHHW
)RUWKHILUVWVHWRIFRQGLWLRQVSXVKWKHKRUQFXWRXW
VZLWFKQHDUWKHIODSOHYHUWRVWRSWKHKRUQ
:KHQWKHDLUSODQHLVLQWKHIRXUWKVHWRIFRQGLWLRQV
WKHV\VWHPLQKLELWVWKHODQGLQJZDUQLQJKRUQGXULQJD
JRDURXQG7KHV\VWHPLQKLELWVWKHZDUQLQJIRU
VHFRQGVDIWHUWKHSLORWSXWVWKHJHDUOHYHULQWKHXS
SRVLWLRQ

,QWKHVHFRQGVHWRIFRQGLWLRQVWKHKRUQVRXQGVZKHQ
WKHVHFRQGLWLRQVDUHWUXH

 *HDULVQRWGRZQDQGORFNHG
 )ODSSRVLWLRQLVIURPWRXQLWV
 7KUXVWOHYHUVDUHVHWIRUODQGLQJ
 5DGLRDOWLWXGHLVOHVVWKDQIHHW

)RUWKHVHFRQGVHWRIFRQGLWLRQVWKHSLORWFDQQRWVWRS
WKHKRUQ

,QWKHWKLUGVHWRIFRQGLWLRQVWKHKRUQVRXQGVZKHQ
WKHVHFRQGLWLRQVDUHWUXH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.



*($5127'2:1 )/$36)520 7+5867/(9(566(7 5$',2$/7%(7:((1 

$1'/2&.(' 7281,76 )25/$1',1* $1')((7 +251
&87287

+251&87287
6:,7&+

*($5127'2:1 )/$36)520 7+5867/(9(566(7 5$',2$/7/(667+$1

$1'/2&.(' 7281,76 )25/$1',1* )((7

*($5127'2:1 )/$36)520 7+5867/(9(566(7

$1'/2&.(' 7281,76 )25/$1',1*
&217,18286
+251

*($5127'2:1 )/$36025(7+$1
$1'/2&.(' 81,76

$85$/:$51,1*6<67(023(5$7,21/$1',1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(023(5$7,21),5(
*HQHUDO

7KHDXUDOZDUQLQJPRGXOHJLYHVWKHVRXQGRIDILUHEHOO
IRUDILUHZDUQLQJ

7KHVHDUHWKHFRQGLWLRQVZKLFKFDXVHWKHILUHZDUQLQJ

 (QJLQHILUH
 &DUJRVPRNH
 :KHHOZHOOILUH
 $38ILUH

7KHILUHEHOOVWRSVZKHQ\RXSXVKWKHEHOOFXWRXW
VZLWFKRUWKHILUHZDUQLQJOLJKW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

),5(
%(//&87287 :$51
%(//&87287

(1*,1(),5(

&$5*2602.(

:+((/:(//),5(
),5(%(//

$38),5(
$85$/:$51,1*6<67(023(5$7,21),5(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(023(5$7,21$8723,/27',6&211(&729(563(('&$%,135(6685(
*HQHUDO

7KHDXUDOZDUQLQJPRGXOHJLYHVWKHVRXQGRIDZDLOHU
IRUDQDXWRSLORWGLVFRQQHFWZDUQLQJ'RRQHRIWKHVH
WKLQJVWRVWRSWKHZDLOHU

 3XVKWKHDXWRSLORWGLVFRQQHFWVZLWFK
 3XVKWKHDXWRSLORW3567VZLWFK
 (QJDJHWKHDXWRSLORWDJDLQ

7KHDXUDOZDUQLQJPRGXOHJLYHVWKHVRXQGRIDFODFNHU
IRUDQDLUSODQHRYHUVSHHGZDUQLQJ

7KHDXUDOZDUQLQJPRGXOHJLYHVWKHVRXQGRIDQ
LQWHUPLWWHQWKRUQIRUDFDELQSUHVVXUHZDUQLQJ3XVK
WKHDOWLWXGHKRUQFXWRXWVZLWFKRQWKH3RYHUKHDG
SDQHOWRVWRSWKHLQWHUPLWWHQWKRUQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$3
3567

$8723,/27',6&211(&7 :$,/(5

&/$&.(5

$,53/$1(29(563(('

$/7
 +251


&87287

 
 &$%,1

$/7 






,17(50,77(17
 

+251


 

&$%,1$/7,78'(!)7

$85$/:$51,1*6<67(023(5$7,21$8723,/27',6&211(&729(563(('&$%,135(6685(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(023(5$7,21)/,*+7&203$570(17&$//
*HQHUDO

7KHDXUDOZDUQLQJXQLWJLYHVWKHVRXQGRIDVLQJOHKLJK
FKLPHIRUDIOLJKWFUHZFDOO

:KHQWKHIOLJKWDWWHQGDQWFDOOVWKHIOLJKWFUHZWKHUH
LVDVLQJOHKLJKFKLPH

:KHQWKHJURXQGVWDWLRQXVHV6(/&$/WRFDOOWKHIOLJKW
FUHZWKHUHLVDVLQJOHKLJKORZFKLPH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&+,0(

$85$/:$51,1*6<67(023(5$7,21)/,*+7&203$570(17&$//
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(07(67
*HQHUDO

7KHDXUDOZDUQLQJV\VWHPWHVWFKHFNVWKHDXUDOZDUQLQJ
PRGXOHIRUFRUUHFWRSHUDWLRQ<RXKHDUWKHLQWHUPLWWHQW
KRUQDQGWKHFODFNHUVRXQGVIRUDJRRGWHVW

$WHVWVZLWFKLVRQWKHWRSRIWKHDXUDOZDUQLQJ
PRGXOH7KHWHVWVZLWFKLVVSULQJORDGHGVRWKDWLW
UHWXUQVWRFHQWHUZKHQLWLVUHOHDVHG8VHD
VFUHZGULYHUWRWXUQWKHVZLWFK7XUQWKHVZLWFK
FORFNZLVHWRWHVWFKDQQHO$7XUQWKHVZLWFK
FRXQWHUFORFNZLVHWRWHVWFKDQQHO%

7XUQWKHVZLWFKWRKHDUWKHLQWHUPLWWHQWKRUQ5HOHDVH
WKHVZLWFKWRKHDUWKHFODFNHU

7KHFODFNHUVWRSVDWWKHHQGRIWKHWHVW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&+$11(/$7(67 &+$11(/%7(67

0$,1721/< 0$,1721/<
7851
7(67 7(67
7(67 %$ %$
6:,7&+

%((3%((3%((3%((3 %((3%((3%((3%((3
,17(50,77(17+2516281' ,17(50,77(17+2516281'

0$,1721/< 0$,1721/<
5(/($6(
7(67 7(67
7(67 %$ %$
6:,7&+

&/$&.&/$&.&/$&.&/$&. &/$&.&/$&.&/$&.&/$&.
&/$&.(56281' &/$&.(56281'

$85$/:$51,1*6<67(07(67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$85$/:$51,1*6<67(06<67(06800$5<
*HQHUDO

7KLVSDJHLVIRUUHIHUHQFH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7$.(2)):$51,1*

&$%,135(6685(:$51,1* ,17(50,77(17+251

/$1',1*:$51,1* &217,18286+251

),5(:$51,1* ),5(%(//

$8723,/27',6(1*$*( :$,/(5

29(563((':$51,1* 29(563(('&/$&.(56

&5(:&$// &+,0(6

6(/&$/$/(57

$&$56$/(57

$85$/:$51,1*02'8/(

$85$/:$51,1*6<67(06<67(06800$5<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&20021',63/$<6<67(0,1752'8&7,21
*HQHUDO DUSW  DLUSRUW
DUU DUULYDO
7KHFRPPRQGLVSOD\V\VWHP&'6VKRZVSHUIRUPDQFH $6$ DXWRIOLJKWVWDWXVDQQXQFLDWRU
QDYLJDWLRQDQGHQJLQHLQIRUPDWLRQLQPDQ\GLIIHUHQW
$6,& DSSOLFDWLRQVSHFLILFLQWHJUDWHGFLUFXLW
IRUPDWVRQVL[GLVSOD\XQLWVLQWKHIOLJKWFRPSDUWPHQW
$6 DLUVSHHG
$EEUHYLDWLRQVDQG$FURQ\PV $7  DXWRWKURWWOH
$7$ DFWXDOWLPHRIDUULYDO
$$ DXWRIOLJKWVWDWXVDQQXQFLDWRU $7& DLUWUDIILFFRQWURO
$&  DLUFRQGLWLRQLQJ DWW DWWLWXGH
$& DOWHUQDWLQJFXUUHQW EDUR  EDURPHWULF
$&$56  DLUFUDIWFRPPXQLFDWLRQDGGUHVVLQJDQG %&6 EDFNFRXUVH
UHSRUWLQJV\VWHP %,7(  EXLOWLQWHVWHTXLSPHQW
$&06  DLUSODQHFRQGLWLRQPRQLWRULQJV\VWHP %/6  EH]HOOLJKWVHQVRU
DFT  DFTXLVLWLRQ EUJ EHDULQJ
DFW DFWLYH & FHOVLXV
$')  DXWRPDWLFGLUHFWLRQILQGHU &$$ &LYLO$YLDWLRQ$XWKRULW\
$',  DWWLWXGHGLUHFWRULQGLFDWLRQ FDOF FDOFXODWH
$',58  DLUGDWDLQHUWLDOUHIHUHQFHXQLW FDS FDSWXUH
$',56 DLUGDWDLQHUWLDOUHIHUHQFHV\VWHP FDSW  FDSWDLQ
$'/  DLUERUQHGDWDORDGHU &$6 FRPSXWHGDLUVSHHG
$'5  DLUGDWDUHIHUHQFH &&$  FLUFXLWFDUGDVVHPEO\
$, DQWLLFH &'6  FRPPRQGLVSOD\V\VWHP
DOW  DOWLWXGH &'8  FRQWUROGLVSOD\XQLW
DOWQ  DOWHUQDWH FJ FHQWHURIJUDYLW\
$13 DFWXDOQDYLJDWLRQSHUIRUPDQFH &, FRVWLQGH[
$2$  DQJOHRIDWWDFN &,$3 FRPPRQLQVWUXPHQWDSSURDFKSURFHGXUH
DSS  DSSURDFK &/  FHQWHUORZHU
$38  DX[LOLDU\SRZHUXQLW FOE  FOLPE
$5,1& DHURQDXWLFDOUDGLRLQFRUSRUDWHG FOU FOHDU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&20021',63/$<6<67(0,1752'8&7,21
&/. FORFN GVSO\  GLVSOD\
FPG  FRPPDQG '7* GLVWDQFHWRJR
&2 FRPSDQ\ '8  GLVSOD\XQLW
FRPS FRPSOHWH '8'%  GLVSOD\XQLWGDWDEDVH
FRQ  FRQWLQXRXV ( HDVW
FRQILJ FRQILJXUDWLRQ (&6  HQYLURQPHQWDOFRQWUROV\VWHP
&3  FRQWUROSDQHO (&8  HOHFWURQLFFRQWUROXQLW
&38 FHQWUDOSURFHVVRUXQLW ((&  HOHFWURQLFHQJLQHFRQWUROOHU
&5& F\FOLFUHGXQGDQF\FKHFN (),6  HOHFWURQLFIOLJKWLQVWUXPHQWV\VWHP
FUF FRXUVH (*3:6 HQKDQFHGGLJLWDOIOLJKWFRQWUROV\VWHP
FU]  FUXLVH (*3:6  HQKDQFHGJURXQGSUR[LPLW\ZDUQLQJV\VWHP
FWU  FHQWHU (*7  H[KDXVWJDVWHPSHUDWXUH
&8  FHQWHUXSSHU (,6  HQJLQHLQGLFDWLQJV\VWHP
'$ GULIWDQJOH HQJ  HQJLQH
'% GDWDEDVH (7$  HVWLPDWHGWLPHRIDUULYDO
'%/ GDWDEDVHORDGHU (:  HDVWZHVW
'& GLUHFWFXUUHQW ) IDKUHQKHLW
GHO GHOHWH )$$ )HGHUDO$YLDWLRQ$GPLQLVWUDWLRQ
GHS GHSDUWXUH )$& ILQDODSSURDFKFRXUVH
GHV GHVFHQW )$16 IXWXUHDLUQDYLJDWLRQV\VWHP
GHVW GHVWLQDWLRQ )&&  IOLJKWFRQWUROFRPSXWHU
'(8  GLVSOD\HOHFWURQLFVXQLW )'  IOLJKWGLUHFWRU
GHY GHYLDWLRQ )'$8  IOLJKWGDWDDFTXLVLWLRQXQLW
')'$8  GLJLWDOIOLJKWGDWDDFTXLVLWLRQXQLW ))  IXHOIORZ
')&6 GLJLWDOIOLJKWFRQWUROV\VWHP IOW IOLJKW
GLVW GLVWDQFH )8  IXHOXVHG
'/'5 GDWDORDGHU )0$ IOLJKWPRGHDQQXQFLDWLRQ
'0(  GLVWDQFHPHDVXULQJHTXLSPHQW )0&  IOLJKWPDQDJHPHQWFRPSXWHU
'60  GLVSOD\VHOHFWPRGXOH )0&6 IOLJKWPDQDJHPHQWFRPSXWHUV\VWHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&20021',63/$<6<67(0,1752'8&7,21
)2  ILUVWRIILFHU +3$  KHFWRSDVFDOV
)3$ IOLJKWSDWKDQJOH +6,  KRUL]RQWDOVLWXDWLRQLQGLFDWLRQ
)39  IOLJKWSDWKYHFWRU K\G  K\GUDXOLF
)4,6 IXHOTXDQWLW\LQGLFDWLQJV\VWHP ,$1 LQWHJUDWHGDSSURDFKQDYLJDWLRQ
)438  IXHOTXDQWLW\SURFHVVRUXQLW LJQ  LJQLWLRQ
IUT IUHTXHQF\ ,*6 LQVWUXPHQWJXLGDQFHV\VWHP
)6(8  IODSVODWHOHFWURQLFVXQLW ,/6  LQVWUXPHQWODQGLQJV\VWHP
IW IHHW ,0  LQQHUPDUNHU
)7  IXQFWLRQDOWHVW LQ  LQFKHV
IZG IRUZDUG LQEG  LQERDUG
* JURXQG LQRS  LQRSHUDWLYH
*$  JRDURXQG LQVWU  LQVWUXPHQW
*&8  JHQHUDWRUFRQWUROXQLW ,2  LQSXWRXWSXW
**  JUDSKLFVJHQHUDWRU ,2&  LQSXWRXWSXWFRQWUROOHU
**&&$  JUDSKLFVJHQHUDWRUFLUFXLWFDUGDVVHPEO\ ,23  LQSXWRXWSXWSURFHVVRU
*/6 *36ODQGLQJV\VWHP ,5  LQHUWLDOUHIHUHQFH
*07 *UHHQZLFKPHDQWLPH ,56  LQHUWLDOUHIHUHQFHV\VWHP
*3 JOLGHSDWK LVRO LVRODWLRQ
*36  JOREDOSRVLWLRQLQJV\VWHP -$$ -RLQW$LUZRUWKLQHVV$XWKRULW\
*3:&  JURXQGSUR[LPLW\ZDUQLQJFRPSXWHU NJ  NLORJUDPV
*3:6  JURXQGSUR[LPLW\ZDUQLQJV\VWHP NP  NLORPHWHU
*6  JOLGHVORSH NWV QDXWLFDOPLOHVSHUKRXU
*6  JURXQGVSHHG /  OHIW
KGJ  KHDGLQJ OE  SRXQGV
+,5)  KLJKLQWHQVLW\UDGLDWLRQILHOG /&  ORZHUFHQWHU
KUGZ KDUGZDUH /&'  OLTXLGFU\VWDOGLVSOD\
+: KDUGZDUH /'$ ORFDOL]HUGLUHFWLRQDODLG
+*  PHUFXU\ OHG OLJKWHPLWWLQJGLRGH
KOG  KROG /,%  OHIWLQERDUG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&20021',63/$<6<67(0,1752'8&7,21
/1$9  ODWHUDOQDYLJDWLRQ 16  QRUWKVRXWK
/2%  OHIWRXWERDUG 19  QRQYRODWLOH
ORF  ORFDOL]HU QRUP  QRUPDO
/58  OLQHUHSODFHDEOHXQLW 2$7 RXWVLGHDLUWHPSHUDWXUH
/6.  OLQHVHOHFWNH\ RXWEG  RXWERDUG
PDJ  PDJQHWLF 20  RXWHUPDUNHU
0$*9$5 PDJQHWLFYDULDWLRQ 23&  RSHUDWLRQDOSURJUDPFRQILJXUDWLRQ
PDLQW PDLQWHQDQFH 236  RSHUDWLRQDOSURJUDPVRIWZDUH
0$6,  PDFKDLUVSHHGLQGLFDWLRQ 3'/  SRUWDEOHGDWDORDGHU
PD[ PD[LPXP 3)'  SULPDU\IOLJKWGLVSOD\
0&'8  PXOWLSXUSRVHFRQWUROGLVSOD\XQLW SOQ  SODQ
0&3  PRGHFRQWUROSDQHO SRV  SRVLWLRQ
0'$ PLQLPXPGHVFHQWDOWLWXGH SUL  SULPDU\
0)'  PXOWLIXQFWLRQGLVSOD\ 3520  SURJUDPPHDEOHUHDGRQO\PHPRU\
0+] PHJDKHUW] SWK  SDWK
PLQV  PLQLPXPV 3:6  SUHGLFWLYHZLQGVKHDUV\VWHP
0/6 PLFURZDYHODQGLQJV\VWHP 4&6 TXLHWFOLPEV\VWHP
00  PLGGOHPDUNHU 4)( DOWLPHWHUVHWWLQJWRVKRZDOWLWXGHDERYH
002  PDFKPD[LPXPRSHUDWLQJ UHIHUHQFHDLUILHOG
PWUV  PHWHUV 41+ DOWLPHWHUVHWWLQJWRVKRZDOWLWXGHDERYH
1 QRUWK PHDQVHDOHYHO
1  HQJLQHIDQVSHHG TW\ TXDQWLW\
1  HQJLQHFRUHVSHHG 5  ULJKW
1$ QRWDSSOLFDEOH 5&/%  UHGXFHGWKUXVWFOLPE
QDY  QDYLJDWLRQ 572  UHGXFHGWKUXVWWDNHRII
1&'  QRFRPSXWHGGDWD 5$  UDGLRDOWLWXGH
1'  QDYLJDWLRQGLVSOD\ 5$0  UDQGRPDFFHVVPHPRU\
10  QDXWLFDOPLOHV UFY  UHFHLYHU
136 QDYLJDWLRQSHUIRUPDQFHVFDOHV UHI  UHIHUHQFH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&20021',63/$<6<67(0,1752'8&7,21
5,%  ULJKWLQERDUG 7& WRSRIFOLPE
5/6  UHPRWHOLJKWVHQVRU 7' WRSRIGHVFHQW
51$9 DUHDQDYLJDWLRQ 7(  WUDLOLQJHGJH
513 UHTXLUHGQDYLJDWLRQSHUIRUPDQFH WHUU  WHUUDLQ
52%  ULJKWRXWERDUG WIF  WUDIILF
UVW  UHVHW WJW WDUJHW
5: UXQZD\ WKU  WKUXVW
UZ\ UXQZD\ WKUUHI WKUXVWUHIHUHQFH
6 VRXWK 70$ WKUXVWPRGHDQQXQFLDWLRQ
6') VLPSOLILHGGLUHFWLRQDOIDFLOLW\ 72  WDNHRII
6',  VRXUFHGHVWLQDWLRQLGHQWLILHU 75$  WKUXVWUHVROYHUDQJOH
VHO  VHOHFW WUN  WUDFN
6,' VWDQGDUGLQVWUXPHQWGHSDUWXUH 758  WUXH
60<'  VWDOOPDQDJHPHQW\DZGDPSHU 8&  XSSHUFHQWHU
VSG  VSHHG 83' XSGDWH
65$0 VFUDWFKUDQGRPDFFHVVPHPRU\ 87& XQLYHUVDOWLPHFRRUGLQDWHG
66(&  VWDWLFVRXUFHHUURUFRUUHFWLRQ 9 WDNHRIIGHFLVLRQVSHHG
660  VLJQVWDWXVPDWUL[ 95 WDNHRIIURWDWLRQVSHHG
VWD  VWDWLRQ 9 HQJLQHRXWVDIHFOLPEVSHHG
67'  VWDQGDUG 9 YROW
6: VRIWZDUH Y YROW
VZ VRIWZDUH 91$3 YHUWLFDODFWXDOQDYLJDWLRQSHUIRUPDQFH
6:'/  VRIWZDUHGDWDORDGHU YLE  YLEUDWLRQ
7$,  WKHUPDODQWLLFH YOY  YDOYH
7$6  WUXHDLUVSHHG 902  YHORFLW\PD[LPXPRSHUDWLQJ
7$7  WRWDODLUWHPSHUDWXUH 91$9  YHUWLFDOQDYLJDWLRQ
7%& 7KH%RHLQJ&RPSDQ\ 925  YHU\KLJKIUHTXHQF\RPQLGLUHFWLRQDOUDQJH
7&$6  WUDIILFDOHUWDQGFROOLVLRQDYRLGDQFH 9513 YHUWLFDOUHTXLUHGQDYLJDWLRQSHUIRUPDQFH
V\VWHP 96  YHUWLFDOVSHHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&20021',63/$<6<67(0,1752'8&7,21
96' YHUWLFDOVLWXDWLRQGLVSOD\
96,  YHUWLFDOVSHHGLQGLFDWRU
97. YHUWLFDOWUDFN
: ZHVW
ZSW  ZD\SRLQW
:7$,  ZLQJWKHUPDODQWLLFH
:;5  ZHDWKHUUDGDU
;)5 WUDQVIHU
[PWU  WUDQVPLWWHU
;7. FURVVWUDFN
= ]XOX
=): ]HURIXHOZHLJKW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&20021',63/$<6<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

 7 $7   F    

63' 91 $937 + + ' *6 (/ & 0'             
* 6 925/ 2&             


  

      
 
 
 
 



   
 1      

   
       
  
 
       2,/3    
 
 
   
 
     
     (*7      
       
    
       2,/7   
  
 

  

83 2,/4 
5$ ',2     
1  
    
   
  




'0(  '0(  
 
      
 
,/6
     9,%    
  
    ) )) 8  $ %


/%; 
   
 

   
&75    
       


  + <' 3
  
         + <' 4       
$' ) 92 5 ) 8 (//%

&20021',63/$<6<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6*(1(5$/'(6&5,37,21
3XUSRVH  7ZRUHPRWHOLJKWVHQVRUV5/6V

7KHFRPPRQGLVSOD\V\VWHP&'6VKRZVWKLVGDWDWRWKH 2SHUDWLRQ

IOLJKWFUHZ
7KHVHDUHWKHWKLQJVWKDWVHWVWKHGDWDWKDWVKRZVRQ
 $WWLWXGH WKHGLVSOD\VXQLWV
 1DYLJDWLRQ
 )OLJKWPRGH  'LVSOD\XQLWVWDWXV
 (QJLQHDQGV\VWHPVGDWD  'LVSOD\XQLWORFDWLRQ
 6HOHFWLRQVPDGHRQWKHFRQWUROSDQHOVDQGPRGXOHV
7KH&'6DOVRLVDQLQWHUIDFHEHWZHHQVRPHDLUSODQH
V\VWHPV 7KHVHDUHWKHIRUPDWVWKDWVKRZRQWKHGLVSOD\XQLWV

([WHUQDO,QWHUIDFHV  3ULPDU\IOLJKWGLVSOD\3)'

 1DYLJDWLRQGLVSOD\1'
7KHFRPSXWHUIRUWKH&'6LVWKHGLVSOD\HOHFWURQLFV  (QJLQHGLVSOD\
XQLW'(80DQ\DYLRQLFDQGDLUIUDPHV\VWHPVKDYH
LQWHUIDFHVZLWKWKH'(8V7KHVHV\VWHPVVHQG$5,1&
DQDORJDQGGLVFUHWHGDWDWRWKH'(8V7KH'(8VVHQG
$5,1&DQDORJDQGGLVFUHWHGDWDWRWKHVHV\VWHPV
&RPSRQHQWV
7KHVHDUHWKHFRPSRQHQWVRIWKHFRPPRQGLVSOD\V\VWHP GLVSOD\XQLWV7KHWZR'(8VVHQGGDWDWRDOOVL[
 7ZRGLVSOD\VHOHFWSDQHOV
 2QHHQJLQHGLVSOD\FRQWUROSDQHO
 7ZR(),6FRQWUROSDQHOV
 7ZRGLVSOD\VRXUFHVHOHFWRUV
)XQFWLRQDO'HVFULSWLRQ
7ZR'(8VFROOHFWGDWDIURPPDQ\DYLRQLFDQGDLUIUDPH
V\VWHPV(DFK'(8VHQGVWKHGDWDRXWRQWZRFRD[
FDEOHV$FRD[FRXSOHUDWWKHHQGRIHDFKFRD[FDEOH
GLYLGHVWKHGDWDVLJQDODQGVHQGVWKHGDWDWRDOOVL[
GLVSOD\XQLWV7KH'8VKDYHSURJUDPSLQVWKDWLGHQWLI\
WKH'8SRVLWLRQ7KH'8SRVLWLRQVHWVZKDWGDWDWKH'8
VKRZVRQLWVGLVSOD\'8VWDWXVGDWDJRHVIURPHDFK'8
WRWKH'(8VRQ$5,1&GDWDEXVVHV
 7ZRGLVSOD\HOHFWURQLFVXQLWV'(8V 7KH'(8VDOVRDUHWKHLQWHUIDFHEHWZHHQVRPHDYLRQLF
 )RXUFRD[FRXSOHUV DQGDLUIUDPHV\VWHPV)RUH[DPSOHWKH'(8VUHFHLYH
 6L[GLVSOD\XQLWV'8VWKDWDUHWKHVDPH %,7(GDWDIURPWKHHOHFWURQLFHQJLQHFRQWUROOHU((&
 7ZREULJKWQHVVFRQWUROSDQHOV DQGDX[LOLDU\SRZHUXQLW$387KH'(8VVHQGWKLVGDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6*(1(5$/'(6&5,37,21
WRWKHIOLJKWPDQDJHPHQWFRPSXWHU7KH'(8VDOVRVHQG
((&GDWDWRRWKHUDYLRQLFV\VWHPV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8
1250 1250
287%' (1* (1* 1'
3)' 35, 0$,13$1(/ 833(5'8
35,
%57
3)'
,1%'
0)' 2))
287%''8 ,1%''8 /2:(5'8
%57 %57 %57
',63/$<
6(/(&7
0,16 )39 0756 %$52
3$1(/ 5$',2 %$52 ,1 +3$
%5,*+71(66&21752/
567 67'
0$3
3$1(/
925 925 3/1    925
$33  
2)) 2))
&75  7)& 

$') $')
:;5 67$ :37 $537 '$7$ 326 7(55

(),6&21752/3$1(/
5/6

16(7 63'5() $872%5$.(

$872 $872 $872%5$.(
 %27+ 9 ',6$50


 6(7 95  
',63/$<6
:7
2)) 0$;
)8(/)/2: 95()
6285&( &21752/3$1(/
5(6(7
0)' 572 $872 %27+ %27+
5$7( $17,6.,' $// $//
(1* 6<6 21 21 21 21
86(' $17,6.,'
,123
1250$/
&5
'8
(1*,1(',63/$< ,167580(176:,7&+,1*
&21752/3$1(/ 02'8/(
&2$;,$/
&283/(5

$5,1&
287387%86(6
$,53/$1(6<67(06 $,53/$1(6<67(06
',6&5(7(6

',63/$<(/(&7521,&681,7

9(56,21'$7('$8*867
&'6*(1(5$/'(6&5,37,21
RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6)/,*+7&203$570(17&20321(17/2&$7,21
&RPSRQHQWORFDWLRQ

7KHVHDUHWKH&'6FRPSRQHQWVLQWKHIOLJKWFRPSDUWPHQW

 /HIWRXWERDUG'8
 /HIWLQERDUG'8
 5LJKWRXWERDUG'8
 5LJKWLQERDUG'8
 8SSHUFHQWHU'8
 /RZHUFHQWHU'8
 &DSWDLQ(),6FRQWUROSDQHO
 )LUVWRIILFHU(),6FRQWUROSDQHO
 &DSWDLQGLVSOD\VHOHFWSDQHO
 )LUVWRIILFHUGLVSOD\VHOHFWSDQHO
 (QJLQHGLVSOD\FRQWUROSDQHO
 /HIWUHPRWHOLJKWVHQVRU
 5LJKWUHPRWHOLJKWVHQVRU
 &DSWDLQEULJKWQHVVFRQWUROV
 )LUVWRIILFHUEULJKWQHVVFRQWUROV
 'LVSOD\VRXUFHVHOHFWRUV

7KHIOLJKWPDQDJHPHQWFRPSXWHUV\VWHPFRQWUROGLVSOD\
XQLWV&'8VKRZ&'6%,7(GDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3)25:$5'29(5+($'3$1(/
,167580(176:,7&+,1*02'8/(

3&(17(5,167580(173$1(/
3*/$5(6+,(/'3$1(/ (1*,1(',63/$<&21752/3$1(/
(),6&21752/3$1(/6 833(5&(17(5'8
3&$37,167580(173$1(/ 3)2,167580(173$1(/
&$37',63/$<6(/(&73$1(/ )2',63/$<6(/(&73$1(/
/()7,1%2$5''8 5,*+7,1%2$5''8
/()7287%2$5''8 5,*+7287%2$5''8
&$37%5,*+71(66 )2%5,*+71(66&21752/6
&21752/6

3)25:$5'(/(&7521,&63$1(/
/2:(5&(17(5'8
5,*+7&'8
/()7&'8
&'6)/,*+7&203$570(17&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6)/,*+7&203$570(17&20321(17/2&$7,21
&RD[&RXSOHUV

7KHUHDUHIRXUFRD[FRXSOHUV&RD[FRXSOHUVDQGDUH
WRWKHULJKWRIWKHFDSWDLQUXGGHUSHGDOV&RD[
FRXSOHUVDQGDUHWRWKHOHIWRIWKHILUVWRIILFHU
UXGGHUSHGDOV

7RJHWDFFHVVWRWKHFRD[FRXSOHUVUHPRYHWKHDFFHVV
SDQHORQWKHLQERDUGVLGHRIWKHUXGGHUSHGDOVDQG
UHPRYHWKHIOLJKWPDQDJHPHQWFRPSXWHU)0&FRQWURO
GLVSOD\XQLW&'8,IQHFHVVDU\UHPRYHWKHSLORW
VHDW<RXFDQQRZGLVFRQQHFWWKHFRD[LDOFRQQHFWRUVDQG
UHPRYHWKHFRXSOHUEUDFNHW7KHFRD[FRXSOHUVDUHRQ
WKHEUDFNHW

7KHFRD[LDOFRQQHFWRUVKDYHDVSULQJORDGHGVOHHYHWKDW
ORFNVWKHFRQQHFWRUWRWKHFRXSOHU<RXSXOOWKHVOHHYH
EDFNWRDWWDFKRUUHPRYHWKHFRQQHFWRUWRWKHFRXSOHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&$375,*+7
58''(53('$/5()

&2$;&283/(56
$1'

6&5(:6

$&&(663$1(/
5(029('5()

&283/(5,167$//$7,21
:,5($&&(663$1(/5(029('
):'

$&&(663$1(/
5(029('5()

):'
6&5(:6

&283/(55(029$/$1'
&283/(5%5$&.(75(029$/

&283/(5:,5(6
):' /()76,'(6+2:1

&'6)/,*+7&203$570(17&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6)/,*+7&203$570(17&20321(17/2&$7,21
5HPRWH/LJKW6HQVRUV

7KHUHPRWHOLJKWVHQVRUVDUHRQWKHIRUZDUGSDUWRIWKH
JODUHVKLHOG7KHVHQVRUVIDFHIRUZDUG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5(027(/,*+76(16256

*/$5(6+,(/'
&'6)/,*+7&203$570(17&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6((&203$570(17&20321(17/2&$7,21
((&RPSDUWPHQW

7KHGLVSOD\HOHFWURQLFVXQLWV'(8VDUHRQWKH(

VKHOI

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(
'(8
'(8

((&203$570(17
/22.,1*$)7

&'6((&203$570(17&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'632:(5,17(5)$&(6
3RZHU IDXOWVLQQRQYRODWLOHPHPRU\DQGWRGRDQRUGHUO\VKXW
GRZQRIWKHSURFHVVRU7KH'(8FDQXVHWKHKROGXS
7KHYGFVWDQGE\EXVVXSSOLHVSRZHUWRWKHVH YROWDJHIRUXSWRVHFRQGV
FRPSRQHQWV

 /HIWRXWERDUGGLVSOD\XQLW
 /HIWLQERDUGGLVSOD\XQLW
 8SSHUFHQWHUGLVSOD\XQLW
 &DSWDLQ(),6FRQWUROSDQHO
 'LVSOD\HOHFWURQLFVXQLW'(8

7KHYGFEXVVXSSOLHVSRZHUWRWKHVHFRPSRQHQWV

 5LJKWRXWERDUGGLVSOD\XQLW
 5LJKWLQERDUGGLVSOD\XQLW
 /RZHUFHQWHUGLVSOD\XQLW
 )LUVW2IILFHU(),6FRQWUROSDQHO
 '(8

7KHYGFKRWEDWWHU\EXVDOVRVXSSOLHVSRZHUWRWKH
'(8DQG'(87KLVSRZHULVWKHKROGXSYROWDJH7KH
'(8XVHVWKHKROGXSYROWDJHWRNHHSRSHUDWLRQGXULQJ
SRZHUWUDQVLHQWV7KH'(8FDQXVHWKHKROGXSYROWDJH
IRUDORVVRIWKHSULPDU\SRZHURIOHVVWKDQVHFRQGV
,IWKHUHLVDORVVRISULPDU\SRZHUIRUPRUHWKDQ
VHFRQGVWKH'(8GRHVDVKXWGRZQ$IWHUDVKXWGRZQ
LWWDNHVVHFRQGVWRVWDUWWKH'(8RSHUDWLRQ

7KH'(8DOVRXVHVWKHKROGXSYROWDJHWRGRDVKXWGRZQ
RIWKH'(8SURFHVVRU7KH'(8FDQKDYHIDXOWVLQUDQGRP
DFFHVVPHPRU\RUEHLQH[HFXWLRQRIDFRPPDQGZKHQ
WKHUHLVDORVVRISULPDU\SRZHU:KHQDSRZHUORVV
RFFXUVWKH'(8XVHVWKHKROGXSYROWDJHWRVWRUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'& 9'&
67$1'%<%86 '&%86
',63/$<&$37 ',63/$<)2
287%' 287%'
/287%2$5''8 5287%2$5''8

9'& 9'&
67$1'%<%86 '&%86
',63/$<)2
',63/$<&$37 ,1%'
,1%' 5,1%2$5''8
/,1%2$5''8

9'&
9'& '&%86
67$1'%<%86 ',63/$<&75
',63/$<&75 /:5
835 /2:(5&(17(5'8
833(5&(17(5'8
9'&
'&%86
9'& ',63/$<
67$1'%<%86 )2(),6
&21731/ )2(),6
',63/$< &21752/3$1(/
&$37(),6 9'&
&21731/ &$37(),6 '&%86
&21752/3$1(/
',63/$<
'(835,
9'&
9'& +27%$7
67$1'%<%86 ',63/$<
',63/$< '(8
'(8+/'83
'(835,
'(8
9'&
+27%$7
',63/$<
'(8+/'83
3&,5&8,7%5($.(53$1(/ 3&,5&8,7%5($.(53$1(/
&'632:(5,17(5)$&(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6352*5$03,16,17(5)$&(
3URJUDP3LQV  /HIWRXWERDUG/2%
 /HIWLQERDUG/,%
7KHGLVSOD\HOHFWURQLFVXQLWV'(8DQGWKHGLVSOD\  8SSHUFHQWHU8&
XQLWV'8KDYHKDUGZDUHSURJUDPSLQV  /RZHUFHQWHU/&
 5LJKWLQERDUG5,%
'(83URJUDP3LQV  5LJKWRXWERDUG52%

7KHVHDUHWKHWKUHHW\SHVRISURJUDPSLQVIRUWKH'(8

 '(8SRVLWLRQ
 $LUIUDPHW\SH
 3DULW\

'(8SRVLWLRQLGHQWLILHVWKH'(8DVWKHOHIWULJKWRU
FHQWHUXQLW7KHDLUSODQHRQO\XVHVWZR'(8V7KH
'(8VDUHOHIWRUULJKW

$LUIUDPHW\SHLGHQWLILHVWKHDLUSODQHW\SHZLWKWKH
'(8

7KHSDULW\SURJUDPSLQLGHQWLILHVRGGSDULW\IRUWKH
$5,1&GDWDZRUGV2GGSDULW\LGHQWLILHVWKDWHDFK
$5,1&GDWDZRUGKDVDQRGGQXPEHURIGDWDELWVVHW
WR$GDWDZRUGWKDWGRHVQRWKDYHRGGSDULW\LVQRW
YDOLG)RUPRUHLQIRUPDWLRQDERXWSDULW\VHH$5,1&
VSHFLILFDWLRQ

'83URJUDP3LQV

(DFK'8KDVGLIIHUHQWSURJUDPSLQVVHWWRJURXQG7KH
SURJUDPSLQVLGHQWLI\WKH'8ORFDWLRQ7KHVHDUHWKH'8
ORFDWLRQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'(8/()7 '(8/()7
'(8&75 '(8&75
'(85,*+7 '(85,*+7
 
 
 
 

3$5,7<2'' 3$5,7<2''

'(8 '(8

$ $ $ $ $
% % % % %
& & & & &
' ' ' ' '
( ( ( ( (

/2%'8 /,%'8 8&'8 5,%'8 52%'8

$
%
&
'
(

/&'8

&'6352*5$03,16,17(5)$&(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6',63/$<(/(&7521,&681,7,17(5)$&(6
'(82XWSXWV

(DFKGLVSOD\HOHFWURQLFVXQLW'(8KDVWZRJUDSKLFV

JHQHUDWRUFLUFXLWFDUGDVVHPEOLHV**&&$(DFK**&&$
GRHVDIRUPDWRIWKHGLVSOD\GDWDDQGWKHQWUDQVPLWVLW
WRRQHRIIRXUFRD[FRXSOHUV(DFK**&&$FDQPDNH
WKUHHIRUPDWVVRLWFDQVXSSO\WKUHHGLVSOD\VDWWKH
VDPHWLPH

7KHFRD[FRXSOHULVDRQHWRVL[VSOLWWHU7KHVL[
RXWSXWVRIHDFKFRD[FRXSOHUFRQQHFWWRHDFKRIWKHVL[
GLVSOD\XQLWV'87KLVJLYHVHDFK'8DQLQSXWIURP
HDFK**&&$7KH'8VPRQLWRUHDFKLQSXWIURPWKH**&&$
EXWRQO\VKRZWKHGDWDIURPRQHDWDWLPH

(DFK'8KDVDQDGGUHVVVHWE\SURJUDPSLQVIRULWV
ORFDWLRQ:KHQWKH'8UHFHLYHVLPDJHGDWDIURPWKH'(8
ZLWKWKHFRUUHFWDGGUHVVWKDWUHODWHVWRLWVSURJUDP
SLQGLVFUHWHVLWVKRZVWKDWLPDJHGDWDIRUPDWIURP
WKH**&&$

$5,1&6WDWXV%XV

(DFK'8VHQGVFRQILJXUDWLRQDQGVWDWXVGDWDEDFNWRWKH
'(8VRQ$5,1&VWDWXVEXVHV7KLV$5,1&VWDWXV
EXVKDVWKLVGDWD

 '8KHDOWKGDWD
 '8LQVWDOODWLRQSURJUDPSLQGDWD
 5HPRWHOLJKWVHQVRU5/6GDWD
 &RD[FRQQHFWLRQGDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<


%1*%25%%&20%,1('%22.

)520/
287%''8 $5,1& 72'(8
&2$;287387 
)520/ *5$3+,&6 67$786 72'(8
,1%''8 *(1(5$725$
/287%2$5''8
)520 &2$;&283/(5
835&'8 $5,1& $5,1& 72'(8
67$786%86 
)520 67$786 72'(8
/:5&'8
&2$;287387 /,1%2$5''8
)5205
,1%''8 *5$3+,&6
*(1(5$725% $5,1& 72'(8
)5205 
287%''8 &2$;&283/(5 67$786 72'(8

'(8 833(5&'8

)520/ $5,1& 72'(8

287%''8 
67$786 72'(8
&2$;287387
)520/ *5$3+,&6
,1%''8 *(1(5$725% /2:(5&'8
&2$;&283/(5 $5,1&
)520 72'(8
835&'8 $5,1& 
67$786 72'(8
67$786%86
)520
/:5&'8 5,1%2$5''8
&2$;287387
)5205 *5$3+,&6
*(1(5$725$ $5,1& 72'(8
,1%''8 
&2$;&283/(5 67$786 72'(8
)5205
287%''8
5287%2$5''8
'(8
&'6',63/$<(/(&7521,&681,7,17(5)$&(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6%5,*+71(66,17(5)$&(6
*HQHUDO 7KHUHPRWHOLJKWVHQVRUVDOVRVHQGDQRXWSXWWRWKH
')&6PRGHFRQWUROSDQHO0&37KH0&3XVHVWKLVGDWD
7KH'8VJHWEULJKWQHVVFRQWUROIURPWKH'(8V7KHVHDUH IRULWVRZQEULJKWQHVVFRQWUROIXQFWLRQ
WKHEULJKWQHVVLQSXWVWRWKH'(8V
7KHSRZHUIRUWKH5/6LVYGFIURPWKHRQVLGH
 %ULJKWQHVVFRQWUROSDQHO RXWERDUG'87KH'8VDOVRVHQGEH]HOOLJKWVHQVRU
 5HPRWHOLJKWVHQVRUV YDOXHVWRWKH'(8VRQWKLV$5,1&EXV
 %H]HOOLJKWVHQVRUV
7KH'(8VGLYLGHWKH'8VLQWRWKHVHSDLUVIRUWKH
0DQXDO%ULJKWQHVV&RQWURO EULJKWQHVVFRQWUROIXQFWLRQ

7KHIOLJKWFUHZXVHWKHEULJKWQHVVFRQWUROVWRFRQWURO  /HIWRXWERDUGDQGLQERDUG'8V
WKHEULJKWQHVVRIHDFKGLVSOD\XQLW'87KHOHIWDQG
ULJKWLQERDUG'8VDQGWKHORZHUFHQWHU'8DOVRKDYHD
EULJKWQHVVFRQWUROIRUWKHZHDWKHUUDGDURUWHUUDLQ
GLVSOD\IURPWKHJURXQGSUR[LPLW\ZDUQLQJV\VWHP
GLVSOD\
(DFK'8UHFHLYHVDWKUHHZLUHLQSXWIURPDGHGLFDWHG
FRQWUROSRWHQWLRPHWHULQWKHEULJKWQHVVFRQWUROSDQHO
7KHVHEULJKWQHVVFRQWUROLQSXWVFKDQJHWRDGLJLWDO
VLJQDOLQWKH'8VDQGJRWRWKH'(8VRQWKH$5,1&
VWDWXVEXVVRWKDWWKH'(8VFDQVHWWKHPDQXDO
EULJKWQHVVIRUHDFK'8VHSDUDWHO\
$XWRPDWLF%ULJKWQHVV&RQWURO
7KHDXWRPDWLFEULJKWQHVVFRQWUROIXQFWLRQXVHVLQSXWV
 8SSHUDQGORZHUFHQWHU'8V
 5LJKWRXWERDUGDQGLQERDUG'8V
7KH'(8VXVHWKHEULJKWHVWYDOXHRIWKHUHPRWHOLJKW
VHQVRULQSXWVDQGWKHEULJKWHVWYDOXHIURPWKHEH]HO
OLJKWVHQVRUSDLUVWRVHWWKHEULJKWQHVVRIWKH'8
SDLUV
:KHQWKHUHPRWHRUEH]HOOLJKWVHQVRUVILQGDIDVW
FKDQJHWREULJKWOLJKWLQWKHIOLJKWFRPSDUWPHQWWKH
'(8VTXLFNO\LQFUHDVHWKH'8EULJKWQHVV,IWKHDPELHQW
OLJKWGHFUHDVHVWKH'(8VGHFUHDVHWKH'8EULJKWQHVV
VORZO\7KLVLVVLPLODUWRWKHZD\WKHKXPDQH\H
RSHUDWHV
127( :KHQWKH'8VDUHYHU\EULJKWWKHPDQXDO
IURPWKHUHPRWHOLJKWVHQVRUV5/6RQWKHJODUHVKLHOG EULJKWQHVVFRQWUROVGRQRWDIIHFWWKHGLVSOD\VRU
DQGWKHEH]HOOLJKWVHQVRUV%/6RQHDFK'8 KDYHDOLPLWHGHIIHFW

7KHUHPRWHOLJKWVHQVRUVVHQGRXWSXWVWRWKHRXWERDUG
'8VDQGWKHQRQWKH$5,1&VWDWXVEXVWRWKH'(8V

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6%5,*+71(66,17(5)$&(6
7UDLQLQJ,QIRUPDWLRQ3RLQW

7KH'(8VPRQLWRUWKHUHPRWHOLJKWVHQVRUVDQGSXW
IDXOWVLQ%,7(

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


 9'&
%5,*+71(66 
29(5$// %/6
/5/6
/287%2$5''8  &2$;,$/
 &283/(5
287%''8
29(5$// 

,1%''8 :;5 %/6
&2$;,$/
 /,1%2$5''8 &283/(5
,1%''8
'(8

833(5'8
 29(5$//
/2:(5'8 %/6
 833(5&'8
/2:(5'8

')&60&3 &$37%5,*+71(66 29(5$//

&21752/3$1(/
:;5 %/6

,1%''8 /2:(5&'8

,1%''8
 29(5$// 
287%''8
:;5 %/6
)2%5,*+71(66  &2$;,$/
&21752/3$1(/ 5,1%2$5''8 &283/(5

29(5$// 

%5,*+71(66
 &2$;,$/
9'& %/6 &283/(5
55/6 5287%2$5''8 '(8

&'6%5,*+71(66,17(5)$&(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6&21752/6,17(5)$&(6
&RQWURO3DQHOV 7KH(),6FRQWUROSDQHOEXVVHVKDYHWKLVJHQHUDOGDWD

7KHVHDUHWKHVL[FRQWUROSDQHOV  0LQLPXPVGDWD
 )39DQG0756VZLWFKVWDWXV
 &DSWDLQ
VGLVSOD\VHOHFWSDQHO  %DURFRUUHFWLRQGDWD
 )LUVWRIILFHU
VGLVSOD\VHOHFWSDQHO  925$')VZLWFKVWDWXV
 (QJLQHGLVSOD\FRQWUROSDQHO  0RGHVHOHFWLRQGDWD
 &DSWDLQ
V(),6FRQWUROSDQHO  6HOHFWHGUDQJHGDWD
 )LUVWRIILFHU
V(),6FRQWUROSDQHO  7)&VZLWFKVWDWXV
 ,QVWUXPHQWVZLWFKLQJPRGXOH  925$')VZLWFKVWDWXV
 :HDWKHURQRIIVZLWFKVWDWXV
'LVSOD\6HOHFW3DQHOV  0DSVZLWFKHVVWDWXV
 7HUUDLQRQRIIVZLWFKVWDWXV
7KHGLVSOD\VHOHFWSDQHOVVHQGJURXQGGLVFUHWHVWR  'LVSOD\VHOHFWSDQHOVZLWFKGDWD
HDFK(),6FRQWUROSDQHO7KHVHGLVFUHWHVVKRZWKH  (QJLQHGLVSOD\FRQWUROSDQHOVZLWFKGDWD
SRVLWLRQVRIWKHPDLQSDQHO'8VHOHFWRUVZLWFKDQGWKH
ORZHU'8VHOHFWRUVZLWFK ,QVWUXPHQW6ZLWFKLQJ0RGXOH

(QJLQH'LVSOD\&RQWURO3DQHO 7KHVHDUHWZRVZLWFKHVLQWKLVSDQHO

7KHHQJLQHGLVSOD\FRQWUROSDQHOVHQGVJURXQG
GLVFUHWHVWRHDFK(),6FRQWUROSDQHO7KHVHGLVFUHWHV
VKRZWKH16(763'5()IXHOXVHGUHVHWVZLWFKDQG
WKH(1*6<67(0VZLWFKVHOHFWLRQVWDWXV
(),6&RQWURO3DQHOV
 'LVSOD\VRXUFHVHOHFWVZLWFK
 (),6FRQWUROSDQHOVHOHFWVZLWFK
7KHGLVSOD\VVRXUFHVHOHFWVZLWFKFRQWUROVZKLFK'(8LV
VXSSO\LQJGDWDWRWKH'8V,WVHQGVJURXQGGLVFUHWHV
WRHDFK'(8WRVKRZVZLWFKSRVLWLRQ

7KH(),6FRQWUROSDQHOVKDYHLQSXWVIURPWKHGLVSOD\
VHOHFWSDQHOVDQGWKHHQJLQHGLVSOD\FRQWUROSDQHO7KH
(),6FRQWUROSDQHOVFRQYHUWWKHVHJURXQGGLVFUHWHVWR
DQ$5,1&IRUPDW7KLVGLVFUHWHGDWDDQGWKH(),6
FRQWUROSDQHOVHOHFWLRQGDWDLVWKHQVHQWWRWKH
7KH(),6FRQWUROSDQHOVHOHFWVZLWFKGHWHUPLQHVZKLFK
(),6FRQWUROSDQHOLVFRQWUROOLQJWKHOHIWDQGULJKW
3)'1'GLVSOD\V,WVHQGVJURXQGGLVFUHWHVWRHDFK
'(8WRVKRZVZLWFKSRVLWLRQ
GLVSOD\HOHFWURQLFXQLWV'(8

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.


()&3%86
'86(/(&7


&$37',63/$<
6(/(&73$1(/

&$37(),6
&21752/3$1(/ '(8
63(('5()6/(:

63(('5()%8*6 $872 

16(76/(: ',63/$<6285&(
6(/(&725
16(7%8*
 1250 
)8(/86('5(6(7
&21752/3$1(/
(1*,1(6<67(0 6(/(&76:,7&+

(1*,1(',63/$<
&21752/3$1(/


'86(/(&7

()&3%86

)2',63/$< )2(),6 '(8

6(/(&73$1(/ &21752/3$1(/

&'6&21752/6,17(5)$&(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.






! !
!
!

B?CC
81>>5<
EC

138
+
C5>4C
41D1
?>
DG?
3B?CC
381>>5<
2EC5C
D?
D85

?D85B
+
*85
DG?
?ED@ED
2EC5C
81F5
4 9 6 6 5 B 5 > D

9 > 6 ? B = 1 D 9 ? >

*5CD
?>>53D?B

/?E
31>
B514
41D1
? 6 6
D85
)
75>5B1<
@EB@?C5
2EC
G 9D 8

1ED?=1D93
D 5 C D
5AE9@=5>D
1DD13854
D?
D85
)
D 5 C D

3?>>53D?B
+C5
D 8 9 C
9 >6 ?B =1 D 9 ?>
6 ? B
4 5 D 1 9 < 5 4
6 1 E < D

9 C ? < 1 D 9 ? >
? > < I

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

.*($"
$*(
$*(%+* %$

5>5B1<
1D1
"?145B
EC

#1>I
1 9 B@ < 1 > 5
CICD5=C
C5>4
41D1
D?
D85
+
*85
+C
*85
+C
C5>4
)
 *
6 1 E < D
8 9 C D ? B I
41D1
?>
D85
41D1

381>75
C?=5
?6
D85
41D1
D?
1
F945?
C 9 7 > 1 <
D?
C8?G
?>
<?145B
2EC

D85
4 9 C @ < 1 I
E > 9 D C
<C?
D85
+C
C5>4
C?=5
?6
D85
41D1

D?
?D85B
CICD5=C
+

#
EC

*85
+C
C5>4
41D1
D?
=1>I
1 9 B@ < 1> 5
CICD5=C
138
+
*85
+C
C5>4
 )
3 ? > D B ? <
@1>5<
C 5 < 5 3D 9 ? > C
1>4
 *

C5>4C
4 9 C3 B 5 D 5 C
1>4
C5>4C
41D1
?>
( $
 
?ED@ED
41D1
?>
D85
+

#
2EC
*85
 *
41D1
9C
6 ? B
D85C5

2EC5C
*85C5
1B5
D85
( $
 
2EC5C
"(+C


)
75>5B1<
@EB@?C5
2EC

+C


?>D B?<
@1>5<
6554D8BE
2EC5C
 

C

1D1
<?145B
2EC

&+C


+

#
2EC


()
4 1 D 1 < 9 > ;
2EC

&+
EC



@1CCD8BE
2EC



&+
2EC
*85
+C
C5>4
1 9 B
4 1 D 1 
6 < 9 7 8 D
=1>175=5>D
4 1 D 1 
1>4
1 9 B

4 9 C D B 9 2 E D 9 ? >
41D1
?>
D85

&+
2EC

)
5>5B1<
&EB@?C5
&
EC


&1CCD8BE
EC

*85
+C
C5>4
C5< 53D 54
5>79>5
4 1 D 1 
6 < 9 7 8 D
4 1 D 1 
1>4

?D85B
=9C35<<1>5?EC
41D1
?>
D85
75>5B1<
@EB@?C5
2EC
*85
+C
C5>4

41D1
?>
D85

@1CCD8BE
2EC
*89C

9 >6 ?B =1D 9? >
9C
6 ? B
D85
1 9 B @ < 1 >5
3 ? > 4 9 D 9 ? >
=? >9D ? B9> 7

?> D B?<
&1>5<
554D8BE
EC5C
CICD5=

*85B5
1B5
DG?
3 ? > D B ? <
@1>5<
6554D8BE
2EC5C
6B?=
5138
()
1D1<9>;
EC

+
*85B5
1B5
DG?
2EC5C
D?
9 C ? < 1 D 5
D85
21B?=5DB93

3 ? B B 5 3 D 9 ? >
41D1
D 81 D
7?5C
D ?
D85
1 9 B
41D1
9 > 5 B D 9 1 <
*85
+C
C5>4
41D1
< 9 > ;
9 > 6 ? B=1 D 9 ?>
?>
D85
()

B565B5>35
E > 9 D C
*85
+C
C5>4
21B?=5DB93
3 ? B B 5 3 D 9 ? >
41D1<9>;
2EC

1>4
B1 49 ?
=9>9=E=
41D1
?>
D85C5
3 ? > D B ? <
@1>5<
6554D8BE

2EC5C

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)/,*+7&21752/&20387(56$%
)/,*+7'$7$$&48,6,7,2181,7
*(1(5$/385326(%86 67$//0$1$*(0(17<$:'$03(5
&'67(67&211(&725(5$&.

$,5'$7$,1(57,$/5()(5(1&(81,7
&21752/3$1(/ *5281'352;,0,7<:$51,1*&20387(5
)(('7+58%86 :($7+(55$'$575$16&(,9(5
+8'&20387(5
$,53/$1(6<67(06
&21752/3$1(/
1$9,*$7,216<67(06 )(('7+58%86 $,5'$7$,1(57,$/5()(5(1&(81,7
,1',&$7,1*$1'5(&25',1*6<67(06
$8723,/276<67(06 '$7$/2$'(5%86 '$7$/2$'(5&21752/3$1(/
)/,*+7&21752/66<67(06
'(8)0&%86 )/,*+70$1$*(0(17&20387(56<67(0
+<'5$8/,&6<67(06
/$1',1**($56<67(06 (/(&7521,&(1*,1(&21752//(5
$,5&21',7,21,1*6<67(06 ((&$38%86 $38(/(&7521,&&21752/81,7'(821/<
31(80$7,&6<67(06
)8(/6<67(06 (1*,1(((&%86 )/,*+7'$7$$&48,6,7,2181,7)25$&06
(/(&75,&$/6<67(06 (1*,1(((&%86 0$,1(1*,1(7(67&211(&7256
,&($1'5$,13527(&7,216<67(0
(1*,1(6<67(06 $&$56'$7$/,1.%86 $&$560$1$*(0(1781,7
$386<67(06
7&$6&20387(5
&20081,&$7,216<67(06 :;5&21752/3$1(/
*(1(5$725&21752/81,7
)8(/6<67(002'8/(
',6&5(7(6 $38(&8
(1*,1(67$576:,7&+
(1*,1(02'8/(
(1*,1($/73:55(/$<6
(1*,1(5811,1*5(/$<6
'(8

&'6(;7(51$/,17(5)$&(,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

)

$, * %$
$*()



$ 1 F 9 7 1 D9 ? >
> D 5 B 6 1 3 5 C

#1>I
> 1 F 9 7 1 D 9 ? >
CICD5=
"(+C
C5>4
41D1
D?
1>4
B 5 3 5 9 F 5

41D1
6B?=
D85
4 9 C @ < 1 I
5 < 5 3 D B ? > 9 3 C
E > 9 D C
+
*85C5


2EC5C
*85
 (+C
C5>4
9 > 5 B D 9 1 <
B 5 65 B5 > 3 5

1B5
D85
> 1 F 9 7 1 D 9 ? >
CICD5=
"(+C
D 8 1 D
C5>4
41D1
D?
?B

B 5 3 5 9 F 5
41D1
6B?=
D85
+C

 9 B
1D1
> 5 B D 9 1 <
(565B5>35
+ > 9 DC
 (+

*85
 (+C
C5>4
41D1
D?
1>4
B 5 35 9 F 5
41D1
6B?=
D85
+C

?>
( $

41D1
1>4
1 9 B
41D1
9 > 6 ? B = 1 D 9 ? >
D?
2?D8
+C
*
+C

C5>4
21B?
3 ? B B 5 3 D 9 ? >
9 > 6 ? B = 1 D 9 ? >
D?
D85
 (+C
? >
D85

3 ? > D B ? <
@1 >5 <
6 55 4 D8 BE
2EC

 9 B
41D1
9 > 5 B D 9 1 <
B 56 5B 5> 3 5
E > 9 D
 (+


B?E>4
& B ? H 9 = 9 D I
-1B>9>7
?=@ED5B
&-


B?E>4
@ B ? H 9 = 9 D I
G1B>9>7
3?=@ED5B
&-


* B 1 6 6 9 3
1 < 5 B D
1>4
3 ? < < 9 C 9 ? >
1F?941>35
CICD5=
*85
&-
C5>4C
4 1D1
D?
1>4
B 5 35 9 F 5 C
41D1
6B?=
D85
+C

*)
3?=@ED5B
?>
( $


2EC5C
*85
&-
C5>4C
1 < 5 B D
1>4
G1B>9>7


-51D85B
B141B
D B 1 > C 3 5 9 F 5 B

9 > 6 ? B = 1 D 9 ? >
D?
D85
+
*85
+C
C5>4
B 1 4 9 ?
1>4


 < 9 7 8 D
=1>175=5>D
3?=@ED5B
#

2 1B ? = 5DB 9 3
=9>9=E=
9 > 6 ? B = 1 D 9 ? >
D?
D85
&-
?>
D85


#


3 ? > D B ? <
@1>5<
6 5 5 4  D 8 B E
2EC
* 89 C
41D1
9 C
6 ? B
? @ D 9 ? > 1 <


#
D B 1 > C 6 5 B
B 5 < 1 I

&-
3 1< < ? E DC 

#
D B 1 > C 6 5 B
B 5 < 1 I




1D1
<?145B
3 ? > D B ? <
@1>5<


#E<D9=?45
B 5 3 5 9 F 5 B
##(



##(




,%(
#1B;5B
2513?>
B 5 3 5 9 F 5 B



,%(
B 5 3 5 9 F 5 B





B 5 3 5 9 F 5 B



1@D19 >
> 1 F 9 7 1 D 9 ? >
3 ? > D B ? <
@ 1>5<

 9 B C D
? 6 6 9 3 5 B
> 1 F 9 7 1 D 9 ? >
3 ? > D B ? <
@1>5<

#
9 > D 5 B B ? 7 1 D ? B



#
9 > D 5 B B ? 7 1 D ? B




(
D B 1 > C 3 5 9 F 5 B


(
D B 1 > C 3 5 9 F 5 B

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$, * %$
$*()


* B 1 6 6 9 3
 < 5 B D
1>4
 ? < < 9 C 9 ? >
F?941>35
)ICD5=
?=@ED5B

*85
*)
3?=@ED5BC
C5>4
41D1
D?
1>4
B5359F5
41D1
6B?=

D85
+C
*85
*)
3?=@ED5BC
C5>4
D 8 9 C
9 > 6 ?B =1 D 9 ?>
D?

2?D8
+C
?>
1>
( $
 
2EC


*B 1669 3
41D1


*)
CD 1 D E C


(5C?<ED9 ?>
14F9C?BI
9 > 6 ? B = 1 D 9 ? >

*85
+C
C5>4
4 9 C @< 1 I
CD 1D E C
D?
*)
1C
1>
1>1<?7

4 9 C 3 B 5 D 5

-51D85B
(141B
(5359F5B

*B1>C=9 DD 5B

*85
G51D85B
B141B
B 5 3 5 9 F 5 B

D B 1 > C = 9 D D 5 B
C5>4C
41D1
D?

D85
+C
*85
G51D85B
B141B
B 5 3 5 9 F 5 B
D B 1 > C = 9 D D 5 B
C5>4C

D 8 9 C
9 >6 ? B=1 D 9 ?>
D?
2?D8
+C
?>
1>
( $

2EC


-51D85B
41D1


(1>75
@B?35CC54


>D5>>1
@ ? C 9 D 9 ? >

-51D85B
(141B
?>D B?<
&1>5<

-85>
I?E
C5 < 53 D
-.(
?>
D85
 )
3 ? > D B ? <
@ 1 > 5 < 
D85
+C

C5>4
1>
1>1<?7
4 9 C 3 B 5 D 5
D?
D85
G51D85B
B141B
3 ? > D B ? <

@ 1> 5 <
*89C
4 9 C 3 B 5 D5
D EB> C
D85
G51D85B
B141B
CICD5=
?>

*85
G51D85B
B141B
3 ? > D B ? <
@1>5<
D85>
C5>4C
1
4 9 C 3 B 5 D 5

D?
D85
G51D85B
B141B
B 5 3 5 9 F 5 B
D B 1 > C = 9 D D 5 B
D?
@?G5B
9 D

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$, * %$
$*()



 < 9 7 8 D
#1>175=5>D
?=@ED5BC

*85
6 < 9 7 8 D
=1>175=5>D
3?=@ED5BC
#
C5>4
41D1
D?
1>4

B5359F5
41D1
6B?=
D85
+C
?>
( $
 
2EC5C
*85
#C

C5>4
=1@
41D1
1>4
@ ? C 9 D 9 ? >
9> 6 ? B=1 D 9 ?>
D?
2?D8
+C

*85
+C
C5>4
 )
3 ? > D B ? <
@1>5<
C5 < 5 3 D 9 ? > C
1>4
 *

41D1
D?
D85
#C
?>
D85
+

#
2EC
*85
 *
41D1
9C

6 ? B
D85C5
"(+C


+C


C


&+C

#
*B1>C65B
(5<1IC

*85
#
D B 1 > C 6 5 B
B5 <1I C
C5>4
1>
1>1<?7
4 9 C3 B 5 D 5
D?
D85

+C
*89C
4 9 C 3B 5 D5
79F5C
1
C 9 7 > 1 <
D 81 D
D85
#
C5 < 53 D

CG9D 38
9 C
9 >
D85
< 5 6 D
?B
B 9 7 8 D
@ ? C 9 D 9 ? >

*85B5
1B5
( $
 
2EC5C
6B?=
D85
#
D B 1 > C 6 5 B
B 5 < 1 I


D?
+

1>4
+

5@5>49>7
?>
D85
CG9D38
@ ? C 9 D 9 ? > 

#

?B
#

CE@ @<9 5C
D85
9 > 6 ?B =1D 9? >
6 ? B
D85
41D1

2EC

1D1
"?145B
?> DB ?<
&1>5<

*85
41D1
<?145B
3 ? > D B ? <
@1>5<
C5>4C
41D1
D?
D85
+

6B?=
D85
1 9B2? B>5
41D1
<?145B
?B
@ ?B D 1 2< 5
41D1
<?145B

*85
3 ? > D B ? <
@1>5<
75DC
41D1
6B?=
D85
+
D8B?E78
D85

41D1
<?145B
2EC
/?E
31>
<?14
C?6DG1B5
D?
D85
+

C? 6 D G1B 5
/?E
31>
1<C?
4?G><?14
6 1 E < D
8 9 C D ? B I

9 > 6 ?B =1 D 9 ? >
D?
D85
41D1
<?145B
6B?=
D85
+

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$, * %$
$*()



#E<D9#?45
(5359F5B
9CD1>35
#51CEB9>7
AE9@=5>D
> D 5 B B? 7 1 D ? B

*85
9>CDBE=5>D
"1>49>7
CICD5=
 ")
B5 35 9F5 BC
9>
D85
*85
49CD 1>35
=51CEB9>7
5AE9@=5>D
#
9 > D 5 B B ? 7 1 D ? B C

=E<D9=?45
B 535 9 F5 BC
##(
C5>4
41D1
D?
D85
+C
*85
C5>4
41D1
D?
D85
+C
*85
#
9 > D 5 B B ? 7 1 D ? B C
C5>4

")
B 5359 F5 BC
C5>4
6B5AE5>3I
1>4
9 4 5 > D 9 6 9 5 B
41D1
1>4
6 B5A E5>3I
9 4 5 > D 9 6 9 5 B
1>4
49 CD 1>35
41D1
D?
2?D8
+C
?>

4 5 F 9 1 D 9 ? >
41D1
D?
2?D8
+C
?>
1>
( $
 
2EC
1>
( $
 
2EC

,
%=> 94 9B5 3D 9 ?>1 <
(1>79>7
,%(
(5359F5B
(149?
 < D 9 = 5D 5 B
(5359F5B
*B1>C=9D D5B

*85
,%(
B 5359 F5 BC
C5>4
41D1
D?
D85
+C
*85
,%(
*85
B14 9 ?
1 < D 9 = 5 D 5 B
(
B 5 3 5 9 F 5 B
D B 1 > C = 9 D D 5 B C
C5>4

B5 35 9 F5 BC
C5>4
6B5AE5>3I
1>4
9 4 5 > D 9 6 9 5 B
41D1
1>4
41D1
D?
D85
+C
*85
(
B 5 3 5 9 F 5 B
D B 1 > C = 9 D D 5 B C
C5>4

251B9> 7
41D1
D?
2?D8
+C
?>
1>
( $
 
2EC
*85
< 5 6 D
B1 49?
1 < D 9 D E 4 5
41D1
D?
2?D8
+C
?>
1>
( $
 
2EC

,%(
B5359 F5B
1<C?
C5>4C
=1B;5B
2513?>
41D1
D?
D85
+C

ED?=1D93
 9 B 5 3 D 9 ? >
9>45B
(5359F5B

*85
1ED?=1D93
4 9 B 5 3 D 9 ? >
6 9 > 4 5 B

B5359 F5B
C5>4C

41D1
D?
D85
+C
*85

B5 359F5B
C5>4C
251B9>7
41D1

D?
2?D8
+C
?>
1>
( $
 
2EC

$1F9 71D9? >
 ?>D B?<
&1>5<

*85
> 1F 97 1D 9? >
3 ? > D B ? <
@1>5<C
C5>4
41D1
D?
D85
+C

*85
> 1F9 7 1D 9 ?>
3 ? > D B ? <
@1>5<C
C5>4
1
4 9 C 3 B 5 D 5
D?
C8?G

D 8 1 D
")
9C
DE>54

6
I?E
DE>5
1
,%(
6B5AE5>3I
?>
D85
>1F
3 ? > D B ? <
@1>5<

1>4
C5 <5 3D
D85
")
=?45
?>
D85
 )
3 ? > D B ? <
@ 1 > 5 < 
I?E

C55
D85
=5CC175
 )
#%
$,
('
 )(
?>
D85

> 1F 9 71 D 9 ? >
4 9 C@ < 1 I
/?E
1< C?
C55
D85
=5CC175
96
I?E

DE>5
1>
")
6B5AE5>3I
?>
D85
>1F
3 ? > D B ? <
@1>5<
1>4

C5 < 53 D
D85
,%(
=?45
?>
D85
 )
3 ? > D B ? <
@ 1> 5 <

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

 < 9 7 8 D
1D1
 3 A E 9 C 9 D 9 ? >
+>9D

*85
6 < 9 7 8 D
41D1
1 3 A E 9 C 9 D 9 ? >
E > 9 D
+
C5>4C
41D1
D?

1>4
B5359F5C
41D1
6B?=
D85
+
?>
( $
 
2EC5C
*85

+
C5>4C
CEB6135
@ ? C 9 D 9 ? >
41D1
D?
D85
+C
*85
+C

C5>4
C5< 53D54
5>79>5
4 1 D 1 
6 < 9 7 8 D
41D1
1>4
?D85B

=9C35<<1>5?EC
41D1
D?
D85
+
?>
D85
)
75>5B1<

@EB@?C5
2EC

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

+*%& "%*
$
" *
%$*(%"
$*()

#?45
? >D B?<
&1>5<
<1@
)< 1D
< 5 3 D B? > 9 3C
+>9 D
)+

*85
=?45
3 ? > D B ? <
@1>5<
#&
C5>4C
41D1
D?
D85
+C
*85
)+
C5>4C
41D1
D?
D85
+C
*85
)+
C5>4C
6 < 1 @

*85
#&
C5>4C
1 < D 9 D E 4 5 
3?EBC5
1>4
85149>7
C 5 < 5 3D 9 ? > C
<5F5B
45D5>D
@ ? C 9 D 9 ? >
9 >6 ?B =1 D 9 ? >
D?
D85
+C
?>
1>

D?
2?D8
+C
?>
1>
( $
 
2EC
( $
 
2EC

) D 1 < <
#1>175=5>D
/1G
1=@5B
?=@ED5BC
 E D ? D 8 B ? D D < 5
?=@ED5B

*85
C D 1 < <
=1>175=5>D
I1G
41=@5B
3?=@ED5BC
)#/
C5>4

41D1
D?
1>4
B5359 F5
41D1
6B?=
D85
+C
?>
( $


1 E D ? D 8 B ? D D < 5
3?=@ED5B
C5>4C
1 E D ? D 8 B ? D D < 5
=?45

2EC5C
*85
)#/C
C5>4
C@554
1>4
@ 9 D 3 8
< 9 = 9 D

9 > 6 ? B=1 D 9 ? >
D?
D85
+C
*85
+C
C5>4
5>79>5
4 1 D 1 


2EC
*89C
=?45
9 > 6 ? B=1 D 9 ?>
C8?GC
?>
D85

6 < 9 7 8 D
4 1 D 1 
1>4
?D85B
=9C35<<1>5?EC
41D1
D?
D85
)#/C

?>
D85
)
75>5B1<
@EB@?C5
2EC

 < 9 7 8 D
?>D B?<
?=@ED5BC

*85
1 E D ? D 8 B ? D D < 5
3?=@ED5B
C5>4C
41D1
D?
D85
+C
*85

9 > 6 ?B =1 D 9 ?>
6 ? B
1 < <
=?45C
5H35@D
*(
"
D?
D85
+C
?>

1>
( $

4 9 C @ < 1 I
E > 9 D C

?B
*(
"
D85
1 E D ? D 8 B ? D D < 5
C5>4C
1
4 9 C 3 B 5 D 5
D?
D85

+C

*85
6 < 9 7 8 D
3 ? > D B ? <
3?=@ED5BC

C5>4
41D1
D?
1>4

B5359F5
41D1
6B?=
D85
+C
?>
( $
 
2EC5C
*85
C

C5>4
D 8 9 C
41D1
D?
D85
+C


 < 9 7 8 D
=?45
1>>E>391D9? >
41D1

 < 9 7 8 D
4 9 B 5 3 D ? B
9 > 6 ?B =1D 9? >


 < D 9 D E 4 5
1 < 5 B D
9 > 6 ?B =1 D 9 ?>

)5<53D54
1 < D 9 D E 4 5 
3?EBC5
85149>7
1>4
C@554


"?3 1< 9J 5B
1>4
7 < 94 5 C< ?@ 5
4 5 F 9 1 D 9 ?>
G1B>9>7
4 9 7 9 D 1 <

4 9 C 3 B 5 D 5 C

*85
+C
C5>4
5>79>5
4 1 D 1 
6 < 9 7 8 D
4 1 D 1 
1>4
?D85B

=9C35<<1>5?EC
41D1
D?
D85
C
?>
D85
)
75>5B1<

@EB@?C5
2EC

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

/(+" 
$
"$ $
(
$*()

I4B1E<9 3
)ICD5=
&B5CCEB5

*85
8 I4B 1E< 93
CICD5=

@B5CCEB5
D B 1 > C = 9 D D 5 B
C5>4C
? 9 <

@B5CCEB5
1C
1>
1>1<?7
C 9 7 > 1 <
D?
+

*85
8I4 B1 E< 93

CICD5=

@B5CCEB5
D B 1 > C =9 D D 5 B
C5>4C
1>
1>1<?7
C 9 7 > 1 <
D?

+

*85
8 I4 B1 E< 9 3
CICD5=
@B5CCEB5
41D1
7?5C
?>
D85

+
3B?CC
381>>5<
2EC
C?
D 8 1D
2?D8
+C
B5359F 5

8 I4B 1E < 9 3
CICD5=
@B5CCEB5
6B?=
2?D8
CICD5=

1>4
CICD5=



I4B1E< 93
 < E 94
' E1>D 9 DI

*85
8 I4B 1E < 9 3
6 < E 9 4
A E 1 > D 9 D I
D B 1 > C = 9 D D 5 B

9 > 4 9 3 1 D ? B C
6 ?B

8 I4B 1E < 9 3
CICD5=

1>4

C5>4
8 I4B 1E <9 3
6 < E 9 4
A E 1 > D 9 D I

1C
1>
1>1<?7
C 9 7 > 1 <
D?
2?D8
+C

"1>49>7
51B
)165DI
)5>C?B
)ICD5=

*85
<1>49>7
751B
C1 6 5 D I
C5>C?B
CICD5=
C5>4C
6?EB

4 9 C 3 B 5 D 5 C
D?
2?D8
+C
*85I
1B5
1 9 B
7B?E>4
B 5 < 1 I

C9 7 > 1 < C
6B?=
1 9 B
7B?E>4
CICD5=

1>4
1 9 B
7B?E>4
CICD5=

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

 (
%$ * %$ $
$
&$+#* 
$*()

9 B
?> 49D 9 ?>9> 7
(5<1IC

*85
1 9 B
3? > 4 9 D 9 ? > 9 > 7
B5 <1 IC
C5>4
DG?
4 9 C3 B5 D 5 C
D?
2?D8

+C
*85
4 9 C3 B 5D 5C
1B5
6B?=
D85
< 5 6 D
1>4
B 9 7 8 D
@13;

F1<F5
>?B=1<
B 5 < 1 I C

<?G
?>D B?<
1>4
)8ED?66
,1<F5C

*85
< 5 6 D
1>4
B 9 7 8 D
@13;
6<?G
3 ? > D B ? <
1>4
C8 ED ? 6 6
F1<F5C

C5>4
4 9 C3 B 5D 5 C
D?
2?D8
+C
*85
4 9 C 3B 5 D 5C
C8?G
D85

@ ? C 9 D 9 ? >
?6
D85
F 1 < F 5

<554
 9B
C ? < 1 D 9 ? >
,1<F5

*85
2<554
1 9 B
9 C ? < 1 D 9 ? >
F1<F5
C5>4C
1
4 9 C3 B 5 D 5
D?
2?D8

+C
*85
4 9 C3 B 5 D 5
C8?GC
D 8 1D
D85
@ ? C 9 D 9 ? >
?6
D85

F 1 < F 5

9 B
? >49 D 9?> 9>7
#?4E<5

*85
1 9 B
3 ? > 4 9 D 9 ? > 9 > 7

=?4E<5
C5>4C
DG?
4 9 C 3B 5 D 5 C
D?

2?D8
+C
*85
4 9 C 3B 5 D 5 C
C8?G
D 81D
D85
5>79>5

1>4

5>79>5

2<554
1 9 B
CG9 D38
9C
?>
?B
? 6 6

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.





 
 
   

 1 7 -   ' )
%1)/

,)
% 1 7 -  - ' )
3%1)/
6)1(6
7,5))
( - 6' 5 ) 7 ) 6
72
&27,
 6

,)6)
%5)
7,)
( - 6 ' 5 ) 7 ) 6 


"-1+
% 1 7 -  - ' )
6:-7 ',

25



1+-1)


% 1 7 -  - ' )
6:-7',

25



1+-1)

% 1 7 -  - ' )
6:-7',

25


1+-1)
2:/
,)50%/
 1 7 -   ' )
!%/9)

%',
)1+-1)
'2:/
7,)50%/
% 1 7 -  - ' )
9%/ 9)
6)1(6
%

( - 6 ' 5 ) 7 )
72
&27,
 6
,)
( - 6' 5 ) 7 ) 6
+-9)
%
6 - + 1 % /
7 , % 7

7,)
9%/9)
-6
23)1
25
'/26)(

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.



 

  
   

8)/
8%1 7- 7<
52')6625
1-7

*85
6 E 5 <
A E 1 > D 9 D I
@B?35CC?B
E > 9 D
'&+
C5>4C
41D1
D?

D85
+C
*85
'&+
C5>4C
6 E 5 <
A E 1 > D 9 D I
6 ? B
D85
" 5 6 D 

3 5 > D 5 B
1>4
B 9 7 8 D
CICD5=C
?>
1>
( $
 
2EC

5>D5B
*1>;
" 5 6 D
1>4
(978D
??CD
&E=@C

*85
35>D5B
D1>;
"56D
1>4
B 9 7 8 D
2??CD
@E=@C
C5>4
1
"?G

@B5CCEB5
4 9 C 3 B 5 D 5
D?
D85
+C
*89C
4 9 C 3 B 5 D 5 
G9 D 8

?D85B
4 1 D 1 
45D5B=9>5C
96
1
6E5"
3 ? > 6 9 7 E B 1 D 9 ? >
1 < 5 B D

C8?GC
?>
D85
5>79>5
4 9 C @ < 1 I

5>5B1D?B
?>DB?<
+>9D

*85
+C
C5>4
1
+
5>12"5
D?
D85
75>5B1D?B
3?>DB?<

E > 9 D C
+C

E5<
)ICD5=
#?4E"5

138
+
C5>4C
DG?
7B?E>4C
D?
D85
6E5"
CICD5=
=?4E<5

?>5
6 ? B
5138
?6
D85
6E5"
6 9 < D 5 B
2I@1CC
" 9 7 8 D C
*85
+

13D C
1C
D85
9 > D 5 B 6 1 35
6 ? B
D85
5 < 5 3 D B ? > 9 3
5>79>5

3 ? > D B ? < < 5 B C
C
D?
D EB >
?>
D85C5
" 9 78 D C

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$ $
$
&+
$*()



>79>5
1>4
&+
>D 5 B6 1 35 C
&+
 < 5 3 D B ? > 9 3
?>D B? <
+>9D

#1>I
5>79>5
1>4
&+
"(+C
C5>4
41D1
D?
?B
B5359F5
41D1
*85
&+
+
C5>4C
41D1
D?
1>4
B5359F5C
41D1
6B?=
D85

6B?=
D85
4 9 C @ < 1 I
5 < 5 3 D B ? > 9 3 C
E > 9 D
+C
*85C5
5>79>5
+C
?>
( $
 
41D1
2EC5C
*85
&+
+
C5>4C
 *

1>4
&+
"(+C
C5>4
41D1
D?
?B
B5359F5
41D1
6B?=
D85
41D1
D?
2?D8
+C
*85
+

C5>4C
1 9 B
4 1 D 1 
6 < 9 7 8 D

+C
=1>175=5>D
4 1 D 1 
1>4
1 9 B
4 9 C D B 9 2 E D 9 ? >
41D1
D?
D85
&+

+
?>
D85

&+
2EC

< 5 3 D B ? >9 3
5>79>5
3 ? > D B ? < < 5 B C
C


&+
5 < 5 3 D B ? > 9 3
3 ? > D B ? <
E > 9 D
+
*85
+C
1< C?
C5>4
1
4 9 C3 B 5 D 5
D?
D85
&+
+
6 ? B
 *


>79>5
C D 1 B D
CG9D385C
@?G5B
E@


>79>5
C D 1 B D
<5F5BC


>79>5
? 9 <
A E 1 > D 9 D I
D B 1 > C =9 D D 5 B C


>79>5
=?4E<5


9B2?B>5
F 9 2 B 1 D 9 ? >
=?>9D?B


$
C@554
C5>C?B


$
C@554
C5>C?B


>79>5
9 7 > 9 D 9 ? >
C5 < 53D ? B
CG9D38

>79>5
C D 1 B D
F1<F5


>79>5
1 < D 5 B > 1 D 5
@?G5B
B5 <1 IC

>79>5
BE>>9>7
B 5 < 1 I C

 < 5 3D B ? > 9 3
>79>5
 ? > D B ? < < 5 B C

*85
5 < 5 3 D B ? > 9 3
5>79>5
3 ? > D B ? < < 5 B C
C
C5>4
41D1
D?

1>4
B5359F5
41D1
6B?=
D85
+C
?>
( $
 
41D1
2EC5C

*85
C
C5>4
5>79>5
@1B1=5D5BC
1>4
5H35541>35

9 > 6 ?B =1 D 9 ? >
D?
2?D8
+C
*85
+C
C5>4
1 9 B
4 1 D 1 

6 < 9 7 8 D
=1>175=5>D
4 1 D 1 
1>4
1 9 B
4 9 C D B 9 2 E D 9 ? >
41D1
D ?

D85
C
?>
D85

&+
2EC

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$ $
$
&+
$*()


>79>5
)D 1 BD
)G9D38

*85
5>79>5
C D 1 B D
CG9D385C
C5>4
41D1
D?
1>4
B5359F5
41D1

6B?=
D85
+C
?D8
5>79>5
C D 1 B D
CG9D385C
C5>4
DG?

4 9 C 3 B 5 D 5 C
D?
D85
+C
%>5
4 9 C 3 B 5 D 5
79F5C
1
C 9 7 > 1 <
D 8 1 D

D85
5>79>5
C D 1 B D
CG9D38
9C
9>
D85
6 < 9 7 8 D
@ ? C 9 D 9 ? > 
%>5

4 9 C 3 B 5 D 5
79F5C
1
C 9 7 > 1 <
D 81 D
D85
5>79>5
C D 1 B D
CG9D 38
9 C

9>
D85
7B?E>4
?B
3?>D9>E?EC
@ ? C 9 D 9 ? >

*85
+C
C5>4
1
7B?E>4
4 9 C 3 B 5 D 5
D?
D85
5>79>5
C D 1 B D

CG9D385C
G85>
$
9C
<5CC
D81>

*89C
?@5>C
D85

5>79>5
C D 1 B D
F1 < F 5

>79>5
) D 1 BD
"5F5B
(5<1I

*85
5>79>5
C D 1 B D
<5F5B
B5< 1IC
C5>4
4 9 C 3 B 5 D 5
41D1
D?
D85

+C
*85
4 9 C 3 B5 D5
79F5C
1
C 9 7 > 1 <
D 8 1D
D85
5>79>5
C D 1 B D

<5F5B
9 C
9 >
D85
9 4 < 5
? B
3 E D ? 6 6
@ ? C 9 D 9 ? >

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$ $
$
&+
$*()



>79>5
% 9 <
'E 1>D 9DI
*B1>C=9D D 5B

*85
5>79>5
? 9 <
A E 1 > D 9 D I
D B 1 > C = 9 D D 5 B
C5>4C
41D1
D?
D85

+C
?D8
5>79>5
? 9 <
A E 1 > D 9 D I
D B 1 > C =9 D D 5 B C
C5>4
1>

1>1<?7
C 9 7 > 1 <
D?
2?D8
+C

>79>5
#?4E<5

*85
5>79>5
=?4E<5
C5>4C
41D1
D?
1>4
B5359F5C
41D1
6B?=

D85
+
*85
5>79>5
=?4E<5
C5>4C
DG?
49 C3 B 5D 5 C
D?
2?D8

+C
*85
4 9 C 3B 5 D 5 C
79F5
1
C 9 7 > 1 <
D 81 D
D85

%$
"*$

CG9D 38
9C
9>
D85
%$
?B
"*$
@ ? C 9 D 9 ? >

*85
+C
C5>4
DG?
7B?E>4
4 9 C 3 B 5 D 5 C
D?
D85
5>79>5
=?4E<5

6 ? B
D85
5>79>5

1>4
5>79>5

3 ? > D B ? <
< 9 7 8 D

9 B2?B>5
, 9 2 B 1 D 9 ? >
#?>9D?B

*85
19B2?B>5
F 9 2 B 1 D 9 ? >
=?>9D?B
C 9 7 > 1 <
3 ?> 4 9 D 9 ?> 5B
C5>4C

F 9 2 B 1 D 9 ? >
41D1
D?
D85
+C
?>
1>
( $
 
2EC

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.



%1(

3))(
)1625

*85
$
1>4
$
C@554
C5>C?BC
C5>4
1>
1>1<?7
C 9 7 > 1 <
D?

2?D8
+C
*85
C5>C?BC
79F5
1
C 9 7 > 1 <
?6
D85
C@554
?6

D85
61>
1>4
D85
5>79>5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$ $
$
&+
$*()



>79>5
7 > 9 D 9 ? >
)5<53D?B

*85
5>79>5
9 7 > 9 D 9 ? >
C5 < 53 D ? B
C5>4C
DG?
49 C 3 B5 D 5 C
D?
D85

+C
*85
4 9 C 3 B5 D 5 C
C5>4
1
C 9 7 > 1 <
D 8 1D
D85
5>79>5

9 7 > 9 D 9 ? >
C5 < 53 D ? B
9C
9>
D85
"
$
%*
?B
(
$

@ ? C 9 D 9 ? >

>79>5
)D 1 B D
,1<F5

*85
5>79>5
C D 1 B D
F1<F5C
C5>4
1
4 9 C 3 B 5 D5
D?
D85
+C

*85
4 9 C 3 B 5 D 5
C5>4C
1
C 9 7 > 1 <
D 8 1D
D85
5>79>5
C D 1 B D
F1<F 5

9C
9>
D85
?@5>
?B
3<?C54
@ ? C 9 D 9 ? >

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$ $
$
&+
$*()



>79>5
< D 5 B> 1 D 5
&?G5B
(5<1I

*85
+
CE@@ <95C
D85
7B?E>4
D?
D85
5>79>5
1 < D 5 B > 1 D 5

@?G5B
B 5 < 1 I
*85
+
C5>4C
1
7B?E>4
G85>
?>5
?6
D85C5

9 C
D B E 5 


*85
C D 1 B D
<5F5B
9C
C5D
D?
9 4 < 5


*85
C D 1 B D
CG9 D38
9C
C5D
D?
7B?E>4


/?E
C5 < 53 D

 *
#19>D5>1>35
?>
D85
#
+

>79>5
(E>>9>7
(5<1I

*85
+
CE@@<9 5C
D85
7B?E>4
D?
D85
5>79>5
BE>>9>7

B 5 < 1 I 
*85
+
C5>4C
1
7B?E>4
G85>
?>5
?6
D85C5
9C

D B E 5 


*85

4 9 7 9 D 1 <
4 9 C 3 B5 D5
9C
C5D
D?
BE>


$
9 C

(&#


*85
5>79>5
C D 1 B D
<5F5B
9C
C5D
D?
9 4 < 5
6 ? B


=9>ED5C

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.



%
"

5>5B1<

*85B5
1B5
6?EB
3? 1 H9 1 <
3?E@<5BC
138
+
381>>5<
C5>4C

1>
?ED@ED
D?
1
3 ? 1 H9 1<
3 ?E@< 5B
*85B5
1B5
DG?
381>>5<C

9>
5138
+

*85
3?1H
3?E@<5B
C @ < 9 D C
D85
C 9 7 > 1 <
1>4
C5>4C
1>
?ED @ED

D?
5138
?6
D85
C 9 H
4 9 C @ < 1 I
E > 9 D C

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&2$;&283/(5
)52179,(:

&2$;&283/(5
5($59,(:
&'6&2$;&283/(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.


5
!
!
 

5>5B1<

*G?
B5=?D5
"978D
C5>C?BC
(")C
1B5
?>
D85
D?@
6?BG1B4

@ 1B D
?6
D85
7 < 1 B 5 C 8 9 5 < 4
*85
C5>C?BC
@ ? 9 >D
6 ? BG1B 4
*85

(")C
=51CEB5
1=295>D
< 9 7 8 D
G9 D 8
1
@8?D?49?45
C5>C?B
1>4

CE@@<I
1>
1>1<?7
C 9 7 > 1 <
9>
@ B? @ ? B D 9 ? >
D?
D85
1=295>D

< 9 7 8 D
*85
< 5 6 D
(")
C5>4C
D85
1>1<?7
C 9 7 > 1 <
D?
D85
< 5 6 D

?ED2?1B4
4 9 C @ < 1I
E > 9 D
*85
B 9 7 8 D
(")
C5>4C
1>
1>1<?7

C 9 7 > 1 <
D ?
D85
B 9 7 8 D
?ED2?1B4
4 9 C@ < 1 I
E > 9 D
*85
4 9 C @ < 1I

E > 9 D
C5>4C
D85C5
F1<E5C
D?
D85
+
*85
+
EC5C
D 8 9 C

9>@E D
G9 D 8
?D85B
=1>E1<
1>4
1ED?=1D93
9> @ED C
D?

3 1 < 3 E < 1 D 5
D85
2 B97 8D >5 CC
F1<E5
6 ?B
1 < <
4 9 C@ < 1 I
E > 9 D C

&8IC931<
5 C3B 9 @D 9 ? >

138
C5>C?B
G5978C
<5CC
D 81 D


@?E>4
*85
(")
81C
1

6 9 5 < 4
?6
F95G
?6

457B55C
< 5 6 D 

457B55C
B 9 7 8 D 


457B55C
E@
1>4

457B55C
4?G>

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

):'

&'65(027(/,*+76(1625
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6',63/$<81,7
*HQHUDO RXWERDUGULJKWLQERDUGDQGXSSHUFHQWHUGLVSOD\XQLWV
XVHGUDZWKURXJKFRROLQJ
7KHFRPPRQGLVSOD\V\VWHPXVHVVL[IODWSDQHOOLTXLG
FU\VWDOGLVSOD\/&'XQLWVWKDWDUHWKHVDPH7KH &$87,21 '212786(&2035(66('$,572&/($17+(6&5((1
GLVSOD\XQLWV'8VVKRZWKLVW\SHRILQIRUPDWLRQ ,17+(&22/,1*$,5,1/(7&2035(66('$,5:,//
386+&217$0,1$7,21,1727+(',63/$<81,7$1'
 3ULPDU\IOLJKWLQIRUPDWLRQ &$86((48,30(17)$,/85(
 1DYLJDWLRQLQIRUPDWLRQ
 (QJLQHLQIRUPDWLRQ 7UDLQLQJ,QIRUPDWLRQ3RLQW

3K\VLFDO'HVFULSWLRQ 7KHVL['8VDUHLQWHUFKDQJHDEOH%HFDXVHRIWKHYLHZ
DQJOHOLPLWDWLRQVRI/&'WHFKQRORJ\WKHORZHU'8LV
7KH'8VDUHRQDUDFN7KH'8VDUHLQFKHVFPE\ GHJUHHVIURPWKHRWKHU'8V7KHORZHUFHQWHU'8
LQFKHVDQGDUHLQFKHVFPGHHS(DFK'8 KDQGOHLVDWWKHWRS
ZHLJKVDSSUR[LPDWHO\SRXQGVNJ
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KHUHLVDEH]HOOLJKWVHQVRU%/6DWWKHERWWRPHGJH
RIWKHIDFHSODWH &$87,21 '212786($%5$6,9(0$7(5,$/6:+(1<28&/($1
7+(',63/$<685)$&('2127728&+7+(',63/$<
,QWHUQDO7HPSHUDWXUH'HWHFWRUV 685)$&(:,7+<2856.,17+(5(,6$1237,&$/
&2$7,1*217+(',63/$<685)$&(<2856.,125
(DFK'8KDVLQWHUQDOWHPSHUDWXUHGHWHFWRUV,IWKH $%5$6,9(0$7(5,$/6:,//&$86(6&5$7&+(6,17+(
LQWHUQDOWHPSHUDWXUHVJHWWRRKRWWKH'8JRHVRII 237,&$/&2$7,1*
7KHUHDUHWZRWHPSHUDWXUHGHWHFWRUV
127( 5HPRYHWKHFRQGXFWLYHSODVWLFFRYHUVIURPWKH
,IWKHWHPSHUDWXUHLQWKH'8SRZHUVXSSO\LV&RU FRQQHFWRUVEHIRUH\RXLQVWDOOD'8
PRUHWKH'8JRHVRII,IWKHWHPSHUDWXUHDWWKH
EDFNOLJKWDVVHPEO\LV&RUPRUHWKH'8JRHVRII
:KHQWKH'8WHPSHUDWXUHGHFUHDVHVLWFRPHVEDFNRQ
DJDLQ

7KHOHIWRXWERDUGOHIWLQERDUGDQGORZHUFHQWHU
GLVSOD\XQLWVXVHEORZWKURXJKFRROLQJ7KHULJKW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'5$:7+58&22/,1*

%(=(//,*+7
6(1625

%/2:7+58&22/,1* /$7&+
0(&+$1,60

&22/,1*$,5
+2/(6

&22/,1*3,3(
&211(&7,21

&21'8&7,9(&29(56
21&211(&7256
5(029$/
&'6',63/$<81,7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6'8)81&7,21$/'(6&5,37,21
'LVSOD\8QLW 3RZHU6XSSO\

7KHGLVSOD\XQLW'8LVDIODWSDQHOOLTXLGFU\VWDO 7KHSRZHUVXSSO\VXSSOLHVDOOWKH'8LQWHUQDOYROWDJHV

GLVSOD\/&'XQLW7KH/&'PDNHVDKLJKUHVROXWLRQ
FRORULPDJHRIWKHIOLJKWDQGHQJLQHGDWD
'85HDU&RQQHFWRU
$OOHOHFWULFDOLQWHUIDFHVJRWKURXJKRQHUHDUFRQQHFWRU
7KLVGRHVQRWLQFOXGHWKH/&'DQGKHDWHUYROWDJHV7KH
SRZHUVXSSO\FKDQJHVYGFIURPWKH(0,ILOWHULQWR
YYYDQGY
,QSXW2XWSXW&RQWUROOHU
RQWKH'87KHFRQQHFWRUDOVRKDV+,5)SURWHFWLRQ 7KHLQSXWRXWSXWFRQWUROOHU,2&FRQWUROVDOOGLJLWDO
GDWDLQDQGRXWRIWKH'87KLVLQFOXGHVWKHJUDSKLFV
7KHVHDUHWKHLQSXWVDQGRXWSXWVWRWKH'8 LPDJHGDWDIURPWKH'(8WKHGLVFUHWHGDWDLQSXWIRU
GLVSOD\XQLWLGHQWLILFDWLRQDQGWKH$5,1&VWDWXV
 YGFSRZHUVXSSO\ EXVRXWSXWV
 &RD[LQSXWVIURPFRD[FRXSOHUV
 $5,1&VWDWXVEXVRXWSXWVWR'(8V 7KH,2&DOVRGRHVWKH%,7(PRQLWRULQJIXQFWLRQVIRUWKH
 3URJUDPSLQV '8
 3RZHUWRDQGIHHGEDFNIURPWKHUHPRWHOLJKW
VHQVRUVRXWERDUG'8VRQO\ %HDPIRUPHU
 3RZHUWRDQGIHHGEDFNIURPWKHPDQXDOEULJKWQHVV
FRQWUROVDOO'8V 7KHEHDPIRUPHUGRHVDGHFRPSUHVVLRQRIWKHJUDSKLFV
LPDJHGDWDIURPWKH'(8WRJUDSKLFVLPDJHGDWDIRUWKH
,QWHUFRQQHFW%RDUG /&'LQWHUIDFH

7KHLQWHUFRQQHFWERDUGDSSOLHVDOOSRZHUJURXQGVDQG /&',QWHUIDFH
VLJQDOVQHFHVVDU\IRUWUDQVPLVVLRQEHWZHHQIXQFWLRQV
7KH/&'LQWHUIDFHFKDQJHVLPDJHGDWDWRGLJLWDO
(0,)LOWHU YROWDJHVDQGSXWVWKHPLQWKH/&'VRXUFHGULYHUV

7KHYGFLQSXWSRZHUJRHVWKURXJKWKH(0,ILOWHU 9ROWDJH5HIHUHQFH
EHIRUHLWJRHVWRWKHLQWHUFRQQHFWERDUG
7KHYROWDJHUHIHUHQFHFKDQJHVWKHGLJLWDOYROWDJH
YDOXHVIURPWKH/&'LQWHUIDFHWRDQDORJYROWDJH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6'8)81&7,21$/'(6&5,37,21
UHIHUHQFH95()YROWDJHV7KH95()YROWDJHLVD
YROWDJHWKDWWKH/&'GULYHUVXVHWRFRQWUROWKHLPDJH
HOHPHQWRQWKH/&'IRUGLIIHUHQWLQWHQVLWLHV

/&''ULYHUV

7KH/&'GULYHUVFRQWUROWKH;FRORUGRWVWKDW
PDNHXSWKHGLVSOD\

%DFNOLJKW'ULYHU$VVHPEO\

7KHEDFNOLJKWGULYHUDVVHPEO\FRQWUROVDIOXRUHVFHQW
ODPS,WDOVRFRQWUROVWKHODPSDQG/&'KHDWHU
FLUFXLWV7KHEDFNOLJKWGULYHUDVVHPEO\NHHSVWKHODPS
WHPSHUDWXUHDW&$QGWKHEDFNOLJKWGULYHUDVVHPEO\
NHHSVWKHWHPSHUDWXUHIRUWKH/&'DERYH&

/DPS$VVHPEO\

7KHODPSDVVHPEO\KDVDEDFNVXUIDFHWKDWFDXVHVD
UHIOHFWLRQRIWKHIOXRUHVFHQWODPSWRLQFUHDVHWKH
OLJKWRXWSXW,WDOVRKDVWHPSHUDWXUHVHQVRUV:KHQWKH
ODPSDQG/&'WHPSHUDWXUHDUHRXWRIUDQJHWKH
EDFNOLJKWGULYHUDVVHPEO\DGMXVWVWKHWHPSHUDWXUH

%H]HO/LJKW6HQVRU

7KHEH]HOOLJKWVHQVRU%/6VHQVHVLQFLGHQWOLJKW7KH

LQWHUFRQQHFWERDUGFKDQJHVWKH%/6VLJQDOWRDGLJLWDO
YDOXH7KLVYDOXHJRHVRQWKH$5,1&VWDWXVEXVHV
EDFNWRWKH'(8IRUOLJKWLQWHQVLW\FRQWURO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'&

'(8 ,1387
&2$; 32:(5 287387 %($0 /&' 92/7$*(
,13876 6833/< )250(5 ,17(5)$&( 5()(5(1&(
&21752//(5

'(8 $5,1&
67$786 ,17(5&211(&7%2$5'
'(8 %86(6

(0, %$&./,*+7 /$03 /&'$1' /,*+7

326,7,21 9'& /&'
3,16 ),/7(5 '5,9(5 $66(0%/< 287
'5,9(56

5(027(
/,*+7
6(1625
%(=(/ /,*+7
/,*+7 ,1
6(1625
0$18$/
%5,*+71(66
&21752/6
5($5&211(&725
',63/$<81,77<3

&'6'8)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6%5,*+71(66&21752/6
*HQHUDO

7ZREULJKWQHVVFRQWUROSDQHOVDUHEHORZWKHFDSWDLQDQG
ILUVWRIILFHUGLVSOD\V7KHSDQHOVVHWWKHPDQXDO
EULJKWQHVVRIWKHGLVSOD\V

7KHFRQWUROVIRUWKHLQERDUG'8VDQGWKHORZHUFHQWHU
'8DUHGXDOFRQWUROV7KHODUJHUNQREFRQWUROVWKH
EULJKWQHVVRIWKH'87KHVPDOONQREFRQWUROVWKH
ZHDWKHUUDGDU:;5RUWKHWHUUDLQGLVSOD\UHODWHG
EULJKWQHVVZKHQWKH:;5RUHQKDQFHGJURXQGSUR[LPLW\
ZDUQLQJV\VWHPWHUUDLQGLVSOD\LVRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<


%1*%25%%&20%,1('%22.

0$,13$1(/ 0$,13$1(/
833(5'8
833(5
%57 &(17(5
&21752/

2)) 2))
287%''8 ,1%''8 /2:(5'8 /2:(5 ,1%''8 287%''8
%57 %57 %57 &(17(5 %57 %57
&21752/
29(5$//

/2:(5
&(17(5
&21752/
&$37$,1%5,*+71(66 :;57(55 ),5672)),&(5%5,*+71(66
&21752/3$1(/ 29(5$// &21752/3$1(/ 29(5$//
:;57(55 :;57(55

&'6%5,*+71(66&21752/6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6',63/$<(/(&7521,&681,7
*HQHUDO

7KHFRPPRQGLVSOD\V\VWHPKDVWZRGLVSOD\HOHFWURQLFV
XQLWV'(8V7KH'(8VGRWKHVHIXQFWLRQV

 &ROOHFWGDWDIURPDLUSODQHV\VWHPV
 &KDQJHWKHGDWDWRDYLGHRVLJQDOWRVKRZRQWKH
GLVSOD\XQLWV
 6HQGGDWDWRRWKHUDLUSODQHV\VWHPV

7KH'(8PRQLWRUVWKHSUHVHQFHVWDWXVDQGYDOLGLW\RI
LQSXWVDQGFRPSDUHVLQSXWVZLWKWKHRWKHU'(8

3K\VLFDO'HVFULSWLRQ

7KH'(8LVDQ0&8HQFORVXUH7KH'(8LVDSSUR[LPDWHO\
LQFKHVFPZLGHLQFKHVFPWDOODQG
LQFKHVFPGHHS

7KH'(8ZHLJKVDSSUR[LPDWHO\SRXQGVNJ

5HDU&RQQHFWRU

2QWKHUHDURIWKH'(8WKHUHDUHHOHFWULFDOFRQQHFWRUV
7KHUHDUHOHWWHUVQH[WWRHDFKFRQQHFWRU<RXFDQJHW
DFFHVVWRWKHGDWDDWWKHVHFRQQHFWRUVWKURXJK&'6%,7(
IRUWKHGLVFUHWHLQSXWPRQLWRULQJIXQFWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0 $,1 7 %, 7( &'6 '(8 ; 0$,17%,7(

' , 6 & 5 ( 7 ( 6 7 $ 7 8 6 0 ( 1 8    ' , 6 & 5 ( 7 ( 6 7 $ 7 8 6   
 , 1 6(5 7 $ , 16 (5 7 ' ! ,1 6 ( 5 7 '
$ % & ' ( ) * + - .
 , 1 6(5 7 % , 16 (5 7 ( !           
 * *     * 2  
, 1 6(5 7 & , 16 (57 ) !           
' , 6 & 5 ( 7 ( 6 7 $ 7 ( 6 $ 5 (  *  *    *   
' ( ) , 1 ( ' $ 6            
* * 5 2 8 1 ' 9   9 ' &    2 2   * * * *
2 2 3 ( 1 ; , 1 9 $ / , '  * 2   * * * 2 * *
 * 9 2 * * * * 9 * *
, 1'(; , 1 ' (;

&'6%,7(',6&5(7(67$786

$ '

% (

&211(&7256
& )

5($59,(:
',63/$<(/(&7521,&681,7

&'6',63/$<(/(&7521,&681,7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6'(8)81&7,21$/'(6&5,37,21
*HQHUDO EXV7KH$5,1&LQSXWRXWSXWIXQFWLRQFRQWUROV
UHFHLYHUVDQGWUDQVPLWWHUVIRUWKH$5,1&EXVHV
7KHGLVSOD\HOHFWURQLFXQLW'(8UHFHLYHVGDWDIURP
RWKHUDLUSODQHV\VWHPVDQGFKDQJHVWKHGDWDWRDYLGHR 6RPHGLJLWDOLQSXWVWRWKH'(8VJRWRWKHWZR,20VIRU
VLJQDOWKDWJRHVWRWKHGLVSOD\XQLWV'87KH'(8 LQWHJULW\UHTXLUHPHQWV$FRPSDULVRQLVGRQHEHWZHHQ
DOVRVHQGVVRPHDLUSODQHV\VWHPGDWDRQWRRWKHU WKH,20VWRPDNHVXUHWKHGDWDLVFRUUHFW
V\VWHPV
$QDORJ'LVFUHWH,2&&$
7KH'(8KDVQLQHFLUFXLWFDUGDVVHPEOLHV&&$7KH\
DUHQRWOLQHUHSODFHDEOHXQLWV7KHVHDUHWKH&&$VLQ 7KHUHDUHWZRDQDORJGLVFUHWH,2V(DFKGLVFUHWH,2
WKH'(8 VXSSOLHVDQLQWHUIDFHIRUGLVFUHWHLQSXWVDQG
GLVFUHWHRXWSXWV2QHKXQGUHGLQSXWVFRQQHFWWRJURXQG
 7ZRLQSXWRXWSXWFRQWUROOHU,2&$5,1&,2 RUDUHRSHQDQGHLJKWFRQQHFWWRYGFRUDUHRSHQ
 7ZRDQDORJGLVFUHWHLQSXWRXWSXW,2 7ZHQW\RXWSXWVFRQQHFWWRJURXQGRUDUHRSHQDQGIRXU
 2QHDQDORJVLJQDOLQSXWRXWSXW,2 FRQQHFWWRYGFRUDUHRSHQ7KH,2&LVWKHLQWHUIDFH
 2QHSURFHVVRU EHWZHHQWKHDQDORJGLVFUHWH&&$VDQGWKHSURFHVVRU
 7ZRJUDSKLFVJHQHUDWRUV
 2QHSRZHUVXSSO\ $QDORJ6LJQDO,2&&$

,QSXW2XWSXW0RGXOHV 7KHUHLVRQHDQDORJVLJQDO,27KHDQDORJVLJQDO,2
VXSSOLHVDQLQWHUIDFHIRUDQDORJLQSXWVDQGDQDORJ
7KHUHDUHWZR,2PRGXOHV,20SHU'(82QH,20KDV RXWSXWV7KHLQSXWVDUH
WKUHH&&$VDQGWKHRWKHUKDVWZR&&$V7KHSULPDU\&&$
LQHDFK,20LVWKH,2FRQWUROOHU$5,1&,2  7DFKRPHWHUVLJQDOV
7KHUHLVRQHDQDORJGLVFUHWH,2&&$LQHDFK,202QO\  '&YROWDJHVLJQDOV
RQHRIWKHWZR,20VKDVDQDQDORJVLJQDO,2&&$  '&FXUUHQWVLJQDOV
 $&YROWDJHVLJQDOV
,QSXW2XWSXW&RQWUROOHU$5,1&,2
7KHRXWSXWVDUHGFYROWDJHVLJQDOV7KH,2&LVWKH
7KH,2&FRQWUROVWKHLQSXWVDQGRXWSXWVWRWKH'(8DQG LQWHUIDFHEHWZHHQWKHDQDORJVLJQDO,2&&$DQGWKH
LWDOVRSURYLGHVWKH$5,1&,2IXQFWLRQ7KH,2& SURFHVVRU
IXQFWLRQSURYLGHVWKHLQWHUIDFHEHWZHHQWKH,2&&$V
WKURXJKWKHLQSXWRXWSXW,2EXVDQGWKHEDFNSODQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
&'6'(8)81&7,21$/'(6&5,37,21
3URFHVVRU
7KHSURFHVVRUUHFHLYHVGDWDIURPDQGVHQGVGDWDWRWKH
,2&IXQFWLRQRYHUWKHEDFNSODQHEXV
(DFKSURFHVVRUFRQWDLQVWZRPLFURSURFHVVRUVWKHVDPH
7KHPLFURSURFHVVRUVGRWKHVDPHRSHUDWLRQDQGXVHWKH
VDPHVRIWZDUHIURPWKHPHPRU\7KHRXWSXWVIURPWKHVH
WZRPLFURSURFHVVRUVDUHFRPSDUHGLIWKHGDWDLVQRW
WKHVDPHWKHUHLVDIDLOXUHLQWKHSURFHVVRU
7KHSURFHVVRUDOVRFRPSDUHVFULWLFDOGDWDWKDWFRPHV
IURPWKHWZR,2&PRGXOHV,IWKLVGDWDLVQRWWKHVDPH
WKHUHLVDIDLOXUHLQRQHRIWKH,2&V
7KHSURFHVVRUVHQGVGDWDWRWKHJUDSKLFVJHQHUDWRURYHU
YHFWRUDUWGDWDDQGWKH$5,1&GDWDJRHVRXWRQD
FRD[FDEOHWRWKHGLVSOD\XQLWV
3RZHU6XSSO\
7KHSRZHUVXSSO\VXSSOLHVDOOWKHFDUGVZLWKSRZHU,W
FKDQJHVWKHYGFWRWKHQHFHVVDU\YROWDJHV
0DLQWHQDQFH0HVVDJHV
)DLOXUHVLQVSHFLILF&&$VLQWKH'(8VFDQFDXVHWKHVH
PDLQWHQDQFHPHVVDJHVWREHGLVSOD\HGRQWKH&'6GLVSOD\
XQLWV7KHVHDUHWKHPDLQWHQDQFHPHVVDJHV
 &'60$,17
 &'6)$8/7
WKHFRUHSURFHVVRU&3EXV
7KH&'60$,17PHVVDJHEHGLVSOD\HGIRUDSDUWLDO
*UDSKLF*HQHUDWRU IDLOXUHRID'(8,WLVRQO\GLVSOD\HGZKHQWKH
DLUSODQHLVRQWKHJURXQGDQGDWOHDVWRQHPDLQHQJLQH
7KHUHDUHWZRJUDSKLFJHQHUDWRUV**WKDWDUHWKH LVRII7KHPHVVDJHLVGLVSOD\HGZKHQ21(RIWKHVH&&$V
VDPH7KH**VUHFHLYHGDWDIURPWKHSURFHVVRURYHUWKH KDVIDLOHGLQD'(8
&3EXV7KHSULPDU\SXUSRVHRIWKH**LVWRPDNHWKH
LPDJHGDWDIRUDOOWKHGLVSOD\XQLWV'87KH**XVHV
WKHGDWDIURPWKHSURFHVVRUWRPDNHDOOWKHYHFWRUDUW
(DFK**FDQPDNHWKUHHIRUPDWVDWWKHVDPHWLPHVRWKDW
RQH**FDQVXSSO\WKUHHGLIIHUHQWGLVSOD\V
7KH**DOVRKDVWKH$5,1&UHFHLYHUVWRUHFHLYH
ZHDWKHUUDGDUGDWDDQGHQKDQFHGJURXQGSUR[LPLW\
 *UDSKLFJHQHUDWRU
 $QDORJGLVFUHWH,2&&$
 $QDORJVLJQDO,2&&$
7KH&'6)$8/7PHVVDJHLVGLVSOD\HGZKHQWKHUHLVD
WRWDO'(8IDLOXUH,WLVRQO\GLVSOD\HGZKHQWKH
DLUSODQHLVRQWKHJURXQGDQGDWOHDVWRQHPDLQHQJLQH
ZDUQLQJV\VWHP*3:6GDWD:;5DQG*3:6GDWDDUHQRW LVRII$WRWDO'(8IDLOXUHLVZKHQDQ\21(RIWKH
GLVSOD\HGDWWKHVDPHWLPH$FRPSUHVVLRQRIWKH IROORZLQJ&&$VKDVIDLOHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6'(8)81&7,21$/'(6&5,37,21
 ,2FRQWUROOHU,2&$5,1&,2
 3RZHUVXSSO\
 3URFHVVRU

7KHPHVVDJH&'6)$8/7LVDOVRGLVSOD\HGLI7:2RUPRUH
RIWKHVH&&$VKDVIDLOHGLQDVLQJOH'(8RU21(&&$KDV
IDLOHGLQHDFK'(8

 *UDSKLFJHQHUDWRU
 $QDORJGLVFUHWH,2&&$
 $QDORJVLJQDO,2&&$

)RUH[DPSOHLIDJUDSKLFVJHQHUDWRUKDVIDLOHGLQ'(8
DQGWKHDQDORJGLVFUHWH,2&&$KDVIDLOHGLQ'(8
WKHPHVVDJH&'6)$8/7ZLOOEHGLVSOD\HG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$5,1&
,13876 ,2&21752//(5
$5,1&,2 352&(6625
$5,1&
2873876

',6&5(7( $5,1&
,13876 $1$/2* *5$3+,&6 :;5257(55,1387
',6&5(7( ',6&5(7(,2 ,2 &3 *(1(5$725 &2$;
2873876 %86 %86 &283/(5
% 72'86
$
$1$/2* & $5,1&
,13876 . *5$3+,&6 :;5257(55,1387
$1$/2*6,*1$/,2 3
$1$/2* *(1(5$725 &2$;
/ &283/(5
2873876 $ 72'86
1
,138728738702'8/( (
%
8
6 9'&
$5,1& 9'&
,13876 9'&
,2&21752//(5
$5,1&,2 32:(5 9'&
$5,1&
2873876 6833/< 9'&
9'& 9'&
,2 %$77(5<
',6&5(7( %86 9%$7
,13876 $1$/2*
',6&5(7(
2873876

,138728738702'8/(
'(87<3

&'6'(8)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6(),6&21752/3$1(/
*HQHUDO  0LQLPXPVUHVHWVZLWFK

7KH(),6FRQWUROSDQHOVFRQWUROWKHLQIRUPDWLRQWKDW 7KHRXWHUFRQWUROLVWKHPLQLPXPVUHIHUHQFHVHOHFWRU
LVQGLVSOD\HGRQWKHRXWERDUGGLVSOD\XQLWV7KHVHDUH ,WLVXVHGWRVHOHFWHLWKHUUDGLRRUEDURPHWULFEDUR
WKHFRQWUROVRQWKHSDQHO DVWKHUHIHUHQFHIRUWKHPLQLPXPDOWLWXGH

 0LQLPXPVFRQWUROV 7KHPLGGOHFRQWUROLVWKHPLQLPXPVVHOHFWRUDQGLWLV
 )OLJKWSDWKYHFWRUVZLWFK XVHGWRVHWWKHPLQLPXPDOWLWXGHYDOXH
 0HWHUVVZLWFK
 %DURPHWULFFRQWUROV 7KHLQQHUFRQWUROLVWKHPLQLPXPVUHVHW567VZLWFK
 925$')VZLWFKHV 7KLVVZLWFKUHVHWVWKHUDGLRDOWLWXGHDOHUWIURPDPEHU
 0RGHFRQWUROV WRZKLWHZKHQWKHPLQLPXPVUHIHUHQFHVHOHFWRULVLQWKH
 5DQJHVHOHFWRU UDGLRSRVLWLRQ
 7UDIILFVZLWFK
 :HDWKHUUDGDUVZLWFK :KHQWKHPLQLPXPVUHIHUHQFHVHOHFWRULVLQWKHEDUR
 7HUUDLQVZLWFK SRVLWLRQWKHUHVHWVZLWFKUHPRYHVWKHDOWLWXGH
 0DSVZLWFKHV UHIHUHQFHEXJRQWKHDOWLPHWHULQGLFDWLRQ,I\RXSUHVV
UHVHWDJDLQWKHDOWLWXGHUHIHUHQFHEXJUHWXUQVWRWKH
127( 6RPHVZLWFKHVPD\EHLQDFWLYHDQGZLOOEHPDUNHG R
FORFNSRVLWLRQ
,123
:KHQWKHPLQLPXPVUHIHUHQFHVHOHFWRULVLQWKHEDUR
7KH(),6FRQWUROSDQHOLVLQFKHVFPE\ SRVLWLRQWKHUHVHWVZLWFKUHVHWVWKHEDURDOWLWXGH
LQFKHVFPDQGLQFKHVFPGHHS7KH DOHUWIURPDPEHUWRZKLWHRUEODQNVWKHUHDGRXWLIWKH
SDQHOZHLJKVDSSUR[LPDWHO\SRXQGVNJ DOHUWZDVQRWDFWLYH

0LQLPXPV&RQWUROV )OLJKW3DWK9HFWRU6ZLWFK

7KHPLQLPXPFRQWUROVDUHXVHGWRVHWWKHUDGLRDQG 7KHIOLJKWSDWKYHFWRU)39VZLWFKLVDPRPHQWDU\

EDURPHWULFPLQLPXPDOWLWXGHV7KHVHDUHWKHPLQLPXPV DFWLRQSXVKEXWWRQVZLWFK3UHVVLQJWKHVZLWFKZLOO
FRQWUROV FDXVHWKH)39V\PERODQGWKHKRUL]RQOLQHKHDGLQJVFDOH
WREHGLVSOD\HGRQWKHDWWLWXGHGLVSOD\3UHVVLQJWKH
 0LQLPXPVUHIHUHQFHVHOHFWRU VZLWFKDJDLQZLOOUHPRYHERWKWKH)39V\PERODQGWKH
 0LQLPXPVVHOHFWRU KHDGLQJVFDOH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6(),6&21752/3$1(/
0HWHUV6ZLWFK EHDULQJSRLQWHUVRQWKHQDYLJDWLRQGLVSOD\7KHEHDULQJ
SRLQWHUVZLOOEHGLVSOD\HGLQDOOPRGHVH[FHSW3/$1
7KHPHWHUVVZLWFK0756LVDQPRPHQWDU\DFWLRQ
SXVKEXWWRQVZLWFK:KHQ\RXVHOHFW0756WKHVH
LQGLFDWLRQVVKRZLQPHWHUVDQGIHHW
 $OWLWXGH
0RGH&RQWUROV
7KHPRGHFRQWUROVLVXVHGWRVHOHFWWKHPRGHWKDWVKRZV
RQWKH1'7KHPRGHFRQWUROVFRQVLVWRIWKHPRGH
 0&3VHOHFWDOWLWXGH VHOHFWRUDQGWKHFHQWHU&75VZLWFK7KHPRGHVHOHFWRU
LVDIRXUSRVLWLRQVZLWFK7KHVHDUHWKHIRXU
3UHVVLQJWKHVZLWFKDJDLQZLOOUHPRYHWKHPHWULF SRVLWLRQV
GLVSOD\V
 $33
%DURPHWULF&RQWUROV  925
 0$3
7KHEDURPHWULFFRQWUROVVHOHFWDQGVHWWKHEDURPHWULF  3/1
UHIHUHQFH7KHVHDUHWKHEDURPHWULFFRQWUROV
7KH&75VZLWFKLVDPRPHQWDU\DFWLRQSXVKEXWWRQVZLWFK
 %DURPHWULFUHIHUHQFHVHOHFWRU 7KHVZLWFKLVXVHGWRVHOHFWWKHH[SDQGHGRUFHQWHUHG
 %DURPHWULFVHOHFWRU GLVSOD\IRU925$33DQG0$3PRGHV
 %DURPHWULFVWDQGDUGVZLWFK
5DQJH6HOHFWRU
7KHRXWHUFRQWUROLVWKHEDURPHWULFUHIHUHQFHVHOHFWRU
,WVHOHFWVHLWKHULQFKHVRIPHUFXU\,1RU 7KHUDQJHVHOHFWRULVDQHLJKWSRVLWLRQVHOHFWRU7KH
KHFWRSDVFDOVK3DDVWKHEDURPHWULFUHIHUHQFH7KH
PLGGOHFRQWUROLVWKHEDURPHWULFVHOHFWRUDQGLWVHWV
WKHEDURPHWULFFRUUHFWLRQYDOXH7KHLQQHUFRQWUROLV
WKHEDURPHWULFVWDQGDUGVZLWFK,WVHOHFWVWKHVWDQGDUG
EDURVHWWLQJRILQFKHV+JRUK3D
925$')6ZLWFKHV
VHOHFWRUFRQWUROVWKHUDQJHWKDWVKRZVLQWKH0$3DQG
3/$1PRGHV7KLVVHOHFWRUDOVRFRQWUROVWKHZHDWKHU
UDGDUUDQJH(*3:6WHUUDLQUDQJHDQG7&$6UDQJHLQDOO
PRGHV
7UDIILF6ZLWFK
7KHWUDIILF7)&VZLWFKHQDEOHVWKHRQVLGHQDYLJDWLRQ
7KH925$')VZLWFKHVDUHWKUHHSRVLWLRQWRJJOHW\SH GLVSOD\1'VRWKDW7&$6WUDIILFLVGLVSOD\HG
VZLWFKHV7KHVZLWFKOHWV\RXVKRZWKH925RU$')

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6(),6&21752/3$1(/
:HDWKHU5DGDU6ZLWFK &RQWURO3DQHO)DLOXUH

7KH:;5VZLWFKWXUQVRQWKHZHDWKHUUDGDUDQGDOORZV ,IDFRQWUROSDQHOIDLOVWKHRQVLGHQDYLJDWLRQGLVSOD\
WKHZHDWKHUUDGDUGDWDWREHGLVSOD\HGLQWKHVHPRGHV FKDQJHVWRDGHIDXOWGLVSOD\7KHVHDUHWKHFKDQJHVRQ
WKHGHIDXOWGLVSOD\
 ([SDQGHGDSSURDFK
 ([SDQGHG925  7KH925DQG$')VHOHFWLRQVVWD\WKHVDPH
 ([SDQGHGPDS  $OOPDSVZLWFKHVDUHRIIDQGGRQRWRSHUDWH
 &HQWHUHGPDS  7KHH[SDQGHGPDSPRGHVKRZV
 $UDQJHRIPLOHVVKRZV
7HUUDLQ6ZLWFK  7KHZHDWKHUUDGDUWXUQVRQLQWKHDLURQO\

7KH7(55VZLWFKHQDEOHVWKHHQKDQFHGJURXQGSUR[LPLW\ $OVRWKH',63/$<6&21752/3$1(/PHVVDJHZLOOEH
ZDUQLQJIXQFWLRQDQGWHUUDLQGDWDLVGLVSOD\HGRQWKH GLVSOD\HGRQWKHERWWRPULJKWRIWKHRQVLGHSULPDU\
1'7HUUDLQGDWDZLOOEHGLVSOD\HGLQWKHVHPRGHV IOLJKWGLVSOD\3)'

 ([SDQGHGDSSURDFK
 ([SDQGHG925
 ([SDQGHGPDS
 &HQWHUHGPDS

0DS6ZLWFKHV

7KHPDSVZLWFKHVOHW\RXVKRZDGGLWLRQDOPDSGDWDLQ
WKH0$3PRGH7KHVHDUHWKHPDSVZLWFKHV

 67$IRUQDYLJDWLRQDLGVQRWLQWKHDFWLYHURXWH
 :37IRUZD\SRLQWVQRWLQWKHDFWLYHURXWH
 $537IRUDLUSRUWVQRWLQWKHDFWLYHURXWH
 '$7$WRVHOHFWWKHYHUWLFDOVLWXDWLRQGLVSOD\
96'DQGIRUDOWLWXGHDQG(7$RIURXWHZD\SRLQWV
EH\RQGWKHDFWLYHZD\SRLQW
 326IRUSRVLWLRQFRPSDULVRQGDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)/,*+73$7+ 0(7(56
9(&7256:,7&+ 6:,7&+

%$520(75,&
0,1,0806 0,16 )39 0756 %$52 &21752/6
&21752/6 5$',2 %$52 ,1 +3$

567 67' 5$1*(

02'( 6(/(&725
&21752/6
0$3
925 925 3/1    925
$33  
2)) 2)) 925$')
&75  7)& 
6:,7&+
:($7+(55$'$5 
6:,7&+ $') $') 75$)),&
6:,7&+
:;5 67$ :37 $537 '$7$ 326 7(55
7(55$,16:,7&+

0$36:,7&+(6

127(620(6:,7&+(60$<%(0$5.(',123

&'6(),6&21752/3$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6(),6(1*,1(',63/$<&21752/3$1(/
*HQHUDO
7KHHQJLQHGLVSOD\FRQWUROSDQHOKDV 
 1VHW
 6SHHGUHIHUHQFHVHW
 )XHOIORZIXHOXVHGVHOHFWRU
 0XOWLIXQFWLRQGLVSOD\SXVKEXWWRQV
16HW&RQWURO
7KH1VHWFRQWUROVHWVWKH1UHIHUHQFHEXJRQWKH
SULPDU\HQJLQHGLVSOD\,WKDVWZRFRQWUROV
 $XWRWKH)0&6VXSSOLHVWKHUHIHUHQFHDLUVSHHGV
DQGJURVVZHLJKWDXWRPDWLFDOO\
9VKRZVWKHWDNHRIIGHFLVLRQVSHHG
 95VKRZVWKHWDNHRIIURWDWLRQVSHHG
 :7WKHSLORWFDQVHWWKHJURVVZHLJKWPDQXDOO\
DQG&'6FDOFXODWHVIODSPDQHXYHUVSHHGV
 95()VKRZVWKHODQGLQJUHIHUHQFHVSHHG
 7ULDQJOHV\PEROVKRZVDQDLUVSHHGEXJWKHSLORW
FDQVHWDVQHFHVVDU\
 6(7WKH)0&6DQGWKHLQQHUFRQWUROFDQQRWPRYH
WKHDLUVSHHGEXJV
7KHLQQHUFRQWUROVHWVWKHDLUVSHHGYDOXH

7KHRXWHUFRQWUROKDVWKHVHIXQFWLRQV )XHO)ORZ6ZLWFK

 $872WKH)0&6VXSSOLHVWKH1UHIHUHQFH
DXWRPDWLFDOO\
 %RWKVHWVWKH1UHIHUHQFHIRUWKHWZRHQJLQHV
PDQXDOO\
 RUVHWVWKH1UHIHUHQFHIRUQXPEHURU
QXPEHUHQJLQHPDQXDOO\
7KHIXHOIORZVZLWFKLVDWKUHHSRVLWLRQWRJJOHW\SH
VZLWFKVSULQJORDGHGWRWKHFHQWHUSRVLWLRQ
7KH5(6(7SRVLWLRQGRHVDUHVHWRIWKHIXHOXVHG
GLVSOD\VWR]HUR,WLVHQDEOHGLQWKHDLUDQGRQWKH
JURXQG

7KHLQQHUFRQWUROVHWVWKH1UHIHUHQFHYDOXH
6SHHG5HIHUHQFH&RQWURO
7KHVSHHGUHIHUHQFHVHOHFWRUVHWVWKHWDNHRIIRU
ODQGLQJUHIHUHQFHVSHHGVRQWKHDLUVSHHGLQGLFDWLRQ,W
KDVWZRFRQWUROV
7KHRXWHUFRQWUROKDVWKHVHIXQFWLRQV FKDQJHVWRIXHOIORZ,I\RXKROGWKHVZLWFKLQWKH
7KH5$7(SRVLWLRQVKRZVWKHFXUUHQWIXHOIORZIRUHDFK
HQJLQH
7KH86('SRVLWLRQVKRZVWKHIXHOXVHGIRUHDFKHQJLQH
VLQFHWKHODVWUHVHW
7KHIXHOXVHGGLVSOD\VWD\VLQYLHZIRUWHQVHFRQGV
DIWHU\RXUHOHDVHWKHVZLWFK$WWKDWWLPHWKHGLVSOD\
IXHOXVHGSRVLWLRQIRUPRUHWKDQWKLUW\VHFRQGV&'6

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6(),6(1*,1(',63/$<&21752/3$1(/
ILQGVWKLVDVDVWXFNVZLWFKDQGWKHGLVSOD\FKDQJHV
EDFNWRIXHOIORZ

0XOWLIXQFWLRQ'LVSOD\0)'&RQWUROV3)'1')250$7

7KHVHDUHWKH0)'SXVKEXWWRQV

 (1*HQJLQH
 6<6V\VWHP
 &5FDQFHOUHFDOO

7KH(1*VZLWFKSHUPLWVWKHVHOHFWLRQRIWKHFRPSDFWHG
HQJLQHGLVSOD\RQWKHXSSHUGLVSOD\XQLW'87KH(1*
VZLWFKDOVRSHUPLWVWKHVHOHFWLRQRIWKHVHFRQGDU\
HQJLQHGLVSOD\RQWKHORZHUGLVSOD\XQLW'8

7KH6<6SXVKEXWWRQSHUPLWVWKHVHOHFWLRQRIWKHV\VWHP
SDJHRQWKHORZHU'8

7KHFDQFHOUHFDOO&5VZLWFKFRQWUROVWKHGLVSOD\DQG

UHFDOORI&DW,,,%DGYLVRU\PHVVDJHVRQWKHXSSHU
HQJLQHGLVSOD\7KHVHDGYLVRU\PHVVDJHVVKRZZKHQWKH
V\VWHPILQGVDIDLOXUHWKDWKDVDQHIIHFWRQ')&6
DXWRODQGVWDWXV

)RU(),60$3IRUPDWWKH0)'FRQWUROVZLWFKHVDUH
GLVDEOHGDQGKDYHDQ,123SODFDUG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

63(('5()&21752/

16(7&21752/ 16(7 63'5() $872%5$.(

$872 $872 $872%5$.(
 %27+ 9 ',6$50


 6(7 95  

:7
)8(/)/2:6:,7&+ 95() 2)) 0$;
)8(/)/2:
5(6(7
0)' 572
5$7( $17,6.,'
(1* 6<6
86(' $17,6.,'
&5 ,123

08/7,)81&7,21',63/$<
&21752/6:,7&+(6

&'6(),6(1*,1(',63/$<&21752/3$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'635,0$5<)/,*+7',63/$<29(59,(:
*HQHUDO

7KHSULPDU\IOLJKWGLVSOD\3)'VKRZVWKHVH

LQGLFDWLRQV

 $LUVSHHG
 $WWLWXGH
 $OWLWXGH
 +HDGLQJ
 9HUWLFDOVSHHG
 $XWRIOLJKWPRGHDQQXQFLDWLRQV
 )OLJKWGLUHFWRUFRPPDQGV
 /DQGLQJLQGLFDWLRQV
 5DGLRDOWLWXGH
 $QJOHRIDWWDFN
 7LPHFULWLFDODQQXQFLDWLRQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
$872)/,*+702'($1181&,$7,21

)/,*+7',5(&725
)0&63' /1$9 91$9 37+
925/2& *6
 &:65 &:63 
,%),R
 '0(

$/7,78'(
$,563((' ,/6 &0'
 
20
 

  


 


5()


 9(57,&$/63(('
$77,78'( 

 


:,1'6+($5 5$',2

 +3$

 + 0$*

+($',1*
&'635,0$5<)/,*+7',63/$<29(59,(:
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'63)'6<0%2/2*<
3ULPDU\)OLJKW'LVSOD\6\PERORJ\

7KHSULPDU\IOLJKWGLVSOD\VKRZVPDQ\GLIIHUHQWV\PEROV
DQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVHWDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH3)'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 5(0$5.6

$,53/$1(6<0%2/: 6+2:6$*$,167029,1*3,7&+$1'52//',63/$<6
6285&('(8

6+2:6:,7+)/,*+7',5(&7256:,7&+21$1'9$/,'67((5,1*
)/,*+7',5(&7250 &200$1'6
6285&()&&
%27720('*(6+2:63,7&+/,0,7:,//%(',63/$<(',)7(
)/$36127832532383,)$,53/$1($3352$&+(667$//
3,7&+/,0,7$ &21',7,21
6285&(60<'
 

 

3,7&+6&$/(: 029,1*6&$/(6+2:63,7&+&(17(5/,1(,6+25,=21
6285&($',56
 

 
52//6&$/(: ),;('6&$/(6+2:652//9$/8(52//32,17(5029(6$*$,167
52//32,17(5: 6&$/(:+(152//!7+$1'(*5((652//32,17(5
52//32,17(5$/(57$ ,6$0%(56/,36.,',1',&$725),//6::+(1/$7(5$/
6/,36.,': $&&1!*6/,36.,'),//6$:+(152//!'(*5((6
6/,36.,'$/(57),//('$ $1'/$7(5$/$&&1!*
6285&(652//$',56$/(576'(8
6+2:6$&78$/3$7+7+528*+$,5
)/,*+73$7+9(&725: (),6&21752/3$1(/&21752/6',63/$<
6285&($',56
6+2:6:+(1$',583,7&+$1'2552//',))(5(1&(,6'(*5((6
3,7&+ 52// 3,7&+52//)/$*6$ 25025(
$6$1237,21',63/$<)/$6+(6)25),5676(&21'6
6285&('(8

&'63)'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'63)'6<0%2/2*<
3ULPDU\)OLJKW'LVSOD\6\PERORJ\

7KHSULPDU\IOLJKWGLVSOD\VKRZVPDQ\GLIIHUHQWV\PEROV
DQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVHWDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH3)'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 5(0$5.6

20,6287(50$5.(500,60,''/(0$5.(5,0,6,11(50$5.(5
0$5.(5%($&21',63/$<6 %$&.&2856(0$5.(525$,5:$<60$5.(5)7,6)81&7,21$/
20 00 ,0 )7 20&00$,0:)7:
7(676285&(9250%
32,17(56+2:6/2&$/,=(5'(9,$7,21:+(132,17(5,6/(66
/2&6&$/(: 7+$1'276'(9,$7,217+(32,17(5,6),//(',)&'6
/2&6&$/(:$51,1*$ '(7(50,1(6$%$&.&2856($3352$&+7+(6(16(2)'(9,$7,21
/2&32,17(50 5(9(56(')25'(9,$7,21:$51,1*6&$/(&+$1*(6&2/25$
/2&32,17(5:$51,1*$ $1'32,17(5)/$6+(66285&(6/2&,/65(&(,9(525005
%$&.&2856('(8'(9,$7,21:$51,1*)&&
(;3$1'('/2&$/,=(5 32,17(56+2:6/2&$/,=(5'(9,$7,21:+(132,17(5,6/(667+$1
'(9,$7,216&$/(: '27$1'7+($8723,/27,6,1&200$1'6285&('(8

32,17(56+2:6*/,'(6/23('(9,$7,21:+(132,17(5,6/(66
*66&$/(: 7+$1'276'(9,$7,217+(32,17(5,6),//(',)&'6
*66&$/(:$51,1*$ '(7(50,1(6$%$&.&2856($3352$&+32,17(5,65(029('
*632,17(50 )25'(9,$7,21:$51,1*6&$/(&+$1*(6&2/25$$1'32,17(5
*632,17(5:$51,1*$ )/$6+(6
6285&(6*/,'(6/23(,/65(&(,9(525005%$&.&2856('(8
'(9,$7,21:$51,1*)&&

6+2:6/2&)5(48(1&<817,/5(&(,9(56(1'667$7,21,'(17,),(5
,)&$37$1')2)5(48(1&,(6',6$*5((6+2:6$0%(5:,7+$0%(5
/2&)5(4,'(17: /,1(7+528*+
,%),R /2&)5(4,'(17:$51,1*$ 6+2:66(/(&7('581:$<+($',1*,)&$37$1')26(/(&7,216
'0( 6(/51:<+'*: ',6$*5((6+2:6$0%(5:,7+$0%(5/,1(7+528*+
6(/51:<+'*:$51,1*$ 6+2:6'0(',67$1&(
'0(',63/$<: 6285&(6)5(4,'(17/2&5(&(,9(5250056(/(&7('581:$<
+($',1*')&60&3'0(',67$1&('0(',6$*5(((/2*,&'(8

6+2:6$)7(5/2&$/,=(5&$3785(:,7+5$)((73$5.('
5,6,1*581:$<* $7%277202)$77,78'(,1',&$7,21817,/5$)((7:+(1
67(00 ,7:,//5,6(72$,53/$1(6<0%2/21/$1',1*
6285&(5$

&'63)'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'63)'6<0%2/2*<
3ULPDU\)OLJKW'LVSOD\6\PERORJ\

7KHSULPDU\IOLJKWGLVSOD\VKRZVPDQ\GLIIHUHQWV\PEROV
DQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVHWDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH3)'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 5(0$5.6

',*,7$/',63/$<6+2:65$',2$/,7,78'(5$',29$/8(6+2:6
5$',2$/7,78'(: 5$',20,1,0806$/(576+2:621'(6&(17,)9,6,%/(72
5$',2  5$',2$/7,78'($/(57$ 5(6(75$',20,16$/(57386+56721(),6&21752/3$1(/72
5$',20,1,08065($'287* 0$.(5$',20,16%/$1.6(/(&75$',20,16%(/2:=(5225
 5$',20,1,0806$/(57$ 386+567:+,/(127,1$/(57&21',7,21
6285&(6$/7,78'(5$0,1,0806(),6&3


',*,7$/$/7,78'(5($'28721029,1*7$3(:,7+,1',&(6$1'

 180%(56180%(566+2:(9(5<)((781/(66&29(5('%<
$/77$3(41+*5$< &85625/($',1*180%(5,1',*,7$/5($'287,60$6.('%(/2:
 0 $/77$3(4)(*5((1 )((7
   $/75($'287: ',*,7$/5($'287%25'(5,6+,*+/,*+7(''85,1*7+($/7,78'(
$/75($'287%25'(5: $/(57)81&7,21,7$/6278516$0%(5'85,1*7+($/7,78'(
$/75($'287%25'(5$/(57$ $/(57:$51,1*)81&7,21
 6285&($',58$/7,78'($/(57)&&

0 6(/(&7('$/7,78'(0 6+2:66(/(&7('$/7,78'(,1)((7)5207+(')&60&3:,//

$/626+2:6(/(&7('$/7,78'(,10(7(56:+(107566(/(&7('
  6(/(&7('$/7,78'(%8*0
6(/(&7('$/7,78'(,1
21(),6&36(/(&7('$/7,78'(%8*6+2:6$76,'(2)7$3(
,),7,62))6&$/(21/<+$/)7+(%8*6+2:6
0(7(560 6285&(66(/(&7('$/7,78'()&&6(/(&7('$/7,78'(,1
0',63/$<& 0(7(56'(86(/(&7('$/7,78'(%8*'(8

%$52  %$520,1,0806*$/(57$ :25'%$52$1'9$/8(6+2::+(1%$520,166(/(&7('%/$1.

%$520,1,0806$/(57$ :+(15$',20,166(/(&7('%8*:,7+%$56+2:6:+(1
%$520,16%8**$/(57$ %$520,166(/(&7('%8*21/<6+2:6:+(15$',2
%$520,16%8*$/(57$ 0,166(/(&7('$/(576+2:621'(6&(1721/<386+56721
%$520,16%8**5$',2 (),6&3725(6(7386+567:+,/(127,1$/(57256(/(&7
0,16$&7,9( )772%/$1.6285&(69$/8((),6&3$/(57'(8

$1*/(2)$77$&.: 6+2:6$1*/(2)$77$&.67,&.6+$.(575,332,176+2:6:+(1
67,&.6+$.(59$/8(,6216&$/($3352$&+$5&6+2:6:+(1
32,17(5: )/$36$5($72581,76
 67,&.6+$.(575,332,175 6285&(6$2$$',58'()$8/76<0'67,&.6+$.(56<0'
$3352$&+5()(5(1&($5&* $3352$&+$5&'(8

&'63)'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'63)'6<0%2/2*<
3ULPDU\)OLJKW'LVSOD\6\PERORJ\

7KHSULPDU\IOLJKWGLVSOD\VKRZVPDQ\GLIIHUHQWV\PEROV
DQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVHWDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH3)'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 5(0$5.6

/$1',1*%$56+2:6$/7,78'($%29(728&+'2:17+(833(5$5($
$/7,78'(7$3(:,7+/$1',1* ,6)520)((772)((7$%29(728&+'2:1/2:(5$5($
$/7,78'($/(57&$87,21%$5 ,6)520728&+'2:172)((7
833(5$/(57%$5: 6285&('(8
/2:(5&$87,21%$5$ /$1',1*$/7,78'(5()(5(1&(6+2:6)0&5287('(67,1$7,21
/$1',1*$/7,78'(5()$ $,53257/$1',1*$/7,78'(
6285&()0&6


9(57,&$/63(('6+2:6)520)309(57,&$/63(('%8*
9(57,&$/63(('7$3(: 6+2:66(/(&7('9(57,&$/63(('',*,7$/5($'2876+2:6:+(1
9(57,&$/63(('%8*0 9(57,&$/63(('*5($7(57+$1)305($'2876+2:6$%29(
',*,7$/5($'287: )259(57,&$/63(('$1'%(/2:)259(57,&$/63(('
9(5763(('32,17(5: 6285&(65$7&$6%8*)&&9(57,&$/63(('$',58

5($'287/2*,&'(8





 ,1 %$520(75,&5()(5(1&(6+2:6,1,1&+(625+(&723$6&$/6
 +3$ %$525()(5(1&(* $%29(75$16,7,21$/7,78'(67$1'$5'6+28/'%(6(/(&7('
%$525()$/(57$ ,)67'1276(/(&7('$%29(75$16,7,21$/7$/(576+2:6
67' 67$1'$5'%$525()*
67'%$525()$/(57$
,)%$526(/(&71276(/(&7('%(/2:75$16,7,21$/7,78'(
$/(576+2:66285&(675$16,7,21$/7,78'()0&%$52
67' &255(&7,21(),6&3

:,1'6+($52538//836+2:6$6$335235,$7(
:,1'6+($5 :,1'6+($5$1181&,$7,215 6285&(*3:6
38//83$1181&,$7,215 5(':,1'6+($5$/(573:6
38//83 6285&(:;5

&'63)'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'63)'6<0%2/2*<
3ULPDU\)OLJKW'LVSOD\6\PERORJ\

7KHSULPDU\IOLJKWGLVSOD\VKRZVPDQ\GLIIHUHQWV\PEROV
DQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVHWDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH3)'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 5(0$5.6




',*,7$/$,563(('5($'28721029,1*7$3(:,7+,1',&(6$1'

63(('7$3(*5$< 180%(56180%(566+2:(9(5<.1276',*,7$/5($'287%25'(5
63(('5($'287: ,6+,*+/,*+7('$1')/$6+(')256(&21'6:+(1$,563((',6
 63(('5($'287%25'(5: /(667+$17+(0,123(5$7,1*63(('
63(('5($'287%25'(5$/(57$63(('75(1'9(&7256+2:635(',&7('$,563((',16(&21'6
 63(('75(1'9(&725* 6285&(6$,563(('$',5863(('75(1'9(&725'(8


0$&+6+2:6%(/2:7$3(:+(10$&+,6!0*5281'63(('6+2:6
 0$&+: :+(10$&+'2(61276+2:+,*+/,*+76+2:6)256(&21'6
*5281'63((': :+(1',63/$<&+$1*(672*5281'63(('6285&(60$&+$',58
*6 *5281'63((')0&$',58+,*+/,*+7'(8
 6(/(&7('$,563(('0 6(/(&7('$,563(('250$&+6+2:6$%29(7+(63(('7$3(
6(/(&7('0$&+0 6(/(&7('$,563(('%8*6+2:6$76,'(2)7$3(,),7,6
 2))6&$/(21/<+$/)7+(%8*6+2:6
6(/(&7('$,563(('%8*0
6285&(')&60&325)0&6

0$;23(5$7,1*63(('5%/$&.
0$;0$1(89(563(('$ 63(('66+2:$7723$1'%277202)$,563(('7$3(
0,10$1(89(563(('$ 6285&(0$;2363'60<'67,&.6+$.(563'60<'0,1$1'0$;
67,&.6+$.(563(('5%/$&. 0$1(89(563(('6)0&6

83 )/$30$1(89(563(('6* )/$30$189(563(('66+2:$76,'(2)$,563(('7$3(

 6285&(6$8720$7,&$//<)0&6$1')6(80$18$//<'(8

9959 '(&,6,2163(('9*
527$7,2163(('95* 5()(5(1&(63(('66+2:$76,'(2)$,563(('7$3(
99UHI &/,0%63(('9* 6285&(9$1'95)0&6'(89')&60&39'(863(('
/$1',1*5()63(('95()* %8*'(8
63(('%8*5():

&'63)'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'63)'6<0%2/2*<
3ULPDU\)OLJKW'LVSOD\6\PERORJ\

7KHSULPDU\IOLJKWGLVSOD\VKRZVPDQ\GLIIHUHQWV\PEROV
DQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVHWDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH3)'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 5(0$5.6

&203$66:
+($',1*,1'(;:
0$*758$1181&,$7,21* 3)'+($',1*75$&.,1',&$7,216285&(6+($',1*$',58
 + 0$* 6(/+'*0 0$*758$',586(/+'*0&375$&.)0&$',58
6(/+'*5($'2870
75$&./,1(:
)0&63'1*$ $87+5277/(02'(6* $&7,9($8727+5277/(02'(6+2:621/()76,'(2))0$
5(7$5'0&363' $5002'(: 6285&($7&20387(5
7+5+/'7(67$50
+'*6(/)$& 52//02'(6* $&7,9($1'$50('52//02'(66+2:,1&(17(52))0$
925/2&%&56 $50('02'(: 6285&()&&
/1$9
72*$96
$/7$&4$/7+2/' 3,7&+02'(6* $&7,9($1'$50('3,7&+02'(66+2:215,*+72))0$
91$963'91$937+ $50('02'(: 6285&()&&
0&363'*6*3
)/$5(91$9$/7

5(62/87,21$'9,625<6+2:69,68$/&8(6$1'*8,'$1&(
7&$65(62/87,21$'9,625<5 ,1',&$7,216
6285&(67&$6&20387(5'(8

&'63)'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

)

&

 ()&
$ * %$)

9BC@554
> 4 9 3 1 D 9 ? >
)5<53D54
)@554
)5<53D54
#138
$E=25B

*85
19BC@554
9 > 4 9 3 1 D 9 ? >
C8?GC
1 9 B
41D1
9 > 5 B D 9 1 <

B56 5B5>35
CICD5=
 ()
19BC@554
1>4
?D85B
19BC@554

B 5 < 1 D 5 4
9 >6 ? B=1 D 9 ?>
6B?=
1 9B @ < 1> 5
CICD5=C

)@554
*1@5
1>4
EBB5>D
9BC@554

*85
C@554
D1@5
C8?GC
D85
3?=@ED54
19BC@554
6B?=
D85

 (+
?>
1
=?F9>7
C3 1 < 5
EBB5>D
19BC@554
C8?GC
1C
1

4 9 7 9 D 1 <
B514?ED
*85
4 9 7 9 D 1 <
B514?ED
2?H
@ ?9 > D C
D ?
D85

F1<E5
?>
D85
C@554
D 1@5
-85>
D85
19BC@554
9C
25<?G


; > ? D C 

;>?DC
C8?GC

*85B5
9C
1
C5<5 3D 5 4
C@554
2E7
1>4
1
4 9 7 9 D 1 <
B514?ED

*85
F1<E5
?6
D85
C5< 53D 54
C@554
?B
#138
>E=25B
9C
D85

F1<E5
D85
@ 9 < ? D
C5 < 5 3D C
?>
D85
=?45
3 ? > D B ? <
@1>5<
#&

?B
D85
F1<E5
D85
#
3 1 < 3 E < 1 D 5 C
*85
2E7
@ ? 9 > D C
D?
D85

C5< 53D 54
C@554
?>
D85
C@554
D 1@ 5
*85
4 9 7 9 D 1 <
B514?ED

12?F5
D85
C@554
D1@5
C8?GC
D85
C5 <5 3D5 4
C@554
?B
D85

C5<5 3D 54
#138
>E=25B

-85>
D85
C5< 53D 54
C@554
?B
#138
>E=25B
9C
? 6 6
D85

C 3 1 < 5 
? ><I
8 1 < 6
?6
D85
2E7
C8?GC
1D
D85
D?@
?B
D85

2?DD?=
?6
D85
C@554
D 1@5

9BC@554
9C17B55
#5CC175
)55
D85
4 9 7 9 D 1 <
6 < 9 7 8 D
3 ? > D B? < C
C 53D 9? >
6 ?B
=?B5

9 > 6 ?B =1 D 9 ?>
?>
C5<5 3D 54
C@554
##
&(*



6
D85
31@D 19 >
1>4
6 9 B C D
? 6 6 9 3 5 B
19BC@554
49C17B55C
2I


;>?DC
?B
=?B5
D85
)
 )(
=5CC175
C8?GC
1D
D85
*1;5?66
(565B5>35
)@554C

2?DD?=
?6
D85
C@554
D 1@5
*85
=5CC175
9C
1=25B

*85
C@554
D1@5
C8?GC
D85C5
B565B5>35
C@554C
6 ? B

#138
$E=25B
D 1 ; 5 ? 6 6 

#138
>E=25B
C8?GC
1C
1
4 9 7 9 D 1 <
B514?ED
D
C8?GC
25<?G

539C9?>
C@554
,

D85
19BC@554
D1@5
G85>
D85
#138
>E=25B
9C
=?B5
D81>
(?D 1D 9?>
C@554
,(

 
*85
4 9 C@ < 1 I
4?5C
>?D
C8?G
G85>
D85
#138
>E=25B
9C

)5<53D54
D 1 B 75 D
C@554
, 

25<?G
 
?B
96
D85
#138
>E=25B
4 9 C @ < 1 I
6 1 9 < C

)5<53D54
D 1B 7 5 D
C@554
@<EC

;>?DC
,

 

)@554
*B5>4
,53D?B
?B
D 1 ; 5 ? 6 6 
D85
@ 9 < ? D
C5DC
,
?>
D85
=?45
3 ? > D B ? <

@ 1> 5<
*85
+
3 1 < 3E < 1 D 5 C
,


1>4
C8?GC
9D
?>
D85

*85
C@554
DB 5>4
F53D?B
C8?GC
D85
@B 54 9 3 D 54
19BC@554
9>
C@554
D 1@5


C53?>4C
21C54
?>
3 EBB5 >D
13 35 < 5 B 1D 9 ?>
?B

4 5 3 5 < 5 B 1 D 9 ? >
*89C
F53D?B
C8?GC
G85>
D85
C@554
D B5 >4
9C
*85
@ 9 < ? D
31>
=1>E1<<I
C5D
1
G89D5
2E7
G9 D 8
D85
5>79>5

=?B5
D81>
 
;>? D C
4 9 C @ < 1 I
3 ? > D B ? <
@1>5<
C@554
B56 5B5>35
C 5 < 5 3 D ? B
*85

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

&

 ()&
$ * %$)

@ 9 < ? D
31>
C5D
D 8 9 C
G89D5
2E7
1D
1>I
F1<E5
=?B5
D81>

*85
G5978D
C8?GC
9>
@?E>4C
?B
;9<?7B1=C
14:135>D
D?
D85

;> ?D C
D
C8?GC
?>
D85
C@554
D1@5
1>4
D85
>E=5B93
F1<E5
C@554
D 1@5

C8?GC
?>
D85
2?DD?=
B 9 7 8 D
?6
D85
C@554
D1@5
G85>
D85

C@554
B56 5B5>35
C5 <5 3 D ? B
9C
9 >
D85
D B 9 1 > 7 < 5
@ ? C 9 D 9 ? >
)55
D85
6 < 9 7 8 D
=1>175=5>D
3?=@ED5B
CICD5=
C53 D 9? >
6 ? B

=?B5
9 >6 ? B=1 D 9 ?>
?>
1 9 B @< 1 > 5
G 597 8D
##
&(*



*85
$%
,)&
6 < 1 7
C8?GC
G85>
,
?B
,(
9C
>?D
F 1 < 9 4
?B
9C

>?D
5>D5B54
9>
D85
6 < 9 7 8 D
=1>175=5>D
3?=@ED5B
CICD5=

6
1
B?ED 5
?6
6 < 9 7 8 D
9 C
>?D
5 > D 5 B5 4
I?E
G 9 < <
C55
D 8 9 C

)55
D85
6 < 9 7 8 D
=1>175=5>D
3?=@ED5B
CICD5=
C 53D 9? >
6 ?B

=?B5
9 >6 ?B =1D 9 ? >
?>
D 1; 5? 6 6
B565B5>35
C@554C
1>4
D85

" 9 = 9D
)@554C

#1H9=E=
C@554
C8?GC
1C
B54
1>4
2<13;
1 < D 5 B > 1 D 5
CAE1B5C

6
D85
=1H9=E=
C@554
F1<E5
9C
?>
D85
C@554
D 1 @ 5 
D85

=1H9=E=
C@554
4 9 C @ < 1 I
C D 1 B D C
1D
D85
D?@
?6
D85
C@554

D1@5
1>4
7?5C
4?G>
D?
D85
=1H9=E=
?@5 B1D 9> 7
C@554

C@554
B56 5B5>35
2E7
##
&(*



"1>49>7
(565B5>35
)@554C

*85
<1>49>7
B565B5>35
C@554
2E7C
1B5
,B56
1>4
,B56


*85
#
31 < 3 E< 1D 5C
, B5 6
*85
@ 9 < ? D
31>
C5D
,B56

=1>E1<<I
G 9D 8
D85
C@554
B565B5>35
C5 < 5 3D ? B
?>
D85

5>79>5
4 9 C@ < 1 I
3 ? > D B ? <
@ 1> 5 <

*85
=1H9=E=
=1>5EF5B
C@554
C8?GC
1C
1
8?<<?G
1=25B
21B

D
C8?GC
D85
89785CD
C@554
256?B5
D85
C D 1 B D
?6
D85
8978

C@554
2 E 6 6 5 D

#9>9=E=
C@554
C8?GC
1C
B54
1>4
2<13;
1 < D 5 B > 1 D 5
CAE1B5C

6
D85
=9>9=E=
C@554
F1<E5
9C
?>
D85
C@554
D 1 @ 5 
D85

=9>9=E=
C@554
4 9 C@ < 1 I
C D 1 B D C
1D
D85
2?DD?=
?6
D85
C@554

D1@5
1>4
7?5C
E@
D?
D85
=9>9=E=
?@ 5B1 D9 >7
C@554

*85
=9>9=E=
=1>5EF5B
C@554
C8?GC
1C
1
8?<<?G
1=25B
21B

*85
+
3 1< 3 E < 1 D 5 C
,B56


D
C8?GC
D85
<?G5CD
C@554
256?B5
D85
C D 1 B D
?6
D85
C D 9 3 ;

C81;5B

)55
D85
6 < 9 7 8 D
=1>175=5>D
3?=@ED5B
CICD5=
C5 3D 9 ?>
6 ? B

=?B5
9 > 6 ? B=1 D 9 ? >
?>
<1>49>7
B565B5>35
C@554C
##
&(*
)55
D85
C D 1 < <
G1B>9>7
CICD5=
C 53D 9?>
6 ? B
=?B5



9 >6 ?B =1D 9? >
?>
D85
< 9 = 9 D
C@554C
C55
##
&(*


 


#1>E1<<I
>D5B54
-5978D

*85
@ 9 < ? D
31>
5>D5B
D85
1 9 B @ < 1 >5
G5978D
G9 D 8
D85
C@554

B56 5B5>35
C5 <5 3D ?B
?>
D85
5>79>5
4 9 C @< 1I
3 ? > D B ? <
@ 1> 5<

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

&

 ()&
$ * %$)

<1@
#1>5EF5B
)@554C

*85
6 < 1 @
=1>5EF5B
C@554
6 ?B
6 < 1 @
B 5 D B 1 3 D 9 ? >
?B

5HD 5>C9?>
C8?GC
?>
D85
C@554
D1@5
*85
6 < 1 @
=1>5EF5B

C@554
C8?GC
1C
1
D 9 3 ;
=1B;
G9 D 8
D85
6 < 1 @
C 5 < 5 3 D 9 ? > 
)55
D85
6 < 9 7 8 D
=1>175=5>D
3?=@ED5B
CICD5=
C5 3D 9 ?>
6 ? B

=?B5
9 > 6 ?B =1D 9 ? >
?>
6 < 1 @
=1>5EF5B
C@554C
##
&(*




9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.






 


 
  
 

 

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.







 

$,$.!*
)55
D85
D B 1 6 6 9 3
1 < 5 B D
1>4
3 ? < < 9 C 9 ? >
1F?941>35
CICD5=

C5 3D 9 ?>
6 ? B
=?B5
9 > 6 ? B =1 D 9 ? >
##
&(*



*85
1 D D 9 D E 4 5
1B51
C8?GC
D85
@ 9 D 3 8
1>4
D85
B ? < <
1 D D 9 D E 4 5

?6
D85
1 9 B @ < 1 > 5
&9 D 38
1>4
B ? < <
41D1
3?=5C
6B?=
D85
1 9 B
) < 9 @
) ; 9 4
> 4 9 3 1 D 9 ? >

41D1
9 > 5 B D 9 1 <
B565B5>35
CICD5=
*85C5
1B5
?D85B

9 > 4 9 3 1 D 9 ? > C
D 8 1D
C8?G
9>
D85
1 D D 9 D E 4 5
1B51
*85
C < 9 @
C ; 9 4
9 > 4 9 3 1 D 9 ? >
C8?GC
D85
< 1 D 5 B 1 <
13 3 5 < 5 B1 D 9 ?>

?6
D85
1 9 B @ < 1 > 5
*85
49C@<135=5>D
?6
D85
<?G5B
@ ? B D 9 ? >

 < 9 7 8 D
4 9 B 5 3 D ? B
3?==1>4C
?6
D85
21>;
@ ? 9 > D 5 B
9C
@ B ? @ ? B D 9 ? > 1 <
D ?
D85
< 1 D 5 B 1 <


* B 1 6 6 9 3
1 < 5 B D
1>4
3 ? < < 9 C 9 ? >
1F?941>35
CICD5=
1 3 3 5 < 5 B 1 D 9 ? >
-9D8
>?
< 1 D 5 B 1 <
1 3 3 5 < 5 B 1 D 9 ? > 
D85
B ? < <

B 5 C ? < E D 9 ? >
14 F9 C ?B 9 5 C
@ ?9 > D 5 B
1>4
C < 9 @
C ; 9 4
9 > 4 9 3 1 D 9 ? >
1 < 9 7 >
*85
C < 9 @
C ; 9 4


) < 9 @
C ; 9 4
9 > 4 9 3 1 D 9 ? >
9 > 4 9 3 1 D 9 ? >
9 C
6 9 < < 5 4
G89D5
G85>
D85
< 1 D 5 B 1 <


&9 D 38
< 9 = 9 D
9 > 4 9 3 1 D 9 ? >
1 33 5 < 5 B1 D 9 ? >
9C
=?B5
D81>
1
D 8B 5C8 ?< 4
F1< E 5
 < C ? 
96


 < 9 7 8 D
@1D8
F53D?B
9 > 4 9 3 1 D 9 ? >
D85
 (+
B ? < <
1 D D 9 D E 4 5
9C
=?B5
D81>

457B55C
D85

C < 9 @
C ; 9 4
9 > 4 9 3 1 D 9 ? >
381>75C
D ?
6 9 < < 5 4
1=25B

 < 9 7 8 D
9 B5 3D ?B
?==1>4C

&9 D 38
" 9 =9 D
> 4 9 3 1 D 9 ? >

*85
6 < 9 7 8 D
4 9 B 5 3 D ? B
3?==1>4C
C8?G
G85>
D85
6 < 9 7 8 D

4 9 B 5 3 D ? B
9C
?>
*85
@ 9 D 3 8
1>4
B ? < <
3?==1>4C
3?=5
6B?=
*85
@ 9 D 3 8
< 9 = 9 D
9 > 4 9 3 1 D 9 ? >
C8?GC
G85>
6 < 1 @ C
1B5

D85
6 < 9 7 8 D
3 ? > D B ? <
3?=@ED5BC
<?G5B54
*85
9 > 4 9 3 1 D 9 ? >
C8?GC
D85
< 9 = 9 D
D 81 D
I?E
31>

@ 9 D 3 8
D85
19 B @ < 1> 5
256?B5
D85
C D 9 3 ;
C81;5B
C D 1 B D C

)55
D85
4 9 7 9 D 1 <
6 < 9 7 8 D
3 ? > D B ? <
CICD5=
C53D 9 ?>
6 ? B
=?B5

9 >6 ?B =1D 9? >
12?ED
D85
6 < 9 7 8 D
4 9 B 5 3 D ? B
3?==1>4C ##
 < 9 7 8 D
&1D8
,53D?B
> 4 9 3 1 D 9 ? >

&(*





* B 1 6 6 9 3
 < 5 B D
1>4
 ? < < 9 C 9 ? >
F?941>35
)ICD5=
*)

(5C?<ED9 ?>
4F9 C?B95 C

*)
B 5 C ? < E D 9 ? >
14 F9 C ?B 95 C
C8?G
G85>
D85
*)

45D5B=9>5C
D 8 1 D
1
D B 1 6 6 9 3
3 ? > 6 < 9 3 D
5 H 9 C D C
*85
B54
21BC

C8?G
@ 9 D 3 8
1 D D 9 D E 4 5 C
D 81 D
D85
@ 9 < ? D C
=ECD
1F?94
9>
1

D B 1 6 6 9 3
5>3?E>D5B

9(56,21'$7('$8*867 RI
*85
6 < 9 7 8 D
@1D8
F53D ?B
9 > 4 9 3 1 D 9 ? >
C8?GC
G85>
I?E
C 5< 53D

&,
?>
D85
 )
3 ? > D B ? <
@1 > 5<
*85
9 > 4 9 3 1 D 9 ? >
C8?GC
D85

F53D ?B
?6
=?D9?>
?6
D85
1 9 B @ < 1> 5
B 5 < 1 D 9 F 5
D ?
D85

8?B9J?>
1>4
D85
1 9 B@ < 1> 5
85149>7

?=@1B1D?B
E>3D9?>
>>E>391D9?>C

*85
3?=@1B1D?B
6 E > 3 D 9 ? >
1>>E>391D9?>C
1B5
& *
1>4

(%""
*85C5
1>>E>391D9?>C
C8?G
96
D85
)
3 1 < 3 E < 1 D 5 C
1

)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.





!!!"
!

4 9 6 6 5 B 5 > 3 5
?6
=?B5
D81>
6 9 F 5
457B55C
25DG55>
D85

31@D 19 >
1>4
6 9 B C D
? 6 6 9 3 5 B
@ 9 D 3 8
? B
B ? < <
4 9 C @ < 1 I
F1< E5 C

6
D85
& *
?B
(%""
1>>E>391D9?>
C8?GC
D85

1>>E>391D9?>
6 <1C85 C
6 ? B
D85
6 9 B C D
D5>
C53?>4C
6 D 5B

D5>
C53?>4C
D85
4 9 C @ < 1 I
9C
CD514I

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.






 


 
  
 

 

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
)

&

"* *+
$ * %$)

 < D 9 D E 4 5
> 4 9 3 1 D 9 ? >

*85
1 < D 9 D E 4 5
9 > 4 9 3 1 D 9 ? >
C8?GC
21B?=5DB93
1 < D 9 D E 4 5
6B?=

D85
1 9 B
41D1
9 > 5 B D 9 1 <
B565B5>35
CICD5=
 ()
1>4

?D85B
B 5 < 1 D 5 4
1 < D 9 D E 4 5
9 >6 ? B=1 D 9? >
6B?=
F1B9? EC

CICD5=C

 < D 9 D E 4 5
*1@5
1>4
EBB5>D
 < D 9 D E 4 5

*85
1 < D 9 D E 4 5
D1@5
C8?GC
D85
21B?=5DB93
1 < D 9 D E 4 5
?>
1

=?F9>7
C31<5
D
31>
C8?G
1
B1>75
?6

6 5 5 D
*85

3EB B5> D
1 < D 9 D E 4 5
C8?GC
9>
1
4 9 7 9 D 1 <
B514?ED
2?H
*85

4 9 7 9 D 1 <
B514?ED
2?H
@? 9 > D C
D?
D85
F1<E5
?>
D85
1 < D 9 D E 4 5

D 1@5

)5<53D54
 < D 9 D E 4 5
1>4
 < D 9 D E 4 5
 < 5 B D


6 5 5 D 
D85
1=25B
"*
 )(

*85B5
9C
1
C5<53D54
1 < D 9 D E 4 5
2E7
1>4
1
4 9 7 9 D 1 <
B514?ED

*85
@ 9 < ? D
EC5C
D85
=?45
3 ? > D B ? <
@1>5<
D?
C5D
D85

C5<5 3D 54
1 < D 9 D E 4 5
*85
2E7
@ ?9 > D C
D?
D85
C5<5 3D 54

1 < D 9 D E 4 5
?>
D85
1 < D 9 D E 4 5
D1@5
-85>
D85
C5 <53D 54

1 < D 9 D E 4 5
9C
?66C31<5
?><I
8 1 < 6
D85
2E7
C8?GC
1D
D85

D?@
?B
2?DD?=
?6
D85
1 < D 9 D E 4 5
D 1@5
*85
C5< 53D5 4

1 < D 9 D E 4 5
4 9 7 9 D 1 <
B514?ED
C8?GC
12?F5
D85
1 < D 9 D E 4 5
D 1@5

-85>
D85
1 9 B @< 1 >5
1@@B?1385C
D85
C5<5 3D 5 4
1 < D 9 D E 4 5 

D85B5
9C
1>
1 < D 9 D E 4 5
1 < 5 B D
-85>
D85B5
9C
1>
1 < D 9 D E 4 5

1 < 5 B D 
1
G89D5
2?H
C8?GC
1B?E>4
D85
C5<53D 54
1 < D 9 D E 4 5

4 9 7 9 D 1 <
B514?ED

)55
4 9 7 9 D 1 <
6 < 9 7 8 D
3 ? > D B ? <
CICD5=
C53 D 9? >
6 ?B
=?B5

9 >6 ?B =1D 9? >
12?ED
1 < D 9 D E 4 5
1 < 5 B D
##
&(*


#5D B93
 < D 9 D E 4 5
1>4
#5D B9 3
)5<53D54
 < D 9 D E 4 5

-85>
I?E
C 5< 5 3D
#*()
?>
D85
 )
3 ? > D B ? <
@ 1 > 5 < 
D85

1 < D 9 D E 4 5
9>
=5D5BC
C8?GC
1C
1
4 9 7 9 D 1 <
F1<E5
12?F5
D85

4 9 7 9 D 1 <
B514?ED
2?H
*85
C5< 53D54
1 < D 9 D E 4 5
9>
=5D5BC

1<C?
C8?GC
D
C8?GC
12?F5
D85
C5<53D 54
1 < D 9 D E 4 5

4 9 7 9 D 1 <
B514?ED

"1>49>7
 < D 9 D E 4 5
> 4 9 3 1 D 9 ? > C

*85
<1>49>7
1 < D 9 D E 4 5
9 > 4 9 3 1 D 9 ? >
C8?GC
1C
1
3B?CC81D3854

1B51
?>
D85
1 < D 9 D E 4 5
D 1@5

 < D 9 D E 4 5
9C17B55
#5CC175

6
D85
31@D 19 >
1>4
6 9 B C D
? 6 6 9 3 5 B
1 < D 9 D E 4 5 C
1B5

4 9 6 6 5 B 5 > D
2I
=?B5
D81>

=5CC175
C8?GC
1D
D85
2?DD?=
?6
D85
1 < D 9 D E 4 5
D 1@5

)5<53D54
1B?=5DB93
#9>9=E=C

*85B5
9C
1
C5<53D 54
21B?=5DB93
=9>9=E=
2E7
1>4
1

4 9 7 9 D 1 <
B514?ED
*85
@ 9 < ? D
C 5 < 53 D C
D85
21B?=5DB93

=9>9=E=
6B?=
D85
 )
3 ? > D B ? <
@1 >5 <
*85
2E7
@ ? 9 > D C
D?

D85
C5 <53D 54
21B?=5DB93
=9>9=E=
F1<E5
?>
D85
1 < D 9 D E 4 5

D 1@5
*85
4 9 7 9 D 1 <
B514?ED
C8?GC
25<?G
D85
1 D D 9 D E 4 5

4 9 C @ < 1 I
1>4
C8?GC
(%
12?F5
D85
F1 < E5

6
D85
21B?=5DB93
=9>9=E=C
1 < 5 B D
9C
1 3 D 9 F 5
1>4
D85

1 9 B@ < 1 >5
45C35>4C
D8B?E78
D85
C5<5 3D 54
(%
1 < D 9 D E 4 5

D85
6 ? < < ? G 9 > 7
49 C@ < 1I C
381>75
D?
1=25B




*85
21B?=5D B93
=9>9=E=C
2E7

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

&

"* *+
$ * %$)


*85
G?B4
(%


*85
4 9 7 9 D 1 <

*?
B5C5D
D85
1 < 5 B D 
D85
@ 9 < ? D
4?5C
?>5
?6
D 85C5


<9=2
12?F5
D85
C5<53D 54
21B?=5DB93
=9>9=E=C


&EC8
D85
()*
2ED D ?>
?>
D85
 )
3 ? > D B ? <
@1>5<


"1>4
*?
=1;5
D85
21B?=5D B93
=9>9=E=C
49 C @< 1 IC
2 < 1 > ; 
D85

@ 9 < ? D
4?5C
?>5
?6
D85C5


&EC8
D85
()*
 B 5 C 5 D 
2ED D?>
?>
D85
 )
3 ? > D B ? <

@1>5<
G 89< 5
D85
CG9D 38
9C
C5D
D?
(%
=9>9=E=C


)5<53D
B 14 9?
=9>9=E=C
?>
D85
 )
3 ? > D B ? <
@1>5<


)5<53D
(%
=9>9=E=C
?6

6 5 5D
?B
7B51D 5B 
1B?=5DB93
(565B5>35

/?E
C 5< 5 3D
D85
21B?=5D B93
B565B5>35
6B?=
D85
 )

3 ? > D B ? <
@ 1 > 5 < 
1>4
9D
C8?GC
25<?G
D85
1 < D 9 D E 4 5
D1@5
6

I?E
C 5< 53D
D85
21B?=5DB93
B565B5>35
9>
9 >38 5C
$
C8?GC

>5HD
D ?
D85
4 9 7 9 D 1 <
21B?=5DB93
B565B5>35
F1< E5 
6
I?E

C5 < 53 D
D85
21B?=5D B93
B565B5>35
9>
853D?@ 1C31< C
&

C8?GC
>5HD
D?
D85
4 9 7 9 D 1 <
21B?=5DB93
B565B5>35
F 1< E 5

6
I?E
C5 <5 3D
D85
CD1>41B4
21B?=5DB93
B5 6 5 B 5 > 35 
)*

C8?GC

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.





#!

!

, 5 B D 9 3 1 <
)@554
> 4 9 31 D 9 ? > C

*85
F 5 B D 9 3 1 <
C@554
9 > 4 9 3 1 D 9 ? >
C8?GC
F 5 B D 9 3 1 <
C@554
6B?=

D85
1 9 B
41D1
9 > 5 B D 9 1 <
B565B5>35
CICD5=
 ()

, 5 B D 9 3 1 <
C@554
C8?GC
G 9 D 8
1
G89D5
@? 9 > D 5 B
1719>CD
D85

C@554
C31<5 
6
D85
F 5 B D 9 3 1 <
C@554
9C
=?B5
D81>


6 5 5 D
@5B
=9 >ED 5
D85>
F 5 B D 9 3 1 <
C@554
C8?GC
1C
1
4 9 7 9 D 1 <

F1<E5 
*85
4 9 7 9 D 1 <
F1<E5
C8?GC
12?F5
D85
F 5 B D 9 3 1 <
C@554

C31<5
9 6
9 D
9 C
1
@ ? C 9 D 9 F 5
F 5 B D 9 3 1 <
C@554
*85
4 9 7 9 D 1 <

F1<E5
C8?GC
25<?G
D85
F 5 B D 9 3 1 <
C@554
C31< 5
96
9D
9C
1

>571D9F5
F 5 B D 9 3 1 <
C@554

*85B5
9C
1
C5< 53D54
F 5 B D 9 3 1 <
C@554
2E7
/?E
EC5
D85

=?45
3 ? > D B ? <
@1>5<
D?
C5D
D85
C5< 53D54
F 5 B D 9 3 1 <
C@554

)55
D85
 9B
1D1
> 5 B D 9 1 <
(565B5>35
)ICD5=
C53 D 9? >
6 ?B

=?B5
9 >6 ?B =1D 9 ? >
?>
F 5 B D 9 3 1 <
C@554
9>6?B=1D9?> ##

&(*

 

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.






!

5149>7
> 4 9 3 1 D 9 ? > C

*85
85149>7
9 > 4 9 3 1 D 9 ? >
C8?GC
?>
1
@ 1 B D 9 1 <
3?=@1CC
B?C5

1D
D85
2?DD?=
?6
D85
@B9=1BI
6 < 9 7 8 D
4 9 C @< 1 I
&

5149>7
1>4
*B13;

*85
3 EBB5 >D
85149>7
C8?GC
1C
1
D B 9 1 > 7 E < 1 B
@ ? 9 > D 5 B
1D

D85
D?@
?6
D85
3?=@1CC
B? C5
*85
D B13;
C8?GC
1C
1
< 9 >5

D 8 1 D
5HD5>4C
6B?=
D85
35>D5B
?6
D85
3?=@1CC
B? C5
*85

85149>7
B565B5>35
D?
D B E5
?B
=17>5D93
>?BD8
C8?GC
G9 D 8

1
#
?B
*(+
9 > 4 9 3 1 D 9 ? >

)5<53D54
5149>7

*85
C5<53D 54
85149>7
C8?GC
G9 D 8
1
2E7
1>4
1
4 9 7 9 D 1 <

B514?ED
/?E
EC5
D85
=?45
3 ? > D B ? <
@1>5<
D?
C5D
D85

C5< 53D 54
85149>7

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.







 


 
  
 

 

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.







 

( ? < <
#?45
>>E>391D9?>C

 / - + , 7
2()
1181'-%7-216

*85
B ? < <
=?45
1>>E>391D9?>
C8?GC
9>
3?<E=>
DG?
?6
D85

,)6)
%5)
7,)
7<3)6
2*
* / - + , 7
02()
%1181'-%7-216


#
*G?
< 9> 5 C
?6
1>>E>391D9?>
1B5
1 F 1 9 < 1 2 < 5
*85
6 9 B C D

< 9 > 5
C8?GC
D85
5>71754
B ? < <
=?45
*85
C53?>4
< 9 > 5
C8?GC


ED?D8B ?DD<5

D85
1B=54
B ? < <
=?45


&9D 3 8


( ? < <

*85C5
1B5
D85
5>71754
B ? < <
=?45C
D 81D
=1I
C8?G


E D ? @ 9 < ? D
C D 1 D E C

 E D ? D 8 B ? D D < 5
#?45
>>E>391D9?>


)"


,%(
"%

*85
1 E D ? D 8 B ? D D < 5
=?45
1>>E>391D9?>
C8?GC
9>
3?<E=>
?>5

"$,

?6
D85
#
%>5
< 9 > 5
?6
1>>E>391D9 ?>
9C
1 F 1 9 < 1 2 < 5

*85C5
1B5
D85
1 E D ? D 8 B ? D D < 5
=?45C
D 81 D
=1I
C8?G

=?45
381>75
8 9 7 8 < 9 7 8 D
2?H
C8?GC
1B?E>4
D85
=?45
6 ? B


C53?>4C
G85>
D85
5>71754
B ? < <
=?45
381>75C


$



*85B5
9C
?>5
1B=54
B ? < <
=?45
D
9C
,%(
"%


(*(


#
)&
)55
D85
 9 7 9 D 1 <
 < 9 7 8 D
? >D B?<
)ICD5=
C5 3D 9 ? >
6 ? B
=?B5


#&
)&
9 >6 ?B =1D 9? >
?>
D85
B ? < <
=?45C ##
&(*




*(
"


*)*
&9 D 38
#?45
>>E>391D9?>C


(#

*85
@ 9 D 3 8
=?45
1>>E>391D9?>
C8?GC
9>
3?<E=>
D8B55
?6


=?45
381>75
8 9 7 8 < 9 7 8 D
2?H
C8?GC
1B?E>4
D85
=?45
6 ? B
D85
#
*G?
< 9 > 5C
?6
1>>E>39 1D 9?>
1B5
1 F 1 9 < 1 2 < 5
*85


C53?>4C
G85>
D85
1 E D ? D 8 B ? D D < 5
=?45
381>75C
6 9 B C D
< 9 > 5
C8?GC
D85
5>71754
@ 9 D 3 8
=?45
*85
C53?>4

< 9 > 5
C8?GC
D85
1B=54
@ 9 D 3 8
=?45

)55
D85
1 E D ? D 8 B ? D D < 5
CICD5=
C53D 9 ?>
6 ? B
=?B5

9 > 6 ? B=1 D 9 ? >
?>
D85
1 E D ? D 8 B ? D D < 5
=?45C ##
&(*

 *85C5
1B5
D85
5>71754
@ 9 D 3 8
=?45C
D 8 1 D
=1I
C8?G




*%



,
)


"*
'

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.





!

"!


"*
%"
)55
D85
 9 7 9 D 1 <
 < 9 7 8 D
?>D B?<
)ICD5=
C5 3D 9 ?>
6 ? B
=?B5


,$,
)&
9 > 6 ?B =1 D 9 ?>
?>
D85
1 E D ? @ 9 < ? D
1>4
6 < 9 7 8 D
4 9 B 5 3 D ? B


,$,
&*
9>4931D9?>C ##
&(*




#&
)&



)


"(


=?45
381>75
8 9 7 8 < 9 7 8 D
2?H
C8?GC
1B?E>4
D85
=?45
6 ? B


C53?>4C
G85>
D85
5>71754
@ 9 D 3 8
=?45
381>75C

*85C5
1B5
D85
1B=54
@ 9 D 3 8
=?45C
D 8 1D
=1I
C8?G



)


,
)



)
,
)


"(

)55
D85
 9 7 9 D 1 <
 < 9 7 8 D
?>DB?<
)ICD5=
C53D 9 ?>
6 ? B
=?B5

9 > 6 ?B =1 D 9 ? >
?>
D85
@ 9 D 3 8
=?45C ##
&(*



 E D ? @ 9 < ? D
1>4
 < 9 7 8 D
 9 B5 3D ? B
)D1DEC

*85
1 E D ? @ 9 < ? D
1>4
6 < 9 7 8 D
4 9 B 5 3 D ? B
CD 1D EC
C8?GC
12?F5

D85
1 D D 9 D E 4 5
B ? < <
9 > 4 9 3 1 D 9 ? >
*85C5
1B5
D85
9 > 4 9 3 1 D 9 ? > C

D 8 1 D
=1I
C8?G


#
G85>

9C
5>71754
9>
3?==1>4



G85>
D85
6 < 9 7 8 D
4 9 B 5 3 D ? B
9C
?>


*)*
G85>
D85

9C
9>
C 5 < 6
D 5 C D


-)
(
G85>
3 ? > D B ? <
G855<
CD 5 5 B 9 >7
5>71754
9>
B ? < <

1H9C


-)
&
G85>
3 ? > D B ? <
G855<
C D 5 5 B 9 >7
5>71754
9>
@ 9 D 3 8

1 H 9 C

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.






!

"1>49>7
> 4 9 3 1 D 9 ? >
")
B5AE5>3I
?B
(E>G1I
5149>7
9C17B55

*85C5
1B5
D85
"1>49>7
9 > 4 9 3 1 D 9 ? > C 
6
D85
< ? 3 1 < 9 J 5 B
6B5AE5>3I
49C17B55C
25DG55>
D85

31@D 19 >
1>4
6 9 B C D
? 6 6 9 3 5 B 
D85
6B5AE5>3I
4 9 C@ < 1 I


"?31 <9 J5B
1>4
7< 9 45 C< ?@ 5
9 > 4 9 3 1 D 9 ? > C
381>75C
D?
1=25B
1>4
1>
1=25B
8 ? B 9 J ? > D 1 <
< 9 > 5
C8?GC

D8B?E78
D85
6B5AE5>3I
6
D85
BE>G1I
85149>7
49C17B55C


@@B?138
B565B5>35
41D1

25DG55>
D85
31 @D 19>
1>4
6 9 B C D
? 6 6 9 3 5 B 
D85
BE>G1I


(9 C9> 7
BE>G1I
9 > 4 9 3 1 D 9 ? > C

85149>7
F1<E5
381>75C
D?
1=25B
1>4
1>
1=25B
8 ? B 9 J ? > D 1 <


#1B;5B
2513?>
9 > 4 9 3 1 D 9 ? > C

< 9 > 5
C8?GC
D8B?E78
D85
BE>G1I
85149>7

" ?31 <9 J5 B
1>4
<945C<?@5
>4 9 31 D 9 ? > C

(9C9>7
(E>G1I
> 4 9 3 1 D 9 ? >

*85
< ? 3 1 < 9 J 5 B
1>4
7 < 9 45 C< ? @5
C31<5C
C8?G
G85>
I?E
DE>5

1
F 1 < 9 4
")
6 B5AE5>3I
*85
@ ?9 > D 5 B C
C8?G
G85>
D85
")
*85
B 9 C 9 > 7
BE>G1I
C8?GC
25<?G


6 5 5D
B14 9 ?
1 < D 9 D E 4 5

B53 59F5 B
B5359F5C
D85
< ? 3 1 < 9 J 5B
1>4
7< 9 4 5C< ? @5
C 9 7 > 1 <
G9 D 8
D85
< ? 3 1 < 9 J 5 B
@ ? 9 >D 5B
9 >
F95G
+ > D 9 <
D85
1 9 B @< 1 > 5

*85
@ ? 9 > D 5 B C
C8?G
< ? 3 1 < 9 J 5 B
1>4
7 < 9 45 C< ? @5
4 5 F 9 1 D 9 ? > C
45C35>4C
D?


6 5 5D
B1 49 ?
1 < D 9 D E 4 5 
D85
B 9 C 9 > 7
BE>G1I

9C
1D
D85
2?DD?=
?6
D85
&
4 9 C @ < 1 I
5<?G


6 55 D

)55
D85
")
C 53D 9 ? >
6 ? B
=?B5
9 > 6 ? B = 1 D 9 ? >
##
&(*

B1 49 ?
1 < D 9 D E 4 5 
D85
B 9 C 9 > 7
BE>G1I
=?F5C
D?G1B4
D85



@@B?138
(565B5>35
1D1

*85
< ? 3 1 < 9 J 5 B
6B5AE5>3I
?B
9 4 5 > D 9 6 9 5 B
1>4
D85
C5 <53D 54

BE>G1I
85149>7
C8?G
G85>
I?E
DE>5
1
F 1 < 9 4
")

6B5AE5>3I
*85
< ? 3 1 < 9 J 5 B
9 4 5 > D 9 6 9 5 B
>?B=1<<I
C8?GC
2ED

D85
6B5AE5>3I
C8?GC
96
D85
9 4 5 > D 9 6 9 5 B
9 C
>?D
1 F 1 9 < 1 2 < 5

*85
BE>G1I
85149>7
C5<5 3D5 4
?>
D85
=?45
3 ? > D B ? <
@1>5<

1<C?
C8?GC

*85
#
49 CD 1>35
C8?GC
G85>
I?E
DE>5
1
F 1 < 9 4
")



6B5AE5>3I
*85
9 > 4 9 3 1 D 9 ? >
C8?GC
D85
#
49CD1>35
D?
D85

3 ? < < ? 3 1 D 5 4
#
C D 1 D 9 ? >

9(56,21'$7('$8*867
1 9 B@ < 1 > 5
CI=2?<
*85
9 > 4 9 3 1 D 9 ? >
C8?GC
D85
B 149 ?

1 < D 9 D E 4 5
453B51C5
B 5 < 1 D 9 F 5
D ?
D85
19 B @ < 1 > 5
CI=2?<

#1B;5B
513?>
> 4 9 31 D 9 ? >C

*85
=1B;5B
2513?>
9 > 4 9 3 1 D 9 ? >
C8?GC
G85>
D85
1 9 B @< 1> 5

6 < 9 5 C
?F5B
1>
9 > > 5 B 
=944<5
?B
?ED5B
=1B;5B
2513?>
*85

9 > 4 9 3 1 D 9 ? >
6 <1C85C
1D
D85
B 1 D 5
?6
D85
=1B;5B
2513?>

9 4 5 > D 9 6 9 5 B

)55
D85
=1B;5B
2513?>
CICD5=
C5 3D 9 ?>
6 ? B
=?B5

9 > 6 ? B = 1 D 9 ? >
##
&(*


RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.






!!"


"
!

5>5B1<
)55
D85
B 14 9?
1 < D 9 =5 D 5 B
C 53D 9? >
6 ? B
=?B5
9 >6 ?B =1D 9 ? >

12?ED
B 149 ?
=9>9=E=
1<D9D E45 ##
&(*



*85
B1 49 ?
1 < D 9 D E 4 5
9 > 4 9 3 1 D 9 ? >
C8?GC
B1 49 ?
1 < D 9 D E 4 5
6B?=

D85
B1 49 ?
1 < D 9 = 5 D 5 B
*85
9 > 4 9 3 1 D 9 ? >
C8?GC
25<?G

/?E
31>
=1;5
D85
B 149 ?
=9=9=E=C
4 9 C@ <1 IC
2<1>;
2I
4?9>7

6 5 5 D
B1 49 ?
1 < D 9 D E 4 5
?>5
?6
D85
6 ? < < ? G 9 > 7 

(149?
 < D 9 D E 4 5

)5<53D
1
B1 49?
=9>9=E=C
F1<E5
?6
<5CC
D81>
J5B?


&EC8
D85
()*
 B 5 C 5 D 
2ED D ?>
?>
D85
 )
3 ? > D B ? <

*85
B1 49 ?
1 < D 9 D E 4 5
C8?GC
1C
1
4 9 7 9 D 1 <
F1<E5
6B?=

@1>5<
G8 9<5
>?D
81F9>7
D85
B 14 9?
=9>9=E=C
1 < 5 B D

6 5 5 D
D?

6 5 5 D
5<?G

6 5 5 D 
1>
1>1<?7
4 9 C@ < 1 I

)5<53D
(%
=9>9=E=C
?>
D85
 )
3 ? > D B ? <
@ 1> 5 <

B5@<135C
D85
4 9 7 9 D 1 <
4 9 C @ < 1 I
%>
D85
7B?E>4
25<?G


; > ? D C 
B1 49 ?
1 < D 9 D E 4 5
C8?GC
1C
1
4 9 7 9 D 1 <
4 9 C @ < 1 I
171 9>
6
D85
B 14 9?
=9>9=E=C
4 9 C@ < 1 I
9C
2<1>;
1>4
I?E
81F5

C5<5 3D 54
B 14 9 ?
=9>9=E=C
I?E
31>
C55
D85
F1<E5
?6
D85

)55
D85
B1 49 ?
1 < D 9 = 5 D 5 B
C 53D 9 ?>
6 ? B
=?B5
9 > 6 ? B=1 D 9 ? >
B1 49?
=9>9=E=C
2I
@EC89>7
D85
()*
C G 9 D 3 8

12?ED
B14 9 ?
1<D 9DE45 ##
&(*



6
D85
B1 49 ?
=9>9=E=C
4 9 C @ < 1I
9C
2 < 1 > ;
D85
B 14 9 ?

(149?
#9>9=E=C
=9>9=E=C
1 < 5 B D
49 C@ < 1 I
4?5C
>?D
?33EB

*85
B1 49 ?
=9>9=E=
1 < D 9 D E 4 5
D 8 1D
I?E
C5< 5 3D
C8?GC
1C
1

7B55>
D B 9 1 > 7 E < 1 B
2E7
?>
D85
B 149 ?
1 < D 9 D E 4 5
4 9 1 <
EB9>7

45C35>D
G85>
D85
B14 9?
1 < D 9 D E 4 5
9C
5AE1<
D?
D85
B14 9 ?

=9>9=E=
1 < D 9 D E 4 5 
D85
B1 49 ?
1 < D 9 D E 4 5
4 9 1 < 
B1 49 ?

1 < D 9 D E 4 5
F 1 < E 5 
1>4
D85
B14 9?
=9>9=E=
1 < D 9 D E 4 5
2E7
D E B>

1=25B
1>4
6 < 1 C 8
6 ?B

C53?>4C
6 D 5 B

C53?>4C
D85

4 9C @< 1 I C
B5=19>
1=25B
E > D 9 <
B5 C 5 D

/?E
31>
B5C5D
D85
B14 9 ?
=9>9=E=C
1 < 5 B D
2I
4?9>7
?>5
?6

D85
6 ? < < ? G 9 > 7 


&EC8
D85
()*
 B 5 C 5 D 
2EDD ?>
?>
D85
 )
3 ? > D B ? <

@1>5<

<9=2
12?F5
D85
B14 9 ?
=9>9=E=C
F1<E5


"1>4

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

&

* #
( * "
$$+$ * %$)

B?E>4
&B? H9=9D I
-1B>9>7
)ICD5=
*9=5
 B 9 D 9 3 1 <

>>E>391D9?>C

*85
7B?E>4
@ B ? H 9 = 9 D I
G1B>9>7
CICD5=
&-)
D9=5

3 B 9 D 9 3 1 <
1>>E>391D 9?>C
C8?G
25<?G
D85
1 D D 9 D E 4 5

)&"/
)?EB35

*85
)&"/
 4 9 C @ < 1 I 
C?EB35
1>>E>391D 9?>
C8?GC
9>
D85

1 9 B
6 ? B
)
6 1 E < D C
*85
1>>E>39 1D9?>
C8?GC
?>
D85

7B?E>4
?B
9>
D85
1 9 B
9 6
D85
4 9 C@ < 1 I
C?EB35
CG9D 38
9C
9 >

9 > 4 9 3 1 D 9 ? >
%><I
?>5
&-)
1>>E>391D9?>C
C8?GC
1D
1
D85
""
%$

?B
""
%$


@ ? C 9 D 9 ? >

D 9 =5
*85C5
1B5
D85
&-)
1>>E> 391D 9? >C

)
1E<D


- $)(
G 1 B > 9 > 7


&+""
+&
G1B>9>7
*85
)
+"*
1>>E>39 1D 9?>
C8?GC
?>
D85
7B?E>4
6 ? B
1

6 1 9 < E B 5
?6
D85
)

)55
D85
&-)
C 53D 9 ?>
6 ? B
=?B5
9 >6 ? B=1D 9?>
?>
&-)

9 > 4 9 3 1 D 9 ? > C
##
&(*


)
#19>D

>CDBE=5>D
)G9D38
>>E>391D9?>
*85
)
# $*
=19>D5>1>35
1>>E>391D9?>
C8?GC
?>
D85

7B?E>4
6 ? B
1
@ 1 B D 9 1 <
6 1 9 < E B 5
?6
D85
)

*85
$)*(
)- *
9>CD BE=5>D
CG9 D38 
1>>E>391D 9?>
C8?GC

25<?G
D85
1 < D 9 D E 4 5
D 1@5
*85
1>>E>391D 9?>
C8?GC
G85>

D85
31@ D1 9>
1>4
6 9 B C D
? 6 6 9 3 5 B
C5 <5 3 D
D85
C1=5
C?EB35
?6

(+
9 > 6 ? B =1 D 9 ? >

*85
9>CDBE=5>D
CG9D38
9 > 4 9 3 1 D 9 ? >
9C
1=25B

9C@<1I
)?EB35
1>4
#19>D5>1>35
>>E>391D9?>C

*85
4 9 C @ < 1 I
C?EB35
1>4
=19>D5>1>35
D9=5
3 B 9 D 9 3 1 <

1>>E>391D9?>C
C8?G
25<?G
D85
C@554
D 1@5
%><I
?>5

1>>E>391D9?>
C8?GC
1D
1
D 9 =5
*85C5
1B5
D85

1>> E>39 1D 9?>C


)&"/
)%+(

1=25B


)
+"*

1=25B


)
# $*

G 8 9 D 5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'63)')$8/7,1',&$7,216
*HQHUDO 127( 7KH*6DQG*3IDLOXUHIODJVDUHGLVSOD\HGLQ
WKHVDPHORFDWLRQRQWKHGLVSOD\GHSHQGLQJRQ
7KHSULPDU\IOLJKWGLVSD\3)'ZLOOIDLOXUHIODJVDQG ZKLFKDSSURDFKPRGHKDVEHHQVHOHFWHG6LPLODUO\
QRQQRUPDOPHVVDJHVWRLQGLFDWHYDULRXVV\VWHP WKH/2&DQG)$&IDLOXUHIODJVDUHGLVSOD\HGLQ
IDLOXUHV7KHVHDUHWKH3)'IODJVDQGPHVVDJHV WKHVDPHORFDWLRQ

 $2$DQJOHRIDWWDFNIDLOXUHIURPERWK$',56
SULPDU\LQSXWDQG60<'VHFRQGDU\LQSXW
 $/7DOWLWXGHIDLOXUHIURP$',56
 $77DWWLWXGHIDLOXUHIURP$',56
 ',63/$<6&21752/3$1(/IDLOXUHRIWKHRQVLGH
(),6FRQWUROSDQHO
 '0(GLVWDQFHPHDVXULQJHTXLSPHQWIDLOXUH
 )$&ILQDODSSURDFKFRXUVHIDLOXUHIURP)0&6
 )'IDLOXUHRIWKHRQVLGH')&6IOLJKWFRQWURO
FRPSXWHU
 )39IOLJKWSDWKYHFWRUIDLOXUHIURP$',56
 *3JOLGHSDWKIDLOXUHIURPWKH)0&6
 +'*KHDGLQJIDLOXUHIURP$',56
 /'*$/7ODQGLQJDOWLWXGHIDLOXUHIURP)0&6RU
DFWLYHURXWHGDWDQRWHQWHUHGLQ&'8
 12963'GHFLVLRQRUURWDWHVSHHGVIDLOXUHIURP
)0&6SHUIRUPDQFHLQLWLDOL]DWLRQGDWDQRWHQWHUHG
LQ)0&&'8RUPDQXDO9VSHHGVQRWVHOHFWHGRQ
HQJLQHGLVSOD\FRQWUROSDQHO
 5$UDGLRDOWLWXGHIDLOXUHIURPUDGLRDOWLPHWHU
 6(/63'VHOHFWHGVSHHGIDLOXUHIURP0&3RU)0&6
 63'VSHHGIDLOXUHIURP$',56
 63'/,0VSHHGOLPLWIDLOXUHIURP60<'
 9(57YHUWLFDOVSHHGIDLOXUHIURP$',56

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6(/63'

'0(
$2$
63'
/,0
12
9
6 )39
3
)'
$77
'
6 * $ 9
3  / (
' 6 7 5
7

5$
/2&
/'*
$/7
',63/$<6
&21752/3$1(/

+'*

&'63)')$8/7,1',&$7,216
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61$9,*$7,21',63/$<29(59,(:
1DYLJDWLRQ'LVSOD\2YHUYLHZ

7KHVHDUHWKHVHYHQQDYLJDWLRQGLVSOD\1'PRGHV

 3ODQPRGH
 ([SDQGHGDQGFHQWHUHGPDSPRGHV
 ([SDQGHGDQGFHQWHUHG9259+)RPQLGLUHFWLRQDO
UDQJLQJPRGHV
 ([SDQGHGDQGFHQWHUHG$33DSSURDFKPRGHV

7KHVHDUHVRPHRIWKHLQGLFDWLRQVWKDWVKRZRQWKH1'

 +HDGLQJ
 7UDFN
 *URXQGVSHHG
 7UXHDLUVSHHG
 :LQG
 5RXWH
 :HDWKHUUDGDU
 7&$6GDWD
 (QKDQFHG*3:6GDWD
 925$')SRLQWHUV
 925GHYLDWLRQ
 /2&DQG*6GHYLDWLRQV

7KHPRVWFRPPRQLQGLFDWLRQVVKRZIRUHDFKPRGH

$GHVFULSWLRQRIDOOV\PEROVDUHLQWKHV\PERORJ\SDJHV
RIWKLVVHFWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*6  7$6  '8&.<

1
R  =
  10

72:(5


: '8&.<
(



)2'(5


)0&/ 6

&'61$9,*$7,21',63/$<29(59,(:

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
&'61'(;3$1'('$3352$&+
*HQHUDO
7KHH[SDQGHGDSSURDFKGLVSOD\LVVHOHFWHGXVLQJWKH
PRGHVHOHFWRURQWKH(),6FRQWUROSDQHO7KH&75EXWWRQ
RQWKH(),6FRQWUROSDQHOFDQEHXVHGWRWRJJOHEHWZHHQ
H[SDQGHGDQGFHQWHUHGPRGHV
7KHDSSURDFKGLVSOD\VKRZVORFDOL]HUDQGJOLGHVORSH
GHYLDWLRQWRDWXQHG,/6VWDWLRQ
$LUSODQH6\PERO
7KHDLUSODQHV\PERODSSHDUVDWWKHORZHUFHQWHURIWKH
H[SDQGHGDSSURDFKPRGH7KHDLUSODQHV\PEROLVDZKLWH
XQILOOHGWULDQJOH7KHDLUSODQHV\PEROGRHVQRWPRYH
2WKHUSRLQWHUVDQGGLVSOD\VPRYHZLWKUHVSHFWWRWKH
DLUSODQHV\PERO
6HOHFWHG5XQZD\+HDGLQJ3RLQWHUDQG9HFWRU
6HOHFWHGUXQZD\KHDGLQJVKRZVLQWKHXSSHUULJKWKDQG
RIWKHGLVSOD\7KHQXPHULFDOYDOXHUHSUHVHQWVGHJUHHV
RIWKHFRPSDVVURVH7KHVHOHFWHGUXQZD\KHDGLQJYDOXH
FRPHVIURPWKHRQVLGHVHOHFWHGFRXUVHYDOXHRQWKH')&6
PRGHFRQWUROSDQHO
7KHVHOHFWHGUXQZD\KHDGLQJSRLQWHUVKRZVDVDZKLWH
XQILOOHGEDUFHQWHUHGDURXQGWKHDLUSODQHV\PERO7KH
EDUKDVDSRLQWHGHQGLQWKHGLUHFWLRQRIWKHVHOHFWHG
UXQZD\KHDGLQJ
9(56,21'$7('$8*867 RI
7KHVHOHFWHGUXQZD\KHDGLQJYHFWRULVDPDJHQWDOLQH
WKDWH[WHQGVIURPWKHVHOHFWHGUXQZD\KHDGLQJSRLQWHU
WRWKHFRPSDVVURVH
/RFDOL]HU'HYLDWLRQ6FDOH
7KHORFDOL]HUGHYLDWLRQVFDOHVKRZVDVIRXUXQILOOHG
ZKLWHGRWV(DFKGRWUHSUHVHQWVDGHYLDWLRQRIGHJUHH
IURPWKHFHQWHURIWKHORFDOL]HU
7KHVFDOHURWDWHVGHJUHHVDURXQGWKHFHQWHURIWKH
DLUSODQHV\PERODQGLVDOZD\VSHUSHQGLFXODUWRWKH
VHOHFWHGUXQZD\KHDGLQJSRLQWHU
/RFDOL]HU'HYLDWLRQ%DU
7KHORFDOL]HUGHYLDWLRQEDUVKRZVDLUSODQHGHYLDWLRQ
IURPWKHFHQWHURIWKHORFDOL]HU7KHGHYLDWLRQEDU
VKRZVDVDILOOHGPDJHQWDEDULIGHYLDWLRQLVOHVVWKDQ
GRWV,IGHYLDWLRQLVPRUHWKDQGRWVWKHEDU
VKRZVDVDQXQILOOHGPDJHQWDEDU
7KHORFDOL]HUGHYLDWLRQEDULVDOZD\VSRVLWLRQHG
SHUHQGLFXODUWRWKHVFDOH
*OLGHVORSH'HYLDWLRQ6FDOH
7KHJOLGHVORSHGHYLDWLRQVFDOHVKRZVRQWKHULJKWVLGH
RIWKH1'$FHQWHUOLQHDQGIRXUXQILOOHGZKLWHGRWV
GLVSOD\HGYHUWLFDOO\UHSUHVHQWGHJUHHVRIGHYLDWLRQ
IURPWKHJOLGHVORSH(DFKZKLWHGRWUHSUHVHQWV
GHJUHHVRIGHYLDWLRQ
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
&'61'(;3$1'('$3352$&+
*OLGHVORSH'HYLDWLRQ3RLQWHU
$PDJHQWDGLDPRQGV\PEROPRYHVYHUWLFDOO\DORQJWKH
JOLGHVORSHGHYLDWLRQVFDOHWRUHSUHVHQWGHYLDWLRQRI
WKHDLUSODQHIURPWKHJOLGHVORSH7KHPDJHQWDGLDPRQG
LVILOOHGZKHQGHYLDWLRQLVGRWVRUOHVV,I
GHYLDWLRQLVPRUHWKDQGRWVWKHPDJHQWDGLDPRQGLV
XQILOOHG
7KHJOLGHVORSHSRLQWHULVUHPRYHGZKHQWKHDLUSODQH
%HDULQJSRLQWHUVWRWXQHG925RU$')VWDWLRQVVKRZRQ
WKHFRPSDVVURVHDUFKZKHQVHOHFWHGWRVKRZRQWKH(),6
FRQWUROSDQHO%HDULQJSRLQWHULGHQWLILFDWLRQDQG'0(
GLVWDQFHZLOOVKRZLQWKHORZHUULJKWDQGOHIWRIWKH
GLVSOD\
7KHVHV\VWHPVVKRZGDWDDQGZDUQLQJPHVVDJHVRQWKH
H[SDQGHGDSSURDFKGLVSOD\
 7UDIILF$OHUWDQG&ROOLVLRQ$YRLGDQFH6\VWHP
SHUIRUPVDEDFNFRXUVHDSSURDFK 7&$6
 (QKDQFHG*URXQG3UR[LPLW\:DUQLQJ6\VWHP(*3:6
,/66RXUFH  :HDWKHU5DGDUDQG3UHGLFWLYH:LQGVKHDU

,/6VRXUFHVKRZVZKLFK,/6UHFHLYHULVSURYLGLQJGDWD
WRWKH1'7KLVLVXVXDOO\,/6IRUWKHFDSWDLQ
V1'
DQG,/6IRUWKHILUVWRIILFHU
V1'

,/6)UHTXHQF\

7KH,/6IUHTXHQF\RUVWDWLRQLGHQWLILHUVKRZVLQWKH
XSSHUULJKWFRUQHURIWKH1'GLVSOD\

$GGLWLRQDO$SSURDFK0RGH'LVSOD\'DWD

*URXQGVSHHGWUXHDLUVSHHGKHDGLQJWUDFNVHOHFWHG
KHDGLQJDQGWKHFRPSDVVURVHDUFKDUHIXOOWLPH
GLVSOD\VLQWKHDSSURDFKPRGH

:LQGGDWDVKRZVRQWKHDSSURDFKPRGHZKHQDLUSODQH
JURXQGVSHHGLVPRUHWKDQNQRWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$3 
925 3/1  
$33
 
925 925
&75  7)& 
2)) 2))

$') $')

:;5 67$ :37 $537 '$7$ 326

$,53/$1( (),6&21752/3$1(/ 6(/(&7('581:$<

+($',1* +($',1*9(&725

$3352$&+
5()(5(1&(
*6  7$6  ,/6 ,070 '$7$ *6  7$6  ,/6 ,070
 C &56   C +'*  0$* &56 
'0(  '0( 
+'*  0$*

9(57'(9,$7,21
6&$/(

9(57'(9,$7,21
32,17(5

/$7(5$/'(9,$7,21
6&$/(

/$7(5$/'(9,$7,21
%$5

$,53/$1(6<0%2/

&(17(5('$3352$&+  (;3$1'('$3352$&+ 

 3)'1'6+2:1(),60$36,0,/$5
&'61'$3352$&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

Expanded VOR

To show the expanded VOR display, select the VOR position on

the EFIS control panel. If you do not tune a VOR frequency on
the navigation control panel, the message EFIS MODE/NAV
FREQ DISAGREE shows.

The VOR display shows VOR deviation from the selected course
for the tuned VOR station.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$3 
925 3/1  
925$') $33
 
6:,7&+ 925
&75  7)& 
925 925$')
2))

2)) 6:,7&+
$') $')

:;5 67$ :37 $537 '$7$ 326

(),6&21752/3$1(/ 9255()(5(1&(
$,53/$1(+($',1* '$7$

*6  7$6 

925%($5,1* *6  7$6  925 0:+
925 0:+ 
R
  &56  32,17(5 R
  +'* 0$* &56 
'0(  '0( 

+'*  0$*
925%($5,1*
32,17(5

925
6&$/(
925
'(9,$7,21%$5

72)520
32,17(5
72 72
925 925 72)520 925 925
0:+  0:+ 
$1181&,$7,21 '0( '0( 
'0(  '0( 

&(17(5('925  (;3$1'('925 

 3)'1'6+2:1(),60$36,0,/$5
 %($5,1*32,17(56213)'1'21/<
&'61'925
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'61'(;3$1'('0$302'(
QDPHLVPDJHQWD(VWLPDWHGWLPHRIDUULYDODQGGLVWDQFH IRUDLUVSHHGVPRUHWKDQNW7UXHDLUVSHHGOHVVWKDQ
WRJRDUHZKLWHLQFRORU NWVKRZVDVGDVKHV

$OWLWXGH3URILOH3RLQWV 0DS6RXUFH$QQXQFLDWLRQ

7KHJUHHQDOWLWXGHSURILOHSRLQWVDUHLQGLFDWRUVVHQW 7KHPDSVRXUFHDQQXQFLDWLRQVKRZVZKLFK)0&LVWKH
E\WKH)0&WRLGHQWLI\WKHVHDFWLYHIOLJKWSODQVWHSV VRXUFHRIWKHH[SDQGHGPDSGLVSOD\)0&/RU)0&5
VKRZVDWWKHERWWRPRIWKHGLVSOD\
 7RSRIFOLPE7&
 7RSRIGHVFHQW7' 5DQJH7R$OWLWXGH$UF
 (QGRIGHVFHQW('
 6WHSFOLPE6&
$OWLWXGHSURILOHSRLQWVDUHRQWKHDFWLYHURXWHOLQHDW
WKHSUHGLFWHGSRLQWRIRFFXUUHQFH,IWKH)0&ILQGV
WKDWWKHSUHGLFWHGSRLQWRIRFFXUUHQFHLVQRWRQWKH
DFWLYHURXWHRULIWKHDOWLWXGHSURILOHSRLQWLVRQ
WKHDFWLYHURXWHEXWEHKLQGWKHDLUSODQHWKHDOWLWXGH
SURILOHSRLQWGRHVQRWVKRZ
*URXQG6SHHG
*URXQGVSHHGVKRZVIXOOWLPHLQWKHXSSHUOHIWFRUQHU
RIWKHH[SDQGHGPDSGLVSOD\*URXQGVSHHGVKRZVLQ
GLJLWIRUPDWDWVSHHGVOHVVWKDQNWDQGGLJLW
IRUPDWDWVSHHGVPRUHWKDQNW
*URXQGVSHHGLVZKLWHDQGVKRZVLQZKROHQXPEHUVRQO\
7UXH$LUVSHHG
7UXHDLUVSHHGVKRZVIXOOWLPHLQWKHXSSHUOHIWRIWKH
H[SDQGHGPDSGLVSOD\7UXHDLUVSHHGVKRZVLQGLJLWV
9(56,21'$7('$8*867 RI
5DQJHWRDOWLWXGHVKRZVDVDJUHHQDUFRQWKHFHQWHU
DQGDFURVVWKHWUDFNYHFWRU7KHDUFVKRZVWKHSRVLWLRQ
ZKHUHWKHDLUSODQHV\PEROZLOOJHWWRWKHUHIHUHQFH
DOWLWXGHLIWKHSUHVHQWWUDFNDQJOHDQGSUHVHQWIOLJKW
SDWKDQJOHDUHKHOG
:LQG6SHHGDQG$QJOH
:LQGVSHHGDQGDQJOHVKRZLQWKHXSSHUOHIWRIWKH
H[SDQGHGPDSGLVSOD\7KHGLVSOD\LVZKLWH
:LQGDQJOHVKRZVDVDGLJLWYDOXHLQGHJUHHV:LQG
VSHHGVKRZVDVDRUGLJLWYDOXHWRWKHULJKW
RIWKHZLQGDQJOH
:LQGDQJOHLVFRUUHFWHGIRUWUXHRUPDJQHWLFKHDGLQJ
$ZLQGSRLQWHUVKRZVEHORZZLQGDQJOH7KHZLQGSRLQWHU
WXUQVDURXQGLWVHOIDVDIXQFWLRQRIZLQGGLUHFWLRQ
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'(;3$1'('0$302'(
:LQGVSHHGDQGDQJOHGRQRWVKRZLIWUXHDLUVSHHGLV 9HUWLFDO3DWK'HYLDWLRQ%DQG
OHVVWKDQNW7KHGLJLWDOUHDGRXWVKRZVGDVKHVDQG
WKHZLQGSRLQWHUJRHVEODQN 7KHYHUWLFDOSDWKGHYLDWLRQEDQGVKRZVV\PPHWULFDOO\
DURXQGWKHYHUWLFDOGHYLDWLRQSRLQWHUDQGLVPDJHQWDLQ
9HUWLFDO'HYLDWLRQ FRORU,WVKRZVWKHYHUWLFDO513YDOXH

9HUWLFDOGHYLDWLRQVKRZVDWWKHWRSRIGHVFHQWDQG
GXULQJGHVFHQWRQO\

7KHYHUWLFDOGHYLDWLRQIHDWXUHKDVDPDJHQWDSRLQWHU
ZLWKDGLDPRQGVKDSHWKDWPRYHVDJDLQVWDZKLWHVHW
VFDOH7KHYHUWLFDOGHYLDWLRQSRLQWHUVKRZVWKH
DLUSODQHYHUWLFDOSDWKDQGWKHFHQWHURIWKHVFDOH
VKRZVWKHDLUSODQH

7KHYHUWLFDOWUDFNGHYLDWLRQVFDOHVKRZVIHHW
IURPWKHFHQWHUPDUNWRWKHRXWHUPDUNV0D[LPXP
SRLQWHUPRYHPHQWH[WHQGVWRPRUHWKDQWKHVFDOHRXWHU
PDUNVWRDOLPLWRIIHHW:KHQYHUWLFDO
GHYLDWLRQLVPRUHWKDQWKHPD[LPXPVFDOHUDQJHD
QXPHULFUHDGRXWRIGHYLDWLRQVKRZVDERYHRUEHORZWKH
VFDOH7KHPD[LPXPQXPHULFUHDGRXWLV

/DWHUDO3DWK'HYLDWLRQ'LVSOD\

7KHODWHUDOSDWKGHYLDWLRQVKRZVEHORZWKHDLUSODQH
V\PERODQGLVZKLWHLQFRORU,WVKRZVWKHODWHUDO
GHYLDWLRQRIWKHDLUSODQHIURPWKHDFWLYHURXWH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$3
&75%87721 925 3/1 
 
$33
 
925 925
&75  7)& 
2)) 2))

$') $')

:;5 67$ :37 $537 '$7$ 326 7(55

(),6
$&7,9(:$<32,17 &21752/3$1(/
5()(5(1&('$7$ 0$36:,7&+(6

*6  7$6  ,$1 *6  7$6  ,$1

R ] R 75.  0$* ]
 10 $&7,9(:$<32,17  10
75.  0$*
7'

7' $&7,9(5287(

.-$1 
'277< 0$36<0%2/6 '277<
$,53257 .-$1

:$<32,17 
$0< ,$1 67$7,21

%5(1 $0<

$537
:37
0$36:,7&+ $537
:37 ,$1
67$ $1181&,$7256 67$ %5(1 



$') $') $') $')

 )0&/ (/1  )0&/ (/1
$,53/$1(6<0%2/

&(17(5('0$3  0$36285&( (;3$1'('0$3 

 3)'1'6+2:1(),60$36,0,/$5
&'61'0$302'(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'96',1',&$7,216
*HQHUDO

7KHYHUWLFDOVLWXDWLRQGLVSOD\96'VKRZVDVLGHYLHZ

RIWKHDLUSODQHDQGWKHJURXQGEHORZWKHWKHFXUUHQW
DLUSODQHWUDFN7KH96'LVSURYLGHGWRHQKDQFHWKH
IOLJKWFUHZ
VVLWXDWLRQDODZDUHQHVV,WLVQRWLQWHQGHG
WREHDFRQWUROGLVSOD\

7KHORZHURIWKH0$3GLVSOD\LVXVHGIRUWKH96'DQG
WKHXSSHUGLVSOD\DUHDVKRZVWKHFHQWHUHG0$3GLVSOD\
96'LVVHOHFWHGE\ILUVWVHOHFWLQJ0$3DVWKHGLVSOD\
PRGHDQGWKHQSXVKLQJWKH'$7$SXVKEXWWRQRQWKH(),6
FRQWUROSDQHO

7KLVLVWKHGDWDWKDWFDQEHGLVSOD\HGRQWKH96'

 $LUSODQHDOWLWXGH
 9HUWLFDOIOLJKWSDWKYHFWRU
 6HOHFWHGYHUWLFDOVSHHG
 6HOHFWHGDOWLWXGH
 :D\SRLQWV
 :D\SRLQWDOWLWXGHFRQVWUDLQWV
 'HVWLQDWLRQUXQZD\
 91$9ILQDOGHVFHQWDQJOH
 7HUUDLQGDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*6  7$6  &)5

R
 75.  0$* =
 10
5

 12//$
'(&(/

&)5

3$(


 &)5 12//$ 5:5
 






  
)0&

&'61'96',1',&$7,216
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
&'61'3/$102'(
*HQHUDO
7RVKRZWKHSODQPRGHGLVSOD\VHOHFWWKH3/$1SRVLWLRQ
RQWKH(),6FRQWUROSDQHO
7KHSODQPRGHGLVSOD\VKRZVWKH)0&IOLJKWSODQDQG
RWKHUQDYLJDWLRQGDWD7RVHHRWKHUGDWDXVHWKHPDS
VZLWFKHVRQWKH(),6FRQWUROSDQHO
7KHDLUFUHZXVHVWKHSODQPRGHSULPDULO\WRSXWLQGR
DFKHFNRIRUFKDQJHDIOLJKWSODQ7KHSODQPRGH
GLVSOD\DOZD\VKDVDQRULHQWDWLRQLQUHODWLRQWRWUXH
1RUWKXS
3ODQ0RGH&RPSDVV3RLQWVDQG7UXH1RUWK8S3RLQWHU
7KHOHWWHUV1(:DQG6VKRZDWWKHWRSULJKWOHIW
DQGERWWRPRIWKHSODQGLVSOD\7KHVHVKRZWKHFRPSDVV
SRLQWRULHQWDWLRQRIWKHSODQGLVSOD\$SRLQWHUVKRZV
QH[WWRWKH17KLVVKRZVWKH1RUWK83RULHQWDWLRQRI
WKHGLVSOD\
$LUSODQH6\PERO
7ZRUDQJHULQJVVKRZRQWKHSODQGLVSOD\7KHGLDPHWHU
RIWKHLQQHUULQJLVHTXDOWRRIWKHVHOHFWHG(),6
FRQWUROSDQHOUDQJH7KHGLDPHWHURIWKHRXWHUULQJLV
HTXDOWRWKH(),6FRQWUROSDQHOUDQJH
1XPHULFDOUDQJHYDOXHVVKRZDWWKHWRSDQGERWWRPRI
HDFKUDQJHULQJ7KHQXPHULFDOYDOXHVRQWKHLQQHU
UDQJHULQJHTXDORIWKHVHOHFWHGUDQJH7KH
QXPHULFDOYDOXHRIWKHRXWHUUDQJHULQJLVHTXDOWR
RIWKHVHOHFWHGUDQJH
)OLJKW3ODQ3DWK
7KHIOLJKWSODQSDWKVKRZVDVDVHTXHQFHRIVWUDLJKW
OLQHVEHWZHHQIOLJKWOHJV)OLJKWOHJVDUHWKHSDWK
EHWZHHQWZRSRLQWVXVXDOO\ZD\SRLQWV
7KHIOLJKWSODQSDWKVKRZVPDJHQWDLILWLVDFWLYH,I
WKHIOLJKWSODQSDWKLVQRWDFWLYHLWVKRZVDVD
GDVKHGF\DQOLQH
&KDQJHVWRDIOLJKWSODQSDWKVKRZZKLWHXQWLOWKH\
EHFRPHDFWLYHZKHQ\RXSXVKWKH(;(&NH\RQWKHFRQWURO
7KHDLUSODQHV\PEROLVDZKLWHRXWOLQHRIDQDLUSODQH
ZLWKQRILOO7KHDLUSODQHV\PEROVKRZVWKHSRVLWLRQRI
WKHDLUSODQHLQUHODWLRQWRWKHIOLJKWSODQGLVSOD\
0DS'LVSOD\5DQJH
7KHUDQJHRIWKHSODQGLVSOD\LVVHOHFWDEOHRQWKH(),6
FRQWUROSDQHO7KHVHOHFWDEOHUDQJHVDUH
GLVSOD\XQLW&'8
)OLJKW3ODQ:D\SRLQWV
)OLJKWSODQZD\SRLQWVVKRZVHOHFWHGQDYLJDWLRQSRLQWV
RUSRVLWLRQVDORQJWKH)0&IOLJKWSODQSDWK
:D\SRLQWVVKRZDVDIRXUSRLQWVWDUV\PERORQWKHPDS
GLVSOD\1H[WWRWKHZD\SRLQWLVDQLGHQWLILHUWKDW
DQGQDXWLFDOPLOHV10 VKRZVWKHQDPHRIWKHZD\SRLQW:D\SRLQWVDQG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'61'3/$102'(
LGHQWLILHUVVKRZZKLWHLIWKH\DUHQRWDFWLYHDQG
PDJHQWDLIWKH\DUHDFWLYH7KHDFWLYHZD\SRLQWLVWKH
QH[WRQHRQWKHFXUUHQWDLUSODQHSDWK$OORWKHU
YLVLEOHZD\SRLQWVDUHQRWDFWLYHDQGWKXVZKLWH
*URXQG6SHHG
*URXQGVSHHGVKRZVIXOOWLPHLQWKHXSSHUOHIWFRUQHU
RIWKHFHQWHUHGPDSGLVSOD\*URXQGVSHHGVKRZVLQ
GLJLWIRUPDWDWVSHHGVEHORZNWVDQGGLJLW
<RXFDQXVHWKHFRQWUROGLVSOD\XQLW&'8IURPRQH
ZD\SRLQWRIDIOLJKWSODQWRDQRWKHU$V\RXVHOHFW
HDFKIOLJKWSODQZD\SRLQWWKHZD\SRLQWVKRZVDWWKH
FHQWHURIWKHSODQGLVSOD\
7KHDFWLYHZD\SRLQWQDPHHVWLPDWHGWLPHRIDUULYDO
DQGDFWLYHZD\SRLQWGLVWDQFHVKRZLQWKHXSSHUOHIW
FRUQHURIWKHH[SDQGHGPDSGLVSOD\7KHDFWLYHZD\SRLQW
QDPHLVPDJHQWD(VWLPDWHGWLPHRIDUULYDODQGGLVWDQFH
WRJRVKRZZKLWH
$OWLWXGH3URILOH3RLQWV
7KHJUHHQDOWLWXGHSURILOHSRLQWVDUHLQGLFDWRUVVHQW
E\WKH)0&WRLGHQWLI\WKHVHDFWLYHIOLJKWSODQVWHSV VRXUFHRIWKHPDSGDWD)0&/RU)0&5VKRZVDWWKH
IRUPDWDERYHNWV
*URXQGVSHHGLVZKLWHDQGVKRZVLQZKROHQXPEHUVRQO\
7UXH$LUVSHHG
7UXHDLUVSHHGVKRZVIXOOWLPHLQWKHXSSHUOHIWRIWKH
FHQWHUHGPDSGLVSOD\7UXHDLUVSHHGVKRZVLQGLJLWV
IRUDLUVSHHGVJUHDWHUWKDQNWV7UXHDLUVSHHGOHVV
WKDQNQRWVVKRZVDVGDVKHV
0DS6RXUFH$QQXQFLDWLRQ
7KHPDSVRXUFHDQQXQFLDWLRQVKRZVZKLFK)0&LVWKH
ERWWRPRIWKHGLVSOD\
 7RSRIFOLPE7&
 7RSRIGHVFHQW7' :LQG6SHHGDQG$QJOH
 (QGRIGHVFHQW('
 6WHSFOLPE6& :LQGVSHHGDQGDQJOHVKRZLQWKHXSSHUOHIWRIWKH
H[SDQGHGPDSGLVSOD\7KHGLVSOD\LVZKLWH
$OWLWXGHSURILOHSRLQWVDUHLQSRVLWLRQVRQWKHDFWLYH
IOLJKWSODQSDWKOLQHDWWKHSUHGLFWHGSRLQWRI :LQGDQJOHVKRZVDVDGLJLWYDOXHLQGHJUHHV:LQG
RFFXUUHQFH,IWKH)0&ILQGVWKDWWKHSUHGLFWHGSRLQW VSHHGVKRZVDVDRUGLJLWYDOXHWRWKHULJKWRI
RIRFFXUUHQFHLVQRWRQWKHIOLJKWSODQSDWKOLQHRU WKHZLQGDQJOH
LIWKHDOWLWXGHSURILOHSRLQWKDVDOUHDG\RFFXUUHGWKH
DOWLWXGHSURILOHSRLQWGRHVQRWVKRZ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

758(1257+83
32,17(5

*6  7$6  '8&.<

1 $&7,9(:$<32,17
R  =
  10 (67,0$7('7,0(
2)$55,9$/$1'
',67$1&(

5$1*(9$/8(
7$7(5

5$1*(&,5&/(6

: (
&203$6632,17 '8&.<

 $,53/$1(6<0%2/

*2)85


)0&/ 6
)0&6285&(


 3)'1'6+2:1(),60$36,0,/$5
&'61'3/$102'(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'PRGHVVKRZGLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVUDQJHVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQSRLQWHUVDQG
V\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVDQGIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

*5281'63((',1',&$7,21 *5281'63(('
*6  :
$//
6285&()0&$',58

758($,563((',1',&$7,21 758($,563(('6+2:6$%29(.76180(5,&6
7$6  :
$// 5(3/$&(':,7+7+5(('$6+(6%(/2:.76
6285&($',58216,'(

R :,1'',5(&7,2163((': 925925&75

$33$33&75
',*,7$/:,1'',5(&7,21$1'63(('6+2:6$%29($1
$1$/2*:,1'',5(&7,21$552:$552:'2(61276+2:
',5(&7,21$552:: 0$30$3&75 ,17+(3/$102'(
3/$1 6285&()0&

925 5(&(,9(55()(5(1&(*
925925&75 6+2:65(&(,9(55()(5(1&()257+(',63/$<
,/6 $33$33&75 6285&('(8925005

925 5(&(,9(55()(5(1&(
925925&75 6+2:65(&(,9(55()(5(1&()257+(
$33$33&75 ',63/$<32,17(56
$') 925*$')&
0$30$3&75 6285&('(8925005

)5(48(1&<6+2:6:+,/(1&'25817,/7+(,'(17,),(5
 925925&75 ,6'(&2'(','(17,),(55(3/$&(67+()5(48(1&<
,/6*925*)5(48(1&< $33$33&75 0(',080)2176+2:6)25925'0(5(&(37,21
25 2567$7,21,'(17,),(5 0$30$3&75 60$//)2176+2:6)25'0(5(&(37,2121/<
6($ 6285&(005925
 925925&75 )5(48(1&<6+2:6:+,/(1&'25817,/7+(,'(17,),(5
$')&)5(48(1&<25
25 $33$33&75 ,6'(&2'(','(17,),(55(3/$&(67+()5(48(1&<
67$7,21,'(17,),(5
0$30$3&75 6285&(005925
%)
:,1'6+($5$1181&,$7,215 925$33 5(':,1'6+($5$/(5725$0%(5:,1'6+($5&$87,21
:,1'6+($5 $ 0$30$3&75 6285&(:;5

7(55$,1$1181&,$7,215 925$33 5('7(55$,1$/(5725$0%(57(55$,1&$87,21

7(55$,1 $ 0$30$3&75 6285&(*3:6

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'VKRZVPDQ\GLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

925925&75 6+2:6'0(6/$175$1*(',67$1&(
'0(  '0(',67$1&(',63/$<* $33$33&75 727+(5()(5(1&(1$9$,'
0$30$3&75 6285&('0(

0$30$3&75 ',67$1&(72*2727+($&7,9(:$<32,17
10 :$<32,17',67$1&(: 3/$1 6285&()0&
6+2:60$3%$&.*5281',625,(17('$1'
1 1257+32,17(5* 3/$1 5()(5(1&('72758(1257+
6285&()0&

(67,0$7('7,0(2) 0$30$3&75 6+2:6)0&6&$/&8/$7('(7$)257+($&7,9(:$<32,17

 = $55,9$/(7$',63/$<: 3/$1 6285&()0&

)0&/ 0$30$3&75 6+2:61'0$36285&(

0$36285&($1181&,$7,21* 3/$1 6285&()0&)0&6(/(&76:,7&+
)0&5
0$3$33925 '(*5((66+2:,17+((;3$1'('02'(

&203$66:
0$3&75925 '(*5((66+2:,17+(&(17(5('02'(
&75$33&75 6285&($',58

,56 6+2:6326,7,216:+(1326,7,216+,)73$*(6(/(&7('
*36 326,7,216* 3/$1 21)0&&21752/',63/$<81,7
)0&5$',2 6285&()0&

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'VKRZVPDQ\GLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

+($',1*
5()(5(1&(* %2;6+2:6+($',1*32,17(56+2:6+($',1*21
+'*  0$* 5($'287: 925925&75 7+(&203$66526(
25,(17$7,21* $33$33&75 6285&($',58
32,17(5:
75$&.
5()(5(1&(* %2;6+2:675$&.
75.  0$* 5($'287: 0$30$3&75 6285&()0&
25,(17$7,21*

+($',1*32,17(5: 0$30$3&75 32,17(56+2:6+($',1*217+(&203$66526(

6285&($',58

925925&75 6+2:6+($',1*75$&.720$*1(7,&1257+25
0$*RU +($',1*75$&.5()(5(1&( $33$33&75 758(1257+,)7+($',586:,7&+(6)52075872
758 *%2;:$* 0$30$3&75 0$*$%2;6+2:6$5281'0$*)257(16(&21'6
6285&($',58'(8

6+2:6$,53/$1(75$&.$1'/2&$7,21217+(
925925&75 &203$66526(5$1*(6+2:61(;7727+(0,''/(
 75$&.32,17(5:,7+ $33$33&75 5$1*(0$5.,10,/(6
5$1*(: 0$3 6285&()0&$',58

 6+2:6$,53/$1(75$&.$1'/2&$7,21217+(
75$&.32,17(5:,7+ &203$66526(5$1*(6+2:61(;7727+(
5$1*(: 0$3&75 5$1*(0$5.6,10,/(6
 6285&()0&$',58

6+2:67+(+($',1*6(7217+(0&3$'$6+/,1(
6(/(&7('+($',1*&856250 925925&75 0(;7(1'6)5207+(&85625727+($,53/$1(
$1'9(&7250 $33$33&75 6<0%2/,17+((;3$1'('$1'0$3&7502'(6
0$30$3&75 6285&()&&0&3

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'VKRZVPDQ\GLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<


%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

581:$<:$1' 6+2:6,)7+(5$1*(,6! $1'<286(/(&7$

.$%& 0$30$3&75 581:$<217+()0&&'8
/ $,53257,'(17,),(5 3/$1 6285&()0&
581:$<:$1' 0$30$3&75 6+2:6,)7+(5$1*( 10$1'<286(/(&7$
$,53257,'(17,),(5 3/$1 581:$<217+()0&&'8
/ 6285&()0&
$,532576:,7+,17+(0$3$5($6+2::,7+
$,53257& 0$30$3&75 6(/(&7,212)7+($5376:,7&+217+((),6
.7(% &21752/3$1(/
6285&()0&
5287(:$<32,17 0$30$3&75 $&7,9(7+(1(;7*272:$<32,17
$&7,9(0 3/$1 ,1$&7,9(27+(5:$<32,176217+($&7,9(5287(
,1$&7,9(: 6285&()0&
6+2:6:,7+6(/(&7,212)7+(:376:,7&+21
2))5287(:$<32,17& 0$30$3&75 7+((),6&21752/3$1(/
%8)(5 3/$1
6285&()0&
$&7,9(7+($&7,9(5287(6+2:60$*(17$:,7+
$0%2< )/,*+73/$15287( $&217,18286/,1(%(7:((1:$<32,176
$&7,9(0 0$30$3&75 02',),('$&7,9(5287(02',),&$7,2166+2::,7+
'8&.< 02',),(': 3/$1 6+257'$6+(6:%(7:((1:$<32,176
,1$&7,9(& ,1$&7,9(,1$&7,9(5287(66+2::,7+/21*'$6+(6
7$7(5 &%(7:((1:$<32,176
6285&()0&
7+((17(5('25352&('85$/$/7,78'($1'(7$)25
'8&.< 5287('$7$
$&7,9(:370 5287(:$<32,1766+2::+(1<286(/(&77+('$7$
 0$30$3&75 6:,7&+217+((),6&21752/3$1(/
= ,1$&7,9(:37:
6285&()0&
+2/',1*3$77(51
$&7,9(5287(0 0$30$3&75 $+2/',1*3$77(516+2:6:+(1,17+()/,*+73/$1
02',),('5287(: 3/$1 6285&()0&
,1$&7,9(5287(&
352&('85(7851
$&7,9(5287(0 0$30$3&75 $352&('85(78516+2:6:+(1,17+()/,*+73/$1
02',),('5287(: 3/$1 6285&()0&
,1$&7,9(5287(&

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'VKRZVPDQ\GLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

$3$5$//(/2))6(7/,1(:,7+'$6+(66+2:6)5207+(
2))6(73$7+$1','(17,),(5 0$30$3&75 $&7,9(2502',),('5287(7+,62&&856:+(1$1
$&7,9(5287(0 3/$1 (175<,60$'()5207+()0&6&'85287(3$*($1'7+(
02',),('5287(: $,53/$1(,6,17+($,5
6285&()0&

6+2:67+(/2&$7,21217+()/,*+7:+(17+(
$,53/$1(5($&+(67+(0&3$/7,78'(7+(&$3785(
$/7,78'(5$1*($5&* 0$30$3&75 32,17,6%$6('219(57,&$/63(('$1'*5281'63(('
6285&()0&
6+2:67+()0&&$/&8/$7('7&7232)&/,0%7'
$/7,78'(352),/(32,17 7232)'(6&(176&67(3&/,0%$1'('
0$30$3&75 (1'2)'(6&(17
$1','(17,),(5*
7' 6285&()0&

925&
1$9$,'67+$75(/$7(7267$7,2166+2::+(1<28
'0(7$&$1& 0$30$3&75 6(/(&77+(67$6:,7&+217+((),6&21752/3$1(/
6285&()0&
9257$&&

6(/(&7('5()(5(1&(32,17 6+2:67+(5()(5(1&(32,176(/(&7('217+(
$1'%($5,1*',67$1&( 0$30$3&75 )0&6&'8),;3$*(%($5,1*$1'25',67$1&()520
,1)250$7,21* 3/$1 7+(),;6+2::,7+*5((1'$6+(6
$%& 6285&()0&

$5376:,7&+6(/(&7('217+((),6&21752/3$1(/
$537 6285&('(8

0$30$3&75 :376:,7&+6(/(&7('217+((),6&21752/3$1(/
:37 0$3237,216(/(&7,216& 3/$1 6285&('(8

67$6:,7&+6(/(&7('217+((),6&21752/3$1(/
67$ 6285&('(8

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'VKRZVPDQ\GLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

$,53/$1(326,7,21,6$77+(32,172)7+(
0$30$3&75 $,53/$1(6<0%2/
$,53/$1(6<0%2/: 925$33 6285&('(8

925&75 $,53/$1(326,7,21,6$77+(723&(17(5
$,53/$1(6<0%2/: 2)7+($,53/$1(6<0%2/
$33&75
6285&('(8
6+2:6$,53/$1(326,7,21$1'75$&.$/21*5287(,1
$,53/$1(6<0%2/: 3/$1 7+(3/$102'(21/<
6285&('(8
6+2:6$,53/$1(35(',&7('326,7,21$77+((1'2)
$1'6(&21',17(59$/6($&+6(*0(17
75(1'9(&725:'$6+6 0$30$3&75 6+2:66(&21'6$1',6%$6('21%$1.$1*/($1'
*5281'63(('
6285&()0&
6+2:6/2&$/,=(5'(9,$7,21'(9,$7,2132,17(5
/2&$/,=(5'(9,$7,21 $33$33&75 6+2:67+('(9,$7,21(55257+(32,17(5,6),//('
32,17(50$1'6&$/(: )25'(9,$7,212)/(667+$1'276
6285&(005'(8

6+2:6*/,'(6/23('(9,$7,21'(9,$7,2132,17(5
6+2:67+(',5(&7,212)7+(*/,'(6/23(&(17(5/,1(
*/,'(6/23('(9,$7,21 $33$33&75 7+(32,17(5,6),//(')25'(9,$7,21/(667+$1
32,17(50$1'6&$/(: '276
6285&(005'(8

6+2:6925'(9,$7,21'(9,$7,2132,17(5
&2856('(9,$7,2132,17(50 925925&75 6+2:67+(&2856('(9,$7,21(5525
$1'6&$/(: 6285&(925

6(/(&7('&2856(32,17(5: 925$33
$1'/,1(0 6+2:692525/2&6(/(&7('&2856(
6285&()&&0&3
6(/(&7('&2856(32,17(5: 925$33&75

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'VKRZVPDQ\GLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

6+2:6$32,177+$70$5.67+(%(*,11,1*2)$
'(&(/ '(&(/(5$7,21',63/$<* 0$30$3&75 '(&(/(5$7,213$572)$5287(2))/,*+7
6285&()0&
6+2:61($5$,53/$1(6<0%2/6+2:692572)520
72)520,1',&$725: 925&75 ,1',&$7,21
6285&('(8
72 6+2:692572)520,1',&$7,21
)520 72)520',63/$<: 925925&75 6285&('(8

925*25$')&

%($5,1*
6+2:6%($5,1*72+($'25)5207$,/$781('
925925&75 67$7,21,)$5$',2,66(/(&7('217+((),6
$33$33&75
0$30$3&75 &21752/3$1(/
925*25$')& 6285&(92525$')
%($5,1*

92567$7,21$1'5$',$/*
:+(1<286(/(&7326217+((),6&21752/3$1(/
5$',$/67292567$7,2166+2:7+(,56326,7,216
,56326,7,21: 0$30$3&75 6+2:$1'7+(*36326,7,2166+2:,)7+(*36
326,7,216$5(7+(6$0(21/<21(6<0%2/6+2:6
6285&()0&
*36326,7,21:

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'VKRZVPDQ\GLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

:($7+(55$'$55(78516$1':,1'6+($56+2::+(1
:($7+(55$'$55(78516 7+(:;56:,7&+,6215(785166+2:$6
05$$1'* 785%8/(1&(0,17(16(5(7851650(',80
:($7+(55$'$5:,1'6+($5 0$3
0$3&75 ,17(16,7<$$1'/2:,17(16,7<*
0(66$*(65$ 925$33 :,1'6+($56+2:6)25&$87,21$:$51,1*5
:,1'6+($56<0%2/%5 :,1'6+($56<0%2/0$5.6:,1'6+($5(9(17:,7+5('
:,1'6+($5 $1'$ $1'%/$&.$5&6$0%(5/,1(6(;7(17)520$5&6

0$3 7(55$,1',63/$<66+2::+(17+(7(556:,7&+,6
7(55$,1',63/$<5$* 21',63/$<6$/626+2::+(1*3:6&$86(632383
7(55 0$3&75 7(55$1181&,$7,216+2:6:+(17(55386+('25
$1'07(55$1181&,$7,21 925$33 '85,1*32383
7(55$,1&$87,21$ 925$33
7(55$,1 7(55$,1:$51,1*5 0$30$3&75 *3:67(55$,10(66$*(6&$132383
9$5:;7 925$33 :($7+(55$'$55(&(,9(5*$,123(5$7,21$/
:($7+(55$'$5$1181&,$7,21 0$30$3&75 02'($1'$17(11$7,/7


7&$65(62/87,21$'9,625<
5$5

 7&$675$)),&$'9,625<
7+(7&$66<0%2/6+2:67+(5(/$7,9(326,7,21
2)7+(,1758'(5$,53/$1(7+(9(57,&$/63(('
7$$ $552:6+2:6,)7+($,53/$1(,6$6&(1',1*
25'(6&(1',1*$7$63(('*5($7(57+$1)((7
3(50,187(7+(180(5,&$/7,78'(6+2:6
7&$6352;,0$7(75$)),&: $65(/$7,9($/7,78'(72<285$,53/$1(:,7+
 5(/$7,9($/7,78'( $3/86250,1866,*1726+2:,)7+(,1758'(5
0$30$3&75 $,53/$1(,6$%29(25%(/2:<285$,53/$1(
$33925
 7&$627+(575$)),&:
,)7+(5(,6126,*1%()25(7+(180(5,&
$/7,78'(7+($/7,78'(,67+($/7,78'(2)7+(
5(/$7,9($/7,78'( ,1758'(5$,53/$1(

7&$67$$%62/87($/7,78'(

7&$612%($5,1*0(66$*( 0(66$*(6+2:675$)),&7<3(5$1*(,1106
7$ 5$57$$ $/7,78'($1'9(57,&$/',5(&7,21

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'6<0%2/2*<
1DYLJDWLRQ'LVSOD\6\PERORJ\

7KHQDYLJDWLRQGLVSOD\1'VKRZVPDQ\GLIIHUHQW

V\PEROVDQGGDWD7KHVHV\PEROVDQGGDWDVKRZLQWKHVH
WDEOHV

7KHVHDUHWKHFRORUVIRUWKHV\PEROVDQGGDWDWKDWVKRZ
RQWKH1'7KLVLVZKDWWKHFRORUVXVXDOO\VKRZ

 *UHHQ*'\QDPLFFRQGLWLRQV
 :KLWH:3UHVHQWVWDWXVVFDOHV
 0DJHQWD0&RPPDQGLQIRUPDWLRQV\PEROV
 &\DQ&1RQDFWLYHRUEDFNJURXQGLQIRUPDWLRQ
 $PEHU$&DXWLRQVIDXOWVIODJV
 5HG5:DUQLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6<0%2/ 1$0( 02'(6 5(0$5.6

$105$1*(5,1*6+2:6:+(1<286(/(&77&$6$1'$
0$30$3&75 5$1*(2)
7&$65$1*(5,1*: $33925
6285&('(8
6+2:67+(5(,6$7&$65$257$:,7+25:,7+287
7&$675$)),&$/(570(66$*( 7+(7)&6:,7&+6(/(&7('
75$)),& 5$57$$ $//
6285&(7&$6
6+2:65$257$75$)),&,62876,'(7+(75$)),&
7&$62))6&$/(0(66$*( 0$30$3&75
2))6&$/( 5$57$$ $33925 $5($2)7+(1'5$1*(7)&6:,7&+0867%(21
6285&(7&$6
6+2:67+$77+(&'6:,//6+2:75$)),&217+(1'
0$30$3&75
7)& 7&$602'(& 7)&6:,7&+,621
$33925
6285&('(8
6+2:6:+(175$)),&$'9,625,(621/<6(/(&7('21
7$21/< 7&$602'(& $// $7&7&$6&21752/3$1(/
6285&(7&$6
7&$6&20387(5,6,17+(7(6702'(
7&$67(67 7&$602'(& $// 6285&(7&$6

7&$6 7&$6,66(/(&7('2))
2)) 7&$602'($ $// 6285&(7&$6

6+2:67+(5(,6$)$8/7,17&$6'$7$257+(&'6
&$11276+2:7&$67+(',63/$<6+2:6:,7+25
7&$6
)$,/ 7&$602'($ $// :,7+2877+(7)&6:,7&+217+(7)&6:,7&+&21752/6
7+(',63/$<$)7(5,76+2:6
6285&(7&$6

&'61'6<0%2/2*<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'$3352$&+02'()$,/85()/$*6
*HQHUDO

)DLOXUHVRILQSXWGDWDFDXVHEODQNLQGLFDWLRQV)DLOXUH
IODJVVKRZIRUVRPHV\VWHPV

$OOIODJVDUHDPEHU

)DLOXUH)ODJV

7KHVHIODJVFDQVKRZLQWKHDSSURDFKPRGHV

 +'*$',58KHDGLQJGDWDLVJRQH
 :;5)$,/ZHDWKHUUDGDUV\VWHPIDLOXUH
 3:6)$,/ZHDWKHUUDGDU57SUHGLFWLYHZLQGVKHDU
IDLOXUH
 7(55)$,/*3:6WHUUDLQIXQFWLRQIDLOXUH
 '0('0(LQWHUURJDWRUIDLOXUH
 $')$')UHFHLYHUIDLOXUHVKRZVRQO\ZKHQ\RX
VHOHFW$')RQWKH(),6FRQWUROSDQHO
 925925UHFHLYHUIDLOXUHVKRZVRQO\ZKHQ\RX
VHOHFW925RQWKH(),6FRQWUROSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<


%1*%25%%&20%,1('%22.

+'*
'0( '0(
'0( '0(
+'*

3:6)$,/ 3:6)$,/
7(55)$,/ 7(55)$,/

/2&
* *
:;5  
)$,/ 6 6

$') $') $') $')

925 925 925 925
'0( /2& '0( '0( '0(

$3352$&+ &(17(5$3352$&+

&'61'$3352$&+02'()$,/85()/$*6

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'61'92502'()$,/85()/$*6
*HQHUDO

)DLOXUHVRILQSXWGDWDFDXVHEODQNLQGLFDWLRQV)DLOXUH
RILQSXWGDWDIURPVRPHV\VWHPVFDXVHIDLOXUHIODJVWR
VKRZ

$OOIDLOXUHIODJVDUHDPEHU

)DLOXUH)ODJV

7KHVHIODJVVKRZLQWKHH[SDQGHGDQGFHQWHUHG925
PRGHV

 +'*$',58KHDGLQJGDWDLVJRQH
 925925UHFHLYHUIDLOXUHVKRZVRQO\ZKHQ\RX
VHOHFW925RQWKH(),6FRQWUROSDQHO
 '0('0(LQWHUURJDWRUIDLOXUH
 :;5)$,/ZHDWKHUUDGDUV\VWHPIDLOXUH
 3:6)$,/ZHDWKHUUDGDU57SUHGLFWLYHZLQGVKHDU
IXQFWLRQIDLOXUH
 7(55)$,/*3:6WHUUDLQIXQFWLRQIDLOXUH
 $')$')UHFHLYHUIDLOXUHVKRZVRQO\ZKHQ\RX
VHOHFW$')RQWKH(),6FRQWUROSDQHO
 925925UHFHLYHUIDLOXUHVKRZVRQO\ZKHQ\RX
VHOHFW925RQWKH(),6FRQWUROSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

+'*
'0( '0(
'0( '0(
+'*

3:6 3:6
)$,/ )$,/
7(55 7(55
)$,/ )$,/ 925
925

:;5
)$,/

$') 925 $') $') $')

925 925 925 925 925
'0( '0( '0( '0(

925 &(17(5925

&'61'92502'()$,/85()/$*6

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'61'0$302'()$,/85()/$*6
*HQHUDO

)DLOXUHVRILQSXWGDWDFDXVHEODQNLQGLFDWLRQV
)DLOXUHVRILQSXWGDWDIURPVRPHV\VWHPVFDXVHIDLOXUH
IODJVWRVKRZ

$OOIDLOXUHIODJVDUHDPEHU

)DLOXUH)ODJV

7KHVHIDLOXUHIODJVVKRZLQWKHH[SDQGHGDQGFHQWHUHG
PDSPRGHV

 75.WUDFNGDWDIURP)0&DQG$',58LVJRQH
 0$3PDSGDWDIURP)0&LVJRQH
 97.YHUWLFDOWUDFNYHUWLFDOGHYLDWLRQGDWD
IURP)0&LVJRQH
 :;5)$,/ZHDWKHUUDGDUV\VWHPIDLOXUH
 3:6)$,/ZHDWKHUUDGDU57SUHGLFWLYHZLQGVKHDU
IXQFWLRQIDLOXUH
 7(55)$,/*3:6WHUUDLQIXQFWLRQIDLOXUH
 '0('0(LQWHUURJDWRUIDLOXUH
 $')$')UHFHLYHUIDLOXUHVKRZVRQO\ZKHQ\RX
VHOHFW$')RQWKH(),6FRQWUROSDQHO
 925925UHFHLYHUIDLOXUHVKRZVRQO\ZKHQ\RX
VHOHFW925RQWKH(),6FRQWUROSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

75.

75.

3:6)$,/ 3:6)$,/
7(55)$,/ 7(55)$,/
:;5 9
)$,/
7
.
:;5 0$3
)$,/

0$3
9
7
.

$') $') $') $')

925 925 925 925
'0( '0( '0( '0(

0$3 0$3&(17(5

&'61'0$302'()$,/85()/$*6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'61'3/$102'()$,/85()/$*6
*HQHUDO

)DLOXUHVRILQSXWGDWDFDXVHEODQNLQGLFDWLRQV

)DLOXUH)ODJ

7KH0$3IODJFDQVKRZLQWKHSODQPRGH,WVKRZVD
IDLOXUHRIWKHPDSIURPWKH)0&6

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

: 0$3 (

&'61'3/$102'()$,/85()/$*6

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'61'1211250$/',63/$<6
*HQHUDO WKHQDYLJDWLRQFRQWUROSDQHODQGVHOHFWWKH925PRGHRQ
WKH(),6FRQWUROSDQHO
7KHVHQRQQRUPDOPHVVDJHVFDQVKRZ
7KH)0&,17(5)$&(2.PHVVDJHVKRZVGXULQJ)0&6%,7(LQ
 81$%/(5(4'1$93(5)513 WKHIL[HGRXWSXWVWHVW7KLVPHVVDJHLVJUHHQLQFRORU
 0$35$1*(',6$*5((
 (;&(66'$7$
 (),602'(10$9)5(4',6$*5((
 )0&,17(5)$&(2.

7KH81$%/(5(4'1$93(5)513PHVVDJHVKRZVZKHQWKH
DFWXDOQDYLJDWLRQSHUIRUPDQFH$13LVPRUHWKDQWKH
UHTXLUHGQDYLJDWLRQSHUIRUPDQFH513IRUWKHFXUUHQW
IOLJKWHQYLURQPHQW7KHPHVVDJHLVDPEHULQFRORU7KH
PDSGDWDLVQRWEODQNLQWKLVFRQGLWLRQ

7KH0$35$1*(',6$*5((PHVVDJHVKRZVZKHQ\RXVHOHFWD
QHZUDQJHRQWKH(),6FRQWUROSDQHODQGWKHUHLVQR
QHZPDSGDWDIURPWKH)0&67KHPHVVDJHLVDPEHULQ
FRORU$OOPDSGDWDLVEODQNLQWKLVFRQGLWLRQ

7KH(;&(66'$7$PHVVDJHVKRZVZKHQ&'6LVQRWDEOHWR
VKRZDOOWKHPDSEDFNJURXQGGDWDIURPWKH)0&67KH
PHVVDJHLVDPEHULQFRORU7KHPDSGDWDLVQRWEODQNLQ
WKLVFRQGLWLRQ

7KH(),602'(1$9)5(4',6$*5((PHVVDJHVKRZVZKHQ\RX
VHOHFW(),6PRGHVDQG9+)QDYLJDWLRQIUHTXHQFLHVWKDW
DUHQRWFRPSDWLEOH7KHPHVVDJHLVDPEHULQFRORU,I
\RXWXQHD925IUHTXHQF\RQWKHQDYLJDWLRQFRQWURO
SDQHODQGVHOHFWWKHDSSURDFKPRGHRQWKH(),6FRQWURO
SDQHOWKHPHVVDJHVKRZVRQWKHQDYLJDWLRQGLVSOD\7KH
VDPHPHVVDJHDOVRVKRZVLI\RXWXQHDQ,/6IUHTXHQF\RQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*6  7$6  '8&.< *6  7$6 

R 75.  0$* ]  R &56 
 10 '0( 
+'*  0$*

7'

81$%/(5(4'1$93(5)513
7$7(5
(;&(66'$7$ (),602'(1$9)5(4',6$*5((

0$35$1*(',6$*5((


'8&.<

)0&,17(5)$&(2.

925 925 925

 (/1 (/1
'0(  )0&/ '0(  '0( 

(;3$1'('',63/$< &(17(5('',63/$<

&'61'1211250$/',63/$<6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6(1*,1(',63/$<29(59,(: 3)'1'
 1
 )XHOIORZ))
(QJLQH'LVSOD\  2LOSUHVVXUHRLOWHPSHUDWXUHDQGRLOTXDQWLW\
7KHHQJLQHLQGLFDWLRQVVKRZRQWKHXSSHUFHQWHUDQG  (QJLQHYLEUDWLRQ9,%
ORZHUFHQWHUGLVSOD\XQLWV'8
:KHQDQH[FHHGHQFHRFFXUVWKHDSSOLFDEOHLQGLFDWLRQ
3ULPDU\(QJLQH'LVSOD\ VKRZVLQUHYHUVHYLGHR7KHUHYHUVHYLGHRVKRZVEODFN
WH[WRQDZKLWHEDFNJURXQG
7KHVHDUHVRPHRIWKHLQGLFDWLRQVWKDWVKRZIRUWKH
SULPDU\HQJLQHGLVSOD\ :LWKORZRLOTXDQWLW\WKH/2PHVVDJHVKRZVLQZKLWH
WH[WDGMDFHQWWRWKHDSSOLFDEOHRLOTXDQWLW\
 1LQGLFDWLRQ LQGLFDWLRQ
 &RPPDQGHG1DQGWKUXVWOHYHUDQJOH
 ([KDXVWJDVWHPSHUDWXUH(*7
 )XHOTXDQWLW\
 (QJLQHDOHUWPHVVDJHV
 $7&&200PHVVDJHV
 $&$56&200PHVVDJHV
 &DW,,,%DOHUWPHVVDJHV&DW,,,%RQO\

7KHWKHUPDODQWLLFH7$,DQQXQFLDWLRQVKRZVWKH

FRQGLWLRQRIWKHFRZODQWLLFHYDOYH

 7KHDQQXQFLDWLRQVKRZVLQJUHHQWH[WZKHQWKHUHLV
DQRSHQFRPPDQGDQGWKHYDOYHLVIXOO\RSHQ
 7KHDQQXQFLDWLRQVKRZVLQDPEHUWH[WZKHQWKH
YDOYHSRVLWLRQGRHVQRWDJUHHZLWKWKHFRPPDQGHG
SRVLWLRQ
6HFRQGDU\(QJLQH'LVSOD\

7KHVHDUHVRPHRIWKHLQGLFDWLRQVWKDWVKRZIRUWKH
VHFRQGDU\HQJLQHGLVSOD\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&5(:$/(57
0(66$*(6

7$7 F 72 (1* (1* ;%/' ;%/'

7$, 5(9 7$, 

67$579$/9(
23(1
67$579$/9(
23(1
 
    2,/),/7(5
%<3$66
2,/),/7(5
%<3$66
 
  /2:2,/ /2:2,/ 1
  35(6685( 35(6685(
   
1
12$872/$1'  ))

 
(1*)$,/
2,/
(*7  35(66 

$&$56
$7& 2,/
$&$56  7(03 

/2  2,/47< 
&75

)8(/  9,% 
 .* 
   

35,0$5<(1*,1(',63/$< 6(&21'$5<(1*,1(',63/$<
7<3,&$/ 7<3,&$/

&'6(1*,1(',63/$<29(59,(:3)'1'
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6(1*,1(',63/$<29(59,(: (),60$3
)250$7 (1*,1()$,/VKRZVLQDPEHUWH[WRQWKH(*7GLVSOD\ZKHQ
(QJLQH'LVSOD\ WKHHOHFWURQLFHQJLQHFRQWUROOHUVXSSOLHVDQHQJLQH
IDLOXUHVLJQDO
7KHXSSHUGLVSOD\XQLW'8VKRZVHQJLQHIXHODQG
K\GUDXOLFGDWD7KHORZHU'8LVEODQNGXULQJQRUPDO
RSHUDWLRQ7KHXSSHU'8RQWKH(),60$3IRUPDWLV
DOPRVWWKHVDPHDVDSULPDU\DQGVHFRQGDU\HQJLQHSDJH
RQD3)'1'FRQILJXUDWLRQ

7KHVHDUHVRPHRIWKHLQGLFDWLRQVWKDWVKRZ

 1
 ([KDXVWJDVWHPSHUDWXUH(*7
 1
 )XHOIORZ))IXHOXVHG)8
 )XHOTXDQWLW\
 (QJLQHDOHUWPHVVDJHV
 $7&&200PHVVDJHV
 $&$56&200PHVVDJHV
 2LOSUHVVXUHRLOWHPSHUDWXUHDQGRLOTXDQWLW\
 (QJLQHYLEUDWLRQ9,%
 +\GUDXOLFSUHVVXUHDQGTXDQWLW\

7KHWKHUPDODQWLLFH7$,DQQXQFLDWLRQVKRZVWKH

FRQGLWLRQRIWKHFRZODQWLLFHYDOYH

 7KHDQQXQFLDWLRQVKRZVLQJUHHQWH[WZKHQWKHUHLV
DQRSHQFRPPDQGDQGWKHYDOYHLVIXOO\RSHQ
 7KHDQQXQFLDWLRQVKRZVLQDPEHUWH[WZKHQWKH
YDOYHSRVLWLRQGRHVQRWDJUHHZLWKWKHFRPPDQGHG
SRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7/,0 &5= 7$7 F 67$579$/9( 67$579$/9(

23(1 23(1
7$,
5(9 7$,
 2,/),/7(5 2,/),/7(5
%<3$66 %<3$66
    /2:2,/
35(6685(
/2:2,/
35(6685(
 
  $&$56
 




$7&
1 $&$56
&5(:$/(57
0(66$*(6
 
 
(1*)$,/  
 
(*7
2,/3
;%/'67$57

   

 

 
1 2,/7

 2,/4 

 




  9,% 
 )))8  $ %
.*;
   

&75    
   
  +<'3
    
)8(/.*
5)  +<'4 5)

&'6(1*,1(',63/$<29(59,(:(),60$3)250$7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'6(1*,1(',63/$<0,6&(//$1(286,1',&$7,216
7RWDO$LU7HPSHUDWXUH  
 *$
7KHWRWDODLUWHPSHUDWXUH7$7LVGLVSOD\HGDVD  0$1
GLJLWDOLQGLFDWLRQLQWKHWRSOHIWFRUQHURIWKHXSSHU
'87KHOHJHQGLVF\DQLQFRORUDQGWKHWHPSHUDWXUHLV $XWRWKURWWOH/LPLW0HVVDJH
ZKLWH7$7LVDOZD\VPHDVXUHGLQGHJUHHVFHOVLXV
7KHDXWRWKURWWOHOLPLW$7/,0,7PHVVDJHZLOOEH
7$7GDWDLVVXSSOLHGIURPWKHOHIWDLUGDWDLQHUWLDO GLVSOD\HGZKHQWKH1WKUXVWPRGHGDWDIURPWKH)0&6LV
UHIHUHQFHV\VWHP$',56,IWKHOHIW$',56GDWDLV LQYDOLG,WLVGLVSOD\HGDWWKHWRSRIWKHXSSHU
LQYDOLG7$7IURPWKHULJKW$',56ZLOOEHGLVSOD\HG
7KHUHLVQRIDLOIODJIRU7$7
7KUXVW0RGHV
7KH)0&6FDOFXODWHVWKUXVWPRGHVDQGVHQGVWKHPWRWKH
GLVSOD\XQLW'8DQGLVZKLWHLQFRORU
6HOHFWHG7HPSHUDWXUH
7KHVHOHFWHGWHPSHUDWXUHLVGLVSOD\HGLQWKHWRSFHQWHU
RIWKHXSSHU'8,WLVDOZD\VPHDVXUHGLQGHJUHHV
GLVSOD\HOHFWURQLFXQLWV'(87KH\DUHGLVSOD\HGDW
WKHWRSRIWKHXSSHUGLVSOD\XQLWDQGDUHJUHHQLQ
FRORU,IWKH1GDWDLV1&'WKUHHGDVKHVZLOOEH
GLVSOD\HG
7KHVHDUHWKHWKUXVWPRGHVWKDWFDQVKRZ
FHOVLXVDQGLVJUHHQLQFRORU,WLVRQO\GLVSOD\HG
ZKHQDVHOHFWHGWHPSHUDWXUHGHUDWHGWDNHRIIRUFOLPE
KDVEHHQVHOHFWHGE\WKHIOLJKWFUHZ7KHVHOHFWHG
WHPSHUDWXUHLVVHWE\WKHIOLJKWFUHZRQWKH)0&6
WDNHRIIUHIHUHQFHSDJH

 72
 72
 72
 '72
 '72
 '72
 &/%
 &/%
 &/%
 &21
 &5=

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7+586702'(
25
$8727+5277/(
/,0,70(66$*( 6(/(&7('7(03(5$785(

727$/$,5
7(03(5$785(

7$7 F $7/,0 F

&'6(1*,1(',63/$<0,6&(//$1(286,1',&$7,216
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6(1*,1(',63/$<&5(:$/(570(66$*(6
&UHZ$OHUW0HVVDJHV 7KH/2:2,/35(6685(PHVVDJHFRPHVRQLIPDLQHQJLQH
RLOSUHVVXUHGHFUHDVHVEHORZWKHUHGOLQHOLPLW$OO
7KHVHDUHWKHFUHZDOHUWPHVVDJHV WKUHHDQQXQFLDWRUVIODVKRQDQGRIIIRUWKHILUVWWHQ
VHFRQGVWKHQWKH/2:2,/35(6685(UHPDLQVRQ
 0DLQHQJLQHDOHUWPHVVDJHV FRQWLQXRXVO\7KH'(8VLQKLELWWKHRQDQGRIIRSHUDWLRQ
 $7&FRPPXQLFDWLRQPHVVDJHV RIWKHPHVVDJHGXULQJWDNHRIIDQGODQGLQJV

0DLQ(QJLQH$OHUW0HVVDJHV 7KH7DNHRII$OHUW,QKLELWLVHQDEOHGZKHQWKH
JURXQGVSHHGLVJUHDWHUWKDQNQRWV,WLVGLVDEOHG
7KHVHDUHWKUHHFUHZDOHUWPHVVDJHVIRUHDFKHQJLQH ZKHQJURXQGVSHHGLVOHVVWKDQNQRWVRUUDGLR
DOWLWXGHLVJUHDWHUWKDQIHHWRUVHFRQGVDIWHU
 67$579$/9(23(1 WKH7DNHRII$OHUW,QKLELWKDVEHHQVHW
 2,/),/7(5%<3$66
 /2:2,/35(6685( 7KH/DQGLQJ$OHUW,QKLELWLVHQDEOHGZKHQWKHUDGLR
DOWLWXGHLVOHVVWKDQIHHW,WLVGLVDEOHG
$OOWKUHHPHVVDJHVVKRZLQUHYHUVHYLGHRZLWKEODFN VHFRQGVDIWHUWRXFKGRZQRUWKHUDGLRDOWLWXGHLQFUHDVHV
OHWWHUVRQDQDPEHUEDFNJURXQG7KHFDSWLRQV(1*DQG WRJUHDWHUWKDQIHHWRUVHFRQGVDIWHUWKH
(1*DUHF\DQLQFRORU /DQGLQJ$OHUW,QKLELWKDVEHHQVHW

7KH67$579$/9(23(1PHVVDJHFRPHVRQFRQWLQXRXVO\ $7&&RPPXQLFDWLRQ0HVVDJH
GXULQJDPDLQHQJLQHVWDUW,IDWVWDUWHUFXWRXW
1WKHVWDUWYDOYHGRHVQRWJRWRWKHFORVHGSRVLWLRQ 7KH$7&FRPPXQLFDWLRQPHVVDJHVKRZVDV $7&DERYHDQG
WKH67$579$/9(23(1PHVVDJHIODVKHVRQDQGRIIIRUWHQ WRWKHOHIWRIWKHIXHOTXDQWLW\LQGLFDWLRQ7KH
VHFRQGVWKHQUHPDLQVRQFRQWLQXRXVO\ PHVVDJHLVZKLWHLQFRORU

7KH2,/),/7(5%<3$66PHVVDJHFRPHVRQLIDFORJJHG 7KHPHVVDJHVKRZVZKHQWKHIOLJKWPDQDJHPHQWFRPSXWHU
FRQGLWLRQRIWKHPDLQHQJLQHVFDYHQJHRLOILOWHU V\VWHP)0&6RU$&$56UHFHLYHDQ$7&XSOLQN2QO\RQH
VWDUWV$OOWKUHHDQQXQFLDWRUVIODVKRQDQGRIIIRUWKH $7&PHVVDJHVKRZVDWDWLPH
ILUVWWHQVHFRQGVWKHQWKH2,/),/7(5%<3$66PHVVDJH
UHPDLQVRQFRQWLQXRXVO\7KHGLVSOD\HOHFWURQLFXQLWV 7KHFRPPXQLFDWLRQPHVVDJHLVLQKLELWHGGXULQJWDNHRII
'(8VLQKLELWWKHRQDQGRIIRSHUDWLRQRIWKHPHVVDJH DQGODQGLQJ
GXULQJWDNHRIIDQGODQGLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6(1*,1(',63/$<&5(:$/(570(66$*(6
7KH&RPPXQLFDWLRQ0HVVDJH7DNHRII,QKLELWLVHQDEOHG
ZKHQWKHJURXQGVSHHGLVJUHDWHUWKDQNQRWV,WLV
GLVDEOHGZKHQJURXQGVSHHGLVOHVVWKDQNQRWVRU
WDNHRIIWKUXVWLVQRWVHWRUUDGLRDOWLWXGHLVJUHDWHU
WKDQIHHWRUVHFRQGVDIWHUWKHDLUSODQH
WUDQVLWLRQVIURPJURXQGWRDLU

7KH&RPPXQLFDWLRQ0HVVDJH/DQGLQJ,QKLELWLVHQDEOHG
ZKHQWKHUDGLRDOWLWXGHLVOHVVWKDQIHHW,WLV
GLVDEOHGZKHQWKHUDGLRDOWLWXGHLQFUHDVHVWRJUHDWHU
WKDQIHHWRUJURXQGVSHHGLVOHVVWKDQNQRWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(1* (1*
67$579$/9( 67$579$/9(
23(1 23(1
0$,1(1*,1( 2,/),/7(5 2,/),/7(5
$/(570(66$*(6 %<3$66 %<3$66
/2:2,/ /2:2,/
35(6685( 35(6685(

$7&
$7&&20081,&$7,21
0(66$*( &75

)8(/
 .* 
   

&'6(1*,1(',63/$<&5(:$/(570(66$*(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

)

$ $
 )&"/

$
$ * %$

#<
*8BECD
(5F5BC5B
#5CC175

*85
$
F1<E5
C8?GC
1C
1
4 9 7 9 D 1 <
9 > 4 9 3 1 D 9 ? >
1>4
1>
*85
D 8 B E C D
B5F5BC5B
=5CC175
C8?GC
G85>
D85
D 8 B E CD

1>1<?7
9 > 4 9 3 1 D 9 ? >
B5F5BC5
?@5B1D 5C
6
D85
D 8 B E CD
B5F5BC5B
=5CC175
C8?GC

9D
B5@<135C
D85
B56 5B5>35
$
B514?ED
6 ? B
D 8 1D
5>79>5

>
D85
>?B=1<
?@5B 1D 9? >
B1>75
D85
4 9 7 9 D 1 <
1>4
1>1<?7

9 > 4 9 3 1 D 9 ? > C
1B5
G 8 9 D 5
6
D85
$
F1<E5
75DC
D?
D85
*85B=1<
 > D 9  3 5
> 4 9 3 1 D 9 ? >

B54<9 >5
< 9 = 9 D 
D85
4 9 7 9 D 1 <
1>4
1>1<?7
9 > 4 9 3 1 D 9 ? > C
1B5

6
D85
D85B=1<
1 > D 9  9 3 5
* 
CICD5=
9C
? > 
D85
*

9 > 4 9 3 1 D 9 ? >
C8?GC

)55
D85
5>79>5
D138?=5D5B
CICD5=
C5 3D 9 ?>
6 ? B
=?B5

9 > 6 ?B =1 D 9 ? >
?>
$ ##
&(*


)55
D85
1 9 B
9>D 1;5 C
C53 D 9 ?>
6 ?B
=?B5
9 > 6 ? B=1 D 9 ? >
?>
*

9>4931D9?> ##
&(*

 

$
?==1>4
)53D?B

*85
$
3?==1>4
C53D?B
C8?GC
?>
D85
1>1<?7
C 31 < 5
D

C8?GC
D85
4 9 6 6 5 B5 > 3 5
25DG55>
D85
3?==1>454
D 8 B E C D
1>4

D85
1 3 D E 1 <
D 8 B E C D

$
(565B5>35
(514?ED

*85
B565B5>35
$
B514?ED
C8?GC
12?F5
D85
$
9 > 4 9 3 1 D 9 ? >

*85
B565B5>35
$
2E7
1<C?
C8?GC
?>
D85
$
1>1<?7
C 31 < 5

/?E
31>
C5D
D85
B565B5>35
$
F1<E5
G 9 D 8
D85
$
C5D

3 ? > D B ? < C
*85C5
3 ? > D B ? < C
1B5
?>
D85
5>79>5
3 ? > D B ? <

=?4E<5

)55
D85
6 < 9 7 8 D
=1>175=5>D
3?=@ED5B
CICD5=
C 53D 9 ?>
6 ?B

=?B5
9 >6 ?B =1D 9 ? >
?>
$
B565B5>35
F1<E5 ##
&(*




9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$ $
 )&"/

*
$ * %$

>79>5
H81ECD
1C
*5=@5B1DEB5
> 4 9 3 1 D 9 ? >

*85
5>79>5
5H81ECD
71C
D5=@5B1DEB5
*
9 > 4 9 3 1 D 9 ? >

C8?GC
1C
1
4 9 7 9 D 1 <
1>4
1>
1>1<?7
9 > 4 9 3 1 D 9 ? >

>
D85
>?B=1<
?@ 5B1 D9 ?>
B1>75
D85
4 9 7 9 D 1 <
1>4
1>1<?7

9 > 4 9 3 1 D 9 ? > C
1B5
G 8 9 D 5
6
1>
*
F1<E5
75DC
D?
D85

1=25B
21>4
< 9 = 9 D 
D85
4 9 7 9 D 1 <
1>4
1>1<?7
9 > 4 9 3 1 D 9 ? > C

1B5
1=25B
6
D85
*
F1<E5
75DC
D?
D85
B54<9>5
< 9 = 9 D 

D85
4 9 7 9 D 1 <
1>4
1>1<?7
9 > 4 9 3 1 D 9 ? > C
1B5
B 5 4

*85
*
8?D
C D 1 B D
< 9 = 9 D
C8?GC
G85>
D85C5
3? >4 9 D 9 ?> C

5 H 9 C D 


9 B@< 1>5
9C
?>
D85
7B?E>4


>79>5C
1B5
? 6 6

9 B5
CG9 D38
9C
>?D
?>

)55
D85
*
9 > 4 9 3 1 D 9 > 7
CICD5=
C53D 9?>
6 ? B
=?B5

9>6?B=1D9?> ##
&(*

 

>79>5
1 9 <E B5C
#5CC175

*85
5>79>5
6 1 9 < E B 5
=5CC175
C8?GC
?>
D85
*
9 > 4 9 3 1 D 9 ? >

*85
=5CC175
9C
1=25B

)55
D85
*
9 > 4 9 3 1 D 9 > 7
CICD5=
C5 3D 9?>
6 ? B
=?B5

9 > 6 ?B =1 D 9 ?>
?>
D85
5>79>5
6 1 9 < E B 5
=5CC175 ##
&(*


 

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

8)/
8%17 -7 <

,)
* 8 ) /
4 8 % 1 7 - 7 <
6,2:6
%6
%1
%1%/2+
%1(
( - + - 7 % /

- 1 ( - ' % 7 - 2 1 

))
7,)
* 8 ) /
',%37)5
* 25
025)
- 1* 2 50% 7 -2 1
21
7,)
* 8 ) /

4 8 % 1 7 - 7 <
-1(-'%7-216 




9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)

$ $
 )&"/

$
$ * %$

$

*85
$
F1<E5
C8?GC
1C
1
4 9 7 9 D 1 <
9 > 4 9 3 1 D 9 ? >
1>4
1>

1>1<?7
9 > 4 9 3 1 D 9 ? >

>
D85
>?B=1<
?@ 5B1D 9 ?>
B1>75
D85
4 9 7 9 D 1 <
1>4
1>1<?7

9 > 4 9 3 1 D 9 ? >
1B5
G 8 9 D 5
6
D85
$
F1<E5
75DC
D?
D85

B54< 9>5
< 9 = 9 D 
D85
4 9 7 9 D 1 <
1>4
1>1<?7
9 > 4 9 3 1 D 9 ? >
1B5

)55
D85
5>79>5
D138?=5D5B
CICD5=
C5 3D 9 ? >
6 ?B
=?B5

9 > 6 ?B =1 D 9 ? >
?>
D85
$
9>4931D9?> ##
&(*



B?CC
<554
) D 1 B D
#5CC175

*85
3B?CC
2<554
C D 1 B D
=5CC175
C8?GC
12?F5
D85
$

4 9 7 9 D 1 <
9 > 4 9 3 1 D 9 ? >

)55
D85
5>79>5
C D 1 B D 9 > 7
381@D5B
6 ? B
=?B5

9>6?B=1D9?> ##
&(*



9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.




 &

"
$"
" 
!

E5<
<?G
E5<
+C54

E5<
6 < ? G
6 E 5 <
EC54
C8?GC
1C
1
4 9 7 9 D 1 <
9 > 4 9 3 1 D 9 ? >

$?B=1<<I
D85
6 E 5 <
6< ?G
C8?GC
*?
C8?G
D85
6 E 5 <
EC54

C5 < 53 D
D85
+)
@ ? C 9 D 9 ? >
?>
D85
6 E 5 <
6<?G
C G 9 D 38

*?
B5C5D
6 E 5 <
EC54
D?
J 5 B ? 
C5 <5 3D
D85
()*
@ ? C 9 D 9 ? >

?>
D85
6 E 5 <
6<? G
C G 9 D 3 8

)55
D85
5>79>5
6 E 5 <
1>4
3 ? > D B ? <
381@D5B
6 ? B
=?B5

9 > 6 ?B =1 D 9 ? >
?>
D85
6 E 5 <
6 < ? G
6 E 5 <
EC54
9>4931D9?>C ##

&(*



9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.







 

- 
1(-'%7-216
% 9
'E1 >D 9D I

,)6)
%5)
7,)
2 - /
-1(-'%7-216
*85
? 9 <
A E 1 > D 9 DI
C8?GC
1C
1>
4 9 7 9 D 1 <
9 > 4 9 3 1 D 9 ? >
*85

B514?ED
1>4
2?H
1B5
G 8 9 D 5


%9<
@B5CCEB5


%9<
D5=@5B1DEB5


%9<
A E 1 > D 9 D I

)55
D85
5>79>5
? 9 <
381@D5B
6 ?B
=?B5
9> 6 ? B=1 D 9? >
?>
?9 "

9>4931D9?>C ##
&(*



%9<
&B5CCEB5

*85
?9<
@B5CCEB5
C8?GC
1C
1>
1>1<?7
1>4
4 9 7 9 D 1 <

9 > 4 9 3 1 D 9 ? >
>
D85
>?B=1<
?@5B1 D9 ?>
B1>75
D85
C 3 1 < 5 

D85
@ ?9 > D 5 B
1>4
D85
4 9 7 9 D 1 <
B514?ED
1B5
G 8 9 D 5
-85>
D85

? 9 <
@B5CCEB5
9 C
9>
D85
<?G
1=25B
21>4
< 9 = 9 D 
D85
C 3 1 < 5 

D85
@ ?9 > D 5 B
1>4
D85
4 9 7 9 D 1 <
B514?ED
1B5
1=25B
-85>
D85

? 9 <
@B5CCEB5
9 C
9 >
D85
<?G
B5 4 < 9> 5
< 9 = 9 D 
D85
C 3 1 < 5 

D85
@ ? 9 >D 5B
1>4
D85
4 9 7 9 D 1 <
B514?ED
1B5
B 5 4

%9<
*5=@5B1DEB5

*85
? 9 <
D5=@5B1DEB5
C8?GC
1C
1>
1>1<?7
1>4
4 9 7 9 D 1 <

9 > 4 9 3 1 D 9 ? >
>
D85
>?B=1<
?@5B1 D9 ?>
B1>75
D85
C 3 1 < 5 

D85
@ ? 9 > D 5B
1>4
D85
4 9 7 9 D 1 <
B514?ED
1B5
G 8 9 D 5
-85>
D85

%9<
D5=@5B1DEB5
9C
9>
D85
8978
1=25B
21>4
< 9 = 9 D 
D85

C 31 < 5 
D85
@? 9 > D 5B
1>4
D85
4 9 7 9 D 1 <
B514?ED
1B5
1=25B

G85>
D85
? 9 <
D5=@5B1DEB5
9 C
9 >
D85
8978
B54 <9 >5
< 9 = 9 D 

D85
C 3 1 < 5 
D85
@ ?9 > D 5 B
1>4
D85
4 9 7 9 D 1 <
B514?ED
1B5
B 5 4

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.




 &


#!
!

>79>5
, 9 2 B 1 D 9 ? >
> 4 9 3 1 D 9 ? > C

*85
5>79>5
F 9 2 B 1 D 9 ? >
9 > 4 9 3 1 D 9 ? > C
C8?G
1C
1>
1>1<?7
1>4

4 9 7 9 D 1 <
9 > 4 9 3 1 D 9 ? >
*85
C31<5
1>4
D85
@ ?9 > D 5 B
1B5

G89 D 5 
)55
D85
,#
CICD5=
C 53D 9 ?>
6 ? B
=?B5
9 >6 ?B =1D 9 ?>
?>

5>79>5
F 9 2 B 1 D 9 ? >
9>4931D9?>C ##
&(*



9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6(1*,1(',63/$<&203$&7('(1*,1(',63/$<
*HQHUDO $VHFRQGDU\HQJLQHH[FHHGDQFHPDNHVDQH[FHHGDQFHER[
VKRZDURXQGWKHDSSOLFDEOHYDOXH7KHH[FHHGDQFHER[LV
'XULQJXVXDORSHUDWLRQWKHXSSHUFHQWHUGLVSOD\XQLW WKHVDPHFRORUDVWKHKLJKHVWSULRULW\H[FHHGDQFHUHG
'8VKRZVSULPDU\HQJLQHGDWD7KHORZHUFHQWHU'8
VKRZVVHFRQGDU\HQJLQHGDWD7KHFRPSDFWHGHQJLQH
GLVSOD\FDQDXWRPDWLFDOO\VKRZLIRQHRIWKHFHQWHU'8V
IDLO7KH(1*SXVKEXWWRQRQWKHHQJLQHGLVSOD\FRQWURO
SDQHOOHWV\RXPDQXDOO\VHWFRPSDFWHGHQJLQHGLVSOD\
7KLVLVDQRSWLRQ
,QWKHFRPSDFWHGPRGHWKHSULPDU\HQJLQHLQGLFDWLRQV
DUHWKHVDPHDVWKHQRUPDOXSSHU'87KHVHFRQGDU\
HQJLQHLQGLFDWLRQVVKRZEHORZWKHH[KDXVWJDV
WHPSHUDWXUHLQGLFDWLRQ7KHVHFRQGDU\HQJLQH
LQGLFDWLRQVVKRZGLJLWDOYDOXHVRQO\
7KHVHDUHWKHLQGLFDWLRQVRQWKHFRPSDFWHGHQJLQH
GLVSOD\ WKH'8IDLOVWKHORZHU'8RQO\VKRZVSULPDU\HQJLQH
 7$7DQGWKUXVWPRGH
 &UHZDOHUWPHVVDJHV
 1
 (*7
 1
 )XHOIORZIXHOXVHG
 2LOSUHVVXUHWHPSHUDWXUHDQGTXDQWLW\
 (QJLQHYLEUDWLRQ
 )XHOTXDQWLW\
2SHUDWLRQ
'XULQJQRUPDOFRQGLWLRQVWKHFRPSDFWHGHQJLQH
LQGLFDWLRQVVKRZLQZKLWHWH[W
9(56,21'$7('$8*867 RI
DPEHURUZKLWH7KHER[IODVKHVIRUWHQVHFRQGVZKHQ
WKHH[FHHGDQFHILUVWEHFRPHVDFWLYHWKHQVWD\VRQ7KH
ER[JRHVRIILIWKHDSSOLFDEOHSDUDPHWHUJRHVEDFNWRD
QRUPDOYDOXH
:KHQWKHWZRFHQWHU'8VVKRZHQJLQHGDWDDQGWKHXSSHU
'8IDLOVWKHFRPSDFWHGHQJLQHGLVSOD\VKRZVRQWKH
ORZHU'8
:KHQWKHWZRFHQWHU'8VVKRZHQJLQHGDWDDQGWKHORZHU
'8IDLOVWKHXSSHU'8VKRZVWKHFRPSDFWHGHQJLQH
GLVSOD\
:KHQWKHXSSHU'8VKRZVSULPDU\HQJLQHGDWDRQO\DQG
GDWD3XVKWKH(1*SXVKEXWWRQWRVKRZWKHFRPSDFWHG
HQJLQHGLVSOD\RQWKHORZHU'8
:KHQWKHXSSHU'8VKRZVSULPDU\HQJLQHGDWDRQO\WKH
'8VKRZVWKHFRPSDFWHGHQJLQHGLVSOD\ZKHQWKHVH
FRQGLWLRQVRFFXU
 7KHORZHU'8IDLOV
 $QH[FHHGDQFHIRUDVHFRQGDU\HQJLQHSDUDPHWHU
RFFXUV
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

7$7 F &5= (1* (1*

67$579$/9( 67$579$/9(
7$, 7$, 23(1 23(1

0)'
    2,/),/7(5
%<3$66
2,/),/7(5
%<3$66
 
  /2:2,/ /2:2,/
(1* 6<6  
  35(6685( 35(6685(
 
1
&5
 

(*7

;%  1 
 )) 
 2,/35(66 
 2,/7(03 
/2  2,/47< 
 9,% 

)8(/47< .*6;
  
727$/ 

&'6(1*,1(',63/$<&203$&7('(1*,1(',63/$<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'66<67(06',63/$<29(59,(:
*HQHUDO

7KHV\VWHPVVWDWXVGDWDVKRZVRQWKHORZHUGLVSOD\XQLW
'8<RXXVHWKH6<6VZLWFKRQWKHHQJLQHGLVSOD\
FRQWUROSDQHOWRVHOHFWLW

7KHVHLQGLFDWLRQVVKRZRQWKHV\VWHPVGLVSOD\

 +\GUDXOLFTXDQWLW\
 +\GUDXOLFSUHVVXUH
 %UDNHWHPSHUDWXUH237,21
 )OLJKWFRQWUROVXUIDFHSRVLWLRQV237,21

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

 
 

   

16(7 63'5() $872%5$.(
$872 $872%5$.(
 %27+ 9 ',6$50


 6(7 95  

:7
95() 2)) 0$;
)8(/)/2:
5(6(7
0)' 572
5$7( $17,6.,'
(1* 6<6
86(' $17,6.,'
,123

(1*,1(',63/$<&21752/3$1(/


/2:(5'8

 (1*,1(',63/$<&21752/3$1(/
6+2:1:,7+2877+(0)'&5386+%87721
&'66<67(06',63/$<29(59,(:
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.



  


  
 

)1)5%/

*85
8I4 B1E <9 3
9 > 4 9 3 1 D 9 ? > C
C8?G
8 I4B1E <9 3
A E 1 > D 9 DI
1>4

@B5CCEB5
6 ? B
CICD5=

1>4


I4B1E< 93
A E 1 > D 9 D I
C8?GC
1C
1
@5B35>D175
?6
6 E < <

I4B1E< 93
@B5CCEB5
C8?GC
9>
E > 9 D C
?6
@?E>4C
@5B
CAE1B5

9>38
 &) 

-85>
D85
8I4 B1E <9 3
A E 1 > D 9 D I
9C
<5CC
D81>
D85
B 5 6 9 < <

< 9 = 9 D
1
B 5 6 9 < <
=5CC175
C8?GC
*89C
=5CC175
C8?GC
?>
D85

7B?E>4
G85>
D85
6 < 1 @ C
1B5
E@
?B
2?D8
5>79>5C
1B5
? 6 6

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5>5B1<

*85
6 < 9 7 8 D
3 ? > D B ? <
CEB6135
@ ? C 9 D 9 ? >
9 > 4 9 3 1 D 9 ? > C
C8?G

D85
@ ? C 9 D 9 ? >
?6
D85
1 9 < 5 B ? > C 
5 < 5 F 1 D ? B C 
1>4
BE445B

*85
9 > 4 9 3 1 D 9 ? > C
C8?G
1C
1>
1>1<?7
9 > 4 9 3 1 D 9 ? >
G 9 D 8
1

@ ? 9 >D 5 B
?>
1
F 5 B D 9 3 1 <
?B
8 ? B 9 J ? > D 1<
C3 1 < 5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*1250326,7,21
1250

:LWKWKHVZLWFKHVRQWKHGLVSOD\VHOHFWSDQHOVHWWR
1250WKHQRUPDOGLVSOD\VVKRZRQDOOWKHGLVSOD\XQLWV
'8V

'XULQJSRZHUXSHDFKGLVSOD\XQLWUHDGVLWVSRVLWLRQ
SLQV7KLVWHOOVWKH'8LWVSRVLWLRQ7KHSRVLWLRQ
ODWFKHVLQWRWKH'8PHPRU\,ID'8FDQQRWUHDGWKH
SRVLWLRQSLQVWKH'8LVEODQN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 0$,13$1(/'8V /2:(5'8

1250 1250 1250 1250
287%' (1* (1* 1' 287%' (1* (1* ,123
3)' 35, 35, 3)' 35, 35,

3)' 3)'
,1%' ,1%'
0)' ,123

&$37',63/$<6(/(&73$1(/ &$37',63/$<6(/(&73$1(/

35,0$5< 35,0$5< 6(&21'$5<

)/,*+7',63/$< 1$9,*$7,21',63/$< (),6',63/$< (),6',63/$<

/()7287%2$5''8 /()7,1%2$5''8 /()7287%2$5''8 /()7,1%2$5''8

3)'1')250$7 (),60$3)250$7

&'623(5$7,216:,7&+,1*1250326,7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*287%'3)'326,7,21
3)'1')250$7

:KHQ\RXVHOHFW287%'3)'WKHSULPDU\IOLJKWGLVSOD\
VKRZVRQWKHRXWERDUGGLVSOD\XQLW7KHLQERDUGGLVSOD\
XQLWGRHVQRWVKRZGDWD

(),60$3)250$7

:KHQ\RXVHOHFW287%'3)'WKHFRPSDFWHG(),6GLVSOD\
VKRZVRQWKHRXWERDUGGLVSOD\XQLW7KHLQERDUGGLVSOD\
XQLWGRHVQRWVKRZGDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 0$,13$1(/'8V /2:(5'8

1250 1250 1250 1250
287%' (1* (1* 1' 287%' (1* (1* ,123
3)' 35, 35, 3)' 35, 35,

3)' 3)'
,1%' ,1%'

0)' ,123

&$37',63/$<6(/(&73$1(/ &$37',63/$<6(/(&73$1(/

35,0$5<
)/,*+7',63/$< 1$9,*$7,21',63/$< &203$&7('(),6

/()7287%2$5''8 /()7,1%2$5''8 /()7287%2$5''8 /()7,1%2$5''8

3)'1')250$7 (),60$3)250$7

&'623(5$7,216:,7&+,1*287%'3)'326,7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*,1%'(1*35,326,7,21
3)'1')250$7

:KHQ\RXVHOHFW,1%'(1*,1(35,WKHSULPDU\HQJLQH
GLVSOD\VKRZVRQWKHLQERDUGGLVSOD\XQLW7KH
QDYLJDWLRQGLVSOD\GRHVQRWVKRZ7KHXSSHUFHQWHU
GLVSOD\XQLWGRHVQRWVKRZGLVSOD\GDWD

(),60$3)250$7

:KHQ\RXVHOHFW,1%'(1*,1(35,WKHHQJLQHGLVSOD\
VKRZVRQWKHLQERDUGGLVSOD\XQLW7KHRXWERDUGGLVSOD\
XQLWVKRZVWKHFRPSDFWHGGLVSOD\7KHXSSHUFHQWHU
GLVSOD\XQLWGRHVQRWVKRZGLVSOD\GDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 0$,13$1(/'8V /2:(5'8

1250 1250 1250 1250
287%' (1* (1* 1' 287%' (1* (1* ,123
3)' 35, 35, 3)' 35, 35,

3)' 3)'
,1%' ,1%'
0)' ,123

&$37',63/$<6(/(&73$1(/ &$37',63/$<6(/(&73$1(/

35,0$5< 35,0$5< &203$&7('

)/,*+7',63/$< (1*,1(',63/$< (),6',63/$< (1*,1(',63/$<

/()7287%2$5' /()7,1%2$5' 833(5&(17(5 /()7287%2$5' /()7,1%2$5' 833(5&(17(5

'8 '8 '8 '8 '8 '8

3)'1')250$7 (),60$3)250$7

&'623(5$7,216:,7&+,1*,1%'(1*35,326,7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*,1%'3)'326,7,21
3)'1')250$7

:KHQ\RXVHOHFW,1%'3)'WKHSULPDU\IOLJKWGLVSOD\
VKRZVRQWKHLQERDUGGLVSOD\XQLW7KHRXWERDUGGLVSOD\
XQLWGRHVQRWVKRZGLVSOD\GDWD

(),60$3)250$7

:KHQ\RXVHOHFW,1%'3)'WKHFRPSDFWHG(),6GLVSOD\
VKRZVRQWKHLQERDUGGLVSOD\XQLW7KHRXWERDUGGLVSOD\
XQLWGRHVQRWVKRZGLVSOD\GDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 0$,13$1(/'8V /2:(5'8

1250 1250 1250 1250
287%' (1* (1* 1' 287%' (1* (1* ,123
3)' 35, 35, 3)' 35, 35,
3)' 3)'
,1%' ,1%'
0)' ,123

&$37',63/$<6(/(&73$1(/ &$37',63/$<6(/(&73$1(/

35,0$5< &203$&7('
)/,*+7',63/$< (),6',63/$<

/()7287%2$5''8 /()7,1%2$5''8 /()7287%2$5''8 /()7,1%2$5''8

3)'1')250$7 (),60$3)250$7

&'623(5$7,216:,7&+,1*,1%'3)'326,7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*,1%'0)'326,7,21
3)'1')250$7

:KHQ\RXVHOHFW,1%'0)'\RXFDQXVHWKHWZRVZLWFKHV
RQWKHHQJLQHGLVSOD\FRQWUROSDQHOWRVHOHFWWKHPXOWL
IXQFWLRQGLVSOD\0)'IRUPDW,I\RXVHOHFW(1*WKH
HQJLQHVHFRQGDU\GLVSOD\VKRZVRQWKHLQERDUGGLVSOD\
XQLW,I\RXVHOHFW6<6WKHV\VWHPVGLVSOD\VKRZVRQ
WKHLQERDUGGLVSOD\XQLW

(),60$3)250$7

2QWKH(),60$3IRUPDWWKHUHLVQR0)'IRUPDW7KH,1%'
0)'VZLWFKSRVLWLRQKDVDQ,123SODFDUG,I\RXVHWWKH
VZLWFKWR,1%',123WKHLQERDUGGLVSOD\XQLWGRHVQRW
VKRZGLVSOD\GDWD7KHRXWERDUGGLVSOD\XQLWVKRZV
FRPSDFWHG(),6GLVSOD\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 /2:(5'8 0$,13$1(/'8V

1250 1250 1250 1250
287%' (1* (1* 1' 0)' 1' (1* (1* 287%'
3)' 35, 35, 35, 35, 3)'
(1* 6<6
3)' 3)'
,1%' ,1%'

0)' 0)'
(1*,1(',63/$<&21752/3$1(/
&$37$,1',63/$<6(/(&73$1(/ )2',63/$<6(/(&73$1(/

35,0$5< 6(&21'$5< 35,0$5< 35,0$5<

)/,*+7',63/$< (1*,1(',63/$< (1*,1(',63/$< 1$9,*$7,21',63/$< )/,*+7',63/$<

/()7287%2$5''8 /()7,1%2$5''8 833(5&(17(5'8 5,*+7,1%2$5''8 5,*+7287%2$5''8

6(&21'$5<(1*,1(',63/$<

/2:(5&(17(5'8

&'623(5$7,216:,7&+,1*,1%'0)'326,7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*/2:(5(1*326,7,21
3)'1')250$7

:KHQ\RXVHOHFW/2:(5(1*35,WKHSULPDU\HQJLQH
GLVSOD\VKRZVRQWKHORZHUFHQWHUGLVSOD\XQLW7KH
XSSHUFHQWHUGLVSOD\XQLWGRHVQRWVKRZGDWD7KH
RXWERDUGDQGLQERDUGGLVSOD\XQLWVVKRZQRUPDO
GLVSOD\V

(),60$3)250$7

:KHQ\RXVHOHFW/2:(5(1*35,WKHHQJLQHGLVSOD\VKRZV
RQWKHORZHUFHQWHUGLVSOD\XQLW7KHXSSHUFHQWHU
GLVSOD\XQLWGRHVQRWVKRZGDWD7KHRXWERDUGDQG
LQERDUGGLVSOD\XQLWVVKRZQRUPDOGLVSOD\V

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 0$,13$1(/'8V /2:(5'8

1250 1250 1250 1250
287%' (1* (1* 1' 287%' (1* (1* ,123
3)' 35, 35, 3)' 35, 35,

3)' 3)'
,1%' ,1%'
0)' ,123

&$37',63/$<6(/(&73$1(/ &$37',63/$<6(/(&73$1(/

833(5&(17(5'8 833(5&(17(5'8
35,0$5<(1*,1(',63/$< (1*,1(',63/$<

/2:(5&(17(5'8 /2:(5&(17(5'8

3)'1')250$7 (),60$3)250$7

&'623(5$7,216:,7&+,1*/2:(5(1*326,7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*/2:(51'326,7,21
3)'1')250$7

,I\RXVHOHFW/2:(51'WKHORZHUFHQWHUGLVSOD\XQLW
VKRZVWKHQDYLJDWLRQGLVSOD\

,IERWKWKHFDSWDLQDQGWKHILUVWRIILFHUVHOHFW/2:(5
1'RQWKHLUGLVSOD\VHOHFWSDQHOVWKHQWKHFDSWDLQ
V
QDYLJDWLRQGLVSOD\VKRZVRQWKHORZHUFHQWHUGLVSOD\
XQLW

(),60$3)250$7

7KH/2:(5'81'SRVLWLRQGRHVQRWRSHUDWHRQWKH
(),60$3IRUPDW7KH1'VZLWFKSRVLWLRQKDVDQ,123
SODFDUG,I\RXVHWWKHVZLWFKWRWKH/2:(5'8,123
SRVLWLRQWKHORZHUFHQWHUGLVSOD\XQLWZLOOQRWVKRZ
GLVSOD\GDWD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 /2:(5'8 0$,13$1(/'8V

1250 1250 1250 1250
287%' (1* (1* 1' 0)' 1' (1* (1* 287%'
3)' 35, 35, 35, 35, 3)'
(1* 6<6
3)' 3)'
,1%' ,1%'

0)' 0)'
(1*,1(',63/$<&21752/3$1(/
&$37$,1',63/$<6(/(&73$1(/ )2',63/$<6(/(&73$1(/

35,0$5< 35,0$5< 35,0$5<

)/,*+7',63/$< 1$9,*$7,21',63/$< (1*,1(',63/$< 1$9,*$7,21',63/$< )/,*+7',63/$<

/()7287%2$5''8 /()7,1%2$5''8 833(5&(17(5'8 5,*+7,1%2$5''8 5,*+7287%2$5''8

6(&21'$5<(1*,1(',63/$<

/2:(5&(17(5'8

&'623(5$7,216:,7&+,1*/2:(51'326,7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*$8720$7,&3)'1')250$7
*HQHUDO

7KHGLVSOD\HOHFWURQLFVXQLWDXWRPDWLFDOO\FKDQJHVWKH
GDWDRQHDFKGLVSOD\XQLWLIDIDLOXUHRIRQHRUPRUH
GLVSOD\XQLWVRFFXU7KLVPDNHVVXUHWKDWWKHIOLJKW
FUHZDOZD\VKDVWKHGDWDQHFHVVDU\WRIO\WKHDLUSODQH

2XWERDUG'LVSOD\8QLW

,IWKHRXWERDUGGLVSOD\XQLWKDVDIDLOXUHWKHLQERDUG
GLVSOD\XQLWVKRZVWKHSULPDU\IOLJKWGLVSOD\

,QERDUG'LVSOD\8QLW

,IWKHLQERDUGGLVSOD\XQLWKDVDIDLOXUHWKH
QDYLJDWLRQGLVSOD\GRHVQRWVKRZ

8SSHU&HQWHU'LVSOD\8QLW

,IWKHXSSHUFHQWHUGLVSOD\XQLWKDVDIDLOXUHWKH
ORZHUFHQWHUGLVSOD\XQLWVKRZVWKHSULPDU\HQJLQH
GLVSOD\,IWKHVHFRQGDU\HQJLQHGLVSOD\DOUHDG\VKRZV
RQWKHORZHUFHQWHUGLVSOD\XQLWWKHFRPSDFWHGHQJLQH
GLVSOD\VKRZV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 /2:(5'8 0$,13$1(/'8V

1250 1250 1250 1250
287%' (1* (1* 1' 0)' 1' (1* (1* 287%'
3)' 35, 35, 35, 35, 3)'
(1* 6<6
3)' 3)'
,1%' ,1%'

0)' 0)'
(1*,1(',63/$<
&$37$,1',63/$<6(/(&73$1(/ &21752/3$1(/ )2',63/$<6(/(&73$1(/

35,0$5< 35,0$5<
)/,*+7',63/$< )/,*+7',63/$<

/()7287%2$5''8 /()7,1%2$5''8 833(5&(17(5'8 5,*+7,1%2$5''8 5,*+7287%2$5''8

35,0$5<(1*,1(',63/$<

/2:(5&(17(5'8

&'623(5$7,216:,7&+,1*$8720$7,&3)'1')250$7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*$8720$7,&(),60$3)250$7
*HQHUDO

7KHGLVSOD\HOHFWURQLFVXQLWDXWRPDWLFDOO\FKDQJHVWKH
GDWDRQHDFKGLVSOD\XQLWLIDIDLOXUHRIRQHRUPRUH
GLVSOD\XQLWVRFFXU7KLVPDNHVVXUHWKDWWKHIOLJKW
FUHZDOZD\VKDVWKHGDWDQHFHVVDU\WRIO\WKHDLUSODQH

2XWERDUG'LVSOD\8QLW

,IWKHRXWERDUGGLVSOD\XQLWKDVDIDLOXUHWKHLQERDUG
GLVSOD\XQLWVKRZVWKHFRPSDFWHG(),6GLVSOD\

,QERDUG'LVSOD\8QLW

,IWKHLQERDUGGLVSOD\XQLWKDVDIDLOXUHWKHRXWERDUG
GLVSOD\XQLWVKRZVWKHFRPSDFWHG(),6GLVSOD\

8SSHU&HQWHU'LVSOD\8QLW

,IWKHXSSHUFHQWHUGLVSOD\XQLWKDVDIDLOXUHWKH
ORZHUFHQWHUGLVSOD\XQLWVKRZVWKHHQJLQHGLVSOD\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8 /2:(5'8 0$,13$1(/'8V

1250 1250 1250 1250
287%' (1* (1* ,123 ,123 (1* (1* 287%'
3)' 35, 35, 35, 35, 3)'

3)' 3)'
,1%' ,1%'

,123 ,123

&$37$,1',63/$<6(/(&73$1(/ ),5672)),&(5',63/$<6(/(&73$1(/

&203$&7('',63/$< &203$&7('',63/$<

/()7287%2$5''8 /()7,1%2$5''8 833(5&(17(5'8 5,*+7,1%2$5''8 5,*+7287%2$5''8

(1*,1(',63/$<

/2:(5&(17(5'8

&'623(5$7,216:,7&+,1*$8720$7,&(),60$3)250$7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,216:,7&+,1*(1*,1(6:,7&+
(QJLQH'LVSOD\6ZLWFKLQJ3)'1')250$7 127( 6RPHDLUSODQHVFRQILJXUDWLRQVGRQRWVXSSRUWWKLV
IHDWXUH
7KH(1*VZLWFKRQWKHHQJLQHGLVSOD\FRQWUROSDQHOFDQ
EHXVHGWRVHOHFWWKHFRPSDFWHGHQJLQHGLVSOD\RQWKH (QJLQH'LVSOD\6ZLWFKLQJ(),60$3
XSSHUGLVSOD\XQLW'8%HORZLVDWDEOHGHWDLOLQJWKH
'8IRUPDWVDQGWKHIRUPDWVWKDWZLOODSSHDUZKHQD 7KH(1*VZLWFKRQWKHHQJLQHGLVSOD\FRQWUROSDQHO
VHFRQGDU\HQJLQHH[FHHGDQFHRFFXUV ('&3GRHVQRWIXQFWLRQRQWKLVDLUSODQHDQGLV
ODEHOOHG,123

)250$76$)7(5 )250$76:+(1$1
,1,7,$/)250$76
(1*,1(.(<,6 (;&(('$1&(
21',63/$<81,76
386+(' 2&&856
35,0$5<
&203$&7(' &203$&7('
(1*,1(6(&21'$5<
(1*,1(%/$1. (1*,1(%/$1.
(1*,1(
35,0$5< 35,0$5<
35,0$5<
(1*,1(6(&21'$5< (1*,1(6(&21'$5<
(1*,1(%/$1.
(1*,1( (1*,1(
35,0$5<
&203$&7(' 35,0$5<
(1*,1(6(&21'$5<
(1*,1(%/$1. (1*,1(%/$1.
(1*,1(
35,0$5< 35,0$5<
35,0$5<
(1*,1(6(&21'$5< (1*,1(6(&21'$5<
(1*,1(6<67(0
(1*,1( (1*,1(
&203$&7(' 35,0$5< &203$&7('
(1*,1(6<67(0 (1*,1(6<67(0 (1*,1(6<67(0
35,0$5< &203$&7(' &203$&7('
(1*,1(1' (1*,1(1' (1*,1(1'
&203$&7(' 35,0$5< &203$&7('
(1*,1(1' (1*,1(1' (1*,1(1'

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7$7F 572 F (1* (1*

67$579$/9( 67$579$/9(
7$, 5(9 7$,  23(1 23(1

0)' 

 




1


 



2,/),/7(5
%<3$66
/2:2,/
35(6685(
2,/),/7(5
%<3$66
/2:2,/
35(6685(

 

(1* 6<6 (*7

;;; )) ;;;

&5 
&75
;;;;
)8(/
;; 
; ;; ; ;;;

;%/' ;%/'

1

))

2,/
 35(66 

2,/
 7(03 

 2,/ 47< 

 9,% 

(1* (1*

7$7 F 572 F (1* (1* 7$7 F 572 F (1* (1*
67$579$/9( 67$579$/9( 67$579$ /9( 67$579$/9(
7$, 5(9 7$,  23(1 23(1 7$, 5(9 7$,  23(1 23(1
    2,/),/7(5
%<3$66
2,/),/7(5
%<3$66
    2,/),/ 7(5
%<3$66
2,/),/7(5
%<3$66
   
  /2:2,/ /2:2,/   /2:2,/ /2:2,/
  35(6685( 35(6685(   35(6685( 35(6685(
       
1 1

   

(*7 (*7

;% 1
;;; )) ;;;
))
2,/35(66
2,/7(03
2,/47<
9,%
&75 &75
;; ;; ;;;;
)8(/ )8(/
 ;;   ;; 
; ;; ; ;;; ; ;; ; ;;;

(1*

&'623(5$7,216:,7&+,1*(1*,1(6:,7&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,21',63/$<6285&(6(/(&725
'LVSOD\6RXUFH6HOHFWRU

7KHGLVSOD\VRXUFHVHOHFWRUOHWV\RXVHOHFWWKH'(8
WKDWFRQWUROVWKHGLVSOD\V)RUPDLQWHQDQFHXVHWKH
VZLWFKWRTXLFNO\ILQGLIWKHUHLVD'(8IDLOXUHRU
SDUWLDOIDLOXUH

:KHQWKHVHOHFWRULVLQWKH$872SRVLWLRQZLWKQR
V\VWHPIDLOXUHV'(8FRQWUROVWKHOHIWRXWERDUGOHIW
LQERDUGDQGFHQWHUXSSHUGLVSOD\XQLWV,QWKLV
FRQGLWLRQ'(8FRQWUROVWKHULJKWRXWERDUGULJKW
LQERDUGDQGFHQWHUORZHUGLVSOD\XQLWV

,IDQ\RIWKHJUDSKLFVJHQHUDWRUV**IDLOLQHLWKHU
'(8WKH'(8VDXWRPDWLFDOO\FKDQJHWKHURXWLQJRI
GLVSOD\VWRWKHGLVSOD\XQLWVIURPWKHVHUYLFHDEOH**V

:KHQWKHVHOHFWRULVLQWKH$//21SRVLWLRQ'(8
FRQWUROVDOOVL[GLVSOD\XQLWV:KHQWKHVHOHFWRULVLQ
WKH$//21SRVLWLRQ'(8FRQWUROVDOOVL[GLVSOD\
XQLWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

',63/$<81,7
6(/(&725
326,7,21 )$,/85(6 /2% /,% 833(5& /2:(5& 5,% 52%

'(8 '(8 '(8 '(8 '(8 '(8

',63/$<6 121( **$ **$ **% **$ **% **%
6285&(

$//
$872
$// '(8 '(8 '(8 '(8 '(8 '(8 '(8
21 21 **$ **% **% **$ **$ **% **%
'(8 '(8 '(8 '(8 '(8 '(8 '(8
**% **$ **$ **$ **$ **% **%
'(8 '(8 '(8 '(8 '(8 '(8 '(8
**$ **$ **$ **% **% **% **%
'(8 '(8 '(8 '(8 '(8 '(8 '(8
**% **$ **$ **% **% **$ **$
',63/$<6 $872 '(8 '(8 '(8 '(8 '(8 '(8 '(8
6285&(
**$ % **$ **$ **$ **% **% **%
$872
$// $// '(8 '(8 '(8 '(8 '(8 '(8 '(8
21 21 **$ % **$ **$ **$ **% **% **%
'(8**$ '(8 '(8 '(8 '(8 '(8 '(8
'(8**$ **% **% **% **% **% **%
'(8**$ '(8 '(8 '(8 '(8 '(8 '(8
'(8**% **% **% **% **$ **$ **$
'(8**% '(8 '(8 '(8 '(8 '(8 '(8
',63/$<6 '(8**$ **$ **$ **$ **% **% **%
6285&(
'(8**% '(8 '(8 '(8 '(8 '(8 '(8
$872
$// $// '(8**% **$ **$ **$ **$ **$ **$
21 21

121( '(8 '(8 '(8 '(8 '(8 '(8

$//21 **$ **$ **$ **% **% **%

'(8 '(8 '(8 '(8 '(8 '(8

$//21 121(
**$ **$ **$ **% **% **%

&'623(5$7,21',63/$<6285&(6(/(&725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'623(5$7,21&21752/3$1(/6(/(&76:,7&+
&RQWURO3DQHO6HOHFW6ZLWFK

7KHFRQWUROSDQHOVHOHFWVZLWFKOHWV\RXVHOHFWZKLFK
(),6FRQWUROSDQHOFRQWUROVWKHRXWERDUGDQGLQERDUG
GLVSOD\V7KHFRQWUROSDQHOVHOHFWVZLWFKLVDWKUHH
SRVLWLRQWRJJOHVZLWFK

:KHQWKHVZLWFKLVLQWKH1250$/SRVLWLRQWKHFDSWDLQ
(),6FRQWUROSDQHOFRQWUROVWKHOHIWRXWERDUGDQGOHIW
LQERDUGGLVSOD\V7KHILUVWRIILFHU(),6FRQWUROSDQHO
FRQWUROVWKHULJKWRXWERDUGDQGULJKWLQERDUGGLVSOD\V

:KHQWKHVZLWFKLVLQWKH%27+21SRVLWLRQWKH
FDSWDLQ(),6FRQWUROSDQHOFRQWUROVWKHFDSWDLQDQGWKH
ILUVWRIILFHUGLVSOD\V

:KHQWKHVZLWFKLVLQWKH%27+21SRVLWLRQWKHILUVW
RIILFHU(),6FRQWUROSDQHOFRQWUROVWKHFDSWDLQDQGWKH
ILUVWRIILFHUGLVSOD\V

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

',63/$<6
6285&( &21752/3$1(/
$872 %27+ %27+
$// $// 21 21
21 21
1250$/

',63/$<6
1$9,*$7,21',63/$<66285&(6(/(&73$1(/3 6:,7&+ &$37$,1 )2
326,7,21 ',63/$<6 ',63/$<6

&$37 )2
1250$/ (),6&3 (),6&3

&$37 &$37
%27+21 (),6&3 (),6&3

%27+21 )2 )2

(),6&3 (),6&3

&'623(5$7,21&21752/3$1(/6(/(&76:,7&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,1767$7860(66$*(63)'1'
&'60$,170HVVDJH
7KHZKLWH&'60$,17PHVVDJHVKRZVZKHQDIDLOXUHLQD
'(8GRHVQRWSUHYHQWWKHGLVSDWFKRIWKHDLUSODQH
FDQVKRZDWDWLPH,IWKHUHLVPRUHWKDQRQH
FRQGLWLRQRQO\WKHPRVWLPSRUWDQWPHVVDJHVKRZVRQWKH
GLVSOD\7KLVLVWKHVHTXHQFHRISULRULW\ZLWKWKHPRVW
LPSRUWDQWPHVVDJHILUVW

7KH&'60$,17PHVVDJHDOVRVKRZVZKHQWKHUHLVD  &'6)$8/7
IDLOXUHRIRQHRIWKHVH  &'60$,17
 '63/<6285&(
 $FRD[FRXSOHU
 $FRD[FDEOHEHWZHHQD'(8DQGDFRD[FRXSOHU

7KH&'60$,17PHVVDJHRQO\VKRZVZKHQWKHDLUSODQHRQ
WKHJURXQGDQGRQHHQJLQHLVRIIRUWKHWZRHQJLQHVDUH
RII

'63/<6285&(0HVVDJH

7KHDPEHU'63/<6285&(PHVVDJHVKRZVZKHQDOOWKH
GLVSOD\XQLWVJHWGLVSOD\GDWDIURPRQH'(87KLV
FRQGLWLRQRFFXUVZLWKWKH',63/$<66285&(VHOHFWRUVHW
WR$//21RU$//21

7KH'63/<6285&(PHVVDJHFDQUHSODFHWKH&'6)$8/7
PHVVDJHLIDOOWKHGLVSOD\XQLWVXVHGDWDIURPRQH'(8
DQG

 %RWKHQJLQHVDUHRQ25
 7KHDLUSODQHLVLQWKHDLU

0HVVDJH3ULRULW\

7KH&'6)$8/7&'60$,17DQG'63/<6285&(PHVVDJHV
VKRZLQWKHVDPHSRVLWLRQRQWKHGLVSOD\2QHPHVVDJH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.



',63/$<6
&21752/3$1(/
&'6
)$8/7  0 0$* ,16756:,7&+

35,0$5<)/,*+7',63/$<

',63/$<6
&21752/3$1(/ (),6&21752/3$1(/)$,/85(

,16756:,7&+ 21(6285&(2),1(57,$/5()(5(1&('$7$

&'6 3$57,$/'(8)$,/85(&2$;&$%/()$,/85(25&2$;&283/(5)$,/85(
0$,17 &'60$,1721/<',63/$<(':+,/(217+(*5281':,7+$7/($6721((1*,1(2))

'(8)$,/85(25($&+'(8+$6$3$57,$/)$,/85(,1&203$7,%,/,7<)$8/7
&'6 0,6&203$5(2)&5,7,&$/'$7$+27%$77(5<%86127$9$,/$%/(25
)$8/7 '$7$/2$'(5&21752/3$1(/6(78372/2$'62)7:$5(,172'(825'(8
&'6)$8/721/<',63/$<(':+,/(217+(*5281':,7+$7/($6721((1*,1(2))

'63/< ',63/$<66285&(6:,7&+6(/(&7('72$//2125

6285&( &'6)$8/7&21',7,21'(8)$,/85(:+(1%27+(1*,1(6$5(5811,1*25:,7+$,53/$1(,17+($,5

&'675$,1,1*,1)250$7,2132,1767$7860(66$*(63)'1'
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,1767$7860(66$*(6(),60$3
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,1767$7860(66$*(6(),60$3
6WDWXV0HVVDJHV IDLOXUHRFFXUVLIWKHUHLVDIDLOXUHRIRQHRIWKHVH
FLUFXLWFDUGDVVHPEOLHV&&$VLQD'(8
7KHVHVWDWXVPHVVDJHVVKRZRQWKH(),6GLVSOD\V
 ,QSXWRXWSXW&&$
 ',63/$<6&21752/3$1(/  *UDSKLFVJHQHUDWRU&&$
 ,16756:,7&+LQVWUXPHQWVZLWFK  3RZHUVXSSO\&&$
 &'6)$8/7FRPPRQGLVSOD\V\VWHPIDXOW  3URFHVVRU&&$
 &'60$,17FRPPRQGLVSOD\V\VWHPPDLQWHQDQFH
 '63/<6285&(GLVSOD\VRXUFH 7KH&'6)$8/7PHVVDJHVKRZVLID'(8ILQGVDPLVFRPSDUH
EHWZHHQ'(8DQG'(8IRURQHRIWKHVH
',63/$<6&21752/3$1(/0HVVDJH
 &ULWLFDOGDWD11(*7RU)0&%XV
7KHDPEHU',63/$<6&21752/3$1(/PHVVDJHVKRZVZKHQDQ  '(8SURJUDPSLQV
(),6FRQWUROSDQHOIDLOV,IWKHOHIWFRQWUROSDQHO  2SHUDWLRQDOSURJUDPVRIWZDUH236
IDLOVWKHPHVVDJHVKRZVRQWKHFDSWDLQ(),6GLVSOD\  2SHUDWLRQDOSURJUDPFRQILJXUDWLRQ23&
,IWKHULJKWFRQWUROSDQHOIDLOVWKHPHVVDJHVKRZVRQ
WKHILUVWRIILFHU(),6GLVSOD\ 127( 7KH&'6)$8/7PHVVDJHGRHVQRWVKRZIRUD
,16756:,7&+0HVVDJH
7KH,16756:,7&+PHVVDJHLVDPEHUDQGVKRZVRQD
FDSWDLQ(),6GLVSOD\DQGDILUVWRIILFHU(),6GLVSOD\
7KHDPEHU,16756:,7&+PHVVDJHVKRZVZLWKWKH,56
VZLWFKVHWWR%27+21/RU%27+2157KLVVKRZVWKDW
FDSWDLQGLVSOD\VDQGWKHILUVWRIILFHUGLVSOD\VXVHWKH
VDPHVRXUFHIRULQHUWLDOUHIHUHQFHGDWD
&'6)$8/70HVVDJH
7KHDPEHU&'6)$8/7PHVVDJHVKRZVZKHQWKHUHLVD
PLVFRPSDUHRIWKHGLVSOD\XQLWGDWDEDVH'8'%
7KH&'6)$8/7PHVVDJHDOVRVKRZVZKHQ
 3RZHUIURPWKHKRWEDWWHU\EXVLVQRWDYDLODEOHWR
RQH'(8RUERWK'(8V
 <RXVHWWKHGDWDORDGHUFRQWUROSDQHOWRORDG
VRIWZDUHLQWR'(8RU'(8
7KH&'6)$8/7PHVVDJHRQO\VKRZVZKHQWKHDLUSODQHLV
RQWKHJURXQGZLWKRQHHQJLQHRIIRUERWKHQJLQHVRII
&'60$,170HVVDJH
IDLOXUHLQDGLVSOD\HOHFWURQLFXQLW'(8WKDW 7KHZKLWH&'60$,17PHVVDJHVKRZVZKHQDIDLOXUHLQD
SUHYHQWVWKHGLVSDWFKRIWKHDLUSODQH7KLVW\SHRI '(8GRHVQRWSUHYHQWWKHGLVSDWFKRIWKHDLUSODQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,1767$7860(66$*(6(),60$3
7KH&'60$,17PHVVDJHDOVRVKRZVZKHQWKHUHLVD  &'60$,17
IDLOXUHRIRQHRIWKHVH  '63/<6285&(

 $FRD[FRXSOHU
 $FRD[FDEOHEHWZHHQD'(8DQGDFRD[FRXSOHU

7KH&'60$,17PHVVDJHRQO\VKRZVZKHQWKHDLUSODQHLV
RQWKHJURXQGZLWKRQHHQJLQHRIIRUERWKHQJLQHVRII

'63/<6285&(0HVVDJH

7KHDPEHU'63/<6285&(PHVVDJHVKRZVZKHQDOOWKH
GLVSOD\XQLWVJHWGLVSOD\GDWDIURPRQH'(87KLV
FRQGLWLRQRFFXUVZLWKWKH',63/$<66285&(VHOHFWRUVHW
WR$//21RU$//21

7KH'63/<6285&(PHVVDJHFDQUHSODFHWKH&'6)$8/7
PHVVDJHLIDOOWKHGLVSOD\XQLWVXVHGDWDIURPRQH'(8
DQG

 %RWKHQJLQHVDUHRQ25
 7KHDLUSODQHLVLQWKHDLU

0HVVDJH3ULRULW\

7KH&'6)$8/7&'60$,17DQG'63/<6285&(PHVVDJHV
VKRZLQWKHVDPHSRVLWLRQRQWKHGLVSOD\2QHPHVVDJH
FDQVKRZDWDWLPH,IWKHUHLVPRUHWKDQRQH
FRQGLWLRQRQO\WKHPRVWLPSRUWDQWPHVVDJHVKRZVRQWKH
GLVSOD\7KLVLVWKHVHTXHQFHRISULRULW\ZLWKWKHPRVW
LPSRUWDQWPHVVDJHILUVW

 &'6)$8/7

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,16756:,7&+ ,16756:,7&+
&'6)$8/7 &'6)$8/7

',63/$<6 ',63/$<6
&21752/3$1(/ &21752/3$1(/

&$376(&21'$5<',63/$< )235,0$5<',63/$<

',63/$<6
&21752/3$1(/ (),6&21752/3$1(/)$,/85(

,16756:,7&+ 21(6285&(2),1(57,$/5()(5(1&('$7$

3$57,$/'(8)$,/85(&2$;&$%/()$,/85(25&2$;&283/(5)$,/85(
&'60$,17 &'60$,1721/<',63/$<(':+,/(217+(*5281':,7+$7/($6721((1*,1(2))
'(8)$,/85(25($&+'(8+$6$3$57,$/)$,/85(,1&203$7,%,/,7<)$8/7
0,6&203$5(2)&5,7,&$/'$7$+27%$77(5<%86127$9$,/$%/(25
&'6)$8/7 '$7$/2$'(5&21752/3$1(/6(772/2$'62)7:$5(,172'(825'(8
&'6)$8/721/<',63/$<(':+,/(217+(*5281':,7+$7/($6721((1*,1(2))

'63/<6285&( ',63/$<66285&(6:,7&+6(/(&7('72$//2125

&'6)$8/7&21',7,21'(8)$,/85(:+(1%27+(1*,1(6$5(5811,1*25:,7+$,53/$1(,17+($,5
&'675$,1,1*,1)250$7,2132,1767$7860(66$*(6(),60$3
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,1762)7:$5(/2$',1*
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,1762)7:$5(/2$',1*
'(86RIWZDUH '(8PXVWKDYHGDWDDERXWWKHGULYHVLJQDOVIRUHDFK
W\SHRI'87KH'8GDWDEDVHKDVWKHGDWDDERXWWKH
<RXFDQORDGVRIWZDUHLQWRWKH'(8RUGRZQORDG%,7( GULYHVLJQDOV
GDWDIURPWKH'(8
<RXFDQGRDORDGRIWKH'8'%LQWRWKH'(8
7KHVHDUHWKHW\SHVRIVRIWZDUH\RXFDQSXWLQWKH $SSUR[LPDWHO\PLQXWHVDUHQHFHVVDU\WRGRDORDGRI
'(8V WKH'8'%LQWRHDFK'(8

 2SHUDWLRQDOVRIWZDUH 6RIWZDUH/RDGLQJ
 2SHUDWLRQDOSURJUDPFRQILJXUDWLRQ
 'LVSOD\XQLWGDWDEDVH 7RORDGVRIWZDUHLQWRWKH'(8XVHWKHGDWDORDGHU
FRQWUROSDQHO7KHHQJLQHVPXVWEHRII
2SHUDWLRQDO6RIWZDUH236
6HOHFWWKH'(8SRVLWLRQRQWKHORZHUVZLWFKRQWKHGDWD
7KHRSHUDWLRQVRIWZDUHLVWKHVRIWZDUHWKDWRSHUDWHV ORDGHUFRQWUROSDQHO6HOHFWWKHOHIWRUULJKWSRVLWLRQ
WKH'(8 RQWKHXSSHUVZLWFKRQWKHGDWDORDGHUFRQWUROSDQHO

$PD[LPXPRIPLQXWHVLVQHFHVVDU\WRGRDORDGRIWKH 3XWWKHGLVNHWWHLQWKHDLUERUQHGDWDORDGHURULQWKH
236LQWRHDFK'(8 SRUWDEOHGDWDORDGHU3'/,IWKH3'/LVXVHGFRQQHFW
WKH3'/WRWKHGDWDWUDQVIHUXQLWUHFHSWDFOH
2SHUDWLRQDO3URJUDP&RQILJXUDWLRQ23&
:KHQWKHGDWDORDGLVFRPSOHWH\RXFDQYHULI\WKDWWKH
7KH23&VUHSODFHPRVWRIWKHKDUGZDUHSURJUDPSLQVXVHG QHZVRIWZDUHSDUWQXPEHUVKRZVRQWKH&'6,'(17&21),*
LQRWKHUDLUSODQHV7KH23&VVHWWKHFXVWRPHU SDJH7KLVSDJHVKRZVWKLVGDWD
FRQILJXUDWLRQRSWLRQV
 236SDUWQXPEHU
$SSUR[LPDWHO\PLQXWHVLVQHFHVVDU\WRGRDORDGRI  23&SDUWQXPEHU
WKH23&LQWRHDFK'(8  '8'%SDUWQXPEHU
 '(8+:SDUWQXPEHU
'LVSOD\8QLW'DWD%DVH'8'%  3URJUDPSLQV

7KHUHDUHGLIIHUHQWW\SHVRIGLVSOD\XQLWVIRUWKH
FRPPRQGLVSOD\V\VWHP7KH'8VDUHLQWHUFKDQJHDEOH7KH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,1762)7:$5(/2$',1*
&RPSDWLELOLW\&KHFNV 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KH'(8ILQGVLIWKHVHDUHQRWFRPSDWLEOH :KHQ\RXVHWWKHWZRVZLWFKHVWRVHOHFWD'(8RQWKH
GDWD/RDGHUFRQWUROSDQHOWKDW'(8GRHVQRWRSHUDWH
 236DQG'(8KDUGZDUH WKHGLVSOD\XQLWV7KHRWKHU'(8VXSSOLHVWKHGDWDIRU
 3URJUDPSLQVLQ'(8DQG'(8 DOO'8VDQG&'6)$8/7VKRZV
 236WRDLUSODQHW\SH
 236WR23&
 '(8WR'(8VRIWZDUH

,IWKH236LVQRWFRPSDWLEOHZLWKWKH'(8WKH236GRHV
QRWGRDORDGLQWRWKH'(87KHRWKHUFRPSDWLELOLW\
FKHFNVDUHGRQHDWLQLWLDOL]DWLRQ,IWKH'(8ILQGV
VRPHWKLQJWKDWLVQRWFRPSDWLEOH\RXVHHD&'6)$8/7
PDLQWHQDQFHPHVVDJH

2SHUDWLRQWR'RZQORDG%,7('DWD

7KH'(8FDQGRDGRZQORDGRI%,7(GDWDWRDGLVNHWWH
7KHGLVNHWWHPXVWKDYHDIRUPDWWKDWDFFHSWVWKH
GRZQORDGRIWKHGDWD

7RGRDGRZQORDGRI%,7(GDWDSXWWKHGLVNHWWHLQWKH
DLUERUQHGDWDORDGHURU3'/6HOHFWWKH'(8SRVLWLRQRQ
WKHORZHUVZLWFKRQWKHGDWDORDGHUFRQWUROSDQHO
6HOHFWWKH/RU5SRVLWLRQRQWKHXSSHUVZLWFKRQWKH
GDWDORDGHUFRQWUROSDQHO7KH'(8DXWRPDWLFDOO\GRHVD
GRZQORDGRIWKHGDWDWRWKHGLVNHWWH7KHDLUERUQHGDWD
ORDGHURUWKH3'/VKRZVWKDWWKHORDGLVGRQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'$7$/2$'6(/(&725
& &'6 '(8 ; 0$,17%,7(
6,1*/(6<6
/ 5 ,' ( 1 7  & 2 1 ) , *   
&$37 )2
835 /:5
23 6 31 +13

6<67(06(/(&7
23 & 31 %&*
1250$/
$&06
')'$8
)0&
&'8 '8 ' % 3 1 +13
3),'6 $&$56&08
$&3 ,123
'( 8 +: 3  1 
,123 ,123
$38 '(8
,123 ,123
35 2 * 5$0 3 , 1 6 
,123 6$7&20 , 1 ' (;
,123
,123
)&& 

'$7$/2$'(5&21752/3$1(/

&'6,'(17&21),*85$7,213$*(

 237,21$/6<67(06127$&7,9(
$5(/$%(/(',123
&'675$,1,1*,1)250$7,2132,1762)7:$5(/2$',1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6&'6%,7(0$,10(18
*HQHUDO ,IDWHVWLVGLVDEOHGWKHFDUDWDUURZGRHVQRWVKRZ
DGMDFHQWWRWKH/6.7KHHQJLQHVRQLQKLELWVWKHJURXQG
7KH&'6%,7(OHWV\RXVHHPDLQWHQDQFHGDWDRQWKH WHVWVDQGWKHFDUDWGRHVQRWVKRZDGMDFHQWWR/6./
IOLJKWPDQDJHPHQWV\VWHPFRQWUROGLVSOD\XQLW&'8

7RDFFHVVWKHPDLQWHQDQFHGDWDIURPWKH0$,17%,7(
,1'(;SXVKWKHOLQHVHOHFWNH\/6.DGMDFHQWWR&'6
7KLVVKRZVWKH&'6%,7(SDJH

2QWKH&'6%,7(,1'(;SDJHSXVKWKH/6.DGMDFHQWWR
'(8RU'(87KLVVKRZVWKH&'6'(8;0$,17%,7(
PDLQPHQXIRUWKHDSSOLFDEOH'(8

&'6'(8;0$,17%,7(0DLQ0HQX

7KH&'6'(8;0$,17%,7(PDLQPHQXSHUPLWVWKH
VHOHFWLRQRIWKHVHILYHPDLQWHQDQFHIXQFWLRQV

 &855(1767$786OHWV\RXH[DPLQHWKHFXUUHQW
FRQGLWLRQRIWKH&'6
 ,1)/,*+7)$8/76OHWV\RXVHHDOLVWRIIDXOWV
WKDWRFFXUUHGLQIOLJKW
 *5281'7(676OHWV\RXGRVHYHUDOWHVWVRIWKH
V\VWHP
 ,'(17&21),*OHWV\RXVHHLGHQWLILFDWLRQDQG
FRQILJXUDWLRQGDWDIRUWKH'(8
 ,1387021,725,1*OHWV\RXVHHWKHFRQGLWLRQRI
WKHGLVFUHWHLQSXWVWRWKH'(8

7RVWDUWDWHVWSXVKWKH/6.DGMDFHQWWRWKH
DSSOLFDEOHWHVW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,17 %,7( ,1'( ;    & '6 % ,7( , 1'(;  

)0& ( 1*,1(6! '(8 

')&6 $3 8! '(8 
$7 )4 , 6!
$',56
&'6
,1'(; ,1'(;

12 *5281'7(67 <(6
,1+,%,7('"

& '6 '(8  0$, 17%,7( & ' 6 ' ( 8  0 $ , 17 % , 7 (

0$ ,1 0 ( 1 8   0 $ ,1 0( 1 8   
&85 5(1 7 67$7 86 &855(17 67$ 786
,1 )/, *+7 )$8/76 ,1)/,*+7 )$ 8/7 6
*5 281' 7(676 *5281' 7(67 6
,'(17 &21),* ,'(17&21), *
,1387 021,725,1*  , 1 3 8 7 0 2 1 , 7 2 5 , 1*
' , 6& 5 ( 7( 6 7 $7 8 6 ' , 6 & 5 ( 7( 67 $ 786
,1'(; ,1'(;

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6&'6%,7(0$,10(18
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6&855(1767$786
*HQHUDO 7KH6863(&7('/586VKRZVWKH/58VWKDWFDQFDXVHWKH
IDXOW7KH/58VVKRZLQWKLVVHTXHQFH
7KH&855(1767$786SDJHOHWV\RXVHHDFWLYHIDXOWVWKDW
WKHGLVSOD\HOHFWURQLFVXQLW'(8ILQGV3XVKWKHOLQH  7KHILUVW/58LVWKHPRVWSRVVLEOHFDXVHRIWKH
VHOHFWNH\/6./DGMDFHQWWR&855(1767$786RQWKH
&'60$,10(187KLVVKRZVWKH&855(1767$786SDJH
&855(1767$7863DJH
7KHWRSULJKWRIWKHSDJHVKRZVWKHSDJHQXPEHUDQGWKH
WRWDOQXPEHURI&855(1767$786SDJHV(DFKSDJHVKRZV
RQO\RQHIDXOW7RVKRZWKHVXEVHTXHQW&855(1767$786
IDXOW
 7KHODVW/58LVWKHOHDVWSRVVLEOHFDXVHRIWKH
IDXOW
8VHWKLVGDWDZLWKWKHSURFHGXUHVLQWKH),0WRUHSDLU
WKHIDXOW
,IDIDXOWEHFRPHVLQDFWLYHZKLOHWKHSDJHVKRZVWKH
IDXOWSXVKWKH1(;73$*(NH\RQWKH)0&&'8NH\SDG 6863(&7('/586PHVVDJHFKDQJHVWR127$&7,9(

7KHIDXOWVVKRZLQWKHVHTXHQFHWKDWWKH'(8VHQVHVWKH
IDXOWV,IWKH'(8VHQVHVDQHZIDXOWZKLOHFXUUHQW
IDXOWVVKRZWKHQHZIDXOWSDJHVKRZVDVWKHODVWSDJH

7KLVGDWDVKRZVIRUHDFKIDXOW

 0DLQWHQDQFHPHVVDJHQXPEHU
 )DXOWGHVFULSWLRQ
 6863(&7('/58V

7KHPDLQWHQDQFHPHVVDJHQXPEHULVDQXPEHUWKDW
LGHQWLILHVWKLVIDXOW8VHWKHPDLQWHQDQFHPHVVDJH
LQGH[LQWKHIDXOWLVRODWLRQPDQXDO),0WRILQGWKH
FRUUHFWIDXOWLVRODWLRQSURFHGXUHWRUHSDLUWKHIDXOW

7KHIDXOWGHVFULSWLRQJLYHV\RXDVKRUWGHVFULSWLRQRI
WKHIDXOW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '( 8  0$ , 1 7 % ,7 (
0 $ ,1 0 ( 1 8   
 &8 5 5( 1 7 67 $7 8 6
 ,1 ) /, * + 7 ) $8 / 7 6
 *5 2 81 ' 7 (6 76
,' (17& 21) ,*
 ,1 3 87 0 2 1, 72 5 , 1*
' , 6 & 5 (7 ( 6 7 $ 7 8 6
,1 '(;

0$,17(1$1&( 727$/180%(52)
0(66$*(180%(5 &855(1767$786
)$8/7 0(66$*(6
'(6&5,37,21
&'6 '(8  0$,17%,7( & ' 6 ' (8  0 $ , 17  % , 7(
& 85 5 ( 1 7 67 $ 78 6    & 85 5 ( 1 7 6 7 $7 8 6    
     

12 '0(  '$7$
6 8 6 3( & 7( ' / 5 8 6 
1 2 )$8/76 '0 ( 
25 :, 5 , 1 * 6863(&7('
/586

,1 '(; ,1 '(;

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6&855(1767$786
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,1)/,*+7)$8/76
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,1)/,*+7)$8/76
*HQHUDO ,1)/,*+7)$8/76)DXOW3DJH

7KH,1)/,*+7)$8/76VHOHFWLRQOHWV\RXVHHIDXOWVWKDW 7RVKRZWKHIDXOWVIRUDOHJSXVKWKH/6.DGMDFHQWWR
RFFXUUHGGXULQJIOLJKW7KHGLVSOD\HOHFWURQLFVXQLW WKHDSSOLFDEOHOHJQXPEHU7KHILUVWIDXOWIRUWKLV
'(8FDQUHFRUGIDXOWVIRUDPD[LPXPRIIOLJKW IOLJKWOHJVKRZV(DFKSDJHVKRZVGDWDIRURQHIDXOW
OHJV7KH'(8FDQUHFRUGDPD[LPXPRIIDXOWVIRU 7KHQXPEHURIUHFRUGHGIDXOWVIRUWKLVIOLJKWOHJVKRZV
HDFKIOLJKWOHJ)RUHDFKIOLJKWOHJWKDWUHFRUGV RQWKHWRSRIWKHSDJH7KHQXPEHURISDJHVIRUWKLV
IDXOWVRUPRUHWKHPD[LPXPQXPEHURIIOLJKWOHJV IOLJKWOHJLVWKHQXPEHURIUHFRUGHGIDXOWVIRU
GHFUHDVHVE\ WKLVIOLJKWOHJ

$QHZIOLJKWOHJVWDUWVZKHQWKHDLUSODQHKDVDQ 7KLVGDWDVKRZVIRUHDFKIDXOW
DLUVSHHGRIPRUHWKDQNQRWV7KHIOLJKWOHJHQGV
ZKHQWKHDLUVSHHGLVOHVVWKDQNQRWV:KHQDQHZ  0DLQWHQDQFHPHVVDJHQXPEHU
IOLJKWOHJVWDUWVWKH'(8UHFRUGV&855(1767$786  ,IWKHIDXOWZDVLQWHUPLWWHQW
IDXOWVLQWKHQHZIOLJKWOHJ  )DXOWGHVFULSWLRQ
 6XVSHFWHGOLQHUHSODFHDEOHXQLWV/58V
)URPWKH0$,10(183XVKWKHOLQHVHOHFWNH\/6.  )OLJKWQXPEHU
DGMDFHQWWR,1)/,*+7)$8/76RQWKH0$,10(18SDJH7KLV  'DWHRIIDXOW
VKRZVWKH,1)/,*+7)$8/76OHJPHQX  7LPHRIIDXOW
 $OWLWXGHDWZKLFKWKHIDXOWRFFXUUHG
,1)/,*+7)$8/76/HJ0HQX3DJH  $LUVSHHGDWZKLFKWKHIDXOWRFFXUUHG

7KH,1)/,*+7)$8/76OHJPHQXSDJHVKRZVWKHIOLJKWOHJV 7KHPDLQWHQDQFHPHVVDJHQXPEHULGHQWLILHVWKLVIDXOW
WKDWKDYHIDXOWVLQWKH'(8PHPRU\7KHQXPEHURI <RXXVHWKHPDLQWHQDQFHPHVVDJHQXPEHUWRILQGWKH
UHFRUGHGIDXOWVIRUWKHIOLJKWOHJVKRZVDGMDFHQWWR DSSOLFDEOHIDXOWLVRODWLRQSURFHGXUHLQWKHIDXOW
WKHIOLJKWOHJQXPEHU7KHGDWHDQGWLPHWKDWWKHOHJ
VWDUWHGVKRZVRQWKHGLVSOD\OLQHEHORZWKHIOLJKWOHJ
QXPEHU/(*LVWKHQHZHVWOHJ/HJVWKDWGLGQRW
UHFRUGDIDXOWGRQRWVKRZ
LVRODWLRQPDQXDO),0
,IWKHIDXOWRFFXUVPRUHWKDQRQHWLPHGXULQJWKH
IOLJKWOHJWKHZRUG,17(50,77(17VKRZVRQWKHIDXOW
SDJH

7KHIDXOWGHVFULSWLRQLVDVKRUWGHVFULSWLRQRIWKH
IDXOW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,1)/,*+7)$8/76
3RVVLEOHFDXVHVRIWKHIDXOWVKRZEHORZWKH 6863(&7('
/586 KHDGLQJ3RVVLEOHFDXVHVVKRZZLWKWKHPRVW
OLNHO\SRVVLEOHFDXVHDWWKHWRSRIWKHOLVW

7KHIOLJKWQXPEHULVWKHIOLJKWQXPEHUVHWE\WKHSLORW
EHIRUHWKHIOLJKW

7KHIDXOWSDJHDOVRVKRZVWKLVGDWD

 7KHWLPHWKDWWKHIDXOWRFFXUUHGRUWKHWLPHRI
WKHILUVWWLPHWKDWDQLQWHUPLWWHQWIDXOWRFFXUUHG
 7KHDOWLWXGH$/7DQGWKHDLUVSHHG$6RIWKH
DLUFUDIWZKHQWKHIDXOWRFFXUUHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&' 6 ' (8 ; 0 $, 1 7 % ,7 ( &' 6 '( 8 ; 0 $,1 7% ,7(

0$ , 1 0 ( 18    , 1 ) / ,* + 7 )$ 8 /7 6   
&855(17 67$ 786
,1)/,*+7 )$8/76
*5281' 7 (676 12 )$8/76
,'(17&21),*
,1387 021,7 25,1*
' , 6& 5 ( 7( 67 $ 7 8 6
,1'(; , 1'( ;

12)$8/76

)$8/76
180%(52)
)$8/76,1/(* )$8/72&&855('
025(7+$121(7,0(
/(*67$57
'$7($1'7,0(
0$,17(1$1&(
&'6 '(8 ; 0$,17%, 7(
0(66$*(180%(5 &' 6 ' ( 8 ; 0 $ ,1 7 % , 7(
, 1 ) / , * +7 ) $ 8 /7 6  ; ; )$8/7 , 1 ) / ,*+ 7 ) $ 8 / 7 6  
/ (*    ) $ 8 / 7 6
'(6&5,37,21 / ( *   , 1 7 ( 5 0 , 7 7 ( 17
  6 ( 3        =       
/ (*    ) $ 8 / 7 6 6863(&7(' 12 '( 8 '$7 $21
  6 ( 3        = &+ $11 (/ 
 &5 2 6 6 7 $ /. % 86
/ (*    ) $ 8 / 7 6
/586 6 86 3 ( & 7 (' /58  6 
  6 ( 3        = ' ( 8  
/ (*    ) $ 8 / 7 6 ' ( 8  
  6 ( 3        = )/,*+7 ) / 7    
/ (*    ) $ 8 / 7 6 180%(5   6 ( 3     =
  6 ( 3        = $ /7     $ 6  
,1'(; % 8/. (5 $6(! ,1'(;

7,0(
2))$8/7
$/7,78'( $,563(('

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,1)/,*+7)$8/76
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,1)/,*+7)$8/76%8/.(5$6(
*HQHUDO

7KH%8/.(5$6(IXQFWLRQOHWV\RXHUDVHDOOLQIOLJKW
IDXOWVLQWKHPHPRU\RIWKHGLVSOD\HOHFWURQLFVXQLW
'(87KH%8/.(5$6(!VHOHFWLRQVKRZVRQOLQH5RI
WKH,1)/,*+7)$8/76OHJPHQX

2SHUDWLRQ

)URPWKH&'60$,10(18SXVKWKHOLQHVHOHFWNH\
DGMDFHQWWR,1)/,*+7)$8/76RQWKH&'60$,10(187KLV
VKRZVWKH,1)/,*+7)$8/76OHJPHQX

3XVKWKHOLQHVHOHFWNH\DGMDFHQWWR%8/.(5$6(!RQ
OLQH57KH(5$6()$8/760(18VKRZV

$FDXWLRQPHVVDJHRQWKH(5$6()$8/760(18WHOOV\RX
WKDWWKLVDFWLRQHUDVHVDOOIDXOWVLQWKH'(8PHPRU\
'RRQHRIWKHVHVWHSVWRFRQWLQXH

 ,I\RXZDQWWRHUDVHDOOIDXOWVSXVKWKHOLQH
VHOHFWNH\DGMDFHQWWR<(6RQOLJKW/
 ,I\RXGRQRWZDQWWRHUDVHDOOIDXOWVSXVKWKH
OLQHVHOHFWNH\DGMDFHQWWR12!RQOLQH5

'RQRWUHPRYHSRZHUGXULQJWKHHUDVHSURFHGXUH,I\RX
UHPRYHSRZHUDWWKLVWLPHVRPHIDXOWVFDQVWD\LQ
PHPRU\

7KH%8/.(5$6(IXQFWLRQGRHVQRWDIIHFWIDXOWVVWRUHG
LQWKHRWKHU'(8

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0$, 17 % ,7( &'6 '(8 ; 0$,17%,7(

0 $ , 1 0 ( 1 8    , 1 ) / , * + 7 ) $ 8 / 7 6   
&855(17 67$786

,1)/,*+7 )$8/76

*5281' 7(676 12 )$8/76

,'(17&21),*

,1387 021,725,1 *
' , 6 & 5 ( 7 ( 6 7 $ 7 86
,1'(; , 1'(;

& '6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7(

, 1 ) / , * + 7 ) $ 8 / 7 6   ;; ( 5 $ 6 ( ) $ 8 / 7 6 0 ( 1 8   
  ) $ 8 / 7 6
  6 ( 3        = &$87,21 (5$6( ,1 352*5(66
  ) $ 8 / 7 6
  6 ( 3        = ( 5 $ 6 ( & $ 1 7 $ . ( 8 3 7 2  ' 2 1 2 7 5 ( 0 2 9 ( 3 2 : ( 5
  ) $ 8 / 7 6 0 , 1 8 7 ( 6 $ 1 ' : , / / ( 5 $ 6 ( : + , / ( (5 $ 6 , 1 * ) $ 8 /7 6
  6 ( 3        = $ / / ' ( 8  ; / 2 * * ( ' ) $ 8 / 7 6
  ) $ 8 / 7 6 ' 2 1 2 7 5 ( 0 2 9 ( 3 2 : ( 5 ( 5 $ 6 ( & $ 1 7 $ . ( 8 3 7 2
  6 ( 3        = : + , / ( ( 5 $ 6 , 1 * ) $ 8 / 7 6   0 , 1 8 7( 6
  ) $ 8 / 7 6
  6 ( 3        = (5$6( )$8/76"
<(6 12!

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,1)/,*+7)$8/76%8/.(5$6(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6*5281'7(6760(18
*HQHUDO

7RRSHUDWHDJURXQGWHVWVHOHFWOLQHVHOHFWNH\/6.
/*5281'7(676IURPWKH&'60$,10(187KLVVKRZVWKH
*5281'7(6760(18SDJH

<RXFDQQRWGRDJURXQGWHVWZLWKDQHQJLQHRQ

*5281'7(6760(183DJH

7KH*5281'7(6760(18SDJHVKRZVDOLVWRIWKHJURXQG
WHVWV\RXFDQGR7KHVHDUHWKHJURXQGWHVWV

 '(8VHOIWHVW
 '8ORRSWHVW
 '8RSWLFDOWHVW
 :;57(55GLVSOD\WHVW

7RRSHUDWHWKH'(8VHOIWHVWVHOHFW/6./

7RRSHUDWHWKH'8ORRSWHVWVHOHFW/6./

7RRSHUDWHWKH'8RSWLFDOWHVWVHOHFW/6./

7RRSHUDWHWKH:;57(55GLVSOD\WHVWVVHOHFW/6./

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0 $ ,17  % , 7 (

0$ ,1 0( 18   
 & 8 5 5 ( 1 7 67 $ 78 6

 , 1 ) / , * + 7 ) $ 8 / 76
 * 5 2 8 1 ' 7 (6 7 6

 , ' ( 1 7  &2 1) , *

,1387 0 2 1 , 7 2 5 ,1*
' , 6 & 5( 7( 67 $78 6
,1'(;

&'6 '(8 ; 0$,17%,7(

* 5 2 8 1 ' 7 ( 67 6 0 ( 1 8  
'(8 6(/) 7( 6 7
'8 /223 7 (6 7
'8 237,&$/ 7(67

:;57(55 ', 6 3 / $ < 7(67

,1'(;

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6*5281'7(6760(18
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'(86(/)7(67
*HQHUDO RIDQLQWHUQDO'(8IDXOWWKH'(86(/)7(67)$,/('
VFUHHQVKRZV,IWKHUHVHWFDQEHGRQHWKH'(86(/)
7RGRWKH'(8VHOIWHVWVHOHFWOLQHVHOHFWNH\/6. 7(670,1SDJHVKRZV
/'(86(/)7(67IURPWKH*5281'7(670(183$*(7KLV
VKRZVWKH6(/)7(670(18SDJH '(86(/)7(670,13DJH

6(/)7(670(183DJH
7KH6(/)7(670(18SDJHVKRZVGDWDDERXWWKHVHOIWHVW
7KH6(/)7(670(18SDJHGRHVQRWVKRZWHVWGDWDGXULQJ
WKHVHOIWHVW7KH6(/)7(670(18SDJHVKRZVWHVWGDWD
ZKHQWKHWHVWLVFRPSOHWH
7KH'(86(/)7(670,1SDJHVKRZVGXULQJWKH'(8
UHVHWDQGSRZHUXS7KHWLPHQHFHVVDU\LVXVXDOO\
VHFRQGVEXWFDQEHVHFRQGVLIWKHILUVWUHVHWDQG
SRZHUXSIDLOV
7UDLQLQJ,QIRUPDWLRQ3RLQW
,IWKH'(86(/)7(67SDJHVKRZVORQJHUWKDQVHFRQGV
7KHWLPHQHFHVVDU\IRUWKHWHVWLVVHFRQGV7KH PLQXWHVVHOHFWWKH,1,75()NH\RQWKH&'8
ILUVWVHFRQGVRIWKHWHVWLVDUHVHWDQGSRZHUXSRI
WKH'(8$IWHUSRZHUXSVHFRQGVLVQHFHVVDU\IRU 6(/)7(67,1352*5(66
WKH'(8WRGRWKHVHOIWHVW7KHWLPHQHFHVVDU\IRUWKH
UHVHWDQGSRZHUXSFDQEHWRVHFRQGVEHFDXVHLILW ,IWKHUHVHWRSHUDWHVFRUUHFWO\\RXVHHWKH6(/)7(67
IDLOVWKHILUVWWLPHWKH'(8RSHUDWHVWKHWHVWD ,1352*5(66SDJH
VHFRQGWLPH

7RGRWKHVHOIWHVWVHOHFW/6.55817(67

7RQRWGRWKHVHOIWHVWVHOHFW/6./,1'(;

'(86(/)7(67,1352*5(663DJH

:KHQWKH\RXVHOHFW5817(67RQWKH6(/)7(670(18
SDJHWRVHFRQGVDUHQHFHVVDU\IRUWKHFRUH
VRIWZDUHWRILQGLIDUHVHWFDQEHGRQH7KHFRQWURO
VFUHHQVKRZV'(86(/)7(67,1352*5(66GXULQJWKH'(8
VRIWZDUHDQDO\VLV,IWKHUHVHWFDQQRWEHGRQHEHFDXVH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0$,17%,7(

'(8 6(/ ) 7 ( 67  0,1

25 '(8; %,7( ,123

&+(&. '(8 25 ,17(5)$&(

&$1
12 5(6(7 <(6
5(6(7
581" &203/(7("

<(6

&'6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7(

6 ( / )  7 ( 6 7    6 ( / )  7 ( 67   

'(8 6(/)7(67 '(8 6(/)7(67

, 1 3 5 2* 5 ( 6 6 , 1 3 5 2* 5 ( 6 6

,1'(; ,1'(;

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'(86(/)7(67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'(86(/)7(67
'(86HOI7HVW5HVXOWV

:KHQWKHVHOIWHVWLVFRPSOHWHWKH&'8VKRZVWKH
UHVXOWV,IWKH'(8LVJRRGWKH&'8VKRZV'(86(/)
7(673$66('7KH'(8SXWVWKHUHVXOWVRIWKHVHOIWHVW
LQPHPRU\7KH&'8VKRZVWKH&$87,21GLVSOD\<RXPXVW
QRWUHPRYHSRZHUWRWKH'(8GXULQJWKLVWLPH:KHQWKH
&'8VKRZVWKH,1'(;WKHWHVWUHVXOWVJRWRPHPRU\

,IWKH'(8VHQVHVIDXOWVGXULQJWKHVHOIWHVWWKH&'8
VKRZV6(/)7(67)$,/('7KH'(8SXWVWKHUHVXOWVRIWKH
VHOIWHVWLQPHPRU\7KH&'8VKRZVWKH&$87,21GLVSOD\
<RXPXVWQRWUHPRYHSRZHUWRWKH'(8GXULQJWKLVWLPH
:KHQWKH'(8UHPRYHVWKH&$87,21GLVSOD\\RXFDQSXVK
/6.5WRVHHWKHIDXOWV:KHQ\RXDUHGRQH\RXSXVK
/6./WRJREDFNWRWKHLQGH[

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7(

6 ( / )  7 ( 67    6 ( / )  7 ( 6 7    6 ( / )  7 ( 67   

'(8 6(/)7(67 '(8 6(/)7(67 '(8 6(/)7(67

,1 352*5(66 3$66(' 3$66('

& $ 8 7 , 2 1
' 2 1 2 7 5 ( 0 2 9 ( 3 2 : ( 5 
6 7 2 5 , 1 * 5 ( 6 8 / 7 6 & $ 1
7 $ . ( 8 3 7 2  0 , 18 7 ( 6 
,1'(; ,1'(; ,1'(;

<(6 7(675(68/766725('
7(673$66"

12

& '6 ' (8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7(
6 ( / )  7 ( 6 7    6 ( / )  7 ( 6 7    6 ( / )  7 ( 6 7  ;

     ; ; ;
'(8 6 ( / )  7( 6 7 '(8 6(/)7(67
5 5 < < <  < ; ; ; ;
)$,/(' )$,/(' 6 8 6 3 ( & 7 ( ' / 5 8  6 
& $ 8 7 , 2 1 ; ; ; <
'2 1 2 7 5 ( 0 2 9 ( 3 2: ( 5  % % % % % %
672 5 , 1 * 5 ( 6 8 / 7 6 & $ 1
7$. ( 8 3 7 2  0 , 1 8 7 ( 6 
 , 1 '(; )$8/76! ,1'(; )$8/76! ,1'(;

7(675(68/766725('

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'(86(/)7(67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'8/2237(67
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'8/2237(67
*8*HQHUDO  7KHRXWSXWJUDSKLFVJHQHUDWRU**%FRD[
WUDQVPLWGDWDWRWKHOHIW'8VDQGWKHXSSHUFHQWHU
7KH'8/2237(67OHWV\RXVHHWKHFRQGLWLRQRIWKH '8
LQWHUIDFHEHWZHHQWKHGLVSOD\XQLWV'8VDQGWKH  7KHRXWSXW**$FRD[WRWKHULJKW'8VDQGWKH
GLVSOD\HOHFWURQLFVXQLWV'(8V ORZHUFHQWHU'8

'8/2237(670(183DJH 'LVSOD\8QLW,QGLFDWLRQV

7RGRWKH'8ORRSWHVWVHOHFWOLQHVHOHFWNH\/6. 'XULQJWKH'8ORRSWHVWWKHGLVSOD\XQLWVVKRZWKLV

/'8/2237(67IURPWKH*5281'7(670(18SDJH7KLV GDWD
VKRZVWKH'8/2237(670(18DQGSHUPLWVWKHVHOHFWLRQ
RIWKHVHWZRWHVWV  '8/2&$7,21/2%/,%&8&/5,%52%RU%$'
 $5,1&/223VWDWXV3$66RU)$,/
 &2$;727+(/7',63/$<6DQG&2$;727+(57  5(027(/,*+76(1625EULJKWQHVVWRRU%$'
',63/$<6  &2$;287387VRXUFH
 &2$;727+(/7',63/$<6DQG&2$;727+(57  &RD[FDEOH,1387$&7,9,7<
',63/$<6  %(=(//,*+76(1625EULJKWQHVVWRRU%$'
 %5,*+71(66&21752/681,7DQG:;5
3XVKWKHDSSOLFDEOH/6.WRVWDUWWKHWHVW
7KH'8/2&$7,21VKRZVSURJUDPSLQVHOHFWLRQRQHDFK'8
&2$;727+(/7',63/$<6&2$;727+(57',63/$<6
 /2%RQWKHOHIWRXWERDUG'8
7KLVWHVWVKRZVWKHFRQGLWLRQRIWKHVHLQWHUIDFHV  /,%RQWKHOHIWLQERDUG'8
 &8RQWKHXSSHUFHQWHU'8
 7KHRXWSXWJUDSKLFVJHQHUDWRU**$FRD[  &/RQWKHORZHUFHQWHU'8
WUDQVPLWGDWDWRWKHOHIW'8VDQGWKHXSSHUFHQWHU  5,%RQWKHULJKWLQERDUG'8
'8  52%RQWKHULJKWRXWERDUG'8
 7KHRXWSXW**%FRD[WRWKHULJKW'8VDQGWKH  %$'VKRZVLIWKHSURJUDPSLQVHOHFWLRQLVQRW
ORZHUFHQWHU'8 YDOLG

&2$;727+(/7',63/$<6&2$;727+(57',63/$<6 7KH$5,1&/223VWDWXVVKRZVWKHVWDWXVRIWKH$5,1&
EXVIURPWKH'8WRWKH'(8V3$66VKRZVZKHQWKH'(8
7KLVWHVWVKRZVWKHFRQGLWLRQRIWKHVHLQWHUIDFHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'8/2237(67
UHFHLYHVYDOLGGDWDIURPWKH'8)$,/VKRZVZKHQWKH 7KH81,7EULJKWQHVVVKRZVDSHUFHQWDJHRIPD[LPXPYDOXH
'(8GRHVQRWUHFHLYHYDOLGGDWDIURPWKH'8 IURPWKHDSSOLFDEOHEULJKWQHVVNQRE7KHUDQJHLVWR
%$'VKRZVLIWKHLQSXWLVEDG7KLVYDOXHFKDQJHV
7KH5(027(/,*+76(1625EULJKWQHVVVKRZVDSHUFHQWDJH LI\RXFKDQJHWKHXQLWEULJKWQHVVZLWKWKHEULJKWQHVV
RIPD[LPXPYDOXH7KHUDQJHLVWR%$'VKRZVLI FRQWUROV7KLVGDWDFRPHVIURPEULJKWQHVVFRQWUROSDQHO
WKHLQSXWLVEDG7KHGDWDIRUWKHUHPRWHOLJKWVHQVRU WKURXJK$5,1&EXVRIWKHDSSOLFDEOH'8
FRPHVWKURXJKWKH$5,1&EXVRIWKHDSSOLFDEOH
RXWERDUG'8 7KH:;5ZHDWKHUUDGDUEULJKWQHVVVKRZVDSHUFHQWDJH
RIPD[LPXPYDOXHIURPWKHDSSOLFDEOHEULJKWQHVVNQRE
7KH&2$;287387VKRZVZKLFKVRXUFHWKH'8XVHVIURPWKH )RUWKHOHIWLQERDUGULJKWLQERDUGDQGORZHUFHQWHU
DSSOLFDEOH'(87KHVRXUFHVVKRZDV GLVSOD\XQLWVWKHUDQJHLVWR%$'VKRZVLIWKH
LQSXWLVEDG7KLVYDOXHFKDQJHVLI\RXFKDQJHWKHXQLW
 ZKHQWKH'8XVHVGDWDIURP**$LQ'(8RU'(8 EULJKWQHVVZLWKWKHEULJKWQHVVFRQWUROV7KLVGDWD
 ZKHQWKH'8XVHVGDWDIURP**%LQ'(8RU'(8 FRPHVIURPEULJKWQHVVFRQWUROSDQHOWKURXJK$5,1&
 EXVRIWKHDSSOLFDEOH'8

7KHFRD[FDEOH,1387$&7,9,7<VKRZVWKHVWDWXVRIWKH 2QWKHVH'8VWKH:;5EULJKWQHVVVKRZVDYDOXHRI
IRXUFRD[FDEOHLQSXWVWRWKH'8$JUHHQ<\HVVKRZV
ZKHQWKH'8UHFHLYHVWKHDSSOLFDEOHLQSXW$UHG1QR  /HIWRXWERDUG'8
VKRZVZKHQWKH'8GRHVQRWUHFHLYHWKHDSSOLFDEOH  5LJKWRXWERDUG'<
LQSXW$ZKLWHKLJKOLJKWER[VKRZVDURXQGWKHFRD[  8SSHUFHQWHU'8
FDEOHLQSXWWKDWWKH'8XVHV7KLVVKRXOGEHWKHVDPH
DVWKH&2$;287387)URPOHIWWRULJKWWKHOHWWHUVVKRZ
WKHVHFRD[LDOFRXSOHUV

 )LUVWOHWWHUIRUFRD[FRXSOHUIURP'(8**$
 6HFRQGOHWWHUIRUFRD[FRXSOHUIURP'(8**%
 7KLUGOHWWHUIRUFRD[FRXSOHUIURP'(8**$
 )RXUWKOHWWHUIRUFRD[FRXSOHUIURP'(8**%

7KH%(=(//,*+76(1625EULJKWQHVVVKRZVDSHUFHQWDJHRI
PD[LPXPYDOXH7KHUDQJHLVWR%$'VKRZVLIWKH
LQSXWLVEDG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8  0$,17 %,7(

* 5 2 8 1 ' 7 ( 6 76 0(1 8  
'(8 6(/)7(6 7
'8 /223 7(67
'8 237,&$/ 7 (67
:;57(55 ' ,6 3 /$< 7(67
5(027(
'8 $5,1& /,*+7
/2&$7,21 /223 6(1625
,1'(; 5,% 3$66 

%(=(/
&2$; ,1387 /,*+7
287387 $&7,9,7< 6(1625
 <<<< 

&'6 '( 8  0 $,17 %,7( %5,*+71(66&21752/6

' 8 / 2 2 3 7 ( 6 7 0 ( 1 8   
81,7 :;5
 
& 2 $;  7 2 / 7 ' , 6 3 / $<6
& 2 $;  7 2 5 7 ' , 6 3 / $<6

 & 2 $ ;  7 2 / 7 ' , 6 3 / $ <6

& 2 $ ;  7 2 5 7 ' , 6 3 / $ <6
'8/2237(67
,1'(;

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'8/2237(67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'8/2237(67
*HQHUDO

(DFKGLVSOD\HOHFWURQLFVXQLW'(8KDVWZRJUDSKLF

JHQHUDWRUV**V<RXFDQGRD'8/2237(67RQRQH'(8
DWDWLPH7KHWHVWOHWV\RXVHWHDFKRXWSXWRIWKH
DSSOLFDEOH'(8WRWKHOHIWDQGULJKWGLVSOD\XQLW'8

(DFK**VHQGVGLVSOD\GDWDWRDOORIWKH'8V7KH**
GLVSOD\GDWDJRHVWRWKH'8VRQFRD[FDEOHV(DFK**
KDVRQHFRD[FDEOHRXWSXW7KHFRD[FDEOHRXWSXW
FRQQHFWVWRDFRD[FRXSOHU

7KHFRD[FRXSOHUUHFHLYHVWKH**GLVSOD\GDWDDQG
GLYLGHVWKHVLJQDOLQWRVL[RXWSXWV(DFKFRD[FRXSOHU
VHQGVWKHVDPHGLVSOD\GDWDWRWKHVL['8V<RXFDQVHH
WKHFRQGLWLRQRIHDFKFRD[LQSXWRIHDFK'8GXULQJWKH
'8/2237(67

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

                   

   
 
 

&2$; &2$;
&283/(56 &283/(56

'(8'(8
&2$; 
  
287
** $ % $ %
'8 < < < <
',63/$<
&2$;   
&283/(5 
'(8 '(8

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'8/2237(67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'8237,&$/7(67
*HQHUDO 7KHUHGEOXHDQGJUHHQWHVWVVKRZDSDWWHUQRIHDFK
FRORULQGLIIHUHQWLQWHQVLWLHV,QWKLVH[DPSOHWRGR
7KH'8%,7(FLUFXLWVGRQRWPRQLWRUWKHTXDOLW\RIWKH DWHVWRIWKH5('/&'VSXVKWKH/6./7KLVPDNHVDOO
/&'SDQHOV7KHGLVSOD\XQLW'8RSWLFDOWHVWVVKRZD
WHVWSDWWHUQRQWKHGLVSOD\XQLWV7KLVOHWV\RX
H[DPLQHWKHTXDOLW\RIWKH/&'SDQHOVDQGWKH
EDFNOLJKW
7KHWHVWSDWWHUQORRNVWKHVDPHRQDOOGLVSOD\XQLWV
7KHVHLQGLFDWLRQVVKRZDIDLOXUHRIWKH'8 WKDQWKHRWKHU'8V
 /LQHVVSRWVRULQWHQVLW\WKDWGRHVQRWDJUHH
ZLWKWKHRWKHU'8V
 9HUWLFDOOLQHVRUKRUL]RQWDOOLQHVWKDWGRQRW
ORRNWKHVDPHDVRWKHUDUHDVRQWKHVDPH'8
 6SRWVWKDWGRQRWORRNWKHVDPHDVRWKHUDUHDVRQ
WKHVDPH'8
7KH'8237,&$/7(67VHOHFWLRQVKRZVRQOLQH/RIWKH
WKH'8VVKRZUHGOLQHV)URPWKHERWWRPRIWKHGLVSOD\
HDFKOLQHVKRZVOHVVFRORULQWHQVLW\7KHSDWWHUQVKRZV
DJDLQXQWLO\RXJHWWRWKHWRSRIWKHGLVSOD\
$OORIWKH'8VPXVWORRNWKHVDPH$'8ZLWKDZHDN
EDFNOLJKWGULYHURUDEDG/&'SDQHOORRNVGLIIHUHQW
7KH%/8(DQG*5((1WHVWVDUHDOPRVWWKHVDPHDVWKH5('
WHVW
7KH5('%/8(DQG*5((1WHVWVGRQRWDOZD\VOHW\RXVHH
KRUL]RQWDOOLQHIDLOXUHV'RWKH675,3(WHVWWRVHH
KRUL]RQWDOOLQHIDLOXUHV
<RXGRWKH675,3(WHVWWKHVDPHDV\RXGRWKH5('WHVW
&'6*5281'7(6760(183XVKWKHOLQHVHOHFWNH\/6. )RUWKH675,3(WHVWWKH'8VVKRZGLDJRQDOZKLWHDQG
/WRVKRZWKH'8237,&$/7(6760(18SDJH EODFNVWULSHV7KLVWHVWOHWV\RXHDVLO\VHHOLQH
GHIHFWV7KHOLQHGHIHFWVFDQEHOHVVHDV\WRVHHRQD
'8237,&$/7(670(183DJH VROLGGLVSOD\

7KH'8237,&$/7(6760(18SDJHSHUPLWVWKHVHOHFWLRQRI
WKHVHWHVWV

 5('
 %/8(
 *5((1
 675,3(

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0$ ,1 7% ,7(

* 5 28 1 ' 7 ( 6 7 6 0 ( 1 8  
 '(8 6(/) 7(67

'8 /223 7(67

 '8 237,& $/ 7( 67
 :;57(55 ' ,63 /$< 7 ( 67

 ,1'(;

'8&2/257(677<3

&'6 '(8 ; 0$, 17%, 7 (

' 8 2 3 7 , & $ / 7 ( 6 7   
5('

%/8(
*5((1

675,3(

,1'(;

'8675,3(7(67

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6'8237,&$/7(67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6:;57(55',63/$<7(67
*HQHUDO 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KH:;57(55',63/$<7(67H[DPLQHVWKHZHDWKHUUDGDU 'XULQJDWHVWWKHZHDWKHUUDGDUWUDQVPLWVVRPHSXOVHV
:;5DQGWHUUDLQ7(55DZDUHQHVV$5,1&LQWHUIDFHV WROHWWKH%,7(PRQLWRUWKHRSHUDWLRQ'RQRWGRDWHVW
WRWKH'(8V7KHILUVWSDUWRIWKHWHVWPDNHVVXUHWKDW RIWKH:;5V\VWHPLQDKDQJDU0DNHVXUHWKDWWKHQRVH
WKH$5,1&LQWHUIDFHIURPWKHZHDWKHUUDGDU:;5WR RIWKHDLUSODQHSRLQWVDZD\IURPEXLOGLQJVDQGRWKHU
WKH'(8VLVJRRG DLUSODQHVRUODUJHPHWDOREMHFWV

3XVKOLQHVHOHFWNH\/DGMDFHQWWR:;57(55',63/$<
7(67IURPWKH*5281'7(6760(18SDJH7KLVVKRZVWKH
:;57(55',63/$<7(67SDJH

:;57(55',63/$<7(673DJH

8VHWKHGLUHFWLRQVRQWKH&'8SDJHWRGRWKH:;5
',63/$<7(676HWWKHZHDWKHUUDGDUFRQWUROSDQHOWR
WKHWHVWPRGH6HOHFWWKH0$3PRGHDQGSXVKWKH:;5
VZLWFKRQWKH(),6FRQWUROSDQHOV7KHZHDWKHUUDGDU
SDWWHUQVKRZVRQWKHGLVSOD\XQLWV

7KHZHDWKHUUDGDUWHVWSDWWHUQGRHVQRWVKRZGXULQJDQ\
RIWKHVHFRQGLWLRQV

 $IDLOXUHRIWKH$5,1&LQWHUIDFHRFFXUUHG
EHWZHHQWKHZHDWKHUUDGDUDQGWKHDSSOLFDEOH'(8
 $IDLOXUHRIWKHDSSOLFDEOHJUDSKLFVJHQHUDWRU
RFFXUUHG

3XVK/6.5DGMDFHQWWR&217,18(!WRGRDWHVWRIWKH
WHUUDLQGLVSOD\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 ' (8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7(

* 5 2 8 1 ' 7 ( 6 7 6 0 ( 1 8   : ; 5  7 ( 5 5 ' , 6 3 7 ( 6 7   
'(8 6 ( /)  7 ( 6 7

'8 /223 7(67

6 ( / (& 7 0 $ 3 $ 1 ' : ; 5
'8 2 3 7 ,& $ / 7(67 2 1 /( ) 7 $ 1 ' 5, *+ 7
( ) , 6 & 21 7 5 2/ 3 $ 1 ( / 6
:; 57 (55 ',63/$< 7(67 6 ( / (& 7 1 2 50 $/ 2 1
' , 6 3/ $ <6
& 2 1 75 2 / 3 $ 1( / 6 : , 7 & +

,1'(; & 217 , 1 8 (!

&'6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7(

: ; 5  7 ( 5 5 ' , 6 3 7 ( 6 7    : ; 5  7 ( 5 5 ' , 6 3 7 ( 6 7    : ; 5  7 ( 5 5 ' , 6 3 7 ( 6 7   

6 ( /( & 7 7 ( 6 7 0 2 ' ( 2 1 7+( : ; 5 % 8 6  7 2 ' 8  / , % : ; 5 % 8 6  7 2 ' 8  / , %

: ; 5$' $ 5 & 21 7 5 2 / 3 $1 ( / : ; 5 % 8 6  7 2 ' 8  5 , % : ; 5 % 8 6  7 2 ' 8  5 , %

1 2 7(  6 ( 7 7 , 1 * 7 +(
: ; 5$' $ 5 & 2 1 7 5 2 / 3 $1 ( / 9 ( 5 , )< 7 + ( : ; 5 7 ( 6 7 9 ( 5 , ) < 7 + ( : ; 5 7 ( 6 7
7 2 7(6 7 0 2 ' ( ( 1 68 5 (6 3 $ 7 7 (5 1 , 6 ' , 6 3 / $ < ( ' 2 1 3 $ 7 7 ( 5 1 , 6 ' , 63 / $ < ( ' 2 1
7 + $7 7 + ( : ; 5$ ' $5 :, / / % 2 7 + , 1 % 2 $ 5' ' , 6 3 / $ < 6 % 2 7 + , 1 % 2 $ 5 ' ', 6 3 / $ < 6
% ( 2)) ' 8 5 , 1 * 7 +, 6 7 (67

 , 1 '( ; & 2 1 7 , 18( ! &217,18(! &217,18(!

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6:;57(55',63/$<7(67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6:;57(55',63/$<7(677(55',63/$<
*HQHUDO

7KHVHFRQGSDUWRIWKH:;57(55',63/$<7(67PDNHVVXUH
WKDWWKH*3:6$5,1&LQWHUIDFHWRWKH'(8VLVJRRG

:;57(55',63/$<7(673DJH

:KHQWKH:;5GLVSOD\WHVWFRPSOHWHV\RXFDQGRDWHVW
RIWKH*3:6GLVSOD\<RXXVHWKHGLUHFWLRQVRQWKH&'8
SDJHDQGSXVKWKH7(55EXWWRQRQWKH(),6FRQWURO
SDQHOV<RXPXVWEHLQWKHFRUUHFWPRGHRQWKH
QDYLJDWLRQGLVSOD\V

,IRIWKHWHUUDLQSDWWHUQVGRHVQRWVKRZZKHQ\RXGR
WKHWHVWWKH$5,1&LQWHUIDFHWRWKHJUDSKLFV
JHQHUDWRULVEDGRUWKH:;57(55UHOD\KDVDIDLOXUH

7RJRRXWRIWKHWHVW\RXSXVK/6.5DGMDFHQWWR
&217,18(!DQGWKHQSXVK/6./,1'(;

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7(

: ; 5  7 ( 5 5 ' , 6 3 7 ( 6 7    : ; 5  7 ( 5 5 ' , 6 3 7 ( 6 7   

: ; 5 % 8 6  7 2 ' 8  / , % 7 ( 5 5 % 8 6  7 2 ' 8  / , %
: ; 5 % 8 6  7 2 ' 8  5 , % 7 ( 5 5 % 8 6  7 2 ' 8  5 , %

9( 5 , ) < 7 + ( : ; 5 7 ( 6 7 9 ( 5 , ) < 7 +( 7 ( 5 5 $ , 1
3$ 7 7 ( 5 1 , 6 ' , 6 3 / $ < ( ' 2 1 3 $ 7 7 ( 5 1 ,6 ' , 6 3 / $ < ( ' 2 1
%2 7 + , 1 % 2 $ 5 ' ' , 6 3 / $ < 6 % 2 7 + , 1 % 2$ 5 ' ' , 6 3 / $ < 6

&217,18(! &217,18(!

&'6 '(8 ; 0 $, 1 7  % , 7 ( &'6 '(8 ; 0$,17%,7( &'6 '(8 ; 0$,17%,7(

: ; 5  7 ( 5 5 ' , 6 3 7 ( 6 7    : ; 5  7 ( 5 5 ' , 6 3 7 ( 6 7    * 5 2 8 1 ' 7 ( 6 7 6 0 ( 1 8   
 ' ( 8 ; 6(/)7(67
7 ( 5 5 % 8 6 7 2 ' 8  / ,%
7 ( 5 5 % 8 6 7 2 ' 8  5 ,% '8 /223 7(67
6 ( / ( & 7 7 ( 5 5 21
/ ( ) 7 $ 1 ' 5 , * +7 '8 237,&$/ 7(67
( ) , 6 & 2 1 7 5 2 / 3 $ 1 ( / 9 ( 5 , ) < 7 + ( 7 ( 5 5 , $ 1
3 $ 7 7 ( 5 1 , 6 ' , 6 3 / $ <( ' 2 1 :;57(55 ',63/$< 7(67
% 2 7 + , 1 % 2 $ 5 ' ' , 6 3 /$ < 6

&217,18(! ,1'(; ,1'(;

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6:;57(55',63/$<7(677(55',63/$<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,'(17&21),*
*HQHUDO

7KH,'(17&21),*SDJHOHWV\RXVHHFRQILJXUDWLRQGDWD
IRUWKHGLVSOD\HOHFWURQLFVXQLW'(83XVKWKHOLQH
VHOHFWNH\/DGMDFHQWWR,'(17&21),*RQWKH&'60$,1
0(187KLVVKRZVWKH,'(17&21),*SDJH

,'(17&21),*3DJH

7KH,'(17&21),*SDJHVKRZVWKLVGDWD

 2SHUDWLRQDOVRIWZDUH236SDUWQXPEHU31

 2SHUDWLRQDOSURJUDPFRQILJXUDWLRQ23&VRIWZDUH
SDUWQXPEHU
 'LVSOD\XQLWGDWDEDVH'8'%VRIWZDUHSDUWQXPEHU
 '(8KDUGZDUHSDUWQXPEHU
 3URJUDPSLQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0$, 17 %,7(

0 $ , 1 0( 18   
&855(17 67$786
,1)/,*+7 )$8/76
*5281' 7(676

,'(17&21),*
,1387 021,725,1*
' , 6 & 5 ( 7 ( 67 $ 78 6
,1'(;

&' 6 '(8 ; 0$ ,1 7 %,7 (

, '( 1 7 & 21 ), *  

236 31    +1 3    
23& 31    %& *    
'8'% 31    +1 3    

'(8 +: 3 1   

3 52 *5 $0 3 , 16   
 , 1' ( ;

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,'(17&21),*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,1387021,725,1*
*HQHUDO  *DJURXQG
 2DQRSHQ
7KH,1387021,725,1*OHWV\RXVHHWKHFRQGLWLRQRI  9YGF
GLVFUHWHLQSXWVWRWKHGLVSOD\HOHFWURQLFVXQLW'(8  ;QRWYDOLG
 QRGLVFUHWHLQSXWRQWKLVSLQ
2QWKH&'60$,10(18SXVKWKHOLQHVHOHFWNH\DGMDFHQW
WR,1387021,725,1*',6&5(7(67$7867KLVVKRZVWKH <RXFDQPDNHVXUHRIWKHVWDWXVRIDGLVFUHWHLQSXWIRU
',6&5(7(67$7860(187KHVHOHFWLRQVRQWKH',6&5(7( IDXOWLVRODWLRQSURFHGXUHV
67$7860(18FDQRQO\PRQLWRUWKHFRQGLWLRQRIWKH
GLVFUHWHLQSXWV<RXFDQQRWPRQLWRU$5,1&RUDQDORJ
LQSXWV

',6&5(7(67$7860(183DJH

7KH',6&5(7(67$7860(18SDJHSHUPLWVWKHVHOHFWLRQRI
RQHRIWKHVHFRQQHFWRUVRQWKHUHDURIWKH'(8

 ,16(57$
 ,16(57%
 ,16(57'
 ,16(57(
 ,16(57)

7KH',6&5(7(67$786SDJHVKRZVIRUWKHDSSOLFDEOH
FRQQHFWRU,16(57&GRHVQRWKDYHGLVFUHWHLQSXWV
7KHUHLVQRVHOHFWLRQIRU,16(57&

',6&5(7(67$7863DJH

7KH',6&5(7(67$786SDJHVVKRZVDPDWUL[RIDOOWKH
SLQVRQWKHFRQQHFWRU7KLVLVZKDWVKRZVIRUWKH
VWDWXVRIHDFKSLQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&'6 '(8 ; 0 $, 1 7 % , 7 (
0 $ , 1 0 (1 8   
& 855 ( 17 67 $786

, 1)/ , *+7 ) $8/7 6

* 528 1' 7 (6 76

, '(1 7 &2 1) ,*

, 138 7 02 1, 725, 1 *
', 6 & 5 ( 7 ( 6 7$ 7 86
, 1'( ;

&'6 '(8 ; 0$, 1 7%,7( &' 6 '(8 ; 0 $ , 17 % ,7 ( &'6 '(8 ; 0$, 17% ,7(
' , 6 & 5 ( 7 ( 6 7 $ 7 8 6 0 ( 1 8   ' ,6 & 5( 7 ( 67 $ 7 8 6    ' , 6& 5( 7 ( 67 $ 7 8 6   
,16(57 $ ,1 6(5 7 '! ,1 6( 57 ' ,16(57 '
$ % & ' ( ) * + - . $ % & ' ( ) * + - .
,16(57 % ,1 6(5 7 (!                 * * *   
 * *     * 2       * * * 2 * *  
,16(57 & ,16(57 )!              2 2 * *   * *  
', 6 & 5 ( 7( 6 7 $ 7 ( 6 $ 5 (  *  *    *      * 9   *    * *
' ( ) , 1 ( ' $ 6                        
* * 5 2 81 ' 9   9 '&    2 2   * * * *     * *      
2 2 3 ( 1 ; , 1 9 $/ , '  * 2   * * * 2 * *            
 * 9 2 * * * * 9 * *
,1'(; , 1' (;  , 1' (;

&'675$,1,1*,1)250$7,2132,17&'8&'6%,7(3$*(6,1387021,725,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&'66<67(06800$5<
*HQHUDO

7KLVJUDSKLFLVIRUUHIHUHQFH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,13$1(/'8V /2:(5'8
1250 1250
287%' (1* (1* 1'
3)' 35, 0$,13$1(/
35, 833(5'8
%57
3)'
,1%'
0)' 2))
287%''8 ,1%''8 /2:(5'8
%57 %57 %57
',63/$<
6(/(&7 0,16 )39 0756 %$52
3$1(/ 5$',2 %$52 ,1 +3$
%5,*+71(66&21752/
567 67'
0$3
3$1(/
925 925 3/1    925
$33  
2)) 2))
&75  7)& 

$') $')

:;5 67$ :37 $537 '$7$ 326 7(55

(),6&21752/3$1(/
5/6

16(7 63'5() $872%5$.(

$872 $872 $872%5$.(
 %27+ 9 ',6$50

6(7 
 95  
',63/$<6
:7
2)) 0$;
)8(/)/2:
9 5()
6285&( &21752/3$1(/
5(6(7
0)' 572 $872 %27+ %27+
5$7( $17,6.,' $// $//
(1* 6<6 21 21 21 21
86('
&5
$17,6.,'
,123
1250$/
'8
(1*,1(',63/$< ',63/$<6285&(
&21752/3$1(/ 6(/(&7256
&2$;,$/
&283/(5

$5,1&
287387%86(6
$,53/$1(6<67(06 $,53/$1(6<67(06
',6&5(7(6

',63/$<(/(&7521,&681,7
&'66<67(06800$5<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

(/(&75,&$/32:(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/32:(5,1752'8&7,21
3XUSRVH %7%  EXVWLHEUHDNHU
&36 F\FOHVSHUVHFRQG
7KHHOHFWULFDOSRZHUV\VWHPPDNHVVXSSOLHVDQG &6'  FRQVWDQWVSHHGGULYH
FRQWUROVHOHFWULFDOSRZHU7KHV\VWHPKDVDXWRPDWLFDQG
&7  FXUUHQWWUDQVIRUPHU
PDQXDOFRQWUROV%XLOWLQWHVWHTXLSPHQW%,7(DQG
DOWHUQDWHVRXUFHVHOHFWLRQPDNHWKHV\VWHPUHOLDEOHDQG FKJU  FKDUJHU
HDV\WRPDLQWDLQ '&  GLUHFWFXUUHQW
GLVF  GLVFRQQHFW
(OHFWULFDOSRZHUKDVWKHVHVXEV\VWHPV '(8  GLVSOD\HOHFWURQLFXQLW
'3&7 GLIIHUHQWLDOSURWHFWLRQFXUUHQW
 *HQHUDWRUGULYH WUDQVIRUPHU
 $&JHQHUDWLRQ
((&  HOHFWURQLFHQJLQHFRQWURO
 '&JHQHUDWLRQ
 ([WHUQDOSRZHU (3  H[WHUQDOSRZHU
 $&HOHFWULFDOORDGGLVWULEXWLRQ (3&  H[WHUQDOSRZHUFRQWDFWRU
)& IUHTXHQF\FRQYHUWHU
$EEUHYLDWLRQVDQG$FURQ\PV IOW  IOLJKW
IOWU  ILOWHU
$&  DOWHUQDWLQJFXUUHQW
IUHTFRQY IUHTXHQF\FRQYHUWHU
$*&8  $38JHQHUDWRUFRQWUROXQLW
)2  ILUVWRIILFHU
$*%  DFFHVVRU\JHDUER[
*&%  JHQHUDWRUFRQWUROEUHDNHU
DOWQ  DOWHUQDWH
*&5  JHQHUDWRUFRQWUROUHOD\
$3%  $38SRZHUEUHDNHU
*&8  JHQHUDWRUFRQWUROXQLW
$3,5 DX[LOLDU\SRZHULVRODWLRQUHOD\
JHQ  JHQHUDWRU
$36  $38SRZHUVZLWFK
JQG  JURXQG
$38  DX[LOLDU\SRZHUXQLW
JUG  JURXQG
$6*  $38VWDUWHUJHQHUDWRU
*675  JURXQGVHUYLFHWUDQVIHUUHOD\
DXWR  DXWRPDWLF
,'*  LQWHJUDWHGGULYHJHQHUDWRU
EDW  EDWWHU\
,)( LQIOLJKWHQWHUWDLQPHQW
%,7( EXLOWLQWHVWHTXLSPHQW
M  MXQFWLRQ
%3&8  EXVSRZHUFRQWUROXQLW
/58  OLQHUHSODFHDEOHXQLW
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5,1752'8&7,21
1&7  QHXWUDOFXUUHQWWUDQVIRUPHU
SDVV SDVVHQJHU
3'3  SRZHUGLVWULEXWLRQSDQHO
30*  SHUPDQHQWPDJQHWJHQHUDWRU
325 SRLQWRIUHJXODWLRQ
SZU  SRZHU
4$'  TXLFNDWWDFKGHWDFK
5&&% UHPRWHFRQWUROFLUFXLWEUHDNHU
UO\  UHOD\
506  URRWPHDQVTXDUH
57/  UHDG\WRORDG
VFDY  VFDYHQJH
6&8  VWDUWFRQYHUWHUXQLW
VHFW  VHFWLRQ
63&8  VWDQGE\SRZHUFRQWUROXQLW
638  VWDUWSRZHUXQLW
VYF  VHUYLFH
VWE\  VWDQGE\
V\V  V\VWHP
WKUP  WKHUPDO
758  WUDQVIRUPHUUHFWLILHUXQLW
95  YROWDJHUHJXODWRU
[IU  WUDQVIRUPHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
32:(5

(;7(51$/ *(1(5$725 $& '& 67$1'%< $&(/(&75,&$/

32:(5 '5,9( *(1(5$7,21 *(1(5$7,21 32:(5 /2$'
',675,%87,21

(/(&75,&$/32:(5,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(532:(5$1'&21752/*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/32:(532:(5$1'&21752/*(1(5$/'(6&5,37,21
3XUSRVH  0DLQEDWWHU\
 0DLQEDWWHU\FKDUJHU
7KHHOHFWULFDOSRZHUV\VWHPPDNHVDQGJLYHV$&DQG'&  $X[LOLDU\EDWWHU\
SRZHUWRWKHDLUSODQH7KHV\VWHPKDVDXWRPDWLF
FRQWUROVPDQXDOFRQWUROVDQGSURWHFWLRQ7KH$&'& 7KHEDWWHULHVDUHWKHEDFNXS'&SRZHUVRXUFHLIRWKHU
DQGVWDQGE\SRZHUV\VWHPVJLYHQRUPDODQGHPHUJHQF\ VRXUFHVGRQRWRSHUDWH7KHVWDQGE\SRZHUFRQWUROXQLW
SRZHU 63&8FRQWUROVWKHGLVWULEXWLRQRI'&SRZHU

$&3RZHU 6WDQGE\3RZHU

7KHHOHFWULFDOSRZHUV\VWHPKDVIRXUPDLQ$&SRZHU :LWKWKHORVVRIQRUPDOSRZHUWKHVWDQGE\SRZHUV\VWHP
VRXUFHVDQGRQHVWDQGE\SRZHUVRXUFH7KHVHDUHWKH VXSSOLHVDPLQLPXPRIPLQXWHVRI$&DQG'&SRZHUWR
PDLQ$&SRZHUVRXUFHVDQGWKHLUVXSSO\FDSDFLW\ WKHV\VWHPVQHFHVVDU\WRPDLQWDLQVDIHIOLJKW7KH
EDWWHULHVVXSSO\'&SRZHU7KHVWDWLFLQYHUWHUXVHV
 /HIWLQWHJUDWHGGULYHJHQHUDWRU,'*.9$ EDWWHU\SRZHUWRPDNH$&SRZHU7KH63&8FRQWUROVWKH
 5LJKWLQWHJUDWHGGULYHJHQHUDWRU,'*.9$ GLVWULEXWLRQRI$&DQG'&VWDQGE\SRZHU
 $38VWDUWHUJHQHUDWRU.9$EHORZ
IHHWPHWHUVGHFUHDVHVWR.9$DW 3URWHFWLRQ
IHHWPHWHUV
 ([WHUQDOSRZHU.9$ 7KHHOHFWULFDOSRZHUV\VWHPXVHVDXWRPDWLFFRQWUROWR
SURWHFWWKHV\VWHPIURPIDLOXUHV7KHVHOLQH
7KH,'*VDQGWKH$38VWDUWHUJHQHUDWRUVXSSO\SKDVH UHSODFHDEOHXQLWV/58VVXSSO\WKHV\VWHPZLWK
YROWVDW+]7KH$&SRZHUV\VWHPZLOOQRW SURWHFWLRQDQGFRQWUROORJLF
SDUDOOHO$&HOHFWULFDOSRZHU
 /HIWJHQHUDWRUFRQWUROXQLW*&8
7KHVWDWLFLQYHUWHUVXSSOLHVVLQJOHSKDVHYDF  5LJKWJHQHUDWRUFRQWUROXQLW*&8
RXWSXWWRWKH$&VWDQGE\EXV  $38JHQHUDWRUFRQWUROXQLW$*&8
 %XVSRZHUFRQWUROXQLW%3&8
'&3RZHU  6WDQGE\SRZHUFRQWUROXQLW63&8
 6WDUWFRQYHUWHUXQLW6&8
7KUHHWUDQVIRUPHUUHFWLILHUXQLWV758VFKDQJHYDF
WRYGF7KHDLUSODQHDOVRKDVWKHVH'&SRZHU 7KH*&8VPRQLWRUWKHV\VWHPWRFRQWURODQGSURWHFWWKH
VRXUFHV ,'*V7KH$38*&8DQGWKHVWDUWHUFRQYHUWHUXQLW6&8

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(532:(5$1'&21752/*(1(5$/'(6&5,37,21
ZRUNWRJHWKHUWRFRQWURODQGSURWHFWWKH$38VWDUWHU DLUSODQH7KH%3&8FORVHVWKH(3&RQO\ZKHQSRZHU
JHQHUDWRU7KHEXVSRZHUFRQWUROXQLW%3&8FRQWUROV TXDOLW\LVJRRGDQGQRRWKHUSRZHUVRXUFHLVRQWKH
DQGPRQLWRUVH[WHUQDOSRZHU7KH%3&8SURWHFWVWKH EXV
DLUSODQHIURPH[WHUQDOSRZHUWKDWLVRXWRIOLPLWV
7KHPRGXOHVRQWKH3DOVROHW\RXPRQLWRUWKHVWDWXV
&RQWURO RIWKHHOHFWULFDOSRZHUV\VWHP7KHSDQHOVKDYHOLJKWV
DQGDQDOSKDQXPHULF/('GLVSOD\
<RXXVXDOO\VHOHFWWKHHOHFWULFDOSRZHUVRXUFH
PDQXDOO\7KHVHPRGXOHVRQWKH3SDQHOJLYHPDQXDO
FRQWURORIWKHHOHFWULFDOSRZHUV\VWHP

 (OHFWULFDOPHWHUVEDWWHU\DQGJDOOH\SRZHUPRGXOH
3
 *HQHUDWRUGULYHDQGVWDQGE\SRZHUPRGXOH3
 $&V\VWHPVJHQHUDWRUDQG$38PRGXOH3

7KHVZLWFKHVRQWKHVHPRGXOHVVHQGVLJQDOVWRWKH/58V
WKDWFRQWUROSRUWLRQVRIWKHV\VWHP7KH/58VWKHQ
HQHUJL]HRUGHHQHUJL]HUHOD\VRUEUHDNHUVWRFRQWURO
HOHFWULFDOSRZHU

%UHDNHUVFRQWUROSRZHUWRWKHEXVHV$EUHDNHUFORVHV
WROHWSRZHUJRWKURXJKLW7KH*&8FORVHVWKHEUHDNHU
RQO\ZKHQSRZHULVJRRGDQGQRRWKHUSRZHUVRXUFHLVRQ
WKHEXV7KH%3&8PRQLWRUVWKHEUHDNHUSRVLWLRQV7KHVH
DUHWKHPDLQEUHDNHUV

 $38SRZHUEUHDNHU$3%
 JHQHUDWRUFRQWUROEUHDNHUV*&%
 EXVWLHEUHDNHUV%7%

7KH%3&8FRQWUROVWKHH[WHUQDOSRZHUFRQWDFWRU(3&
7KH(3&FORVHVWRWKHWROHWSRZHUJRWKURXJKLWWRWKH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'&$036 &36)5(4
$ $&67'%<
6<6
'$7$

'&92/76  $&$036  $&92/76

*&%
%$7
',6&+$5*( 7581,7 (/(&

0$,17
*&8 $8;
%$7
$8;%$7
75 *(1
$38*(1
*(1 ,'* $ &+$5*(5 $8;
%$7
%86
75 *5'
3:5
,19
%$77(5<
67%< 75 67%< 7(67
3:5 7(67 3:5
2))

%$7
2)) 2))
72 '&67'%<
21 21
21 &$%87,/ ,)(3$66 6<6
'& $&
6($7
(3& %7%
3 758
%3&8
67$1'%<
 3:52)) 
6<6 (;7(51$/32:(5
'5,9( '5,9(

',6&211(&7
67$1'%<32:(5
',6&211(&7
67$786 75
5(/$<
%$7 2)) $872
72
6<6 758
67$7,&
6&8 % ,19
3
*5'32:(5
$9$,/$%/(
*5'
3:5
2))

$3% %7% 758 '&

21 63&8
%8675$16)(5
$
%86(6
2
75$16)(5
%862))
)
)
8
7
2
75$16)(5
%862)) $*&8
6285&(
2))
6285&(
2)) $38
*(12)) $38*(1 *(12))
67$57(5*(1(5$725
6<6
%86 2))%86 %86

2)) 2))
67$786
*(1
21
$38*(1
21
*(1
%
$38

3 *&% 0$,1

&+$5*(5 0$,1
%$77(5<
*&8 $&
,'* %86(6
(/(&75,&$/32:(532:(5$1'&21752/*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5',675,%87,21*(1(5$/'(6&5,37,21
*HQHUDO  $38VWDUWHUJHQHUDWRU
 ,QWHJUDWHGGULYHJHQHUDWRUV,'*V
7KHVH$&EXVHVUHFHLYHSRZHUGLUHFWO\IURPDQ$&SRZHU
VRXUFH 2QH$&SRZHUVRXUFHFDQVXSSO\SRZHUWRERWKWUDQVIHU
EXVHVWKURXJKWKHEXVWLHEUHDNHUV%7%V
 $&WUDQVIHUEXV
 $&WUDQVIHUEXV (DFKWUDQVIHUEXVVXSSOLHVSRZHUWRWKHVHEXVHV
 *URXQGVHUYLFHEXV
 *URXQGVHUYLFHEXV  *DOOH\DVPDQ\DV
 0DLQEXV
6\VWHPORJLFUHPRYHVORDGVORDGVKHGWRSUHYHQWDQ  ,QIOLJKWHQWHUWDLQPHQWSDVVHQJHUVHDW
RYHUORDGRIDQ$&SRZHUVRXUFH  *URXQGVHUYLFHEXV

7KHVH'&EXVHVUHFHLYHSRZHUGLUHFWO\IURPWKH (DFKWUDQVIHUEXVVXSSOLHVSRZHUWRDWUDQVIRUPHU
WUDQVIRUPHUUHFWLILHUXQLWV758V UHFWLILHUXQLW758758LVXVXDOO\VXSSOLHGIURP$&
WUDQVIHUEXV
 '&EXV
 '&EXV *URXQG6HUYLFH%XVHV
 %DWWHU\EXV
7KHUHDUHWKUHHJURXQGVHUYLFHEXVHV7KH\DUH
7KHVHEXVHVUHFHLYHSRZHUGLUHFWO\IURPWKHPDLQ
EDWWHU\RUWKHPDLQEDWWHU\FKDUJHU  *URXQGVHUYLFHEXV
 *URXQGVHUYLFHEXV
 +RWEDWWHU\EXV  *URXQGVHUYLFH'&EXV
 '&VWDQGE\EXV
 6ZLWFKHGKRWEDWWHU\EXV *URXQGVHUYLFHEXVHVDQGDUH$&SRZHUHGEXVHV7KH\
 %DWWHU\EXV UHFHLYHSRZHULQRQHRIWKHVHWZRZD\V

$&7UDQVIHU%XVHV  7KH$&WUDQVIHUEXVRQLWVVLGHKDVSRZHURU
 7KHJURXQGVHUYLFHVZLWFKRQWKHIRUZDUGDWWHQGDQW
7KHVH$&VRXUFHVVXSSO\SRZHUWRWKH$&WUDQVIHUEXVHV SDQHOLVLQWKH21SRVLWLRQDQGH[WHUQDOSRZHULV
FRQQHFWHGWRWKHDLUSODQH
 ([WHUQDOSRZHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
(/(&75,&$/32:(5',675,%87,21*(1(5$/'(6&5,37,21
(DFKJURXQGVHUYLFHWUDQVIHUUHOD\FRQWUROVSRZHUWR
LWVJURXQGVHUYLFHEXV
7KH*URXQGVHUYLFH'&EXVLVD'&SRZHUHGEXV,W
UHFHLYHVSRZHUIURP'&EXVRUWKHKRWEDWWHU\EXV
7KHJURXQGVHUYLFHEXVUHOD\VHOHFWVWKHSRZHUVRXUFH
0DLQ%XVHVDQG*DOOH\%XVHV
7KHGLRGHEHWZHHQ758DQG758LVRODWHVWKH'&EXVHV
IURPWKHEDWWHU\EXV7KH758VXSSOLHVSRZHUWRWKH
'&EXVVLGHRIWKHGLRGHIRUORZYROWDJHFRQGLWLRQV
6WDQGE\%XVHV
7KH$&VWDQGE\EXVQRUPDOO\UHFHLYHVVLQJOHSKDVHSRZHU
IURP$&WUDQVIHUEXV7KHVWDWLFLQYHUWHUFDQDOVR
VXSSO\VLQJOHSKDVHSRZHUWRWKLVEXV$UHPRWHFRQWURO
7KHPDLQEXVHVDQGWKHJDOOH\EXVHVUHFHLYHSRZHUIURP FLUFXLWEUHDNHU5&&%FRQWUROVSRZHUWRWKHVWDWLF
WKHLUUHVSHFWLYH$&WUDQVIHUEXV/RDGVKHGUHOD\V LQYHUWHU
UHPRYHWKHSRZHUWRWKHVHEXVHVZKHQWKHLUORDGVH[FHHG
WKHRSHUDWLQJOLPLWV7KLVSURWHFWVWKH$&SRZHUVRXUFH 7KH'&VWDQGE\EXVQRUPDOO\UHFHLYHVSRZHUIURP'&EXV
IURPRYHUORDG7KHEXVSRZHUFRQWUROXQLW%3&8
FRQWUROVWKHORDGVKHGIXQFWLRQ
0DLQ%XVHV*DOOH\%XVHVDQG,)(3$666($7%XVHV
7KHPDLQEXVHVJDOOH\EXVHVDQGLQIOLJKW
HQWHUWDLQPHQWSDVVHQJHUEXVHVUHFHLYHSRZHUIURPWKHLU
UHVSHFWLYH$&WUDQVIHUEXV/RDGVKHGUHOD\VUHPRYHWKH
SRZHUWRWKHVHEXVHVZKHQWKHLUORDGH[FHHGVWKH
RSHUDWLQJOLPLWV7KLVSURWHFWVWKH$&SRZHUVRXUFH
7KHKRWEDWWHU\EXVFDQDOVRVXSSO\SRZHUWRWKH'&
VWDQGE\EXV
%DWWHU\%XVHV
7KHKRWEDWWHU\EXVQRUPDOO\UHFHLYHVSRZHUIURPWKH
PDLQEDWWHU\RUPDLQEDWWHU\FKDUJHU7KHDX[LOLDU\
EDWWHU\FRQQHFWVLQSDUDOOHOZLWKWKHPDLQEDWWHU\
GXULQJQRQQRUPDOFRQGLWLRQVWRKHOSVXSSO\SRZHU
IURPRYHUORDG7KHEXVSRZHUFRQWUROXQLW%3&8
FRQWUROVWKHORDGVKHGIXQFWLRQ
'&%XVHV
7KHEDWWHU\EXVQRUPDOO\UHFHLYHVSRZHUIURP7587KH
EDWWHU\EXVUHFHLYHVSRZHUIURPWKHEDWWHU\LI758
KDVQRRXWSXW
7KHVZLWFKHGKRWEDWWHU\EXVUHFHLYHVSRZHUIURPWKH
'&EXVQRUPDOO\UHFHLYHVSRZHUIURP758'&EXV EDWWHU\ZKHQWKHEDWWHU\VZLWFK3SDQHOLVLQWKH21
QRUPDOO\UHFHLYHVSRZHUIURP7587KHEXVWLHUHOD\ SRVLWLRQ
LVQRUPDOO\FORVHG7KLVFRQQHFWV'&EXVDQG'&EXV
LQSDUDOOHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5',675,%87,21*(1(5$/'(6&5,37,21
([WHUQDO3RZHU

([WHUQDOSRZHUFDQVXSSO\SRZHUWRWKHVHEXVHV

 $&WUDQVIHUEXVHV
 *URXQGVHUYLFHEXVHV

([WHUQDOSRZHUVXSSOLHVSRZHUWRHDFK$&WUDQVIHUEXV
WKURXJKWKHH[WHUQDOSRZHUFRQWDFWRU(3&DQGLWV
UHODWHG%7%

,'*3RZHU

7KH,'*VDUHWKHQRUPDOSRZHUVRXUFHVIRUWKH$&
WUDQVIHUEXVHV(DFK,'*VXSSOLHVSRZHUWRLWVUHODWHG
WUDQVIHUEXVWKURXJKLWVJHQHUDWRUFRQWUROEUHDNHU
*&%

%DWWHU\&KDUJHU

(DFKEDWWHU\FKDUJHUPDNHVVXUHLWVEDWWHU\VWD\VDW
PD[LPXPFKDUJH7KHEDWWHU\FKDUJHUVDOVRRSHUDWHDVD
758ZKHQQRWLQWKHFKDUJHPRGH

5HPRWH&RQWURO&LUFXLW%UHDNHU5&&%

7KHVWDQGE\SRZHUV\VWHPXVHVDUHPRWHFRQWUROOHG
FLUFXLWEUHDNHU5&&%WRFRQWUROSRZHULQSXWWRWKH
VWDWLFLQYHUWHU7KLV5&&%LVQRUPDOO\FORVHG

7KHGXDOEDWWHU\5&&%FORVHVWRSXWWKHDX[LOLDU\
EDWWHU\RXWSXWLQSDUDOOHOZLWKWKHRXWSXWRIWKHPDLQ
EDWWHU\7KLV5&&%LVQRUPDOO\RSHQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,'* $38 ,'*

 *(1 (;7 
3:5
*1'69& *&% $3% (3& *&% *1'69&
;)55/< ;)55/<
$&;)5%86 $&;)5%86
%7% %7%

*$//(<6 *$//(<6
*1'69&%86 *1'69&%86
0$,1%86 0$,1%86

,)(3$666($7 75;)5 ,)(3$666($7

$8;%$7 5/<
&+*5

0$,1%$7
758 758 758 &+*5
5&&%
$8;
%$7 %867,(5/<
'&%86 '&%86
67$7,&
,19(57(5 67'%<
1250$/5/< 0$,1
5&&% %$7%86 %$7
$&67%<%86 12505/< '&67%<%86
72$38
67$57
67%<'& &,5&8,7
%$7%86 $/715/<
$/75/< %$7%86

*1'69& +27%$7%86
6:+27%$7
%865/< %865/<

6:+27%$7%86 *1'69&'&%86

(/(&75,&$/32:(5',675,%87,21*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5&20321(17/2&$7,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/32:(5&20321(17/2&$7,21
*HQHUDO ([WHUQDO3RZHU3DQHO

(OHFWULFDOSRZHUFRPSRQHQWVDUHLQWKHVHDUHDVRIWKH 7KHH[WHUQDOSRZHUSDQHOLVRQWKHULJKWVLGHRIWKH
DLUSODQH IXVHODJHQHDUWKHQRVH7KHDFH[WHUQDOSRZHU
UHFHSWDFOHLVDWWKLVSDQHO
 )OLJKWFRPSDUWPHQW
 ([WHUQDOSRZHUSDQHO )RUZDUG/RZHU)XVHODJH
 )RUZDUGORZHUIXVHODJH
 ((FRPSDUWPHQW 5HOD\VIRUWKHHOHFWULFDOSRZHUV\VWHPDQGRWKHU
 (QJLQH DLUSODQHV\VWHPVDUHLQMXQFWLRQER[HVLQWKLVDUHD
 $38FRPSDUWPHQW
((&RPSDUWPHQW
)OLJKW&RPSDUWPHQW
0DQ\HOHFWULFDOSRZHUFRPSRQHQWVDUHLQWKH((
0RGXOHVRQWKH3RYHUKHDGSDQHOVXSSO\WKHVHIXQFWLRQV FRPSDUWPHQW7KHVHDUHVRPHRIWKHFRPSRQHQWV
IRUWKHHOHFWULFDOSRZHUV\VWHP
 0DLQEDWWHU\
 0DQXDOFRQWURO  0DLQEDWWHU\FKDUJHU
 ,QGLFDWLRQ  $X[LOLDU\EDWWHU\
 '&DQGVWDQGE\SRZHUV\VWHPEXLOWLQWHVW  $X[LOLDU\EDWWHU\FKDUJHU
HTXLSPHQW%,7(  *HQHUDWRUFRQWUROXQLWV*&8V
 %XVSRZHUFRQWUROXQLW%3&8
7KH3DQG3SDQHOVKDYHPDQ\HOHFWULFDOSRZHUV\VWHP  3RZHUGLVWULEXWLRQSDQHOV3'3V
FLUFXLWEUHDNHUVDQGUHOD\V  6WDUWFRQYHUWHUXQLW6&8

7KHVWDQGE\SRZHUFRQWUROXQLW63&8LVLQWKH3 7KH*&8VDQG%3&8VXSSO\%,7(IRUWKHDFHOHFWULFDO

SDQHO7KH63&8KDVUHOD\VDQGFLUFXLWEUHDNHUVIRUWKH SRZHUDQGH[WHUQDOSRZHUV\VWHPV
GFDQGVWDQGE\SRZHUV\VWHP
(QJLQH

,'*VDUHRQWKHIRUZDUGIDFHRIWKHHQJLQHDFFHVVRU\
JHDUER[7KHDLURLODQGIXHORLOFRROHUVDUHRQWKH
HQJLQHIDQFDVH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5&20321(17/2&$7,21
$38&RPSDUWPHQW

7KH$38VWDUWHUJHQHUDWRULVRQWKH$38JHDUER[

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$38&203$570(17
$3867$57(5*(1(5$725

)/,*+7&203$570(17
&21752/6:,7&+(6
,1',&$7,216
333$1(/6
5(/$<6
63&8

(1*,1(
(;7(51$/32:(53$1(/ ,'*
$,52,/&22/(5
((&203$570(17 )8(/2,/&22/(5
0$,1%$77(5<
0$,1%$77(5<&+$5*(5
)25:$5'/2:(5)86(/$*( $8;,/,$5<%$77(5<
-81&7,21%2;(6 $8;,/,$5<%$77(5<&+$5*(5
*(1(5$725&21752/81,76*&8
%8632:(5&21752/81,7%3&8
32:(5',675,%87,213$1(/63'3
67$57&219(57(581,76&8
(/(&75,&$/32:(5&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(523(5$7,21*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
(/(&75,&$/32:(523(5$7,21*(1(5$/'(6&5,37,21
*HQHUDO
8VHVZLWFKHVRQWKHIRUZDUG3RYHUKHDGSDQHORUWKH
IRUZDUGDWWHQGDQWSDQHOWRRSHUDWHWKHHOHFWULFDO
V\VWHP
(OHFWULFDO0HWHUV%DWWHU\$QG*DOOH\3RZHU0RGXOH3
JHDUER[SRZHU7KHHQJLQHVWDUWOHYHUPXVWEHLQWKH
LGOHSRVLWLRQIRUWKHGLVFRQQHFWIXQFWLRQWRRSHUDWH
7KHVWDQGE\SRZHUVZLWFKJLYHV\RXPDQXDOFRQWURORI
WKH$&DQG'&VWDQGE\SRZHUEXVVRXUFHV,QWKHDXWR
SRVLWLRQWKH$&VWDQGE\EXVJHWVSRZHUIURP$&
WUDQVIHUEXVDQGWKH'&VWDQGE\EXVJHWVSRZHUIURP
 '&EXVZKHQWKHVHVRXUFHVDUHDYDLODEOH,IWKH
VRXUFHVDUHQRWDYDLODEOHWKH$&VWDQGE\EXVJHWV
3XWWKH%$7VZLWFKWRWKH21SRVLWLRQWRHQHUJL]HWKHVH SRZHUIURPWKHVWDWLFLQYHUWHUDQGWKH'&EXVJHWV
EXVHVDQGFRPSRQHQWVZLWKEDWWHU\SRZHU SRZHUIURPWKHEDWWHULHV

 6ZLWFKHGKRWEDWWHU\EXV 7KHVHDUHWKHHIIHFWVRIWKHVWDQGE\SRZHUVZLWFKLQ
 %DWWHU\EXV WKHRWKHUWZRSRVLWLRQV
 6WDWLFLQYHUWHU
 $&VWDQGE\EXV  7KH2))SRVLWLRQGHHQHUJL]HVWKH$&VWDQGE\EXV
 '&VWDQGE\EXV DQGWKH'&VWDQGE\EXV
 3DOSKDQXPHULFGLVSOD\  7KH%$77SRVLWLRQHQHUJL]HVWKH$&VWDQGE\EXV
ZLWKEDWWHU\SRZHUWKURXJKWKHVWDWLFLQYHUWHUDQG
8VHWKH&$%87,/VZLWFKWRFRQWUROSRZHUWRDOOWKH HQHUJL]HVWKH'&VWDQGE\EXVZLWKEDWWHU\SRZHU
JDOOH\PDLQEXVHVDQGSDVVHQJHUFDELQOLJKWV8VHWKH
,)(3$666($7VZLWFKWRFRQWUROSRZHUWRWKH,)(EXVHV $&6\VWHPV*HQHUDWRU$QG$380RGXOH3

8VHWKH'&DQG$&VHOHFWRUVDQGWKHDOSKDQXPHULF 8VHWKHJURXQGSRZHUVZLWFKWRFRQWUROH[WHUQDOSRZHU
GLVSOD\WRPRQLWRUWKHHOHFWULFDOSRZHUV\VWHPSRZHU WRWKH$&WUDQVIHUEXVHV7KHEOXH*5'32:(5$9$,/$%/(
VRXUFHV OLJKWDERYHWKHVZLWFKFRPHVRQLIWKHJURXQGVRXUFHLV
FRQQHFWHGDQGWKHSRZHUTXDOLW\LVJRRG%RWK$&
*HQHUDWRU'ULYH$QG6WDQGE\3RZHU0RGXOH3 WUDQVIHUEXVHVJHWSRZHUZKHQWKHJURXQGSRZHUVZLWFK
LVPRYHGWRWKH21SRVLWLRQ$Q\LQLWLDOSRZHUVRXUFHV
7KHJHQHUDWRUGULYHGLVFRQQHFWVZLWFKRSHUDWHVWKH DUHUHPRYHGEHIRUHWKHWUDQVIHUEXVHVJHWH[WHUQDO
GLVFRQQHFWPHFKDQLVPIRULWVLQWHJUDWHGGULYHJHQHUDWRU SRZHU
,'*7KLVUHPRYHVWKH,'*IURPWKHHQJLQHDFFHVVRU\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(523(5$7,21*(1(5$/'(6&5,37,21
7KHEXVWUDQVIHUVZLWFKJLYHV\RXPDQXDOFRQWURORIWKH
%7%VDQGWKH'&EXVWLHUHOD\,QWKH$872SRVLWLRQ
WKH%7%VDQGWKH'&EXVWLHUHOD\RSHUDWHDXWRPDWLFDOO\
DVQHFHVVDU\
7KHEOXH$38*(12))%86OLJKWFRPHVRQZKHQWKH$38LV
UHDG\WRVXSSO\HOHFWULFDOSRZHU
)RUZDUG$WWHQGDQW3DQHO

,QWKH2))SRVLWLRQWKH%7%VRSHQDQGLVRODWHWKH$&
WUDQVIHUEXVHVIURPHDFKRWKHULIRQH,'*LVVXSSO\LQJ
SRZHUWRERWK$&WUDQVIHUEXVVHV7KH'&EXVWLHUHOD\
ZLOODOVRRSHQ7KLVLVRODWHV'&EXVDQG'&EXVIURP
HDFKRWKHU7KHSRVLWLRQDOVRUHVHWVWKH%7%WULS
FLUFXLWV
8VHWKHJURXQGVHUYLFHVZLWFKWRVXSSO\H[WHUQDOSRZHU
WRJURXQGVHUYLFHEXVDQGZLWKH[WHUQDOSRZHU
FRQQHFWHG7KLVPDNHVLWSRVVLEOHWRVXSSO\HOHFWULFDO
SRZHUIRUFDELQVHUYLFLQJZLWKRXWJRLQJLQWRWKHIOLJKW
FRPSDUWPHQW

8VHWKH*(1DQG*(1VZLWFKHVWRVXSSO\,'*SRZHUWR
DQ$&WUDQVIHUEXV7KH$&WUDQVIHUEXVRQWKDWVLGH
JRHVWR,'*SRZHUZKHQ\RXWHPSRUDULO\SXWWKHVZLWFK
WRWKH21SRVLWLRQ$Q\LQLWLDOSRZHUVRXUFHVDUH
UHPRYHG

8VHWKH$38*(1VZLWFKHVWRVXSSO\SRZHUWRWKH$&
WUDQVIHUEXVHV7KHUHDUHWZRVZLWFKHVEHFDXVHWKHUH
DUHWZREXVWLHEUHDNHUV%7%VWKDWVXSSO\SRZHUWR
WKH$&WUDQVIHUEXVHV%RWK$&WUDQVIHUEXVHVJHW$38
SRZHUZKHQ\RXRSHUDWHRQO\RQH$38*(1VZLWFKLIRQH
RIWKHVHFRQGLWLRQVLVWUXH

 %RWK$&WUDQVIHUEXVHVGRQRWKDYHSRZHULQLWLDOO\
 ([WHUQDOSRZHULVWKHRQO\VRXUFHRQWKH$&
WUDQVIHUEXVHV

,IWKH$&WUDQVIHUEXVHVKDYHSRZHULQLWLDOO\IURPWZR
SRZHUVRXUFHVWKHQRQO\WKH$&WUDQVIHUEXVRQWKH
VDPHVLGHDVWKH$38*(1VZLWFK\RXRSHUDWHHQHUJL]HV
ZLWK$38SRZHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'&$036 &36)5(4

'&92/76  $&$036  $&92/76

%$7
',6&+$5*( 7581,7 (/(&

0$,17

$8;%$7 $38*(1
%$7 75 *(1 *(1

%$7 *5'
75 ,19
%86 3:5

67%<
3:5 7(67
75 67%<
3:5
7(67
(/(&75,&$/0(7(56
2))
2)) 2)) %$77(5<$1'*$//(<
%$7 32:(502'8/(
21 &$%87,/
21
,)(3$66
6($7
21
3
'& $&

67$1'%<
 3:52)) 
*5281'
6(59,&( '5,9( '5,9(
67$1'%<32:(5
',6&211(&7 ',6&211(&7
(0(5*(1&< *5281'
(;,7/,*+76
6(59,&( *(1(5$725'5,9(
6:,7&+
%$7 2)) $872
$1'67$1'%<
32:(502'8/(
3

$,567$,56
*5'32:(5
$9$,/$%/(

*5'
3:5
5(75$&7 (;7(1' 2))

21

67$1'%<
67$,5 %8675$16)(5
$
$&6<67(0
23(5$7,1*
75$16)(5
%862))
2
) 8
7
75$16)(5
%862))
*(1(5$725$1'
)
75($'/,*+76
6285&(
2))
2
6285&(
2))
$3802'8/(
2)) $872 21
*(12)) $38*(1 *(12))
3
%86 2))%86 %86

2)) 2))

21 21
*(1 $38*(1 *(1
3)25:$5'$77(1'$173$1(/ $38

(/(&75,&$/32:(523(5$7,21*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5(/(&75,&$/0(7(56%$77(5<$1'*$//(<32:(502'8/(*(1(5$/'(6&5,37,21
*HQHUDO  2XWSXWIUHTXHQF\&36)5(4

8VHWKHHOHFWULFDOPHWHUVEDWWHU\DQGJDOOH\SRZHU 7KHDOSKDQXPHULFGLVSOD\VKRZVRQO\YROWDJHDQG
PRGXOH3IRUWKHVHIXQFWLRQV IUHTXHQF\ZKHQ\RXVHOHFWRQHRIWKHVH

 0RQLWRUHOHFWULFDOSRZHUSDUDPHWHUVIRUDFDQGGF  67%<3:5
FRPSRQHQWVRUEXVHV  *5'3:5
 &RQQHFWEDWWHU\SRZHUWRHOHFWULFDOEXVHVZLWKWKH  ,19
EDWWHU\VZLWFK
 $SSO\DQGUHPRYHSRZHUWRWKHJDOOH\VDQGPDLQ 7KHVHOHFWRUPXVWEHLQWKH7(67SRVLWLRQWRXVHWKH
EXVHVZLWKWKH&$%87,/VZLWFK 3%,7(
 $SSO\DQGUHPRYHSRZHUWRWKH,)(EXVHVZLWKWKH
,)(3$666($7VZLWFK '&0HWHU6HOHFWRU

7KHPRGXOHDOVRKDVWKHVH%,7(IXQFWLRQV 7KH'&PHWHUVHOHFWRULVDURWDU\VHOHFWRUZLWKVHYHQ
SRVLWLRQV(DFKSRVLWLRQRWKHUWKDQWKH7(67SRVLWLRQ
 6XSSOLHVGFDQGVWDQGE\SRZHUV\VWHPIDLOXUH KDVDUHODWLRQWRDGFSRZHUVRXUFHRUGFEXV
LQGLFDWLRQ
 0RQLWRUVWKHGFDQGVWDQGE\SRZHUDQGVDYHVIDXOW 9ROWDJH'&92/76DQGORDG'&$036VKRZRQWKH
PHVVDJHVLQPHPRU\ DOSKDQXPHULFGLVSOD\ZKHQWKHVHOHFWRULVSXWLQWKH75
 6KRZVIDXOWPHVVDJHVRQWKH/('DOSKDQXPHULF
GLVSOD\
$&0HWHU6HOHFWRU
7KHDFPHWHUVHOHFWRULVDURWDU\VHOHFWRUZLWKVHYHQ
SRVLWLRQV(DFKSRVLWLRQRWKHUWKDQWKH7(67SRVLWLRQ
KDVDUHODWLRQWRDQDFSRZHUVRXUFHRUDFEXV7KH
DOSKDQXPHULFGLVSOD\VKRZVWKHVHSDUDPHWHUVIRUWKH
WKUHHJHQHUDWRUV
SRVLWLRQVRUWKH%$7SRVLWLRQV
2QO\YROWDJHVKRZVZKHQWKHVHOHFWRULVSXWLQWKH%$7
%86RU67%<3:5SRVLWLRQV
7KHVHOHFWRUPXVWEHLQWKH7(67SRVLWLRQWRXVHWKH
3%,7(
%$7',6&+$5*(/LJKW
7KHDPEHU%$7',6&+$5*(OLJKWJLYHVLQGLFDWLRQRIPDLQ
 9ROWDJH$&92/76 EDWWHU\GLVFKDUJHRUDX[LOLDU\EDWWHU\GLVFKDUJH7KH
 /RDG$&$036

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/32:(5(/(&75,&$/0(7(56%$77(5<$1'*$//(<32:(502'8/(*(1(5$/'(6&5,37,21
%$7',6&+$5*(OLJKWWHPSRUDULO\FRPHVRQGXULQJDQ$38  $VPDQ\DVWZROLQHVRIPDLQWHQDQFHIDXOW
VWDUWZLWKEDWWHU\SRZHU PHVVDJHV

7581,7/LJKW 7KHVHOHFWRUVDQGWKHPDLQWHQDQFHVZLWFKFRQWUROZKDW
VKRZVRQWKHDOSKDQXPHULFGLVSOD\
7KHDPEHU7581,7OLJKWJLYHVLQGLFDWLRQRID
WUDQVIRUPHUUHFWLILHUXQLW758IDLOXUH7KH7581,7 %DWWHU\6ZLWFK
OLJKWFRPHVRQIRURQHRIWKHVHUHDVRQV
3XWWKHEDWWHU\VZLWFKWRWKH21SRVLWLRQWRHQHUJL]H
 $758IDLOXUHRQWKHJURXQG WKHVHEXVHVDQGFRPSRQHQWVIURPWKHPDLQEDWWHU\
 758IDLOXUHLQIOLJKW
 758DQG758IDLOXUHVLQIOLJKW  6ZLWFKHGKRWEDWWHU\EXV
 %DWWHU\EXV
(/(&/LJKW  6WDWLFLQYHUWHU
 $&VWDQGE\EXV
7KH(/(&OLJKWJLYHVLQGLFDWLRQWKDWWKHGFV\VWHPRU  '&VWDQGE\EXV
VWDQGE\SRZHUV\VWHPKDVDIDLOXUH8VH%,7(WRILQG  3DOSKDQXPHULFGLVSOD\
WKHIDLOXUH7KHDPEHU(/(&OLJKWFRPHVRQRQO\ZKHQ
WKHDLUSODQHLVRQWKHJURXQG 7KHEDWWHU\VZLWFKLVDWZRSRVLWLRQVZLWFK7KHFRYHU
ZKHQGRZQLVDJXDUGIRUWKHVZLWFKLQWKH21
0$,176ZLWFK SRVLWLRQOLIWWKHFRYHUEHIRUHPRYLQJWKHVZLWFKWR
WKH2))SRVLWLRQ
8VHWKHPDLQWHQDQFHVZLWFKGXULQJ%,7(7KH%,7(
RSHUDWHVRQO\RQWKHJURXQG7KHPDLQWHQDQFHVZLWFKLV &$%87,/6ZLWFK
DPRPHQWDU\SXVKEXWWRQVZLWFK
7KH&$%87,/VZLWFKWRFRQWUROVSRZHUWR
/('$OSKDQXPHULF'LVSOD\
 /HIWDQGULJKWUHFLUFXODWLRQIDQV
7KH/('DOSKDQXPHULFGLVSOD\VKRZVWKLVW\SHRI  )RUZDUGDQGDIWGRRUDUHDKHDWHUV
LQIRUPDWLRQ  'UDLQPDVWKHDWHUV
 /DYDWRU\ZDWHUKHDWHUV
 '&SDUDPHWHUVDPSVYROWV  (&6JDVSHUIDQ
 $&SDUDPHWHUVDPSVYROWVIUHTXHQF\  $OOYDFJDOOH\EXVHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5(/(&75,&$/0(7(56%$77(5<$1'*$//(<32:(502'8/(*(1(5$/'(6&5,37,21
 $OOYDFPDLQEXVHV
 $OOYDFVKDYHURXWOHWV
 /RJROLJKWV
 3RWDEOHZDWHUFRPSUHVVRU

,)(3$666($76ZLWFK

8VHWKH,)(3$666($7VZLWFKWRFRQWUROSRZHUWR

 7KHYDFYLGHRHQWHUWDLQPHQWHTXLSPHQW
 7KHYDFDXGLRHTXLSPHQW
 7KHYDFDLUSKRQHHTXLSPHQW
 3DVVHQJHUVHDWHOHFWURQLFVRXWOHWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'&$036 &36)5(4

    /('
$/3+$180(5,&
',63/$<

    

'&92/76  $&$036  $&92/76

0$,17(1$1&(
%$7
7581,7 (/(&
6:,7&+
',6&+$5*(

0$,17

'&0(7(5 $8;%$7 $38*(1

6(/(&725 %$7 75 *(1 *(1
$&0(7(5
6(/(&725
%$7 75 *5' ,19
%86 3:5

67%< 75 67%< 7(67

3:5 7(67 3:5
*$//(<$1'
2)) 0$,1%8632:(5
%$77(5<6:,7&+ 2)) 2)) 6:,7&+
%(+,1'&29(5
%$7
,)(32:(5
21 21 6:,7&+
21 &$%87,/ ,)(3$66
6($7
'& $&
(/(&75,&$/0(7(56%$77(5<$1'*$//(<32:(502'8/(3

(/(&75,&$/32:(5(/(&75,&$/0(7(56%$77(5<$1'*$//(<32:(502'8/(*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5*(1(5$725'5,9($1'67$1'%<32:(502'8/(*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/32:(5*(1(5$725'5,9($1'67$1'%<32:(502'8/(*(1(5$/'(6&5,37,21
*HQHUDO 67$1'%<3:52))/LJKW

7KHJHQHUDWRUGULYHDQGVWDQGE\SRZHUPRGXOHKDVWKHVH 7KHDPEHU67$1'%<3:52))OLJKWFRPHVRQZKHQDQ\RI
LQGLFDWLRQVDQGPDQXDOFRQWUROV WKHVHEXVHVGRQRWKDYHSRZHU

 ,'*ORZRLOSUHVVXUHLQGLFDWLRQ'5,9(OLJKWV  $&VWDQGE\EXV

 ,QGLFDWLRQWKDWWKHEDWWHU\EXVRUHLWKHUVWDQGE\  '&VWDQGE\EXV
EXVGRQRWKDYHSRZHU67$1'%<3:52))OLJKW  %DWWHU\EXV
 *HQHUDWRUGULYHGLVFRQQHFWVZLWFKHV
 6WDQGE\SRZHUVZLWFK 6WDQGE\3RZHU6ZLWFK

'5,9(/LJKW
7KHDPEHU'5,9(OLJKWFRPHVRQZKHQRQHRIWKHVH
FRQGLWLRQVRFFXU $872SRVLWLRQ7KHJXDUGKROGVWKHVZLWFKLQWKH$872
 7KH,'*RLOSUHVVXUHLVOHVVWKDQWKHRSHUDWLRQ
OLPLW
 7KHUHLVDQXQGHUIUHTXHQF\FRQGLWLRQZKLOHWKH
HQJLQHRSHUDWHV
*HQHUDWRU'ULYH'LVFRQQHFW6ZLWFK
7KHJHQHUDWRUGULYHGLVFRQQHFWVZLWFKRSHUDWHVWKH
GLVFRQQHFWPHFKDQLVPIRULWV,'*,WGRHVWKLVZKHQWKH
UHODWHGHQJLQHVWDUWOHYHULVLQWKHLGOHSRVLWLRQ
7KLVUHPRYHVWKH,'*IURPWKHHQJLQHDFFHVVRU\JHDUER[
7KHUHLVRQHJHQHUDWRUGULYHGLVFRQQHFWVZLWFKIRUHDFK
,'*(DFKVZLWFKLVVSULQJORDGHGWRWKH1250$/
SRVLWLRQ7KH',6&211(&7SRVLWLRQLVDPRPHQWDU\
SRVLWLRQ7KHJXDUGKROGVWKHVZLWFKLQWKH1250$/
SRVLWLRQOLIWWKHJXDUGWRPRYHWKHVZLWFK
7KHVWDQGE\SRZHUVZLWFKJLYHV\RXPDQXDOFRQWURORI
WKH$&DQG'&VWDQGE\SRZHUEXVVRXUFHV7KHVZLWFKLV
DWKUHHSRVLWLRQVZLWFK7KHVZLWFKLVXVXDOO\LQWKH
SRVLWLRQ
7KHVHEXVHVKDYHSRZHUZKHQWKHVWDQGE\SRZHUVZLWFKLV
LQWKH$872SRVLWLRQDQG$&WUDQVIHUEXVKDVSRZHU
 $&VWDQGE\EXV
 '&VWDQGE\EXV
 %DWWHU\EXVLIWKH%$7VZLWFKLVLQWKH21
SRVLWLRQ
7KHVHEXVHVKDYHSRZHUZKHQWKHVWDQGE\SRZHUVZLWFKLV
LQWKH$872SRVLWLRQWKH%$7VZLWFKLVLQWKH21
SRVLWLRQDQG$&WUDQVIHUEXVGRHVQRWKDYHSRZHU
 $&VWDQGE\EXV
 '&VWDQGE\EXV
 %DWWHU\EXV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5*(1(5$725'5,9($1'67$1'%<32:(502'8/(*(1(5$/'(6&5,37,21
7KHVHDUHWKHFRQGLWLRQVZKHQWKHVWDQGE\SRZHUVZLWFK
LVLQWKH2))SRVLWLRQDQGWKH%$7VZLWFKLVLQWKH21
SRVLWLRQ

 67$1'%<3:52))OLJKWLVRQ
 $&VWDQGE\EXVVWDWLFLQYHUWHUDQGWKH'&
VWDQGE\EXVGRQRWKDYHSRZHU
 %DWWHU\EXVKDVSRZHU

7KHVHEXVHVKDYHSRZHUZKHQWKH%$7VZLWFKLVLQWKH21
RUWKH2))SRVLWLRQDQGWKHVWDQGE\SRZHUVZLWFKLVLQ
WKH%$7SRVLWLRQ

 $&VWDQGE\EXV
 '&VWDQGE\EXV
 %DWWHU\EXV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$1'%<32:(56:,7&+
%(+,1'*8$5'

67$1'%<
 3:52)) 
'5,9( '5,9(
67$1'%<32:(5
',6&211(&7 ',6&211(&7

%$7 2)) $872

*(1(5$725'5,9(',6&211(&7
6:,7&+%(+,1'*8$5'

*(1(5$725'5,9($1'67$1'%<32:(502'8/(3

(/(&75,&$/32:(5*(1(5$725'5,9($1'67$1'%<32:(502'8/(*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5$&6<67(06*(1(5$725$1'$3802'8/(*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/32:(5$&6<67(06*(1(5$725$1'$3802'8/(*(1(5$/'(6&5,37,21
*HQHUDO 75$16)(5%862))/LJKW

7KHXSSHUSDUWRIWKH$&V\VWHPVJHQHUDWRUDQG$38 7KHDPEHU75$16)(5%862))OLJKWLVRQZKHQWKH$&
PRGXOH3KDVWKHVHOLJKWV WUDQVIHUEXVGRHVQRWKDYHSRZHU7KHUHLVRQHOLJKW
IRUHDFK$&WUDQVIHUEXV
 *5'32:(5$9$,/$%/(
 75$16)(5%862)) 6285&(2))/LJKW
 6285&(2))
 *(12))%86 7KHDPEHU6285&(2))OLJKWVKRZVWKDWDQ$&WUDQVIHU
 $38*(12))%86 EXVLVQRWHQHUJL]HGE\WKHVHOHFWHGVRXUFH7KHOHIW
6285&(2))OLJKWLVUHODWHGWRWKHVHVRXUFHV
7KHXSSHUSDUWRIWKHPRGXOHDOVRKDVWKHVHPDQXDO
FRQWUROV  ,'**(1VZLWFK
 $38OHIW$38*(1VZLWFK
 *URXQGSRZHUVZLWFK  ([WHUQDOSRZHUJURXQGSRZHUVZLWFK
 (QJLQHJHQHUDWRUVZLWFKHV
 $38JHQHUDWRUVZLWFKHV 7KHULJKW6285&(2))OLJKWLVUHODWHGWRWKHVHVRXUFHV
 %XVWUDQVIHUVZLWFK
 ,'**(1VZLWFK
*5281'32:(5$9$,/$%/(/LJKW  $38ULJKW$38*(1VZLWFK
7KH*5'32:(5$9$,/$%/(OLJKWFRPHVRQZKHQH[WHUQDO$&
SRZHULVFRQQHFWHGDQGWKHTXDOLW\LVJRRG7KHOLJKW
LVEULJKWEOXHZKHQRQ
*URXQG3RZHU6ZLWFK
8VHWKHJURXQGSRZHUVZLWFKWRFRQWUROH[WHUQDOSRZHU
WRWKH$&WUDQVIHUEXVHV
 ([WHUQDOSRZHUJURXQGSRZHUVZLWFK
7KH6285&(2))OLJKWGRHVQRWVKRZWKDWWKH$&WUDQVIHU
EXVLVGHHQHUJL]HG,QIOLJKWWKHOHIW6285&(2))
OLJKWFRPHVRQZKHQ*&%WULSV+RZHYHUWKHEXV
WUDQVIHUIXQFWLRQOHWV,'*SRZHU$&WUDQVIHUEXV
7KHVHDUHWKHH[DPSOHV
 ,'*IDLOV
 %XVWUDQVIHUIXQFWLRQFORVHVWKH%7%V
 %RWK$&WUDQVIHUEXVHVJHWSRZHUIURP,'*

7KHUHLVRQHOLJKWIRUHDFKWUDQVIHUEXV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(5$&6<67(06*(1(5$725$1'$3802'8/(*(1(5$/'(6&5,37,21
*(12))%86/LJKW $38*HQHUDWRU6ZLWFKHV

7KHEOXH*(12))%86OLJKWLVRQZKHQWKHHQJLQH 7KH$38HQJLQHJHQHUDWRUVZLWFKHVJLYHPDQXDOFRQWURO
JHQHUDWRUFRQWUROEUHDNHU*&%LVRSHQ7KLVVKRZV IRU$38JHQHUDWRUSRZHUVRXUFHVHOHFWLRQ7KHUHDUHWZR
WKDWWKH,'*LVQRWDSRZHUVRXUFHLQXVH7KHOLJKW
JRHVRIIZKHQWKH*&%FORVHV
$38*(12))%86/LJKW
7KHEOXH$38*(12))%86OLJKWVKRZVWKDWWKH$38LV
UXQQLQJEXWLWVJHQHUDWRULVQRWDSRZHUVRXUFHLQ
XVH7KHOLJKWLVRQZKHQWKH$38LVUXQQLQJDQGWKH
VZLWFKHVEHFDXVHWKHUHDUHWZREXVWLHEUHDNHUV%7%V
7KHVZLWFKHVRSHUDWHOLNHWKHHQJLQHJHQHUDWRU
VZLWFKHV
%XV7UDQVIHU6ZLWFK
7KHEXVWUDQVIHUVZLWFKJLYHV\RXPDQXDOFRQWURORIWKH
%7%VWKH'&%867,(5(/$<DQGWKH758WUDQVIHU
DX[LOLDU\SRZHUEUHDNHUV$3%VDUHRSHQ7KHOLJKW
JRHVRIIZKHQWKH$3%FORVHVRU\RXVKXWGRZQWKH$38
(QJLQH*HQHUDWRU6ZLWFKHV
7KHHQJLQHJHQHUDWRUVZLWFKHVJLYHPDQXDOFRQWUROIRU
,'*SRZHUVRXUFHVHOHFWLRQ(DFKVZLWFKLVDWKUHH
SRVLWLRQVZLWFKDQGLVVSULQJORDGHGWRWKHFHQWHU
UHOD\7KHVZLWFKKDVWZRSRVLWLRQV$872DQG2))7KH
VZLWFKLVXVXDOO\LQWKH$872SRVLWLRQ$FRYHULVD
JXDUGIRUWKHVZLWFKLQWKH$872SRVLWLRQ
,QWKH$872SRVLWLRQWKH%7%VWKH'&%867,(5(/$<
DQGWKH758WUDQVIHUUHOD\RSHUDWHDXWRPDWLFDOO\DV
QHFHVVDU\,QWKH2))SRVLWLRQWKH'&%867,(5(/$<
DQGWKH758WUDQVIHUUHOD\FDQQRWHQHUJL]H7KH
QHXWUDOSRVLWLRQ7KH21DQG2))SRVLWLRQVDUH
PRPHQWDU\SRVLWLRQV
3XWDJHQHUDWRUVZLWFKPRPHQWDULO\WRWKH21SRVLWLRQ
7KLVPDNHVWKH,'*WKHSRZHUVRXUFHIRULWV$&WUDQVIHU
EXV,I,'*SRZHUTXDOLW\LVJRRGWKHHOHFWULFDOSRZHU
V\VWHPUHPRYHVWKHSUHVHQWSRZHUVRXUFHRSHQVLWV
RSHUDWLRQRIWKH%7%VZKHQWKHVZLWFKLVLQWKH2))
SRVLWLRQGHSHQGVRQWKHHOHFWULFDOSRZHUVRXUFH
FRQGLWLRQVEHIRUH\RXPRYHWKHVZLWFK
6HHWKH'&*HQHUDWLRQ'LVWULEXWLRQDQG&RQWURO)RUPRUH
LQIRUPDWLRQRQWKHRSHUDWLRQRIWKH'&EXVWLHUHOD\
DQGWKH758WUDQVIHUUHOD\
JHQHUDWRUEUHDNHU7KHQWKHJHQHUDWRUEUHDNHUIRUWKH
,'*FORVHVDQGWKH,'*QRZVXSSOLHVSRZHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*5281'32:(5
6:,7&+

%8675$16)(5
6:,7&+
%(+,1'&29(5

(1*,1(*(1(5$725
6:,7&+

$38*(1(5$725
6:,7&+

(/(&75,&$/32:(5$&6<67(06*(1(5$725$1'$3802'8/(*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(575$,1,1*,1)250$7,2132,17%,7(
%XLOW,Q7HVW(TXLSPHQW%,7(

7KHVHHOHFWULFDOSRZHUFRPSRQHQWVKDYH%,7(

 (OHFWULFDOPHWHUVEDWWHU\DQGJDOOH\SRZHU
PRGXOH
 *HQHUDWRUFRQWUROXQLWV*&8V
 %XVSRZHUFRQWUROXQLW%3&8

(OHFWULFDO0HWHUV%DWWHU\DQG*DOOH\3RZHU0RGXOH
%,7(

7KHHOHFWULFDOPHWHUVEDWWHU\DQGJDOOH\SRZHUPRGXOH
KDVIURQWIDFH%,7(IRUWKHVWDQGE\SRZHUV\VWHPDQG
WKHGFJHQHUDWLRQV\VWHP7KHPRGXOHDOVRPRQLWRUVIRU
LQWHUQDOPRGXOHIDXOWVDQGZLULQJLQWHUIDFHIDLOXUHV
)DXOWPHVVDJHVVKRZRQWKH/('DOSKDQXPHULFGLVSOD\

*&8%,7(

(DFK*&8KDVIURQWIDFH%,7(IRUWKHDFJHQHUDWLRQ
V\VWHP)URQWSDQHOOLJKWVFRPHRQWRVKRZIDXOWV

%3&8%,7(

7KH%3&8KDVIURQWIDFH%,7(IRUWKHH[WHUQDOSRZHU
V\VWHP)URQWSDQHOOLJKWVFRPHRQWRVKRZIDXOWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,16758&7,216
5(&25'$1<)$8/7/,*+77+$7,621
386+$1'+2/'%3&87(676:,7&+)256(&21'
$///,*+76*2217+(1$///,*+76*22))
,)%3&8)$8/7/,*+7&20(6215()(572),0

   ,)%3&83$66/,*+7&20(6215()(572),0)25
5(&25'(')$8/7/,*+7

%3&8
)$8/7
  
(3&
)$8/7
%3&8
3$66
(3',67
%86)$8/7

%3&8
7(67

'& $&
(/(&75,&$/0(7(56%$77(5<$1'*$//(< *&8$1'$38*&8 %3&8
32:(502'8/(3

(/(&75,&$/32:(575$,1,1*,1)250$7,2132,17%,7(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(/(&75,&$/32:(575$,1,1*,1)250$7,2132,17%,7('& 67%<
(OHFWULFDO0HWHUV%DWWHU\DQG*DOOH\3RZHU0RGXOH LVWKHGLVSOD\WHVW7KHWHVWWDNHVVHFRQGV7KHQ
%XLOW,Q7HVW WKHILUVWPDLQWHQDQFHPHVVDJHVKRZVRQWKHGLVSOD\
0RPHQWDULO\SXVKWKHVZLWFKDJDLQWRVHHWKHQH[W
7KHIDXOWGDWDVKRZVRQWKHHOHFWULFDOPHWHUVEDWWHU\ PHVVDJH,IWKHUHDUHQRPDLQWHQDQFHPHVVDJHV12
DQGJDOOH\SRZHUPRGXOH7KHDPEHU(/(&OLJKWRQWKH )$8/766725('VKRZVPRPHQWDULO\DIWHUWKHGLVSOD\WHVW
PRGXOHFRPHVRQZKHQWKHPRGXOHKDVDQHOHFWULFDO LVGRQH7KHGLVSOD\WKHQJRHVRII7KHGLVSOD\VWD\V
V\VWHPPDLQWHQDQFHPHVVDJH7KHOLJKWGRHVQRWFRPHRQ RIIXQWLO\RXPRYHDVHOHFWRUVZLWFK
LQIOLJKW0DLQWHQDQFHPHVVDJHVVKRZRQWKH/('
DOSKDQXPHULFGLVSOD\ZKHQWKHDLUSODQHLVRQWKH 7KHPHVVDJH+2/'%87721&/($5)$8/76DSSHDUVRQWKH
JURXQGDQG\RXSXVKWKH0$,17VZLWFK GLVSOD\ZKHQ\RXPRPHQWDULO\SXVKWKHVZLWFKDIWHUWKH
ODVWIDXOWPHVVDJH7RHUDVHDOORIWKHPHVVDJHVIURP
7KHVHDUHWKHPDLQWHQDQFHPHVVDJHVWKDWFDQVKRZ PHPRU\SXVKDQGKROGWKHVZLWFKXQWLOWKH)$8/76
&/($5('PHVVDJHVKRZV7KH+2/'817,/)$8/76&/($5
 3$1(/)$,/85(VRIWGLVSOD\RSHUDWHV PHVVDJHVKRZVGXULQJWKLVWLPH,IWKHVZLWFKLV
 ,17(5)$&()$,/85( UHOHDVHGEHIRUHWKH)$8/76&/($5('PHVVDJHVKRZVWKH
 %$7&+*5,123 IDXOWPHVVDJHVVWD\LQPHPRU\DQGWKHGLVSOD\JRHVRII
 $8;%$7&+*5,123 7KHGLVSOD\JRHVEDFNWRQRUPDOZKHQ\RXPRYHD
 67$7,19,123 VHOHFWRUVZLWFK
 63&8,123
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KHOHWWHU,FDQVKRZDIWHUWKHPDLQWHQDQFHPHVVDJH
7KLVPHDQVWKDWWKHIDXOWLVLQWHUPLWWHQWDQGWKDWWKH $VPDQ\DVVHFRQGVFDQEHQHFHVVDU\IRUWKHGLVSOD\
IDXOWLVQRWVHWDWWKLVWLPH2QO\UHPRYHIDXOWVWKDW WHVWGXULQJ%,7(3XVKWKHPDLQWHQDQFHVZLWFKDJDLQ
DUHLQWHUPLWWHQW LPPHGLDWHO\DIWHUWKHGLVSOD\WHVWVVWDUWVWRE\SDVV
WKHGLVSOD\WHVW7KHGLVSOD\JRHVGLUHFWO\WRWKH
<RXGRWKHVHVWHSVWRVHHDPDLQWHQDQFHPHVVDJH ILUVWPDLQWHQDQFHPHVVDJHRUWKH12)$8/766725('
PHVVDJH
 3XWWKH$&DQG'&PHWHUVHOHFWRUVZLWFKHVWRWKH
7(67SRVLWLRQ
 0RPHQWDULO\SXVKWKH0$,17VZLWFK

$OOVHJPHQWVRIWKHDOSKDQXPHULFGLVSOD\FRPHRQRQH
VHJPHQWDWDWLPHDIWHU\RXUHOHDVHWKHVZLWFK7KLV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
$,53/$1(21*5281'
6(/(&7256:,7&+(6727(67326,7,216

020(17$5,/<386+0$,176:,7&+ 

67$7,19
/('$/3+$180(5,& ',63/$<7(67
',63/$<
12)$8/7'$7$
,123, 
),5670(66$*( 12)$8/76
6725('

020(17$5,/<386+0$,176:,7&+
0$,17(1$1&(
(/(& 6:,7&+
0$,17
68%6(48(170(66$*(6

$8;%$7 $38*(1
%$7 75 *(1 *(1 020(17$5,/<386+0$,176:,7&+
$&6(/(&725
%$7 *5'
6:,7&+
75 ,19 +2/'%87721
%86 3:5
&/($5)$8/76
67%< 75 67%< 7(67
3:5 7(67 3:5

2)) 386++2/'0$,176:,7&+
2)) 2)) '&6(/(&725
6:,7&+ 6(&
+2/'817,/
21 21 )$8/76&/($5
21
6(&
'& $&
)$8/76
(/(&75,&$/0(7(56%$77(5<$1'*$//(<32:(5 &/($5('
02'8/(3
5(/($6(6:,7&+ %/$1.',63/$<
 386+6:,7&+7,0(672%<3$66',63/$<7(67 817,/<28029(
 ,'(17,),(6,17(50,77(17)$8/7 6(/(&7256:,7&+

(/(&75,&$/32:(575$,1,1*,1)250$7,2132,17%,7('& 67%<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5,1752'8&7,21
3XUSRVH

([WHUQDOSRZHULVWKHXVXDOVRXUFHRI$&SRZHUIRUWKH
DLUSODQHHOHFWULFDOV\VWHPZKHQWKHDLUSODQHLVRQWKH
JURXQG

*HQHUDO

7KHH[WHUQDOSRZHUVRXUFHVXSSOLHV$&SRZHUWRWKH
DLUSODQH7KHDLUSODQHHOHFWULFDOFRPSRQHQWVFKDQJHWKH
$&SRZHUWR'&SRZHU

([WHUQDOSRZHUKDVWKHVHFRPSRQHQWV

 ([WHUQDOSRZHUUHFHSWDFOH
 ([WHUQDOSRZHUFRQWDFWRU(3&
 %XVSRZHUFRQWUROXQLW%3&8

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
32:(5

(;7(51$/ $&(/(&75,&$/
*(1(5$725 $& '& 67$1'%<
32:(5 '5,9( *(1(5$7,21 *(1(5$7,21 32:(5 /2$'
',675,%87,21

(;7(51$/32:(5,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;7(51$/32:(5*(1(5$/'(6&5,37,21
3XUSRVH  *URXQGVHUYLFHWUDQVIHUUHOD\VSRZHUWRDFJURXQG
VHUYLFHEXVHV
([WHUQDOSRZHULVWKHQRUPDOVRXUFHRIDFSRZHUIRUWKH  *URXQGVHUYLFHEXVUHOD\SRZHUWRJURXQGVHUYLFH
DLUSODQHHOHFWULFDOV\VWHPZKHQWKHDLUSODQHLVRQWKH
JURXQG,WJLYHV\RXV\VWHPSRZHUZKHQWKHHQJLQHVDQG
$38SRZHUVRXUFHVDUHQRWRSHUDWLQJ,WDOVRJLYHV
SRZHUWRWKHEDWWHU\FKDUJHUWRFKDUJHWKHEDWWHU\
*HQHUDO'HVFULSWLRQ
GFEXV
 ,QGLFDWLRQRQWKHDFV\VWHPJHQHUDWRUDQG$38
PRGXOHDQGWKHH[WHUQDOSRZHUSDQHO
7KH%3&8DOVRKDVLQWHUIDFHVZLWKRWKHUV\VWHPV6HH
WKH%3&8SDJHVLQWKLVVHFWLRQIRUPRUHLQIRUPDWLRQ

7KHEXVSRZHUFRQWUROXQLW%3&8XVHVLQSXWVDQG
LQWHUQDOORJLFWRFRQWUROGLVWULEXWLRQRIH[WHUQDO
SRZHURQWKHDLUSODQH7KH%3&8KDV%,7(WRKHOS\RXGR
WURXEOHVKRRWLQJRIWKHH[WHUQDOSRZHUV\VWHP
6ZLWFKHVRQWKHDFV\VWHPJHQHUDWRUDQG$38PRGXOH
DQGWKHIRUZDUGDWWHQGDQWSDQHOJLYH\RXPDQXDOFRQWURO
RIH[WHUQDOSRZHU
7KHH[WHUQDOSRZHUSDQHODQGWKHDFV\VWHPJHQHUDWRU
DQG$38PRGXOHKDYHH[WHUQDOSRZHULQGLFDWLRQ
7KHH[WHUQDOSRZHUSDQHOKDVDUHFHSWDFOHIRUDF
H[WHUQDOSRZHUFRQQHFWLRQ
0DQXDO&RQWURO
7KHJURXQGSRZHUVZLWFKLVRQWKHDFV\VWHPJHQHUDWRU
DQG$38PRGXOH
<RXXVHWKLVVZLWFKWRFRQWUROH[WHUQDOSRZHUWRWKHDF
WUDQVIHUEXVHVWKURXJKWKH(3&DQGWKH%7%V7KH%3&8
FORVHVWKH(3&GLUHFWO\(DFK%7%FORVHVDIWHULW
UHFHLYHVDVLJQDOIURPWKH%3&8WKURXJKDQ*&8
$VZLWFKRQWKHIRUZDUGDWWHQGDQWSDQHOOHWV\RXVXSSO\
SRZHUWRWKHDFDQGGFJURXQGVHUYLFHEXVHVIURPWKH
H[WHUQDOSRZHUVRXUFH7KHDFSRZHUJRHVWKURXJKWKH
WZRJURXQGVHUYLFHWUDQVIHUUHOD\V7KHGFSRZHUJRHV
WKURXJKWKHJURXQGVHUYLFHEXVUHOD\7KH%3&8XVHV
%XV3RZHU&RQWURO8QLW%3&8 LQSXWIURPWKHIRUZDUGDWWHQGDQWSDQHOWRFRQWUROWKH
UHOD\V
7KH%3&8XVHVWKHVHLQSXWVWRFRQWUROWKHXVHRI
H[WHUQDOSRZHU $XWRPDWLF&RQWURO6\VWHP3URWHFWLRQ

 ([WHUQDOSRZHUFRQWDFWRU(3&SRVLWLRQ 7KH%3&8XVHVLQSXWVIURPWKHH[WHUQDOSRZHUFXUUHQW

 %XVWLHEUHDNHU%7%SRVLWLRQVWKURXJKWKH WUDQVIRUPHU&7DQGIHHGHUOLQHVWRPRQLWRUH[WHUQDO
JHQHUDWRUFRQWUROXQLWV*&8V

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(;7(51$/32:(5*(1(5$/'(6&5,37,21
SRZHUTXDOLW\7KH%3&8FRQWUROVWKH(3&SRVLWLRQWR
SURWHFWDLUSODQHV\VWHPV

7KH%3&8DOVRUHPRYHVSRZHUWRVRPHEXVHVORDGVKHG
IRUV\VWHPSURWHFWLRQ

,QGLFDWLRQ

7KH%3&8FRQWUROVH[WHUQDOSRZHULQGLFDWLRQDWWKHDF
V\VWHPVJHQHUDWRUDQG$38PRGXOHDQGDWWKHH[WHUQDO
SRZHUSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;7(51$/
32:(53$1(/

,'* $38 ,'*

 *(1 
&7
$3%
*&% (3& *&%

*&8 $*&8 *&8

$&75$16)(5%86 $&75$16)(5%86
%7% %7% *1'69&
*1'69& ;)55/<
;)55/<
*1'69&%86

*1'69&%86 
,)(%86
,)(%86
 %3&8 0$,1
 %$7&+*5

$8; 0$,1%86 0$,1%86

%$7&+*5 *$//(<6 *$//(<6
*5'32:(5
$9$,/$%/(
0$,1%$7 72
*5'
3:5 $38
2))
)520'&%86 67$57
$8;
%$77(5< 21
*1'69& +27%$7%86
)25:$5' %865/<
$&6<67(06
$77(1'$17 *(1(5$725$1'
3$1(/3 $3802'8/( *1'69&'&%86
 /2$'6+('5(/$<

(;7(51$/32:(5*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5&20321(17/2&$7,21
*HQHUDO

([WHUQDOSRZHUFRPSRQHQWVDUHLQWKH((FRPSDUWPHQWDQG
RQWKHULJKWVLGHRIWKHIRUZDUGIXVHODJH([WHUQDO
SRZHUFRQWUROVDUHLQWKHIOLJKWFRPSDUWPHQWDQGDWWKH
IRUZDUGDWWHQGDQWSDQHO

((&RPSDUWPHQW

7KHEXVSRZHUFRQWUROXQLW%3&8LQRQWKH(UDFN

7KHH[WHUQDOSRZHUFRQWDFWRU(3&LVLQWKHSRZHU
GLVWULEXWLRQSDQHO3'3

)RUZDUG)XVHODJH

7KHH[WHUQDOSRZHUSDQHODQGUHFHSWDFOHLVRQWKHULJKW
VLGHRIWKHIXVHODJHQHDUWKHQRVHRIWKHDLUSODQH
7KHH[WHUQDOSRZHUVRXUFHFRQQHFWVWRWKHDLUSODQH
H[WHUQDOSRZHUUHFHSWDFOH

)OLJKW&RPSDUWPHQW

7KH3$&V\VWHPVJHQHUDWRUDQG$38PRGXOHLVRQ
WKH3RYHUKHDGSDQHO7KLVPRGXOHJLYHV\RXPDQXDO
FRQWURODQGLQGLFDWLRQRIH[WHUQDOSRZHU

)RUZDUG$WWHQGDQW3DQHO

7KHJURXQGVHUYLFHVZLWFKLVRQWKHIRUZDUGDWWHQGDQW
SDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

%3&8

3'3 (;7(51$/
32:(53$1(/
3

((&203$570(17
/22.,1*$)7 *5281'
*5281' 6:,7&+
6(59,&(
6(59,&(

5(75$&7 (;7(1'

3$&6<67(06
*(1(5$725$1' 67$,5
$3802'8/( 67$1'%< 23(5$7,1*

75($'/,*+76

2)) $872 21

329(5+($'3$1(/ 3)25:$5'$77(1'$173$1(/
(;7(51$/32:(5&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5(;7(51$/32:(55(&(37$&/(
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;7(51$/32:(5(;7(51$/32:(55(&(37$&/(
3XUSRVH 127,186(,QGLFDWRU

7KHH[WHUQDOSRZHUSDQHOLVZKHUH\RXFRQQHFWH[WHUQDO 7KHZKLWH127,186(LQGLFDWRUFRPHVRQZKHQWKHVH
$&SRZHUDQGVHHWKHSRZHUXVHLQGLFDWLRQ FRQGLWLRQVDUHWUXH

/RFDWLRQ  ([WHUQDOSRZHULVDYDLODEOH
 7KH(3&LVRSHQ
7KHH[WHUQDOSRZHUSDQHOLVLQWKHULJKWORZHUSRUWLRQ  %RWKJURXQGVHUYLFHWUDQVIHUUHOD\VDUHGH
RIWKHIRUZDUGIXVHODJH HQHUJL]HG

*HQHUDO'HVFULSWLRQ )/,*+7,17(53+21(-DFN

2SHQWKHH[WHUQDOSRZHUSDQHODFFHVVGRRUWRJHWDFFHVV 8VHWKHIOLJKWLQWHUSKRQHMDFNWRWDONZLWKRQO\WKH
WRWKHSDQHODQGWKHFRQQHFWLRQ7KHSDQHOKDVDQ IOLJKWFRPSDUWPHQW<RXXVHWKLVMDFNZKHQLWLV
H[WHUQDOSRZHUUHFHSWDFOHDQGDFRQWURODQGGLVSOD\ LPSRUWDQWWKDWQRRWKHUSHUVRQWDONVRYHU\RXU
VHFWLRQ FRPPXQLFDWLRQ

7KHFRQWURODQGGLVSOD\VHFWLRQKDVWKHVHFRPSRQHQWV 6(59,&(,17(53+21(-DFN

 (;7(51$/32:(5&211LQGLFDWRU 8VHWKHVHUYLFHLQWHUSKRQHMDFNWRWDONZLWKRWKHU
 ([WHUQDOSRZHU127,186(LQGLFDWRU DUHDVLQVLGHDQGRXWVLGHWKHDLUSODQH0DQ\SHRSOHFDQ
 )/,*+7,17(53+21(MDFN XVHWKLVDWWKHVDPHWLPH
 6(59,&(,17(53+21(MDFN
 3,/27&$//VZLWFK
 126(:+((/:(//OLJKWFRQWUROVZLWFK
(;7(51$/32:(5&211,QGLFDWRU
7KHDPEHU(;7(51$/32:(5&211LQGLFDWRUFRPHVRQZKHQ
WKHJURXQGSRZHUSOXJLVFRQQHFWHGDQGWKHJURXQG
VRXUFHLVRSHUDWLQJ
9(56,21'$7('$8*867
3$5.,1*%5$.(/,*+72SWLRQDO
$UHGOLJKWRQWKHH[WHUQDOSRZHUSDQHOVKRZVWKH
FRQGLWLRQRIWKHSDUNLQJEUDNHV\VWHP
3,/27&$//6ZLWFK
8VHWKH3,/27&$//VZLWFKWRRSHUDWHD&KLPHLQWKH
IOLJKWFRPSDUWPHQW7KLVDOHUWVDSHUVRQLQWKHIOLJKW
FRPSDUWPHQWWRWDONZLWKSHUVRQRQWKHJURXQG
RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5(;7(51$/32:(55(&(37$&/(
126(:+((/:(///LJKW&RQWURO6ZLWFK

8VHWKLVVZLWFKWRWXUQRQWKHOLJKWVLQWKHZKHHO
ZHOO

([WHUQDO3RZHU5HFHSWDFOH

7KHH[WHUQDOSRZHUUHFHSWDFOHKDVWKHVHVL[SLQV

 7KUHHSLQVIRUHDFK$&SRZHUSKDVHSLQV$%&
 2QHSLQIRUJURXQGSLQ1
 7ZRVKRUWSLQVIRU%3&8LQWHUORFNORJLFSLQV(
)

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;7(51$/ ,17(53+21(
32:(5

(; 7(51$/ ,1 7(53+21 ( 3$ 5.,1*% 5$.( &211 )/,*+7 6(59,&(

32 :(5 /, *+7
3,/27&$// 1::/,*+7
21

&2 11 )/ ,*+ 7 1250$/

127
,186(
3, /27&$/ / 1: :/,*+7
21

% $ '225
12 50$/
127
,1 86(
& )
237,21$/
1 (

(; 7(51$/ ,1 7(53+21 (
32 :(5

&2 11 )/ ,*+7 6(5 9,&(

3, /27&$// 1: :/,*+7
21

):'
12 50$/
127
,1 86(

(;7(51$/32:(53$1(/3
(;7(51$/32:(5(;7(51$/32:(55(&(37$&/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5(;7(51$/32:(5&217$&725
3XUSRVH  &RQWDFWRURSHQSRVLWLRQWRWKH$38*&8
 &RQWDFWRURSHQSRVLWLRQWRWKH*&8
7KHH[WHUQDOSRZHUFRQWDFWRU(3&FRQQHFWVYDF  &RQWDFWRURSHQSRVLWLRQWRWKH*&8
+]SKDVHSRZHUWRWKHGLVWULEXWLRQV\VWHPIURP  &RQWDFWRUFORVHGRSHQSRVLWLRQWRWKH%3&8
WKHH[WHUQDOSRZHU
$IWHUWKHFRQWDFWRULVFORVHGWKHWLHEXVSRZHUVLJQDO
/RFDWLRQ LVVXSSOLHGWRWKHEXVSRZHUFRQWUROXQLW%3&8

7KHSRZHUGLVWULEXWLRQSDQHOVDUHLQWKH((
FRPSDUWPHQW

7KHVHEUHDNHUVDUHLQSRZHUGLVWULEXWLRQSDQHO3

 %XVWLHEUHDNHU%7%
 ([WHUQDOSRZHUFRQWDFWRU(3&
 *HQHUDWRUFRQWUROEUHDNHU*&%

*HQHUDO'HVFULSWLRQ

7KHFRQWDFWRUPHFKDQLVPKDVDFORVHFRLODQGDKROG
FRLO:KHQWKHFORVHFRLOLVHQHUJL]HGDQGWKH
FRQWDFWRUFORVHVWKHFRQWUROFRQWDFWRSHQV7KH
HQHUJL]HGKROGFRLONHHSVWKHFRQWDFWRULQWKHFORVHG
SRVLWLRQ7KHFRQWDFWRURSHQVZKHQWKHFORVHORJLFLV
UHPRYHG

7KHFRQWDFWRUKDVWZRW\SHVRIFRQWDFWVSULPDU\DQG
DX[LOLDU\7KHSULPDU\FRQWDFWVFRQQHFWSRZHUIURPWKH
H[WHUQDOSRZHUVRXUFHWRWKHEXVWLHEUHDNHUV%7%V

7KHVHDUHWKHIXQFWLRQVRIWKHDX[LOLDU\FRQWDFWV

 &ORVHSRZHUIURPWKH%3&8

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&211(&725

$8;,/,$5<
&217$&76
,16,'(

23(1
35,0$5< 3+$6(
3'3 &217$&7 9$& 35,0$5<
3 &211(&7,216 += &217$&76
(;7(51$/32:(5 7,(%86
((&203$570(17 &217$&725 *5'3:5
/22.,1*$)7

'&%86
332:(5',675,%87,213$1(/
9$&0$,175$16)(5%86 (;7(51$/32:(5
(3&23(1$38*&8
;)5 6(&7 758 758 9$& (33:5 (;73:5 (;73:5
;)5%86 %3&8
                  

(3&23(1*&8
$8;,/,$5<
&217$&76
(3&23(1*&8

(3&&/26('23(1%3&8
&/26(3:5

(3& *&% %7% &/26(

5() 5() /2*,& 
'($'%86 &/26('
32:(5',675,%87,213$1(/3
)52173$1(/23(1 %3&8 (;7(51$/32:(5&217$&725

(;7(51$/32:(5(;7(51$/32:(5&217$&725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5%8632:(5&21752/81,7%3&8*(1(5$/'(6&5,37,21

7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;7(51$/32:(5%8632:(5&21752/81,7%3&8*(1(5$/'(6&5,37,21

%XV3RZHU&RQWURO8QLW  %XVWUDQVIHUVZLWFKSRVLWLRQ
 /LQHYROWDJHDWDSRLQWEHWZHHQWKHH[WHUQDOSRZHU
7KHEXVSRZHUFRQWUROXQLW%3&8VXSSOLHVWKHVH SDQHODQGWKH(3&
IXQFWLRQV  6LJQDOIURPWKHFXUUHQWWUDQVIRUPHU&7WKDWLV
LQSURSRUWLRQWRWKHFXUUHQWIORZWKURXJKWKH
 ([WHUQDOSRZHUFRQWDFWRU(3&FRQWURO IHHGHUZLUHV
 $&GLVWULEXWLRQEXVSURWHFWLRQ  &RQWLQXLW\FLUFXLWWKURXJKSLQV(DQG)DWWKH
 ([WHUQDOSRZHUPRQLWRULQJDQGSURWHFWLRQ H[WHUQDOSRZHUSDQHOLQWHUORFN
 )OLJKWFRPSDUWPHQWLQGLFDWLRQ  %XVWLHEUHDNHU%7%DQG%7%SRVLWLRQV
 %XVDQGJDOOH\ORDGVKHG  *HQHUDWRUFRQWUROEUHDNHU*&%DQG*&%
 *URXQGVHUYLFHSRZHUVRXUFHFRQWURO SRVLWLRQV
 5HIXHOLQJVWDWLRQSRZHU  $X[LOLDU\SRZHUEUHDNHU$3%SRVLWLRQ
 %XLOWLQWHVWHTXLSPHQWIRUIDXOWLVRODWLRQ  $LUJURXQG
 &$%87,/VZLWFKSRVLWLRQ
7KH%3&8FRQWUROVWKHRSHUDWLRQRIWKHIXOO$&SRZHU  ,)(3$666($7VZLWFKSRVLWLRQ
V\VWHPLQQRUPDODQGDEQRUPDOFRQGLWLRQV7RGRWKLV  *URXQGVHUYLFHUHOD\VSRVLWLRQ
WKH%3&8XVHVLQSXWVIURPFRPSRQHQWVDQGRWKHUFRQWURO  *URXQGVHUYLFHVZLWFKSRVLWLRQ
XQLWV)DLOVDIHIXQFWLRQVDUHLQWKHV\VWHPWROHW  (3&SRVLWLRQ
SRZHUGLVWULEXWLRQFRQWLQXHLIWKH%3&8IDLOV  $38JHQHUDWRUVZLWFKSRVLWLRQVIURP$*&8
 6RXUFHRIIVLJQDOVIURP*&8V
%3&83RZHU6XSSOLHV  $XWRODQGVLJQDOIURPIOLJKWFRQWUROFRPSXWHUV
)&&V
7KH%3&8JHWVSRZHUIURPWKHVHWKUHHVRXUFHV
%3&82XWSXWV
 ([WHUQDOWKUHHSKDVH$&SRZHU
 YGFIURPWKHEDWWHU\ 7KH%3&8VXSSOLHVWKHVHRXWSXWV
 YGFIURP'&EXV
 *5'3:5$9$,/$%/(LQGLFDWLRQRQWKH3PRGXOH
%3&8,QSXWV  ,QGLFDWLRQDWH[WHUQDOSRZHUSDQHO3
 &ORVHFRPPDQGWR(3&
7KH%3&8UHFHLYHVWKHVHLQSXWV  3RZHUWRUHIXHOLQJUHOD\
 %7%FORVHFRPPDQGWKURXJK*&8V
 *URXQGSRZHUVZLWFKSRVLWLRQ  %UHDNHURSHQFRPPDQGWKURXJK*&8V

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(;7(51$/32:(5%8632:(5&21752/81,7%3&8*(1(5$/'(6&5,37,21

 $3%KROGRIIFRPPDQG  $SSO\$38SRZHUPDQXDOO\LIWKHWLHEXVGH
 %3&8IDLOVDIHFRPPDQGWR*&8V HQHUJL]HV
 $38FRQILJXUDWLRQORDGVKHGLQIRUPDWLRQWR$38  0DNHWKH%3&8)$8/7OLJKWRQWKHIURQWSDQHORIWKH
HOHFWURQLFFRQWUROXQLW(&8 %3&8FRPHRQ
 /RDGVKHGWRJDOOH\PDLQEXVDQG,)(3$666($7  3UHYHQWWKHRSHUDWLRQRIWKHIXHOLQJSRZHUFRQWURO
UHOD\V UHOD\5
 *URXQGVHUYLFHUHOD\V
%XLOW,Q7HVW(TXLSPHQW%,7(
3URWHFWLRQ
7KH%3&8KDV%,7(WRKHOS\RXGRWURXEOHVKRRWLQJRIWKH
7KH%3&8XVHVLQSXWVWRPRQLWRUWKHHOHFWULFDOV\VWHP H[WHUQDOSRZHUV\VWHP
,IQHFHVVDU\WKH%3&8UHPRYHVORDGVIURPVRPHEXVHV
ORDGVKHGWRSURWHFWWKHV\VWHP7KH%3&8RSHQVWKH
(3&LIWKHSUREOHPFRQWLQXHV

%3&8)DLO6DIH

7KH%3&8KDVIDLOVDIHSURWHFWLRQIRUWKHSRZHUFKDQQHO
LIWKH%3&8ORVHVFRQWURORUSURWHFWLRQFDSDELOLW\$
VLJQDOJRHVWRWKH*&8RIWKHSRZHUFKDQQHO$IDLO
VDIHFRQGLWLRQGRHVWKHVHIXQFWLRQV

 2SHQWKH(3&
 0DNHWKH127,186(OLJKWRQWKHH[WHUQDOSRZHU
SDQHOJRRII
 0DNHWKH*5'3:5$9$,/$%/(OLJKWRQWKH3SDQHOJR
RII
 5HPRYHSRZHUWRWKHJDOOH\PDLQDQG,)(3$66
6($7EXVHV
 7KH%3&8VHQGVDIDLOVDIHVLJQDOWR*&8*&8
VLJQDOKDVPLOOLVHFRQGWLPHGHOD\
 *&8FORVHV%7%LIWKH%867,(GHHQHUJL]HV
 *&8FORVHV%7%LIWUDQVIHUEXVQHHGVSRZHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*5'32:(5 ,16758&7,216
$9$,/$%/(

5(&25'$1<)$8/7/,*+77+$7,621
3,1',&$7,21
*5'
3:5 386+$1'+2/'%3&87(676:,7&+)256(&21'
2))
$///,*+76*2217+(1$///,*+76*22))
,)%3&8)$8/7/,*+7&20(6215()(572),0
(3&326&200$1'
,)%3&83$66/,*+7&20(6215()(572),0)25
21 5(&25'(')$8/7/,*+7
)8(/,1*5/<
%8675$16)(5
$
2 8
75$16)(5
%862)) ) 7
75$16)(5
%862)) %3&8 %7%326,7,216
) 2
6285&(
2))
6285&(
2))
)$8/7
$3%326,7,21
3 (3&
)$8/7
32:(56833/< %3&8
)&&
3$66
(3',67
/,1(92/7$*( %86)$8/7 $,5*1'

&7 %3&8 $386:,7&+326,7,216$*&8

7(67
/2$'6+('6,*1$/
,17(5/2&.
6285&(2))6,*1$/
&$%87,/6:,7&+
%7%&200$1'
,)(3$666:,7&+ %5($.(523(1&200$1'
$3%+2/'2))$*&8
*5'6(59,&(6:
%3&8)$,/6$)(
(3&326,7,21
*&8*&8
$*&8
*&%326,7,21

*&%326,7,21

/2$'6+('5(/$<6 $38*(1/2$'6+('

*5'69&5(/$<6
%3&8
$38(&8

(;7(51$/32:(5%8632:(5&21752/81,7%3&8*(1(5$/'(6&5,37,21

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5%3&8(;7(51$/32:(5&21752/3527(&7,21$1',1',&$7,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;7(51$/32:(5%3&8(;7(51$/32:(5&21752/3527(&7,21$1',1',&$7,21
&RQWURO &XUUHQW3URWHFWLRQ

7KHEXVSRZHUFRQWUROXQLW%3&8FORVHVWKHH[WHUQDO 7KH%3&8KDVSURWHFWLRQORJLFIRUWKHVHW\SHVRI

SRZHUFRQWDFWRU(3&ZKHQDOORIWKHVHRFFXU FXUUHQWIDXOWV

 7KHJURXQGSRZHUVZLWFKRQWKH3LVLQWKH21  2YHUFXUUHQW
SRVLWLRQ  8QEDODQFHGSKDVHFXUUHQW
 ([WHUQDOSRZHUTXDOLW\KDVWKHFRUUHFWYROWDJHDQG  3KDVHVHTXHQFH
IUHTXHQF\
 7KHLQWHUORFNSLQV()KDYHFRQWLQXLW\ 7KH%3&8RSHQVEXVWLHEUHDNHU%7%LIWKHUHLVDQ
 1RSURWHFWLYHIXQFWLRQVRFFXU RYHUFXUUHQWFRQGLWLRQ7KH%3&8WKHQRSHQV%7%LIWKH
 7KHUHLVQRSRZHUEHWZHHQWKH%7%V FRQGLWLRQFRQWLQXHV)LQDOO\WKH%3&8RSHQVWKH(3&LI
 %DWWHU\VZLWFKRQ WKHUHLVVWLOODQRYHUFXUUHQWFRQGLWLRQ

7KH(3&RSHQVLIDQ\RQHRIWKHVHRFFXU 7KH(3&RSHQVLIWKH%3&8ILQGVDQXQEDODQFHGSKDVH
FXUUHQWFRQGLWLRQ7KH%3&8ZLOOQRWFORVHWKH(3&LID
 7KHTXDOLW\RIH[WHUQDOSRZHULVEDG SKDVHVHTXHQFHIDXOWLVWUXH
 7KHJURXQGSRZHUVZLWFKLVSXWWR2))SRVLWLRQ
 $SURWHFWLYHIXQFWLRQRFFXUV 7KH%3&8DOVRXVHVFXUUHQWLQIRUPDWLRQWRUHPRYHSRZHU
 5HPRYHWKHH[WHUQDOSRZHUSOXJ ORDGVKHGWRWKHJDOOH\DQGPDLQEXVHV
 7KHLQWHUORFNSLQVGRQRWKDYHFRQWLQXLW\
 $QRWKHUSRZHUVRXUFHVHOHFWLRQWULSVRSHQVWKH 9ROWDJH3URWHFWLRQ
(3&
7KH%3&8KDVSURWHFWLRQORJLFIRUWKHVHW\SHVRI
3URWHFWLRQ YROWDJHIDXOWV

7KH%3&8SURWHFWVWKHH[WHUQDOSRZHUFKDQQHODQG  2YHUYROWDJHKLJKYROWDJH

LVRODWHVWKHFKDQQHOLIDIDLOXUHRFFXUV7KH%3&8  8QGHUYROWDJHORZYROWDJH
PRQLWRUVWKHVHSDUDPHWHUVRIH[WHUQDOSRZHU  ([WHUQDOSRZHUSOXJIDXOW

 &XUUHQW 7KH%3&8RSHQVWKH(3&LIDQRYHUYROWDJHRUXQGHU
 9ROWDJH YROWDJHFRQGLWLRQKDSSHQV7KH%3&8ZLOOQRWOHWWKH
 )UHTXHQF\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(;7(51$/32:(5%3&8(;7(51$/32:(5&21752/3527(&7,21$1',1',&$7,21
(3&FORVHLIWKHUHLVDQRYHUYROWDJHRUXQGHUYROWDJH $&SRZHUGLUHFWO\IURPWKHH[WHUQDOSRZHUIHHGHUOLQHV
FRQGLWLRQ LQ33'3

7KH%3&8PRQLWRUVWKHFRQWLQXLW\DWSLQV(DQG)RIWKH 7KHZKLWH127,186(OLJKWFRPHVRQWRVKRZWKDWWKH
H[WHUQDOSRZHUSDQHO7KH%3&8RSHQVWKH(3&RU JURXQGVHUYLFHEXVHVDQGWUDQVIHUEXVHVGRQRWUHFHLYH
SUHYHQWVWKH(3&IURPFORVLQJLIWKHUHLVDIDXOW SRZHUIURPWKHH[WHUQDOSRZHUVRXUFH7KHOLJKWFRPHV
FRQGLWLRQ RQZKHQWKHVHFRQGLWLRQVDUHWUXH

)UHTXHQF\3URWHFWLRQ  &RQWLQXLW\WKURXJKSLQV(DQG)H[WHUQDOSRZHU

SOXJFRQQHFWHG
7KH%3&8RSHQVWKH(3&RUSUHYHQWVWKH(3&IURPFORVLQJ  *URXQGVHUYLFHUHOD\VDUHGHHQHUJL]HGDQG
LIWKHUHLVDQXQGHUIUHTXHQF\ORZIUHTXHQF\  (3&LVRSHQ
FRQGLWLRQ
,QWHUIDFHV
7KH%3&8RSHQVWKH(3&RUSUHYHQWVWKH(3&IURPFORVLQJ
LIDQWKHUHLVDQRYHUIUHTXHQF\KLJKIUHTXHQF\ 7KH5H[WHUQDOSRZHUVHQVLQJUHOD\HQHUJL]HVWR
FRQGLWLRQ VXSSO\HQWU\ZD\OLJKWLQJWRWKHSDVVHQJHUHQWU\GRRU
DUHDV7KLVUHOD\UHFHLYHVSRZHUIURPWKH%3&8
,QGLFDWLRQ
7KHEOXH*5'32:(5$9$,/$%/(OLJKWFRPHVRQWRVKRZ
WKDWH[WHUQDOSRZHULVFRQQHFWHGDQGSRZHUTXDOLW\LV
LQOLPLWV7KH%3&8VXSSOLHVSRZHUIRUWKHOLJKW7KH
OLJKWFRPHVRQIRUWKHVHFRQGLWLRQV
7KHUHIXHOLQJSRZHUFRQWUROUHOD\5HQHUJL]HVWR
VXSSO\SRZHUWRWKHIXHOLQJVWDWLRQ7KLVUHOD\
UHFHLYHVSRZHUIURPWKH%3&8

 7KHUHLVFRQWLQXLW\WKURXJKSLQV(DQG)DWWKH
H[WHUQDOSRZHUFRQQHFWLRQ
 &RQQHFWHGH[WHUQDOSRZHUTXDOLW\LVLQOLPLWV

7KHDPEHU&211OLJKWFRPHVRQWRVKRZWKDWH[WHUQDO
SRZHULVFRQQHFWHG7KHOLJKWLVQRWDQLQGLFDWLRQWKDW
SRZHUTXDOLW\LVJRRG7KHOLJKWLVQHRQDQGUHFHLYHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

( $
72
% 7,(
) & %86

$ &7

:
(3&23(1 
*5'659 &855(17
(;73:5 5/<6326 /2*,&
3$1(/3 
&/26('
(3&
*5'32:(5 75
$9$,/$%/(E
3'3
32:(5
48$/,7<
2)) 2.
/$67 21 
&200$1'
21

3
&/26((3&

6:+27
%$7%86 725(;73:5
%3&8
6(16(5(/$<
3&%3$1(/ *&86
75,3*%*%$3%
'&%86 7255()8(/,1*
%3&8 3:5&21752/5(/$<
'&%86
33'3 %8632:(5&21752/81,7

(;7(51$/32:(5%3&8(;7(51$/32:(5&21752/3527(&7,21$1',1',&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5%3&875$,1,1*,1)250$7,2132,17
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;7(51$/32:(5%3&875$,1,1*,1)250$7,2132,17
%XLOW,Q7HVW(TXLSPHQW LVDSULRULW\LIWKH%3&8VHHWZRIDXOWVDWWKHVDPH
WLPH7KLVLVWKHSULRULW\IRUWKHOLJKWV
7KH%3&8%,7(KHOSV\RXLVRODWHIDXOWVZLWKWKH
H[WHUQDOSRZHUFLUFXLW7KH%3&8%,7(RSHUDWHV  %3&8)$8/7
LQGHSHQGHQWO\RIWKHQRUPDOFRQWURODQGSURWHFWLYH  (3',67%86)$8/7
FLUFXLWV7KH%3&8KDVWKHVH%,7(IXQFWLRQV  (3&)$8/7
 %3&83$66JUHHQ
 'HWHFWVDQGLGHQWLILHVIDLOXUHVLQWKHH[WHUQDO
SRZHUFKDQQHO 0RQLWRU)$8/7
 6DYHVIDXOWLQIRUPDWLRQLQLWVQRQYRODWLOHPHPRU\
 6KRZVIDXOWLQIRUPDWLRQRQWKHIURQWRIWKH%3&8 0RQLWRU%,7(FRPSDUHVFDXVHDQGHIIHFWUHODWLRQVKLSVWR
LQGLFDWRUOLJKWV ILQGRXWLIWKHUHLVDIDXOWFRQGLWLRQ$IWHUD
 $VHOIWHVWRIWKH%3&8FLUFXLWVDWSRZHUXSDQG SURWHFWLYHDFWLRQRFFXUVWKHPRQLWRU%,7(LVRODWHVWKH
ZKHQWKH7(67VZLWFKRQWKHIURQWRIWKH%3&8LV IDXOW7KHPRQLWRU%,7(LVFRQWLQXRXVZKHQWKH%3&8KDV
SXVKHG SRZHU0RQLWRU%,7(LVRODWHVIDXOWVWRRQHRIWKHVH

7KH%3&8%,7(KDVWKHVHWKUHHRSHUDWLQJPRGHV  %3&8)$8/7
 (3',67%86)$8/7
 &RQWLQXRXVPRQLWRULQJ  (3&)$8/7
 3URWHFWLYHIDXOWV
 6HOIWHVW 3URWHFWLYH)DXOW%,7(

%,7()URQW3DQHO'LVSOD\
7KH%,7(IURQWSDQHOGLVSOD\KDVD7(67VZLWFKDQGIRXU
OLJKWV8VHWKHWHVWVZLWFKWRWXUQRIIDQ\IDXOW
OLJKWVDQGWRGRDWHVWRIWKH%3&87KH%3&8)$8/7DQG
%3&83$66OLJKWVDUHWKHRQO\OLJKWVWKDWFRPHRQDW
WKHHQGRIWKHVHOIWHVW
'XULQJFRQWLQXRXVPRQLWRULQJDQGSURWHFWLYHIDXOW
PRGHVRQO\RQHIDXOWOLJKWFRPHVRQDWDWLPH7KHUH
3URWHFWLYHIDXOW%,7(RFFXUVZKHQDIDXOWFRQGLWLRQ
PDNHVWKHJURXQGVHUYLFHUHOD\VRUWKH(3&RSHQ
3URWHFWLYHIDXOW%,7(LVRODWHVIDXOWVWRWKHVH
 ([WHUQDOSRZHU
 7KHWLHEXV
 7KHWUDQVIHUEXVHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

(;7(51$/32:(5%3&875$,1,1*,1)250$7,2132,17
'RDVHOIWHVW%,7(DIWHUIDXOWLVRODWLRQWRPDNHVXUH (3',67%86)$8/7
WKHIDXOWLVJRQH7KH%3&8VKRZVWKHIDXOWE\DQ(3
',67%86)$8/7UHGOLJKW 7KH%3&8PRQLWRUVLQWHUQDOSURWHFWLYHIXQFWLRQV7KH(3
',67%86)$8/7OLJKWFRPHVRQZKHQWKH%3&8RSHQVWKH
6HOI7HVW%,7( (3&%7%%7%IRUDQ\RIWKHVHIDXOWV

6HOIWHVW%,7(PRQLWRUVIRU%3&8SDVVLYHFLUFXLW  2YHUFXUUHQW
PDOIXQFWLRQV6HOIWHVW%,7(LVRODWHVIDXOWVWRWKH  8QEDODQFHGSKDVHFXUUHQW
%3&8DQGVKRZVWKLVE\D%3&8)$8/7UHGOLJKW
%3&8)$8/7
3XVKWKH%3&87(67VZLWFKWRGRDPDQXDOVHOIWHVW
'XULQJWKHWHVWDOOOLJKWVFRPHRQIRUWKUHHVHFRQGV 7KH%3&8)$8/7OLJKWFRPHVRQLIWKH%3&8IDLOVDVHOI
7KHQDOOWKHOLJKWVJRRII,IWKHUHDUHQR%3&8 WHVW%,7(RUWKH%3&8JRHVLQWRIDLOVDIHSURWHFWLRQ
IDXOWVWKHJUHHQ%3&83$66OLJKWFRPHVRQIRUVHYHQ
VHFRQGV7KHUHG%3&8)$8/7OLJKWFRPHVRQLILWILQGV %3&83$66
DQGLQWHUQDOIDXOW$Q\SUHYLRXVIDXOWOLJKWVWKDWZHUH
RQJRRIIDWWKHVWDUWRIWKLVWHVWDQGGRQRWFRPHRQ
XQWLOWKH%3&8ILQGVWKHIDXOWDJDLQ
6HOIWHVW%,7(LVDXWRPDWLFZKHQWKH%3&8UHFHLYHV
SRZHUDQGWKHDLUSODQHLVRQWKHJURXQG1ROLJKWVFRPH
RQLIWKHWHVWSDVVHV,IWKH%3&8ILQGVIDXOWVWKH
UHG%3&8)$8/7OLJKWFRPHVRQDQGSUHYLRXVO\ODWFKHG
IDXOWVDUHUHVHW
(3&)$8/7
7KH%3&83$66OLJKWJUHHQFRPHVRQZKHQ\RXSXVKWKH
7(67VZLWFKDQGWKH%3&8LVJRRG
%3&87HVW6ZLWFK
3XVKWKH%3&8WHVWVZLWFKWRPDNHWKH%3&8GRDVHOI
WHVW7KHWHVWWXUQVRIIDQ\IDXOWOLJKWWKDWLVRQ
EHIRUHWKHWHVW7KHIDXOWOLJKWFRPHVEDFNRQZKHQWKH
FRQGLWLRQVWKDWPDGHWKHOLJKWFRPHRQDUHWUXHDJDLQ
1RWOLNHWKH*&8WKH%3&8UHVSRQGVWRWKHWHVWVZLWFK
LIWKHDVVRFLDWHG$&SRZHUVRXUFHH[WHUQDOSRZHULV
7KH%3&8(3&IDXOWUHGOLJKWPRQLWRUVWKHYROWDJHRI RQWKHDLUSODQH
WKH(3&FORVHVLJQDODQGWKHSRVLWLRQRIWKH(3&7KH
(3&IDXOWOLJKWFRPHVRQLIWKHSRVLWLRQGRHVQRWPDWFK
WKHFRPPDQGHGSRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,16758&7,216
5(&25'$1<)$8/7/,*+77+$7,621
386+$1'+2/'%3&87(676:,7&+)256(&21'
$///,*+76*2217+(1$///,*+76*22))
,)%3&8)$8/7/,*+7&20(6215()(572),0 %,7(,16758&7,216
,)%3&83$66/,*+7&20(6215()(572),0)25
5(&25'(')$8/7/,*+7

%3&8
)$8/7 %,7(/,*+76

(3&
)$8/7
%3&8
(3',67
3$66 %3&87(676:,7&+
%86)$8/7

%3&8
7(67

%3&8

(;7(51$/32:(5%3&875$,1,1*,1)250$7,2132,17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

(;7(51$/32:(5*5281'6(59,&(6<67(0)81&7,21$/'(6&5,37,21
3XUSRVH

7KHJURXQGVHUYLFHV\VWHPDOORZVXVHRIH[WHUQDOSRZHU
IRUDLUSODQHVHUYLFLQJZLWKRXWSRZHULQJWKHHOHFWULFDO
V\VWHPEXVVHV

)XQFWLRQDO'HVFULSWLRQ

:KHQH[WHUQDOSRZHULVFRQQHFWHGWKHJURXQGVHUYLFH
V\VWHPLVHQHUJL]HGE\WKHJURXQGVHUYLFHVZLWFKRQWKH
3IRUZDUGDWWHQGDQWVSDQHO3XVKLQJWKHVZLWFKWRWKH
21SRVLWLRQDOORZVYGFIURPWUDQVIRUPHUUHFWLILHU
LQWKH%3&8WR

 7XUQRQDZKLWHOLJKWLQWKHJURXQGVHUYLFHVZLWFK
 (QHUJL]HJURXQGVHUYLFHUHOD\5
 (QHUJL]HJURXQGVHUYLFHWUDQVIHUUHOD\5
 (QHUJL]HJURXQGVHUYLFHWUDQVIHUUHOD\5

7KHUHOD\VUHFHLYHSRZHUIURPWKHKRWEDWWHU\EXV

5HOD\5FRQQHFWVWKHKRWEDWWHU\EXVWRWKHJURXQG
VHUYLFHEXVGF

5HOD\5FRQQHFWVH[WHUQDOSRZHUWRWKHJURXQG
VHUYLFHEXV

5HOD\5FRQQHFWVH[WHUQDOSRZHUWRWKHJURXQG
VHUYLFHEXV

:KHQWUDQVIHUEXVRUDUHSRZHUHGWKHWKUHHUHOD\V
GHHQHUJL]HDQGWKHJURXQGVHUYLFHEXVVHVDUHSRZHUHG
IURPWKHQRUPDOVRXUFHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(3&

9$&

9'&+27 *1'69&
%$7%86 $&(;73:5
+27%$7%86 %86'&
5(&(37$&/(

*1'69&
&21752/ 5*1'69&
5(/$<
3&%3$1(/

(;73:575
9'&
*1'69&
6:,7&+
(;73:52.
9$&
;)5%86 *1'
69&
%86 3):'$7731/
*5'69&
;)5%86*&8
5*1'69& ;)5%86*&8
;)55(/$<
3 %8632:(5&21752/81,7

(;7
9$& 3:5
;)5%86 *1'
69&
%86
*5'69& (;7
3:5 5*1'69&
;)55(/$<
3

(;7(51$/32:(5*5281'6(59,&(6<67(0)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(,1752'8&7,21
3XUSRVH

7KHJHQHUDWRUGULYHPDNHVWKUHHSKDVHYDF
+]SRZHUIRUXVHE\WKHHOHFWULFDOSRZHUV\VWHP

*HQHUDO

7KHJHQHUDWRUGULYHKDVWKHVHFRPSRQHQWV

 ,QWHJUDWHGGULYHJHQHUDWRU,'*
 $LURLOFRROHU
 4XLFNDWWDFKGHWDFK4$'DGDSWHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
32:(5

*(1(5$725 $& $&(/(&75,&$/

(;7(51$/ '& 67$1'%<
32:(5 '5,9( *(1(5$7,21 /2$'
*(1(5$7,21 32:(5 ',675,%87,21

*(1(5$725'5,9(,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
*(1(5$725'5,9(*(1(5$/'(6&5,37,21
3XUSRVH
7KHJHQHUDWRUGULYHVDUHWKHQRUPDOVRXUFHRI$&SRZHU
LQIOLJKW7KHUHDUHWZRLQWHJUDWHGGULYHJHQHUDWRUV
8VHWKHJHQHUDWRUGULYHVZLWFKWRPDQXDOO\RSHUDWHWKH
GLVFRQQHFWPHFKDQLVPRIWKH,'*7KH,'*VWRSVWXUQLQJ
DIWHUWKHGLVFRQQHFW7KH,'*FDQEHUHFRQQHFWHGRQWKH
JURXQGRQO\ZKLOHWKHHQJLQHLVQRWUXQQLQJ7KH,'*
,'*RQWKHDLUSODQH(DFKVXSSOLHVYDF
+]SRZHU(DFK,'*FDQVXSSO\XSWR.9$
*HQHUDO'HVFULSWLRQ
7KHHQJLQHDFFHVVRU\JHDUER[WXUQVWKH,'*%HFDXVH
HQJLQHVSHHGFKDQJHVWKHJHDUER[VSHHGDOVRFKDQJHV
7KH,'*WDNHVWKHYDULDEOHLQSXWVSHHGDQGFKDQJHVLW
LQWRDFRQVWDQWVSHHGRI530IRULWVLQWHUQDO$&
DOVRKDVDQDXWRPDWLFWKHUPDOGLVFRQQHFWZKLFKRFFXUV
ZKHQWKHRLOWHPSHUDWXUHJHWVWRRKRW7KH,'*PXVWEH
UHPRYHGWRUHVHWWKLVW\SHRIGLVFRQQHFW
127( 7KH,'*YHQGRUUHFRPPHQGVWKDW\RXGRQRW
UHFRQQHFWDQ,'*WKDWKDVEHHQGLVFRQQHFWHGIRU
DQ\UHDVRQRWKHUWKDQDIXQFWLRQDOWHVWRUDQ
XQLQWHQWLRQDOGLVFRQQHFW2SHUDWLRQRI,'*VWKDW
KDYHKDGRLOSUHVVXUHSUREOHPVFDXVHV'5,9(
JHQHUDWRU7KH,'*XVHVDFRPELQDWLRQRILQWHUQDO OLJKWPD\FDXVHIXUWKHUGDPDJHWRWKH,'*
PHFKDQLFDODQGK\GUDXOLFFRPSRQHQWVWRVXSSO\WKH
FRQVWDQWVSHHGWRWKHJHQHUDWRU ,'*

7KH,'*XVHVRLOIRUWKHVHSXUSRVHV 7KH,'*DVVHPEO\KDVDK\GURPHFKDQLFDOFRQVWDQWVSHHG
GULYH&6'VHFWLRQDQGDQRLOFRROHGEUXVKOHVV$&
 +\GURPHFKDQLFDOFRQVWDQWVSHHGGULYH JHQHUDWRUVHFWLRQ7KH,'*DOVRKDVDSHUPDQHQWPDJQHW
 /XEULFDWLRQ JHQHUDWRU30*7KLVLVIRUFRQWURODQGH[FLWDWLRQ
 &RROLQJ SRZHUWRWKHPDLQJHQHUDWRUVHFWLRQ

7KH,'*KDVDQRLOFRROLQJV\VWHP7KHFRROLQJV\VWHP 7KHJHQHUDWRUFRQWUROXQLW*&8UHFWLILHVWKH30*$&

KDVWKHVHH[WHUQDOFRROLQJFRPSRQHQWV RXWSXWWR'&6HHWKH$&*HQHUDWLRQVHFWLRQIRUPRUH
LQIRUPDWLRQRQWKHJHQHUDWRU
 $LURLOFRROHU
 ,'*RLOFRROHU 7KH*&8PRQLWRUV,'*RXWSXWSRZHUTXDOLW\DWWKUHH
SODFHV
7KHJHQHUDWRUGULYHDQGVWDQGE\SRZHUPRGXOHJLYHV
LQGLFDWLRQDQGFRQWURORIWKH$&JHQHUDWRUGULYH  1HXWUDOFXUUHQWWUDQVIRUPHU1&7LQWKH,'*
V\VWHP EHWZHHQWKHJHQHUDWRUDQGJURXQG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(*(1(5$/'(6&5,37,21
 'LIIHUHQWLDOSURWHFWLRQFXUUHQWWUDQVIRUPHU'3&7 DQLQSXWIURPDORZRLOSUHVVXUHVZLWFKLQWKH,'*WR
EHWZHHQWKHJHQHUDWRUDQGJHQHUDWRUFRQWURO PRQLWRURLOSUHVVXUH7KH*&8PRQLWRUVWKH30*RXWSXW
EUHDNHU IRUIUHTXHQF\DQGDUHDG\WRORDGVLJQDO57/IURPWKH
 $WWKHIHHGHUZLUHVMXVWEHIRUHWKH*&%SRLQWRI '(8VIRUDQHQJLQHUXQVLJQDO
UHJXODWLRQ

7KH*&8XVHV'&SRZHUWRH[FLWHWKHJHQHUDWRU7KH*&8
FRQWUROVWKHH[FLWDWLRQSRZHUWRFRQWUROWKHRXWSXW
SRZHURIWKH,'*PDLQJHQHUDWRU7KH*&8FRQWUROVWKH
JHQHUDWRUFRQWUROEUHDNHU*&%DVDIXQFWLRQRISRZHU
TXDOLW\RUPDQXDOFRQWUROLQSXW

,'*2LO6\VWHP

3XPSVLQVLGHWKH,'*PRYHWKHRLOWKURXJKWKH,'*DQG
RXWWKURXJKWZRH[WHUQDOFRROHUV

7KHDLURLOFRROHUILUVWXVHVHQJLQHIDQDLUWR
GHFUHDVHWKHWHPSHUDWXUHRIWKH,'*RLO7KHDLURLO
FRROHUKDVDQLQWHUQDOE\SDVVZKLFKRSHQVLIWKHFRROHU
EHFRPHVFORJJHG

7KHRLOOHDYHVWKHDLURLOFRROHUDQGJRHVWRWKH,'*
RLOFRROHU7KLVFRROHUXVHVIXHOWRGHFUHDVHWKH
WHPSHUDWXUHRIWKH,'*RLO6HHWKH)XHO'LVWULEXWLRQ
6\VWHPVHFWLRQIRUPRUHLQIRUPDWLRQRQWKH,'*RLO
FRROHU070$7$

7KHRLOUHWXUQVWRWKH,'*IURPWKH,'*RLOFRROHU

7KHDPEHU'5,9(OLJKWFRPHVRQLIWKH,'*RLOSUHVVXUH
LVOHVVWKDQWKHPLQLPXPRSHUDWLRQOLPLWRULIWKHUHLV
DQXQGHUIUHTXHQF\ZLWKWKHHQJLQHUXQQLQJ7KH*&8JHWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$1'%<
 3:52)) 
'5,9( '5,9(
67$1'%<32:(5

',6&211(&7 ',6&211(&7

%$7 2)) $872

*&8
(1*67$57
/(9(5
5(/$<
*(1(5$725'5,9($1'67$1'%<32:(5
02'8/(3
72$&
75$16)(5
%86
2,/287 '3&7 *&%

%<3$66 ,'*
9$/9( 2,/,1

(1*,1(
)$1
$,5

$,52,/&22/(5 ,'*2,/&22/(5

*(1(5$725'5,9(*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(&20321(17/2&$7,21
*HQHUDO

7KHFRPSRQHQWVRIWKHJHQHUDWRUGULYHDUHRQWKHHQJLQH
DQGLQWKHIOLJKWFRPSDUWPHQW

,QWHJUDWHG'ULYH*HQHUDWRU,'*

7KH,'*LVRQWKHIURQWIDFHRIWKHHQJLQHDFFHVVRU\
JHDUER[DWWKHSRVLWLRQ7KH,'*LVEHORZWKH
HQJLQHVWDUWHU

2SHQWKHOHIWHQJLQHIDQFRZOWRJHWDFFHVVWRWKH,'*
LQVWDOODWLRQ

:KHQVHUYLFLQJDFFHVVWRWKH,'*LVWKURXJKWKH,'*
VHUYLFLQJGRRULQWKHOHIWIDQFRZO

,'*$LU2LO&RROHU

7KHDLURLOFRROHULVRQWKHLQVLGHDIWSRUWLRQRIWKH
IDQFDVHDWWKHSRVLWLRQ2SHQWKHHQJLQHOHIWIDQ
FRZODQGWKUXVWUHYHUVHUWRJHWDFFHVVWRWKHDLURLO
FRROHU

*HQHUDWRU'ULYH$QG6WDQGE\3RZHU0RGXOH

7KHJHQHUDWRUGULYHDQGVWDQGE\SRZHUPRGXOHLVRQWKH
3IRUZDUGRYHUKHDGSDQHOLQWKHIOLJKWFRPSDUWPHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$1'%<
 3:52)) 
'5,9( '5,9(
67$1'%<32:(5

',6&211(&7 ',6&211(&7

%$7 2)) $872

*(1(5$725'5,9($1'67$1'%<32:(5
02'8/(3

)/,*+7&203$570(17

/()7)$1&2:/

$&&(6625<
*($5%2;

(1*,1(
67$57(5
5()

,'*6(59,&,1*'225 ,'* $,52,/&22/(5

4$'
$'$37(5 ,'*2,/&22/(5
5()
*(1(5$725'5,9(&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(,17(*5$7(''5,9(*(1(5$725,'*
3XUSRVH &DVH3UHVVXUH5HOLHI9DOYH

7KHLQWHJUDWHGGULYHJHQHUDWRUV,'*DUHWKHQRUPDO
VRXUFHRI$&SRZHUJHQHUDWLRQLQIOLJKW7KHUHDUHWZR
,'*VRQWKHDLUSODQH(DFKVXSSOLHVYDF+]
SRZHU7KH,'*FDQVXSSO\XSWR.9$
3K\VLFDO'HVFULSWLRQ
7KHFDVHSUHVVXUHUHOLHIYDOYHSUHYHQWVWKH,'*FDVH
IURPUXSWXUHLIWKHIXHORLOFRROHUOHDNVIXHOLQWRWKH
RLOV\VWHP7KHRLOYHQWVLQWRWKHDUHDEHWZHHQWKH
HQJLQHDFFHVVRU\JHDUER[DQGWKH,'*)OXLGLQWKLV
DUHDGUDLQVRYHUERDUGWKURXJKWKHHQJLQHGUDLQV\VWHP
6HHWKHSRZHUSODQWVHFWLRQIRUPRUHLQIRUPDWLRQRQWKH
7KH,'*KDVDFRQVWDQWVSHHGGULYHVHFWLRQDQGD HQJLQHGUDLQV\VWHP070$7$
JHQHUDWRU7KH,'*ZHLJKVSRXQGVNJV
(OHFWULFDO&RQQHFWRUV
7KHVHDUHWKHFRPSRQHQWVRQWKH,'*WKDW\RXVHUYLFHRU
LQVSHFW 7KH,'*KDVWZRHOHFWULFDOFRQQHFWRUV(OHFWULFDO
FRQQHFWRU$KDVZLUHFRQQHFWLRQVRIV\VWHPVZLWKWKHVH
 3XVKWRYHQWYDOYH IXQFWLRQV
 &DVHSUHVVXUHUHOLHIYDOYH
 (OHFWULFDOFRQQHFWRUV  1HXWUDOFXUUHQWWUDQVIRUPHULQIRUPDWLRQWRWKH*&8
 3KDVHOHDGWHUPLQDO  'LVFRQQHFWVROHQRLGSRZHUIURPWKH*(1'5,9(
 'LVFRQQHFWUHVHWULQJ ',6&211(&7VZLWFK3
 &KDUJHDQGVFDYHQJHRLOILOWHUV  30*$&SRZHUWRWKH*&8
 'LIIHUHQWLDOSUHVVXUHLQGLFDWRUSRSRXW
 2LOOHYHOVLJKWJODVV (OHFWULFDOFRQQHFWRU%KDVZLUHFRQQHFWLRQVRIV\VWHPV
 'UDLQSOXJ ZLWKWKHVHIXQFWLRQV
 3UHVVXUHILOODGDSWHU
 ([FLWHUILHOG'&SRZHULQSXW
3XVK7R9HQW9DOYH  2LOSUHVVXUHVLJQDOWRWKH'5,9(OLJKWRQWKH3
SDQHO
7KHYHQWYDOYHLVDVSULQJDFWXDWHGYDOYH,WNHHSVD
FRQVWDQWLQWHUQDOSUHVVXUHLQWKH,'*FDVH3XVKWKH
EXWWRQWRUHOHDVHWKHDLUSUHVVXUHEHIRUHVHUYLFLQJWKH
,'*ZLWKRLORUGUDLQWKHRLO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*(1(5$725'5,9(,17(*5$7(''5,9(*(1(5$725,'*
3KDVH/HDG7HUPLQDO
7KHWKUHHSKDVH$&IHHGHUZLUHVDQGDJURXQGZLUH
DWWDFKDWWKLVWHUPLQDOEORFN7KHFRQQHFWLRQVKDYH
FRORUHGVOHHYHVWRLGHQWLI\WKHSKDVHV
7KHVHDUHSKDVHLGHQWLILFDWLRQFRORUV $WHPSHUDWXUHORFNRXWIHDWXUHSUHYHQWVDIDOVH
 3KDVH$UHG
 3KDVH%\HOORZ
 3KDVH&EOXH
'LVFRQQHFW5HVHW5LQJ
8VHWKHGLVFRQQHFWUHVHWULQJWRUHFRQQHFWWKH,'*
DIWHUDPDQXDOGLVFRQQHFW7KHHQJLQHPXVWQRWEH
WXUQLQJZKHQ\RXGRDUHVHWRIWKH,'*
&KDUJH2LO)LOWHU
7KHFKDUJHRLOILOWHULVGRZQVWUHDPRIWKH,'*FKDUJH
SXPS2LOE\SDVVHVWKLVILOWHULILWEHFRPHVFORJJHG
7KHUHLVQRYLVXDOLQGLFDWLRQRQWKH,'*WKDWWKLV
ILOWHULVLQWKHE\SDVVFRQGLWLRQ5HSODFHWKHFKDUJH
RLOILOWHURQUHJXODULQWHUYDOV6HHWKH6(59,&,1*SDJH
LQWKLVVHFWLRQIRUPRUHLQIRUPDWLRQ
6FDYHQJH2LO)LOWHU
7KHVFDYHQJHRLOILOWHULVGRZQVWUHDPRIWKH,'*
VFDYHQJHSXPS2LOE\SDVVHVWKLVILOWHULILWEHFRPHV
FORJJHG<RXUHSODFHWKHVFDYHQJHRLOILOWHURQUHJXODU
LQWHUYDOV
9(56,21'$7('$8*867 RI
'LIIHUHQWLDO3UHVVXUH,QGLFDWRU
7KHGLIIHUHQWLDOSUHVVXUHLQGLFDWRULVLQWKH,'*
VFDYHQJHRLOV\VWHPDQGPRQLWRUVSUHVVXUHXSVWUHDPDQG
GRZQVWUHDPRIWKHVFDYHQJHRLOILOWHU7KHLQGLFDWRU
JLYHVDYLVXDOLQGLFDWLRQRIDFORJJHGVFDYHQJHILOWHU
GLIIHUHQWLDOSUHVVXUHLQGLFDWLRQGXULQJHQJLQHVWDUW
ZLWKFROGRLO
,IWKHUHGGLIIHUHQWLDOSUHVVXUHLQGLFDWRULVH[WHQGHG
GRDQ,'*VFDYHQJHDQGFKDUJHILOWHULQVSHFWLRQFKHFN
LQWKH$00
2LO/HYHO6LJKWJODVV
7KHRLOOHYHOVLJKWJODVVVKRZVWKHUHODWLYHDPRXQWRI
RLOLQWKH,'*8VHWKHVLJKWJODVVWRGRDFKHFNRIWKH
RLOTXDQWLW\
'UDLQ3OXJ
5HPRYHWKHGUDLQSOXJWRGUDLQWKH,'*RLO
3UHVVXUH)LOO$GDSWHU
8VHWKHSUHVVXUHILOODGDSWHUZKHQVHUYLFLQJWKH,'*
RLOOHYHO
6DIHW\/DQ\DUGV
7KUHHODQ\DUGVDWWDFKWRWKH,'*DQGWKHHQJLQH7KHVH
ODQ\DUGVNHHSWKH,'*RQWKHHQJLQHLIWKHUHLVYHU\
)2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(,17(*5$7(''5,9(*(1(5$725,'*
KLJKHQJLQHYLEUDWLRQ'LVFRQQHFWWKHODQ\DUGVIURPWKH
,'*IRU,'*UHPRYDO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
&211(&725$

&$6(35(6685(5(/,()
9$/9(2872)9,(:

)(('(56833257
%5$&.(7%266(6
2,/2873257
72&22/(56 ',6&211(&7
5(6(75,1*
',))(5(17,$/
35(6685( 3+$6(/($'
,1',&$725 7(50,1$/

2,/,13257 (/(&75,&$/
)520&22/(56 &211(&725%

6&$9(1*( 386+729(17
),/7(5 9$/9(
,'*
,1387
):' '5,9(
6+$)7
2,//(9(/
6,*+7*/$66

35(6685(
),//$'$37(5

):'

'5$,1 &+$5*(
3/8* ,'* ),/7(5

*(1(5$725'5,9(,17(*5$7(''5,9(*(1(5$725,'*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(48,&.$77$&+'(7$&+4$'$'$37(5

3XUSRVH )XQFWLRQDO'HVFULSWLRQ

7KHTXLFNDWWDFKGHWDFK4$'DGDSWHUDWWDFKHVWKH,'* 7KH4$'ULQJKROGVWKH,'*WRWKHHQJLQHDGDSWHUSODWH

WRWKHHQJLQHDFFHVVRU\JHDUER[$*% 7KHULQJKDVFODPSWUDFNDUHDVWKDWSXVKDJDLQVWWKH
,'*OXJV7KHWHQVLRQEROWNHHSVWKHULQJLQSODFH
/RFDWLRQ
<RXORRVHQWKHWHQVLRQEROWDQGWXUQWKHULQJFRXQWHU
7KH4$'DGDSWHULVRQWKHIURQWIDFHRIWKH$*% FORFNZLVHORRNLQJDIWWRUHPRYHWKH,'*7KLVDOLJQV
WKHRSHQSRUWLRQVRIWKHULQJZLWKWKH,'*OXJV
*HQHUDO
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KH4$'DGDSWHUKDVWKHVHSDUWV
7KHDOLJQPHQWPDUNVRQWKHULQJDQGWKHHQJLQHDGDSWHU
 (QJLQHDGDSWHUSODWH SODWHKHOSSRVLWLRQWKHULQJWRWKHRSHQSRVLWLRQIRU
 5LQJ ,'*LQVWDOODWLRQ
 7HQVLRQEROW
&$87,21 '2127/(77+(,'*+$1*217+(,13876+$)7
6FUHZVKROGWKHHQJLQHDGDSWHUSODWHWRWKH$*%7KH '85,1*,167$//$7,21)$,/85(7268332577+(
HQJLQHDGDSWHUSODWHKDVDQDOLJQPHQWPDUNQHDUWKH ,'*&255(&7/<25%803,1*7+(6+$)7&$1'$0$*(
R
FORFNSRVLWLRQZKHQORRNLQJDIW 7+(,13876($/

7KHULQJLVRQWKHHQJLQHDGDSWHUSODWH7KHULQJLV
IUHHWRWXUQZKHQWKHWHQVLRQEROWLVQRWLQSODFH7KH
ULQJDOVRKDVDQDOLJQPHQWPDUNZKLFK\RXXVHGXULQJ
,'*LQVWDOODWLRQ

7KHWHQVLRQEROWKROGVWKHULQJLQSODFHRQWKHHQJLQH
DGDSWHUSODWH7KHWHQVLRQEROWJRHVWKURXJKDERVVRQ
WKHULQJDQGILWVLQWRDERVVRQWKHHQJLQHDGDSWHU
SODWH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

4$' (1*,1(
5,1* $'$37(5 ,'*
3/$7( /8*6
&/$03
75$&. 35(65(/,()
$5($ 5()

):'
,'*

$/,*10(17
0$5.6

7(16,21%2/7
%266

4$'$'$37(523(1326,7,21
/22.,1*$)74$'21$*%
4$'$'$37(5

,'*

$&&(6625<
*($5%2;
):' 5()

$*%02817,1*
*$6.(7 3$'
7(16,21
%2/7
*(1(5$725'5,9(48,&.$77$&+'(7$&+4$'$'$37(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9()81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*(1(5$725'5,9()81&7,21$/'(6&5,37,21
,'*)XQFWLRQDO'HVFULSWLRQ 7KH*&8XVHVWKH'&YROWDJHWRH[FLWHWKH,'*JHQHUDWRU
WKURXJKWKHH[FLWHUZLQGLQJV7KH*&8FRQWUROVWKH
7KH,'*LVDQDVVHPEO\WKDWKDVDK\GURPHFKDQLFDO H[FLWDWLRQSRZHUWRFRQWUROWKHRXWSXWSRZHURIWKH
FRQVWDQWVSHHGGULYH&6'VHFWLRQDQGDQRLOFRROHG JHQHUDWRU7KH*&8FRQWUROVWKHJHQHUDWRUFRQWURO
EUXVKOHVV$&JHQHUDWRU7KH,'*DOVRLQFOXGHVD EUHDNHU*&%DVDIXQFWLRQRISRZHUTXDOLW\
SHUPDQHQWPDJQHWJHQHUDWRU30*IRUFRQWURODQG
H[FLWDWLRQSRZHU7KHVDPHRLOFLUFXLWOXEULFDWHVDQG
FRROVWKH&6'DQGJHQHUDWRUFRPSRQHQWV7KH&6'VHFWLRQ
WXUQVWKHJHQHUDWRUDWDFRQVWDQWVSHHGRI530
7KHJHQHUDWRUVXSSOLHVYDF+]SRZHUDQG
KDVDUDWLQJRI.9$
7KH$&JHQHUDWRULVDWKUHHSKDVHEUXVKOHVVPDFKLQH
7KHJHQHUDWRUKDVDQ$&H[FLWHUJHQHUDWRUDQGDPDLQ
0DQXDO,'*'LVFRQQHFW
8VHWKHJHQHUDWRUGULYHGLVFRQQHFWVZLWFKWRGRD
PDQXDOGLVFRQQHFWRIWKH,'*:KHQ\RXSXWWKHVZLWFK
WRWKHGLVFRQQHFWSRVLWLRQSRZHUJRHVWRDVROHQRLGRQ
WKH,'*LIWKHHQJLQHVWDUWOHYHULVLQWKHLGOH
SRVLWLRQ7KHVROHQRLGHQHUJL]HVDQGGLVFRQQHFWVWKH
&6'IURPWKHLQSXWGULYHVKDIW
JHQHUDWRU7KHSHUPDQHQWPDJQHWJHQHUDWRU30*LVD
SHUPDQHQWPDJQHWURWRUDQG30*VWDWRU7KH30*URWRU 5HVHWWKHPDQXDOGLVFRQQHFWDWWKH,'*7KHHQJLQHPXVW
LQGXFHVDQ$&YROWDJHLQWKH30*VWDWRUDVWKH QRWEHWXUQLQJWRGRWKHUHVHW
JHQHUDWRUWXUQV7KH30*YROWDJHJRHVWRWKHJHQHUDWRU
FRQWUROXQLW*&87KH*&8UHFWLILHVWKH30*$& $PDQXDOGLVFRQQHFWLVXVXDOO\GRQHZKHQWKH'5,9(
YROWDJHWR'& OLJKWFRPHVRQ7KH'5,9(OLJKWVKRZVWKDWWKH,'*RLO
SUHVVXUHLVOHVVWKDQWKHPLQLPXPRSHUDWLQJOLPLWRU
,'*2XWSXW3RZHU&RQWURO WKHUHLVDQXQGHUIUHTXHQF\FRQGLWLRQ$VZLWFKFRYHU
DQGV\VWHPORJLFSUHYHQWDQDFFLGHQWDOGLVFRQQHFW
7KH*&8PRQLWRUV,'*RXWSXWSRZHUTXDOLW\DWWKHVH
WKUHHSODFHV 7KH,'*LQSXWVKDIWDOVRKDVDVKHDUVHFWLRQWKDW
EUHDNVZKHQWRUTXHLVWRRKLJK7KLVSUHYHQWVWKH
 1HXWUDOFXUUHQWWUDQVIRUPHU1&7DWWKH,'* HQJLQHDFFHVVRU\JHDUER[IURPEHLQJGDPDJHGEHFDXVHRI
EHWZHHQWKHJHQHUDWRUDQGJURXQG DQ,'*IDLOXUH
 'LIIHUHQWLDOSURWHFWLRQFXUUHQWWUDQVIRUPHU'3&7
EHWZHHQWKHJHQHUDWRUDQGJHQHUDWRUFRQWURO 7KHUPDO,'*'LVFRQQHFW
EUHDNHU*&%
 $WWKHIHHGHUOLQHVMXVWEHIRUHWKH'3&7 7KH,'*DOVRKDVDWKHUPDOPHFKDQLVPWKDWDXWRPDWLFDOO\
GLVFRQQHFWVWKH&6'VHFWLRQRIWKH,'*LIWKH,'*RLO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

*(1(5$725'5,9()81&7,21$/'(6&5,37,21
WHPSHUDWXUHJHWVWRRKRW7KHUPDOGLVFRQQHFWRFFXUVDW 7KHVFDYHQJHSXPSVHQGVRLOLQWRWKHVFDYHQJHRLO
)&7KH,'*PXVWUHPRYHGDQGGLVDVVHPEOHGWR ILOWHU,IWKHVFDYHQJHRLOILOWHUEHFRPHVFORJJHGD
UHVHWDWKHUPDOGLVFRQQHFW VSULQJORDGHGGLIIHUHQWLDOSUHVVXUHLQGLFDWRU'3,
JRHVRXW7KH'3,KDVDWHPSHUDWXUHORFNRXWIHDWXUH$
,'*2LO6\VWHP ELPHWDOHOHPHQWORFNVRXWWKHSRSRXWLQGLFDWRULIWKH
,QVLGHWKH,'*DUHSXPSVWKDWPRYHWKHRLOWKURXJKWKH
,'*DQGRXWWKURXJKWZRH[WHUQDOKHDWH[FKDQJHUV$
FKDUJHSXPSPRYHVWKHRLOWRRSHUDWHWKH,'*DQGDOVR
OXEULFDWHDQGFRROWKH&6'VHFWLRQRIWKH,'*7KHRLO
RLOWHPSHUDWXUHLVOHVVWKDQ)WR)&WR&
$VFDYHQJHILOWHUE\SDVVYDOYHLQWKHVFDYHQJHFLUFXLW
OLPLWVWKHGLVFKDUJHSUHVVXUHRIWKHVFDYHQJHSXPS,I
EORFNDJHLQWKHFLUFXLWFDXVHVWKHRLOSUHVVXUHWR
DOVRJRHVWRFRROWKHJHQHUDWRU$VFDYHQJHSXPSWKHQ LQFUHDVHWRSVLNSDWKHE\SDVVYDOYHRSHQV
PRYHVWKHKRWRLORXWRIWKH,'*WRWKHWZRFRROHUV2LO DQGVHQGVRLOWRWKHLQOHWRIWKHGHDHUDWRUZKLFK
UHWXUQVLQWRWKH,'*WKURXJKDGHDHUDWRU)URPWKH E\SDVVHVERWKWKHVFDYHQJHILOWHUDQGH[WHUQDOFRROLQJ
GHDHUDWRURLOGUDLQVLQWRWKHVXPS FLUFXLW

7KHFKDUJHSXPSGHYHORSVRLOSUHVVXUHIRUWKH&6'WR 2LOIURPWKH,'*JRHVWKURXJKWKH$,52,/&22/(5ILUVW
RSHUDWH7KHFKDUJHSXPSSUHVVXUHLVUHJXODWHGEHWZHHQ $LUIURPWKHHQJLQHIDQJRHVWKURXJKWKHFRROHUWR
WRSVLWRNSDE\WKHFKDUJHUHOLHI GHFUHDVHWKHWHPSHUDWXUHRIWKH,'*RLO7KH$,52,/
YDOYH,IWKHFKDUJHILOWHULVFORJJHGWKHILOWHUZLOO &22/(5KDVDQLQWHUQDOE\SDVVZKLFKRSHQVLIWKHFRROHU
EHE\SDVVHGZLWKDGLIIHUHQWLDOSUHVVXUHPRUHWKDQ EHFRPHVFORJJHG
SVLNSDWKURXJKDFKDUJHILOWHUE\SDVVYDOYH
7KHUHLVDVSULQJDFWXDWHGYHQWYDOYHRQWKH,'*WR
NHHSFRQVWDQWLQWHUQDOSUHVVXUHLQWKHKRXVLQJ%HIRUH
\RXVHUYLFHWKH,'*SXVKWKHYHQWYDOYHWRUHOLHYH
SUHVVXUHEXLOWXSLQWKHFDVH
7KHFDVHSUHVVXUHUHOLHIYDOYHSUHYHQWV,'*FDVH
7KH,'*2,/&22/(5LVLQVHULHVZLWKWKH$,52,/
&22/(5,WJHWVIXHOIURPWKHORZSUHVVXUHVHFWLRQRI
WKHHQJLQHIXHOSXPS7KHRLOWHPSHUDWXUHGHFUHDVHVDQG
WKHIXHOWHPSHUDWXUHLQFUHDVHV
7KHDPEHU'5,9(OLJKWFRPHVRQLIWKH,'*RLOSUHVVXUH
GHFUHDVHVWROHVVWKDQWKHPLQLPXPRSHUDWLQJOLPLWRI
UXSWXUHLIWKHUHLVDIXHOOHDNIURPWKH,'*2,/&22/(5 SVLNSD7KH'5,9(OLJKWDOVRFRPHVRQIRU
LQWRWKH,'*RLOV\VWHP7KHYDOYHVWDUWVWRRSHUDWHDW DQXQGHUIUHTXHQF\IDXOW7KH*&8FRQWUROVWKLVOLJKW
WRSVLDQGLVIXOO\RSHQDWSVL7KHYDOYH
YHQWVLQWRWKHDUHDEHWZHHQWKHDFFHVVRU\JHDUER[DQG
WKH,'*DQGRYHUERDUGWKURXJKDGUDLQOLQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$1'%<
 3:52)) 
'5,9( '5,9(
&21752/ 3527(&7,21
67$1'%<32:(5 /2*,& &,5&8,76
',6&211(&7 ',6&211(&7
92/7$*(
5(*8/$7,21
%$7 2)) $872 ,'/( (;&,7$7,21

*&8
&872))
(1*67$57
*(1(5$725'5,9($1'67$1'%<32:(5 /(9(55(/$<

02'8/(3
',6& 2,/
6&$9 62/ 35(66
&$6( 2,/ ),/7(5
287 6: $& '&
 '($(5$725 35(6685(
5(/,()
 &+$5*(5(/,()9$/9( 9$/9( 7+(50$/ &+*
35(66 30*
',6&
 &+$5*(),/7(5%<3$669$/9(

 ',))(5(17,$/35(6685(,1',&$725 $&
$*% ',6&211(&7 ;5
 6&$9(1*(),/7(5%<3$669$/9( 0(&+$1,60 *(1 %86
&6' 
 '3&7 *&%
(1*,1(
)$1$,5 (1*,1(
)8(/ 6&$9(1*( &+$5*( 1&7
3803 3803
 

,'* '5$,1
2,/
,1 3/8*
$,52,/ ,'*2,/ &+$5*( 35(6685(
&22/(5 &22/(5 ),/7(5 6833/<
*(1(5$725'5,9()81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(6(59,&,1*
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
*(1(5$725'5,9(6(59,&,1*
&KDUJHDQG6FDYHQJH2LO)LOWHUV
7KHUHDUHWZRUHPRYHDQGUHSODFHRLOILOWHUVRQWKH
,'*&KHFNDQGUHSODFHERWKILOWHUVDWVFKHGXOHG
LQWHUYDOV$OZD\VUHSODFHROGILOWHUVZLWKQHZILOWHUV
7KHFKDUJHRLOILOWHULVGRZQVWUHDPRIWKHFKDUJHSXPS
,IWKLVILOWHUFORJVDGLIIHUHQWLDOSUHVVXUHYDOYH
RSHQVDQGOHWVRLOE\SDVVWKHILOWHU7KHUHLVQR
LQGLFDWLRQLIWKLVILOWHUFORJV
7KHVFDYHQJHILOWHULVGRZQVWUHDPRIWKHVFDYHQJHSXPS
7KHGLIIHUHQWLDOSUHVVXUHLQGLFDWRUVKRZVLIWKHILOWHU
FORJV
2LO6HUYLFLQJ
6HUYLFHWKHRLORIWKH,'*DWWKHSUHVVXUHILOOSRUW
3XVKWKHSXVKWRYHQWYDOYHWRUHOHDVH,'*FDVHDLU
SUHVVXUHEHIRUHDGGLQJRLO
7KHRLOWKDWLVSXPSHGLQWRWKH,'*IORZVWKURXJKWKH
VFDYHQJHILOWHUDQGWKHQWKURXJKWKHKHDWH[FKDQJHUV
DQGLQWRWKH,'*FDVH$LULQWKHFLUFXLWPRYHVDKHDG
RIWKHRLOWRWKH,'*VXPS
%HFDXVHLWWDNHVWLPHIRUWKHRLOWRIORZWKURXJK
H[WHUQDOFRPSRQHQWVDGGRLOVORZO\7KLVSUHYHQWV
RYHUVHUYLFLQJ3XPSRLOLQWRWKH,'*XQWLOWKHFRUUHFW
RLOOHYHOVKRZVRQWKHRLOVLJKWJODVV
9(56,21'$7('$8*867 RI
:$51,1* 6(59,&(727+(3523(5/(9(/23(5$7,212)7+(
,'*:,7+72208&+2,/25:,7+287(128*+2,/
&$86(6'$0$*(727+(,'*
:$51,1* )$,/85(72386+7+(&$32)7+(9(179$/9(72
5(/,(9(7+(,17(51$/,'*35(6685(&28/'&$86(
+272,/72635$<287
&$87,21 '21270,;',))(5(172,/7<3(6,1,'*0,;,1*
',))(5(172,/7<3(6&$1&$86('$0$*(72,'*
2LO4XDQWLW\&KHFN
7KHRLOOHYHOVLJKWJODVVVKRZVWKHDPRXQWRIRLOLQ
WKH,'*7KHRLOOHYHOVLJKWJODVVFRYHULVEODFNZLWK
DVLOYHUEDQG:KHQWKHRLOOHYHOLVEHORZWKHVLOYHU
EDQGWKH,'*RLOOHYHOLVORZDQGLWLVQHFHVVDU\WR
DGGRLO:KHQWKHRLOOHYHOLVLQWKHVLOYHUEDQGWKH
,'*RLOOHYHOLVQRUPDO
:KHQWKHRLOLVFROGDQGWKHOHYHOLVDERYHWKHVLOYHU
EDQGWKH,'*RLOOHYHOLVKLJKDQG\RXPXVWGUDLQRLO
:KHQWKHRLOLVKRWDQGWKHOHYHOLVDERYHWKHVLOYHU
'5$,1OLQHWKH,'*RLOOHYHOLVKLJKDQG\RXPXVW
GUDLQRLO+RWRLODERYHWKHVLOYHUEDQGEXWEHORZ
'5$,1LVDFFHSWDEOH
%HFDXVHRIZLQJGLKHGUDOWKHRLOOHYHOLQWKHVLJKW
JODVVLVGLIIHUHQWIRUWKHOHIWDQGULJKWHQJLQH
6HUYLFHWRWKHFRUUHFWOHIWRUULJKWHQJLQHPDUNVRQ
WKHVLJKWJODVV$OZD\VYHQWWKH,'*EHIRUHGRLQJDQ
RLOTXDQWLW\FKHFN
)2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

*(1(5$725'5,9(6(59,&,1*
&$87,21 '2127&+(&.7+(2,//(9(/2)$',6&211(&7('
,'*$',6&211(&7&$1&$86($1,1&255(&72,/
48$17,7<,1',&$7,21,17+(,'*72208&+25
127(128*+2,/&$1&$86('$0$*(727+(,'*
'85,1*&217,18('23(5$7,21

127( 0DNHVXUHWKDWWKHHQJLQHKDVEHHQVKXWGRZQIRUD
PLQLPXPRIPLQXWHVEHIRUHGRLQJDQRLOTXDQWLW\
FKHFN

'UDLQ3OXJ

7KHUHLVDGUDLQSOXJDWWKHERWWRPRIWKH,'*8VHLW
WRGUDLQWKHRLOIURPWKH,'*

7UDLQLQJ,QIRUPDWLRQ3RLQW

7KH,'*KDVWZRVHUYLFLQJSODFDUGV

7KHVPDOOSODFDUGEHORZWKHVLJKWJODVVUHPLQGV\RXWR
YHQWWKH,'*EHIRUH\RXGRDQRLOTXDQWLW\FKHFN7KH
FKHFNPD\QRWEHDFFXUDWHLIWKH,'*LVQRWYHQWHG

7KHODUJHSODFDUGKDVDZDUQLQJDQGWKH,'*VHUYLFLQJ
LQVWUXFWLRQV$OZD\VYHQWWKH,'*EHIRUHDQGDIWHU
6HUYLFLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&)0
:$51,1*
386+7+(9(179$/9(725(/($6(,'*
35(6685(%()25(6(59,&,1*$35(6685,=('
,'*&$15(/($6($635$<2)+272,/
'5$,1

'5$,1
6(59,&,1*,16758&7,216
386+$1'+2/'9(179$/9(6(&21'6
0,1,080%()25($1'$)7(56(59,&,1*$''
)8// 6,/9(5%$1' 2,/727232)6,/9(5%$1',)$%29('5$,1
/,1('5$,1726,/9(5%$1'
)8// $''
6(59,&,1*3/$&$5'

$''

5,*+7
/()7 386+729(17
9$/9(
,1387'5,9(6+$)7
9(17725($'

2,//(9(/6,*+7*/$66

,1387'5,9(6+$)7
6+($56(&7,215()
+2/'9(17
6(&21'6

6(59,&,1*3/$&$5'

35(6685(),//3257
'5$,13/8* &+$5*(),/7(5
6&$9(1*(),/7(5 ,'*
/()76,'(

*(1(5$725'5,9(6(59,&,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21,1752'8&7,21
3XUSRVH

$&JHQHUDWLRQPDNHVDQGFRQWUROVWKUHHSKDVHY
DF+]SRZHUIRUXVHE\WKHHOHFWULFDOSRZHU
V\VWHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
32:(5

$&(/(&75,&$/
(;7(51$/ *(1(5$725 $& '& 67$1'%<
/2$'
32:(5 '5,9( *(1(5$7,21 *(1(5$7,21 32:(5 ',675,%87,21

$&*(1(5$7,21,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21',675,%87,21$1'$8720$7,&&21752/*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&*(1(5$7,21',675,%87,21$1'$8720$7,&&21752/*(1(5$/'(6&5,37,21
*HQHUDO DOODFVRXUFHVDUHQRWLQRSHUDWLRQRUWKH\DUH
GLVFRQQHFWHG
7KHDFJHQHUDWLRQV\VWHPLVDWKUHHSKDVHIRXUZLUH
V\VWHPWKDWRSHUDWHVDWYDF+]7KHDF 7KHJURXQGVHUYLFHEXVHVJHWSRZHULQWKHVHWZRZD\V
V\VWHPKDVWKHVHIRXUSRZHUVRXUFHV
 2SHUDWHWKHVZLWFKLQWKHIOLJKWFRPSDUWPHQWWKDW
 ,QWHJUDWHGGULYHJHQHUDWRU,'* FORVHVWKH(3&DQG%7%VDQGVHQGVSRZHUWKURXJKWKH
 ,QWHJUDWHGGULYHJHQHUDWRU,'* WUDQVIHUEXVHV
 $X[LOLDU\SRZHUXQLW$38VWDUWHUJHQHUDWRU  2SHUDWHWKHVZLWFKDWWKHIRUZDUGDWWHQGDQWSDQHO
 ([WHUQDOSRZHU WKDWVHQGVSRZHUWRWKHJURXQGVHUYLFHEXVHV

2SHUDWHWKHFRUUHFWIOLJKWFRPSDUWPHQWVZLWFKWRXVHD 7KHPDLQEDWWHU\FKDUJHUJHWVSRZHUIURPWKHJURXQG
SRZHUVRXUFH7KHUHLVQRDXWRPDWLFVRXUFHVHOHFWLRQ VHUYLFHEXV7KHDX[LOLDU\EDWWHU\FKDUJHUJHWVSRZHU
3ULRULW\JRHVWRWKHODVWVHOHFWLRQ IURPJURXQGVHUYLFHEXV

3RZHU'LVWULEXWLRQ 7KHPDLQEXVHVJHWSRZHUIURPWKHWUDQVIHUEXVHV7KH
%3&8FRQWUROVSRZHUWRWKHPDLQEXVHV7KH%3&8RSHQV
7KHDFSDUWRIWKHHOHFWULFDOV\VWHPKDVGLIIHUHQWOHIW WKHPDLQEXVUHOD\LISRZHULVPRUHWKDQOLPLWV
DQGULJKWV\VWHPVQRQSDUDOOHO7KHVHWZRSRZHU
VRXUFHVQHYHUVXSSO\SRZHUWRWKHVDPHDFWUDQVIHUEXV $&WUDQVIHUEXVQRUPDOO\VXSSOLHVSRZHUWRWKHDF
DWWKHVDPHWLPH7KHOHIWDQGULJKWSDUWVRIWKHDF VWDQGE\EXV7KHDFVWDQGE\EXVDOWHUQDWLYHO\JHWV
V\VWHPVFRQQHFWLIRQO\RQHSRZHUVXSSO\LVDYDLODEOH SRZHUIURPWKHVWDWLFLQYHUWHU7KHVWDWLFLQYHUWHU
7KHEXVSRZHUFRQWUROXQLW%3&8OHWVWKHOHIWDQG JHWVSRZHUIURPWKHGFV\VWHPEDWWHULHVRUEDWWHU\
ULJKWV\VWHPVFRQQHFWIRURQHRUPRUHRIWKHVH
FRQGLWLRQV
 /RVVRISRZHUWRWKHOHIWRUULJKWWUDQVIHUEXV
 ([WHUQDOSRZHULVWKHRQO\VRXUFHRIHOHFWULFDO
SRZHU
FKDUJHUV
7KHWUDQVIHUEXVHVVXSSO\SRZHUWRWKHJDOOH\V7KH
%3&8RSHQVJDOOH\EUHDNHUVLIWKHJDOOH\SRZHULVPRUH
WKDQOLPLWV
 $38SRZHULVWKHRQO\VRXUFHRIHOHFWULFDOSRZHU 7KHWUDQVIRUPHUUHFWLILHUXQLWV758VUHFHLYHDFSRZHU
DQGFKDQJHLWWRGFSRZHUIRUXVHE\WKHGFV\VWHP
(DFKDFWUDQVIHUEXVJHWVDQGJLYHVSRZHUWRRWKHU
EXVHV(DFKDFWUDQVIHUEXVXVXDOO\KDVSRZHUXQOHVV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&*(1(5$7,21',675,%87,21$1'$8720$7,&&21752/*(1(5$/'(6&5,37,21
758JHWVSRZHUIURPDFWUDQVIHUEXV758JHWV &RQWURO
SRZHUIURPDFWUDQVIHUEXV758XVXDOO\JHWVSRZHU
IURPDFWUDQVIHUEXV758FDQJHWSRZHUIURPDF 7KH%3&8DQG*&8VFRQWURODQGJLYHSURWHFWLRQWRWKH
WUDQVIHUEXVLIWKH75WUDQVIHUUHOD\75;)55/<
HQHUJL]HV7KLVUHOD\HQHUJL]HVZKHQDFWUDQVIHUEXV
GHHQHUJL]HV
(DFK,'*VXSSOLHVXSWR.9$FRQWLQXRXVO\7KH
H[WHUQDOSRZHUUHFHSWDFOHUDWLQJLV.9$7KH$38
VWDUWHUJHQHUDWRUVXSSOLHVXSWR.9$EHORZ
HOHFWULFDOV\VWHP
7KH*&8VFRQWURODQGPRQLWRUSRZHUTXDOLW\:KHQWKH
IOLJKWFRPSDUWPHQWVZLWFKLQWKHFRUUHFWSRVLWLRQDQG
WKHUHLVJRRGSRZHUWKH*&8VXSSOLHVDVLJQDOWRFORVH
WKHEUHDNHU
IHHWPHWHUV$ERYHIHHWWKH$38VWDUWHU 7KH*&8VDQG%3&8KDYHFRPPXQLFDWLRQVZLWKHDFKRWKHU
JHQHUDWRUUDWLQJGHFUHDVHVOLQHDUO\WR.9$DW 7KH%3&8PRQLWRUVEUHDNHUSRVLWLRQVIRUWKHHOHFWULFDO
IHHWPHWHUV V\VWHP7KH%3&8GRHVQRWOHWD*&8VHQGDFORVHVLJQDO
WRDEUHDNHUXQWLOQRRWKHUSRZHUVRXUFHLVRQWKDW
7KHDFSRZHUV\VWHPKDVWKHVHFKDUDFWHULVWLFV VLGH

 1RUPDOUDQJHRIYDFSHUSKDVHDQG 7KH%3&8RSHUDWHVZLWKWKH*&8VWRFRQWUROEXVWLH
YDFIRUWKUHHSKDVH EUHDNHU%7%SRVLWLRQ
 1RPLQDOVWHDG\VWDWHYROWDJHRIYDF
 1RQQRUPDORSHUDWLRQRIYDFSHUSKDVHDQG 7KH%3&8DOVRFRQWUROVSRZHUWRWKHPDLQEXVHVDQG
YDFIRUWKUHHSKDVH JDOOH\V,ISRZHUGHPDQGLVWRRKLJKWKH%3&8RSHQV
 6WHDG\VWDWHIUHTXHQF\RI+HUW]+]ZLWKD WKHJDOOH\DQGPDLQEXVORDGVKHGUHOD\V7KHIDLOVDIH
QRPLQDOIUHTXHQF\RI+] GHVLJQOHWVWKHV\VWHPRSHUDWHZLWKWKHIDLOXUHRIWKH
 1RQQRUPDOIUHTXHQF\RI+] %3&8RUD*&8

,IWKHVHV\VWHPFKDUDFWHULVWLFVDUHRXWRIOLPLWV 7KHVWDUWFRQYHUWHUXQLW6&8FRQWUROVWKH$38

FLUFXLWVLQWKHJHQHUDWRUFRQWUROXQLWV*&8VDQGWKH JHQHUDWRUYROWDJH7KH$*&8RSHUDWHVZLWKWKH6&8WR
%3&8RSHQWKHUHODWHGJHQHUDWRUEUHDNHUIRUSURWHFWLRQ NHHSJRRG$38JHQHUDWRUSRZHU7KH$*&8PRQLWRUVSRZHU
RIWKHVRXUFHDQGWKHHOHFWULFDOV\VWHP&LUFXLW TXDOLW\3RRUTXDOLW\$38HOHFWULFSRZHUFDXVHVWKH
EUHDNHUVJLYHLQLWLDOSURWHFWLRQIRUEXVHVRUORDGV $*&8WRRSHQWKH$38SRZHUEUHDNHU$3%

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$38
67$57(5
*(1(5$725
6&8 (;7(51$/
32:(53$1(/
,'*
,'*
'3&7 &7
'3&7 '3&7
$3% (3&
*&% *&%
*&8 $*&8 *&8

$&75$16)(5%86 $&75$16)(5%86
*1'69& %7% %7%
*1'69&
;)55/< ;)55/<

*1'69&%86
 *1'69&%86
$8;%$7
&+*5 ,)(%86 %3&8 ,)(%86

 
67'%<
1250 0$,1%86 0$,1%86 0$,1%$7
5/< *$//(<6 75;)5 *$//(<6 &+*5
5/<
$&67$1'%<%86

67$7,&
,19(57(5 758 758 758

'&6<67(0

 /2$'6+('5(/$<
$&*(1(5$7,21',675,%87,21$1'$8720$7,&&21752/*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21&20321(17/2&$7,21)/,*+7&203$570(17$1'((&203$570(17
3DQG33DQHOV

7KH3DQG3SDQHOVLQWKHIOLJKWFRPSDUWPHQWKDYH
PRVWRIWKHDLUSODQHV\VWHPORDGFLUFXLWEUHDNHUV

(DFKFLUFXLWEUHDNHUSDQHOFRQWDLQVVHYHUDOVXESDQHOV
GRRUVWKDWRSHQ&LUFXLWEUHDNHUVDUHRQWKHIURQWRI
WKHVXESDQHOV<RXRSHQWKHVXESDQHOVWRJHWDFFHVV
WRWKHRWKHUFRPSRQHQWV

7KH3KDVVL[VXESDQHOVDQGWKHVWDQGE\SRZHUFRQWURO
XQLW63&87KH3KDVWKUHHVXESDQHOV

(OHFWURQLF(TXLSPHQW&RPSDUWPHQW

7KHHOHFWURQLFHTXLSPHQW((FRPSDUWPHQWFRQWDLQV
WKHVHHOHFWULFDOLWHPV

 0RGXOHVEODFNER[HV
 3RZHUGLVWULEXWLRQSDQHOV3'3V
 $LUFUDIWEDWWHU\
 5HOD\V

*DLQDFFHVVWRWKH((FRPSDUWPHQWWKURXJKDGRRUDIWRI
WKHQRVHZKHHOZHOODWWKHERWWRPRIWKHIXVHODJH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3 3
68%3$1(/ 68%3$1(/
7<3 7<3

(5$&.

(5$&.

(5$&.
(5$&.
3 3 (5$&. %$77(5<

)/,*+7&203$570(17 ((&203$570(17
/22.,1*$)7

$&*(1(5$7,21&20321(17/2&$7,21)/,*+7&203$570(17$1'((&203$570(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21&20321(17/2&$7,21((&203$570(17
(5DFN&RPSRQHQWV

7KH(UDFNKDVWKHVHFRPSRQHQWVWKDWDUHLQWKH$&
JHQHUDWLRQV\VWHPRUKDYHLQWHUIDFHVZLWKWKHV\VWHP

 %XVSRZHUFRQWUROXQLW%3&8
 3RZHUGLVWULEXWLRQSDQHO3'3RU3
 *HQHUDWRUFRQWUROXQLW*&8

(5DFN&RPSRQHQWV

7KH(UDFNKDVWKHVHFRPSRQHQWVWKDWDUHLQWKH$&
JHQHUDWLRQV\VWHPRUKDYHLQWHUIDFHVZLWKWKHV\VWHP

 $38JHQHUDWRUFRQWUROXQLW$*&8
 *HQHUDWRUFRQWUROXQLW*&8
 $38VWDUWFRQYHUWHUXQLW6&8
 3RZHUGLVWULEXWLRQSDQHO3'3RU3

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(6+(/) (6+(/)
*&8 $*&8
%3&8 *&8
3'3
3

(6+(/)
$3867$57
&219(57(5
81,76&8

3'3
3

((&203$570(17
/22.,1*$)7

$&*(1(5$7,21&20321(17/2&$7,21((&203$570(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21&20321(17/2&$7,21-81&7,21%2;(6
*HQHUDO'HVFULSWLRQ

7KHHOHFWULFDOV\VWHPKDVPDQ\MXQFWLRQER[HV-7KH
MXQFWLRQER[HVFRQWDLQUHOD\VIRUGLIIHUHQW$&DQG'&
ORDGVRQWKHDLUSODQH

0RVWRIWKHMXQFWLRQER[HVDUHLQWKH((FRPSDUWPHQWRU
LQWKHIRUZDUGIXVHODJHEHORZWKHIOLJKWFRPSDUWPHQW

-XQFWLRQER[HVDUHLQWKHVHORFDWLRQV

 ((FRPSDUWPHQW
 )RUZDUGIXVHODJH

7KHVHDUHWKHPDMRUMXQFWLRQER[HVRQWKHDLUSODQH

 -
 -
 -
 -
 -
 -
 -

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3

- (
- (
3 -

'225
$&&(66
126(:+((/:(// (( (
(

-
-
- - (

):'

3
)25:$5'/2:(5)86(/$*(

$&*(1(5$7,21&20321(17/2&$7,21-81&7,21%2;(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*(1(5$725&21752/81,7*&8*(1(5$/'(6&5,37,21

7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&*(1(5$7,21*(1(5$725&21752/81,7*&8*(1(5$/'(6&5,37,21

3XUSRVH  'LIIHUHQWLDOSURWHFWLRQFXUUHQWWUDQVIRUPHU'3&7
RQWKH,'*SRZHUIHHGHUVEHWZHHQWKH,'*DQGWKH
(DFKJHQHUDWRUFRQWUROXQLW*&8KDVWKHVHIXQFWLRQV *&%LQWKH3'33RZHU'LVWULEXWLRQ3DQHO

 &RQWUROVDJHQHUDWRUFRQWUROEUHDNHU*&%DQGD (DFK*&8DOVRUHFHLYHVWKUHHSKDVHVHQVHYROWDJHLQSXWV

EXVWLHEUHDNHU%7% IURPVSOLFHVDWWKH*&%
 6XSSOLHVDQGFRQWUROVH[FLWDWLRQWRDQ,'*
JHQHUDWRU *&8DQG*&8UHFHLYHWKHVHLQSXWV
 3URWHFWVWKHHOHFWULFDOV\VWHPDQGDQ,'*IURP
HOHFWULFDOSDUDPHWHUVQRWLQOLPLWV  *HQHUDWRUVZLWFKSRVLWLRQPRPHQWDU\
 &RQWUROVHOHFWULFDOV\VWHPLQGLFDWLRQRQWKH3  2LOSUHVVXUHLQSXWIURPWKH,'*
DQG3PRGXOHV  3RVLWLRQVWDWXVIURPWKH*&%
 *LYHVEXLOWLQWHVWIRUIDXOWLVRODWLRQ  3RVLWLRQVWDWXVIURPWKH(3&
 3RVLWLRQVWDWXVIURPWKH$3%
*&8,QSXWV  3RVLWLRQVWDWXVIURPWKH%7%
 6LJQDOIURPWKHILUHVZLWFK
*&8DQG*&8UHFHLYHSRZHUIURPRQHRIWKHVHWZR  5HDG\WRORDG57/VLJQDOIURPWKHFRPPRQGLVSOD\
VRXUFHV V\VWHPGLVSOD\HOHFWURQLFVXQLWV&'6'(8
 ,QGLFDWLRQLI%3&8IDLOVDIHSURWHFWLRQLVDFWLYH
 3HUPDQHQWPDJQHWJHQHUDWRULQWKH,'*$&SRZHU  %7%FRPPDQGRSHQFORVHVLJQDO
 YGFSRZHUIURPWKH%$77(5<%86IRU*&8DQG  $LUSODQHRQJURXQGVWDWXV$,5*5'
IURP'&67%<IRU*&8  6285&(2))OLJKWRQWKH3*&8VXSSOLHVJURXQG
 75$16)(5%862))OLJKWRQWKH3*&8VXSSOLHV
(DFK*&8XVHVYGFIRUSURWHFWLRQFLUFXLWVDQGWR JURXQG
UHJXODWH,'*RXWSXWYROWDJH7KH*&8FKDQJHVWKH30*$&
LQSXWWR'&SRZHU 7KH*&8PRQLWRUV,'*RLOSUHVVXUHDQGIUHTXHQF\WR
FRQWUROWKH'5,9(OLJKWRQWKHJHQHUDWRUGULYHDQG
(DFK*&8UHFHLYHVWKUHHSKDVHVHQVHFXUUHQWLQSXWVIURP VWDQGE\SRZHUPRGXOH37KHOLJKWFRPHVRQIRUORZ
WKHVHWZRSRLQWV RLOSUHVVXUHRUXQGHUIUHTXHQF\

 1HXWUDOFXUUHQWWUDQVIRUPHUV1&7LQHDFK,'* 7KH57/VLJQDOWHOOVWKH*&8WKDWWKHHQJLQHLVDWD

EHWZHHQWKH,'*DQGJURXQG VXIILFLHQWVSHHGWRRSHUDWHWKH,'*

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*(1(5$725&21752/81,7*&8*(1(5$/'(6&5,37,21

*&82XWSXWV

*&8DQG*&8KDYHWKHVHRXWSXWVLJQDOV

 *&%FORVH
 *&%RSHQ
 %7%FORVH
 %7%RSHQ

*&8)DLO6DIH

7KH*&8KDVIDLOVDIHSURWHFWLRQLILWORVHVWKH
SURWHFWLRQRUFRQWUROFDSDELOLW\IRUWKHSRZHUFKDQQHO
7KHVHDFWLRQVRFFXULIWKH*&8JRHVWRDIDLOVDIH
PRGH

 *&5RSHQV
 *&%RSHQV
 %7%FORVHVLIRSHQ
 *&8)$8/7/,*+7RQIDFHRI*&8FRPHVRQ

%3&8)DLOVDIH

7KH*&8UHFHLYHVDYGFVLJQDOIURPWKH%3&8ZKHQWKH
%3&8RSHUDWHVFRUUHFWO\,IWKH%3&8JRHVLQWRDIDLO
VDIHPRGHWKHYGFVLJQDOJRHVDZD\7KH*&8
UHVSRQGVWRWKHIDLOVDIHVLJQDOEDVHGRQ*&8SRVLWLRQ
WKURXJKSURJUDPPLQJSLQV

%XLOW,Q7HVW(TXLSPHQW%,7(

(DFK*&8KDVIURQWIDFH%,7(WRKHOS\RXGR
WURXEOHVKRRWLQJRIWKHHOHFWULFDOV\VWHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*&8 *&%23(1&200$1'
'&67%< 5(&25'$1<)$8/7/,*+77+$7,621
5(029(,'*$3832:(5723(5)250*&87(67
%$7%86 *&8 386+$1'+2/'*&87(676:,7&+)256(&21'
$///,*+76*2217+(1$///,*+76*22))
,)*&8)$8/7/,*+7&20(6215()(572),0
%7%23(1&/26(&200$1'
$&32:(530* ,)*&83$66/,*+7&20(621
5()(572),0)25
5(&25'(')$8/7/,*+7
(;&,7$7,21 %3&8)$,/6$)(
1&7
2,/35(6685( %3&8
,'*
'3&7

92/7$*(6(16(
75$16)(5
$3%326,7,21 %862))

6285&(
2))
(3&326,7,21 *(12))
%86

$,5*5'6(16( 2))
326,7,21
57/
&'6'(8 21
*(1

326,7,21 3

'5,9(
%7%&/26(23(1
',6&+
',6&211(&7
/ 5
*&%&/26(23(1
326,7,21

*&8

),5(6:3
3

$&*(1(5$7,21*(1(5$725&21752/81,7*&8*(1(5$/'(6&5,37,21

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*&83527(&7,21$1'(;&,7$7,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
$&*(1(5$7,21*&83527(&7,21$1'(;&,7$7,21
*HQHUDWRU([FLWDWLRQ
7KH,'*KDVDFRQVWDQWVSHHGGULYHDQGDEUXVKOHVV$&
JHQHUDWRU
FKDQJHVWKH$&WR'&YROWDJH7KH'&YROWDJHJRHVWR
WKHILHOGZLQGLQJVRIWKHPDLQJHQHUDWRU&XUUHQWIORZ
LQWKHILHOGZLQGLQJVFDXVHVDURWDWLQJPDJQHWLFILHOG
7KHURWDWLQJPDJQHWLFILHOGFDXVHVDQ$&YROWDJHLQWKH
ZLQGLQJVRIWKHPDLQJHQHUDWRUVWDWRU
7KHFRQVWDQWVSHHGGULYH&6'LVDK\GURPHFKDQLFDO
GHYLFHWKDWDGGVRUVXEWUDFWVWKHYDULDEOHLQSXWVSHHG 7KH*&8PRQLWRUVWKHSRZHURXWSXWRIWKHJHQHUDWRU
RIWKHHQJLQHDFFHVVRU\JHDUER[7KLVRSHUDWLRQNHHSVD :KHQWKHYROWDJHDQGWKHIUHTXHQF\DUHZLWKLQSRZHU
FRQVWDQWRXWSXWVKDIWVSHHGQHFHVVDU\WRWXUQWKH$& TXDOLW\OLPLWVWKH*&8FDQFORVHWKH*&%7KHYROWDJH
JHQHUDWRU UHJXODWRUFRQWUROV$&SRZHURXWSXWE\FRQWURORIWKH
H[FLWDWLRQSRZHUWKURXJKWKH*&5
7KH$&JHQHUDWRULVDWKUHHSKDVHEUXVKOHVVJHQHUDWRU
7KHJHQHUDWRUKDVWKHVHFRPSRQHQWV 7KH*&5RSHQVDQGH[FLWDWLRQSRZHUJRHVDZD\LIDQ\RI
WKHVHFRQGLWLRQVDUHWUXH
 ([FLWHUURWRUDUPDWXUH
 0DLQJHQHUDWRUURWRUILHOGZLQGLQJ  *HQHUDWRUVZLWFKLV2))
 3HUPDQHQWPDJQHWJHQHUDWRU30*URWRU  (QJLQHILUHVZLWFKLVLQWKH),5(SRVLWLRQ
 0DLQJHQHUDWRUH[FLWHUVWDWRU  $Q\*&8SURWHFWLYHIXQFWLRQRFFXUV
 30*VWDWRU  *HQHUDWRUGULYHGLVFRQQHFWXQGHUIUHTXHQF\
 1HXWUDOFXUUHQWWUDQVIRUPHU1&7 SURWHFWLRQ

7KH&6'WXUQVWKH30*URWRU$VWKH30*URWRUWXUQVLW 7KH*&%RSHQVZKHQWKH*&5RSHQV
LQGXFHVDQ$&YROWDJHLQWKHWKUHHSKDVHZLQGLQJVRI
WKH30*VWDWRU7KLV$&YROWDJHJRHVWRWKH*&8$ 7KH*&5GRHVQRWRSHQZKHQ\RXVKXWGRZQWKHHQJLQH
YROWDJHUHJXODWRU95LQVLGHWKH*&8WUDQVIRUPVDQG ZLWKWKH,'*RQOLQH7KH*&8VHHVDQXQGHUVSHHG
UHFWLILHVWKH$&SRZHUWR'&SRZHU'&SRZHUJRHVWR FRQGLWLRQEHIRUHWKHXQGHUIUHTXHQF\FRQGLWLRQ7KH*&%
WKHH[FLWHUILHOGZLQGLQJVZKHQWKHJHQHUDWRUFRQWURO RSHQVZLWKDQXQGHUVSHHGFRQGLWLRQ
UHOD\*&5LVFORVHG
*&83URWHFWLRQ
7KHVWDWLRQDU\PDJQHWLFILHOGFDXVHGE\WKH'&YROWDJH
LQWKHZLQGLQJVRIWKHH[FLWHUILHOGVWDWRUPDNHVD 7KH*&8PRQLWRUVYROWDJHFXUUHQWDQGIUHTXHQF\7KH
WKUHHSKDVH$&YROWDJHLQWKHZLQGLQJVRIWKHH[FLWHU *&8RSHQVWKH*&%DQGUHPRYHVWKHH[FLWDWLRQIURPWKH
DUPDWXUHURWRU$URWDWLQJUHFWLILHULQWKHURWRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*&83527(&7,21$1'(;&,7$7,21
JHQHUDWRUWRSURWHFWWKHHOHFWULFDOFKDQQHO7KH*&8 )UHTXHQF\3URWHFWLRQ
KDVWKHVHSURWHFWLYHIXQFWLRQV
7KH*&8PRQLWRUVIUHTXHQF\DWWKH30*3URSHUJHQHUDWRU
 2YHUYROWDJH IUHTXHQF\LV+]7KH*&8RSHQVWKH*&5DQG*&%LI
 8QGHUYROWDJH WKHIUHTXHQF\LVPRUHWKDQWKHVHYDOXHV
 2YHUIUHTXHQF\
 8QGHUIUHTXHQF\  +]IRUPRUHWKDQVHFRQGV
 8QEDODQFHGSKDVHFXUUHQW  +]IRUPLOOLVHFRQGV
 *HQHUDWRUGLRGHIDLOXUH
 3KDVHVHTXHQFH 7KH*&8RSHQVWKH*&5DQG*&%LIWKHIUHTXHQF\LVOHVV
 2YHUFXUUHQW WKDQWKHVHYDOXHV
 'LIIHUHQWLDOIDXOW
 8QGHUVSHHGSURWHFWLRQ  +]IRUVHFRQGV
 *&8IDLOVDIH  +]IRUPLOOLVHFRQGV

2YHUYROWDJHDQG8QGHUYROWDJH3URWHFWLRQ 7KH*&8GHWHFWVDQXQGHUIUHTXHQF\FRQGLWLRQLIDPDQXDO
GLVFRQQHFWRUWKHUPDOGLVFRQQHFWRFFXUVZKLOHWKH,'*
7KH*&8PRQLWRUVHDFKRIWKHSKDVHYROWDJHVDWWKH LVRQOLQH7KH*&8XVHVWKH57/VLJQDOIURPWKH'(8WR
SRLQWRIUHJXODWLRQ325$YROWDJHIDXOWFRPPDQGVWKH ILQGLIWKHHQJLQHLVXQGHUVSHHGRUWKHJHQHUDWRULV
JHQHUDWRUFRQWUROUHOD\*&5DQGJHQHUDWRUFRQWURO XQGHUIUHTXHQF\
EUHDNHU*&%WRRSHQ
$QRYHUYROWDJHSURWHFWLRQWULSRFFXUVZKHQDSKDVH
YROWDJHJRHVPRUHWKDQYROWV
$QXQGHUYROWDJHWULSRFFXUVZKHQWKHORZHVWSKDVH
YROWDJHLVOHVVWKDQYROWVIRUPRUHWKDQVHFRQGV
7KH*&8DOVRVHHVDQRSHQSKDVHIHHGHUOHDGQRW
8QEDODQFHG3KDVH3URWHFWLRQ
7KH*&8PRQLWRUVWKHWKUHHSKDVHVRIWKH,'*FXUUHQW
WUDQVIRUPHU8QEDODQFHSKDVHSURWHFWLRQRFFXUVLIWKH
FXUUHQWXQEDODQFHEHWZHHQDQ\WZRSKDVHVLVPRUHWKDQ
DPSVIRUVHFRQGV7KH*&8RSHQVWKH%7%DQGLI
WKHXQEDODQFHFRQWLQXHVWKH*&5DQG*&%RSHQ
FRQQHFWHGRUDVKRUWLQWKH,'*H[FLWHUFLUFXLWDVDQ
XQGHUYROWDJH *HQHUDWRU'LRGH)DLOXUH3URWHFWLRQ

7KH*&8PRQLWRUVFXUUHQWULSSOHLQWKHH[FLWDWLRQ
UHWXUQWRILQGDVKRUWHGURWDWLQJGLRGHLQWKH,'*,I

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&*(1(5$7,21*&83527(&7,21$1'(;&,7$7,21
WKHFXUUHQWLVPRUHWKDQDPSVWKH*&8RSHQVWKH*&5 8QGHUVSHHG3URWHFWLRQ
DQG*&%
7KH*&8PRQLWRUVWKHUHDG\WRORDG57/VLJQDOIURP
3KDVH6HTXHQFH3URWHFWLRQ
7KH*&8PRQLWRUVWKHSKDVHVHTXHQFHDWWKH3257KH*&8
GRHVQRWOHWWKH*&%FORVHLIDSKDVHVHTXHQFHSUREOHP
RFFXUV
2YHUFXUUHQW3URWHFWLRQ
,IWKHFXUUHQWLVPRUHWKDQDPSVIRUVHFRQGV
WKH*&8FRPPDQGVWKH%3&8WRUHPRYHVHFRQGDU\
WKHGLVSOD\HOHFWURQLFVXQLW'(87KH'(8VHQGVWKH
57/VLJQDOZKHQWKHHQJLQHLVDWRUPRUHWKDQLGOH
VSHHGDQGWKHHQJLQHVWDUWOHYHULVLQWKHLGOH
SRVLWLRQ$Q57/VLJQDODQXQGHUIUHTXHQF\RUDQ
XQGHUYROWDJHIDXOWFDXVHVWKH*&5DQGWKH*&%WRRSHQ
7KH*&%RSHQVLIWKHXQGHUIUHTXHQF\FRQGLWLRQLVGXHWR
DQXQGHUVSHHG7KH*&5VWD\VFORVHGLIWKH57/VLJQDO
LVUHPRYHG
$QRUPDOHQJLQHVKXWGRZQZKHQWKH,'*LVRQOLQHLVDQ
HOHFWULFDOORDGVORDGVKHG7KH%3&8ORDGVKHGV
JDOOH\VDQGWKHPDLQEXVHV,IWKHUHLVVWLOODQ
RYHUFXUUHQWFRQGLWLRQWKH*&8RSHQVWKH*&5DQG*&%
,IWKHFXUUHQWLVPRUHWKDQDPSVIRUILYHVHFRQGV
WKH*&8FRPPDQGVWKH%3&8WRVWDUWORDGVKHG,IWKH
RYHUFXUUHQWFRQWLQXHVIRUDQRWKHUVHFRQGVWKH*&8
RSHQVWKH*&5DQG*&%
'LIIHUHQWLDO)DXOW3URWHFWLRQ
7KH*&8PRQLWRUVWKHWKUHHSKDVHVRIWKHQHXWUDO
H[DPSOHRIDQXQGHUVSHHGFRQGLWLRQ
*&8)DLO6DIH
7KH*&8KDVSURWHFWLRQIRUDQLQWHUQDOIDLOXUH$IDLO
VDIHFRQGLWLRQFDXVHVWKHVHHIIHFWV
 *&5DQG*&%RSHQ*(1%862))OLJKWLOOXPLQDWHVRQ
WKH3SDQHO
 %7%FORVHVLIRSHQ
 *&8IDXOWLQGLFDWLRQRQWKHIURQWRIWKH*&8
FXUUHQWWUDQVIRUPHU1&7DQGWKHGLIIHUHQWLDO *&8$XWRPDWLF&ORVH
SURWHFWLRQFXUUHQWWUDQVIRUPHU'3&77KH*&8FRPSDUHV
FXUUHQWIORZDWWKH,'*WKURXJK1&7DQGDWWKH*&% 7KH*&8VHQGVDFORVHGFRPPDQGWRWKH*&5ZKHQDOORI
WKURXJK'3&7,IWKHGLIIHUHQWLDOFXUUHQWLVPRUH WKHVHFRQGLWLRQVDUHWUXH
WKDQDPSVIRUPLOOLVHFRQGVWKH*&8RSHQVWKH*&5
DQG*&%  )LUHVZLWFKLVLQWKHQRUPDOSRVLWLRQ
 %7%LVRSHQ
 $LUSODQHLVLQWKHDLU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*&83527(&7,21$1'(;&,7$7,21
 *&%LVRSHQRQWUDQVLWLRQWRWKHDLUPRGHDQGWKH
$38LVWKHRQO\VRXUFHRISRZHURQWKHDLUFUDIW
*&% %7%LVDOVRRSHQ
 $X[LOLDU\SRZHUEUHDNHU$3%RSHQV

7KLVRFFXUVRQO\RQFHLQIOLJKW7KHFLUFXLWUHVHWVRQ
WUDQVLWLRQWRWKHJURXQGPRGH7KHSUR[LPLW\VZLWFK
HOHFWURQLFVXQLW36(8VXSSOLHVWKHDLUJURXQG
VLJQDOV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/2$'6+('
*$//(<25
0$,1%86

%3&8 &855(173527(&7,21
29(5&855 ;)5
',))3527 %86
81%$/3+$6(
6+257('',2'( '3&7 *&%

3'3
2))
21
*(1&217 0$,1*(1
6:,7&+ 67$725
23(1
),5( *&5
*&5 1&7 0$,1*(1
(1*),5( &/26(
6: *&5 52725

57/
$

'(8 21( (;&,7(5

6+27 52725

30*
23(1 92/75(*8/$725 52725
 92/7$*(3527(&7,21 30*
$3%
67$725 
$,5*5' $,5 *1'5(6(7 )5(48(1&< /2*,&
&2167$1763(('
6(16,1* $ '5,9(&6' *&%23(1
92/7$*( 2175$16,7,21
36(8 3+$6(6(4 $,5*1'$1'
,'* $38,621/<
6285&( 
*(1(5$725&21752/81,7
$&*(1(5$7,21*&83527(&7,21$1'(;&,7$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*&8*(1(5$725&21752/%5($.(5*&%&21752/

*HQHUDWRU&RQWURO%UHDNHU*&%0DQXDO&ORVH  *&%LVRSHQRQWUDQVLWLRQWRWKHDLUPRGHDQGWKH
$38LVWKHRQO\VRXUFHRISRZHURQWKHDLUFUDIW
7KHJHQHUDWRUFRQWUROXQLWIRU,'**&8VHQGVD *&%LVDOVRRSHQ
FORVHFRPPDQGWRWKHJHQHUDWRUFRQWUROEUHDNHU*&%  $X[LOLDU\SRZHUEUHDNHU$3%LVRSHQ
ZKHQDOORIWKHVHFRQGLWLRQVRFFXU
 *HQHUDWRUFRQWUROVZLWFKPRPHQWDULO\SODFHGWR
WKH21SRVLWLRQ
 )LUHVZLWFKLVLQWKHQRUPDOSRVLWLRQ
7KLVRFFXUVRQO\RQFHLQIOLJKW7KHFLUFXLWLVUHVHW
RQWUDQVLWLRQWRWKHJURXQGPRGH
*&%2SHQ
 *HQHUDWRUFRQWUROUHOD\*&5LVFORVHG
 *&8KDVDUHDG\WRORDG57/VLJQDOIURPWKH *&8VHQGVDQRSHQFRPPDQGWRWKH*&%ZKHQDQ\RI
GLVSOD\HOHFWURQLFVXQLWV'(8VRU,'*SRZHU WKHVHFRQGLWLRQVRFFXU
TXDOLW\LVJRRGIRUVHFRQGV
 %XVWLHEUHDNHU%7%LVRSHQ  *&8GHWHFWVDQXQGHUVSHHGXQGHUIUHTXHQF\
FRQGLWLRQHQJLQHVKXWGRZQ
7KH*&8UHFHLYHVWKH57/VLJQDOZKHQWKHHQJLQHLVDW  (QJLQHILUHVZLWFKLVLQWKH),5(SRVLWLRQ
RUDERYHLGOHVSHHGDQGWKHHQJLQHVWDUWOHYHULVLQ  *HQHUDWRUFRQWUROUHOD\*&5LVRSHQ
WKH,'/(SRVLWLRQ  *HQHUDWRUFRQWUROVZLWFKPRPHQWDULO\SODFHGWR
WKH2))SRVLWLRQ
7KH%7%UHFHLYHVDQRSHQWULSVLJQDOIURPWKH*&8  *&8UHFHLYHVDQRSHQWULSFRPPDQGIURPWKH
ZKHQWKH,'*SRZHUTXDOLW\LVJRRG*&5LQFORVHG %3&8
SRVLWLRQDQG\RXSXWWKHJHQHUDWRUFRQWUROVZLWFKWR
WKH21SRVLWLRQ7KH*&8PRQLWRUV%7%SRVLWLRQDQG
FORVHVWKH*&%RQO\DIWHU%7%RSHQV

*&%$XWRPDWLF&ORVH

*&8DOVRVHQGVDFORVHFRPPDQGWRWKH*&%ZKHQDOO
RIWKHVHFRQGLWLRQVRFFXU

 )LUHVZLWFKLVLQWKHQRUPDOSRVLWLRQ
 %7%LVRSHQ
 $LUSODQHLVLQWKHDLU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/2$'6+('
*$//(<25 '3&71&7
0$,1%86

%3&8 &855(173527(&7,21

9'& 29(5&855(17
32:(5 ',))3527
81%$/3+$6(
6+257('',2'(
2))

23(1
21 6(&
*(1&217
6:,7&+3
%7%
),5(
(;&,7$7,21
1250$/
(1*),5(
6:3 &/26( 23(1
*&5 *&5 *&5 325
21(
57/ 6+27 &/26(
'(8 (;&,7$7,21
23(1
92/7$*(5(*8/$725 30*
23(1 *&%
$3% 81'(592/7$*(
29(592/7$*(
$,5 92/7$*(3+$6(6(4
$,5*1'
6(16,1* 29(5)5(48(1&<
*1'5(6(7 81'(5)5(48(1&<
36(8
%3&8
*(1(5$725&21752/81,7*&8
$&*(1(5$7,21*&8*(1(5$725&21752/%5($.(5*&%&21752/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*(1(5$725&21752/%5($.(5
3XUSRVH SRZHU$SHUPDQHQWPDJQHWKROGVWKHSOXQJHULQWKH
FORVHGSRVLWLRQ
7KHWZRHQJLQHJHQHUDWRUFRQWUROEUHDNHUV*&%FRQQHFW
YDF+]SKDVHSRZHUWRWKHHOHFWULFDO
GLVWULEXWLRQV\VWHPIURPWKHHQJLQHJHQHUDWRUV
7KHEUHDNHUVDOVRFRPSOHWHRURSHQYGFHOHFWULFDO
SRZHUV\VWHPFRQWURODQGLQGLFDWLRQFLUFXLWV
/RFDWLRQ
7KHEUHDNHUVDUHLQWKHSRZHUGLVWULEXWLRQSDQHOV7KH
SRZHUGLVWULEXWLRQSDQHOVDUHLQWKH((FRPSDUWPHQW
:KHQWKHRSHQLQJFRLOLVHQHUJL]HGDQGWKHEUHDNHU
RSHQVWKHFRQWUROFRQWDFWVRSHQDQGUHPRYHRSHQLQJ
SRZHU
7KHEUHDNHUKDVWZRW\SHVRIFRQWDFWVSULPDU\DQG
DX[LOLDU\7KHSULPDU\FRQWDFWVFRQQHFWSRZHUIURPWKH
JHQHUDWRUWRWKHWUDQVIHUEXV7KHDX[LOLDU\FRQWDFWV
DUHIRUFRQWURODQGLQGLFDWLRQ
7KHVHDUHWKHIXQFWLRQVRIWKHDX[LOLDU\FRQWDFWV

7KHVHEUHDNHUVDUHLQSRZHUGLVWULEXWLRQSDQHO3  &ORVHFRPPDQGIURPWKH*&8

 2SHQFRPPDQGIURPWKH*&8
 %XVWLHEUHDNHU%7%  %UHDNHURSHQSRVLWLRQWRWKH*&8
 $X[LOLDU\SRZHUEUHDNHU$3%  %UHDNHUFORVHGSRVLWLRQWRWKH%3&8
 *HQHUDWRUFRQWUROEUHDNHU*&%  2))%86/,*+7LQGLFDWLRQRQ3SDQHO

7KHVHEUHDNHUVDUHLQSRZHUGLVWULEXWLRQSDQHO3 7UDLQLQJ,QIRUPDWLRQ3RLQW

 %XVWLHEUHDNHU%7% 7KHJHQHUDWRUFRQWUROEUHDNHUVDUHWKHVDPHSDUWQXPEHU

 ([WHUQDOSRZHUFRQWDFWRU(3& DVWKH$38SRZHUEUHDNHUDQGEXVWLHEUHDNHUV
 *HQHUDWRUFRQWUROEUHDNHU*&%

*HQHUDO'HVFULSWLRQ

7KHEUHDNHUKDVDFORVHDQGRSHQFRLO%RWKFRLOV
RSHUDWHRQDVLQJOHSOXQJHUFRUH

:KHQWKHFORVHFRLOLVHQHUJL]HGDQGWKHEUHDNHU
FORVHVWKHFRQWUROFRQWDFWVRSHQDQGUHPRYHFORVLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&211(&725

3'3 3'3
3 3 $8;,/,$5<
5() &217$&76
,16,'(

35,0$5< 23(1
&217$&7 
75$169(56(5$&.((&203$570(17 &211(&7,216
/22.,1*$)7 *(1(5$725&21752/%5($.(5 

23(1&200$1'*&8
332:(5',675,%87,213$1(/
'&%86 9$&0$,175$16)(5%86 0$,1%86
35,0$5<
3+$6(
&217$&76
                   9$&+= 75$16)(5
*(1(5$725 %86
2))%86/,*+73

$8;,/,$5<
*&%23(1*&8 &217$&76
*&%&/26('%3&8

&/26(&200$1'*&8


%7%5() *&% $3%5() 
32:(5',675,%87,213$1(/3  &/26(
)52173$1(/23(1
*(1(5$725&21752/%5($.(5
 3'36,0,/$5
$&*(1(5$7,21*(1(5$725&21752/%5($.(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*&8$*&875$,1,1*,1)250$7,2132,17
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&*(1(5$7,21*&8$*&875$,1,1*,1)250$7,2132,17
%XLOW,Q7HVW(TXLSPHQW  ',67%86)$8/7
 *&83$66
7KH*&8EXLOWLQWHVWHTXLSPHQW%,7(KDVFLUFXLWVDQG
OLJKWVWRILQGDQGLVRODWHIDXOWVLQHDFKJHQHUDWLRQ *&8)$8/7/LJKW
FKDQQHO%,7(RSHUDWHVLQGHSHQGHQWO\RIWKHQRUPDO
FRQWURODQGSURWHFWLYHFLUFXLWV,QSXWVIURPRWKHU*&8V 7KH*&8)$8/7OLJKWFRPHVRQZKHQWKH*&8$*&8IDLOVD
RUWKHEXVSRZHUFRQWUROXQLWLVQRWQHFHVVDU\7KH*&8 VHOIWHVWRUWKHIDLOVDIHSURWHFWLRQVWDUWV$Q
KDVWKHVH%,7(IXQFWLRQV LQWHUQDOIDLOXUHFDXVHVHLWKHURQHRIWKHVHFRQGLWLRQV

 )LQGVDQGLGHQWLILHV/58IDLOXUHVLQWKH 7KHIDLOVDIHSURWHFWLRQVWDUWVZKHQWKH*&8FRQWLQXRXV
JHQHUDWLRQFKDQQHO PRQLWRU%,7(IXQFWLRQVILQGVDQLQWHUQDOIDXOW
 6DYHVIDXOWLQIRUPDWLRQLQWKHQRQYRODWLOHPHPRU\
190 7KH*&8IDXOWOLJKWDOVRFRPHVRQLIWKHUHLVDQ
 6KRZVIDXOWLQIRUPDWLRQZLWKIURQWSDQHOOLJKWV XQGHUYROWDJHRURYHUYROWDJHWULSEHFDXVHRIDYROWDJH
 'RHVVHOIWHVWRI*&8FLUFXLWVGXULQJSRZHUXSDQG UHJXODWRUIDLOXUH
ZKHQ\RXSXVKWKHWHVWVZLWFK
,'*)$8/7/LJKW
)URQW3DQHO
)RUD*&8WKH,'*)$8/7OLJKWFRPHVRQZKHQWKH*&8
7KHIURQWSDQHOKDVRQHPRPHQWDU\7(67VZLWFKDQGVHYHQ SURWHFWLRQFLUFXLWVRSHQWKHJHQHUDWRUFRQWUROEUHDNHU
OLJKWV<RXXVHWKH7(67VZLWFKWRWXUQRIIOLJKWVWKDW *&%IRUDQ\RIWKHVH,'*RXWSXWSUREOHPV
FRPHRQE\IDXOWVDQGWRVWDUWD*&8VHOIWHVW
 8QGHUIUHTXHQF\
$IURQWSDQHOOLJKWFRPHVRQZKHQWKH*&8ILQGVD  2YHUIUHTXHQF\
IDXOW2QO\RQHOLJKWFRPHVRQDWDWLPH7KHUHLVD  6KRUWHGURWDWLQJGLRGHVDWSRZHUVRXUFH
SULRULW\LIWKH*&8GHWHFWVPRUHWKDQRQHIDXOWDWWKH  8QGHUYROWDJHYROWDJHUHJXODWRURND\
VDPHWLPH7KHOLJKWVKDYHWKLVSULRULW\
7KH,'*)$8/7OLJKWGRHVQRWFRPHRQZKHQD*&8LV
 *&8)$8/7 LQVWDOOHGLQWKH$*&8SRVLWLRQ
 ,'*)$8/7
 *&%$3%)$8/7
 %7%)$8/7
 )(('(5)$8/7

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&*(1(5$7,21*&8$*&875$,1,1*,1)250$7,2132,17
*&%$3%)$8/7/LJKW *&83$66/LJKW

)RUD*&8WKH*&%$3%)$8/7OLJKWFRPHVRQWRVKRZ
WKDWWKH*&%GLGQRWPRYHWRWKHFRPPDQGHGSRVLWLRQ
)RUWKH$*&8WKH*&%$3%)$8/7OLJKWFRPHVRQWRVKRZ
WKDWWKH$3%GLGQRWPRYHWRWKHFRPPDQGHGSRVLWLRQ
7KHORJLFKDVDWLPHGHOD\WROHWWKHEUHDNHUVFKDQJH
SRVLWLRQ
%7%)$8/7/LJKW
7KH%7%)$8/7OLJKWFRPHVRQDQGVKRZVWKDWWKH%7%GLG
QRWPRYHWRWKHFRPPDQGHGSRVLWLRQ7KLVOLJKWGRHVQRW
FRPHRQIRUWKH$*&8
7KH*&83$66OLJKWFRPHVRQDIWHUWKH*&8SDVVHVDVHOI
WHVWWKDW\RXVWDUW3XVKWKH*&87(67VZLWFKIRUDW
OHDVWRQHVHFRQGWRVWDUWWKH*&8VHOIWHVW
*&87HVW6ZLWFK
3XVKWKH*&8WHVWVZLWFKWRVWDUWDVHOIWHVW7KHWHVW
WXUQVRIIDQ\IDXOWOLJKWWKDWLVRQEHIRUHWKHWHVW
7KHIDXOWOLJKWFRPHVEDFNRQLIWKHFRQGLWLRQVWKDW
PDGHWKHOLJKWFRPHRQDUHWUXHDJDLQ7KH*&8GRHVQRW
UHVSRQGWRWKH*&8WHVWVZLWFKLIWKHDSSOLFDEOH$&
SRZHUVRXUFHKDVH[FLWDWLRQ

)(('(5)$8/7/LJKW

7KH)(('(5)$8/7OLJKWFRPHVRQZKHQWKH*&8RSHQVWKH
EUHDNHUIRUDQ\RIWKHVHSUREOHPV

 'LIIHUHQWLDOFXUUHQW
 3KDVHVHTXHQFH
 8QGHUYROWDJH,'*RQO\YROWDJHUHJXODWRURND\

',67%86)$8/7/LJKW

7KH',67%86)$8/7OLJKWFRPHVRQZKHQWKH*&8$*&8
SURWHFWLRQFLUFXLWVRSHQD*&%$3%IRUDQ\RIWKHVH
SRZHUFKDQQHOSUREOHPV

 2YHUFXUUHQW
 8QEDODQFHGSKDVHFXUUHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

%,7(,16758&7,216

*&8 )(('(5
)$8/7 )$8/7

*&%$3% ',67%86
)$8/7 )$8/7
*&8
,'* 3$66 %7%
)$8/7 )$8/7

*&8
/,*+7 7(67

*&87(676:,7&+

$&*(1(5$7,21*&8$*&875$,1,1*,1)250$7,2132,17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21$3867$57(5*(1(5$725
3XUSRVH 7KHVWDUWHUJHQHUDWRUVXSSOLHVSKDVHYROWV
QRPLQDOSRZHUDW+]7KHVWDUWHUJHQHUDWRU
7KH$38VWDUWHUJHQHUDWRUKDVWZRIXQFWLRQV VXSSOLHVXSWR.9$EHORZIHHWPHWHUV
7KHVWDUWHUJHQHUDWRUFDQVXSSO\.9$DWIHHW
)LUVWWKHVWDUWHUJHQHUDWRUPDNHV$&SRZHUIRUJURXQG PHWHUV
RSHUDWLRQV7KHVWDUWHUJHQHUDWRUFDQVXSSO\HOHFWULFDO
SRZHUGXULQJIOLJKWDVEDFNXSWRWKH,'*V 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHVWDUWHUJHQHUDWRUDOVRVWDUWVWKH$38,WXVHV$& $JURXQGVXSSRUWOLIWILWWLQJRQWKHWRSRIWKH$38
SRZHUIURPWKHVWDUWFRQYHUWHUXQLW6&8WRWXUQWKH FRPSDUWPHQWDQGWKHVWDUWHUJHQHUDWRUKHOSVUHPRYHDQG
$38GXULQJWKHVWDUWVHTXHQFH LQVWDOOWKHVWDUWHUJHQHUDWRU

/RFDWLRQ

7KHVWDUWHUJHQHUDWRULVRQWKHULJKWVLGHRIWKH$38
JHDUER[,WDWWDFKHVWRWKHJHDUER[ZLWKQXWV<RX
UHSODFHWKHVWDUWHUJHQHUDWRUZLWKRXWUHPRYDORIWKH
$38

*HQHUDO'HVFULSWLRQ

7KH$38VWDUWHUJHQHUDWRULVDQRLOFRROHGWKUHH
SKDVHEUXVKOHVVURWDWLQJUHFWLILHUPDFKLQH,W
RSHUDWHVDWUSP7KHJHQHUDWRULQFOXGHVWKHVH
FRPSRQHQWV

 $QH[FLWHU
 $PDLQJHQHUDWRU
 $SHUPDQHQWPDJQHWJHQHUDWRU30*

7KH30*VXSSOLHVSRZHUIRUVWDUWXSDQGYROWDJH
FRQWURORIWKH$38FKDQQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$57(5*(1(5$725
/,)7(<(
$77$&+32,17

$77$&+0(17
72*($5%2;

$)7)86(/$*(
$38$&&(66'22523(1

):'
7(50,1$/
%/2&.
(/(&75,&$/
&211(&725
$3867$57(5*(1(5$725

):'

$38
$&*(1(5$7,21$3867$57(5*(1(5$725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21$38*(1(5$725&21752/81,7$*&8*(1(5$/'(6&5,37,21

*HQHUDO 7KH$*&8UHFHLYHVWKUHHSKDVHVHQVHYROWDJHLQSXWIURP
VSOLFHVLQWRWKHIHHGHUZLUHVEHWZHHQWKHVWDUWHU
7KH$38*&8$*&8XVHVLQSXWVWRFRQWUROWKHDX[LOLDU\ JHQHUDWRUDQGWKHDX[LOLDU\SRZHUEUHDNHU$3%
SRZHUEUHDNHU$3%SRVLWLRQ7KH$*&8DQGWKHVWDUW
FRQYHUWHUXQLW6&8VXSSO\SURWHFWLRQIRUWKHVWDUWHU 7KH$*&8UHFHLYHVWKHVHRWKHULQSXWV
JHQHUDWRUDQGV\VWHPORDGV
 $38VWDUWHUJHQHUDWRUSHUPDQHQWPDJQHWJHQHUDWRU
7KH$*&8LVWKHVDPHSDUWDVWKH*&87KHLQSXWVWRWKH 30*IUHTXHQF\
$*&8DUHGLIIHUHQWWKDQIRU*&8DQG*&8*&8DQG  5HDG\WRORDG57/VLJQDOIURPWKH$38HOHFWURQLF
*&8XVHDQLQWHUQDOYROWDJHUHJXODWRUWRFRQWURO FRQWUROXQLW(&8
JHQHUDWRURXWSXW7KH$*&8XVHVDYROWDJHUHJXODWRULQ  $38JHQHUDWRUVZLWFKSRVLWLRQV$36
WKH6&8WRFRQWUROVWDUWHUJHQHUDWRURXWSXW  3RVLWLRQVWDWXVRIWKHH[WHUQDOSRZHUFRQWDFWRU
(3&
$38*HQHUDWRU&RQWURO8QLW*&8,QSXWV  $3%KROGRIISUHYHQWV$3%FORVH
 6LJQDOIURPWKH$38ILUHVZLWFKHV
7KH$*&8UHFHLYHVSRZHUIURPRQHRIWKHVHWZRVRXUFHV  3RVLWLRQVWDWXVIURPWKH$3%

 6ZLWFKHGKRWEDWWHU\EXV *&82XWSXWV
 '&EXV
7KH$*&8KDVWKHVHRXWSXWVLJQDOV
7KH$*&8XVHVYGFWRSRZHULWVFRQWURODQG
SURWHFWLRQFLUFXLWV  $38JHQHUDWRUVZLWFKDQGSRVLWLRQWR%3&8
 9ROWDJHUHJXODWRUHQDEOH95
7KH$*&8UHFHLYHVWKUHHSKDVHVHQVHFXUUHQWLQSXWVIURP  2YHUYROWDJH29RUXQGHUYROWDJH89
WKHVHWZRSRLQWV  $38SRZHUDYDLODEOHVLJQDOWR%3&8

 1HXWUDOFXUUHQWWUDQVIRUPHU1&7LQVLGHWKH$38 %XLOW,Q7HVW(TXLSPHQW%,7(

JHQHUDWRUEHWZHHQWKHJHQHUDWRUDQGJURXQG
 'LIIHUHQWLDOSURWHFWLRQFXUUHQWWUDQVIRUPHU'3&7 7+($*&8KDVIURQWIDFH%,7(WRKHOSGRWURXEOHVKRRWLQJ
RQWKH$38SRZHUIHHGHUVEHWZHHQWKHJHQHUDWRU RIWKHHOHFWULFDOV\VWHP
DQGWKHDX[LOLDU\SRZHUEUHDNHU$3%

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6:+27
%$7%86 5(&25'$1<)$8/7/,*+77+$7,621
5(029(,'*$3832:(5723(5)250*&87(67
386+$1'+2/'*&87(676:,7&+)256(&21'
'3&7
$///,*+76*2217+(1$///,*+76*22))
'&%86 ,)*&8)$8/7/,*+7&20(6215()(572),0
,)*&83$66/,*+7&20(621 92/7$*(6(16(
1&7 5()(572),0)25
5(&25'(')$8/7/,*+7
(3&326,7,21
67$57(5
*(1(5$725
30*)5(48(1&<
$36326,7,216
2989 2989
$3832:(5$9$,/$%/(
95(1$%/(
$3%+2/'2))
6&8
%3&8

57/ ',6&+

$38
),5(
&21752/
3 8//+$1'/('2:1
',6&+$5*(%277/(

%277/(',6&+$5*(

$38(&8 3
%27 7/( +25 1
',6 &+$5*( &87287

326,7,21 3
)0&&'8 3
$36
$36 $3%&/26(23(1

$38*(1(5$725&21752/81,7$*&8

$&*(1(5$7,21$38*(1(5$725&21752/81,7$*&8*(1(5$/'(6&5,37,21

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21$*&83527(&7,21$1'(;&,7$7,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&*(1(5$7,21$*&83527(&7,21$1'(;&,7$7,21
*HQHUDWRU([FLWDWLRQ 7KH$*&8PRQLWRUVWKHYROWDJHDQGFXUUHQWRIWKH
JHQHUDWRU7KH6&8PRQLWRUVDQGFRQWUROVWKHYROWDJH
7KH$38VWDUWHUJHQHUDWRULVDWKUHHSKDVHEUXVKOHVV RXWSXWIURPWKHJHQHUDWRU7KH$3%FDQFORVHZKHQWKH
$&JHQHUDWRU7KHJHQHUDWRUFRQVLVWVRIWKHVH YROWDJHDQGIUHTXHQF\DUHZLWKLQSRZHUTXDOLW\OLPLWV
FRPSRQHQWV 7KHYROWDJHUHJXODWRULQWKH6&8FRQWUROV$&SRZHU
RXWSXWE\FRQWURORIH[FLWDWLRQSRZHU
 3HUPDQHQWPDJQHWJHQHUDWRU30*URWRU
 3HUPDQHQWPDJQHWJHQHUDWRU30*VWDWRU 7KHJHQHUDWRUFRQWUROUHOD\*&5LQWKH$38*&8$*&8
 ([FLWHUURWRUDUPDWXUH LVQRWSDUWRIWKHH[FLWDWLRQSRZHUFLUFXLWIRUWKH$38
 ([FLWHUVWDWRUILHOG JHQHUDWRU7KH$*&8*&5FORVHVWRVHQGWKHYROWDJH
 0DLQJHQHUDWRUURWRU UHJXODWRU95HQDEOHVLJQDOWRWKH6&87KH95HQDEOH
 0DLQJHQHUDWRUVWDWRU VLJQDOFRPSOHWHVWKHH[FLWDWLRQFLUFXLWLQWKH6&8
 1HXWUDOFXUUHQWWUDQVIRUPHU1&7
7KH$38JHDUER[WXUQVWKHURWRU$VWKH30*URWRU
WXUQVLWLQGXFHVDQ$&YROWDJHLQWKHWKUHHSKDVH
ZLQGLQJVRIWKH30*VWDWRU7KLV$&YROWDJHJRHVWRWKH
$386WDUWHU*HQHUDWRU6WDUW0RGH
7KH$38VWDUWHUJHQHUDWRUVWDUWHULVLQWHJUDOZLWKWKH
JHQHUDWRU7KH6&8DWWDFKHVHOHFWULFDOO\WRWKH
VWDUWFRQYHUWHUXQLW6&8$YROWDJHUHJXODWRU95LQ VWDUWHUJHQHUDWRUWKURXJKFRQQHFWLRQVVSOLFHVWRWKH
WKH6&8WUDQVIRUPVDQGUHFWLILHVWKHSRZHUWR'&$OVR IHHGHUZLUHVDWWKHEDFNRIWKHSRZHUGLVWULEXWLRQ
LQWKH6&8LVDH[FLWDWLRQSRZHUUHOD\(35:LWKWKH SDQHO3'37KH6&8YROWDJHUHJXODWRUXVHVWKHVH
(35LQWKHFORVHGSRVLWLRQ'&SRZHUJRHVWRWKH FRQQHFWLRQVDVDSRLQWRIUHJXODWLRQ3257KH6&8
H[FLWHUILHOGZLQGLQJV DOVRXVHVWKLVFRQQHFWLRQWRVXSSO\SRZHUWRWKH
VWDUWHUJHQHUDWRUGXULQJ$38VWDUWLQJ7KH$*&8
7KHVWDWLRQDU\PDJQHWLFILHOGFDXVHGE\WKH'&YROWDJH SURWHFWLRQFLUFXLWVPRQLWRUSRZHUTXDOLW\DW
LQWKHZLQGLQJVRIWKHH[FLWHUVWDWRUILHOGPDNHVD FRQQHFWLRQVWRWKHIHHGHUZLUHVLQVLGHRIWKH3'3
WKUHHSKDVH$&YROWDJHLQWKHZLQGLQJVRIWKHH[FLWHU
URWRUDUPDWXUH6L[URWDWLQJGLRGHVUHFWLILHUVLQ
WKHURWRUFKDQJHWKH$&WR'&YROWDJH7KH'&YROWDJH
JRHVWRWKHILHOGZLQGLQJVRIWKHPDLQJHQHUDWRUURWRU
&XUUHQWIORZLQWKHURWRUFDXVHVDURWDWLQJPDJQHWLF
ILHOG7KHURWDWLQJPDJQHWLFILHOGFDXVHVDQ$&YROWDJH
LQWKHZLQGLQJVRIWKHPDLQJHQHUDWRUVWDWRU
$*&83URWHFWLRQ
7KH$*&8PRQLWRUVYROWDJHFXUUHQWDQGIUHTXHQF\7KH
$*&8RSHQVWKH$3%DQGUHPRYHVWKHH[FLWDWLRQIURPWKH
JHQHUDWRUWRSURWHFWWKHHOHFWULFDOFKDQQHO7KH$*&8
UHPRYHVWKH95HQDEOHVLJQDOWRWXUQRIIH[FLWDWLRQ
7KH$*&8KDVWKHVHSURWHFWLYHIXQFWLRQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&*(1(5$7,21$*&83527(&7,21$1'(;&,7$7,21
 2YHUYROWDJH 7KH$*&8UHPRYHVWKH95HQDEOHVLJQDODQGRSHQVWKH$3%
 8QGHUYROWDJH LIWKHIUHTXHQF\LVOHVVWKDQWKHVHOLPLWV
 2YHUIUHTXHQF\
 8QGHUIUHTXHQF\XQGHUVSHHG  +]IRUVHFRQGV
 8QEDODQFHGSKDVH  +]IRUPLOOLVHFRQGV
 *HQHUDWRUGLRGHIDLOXUH
 9ROWDJHSKDVHVHTXHQFH 8QEDODQFHG3KDVH3URWHFWLRQ
 2YHUFXUUHQW
 'LIIHUHQWLDOSURWHFWLRQ 7KH$*&8PRQLWRUVWKHWKUHHSKDVHVRIWKH$38JHQHUDWRU
 $*&8IDLOVDIH
2YHUYROWDJHDQG8QGHUYROWDJH3URWHFWLRQ
7KH$*&8PRQLWRUVHDFKRIWKHSKDVHYROWDJHV
2YHUYROWDJHSURWHFWLRQVWDUWVZKHQWKHKLJKHVWSKDVH
YROWDJHVLVPRUHWKDQYROWV8QGHUYROWDJH
SURWHFWLRQVWDUWVZKHQWKHORZHVWSKDVHYROWDJHLVOHVV
WKDQYROWVIRUPRUHWKDQVHFRQGV,IWKHUHLVD
YROWDJHIDXOWWKH$*&8UHPRYHVWKH95HQDEOHVLJQDO
7KH6&8UHPRYHVWKHH[FLWDWLRQIURPWKHJHQHUDWRUDQG
WKH$*&8FRPPDQGVWKH$3%WRRSHQ
2YHUIUHTXHQF\DQG8QGHUIUHTXHQF\3URWHFWLRQ
GLIIHUHQWLDOSURWHFWLRQFXUUHQWWUDQVIRUPHU'3&7
8QEDODQFHSKDVHSURWHFWLRQRFFXUVLIWKHFXUUHQW
XQEDODQFHEHWZHHQDQ\WZRSKDVHVLVPRUHWKDQDPSV
IRUVHFRQGV7KH$*&8FRPPDQGVWKH%3&8WRRSHQ%7%
,IWKHIDXOWUHPDLQVWKH%3&8RSHQV%7%DQGUH
FORVHV%7%,IWKHIDXOWFOHDUVWKHUHLVQRIXUWKHU
DFWLRQ,IWKHIDXOWUHPDLQVWKH$*&8RSHQVWKH$3%
DQGWKH95HQDEOHVLJQDO7KH%3&8SUHYHQWVWKHUH
FORVXUHRI%7%DQG%7%
*HQHUDWRU'LRGH)DLOXUH3URWHFWLRQ
7KH6&8PRQLWRUVWKHFXUUHQWULSSOHUHWXUQLQWKH
H[FLWDWLRQFLUFXLWWRGHWHFWDQ$38VWDUWHUJHQHUDWRU
VKRUWHGURWDWLQJGLRGH7KH6&8VHQGVDEXLOWLQWHVW
7KH6&8PRQLWRUVWKHIUHTXHQF\DWWKH30*3URSHU HTXLSPHQW%,7(PHVVDJHWRWKH$38HOHFWURQLFFRQWURO
JHQHUDWRUIUHTXHQF\LV+]7KH$*&8UHFHLYHVD XQLW(&87KH(&8JLYHVDPDLQWHQDQFHOLJKWRQ3
FRQGLWLRQHG30*VLJQDOIURPWKH$386&87KH$*&8 7KHJHQHUDWRURSHUDWHVZLWKDVKRUWHGGLRGH7KH$*&8
UHPRYHVWKH95HQDEOHVLJQDOWRWKH6&8DQGRSHQVWKH PD\VHHDORZYROWDJHFRQGLWLRQLIPRUHGLRGHVIDLO,I
$3%LIWKHIUHTXHQF\LVPRUHWKDQWKHVHOLPLWV WKLVKDSSHQVWKH$*&8UHPRYHVWKH95HQDEOHVLJQDODQG
RSHQVWKH$3%
 +]IRUPRUHWKDQVHFRQGV
 +]IRUPLOOLVHFRQGV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&*(1(5$7,21$*&83527(&7,21$1'(;&,7$7,21
3KDVH6HTXHQFH3URWHFWLRQ 8QGHUVSHHG3URWHFWLRQ

7KH$*&8PRQLWRUVSKDVHVHTXHQFH7KH$3%FDQQRWFORVH
ZKHQWKH$*&8ILQGVDSKDVHVHTXHQFHSUREOHP
2YHUFXUUHQW3URWHFWLRQ
,IFXUUHQWLVPRUHWKDQDPSVIRUVHFRQGVWKH
$*&8FRPPDQGVWKH%3&8WRVKHGVHFRQGDU\HOHFWULFDO
7KH$*&8PRQLWRUVWKHUHDG\WRORDG57/VLJQDOIURP
WKH(&8:LWKQR57/VLJQDOWKH$*&8UHPRYHVWKH95
HQDEOHVLJQDOZKLFKRSHQVWKH6&8*&57KLVUHPRYHVWKH
H[FLWDWLRQIURPWKHVWDUWHUJHQHUDWRU7KH$*&8DOVR
RSHQVWKH$3%7KHVHTXHQFHDERYHKDSSHQVZKHQ\RXSXW
WKH$38VZLWFKWRWKH2))SRVLWLRQDQGWKH$38LV
VXSSO\LQJHOHFWULFDOSRZHU7KH,'**&8GRHVQRWRSHQ
ORDGVORDGVKHG7KH%3&8ILUVWUHPRYHVJDOOH\ORDGV LWV*&5GXULQJHQJLQHVKXWGRZQ)RUWKH$38WKH
DQGLIWKHRYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKHPDLQ H[FLWDWLRQFLUFXLWPXVWEHRSHQQR95HQDEOHVLJQDO
EXVHVDUHVKHG,IWKHRYHUFXUUHQWUHPDLQVWKH$*&8 WRSURWHFWWKH6&8YROWDJHUHJXODWRUGXULQJDQ$38
UHPRYHVWKH95HQDEOHVLJQDODQGRSHQVWKH$3% VWDUW

,IFXUUHQWLVPRUHWKDQDPSVIRUVHFRQGVWKH $*&8)DLOVDIH
$*&8FRPPDQGVWKH%3&8WRVWDUWORDGVKHG,IWKH
RYHUFXUUHQWFRQWLQXHVIRUDQRWKHUVHFRQGVWKH$*&8 7KH$*&8FRQWDLQVLQWHUQDOSURWHFWLRQDJDLQVWLWVRZQ
UHPRYHVWKH95HQDEOHVLJQDODQGRSHQVWKH$3% IDLOXUH$IDLOVDIHFRQGLWLRQFDXVHVWKHVH

'LIIHUHQWLDO)DXOW3URWHFWLRQ  $*&8UHPRYHVWKH95HQDEOHVLJQDOZKLFKRSHQVWKH
6&8(35
7KH$*&8PRQLWRUVWKHWKUHHSKDVHVRIWKHVWDUWHU  $*&8RSHQVWKH$3%
JHQHUDWRUFXUUHQWWUDQVIRUPHUDQGWKHIHHGHUFXUUHQW  7KHEOXH$38*(12))%86OLJKWRQWKH3SDQHO
WUDQVIRUPHUVZLWKWKHGLIIHUHQWLDOSURWHFWLRQFXUUHQW FRPHVRQ
WUDQVIRUPHU'&37LQWKHSRZHUGLVWULEXWLRQSDQHO7KH  $*&8VHQGVVLJQDOWRWKH%3&8WRFORVHWKH%7%VLI
$*&8FRPSDUHVFXUUHQWIORZDWWKHJHQHUDWRUDQGDWWKH RSHQ
$3%,IGLIIHUHQWLDOFXUUHQWLVPRUHWKDQDPSVIRU  *&8IDXOWLQGLFDWLRQOLJKWRQ$*&8FRPHVRQ
PLOOLVHFRQGVWKH$*&8UHPRYHVWKH95HQDEOHVLJQDO
DQGRSHQVWKH$3% 95(QDEOH

7KHVWDUWHUJHQHUDWRUUHFHLYHVH[FLWDWLRQJHQHUDWRU
PRGHZKHQWKHUHLVD95HQDEOHVLJQDO7KH$*&8

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&*(1(5$7,21$*&83527(&7,21$1'(;&,7$7,21
VXSSOLHVWKH95HQDEOHVLJQDOZKHQWKHVHFRQGLWLRQV
RFFXU

 $3857/VLJQDOLVDYDLODEOH$38PRUHWKDQUSP
DQGQRWLQFRROGRZQF\FOHRUDWVWDUWRI
SURWHFWLYHVKXWGRZQ
 6WDUWHUJHQHUDWRUIUHTXHQF\LVLQOLPLWV
 *&5LQWKH$*&8LVFORVHG

7KH(35LQWKH6&8FORVHVZKHQWKHUHLVD95HQDEOH
VLJQDO7KHYROWDJHUHJXODWRULQWKH6&8WKHQFRQWUROV
VWDUWHUJHQHUDWRURXWSXW7KHUHLVQR95HQDEOHVLJQDO
GXULQJDQ$38VWDUW'XULQJDQ$38VWDUWWKHJHQHUDWRU
H[FLWDWLRQFLUFXLWLVRSHQ7KLVSURWHFWVWKHYROWDJH
UHJXODWRULQWKH6&8IURPWKHVWDUWHUSRZHU,IWKH(35
LQWKH$*&8LVFORVHGWKH$*&8VXSSOLHVWKH95HQDEOH
VLJQDOZKHQWKH$38JHWVWRSHUFHQWUSP

7KH57/VLJQDOLVUHPRYHGGXULQJDQ$38VKXWGRZQ7KLV
UHPRYHVWKH95HQDEOHDQGWKHVWDUWHUJHQHUDWRU
H[FLWDWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$3% '3&7 

0$,1*(1
&855(173527(&7,21 67$725
$*&8)$,/ 29(5&855(17
',))3527(&7,21 1&7
6$)(
81%$/$1&('3+$6( 0$,1*(1
3 52725
92/73527(&7,21 9'&
),5( 92/7$*(
3+$6(6(48(1&( 92/7
9'& 5(* (;&,7(5
)5(48(1&< 52725

*&5
30*
*&5 52725
95(1$%/(
30*67$725
57/ ',2'(
)$,/
$38*(1
1232:(5 $38(&8 $386&8
12 48$/,7<
),5( 352%/(06
21
/$7&+ 2))
$36
21
/$7&+ 2))
$36
$38*(1(5$725&21752/81,7  &211(&7,21$7
$)76,'(2)3'3
$&*(1(5$7,21$*&83527(&7,21$1'(;&,7$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21$*&8$8;,/,$5<32:(5%5($.(5$3%&21752/

*HQHUDO $3%2SHQ

7KH$*&8XVHVLQSXWVDQGLQWHUQDOORJLFWRFRQWUROWKH 7KH$*&8VHQGVDQRSHQVLJQDOWRWKH$3%ZKHQRQHRU
SRVLWLRQRIWKHDX[LOLDU\SRZHUEUHDNHU$3% PRUHRIWKHVHFRQGLWLRQVRFFXU

7KH$*&8XVHVPDQXDOLQSXWIURPWKH$38JHQHUDWRU  $QRWKHUSRZHUVRXUFHLVVHOHFWHG%3&8VHQGVRSHQ

FRQWUROVZLWFKHVWRFORVHRURSHQWKH$3%7KH%3&8
VHQGVDVLJQDOWRRSHQWKH$3%LIDQRWKHUSRZHUVRXUFH
VHOHFWLRQRFFXUV7KH$*&8SRZHUTXDOLW\SURWHFWLYH
FLUFXLWVDOVRRSHQWKH$3%LISRZHUSDUDPHWHUVDUHQRW
LQOLPLWV
VLJQDOWR*&8
 %RWK$38JHQHUDWRUFRQWUROVZLWFKHVDUH
PRPHQWDULO\SODFHGWRWKH2))SRVLWLRQ
 57/VLJQDOWRWKH$*&8LVUHPRYHG
 $38VZLWFKLVSODFHGWRWKH2))SRVLWLRQ
 (LWKHU$38ILUHVZLWFKSODFHGWRWKHILUHSRVLWLRQ
$3%&ORVH  *HQHUDWRUFRQWUROUHOD\*&5LVRSHQ

7KH$*&8VHQGVDFORVHVLJQDOWRWKH$3%ZKHQDOORI
WKHVHFRQGLWLRQVRFFXU

 (LWKHU$38JHQHUDWRUFRQWUROVZLWFKLVPRPHQWDULO\
SODFHGWRWKH21SRVLWLRQ
 %7%SRVLWLRQVDQG*&%SRVLWLRQVDUHVHWWRSUHYHQW
WZRSRZHUVRXUFHVWRRQH$&WUDQVIHUEXV
 *HQHUDWRUFRQWUROUHOD\*&5LVFORVHG
 ([WHUQDOSRZHUFRQWDFWRU(3&LVRSHQ
 $*&8KDVDQ$38UHDG\WRORDG57/VLJQDOIURP
WKH$38HOHFWURQLFFRQWUROXQLW(&8

:KHQWKHUHLVDFRPPDQGWRFORVHWKH$3%WKH%3&8
VHQGVDVLJQDOWRWKH*&8WRRSHQWKHJHQHUDWRUFRQWURO
EUHDNHUV*&%7KH%3&8DOVRVHQGVDQRSHQVLJQDOWR
WKHH[WHUQDOSRZHUFRQWDFWRU(3&

7KH$3%KROGRIISUHYHQWVFORVLQJRIWKH$3%XQWLOWKH
*&%VDQG(3&DUHRSHQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

),5(
9'&
$38),5( 23(16,*1$/
6:,7&+ )520%3&8
92/7 2872)
6(16( 23(1
/,0,76
'3&7 $3%
23(1
&/26(
3'3 2.

1&7 32:(5 $3%

48$/,7<
$3867$57(5
*(1(5$725
2)) /$7&+

*&8
21
$38*(16: %7%*&%
/2*,&
2)) /$7&+ *&8

*&%(3& $3%
%7% +2/'2))
21 $
326,7,216
$38*(16: $3%
&/26(
%3&8
$
57/

$*&8 $38(&8
$&*(1(5$7,21$*&8$8;,/,$5<32:(5%5($.(5$3%&21752/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,2167$57&219(57(581,76&8
3XUSRVH

7KHVWDUWFRQYHUWHUXQLW6&8KDVWZRIXQFWLRQV

 5HJXODWHWKH$38VWDUWHUJHQHUDWRUHOHFWULFDO
SRZHURXWSXW
 7XUQWKH$38GXULQJDQ$38VWDUW

/RFDWLRQ

7KH6&8LVRQWKH(UDFNLQWKH((FRPSDUWPHQW

*HQHUDO

7KH6&8RSHUDWHVZLWKWKH$38JHQHUDWRUFRQWUROXQLW
$*&8WRFRQWURODQGUHJXODWH$38VWDUWHUJHQHUDWRU
SRZHU7KH$38JHQHUDWRUFRQWUROUHOD\$*&5DQGWKH
VWDUWHUJHQHUDWRUYROWDJHUHJXODWRUDUHLQVLGHWKH6&8

7KH6&8DOVRPDNHVWKHVWDUWHUJHQHUDWRUIXQFWLRQOLNH
DPRWRUWRWXUQWKH$38GXULQJVWDUWLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

75$169(56(5$&.((&203$570(17
/22.,1*$)7

67$57&219(57(581,76&8

$&*(1(5$7,2167$57&219(57(581,76&8
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,216&8,17(5)$&(
*HQHUDO 7KHVWDUWHUJHQHUDWRUSHUPDQHQWPDJQHWJHQHUDWRU30*
LVWKHSRZHUVRXUFHIRUWKHYROWDJHUHJXODWRU7KH$*&8
7KHVWDUWFRQYHUWHUXQLW6&8KDVWKHVHIXQFWLRQV SURWHFWLRQFLUFXLWVXVHWKH30*RXWSXWWRPRQLWRU
VWDUWHUJHQHUDWRUIUHTXHQF\RXWSXW
 &RQWUROVVWDUWHUJHQHUDWRUYROWDJHRXWSXW
 &KDQJHVYGFIURPWKHVWDUWSRZHUXQLW638WR 7KHYROWDJHUHJXODWRULQWKH6&8DQGWKH$*&8PRQLWRU
$&SRZHUWRHQHUJL]HWKHVWDUWHUJHQHUDWRUGXULQJ WKHYROWDJHRIHDFKSKDVHDWDSRLQWEHWZHHQWKH
VWDUWLQJWKURXJKWKH6&8LQWHUQDODX[LOLDU\SRZHU VWDUWHUJHQHUDWRUDQGWKHDX[LOLDU\SRZHUEUHDNHU
LVRODWLRQUHOD\ $3%7KHYROWDJHUHJXODWRUXVHVWKLVLQIRUPDWLRQWR
 6HQGVIDXOWGDWDWRWKH$38HOHFWURQLFFRQWURO FRQWUROH[FLWDWLRQ7KH$*&8XVHVWKLVLQIRUPDWLRQIRU
XQLW(&8 V\VWHPSURWHFWLRQ

6HHWKH$38FKDSWHUIRUPRUHLQIRUPDWLRQDERXW$38
VWDUWLQJDQGWKH$38(&8
3RZHU*HQHUDWLRQ
7KHYROWDJHUHJXODWRUDQG$38JHQHUDWRUFRQWUROUHOD\
3URWHFWLRQ
7KH$*&8UHPRYHVWKHYROWDJHUHJXODWRUHQDEOHVLJQDO
DQGRSHQVWKH$*&5ZKHQWKH$*&8SURWHFWLRQFLUFXLWV
ILQGDQHOHFWULFDOSDUDPHWHUQRWLQOLPLWV6HHWKH
$*&8SURWHFWLRQDQGH[FLWDWLRQSDJHLQWKLVVHFWLRQIRU
$*&5JLYHH[FLWDWLRQWRWKHVWDUWHUJHQHUDWRU7KH PRUHLQIRUPDWLRQ
YROWDJHUHJXODWRUFRQWUROVWKHDPRXQWRIH[FLWDWLRQDQG
IUHTXHQF\RIH[FLWDWLRQWRFRQWUROJHQHUDWRURXWSXW 7KH$*&8VHQGVDIDXOWVLJQDOWRWKH6&8LIDVWDUWHU
YROWDJH7KH$*&5FRPSOHWHVRURSHQVWKHFLUFXLWIRU JHQHUDWRURYHUYROWDJHKLJKYROWDJHRUXQGHUYROWDJH
H[FLWDWLRQSRZHU ORZYROWDJHFRQGLWLRQVKDSSHQV7KH6&8VHQGVWKLV
GDWDWRWKH$38(&87KLVGDWDLVGLVSOD\HGRQWKH
7KH$38JHQHUDWRUFRQWUROXQLW$*&8FRQWUROVWKH FRQWUROGLVSOD\XQLWLQWKHIOLJKWFRPSDUWPHQW
RSHUDWLRQRQRIIRIWKHYROWDJHUHJXODWRUDQG$*&5
SRVLWLRQ7KH$*&8VHQGVDYROWDJHUHJXODWRUHQDEOH
VLJQDOWXUQRQVLJQDOWRWKH6&8ZKHQDQ$38
JHQHUDWRUVZLWFKLVSXWLQWKH21SRVLWLRQLIWKH$38
LVUHDG\WRORDG7KH$*&5LQWKH6&8FORVHVDQGWKH
VWDUWHUJHQHUDWRUUHFHLYHVH[FLWDWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$ 72$*&8

'&72$&
&219(57(5 $3,5

638
9'&
6:+27 92/7$*( 67$725
%$7%86 '3&7 $3% %7%
6(16( 0$,1*(1
$38
&217 1&7 3
3 0$,1*(1
52725

6:21 3:5
6833/<
$3867$57
6:3 52725 %7%
92/7$*( (;&,7(5
5(*8/$725 3
$1'$*&5 52725
30*
(1$%/(&/26( )$8/7 30*
'$7$ 67$725

6&8 67$57(5
*(1(5$725

&21752/ 3527(&7,21 $
&,5&8,76 &,5&8,76

$*&8 $38(&8 '(8 &'8

$&*(1(5$7,216&8,17(5)$&(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21',))(5(17,$/3527(&7,21&855(1775$16)250(5
3XUSRVH /RFDWLRQ

7KHGLIIHUHQWLDOSURWHFWLRQFXUUHQWWUDQVIRUPHUV'3&7 $OO'3&7VDUHLQDULJLGEXVDVVHPEO\DWWKHDIWVLGHRI

VXSSO\HOHFWULFDOFXUUHQWLQIRUPDWLRQIURPDSRZHU HDFKSRZHUGLVWULEXWLRQSDQHO3'3<RXPXVWUHPRYHDQ
VRXUFHWRWKHFRUUHFWFRQWUROXQLW DFFHVVSDQHODWWKHIRUZDUGHQGRIWKHIRUZDUGFDUJR
FRPSDUWPHQWWRJHWDFFHVVWRWKHDIWVLGHRIWKH3'3V
*HQHUDO'HVFULSWLRQ <RXPXVWWKHQUHPRYHIHHGHUZLUHVDQGDFRYHUWRJHW
DFFHVVWRWKHULJLGEXVDVVHPEO\
7KHUHDUHWKUHH'3&7VDQGRQH&7RQHIRUHDFK$&SRZHU
VRXUFH7KHVHDUHWKH'3&7V 7KHVH'3&7VDUHLQWKH3SRZHUGLVWULEXWLRQSDQHO

 ,'**(1'3&7  *HQHUDWRU'3&7*(1'3&7

 ,'**(1'3&7  $38VWDUWHUJHQHUDWRU'3&7$38*(1'3&7
 $38VWDUWHUJHQHUDWRU$38*(1'3&7
 ([WHUQDOSRZHU&7 7KLV'3&7DQG&7DUHLQWKH3SRZHUGLVWULEXWLRQ
SDQHO
3RZHUFRPHVIURPWKHWHUPLQDOVWXGWKURXJKHDFK'3&7
KROHWRWKHULJLGEXVEDUDVVHPEO\7KHWUDQVIRUPHU
FRLOVVHQVHFXUUHQWE\LQGXFWLRQIRUHDFKSKDVH7KLV
LQIRUPDWLRQJRHVWRWKHFRQWUROXQLWIRUWKHSRZHU
VRXUFH
7KH*&8DQG$*&8XVHFXUUHQWGDWDIRUSRZHUUHJXODWLRQ
SURWHFWLRQDQGLQGLFDWLRQ7KHFRQWUROXQLWRSHQVWKH
EUHDNHULIFXUUHQWLVQRWLQOLPLWV6HHWKHSURWHFWLRQ
SDJHVLQWKLVVHFWLRQIRUPRUHLQIRUPDWLRQ
7KH%3&8XVHVWKHFXUUHQWGDWDIRUSURWHFWLRQRIWKH
HOHFWULFDOV\VWHP7KH%3&8UHPRYHVHOHFWULFDOORDGV
 *HQHUDWRU'3&7*(1'3&7
 ([WHUQDOSRZHU&7
(DFK'3&7RU&7LVEHWZHHQWKHVRXUFHDQGWKHVRXUFH
EUHDNHURUFRQWDFWRU
:$51,1* 5(029((/(&75,&$/32:(5%()25(5(029$/25
,167$//$7,212)7+(&855(1775$16)250(56,1
7+(32:(5',675,%87,213$1(/6+,*+92/7$*(6
35(6(17&$1&$86(,1-85<723(56216
ORDGVKHGRUUHPRYHVDOOH[WHUQDOSRZHULIFXUUHQWLV
QRWLQOLPLWV6HHWKH$&HOHFWULFDOORDGGLVWULEXWLRQ
VHFWLRQIRUPRUHLQIRUPDWLRQDERXWORDGVKHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5,*,'%86$66(0%/<
&29(5

(3&5()

,1%'

*&%5()
%7%5()
$)73
)25:$5'&$5*2&203$570(17

(/(&75,&$/&211(&725
72*&8

+2/()257(50,1$/ (;7(51$/32:(5
678'6 &75()(5(1&(

*(1'3&7
):'
 36+2:13$1'27+(5'3&7,167$//$7,21 35,*,'%86$66(0%/< 
$/02677+(6$0(
$&*(1(5$7,21',))(5(17,$/3527(&7,21&855(1775$16)250(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,2132:(5',675,%87,213$1(/6
*HQHUDO  7,(%86RQZKHUHWKHUHLVSRZHUDWWKHEXVWLH
EUHDNHUV
7KHSRZHUGLVWULEXWLRQSDQHOV3'3VKDYHWKHEUHDNHUV
DQGPDQ\RIWKHHOHFWULFDOEXVHV
(DFK3'3KDVDGRRURQWKHIURQWRILWWKDWLVXVXDOO\
FORVHG7KHIURQWRIHDFKGRRUKDVFLUFXLWEUHDNHUV
 $383:5RQZKHQWKHVWDUWHUJHQHUDWRUVXSSOLHV
SRZHU
 (;73:5RQZKHQH[WHUQDOSRZHUVXSSOLHVSRZHU
3RZHU'LVWULEXWLRQ3DQHO

/RFDWLRQ 7KHSRZHUGLVWULEXWLRQSDQHO3'3RU3KDV

WKHVHFRPSRQHQWV
3'33LVRQWKHOHIWVLGHRIWKH((FRPSDUWPHQW
3'33LVRQWKHULJKWVLGHRIWKH((FRPSDUWPHQW  $&WUDQVIHUEXV
 *URXQGVHUYLFHEXV
3RZHU'LVWULEXWLRQ3DQHO  '&EXV
 *HQHUDWRUFRQWUROEUHDNHU*&%
7KHSRZHUGLVWULEXWLRQSDQHO3'3RU3KDV  ([WHUQDOSRZHUFRQWDFWRU(3&
WKHVHFRPSRQHQWV  %XVWLHEUHDNHU%7%

 $&WUDQVIHUEXV 7KHUHDUHIRXUUHGOLJKWVRQWKHIRUZDUGDQGDIWIDFH
 *URXQGVHUYLFHEXV RIWKHSDQHO7KHOLJKWVDUHRQWKHDIWIDFHZKHQ\RX
 '&EXV DUHLQWKHIRUZDUGFDUJRFRPSDUWPHQW7KHVHOLJKWVFRPH
 *HQHUDWRUFRQWUROEUHDNHU*&% RQWRZDUQWKDWHOHFWULFDOSRZHULVDFWLYHLQVLGHWKH
 $X[LOLDU\SRZHUEUHDNHU$3% SDQHO7KHOLJKWVKDYHWKHVHQDPHVDQGFRPHRQZLWK
 %XVWLHEUHDNHU%7% WKHVHFRQGLWLRQV

7KHUHDUHIRXUUHGOLJKWVRQWKHIRUZDUGDQGDIWIDFH  *(1RQZKHQ,'*VXSSOLHVSRZHU
RIWKHSDQHO7KHVHOLJKWVFRPHRQWRZDUQWKDW  7,(%86RQZKHUHWKHUHLVSRZHUDWWKHEXVWLH
HOHFWULFDOSRZHULVDFWLYHLQVLGHWKHSDQHO7KHOLJKWV EUHDNHUV
DUHRQWKHDIWIDFHZKHQ\RXDUHLQWKHIRUZDUGFDUJR  ;)5%86RQZKHQ$&WUDQVIHUEXVKDVSRZH
FRPSDUWPHQW7KHOLJKWVKDYHWKHVHQDPHVDQGFRPHRQ  (;73:5RQZKHQH[WHUQDOSRZHUVXSSOLHVSRZHU
ZLWKWKHVHFRQGLWLRQV

 *(1RQZKHQ,'*VXSSOLHVSRZHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

32:(5',675,%87,21
3$1(/3'3253
$&75$16)(5%86
*5281'6(59,&(%86
'&%86
*&%
$3%
%7%

((&203$570(17
/22.,1*$)7

,16,'(3
$&75$16)(5%86
*5281'6(59,&(%86
'&%86
*&%
(3&
%7%

):'
&,5&8,7
%5($.(56

5('/,*+76

 3'33$/02677+(6$0( 32:(5',675,%87,213$1(/ 

$&*(1(5$7,2132:(5',675,%87,213$1(/6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&*(1(5$7,21$&6<67(06*(1(5$725$1'$383$1(/,1',&$7,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&*(1(5$7,21$&6<67(06*(1(5$725$1'$383$1(/,1',&$7,21
*HQHUDO 75$16)(5%862))/LJKW

7KH$&V\VWHPVJHQHUDWRUDQG$38SDQHORQWKH3 7KHDPEHU75$16)(5%862))OLJKWFRPHVRQZKHQWKH$&
RYHUKHDGSDQHOKDVWKHVHOLJKWV WUDQVIHUEXVGRHVQRWKDYHSRZHU7KHUHLVRQHOLJKW
IRUHDFK$&WUDQVIHUEXV7KHJHQHUDWRUFRQWUROXQLW
 *5'32:(5$9$,/$%/( *&8PRQLWRUVWKHSRVLWLRQVRIWKHEUHDNHUVDQG
 75$16)(5%862))DQG FRQWUROVWKHJURXQGIRUWKHOLJKW*&8PRQLWRUV
 6285&(2))DQG WUDQVIHUEXV*&8PRQLWRUVWUDQVIHUEXV
 *(12))%86DQG
 $38*(12))%86 7KH0$67(5&$87,21OLJKWVDQGWKH(/(&DQQXQFLDWRU
OLJKWVFRPHRQZKHQHLWKHU75$16)(5%862))OLJKWFRPHV
$OOOLJKWVDUHSXVKWRWHVW$OOOLJKWVDOVRFRPHRQ RQ
ZKHQWKHPDVWHUGLPWHVWVZLWFKLVSXWWRWKHWHVW
SRVLWLRQ 6285&(2))/LJKW

*5'32:(5$9$,/$%/(/LJKW 7KHDPEHU6285&(2))OLJKWVXSSOLHVLQGLFDWLRQWKDWDQ
$&WUDQVIHUEXVLVQRWHQHUJL]HGE\WKHVRXUFHODVW
7KHEOXH*5'32:(5$9$,/$%/(OLJKWFRPHVRQZKHQ VHOHFWHG7KHOHIW6285&(2))OLJKWLVUHODWHGWRWKHVH
H[WHUQDO$&SRZHULVFRQQHFWHGDQGWKHTXDOLW\LVJRRG VRXUFHV
7KHEXVSRZHUFRQWUROXQLW%3&8GRHVDFKHFNRISRZHU
TXDOLW\DQGVXSSOLHVWKHJURXQGIRUWKHOLJKWWRFRPH  ,'**(1VZLWFK
RQ7KHOLJKWFDQJHWSRZHUIURPDQ\RIWKHVHWKUHH  $38OHIW$38*(1VZLWFK
VRXUFHV  ([WHUQDOSRZHUJURXQGSRZHUVZLWFK

 6ZLWFKHGKRWEDWWHU\EXV 7KHULJKW6285&(2))OLJKWLVUHODWHGWRWKHVHVRXUFHV
 '&EXV
 %3&8LQWHUQDOSRZHUWUDQVIRUPHUUHFWLILHUZKLFK  ,'**(1VZLWFK
JHWVSRZHUIURPJURXQGSRZHUVRXUFH  $38ULJKW$38*(1VZLWFK
 ([WHUQDOSRZHUJURXQGSRZHUVZLWFK
7KHOLJKWLVEULJKWEOXHZKHQLWLVRQ7KHOLJKWGRHV
QRWJRGLPZLWKWKHPDVWHUGLPWHVWVZLWFKLQWKHGLP 7KH%3&8PRQLWRUVWKHDX[LOLDU\SRZHUEUHDNHU$3%
SRVLWLRQ SRVLWLRQDQGWKH$38JHQHUDWRUVZLWFKSRVLWLRQWR
VXSSO\DVRXUFHRIIORJLFLQSXWWRWKH*&8/RJLFLQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&*(1(5$7,21$&6<67(06*(1(5$725$1'$383$1(/,1',&$7,21
WKH*&8WKHQVXSSOLHVWKHJURXQGIRUWKH6285&(2))
OLJKW7KH0$67(5&$87,21OLJKWVDQGWKH(/(&
DQQXQFLDWRUOLJKWVFRPHRQZKHQHLWKHU6285&(2))OLJKW
FRPHVRQ

*(12))%86/LJKW

7KHEOXH*(12))%86OLJKWFRPHVRQZKHQWKHHQJLQH
JHQHUDWRUFRQWUROEUHDNHU*&%LVRSHQ7KHOLJKWJHWV
DJURXQGWKURXJKWKHDX[LOLDU\FRQWDFWVRILWV
JHQHUDWRUFRQWUROEUHDNHU7KHOLJKWJRHVRIIZKHQWKH
*&%FORVHV

$38*(12))%86/LJKW

7KH$38HOHFWURQLFFRQWUROXQLW(&8DQGWKHDX[LOLDU\

SRZHUEUHDNHU$3%FRQWUROWKHEOXH$38*(12))%86
OLJKW7KH$38VXSSOLHVDUHDG\WRORDG57/VLJQDO
ZKHQWKH(&8VHQVHVWKH$38DERYHSHUFHQWDQGQRWLQ
DFRROGRZQF\FOH7KH$3%DX[LOLDU\FRQWDFWVFRPSOHWH
WKHFLUFXLWWRJURXQGZKHQWKH$3%LVLQWKHRSHQ
SRVLWLRQ

7KHOLJKWJRHVRIIZKHQWKH$3%FORVHV$38JHQHUDWRU
SRZHUVHOHFWHGRUZKHQWKH$38LVVKXWGRZQ57/
VLJQDOJRHVDZD\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$67(5
6:+27%$7 &$87,21
*5'32:(5
%8632:(5 $9$,/$%/(
'&%86
32:(5
9$&
(;73:5 75

*1'3:5&211(&7('
$1'48$/,7<*22'
75$16)(5
%862))
%3&8

9'&
6285&(
,1' 2))
0$67(5
',06(& *&8
23(1
*(1(5$725
2))%86

&/26('
*&%
23(1
9'&
$38*(1
,1' 2))%86
0$67(5 57/ &/26('
',06(&
$3%
3&%3$1(/ $&6<67(06*(1(5$725$1'$3802'8/(3
$38(&8
$&*(1(5$7,21$&6<67(06*(1(5$725$1'$383$1(/,1',&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,21,1752'8&7,21
3XUSRVH

'&JHQHUDWLRQPDNHVDQGFRQWUROVYGFSRZHUIRUXVH
E\DLUSODQHV\VWHPV

*HQHUDO

'&JHQHUDWLRQKDVWKHVHVXEV\VWHPV

 '&JHQHUDWLRQV\VWHP
 6WDQGE\SRZHUV\VWHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
32:(5

$&(/(&75,&$/
(;7(51$/ *(1(5$725 $& '& 67$1'%<
32:(5 '5,9( *(1(5$7,21 *(1(5$7,21 32:(5 /2$'
',675,%87,21

'&*(1(5$7,21,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,21',675,%87,21$1'&21752/*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'&*(1(5$7,21',675,%87,21$1'&21752/*(1(5$/'(6&5,37,21
*HQHUDO EUHDNHU5&&%LVFORVHG7KLVKDSSHQVRQO\GXULQJ
FRQGLWLRQVZKHQWKHPDLQEDWWHU\PXVWVXSSO\VWDQGE\$&
7KH'&SRZHUV\VWHPLVDWZRZLUHV\VWHPWKDWRSHUDWHV DQG'&SRZHU7KHDX[LOLDU\EDWWHU\FKDUJHUUHFHLYHV
DWYROWVQRPLQDO7KH'&V\VWHPKDVWKHVHSRZHU SRZHUIURPJURXQGVHUYLFHEXV
VRXUFHV
&RQWURO
 7KUHHWUDQVIRUPHUUHFWLILHUVXQLWV758V
 7ZR%DWWHU\FKDUJHUV 7KHVHVZLWFKHVDQGFRPSRQHQWVFRQWUROWKHUHOD\VWKDW
 7ZR%DWWHULHV DIIHFW'&GLVWULEXWLRQ

7KH758VDUHWKHQRUPDOSRZHUVRXUFHIRUWKH'&SRZHU  6WDQGE\SRZHUFRQWUROXQLW63&8

V\VWHP7KH758VFKDQJHYDFSKDVHSRZHUWR  %XVSRZHUFRQWUROXQLW%3&8
XQUHJXODWHGYGF(DFK758FDQVXSSO\XSWRDPSV  %DWWHU\VZLWFK
ZKHQDLUSODQHFRROLQJDLULVDYDLODEOH7KH758VDUH  &$%87,/VZLWFK
FRQQHFWHGLQSDUDOOHOWRJLYHEDFNXSWRHDFKRWKHU  6WDQGE\SRZHUVZLWFK

758UHFHLYHVSRZHUIURPWKH$&WUDQVIHUEXV758
RXWSXWFRQQHFWVGLUHFWO\WR'&EXV
758UHFHLYHVSRZHUIURPWKH$&WUDQVIHUEXV758
RXWSXWFRQQHFWVGLUHFWO\WR'&EXV
758QRUPDOO\JHWVSRZHUIURP$&WUDQVIHUEXV$&
WUDQVIHUEXVVXSSOLHVEDFNXSSRZHUWKURXJK5LI
QRUPDOSRZHULVORVW7KHSULPDU\XVHRI758LVDVD
SRZHUVRXUFHIRUWKHEDWWHU\EXV
7KHPDLQEDWWHU\FKDUJHUJHWVSRZHUIURPWKH$&JURXQG
6WDQGE\3RZHU&RQWURO8QLW63&8
7KH63&8KDVPDQXDODQGDXWRPDWLFFRQWURORIPRVW
UHOD\VLQ'&GLVWULEXWLRQ
7KH63&8XVHVWKHEDWWHU\DQGVWDQGE\SRZHUVZLWFK
SRVLWLRQVWRFRQWUROUHOD\V7KH63&8DOVRPRQLWRUV$&
DQG'&EXVSRZHUWRFRQWUROUHOD\VIRUSULPDU\DQG
VHFRQGDU\SRZHUVRXUFHVHOHFWLRQ
7KHVHUHOD\VDUHLQVLGHWKH63&8
VHUYLFHEXV*URXQGVHUYLFHEXVJHWVSRZHUIURP$&  %DWWHU\EXVQRUPDOUHOD\.
WUDQVIHUEXV7KHPDLQEDWWHU\FKDUJHULVWKHSULPDU\  %DWWHU\EXVDOWHUQDWHUHOD\.
SRZHUVXSSO\IRUWKHKRWDQGVZLWFKHGKRWEDWWHU\EXV  6WDQGE\QRUPDOUHOD\.
7KHDX[LOLDU\EDWWHU\DQGLWVFKDUJHUFRQQHFWLQ  6WDQGE\'&DOWHUQDWHUHOD\.
SDUDOOHOZKHQWKHGXDOEDWWHU\UHPRWHFRQWUROFLUFXLW  6ZLWFKHGKRWEDWWHU\EXVUHOD\.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

'&*(1(5$7,21',675,%87,21$1'&21752/*(1(5$/'(6&5,37,21
%XV3RZHU&RQWURO8QLW%3&8 7KH$&VWDQGE\EXVJHWVSRZHUIURPWKHVWDWLFLQYHUWHU
ZKHQ.LVRSHQ
7KH%3&8FRQWUROVWKHJURXQGVHUYLFHUHOD\6HHWKH
H[WHUQDOSRZHUVHFWLRQIRUPRUHLQIRUPDWLRQ 6WDQGE\'&$OWHUQDWH5HOD\.

%DWWHU\%XV1RUPDO5HOD\. 7KHVWDQGE\'&DOWHUQDWHUHOD\.HQHUJL]HVWROHW

WKH'&VWDQGE\EXVJHWSRZHUIURPWKHEDWWHU\7KH
7KHEDWWHU\EXVQRUPDOUHOD\.HQHUJL]HVWROHWWKH UHOD\HQHUJL]HVZKHQWKHVHFRQGLWLRQVDUHWUXH
EDWWHU\EXVJHWSRZHUIURP758
 6WDQGE\SRZHUVZLWFKLVLQWKH$872SRVLWLRQ
%DWWHU\%XV$OWHUQDWH5HOD\.  (LWKHURUERWK'&EXVDQG$&WUDQVIHUEXVKDYH
QRSRZHU
7KHEDWWHU\EXVDOWHUQDWHUHOD\.HQHUJL]HVWROHW
WKHEDWWHU\EXVJHWSRZHUIURPWKHEDWWHU\RUWKH 7KH.DOVRHQHUJL]HVLIWKHVWDQGE\SRZHUVZLWFKLV
EDWWHU\FKDUJHU7KHUHOD\HQHUJL]HVZKHQWKHVH SXWLQWKH%$7SRVLWLRQ
FRQGLWLRQVDUHWUXH
.LVRSHQLI'&EXVDQG$&WUDQVIHUEXVKDYHSRZHU
 %DWWHU\VZLWFKLVLQWKH21SRVLWLRQ RUWKHVWDQGE\SRZHUVZLWFKLVSXWLQWKH2))SRVLWLRQ
 758KDVQRSRZHU
6ZLWFKHG+RW%DWWHU\%XV5HOD\.
.DOVRHQHUJL]HVZKHQWKHVWDQGE\SRZHUVZLWFKLVSXW
WRWKH%$7SRVLWLRQ 7KHVZLWFKHGKRWEDWWHU\EXVUHOD\.HQHUJL]HVWR
OHWWKHVZLWFKHGKRWEDWWHU\EXVJHWSRZHUIURPWKH
6WDQGE\1RUPDO5HOD\. EDWWHU\RUWKHEDWWHU\FKDUJHU

7KHVWDQGE\QRUPDOUHOD\.HQHUJL]HVWROHWWKH'& .HQHUJL]HVZKHQWKHEDWWHU\VZLWFKLVLQWKH21

VWDQGE\EXVJHWSRZHUIURP'&EXV7KH$&VWDQGE\EXV SRVLWLRQ
DOVRJHWVSRZHUIRU$&WUDQVIHUEXVZKHQWKHUHOD\
HQHUJL]HV7KH.UHOD\HQHUJL]HVZKHQWKHVHFRQGLWLRQV .DOVRHQHUJL]HVZKHQWKHDLUVWDLUVKDQGOHLVLQWKH
DUHWUXH 67$1'%<SRVLWLRQ

 6WDQGE\SRZHUVZLWFKLVLQWKH$872SRVLWLRQ
 %RWK'&EXVDQG$&WUDQVIHUEXVKDYHSRZHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'&*(1(5$7,21',675,%87,21$1'&21752/*(1(5$/'(6&5,37,21
2WKHU5HOD\V '&%XV7LH5HOD\5

7KHVHUHOD\VFRQWURO'&SRZHUGLVWULEXWLRQDQGDUH 7KH'&EXVWLHUHOD\HQHUJL]HVWRFRQQHFW'&EXVDQG
RXWVLGHRIWKHVWDQGE\SRZHUFRQWUROXQLW '&EXVLQSDUDOOHO7KHUHOD\HQHUJL]HVZKHQDOO
WKHVHFRQGLWLRQVDUHWUXH
 %DWWHU\FKDUJHULQKLELWUHOD\5
 758WUDQVIHUUHOD\5  %XVWUDQVIHUVZLWFKLVLQWKH$872SRVLWLRQ
 '&EXVWLHUHOD\5  $&WUDQVIHUEXVRU$&WUDQVIHUEXVKDVSRZHU
 /RDGVKHGUHOD\V  $XWRSLORWV\VWHPLVQRWLQWKHDSSURDFKPRGHZLWK
 '&JURXQGVHUYLFHUHOD\5 JOLGHVORSHFDSWXUH

7KH63&8FRQWUROVDOORIWKHUHOD\VH[FHSWWKH'& 7KHUHOD\RSHQVZKHQDQ\RIWKHFRQGLWLRQVDUHQRW
JURXQGVHUYLFHUHOD\ WUXH

7KH%3&8FRQWUROVWKHJURXQGVHUYLFHUHOD\V7KH%3&8 *URXQG6HUYLFH%XV5HOD\5

DQG&$%87,/VZLWFKFRQWUROVWKHORDGVKHGUHOD\V
7KHJURXQGVHUYLFHEXVUHOD\5FRQWUROVWKHSRZHU
7587UDQVIHU5HOD\5 VRXUFHVHOHFWLRQRIWKHJURXQGVHUYLFH'&EXV7KH%3&8
OHWV5HQHUJL]HZKHQ\RXSXVKWKHJURXQGVHUYLFH
7KH758WUDQVIHUUHOD\5FRQWUROVWKHSRZHU
VRXUFHRI7587KHUHOD\HQHUJL]HVWROHW758JHW
SRZHUIURP$&WUDQVIHUEXVZKHQ$&WUDQVIHUEXV
ORVHVSRZHU5HQHUJL]HVZKHQDOORIWKHVH
FRQGLWLRQVDUHWUXH
 %XVWUDQVIHUVZLWFKLVLQWKH$872SRVLWLRQ
 $&WUDQVIHUEXVKDVSRZHU
 $&WUDQVIHUEXVGRHVQRWKDYHSRZHU
9(56,21'$7('$8*867
VZLWFKRQWKHIRUZDUGDWWHQGDQWSDQHO7KHUHOD\GH
HQHUJL]HVWROHWWKLVEXVJHWSRZHUIURPWKH'&EXV
6WDWLF,QYHUWHU5&&%
7KHVWDWLFLQYHUWHUJHWVLQSXWSRZHUWKURXJKWKHVWDWLF
LQYHUWHU5&&%ZKHQLWFORVHV7KLV5&&%LVQRUPDOO\
FORVHG6HHWKHVWDQGE\SRZHUV\VWHPVHFWLRQIRUPRUH
LQIRUPDWLRQ
'XDO%DWWHU\5&&%
7KHDX[LOLDU\EDWWHU\DQGDX[LOLDU\EDWWHU\FKDUJHUDUH
LQSDUDOOHOZLWKWKHPDLQEDWWHU\DQGPDLQEDWWHU\
RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,21',675,%87,21$1'&21752/*(1(5$/'(6&5,37,21
FKDUJHUZKHQWKHGXDOEDWWHU\5&&%FORVHV7KLV5&&%LV
QRUPDOO\RSHQ7KH5&&%FORVHVZKHQDQ\RIWKHVH
FRQGLWLRQVDUHWUXH

 %DWWHU\VZLWFKLVLQWKH21SRVLWLRQDQGWKH$&
WUDQVIHUEXVDQG'&EXVKDYHQRSRZHU
 758IDLOV5HOD\.RSHQVDQG.FORVHV
 6WDQGE\SRZHUVZLWFKLVLQWKH%$7SRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;73:5 (;73:5
$&75$16)(5%86 5758;)5 $&75$16)(5%86
5(/$<3
5*1'659&(
5*1'659&( ;)55(/$<
;)55(/$<3 3
*1'659&(%86 758 758 758 *1'659&(%86

$8;%$7
&+*5
5%867,(
5(/$<3 0$,1%$7
'&%86 '&%86 &+*5
'8$/
$8; %$7
%$7 5&&% .67'%<1250$/
5(/$< 0$,1
 %$7
67$7,&
,19(57(5
72
5&&% $&67'%<%86 '&67'%<%86 $38
67$57

.67'%<'&$/71
.%$7%86 .%$7%86 5(/$<
$/75(/$< 12505(/$<

 
%$7%86
+27%$7%86

5*1'659&(
.6:+27%$7 %865(/$<3
%865(/$<

6:+27%$7%86 *1'659&('&%86
 ,163&8

'&*(1(5$7,21',675,%87,21$1'&21752/*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,21&20321(17/2&$7,21
*HQHUDO  5LJKWSRZHUGLVWULEXWLRQSDQHO3'3

'&JHQHUDWLRQFRPSRQHQWVDUHLQWKHVHORFDWLRQV 7KHEDWWHULHVDUHEHORZWKHERWWRPVKHOIRIWKH(UDFN

 )OLJKWFRPSDUWPHQW (UDFN
 ((FRPSDUWPHQW
7KHVH'&JHQHUDWLRQFRPSRQHQWVDUHRQWKH(UDFN
)OLJKW&RPSDUWPHQW
 7UDQVIRUPHUUHFWLILHUXQLW758
7KH3DQG3SDQHOVKDYHWKHVH'&JHQHUDWLRQ  0DLQ%DWWHU\&KDUJHU
FRPSRQHQWV  6WDWLFLQYHUWHU

 &LUFXLWEUHDNHUVIRU'&EXVVHFWLRQVDQGRWKHU (UDFN
FRPSRQHQWV
 5HOD\VLQFOXGLQJWKH5JURXQGVHUYLFHUHOD\ 7KHDX[LOLDU\EDWWHU\FKDUJHULVRQWKH(UDFN
 7KHVWDQGE\SRZHUFRQWUROXQLW63&8
(UDFN
7KH3RYHUKHDGSDQHOKDVWKHVHPRGXOHVWKDWLQWHUIDFH
ZLWK'&JHQHUDWLRQ 7KHVH'&JHQHUDWLRQFRPSRQHQWVDUHRQWKH(UDFN

 3HOHFWULFDOPHWHUVEDWWHU\DQGJDOOH\SRZHU  7UDQVIRUPHUUHFWLILHUXQLW758

PRGXOH  7UDQVIRUPHUUHFWLILHUXQLW758
 3JHQHUDWRUGULYHDQGVWDQGE\SRZHUPRGXOH
3RZHU'LVWULEXWLRQ3DQHOV3'3
(OHFWURQLF(TXLSPHQW&RPSDUWPHQW
0DQ\RIWKH'&EXVHVDUHLQWKH3'3V7KH5EDWWHU\
'&JHQHUDWLRQFRPSRQHQWVDUHLQWKHVHDUHDVRIWKH(( FKDUJHUUHOD\LVLQ3'3&LUFXLWEUHDNHUVIRUWKH
FRPSDUWPHQW 758VDUHRQWKHIDFHRIWKH3'3V

 (UDFN
 (UDFN
 (UDFN
 /HIWSRZHUGLVWULEXWLRQSDQHO3'3

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

329(5+($'
3$1(/

(5$&.
5()

(5$&.

(5$&.
5() 3'3
(5$&.
(5$&.
3'3 %$77(5,(6

((&203$570(17

63&8

3 3
)/,*+7&203$570(17
/22.,1*$)7
'&*(1(5$7,21&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.
'&*(1(5$7,21*(1(5$/'(6&5,37,21
*HQHUDO'HVFULSWLRQ
7KH'&JHQHUDWLRQV\VWHPVXSSOLHVDQRPLQDOYGFWR
GLIIHUHQWORDGV7KHSRZHUVRXUFHIRUWKH'&V\VWHPLV
XVXDOO\WKH$&V\VWHP%DWWHULHVVXSSO\SRZHULIWKH$&
V\VWHPLVQRWDYDLODEOH
7UDQVIRUPHU5HFWLILHU8QLWV
%DWWHULHV
(DFKEDWWHU\LVDDPSHUHKRXUQRPLQDOYGFSRZHU
VRXUFH7KHPDLQEDWWHU\VXSSOLHVSRZHUIRU$38
VWDUWLQJDQGLVDVWDQGE\SRZHUVRXUFHLIDOORWKHU
SRZHUVXSSOLHVGRQRWRSHUDWH7KHDX[LOLDU\EDWWHU\
KHOSVWKHPDLQEDWWHU\VXSSO\VWDQGE\SRZHURQO\
&RQWURODQG3URWHFWLRQ
7KH'&V\VWHPXVHVWUDQVIRUPHUUHFWLILHUXQLWV758V
WRPDNH'&SRZHUIURPWKHQRUPDO$&VRXUFH7KHWKUHH 7KHVHFRPSRQHQWVJLYHSULPDU\FRQWURORIWKH'&V\VWHP
758VJHWYDFDQGFKDQJHLWWRDQRPLQDOYGF
%DWWHU\&KDUJHUV
7KHPDLQEDWWHU\FKDUJHUDQGWKHDX[LOLDU\EDWWHU\
FKDUJHUJLYHD'&YROWDJHRXWSXWWRFKDUJHWKHLU
UHODWHGEDWWHU\(DFKFKDUJHURSHUDWHVOLNHD758DIWHU
WKHEDWWHU\JHWVWRIXOOFKDUJH7KHPDLQEDWWHU\
FKDUJHUVHQGVDFRQVWDQW'&YROWDJHWRWKHVH GLVWULEXWLRQ
 7KHEDWWHU\
 7KHKRWEDWWHU\EXV
 7KHVZLWFKHGKRWEDWWHU\EXV
7KHDX[LOLDU\EDWWHU\DQGWKHDX[LOLDU\EDWWHU\FKDUJHU
JLYHSRZHUWRWKH'&EXVHVRQO\GXULQJQRQQRUPDO
 6WDQGE\SRZHUFRQWUROXQLW63&8
 %DWWHU\VZLWFK
 6WDQGE\SRZHUVZLWFK
7KH63&8VXSSOLHVDXWRPDWLFFRQWURODQGSURWHFWLRQRI
'&EXVHV,WXVHVLQSXWVIURPWKHIOLJKWFRPSDUWPHQW
DQGHOHFWULFDOV\VWHPWRFRQWURO'&SRZHUVRXUFHVDQG
7KHEDWWHU\VZLWFKDQGWKHVWDQGE\SRZHUVZLWFKSURYLGH
PDQXDOFRQWURORISRZHUWRVRPH'&EXVHV
3RZHU'LVWULEXWLRQ
7KH'&SRZHUGLVWULEXWLRQV\VWHPLVLQWKHSRZHU
FRQGLWLRQV6HHWKHVWDQGE\SRZHUV\VWHPVHFWLRQIRU GLVWULEXWLRQSDQHOV3'3DQGLQWKH63&87KH3'3VDUH
PRUHLQIRUPDWLRQ QRWVKRZQLQWKHJUDSKLF

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'&$036 &36)5(4
$&%86(6

'&92/76  $&$036  $&92/76

(/(&75,&$/0(7(56
%$7
%$77(5<$1'*$//(<
32:(502'8/(
7581,7 (/(&
',6&+$5*(

0$,17

%$7
$8;%$7
75 *(1
$38*(1
*(1
3
%$7 75 *5'
%86 3:5 ,19

67%< 75 67%< 7(67

3:5 7(67 3:5

2))
2)) 2))

%$7
21 21

'&
21 &$%87,/
$&
,)(3$66
6($7 758
67$1'%<
$8;,/,$5< 0$,1

'5,9(
3:52)) 
'5,9(
*(1(5$725 %$77(5< %$77(5<
',6&211(&7
67$1'%<32:(5

',6&211(&7
'5,9($1' &+$5*(5 &+$5*(5
67$1'%<
%$7 2)) $872
32:(502'8/(
3

758

$8;,/,$5< 0$,1
%$77(5< %$77(5<
758

'&%86(6

63&8

'&*(1(5$7,21*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,210$,1%$77(5<&+$5*(5$1'$8;,/,$5<%$77(5<&+$5*(5
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'&*(1(5$7,210$,1%$77(5<&+$5*(5$1'$8;,/,$5<%$77(5<&+$5*(5
3XUSRVH 7KHIURQWIDFHRIHDFKEDWWHU\FKDUJHUKDVWZRJUHHQ
VWDWXVOLJKWV/('2QHOLJKWLVIRUWKHEDWWHU\
7KHPDLQEDWWHU\FKDUJHUKDVWKHVHWZRIXQFWLRQV FKDUJHUDQGWKHRWKHULVIRUWKHEDWWHU\7KHVHOLJKWV
DUHRQZKHQWKHEDWWHU\DQGEDWWHU\FKDUJHUDUHLQ
 .HHSVWKHPDLQEDWWHU\DWPD[LPXPFKDUJH RSHUDWLRQ
 6XSSOLHV'&SRZHUWRWKHEDWWHU\EXVHV
/RFDWLRQ
7KHDX[LOLDU\EDWWHU\FKDUJHUNHHSVWKHDX[LOLDU\
EDWWHU\DWPD[LPXPFKDUJH 7KHPDLQEDWWHU\FKDUJHULVRQWKH(UDFN7KH
DX[LOLDU\EDWWHU\FKDUJHULVRQWKH(UDFN
*HQHUDO'HVFULSWLRQ
)XQFWLRQDO'HVFULSWLRQ
%RWKEDWWHU\FKDUJHUVKDYHWKHVDPHSDUWQXPEHU(DFK
EDWWHU\FKDUJHUKDVWKHVHWZREDVLFPRGHVRIRSHUDWLRQ (DFKEDWWHU\FKDUJHUWDNHVWKUHHSKDVHYDFSRZHU
DQGFKDQJHVLWWR'&SRZHU8VXDOO\HDFKEDWWHU\
 %DWWHU\FKDUJHPRGHFRQVWDQWFXUUHQW FKDUJHULVLQWKHWUDQVIRUPHUUHFWLILHUPRGH7KH
 7UDQVIRUPHUUHFWLILHUPRGHFRQVWDQWYROWDJH
(DFKEDWWHU\FKDUJHUVXSSOLHVFRQVWDQWFXUUHQW
YDULDEOHYROWDJHSRZHULQWKHEDWWHU\FKDUJHPRGH7KH
EDWWHU\FKDUJHURYHUFKDUJHVWKHEDWWHU\7KHEDWWHU\
FKDUJHUORJLFFDOFXODWHVWKHDPRXQWRIRYHUFKDUJH7KH
WRWDOFKDUJHWLPHLVOHVVWKDQPLQXWHV
EDWWHU\FKDUJHUVVXSSO\DFRQVWDQWYROWDJHRXWSXWLQ
WKLVPRGH(DFKFKDUJHUFDQVXSSO\XSWRDPSVLQ
WKLVPRGH
$EDWWHU\FKDUJHUJRHVWRWKHFKDUJHPRGHZKHQLWV
EDWWHU\YROWDJHLVOHVVWKDQYGF,QWKLVPRGHWKH
FKDUJHUVXSSOLHVFRQVWDQWFXUUHQWSRZHU7KHRXWSXW
YROWDJHLVYDULDEOH'XULQJWKHFKDUJHWKHEDWWHU\
,QWKHWUDQVIRUPHUUHFWLILHU75PRGHWKHPDLQ
EDWWHU\FKDUJHUVXSSOLHVFRQVWDQWYROWDJH'&SRZHUWR
WKHKRWEDWWHU\EXVDQGWKHVZLWFKHGKRWEDWWHU\EXV
7KHPDLQEDWWHU\DOVRUHFHLYHVDVPDOOWULFNOHFKDUJH
WRKHOSNHHSLWDWPD[LPXPFKDUJH7KHDX[LOLDU\
EDWWHU\FKDUJHUGRHVQRWVXSSO\SRZHUWRWKH'&EXVHV
LQHLWKHUPRGH+RZHYHUWKHDX[LOLDU\EDWWHU\UHFHLYHV
DVPDOOWULFNOHFKDUJHZKHQWKHDX[LOLDU\EDWWHU\
FKDUJHULVLQWKH75PRGH
9(56,21'$7('$8*867
YROWDJHULVHVXQWLOWKHYROWDJHJHWVWRWKHLQIOHFWLRQ
SRLQW7KHFKDUJHUORJLFXVHVWKHEDWWHU\WHPSHUDWXUH
DWWKHVWDUWRIFKDUJLQJWRFDOFXODWHWKHLQIOHFWLRQ
SRLQW7KHFKDUJHUORJLFWKHQFDOFXODWHVWKHOHQJWKRI
WKHRYHUFKDUJHSHULRG
$IWHUWKHRYHUFKDUJHSHULRGWKHFKDUJHUJRHVLQWRD
WUDQVIRUPHUUHFWLILHUPRGHZLWKDFRQVWDQWYGF
RXWSXW7KHEDWWHU\JHWVDWULFNOHFKDUJHLQWKLVPRGH
RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,210$,1%$77(5<&+$5*(5$1'$8;,/,$5<%$77(5<&+$5*(5
7KHEDWWHU\FKDUJHUJRHVLQWRWKHFKDUJHPRGHDJDLQLI 6WDWXV/LJKWV
DQ\RIWKHVHRFFXU
%RWKVWDWXVOLJKWVDUHXVXDOO\RQZKHQWKHEDWWHU\
 %DWWHU\FKDUJHULQSXWSRZHULVRIIIRUPRUHWKDQ FKDUJHUKDVLQSXWSRZHU$PDOIXQFWLRQZLWKDQ\RI
VHFRQG WKHVHFRPSRQHQWVPDNHVRQHRUERWKVWDWXVOLJKWVJR
 %DWWHU\YROWDJHLVOHVVWKDQYROWV RII

<RXXVHWKHHOHFWULFDOPHWHUVEDWWHU\DQGJDOOH\  %DWWHU\FKDUJHU
SRZHUPRGXOHWRPRQLWRUWKHRSHUDWLRQRIHDFKEDWWHU\  %DWWHU\
FKDUJHU7KHPDLQEDWWHU\FKDUJHULVLQWKHFKDUJHPRGH  &RQQHFWLRQZLULQJ
ZKHQ\RXVHHDSRVLWLYH'&$036LQGLFDWLRQZKLOHWKH'&
PHWHUVHOHFWRULQWKH%$7SRVLWLRQ8VHWKH$8;%$7 %RWKVWDWXVOLJKWVDUHRIILIDQ\RIWKHVHFRQGLWLRQV
SRVLWLRQWRPRQLWRUWKHDX[LOLDU\EDWWHU\FKDUJHU DUHWUXH

7KHPDLQEDWWHU\FKDUJHUFDQQRWJRLQWRWKHFKDUJHPRGH  ,QSXWSRZHUWRWKHEDWWHU\FKDUJHUJRHVDZD\
GXULQJDQ\RIWKHVHFRQGLWLRQV  ,QSXWYROWDJHWRWKHEDWWHU\FKDUJHULVOHVVWKDQ
YDFIRUPRUHWKDQVHFRQGV
 )XHOLQJVWDWLRQGRRURSHQ
 $38VWDUW 7KHEDWWHU\FKDUJHUVWDWXVOLJKWLVRQDQGWKHEDWWHU\
 6WDQGE\SRZHUVZLWFK3LQWKH%$7SRVLWLRQ VWDWXVOLJKWLVRIILIDQ\RIWKHVHFRQGLWLRQVDUH
 6WDQGE\SRZHUVZLWFK3LQWKH$872SRVLWLRQ WUXH
EDWWHU\VZLWFK21DQG'&%86DQG$&75$16)(5%86
GRQRWKDYHSRZHU  %DWWHU\FKDUJHUVHQVHVDORVVRIFRQQHFWLRQWRWKH
 0DLQEDWWHU\RYHUKHDW EDWWHU\
 %DWWHU\RYHUKHDW
7KHDX[LOLDU\EDWWHU\FKDUJHUFDQQRWJRLQWRWKHFKDUJH  %DWWHU\WHPSHUDWXUHVHQVRURSHQRUVKRUWHG
PRGHGXULQJDQ\RIWKHVHFRQGLWLRQV  %DWWHU\QRWFKDUJHGLQWLPHOLPLWV
 %DWWHU\YROWDJHOHVVWKDQORZHUOLPLWV
 6WDQGE\SRZHUVZLWFK3LQWKH%$7SRVLWLRQ
 6WDQGE\SRZHUVZLWFK3LQWKH$872SRVLWLRQ 7KHEDWWHU\FKDUJHUVWDWXVOLJKWLVRIIDQGWKHEDWWHU\
EDWWHU\VZLWFK21DQG'&%86DQG$&75$16)(5%86 VWDWXVOLJKWLVRQZKHQWKHUHLVDQLQWHUQDOEDWWHU\
GRQRWKDYHSRZHU FKDUJHUIDLOXUH7KHEDWWHU\FKDUJHUIDLOPDLQWHQDQFH
 $X[LOLDU\EDWWHU\RYHUKHDW PHVVDJHDOVRVKRZVRQ3%,7(

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0$,1
%$77(5<
&+$5*(5

'&$036 &36)5(4
$8;,/,$5<
%$77(5< /('
&+$5*(5 
$/3+$180(5,&
',63/$<
 

'&92/76$&$036$&92/76
((&203$570(17
/22.,1*$)7 '&0(7(5 %$7
6(/(&725 ',6&+$5*(
7581,7 (/(&

0$,17

$8;%$7 $38*(1
%$7 75 *(1 *(1

%$7 75 *5' ,19

%86 3:5

67%< 75 67%< 7(67

3:5 7(67 3:5

&+$5*(5 2))
2)) 2))
%$77(5< %$7
21 21
21 &$%87/ ,)(3$66
67$786/,*+76 6($7
'& $&

(/(&75,&$/0(7(56%$77(5<$1'
*$//(<32:(502'8/(3

%$77(5<&+$5*(5
'&*(1(5$7,210$,1%$77(5<&+$5*(5$1'$8;,/,$5<%$77(5<&+$5*(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,210$,1%$77(5<$1'$8;,/,$5<%$77(5<
3XUSRVH EDWWHU\WHPSHUDWXUH6HHWKH0$,1%$77(5<&+$5*(5$1'
$8;,/,$5<%$77(5<&+$5*(5SDJHLQWKLVVHFWLRQIRUPRUH
7KHPDLQEDWWHU\KDVWKHVHIXQFWLRQV LQIRUPDWLRQ

 6XSSO\SRZHUWRFULWLFDODLUSODQHV\VWHPV$&DQG ,QGLFDWLRQ

'&VWDQGE\EXVHVLIWKHQRUPDOSRZHUVRXUFHVDUH
QRWDYDLODEOH
 %DFNXSSRZHUVXSSO\IRUWKH$&V\VWHPFRQWURODQG
SURWHFWLRQ
 3RZHUVXSSO\IRU$38VWDUW
7KHDX[LOLDU\EDWWHU\KHOSVWKHPDLQEDWWHU\VXSSO\
SRZHUWRWKHFULWLFDODLUSODQHV\VWHPV$&DQG'&
7KHRXWSXWRIHDFKEDWWHU\LVGLVSOD\HGRQWKH
HOHFWULFDOPHWHUVEDWWHU\DQGJDOOH\SRZHUPRGXOHRQ
WKH3IRUZDUGRYHUKHDGSDQHO7KHYROWDJHDQGFXUUHQW
RXWSXWRIDEDWWHU\LVGLVSOD\HGZKHQWKH'&PHWHU
VHOHFWRULVLQWKH%$7SRVLWLRQRU$8;%$7SRVLWLRQ,I
WKHEDWWHU\FKDUJHUKDVSRZHUWKHRXWSXWYROWDJHRI
WKHEDWWHU\RULWVEDWWHU\FKDUJHUZLOOEHGLVSOD\HG
VWDQGE\EXVHV
/RFDWLRQ
7KHEDWWHULHVDUHLQWKH((FRPSDUWPHQWXQGHUWKH(
UDFN7KHDX[LOLDU\EDWWHU\LVIRUZDUGRIWKHPDLQ
EDWWHU\<RXUHPRYHDQDFFHVVSDQHOLQWKHIRUZDUG
FDUJRFRPSDUWPHQWWRJHWDFFHVVWRWKHEDWWHULHV7KH
PDLQEDWWHU\PXVWEHUHPRYHGEHIRUHWKHDX[LOLDU\
EDWWHU\FDQEHUHPRYHG
*HQHUDO'HVFULSWLRQ
(DFKEDWWHU\LVDFHOOQLFNHOFDGPLXPEDWWHU\ZLWKD
DPSKRXUFDSDFLW\$WIXOOFKDUJHWKHEDWWHULHV
VXSSO\DPLQLPXPRIPLQXWHVRIVWDQGE\$&DQG'&
SRZHU
(DFKEDWWHU\KDVDQLQWHUQDOWKHUPDOVHQVRU7KH
EDWWHU\FKDUJHUXVHVWKLVVHQVRUWRPHDVXUHLQWHUQDO
9(56,21'$7('$8*867
ZKLFKHYHULVPRUH
7KHDPEHU%$7',6&+$5*(OLJKWFRPHVRQZKHQRQHRI
WKHVHRXWSXWFRQGLWLRQVDUHWUXHIRURQHRUWKHRWKHU
EDWWHU\
 &XUUHQWGUDZLVPRUHWKDQDPSVIRUVHFRQGV
 &XUUHQWGUDZLVPRUHWKDQDPSVIRUVHFRQGV
 &XUUHQWGUDZLVPRUHWKDQDPSVIRUVHFRQGV
0DVWHUFDXWLRQDQGWKH(/(&DQQXQFLDWRUXVXDOO\FRPHRQ
ZKHQWKH%$7',6&+$5*(OLJKWFRPHVRQ7KHOLJKWJRHV
RIIZKHQWKHRXWSXWFXUUHQWJRHVEHORZWKHOLPLWIRU
PRUHWKDQVHFRQG0DVWHUFDXWLRQDQGWKH(/(&
DQQXQFLDWRUGRQRWFRPHRQGXULQJD'&SRZHU$38VWDUW
7UDLQLQJ,QIRUPDWLRQ3RLQW
5HPRYHDEDWWHU\IURPWKHDLUSODQHEHIRUH\RXGRD
EDWWHU\LQVSHFWLRQRUVHUYLFLQJ
RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'&$036 &36)5(4

$&&(66
/('  
3$1(/
$/3+$180(5,&
',63/$<
   

'&92/76  $&$036  $&92/76

%$77(5<
',6&+$5*( %$7
):' /,*+7 ',6&+$5*(
7581,7 (/(&

0$,17

$8;%$7 $38*(1
)25:$5'&$5*2&203$570(17 '&0(7(5 %$7 75 *(1 *(1
6(/(&725
%$7 75 *5' ,19
%86 3:5

67%< 75 67%< 7(67

3:5 7(67 3:5

2))
$8;,/,$5< 2)) 2))
%$77(5< %$7
21 21
%$77(5< 21 &$%87,/ ,)(3$66
&211(&725 '& $&
6($7

7+(50$/6(1625 (/(&75,&$/0(7(56%$77(5<$1'
&211(&725 *$//(<32:(502'8/(3

0$,1
):' %$77(5<

0$,1%$77(5<$1'$8;,/,$5<%$77(5<

'&*(1(5$7,210$,1%$77(5<$1'$8;,/,$5<%$77(5<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,216<67(0%$77(5<',6&+$5*(,1',&$7,21
'&*(1(5$7,21%$77(5<',6&+$5*(,1',&$7,21
)XQFWLRQDO'HVFULSWLRQ HQHUJL]H57KHUHOD\HQHUJL]HVDIWHUDWZRPLQXWH
WLPHGHOD\DQGWKHFUHZFDOOKRUQVRXQGV
7KHDPEHU%$7',6&+$5*(OLJKWLQGLFDWHVWKHRXWSXWRI
WKHPDLQDQGDX[LOLDU\EDWWHULHV

7KHOLJKWFRPHVRQGXULQJDQ\RIWKHVHFRQGLWLRQV

 &XUUHQWGUDZLVPRUHWKDQDPSVIRUVHFRQGV
 &XUUHQWGUDZLVPRUHWKDQDPSVIRUVHFRQGV
 &XUUHQWGUDZLVPRUHWKDQDPSVIRUVHFRQGV

7KH0$67(5&$87,21DQG(/(&DQQXQFLDWRUOLJKWVFRPHRQ
ZKHQWKH%$7',6&+$5*(OLJKWFRPHVRQ7KHOLJKWJRHV
RIIZKHQWKHRXWSXWFXUUHQWJRHVEHORZWKHOLPLWIRU
PRUHWKDQVHFRQG

7KH0$67(5&$87,21DQG(/(&DQQXQFLDWRUOLJKWVDUH
LQKLELWHGGXULQJ$38VWDUWXVLQJWKHEDWWHU\

7KHEDWWHU\GLVFKDUJHZDUQLQJKRUQLQWKHQRVH
ZKHHOZHOOZLOOVRXQGZKHQWKHEDWWHULHVDUHWKHRQO\
VRXUFHRIHOHFWULFDOSRZHUDQGWKHDLUSODQHLVRQWKH
JURXQG:KHQWKHDLUSODQHLVRQWKHJURXQGZLWKWKH
EDWWHU\VZLWFKLQWKHRQSRVLWLRQWKHJURXQGVHUYLFH
EXVHVZLOOQRWKDYHSRZHUDQGWKHEDWWHU\FKDUJHUV
PDLQDQGDX[LOLDU\DUHQRWSRZHUHG7KHEDWWHULHVDUH
GLVFKDUJLQJ

:KHQWKHEDWWHU\FKDUJHUVDUHXQSRZHUHGDQG5LV
QRWHQHUJL]HGSRZHULVVXSSOLHGWRWKHEDWWHU\
GLVFKDUJHUHOD\5:KHQWKHDLUSODQHLVRQWKH
JURXQGUHOD\5LVHQHUJL]HGWRVXSSO\DJURXQGWR

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'&
%$7
',6&+$5*(
0$67(5',0
6(&7
0$,1
3&%3$1(/ %$77(5<',6&+$5*(

0$,1%$77(5< !$03)256(&
&855(17
!$03)256(&

!$03)256(&
$8;
$8;%$77(5< 5(6(7,)&855(17%(/2:
&855(17 7+5(6+2/')256(& 0$67(5
$3867$57 &$87,21
86,1*%$77(5<

(/(&75,&$/0(7(56%$77(5<$1'*$//(<32:(502'8/(3

9'&
6:+27
%$7%86 &5(:&$//+251
1::
%$76:21
$/$50 7' 5%$7
',6&+5*5/<
3&%3$1(/ 0,17'

$,5
9$&
*1'69&(
%86
5%$7 *1'
&+5*21 5$,5*1'
%$7 5/<
&+$5*(5 5/<
33'3 -

'&*(1(5$7,216<67(0%$77(5<',6&+$5*(,1',&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,21'8$/%$77(5<5(027(&21752/&,5&8,7%5($.(5
3XUSRVH

7KHGXDOEDWWHU\UHPRWHFRQWUROFLUFXLWEUHDNHU5&&%
SXWVWKHRXWSXWRIWKHVHLQSDUDOOHO

 $X[LOLDU\EDWWHU\
 $X[LOLDU\EDWWHU\FKDUJHU
 0DLQEDWWHU\
 0DLQEDWWHU\FKDUJHU

/RFDWLRQ

7KH5&&%LVLQVLGHWKH-MXQFWLRQER[7KH-LVLQWKH
((FRPSDUWPHQWLQIURQWRIWKH(UDFN

*HQHUDO'HVFULSWLRQ

7KH5&&%LVQRUPDOO\RSHQDQGFORVHVZKHQWKH63&8
VLJQDOVLWWRFORVH7KLVOHWVWKHYGFEDWWHU\EXV
WRUHFHLYHSRZHUIURPWKHPDLQDQGDX[LOLDU\EDWWHULHV
DWWKHVDPHWLPH

7UDLQLQJ,QIRUPDWLRQ3RLQW

$SRVLWLRQLQGLFDWLRQZLQGRZLVRQWKH5&&%*7KH
LQGLFDWLRQLV

 *UHHQ5&&%LVRSHQ
 5HG5&&%LVFORVHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(
5()

-

32:(5/($'
&211(&7,21

(/(&75,&$/ 32:(5/($'
&211(&725 &211(&7,21
7263&8

326,7,21
((&203$570(17 ,1',&$7,21
/22.,1*$)7 :,1'2:

02817,1*
%$6(

5(027(&21752/&,5&8,7%5($.(55&&%

'&*(1(5$7,21'8$/%$77(5<5(027(&21752/&,5&8,7%5($.(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,2175$16)250(55(&7,),(581,7758
3XUSRVH

7KHWUDQVIRUPHUUHFWLILHUXQLWV758FKDQJHWKUHH

SKDVHQRPLQDOYDFK]LQSXWSRZHULQWRYGF
WRVXSSO\SRZHUWR'&V\VWHPORDGV

/RFDWLRQ

7KH'&JHQHUDWLRQV\VWHPKDVWKUHH758V7KH758VDUH
LQWKH((FRPSDUWPHQW758LVRQWKH(UDFN758V
DQGDUHRQWKH(UDFN

3K\VLFDO'HVFULSWLRQ

7KH758VDUHWKHVDPH(DFK758FDQVXSSO\DFRQWLQXRXV
RXWSXWORDGRIDPSVZLWKIRUFHGDLUFRROLQJ7KH
758VFDQVXSSO\DPSVZLWKFRQYHFWLRQFRROLQJ7KHUH
DUHQRH[WHUQDOFRQWUROVWRWKH758V

,QGLFDWLRQ

<RXPRQLWRU758RXWSXWSRZHUIURPWKH3<RXXVH
WKH'&PHWHUVHOHFWRUWRVHOHFWD758758RXWSXW
YROWDJHDQGDPSHUHVVKRZLQWKHDOSKDQXPHULFGLVSOD\

7KHDPEHU7581,7OLJKWFRPHVRQWRVKRZD758IDLOXUH
7KHOLJKWFRPHVRQIRUWKHVHFRQGLWLRQV

 $Q\758IDLOVRQWKHJURXQG
 758IDLOVLQIOLJKW
 758DQG758IDLOLQIOLJKW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

758 758

758

'&$036 &36)5(4

/('
$/3+$180(5,&
',63/$<

75$169(56(5$&.((&203$570(17 '&92/76  $&$036  $&92/76

/22.,1*$)7
%$7
',6&+$5*( 7581,7 (/(&

7581,7 0$,17
/,*+7
$8;%$7 $38*(1
%$7 75 *(1 *(1

%$7 75 *5' ,19

%86 3:5

'&0(7(5 67%< 75 67%< 7(67

6(/(&725 3:5 7(67 3:5
2))
2)) 2))

%$7
21 21
21 &$%87,/ ,)(3$66
6($7
'& $&
(/(&75,&$/0(7(56%$77(5<$1'
*$//(<32:(502'8/(3

758

'&*(1(5$7,2175$16)250(55(&7,),(581,7758
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

'&*(1(5$7,21%$77(5<%86(6)81&7,21$/'(6&5,37,21
%DWWHU\%XV%DU
7KHYGFEDWWHU\EXVEDUUHFHLYHV'&SRZHUIURPWKH
PDLQEDWWHU\RUWKHPDLQEDWWHU\FKDUJHUXQGHUQRUPDO
SRZHUFRQGLWLRQV2QVWDQGE\SRZHUWKHYGFEDWWHU\
EXVEDUUHFHLYHVSRZHUIURPWKHPDLQEDWWHU\DQGWKH
DX[LOLDU\EDWWHU\
6ZLWFKHG+RW%DWWHU\%XV3RZHU
7KH%$7%8612505/<.LVFORVHGDQGJLYHV'&SRZHU
IURP758WRWKHEDWWHU\EXVZKHQDOORIWKHVH
FRQGLWLRQVDUHWUXH
 %$77(5<6:LQWKH21SRVLWLRQ
 67$1'%<32:(56:QRWLQWKH%$7SRVLWLRQ
 758JHWVPRUHWKDQYGFIRUPRUHWKDQ
VHFRQGV
 :KHQWKH.UHOD\LVFORVHGWKH%$7%86$/75/<
.PXVWEHRSHQHG
7KHVZLWFKHGKRWEDWWHU\EXVUHFHLYHV'&SRZHUIURPWKH
YGFEDWWHU\EXVEDUWKURXJKDFLUFXLWEUHDNHURQWKH 7KH.%$7%86$/75/<LVFORVHGDQGJLYHVSRZHUWRWKH
VWDQGE\SRZHUFRQWUROXQLW63&8DQGUHOD\.LQWKH %$77(5<%86GXULQJWKHVHFRQGLWLRQV
63&8
 %DWWHU\VZLWFKLV21DQG758GRHVQRWKDYHSRZHU
7RJHWSRZHUWRWKHVZLWFKHGKRWEDWWHU\EXVWKH OHVVWKDQYGFIRUPRUHWKDQVHFRQGVRU
EDWWHU\VZLWFKPXVWEHLQWKH21SRVLWLRQ:KHQWKH  67$1'%<32:(56:,7&+LVLQWKH%$7SRVLWLRQ
EDWWHU\VZLWFKLV21.6:+27%$7%865/<FORVHVDQG
JLYHVGFSRZHUWRWKHEXV

:LWKWKHIRUZDUGDLUVWDLURSWLRQWKH.UHOD\FORVHV
ZKHQWKHDLUVWDLUKDQGOHLVSXWLQWKHVWDQGE\
SRVLWLRQ

7KH.UHOD\JLYHV'&SRZHUIURPWKHYGFEDWWHU\EXV
EDUWRWKH63&8SRZHUVXSSO\

%DWWHU\%XV3RZHU

7KHEDWWHU\EXVUHFHLYHVSRZHUIURPWKHYGFEDWWHU\
EXVEDURUWUDQVIRUPHUUHFWLILHUXQLW758

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7267$7,&
$ ,195&&%
9 6:,7&+('+27
'& 6:+27 %$7%86
% %$7%86
%$7
%86 %$7%86
%$5 63&8
%$767%< 63&8 3:5
2)) 6:326 67%<
,1'
-%$77(5<
6+,(/'
.6:+27
 %$7%86
5(/$<

0$,1%$77(5<
21
%$77(5<%86
$ 0$,1%$77(5< %$77(5<
&+$5*(5,1387 6:,7&+3
% $8;%$77(5< 
5&&%,1387
%$7
.%$7%86
$/7(51$7(
5(/$<

2))$872
67%<3:5 
6:,7&+3

9 9!9
$&
9'&
758
 72%$77(5<&+$5*(5 .%$7%86
&21752//2*,& 1250$/
5(/$<
 *5281')25$,567$,5
&,5&8,7237,21$/ 67$1'%<32:(5&21752/81,73
'&*(1(5$7,21%$77(5<%86(6)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

67$1'%<32:(5,1752'8&7,21
3XUSRVH

6WDQGE\SRZHUVXSSOLHVDQRPLQDOYGFDQGVLQJOH
SKDVHYDFWRHOHFWULFDOEXVHVZKLFKPXVWKDYHSRZHU
WRPDLQWDLQVDIHIOLJKW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
32:(5

(;7(51$/ *(1(5$725 $& '& 67$1'%< $&(/(&75,&$/

32:(5 '5,9( *(1(5$7,21 *(1(5$7,21 32:(5 /2$'
',675,%87,21

67$1'%<32:(5,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

67$1'%<32:(56<67(0*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$1'%<32:(56<67(0*(1(5$/'(6&5,37,21
3XUSRVH  6ZLWFKHGKRWEDWWHU\EXVUHOD\.

'XULQJQRUPDOFRQGLWLRQVWKHVWDQGE\SRZHUV\VWHP 7KH63&8PRQLWRUVWKHVWDQGE\SRZHUV\VWHPIRUIDXOWV
VXSSOLHVDQRPLQDOYGFSRZHUWRWKHVHEXVHV 7KH63&8VHQGVWKHIDXOWGDWDWRWKHVHFRPSRQHQWVZKHUH
WKH(/(&OLJKWFRPHVRQ
 %DWWHU\
 '&VWDQGE\  (OHFWULFDOPHWHUV
 6ZLWFKHGKRWEDWWHU\  %DWWHU\
 *DOOH\SRZHUPRGXOH
1RQQRUPDOFRQGLWLRQVFDXVHWKHVWDQGE\SRZHUV\VWHPWR
VXSSO\ 8VHWKH3EXLOWLQWHVWHTXLSPHQW%,7(WRVHHWKH
IDXOWPHVVDJHGDWD
 6LQJOHSKDVHYDF+]SRZHUWRWKH$&
VWDQGE\EXV 7KHDPEHU67$1'%<3:52))OLJKWRQWKH3JHQHUDWRU
 YGFWRWKH'&VWDQGE\EXVDQGWRWKHVZLWFKHG GULYHDQGVWDQGE\SRZHUPRGXOHFRPHVRQLIDQ\RQHRI
KRWEDWWHU\EXV WKHVHEXVHVORVHVSRZHU

7KHEDWWHU\DQGVWDQGE\EXVHVVXSSO\YGFSRZHUWR  $&VWDQGE\EXV
V\VWHPVWKDWDUHQHFHVVDU\WRNHHSDVDIHIOLJKW7KH  '&VWDQGE\EXV
VWDQGE\V\VWHPDOVRVXSSOLHVSRZHUIRUJURXQG
RSHUDWLRQVZKHQWKHUHLVQR$&SRZHU
*HQHUDO'HVFULSWLRQ
 %DWWHU\EXVZKHQWKHEDWWHU\VZLWFKLV21
7KHPDLQEDWWHU\DQGWKHDX[LOLDU\EDWWHU\VXSSO\DW
OHDVWPLQXWHVRI$&DQG'&SRZHUZKHQQRUPDOVRXUFHV
DUHQRWDYDLODEOH7KHEDWWHULHVVXSSO\'&SRZHUWRWKH
7KHVWDQGE\SRZHUFRQWUROXQLW63&8JLYHVDXWRPDWLF '&VWDQGE\EXVDQGWKHEDWWHU\EXVHV7KHEDWWHULHVXVH
DQGPDQXDOFRQWURORIWKHEDWWHU\DQGVWDQGE\EXVHV WKHVWDWLFLQYHUWHUWRVXSSO\SRZHUIRUWKH$&VWDQGE\
7KH63&8FRQWUROVSRZHUGLVWULEXWLRQE\WKHVHLQWHUQDO EXV7KHLQYHUWHUUHFHLYHV'&SRZHUIURPWKHEDWWHULHV
UHOD\V WKURXJKWKHVWDWLFLQYHUWHUUHPRWHFRQWUROFLUFXLW
EUHDNHU5&&%LQWKH-7KLV5&&%LVQRUPDOO\FORVHG
 %DWWHU\EXVDOWHUQDWHUHOD\. VRWKHVWDWLFLQYHUWHUQRUPDOO\KDVSRZHU7KHVWDWLF
 %DWWHU\EXVQRUPDOUHOD\. LQYHUWHURXWSXWFDQEHPRQLWRUHGRQWKHJDOOH\SRZHU
 6WDQGE\'&DOWHUQDWHUHOD\. PRGXOH
 6WDQGE\QRUPDOUHOD\.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

67$1'%<32:(56<67(0*(1(5$/'(6&5,37,21
7KHGXDOEDWWHU\UHPRWHFRQWUROFLUFXLWEUHDNHU5&&%
FORVHVWRSXWWKHWZREDWWHULHVLQSDUDOOHO7KLV5&&%
ZKLFKLVDOVRLQWKH-LVQRUPDOO\RSHQDQGRQO\
FORVHVZKHQWKHEDWWHULHVVXSSO\VWDQGE\SRZHU6HHWKH
'&JHQHUDWLRQV\VWHPVHFWLRQIRUPRUHLQIRUPDWLRQDERXW
WKHRSHUDWLRQRIWKLV5&&%

127( :KHQWKHEDWWHU\VZLWFKLVFORVHGWKHEDWWHU\
DQGVWDQGE\EXVHVKDYHSRZHU7KLVZLOOGLVFKDUJH
WKHEDWWHU\(QHUJL]HDQ$&32:(5VRXUFHRQWKH
HOHFWULFDOV\VWHPDVVRRQDVSRVVLEOH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'&$036 &36)5(4

$ 
5&&%

'&92/76  $&$036  $&92/76


5&&%

0$,1%$77(5< - 67$7,&,19(57(5
$8;,/,$5<
%$77(5<
+27%$7
%86
%$7%86$/75/<.
%$7
%$7%86
&$%87,/ ,)(3$66
6($7
'& $& %$7%8612505/<.

 
32:(5
67$1'%<32:(5
6(16,1*
$1' 67'%<'&$/715/<.
',6&211(&7 ',6&211(&7
',675,%87,21 '&67'%<
/2*,& %86
%$7 2)) $872

67'%<1250$/5/<. $&67'%<
%86

6:+27%$7%865/<. 6:+27
3$1'302'8/(6 %$7%86
'&%86 )$8/7
 '8$/%$77(5< $
/2*,&
5&&% $&75$16)(5%86
 67$7,&,19(57(5
5&&% 63&83
67$1'%<32:(56<67(0*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

67$1'%<32:(56<67(067$7,&,19(57(5
3XUSRVH  )UHTXHQF\&36)5(4
7KHVWDWLFLQYHUWHULVWKHEDFNXSSRZHUVRXUFHIRUWKH
$&VWDQGE\EXV7KH$&WUDQVIHUEXVLVWKHQRUPDO
SRZHUVRXUFH
*HQHUDO'HVFULSWLRQ
 9ROWDJH$&92/76
$VWDWLFLQYHUWHUIDLOXUHFDXVHVWKHDPEHU(/(&OLJKW
WRFRPHRQ7KLVOLJKWPHDQVWKDWWKHHOHFWULFDO
PHWHUVEDWWHU\DQGJDOOH\SRZHUPRGXOHKDVIRXQGD
IDXOWLQWKHV\VWHPDQG\RXPXVWGRD%,7(WHVW

7KHVWDWLFLQYHUWHUXVHV'&SRZHUWRJLYHYROWV
+]VLQJOHSKDVH$&SRZHUWRVWDQGE\ORDGV
7KHVWDWLFLQYHUWHUKDVLQSXWSRZHUZKHQWKH%$7VZLWFK
LVLQWKH21SRVLWLRQRUWKHVWDQGE\SRZHUVZLWFKLV
LQWKH%$7SRVLWLRQ
2WKHUHOHFWULFD/V\VWHPIDLOXUHVDOVRFDXVHWKH(/(&
OLJKWWRFRPHRQ6HHWKHHOHFWULFDOSRZHUJHQHUDO
VHFWLRQIRUPRUHLQIRUPDWLRQDERXWWKHOLJKWDQG%,7(
IXQFWLRQVRIWKHHOHFWULFDOPHWHUVEDWWHU\DQGJDOOH\
SRZHUPRGXOH

7KH$&VWDQGE\EXVXVXDOO\JHWVSRZHUIURPWKH$&
WUDQVIHUEXV7KHVWDWLFLQYHUWHUVXSSOLHVSRZHUWR
WKH$&VWDQGE\EXVLIWUDQVIHUEXVKDVQRSRZHURU
ZKHQ\RXSXWWKHVWDQGE\SRZHUVZLWFKWRWKH%$7
SRVLWLRQ7KHVWDWLFLQYHUWHUSRZHUJRHVWKURXJKWKH
63&8WRWKH$&VWDQGE\EXV

/RFDWLRQ

7KHVWDWLFLQYHUWHULVRQWKH(UDFNLQWKH((
FRPSDUWPHQW

,QGLFDWLRQ

7KHVWDWLFLQYHUWHUFDQEHPRQLWRUHGRQWKHHOHFWULFDO
PHWHUVEDWWHU\DQGJDOOH\SRZHUPRGXOH7KHVHVWDWLF
LQYHUWHURXWSXWSDUDPHWHUVFDQEHPRQLWRUHGZKHQWKH$&
PHWHUVHOHFWRULVPRYHGWRWKH,19SRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$7,&
,19(57(5

'&$036 &36)5(4

((&203$570(17
/22.,1*$)7 /('
$/3+$180(5,&
',63/$<
'&92/76  $&$036  $&92/76

(/(&
/,*+7

$&0(7(5
6(/(&725
%$7

&$%87,/ ,)(3$66
6($7

67$7,&,19(57(5 (/(&75,&$/0(7(56%$77(5<$1'*$//(<
32:(502'8/(3

67$1'%<32:(56<67(067$7,&,19(57(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

67$1'%<32:(56<67(067$7,&,19(57(55(027(&21752/&,5&8,7%5($.(5
3XUSRVH

7KHVWDWLFLQYHUWHUUHPRWHFRQWUROFLUFXLWEUHDNHU
5&&%FRQQHFWVEDWWHU\SRZHUWRWKHVWDWLFLQYHUWHU

/RFDWLRQ

7KH5&&%LVLQVLGHWKH-MXQFWLRQER[7KH-LVLQWKH
((FRPSDUWPHQWLQIURQWRIWKH(UDFN

*HQHUDO'HVFULSWLRQ

7KH5&&%LVQRUPDOO\RSHQ,WFORVHVZKHQWKH63&8
VLJQDOVLWWRFORVH7KLVOHWVWKHVWDWLFLQYHUWHU
UHFHLYHSRZHUIURPWKHEDWWHU\7KH63&8FORVHVWKH
5&&%ZKHQHLWKHURIWKHVHFRQGLWLRQVRFFXU

 7KH%$7VZLWFKWRWKH21SRVLWLRQ
 7KHVWDQGE\SRZHUVZLWFKWR%$7

7UDLQLQJ,QIRUPDWLRQ3RLQW

$SRVLWLRQLQGLFDWLRQZLQGRZLVRQWKH5&&%7KH
LQGLFDWLRQLV

 *UHHQ5&&%LVRSHQ
 5HG5&&%LVFORVHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(
5()

-
32:(5/($'
&211(&7,21

(/(&75,&$/
&211(&725
7263&8
32:(5/($'
&211(&7,21

((&203$570(17
/22.,1*$)7
326,7,21
,1',&$7,21
:,1'2: 
02817,1*
%$6(

 *5((15&&%,623(1 5(027(&21752/&,5&8,7%5($.(55&&%

5('5&&%,6&/26('

67$1'%<32:(56<67(067$7,&,19(57(55(027(&21752/&,5&8,7%5($.(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

67$1'%<32:(56<67(0&21752/)81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$1'%<32:(56<67(0&21752/)81&7,21$/'(6&5,37,21
6WDQGE\3RZHU  6WDWLFLQYHUWHU
7KH$&VWDQGE\EXVKDVSRZHUZKHQWKHVHDUHERWKWUXH
 7KHEDWWHU\VZLWFKLVLQWKH21SRVLWLRQ
 7KHVWDQGE\SRZHUVZLWFKLVLQWKH$872RU%$7
SRVLWLRQ
7KHQRUPDOSRZHUVRXUFHRIWKH$&VWDQGE\EXVLVWKH$&
WUDQVIHUEXVQXPEHU7KHDOWHUQDWHSRZHUVRXUFHLV
WKHKRWEDWWHU\EXVDQGWKHVWDWLFLQYHUWHU7KHVWDWLF
LQYHUWHUXVHVYGFQRPLQDOSRZHUIURPWKHEDWWHU\DQG
FKDQJHVLWLQWRYDF+]VLQJOHSKDVHSRZHU
7KH'&VWDQGE\EXVKDVSRZHUZKHQWKHVHDUHERWKWUXH .HQHUJL]HVZKHQWUDQVIHUEXVDQG'&EXVERWKKDYH
 7KHEDWWHU\VZLWFKLVLQWKH21SRVLWLRQ
 7KHVWDQGE\SRZHUVZLWFKLVLQWKH$872RU%$7
SRVLWLRQ
7KHQRUPDOVRXUFHRISRZHUIRUWKH'&VWDQGE\EXVLV'&
EXV7KHDOWHUQDWHVRXUFHRISRZHULVWKHKRWEDWWHU\
EXVWKURXJKUHOD\.
7KHVWDQGE\SRZHUV\VWHPXVHVWKHVHFRQWUROV 
 %DWWHU\VZLWFK
 6WDQGE\SRZHUVZLWFK
 5HPRWHFRQWUROFLUFXLWEUHDNHU5&&%
 .VWDQGE\QRUPDOUHOD\
 .VWDQGE\DOWHUQDWHUHOD\
6WDQGE\3RZHU/RJLF
:KHQWKHEDWWHU\VZLWFKLVFORVHGDQGWKHVWDQGE\
SRZHUVZLWFKLVLQ$872WKH$&DQG'&VWDQGE\EXVHV
KDYHSRZHU7KHEDWWHU\VZLWFKVLJQDOVWKH63&8WR
FORVHWKH5&&%WRJLYHSRZHUWRWKHVWDWLFLQYHUWHU
7KHLQYHUWHUWKHQSRZHUVWKH$&VWDQGE\EXV
63&8ORJLFJLYHVSRZHUWRWKH$&DQG'&VWDQGE\EXVHV
SRZHU7KLVJLYHVWKHVWDQGE\EXVSRZHU,IHLWKHU
WUDQVIHUEXVRU'&EXVKDVQRSRZHU.RSHQV,Q
WKLVFRQGLWLRQWKHVWDWLFLQYHUWHUSRZHUVWKH$&
VWDQGE\EXV
7KH'&VWDQGE\EXVJHWVSRZHUIURPWKHKRWEDWWHU\EXV
ZKHQ.HQHUJL]HV.HQHUJL]HVZKHQDOORIWKHVHDUH
WUXH
%DWWHU\VZLWFKWR21SRVLWLRQ
 6WDQGE\SRZHUVZLWFKWR$872
 $&WUDQVIHUEXVDQGRU'&EXVGRHVQRWKDYH
SRZHU
 6WDQGE\SRZHUFRQWUROXQLW63&8
7KHVWDQGE\SRZHUV\VWHPXVHVWKHVHFRPSRQHQWVDQG
UHOD\VWRJLYHSRZHUWRWKH$&DQG'&VWDQGE\EXVHVDW
DOOWLPHV
.DOVRHQHUJL]HVZKHQWKHVWDQGE\SRZHUVZLWFKLVLQ
WKH%$7SRVLWLRQ7KLVRFFXUVZLWKWKHEDWWHU\VZLWFK
LQHLWKHUSRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

67$1'%<32:(56<67(0&21752/)81&7,21$/'(6&5,37,21
7KHVWDQGE\SRZHUVZLWFKLQWKH2))SRVLWLRQNHHSV
SRZHURIIRIWKH$&DQG'&VWDQGE\EXVHV7KH5&&%.
DQG.JHWQRVLJQDOVDQGQRSRZHUJRHVWRWKHVWDQGE\
EXVHV

7KH63&8KDVWKHVHRWKHUUHOD\VWKDWFRQWURO'&SRZHU

 %DWWHU\EXVQRUPDOUHOD\.
 %DWWHU\EXVDOWHUQDWHUHOD\.
 6ZLWFKHGKRWEDWWHU\EXVUHOD\.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$
9
'& /2*,& 67$7,&
%$7 ,19
%86 5&&%
%$5
+27%$7%86
%$7%86 +27%$7
%86 ,19(57(5
-%$77(5<6+,(/' 5(027(

$&67'%<%86
0$,1%$77(5< 72 6(&7$1'
%$767%< 6:+27 . '&67'%<
6:326,1' %$7%86 %866(&7
$&;)5%86
'&67'%<
'&%86 %866(&7

.67'%<
2)) 1250$/5/<

21
%$77(5<6: +27%$7
3 %86

%$7
2))
$872

%$7 .67'%<
$/715/< $ 0$,1
2)) %$77(5<
$872 &+$5*(5
67$1'%<32:(5 ,1387
63&8
6:3
67$1'%<32:(56<67(0&21752/)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.
67$1'%<32:(56<67(0,1',&$7,21)81&7,21$/'(6&5,37,21
*HQHUDO
7KH67$1'%<3:52))OLJKWVKRZVWKDWWKHVWDQGE\SRZHU
V\VWHPEXVHVKDYHQRSRZHU7KH(/(&OLJKWFRPHVRQWR
VKRZWKDWWKHVWDQGE\SRZHUV\VWHPKDVDIDLOXUH
67$1'%<3:52))/LJKW
7KH67$1'%<3:52))OLJKWLVRQWKHJHQHUDWRUGULYHDQG
(/(&/LJKW
7KH(/(&OLJKWLVRQWKH3PRGXOH7KLVDPEHUOLJKW
FRPHVRQZKHQWKHPRGXOHILQGVDIDLOXUHLQWKH
HOHFWULFDOV\VWHPRUDQLQWHUQDOIDLOXUH7KHPDVWHU
FDXWLRQDQGWKH(/(&DQQXQFLDWRUDOVRFRPHRQ
7KH63&8PRQLWRUVFRPSRQHQWVRIWKHVWDQGE\SRZHU
V\VWHP7KH63&8FDXVHVWKH(/(&OLJKWWRFRPHRQLI
VWDQGE\SRZHUPRGXOH37KLVDPEHUOLJKWFRPHVRQ
ZKHQRQHRIWKHVHEXVHVKDYHDORZYROWDJHFRQGLWLRQ
 $&VWDQGE\EXV
 '&VWDQGE\EXV
 %DWWHU\EXV
7KHHOHFWULFDOPHWHUV$38DQGJDOOH\SRZHUPRGXOH3
DQ\RIWKHVHFRQGLWLRQVDUHWUXH
 ,QWHUQDO63&8UHOD\IDLOV
 63&8SRZHUVXSSO\IDLOV
 63&8LQWHUQDOFLUFXLWFDUGIDLOV
 6WDWLFLQYHUWHUYROWDJHRXWSXWLVEHORZY$&
IRUPRUHWKDQWZRVHFRQGVDQGWKHUHLVDVWDWLF
LQYHUWHURQFRPPDQGIURPWKH63&8FRQWUROORJLF
KDVFLUFXLWVWKDWPRQLWRUWKHYROWDJHDWWKHVH
EXVHVIRUORZYROWDJHFRQGLWLRQV
$Q$&ORZYROWDJHFRQGLWLRQKDSSHQVZKHQWKHYROWDJHDW
WKH$&VWDQGE\EXVJRHVEHORZYDFIRUPRUHWKDQWZR
7KH63&8LQWHUQDOUHOD\VDUHLPSRUWDQWFRPSRQHQWVRI
WKHHOHFWULFDOV\VWHPGLVWULEXWLRQ7KHVHDUHWKH
LQWHUQDOUHOD\VWKDWWKH63&8PRQLWRUV
VHFRQGV  %DWWHU\EXVDOWHUQDWH.
 %DWWHU\EXVQRUPDO.
$'&ORZYROWDJHFRQGLWLRQKDSSHQVZKHQWKHEXVYROWDJH  6ZLWFKHGKRWEDWWHU\EXV.
JRHVEHORZYGFIRUPRUHWKDQWZRVHFRQGV  6WDQGE\'&DOWHUQDWH.
7KH3VXSSOLHVWKHHOHFWULFDOJURXQGIRUWKH
67$1'%<3:52))OLJKW7KHPDVWHUFDXWLRQDQGWKH(/(&
DQQXQFLDWRURQWKH3SDQHODOVRFRPHRQ
 6WDQGE\QRUPDO.
8VHWKH0$,17VZLWFKWRVKRZPHVVDJHVIRUWKHIDXOW
WKDWFDXVHVWKH(/(&OLJKW7KHPHVVDJHVVKRZRQWKH
PRGXOH/('DOSKDQXPHULFGLVSOD\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&;)5%86
5(/$<)$8/7/2*,&
5(/$<6
'&%86 $1'&21752/ 3:56833/<)$8/7
/2*,&
&,5&8,7&$5')$8/7

67$7,&
,19(57(5
63&8
%$77(5<
&+$5*(5
)$8/7

,17(51$/
/2:92/7$*( )$8/7
6(&21'6

$&67$1'%< /2:92/7$*( (/(&

%86 6(&21'6
0$,17
67$1'%<
'&67$1'%< /2:92/7$*(
%86 6(&21'6 3:52))

/2:92/7$*(
%$77(5<%86 6(&21'6 67$1'%<32:(5
%$76:,7&+21

3(/(&75,&$/0(7(56$38$1' 3*(1(5$725'5,9($1'
*$//(<32:(502'8/( 67$1'%<32:(502'8/(
67$1'%<32:(56<67(0,1',&$7,21)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&(/(&75,&$//2$'',675,%87,21,1752'8&7,21
*HQHUDO

7KHGLVWULEXWLRQVHFWLRQRIHOHFWULFDOSRZHULQFOXGHV
$&DQG'&SRZHUGLVWULEXWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
32:(5

67$1'%< $&(/(&75,&$/
(;7(51$/ *(1(5$725 $& '& /2$'
32:(5 '5,9( *(1(5$7,21 *(1(5$7,21 32:(5 ',675,%87,21

$&(/(&75,&$//2$'',675,%87,21,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&(/(&75,&$//2$'',675,%87,21/2$'6+('5(/$<
3XUSRVH

7KHORDGVKHGUHOD\VFRQWUROSRZHUWRWKHPDLQEXVHV
JDOOH\EXVHVDQG,)(3$666($7EXVHV7KLVLVWR
SURWHFWWKHSRZHUVRXUFHIURPRYHUORDG

/RFDWLRQ

7KHJDOOH\DQGPDLQEXVORDGVKHGUHOD\VDUHLQWKHDIW
SDUWRIHDFKSRZHUGLVWULEXWLRQSDQHO3'35HPRYH
SDQHOVLQWKHIRUZDUGFDUJRFRPSDUWPHQWWRJHWDFFHVV
WRWKHDIWIDFHRIWKH3'3V5HPRYHSDQHOVRQWKH3'3V
WRJHWDFFHVVWRWKHORDGVKHGUHOD\V7KH,)(3$66
6($7ORDGVKHGUHOD\VDUHRQSDUWRIWKHVWUXFWXUHLQ
WKH3SDQHO

*HQHUDO'HVFULSWLRQ

7KHEXVSRZHUFRQWUROXQLW%3&8FRQWUROVWKHORDG

VKHGUHOD\V7KHORDGVKHGUHOD\VRSHQZKHQWKH%3&8
GHHQHUJL]HVWKHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

     &29(55(029('     

,1%'

,1%'
332:(5',675,%87,213$1(/ 332:(5',675,%87,213$1(/
/22.,1*)25:$5')25:$5'&$5*2&203$570(17 /22.,1*)25:$5')25:$5'&$5*2&203$570(17

3
5*$//(<&5(/$<
5*$//(<'5(/$<
50$,1%865(/$<
5*675
5'&%867,(5(/$<
3
 5*$//(<$5(/$< 
 5*$//(<%5(/$< 
 50$,1%865(/$< 
 5*675 
 575;)55(/$< 

,)(3$666($75(/$<6

5,)(3$666($7287/(7&21752/

5,)(3$666($7287/(7&21752/

5,)(3$666($7&21752/5(/$<

33$1(/)/,*+7&203$570(17

$&(/(&75,&$//2$'',675,%87,21/2$'6+('5(/$<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&(/(&75,&$//2$'',675,%87,21*$//(<0$,1%86/2$'6+(')81&7,21$/'(6&5,37,21
*HQHUDO 2YHUFXUUHQW/RDG6KHG

7KH%3&8DXWRPDWLFDOO\UHPRYHVSRZHUORDGVKHGWRWKH 2YHUFXUUHQWORDGVKHGRFFXUVZKHQDJHQHUDWRUFRQWURO

JDOOH\EXVHVWKHPDLQEXVHVDQGWKH,)(3$;6($7 XQLW*&8RU$*&8VHHVDQRYHUFXUUHQWFRQGLWLRQRID
EXVHVWRSURWHFWWKHSRZHUVRXUFHIURPRYHUORDG7KHUH JHQHUDWRURUWKH%3&8VHHVDQRYHUFXUUHQWFRQGLWLRQVRI
DUHWKUHHW\SHVRIORDGVKHG H[WHUQDOSRZHU7KHVHDUHWKHRYHUFXUUHQWOLPLWVIRUD
JHQHUDWRURUH[WHUQDOSRZHUVRXUFHWRFDXVHORDGVKHG
 &RQILJXUDWLRQ
 &RPPDQG  DPSVQRPLQDOIRUVHFRQGV
 2YHUFXUUHQW  DPSVQRPLQDOIRUVHFRQGV

&RQILJXUDWLRQ/RDG6KHG 7KHQXPEHURIJDOOH\VPDLQEXVHVDQG,)(3$;6($7
EXVHVZKLFKORVHSRZHUDQGWKHRUGHULQZKLFKWKH\
&RQILJXUDWLRQORDGVKHGRFFXUVZKHQWKH$38LVWKHRQO\ ORVHSRZHUKDVDUHODWLRQWRWKHFRQILJXUDWLRQRIWKH
VRXUFHRI$&SRZHULQIOLJKW7KH%3&8RSHQVGH HOHFWULFDOSRZHUV\VWHP
HQHUJL]HVDOOJDOOH\DQGPDLQEXVORDGVKHGUHOD\V
$LUJURXQGLQSXWVFRPHIURPWKHSUR[LPLW\VZLWFK
HOHFWURQLFVXQLW36(87KH%3&8JLYHV$&SRZHUWRWKH
36(8IRUWKHDLURUJURXQGPRGHV

&RPPDQG/RDG6KHG

7KLVW\SHRIORDGVKHGRFFXUVIRUWKH$38VWDUWHU
JHQHUDWRURQO\7KHFRPPDQGORDGVKHGRFFXUVZKHQWKH
$38HOHFWURQLFFRQWUROXQLW(&8VHQVHV$38KLJK(*7
7KH$38(&8PRQLWRUV$38SHUIRUPDQFHSDUDPHWHUVWRILQG
DSRVVLEOHRYHUORDGFRQGLWLRQ

7KH(&8VHQGVDQ$38ORDGVKHGVLJQDOWRWKH%3&87KH
JDOOH\DQGPDLQEXVORDGVKHGUHOD\VRSHQILUVW7KH
,)(3$;6($7EXVUHOD\VRSHQLIWKHRYHUORDGFRQGLWLRQ
FRQWLQXHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'&
%86
*(1
/2$'
6+(' 5*$//(<%86&
/2$'6+('5/<

5*$//(<%86'
/2$'6+('5/<
$38(&8
50$,1%86
/2$'6+('5/<
32:(5',675,%87,213$1(/3
/2$' *&8
9'& 6+('
%86 /2*,&
*(1
/2$'
6+(' 5*$//(<%86$ *&8
/2$'6+('5/<

5*$//(<%86% $38*&8
/2$'6+('5/<

50$,1%86 $,5
/2$'6+('5/<
32:(5',675,%87,213$1(/3 3:5
2))

21 36(8
3:5
&$%87,/3 %3&8
$&(/(&75,&$//2$'',675,%87,21*$//(<0$,1%86/2$'6+(')81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&(/(&75,&$//2$'',675,%87,21,)(3$666($7/2$'6+(')81&7,21$/'(6&5,37,21
*HQHUDO 7KHVHDUHWKHRYHUFXUUHQWOLPLWVIRUDJHQHUDWRURU
H[WHUQDOSRZHUVRXUFHWKDWFDXVHDORDGVKHG
7KHEXVSRZHUFRQWUROXQLW%3&8UHPRYHVSRZHUORDG
VKHGWRWKH,)(3$666($7EXVHVWRJLYHWKHSRZHU  DPSVQRPLQDOIRUVHFRQGV
VRXUFHSURWHFWLRQIURPRYHUORDG7KHUHDUHW\SHVRI  DPSVQRPLQDOIRUVHFRQGV
ORDGVKHG
7KHFRQILJXUDWLRQRIWKHHOHFWULFDOSRZHUV\VWHPKDVDQ
 &RPPDQG HIIHFWRQ
 2YHUFXUUHQW
 1XPEHURIJDOOH\VPDLQEXVHVDQG,)(3$;6($7
&RPPDQG/RDG6KHG EXVHVIRUZKLFKSRZHULVUHPRYHG
 2UGHULQZKLFKSRZHULVUHPRYHG
7KHFRPPDQGORDGVKHGRFFXUVIRUWKH$38VWDUWHU
JHQHUDWRURQO\7KLVORDGVKHGRFFXUVZKHQWKH$38
HOHFWURQLFFRQWUROXQLW(&8VHQVHVDQ$38KLJK(*7
7KH$38(&8PRQLWRUV$38SHUIRUPDQFHSDUDPHWHUVWRILQG
DSRVVLEOHRYHUORDGFRQGLWLRQ

7KH(&8VHQGVDQ$38ORDGVKHGVLJQDOWRWKH%3&87KH
JDOOH\DQGPDLQEXVORDGVKHGUHOD\VRSHQILUVW7KH
,)(3$666($7EXVUHOD\VRSHQLIWKHRYHUORDGFRQGLWLRQ
FRQWLQXHV

2YHUFXUUHQW/RDG6KHG

$QRYHUFXUUHQWORDGVKHGRFFXUVIRUWKHVHFRQGLWLRQV

 *HQHUDWRUFRQWUROXQLW*&8RU$*&8VHQVHVDQ

RYHUFXUUHQW
 *HQHUDWRURUWKH%3&8VHQVHVDQRYHUFXUUHQWRIWKH
H[WHUQDOSRZHUVRXUFH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9$&
;)5%86

;)5%86
,)(3$66
6($73:5
6(&7
3'33 $38(&8
5,)(3$66
6($7287/(7
6:&75/5/<
/2$' *&8
6+('
9'&*1' /2*,&
69&(%86 2))
&$%,1
87,/,7< 21
5(/$<3:5 *&8
3&%3$1(/ ,)(3$66
6($76:
9$& 3
;)5%86
$38*&8

$,5
;)5%86
,)(3$66
6($73:5 3:5
6(&7
3'33
%3&8 36(8
5,)(3$66
6($7287/(7
6:&75/5/<
3&%3$1(/
$&(/(&75,&$//2$'',675,%87,21,)(3$666($7/2$'6+(')81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
 %1*%25%%&20%,1('%22.

$&(/(&75,&$//2$'',675,%87,21/2$'6+('23(5$7,21
*HQHUDO 127( *DOOH\DQGPDLQEXVUHOD\VDUHDOUHDG\RSHQHGGXH
WRFRQILJXUDWLRQORDGVKHG
7KH%3&8UHPRYHVSRZHUORDGVKHGWRWKHJDOOH\DQG
PDLQEXVHVDQGVRPHWLPHVWKH,)(3$;6($7EXVHVWR
SURWHFWWKHSRZHUVRXUFHIURPRYHUORDG7KHUHDUHWKUHH
W\SHVRIORDGVKHG PDLQEXVUHOD\VFORVHZKHQWKH$38RSHUDWHVZLWKLQ
 &RQILJXUDWLRQ
 &RPPDQG
 2YHUFXUUHQW
&RQILJXUDWLRQ/RDG6KHG
&RQILJXUDWLRQORDGVKHGRFFXUVZKHQWKH$38LVWKHRQO\
VRXUFHRI$&SRZHULQIOLJKW7KH%3&8RSHQVGH
,IWKH$38LVWKHRQO\VRXUFHRISRZHURQWKHJURXQG
DOOJDOOH\DQGPDLQEXVUHOD\VRSHQ7KHJDOOH\DQG
QRUPDO(*7OLPLWVSURYLGHGWKH&$%87,/VZLWFKVWD\V
LQWKH21SRVLWLRQ
,IWKH$38JHQHUDWRUVXSSOLHVSRZHUWRDQ$&WUDQVIHU
EXVDQGDQ,'*VXSSOLHVSRZHUWRWKHRSSRVLWH$&
WUDQVIHUEXVWKHJDOOH\DQGPDLQEXVUHOD\VWKDWJHW
SRZHUIURPWKH$38RSHQ7KHJDOOH\DQGPDLQEXVUHOD\V
FORVHZKHQWKH$38RSHUDWHVZLWKLQQRUPDO(*7OLPLWVLI
WKH&$%87,/VZLWFKVWD\VLQWKH21SRVLWLRQ
HQHUJL]HVDOOJDOOH\DQGPDLQEXVORDGVKHGUHOD\V
ZLWKLQPLOOLVHFRQGV7KHJDOOH\DQGPDLQEXVUHOD\V 2YHUFXUUHQW/RDG6KHG
FORVHHQHUJL]HLIDVHFRQGVRXUFHRI$&SRZHULV
HVWDEOLVKHG$IWHUODQGLQJPRYHWKH&$%87,/VZLWFKWR 2YHUFXUUHQWORDGVKHGRFFXUVZKHQHLWKHURIWKHVH
WKH2))SRVLWLRQDQGEDFNWRWKH21SRVLWLRQWRUHVHW FRQGLWLRQVDUHWUXH
WKHJDOOH\DQGPDLQEXVUHOD\V
 $JHQHUDWRUFRQWUROXQLW*&8RU$*&8VHQVHVDQ
&RPPDQG/RDG6KHG RYHUFXUUHQWFRQGLWLRQRIDJHQHUDWRU
 7KH%3&8VHQVHVDQRYHUFXUUHQWFRQGLWLRQRI
7KLVW\SHRIORDGVKHGRFFXUVZKHQWKH$38HOHFWURQLF H[WHUQDOSRZHU
FRQWUROXQLW(&8VHQVHVKLJKH[KDXVWJDVWHPSHUDWXUH
(*77KH$38(&8PRQLWRUV$38SHUIRUPDQFHSDUDPHWHUV 7KHVHDUHWKHRYHUFXUUHQWOLPLWVWKDWFDXVHORDGVKHG
WRGHWHUPLQHDSRVVLEOHRYHUORDGFRQGLWLRQ IRUDJHQHUDWRURUH[WHUQDOSRZHUVRXUFH

7KH(&8VHQGVDQ$38ORDGVKHGVLJQDOWRWKH%3&8,Q  DPSVQRPLQDOIRUVHFRQGV

IOLJKWLIWKH$38LVWKHRQO\VRXUFHRISRZHUERWK  DPSVQRPLQDOIRUVHFRQGV
,)(3$;6($7EXVUHOD\VRSHQGHHQHUJL]H

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
$&(/(&75,&$//2$'',675,%87,21/2$'6+('23(5$7,21
2YHUFXUUHQW/RDG6KHG7ZR*HQHUDWRU2SHUDWLRQ
,QWKLVORDGVKHGFRQGLWLRQWKHJDOOH\DQGPDLQEXV
UHOD\VWKDWJHWSRZHUIURPWKHDIIHFWHGJHQHUDWRURSHQ
0RYHWKH&$%87,/VZLWFKWR2))DQGEDFNWR21WRUHVHW
WKHJDOOH\DQGPDLQEXVUHOD\V
,IWKHRYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKHDVVRFLDWHG
 $VHFRQGVRXUFHRI$&SRZHULVVHOHFWHG
 3RZHUWRWKH%3&8LVUHPRYHGDQGUHDSSOLHG
,IWKHRYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKH*&8RSHQV
DQGORFNVRSHQWKHDVVRFLDWHG%7%7KH%7%VWD\VORFNHG
RSHQXQWLOSRZHUWRWKH*&8WKDWVKRZVWKH',67%86
)$8/7LVUHPRYHGDQGUHDSSOLHG
EXVWLHEUHDNHU%7%ORFNVLQWKHRSHQSRVLWLRQ7KH ,IWKHRYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKH*&8RSHQV
JHQHUDWRUFRQWUROEUHDNHU*&%RQWKHDIIHFWHG
JHQHUDWRURSHQV7KLVUHVXOWVLQDQXQSRZHUHG$&
WUDQVIHUEXV
0RYHWKHJHQHUDWRUVZLWFKWRWKH2))SRVLWLRQDQGEDFN
WRWKH21SRVLWLRQWRUHH[FLWHWKHJHQHUDWRUDQGFORVH
WKH*&%7KH%7%VWD\VORFNHGRSHQXQWLOSRZHUWRWKH
*&8RU%3&8VKRZVWKH',67%86)$8/7LVUHPRYHGDQGUH
DSSOLHG
2YHUFXUUHQW/RDG6KHG6LQJOH,'*2SHUDWLRQ
,QWKLVRYHUFXUUHQWFRQGLWLRQWKHEXVSRZHUFRQWURO
WKHDVVRFLDWHG*&%7KLVUHVXOWVLQXQSRZHUHG$&
WUDQVIHUEXVHV0RYHWKHJHQHUDWRUVZLWFKWRWKH21
SRVLWLRQWRUHH[FLWHWKHJHQHUDWRUDQGFORVHWKH*&%
2YHUFXUUHQW/RDG6KHG$38([WHUQDO3RZHU2SHUDWLRQ
7KH%3&8RSHQVWKHJDOOH\DQGPDLQEXVUHOD\VSRZHUHG
E\$&WUDQVIHUEXV,IWKHRYHUFXUUHQWFRQGLWLRQ
FRQWLQXHVWKH%3&8RSHQVWKHJDOOH\DQGPDLQEXVUHOD\V
WKDWJHWSRZHUIURP$&WUDQVIHUEXV7KH%3&8FORVHV
WKHJDOOH\DQGPDLQEXVUHOD\VLIDQRWKHUVRXUFHRI$&
SRZHULVVHOHFWHG
XQLW%3&8ILUVWRSHQVWKHJDOOH\DQGPDLQEXVUHOD\V
WKDWJHWSRZHUIURP$&WUDQVIHUEXV,IWKH
RYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKH%3&8RSHQVWKH
JDOOH\DQGPDLQEXVUHOD\VWKDWJHWSRZHUIURP$&
WUDQVIHUEXV0RYHWKH&$%87,/VZLWFKWRWKH2))
SRVLWLRQDQGEDFNWRWKH21SRVLWLRQWRUHVHWWKHVH
UHOD\V
,IWKHRYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKH%3&8RSHQV
WKH,)(3$;6($7EXVUHOD\V7KH,)(3$;6($7EXV
UHOD\VFORVHZKHQHLWKHURIWKHVHRFFXU WRRSHQDQGORFNRSHQ,IWKLVFRUUHFWVWKH
,IWKHRYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKH%3&8RSHQV
ERWK,)(3$;6($7EXVUHOD\V7KH,)(3$;6($7EXV
UHOD\VFORVHZKHQHLWKHURIWKHVHRFFXUV
 $QRWKHUVRXUFHRI$&SRZHULVVHOHFWHG
 3RZHUWRWKH%3&8LVUHPRYHGDQGUHDSSOLHG
,IWKHRYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKH%3&8
FRPPDQGV%7%WRRSHQDQGORFNRSHQ,IWKH
RYHUFXUUHQWFRQGLWLRQFRQWLQXHVWKH%3&8FRPPDQGV%7%

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

 %1*%25%%&20%,1('%22.

$&(/(&75,&$//2$'',675,%87,21/2$'6+('23(5$7,21
RYHUFXUUHQWFRQGLWLRQWKH%3&8FRPPDQGV%7%WRUH
FORVH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

7<3(2) &21),*
85$7,21 &200$1' 29(5&855(17
/2$'6+('

32:(5 $38*(1 $38*(1 $38*(1$1' 7:2 21( $38*(1

6285&( 21/< 21/< 21((1**(1 *(1 *(1 (;73:5

*$//(<$1' $,5 *1' $38 $))(&7(' %86 ;)5%86

0$,1%86 21/< 25 32:(5(' *(1(5$725  
5(/$<6 $,5 %86 21/< %86 ;)5%86

,)(3$; $,5 %86 ;)5%86

6($7 21/< $1' $1' 6
5(/$<6 %86 ;)5%86 (
4
8
(
$))(&7(' $))(&7(' %7% 1
%7% *(1(5$725 *(1(5$725  &
21/< 21/< %7% (

$))(&7(' $))(&7('
*&% *(1(5$725 *(1(5$725
21/< 21/<

$))(&7(' ;)5%86 ;)5%86

;)(5%86 *(1(5$725  
21/< ;)5%86 ;)5%86

 ,)7+(29(5&855(17&21',7,21&217,18(67+(123(15(/$<%5($.(5
127((037<%2;(6,1',&$7(12&+$1*(2&&856725(/$<25%5($.(5

$&(/(&75,&$//2$'',675,%87,21/2$'6+('23(5$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
'2256,1752'8&7,21
3XUSRVH
7KHGRRUVDUHPRYDEOHXQLWVWKDWJLYHDFFHVVWRWKH
DLUSODQHFRPSDUWPHQWV
*HQHUDO'HVFULSWLRQ
7KHVHDUHWKHW\SHVRIGRRUVRQWKHDLUSODQH OHIWVLGHRIWKHDLUSODQHDIWRIWKHZLQJV
 )RUZDUGDQGDIWHQWU\GRRUV
 )RUZDUGDQGDIWJDOOH\VHUYLFHGRRUV
 (PHUJHQF\H[LWGRRUV
 &DUJRGRRUV
 )RUZDUGDLUVWDLUGRRU
 0LVFHOODQHRXVDFFHVVGRRUV
$GRRUZDUQLQJV\VWHPVKRZVWKHFUHZWKDWSUHVVXUH
EHDULQJGRRUVDUHFORVHGDQGSURSHUO\ODWFKHGEHIRUH
IOLJKW
3UHVVXUHGRRUVKDYHVLOLFRQUXEEHUVHDOV7KHVHDOVGR
WKHVHWKLQJV ,IDGRRULVRSHQIRUDORQJWLPHDSURWHFWLYHFRYHU
 6HDODLUDQGOLJKWOHDNV
 $FWDVDFRXVWLFDQGWKHUPDOEDUULHUV
 6XSSO\DHURG\QDPLFVPRRWKQHVV
6HHWKHPDLQJHDUDQGGRRUVVHFWLRQIRUPRUH
7KHJDOOH\VHUYLFHGRRUVDUHRQWKHULJKWVLGHRIWKH
DLUSODQH
7KHHPHUJHQF\H[LWGRRUVDUHDERYHWKHZLQJVRQERWK
VLGHVRIWKHDLUSODQH
7KHPLGFDELQHPHUJHQF\H[LWGRRUVDUHRQWKHULJKWDQG
7KHFDUJRGRRUVDUHRQWKHULJKWVLGHRIWKHDLUSODQH
7KHPLVFHOODQHRXVDFFHVVGRRUVDUHQHDUWKHV\VWHPV
WKH\VHUYH
7UDLQLQJ,QIRUPDWLRQ3RLQW
<RXFDQRSHQDQGFORVHHQWU\JDOOH\VHUYLFHDQGFDUJR
GRRUVLQZLQGVXSWRNQRWVZLWKRXWVWUXFWXUDO
GDPDJH<RXFDQOHWWKHVHGRRUVVWD\ODWFKHGRSHQLQ
ZLQGVXSWRNQRWVZLWKRXWVWUXFWXUDOGDPDJH
VKRXOGEHSXWRYHUWKHGRRUIUDPH7KLVSUHYHQWVEDG
ZHDWKHUGDPDJHWRWKHDLUSODQH
:KHQDQHQWU\DQGJDOOH\VHUYLFHGRRUVDUHRSHQDQGQRW
XVHGDVDIHW\VWUDSPXVWEHDWWDFKHGLQWKHGRRUZD\
LQIRUPDWLRQRQWKHODQGLQJJHDUGRRUV070

/RFDWLRQ

7KHHQWU\GRRUVDUHRQWKHOHIWVLGHRIWKHDLUSODQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
5()8(/,1* $,5 (1*,1(2,/
67$7,21 &21',7,21,1* 7$1.$&&(66
$&&(66'225 $&&(66'225 '225 (;7(51$/32:(5
5(&(37$&/('225
):'(48,30(17
&203$570(17
5$0$,5 $&&(66'225
$&&(663$1(/
((&203$570(17
$)7&$5*2 $&&(66'225
&203$570(17 )25:$5'&$5*2
'225 &203$570(17'225
*5281'$,5&21',7,21,1*
$&&(66'225
7$,/&21(
$&&(66'225 &(17(5)8(/7$1.
6803$&&(66'225
$38$&&(66 :$67( +<'5$8/,&
'225 6(59,&( $&&808/$725
'225 $&&(66'225
:$7(5
6(59,&(
'225 $)7*$//(<
6(59,&('225
6(&7,21
$&&(66$1'
%/2:287'225
$)7(175<
(0(5*(1&< '225
(;,7'2256 0,'&$%,1
(0(5*(1&<
(;,7'2256
)25:$5'*$//(<
6(59,&('225

$,567$,5 )25:$5' ,'*2,/

'225 (175<'225 5(6(592,5
$&&(66'225
'2256,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:,1752'8&7,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:,1752'8&7,21
/RFDWLRQ  )ROGWKHGRRUJDWHVLQZDUG
 7LOWWKHGRRUKLQJHHGJHLQZDUGWRWKHFRFNHG
7KHIRUZDUGHQWU\GRRULVRQWKHOHIWVLGHRIWKH SRVLWLRQ
XSSHUIRUZDUGIXVHODJH
<RXSXVKWKHGRRUWKURXJKWKHGRRUIUDPHXQWLOLWLV
*HQHUDO'HVFULSWLRQ IXOO\RSHQ8VHWKHDVVLVWKDQGOHVIRUWKLVRSHUDWLRQ

7KHIRUZDUGHQWU\GRRULVWKHODUJHVWSDVVHQJHUHQWU\ $ORFNPHFKDQLVPLQWKHXSSHUKLQJHORFNVWKHGRRULQ
GRRURQWKHDLUSODQH WKHIXOO\RSHQSRVLWLRQ

7KHGRRULVDSOXJW\SHGRRU,WKDVWKHVHSDUWV 7RFORVHWKHGRRUUHOHDVHWKHKLQJHORFNDQGGRWKH
RSHQRSHUDWLRQVLQUHYHUVHRUGHU
 &HQWHUGRRUDVVHPEO\
 8SSHUJDWH $JXLGHSLQRQWKHGRRUDQGDJXLGHSLQWUDFNRQWKH
 /RZHUJDWH GRRUIUDPHDOLJQWKHGRRULQWKHIUDPHDVLWFORVHV

$OLQHUFRYHUVWKHLQWHULRUVXUIDFHRIWKHGRRU 'RRU6XSSRUW

7KHFHQWHUGRRUDVVHPEO\KDVKDUGSRLQWVDWWKHERWWRP :KHQWKHDLUSODQHLVQRWSUHVVXUL]HGWKHKLQJHV
IRUWKHHPHUJHQF\HVFDSHVOLGHLQVWDOODWLRQ VXSSRUWWKHGRRU

7KHFHQWHUGRRUDVVHPEO\KDVDZLQGRZ :KHQWKHDLUSODQHLVSUHVVXUL]HGFDELQSUHVVXUHSXVKHV
WKHGRRUVOLJKWO\RXWERDUG7KLVFDXVHVWKHVHWKLQJVWR
'RRU&RQWURO0HFKDQLVPV RFFXU

<RXFDQRSHQDQGFORVHWKHGRRUIURPWKHLQWHULRURU  'RRUVHDOVFRPSUHVV
H[WHULRURIWKHDLUSODQH<RXRSHUDWHWKHGRRU  'RRUVWRSSLQVFRQWDFWIUDPHVWRSILWWLQJVWKLV
PDQXDOO\8QODWFKWKHGRRUZLWKWKHFRQWUROKDQGOH WUDQVPLWVWKHGRRUSUHVVXUHORDGVWRWKHGRRU
IUDPHVWUXFWXUH
:KHQ\RXWXUQWKHKDQGOHLQWKH23(1GLUHFWLRQ  'RRUODWFKHVDUHXQORDGHG
LQWHUQDOPHFKDQLVPVGRWKHVHWKLQJV

 'LVHQJDJHWKHGRRUUROOHUODWFKHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:,1752'8&7,21
'RRU6HDOV

7KHGRRUKDVWKHVHVHDOV

 (GJHVHDOVIODSDQGEXOEW\SH
 *DWHKLQJHVHDOVGLDSKUDJPW\SH

'RRU'UDLQV

7KHGRRUVWUXFWXUHKDVLQWHUQDOGUDLQSDWKV7KHGRRU
VHFWLRQVGUDLQLQWRWKHGRRUIUDPHWKUHVKROG7KHGRRU
WKUHVKROGGUDLQVRYHUERDUGWKURXJKDFKHFNYDOYHLQWKH
ORZHUIXVHODJH

'RRU:DUQLQJ

7KHIRUZDUGHQWU\GRRUKDVDQLQWHUIDFHZLWKWKHGRRU
ZDUQLQJV\VWHP7KHUHLVDSUR[LPLW\VZLWFKDVVHPEO\RQ
WKHIRUZDUGGRRUIUDPHDGMDFHQWWRDQXSSHUODWFK
WUDFN7KHVZLWFKVHQVHVWKHSRVLWLRQRIWKHGRRUODWFK
UROOHU7KHUHLVDOVRDPLFURVZLWFKDGMDFHQWWRDQ
XSSHUODWFKWUDFNRQWKHDIWGRRUIUDPH:KHQWKHGRRU
LVODWFKHGLWFDXVHVWKH3SDQHOZDUQLQJOLJKWWRJR
RII

$QRUDQJHSHQQDQWLVRQWKHGRRUOLQHUDERYHWKH
ZLQGRZ0DQXDOO\VHFXUHLWDFURVVWKHZLQGRZZKHQWKH
GRRUHVFDSHVOLGHLVDUPHG7KLVLVDYLVXDOLQGLFDWLRQ
WRVRPHRQHRXWVLGHWKHDLUSODQHWKDWWKHGRRUVOLGHLV
DUPHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'225/$7&+
52//(5

833(5 '2256/,'(
*$7( :$51,1*
3(11$17

:,1'2: ,17(5,25
833(5 &21752/
+$1'/( /$7&+75$&.
+,1*( $1'352;,0,7<
6:,7&+
(;7(5,25
&21752/ (0(5*(1&<
+$1'/( (6&$3(
/2:(5
+,1*( 6/,'( $66,67
+$1'/(

'2256,//
/2:(5
*$7(

):'(175<'225 ):'(175<'225
(;7(5,259,(:'225&/26(' ,17(5,259,(:'22523(1
'22563$66(1*(5&5(:,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
'22563$66(1*(5&5(:/,1,1*$1',168/$7,21
3XUSRVH
7KHIRUZDUGHQWU\GRRUOLQLQJDQGLQVXODWLRQGRHVWKHVH
IXQFWLRQV
 *LYHVWKHGRRUDQDWWUDFWLYHHDV\WRFOHDQ
VXUIDFH
 5HGXFHVWKHKHDWWUDQVPLVVLRQWKURXJKWKHGRRU
 5HGXFHVWKHVRXQGWUDQVPLVVLRQWKURXJKWKHGRRU
*HQHUDO'HVFULSWLRQ
7KHGRRUOLQLQJDQGLQVXODWLRQLVDRQHSLHFHFRPSRVLWH
SDQHO
&XWRXWVLQWKHORZHUDUHDRIWKHOLQLQJDQGLQVXODWLRQ
SDQHOSHUPLWDWWDFKPHQWRIWKHHPHUJHQF\HVFDSHVOLGH
WRGRRUKDUGSRLQWV
7UDLQLQJ,QIRUPDWLRQ3RLQW
<RXPXVWUHPRYHWKHGRRUOLQLQJDQGLQVXODWLRQSDQHO
DQGWKHGRRUDFFHVVSDQHOVWRLQVSHFWDQGOXEULFDWHWKH
GRRULQWHULRUFRPSRQHQWV
%HIRUH\RXFDQUHPRYHWKHOLQLQJDQGLQVXODWLRQSDQHO
\RXPXVWUHPRYHWKHVHGRRUFRPSRQHQWV
 7KHHPHUJHQF\HVFDSHVOLGH
 7KHGRRUDVVLVWKDQGOHV
7KHOLQLQJSDQHOLVDFUXVKFRUHODPLQDWHZLWKDWHGODU  7KHFRQWUROKDQGOH
VXUIDFHOD\HU
,WLVQRWQHFHVVDU\WRUHPRYHWKHOLQLQJDQGLQVXODWLRQ
7KHUHLVDQLQVXODWLRQEODQNHWRQWKHRXWERDUGVLGHRI SDQHOWRUHPRYHWKHGRRUZLQGRZ
WKHOLQLQJSDQHO+RRNDQGORRSIDVWHQHUWDSHKROGWKH
LQVXODWLRQWRWKHOLQLQJSDQHO

7KHVHW\SHRIIDVWHQHUVKROGWKHOLQLQJDQGLQVXODWLRQ
SDQHOWRWKHGRRU

 6FUHZVSDQHOVLGHV
 1\ORQQXWVSDQHOWRSDQGERWWRPHGJHV

7KHUHLVDFXWRXWDQGEH]HOLQWKHXSSHUDUHDRIWKH
SDQHOIRUWKHGRRUZLQGRZ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'225/,1,1*
$1',168/$7,21

'225
:,1'2:%(=(/ '225$&&(66 :,1'2:
$66(0%/< 3$1(/7<3

&21752/
+$1'/(

(6&$3(
6/,'(
$66,67 '225
+$1'/( 6758&785(
7<3

+$5'32,17
)25'22502817('
(48,30(177<3

127()25:$5'(175<'2256+2:1
27+(5'22567+(6$0(
'22563$66(1*(5&5(:/,1,1*$1',168/$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:+$1'/(0(&+$1,60
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
'22563$66(1*(5&5(:+$1'/(0(&+$1,60
3XUSRVH
7KHKDQGOHPHFKDQLVPGRHVWKHVHIXQFWLRQV 7KHH[WHULRUKDQGOHIDLUVLQDUHFHVVLQWKHRXWHUVNLQ
 0RYHVDFORVHGDQGODWFKHGGRRUWRWKHFRFNHGRSHQ
SRVLWLRQ
 0RYHVDGRRULQWKHFRFNHGRSHQSRVLWLRQWRWKH
FORVHGDQGODWFKHGSRVLWLRQ
/RFDWLRQ
7KHKDQGOHPHFKDQLVPLVEHWZHHQWKHLQWHULRUDQG
H[WHULRUFRQWUROKDQGOHV
3K\VLFDO'HVFULSWLRQ
7KHKDQGOHPHFKDQLVPKDVWKHVHPDMRUSDUWV
 ,QWHULRUDQGH[WHULRUFRQWUROKDQGOHV
 &DPSODWH
 'RRUODWFKLQJFUDQNDQGFDPUROOHUURFNHU
 'RRUFRFNLQJFUDQNDQGFDPUROOHUURFNHU
 'RRUODWFKLQJFUDQNDQGSXVKURGV
 'RRUFRFNLQJFUDQNDQGSXVKURG
 'RRUKLQJHVDQGWRUTXHWXEH
 8SSHUDQGORZHUGRRUJDWHVSXVKURGVDQGVWRSURGV
 $VVRFLDWHGVKDIWVEHDULQJVUHWDLQHUVVSULQJV
DQGIDVWHQHUV
)XQFWLRQDO'HVFULSWLRQ
<RXRSHUDWHWKHGRRUKDQGOHPHFKDQLVPPDQXDOO\
9(56,21'$7('$8*867 RI
7KHLQWHULRUKDQGOHWXUQVWKHFDPSODWH
RIWKHGRRU,WLVVSULQJORDGHGWRWKLVSRVLWLRQ:KHQ
IDLUHGWKHGRRUKDQGOHGLVHQJDJHVWKHFDPSODWH:KHQ
\RXSXOOWKHKDQGOHIURPWKHIDLUHGSRVLWLRQLW
HQJDJHVWKHFDPSODWHE\DVSOLQHGULYH:KHQWKH
KDQGOHVSOLQHGULYHLVHQJDJHGWKHKDQGOHFDQWXUQWKH
FDPSODWH
7KHFDPSODWHKDVWZRFDPWUDFNV2QHWUDFNGULYHVWKH
GRRUODWFKLQJUROOHUURFNHU7KHRWKHUWUDFNGULYHVWKH
GRRUFRFNLQJUROOHUURFNHU
:KHQWKHFDPSODWHWXUQVLQWKHRSHQGLUHFWLRQLW
FDXVHVWKHVHWKLQJVWRRFFXU
 'RRUXQODWFKHVDQGLWVJDWHVIROG
 'RRUPRYHVWRWKHFRFNHGRSHQSRVLWLRQ
7KHLQLWLDOPRYHPHQWRIWKHFDPSODWHLQWKHRSHQ
GLUHFWLRQFDXVHVWKHODWFKLQJUROOHUURFNHUWRULVH
VWHHSO\WRWKHKLJKFDP7KLVWXUQVWKHUROOHUURFNHU
DQGWKHODWFKLQJFUDQNWRZKLFKLWLVVSOLQHG7KH
ODWFKLQJFUDQNWUDQVPLWVWKLVPRWLRQWRWKHGRRU
ODWFKLQJPHFKDQLVPVDQGGRRUJDWHVZLWKSXVKURGV7KLV
XQODWFKHVWKHGRRUDQGIROGVWKHGRRUJDWHV$VWKHFDP
FRQWLQXHVWRWXUQLWGRHVQRWWXUQWKHODWFKLQJUROOHU
URFNHU7KLVLVEHFDXVHWKHODWFKLQJUROOHUURFNHU
VWD\VRQWKHKLJKFDP
7KHLQLWLDOWXUQRIWKHFDPSODWHLQWKHRSHQGLUHFWLRQ
GRHVQRWWXUQWKHFRFNLQJUROOHUURFNHUEHFDXVHLW
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:+$1'/(0(&+$1,60
VWD\VRQWKHORZFDP$VWKHFDPFRQWLQXHVWRWXUQLW
FDXVHVWKHFRFNLQJUROOHUURFNHUWRULVHWRWKHKLJK
FDP7KLVWXUQVWKHUROOHUURFNHUDQGWKHFRFNLQJFUDQN
WRZKLFKLWLVVSOLQHG$FRFNLQJFUDQNSXVKURG
WUDQVPLWVWKLVPRWLRQWRWKHGRRUWRUTXHWXEH7KLV
FDXVHVWKHGRRUWRPRYHWRWKHFRFNHGRSHQSRVLWLRQ
:KHQWKHGRRULVLQWKHFRFNHGRSHQSRVLWLRQWKHFDP
LVDWWKHHQGRILWVWUDYHO0RUHIRUFHRQWKHKDQGOH
SURGXFHVQRPRUHPRWLRQ)URPWKLVSRLQW\RXSXVKWKH
GRRUPDQXDOO\WKURXJKWKHGRRUIUDPHZLWKWKHDVVLVW
KDQGOHV
:KHQWKHFDPWXUQVLQWKHGRRUFORVHGGLUHFWLRQWKH
OLQNDJHVZRUNWKHVDPHEXWLQUHYHUVHVHTXHQFH
DUHDLVFOHDU$QLQFRUUHFWO\VWRZHGHVFDSHVOLGHJLUW
VWUDSPD\EHFDXJKWEHWZHHQWKHGRRUDQGWKHIUDPH
,IWKHDLUSODQHLVSUHVVXUL]HGDSURSHUO\ULJJHGGRRU
ZLOOQRWXQODWFK7KLVLVEHFDXVHWKHGRRUJDWHVPXVW
RSHQDJDLQVWFDELQSUHVVXUHGXULQJGRRUXQODWFK
3UHVVXUHRQWKHGRRUJDWHVKDVDPHFKDQLFDODGYDQWDJH
DQGSUHYHQWVWKLV
)URPWKHFRFNHGSRVLWLRQSXVKWKHGRRUWKURXJKWKH
GRRUIUDPHZLWKWKHDVVLVWKDQGOHV'RQRWXVHWKH
FRQWUROKDQGOHWRSXVKRUSXOOWKHGRRUWKURXJKWKH
GRRUIUDPH7KLVSXWVWRRPXFKVWUHVVRQWKHGRRUKXE

 'RRUPRYHVIURPWKHFRFNHGRSHQSRVLWLRQWRWKH
FORVHGSRVLWLRQ
 'RRUJDWHVXQIROGDQGWKHGRRUODWFKHVHQJDJH

7KHVWRSURGVRQWKHGRRUJDWHVDUHQRWSDUWRIWKHGRRU
JDWHGULYHPHFKDQLVP7KHVWRSURGVVXSSRUWWKHJDWHV
DJDLQVWWKHLUSUHVVXUHORDGV

7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHIRUFHRQWKHFRQWUROKDQGOHWRRSHQDQGFORVHWKH
GRRULVQRWODUJH,IDODUJHIRUFHLVQHFHVVDU\WKHUH
LVDIDXOWZLWKWKHGRRURUWKHSURFHGXUH

,IWKHGRRUGRHVQRWFORVHDQGODWFKHDVLO\WKHUHPD\
EHDFOHDUDQFHSUREOHP0DNHVXUHWKHGRRUWRIUDPH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/$7&+72548(
78%(7<3
833(5
&2&.,1* *$7(
&5$1.
386+52' *$7(
386+52'
&$0
3/$7(
'225
):' 72548(78%(
/$7&+,1*
386+52'
7<3 /2:(5
,1%'
+,1*(
/$7&+,1* &2&.,1*
386+52' &5$1. /2:(5 672352'
386+52' *$7( 7<3
):'
/$7&+,1*
&5$1. '225'(7$,/

/$7&+,1* (;7(5,25
52//(5 &21752/
52&.(5 +$1'/(
):'(175<'225
/,1,1*5(029('
&2&.,1* 3$7+2)
&5$1. 52//(5
,17(5,25
&21752/ '225 /$7&+,1*
+$1'/( 72548( 52//(5 &2&.,1*
78%( 52//(5
&2&.,1*
52//(5
&$0 52&.(5
3/$7( 3$7+2)
52//(5

127()25:$5'(175<'2256+2:1 +$1'/(0(&+$1,60'(7$,/ &$03/$7(

$)7'2257+(6$0(
'22563$66(1*(5&5(:+$1'/(0(&+$1,60
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:*8,'(/$7&+$1'6723),77,1*6
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
'22563$66(1*(5&5(:*8,'(/$7&+$1'6723),77,1*6
3XUSRVH
7KHGRRUJXLGHDOLJQVWKHDIWHGJHRIWKHGRRUZKHQLW
VZLQJVFORVHG
:KHQWKHDLUSODQHLVXQSUHVVXUL]HGWKHGRRUODWFKHV
KROGWKHGRRUFORVHG
:KHQWKHDLUSODQHLVSUHVVXUL]HGWKHGRRUVWRS
ILWWLQJVWUDQVPLWWKHSUHVVXUHORDGVIURPWKHGRRUWR
WKHGRRUIUDPH
/RFDWLRQ
 $UROOHUODWFKRQWKHGRRU
 $ODWFKWUDFNRQWKHGRRUIUDPH
:KHQ\RXWXUQWKHGRRUKDQGOHWKHGRRUUROOHUODWFKHV
WXUQE\WKHODWFKWRUTXHWXEHV:KHQWKHGRRULVFORVHG
DQGODWFKHGWKHGRRUODWFKHVPDWHZLWKODWFKWUDFN
ILWWLQJVLQWKHGRRUIUDPH
7KHGRRUODWFKHVDUHRYHUFHQWHUGHYLFHV7KH\GRWKHVH
WKLQJV
 &RPSUHVVWKHGRRUVHDOV
 +ROGWKHGRRUFORVHGRQDQXQSUHVVXUL]HG
7KHGRRUJXLGHODWFKDQGVWRSILWWLQJVDUHRQWKH
GRRUHGJHVDQGWKHGRRUIUDPH
'RRU*XLGH*HQHUDO'HVFULSWLRQ
7KHGRRUJXLGHPHFKDQLVPKDVWKHVHWZRSDUWV
 $JXLGHSLQRQWKHDIWGRRUHGJH
 $JXLGHWUDFNRQWKHGRRUDIWIUDPH
7KHJXLGHWUDFNLVDIDLUOHDGIRUWKHJXLGHSLQ,W
LQGH[HVWKHDIWHGJHRIWKHGRRUZKHQLWFORVHV7KLV
DOLJQVWKHGRRUODWFKHVDQGVWRSSLQVZLWKWKHLUGRRU
IUDPHILWWLQJV
'RRU/DWFKHV*HQHUDO'HVFULSWLRQ
7KHUHDUHIRXUGRRUODWFKPHFKDQLVPV(DFKGRRUODWFK
PHFKDQLVPKDVWKHVHWZRSDUWV
9(56,21'$7('$8*867
DLUSODQH
 2QHODWFKRSHUDWHVWKHGRRUZDUQLQJVHQVRU
2QDSUHVVXUL]HGDLUSODQHWKHSUHVVXUHORDGFDXVHVWKH
GRRUWRPRYHRXWERDUGVOLJKWO\7KLVPRYHPHQWGRHV
WKHVHWKLQJV
 &RPSUHVVHVWKHGRRUVHDOV
 8QORDGVWKHGRRUODWFKILWWLQJV
 6HDWVWKHGRRUVWRSILWWLQJVDQGSXWVWKHGRRU
SUHVVXUHORDGVRQWKHP
'RRU6WRSV*HQHUDO'HVFULSWLRQ
(DFKGRRUVWRSILWWLQJKDVWKHVHSDUWV
 $QDGMXVWDEOHGRRUPRXQWHGSLQZLWKORFNZLUH
 $EXWWUHVVHGIUDPHPRXQWHGSUHVVXUHSDG
RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:*8,'(/$7&+$1'6723),77,1*6
:KHQWKHDLUSODQHLVXQSUHVVXUL]HGWKHUHLVDVPDOO
FOHDUDQFHEHWZHHQWKHGRRUSLQVDQGIUDPHSDGV:KHQ
WKHDLUSODQHLVSUHVVXUL]HGWKHGRRUPRYHVRXWERDUG
VOLJKWO\7KLVFDXVHVWKHGRRUSLQVWRFRQWDFWWKH
IUDPHSDGV7KHSLQVWUDQVPLWWKHSUHVVXUHORDGVIURP
WKHGRRUWRWKHGRRUIUDPH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)5$0(02817('
*8,'(75$&.
6723
),77,1*6
7<3
'225
*8,'(
75$&.
'22502817('
*8,'(3,1
*8,'($66(0%/<
7<3,&$/

)5$0(02817('
/$7&+ 35(6685(3$'
),77,1*6
7<3
'22502817('
67233,1

'225
6758&785( )5$0(
6758&785(

)5$0(02817('
/$7&+75$&.
),77,1*

/$7&+
):' 72548(78%(
'22502817('
):'(175<'225 /$7&+52//(5
,1%'
/$7&+$1'6723$66(0%/<'(7$,/
127()25:$5'(175<'2256+2:1$)7(175<'2257+(6$0( 7<3,&$/
'22563$66(1*(5&5(:*8,'(/$7&+$1'6723),77,1*6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:)25:$5'(175<'22572548(78%(6
3XUSRVH )UDPH7RUTXH7XEH*HQHUDO'HVFULSWLRQ

7KHGRRUWRUTXHWXEHVGRWKHVHWKLQJV 7KHIUDPHWRUTXHWXEHKDVVHYHUDOVKRUWVHFWLRQVKHOG
WRJHWKHUE\FURVVEROWVOHHYHV7KHFHQWHUVHFWLRQRI
 *LYHVWUXFWXUDOVXSSRUWWRWKHGRRUDQGKLQJHV WKHWXEHLVKHOGLQPRQREDOOIUDPHEHDULQJV7KHHQGV
 *LYHWKHGRRUDQGKLQJHVDSLYRWDOD[LV RIWKHWRUTXHWXEHDUHEROWHGWRRYDOVSLJRWV7KH
 *LYHWKHGRRUFRFNLQJFUDQNSXVKURGDVWUXFWXUDO VSLJRWRYDOVPDWHZLWKWKHKLQJHDUPV
UHDFWLRQPHPEHUGRRUWRUTXHWXEHRQO\
 *LYHWKHDVVLVWVSULQJVDVWUXFWXUDOUHDFWLRQ &RLOVSULQJVRQWKHWRUTXHWXEHVZLQGXSZKHQWKHGRRU
PHPEHUIUDPHWRUTXHWXEHRQO\ PRYHVWRWKHIXOO\RSHQRUFORVHGSRVLWLRQ7KLVGRHV
WZRWKLQJV
/RFDWLRQ
 +HOSVWKHRSHUDWRUEHJLQWRRSHQRUFORVHWKHGRRU
7KHGRRUV\VWHPKDVWKHVHWZRWRUTXHWXEHV  +HOSVVQXEWKHGRRUDWWKHHQGRIWUDYHO

 'RRUWRUTXHWXEHLQWKHGRRU 7KHVSULQJORDGLVQHXWUDODWDQLQWHUPHGLDWHGRRU
 )UDPHWRUTXHWXEHLQWKHGRRUIUDPH SRVLWLRQ

7RJHWDFFHVVWRWKHGRRUWRUTXHWXEHUHPRYHWKHGRRU
OLQHUDQGDFFHVVSDQHO

7RJHWDFFHVVWRWKHIUDPHWRUTXHWXEHUHPRYHWKH
DFFHVVSDQHORQWKHLQWHULRURIWKHDLUSODQHEHWZHHQ
WKHXSSHUDQGORZHUKLQJHV

'RRU7RUTXH7XEH*HQHUDO'HVFULSWLRQ

7KHGRRUWRUTXHWXEHKDVVHYHUDOVKRUWVHFWLRQVKHOG
WRJHWKHUE\FURVVEROWVOHHYHV7KHFHQWHUVHFWLRQLV
KHOGLQWKHFHQWUDOGRRUFDVWLQJEHDULQJVE\WZRFDVWOH
QXWV7KHHQGVRIWKHWRUTXHWXEHDUHFURVVEROWHGWR
KLQJHSLQV+LQJHDUPEHDULQJVKROGWKHKLQJHSLQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

833(5+,1*(
0(&+$1,606
833(5'225 833(5)5$0(
72548(78%( 72548(78%(63,*27
+,1*(3,1

$66,67635,1*
7<3

'225+$1'/( )5$0(
&2&.,1*&5$1. 72548(78%(

)5$0(
6758&785(
):' '225
6758&785(

,1%' &$67/(187
):'(175<'225 7<3
/,1,1*5(029('
'22572548(78%(
/2:(5)5$0(
'22572548(78%( 72548(78%(
&5266%2/76/((9( 63,*27

/2:(5+,1*(
0(&+$1,606
)25:$5'(175<'22572548(78%(6

'22563$66(1*(5&5(:)25:$5'(175<'22572548(78%(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:$)7(175<'22572548(78%(6
3XUSRVH )UDPH7RUTXH7XEH*HQHUDO'HVFULSWLRQ

7KHGRRUWRUTXHWXEHVSURYLGHWKHVHIXQFWLRQV 7KHIUDPHWRUTXHWXEHKDVVHYHUDOVKRUWVHFWLRQVKHOG
WRJHWKHUE\FURVVEROWVOHHYHV7KHFHQWHUVHFWLRQRI
 6WUXFWXUDOVXSSRUWWRWKHGRRUDQGKLQJHV WKHWXEHLVKHOGLQPRQREDOOIUDPHEHDULQJV7KHHQGV
 3LYRWDOD[LVIRUGRRUDQGKLQJHV RIWKHWRUTXHWXEHEROWWRRYDOVSLJRWV7KHVSLJRW
 6WUXFWXUDOUHDFWLRQPHPEHUIRUWKHGRRUFRFNLQJ RYDOVPDWHZLWKWKHKLQJHDUPV
FUDQNSXVKURGGRRUWRUTXHWXEHRQO\

/RFDWLRQ

7KHGRRUV\VWHPKDVWKHVHWZRWRUTXHWXEHV

 'RRUWRUTXHWXEHLQWKHGRRU
 )UDPHWRUTXHWXEHLQWKHGRRUIUDPH

7RJHWDFFHVVWRWKHGRRUWRUTXHWXEHUHPRYHWKHGRRU
OLQHUDQGDFFHVVSDQHO

7RJHWDFFHVVWRWKHIUDPHWRUTXHWXEHUHPRYHWKH
DFFHVVSDQHORQWKHH[WHULRURIWKHDLUSODQHEHWZHHQ
WKHXSSHUDQGORZHUKLQJHV

'RRU7RUTXH7XEH*HQHUDO'HVFULSWLRQ

7KHGRRUWRUTXHWXEHKDVVHYHUDOVKRUWVHFWLRQVKHOG
WRJHWKHUE\FURVVEROWVOHHYHV7KHFHQWHUVHFWLRQLV
KHOGLQWKHFHQWUDOGRRUFDVWLQJEHDULQJVE\WZRFDVWOH
QXWV7KHHQGVRIWKHWRUTXHWXEHFURVVEROWWRKLQJH
SLQV+LQJHDUPEHDULQJVKROGWKHKLQJHSLQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

833(5
+,1*(
$66(0%/<
'22572548(
78%(6$1'+,1*(6

)5$0(
72548(78%(

)86(/$*(6.,1
$&&(663$1(/
):' '225
6758&785(
&$67,1*
&5266%2/7
,1%' 6/((9(
$)7(175<'225
/,1,1*5(029('

'22572548(
78%(

/2:(5
+,1*(
$66(0%/<

72548(78%('(7$,/

'22563$66(1*(5&5(:$)7(175<'22572548(78%(6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:)25:$5'(175<'225833(5+,1*($66(0%/<
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:)25:$5'(175<'225833(5+,1*($66(0%/<
3XUSRVH RIWKHJXLGHDUPWRGRRUVWUXFWXUH7KHRWKHUHQGLV
KHOGE\WKHVHGHYLFHV
7KHXSSHUKLQJHDVVHPEO\GRHVWKHVHIXQFWLRQV
 5ROOHUWKDWIROORZV6WUDFNVLQXSSHUDQGORZHU
 6XSSRUWVWKHZHLJKWRIWKHGRRU JXLGHSODWHV
 &RQWUROVWKHPRWLRQVZLQJDQGURWDWLRQRIWKH
GRRUDVLWRSHQVDQGFORVHV
/RFDWLRQ
7KHXSSHUKLQJHDVVHPEO\LVRQWKHIRUZDUGHGJHRIWKH
GRRU
*HQHUDO'HVFULSWLRQ
7KHXSSHUKLQJHDVVHPEO\KDVWKHVHSDUWV
 +LQJHDUP
 *XLGHDUPDVVHPEO\
 +LQJHORFNPHFKDQLVP
7KHXSSHUKLQJHDUPLVDEHDPWKDWKROGVDQGVXSSRUWV
WKHGRRUVWUXFWXUH
2QHHQGRIWKHKLQJHDUPPDWHVZLWKWKHGRRUWRUTXH
WXEHKLQJH7KHRWKHUHQGRIWKHKLQJHDUPDWWDFKHVWR
WKHIUDPHWRUTXHWXEHVSLJRWZLWKDQRYDOVHFWLRQDQG
SLQFKEROW7KHKLQJHDUPWXUQVZLWKWKHGRRUWRUTXH
WXEH7KHIUDPHWRUTXHWXEHWXUQVZLWKWKHKLQJHDUP
7KHGRRUURWDWHVDVLWVZLQJVRSHQRUFORVHG$JXLGH
DUPPHFKDQLVPSURJUDPVWKHGRRUURWDWLRQ7KLVLVD
SDQWDJUDSKPHFKDQLVP$SLQKROGVWKHVSKHULFDOEHDULQJ
9(56,21'$7('$8*867 RI
 5DGLXVOLQNWKDWLVFRQQHFWVWKHJXLGHDUPWRWKH
IUDPHWRUTXHWXEHVSLJRW
'RRUPRWLRQWRZDUGRSHQVWRSVZKHQWKHJXLGHDUPUROOHU
ERWWRPVRXWLQWKHJXLGHSODWH6WUDFNV
$ODWFKPHFKDQLVPLQWKHJXLGHDUPORFNVWKHXSSHUGRRU
KLQJHLQWKHZLGHRSHQSRVLWLRQ:KHQWKHGRRULVIXOO\
RSHQDVSULQJORDGHGSLQJRHVLQWRDGHWHQWLQWKH
XSSHUJXLGHSODWH7KHSLQLVFRQFHQWULFWRWKHUROOHU
7RFORVHWKHGRRU\RXPXVWUHOHDVHWKHKLQJHIURP
ORFN8VHRQHRIWKHVHWRUHOHDVHWKHKLQJHIURPORFN
 <HOORZOHYHURQWKHXSSHUKLQJHJXLGHDUP
 <HOORZSXVKEXWWRQRQWKHXSSHUKLQJHJXLGHDUP
 <HOORZUHOHDVHNQRERQWKHGRRUIUDPHEHWZHHQWKH
XSSHUDQGORZHUKLQJHV
3XVKWKHOHYHURUSXVKEXWWRQRUOLIWRQWKHUHOHDVH
NQREWRUHOHDVHWKHKLQJHIURPORFN$ODWFKWULJJHURQ
WKHJXLGHDUPUHVHWVWKHORFNPHFKDQLVP
6SULQJORDGHGUHWDLQHUVVXSSRUWSUHVVXUHVHDOVDURXQG
WKHKLQJHDVVHPEO\
$FRYHUSODWHRQWKHRXWVLGHRIWKHXSSHUKLQJH
DVVHPEO\FRYHUVWKHJDSDURXQGWKHKLQJHFXWRXWV7KLV
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:)25:$5'(175<'225833(5+,1*($66(0%/<
FRYHULVDQDHURG\QDPLFVHDO,WGHFUHDVHVQRLVHDQG
GUDJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

+,1*(6($/
833(5+,1*( '22572548(
$66(0%/< 78%(+,1*(3,1

+,1*($50
5(/($6(
.12%7<3

833(5
*8,'(3/$7(
'225
6758&785(
5$',86
):' '225 *8,'($50 /,1.
72548(78%(
/2:(5
*8,'(3/$7(
,1%' /$7&+75,**(5
):'(175<'225

/$7&+5(/($6(

)5$0(72548(
78%(

'22563$66(1*(5&5(:)25:$5'(175<'225833(5+,1*($66(0%/<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:$)7(175<'225833(5+,1*($66(0%/<
3XUSRVH JXLGHDUPLVKHOGE\GXDOUROOHUEXVKLQJVWKDWIROORZ
WUDFNVLQXSSHUDQGORZHUJXLGHSODWHV7KHJXLGHDUP
7KHXSSHUKLQJHDVVHPEO\GRHVWKHVHIXQFWLRQV SLYRWVDURXQGDSLQWKDWFRQQHFWVWKHJXLGHDUPWRWKH
KLQJHOLQNRQWKHIUDPHWRUTXHWXEH
 6XSSRUWVWKHZHLJKWRIWKHGRRU
 &RQWUROVWKHPRWLRQVZLQJDQGURWDWLRQRIWKH
GRRUDVLWRSHQVDQGFORVHV
/RFDWLRQ
7KHXSSHUKLQJHDVVHPEO\LVRQWKHIRUZDUGHGJHRIWKH
GRRU
*HQHUDO'HVFULSWLRQ
7KHXSSHUKLQJHDVVHPEO\KDVWKHVHSDUWV IURPORFN
 +LQJHDUP
 *XLGHDUPDVVHPEO\
 +LQJHORFNPHFKDQLVP
7KHXSSHUKLQJHDUPLVDEHDPWKDWKROGVWKHZHLJKWRI
WKHGRRUVWUXFWXUH2QHHQGRIWKHKLQJHDUPLVVSOLQHG
WRWKHGRRUWRUTXHWXEHKLQJHSLQ7KHRWKHUHQGLV
SLQQHGWRWKHKLQJHOLQN7KHKLQJHOLQNLVVSOLQHGWR
WKHIUDPHWRUTXHWXEH7KHGRRUWRUTXHWXEHWXUQVZLWK
WKHKLQJHDUP7KHIUDPHWRUTXHWXEHWXUQVZLWKWKH
KLQJHOLQN
$JXLGHDUPPHFKDQLVPSURJUDPVWKHPRYHPHQWRIWKHGRRU
DVLWVZLQJVRSHQRUFORVHG$SLQKROGVWKHURGHQG
EHDULQJRIWKHJXLGHDUPWRDQDWWDFKILWWLQJLQWKH
GRRUKLQJHVXSSRUWVWUXFWXUH7KHRWKHUHQGRIWKH
9(56,21'$7('$8*867 RI
'RRUPRWLRQWRZDUGRSHQVWRSVZKHQWKHJXLGHDUPUROOHU
ERWWRPVRXWLQWKHJXLGHSODWH6WUDFNV
$ODWFKPHFKDQLVPLQWKHJXLGHDUPORFNVWKHXSSHUGRRU
KLQJHLQWKHZLGHRSHQSRVLWLRQ:KHQWKHGRRULVIXOO\
RSHQDVSULQJORDGHGSLQULVHVLQWRDGHWHQWLQWKH
XSSHUJXLGHSODWH7KHSLQLVFRQFHQWULFWRWKHUROOHU
7RFORVHWKHGRRU\RXPXVWUHOHDVHWKHKLQJHIURP
ORFN2QHRIWKHVHGHYLFHVLVXVHGWRUHOHDVHWKHKLQJH

 $\HOORZOHYHURQWKHXSSHUKLQJHJXLGHDUP
 $\HOORZSXVKEXWWRQRQWKHXSSHUKLQJHJXLGHDUP
 $\HOORZUHOHDVHNQRERQWKHGRRUIUDPHEHWZHHQWKH
XSSHUDQGORZHUKLQJHV
3XVKWKHOHYHURUSXVKEXWWRQRUOLIWRQWKHUHOHDVH
NQREWRUHOHDVHWKHKLQJHIURPORFN$ODWFKWULJJHURQ
WKHJXLGHDUPUHVHWVWKHORFNPHFKDQLVP
6SULQJORDGHGUHWDLQHUVVXSSRUWSUHVVXUHVHDOVDURXQG
WKHKLQJHDVVHPEO\
$IODSRQWKHRXWVLGHRIWKHXSSHUKLQJHDVVHPEO\
FRYHUVWKHJDSDURXQGWKHKLQJHFXWRXWV7KLVIODSLV
DQDHURG\QDPLFVHDO,WUHGXFHVQRLVHDQGGUDJ$
VSULQJORDGHGKLQJHDWWDFKHVWKHIODSWRDERG\IUDPH
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

+,1*(6($/
833(5+,1*(
$66(0%/<

5(/($6(
.12%7<3 /$7&+
5(/($6(
%87721
+,1*( 7<3
$50
'2256758&785(
+,1*(6833257
):' +,1*(
/,1.

52//(5
,1%'
$)7(175<'225 *8,'(
$50
*8,'(
'225+,1*( 3/$7(
72548(78%(
)5$0(
72548(
78%(

'22563$66(1*(5&5(:$)7(175<'225833(5+,1*($66(0%/<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:/2:(5+,1*($66(0%/<
3XUSRVH IXOOH[WHQGDQGIXOOUHWUDFWSRVLWLRQV$VWKHGRRU
RSHQVLWJRHVIURPIXOO\UHWUDFWHGWRIXOO\H[WHQGHG
7KHORZHUGRRUKLQJHDVVHPEO\GRHVWKHVHIXQFWLRQV 7KHVQXEEHULVKHOGE\SLQVLQLWVVSKHULFDOEHDULQJV
2QHSLQKROGVWKHVQXEEHUWRGRRUVWUXFWXUH$VHFRQG
 6ORZVVQXEVDQGVWRSVWKHGRRUDWWKHHQGVRIWKH SLQKROGVWKHRWKHUVQXEEHUEHDULQJWRWKHIUDPHWRUTXH
VZLQJ WXEHUDGLXVOLQN
 6WUXFWXUDOO\KROGVWKHGRRU
7KHERWWRPIUDPHWRUTXHWXEHVSLJRWSLQVWKHUDGLXV
/RFDWLRQ OLQNWRWKHIUDPHWRUTXHWXEH7KHUDGLXVOLQNKDVD
VWRSSLQ6WRSSODWHVOLPLWWKHUDQJHRIPRWLRQRIWKH
7KHORZHUKLQJHDVVHPEO\LVRQWKHIRUZDUGHGJHRIWKH VWRSSLQ$WWKHGRRURUIXOO\RSHQSRVLWLRQVWKHVWRS
GRRU SLQVFRQWDFWWKHVWRSSODWHV7KLVPRYHVWKHVQXEEHU
DQGGDPSVGRRUPRWLRQ
*HQHUDO'HVFULSWLRQ
6SULQJORDGHGUHWDLQHUVRQWKHGRRUIUDPHVXSSRUW
7KHORZHUKLQJHDVVHPEO\KDVWKHVHSDUWV SUHVVXUHVHDOVDURXQGWKHKLQJHDVVHPEO\

 +LQJHDUP $FRYHUSODWHRQWKHRXWVLGHRIWKHKLQJHDVVHPEO\
 'RRUVQXEEHUDQGVWRSDVVHPEO\ FRYHUVWKHJDSDURXQGWKHKLQJHFXWRXWV7KLVFRYHULV
DQDHURG\QDPLFVHDO,WUHGXFHVQRLVHDQGGUDJ$
7KHORZHUKLQJHDUPLVDEHDPWKDWKROGVWKHGRRU VSULQJORDGHGKLQJHDWWDFKHVWKHFRYHUWRWKHKLQJH
VWUXFWXUH2QHHQGRIWKHKLQJHDUPPDWHVZLWKWKHGRRU DUP
WRUTXHWXEHKLQJHSLQLQDEHDULQJ7KHRWKHUHQGRI
WKHKLQJHDUPDWWDFKHVWRWKHIUDPHWRUTXHWXEHVSLJRW
ZLWKDQRYDOVHFWLRQDQGSLQFKEROW7KHGRRUWRUTXH
WXEHWXUQVIUHHO\DERXWWKHKLQJHDUP7KHIUDPHWRUTXH
WXEHWXUQVZLWKWKHKLQJHDUP

$GRRUVQXEEHUK\GUDXOLFDOO\VORZVVQXEVWKHGRRUDW

WKHHQGVRIWKHVZLQJ

7KHVQXEEHULVDQRLOILOOHGWHOHVFRSLFRULILFHW\SH
PHWHULQJGHYLFH,WOLPLWVWKHUDWHRIPRWLRQDWWKH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

+,1*(6($/
'22572548(
/2:(5+,1*( 78%(
$66(0%/< +,1*(3,1

+,1*(
$50

)5$0(72548(
78%(63,*27
'225
6758&785(
):'

833(5
,1%' 67233/$7(
):'(175<'225 618%%(5
5$',86/,1.

127()25:$5'(175<'2256+2:1 /2:(5 3,1

$)7(175<'2257+(6$0( 67233/$7(

'22563$66(1*(5&5(:/2:(5+,1*($66(0%/<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:,17(5,2523(5$7,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:,17(5,2523(5$7,21
*HQHUDO  'RRUODWFKUROOHUPHFKDQLVPVGLVHQJDJHIURPWKHLU
GRRUIUDPHODWFKWUDFNILWWLQJV
<RXRSHQDQGFORVHWKHGRRUPDQXDOO\8VHWKHVHVWHSV  'RRUZDUQLQJVHQVRUWDUJHWPRYHVDZD\IURPWKH
WRRSHQWKHGRRUIURPWKHDLUSODQHLQWHULRU VHQVRU7KLVFDXVHVWKH):'(175<RU$)7(175<GRRU
ZDUQLQJOLJKW
 0RYHWKHGRRUWRWKHFRFNHGRSHQSRVLWLRQZLWKWKH  8SSHUDQGORZHUGRRUJDWHVIROGLQZDUG7KLVPDNHV
FRQWUROKDQGOH WKHGRRUVPDOOHUEUHDNVWKHGRRUVHDODQGYHQWV
 3XVKWKHGRRUWRWKHIXOO\RSHQSRVLWLRQZLWKWKH DQ\FDELQGLIIHUHQWLDOSUHVVXUH
GRRUDVVLVWKDQGOHV
&RQWLQXHWRWXUQWKHKDQGOHWRWKHHQGRILWVWUDYHO
8VHWKHVHVWHSVWRFORVHWKHGRRU GHJWKLVFDXVHVWKHVHDFWLRQV

 5HOHDVHWKHXSSHUKLQJHORFNODWFK  &RFNLQJPHFKDQLVPVZLQJVWKHGRRUKLQJHDUPVDQG

 3XOOWKHGRRUWRWKHFORVHGSRVLWLRQZLWKWKHGRRU
DVVLVWKDQGOHV
 )XOO\FORVHDQGODWFKWKHGRRUZLWKWKHFRQWURO
KDQGOH
2SHQWKH'RRU
$QHVFDSHVOLGHLVRQWKHLQVLGHORZHUGRRU,IWKH
VOLGHJLUWEDULVLQWKHDUPHGSRVLWLRQWKHVOLGHZLOO
GHSOR\DXWRPDWLFDOO\DVWKHGRRURSHQV0DNHVXUHWKH
VOLGHJLUWEDULVLQWKHVWRZHGSRVLWLRQLI\RXGRQRW
ZDQWWKHVOLGHWRGHSOR\
7KHGRRUVZLQJVRXWRIWKHGRRUIUDPHZKHQLWRSHQV
0DNHVXUHWKHDUHDRXWVLGHRIWKHGRRULVFOHDU
7XUQWKHLQWHULRUFRQWUROKDQGOHFRXQWHUFORFNZLVH
,QLWLDOPRYHPHQWRIWKHKDQGOHFDXVHVWKHGRRULQWHULRU
PHFKDQLVPVWRGRWKHVHWKLQJV
9(56,21'$7('$8*867 RI
WKHGRRULQZDUG
 8SSHUKLQJHJXLGHDUPFRQWUROVWKHGRRUURWDWLRQ
DVLWVZLQJV
 'RRUJRHVWRWKHFRFNHGRSHQSRVLWLRQ
0RUHIRUFHRQWKHGRRUFRQWUROKDQGOHGRHVQRWFDXVH
DQ\PRUHGRRUPRWLRQ7KHFRQWUROKDQGOHKDVJRQH
WKURXJKWKHIXOOPRYHPHQW7RFRPSOHWHWKHGRRURSHQLQJ
RSHUDWLRQSXVKWKHGRRUWKURXJKWKHGRRUIUDPH
$VWKHGRRURSHQVZLQGPD\SXVKWKHGRRU7KLVFDQ
SXOOWKHRSHUDWRUWKURXJKWKHGRRUIUDPH7RSUHYHQW
WKLVNHHSRQHKDQGRQDQLQWHULRUDVVLVWKDQGOH
$V\RXSXVKWKHGRRUWKURXJKWKHGRRUIUDPHWKHGRRU
WXUQV$WWKHIXOO\RSHQSRVLWLRQWKHGRRULVSDUDOOHO
WRWKHDLUSODQHIXVHODJH7KHFRQWUROKDQGOHWXUQV
GHJUHHV
$WWKHIXOO\RSHQSRVLWLRQWKHVHWKLQJVKDSSHQ
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:,17(5,2523(5$7,21
 6QXEEHUDQGVWRSPHFKDQLVPVJHQWO\VWRSWKHGRRU  8SSHUDQGORZHUGRRUJDWHVXQIROGRXWZDUG7KLV
DWWKHIXOO\RSHQSRVLWLRQ FRPSUHVVHVWKHJDWHVHDOVDQGUHWXUQVWKHGRRUWR
 /DWFKPHFKDQLVPLQWKHXSSHUKLQJHHQJDJHV7KLV DVWUXFWXUDOSOXJFRQILJXUDWLRQ
ORFNVWKHKLQJHDQGWKHGRRULQWKHIXOO\RSHQ
SRVLWLRQ
&ORVHWKH'RRU
7RFORVHWKHGRRUILUVWUHOHDVHWKHKLQJHORFN7KH
UHOHDVHPHFKDQLVPLV\HOORZ2SHUDWHWKHODWFKUHOHDVH
PHFKDQLVPWRXQORFNWKHKLQJH7KLVOHWVWKHGRRUVZLQJ
EDFNLQWRWKHGRRUIUDPH
+ROGDQLQWHUQDODVVLVWKDQGOHWRNHHS\RXUEDODQFH
3XOORQWKHGRRUDVVLVWKDQGOHWREULQJWKHGRRULQWR
WKHIUDPHXQWLOLWLVLQWKHFRFNHGSRVLWLRQ
7XUQWKHFRQWUROKDQGOHFORFNZLVH,QLWLDOPRYHPHQWRI
WKHKDQGOHFDXVHVWKHLQWHUQDOGRRUPHFKDQLVPVWRVHDW
WKHGRRULQWRWKHGRRUIUDPH
)XUWKHUPRYHPHQWRIWKHFRQWUROKDQGOHGRHVWKHVH
WKLQJV
 'RRUODWFKUROOHUPHFKDQLVPVHQJDJHWKHGRRUODWFK
WUDFNILWWLQJV
 'RRUODWFKHVSXVKWKHGRRUZDUQLQJVHQVRUWDUJHW
WRZDUGWKHVHQVRU7KLVFDXVHVWKH3SDQHO):'
(175<RU$)7(175<GRRUZDUQLQJOLJKWJRRII
 'RRUVHDOVFRPSUHVVEHWZHHQWKHGRRUDQGWKHGRRU
IUDPH
9(56,21'$7('$8*867 RI
7UDLQLQJ,QIRUPDWLRQ3RLQW
<RXFDQRSHUDWHWKHIRUZDUGHQWU\GRRULQZLQGVXSWR
NQRWV<RXFDQOHWWKHGRRUVWD\ODWFKHGRSHQLQ
ZLQGVXSWRNQRWV
:$51,1* '212723(5$7(7+('225,1-(7%/$6725+,*+
:,1'6'$0$*(72(48,30(1725,1-85<72
3(56216&$15(68/7
7KHIRUFHRQWKHFRQWUROKDQGOHWRRSHQDQGFORVHWKH
GRRULVQRWODUJH,IDODUJHIRUFHLVQHFHVVDU\WKHUH
LVDIDXOWZLWKWKHGRRURUWKHSURFHGXUH
,IWKHGRRUGRHVQRWFORVHDQGODWFKHDVLO\WKHUHPD\
EHDFOHDUDQFHSUREOHP0DNHVXUHWKHGRRUWRIUDPH
DUHDLVFOHDU$QLQFRUUHFWO\VWRZHGHVFDSHVOLGHJLUW
VWUDSPD\EHFDXJKWEHWZHHQWKHGRRUDQGWKHIUDPH
,IWKHDLUSODQHLVSUHVVXUL]HGDSURSHUO\ULJJHGGRRU
ZLOOQRWXQODWFK7KLVLVEHFDXVHWKHGRRUJDWHVPXVW
RSHQDJDLQVWFDELQSUHVVXUHGXULQJGRRUXQODWFK
3UHVVXUHRQWKHGRRUJDWHVKDVDPHFKDQLFDODGYDQWDJH
DQGSUHYHQWVWKLV
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

672:*,57%$5$1'0$.( 23(5$7,21
685(2876,'(,6&/($5 3/$&$5'7<3 7851&21752/+$1'/( '225,1&2&.('326,7,21

+,1*(/2&.
5(/($6(
0(&+$1,606
7<3

386+'22523(1 386+'22572 '225,123(1326,7,21

86($66,67+$1'/(6 )8//<23(1326,7,21
127()25:$5''2256+2:1$)7'2257+(6$0(
'22563$66(1*(5&5(:,17(5,2523(5$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:(;7(5,2523(5$7,21
*HQHUDO ,QLWLDOPRYHPHQWRIWKHKDQGOHFDXVHVWKHGRRULQWHULRU
PHFKDQLVPVWRGRWKHVHWKLQJV
<RXRSHQDQGFORVHWKHGRRUPDQXDOO\8VHWKHVHVWHSV
WRRSHQWKHGRRUIURPWKHDLUSODQHH[WHULRU  'RRUODWFKUROOHUPHFKDQLVPVGLVHQJDJHIURPWKHLU
GRRUIUDPHODWFKWUDFNILWWLQJV
 0RYHWKHGRRUWRWKHFRFNHGRSHQSRVLWLRQZLWKWKH  'RRUZDUQLQJVHQVRUWDUJHWPRYHVDZD\IURPWKH
FRQWUROKDQGOH VHQVRU7KLVFDXVHVWKH):'(175<RU$)7(175<GRRU
 3XOOWKHGRRUWRWKHIXOO\RSHQSRVLWLRQ ZDUQLQJOLJKWRQ3IRUZDUGRYHUKHDGSDQHOWRFRPH
RQ
8VHWKHVHVWHSVWRFORVHWKHGRRU  8SSHUDQGORZHUGRRUJDWHVIROGLQZDUG7KLVPDNHV
WKHGRRUVPDOOHUEUHDNVWKHGRRUVHDODQGYHQWV
 5HOHDVHWKHXSSHUKLQJHORFNODWFK DQ\FDELQGLIIHUHQWLDOSUHVVXUH
 3XOOWKHGRRUWRWKHFRFNHGSRVLWLRQ
 )XOO\FORVHDQGODWFKWKHGRRUZLWKWKHFRQWURO $VWKHKDQGOHPRYHVWKURXJKWKHIXOOPRWLRQ
KDQGOH GHJUHHVWKHGRRUPHFKDQLVPVGRWKHVHWKLQJV

2SHQLQJWKH'RRU([WHULRU2SHUDWLRQ  &RFNLQJPHFKDQLVPPRYHVWKHGRRUKLQJHDUPVDQG

WKHGRRULQZDUG
$QHVFDSHVOLGHLVRQWKHLQVLGHORZHUGRRU,IWKH  8SSHUKLQJHJXLGHDUPFRQWUROVWKHGRRUURWDWLRQ
VOLGHJLUWEDULVLQWKHDUPHGSRVLWLRQWKHVOLGHZLOO DVLWVZLQJV
GHSOR\DXWRPDWLFDOO\DVWKHGRRURSHQV/RRNWRVHHLI  'RRUJRHVWRWKHFRFNHGRSHQSRVLWLRQ
WKHUHLVDGRRUVOLGHZDUQLQJSHQQDQWRUDQJHLQWKH
GRRUZLQGRZ7KHSHQQDQWLVDFURVVWKHZLQGRZZKHQWKH
VOLGHLVDUPHG
7KHGRRUVZLQJVRXWRIWKHGRRUIUDPHZKHQLWRSHQV
0DNHVXUHWKHDUHDRXWVLGHRIWKHGRRULVFOHDU
<RXPXVWSXOOWKHH[WHULRUGRRUFRQWUROKDQGOHIURPWKH
UHFHVVSRVLWLRQWRHQJDJHWKHGRRUGULYHPHFKDQLVPV
7XUQWKHKDQGOHGHJUHHVLQWKHFORFNZLVHGLUHFWLRQ
9(56,21'$7('$8*867 RI
$Q\PRUHHIIRUWRQWKHGRRUFRQWUROKDQGOHGRHVQRW
FDXVHPRUHGRRUPRWLRQ7KHGRRUFRQWUROKDQGOHKDV
JRQHWKURXJKWKHIXOOPRWLRQ5HOHDVHWKHFRQWURO
KDQGOHDQGOHWLWUHWXUQWRLWVUHFHVVE\VSULQJIRUFH
7RFRPSOHWHWKHGRRURSHQRSHUDWLRQKROGWKHDIWHGJH
RIWKHGRRUDQGSXOOLWRSHQ
$VWKHGRRURSHQVZLQGVPD\SXVKLW7KLVFDQSXVKWKH
RSHUDWRURIIEDODQFH.HHSDVWURQJVHFXUHVWDQFHWR
SUHYHQWWKLV
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:(;7(5,2523(5$7,21
$V\RXSXOOWKHGRRURSHQWKHGRRUWXUQV7KLVSXWV ,QLWLDOPRYHPHQWRIWKHKDQGOHFDXVHVLQWHUQDOGRRU
WKHGRRUSDUDOOHOWRWKHDLUSODQHIXVHODJHZKHQWKH PHFKDQLVPVWRVHDWWKHGRRULQWRWKHGRRUIUDPH
GRRULVIXOO\RSHQ
$VWKHKDQGOHFRQWLQXHVWRWXUQWKHGRRUPHFKDQLVPVGR
$WWKHIXOO\RSHQSRVLWLRQWKHVHWKLQJVKDSSHQ WKHVHWKLQJV

 6QXEEHUDQGVWRSPHFKDQLVPVJHQWO\VWRSWKHGRRU  'RRUODWFKUROOHUPHFKDQLVPVHQJDJHWKHGRRUODWFK
DWWKHIXOO\RSHQSRVLWLRQ WUDFNILWWLQJV
 /DWFKPHFKDQLVPLQWKHXSSHUKLQJHHQJDJHV7KLV  'RRUODWFKHVSXVKWKHGRRUZDUQLQJVHQVRUWDUJHW
ORFNVWKHKLQJHDQGWKHGRRULQWKHIXOO\RSHQ
SRVLWLRQ
&ORVLQJWKH'RRU
%HIRUH\RXFORVHWKHGRRUH[DPLQHWKHHVFDSHVOLGH
7KHHVFDSHVOLGHJLUWVWUDSDQGEDUPXVWEHSURSHUO\
VWRZHG$QLQFRUUHFWO\IROGHGVWUDSRULPSURSHUO\
VWRZHGEDULQWHUIHUHVZLWKWKHGRRUWRWKUHVKROG
FOHDUDQFH7KLVFDQSUHYHQWGRRUVHDOLQJDQGODWFKLQJ
DQGFDQGDPDJHFRPSRQHQWV
7RFORVHWKHGRRUILUVWUHOHDVHWKHKLQJHORFN7KH
UHOHDVHPHFKDQLVPLV\HOORZ2SHUDWHWKHODWFKUHOHDVH
PHFKDQLVPWRXQORFNWKHKLQJH7KLVOHWVWKHGRRUVZLQJ
EDFNLQWRWKHGRRUIUDPH
3XOOWKHGRRUWRWKHFRFNHGSRVLWLRQ
3XOOWKHH[WHULRUFRQWUROKDQGOHRXWRIWKHUHFHVVDQG
WXUQLWVOLJKWO\XQWLOLWHQJDJHVWKHGRRUGULYH
PHFKDQLVPV7KHQWXUQWKHGRRUFRQWUROKDQGOH
FRXQWHUFORFNZLVHGHJUHHV
9(56,21'$7('$8*867 RI
WRZDUGWKHVHQVRU7KLVFDXVHVWKH):'(175<RU$)7
(175<GRRUZDUQLQJOLJKWRQ3IRUZDUGRYHUKHDG
SDQHOJRRII
 'RRUVHDOVFRPSUHVVEHWZHHQWKHGRRUDQGWKHGRRU
IUDPH
 8SSHUDQGORZHUGRRUJDWHVXQIROGRXWZDUG7KLV
FRPSUHVVHVWKHJDWHVHDOVDQGUHWXUQVWKHGRRUWR
DVWUXFWXUDOSOXJFRQILJXUDWLRQ
:KHQWKHFRQWUROKDQGOHKDVJRQHWKURXJKLWVIXOO
PRWLRQUHOHDVHLWDQGDOORZLWWRUHWXUQWRWKHUHFHVV
E\VSULQJIRUFH
7UDLQLQJ,QIRUPDWLRQ3RLQW
<RXFDQRSHUDWHWKHIRUZDUGHQWU\GRRULQZLQGVXSWR
NQRWV<RXFDQOHWWKHGRRUVWD\ODWFKHGRSHQLQ
ZLQGVXSWRNQRWV
:$51,1* '212723(5$7('2256,1-(7%/$6725+,*+
:,1'6'$0$*(72(48,30(1725,1-85<72
3(56216&$15(68/7
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22563$66(1*(5&5(:(;7(5,2523(5$7,21
7KHIRUFHRQWKHFRQWUROKDQGOHWRRSHQDQGFORVHWKH
GRRULVQRWODUJH,IDODUJHIRUFHLVQHFHVVDU\WKHUH
LVDIDXOWZLWKWKHGRRURUWKHSURFHGXUH

,IWKHGRRUGRHVQRWFORVHDQGODWFKHDVLO\WKHUHPD\
EHDFOHDUDQFHSUREOHP0DNHVXUHWKHGRRUWRIUDPH
DUHDLVFOHDU$QLQFRUUHFWO\VWRZHGHVFDSHVOLGHJLUW
VWUDSPD\EHFDXJKWEHWZHHQWKHGRRUDQGWKHIUDPH

,IWKHDLUSODQHLVSUHVVXUL]HGDSURSHUO\ULJJHGGRRU
ZLOOQRWXQODWFK7KLVLVEHFDXVHWKHGRRUJDWHVPXVW
RSHQDJDLQVWFDELQSUHVVXUHGXULQJGRRUXQODWFK
3UHVVXUHRQWKHGRRUJDWHVKDVDPHFKDQLFDODGYDQWDJH
DQGSUHYHQWVWKLV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3(11$17

3(11$17127$&5266:,1'2:
6/,'(,6127$50('
,7,66$)(7223(1
7+('225

3(11$17$&5266:,1'2:
6/,'(,6$50('
,)<2823(17+('225
7+(6/,'(:,//'(3/2<

/22.)25'2256/,'( 38//'225+$1'/(
:$51,1*3(11$17 )520,765(&(66

'2256/,'(
:$51,1*
3(11$17

+,1*(/2&.
5(/($6(
0(&+$1,606
7<3

7851+$1'/( 38//'22523(1 '225)8//<23(1$1'

833(5+,1*(/2&.('
127()25:$5'(175<'2256+2:1$)7'2257+(6$0(
'22563$66(1*(5&5(:(;7(5,2523(5$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225,1752'8&7,21(5
3XUSRVH

7KHPLGFDELQHPHUJHQF\H[LWGRRUV0&(('VDUH

DGGLWLRQDOH[LWVIRUWKHSDVVHQJHUVLIWKHUHLVDQ
HPHUJHQF\

/RFDWLRQ

7KHUHDUHWZR0&(('VORFDWHGRQHLWKHUVLGHRIWKH
IXVHODJHDIWRIWKHZLQJV

*HQHUDO'HVFULSWLRQ

7KH0&(('LVDSOXJW\SHGRRUWKDWRSHQVDWWKHWRSDQG
WKHQURWDWHVGRZQZDUG,WLVIRUHPHUJHQFLHVRQO\

7KH0&(('LVPDQXDOO\RSHQHGIURPLQVLGHRURXWVLGHRI
WKHDLUSODQHE\RSHUDWLQJWKHLQWHULRURUH[WHULRU
KDQGOH

7KH0&(('VLQWHUIDFHZLWKWKHGRRUZDUQLQJV\VWHP7KH
VWDWXVRIWKHGRRULVLQGLFDWHGRQWKH3SDQHO

$QHVFDSHVOLGHLVPRXQWHGRQHDFKGRRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

):'

):'
(;7(5,259,(: ,17(5,259,(:

'22560,'&$%,1(0(5*(1&<(;,7'225,1752'8&7,21(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225&20321(176(5
*HQHUDO'HVFULSWLRQ

7KHGRRUVDUHLQVWDOOHGEHWZHHQWZRIXVHODJHERG\
IUDPHV

/RFDWLRQ

7KHVHFRPSRQHQWVDUHRQWKHERG\IUDPHV

 6WRSSDGILWWLQJV

 *XLGHUROOHUV
 /RZHUJXLGHV
 3UHVVXUHVHDOQRWVKRZQ
 )L[HGZDONZD\
 /DWFKWUDFNV

(DFKGRRUKDVWKHVHFRPSRQHQWV

 6WRSSLQILWWLQJV

 *XLGHILWWLQJV
 *XLGHSLQV
 9LHZSRUW
 )OLJKWORFNPHFKDQLVP
 8SSHUPHFKDQLVP
 /RZHUPHFKDQLVP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

%2'<
)5$0(

*8,'(
52//(56
),77,1*6

)/,*+7/2&.
0(&+$1,60 /$7&+75$&.6
833(50(&+$1,60
6723),77,1*
9,(:3257 

'225)5$0(

*8,'(3,16
/2:(5
*8,'(6

/2:(5
6,// ),;('
5() :$/.:$<
):'

5,*+7'225,17(5,259,(:
/2:(50(&+$1,60
'22560,'&$%,1(0(5*(1&<(;,7'225&20321(176(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225*(1(5$/'(6&5,37,21(5
3XUSRVH 7KH0&(('FDQEHRSHQHGRQO\LIFDELQSUHVVXUHLVOHVV
WKDQSVLGDQGWKHIOLJKWORFNLVLQWKHXQORFNHG
7KHWZRPLGFDELQHPHUJHQF\H[LWGRRUV0&(('VSURYLGH SRVLWLRQ
PRUHH[LWVIRUWKHSDVVHQJHUVLIWKHUHLVDQHPHUJHQF\

/RFDWLRQ

$0&(('LVLQVWDOOHGRQHDFKVLGHRIWKHIXVHODJHDIW
RIWKHZLQJV

3K\VLFDO'HVFULSWLRQ

7KH0&(('LVDSOXJW\SHGRRU:KHQRSHQLWSURYLGHVD
LQFKZLGHE\LQFKKLJKRSHQLQJ

<RXRSHUDWHWKHLQWHUQDORUH[WHUQDOGRRUKDQGOHWR
RSHQWKHGRRU7KHGRRUILUVWPRYHVLQZDUGDQGXSZDUG
WRFOHDUWKHERG\VWRSILWWLQJV7KHQLWPRYHVRXWERDUG
DQGGRZQWRWKHRSHQSRVLWLRQ

7KHFXWRXWPRXQWHGSUHVVXUHVHDOSUHYHQWVFDELQDLU
OHDNDJH7KHGRRUPRXQWHGDFRXVWLFVHDOQRWVKRZQ
UHGXFHVRXWVLGHQRLVHOHYHOV

7KHHPHUJHQF\HVFDSHVOLGHLVDOZD\VDUPHGZKHQLWLV
LQVWDOOHGDQGZLOOGHSOR\ZKHQWKHGRRULVRSHQHG6HH
WKH(PHUJHQF\(TXLSPHQWVHFWLRQIRUPRUHLQIRUPDWLRQ
DERXWWKHHVFDSHVOLGH070

7KHGRRUVKDYHWKHVDPHFRQVWUXFWLRQIHDWXUHVEXWDUH
DGMXVWHGVHSDUDWHO\WRILWWKHLUIXVHODJHIUDPHV7KH
GRRUVKDYHDYLHZSRUW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

35(6685(
6($/

):'

(0(5*(1&<
(6&$3(6/,'(

,17(51$/
+$1'/(

9,(:3257

/()70&(('

'22560,'&$%,1(0(5*(1&<(;,7'225*(1(5$/'(6&5,37,21(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225/,1(5$1'%867/((5
3XUSRVH

7KHOLQHUIRUWKHPLGFDELQHPHUJHQF\H[LWGRRU
SURYLGHVDGHFRUDWLYHLQWHULRULQWKHSDVVHQJHUFDELQ
7KHEXVWOHKRXVHVWKHHPHUJHQF\HVFDSHVOLGH7KH
YLHZSRUWOHWV\RXYLHZWKHVOLGHGHSOR\PHQWDUHD

/RFDWLRQ

7KHOLQHUDQGEXVWOHDUHRQWKHLQWHULRURIHDFKPLG
FDELQHPHUJHQF\H[LWGRRU7KHYLHZSRUWLVLQWKHXSSHU
DUHDRIWKHGRRU

3K\VLFDO'HVFULSWLRQ

7KHOLQHULVIDVWHQHGWRWKHGRRUIUDPHVDWWHQ
DWWDFKPHQWSRLQWV7KHOLQHUVXSSRUWEUDFNHWVDUH
VKDSHGWRSURYLGHDUDPSW\SHLQWHUIDFHZLWKWKHERG\
VWRSILWWLQJVLQWKHHYHQWRIDOLIWDVVLVWVSULQJ
IDLOXUH

&RYHUVIRUWKHYLHZSRUWDQGWKHLQWHUQDOKDQGOHDWWDFK
WRWKHOLQHU

7KHEXVWOHDWWDFKHVLQWRWKHFXWRXWLQWKHGRRUOLQHU
$ODWFKDWWKHORZHUHQGKROGVWKHEXVWOHLQSODFH$Q
LQVSHFWLRQZLQGRZOHWV\RXVHHWKHSUHVVXUHJDXJHIRU
WKHVOLGHLQIODWLRQF\OLQGHU

7KHYLHZSRUWLVDVROLGDFU\OLFSULVPKHOGE\DIODQJH
DQGVHDO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9,(:3257

9,(:3257
&29(5 '225+$1'/(
&29(5

9,(:3257&29(5
&87287
'225
833(5$5($

6833257%5$&.(7
72'225)5$0(


,163(&7,21
:,1'2:
'225/,1(5

):'
/$7&+

/()7'225,17(5,259,(: (6&$3(6/,'(%867/(

'22560,'&$%,1(0(5*(1&<(;,7'225/,1(5$1'%867/((5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225'225)5$0((5
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225'225)5$0((5
3XUSRVH *XLGH5ROOHUVDQG*XLGH)LWWLQJV

7KHFRPSRQHQWVRQWKHGRRUERG\IUDPHLQWHUIDFHZLWK 7KHJXLGHUROOHUVLQWHUIDFHZLWKWKHJXLGHILWWLQJ
WKHFRPSRQHQWVRQWKH0&(('IUDPHWR 7KLVIRUFHVWKHWRSRIWKHGRRUWRIROORZDGHVLJQDWHG
GRRUPRWLRQGXULQJWKHOLIWLQJDQGORZHULQJPRWLRQ7KH
 3URJUDPWKHGRRUPRWLRQ UROOHUVDOVRDFWLQRSSRVLWLRQWRDQLQERDUGORDGRQ
 6XSSRUWWKHGRRUZHLJKW WKHGRRUEHFDXVHRIQHJDWLYHSUHVVXUH
 3URYLGHGRRUZDUQLQJLQGLFDWLRQ
 7UDQVIHUFDELQSUHVVXUHORDGV 6WRS)LWWLQJV
 3URYLGHDIDLOVDIHIXQFWLRQIRUFRUUHFWGRRU
PRWLRQ &DELQSUHVVXUL]DWLRQORDGVDUHWUDQVPLWWHGWKURXJKWKH
 3URYLGHDWUDQVLWLRQIURPWKHFDELQIORRUWRWKH 0&(('IUDPHPRXQWHGVWRSSLQILWWLQJVWRWKHFXWRXW
HVFDSHVOLGH VWRSSDGILWWLQJV

*HQHUDO'HVFULSWLRQ /DWFK7UDFNVDQG/DWFK5ROOHUV

7KHVHDUHWKHGRRUERG\IUDPHFRPSRQHQWV 7KHWUDFNVLQWHUIDFHZLWKWKHODWFKUROOHUVRQWKH
0&(('7KHWUDFNVKDYHDVKDSHWRZRUNZLWKWKHUHVWRI
 *XLGHUROOHUV WKHRSHQLQJPHFKDQLVPVWRSURYLGHFRUUHFWGRRUPRWLRQ
 /DWFKWUDFNV
 6WRSSDGILWWLQJV 7KHZHLJKWRIWKHGRRULVVXVSHQGHGIURPWKHODWFK
 /RZHUJXLGHV WUDFNVZKHQWKHGRRULVLQWKHFORVHGODWFKHGDQG
 )L[HGZDONZD\ ORFNHGSRVLWLRQ

7KHVHDUHWKH0&(('IUDPHFRPSRQHQWV 7KHODWFKWUDFNRQHVLGHRQO\IRUHDFKGRRUDOVR

VXSSRUWVDFORVHGODWFKHGVZLWFKDQGDWULJJHU7KH
 *XLGHILWWLQJV ODWFKUROOHUSXVKHVWKHWULJJHUZKLFKRSHUDWHVWKH
 /DWFKUROOHUVDWWDFKHGWRODWFKFUDQN VZLWFK6HHWKHGRRUZDUQLQJV\VWHPVHFWLRQIRUPRUH
 6WRSSLQILWWLQJV LQIRUPDWLRQDERXWWKHFORVHGODWFKHGVZLWFK070
 *XLGHSLQ 
 +LQJHPHFKDQLVP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225'225)5$0((5
/RZHU*XLGHVDQG*XLGH3LQV

7KHJXLGHGRHVWKHVHWKLQJV

 (QVXUHVWKDWWKHPRWLRQRIWKHGRRUZLOOKDYHDQ
LQLWLDOLQZDUGPRWLRQLQERDUGVXUIDFHLIWKHUH
LVDSDUWLDOIDLOXUHRIWKHORZHUPHFKDQLVPDQG
WKHUHLVUHVLGXDOSUHVVXUH
 (QVXUHVWKDWWKHGRRUGRHVQRWGURSDIWHUOLIWLQJ
LIWKHUHLVDOLIWDVVLVWVSULQJIDLOXUHSLQZLOO
UHVWRQXSSHUVXUIDFHRIJXLGH

1RUPDOO\WKHORZHUJXLGHDQGWKHJXLGHSLQGRQRWPDNH
FRQWDFW

)L[HG:DONZD\

7KHIL[HGZDONZD\DLGVLQWKHWUDQVLWLRQIURPWKHFDELQ
IORRUWRWKHHPHUJHQF\HVFDSHVOLGH7KHJLUWRIWKH
GHSOR\HGVOLGHOLHVRQWRSRIWKHZDONZD\6HHWKH
(PHUJHQF\(TXLSPHQWVHFWLRQIRUPRUHLQIRUPDWLRQDERXW
WKHHPHUJHQF\HVFDSHVOLGH070

+LQJH0HFKDQLVP

7KHKLQJHPHFKDQLVPDOORZVWKHGRRUWRURWDWHRXWZDUG
DQGGRZQ7KHKLQJHVDOVRDFWLQRSSRVLWLRQWRDQ
LQERDUGORDGRQWKHGRRUEHFDXVHRIQHJDWLYHSUHVVXUH
6HHWKH/RZHU0HFKDQLVPSDJHIRUPRUHLQIRUPDWLRQDERXW
WKHKLQJHPHFKDQLVP070

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*8,'(
),77,1*

*8,'(
52//(5 67233,1
),77,1*

&/26('
/$7&+('
6:,7&+

/$7&+ 75,**(5
75$&.
/$7&+
52//(5

67233$' 75$&(2)

),77,1* /$7&+&5$1.
75$&(2)
/$7&+6+$)7

3$7+2)
/2:(5 *8,'(3,1
*8,'(

)86(/$*('225 *8,'(3,1 0&(('

)5$0(
),;(':$/.:$< +,1*(
0(&+$1,60

'22560,'&$%,1(0(5*(1&<(;,7'225'225)5$0((5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225+$1'/($1'9(173$1(/(5
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225+$1'/($1'9(173$1(/(5
3XUSRVH  7KHGRRUXQODWFKHVDQGPRYHVWRWKHOLIWSRVLWLRQ

7KHXSSHUPHFKDQLVPRSHQVWKHGRRU,WFRQWUROVWKHVH )XQFWLRQDO'HVFULSWLRQ
IXQFWLRQVRIWKHGRRU
7KHLQVLGHKDQGOHLVDWWDFKHGWRWKHODWFKORFNFDP
 9HQWLQJ 7KHFDPLVDWWDFKHGWRWKHORFNVKDIW:KHQWKHORFN
 8QORFNLQJ VKDIWURWDWHVWKHVHFRPSRQHQWVRSHUDWH
 8QODWFKLQJ
 /LIWLQJ  7KHODWFKORFNFDPIROORZHUPRYHVLQWKH
ODWFKORFNFDP
7KHPHFKDQLVPDOVRFORVHVWKHGRRUDQGKROGVLWFORVHG  7KHYHQWGRRUFDPURWDWHV
ZKHQWKHDLUSODQHLVQRWSUHVVXUL]HG  7KHYHQWGRRUFDPIROORZHUPRYHVLQWKHYHQWGRRU
FDP
*HQHUDO'HVFULSWLRQ  7KHRYHUFHQWHUVSULQJFRPSUHVVHVXQWLOWKH
RYHUFHQWHUSRVLWLRQRIGHJUHHV
7KHVHDUHWKHXSSHUPHFKDQLVPFRPSRQHQWV
7KHORFNOLQNPRYHVZKHQWKHODWFKORFNFDPIROORZHU
 ,QVLGHKDQGOH PRYHV7KHFDPWUDFNLVVKDSHGVRWKDWWKHIROORZHU
 2XWVLGHKDQGOH GRHVQRWPRYHIRUWKHILUVWGHJUHHVRIWKHKDQGOH
 /RFNVKDIWDQGFRPSRQHQWV URWDWLRQ
 9HQWGRRU
 9HQWGRRUVKDIWDQGFRPSRQHQWV 7KHUHLVDWDUJHWDWWDFKHGWRWKHODWFKORFNFDP7KH
 3UHVVXUHORFNDVVHPEO\ WDUJHWPRYHVLQDQGRXWRIWKHVHQVLQJUDQJHRIWKH
 )OLJKWORFNPHFKDQLVP ORFNHGVZLWFK,WGRHVWKLVLQWKHODVWDQGILUVWIRXU
 /DWFKVKDIWDQGFRPSRQHQWV GHJUHHVUHVSHFWLYHO\RIWKHKDQGOHURWDWLRQ

:KHQ\RXRSHUDWHWKHLQVLGHKDQGOHWKHRXWVLGHKDQGOH
UHPDLQVVWRZHG
7KLVLVWKHGRRURSHQLQJVHTXHQFH
7KHYHQWGRRUFDPIROORZHUPRYHVZKHQWKHYHQWGRRUFDP
PRYHV7KHFDPWUDFNLVVKDSHGVRWKHIROORZHUGRHVQRW
PRYHIRUWKHILUVWIRXUGHJUHHVRIKDQGOHURWDWLRQ
7KHUHLVDQRYHUFHQWHUVSULQJDWWDFKHGWRWKHYHQWGRRU
 7KHGRRUXQORFNVLQGLFDWLRQRQO\ FDP,WDVVLVWVWRNHHSWKHLQVLGHKDQGOHLQWKH
 7KHYHQWGRRURSHQVDQGWKHSUHVVXUHORFNXQORFNV FORVHGODWFKHGDQGORFNHGSRVLWLRQ,WDOVRGHFUHDVHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
'22560,'&$%,1(0(5*(1&<(;,7'225+$1'/($1'9(173$1(/(5
WKHIRUFHQHFHVVDU\WRRSHQWKHGRRUDWWKHRYHUFHQWHU
SRVLWLRQRIGHJUHHV
7KHYHQWGRRULVVSULQJORDGHGWRRSHQE\ $V\RXFRQWLQXHWRPRYHWKHLQVLGHKDQGOHWKHORFN
 7ZRVSULQJVRQWKHYHQWGRRUFRQFHQWULFWRWKH
YHQWGRRUVKDIW
 2QHVSULQJRQWKHSUHVVXUHORFNDVVHPEO\
%HDULQJVRQWKHYHQWGRRUVKDIWVXSSRUWWKHYHQWGRRU
7KLVOHWVWKHGRRUURWDWHRQWKHVKDIW7KHVKDIWLV
HFFHQWULFDQGKDVDEHOOFUDQN$GHWHQWLQWKH
EHOOFUDQNLQWHUIDFHVZLWKDUROOHURQWKHYHQWGRRU
7KHYHQWGRRUVSULQJVNHHSWKHUROOHULQWKHGHWHQW
$OLQNFRQQHFWVWKHYHQWGRRUFDPIROORZHUWRWKH
EHOOFUDQN1RUPDOO\ZKHQWKHIROORZHUPRYHVWKH
EHOOFUDQNPRYHVLQERDUGDQGWKHYHQWGRRURSHQV,IWKH
YHQWGRRUGRHVQRWRSHQEHFDXVHRIDQLFHEXLOGXSWKH
EHOOFUDQNPRYHVQRUPDOO\$VWKHEHOOFUDQNFRQWLQXHVWR
URWDWHWKHHFFHQWULFVKDIWZLOOFDXVHWKHYHQWGRRUWR
PRYHYHUWLFDOO\7KLVEUHDNVWKHLFH7KHYHQWGRRU
VSULQJVRSHQWKHGRRUDQGWKHUROOHUZLOOWRXFKWKH
EHOOFUDQNDJDLQ
127( 'XULQJQRUPDORSHUDWLRQWKHYHQWGRRURSHQVZKHQ
WKHFDELQGLIIHUHQWLDOSUHVVXUHLVSVL
:KHQWKHYHQWGRRUPRYHVWKHDGMXVWDEOHOLQNPRYHV
7KLVURWDWHVWKHSUHVVXUHORFNDVVHPEO\3DUWRIWKH
DVVHPEO\LVDILWWLQJZLWKDFOHYLV1RUPDOO\WKH
ILWWLQJURWDWHVRXWRISODFHDQGWKHODWFKVKDIWLV
DEOHWRURWDWH
OLQNURWDWHVWKHODWFKVKDIW$ODWFKFUDQNDQGUROOHU
DUHDWWDFKHGWRHDFKHQGRIWKHVKDIW7KHUROOHUWUDFN
LQWHUIDFHZRUNVWRJHWKHUZLWKWKHUHVWRIWKHRSHQLQJ
PHFKDQLVP7KLVLVWRPRYHWKHGRRULQZDUGDQGXSZDUG
WRFOHDUWKHVWRSILWWLQJV
7KHIOLJKWORFNPHFKDQLVPFRQWDFWVDORFNFDWFKRQWKH
ODWFKVKDIW:KHQWKHPHFKDQLVPLVHQJDJHGWKHODWFK
VKDIWFDQQRWURWDWH
7KHRXWVLGHKDQGOHFDWFKDQGWKHRXWVLGHKDQGOHDUH
VSULQJORDGHGWRWKHFORVHGSRVLWLRQ7KHRXWVLGH
KDQGOHGRHVQRWUHWXUQWRWKHIXOO\FORVHGSRVLWLRQ
DIWHURSHQLQJ,WFORVHVHQRXJKWRDYRLGGDPDJHWRWKH
IXVHODJH
7KHRQHZD\IHDWXUHRIWKHFOXWFKHGOLQNOHWVWKH
LQVLGHKDQGOHRSHQZLWKRXWWKHRXWVLGHKDQGOHPRYLQJ
7KLVOHWV\RXRSHQWKHGRRUZKHQWKHUHLVLFHEXLOGXS
RQWKHRXWVLGHKDQGOH
127( 7KH0&(('FDQRQO\EHFORVHGZLWKWKHLQVLGH
KDQGOH7KHRXWVLGHKDQGOHPXVWEHLQWKHFORVHG
SRVLWLRQ
127( 7KHLQVLGHKDQGOHKDVDUHGVWULSHSDLQWHGRQLW
1RUPDOO\WKHVWULSHLVQRWYLVLEOHLQVLGHWKH
FOHYLVHQJDJHVZLWKWKHSUHVVXUHORFNKRRNRQWKH FDELQ,WLVRQO\YLVLEOHLIWKHKDQGOHLVQRWLQ
ODWFKVKDIW:KHQWKHYHQWGRRURSHQVWKHFOHYLV WKHFORVHGODWFKHGDQGORFNHGSRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(17'225
/2&.('6:,7&+
9(17'2256+$)7
5()
$1'/,1.$*(
9(17'225 7$5*(7
&$0)2//2:(5

9(17'225
$'-867$%/( &$0
/,1. /$7&+/2&.
&$0)2//2:(5

)/,*+7/2&. /$7&+/2&.
0(&+$1,60 &$0

/2&.6+$)7

/2&./,1.
/$7&+&5$1.
52//(5 29(5&(17(5
635,1*
/2&.&$7&+
/$7&+6+$)7
35(6685( 35(6685(
/2&.$66< /2&. ,16,'(+$1'/(
2876,'(
+$1'/(&$7&+
&/87&+('
2876,'( /,1.
+$1'/(

0&((' 833(50(&+$1,60
'22560,'&$%,1(0(5*(1&<(;,7'225+$1'/($1'9(173$1(/(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
'22560,'&$%,1(0(5*(1&<(;,7'225+,1*(0(&+$1,60(5
3XUSRVH
7KHORZHUPHFKDQLVPZRUNVZLWKWKHXSSHUPHFKDQLVPWR
PRYHWKH0&(('LQDSURJUDPPHGPRWLRQZKHQLWLVRSHQHG
DQGFORVHG7KHPHFKDQLVPLVDVXSSRUWIRUWKHGRRUDQG
WKHSRLQWRIURWDWLRQIRURSHQLQJDQGFORVLQJWKHGRRU
*HQHUDO'HVFULSWLRQ
7KHORZHUPHFKDQLVPKDVWKHVHFRPSRQHQWV
7KHPRYLQJZDONZD\LVDWWDFKHGWRHDFKKLQJHDVVHPEO\
DQGPRYHVRXWERDUGDVWKHGRRURSHQV7KHZDONZD\KHOSV
FORVHWKHJDSEHWZHHQWKHIL[HGZDONZD\DQGWKH
LQIODWHGHVFDSHVOLGH
7KHVQXEEHUVRSHUDWHK\GUDXOLFDOO\DQGVORZWKHRSHQLQJ
VSHHGRIWKHGRRU7KHXSSHUSDUWRIWKHVQXEEHULV
PRXQWHGWRWKHVQXEEHUILWWLQJ7KHORZHUSDUWLV
DWWDFKHGWRWKHKLQJHDVVHPEO\
7KHLGOHUVFRQQHFWWKHVQXEEHUILWWLQJWRWKHGRRU7KH
 +LQJHDVVHPEO\ SRVLWLRQDQGVL]HRIWKHLGOHUVZRUNLQFRQMXQFWLRQ
 8SSHUDQGORZHULGOHU ZLWKWKHJXLGHILWWLQJDQGUROOHUVWRIROORZD
 6QXEEHU GHVLJQDWHGGRRUPRWLRQGXULQJWKHOLIWLQJDQGORZHULQJ
 /LIWDVVLVWVSULQJ PRWLRQ
 0RYLQJZDONZD\
7KHOLIWDVVLVWVSULQJVFRXQWHUEDODQFHWKHZHLJKWRI
:KHQWKHXSSHUPHFKDQLVPLVRSHUDWHGWKHGRRUPRYHV WKHGRRU7KHVSULQJVDUHDWWDFKHGWRWKHVQXEEHU
LQZDUGDQGXSZDUGWRFOHDUWKHIXVHODJHVWRSSDG ILWWLQJVDQGWKHXSSHULGOHUV:KHQWKHGRRULVIXOO\
ILWWLQJV7KHGRRUWKHQURWDWHVRXWDQGGRZQZDUGRQWKH FORVHGWKHVSULQJDVVHPEO\LVSDVWWRSGHDGFHQWHU
KLQJHDVVHPEOLHV:KHQWKHGRRUPRYHVRXWZDUGLWLV 7KLVDVVLVWVWRNHHSWKHGRRUFORVHGGRZQ'XULQJ
VXSSRUWHGE\WKHKLQJHDVVHPEOLHV GRRUOLIWWKHXSSHUPHFKDQLVPLQFUHDVHVWKHPHFKDQLFDO
DGYDQWDJHRIWKHVSULQJV7KLVLVVRWKDWDWWKHWRSRI
)XQFWLRQDO'HVFULSWLRQ WKHOLIWWKH\FRXQWHUEDODQFHWKHZHLJKWRIWKHGRRU

7KHKLQJHDVVHPEOLHVOHWWKHGRRUURWDWHRXWRIWKH
FXWRXWDQGGRZQDSSUR[LPDWHO\GHJUHHV7KHPRWLRQ
LVVWRSSHGE\LQWHJUDOIHDWXUHVRQWKHKLQJH
DVVHPEOLHV7KHDVVHPEOLHVDUHPRXQWHGWRWKHORZHU
VLOORIWKHIXVHODJH7KH\ZLOODOVRDFWLQRSSRVLWLRQ
WRDQLQERDUGORDGRQWKHGRRUEHFDXVHRIQHJDWLYH
SUHVVXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

833(5,'/(5

618%%(5 618%%(5
),77,1* /,)7$66,67
635,1*

029,1*:$/.:$< /2:(5,'/(5

+,1*(
$66(0%/<

/2:(56,// /2:(50(&+$1,60

),;(':$/.:$<
5()

0&(('

'22560,'&$%,1(0(5*(1&<(;,7'225+,1*(0(&+$1,60(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225)/,*+7/2&.0(&+$1,60(5
3URSRVH 7KHIOLJKWORFNVROHQRLGSOXQJHULVFRQQHFWHGWRWKH
IOLJKWORFNSDZOVKDIW:KHQWKHORFNSDZOVKDIWWXUQV
7KHIOLJKWORFNPHFKDQLVPSUHYHQWVWKHRSHUDWLRQRIWKH LWHQJDJHVWKHSDZOZLWKWKHORFNWRUTXHWXEH
PLGFDELQHPHUJHQF\H[LWGRRULQIOLJKW
7KHORFNWRUTXHWXEHFDQQRWPRYHWRWKHXQORFN
/RFDWLRQ SRVLWLRQ

7KHIOLJKWORFNPHFKDQLVPIRUWKHULJKWPLGFDELQ
HPHUJHQF\H[LWGRRULVRQWKHIRUZDUGXSSHUKDOIRIWKH
GRRU7KHIOLJKWORFNPHFKDQLVPIRUWKHOHIWPLGFDELQ
HPHUJHQF\H[LWGRRULVRQWKHDIWXSSHUKDOIRIWKH
GRRU
3K\VLFDO'HVFULSWLRQ
'XULQJWKHODQGLQJUROOWKHIOLJKWORFNVROHQRLGLV
GHHQHUJL]HG7KLVOHWVDWHQVLRQVSULQJXQORFNWKH
IOLJKWORFNPHFKDQLVP
7KHWHQVLRQVSULQJLVDIDLOVDIHIXQFWLRQ,WPDNHV
VXUHWKDWWKHIOLJKWORFNSDZOJRHVWRWKHXQORFN
SRVLWLRQZKHQHOHFWULFSRZHULVQRWDYDLODEOH

7KHIOLJKWORFNPHFKDQLVPKDVWKHVHFRPSRQHQWV

 )OLJKWORFNVROHQRLG
 )OLJKWORFNVZLWFK
 3DZO
 ORFNFDWFK
 /RFNWRUTXHWXEH

2SHUDWLRQ

7KHIOLJKWORFNPHFKDQLVPDFWLYDWHVRQWKHWDNHRII
UROO7KLVSUHYHQWVRSHUDWLRQRIWKHGRRUKDQGOHLQORZ
GLIIHUHQWLDOSUHVVXUHDQGLQXQSUHVVXUL]HGIOLJKW

'XULQJWKHWDNHRIIUROOYGFJRHVWRWKHGRRUIOLJKW
ORFNVROHQRLGWRUHWUDFWWKHVROHQRLGSOXQJHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)/,*+7/2&.
62/(12,'

)/,*+7/2&.
6:,7&+

3$:/6+$)7

/2&.&$7&+

5,*+7'225,17(5,259,(: /2&.72548(78%( )/,*+7/2&.0(&+$1,60

'22560,'&$%,1(0(5*(1&<(;,7'225)/,*+7/2&.0(&+$1,60(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225*8,'(52//(5$1'*8,'(),77,1*
'22560,'&$%,1(0(5*(1&<(;,7'225*8,'(52//(5$1'*8,'(),77,1*(5
3XUSRVH

7KHJXLGHUROOHUDQGJXLGHILWWLQJPDNHVXUHWKDWWKH
GRRULVDOLJQHGFRUUHFWO\GXULQJGRRUFORVLQJ

/RFDWLRQ

7KHWZRJXLGHUROOHUVDUHRQWKHGRRUERG\IUDPHV7KH
WZRJXLGHILWWLQJVDUHRQWKHGRRUIUDPHV

3K\VLFDO'HVFULSWLRQ

,QWKHGRRUFORVLQJRSHUDWLRQWKHJXLGHILWWLQJRQWKH
GRRUIUDPHHQJDJHVWKHJXLGHUROOHURQWKHGRRUERG\
IUDPH7KLVFHQWHUVWKHGRRUDQGJLYHVSURSHUJXLGDQFH
IRUWKHGRRUWRFORVH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*8,'(52//(5
),77,1*

*8,'(52//(5

*8,'(),77,1*

6723),77,1*
5()

):'
5,*+7'225,17(5,259,(:

'225%2'<)5$0(

'22560,'&$%,1(0(5*(1&<(;,7'225*8,'(52//(5$1'*8,'(),77,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225'225)5$0(
'22560,'&$%,1(0(5*(1&<(;,7'225%2'<'225)5$0((5
3XUSRVH

7KHGRRUIUDPHVSURYLGHWKHLQWHUIDFHEHWZHHQWKHPLG
FDELQHPHUJHQF\H[LWGRRUIUDPHVDQGWKHIXVHODJHERG\
GRRUIUDPHV

/RFDWLRQ

7KHGRRUIUDPHVDUHRQHDFKVLGHRIWKHPLGFDELQ
HPHUJHQF\H[LWGRRU

3K\VLFDO'HVFULSWLRQ

(DFKGRRUIUDPHKDVWKHVHFRPSRQHQWV

 *XLGHUROOHUILWWLQJ
 /DWFKUROOHU
 /RZHUJXLGHILWWLQJ
 6WRSILWWLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

%2'<)5$0(

'225)5$0(
*8,'(52//(5
),77,1*

'225)5$0(

/$7&+52//(5

6723),77,1*
%2'<)5$0(

/2:(5*8,'(
),77,1*

):'
5,*+7'225,17(5,259,(:

'22560,'&$%,1(0(5*(1&<(;,7'225'225)5$0(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225/$7&+75$&.
'22560,'&$%,1(0(5*(1&<(;,7'225/$7&+75$&.(5
3XUSRVH

7KHODWFKWUDFNLVDJXLGHIRUWKHODWFKUROOHU,W
RSHUDWHVWKHGRRUFORVHGODWFKVZLWFK

/RFDWLRQ

7KHODWFKWUDFNDQGVZLWFKDUHRQWKHERG\GRRUIUDPH

3K\VLFDO'HVFULSWLRQ

:KHQ\RXFORVHWKHGRRUWKHODWFKUROOHULVRSHUDWHG
E\WKHGRRUKDQGOH,WHQWHUVWKHODWFKWUDFN$VWKH
UROOHUPRYHVDORQJWKHWUDFNLWVWDUWVDWULJJHU
PHFKDQLVP7KHWULJJHURSHUDWHVWKHGRRUFORVHGODWFKHG
VZLWFK

7KHOHIWGRRUVZLWFKRSHUDWHVWKH/()70,'(;,7DPEHU
OLJKW7KHULJKWGRRUVZLWFKRSHUDWHVWKH5,*+70,'
(;,7DPEHUOLJKW7KHOLJKWVDUHRQWKH3RYHUKHDG
SDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

%2'<
'225&/26('/$7&+(' )5$0(
6:,7&+

75,**(5

/$7&+
75$&.

):' 5,*+7'225,17(5,259,(: *8,'(),77,1*

'22560,'&$%,1(0(5*(1&<(;,7'225/$7&+75$&.
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225'225/2&.352;,0,7<6(1625
3XUSRVH

7KHGRRUORFNSUR[LPLW\VHQVRUSURYLGHVLQGLFDWLRQRI
WKHGRRUEHLQJORFNHGRUXQORFNHG

/RFDWLRQ

7KHGRRUORFNSUR[LPLW\VHQVRULVORFDWHGRQWKHGRRU
EHKLQGWKHLQWHUQDOGRRUKDQGOH

3K\VLFDO'HVFULSWLRQ

'XULQJFORVLQJRIWKHGRRUWKHGRRUKDQGOHPRYHVWR
WKHORFNHGSRVLWLRQ7KHWDUJHWPRYHVWRZDUGVWKH
VHQVRU

7KHOHIWGRRUVHQVRUSURYLGHVLQGLFDWLRQIRUWKH/()7
0,'(;,7DPEHUOLJKW7KHULJKWGRRUVHQVRUSURYLGHV
LQGLFDWLRQIRUWKH5,*+70,'(;,7DPEHUOLJKW7KH
OLJKWVDUHRQWKH3RYHUKHDGSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'225/2&.
352;,0,7<6(1625

7$5*(7

):'
5,*+70,'&$%,1(0(5*(1&<(;,7'225 '225/2&.352;,0,7<6(1625

'22560,'&$%,1(0(5*(1&<(;,7'225'225/2&.352;,0,7<6(1625(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225)/,*+7/2&.0(&+$1,60)81&7,21$/'(6&5,37,21
3XUSRVH  7KHHOHFWURQLFHQJLQHFRQWURO((&GLVFUHWHLV
VHWWRUXQRU1!LIWKHGLJLWDOGDWDEXVLV
7KHIOLJKWORFNPHFKDQLVPPDNHVVXUHWKHPLGFDELQ LQYDOLG
HPHUJHQF\H[LWGRRU0&(('GRHVQRWRSHQGXULQJ
WDNHRIIRULQIOLJKW,WLVRSHUDWHGE\WKHIOLJKWORFN
VROHQRLG
)XQFWLRQDO'HVFULSWLRQ
7KHVXSSOHPHQWDOSUR[LPLW\VZLWFKHOHFWURQLFVXQLW
7UDLQLQJ,QIRUPDWLRQ3RLQW
<RXFDQFKHFNWKHRSHUDWLRQRIWKHIOLJKWORFNVROHQRLG
RQWKHJURXQG7KH$LUSODQH0DLQWHQDQFH0DQXDO3DUW,,
SURYLGHVDSURFHGXUHIRUHQHUJL]LQJWKHHQJLQHUXQ
UHOD\VZLWKRXWUXQQLQJWKHHQJLQHV
636(8HQHUJL]HVWKHIOLJKWORFNUHOD\5ZKHQ
WKHVHFRQGLWLRQVRFFXU

 7KUHHRUPRUHRIWKHHQWU\VHUYLFHGRRUVDUH
FORVHG
 $LUJURXQGORJLFLVLQDLUPRGHRUERWKWKHOHIW
DQGULJKWWKUXVWOHYHUVDUH!GHJUHHV75$

6HHWKHVXSSOHPHQWDOSUR[LPLW\VZLWFKHOHFWURQLFVXQLW
VHFWLRQIRUPRUHLQIRUPDWLRQDERXWWKH636(8V070


:KHQHQJLQHUXQUHOD\5RUHQJLQHUXQUHOD\5
LVHQHUJL]HGWKHIOLJKWORFNVROHQRLGHQHUJL]HVDQG
ORFNVWKH0&(('

5HOD\V5DQG5DUHHQHUJL]HGZKHQWKHGLVSOD\
HOHFWURQLFXQLWV'(8VVHQVHDQHQJLQHUXQVLJQDO$Q
HQJLQHUXQVLJQDORFFXUVZKHQDOORIWKHVHFRQGLWLRQV
H[LVW

 7KHHQJLQHVWDUWOHYHULVLQLGOH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/()77+5867
/(9(5!'(*
5,*+77+5867 ):'/()7
/(9(5!'(* (175<'225
&/26('
$)7/()7
,1$,5 25 (175<'225
025( &/26('
9'& '2256 ):'5,*+7
%86 &/26(' 6(59,&('225
0,'(;,7'5 &/26('
)/7/2&. $)75,*+7
/()7 5)/,*+7 6(59,&('225
/2&.5(/$< &/26('
-
36(8
%,7(

9'& 636(8
%86
(1* '(8
5813:5 581
5(1*
3&%3$1(/ 5815(/$<
-
127/2&.('

%,7(
9'& /2&.('
%86
636(8
(1* '(8
5813:5 581 )/,*+7/2&.
5(1* 62/(12,'6:7
3&%3$1(/ 5815(/$<- /()70&(('
127(/()70&(('&,5&8,76+2:1
5,*+70&(('6,0,/$5

'22560,'&$%,1(0(5*(1&<(;,7'225)/,*+7/2&.0(&+$1,60)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'2250,'&$%,1(0(5*(1&<(;,7'22523(5$7,21(5
'22560,'&$%,1(0(5*(1&<(;,7'22523(5$7,21(5
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'22523(5$7,21(5
*HQHUDO 7KHGRRUPRYHVXSZDUGLQFKHVPPWRWKHOLIW
SRVLWLRQ$VPDOORXWERDUGIRUFHDWWKHWRSRIWKHGRRU
7KHPLGFDELQHPHUJHQF\H[LWGRRU0&(('RSHQLQJ PD\EHQHFHVVDU\WRRSHQWKHGRRUIURPWKHOLIW
PRWLRQLVLQWKUHHVWDJHV SRVLWLRQ7KHFRPSOHWHGRRUURWDWLRQLVGHJUHHV

 7KHILUVWVWDJHXQORFNVWKHGRRUWKHYHQWGRRU 7KHHVFDSHVOLGHLQIODWHVDXWRPDWLFDOO\DIWHUWKHGRRU

RSHQVLIWKHFDELQSUHVVXUHLVOHVVWKDQDQG URWDWHVGHJUHHV
UHOHDVHVSUHVVXUHORFN
 7KHVHFRQGVWDJHURWDWHVWKHODWFKVKDIWDQGOLIWV
WKHGRRULQZDUGDQGXSZDUG
 7KHWKLUGVWDJHXVHVWKHODVWIHZGHJUHHVRIKDQGOH
PRWLRQWREHJLQWKHLQLWLDORXWERDUGPRWLRQRIWKH
GRRU7KHFRPSOHWHGRRUURWDWLRQLVGHJUHHV
DQGLVFRQWUROOHGE\WKHK\GUDXOLFVQXEEHUV
,QVLGH2SHUDWLRQ
<RXURWDWHWKHLQVLGHKDQGOHGHJUHHVXSZDUGWRRSHQ
WKH0&(('IURPWKHLQVLGH7KLVXQORFNVXQODWFKHVDQG
OLIWVWKHGRRU7KHLQVLGHKDQGOHFRYHUIDOOVIURPLWV
SRVLWLRQ7KHRXWVLGHKDQGOHUHPDLQVVWRZHG
7KHVHWKLQJVRFFXUDVWKHKDQGOHLVURWDWHGXSZDUGLQ
<RXFDQRQO\FORVHWKH0&(('ZLWKWKHLQVLGHKDQGOH
7KHRXWVLGHKDQGOHPXVWEHLQWKHFORVHGSRVLWLRQ7KH
LQVLGHKDQGOHPXVWEHLQWKHIXOO\RSHQSRVLWLRQ7KLV
OHWVWKHODWFKUROOHUVFRUUHFWO\HQJDJHWKHODWFK
WUDFNV
<RXURWDWHWKHGRRUXSZDUGLQWRWKHFXWRXW7KHORZHU
PHFKDQLVPKROGVWKHGRRULQWKHOLIWHGSRVLWLRQ7KLV
OHWVWKHODWFKUROOHUWUDFNVDQGJXLGHUROOHUILWWLQJ
HQJDJH
<RXURWDWHWKHKDQGOHGRZQZDUG7KLVPRYHVWKHGRRU
LQZDUGDQGGRZQZDUGLQWRWKHFORVHGODWFKHGDQG
ORFNHGSRVLWLRQ
GHJUHHV 127( 7KHLQVLGHKDQGOHKDVDUHGVWULSHSDLQWHGRQLW
1RUPDOO\WKHVWULSHLVQRWYLVLEOHLQVLGHWKH
 WDUJHWPRYHVDZD\IURPWKHORFNHGVZLWFK FDELQ,WLVRQO\YLVLEOHLIWKHKDQGOHLVQRWLQ
 YHQWGRRUEHJLQVWRRSHQ WKHFORVHGODWFKHGDQGORFNHGSRVLWLRQ
 ODWFKFUDQNVUROOHUVEHJLQWRPRYH
 YHQWGRRULVIXOO\RSHQ 7KHQ\RXUHLQVWDOOWKHLQVLGHKDQGOHFRYHU
 GRRUFORVHGODWFKHGVZLWFKFORVHV
 GRRULVLQWKHOLIWSRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'22523(5$7,21(5
2XWVLGH2SHUDWLRQ

<RXSXVKWKHRXWVLGHKDQGOHODWFKWRRSHQWKH0&(('
IURPWKHRXWVLGH7KLVGLVHQJDJHVWKHODWFKIURPWKH
RXWVLGHKDQGOH3XOOWKHKDQGOHGRZQZDUGGHJUHHV
7KLVOLIWVWKHLQVLGHKDQGOH7KHPRYHPHQWRIWKH
RXWVLGHKDQGOHFDXVHVWKHVDPHRSHUDWLRQRIWKHGRRUDV
ZKHQ\RXXVHWKHLQVLGHKDQGOHIRURSHUDWLRQ

127( 7KHRSHUDWRUPXVWVWDQGWRWKHVLGHRIWKHGRRU
WRSUHYHQWEHLQJKLWE\WKHGRRUDQGWKHHVFDSH
VOLGH

7KH0&(('FDQRQO\EHFORVHGZLWKWKHLQVLGHKDQGOH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

R
&29(5

R

R
,16,'(+$1'/(
&/26(' 833(5 833(5 /2:(5
/$7&+('$1' 0(&+$1,60 0(&+$1,60 0(&+$1,60
/2&.('

5('
,1',&$7,21
675,3

R

,16,'(+$1'/( /2:(5 /2:(5

127/2&.(' 833(5
0(&+$1,60 0(&+$1,60 0(&+$1,60
0&((' 0&((' 0&(('
&/26('/$7&+(' /,)7('&/($5 )8//<23(1
$1'/2&.(' 2)67236
'22560,'&$%,1(0(5*(1&<(;,7'22523(5$7,21(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225)/,*+7/2&./2*,&
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225)/,*+7/2&./2*,&
3XUSRVH 3DUNHG7D[L

7KHIOLJKWORFNORJLFPRQLWRUVWKHDLUSODQHV\VWHPV,W 7KH0&(('LVXQORFNHGZKHQWKHDLUSODQHLVSDUNHG,W
VHQGVDVLJQDOZKHQWKHPLGFDELQHPHUJHQF\H[LWGRRU LVDOVRXQORFNHGGXULQJWD[LZKHQERWK7/VDUH
0&(('VKRXOGEHORFNHGRUXQORFNHG GHJUHHV75$

*HQHUDO'HVFULSWLRQ 7DNHRII

7KHVXSSOHPHQWDOSUR[LPLW\VZLWFKHOHFWURQLFVXQLWV :KHQERWK7/VDUHDGYDQFHG!GHJUHHV75$WKH0&(('
636(8VXVHIOLJKWORFNORJLFWRORFNDQGXQORFNWKH ZLOOORFN
0&(('V(DFK0&(('LVFRQWUROOHGE\D636(87KH636(8V
KDYH%,7(6HHWKH6XSSOHPHQWDO3UR[LPLW\6ZLWFK )OLJKW
(OHFWURQLFV8QLWVHFWLRQIRUPRUHLQIRUPDWLRQDERXWWKH
636(8V070
7KH0&(('ORFNVZKHQDOORIWKHVHFRQGLWLRQVH[LVW
 7KUHHRUPRUHRIWKHHQWU\VHUYLFHGRRUVDUH
FORVHG
:KHQWKHDLUSODQHLVLQDLUPRGHWKH7/SRVLWLRQLV
QRORQJHUDQLQSXWFRQGLWLRQ
,IRQHHQJLQHLVVKXWGRZQWKH0&(('ZLOOUHPDLQHG
ORFNHG
 (LWKHUHQJLQHLVUXQQLQJ1! :KHQERWKHQJLQHVDUHVKXWGRZQIRUDZDWHUODQGLQJ
 $LUJURXQGORJLFLVLQDLUPRGHRUERWKWKHOHIW WKH0&(('ZLOOXQORFN
DQGULJKWWKUXVWOHYHUV7/VDUHDGYDQFHG!
GHJUHHV75$ /DQGLQJ

7KH0&(('XQORFNVZKHQDQ\RIWKHVHFRQGLWLRQVRFFXU 7KH0&(('ZLOOXQORFNZKHQWKHVHERWKRFFXU

 7ZRRUPRUHHQWU\VHUYLFHGRRUVQRWFORVHG  )LYHVHFRQGVDIWHUWKHDLUSODQHLVLQJURXQGPRGH
 %RWKHQJLQHVQRWUXQQLQJ1  %RWK7/VDUHGHJUHHV
 $LUJURXQGORJLFLVLQJURXQGPRGHDQGHLWKHU
7/LVGHJUHHV75$ 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHHQJLQHUXQQLQJQRWUXQQLQJVLJQDOFRPHVIURPWKH
GLVSOD\HOHFWURQLFXQLWV'(8V7KLVVLJQDOFDQEHFDQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22560,'&$%,1(0(5*(1&<(;,7'225)/,*+7/2&./2*,&
EHVLPXODWHGZLWKRXWUXQQLQJWKHHQJLQHV3DUWRIWKH
SURFHGXUHLVWR

 3XOOFLUFXLWEUHDNHUV
 0RYHVWDUWOHYHUVWR,'/(
 :DLWILYHPLQXWHV

6HHWKH$00,,IRUFRPSOHWHLQVWUXFWLRQVWRSHUIRUP
WKLVSURFHGXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

25025(
(175<6(59,&(
'2256&/26('
/(1*,1(
1!
5(1*,1(
1! 0,'&$%,1(0(5
$,5*5281' (;,7'225
/2*,&,1 /2&.('
$,502'(
/()77+5867
/(9(5!
'(*5((675$
5,*+77+5867
/(9(5! )/,*+7/2&./2*,&
'(*5((675$
/2&.('

25025(
(175<6(59,&(
'2256127
&/26('
/(1*,1(
1
5(1*,1(
1 0,'&$%,1(0(5
(;,7'225
$,5*5'/2*,& 81/2&.('
,1*5281'
02'(6(&
/()77+5867
/(9(5
'(*5((675$
5,*+77+5867
/(9(5 )/,*+7/2&./2*,&
'(*5((675$ 81/2&.('
'22560,'&$%,1(0(5*(1&<(;,7'225)/,*+7/2&./2*,&
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225,1752'8&7,21
3XUSRVH

(PHUJHQF\H[LWGRRUVVXSSO\DGGLWLRQDOH[LWVIRUWKH
SDVVHQJHUVLIWKHUHLVDQHPHUJHQF\

/RFDWLRQ

7KHHPHUJHQF\H[LWGRRUVDUHDERYHWKHZLQJV

*HQHUDO'HVFULSWLRQ

7KHUHDUHIRXUHPHUJHQF\H[LWGRRUV

7KH\KDYHWKHVDPHFRQVWUXFWLRQIHDWXUHVEXWDUH
DGMXVWHGVHSDUDWHO\WRILWWKHLUIXVHODJHIUDPHV7KH
GRRUVKDYHDZLQGRZZLWKDQLQWHUQDOVKDGH

$Q(;,7OLJKWDWWDFKHVWRWKHGRRUFXWRXWOLQLQJDERYH
HDFKGRRU$ZDVKOLJKWIL[WXUHEHORZWKHVLJQ
LOOXPLQDWHVWKHKDWFKDUHD

<RXFDQRSHQWKHHPHUJHQF\H[LWGRRUIURPLQVLGHRU
RXWVLGHWKHDLUSODQH7KHHPHUJHQF\H[LWGRRUVRSHUDWH
ZLWKDVSULQJORDGHGYHQWSDQHODWWKHWRSRIWKH
KDWFK

7KHHPHUJHQF\H[LWGRRUVFRQQHFWZLWKWKHGRRUZDUQLQJ
V\VWHP(DFKKDWFKIUDPHKDVDVZLWFKRQWZRRILWV
ODWFKWUDFNV$ODWFKUROOHURSHUDWHVWKHVZLWFK:KHQ
WKHKDWFKLVORFNHGWKH3SDQHO29(5:,1*(;,7ZDUQLQJ
OLJKWJRHVRII

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(;7(5,259,(: ,17(5,259,(:

'2256(0(5*(1&<(;,7'225,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225&20321(17/2&$7,21
*HQHUDO

7KHVHDUHWKHHPHUJHQF\H[LWGRRUFRPSRQHQWV

 +DQGOHPHFKDQLVP
 +LQJHDUPORFNSDZOPHFKDQLVP
 +LQJHDUPWRERG\PHFKDQLVP
 &RXQWHUEDODQFHPHFKDQLVP
 )OLJKWORFNPHFKDQLVP
 7ZRGRRUFORVHGVZLWFKHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&2817(5%$/$1&(
6<67(0

+$1'/(9(17
3$1(/
+$1'/(0(&+$1,60

+,1*($5072%2'<0(&+$1,60

'225&/26('6:,7&+

6:,1*
/,1.

)/,*+7/2&.0(&+$1,60 (0(5*(1&<(;,7'225 +,1*($50/2&.3$:/0(&+$1,60

'2256(0(5*(1&<(;,7'225&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225+$1'/(0(&+$1,60
3XUSRVH

7KHKDQGOHPHFKDQLVPKROGVWKHGRRUFORVHGZKHQWKH
DLUSODQHLVQRWSUHVVXUL]HGDQGRSHQVWKHGRRUZKHQ
QHFHVVDU\

*HQHUDO'HVFULSWLRQ

7KHKDQGOHPHFKDQLVPFRQVLVWRIWKHVHFRPSRQHQWV

 3UHVVXUHYHQWSDQHO
 $KDQGOH
 /RFNLQJPHFKDQLVP

3UHVVXUH9HQW3DQHO+DQGOH

7KHSUHVVXUHYHQWSDQHODQGWKHKDQGOHDUHFRPELQHG
7KH\WXUQDWWKHVDPHWLPHDURXQGWKHVDPHWRUTXHWXEH
WRRSHQWKHHPHUJHQF\H[LWGRRU

:KHQWKHFDELQLVSUHVVXUL]HGWKHSUHVVXUHYHQWSDQHO
LQLWLDOO\UHVLVWVWKHRSHUDWLRQRIWKHKDQGOH&DELQ
SUHVVXUHPXVWYHQWWKURXJKWKHSUHVVXUHYHQWSDQHO
EHIRUH\RXFDQRSHQWKHGRRU

7KHSUHVVXUHYHQWSDQHODQGKDQGOHDUHVSULQJORDGHGWR
WKHFORVHSRVLWLRQ

7KHKDQGOHOHWVWKHRSHUDWRURSHQWKHGRRU:KHQ\RX
SXOOWKHKDQGOHWKHWRUTXHWXEHSXOOVWKHORFNUROOHUV
RXWRIWKHORFNUHFHLYHU7KLVFDXVHVWKHGRRUWRPRYH
LQERDUGDQGGRZQ7KLVLQERDUGDQGGRZQZDUGPRYHPHQW
OHWVWKHGRRUFOHDUWKHVWRSILWWLQJVDQGRSHQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

+$1'/( 9(17
%5$&.(7 3$1(/

/2&.
5(&(,9(5

/2&.
72548(
78%( 7256,21
635,1* 9(17
3$1(/

,17(51$/
):' +$1'/(
):'
(0(5*(1&<(;,7'225

/2&.
52//(5

/2&.
5(&(,9(5

'2256(0(5*(1&<(;,7'225+$1'/(0(&+$1,60
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225+,1*($50/2&.3$:/0(&+$1,60
3XUSRVH

7KHKLQJHDUPORFNSDZOPHFKDQLVPODWFKHVWKHGRRULQ
WKHRSHQSRVLWLRQ

/RFDWLRQ

2QHORFNSDZOPHFKDQLVPLVRQHDFKVLGHRIWKH
HPHUJHQF\H[LWGRRUIUDPH

*HQHUDO'HVFULSWLRQ

7KHKLQJHDUPORFNSDZOPHFKDQLVPKDVWKHVHFRPSRQHQWV

 /RFNFUDQN
 /RFNSDZO
 /RFNSDZOGHSUHVVRU
 7RUVLRQVSULQJ

7KHORFNFUDQNDQGWKHORFNSDZOZRUNWRJHWKHUWR
VWDELOL]HWKHGRRUZKHQLWLVRSHQ

7KHORFNSDZOGHSUHVVRUSUHYHQWVWKHORFNSDZOIURP
HQJDJHPHQWRIWKHKLQJHDUPEHIRUHWKHGRRULVIXOO\
RSHQ7KLVOHWVWKHKLQJHDUPDQGGRRUPRYHIUHHO\
EHWZHHQWKHODWFKDQGXQODWFKSRVLWLRQV

7KHWRUVLRQVSULQJSXVKHVWKHORFNSDZOWRWKHORFN
SRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)86(/$*(
)5$0(

+,1*(
$50

+,1*(
$50

/2&.
&5$1. /2&.
3$:/

7256,21
635,1*

/2&.
&5$1.

/2&.3$:/
'(35(6625
):'

):'

'2256(0(5*(1&<(;,7'225+,1*($50/2&.3$:/0(&+$1,60
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225+,1*($5072%2'<0(&+$1,60
3XUSRVH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHKLQJHDUPOHWVWKHHPHUJHQF\H[LWGRRURSHQDQG 7KHDGMXVWPHQWVFUHZVDQGVORWWHGSODWHRQWKHWZR
FORVH SLHFHUROOHULQWHUFRVWDOVDUHIRUWKHGRRUYHUWLFDO
DGMXVWPHQWVEHWZHHQWKHGRRUDQGKLQJHDUP
/RFDWLRQ

7KHKLQJHDUPLVRQWKHXSSHUKDOIRIWKHGRRU

'HVFULSWLRQ

7KHKLQJHDUPWRERG\PHFKDQLVPKDVWKHVHFRPSRQHQWV

 +LQJHDUP
 6ZLQJOLQNV
 +LQJHDUPODWFKUROOHU
 +LQJHDUPODWFKWUDFN

7KHKLQJHDUPFRQQHFWVWKHGRRUWRWKHIXVHODJH
VWUXFWXUH7KLVJLYHVWKHGRRUDQDWWDFKPHQWSRLQWWR
WXUQZKLOHWKHGRRURSHQVDQGFORVHV

7KHVZLQJOLQNVDWWDFKWRWKHORZHUVHFWLRQRIWKH
KLQJHDUP7KH\OHWWKHGRRUPRYHDERXWWKHKLQJHDUP
EHWZHHQWKHRSHQDQGFORVHSRVLWLRQV

7KHKLQJHDUPUROOHUVDQGKLQJHDUPODWFKWUDFNZRUN
WRJHWKHUWRGLUHFWWKHGRRUPRWLRQ

:KHQWKHGRRURSHQVDQGFORVHVWKHVKDSHRIWKHODWFK
WUDFNVFRQWUROVWKHPRWLRQRIWKHGRRU7KHGRRUPRYHV
WRSURSHUO\HQJDJHRUGLVHQJDJHWKHGRRUSUHVVXUH
VWRSV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

+,1*(72%2'< +,1*(
$77$&+0(17/8* $50

/$7&+
52//(5
+,1*($50
/$7&+75$&.

6:,1*
/,1.

):'

'2256(0(5*(1&<(;,7'225+,1*($5072%2'<0(&+$1,60
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225&2817(5%$/$1&(0(&+$1,60
3XUSRVH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHFRXQWHUEDODQFHPHFKDQLVPWXUQVWKHGRRUDQGKLQJH 1RVSHFLDOWRROVDUHQHFHVVDU\WRLQVWDOOWKH
DUPWRWKHIXOORSHQSRVLWLRQ FRXQWHUEDODQFHDVVHPEO\

/RFDWLRQ
7KHFRXQWHUEDODQFHPHFKDQLVPDWWDFKHVWRWKHWRSRIWKH
KLQJHDUPDQGDX[LOLDU\VLOOVWUXFWXUH
'HVFULSWLRQ
7KHFRXQWHUEDODQFHPHFKDQLVPKDVWKHVHFRPSRQHQWV
 &RXQWHUEDODQFHDVVHPEO\
 +\GUDXOLFVQXEEHU
7KHFRXQWHUEDODQFHDVVHPEO\RSHQVDQGNHHSVWKHGRRULQ
WKHRSHQSRVLWLRQ$QLQWHUQDOVWRSOLPLWVWKHUDQJHRI
WUDYHOLQWKHRSHQGLUHFWLRQ
(DFKFRXQWHUEDODQFHXQLWFRQWDLQVDQLQWHJUDOWUDYHO
VWRSWKDWGHILQHVWKHH[WHQGHGSRVLWLRQRIWKHXQLW
7KHVWRSDOVRLVWKHVWRSIRUWKHGRRU$WKUHDGHG
DGMXVWPHQWDWWKHHQGRIHDFKDFWXDWRULVXVHGWRULJ
WKHGRRULQWKHRSHQSRVLWLRQ
7RSUHYHQWLQMXU\ZKHQ\RXPDLQWDLQRURYHUKDXOWKH
XQLWDOZD\VXVHWKHSURSHUWRROV'LVDVVHPEO\LVYHU\
GLIILFXOWZLWKRXWWKHSURSHUSURFHGXUHDQGWRROV
$ZDUQLQJSODFDUGRQWKHVXUIDFHRIWKHXQLWZLOOUHIHU
WKHRSHUDWRUWRWKHFRUUHFWVHFWLRQRIWKHRYHUKDXO
PDQXDO

7KHK\GUDXOLFVQXEEHUOLPLWVWKHPD[LPXPDQJXODU
YHORFLW\RIWKHKLQJHDUPZKHQWKHGRRURSHQV7KH
K\GUDXOLFVQXEEHUOHWVWKHGRRURSHQLQWKHUHTXLUHG
WLPH

:KHQWKHGRRULVRSHQHGWUDSSHGIOXLGLQWKHVQXEEHU
F\OLQGHULVIRUFHGWRWKHSLVWRQUHVHUYRLUWKURXJKDQ
LQWHUQDOIL[HGRULILFH7KHGRRULVVQXEEHGE\WKLV
DFWLRQ:KHQWKHGRRULVFORVHGWKHVLOLFRQHIOXLG
UHWXUQVWRWKHVQXEEHUF\OLQGHUWKURXJKDFKHFNYDOYH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

618%%(5

&2817(5%$/$1&(
$66(0%/<

&2817(5%$/$1&(
$66(0%/<

+,1*($50

):'
):'

'2256(0(5*(1&<(;,7'225&2817(5%$/$1&(0(&+$1,60
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225)/,*+7/2&.0(&+$1,60
3URSRVH 7KHIOLJKWORFNVROHQRLGSOXQJHULVFRQQHFWHGWRWKH
IOLJKWORFNSDZOVKDIW:KHQWKHORFNSDZOVKDIWWXUQV
7KHIOLJKWORFNPHFKDQLVPSUHYHQWVWKHRSHUDWLRQRIWKH LWHQJDJHVWKHSDZOZLWKWKHORFNWRUTXHWXEH
HPHUJHQF\GRRULQIOLJKW
7KHORFNWRUTXHWXEHFDQQRWPRYHWRWKHXQORFN
/RFDWLRQ SRVLWLRQ

7KHIOLJKWORFNPHFKDQLVPIRUWKHULJKWHPHUJHQF\H[LW 'XULQJWKHODQGLQJUROOWKHIOLJKWORFNVROHQRLGLV
GRRUVLVRQWKHIRUZDUGXSSHUKDOIRIWKHGRRUEHKLQG GHHQHUJL]HG7KLVOHWVDWHQVLRQVSULQJXQORFNWKH
WKHKLQJHDUP IOLJKWORFNPHFKDQLVP

7KHIOLJKWORFNPHFKDQLVPIRUWKHOHIWVLGHHPHUJHQF\ 7KHWHQVLRQVSULQJJLYHVDIDLOVDIHIXQFWLRQ,WPDNHV
H[LWGRRUVLVRQWKHDIWXSSHUKDOIRIWKHGRRUEHKLQG VXUHWKDWWKHIOLJKWORFNSDZOJRHVWRWKHXQORFN
WKHKLQJHDUP SRVLWLRQZKHQHOHFWULFSRZHULVQRWDYDLODEOH

3K\VLFDO'HVFULSWLRQ

7KHIOLJKWORFNPHFKDQLVPKDVWKHVHFRPSRQHQWV

 )OLJKWORFNVROHQRLG
 )OLJKWORFNSDZO
 6XSSRUWEUDFNHW
 /RFNWRUTXHWXEH

2SHUDWLRQ

7KHIOLJKWORFNPHFKDQLVPDXWRPDWLFDOO\DFWLYDWHVRQ
WDNHRIIUROO7KLVSUHYHQWVRSHUDWLRQRIWKHGRRU
KDQGOHLQORZGLIIHUHQWLDOSUHVVXUHDQGLQ
XQSUHVVXUL]HGIOLJKW

'XULQJWDNHRIIUROOYGFJRHVWRWKHGRRUIOLJKW
ORFNVROHQRLGWRUHWUDFWWKHSOXQJHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)/,*+7/2&.
/2&. 62/(12,'
72548(
78%(

):'
):'

6(1625
6:,7&+
)/,*+7/2&.
62/(12,' 6833257 )/,*+7
/2&.
%5$&.(7
6(1625 62/(12,'
6:,7&+
6833257 )/,*+7
%5$&.(7 /2&.
3$:/

)/,*+7
/2&.
3$:/ 7(16,21
/2&. 635,1*
72548( /2&.
78%( 72548(
):' ):' 78%(
)52179,(:
'2256(0(5*(1&<(;,7'225)/,*+7/2&.0(&+$1,60
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225)/,*+7/2&.0(&+$1,60)81&7,21$/'(6&5,37,21
3XUSRVH

7KHIOLJKWORFNVROHQRLGHQHUJL]HVWRPDNHVXUHWKH
HPHUJHQF\H[LWGRRUGRHVQRWRSHQGXULQJWDNHRIIRULQ
IOLJKW

)XQFWLRQDO'HVFULSWLRQ

7KHSUR[LPLW\VZLWFKHOHFWURQLFVXQLW36(8HQHUJL]HV

WKHIOLJKWORFNUHOD\5ZKHQWKHVHFRQGLWLRQV
RFFXU

 7KUHHRUPRUHRIWKHHQWU\VHUYLFHGRRUVDUH
FORVHG
 (LWKHUHQJLQHLVUXQQLQJ
 $LUJURXQGORJLFLVLQWKH$,502'(RUERWKWKH
OHIWDQGULJKWWKUXVWOHYHUVDUHDGYDQFHGPRUH
WKDQGHJUHHV

:KHQ5HQJLQHUXQUHOD\RU5HQJLQHUXQ
UHOD\LVHQHUJL]HGWKHIOLJKWORFNVROHQRLG
HQHUJL]HVDQGORFNVWKHHPHUJHQF\H[LWGRRU

7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHHQJLQHUXQQLQJVLJQDOLVVHQWIURPWKHGLVSOD\
HOHFWURQLFXQLW'(87KHHQJLQHUXQQLQJVLJQDOLV
VHQWZKHQWKHVHFRQGLWLRQVRFFXU

 7KHHQJLQHVWDUWOHYHULVLQLGOH
 7KHHOHFWURQLFHQJLQHFRQWURO((&GLVFUHWHLV
VHWWR581RU1!LIWKHGLJLWDOGDWDEXVLV
LQYDOLG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/()7(1*,1( ):'/()7
5811,1* (175<'225
5,*+7(1*,1( &/26('
5811,1* ):'5,*+7
25 (175<'225
$,5*5281' 025( &/26('
/2*,&,1 '2256 $)7/()7
$,502'( &/26(' 6(59,&('225
&/26('
/()77+5867
/(9(5!'(* $)75,*+7
6(59,&('225
5,*+77+5867 &/26('
/(9(5!'(*

9'&
%86
29(5:,1*
)/,*+7/2&.
/()7 5)/,*+7 72'225
/2&.5(/$< :$51,1*
- &,5&8,7

9'& 36(8
%86
(1* '(8
5813:5
5(1* 127/2&.(' 
3&%3$1(/ 5815(/$<
-
)/,*+7/2&.
9'& 62/(12,'
%86
/2&.('
(1* '(8
5813:5 /()7):'29(5:,1*'225
5(1*
3&%3$1(/ 5815(/$<-
 /()7):'29(5:,1*'225&,5&8,76+2:127+(529(5:,1*'22566,0,/$5
'2256(0(5*(1&<(;,7'225)/,*+7/2&.0(&+$1,60)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225'22523(123(5$7,21
2SHUDWLRQ

7RRSHQWKHGRRUIURPWKHLQVLGH\RXPXVWSXOOWKH
KDQGOHGRZQWRVWDUWWKHGRRURSHQVHTXHQFH

7KHVHDUHWKHVWHSVRIWKHGRRURSHQVHTXHQFH

 7KHODWFKUROOHUVWUDYHOGRZQWKHODWFKUHFHLYHUV
 7KHGRRUWUDYHOVLQERDUGDQGGRZQZDUGWRFOHDUWKH
VWRSILWWLQJV
 7KHFRXQWHUEDODQFHDVVHPEOLHVDUHIUHHWRWXUQWKH
GRRURXWRIWKHIXVHODJHFXWRXW
 7KHGRRUFRQWLQXHVWRWXUQIURPFORVHWRRSHQ
SRVLWLRQWKHGRRURSHQVDSSUR[LPDWHO\GHJUHHV
DURXQGWKHIL[HGKLQJHOLQH
 7KHKLQJHDUPORFNSDZOORFNVZKHQWKHGRRULV
IXOO\RSHQ

7RRSHQWKHGRRUIURPWKHRXWVLGHSXVKWKHYHQWSDQHO
LQZDUGWRVWDUWWKHVHTXHQFH

7KHGRRURSHUDWLRQLVDXWRPDWLFDIWHUWKHLQLWLDO
KDQGOHYHQWSDQHOURWDWLRQ

7UDLQLQJ,QIRUPDWLRQ3RLQW

,I\RXRSHQWKHGRRUIURPWKHRXWVLGHRIWKHDLUSODQH
EUDFH\RXUNQHHDJDLQVWWKHGRRUWRSUHYHQWLQMXU\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)86(/$*( &2817(5%$/$1&(
&2817(5%$/$1&(

+,1*($50 +,1*($50

'2:1:$5'
'225 027,21

):' ):'

&/26('/$7&+('$1'/2&.(' 81/$7&+('

'225

)86(/$*(
&2817(5%$/$1&(
/2&. 6:,1*
3$:/ /,1.
+,1*($50

+,1*( &2817(5%$/$1&(
$50

):'

)8//23(1
'2256(0(5*(1&<(;,7'225'22523(123(5$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256(0(5*(1&<(;,7'225'225&/26(23(5$7,21
2SHUDWLRQ

7RFORVHWKHGRRUUHPRYHWKHVWUDSFRYHUIURPWKH
ORZHUGRRUOLQLQJDQGSXOOGRZQRQWKHDVVLVWVWUDS

$VWKHGRRUVWDUWVWRJRLQWRWKHFXWRXWSXOOWKH
LQWHULRUKDQGOHGRZQ7KLVDOLJQVWKHORFNUROOHUVZLWK
ORFNUHFHLYHUV:KHQWKHGRRUWRXFKHVWKHFXWRXWWKH
LQWHULRUKDQGOHVWD\VLQWKHGRZQSRVLWLRQ

%RWKKDQGVDUHQHFHVVDU\IRUWKHILQDOPRYHPHQWRIWKH
GRRU3XOOWKHVWUDSLQZDUGDQGXSZDUGWRPRYHWKHGRRU
EHKLQGWKHGRRUVWRSV

2QWKHILQDOSXOOXSWKHGRRUKDQGOHODWFKHVFORVHG
5HSODFHWKHFOHDUKDQGOHFRYHURYHUWKHKDQGOH0DNH
VXUHWKHFRQWUROFDELQLQGLFDWLRQOLJKWJRHVRXW

7UDLQLQJ,QIRUPDWLRQ3RLQW

.HHS\RXUIDFHDZD\IURPWKHLQWHULRUGRRUKDQGOHRQ
WKHILQDOSXOOWRDYRLGLQMXU\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'225/,1,1* ,17(51$/
+$1'/(
675$3&29(5

/2&.
675$3 52//(5

/2&.
5(&(,9(5

)86(/$*(6723
/2&.3$:/ ),77,1*6
'(35(6625

'2256723
),77,1*
)86(/$*(
6.,1

%2'<02817(' %2'<02817('
672375$&. 672375$&.

'2256(0(5*(1&<(;,7'225'225&/26(23(5$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256&$5*2,1752'8&7,21
/RFDWLRQ
7KHFDUJRFRPSDUWPHQWGRRUVDUHRQWKHULJKWVLGHRI
WKHIXVHODJHRQWKHORZHUOREHIRUZDUGDQGDIWRIWKH
ZLQJ
*HQHUDO'HVFULSWLRQ
7KHVHDUHWKHWZRFDUJRGRRUV
 )RUZDUGFDUJRGRRU
 $IWFDUJRGRRU
7KHGRRUVDUHVLPLODULQVKDSHGHVLJQDQGRSHUDWLRQ
EXWWKH\DUHVOLJKWO\GLIIHUHQWLQVL]H
7KHGRRUVDUHSOXJW\SH7KH\RSHQLQZDUGDQGKLQJHDW
WKHWRS6HDOVDURXQGWKHGRRUHGJHDQGGRRUKDQGOH
VKDIWSUHYHQWSUHVVXUL]DWLRQORVV
<RXRSHUDWHWKHGRRUVPDQXDOO\7KLVPD\EHGRQHIURP
RXWVLGHRIWKHDLUSODQHRUIURPLQVLGHWKHFDUJR
FRPSDUWPHQW$FRXQWHUEDODQFHLQVLGHWKHGRRUUHGXFHV
WKHHIIRUWQHFHVVDU\WROLIWWKHGRRU$QXSORFNGHWHQW
LQWKHFRXQWHUEDODQFHPHFKDQLVPKROGVWKHGRRULQWKH
IXOO\RSHQSRVLWLRQ$GRRUVQXEEHUPDNHVVXUHWKHGRRU
GRHVQRWIDOOTXLFNO\LIWKHFRXQWHUEDODQFHPHFKDQLVP
IDLOV
$EXQJHHODQ\DUGZLWKDVRIWJULSKDQGOHRQWKHGRRU
PDNHVLWHDV\WRORZHUWKHGRRU
'RRU:DUQLQJ
7KHFDUJRGRRUVKDYHDQLQWHUIDFHZLWKWKHGRRUZDUQLQJ
V\VWHP(DFKGRRUKDVDVZLWFKRQLWVODWFKPHFKDQLVP
DQGDZDUQLQJOLJKWRQWKH3IRUZDUGRYHUKHDGSDQHO
$FFHVV3DQHOVDQG/LQHUV
7ZRSDQHOVRQWKHH[WHULRUGRRUVNLQJLYHDFFHVVWRWKH
GRRUODWFKPHFKDQLVPV7KURXJKWKHVHSDQHOV\RXFDQ
RSHQWKHGRRULIWKHKDQGOHPHFKDQLVPIDLOV
$QLQWHULRULQVXODWLRQEODQNHWRQWKHGRRUGRHVWKHVH
WKLQJV
 3URWHFWVWKHGRRULQWHUQDOFRPSRQHQWV
 5HGXFHVQRLVHDQGWKHUPDOWUDQVPLVVLRQ
5HPRYDORIWKHGRRULQVXODWLRQDQGDFFHVVSDQHOVJLYHV
DFFHVVWRWKHGRRULQWHUQDOFRPSRQHQWV7KLVLVIRU
LQVSHFWLRQOXEULFDWLRQDQGVHUYLFHRIWKHLQWHUQDO
FRPSRQHQWV

$PDQXDOVWUDSGHYLFHLQWKHFDUJRFRPSDUWPHQWFHLOLQJ
FDQEHXVHGWRKROGWKHGRRULQWKHIXOO\RSHQ
SRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&2817(5%$/$1&(
&$%/(
$)7 618%%(5
&$5*2
'225
)/225
%($0
)25:$5' +,1*(
&$5*2 7<3
'225

&2817(5%$/$1&(
%81*((
/$1<$5'

,17(5,25
+$1'/(
(;7(51$/'225
+$1'/(

/$7&+$&&(66
3$1(/7<3
&$5*2'225 &$5*2'225
(;7(5,259,(: ,17(5,259,(:
,168/$7,21%/$1.(75(029('
'2256&$5*2,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256&$5*2&20321(176
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256&$5*2&20321(176
*HQHUDO 'RRU+DQGOH0HFKDQLVP

7KHVHDUHWKHFDUJRGRRUFRPSRQHQWV 7KHUHDUHWZRKDQGOHVIRURSHUDWLRQRIWKHGRRU7KH\
HQJDJHWKHGRRUODWFKPHFKDQLVPV7KHLQWHULRUKDQGOH
 'RRUOLQHU SURMHFWVEH\RQGWKHLQERDUGGRRUOLQHUDQGLVLQ
 +LQJHV FRQVWDQWHQJDJHPHQWZLWKDKDQGOHVKDIW7KHH[WHULRU
 'RRUKDQGOHPHFKDQLVPV KDQGOHLVVSULQJORDGHGLQWRDIDLUHGUHFHVVRQWKH
 'RRUZDUQLQJVZLWFK GRRUVNLQ7KHH[WHULRUKDQGOHHQJDJHVWKHKDQGOHVKDIW
 &RXQWHUEDODQFH ZLWKDVSOLQHZKHQ\RXSXOOWKHKDQGOHRXWRIWKH
 6QXEEHU UHFHVV
 %XQJHHODQ\DUG
 'RRUVHDOV 7KHKDQGOHVKDIWWUDQVPLWVWKHPRWLRQWRWKHODWFK
WRUTXHWXEHZLWKDFRQWUROURG7KHWRUTXHWXEHWXUQV
'RRU/LQHU WKHODWFKUROOHUDUPVLQWRWKHUROOHUILWWLQJVRQWKH
GRRUIUDPH
7KHGRRUOLQHUSURWHFWVWKHLQWHUQDOFRPSRQHQWVRIWKH
GRRU,WDOVRUHGXFHVQRLVHDQGKHDWWUDQVPLVVLRQ 7KHODWFKILWWLQJVDUHRYHUFHQWHUGHYLFHVWKDWKROGWKH
$FFHVVSDQHOVLQWKHOLQHUJLYHDFFHVVIRULQVSHFWLRQ GRRUFORVHGZKHQWKHSODQHLVXQSUHVVXUL]HG
VHUYLFHDQGOXEULFDWLRQRIWKHGRRUPHFKDQLVPV
'RRU:DUQLQJ6ZLWFK
+LQJHV
(DFKFDUJRGRRUKDVDSLQW\SHPLFURVZLWFKRQRQHRI
7ZRKLQJHVRQWKHXSSHUHGJHRIWKHGRRUGRWKHVH LWVODWFKILWWLQJV7KHVZLWFKHVGRWKHVHWKLQJV
WKLQJV
 6XSSO\JURXQGGLVFUHWHVLJQDOVWRWKHGRRUZDUQLQJ
 *LYHSLYRWDOVWUXFWXUDOVXSSRUWRIWKHXSSHUHGJH V\VWHPZKHQWKHGRRUVDUHFORVHGDQGODWFKHG7KLV
RIWKHGRRU FDXVHVWKHZDUQLQJOLJKW):'&$5*2RU$)7&$5*2
 /LPLWWKHGHIOHFWLRQRIWKHGRRUZKHQWKHDLUSODQH RQ3IRUZDUGRYHUKHDGSDQHOWRJRRXW
LVSUHVVXUL]HG  6XSSO\JURXQGGLVFUHWHVLJQDOVWRWKHFDUJR
FRPSDUWPHQWOLJKWV\VWHP:KHQWKHGRRUVDUH
FORVHGDQGODWFKHGWKHFDUJRFRPSDUWPHQWOLJKWV
JRRXW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256&$5*2&20321(176
&HQWHULQJ'HYLFHV

&HQWHULQJUROOHUVLQWKHGRRUIUDPHDOLJQWKHGRRU
EHWZHHQGRRUSDGVDVWKHGRRUFORVHV7KLVFORVHO\
DOLJQVWKHVWRSILWWLQJVEHWZHHQWKHGRRUDQGIUDPH

6WRS)LWWLQJV

:KHQWKHDLUSODQHLVXQSUHVVXUL]HGWKHODWFK
PHFKDQLVPVKROGWKHGRRUFORVHG,QWKHXQSUHVVXUL]HG
FRQGLWLRQWKHUHLVDVOLJKWFOHDUDQFHEHWZHHQWKHVWRS
SLQDQGWKHLUSUHVVXUHSDGV

3UHVVXUL]DWLRQRIWKHDLUSODQHFDXVHVWKHGRRUWRPRYH
RXWERDUGVOLJKWO\7KLVFDXVHVWKHVHWKLQJVWRKDSSHQ

 7KHVWRSSLQVVHDWRQWKHLUSDGVDQGWUDQVPLWGRRU
SUHVVXUHORDGVWRWKHDLUSODQHVWUXFWXUH
 7KHODWFKUROOHUPHFKDQLVPVDUHXQORDGHG
 7KHSUHVVXUHVHDOVGHIOHFWIXOO\

6HDOV

6HDOVDURXQGWKHGRRUHGJHVDQGKDQGOHVKDIWSUHYHQW
SUHVVXUHORVV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256723
),77,1*3,1

&$5*2'225
6758&785( '225)5$0(
6758&785(

'2256($/ )5$0(6723
),77,1*3$'

):' '2256723'(7$,/
7<3,&$/
&$5*2'225
,17(5,259,(:
/,1(55(029('
):' /$7&+
'225 52//(5 ,17(5,25
)5$0( ),77,1* +$1'/(
'225
'225 &(17(5,1* &(17(5,1*
:$51,1* (;7(5,25 52//(5
6:,7&+ 3$'
+$1'/(
&21752/ '225)5$0(
386+52' &$5*2'225 6758&785(
6758&785(
72548(78%(
52//(5
/$7&+ '225&(17(5,1*52//(5'(7$,/
7<3,&$/
72548(78%(
%($5,1*7<3

'225+$1'/(0(&+$1,60'(7$,/
'2256&$5*2&20321(176
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256&$5*2&2817(5%$/$1&(0(&+$1,60
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256&$5*2&2817(5%$/$1&(0(&+$1,60
3XUSRVH  $FDPZLWKDUROOHUWUDFN
 $FDEOHGUXPDQGFDEOH
7KHFDUJRGRRUFRXQWHUEDODQFHGRHVWKHVHWKLQJV
:KHQWKHGRRULVFORVHGWKHVSULQJORDGHGUROOHULV
 5HGXFHVWKHIRUFHUHTXLUHGWROLIWWKHFDUJRGRRU
WRWKHRSHQSRVLWLRQ
 +ROGVWKHFDUJRGRRUXSLQWKHIXOO\RSHQSRVLWLRQ
/RFDWLRQ
7KHFRXQWHUEDODQFHPHFKDQLVPPDLQDVVHPEO\LVLQVLGH
WKHGRRUVWUXFWXUH5HPRYHWKHGRRUOLQHUDQG
FRPSUHVVHGDQGRQKLJKFDPRQWKHFDPQRVH
7KHVSULQJIRUFHH[WHQGVWKHUROOHU7KLVDFWLRQFDXVHV
WKHFDPWRWXUQ
7KHFDPWXUQVRQDVKDIWWKDWLVFRPPRQWRWKHFDEOH
GUXP:KHQWKHFDPWXUQVWKHFDEOHGUXPDOVRWXUQV
LQVXODWLRQWRJHWDFFHVVWRWKHPDLQFRXQWHUEDODQFH
DVVHPEO\
7KHFRXQWHUEDODQFHFDEOHUXQVIURPWKHPDLQDVVHPEO\WR
DGRRUSXOOH\DQGWKHQWRDFHLOLQJEUDFNHW7KH
FHLOLQJEUDFNHWDWWDFKHVWRDLUFUDIWSULPDU\VWUXFWXUH
*HQHUDO'HVFULSWLRQ
7KHFRXQWHUEDODQFHLVDVSULQJORDGHGPHFKDQLFDOGHYLFH
WKDWRIIVHWVWKHZHLJKWRIWKHGRRU
$VWKHFDEOHGUXPWXUQVLWUHWULHYHVSXOOVLQD
FDEOH7KHFDEOHUXQVWKURXJKDSXOOH\WRDFHLOLQJ
EUDFNHWLQWKHFDUJRFRPSDUWPHQW$VWKHFDEOHVKRUWHQV
E\WKHZLQGLQJDFWLRQRIWKHFDEOHGUXPLWOLIWVWKH
GRRU
$QXSORFNGHWHQWLQWKHFDPWUDFNKROGVWKHGRRULQWKH
IXOO\RSHQSRVLWLRQ7KHGRRUVWD\VLQWKHRSHQ
SRVLWLRQXQWLO\RXSXOOGRZQZDUGRQWKHEXQJHHODQ\DUG
WRFORVHWKHGRRU
$QXWRQWKHFHLOLQJEUDFNHWHQGRIWKHFDEOHDGMXVWV
7KHPDLQFRXQWHUEDODQFHDVVHPEO\DQGFDEOHSXOOH\DUH WKHFDEOHWRWDNHXSFDEOHVWUHWFK
RQWKHGRRUVWUXFWXUH7KHFRXQWHUEDODQFHDWWDFKHVWRD
FDUJRFRPSDUWPHQWFHLOLQJEUDFNHWZLWKDFDEOH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHPDLQDVVHPEO\KDVWKHVHSDUWV 7KHHQWLUHWKUHDGVRIWKHDGMXVWPHQWILWWLQJVKRXOG
HQJDJHWKHVSULQJORDGHGUROOHUURG,IWKHWKUHDG
 $QDVVHPEO\IUDPH HQJDJHPHQWLVQRWVXIILFLHQWWKHVSULQJIRUFHFDQ
 $VSULQJORDGHGUROOHU VWULSWKHILWWLQJWKUHDGV7KLVZRXOGFDXVHWKHILWWLQJ
 $QLGOHUFUDQN WRIO\RIIWKHHQGRIWKHURGZLWKDJUHDWIRUFH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256&$5*2&2817(5%$/$1&(0(&+$1,60
6HFXUHWKHEDJJDJHLQWKHFDUJRFRPSDUWPHQWVZLWKWKH
FDUJRQHWVDQGRULQQHUFDUJRSDQHOGRRUSURSHUO\7KLV
ZLOONHHSWKHEDJJDJHIURPFRQWDFWZLWKWKHGRRUDQG
LWVPHFKDQLVPV

,IORRVHEDJJDJHFRQWDFWVWKHGRRUFDEOHLWFDQFDXVH
WKHFDEOHWRFRPHRXWRIWKHGRRUSXOOH\7KLVFDQMDP
WKHFRXQWHUEDODQFHPHFKDQLVP,I\RXPXVWIUHHVXFKD
MDPDQGUHWXUQWKHFDEOHWRWKHSXOOH\EHFDUHIXO7KH
FRXQWHUEDODQFHFDQUHPRYHWKHFDEOHVODFNYHU\TXLFNO\
DQGZLWKJUHDWIRUFH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

02817,1*
%2/77<3 &$%/(72
)/225%($0 '22538//(<
6758&785(

$'-8670(17 &$%/(72
187 '22538//(<
&(,/,1*%5$&.(7'(7$,/
&$0
&$%/(
'580 $'-8670(17
),77,1*
52//(5
635,1*

&2817(5%$/$1&($66(0%/<'(7$,/

&$075$&.
'225 83/2&.'(7(17
38//(< ,'/(5
&$%/( 635,1* $'-8670(17
),77,1*

):'
6+$)7
52//(5&$0)2//2:(5
&$5*2'225,17(5,259,(: &2817(5%$/$1&('(7$,/
/,1(55(029(' &29(55(029('
'2256&$5*2&2817(5%$/$1&(0(&+$1,60
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256&$5*223(5$7,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
'2256&$5*223(5$7,21
*HQHUDO'HVFULSWLRQ
<RXRSHQDQGFORVHWKHFDUJRGRRUPDQXDOO\7KHGRRU
KDVKLQJHVRQWKHLUXSSHUHGJHDQGVZLQJVRSHQLQD
XSZDUGDQGLQZDUGPRWLRQ$FRXQWHUEDODQFHPHFKDQLVPLQ
WKHGRRUKHOSVOLIWWKHGRRUDQGKROGVLWLQDQXSORFN
SRVLWLRQ
<RXFDQRSHQWKHGRRUIURPLQVLGHRURXWVLGHRIWKH
FDUJRFRPSDUWPHQW
([WHULRU2SHUDWLRQ
7RRSHQWKHFDUJRGRRUIURPRXWVLGHWKHDLUSODQHSXOO
WKHKDQGOHIXOO\RXWRILWVUHFHVVDQGWXUQWKHKDQGOH
FRXQWHUFORFNZLVH7KLVGLVHQJDJHVWKHGRRUODWFK
PHFKDQLVPV7KHGRRUWKHQPRYHVLQERDUGE\WKHDFWLRQ
RIWKHFRXQWHUEDODQFHPHFKDQLVP:KHQWKHGRRULVIUHH
RIWKHODWFKPHFKDQLVPVUHWXUQWKHKDQGOHWRLWV
UHFHVV:KHQ\RXEHJLQWRSXVKWKHGRRURSHQWKHGRRU
FRXQWHUEDODQFHZLOOOLIWWKHGRRUWRWKHIXOO\RSHQ
SRVLWLRQDQGKROGLWWKHUH
$QDGMXVWDEOHQ\ORQVDIHW\VWUDSLVRQWKHFHLOLQJRI
WKHFDUJRFRPSDUWPHQW<RXFDQXVHLWWRKROGWKHFDUJR
GRRULQWKHRSHQSRVLWLRQLIQHFHVVDU\
%HIRUH\RXFORVHWKHGRRUIURPRXWVLGHRIWKHDLUSODQH
7RFORVHWKHGRRUGRWKHVHVWHSV
 3XOOWKHVRIWJULSEXQJHHODQ\DUGDWWKHIRUZDUG
HGJHRIWKHGRRU7KLVZLOOSXOOWKHGRRURXWRI
XSORFNDQGORZHUWKHGRRUXQWLO\RXFDQUHDFKWKH
KDQGOH
 :KHQ\RXKDYHWKHKDQGOHUHOHDVHWKHODQ\DUGDQG
WKHEXQJHHZLOOUHWUDFWLWEDFNLQWRWKHFDUJR
FRPSDUWPHQW
 7XUQWKHKDQGOHFRXQWHUFORFNZLVHVRWKDWWKHGRRU
ODWFKUROOHUVZLOOHQWHUWKHLUODWFKWUDFNV
 3XOOWKHGRRUWRWKHFORVHGSRVLWLRQZLWKWKH
KDQGOH
 7XUQWKHKDQGOHFORFNZLVHWRIXOO\FORVHDQGODWFK
WKHGRRU
 5HWXUQWKHKDQGOHWRLWVUHFHVV
,QWHULRU2SHUDWLRQ
<RXFDQRSHQDQGFORVHWKHFDUJRGRRUVIURPLQVLGHWKH
FDUJRFRPSDUWPHQWV7KHLQWHULRUKDQGOHLVQRW
UHWUDFWDEOH7KHSURFHGXUHLVVLPLODUH[FHSW\RXWXUQ
WKHLQVLGHKDQGOHFORFNZLVHWRXQODWFKWKHGRRUDQG
FRXQWHUFORFNZLVHWRODWFKWKHGRRU
7UDLQLQJ,QIRUPDWLRQ3RLQW
$VZLWFKRQWKHIRUZDUGGRRUODWFKPHFKDQLVPFDXVHVWKH
H[DPLQHWKHVHWKLQJV 3GRRUZDUQLQJOLJKWWRFRPHRQXQODWFKHGRUJRRII
ODWFKHG
 7KHFDUJRQHWVVKRXOGEHVHFXUHWRSUHYHQWFDUJR
IURPFRQWDFWZLWKWKHGRRUFRPSRQHQWV 3URSHUO\VHFXUHWKHEDJJDJHLQWKHFDUJRFRPSDUWPHQWV
 7KHGRRUIUDPHVKRXOGEHFOHDURIREVWUXFWLRQ ZLWKWKHFDUJRQHWVDQGRWKHUFDUJRUHVWUDLQWV7KLV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256&$5*223(5$7,21
ZLOONHHSWKHEDJJDJHIURPFRQWDFWZLWKWKHGRRUDQG
LW
VPHFKDQLVPV

7KHIRUFHVUHTXLUHGWRRSHUDWHWKHGRRUDUHQRWJUHDW
,IDGRRULVGLIILFXOWWRRSHUDWHWKHGRRUPD\EH
MDPPHGE\ORRVHFDUJRRUWKHUHPD\EHDPDOIXQFWLRQRI
DGRRUFRPSRQHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

81/$7&+7+('225 386+7+('22523(1 '225)8//<23(1

83/2&.

/2:(57+('225:,7+ 38//7+('225&/26(' /$7&+7+('225

%81*((/$1<$5' :,7+7+(+$1'/(
'2256&$5*223(5$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&(*(1(5$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
'22566(59,&(*(1(5$/'(6&5,37,21
3XUSRVH
7KHPLVFHOODQHRXVH[WHULRUVHUYLFHGRRUVJLYHDFFHVVWR
DUHDVZLWKFRPSRQHQWVWKDWUHTXLUHUHJXODUVHUYLFLQJ
,'*2LO5HVHUYRLU$FFHVV'RRU
7KH,'*RLOUHVHUYRLUDFFHVVGRRULVRQWKHOHIW
IRUZDUGHQJLQHIDQFRZO,WJLYHVDFFHVVWRWKH,'*RLO
UHVHUYRLUDQGVLJKWJDJH
*URXQG$LU&RQGLWLRQLQJ$FFHVV'RRU
7KHJURXQGDLUFRQGLWLRQLQJDFFHVVGRRULVRQWKHORZHU
IXVHODJHFHQWHUOLQHIRUZDUGRIWKHDLUFRQGLWLRQLQJ
ED\GRRUV
:DVWH6HUYLFH'RRU
7KHZDVWHVHUYLFHSDQHOLVRQWKHDIWORZHUOHIW
VXUIDFHRIWKHIXVHODJH,WJLYHVDFFHVVWRWKH
ODYDWRU\GUDLQRXWOHWGUDLQYDOYHKDQGOHDQGULQVH
ILWWLQJ
6HFWLRQ$FFHVVDQG%ORZRXW'RRU
7KHVHFWLRQDFFHVVDQGEORZRXWGRRULVRQWKHOHIW
VLGHRIWKHORZHUIXVHODJHDIWRIWKHDIWSUHVVXUH
EXONKHDG,WKLQJHVRSHQGRZQZDUGWRJLYHDFFHVVWRWKH
VHFWLRQFRPSRQHQWV
7KHGRRUKDVDVSULQJORDGHGODWFKV\VWHP7KLV
SURWHFWVWKHHPSHQQDJHVWUXFWXUHLIWKHDIWSUHVVXUH
9(56,21'$7('$8*867 RI
EXONKHDGIDLOV7KHGRRUODWFKZLOORSHQZKHQDORDGRI
SRXQGVLVSXWRQWKHLQVLGHRIWKHGRRU
(QJLQH2LO7DQN$FFHVV'RRU
7KHHQJLQHRLOWDQNDFFHVVGRRULVRQWKHULJKWIRUZDUG
HQJLQHIDQFRZO,WJLYHVDFFHVVWRWKHHQJLQHRLOWDQN
ILOOHUFDSDQGVLJKWJODVV
([WHUQDO3RZHU5HFHSWDFOH'RRU
7KHH[WHUQDOSRZHUUHFHSWDFOHGRRULVRQWKHORZHU
ULJKWIXVHODJHIRUZDUGRIWKHQRVHZKHHOZHOO,W
JLYHVDFFHVVWRWKHH[WHUQDOSRZHUUHFHSWDFOHDQG
SDQHO7KHGRRUDOVRJLYHVDFFHVVWRWKHQRVHZKHHO
ZHOOOLJKWVZLWFK
&HQWHU)XHO7DQN6XPS$FFHVV'RRU
7KHFHQWHUIXHOWDQNVXPSDFFHVVGRRULVRQWKHNHHO
EHDPEHWZHHQWKHDLUFRQGLWLRQLQJSDFNED\V,WJLYHV
DFFHVVWRWKHFHQWHUIXHOWDQNVXPSYDOYH
+\GUDXOLF%UDNH$FFXPXODWRU$FFHVV'RRU
7KHK\GUDXOLFEUDNHDFFXPXODWRUDFFHVVGRRULVDIWRI
WKHULJKWPDLQODQGLQJJHDUZKHHOZHOO,WJLYHVDFFHVV
WRWKHK\GUDXOLFEUDNHDFFXPXODWRUDQGWKHVWDQGE\
K\GUDXOLFSXPSFRPSRQHQWV
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&(*(1(5$/'(6&5,37,21
:DWHU6HUYLFH'RRU

7KHZDWHUVHUYLFHSDQHOLVRQWKHDIWORZHUULJKW
VXUIDFHRIWKHIXVHODJH,WJLYHVDFFHVVWRWKHSRWDEOH
ZDWHUV\VWHPYDOYHKDQGOHVDQGILOOILWWLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
(1*,1(2,/
7$1.$&&(66'225
(;7(51$/32:(5
5(&(37$&/('225

*5281'$,5&21',7,21,1*
$&&(66'225
&(17(5)8(/7$1.
+<'5$8/,& 6803$&&(66'225
$&&808/$725
$&&(66'225
:$67(
6(59,&(
'225
:$7(5
6(59,&(
'225

6(&7,21
$&&(66$1'
%/2:287'225

,'*2,/
5(6(592,5
$&&(66'225

'22566(59,&(*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
'22566(59,&()25:$5'$&&(66'225
/RFDWLRQ
7KHIRUZDUGHTXLSPHQWFRPSDUWPHQWDFFHVVGRRULV
IRUZDUGRIWKHQRVHZKHHOZHOO
*HQHUDO'HVFULSWLRQ
7KHGRRULVDSOXJW\SHGRRU,WKLQJHVRQLWVDIWHGJH
DQGVZLQJVRSHQXSZDUGLQWRWKHIXVHODJH
7KHGRRUVWUXFWXUHLVDQDOXPLQXPFDVWLQJ$FRQWLQXRXV
VHDODURXQGWKHGRRUSUHYHQWVORVVRIFDELQSUHVVXUH
3UHVVXUHORDGVWUDQVPLWIURPWKHGRRUWRWKHGRRUIUDPH
E\VWRSSLQVDQGSDGV
7ZRKLQJHDUPVRQWKHGRRUH[WHQGDIWWRHQJDJHKLQJH
ILWWLQJVRQWKHQRVHZKHHOZHOOIRUZDUGEXONKHDG
$JXLGHSLQRQWKHIRUZDUGHGJHRIWKHGRRUDOLJQVWKH
GRRUDVLWFORVHV
7KHGRRUODWFKPHFKDQLVPKROGVWKHGRRUFORVHGDQGKDV
WKHVHSDUWV :KHQWKHGRRULVQRWODWFKHGWKHODWFKSLQGRHVQRW
 6SULQJORDGHGKDQGOHZLWKDSXVKEXWWRQUHOHDVH
 +DQGOHVKDIWDQGOLQN
 /DWFKSLQSOXQJHU
2SHUDWLRQ
7KHKDQGOHIDLUVZLWKWKHGRRUVNLQ3XVKRQWKHEXWWRQ
PDUNHG386+DQGWKHKDQGOHH[WHQGVIURPVSULQJIRUFH
9(56,21'$7('$8*867
7XUQWKHKDQGOHFRXQWHUFORFNZLVHDQGWKHODWFKSLQ
UHWUDFWVIURPLWVERVV7KLVXQODWFKHVWKHGRRU<RX
FDQWKHQSXVKWKHGRRURSHQ$VSULQJORDGHGFDWFKWKDW
HQJDJHVWKHOHIWVLGHRIWKHGRRUKROGVWKHGRRUIXOO\
RSHQ:KHQWKHGRRULVRSHQ\RXFDQWXUQWKHKDQGOH
FORFNZLVHDQGSXVKLWLQWRLWVUHFHVV
:KHQ\RXFORVHWKHGRRU\RXPXVWH[WHQGWKHKDQGOHDQG
WXUQLWFRXQWHUFORFNZLVHWRUHWUDFWWKHODWFKSLQ7KLV
DOORZVWKHGRRUWRVHDWLQLWVIUDPH:KHQWKHGRRULV
FORVHGLWODWFKHVZLWKDFORFNZLVHWXUQRIWKHKDQGOH
7KLVIRUFHVWKHODWFKSLQLQWRWKHIUDPHERVV:KHQWKH
GRRULVFORVHGDQGODWFKHGSXVKWKHKDQGOHEDFNLQWR
LWVUHFHVV
2SHUDWLRQDO'LVSOD\V
7KHIRUZDUGHTXLSPHQWFRPSDUWPHQWDFFHVVGRRUKDVDQ
LQWHUIDFHZLWKWKHGRRUZDUQLQJV\VWHP,WVKDUHVWKH
3SDQHO(48,3GRRUZDUQLQJOLJKWZLWKWKH((
FRPSDUWPHQWH[WHUQDODFFHVVGRRU
SXVKRQWKHGRRUZDUQLQJPLFURVZLWFK7KHVZLWFKFORVHV
DQGWKH3SDQHO(48,3GRRUZDUQLQJOLJKWFRPHVRQ
:KHQWKHGRRUODWFKHVWKHODWFKSLQHQWHUVWKHIUDPH
ERVVDQGRSHQVWKHGRRUZDUQLQJPLFURVZLWFK7KLV
UHPRYHVWKHJURXQGIURPWKHOLJKW
RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256723
+$1'/( ),77,1*
/$7&+
)5$0( 3,1
6723
),77,1*
+2/'23(1
635,1*&$7&+

)25:$5'(48,30(17&203$570(17$&&(66'225
,17(5,259,(:23(1
+,1*(
$50
'225
:$51,1*
6:,7&+

)25:$5'(48,30(17&203$570(17$&&(66'225
,17(5,259,(:&/26('
'22566(59,&()25:$5'$&&(66'225
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&((/(&7521,&(48,30(17&203$570(17(;7(51$/$&&(66'225
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
'22566(59,&((/(&7521,&(48,30(17&203$570(17(;7(51$/$&&(66'225
/RFDWLRQ
7KHGRRULVRQWKHERWWRPRIWKHIXVHODJHDIWRIWKH
QRVHZKHHOZHOO
*HQHUDO'HVFULSWLRQ
7KHGRRULVDSOXJW\SHGRRU,WLVDFDVWIUDPHZLWK
DOXPLQXPVNLQV
:KHQWKHGRRURSHQVLWVOLGHVXSZDUGDQGWRWKHULJKW
,QWKHIXOO\RSHQSRVLWLRQLWVWRZVLQWKHIXVHODJHWR
WKHULJKWRIWKHGRRUIUDPH<RXRSHUDWHWKHGRRUIURP
RXWVLGHWKHDLUSODQH
7KHGRRUKDVWKHVHSDUWV WKHULJKWVLGHRIGRRUIUDPH$VSULQJFDWFKRQWKHHQG
 'RRUODWFKPHFKDQLVP
 'RRUUROOHUV
 )XVHODJHGRRUUROOHUWUDFNV
 'RRUVHDO
'RRU/DWFK0HFKDQLVP
$VSULQJORDGHGKDQGOHZLWKDSXVKEXWWRQUHOHDVH
FRQWUROVWKHODWFKPHFKDQLVP7KHKDQGOHIDLUVZLWKWKH
IXVHODJHVNLQXQWLOLWLVUHOHDVHG7KHKDQGOHVKDIW
WXUQVDSLQLRQJHDULQWKHGRRUWKDWGULYHVIRXUUDFN
JHDUODWFKSLQV7KLVFDXVHVWKHSLQVWRHQJDJHRU
GLVHQJDJHWKHODWFKSLQILWWLQJVRQWKHGRRUIUDPH7KH
ODWFKSLQVWUDQVPLWWKHGRRUSUHVVXUHORDGVWRWKHGRRU
IUDPH
9(56,21'$7('$8*867 RI
7KHILWWLQJVKDYHOXJVWKDWZLOOWUDQVPLWWKHSUHVVXUH
ORDGVVDIHO\HYHQLIWKHODWFKSLQVDUHXQODWFKHG
'RRU5ROOHUVDQG)XVHODJH5ROOHU7UDFNV
7KHGRRUKDVWKUHHVHWVRIUROOHUVWKDWUXQLQWUDFNV
DWWDFKHGWRIXVHODJHVWUXFWXUH7RJHWKHUWKHUROOHUV
DQGWUDFNVFRQWUROWKHPRWLRQRIWKHGRRUDVLWVOLGHV
RSHQRUFORVHG
*UDYLW\GHWHQWVLQWKHWUDFNVKROGWKHGRRULQSODFHDW
WKHSDUWLDOO\RSHQDQGWKHIXOORSHQSRVLWLRQV
7KHLQERDUGSDUWVRIWKHUROOHUWUDFNVIROGWRLPSURYH
DFFHVVWRWKHHTXLSPHQWUDFNV7KHWUDFNVKLQJHQHDU
RIHDFKWUDFNKROGVWKHWUDFNLQWKHIROGHGRUXQIROGHG
SRVLWLRQ
'RRU6HDO
$VHDODURXQGWKHGRRUSUHYHQWVSUHVVXUHORVV
'RRU:DUQLQJ6ZLWFK
7KHGRRUKDVDQLQWHUIDFHZLWKWKHGRRUZDUQLQJV\VWHP
,WVKDUHVWKH3SDQHO(48,3GRRUZDUQLQJOLJKWZLWK
WKHIRUZDUGHTXLSPHQWFRPSDUWPHQWGRRU7KHOHIWODWFK
SLQRSHUDWHVWKHGRRUZDUQLQJVZLWFK7KHVZLWFKLV
RXWERDUGRIWKHOHIWODWFKSLQIUDPHEXVKLQJ
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&((/(&7521,&(48,30(17&203$570(17(;7(51$/$&&(66'225
:KHQWKHGRRULVODWFKHGWKHODWFKSLQSXVKHVRQWKH
VZLWFK7KLVRSHQVWKHVZLWFKDQGUHPRYHVDJURXQGIURP
WKH(48,3OLJKWDQGWKHOLJKWJRHVRXW

:KHQWKHGRRULVXQODWFKHGWKHODWFKSLQUHOHDVHVWKH
VZLWFK7KHVZLWFKFORVHVWRJLYHDJURXQGWRWKH(48,3
OLJKWDQGWKHOLJKWFRPHVRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
+$1'/(
$&&(663$1(/

52//(575$&.
)2/'('

'225)5$0(
/$7&+
),77,1*

+$1'/(

75$&.
+,1*(
75$&.
((&203$570(17 52//(5 635,1*&$7&+
(;7(51$/$&&(66'225 75$&.6
(;7(51$/9,(:
((&203$570(17(;7(51$/$&&(66'225
,17(5,259,(:'22523(1

'225+$1'/(
0(&+$1,60

/$7&+3,1 '225:$51,1*
6:,7&+

((&203$570(17(;7(51$/$&&(66'225
,17(5,259,(:'225&/26('
'22566(59,&((/(&7521,&(48,30(17&203$570(17(;7(51$/$&&(66'225
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&((/(&7521,&(48,30(17&203$570(17(;7(51$/$&&(66'22523(5$7,21
2SHUDWLRQ 7XUQWKHKDQGOHFRXQWHUFORFNZLVHWRUHWUDFWWKHODWFK
SLQV,I\RXGRQRWGRWKLVWKHGRRUZLOOQRWVHDWLQ
<RXRSHUDWHWKHHOHFWURQLFHTXLSPHQWFRPSDUWPHQW WKHGRRUIUDPH
H[WHUQDODFFHVVGRRUPDQXDOO\<RXRSHQDQGFORVHWKH
GRRUIURPRXWVLGHRIWKHDLUSODQH 3XOOWKHKDQGOHWRWKHOHIWDQGWKHGRRUZLOOFRPHRXW
RIWKHSDUWLDOO\RSHQGHWHQW7KHQLWVOLGHVGRZQLQWR
2SHQ'RRU WKHGRRUIUDPH

7KHKDQGOHRQWKHGRRUIDLUVLQDUHFHVV$SXVKEXWWRQ 7XUQWKHKDQGOHFORFNZLVHWRODWFKWKHGRRU7KHQSXVK
WULJJHUUHOHDVHVWKHKDQGOHDQGLWFRPHVRXWRIIDLU WKHGRRUKDQGOHEDFNLQWRLWVUHFHVV
E\VSULQJIRUFH

7XUQWKHKDQGOHFRXQWHUFORFNZLVHWRGLVHQJDJHWKHODWFK
SLQV:KHQWKHODWFKSLQVDUHIUHH\RXFDQSXVKWKH
GRRUXSZDUGDQGVOLJKWO\WRWKHULJKWWRWKHILUVW
GHWHQW7KHQSXVKWKHGRRUWRWKHULJKWWRWKHIXOO\
RSHQGHWHQW

:KHQWKHGRRULVIXOO\RSHQWKHUROOHUWUDFNVFDQEH
IROGHGWRLPSURYHDFFHVVWRWKHHTXLSPHQWUDFNV$
VSULQJFDWFKRQWKHHQGRIHDFKUROOHUWUDFNKROGVWKH
WUDFNLQWKHIROGHGRUXQIROGHGSRVLWLRQ

&ORVH'RRU

%HIRUH\RXFORVHWKHGRRUPDNHVXUHWKHUROOHUWUDFNV
DUHH[WHQGHGDQGWKHGRRUIUDPHDUHDLVFOHDU

3XOOWKHGRRURXWRIWKHIXOO\RSHQGHWHQWDQGWKHQ
UHVWUDLQLWDVJUDYLW\FDXVHVLWWRVOLGHGRZQWKH
WUDFNV:KHQWKHGRRUJHWVWRWKHORZHUGHWHQW\RXFDQ
UHOHDVHLW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'225

52//(575$&.
)2/'('

'225)5$0(
/$7&+
),77,1*

52//(575$&.
635,1*&$7&+

+$1'/(

5(/($6( ((&203$570(17(;7(51$/$&&(66'225
75,**(5 ,17(5,259,(:23(152//(575$&.6)2/'('

((&203$570(17(;7(51$/$&&(66'225
(;7(5,259,(:&/26('

'22566(59,&((/(&7521,&(48,30(17&203$570(17(;7(51$/$&&(66'22523(5$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&($,5&21',7,21,1*$&&(66'2256
3XUSRVH $VFXSSHUGUDLQRQWKHGRRUGUDLQVWKHZDWHUVHSDUDWRU
LIWKHUDPDLUVSUD\OLQHIURPWKHZDWHUVHSDUDWRU
7KHDLUFRQGLWLRQLQJDFFHVVGRRUVJLYHDFFHVVWRWKH IUHH]HVRUFORJV
DLUFRQGLWLRQLQJSDFNFRPSDUWPHQWV
'RRU6WUXFWXUH
/RFDWLRQ
7KHGRRUVDUHFRPSRVLWHFRQVWUXFWLRQ
7KHDLUFRQGLWLRQLQJDFFHVVGRRUVDUHSDUWRIWKHZLQJ
WRERG\IDLULQJXQGHUWKHDLUSODQHZLQJV 2SHUDWLRQ

*HQHUDO'HVFULSWLRQ <RXRSHQDQGFORVHWKHDLUFRQGLWLRQLQJDFFHVVGRRUV
PDQXDOO\7RUHOHDVHWKHODWFKHVDSSO\PRGHUDWHWKXPE
7KHUHDUHWZRDLUFRQGLWLRQLQJSDFNFRPSDUWPHQWVDQG
HDFKKDVDQDFFHVVGRRUV7KHDLUFRQGLWLRQLQJSDFN
FRPSDUWPHQWVDUHXQSUHVVXUL]HG7KHDFFHVVGRRULVWKH
VDPHVL]HDVWKH$&SDFNFRPSDUWPHQW
7KHGRRUVKDYHKLQJHVRQWKHLQERDUGHGJH7KHKLQJHV
FRQQHFWWKHGRRUWRNHHOEHDPVWUXFWXUH
7KHGRRUVODWFKZLWKKHDY\GXW\IOXVKPRXQWODWFKHV
7KHODWFKHVVHFXUHWKHGRRULQWKHFORVHGSRVLWLRQDQG
SHUPLWTXLFNDFFHVVZLWKWKHLUSXVKEXWWRQWULJJHU
UHOHDVH7KHODWFKHVDUHDIDLOVDIHGHVLJQ)DLOXUHRI
WKHWULJJHUUHWXUQPHFKDQLVPGRQRWFDXVHWKHODWFKWR
SUHVVXUHWRWKHODWFKWULJJHUPDUNHG386+0DQXDOO\
UHVWUDLQWKHGRRUIURPIUHHIDOODV\RXUHOHDVHWKH
ODWFKHV
:KHQWKHGRRULVXQODWFKHGHDVHLWGRZQDQGVHFXUHLW
LQWKHRSHQSRVLWLRQ7KHGRRUKDVDEUDFHWKDW
VXSSRUWVLWLQWKHRSHQSRVLWLRQ3XOOWKHEUDFHIURPD
FDWFKRQWKHGRRU7KHQFRQQHFWWKHEUDFHWRWKH
VXSSRUWEUDFNHWLQWKHDLUFRQGLWLRQLQJSDFN
FRPSDUWPHQW5HWXUQWKHEUDFHWRWKHVWRZHGSRVLWLRQ
EHIRUH\RXFORVHWKHGRRU
7UDLQLQJ,QIRUPDWLRQ3RLQW
RSHQ:KHQWKHODWFKLVVHFXUHFORVHGWKHRXWHU
VXUIDFHLVVLPLODULQFRORUWRWKHDGMDFHQWVWUXFWXUH 7KHDLUFRQGLWLRQLQJDFFHVVGRRUVGRQRWJLYHDFFHVVWR
7KHRWKHUVXUIDFHVRIWKHODWFKDUHDEULJKWUHG WKHUDPDLULQOHWGXFWV7KHUDPDLULQOHWGXFWVDFFHVV
IOXRUHVFHQWFRORU7KLVSHUPLWVUDSLGYLVXDOGHWHFWLRQ LVWKURXJKSDQHOVRXWERDUGRIWKHDLUFRQGLWLRQLQJ
RIDQXQVHFXUHRSHQODWFK DFFHVVGRRUV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5$0$,5,1/(7'8&7
$&&(663$1(/

%5$&(
'225+,1*(

$,5&21',7,21,1*
$&&(66'2256
'225/$7&+(6

):'

'22566(59,&($,5&21',7,21,1*$&&(66'2256
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&($8;,/,$5<32:(581,7&2:/'225
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22566(59,&($8;,/,$5<32:(581,7&2:/'225
3XUSRVH +LQJHV

7KH$38DFFHVVGRRUJLYHVDFFHVVWRWKH$38DQGLWV 7ZRKLQJHVJLYHWKHGRRUDSLYRWD[LV<RXUHPRYHWKH
DFFHVVRULHV KLQJHSLQVWRUHPRYHWKHGRRU

/RFDWLRQ /DWFKHV

7KH$38DFFHVVGRRULVSDUWRIWKHORZHUVXUIDFHRIWKH
IXVHODJH,WLVXQGHUWKHKRUL]RQWDOVWDELOL]HU
*HQHUDO'HVFULSWLRQ
7KH$38DFFHVVGRRUKDVKLQJHVRQWKHULJKWVLGH7KUHH
ODWFKHVRQWKHOHIWVLGHKROGWKHGRRUFORVHG7KHGRRU
VZLQJVGRZQZDUGDVLWRSHQV
7KH$38DFFHVVGRRUKDVWKHVHSDUWV DOORZVUDSLGYLVXDOGHWHFWLRQRIDQXQVHFXUHODWFK
7KUHHSXVKEXWWRQODWFKHVKROGWKHGRRUFORVHG
0RGHUDWHSUHVVXUHRQWKHSXVKEXWWRQWULJJHUZLOOFDXVH
WKHODWFKWRRSHQ7KH\DUHDIDLOVDIHGHVLJQ)DLOXUH
RIWKHWULJJHUUHWXUQPHFKDQLVPZLOOQRWFDXVHWKH
ODWFKWRRSHQ
:KHQWKHODWFKLVVHFXUHWKHRXWHUVXUIDFHLVVLPLODU
LQFRORUWRDGMDFHQWVWUXFWXUH7KHRWKHUVXUIDFHVRI
WKHODWFKDUHDEULJKWUHGIOXRUHVFHQWFRORU7KLV

 'RRUIUDPHDQGVWUXFWXUH 'RRU6XSSRUW5RGV
 +LQJHV
 /DWFKHV 'RRUVXSSRUWURGVKROGWKHGRRULQWKHRSHQSRVLWLRQ
 'RRUVXSSRUWURGV <RXGHSOR\DQGVWRZWKHVXSSRUWURGVPDQXDOO\
 /RZHU$38ILUHGHWHFWRUHOHPHQW
 )LUHUHVLVWDQWOLQHUDQGLQVXODWLRQ )OXLG'UDLQ6\VWHP
 )OXLGGUDLQV\VWHP
$IOXLGGUDLQV\VWHPGUDLQVIOXLGVIURPWKH$38
'RRU)UDPHDQG6WUXFWXUH FRPSDUWPHQW)OXLGFROOHFWVLQGUDLQFXSVDQGIORZVLQ
GUDLQOLQHVWRWKHGUDLQPDVW7KHIOXLGVWKHQGUDLQ
7KHGRRUIUDPHDQGVWUXFWXUHLVDOXPLQXPDOOR\ RYHUERDUGWKURXJKWKHPDVW
H[WUXVLRQVDQGFODGDOXPLQXPDOOR\VKHHW7KHGRRUGRHV
QRWKROGSUHVVXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'22566(59,&($8;,/,$5<32:(581,7&2:/'225
/RZHU$38)LUH'HWHFWLRQ(OHPHQW
7KHORZHU$38ILUHGHWHFWRUHOHPHQWLVRQWKHLQQHU
GRRUOLQHU
 3XVKWKHODWFKKDQGOHVWRIDLUZLWKWKHGRRUVNLQ
7KLVVHFXUHVWKHODWFKHV2QO\KDQGSUHVVXUHLV
UHTXLUHGWRFORVHWKHODWFKHV

)LUH5HVLVWDQW/LQHUDQG,QVXODWLRQ

7KHLQQHUVXUIDFHRIWKHGRRULVILUHUHVLVWDQW7KH
LQVLGHVXUIDFHLVFRYHUHGZLWKDQLQVXODWLQJEODQNHW
DQGDWLWDQLXPILUHZDOOOLQHU

2SHUDWLRQ

7RRSHQWKH$38DFFHVVGRRUGRWKHVHVWHSV

 3XVKWKHODWFKWULJJHUEXWWRQVWRRSHQWKH
ODWFKHV7KLVFDXVHVWKHODWFKHVWRUHOHDVHDQG
WKHODWFKKDQGOHVWRFRPHRXWRIIDLUZLWKWKHGRRU
VNLQ7KLVGLVHQJDJHVWKHODWFKKRRNVDQGWKHLU
GRRUIUDPHILWWLQJV+ROGWKHGRRUZKLOH\RXSXOO
RQWKHODWFKKDQGOHV
 /RZHUWKHGRRUPDQXDOO\WRWKHRSHQSRVLWLRQ
 6HFXUHWKHGRRULQWKHRSHQSRVLWLRQZLWKWKHGRRU
VXSSRUWURGV

7RFORVHWKHGRRUGRWKHVHVWHSV

 5HWXUQWKHGRRUVXSSRUWURGVWRWKHLUVWRZHG
SRVLWLRQ
 0RYHWKHGRRUWRWKHFORVHGSRVLWLRQ
 8VHWKHODWFKKDQGOHVWRPDWHWKHODWFKKRRNVZLWK
WKHLUGRRUIUDPHILWWLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'225/$7&+

$38$&&(66'225
&/26('

'2256833257 '225+,1*(
52'67<3 7<3

$38),5(
'(7(&725

'225)5$0( '225/$7&+7<3

6758&785(
/,1(5$1',168/$7,21
3$57,$//<&87$:$<
'5$,16<67(0

'22566(59,&($8;,/,$5<32:(581,7&2:/'225
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&(5()8(/,1*67$7,21$&&(66'225
3XUSRVH :KHQLWLVRSHQWKHUHIXHOLQJVWDWLRQDFFHVVGRRU
HQDEOHVWKHIXHOTXDQWLW\FRQWUROVZLWFKHVDQG
7KHUHIXHOLQJVWDWLRQDFFHVVGRRUGRHVWKHVHWKLQJV LQGLFDWLRQV

 *LYHVDFFHVVWRWKHZLQJSUHVVXUHIXHOLQJPDQLIROG
DQGWKH3IXHOLQJSDQHO
 (QDEOHVWKH3IXHOLQJSDQHOFRQWUROVDQG
LQGLFDWLRQV
 &RQWUROVWKHUHIXHOLQJVWDWLRQDFFHVVGRRUIORRG
OLJKWV
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KHJURXQGLQJMDFNLVQHDUWKHSUHVVXUHUHIXHOLQJ
UHFHSWDFOH7KHVHUYLFHLQWHUSKRQHMDFNLVQHDUWKH
GRRUKROGRSHQURG7KHWZRMDFNVDUHVLPLODU'RQRW
XVHWKHLQWHUSKRQHMDFNDVDJURXQGLQJGHYLFH

/RFDWLRQ 0DNHVXUHWKHUHIXHOLQJVWDWLRQDFFHVVGRRULVFORVHG
DQGVHFXUHEHIRUHIOLJKW'DPDJHWRHTXLSPHQWFDQRFFXU
7KHUHIXHOLQJVWDWLRQDFFHVVGRRULVRQWKHOHDGLQJ LIWKHGRRULVRSHQ
HGJHRIWKHULJKWZLQJRXWERDUGRIWKHHQJLQH

*HQHUDO'HVFULSWLRQ

7KHUHIXHOLQJVWDWLRQDFFHVVGRRUKLQJHVRQLWVIRUZDUG
HGJH,WLVKHOGFORVHGE\IRXUSXVKEXWWRQODWFKHVRQ
LWVDIWHGJH,WVZLQJVGRZQZDUGDQGLVKHOGLQWKH
IXOO\RSHQSRVLWLRQE\DODWFKLQJWHOHVFRSLFURG<RX
PXVWUHOHDVHWKHFDWFKRQWKHURGEHIRUH\RXFORVHWKH
GRRU

6HHWKHWKHIXHOFKDSWHUIRUPRUHLQIRUPDWLRQRQ
IXHOLQJLQGLFDWLRQDQGFRQWURO$003$57,

2SHUDWLRQDO'LVSOD\V

:KHQWKHUHIXHOLQJVWDWLRQDFFHVVGRRURSHQVWKHIORRG
OLJKWVRQWKHGRRUFRPHRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

386+%87721 5()8(/,1*67$7,21
/$7&+7<3 $&&(66'225
'225+,1*(

5()8(/,1*67$7,21$&&(66'225
&/26('
+2/'23(1
*5281',1* 5()8(/,1* 52'
-$&. 5(&(37$&/( ,17(53+21(
-$&.
33$1(/

0$*1(7$1'
5(('6:,7&+

5()8(/,1*67$7,21
$&&(66'225

386+%87721
/$7&+7<3 '225)/22'
/,*+77<3
5()8(/,1*67$7,21$&&(66'225
23(1
'22566(59,&(5()8(/,1*67$7,21$&&(66'225
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&(5$0$,5$&&(663$1(/6
3XUSRVH
7KHUDPDLUDFFHVVSDQHOVJLYHDFFHVVWRWKHDLU
FRQGLWLRQLQJUDPDLUGXFWV
7KHUDPDLUDFFHVVSDQHOVGRQRWJLYHDFFHVVWRWKHDLU
FRQGLWLRQLQJSDFNFRPSRQHQWV<RXJHWDFFHVVWRWKHDLU
FRQGLWLRQLQJSDFNVWKURXJKGRRUVLQERDUGRIWKHUDPDLU
DFFHVVGRRUV

/RFDWLRQ 7KHOHIWUDPDLUDFFHVVSDQHOJLYHVDFFHVVWRWKH
QLWURJHQJHQHUDWLRQV\VWHPFRPSRQHQWV
7KHUDPDLUDFFHVVSDQHOVDUHSDUWRIWKHZLQJWRERG\
IDLULQJXQGHUWKHDLUSODQHZLQJV

*HQHUDO'HVFULSWLRQ

7KHUHDUHWZRUDPDLUV\VWHPV(DFKKDVDQDFFHVV
SDQHO7KHUDPDLUGXFWFRPSDUWPHQWVDUHXQSUHVVXUL]HG

'RRU6WUXFWXUH

7KHSDQHOVDUHFRPSRVLWHFRQVWUXFWLRQ

2SHUDWLRQ

7RRSHQWKHUDPDLUDFFHVVSDQHOV\RXUHPRYHWKHP
5HVWUDLQWKHSDQHODV\RXUHOHDVHWKHTXDUWHUWXUQ
IDVWHQHUV

7UDLQLQJ,QIRUPDWLRQ3RLQW

<RXPXVWUHPRYHWKHUDPDLUDFFHVVSDQHOVWRJHWDFFHVV
WRWKHUDPDLULQOHWGXFW$FFHVVSDQHOVRQWKHUDPDLU
LQOHWGXFWOHW\RXFOHDUGHEULVLQJHVWHGE\WKHUDPDLU
V\VWHP5DPDLUGHEULVLQKLELWVWKHSHUIRUPDQFHRIWKH
UDPDLUV\VWHPDQGFDQFDXVHSDFNWULSRIIV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5$0$,5$&&(66
3$1(/5,*+7

48$57(57851
)$67(1(567<3

5$0$,5$&&(66
3$1(//()7

):'

$,5&21',7,21,1*
$&&(66'22565()

'22566(59,&(5$0$,5$&&(663$1(/6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&(+,*+35(6685(&211(&725$&&(66'225
3XUSRVH

7KHKLJKSUHVVXUHFRQQHFWRUDFFHVVGRRUJLYHVDFFHVVWR
WKHSQHXPDWLFJURXQGDLUFRQQHFWRUFKHFNYDOYH

/RFDWLRQ

7KHKLJKSUHVVXUHFRQQHFWRUDFFHVVGRRULVRQWKH
IRUZDUGRXWERDUGFRUQHURIWKHULJKWDLUFRQGLWLRQLQJ
DFFHVVGRRU

*HQHUDO'HVFULSWLRQ

7KHKLJKSUHVVXUHFRQQHFWRUDFFHVVGRRUKDVKLQJHVRQ
LWVIRUZDUGHGJHDQGKDVIRXUSXVKEXWWRQODWFKHV

7KHODWFKHVKROGWKHGRRULQWKHFORVHGSRVLWLRQDQG
SHUPLWTXLFNDFFHVVZLWKWKHLUSXVKEXWWRQWULJJHU
UHOHDVH7KHODWFKHVDUHDIDLOVDIHGHVLJQ)DLOXUHRI
WKHWULJJHUUHWXUQPHFKDQLVPGRHVQRWFDXVHWKHODWFK
WRRSHQ

'RRU6WUXFWXUH

7KHGRRULVFRPSRVLWHFRQVWUXFWLRQ

2SHUDWLRQ

7RRSHQWKHKLJKSUHVVXUHFRQQHFWRUDFFHVVGRRUSXVK
WKHIRXUODWFKUHOHDVHWULJJHUV2QO\PRGHUDWHILQJHU
SUHVVXUHLVQHFHVVDU\WRRSHQDQGFORVHWKHODWFKHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5$0$,5
$&&(663$1(/5()

$,5&21',7,21,1*
$&&(66'22565()

*5281'318(0$7,&
&211(&725
$&&(66'225

):'

'22566(59,&(+,*+35(6685(&211(&725$&&(66'225
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'22566(59,&(67$1'%<+<'5$8/,&3803$1'+<'5$8/,&%5$.($&&808/$725$&&(66'225
3XUSRVH IOXRUHVFHQWFRORU7KLVDOORZVIDVWYLVXDOGHWHFWLRQRI
DQXQVHFXUHGRSHQODWFK
7KHK\GUDXOLFEUDNHDFFXPXODWRUDFFHVVGRRUJLYHV
DFFHVVWRWKHVHFRPSRQHQWV 2SHUDWLRQ

 7KHK\GUDXOLFV\VWHPEUDNHDFFXPXODWRU <RXRSHQDQGFORVHWKHGRRUPDQXDOO\7RUHOHDVHWKH
 6WDQGE\K\GUDXOLFSXPSFRPSRQHQWV ODWFKHVDSSO\PRGHUDWHWKXPESUHVVXUHWRWKHODWFK
WULJJHU0DQXDOO\UHVWUDLQWKHGRRUIURPIUHHIDOODV
/RFDWLRQ \RXUHOHDVHWKHODWFKHV

7KHK\GUDXOLFEUDNHDFFXPXODWRUDFFHVVGRRULVSDUWRI 8VHWKHKROGRSHQURGWRVHFXUHWKHGRRULQWKHRSHQ
WKHZLQJWRERG\IDLULQJ,WLVDIWRIWKHULJKWPDLQ SRVLWLRQ
ODQGLQJJHDUZKHHOZHOO

*HQHUDO'HVFULSWLRQ

7KHK\GUDXOLFEUDNHDFFXPXODWRUDFFHVVGRRULVD
FRPSRVLWHVWUXFWXUH

7KHGRRUKDVWKHVHSDUWV

 +ROGRSHQURG
 9HQWLODWLRQORXYUHV
 /DWFKHV
 +LQJHV

+HDY\GXW\IOXVKPRXQWODWFKHVKROGWKHGRRUFORVHG
7KHODWFKHVVHFXUHWKHGRRULQWKHFORVHGSRVLWLRQDQG
SHUPLWTXLFNDFFHVVZLWKWKHLUSXVKEXWWRQWULJJHU
UHOHDVHV:KHQWKHODWFKLVVHFXUHFORVHGWKHRXWHU
VXUIDFHLVVLPLODULQFRORUWRWKHDGMDFHQWVWUXFWXUH
7KHRWKHUVXUIDFHVRIWKHODWFKDUHDEULJKWUHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

+<'5$8/,&
%5$.($&&808/$725

67$1'%<+<'5$8/,&
6<67(0(/(&75,&
+,1*( 02725'5,9(13803
7<3

+2/'
23(152'

/$7&+
7<3

9(17,/$7,21
/2895(6

$&&(66
'225

'22566(59,&(67$1'%<+<'5$8/,&3803$1'+<'5$8/,&%5$.($&&808/$725$&&(66'225
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225,1752'8&7,21
3XUSRVH

7KHIOLJKWFRPSDUWPHQWGRRUGLYLGHVWKHIOLJKW
FRPSDUWPHQWIURPWKHSDVVHQJHUFRPSDUWPHQW7KHGRRU
JLYHVDVHOHFWLYHHQWUDQFHLQWRWKHIOLJKWFRPSDUWPHQW
7KHGRRUDQGVWUXFWXUHDURXQGWKHGRRUKDVLQWUXGHUDQG
EDOOLVWLFSURSHUWLHVIRUVHFXULW\

/RFDWLRQ

7KHIOLJKWFRPSDUWPHQWGRRULVDWWKHHQWUDQFHWRWKH
IOLJKWFRPSDUWPHQW

*HQHUDO'HVFULSWLRQ

7KHIOLJKWFRPSDUWPHQWGRRULVQRWDSUHVVXUHGRRU7KH
GRRURSHQVLQWRWKHSDVVHQJHUFRPSDUWPHQWDQGKDVD
PHFKDQLFDODQGDQHOHFWULFORFN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

):'

'2256)/,*+7&203$570(17'225,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225'225
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225'225
3XUSRVH +LQJHVDQG/LJKW6HDOV

7KHIOLJKWFRPSDUWPHQWGRRUJLYHVDVHOHFWLYHHQWU\WR +LQJHVDWWDFKWKHGRRUWRWKHIUDPHRQWKHOHIWVLGHRI
WKHIOLJKWFRPSDUWPHQW WKHGRRU6HDOVDURXQGWKHGRRUGHFUHDVHOLJKWDQG
QRLVHWUDQVPLVVLRQ
/RFDWLRQ
'RRU+DQGOHDQG/RFN0HFKDQLVPV
7KHIOLJKWFRPSDUWPHQWGRRULVDWWKHHQWUDQFHWRWKH
IOLJKWFRPSDUWPHQW 7RRSHQWKHGRRUIURPWKHIOLJKWFRPSDUWPHQWVLGH\RX
WXUQWKHKDQGOHWRGLVHQJDJHWKHGRRUEROWIURPWKH
*HQHUDO'HVFULSWLRQ GRRUSRVWVWULNHDVVHPEO\

7KHGRRUKDVWKHVHFRPSRQHQWV <RXFDQSXOOWKHGRRUKDQGOHWRRSHQWKHGRRUIURPWKH
SDVVHQJHUFRPSDUWPHQWLIWKHHOHFWULFORFNLVQRW
 +LQJHV HQHUJL]HG7KHGRRUEROWFDQPRYHWKHGRRUSRVWVWULNH
 /LJKWVHDOV DVVHPEO\DJDLQVWVSULQJWHQVLRQ
 'RRUKDQGOH
 'HDGEROW ,IWKHHOHFWULFORFNHQHUJL]HVWKHVWULNHPHFKDQLVP
 'HFRPSUHVVLRQSDQHOV FDQQRWPRYHDQG\RXFDQQRWSXOOWKHGRRURSHQIURPWKH
 3UHVVXUHUHOHDVHODWFKHV SDVVHQJHUFRPSDUWPHQW7RRSHQWKHGRRUIURPWKH
 9LHZKROHZLWKOHQV SDVVHQJHUFRPSDUWPHQWZKHQWKHHOHFWULFORFNLV
 0LUURU HQHUJL]HG\RXPXVWHQWHUDQHPHUJHQF\DFFHVVFRGHRQ
 /LFHQVHDQGFHUWLILFDWHKROGHUV WKHNH\SDG
 'RRUVWRSPHFKDQLVP
7KHGHDGEROWLVDPHFKDQLFDOGHYLFHWKDWPDQXDOO\
7KHGRRULVLQDIUDPHDVVHPEO\7KHGRRUKDQGOHEROW ORFNVWKHGRRU7KHGHDGEROWOHYHULVDVSOLW
HQJDJHVDVWULNHDVVHPEO\LQWKHIUDPHGRRUSRVW7KH VHJPHQWHGOHYHUZLWKSRVLWLRQV
VWULNHKDVDQHOHFWULFORFN
:KHQWKHOHYHULVLQDYHUWLFDOSRVLWLRQWKHGHDGEROW
$PRPHQWDU\DFWLRQURWDU\VZLWFKRQWKH3FRFNSLW UHWUDFWV
FRQWUROSDQHOFRQWUROVWKHIOLJKWGHFNDFFHVVV\VWHP
7KLVV\VWHPRSHUDWHVWKHHOHFWULFORFNWKDWORFNVDQG :KHQKDOIRIWKHVSOLWOHYHUWXUQVFRXQWHUFORFNZLVHVR
XQORFNVWKHGRRU WKDWKDOIRIWKHOHYHULVKRUL]RQWDOWKHGHDGEROW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225'225
H[WHQGVWRORFNWKHGRRU<RXFDQXQORFNWKHGRRUIURP
WKHSDVVHQJHUFRPSDUWPHQWZLWKDNH\
,IWKHWZRKDOYHVRIWKHOHYHUWXUQIXOO\KRUL]RQWDO
WKHGHDGEROWH[WHQGVWRORFNWKHGRRUDQG\RXFDQQRW
XQORFNWKHGRRUZLWKWKHNH\
:KHQWKHDLUSODQHLVSDUNHG\RXFDQXVHWKHNH\WR
ORFNWKHGHDGEROWIURPWKHSDVVHQJHUFRPSDUWPHQWWR
PDNHWKHIOLJKWFRPSDUWPHQWVDIH
'HFRPSUHVVLRQ3DQHOV
9LHZ+ROHDQG/HQV
7KHYLHZKROHDQGOHQVDVVHPEO\LQWKHGRRUOHWWKH
IOLJKWFUHZVHHWKHIOLJKWFRPSDUWPHQWHQWUDQFHDUHD
ZKHQWKHGRRULVFORVHG
'RRU6WRS
7KHGRRUVWRSPHFKDQLVPLVDVSULQJORDGHGSOXQJHUZLWK
DSDGGHGIRRWDQGDUHOHDVHOHYHUWKDWLVRQWKHERWWRP
RIWKHGRRU7KHPHFKDQLVPKROGVWKHGRRULQWKHRSHQ
SRVLWLRQ

7KHUHDUHWZRGHFRPSUHVVLRQSDQHOVRQWKHIOLJKW
FRPSDUWPHQWGRRU,IWKHUHLVDIDVWIRUZDUG
GHSUHVVXUL]DWLRQWKHSDQHOVRSHQLQWRWKHIOLJKW
FRPSDUWPHQW7KLVPDNHVWKHSUHVVXUHEHWZHHQWKHIOLJKW
FRPSDUWPHQWDQGWKHSDVVHQJHUFRPSDUWPHQWHTXDO

7KHWZRGHFRPSUHVVLRQSDQHOVDUHDOVRHPHUJHQF\H[LW
SDQHOV<RXFDQUHPRYHWKHKLQJHSLQVWRSXOOWKH
SDQHOVRXWRIWKHGRRU7KLVJLYHVWKHFUHZDQ
HPHUJHQF\H[LWLIWKHGRRUFDQQRWRSHQEHFDXVHRID
EORFNDJHRUDMDP

3UHVVXUH5HOHDVH/DWFKHV

7KHSUHVVXUHUHOHDVHODWFKHVKROGWKHGHFRPSUHVVLRQ
SDQHOVLQSRVLWLRQDQGXQODWFKE\GLIIHUHQWLDO
SUHVVXUH$WSVLGWKHODWFKHVUHOHDVHWKH
GHFRPSUHVVLRQSDQHOV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'($'%2/7
/(9(5
)25*5281'86(21/<
'($'%2/7326,7,216

'($'%2/7 81/2&.('

.(<+2/( /2&.('
.(<23(5$%/(

/2&.('
.(<,123(5$%/(
9,(:
+2/(
&+,0(
02'8/(
.(<3$'

'225
+$1'/( 35(6685( '(&2035(66,21
5(/($6( 3$1(/6
/$7&+(6

'2256723

)/,*+7&203$570(17'225 )/,*+7&203$570(17'225
3$66(1*(5&$%,16,'( )/,*+7&203$570(176,'(

'2256)/,*+7&203$570(17'225'225
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
'2256)/,*+7&203$570(17'225$&&(666<67(0*(1(5$/'(6&5,37,21
*HQHUDO
7KHIOLJKWFRPSDUWPHQWGRRUORFNV\VWHPORFNVWKH
IOLJKWFRPSDUWPHQWGRRU
7KHIOLJKWGHFNDFFHVVV\VWHPOHWVWKHIOLJKWFUHZORFN
DQGXQORFNWKHGRRUIURPWKHLUVHDWV$NH\SDGJLYHV
DFFHVVWRWKHIOLJKWFRPSDUWPHQWIURPWKHSDVVHQJHU
FRPSDUWPHQW7KLVDFFHVVRSHUDWHVWKURXJKDGRRUEHOO
IXQFWLRQRUDQHPHUJHQF\DFFHVVFRGHWKDWUHOHDVHVWKH
GRRUORFN7KHIOLJKWFUHZFDQXVHWKHV\VWHPWR
SUHYHQWDFFHVVDQGGLVDEOHWKHNH\SDG
$PDQXDOO\RSHUDWHGGHDGEROWORFNVWKHGRRULIWKH
DXWRPDWLFV\VWHPGRHVQRWRSHUDWH<RXFDQDOVRXVHWKH
GHDGEROWWRORFNWKHGRRUZKHQWKHDLUSODQHLVSDUNHG
&RPSRQHQWV
7KHIOLJKWGHFNDFFHVVV\VWHPKDVWKHVHFRPSRQHQWV
 'RRUORFNVZLWFK
 .H\SDG
 &KLPHPRGXOH
 6WULNHPHFKDQLVPZLWKHOHFWULFVROHQRLG
*HQHUDO'HVFULSWLRQ
7KHIOLJKWGHFNDFFHVVV\VWHPXVHVDVWULNHPHFKDQLVP
WKDWLVDVSULQJORDGHGPHFKDQLFDOGHYLFHWKDWWXUQV
7KLVPHFKDQLVPKDVDQHOHFWULFDOO\FRQWUROOHGVROHQRLG
ORFN:KHQWKHVROHQRLGGHHQHUJL]HVWKHVWULNHFDQ
WXUQDJDLQVWVSULQJIRUFH,QWKLVFRQGLWLRQWKHGRRU
9(56,21'$7('$8*867 RI
KDQGOHEROWFDQSXVKWKHVWULNHDZD\DQG\RXFDQ
HDVLO\SXOOWKHGRRURSHQ
:KHQWKHVROHQRLGHQHUJL]HVLWHQJDJHVWKHVWULNH
7KLVGRHVQRWOHWWKHVWULNHPRYH,QWKLVFRQGLWLRQ
\RXFDQQRWSXOOWKHGRRURSHQ
7KHGHDGEROWKDVDSRVLWLRQVSOLWOHYHU<RXXVHWKH
OHYHUWRORFNWKHGHDGEROWIURPWKHIOLJKW
FRPSDUWPHQW<RXFDQDOVRXVHDNH\WRORFNWKHGHDG
EROWIURPWKHSDVVHQJHUFRPSDUWPHQW
2SHUDWLRQDO&RQWUROVDQG'LVSOD\V
7KHIOLJKWFUHZXVHVWKHGRRUORFNVZLWFKWRFRQWURO
WKHV\VWHP7KHGRRUORFNVZLWFKLVDSRVLWLRQURWDU\
VZLWFKZLWK81/.'$872DQG'(1<SRVLWLRQV7ZRDPEHU
LQGLFDWRUOLJKWVDGMDFHQWWRWKHVZLWFKVKRZ/2&.)$,/
DQG$87281/.
7KHNH\SDGKDVQXPHULFNH\VIURPWRDQGDQ(17
NH\<RXXVHWKHNH\SDGWRHQWHUDQGWKHQ(17IRUWKH
GRRUEHOOIXQFWLRQRUWRHQWHUDQHPHUJHQF\DFFHVVFRGH
7KHUHDUHUHGDPEHUDQGJUHHQ/('VRQWKHNH\SDG7KH
/('VVKRZV\VWHPDQGORFNVWDWXV
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

3$66(1*(5&2037 )/,*+7&203$570(17
6,'(2)'225 6,'(2)'225 )/7'.
'225
6:,7&+

9'&
'225 67$%75,0 )/7'.'225
5(' $872
$0%(5 81/.' '(1<
295' /2&.
*5((1 )$,/

$872
1250 81/.
 

 
'225&21752/3$1(/
 (17 3

6+2:1
81/2&.('
.(<3$'

675,.(

'225
/2&.
62/(12,' &+,0(
02'8/(
'225/2&.
$66(0%/<

'2256)/,*+7&203$570(17'225$&&(666<67(0*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225&+,0(02'8/(
3XUSRVH  'RRUEHOO
 (PHUJHQF\DFFHVVFRGH
7KHFKLPHPRGXOHXVHVLQSXWVIURPWKH)/7'.'225
VZLWFKDQGWKHNH\SDGWRFRQWUROWKHIOLJKWGHFNDFFHVV <RXSXVKWKH7,0(56VZLWFKDQGWKHQHQWHUDFRGHLQWKH
V\VWHP)'$67KHFKLPHPRGXOHPDNHVWKHWRQHVWKDW
JLYHWKHIOLJKWFUHZDQDOHUWRIDQDFFHVVUHTXHVWDQG
JLYHVV\VWHPVWDWXVVLJQDOV
/RFDWLRQ
7KHFKLPHPRGXOHLVRQWKHIOLJKWFRPSDUWPHQWVLGHRI
WKHGRRUSRVW
*HQHUDO'HVFULSWLRQ
7KHFKLPHPRGXOHKDVDOOWKHFRQWUROORJLFDQGWLPHUV
IRURSHUDWLRQRIWKHIOLJKWGHFNDFFHVVV\VWHP<RX
UHPRYHWKHFRYHUWRJHWDFFHVVWRSURJUDPPLQJSXVK
EXWWRQV7ZRSODFDUGVRQWKHVLGHRIWKHFKLPHPRGXOH
7,0(56DQG$&&(66LGHQWLI\WKHSXVKEXWWRQV7KHWRS
SXVKEXWWRQLVWKH7,0(56VZLWFK7KHERWWRPSXVK
EXWWRQLVWKH$&&(66VZLWFK7KHUHGJXDUGHG)'$6
VZLWFKRQWKHERWWRPIDFHRIWKHPRGXOHKDV2))DQG
1250SRVLWLRQV<RXSXWWKLVVZLWFKLQWKH2))SRVLWLRQ
WRVHWWKHV\VWHPWRRII
3URJUDPPLQJ
<RXXVHWKHSXVKEXWWRQVWRVHWSURJUDPIXQFWLRQV
 $FFHVVWLPHGHOD\
 'HQ\WLPHGHOD\
 &RQWLQXRXVFKLPHWLPHGHOD\
9(56,21'$7('$8*867 RI
NH\SDGWRVHWWKHDFFHVVWLPHGHOD\<RXPXVWRQO\VHW
WKHDFFHVVWLPHGHOD\WRRUVHFRQGV
<RXSXVKWKH7,0(56VZLWFKDQGWKHQHQWHUDFRGHLQWKH
NH\SDGWRVHWWKHGHQ\WLPHGHOD\<RXFDQVHWWKHGHQ\
WLPHGHOD\IURPWRPLQXWHVLQPLQXWHLQFUHPHQWV
<RXSXVKWKH7,0(56VZLWFKDQGWKHQHQWHUDFRGHLQWKH
NH\SDGWRVHWWKHFRQWLQXRXVFKLPHWLPHGHOD\7KLV
GHOD\LVIURPWRVHFRQGVLQVHFRQGLQFUHPHQWV
,IWKHGRRUEHOOLVHQDEOHG\RXPXVWVHWWKHFRQWLQXRXV
FKLPHWLPHGHOD\WRVHFRQGV7KLVPDNHVDGLVWLQFWLRQ
EHWZHHQDQHPHUJHQF\DFFHVVUHTXHVWDQGWKHGRRUEHOO
<RXDOVRXVHWKH7,0(56VZLWFKWRHQDEOHRUGLVDEOHWKH
GRRUEHOOIXQFWLRQ<RXSXWDFRGHLQWKHNH\SDGWR
WRJJOHWKHGRRUEHOORQRURII7KHGRRUEHOOPDNHVWRQHV
IURPWKHFKLPHPRGXOHIRUDQDFFHVVUHTXHVWEXWGRHV
QRWRSHQWKHGRRUORFN
<RXSXVKWKH$&&(66VZLWFKDQGWKHQHQWHUDFRGHLQWKH
NH\SDG WRFKDQJHWKHHPHUJHQF\DFFHVVFRGH7KHDFFHVV
FRGHPXVWEHWRFKDUDFWHUV
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

&29(5 7,0(56
5(029(' 6:,7&+
5(7$,1,1*
6&5(:6 $&&(66
6:,7&+

&29(5
2))
)'$6 )'$6
6:,7&+ 6:,7&+

1250

):'

'2256)/,*+7&203$570(17'225&+,0(02'8/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225'225/2&.6:,7&+
'2256)/,*+7&203$570(17'225GRRUORFNVZLWFK
3XUSRVH
7KHGRRUORFNVZLWFKFRQWUROVWKHIOLJKWGHFNDFFHVV
V\VWHPDQGOHWVWKHIOLJKWFUHZXQORFNWKHIOLJKW
FRPSDUWPHQWGRRURUSUHYHQWDFFHVVIURPWKHSDVVHQJHU
FRPSDUWPHQW
SDVVHQJHUFRPSDUWPHQW:KHQ\RXUHOHDVHWKHVZLWFKLW
PRYHVWRWKH$872SRVLWLRQDQGWKHGRRUORFNV
7KH/2&.)$,/OLJKWFRPHVRQWRVKRZWKDWWKHGRRUORFN
VROHQRLGKDVDFRPPDQGWRJRWRWKHORFNSRVLWLRQEXW
LVQRWHQJDJHGDQGWKHGRRULVQRWORFNHG

/RFDWLRQ

7KHGRRUORFNVZLWFKLVRQ3DGMDFHQWWRWKH67$%75,0
VZLWFK

*HQHUDO'HVFULSWLRQ

7KHGRRUORFNVZLWFKLVDSRVLWLRQURWDU\VZLWFKZLWK
81/.'$872DQG'(1<SRVLWLRQV7ZRDPEHULQGLFDWRU
OLJKWVDGMDFHQWWRWKHVZLWFKDUH/2&.)$,/DQG$872
81/.

7KHVZLWFKLVVSULQJORDGHGWRWKH$872SRVLWLRQ,Q
WKLVSRVLWLRQWKHGRRUORFNVZKHQWKHV\VWHPKDVSRZHU
:KHQ\RXHQWHUWKHFRUUHFWHPHUJHQF\DFFHVVFRGHRQWKH
NH\SDGWKHGRRUXQORFNVDIWHUDWLPHGHOD\7KH$872
81/.OLJKWFRPHVRQWRVKRZWKDWWKHGRRUZLOOXQORFN
DXWRPDWLFDOO\

,IWKHVZLWFKLVWXUQHGWRWKH'(1<SRVLWLRQDIWHU\RX
HQWHUWKHHPHUJHQF\DFFHVVFRGHDFFHVVLVSUHYHQWHG
DQGWKHNH\SDGGLVDEOHVIRUDWLPHSHULRG

<RXFDQSXVKDQGWXUQWKHGRRUORFNVZLWFKWRWKH81/.'
SRVLWLRQWRXQORFNWKHGRRUDQGSHUPLWDFFHVVIURPWKH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

67$%75,0 )/7'.'225
$872
81/.' '(1<
295' /2&.
)$,/

$872
1250 81/.

'2256)/,*+7&203$570(17'225'225/2&.6:,7&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225.(<3$'
3XUSRVH

<RXXVHWKHNH\SDGWRHQWHUWKHHPHUJHQF\DFFHVVFRGH
WRXQORFNWKHIOLJKWFRPSDUWPHQWGRRULIWKHIOLJKW
FUHZFDQQRWRSHQWKHGRRU<RXDOVRXVHWKHNH\SDGWR
RSHUDWHWKHGRRUEHOOWRPDNHDQDFFHVVUHTXHVWWRWKH
IOLJKWFRPSDUWPHQW

/RFDWLRQ

7KHNH\SDGLVRQWKHSDVVHQJHUFRPSDUWPHQWVLGHRIWKH
GRRUSRVW

*HQHUDO'HVFULSWLRQ

7KHNH\SDGKDVQXPHULFNH\VIURPWRDQGDQ(17
NH\7KHUHDUHUHGDPEHUDQGJUHHQ/('VRQWKH
NH\SDG7KH/('VVKRZV\VWHPDQGORFNVWDWXV

<RXXVHWKHNH\SDGWRHQWHUDWRGLJLWDFFHVVFRGH
IRUHPHUJHQF\DFFHVVWRWKHIOLJKWFRPSDUWPHQW

7KH/('VVKRZWKHVHFRQGLWLRQV

 5HG/('QRUPDOO\RQWRVKRZWKDWWKHGRRULV
ORFNHG
 $PEHU/('WKHFRUUHFWHPHUJHQF\DFFHVVFRGHZDV
HQWHUHG
 *UHHQ/('WKHGRRULVXQORFNHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5('

$0%(5

*5((1

 

 

 (17

):'

'2256)/,*+7&203$570(17'225.(<3$'
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225'225/2&.62/(12,'
3XUSRVH

7KHGRRUORFNVROHQRLGHOHFWULFDOO\ORFNVWKHGRRUSRVW
VWULNHPHFKDQLVP7KLVORFNVWKHIOLJKWFRPSDUWPHQW
GRRU

/RFDWLRQ

7KHGRRUORFNVROHQRLGLVLQWKHGRRUSRVW

*HQHUDO'HVFULSWLRQ

:KHQWKHGRRUORFNVROHQRLGHQHUJL]HVLWPRYHVWRWKH
ORFNHGSRVLWLRQDQGORFNVWKHGRRUSRVWVWULNH,QWKLV
ORFNHGFRQGLWLRQWKHVWULNHFDQQRWPRYHDQGWKHGRRU
LVORFNHG:KHQ\RXGHHQHUJL]HWKHGRRUORFNVROHQRLG
LWUHOHDVHVWKHGRRUSRVWVWULNHDQGOHWVWKHVWULNH
PRYHDJDLQVWVSULQJWHQVLRQ$PLFURVZLWFKRQWKHGRRU
ORFNVROHQRLGVHQGVDSRVLWLRQLQGLFDWLRQWRWKHFKLPH
PRGXOH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0,&526:,7&+
1276+2:1

62/(12,'

675,.(

):'
):'

'225/2&.$66(0%/<

'2256)/,*+7&203$570(17'225'225/2&.62/(12,'
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225'225/2&.62/(12,')81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225'225/2&.62/(12,')81&7,21$/'(6&5,37,21
*HQHUDO'HVFULSWLRQ
7KHFKLPHPRGXOHFRQWUROVSRZHUWRWKHGRRUORFN
VROHQRLG:KHQWKHUHLVYGFDQGWKH)/7'.'225
VZLWFKLVLQWKH$872SRVLWLRQWKHVROHQRLGHQHUJL]HV
DQGPRYHVWRWKHORFNHGSRVLWLRQ$UHG/('RQWKH
NH\SDGVKRZVWKDWWKHGRRULVORFNHG
$XWRPDWLF(QWU\&RQWURO
,I\RXHQWHUWKHFRUUHFWHPHUJHQF\DFFHVVFRGHLQWKH
NH\SDGZLWKWKH)/7'.'225VZLWFKLQ$872WKHDFFHVV
WLPHGHOD\VWDUWVDQGWKHVHLQGLFDWLRQVRFFXU
LPPHGLDWHO\
 5HG/('JRHVRII
 $PEHU/('FRPHVRQ
 KDOIVHFRQGFKLPHWRQHVFRPHRQ
 $87281/.OLJKWVKRZVFRQWLQXRXVO\

:KHQ\RXSXVKDQG(17RQWKHNH\SDGWRRSHUDWHWKH $IWHUWZRWKLUGVRIWKHDFFHVVWLPHGHOD\WKHVH
GRRUEHOOLWFDXVHVWKHFKLPHPRGXOHWRPDNHFKLPH LQGLFDWLRQVRFFXU
WRQHV7KHIOLJKWFUHZFDQSXVKDQGWXUQWKH)/7'.
'225VZLWFKWRWKH81/.'SRVLWLRQWRRSHQWKHGRRU7KH  &RQWLQXRXVEX]]HUWRQHFRPHVRQ
UHVXOWVDUH  $87281/.OLJKWIODVKHV
 $PEHU/('VWD\VRQ
 6ROHQRLGGHHQHUJL]HV
 'RRUUHOHDVHV $WWKHHQGRIWKHDFFHVVWLPHGHOD\WKHVROHQRLGGH
 5HG/('JRHVRII HQHUJL]HVWRWKHXQORFNHGSRVLWLRQIRUVHFRQGVDQG
 *UHHQ/('FRPHVRQ WKHVHLQGLFDWLRQVRFFXU

,I\RXKROGWKH)/7'.'225VZLWFKWR81/.'IRUPRUH  %X]]HUWRQHVWRSV
WKDQVHFRQGVWKHFKLPHPRGXOHHQHUJL]HVWKH  $PEHU/('JRHVRII
VROHQRLGWRORFNWKHGRRU  *UHHQ/('FRPHVRQ
 $87281/.OLJKWJRHVRII
:KHQ\RXUHOHDVHWKH)/7'.'225VZLWFKWKHUHVXOWV
DUH 5HMHFWHG(QWU\&RQWURO

 'RRUORFNVZLWFKPRYHVWRWKH$872SRVLWLRQ ,I\RXHQWHUWKHFRUUHFWHPHUJHQF\DFFHVVFRGHLQWKH
 &KLPHPRGXOHHQHUJL]HVWKHVROHQRLGWRWKHORFNHG NH\SDGWKHIOLJKWFUHZFDQWXUQWKH)/7'.'225VZLWFK
SRVLWLRQ PRPHQWDULO\WRWKH'(1<SRVLWLRQWRSUHYHQWDFFHVV
 *UHHQ/('JRHVRII 7KHVHLQGLFDWLRQVWKHQRFFXU
 5HG/('FRPHVRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225'225/2&.62/(12,')81&7,21$/'(6&5,37,21
 $PEHU/('JRHVRII
 5HG/('FRPHVRQ
 $87281/.OLJKWJRHVRII
 .H\SDGGLVDEOHVIRUWKHGHQ\WLPHGHOD\SHULRG

)DLOXUH,QGLFDWLRQ

:KHQWKHGRRUORFNVROHQRLGJHWVDFRPPDQGWRWKH
ORFNHGSRVLWLRQEXWWKHGRRUORFNDVVHPEO\PLFUR
VZLWFKVKRZVXQORFNHGWRWKHFKLPHPRGXOHWKH/2&.
)$,/OLJKWVKRZVRQ3

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'& 81/2&.('
'&%86
)''225
/2&.
3&%3$1(/ /&.('
'225/2&.62/(12,'

81/.'
$872

'(1<

)/7'.'2256:,7&+
5('
$0%(5
*5((1

 
/2&.
)$,/ 0' 7  

 (17

$872
81/.

&+,0( .(<3$'
02'8/(
3'225&21752/3$1(/

'2253267$66(0%/<

'2256)/,*+7&203$570(17'225'225/2&.62/(12,')81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256)/,*+7&203$570(17'225)/,*+7&203$570(17'225'(&2035(66,213$1(/6
3XUSRVH $GLIIHUHQWLDOSUHVVXUHRISVLGRSHUDWHVWKH
SUHVVXUHUHOHDVHODWFKHV
7KHIOLJKWFRPSDUWPHQWGRRUGHFRPSUHVVLRQSDQHOV
SUHYHQWGDPDJHWRWKHDLUSODQHVWUXFWXUHGXULQJIOLJKW 7KHWRSGHFRPSUHVVLRQSDQHOKDVDUHWDLQLQJVWUDSWR
FRPSDUWPHQWGHFRPSUHVVLRQ SXWDOLPLWRQWKHPRYHPHQWRIWKHSDQHO

3K\VLFDO'HVFULSWLRQ <RXFDQUHWUDFWWKHKLQJHEROWVWRSXOOWKHSDQHOVRXW
RIWKHGRRUIRUDQHPHUJHQF\H[LW7KLVJLYHVWKHFUHZ
7KHIOLJKWFRPSDUWPHQWGRRUGHFRPSUHVVLRQSDQHOVKDYH DQHPHUJHQF\H[LWLIWKHGRRUFDQQRWRSHQEHFDXVHRID
WKHVHSDUWV EORFNDJHRUMDP

 3UHVVXUHUHOHDVHODWFK 7UDLQLQJ,QIRUPDWLRQ3RLQW
 +LQJHEROWDVVHPEO\
 +DQGOHV 'RQRWOHWOLTXLGVJRLQWKHSUHVVXUHUHOHDVHODWFKHV
 5HWDLQLQJVWUDS
&$87,21 7+(5($5(12$33529('6<67(025&20321(17
/RFDWLRQ 7528%/(6+227,1*352&('85(625$87+25,=('
5(3$,56)257+(35(6685(5(/($6(/$7&+$1<
7KHIOLJKWFRPSDUWPHQWGRRUGHFRPSUHVVLRQSDQHOVDUHLQ $'',7,21$/6<67(025&20321(17
WKHWRSDQGERWWRPVHFWLRQVRIWKHIOLJKWFRPSDUWPHQW 7528%/(6+227,1*352&('85(60867%(
GRRU $&&203/,6+('%<7+(0$18)$&785(5
65(3$,5
67$7,21
)XQFWLRQDO'HVFULSWLRQ

'XULQJIOLJKWFRPSDUWPHQWGHFRPSUHVVLRQWKH
GLIIHUHQWLDOSUHVVXUHILUVWUHOHDVHVWKHSUHVVXUH
UHOHDVHODWFKHV:KHQWKHSDQHOVUHOHDVHWKH
GLIIHUHQWLDOSUHVVXUHSXVKHVWKHSDQHOVRSHQWRPDNH
SUHVVXUHEHWZHHQWKHIOLJKWFRPSDUWPHQWDQGWKH
SDVVHQJHUFRPSDUWPHQWHTXDO7KHSDQHOVWXUQRQWKH
KLQJHEROWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5(7$,1,1*675$3

35(6685(5(/($6(/$7&+

+$1'/(
+,1*(%2/76

'(&2035(66,21

+$1'/( +,1*(%2/76

35(6685(5(/($6(/$7&+

):'

'2256)/,*+7&203$570(17'225)/,*+7&203$570(17'225'(&2035(66,213$1(/6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(0,1752'8&7,21
3XUSRVH 7KHGRRUZDUQLQJDQQXQFLDWRUSDQHOJLYHVLQGLFDWLRQ
ZKHQDGRRULVQRWLQWKHODWFKHGSRVLWLRQ
7KHGRRUZDUQLQJV\VWHPJLYHVWKHFUHZDYLVXDO
LQGLFDWLRQZKHQDGRRULVQRWVHFXUHQRWODWFKHG

/RFDWLRQ

7KHGRRUZDUQLQJDPEHUOLJKWVDUHRQWKHGRRUZDUQLQJ
DQQXQFLDWRUSDQHORQWKH3IRUZDUGRYHUKHDGSDQHO

7KH36(8DPEHUOLJKWLVRQWKH3DIWRYHUKHDGSDQHO
8QGHUFHUWDLQFRQGLWLRQVWKLVOLJKWFRPHVRQZKHQWKH
HPHUJHQF\H[LWGRRUOLJKWVFRPHRQ

7KH636(8DPEHUOLJKWLVRQWKH3DIWRYHUKHDGSDQHO
8QGHUFHUWDLQFRQGLWLRQVWKLVOLJKWFRPHVRQZKHQWKH
PLGFDELQHPHUJHQF\H[LWGRRUOLJKWVFRPHRQ

*HQHUDO'HVFULSWLRQ

7KHVHGRRUVKDYHDQLQWHUIDFHZLWKWKHGRRUZDUQLQJ
V\VWHP

 )RUZDUGDQGDIWHQWU\GRRUV
 )RUZDUGDQGDIWJDOOH\VHUYLFHGRRUV
 2YHUZLQJHPHUJHQF\H[LWGRRUV
 0LGFDELQHPHUJHQF\H[LWGRRUV
 )RUZDUGDQGDIWFDUJRGRRUV
 )RUZDUGHTXLSPHQWFRPSDUWPHQWDFFHVVGRRU
 )RUZDUGDLUVWDLUDQGGRRU
 ((FRPSDUWPHQWH[WHUQDODFFHVVGRRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

636(8 36(8

):' ):'
(175< 6(59,&(
$,5 ):'
67$,5 /()7):' 5,*+7):' &$5*2
29(5:,1* 29(5:,1*
$)7
(48,3 &$5*2
/()7$)7 5,*+7$)7
29(5:,1* 29(5:,1*
/()70,' 5,*+70,'
(;,7 $)7 $)7 (;,7
(175< 6(59,&(

'225:$51,1*$1181&,$7253$1(/3
'2256'225:$51,1*6<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(0)81&7,21$/'(6&5,37,21
3XUSRVH 7KHIRUZDUGDFFHVVGRRUDQGWKH((FRPSDUWPHQWGRRU
VKDUHWKHVDPHGRRUZDUQLQJOLJKW$PLFURVZLWFKLVDW
7KHGRRUZDUQLQJV\VWHPJLYHVWKHFUHZDYLVXDO HDFKDFFHVVGRRU
LQGLFDWLRQZKHQWKHGRRUVDUHQRWVHFXUHQRWODWFKHG
,QGLFDWLRQLVSURYLGHGIRUWKHVHGRRUV :KHQDZDUQLQJOLJKWFRPHVRQWKH0$67(5&$87,21DQG
'2256DQQXQFLDWRUDOVRFRPHRQ
 3DVVHQJHUHQWU\IRUZDUGDQGDIW
 3DVVHQJHUVHUYLFHIRUZDUGDQGDIW :KHQWKHFDUJRGRRULVXQODWFKHGWKHVZLWFKFDUG
 &DUJRIRUZDUGDQGDIW HQDEOHVFDUJRFRPSDUWPHQWOLJKWV
 $LUVWDLU
 (TXLSPHQWIRUZDUGDQG((FRPSDUWPHQW 6HHWKHFDUJRFRPSDUWPHQWOLJKWVVHFWLRQ070

)XQFWLRQDO'HVFULSWLRQ

7KHGRRUZDUQLQJOLJKWVDUHFRQWUROOHGE\SUR[LPLW\
VHQVRUVDQGPLFURVZLWFKHVLQWKHGRRUDUHD7KH
SUR[LPLW\VHQVRULVSDUWRIDVROLGVWDWHVZLWFK
FLUFXLW7KHFLUFXLWFRQVLVWVRIDVHQVRUDQDFWXDWRU
DQGDVZLWFKFDUG7KHVHQVRUDQGDFWXDWRUDUHRQWKH
GRRU

7KHFLUFXLWVIRUWKHOLJKWVDUHLQWKHSUR[LPLW\VZLWFK
HOHFWURQLFVXQLW36(8

7KHGRRUZDUQLQJDQQXQFLDWRUSDQHOFRQWDLQVWKHDPEHU
OLJKWV,WLVRQWKH3IRUZDUGRYHUKHDGSDQHO

2SHUDWLRQ

7KHVHQVRUVHQVHVWKHSUR[LPLW\RUDEVHQFHRIWKH
DFWXDWRUDQGSURYLGHVWKHVLJQDOWRWKHVZLWFKFDUG
7KHVZLWFKFDUGXVHVWKLVVLJQDOWXUQRQRURIIWKH
ZDUQLQJOLJKW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'&
%86 '22581/$7&+('
36(835,
'225/$7&+('
):' ):'(175<
9'& '2256:,7&+
(175<
0$67(5',0
6(&7 '225
 0$67(5 81/$7&+('
3&%3$1(/ &$87,21
):'(175<
):' 72&$5*2 '2256(1625
&$5*2 &2037/,*+76 '22581/$7&+('
 '225
81/$7&+(' '225/$7&+('
):'&$5*2'225
:$516:
(48,3
((&2037$&&(66
'2256:
0$67(5 '225
&$87,21 81/$7&+('
):'$&&(66
'2256:
81/$7&+('

$,5 /$7&+('
67$,5 $,567$,5'225&/26('
 ):'(175<'225 /,0,76:67%<
6+2:127+(5'2256
(48,9$/(17(;&(37 '225
0,&526:,7&+ '225:$51,1*$1181&,$725 81/$7&+('
3$1(/3
 ):'&$5*2'225 $,567$,5'225
6+2:127+(5'225 3,1/2&.6(1625
(48,9$/(17 36(8

'2256'225:$51,1*6<67(0)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(0(0(5*(1&<(;,7'225)/,*+7/2&./2*,&
3XUSRVH  (QJLQHVWDUWOHYHULVLQLGOH
 (OHFWURQLFHQJLQHFRQWURO((&GLVFUHWHLVVHWWR
7KHIOLJKWORFNORJLFPRQLWRUVWKHDLUSODQHV\VWHPVDQG 581RU1PRUHWKDQSHUFHQWLIWKHGLJLWDO
VHQGVDVLJQDOZKHQWKHRYHUZLQJHPHUJHQF\H[LWGRRUV GDWDEXVLVLQYDOLG
DQGWKHPLGFDELQHPHUJHQF\H[LWGRRUVVKRXOGEHORFNHG
RUXQORFNHG

*HQHUDO'HVFULSWLRQ

$OORIWKHVHFRQGLWLRQVFDXVHWKHHPHUJHQF\H[LWGRRUV
WRORFN

 7KUHHRUPRUHRIWKHHQWU\VHUYLFHGRRUVDUH
FORVHG
 (LWKHUHQJLQHLVUXQQLQJ
 $LUJURXQGORJLFLVLQDLURUERWKWKHOHIWDQG
ULJKWWKUXVWOHYHUVDUHDGYDQFHGPRUHWKDQ
GHJUHHV75$

7KHIOLJKWORFNORJLFIRUWKHRYHUZLQJHPHUJHQF\H[LW
GRRULVDSDUWRIWKHSUR[LPLW\VZLWFKHOHFWURQLFXQLW
36(8

7KHIOLJKWORFNORJLFIRUWKHPLGFDELQHPHUJHQF\H[LW
GRRULVDSDUWRIWKHVXSSOHPHQWDOSUR[LPLW\VZLWFK
HOHFWURQLFVXQLW636(8

7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHHQJLQHUXQQLQJVLJQDOFRPHVIURPWKHGLVSOD\
HOHFWURQLFXQLW'(87KHUHLVDQHQJLQHUXQQLQJ
VLJQDOZKHQWKHVHFRQGLWLRQVRFFXU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

25025(
(175<6(59,&(
'2256&/26('

/(1*,1(
5811,1*
0,'&$%,1(0(5
(;,7'225
/2&.('
5(1*,1(
5811,1*

29(5:,1*'225
/2&.('

$,5*5281'
/2*,&,1
$,502'(

/()77+5867
/(9(5$'9$1&('
025(7+$1
'(*5((6

5,*+77+5867
/(9(5$'9$1&('
025(7+$1
'(*5((6

'2256'225:$51,1*6<67(0(0(5*(1&<(;,7'225)/,*+7/2&./2*,&
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(0(0(5*(1&<(;,7'225)81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(0(0(5*(1&<(;,7'225)81&7,21$/'(6&5,37,21
3XUSRVH $IWHUWKHDLUSODQHVWDUWVLWVWDNHRIIUROORULVLQWKH
DLUWKHHPHUJHQF\H[LWGRRUVVKRXOGEHORFNHG7KHVH
7KHGRRUZDUQLQJV\VWHPJLYHVWKHFUHZDQLQGLFDWLRQ DUHWKHLQGLFDWLRQVZKHQDQRYHUZLQJGRRULVXQORFNHG
ZKHQDQHPHUJHQF\H[LWGRRULVQRWODWFKHGRULQDQ ZKHQLWVKRXOGEHORFNHG
XQFRPPDQGHGFRQGLWLRQORFNHGRUXQORFNHG
)XQFWLRQDO'HVFULSWLRQ
7KHUHDUHWZRGRRUFORVHGVZLWFKHVRQWKHIUDPHRIHDFK
HPHUJHQF\H[LWGRRU2QHVZLWFKLVRQWKHIRUZDUG
SRUWLRQRIWKHIUDPH7KHRWKHUVZLWFKLVRQWKHDIW
SRUWLRQRIWKHIUDPH:KHQRQHRUWKHRWKHURIWKHVH
VZLWFKHVLVLQD127&/26('SRVLWLRQWKHVHDUHWKH
IOLJKWFUHZLQGLFDWLRQV :KHQWKHDLUSODQHLVRQWKHJURXQGDQGWKHWKUXVW
 7KHUHODWHGRYHUZLQJOLJKWRQWKH3GRRU
ZDUQLQJDQQXQFLDWRUPRGXOHFRPHVRQ
 7KH0$67(5&$87,21DQG'2256DQQXQFLDWRUOLJKWV
FRPHRQ
7KHVLJQDOWRORFNXQORFNWKHHPHUJHQF\H[LWGRRUFRPHV
IURPWKHIOLJKWORFNORJLFLQWKH36(8
OHYHUVDUHOHVVWKDQGHJUHHVWKUXVWUHVROYHUDQJOH
 7KHUHODWHGRYHUZLQJOLJKWRQWKH3GRRU 75$WKHIOLJKWORFNORJLFLQWKH36(8GHHQHUJL]HV
ZDUQLQJDQQXQFLDWRUPRGXOHFRPHVRQ WKHIOLJKWORFNUHOD\5:KHQ5LVGHHQHUJL]HG
 7KH0$67(5&$87,21DQG'2256DQQXQFLDWRUOLJKWV WKHIOLJKWORFNVROHQRLGLVGHHQHUJL]HGDQGWKHIOLJKW
FRPHRQ ORFNVROHQRLGVZLWFKLVLQWKH127/2&.('SRVLWLRQ

7KHVHDUHWKHIOLJKWLQGLFDWLRQVZKHQDGRRUFORVHG :KHQWKHDLUSODQHVWDUWVLWVWDNHRIIUROOWKHIOLJKW
VZLWFKLVLQWKH127&/26('SRVLWLRQ ORFNORJLFHQHUJL]HVWKHIOLJKWORFNUHOD\7KHIOLJKW
ORFNVROHQRLGHQHUJL]HVZKHQWKHIOLJKWORFNUHOD\
:KHQWKHDLUSODQHLVRQWKHJURXQGDQGKDVQRWVWDUWHG HQHUJL]HVDQGHLWKHUHQJLQHUXQQLQJUHOD\HQHUJL]HV
LWVWDNHRIIUROOWKHHPHUJHQF\H[LWGRRUVVKRXOGEH :KHQWKHIOLJKWORFNVROHQRLGLVHQHUJL]HGWKHIOLJKW
XQORFNHG7KHVHDUHWKHLQGLFDWLRQVZKHQDQHPHUJHQF\ ORFNVROHQRLGVZLWFKLVLQWKH/2&.('SRVLWLRQ
H[LWGRRULVORFNHGZKHQLWVKRXOGEHXQORFNHG
7KHHQJLQHUXQQLQJUHOD\V5DQG5DUHHQHUJL]HG
 7KHSUR[LPLW\VZLWFKLQJHOHFWURQLFXQLW36(8 ZKHQWKHGLVSOD\HOHFWURQLFXQLW'(8VHQGVDQHQJLQH
OLJKWRQWKH3DIWRYHUKHDGSDQHOFRPHVRQDQGLV UXQVLJQDO7KH'(8VHQGVDQHQJLQHUXQVLJQDOZKHQDOO
QRWUHVHWWDEOH RIWKHVHFRQGLWLRQVRFFXU
 7KH0$67(5&$87,21DQG29(5+($'DQQXQFLDWRUOLJKWV
FRPHRQ  7KHHQJLQHVWDUWOHYHULVLQLGOH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(0(0(5*(1&<(;,7'225)81&7,21$/'(6&5,37,21
 7KHHOHFWURQLFHQJLQHFRQWURO((&GLVFUHWHLV
VHWWR581RU1!LIWKHGLJLWDOGDWDEXVLV
LQYDOLG

7KHVHFRQGWLPHGHOD\SUHYHQWVQXLVDQFH
LQGLFDWLRQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
720$67(5&$87,21
9'& 36(8
0$67(5',0 
6(&7 36(8)$8/7
/,*+73
720$67(5&$87,21
9'& /()7):'
29(5:,1*
0$67(5',0
6(&7 127&/26('
'225:$51
$1181&,$725 '225
02'8/(3 ):' &/26('
6:,7&+(6
$)7
&/26('
9'& /2&.('
%86 )/,*+7/2&.
62/(12,'
29(5:,1* 6(&
)/,*+7/2&. 
/()7 5)/,*+7
/2&.5(/$< 127/2&.('
- /()7):'29(5:,1*'225

)/,*+7
9'& /2&.
%86 /2*,&
(1* '(8
5813:5
5(1*
3&%3$1(/ 5815(/$< *5281'
- 02'( 6(&

9'&
%86
%27+7+5867/(9(56
(1* '(8  1275(6(77$%/( '(*5((675$
5813:5
5(1*  23(1(48$/6
3&%3$1(/ 5815(/$< *5281'(48$/6 36(8
-
127(/()7):'29(5:,1*'2256+2:127+(5'22566,0,/$5
'2256'225:$51,1*6<67(0(0(5*(1&<(;,7'225)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(00,'&$%,1(0(5*(1&<(;,7'225)81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(00,'&$%,1(0(5*(1&<(;,7'225)81&7,21$/'(6&5,37,21
3XUSRVH 7KHUHLVRQHIOLJKWORFNVROHQRLGVZLWFKRQHDFK0&(('
:KHQWKHIOLJKWORFNLVQRWLQWKHFRPPDQGHGSRVLWLRQ
7KHGRRUZDUQLQJV\VWHPJLYHVWKHFUHZDQLQGLFDWLRQ WKHVHDUHWKHLQGLFDWLRQV
IRUWKHPLGFDELQHPHUJHQF\H[LWGRRU0&(('ZKHQ
WKHVHFRQGLWLRQVRFFXU  7KH636(8OLJKWRQWKH3FRPHVRQ
 7KH0$67(5&$87,21DQG29(5+($'DQQXQFLDWRUOLJKWV
 'RRUQRWFORVHGODWFKHG FRPHRQ
 'RRUQRWORFNHG
 )OLJKWORFNLVLQDQXQFRPPDQGHGSRVLWLRQORFNHG 127( 7KHDLUSODQHPXVWEHRQWKHJURXQG!VHFRQGV
RUXQORFNHG DQGERWKWKUXVWOHYHUVGHJUHHV75$WKUXVW
UHVROYHUDQJOHIRUWKH636(8OLJKWWRFRPHRQ
,QGLFDWLRQV
)XQFWLRQDO'HVFULSWLRQ
7KHUHLVRQHFORVHGODWFKHGVZLWFKRQWKHERG\IUDPH
IRUHDFK0&((':KHQWKHVZLWFKLVLQWKHQRW 7KHFORVHGODWFKHGVZLWFKLVRSHUDWHGE\DWULJJHURQ
FORVHGODWFKHGSRVLWLRQWKHVHDUHWKHLQGLFDWLRQV WKHODWFKWUDFN6HHWKH0LG&DELQ(PHUJHQF\([LW'RRU
VHFWLRQIRUPRUHLQIRUPDWLRQDERXWWKHODWFKWUDFN070
 7KHUHODWHG0,'(;,7OLJKWRQWKH3GRRUZDUQLQJ 
DQQXQFLDWRUPRGXOHFRPHVRQ
 7KH0$67(5&$87,21DQG'2256DQQXQFLDWRUOLJKWV 7KHORFNHGVZLWFKSUR[LPLW\W\SHLVRSHUDWHGE\D
FRPHRQ WDUJHWDWWDFKHGWRWKHODWFKORFNFDP%RWKOHIWDQG
ULJKWORFNHGVZLWFKHVVHQGVLJQDOVWRERWK636(8V
7KHUHLVRQHORFNHGVZLWFKRQHDFK0&((':KHQWKH (LWKHU636(8FDQFDXVHWKH/()70,'(;,7DPEHUOLJKWRU
VZLWFKLVLQWKHQRWORFNHGSRVLWLRQWKHVHDUHWKH WKH5,*+70,'(;,7DPEHUOLJKWWRFRPHRQ6HHWKH0LG
LQGLFDWLRQV &DELQ(PHUJHQF\([LW'RRUVHFWLRQIRUPRUHLQIRUPDWLRQ
 7KHUHODWHG0,'(;,7OLJKWRQWKH3GRRUZDUQLQJ
DQQXQFLDWRUPRGXOHFRPHVRQ
 7KH0$67(5&$87,21DQG'2256DQQXQFLDWRUOLJKWV
FRPHRQ
DERXWWKHODWFKORFNFDPDQGWDUJHW070
7KHIOLJKWORFNVZLWFKLVRSHUDWHGE\DSDZOZKLFK
PRYHVDVWKHIOLJKWORFNVROHQRLGHQHUJL]HVDQG
GHHQHUJL]HV6HHWKH0LG&DELQ(PHUJHQF\([LW'RRU
VHFWLRQIRUPRUHLQIRUPDWLRQDERXWWKHIOLJKWORFN
PHFKDQLVP070

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256'225:$51,1*6<67(00,'&$%,1(0(5*(1&<(;,7'225)81&7,21$/'(6&5,37,21
7KHVLJQDOWRORFNXQORFNWKH0&(('FRPHVIURPWKH
IOLJKWORFNORJLFLQWKH636(8

:KHQWKHIOLJKWORFNORJLFLVDQXQORFNFRPPDQGWKH
636(8GHHQHUJL]HVIOLJKWORFNUHOD\57KHIOLJKW
ORFNVROHQRLGLVGHHQHUJL]HGDQGWKHIOLJKWORFN
VROHQRLGVZLWFKLVLQWKHQRWORFNHGSRVLWLRQ

:KHQWKHIOLJKWORFNORJLFLVDORFNFRPPDQGWKH636(8
HQHUJL]HV5,IHLWKHUHQJLQHUXQUHOD\5RU5
LVHQHUJL]HGWKHIOLJKWORFNVROHQRLGLVHQHUJL]HGDQG
WKHIOLJKWORFNVROHQRLGVZLWFKLVLQWKHORFNHG
SRVLWLRQ

5HOD\V5DQG5DUHHQHUJL]HGZKHQWKHGLVSOD\
HOHFWURQLFXQLWV'(8VVHQGDQHQJLQHUXQVLJQDO6HH
WKH0LG&DELQ(PHUJHQF\([LW'RRUVHFWLRQIRUPRUH
LQIRUPDWLRQDERXWIOLJKWORFNPHFKDQLVPRSHUDWLRQ070


6HHWKH6XSSOHPHQWDO3UR[LPLW\(OHFWURQLFV8QLWVHFWLRQ
IRUPRUHLQIRUPDWLRQDERXWWKH636(8070

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'& 636(8
,1',&$725 D
0$67(5',0 3 0$67(5
636(8
&$87,21

9'& /()70,'
(;,7
,1',&$725 D 127&/6'
0$67(5',0 '225:$51,1*
$1181&,$725 6(&
02'8/(3 &/26('
&/26('/$7&+('
6:,7&+ ,1387021,725,1*
%,7(
9'&
%86
/2&.('
0,'(;,7'225
)/7/./()7
5)/,*+7 127/.'
/2&.5(/$< )/,*+7/2&.
9'& 62/(12,'6:7
%86
*5281'
636(8 02'( 6(&

9'&
%86 %27+7+5867/(9(56
/2&.('6:,7&+ '(*5((675$
(1* '(8
5813:5 /()70&(('
5(1*
3&%3$1(/ 5815(/$< (175<6(59'2256
7+5867/9575$
$,502'(
9'& /2*,&
%86
(1* '(8
5813:5
5(1* 636(8
3&%3$1(/ 5815(/$<
127(/()70&(('6+2:15,*+70&(('6,0,/$5
'2256'225:$51,1*6<67(00,'&$%,1(0(5*(1&<(;,7'225)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:,1'2:6,1752'8&7,21
*HQHUDO

7KHVHDUHWKHW\SHVRIZLQGRZVRQWKHDLUSODQH

 )OLJKWFRPSDUWPHQWZLQGRZVIL[HGDQGVOLGLQJ
 3DVVHQJHUFRPSDUWPHQWZLQGRZV
 'RRUPRXQWHGZLQGRZV
 2YHUZLQJHPHUJHQF\H[LWGRRUZLQGRZV
 0LGFDELQHPHUJHQF\H[LWGRRUZLQGRZV

$OOWKHZLQGRZVFDQKROGFDELQSUHVVXUL]DWLRQORDGVDQG
KDYHIDLOVDIHSURSHUWLHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

29(5:,1*(0(5*(1&<
(;,7'225:,1'2:
21/<21('22521
$1'02'(/6

3$66(1*(5
&203$570(17
:,1'2:6

0,'&$%,1
(0(5*(1&<
'22502817(' (;,7'225:,1'2:
:,1'2:6 2102'(/(521/<

)/,*+7
&203$570(17
:,1'2:6

:,1'2:6,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:,1'2:6)/,*+7&203$570(17,1752'8&7,21
*HQHUDO

)OLJKWFRPSDUWPHQWZLQGRZVDQGGRQRWRSHQ:LQGRZ
LVDVOLGLQJZLQGRZWKDWRSHQV

,QWHUIDFH

:LQGRZVDQGJHWKHDWIURPWKHZLQGRZDQWLLFH
V\VWHP

6HHWKHLFHDQGUDLQSURWHFWLRQFKDSWHUIRUPRUH
LQIRUPDWLRQDERXWWKHZLQGRZDQWLLFHV\VWHP$7$

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/
5
/ 5

/ 5

)/,*+7&203$570(17:,1'2:6

:,1'2:6)/,*+7&203$570(17,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:,1'2:6&21752/&$%,1),;(':,1'2:612:,1'2:
*HQHUDO

:LQGRZ1RKDVODPLQDWHGJODVVRQHDFKVLGHRID
YLQ\OFRUH7KH\DUHUHVLVWDQWWRELUGLPSDFWZLWKRU
ZLWKRXWZLQGRZKHDW

7KHLQQHUJODVVSDQHLVWKLFNHUWKDQWKHRXWHUJODVV
SDQH,WLVWKHSULPDU\VWUXFWXUDOSDUW,WKROGVWKH
LQWHUQDODLUSODQHSUHVVXUHORDG

7KHYLQ\OOD\HULVDVHFRQGDU\VWUXFWXUH,WLVDOVRD
IDLOVDIHGHYLFHWKDWSUHYHQWVWKHVKDWWHURIDEURNHQ
ZLQGRZLIWKHLQQHUSDQHEUHDNV

7KHRXWHUSDQHLVQRWVWUXFWXUDO7KHRXWHUSDQHJLYHV
DULJLGKDUGVFUDWFKUHVLVWDQWVXUIDFH$K\GURSKRELF
ZLQGVKLHOGFRDWLQJLVRQWKHRXWHUSDQHWRJLYHWKH
SLORWVEHWWHUYLVLELOLW\GXULQJUDLQFRQGLWLRQV

$FRQGXFWLYHFRDWLQJRQWKHLQQHUIDFHRIWKHRXWHU
JODVVSDQHSHUPLWVHOHFWULFDOKHDWLQJIRUZLQGRZDQWL
LFLQJDQGGHIRJJLQJ%XVEDUVPROGHGLQWRWKHXSSHUDQG
ORZHUHGJHVRIWKHZLQGRZVPDNHHOHFWULFDOFRQWDFWZLWK
WKHFRQGXFWLYHFRDWLQJDQGFRQQHFWWRHOHFWULFDO
WHUPLQDOV

:$51,1* %(&$5()8/:+(1<28'2:25.217+(:,1'2:12
7+(28738792/7$*(2)7+($87275$16)250(5
,692/767+,6&$1&$86(,1-85<72
3(56216

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

2876,'(
*/$66 &21'8&7,9(
9,1</ &2$7,1*

*/$66

&216758&7,21

12:,1'2:
5,*+76,'(6+2:1

:,1'2:6&21752/&$%,1),;(':,1'2:612:,1'2:
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:,1'2:6&21752/&$%,1),;(':,1'2:6:,1'2:
*HQHUDO

:LQGRZKDVODPLQDWHGJODVVRQHDFKVLGHRIDYLQ\O
FRUH7KHLQQHUJODVVSDQHLVWKHSULPDU\VWUXFWXUDO
SDUW7KHRXWHUSDQHLVQRWVWUXFWXUDO

$FRQGXFWLYHOD\HURQWKHLQQHUIDFHRIWKHRXWHUJODVV
SDQHSHUPLWVHOHFWULFDOKHDWLQJIRUZLQGRZDQWLLFHDQG
ZLQGRZIRJFRQGLWLRQV

7KHZLQGRZKDVDWKHUPDOVZLWFKEUDFNHWWKDW\RXPXVW
DOLJQZLWKWKHWKHUPDOVZLWFKORFDWLRQRQWKHJODVV

7UDLQLQJ,QIRUPDWLRQ3RLQW

:$51,1* %(&$5()8/:+(1<28'2:25.217+(:,1'2:12
7+(28738792/7$*(2)7+($87275$16)250(5
,692/767+,6&$1&$86(,1-85<72
3(56216

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:,1'2:

:,1'2:5()

7+(50$/6:,7&+
%5$&.(7

)/,*+7&203$570(17:,1'2:
5,*+76,'(6+2:1

:,1'2:6&21752/&$%,1),;(':,1'2:6:,1'2:
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:,1'2:6&21752/&$%,16/,',1*:,1'2:61223(1$%/(:,1'2:
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:,1'2:6&21752/&$%,16/,',1*:,1'2:61223(1$%/(:,1'2:
3XUSRVH 7KHLQQHUJODVVSDQHLVWKLFNHUWKDQWKHRXWHUSDQH,W
LVWKHSULPDU\VWUXFWXUH,WKROGVWKHLQWHUQDO
7KH1RZLQGRZLVRQWUDFNVVRWKDWLWPD\EHUROOHG DLUSODQHSUHVVXUHORDG
EDFN7KLVSHUPLWVYHQWLODWLRQDQGFRPPXQLFDWLRQGXULQJ
JURXQGKDQGOLQJRSHUDWLRQV 7KHYLQ\OOD\HULVWKHVHFRQGDU\VWUXFWXUH,WLVDOVR
DIDLOVDIHGHYLFHWKDWSUHYHQWVWKHVKDWWHURIWKH
<RXFDQRSHUDWHWKHULJKWZLQGRZIURPRXWVLGHRIWKH ZLQGRZLIWKHLQQHUSDQHEUHDNV
DLUSODQHDVDQHPHUJHQF\H[LW2QVRPHDLUSODQHV\RX
FDQRSHUDWHWKHOHIWZLQGRZIURPRXWVLGHWKHDLUSODQH 7KHRXWHUSDQHLVQRWVWUXFWXUDO7KHRXWHUSDQHJLYHV
DULJLGKDUGVFUDWFKUHVLVWDQWVXUIDFH
3K\VLFDO'HVFULSWLRQ
$FRQGXFWLYHFRDWLQJRQWKHLQQHUIDFHRIWKHRXWHU
7KH1RRSHQDEOHZLQGRZKDVWKHVHSDUWV JODVVSDQHSHUPLWVHOHFWULFDOKHDWLQJIRUZLQGRZDQWL
LFLQJDQGGHIRJJLQJ
 +DQGOHZLWKWULJJHU
 %HOOFUDQNV )XQFWLRQDO'HVFULSWLRQ
 3XVKURGV
 &ORWKHVJXDUGSURWHFWRU 7RRSHQWKHZLQGRZRSHUDWHWKHKDQGOH7KLVWXUQVD
 /LQN EHOOFUDQNZKLFKLVFRQQHFWHGWRRWKHUEHOOFUDQNVDW
 6SULQJV WKHUHDUWRSDQGERWWRPRIWKHZLQGRZ7KLVPRYHVWKH
 :LQGRZRSHQODWFKSODWH ZLQGRZLQERDUG7KHIRUZDUGUROOHUSUHYHQWVEDFNZDUG
 8SSHUUROOHU PRYHPHQWRIWKHZLQGRZXQWLOWKHUHLVVXIILFLHQW
 8SSHUWUDFN FOHDUDQFH7KLVOHWVWKHZLQGRZPRYHIUHHO\EDFNWRWKH
 /RZHUUROOHU ODWFKHGRSHQSRVLWLRQ:KHQWKHZLQGRZLVPRYHGWRWKH
 /RZHUWUDFN UHDUWKHORZHUDIWUROOHUPRYHVWRWKHZLQGRZRSHQ
 /DWFKPHFKDQLVPURG ODWFKSODWH7KHZLQGRZRSHQODWFKSODWHLVVSULQJ
 ([WHUQDODFFHVVGRRU ORDGHGWRORFNWKHZLQGRZLQWKHRSHQSRVLWLRQ
 ([WHUQDOUHOHDVHKDQGOH
<RXSXOOIRUZDUGRQWKHODWFKPHFKDQLVPURGWRXQORFN
:LQGRZ1RKDVODPLQDWHGJODVVRQHDFKVLGHRID WKHZLQGRZIURPWKHORFNHGRSHQSRVLWLRQ7KLVUHOHDVHV
SRO\YLQ\OEXW\UDOYLQ\OFRUH7KHZLQGRZLVUHVLVWDQW WKHZLQGRZRSHQODWFKSODWHDQGOHWVWKHZLQGRZPRYH
WRELUGLPSDFWZLWKRUZLWKRXWZLQGRZKHDW IRUZDUG:KLOHWKHZLQGRZPRYHVIRUZDUGLWUHVHWVWKH
ZLQGRZRSHQODWFKSODWH0RYHWKHZLQGRZIRUZDUGE\LWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:,1'2:6&21752/&$%,16/,',1*:,1'2:61223(1$%/(:,1'2:
KDQGOHXQWLOLWWRXFKHVWKHIRUZDUGVWRSV7KHVHWKLQJV 7UDLQLQJ,QIRUPDWLRQ3RLQW
KDSSHQDVWKHKDQGOHLVWXUQHG
:$51,1* %(&$5()8/:+(1<28'2:25.21:,1'2:12
 7KHZLQGRZPRYHVRXWERDUG 7+(28738792/7$*(2)7+($87275$16)250(5,6
 $JXLGHSLQJXLGHVWKHZLQGRZLQWKHWUDFN 92/767+,6&$1&$86(,1-85<72
 7KHZLQGRZLVLQWKHFORVHGSRVLWLRQZKHQLWLV 3(56216
DJDLQVWWKHZLQGRZIUDPH

:KHQ\RXUHOHDVHWKHKDQGOHDWULJJHUEROWODWFKHVWKH
ZLQGRZFORVHG

1RUPDO2SHUDWLRQ

7RRSHQWKHZLQGRZ\RXKROGWKHWULJJHUDQGWXUQWKH
KDQGOHEDFNDQGLQERDUG$IWHUWKHZLQGRZPRYHV
LQERDUGPRYHLWEDFNXQWLOLWORFNVLWLQWKHRSHQ
SRVLWLRQ

7RFORVHWKHZLQGRZSXOOIRUZDUGRQWKHODWFK
PHFKDQLVPURGWRXQORFNWKHZLQGRZ+ROGWKHWULJJHU
DQGPRYHWKHZLQGRZIRUZDUGXQWLO\RXFDQWXUQWKH
KDQGOHIRUZDUGDQGRXWERDUG:KHQ\RXUHOHDVHWKH
WULJJHUWKHZLQGRZODWFKHV

(PHUJHQF\2SHUDWLRQ

7RRSHQWKHZLQGRZSXVKWKHH[WHUQDODFFHVVGRRUDQG
SXOOWKHH[WHUQDOUHOHDVHKDQGOH7KLVSRVLWLRQVWKH
ZLQGRZLQZDUGV7KHQPRYHWKHZLQGRZWRWKHUHDU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

2876,'(
*/$66
833(552//(5 &21'8&7,9(
9,1</ &2$7,1*
%(//&5$1.
*/$66

+$1'/(:,7+ &216758&7,21
75,**(5 833(575$&.

635,1* /,1.

(;7(51$/ %(//&5$1.
)25:$5'
52//(5 $&&(66
'225 386+52'

%(//&5$1. /2:(552//(5

635,1*
386+52' /2:(575$&.
/$7&+
&/27+(6 0(&+$1,60
*8$5' /,1. 52'
(;7(51$/
3527(&725 5(/($6(
+$1'/( ,1%'
):'
:,1'2:23(1 ):'
/$7&+3/$7(
(0(5*(1&<(;,75(/($6(0(&+$1,60 
,16,'(9,(: 2876,'(9,(:

 21/<7+(),5672)),&(5+$6(;7(51$/$&&(66
:,1'2:6&21752/&$%,16/,',1*:,1'2:61223(1$%/(:,1'2:
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:,1'2:63$66(1*(5&$%,1:,1'2:6
*HQHUDO

7KHSDVVHQJHUFRPSDUWPHQWZLQGRZVKDYHWKHVH
FRPSRQHQWV

 2XWHUSDQH
 0LGGOHSDQH
 ,QQHUSDQH

7KHRXWHUDQGPLGGOHSDQHVDUHVWUXFWXUDO7KHZLQGRZV
DUHSOXJW\SHZLQGRZV

7KHRXWHUSDQHLVDVWUHWFKHGDFU\OLFSODVWLF,WLV
UHFWDQJXODUZLWKURXQGHGFRUQHUVDQGDEHYHOHGRXWHU
HGJHWRILWZLWKWKHZLQGRZIUDPH7KHVKDSHRIWKH
SDQHFXUYHVWRDOLJQZLWKWKHIXVHODJHFRQWRXU

7KHPLGGOHSDQHJLYHVWKHVWUXFWXUDOIDLOVDIH
IXQFWLRQ,WFDQKROGWLPHVWKHQRUPDOSUHVVXUH
ORDG7KHPLGGOHSDQHLVDFDVWDFU\OLFDQGKDVDVKDSH
OLNHWKHRXWHUSDQHEXWZLWKDQHGJHQRWEHYHOHG7KH
PLGGOHSDQHLVLQWKHZLQGRZVHDO$VPDOOEUHDWKHU
KROHLVQHDUWKHERWWRPRIWKHPLGGOHSDQH

7KHLQQHUSDQHLVQRWVWUXFWXUDO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)86(/$*()5$0(
5()

287(53$1(

6($/63$&(5

0,''/(3$1(

:,1'2:
5(7$,1,1*
&/,3

3$66(1*(5&203$570(17 3$66(1*(5:,1'2:
'(7$,/

:,1'2:63$66(1*(5&$%,1:,1'2:6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:,1'2:6(0(5*(1&<(;,7:,1'2:
:,1'2:6(0(5*(1&<(;,7:,1'2:
*HQHUDO

7KHHPHUJHQF\H[LWZLQGRZKDVWKHVHFRPSRQHQWV

 2XWHUSDQH
 0LGGOHSDQH
 ,QQHUSDQH

7KHRXWHUDQGPLGGOHSDQHVDUHVWUXFWXUDO7KHZLQGRZV
DUHSOXJW\SHZLQGRZV

7KHRXWHUSDQHLVPDGHRIVWUHWFKHGDFU\OLFSODVWLF,W
LVUHFWDQJXODUZLWKURXQGHGFRUQHUVDQGDEHYHOHGRXWHU
HGJHWRILWZLWKWKHZLQGRZIUDPH7KHSDQHLVFXUYHG
WRDOLJQZLWKWKHIXVHODJHFRQWRXU

7KHPLGGOHSDQHJLYHVWKHVWUXFWXUDOIDLOVDIH
IXQFWLRQ,WFDQKROGWLPHVWKHQRUPDOSUHVVXUH
ORDG7KHPLGGOHSDQHLVPDGHRIFDVWDFU\OLFDQGKDVD
VKDSHOLNHWKHRXWHUSDQHEXWWKHHGJHLVQRWEHYHOHG
7KHPLGGOHSDQHLVLQWKHZLQGRZVHDO$VPDOOEUHDWKHU
KROHLVQHDUWKHERWWRPRIWKHPLGGOHSDQH

7KHLQQHUSDQHLVQRWVWUXFWXUDO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

287(53$1(

6($/63$&(5

0,''/(3$1(

:,1'2:
5(7$,1,1*
&/,3

(0(5*(1&<(;,7:,1'2:
(0(5*(1&<(;,7 '(7$,/

:,1'2:6(0(5*(1&<(;,7:,1'2:
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:,1'2:60,'&$%,1(0(5*(1&<(;,7'225:,1'2:(5
:,1'2:60,'&$%,1(0(5*(1&<(;,7'225:,1'2:(5
*HQHUDO

7KHPLGFDELQHPHUJHQF\H[LWGRRUZLQGRZKDVWKHVH
FRPSRQHQWV

 2XWHUPRXQWLQJULQJ
 3ULVPDWLFYLHZHU
 ,QQHUPRXQWLQJULQJ

7KHSULVPDWLFYLHZHULVKHOGLQSODFHE\WKHPRXQWLQJ
ULQJVDQGDWWDFKPHQWSRLQWVWRWKHGRRUVWUXFWXUH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

287(502817,1*
5,1*
&29(5

,11(502817,1*
5,1*

35,60$7,&
9,(:(5
0,'&$%,1(0(5*(1&<(;,7'225

:,1'2:60,'&$%,1(0(5*(1&<(;,7'225:,1'2:(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:,1'2:6'22502817(':,1'2:6
*HQHUDO

7KHGRRUPRXQWHGZLQGRZVKDYHWKHVHFRPSRQHQWV

 2XWHUSDQH
 0LGGOHSDQH
 ,QQHUSDQH

7KHRXWHUDQGPLGGOHSDQHVDUHVWUXFWXUDO7KHRXWHU
DQGPLGGOHSDQHVDUHUHVLVWDQWWRWLPHVRIWKH
XVXDOSUHVVXUHORDGVDWDWHPSHUDWXUHRI)7KHRXWHU
SDQHLVPDGHIURPVWUHWFKHGDFU\OLFWRJLYHLWPRUH
VWUHQJWK7KHPLGGOHSDQHLVPDGHRIDFDVWDFU\OLF

7KHLQQHUSDQHLVQRWVWUXFWXUDO,WFRQQHFWVWRWKH
FDELQVLGHZDOOSDQHO7KHLQQHUSDQHLVPDGHIURP
SRO\FDUERQDWH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,11(5
3$1(

0,''/(3$1(
287(53$1(

'22502817(':,1'2:
'(7$,/

:,1'2:6'22502817(':,1'2:6
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

2;<*(1,1752'8&7,21
3XUSRVH IZG  IRUZDUG
)2  ILUVWRIILFHU
7KHR[\JHQV\VWHPVVXSSO\R[\JHQWRWKHIOLJKWFUHZ PP  PLOOLPHWHU
FDELQDWWHQGDQWVDQGSDVVHQJHUV2[\JHQLVXVHGIRU
LQ  LQFK
WKHVHUHDVRQV
/68  ODYDWRU\VHUYLFHXQLW
 3ODQHGHSUHVVXUL]HV 1  QRUPDO
 (PHUJHQFLHV R[\  R[\JHQ
 )LUVWDLG SDVV  SDVVHQJHU
SQO  SDQHO
*HQHUDO'HVFULSWLRQ
SVL  SRXQGVSHUVTXDUHLQFK
7KHIOLJKWFUHZR[\JHQV\VWHPRSHUDWHVLQGHSHQGHQWO\RI SVLJ  SRXQGVSHUVTXDUHLQFKJDJH
WKHRWKHUV\VWHPV,WLVDKLJKSUHVVXUHJDVHRXV 368  SDVVHQJHUVHUYLFHXQLW
V\VWHP+LJKSUHVVXUHJDVHRXVR[\JHQLVLQDF\OLQGHU SUHVV  SUHVVXUH
LQWKH((FRPSDUWPHQW$PDQLIROGVXSSOLHVR[\JHQWR UO\  UHOD\
WKHIOLJKWFUHZR[\JHQPDVNV W\S  W\SLFDO
6&)  VWDQGDUGFXELFIHHW
7KHSDVVHQJHUR[\JHQV\VWHPXVHVFKHPLFDOR[\JHQ
JHQHUDWRUV7KHJHQHUDWRUVDUHLQWKHSDVVHQJHUVHUYLFH Y  YROWV
XQLWV368V(DFKFKHPLFDOJHQHUDWRURQO\VXSSOLHVLWV
PDVNV7KHPDVNVFRQQHFWWRWKHFKHPLFDOJHQHUDWRUVE\
IOH[LEOHWXEHV

$EEUHYLDWLRQVDQG$FURQ\PV

$68  DWWHQGDQWVHUYLFHXQLW
EDW  EDWWHU\
&  &HOVLXV
GF  GLUHFWFXUUHQW
((  HOHFWURQLFHTXLSPHQW
)  )DKUHQKHLW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

2;<*(16<67(0

)/,*+7&5(: 3$66(1*(5
2;<*(1 2;<*(1
*$6(286 &+(0,&$/

2;<*(1,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1&5(:2;<*(13$1(/
3XUSRVH

7KHR[\JHQV\VWHPSDQHOVKRZVWKHFUHZR[\JHQF\OLQGHU
SUHVVXUH

3K\VLFDO'HVFULSWLRQ

7KHR[\JHQLQGLFDWRUKDVDOLJKW7KHLQGLFDWRUVKRZV
IURPWRSVL

/RFDWLRQ

7KHR[\JHQV\VWHPSDQHOLVRQWKH3DIWRYHUKHDG
SDQHO

2SHUDWLRQDO'LVSOD\V

7KHLQGLFDWRUVKRZVFUHZR[\JHQF\OLQGHUSUHVVXUH
1RPLQDOF\OLQGHUSUHVVXUHLVSVLDWDQDPELHQW
WHPSHUDWXUHRI)&

7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHFUHZR[\JHQF\OLQGHUVKXWRIIYDOYHPXVWEHRSHQWR
SUHVVXUL]HWKHF\OLQGHUFRXSOLQJDQGVKRZRQWKH
LQGLFDWRU

7KHEDWWHU\VZLWFKPXVWEH21WRVXSSO\SRZHUWRWKH
LQGLFDWRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&5(: 3$662;<*(1
2;<*(1

 1250$/
 

21

2;<35(66
36,;
3$662;<
21

2;<*(16<67(03$1(/3

2;<*(1&5(:2;<*(13$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
2;<*(1&5(:*(1(5$/'(6&5,37,21
3XUSRVH
7KHIOLJKWFUHZR[\JHQV\VWHPVXSSOLHVORZSUHVVXUH
JDVHRXVR[\JHQWRWKHIOLJKWFUHZ
*HQHUDO'HVFULSWLRQ
+LJKSUHVVXUHJDVHRXVR[\JHQLVVWRUHGLQDF\OLQGHU
2YHUSUHVVXUHGHYLFHVSURWHFWWKHF\OLQGHU$JUHHQ
SODVWLFGLVFKDUJHLQGLFDWLRQGLVNRQWKHIXVHODJHVNLQ
VKRZVF\OLQGHUGLVFKDUJHIURPRYHUSUHVVXUHZKHQWKH
 &\OLQGHUKHDGDVVHPEO\
 2YHUSUHVVXUHGLVFKDUJHWXELQJ
7UDLQLQJ,QIRUPDWLRQ3RLQW
6SHFLDOFDUHDQGFOHDQOLQHVVLVQHFHVVDU\IRUR[\JHQ
V\VWHPPDLQWHQDQFH2[\JHQV\VWHPPDLQWHQDQFHSHUVRQQHO
VKRXOGNQRZWKHVSHFLDOPDWHULDOVDQGSURFHGXUHVXVHG
IRUVHUYLFLQJ
.HHSR[\JHQV\VWHPVFOHDQDQGGU\8VHDSSURYHG
FOHDQLQJPDWHULDOV
GLVNLVPLVVLQJ
:$51,1* '2127$//2:2,/*5($6(',572527+(5
$F\OLQGHUKHDGDVVHPEO\FRQQHFWVWKHF\OLQGHUWRWKH )/$00$%/(0$7(5,$/672728&+2;<*(16<67(0
DLUSODQHGLVWULEXWLRQV\VWHP &20321(1767+(6(0$7(5,$/6:+(1(;326('72
35(6685,=('2;<*(1&$1,*1,7($1'&$86($1
7KHR[\JHQVXSSO\OLQHVDUHPDGHRIVHDPOHVVVWDLQOHVV (;3/26,21$),5(25(;3/26,21&$1&$86(
VWHHOWXELQJDQGXVHIODUHOHVVILWWLQJV ,1-85<723(56216$1''$0$*(72(48,30(17

7KHIOLJKWFUHZPDVNVVXSSO\WKHR[\JHQWRWKHFUHZ
7KHPDVNVKDYHGLOXWHUGHPDQGUHJXODWRUVDQGFRQWUROV
7KHPDVNVDUHPRGXODUDQGLQGHSHQGHQWO\DGMXVWDEOH

:KHQF\OLQGHUSUHVVXUHLVWRRORZIRURSHUDWLRQDO
UHTXLUHPHQWV\RXUHSODFHLWRUUHILOOLWIURPWKH
UHPRWHILOOSDQHO

/RFDWLRQ

7KHVHV\VWHPFRPSRQHQWVDUHLQWKH((FRPSDUWPHQW

 +LJKSUHVVXUHR[\JHQF\OLQGHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

2%6(59(5
672:$*(&83

),567
2%6(59(5
0$6.
6(&21'
2%6(59(5
0$6.
0$6.6833/<
0$1,)2/'
6833/</,1(

&</,1'(5
+($'
$66(0%/<
)20$6. )5205(027(
672:$*(%2; ),//3$1(/
2;<*(1
&</,1'(5
',6&+$5*(
78%,1*
',6&+$5*(
,1',&$7,21
',6.

3,/270$6.
672:$*(%2;

2;<*(1&5(:*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1&5(:)81&7,21$/'(6&5,37,21
)XQFWLRQDO'HVFULSWLRQ

$VKXWRIIYDOYHRQWKHF\OLQGHUKHDGRSHQVRUFORVHV
WKHF\OLQGHUWRWKHVXSSO\V\VWHP

$PHFKDQLFDOSUHVVXUHLQGLFDWRURQWKHR[\JHQF\OLQGHU
VKRZVWKHF\OLQGHUSUHVVXUH7KHLQGLFDWRUVKRZV
SUHVVXUHUHJDUGOHVVRIWKHF\OLQGHUVKXWRIIYDOYH
SRVLWLRQ

$SUHVVXUHWUDQVGXFHURQWKHF\OLQGHUFRXSOLQJVXSSOLHV
DVLJQDOWRWKHSUHVVXUHLQGLFDWRULQWKHIOLJKW
FRPSDUWPHQW

$IUDQJLEOHGLVNLQWKHFUHZR[\JHQF\OLQGHUDVVHPEO\
SURWHFWVWKHF\OLQGHUIURPRYHUSUHVVXUH,IF\OLQGHU
SUHVVXUHJHWVWRSVLJWKHIUDQJLEOHGLVNEUHDNV
7KLVYHQWVWKHF\OLQGHUFRQWHQWVRYHUERDUGWKURXJKD
KLJKSUHVVXUHOLQH7KHGLVFKDUJHLQGLFDWLRQGLVN
FRYHUVWKHOLQHRXWOHW7KHUHOHDVHGR[\JHQEORZVWKH
GLVNSDVWWKHVQDSULQJ

2[\JHQHQWHUVWKHSUHVVXUHUHGXFLQJUHJXODWRUWKURXJKD
ILOWHUDQGDURXQGDYDOYH,QVLGHWKHUHJXODWRUWKH
R[\JHQDFWVRQDGLDSKUDJPDJDLQVWDVSULQJ$VWKH
GLDSKUDJPGHIOHFWVGRZQZDUGVWKHOLQNDJHFRQQHFWLQJ
WKHYDOYHVWHPWRWKHGLDSKUDJPGHFUHDVHVWKHIORZRI
R[\JHQDQGWKHSUHVVXUH

5HPRYDORIWKHPDVNIURPLWVKRXVLQJVWDUWVWKHIORZRI
R[\JHQWKURXJKWKHPDVN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

35(6685(
75$16'8&(5
6+872))
9$/9( 35(6685(
5('8&,1*
5(*8/$725
',6&+$5*(
,1',&$7,21
',6.
)86(/$*( )5205(027(
6.,1 ),//3$1(/ 0$6.5(*8/$7256725$*(%2;
35(6685( &$37$,167$7,21
)5$1*,%/( ,1',&$725
35(6685( 72),567
5(/,()',6. 2)),&(5
2;<*(1&</,1'(5 67$7,21
&5(:2;<*(1&</,1'(5$66(0%/<

0$6.5(*8/$725672:$*(&83
2%6(59(567$7,21
/(*(1'
+,*+35(6685(/,1( 726(&21'
2%6(59(5
/2:35(6685(/,1( 67$7,21
',6&211(&7

2;<*(1&5(:)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
2;<*(1&5(:2;<*(1&</,1'(5
3XUSRVH
7KHR[\JHQF\OLQGHUKROGVWKHR[\JHQIRUWKHIOLJKW
FUHZV\VWHP
3K\VLFDO'HVFULSWLRQ
7KHFUHZR[\JHQF\OLQGHUKDVWKHVHIHDWXUHV
 0DGHRIJUDSKLWHDQGSDLQWHGJUHHQ
 +DVDFDSDFLW\RIFXELFIHHW
 +DVDKHDGDVVHPEO\
7KHF\OLQGHUKHDGDVVHPEO\ZLWKWKHVHSDUWV
 6ORZRSHQLQJVKXWRIIYDOYH
 &\OLQGHUSUHVVXUHLQGLFDWRU
 )UDQJLEOHGLVN
$PHFKDQLFDOSUHVVXUHLQGLFDWRURQWKHF\OLQGHUVKRZV
WKHF\OLQGHUSUHVVXUH7KHF\OLQGHUSUHVVXUHLV
SVLJDWDWHPSHUDWXUHRI)
7KHF\OLQGHULVRQDUROOHUUDFN&ODPSVKROGWKH
F\OLQGHULQSRVLWLRQ
/RFDWLRQ
7KHFUHZR[\JHQF\OLQGHULVLQWKH((FRPSDUWPHQWLQ
WKHORZHUULJKWDUHDRIWKHWUDQVYHUVHUDFN
9(56,21'$7('$8*867 
7UDLQLQJ,QIRUPDWLRQ3RLQW
<RXILOOWKHF\OLQGHUIURPWKHUHPRWHILOOSDQHOIRU
VHUYLFLQJ
$FFHVVWRWKHF\OLQGHULVIURPWKHIRUZDUGFDUJR
FRPSDUWPHQW
7KHUHDUHGLIIHUHQWF\OLQGHUVL]HV7KHFXELFIRRW
VWHHOF\OLQGHULVLQWHUFKDQJHDEOHZLWKWKHFXELF
IRRWJUDSKLWHF\OLQGHU0DNHVXUH\RXXVHWKHVDPHVL]H
F\OLQGHUIRUUHSODFHPHQW7KHF\OLQGHUPXVWFRUUHFWO\
LQVWDOOLQWRWKHVXSSRUWUDFN
.HHSR[\JHQF\OLQGHUDQGFRPSRQHQWVFOHDQDQGIUHHIURP
JUHDVHRLORURWKHUFRQWDPLQDWLRQ8VHRQO\DSSURYHG
FOHDQLQJLQVWDOODWLRQDQGWHVWPDWHULDOV
%OHHGSUHVVXUHRXWRIWKHVXSSO\OLQHVDWWKHFUHZ
PDVNVEHIRUH\RXGLVFRQQHFWWKHERWWOHFRQQHFWLRQV'R
QRWWRUTXHOLQHILWWLQJVZKHQWKH\DUHSUHVVXUL]HG
'RQRWSXWWRRPXFKWRUTXHRQWKHF\OLQGHUVKXWRII
YDOYHRUF\OLQGHUFRXSOLQJILWWLQJV
RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1 35(6685(
&</,1'(5 ,1',&$725

72(;7(51$/
):' ',6&+$5*(
,1',&$7,21
)5205(027( 6+872)) ',6.)520
),//3$1(/ 9$/9( )5$1*,%/(
&5(:2;<*(1 ):' ',6.
&</,1'(5
)25:$5'&$5*2&203$570(17
)25:$5'&$5*2&203$570(17 $&&(663$1(/5(029('

2;<*(1&5(:2;<*(1&</,1'(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1&5(:&</,1'(5&20321(176
3XUSRVH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHF\OLQGHUKHDGDVVHPEO\FRQWDLQVWKHFRPSRQHQWV 7KHUHDUHQROLQHDGMXVWPHQWVIRUWKHSUHVVXUHUHGXFLQJ
QHFHVVDU\IRUFUHZR[\JHQVXSSO\ UHJXODWRU5HPRYHWKHUHJXODWRUDQGVHQGLWWRRYHUKDXO
IRUDGMXVWPHQW
/RFDWLRQ

7KHF\OLQGHUKHDGDVVHPEO\LVRQWKHWRSRIWKH
F\OLQGHU

3K\VLFDO'HVFULSWLRQ

7KHVHFRPSRQHQWVDUHRQWKHF\OLQGHUKHDG

 7KHUPDOFRPSHQVDWRUSURWHFWVDJDLQVWKLJK
WHPSHUDWXUHLQF\OLQGHUKHDG
 3UHVVXUHUHGXFLQJUHJXODWRUSURWHFWVGRZQVWUHDP
FRPSRQHQWVIURPKLJKSUHVVXUH
 3UHVVXUHWUDQVGXFHUSURYLGHVLQGLFDWLRQLQWKH
IOLJKWFRPSDUWPHQW
 /LQHIURPUHPRWHILOOSDQHO
 6XSSO\OLQHWRIOLJKWFRPSDUWPHQW

)XQFWLRQDO'HVFULSWRQ

7KHGLDSKUDJPLQWKHSUHVVXUHUHGXFLQJUHJXODWRU
FRQWUROVDPHWHULQJYDOYHWKDWGHFUHDVHVWKHR[\JHQ
SUHVVXUHIURPERWWOHSUHVVXUHWRSVLJ

7KHUHJXODWRUKDVDUHOLHIYDOYH7KLVUHOLHIYDOYH
RSHQVZKHQGRZQVWUHDPOLQHSUHVVXUHLVPRUHWKDQ
SVLJ7KHUHOLHIYDOYHEOHHGVLQWRWKHVXUURXQGLQJ
DUHD

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

35(6685(
52//(55$&. 75$16'8&(5
5(*8/$725
5(/,()9$/9(

)5205(027( 6833/</,1(
),//3$1(/ 72)/,*+7&5(:

):'
3/8*
6+872))
9$/9(5() 35(6685(
5('8&,1*
35(6685( 5(*8/$725
,1',&$725
5()
7+(50$/&203(16$725 72',6&+$5*(
&283/,1*%2'< ,1',&$7,21',6.
5() &</,1'(5+($'

&283/,1*
187

7+(50$/&203(16$725
7+(50$/&203(16$725
3$57,$/6(&7,21
2;<*(1&5(:&</,1'(5&20321(176
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1&5(:35(6685(,1',&$7,21)81&7,21$/'(6&5,37,21
2SHUDWLRQDO'LVSOD\V

7KHLQGLFDWRUKDVLQWHUQDOOLJKWV,WJHWVYGFIURP
WKHEDWWHU\EXV7KHLQGLFDWRUVKRZVWRSVL

)XQFWLRQDO'HVFULSWLRQ

7KHSUHVVXUHWUDQVGXFHULVDVROLGVWDWHHOHFWURQLF
GHYLFH,WXVHVDSLH]RHOHFWULFFU\VWDOWRFKDQJHWKH
IRUFHRIWKHJDVSUHVVXUHWRDQHOHFWULFDOVLJQDO

7KHRXWSXWVLJQDOIURPWKHWUDQVGXFHUJRHVWRWKH
IOLJKWFUHZDQGUHPRWHILOOSDQHOR[\JHQSUHVVXUH
LQGLFDWRUV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9'&
%$7%86
2;<*(1
,1'
3&%3$1(/

35(6685( )/,*+7&5(:2;<*(1
75$16'8&(5 35(6685(,1',&$7253
2;<*(1
&</,1'(5
35(6685(

)/,*+7&5(:2;<*(1
35(6685(,1',&$725
5(027(),//3$1(/

2;<*(1&5(:35(6685(,1',&$7,21)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1&5(:',6&+$5*(,1',&$7,21',6.

3XUSRVH

,IWKHGLVFKDUJHLQGLFDWLRQGLVNLVQRWLQLWV
SRVLWLRQWKHR[\JHQF\OLQGHUKDVDSRVVLEOHGLVFKDUJH
EHFDXVHRIDQRYHUSUHVVXUH

3K\VLFDO'HVFULSWLRQ

7KHGLVFKDUJHLQGLFDWLRQGLVNLVDJUHHQSODVWLFGLVN
$VQDSULQJKROGVWKHGLVNLQSRVLWLRQ

/RFDWLRQ

7KHGLVFKDUJHLQGLFDWLRQGLVNLVVPRRWKZLWKWKH
IXVHODJHVNLQDIWRIWKHHOHFWURQLFHTXLSPHQW
FRPSDUWPHQWH[WHUQDODFFHVVGRRU

2SHUDWLRQ'LVSOD\V

3UHIOLJKWYLVXDOFKHFNVPDNHVXUHWKHJUHHQIOLJKWFUHZ
R[\JHQGLVFKDUJHLQGLFDWLRQGLVNLVLQSRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$,53/$1(
6.,1

29(5%2$5'
',6&+$5*( *5((1
3257 ,1',&$7,21
',6&

61$35,1*

29(5%2$5'',6&+$5*(3257

2;<*(1&5(:',6&+$5*(,1',&$7,21',6.
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1&5(:2521$6$/0$6.
3XUSRVH 2SHUDWLRQDO&RQWUROV

7KHIOLJKWFUHZR[\JHQPDVNVVXSSO\HDFKFUHZPHPEHU 7KHIOLJKWFUHZR[\JHQPDVNVKDYHWKHVHFRQWURO
ZLWKDQLQGHSHQGHQWO\DGMXVWDEOHVRXUFHRIR[\JHQ IHDWXUHV

3K\VLFDO'HVFULSWLRQ  'LOXWLRQRUR[\JHQVXSSO\
 7HVWNQRE
7KHIOLJKWFUHZR[\JHQPDVNVDUHLGHQWLFDOPRGXODU  'HPDQGRUFRQVWDQWIORZR[\JHQVXSSO\
XQLWV7KHPDVNVKDYHWKHVHFRPSRQHQWV  $JRJJOHYHQWYDOYHVPRNHFOHDUDQFH
 0DVNKDUQHVVLQIODWLRQ
 $KDUGVKHOORURQDVDOPRXWKDQGQRVHFXS
 $QLQIODWDEOHKDUQHVV 7KHPDVNVWRZDJHER[HVKDYHWKHVHFRQWUROIHDWXUHV
 $QDUPRUHGIOH[LEOHR[\JHQVXSSO\KRVHZLWKD
ED\RQHWFRQQHFWLRQ  %R[VKXWRIIYDOYHWHVW
 *RJJOHV  %R[UHVHWIRUPDVNVWRZDJHRSHUDWLRQV
 $PLFURSKRQHOHDGZLWKDUDGLRMDFNFRQQHFWLRQ
2SHUDWLRQDO'LVSOD\V
7KHSLORWR[\JHQPDVNVDUHKHOGLQVWRZDJHER[HV7KH
ER[HVKDYHWKHVHIHDWXUHV $IORZLQGLFDWLRQEOLQNHURQWKHVWRZDJHER[VKRZV
R[\JHQIORZWRWKHPDVN$\HOORZFURVVLQGLFDWHV
 $QDXWRPDWLFVKXWRIIYDOYH R[\JHQIORZ
 $QR[\JHQIORZLQGLFDWLRQEOLQNHU\HOORZFURVV
 $5(6(77(67OHYHU $ZKLWH2;<21IODJRQWKHER[GRRUVKRZVZKHQWKH
VWRZDJHER[VKXWRIIYDOYHLVRSHQZKHQWKHER[LV
7KHREVHUYHUR[\JHQPDVNVDUHKHOGLQVWRZDJHFXSV7KH FORVHG
VWRZDJHFXSVGRQRWKDYHWKHIHDWXUHVRIWKHVWRZDJH
ER[HV

/RFDWLRQ

7KHIOLJKWFUHZR[\JHQPDVNVDUHRXWERDUGRIWKHFUHZ
VHDWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*2**/(6
(/(&752
67$7,&
),/0

0$6.,1672:$*(%2;
2521$6$/
0$6.
)/2:,1',&$725%/,1.(5 ,1)/$7$%/(
<(//2:&5266 +$51(66
5(6(77(67
/(9(5
1',/87,21&21752/
0,&523+21(
-$&.

1 0$6.
2;<*(1 5(*8/$725

386+
0$6. 2;<*(1
',6&211(&7
35(66
72
7(67
$1'
5(6(7

)8//)$&(
66
2
)/,*+7&5(:2;<*(10$6.
67 0$6.$1'*2**/(,17(*5$7('

0$6.,1672:$*(%2;'(7$,/

2;<*(1&5(:2521$6$/0$6.
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1&5(:2521$6$/0$6.)81&7,21$/'(6&5,37,21
2SHUDWLRQ 7KHSLORWPDVNVVWRZLQER[HVRQDSDQHO7KHER[HV
KDYHWKHVHIHDWXUHV
7RUHPRYHWKHPDVNIURPWKHVWRZDJHER[JUDVSDQGSXOO
RQWKHUHGGRQQLQJLQIODWLRQSODWHVHDUV7KHHODVWLF  6KXWRIIYDOYH
PDVNKDUQHVVLQIODWHVZKHQWKHOHIWSODWHLVSXVKHGLQ  5(6(77(67VHOHFWRUUHG
7KHPDVNFDQEHSXWRQZLWKRQHKDQG7KHKDUQHVV  2;<21IODJZKLWH
GHIODWHVZKHQWKHSODWHVDUHUHOHDVHG7KHGHIODWHG  2[\JHQIORZLQGLFDWLRQEOLQNHU\HOORZFURVV
KDUQHVVKROGVWKHPDVNVHFXUHO\RQWKHIDFH
7KHER[VKXWRIIYDOYHLVFORVHGZKHQWKHPDVNLV
)XQFWLRQDO'HVFULSWLRQ VWRZHG,WRSHQVZKHQWKHPDVNLVUHPRYHG

$V\RXSXOOWKHPDVNIURPWKHVWRZDJHER[WKHER[
VKXWRIIYDOYHRSHQV:KHQ\RXFORVHWKHGRRUWKH2;<
21IODJVKRZV7KHIOLJKWFUHZR[\JHQPDVNQRZVXSSOLHV
R[\JHQWRWKHXVHU
7KHFUHZR[\JHQPDVNVDUHGLOXWHUGHPDQGPDVNV
&RQWUROVRQHDFKPDVNGHWHUPLQHWKHPRGHRIR[\JHQ
GHOLYHU\
,QWKHGHPDQGPRGHDPDVNUHJXODWRUVXSSOLHVR[\JHQWR
WKHFUHZPHPEHURQO\ZKHQWKHFUHZPHPEHULQKDOHV7R
VHOHFWFRQWLQXRXVIORZPRGHWXUQWKH(0(5*(1&<NQREWR
(0(5*(1&<
7KH5(6(77(67VHOHFWRULVXVHGWRGRDWHVWRIWKH
V\VWHPDQGUHVHWWKHVKXWRIIYDOYHZKHQWKHPDVNLV
VWRZHG
7KH2;<21IODJLVLQYLHZZKHQWKHVKXWRIIYDOYHLV
RSHQDQGWKHGRRUFORVHG
7KHIORZLQGLFDWLRQEOLQNHULVDQLQGLFDWLRQRIR[\JHQ
IORZWRWKHPDVN
7KHREVHUYHUPDVNVWRZDJHFXSVGRQRWKDYHWKHER[
IHDWXUHV

,QWKHGLOXWHUPRGHDPELHQWFDELQDLUPL[HVZLWK
R[\JHQ$QDQHURLGPHWHULQJYDOYHLQWKHPDVNFRQWUROV
WKLVIXQFWLRQ7KHPL[RIDLUDQGR[\JHQLV
SURSRUWLRQDOWRWKHFDELQSUHVVXUHDOWLWXGH7RVHOHFW
SXUHR[\JHQSXVKWKHUHG1GLOXWLRQFRQWUROWR
WKHSRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
)/2:,1',&$7,21%/,1.(5<(//2:&5266
5(6(77(67 2;<21)/$*
/(9(5
672:$*(%2;'225

0$6.
5(*8/$725

0$6.672:$*(%2;
0$6.5(029('
'211,1*,1)/$7,21
672:$*(%2; 3/$7(($5
)$67(1(5 672:$*(
$/,*10(17
%266

1 (0(5*(1&<7(67
672:$*(%2; ',/87,21 .12%
&21752/

0$6.672:$*(%2; 0$6.5(*8/$725'(7$,/
0$6.672:('
2;<*(1&5(:2521$6$/0$6.)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(1&5(:2521$6$/0$6./2&$7,21
/RFDWLRQ

7KHIOLJKWFUHZR[\JHQPDVNVDUHLQER[HVRQWKHOHIW
DQGULJKWVLGHRIWKHIOLJKWFRPSDUWPHQW7KHVHER[HV
DUHSDQHO3OHIWDQG3ULJKW

7KHREVHUYHUVR[\JHQPDVNVDUHDWWKHUHDURIWKH
IOLJKWFRPSDUWPHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&$37$,1 ),5672)),&(5 ):'

2;<*(10$6. 2;<*(10$6. ),5672%6(59(5
2;<*(10$6.&83
)/,*+7&203$570(17

):'
0$6.,1672:$*(%2;
2;<*(1&5(:2521$6$/0$6./2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(5,1752'8&7,21
3XUSRVH  0DQXDOO\E\WKHFUHZZLWKDJXDUGHGWRJJOHVZLWFK
RQWKHR[\JHQV\VWHPSDQHO3
7KHSDVVHQJHUR[\JHQV\VWHPVXSSOLHVHPHUJHQF\R[\JHQ
WRWKHSDVVHQJHUVDQGFDELQDWWHQGDQWV 2SHUDWLRQDO'LVSOD\V

/RFDWLRQ 7KH3$662;<21DPEHUOLJKWRQWKHR[\JHQV\VWHPSDQHO
FRPHVRQZKHQWKHSDVVHQJHUR[\JHQPDVNVGHSOR\
2[\JHQJHQHUDWRUVPDVNVILULQJSLQPHFKDQLVPDQG
GRRUODWFKDFWXDWRUVDUHLQWKHVHXQLWV

 3DVVHQJHUVHUYLFHXQLWV368V
 /DYDWRU\VHUYLFHXQLWV/68V
 $WWHQGDQWVHUYLFHXQLWV$68V

$JXDUGHGWRJJOHVZLWFKWRPDQXDOO\GHSOR\WKH
SDVVHQJHUR[\JHQPDVNVLVRQWKHR[\JHQV\VWHPSDQHO
3

$SUHVVXUHVZLWFKIRUDXWRPDWLFGHSOR\PHQWRIWKH
SDVVHQJHUR[\JHQPDVNVLVLQWKH-MXQFWLRQER[LQ
WKH((FRPSDUWPHQW

*HQHUDO'HVFULSWLRQ

7KHSDVVHQJHUR[\JHQV\VWHPXVHVFKHPLFDOJHQHUDWRUVWR
PDNHR[\JHQ2[\JHQIURPWKHJHQHUDWRUVIORZVWKURXJK
IOH[LEOHVXSSO\KRVHVWRWKHSDVVHQJHUR[\JHQPDVNV

7KHSDVVHQJHUR[\JHQPDVNVGHSOR\HOHFWULFDOO\LQRQH
RIWKHVHWZRZD\V

 $XWRPDWLFDOO\E\RSHUDWLRQRIDQDOWLWXGHSUHVVXUH
VZLWFKIHHWFDELQDOWLWXGH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3$66(1*(5
6(59,&(
81,77<3

/$9$725<
6(59,&( 3$66(1*(56(59,&(81,7
81,77<3
$77(1'$17
6(59,&(
81,77<3

$77(1'$176(59,&(81,7

&5(: 3$662;<*(1
2;<*(1

 1250$/
 

21

2;<35(66
36,;
3$662;<
21

/$9$725<6(59,&(81,7 $/7,78'(35(6685(6:,7&+
--81&7,21%2; 2;<*(16<67(03$1(/3
2;<*(13$66(1*(5,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(5*(1(5$/'(6&5,37,21
*HQHUDO 7KLVOHWVGRRUVRQWKHXQLWVRSHQDQGWKHR[\JHQPDVNV
UHOHDVH
7KHSDVVHQJHUR[\JHQV\VWHPXVHVFKHPLFDOJHQHUDWRUVWR
VXSSO\HPHUJHQF\R[\JHQWRWKHSDVVHQJHUVDQGWRWKH 7KHVHUYLFHXQLWVKDYHFKHPLFDOJHQHUDWRUVWKDWFRQQHFW
FDELQFUHZ WRWKHPDVNV$JHQHUDWRUFRPHVRQDQGJLYHVR[\JHQWR
WKHPDVNVZKHQWKHXVHUSXOOVDPDVNGRZQ$IWHUDQ
&RPSRQHQWV R[\JHQJHQHUDWRUVWDUWV\RXFDQQRWVWRSLWDJDLQ

7KHSDVVHQJHUR[\JHQV\VWHPKDVWKHVHPDLQFRPSRQHQWV *HQHUDWRUVJLYHR[\JHQIRUPLQXWHV

 2[\JHQV\VWHPSDQHOZLWKDFRQWUROVZLWFKDQGD
3$662;<21OLJKW
 $OWLWXGHSUHVVXUHVZLWFK
 &RQWURODQGLQGLFDWLRQUHOD\V
 2[\JHQPDVN
 2[\JHQVHUYLFHXQLWVZLWKPDVNVR[\JHQFKHPLFDO
JHQHUDWRUVGRRUDQGGRRUODWFK'/

,QWHUIDFHV

7KHSDVVHQJHUR[\JHQV\VWHPKDVWKHVHLQWHUIDFHV

 0DVWHUFDXWLRQV\VWHP
 YGFIURPWKHEDWWHU\EXVIRUFRQWURODQG
LQGLFDWLRQ
 3DVVHQJHUDGGUHVV3$V\VWHP
 3DVVHQJHUVLJQV

3DVVHQJHU2[\JHQ

7KHV\VWHPFRPHVRQDXWRPDWLFDOO\RU\RXFDQPDQXDOO\
SXWLWRQ:KHQWKHV\VWHPFRPHVRQLWHOHFWULFDOO\
HQDEOHVWKHGRRUODWFKHVRQDOOR[\JHQVHUYLFHXQLWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3$6<67(0&211(&7672$
&5(: 3$662;<*(1
35(5(&25'('$11281&(0(170$&+,1(
2;<*(1


3$66(1*(56,*16',6$%/(67+(5(7851
1250$/ 726($76,*16,17+(/$9$725,(6
 

21 7227+(5'225
 /$7&+$&78$7256
2;<35(66
36,;
3$662;< 2;<*(1
21 0$6.7<3
'225/$7&+
$&78$725 0$6.%2;
2;<*(16<67(03$1(/ 7<3

0$18$/
'(3/2<

0$67(5 &21752/$1' &+(0,&$/

&$87,21 ,1',&$7,21 *(1(5$725
6<67(0 5(/$<6
'225

9'& $872
%$7%86 '(3/2< 2;<*(16(59,&(81,7
7<3,&$/

$/7,78'(35(6685(6:,7&+

2;<*(13$66(1*(5*(1(5$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(5&20321(17/2&$7,21
/RFDWLRQ

2[\JHQJHQHUDWRUVPDVNVILULQJSLQPHFKDQLVPVDQG
GRRUODWFKDFWXDWRUVDUHLQWKHVHXQLWV

 3DVVHQJHUVHUYLFHXQLWV368V
 /DYDWRU\VHUYLFHXQLWV/68V
 $WWHQGDQWVHUYLFHXQLWV$68V

$JXDUGHGWRJJOHVZLWFKIRUPDQXDOUHOHDVHRIWKH
SDVVHQJHUR[\JHQPDVNVLVRQWKHR[\JHQV\VWHPSDQHO
3

$SUHVVXUHVZLWFKIRUDXWRPDWLFUHOHDVHRIWKH
SDVVHQJHUR[\JHQPDVNLVLQWKH-MXQFWLRQER[LQWKH
((FRPSDUWPHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3$66(1*(5
6(59,&(
81,77<3

/$9$725<
6(59,&( 3$66(1*(56(59,&(81,7
81,77<3
$77(1'$17
6(59,&(
81,77<3

$77(1'$176(59,&(81,7

&5(: 3$662;<*(1
2;<*(1

 1250$/
 

21

2;<35(66
36,;
3$662;<
21

/$9$725<6(59,&(81,7 $/7,78'(35(6685(6:,7&+
--81&7,21%2; 2;<*(16<67(03$1(/3
2;<*(13$66(1*(5&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(52;<*(10$6.%2;
3XUSRVH

7KHR[\JHQPDVNER[VXSSOLHVDSODFHWRVWRZWKHR[\JHQ
PDVNIRUWKHSDVVHQJHUVDQGDWWHQGDQW

/RFDWLRQ

2QHR[\JHQPDVNER[LVSDUWRIWKHVHFRPSRQHQWV

 /DYDWRU\VHUYLFHXQLW/68
 3DVVHQJHUVHUYLFHXQLW368
 $WWHQGDQWVHUYLFHXQLW$68

7KHVHUYLFHXQLWVDUHLQWKHVHORFDWLRQV

 /DYDWRULHV
 $ERYHSDVVHQJHUV
 $ERYHWKHDWWHQGDQWV

3K\VLFDO'HVFULSWLRQ

7KHUH GLIIHUHQWVKDSHVDQGVL]HRIR[\JHQPDVN
ER[HV7KHGLIIHUHQWER[HVDOOKDYHWKHVHSDUWV

 'RRU
 'RRUODWFKDFWXDWRU
 6WUHDPHUODYDWRU\RQO\
 &KHPLFDOR[\JHQJHQHUDWRU
 2[\JHQPDVNZLWKUHVHUYRLUEDJ
 /DQ\DUG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

):'$77(1'$17 2;<*(1
7<3,&$/ %2;'225
):'

2;<*(1 *(1(5$725
2;<*(1
0$6.6 %2;'225

*(1(5$725

2;<*(1%2;
2;<*(1%2;
5(/($6( 2;<*(10$6.
&$%/( ,17(51$/

2;<*(1%2;
'225/$7&+
6(59,&(81,7&+(0,&$/ 3$66(1*(56(59,&(81,7
7<3,&$/ 7<3,&$/
127()25:$5'$77(1'$172;<*(10$6.%2;6+2:1/$9$725<0$6.%2;(6$5($6,0,/$5
2;<*(13$66(1*(52;<*(10$6.%2;
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(5'225/$7&+$&78$725
3XUSRVH )XQFWLRQDO'HVFULSWLRQ

7KHGRRUODWFKDFWXDWRUFDXVHVWKHR[\JHQPDVNGRRUWR 7KH368GRRUODWFKDFWXDWRUKDVDQHOHFWULFDOO\
RSHQDQGOHWVWKHR[\JHQPDVNVUHOHDVH FRQWUROOHGVROHQRLGWKDWPRYHVDOHYHUDQGUHOHDVHVWKH
GRRUODWFK
/RFDWLRQ
7KH$68/68GRRUODWFKDFWXDWRUKDVDQHOHFWULFDOO\
7KHGRRUODWFKDFWXDWRUVDUHLQWKHVHXQLWV FRQWUROOHGVROHQRLGWKDWPRYHVDSLQIURPWKHVWULNHU
:KHQWKHVSULQJORDGHGVWULNHUUHOHDVHVWKHODWFKLW
 3DVVHQJHUVHUYLFHXQLWV368V FDXVHVWKHR[\JHQPDVNER[GRRUWRRSHQ
 $WWHQGDQWVHUYLFHXQLWV$68V
 /DYDWRU\VHUYLFHXQLWV/68V 7UDLQLQJ,QIRUPDWLRQ3RLQW

3K\VLFDO'HVFULSWLRQ 7KH$68/68GRRUWHVWUHVHWEXWWRQOHWV\RXGRDWHVW
RIWKHGRRUODWFKDFWXDWRUZLWKRXWPDVNGHSOR\PHQW
7KH368GRRUODWFKDFWXDWRUVKDYHWKHVHFRPSRQHQWV

 6ROHQRLG
 /HYHU
 7HVWVWRSKRRN
 /DWFK

7KH$68/68GRRUODWFKDFWXDWRUVKDYHWKHVHFRPSRQHQWV

 6ROHQRLG
 6SULQJORDGHGODWFKDFWXDWRU
 6SULQJORDGHGVWULNHU
 6SULQJORDGHGGRRUODWFK

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$)7 ):'

62/(12,'

7(676723
+22.

/(9(5

/$7&+

'225

'225/$7&+$&78$725

675,.(5
3,1
3$66(1*(56(59,&(81,7
7<3,&$/
6+2:1:,7+&20321(1765(029(' 62/(12,'

/$9$725<6(59,&(81,7
'2257(675(6(7 '225/$7&+$&78$725 7<3,&$/
%87721
2;<*(13$66(1*(5'225/$7&+$&78$725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(5'2257(675(6(7
'RRU/DWFK$FWXDWRU7HVW 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHUHLVDUHVWUDLQWWRRO\RXXVHZKHQ\RXWHVWWKH 7RRSHQWKH368R[\JHQGRRUSDQHOVPDQXDOO\LQVHUWD
GRRUODWFKDFWXDWRU7KHWRROJRHVWKURXJKDVORWLQ LQPPSLQSXQFKLQWRWKHGRRUSDQHOUHOHDVH
WKH368R[\JHQGRRU3XVKXSRQWKHWRROXQWLOLWORFNV KROH7KHQSXVKXSDJDLQVWWKHODWFKUHOHDVHWRRSHQ
LQSRVLWLRQ WKHGRRU

:KHQ\RXSXVKWKHSDVVHQJHUR[\JHQVZLWFKRQWKH3 7RRSHQWKHDWWHQGDQWVHUYLFHR[\JHQSDQHOGRRUVDQG
RYHUKHDGSDQHO\RXUHOHDVHWKHR[\JHQGRRUVRQWKH ODYDWRU\VHUYLFHR[\JHQSDQHOGRRUVPDQXDOO\LQVHUWD
368VVRWKH\FDQRSHQ7KHUHVWUDLQWWRROZLOOOHWWKH IODWWRROLQSRFNHWVFDOHLQWKHGRRUHGJHJDS
GRRURSHQVXIILFLHQWO\VR\RXFDQVHHWKDWWKH 7KHQSXVKXSDJDLQVWWKHODWFKUHOHDVHWRRSHQWKH
ODWFKDFWXDWRURSHUDWHVFRUUHFWO\7KHGRRUFDQQRWRSHQ GRRU
VXIILFLHQWO\WROHWWKHPDVNVGURS

'RRU/DWFK$FWXDWRU5HVHW

7KHHOHFWULFFLUFXLWWKDWFDXVHVWKHODWFKDFWXDWRUWR
RSHQZLOOUHVHWDXWRPDWLFDOO\DIWHUWZRPLQXWHV

$IWHUWKHWHVW\RXPXVWUHVHWWKHODWFKDFWXDWRUVDQG
FORVHWKHGRRUV7KHRSHQVSDFHEHWZHHQWKHGRRUDQG
WKH368LVVXIILFLHQWWROHW\RXWRXFKWKH
ODWFKDFWXDWRU3XVKWKHOHYHUDUPRIWKH
ODWFKDFWXDWRUDJDLQVWWKHIRUFHRILWVVSULQJVRWKH
OHYHUJRHVDJDLQVWWKHKRXVLQJ7KHPDJQHWLQWKH
KRXVLQJZLOOKROGWKHOHYHUDUPLQWKLVSRVLWLRQ

&ORVHWKHGRRU7RUHPRYHWKHUHVWUDLQWWRROSXVKXS
RQWKHWRROSXOOLWWRWKHVLGHDQGWKHQSXOOLWGRZQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/$7&+
$&78$725

6/27

2;<*(1
'225
5(675$,17
$&&(66+2/()25 722/
3$1(//$7&+5(/($6(

):' 5(675$,17722/
5(675$,17722/6/27
2;<*(10$6.'225
3$66(1*(56(59,&(81,7 3$66(1*(56(59,&(81,7
1250$/326,7,21 5(675$,17722/
,16(57('
2;<*(13$66(1*(5'2257(675(6(7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(52;<*(1*(1(5$725
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
2;<*(13$66(1*(52;<*(1*(1(5$725
3XUSRVH
7KHR[\JHQJHQHUDWRUVVXSSO\HPHUJHQF\R[\JHQWRWKH
SDVVHQJHUVDQGIOLJKWDWWHQGDQWV
3K\VLFDO'HVFULSWLRQ
7KHR[\JHQJHQHUDWRUVDUHPHWDOFDVHGF\OLQGULFDO
GHYLFHV$VSULQJORDGHGILULQJPHFKDQLVPLVDWRQHHQG
RIWKHJHQHUDWRU$QRXWSXWPDQLIROGDQGDUHOLHIYDOYH
DUHDWWKHRWKHUHQG6WDQGDUGR[\JHQJHQHUDWRUV
SURGXFHR[\JHQIRUPLQXWHV2SWLRQDOKLJKDOWLWXGH
R[\JHQJHQHUDWRUVSURGXFHR[\JHQIRUPLQXWHV
/RFDWLRQ
7KHR[\JHQJHQHUDWRUVDUHLQWKHVHXQLWV FRQWLQXHVXQWLODOOWKHVRGLXPFKORUDWHLVXVHG7KH
2SHUDWLRQDO'LVSOD\V
$KHDWVHQVLWLYHLQGLFDWRURQWKHJHQHUDWRUVKRZVWKH
JHQHUDWRUFRQGLWLRQ7KHLQGLFDWRULVDSLHFHRIWDSH
DQGLVQRUPDOO\RUDQJH7KHKHDWFDXVHGGXULQJWKH
RSHUDWLRQFKDQJHVWKHLQGLFDWRUWREODFN
<RXFDQQRWUHFKDUJHXVHGJHQHUDWRUV5HSODFHWKH
JHQHUDWRULIWKHLQGLFDWRULVEODFN
)XQFWLRQDO'HVFULSWLRQ
7KHR[\JHQJHQHUDWRUVPDNHR[\JHQE\DFKHPLFDO
UHDFWLRQ,QWKHUHDFWLRQVRGLXPFKORUDWHDQGLURQ
UHDFWWRPDNHVDOWDQGJDVHRXVR[\JHQ$IWHUWKH
UHDFWLRQVWDUWV\RXFDQQRWVWRSLW7KHUHDFWLRQ
UHDFWLRQSURGXFHVKHDWDQGWKHJHQHUDWRUVXUIDFH
 3DVVHQJHUVHUYLFHXQLWV368V WHPSHUDWXUHFDQJHWWR)&
 /DYDWRU\VHUYLFHXQLWV/68V
 $WWHQGDQWVHUYLFHXQLWV$68V
2SHUDWLRQDO&RQWUROV
7KHR[\JHQJHQHUDWRURSHUDWHVPHFKDQLFDOO\:KHQD
SDVVHQJHUSXOOVRQDQR[\JHQPDVNDPDVNODQ\DUGSXOOV
RQWKHILULQJSLQUHOHDVHFDEOH7KHUHOHDVHFDEOH
SXOOVWKHUHOHDVHSLQIURPWKHVSULQJORDGHGILULQJ
SLQ7KHILULQJSLQWKHQVWULNHVWKHSHUFXVVLRQFDS
7KHSHUFXVVLRQFDSVXSSOLHVWKHHQHUJ\QHFHVVDU\WR
VWDUWWKHJHQHUDWRU
9(56,21'$7('$8*867 
7KHJDVHRXVR[\JHQJRHVWKURXJKDILOWHUDQGWKHQIORZV
RXWRIWKHRXWSXWPDQLIROG7KHRXWSXWPDQLIROGSRUWV
FRQQHFWWRWKHSDVVHQJHUR[\JHQPDVNVE\IOH[LEOH
WXELQJ
$SUHVVXUHUHOLHIYDOYHSUHYHQWVRYHUSUHVVXUL]DWLRQRI
WKHJHQHUDWRU
7UDLQLQJ,QIRUPDWLRQ3RLQW
$VDIHW\SLQLQWKHR[\JHQJHQHUDWRUSUHYHQWV
DFFLGHQWDOILULQJGXULQJPDLQWHQDQFHDFWLYLWLHV7KH
ILULQJSLQVDUHFURVVGULOOHGWRDFFHSWDVDIHW\SLQ
RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(52;<*(1*(1(5$725
<RXFDQXVHVDIHW\SLQSOLHUVWRSXOOWKHILULQJSLQ
EDFNWRH[SRVHWKHVDIHW\SLQKROH7KHVDIHW\SLQ
VKRXOGKDYHDULEERQWRSUHYHQWDVDIHW\SLQQHG
JHQHUDWRUIURPVHUYLFH

:$51,1* 0$.(685(<285(029(7+(6$)(7<3,1)5207+(
),5,1*3,1217+(2;<*(1*(1(5$7257+(2;<*(1
*(1(5$725:,//127),5(,1$1(0(5*(1&<,)7+(
6$)(7<3,1,6,167$//('

&$87,21 <280867%(9(5<&$5()8/:+(1<28,167$//$1'
5(029($12;<*(1*(1(5$725'2127'$0$*(7+(
2;<*(1*(1(5$72525/(7,7)$//,)7+(2;<*(1
*(1(5$725,6'$0$*(',7,63266,%/(7+$77+(
2;<*(1*(1(5$725:,//127),5(

&$87,21 '212775<725(029(7+(),5,1*0(&+$1,60)520
7+(2;<*(1*(1(5$725,7&$1127%($66(0%/('
$*$,1

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5(/($6(3,1
),5,1*3,1 *(1(5$725&25(
3(5&866,21&$3 5(/,()
9$/9(

2;<*(1
):' *(1(5$725

5(/($6(
&$%/( ),/7(5
287/(70$1,)2/'

3$66(1*(56(59,&(81,7 2;<*(1*(1(5$725
/2:(5(' &52666(&7,21

),5,1*
$66(0%/<

287/(7
0$1,)2/'

6$)(7<3,1
3/,(56
+($76(16,7,9(
,1',&$725 6$)(7<
5(/($6(3,1 3,1

2;<*(1*(1(5$725 6$)(7<3,1,167$//$7,21'(7$,/
7<3,&$/

2;<*(13$66(1*(52;<*(1*(1(5$725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(53$66(1*(52;<*(10$6.
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
2;<*(13$66(1*(53$66(1*(52;<*(10$6.
3XUSRVH
7KHSDVVHQJHUR[\JHQPDVNVVXSSO\EUHDWKLQJR[\JHQWR
DLUFUDIWSDVVHQJHUVDQGIOLJKWDWWHQGDQWVGXULQJ
HPHUJHQF\GHFRPSUHVVLRQRIWKHDLUFUDIW
3K\VLFDO'HVFULSWLRQ
7KHSDVVHQJHUR[\JHQPDVNVKDYHWKHVHSDUWV FKDQJHVFRORUWRJUHHQZKHQWKHUHLVR[\JHQIORZ
 %ULJKW\HOORZVLOLFRQUXEEHUIDFHSLHFHZLWK
EUHDWKLQJYDOYHVHODVWLFKHDGVWUDSDQGJHQHUDWRU
UHOHDVHODQ\DUG
 )OH[LEOHVXSSO\WXEHDQGUHVHUYRLUEDJ
/RFDWLRQ
3DVVHQJHUR[\JHQPDVNVDUHLQWKHVHXQLWV
2SHUDWLRQDO'LVSOD\V
,QVWUXFWLRQVIRUPDVNXVHDUHRQWKHUHVHUYRLUEDJ
,QVRPHPRGHOVWKHUHVHUYRLUEDJKDVDIORZLQGLFDWRU
WKDWLQIODWHVZKHQR[\JHQIORZVLQWRWKHEDJ7KH
LQGLFDWRUDUHDLVVKDGHGJUHHQIRUUHFRJQLWLRQ2WKHU
FRQILJXUDWLRQVLQFOXGHDQLQOLQHIORZLQGLFDWRUWKDW
)XQFWLRQDO'HVFULSWLRQ
:KHQVWRZHGWKHPDVNVDUHLQWKHVHUYLFHXQLW
:KHQGHSOR\HGWKHPDVNVKDQJE\DPDVNODQ\DUG:KHQ
\RXSXOOWKHPDVNWR\RXUIDFHWKHPDVNODQ\DUGSXOOV
RQWKHUHOHDVHFDEOH7KLVVWDUWVWKHR[\JHQIORZ
2[\JHQIURPWKHPDQLIROGIORZVWKURXJKWKHPDVNWXEHWR
 3DVVHQJHUVHUYLFHXQLWV368V WKHUHVHUYRLUEDJ7KHUHVHUYRLUEDJVWRUHVR[\JHQIURP
 )OLJKWDWWHQGDQWVHUYLFHXQLWV WKHFRQVWDQWRXWIORZRIWKHJHQHUDWRUZKHQWKHXVHULV
 /DYDWRU\VHUYLFHXQLWV QRWLQKDOLQJ

$QH[WUDPDVNLVLQHDFKVWDWLRQIRUDQLQIDQW
2SHUDWLRQDO&RQWUROV
7RXVHWKHR[\JHQPDVNSXWWKH\HOORZIDFHSLHFHRYHU
\RXUPRXWKDQGQRVH7KHVRIWVLOLFRQUXEEHURIWKH
PDVNFRQWRXUVWRWKHIDFLDOIHDWXUHVWRJLYHDJRRG
VHDO+ROGWKHPDVNZLWK\RXUKDQGRUZLWKWKHHODVWLF
KHDGVWUDSRYHU\RXUKHDG7RDGMXVWWKHKHDGVWUDSSXOO
RQRQHRILWVHQGV
:KHQ\RXEUHDWKHLQWKHR[\JHQIORZVWKURXJKWKH
UHVHUYRLUEDJDQGWKHPDVNLQKDODWLRQYDOYH:KHQWKHUH
LVQRPRUHR[\JHQLQWKHEDJWKHPDVNDPELHQWDLU
YDOYHRSHQVWROHWDPELHQWDLUHQWHUWKHIDFHSLHFH
:KHQ\RXEUHDWKHRXWWKHLQKDODWLRQDQGDPELHQWDLU
YDOYHVFORVHDQGWKHH[KDODWLRQYDOYHRSHQV7KH
H[KDODWLRQYDOYHOHWVWKHXVHGDLUIORZRXWRIWKH
PDVN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

2;<*(13$66(1*(53$66(1*(52;<*(10$6.
7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHOHQJWKRIWKHR[\JHQWXEHLVGLIIHUHQWIRUWKH
YDULRXVEDJDQGWXEHDVVHPEOLHV%HVXUHWRXVHWKH
FRUUHFWOHQJWK

:KHQ\RXPRYH368VIRUFDELQFRQILJXUDWLRQFKDQJHV
PDNHVXUHWKHJDVSHUKRVHEUDFNHWVQHDUWKH368VGRQRW
LQWHUIHUHZLWKWKHSDVVHQJHUR[\JHQVXSSO\WXELQJ,I
LPSURSHUO\VSDFHGWKHEUDFNHWVFDQSLQFKRUFXWWKH
VXSSO\WXELQJZKHQWKH368LVFORVHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3$66(1*(56(59,&(
81,7 2;<*(178%,1*
0$6.6
'(3/2<('
5(/($6( )/2:,1',&$7256
&$%/( 7<3

,16758&7,216

5(6(592,5%$*

2;<*(1*(1(5$725

(;+$/$7,21
9$/9(

5(/($6( ,1+$/$7,21 2521$6$/&83

&$%/( 9$/9(

2;<*(1
78%,1*
+($'675$3

6(59,&(81,7 2;<*(10$6.'(7$,/
&52666(&7,21 7<3,&$/

2;<*(13$66(1*(53$66(1*(52;<*(10$6.
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(5$/7,78'(35(6685(6:,7&+
3XUSRVH

7KHDOWLWXGHSUHVVXUHVZLWFKRSHUDWHVWKHSDVVHQJHU
R[\JHQV\VWHPZKHQWKHFDELQDOWLWXGHLVDWRUDERYH
IHHW

3K\VLFDO'HVFULSWLRQ

7KHDOWLWXGHSUHVVXUHVZLWFK DQDQHURLGFDSVXOH

/RFDWLRQ

7KHDOWLWXGHSUHVVXUHVZLWFKLVLQWKH-ER[LQWKH
((FRPSDUWPHQW7KH-ER[LVRQWKHOHIWVLGHRIWKH
((FRPSDUWPHQWDFFHVVGRRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

TRIGGERED AT 14000 FT ALTITUDED

3$66(1*(52;<*(1 $/7,78'(
6<67(05(/$<6 35(6685(
5() 6:,7&+

((&2037
$&&(66'225
((&203$570(17
/22.,1*$)7

((&2037
):' $&&(66'225
-%2;

2;<*(13$66(1*(5$/7,78'(35(6685(6:,7&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

2;<*(13$66(1*(5'225/$7&+$&78$725)81&7,21$/'(6&5,37,21
)XQFWLRQDO'HVFULSWLRQ

$VSULQJORDGHGGRRUODWFKKROGVWKHR[\JHQPDVNGRRUV
FORVHG

7KHSDVVHQJHUR[\JHQPDVNVUHOHDVHHOHFWULFDOO\E\Y
GF7KLVHQHUJL]HVWKHGRRUODWFKDFWXDWRUVROHQRLGDQG
UHOHDVHVDVSULQJORDGHGODWFKDFWXDWRU7KHVWULNHU
SXVKHVWKHR[\JHQPDVNGRRURSHQ

7KHGRRUODWFKDFWXDWRUVUHFHLYHSRZHUWKURXJKWKH
FRQWDFWVRIR[\JHQGHSOR\PHQWUHOD\VWKDWHQHUJL]HE\
RQHRIWKHVH

 3$662;<*(1VZLWFKWR21
 2SHUDWLRQRIWKHIWVZLWFK

7KHR[\JHQLQGLFDWRUUHOD\HQHUJL]HVWKURXJKWKH
FRQWDFWVRIRQHRIWKHWZRR[\JHQGHSOR\PHQWUHOD\V
7KHFRQWDFWVRIWKHR[\JHQLQGLFDWRUUHOD\FDXVHWKHVH
WKLQJVWRRFFXU

 3DVVHQJHUFDELQFHLOLQJOLJKWFRPHVRQ
 3DVVHQJHUVLJQVFRPHRQ
 5HWXUQWRVHDWVLJQLQWKHODYDWRULHVLQKLELW
 3$662;<21DPEHUOLJKWFRPHVRQ
 0$67(5&$87,21DQG29(5+($'DQQXQFLDWRUOLJKWV
FRPHRQ
 5HOD\KROGLQJFLUFXLW5HQHUJL]HV

7KHKROGLQJFLUFXLWNHHSVWKHLQGLFDWLRQUHOD\
HQHUJL]HGXQWLOSRZHULVUHPRYHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3$66/ '225/$7&+
$&78$725
9'&
%$7%86 3$665
27+(5/()76,'(
6(&7 '225/$7&+
,1' $&78$7256
7 
0$18$/ ' 6(&
&21752/
50$18$/2;<
3&%3$1(/ '(3/2<5(/$<

1250$/

'225/$7&+
21 $&78$725
2;<*(1  27+(55,*+76,'(
6:,7&+ 7
' 6(& '225/$7&+
$&78$7256
5$8722;<
0$67(5 '(3/2<5(/$<
&$87,21 $/7,78'(
35(6685(6:
723$66(1*(5
&(,/,1*/,*+76
9'& 3$662;<
21
0$67(5',0
6(&7
723$66
3&%3$1(/ 2;<*(13$1(/3 6,*16

723$66(1*(5$''5(66 52;<,1',&$7,21
$03/,),(5$1'35$0 5(/$<
--81&7,21%2;((&203$570(17
2;<*(13$66(1*(5'225/$7&+$&78$725)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$7$&+$37(5

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(,1752'8&7,21
3XUSRVH )  ILOWHU
)  IXOO
7KHZDWHUDQGZDVWHV\VWHPVXSSOLHVSRWDEOHZDWHUWR )&8  IOXVKFRQWUROXQLW
WKHODYDWRULHVDQGJDOOH\VDQGUHPRYHVVLQNDQGWRLOHW
IZG  IRUZDUG
ZDVWH7KHZDWHUDQGZDVWHV\VWHPDOVRUHPRYHVUDLQ
ZDWHUIURPWKHGRRUVLOODUHDV +  KHDWHU
LQG  LQGLFDWLRQ
*HQHUDO'HVFULSWLRQ ODY  ODYDWRU\
/&0  ORJLFFRQWUROPRGXOH
7KHZDWHUDQGZDVWHV\VWHPKDVWKHVHVXEV\VWHPV /('  OLJKWHPLWWLQJGLRGH
3/6  SRLQWOHYHOVHQVRU
 3RWDEOHZDWHU
 $LUVXSSO\ SVLJ  SRXQGVSHUVTXDUHLQFKJDXJH
 :DVWHGLVSRVDO TW\  TXDQWLW\
UHI  UHIHUHQFH
7KHSRWDEOHZDWHUV\VWHPVXSSOLHVZDWHUWRWKH 6  VZLWFK
ODYDWRULHVDQGJDOOH\V 7  WUDQVPLWWHU
7<3  W\SLFDO
7KHDLUVXSSO\V\VWHPSUHVVXUL]HVWKHZDWHUWDQN

7KHZDVWHGLVSRVDOV\VWHPUHPRYHVZDVWHIURPWKH
ODYDWRULHVJDOOH\VDQGGRRUVLOOGUDLQV

$EEUHYLDWLRQVDQG$FURQ\PV

DF  DOWHUQDWLQJFXUUHQW
&  FHOVLXV
&/6  FRQWLQXRXVOHYHOVHQVRU
FRQW  FRQWURO
GF  GLUHFWFXUUHQW
(  HPSW\
)  IDKUHQKHLW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5$1':$67(

327$%/(:$7(5 $,56833/< :$67(',6326$/

:$7(5:$67(,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(327$%/(:$7(5,1752'8&7,21
3XUSRVH )  IXOO
IZG  IRUZDUG
7KHSRWDEOHZDWHUV\VWHPVXSSOLHVZDWHUWRWKH +  KHDWHU
ODYDWRULHVDQGJDOOH\V
LQG  LQGLFDWLRQ
*HQHUDO'HVFULSWLRQ ODY  ODYDWRU\
/('  OLJKWHPLWWLQJGLRGH
7KHSRWDEOHZDWHUV\VWHPKDVWKHVHVXEV\VWHPV SVLJ  SRXQGVSHUVTXDUHLQFKJDXJH
47<  TXDQWLW\
 3DVVHQJHUZDWHUVWRZDJHGLVWULEXWLRQ 5()  UHIHUHQFH
 :DWHUKHDWLQJ
6  VZLWFK
 :DWHUTXDQWLW\LQGLFDWLRQ
7  WUDQVPLWWHU
7KHVWRZDJHGLVWULEXWLRQSDUWRIWKHV\VWHPSURYLGHVD 7<3  W\SLFDO
SODFHWRVWRZZDWHUDQGDZD\WRVXSSO\ZDWHUWRWKH
ODYDWRULHVDQGJDOOH\V

7KHZDWHUKHDWLQJV\VWHPKHDWVWKHZDWHUVXSSOLHGWR
WKHODYDWRU\KRWZDWHUIDXFHWV

7KHZDWHUTXDQWLW\LQGLFDWLRQV\VWHPPHDVXUHVDQG
GLVSOD\VWKHTXDQWLW\RIZDWHULQWKHSRWDEOHZDWHU
V\VWHP

$EEUHYLDWLRQVDQG$FURQ\PV

DF  DOWHUQDWLQJFXUUHQW
&  FHOVLXV
GF  GLUHFWFXUUHQW
(  HPSW\
)  )DKUHQKHLW
)  ILOWHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

327$%/(:$7(5

:$7(548$17,7<
3$66(1*(5:$7(5 :$7(5+($7,1*
,1',&$7,21

:$7(5:$67(327$%/(:$7(5,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(327$%/(:$7(5)81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(327$%/(:$7(5)81&7,21$/'(6&5,37,21
)XQFWLRQDO'HVFULSWLRQ
7KHSRWDEOHZDWHUV\VWHPKDVRQHWDQNWKDWKROGV
SRWDEOHZDWHU
<RXILOODQGGUDLQWKHZDWHUWDQNDWWKHZDWHUVHUYLFH
SDQHO
7RILOOWKHZDWHUWDQNRSHQWKHILOORYHUIORZYDOYH
DQGDGGZDWHUWKURXJKWKHSRWDEOHZDWHUILOOILWWLQJ
XQWLOWKHZDWHUIORZVIURPWKHSRWDEOHZDWHUGUDLQ
SRUW
$ZDWHUILOWHULQHDFKODYDWRU\UHPRYHVVHGLPHQWDQG
FKORULQHIURPWKHZDWHUWKDWJRHVWRWKHFROGZDWHU
IDXFHW
7KHZDWHUWDQNOHYHOVHQVRUVHQGVWKHZDWHUTXDQWLW\
GDWDWRDZDWHUTXDQWLW\WUDQVPLWWHU7KHZDWHU
TXDQWLW\WUDQVPLWWHUVHQGVWKHGDWDWRDZDWHUTXDQWLW\
LQGLFDWRUDWWKHDWWHQGDQWSDQHO7KHZDWHUTXDQWLW\
LQGLFDWRUVKRZVWKHOHYHORIZDWHULQWKHWDQN
$ZDWHUTXDQWLW\LQGLFDWRURQWKHZDWHUVHUYLFHSDQHO
DOVRVKRZVWKHZDWHUTXDQWLW\

7KHZDWHUWDQNVXSSOLHVZDWHUWRWKHVHORFDWLRQV 7RGUDLQWKHSRWDEOHZDWHUV\VWHP\RXRSHQWKHVH
YDOYHV
 *DOOH\IDXFHWV
 /DYDWRU\IDXFHWV  :DWHUWDQNGUDLQYDOYH
 /DYDWRU\WRLOHWV  )RUZDUGODYDWRU\GUDLQYDOYHIRUZDUGODYDWRU\
RQO\
(DFKODYDWRU\KDVDZDWHUVXSSO\VKXWRIIYDOYH7KH  /DYDWRU\ZDWHUVXSSO\VKXWRIIYDOYHVRQHLQHDFK
ZDWHUVXSSO\VKXWRIIYDOYHOHWV\RXLVRODWHWKHZDWHU ODYDWRU\
VXSSO\WRWKHVLQNRUWRWKHWRLOHW7KHZDWHUVXSSO\
VKXWRIIYDOYHDOVROHWV\RXLVRODWHWKHVLQNDQGWKH :KHQ\RXGUDLQWKHSRWDEOHZDWHUV\VWHPWKHZDWHU
WRLOHWDWWKHVDPHWLPH GUDLQVRYHUERDUGWKURXJKWKHIRUZDUGDQGDIWSRWDEOH
ZDWHUGUDLQSRUWV
7KHIRUZDUGODYDWRU\KDVDGUDLQYDOYH7KHIRUZDUG
ODYDWRU\GUDLQYDOYHGUDLQVZDWHUIURPWKHIRUZDUG 7UDLQLQJ,QIRUPDWLRQ3RLQW
ZDWHUVXSSO\OLQHV
:KHQ\RXGUDLQWKHSRWDEOHZDWHUV\VWHP\RXPXVWGUDLQ
$ZDWHUKHDWHULQHDFKODYDWRU\LQFUHDVHVWKH ZDWHUIURPWKHVHWZRDUHDV
WHPSHUDWXUHRIWKHZDWHUVXSSOLHGWRWKHKRWZDWHU
IDXFHW  :DWHUVHUYLFHSDQHO
 )RUZDUGODYDWRU\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(327$%/(:$7(5)81&7,21$/'(6&5,37,21
7KHZDWHUVHUYLFHSDQHOOHWV\RXGUDLQWKHZDWHUWDQN
DQGDIWVXSSO\OLQHV7KHIRUZDUGODYDWRU\KDVDGUDLQ
YDOYHWKDWOHWV\RXGUDLQWKHIRUZDUGZDWHUVXSSO\
OLQHV

:KHQ\RXGUDLQWKHSRWDEOHZDWHUV\VWHP\RXPXVWWXUQ
WKHZDWHUVXSSO\VKXWRIIYDOYHVLQHDFKODYDWRU\WRWKH
6833/<21SRVLWLRQ,I\RXGRQRWWXUQWKHZDWHUVXSSO\
VKXWRIIYDOYHWRWKH6833/<21SRVLWLRQZDWHUZLOOQRW
GUDLQIURPWKHWRLOHWRUODYDWRU\IDXFHWV

:$51,1* ,)7+(327$%/(:$7(56<67(0,6127'5$,1('$
0,1,0802)21(7,0(($&+7+5(('$<67+(
*52:7+2)%$&7(5,$&$12&&85,)%$&7(5,$
*52:7+&217,18(6$1'<28'5,1.7+(:$7(5
,//1(66&$12&&85

<RXPXVWIXOO\GUDLQWKHSRWDEOHZDWHUV\VWHPEHIRUH
\RXDGGDGLVLQIHFWDQWRUZKHQ\RXSDUNWKHDLUSODQH
LQFROGZHDWKHU

:$51,1* 6($/7+(&$5*2&203$570(17:,7+7+(/,1,1*
2%(<7+(,16758&7,216,17+(63(&,),('
352&('85(:+(1<28,167$//7+(/,1,1*,)<28
,167$//7+(/,1,1*,1&255(&7/<602.(&$1*(7
,1727+(3$66(1*(5&203$570(17'85,1*$),5(

<RXPXVWUHPRYHWKHFDUJRFRPSDUWPHQWOLQLQJWRJHW
DFFHVVWRVRPHRIWKHSRWDEOHZDWHUV\VWHPFRPSRQHQWV
0DNHVXUH\RXFRUUHFWO\UHSODFHWKHOLQLQJZKHQ\RXDUH
GRQH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(548$17,7<
,1',&$725
):'/$9 ):' $)7/$9 $)7*$//(<
7<3 *$//(< 7<3 7<3
7<3 :$7(5
:$7(5 ),/7(5
:$7(56833/< +($7(5
6+872))9$/9(
72,/(7
5,16(9$/9(
+ ) + )

&$%,1
)/225

),//29(5)/2: $,5
):'/$9$725< 6833/<
'5$,19$/9( 9$/9(
7 5()
:$7(57$1.
:$7(5
7$1./(9(/
6(1625

:$7(548$17,7<
75$160,77(5 :$7(5
7$1.'5$,1
9$/9(

):'327$%/( ):''5$,1 :$7(5 327$%/( :$7(5 $)7327$%/( $)7'5$,1

:$7(5'5$,1 0$675() 6(59,&( :$7(5),// 48$17,7< :$7(5'5$,1 0$675()
3257 3$1(/ ),77,1* ,1',&$725 3257

:$7(5:$67(327$%/(:$7(5)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(3$66(1*(5:$7(56<67(0,1752'8&7,21
3XUSRVH $ZDWHUILOWHULQHDFKODYDWRU\UHPRYHVVHGLPHQWDQG
FKORULQHIURPWKHODYDWRU\FROGZDWHUVXSSO\
7KHSDVVHQJHUZDWHUV\VWHPVXSSOLHVSRWDEOHZDWHUWR
WKHODYDWRULHVDQGJDOOH\V 7KHIRUZDUGODYDWRU\GUDLQYDOYHOHWV\RXGUDLQWKH
ZDWHUIURPWKHIRUZDUGODYDWRU\VXSSO\OLQH
*HQHUDO'HVFULSWLRQ
7KHODYDWRU\ZDWHUVXSSO\VKXWRIIYDOYHOHWV\RX
7KHSDVVHQJHUZDWHUV\VWHPKDVWKHVHFRPSRQHQWV LVRODWHWKHIORZRIZDWHUWRWKHODYDWRU\FRPSRQHQWV

 :DWHUWDQN $EEUHYLDWLRQVDQG$FURQ\PV
 )LOORYHUIORZYDOYHDQGFRQWUROFDEOH
 /DYDWRU\IDXFHW ):'  IRUZDUG
 /DYDWRU\ZDWHUVXSSO\VKXWRIIYDOYH 5()  UHIHUHQFH
 :DWHUWDQNGUDLQYDOYHDQGFRQWUROFDEOH 7<3  W\SLFDO
 3RWDEOHZDWHUILOOILWWLQJ

7KHSDVVHQJHUZDWHUV\VWHPVWRUHVZDWHULQWKHZDWHU
WDQN

<RXXVHWKHYDOYHKDQGOHVDQGILWWLQJVRQWKHZDWHU
VHUYLFHSDQHOZKHQ\RXILOORUGUDLQWKHZDWHUWDQNDQG
SDVVHQJHUZDWHUV\VWHP7KHVHYDOYHKDQGOHVDQG
ILWWLQJVDUHRQWKHZDWHUVHUYLFHSDQHO

 )LOORYHUIORZYDOYHKDQGOH
 :DWHUWDQNGUDLQYDOYHKDQGOH
 3RWDEOHZDWHUILOOILWWLQJ

7KHZDWHUVXSSO\OLQHWRWKHDIWODYDWRULHVDQGJDOOH\V
LVXQGHUWKHIORRU7KHIRUZDUGZDWHUVXSSO\OLQHLV
DERYHWKHFHLOLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(57$1.$1'6(59,&(3$1(/&20321(176 /$9$725<&20321(176

:$7(5:$67(3$66(1*(5:$7(56<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(3$66(1*(5:$7(56<67(0:$7(56(59,&(3$1(/
3XUSRVH
7KHZDWHUVHUYLFHSDQHOOHWV\RXILOOWKHSRWDEOHZDWHU
V\VWHP7KHZDWHUVHUYLFHSDQHODOVROHWV\RXGUDLQWKH
ZDWHUWDQNDQGSDUWRIWKHSRWDEOHZDWHUV\VWHP
/RFDWLRQ
7KHZDWHUVHUYLFHSDQHOLVDWWKHDIWVHFWLRQRIWKH
IXVHODJHERWWRPULJKWVLGH7KHUHDUHWZRVQDSODWFKHV
WRRSHQWKHZDWHUVHUYLFHSDQHOGRRU
$FFHVVWRWKHLQVLGHRIWKHZDWHUVHUYLFHSDQHOLVIURP
WKHDIWFDUJRFRPSDUWPHQW7KHZDWHUVHUYLFHSDQHOLV
XQGHUWKHIORRURQWKHDIWULJKWVLGHRIWKHFDUJR
FRPSDUWPHQW
DOVROHWVDLUIORZRYHUERDUGIURPWKHWDQNGXULQJWKH
ILOOSURFHVV:KHQWKHWDQNLVDWLWVPD[LPXPFDSDFLW\
ZDWHUIORZVRYHUERDUGWKURXJKWKHRYHUIORZGUDLQOLQH
DQGSRWDEOHZDWHUGUDLQSRUW
7RGUDLQWKHWDQNRSHQWKHZDWHUWDQNGUDLQYDOYH7KH
RSHQZDWHUWDQNGUDLQYDOYHOHWVZDWHUIORZRXWRIWKH
ZDWHUWDQNDQGWKHDIWGLVWULEXWLRQOLQHV
7KHFRPSUHVVRUFXWRXWVZLWFKVWRSVRSHUDWLRQRIWKH
DLUFRPSUHVVRUZKHQWKHZDWHUVHUYLFHSDQHOGRRULV
RSHQ
,QWHUIHUHQFHEUDFNHWVRQWKHZDWHUVHUYLFHSDQHOGRRU
SUHYHQWWKHGRRUIURPFORVLQJLIDYDOYHKDQGOHLVLQ
WKHZURQJSRVLWLRQIRUIOLJKW

3K\VLFDO'HVFULSWLRQ

7KHZDWHUVHUYLFHSDQHOKDVWKHVHFRPSRQHQWV

 )LOORYHUIORZYDOYHKDQGOH
 :DWHUWDQNGUDLQYDOYHKDQGOH
 :DWHUTXDQWLW\LQGLFDWRU
 &RPSUHVVRUFXWRXWVZLWFK
 3RWDEOHZDWHUILOOILWWLQJ

)XQFWLRQDO'HVFULSWLRQ

7KHZDWHUVHUYLFHKRVHFRQQHFWVWRWKHSRWDEOHZDWHU
ILOOILWWLQJ7KHILOORYHUIORZYDOYHKDQGOHOHWV\RX
RSHQWKHILOORYHUIORZYDOYH7KHILOORYHUIORZYDOYH
OHWVZDWHUILOOWKHZDWHUWDQN7KHILOORYHUIORZYDOYH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(57$1.'5$,1
),//29(5)/2: 9$/9(+$1'/(
9$/9(+$1'/(

327$%/(:$7(5
),//),77,1*

:$7(5
48$17,7<
,1',&$725

327$%/(:$7(5
'5$,13257
&2035(6625
&87287
6:,7&+

,17(5)(5(1&(
%5$&.(76
):'

:$7(56(59,&(3$1(/
(;7(51$/

):'
:$7(56(59,&(3$1(/
,17(51$/
:$7(5:$67(3$66(1*(5:$7(56<67(0:$7(56(59,&(3$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(3$66(1*(5:$7(56<67(0327$%/(:$7(5),//),77,1*
3XUSRVH

7KHSRWDEOHZDWHUILOOILWWLQJOHWV\RXILOOWKH
SRWDEOHZDWHUV\VWHP

/RFDWLRQ

7KHSRWDEOHZDWHUILOOILWWLQJLVRQWKHZDWHUVHUYLFH
SDQHODWWKHDIWVHFWLRQRIWKHIXVHODJHERWWRPULJKW
VLGH

'HVFULSWLRQ

7KHSRWDEOHZDWHUILOOILWWLQJKDVWKHVHSDUWV

 /HYHU
 &DS
 )LOOILWWLQJKHDWHU
 7KHUPDOVSDFHU
 25LQJ

7KHOHYHUDQGFDSJLYHDZDWHUWLJKWVHDODQGRSHQWR
OHW\RXVHUYLFHWKHSRWDEOHZDWHUV\VWHP

7KHILOOILWWLQJKHDWHUSUHYHQWVZDWHULQWKHILOOOLQH
IURPIUHH]LQJGXULQJIOLJKW

7KHUPDOVSDFHUVLQVXODWHWKHDLUSODQHVWUXFWXUHIURP
WKHILOOILWWLQJDQGILOOILWWLQJKHDWHU

7KH2ULQJJLYHVDVHDOEHWZHHQWKHILOOILWWLQJDQG
WKHILOOILWWLQJKHDWHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

),//
),77,1*
+($7(5

7+(50$/
63$&(5
:$7(5
6(59,&(
3$1(/
25,1*
),//29(5)/2:
9$/9(+$1'/(
5()

:$7(548$17,7<
,1',&$7255()
),//
),77,1*
&2035(6625
&87287 :$7(57$1.'5$,1 &$3
6:,7&+5() 9$/9(+$1'/(5()
/(9(5

,17(5)(5(1&(
):' %5$&.(765()

327$%/(:$7(5),//),77,1*
:$7(56(59,&(3$1(/
(;7(51$/
:$7(5:$67(3$66(1*(5:$7(56<67(0327$%/(:$7(5),//),77,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
:$7(5:$67(3$66(1*(5:$7(56<67(0),//29(5)/2:9$/9($1'&21752/&$%/(
3XUSRVH
7KHILOORYHUIORZYDOYHOHWV\RXILOOWKHZDWHUWDQN
7KHFRQWUROFDEOHOHWV\RXRSHQDQGFORVHWKH
ILOORYHUIORZYDOYHIURPWKHVHUYLFHSDQHO
/RFDWLRQ
7KHILOORYHUIORZYDOYHLVRQWKHULJKWVLGHRIWKH
DLUSODQHDIWRIWKHDIWFDUJRFRPSDUWPHQW7KHYDOYH
LVRQWKHFHLOLQJRQWKHULJKWVLGHRIWKHZDWHUWDQN
DIWRIWKHDIWFDUJRFRPSDUWPHQWEXONKHDGOLQHU
7KHFRQWUROFDEOHLVRQWKHULJKWVLGHRIWKHDIWFDUJR
FRPSDUWPHQWEHWZHHQWKHZDWHUVHUYLFHSDQHODQGWKH
ILOORYHUIORZYDOYH
3K\VLFDO'HVFULSWLRQ
7KHILOORYHUIORZYDOYHLVDIRXUSRUWURWDU\YDOYH
7KHYDOYHRSHUDWHVE\PDQXDOLQSXWDQGKDVRSHQDQG
FORVHGSRVLWLRQV7KHFRQWUROFDEOHLVDURWDU\LQ
URWDU\RXWFDEOH
7KHFRQWUROFDEOHDWWDFKHVWKHILOORYHUIORZYDOYH
KDQGOHRQWKHZDWHUVHUYLFHSDQHOWRWKHILOORYHUIORZ
YDOYH
)XQFWLRQDO'HVFULSWLRQ
7KHILOORYHUIORZYDOYHKDVWKHVHIXQFWLRQV
9(56,21'$7('$8*867 RI
 /HWVZDWHUIORZLQWRWKHZDWHUWDQNIURPWKH
SRWDEOHZDWHUILOOILWWLQJ
 /HWVDLURXWRIWKHZDWHUWDQNWRYHQWRYHUERDUGDV
WKHWDQNILOOVZLWKZDWHU
 /HWVZDWHUIORZRYHUERDUGZKHQZDWHUYROXPH
UHDFKHVWKHVWDQGSLSH
 'HSUHVVXUL]HVWKHZDWHUV\VWHPIRUVHUYLFHRU
PDLQWHQDQFH
7KHFRQWUROFDEOHKDVDURWDU\DFWXDWRULQSXWDWWKH
ZDWHUVHUYLFHSDQHO7KHFRQWUROFDEOHWUDQVPLWV
PRYHPHQWWRWKHILOORYHUIORZYDOYHDWDURWDU\
DFWXDWRURQWKHYDOYH
:KHQ\RXSXWWKHILOORYHUIORZYDOYHLQWKHRSHQ
SRVLWLRQWKHSRWDEOHZDWHUILOOOLQHFRQQHFWVWRWKH
ZDWHUWDQNILOOOLQHDQGWKHZDWHUWDQNRYHUIORZOLQH
FRQQHFWVWRWKHSRWDEOHZDWHUGUDLQOLQH
:KHQ\RXSXWWKHILOORYHUIORZYDOYHLQWKHFORVHG
SRVLWLRQWKHSRWDEOHZDWHUILOOOLQHFRQQHFWVWRWKH
SRWDEOHZDWHUGUDLQOLQHDQGWKHZDWHUWDQNILOOOLQH
FRQQHFWVWRWKHZDWHUWDQNRYHUIORZOLQH
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

327$%/(:$7(5
'5$,1/,1(
327$%/(:$7(5
),///,1( 327$%/(:$7(5 ),//29(5)/2:
),///,1( 9$/9(

:$7(57$1. :$7(57$1.
),///,1( ),///,1(
&21752/
&$%/(
:$7(57$1.
29(5)/2:
:$7(57$1. 527$5< /,1(
29(5)/2:/,1( $&78$725
),//29(5)/2:9$/9( ):'

527$5<
$&78$725
&21752/ +$1'/(
&$%/(
'5$,1 327$%/(:$7(5
9$/9( '5$,1/,1(
5()

7$1.),//29(5)/2:9$/9($1''5$,19$/9(

6(59,&(3$1(/
:$7(5:$67(3$66(1*(5:$7(56<67(0),//29(5)/2:9$/9($1'&21752/&$%/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(3$66(1*(5:$7(56<67(0:$7(57$1.
3XUSRVH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHZDWHUWDQNKROGVSRWDEOHZDWHU 7KHJDOORQWDQNFDQKDYHWKHVHVL]HVRI
VWDQGSLSHV
/RFDWLRQ
 JDOORQOLWHU
7KHZDWHUWDQNLVDIWRIWKHDIWFDUJRFRPSDUWPHQW<RX  JDOORQOLWHU
PXVWUHPRYHWKHDIWEXONKHDGFDUJROLQLQJWRJHWDFFHVV
WRWKHWDQN
3K\VLFDO'HVFULSWLRQ
7KHZDWHUWDQNLVDFRPSRVLWHVWUXFWXUH7KHLQQHU
HOHPHQWLVDPROGHGWKHUPRSODVWLFOLQLQJ
 JDOORQOLWHU
7KHVWDQGSLSHVDUHLQWHUFKDQJHDEOHIRUGLIIHUHQWURXWH
UHTXLUHPHQWV:KHQ\RXLQVWDOODGLIIHUHQWVWDQGSLSH
\RXPXVWDOVRFKDQJHWKHZDWHUTXDQWLW\WUDQVPLWWHU
DGDSWHUFDEOH,I\RXGRQRWXVHWKHFRUUHFW
WUDQVPLWWHUDGDSWHUFDEOHWKHZDWHUTXDQWLW\LQGLFDWRU
ZLOOQRWVKRZWKHFRUUHFWZDWHUOHYHO
7KHZDWHUWDQNFDSDFLW\LVJDOORQVOLWHUV
$VWDQGSLSHGHFUHDVHVWKHPD[LPXPFDSDFLW\WR
JDOORQVOLWHUV

7KHZDWHUWDQNKDVWKHVHSDUWV

 $FFHVVFRYHU
 :DWHUWDQNSUHVVXUL]DWLRQILWWLQJ
 3UHVVXUHVZLWFK
 :DWHURYHUIORZILWWLQJVWDQGSLSH
 :DWHUILOOILWWLQJ
 :DWHUOHYHOVHQVRU
 'UDLQILWWLQJ
 %RQGLQJVWXG

7KHZDWHUOHYHOVHQVRULVDFRSSHUPHVKFDSDFLWDQFH
VHQVRU7KHVHQVRULVERQGHGWRWKHRXWVLGHRIWKH
OLQLQJ7KHVHQVRULVDSHUPDQHQWSDUWRIWKHWDQN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5),// :$7(529(5)/2:
),77,1* ),77,1*
35(6685(
):' 6:,7&+
:$7(57$1.,167$//$7,21 35(6685,=$7,21
$)7&$5*2&203$570(17/,1,1*5(029(' ),77,1*

$&&(66
&29(5
7<3 '5$,1
:$7(5/(9(/
),77,1* 6(1625&211(&7,21
%21',1* 6(1625,16,'(7$1.
678' ):'
:$7(5:$67(3$66(1*(5:$7(56<67(0:$7(57$1.
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(3$66(1*(5:$7(56<67(0:$7(57$1.'5$,19$/9($1'&21752/&$%/(
3XUSRVH )XQFWLRQDO'HVFULSWLRQ

7KHZDWHUWDQNGUDLQYDOYHOHWVZDWHUGUDLQRYHUERDUG
IURPWKHZDWHUWDQNDQGWKHDIWZDWHUGLVWULEXWLRQ
OLQHV
7KHFRQWUROFDEOHOHWV\RXRSHQDQGFORVHWKHZDWHU
WDQNGUDLQYDOYHIURPWKHZDWHUVHUYLFHSDQHO
7KHFRQWUROFDEOHKDVDURWDU\DFWXDWRULQSXWDWWKH
ZDWHUVHUYLFHSDQHO7KHFRQWUROFDEOHWUDQVPLWV
PRYHPHQWWRWKHZDWHUWDQNGUDLQYDOYHDWDURWDU\
DFWXDWRURQWKHYDOYH
7UDLQLQJ,QIRUPDWLRQ3RLQW

/RFDWLRQ
7KHZDWHUWDQNGUDLQYDOYHLVEHKLQGWKHDIWEXONKHDG
RIWKHDIWFDUJRFRPSDUWPHQW7KHYDOYHLVIRUZDUGDQG
EHORZWKHZDWHUWDQN
<RXPXVWGUDLQWKHZDWHUV\VWHPDWWZRORFDWLRQVWR
UHPRYHDOOWKHZDWHULQWKHSDVVHQJHUZDWHUV\VWHP7R
IXOO\GUDLQWKHZDWHUV\VWHPXVHWKHIRUZDUGODYDWRU\
GUDLQYDOYHDQGWKHZDWHUWDQNGUDLQYDOYH

7KHFRQWUROFDEOHLVEHORZWKHFDUJRIORRUDQGLV
EHWZHHQWKHZDWHUVHUYLFHSDQHODQGWKHZDWHUWDQN
GUDLQYDOYH

3K\VLFDO'HVFULSWLRQ

7KHZDWHUWDQNGUDLQYDOYHLVDWZRSRUWVLQJOHEDOO
GXDOVHDOYDOYH7KHYDOYHRSHUDWHVE\PDQXDOLQSXWDQG
KDVRSHQDQGFORVHGSRVLWLRQV7KHFRQWUROFDEOHLVD
URWDU\LQURWDU\RXWFDEOH

7KHFRQWUROFDEOHDWWDFKHVWKHZDWHUWDQNGUDLQYDOYH
KDQGOHRQWKHZDWHUVHUYLFHSDQHOWRWKHZDWHUWDQN
GUDLQYDOYH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

+$1'/(
6(59,&(
3$1(/

&21752/ 527$5<
&$%/( $&78$725

):'
:$7(56(59,&(3$1(/
,17(5,259,(: ):'

72:$7(5
6833/</,1(
5()

29(5)/2: '5$,1/,1(
&211(&7,21 &211(&7,21
5() 5()
:$7(57$1.
'5$,19$/9(

327$%/(:$7(5
'5$,132575()

:$7(57$1.'5$,19$/9($1'&21752/&$%/(
):'

:$7(57$1.$1':$7(57$1.'5$,19$/9(

:$7(5:$67(3$66(1*(5:$7(56<67(0:$7(57$1.'5$,19$/9($1'&21752/&$%/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(3$66(1*(5:$7(56<67(0)25:$5'/$9$725<'5$,19$/9(
3XUSRVH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHIRUZDUGODYDWRU\GUDLQYDOYHOHWV\RXGUDLQWKH <RXPXVWSXWWKHIRUZDUGODYDWRU\GUDLQYDOYHLQWKH
ZDWHUIURPWKHIRUZDUGODYDWRU\VXSSO\OLQHV &/26(SRVLWLRQEHIRUH\RXRSHUDWHWKHZDWHUV\VWHP,I
\RXGRQRWSXWWKHYDOYHLQWKH&/26(SRVLWLRQZDWHU
/RFDWLRQ ZLOOGUDLQIURPWKHIRUZDUGODYDWRU\GXULQJRSHUDWLRQ

7KHIRUZDUGODYDWRU\GUDLQYDOYHLVRQO\LQODYDWRU\$
WKHPRVWIRUZDUGODYDWRU\<RXRSHQWKHVLQNFDELQHW
SDQHOWRJHWDFFHVVWRWKHYDOYH7KHYDOYHLVLQWKH
ORZHUDUHDRIWKHFDELQHW

3K\VLFDO'HVFULSWLRQ

7KHIRUZDUGODYDWRU\GUDLQYDOYHRSHUDWHVPDQXDOO\7KH
YDOYHKDVDYDOYHERG\DQGDUHGKDQGOH

)XQFWLRQDO'HVFULSWLRQ

7KHKDQGOHOHWV\RXSXWWKHYDOYHLQWKH23(1RU&/26(
SRVLWLRQ

,QWKH23(1SRVLWLRQWKHIRUZDUGODYDWRU\GUDLQYDOYH
OHWVWKHZDWHUGUDLQIURPDOOWKHIRUZDUGODYDWRU\DQG
JDOOH\VXSSO\OLQHV7KHZDWHUGUDLQVWKURXJKWKH
IRUZDUGSRWDEOHZDWHUGUDLQSRUW

,QWKH&/26(SRVLWLRQWKHZDWHUIURPWKHVXSSO\OLQHV
IORZVWRWKHODYDWRU\DQGJDOOH\FRPSRQHQWV:DWHUGRHV
QRWIORZRYHUERDUG

$SODFDUGVKRZVWKHYDOYHLQWKH23(1DQG&/26(
SRVLWLRQV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&/26(

'5$,19$/9(
'212723(1,1)/,*+7

3/$&$5'

)25:$5'
/$9$725< /$9$725<:$7(5
'5$,1 6833/<6+872))
9$/9( 9$/9(5()

6,1.&$%,1(7
$&&(663$1(/5(029('

/$9$725<

)25:$5'
):' 327$%/(
:$7(5
'5$,1
)25:$5'/$9$725< 3257
7<3,&$/ )25:$5'327$%/(:$7(5'5$,13257
:$7(5:$67(3$66(1*(5:$7(56<67(0)25:$5'/$9$725<'5$,19$/9(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
:$7(5:$67(3$66(1*(5:$7(56<67(0/$9$725<:$7(56833/<6+872))9$/9(
3XUSRVH
7KHODYDWRU\ZDWHUVXSSO\VKXWRIIYDOYHOHWV\RX
LVRODWHWKHIORZRIZDWHUWRWKHODYDWRU\FRPSRQHQWV
/RFDWLRQ
(DFKODYDWRU\KDVDODYDWRU\ZDWHUVXSSO\VKXWRII
YDOYH<RXRSHQWKHVLQNFDELQHWGRRUWRJHWDFFHVVWR
WKHYDOYH7KHYDOYHLVLQWKHORZHUDUHDRIWKH
FDELQHW
3K\VLFDO'HVFULSWLRQ
7KHODYDWRU\ZDWHUVXSSO\VKXWRIIYDOYHLVDIRXUZD\
YDOYH7KHYDOYHKDVDYDOYHERG\DQGDFRQWUROKDQGOH
,QWKH72,/(721/<SRVLWLRQZDWHUJRHVWRWKHWRLOHW
RQO\
,QWKH6833/<21SRVLWLRQZDWHUJRHVWRWKHIDXFHWDQG
WRLOHW
,QWKH)$8&(721/<SRVLWLRQZDWHUJRHVWRWKHIDXFHW
RQO\
7UDLQLQJ,QIRUPDWLRQ3RLQW
%HIRUH\RXGRZRUNRQWKHODYDWRU\FRPSRQHQWVWXUQWKH
ODYDWRU\ZDWHUVXSSO\VKXWRIIYDOYHWRWKH2))
SRVLWLRQ:KHQ\RXWXUQWKHYDOYHWRWKH2))SRVLWLRQ
ZDWHUGRHVQRWIORZWKURXJKRSHQOLQHV
\HOORZZLWKDUHGLQGLFDWRUSRLQW7KHVHIRXU <RXPXVWWXUQWKHODYDWRU\ZDWHUVXSSO\VKXWRIIYDOYH
SRVLWLRQVVKRZRQWKHYDOYHERG\ WRWKH6833/<21SRVLWLRQZKHQ\RXGUDLQWKHODYDWRU\
VXSSO\OLQHV,I\RXGRQRWWXUQWKHYDOYHWRWKH
 2)) 6833/<21SRVLWLRQWKHZDWHUGRHVQRWGUDLQIURPWKH
 72,/(721O< IDXFHWRUWRLOHWVXSSO\OLQHV
 6833/<21
 )$8&(721O<

7KHYDOYHKDVRQHOLQHLQDQGWZROLQHVRXW

)XQFWLRQDO'HVFULSWLRQ

7KHYDOYHKDQGOHOHWV\RXWXUQWKHYDOYHWRRQHRIIRXU
SRVLWLRQV

:KHQ\RXWXUQWKHYDOYHWRWKH2))SRVLWLRQWKHYDOYH
FORVHVRIIZDWHUWRDOORIWKHODYDWRU\FRPSRQHQWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&21752/
+$1'/(
6,1.
9$/9(%2'< '5$,1 29(5)/2:
2))

6833/<21

)520327$%/(
:$7(56833/<
5()
:$7(5
+($7(5
5()

726,1.
)$8&(7
7272,/(7 5()
5()
)25:$5'/$9$725<
'5$,19$/9()25:$5'
/$9$725<21/< /$9$725<:$7(5
6833/<6+872))
9$/9(
/$9$725< 6,1.&$%,1(7
7<3,&$/ '22523(1

:$7(5:$67(3$66(1*(5:$7(56<67(0/$9$725<:$7(56833/<6+872))9$/9(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(3$66(1*(5:$7(56<67(0/$9$725<)$8&(7
3XUSRVH

7KHODYDWRU\IDXFHWFRQWUROVWKHZDWHUVXSSO\WRWKH
ODYDWRU\VLQN

/RFDWLRQ

7KHUHLVDIDXFHWLQHDFKODYDWRU\7KHIDXFHWLVRQ
WKHVLQN

3K\VLFDO'HVFULSWLRQ

7KHVHDUHWKHRXWHUSDUWVRIWKHIDXFHW

 'UDLQURG
 $HUDWRUDVVHPEO\
 )DXFHWNQRE

$K\GUDXOLFWLPHULQWKHIDXFHWDVVHPEO\DGMXVWVWKH
ZDWHUIORZIURPWRVHFRQGV

)XQFWLRQDO'HVFULSWLRQ

<RXWXUQWKHNQREWRWKHULJKWRUOHIWWRDGMXVWWKH
WHPSHUDWXUHRIWKHZDWHU<RXSXVKWKHNQREWROHW
ZDWHUIORZIRUDVHWWLPH

7KHIDXFHWVKDYHDYHQW<RXGRQRWKDYHWRRSHQWKH
IDXFHWVWRGUDLQWKHSRWDEOHZDWHUV\VWHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

62$3',63(16(5
5()

.12% $(5$725 6,1.$1'

$66(0%/< :$6+%$6,1
5()
'5$,1
+$1'/(

)$8&(7

/$9$725<
7<3,&$/ /$9$725<6,1.$1')$8&(7

:$7(5:$67(3$66(1*(5:$7(56<67(0/$9$725<)$8&(7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(5+($7,1*,1752'8&7,21
3XUSRVH

7KHZDWHUKHDWLQJV\VWHPVXSSOLHVKRWZDWHUWRWKH
ODYDWRU\KRWZDWHUIDXFHW

$EEUHYLDWLRQVDQG$FURQ\PV

DF  DOWHUQDWLQJFXUUHQW
&  &HOVLXV
)  )DKUHQKHLW
W\S  W\SLFDO
Y  YROWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/$9$725<
7<3,&$/

:$7(5:$67(:$7(5+($7,1*,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(5+($7,1*:$7(5+($7(5
3XUSRVH

7KHZDWHUKHDWHULQFUHDVHVWKHWHPSHUDWXUHRIZDWHU
VXSSOLHGWRWKHODYDWRU\KRWZDWHUIDXFHW

/RFDWLRQ

7KHUHLVDZDWHUKHDWHULQHDFKODYDWRU\2SHQWKHVLQN
FDELQHWGRRUWRJHWDFFHVVWRWKHZDWHUKHDWHU

3K\VLFDO'HVFULSWLRQ

7KHZDWHUKHDWHUKDVWKHVHSDUWV

 3RZHUVZLWFK
 7HPSHUDWXUHVHOHFWRUVZLWFK
 3RZHULQGLFDWRUOLJKW
 2YHUKHDWVZLWFK

7KHWHPSHUDWXUHVHOHFWRUVZLWFKVHWVWKHZDWHU
WHPSHUDWXUHWRRQHRIWKHVHWKUHHWHPSHUDWXUHV

 /2:)&
 0(',80)&
 +,*+)&

7KHSRZHULQGLFDWRUOLJKWVKRZVWKDWWKHUHLVSRZHUDQG
WKHRYHUKHDWVZLWFKLVFORVHGQRRYHUKHDW

7KHRYHUKHDWVZLWFKRSHQVZKHQWKHZDWHUWHPSHUDWXUHLV
PRUHWKDQ)&

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

32:(5
,1',&$725 32:(5
7(03(5$785( 6:,7&+
6(/(&7256:,7&+ /,*+7

:$7(5 +($7(521

287/(7

5(6(7
6:,7&+

(/(&75,&$/
&211(&725

6,1.&$%,1(7 :$7(5 :$7(5+($7(57239,(:

'2255() ,1/(7

/$9$725< :$7(5+($7(5
7<3,&$/
:$7(5:$67(:$7(5+($7,1*:$7(5+($7(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(5+($7,1*)81&7,21$/'(6&5,37,21
)XQFWLRQDO'HVFULSWLRQ 2SHQWKHFLUFXLWEUHDNHUIRUWKHZDWHUKHDWHUZKHQ\RX
GUDLQWKHSRWDEOHZDWHUV\VWHP
:KHQWKHSRZHUVZLWFKLVLQWKH21SRVLWLRQYDF
SRZHUJRHVWRWKHFRQWUROHOHFWURQLFV

7KHWHPSHUDWXUHVHOHFWRUVZLWFKVHWVWKHWHPSHUDWXUHRI
WKHZDWHUKHDWHU7KHWHPSHUDWXUHVHOHFWRUVZLWFKKDV
WKUHHSRVLWLRQV

 /2:)&
 0(',80)&
 +,*+)&

7KHVHQVHSUREHWKHUPLVWRUJLYHVGDWDRQWKH

WHPSHUDWXUHRIWKHZDWHULQWKHZDWHUKHDWHU

,IWKHZDWHULVWRRFROGWKHFRQWUROHOHFWURQLFV
FRQQHFWVSRZHUWRWKHKHDWHUHOHPHQWV,IWKHZDWHULV
DWWKHFRUUHFWWHPSHUDWXUHWKHFRQWUROHOHFWURQLFV
GLVFRQQHFWVSRZHUIURPWKHKHDWHUHOHPHQWV

7KHRYHUKHDWVZLWFKLVDIDLOVDIHGHYLFHWKDWLVD
EDFNXSWRWKHFRQWUROHOHFWURQLFV7KHRYHUKHDWVZLWFK
RSHQVWKHSRZHUFLUFXLWLIWKHZDWHUWHPSHUDWXUHLV
PRUHWKDQ)&,IWKHRYHUKHDWVZLWFKRSHQV\RX
PXVWPDQXDOO\UHVHWWKHRYHUKHDWVZLWFK

7UDLQLQJ,QIRUPDWLRQ3RLQW

,IWKHSRZHUVZLWFKLV21DQGWKHSRZHULQGLFDWRUOLJKW
LVRIIWKHZDWHUKHDWHUPD\KDYHEHHQWRRKRWDQG
RSHQHGWKHRYHUKHDWVZLWFK5HVHWWKHRYHUKHDWVZLWFK
RQWRSRIWKHZDWHUKHDWHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5(6(7
6:,7&+

9$& 29(5+($76:,7&+
0$,1
%86
32:(5
/$9:$7(5 ,1',&$725
+($7(5$ /,*+7
7<3
32:(5
3&%3$1(/ 6:,7&+ +($7(5
(/(0(176 7+(50,6725

&21752/(/(&7521,&6

:$7(5+($7(5 7(03(5$785(
6(/(&725
+,*+ /2: 6:,7&+
0('

:$7(5:$67(:$7(5+($7,1*)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(0,1752'8&7,21
3XUSRVH '&  GLUHFWFXUUHQW
(  HPSW\
7KHSRWDEOHZDWHUTXDQWLW\LQGLFDWLRQV\VWHPPHDVXUHV )  IXOO
DQGVKRZVWKHTXDQWLW\RIZDWHULQWKHZDWHUWDQN
/&' OLTXLGFU\VWDOGLVSOD\
*HQHUDO'HVFULSWLRQ /('  OLJKWHPLWWLQJGLRGH
5()  UHIHUHQFH
7KHVHDUHWKHZDWHUTXDQWLW\LQGLFDWLRQV\VWHP 7  WUDQVPLWWHU
FRPSRQHQWV

 :DWHUOHYHOVHQVRU
 :DWHUTXDQWLW\WUDQVPLWWHU
 6HUYLFHSDQHOZDWHUTXDQWLW\LQGLFDWRU
 $IWDWWHQGDQWFRQWUROSDQHO$&3

7KHZDWHUOHYHOVHQVRULVDFRSSHUPHVKFDSDFLWDQFH
W\SHVHQVRUWKDWLVDSDUWRIWKHZDWHUWDQN7KHZDWHU
OHYHOVHQVRUERQGVSHUPDQHQWO\EHWZHHQWKHLQQHUOLQLQJ
DQGWKHFRPSRVLWHVWUXFWXUHRIWKHZDWHUWDQN

7KHZDWHUTXDQWLW\WUDQVPLWWHUXVHVWKHPHDVXUHPHQW
VLJQDOIURPWKHVHQVRUWRFDOFXODWHWKHZDWHUOHYHO

7KHZDWHUOHYHOVKRZVRQWKHDIWDWWHQGDQWFRQWURO
SDQHORQWKHHQYLURQPHQWVFUHHQRQWKHZDWHUTXDQWLW\
LQGLFDWRU

7KHZDWHUOHYHODOVRVKRZVDWWKHZDWHUVHUYLFHSDQHO
RQDZDWHUTXDQWLW\LQGLFDWRU

$EEUHYLDWLRQVDQG$FURQ\PV

$&3 DWWHQGDQWFRQWUROSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5/(9(/
6(1625
6(59,&(3$1(/:$7(5
48$17,7<,1',&$725
:$7(57$1.
3RWDEOH:DWHU 9DFXXP:DVWH /$9,123

/LJKWLQJ ) )

 
(QYLURQPHQW

  /$9,123

0DLQWHQDQFH

 

( (

6PRNH'HWHFWRU

:$7(548$17,7<75$160,77(5 $)7$77(1'$17&21752/3$1(/
:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(0:$7(548$17,7<75$160,77(5
3XUSRVH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHZDWHUTXDQWLW\WUDQVPLWWHUVHQGVZDWHUOHYHOGDWD
WRWKHZDWHUTXDQWLW\LQGLFDWRUDQGWKHVHUYLFHSDQHO
ZDWHUTXDQWLW\LQGLFDWRU
/RFDWLRQ
7KHUHDUHWZRDGMXVWPHQWVFUHZVLQWKHZDWHUTXDQWLW\
WUDQVPLWWHU2QHDGMXVWPHQWVFUHZFKDQJHVWKHRXWSXW
YROWDJHZKHQWKHZDWHUWDQNLVHPSW\7KHRWKHU
DGMXVWPHQWVFUHZFKDQJHVWKHRXWSXWYROWDJHZKHQWKH
ZDWHUWDQNLVIXOO

7KHZDWHUTXDQWLW\WUDQVPLWWHULVEHKLQGWKHDIWFDUJR
OLQLQJLQWKHDIWFDUJRFRPSDUWPHQW7KHZDWHUTXDQWLW\
WUDQVPLWWHULVRXWERDUGDQGEHORZWKHZDWHUWDQN
3K\VLFDO'HVFULSWLRQ
7KHUHDUHGLIIHUHQWDGDSWHUFDEOHVIRUHDFKZDWHUWDQN
VWDQGSLSHFRQILJXUDWLRQ,I\RXFKDQJHWKHZDWHUWDQN
RUVWDQGSLSH\RXPXVWDOVRFKDQJHWKHDGDSWHUFDEOH
,I\RXGRQRWFKDQJHWKHDGDSWHUFDEOHWKHZDWHUWDQN
TXDQWLW\ZLOOQRWEHFRUUHFW

7KHZDWHUTXDQWLW\WUDQVPLWWHUKDVHOHFWULFDO
FRQQHFWLRQVIURPWKHZDWHUWDQNOHYHOVHQVRUWRWKH
ZDWHUTXDQWLW\LQGLFDWRUDQGWKHVHUYLFHSDQHOZDWHU
TXDQWLW\LQGLFDWRU

$QDGDSWHUFDEOHFRQQHFWVWKHWUDQVPLWWHUWRWKHZLUH
EXQGOHIRUWKHZDWHUTXDQWLW\LQGLFDWRUDQGWKHVHUYLFH
SDQHOZDWHUTXDQWLW\LQGLFDWRU

)XQFWLRQDO'HVFULSWLRQ

7KHZDWHUTXDQWLW\WUDQVPLWWHUJHWVYGFIURPEXV
7KHZDWHUTXDQWLW\WUDQVPLWWHUUHDGVWKHFDSDFLWDQFHRI
WKHZDWHUOHYHOVHQVRULQWKHWDQNDQGVXSSOLHVDWR
YGFRXWSXWWRWKHZDWHUTXDQWLW\LQGLFDWRUDQGWKH
VHUYLFHSDQHOZDWHUTXDQWLW\LQGLFDWRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

):'

:$7(548$17,7<6(1625&211(&7,21
$'$37(5&$%/(

):'
:$7(57$1.,167$//$7,21
$)7&$5*2&203$570(17&$5*2/,1,1*5(029('

:$7(548$17,7<
75$160,77(5

,1387)520
6(16255()

):'

:$7(548$17,7<75$160,77(5

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(0:$7(548$17,7<75$160,77(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(0:$7(548$17,7<,1',&$725
3XUSRVH

7KHSRWDEOHZDWHUTXDQWLW\LQGLFDWRUVKRZVWKHOHYHORI
ZDWHULQWKHZDWHUWDQN

/RFDWLRQ

7KHZDWHUTXDQWLW\LQGLFDWRUGLVSOD\VRQWKHDIW
DWWHQGDQWFRQWUROSDQHO$&37KHDIW$&3LVDSDUWRI
WKHDIWDWWHQGDQWVWDWLRQ

3K\VLFDO'HVFULSWLRQ

7KHZDWHUTXDQWLW\LQGLFDWRULVRQWKHHQYLURQPHQW
VFUHHQRIWKHDIW$&3

)XQFWLRQDO'HVFULSWLRQ

7KHZDWHUTXDQWLW\WUDQVPLWWHUVHQGVDYROWDJHWKDWLV
LQSURSRUWLRQWRWKHOHYHORIZDWHULQWKHZDWHUWDQN
7KHORJLFLQWKH$&3FDXVHVWKHLQGLFDWRUWRVKRZWKH
OHYHOLQWKHWDQN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3RWDEOH:DWHU 9DFXXP:DVWH /$9,123

/LJKWLQJ ) )

 
(QYLURQPHQW

  /$9,123

0DLQWHQDQFH

 

( (

6PRNH'HWHFWRU

(19,5210(176&5((1

$)7$77(1'$1767$7,21

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(0:$7(548$17,7<,1',&$725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(06(59,&(3$1(/:$7(548$17,7<,1',&$725
3XUSRVH

7KHVHUYLFHSDQHOZDWHUTXDQWLW\LQGLFDWRUVKRZVWKH
OHYHORIZDWHULQWKHZDWHUWDQN

/RFDWLRQ

7KHLQGLFDWRULVRQWKHZDWHUVHUYLFHSDQHO7KHZDWHU
VHUYLFHSDQHOLVDWWKHDIWVHFWLRQRIWKHIXVHODJHDW
WKHERWWRPULJKWVLGH

3K\VLFDO'HVFULSWLRQ

7KHLQGLFDWRULVDQDQDORJGLDOLQGLFDWRU7KHJDJH
JUDGXDWLRQVDUHHTXDOO\VSDFHGLQLQFUHPHQWVRIRI
DWDQNIURP(HPSW\WR)IXOO7KHJUDGXDWLRQVDUH
ODEHOHGDWWDQNLQFUHPHQWV

7KHSRLQWHUPRYHPHQWLVOLQHDUZLWKLQSXWVIURPWR
YGF

)XQFWLRQDO'HVFULSWLRQ

7KHZDWHUTXDQWLW\WUDQVPLWWHUVHQGVDYROWDJHWKDWLV
LQSURSRUWLRQWRWKHOHYHORIZDWHULQWKHZDWHUWDQN

7KHZDWHUTXDQWLW\WUDQVPLWWHUYROWDJHRXWSXWLVYGF
ZKHQWKHZDWHUWDQNLVHPSW\:LWKDQLQSXWYROWDJHRI
YGFWKHLQGLFDWRUVKRZV(HPSW\

7KHZDWHUTXDQWLW\WUDQVPLWWHUYROWDJHRXWSXWLVY
GFZKHQWKHWDQNLVIXOO:LWKDQLQSXWYROWDJHRIY
GFWKHLQGLFDWRUVKRZV)IXOO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

327$%/(:$7(5 ),//29(5)/2:
),//),77,1* 9$/9(+$1'/(

:$7(57$1.
'5$,19$/9(
+$1'/(

,17(5)(5(1&(
&2035(6625 %5$&.(76
&87287
6:,7&+

):'

6(59,&(3$1(/
:$7(548$17,7<
,1',&$725

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(06(59,&(3$1(/:$7(548$17,7<,1',&$725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(0)81&7,21$/'(6&5,37,21
)XQFWLRQDO'HVFULSWLRQ

7KHFDSDFLWDQFHRIWKHZDWHUWDQNOHYHOVHQVRUFKDQJHV
ZKHQWKHZDWHUOHYHOLQWKHZDWHUWDQNFKDQJHV

7KHZDWHUTXDQWLW\WUDQVPLWWHUVHQVHVWKHFDSDFLWDQFH
RIWKHZDWHUWDQNOHYHOVHQVRU7KHWUDQVPLWWHUFKDQJHV
WKHFDSDFLWDQFHLQSXWWRDWR9'&RXWSXWYROWDJH
7KHRXWSXWYROWDJHRIWKHZDWHUTXDQWLW\WUDQVPLWWHULV
LQSURSRUWLRQWRWKHTXDQWLW\RIZDWHULQWKHZDWHU
WDQN

7KHDWWHQGDQWFRQWUROSDQHO$&3VHQVHVWKHRXWSXW

YROWDJHRIWKHZDWHUTXDQWLW\WUDQVPLWWHU7KH$&3
FKDQJHVWKHRXWSXWYROWDJHRIWR9'&WRDGLJLWDO
VLJQDO7KLVVLJQDORSHUDWHVWKH3RWDEOH:DWHU
LQGLFDWRURQWKH(QYLURQPHQWVFUHHQ7KHLQGLFDWRULV
JUHHQIURPWRIXOO7KHZDWHUTXDQWLW\LQGLFDWRULV
DPEHUIURPWR7KHZDWHUTXDQWLW\LQGLFDWRULV
UHGIURPHPSW\WR

$ZDWHUTXDQWLW\LQGLFDWRURQWKHZDWHUVHUYLFHSDQHO
VHQVHVWKHRXWSXWYROWDJHRIWKHZDWHUTXDQWLW\
WUDQVPLWWHU7KHWR9'&YROWDJHGLUHFWO\FRQWUROV
WKHQHHGOHRQWKHLQGLFDWRU7KHLQGLFDWRUVKRZVZDWHU
TXDQWLW\DVDSHUFHQW,WKDVRQHHLJKWKLQWHUYDO
LQGLFDWLRQV

7UDLQLQJ,QIRUPDWLRQ3RLQW

127( ,IWKHZDWHUWDQNLVQRWFRUUHFWO\JURXQGHG
LQWHUPLWWHQWRSHUDWLRQRIWKHZDWHUTXDQWLW\
LQGLFDWRUFDQRFFXU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

) )
9'&
%86  

:$7(5  

47<,1'
 
3
( (

9'&32:(5
729'&287387
6,*1$/5(7851
:$7(548$17,7<,1387
:$7(548$17,7<
75$160,77(5 (19,5210(176&5((1


 

:$7(5/(9(/ %21',1*678'
6(1625 6(59,&(3$1(/:$7(5
48$17,7<,1',&$725
:$7(57$1.

:$7(5:$67(:$7(548$17,7<,1',&$7,216<67(0)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,21,1752'8&7,21
3XUSRVH

7KHZDWHUWDQNSUHVVXUL]DWLRQV\VWHPSUHVVXUL]HVWKH
SRWDEOHZDWHUWDQN

*HQHUDO'HVFULSWLRQ

3UHVVXUHFRPHVIURPWKHSQHXPDWLFV\VWHPRUDQDLU
FRPSUHVVRU

7KHZDWHUWDQNSUHVVXUL]DWLRQV\VWHPKDVWKHVH
IXQFWLRQV

 &RQWUROVWKHDLUSUHVVXUHWKDWJRHVLQWRWKHZDWHU
WDQN
 6HOHFWVWKHVRXUFHRIWKHSUHVVXUL]HGDLU
 3UHYHQWVFRQWDPLQDWLRQIURPXQZDQWHGPDWHULDOLQ
WKHDLU

$EEUHYLDWLRQVDQG$FURQ\PV

$&  DOWHUQDWLQJFXUUHQW
IZG  IRUZDUG
SVLJ  SRXQGVSHUVTXDUHLQFKJDJH
UHI  UHIHUHQFH
6  VZLWFK
W\S  W\SLFDO
9  YROWV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(57$1.
35(6685,=$7,216<67(0

31(80$7,&6<67(0 $,5&2035(6625

:$7(5:$67(:$7(57$1.35(6685,=$7,21,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,21&20321(17/2&$7,21
*HQHUDO

7KHZDWHUWDQNSUHVVXUL]DWLRQFRPSRQHQWVDUHLQWKHDIW
FDUJRFRPSDUWPHQW

7KHDLUFRPSUHVVRULVIRUZDUGRIWKHZDVWHWDQNRQD
VKHOIEHORZWKHYDFXXPEORZHU

7KHSQHXPDWLFHTXLSPHQWFRPSRQHQWVDUHRQWKHFHLOLQJ
IRUZDUGRIWKHDIWFDUJRFRPSDUWPHQWEXONKHDGOLQHU

7KHZDWHUWDQNFRPSRQHQWVDUHDIWRIWKHDIWFDUJR
FRPSDUWPHQWEXONKHDGOLQHU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$67(7$1.
5()

$,5
&2035(6625

$)7&$5*2&203$570(17/()76,'(
:$67(6<67(0$&&(66

31(80$7,&
(48,30(17
&20321(176
:$7(57$1.
5()

$)7&$5*2&203$570(17$)7%8/.+($'
:$7(56<67(0$&&(66
:$7(5:$67(:$7(57$1.35(6685,=$7,21&20321(17/2&$7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,2131(80$7,&(48,30(17
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,2131(80$7,&(48,30(17
/RFDWLRQ 7ZRIDVWHQHUVDWWDFKWKHLQOLQHILOWHUWRWKHFHLOLQJ
VWUXFWXUH
7KHSQHXPDWLFHTXLSPHQWLVLQWKHDIWFDUJR
FRPSDUWPHQW<RXUHPRYHWKHFDUJRFRPSDUWPHQWFHLOLQJ 3UHVVXUH5HJXODWRU
OLQLQJWRJHWDFFHVVWRWKHSQHXPDWLFHTXLSPHQW
7KHSUHVVXUHUHJXODWRUFRQWUROVWKHDLUSUHVVXUHWKDW
3K\VLFDO'HVFULSWLRQ JRHVLQWRWKHZDWHUWDQNIURPWKHSQHXPDWLFV\VWHP

7KHSQHXPDWLFHTXLSPHQWLQVWDOODWLRQKDVWKHVH 7KHSUHVVXUHUHJXODWRUKDVDFLUFXODUGLVNVKDSHERG\
FRPSRQHQWV DQGWZRWKUHDGHGILWWLQJV2QHILWWLQJLVIRUWKHOLQH
IURPWKHSQHXPDWLFV\VWHP7KHRWKHUILWWLQJLVIRUWKH
 ,QOLQHDLUILOWHU OLQHWKDWJRHVWRWKHZDWHUWDQN
 3UHVVXUHUHJXODWRU
 &KHFNYDOYHV 7KHSUHVVXUHUHJXODWRUNHHSVWKHDLUSUHVVXUHIURPWKH
 3UHVVXUHUHOLHIYDOYH SQHXPDWLFV\VWHPWRDOLPLWRISVLJ

,Q/LQH$LU)LOWHU &KHFN9DOYHV

7KHLQOLQHDLUILOWHUUHPRYHVFRQWDPLQDWLRQIURPWKH 7KHFKHFNYDOYHVSUHYHQWWKHORVVRIDLUSUHVVXUHLQ
SQHXPDWLFV\VWHPVXSSO\OLQH WKHZDWHUWDQNDQGGRQRWOHWZDWHULQWRWKHZDWHUWDQN
SUHVVXUL]DWLRQV\VWHP
7KHLQOLQHDLUILOWHUKDVWKHVHIHDWXUHV
7KHUHDUHWZRFKHFNYDOYHV7KHUHLVDFKHFNYDOYHLQ
 ,QOHWILWWLQJ WKHDLUFRPSUHVVRUVXSSO\OLQHDQGDFKHFNYDOYHLQWKH
 +HDG SQHXPDWLFVXSSO\OLQH
 3DFNLQJ
 $LUILOWHUHOHPHQW 7KHFKHFNYDOYHKDVWKHVHIHDWXUHV
 %RZO
 2XWOHWILWWLQJ  7XEHILWWLQJV
 :UHQFKIODWV
7KHILOWHUHOHPHQWLVDPLFURQSDSHUILOWHU  )ORZGLUHFWLRQDUURZ
HOHPHQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,2131(80$7,&(48,30(17
3UHVVXUH5HOLHI9DOYH

7KHSUHVVXUHUHOLHIYDOYHSUHYHQWVDQRYHUSUHVVXUH
FRQGLWLRQLQWKHZDWHUWDQNSUHVVXUHOLQHV

7KHSUHVVXUHUHOLHIYDOYHKDVWKHVHIHDWXUHV

 :UHQFKIODWV
 7XEHILWWLQJ
 3UHVVXUHUHOLHIDFWXDWRU

7KHWXEHILWWLQJFRQQHFWVWRWKHVDPHPDQLIROGDVWKH
WZRSUHVVXUL]DWLRQVRXUFHV

,ISUHVVXUHLQWKHSQHXPDWLFVXSSO\OLQHLQFUHDVHVWR
SVLJWKHSUHVVXUHUHOLHIYDOYHRSHQV7KHYDOYH
UHVHWVDWSVLJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

78%(
),77,1*6
35(6685(
5(*8/$725
)/2: %2'<
',5(&7,21 72:$7(5
$552: 35(6685(
)52031(80$7,& 6833/</,1(
35(6685(6833/< 287
/,1(,1
35(6685(6833/</,1(
)520$,5&2035(6625 35(6685(6833/</,1(
:5(1&+
)/$76 72327$%/(:$7(56<67(0

&+(&.9$/9( 35(6685(6833/</,1(
)52031(80$7,&6<67(0

35(6685(5(*8/$725

,1/(7
35(6685( ),77,1*
5(/,() :5(1&+
$&78$725 )/$76 ):'

31(80$7,&(48,30(17,167$//$7,21 +($'
/22.,1*83
287/(7
),77,1*
78%( 3$&.,1*
),77,1*

$,5),/7(5
35(6685(5(/,()9$/9( (/(0(17 %2:/

,1/,1($,5),/7(5
:$7(5:$67(:$7(57$1.35(6685,=$7,2131(80$7,&(48,30(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,21$,5&2035(6625,1/(7$,5),/7(5
3XUSRVH  +RXVLQJ

7KHDLUFRPSUHVVRUSUHVVXUL]HVWKHZDWHUWDQNZKHQWKH )XQFWLRQDO'HVFULSWLRQ
SQHXPDWLFV\VWHPLVQRWRQ
7KHWKUHHSKDVH$&PRWRURSHUDWHVWKHDLUFRPSUHVVRUWR
7KHLQOHWDLUILOWHUUHPRYHVSDUWLFOHVRIXQZDQWHG SUHVVXUL]HWKHZDWHUWDQN7KHPRWRUVWDUWVZKHQWKH
PDWHULDOIURPWKHDLUWKDWJRHVLQWRWKHZDWHUWDQN SUHVVXUHOLPLWVZLWFKVHQVHVWKDWWDQNSUHVVXUHLVOHVV
WKDQSVLJ7KHPRWRUVWRSVZKHQWDQNSUHVVXUHLV
/RFDWLRQ SVLJ7KHDLUFRPSUHVVRUSXOOVDLUWKURXJKWKHLQOHW
DLUILOWHUIURPWKHFDUJRFHLOLQJDUHD
7KHDLUFRPSUHVVRULVRQWKHOHIWVLGHRIWKHDIWFDUJR
FRPSDUWPHQW<RXUHPRYHWKHIRUZDUGZDVWHDFFHVVSDQHO 7KHLQOHWDLUILOWHUHOHPHQWLVDPLFURQOD\HUHG
WRJHWDFFHVVWRWKHDLUFRPSUHVVRU7KHDLUFRPSUHVVRU GLVNILOWHU7KHILOWHUKRXVLQJDWWDFKHVWRWKHLQOHW
DWWDFKHVWRWKHORZHUVLGHWKHYDFXXPEORZHUVXSSRUW VLGHRIWKHDLUFRPSUHVVRU
VKHOI
7KHSUHVVXUHUHOLHIYDOYHSUHYHQWVWKHDLUFRPSUHVVRU
3K\VLFDO'HVFULSWLRQ IURPRYHUSUHVVXUL]DWLRQ7KHSUHVVXUHUHOLHIYDOYH
RSHQVDWSVLJ
7KHDLUFRPSUHVVRUKDVWKHVHSDUWV
7UDLQLQJ,QIRUPDWLRQ3RLQW
 ,QOHWDLUILOWHU
 (OHFWULFDOFRQQHFWRU <RXFDQUHSODFHWKHLQOHWDLUILOWHUHOHPHQW
 ,QOHW
 2XWOHW
 3UHVVXUHUHOLHIYDOYH

7KHLQOHWDLUILOWHUKDVWKHVHSDUWV

 1RLVHEDIIOH
 )LOWHUDVVHPEO\
 3HUIRUDWHGGLVN
 6QDSULQJ
 2ULQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9$&880%/2:(5 ,1/(7
68332576+(/) )520
5() 08))/(5
08))/(5

9$&880
%/2:(5
5()

):'

$)7&$5*2&203$570(17/()76,'(
)25:$5':$67($&&(663$1(/5(029(' 287/(7
72:$7(5
7$1.

3(5)25$7(' 35(6685(
',6. +286,1* 5(/,()
9$/9(
25,1* 61$3
5,1*

),/7(5
12,6( $66(0%/<
%$))/( $,5
25,1* ):'
&2035(6625
,1/(7$,5),/7(5 $,5&2035(6625,167$//$7,21
:$7(5:$67(:$7(57$1.35(6685,=$7,21$,5&2035(6625,1/(7$,5),/7(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,2135(6685(/,0,76:,7&+
3XUSRVH

7KHSUHVVXUHOLPLWVZLWFKFRQWUROVWKHRSHUDWLRQRIWKH
DLUFRPSUHVVRU

/RFDWLRQ

7KHSUHVVXUHOLPLWVZLWFKLVLQWKHDIWFDUJR
FRPSDUWPHQWEHKLQGWKHDIWEXONKHDG<RXPXVWUHPRYH
WKHZDWHUWDQNDFFHVVSDQHOWRJHWDFFHVVWRLW

7KHSUHVVXUHOLPLWVZLWFKDWWDFKHVWRWKHWRSRIWKH
ZDWHUWDQN

3K\VLFDO'HVFULSWLRQ

7KHSUHVVXUHOLPLWVZLWFKKDVWKHVHIHDWXUHV

 (OHFWULFDOFRQQHFWRU
 7XEHILWWLQJ
 :UHQFKIODWV

)XQFWLRQDO'HVFULSWLRQ

7KHVZLWFKVWDUWVWKHDLUFRPSUHVVRUZKHQWKHSUHVVXUH
LQWKHZDWHUWDQNLVSVLJRUOHVV7KHVZLWFKVWRSV
WKHDLUFRPSUHVVRUZKHQWKHSUHVVXUHLQWKHZDWHUWDQN
LVSVLJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
&211(&725
):'

7232):$7(57$1.

:5(1&+
)/$76
78%(
),77,1*

:$7(5:$67(:$7(57$1.35(6685,=$7,2135(6685(/,0,76:,7&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,21&2035(6625&872876:,7&+
3XUSRVH

7KHFRPSUHVVRUFXWRXWVZLWFKVWRSVWKHRSHUDWLRQRI
WKHDLUFRPSUHVVRUZKHQWKHZDWHUVHUYLFHSDQHOGRRULV
RSHQ

/RFDWLRQ

7KHFRPSUHVVRUFXWRXWVZLWFKLVRQWKHZDWHUVHUYLFH
SDQHODWWKHDIWVHFWLRQRIWKHIXVHODJHERWWRPULJKW
VLGH

'HVFULSWLRQ

7KHFRPSUHVVRUFXWRXWVZLWFKKDVWKHVHFRPSRQHQWV

 6HQVRUDVVHPEO\
 $FWXDWRUPDJQHW

7KHFRPSUHVVRUFXWRXWVZLWFKRSHQVZKHQWKHZDWHU
VHUYLFHSDQHOGRRULVRSHQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

),//29(5)/2:
9$/9(+$1'/(5()
327$%/(:$7(5),//
),77,1*5()

6(1625 :$7(57$1.'5$,1
$66(0%/< 9$/9(+$1'/(5()

$&78$725 ):'
0$*1(7

:$7(56(59,&(3$1(/

&2035(6625&872876:,7&+

:$7(5:$67(:$7(57$1.35(6685,=$7,21&2035(6625&872876:,7&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,21$,5&2035(6625)81&7,21$/'(6&5,37,21
)XQFWLRQDO'HVFULSWLRQ

7KHDLUFRPSUHVVRURSHUDWHVZLWKYDFWKUHHSKDVH
SRZHU

7KHFRPSUHVVRUFRQWUROUHOD\HQHUJL]HVZKHQWKHVH
FRQGLWLRQVDUHWUXH

 7KHZDWHUVHUYLFHGRRULVFORVHGFRPSUHVVRUFXW
RXWVZLWFKLVFORVHG
 :DWHUWDQNSUHVVXUHLVOHVVWKDQSVLJSUHVVXUH
OLPLWVZLWFKLVFORVHG

7KHDLUFRPSUHVVRURSHUDWHVZKHQWKHFRPSUHVVRUFRQWURO
UHOD\HQHUJL]HG

7KHFRPSUHVVRUVWRSVRSHUDWLQJZKHQWKHFRPSUHVVRU
SUHVVXUHOLPLWVZLWFKRSHQVDWSVLJRUWKHZDWHU
VHUYLFHGRRULVRSHQHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9$&
0$,1
%86

327:$7(5
&2035(6625 $,5
5&2035(6625 &2035(6625
&21752/5(/$<

332:(5',675,%87,21
3$1(/

0$*1(7

36,*

&2035(6625
&872876:,7&+ 3

35(6685(/,0,7
6:,7&+:$7(57$1.

:$7(5:$67(:$7(57$1.35(6685,=$7,21$,5&2035(6625)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,21)81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
:$7(5:$67(:$7(57$1.35(6685,=$7,21)81&7,21$/'(6&5,37,21
*HQHUDO
7KHZDWHUWDQNSUHVVXUL]DWLRQV\VWHPXVHVSUHVVXUL]HG
DLUIURPWKHSQHXPDWLFV\VWHPRUWKHDLUFRPSUHVVRUWR
SUHVVXUL]HWKHZDWHUWDQN
3QHXPDWLF6\VWHP
7KHSQHXPDWLFV\VWHPVXSSOLHVSUHVVXUL]HGDLUZKHQWKH
SQHXPDWLFV\VWHPLVRQ
7KHSQHXPDWLFV\VWHPVXSSO\OLQHJHWVDLUIURPDWDSRQ
WKHSQHXPDWLFPDQLIROGIRUZDUGRIWKH$38FKHFNYDOYH
$QLQOLQHDLUILOWHUFOHDQVWKHDLULQWKHSQHXPDWLF
V\VWHPVXSSO\OLQH
$SUHVVXUHUHJXODWRUFRQWUROVWKHSQHXPDWLFV\VWHP
VXSSO\OLQHSUHVVXUHWRDPD[LPXPRISVLJ
$LU&RPSUHVVRU
7KHDLUFRPSUHVVRUVXSSOLHVSUHVVXUL]HGDLUZKHQWKH
SQHXPDWLFV\VWHPLVRIIDQGWKHVHFRQGLWLRQVDUHWUXH :$51,1* 0$.(685(7+(5(,61235(6685(,17+(
 3UHVVXUHLQWKHZDWHUWDQNLVOHVVWKDQSVLJ
LQOHWRIWKHDLUFRPSUHVVRUFOHDQVWKHDLULQWKHDLU
FRPSUHVVRUVXSSO\OLQH
7KHSUHVVXUHOLPLWVZLWFKRSHQVDQGVWRSVWKHRSHUDWLRQ
RIWKHDLUFRPSUHVVRUZKHQWKHDLUSUHVVXUHLQWKH
ZDWHUWDQNLQFUHDVHVWRSVLJ:KHQWKHSUHVVXUH
GHFUHDVHVWRSVLJWKHSUHVVXUHOLPLWVZLWFKFORVHV
DQGWKHDLUFRPSUHVVRUVWDUWV
7UDLQLQJ,QIRUPDWLRQ3RLQW
:$51,1* 6($/7+(&$5*2&203$570(17:,7+7+(/,1,1*
2%(<7+(,16758&7,216,17+(63(&,),('
352&('85(:+(1<28,167$//7+(/,1,1*,)<28
,167$//7+(/,1,1*,1&255(&7/<7+(),5(
(;7,1*8,6+,1*$*(1725602.(&$1*(7,1727+(
3$66(1*(5&203$570(17'85,1*$),5(
7RJHWDFFHVVWRWKHZDWHUWDQNSUHVVXUL]DWLRQV\VWHP
FRPSRQHQWV\RXUHPRYHWKHFDUJRFRPSDUWPHQWOLQLQJ
:KHQ\RXDUHGRQH\RXPXVWUHSODFHDQGVHDOWKHFDUJR
FRPSDUWPHQWOLQLQJ
31(80$7,&35(6685(/,1(6%()25(<28
',6&211(&77+(07+(+,*+
SUHVVXUHOLPLWVZLWFKLVFORVHG 35(6685(7(03(5$785($,5,17+(/,1(6&$1
 :DWHUVHUYLFHSDQHOGRRULVFORVHGFRPSUHVVRU &$86(,1-85<723(56216
FXWRXWVZLWFKLVFORVHG
 YDFPDLQEXVLVRQ
7KHDLUFRPSUHVVRUJHWVDLUIURPDPXIIOHUDERYHWKH
FHLOLQJRIWKHFDUJRFRPSDUWPHQW$QDLUILOWHUDWWKH
%HIRUH\RXUHPRYHZDWHUWDQNSUHVVXUL]DWLRQV\VWHP
FRPSRQHQWV\RXPXVWUHOHDVHWKHSUHVVXUHIURPWKH
V\VWHP<RXFDQRSHQWKHILOORYHUIORZYDOYHWRUHOHDVH
WKHSUHVVXUHIURPWKHSQHXPDWLFSUHVVXUHOLQHV7RRSHQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(:$7(57$1.35(6685,=$7,21)81&7,21$/'(6&5,37,21
WKHILOORYHUIORZYDOYHXVHWKHYDOYHKDQGOHDWWKH
ZDWHUVHUYLFHSDQHO

7RVWRSRSHUDWLRQRIWKHDLUFRPSUHVVRURSHQWKHZDWHU
VHUYLFHSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

35(6685(
5(/,() $,5
35(6685( &+(&. 9$/9( &2035(6625
5(/,()9$/9( 9$/9(
7<3
08))/(5

&2035(6625
,1/(7$,5
),/7(5
)520
3 31(80$7,&
6<67(0
35(6685(
5(*8/$725 ,1/,1(
35(6685( $,5),/7(5
),//29(5)/2: /,0,7
9$/9( 6:,7&+
6 :$7(5
7$1.5()

:$7(5
6833/<
/,1(5()

:$7(57$1.'5$,19$/9(
5()

&2035(6625 :$7(56(59,&(
&87287 3$1(/5()
6:,7&+

:$7(5:$67(:$7(57$1.35(6685,=$7,21)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(',6326$/,1752'8&7,21
3XUSRVH :DVWH7DQN4XDQWLW\,QGLFDWLRQ6\VWHP

7KHZDVWHGLVSRVDOV\VWHPUHPRYHVZDWHUIURPWKH 7KHZDVWHWDQNTXDQWLW\LQGLFDWLRQV\VWHPPHDVXUHVDQG
ODYDWRU\DQGJDOOH\VLQNVKXPDQZDVWHIURPWKH VKRZVWKHOHYHORIZDVWHLQWKHZDVWHWDQN
ODYDWRU\WRLOHWVDQGUDLQZDWHUIURPWKHGRRUVLOOV
$EEUHYLDWLRQVDQG$FURQ\PV
*HQHUDO'HVFULSWLRQ
DF  DOWHUQDWLQJFXUUHQW
7KHZDVWHGLVSRVDOV\VWHPKDVWKHVHVXEV\VWHPV $&  DLUFRQGLWLRQLQJ
%,7  EXLOWLQWHVW
 *UD\ZDWHU
&  &HOVLXV
 9DFXXPZDVWH
 :DVWHWDQNTXDQWLW\LQGLFDWLRQ GF  GLUHFWFXUUHQW
)  )DKUHQKHLW
*UD\:DWHU6\VWHP )&8  IOXVKFRQWUROXQLW
):'  IRUZDUG
7KHJUD\ZDWHUFRPHVIURPWKHODYDWRU\VLQNDQGIURP *1'  JURXQG
GRRUVLOOGUDLQVDWHDFKHQWU\DQGVHUYLFHGRRU
/&0  ORJLFFRQWUROPRGXOH
7KHJUD\ZDWHUIURPWKHVLQNVGUDLQVRYHUERDUGWKURXJK PP  PLOOLPHWHU
GUDLQPDVWV 36,'  SRXQGVSHUVTXDUHLQFKGLIIHUHQWLDO
5()  UHIHUHQFH
7KHJUD\ZDWHUIURPWKHGRRUVLOOVGUDLQVRYHUERDUG 6(&  VHFWLRQ
WKURXJKGUDLQILWWLQJV 6<6  V\VWHP
7<3  W\SLFDO
9DFXXP:DVWH6\VWHP
Y  YROWV
7KHYDFXXPZDVWHV\VWHPUHPRYHVKXPDQZDVWHIURPWKH
WRLOHWV7KHZDVWHPDWHULDOLVKHOGLQDZDVWHWDQN
XQWLOVHUYLFLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$67(',6326$/

:$67(7$1.
*5$<:$7(5 9$&880:$67( 48$17,7<
,1',&$7,21

:$7(5:$67(:$67(',6326$/,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(*5$<:$7(56<67(0,1752'8&7,21
3XUSRVH $EEUHYLDWLRQVDQG$FURQ\PV

7KHJUD\ZDWHUV\VWHPKDVWKHVHIXQFWLRQV $&  DLUFRQGLWLRQLQJ

GF  GLUHFWFXUUHQW
 'UDLQVZDWHUDQGRWKHUOLTXLGVIURPWKHODYDWRU\ ):'  IRUZDUG
DQGJDOOH\VLQNV
*1'  JURXQG
 *LYHVH[KDXVWYHQWLODWLRQIURPWKHODYDWRULHVDQG
JDOOH\V 36,'  SRXQGVSHUVTXDUHLQFKGLIIHUHQWLDO
 'UDLQVUDLQZDWHUIURPWKHHQWU\VHUYLFHGRRUVLOO 5()  UHIHUHQFH
DUHDV 6(&  VHFWLRQ
6<6  V\VWHP
*HQHUDO'HVFULSWLRQ 7<3  W\SLFDO
Y  YROWV
7KHJUD\ZDWHUV\VWHPKDVWKHVHWZRVXEV\VWHPV

 :DVWHZDWHUV\VWHP
 'RRUVLOOGUDLQV\VWHP

:DVWH'UDLQ6\VWHP

7KHZDVWHZDWHUV\VWHPFROOHFWVWKHZDVWHZDWHUIURP
WKHODYDWRU\DQGJDOOH\VLQNVDQGGUDLQVWKHZDVWH
ZDWHURYHUERDUGWKURXJKKHDWHGGUDLQPDVWV7KHZDVWH
ZDWHUV\VWHPDOVRJLYHVH[KDXVWYHQWLODWLRQIURPWKH
ODYDWRULHVDQGJDOOH\V

'RRU6LOO'UDLQ6\VWHP

7KHGRRUVLOOGUDLQV\VWHPFROOHFWVUDLQZDWHUIURPWKH
HQWU\VHUYLFHGRRUVLOODUHDVDQGGUDLQVWKHZDWHU
RYHUERDUGWKURXJKGUDLQILWWLQJV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

*5$<:$7(56<67(0

:$67(:$7(56<67(0 '2256,//'5$,16<67(0

:$7(5:$67(*5$<:$7(56<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(*5$<:$7(56<67(0*(1(5$/'(6&5,37,210(&+$1,&$/
*HQHUDO 7KHIRUZDUGJUD\ZDWHUGUDLQYDOYHLVRSHQRQWKH
JURXQGWRUHPRYHZDWHUIURPWKHGUDLQKRVHDERYHWKH
7KHJUD\ZDWHUV\VWHPKDVWKHVHWZRVXEV\VWHPV FDUJRFRPSDUWPHQWFHLOLQJ7KLVGUDLQKRVHLVLQDRQH
GHJUHHQRVHGRZQLQFOLQHDZD\IURPWKHGUDLQPDVWZKHQ
 :DVWHZDWHUV\VWHP WKHDLUSODQHLVRQWKHJURXQG
 'RRUVLOOGUDLQV\VWHP
:KHQWKHDLUSODQHLVLQWKHDLUWKHIRUZDUGJUD\ZDWHU
:DVWH'UDLQ6\VWHP GUDLQYDOYHLVFORVHG:DVWHZDWHULQWKHIRUZDUGZDVWH
ZDWHUV\VWHPWKHQGUDLQVWKURXJKWKHIRUZDUGGUDLQ
7KHZDVWHZDWHUV\VWHPKDVWKHVHFRPSRQHQWV PDVW

 /DYDWRU\DQGJDOOH\VLQNGUDLQV 7KHIRUZDUGJUD\ZDWHUGUDLQYDOYHLVFORVHGLQIOLJKW
 /DYDWRU\DQGJDOOH\VLQNGUDLQYHQWV WRNHHSWKHZDVWHZDWHUDERYHIUHH]LQJLQWKHIRUZDUG
 )RUZDUGJUD\ZDWHUGUDLQYDOYH GRRUVLOOGUDLQILWWLQJ
 'UDLQKRVHVDQGOLQHV
 'UDLQPDVW
7KHZDVWHZDWHUV\VWHPFROOHFWVWKHZDVWHZDWHUIURP
WKHODYDWRU\DQGJDOOH\VLQNVDQGGUDLQVWKHZDVWH
ZDWHURYHUERDUGWKURXJKKHDWHGGUDLQPDVWV7KHZDVWH
ZDWHUV\VWHPDOVRVXSSOLHVH[KDXVWYHQWLODWLRQIURPWKH
ODYDWRULHVDQGJDOOH\V
7KHZDVWHZDWHUV\VWHPDOVRVXSSOLHVH[KDXVW
YHQWLODWLRQIRUWKHODYDWRULHVDQGJDOOH\V
:KHQWKHDLUSODQHLVRQWKHJURXQGWKHIRUZDUGJUD\
ZDWHUGUDLQYDOYHLVRSHQ:DVWHZDWHULQWKHIRUZDUG
ZDVWHZDWHUV\VWHPWKHQGUDLQVWKURXJKWKHIRUZDUGJUD\
ZDWHUGUDLQYDOYHDQGWKURXJKWKHIRUZDUGGRRUVLOO
GUDLQILWWLQJ
9(56,21'$7('$8*867 RI
:DVWHZDWHULQWKHDIWZDVWHZDWHUV\VWHPGUDLQV
RYHUERDUGWKURXJKWKHDIWGUDLQPDVWZKHQWKHDLUSODQH
LVRQWKHJURXQGDQGZKHQWKHDLUSODQHLVLQWKHDLU
7KHXVXDOSRVLWLRQIRUWKHDIWFDELQIORRUGUDLQ
VKXWRIIYDOYHVLVFORVHG<RXPDQXDOO\VHWWKHPWRRSHQ
ZKHQWKHDLUSODQHFRQILJXUDWLRQLVLQWKH&$5*2PRGH
'RRU6LOO'UDLQ6\VWHP
7KHGRRUVLOOGUDLQV\VWHPFROOHFWVUDLQZDWHUIURPWKH
HQWU\VHUYLFHGRRUVLOODUHDVDQGGUDLQVWKHZDWHU
WKURXJKOLQHVDQGDGUDLQYDOYHWRGUDLQILWWLQJWKDW
VHQGVWKHZDWHURYHUERDUGZKHQWKHDLUSODQHLVRQWKH
JURXQG
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

6,1.'5$,1 6,1.'5$,1 *$//(<

$1'9(177<3 $1'9(177<3 9(17
7<3
$)7'2256,//'5$,1 ):''2256,//'5$,1
$1'*877(5 $1'*877(5

):'*5$<:$7(5
'5$,19$/9(

$)7 )25:$5' ):'

'5$,19$/9( $)7'5$,10$67 ):''5$,10$67 '5$,19$/9(

*5$<:$7(56<67(06&+(0$7,&

:$7(5:$67(*5$<:$7(56<67(0*(1(5$/'(6&5,37,210(&+$1,&$/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(*5$<:$7(56<67(0:$67(:$7(56<67(0
3XUSRVH
7KHZDVWHZDWHUV\VWHPFROOHFWVWKHZDVWHZDWHUIURP
WKHODYDWRU\DQGJDOOH\VLQNVDQGGUDLQVWKHZDVWH
ZDWHURYHUERDUGWKURXJKKHDWHGGUDLQPDVWV
7KHV\VWHPDOVRJLYHVH[KDXVWYHQWLODWLRQIRUWKH
ODYDWRULHVDQGJDOOH\V
:KHQWKHDLUSODQHLVLQWKHDLUWKHIRUZDUGJUD\ZDWHU
GUDLQYDOYHLVFORVHG:DVWHZDWHULQWKHIRUZDUGZDVWH
ZDWHUV\VWHPWKHQGUDLQVWKURXJKWKHIRUZDUGGUDLQ
PDVW
7KHIRUZDUGJUD\ZDWHUGUDLQYDOYHLVFORVHGLQIOLJKW
WRNHHSWKHZDVWHZDWHUIURPIUHH]LQJLQWKHIRUZDUG
GRRUVLOOGUDLQILWWLQJ

*HQHUDO'HVFULSWLRQ :DVWHZDWHULQWKHDIWZDVWHZDWHUV\VWHPGUDLQV
RYHUERDUGWKURXJKWKHDIWGUDLQPDVWZKHQWKHDLUSODQH
7KHZDVWHZDWHUV\VWHPKDVWKHVHFRPSRQHQWV LVRQWKHJURXQGDQGZKHQWKHDLUSODQHLVLQWKHDLU

 /DYDWRU\DQGJDOOH\VLQNGUDLQV (OHFWULFDOKHDWHUVLQWKHGUDLQPDVWVSUHYHQWWKHGUDLQ
 /DYDWRU\DQGJDOOH\VLQNGUDLQYHQWV PDVWVIURPIUHH]LQJ
 )RUZDUGJUD\ZDWHUGUDLQYDOYH
 'UDLQKRVHVDQGOLQHV
 'UDLQPDVWV

:KHQWKHDLUSODQHLVRQWKHJURXQGWKHIRUZDUGJUD\
ZDWHUGUDLQYDOYHLVRSHQ:DVWHZDWHULQWKHIRUZDUG
ZDVWHZDWHUV\VWHPWKHQGUDLQVWKURXJKWKHIRUZDUGJUD\
ZDWHUGUDLQYDOYHDQGWKURXJKWKHIRUZDUGGRRUVLOO
GUDLQILWWLQJ

7KHIRUZDUGJUD\ZDWHUGUDLQYDOYHLVRSHQRQWKH
JURXQGWRSUHYHQWZDWHUIURPEHLQJWUDSSHGLQWKHGUDLQ
KRVHWKDWLVDERYHWKHFDUJRFRPSDUWPHQWFHLOLQJ7KLV
GUDLQKRVHLVLQDRQHGHJUHHQRVHGRZQLQFOLQHDZD\
IURPWKHGUDLQPDVWZKHQWKHDLUSODQHLVRQWKH
JURXQG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(17
7<3

):'*5$<
:$7(5'5$,1
9$/9(
'5$,1
)25:$5''225 '5$,1 7<3
6,//'5$,1 +26(
'5$,1+26( 9(17 ),77,1*5() 7<3
7<3 7<3

'5$,1
7<3 ):'
'5$,1 ):'
0$67 '5$,10$67

$)7:$67(:$7(56<67(0 ):':$67(:$7(56<67(0
7<3,&$/ 7<3,&$/

:$7(5:$67(*5$<:$7(56<67(0:$67(:$7(56<67(0
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(*5$<:$7(56<67(0)25:$5'*5$<:$7(5'5$,19$/9(
3XUSRVH

7KHIRUZDUGJUD\ZDWHUGUDLQYDOYHOHWVZDWHUGUDLQ
IURPWKHOHYHOSDUWRIWKHIRUZDUGZDVWHZDWHUGUDLQ
V\VWHPZKHQWKHDLUSODQHLVRQWKHJURXQG

/RFDWLRQ

7KHGUDLQYDOYHLVDWWKHOHIWVLGHRIWKH((
FRPSDUWPHQWRXWERDUGRIWKH(UDFN

3K\VLFDO'HVFULSWLRQ

7KHIRUZDUGJUD\ZDWHUGUDLQYDOYHKDVWKHVHSDUWV

 ,QOHWSRUW
 2XWOHWSRUW
 0RWRU
 6SULQJKRXVLQJ
 (OHFWULFDOFRQQHFWRU

)XQFWLRQDO'HVFULSWLRQ

7KHIRUZDUGJUD\ZDWHUGUDLQYDOYHRSHUDWHVZKHQWKH
DLUSODQHLVRQWKHJURXQG%XVVXSSOLHVYGF
WKURXJKWKH*5281'FRQWDFWRIWKHDLUJURXQGUHOD\7KH
IRUZDUGJUD\ZDWHUGUDLQYDOYHRSHQVWROHWZDWHULQ
WKHIRUZDUGZDVWHZDWHUV\VWHPGUDLQRYHUERDUG

7KHIRUZDUGJUD\ZDWHUGUDLQYDOYHLVVSULQJORDGHGWR
WKHFORVHGSRVLWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,1/(7
3257

(/(&75,&$/
&211(&725

287/(7
3257
02725
((&203$570(17/()76,'(
/22.,1*)25:$5' 635,1*+286,1*

*5$<:$7(5'5$,19$/9(

23(1
9'& *5281'
%86
6(&
):''5$,1
/,1(9$/9( $,5
&/26(
3&%3$1(/ 56<6
$,5*1' )25:$5'*5$<:$7(5
5(/$<- '5$,19$/9(

:$7(5:$67(*5$<:$7(56<67(0)25:$5'*5$<:$7(5'5$,19$/9(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(*5$<:$7(56<67(0'5$,10$67
3XUSRVH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHGUDLQPDVWVOHWZDVWHZDWHUIURPWKHODYDWRU\DQG 7KHKHDWHURQWKHIRUZDUGGUDLQPDVWFRQQHFWVWRWKH
JDOOH\VLQNVIORZRYHUERDUG DLUSODQHZLULQJWKURXJKDQHOHFWULFDOFRQQHFWRU

7KHGUDLQPDVWVKDYHLQWHUQDOKHDWHUVWKDWNHHSWKH 7KHKHDWHURQWKHDIWGUDLQPDVWFRQQHFWVWRWKH
ZDVWHZDWHUIURPIUHH]LQJ DLUSODQHZLULQJWKURXJKZLUHVSOLFHV:KHQ\RXUHSODFH
WKHDIWGUDLQPDVW\RXPXVWPDNHDVSOLFHLQWKH
/RFDWLRQ ZLUHV

7KHUHDUHWZRGUDLQPDVWVRQWKHORZHUIXVHODJH &$87,21 :+(1<285(029(7+()$67(1(56+2/'7+('5$,1

0$67,)7+('5$,10$67)$//6'$0$*(&$1
7KHIRUZDUGGUDLQPDVWLVRQWKHERWWRPRIWKH 2&&85
IXVHODJH,WLVIRUZDUGRIWKHULJKWDLUFRQGLWLRQLQJ
FRPSDUWPHQW

7KHDIWGUDLQPDVWLVRQWKHERWWRPRIWKHIXVHODJH,W
LVDIWRIWKHDIWFDUJRFRPSDUWPHQW

3K\VLFDO'HVFULSWLRQ

7KHGUDLQPDVWLVDQDHURG\QDPLFIDLULQJWKDWDWWDFKHV
WRWKHIXVHODJH

(DFKGUDLQPDVWKDVDQLQWHUQDOZDWWKHDWHU

6HHWKH:DWHUDQG7RLOHW'UDLQ$QWL,FLQJ6\VWHP
VHFWLRQIRULQIRUPDWLRQRQWKHGUDLQPDVWKHDWHUV$00
3$57,

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)25:$5'
'5$,10$67

$)7'5$,1
0$67

):' 5,*+7$&
&203$570(17
'2255()
'5$,10$67,167$//$7,21
7<3,&$/

'5$,10$67
7<3,&$/
:$7(5:$67(*5$<:$7(56<67(0'5$,10$67
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(*5$<:$7(56<67(0'2256,//'5$,16<67(0
3XUSRVH

7KHGRRUVLOOGUDLQV\VWHPUHPRYHVUDLQZDWHUIURPWKH
GRRUVLOODUHDV

3K\VLFDO'HVFULSWLRQ

7KHGRRUVLOOGUDLQV\VWHPKDVWKHVHFRPSRQHQWV

 'RRUVLOOV
 'RRUVLOOGUDLQV
 'UDLQKRVH
 'UDLQYDOYHV
 'UDLQILWWLQJV

7KHGRRUVLOOVDUHORZHUWKDQWKHDGMDFHQWIORRUDUHD
DQGGUDLQZDWHUWRWKHGRRUVLOOGUDLQV7KHGRRUVLOO
GUDLQVGUDLQWKHUDLQZDWHUWKURXJKOLQHVEHORZWKH
IORRU

:KHQWKHDLUSODQHLVRQWKHJURXQGWKHGUDLQYDOYHVLQ
WKHOLQHVDUHRSHQDQGWKHZDWHUGUDLQVRYHUERDUG
WKURXJKDGRRUVLOOGUDLQILWWLQJRQWKHERWWRPRIWKH
DLUSODQH7KHGUDLQYDOYHVFORVHZKHQWKHDLUSODQHLV
SUHVVXUL]HGWRSVLGDQGWKHZDWHUVWD\VLQWKH
OLQHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256,//

'2256,//

'5$,1+26( '5$,1
'5$,1+26(

'5$,19$/9(
'5$,19$/9(

'5$,1
'5$,1),77,1* ):'
'5$,1),77,1*
):'
$)7'2256,//'5$,16<67(0 ):''2256,//'5$,16<67(0

:$7(5:$67(*5$<:$7(56<67(0'2256,//'5$,16<67(0
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(*5$<:$7(56<67(0'2256,//'5$,16
3XUSRVH

7KHGRRUVLOOGUDLQVUHPRYHUDLQZDWHUIURPWKHGRRU
VLOODUHDV

/RFDWLRQ

7KHUHDUHWZRGRRUVLOOGUDLQVDWHDFKHQWU\DQGJDOOH\
VHUYLFHGRRU

3K\VLFDO'HVFULSWLRQ

7KHGRRUVLOOVVHQGUDLQZDWHUWRWKHGRRUVLOOGUDLQV
7KHUDLQZDWHUGUDLQVWKURXJKOLQHVWRWKHGUDLQYDOYH
DQGWKHQGUDLQVRYHUERDUGZKHQWKHDLUSODQHLVRQWKH
JURXQG:DWHULQWKHOLQHVLVKHOGGXULQJIOLJKWE\WKH
FORVHGGUDLQYDOYH7KLVZDWHUGUDLQVRYHUERDUGZKHQ
WKHDLUSODQHPDNHVDODQGLQJ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

'2256,//
'5$,16

(175<'225
7<3,&$/

:$7(5:$67(*5$<:$7(56<67(0'2256,//'5$,16
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0,1752'8&7,21
3XUSRVH $EEUHYLDWLRQVDQG$FURQ\PV

7KHYDFXXPZDVWHV\VWHPUHPRYHVKXPDQZDVWHPDWHULDO DF  DOWHUQDWLQJFXUUHQW
IURPWKHWRLOHWVDQGKROGVLWLQWKHZDVWHWDQN &  &HOVLXV
GF  GLUHFWFXUUHQW
*HQHUDO'HVFULSWLRQ
)  )DKUHQKHLW
7KHYDFXXPWRLOHWFROOHFWVKXPDQZDVWH$IOXVKF\FOH )&8  IOXVKFRQWUROXQLW
SXWVWKHZDVWHPDWHULDOLQWRWKHYDFXXPZDVWHWXELQJ IZG  IRUZDUG
/&0  ORJLFFRQWUROPRGXOH
&DELQSUHVVXUHSXVKHVWKHPDWHULDOWRWKHYDFXXPZDVWH UHI  UHIHUHQFH
WDQN7KHUHDUHWZRVRXUFHVWKDWFDXVHORZSUHVVXUH W\S  W\SLFDO
YDFXXPLQWKHWDQN
Y  YROWV
 9DFXXPEORZHU
 &DELQWRDPELHQWSUHVVXUHGLIIHUHQWLDO

7KHZDVWHVWD\VLQWKHZDVWHWDQNXQWLOVHUYLFLQJ<RX
GRVHUYLFLQJDWWKHZDVWHVHUYLFHSDQHO

7KHYDFXXPZDVWHV\VWHPKDVWKHVHFRPSRQHQWV

 7RLOHWDVVHPEO\
 :DVWHWDQN
 /LTXLGVHSDUDWRU
 :DVWHWDQNULQVHQR]]OH
 :DVWHWDQNULQVHILOWHU
 :DVWHWDQNULQVHILWWLQJDVVHPEO\
 :DVWHGUDLQYDOYHDVVHPEO\
 :DVWHGUDLQEDOOYDOYH
 9DFXXPFKHFNYDOYH
 9DFXXPEORZHU
 9DFXXPEORZHUEDURPHWULFVZLWFK

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9$&880:$67(6<67(0 72,/(7$66(0%/<

:$7(5:$67(9$&880:$67(6<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0&20321(17/2&$7,216/$9$725<
&RPSRQHQWORFDWLRQV

7KHUHLVDWRLOHWDVVHPEO\HQFORVHGE\DVKURXGLQHDFK
ODYDWRU\

7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHWRLOHWDVVHPEO\LVEHKLQGWKHWRLOHWVKURXG<RX
UHPRYHWKHWRLOHWVKURXGWRJHWDFFHVVWRWKHWRLOHW
DVVHPEO\7KHWRLOHWVKURXGLVVHFXUHGDWIRXU
DWWDFKPHQWVRQRQHVLGHDQGWZRDWWDFKPHQWVRQWKH
RWKHUVLGH

7KHWRLOHWVKURXGKDVDVHDWDQGFRYHU$OHDNSURRI
SDQLVRQWKHIORRURIWKHWRLOHW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6+528'
$77$&+0(17
6+528'
$77$&+0(17

72,/(76($7
$1'&29(5

)/2253$1

72,/(76+528'

/$9$725<02'8/(
7<3,&$/

:$7(5:$67(9$&880:$67(6<67(0&20321(17/2&$7,216/$9$725<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0)81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0)81&7,21$/'(6&5,37,21
9DFXXP7RLOHW$VVHPEOLHV :DVWH6\VWHP6HUYLFLQJ

2SHUDWLRQRIWKHIOXVKVZLWFKVHQGVDVLJQDOWRWKH <RXVHUYLFHWKHZDVWHWDQNIURPWKHZDVWHVHUYLFH
LQWHJUDWHGV\VWHPFRQWUROOHU,6&7KH,6&RSHQVWKH
ULQVHYDOYHWRVXSSO\SRWDEOHZDWHUWRIOXVKWKHWRLOHW
ERZO$IWHUVHFRQGVWKH,6&FORVHVWKHULQVH
YDOYH(DFKULQVHF\FOHXVHVRXQFHVRISRWDEOH
ZDWHU7KH,6&WKHQRSHQVWKHIOXVKYDOYHIRUIRXU
VHFRQGVWROHWWKHWRLOHWZDVWHGUDLQRXWRIWKH
WRLOHW7KHIOXVKYDOYHWKHQFORVHV
7KHYDFXXPEUHDNHUSUHYHQWVWKHYDFXXPZDVWHV\VWHP
IURPVLSKRQLQJZDWHUIURPWKHSRWDEOHZDWHUV\VWHP
7KHPDQXDORYHUULGHOLQNPDQXDOO\FORVHVWKHIOXVK
YDOYH
:DVWH7DQN$VVHPEO\
7KHZDVWHWDQNFROOHFWVWKHZDVWHIURPWKHODYDWRU\
WRLOHWV
'LIIHUHQWLDOSUHVVXUHFDXVHVWKHWRLOHWERZOFRQWHQWV
WRIORZIURPWKHWRLOHWWRWKHZDVWHWDQN7KHYDFXXP
EORZHURUFDELQGLIIHUHQWLDOSUHVVXUHVXSSOLHVWKH
GLIIHUHQWLDOSUHVVXUHIRUWKHZDVWHWDQN
SDQHO
$WWDFKWKHZDVWHGUDLQKRVHWRWKHZDVWHGUDLQYDOYH
DQGRSHQWKHZDVWHGUDLQEDOOYDOYH
:KHQWKHWDQNLVHPSW\DWWDFKWKHULQVHKRVHWRWKH
ZDVWHWDQNULQVHILWWLQJ7KHQSUHVVXUL]HWKHULQVH
ZDWHUVXSSO\5LQVHZDWHUIORZVWKURXJKWKHZDVWHWDQN
ULQVHILOWHUDQGWZRULQVHQR]]OHV
7KHZDVWHWDQNULQVHQR]]OHVVSUD\ZDWHURQWKHLQVLGH
RIWKHWDQNWRFOHDQWKHSRLQWOHYHOVHQVRUVDQGZDVWH
WDQN
$GGFKHPLFDOSUHFKDUJHDIWHUWKHZDVWHWDQNLVIXOO\
GUDLQHGDQGIOXVKHG
7KHZDVWHGUDLQEDOOYDOYHSUR[LPLW\VZLWFKVWRSVWKH
RSHUDWLRQRIWKHYDFXXPEORZHUZKHQWKHZDVWHGUDLQ
EDOOYDOYHLVRSHQ
,QWHUIDFHV
7KH,6&PXVWUHFHLYHDQHQDEOHVLJQDOIURPWKHORJLF
7KHYDFXXPFKHFNYDOYHSUHYHQWVWKHSXOORIDPELHQWDLU FRQWUROPRGXOH/&0WRRSHUDWHWKHWRLOHWFRPSRQHQWV
LQIURPWKHZDVWHWDQNYHQWSRUWE\WKHYDFXXPEORZHU 7KH/&0GLVDEOHVWKH,6&LIWKHZDVWHWDQNLVIXOO7KH
/&0PRQLWRUVWKHWZRSRLQWOHYHOVHQVRUVWRILQGLIWKH
ZDVWHWDQNLVIXOO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0)81&7,21$/'(6&5,37,21
,IWKH,6&LVHQDEOHGDIOXVKF\FOHVWDUWVZLWKWKH
RSHUDWLRQRIWKHIOXVKVZLWFK
7KHIOXVKVZLWFKVHQGVDVLJQDOWRWKH,6&7KH,6&
WKHQVHQGVDVLJQDOWRRSHUDWHWKHYDFXXPEORZHUIRU
VHFRQGV7KHVLJQDOJRHVWKURXJKWKHZDVWHGUDLQEDOO
YDOYHSUR[LPLW\VZLWFKDQGWKHYDFXXPEORZHUEDURPHWULF
VZLWFK7KHZDVWHGUDLQEDOOYDOYHSUR[LPLW\VZLWFKDQG
YDFXXPEORZHUEDURPHWULFVZLWFKPXVWEHFORVHGIRUWKH
YDFXXPEORZHUWRRSHUDWH
&$87,21 '212786(,&(&8%(6$6$1$/7(51$7,9(727+(
&586+(',&(,&(&8%(6&$1&$86('$0$*(727+(
32,17/(9(/6(16256,17+(:$67(7$1.
7KHUHLVDFOHDQRXWILWWLQJLQWKHIRUZDUGYDFXXP
ZDVWHOLQH<RXFDQXVHWKHFOHDQRXWILWWLQJWRFOHDQ
DEORFNDJHEHWZHHQWKHZDVWHWDQNDQGWKHIRUZDUG
ODYDWRU\

7KHZDVWHGUDLQEDOOYDOYHSUR[LPLW\VZLWFKLVFORVHG
ZKHQWKHZDVWHGUDLQEDOOYDOYHLVFORVHG

7KHEDURPHWULFVZLWFKLVFORVHGZKHQWKHDLUSODQHLV
EHORZIHHW

7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHZDVWHWDQNPXVWEHIOXVKHGDWHDFKVHUYLFLQJ
LQWHUYDO,IWKHZDVWHWDQNLVQRWVHUYLFHGFRUUHFWO\
XQZDQWHGZDVWHPDWHULDOFDQFROOHFWRQWKHSRLQWOHYHO
VHQVRUV7KHZDVWHPDWHULDORQWKHSRLQWOHYHOVHQVRUV
FDQFDXVHDWDQNIXOOVLJQDODQGVWRSRSHUDWLRQRIWKH
ODYDWRU\WRLOHWV

<RXVKRXOGIOXVKFUXVKHGLFHGRZQWKHWRLOHWVDW
UHJXODULQWHUYDOV7KHFUXVKHGLFHZLOOKHOSWRSUHYHQW
XQZDQWHGPDWHULDOIURPFROOHFWLQJLQWKHYDFXXPZDVWH
OLQHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)/86+6:,7&+
7<3 :$67(48$17,7< 5,16(9$/9(7<3
$)772,/(7
7<3 ,1',&$725
9$&880%5($.(57<3
):'72,/(7
)/86+9$/9( 7<3
7<3 6 6
0$18$/29(55,'(/,1.
,6& ,6&
&$%,1)/225
5()
0$18$/29(55,'(/,1.
&/($1287),77,1*

9$&880%/2:(5
/&0 /,48,'6(3$5$725
9$&880&+(&.
9$/9( :$67(7$1.

:$67(7$1. :$67(7$1.
9(173257 5,16(12==/(
7<3
32,17/(9(/
&217,18286/(9(/ 6(16255()
6(16255()

9$&880%/2:(5 :$67(7$1.
%$520(75,&6:,7&+ 5,16(),/7(5

:$67('5$,1%$// :$67(6(59,&(3$1(/
9$/9(352;,0,7<
6:,7&+
:$67('5$,1 :$67(7$1.
%$//9$/9( :$67('5$,1 :$67('5$,1%$// 5,16(),77,1*
9$/9( 9$/9(&21752/+$1'/(

:$7(5:$67(9$&880:$67(6<67(0)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0)/86+6:,7&+
3XUSRVH

7KHIOXVKVZLWFKVWDUWVWKHIOXVKF\FOHIRUWKHYDFXXP
ZDVWHV\VWHP

/RFDWLRQ

(DFKODYDWRU\KDVDIOXVKVZLWFKDGMDFHQWWRWKHWRLOHW
DVVHPEO\

3K\VLFDO'HVFULSWLRQ

7KHIOXVKVZLWFKLVDPRPHQWDULO\FORVHGVZLWFK

)XQFWLRQDO'HVFULSWLRQ

7KHIOXVKVZLWFKFRQWUROVWKHYDFXXPZDVWHV\VWHPIOXVK
F\FOH7KHIOXVKVZLWFKVHQGVDVLJQDOWRWKH
LQWHJUDWHGV\VWHPFRQWUROOHURQWKHWRLOHWDVVHPEO\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)/86+6:,7&+

72,/(7
6+528' )/86+6:,7&+,167$//$7,21
5() /$9$725<
7<3,&$/

:$7(5:$67(9$&880:$67(6<67(0)/86+6:,7&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(072,/(7$66(0%/<
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
:$7(5:$67(9$&880:$67(6<67(072,/(7$66(0%/<
3XUSRVH
7KHWRLOHWDVVHPEO\FROOHFWVKXPDQZDVWHPDWHULDO7KH
WRLOHWDVVHPEO\RSHUDWHVWKHYDFXXPZDVWHV\VWHPWR
VHQGWKHZDVWHWRWKHZDVWHWDQN
/RFDWLRQ
7KHUHLVDWRLOHWDVVHPEO\LQHDFKODYDWRU\
3K\VLFDO'HVFULSWLRQ
7KHWRLOHWDVVHPEO\KDVWKHVHSDUWV EXLOWLQWKHUPDORYHUORDGSURWHFWLRQ
 7RLOHWERZO
 3HGHVWDO
7KHULQVHYDOYHSURYLGHVZDWHUIRUWRLOHWIOXVK7KH
ULQVHYDOYHLVDVROHQRLGRSHUDWHGYDOYHZLWKDQ
LQWHUQDOILOWHU
7KHYDFXXPEUHDNHUSUHYHQWVEDFNIORZRIZDWHUIURPWKH
WRLOHWERZOLQWRWKHSRWDEOHZDWHUV\VWHP
7KHIOXVKYDOYHNHHSVWKHIORZSDWKEHWZHHQWKHWRLOHW
ERZODQGWKHZDVWHOLQHFORVHG7KHYDOYHRSHQVWROHW
ZDVWHPDWHULDOPRYHIURPWKHWRLOHWERZOWRWKHZDVWH
OLQHVDQGWRWKHZDVWHWDQN7KHIOXVKYDOYHLVDQ
HOHFWULFDOO\RSHUDWHGJDWHW\SHYDOYH7KHPRWRUKDV
7KHPDQXDORYHUULGHOLQNLVIRUPDQXDOO\FORVLQJWKH
IOXVKYDOYH
 3HGHVWDODWWDFKPHQW
 )ORRUDWWDFKHPHQW 7KHYDFXXPWRLOHWDVVHPEO\SHGHVWDOLVDWWDFKHGWRWKH
 5LQVHYDOYHDQGVROHQRLG EDVHE\WZRTXDUWHUWXUQIDVWHQHUV7KHEDVHVXSSRUWV
 9DFXXPEUHDNHU DUHDWWDFKHGWRWKHIORRUILWWLQJV
 5LQVHULQJ
 )OXVKYDOYH )XQFWLRQDO'HVFULSWLRQ
 0DQXDORYHUULGHOLQN
 %DVHVXSSRUW 7KHIOXVKF\FOHVWDUWVZKHQDIOXVKVLJQDOLVUHFHLYHG
 ,QWHJUDWHGV\VWHPFRQWUROOHU,6& IURPWKHIOXVKVZLWFK7KHIOXVKF\FOHLVFRQWUROOHGE\
WKHLQWHJUDWHGV\VWHPFRQWUROOHU,6&(DFKIOXVK
7KHWRLOHWERZODQGWKHSHGHVWDODUHPDGHIURPSODVWLF F\FOHKDVWKHVHVWHSV

7KHULQVHULQJLVDWXEHRQWKHRXWVLGHRIWKHERZO7KH  5LQVHYDOYHRSHQVWRULQVHWKHWRLOHWERZO
ULQVHULQJFRQQHFWVWRWKHULQVHYDOYHWKURXJKWKH  5LQVHYDOYHFORVHV
YDFXXPEUHDNHU7KHUHDUHULQVHQR]]OHVLQVLGHRIWKH  )OXVKYDOYHRSHQVWRGUDLQWKHWRLOHWFRQWHQWV
ERZO  )OXVKYDOYHFORVHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(072,/(7$66(0%/<
:KHQWKHULQVHYDOYHLVRSHQILYHDQGDKDOIRXQFHVRI
ZDWHUIOXVKHVWKHWRLOHWERZO

7UDLQLQJ,QIRUPDWLRQ3RLQW

,IWKHIOXVKYDOYHIDLOVLQWKHRSHQSRVLWLRQFDELQ
SUHVVXUHJRHVWKURXJKWKHRSHQYDOYH$PDQXDORYHUULGH
OLQNFDQEHXVHGWRFORVHWKHIOXVKYDOYH7KLVFDQEH
SHUIRUPHGZLWKWKHVKURXGUHPRYHG

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,17(*5$7('
6<67(0
72,/(7%2:/ &21752//(5

9$&880
72,/(7%2:/ %5($.(5

5,16( 5,16(9$/9(
12==/( 62/(12,'

5,16(9$/9(

327$%/(:$7(5
/,1(&211(&7,21
5,16(
5,1* (/(&75,&$/
&211(&725
0$18$/
)/86+9$/9( 29(55,'(
/,1.
:$67(/,1(
727$1.

):' 3('(67$/
3('(67$/ )/225
$77$&+0(17 $77$&+0(17
%$6(
9$&88072,/(7$66(0%/< 6833257
6,'(9,(: 9$&88072,/(7$66(0%/<
$)79,(:

:$7(5:$67(9$&880:$67(6<67(072,/(7$66(0%/<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0)/86+&<&/(
/DYDWRU\)OXVK&\FOH2SHUDWLRQ SRWDEOHZDWHUJRHVLQWRWKHWRLOHWERZO7KH,6&WKHQ
FORVHVWKHULQVHYDOYH
7KHLQWHJUDWHGV\VWHPFRQWUROOHU,6&PXVWUHFHLYHDQ
HQDEOHVLJQDOIURPWKHORJLFFRQWUROPRGXOH/&0WR 7ZRVHFRQGVDIWHUWKHIOXVKF\FOHVWDUWVWKH,6&RSHQV
RSHUDWHWKHWRLOHWDVVHPEO\FRPSRQHQWV7KH/&0VHQGV WKHIOXVKYDOYH7KHIOXVKYDOYHLVRSHQIRUIRXU
DQHQDEOHVLJQDOWRWKH)&8ZKHQWKHZDVWHWDQNLVQRW VHFRQGVWRGUDLQWKHWRLOHWZDVWH7KH,6&WKHQFORVHV
IXOO WKHIOXVKYDOYH

,IWKH,6&LVHQDEOHGWKHIOXVKF\FOHZLOOVWDUWZLWK 7KHYDFXXPEORZHUFRQWLQXHVWRRSHUDWHIRUQLQH
WKHRSHUDWLRQRIWKHIOXVKVZLWFK VHFRQGV7KHYDFXXPEORZHUWKHQVWRSV

7KHLQWHJUDWHGV\VWHPFRQWUROOHU,6&FRQWUROVWKH 7KH,6&LVWKHQUHDG\IRUDQRWKHUIOXVKF\FOH

RSHUDWLRQRIWKHVHFRPSRQHQWVGXULQJWKHIOXVKF\FOH

 9DFXXPEORZHU
 5LQVHYDOYH
 )OXVKYDOYH

:KHQ\RXSXVKWKHIOXVKVZLWFKWKH,6&LPPHGLDWHO\
VWDUWVDGXW\F\FOHLQKLELW7KHGXW\F\FOHLQKLELW
SUHYHQWVDQRWKHULQSXWIURPWKHIOXVKVZLWFKIRUWKH
QH[WVHFRQGV

7KH,6&DOVRVHQGVDVLJQDOWRRSHUDWHWKHYDFXXP
EORZHU7KHYDFXXPEORZHUZLOORSHUDWHLIWKHDLUSODQH
LVEHORZIHHWDQGWKHZDVWHGUDLQEDOOYDOYHLV
FORVHG7KH,6&VHQGVWKHYDFXXPEORZHUVLJQDOIRU
VHFRQGV

2QHSRLQWHLJKWVHFRQGDIWHUWKHIOXVKF\FOHVWDUWV
WKH,6&RSHQVWKHULQVHYDOYH7KHULQVHYDOYHLVRSHQ
IRUVHFRQGV'XULQJWKLVWLPHRXQFHVRI

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

0867%(386+('$*$,1
$)7(5,1+,%,77267$571(;7)/86+
)/86+6:,7&+
$&7,9$7,21



'87<&<&/(
,1+,%,7



9$&880%/2:(5



5,16(9$/9(




)/86+9$/9(

               

)/86+67$576 6(&21'6

:$7(5:$67(9$&880:$67(6<67(0)/86+&<&/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0&20321(17/2&$7,216&$5*2&203$570(17
/RFDWLRQ 7KHZDVWHWDQNULQVHILOWHULVDORQJWKHLQERDUGVLGH
RIWKHZDVWHWDQN
7KHVHFRPSRQHQWVDUHLQWKHDIWFDUJRFRPSDUWPHQWOHIW
VLGHEHKLQGWKHFDUJROLQLQJ 7UDLQLQJ,QIRUPDWLRQ3RLQW

 :DVWHWDQN %HIRUH\RXZRUNRQWKHZDVWHV\VWHPPDNHVXUHWKDWWKH
 /LTXLGVHSDUDWRU ZDVWHV\VWHPVHUYLFLQJWDVNLVFRPSOHWH:HDU
 9DFXXPEORZHU SURWHFWLYHFORWKLQJ
 9DFXXPFKHFNYDOYH
 :DVWHGUDLQEDOOYDOYHDQGOLQNDJHDVVHPEO\ :$51,1* 6($/7+(&$5*2&203$570(17:,7+7+(/,1,1*
 :DVWHGUDLQYDOYHDVVHPEO\ 2%(<7+(,16758&7,216,17+(63(&,),('
 :DVWHWDQNULQVHILWWLQJDVVHPEO\ 352&('85(:+(1<28,167$//7+(/,1,1*,)<28
 :DVWHWDQNULQVHQR]]OHV ,167$//7+(/,1,1*,1&255(&7/<7+(),5(
 :DVWHWDQNULQVHILOWHU (;7,1*8,6+,1*$*(1725602.(&$1*(7,1727+(
3$66(1*(5&203$570(17'85,1*$),5(
7KHOLTXLGVHSDUDWRULVRQWRSRIWKHZDVWHWDQN

7KHYDFXXPEORZHUDQGYDFXXPFKHFNYDOYHDUHIRUZDUGRI
WKHZDVWHWDQN7KHYDFXXPEORZHUDQGYDFXXPFKHFN
YDOYHDUHEHKLQGWKHVLGHZDOOSDQHOVLQWKHDIWFDUJR
FRPSDUWPHQW

7KHZDVWHGUDLQEDOOYDOYHLVEHORZRXWERDUGDQG
IRUZDUGRIWKHZDVWHWDQN

7KHZDVWHGUDLQYDOYHDVVHPEO\DQGWKHZDVWHGUDLQ
ULQVHILWWLQJDVVHPEO\DUHRQWKHZDVWHVHUYLFHSDQHO
<RXFDQDFFHVVWKHZDVWHGUDLQYDOYHDVVHPEO\DQGWKH
ZDVWHGUDLQULQVHILWWLQJDVVHPEO\IURPEHORZWKH
IORRU

7KHZDVWHWDQNULQVHQR]]OHVDUHRQWKHWRSRIWKH
ZDVWHWDQN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

&217,18286/(9(/
6(16255()
32,17/(9(/ /,48,'
6(16255() /2*,&&21752/
6(3$5$725 02'8/(5()
:$67(7$1.
5,16(12==/( 9$&880%/2:(5
7<3

9$&880
&+(&.
9$/9(
:$67(
'5$,1
:$67(7$1. %$//9$/9(
:$67(7$1.
5,16(),/7(5

6(59,&(
3$1(/
:$67(7$1. 5()
5,16(),77,1*
$66(0%/<

$)7&$5*2&203$570(17/()76,'(/22.,1*$)7 ):'
&$5*2&203$570(17/,1,1*5(029(')25&/$5,7<
:$7(5:$67(9$&880:$67(6<67(0&20321(17/2&$7,216&$5*2&203$570(17
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0:$67(7$1.
3XUSRVH $EDQGVWUDSDWWKHDIWHQGRIWKHWDQNDQGDWDQNPRXQW
RQWKHIRUZDUGHQGRIWKHWDQNKROGVWKHZDVWHWDQNWR
7KHZDVWHWDQNKROGVZDVWHPDWHULDOIURPWKHODYDWRU\ WKHDLUSODQHVWUXFWXUH
WRLOHWV

/RFDWLRQ

7KHZDVWHWDQNLVLQWKHDIWFDUJRFRPSDUWPHQWRQWKH
OHIWVLGHRIWKHDLUSODQH<RXPXVWUHPRYHWKHFDUJR
OLQLQJWRJHWDFFHVVWRWKHZDVWHWDQN

3K\VLFDO'HVFULSWLRQ

7KHZDVWHWDQNLVDJUDSKLWHILEHUUHLQIRUFHGSODVWLF
FRQWDLQHU7KHWDQNZDOOLVJUDSKLWHILODPHQWVZRXQG
RYHUDVWDLQOHVVVWHHOOLQHU7KHFHQWHUVHFWLRQRIWKH
WDQNZDOOLQFOXGHVDKRQH\FRPEFRUH

7KHZDVWHWDQNXVDEOHFDSDFLW\LVJDOORQV
OLWHUV

7KHZDVWHWDQNKDVILWWLQJVIRUWKHVHFRPSRQHQWV

 :DVWHWDQNULQVHQR]]OH
 /LTXLGVHSDUDWRU
 :DVWHOLQHLQOHW
 'UDLQOLQH
 3RLQWOHYHOVHQVRU

$QDFFHVVFRYHUDWHDFKHQGRIWKHWDQNOHWV\RX
H[DPLQHRUFOHDQWKHLQVLGHRIWKHWDQN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$67(7$1.
5,16(12==/(
7<3
/,48,'
6(3$5$725
:$67(/,1(
,1/(7

%$1'
675$3

):'
/()76,'(2)$)7&$5*2&203$570(17
/22.,1*287%2$5'$1'$)7 32,17/(9(/
6(16256
5()

7$1.
02817

$&&(66
&29(57<3 ):'
'5$,1
:$67(7$1. /,1(

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0/,48,'6(3$5$725
3XUSRVH 7UDLQLQJ,QIRUPDWLRQ3RLQW

7KHOLTXLGVHSDUDWRUUHPRYHVPRLVWXUHDQGZDVWH
SDUWLFOHVIURPWKHZDVWHWDQNDLU
/RFDWLRQ
7KHOLTXLGVHSDUDWRULVDWWKHWRSRIWKHZDVWHWDQN
%HIRUH\RXZRUNRQWKHOLTXLGVHSDUDWRULVRODWHWKH
ZDVWHWDQNHOHFWULFDOFRPSRQHQWV'RWKHZDVWHWDQN
VHUYLFLQJ'RQRWDGGWKHFKHPLFDOSUHFKDUJH
8VHDJHQHUDOSXUSRVHFOHDQHUGHWHUJHQWWRFOHDQWKH
OLTXLGVHSDUDWRU

3K\VLFDO'HVFULSWLRQ 8VHIRRGJUDGHSURFHVVLQJJUHDVHRQWKH2ULQJZKHQ\RX
LQVWDOOWKHOLTXLGVHSDUDWRU
7KHOLTXLGVHSDUDWRUKDVWKHVHSDUWV

 6HSDUDWRUFDS
 9EDQGFRXSOLQJ
 8SSHUVHSDUDWRUDVVHPEO\
 /RZHUVHSDUDWRUDVVHPEO\
 2ULQJ

7KHYEDQGFRXSOLQJDWWDFKHVWKHOLTXLGVHSDUDWRUWR
WKHWRSRIWKHZDVWHWDQN

)XQFWLRQDO'HVFULSWLRQ

7KHYDFXXPEORZHUSXOOVDLURXWRIWKHZDVWHWDQNWRDQ
RYHUERDUGSRUW7KHDLUJRHVWKURXJKWKHOLTXLG
VHSDUDWRU)LOWHUVLQWKHOLTXLGVHSDUDWRUUHPRYHWKH
PRLVWXUHDQGZDVWHSDUWLFOHVEHIRUHWKHDLUJRHV
WKURXJKWKHSRUWLQWKHVHSDUDWRUFDS

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6(3$5$725&$3

)/(;,%/(
&283/,1*
5()
287/(75()

9%$1'&283/,1*

833(56(3$5$725
$66(0%/<

:$67(7$1.
5()
/2:(56(3$5$725
$66(0%/<

25,1*

9$&880:$67(6<67(0

:$7(5:$67(9$&880:$67(6<67(0/,48,'6(3$5$725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(09$&880%/2:(5
3XUSRVH
7KHYDFXXPEORZHUUHPRYHVDLUIURPWKHZDVWHWDQN
/RFDWLRQ
7KHYDFXXPEORZHULVLQWKHDIWFDUJRFRPSDUWPHQWRQ
WKHOHIWVLGH7KHYDFXXPEORZHULVRQDVKHOIIRUZDUG
RIWKHZDVWHWDQN
VZLWFKHVGRDUHVHWZKHQWKHWHPSHUDWXUHGHFUHDVHVWR
OHVVWKDQWKHLUVHWSRLQW
2SHUDWLRQ
7KHYDFXXPEORZHURSHUDWHVZKHQ\RXSXVKWKHIOXVK
VZLWFKDQGWKHDLUSODQHLVEHORZIHHW
7UDLQLQJ,QIRUPDWLRQ3RLQW

3K\VLFDO'HVFULSWLRQ 7KHYDFXXPEORZHUKDVWZRIOH[LEOHFRXSOLQJKRVHVWKDW
DWWDFKZLWKFODPSV)RXUIDVWHQHUVRQVKRFNPRXQWVDQG
7KHYDFXXPEORZHULVDWKUHHSKDVHKLJKVSHHGPRWRU DMXPSHUFDEOHDWWDFKWKHEORZHUWRWKHVKHOI
RSHUDWHGIDQ

7KHYDFXXPEORZHUKDVWKHVHSDUWV

 ,QWDNHSRUW
 ([KDXVWSRUW
 (OHFWULFDOFRQQHFWLRQ

)XQFWLRQDO'HVFULSWLRQ

7KHYDFXXPEORZHUUHPRYHVWKHDLUIURPWKHZDVWHWDQN
DQGEORZVLWRXWRIWKHDLUSODQH5HPRYDORIWKHDLU
IURPWKHZDVWHWDQNFDXVHVWKHSUHVVXUHLQWKHZDVWH
WDQNWRGHFUHDVH:KHQDIOXVKYDOYHRSHQVKLJKHU
SUHVVXUHFDELQDLUSXVKHVODYDWRU\WRLOHWZDVWHWRWKH
ZDVWHWDQN

7KUHHWKHUPDOVZLWFKHVJLYHRYHUKHDWSURWHFWLRQ7KH
VZLWFKHVFRQQHFWLQVHULHVDQGRSHUDWHDW)&
,IDVZLWFKRSHUDWHVLWVWRSVPRWRURSHUDWLRQ7KH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/ (;+$867
,17$.( &211(&7,21 3257
3257

)520
:$67(
7$1.
+RQH\ZHOO
%2(,1*3167
31565

9$&880%/2:(5

9$&880:$67(6<67(0

)/(;,%/(
&283/,1*

72
29(5%2$5' ):'
',6&+$5*(
3257
9$&880%/2:(5

9$&880:$67(6<67(09$&880%/2:(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(09$&880%/2:(5%$520(75,&6:,7&+
3XUSRVH

7KHYDFXXPEORZHUEDURPHWULFVZLWFKRSHQVZKHQWKH
DOWLWXGHLVDERYHIHHW7KHRSHQVZLWFKGRHVQRW
OHWWKHYDFXXPEORZHUFRPHRQ

/RFDWLRQ

7KHYDFXXPEORZHUEDURPHWULFVZLWFKLVLQWKHMDFNVFUHZ
FRPSDUWPHQW<RXJHWDFFHVVWRLWWKURXJKWKHVHFWLRQ
DFFHVVDQGEORZRXWGRRU

7KHEDURPHWULFVZLWFKDWWDFKHVWRVWUXFWXUHRQWKHOHIW
VLGHRIWKHIXVHODJH

3K\VLFDO'HVFULSWLRQ

7KHEDURPHWULFVZLWFKKDVDQDQHURLGFDSVXOHDQGDQ
HOHFWULFDOFRQQHFWRU

)XQFWLRQDO'HVFULSWLRQ

7KHFDSVXOHVHQVHVWKHDPELHQWDLUSUHVVXUH$VWKH
SUHVVXUHRXWVLGHGHFUHDVHVWKHFDSVXOHH[SDQGV:KHQ
WKHFDSVXOHH[SDQGVWRDVSHFLILFVL]HLWRSHQVDQ
LQWHUQDOVZLWFK

,QWHUIDFHV

7KHYDFXXPEORZHUEDURPHWULFVZLWFKLVSDUWRIWKH
FRQWUROFLUFXLWIRUYDFXXPEORZHURSHUDWLRQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$)735(6685(
%8/.+($'
5()

$1(52,'
&$368/(

(/(&75,&$/
&211(&725

6(&7,21$&&(66 ):'
$1'%/2:287'225
5()
9$&880%/2:(5%$520(75,&6:,7&+ -$&.6&5(:&203$570(17

:$7(5:$67(9$&880:$67(6<67(09$&880%/2:(5%$520(75,&6:,7&+
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(09$&880%/2:(5)81&7,21$/'(6&5,37,21
3RZHU 7KUHHWKHUPDOVZLWFKHVLQWKHYDFXXPEORZHUVWRSWKH
PRWRURSHUDWLRQLIWKHWHPSHUDWXUHLQWKHYDFXXPEORZHU
7UDQVIHUEXVVXSSOLHVYDFWKUHHSKDVHSRZHUIRU LVPRUHWKDQ)&7KHWKHUPDOVZLWFKHVUHVHW
YDFXXPEORZHURSHUDWLRQ ZKHQWKHYDFXXPEORZHUWHPSHUDWXUHGHFUHDVHVWROHVV
WKDQ)&
7KHFRQWUROSRZHULVYGFIURPEXV

)XQFWLRQDO'HVFULSWLRQ

7KHYDFXXPEORZHURSHUDWHVZKHQWKHDLUSODQHLVEHORZ
IHHWDOWLWXGHDQGWKHVHFRQGLWLRQVDUHWUXH

 :DVWHGUDLQEDOOYDOYHLVFORVHG
 :DVWHWDQNLVQRWIXOO
 /DYDWRU\IOXVKVZLWFKRSHUDWHV

7KHEDURPHWULFSUHVVXUHVZLWFKVHQVHVDPELHQWSUHVVXUH
:KHQWKHDLUSODQHLVEHORZIHHWWKHEDURPHWULF
SUHVVXUHVZLWFKLVFORVHG

7KHZDVWHGUDLQEDOOYDOYHSUR[LPLW\VZLWFKLVFORVHG
ZKHQWKHZDVWHGUDLQEDOOYDOYHLVFORVHG

,IWKHWDQNLVQRWIXOOWKHORJLFFRQWUROPRGXOH/&0
VHQGVDQHQDEOHVLJQDOWRHDFKLQWHJUDWHGV\VWHP
FRQWUROOHU,6&(DFKODYDWRU\IOXVKVZLWFKVHQGVD
VLJQDOWRWKH,6&7KHRSHUDWLRQDOORJLFLQHDFK,6&
FRPSOHWHVWKHFLUFXLWIRUWKHYDFXXPEORZHUWRRSHUDWH

7KHEDURPHWULFSUHVVXUHVZLWFKVWRSVRSHUDWLRQRIWKH
YDFXXPEORZHUZKHQWKHDLUSODQHLVDERYHIHHW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9$&
;)5%86

9$&880
:$67( )&
%/2:(5
59$&880 9$&880%/2:(5
%/2:(5 23(1
5(/$<
)7
9'&
%86
9$&880 &/26('
:$67(&217
:$67('5$,1
%/2:(5 %$//9$/9( %$520(75,&
332:(5',675,%87,213$1(/ &21752/ 352;,0,7< 35(6685(
6:,7&+ 6:,7&+
9'&,1 )/86+ ,17(*5$7('
32,17/(9(/ 6:,7&+ 6<67(0
6(1625- 7$1. &21752//(5
)8//
32,17/(9(/ /$9$725<7<3
6(1625- 7$1.
127 27+(5
:$67(7$1. )8// /$96

9$&880:$67(
/2*,&&21752/
02'8/(5()

:$7(5:$67(9$&880:$67(6<67(09$&880%/2:(5)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(09$&880&+(&.9$/9(
3XUSRVH

7KHYDFXXPFKHFNYDOYHSUHYHQWVWKHSXOORIDLUIURP
WKHZDVWHWDQNYHQWSRUWE\WKHYDFXXPEORZHU

/RFDWLRQ

7KHYDFXXPFKHFNYDOYHLVLQWKHDIWFDUJRFRPSDUWPHQW
RQWKHOHIWVLGH7KHYDFXXPFKHFNYDOYHLVLQWKH
H[KDXVWGXFWXSVWUHDPRIWKHZDVWHWDQNYHQWSRUW

3K\VLFDO'HVFULSWLRQ

7KHYDFXXPFKHFNYDOYHLVDIODSSHUW\SHYDOYH$IORZ
GLUHFWLRQDUURZVKRZVWKHFRUUHFWLQVWDOODWLRQ
RULHQWDWLRQ

)XQFWLRQDO'HVFULSWLRQ

7KHYDFXXPFKHFNYDOYHLVVSULQJORDGHGWRWKHFORVHG
SRVLWLRQ7KHYDFXXPFKHFNYDOYHRSHQVZKHQWKHUHLV
VXIILFLHQWGLIIHUHQWLDOSUHVVXUHEHWZHHQWKHZDVWHWDQN
DQGWKHZDVWHWDQNYHQWSRUW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9$&880:$67(6<67(0

)/2:
$552:

9$&880&+(&.9$/9(

:$7(5:$67(9$&880:$67(6<67(09$&880&+(&.9$/9(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0:$67('5$,1%$//9$/9( /,1.$*($66(0%/<
3XUSRVH )XQFWLRQDO'HVFULSWLRQ

7KHZDVWHGUDLQEDOOYDOYHDQGOLQNDJHDVVHPEO\FRQWURO <RXSXOOWKHKDQGOHDWWKHZDVWHVHUYLFHSDQHOWRRSHQ
WKHIORZRIZDVWHRXWRIWKHZDVWHWDQN WKHZDVWHGUDLQEDOOYDOYH7KHKDQGOHWUDQVPLWVWKH
PRYHPHQWWKURXJKWKHFRQWUROURGWRWKHDFWXDWRUOHYHU
/RFDWLRQ 7KHDFWXDWRUOHYHUPRYHVWKHZDVWHGUDLQEDOOYDOYH

7KHZDVWHGUDLQEDOOYDOYHDQGOLQNDJHDVVHPEO\DUHLQ
WKHDIWFDUJRFRPSDUWPHQWRQWKHOHIWVLGH7KHZDVWH
GUDLQEDOOYDOYHLVLQWKHGUDLQOLQHEHWZHHQWKH
ZDVWHWDQNDQGWKHZDVWHVHUYLFHSDQHO7KHOLQNDJH
DVVHPEO\LVDGMDFHQWWRWKHZDVWHGUDLQEDOOYDOYH
EHWZHHQWKHYDOYHDQGWKHZDVWHVHUYLFHSDQHO
3K\VLFDO'HVFULSWLRQ
7KHZDVWHGUDLQEDOOYDOYHLVDPDQXDOO\RSHUDWHGWZR
SRVLWLRQEDOOYDOYH,WKDVWKHVHSDUWV
 %DOOYDOYH
 $FWXDWRUOHYHU
 3UR[LPLW\VZLWFK
7KHSUR[LPLW\VZLWFKVWRSVWKHRSHUDWLRQRIWKHYDFXXP
EORZHUZKHQWKHZDVWHGUDLQEDOOYDOYHLVQRWFORVHG
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KHZDVWHGUDLQEDOOYDOYHFRQQHFWVWRWKHGUDLQOLQHV
ZLWKYEDQGFODPSVDQGJDVNRVHDOJDVNHWV
<RXPXVWUHPRYHWKHZDVWHGUDLQKHDWHUEODQNHWEHIRUH
\RXZRUNRQWKHZDVWHGUDLQEDOOYDOYH
7KHUHLVDFOHDQRXWOLQHIURPWKHGUDLQHOERZWRWKH
EORFNDJHUHPRYDOYDOYH

7KHUHLVDQHOHFWULFDOFRQQHFWLRQDWWKHSUR[LPLW\
VZLWFK

7KHOLQNDJHDVVHPEO\KDVWKHVHSDUWV

 &RQWUROURG
 8QLEDOODVVHPEO\
 +DQGOHQRWVKRZQ

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

$&78$725/(9(5 &21752/52' 81,%$//

:$67('5$,1 $1'352;,0,7< $66(0%/<
%$//9$/9( 6:,7&+

):'
$)7&$5*2&203$570(17/()76,'(
/22.,1*287%2$5'$1'$)7

'5$,1(/%2:
5()
6(59,&(3$1(/
5()
:$67('5$,1%$//9$/9($1'/,1.$*($66(0%/<
+($7(5%/$1.(71276+2:1
):'

:$7(5:$67(9$&880:$67(6<67(0:$67('5$,1%$//9$/9( /,1.$*($66(0%/<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.
:$7(5:$67(9$&880:$67(6<67(0:$67(6(59,&(3$1(/
3XUSRVH
7KHZDVWHVHUYLFHSDQHOOHWV\RXGUDLQWKHYDFXXPZDVWH
V\VWHP7KHZDVWHVHUYLFHSDQHODOVROHWV\RXULQVHWKH
ZDVWHWDQN
/RFDWLRQ
7KHZDVWHVHUYLFHSDQHOLVLQWKHDIWORZHUOHIWVLGH
RIWKHIXVHODJH
7RGUDLQWKHZDVWHWDQN\RXRSHQWKHZDVWHGUDLQEDOO
YDOYH
7KHSUR[LPLW\VZLWFKRQWKHZDVWHGUDLQEDOOYDOYH
VWRSVRSHUDWLRQRIWKHYDFXXPEORZHUZKHQWKHZDVWH
GUDLQEDOOYDOYHLVRSHQ
7KHZDVWHTXDQWLW\LQGLFDWRUVKRZVWKHTXDQWLW\RI
ZDVWHLQWKHZDVWHWDQN
7KHVHQVRUIRXOHGOLJKWLVRQZKHQWKHSRLQWOHYHO
3K\VLFDO'HVFULSWLRQ VHQVRUVDUHIRXOHGGLUW\

7KHVHDUHWKHFRPSRQHQWVLQWKHZDVWHVHUYLFHSDQHO

 :DVWHGUDLQYDOYHDVVHPEO\
 :DVWHGUDLQEDOOYDOYHFRQWUROKDQGOH
 :DVWHTXDQWLW\LQGLFDWRU
 6HQVRUIRXOHGOLJKW
 :DVWHWDQNULQVHILWWLQJDVVHPEO\

7ZRVQDSODWFKHVKROGWKHZDVWHVHUYLFHSDQHOFORVHG

<RXFDQJHWDFFHVVWRWKHZDVWHVHUYLFHSDQHO
FRPSRQHQWVIURPWKHDIWFDUJRFRPSDUWPHQW7KHVHUYLFH
SDQHOFRPSRQHQWVDUHIRUZDUGDQGEHORZWKHZDVWHWDQN

)XQFWLRQDO'HVFULSWLRQ

7KHZDVWHGUDLQYDOYHDVVHPEO\FRQQHFWVWRWKHZDVWH
GUDLQHOERZ7KHZDVWHWDQNULQVHILWWLQJDVVHPEO\
FRQQHFWVWRWKHULQVHKRVH7KHFRQWUROKDQGOHOHWV\RX
RSHQWKHZDVWHGUDLQEDOOYDOYH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$67('5$,1
%$//9$/9(
&21752/+$1'/(

:$67('5$,1
9$/9($66(0%/<
:$67(7$1.5,16(
6(1625 ),77,1*$66(0%/<
)28/('
/,*+7

:$67('5$,1 :$67(7$1.
%$//9$/9( 5,16(/,1(

:$67(
48$17,7<
,1',&$725

61$3/$7&+(6

:$67(6(59,&(3$1(/

:$67(6(59,&(3$1(/$&&(66 ):'

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0:$67('5$,19$/9($66(0%/<
3XUSRVH

7KHZDVWHGUDLQYDOYHDVVHPEO\OHWV\RXGUDLQWKH
YDFXXPZDVWHV\VWHP

/RFDWLRQ

7KHZDVWHGUDLQYDOYHDVVHPEO\LVSDUWRIWKHZDVWH
VHUYLFHSDQHO

3K\VLFDO'HVFULSWLRQ

7KHZDVWHGUDLQYDOYHDVVHPEO\KDVWKHVHSDUWV

 4XLFNGLVFRQQHFWILWWLQJQRWVKRZQ
 3XVKWRRSHQOHYHU
 )ODSSHUYDOYHQRWVKRZQ
 'UDLQFDS
 &DSKDQGOH

)XQFWLRQDO'HVFULSWLRQ

<RXRSHQWKHGUDLQFDSDQGDWWDFKWKHZDVWHGUDLQKRVH
WRWKHTXLFNGLVFRQQHFWILWWLQJ7KHSXVKWRRSHQOHYHU
RSHQVWKHIODSSHUYDOYHDQGOHWVZDVWHGUDLQIURPWKH
YDFXXPZDVWHV\VWHP

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

386+7223(1
/(9(5

&$3+$1'/(

'5$,1&$3

:$67(6(59,&(3$1(/

:$7(5:$67(9$&880:$67(6<67(0:$67('5$,19$/9($66(0%/<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0:$67(7$1.5,16(),77,1*$66(0%/<
3XUSRVH

7KHZDVWHWDQNULQVHILWWLQJDVVHPEO\LVWKHFRQQHFWLRQ
IRUWKHULQVHZDWHUKRVH

/RFDWLRQ

7KHZDVWHWDQNULQVHILWWLQJDVVHPEO\LVLQWKHZDVWH
VHUYLFHSDQHO

3K\VLFDO'HVFULSWLRQ

7KHZDVWHWDQNULQVHILWWLQJDVVHPEO\KDVWKHVHSDUWV

 :DVWHWDQNULQVHOLQHFRQQHFWLRQ
 5LQVHILWWLQJULQJ
 4XLFNGLVFRQQHFWILWWLQJ
 &DS
 /HYHU

)XQFWLRQDO'HVFULSWLRQ

<RXRSHQWKHFDSDQGDWWDFKWKHULQVHZDWHUKRVHWRWKH
TXLFNGLVFRQQHFWILWWLQJ7KHULQVHZDWHULVXVHGWR
IOXVKWKHSRLQWOHYHOVHQVRUVDQGZDVWHWDQN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5,16(),77,1*
5,1*

:$67(7$1.
5,16(/,1(
&211(&7,21

48,&.
',6&211(&7
),77,1*

&$3

/(9(5

:$67(7$1.5,16(),77,1*$66(0%/<

:$67(6(59,&(3$1(/

:$7(5:$67(9$&880:$67(6<67(0:$67(7$1.5,16(),77,1*$66(0%/<
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0:$67(7$1.5,16(),/7(5
3XUSRVH

7KHZDVWHWDQNULQVHILOWHUUHPRYHVFRQWDPLQDWLRQIURP
WKHULQVHZDWHU

/RFDWLRQ

7KHZDVWHWDQNULQVHILOWHULVLQWKHDIWFDUJR
FRPSDUWPHQW<RXUHPRYHWKHZDVWHDFFHVVSDQHOWRJHW
DFFHVVWRWKHZDVWHWDQNULQVHILOWHU7KHZDVWHWDQN
ULQVHILOWHULVDWWKHIRUZDUGHQGRIWKHZDVWHWDQN

3K\VLFDO'HVFULSWLRQ

$ILOWHUHOHPHQWLQWKHZDVWHWDQNULQVHILOWHUUHPRYHV
FRQWDPLQDWLRQIURPWKHULQVHZDWHU,IWKH
FRQWDPLQDWLRQLVQRWUHPRYHGWKHFRQWDPLQDWLRQFRXOG
FORJWKHZDVWHWDQNULQVHQR]]OHV

7UDLQLQJ,QIRUPDWLRQ3RLQW

<RXFDQUHPRYHDQGFOHDQWKHULQVHILOWHUHOHPHQWZKHQ
LWEHFRPHVGLUW\

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

3$&.,1*

),/7(5
+286,1*

),/7(5
(/(0(17

9$&880:$67(6<67(0 635,1*

3$&.,1*

,1/(7
&211(&725

:$7(5:$67(9$&880:$67(6<67(0:$67(7$1.5,16(),/7(5
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0:$67(7$1.5,16(12==/(
3XUSRVH

7KHZDVWHWDQNULQVHQR]]OHVVSUD\ULQVHZDWHUDWWKH
SRLQWOHYHOVHQVRUVDQGDWWKHZDVWHWDQNLQWHULRU
VXUIDFH

/RFDWLRQ

7KHZDVWHWDQNULQVHQR]]OHVDWWDFKWRILWWLQJVDWWKH
WRSRIWKHZDVWHWDQN

3K\VLFDO'HVFULSWLRQ

7KHZDVWHWDQNULQVHQR]]OHLVDURWDWLQJVSKHUHZLWK
VPDOOKROHV

)XQFWLRQDO'HVFULSWLRQ

7KHULQVHZDWHUVXSSOLHGWRWKHZDVWHWDQNULQVH
QR]]OHVLVSUHVVXUL]HGE\WKHZDVWHVHUYLFHYHKLFOH

7KHSUHVVXUL]HGULQVHZDWHUJRHVWKURXJKWKHULQVH
QR]]OHILWWLQJDQGH[LWVWKURXJKVPDOOGLDPHWHUKROHV
RQWKHULQVHQR]]OH7KHIRUFHRIWKHULQVHZDWHU
OHDYLQJWKHVPDOOGLDPHWHUKROHVFDXVHVWKHULQVH
QR]]OHWRURWDWH7KHURWDWLQJULQVHQR]]OHVSUD\VWKH
ULQVHZDWHUDURXQGWKHLQVLGHRIWKHZDVWHWDQN7KH
ULQVHZDWHUVSUD\IOXVKHVWKHSRLQWOHYHOVHQVRUVDQG
ZDVWHWDQN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5,16(
12==/(
),77,1*

5,16(
5,16( /,1(6
12==/( 5()

9$&880:$67(6<67(0

:$7(5:$67(9$&880:$67(6<67(0:$67(7$1.5,16(12==/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(0'5$,1/,1(%/2&.$*(5(029$/9$/9(
3XUSRVH )XQFWLRQDO'HVFULSWLRQ

7KHGUDLQOLQHEORFNDJHUHPRYDOYDOYHOHWVULQVHZDWHU 7KHQRUPDOSRVLWLRQOHWVULQVHZDWHUIORZWRWKHULQVH
FOHDQDEORFNHGZDVWHWDQNGUDLQOLQH QR]]OHVGXULQJZDVWHV\VWHPVHUYLFLQJ

/RFDWLRQ
7KHGUDLQOLQHEORFNDJHUHPRYDOYDOYHLVLQWKHDIW
FDUJRFRPSDUWPHQW<RXPXVWUHPRYHWKHZDVWHDFFHVV
SDQHOWRJHWDFFHVVWRWKHGUDLQOLQHEORFNDJHUHPRYDO
YDOYH7KHGUDLQOLQHEORFNDJHUHPRYDOYDOYHLVLQWKH
ULQVHOLQHEHWZHHQWKHZDVWHWDQNULQVHILOWHUDQGWKH
ULQVHQR]]OHV
3K\VLFDO'HVFULSWLRQ
7KHEORFNDJHUHPRYDOSRVLWLRQOHWVULQVHZDWHUIORZWR
WKHGUDLQOLQHHOERZ7KHGUDLQOLQHHOERZLVWKH
VHFWLRQRIGUDLQOLQHEHWZHHQWKHZDVWHGUDLQEDOO
YDOYHDQGWKHZDVWHGUDLQYDOYHDVVHPEO\DWWKHVHUYLFH
SDQHO
7UDLQLQJ,QIRUPDWLRQ3RLQW
<RXXVHULQVHZDWHUDQGWKHGUDLQOLQHEORFNDJHUHPRYDO
YDOYHWRORRVHQDEORFNDJHLQWKHZDVWHGUDLQOLQH

7KHGUDLQOLQHEORFNDJHUHPRYDOYDOYHKDVDERG\DQGD
KDQGOH7KHERG\KDVWKUHHSRUWV7KHERWWRPSRUWLV
WKHLQOHWIRUULQVHZDWHUIURPWKHZDVWHWDQNULQVH
ILOWHU7KHWRSSRUWLVWKHRXWOHWIRUULQVHZDWHUWR
WKHULQVHQR]]OHV7KHVLGHSRUWLVWKHRXWOHWWRWKH
ZDVWHWDQNGUDLQOLQHILWWLQJRQWKHGUDLQOLQHHOERZ

2SHUDWLRQ

7KHKDQGOHOHWV\RXWRSXWWKHGUDLQOLQHEORFNDJH
UHPRYDOYDOYHLQRQHRIWKHVHWZRSRVLWLRQV

 1RUPDO
 %ORFNDJHUHPRYDO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9$&880:$67(6<67(0

'5$,1/,1(%/2&.$*(
5(029$/9$/9(9$/9(
+$1'/(6+2:1,11250$/
326,7,21

):'

:$7(5:$67(9$&880:$67(6<67(0'5$,1/,1(%/2&.$*(5(029$/9$/9(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(9$&880:$67(6<67(09$&880:$67(/,1(&/($1287),77,1*
3XUSRVH

7KHYDFXXPZDVWHOLQHFOHDQRXWILWWLQJOHWV\RXFOHDQ
DEORFNDJHEHWZHHQWKHIRUZDUGFDUJRFRPSDUWPHQWDQG
WKHZDVWHWDQN

/RFDWLRQ

7KHYDFXXPZDVWHOLQHFOHDQRXWILWWLQJLVLQWKH
IRUZDUGFDUJRFRPSDUWPHQW5HPRYHWKHFDUJRFRPSDUWPHQW
FHLOLQJOLQLQJWRJHWDFFHVVWRWKHYDFXXPZDVWHOLQH
FOHDQRXWILWWLQJ

)XQFWLRQDO'HVFULSWLRQ

:KHQWKHYDFXXPZDVWHOLQHFOHDQRXWILWWLQJLV
UHPRYHG\RXFDQSXWDSOXPEHUVVQDNHRUDNLQHWLFDLU
UDPHTXLSPHQWLQWKHYDFXXPZDVWHOLQHWRUHPRYHWKH
EORFNDJH

7UDLQLQJ,QIRUPDWLRQ3RLQW

:$51,1* 0$.(685(<28$77$&+$'212723(5$7(7$*72
7+(72,/(7)/86++$1'/(6)25$//72,/(76,1
7+(6<67(0,)<28)/86+7+(72,/(7683675($0
2)7+(%/2&.$*(7+,6&$1&$86(,1-85<72
3(56216$1''$0$*(72(48,30(17

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

)25:$5'
&$5*2 9$&880:$67(/,1(
&203$570(17 &/($1287),77,1*
5()

):'

)25:$5'9$&880:$67(/,1( )25:$5'&$5*2&203$570(17
/22.,1*$)7

:$7(5:$67(9$&880:$67(6<67(09$&880:$67(/,1(&/($1287),77,1*
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0,1752'8&7,21
3XUSRVH %,7  EXLOWLQWHVW
&  &HOVLXV
7KHZDVWHWDQNTXDQWLW\LQGLFDWLRQV\VWHPPHDVXUHVDQG '&  GLUHFWFXUUHQW
VKRZVWKHTXDQWLW\RIZDVWHLQWKHZDVWHWDQN
)  )DKUHQKHLW
*HQHUDO )&8  IOXVKFRQWUROXQLW
):'  IRUZDUG
7KHVHFRPSRQHQWVDUHLQWKHZDVWHWDQNTXDQWLW\ /&0  ORJLFFRQWUROPRGXOH
LQGLFDWLRQV\VWHP PP  PLOOLPHWHU
5()  UHIHUHQFH
 :DVWHWDQNSRLQWOHYHOVHQVRU
7<3  W\SLFDO
 :DVWHWDQNFRQWLQXRXVOHYHOVHQVRU
 /RJLFFRQWUROPRGXOH/&0 Y  YROWV
 6HQVRUIRXOHGOLJKW
 :DVWHTXDQWLW\JDJH
 $IWDWWHQGDQWFRQWUROSDQHO$&3

7KHZDVWHWDQNTXDQWLW\LQGLFDWLRQV\VWHPGRHVWKHVH
IXQFWLRQV

 0RQLWRUVDQGVKRZVWKHOHYHORIPDWHULDOLQWKH
ZDVWHWDQN
 6WRSVRSHUDWLRQRIWKHWRLOHWVZKHQWKHZDVWHWDQN
LVIXOO
 *LYHVLQGLFDWLRQZKHQWKHODYDWRULHVVWRS
RSHUDWLRQIRUDZDVWHWDQNIXOOFRQGLWLRQ
 *LYHVLQGLFDWLRQZKHQWKHVHQVRUVDUHGLUW\
 %,7

$EEUHYLDWLRQVDQG$FURQ\PV

$&  DOWHUQDWLQJFXUUHQW
$&3 DWWHQGDQWFRQWUROSDQHO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/2*,&
&21752/
02'8/(

32,17
/(9(/ &217,18286
6(16256 /(9(/6(1625
:$67(7$1.,167$//$7,21 3RWDEOH:DWHU 9DFXXP:DVWH /$9,123

/LJKWLQJ ) )

 
(QYLURQPHQW

  /$9,123

0DLQWHQDQFH

 

( (
6(1625
)28/('
/,*+7

:$67(
48$17,7< 6PRNH'HWHFWRU
*$*(

3:$67(6(59,&(3$1(/ $)7$77(1'$17&21752/3$1(/
:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0,1752'8&7,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(032,17/(9(/6(1625
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(032,17/(9(/6(1625
3XUSRVH :KHQWKHZDVWHWDQNOHYHOFRYHUVSHUFHQWRIWKHIDFH
RIDSRLQWOHYHOVHQVRUWKHSRLQWOHYHOVHQVRUVHQGVD
7KHSRLQWOHYHOVHQVRUJLYHVDVLJQDOWRWKHORJLF WDQNIXOOVLJQDOWRWKH/&0
FRQWUROPRGXOH/&0ZKHQWKHZDVWHWDQNLVIXOO
/RFDWLRQ
7KHUHDUHWZRSRLQWOHYHOVHQVRUVLQWKHDIWFDUJR
7KHSRLQWOHYHOVHQVRUVFDQWHOOWKHGLIIHUHQFHEHWZHHQ
WKHEXLOGXSRIZDVWHPDWHULDORQDSRLQWOHYHOVHQVRU
DQGDIXOOWDQN$SRLQWOHYHOVHQVRUVHQGVDVHQVRU
IRXOHGVLJQDOWRWKH/&0ZKHQWKHEXLOGXSLVPRUHWKDQ
FRPSDUWPHQW<RXUHPRYHWKHZDVWHWDQNDFFHVVSDQHOWR LQFKPP,IWKHEXLOGXSEHFRPHVPRUHWKDQ
JHWDFFHVVWRWKHSRLQWOHYHOVHQVRUV7KHSRLQWOHYHO
VHQVRUVDUHRQWKHFHQWHULQERDUGVLGHRIWKHZDVWH
WDQN
3K\VLFDO'HVFULSWLRQ
7KHSRLQWOHYHOVHQVRULVDFDSDFLWDQFHW\SHVHQVRU,W
KDVDVHQVRUIDFHDQGDQHOHFWULFDOFRQQHFWRU
)XQFWLRQDO'HVFULSWLRQ
7KH/&0VXSSOLHVYGFSRZHUWRWKHSRLQWOHYHO
VHQVRUV7KHSRLQWOHYHOVHQVRUVVXSSO\WKHVHVLJQDOV
WRWKH/&0 WDQNPXVWEHJURXQGHGWRWKHDLUSODQHVWUXFWXUHIRUWKH
LQFKPPWKHSRLQWOHYHOVHQVRUVHQGVDWDQN
IXOOVLJQDOWRWKH/&0
:KHQDV\VWHP%,7LQSXWVLJQDOLVUHFHLYHGIURPWKH
/&0WKHSRLQWOHYHOVHQVRUVWDUWV%,7,IWKHSRLQW
OHYHOVHQVRUSDVVHVWKH%,7WHVWVDYGFVLJQDO
JRHVWRWKH/&0,IWKHSRLQWOHYHOVHQVRUIDLOVWKH
%,7WHVWVD+]VLJQDOJRHVWRWKH/&0
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KHSRLQWOHYHOVHQVRUVVHQVHFKDQJHVLQWKHOHYHORI
WKHZDVWHWDQNE\FKDQJHVLQFDSDFLWDQFH7KHZDVWH
SRLQWOHYHOVHQVRUVWRDFFXUDWHO\VHQVHWKHZDVWHWDQN
 7DQNQRWIXOOYGF OHYHOFKDQJHV
 7DQNIXOOYGF
 6HQVRUIRXOHG+] :KHQDSRLQWOHYHOVHQVRULVIRXOHGDVHQVRUIRXOHG
 %,7WHVWUHVXOWV VLJQDOJRHVWRWKH/&07KHVHQVRUIRXOHGVLJQDOFDXVHV
WKHVHLQGLFDWLRQV
:KHQWKHZDVWHWDQNOHYHOLVEHORZDSRLQWOHYHO
VHQVRUWKHSRLQWOHYHOVHQVRUVHQGVDWDQNQRWIXOO  5HODWHG6(1625-RU6(1625-OLJKWRQWKH/&0
VLJQDOWRWKH/&0 IODVKHV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(032,17/(9(/6(1625
 6HQVRUIRXOHGOLJKWRQWKHZDVWHVHUYLFHSDQHO
FRPHVRQ
 &/($1&+(&.6(1625OLJKWRQWKHDWWHQGDQWSDQHO
FRPHVRQ

7KHVHQVRUIRXOHGVLJQDOFRQWLQXHVXQWLORQHRIWKHVH
FRQGLWLRQVRFFXU

 :DVWHPDWHULDOLVQRORQJHURQWKHSRLQWOHYHO
VHQVRUVXUIDFH
 /HYHORIZDVWHLQWKHWDQNFRYHUVWKHVHQVRUV
 :DVWHPDWHULDORQWKHVHQVRULVJUHDWHUWKDQ
LQFK

,IWKH6(1625-RU6(1625-OLJKWFRQWLQXHVWRIODVK
DIWHUDULQVHLWPD\EHQHFHVVDU\WRUHPRYHWKHVHQVRU
WRFOHDQLW

&$87,21 86((;75(0(&$5(72$92,''$0$*(727+()$&(
2)7+(32,17/(9(/6(16256&5$7&+(625'$0$*(
&$1&$86($)$,/85(2)7+(32,17/(9(/6(1625

8VHDVRIWEULVWOHEUXVKDQGVRDSWRFOHDQWKHIDFHRI
WKHSRLQWOHYHOVHQVRU

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

(/(&75,&$/
9%$1' &211(&725
&/$03

9$&880:$67(6<67(0

*$6.26($/

3$&.,1*
6(1625)$&(
:$67(7$1.
(/(&75,&$/ 5()
&211(&725
32,17/(9(/6(1625,167$//$7,21

32,17/(9(/6(1625

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(032,17/(9(/6(1625
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0&217,18286/(9(/6(1625
3XUSRVH )XQFWLRQDO'HVFULSWLRQ

7KHFRQWLQXRXVOHYHOVHQVRUPHDVXUHVWKHOHYHORIZDVWH
PDWHULDOLQWKHZDVWHWDQN
/RFDWLRQ
7KHFRQWLQXRXVOHYHOVHQVRULVLQWKHDIWFDUJR
FRPSDUWPHQW<RXJHWDFFHVVWRWKHFRQWLQXRXVOHYHO
VHQVRUWKURXJKWKHZDVWHWDQNDFFHVVSDQHORQWKHOHIW
VLGHRIWKHFDUJRFRPSDUWPHQW
7KHVHQVRUPRGXOHFRQQHFWVWRWKHGUDLQOLQHDWWKH
IRUZDUGORZHUHQGRIWKHZDVWHWDQN7KHUHPRWH
GLDSKUDJPFRQQHFWVWRWKHYDFXXPOLQHDWWKHIRUZDUG
XSSHUHQGRIWKHZDVWHWDQN
3K\VLFDO'HVFULSWLRQ
7KHFRQWLQXRXVOHYHOVHQVRULVDFDSDFLWDQFHW\SH
SUHVVXUHVHQVRU7KHVHQVRUKDVWKHVHSDUWV
 5HPRWHGLDSKUDJP
 6HQVRUPRGXOH
 &DSLOODU\WXEH
7KHFDSLOODU\WXEHFRQQHFWVWKHUHPRWHGLDSKUDJPWRWKH
VHQVRUPRGXOH7KHVHQVRUPRGXOHFRQQHFWVWRWKHORJLF
7KHVHQVRUPRGXOHPHDVXUHVWKHOLTXLGKHDGSUHVVXUH
DWWKHERWWRPRIWKHZDVWHWDQN7KHUHPRWHGLDSKUDJP
PHDVXUHVWKHSUHVVXUHRIWKHDLULQWKHZDVWHWDQN7KH
SUHVVXUHWUDQVPLWVWKURXJKWKHRLOILOOHGFDSLOODU\
WXEHWRWKHVHQVRUPRGXOH7KHVHQVRUPRGXOHILQGVWKH
GLIIHUHQFHEHWZHHQWKHDLUSUHVVXUHLQWKHZDVWHWDQN
DQGWKHOLTXLGSUHVVXUHLQWKHGUDLQOLQH7KHVHQVRU
XVHVWKHGLIIHUHQFHWRFDOFXODWHWKHOHYHORIZDVWHLQ
WKHZDVWHWDQN7KHRXWSXWVLJQDOJRHVWRWKH/&0
7UDLQLQJ,QIRUPDWLRQ3RLQW
&$87,21 '2127%(1'7+(&$3,//$5<78%(2)7+(
&217,18286/(9(/6(162572/(667+$1$,1&+
5$',866+$53%(1'6&$1&$86('$0$*(727+(
&$3,//$5<78%(
FRQWUROPRGXOH/&0

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

5(027(
',$3+5$*0

(/(&75,&$/
&211(&7,21
72/&0 /&0
5()

&$3,//$5<
78%(

9$&880:$67(6<67(0
6(1625
02'8/(

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0&217,18286/(9(/6(1625
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0/2*,&&21752/02'8/(
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0/2*,&&21752/02'8/(
3XUSRVH OHYHOVHQVRUVDUHGLVFRQQHFWHGDQDXWR]HURDGMXVWPHQW
RIWKHFRQWLQXRXVOHYHOVHQVRUZLOORFFXU
7KHORJLFFRQWUROPRGXOH/&0PHDVXUHVWKHOHYHORI
ZDVWHLQWKHZDVWHWDQN7KH/&0VWRSVWKHRSHUDWLRQRI 7KHILYHLQGLFDWRUOLJKWVDUH/('V7KHVHDUHWKH
WKHYDFXXPZDVWHV\VWHPZKHQWKHZDVWHWDQNLVIXOO ODEHOVIRUWKH/('V

/RFDWLRQ  6(1625-
 6(1625-
7KH/&0LVLQWKHDIWFDUJRFRPSDUWPHQW<RXJHWDFFHVV  6(1625-
WRWKH/&0WKURXJKWKHZDVWHWDQNDFFHVVSDQHORQWKH  7$1.)8//
OHIWVLGHRIWKHFDUJRFRPSDUWPHQW  32:(521

7KH/&0LVDERYHDQGIRUZDUGRIWKHZDVWHWDQN 7KH6(1625-DQG6(1625-/('VVKRZWKHVWDWXVRIWKH
WZRSRLQWOHYHOVHQVRUV7KH6(1625-/('VKRZVWKH
3K\VLFDO'HVFULSWLRQ VWDWXVRIWKHFRQWLQXRXVOHYHOVHQVRU7KH7$1.)8//
/('VKRZVWKHVWDWXVRIWKHZDVWHWDQNDQGWKH/&07KH
7KH/&0KDVWKHVHIHDWXUHV 32:(521/('VKRZVWKDWV\VWHPSRZHULVRQ

 (OHFWULFDOFRQQHFWRUV 7KH32:(521/('LVJUHHQ7KHRWKHU/('VDUHUHG
 7HVWVZLWFK
 ,QGLFDWRUOLJKWV )XQFWLRQDO'HVFULSWLRQ

7ZRRIWKHHOHFWULFDOFRQQHFWRUVDUHIRUWKHSRLQW 7KH/&0JHWVGDWDIURPWKHWZRSRLQWOHYHOVHQVRUVDQG
OHYHOVHQVRUV2QHHOHFWULFDOFRQQHFWRULVIRUWKH WKHFRQWLQXRXVOHYHOVHQVRU7KH/&0XVHVWKHGDWDIURP
FRQWLQXRXVOHYHOVHQVRU2QHHOHFWULFDOFRQQHFWRULV WKHFRQWLQXRXVOHYHOVHQVRUWRFDOFXODWHWKHOHYHORI
IRUWKHSRZHUDQGVLJQDOFRQQHFWLRQVWRWKHDLUSODQH WKHZDVWHLQWKHZDVWHWDQN

7KHWHVWVZLWFKLVDWKUHHSRVLWLRQFHQWHURII 7KH/&0VHQGVDZDVWHWDQNOHYHOVLJQDOWRWKHZDVWH

PRPHQWDU\VZLWFK,QWKH83SRVLWLRQ7(676(16256 WDQNTXDQWLW\LQGLFDWRUDQGWKHZDVWHWDQNTXDQWLW\
WKH/&0VWDUWVDSRZHUXSVHTXHQFHZKLFKLQFOXGHVD JDJH7KHZDVWHWDQNTXDQWLW\LQGLFDWRULVRQWKH
IXOOV\VWHP%,7WHVW,QWKH'2:1SRVLWLRQ7(67 DWWHQGDQWSDQHODQGWKHVHUYLFHSDQHOZDVWHWDQN
/$036DWHVWRIWKH/('VRFFXUV,IWKHWHVWVZLWFK TXDQWLW\LQGLFDWRULVRQWKHZDVWHVHUYLFHSDQHO
LVKHOGGRZQIRUPRUHWKDQVHFRQGVDQGWKHSRLQW

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0/2*,&&21752/02'8/(
$WDQNIXOOVLJQDOIURPWKHFRQWLQXRXVOHYHOVHQVRU
GRHVQRWDIIHFWWRLOHWRSHUDWLRQ
7KHWZRSRLQWOHYHOVHQVRUVDUHOHYHOVZLWFKHV:KHQ
WKHOHYHORIWKHZDVWHLQWKHZDVWHWDQNFRYHUV
SHUFHQWRIWKHIDFHRIDSRLQWOHYHOVHQVRUWKHSRLQW
OHYHOVHQVRUVHQGVDWDQNIXOOVLJQDOWRWKH/&0:KHQ
ERWKSRLQWOHYHOVHQVRUVVHQGDWDQNIXOOVLJQDOWRWKH
/&0WKH/&0VWRSVWKHRSHUDWLRQRIWKHWRLOHWV
7KH/&0XVHVDGHOD\RIVHFRQGVRQWKHSRLQWOHYHO
VHQVRUGDWDEHIRUHLWVWRSVWKHRSHUDWLRQRIWKH
WRLOHWV7KLVGHOD\PDNHVVXUHWKDWWKHUHLVDVWDEOH
WDQNIXOOVLJQDODQGSUHYHQWVWKHHIIHFWVRIPRPHQWDU\
WDQNIXOOVLJQDOVGXHWRDLUSODQHPDQHXYHUVRU
WXUEXOHQFH
,QQRUPDOFLUFXPVWDQFHVERWKSRLQWOHYHOVHQVRUVPXVW
VHQGWKHWDQNIXOOVLJQDOWRWKH/&0IRUWKH/&0WRVWRS
WRLOHWRSHUDWLRQ+RZHYHUZKHQRQHSRLQWOHYHOVHQVRU
KDVDQHUURUWKH/&0XVHVDWDQNIXOOVLJQDOIURPWKH
RWKHUSRLQWOHYHOVHQVRUWRVWRSWRLOHWRSHUDWLRQ,I
ERWKSRLQWOHYHOVHQVRUVKDYHDQHUURUWKH/&0ZLOO
VWRSWRLOHWRSHUDWLRQ
/DPS7HVW
<RXGRDODPSWHVWZKHQ\RXSXWWKHWHVWVZLWFKLQWKH
7(67/$036SRVLWLRQ
'XULQJWKHODPSWHVWWKHIRXUVRIWZDUHFRQWUROOHG/('V
RQWKH/&0FRPHRQ7KHJUHHQ32:(521/('ZLOOEHRQ
ZKHQV\VWHPSRZHULVRQ
9(56,21'$7('$8*867 RI
6\VWHP%,7
:KHQV\VWHPSRZHUFRPHVRQWKH/&0GRHVDSRZHUXS%,7
WHVW7KHSRZHUXS%,7WHVWPDNHVVXUHWKDWWKHVH
FRPSRQHQWVRSHUDWHFRUUHFWO\
 3RLQWOHYHOVHQVRUV
 &RQWLQXRXVOHYHOVHQVRU
 /&0
'XULQJWKHSRZHUXS%,7WHVWWKH/('VIODVK
PRPHQWDULO\DQGWKHQFRPHRQIRUWKUHHVHFRQGV,IDOO
FRPSRQHQWVSDVVWKH%,7WHVWDOO/('VJRRII,ID
FRPSRQHQWGLGQRWSDVVWKH%,7WHVWWKHUHODWHG/('
IODVKHVDWDWZR+]UDWH7KHUHVXOWVRIWKH%,7WHVW
IRUWKH/&0DUHUHSRUWHGE\WKH7$1.)8///('
7RGRWKHSRZHUXS%,7WHVWSXWWKH/&0WHVWVZLWFKLQ
WKH7(676(16256SRVLWLRQ<RXFDQDOVRGRWKHSRZHUXS
%,7WHVWE\DSXVKRIWKHWHVWVZLWFKRQWKHDWWHQGDQW
SDQHOZDVWHTXDQWLW\PRGXOH
$IWHUWKH/&0FRPSOHWHVWKHSRZHUXS%,7WHVWLWWKHQ
VWDUWVDFRQWLQXRXVPRQLWRUF\FOH7KLVPRQLWRUF\FOH
RFFXUVHYHU\ILYHPLOOLVHFRQGV7KHPRQLWRUF\FOHPDNHV
VXUHWKDWWKHSRLQWOHYHOVHQVRUVDQG/&0DUH
IXQFWLRQDO7KHFRQWLQXRXVOHYHOVHQVRUGRHVQRWGRD
WHVWGXULQJWKHPRQLWRULQJF\FOH
,IWKHFRQWLQXRXVOHYHOVHQVRUIDLOVDIWHUWKHSRZHUXS
%,7WHVWLVFRPSOHWHWKHIDLOXUHZLOOQRWEHVHQVHG
$QHUURQHRXVVLJQDOIURPWKHFRQWLQXRXVOHYHOVHQVRU
ZLOOQRWDIIHFWWRLOHWRSHUDWLRQ<RXFDQGHWHFWHUURUV
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0/2*,&&21752/02'8/(
LQWKHFRQWLQXRXVOHYHOVHQVRUZKHQ\RXGRWKHSRZHUXS  :KHQ\RXPRYHRUUHSODFHWKHFRQWLQXRXVOHYHO
%,7WHVW VHQVRU
 :KHQ\RXPRYHRUUHSODFHWKHZDVWHWDQN
/('6WDWXV
<RXXVHWKH/&0WRGRWKHDXWR]HURDGMXVWPHQW7KH
7KHIRXUUHG/('VVKRZV\VWHPVWDWXV6\VWHPVWDWXV DXWR]HURDGMXVWPHQWFDOLEUDWHVWKH/&0IRUYDULDWLRQV
XSGDWHVHYHU\PLOOLVHFRQGV EHWZHHQWKHUHPRWHGLDSKUDJPDQGVHQVRUPRGXOHRQWKH
FRQWLQXRXVOHYHOVHQVRU
7KHVHDUHWKHFRQGLWLRQVQHFHVVDU\IRU/('VWDWXV
7RGRWKHDXWR]HURDGMXVWPHQW\RXPXVWPDNHVXUHWKDW
WKHZDVWHWDQNLVIXOO\GUDLQHG<RXPXVWGLVFRQQHFW
67$786 WKHSRLQWOHYHOVHQVRUV7KHQ\RXSXWWKHWHVWVZLWFK
/(' LQWKH7(67/$036SRVLWLRQIRUPRUHWKDQVHFRQGV
2)) 21
)/$6+,1*
7DQNIXOORU
6HQVRUIRXOHG 7KHVHOLJKWVZLOOJRRIIIRUWKUHHVHFRQGVWRVKRZWKDW
7DQNQRW
6(1625- VHQVRU
RUVHQVRU WKHWHVWLVFRPSOHWH
IXOO
GLVFRQQHFWHG
IDLOHG%,7
7DQNIXOORU
6HQVRUIRXOHG  6(1625-
7DQNQRW
6(1625- VHQVRU
RUVHQVRU  6(1625-
IXOO
GLVFRQQHFWHG
IDLOHG%,7  6(1625-
7DQNQRW 7DQNLVDERYH
6HQVRUIDLOHG  7$1.)8//
6(1625-
IXOO IXOO
%,7
7ZR+]IODVK 7KH32:(521OLJKWZLOOVWD\RQ
7DQNQRW 7DQNIXOO /&0IDLOHG
7$1.)8// IXOO)&8 )&8SRZHU %,7(LJKW+] 7UDLQLQJ,QIRUPDWLRQ3RLQW
SRZHUHG RII IODVKIDWDO
HUURU 127( 0DNHVXUHWKDW\RXGUDLQWKHZDVWHWDQNIXOO\
EHIRUH\RXGRWKHDXWR]HURDGMXVWPHQWSURFHGXUH
)ODVKLQJUDWHLVWZR+]XQOHVVRWKHUZLVHQRWHG
,I\RXGRQRWGUDLQWKHZDVWHWDQNIXOO\DQ
HUURULQWKHZDVWHTXDQWLW\LQGLFDWLRQFDQRFFXU
$XWR=HUR$GMXVWPHQW

<RXPXVWGRWKHDXWR]HURDGMXVWPHQWZKHQRQHRIWKHVH
FRQGLWLRQVRFFXU
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0/2*,&&21752/02'8/(
127( 7KHWZRSRLQWOHYHOVHQVRUFRQQHFWRUVDUH
LGHQWLFDO0DNHVXUHWKDW\RXFRQQHFWWKHSRLQW
OHYHOVHQVRUFRQQHFWRUVWRWKHFRUUHFWUHFHSWDFOH
RQWKH/&0

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

/2*,&&21752/02'8/( -6+,36,2 6((0$,17(1$1&(

50702'(/12)5(9BBB 0$18$/)25
%2(,1*3$57126 3,1)81&7,21 $872=(52

526(02817$(5263$&( 95(/$<,1
95(/$<287 6(1625-
&$*(&2'(
%85169,//(01 6(1625)28/287
6<67(0(5525287 6(1625-
9'&32:(5
61 32:(55(7851 6(1625-
)8//,1',&$7(287
6<67(0%,7(,1 7$1.)8//
&$6(*5281'
35(&+$5*(6+872))
'$7( 32:(521
02'(6(/(&7,1 9$&880:$67(6<67(0
02'(6(/(&7,1
02'(6(/(&7,1
02'(6(/(&7,1
7(676(16256
7$1./(9(/287
7$1.(037<287
237,21$/287387
7(67/$036

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0/2*,&&21752/02'8/(
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0$77(1'$17&21752/3$1(/
3XUSRVH 7KH&/($1&+(&.6(1625LQGLFDWLRQLVRQWKH0DLQWHQDQFH
VFUHHQDQGFRPHVRQZKHQWKHZDVWHWDQNOHYHOLVWKUHH
7KHYDFXXPZDVWHTXDQWLW\LQGLFDWRUVKRZVWKHOHYHORI LQFKHVFPRUPRUHEHORZWKHWDQNIXOOOHYHODQG
ZDVWHLQWKHZDVWHWDQN RQHRIWKHVHFRQGLWLRQVRFFXU

/RFDWLRQ  $SRLQWOHYHOVHQVRULVIRXOHGGLUW\

 $SRLQWOHYHOVHQVRUIDLOHGWKHV\VWHP%,7WHVW
7KHZDVWHTXDQWLW\LQGLFDWRULVGLVSOD\HGRQWKHDIW  7KHUHLVDVHQVRUGLVDJUHHPHQW
DWWHQGDQWFRQWUROSDQHO$&37KHDIWDWWHQGDQWSDQHO
LVDSDUWRIWKHDIWDWWHQGDQWVWDWLRQ
3K\VLFDO'HVFULSWLRQ
7KHZDVWHTXDQWLW\LQGLFDWRULVRQWKH(QYLURQPHQW
VFUHHQRIWKHDIW$&37KH%,7(IXQFWLRQVDUHRQWKH
0DLQWHQDQFHVFUHHQRIWKHDIW$&3
2SHUDWLRQ
$VHQVRUGLVDJUHHPHQWRFFXUVZKHQRQHSRLQWOHYHO
VHQVRUVHQGVDWDQNIXOOVLJQDODQGWKHRWKHUSRLQW
OHYHOVHQVRUVHQGVDWDQNQRWIXOORUVHQVRUIRXOHG
VLJQDO
7UDLQLQJ,QIRUPDWLRQ3RLQW
7KH&/($1&+(&.6(1625LQGLFDWLRQVKRZVSUREOHPVZLWK
WKHSRLQWOHYHOVHQVRUV:KHQWKHZDVWHWDQNOHYHOLV
7RGLVSOD\ZDVWHTXDQWLW\SUHVV(QYLURQPHQWRQWKH
$&3
7KH/$9,123LQGLFDWLRQLVRQWKH(QYLURQPHQWVFUHHQ
DQGFRPHVRQZKHQERWKSRLQWOHYHOVHQVRUVVHQGDWDQN
IXOOVLJQDO
7KHV\VWHP%,7(WHVWPHQXLVRQWKH0DLQWHQDQFHVFUHHQ
RIWKH$&3:KHQ\RXSXVKWKH/$96,123WHVWVZLWFK,I
DOOFRPSRQHQWVSDVVWKHV\VWHP%,7WHVWWKH/$9,123
LQGLFDWRUJRHVIURPEODFNWREOXHDQGWKHQWREODFNLQ
VHFRQGV
9(56,21'$7('$8*867 RI
WKUHHLQFKHVFPRUOHVVIURPWKHZDVWHWDQNIXOO
OHYHOWKH&/($1&+(&.6(1625OLJKWLVGLVDEOHGDQGFDQ
QRWFRPHRQ7KH&/($1&+(&.6(1625LQGLFDWLRQLV
GLVDEOHGWRSUHYHQWQXLVDQFHLQGLFDWLRQVZKHQVSODVKHV
IURPWXUEXOHQFHRUDLUSODQHPDQHXYHUVFRXOGFDXVHWKH
OLJKWWRFRPHRQ7KHVLJQDOWRGLVDEOHWKH&/($1&+(&.
6(1625OLJKWFRPHVIURPWKHFRQWLQXRXVOHYHOVHQVRU
WKURXJKWKHORJLFFRQWUROPRGXOH
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

3RWDEOH:DWHU 9DFXXP:DVWH /$9,123

/LJKWLQJ ) )

 
(QYLURQPHQW

  /$9,123

0DLQWHQDQFH

 

( (

6PRNH'HWHFWRU
'LVSOD\

(19,5210(176&5((1
3RWDEOH:DWHU 9DFXXP:DVWH /$9,123

/LJKWLQJ ) )

 
(QYLURQPHQW

  /$9,123

0DLQWHQDQFH

 

( (

6PRNH'HWHFWRU
'LVSOD\

$)7$77(1'$1767$7,21

(19,5210(176&5((1
:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0$77(1'$17&21752/3$1(/
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(06(59,&(3$1(/:$67(48$17,7<,1',&$725
3XUSRVH

7KHVHUYLFHSDQHOZDVWHTXDQWLW\LQGLFDWRUVKRZVWKH
OHYHORIZDVWHLQWKHZDVWHWDQN

/RFDWLRQ

7KHZDVWHVHUYLFHSDQHOLVDWWKHDIWVHFWLRQRIWKH
IXVHODJHDWWKHERWWRPOHIWVLGH

3K\VLFDO'HVFULSWLRQ

7KLVLQGLFDWRULVDQDQDORJGLDOLQGLFDWRU7KH
JUDGXDWLRQVDUHHTXDOO\VSDFHGLQLQFUHPHQWVRIRI
DWDQNIURP(HPSW\WR)IXOO7KHJUDGXDWLRQVDUH
ODEHOHGDWWDQNLQFUHPHQWV

7KHSRLQWHUPRYHPHQWLVOLQHDUZLWKLQSXWVIURPYGF
WRYGF

)XQFWLRQDO'HVFULSWLRQ

7KHORJLFFRQWUROPRGXOHVHQGVDYROWDJHWKDWLVLQ
SURSRUWLRQWRWKHOHYHORIZDWHULQWKHZDVWHWDQN

7KHORJLFFRQWUROPRGXOHYROWDJHRXWSXWZLOOEHYGF
ZKHQWKHZDVWHWDQNLVHPSW\)RUDQLQSXWYROWDJHRI
YGFWKHZDVWHTXDQWLW\LQGLFDWRUVKRZV(HPSW\

7KHORJLFFRQWUROPRGXOHYROWDJHRXWSXWZLOOEHYGF
ZKHQWKHWDQNLVIXOO)RUDQLQSXWYROWDJHRIYGF
WKHZDVWHTXDQWLW\LQGLFDWRUVKRZV)IXOO

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$67(6(59,&(3$1(/

6(59,&(3$1(/:$67(48$17,7<,1',&$725

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(06(59,&(3$1(/:$67(48$17,7<,1',&$725
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(06(1625)28/('/,*+7
3XUSRVH

7KHVHQVRUIRXOHGOLJKWVKRZVWKDWDSRLQWOHYHOVHQVRU
LVIRXOHGGLUW\

/RFDWLRQ

7KHVHQVRUIRXOHGOLJKWLVRQWKHZDVWHVHUYLFHSDQHO
7KHZDVWHVHUYLFHSDQHOLVDWWKHDIWVHFWLRQRIWKH
IXVHODJHDWWKHERWWRPOHIWVLGH

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

6(1625
)28/('
/,*+7

:$67(6(59,&(3$1(/

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(06(1625)28/('/,*+7
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0)81&7,21$/'(6&5,37,21
7+,63$*(,17(17,21$//</()7%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0)81&7,21$/'(6&5,37,21
3RZHU
7KH9'&JURXQGVHUYLFHEXVVXSSOLHVSRZHUWRWKH
ZDVWHWDQNTXDQWLW\LQGLFDWLRQV\VWHP
'LVSOD\V
:DVWHWDQNTXDQWLW\LQGLFDWLRQDQGVWDWXVVKRZVRQ
WKHVHWZRGLVSOD\V
 (QYLURQPHQWVFUHHQRQWKHDIW$&3
 0DLQWHQDQFHVFUHHQRQWKHIRUZDUG$&3
)XOO7DQNDQG)DXOW,QGLFDWLRQ
:KHQERWKSRLQWOHYHOVHQVRUVVHQGDIXOOWDQNVLJQDO
WRWKH/&0WKH/&0GRHVWKHVHVWHSV
 6WRSVRSHUDWLRQRIWKHWRLOHWV
 6HQGVDIXOOWDQNVLJQDOWRWKH$&3
 7KH/$9,123LQGLFDWRURQWKH$&3FRPHVRQ
7KHVHUYLFHSDQHO6(1625)28/('OLJKWFRPHVRQZKHQD
SRLQWOHYHOVHQVRULVIRXOHG
7KH$&3&/($1&+(&.6(16256LQGLFDWRUFRPHVRQZKHQWKH
7KH(QYLURQPHQWVFUHHQLVIRULQGLFDWLRQDQGVWDWXVLQ ZDVWHWDQNOHYHOLVWKUHHLQFKHVFPRUPRUHEHORZ
IOLJKWDQGRQJURXQGRSHUDWLRQV7KH0DLQWHQDQFHVFUHHQ WKHWDQNIXOOOHYHODQGRQHRIWKHVHFRQGLWLRQVRFFXU
LVIRUVWDWXVV\VWHP%,7DQGIDXOWLQGLFDWLRQRQWKH
JURXQGRQO\  $SRLQWOHYHOVHQVRULVIRXOHGGLUW\
 $SRLQWOHYHOVHQVRUKDVIDLOHGWKHSRZHUXS%,7
1RUPDO2SHUDWLRQ WHVWRUWKHFRQWLQXRXVPRQLWRULQJWHVW
 7KHUHLVDVHQVRUGLVDJUHHPHQW
7KHFRQWLQXRXVOHYHOVHQVRUVHQGVZDVWHOHYHOGDWDWR
WKHORJLFFRQWUROPRGXOH/&07KH/&0VHQGVDZDVWH $VHQVRUGLVDJUHHPHQWRFFXUVZKHQRQHSRLQWOHYHO
OHYHOVLJQDOWRWKHDWWHQGDQWFRQWUROSDQHO$&37KH VHQVRUVHQGVDWDQNIXOOVLJQDODQGWKHRWKHUSRLQW
$&3FRQWDLQVORJLFZKLFKRSHUDWHVDZDVWHTXDQWLW\ OHYHOVHQVRUVHQGVDWDQNQRWIXOORUVHQVRUIRXOHG
LQGLFDWRU7KHLQGLFDWRUVKRZVWKHZDVWHOHYHOZLWKD VLJQDO
FRORUHGGLVSOD\RQWKH(QYLURQPHQWVFUHHQ7KH
LQGLFDWRULVJUHHQIURP(HPSW\WR7KHLQGLFDWRU 6\VWHP%,7
LVDPEHUIURPWR7KHLQGLFDWRULVUHGIURP
WR)IXOO
7KHZDVWHOHYHOVLJQDODOVRJRHVWRWKHVHUYLFHSDQHO
ZDVWHTXDQWLW\LQGLFDWRU7KLVLQGLFDWRUVKRZVWKHWDQN
ZDVWHOHYHOLQLQWHUYDOV
:KHQV\VWHPSRZHUFRPHVRQWKH/&0GRHVDSRZHUXS%,7
WHVW7KHSRZHUXS%,7WHVWPDNHVVXUHWKDWWKHVH
FRPSRQHQWVRSHUDWHFRUUHFWO\
 3RLQWOHYHOVHQVRUV

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0)81&7,21$/'(6&5,37,21
 &RQWLQXRXVOHYHOVHQVRU
 /&0

<RXFDQGRWKHSRZHUXS%,7WHVWZKHQWKHDLUSODQHLV
RQWKHJURXQGDQGZKHQ\RXGRRQHRIWKHVHVWHSV

 3XVKWKH/$9,123WHVWRQWKH$&3PDLQWHQDQFH
VFUHHQ
 3XWWKHWHVWVZLWFKRQWKH/&0LQWKH7(676(16256
SRVLWLRQ

$IWHUWKH/&0FRPSOHWHVWKHSRZHUXS%,7WHVWLW
VWDUWVDFRQWLQXRXVPRQLWRUF\FOH7KLVPRQLWRUF\FOH
PDNHVVXUHWKDWWKHSRLQWOHYHOVHQVRUVDQGWKH/&0DUH
IXQFWLRQDO7KHFRQWLQXRXVOHYHOVHQVRUGRHVQRWGRD
WHVWGXULQJWKHPRQLWRUF\FOH

<RXSXVKWKH9DFXXP:DVWHEXWWRQRQWKH0DLQWHQDQFH
PDLQPHQXEDUWRVWDUWWKHYDFXXPZDVWHSURFHGXUH7KHQ
SXVKWKH/$9,1237HVWEXWWRQLQWKH&RPPDQGZLQGRZ

7KH/$9,123EXWWRQDQGWKH&OHDQ&KHFN6HQVRUVEXWWRQ
LQWKH6WDWXVZLQGRZEHFRPHEOXHIRUWKUHHVHFRQGV7KH
ODYDWRU\ZDVWHLQGLFDWLRQVKRZVWKHSHUFHQWDJHRIZDVWH
LQWKHWDQN,IWKHUHDUHQRIDXOWVWKHEXWWRQVEHFRPH
EODFN

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
3RWDEOH:DWHU 9DFXXP:DVWH /$9,123
9'&
) )
*1'69&( /LJKWLQJ

%86  

9$&880 (QYLURQPHQW

:$67(,1'   /$9,123

0DLQWHQDQFH
3&%3$1(/  

( (
9'&,1
:$67(/(9(/
6<67(0(55256,*1$/
'&*5281' 6PRNH'HWHFWRU

)8//7$1.6,*1$/
7(67
6(1625)28/('6,*1$/
(19,5210(176&5((1
&$6(*5281'
9DFXXP:DVWH

- &RQILJ
:$67(48$17,7< /LJKWLQJ
&KHFN
7REHJLQWHVWSUHVV/$9,1237HVWLQWKHFRPPDQGZLQGRZEHORZ
:DVWHWDQNOHYHODQGVHQVRUVWDWXVLQGLFDWHGEHORZ

- ,1',&$725 6\VWHP
3DVVHQJHU 7HVW
6HUYLFHV
- $ 'DWD
/RDG
(QYLURQPHQW
/2*,&&21752/02'8/( )DXOW
'DWD
0DLQWHQDQFH
/LJKWLQJ
&KHFN

&217,18286 7(67 6SHFLDO

)XQFWLRQV 9DFXXP
/(9(/6(1625- :DVWH
6(1625)28/(' 6FHQH

32,17/(9(/ /,*+7 3UHYLHZ

6(1625- :$67(6(59,&(
3$1(/ 'LVSOD\
32,17/(9(/ &RPPDQG:LQGRZ 6WDWXV

6(1625- /$9,123 /$9 &OHDQ

:DVWH

&KHFN 
7HVW ,123 6HQVRUV
( )
:$67(7$1.
):'$&30$,17(1$1&(6&5((1
:$7(5:$67(:$67(7$1.48$17,7<,1',&$7,216<67(0)81&7,21$/'(6&5,37,21
9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.

      

   

 

         

       

        

          
           
          
  

         

           
           
           
        
          
 
  
          
       

         

       

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<

%1*%25%%&20%,1('%22.
      
    

          
 

           
   
 
          
       
   
   
      

         
        
          
        
            
      
       
9(56,21'$7('$8*867 RI
        
    
        
            
      
          
    
            
          
         
    
  
       
          
           
          
       
      
          
       
       
)2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

327$%/(:$7(5 :$67(6< 67(0

) )

 

 

&/($1&+(&.
 6(162 5 

( (

/$96
,123

35(667 2
7 (67

      

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<
%1*%25%%&20%,1('%22.

,17(17,21$//<%/$1.

9(56,21'$7('$8*867 RI )2575$,1,1*385326(621/<