'RFXPHQW1R 0(

 5HYLVLRQ&RGH ,QLWLDO9HUVLRQ

:+$

23(6&23(  3/(12$&7,92

6XUJLFDO0RELOH&$UP,PDJLQJ6\VWHP


6HUYLFH0DQXDO


5HDGWKHLQVWUXFWLRQPDQXDOWKRURXJKO\EHIRUH\RXXVHWKHSURGXFW
.HHSWKLVLQVWUXFWLRQPDQXDOIRUIXWXUHUHIHUHQFH



6\PEROVDQG6LJQDO:RUGV8VHGLQ,QVWDOODWLRQ0DQXDOV

,QWKLVLQVWUXFWLRQPDQXDOWKHIROORZLQJVDIHW\UHODWHGV\PEROVDQGVLJQDOZRUGVDUHXVHGWRLQGLFDWH
WKHGHJUHHRIKD]DUGRUSRVVLEOHGDPDJH 


6\PERO 0HDQLQJ

 ,QGLFDWHVDQLPPLQHQWO\KD]DUGRXVVLWXDWLRQZKLFKLIQRW
'$1*(5 DYRLGHGZLOOUHVXOWLQVHULRXVLQMXU\RUGHDWK



 ,QGLFDWHVDSRWHQWLDOO\KD]DUGRXVVLWXDWLRQZKLFKLIQRW
:$51,1* DYRLGHGFRXOGUHVXOWLQVHULRXVLQMXU\RUSRVVLEO\GHDWK



 ,QGLFDWHVDSRWHQWLDOO\KD]DUGRXVVLWXDWLRQZKLFKLIQRW
&$87,21 DYRLGHGPD\UHVXOWLQPLQRUWRPRGHUDWHLQMXU\RUHTXLSPHQWGDPDJH



 (PSKDVL]HVDGGLWLRQDOLQIRUPDWLRQWKDWLVSURYLGHGWRHQVXUHWKH
127( SURSHUXVHRIWKLVSURGXFW





 


6DIHW\*XLGHOLQHV



:$51,1*

'RQRWPRGLI\LQVWUXPHQWVRURWKHUHTXLSPHQW

-DSDQHVHODZSURKLELWVXVHUVIURPPRGLI\LQJHOHFWULFDOPHGLFDOHTXLSPHQW
)XUWKHUPRUHLWPDQGDWHVWKDWPDQXIDFWXUHUVPXVWREWDLQDSSURYDOEHIRUHFKDQJLQJ
DQ\SRUWLRQRIPHGLFDOSURGXFWVVXEMHFWWRJRYHUQPHQWDSSURYDO 



:$51,1*

%HFDUHIXORIH[SRVXUHWR;UD\UDGLDWLRQ

,QFRUUHFWXVHRI;UD\V\VWHPVFDQVXEMHFWZRUNHUVRUSDWLHQWVWRXQQHFHVVDU\;UD\
H[SRVXUH'RQRWDOORZDQ\RQHH[FHSWWKHSDWLHQWWRUHPDLQRUOLQJHULQWKH
H[DPLQDWLRQURRPZKLOH;UD\VDUHEHLQJHPLWWHG,IUHPDLQLQJLQWKHH[DPLQDWLRQLV
XQDYRLGDEOHEHVXUHWRSURYLGHDGHTXDWHSURWHFWLRQIURPUDGLDWLRQ VXFKDVD
SURWHFWLYHDSURQRUVKLHOG  



:$51,1*

1HYHUORRNGLUHFWO\LQWRWKHODVHUEHDP

'RLQJVRFRXOGUHVXOWLQH\HGDPDJHRURWKHULQMXU\2QO\XVHODVHUSRLQWHUV RSWLRQDO 
XQGHUWKHVXSHUYLVLRQRIDSHUVRQPHGLFDOO\WUDLQHGLQWKHGDQJHUVRIXVLQJODVHU
EHDPV$YRLGXQQHFHVVDU\;UD\HPLVVLRQVE\RQO\VZLWFKLQJ21WKHODVHUSRLQWHU
RSWLRQDO ZKHQQHHGHG'RQRWSHUIRUPDQ\RSHUDWLRQDGMXVWPHQWRUSURFHGXUHQRW
LQFOXGHGLQWKLVPDQXDO'RLQJVRFRXOGUHVXOWLQGDQJHURXVODVHULUUDGLDWLRQ 

 



:$51,1*

'RQRWRSHUDWHWKHV\VWHPLQDQHQYLURQPHQWVXEMHFWWRIODPPDEOHJDVHV

7KLVLQVWUXPHQWLVQRWDQ$3GHYLFH2SHUDWLQJLWLQWKHSUHVHQFHRIIODPPDEOHJDVHV
FRXOGFDXVHILUHRUH[SORVLRQ 



:$51,1*

,PSOHPHQWPHDVXUHVWREHSUHSDUHGIRUILUHV

2SHUDWLQJWKHLQVWUXPHQWLQDQXQUHFRPPHQGHGHQYLURQPHQWFRXOGUHVXOWLQILUHRU
H[SORVLRQ%HVXUHWRSURYLGHDSSURSULDWHILUHILJKWLQJHTXLSPHQWDQGPDNHVXUH
HYHU\RQHLQWKHVXUURXQGLQJDUHDVDUHLQVWUXFWHGLQZKDWWRGRLQFDVHRIILUH VXFKDV
KRZWRXVHWKHILUHH[WLQJXLVKHUV )RUHOHFWULFDORUFKHPLFDOILUHVXVHILUHH[WLQJXLVKHUV
GHVLJQHGIRUWKDWSXUSRVH8VLQJZDWHURURWKHUOLTXLGVRQHOHFWULFDOILUHVFRXOGFDXVH
VHULRXVLQMXU\ 



:$51,1*

'RQRWWDNHFHOOSKRQHVRURWKHUVLPLODUGHYLFHVLQWRWKHH[DPLQDWLRQURRP

'RQRWWDNHFHOOSKRQHVRUDQ\RWKHUSRUWDEOHWUDQVPLWWLQJGHYLFHVLQWRWKHH[DPLQDWLRQ
URRPUHJDUGOHVVRIZKHWKHUWKH\DUHVZLWFKHG21RU2))7KHVHGHYLFHVFDQH[FHHG
(0& HOHFWURPDJQHWLFFRPSDWLELOLW\ VWDQGDUGVDQGFRXOGXQGHUFHUWDLQFLUFXPVWDQFHV
LQWHUIHUHZLWKIXQFWLRQDOLW\,QWKHZRUVWFDVHWKH\FRXOGFDXVHVHULRXVLQMXU\RUPHGLFDO
HUURUV 



:$51,1*

&RQILUPWKDWHOHFWURPDJQHWLFFRPSDWLELOLW\VWDQGDUGVDUHVDWLVILHG

$OOHTXLSPHQWLQWKHYLFLQLW\PXVWPHHW(0&VWDQGDUGVZKLFKJRYHUQWKHVHQVLWLYLW\RI
HTXLSPHQWWRHOHFWURPDJQHWLFHPLVVLRQV(TXLSPHQWWKDWGRHVQRWPHHW(0&
VWDQGDUGVFRXOGLQWHUIHUHZLWKWKHSURSHUIXQFWLRQLQJRIWKH;UD\V\VWHP,QWKHZRUVW
FDVHWKH\FRXOGFDXVHVHULRXVLQMXU\RUPHGLFDOHUURUV 
 



:$51,1*

'LVFRQQHFWWKHSULPDU\SRZHUVXSSO\FRUGEHIRUHFOHDQLQJWKHLQVWUXPHQW

$OZD\VXQSOXJWKHV\VWHPIURPWKHSULPDU\SRZHUVXSSO\EHIRUHFOHDQLQJGLVLQIHFWLQJ
RUVWHULOL]LQJ6ZLWFKWKHLQVWUXPHQWSRZHUVZLWFK2))EHIRUHXQSOXJJLQJWKHPDLQ
SRZHUFRUG1RWGRLQJVRFRXOGFDXVHDQHOHFWULFDOVKRFNRUVKRUWFLUFXLW 



&$87,21
'RQRWJHWZDWHURQWKHLQVWUXPHQW

&OHDQWKHLQVWUXPHQWE\ZLSLQJLWZLWKDFORWKZHWWHGZLWKGLVLQIHFWDQW8VLQJZDWHURQ
WKHLQVWUXPHQWFRXOGFDXVHDQHOHFWULFDOVKRFNRUVKRUWFLUFXLW 



&$87,21
%HFDUHIXORIJHWWLQJKLWRUSLQFKHG

*HWWLQJKDQGVRUIHHWFDXJKWEHWZHHQWKH&DUPDQGPDLQXQLWFDQFDXVHLQMXU\ 
:KHQPRYLQJWKH&DUPDOZD\VJULSLWDWWKHSURSHUORFDWLRQDQGPRYHLWFDUHIXOO\ 



&$87,21
*URXQGWKHV\VWHP

7KLVV\VWHPPXVWEHJURXQGHG3RRUJURXQGLQJFRXOGFDXVHHOHFWULFDOVKRFN 


 



&$87,21

%HFDUHIXORIFROOLVLRQVDQGWLSSLQJRYHU

7KLVV\VWHPZHLJKVRYHUNJ 

$FROOLVLRQRUWLSSLQJRYHUQRWRQO\FRXOGFDXVHVLJQLILFDQWGDPDJHWRWKHLQVWUXPHQW
EXWFRXOGFDXVHVHULRXVLQMXU\DVZHOO

:KHQPRYLQJWKHLQVWUXPHQWEHHVSHFLDOO\FDUHIXORIWKHIROORZLQJSRLQWV 

x 0DNHVXUHWKH&DUPLVLQLWVKRPHSRVLWLRQ 
x 0DNHVXUHFDEOHVDUHSURSHUO\VHFXUHG
x 0RYHWKHLQVWUXPHQWDVVORZO\DVSRVVLEOHRQLQFOLQHGVXUIDFHVRUZKHQSDVVLQJ
GRRUZD\VRUREVWDFOHV%HSDUWLFXODUO\FDUHIXORQVWHHSLQFOLQHV 
x $OZD\VDSSO\WKHEUDNHZKHQWKHLQVWUXPHQWLVVWRSSHG 
x 7KHLQVWUXPHQWPD\WLSRYHURQLQFOLQHVRYHUGHJUHHV7KHUHIRUHGRQRWDWWHPSW
WRPRYHRURSHUDWHWKHV\VWHPRQLQFOLQHVJUHDWHUWKDQGHJUHHV 

x $YRLGPRYLQJWKHLQVWUXPHQWZKHUHLWZLOOEHH[SRVHGWRVLJQLILFDQWYLEUDWLRQVXFK
DVRQURDGVRXWGRRUVVLJQLILFDQWDEUXSWFKDQJHVLQIORRUOHYHORUVWHHSLQFOLQHV
'RQRWVWRSRQLQFOLQHV 
x %HFDUHIXORIREVWDFOHVLQIURQWRIWKHLQVWUXPHQWDVLWLVPRYHG 



 


&KDSWHU ,QWURGXFWLRQ
 2YHUYLHZRI:+$6\VWHPV 

 3UHFDXWLRQV:KHQ7DNLQJ%DFN(TXLSPHQW  

 3UHFDXWLRQVIRU0DLQWHQDQFH  

 )XQFWLRQDO/LPLWDWLRQV'XHWR9HUVLRQRU&LUFXLW%RDUG5HYLVLRQV 

 /LVWRI2SWLRQDO3DUWV DVRI2FW  

 /LVWRI7HFKQLFDO'RFXPHQWV  

 /LVWRI7HFKQLFDO,QIRUPDWLRQ%XOOHWLQV 

 ,QVSHFWLRQ/LVW  

 6FKHGXOHG5HSODFHPHQW3DUWV  

 


&KDSWHU 2SHVFRSH8QLW
 7HFKQLFDO'HVFULSWLRQ

 3RZHU212))&RQWURO 

 &$UP&DUW'&3RZHU6XSSO\'LDJUDP  
 7XEH9ROWDJH&RQWURO 
 )LODPHQW&XUUHQWDQG7XEH&XUUHQW&RQWURO 
 0RQR7DQN 
 ,PDJH,QWHQVLILHU 
 2SWLFDO6\VWHP  
 &ROOLPDWRU  
 &LUFXLW%RDUGV 
 :+$&217%RDUG 
 3:&217 
 ,19(57(5%RDUG 
 07&217%RDUG 
 ,&217$  
 ,&217%%RDUG 
 021,725,)%RDUG  
 /&'&217%RDUG 
 6RIWZDUH  
 2YHUYLHZ  
 6RIWZDUH5HYLVLRQ+LVWRU\ 
 :+$&217'DWD  
 3URFHGXUHIRU8SGDWLQJ:+$&217)LUPZDUH  

 7URXEOHVKRRWLQJ

 /LVWRI:DUQLQJ0HVVDJHV 

 /LVWRI(UURU0HVVDJHV  
 'HVFULSWLRQRI6SHFLILF(UURU0HVVDJHV  
 +RZWR&RQILUP(UURU0HVVDJH+LVWRU\ 
 7URXEOHVKRRWLQJ 
 'RHV1RW%RRW8S 
 1R,PDJH$SSHDUV  
 1R;5D\V(PLWWHG  
 1R;5D\(PLVVLRQ)LODPHQW3UREOHP  
 1R;5D\(PLVVLRQ,QYHUWHU%RDUG3UREOHP  
 6RXQGRI(OHFWULFDO'LVFKDUJH6RXQG)URP0RQR7DQN  
 1R,PDJH$SSHDUV;5D\(PLVVLRQ2.  
 1R,PDJHDQG;5D\2.,$3UREOHP  
 &ROOLPDWRURU2SWLFDO6\VWHP0DOIXQFWLRQV  
 'RHV1RW5ROO6WUDLJKW  
 (OHFWURPDJQHWLF/RFN'RHV1RW8QORFN 
 


 ([DPSOHVRI2WKHU3UREOHPV  

 5HSODFLQJ3DUWV

 5HSODFLQJWKH0RQR7DQN  

 5HSODFLQJWKH,PDJH,QWHQVLILHU 
 5HSODFLQJWKH,$3RZHU6XSSO\8QLW 
 5HSODFLQJWKH&$UP$[LDO5RWDWLRQ%UDNH 
 5HSODFLQJWKH&$UP8S'RZQ7UDYHO6SULQJ  
 6WUXFWXUHRI6SULQJ$VVHPEO\  
 )ORZRI6SULQJ5HSODFHPHQW3URFHVV  
 3UHSDULQJWR5HSODFH6SULQJ  
 5HPRYLQJWKH6SULQJ$VVHPEO\  
 ,QVWDOOLQJWKH6SULQJ$VVHPEO\  
 5HDVVHPEOLQJDQG$GMXVWLQJ 
 5HSODFLQJ&$UP&DEOHV 'UXP$VVHPEO\  
 5HSODFLQJ&RQQHFWRU&DEOHV 
 5HSODFLQJ2QO\6RPH&RQQHFWRU&DEOHV 
 5HSODFLQJWKH:+$&217%RDUG 
 5HSODFLQJWKH3:&217%RDUG 
 5HSODFLQJWKH,19(57(5&217%RDUG 
 5HSODFLQJWKH021,725,)%RDUG 
 5HSODFLQJWKH07&217%RDUG 
 5HSODFLQJWKH,&217$%%RDUGV  
 5HSODFLQJWKH/&'&217%RDUG 

 'HWDLOHG$GMXVWPHQWV

 /DXQFKLQJDQG8VLQJ0DLQWHQDQFH7RRO 

 )9) )OXRURVFRS\)LODPHQW&XUUHQW  
 )95 5DGLRJUDSK\)LODPHQW&XUUHQW  
 $GMXVWLQJWKH&ROOLPDWRUV 
 )OXRURVFRS\,ULV $&7,92DQG$&7,92')6V\VWHPVRQO\  
 $GMXVWLQJWKH,QYHUWHU&RQWURO&LUFXLW 
 3UHSDUDWLRQ 
 3:&217%RDUG$GMXVWPHQW3URFHGXUH  
 &RQILUPLQJ,*%7*DWH:DYHIRUPLQ)OXRURVFRS\0RGH ZLWKRXWDGMXVWLQJ  
 &RQILUPLQJ,*%7*DWH:DYHIRUPLQ5DGLRJUDSK\0RGH ZLWKRXWDGMXVWLQJ  
 &RQILUPLQJWKH)LODPHQW+HDWLQJ&LUFXLW 
 $GMXVWLQJ'HWHFWHG&KDUJH9ROWDJH9DOXHV 
 &RQILUPLQJWKH+LJK9ROWDJH:DYHIRUP  
 $GMXVWLQJWKH4%0RQLWRU  
 $GMXVWLQJ,PDJH'LVSOD\RQ/&'&217%RDUG 3/(12RQO\  
 $GMXVWLQJWKH,,/HQV)RFXV $&7,92  
 


 $GMXVWLQJWKH,,/HQV)RFXV 3/(12  

 $GMXVWLQJWKH&ROOLPDWRU&HQWHU3RLQW  
 $GMXVWLQJWKH&HQWHU3RLQWRI3DUDOOHO/HDYHV 
 $GMXVWLQJWKH&HQWHU3RLQWRI2FWDJRQDO/HDYHV  
 $GMXVWLQJWKH&$UP2UELWDO0RYHPHQW 
 $GMXVWLQJ+RZ)DUWKH&$UP2UELW6WRSSHULV5HWUDFWHG 
 $GMXVWLQJ5DGLDO)RUFH5HTXLUHGIRU&$UP2UELWDO0RYHPHQW  
 $GMXVWLQJ$[LDO)RUFH5HTXLUHGIRU&$UP2UELWDO0RYHPHQW 
 $GMXVWLQJ2ULHQWDWLRQRI+DQGOHV 
 $GMXVWLQJWKH&DUW%UDNHV  
 $GMXVWLQJWKH8S'RZQ%DODQFH 
 $GMXVWLQJWKH,&217%%RDUG  
 


&KDSWHU 676';5D\798QLW
 7HFKQLFDO'HVFULSWLRQ

 2YHUYLHZ  

 &LUFXLW%RDUGV 
 6(1625%RDUG  
 6<1&%RDUG 
 352&(66%RDUG 
 0(025<%RDUG 
 027+(5%RDUG 
 5(*%RDUG 
 /LVWRI9DULDEOH5HVLVWRUVDQG6ZLWFKHVIRU$GMXVWPHQWV 
 ,QWHUIDFH  
 9LGHR6LJQDO6SHFLILFDWLRQV  

 7URXEOHVKRRWLQJ

 5HSODFLQJ&LUFXLW%RDUGV

 6(1625%RDUG 

 %RDUGV,QVWDOOHG,QVLGHWKH&&8  
 &LUFXLW%RDUG&RPSDWLELOLW\/LVW 

 $GMXVWLQJ 

 5HFXUVLYH)LOWHU9DOXHV 

 $GMXVWLQJ&LUFOH%ODQNLQJ 
 $,%6$UHD 
 3,%6$UHD 
 '&&*DWH$UHD  
 $,%66LJQDO  
 $GMXVWLQJ9LGHR6LJQDO*DLQ 
 6(1625%RDUG  
 0(025<%RDUG 
 


&KDSWHU ')6$&7,92
 7HFKQLFDO'HVFULSWLRQ

 2YHUYLHZ  

 9LGHR6LJQDO'HWDLOVIRU,PDJH3URFHVVRU8QLW  
 (,$6WDQGDUG/LQHV  
 (,$6WDQGDUG/LQHV KLJKOLQHUDWHGLVSOD\  
 &&,56WDQGDUG/LQHV  
 &&,56WDQGDUG/LQHV KLJKOLQHUDWHGLVSOD\  
 ')60$,1$66< 
 ')66&  
 ')6352& 
 +''  

 7URXEOHVKRRWLQJ

 (UURU0HVVDJH/LVW  

 7URXEOHVKRRWLQJ 

 5HSODFLQJ3DUWV

 5HSODFLQJWKH')6520 

 5HSODFLQJWKH')60$,1%RDUG  
 5HSODFLQJWKH')60$,1%DWWHU\  
 5HSODFLQJWKH')60$,1$66<  
 5HSODFLQJWKH')6352&$66<DQG')66&$66< 
 5HSODFLQJWKH+DUG'ULYH  
 5HSODFHPHQW3URFHGXUH  
 3K\VLFDOO\)RUPDWWLQJWKH5HSODFHPHQW+DUG'ULYH  

 'HWDLOHG$GMXVWPHQWV

 ')60$,1$66< 

 ')66&%RDUG  
 ,QLWLDO6HWWLQJV 
 


&KDSWHU ',6
 7HFKQLFDO'HVFULSWLRQ

 6\VWHP&RQWHQW 

 'DWD)ORZ  
 5HDO7LPH)OXRURVFRS\'LVSOD\  
 'LVSOD\LQJDQG5HFRUGLQJ5),PDJHV 
 /RDGLQJ,PDJHV 
 'LVSOD\LQJ5HIHUHQFH,PDJHV  
 ([WHUQDO2XWSXW  
 &DPHUD+HDG  
 *,0%RDUG  
 &RPSXWHU 
 ,$3'%%RDUG  
 $*3%RDUG JUDSKLFVERDUG  
 9,%%RDUG  
 /9'6%RDUG 
 %DFNLQJ8SDQG5HVWRULQJ6RIWZDUH6HWWLQJV 
 6DYLQJ&RQILJXUDWLRQ'DWDRQ)ORSS\'LVNHWWHV 
 6DYLQJ&DOLEUDWLRQ'DWDRQ)ORSS\'LVNHWWHV 
 5HVWRULQJ&RQILJXUDWLRQ'DWDWRD+DUG'ULYH)URPD)ORSS\'LVNHWWH  
 5HVWRULQJ&DOLEUDWLRQ'DWDWRD+DUG'ULYH)URPD)ORSS\'LVNHWWH 
 &RQILUPLQJ&XUUHQW9HUVLRQ,QIRUPDWLRQ  
 8SJUDGLQJWKH6RIWZDUH9HUVLRQ 
 %,266HWWLQJV IRUUHIHUHQFH  

 7URXEOHVKRRWLQJ

 /LVWRI(UURU0HVVDJHV  

 7URXEOHVKRRWLQJ 
 (UURU/RJ  
 6\VWHP'LDJQRVWLFV 

 5HSODFLQJ3DUWV

 3DUWV/LVW 

 5HSODFLQJWKH&RPSXWHU7RZHU  
 5HSODFLQJWKH9LGHR&DUG 
 5HSODFLQJWKH*,0%RDUG  
 5HSODFLQJWKH,$3'%%RDUG 
   5HSODFLQJWKH/9'6%RDUG  
 5HSODFLQJWKH9,%%RDUG  
 *XLGHOLQHVIRU5HSODFLQJWKH6\VWHP+DUG'ULYH  
 5HSODFLQJWKH&RPSXWHU3RZHU6XSSO\  
 


 5HSODFLQJWKH&'5:'ULYH  

 5HSODFLQJWKH&DPHUD+HDG 

 6HUYLFH$SSOLFDWLRQ

 2SHQLQJWKH6HUYLFH$SSOLFDWLRQ3URJUDP  

 6HUYLFH)XQFWLRQV 
 6HWWLQJWKH,3$GGUHVV 
 ,QWHUIDFH6LJQDO  
 %XWWRQVIRU([WHQGHG,PDJLQJ)XQFWLRQV  

 6\VWHP$GMXVWPHQWV

 &RQILJXULQJ6HWWLQJV 

 3UHSDUDWLRQ  
 6\VWHP&RQILJXUDWLRQ 
 $35 
 *HQHUDWRU/LQHV  
 $UFKLYH'HYLFH  
 3ULQWHU'HYLFHV 
 3DWLHQW'DWD&RQILJXUDWLRQ 
 &ORVLQJWKH>&RQILJXUDWLRQ@:LQGRZ 
 $GMXVWLQJWKH6\VWHP &DOLEUDWLRQ  
 3UHSDUDWLRQ  
 $GMXVWLQJWKH)LHOGRI0HDVXUHPHQW9LGHR3DUDPHWHUVDQG2YHUOD\6HWWLQJV  
 $GMXVWLQJWKH,ULV  
 $GMXVWLQJWKH$%6/HYHO 
 $GMXVWLQJWKH9LUWXDO&ROOLPDWRU 
 $GMXVWLQJ',%6/LPLWV  
 &ORVLQJWKH>&DOLEUDWLRQ@:LQGRZ 


 
&KDSWHU  
&KDSWHU ,QWURGXFWLRQ

&KDSWHU&RQWHQWV


 2YHUYLHZRI:+$6\VWHPV

 3UHFDXWLRQV:KHQ7DNLQJ%DFN(TXLSPHQW

 3UHFDXWLRQVIRU0DLQWHQDQFH

 )XQFWLRQDO/LPLWDWLRQV'XHWRVRIWZDUH9HUVLRQRU&LUFXLW%RDUG
5HYLVLRQV

 /LVWRI2SWLRQDO3DUWV

 /LVWRI7HFKQLFDO'RFXPHQWV

 /LVWRI7HFKQLFDO,QIRUPDWLRQ%XOOHWLQV

 ,QVSHFWLRQ/LVW

 6FKHGXOHG5HSODFHPHQW3DUWV 




 ,QWURGXFWLRQ

2YHUYLHZRI:+$6\VWHPV
7KH:+$LVWKHVXFFHVVRUPRGHOWRWKH:+$7KH:+$NHHSVWKHPRVW
SRSXODUIHDWXUHVIURPWKH:+$VXFKDVFDEOHOHVVRSHUDWLRQEDODQFLQJPHFKDQLVP
DQGSDUDOOHOPRYHPHQWEXWRIIHUVDIUHVKGHVLJQDQGQHZFRQWUROV\VWHP 

7KHUHDUHWKUHHW\SHVRI:+$V\VWHPV
$&7,92
*HQHUDOSXUSRVHIOXRURVFRS\RQO\PRGHO 
$&7,92')6$&7,92
,QFOXGHVDQLPDJHSURFHVVRUFRPSDUDEOHWRWKH')6ZKLFKDOORZVGLJLWDO
UDGLRJUDSK\DQG'6$ 
3/(12
+LJKHQGPRGHOIHDWXULQJ&&'FDPHUDDQGGLJLWDOSURFHVVRUHTXLYDOHQWWRWKH'$5
,WRIIHUVDJHQHURXVVHOHFWLRQRIDSSOLFDWLRQVVXFKDVYLUWXDOFROOLPDWLRQ 

 $&7,92
$&7,92 3/(12
')6$&7,92
0RQR7DQN $'3+
,$/6&6( (,$ 
,$/6&6& &&,5 
,$ ,$/'&3
,$/'&6( (,$ 
,$/'&6& &&,5 
&$UP 6KDUHVVDPHPHFKDQLFDODQGJHQHUDWRUFRQWUROV\VWHPV
&RQWUROOHU 7RXFK3DQHO/&'
%RDUG 6HJPHQW/('0HPEUDQH3DQHO
0HPEUDQH3DQHO
SL[HO&&'
;79 676' (,$  PHJDSL[HO&&'
676' &&,5  ',6
,PDJH3URFHVVRU 1RQH ')6$&7,92
&'/$$
0RQLWRU 4% LQFK&57 
LQFK/&' 


&KDSWHU

3UHFDXWLRQV:KHQ7DNLQJ%DFN(TXLSPHQW
*HQHUDO3UHFDXWLRQV
 7RSUHYHQWVHFRQGDU\LQIHFWLRQKDYHWKHPHGLFDOLQVWLWXWLRQGLVLQIHFWWKH
HTXLSPHQWEHIRUHDFFHSWLQJDQ\UHWXUQVRURWKHUHTXLSPHQW 

 :KHQDFFHSWLQJHTXLSPHQWIURPFXVWRPHUVDOZD\VDVNWKHPHGLFDO
LQVWLWXWLRQUHSUHVHQWDWLYHWRFRQILUPZKHWKHUWKHHTXLSPHQWKDVEHHQ
GLVLQIHFWHGRUQRW 

 ,IWKHHTXLSPHQWKDVQRWEHHQGLVLQIHFWHG\HWKDYHWKHPHGLFDOLQVWLWXWLRQ
UHIHUWR5HWXUQLQJ8QGLVLQIHFWHG(TXLSPHQWWRGLVLQIHFWWKHHTXLSPHQW 

 &OHDUO\LQGLFDWHRQFDUWRQVRURWKHUSDFNDJLQJZKHWKHURUQRWWKHHTXLSPHQW
KDVEHHQGLVLQIHFWHGDQGZKDWPHWKRGZDVXVHGIRUGLVLQIHFWLRQ 
5HWXUQLQJ8QGLVLQIHFWHG(TXLSPHQW UHTXLUHPHQWVIRUWKHPHGLFDOLQVWLWXWLRQ 
 %HVXUHWRGRXEOHZUDSDQGVHDOWKHHTXLSPHQWLQWZRSODVWLFEDJVDQG
FOHDUO\ODEHOWKHP1RW'LVLQIHFWHGRQWKHRXWVLGHRIWKHEDJV 
 ,WHPVZLWKEORRGRQWKHPVKRXOGEHGRXEOHZUDSSHGDQGVHDOHGLQWZR
SODVWLFEDJVWRSUHYHQWFRQWDPLQDWLRQDQGFOHDUO\ODEHOHGRQWKHRXWVLGHDV
&RQWDPLQDWHG:LWK%ORRG 

 (TXLSPHQWVKRXOGEHSDFNHGLQGLYLGXDOO\,IEHLQJVKLSSHGWRJHWKHUZLWK
GRFXPHQWVSODFHHTXLSPHQWDQGGRFXPHQWVLQVHSDUDWHER[HVEHIRUH
SDFNLQJ 

 ,ILWLVNQRZQWKDWWKHHTXLSPHQWZDVXVHGZLWKFRQWDJHRXVSDWLHQWVGRQRW
FDUU\WKHHTXLSPHQWRXWVLGHWKHPHGLFDOLQVWLWXWLRQ 
3UHFDXWLRQVIRU'LVLQIHFWLQJ(TXLSPHQW
 :LSHH[WHUQDOVXUIDFHVRIHTXLSPHQWZLWKDFORWKVRDNHGLQ
JOXWRODOGHK\GHVROXLRQ 

 'LVDVVHPEOHSDUWV HVSHFLDOO\PHFKDQLFDOSDUWV DVIDUDVSRVVLEOHWKHQ

GLVLQIHFWSDUWVE\ZLSLQJHDFKZLWKDFORWKVRDNHGLQJOXWRODOGHK\GH
VROXLRQRUXVLQJHWK\OHQHR[LGHJDV 



127(
,QWKHFDVHRIPHGLFDOLQVWLWXWLRQVZKHUHPLFURRUJDQLVPVH[LVWWKDWFRXOGDIIHFWKXPDQV
V\PSWRPVRIFRQWDJHRXVGLVHDVHVFDQDSSHDUDIWHUDQLQFXEDWLRQSHULRG,WLVDOVRSRVVLEOH
WRVSUHDGFRQWDJLRXVGLVHDVHVRXWVLGHWKHPHGLFDOLQVWLWXWLRQE\FDUU\LQJSURGXFWVWRROVRU
RWKHUH[SRVHGLWHPVRXWRIWKHIDFLOLW\ZKHQOHDYLQJ7RSUHYHQWWUDQVPLWWLQJGLVHDVHVLWLV
LPSRUWDQWWRDOZD\VVWHULOL]HDQGGLVLQIHFWWKRURXJKO\LQDGGLWLRQWRRWKHUSUHYHQWDWLYH
PHDVXUHVDQGKHDOWKPDQDJHPHQW 


 ,QWURGXFWLRQ

3UHFDXWLRQVIRU0DLQWHQDQFH
  $FRPSXWHUDQG0DLQWHQDQFH7RRO DGMXVWPHQWVRIWZDUH DUHUHTXLUHGWRPDLQWDLQ
WKLVV\VWHP)RUPRUHGHWDLOVUHIHUWR³3&DGMXVWPHQWPDQXDO´ 
7KHFRPSXWHURSHUDWLQJV\VWHPPXVWEH:LQGRZV;3RU:LQGRZV 
,WPXVWKDYHDQ56&VHULDOSRUW 
7KH56&FDEOHPXVWEHDFURVVRYHUFDEOH 

  7RFRQILUPWKH,*%7ZDYHIRUPQRWRQO\PXVWZLULQJEHFKDQJHGWRSUHYHQW
FKDUJLQJWKHLQYHUWHUV\VWHPEXW0DLQWHQDQFH7RROPXVWEHVHWWRWKH&KHFN0RGH
DVZHOO 

  0DLQWHQDQFH7RROZLOOGLVSOD\PHDVXUHGYDOXHVGXULQJ)9)DGMXVWPHQWVVRDQ
RVFLOORVFRSHLVQRWQHFHVVDU\+RZHYHULWGRHVQRWGLVSOD\PHDVXUHGYDOXHVGXULQJ
)95DGMXVPHQWV7KHUHIRUHDQRVFLOORVFRSHLVUHTXLUHGIRU)95DGMXVWPHQWV 

  6HWWLQJVDQGDGMXVWPHQWGDWDFDQEHEDFNHGXSEXWWKHIROORZLQJGDWDFDQQRW  
&ROOLPDWRU&DOLEUDWLRQ'DWD
3RVLWLRQFDOLEUDWLRQGDWDIRU3/(12&DUP/&'WRXFKSDQHO 
:KHQUHSODFLQJFLUFXLWERDUGVHYHQLIEDFNXSGDWDLVGRZQORDGHGWKHGDWD
LQGLFDWHGDERYHZLOOEHEODQNDQGUHVXOWLQ(UURU+RZHYHUVLPSO\SHUIRUPWKH
FDOLEUDWLRQVPDQXDOO\ 

  7KHPHWKRGIRUV\QFKURQL]LQJZKHHOSKDVHZKLFKZDVGLIILFXOWWRDGMXVWRQPRGHO
:+$KDVQRZEHHQLPSURYHGWRDOORZDGMXVWLQJZKHHOSKDVHHDVLO\ VHH
'HWDLOHG$GMXVWPHQWV  

  7KHDGMXVWPHQWSURFHVVWRSUHYHQWWKHSDUDOOHOFROOLPDWRUIURPFORVLQJGXULQJ
FROOLPDWRUURWDWLRQZKLFKZDVUHTXLUHGIRUPRGHO:+$LVQRORQJHUQHFHVVDU\
7KH\DUHQRZV\QFKURQL]HGXVLQJDVWHSSLQJPRWRUDQGWLPLQJEHOW  

  7KH:+$GRHVQRWGHWHFWWKDW;UD\VDUHQRWEHLQJHPLWWHG,IQRLPDJHLV
GLVSOD\HGWKLVUHTXLUHVILUVWFRQILUPLQJWKDW;UD\VDUHEHLQJHPLWWHG VHH
7URXEOHVKRRWLQJ  

  7KH:+$GRHVQRWLQFOXGHDSKRWRWLPHU 

  7KHUHODWLRQVKLSEHWZHHQP$VDQGN9LVIL[HGDQGFDQQRWEHFKDQJHG 7KHUHLVQR
IHDWXUHVLPLODUWRDPHPRU\VKRWWDEOH 


&KDSWHU

)XQFWLRQDO /LPLWDWLRQV 'XH WR 9HUVLRQ RU &LUFXLW

%RDUG5HYLVLRQV
  *LYHQWKHIROORZLQJFRQGLWLRQVWKHDPRXQWRIWLPHWKHHOHFWURPDWLFORFNUHPDLQV
XQORFNHGFDQEHH[WHQGHG 
,QYHUWHU%RDUG$VVHPEO\LV5HYLVLRQ%RUODWHURUPRGLILFDWLRQ02'$ZDV
LPSOHPHQWHG 
:+$&217%RDUG$VVHPEO\LV5HYLVLRQ&RUODWHU 
0DLQWHQDQFHWRROVRIWZDUHLVYHUVLRQRUODWHUDQG:+$&217)LUPZDUHLV
RUODWHUIRU$&7,92RURUODWHUIRU3/(12  


 ,QGLFDWHV
ERDUGZDV

PRGLILHG







  *LYHQWKHIROORZLQJFRQGLWLRQVPHDVXUHGZDYHIRUPVFDQEHREVHUYHGXVLQJ
0DLQWHQDQFH7RRO 5HIHUWR³3&DGMXVWPHQWPDQXDO´ 
x :+$&217%RDUG$VVHPEO\LV5HYLVLRQ'RUODWHU 
x :+$ILUPZDUHYHUVLRQIRU3/(12RU$&7,92LVRUODWHU 
x $GMXVWPHQW6RIWZDUHLV9HUVLRQRUODWHU 

  *LYHQWKHIROORZLQJFRQGLWLRQV:+$$&7,92V\VWHPVFDQEHUHWURILWWHGZLWKD
')6$&7,92LPDJHSURFHVVRU 
x :+$&217%RDUG$VVHPEO\LV5HYLVLRQ'RUODWHUDQGILUPZDUHLV9HUVLRQ
RUODWHU 
x 0RQLWRU,QWHUIDFH%RDUG$VVHPEO\LV5HYLVLRQ%RUODWHU 
x 7KH676<1ERDUGLQVWDOOHGLQWKH67XQLWKDVDVHULDOQXPEHU
HQGLQJLQ%/ 

  *LYHQWKHIROORZLQJFRQGLWLRQVFRQWDFWRXWSXWVLJQDOVIURPWKH0RQLWRU,QWHUIDFH
%RDUGFDQEHDVVLJQHG 
x 0RGHOLV$&7,92RU$&7,92')6 QRWSRVVLEOHLI3/(12 
x :+$&217%RDUG$VVHPEO\LV5HYLVLRQ'RUODWHU 
x 0RQLWRU,QWHUIDFH%RDUG$VVHPEO\LV5HYLVLRQ&RUODWHU 
x :+$&217%RDUGILUPZDUHYHUVLRQLVRUODWHU 
x 0DLQWHQDQFHWRROVRIWZDUHLV9HUVLRQRUODWHU 


 ,QWURGXFWLRQ

/LVWRI2SWLRQDO3DUWV DVRI2FW 

   $&7,92 3/(12
$&7,92GLJLWDOLPDJHSURFHVVLQJ
$&7,922SWLRQDO  ,PDJH3URFHVVRU  { 
XQLW
 OLQH (,$ OLQH &&,5 
$&7,92+LJK/LQH5DWH2SWLRQ  { 
GLVSOD\
02'ULYH6HW  )RULQFK02GULYH { 

'LVN2''05(6  02GLVN *%  { 

$&7,920RQLWRU
5HTXLUHGIRURSWLRQDO$&7,92LPDJH PRQLWRULQSXWERDUGIRUVLQJOH
 { 
SURFHVVRUEXWDOVRFDQEHXVHG LQFK&57PRQLWRU
LQGHSHQGHQWO\ 
$&7,92/RRS0HPRU\ ,PDJH0HPRU\ VSHFLILFDOO\IRU

&DQQRWEHXVHGZLWKRSWLRQDO  ORRSUHFRUGLQJ  {

$&7,92LPDJHSURFHVVRU   $OORZVXVLQJ6XSHUVKRWIXQFWLRQ
&DVVHWWH+ROGHU    LQFK,,PRGHOIRU23(6&23( { {
&DVVHWWH+ROGHU    LQFK,,PRGHOIRU23(6&23( { 
/DVHU3RLQWHU    LQFK,,PRGHOIRU$&7,92 { 
/DVHU3RLQWHU    LQFK,,PRGHOIRU$&7,92 { 
$OORZVDOVRXVLQJVWDQGDUGIRRW
+DQG6ZLWFK  { {
VZLWFK 
LQFK,,PRGHOIRU23(6&23(
)LEHU*ULG    { 

LQFK,,PRGHOIRU23(6&23(
)LEHU*ULG    { 6WDQGDUG

,,+DQGOH  ZLWK&DUPXQORFNVZLWFKRQ,, { 6WDQGDUG
2UGHUHGE\
621<83 % :3ULQWHU { {
6DOHV'HSW
2UGHUHGE\
621<6920' 69+6YLGHRSOD\HU   { {
6DOHV'HSW
$UHD'RVH0HWHU  $UHD'RVH0HWHUIRU3/(12  {

/DVHU3RLQWHU 0   IRU3/(12  {

/&'PRQLWRUZLWKWRXFKSDQHO IRU
7RXFKSDQHO/&'   {
UHIHUHQFHPRQLWRU 
4XRWDWLRQ
',&2035,17 $OORZVSULQWLQJWR/,YLDQHWZRUN    {
%DVLV
4XRWDWLRQ $OORZVVHQGLQJLPDJHVWRLPDJH
',&206725$*(  {
%DVLV VHUYHUDQGYLHZHUYLDQHWZRUN  


&KDSWHU


'LVSOD\VIOXRURVFRSLFLPDJHRQ
)OXRURVFRSLF,PDJH'LVSOD\  {
&DUPFRQWUROSDQHOIRUSRVLWLRQLQJ 

6WHULOH&$UP&RYHUV '   GLVSRVDEOH&DUPFRYHUV { {

6WHULOH0RQR7DQN&RYHUV ' 6  GLVSRVDEOHPRQRWDQNFRYHUV { {

GLVSRVDEOHFRYHUVIRULQFK
6WHULOH,,&RYHUV ' /  { {
DQGLQFK,,XQLWV
VHWVRIGLVSRVDEOH&DUPPRQR
6WHULOH&RYHU6HW '   { {
WDQNDQG,,FRYHUV 
&ORWKFRYHUVIRUPRQRWDQNDQG,,
6WHULOH0RQR7DQNDQG,,&RYHUV    {
XQLWRQO\ 
8VHGLVSRVDEOHFRYHUVOLVWHG
6WHULOH&RYHUV    { {
DERYHWRFRYHU&DUP


 ,QWURGXFWLRQ

/LVWRI7HFKQLFDO'RFXPHQWV

$&7,926SHFLILFDWLRQV 6

3/(126SHFLILFDWLRQV 6

$&7,922SHUDWLRQ0DQXDO 0(

3/(122SHUDWLRQ0DQXDO 0(

3/(12,PDJH3URFHVVRU2SHUDWLRQ0DQXDO 0(

$&7,924XLFN5HIHUHQFH2SHUDWLRQ0DQXDO 0

3/(124XLFN5HIHUHQFH,QVWUXFWLRQ0DQXDO 0

$&7,923/(12,QVWDOODWLRQ0DQXDO 0

&RPSXWHU$GMXVWPHQW0DQXDO 0

3DUWV/LVW 0

&RQQHFWLRQ'LDJUDP =B:+$

$&7,922SWLRQDO,PDJH3URFHVVRU2SHUDWLRQ0DQXDO 0

$&7,922SWLRQDO,PDJH3URFHVVRU2SHUDWLRQ0DQXDO 0

$&7,922SWLRQDO/RRS0HPRU\2SHUDWLRQ0DQXDO 0

$&7,922SWLRQDO/RRS0HPRU\,QVWDOODWLRQ0DQXDO 0

3/(122SWLRQDO)OXRURVFRS\'LVSOD\,QVWDOODWLRQ0DQXDO 0

3/(122SWLRQDO'RVH$UHD3URGXFW0HWHU,QVWDOODWLRQ0DQXDO 0

',&2035,17,QVWDOODWLRQ0DQXDO 0

',&206725$*(,QVWDOODWLRQ0DQXDO 0


&KDSWHU

/LVWRI7HFKQLFDO,QIRUPDWLRQ%XOOHWLQV

7HFK,QIR1R 7LWOH

&RXQWHUPHDVXUHVIRU&RPPXQLFDWLRQ/LQH1RLVHDQG8SJUDGLQJ
=&+,($
6RIWZDUHWR9HUVLRQV $&7,92 DQG 3/(12 
&RXQWHUPHDVXUHVIRU23(6&23($&7,92,PDJH3URFHVVRU
=&+,(
0DOIXQFWLRQ
'LVWULEXWLRQRI',6,PDJH3URFHVVRU6RIWZDUH9HUVLRQ
=&+,(
9

=&+,( ,QVSHFWLRQRI&DUW&DEOH&RQQHFWRUV

=&+,( 5HSODFHPHQWRI&RQQHFWRU&DEOHDQG&DEOH%UDFNHW

$356HWWLQJVWR,QFUHDVH&RYHUDJHDQG,PSURYH,PDJH4XDOLW\ DQG
=&+,(
2WKHU,VVXHV 

=&+,( 'LVWULEXWLRQRI520&KLSVIRU021,725,)%RDUGV

=&+,( 5HLQIRUFHG6HFXULQJRI&DUW&DEOH&RQQHFWRUV

=&+,($ :+$&KDQJHV


 ,QWURGXFWLRQ
,QVSHFWLRQ/LVW
,QVSHFWLRQVVKRXOGLQFOXGHWKHIROORZLQJ 
,QVSHFWLRQ/LVW
 ,QVWDOODWLRQ6LWH&RQGLWLRQV
  ,QGLFDWRU/DPS
)XQFWLRQ'XULQJ;UD\ LOOXPLQDWHVSURSHUO\RQPRQLWRU
(PLVVLRQ 
  7HPSHUDWXUHDQG
+XPLGLW\
  3RZHU6XSSO\9ROWDJH
  *URXQG&RQQHFWLRQ
 ,QVWUXPHQW6WDWXV
  ([WHULRURI,QVWUXPHQW
  ,QVWUXPHQW1DPHSODWH
  ,QVWUXPHQW&OHDQLQJ
  &DEOH&RQQHFWLRQV
  &DEOH&RQGLWLRQ
  (QYLURQPHQW$URXQG
,QVWUXPHQW
  (DFK$&3RZHU
6XSSO\
  (DFK'&3RZHU
6XSSO\
  0RQR7DQN
7HPSHUDWXUH
 ,QYHUWHU7HPSHUDWXUH
0HDVXUHPHQWDQG,QVSHFWLRQ
'HVFULSWLRQ
0HWKRGV
&RQILUPWKDWWKHLQGLFDWRUODPS
9LVXDOO\LQVSHFWIRUDQ\WKLQJ
XQXVXDO 
FDUWGXULQJLUUDGLDWLRQ 
0HDVXUHWHPSHUDWXUHDQG
KXPLGLW\ 5HIHUWRUHVSHFWLYH 7HPSHUDWXUHDQGKXPLGLW\
VSHFLILFDWLRQVIRUDOORZDEOH JDXJHV
UDQJH 
0HDVXUHSRZHUVXSSO\
VLQJOHSKDVH9RU
'LJLWDOPXOWLPHWHU
VLQJOHSKDVH9 IRUHDFK
GHYLFH 
&RQILUPZKHWKHUWKHUHDUHDQ\
IDFLOLW\FKDQJHVWKHQYLVXDOO\
&RQILUPHTXLSPHQWLVSURSHUO\
LQVSHFWJURXQGZLUH7KHUH
JURXQGHG 
VKRXOGEHQRORRVHQHVVRU
FRUURVLRQ 
,QVSHFWHDFKXQLWIRUDQ\
VLJQLILFDQWGLUWJULPHRURWKHU 9LVXDOO\LQVSHFWIRUDQ\WKLQJ
FRQWDPLQDWLRQDQGIRUDQ\ XQXVXDO 
GDPDJH 
0DNHVXUHQRQHDUHPLVVLQJ 9LVXDOO\LQVSHFWIRUDQ\WKLQJ
GLUW\RUGDPDJHG  XQXVXDO 
&OHDQHDFKXQLWDQGRWKHU
9LVXDOO\LQVSHFWIRUDQ\WKLQJ
HTXLSPHQWZLWKDFOHDQLQJ
XQXVXDO 
VROXWLRQ 
&RQILUPFRQQHFWLRQVEHWZHHQ
9LVXDOO\LQVSHFWIRUDQ\WKLQJ
HDFKXQLWDQGFDEOHWHUPLQDOVRU
XQXVXDO 
FRQQHFWRUV
,QVSHFWWKHFRQGLWLRQRIFDEOHV
FRQQHFWHGEHWZHHQUHVSHFWLYH 9LVXDOO\LQVSHFWIRUDQ\WKLQJ
XQLWV /RRNIRUDQ\VFUDSHG XQXVXDO 
DUHDVWZLVWLQJWHQVLRQHWF  
,QVSHFWIRUDQ\REVWUXFWLRQVQHDU 9LVXDOO\LQVSHFWIRUDQ\WKLQJ
WKHLQVWUXPHQW  XQXVXDO 
,QVSHFWEHWZHHQ/DQG/
DQG/%DQG/%  'LJLWDOPXOWLPHWHU
9$&r9
,QVSHFW999DQG
'LJLWDOPXOWLPHWHU
9VXSSOLHV 
0RQLWRUWHPSHUDWXUHIRUDQ\
XQXVXDOYDOXHVXVLQJ &RPSXWHUVHULDOFDEOHDQG
0DLQWHQDQFH7RRORQWKH VRIWZDUH
FRPSXWHU 
0RQLWRUWHPSHUDWXUHIRUDQ\
XQXVXDOYDOXHVXVLQJ &RPSXWHUVHULDOFDEOHDQG
0DLQWHQDQFH7RRORQWKH VRIWZDUH
FRPSXWHU 

&KDSWHU

0HDVXUHPHQWDQG,QVSHFWLRQ
,QVSHFWLRQ/LVW 'HVFULSWLRQ
0HWKRGV
 &$UP0RYHPHQWVDQG5HODWHG)XQFWLRQV
  &$UP2UELWDO5RWDWLRQ 1RLVH9LEUDWLRQ ,QVSHFWIRUDQ\WKLQJXQXVXDO
2UELW5DQJH
 *RQLRPHWHU
GHJWRGHJ
  &$UP$[LDO5RWDWLRQ 1RLVH9LEUDWLRQ ,QVSHFWIRUDQ\WKLQJXQXVXDO
5RWDWLRQ5DQJH
 *RQLRPHWHU
GHJWRGHJ
  ;5D\7XEH
1RLVH9LEUDWLRQ ,QVSHFWIRUDQ\WKLQJXQXVXDO
):'5(97UDYHO
 6WURNH PP 6FDOH
  &$UP6ZLYHO 1RLVH9LEUDWLRQ ,QVSHFWIRUDQ\WKLQJXQXVXDO
5DQJH
 *RQLRPHWHU
GHJWRGHJ
  &$UP8S'RZQ
1RLVH9LEUDWLRQ ,QVSHFWIRUDQ\WKLQJXQXVXDO
7UDYHO
 6WURNH PP 6FDOH
  &$UP8S'RZQ
&RQILUPEDODQFHDWPLGSRLQW 6KRXOGEHEDODQFHGDWPLGSRLQW
%DODQFH
%UDNLQJIRUFHIRUHDFKRI 6KRXOGKDYHDGHTXDWHEUDNLQJ
  &$UP%UDNLQJ
PRYHPHQWV IRUFH
  &$UP&DUW7UDYHO 1RLVH9LEUDWLRQ ,QVSHFWIRUDQ\WKLQJXQXVXDO
&RQILUPEUDNHVNHHSFDUW 6KRXOGKDYHDGHTXDWHEUDNLQJ
  &$UP&DUW%UDNLQJ
VWDWLRQDU\ IRUFH
 0DQHXYHUDELOLW\8VLQJ
&RQILUPPDQHXYHUDELOLW\ 6KRXOGPRYHQRUPDOO\
&$UP&DUW+DQGOH
 2SHQ&ORVHRI3DUDOOHO ,QVSHFWQRLVHPRYHPHQWDQG 0RYHVQRUPDOO\5DQJH
/HDYHV PRYHPHQWUDQJH PHDVXUHGZLWKVFDOH
 5RWDWLRQRI3DUDOOHO ,QVSHFWQRLVHPRYHPHQWDQG 0RYHVQRUPDOO\5DQJH
/HDYHV PRYHPHQWUDQJH PHDVXUHGZLWKVFDOH
 2SHQ&ORVHRI ,QVSHFWQRLVHPRYHPHQWDQG 0RYHVQRUPDOO\5DQJH
2FWDJRQDO/HDYHV PRYHPHQWUDQJH PHDVXUHGZLWKVFDOH
,QVSHFWIRUDQ\WKLQJXQXVXDO
 6ZLWFKLQJ 'HQVLW\YDULDWLRQVDSSHDUQRUPDO
1RLVHDQGPRYHPHQW
&RPSHQVDWLRQ)LOWHUV LQIOXRURVFRSLFLPDJHVREWDLQHG
E\PDQXDOIOXRURVFRS\ 
,QVSHFWQRLVHPRYHPHQWDQG
 &DPHUD5RWDWLRQ 6KRXOGPRYHQRUPDOO\
PRYHPHQWUDQJH
 5HYHUVLQJ+9
,QVSHFWPRYHPHQW  6KRXOGPRYHQRUPDOO\
&DPHUD0RYHPHQW
 )OXRURVFRSLF)LHOGRI )LHOGVKRXOGDSSHDURQERUGHURI
,QVSHFWPD[ILHOG
9LHZ FLUFOHEODQNLQJRQWKHPRQLWRU
 ;5D\&RQWUROOHU  
9ROWDJHYDOXHPHDVXUHGXVLQJ
  )OXRURVFRS\7XEH &RQILUPIOXRURVFRS\WXEHYROWDJH
0DLQWHQDQFH7RROVKRXOGEH
9ROWDJH XVLQJ0DLQWHQDQFH7RRO
FRQVLVWHQWZLWKVHWWLQJYDOXH
&XUUHQWYDOXHPHDVXUHGXVLQJ
  )OXRURVFRS\7XEH &RQILUPIOXRURVFRS\WXEHFXUUHQW
0DLQWHQDQFH7RROVKRXOGEH
&XUUHQW XVLQJ0DLQWHQDQFH7RRO
FRQVLVWHQWZLWKVHWWLQJYDOXH
  5DGLRJUDSK\7XEH &RQILUPZDYHIRUPXVLQJ7N9 1RWKLQJXQXVXDOLQZDYHIRUPRU
9ROWDJH YDOXHRQ3:&217ERDUG  SHDNYDOXHV
  5DGLRJUDSK\7XEH &RQILUPZDYHIRUPXVLQJ7P$ 1RWKLQJXQXVXDOLQZDYHIRUPRU
&XUUHQW YDOXHRQ3:&217ERDUG  SHDNYDOXHV
 6\VWHP)XQFWLRQV  
&RQILUPIXQFWLRQDOLW\RIHDFK
  '&)OXRURVFRS\ 6KRXOGIXQFWLRQQRUPDOO\
IOXRURVFRS\PRGH


 ,QWURGXFWLRQ

0HDVXUHPHQWDQG,QVSHFWLRQ
,QVSHFWLRQ/LVW 'HVFULSWLRQ
0HWKRGV
&RQILUPIXQFWLRQDOLW\RIHDFK
  3XOVHG)OXRURVFRS\ 6KRXOGIXQFWLRQQRUPDOO\
IOXRURVFRS\PRGH
  5DGLRJUDSK\ &RQILUP)XQFWLRQDOLW\ 6KRXOGIXQFWLRQQRUPDOO\
7KHEX]]HUVKRXOGVRXQGDIWHU
PLQXWHVVHFRQGV WR
+ROGWKHIOXRURVFRS\IRRWVZLWFK PLQXWHV IURPVZLWFKLQJWKH
GRZQDQGPHDVXUHWKHWLPHXQWLO IOXRURVFRS\IRRWVZLWFK21WKHQ
WKHEX]]HUVRXQGVDQGWKHWLPH ;UD\HPLVVLRQVVKRXOGVKXWRII
  )OXRURVFRS\%X]]HU
XQWLOIOXRURVFRS\VKXWVRII   DIWHUPLQXWHV WR
DQG7LPHU
2QFHIOXRURVFRS\VKXWVRII PLQXWHV RIFRQWLQXRXV
UHOHDVHWKHIRRWVZLWFKWKHQ RSHUDWLRQ)OXRURVFRS\VKRXOG
VZLWFKLWEDFN21DJDLQ   UHVXPHDIWHUVZLWFKLQJWKHIRRW
VZLWFK21DJDLQ &RPSOLHVZLWK
,(&VWDQGDUGV  
&RQILUPZULWLQJWRRUUHDGLQJ
  ,PDJH0HPRU\ ,QVSHFWIRUDQ\WKLQJXQXVXDO
IURPLPDJHPHPRU\
&RQILUPWKDWWKHVSHFLILHG 6KRXOGEHDVVSHFLILHGLQ
  3UHVHW)XQFWLRQ
SUHVHWVDUHORDGHG VHWWLQJV 
 ,PDJH4XDOLW\  
&RQILUPWKH,%6EDODQFHSRLQWIRU
  ,%6%DODQFH 5HIHUWRSURFHGXUHIRUFUHDWLQJ
HDFKIOXRURVFRS\PRGHDQGHDFK
&RQGLWLRQV LPDJHLQVSHFWLRQGDWD
ILHOGRIYLHZ 
  1RLVH'DPDJHRU 9LVXDOO\LQVSHFWIRUDQ\WKLQJ
1RLVH'DPDJHRU$UWLIDFWV
$UWLIDFWV XQXVXDO
  )OXRURVFRSLF,PDJH
6SDWLDO5HVROXWLRQ 
4XDOLW\
  5DGLRJUDSKLF,PDJH
)LOP5DGLRJUDSK\ 
4XDOLW\
,,%ULJKWQHVV8QLIRUPLW\ 9LVXDOO\LQVSHFWIRUDQ\WKLQJ
  ,,,PDJH4XDOLW\
'DPDJHRU$UWLIDFWV XQXVXDO
,QVSHFWFKDQJHLQEDODQFHXVLQJ
  ,,%ULJKWQHVV ,,5HODWLYH%ULJKWQHVV
LULVYDOXHXVHGGXULQJLQVWDOODWLRQ
0RQLWRU%ULJKWQHVV8QLIRUPLW\ 9LVXDOO\LQVSHFWIRUDQ\WKLQJ
  0RQLWRU
'DPDJHRU$UWLIDFWV XQXVXDO
9DU\WKHLULVDQGFRQILUPWKH )OXRURVFRSLFLPDJHEULJKWQHVV
  $XWR,ULV EULJKWQHVVDQGUHSURGXFLELOLW\RI VKRXOGEHQRUPDO 
WKHIOXRURVFRSLFLPDJH  ,PDJHVVKRXOGEHUHSURGXFLEOH
0HDVXUHWKHPD[LPXPH[SRVXUH
  0D[)OXRURVFRS\ GRVHLQHDFKIOXRURVFRS\PRGH 'RVHVKRXOGQRWH[FHHG
([SRVXUH'RVH '&IOXRURVFRS\DQGSXOVHG VSHFLILHGOHYHOV
IOXRURVFRS\ 
 $FFHVVRU\(TXLSPHQW  
3ULQWLPDJHVIURP2SHVFRSH
  7KHUPDO3ULQWHU  3ULQWVRXWQRUPDOO\
XQLW 
 3ULQWIURPWKH&DUPXQLW 6KRXOGIXQFWLRQQRUPDOO\
5HFRUGDQGUHSOD\IOXRURVFRSLF 6KRXOGUHFRUGDQGUHSOD\
  9&58QLW 
LPDJHV  QRUPDOO\ 
&RQILUPWKDWWKHFHQWHUSRLQWRI
WKHODVHUPDUNDOLJQVZLWKWKH
  /DVHU3RLQWHU   6KRXOGIXQFWLRQQRUPDOO\
FHQWHUSRLQWRIWKHDFWXDO;UD\
LPDJH 
8VHWKHKDQGVZLWFKIRU
  +DQG6ZLWFK  6KRXOGIXQFWLRQQRUPDOO\
UDGLRJUDSK\ 
8VHWKH,,KDQGOHWRXQORFNWKH
  ,,+DQGOH  6KRXOGIXQFWLRQQRUPDOO\
&DUP 


&KDSWHU

6FKHGXOHG5HSODFHPHQW3DUWV

   

(YHU\<HDUV
(YHU\<HDUV

(YHU\<HDUV
(YHU\<HDU
1R 3DUW1XPEHU 3DUW1DPH 5HPDUNV    

  %$77(5<&5     

  )86(     

  )86()/0     

  )86()/0     

  %5$.(6+$)7$66<     

  67233(558%%(5      

  '580$66<     

  &$%/(07&$57     
%$77(5<$66< 2SWLRQDO$&7,92
     
/,7+,80 LPDJHSURFHVVRU 
  )86(&) ,*%7IXVH    






 
&KDSWHU  
&KDSWHU 0DLQ8QLW

0DLQXQLWGRQRWLQFOXGHWKH;79DQGGLJLWDOLPDJH
SURFHVVRUXQLWV 

&KDSWHU&RQWHQWV


 7HFKQLFDO'HVFULSWLRQ

 7URXEOHVKRRWLQJ

 5HSODFLQJ3DUWV

 'HWDLOHG$GMXVWPHQWV


  7HFKQLFDO'HVFULSWLRQ

&KDSWHU&RQWHQWV

 3RZHU212))&RQWURO

 &$UP&DUW'&3RZHU6XSSO\'LDJUDP

 7XEH9ROWDJH&RQWURO

 )LODPHQW&XUUHQWDQG7XEH&XUUHQW&RQWURO

 0RQR7DQN

 ,PDJH,QWHQVLILHU

 2SWLFDO6\VWHP

&ROOLPDWRU

 &LUFXLW%RDUGV

 :+$&217
 3:&217
 ,19(57(5
 07&217
 ,&217$
 ,&217%
 021,725,)
 /&'&217

6RIWZDUH

 6RIWZDUH+LVWRU\
 :+$&217'DWD
 :+$&217)LUPZDUH8SGDWH3URFHGXUH


   7HFKQLFDO'HVFULSWLRQ

 3RZHU212))&RQWURO

$&7,92
,IWKHSRZHUFRUGLVFRQQHFWHGWR$&SRZHUVXSSO\DQGWKHEUHDNHUVZLWFKRQWKHEDFNRI
PRQLWRUFDUWLV21WKHQDFRQVWDQWVXSSO\RISRZHULVSURYLGHGWRWKH021,725,)
ERDUGLQWKHPRQLWRUFDUWDVVKRZQEHORZ7RVXSSO\SRZHUWRWKH&DUPFDUW VWDUWXS
WKHV\VWHP WKHFDUWFDEOHPXVWEHFRQQHFWHGWRWKH&DUPFDUWDQGWKHYHULILFDWLRQ
FLUFXLWRQWKH:+$&217ERDUG VKRUWLQJFLUFXLW PXVWEHFORVHG*LYHQWKHVH
FRQGWLRQVZKHQWKHSRZHUVZLWFKRQWKHIURQWRIWKHPRQLWRUFDUWLVVZLWFKHG21WKH
021,725,)ERDUGVZLWFKHVUHOD\V0*/DQG0*/21ZKLFKVXSSOLHVSRZHUWRWKH
&DUPFDUW 

',6
 0RWKHUERDUG

 &RQILUP6WDUWXS


6WDUWXS


 :+$ &217 0RPHQWDU\3RZHU
&DUW&RQQHFWRUV
6XSSO\6ZLWFK

 021,725 ,)
9HULILFDWLRQ&LUFXLW

IRU&DUW&RQQHFWLRQ

 '&3RZHU
6XSSO\ 7UDQVIRUPHU7
 36WR36
'&3RZHU %UHDNHURQ%DFN
6XSSO\36 RI0RQLWRU&DUW $&
 3RZHU
6XSSO\

0*/ 0*/ /
 /
/

3/(12
7KHSURFHVVIRU3/(12LVHVVHQWLDOO\WKHVDPHDVIRU$&7,92EXWWKH021,725,)
ERDUGDOVRFRQWUROVDQGYHULILHVODXQFKRIWKH',6FRPSXWHU:KHQWKHSRZHULV
VZLWFKHG21LWVHQGVDODXQFKFRPPDQGWRWKH',6PRWKHUERDUGFRQQHFWRUDQG
DOVRUHDGVDFRPSXWHUODXQFKYHULILFDWLRQVLJQDOIURPWKHPRWKHUERDUG,IWKH',6
VWDUWVXSRQLWVRZQZLWKRXWEHLQJLQVWUXFWHGWRGRVRE\WKH021,725,)ERDUGLWLV
FRQVLGHUHGDQHUURUFDXVLQJWKHSRZHUVZLWFKWRIODVKRQWKHIURQWRIWKHPRQLWRUFDUW
ZKHUHQRUPDOO\LWGLVSOD\VDVWHDG\LOOXPLQDWLRQ  
,IWKHSRZHUVZLWFKRQWKHIURQWRIWKHPRQLWRUFDUWLVSUHVVHGEHIRUHFRQQHFWLQJWKHFDUW
FDEOHRQO\WKHPRQLWRUFDUW ',6 ZLOOVWDUWXS,ILWFDQQRWYHULI\WKHFDPHUDDQG*,0
GXULQJVWDUWXSDPHVVDJHZLOOEHGLVSOD\HGDQGIOXRURVFRS\DQGUDGLRJUDSK\ZLOOEH
GLVDEOHGEXWLPDJHSRVWSURFHVVLQJ',&2035,17',&20WUDQVPLVVLRQVDQGRWKHU
IXQFWLRQVDUHVWLOOSRVVLEOH 


&KDSWHU

 &$UP&DUW'&3RZHU6XSSO\'LDJUDP

$EORFNGLDJUDPRIWKH'&SRZHUVXSSO\IRUWKH&DUPFDUWLVVKRZQEHORZ7KH
LQWHUDFWLRQRIYROWDJHVFDQEHFRQIXVLQJHYHQEHWZHHQFLUFXLWERDUGV7KHUHIRUHXVH
WKLVGLDJUDPDVDUHIHUHQFHIRUWURXEOHVKRRWLQJ 

 7HUPLQDO
5HJXODWRU 7HUPLQDO

9 9 5HJXODWRU
 9 9 *,0
 9
,&217% ,&217$ 9

9 07&217
 9㸢9
,, 9
67 &&8
9㸢+LJK 9

9ROWDJH


/&'&217 :+$&217 '&3RZHU

9㸢9 9㸢9 IRU&38 6XSSO\36
9'&
 9 9 IRU)3*$DQG
$9 '$FRQYHUWHU

'&3RZHU
 9 9 6XSSO\36
IRU,, 9 9 9'&

 '&3RZHU
3:&217
 6XSSO\36
9'&

 9 9 '&3RZHU
IRU*DWH'ULYHU 9 9 6XSSO\36

9'&

,19(57(5 
 '&3RZHU
9 IRU 6XSSO\36
 (OHFWURPDJQHWLF/RFN 9'&


   7HFKQLFDO'HVFULSWLRQ

 7XEH9ROWDJH&RQWURO


,19(57(5 &217 


)L[HG$QRGH
 5HFWLILHU ,*%7


+LJK9ROWDJH
$&䋲䋰䋰9
7UDQVIRUPHU


0DLQ&DSDFLWRU

 93


&/.3:0

 96DQG91 3:0&LUFXLW
9&9&
96916ZLWFKLQJ
&LUFXLW
 )3*$

3.9

 N9)HHGEDFN&LUFXLW
99

7.9

5LSSOH&RUUHFWLRQ
&LUFXLW


:+$&217 3:&217



7KHGULYHSXOVHFUHDWHGE\WKH3:&217ERDUGGULYHVWKH,*%7WRXVHWKHKLJKYROWDJH
WUDQVIRUPHUWRJHQHUDWHKLJKYROWDJHLQWKHPRQRWDQN7KH&RFNFURIWPHWKRGLVXVHGIRU
WKHKLJKYROWDJHWUDQVIRUPHU PXOWLVWDJHFDSDFLWRU 7KHRSHUDWLQJIUHTXHQF\LVD
FRQVWDQWN+]IRUIOXRURVFRS\DQGN+]IRUUDGLRJUDSK\FRQWUROOHGE\SXOVHZLGWK
PRGXODWLRQ 3:0 7KHJUHDWHUWKHSXOVHZLGWKWKHKLJKHUWKHVHFRQGDU\YROWDJHOHYHO 
)LUVWWKH:+$&217ERDUGFDOFXODWHV96DQG91IURPWKHFKDUJHYROWDJH 93 YROWDJH
VHWWLQJ N9 DQGFXUUHQWVHWWLQJ P$  IOXRURVFRS\FXUYH 7KH3:0FLUFXLWRXWSXWVD
SXOVHZLGWKEDVHGRQ96WRGULYHWKH,*%7:KHQWKHRXWSXWUHDFKHVRI3.9LW
VZLWFKHVIURP96WR91,QDGGLWLRQIHHGEDFNYROWDJHV9DQG9IURPWKHPRQRWDQN
HQWHUWKHIHHGEDFNFLUFXLW DQDORJ RQWKH3:&217ERDUGDORQJZLWKWKHFKDUJH
YROWDJHDQGDUHXVHGWRSURYLGHDVWDEOHYROWDJHOHYHO 
7ZRSDLURI,*%7 WRWDO DUHXVHGIRUUDGLRJUDSK\EXWRQO\RQHSDLULVXVHGIRU
IOXRURVFRS\7KDWPHDQVWKDWLIRQHSDLURI,*%7IDLOUDGLRJUDSK\PD\IXQFWLRQHYHQLI
IOXRURVFRS\GRHVQRW 



&KDSWHU

 )LODPHQW&XUUHQWDQG7XEH&XUUHQW&RQWURO

)LODPHQWVDUHKHDWHGE\XVLQJDQ)(7RQWKH,19(57(5ERDUGWRFUHDWHDKHDWLQJ
ZDYHIRUPDQGVHQGLQJLWYLDDILODPHQWWUDQVIRUPHULQWKHPRQRWDQN7KH)(7GULYLQJ
SXOVHLVRXWSXWGLUHFWO\IURPWKH)3*$RQWKH:+$&217ERDUG)UHTXHQF\LVD
FRQVWDQWN+]ZKHUHWKHRXWSXWLVFRQWUROOHGE\PRGXODWLQJSXOVHZLGWK 3:0
FRQWURO  
x ,QWKH6WDQGE\PRGHSXOVHZLGWKLVFRQWUROOHGWRPDNHWKHPHDVXUHGILODPHQW
FXUUHQW ,)9 WKHVDPHDVWKHILODPHQWFXUUHQWVHWWLQJ )9) ,)67  
x 'XULQJ'&IOXURVFRS\SXOVHZLGWKLVFRQWUROOHGWRPDNHWKHPHDVXUHGWXEHFXUUHQW
7P$ HTXDOWKHWXEHFXUUHQWVHWWLQJ YDOXHLQGLFDWHGRQFRQWUROSDQHO  
x 8QOLNH'&IOXRURVFRS\WXEHFXUUHQWLVQRWIHGEDFNGXULQJSXOVHIOXRURVFRS\RU
UDGLRJUDSK\3XOVHZLGWKLVFRQWUROOHGWRPDNHWKHPHDVXUHGILODPHQWFXUUHQW ,)9 
HTXDOWKHILODPHQWFXUUHQWVHWWLQJ )9) ,)67  

0HDVXUHGILODPHQWFXUUHQW ,)9 LVGHWHFWHGRQWKH,19(57(5ERDUGDQGIHHGEDFNWR
WKH:+$&217ERDUGE\ZD\RIWKH3:&217ERDUG$QHUURUFLUFXLWRQWKH3:
&217ERDUGJHQHUDWHVDQHUURULIWKHPHDVXUHGILODPHQWFXUUHQWLV$RUPRUH
0HDVXUHGWXEHFXUUHQW 7P$ LVFUHDWHGRQWKH3:&217ERDUGEDVHGRQIHHGEDFN
VLJQDOV1DQG1IURPWKHPRQRWDQNDQGIHHGEDFNWRWKH:+$&217ERDUG 


:+$&217 3:&217 ,19(57(5%RDUG

 )(7
)L[HG$QRGH
&DSDFLWRU

 '&9

)3*$
 )LODPHQW7UDQVIRUPHU
77
 ,)67(UURU 9
'HWHFWLRQ

44 11
 &3

,)9
 (UURU
7P$ 'HWHFWLRQ



&UHDWH
7P$





   7HFKQLFDO'HVFULSWLRQ

 0RQR7DQN

)HDWXUHV
0RGHO $'3+
:+$PRQRWDQNFRQVWUXFWLRQLVHVVHQWLDOO\WKHVDPHDVWKH:+$EXWQRW
LQWHUFKDQJHDEOH 
7KHILODPHQWLVQRWYLVLEOHYLDWKH;UD\HPLVVLRQSRUW 
7XEHFXUUHQWZDYHIRUPVVKRZDQRYHUVKRRWGXHWRWKH&RFNFURIWW\SH PXOWLVWDJH
FDSDFLWRU KLJKYROWDJHJHQHUDWRU 



 /DUJH2YHUVKRRW





7HPSHUDWXUH&RQWURO
7KUHHWHPSHUDWXUHVHQVRUVDUHORFDWHGRQWKHPRQRWDQNH[WHULRU7KHVHDUHXVHGWR
PHDVXUHWHPSHUDWXUHVRXWVLGHWKHPRQRWDQN7KHWHPSHUDWXUHVGLVSOD\HGRQWKH
FRQWUROSDQHODUHEDVHGRQGDWDIURPWKHVHVHQVRUV,IWKHWHPSHUDWXUHH[FHHGVƒ&D
ZDUQLQJPHVVDJHLVGLVSOD\HGDQG;UD\HPLVVLRQLVQRWDOORZHG7ZRWKHUPDOVZLWFKHV
DUHDOVRORFDWHGLQVLGHWKHPRQRWDQN,IWKHLQWHUQDOWHPSHUDWXUHLVƒ&RUKLJKHU 
;UD\HPLVVLRQLVQRWDOORZHG 

&RQWLQXRXV2SHUDWLRQ7LPH
*LYHQDQH[WHUQDODLUWHPSHUDWXUHRIƒ&WKH15PRGHDQGN9WKHPRQRWDQN
FDQEHRSHUDWHGIRUDSSUR[PLQXWHVXVLQJFRQWLQXRXVIOXRURVFRS\DQGDSSUR[
PLQXWHVXVLQJSXOVHGIOXRURVFRS\DWISVWKHVHWLPHVYDU\GHSHQGLQJRQWKHVDPSOH 
1RWHWKDWWKHWHPSHUDWXUHRIWKHPRQRWDQNLWVHOIDWVWDUWRIIOXRURVFRS\ ZKLFKGHSHQGV
RQDPELHQWWHPSHUDWXUHDQGSUHYLRXVRSHUDWLQJFRQGLWLRQV KDVDODUJHHIIHFWRQWKHVH
WLPHV 


&KDSWHU

 ,PDJH,QWHQVLILHU

)HDWXUHV
3DUDOOHOLW\RILPDJHLQWHQVLILHUV KHUHDIWHU,,WXEH DUHDGMXVWHGZKHQVHDOLQJWKHP
LQVLGHWKH;UD\WXEHKRXVLQJVRWKHUHLVQRQHHGWRDGMXVWWKHPRQVLWH7KHRSWLFDO
V\VWHPOLJKWEHDPDQGIRFXVDUHDGMXVWHGEHIRUHVKLSSLQJ7KHUHIRUHGRQRWGLVWXUE
WKHPXQOHVVQHFHVVDU\7KH,,GULYHSRZHUVXSSO\LVORFDWHGLQVLGHWKHSRZHUVXSSO\
ER[RQWKHVLGHRIWKHWXEHKRXVLQJ7KLVKDVEHHQDGMXVWHGWRWKHRSWLPDOYROWDJH
EHIRUHVKLSSLQJ'RQRWGLVWXUEXQOHVVQHFHVVDU\ 
,,'ULYH3RZHU6XSSO\
,QVWDOOHGLQWKHVLGHRIWKH;UD\KRXVLQJLWVXSSOLHVYROWDJHWRHDFKWHUPLQDORQWKH,,
WXEH&RQVHTXHQWO\LWLQFOXGHVDKLJKYROWDJHJHQHUDWRUFLUFXLWDQGRXWSXWYROWDJH
DGMXVWPHQWFLUFXLW:KHQWKHPDLQ:+$XQLWSRZHULVVZLWFKHG21YROWDJHLV
VXSSOLHGIURPWKHPDLQXQLWWRWKHJHWWHULQVLGHWKHLPDJHLQWHQVLILHU7KHQDSSUR[
PLQXWHVODWHUWKH,,GULYHFLUFXLWIXQFWLRQV7KHIOXRURVFRS\VLJQDOLVSULRULWL]HGWRDOORZ
VWDUWLQJIOXRURVFRS\DWDQ\WLPHZKLOHWKHJHWWHULVIXQFWLRQLQJ6LQFHWKH,&9,,
GULYHSRZHUVXSSO\LVLQVWDOOHGZKHUHWKH,,LVIDVWHQHGWRWKH&DUPRQWKHPDLQ
:+$XQLWUHSODFLQJWKHSRZHUVXSSO\XQLWUHTXLUHVUHPRYLQJWKH,,XQLWIURPWKH
&DUP 
*HWWHU&LUFXLW
:KHQWKHSRZHUVZLWFKIRUWKHPDLQ:+$XQLWLVVZLWFKHG21YROWDJHLVVXSSOLHG
DSSUR[PLQXWHV IDFWRU\DGMXVWHG WRWKHJHWWHUORFDWHGLQVLGHWKH,,XQLW:KHQWKLV
RFFXUVFRQILUPWKDWWKHJHWWHULQGLFDWRUODPSLOOXPLQDWHV2QFHWKLVSURFHVVLIILQLVKHG
WKH,,GULYHFLUFXLWLVUHDG\WRIXQFWLRQ LQGLFDWHGE\DQLOOXPLQDWHGOLQHLQGLFDWRUODPS 
&RQILUPWKDWWKHIOXRURVFRS\VLJQDOLVJLYHQSULRULW\GXULQJWKLVJHWWHUSURFHVV 

    
 21   
  ;5D\&RQWUROOHU/LQH 2))  2))
   21 
   2)) 
  )OXURVFRS\6LJQDO      
     
 21  21  
  2)) 2)) 
  *HWWHU3URFHVV  PLQ    
   
     
 21  21 
  ,,3RZHU6XSSO\3URFHVV 2)) 2))
  

)LJ  *HWWHU7LPLQJ


   7HFKQLFDO'HVFULSWLRQ


+RZWR$GMXVWWKH,,'ULYH3RZHU6XSSO\
5HPRYHWKHFDPHUDFRYHU )RUPRGHO,$/6&UHPRYHWKHZHLJKWSODWHDVZHOO 
$GMXVWPHQWVDUHPDGHXVLQJWKHWULPPHULQVWDOOHGRQWKHFLUFXLWERDUGORFDWHGXQGHUWKH
URWDWLQJSRUWLRQRIWKH&&'DVVKRZQLQ)LJXUH$Q,,/('LQGLFWRULOOXPLQDWHV
ZKHQWKHYROWV'&SRZHUVXSSO\VXSSOLHVSRZHUIURPWKH:+$XQLWWRWKH,,XQLW 
7KHUHLVRQO\RQHWULPPHUSURYLGHGIRU+9EXWWZRHDFKIRU09*DQG*7ULPPHUV
WRZDUGWKHOHIW WRZDUGWRSLQILJXUH FRUHVSRQGVWRWKHODUJHUILHOGVL]HDQGWRZDUGWKH
ULJKWWRWKHVPDOOHUILHOGVL]HUHVSHFWLYHO\2QPRGHO,$/6&ZKLFKKDVRQO\RQHILHOGRI
YLHZWKHWULPPHUFDQRQO\EHDGMXVWHGXSZDUG7KHFKDUDFWHULVWLFFXUYHVRQWKHQH[W
SDJHVKRZWKHUHODWLRQVKLSEHWZHHQUHVSHFWLYHFKHFNWHUPLQDOVDQGKLJKYROWDJH

 9
3RZHU/('
+909**
+9 09

723

χ
*
*

*7  *7

5HOD\WHUPLQDOEORFN
7ULPPHUIRUHOHFWURQOHQVDGMXVWPHQW

)LJ  9ROWDJH$GMXVWPHQW7ULPPHUV

6WDQGDUG9ROWDJHVIRU,,7XEH
,&9 ,$/'&  LQFK   DGMXVW  
   LQFK   DGMXVW  
 ,$/6&    DGMXVW  



&KDSWHU

+LJK9ROWDJH&KDUDFWHULVWLF&XUYHV

+9YV73
.9 
 




+92XWSXW9ROWDJH

 






 
    
 3ULPDU\9ROWDJH73


09YV73
.9 
 




092XWSXW9ROWDJH









      

 3ULPDU\9ROWDJH73


*DQG*YV73
.9 
 
*DQG*2XWSXW9ROWDJH






     

3ULPDU\9ROWDJH73


   7HFKQLFDO'HVFULSWLRQ

 2SWLFDO6\VWHP

7KHRSWLFDOV\VWHPGLUHFWV,,RXWSXWOLJKWWRD&&'HOHPHQWIRUYLHZLQJIOXRURVFRSLF
LPDJHVRQD79PRQLWRU 
)XQFWLRQV
x ,PDJHVRQWKH,$RXWSXWVXUIDFHDUHSURMHFWHGWKURXJKDOHQVDQGLULVDQG
IRFXVHGRQWKH&&' 
x 7KH&&'HOHPHQWFDQEHURWDWHGSOXVRUPLQXVGHJUHHV 
x ,ULVIXQFWLRQV
7KHILJXUHEHORZVKRZVWKHRSWLFDOV\VWHPZLWKDFDPHUDKHDGIURPDQ$&7,92XQLW
LQVWDOOHG2SWLPDOV\VWHPVRQ3/(12XQLWVKDYHWKHVDPHFRQILJXUDWLRQ)RUPRUH
GHWDLOVDERXWWKHFDPHUDKHDGVHHFKDSWHUV676' $&7,92 DQG',6
3/(12 )RUPRUHDERXWWKHFDOLEUDWLRQSURFHVVVHHWKHGHVFULSWLRQIRU(ULQ
7URXEOHVKRRWLQJ 

7KLVJHDUURWDWHVWKH&&'







2ULJLQ3RLQW
 3KRWRVHQVRU






)RFXV$GMXVWPHQW
*HDU

,5,6'ULYH 3RWHQWLRPHWHU
6WHSSLQJ0RWRU
IRU5RWDWLQJ 0RWRU
2SWLFDO6\VWHP


&KDSWHU

 &ROOLPDWRU

7KHILJXUHEHORZVKRZVDQH[SRGHGYLHZRIWKHFROOLPDWRUZKLFKLQFOXGHVIURPWKHWRS
IDUWKHVWIURP;UD\SRUW DQRFWDJRQDOFROOLPDWRUSDUDOOHOFROOLPDWRU URWDWHVDQG
RSHQVFORVHV DQGILOWHU$VWHSSLQJPRWRUDQGWRRWKHGWLPLQJEHOWDUHXVHGWRHQVXUH
URWDWLRQUHPDLQVV\QFKURQL]HG7KLVPXVWEHFDOLEUDWHGE\VHDUFKLQJIRURULJLQSRLQW
VHQVRUSRVLWLRQ HDFKWLPHWKHSRZHULVVZLWFKHG21 






 




 


 














 2FWDJRQDO&ROOLPDWRU0RWRU  3DUDOOHO&ROOLPDWRU2SHQ&ORVH0RWRU
 2FWDJRQDO&ROOLPDWRU6HQVRU  3DUDOOHO&ROOLPDWRU2SHQ&ORVH6HQVRU
 3DUDOOHO&ROOLPDWRU5RWDWLRQ0RWRU  )LOWHU0RWRU
 3DUDOOHO&ROOLPDWRU5RWDWLRQ6HQVRU  )LOWHU6HQVRU


   7HFKQLFDO'HVFULSWLRQ

 &LUFXLW%RDUGV

&LUFXLWERDUGVVKDUHGE\$&7,92DQG3/(12PRGHOVDUHORFDWHGDVVKRZQEHORZ
7KH\DUHXVHGWRFRQWUROWKHHOHFWURPDJQHWLFORFNFROOLPDWRULULV QRWRQ3/(12 
FDPHUDURWDWLRQDQGJHQHUDWRU 

 ,&217ERDUG $% 


 &RPPXQLFDWLRQEHWZHHQ&38ERDUG





07&217ERDUG &38 
 :+$&217
ERDUG &38 



 3:&217ERDUG

 021,725,)ERDUG


&38%RDUG&RPPXQLFDWLRQV


,&217$% 07&217 :+$&217

6HULDO&RPP 6HULDO&RPP
 &38
YLD56 YLD56
 7; 5; 
 7; 5;

 &38 &38
5; 7;
 ,,, ,,, -07 -:+$

7KHWKUHH&38ERDUGVDUHLQFRQVWDQWFRPPXQLFDWLRQDVVKRZQDERYH7KH:+$
&217ERDUGVHUYHVDVWKHPDVWHUERDUGDQGFRPPXQLFDWHVDOWHUQDWHO\ZLWK07&217
DQG,&217ERDUGV+RZHYHUFRPPXQLFDWLRQVEHWZHHQ:+$&217DQG,&217
ERDUGVSDVVYLDWKH07&217ERDUG,IWKH\FDQQRWFRPPXQLFDWHGXULQJVWDUWXS
FROOLPDWRULULVDQGFDPHUDURWDWLRQIXQFWLRQVFDQQRWRFFXU7KH,&217%ERDUG
UHFHLYHVFRPPXQLFDWLRQVEXWVLPSO\SDVVHVLWDORQJWRWKH,&217%ERDUGZKLFK
GRHVWKHDFWXDOFRPPXQLFDWLQJ 


&KDSWHU

 :+$&217%RDUG

:+$&217$66<   %2$5'  



 &5%DWWHU\














7KLVLVWKHPDLQ&38ERDUGIRUWKH:+$V\VWHP0RVWIXQFWLRQVDUHDFFRPSOLVKHG
YLDVRIWZDUH 
)XQFWLRQV
x &RQWURO3DQHO,QSXWDQG'LVSOD\ 

x ;5D\([SRVXUH&RQWURO
x 7XEH9ROWDJH3DUDPHWHU6HWWLQJV 3N996DQG91 
x &&8&RQWURO 67 
x 0HFKDQLFDO&RQWURO FROOLPDWRUILOWHUDQGRSWLFDOV\VWHP 
x 7XEH&XUUHQW)HHGEDFN&RQWURO XVLQJVRIWZDUH 
x ,%6&RQWURO XVLQJVRIWZDUH 
x &RPPXQLFDWLRQZLWK07&217,&217DQG021,725,)ERDUGV 


   7HFKQLFDO'HVFULSWLRQ

',36ZLWFK6HWWLQJV
 6:

)DFWRU\6HWWLQJ
1R 1DPH 'HVFULSWLRQ $&7,92 3/(12

2)) 21 2)) 21

6SHFLILHVLQVWUXPHQWPRGHO
   „ „ 
$&7,923/(12 
6SHFLILHVLQVWUXPHQWPRGHO
   „ „ 
$&7,923/(12 
 QRWXVHG  $OZD\2)) „  „ 
 QRWXVHG  $OZD\2)) „  „ 
 QRWXVHG  $OZD\2)) „  „ 
 QRWXVHG  $OZD\2)) „  „ 
 QRWXVHG  $OZD\2)) „  „ 
$OZD\V2))RQ:+$&217
  „  „ 
ERDUG 


 6:
&385HVHW6ZLWFK
 6:

)DFWRU\6HWWLQJ
1R 1DPH 'HVFULSWLRQ $&7,92 3/(12

2)) 21 2)) 21

 0 6SHFLILHV)3*$0RGH  „  „
 0 6SHFLILHV)3*$0RGH „  „ 
 0 6SHFLILHV)3*$0RGH  „  „
 0' 6SHFLILHV&380RGH „  „ 
 0' 6SHFLILHV&380RGH „  „ 
 0' 6SHFLILHV&380RGH „  „ 
 0' 6SHFLILHV&380RGH  „  „
3HUPLWVZULWLQJWR&38LQWHUQDO
 ):3 „  „ 
IODVK520


 6:

)DFWRU\6HWWLQJ
1R 1DPH 'HVFULSWLRQ
$&7,92 $&7,92
 '(%8* 1250$/'(%8* 1250$/ 1250$/



&KDSWHU

-XPSHU6ZLWFKHV


1DPH )DFWRU\6HWWLQJ
 $&7,92 $&7,92
'HVFULSWLRQ
 6KRUWLQJ 6KRUWLQJ
-XPSHU -XPSHU
-3 3KRWR6LJQDO QRWXVHG 
'LJLWDO3KRWRWLPHU                  
$QDORJ3KRWRWLPHU
-3 3KRWR6LJQDO QRWXVHG 
'LJLWDO3KRWRWLPHU                  
$QDORJ3KRWRWLPHU
-3 %DWWHU\
0(0&/5                  
%721IRUXVLQJDEDWWHU\
-3
1250$/                  

-3 3KRWR6LJQDO QRWXVHG 

'LJLWDO3KRWRWLPHU                  
$QDORJ3KRWRWLPHU
1RWH ,ISLQQXPEHUVDUHQRWSULQWHGRQWKHFLUFXLWERDUG3LQLVLQWKHSRVLWLRQ
LQGLFDWHGZLWKVPDOOWULXQJOHDVEHORZ 
                                                      T

z    z    z

   


&KHFN3LQV
&3 6LJQDO1DPH 'HVFULSWLRQ 5HPDUNV
&3 9 9 
&3 *1' *1' 
&3 7.9 0HDVXUHG7XEH9ROWDJH 9N9
&3 ,)9 0HDVXUHG)LODPHQW7XEH&XUUHQW 9$
&3 93 &KDUJLQJ9ROWDJH 99
&3 91 91 
&3 ,)67 +HDWLQJRI6SHFLILHG)LODPHQW QRWXVHG  9$
&3 $*1'  
&3 9  
&3 *1'  
&3 4B) ,QYHUWHU*DWH6LJQDOIRU+HDWLQJ)LODPHQW 
&3 4B) ,QYHUWHU*DWH6LJQDOIRU+HDWLQJ)LODPHQW 
$QDORJ3KRWR6LJQDO EHIRUHLQWHJUDWLRQ 
&3 3+'(7 
QRWXVHG 
&3 *1' *1' 
2IIVHWIRU$QDORJ3KRWRWLPHU&LUFXLW QRW
&3 2))6(7 
XVHG 
&3 70$ 0HDVXUHG7XEH&XUUHQW 9P$
:KHQ%DODQFHG
&3 ,%6 ,%66LJQDO
9
&3 3N9 7XEH9ROWDJH6HWWLQJ 9N9
&3 96 96 
&3 7326 7326 
&3 /)621 /HIW)RRW6ZLWFK21 


   7HFKQLFDO'HVFULSWLRQ

&3 6LJQDO1DPH 'HVFULSWLRQ 5HPDUNV

&3 9 9 
&3 9 9 
&3 9 9 
&3 5)621 5LJKW)RRW6ZLWFK21 
&3 5() 5HIHUHQFH9ROWDJH 
&3 5() 5HIHUHQFH9ROWDJH 
&3 &/.3:0 &/.3:0 
&3 *1' *1' 
&3 B5(/$< B5(/$< 
&3 ;5$<21 ;5D\21 
&3 38/6( 3XOVH 
&3 )5= /DVW)UDPH+ROG 
&3 )/238/ )OXRUR3XOVH 3OHQR  
&3 35(3 3UHS 3OHQR  
&3 5(4 5HT 3OHQR  
&3 5(4(;3 ;5D\7ULJJHU 3OHQR  
&3 5$'(;3 5DG([S 3OHQR  
&3 5(6(7 5(6(7 
&3 )/2(;3 )OXRUR([S 3OHQR  
/(',QGLFDWRUV
/('1R 1DPH 'HVFULSWLRQ
/' 9 9SRZHUVXSSO\VWDWXV2.
/' 9 9SRZHUVXSSO\VWDWXV2.
/' +; +DQGVZLWFKQGOHYHO21
/' $5 +DQGVZLWFKVWOHYHO21
/' )/238/ )OXRURSXOVHWR2ULRQ*,0 3OHQR 
/' 5(4 5(4WR2ULRQ*,0 3OHQR 
/' 5$'(;3 5$'(;3WR2ULRQ*,0 3OHQR 
/' &29 &21&29 IURP0RQLWRU&DUW 
/' ,)6 6PDOO,,ILHOGVHOHFWHG
/' 5/ (OHFWURPDJQHWLFORFNLVXQORFNHG
/' 5/ (OHFWURPDJQHWLFORFNLVXQORFNHG
/' *(77( *HWWHULV21 WR,19(57(5 
/' 9' 67  9HUWLFDOV\QFKURQL]LQJVLJQDOIURP67
9HUWLFDOV\QFKURQL]LQJVLJQDOIURP2ULRQ*,0
/' 9' *,0 
3OHQR 
/' )/2(;3 )/2(;3WR2ULRQ*,0 3OHQR 
/' 35(3 35(3WR2ULRQ*,0 3OHQR 
/' 5(4(;3 5(4(;3IURP2ULRQ*,0 3/(12 
/' ;5$<21 ;5D\HPLVVLRQ21
/' 5/ (OHFWURPDJQHWLFORFNLVXQORFNHG
/' 5/ (OHFWURPDJQHWLFORFNLVXQORFNHG
/' 5/ (OHFWURPDJQHWLFORFNLVXQORFNHG
/' 5B6+257 5B6+257 WR,19(57(5 
/' )227B/ /HIW)RRW6ZLWFK21
/' )227B5 5LJKW)RRW6ZLWFK21
/' ,32)) 3KRWRWLPHU;UD\VKXWRIIVLJQDO QRWXVHG 
/' 6&/ 6WDWXVRI,&EXV 6&/ 
/' 6'$ 6WDWXVRI,&EXV 6'$ 
/' 9 9SRZHUVXSSO\VWDWXV2.
/' 9 9SRZHUVXSSO\VWDWXV2.
/' 9 9SRZHUVXSSO\VWDWXV2.
/' ,1,7 ,1,7
/' $&7 $&7
/' '21( ,QLWLDOL]DWLRQRI)3*$LVILQLVKHG
/' 3257( ,23RUW23(1



&KDSWHU

9DULDEOH5HVLVWRUV
95 1DPH 'HVFULSWLRQ 5HPDUNV
95 *$,1 $GMXVWVDQDORJSKRWRWLPHU QRWXVHG  
95 67& $GMXVWVDQDORJSKRWRWLPHU QRWXVHG  
95 2))6(7 $GMXVWVDQDORJSKRWRWLPHU QRWXVHG  


0HPRU\RQ:+$&217ERDUG
)/$6+520

,QFOXGHV &38 LQWHUQDO IODVK 520 DQG H[WHUQDO IODVK 520 )LUPZDUH LV VWRUHG RQ WKH
H[WHUQDO IODVK 520 DQG GRZQORDGHG WR WKH &38 LQWHUQDO IODVK 520 HDFK WLPH WKH
LQVWUXPHQWLVVWDUWHG7KH&38IODVK520WKHQGRZQORDGVWKHILUPZDUHWRWKH)3*$ 

((3520

8VHGIRUFRQQHFWLQJWRWKHFRPSXWHUDQGVDYHVHWWLQJVGDWDDQGDGMXVWHGFDOLEUDWLRQGDWD
XVLQJ 0DLQWHQDQFH 7RRO 'DWD LV GRZQORDGHG WR 65$0 HDFK WLPH WKH LQVWUXPHQW LV
VWDUWHG,WGRHVQRWUHTXLUHEDWWHU\EDFNXS 

65$0

8VHVWKH&5EDWWHU\DVEDWWHU\EDFNXS'DWDLVORVWLIWKHEDWWHU\UXQVRXW'DWDEHLQJ
EDFNHGXSLQFOXGHVWKHFORFN+8FRQWURODQGHUURUORJ 

'DWDVWRUHDQGUHVWRUH0HWKRG
6HH6RIWZDUH 

)3*$&RQWURO

 -6.<
 )3*$
„ &RQWURO3DQHO'LVSOD\
 „ &RQWURO3DQHO.H\,QSXW
 -3&
&38 „ ;5$<216LJQDO2XWSXW

EXV „ )DXOW6LJQDO,QSXW
 &38 „ 7KHUPDO)(7'ULYH6LJQDO
4B)DQG4B) 2XWSXW
 „ (OHFWURPDJQHWLF/RFN 
6ROHQRLG'ULYH6LJQDO 5/ 

2XWSXW
 „ 7XEH9ROWDJH3:0&RQWURO 
-)6: -67 &ORFN &/.3:0 2XWSXW


„ )UHH]H,PDJH6LJQDO )5= 
 )RRWVZLWFK21
„ 2XWSXW
6LJQDO /)621 3XOVHG)OXRURVFRS\&RQWURO
DQG5)621  „
6LJQDO 38/6( 2XWSXW
,QSXW
„ 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO
9' ,QSXW


   7HFKQLFDO'HVFULSWLRQ

$''$&RQYHUVLRQ
 9 
 &38 5HIHUHQFH9ROWDJH


-3&
 -3

 9ROWDJH ,QWHUQDO '$&
 $'



„ 0HDVXUHG7XEH9ROWDJH 7N9 
 „ 0HDVXUHG7XEH&XUUHQW 7P$ 
„ 0HDVXUHG)LODPHQW+HDWLQJ 
 &XUUHQW ,)9  „ 7XEH9ROWDJH6HWWLQJ 3N9 
„ ,%66LJQDO ,%6  „ 966HWWLQJ9DOXH
 „ 916HWWLQJ9DOXH
„ 0HDVXUHG&KDUJLQJ 
 &DSDFLWRU9ROWDJH 93  „ )LODPHQW+HDWLQJ&XUUHQW
6HWWLQJ9DOXH ,)67 


,2

 ,23RUW -3&

„ ',36:,QSXW
„ 6HJ/(' 

2XWSXW „ (OHFWURPDJQHWLF/RFN8QORFN
6LJQDO 5/ 2XWSXW
„ 5)0RGH6ZLWFKLQJ6LJQDO 5) 
2XWSXW
&38 -67
EXV
&38 „ ,PDJH5HFXUVLYH6HWWLQJ9DOXH6LJQDO
5(& 2XWSXW
„ ,PDJH(GJH6HWWLQJ9DOXH6LJQDO
('*(DQG 2XWSXW
„ )UDPH,PDJH6HOHFWLRQ6LJQDO
06(/BDQG±DQG
06(/BDQG± 2XWSXW
„ ,PDJH:ULWH6LJQDO 0:5,7( 2XWSXW
- „ 5HYHUVHG+9'LVSOD\6LJQDO +5(9
-0&$% DQG95(9 2XWSXW

„ +DQG6ZLWFK21
6LJQDO $5DQG „ ')6$&7,92,26LJQDO
+; ,QSXW „ 9LGHR6LJQDO6ZLWFKLQJ6LJQDO
96(/DQG96(/ 2XWSXW
„ 9LGHR3ULQWHU2XWSXW5HTXHVW
6LJQDO


&KDSWHU

 3:&217

3:&217$66<   %2$5'  
















)XQFWLRQV
x 7XEH9ROWDJH)HHGEDFN&LUFXLW
x 7XEH&XUUHQW'HWHFWLRQ&LUFXLW
x &KDUJLQJ9ROWDJH'HWHFWLRQ&LUFXLW
x )DXOW'HWHFWLRQ&LUFXLW ,QFOXGLQJ'LVFKDUJHGHWHFWLRQ 

',36ZLWFK6HWWLQJV
x 6:
)DFWRU\6HWWLQJ
1R 1DPH 'HVFULSWLRQ $&7,92 3/(12

2)) 21 2)) 21

 7%521 6WRSVDIWHUGLVFKDUJHLVGHWHFWHG „  „ 

 QRWXVHG  $OZD\2)) „  „ 





   7HFKQLFDO'HVFULSWLRQ

&KHFN3LQV
&3 6LJQDO1DPH 'HVFULSWLRQ 5HPDUNV
&3 9 9 
&3 9& &KDUJLQJ9ROWDJH 
&3 9& &KDUJLQJ9ROWDJH 
&3 $' ,*%7JDWHSXOVHVLJQDO 
&3 %& ,*%7JDWHSXOVHVLJQDO 
&3 ,3 ,3 SULPDU\FXUUHQW  
&3 *1' *1' 
&3 38/6( ,*%7RVFLOODWLRQSXOVH N+]RU 
N+] 
&3 93$ &KDUJLQJ9ROWDJH 
&3 7N9 0HDVXUHG7XEH9ROWDJH 9N9
&3 7P$ 0HDVXUHG7XEH&XUUHQW 9P$
&3 93% &KDUJLQJ9ROWDJH 
&3 3N9 7XEH9ROWDJH6HWWLQJ 9N9
&3 91 %DODQFHIUHTXHQF\ 
&3 96 6WDUWIUHTXHQF\ 
&3 9 9 
&3 9 9 
&3 93 &KDUJLQJ9ROWDJH 99
&3 ,)9 0HDVXUHG)LODPHQW+HDWLQJ&XUUHQW 9$
&3 3:  
&3 7N929(5 7XEH2YHUYROWDJH  PLQN9 
&3 78%($5& 7XEHDUFGHWHFWLRQHUURU PD[N9 
&3 ,329(5 ,3RYHUFXUUHQW PLQ$ 
&3 ,)6729(5 6HWILODPHQWKHDWLQJRYHUFXUUHQW PLQ$ 
&3 ,)929(5 0HDVXUHGILODPHQWKHDWLQJRYHUFXUUHQW PLQ$ 
&3 ,363  
&3 9 9 


9DULDEOH5HVLVWRUV
95 1DPH 'HVFULSWLRQ 5HPDUNV
95 95 7N9IHHGEDFNUHVSRQVH 
95 95 $GMXVWVFKDUJLQJYROWDJHFRUUHFWLRQ 
95 93$'- $GMXVWVPHDVXUHGFKDUJLQJYROWDJH 
95 38/6($'- $GMXVWVIUHTXHQF\RI,*%7 
RVFLOODWLRQSXOVH


&KDSWHU

 ,19(57(5%RDUG

,19(57(5  $66<  %2$5'











))XVH






 5DGLDWRU








,*%7



)XQFWLRQV
x 3ULPDU\,QYHUWHU
x +HDWHU,QYHUWHU
x ,,*HWWHU&LUFXLW
x (OHFWURPDJQHWLF/RFN&LUFXLW


   7HFKQLFDO'HVFULSWLRQ

&KHFN3LQV ,19(57(5ERDUG 
&3 6LJQDO1DPH 'HVFULSWLRQ 5HPDUNV
&3 &2 )LODPHQWKHDWLQJ 

&3 90 90 

&3 &/ )LODPHQWKHDWLQJ 

&3 9 9 

&3 *1' *1' 

&3 ,)9 ,)9 

&3 5B6+257 5B6+257 

&3 9 9 

&3 * $   3ULPDU\,*%7JDWHVLJQDO 

&3 ( $  3ULPDU\,*%7JDWHVLJQDO 

&3 ( &  3ULPDU\,*%7JDWHVLJQDO 

&3 * &  3ULPDU\,*%7JDWHVLJQDO 

&3 * %  3ULPDU\,*%7JDWHVLJQDO 

&3 ( %  3ULPDU\,*%7JDWHVLJQDO 

&3 ( '  3ULPDU\,*%7JDWHVLJQDO 

&3 * '  3ULPDU\,*%7JDWHVLJQDO 



5HOD\V ,19(57(5ERDUG 
 1DPH 'HVFULSWLRQ 5HPDUNV
. . *HWWHU  IRUJHWWHU

. 5B6+257 5B6+257 IRUVXSSUHVVLQJ

FKDUJLQJYROWDJH
UHVLVWDQFH


&KDSWHU

 07&217%RDUG

07&217$66<   %2$5'  















)XQFWLRQV
x 3DUDOOHOFROOLPDWRU23(1&/26(FRQWURO
x 3DUDOOHOFROOLPDWRUURWDWLRQFRQWURO
x 2FWDJRQDOFROOLPDWRU23(1&/26(FRQWURO
x )LOWHUVZLWFKLQJFRQWURO
x /DVHUSRLQWHU212))FRQWURO
x 'RVHDUHDSURGXFWPHWHULQWHUIDFH
x 0RQRWDQNWHPSHUDWXUHVHQVRUGHWHFWLRQ

',36ZLWFK6HWWLQJV
 6:

)DFWRU\6HWWLQJ
1R 1DPH 'HVFULSWLRQ $&7,92 3/(12

2)) 21 2)) 21

  $OZD\2)) „  „ 

  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 


   7HFKQLFDO'HVFULSWLRQ

&KHFN3LQV
&3 6LJQDO1DPH 'HVFULSWLRQ 5HPDUNV
&3 0287$   06WHSPRWRUGULYHVLJQDO 2FWDJRQDO
&3 0287$   06WHSPRWRUGULYHVLJQDO 2FWDJRQDO
&3 9 9 
&3 9 9 
&3 0287%   06WHSPRWRUGULYHVLJQDO 2FWDJRQDOFROOLPDWRU
&3 0287%   06WHSPRWRUGULYHVLJQDO 2FWDJRQDOFROOLPDWRU
&RPSHQVDWLRQ%+
&3 0287$   06WHSPRWRUGULYHVLJQDO
)LOWHU5RWDWLRQ
&RPSHQVDWLRQ%+
&3 0287$   06WHSPRWRUGULYHVLJQDO
)LOWHU5RWDWLRQ
&RPSHQVDWLRQ%+
&3 0287%   06WHSPRWRUGULYHVLJQDO
)LOWHU5RWDWLRQ
&RPSHQVDWLRQ%+
&3 0287%   06WHSPRWRUGULYHVLJQDO
)LOWHU5RWDWLRQ
&3 0287$  06WHSPRWRUGULYHVLJQDO 3DUDOOHOFROOLPDWRU
&3 0287$  06WHSPRWRUGULYHVLJQDO 3DUDOOHOFROOLPDWRU
&3 3:5 3:5 
&3 *1' *1' 
&3 0287%  06WHSPRWRUGULYHVLJQDO 3DUDOOHOFROOLPDWRU
&3 0287%  06WHSPRWRUGULYHVLJQDO 3DUDOOHOFROOLPDWRU
&3 0287$  06WHSPRWRUGULYHVLJQDO 3DUDOOHOFROOLPDWRU
&3 0287$  06WHSPRWRUGULYHVLJQDO 3DUDOOHOFROOLPDWRU
&3 0287%  06WHSPRWRUGULYHVLJQDO 3DUDOOHOFROOLPDWRU
&3 0287%  06WHSPRWRUGULYHVLJQDO 3DUDOOHOFROOLPDWRU
&3 9 9 


5HOD\V
 1DPH 'HVFULSWLRQ 5HPDUNV
. )$121 6ZLWFKHVIDQ21 9  QRWXVHG  
6ZLWFKHVODVHUSRLQWHU21 9 
. /3B21 
2SWLRQDO 


,2

-0-0 -&/
&38
 „ 3DUDOOHO&ROOLPDWRUDQG
6WHSSLQJ 2FWDJRQDO&ROOLPDWRU
0RWRU &RPSHQVDWLRQ)LOWHU
'ULYHU 2ULJLQ3RVLWLRQ6LJQDO
,QSXW
-07-,,
„ 6HULDO&RPPXQLFDWLRQ
„ 6WHSSLQJ0RWRU :LWK:+$&217DQG
'ULYH6LJQDO ,&217%RDUGV

-/3
-703
7HPSHUDWXUH ‫ ع‬/DVHU3RLQWHU'ULYH
'HWHFWLRQ,& 6LJQDO

-'$3

„ 'RVH$UHD'RVLPHWHU
„ 0RQR7DQN  'RVH3XOVH6LJQDO
7HPSHUDWXUH
6HQVRU6LJQDO


&KDSWHU

 ,&217$

,&217$$66<   %2$5'  













8VHGLQFRPELQDWLRQZLWK,&217%EXW,&217$LVWKH&38ERDUGWKDW
DFWXDOO\FRPPXQLFDWHVZLWKWKH:+$&217ERDUG 
)XQFWLRQV
x 2SWLFDOV\VWHPURWDWLRQPRWRUFRQWURO
x &RPPXQLFDWLRQZLWK:+$&217ERDUGHWF

',36ZLWFK6HWWLQJV
 6:

)DFWRU\6HWWLQJ
1R 1DPH 'HVFULSWLRQ $&7,92 3/(12

2)) 21 2)) 21

  ,ULVURWDWLRQVHWWLQJV  „  „

 IRUGHEXJJLQJ $OZD\2)) „  „ 

 IRUGHEXJJLQJ $OZD\2)) „  „ 

 IRUGHEXJJLQJ $OZD\2)) „  „ 


   7HFKQLFDO'HVFULSWLRQ

 ,&217%%RDUG

,&217%$66<   %2$5'  















)XQFWLRQV
x 79,ULV23(1&/26(FRQWURO $&7,92 
x ,,+DQGOHLQWHIDFH
x &RPPXQLFDWLRQLQWHUIDFHZLWK:+$&217ERDUG
-XPSHU6ZLWFKHV
)DFWRU\6HWWLQJ
1DPH $&7,92 3/(12
6KRUWLQJ-XPSHU 6KRUWLQJ-XPSHU

-3                    

-3                    


9DULDEOH5HVLVWRUV
95 1DPH 'HVFULSWLRQ 5HPDUNV
95 95 ,ULVUHVSRQVH 


&KDSWHU

 021,725,)%RDUG

021,725,)$66<   %2$5'  














)XQFWLRQV
x 3RZHU212))&RQWURO
x ,QWHUIDFHZLWKH[WHUQDOGHYLFHV
x 9LGHRVLJQDOVZLWFKLQJFRQWURO
',36ZLWFK6HWWLQJV
 6:

)DFWRU\6HWWLQJ
1R 1DPH 'HVFULSWLRQ $&7,92 3/(12

2)) 21 2)) 21

  6SHFLILHVLQVWUXPHQWPRGHO „  „ 

  6SHFLILHVLQVWUXPHQWPRGHO „   „

 QRWXVHG  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 


   7HFKQLFDO'HVFULSWLRQ

([WHUQDO'HYLFH&RQQHFWRUV
;UD\HPLVVLRQVLVQRWSHUPLWWHGLIVKRUWFLUFXLWLVEURNHQ
'RRU6ZLWFK
1RUPDOO\VKRUWHG 9'&VLJQDO 
3ULQWHU &RQWDFWFORVHVLQUHVSRQVHWR>3ULQW@NH\RQFRQWUROSDQHO 
,QMHFWRU 1RWVXSSRUWHGLQ$&7,92V\VWHPV
;UD\ &RQWDFWLVFORVHGZKHQHYHU;UD\VDUHEHLQJJHQHUDWHG
5HDG\ &RQWDFWFORVHVZKHQUHDG\WREHJLQLPDJLQJ 

7KHRXWSXWVDERYHFDQEHFKDQJHGE\FRQQHFWLQJDFRPSXWHUDQGODXQFKLQJ
0DLWHQDQFH7RRO 5HIHUWR)XQFWLRQDO/LPLWDWLRQVGXHWRVRIWZDUHYHUVLRQRUFLUFXLW
ERDUGUHYLVLRQV 

 &OLFNWKH>([W2XWSXW3RUW@WDE 
 6HOHFWWKHW\SHRIVLJQDOWRRXWSXWIURPHDFKFRQWDFWVLJQDOWHUPLQDORQWKH
021,725,)ERDUG&KRRVHIURPWKHIROORZLQJVLJQDOW\SHV6HOHFWLQJ
>'HIDXOW@VSHFLILHVGHIDXOWYDOXHV FRQYHQWLRQDOVLJQDOW\SH IRUHDFKSRUW 
x >3ULQWHU2XWSXW@&ORVHVFRQWDFWIRUDSSUR[VHFRQGVZKHQWKH>9LGHR
3ULQW@EXWWRQLVSUHVVHGRQWKHFRQWUROSDQHO 
x >/LQN9+6'9'@&ORVHVFRQWDFWIRUDSSUR[VHFRQGVDWVWDUWDQG
VWRSRIIOXURVFRS\RUFROOHFWLQJLPDJHV 
x >/LQN,QMHFWRUV@2Q$&7,92')6V\VWHPVFORVHVFRQWDFWZKLOHWKH/LQN
,QMHFWRUVLJQDOLV21GXULQJPDSFUHDWLRQRU'6$FROOHFWLRQ 
x >/LQN;UD\2XWSXW@&ORVHVFRQWDFWGXULQJ;UD\HPLVVLRQ 
x >/LQN5HDG\2XWSXW@&ORVHVFRQWDFWGXULQJLPDJHFROOHFWLRQ 

 &OLFN>:ULWH@ 














&KDSWHU

5HOD\V
 1DPH 'HVFULSWLRQ 5HPDUNV
. ;5$< ;5D\(PLVVLRQ,QGLFDWRU/DPS 
. &3832:(56: 5HTXHVWWRVZLWFKFRPSXWHU21FRQWDFW

RXWSXW 3/(12RQO\ 
. ;5$< ;UD\FRQWDFWRXWSXW 
. 5($'< 5HDG\FRQWDFWRXWSXW 
. &RQGXFWRU 6XSSOLHVSRZHUWRVSDUHSRZHURXWOHW 
. &RQGXFWRU 6XSSOLHVSULPDU\SRZHUVXSSO\ 
. &RQGXFWRU 6XSSOLHVSULPDU\SRZHUVXSSO\ 
. 35,17(5 7KHUPDOSULQWHUFRQWDFWRXWSXW 
. ,1-(&725 ,QMHFWRUFRQWDFWRXWSXW 3/(12RQO\  


)ORZRI,PDJHV

)OXRURVFRS\,PDJH -
 - 
35,17(5 
- 0(0  

9LGHR6: -
 5(&25'(5 
 - 0(0 
0HPRU\ -
 /&' 
- 
 (;7,1 

9LGHR6:6ZLWFKLQJ

96(/ ,PDJH2XWSXW

-0&$ )3*$ 2)) 0(0

21 0(0
„ 9LGHR6LJQDO
6ZLWFKLQJ6LJQDO
96(/DQG 
2XWSXW 96(/ ,PDJH2XWSXW

2)) 0(00(0

21 (;7,1


   7HFKQLFDO'HVFULSWLRQ

3RZHU6XSSO\212))


021,725,)

-

)3*$


„ 3RZHU6ZLWFK,QSXW 6:,1
PRPHQWDU\  &RQQHFWRU
-
'ULYH6LJQDO
5HOD\,QWHUIDFH 0DLQ3RZHU6XSSO\
. 0*/

. 0*/
- -0&%

„ &DUW&DEOH&RQQHFWLRQ
&RQILUPDWLRQ6LJQDO 6:,1
,QSXW 
&21DQG&21 


&21DQG&21  . 0*/6SDUH
3RZHU2XWOHW
3RZHU6XSSO\

„ (DFKSRZHUVZLWFKLQSXWWRJJOHV0*/DQG212)) WRJJOH 
„ ,IQRFDUWFDEOHFRQQHFWLRQFRQILUPDWLRQVLJQDOLVUHFHLYHG0*/DQG0*/DUH
VZLWFKHG2)) LQWHUORFNIXQFWLRQWRSUHYHQWHOHFWULFVKRFN 
„ 6ZLWFKLQJ1)%WR21VXSSOLHVSRZHU 99DQG9 WRWKH021,725,)
ERDUGUHJDUGOHVVRISRZHUVZLWFK212))VWDWXV 


&KDSWHU

 /&'&217%RDUG RQO\IRU3/(12 

/&'&217$66<   %2$5'  
















)XQFWLRQV
'LVSOD\V&DUPRSHUDWLRQVRQ/&'PRQLWRU
9LGHR6LJQDO,QSXW

',36ZLWFK6HWWLQJV
x 6:
)DFWRU\6HWWLQJ
1R 1DPH 'HVFULSWLRQ $&7,92 3/(12

2)) 21 2)) 21

  6SHFLILHV)3*$0RGH  „  „

  6SHFLILHV)3*$0RGH „  „ 

  6SHFLILHV)3*$0RGH „  „ 

  &RQILJXUDWLRQ520 QRWXVHG   „  „

  ([WHUQDOEXVFRQILJXUDWLRQ  „  „

 QRWXVHG  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 

 QRWXVHG  $OZD\2)) „  „ 



   7HFKQLFDO'HVFULSWLRQ

 6RIWZDUH

 2YHUYLHZ

0DQ\:+$IXQFWLRQVDUHDFFRPSOLVKHGXVLQJILUPZDUHZKLFKDOVRPHDQV
PDLQWHQDQFHZLOOUHTXLUHXSGDWLQJILUPZDUHPRUHRIWHQ7KHIROORZLQJILUPZDUHLVXVHG
RQWKHPDLQ:+$XQLW 
:+$&217)LUPZDUH
7KLVLVWKHSULPDU\VRIWZDUHIRUWKH:+$XQLW6LQFHLWLVVWRUHGLQ)/$6+520
PHPRU\XSGDWLQJXSJUDGLQJWKHILUPZDUHUHTXLUHVGRZQORDGLQJWKHILUPZDUHIURPWKH
FRPSXWHU 
021,725,))LUPZDUH
7KLVVRIWZDUHFRQWUROVVZLWFKLQJWKHSRZHU212))DQGWKHIORZRILPDJHV,WLV
SURYLGHGLQ3520PHPRU\ 
07&217,&217$DQG,&217%)LUPZDUH
7KHVHDUHSUHLQVWDOOHGDWWKHIDFWRU\DQGFDQQRWEHPRGLILHGLQWKHILHOG 
/&'&217)LUPZDUH
7KLVLVVWRUHGLQ)/$6+520RQWKH/&'&217ERDUGEXWFDQQRWEH
XSGDWHGXSJUDGHGLQGHSHQGHQWO\8SGDWLQJXSJUDGLQJWKH:+$&217ILUPZDUH
VLPXOWDQHRXVO\XSGDWHVXSJUDGHVWKH/&'&217ILUPZDUHDVZHOO 



 6RIWZDUH5HYLVLRQ+LVWRU\


021,725,)520
9HUVLRQ 5HOHDVH 'HVFULSWLRQRI&KDQJHV
  ,QLWLDOYHUVLRQ
%  )RUSURGXFWPLQRUFKDQJH FKDQJHGSDUWV 
&  ')6FRPSDWLELOLW\
 &KDQJHGKRZ3/(12SRZHUVZLWFKLQGLFDWRUODPSIXQFWLRQV
' DQGDGGHGWHQWDWLYHIL[IRUPRQLWRUFRORUIOXFWXDWLRQ


&KDSWHU


:+$&217)LUPZDUH
,QDOO$&7,92PRGHOVZHUHXSJUDGHGWR9HUVLRQDQG3/(12PRGHOV
XSJUDGHGWR9HUVLRQ 

$SSOLFDEOH0RGHO
&RUUHVSRQGLQJ
9HU 5HOHDVH $&7,92 $GMXVWPHQW 5HPDUNV
$&7,92 3/(12 6RIWZDUH
'
9  <HV   9 ,QLWLDOUHOHDVHIRU$&7,92
9  <HV   9 5HOHDVHIRU$&7,92
,QLWLDOUHOHDVHIRU3/(12
9  1R  <HV 9 1RWFRPSDWLEOHZLWK$&7,92 
5HOHDVHIRU$&7,92$GGHG
IXQFWLRQWRIXOO\RSHQRFWDJRQDO
FROOLPDWRUIRUILOPUDGLRJUDSK\
1RWFRPSDWLEOHZLWK%RDUG
9  6RPH  <HV 9 5HY$ 
&KDQJHGVR5HY$%RDUGVGR
9 <HV  <HV 9 QRWGHWHFWEDWWHU\YROWDJH 
0DGHFRPSDWLEOHZLWK$&7,92
RSWLRQDOLPDJHSURFHVVRU
RSWLRQDOORRSPHPRU\DQG
RSWLRQDOGRVHDUHDGRVLPHWHU
GLVSOD\&RPSDWLEOHZLWK
V\QFKURIXQFWLRQ1RW
FRPSDWLEOHZLWK3/(12GXHWR
9  <HV <HV <HV 9 (55ZKHQQRWFKDUJHG
3/(12UHOHDVH 
)L[HG/&'FRORUEOXUULQJ
SUREOHP
)L[HG(UUSUREOHP 
)L[HG56+257SUREOHP 
([WHQGHGWLPHWKDW
HOHFWURPDJQHWLFORFNLV
XQORFNHG 
0DGHFRPSDWLEOHZLWK
9 1R 1R <HV 9 IOXRURVFRS\KDQGVZLWFK 
3/(12UHOHDVH)L[HGSUREOHP
RIRFWDJRQDOFROOLPDWRU UHYLVHG
PLQLPXPGLDPHWHUYHUVLRQ QRW
9 1R 1R <HV 9 RSHQLQJWRPD[ILHOGVL]H 
$&7,92 ' UHOHDVH 
)L[HG(UUSUREOHP 
)L[HG56+257SUREOHP 
([WHQGHGWLPHWKDW
HOHFWURPDJQHWLFORFNLV
XQORFNHG 
$GGHG$35GHIDXOWIXQFWLRQ 
$GGHGFRPSDWLELOLW\ZLWK
9  <HV <HV  9 IOXRURVFRS\KDQGVZLWFK 

5HTXLUHVDGMXVWPHQWVRIWZDUH 


   7HFKQLFDO'HVFULSWLRQ

 :+$&217'DWD

8VLQJ0DLQWHQDQFH7RROWRWUHDW:+$&217'DWD
'DWDRQWKH:+$&217ERDUGFDQEHVDYHGORDGHGLQLWLDOL]HGRURWKHUZLVHSURFHVVHG
E\FRQQHFWLQJWKH:+$&217ERDUGWRWKHFRPSXWHUDQGRSHQLQJ0DLQWHQDQFH7RRO 

x >/RDG'DWD / @
:ULWHVEDFNXSGDWDWRWKH((3520((3520GDWDLVORVWLIWKHERDUGLV
UHSODFHGRUWKHILUPZDUHLVXSGDWHG 
x >6DYH'DWD 6 @
6DYHVDEDFNXSRI((3520GDWD+RZHYHUFROOLPDWRUFDOLEUDWLRQGDWDDQG
/&'FDOLEUDWLRQGDWD 3/(12RQO\ FDQQRWEHEDFNHGXS65$0GDWDFDQQRW
EHEDFNHGXSHLWKHU 
x >:ULWHWKH3UHVHQW'DWDWR((3520@
:ULWHVGDWDFXUUHQWO\LQ65$0EDFNLQWRWKH((3520&ROOLPDWRUFDOLEUDWLRQ
GDWDDQG/&'FDOLEUDWLRQGDWDUHPDLQVEODQN 
x >,QLWLDOL]H((3520@
7KLVLQLWLDOL]HVWKH((3520WRGHIDXOWYDOXHV:ULWHVGHIDXOWGDWDLQFOXGHGLQ
)/$6+520ILUPZDUHWR((3520+RZHYHUFROOLPDWRUFDOLEUDWLRQGDWDDQG
/&'FDOLEUDWLRQGDWDUHPDLQVEODQNLQWKLVFDVHDVZHOO 




&KDSWHU

 3URFHGXUHIRU8SGDWLQJ:+$&217)LUPZDUH

,WHPV1HFHVVDU\IRU8SGDWLQJ)LUPZDUH
7KHIROORZLQJLVUHTXLUHGWRXSGDWHWKHILUPZDUH 
D  6HULDO&URVVRYHU&DEOH SLQ'6XEWRSLQ'6XE 
&RPSXWHU LQVWDOOHGZLWK:LQGRZVRU;3 
E  6RIWZDUHIRUZULWLQJILUPZDUH
:KD:ULWHH[HLVWKHSURJUDPXVHGWRZULWHILUPZDUH7KLVVRIWZDUHPXVWEH
LQVWDOOHGRQWKHFRPSXWHUWREHXVHGEHIRUHILUPZDUHFDQEHZULWWHQ 
F  )LUPZDUH'DWDIRU8SGDWLQJ
)LOHVRIWKHIRUP:+$ (9[B[[VDUHORFDWHGRQWKH0DLQWHQDQFH7RRO&'
7KHDVWHULVNUHSUHVHQWVWKHPRGHOW\SHZKHUH/LQGLFDWHV$&7,92DQG+
LQGLFDWHV3/(127KH[B[[UHSUHVHQWVWKHILUPZDUHYHUVLRQQXPEHU 

 %HIRUH8SGDWLQJ)LUPZDUH
$OZD\VEDFNXSGDWDEHIRUHXSGDWLQJILUPZDUH)RUPRUHLQIRUPDWLRQVHH8VLQJ
0DLQWHQDQFH7RROWR3URFHVV:+$&217'DWDXQGHU7HFKQLFDO'HVFULSWLRQ6RIWZDUH
:+$&217'DWD 

 3URFHGXUHIRU8SGDWLQJ)LUPZDUH
8VHWKHIROORZLQJSURFHGXUHWRXSGDWHILUPZDUH 
 ,QVWDOO:KD:ULWHH[H
)LUVWWKH:KD:ULWHSURJUDPPXVWEHLQVWDOOHGRQWKHFRPSXWHUWKDWZLOOEHXVHGWR
LQVWDOO:KD:ULWHVRIWZDUHDQGZULWHILUPZDUHGDWD,IDOUHDG\LQVWDOOHGWKHIROORZLQJ
VWHSVDUHQRWQHFHVVDU\

  5XQWKH:KD:UW[[[H[HILOHORFDWHGRQWKH0DLQWHQDQFH7RRO&' ZKHUH
[[[UHSUHVHQWVWKHVRIWZDUHYHUVLRQ  
  7KLVRSHQVWKH:KD:ULWHH[HLQVWDOOHU 



   7HFKQLFDO'HVFULSWLRQ

  6SHFLI\ZKHUHWRLQVWDOO:KD:ULWHH[H 










  :KHQILQLVKHGLQVWDOOLQJWKH:KD:ULWHSURJUDPZLOODXWRPDWLFDOO\VWDUWXS
&OLFN>&ORVH@WRFORVHWKHSURJUDP 

 &RQQHFWD6HULDO&DEOH
&RQQHFWDVHULDOFURVVRYHUFDEOHIURPWKHVHULDOSRUWRQWKHFRPSXWHUXVHGIRU
LQVWDOODWLRQWRWKHVHULDOSRUWIRUZULWLQJGDWDRQWKHLQVWUXPHQWZLWKWKHILUPZDUH
EHLQJXSGDWHG7KHVHULDOSRUWIRUZULWLQJGDWDWRWKHLQVWUXPHQWLVORFDWHGLQHLWKHU
RIWKHORFDWLRQVVKRZQEHORZ 

x SLQ'6XEFRQQHFWRU-RQWKH021,725,)ERDUGLQVWDOOHGLQWKHPRQLWRU
FDUW


&KDSWHU














x SLQ'6XEFRQQHFWRU-&21RU-0&RQWKH:+$&217ERDUG














 6ZLWFKWKHLQVWUXPHQWSRZHU21 
 6WDUW:KD:ULWH 


   7HFKQLFDO'HVFULSWLRQ

 &OLFNWKH>8VHU3URJUDP0RGH@WDE 

 &OLFN>%URZVH@VHOHFWWKHILUPZDUHGDWDILOHWREHXVHGWRXSGDWHWKH
ILUPZDUHWKHQFOLFN>2SHQ@ 

7KLVVKRZV³:KD&RQWV´EXWDFWXDOILOHZLOO
EHRIIRUP:+$ (9[[[6ZKHUH³ ´
LQGLFDWHWKHPRGHODQG³[[[´WKHYHUVLRQ


&KDSWHU

 &OLFN>&RQQHFWLRQ6WDUW@WRVHQGWKHILUPZDUHZULWLQJSURJUDPWRWKH
:+$&217ERDUG 


,IWKHZULWLQJSURJUDPLVQRWVHQWWRWKHERDUGDIWHUFOLFNLQJ>&RQQHFWLRQ6WDUW@ WKH
SURJUHVVEDUDWWKHERWWRPRIWKHZLQGRZGRHVQRWFKDQJH H[HFXWHWKHSURFHGXUH
LQ)RUFHG2YHUZULWLQJRI:+$&217)LUPZDUH 

 :KHQWKHILUPZDUHZULWLQJSURJUDPLVILQLVKHGEHLQJVHQWLWFRPSDUHVWKH
FXUUHQWDQGXSGDWHGILUPZDUHDQGGLVSOD\V>8SGDWHG@QH[WWRDGGUHVV
VSDFHVZLWKFKDQJHV$GGUHVVVSDFHVLQGLFDWHGDV>8SGDWHG@DUHWKH
SRUWLRQVRIWKHILUPZDUHWKDWQHHGWREHXSGDWHG 

2QO\XSSHUWZRIRU$&7,92
EXWDOOIRXUIRU3/(12


6HOHFWWKHFKHFNER[HVFRUUHVSRQGLQJWRDGGUHVVVSDFHVWREHXSGDWHG7KHQFOLFN
>:ULWH@ 


   7HFKQLFDO'HVFULSWLRQ

 :KHQWKH>:ULWH@EXWWRQLVFOLFNHGWKHSURJUDPVWDUWVZULWLQJWKHILUPZDUH
'RQRWVZLWFKWKHLQVWUXPHQWSRZHU2))XQWLOWKHILUPZDUHLVILQLVKHGEHLQJ
ZULWWHQ 

:KHQWKHILUPZDUHLVILQLVKHGEHLQJZULWWHQWKHIROORZLQJGLDORJER[LV
GLVSOD\HG 


&OLFN>2.@WRFORVHWKHGLDORJER[WKHQ>&ORVH@WRFORVHWKH:KD:ULWHSURJUDP 

6ZLWFKWKHLQVWUXPHQWSRZHU2))WKHQEDFN21DJDLQ0DNHVXUHWKH
LQVWXPHQWIXQFWLRQVQRUPDOO\DQGXVHWKHDGMXVWPHQWVRIWZDUHWRFRQILUP
WKDWWKHILUPZDUHYHUVLRQZDVXSGDWHG 


&KDSWHU

 )RUFHG2YHUZULWLQJRI:+$&217)LUPZDUH
,IWKHILUPZDUHZDVQRWFRPSOHWHO\ILQLVKHGEHLQJZULWWHQVXFKDVZKHQWKHSRZHULV
VKXW2))GXULQJILUPZDUHZULWLQJWKHXSGDWHSURFHGXUHGHVFULEHGLQWKHSUHYLRXV
VHFWLRQFDQQRORQJHUEHXVHG,IWKLVRFFXUVXVHWKHIROORZLQJSURFHGXUHWRIRUFH
RYHUZULWHWKHILUPZDUH,IWKHXSGDWHSURFHVVLQZDVVXFFHVVIXOWKHIROORZLQJ
VWHSVDUHQRWQHFHVVDU\ 
 6ZLWFK',36:RQWKH:+$&217ERDUG217KHQVZLWFKWKH
LQVWUXPHQWSRZHU21 














 6WDUW:KD:ULWH 


   7HFKQLFDO'HVFULSWLRQ

 &OLFNWKH>8VHU3URJUDP0RGH@WDE 

 &OLFN>%URZVH@VHOHFWWKHILUPZDUHGDWDILOHWREHXVHGWRXSGDWHWKH
ILUPZDUHWKHQFOLFN>2SHQ@ 


&KDSWHU

 &OLFN>&RQQHFWLRQ6WDUW@WRVHQGWKHILUPZDUHZULWLQJSURJUDPWRWKH
:+$&217ERDUG 


,IWKHZULWLQJSURJUDPLVQRWVHQWWRWKHERDUGDIWHUFOLFNLQJ>&RQQHFWLRQ
6WDUW@ WKHSURJUHVVEDUDWWKHERWWRPRIWKHZLQGRZGRHVQRWFKDQJH 
H[HFXWHWKHSURFHGXUHLQ,QLWLDOL]LQJWKH:+$&217,QWHUQDO
)ODVK520 

 :KHQWKHILUPZDUHZULWLQJSURJUDPLVILQLVKHGEHLQJVHQWLWFRPSDUHVWKH
FXUUHQWDQGXSGDWHGILUPZDUHDQGGLVSOD\V>8SGDWHG@QH[WWRDGGUHVV
VSDFHVZKHUHFKDQJHVZHUHPDGH$GGUHVVVSDFHVLQGLFDWHGDV>8SGDWHG@
DUHWKHSRUWLRQVRIWKHILUPZDUHWKDWQHHGWREHXSGDWHG 


6HOHFWWKHFKHFNER[HVFRUUHVSRQGLQJWRDGGUHVVVSDFHVWREHXSGDWHG
7KHQFOLFN>:ULWH@ 


   7HFKQLFDO'HVFULSWLRQ

 :KHQWKH>:ULWH@EXWWRQLVFOLFNHGWKHSURJUDPVWDUWVZULWLQJWKHILUPZDUH
'RQRWVZLWFKWKHLQVWUXPHQWSRZHU2))XQWLOWKHILUPZDUHLVILQLVKHGEHLQJ
ZULWWHQ 

 :KHQWKHILUPZDUHLVILQLVKHGEHLQJZULWWHQWKHIROORZLQJGLDORJER[LV
GLVSOD\HG 


&OLFN>2.@WRFORVHWKHGLDORJER[WKHQ>&ORVH@WRFORVHWKH:KD:ULWH
SURJUDP 
 6ZLWFKWKHLQVWUXPHQWSRZHU2))DQGVZLWFK',36:RQWKH
:+$&217ERDUGWR2)) 
6ZLWFKWKHSRZHUEDFN210DNHVXUHWKHLQVWXPHQWIXQFWLRQVQRUPDOO\DQG
XVHWKHDGMXVWPHQWVRIWZDUHWRFRQILUPWKDWWKHILUPZDUHYHUVLRQZDV
XSGDWHG 


&KDSWHU

 ,QLWLDOL]LQJWKH:+$&217,QWHUQDO)ODVK520
,IWKH&38LQWHUQDOIODVK520ZDVQRWLQLWLDOL]HGGXHWRLQVWDOOLQJDQHZERDUGRURWKHU
UHDVRQXVHWKHIROORZLQJSURFHGXUHWRLQLWLDOL]HWKHIODVK520LQWKH&38,IWKHXSGDWH
SURFHVVLQRUZDVVXFFHVVIXOWKHIROORZLQJVWHSVDUHQRW
QHFHVVDU\ 

 6ZLWFK',36:DQGRQWKH:+$&217ERDUGWR217KHQ
VZLWFKWKHLQVWUXPHQWSRZHU21 














2))  0 2))  0

 0  0

 0  0

 0'  0'

 0'  0'

 0'  0'

 0'  0'

 ):3  ):3

6: 


 6WDUW:KD:ULWH 


   7HFKQLFDO'HVFULSWLRQ

 &OLFNWKH>%RRW0RGH@WDE 

 &OLFN>%URZVH@VHOHFWWKHILUPZDUHGDWDILOHWREHXVHGWRXSGDWHWKH
ILUPZDUHWKHQFOLFN>2SHQ@ 


&KDSWHU

 &OLFN>&RQQHFWLRQ6WDUW@WRVHQGWKHILUPZDUHZULWLQJSURJUDPWRWKH
:+$&217ERDUG 


 :KHQWKHILUPZDUHZULWLQJSURJUDPLVILQLVKHGEHLQJVHQWLWGLVSOD\V
>8SGDWHG@QH[WWRDGGUHVV%XLOWLQ520VSDFHWKDWKDVFKDQJHG 


0DNHVXUHWKHFRUUHVSRQGLQJFKHFNER[HVIRUWKHLQWHUQDO520VSDFHVWKHQ
FOLFN>:ULWH@ 


   7HFKQLFDO'HVFULSWLRQ

 :KHQWKH>:ULWH@EXWWRQLVFOLFNHGWKHSURJUDPVWDUWVZULWLQJWKHILUPZDUH
'RQRWVZLWFKWKHLQVWUXPHQWSRZHU2))XQWLOWKHILUPZDUHLVILQLVKHGEHLQJ
ZULWWHQ 


 :KHQWKHILUPZDUHLVILQLVKHGEHLQJZULWWHQWKHIROORZLQJGLDORJER[LV
GLVSOD\HG 


&OLFN>2.@WRFORVHWKHGLDORJER[WKHQ>&ORVH@WRFORVHWKH:KD:ULWH
SURJUDP 
 6ZLWFKWKHLQVWUXPHQWSRZHU2))DQGVZLWFK',36:DQG',36:RQ
WKH:+$&217ERDUGWR2)) 
2))  0 2))  0

 0  0

 0  0

 0'  0'

 0'  0'

 0'  0'

 0'  0'

 ):3  ):3


2YHUZULWHWKH:+$&217ILUPZDUHE\IROORZLQJWKHSURFHGXUHLQ
)RUFHG2YHUZULWLQJRI:+$&217)LUPZDUH 

&RQILUPWKDWWKHLQVWUXPHQWIXQFWLRQVSURSHUO\ 


&KDSWHU


 

 7URXEOHVKRRWLQJ


&KDSWHU&RQWHQWV

 /LVWRI:DUQLQJ0HVVDJHV

 /LVWRI(UURU0HVVDJHV

 'HVFULSWLRQRI6SHFLILF(UURU0HVVDJHV

 +RZWR&RQILUP(UURU0HVVDJH+LVWRU\

 7URXEOHVKRRWLQJ


 'RHV1RW6WDUW
 1R,PDJH$SSHDUV
 1R;5D\V(PLWWHG
 1R;5D\(PLVVLRQ)LODPHQW3UREOHP
 1R;5D\(PLVVLRQ,QYHUWHU%RDUG3UREOHP
 6RXQGRI(OHFWULFDO'LVFKDUJH)URP0RQR7DQN
 1R,PDJH$SSHDUV;5D\(PLVVLRQ2.
 1R,PDJHDQG;5D\2.,$3UREOHP
 &ROOLPDWRURU2SWLFDO6\VWHP0DOIXQFWLRQV
 'RHV1RW5ROO6WUDLJKW
 (OHFWURPDJQHWLF/RFN'RHV1RW8QORFN

 ([DPSOHVRI2WKHU3UREOHPV






   7URXEOHVKRRWLQJ

 /LVWRI:DUQLQJ0HVVDJHV

1RWHWKDWHYHQPHVVDJHVZLWKWKHVDPHPHDQLQJPD\EHGLVSOD\HGVOLJKWO\GLIIHUHQWO\
IRU$&7,92DQG3/(12PRGHOV 
 $SSOLFDEOH 'HVFULSWLRQ &RUUHFWLYH$FWLRQ
0RGHO
+($7 $&7,92 7HPSHUDWXUHGHWHFWHGE\ $VORQJDVWKH>+($7@PHVVDJHLVGLVSOD\HG
VHQVRUVRXWVLGHWKHPRQR UDGLRORJ\LVGLVDEOHG)OXRURVFRS\VKXWVRII
WDQNH[FHHGVƒ&  ZKHQWKH+($7LVGLVSOD\HGEXWFDQEH
UHVWDUWHGE\SUHVVLQJWKHIRRWVZLWFK,WFDQ
WKHQEHRSHUDWHGIRUDSHULRGVSHFLILHGYLD
WKHDGMXVWPHQWVRIWZDUH GHIDXOWVHWWLQJLV
VHFRQGV ZKHUHDGLVSOD\LQGLFDWHVWKH
UHPDLQLQJWLPHDYDLODEOH:KHQWKH
UHPDLQLQJWLPHUHDFKHV]HURIOXRURVFRS\LV
GLVDEOHGDVZHOODQGZLOOUHPDLQGLVDEOHGXQWLO
WKH+($7ZDUQLQJLVFDQFHOHG 
&22/ $&7,92 )RUUDGLRORJ\KHDWXQLWV :DLWXQWLOWKHFRROLQJWLPHGLVSOD\UHDFKHV
+8 DUHFDOFXODWHGIRUWKH ]HUR 
DQRGHWKHQWKLVPHVVDJH
LVGLVSOD\HGDORQJZLWKWKH
WLPHQHFHVVDU\IRUFRROLQJ 
+8 $&7,92 7KHKHDWFDSDFLW\RIWKH 5HGXFHWKHH[SRVXUHSDUDPHWHUV 
DQRGHKDVEHHQH[FHHGHG
'225 $&7,92 'RRUVZLWFKWHUPLQDORQWKH &ORVHWKHGRRU 
021,725,)ERDUGLV
XQVKRUWHG 
&RQQHFWRU 3/(12 'LVSOD\HGZKHQVLJQDO &RQILUPVWDWXVRIFDUWFDEOHFRQQHFWRUFRYHU 
&RYHU2SHQ IURPPLFURVZLWFKIRUFDUW
FDEOHFRQQHFWRUFRYHULV
QRWFRQILUPHG 
+829(5 3/(12 7KHKHDWFDSDFLW\RIWKH 5HGXFHWKHH[SRVXUHSDUDPHWHUV 
DQRGHKDVEHHQH[FHHGHG
+829(5 3/(12 $QRGHKHDWFDSDFLW\ZLOOEH 5HGXFHWKHH[SRVXUHSDUDPHWHUV 
$GYDQFH H[FHHGHGLISURJUDPPHG
:DUQLQJ VHTXHQFHLVH[HFXWHG 
;5D\7XEH 3/(12 7HPSHUDWXUHGHWHFWHGE\ $VORQJDVWKH>+($7@PHVVDJHLVGLVSOD\HG
8QLW VHQVRUVRXWVLGHWKHPRQR UDGLRORJ\LVGLVDEOHG)OXRURVFRS\VKXWVRII
7HPSHUDWXUH WDQNH[FHHGVƒ&  ZKHQWKH+($7LVGLVSOD\HGEXWFDQEH
UHVWDUWHGE\SUHVVLQJWKHIRRWVZLWFK,WFDQ
WKHQEHRSHUDWHGIRUDSHULRGVSHFLILHGYLD
WKHDGMXVWPHQWVRIWZDUH GHIDXOWVHWWLQJLV
VHFRQGV ZKHUHDGLVSOD\LQGLFDWHVWKH
UHPDLQLQJWLPHDYDLODEOH:KHQWKH
UHPDLQLQJWLPHUHDFKHV]HURIOXRURVFRS\LV
GLVDEOHGDVZHOODQGZLOOUHPDLQGLVDEOHGXQWLO
WKH+($7ZDUQLQJLVFDQFHOHG 
'22523(1 3/(12 'RRUVZLWFKWHUPLQDORQWKH &ORVHWKHGRRU 
021,725,)ERDUGLV
XQVKRUWHG 



&KDSWHU

 /LVWRI(UURU0HVVDJHV

 'HVFULSWLRQ &RUUHFWLYH$FWLRQ
(U &38([FHSWLRQ 5HSODFH:+$&217ERDUG 
0DOIXQFWLRQRFFXUUHGGXULQJVRIWZDUHH[HFXWLRQ,I&38
IDLOVWKLVHUURUFRGHPD\RQO\EHGLVSOD\HGRQHUURUORJ 
(U &38%RDUG3RZHU6XSSO\(UURU 5HSODFH:+$&217ERDUG 
9VXSSO\RQ:+$&217ERDUGLV9RU
OHVV'HWHFWHGE\KDUGZDUHRQFLUFXLWERDUG 
(U 3/(122QO\ 5HSODFH/&'&217ERDUG 
9VXSSO\RQ/&'&217ERDUGLV9RUOHVV
9LVFUHDWHGIURP9RQ/&'&217ERDUG(UURU
VLJQDOGHWHFWHGE\KDUGZDUHRQ/&'&217ERDUGLV
VHQWWRWKH:+$ERDUG6LQFHWKLVGLVDEOHV/&'GLVSOD\
HUURUPHVVDJHRQO\LVGLVSOD\HGLQ(UURU/RJ 
(U 3/(122QO\ 5HSODFH/&'&217ERDUG 
9VXSSO\RQ/&'&217ERDUGLV9RU
OHVV6DPHDV(U 
(U 93RZHU6XSSO\(UURU 'HWHUPLQHHUURUORFDWLRQE\
9VXSSO\RQ:+$&217ERDUGLV9RU UHIHUHQFLQJ&$UP&DUW'&
OHVV'HWHFWHGE\KDUGZDUHRQ:+$&217ERDUG  3RZHU6XSSO\'LDJUDPLQ
7HFKQLFDO'HVFULSWLRQVHFWLRQ 
(U 93RZHU6XSSO\(UURU 'HWHUPLQHHUURUORFDWLRQE\
9VXSSO\RQ:+$&217ERDUGLVRUOHVV UHIHUHQFLQJ&$UP&DUW'&
'HWHFWHGE\KDUGZDUHRQ:+$&217ERDUG  3RZHU6XSSO\'LDJUDPLQ
7HFKQLFDO'HVFULSWLRQVHFWLRQ 
(U 93RZHU6XSSO\(UURU 'HWHUPLQHHUURUORFDWLRQE\
&DQQRWGHWHFW9VXSSO\RQ:+$&217ERDUG UHIHUHQFLQJ&$UP&DUW'&
'HWHFWHGE\KDUGZDUHRQ:+$&217ERDUG:LWKRXW 3RZHU6XSSO\'LDJUDPLQ
9VXSSO\DQDORJFLUFXLWZLOORVFLOODWHDQGUHVXOWLQ 7HFKQLFDO'HVFULSWLRQVHFWLRQ 
DEQRUPDOEHKDYLRU 
(U 93RZHU6XSSO\(UURU 'HWHUPLQHHUURUORFDWLRQE\
9VXSSO\RQ:+$&217ERDUGLVRUOHVV UHIHUHQFLQJ&$UP&DUW'&
'HWHFWHGE\KDUGZDUHRQ:+$&217ERDUG  3RZHU6XSSO\'LDJUDPLQ
7HFKQLFDO'HVFULSWLRQVHFWLRQ 
(U :+$)3*$(UURU 5HSODFH:+$&217ERDUG 
)3*$LQLWLDOL]DWLRQIDLOXUHRQ:+$&217ERDUG1R 
VHYHQVHJPHQWGLVSOD\/RJRQO\ 
1RUPDOO\ZKHQWKH&38ZULWHV FRQILJXUHV )ODVK520
GDWDWRDQ)3*$WKH)3*$RXWSXWVDGRQHVLJQDOEXW
QRGRQHPHVVDJHZDVUHFHLYHG 
(U 3/(122QO\ 5HSODFH/&'&217ERDUG 
/&')3*$(UURU
)3*$LQLWLDOL]DWLRQIDLOXUHRQ/&'&217ERDUG
1RUPDOO\ZKHQWKH&38ZULWHV FRQILJXUHV )ODVK520
GDWDWRDQ)3*$WKH)3*$RXWSXWVDGRQHVLJQDOEXW
QRGRQHPHVVDJHZDVUHFHLYHG 
(U ,QFRPSDWLEOH:+$&217%RDUG9HUVLRQ &KDQJH:+$&217ERDUGRU
:+$&217ERDUGYHUVLRQLVQRWFRPSDWLEOHZLWK VRIWZDUH 
VRIWZDUHYHUVLRQ&RPSDWLELOLW\ZLWKVRIWZDUHLV
GHWHUPLQHGE\XVLQJKDUGZDUHWRGHWHFW:+$&217
ERDUGYHUVLRQ&XUUHQWO\RQO\RFFXUVLI$&7,92'LV
FRPELQHGZLWKROGHU:+$&217ERDUGV 


   7URXEOHVKRRWLQJ

 'HVFULSWLRQ &RUUHFWLYH$FWLRQ
(U ,QFRPSDWLEOH/&'&217%RDUG9HUVLRQ 1RWXVHG
/&'&217ERDUGYHUVLRQLVQRWFRPSDWLEOHZLWK
VRIWZDUHYHUVLRQ 
(U ,QFRPSDWLEOH07&217%RDUG9HUVLRQ 1RWXVHG
07&217ERDUGYHUVLRQLVQRWFRPSDWLEOHZLWK
VRIWZDUHYHUVLRQ 
(U ,QFRPSDWLEOH,&217$%RDUG9HUVLRQ 1RWXVHG
,&217$ERDUGYHUVLRQLVQRWFRPSDWLEOHZLWK
VRIWZDUHYHUVLRQ 
(U ,QFRPSDWLEOH,&217%%RDUG9HUVLRQ 1RWXVHG
,&217%ERDUGYHUVLRQLVQRWFRPSDWLEOHZLWK
VRIWZDUHYHUVLRQ 
(U 6RIWZDUH9HUVLRQLV,QFRPSDWLEOH &RQILUP'LS6:PRGHOVHWWLQJ
7KLVVRIWZDUHYHUVLRQLVQRWFRPSDWLEOHZLWKWKLVPRGHO 6RIWZDUHPXVWEHXSGDWHG 
3/(12$&7,92'$&7,92  
0HDQVILUPZDUHPXVWEHXSGDWHG 
(U ,QYHUWHU&XUUHQW(UURU ,329(5  6HH'HVFULSWLRQRI6SHFLILF
,QYHUWHUFXUUHQWLQH[FHVVRI$ZDVGHWHFWHGRQ3: (UURU0HVVDJHV 
&217ERDUG 
(U )LODPHQW+HDW6HWWLQJ(UURU ,)6729(5  6HH'HVFULSWLRQRI6SHFLILF
+HDWLQJVHWWLQJFXUUHQWLQH[FHVVRI$ZDVGHWHFWHGRQ (UURU0HVVDJHV 
3:&217ERDUG 
3XUSRVHLVWRSURWHFWILODPHQW 
(U )LODPHQW0HDVXUHG+HDW(UURU ,)929(5  6HH'HVFULSWLRQRI6SHFLILF
'HWHFWHGPHDVXUHGKHDWLQJFXUUHQWLQH[FHVVRI$RQ (UURU0HVVDJHV 
3:&217ERDUG3XUSRVHLVWRSURWHFWILODPHQW 
(U 7XEH9ROWDJH(UURU 7.929(5  6HH'HVFULSWLRQRI6SHFLILF
0HDVXUHGWXEHYROWDJHLQH[FHVVRIN9ZDV (UURU0HVVDJHV 
GHWHFWHGRQ3:&217ERDUG 
(U ,QYHUWHU9ROWDJH(UURU PDLQFDSDFLWRUYROWDJH  &RQILUP7WUDQVIRUPHULQSXW
,QYHUWHUYROWDJHH[FHHGHG9WR9UDQJH  FRQQHFWLRQRUUHDGMXVW3:&217
$'FRQYHUWHGYROWDJHYDOXHLVGHWHUPLQHGYLDVRIWZDUH  
(U &RPPXQLFDWLRQ(UURU%HWZHHQ%RDUGV 6HH'HVFULSWLRQRI6SHFLILF
&RPPXQLFDWLRQIDLOHGEHWZHHQ:+$&217DQG (UURU0HVVDJHV 
07&217,&217$ERDUGV 
(U :+$&217,&%XV(UURU 5HSODFHWKH:+$&217
$Q,&EXVHUURURFFXUUHGRQWKH:+$&217 ERDUG 
ERDUG$35DQG'$ZLOOVWRSIXQFWLRQLQJ6LQFHWXEH
YROWDJHVHWWLQJVFDQQRWEHHQWHUHGLWSUREDEO\ZLOOQRWEH
SRVVLEOHWRRSHUDWHWKHLQVWUXPHQWLIWKLVSUREOHPVKRXOG
RFFXU7KH((3520WKDWFRQWDLQVLQYHUWHUWHPSHUDWXUH
VHQVRUDQGUHDOWLPHFORFNGDWDLVFRQQHFWHGDVZHOO
7KLVHUURUFDQRFFXULIWKH:+$&217ERDUGRUHYHQWKH
VRIWZDUHPDOIXQFWLRQV,IWKHVRIWZDUHPDOIXQFWLRQVLW
PD\IL[HGE\UHERRWLQJ 
(U ,QYHUWHU7HPSHUDWXUH6HQVRU(UURU 6HH'HVFULSWLRQRI6SHFLILF
$QLQYHUWHUWHPSHUDWXUHVHQVRUHUURUZDVGHWHFWHG  (UURU0HVVDJHV 
(U ,QYHUWHU7HPSHUDWXUH(UURU 6HH'HVFULSWLRQRI6SHFLILF
,QYHUWHUWHPSHUDWXUHH[FHHGHGƒ&9DOXHIURP (UURU0HVVDJHV 
LQYHUWHUWHPSHUDWXUHVHQVRULV$'FRQYHUWHGRQWKH
:+$&217DQGGHWHUPLQDWLRQLVPDGHE\VRIWZDUH 


&KDSWHU

 'HVFULSWLRQ &RUUHFWLYH$FWLRQ
(U 7XEH7HPSHUDWXUH6HQVRU(UURU 6HH'HVFULSWLRQRI6SHFLILF
7XEHWHPSHUDWXUHVHQVRUHUURUZDVGHWHFWHG  (UURU0HVVDJHV 
(U 2FWDJRQDO&ROOLPDWRU(UURU 6HH'HVFULSWLRQRI6SHFLILF
&DQQRWILQLVKFDOLEUDWLQJRFWDJRQDOFROOLPDWRUSRVLWLRQ  (UURU0HVVDJHV 
(U 3DUDOOHO&ROOLPDWRU(UURU 6HH'HVFULSWLRQRI6SHFLILF
&DQQRWILQLVKFDOLEUDWLQJSDUDOOHOFROOLPDWRUSRVLWLRQ  (UURU0HVVDJHV 
(U )LOWHU3RVLWLRQ(UURU 6HH'HVFULSWLRQRI6SHFLILF
&DQQRWILQLVKFDOLEUDWLQJILOWHUSRVLWLRQ  (UURU0HVVDJHV 
(U &DPHUD0RWRU(UURU 6HH'HVFULSWLRQRI6SHFLILF
&DQQRWILQLVKFDOLEUDWLQJFDPHUDSRVLWLRQ  (UURU0HVVDJHV 
(U ,ULV(UURU 1RWXVHG
,ULVLVQRWIXQFWLRQLQJ 
(U 0HPEUDQH3DQHO(UURU 1RWXVHG
(U ([SRVXUH6ZLWFK(UURU 1RWXVHG
(U )OXRURVFRS\7LPHU(UURU :+$&217PD\EHGHIHFWLYH
)OXRURVFRS\FRQWUROORJLFLVQRWIXQFWLRQLQJSURSHUO\
6RIWZDUHUXQVRXWRIFRQWURO 
(U ([SRVXUH7LPHU(UURU :+$&217PD\EHGHIHFWLYH
([SRVXUHFRQWUROORJLFLVQRWIXQFWLRQLQJSURSHUO\6LQFH
FXUUHQWO\WKHUHLVQRSKRWRWLPHUWKLVLVH[WUHPHO\
XQOLNHO\ 
(U /RZ%DWWHU\9ROWDJH 5HSODFHWKHEDWWHU\ 
9ROWDJHRIEDWWHU\RQ:+$&217ERDUGLV9RU
OHVV6LQFHQRFKHFNSLQLVSURYLGHGRQWKHERDUGWKLV
UHTXLUHVPHDVXULQJWKHEDWWHU\GLUHFWO\7KHEDWWHU\
SURYLGHVEDFNXSSRZHUIRUWKHHUURUORJUHDOWLPHFORFN
DQGKHDWXQLW,IWKHKHDWXQLWFDQQRWEHFRQWUROOHGWKHUH
LVQRZD\WRSUHYHQWRYHUKHDWLQJWKHDQRGH 
(U ((3520(UURU 6HH'HVFULSWLRQRI6SHFLILF
((3520YDOXHVRQWKH:+$&217ERDUGDUH (UURU0HVVDJHV 
DEQRUPDO 




   7URXEOHVKRRWLQJ

 'HVFULSWLRQRI6SHFLILF(UURU0HVVDJHV

(U
([SODQDWLRQ
,QYHUWHUFXUUHQWLQH[FHVVRI$ZDVGHWHFWHGRQ3:&217ERDUG 
&RUUHFWLYH$FWLRQ
$3:0FRQWUROHUURUFRXOGFDXVHWKHLQYHUWHUFXUUHQWWRLQFUHDVH0DNHVXUHWKH3:
&217SXOVHLVDGMXVWHGDVGHVFULEHGLQ$GMXVWLQJ,QYHUWHUFRQWUROFLUFXLW
$GMXVWPHQWV,I&3RQWKH:+$&217ERDUGGRHVQRWLQGLFDWHDN+]SXOVHWKH
:+$&217ERDUGLVGHIHFWLYH,IQRUPDOWKHUHPD\EHDSUREOHPZLWKWKH3:&217
ERDUGZKLFKFRQWUROVWKHSXOVHZLGWK 

(U
([SODQDWLRQ
+HDWLQJVHWWLQJFXUUHQWLQH[FHVVRI$ZDVGHWHFWHGRQ3:&217ERDUG 
&RUUHFWLYH$FWLRQ
7KLVSUREOHPFDQRFFXUZKHQ,)67LVLQFUHDVHGLQDQHIIRUWWRLQFUHDVHILODPHQWFXUUHQW
RUWXEHFXUUHQWLQUHVSRQVHWRORZ,)9RUORZ7P$FDXVHGE\ILODPHQWSUREOHPVRURWKHU
IDFWRUV 
x ,IWKHHUURURFFXUVLQVWDQGE\PRGHRUGXULQJSXOVHIOXRURVFRS\LWPD\EHEHFDXVH
QRILODPHQWKHDWLQJFXUUHQWLVIORZLQJVXFKDVGXHWRDEURNHQILODPHQW 
x ,ILWRFFXUVGXULQJ'&IOXRURVFRS\LWPD\EHEHFDXVHQR;UD\VDUHEHLQJHPLWWHG
VXFKDVZKHQKLJKYROWDJHLVQRWJHQHUDWHG 

(U
([SODQDWLRQ
'HWHFWHGPHDVXUHGKHDWLQJFXUUHQWLQH[FHVVRI$RQ3:&217ERDUG3XUSRVH
LVWRSURWHFWILODPHQW 
&RUUHFWLYH$FWLRQ
7KLVHUURUPD\EHGXHWRDQ)95RU)9)DGMXVWPHQWSUREOHP7KHUHIRUHUHDGMXVW)95
DQG)9),IUHDGMXVWPHQWGRHVQRWVROYHWKHSUREOHPLWPD\EHGXHWR  DQ,)67
RXWSXWHUURURQWKH:+$&217ERDUGRU  RVFLOODWLRQQRWEHLQJJHQHUDWHGDFFRUGLQJ
WRWKH,)677KHUHIRUHUHSODFHWKH:+$&217ERDUGWKHQWKH,19(57(5ERDUG
LQWKDWRUGHU 

(U
([SODQDWLRQ
0HDVXUHGWXEHYROWDJHLQH[FHVVRIN9ZDVGHWHFWHGRQ3:&217ERDUG 
&RUUHFWLYH$FWLRQ
0D\EHFDXVHGE\DSXOVHZLGWKFRQWUROHUURU,I3N9LVDEQRUPDOUHSODFHWKH:+$
&217ERDUG,IWKH7N9RU7P$ZDYHIRUPLVDEQRUPDOWKHSUREOHPFRXOGEHGXHWRD
3:&217ERDUGHUUR 


&KDSWHU


(U
([SODQDWLRQ
56FRPPXQLFDWLRQIDLOHGEHWZHHQ:+$&217DQG
07&217,&217$ERDUGV,IFRPPXQLFDWLRQZLWKWKH07&217ERDUGLV
LQWHUUXSWHGWKHFROOLPDWRUZLOOEHIXOO\FORVHGRQ9HUVLRQVDQGHDUOLHUDQGIXOO\RSHQ
RQ9HUVLRQVDQGODWHU,IFRPPXQFDWLRQZLWKWKH,7$&217ERDUGLVLQWHUUXSWHGWKH
LULVZLOOEHVHWWRLWVGHIDXOWYDOXH KDOIZD\RSHQ VRLWZLOOUHPDLQRSHUDEOH;UD\VFDQ
VWLOOEHHPLWWHG 
&RUUHFWLYH$FWLRQ
)LUVWFRQILUPZKHWKHU7;DQG5;DUHIODVKLQJYLJRURXVO\RQWKHWKUHHFLUFXLWEDRUGV,I
WKHFLUFXLWZDVEURNHQ5;ZLOOQRWLOOXPLQDWH,IQHLWKHULVLOOXPLQDWHGWKHQWKHFLUFXLW
ERDUGLVGHIHFWLYH7KRXJKWKHVLJQDOLVVHQWEHWZHHQ:+$DQG07RU:+$DQG,7$
LQWHUPVRIKDUGZDUHWKH\DUHFRQQHFWHGE\DVLQJOHZLUHOHDGLQJIURP:+$WR07WKHQ
WR,7% 
$QGSOHDVHUHIHUWR=&+,(
(U
([SODQDWLRQ
,QGLFDWHVDQLQYHUWHUWHPSHUDWXUHVHQVRUKDVIDLOHGLQWKHRSHQVWDWHRUWKHUHLVD
EURNHQFLUFXLW,IDVKRUWFLUFXLWKDGRFFXUUHGDWWKHVHQVRUD]HURGHJUHHWHPSHUDWXUH
ZRXOGEHLQGLFDWHGZKLFKZRXOGQRWUHVXOWLQDQHUURU 
&RUUHFWLYH$FWLRQ
8VH3&0DLQWHQDQFH7RROWRREVHUYHWKHWHPSHUDWXUHUHFRJQL]HGE\WKH&38,IWKH
VHQVRULQGLFDWHVDWHPSHUDWXUHRIƒ&LWPHDQVWKHUHLVDEURNHQFLUFXLW$VDQ
LPPHGLDWHPHDVXUHWKHVHQVRUFDQEHVKRUWHGWRDOORZXVLQJWKHLQYHUWHUEXWWKLVGRHV
QRWDFFRPSOLVKLWVLQWHQGHGIXQFWLRQRIPHDVXULQJWKHLQYHUWHUWHPSHUDWXUH7KHUHIRUH
RQO\XVHWKLVDVDQHPHUJHQF\PHDVXUH 










   7URXEOHVKRRWLQJ


(U
([SODQDWLRQ
,QYHUWHUWHPSHUDWXUHH[FHHGHGƒ&9DOXHIURPLQYHUWHUWHPSHUDWXUHVHQVRULV$'
FRQYHUWHGRQWKH:+$&217ERDUGDQGGHWHUPLQDWLRQLVPDGHE\VRIWZDUH 
&RUUHFWLYH$FWLRQ
-XVWDVIRU(UYHULI\WKHWHPSHUDWXUHUHFRJQL]HGE\WKH&38$FWXDOFDXVHRI
LQFUHDVHGLQYHUWHUWHPSHUDWXUHFRXOGEHWKDWWKHIDQLVQRWURWDWLQJ 

(U
([SODQDWLRQ
,QGLFDWHVPRQRWDQNH[WHULRUWHPSHUDWXUHVHQVRULVQRWDWWDFKHGRULWKDVDEURNHQFLUFXLW
$OOWKUHHKDYHEURNHQFLUFXLWV,IRQO\WZRWKH\ZRXOGEHDYHUDJHGDQGFRQWLQXHWR
IXQFWLRQ,IDVKRUWFLUFXLWKDGRFFXUUHGDWWKHVHQVRUD]HURGHJUHHWHPSHUDWXUHZRXOG
EHLQGLFDWHGZKLFKZRXOGQRWUHVXOWLQDQHUURU 
&RUUHFWLYH$FWLRQ
-XVWDVIRU(UXVH3&0DLQWHQDQFH7RROWRREVHUYHWKHWHPSHUDWXUHUHFRJQL]HGE\
WKH&38$VHQVRUWHPSHUDWXHURIƒ&LQGLFDWHVDEURNHQFLUFXLWRUWKHUHLVQRVLJQDO
IURPWKHVHQVRU$VDQLPPHGLDWHPHDVXUHVKRUWLQJWKHVHQVRUZLOODOORZXVLQJWKH
PRQRWDQN7KLVZLOOGLVDEOHWKHWHPSHUDWXUHGLVSOD\EXWDVHQVRULQVLGHWKHPRQRWDQN
ZKLFKZLOOSUHYHQWGDPDJLQJWKHWXEHHYHQLIWKHWHPSHUDWXUHLQFUHDVHV 
$OVRLIWKHVHQVRUGHWHFWVDWHPSHUDWXUHEHWZHHQƒ&DQGƒ&WKHQ&38ZLOO
LQWHUSUHWLWDVDQHUURUDQGLJQRUHWKHFRUUHVSRQGLQJGDWD7KHDYHUDJHIURPWKH
UHPDLQLQJWZRVHQVRUVLVFRQVLGHUHGWKHPRQRWDQNWHPSHUDWXUH 
(U
([SODQDWLRQ
&DQQRWILQLVKFDOLEUDWLQJRFWDJRQDOFROOLPDWRUSRVLWLRQ&DOLEUDWLRQFRQVLVWVRIPRYLQJ
WKHRFWDJRQDOFROOLPDWRUWRZDUGIXOO\FORVHGSRVLWLRQDQGGHWHUPLQLQJWKHRULJLQDVWKH
SRLQWZKHUHWKHLQWHUFHSWUHDFKHVWKHVHQVRU,IQRVLJQDOLVUHFHLYHGIURPWKHVHQVRU
RULJLQSRLQWLVQRWIRXQG DQHUURURFFXUV 
&RUUHFWLYH$FWLRQ
&RQILUPZKDWDFWLRQWKHFROOLPDWRUWDNHVZKHQSRZHULVVZLWFKHG21,IWKHPRWRUGRHV
QRWURWDWHDWDOOWKHPRWRURU07&217ERDUGFRXOGEHGHIHFWLYH,IWKHPRWRUWXUQV
QRUPDOO\XVHWKHLQWHUFHSWWRPDNHVXUHWKHWKHUHGSKRWRVHQVRU/('ODPSOLWXSDQG
RII 


&KDSWHU


(U
([SODQDWLRQ
&DQQRWILQLVKFDOLEUDWLQJSDUDOOHOFROOLPDWRUSRVLWLRQ&DOLEUDWLRQFRQVLVWVRIURWDWLQJERWK
PRWRUVSDUDOOHODQGURWDWLRQXQWLOWKHLQWHUVHFWUHDFKHVWKHVHQVRUZKLFKLVFRQVLGHUHG
WKHRULJLQSRLQW,IQRVLJQDOLVUHFHLYHGIURPWKHVHQVRU RULJLQSRLQWLVQRWIRXQG DQ
HUURURFFXUV 
&RUUHFWLYH$FWLRQ
&RQILUPZKDWDFWLRQWKHFROOLPDWRUWDNHVZKHQSRZHULVVZLWFKHG21,IWKHPRWRUGRHV
QRWURWDWHDWDOOWKHPRWRURU07&217ERDUGFRXOGEHGHIHFWLYH,IWKHPRWRUWXUQV
QRUPDOO\XVHWKHLQWHUFHSWWRPDNHVXUHWKDWWKHUHGSKRWRVHQVRU/('ODPSOLWXSDQG
RII 
(U
([SODQDWLRQ
&DQQRWILQLVKFDOLEUDWLQJILOWHUSRVLWLRQ&DOLEUDWLRQFRQVLVWVRIURWDWLQJWKHPRWRUXQWLOWKH
LQWHUVHFWUHDFKHVWKHVHQVRUZKLFKLVFRQVLGHUHGWKHRULJLQSRLQW,IQRVLJQDOLVUHFHLYHG
IURPWKHVHQVRU RULJLQSRLQWLVQRWIRXQG DQHUURURFFXUV 
&RUUHFWLYH$FWLRQ
&RQILUPZKDWDFWLRQWKHILOWHUWDNHVZKHQSRZHULVVZLWFKHG21,IWKHPRWRUGRHVQRW
URWDWHDWDOOWKHPRWRURU07&217ERDUGFRXOGEHGHIHFWLYH,IWKHPRWRUWXUQVQRUPDOO\
XVHWKHLQWHUFHSWWRPDNHVXUHWKHWKHUHGSKRWRVHQVRU/('ODPSOLWXSDQGRII 
(U
([SODQDWLRQ
&DQQRWILQLVKFDOLEUDWLQJFDPHUDSRVLWLRQ 
&DOLEUDWLRQFRQVLVWVRIILUVWURWDWLQJWKHFDPHUDFRXQWHUFORFNZLVHZKHQWKHSRZHULV
VZLWFKHG21WKHQUHYHUVLQJWKHGLUHFWLRQZKHQWKHILUVWVHQVRUGHWHFWVWKHLQWHUFHSW
7KHQZKHQWKHRWKHUVHQVRUGHWHFWVWKHLQWHUFHSW ZKHUHWKHDQJOHEHWZHHQWKHWZR
VHQVRUVLVGHJUHHV WKHFDPHUDUHYHUVHVGLUHFWLRQDJDLQDQGVWRSVDWWKHPLGSRLQW
EHWZHHQWKHWZRVHQVRUVZKLFKLVFRQVLGHUHGWKHRULJLQSRLQW,IQRVHQVRUVLJQDOLV
GHWHFWHGWKHRULJLQSRLQWFDQQRWEHGHWHUPLQHGZKLFKZLOOUHVXOWLQDQHUURU 

6HQVRU

  





,QWHUVH
 FW



2ULJLQ


   7URXEOHVKRRWLQJ


&RUUHFWLYH$FWLRQ
&RQILUPZKDWDFWLRQWKHRSWLFDOV\VWHPWDNHVZKHQSRZHULVVZLWFKHG21,IWKHPRWRU
GRHVQRWURWDWHDWDOOWKHPRWRURU,&217ERDUGFRXOGEHGHIHFWLYH,IWKHPRWRU
URWDWHVEXWGRHVQRWVWRSZKHQWKHLQWHUFHSWUHDFKHVWKHSKRWRVHQVRUWKHSKRWRVHQVRU
RU,&217ERDUGFRXOGEHGHIHFWLYH 

(U
([SODQDWLRQ
((3520YDOXHVRQWKH:+$&217ERDUGDUHDEQRUPDO )RUPRUHDERXWWKH
((3520VHHWKHVHFWLRQDERXWWKH:+$&217ERDUG  
7KLVHUURURFFXUVDIWHUXSJUDGLQJWKHYHUVLRQDQGUHSODFLQJWKHERDUGLIVHWWLQJVDUHQRW
FRQILJXUHGDQGFDOLEUDWHGDQGWKHH[SHFWHGGDWDLVQRWIRXQG 
&RUUHFWLYH$FWLRQ
7KHPRVWUHOLDEOHPHDVXUHLVWRXVH3&0DLQWHQDQFH7RROWRFRQILJXUHVHWWLQJVDQG
SHUIRUPDOOFDOLEUDWLRQSURFHGXUHVWKDWVKRXOGDOUHDG\KDYHEHHQGRQH 7KLVLVQRUPDOO\
DFFRPSOLVKHGXVLQJEDFNXSGDWDEXWEDFNXSGDWDGRHVQRWLQFOXGHFROOLPDWRURU
3/(12/&'SRVLWLRQGDWD7KHUHIRUHWKH(UPHVVDJHZLOOUHPDLQDQGFDOLEUDWLRQ
PXVWEHSHUIRUPHGPDQXDOO\  
,QWHUQDO((3520HUURUVUHVXOWLQJIURPRWKHUFDXVHVPD\EHUHVROYHGE\ZULWLQJWKH
SUHVHQWGDWDWR((3520 Z UHIHUWR 


&KDSWHU

 +RZWR&RQILUP(UURU0HVVDJH+LVWRU\

7KHHUURUKLVWRU\FDQEHYLHZHGYLDWKH>(UURU/RJ@WDELQ3&0DLQWHQDQFH7RRO 




   7URXEOHVKRRWLQJ

 7URXEOHVKRRWLQJ

 'RHV1RWERRWXS

x ,VWKHSRZHUFDEOHFRQQHFWHG"
x ,VWKHSRZHUVZLWFKHG21"
x ,VWKHFLUFXLWEUHDNHURQWKHEDFNRIWKHPRQLWRUFDUWVZLWFKHG21"
x ,VWKHFDUWFDEOHFRQQHFWHG" 
x 5HIHUWR3RZHU6XSSO\212))&RQWURODQG&$UP&DUW'&3RZHU6XSSO\
'LDJUDPVRQ7HFKQLFDO'HVFULSWLRQDQGFRQILUPWKDW'&SRZHULVEHLQJVXSSOLHGWR
WKH:+$&217ERDUG 
x ,IWKHVZLWFKRQWKH&DUPFDUWNHHSVIODVKLQJDQGWKHXQLWGRHVQRWVWDUWXSSURSHUO\
WKH:+$&217ERDUGLWVHOIIDLOHGWRVWDUWXS7KLVLVQRUPDOO\UHVWRUHGE\UHERRWLQJ
,IUHERRWLQJGRHVQRWUHVROYHWKHSUREOHPWKH:+$&217ERDUGPD\EHGHIHFWLYH
$VRI2FWREHUFRUUHFWLYHVRIWZDUHLVEHLQJGHEXJJHG 

 1R,PDJH$SSHDUV

x ,VWKH>8QORFN;5D\@NH\SUHVVHG"
x ,VFROOLPDWRURSHQ"
x ,VWKHIRRWVZLWFKVLJQDOUHDFKLQJWKH:+$&217ERDUG"
o :+$&217 /' OHIWIRRWVZLWFK 
 /' ULJKWIRRWVZLWFK 
x )OXRURVFRS\LPDJHGRHVQRWDSSHDUEXWUDGLRJUDSK\LPDJHLV2. 
o +DOIRIWKH,*%7IXOOEULGJHLVGHDGRUWKHKDOIEULGJHFRQWUROV\VWHPKDV
PDOIXQFWLRQHG 
x 8VHWKHGLDJUDPEHORZWRVNLSWRWKHDSSURSULDWHSDJH 

&RQILUP7N9DQG7P$
 ZDYHIRUPRQ
 3:&217%RDUG



<(6 6NLSWR
 ,VWKHUHD 1R,PDJH
ZDYHIRUP" $SSHDUV ;5D\

(PLVVLRQ2.

12

 6NLSWR
1R;5D\V
 (PLWWHG



&KDSWHU

 1R;5D\V(PLWWHG


&RQILUP3N9DQG
,)67


12

 2."


<(6

&RQILUPIXVH)RQ
,19(57(5ERDUG

12
,VFRQWLQXLW\
5HSODFHIXVH
2."

<(6

&RQILUPZDYHIRUPDW ,V <(6

12
,*%7JDWHDFFRUGLQJ
IOXRURVFRS\ )LQLVKHG
WRPHWKRGLQ'HWDLOHG
$GMXVWPHQWV 2."

<(6 6NLSWR
,VZDYHIRUP
QRUPDO" 1R;5D\(PLVVLRQ
 )LODPHQW3UREOHP

12

'LVFRQQHFW
,19(57(5ERDUGDQG
FRQILUPSXOVHRQ3:
&217ERDUG

5HSODFH,19(57(5
<(6 ERDUGRUVNLSWR1R;
,VSXOVHQRUPDO" 5D\(PLVVLRQ
,QYHUWHU%RDUG
3UREOHP
12

&RQILUPSXOVHRQ
:+$&217ERDUG

<(6
5HSODFH3:
,VSXOVHQRUPDO"
&217ERDUG

12

5HSODFH:+$
&217ERDUG


   7URXEOHVKRRWLQJ

 1R;5D\(PLVVLRQ)LODPHQW3UREOHP

6LQFHWKH;UD\FRQHLVDOXPLQXPLWLVQRWSRVVLEOHWRYLVXDOO\FRQILUPWKHILODPHQWVWDWXV
7KHUHIRUHXVHWKHUHODWLRQVKLSEHWZHHQ,)97P$DQGWKHILODPHQWVWDWXVVXPPDUL]HG
EHORZ

 6WDWXV ,)9 7P$
3ULPDU\(QGRI %URNHQ =HUR =HUR
)LODPHQW &LUFXLW
6KRUW 1RUPDO 0LQLPDORU]HUR'HSHQGVRQGLVWDQFHWR
VKRUW 
6HFRQGDU\(QG %URNHQ 6OLJKW =HUR
RI)LODPHQW &LUFXLW
6KRUW 1RUPDO 0LQLPDORU]HUR'HSHQGVRQGLVWDQFHWR
VKRUW 

)ROORZLQJGLDJUDPLVFRQWLQXHGIURP1R;5D\(PLVVLRQ

 &RQILUPILODPHQW
KHDWLQJZDYHIRUPRQ
 ,19(57(5
1RWHWKDW
 ERDUG GLVFRQQHFWLQJ-0
UHVXOWVLQDEQRUPDO

ZDYHIRUP


,VWKHUHQR
5HSODFH
ZDYHIRUPRULV
PRQRWDQN
LWDEQRUPDO"
1RUPDO
$EQRUPDO

&RQILUPSXOVHRQ
:+$&217
ERDUG

<(6 5HSODFH
,VSXOVH
,19(57(5
QRUPDO"
ERDUG

1

5HSODFH
:+$&217
ERDUG


&KDSWHU

 1R;5D\(PLVVLRQ,QYHUWHU%RDUG3UREOHP

,IWKH,19(57(5ERDUGLVFOHDUO\GHIHFWLYHXVHWKHIROORZLQJWRGHWHUPLQHLIWKH
,*%7XQLWLWVHOILVGHIHFWLYH 

 &RQWLQXHGIURP 5HSODFH,*%7WKHQ
1R;5D\V FRQILUP,*%7
 (PLWWHG ZDYHIRUP


'LIIHUHQWFKDQQHO 6DPHFKDQQHOLV
 LVDEQRUPDO DEQRUPDO

 ,19(57(5
,VVDPHFKDQQHO
,*%7HUURU ERDUGLV
VWLOODEQRUPDO"
 GHIHFWLYH



 6RXQGRI(OHFWULFDO'LVFKDUJH6RXQG)URP0RQR7DQN

'LVFKDUJHRFFXUULQJGXHWRGHIHFWLYHYROWDJHFDSDFLW\7U\DJLQJ,IDJLQJLVQRWHIIHFWLYH
UHSODFHWKHPRQRWDQN 
$QDQDORJGLVFKDUJHGHWHFWLRQFLUFXLWLVLQFOXGHGRQWKH3:&217ERDUG1RUPDOO\
',36:$LVVZLWFKHG2))VR;UD\RXWSXWVWRSVEULHIO\ZKHQHOHFWULFDOGLVFKDUJHLV
GHWHFWHGEXWLIWKHIRRWVZLWFKLVNHSWSUHVVHG;UD\RXWSXWZLOOFRQWLQXHXQLQWHUUXSWHG
2SHUDWRUVZLOOQRWQRWLFHYHU\VPDOOGLVFKDUJHV 
,)',36:$LVVZLWFKHG21;UD\HPLVVLRQLVVKXW2))ZKHQDGLVFKDUJHLVGHWHFWHG
1RHUURUPHVVDJHZLOOEHGLVSOD\HG 



   7URXEOHVKRRWLQJ

 1R,PDJH$SSHDUV;5D\(PLVVLRQ2.


5HPRYHFDPHUDKHDG
 JHQHUDWHIOXRURVFRS\
HPLVVLRQDQGGLUHFWO\

REVHUYH,$RXWSXW
 VXUIDFH


 12 6NLSWR
,VRXWSXWVXUIDFH 1R,PDJHDQG;
 JORZLQJ" 5D\2. ,$
 3UREOHP

 <(6



9LVXDOO\LQVSHFWOHQV
 DVVHPEO\DQGFRQILUP
ZKHWKHULULVLVRSHQ



6NLSWR
<(6
67;5D\
,VLULVRSHQ" 798QLWRU',6
,PDJH
3URFHVVRU
12

&RQILUPLULVGULYH
YROWDJHRQ,&217
ERDUG

<(6
,ULVPRWRULV
GHIHFWLYH
,VWKHUHYROWDJH"
5HSODFHRSWLFDO
V\VWHP

12

5HSODFH,&217
ERDUGWKHQ:+$
&217ERDUG


&KDSWHU

 1R,PDJHDQG;5D\2.,$3UREOHP

 &RQILUP
 KLJKYROWDJHDW
WRSRI,$XQLW


<(6

,VWKHUHSRZHU
5HSODFH,$XQLW
VXSSOLHG"

12

<(6

,V9UHDFKLQJ 5HSODFH,$
,$" SRZHUVXSSO\

1

&RQILUP9VXSSO\
RQ:+$&217
ERDUG

8VHFRQQHFWLRQ
GLDJUDPWR
<(6 GHWHUPLQH
,VWKHUH9
ORFDWLRQRIEDG
VXSSO\" FDEOHFRQQHFWLRQ
,IQHFHVVDU\
UHSODFHFDEOH
12

&RQILUP'&SRZHU
VXSSO\RXWSXW

12
,VWKHUH9 5HSODFH'&
VXSSO\" SRZHUVXSSO\

<(6

5HSODFH:+$
&217ERDUG


   7URXEOHVKRRWLQJ

 &ROOLPDWRURU2SWLFDO6\VWHP0DOIXQFWLRQV


'LGLQLWLDOL]DWLRQHUURU

RFFXU"



<(6

'LGHUURUV 6NLSWR

RU /LVWRI(UURU
DSSHDU" 0HVVDJHV

12

5HLQVHUWFRQQHFWRUV
EHWZHHQOHIWULJKW
SDQHOVDQGWKHPDLQ
SDQHO

<(6
'LGV\PSWRPV 5HSODFH
FKDQJH" FRQWUROSDQHO

12

5HSODFH:+$
&217ERDUG,I
3/(12/&'
&217ERDUG
FRXOGEHSUREOHP
DOVR


&KDSWHU

 'RHV1RW5ROO6WUDLJKW

%HVXUHWRIXOO\XQGHUVWDQGWKHLOOXVWUDWLRQVEHORZEHIRUHLQVSHFWLQJWKHFKDLQ,WLVDOVR
SRVVLEOHWKDWWKHWXUQEXFNOHKDVEHFRPHGLVFRQQHFWHG,IFDUWZKHHOVDQGKDQGOHVDUH
PHUHO\RXWRIDOLJQPHQWDGMXVWWKHDOLJQPHQWE\IROORZLQJWKHLQVWUXFWLRQVLQ'HWDLOHG
$GMXVWPHQWV$GMXVWLQJ2ULHQWDWLRQRI+DQGOHV 













$FFHVVLQJWKH5ROOHU&KDLQ7XUQEXFNOH















   7URXEOHVKRRWLQJ

 (OHFWURPDJQHWLF/RFN'RHV1RW8QORFN

&RQILUPWKHIROORZLQJDFFRUGLQJWRWKHEORFNGLDJUDPEHORZ 
x &RQILUPWKH9'&VXSSO\ 0HDVXUHYROWDJHDWFKHFNSLQVRQ
,19(57(5ERDUG 
x &RQILUP9LVDSSOLHGWRWKHHOHFWURPDJQHWLFORFN &KHFNIRUEURNHQFLUFXLWV
HWF 
x &RQILUP/('VRQ:+$&217ERDUG FRQILUPXQORFNFRPPDQG 
x &RQILUPFRQQHFWLRQEHWZHHQ3$1(/DQG:+$&217ERDUGV 

127(
7KHVROHQRLGIRU&DUPRUELWPRYHPHQWZLOOEHDWGXW\IRURQHVHFRQGDIWHU
XQORFNLQJEXWGXW\DIWHUWKDW2WKHUHOHFWURPDJQHWLFORFNVZLOODOZD\VEHDW
GXW\ 


3$1(/
 3$1(/
&5 &/


,I$&7,92  0$,1 3$1(/

:+$ &217  ,19(57(5  (OHFWURPDJQHWLF
 6ZLWFKHV
9
 /('
 9

)3*$


*1'



,I3/(12 /&' &217 36'&

3RZHU6XSSO\

3$1(/ $

3$1(/ 3$1(/
&5 &/


&KDSWHU

 ([DPSOHVRI2WKHU3UREOHPV

6\PSWRPV /('RQFRQWUROSDQHONHHSVIODVKLQJDIWHUERRWWXS 
&RUUHFWLYH$FWLRQ 2FFXUVEHFDXVH:+$&217LQLWLDOL]DWLRQGLGQRWILQLVK&XUUHQWO\
UHERRWLQJLVRQO\ZD\WRVROYHWKHSUREOHPEXWZLOOEHUHVROYHGYLD
VRIWZDUHLQIXWXUHYHUVLRQV 

6\PSWRPV 'DWDLVQRWRXWSXWWRWKHUPDOSULQWHU 
&RUUHFWLYH$FWLRQ 8VH3&0DLQWHQDQFH7RROWRFRQILUPRXWSXWVHWWLQJV5HSODFH
021,725,)ERDUG 

6\PSWRPV ,PDJHVKULQNVZKHQ&DUPLVPRYHG 
&RUUHFWLYH$FWLRQ &DEOHLVSDUWLDOO\EURNHQEHWZHHQFDPHUDDQG&&8LQVLGHWKH
&DUPKROGHU 

6\PSWRPV 'LVFKDUJHVRXQGHPLWVIURPZLWKLQ,$DQGLPDJHVKULQNVZKHQ
&DUPLVPRYHG 
&RUUHFWLYH$FWLRQ ,$XQLWLVGHIHFWLYH5HSODFHXQLW 




 

 5HSODFLQJ3DUWV


&KDSWHU&RQWHQWV

 5HSODFLQJWKH0RQR7DQN

 5HSODFLQJWKH,PDJH,QWHQVLILHU

 5HSODFLQJWKH,$3RZHU6XSSO\8QLW

 5HSODFLQJWKH&$UP$[LDO5RWDWLRQ%UDNH

 5HSODFLQJWKH&$UP8S'RZQ7UDYHO6SULQJ

 5HSODFLQJWKH&$UP&DEOHV 'UXP$VVHPEO\ 

 5HSODFLQJ&RQQHFWRU&DEOHV

 5HSODFLQJ2QO\6RPH&RQQHFWRU&DEOHV

 5HSODFLQJWKH:+$&217%RDUG

 5HSODFLQJWKH3:&217%RDUG

 5HSODFLQJWKH,19(57(5&217%RDUG

  5HSODFLQJWKH021,725,)%RDUG

 5HSODFLQJWKH07&217%RDUG

 5HSODFLQJWKH&217$%%RDUG

  5HSODFLQJWKH/&'&217%RDUG






   5HSODFLQJ3DUWV

 5HSODFLQJWKH0RQR7DQN

1RRI3HRSOH5HTXLUHG 
7LPH5HTXLUHG 0LQKRXUV
7RROV5HTXLUHG $OOHQZUHQFK3KLOLSVVFUHZGULYHUDQGVLOLFRQHVHDODQW
3UHSDUDWLRQ
:KHQWKHPRQRWDQNLVUHPRYHGWKH&DUPYHUWLFDODQGURWDWLRQDOEDODQFHLVGLVWXUEHG
ZKLFKFDQEHYHU\GDQJHURXV8VHWKHVKDIWUHPRYHGGXULQJLQVWDOODWLRQZKLFKZDV
XVHGWRNHHSWKH&DUPIURPPRYLQJXSDQGGRZQWRSUHYHQW&DUPXSGRZQ
PRYHPHQW,IWKLVVKDIWLVORVWUHSODFHWKHPRQRWDQNZLWKWKH&DUPLQWKHKLJKHVW
SRVLWLRQ)XUWKHUPRUHWRSUHYHQWKH&DUPIURPURWDWLQJZKHQWKHPRQRWDQNLV
UHPRYHGSHUIRUPWKHZRUNZLWKWKH&DUPLQWKHSRVLWLRQVKRZQLQWKHSKRWREHORZ 

 6WRSSHUURG









 6ZLWFKWKHSRZHU2)) 
 5HPRYHWKHPRQRWDQNFRYHU 
 'LVFRQQHFWWKHZLULQJDQGUHPRYHWKH07&217ERDUGDORQJZLWKLWV
PRXQWLQJEUDFNHW 


07&217%RDUGDQG
0RXQWLQJ3ODWH

&ROOLPDWRU
)DVWHQHU%ROWV


&KDSWHU

 5HPRYHWKHFROOLPDWRU 
 5HPRYHWKHJHODGKHVLYHXVHGWRVHFXUHWKHWHPSHUDWXUHVHQVRU 
 5HPRYHWKHKH[EROWVVHFXULQJWKHPRQRWDQNWKHQUHPRYHWKHPRQRWDQN 


 7DQN(QG3ODWH

0[6RFNHW%ROW








 $WWDFKWKHQHZPRQRWDQN 
 8VHIUHVKVLOLFRQHVHDODQWWRUHIDVWHQWKHWHPSHUDWXUHVHQVRU 
 5HLQVWDOOWKHFROOLPDWRU 
5HLQVWDOOWKH07&217ERDUG 
5HFRQQHFWZLULQJ 
6ZLWFKWKHSRZHU21
$GMXVW)9)DQG)95DFFRUGLQJWRWKH3&DGMXVWPHQWPDQXDO 
$OLJQWKHFROOLPDWRUFHQWHUSRLQWVDFFRUGLQJWR$GMXVWPHQWWKH
FROOLPDWRUFHQWHUSRLQW 


   5HSODFLQJ3DUWV

 5HSODFLQJWKH,PDJH,QWHQVLILHU

1RRI:RUNHUV 0LQ LI&DUPFDQQRWEHVHFXUHG 

7RROV5HTXLUHG$OOHQ:UHQFKHV3KLOOLSV6FUHZGULYHUV
3UHSDUDWLRQ
5HPRYLQJ,$SDUWZLOOGLVWXUEWKHYHUWLFDODQGURWDWLRQDOEDODQFHRIWKH&DUPZKLFKFDQ
EHYHU\GDQJHURXV 
8VHWKHVKDIWUHPRYHGGXULQJLQVWDOODWLRQZKLFKZDVXVHGWRNHHSWKH&DUPIURP
PRYLQJXSDQGGRZQWRSUHYHQW&DUPXSGRZQPRYHPHQW,IWKLVVKDIWLVORVWUHSODFH
WKHPRQRWDQNZLWKWKH&DUPLQWKHKLJKHVWSRVLWLRQ 
7RSUHYHQWWKH&DUPIURPURWDWLQJZKHQWKH,$LVUHPRYHGSRVLWLRQWKH&DUPVRWKDW
WKH,$XQLWLVDWWKHWRSRUOD\WKH&DUPRQDWDEOHWRSHUIRUPWKHZRUN 

 6ZLWFKWKHSRZHU2)) 
 5HPRYHWKHLPDJLQJXQLWFRYHU 

2QO\QHFHVVDU\WR
 ORRVHQRSWLFDO
 V\VWHPIDVWHQHUV







,,:HLJKW

 ,&217
3URWHFW,,RXWSXWVXUIDFH
 %RDUG
IURPFRQWDPLQDWLRQ

 5HPRYHWKH,&217ERDUG 
 5HPRYHWKHRSWLFDOV\VWHP %HFDUHIXOQRWWRFRQWDPLQDWHWKHOHQV 
 5HPRYHWKH,,ZHLJKW 
 'LVFRQQHFWWKHZLULQJ 


&KDSWHU


 5HPRYHWKHEROWVWKDWIDVWHQWKHLPDJLQJXQLW 
 3XOOWKHFDEOHVRXWDVWKHLPDJLQJXQLWLVUHPRYHG 7KLVVWHSUHTXLUHVD
PLQLPXPRISHRSOH  


0[3DQKHDG6FUHZV


6WULNH3ODWH

 ,,(QGSODWH







 0[3DQKHDG6FUHZV




 $WWDFKWKHQHZLPDJLQJXQLW 
,QVWDOOWKHRSWLFDOV\VWHPDQG,&217ERDUGDQGFRQQHFWZLULQJDVLWZDV
EHIRUH 
6ZLWFKWKHSRZHU21DQGFRQILUPIXQFWLRQDOLW\(DFKYROWDJHOHYHORQWKH,$
XQLW +909DQGVRRQ LVDGMXVWHGDWWKHIDFWRU\DQGGRHVQRWUHTXLUHDQ\
RQVLWHDGMXVWPHQWV 

7KHEULJKWQHVVOHYHODWWKH,$RXWSXWVXUIDFHYDULHVIRULQGLYLGXDOLPDJLQJ
XQLW7KHUHIRUHUHDGMXVWWKHLULVDFFRUGLQJWRWKH3&DGMXVWPHQWPDQXDO 


   5HSODFLQJ3DUWV

 5HSODFLQJWKH,$3RZHU6XSSO\8QLW

 5HPRYHWKH$,OXQLWDVGHVFULEHGLQ5HSODFLQJWKH,PDJH,QWHQVLILHU 

 5HPRYHWKHEORFNIURPWKH,$XQLW 
 5HPRYHWKHFRYHUDQGDFFHVVWKH,&9SRZHUVXSSO\ 

 5HPRYHWKHWZRVFUHZVWKDWIDVWHQWKH,&9XQLWDVLQGLFDWHGLQWKH
ILJXUHEHORZ7KHGRXEOHVLGHGWDSHDSSOLHGWRWKHEDFNVLGHRIWKHXQLWWR
KHOSVHFXUHLWLQSODFHPD\FDXVHVRPHUHVLVWDQFHGXULQJUHPRYDOEXWWKLV
LVQRUPDO 







7ZR
 %ORFN VFUHZV


 1HZ3RZHU
6XSSO\8QLW






'RXEOHVLGHG
 DGKHVLYHWDSH
 RQEDFNVLGH

 ,QVWDOOWKHQHZSRZHUVXSSO\XQLW6ROGHUFDEOHFRQQHFWLRQVDFFRUGLQJWRWKH
SDSHUDWWDFKPHQW  
 $WWDFKWKH,$XQLWWRWKH&DUPDFFRUGLQJWRWKH,$UHSODFHPHQWSURFHGXUH
VXSSO\SRZHUDQGFRQILUPIXQFWLRQDOLW\ 

 9ROWDJHUHTXLUHPHQWV +909HWF ZLOOYDU\EHWZHHQLQGLYLGXDO,$XQLWV

&RQWDFWWKH4XDOLW\$VVXUDQFH'HSDUWPHQW6KLPDG]X0HGLFDO6\VWHPV
'LYLVLRQWRREWDLQWKHIDFWRU\YROWDJHVHWWLQJVIURPWKH,$VHULDOQXPEHU 

 8VHWKHWULPPHUORFDWHGRQWKHXSSHUERDUGLQVWDOOHGLQWKH,$XQLWWRDGMXVW
WKHYROWDJHWRWKHYDOXHREWDLQHG6HH,PDJH,QWHQVLILHULQWKH
7HFKQLFDO'HVFULSWLRQVHFWLRQ 


&KDSWHU

 5HSODFLQJWKH&$UP$[LDO5RWDWLRQ%UDNH

5HSODFHWKHUXEEHUEUDNHSDGRQWKHEUDNHXVHGWRNHHSWKH&DUPIURP
RUELWLQJZKHQLWEHJLQVWRVKRZVLJQVRIZHDU 
5HTXLUHG3DUW %5$.(6+$)7
5HSODFHPHQW3URFHGXUH
 5HPRYHOHIWDQGULJKWDUPKROGHUFRYHUV 
 5HPRYHWKHEUDFNHWDWWKHERWWRPRIWKHDUPKROGHUVKRZQDVEHORZ 










 5HPRYHWKHIDVWHQHUVFUHZVDQGUHPRYHWKHHOHFWURPDJQHWXQLW 










 'LVDVVHPEOHE\LQVHUWLQJDURGWKURXJKWKHKROHRQWKH&DUPHQGRIWKH
VKDIWDQGWXUQLQJWKHVORWRQWKHRSSRVLWHHQGRIWKHVKDIW 






,QVHUW
 5RG6KDSHG %DVH3ODWH
 ,WHP+HUH


   5HSODFLQJ3DUWV

 :KHQWKHEDVHSODWHLVUHPRYHGWKHEUDNHVKDIWFDQEHUHPRYHG 




&KDSWHU

 5HSODFLQJWKH&$UP8S'RZQ7UDYHO6SULQJ

7KHIROORZLQJSDUWLVUHTXLUHGZKHQUHSODFLQJWKHVSULQJ 
5HTXLUHG3DUW 6SULQJ5HSODFHPHQW-LJ
)ROORZWKHLQVWUXFWLRQVLQWKHODWHVWYHUVLRQRIWKHUHSODFHPHQWPDQXDOZKLFKLVLQFOXGHG
ZLWKWKHNLWDERYH7KHEHORZ  GHVFULSWLRQLVIRUUHIHUHQFH 
7RROV5HTXLUHGIRU,QVWDOODWLRQ
1R 7RRO 4W\
 :UHQFK PP  
 :UHQFK PP  
 3KLOLSV6FUHZGULYHU 
 )ODW%ODGH6FUHZGULYHU 
 $OOHQ:UHQFK6HW 
 :KHHO%UDNHV 


5HSODFHPHQW3DUWV
7KH&DUPXSGRZQWUDYHOVSULQJUHSODFHPHQWNLWLQFOXGHVWKHIROORZLQJSDUWV 
1R 7RRO 4W\
 5HSODFHPHQW6SULQJ$VVHPEO\ 
 6WRSSHU5RG 
 7XUQEXFNOH 
 +RRN5RG 
 +RRN 
 *XLGH 
 6SDFHU   
 6SDFHU   

  

5HSODFHPHQW6SULQJ )URPWKH/HIW6WRSSHU5RG
 $VVHPEO\ 7XUQEXFNOH+RRN5RG+RRN
 *XLGH6SDFHU  DQG6SDFHU  


   5HSODFLQJ3DUWV

 6WUXFWXUHRI6SULQJ$VVHPEO\

7KHVSULQJDVVHPEO\LVIDVWHQHGWRDQRXWHUVKHOODVVKRZQEHORZ 
6SULQJSODWHVDUHIDVWHQHGE\QXWVWRERWKHQGVRI6KDIWDORQJZLWK&ROODU&ROODU
DQGEHDULQJPRXQWVDQGVHFXUHGWRWKHRXWHUVKHOO 
7KHVSULQJVKDIWSDVVHVYLD6KDIWVWKURXJKWKHEHDULQJPRXQWVDQGLVVHFXUHGWRWKH
RXWHUVKHOOE\UHWDLQHUV 











2XWHU6KHOO

$

%


2XWHU6KHOO
%HDULQJ0RXQW
 &ROODU
ERWKHQGV 
ERWKHQGV  6KDIW &ROODU



1XWV ERWKHQGV 

6HFWLRQ$


6SULQJ3ODWH
 ERWKHQGV 


 6HFWLRQ%




%HDULQJ0RXQW
6SULQJ6KDIW 6SULQJ6KDIW
 ERWKHQGV 
ERWKHQGV 




&KDSWHU

 )ORZRI6SULQJ5HSODFHPHQW3URFHVV

7KHVSULQJUHSODFHPHQWSURFHVVLVVXPPDUL]HGEHORZ 
3UHSDULQJWR5HSODFH6SULQJ
  5HPRYHFRYHU
  5HPRYHHOHFWULFDODVVHPEO\ 
  5HPRYHEUDNHDVVHPEO\ 
  6HFXUHUHDUFDVWHUV 
5HPRYLQJWKH6SULQJ$VVHPEO\
  ,QVWDOOUHSODFHPHQWMLJ 
  &RPSUHVVVSULQJ 
  ,QVWDOOVSDFHUVDQGUHPRYHUHSODFHPHQWMLJ 
  5HPRYH6KDIW $ 
  5HPRYH6KDIW % 
,QVWDOOLQJWKH6SULQJ$VVHPEO\
  ,QVHUW6KDIW % 
  ,QVHUW6KDIW $ 
  ,QVWDOOUHSODFHPHQWMLJ 
  &RPSUHVVVSULQJ 
  5HPRYHVSDFHUV 
  ([WHQGVSULQJ 
  5HPRYHUHSODFHPHQWMLJ 
5HVWRULQJWKH$VVHPEO\
  ,QVWDOOWKHEUDNHDVVHPEO\
  ,QVWDOOHOHFWULFDOSDUWV  
  ,QVWDOOFRYHU


 3UHSDULQJWR5HSODFH6SULQJ

 5HIHUWR,QVWDOODWLRQRIWKH,QVWDOODWLRQ0DQXDOWRUHPRYHWKHFRYHUV
LQGLFDWHGEHORZ 
  6LGH&RYHU/
  6LGH&RYHU5
  )URQW&RYHU
  %DVH&RYHU
 6ZLWFKWKHSRZHU21UDLVHWKHFROXPQWRLWVKLJKHVWSRVLWLRQDQGLQVHUWWKH
VWRSSHUURGLQWKHORFDWLRQVKRZQEHORZWRLPPRELOL]HWKHFROXPQ,QVWDOO
KRRNVRQERWKHQGVRIWKHVWRSSHUURGWRSUHYHQWLWIURPFRPLQJRXW 


   5HSODFLQJ3DUWV



 ,QVHUWVWRSSHU
URGLQWKLVKROH






 OHIWVLGH
+RRN
RILQVWUXPHQW  +RRN ULJKWVLGH
 RILQVWUXPHQW 









:$51,1*

0DNHVXUHWKHKRRNVZLOOQRWFRPHRXW5HSODFLQJWKHVSULQJZLWKRXWLQVWDOOLQJKRRNV
FRXOGUHVXOWLQWKHVWRSSHUURGFRPLQJRXWDQGWKHFROXPQGURSSLQJZKLFKLVH[WUHPHO\
GDQJHURXV 

 6ZLWFKWKHSRZHU2))DQGGLVFRQQHFWSRZHUVXSSO\FRQQHFWRUVRQWKH
&DUPFDUW3RZHULVQRWVZLWFKHG21DJDLQIRUWKHUHPDLQGHURIWKH
SURFHVV 

 5HPRYHWKH0VFUHZVVKRZQLQWKHILJXUHDQGVZLQJRSHQWKH OHIW 

HOHFWULFDODVVHPEO\ 


06FUHZ

2SHQ

06FUHZ


&KDSWHU

 5HPRYHWKHIRRWVZLWFKPRXQWLQJSODWH 





 )RRWVZLWFKPRXQWLQJ
 SODWHLVIDVWHQHGKHUH


 7KHFDEOHIRUWKHUHPRYHGIRRWVZLWFKLVVWLOOFRQQHFWHG/HDYHWKHFDEOH
FRQQHFWHGDQGWHPSRUDULO\VHFXUHLWWKHFDUWOHJZLWKVFUHZV 

 7HPSRUDULO\IDVWHQ
 IRRWVZLWFK
PRXQWLQJSODWH 







 'LVFRQQHFWWKHWZRFDEOHVFRQQHFWHGWRWKHHOHFWULFDODVVHPEO\ ORZHU

ULJKW  


'LVFRQQHFWWKLV

FRQQHFWRU  'LVFRQQHFWWKLVFRQQHFWRU






   5HSODFLQJ3DUWV

 5HPRYHWKHHOHFWULFDODVVHPEO\ ORZHUULJKW  









 5HPRYHWKHEUDNHDVVHPEO\ 
 %UDNHDVVHPEO\LV
 IDVWHQHGKHUH 
6DPHRQRSSRVLWHVLGH 









%ORFNWKHUHDUFDVWHUZKHHOVZLWKZRRGRURWKHUVXLWDEOHPDWHULDOWRSUHYHQW
WKH&DUPFDUWIURPPRYLQJ 




&KDSWHU

 5HPRYLQJWKH6SULQJ$VVHPEO\

6HFXUHWKHKRRNURGWRWKHKROHVIURPZKLFKWKHEUDNHDVVHPEO\ZDV
UHPRYHG 


   5HSODFLQJ3DUWV

&RQQHFWWKHWXUQEXFNOHEHWZHHQWKHKRRNDWWDFKHGWR6KDIWRQWKHVSULQJ
DVVHPEO\DQGWKHKRRNURG 

+RRN

7XUQEXFNOH
 

&RPSUHVVWKHVSULQJE\WXUQLQJWKHWXUQEXFNOHZLWKDVWHHOURGRURWKHU
VXLWDEOHWRRO 

&RPSUHVV
VSULQJ 

7XUQWKH
WXUQEXFNOH



&RPSUHVVWKHVSULQJVXIILFLHQWO\WRDOORZLQVHUWLQJWKHVSDFHUWKHQLQVHUW
DQGVHFXUHWKHVSDFHLQWKHORFDWLRQVKRZQEHORZ 

,QVHUWVSDFHULQWKLVJDS 
$VYLHZHGYLDZLQGRZRQ
EDFNVLGHRIRXWHUVKHOO 


&KDSWHU

6HFXUHWKHVSDFHU 
$VYLHZHGYLDZLQGRZRQ
EDFNVLGHRIRXWHUVKHOO 







/RRVHQWKHWXUQEXFNOHDQGUHPRYHLWIURPWKHVSULQJDVVHPEO\$OVR
UHPRYHWKHKRRNDQGDQGKRRNLQJURG 

5HPRYH6KDIWXVHGWRVHFXUHWKHVSULQJDVVHPEO\8VHWZRZUHQFKHVWR
KROGRQHQXWVWLOOZKLOHORRVHQLQJWKHRSSRVLWHQXW 6KDIWLVVHFXUHG
EHWZHHQQXWVRQHLWKHUHQG 

8VHZUHQFKHVWRORRVHQ 
$OVRKROGQXWRQRSSRVLWH
VLGHZLWKZUHQFK 


   5HSODFLQJ3DUWV

5HPRYHWKHVFUHZVWKDWIDVWHQWKHEHDULQJPRXQWIURPERWKVLGHVRIWKH
LQVWUXPHQW 



+LWWKHQXWOHVVHQGZLWKDSODVWLFKDPPHURURWKHUVLPLODUWRROWRSXVKLWRXW
WKHRWKHUHQGWKHQILQLVKSXOOLQJWKHVKDIWRXWE\KDQG0DNHVXUHDQ
DVVLVWDQWLVVXSSRUWLQJWKHVSULQJDVVHPEO\2QFH6KDIWLVUHPRYHGORZHU
WKHVSULQJDVVHPEO\WRWKHIORRU 

+LWZLWKDKDPPHU 3XOORXWIURP
RSSRVLWHVLGH

 

&$87,21

 2QO\XVHSODVWLFRUZRRGHQKDPPHUVPDOOHWV8VLQJDPHWDOKDPPHUFRXOG
GDPDJHWKHWKUHDGVRQ6KDIW 
 :KHQKROGLQJXSWKHVSULQJDVVHPEO\EHFDUHIXORISLQFKLQJKDQGVEHWZHHQWKH
VSULQJDVVHPEO\DQGFDUWIUDPHZKHQ6KDIWLVUHPRYHG 


&KDSWHU

/RRVHQ6KDIWXQWLOWKHZUHQFKWXUQVIUHHO\ 

5HPRYHVFUHZVIRUEHDULQJPRXQWVRQERWKVLGHVDQGUHPRYHWKHEHDULQJ
PRXQWVDORQJZLWK6KDIW2QFHWKHEHDULQJPRXQWVDUHUHPRYHGIURPERWK
VLGHWKHVSULQJDVVHPEO\FDQEHVHSDUDWHGIURPWKHFDUW0DNHVXUHDQ
DVVLVWDQWLVVXSSRUWLQJWKHVSULQJDVVHPEO\:KHQWKHEHDULQJPRXQWVDUH
UHPRYHGORZHUWKHVSULQJDVVHPEO\WRWKHIORRU 



3XOOWKHVSULQJDVVHPEO\RXWYLDWKHZLQGRZLQWKHRXWHUVKHOO 



   5HSODFLQJ3DUWV

 ,QVWDOOLQJWKH6SULQJ$VVHPEO\

3ODFHWKHUHSODFHPHQWVSULQJDVVHPEO\LQVLGHWKHFDUWIUDPH 
&$87,21

$EORFNLVDOUHDG\DWWDFKHGWRUHSODFHPHQWVSULQJDVVHPEOLHV0DNHWKHEORFNLV
UHPRYHGDFFRUGLQJWRWKHSURFHGXUHEHORZEHIRUHRSHUDWLQJWKHLQVWUXPHQW 

6SDFHUVDUHLQVWDOOHG
RQUHSODFHPHQWVSULQJ

DVVHPEOLHV 


$VWKHDVVLVWDQWOLIWVXSWKHVSULQJDVVHPEO\DQGDOLJQVWKHVSULQJVKDIWKROH
ZLWKWKHKROHLQWKHRXWHUVKHOOLQVHUWWKHEHDULQJPRXQWVLQWRWKHRXWHUVKHOO
ZKLOHLQVHUWLQJ6KDIWWKHQWHPSRUDULO\IDVWHQWKHEHDULQJPRXQWV 

6SULQJ6KDIW+ROH

+ROHLQ2XWHU6KHOO


$IWHUWHPSRUDULO\IDVWHQLQJ6KDIWDQGWKHEHDULQJPRXQWRQWKHRSSRVLWH
VLGHVHFXUHO\WLJKWHQEHDULQJPRXQWVRQERWKVLGHV8VHZUHQFKHVWRDOVR
WLJKWHQ6KDIW%HVXUHWRDSSO\/RFWLWH EOXH  


&KDSWHU

6KDIWLVQRW 7LJKWHQXQWLO6KDIW
FRPSOHWHO\LQVHUWHG   LVDOOWKHZD\LQ  

$WWDFKDJXLGHWRWKHHQGRI6KDIW 

*XLGH




,QVHUW6KDIW$VWKHDVVLVWDQWOLIWVXSWKHVSULQJDVVHPEO\DQGDOLJQVWKH
VSULQJSODWHKROHZLWKWKHKROHLQWKHRXWHUVKHOOLQVHUW&ROODUEHWZHHQWKH
VSULQJSODWHVDOLJQ6KDIWZLWKWKHEHDULQJPRXQWVDQGLQVHUWLW&RQILUP
WKDW&ROODUZDVLQFOXGHG 

$OLJQKROHLQRXWHUVKHOO
ZLWKKROHLQVSULQJSODWH

&RQILUPWKDW&ROODU
ZDVLQFOXGHG 





   5HSODFLQJ3DUWV

&ROODU

%HDULQJ0RXQW

6KDIW
&ROODU

6KDIW

&ROODU
6KDIW 
6SULQJ6KDIW
 %HDULQJ0RXQW


:KHQ6KDIWLVLQVHUWHGDVIDUDVVKRZQEHORZSODFH&ROODURQWKHVKDIW
DQGDWWDFKWKHEHDULQJPRXQWV 




&RPSUHVVWKHVSULQJDFFRUGLQJWR6WHSVWRWKHQUHPRYHWKHVSDFHU 
7XUQWKHWXUQEXFNOHWKHRSSRVLWHGLUHFWLRQWRXQFRPSUHVVWKHVSULQJ
5HPRYHWKHWXUQEXFNOHZKHQLWWXUQVIUHHO\ 


 5HDVVHPEOLQJDQG$GMXVWLQJ 

$GMXVWWKHXSGRZQPRYHPHQWEDODQFHDFFRUGLQJWR0DLQWHQDQFHLQWKH
LQVWDOODWLRQPDQXDO 
5HVWRUHWKHV\VWHPE\UHYHUVLQJSURFHGXUH6WHSVWR 


&KDSWHU

 5HSODFLQJ&$UP&DEOHV 'UXP$VVHPEO\ 

 5HPRYHWKH,$XQLWDQGPRQRWDQNDVGHVFULEHGLQ5HSODFLQJWKH
0RQR7DQNDQG5HSODFLQJWKH,$8QLW 







&DUP:LWK,$DQG0RQR7DQN
 5HPRYHG
 3KRWRJUDSKHGDWWKHIDFWRU\
IRUUHIHUHQFH 





 3XOORXWWKHFDEOHVIURPWKH&DUP 
 3XOORXWWKH
FDEOHVIURP,$VLGH









 5HPRYHWKHZLUHXVHGWRURWDWHWKHFDEOHGUXP 

5HPRYHZLUH

PRXQWLQJSODWHV





   5HSODFLQJ3DUWV

 /RRVHQWKHVROHQRLG UHIHUWRUHSODFLQJWKH&DUPD[LDOURWDWLRQEUDNH 

DQGUHPRYHWKH&DUP 










'UXP$VVHPEO\







 5HPRYHWKHGUXPDVVHPEO\ 
 ,QVWDOOWKHQHZGUXPDVVHPEO\ 














&KDSWHU


1RWH 7KHUHPRYHGGUXPDVVHPEO\LVVKRZQEHORZ 















 :LQGWKHZLUHRQWRWKHGUXPDQGWHPSRUDULO\VHFXUHLWWRWKHKROGHU 











)L[ZLUHVE\WDSHWHPSRUDULO\





 ,QVHUWWKH&DUP 


   5HSODFLQJ3DUWV

 )DVWHQWKHZLUHPDXQWLQJSODWHWRWKH&DUP 








0DLQWDLQWHQVLRQRQWKH
ZLUHWRNHHSLWIURP

FRPLQJRIIWKHGUXP 





5HYHUVHWKHSURFHGXUHWRUHDVVHPEOHWKH&DUP,$XQLWDQGPRQRWDQN 













6XSSO\SRZHUDQGFRQILUPWKDWHYHU\WKLQJIXQFWLRQVQRUPDOO\ 
2UELWWKH&DUPWRPDNHVXUHWKHFDEOHVDUHUHHOHGSURSHUO\RQWRWKHGUXP
DQGWKH&DUPFDEOHVDUHQRWORRVHRUVDJJLQJ 


&KDSWHU

 5HSODFLQJ&RQQHFWRU&DEOHV

5HPRYHWKH,$XQLWPRQRWDQNDQG&DUPDVGHVFULEHGLQ5HSODFLQJ&$UP
&DEOHV 
%HFDUHIXODVUHPRYLQJWKHVHLWHPVZLOOXSVHWWKHIRUHDIWEDODQFHRIWKH&DUPFDUW 


 5HPRYHRQH0KH[EROWWRUHPRYHWKH&DUPKROGHU 






2QH0%ROW





 8VHDQ0[PPEROWDQGZDVKHUWRSXOORQWKHHOHFWURPDJQHWLFORFN 
$QGUHPRYH&DUPKROGHUIURPWKHVKDIW



7LJKWHQWKHEROWWR
 XQORFNWKHORFN 




   5HSODFLQJ3DUWV

 5HPRYHWKHSOHDWHGUHDUFRYHUDQGVWRSSHU 


3OHDWHG5HDU&RYHU

6WRSSHU











 3XOORXWFDEOHVRQHDWDWLPH
7KHFDPHUDFRQQHFWRUPXVWEHWDNHQDSDUWGXHWRLWVODUJHVL]H 






&KDSWHU

 6OLGHWKH):'5(9VOLGLQJDVVHPEO\WRUHPRYHLW 7KHHOHFWURPDJQHWLF

PD\UHVXOWLQVRPHUHVLVWDQFHEXWWKHDVVHPEO\FDQUHPRYHG 

 'LVFRQQHFWWKH
 ORFNFRQQHFWRU 



6OLGH





 'LVFRQQHFWFDEOHV
IURPWKH&DUP 





1RWH ):'5(96OLGLQJ$VVHPEO\



   5HSODFLQJ3DUWV

 0DUNWKHFDEOHVWKHQUHPRYHWKHFDEOHKDUGZDUH7LHDVWULQJWRWKHHQGRI
FDEOHVWRPDNHDODWHUSURFHVVHDVLHU


0DUNWKH
 FDEOHV 

&DEOH
 +DUGZDUH








 2SHQXSWKHHOHFWULDODVVHPEO\ 
1RWH  5HPRYHFRQQHFWRU-6.<EHIRUHRSHQLQJ'XHWRWKHLUVKRUWOHQJWKFDEOHV
DUHYXOQHUDEOHWRFLUFXLWEUHDNV 










'LVFRQQHFW-6.<
 FRQQHFWRU 




&KDSWHU

 5HPRYHWKHFDEOHIDVWHQHUDQGSXOOWKHFDEOHRXWIURPEHORZ 
1RWH 0DUNWKHORFDWLRQRQWKHFDEOHZKHUHLWH[LWVWKHFROXPQ 


 &DEOH)DVWHQHU


















 0DUNFDEOH
 EHIRUH
UHPRYLQJ 







 5HPRYH$//FRYHUVIURPWKH&DUPFDUWDQGGLVFRQQHFWFRQQHFWRUFDEOHV
IURPUHVSHFWLYHFLUFXLWERDUGVWRZKLFKWKH\DUHFRQQHFWHG 




   5HSODFLQJ3DUWV

0DUNQHZFRQQHFWRUFDEOHVDWWKHVDPHORFDWLRQVZKHUHWKHUHSODFHG
FDEOHVZHUHPDUNHG  















7LHWKHQHZFRQQHFWRUFDEOHWRWKHVWULQJWKDWZDVMXVWWKUHDGHGWKURXJKWKH
FROXPDQGSXOOWKHQHZFDEOHWKURXJKWKHFROXPQ 
















&KDSWHU


















6HFXUHFDEOHVZLWKFDEOHKDUGZDUHXVLQJWKHPDUNLQJVRQWKHFDEOHVDVD
UHIHUHQFH 
,QVWDOOWKH):'5(9VOLGLQJDVVHPEO\DQGSDVVWKHFDEOHVWKURXJKLW0DNH
VXUHWKHFDEOHVDUHVXIILFLHQWO\ORQJWRDOORZIXOO):'5(9PRYHPHQW 

$WWDFKWKH&DUPKROGHU 
&RQQHFWHDFKFRQQHFWRU 
$WWDFKH,$XQLWDQGPRQRWDQN
6XSSO\SRZHUWRWKH,$XQLWDQGPRQRWDQNDQGYHULI\WKH\IXQFWLRQSURSHUO\ 



   5HSODFLQJ3DUWV

 5HSODFLQJ2QO\6RPH&RQQHFWRU&DEOHV

7KHIROORZLQJGHVFULEHVKRZWRUHSODFHRQO\GDPDJHGFRQQHFWRUFDEOHV5HSODFHPHQW
UHTXLUHVILUVWSXOOLQJRXWRQO\WKRVHFDEOHZKLFKDUHGDPDJHG7KHQWKHQHZFDEOHVDUH
SXOOHGLQWRWKHLQVWUXPHQW 
127(
7KHUHSODFHPHQWSURFHVVLVVXPPDUL]HGEHORZ 
6WHS %HIRUH6WDUWLQJ 6WHS 5HPRYHROGFDEOH

 
5HOD\&DEOH
3XOORXWIURP 
VOLGHDUP 7LH 
6WULQJ

 


6WHS 5HPRYHROGFDEOH VHH127(  6WHS ,QVHUWQHZFDEOH

 
&RQQHFW
/HDYHVWULQJ 1HZ&DEOH
LQVLGH

3XOOFDEOH
RXW

 


6WHS ,QVHUWQHZFDEOH 6WHS ,QVHUWQHZFDEOH

  7KUHDGWKURXJK
VOLGHDUP
3XOOQHZ
FDEOHLQWR
LQVWUXPHQW

 


&KDSWHU

127(
0DNHVXUHQRWWRSXOOWKHVWULQJDOOWKHZD\RXWZLWKWKHFDEOHLQ6WHS,IWKHVWULQJLVQRW
OHIWLQVLGHWKH&DUPDQG&DUPKROGHUPXVWEHUHPRYHGEHIRUHWKHQHZFDEOHFDQEH
LQVHUWHG 

 5HIHUWR5HPRYLQJ&RYHUVLQWKH,QVWDOODWLRQ0DQXDOWRUHPRYHWKH
VOLGHDUPFRYHUDUPKROGHUFRYHUDQGOHIWVLGHFRYHU 

 5HPRYHWKHEUDFNHWIURPXQGHUWKHDUPKROGHU 



%UDFNHW



)LJ

 'LVFRQQHFWDOOFRQQHFWRUFDEOHFRQQHFWRUVLQVLGHWKHDUPKROGHU 

 'LVFRQQHFW
 &RQQHFWRUV











)LJ
 3HHOEDFNSDUWRIWKHUHDUSOHDWHGFRYHURQWKHERWWRPRIWKHVOLGHDUPWR
DOORZVHHLQJLQVLGHWKHVOLGHDUP 


   5HSODFLQJ3DUWV


3HHOEDFNSOHDWHGFRYHU
3OHDWHG&RYHU
 WRH[SRVHLQWHULRU




 5HPRYH3DQKHDG
6FUHZV

)LJ )LJ

 3HHOEDFNWKHIURQWSOHDWHGFRYHU 6HH)LJXUHVDQG  


 5HPRYHWZRVFUHZV
WKURXJKWKHVHKROHVRQH
 RQHLWKHUVLGHWKDWVHFXUH
WKHIURQWSOHDWHGFRYHU




 3HHOEDFN
SOHDWHGFRYHU

)LJ )LJ

 5HPRYHWKHHOHFWURPDJQHWLFORFNKROGHU VHH)LJXUH 1H[WZLWKWKHORFN

LQWKHORFNHGVWDWHPRYHWKHVOLGHDUPIRUZDUGUHYHUVHWRLWVKRPHSRVLWLRQ
6LQFHWKHKROGHULVUHPRYHGWKHHOHFWURPDJQHWUHPDLQVLQFRQWDFWZLWKWKH
PDJQHWSODWHDQGWKH):'5(9PRYHPHQWORFNLVXQORFNHG 


0DJQHWLF/RFN+ROGHU







8QVFUHZVFUHZV

WRUHPRYHPDJQHWLF
 ORFNKROGHU

)LJ

 2SHQWKHOHIWHOHFWULFDODVVHPEO\VRLWWRXFKHVWKHERWWRPRIWKHLQQHUVKHOO
FROXPQ  


&KDSWHU


 2SHQ OHIW 
(OHFWULFDO3DQHO











 &DEOH2XWOHWDW 
%DVHRI,QQHU6KHOO

)LJ

 &XWDOO,QVXORNWLHVVHFXULQJWKHFDEOHZKHUHLWH[LWVWKHLQQHUVKHOO 









 &XWDOO,QVXORN
&DEOH7LHV


)LJ

 &XWDOOFDEOHWLHVDWWKHORFDWLRQVKRZQZLWKLQWKHDUPKROGHU 


   5HSODFLQJ3DUWV




&XWFDEOHWLHV









)LJ

5HPRYHWKHWKUHHSDQKHDGVFUHZVLQGLFDWHGLQ)LJXUHDQGUHPRYHWKH
FDEOHEUDFNHWDVVKRZQLQ)LJXUH 










3DQKHDG6FUHZVIRU 
 &DEOH%UDFNHW

)LJ

 5HPRYHFDEOHEUDFNHW










)LJ


&KDSWHU

3XOORXWWKHIXVHGVHFWLRQRIWKHFRQQHFWRUFDEOHV VHFWLRQKHOGE\WKHFDEOH
EUDFNHW 8VHDER[FXWWHURURWKHUVXLWDEOHWRROWRFXWWKHIXVHGVHFWLRQ
DSSUR[PP DSDUW VHH)LJXUHVDQG DQGVHSDUDWHRXWWKH
FDEOHVWKDWQHHGWREHUHSODFHG7DNHH[WUDFDUHWRSUHYHQWGDPDJLQJWKH
VKHDWKRQUHPDLQLQJFDEOHV 

 &XWDSDUWIXVHGVHFWLRQ










)LJ

&XWRIIWKHFRQQHFWRUVIURPWKHDUPKROGHUHQGRIFDEOHVVHSDUDWHGRXWIRU
UHSODFHPHQWDQGSXOOWKHFDEOHVRXWIURPWKHVOLGHDUP7LHDSSUR[
PHWHUVRIVWULQJWLJKWO\WRWKHFXWHQGRIWKHFDEOHV2QO\WLHVWULQJVWRFDEOHV
EHLQJUHSODFHG7KHVHVWULQJVDUHXVHGWRJXLGHWKHQHZFDEOHVEDFN
WKURXJKWKHLQVWUXPHQW 


6WULQJ







 &XWRIIFRQQHFWRUDQGWLH 
VWULQJWRFDEOH


)LJ

3XOORXWWKHFDEOHVWREHUHSODFHGIURPWKHRSHQLQJQHDUWKHERWWRPRIWKH
LQQHUVKHOO 7KHRWKHUFDEOHVZLOOFRQWLQXHWREHXVHGVROHDYHWKHPDV
WKH\DUH /HDYHWKHVWULQJVWLHGRQWRWKHFDEOHVDERYHWKUHDGHGWKURXJK
WKHLQVWUXPHQW 


   5HSODFLQJ3DUWV

6WULQJ

3XOORXWUHOD\FDEOHLQ
GLUHFWLRQLQGLFDWHGE\
DUURZ


)LJ
7LHWKHRWKHUHQGRIWKHVWULQJWRWKHHQGRIWKHUHSODFHPHQWFDEOH
7HPSRUDULO\UHPRYHDQ\ODUJHFRQQHFWRUKRXVLQJV0DUNWKHFDEOHVZLWK
SHUPDQHQWPDUNHUWDSHRUE\RWKHUVXLWDEOHPHDQVDWDSRVLWLRQDSSUR[
PPIURPWKHRSSRVLWHHQGLQWKHFDVHRI$&7,92PRGHOVDQGPP
LQWKHFDVHRI3/(12PRGHOV 


PP $FWLYRVSHFLILFFDEOH 

PP 3OHQRVSHFLILFFDEOH 






 0DUNFDEOH



)LJ


&KDSWHU










5HPRYH 

&RQQHFWRU+RXVLQJ


)LJ

3XOOWKHVWULQJIURPWKHRSHQLQJDWWKHERWWRPRIWKHLQQHUVKHOOWRSXOOWKH
FDEOHLQWRWKHLQVWUXPHQW 

1HZ5HOD\&DEOH

3XOOVWULQJWRSXOOUHOD\
FDEOHLQWRLQVWUXPHQW

6WULQJ


)LJ
2QFHWKHQHZFDEOHVDUHSXOOHGLQWRSODFHUHDWWDFKDOOFRQQHFWRUKRXVLQJUHPRYHG
HDUOLHU 
,QVWDOOWKHFDEOHEUDFNHW0DNHVXUHWKHPDUNSODFHGHDUOLHURQUHSODFHPHQW
FDEOHVLVSRVLWLRQHGDWWKHFDEOHEUDFNHWHQGDVVKRZQEHORZ &DEOHVQRW
EHLQJUHSODFHGVKRXOGEHSRVLWLRQHGZLWKWKHIXVHGVHFWLRQDWWKHFDEOH
EUDFNHWDVEHIRUH  


   5HSODFLQJ3DUWV

5HOD\&DEOH

3RVLWLRQFDEOHVVRPDUNLQJ
DOLJQVZLWKFDEOHEUDFNHWHQG 

)LJ
3DVVWKHQHZO\UHSODFHGFDEOHVWKURXJKWKHVOLGHDUP,IQHFHVVDU\
WHPSRUDULO\UHPRYHFRQQHFWRUKRXVLQJVWRSDVVWKHPWKURXJKWKHVOLGHDUP 






 5HPRYH 
 FRQQHFWRUKRXVLQJ


)LJ
2QFHFDEOHVDUHLQSRVLWLRQUHDWWDFKFRQQHFWRUKRXVLQJV 

5HFRQQHFWFRQQHFWRUVLQWKHDUPKROGHUDVWKH\ZHUHEHIRUH6LPLODUO\
UHVWRUHRWKHUSDUWVRIWKHV\VWHPWRWKHZD\WKH\ZHUH 
$WWDFKFRYHUVVZLWFKRQWKHSRZHUDQGFRQILUPWKDWWKH&DUPPRYHV
IRUZDUGUHYHUVHQRUPDOO\ 
7KLVFRPSOHWHVWKHUHSODFHPHQWSURFHVV 


&KDSWHU

 5HSODFLQJWKH:+$&217%RDUG

 6DYHDEDFNXSRIGDWDEHIRUHUHSODFLQJWKHERDUG 
6HH:+$&217GDWD  
 $IWHUUHSODFLQJWKHERDUGFRQILUP',3VZLWFKVHWWLQJVEHIRUHVZLWFKLQJWKH
SRZHU21 
6HH:+$&217%RDUG  

 6ZLWFKWKHSRZHU21DQGUHVWRUHGDWD 
6HH:+$&217GDWD 
 ,I(UURUDSSHDUVFDOLEUDWHWKHFROOLPDWRUV UHIHUWR³3&DGMXVWPHQW
PDQXDO )RU3/(12PRGHOVFDOLEUDWHWKHWRXFKSDQHODVZHOO VHHWKH
RSHUDWLRQPDQXDO  
1RWH ,IQRWKLQJDWDOOKDSSHQVZKHQWKHSRZHULVVZLWFKHG21LQ6WHSWKH:+$
&217ERDUGPLJKWQRWKDYHDQ\ILUPZDUHLQVWDOOHG5HIHUWRVHFWLRQRQ
XSGDWLQJWKH:+$&217ILUPZDUHDQGIROORZWKHSURFHGXUHEHORZ 
,QLWLDOL]LQJWKH:+$&217,QWHUQDO)ODVK520
p
)RUFHG2YHUZULWLQJRI:+$&217)LUPZDUH

 5HSODFLQJWKH3:&217%RDUG

 &RQILUP',36:VHWWLQJV 
 $GMXVWWKHYDULDEOHUHVLVWRUVLQGLFDWHGEHORZ 
6HH$GMXVWLQJ,QYHUWHUFRQWUROFLUFXLWDQG$GMXVWLQJ'HWHFWHG
&KDUJH9ROWDJH9DOXHV 
95>)%5(6@
95>935(6@
95>93$'-@
95>38/6($'-@

 5HSODFLQJWKH,19(57(5&217%RDUG

 %HVXUHWRFRQILUPWKH,*%7JDWHZDYHIRUP 
6HH$GMXVWLQJ,QYHUWHUFRQWUROFLUFXLW  

 5HSODFLQJWKH021,725,)%RDUG

 &RQILUP',36:VHWWLQJV 
6HH021,725,)%RDUG  


   5HSODFLQJ3DUWV

 5HSODFLQJWKH07&217%RDUG

 &RQILUP',36:VHWWLQJV 6HH07&217%RDUG  

 5HSODFLQJWKH,&217$%%RDUGV

 &RQILUP',36:VHWWLQJV 6HH,&217$%RDUGDQG,

&217%%RDUG  
 $GMXVWYDULDEOHUHVLVWRUV 6HH  $GMXVWLQJWKH,&217%%RDUG 

 5HSODFLQJWKH/&'&217%RDUG

 &RQILUP',36:VHWWLQJV 6HH/&'&217%RDUG  

 6ZLWFKWKHSRZHU21DQGDGMXVWHDFKYDULDEOHUHVLVWRU 
6HH$GMXVWLQJWKH,PDJH'LVSOD\RQ/&'&217%RDUG  
9595%
95957
1RWH ,IQRWKLQJDSSHDUVRQWKHWRXFKSDQHODIWHUVZLWFKLQJWKHSRZHU21LQ6WHS
WKHUHPLJKWQRWEHDQ\/&'&217ILUPZDUHLQVWDOOHG7KHUHLVQRSURFHGXUH
IRUXSJUDGLQJWKH/&'&217ILUPZDUHDORQHVRIROORZWKHSURFHGXUHIRU
LQVWDOOLQJWKH:+$&217ILUPZDUH 









7KHERWWRPWZRFKHFNER[HVDUH
 IRU3/(12VSHFLILFILUPZDUH
 LQFOXGLQJ/&'&217ILUPZDUH 






&KDSWHU





 

 'HWDLOHG$GMXVWPHQWV


&KDSWHU&RQWHQWV

 /DXQFKLQJDQG8VLQJ0DLQWHQDQFH7RRO

 )9) )OXRURVFRS\)LODPHQW&XUUHQW 

 )95 5DGLRJUDSK\)LODPHQW&XUUHQW 

 $GMXVWLQJWKH&ROOLPDWRUV

 )OXRURVFRS\,ULV 

 $GMXVWLQJWKH,QYHUWHU&RQWURO&LUFXLW

 &RQILUPLQJWKH)LODPHQW+HDWLQJ&LUFXLW

 $GMXVWLQJ'HWHFWHG&KDUJH9ROWDJH9DOXHV

 &RQILUPLQJWKH+LJK9ROWDJH:DYHIRUP

 $GMXVWLQJWKH4%0RQLWRU

 $GMXVWLQJ,PDJH'LVSOD\RQ/&'&217%RDUG 3/(12RQO\ 

 $GMXVWLQJWKH,,/HQV)RFXV $&7,92 

 $GMXVWLQJWKH,,/HQV)RFXV 3/(12 

 $GMXVWLQJWKH&ROOLPDWRU&HQWHU3RLQW

 $GMXVWLQJWKH&$UP2UELWDO0RYHPHQW

 $GMXVWLQJ2ULHQWDWLRQRI+DQGOHV

 $GMXVWLQJWKH&DUW%UDNHV

 $GMXVWLQJWKH8S'RZQ%DODQFH

 $GMXVWLQJWKH,&217%%RDUG






   'HWDLOHG$GMXVWPHQWV


 /DXQFKLQJDQG8VLQJ0DLQWHQDQFH7RRO

3&0DLQWHQDQFH7RROVRIWZDUHLVHVVHQWLDOIRUPDLQWHQDQFHRIWKLVLQVWUXPHQW5HDGWKH
3&$GMXVWPHQW0DQXDO 0 FDUHIXOO\ 7KLVPDQXDOFRUUHVSRQGVWR9HUVLRQ
RIWKHDGMXVWPHQWVRIWZDUH 
/DXQFKLQJWKH6RIWZDUH
 8VHDQ56&FDEOH FURVVRYHUW\SH WRFRQQHFWWKH56&SRUWRQWKH
FRPSXWHUWRWKHFRQQHFWRURQWKH:+$&217ERDUGLQGLFDWHGE\DQ
DUURZEHORZ $OWHUQDWLYHO\LWFDQEHFRQQHFWHGWRWKH56&SRUWRQWKH
021,725,)ERDUGDVZHOO  







 8SSHU

RQH




 /DXQFKWKHDGMXVWPHQWVRIWZDUH7KLVUHTXLUHVHQWHULQJDSDVVZRUGZKLFK
LVZKDFRQW DOOORZHUFDVH  
1RWH 8VLQJDQ56&WR86%FRQYHUWHUFDEOHPD\UHVXOWLQWKHHUURUVVKRZQ
EHORZ 




&KDSWHU


 )9) )OXRURVFRS\)LODPHQW&XUUHQW 

&RQQHFWWKHFRPSXWHUWRWKH:+$&217ERDUGWKHQODXQFK3&0DLQWHQDQFH7RRO 



 6HOHFWWKHGHVLUHGN9DQGP$VHWWLQJFRPELQDWLRQLQWKHWDEOH 
 7KHFXUUHQW)9)VHWWLQJLVVKRZQLQWKH>6HW)9)@ER[7KLVVHWWLQJFDQEH
FKDQJHGE\FOLFNLQJWKHXSRUGRZQDUURZEXWWRQV 

 :KHQIOXRURVFRS\LVSHUIRUPHGYLDWKH&DUPFDUWPHDVXUHGYDOXHVDUH
GLVSOD\HGLQWKH>0HDVXUHGN9@>0HDVXUHGP$@DQG>0HDVXUHG,)9@ER[HV 
 :KHQILQLVKHGHQWHULQJDOOVHWWLQJFKDQJHVFOLFN>:ULWH@ 


127(

%HVXUHWRVHOHFWWKHFRQWLQXRXVIOXRURVFRS\PRGHRQWKH&DUPFDUW 



   'HWDLOHG$GMXVWPHQWV


 )95 5DGLRJUDSK\)LODPHQW&XUUHQW 

&RQQHFWWKHFRPSXWHUWRWKH:+$&217ERDUGWKHQODXQFK3&0DLQWHQDQFH7RRO 




 6HOHFWWKHGHVLUHGN9DQGP$VHWWLQJFRPELQDWLRQLQWKHWDEOH 
 7KHFXUUHQW)95VHWWLQJLVVKRZQLQWKH>6HW)95@ER[7KLVVHWWLQJFDQEH
FKDQJHGE\FOLFNLQJWKHXSRUGRZQDUURZEXWWRQV 

 3HUIRUPUDGLRJUDSK\YLDWKH&DUPFDUWDQGYHULI\WKH70$ZDYHKHLJKW
YDOXHXVLQJDQRVFLOORVFRSH7KHPHDVXUHPHQWSRLQWLV&3IRU7P$ 
P$9 RQWKH3:&217ERDUG5DGLRJUDSK\WLPHLVDOZD\VVHWWR
VHFRQGV6HWWLQJVRWKHUWKDQWKRVHLQWKHP$P$RUP$FROXPQV
DUHQRWQHHGHG 

 :KHQILQLVKHGHQWHULQJDOOVHWWLQJFKDQJHVFOLFN>:ULWH@ 

127(

N9DQGP$H[FHHGVWKHUDWHGFDSDFLW\(QWHUWKHVDPHYDOXHDVIRUN9DQG
P$ 



&KDSWHU


 $GMXVWLQJWKH&ROOLPDWRUV

&RQQHFWWKHFRPSXWHUWRWKH:+$&217ERDUGWKHQODXQFK3&0DLQWHQDQFH7RRO 




$GMXVWLQJWKH2FWDJRQDO&ROOLPDWRU
 6HOHFW>2FWDJRQDO&ROOLPDWRU@ 
 &OLFN>6WDUW@ 
 $GLDORJER[LVGLVSOD\HGWRFRQILUPVWDUWLQJWKHDGMXVWPHQW&OLFN>2.@ 




   'HWDLOHG$GMXVWPHQWV




 0HDVXUHWKHGLDPHWHURIWKHRFWDJRQDOFROOLPDWRURSHQLQJDQGHQWHUWKDW
YDOXH LQWHJHUYDOXHLQWHUPVRIPP 

 &OLFN>1H[W@ 




&KDSWHU





127(

)RUPRGHOVFRPELQHGZLWKDQGLQFK,,XQLWVFRQILUPWKDWWKHLQFKILHOGVL]HLV
VHOHFWHGRQWKHFRQWUROSDQHO 


 6HWWKHRFWDJRQDOFROOLPDWRURSHQLQJDWPD[LPXPYLDWKHVLGHSDQHORQWKH
&DUPFDUW GRQRWVHWWRZDUGFLUFOHEODQNLQJ  

 &OLFN>1H[W@ 




   'HWDLOHG$GMXVWPHQWV




 0HDVXUHWKHGLDPHWHURIWKHRFWDJRQDOFROOLPDWRUOHDIRSHQLQJDQGHQWHU
WKDWYDOXH (QWHUDQLQWHJHUYDOXHLQWHUPVRIPP 

 &OLFN>1H[W@ 
)RUPRGHOVZLWKDQGLQFK,,XQLWVLQFKVHWWLQJVDUHHQWHUHGQH[W7KH
SURFHGXUHLVWKHVDPHDV6WHSVWR 

127(

)RUPRGHOVFRPELQHGZLWKDQGLQFK,,XQLWVFRQILUPWKDWWKHLQFKILHOGVL]HLV
VHOHFWHGRQWKHFRQWUROSDQHO 



&KDSWHU


)RU$&7,92PRGHOV ZLWK9HUVLRQRUKLJKHU:+$VRIWZDUHDQG
9HUVLRQRUKLJKHUDGMXVWPHQWVRIWZDUH WKHZLQGRZIRUDGMXVWLQJWKH
RFWDJRQDOFROOLPDWRURSHQLQJGXULQJILOPUDGLRJUDSK\RSHQVQH[W 
$GMXVWWKHRFWDJRQDOFROOLPDWRURSHQLQJYLDWKH&DUPFDUWVLGHSDQHOVR
WKDWWKHGLDPHWHULVPP 




127(

0DNHVXUHWKHRFWDJRQDOFROOLPDWRUGRHVQRWUHDFKWKHPHFKDQFLDOVWRSSHUZKHQ
LQFUHDVLQJWKHFROOLPDWRURSHQLQJ,IWKHRFWDJRQDOFROOLPDWRUUHDFKHVWKHPHFKDQFLDO
VWRSSHUVWDUWWKHRFWDJRQDOFROOLPDWRUDGMXVWPHQWSURFHVVRYHUDJDLQIURPWKH
EHJLQQLQJ 


&OLFN>1H[W@ 
:KHQWKH&DOLEUDWLRQILQLVKHGPHVVDJHLVGLVSOD\HGFOLFN>2.@ 




   'HWDLOHG$GMXVWPHQWV


$GMXVWLQJWKH3DUDOOHO&ROOLPDWRU



6HOHFW>3DUDOOHO&ROOLPDWRU@ 
&OLFN>6WDUW@ 
$GLDORJER[LVGLVSOD\HGWRFRQILUPVWDUWLQJWKHDGMXVWPHQW&OLFN>2.@ 




&KDSWHU




6HWWKHSDUDOOHOFROOLPDWRURSHQLQJDWPD[LPXPYLDWKHVLGHSDQHORQWKH
&DUPFDUW GRQRWVHWWRZDUGFLUFOHEODQNLQJ  
)RU$&7,92PRGHOVDGMXVWWKHSDUDOOHOFROOLPDWRURSHQLQJYLDWKHVLGHSDQHO
RQWKH&DUPFDUWVRWKDWWKHRSHQLQJLVPPGXULQJILOPUDGLRJUDSK\ 

&OLFN>1H[W@ 




   'HWDLOHG$GMXVWPHQWV




0HDVXUHWKHGLVWDQFHEHWZHHQSDUDOOHOFROOLPDWRUOHDYHVDQGHQWHUWKDW
YDOXH (QWHUDQLQWHJHUYDOXHLQWHUPVRIPP 
&OLFN>1H[W@ 




&KDSWHU





6HWWKHSDUDOOHOFROOLPDWRURSHQLQJYLDWKHVLGHSDQHORQWKH&DUPFDUWVRLW
LVDSSUR[PPrPPRQWKHPRQLWRU 

&OLFN>1H[W@ 




   'HWDLOHG$GMXVWPHQWV




0HDVXUHWKHGLVWDQFHEHWZHHQSDUDOOHOFROOLPDWRUOHDYHVDQGHQWHUWKDW
YDOXH (QWHUDQLQWHJHUYDOXHLQWHUPVRIPP 
&OLFN>1H[W@ 



&KDSWHU




$GMXVWWKHSDUDOOHOFROOLPDWRUYLDWKH&DUPFDUWVLGHSDQHOVRLWDSSHDUV
KRUL]RQWDORQWKHPRQLWRU DVVKRZQEHORZ  





&OLFNWKH>1H[W@
EXWWRQ 
:KHQWKH&DOLEUDWLRQILQLVKHGPHVVDJHLVGLVSOD\HGFOLFN>2.@ 




   'HWDLOHG$GMXVWPHQWV


 )OXRURVFRS\,ULV $&7,92DQG$&7,92')6V\VWHPVRQO\ 

&RQQHFWWKHFRPSXWHUWRWKH:+$&217ERDUGWKHQODXQFK3&0DLQWHQDQFH7RRO 




 6HOHFWWKH>,,)LHOG@VL]HDQG>'RVH7\SH@PRGHWREHDGMXVWHG 
 3ODFHWKHVSHFLILHGSKDQWRP PP&X  
 2EWDLQDIOXRURVFRSLFLPDJHRIWKHSKDQWRPDQGDGMXVWWKH>,5,6YDOXH@
VOLGHUXQWLOWKHLPDJHEULJKWQHVVVWDELOL]HVDWWKHVSHFLILHGN9YDOXH 

 3HUIRUPWKHVDPHDGMXVWPHQWIRURWKHUGRVHPRGHVDQG,,ILHOGVL]HV 
 :KHQDGMXVWPHQWVDUHILQVKHGFOLFN>:ULWH@ 

127(

)RUPRUHDERXWSKDQWRPVDQG,%6EDODQFHSRLQWVUHIHUWR,%6%DODQFH3RLQWLQWKH
0DLQWHQDQFHVHFWLRQRIWKH,QVWDOODWLRQ0DQXDO 0 IRU$&7,92PRGHOVDQG
$GMXVWLQJ,PDJH4XDOLW\LQWKHRSWLRQDOLPDJHSURFHVVRU,QVWDOODWLRQ0DQXDO
0 IRU$&7,92')6PRGHOV 



&KDSWHU


 $GMXVWLQJWKH,QYHUWHU&RQWURO&LUFXLW

 3UHSDUDWLRQ

0DNHWKHIROORZLQJFKDQJHVWRSUHYHQWFKDUJLQJWKHLQYHUWHUXQLW 
 &RQILUPWKDWWKHPDLQEUHDNHUVZLWFKRQWKHORZHUEDFNVLGHRIWKHPRQLWRU
FDUWLVVZLWFKHG2)) 

 'LVFRQQHFW$&DQG$&ZLUHVFRQQHFWHGWRWHUPLQDOEORFN;RQWKH
,19(57(5ERDUG 
 &RYHUGLVFRQQHFWHGWHUPLQDOVZLWKLQVXODWRUFDSVRULQVXODWLQJWDSH 
 'LVFRQQHFWFRQQHFWRU-0IURPWKH,19(57(5ERDUG 
(QWHULQJWKH&KHFN0RGH
 6ZLWFKWKHLQVWUXPHQWSRZHU21DQGODXQFKWKHWKHDGMXVWPHQWVRIWZDUH
6LQFHFKDUJLQJZDVGLVDEOHGLQWKHSUHYLRXVVWHSDQ(UURUPHVVDJHZLOO
EHGLVSOD\HGEXWLJQRUHWKHPHVVDJH 

 &OLFNWKH>*DWH:DYHIRUP&KHFN@WDE 
 6HOHFWWKHFKHFNER[ 
 $>'LVDEOH2.&2.)FKHFN@EXWWRQZLOOEHGLVSOD\HGZKHQWKHFKHFNER[LV
VHOHFWHG7KLVHQDEOHVWKH;UD\WHVWH[SRVXUH

 &DQFHOWKH(UURUPHVVDJHXVLQJWKH>&DQFHO@EXWWRQRQWKH&DUPFRQWURO
SDQHO 



   'HWDLOHG$GMXVWPHQWV


 3:&217%RDUG$GMXVWPHQW3URFHGXUH

/HDYHWKHSRZHU2))IRU6WHSVWREHORZ 

 'LVFRQQHFWFRQQHFWRU-,19 
 &RQILUP',3VZLWFKRQWKH3:&217ERDUGLVLQWKH2))SRVLWLRQ 
 7XUQ95>)%5(6@RQWKH3:&217ERDUGFORFNZLVHDVIDUDVLWZLOO
JR DSSUR[WXUQV  
 7XUQ95>)%5(6@RQWKH3:&217ERDUGFRXQWHUFORFNZLVHWXUQV
7KLVVHWV95WRLWVDGMXVWPHQWPLGSRLQW  
7XUQ95>935(6@RQWKH3:&217ERDUGFORFNZLVHDVIDUDVLWZLOO
JR DSSUR[WXUQV  

 7XUQ95>935(6@RQWKH3:&217ERDUGFRXQWHUFORFNZLVHWXUQV
7KLVVHWV95WRLWVDGMXVWPHQWPLGSRLQW  
6ZLWFKWKHSRZHU21DQGFRQILUPWKHJDWHZDYHIRUPXVLQJ3&0DLQWHQDQFH7RRO VHH
3UHSDUDWLRQ  
 &OLFNWKH>'LVDEOH;5D\([SRVXUH3UHYHQWLRQ@EXWWRQ>21@ 7KLVHQDEOHV
UDGLRJUDSK\DQGIOXRURVFRS\RSHUDWLRQV 

 6ZLWFKWKHOHIWIRRWVZLWFK21 7KLVDOORZVWHPSRUDU\IOXRURVFRS\

RSHUDWLRQV 
 0DNHILQHDGMXVWPHQWVWRWKHLQYHUWHUOLPLWSXOVHZLGWK 
$GMXVW95>38/6($'-@VRWKDWWKHSXOVHZLGWKIRUWKHKLJKOHYHODW&3
>38/6(@LVȝVHFrȝVHF 

















:DYHIRUPDW&3>38/6(@



&KDSWHU


 &RQILUPLQJ,*%7*DWH:DYHIRUPLQ)OXRURVFRS\0RGH
ZLWKRXWDGMXVWLQJ 

/HDYHWKHSRZHU2))IRU6WHSVWREHORZ 
 &RQQHFWWKHRVFLOORVFRSHDFURVV&3>*@DQG&3>(@DQG&3>*@DQG
&3>(@RQWKH,19(57(5ERDUG 
 &RQQHFWFRQQHFWRU-,19 
6ZLWFKWKHSRZHU21DQGFRQILUPWKHJDWHZDYHIRUPXVLQJ3&0DLQWHQDQFH7RRO VHH
3UHSDUDWLRQ  

 :LWKWXEHYROWDJHDWN9SHUIRUPFRQWLQXRXV15IOXRURVFRS\DQG
FRQILUPWKH,*%7JDWHZDYHIRUP 7KLVZLOOUHVXOWLQ(UURUDIWHUDSSUR[
VHFRQGVEXWWKHV\VWHPLVIXQFWLRQLQJSURSHUO\ 

 &RQILUPWKDWWKHSXOVHZLGWKDW9LVEHWZHHQȝVHFDQGȝVHF 
 &RQILUPWKDWWKHIUHTXHQF\LVN+] ȝVHFȝVHF  
 &RQQHFWWKHRVFLOORVFRSHDFURVV&3>*@DQG&3>(@DQG&3>*@DQG
&3>(@RQWKH,19(57(5ERDUG3HUIRUPIOXRURVFRS\DQGFRQILUP
WKDWWKH,*%7JDWHZDYHIRUPLVDFRQVWDQW]HURYROWVUDWKHUWKDQDSXOVH
ZDYHIRUP 


䎛䎑䎖䌾䎛䎑䎚㱘䏖䏈䏆䎃
䎎䎃䎘䎹䎃

䎃 䎓䎹䎃
䎕䎛䎑䎓䌾䎕䎜䎑䎓㱘䏖䏈䏆䎃


:DYHIRUP%HWZHHQ&3>*@DQG&3>(@DQG&3>*@DQG&3>(@RQWKH
,19(57(5%RDUG



   'HWDLOHG$GMXVWPHQWV


 &RQILUPLQJ,*%7*DWH:DYHIRUPLQ5DGLRJUDSK\0RGH
ZLWKRXWDGMXVWLQJ 

/HDYHWKHSRZHU2))IRU6WHSVWREHORZ 
 &RQQHFWWKHRVFLOORVFRSHDFURVV&3>*@DQG&3>(@DQG&3>*@DQG
&3>(@RQWKH,19(57(5ERDUG 
 &RQQHFWFRQQHFWRU-,19 
 :LWK;UD\VHWWLQJVDWN9DQGP$VSHUIRUPUDGLRJUDSK\DQGFRQILUP
WKH,*%7JDWHZDYHIRUP 

 &RQILUPWKDWWKHSXOVHZLGWKDW9LVEHWZHHQȝVHFDQGȝVHF 
 &RQILUPWKDWWKHIUHTXHQF\LVN+] ȝVHFȝVHF  
 &RQQHFWWKHRVFLOORVFRSHDFURVV&3>*@DQG&3>(@DQG&3>*@DQG
&3>(@RQWKH,19(57(5ERDUG 

 :LWK;UD\VHWWLQJVDWN9DQGP$VSHUIRUPUDGLRJUDSK\DQGFRQILUP
WKH,*%7JDWHZDYHIRUP 
 &RQILUPWKDWWKHSXOVHZLGWKDW9LVEHWZHHQȝVHFDQGȝVHF 
 &RQILUPWKDWWKHIUHTXHQF\LVN+] ȝVHFȝVHF  


䎛䎑䎖䌾䎛䎑䎚㱘䏖䏈䏆䎃
䎎䎃䎘䎹䎃

䎃 䎓䎹䎃
䎔䎜䎑䎘䌾䎕䎓䎑䎘㱘䏖䏈䏆䎃


 :DYHIRUP%HWZHHQ&3>*@DQG&3>(@DQG&3>*@DQG&3>(@RQWKH
,19(57(5%RDUG



&KDSWHU


 &RQILUPLQJWKH)LODPHQW+HDWLQJ&LUFXLW

0DNHWKHIROORZLQJFKDQJHVWRSUHYHQWFKDUJLQJWKHLQYHUWHUXQLW 

 &RQILUPWKDWWKHPDLQEUHDNHUVZLWFKRQWKHORZHUEDFNVLGHRIWKHPRQLWRU
FDUWLVVZLWFKHG2)) 
 'LVFRQQHFW$&DQG$&ZLUHVFRQQHFWHGWRWHUPLQDOEORFN;RQWKH
,19(57(5ERDUG 

 &RYHUGLVFRQQHFWHGWHUPLQDOVZLWKLQVXODWRUFDSVRULQVXODWLQJWDSH 
&RQILUPLQJWKH)LODPHQW+HDWLQJ:DYHIRUP

 &RQQHFWWKHRVFLOORVFRSHDFURVVSLQV&3>&/@DQG&3>&2@RQWKH
,19(57(5ERDUG 
 6ZLWFKWKHSRZHU21 
 &RQILUPWKDWWKHIUHTXHQF\LVN+] ȝVHFȝVHF  
3XOVHZLGWKZLOOYDU\GHSHQGLQJRQ;UD\SDUDPHWHUVEXWIUHTXHQF\ZLOOEH
FRQVWDQW  


䎗䎜䎑䎓䌾䎘䎔䎑䎓㱘䏖䏈䏆䎃

䎃 䎓䎹䎃


 :DYHIRUP%HWZHHQ&3>&/@DQG&3>&2@RQ,19(57(5%RDUG 
DWN9DQGP$VKRZQ 



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJ'HWHFWHG&KDUJH9ROWDJH9DOXHV

 :LWKWKHSRZHU2))FRQILUPWKDWWHUPLQDOEORFNV;DQG;DUHFRQQHFWHG
FRUUHFWO\RQWKH,19(57(5ERDUG 
 6ZLWFKWKHSRZHU21DQGFKDUJHWKHLQYHUWHUXQLW 
 &RQILUPWKDWWKHYROWDJHDWWHUPLQDO;RQWKH,19(57(5ERDUGLV
EHWZHHQ9'&DQG9'& 

 $GMXVW95>93$'-@VRWKDWWKHYROWDJHDW&3>93@RQWKH3:
&217ERDUGLVRQHRQHKXQGUHGWKRIWKHFKDUJHYROWDJH 



&KDSWHU


 &RQILUPLQJWKH+LJK9ROWDJH:DYHIRUP



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJWKH4%0RQLWRU

:KHQDKLJKOLQHUDWHLPDJHLVGLVSOD\HGYLDWKH4%PRQLWRUWKHSURSRUWLRQ
EHWZHHQWKHWRSDQGERWWRPRIFLUFOHEODQNLQJDQGWKHFHQWHUSRLQWFDQVKLIW,QVXFK
FDVHVXVHWKHIROORZLQJSURFHGXUHWRDGMXVWWKHLPDJH 
 &RQILUPWKDWWKHDVSHFWUDWLRVZLWFKRQWKHEDFNRIWKH4%PRQLWRULV
VHWWR 









 5HPRYHWKHPRQLWRUFRYHUDQGUHPRYHWKHWRSPHWDOSDQHOLQVLGHWKH
PRQLWRU















 $GMXVWWKHDVSHFWUDWLRDQGFHQWHUSRLQWIRUFLUFOHEODQNLQJXVLQJ+6,=(DQG
+3+$6(WULPPHUVRQWKHERDUGORFDWHGDWWKHERWWRPRIWKHPRQLWRU 
2QHDFKWULPPHU&FRUUHVSRQGVWRWKHOLQHPRGHDQG'WRWKH
OLQHPRGH 



&KDSWHU



















:$51,1*

%HH[WUHPHO\FDUHIXORIHOHFWULFDOVKRFNZKHQPDNLQJDGMXVWPHQWVLQVLGHWKHPRQLWRU
DVVRPHSDUWVRSHUDWHDWKLJKYROWDJHV 



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJ,PDJH'LVSOD\RQ/&'&217%RDUG 3/(12RQO\ 

127(


7KLVDGMXVWPHQWLVQRWQHFHVVDU\RQPRGHOVZLWKRXWDQRSWLRQDOIOXRURVFRS\LPDJH
GLVSOD\ 

3UHSDUDWLRQ
x 2QWKH/&'&217ERDUGWXUQ9595%DVIDUDVSRVVLEOH
FRXQWHUFORFNZLVHDQG95957DVIDUDVSRVVLEOHFORFNZLVH 
x 2SHQWKH>6HWXS'DWD@WDESDJHLQ3&0DLQWHQDQFH7RRODQGVSHFLI\WKH
LPDJHGLVSOD\PRGHDQGLPDJHW\SHWRGLVSOD\ UHIHUWRWKH03&
$GMXVWPHQW0DQXDO 0DNHVXUHWKHLPDJHW\SHVHWWLQJ 176&RU3$/ DJUHHV
ZLWKLPDJHSURFHVVRUVHWWLQJV 7RFRQILUPWKHLPDJHW\SHVHWWLQJLQWKHLPDJH
SURFHVVRUXQLWFOLFN>6HUYLFH$SSOLFDWLRQ@>&RQILJXUDWLRQ@>6\VWHP
&RQILJXUDWLRQ@>6\VWHP2SWLRQV@>6FDQ&RQYHUWHU@ 
$GMXVWLQJWKH'LVSOD\
 2QWKH/&'&217ERDUGFRQQHFWWKHRVFLOORVFRSHWRFKHFNSLQV&3
$'&,1&3957DQG&395% 













 8VHWKHLPDJHSURFHVVRUWRGLVSOD\WKH6037(SDWWHUQIRUDSDWLHQWQDPH
RI7HVW3DWWHUQ 
 &RQILJXUHWKHRVFLOORVFRSHZLWKWKHIROORZLQJVHWWLQJVDQGFRQILUPWKH
ZDYHIRUPGLVSOD\ORRNVOLNHWKHRQHVKRZQEHORZ 
&KDQQHO6HWWLQJ  $OO9GLY
6DPSOLQJ6HWWLQJ  $SSUR[ȝVWRPVGLY
7ULJJHU6HWWLQJ  7ULJJHUDQG79PRGHIRUFKDQQHOFRQQHFWHGWR$'&,1 



&KDSWHU


&+957

&+$'&,1

3HGHVWDO
/HYHO

&+95%



 *UDGXDOO\WXUQ9595%FORFNZLVHXQWLOWKHSHGHVWDOOHYHORIWKHLPDJH
VLJQDODW$'&,1 DSSUR[9 PDWFKHVWKHYDOXHDW95% 
 3UHVVWKH>'LVSOD\,PDJH@EXWWRQRQWKHFRQWUROSDQHODQGFRQILUPWKDWWKH
6037(SDWWHUQGLVSOD\VQRUPDOO\ 
x ,I,PDJH%DFNJURXQGLV%ULJKWHU7KDQ%ODFN$UHDV7XUQ95%FORFNZLVH
x ,I,PDJHLV7RR%ULJKW  7XUQ957FRXQWHUFORFNZLVH



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJWKH,,/HQV)RFXV $&7,92 

 6ZLWFKWKHSRZHU2))DQGUHPRYHWKHRSWLFDOV\VWHPFRYHU IRUPRGHO

,$/6&UHPRYHWKHZHLJKWSODWHDVZHOO  












 8QVFUHZWKHWKUHH,&217ERDUGVFUHZVDQGUHPRYHWKHERDUGIURPWKH
RSWLFDOV\VWHP 
/RRVHQWKHIRXUVFUHZVWKDWIDVWHQWKHRSWLFDOV\VWHP VSDFHGXQLIRUPO\ 
7KHVHVFUHZVDUHHPEHGHGLQWRWKHRSWLFDOV\VWHPDQGFDQQRWEHUHPRYHG
7KHORFDWLRQRIWKHVFUHZVDUHVKRZQEHORZ7KH\DUHDOOORFDWHGDWWKH
VDPHKHLJKW








/RZHU/HIW6FUHZ 8SSHU/HIW6FUHZ
$V9LHZHG)URP&$UP $V9LHZHG)URP&$UP

 5HPRYHWKHRSWLFDOV\VWHPIURPWKH,,WXEHDQGORRVHQWKHIRFXVORFN
VFUHZ











&KDSWHU


 ,QVWDOOWKHRSWLFDOV\VWHPEDFNLQLWVRULJLQDOSRVLWLRQLQWKH,,WXEH7KH
RSWLFDOV\VWHPPXVWEHILWWHGLQSODFH'RQRWWLJKWHQIDVWHQHUVDWWKLVSRLQW 

 6ZLWFKWKHSRZHU21DQGZDLWIRUWKHV\VWHPWRVWDUWXS$WWDFKWKH
UHVROXWLRQFKDUWWRWKHIURQWRIWKH,,WXEHDQGZDWFKWKHLPDJHRQWKH79
PRQLWRUDVIOXRURVFRS\LVSHUIRUPHG$GMXVWWKHIRFXVE\WXUQLQJWKHZKLWH
JHDURURSWLFDOV\VWHPJHDUVKRZQLQWKHSKRWRDERYHGLUHFWO\E\KDQG 

 $IWHUDGMXVWLQJWRRSWLPDOSRVLWLRQVZLWFKWKHSRZHU2))DQGUHPRYHWKH
RSWLFDOV\VWHPDJDLQ7LJKWHQWKHIRFXVORFNVFUHZWKHQLQVWDOOWKHRSWLFDO
V\VWHPLQWRWKH,,WXEHDQGIDVWHQLWZLWKWKHIRXURSWLFDOV\VWHPIDVWHQHU
VFUHZV 

 ,QVWDOOWKH,&217ERDUGLQWKHRSWLFDOV\VWHPWKHQDWWDFKWKHRSWLFDO
V\VWHPFRYHU 
$GMXVWLQJWKH;79/LJKW%HDP
 /RRVHQWKHIRXUVFUHZVLQGLFDWHGE\DUURZVLQWKHSKRWREHORZ 














 *HQHUDWHDIOXRURVFRSLFLPDJHDQGDOLJQWKHSRVLWLRQE\ZDWFKLQJWKH79
PRQLWRUDQGPRYLQJWKHFDPHUDVHQVRUERDUGDOLWWOHDWDWLPH 

 :KHQILQLVKHGDGMXVWLQJWKHOLJKWEHDPWLJKWHQDOOWKHVFUHZVDOLWWOHDWD
WLPHLQDGLDJRQDOSDWWHUQXQWLOWKH\DUHIXOO\WLJKWHQHG 

&$87,21

,IWKHRSWLFDOV\VWHPOHQVJHWVGLUW\LWZLOOGHFUHDVHFRQWUDVWDQGJHQHUDWHEOXUULQHVVLQ
UHVROXWLRQZKLFKUHGXFHVWKHLPDJHTXDOLW\%ORZDZD\RUOLJKWO\ZLSHDZD\DQ\
FRQWDPLQDWLRQZLWKJDX]HRURWKHUVRIWFORWK 



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJWKH,,/HQV)RFXV 3/(12 

 6ZLWFKWKHSRZHU2))DQGUHPRYHWKHXSSHU,,FRYHU 











 8QVFUHZWKHWKUHH,&217ERDUG LQGLFDWHGE\DUURZLQILJXUH VFUHZVDQG
UHPRYHWKHERDUGIURPWKHRSWLFDOV\VWHP%HFDUHIXOQRWWRGURSWKHVH
VFUHZV 

 /RRVHQWKHIRXUVFUHZVWKDWIDVWHQWKHRSWLFDOV\VWHP VSDFHGXQLIRUPO\ 

7KHVHVFUHZVDUHHPEHGHGLQWRWKHWRSRIWKHRSWLFDOV\VWHPWRSUHYHQW
WKHPIURPIDOOLQJRXWRIWKHRSWLFDOV\VWHP7KHORFDWLRQRIWKHVFUHZVDUH
VKRZQEHORZ7KH\DUHDOOORFDWHGDWWKHVDPHKHLJKW 







/RZHU/HIW6FUHZ 8SSHU/HIW6FUHZ
$V9LHZHG)URP&$UP $V9LHZHG)URP&$UP








2SWLFDO6\VWHP5HPRYHG)URP,,7XEH



&KDSWHU


 5HPRYHWKHRSWLFDOV\VWHPIURPWKH,,WXEHDQGGLVFRQQHFWWKHFDPHUD
FDEOH5HIHUWRWKHILJXUHEHORZWRORRVHQWKHRSWLFDOV\VWHPIRFXVORFN
VFUHZ 









 ,QVWDOOWKHRSWLFDOV\VWHPEDFNLQLWVRULJLQDOSRVLWLRQLQWKH,,WXEH7KH
RSWLFDOV\VWHPPXVWEHILWWHGLQSODFH'RQRWWLJKWHQIDVWHQHUVDWWKLVSRLQW 

 6ZLWFKWKHSRZHU21DQGZDLWIRUWKHV\VWHPWRVWDUWXS 
 $WWDFKWKHUHVROXWLRQFKDUWWRWKHIURQWRIWKH,,WXEHDQGZDWFKWKHLPDJH
RQWKH79PRQLWRUDVIOXRURVFRS\LVSHUIRUPHG$GMXVWWKHIRFXVE\WXUQLQJ
WKHZKLWHJHDURURSWLFDOV\VWHPJHDUVKRZQLQWKHSKRWRDERYHGLUHFWO\E\
KDQG 

 $IWHUDGMXVWLQJWRRSWLPDOSRVLWLRQVZLWFKWKHSRZHU2))DQGUHPRYHWKH
RSWLFDOV\VWHPDJDLQ 

 7LJKWHQWKHIRFXVORFNVFUHZWKHQLQVWDOOWKHRSWLFDOV\VWHPLQWRWKH,,WXEH
DQGIDVWHQLWZLWKWKHIRXURSWLFDOV\VWHPIDVWHQHUVFUHZV 

,QVWDOOWKH,&217ERDUGLQWKHRSWLFDOV\VWHPWKHQDWWDFKWKHRSWLFDO
V\VWHPFRYHU 



   'HWDLOHG$GMXVWPHQWV


$GMXVWLQJWKH;79/LJKW%HDP
/RRVHQWKHWKUHHVFUHZVLQGLFDWHGE\DUURZVLQWKHSKRWREHORZ 
*HQHUDWHDIOXRURVFRSLFLPDJHDQGDOLJQWKHSRVLWLRQE\ZDWFKLQJWKH79
PRQLWRUDQGPRYLQJWKHFDPHUDKHDGDOLWWOHDWDWLPH 
:KHQILQLVKHGDGMXVWLQJWKHOLJKWEHDPWLJKWHQDOOWKHVFUHZVDOLWWOHDWD
WLPHLQDGLDJRQDOSDWWHUQXQWLOWKH\DUHIXOO\WLJKWHQHG 
















127(


7KHLPDJHFHQWHUSRLQWFDQEHGHWHUPLQHGPRUHHDVLO\E\VWUHWFKLQJVROGHUZLUH
DFURVVWKH,,LQSXWVXUIDFHLQDFURVVKDLUVFRQILJXUDWLRQDQGWDSLQJDQ0ZDVKHUWR
WKHFHQWHU 




&KDSWHU


 $GMXVWLQJWKH&ROOLPDWRU&HQWHU3RLQW

 $GMXVWLQJWKH&HQWHU3RLQWRI3DUDOOHO/HDYHV

 :LWKWKH&DUPLQWKH3$JHRPHWU\WDSHDUHIHUHQFHREMHFWWRWKHIURQW
VXUIDFHRIWKH,, VXFKDVDSDSHUFOLS  

 :KLOHYLHZLQJWKHIOXRURVFRSLFLPDJHPRYHWKHSDUDOOHOOHDYHVDQGFRQILUP
WKHGLUHFWLRQRIVKLIWIURPFHQWHU 
 /RRVHQWKHIRXUEROWVLQGLFDWHGLQWKHILJXUHEHORZDQGVKLIWWKHHQWLUH
FROOLPDWRULQWKHGLUHFWLRQRIWKHVKLIWFRQILUPHGDERYH 

















/RFDWLRQRI)RXU&ROOLPDWRU)DVWHQHU%ROWV
 2EVHUYHWKHIOXRURVFRSLFLPDJHDJDLQDQGFRQILUPLWLVFHQWHUHG 
 ,IRIIFHQWHUUHSHDW6WHSVWR 
 $IWHUFRQILUPLQJLWLVFHQWHUHGWLJKWHQWKHEROWVQXWVWRVHFXUHWKHFROOLPDWRU
LQSODFH 



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJWKH&HQWHU3RLQWRI2FWDJRQDO/HDYHV

 &RQILUPWKDWWKHSDUDOOHOOHDYHVDUHFHQWHUHG 

 :LWKWKH&DUPLQWKH3$JHRPHWU\WDSHDUHIHUHQFHREMHFWWRWKHIURQW
VXUIDFHRIWKH,, VXFKDVDSDSHUFOLS  
 :KLOHYLHZLQJWKHIOXRURVFRSLFLPDJHPRYHWKHRFWDJRQDOOHDYHVDQG
FRQILUPWKHGLUHFWLRQRIVKLIWIURPFHQWHU 
 /RRVHQWKHIDVWHQHUEROWVLQGLFDWHGEHORZDQGPRYHWKHRFWDJRQDOOHDYHVLQ
WKHGLUHFWLRQRIVKLIW 

















/RFDWLRQRI)RXU2FWDJRQDO&ROOLPDWRU)DVWHQHU%ROWV

 2EVHUYHWKHIOXRURVFRSLFLPDJHDJDLQDQGFRQILUPLWLVFHQWHUHG 
 ,IRIIFHQWHUUHSHDW6WHSVWR 
 $IWHUFRQILUPLQJLWLVFHQWHUHGWLJKWHQWKHIDVWHQHUVWRVHFXUHWKHFROOLPDWRU
LQSODFH 




&KDSWHU


 $GMXVWLQJWKH&$UP2UELWDO0RYHPHQW

 $GMXVWLQJ+RZ)DUWKH&$UP2UELW6WRSSHULV5HWUDFWHG

 5HPRYHOHIWDQGULJKWDUPKROGHUFRYHUV 
 5HPRYHWKHEUDFNHWDWWKHERWWRPRIWKHDUPKROGHUVKRZQLQWKHILJXUHRQ
WKHOHIWEHORZ 



 %UDFNHW





/RFDWLRQRI%UDFNHWDQG)DVWHQHU6FUHZV :LWK&RQQHFWRUV'LVFRQQHFWHG

 'LVFRQQHFWFRQQHFWRUVLQVLGHWKHKROGHUDVVKRZQLQWKHILJXUHDERYHRQ
WKHULJKW+RZHYHUGRQRWGLVFRQQHFWWKHVWRSSHUFRQQHFWRU EODFNFDEOH  








 )DVWHQHU%ROW
6HW6FUHZ

6HW6FUHZRQ6ROHQRLG0RXQWLQJ3ODWHDQG)DVWHQHU%ROWV

 $GMXVWKRZIDUWKHVWRSSHUUHWUDFWVE\DGMXVWLQJWKHWKUHHVHWVFUHZVDQG
IDVWHQHUEROWV6HWVFUHZDQGIDVWHQHUDGMXVWPHQWVKDYHWKHIROORZLQJ
HIIHFW 
*DS%HWZHHQ
6HW )DVWHQHU 3RVLWLRQRI6ROHQRLG 0RYHPHQW 5HWUDFWLRQ
&$UPDQG
6FUHZV %ROWV 0RXQWLQJ3ODWH 6RXQG )RUFH
6WRSSHU
0RYHVIDUWKHUDZD\
7LJKWHQ /RRVHQ ,QFUHDVHV ,QFUHDVHV 'HFUHDVHV
IURP&DUP
/RRVHQ 7LJKWHQ 0RYHVFORVHUWR&DUP 'HFUHDVHV 'HFUHDVHV ,QFUHDVHV

 2UELWWKH&DUPDJDLQDQGFRQILUPWKHVWRSSHULVQRWFDWFKLQJRUVFUDSLQJ
WKHQUHYHUVHWKHSURFHGXUHDERYHWRFRPSOHWHWKHDGMXVWPHQWSURFHVV 



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJ5DGLDO)RUFH5HTXLUHGIRU&$UP2UELWDO0RYHPHQW

,IWKH&DUPGRHVQRWRUELWHDVLO\DGMXVWLWDVIROORZV 

 5HPRYHOHIWDQGULJKWDUPKROGHUFRYHUV 
 5RWDWHWKH&DUPD[LDOO\WRWKHKRUL]RQWDOSRVLWLRQ 
 &RQILUPEHDULQJUXQRXWIRUWKHIRXUSDLUVRIEHDULQJV,IWKHEHDULQJLVORRVH
RUWRRWLJKWDGMXVWLWDFFRUGLQJWRWKHIROORZLQJSURFHGXUHV
 $GMXVWEHDULQJUXQRXWXVLQJDQDOOHQZUHQFKDQGRSHQHQGZUHQFKDV
VKRZQEHORZ 

 /RRVHQWKHEHDULQJE\NHHSLQJWKHDOOHQZUHQFKIURPPRYLQJDQGWXUQLQJ
WKHRSHQHQGZUHQFK 
 7XUQWKHDOOHQZUHQFKWRDGMXVWUXQRXWDQGDGMXVWWKHEHDULQJVRLWWRXFKHV
WKH&DUP 
 +ROGWKHDOOHQZUHQFKVWLOODWWKHSRLQWZKHUHWKHEHDULQJWRXFKHVWKH&DUP
DQGVHFXUHWKHVKDIWLQSODFHE\WXUQLQJWKHRSHQHQGZUHQFK1RWHWKDWLI
WKHDOOHQZUHQFKWXUQVZKHQWLJKWHQLQJWKHEHDULQJLWZLOOFKDQJHWKHUXQRXW 

 5HSHDWWKHVDPHSURFHVVWRFRQILUPWKHUXQRXWDQGSRVLWLRQRIHDFK
EHDULQJ 

 5HSHDWWKHVDPHSURFHVVIRUWKHEHDULQJVRQWKHRSSRVLWHVLGHDVZHOO 
















$GMXVWLQJ&DUP2UELWLQ5DGLDO'LUHFWLRQ



&KDSWHU


 $GMXVWLQJ$[LDO)RUFH5HTXLUHGIRU&$UP2UELWDO0RYHPHQW

,IWKH&DUPGRHVQRWRUELWHDVLO\DGMXVWLWDVIROORZV 

 5HPRYHOHIWDQGULJKWDUPKROGHUFRYHUVDQG$DQG%KROGHUFRYHUV 
 /RRVHQWKHVHWVFUHZVVKRZQEHORZ $OZD\VDGMXVWRQHVLGHDWDWLPH 
 $GMXVWEHDULQJUXQRXWXVLQJWKHWKLQZUHQFKSURYLGHGZLWKWKHLQVWUXPHQWVR
WKDWWKHEHDULQJVFRQWDFWWKH&DUPDVVKRZQEHORZ 
 :KHQWKHEHDULQJFRQWDFWVWKH&DUPVHFXUHWKHVKDIWLQSODFHZLWKWKHVHW
VFUHZ 









%HDULQJ6HW6FUHZV WRZDUG,,  %HDULQJ6HW6FUHZV WRZDUGWDQN 















$GMXVWLQJ$[LDO&DUP2UELW%HDULQJV



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJ2ULHQWDWLRQRI+DQGOHV

,IWKH&DUPFDUWFDQQRWUXQVWUDLJKWDGMXVWWKHIROORZLQJ 

 5HPRYHWKHULJKWVLGHFRYHU 
 /RRVHQWKHFKDLQWXUQEXFNOHQXWORFDWHGRQXSSHUULJKWVLGHIRUWKHFRQWURO
KDQGOHV 

127(


7XUQEXFNOHVKDYHGRXEOHQXWV 
$OZD\VXVHWZRZUHQFKHVWRORRVHQWKHVHQXWVDVVKRZQEHORZ 
7KHWKUHDGVWXUQLQRSSRVLWHGLUHFWLRQVRQHLWKHUHQG2QHHQGWXUQVLQWKHQRUPDO
GLUHFWLRQDQGWKHRWKHUHQGWXUQVLQWKHRSSRVLWHGLUHFWLRQ/RRNFDUHIXOO\DWWKH
WKUHDGVWRHQVXUHWKH\DUHEHLQJDGMXVWHGSURSHUO\ 
















$GMXVWLQJWKH7XUQEXFNOH

 $GMXVWWKHRULHQWDWLRQEHWZHHQKDQGOHDQGWKHUHDUZKHHOVE\DGMXVWLQJWKH
LQQHUDQGRXWHUWXUQEXFNOHV7KHILJXUHVRQWKHQH[WSDJHVKRZKRZ
WXUQEXFNOHDGMXVWPHQWVUHODWHWRUHDUZKHHORULHQWDWLRQ 



&KDSWHU



 2ULHQWHG6WUDLJKW$KHDG















 $GMXVWWRWKH5LJKW $GMXVWWRWKH/HIW

 /RRVHQ7KLV 7LJKWHQ7KLV
 7XUQEXFNOH 7XUQEXFNOH



7LJKWHQ7KLV
 /RRVHQ7KLV
7XUQEXFNOH 7XUQEXFNOH






(IIHFWRI7XUQEXFNOH$GMXVWPHQWVRQ5HDU:KHHO2ULHQWDWLRQ



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJWKH&DUW%UDNHV

 5HPRYHOHIWDQGULJKWVLGHFRYHUV 

 5HPRYHWKH0VFUHZVVKRZQLQWKHILJXUHDQGVZLQJRSHQWKH OHIW 

HOHFWULFDODVVHPEO\ 

 06FUHZ






 2SHQ

 06FUHZ


 8QVFUHZWZR0EROWVIURPOHIWDQGULJKWVLGHVWKHQUHPRYHWKHEUDNH
FRYHUV 

 06FUHZ
 06FUHZ








5HPRYH








 7KHEUDNLQJIRUFHFDQEHDGMXVWHGE\DGMXVWLQJWKHSRVLWLRQRIWKHGRXEOH
QXWVORFDWHGLQWZRSODFHVRQWKHSRUWLRQRIWKHEUDNHVWKDWSUHVVDJDLQVW
WKHIORRU8VHWKHWDEOHEHORZDVDUHIHUHQFHIRUDGMXVWLQJEUDNLQJIRUFH 



&KDSWHU














8SSHU'RXEOH1XW

/RZHU'RXEOH1XW

'LPHQVLRQV:KHQ6KLSSHG
)URP)DFWRU\
$ PP
5XEEHU3DG
% PP


7KHDERYHGLPHQVLRQVDVVXPHWKHEUDNHLVRII 
 )XQFWLRQ 7\SLFDOUHDVRQIRU $GMXVWDEOH
DGMXVWPHQW 'LPHQVLRQV
8SSHU $GMXVWVKRZIDUVSULQJLV ,QFUHDVHVSULQJFRPSUHVVLRQ $DQG%
1XW FRPSUHVVHGZKHQEUDNH WRDFFRPPRGDWHXQHYHQIORRU
LVDSSOLHG  VXUIDFH 
/RZHU $GMXVWVVSULQJIRUFHXVHG $PRXQWRIVSULQJFRPSUHVVLRQ %
1XW WRSUHVVUXEEHUVWRSSHU LVDGHTXDWHEXWLQFUHDVHG
DJDLQVWIORRU  VSULQJIRUFHLVGHVLUHG 

:$51,1*

$GMXVWVSULQJFRPSUHVVLRQWRPD[PPDIWHUUXEEHUVWRSSHUFRQWDFWVWKHIORRU,I
FRPSUHVVLRQLVLQFUHDVHGWRRPXFKWKHUXEEHUVWRSSHUZLOOEHFORVHWRWKHIORRUZKHQ
WKHEUDNHLVRIIDQGPD\FDWFKRQEXPSVRURWKHUIORRUXQHYHQQHVV 

 $IWHUDGMXVWPHQWVDUHILQLVKHGUHDWWDFKFRYHUV 



   'HWDLOHG$GMXVWPHQWV


 $GMXVWLQJWKH8S'RZQ%DODQFH

$GMXVWLQJWKH6SULQJ)RUFH
 5HPRYHOHIWDQGULJKWVLGHFRYHUV 

 5HPRYHWKH0VFUHZVVKRZQLQWKHILJXUHDQGVZLQJRSHQWKH OHIW 

HOHFWULFDODVVHPEO\'LVFRQQHFW:+$&217ERDUGFRQQHFWRU-6.<EHIRUH
RSHQLQJWKHHOHFWULFDODVVHPEO\WRSUHYHQWGDPDJLQJZLUHV 

 $GMXVWWKHVSULQJIRUFHE\WXUQLQJWKHQXWVKRZQWREDODQFHWKHYHUWLFDO
PRYHPHQW 

 06FUHZ
1XW


 'LVFRQQHFW
-6.< 



2SHQ
 6SULQJ

 06FUHZ


$GMXVWLQJWKH&RXQWHUZHLJKW
,IWKHYHUWLFDOPRYHPHQWFRXOGQRWEHEDODQFHGE\DGMXVWLQJWKHVSULQJDQGWKH&DUP
WHQGVWRIDOOUHPRYHWKHFRXQWHUZHLJKWLQVWDOOHGRQWKHLQQHUVKHOODQGWU\DGMXVWLQJWKH
VSULQJDJDLQ ,IQRFRXQWHUZHLJKWLVDWWDFKHGLWLVLQFOXGHGZLWKWKHLQVWUXPHQWZKHQ
VKLSSHG 







&KDSWHU


 $GMXVWLQJWKH,&217%%RDUG


1RWH 3HUIRUPWKHIROORZLQJSURFHGXUHLIWKHEULJKWQHVVRIWKHIOXRURVFRSLFLPDJHGRHVQRW
VWDELOL]HZKHQUHSODFLQJWKH,&217%ERDUGDQGSHULRGLFDOO\FKDQJHVHYHQGXULQJ
PDQXDOIOXRURVFRS\,IEULJKWQHVVLVVWDEOHWKLVSURFHGXUHLVQRWQHFHVVDU\ 


 ,QVWDOOWKH,&217ERDUGDVVHPEO\XSVLGHGRZQDVVKRZQEHORZ 
 7XUQYDULDEOHUHVLVWRU95>5(6@RQWKH,&217%ERDUG
FRXQWHUFORFNZLVHDVIDUDVSRVVLEOH DIWHUPXOWLSOHWXUQVLWFOLFNVZKHQ
WXUQHGDOOWKHZD\ WKHQWXUQLWFORFNZLVHWZRWXUQV 

 2EWDLQDPDQXDOIOXRURVFRS\LPDJHRIDPPWKLFNFRSSHUSODWHWKHQ
UHSHDWHGO\VZLWFKIOXRURVFRS\2))DQG21DQGFRQILUPWKDWWKHEULJKWQHVV
GRHVQRWIOXFWXDWH,ILWVWLOOIOXFWXDWHVWXUQ95FORFNZLVHDKDOIWXUQDWD
WLPHDQGNHHSFKHFNLQJIRUIOXFWXDWLRQ 

 1RWH 7XUQLQJ95WRRIDUFORFNZLVHZLOOFDXVHWKHLULVWRUHDFWPRUH

VORZO\ZKHQVZLWFKLQJEHWZHHQILHOGVL]HVRQLPDJHLQWHQVLILHUVZLWK
ILHOGVL]HV 
















&KDSWHU  
&KDSWHU 676';5D\798QLW

&KDSWHU&RQWHQWV

 7HFKQLFDO'HVFULSWLRQ

 2YHUYLHZ
 &LUFXLW%RDUGV
 /LVWRI9DULDEOH5HVLVWRUVDQG6ZLWFKHVIRU$GMXVWPHQWV
 ,QWHUIDFH
 9LGHR6LJQDO6SHFLILFDWLRQV

 7URXEOHVKRRWLQJ

 5HSODFLQJ&LUFXLW%RDUGV

 6(1625%RDUG
 %RDUGV,QVWDOOHG,QVLGHWKH&&8
 &LUFXLW%RDUG&RPSDWLELOLW\/LVW

 $GMXVWLQJ 

 5HFXUVLYH)LOWHU9DOXHV
 $GMXVWLQJ&LUFOH%ODQNLQJ
 $,%6$UHD
 3,%6$UHD
 '&&*DWH$UHD
 $,%66LJQDO
 $GMXVWLQJ9LGHR6LJQDO*DLQ



   7HFKQLFDO'HVFULSWLRQ

 7HFKQLFDO'HVFULSWLRQ

 2YHUYLHZ

676'LVWKHVXFFHVVRUPRGHOWR676'DQG676'7KHV\VWHP
LQFOXGHVDSL[HO&&'6WDQGDUGVSHFLILFDWLRQVLQFOXGHIUDPHPHPRU\EXW
RSWLRQDOIUDPHIOXRURVFRS\PHPRU\LVDOVRDYDLOEOH 
:KHQRUGHULQJSDUWVQRWHWKDWWKHUHDUHWZRW\SHVDYDLODEOH(,$DQG&&,5 

%ORFN'LDJUDP

6(1625%RDUG

 䌃䌃䌄
73


6<1&%RDUG 352&(66%RDUG
 73 73
35($03 6(783
 '&& 68%*$,1 9,'(2287
,%6&LUFXLW
$*& %/.

䌔䌐䋷
 䌁䌄

 0(025<%RDUG

 '$ 0(0287
5HFXUVLYH
 (GJH
5HYHUVH6FDQ
0(0287


0HPRU\


7KHFKHFNSLQVQRWHGDERYHDUHLPSRUWDQWIRUGHWHUPLQLQJWKHSUHVHQFHRILPDJHGDWD
EXWVLQFHWKHUHLVQRH[WHQGHUERDUGWKHFKHFNSLQVRQWKH6<1&ERDUGDUHQRWWRXFKHG
7KH\FDQEHVZLWFKHGSRZHU21ZLWKWKH0(025<ERDUGGLVFRQQHFWHGVRFKHFNSLQV
RQWKH352&(66ERDUGFDQEHWRXFKH 




&KDSWHU

)ORZRI,PDJHV
$VVKRZQEHORZWKHZLULQJFRQILJXUDWLRQLVGLIIHUHQWIRUPRQLWRUDQGPRQLWRUV$OVR
WKHRXWSXWIURPWKH&&8DQGWKHZD\WKH021,725,)ERDUGIXQFWLRQVLVGLIIHUHQWIRU
PRQLWRUDQGPRQLWRUV GHSHQGVRQLQLWLDOVHWWLQJV  

5HIHUHQFH /LYH


)RUPRQLWRUVPHPRU\

LPDJHLVRXWSXWIURPKHUH
WRUHIHUHQFHPRQLWRU

GHUHFWO\ 

)RURQHPRQLWRULWRXWSXWV
IURPKHUHWR021,725,)
ERDUG 

/&'
0(0 0(0
5(&25'(5
'9'
䌃䌃䌕 0(0 0(0
9+6
35,17(5
,PDJH5RXWLQJ 3ULQWHU
6ZLWFK
2SWLRQDO
/&' 021,725L)

)OXRURLPDJHDQG/,+RXWSXW
,IRQHPRQLWRUPHPRU\
LPDJHLVDOVRRXWSXWKHUH 


   7HFKQLFDO'HVFULSWLRQ

 &LUFXLW%RDUGV

 6(1625%RDUG

x ,QFOXGHV&&'
x &&''ULYH7LPLQJ*HQHUDWRU&LUFXLW
x 6\QFKURQL]DWLRQ6LJQDO*HQHUDWRU&LUFXLW
x 3UHDPS&LUFXLW

 6<1&%RDUG

x 6\QFKURQL]DWLRQ6LJQDO*HQHUDWLRQDQG3KDVH&RXSOLQJ&LUFXLW
x *DWH*HQHUDWLRQ&LUFXLW
x ,%6&LUFXLW

 352&(66%RDUG

x '&&&LUFXLW
x $*&&LUFXLW
x 6KDGLQJ&RUUHFWLRQ&LUFXLW
x $*&&LUFXLW
x :KLWH&OLS%ODFN&OLS&LUFXLWV

 0(025<%RDUG

x 5HFXUVLYH)LOWHU&LUFXLW
x )UHH]H)XQFWLRQ
x (GJH)XQFWLRQ
x 6FDQ5HYHUVLQJ)XQFWLRQ
x )UDPH0HPRU\
x ([SDQGDEOHWR)UDPH0HPRU\

 027+(5%RDUG

x ,QFOXGHVYDULRXVYDULDEOHUHVLVWRUVIRUDGMXVWPHQW 

 5(*%RDUG

x '&3RZHU6XSSO\*HQHUDWLRQ&LUFXLW


&KDSWHU

 /LVWRI9DULDEOH5HVLVWRUVDQG6ZLWFKHVIRU$GMXVWPHQWV

7KHIROORZLQJDGMXVWPHQWGHYLFHVDUHLQFOXGHGLQWKHFDPHUDFRQWUROOHUXQLW 2QO\
ILHOGDGMXVWDEOHGHYLFHVDUHOLVWHG  $GMXVWPHQWVDUHPDGHZLWKWKHXSSHUFRYHUDQG
LQWHUQDO5(&0HPRU\8QLWUHPRYHGIURPWKHFDPHUDFRQWUROOHU 
1DPHRI )XQFWLRQ 5HPDUNV
'HYLFH
*$,1䎃 5HJXODWRUWRDGMXVWWKHJDLQRI&&'RXWSXW䎃 z 6(1625

,.3䎃 5HJXODWRUWRDGMXVWWKHNQHHSRLQWRIWKH,%6FLUFXLW¶VLQSXWVHFWLRQ䎃 6<1&

,./䎃 5HJXODWRUWRDGMXVWWKHNQHHOHYHO LQFOLQDWLRQ RIWKH,%6FLUFXLW¶VLQSXW

VHFWLRQ䎃
35(.1((䎃 5HJXODWRUWRDGMXVWWKHSRLQWRIWKHLPDJHLQSXWVHFWLRQ¶VSUHNQHHFLUFXLW䎃 352&(66

.1((3䎃 5HJXODWRUWRDGMXVWWKHNQHHSRLQWLQ'&&0$18$/PRGH䎃
.1((/䎃 5HJXODWRUIRUDGMXVWLQJWKH'&&OHYHO LQFOLQDWLRQ 䎃
68%*$,1䎃 5HJXODWRUWRDGMXVWWKHJDLQLQWKH'&&0$18$/PRGH䎃
'68%*$,1䎃 5HJXODWRUWRDGMXVWWKHJDLQLQWKH'&&$872PRGH䎃
0*$,1䎃 5HJXODWRUWRDGMXVWWKHJDLQIRULPDJHLQSXWWRWKH$'FRQYHUWHU䎃
//07䎃 5HJXODWRUIRUDGMXVWLQJWKHFRQWUROVWDUWSRLQWLQWKH'&&$872PRGH䎃
+/07䎃 5HJXODWRUWRDGMXVWWKHPD[LPXPLQSXWLQWKHUDQJHRIYDULDWLRQIRUWKHNQHH
SRLQWLQWKH'&&$872PRGH䎃
'&&*䎃 5HJXODWRUWRDGMXVWWKHH[WHQWRIWKHFKDQJHLQWKHNQHHSRLQWIRULPDJHLQSXW
LQWKH'&&$872PRGH䎃
6(783䎃 5HJXODWRUWRDGMXVWWKH6(783YDOXHVIRU9,'(2287䎃
:&/,3䎃 5HJXODWRUWRDGMXVWZKLWHFOLSIRU9,'(2287䎃
&9&(17䎃 5HJXODWRUWRDGMXVWWKHYHUWLFDOSKDVHIRUFLUFOHEODQNLQJ䎃
&+&(17䎃 5HJXODWRUWRDGMXVWWKHKRUL]RQWDOSKDVHIRUFLUFOHEODQNLQJ䎃
&+95$7,2䎃 5HJXODWRUWRDGMXVWWKHKRUL]RQWDOYHUWLFDOUDWLRIRUFLUFOHEODQNLQJ䎃 z

&6,=(䎃 5HJXODWRUWRDGMXVWWKHVL]HLQFLUFOHEODQNLQJ䎃 z

93$5$ 䎃 5HJXODWRUWRDGMXVWWKHDPRXQWRIFRUUHFWLRQIRUYHUWLFDOVKDGLQJ䎃 z

+3$5$䎃 5HJXODWRUWRDGMXVWWKHDPRXQWRIFRUUHFWLRQIRUKRUL]RQWDOVKDGLQJ䎃 z

$.1((䎃 '&&212))VZLWFK XVHGRQO\GXULQJDGMXVWPHQW 䎃

&,5%/䎃 &LUFOHEODQNLQJ212))VZLWFK䎃 z

2*$,1䎃 5HJXODWRUWRDGMXVWWKHJDLQIRU0(025<287䎃 z 0(025<

('*(䎃 5HJXODWRUIRUDGMXVWLQJWKHSURILOHDFFHQWXDWLRQIRU0(025<287䎃
23('䎃 5HJXODWRUIRUSHGHVWDODGMXVWPHQWIRU0(025<287䎃
2*$,1䎃 5HJXODWRUIRUDGMXVWLQJWKHJDLQIRU0(025<287䎃 z

('*(䎃 5HJXODWRUIRUDGMXVWLQJWKHSURILOHDFFHQWXDWLRQIRU0(025<287䎃
23('䎃 5HJXODWRUIRUSHGHVWDODGMXVWPHQWIRU0(025<287䎃



   7HFKQLFDO'HVFULSWLRQ


127(
x 2*$,1DQG2*$,1DUHYDULDEOHUHVLVWRUVIRUPDWFKLQJEULJKWQHVVRI
PRQLWRUVFRQQHFWHGWR0(0DQG0(0'RQRWXVHWKHPWRLQFUHDVH
V\VWHPVHQVLWLYLW\ 
x 7KH*$,1YDULDEOHUHVLVWRURQWKH6(1625ERDUGLVDGMXVWHGZKHQLWLV
QHFHVVDU\WRLQFUHDVHWKHVHQVLWLYLW\RIWKHV\VWHP,QFUHDVLQJWKHVHQVLWLYLW\
ZLOOGHFUHDVHWKHFDPHUD61UDWLR7KHUHIRUHWU\DGMXVWLQJWKHLULVILUVWWKHQ
RQO\LIWKDWLVQRWDGHTXDWHDGMXVWWKHVHQVLWLYLW\ 

1DPHRI )XQFWLRQ 5HPDUNV
'HYLFH
$93䎃 5HJXODWRUIRUDGMXVWLQJWKHYHUWLFDOSKDVHRIWKH,%6$9(JDWH䎃 z 027+(5

$96䎃 5HJXODWRUIRUDGMXVWLQJWKHYHUWLFDOVL]HRIWKH,%6$9(JDWH䎃 z

$+3䎃 5HJXODWRUIRUDGMXVWLQJWKHKRUL]RQWDOSKDVHRIWKH,%6$9(JDWH䎃 z

$+6䎃 5HJXODWRUIRUDGMXVWLQJWKHKRUL]RQWDOVL]HRIWKH,%6$9(JDWH䎃 z

393䎃 5HJXODWRUIRUDGMXVWLQJWKHYHUWLFDOSKDVHRIWKH,%63($.JDWH䎃 z

396䎃 5HJXODWRUIRUDGMXVWLQJWKHYHUWLFDOVL]HRIWKH,%63($.JDWH䎃 z

3+3䎃 5HJXODWRUIRUDGMXVWLQJWKHKRUL]RQWDOVL]HRIWKH,%63($.JDWH䎃 z

3+6䎃 5HJXODWRUIRUDGMXVWLQJWKHKRUL]RQWDOSKDVHRIWKH,%63($.JDWH䎃 z

'93䎃 5HJXODWRUIRUDGMXVWLQJWKHYHUWLFDOSKDVHRIWKH'&&JDWH䎃 z

'96䎃 5HJXODWRUIRUDGMXVWLQJWKHYHUWLFDOVL]HRIWKH'&&JDWH䎃 z

'+3䎃 5HJXODWRUIRUDGMXVWLQJWKHKRUL]RQWDOSKDVHRIWKH'&&JDWH䎃 z

'+6䎃 5HJXODWRUIRUDGMXVWLQJWKHKRUL]RQWDOVL]HRIWKH'&&JDWH䎃 z
$,%6 5HJXODWRUIRUDGMXVWLQJWKHJDLQIRU$9(RXWSXW 
3,%6 5HJXODWRUIRUDGMXVWLQJWKHJDLQIRU3($.RXWSXW 
$,2 5HJXODWRUIRUDGMXVWLQJRIIVHWIRU$9(RXWSXW 
3,2 5HJXODWRUIRUDGMXVWLQJRIIVHWIRU3($.RXWSXW 
$/07 5HJXODWRUIRUDGMXVWLQJWKHXSSHUOLPLWYDOXHIRU$9(RXWSXW 
3/07 5HJXODWRUIRUDGMXVWLQJWKHXSSHUOLPLWYDOXHIRU3($.RXWSXW 
$,%6 ,%6RXWSXWVHOHFWRUVZLWFK z
7KHUHDUHWKHIROORZLQJWKUHHFKRLFHV  RXWSXWDQGVFUHHQGLVSOD\21
RXWSXW21DQGVFUHHQGLVSOD\2))RXWSXWDQGVFUHHQGLVSOD\2))
3,%6 ,%6RXWSXWVHOHFWRUVZLWFK z
7KHUHDUHWKHIROORZLQJWKUHHFKRLFHV  RXWSXWDQGVFUHHQGLVSOD\21
RXWSXW21DQGVFUHHQGLVSOD\2))RXWSXWDQGVFUHHQGLVSOD\2))
'&&*$7( 6FUHHQGLVSOD\212))VZLWFK z


&KDSWHU

z6\PERO ,QGLFDWHVYDULDEOHUHVLVWRUDGMXVWDEOHRQVLWHE\ILHOGVHUYLFHHQJLQHHU 
$OORWKHUYDULDEOHUHVLVWRUVDUHGLIILFXOWWRUHSURGXFHUHVXOWVLQWKHILHOG 

1RIRU6: 76: RQ0(025<%RDUG
6ZLWFKUHODWHGWRWLPLQJRIODVWLPDJHKROGLPDJH 
'XHWRJHQHUDWRUFRQVLGHUDWLRQVWKLVVZLWFKLVVZLWFKHGIURP21WR2))E\GHIDXOW 
7KLVZDVDWHPSRUDU\PHDVXUHHIIHFWLYHXQWLO1RYHPEHU 

1RIRU  76:RQ0(025<%RDUG
7KLVLVDVZLWFKIRUDKLGGHQIHDWXUHXVHGGXULQJSURGXFWLRQ 
,IVZLWFKHG21FURVVKDLUVDQGDQDQLPDWHGFKDUDFWHUPRYLQJDERXWZLOODSSHDU 
,WLVXVHGWRDGMXVWWKHOLJKWEHDPDQGWRYHULI\UHFXUVLYHVRIWZDUHIXQFWLRQDOLW\ 


   7HFKQLFDO'HVFULSWLRQ

 ,QWHUIDFH

7KHIROORZLQJGHVFULEHVWKHVLJQDOVEHWZHHQWKHFDPHUDKHDGDQG&&8DQGEHWZHHQ
WKH&&8DQGWKH:+$&217ERDUG 
6(1625%RDUG

&RQQHFWRU$DQG% 'HVFULSWLRQRI6LJQDO
3LQ1R 6LJQDO1DPH 
 9,'(2 9LGHRVLJQDO
 9,'(2*
 +' +RUL]RQWDOV\QFKURQL]DWLRQ
 +'*
 9' 9HUWLFDO6\QFKURQL]DWLRQ
 %/$1. %ODQNLQJVLJQDO
 9 3RZHUVXSSO\
 9 3RZHUVXSSO\
 9 3RZHUVXSSO\
 9 *1'  9
&RQQHFWRU&DQG' 
 9,'(2 9LGHRVLJQDO
 9,'(2*
 +' +RUL]RQWDOV\QFKURQL]DWLRQ
 +'*
 9' 9HUWLFDO6\QFKURQL]DWLRQ
 9'*
 9 3RZHUVXSSO\
 9 3RZHUVXSSO\
 9 3RZHUVXSSO\
 9 *1'  9
 %/$1. %ODQNLQJVLJQDO


&KDSWHU

&DPHUD&RQWUROOHU8QLW &&8 





 &$0(5$ 
3LQ1R 6LJQDO1DPH
 )*
 9,'(2
 9
 9
 +'
 9'
 1&
 )*
 9,'(2*
 9 *1' 
 9 *1' 
 9
 +'*
 9'*
 %/$1.


 ,%62XWSXW &RQQHFWRU 5&$3LQ-DFN
 2XWSXWV9'&GXULQJEDODQFLQJ
 )5=,QSXW &RQQHFWRU 5&$3LQ-DFN
 )UHH]HVLPDJHIURP0(025<287 
 8VHGIRUODVWLPDJHKROGIXQFWLRQIRUH[DPSOH

 .1((,QSXW &RQQHFWRU 5&$3LQ-DFN

 6ZLWFKHV'&&212)),WLV21GXULQJ 
 IOXRURVFRS\DQG2))GXULQJUDGLRJUDSK\ 

 5HYHUVH6FDQ,QSXW &RQQHFWRU +5$56%

 )OLSVLPDJHKRUL]RQWDOO\RUYHUWLFDOO\ 


   7HFKQLFDO'HVFULSWLRQ


 &217,QSXW &RQQHFWRU ';$6
3LQ1R 6LJQDO1DPH 6HQVLQJ 'HVFULSWLRQ
0HWKRG
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 38/6( 217ULJJHU 6LJQDOIRUSXOVHIOXRURVFRS\PRGH
 5(& 212)) 6SHFLILHVLQWHQVLW\RIUHFXUVLYHILOWHU
 5(& 212)) 6SHFLILHVLQWHQVLW\RIUHFXUVLYHILOWHU
 ('*( 212)) 6ZLWFKHVHGJHHQKDQFHPHQW212))
 02876(/ 212)) 6ZLWFKHV0(025<287VLJQDO212))
 06(/2 212)) 6SHFLILHVPHPRU\QXPEHUZKHQORDGLQJLPDJHV
 0:5,7( 217ULJJHU :ULWHVLPDJHVWRPHPRU\
 06(/2 212)) 6SHFLILHVPHPRU\QXPEHUZKHQORDGLQJLPDJHV
 /35$7( 212)) 6SHFLILHVORRSPHPRU\UDWH
 /35(& 212)) 6SHFLILHVDFWLRQRIUHFXUVLYHILOWHUDQGORRSPHPRU\
 /33/$< 212)) 6SHFLILHVDFWLRQRIUHFXUVLYHILOWHUDQGORRSPHPRU\
 0: 212)) 6LJQDOIRULQGLFDWLQJZULWLQJWRPHPRU\LVILQLVKHG
 0: 212)) 6LJQDOIRULQGLFDWLQJZULWLQJWRPHPRU\LVILQLVKHG
 0: 212)) 6LJQDOIRULQGLFDWLQJZULWLQJWRPHPRU\LVILQLVKHG
 0: 212)) 6LJQDOIRULQGLFDWLQJZULWLQJWRPHPRU\LVILQLVKHG
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 9' 3XOVH 6\QFKURQL]DWLRQVLJQDO
 5(& 212)) 6SHFLILHVLQWHQVLW\RIUHFXUVLYHILOWHU
 1&  
 ('*( 212)) 6ZLWFKHVHGJHHQKDQFHPHQW212))
 06(/2 212)) 6SHFLILHVPHPRU\QXPEHUZKHQORDGLQJLPDJHV
 06(/2 212)) 6SHFLILHVPHPRU\QXPEHUZKHQORDGLQJLPDJHV
 06(/2 212)) 6SHFLILHVPHPRU\QXPEHUZKHQORDGLQJLPDJHV
 06(/2 212)) 6SHFLILHVPHPRU\QXPEHUZKHQORDGLQJLPDJHV
 /35$7( 212)) 6SHFLILHVORRSPHPRU\UDWH
 1& 212)) 
 /36327 212)) 6SHFLILHVDFWLRQRIUHFXUVLYHILOWHUDQGORRSPHPRU\
 0: 212)) 6LJQDOIRULQGLFDWLQJZULWLQJWRPHPRU\LVILQLVKHG
 0: 212)) 6LJQDOIRULQGLFDWLQJZULWLQJWRPHPRU\LVILQLVKHG
 0: 212)) 6LJQDOIRULQGLFDWLQJZULWLQJWRPHPRU\LVILQLVKHG
 0: 212)) 6LJQDOIRULQGLFDWLQJZULWLQJWRPHPRU\LVILQLVKHG
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\


 38/6(,QSXW


&KDSWHU


 9,'(2287 %1&&RQQHFWRU
 ,PDJHVLJQDORXWSXWIURP&&'ZLWKDGGLWLRQDO 
 LPDJHSURFHVVLQJVXFKDVXVLQJ'&&

 0(025<287 %1&&RQQHFWRU

 ,PDJHVLJQDORXWSXWIURP9,'(2287ZLWKYDULRXV
 DGGLWLRQDOLPDJHSURFHVVLQJRQWKH0(025<ERDUG 
0(025<287 %1&&RQQHFWRU 
 2XWSXWVLPDJHVWRUHGLQPHPRU\ 
 JUD\ZKHQSRZHULVVZLWFKHG21 

'&,1 &RQQHFWRU :&0&WHUPLQDOEORFN 

r99 :RUOGEUDQG RUHTXLYDOHQW

3LQ1R 6LJQDO1DPH 6HQVLQJ ([SODQDWLRQ
0HWKRG
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 ,%63 212)) ([WHUQDO6ZLWFKLQJ6LJQDO
 1&  
 38/6( 217ULJJHU 6LJQDOIRUSXOVHIOXRURVFRS\
PRGH
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 93KRWRFRXSOHU3RZHU  3RZHUVXSSO\
 ,%6$ 212)) ([WHUQDO6ZLWFKLQJ6LJQDO
 1&  


   7HFKQLFDO'HVFULSWLRQ

 9LGHR6LJQDO6SHFLILFDWLRQV


0RGH $ % & '
1XPEHURI/LQHV    
9HUWLFDO)UHT +]  +] +] +] +]
+RUL]RQWDO    
)UHTXHQF\ N+] 
0RGHO $&7,92 $&7,92 $&7,92' $&7,92'
(,$  &&,5  (,$  &&,5 


$0RGH:DYHIRUP

 +RUL]RQWDO + 





 D+RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO3HULRG
E+RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO3XOVH:LGWK
 F%DFN3RUFK
 G'LVSOD\7LPH
H)URQW3RUFK

  9HUWLFDO 9 






D9HUWLFDO6\QFKURQL]DWLRQ6LJQDO3HULRG
 E9HUWLFDO6\QFKURQL]DWLRQ6LJQDO3XOVH:LGWK
F%DFN3RUFK

G'LVSOD\7LPH
 H)URQW3RUFK


 'LVSOD\:LQGRZ

DVSHFWUDWLR  3RV
 1HJ
DVSHFWUDWLR  9LGHR&ORFN

6\QFKURQL]DWLRQ (TXLYDOHQW3XOVH (43 
 ,QWHUQDO,QSXW <HV
([WHUQDO,QSXW 1R
,QWHUODFH 6HUUDWLRQ3XOVH 6(55$ 
<HV <HV
1R 1R


&KDSWHU

%0RGH:DYHIRUP
  +RUL]RQWDO + 





 D+RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO3HULRG
 E+RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO3XOVH:LGWK
F%DFN3RUFK
 G'LVSOD\7LPH
H)URQW3RUFK


 9HUWLFDO 9 






D9HUWLFDO6\QFKURQL]DWLRQ6LJQDO3HULRG
 E9HUWLFDO6\QFKURQL]DWLRQ6LJQDO3XOVH:LGWK
F%DFN3RUFK

G'LVSOD\7LPH
 H)URQW3RUFK


 'LVSOD\:LQGRZ

DVSHFWUDWLR 

3RV
DVSHFWUDWLR 
 1HJ

9LGHR&ORFN

6\QFKURQL]DWLRQ (TXLYDOHQW3XOVH (43 
 ,QWHUQDO,QSXW <HV
([WHUQDO,QSXW 1R

,QWHUODFH 6HUUDWLRQ3XOVH 6(55$ 
 <HV <HV
1R 1R



   7HFKQLFDO'HVFULSWLRQ






   7URXEOHVKRRWLQJ

 7URXEOHVKRRWLQJ
%DVLFV
8VHWKHEORFNGLDJUDPVDQGGHVFULSWLRQRIFLUFXLWERDUGIXQFWLRQVLQ7HFKQLFDO
'HVFULSWLRQWRGHWHUPLQHZKLFKERDUGKDVPDOIXQFWLRQHG 

,%6EDODQFHN9LVKLJKHUWKDQZKHQLQVWDOOHG 
7KLVLVJHQHUDOO\GXHWRDGHFUHDVHLQEULJKWQHVVDWWKHRXWSXWVXUIDFHRI,$
FDXVHGE\FKDQJHVLQWKH,$XQLWRYHUWLPH)LUVWWU\UHDGMXVWLQJWKHLULV
DFFRUGLQJWRWKH3&DGMXVWPHQWPDQXDO,IWKHGHFUHDVHLQEULJKWQHVVLVVR
VLJQLIDQWWKDWVLPSO\DGMXVWLQJWKHLULVLVQRWDGHTXDWHLQFUHDVHWKHV\VWHP
VHQVLWLYLW\XVLQJWKH*$,1YDULDEOHUHVLVWRURQWKH6(1625ERDUGDV
GHVFULEHGLQ/LVWRIYDULDEOHUHVLVWRUVDQGVZLWFKHVIRUDGMXVWPHQWV
+RZHYHULQFUHDVLQJV\VWHPVHQVLWLYLW\ZLOOGHFUHDVHWKHLPDJH61UDWLR

7KHIUDPHPHPRU\GRHVQRWIXQFWLRQ
  &RQILUP',36:RQWKH0(025<ERDUGLVVZLWFKHG21
  ,QVSHFWWKHFDEOHEHWZHHQWKH&&8DQG:+$&217ERDUG 
6HH,QWHUIDFH 
  0(025<ERDUGPD\EHGHIHFWLYH 

1RFLUFOHEODQNDSSHDUV
  &RQILUP',36:&,5%/RQWKH352&(66ERDUG
  0(025<ERDUGPD\EHGHIHFWLYH 

:KHQPRQLWRUVDUHXVHGWKHUHIHUHQFHPRQLWRUGRHVQRWGLVSOD\DQ\WKLQJ
7UDFHWKHLPDJHVLJQDODVGHVFULEHGLQ7HFKQLFDO'HVFULSWLRQDQG
GHWHUPLQHZKHUHWKHGHIHFWLVORFDWHG 

&DQQRWV\QFKURQL]HLPDJHV YHUWLFDODQGKRUL]RQWDO 
  0RQLWRUPD\EHGHIHFWLYH 
  6<1&ERDUGPD\EHGHIHFWLYH 
  ,QVSHFWWKH9'DQG+'VLJQDOFDEOHV 

+DODWLRQLVXQXVXDOO\EDG 
'&&PD\QRWEHIXQFWLRQLQJ 
  ,QVSHFWWKHFDEOHEHWZHHQWKH:+$&217ERDUGDQG&&8.1((
FRQQHFWRU
  352&(66ERDUGLVGHIHFWLYH

,PDJHNHHSVVKULQNLQJDQGHQODUJLQJ
7KHPRQLWRUDQRGHYROWDJHPD\EHXQVWDEOH 


&KDSWHU

,PDJHGRHVQRWDSSHDURQPRQLWRU
  &RQILUP%DVLFVFKHFNSRLQWV
 &&8SRZHUVXSSO\VZLWFK
 0RQLWRU3RZHU6XSSO\6ZLWFK
 )XVHVLQVLGH&&8
 0RQLWRU)XVH
 ,VYLGHRFDEOHGLVFRQQHFWHG"
'RHVWKHPRQLWRUKDYHDUDVWHULPDJH"
 7KHPRQLWRULV2.LILWKDVDUDVWHU 
 ,IQRUDVWHUWKHQWKHUHLVQRYLGHRVLJQDORUWKHPRQLWRULV
GHIHFWLYH
  $UHWKHUHDQ\;UD\V"
 &RQILUPWKH,$RXWSXWVXUIDFHLVJORZLQJDQGWKHLULVLVDOVRRSHQ 
 WKHQVHHWKHIORZFKDUWEHORZ 

&RQW㵭GIURP&KDS
 ,$JORZLQJDQGLULV
RSHQ


 &RQILUP73RQ
6(1625ERDUG 


 ,VWKHUHD 1RVLJQDO
ZDYHIRUP"
5HSODFH6(1625
P9WR
 P9DW,%6 ERDUG
SDUDPHWHUV
 6LJQDO
H[LVWV

 7U\FRQQHFWLQJ9LGHR
2XWGLUHFWO\WRPRQLWRU



<(6

'RHVLPDJH 5HSODFH0(025<
DSSHDU" ERDUG

 1


5HPRYH0(025<
ERDUGDQGVZLWFK
 SRZHU2))DQG21
&RQILUPZDYHIRUPDW
 73 RQ352&(66

ERDUG ZLWK;UD\

 <(6

,VWKHUHD 5HSODFH352&(66
 ZDYHIRUP" ERDUGRUPRQLWRU


12

 5HSODFH6<1&
ERDUG



   7URXEOHVKRRWLQJ

,Q,%6SDUDPHWHUVWKHIOXRURVFRS\WXEHYROWDJHLQFUHDVHVWRN9DQG
FDXVHKDODWLRQRQWKHLPDJH 
1RWH ,%6VLJQDOLVQRUPDOO\9'&ZKHQEDODQFLQJ


6HOHFW,%6 VZLWFK
 IOXRUR21DQGFRQILUP
&3  ,%6VLJQDO RQ
 :+$&217ERDUG 



1RRUORZ
 YROWDJH
,V '&  VLJQDO 5HSODFHFDEOHRU
 EHLQJLQSXW" 6<1&ERDUG


9ROWDJHLV
 QRUPDORUKLJK


5HSODFH
 :+$&217
 ERDUG


,Q,%6SDUDPHWHUVWKHIOXRURVFRS\WXEHYROWDJHGRHVQRWLQFUHDVHDQGFDXVH
WKHLPDJHWREHGDUN
1RWH ,%6VLJQDOLVQRUPDOO\9'&ZKHQEDODQFLQJ

 6HOHFW,%6VZLWFK
IOXRUR21DQGFRQILUP
 &3 ,%6VLJQDO RQ
:+$&217ERDUG


 1RRUORZ
YROWDJH
 ,V '& VLJQDO 5HSODFHFDEOHRU
EHLQJRXWSXW" 6<1&ERDUG

 9ROWDJHLV
QRUPDORUKLJK


5HSODFH
 :+$&217
ERDUG





&KDSWHU


   5HSODFLQJ&LUFXLW%RDUGV

 5HSODFLQJ&LUFXLW%RDUGV

 6(1625%RDUG

 5HPRYHWKHFRYHUDQGORRVHQWKHIRXURSWLFDOV\VWHPIDVWHQHUV 





 6FUHZV









 'LVFRQQHFWFDEOHVDQGUHPRYHWKHRSWLFDOV\VWHP 










&KDSWHU

 5HPRYHWKHXSSHUFRYHUDQGUHSODFHWKH6(1625ERDUG 
 7KHFLUFXLWERDUGKDVDOUHDG\EHHQDGMXVWHGDVDVHSDUDWHXQLWDQG
FRQVHTXHQWO\GRHVQRWQHHGWREHDGMXVWHG,IWKH,%6EDODQFHSRLQWKDV
VKLIWHGDGMXVWWKHLULV 


8SSHU&RYHU




6(1625
 %RDUG








 %RDUGV,QVWDOOHG,QVLGHWKH&&8

 5HPRYHDQGUHSODFHWKHFLUFXLWERDUGDFFRUGLQJWRWKHIROORZLQJJXLGHOLQHV 

 &LUFXLWERDUGVDUHDOUHDG\DGMXVWHGLQGLYLGXDOO\DQGGRQRWQHHGWREH
DGMXVWHGDIWHUUHSODFHPHQW 

 0(025<%RDUG

 027+(5%RDUG

5(*%RDUG

352&%RDUG

6<1&%RDUG


   5HSODFLQJ&LUFXLW%RDUGV

 &LUFXLW%RDUG&RPSDWLELOLW\/LVW

 676' 676' 676'

DQG/DWHU DQG/DWHU DQG/DWHU
6(1625%RDUG 67RQO\ ,QVWDOODWLRQ )RUZDUGFRPSDWLEOH
GLPHQVLRQVDQG IURP67,W
FRQQHFWLRQVDUH LQFOXGHVH[WUD
FRPSDWLEOHZLWK FRQQHFWRUSLQVVR
678VHV FXWYLROHWZLUHVLI
GLIIHUHQW&&'FKLS XVLQJZLWK67
VL]HVRRSWLFDO 7ZLFHDVVHQVLWLYHDV
V\VWHPVDUHGLIIHUHQW 67 
&&8 9$&,QSXW '&,QSXW )RUZDUGFRPSDWLEOH
IURP67 
6<1&%RDUG 67RQO\ )RUZDUGFRPSDWLEOH )RUZDUGFRPSDWLEOH
IURP67  IURP67 
352&(66%RDUG 67RQO\ 67RQO\ 67RQO\
0(025<%RDUG 67RQO\(,$ (,$DQG&&,5 67RQO\
DQG&&,5PRGHOVDUH PRGHOVDUHWKHVDPH
GLIIHUHQW  )RUZDUGFRPSDWLEOH
IURP67 
027+(5%RDUG 67RQO\ 67RQO\ 67RQO\
5(*%RDUG 67RQO\ 67RQO\ )RUZDUGFRPSDWLEOH
IURP67 



5HIHUWRWKHIROORZLQJ7HFKQLFDO,QIRUPDWLRQEXOOHWLQVDVZHOO 
7HFK,QIR1R 1DPH 'HVFULSWLRQ
=&+,(' 0RGHOFKDQJHRI;79IRU:+$ 5HOHDVHRI676'
VHULHV


&KDSWHU


   $GMXVWLQJ

 $GMXVWLQJ 

 5HFXUVLYH)LOWHU9DOXHV

5HFXUVLYHILOWHUYDOXHVDUHVSHFLILHGYLDWKH>6HWXS'DWD@WDELQ3&0DLQWHQDQFH7RRO 

















x 7KHIROORZLQJVKRZVWKHVHWWLQJQXPEHUVDQGWKHLUFRUUHVSRQGLQJUHFXUVLYH
ILOWHUFRHIILFLHQWV 

6HWWLQJ1R 5HFXUVLYH)LOWHU&RHIILFLHQW
 
 
 
 
 
 
 
 

:KHQILQLVKHGFKDQJLQJVHWWLQJVFOLFN>:ULWH@ 
1RWH ,IWKHUHFXUVLYHYDOXHIRU>&RQWLQXRXV)OXRURVFRS\@DSSHDUVKLJKOLJKWHGDQG
FDQQRWEHFKDQJHGFOLFNWKH>6HWXS'DWD@WDEDQGVHOHFW>)UDPH0HPRU\@
ZKLFKZLOOHQDEOHFKDQJLQJWKHYDOXH&OHDU>)UDPH0HPRU\@DIWHUFKDQJLQJ
WKHYDOXH ,W¶VVRIWZDUHEXJ 




 $GMXVWLQJ&LUFOH%ODQNLQJ

&LUFOHEODQNLQJFDQEHDGMXVWHGXVLQJWKHYDULDEOHUHVLVWRUVRQWKH352&(66ERDUG 
x 9HUWLFDO3RVLWLRQ &9&(17
x +RUL]RQWDO3RVLWLRQ &+&(17
x 6L]H &6,=(
x $VSHFW5DWLR &+95$7,2


 $,%6$UHD

,%6DUHDZLOOQRWGLVSOD\XQOHVVWKH>9,'(2287@FRQQHFWRURQWKH&&8LVFRQQHFWHGWR
WKHPRQLWRU 
$,%6DUHDFDQEHDGMXVWHGXVLQJVZLWFKHVDQGYDULDEOHUHVLVWRUVRQWKH027+(5
ERDUG )XQFWLRQVDUHDFWXDOO\SHUIRUPHGRQWKH6<1&ERDUG 
x 'LVSOD\ $,%6 RQRII 
x 9HUWLFDO3RVLWLRQ $93
x 9HUWLFDO6L]H $96
x +RUL]RQWDO3RVLWLRQ $+3
x +RUL]RQWDO6L]H $+6


 3,%6$UHD

,%6DUHDZLOOQRWGLVSOD\XQOHVVWKH>9,'(2287@FRQQHFWRURQWKH&&8LVFRQQHFWHGWR
WKHPRQLWRU 
3,%6DUHDFDQEHDGMXVWHGXVLQJVZLWFKHVDQGYDULDEOHUHVLVWRUVRQWKH027+(5
ERDUG )XQFWLRQVDUHDFWXDOO\SHUIRUPHGRQWKH6<1&ERDUG 
x 'LVSOD\ 3,%6 RQRII 
x 9HUWLFDO3RVLWLRQ 393
x 9HUWLFDO6L]H 396
x +RUL]RQWDO3RVLWLRQ 3+3
x +RUL]RQWDO6L]H 3+6


   $GMXVWLQJ

 '&&*DWH$UHD
 ,PDJHVZLOOQRWGLVSOD\XQOHVVWKH>9,'(2287@FRQQHFWRURQWKH&&8LV
FRQQHFWHGWRWKHPRQLWRU  

$,%6DUHDFDQEHDGMXVWHGXVLQJVZLWFKHVDQGYDULDEOHUHVLVWRUVRQWKH027+(5
ERDUG )XQFWLRQVDUHDFWXDOO\SHUIRUPHGRQWKH352&(66ERDUG 
x 'LVSOD\ '&&*$7( RIIRQ 
x 9HUWLFDO3RVLWLRQ '93
x 9HUWLFDO6L]H '96
x +RUL]RQWDO3RVLWLRQ '+3
x +RUL]RQWDO6L]H '+6


&82
#82
282

&
#

&85
#85
285

2*2 2*5

#*2 #*5
&*2 &*5





 $,%66LJQDO

7KH$,%6VLJQDOLVDGMXVWHGVRLWLV9'&r9ZKHQ73LVP9RQWKH
352&(66ERDUG7RFKDQJHWKHVHWWLQJUHTXLUHVDGMXVWLQJ95$,%6RQWKH027+(5
ERDUGEXWWKLVLVQRUPDOO\QRWDGMXVWHG 



 $GMXVWLQJ9LGHR6LJQDO*DLQ

 6(1625%RDUG

*DLQLVDGMXVWHGDWWKHIDFWRU\XVLQJDMLJVRWKDW73LVP9RQWKH6(1625ERDUG
DWDJLYHQOLJKWOHYHO FRUUHVSRQGVWRILHOG,%6EDODQFHSDUDPHWHUV ,IWKH,$EHFRPHV
WRRGDUNDVWKHLQVWUXPHQWDJHVILUVWWU\DGMXVWLQJWKHLULVRSHQLQJEXWLIWKDWLVVWLOOQRW
DGHTXDWH95*$,1FDQEHDGMXVWHGRQWKH6(1625ERDUG+RZHYHUWKLVZLOOPDNH
LPDJHJUDLQLQHVVZRUVH 


 0(025<%RDUG

$GMXVWWKHYDULDEOHUHVLVWRUVEHORZXQWLOWKHRXWSXWDW>0(025<287@  LVYROW
ZKHQ73LVYROWVRQWKH352&(66ERDUG7KHUHLVJHQHUDOO\QRQHHGWRDGMXVWWKLVLQ
WKHILHOG 
*$,1 $GMXVWV0(025<287RXWSXWVLJQDO
*$,1 $GMXVWV0(025<287RXWSXWVLJQDO







&KDSWHU  
&KDSWHU ')6$&7,92

&KDSWHU&RQWHQWV

 7HFKQLFDO'HVFULSWLRQ
 2YHUYLHZ
 9LGHR6LJQDO'HWDLOVIRU,PDJH3URFHVVRU8QLW
 ')60$,1$66<
 ')66&$66<
 ')6352&$66<
 +''

 7URXEOHVKRRWLQJ
 (UURU0HVVDJH/LVW
 7URXEOHVKRRWLQJ

 5HSODFLQJ3DUWV
 5HSODFLQJWKH')6520
 5HSODFLQJWKH')60$,1%DWWHU\
 5HSODFLQJWKH')60$,1$66<
 5HSODFLQJWKH')6352&$66<DQG')66&$66<
 5HSODFLQJWKH+DUG'ULYH

 'HWDLOHG$GMXVWPHQWV
 ')60$,1$66<
 ')66&$66<
 ,QLWLDO6HWWLQJV



   7HFKQLFDO'HVFULSWLRQ

 7HFKQLFDO'HVFULSWLRQ

 2YHUYLHZ

7KH')6$&7,92LVDLPDJHSURFHVVRUGHYHORSHGEDVHGRQWKH')6 

7KHPDMRUGLIIHU')6DQG')6$&7,92DUHDVIROORZV 
 :+$ :+$ 5HPDUNV
')60$,1%RDUG   $VSHFWUDWLRFKDQJHGIURPWR
VR3/'$.DUHGLIIHUHQW 
')6352&%RDUG   6DPH
')66&%RDUG   'XHWRFKDQJHLQDVSHFWUDWLRFORFN
LVGLIIHUHQW 



 )OXRUR )OXRUR
&RQQHFWRU&DEOHV
0HPRU\2XW 0HPRU\2XW 2XWSXW 2XWSXW
FRQQHFWVWR021,725
 0(0B&+  0(0B&+  )/8B&+  )/8B&+ 
,)%RDUG 
 &RQQHFWRU&DEOHV


9LGHR,QSXW

9LQ 
;5D\,QWHUIDFH

;,) 

6&6,,QWHUIDFH
 02' 
 .H\ERDUG&RQQHFWRU
.(<%2$5' 


6RIWZDUH
6RIWZDUHLVSURYLGHGLQWKHIRUPRID520FKLSPRXQWHGRQWKH')60$,1ERDUG,WLV
GHVLJQHGVSHFLILFDOO\IRU:+$V\VWHPV 


&KDSWHU

%ORFN'LDJUDP
([WHUQDO,QWHUIDFH
2SHUDWLQJVLJQDOVIURPWKH')6FRQWUROSDQHODQG&DUPFRQWUROSDQHOLQLWLDOO\HQWHUWKH
021,725,)ERDUGWKHQHQWHUWKH')60$,1ERDUG 

 ')6)URQW3DQHO

 ')60$,1 $66<

 -
- -
 2SHUDWLRQ
;5D\,QWHUIDFH
 - 6LJQDO
021,725 ,)
-
 -
 -0&$


:+$&217

-6.<
&$UP&RQWURO3DQHO


)ORZRI9LGHR,PDJH6LJQDOV

 ')60$,1

73 73
JDLQ5 UHFHUFLYH &LUFOH *DP
$' ILOWHU
:& (GJH
%ODQNLQJ PD
'$
9,1 JDLQ95 )&+
RIIVHW5

UHFHUFLYH &LUFOH *DP

:& (GJH '$
ILOWHU %ODQNLQJ PD JDLQ95 0(0&+

')6352&

)UDPH ')66&
6XEWUDFWLRQ 0HPRU\
6FDQ
&RYHUWHU JDLQ 95 )&+

6&6, 6FDQ
&RYHUWHU JDLQ 95 0(0&+

+''

02'


   7HFKQLFDO'HVFULSWLRQ

 9LGHR6LJQDO'HWDLOVIRU,PDJH3URFHVVRU8QLW

 (,$6WDQGDUG/LQHV

L +RUL]RQWDO6\QFKURQL]DWLRQ7LPLQJ




E F G H



D + 

 'RW&ORFN)UHTXHQF\ 0+㨦
D +RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO PV
3HULRG
E +RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO PV
3XOVH:LGWK
F %DFN3RUFK PV
G 'LVSOD\7LPH PV
H )URQW3RUFK PV

LL  9HUWLFDO6\QFKURQL]DWLRQ7LPLQJ




 H
E F G



D 9 

D 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO +
3HULRG
E 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO +
3XOVH:LGWK
F %DFN3RUFK +
G 'LVSOD\7LPH +
H )URQW3RUFK +


&KDSWHU

 (,$6WDQGDUG/LQHV KLJKOLQHUDWHGLVSOD\ 

L +RUL]RQWDO6\QFKURQL]DWLRQ7LPLQJ




 E F G H


 D + 

 'RW&ORFN)UHTXHQF\ 0+㨦
D +RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO PV
3HULRG
E +RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO PV
3XOVH:LGWK
F %DFN3RUFK PV
G 'LVSOD\7LPH PV
H )URQW3RUFK PV

LL  9HUWLFDO6\QFKURQL]DWLRQ7LPLQJ





H
 E F G



D 9 

D 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO +
3HULRG
E 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO +
3XOVH:LGWK
F %DFN3RUFK +
G 'LVSOD\7LPH +
H )URQW3RUFK +


   7HFKQLFDO'HVFULSWLRQ

 &&,56WDQGDUG/LQHV

L +RUL]RQWDO6\QFKURQL]DWLRQ7LPLQJ




 E F G H


 D + 


 'RW&ORFN)UHTXHQF\ 0+㨦
D +RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO PV
3HULRG
E +RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO PV
3XOVH:LGWK
F %DFN3RUFK PV
G 'LVSOD\7LPH PV
H )URQW3RUFK PV


LL  9HUWLFDO6\QFKURQL]DWLRQ7LPLQJ





H
 E F G



D 9 

D 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO +
3HULRG
E 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO +
3XOVH:LGWK
F %DFN3RUFK   +
G 'LVSOD\7LPH +
H )URQW3RUFK   +


&KDSWHU

 &&,56WDQGDUG/LQHV KLJKOLQHUDWHGLVSOD\ 

L +RUL]RQWDO6\QFKURQL]DWLRQ7LPLQJ




 E F G H


 D + 


 'RW&ORFN)UHTXHQF\ 0+㨦
D +RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO PV
3HULRG
E +RUL]RQWDO6\QFKURQL]DWLRQ6LJQDO PV
3XOVH:LGWK
F %DFN3RUFK PV
G 'LVSOD\7LPH PV
H )URQW3RUFK PV


LL  9HUWLFDO6\QFKURQL]DWLRQ7LPLQJ





H
 E F G



D 9 

D 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO +
3HULRG
E 9HUWLFDO6\QFKURQL]DWLRQ6LJQDO +
3XOVH:LGWK
F %DFN3RUFK +
G 'LVSOD\7LPH +
H )URQW3RUFK +


   7HFKQLFDO'HVFULSWLRQ

 ')60$,1$66<

7KH0$,1ERDUGSHUIRUPVWKHLPDJHSURFHVVLQJ6LQFHWKHDVSHFWUDWLRKDVEHHQ
FKDQJHGWKHSDUWQXPEHULVGLIIHUHQWWKDQWKH')60$,1ERDUGIRUPRGHO')6DQG
WKHERDUGVDUHQRWLQWHUFKDQJHDEOH 



 %DFNXSEDWWHU\FRQQHFWRU
')60$,1ERDUG


 ;,)RXWSXWLQGLFDWRU 
',±', 




6RIWZDUH 
 3520

 ;,)LQSXWLQGLFDWRU 
',±', 


',36:
x 6

)DFWRU\6HWWLQJ
1R 'HVFULSWLRQ
2)) 21
 6HOHFWLRQRI(,$ OLQHV RU&&,5 OLQHV   (,$ZKHQ21 䎃  „
 $OZD\VVHWWR21䎃  „
 1RWXVHG $OZD\VVHWWR2)) 䎃 „ 
 :KHQ21WKH&38HPXODWLRQPRGHLVLQHIIHFW 2))LQQRUPDO „ 
XVH 䎃
 6HOHFWVWKHVWDWXVRIWKHGLJLWDOVLPXODWRUIRUWKHLPDJH 21 „ 
YHUWLFDOJUD\2))KRUL]RQWDOJUD\ 䎃
 :KHQ2))WKHGLJLWDOVLPXODWRUIRUWKHLPDJHLVHQDEOHG 21LQ  „
QRUPDOXVH 䎃
 6HOHFWV WKH LQGHSHQGHQW UXQQLQJ PRGH ZKHQ „ 
21WKHLQGHSHQGHQWUXQQLQJPRGHLVLQHIIHFW
2))LQQRUPDOXVH 䎃
 $OZD\VVHWWR21䎃  „
 1RUPDOO\WKH6<1&SRUWLRQRIWKHYLGHRVLJQDOLQSXWIURPWKHWHOHYLVLRQFDPHUDLV
V\QFKURQL]HGVHSDUDWHO\ZLWKWKHYLGHRVLJQDODVWKH')6$&7,92V\QFKURQL]DWLRQ
VLJQDO7KHVHOIRSHUDWLQJPRGHVZLWFKHVWKHVLJQDOPRGHVDQGXVHVDV\QFKURQL]DWLRQ
VLJQDOJHQHUDWHGZLWKLQ')6$&7,92 
1RUPDOO\WKHV\VWHPDXWRPDWLFDOO\VZLWFKHVWRWKLVPRGHLIWKHYLGHRVLJQDOLQSXWLVORVW
+RZHYHUWKLVVZLWFKLVXVHGWRIRUFHLWLQWRWKHVHOIRSHUDWLQJPRGHHYHQZKHQDYLGHR
VLJQDOLQSXWLVEHLQJUHFHLYHGIURPWKH676'XQLW 



&KDSWHU

/(',QGLFDWRUV
x ,QSXW6LJQDOVWR')6$&7,92

3LQ1RRQ
5HI1R 6LJQDO1DPH 'HVFULSWLRQ
&RQQHFWRU-
',  ) 'XULQJIOXRURVFRS\
',  38/ 5HTXHVWWRVHOHFWIOXRURVFRS\SXOVHUDWH
',  38/ 
',  38/
',  .& 5HDG\IRUDFTXLVLWLRQ
',  ;521 '5DFTXLVLWLRQUHTXHVW
',  ;5 'XULQJ;UD\LUUDGLDWLRQ
',  7(&+ 5HTXHVW WR VHOHFW WKH DFTXLVLWLRQ
',  7(&+ PHWKRG  
',  7(&+
',  5)621 5LJKWIRRWVZLWFK21
',  63,')6 6SDUHV

x 2XWSXW6LJQDOVIURP')6$&7,92

3LQ1RRQ
5HI1R 6LJQDO1DPH 'HVFULSWLRQ
&RQQHFWRU-
')62. ')6RSHUDWLRQ2. WKLVVLJQDOFRPLQJ21
', 
LQLWLDWHVOLQNHGRSHUDWLRQDWWKH&DUP 
',  7(&+6(/ 6HOHFWLRQRIDFTXLVLWLRQPHWKRG  
',  7(&+6(/
',  7(&+6(/
',  ')6%86< ')6³EXV\´VWDWXV
',  3/6(/ 6HOHFWLRQRIIOXRURVFRS\SXOVHUDWH  
',  3/6(/
',  3/6(/


x 

3XOVH)OXRURVFRS\5DWH 38/ 38/ 38/

1RFKDQJH 2)) 2)) 2))
&RQWLQXRXV)OXRURVFRS\   21
ISV 21  
ISV 21  21
ISV 21 21 
ISV 21 21 21


   7HFKQLFDO'HVFULSWLRQ

x 

7HFKQLTXH 7(&+ 7(&+ 7(&+

1RFKDQJHLQWHFKQLTXH 2)) 2)) 2))
0$3   21
'LJLWDO6327  21 
6(5,$/  21 21
'6$ 21  
3+'6$ 21  21
)LOP6327 21 21 
1RDFTXLVLWLRQWHFKQLTXH 21 21 21


x 

7HFKQLTXH 7(&+6(/ 7(&+6(/ 7(&+6(/

1RDFTXLVLWLRQWHFKQLTXH 2)) 2)) 2))
0$3   21
'LJLWDO6327  21 
6(5,$/  21 21
'6$ 21  
3+'6$ 21  21
)LOP6327 21 21 


x 

3XOVH)OXRURVFRS\5DWH 38/ 38/ 38/

&RQWLQXRXV)OXRURVFRS\ 2)) 2)) 21
ISV 21  
ISV 21  21
ISV 21 21 
ISV 21 21 21


9DULDEOH5HVLVWRU/LVW 6HH'HWDLOHG$GMXVWPHQWVUHJDUGLQJKRZWRDGMXVW 
x 5 $'JDLQ
x 5 $'RIIVHW
x 95 /LYH'$JDLQ
x 95 0HPRU\'$JDLQ


&KDSWHU

 ')66&










7KHVFDQFRQYHUWHUERDUGFRQYHUWVIURPOLQHPRGHWROLQHPRGH6LQFHWKH
DVSHFWUDWLRVDUHGLIIHUHQWWKHSDUWQXPEHULVGLIIHUHQWWKDQWKH')66&ERDUGIRUPRGHO
')6DQGWKHERDUGVDUHQRWLQWHUFKDQJHDEOH 
x ',36:



9DULDEOH5HVLVWRU/LVW 6HH'HWDLOHG$GMXVWPHQWVUHJDUGLQJKRZWRDGMXVW 
x 95 )/82RXWSXWJDLQ
x 95 0(0RXWSXWJDLQ


 ')6352&











7KLVLVWKHVDPHERDUGDVXVHGIRUWKH')6 
,WLQFOXGHVIXQFWLRQVVXFKDV'6$DQGIUDPHPHPRU\ 


   7HFKQLFDO'HVFULSWLRQ

 +''

7KHKDUGGULYHKDVWHUPLQDWRUVHWWLQJVDQG6&6,,'VHWWLQJV7KHVHVHWWLQJVGHSHQGRQ
ZKHWKHURUQRWDQ02' PDJQHWRSWLFDOGULYH LVLQVWDOOHG6HWWLQJVDOVRGHSHQGRQWKH
W\SHRIKDUGGULYHVRPDNHVXUHWKH\DUHFRQILJXUHGSURSHUO\ZKHQUHSODFLQJWKHKDUG
GULYH 
  :LWKRXWDQ02'
  6HDJDWH0RGHO671RU671


-XPSHUV-DQG-PXVWEHVHWRQ671DQG671

-XPSHU/RFDWLRQV EDFNVLGHRIGLVN 

-6HWWLQJWKH6&6,,'
6HWWR6&6,,' 

+'671
&DVH

+'1&DVH

-XPSHUFRYHULQVWDOOHGIURPWKHEHJLQQLQJ
-6HWWLQJWKH6&6,WHUPLQDWLRQ

+' 671
&DVH

+' 671
&DVH


&KDSWHU

  6HDJDWH0RGHO67$RU67$&RPELQHGZLWK'%6&RQYHUWHU
%RDUG


3&%([DPSOH

/RFDWLRQRI+DUG'ULYH-XPSHU /RFDWLRQRI&RQYHUWHU%RDUG-XPSHU

5HTXLUHV
7HUPLQDWRU

60DVWHU6HWWLQJ &16HWWR6&6,,' 

6KRUW 6KRUW$%

1RW1HFHVVDU\

,QVWDOOLQJWKH+DUG'ULYHDQG&RQYHUWHU%RDUG

+DUG'ULYH  )DVWHQPRXQWLQJEUDFNHWIRUFRQYHUWHUERDUG

XVLQJVFUHZV
0RXQWLQJ  &RQQHFW$7$FDEOHDQGSRZHUFDEOHWRKDUG
%UDFNHW GULYH
&RQYHUWHU%RDUG  6FUHZWKHPRXQWLQJEUDFNHWWRWKHKDUGGULYH
 6FUHZWKHFOLSWRWKHPRXQWLQJEUDFNHW

0RXQWLQJ%UDFNHW&OLS


   7HFKQLFDO'HVFULSWLRQ

  :LWK02'
')6$&7,92DOORZVFRQQHFWLQJDPD[LPXPRIWZR6&6,FRQQHFWHG02GULYHV 
&KDQJHWKHMXPSHUFRQILJXUDWLRQRQWKHKDUGGULYHLQVLGHWKH')6$&7,92XQLWDV
VKRZQEHORZ 
6&6,,'   'RQRWFKDQJH 
6&6,%XV7HUPLQDWLRQ  &KDQJHIURP21WR2))
  671671+DUG'ULYHV 6HDJDWH 



9LHZ$






)LJ  -XPSHU&RQILJXUDWLRQ RQEDFNRIKDUGGULYH 

'ULYH



&LUFXLW%RDUG

)LJ  6&6,,'-XPSHU-6HWWLQJ 9LHZ$ 





)LJ  6&6,7HUPLQDWLRQ-XPSHU-6HWWLQJ %DFN6LGHRI'ULYH 


&KDSWHU

  'LDPRQG0D[3OXV 0D[WRU +DUG'ULYHV:LWK6&6,$7,QWHUIDFH&RQYHUWRU

%RDUG

 9LHZ%








)LJ/RFDWLRQRI-XPSHU&1 RQEDFNRIKDUGGULYH 

              6&6,$7,QWHUIDFH
%RDUG


)LJ  -XPSHU&16HWWLQJRQ6&6,$7,QWHUIDFH%RDUG 9LHZ% 








)LJ  /RFDWLRQRI-XPSHU-RQ+DUG'ULYH








)LJ  -XPSHU-6HWWLQJRQ+DUG'ULYH



   7URXEOHVKRRWLQJ

 7URXEOHVKRRWLQJ

 (UURU0HVVDJH/LVW


0HVVDJH ([SODQDWLRQ &RUUHFWLYH$FWLRQ
127&20081,&$7,21 (UURURFFXUUHGLQ6&6,OLQH &RQILUPFDEOHFRQQHFWLRQVDQG
IRU+'RU02GULYHV WHUPLQDWRUVHWWLQJV,IWKH\DUH2.WKHQ
&RPPXQLFDWLRQLVQRW   7U\UHPRYLQJ02' FKDQJH+''
SRVVLEOH  WHUPLQDWRUVHWWLQJV 
  7U\IRUPDWWLQJ+'' 
  5HSODFHWKH352&%RDUG 
  5HSODFHWKHKDUGGULYH 
0(',80&+$1*(' 0HGLDZDVFKDQJHGGXULQJ 6LPSO\GLVSOD\VHUURUPHVVDJHUHWXUQHG
WKHSURFHVV  IURP02GULYH 
6&6,1275($'< 02'FRQWDLQVQRPHGLD  'HIHFWLYH02'PHGLD
>([WHUQDO,PDJH0HPRU\ 'HIHFWLYH02GULYH
:ULWH/RDG@NH\ZDV 
FOLFNHGLPPHGLDWHO\DIWHU
VZLWFKLQJSRZHU21 
0(',80(5525 02'PHGLDLVGHIHFWLYH 
+$5':$5((5525 02'PHGLDKDV
PDOIXQFWLRQHG 
:5,7(3527(&7 02'PHGLDLVZULWH
SURWHFWHG 
$%257('&200$1' 2SHUDWLRQZDVDERUWHG 
)$8/7)250$7 &DQQRWIRUPDWPHGLD
',6.)8// 02'PHGLDUHFRUGLQJ
FDSDFLW\KDVEHHQ
H[FHHGHG
6&6,%$')$8/7 02GULYHSRZHULV2))


&KDSWHU

 7URXEOHVKRRWLQJ

,PDJHGRHVQRWDSSHDU 

7U\FRQQHFWLQJ
 >9,'(2287@RQ&&8
GLUHFWO\WRPRQLWRU


 12

 ,VWKHUHDQLPDJH"
7R67
FKDSWHU

 <(6


&RQQHFWRXWSXWVIURP
 )/82)/82
0(0DQG0(0
 RQHDWDWLPH



2XWSXWLVSUHVHQW
 IURPDOOIRXU ,VWKHKLJK <(6 &RQILUP)/8&+DQG0(0&+
,VWKHUHQRRXWSXW
OLQHUDWHRSWLRQ OLQH DQG)/82&+DQG
IURPDOOIRXU"
 LQFOXGHG" 0(0&+ OLQH 

 1RRXWSXW 1
IURPDQ\

7U\VZLWFKLQJ')6
 SRZHU2))DQGIOXRUR 12 <(6
21 HPHUJHQF\ 6ZLWFK',36:RQ')60$,1 ,VRQO\
5HSODFH
 IOXRUR  WR2)) OLQHPRGH
')66&
5HPRYH')6352&ERDUG PDOIXQFWLRQLQJ"


12
7R67
 ,VWKHUHDQLPDJH"
FKDSWHU

 <(6


12 <(6
&DOLEUDWH')60$,1
 E\LWVHOIDFFRUGLQJWR 'LGLWFKDQJH"
5HSODFH')6
352&ERDUG
'HWDLOHG$GMXVWPHQWV



12
5HSODFH')6 ,VWKHUHQRUPDO
0$,1ERDUG RXWSXW"

<(6

&RQILUPFDEOH
FRQQHFWLRQVDQG
PRQLWRU


   7URXEOHVKRRWLQJ

')6FDQQRWEHFRQWUROOHGIURP&DUPFRQWUROSDQHO 
SXOVHIOXRURVFRS\UDWHHWF 
2U')6FDQQRWEHFRQWUROOHGYLD')6IURQWSDQHO 

5HIHUWRWKHEORFNGLDJUDPLQ7HFKQLFDO'HVFULSWLRQ2YHUYLHZ

  (LWKHUWKH')6IURQWSDQHODQG&DUPFRQWUROSDQHODUHERWKGHIHFWLYHRULI')6
VLGHLV2.WKHSUREOHPLVEHWZHHQWKH&DUPFRQWUROSDQHODQG:+$&217ERDUG
RUEHWZHHQWKH:+$&217ERDUGDQG021,725,)ERDUG 
  ,I')6FDQQRWEHFRQWUROOHGIURPHLWKHU')6IURQWSDQHORU&DUPFRQWUROSDQHOWKHQ
FRQILUPWKHVLJQDOEHWZHHQ021,725,)DQG')60$,1ERDUGV.H\VLJQDOVIRU
WKH')60$,1ERDUGDUHLQGLFDWHGE\/('LQGLFDWRUVZKLFKFDQEHXVHGWRFRQILUP
WKRVHVLJQDOV 

&DQQRWHPLW;UD\V 
RUIOXRURVFRS\LVSRVVLEOHEXWWKHUHLVQR/,+ 
6HHWKHH[WHUQDOLQWHUIDFHEORFNGLDJUDPLQ7HFKQLFDO'HVFULSWLRQ2YHUYLHZ 
7KHUHPD\EHDSUREOHPZLWKWKHVLJQDOEHWZHHQWKH')60$,1ERDUG - DQGWKH
021,725,)ERDUG - &RQILUPWKH/('LQGLFDWRUVRQWKH021,725,)ERDUG
GHVFULEHGLQ7HFKQLFDO'HVFULSWLRQ')60$,1%RDUG  





 -




%URNHQFLUFXLWV

PRVWRIWHQ
 RFFXUKHUH





&KDSWHU

%DWWHU\(PSW\PHVVDJHLVGLVSOD\HGRQVWDUWXS 
0HDVXUHEDWWHU\YROWDJHWRYHULI\LWLVPLQLPXPYROWV,IOHVVWKDQ9UHSODFHWKH
EDWWHU\,I9RUPRUHWKH')60$,1$66<LVSUREDEO\GHIHFWLYH 

7KHV\VWHPLVKXQJ
x ,IWKHLPDJHDXWRZULWHIXQFWLRQLV21LQLQLWLDOVHWWLQJVLPDJHVDUH
DXWRPDWLFDOO\VDYHGWRWKHKDUGGULYHRU02GULYHDIWHULPDJLQJLVILQLVKHG1RWH
WKDWQRFRQWUROSDQHOLQSXWVDUHDFFHSWHGZKLOHWKHVHLPDJHVDUHEHLQJVDYHG 
x 6&6,PD\EHXQVWDEOH
&RQILUP+'DQG02GULYHWHUPLQDWRUVHWWLQJVDQG6&6,QXPEHUVHWWLQJVDV
GHVFULEHGLQWKH,QVWDOODWLRQ0DQXDO$OVRWU\UHPRYLQJ02GULYH 
x 6ZDSWKHKDUGGULYH')6352&ERDUGDQG')60$,1ERDUGRQHDWDWLPH 

7KHZLQGRZDQGFHQWHUIRUGLVSOD\HGLPDJHVDUHDEQRUPDO 
7KHVSHFLILHGDFWLRQVIRU:LQGRZDQG&HQWHUIXQFWLRQVDUHGHVFULEHGEHORZ
)287(QG
$:&21 :LQGRZDQG&HQWHUDUHDXWRPDWLFDOO\RSWLPL]HGGXULQJSOD\EDFN 
$:&2)) ,I:LQGRZDQG&HQWHUDUHFKDQJHGPDQXDOO\WKRVHVHWWLQJVDUHSUHVHUYHG
0287(QG 6327DQG6(5,$/
$:&21 :LQGRZDQG&HQWHUDUHDXWRPDWLFDOO\RSWLPL]HGGXULQJDFTXLVLWLRQ
'XULQJ3OD\EDFN
0287(QG '6$
:LQGRZIL[HGDWDQG&HQWHUIL[HGDW,I:LQGRZRU&HQWHUDUHFKDQJHGPDQXDOO\
WKRVHVHWWLQJVDUHSUHVHUYHGHYHQDIWHUFKDQJLQJILOHV

$QDFWLRQRWKHUWKDQWKRVHVSHFLILHGDERYHSUREDEO\LQGLFDWHDSUREOHPZLWKWKH
VRIWZDUH3OHDVHFRQWDFWWKH4XDOLW\$VVXUDQFHGHSDUWPHQW

7KH'6$IXQFWLRQLVGLVDEOHG 
&RQILUP',3VZLWFKHVRQ')60$,1ERDUG
0HPRU\HUURURFFXUUHGRQ')6352&ERDUG
(UURURFFXUUHGRQ')6352&ERDUG

)OXRURVFRS\ORRSGRHVQRWZRUN 
5HSODFH')6352&ERDUG 

:KLWHGRWVDSSHDURQLPDJH 
5HSODFHWKH')60$,1%RDUG 

&KDUDFWHUVDSSHDUXQVWDEOH 
5HSODFHWKH')60$,1%RDUG 


   5HSODFLQJ3DUWV

 5HSODFLQJ3DUWV

 5HSODFLQJWKH')6520

&RQILUPLQJWKH6RIWZDUH5209HUVLRQ
 6ZLWFKWKHV\VWHPSRZHU21ZKLOHKROGLQJGRZQWKH>0(18@NH\RQWKH
FRQWUROSDQHO 

 .HHSKROGLQJGRZQWKH>0(18@NH\XQWLOWKH520YHUVLRQLVGLVSOD\HGRQ
WKHUHIHUHQFHPRQLWRU7KH520YHUVLRQLVGLVSOD\HGIRUDSSUR[VHFRQGV 
5HSODFLQJWKH6RIWZDUH520
 6ZLWFKWKHV\VWHPSRZHU2)) 
 5HSODFHWKH520LQVWDOOHGRQWKH')60$,1ERDUG:KHQLVWDOOLQJWKH
520EHFDUHIXOWREHQGWKHFLUFXLWERDUGDVOLWWOHDVSRVVLEOH 
520,QVWDOODWLRQ/RFDWLRQ
x ')6$&7,92/ $3
x ')6$&7,92+ $3

 6ZLWFKRQWKHV\VWHPSRZHUZKLOHKROGLQJGRZQWKH  NH\

 .HHSKROGLQJGRZQWKH  NH\XQWLOWKH520YHUVLRQLVGLVSOD\HGRQWKH

UHIHUHQFHPRQLWRU 

 7KLVZLOOLQLWLDOL]HDQ\5$0GDWDEDFNHGXSE\WKHEDWWHU\7KHQWKH
IROORZLQJ>0DLQWHQDQFH@PHQXZLOOEHGLVSOD\HGRQWKHUHIHUHQFHPRQLWRU 




 ,QLWLDOL]HVHWWLQJVDVQHFHVVDU\ 


&KDSWHU

 5HSODFLQJWKH')60$,1%RDUG

 5HSODFLQJWKH')60$,1%DWWHU\


 /LWKLXP%DWWHU\











 5HPRYHDOOVFUHZVH[FHSWWKRVH
 IXUWKHVWWRWKHHGJHDQGWLOWRSHQ
WKHFLUFXLWERDUGPRXQWLQJSODWH 


3HUIRUPWKHSURFHVVDERYHZLWKWKHSRZHUVZLWFKHG2)) 
7KHEDWWHU\LVXVHGWRUHFRUGVHWWLQJV7KLVVHWWLQJLQIRUPDWLRQZLOOEHORVWRQHWKHEDWWHU\
LVUHSODFHG7KHUHIRUHVHWWLQJPXVWEHUHLQLWLDOL]HG 



   5HSODFLQJ3DUWV

 5HSODFLQJWKH')60$,1$66<

 7DNHDUHFRUGRILQLWLDOVHWWLQJV 7KH\FDQQRWEHEDFNHGXS 

 6ZLWFKWKHSRZHU2))DQGUHPRYHWKHFRYHU'LVFRQQHFWDOOFRQQHFWRUV
DQGFDEOHVDVVKRZQEHORZ 



 'LVFRQQHFWWKHYLGHRVLJQDO
FDEOH%HFDUHIXOQRWWR
 GDPDJHFDEOHFLUFXLWV
 ZKLFKFDQEUHDNHDVLO\ 







 'LVFRQQHFW
FRQQHFWRUV 






 8QVFUHZWKHKH[VFUHZVWKDWIDVWHQWKHFLUFXLWERDUG 
 5HPRYHWKHFLUFXLWERDUG'RWKLVFDUHIXOO\DVWKH0$,1$66<ERDUGLV
FRQQHFWHGWRWKH352&ERDUGYLDFRQQHFWRUVRQWKHEDFNVLGH7KHSRZHU
VXSSO\FRQQHFWRULVDOVRORFDWHGRQWKHEDFNVLGH 


&KDSWHU







&RQQHFWRUWR
 352&%RDUG


 3RZHU6XSSO\
&RQQHFWRU









 'LVFRQQHFWFDEOHVIURPWKHEDFNVLGHRIWKH0$,1$66<EDRUG 

.H\ERDUG&RQQHFWRU







 'LVFRQQHFWWKHVHULDOFDEOH'R
WKLVFDUHIXOO\DVWKLVFDEOHLV

SURQHWREURNHQFLUFXLWVDVZHOO




 ,QVWDOOQHZ0$,1$66<ERDUG  


   5HSODFLQJ3DUWV














 8VHSODVWLFZDVKHUVDQGKH[QXWVWRLQVWDOOFLUFXLWERDUGV 


3ODVWLF
 :DVKHU







 &RQILJXUH',3VZLWFKHVDVGHVFULEHGLQ7HFKQLFDO'HVFULSWLRQ 
 (QWHULQLWLDOVHWWLQJV 
$GMXVW959585DQG85DFFRUGLQJWR³'HWDLOHG$GMXVWPHQWV´ 


&KDSWHU

 5HSODFLQJWKH')6352&$66<DQG')66&$66<

 3HUIRUP6WHSVWRLQ5HSODFLQJWKH0$,1$66<%RDUGDQGUHPRYHWKH
0$,1$66<ERDUG 
 8QVFUHZSDQKHDGVFUHZVIURPWKHVLGHVDQGUHPRYHWKHPRXQWLQJSODWH 







 5HPRYHSDQKHDGVFUHZV









 /LIWXSWKHPRXQWLQJSODWHDQGGLVFRQQHFWFDEOHVIURPWKHFLUFXLWERDUGRQ
WKHEDFNVLGH 

















   5HSODFLQJ3DUWV

 5HPRYHDQ\FLUFXLWERDUGVWKDWQHHGWREHUHSODFHG 








 6&$66< 352&$66<








)RU5HIHUHQFH 5HSODFLQJPHPRU\RQWKH352&$66<ERDUG RQO\LIQHFHVVDU\ 





7KHPHPRU\
 ZLOOSRSXS
ZKHQ

3XVKFOLSVDZD\ UHPRYHG 
IURPVRFNHW 



 5HYHUVHWKHUHPRYDOSURFHGXUHWRLQVWDOOFLUFXLWERDUGV8VHSODVWLFZDVKHUV
IRULQVWDOOLQJWKH0$,1$66<ERDUGDVZHOO 
 7KHSRZHUVXSSO\FRQQHFWRURQWKH352&$66<ERDUGDQG0$,1
$66<ERDUGKDYHWKHVDPHVKDSH%HFDUHIXOQRWWRFRQIXVHWKHP
ZKHQFRQQHFWLQJFDEOHV 

 $IWHUVZLWFKLQJWKHSRZHU21DGMXVWYDULDEOHUHVLVWRUVDFFRUGLQJWR³
'HWDLOHG$GMXVWPHQWV´ 


&KDSWHU

 5HSODFLQJWKH+DUG'ULYH

 5HSODFHPHQW3URFHGXUH

 5HPRYHFLUFXLWERDUGVDQGPRXQWLQJSODWHDFFRUGLQJWR5HSODFLQJ&LUFXLW
%RDUGV 









+''







 8QVFUHZVFUHZVIURPWKHEDFNVLGHDQGUHPRYHWKHKDUGGULYH 







 +DUG'ULYH)DVWHQHU
6FUHZV




 ,QVWDOOWKHQHZKDUGGULYH&RQILJXUHWHUPLQDWRUVDQG6&6,,'VHWWLQJV
DFFRUGLQJWR³7HFKQLFDO'HVFULSWLRQ+''´ 

 ,QVWDOOWKHFLUFXLWERDUGV 
 6ZLWFKWKHSRZHU21WKHQSK\VLFDOO\IRUPDWWKHKDUGGULYHDVGHVFULEHGLQ
WKHQH[WVHFWLRQ 



   5HSODFLQJ3DUWV

 3K\VLFDOO\)RUPDWWLQJWKH5HSODFHPHQW+DUG'ULYH

 6ZLWFKWKHV\VWHPSRZHU21ZKLOHKROGLQJGRZQWKH>0(18@NH\RQWKH
FRQWUROSDQHO 

 .HHSKROGLQJGRZQWKH  NH\XQWLOWKH520YHUVLRQLVGLVSOD\HGRQWKH

UHIHUHQFHPRQLWRU 

 $IWHUWKH520YHUVLRQLVGLVSOD\HGRQWKHUHIHUHQFHPRQLWRUIRUDSSUR[
VHFRQGVWKHIROORZLQJ>0DLQWHQDQFH@PHQXZLOOEHGLVSOD\HGRQWKH
UHIHUHQFHPRQLWRU 





 8VHWKH  NH\WRVHOHFW>6&6,)250$7@WKHQSUHVVWKH  NH\WR

GLVSOD\WKHSK\VLFDOIRUPDWWLQJPHQX 





8VHWKH  NH\WRVHOHFWWKHGULYHWRSK\VLFDOO\IRUPDWWKHQWKH  NH\WR
SK\VLFDOO\IRUPDWWKHGULYH 
 12:+' 02'02' )250$7LVGLVSOD\HGZKLOHWKHGULYHLVEHLQJ
IRUPDWWHG3UHVVLQJWKH  NH\ZLOOVWRSWKHSK\VLFDOIRUPDWWLQJSURFHVV
DQGUHWXUQWRWKHPHQX 

127(


3K\VLFDO IRUPDWWLQJ UHTXLUHV D YHU\ORQJ WLPH WR ILQLVK 7KH WLPHUHTXLUHG WR SK\VLFDOO\
IRUPDW D GULYH GHSHQGV RQ WKH GULYH RU PHGLD FDSDFLW\ EXW ZLOO UHTXLUH DW OHDVW 
PLQXWHVLIORQJHVWKRXUV 

 :KHQSK\VLFDOIRUPDWWLQJLVILQLVKHGIRFXVZLOOUHWXUQWRWKHPHQX 
 6ZLWFKWKHV\VWHPSRZHU2)) 



&KDSWHU


   'HWDLOHG$GMXVWPHQWV

 'HWDLOHG$GMXVWPHQWV

 ')60$,1$66<

8VHWKHIROORZLQJSURFHGXUHWRDGMXVWLQGLYLGXDODQDORJRXWSXWVRQWKH')6$&7,92
$OUHDG\DGMXVWHGDWWKHIDFWRU\EHIRUHVKLSSLQJ  
 &RQILJXUH',3VZLWFKHVRQWKH')60$,1ERDUG 6 WRWKHDQDORJ
DGMXVWPHQWPRGHDQGGLJLWDOVLPXODWRUPRGH 
x 62))
x 62))
x 621

 6HW:LQGRZWR&HQWHUWRDQGSUHVVWKH>0(18@  NH\)URP

WKHPHQXVFUHHQXVHWKHDUURZNH\VWRVSHFLI\WKH>)/82*$00$@DQG
>0(025<*$00$@VHWWLQJVEHORZ 

x )/82*$00$ /,1($5
x 0(025<*$00$ /,1($5

 3UHVVWKH>0(18@  NH\ZKHQILQLVKHGWKHQSUHVVWKHGRZQDUURZNH\ 

 &RQQHFW9LQDQG)/8B&+ZLWKFRD[LDOFDEOH 
 $GMXVW85RQWKH')60$,1ERDUGWRPDNHWKHZDYHIRUPDW')60$,1
ERDUGFKHFNSLQ73ORRNOLNHWKHZDYHIRUPEHORZ 

 9


9



 &RQQHFW9LQDQG0(0B&+ZLWKFRD[LDOFDEOH$QGPRYHLPDJHIURPOLYH
LPDJHWRUHIHUHUQFHLPDJH
 $GMXVW85RQWKH')60$,1ERDUGWRPDNHWKHZDYHIRUPDW')60$,1
ERDUGFKHFNSLQ73ORRNOLNHWKHZDYHIRUPEHORZ 
 
 9


9






&KDSWHU

 $GMXVW5DQG5RQWKH')60$,1ERDUGVRWKDWWKHZDYHIRUPDW73RQ
WKH')60$,1ERDUGORRNVOLNHWKHZDYHIRUPEHORZ









 $IWHUDGMXVWLQJUHWXUQWKH',3VZLWFKHV 6 RQWKH')60$,1ERDUGWRWKHLU

QRUPDOPRGH 
x 62))
x 621
x 62))


 ')66&%RDUG

7KH')66&ERDUGDOORZVDGMXVWLQJWKHYLGHRVLJQDORXWSXWYDOXHIRUIOXRURVFRS\DQG
UDGLRJUDSK\7KHVHDUHIDFWRU\DGMXVWHGEHIRUHVKLSSLQJEXWDOZD\VFRQILUPWKHP
GXULQJLQVWDOODWLRQ 

 &RQILJXUH',3VZLWFKHVRQWKH')60$,1ERDUG 6 WRWKHDQDORJ

DGMXVWPHQWPRGHDQGGLJLWDOVLPXODWRUPRGH 
x 62))
x 62))
x 621

 6HW:LQGRZWR&HQWHUWRDQGSUHVVWKH>0(18@  NH\)URP

WKHPHQXVFUHHQXVHWKHXSGRZQDQGOHIWULJKWDUURZNH\VWRVSHFLI\WKH
>)/82*$00$@DQG>0(025<*$00$@VHWWLQJVEHORZ 
x )/82*$00$ /,1($5
x 0(025<*$00$ /,1($5

3UHVVWKH>0(18@  NH\ZKHQILQLVKHGWKHQSUHVVWKHGRZQDUURZNH\ 

 &RQQHFW9LQDQG)/8B&+ZLWKFRD[LDOFDEOH 


   'HWDLOHG$GMXVWPHQWV

 $GMXVW95RQWKH')66&ERDUGWRPDNHWKHZDYHIRUPDW')60$,1
ERDUGFKHFNSLQ73ORRNOLNHWKHZDYHIRUPEHORZ 


9


 9




 &RQQHFW9LQDQG0(0B&+ZLWKFRD[LDOFDEOH$QGPRYHWKHLPDJHIURP
OLYHPRQLWRUWRUHIHUHQFHPRQLWRU

 $GMXVW95RQWKH')66&ERDUGWRPDNHWKHZDYHIRUPDW')60$,1
ERDUGFKHFNSLQ73ORRNOLNHWKHZDYHIRUPEHORZ 


9


 9



 $IWHUDGMXVWLQJUHWXUQWKH',3VZLWFKHV 6 RQWKH')60$,1ERDUGWRWKHLU

QRUPDOPRGH 
x 62))

x 621
x 62))


&KDSWHU

 ,QLWLDO6HWWLQJV

(QWHULQLWLDO')6$&7,92VHWWLQJVDVGHVFULEHGEHORZ 

 6ZLWFKWKHV\VWHPSRZHU21ZKLOHKROGLQJGRZQWKH>0(18@  NH\RQ

WKHFRQWUROSDQHO 

 .HHSKROGLQJGRZQWKH>0(18@  NH\XQWLOWKH520YHUVLRQLVGLVSOD\HG

RQWKHUHIHUHQFHPRQLWRU 

 $IWHUWKH520YHUVLRQLVGLVSOD\HGRQWKHUHIHUHQFHPRQLWRUIRUDSSUR[
VHFRQGVWKHIROORZLQJ>0DLQWHQDQFH@PHQXZLOOEHGLVSOD\HGRQWKH
UHIHUHQFHPRQLWRU 





 8VHWKH  NH\WRVHOHFW>6&6,)250$7@WKHQSUHVVWKH  NH\WR

GLVSOD\WKHSK\VLFDOIRUPDWWLQJPHQX 





8VHWKHXSGRZQDUURZNH\VWRVHOHFWWKHSDUDPHWHUDQGWKHOHIWULJKWDUURZ
NH\VWRFKDQJHWKHVHWWLQJ8VHWKHXSGRZQDUURZNH\VWRFKDQJHWKHGDWH
DQGWLPHYDOXHV 

7,0( 6SHFLILHVWKHGDWHDQGWLPH 
 (QWHUYDOXHVLQWKHVHTXHQFH\HDUPRQWK 
 GDWHKRXUPLQXWHVHFRQGGD\ 
/,0,7)36 ,I><(6@VHULDODFTXLVLWLRQUDWHLVOLPLWHGWRD 
 PD[LPXPISV 
02' ,' 23 6SHFLI\><(6@LIXVLQJDQ02GULYH ILUVWXQLW  
02' ,' 23  6SHFLI\><(6@LIXVLQJDQ02GULYH VHFRQGXQLW  

 :KHQILQLVKHGFKDQJLQJVHWWLQJVSUHVVWKH>0(18@  NH\

&$/&8/$7,1*ZLOOEHGLVSOD\HGRQWKHUHIHUHQFHPHQXIRUDSSUR[
VHFRQGVEHIRUHWKHVHWWLQJLVFKDQJHG 
6ZLWFKWKHV\VWHPSRZHU2)) 




&KDSWHU  
&KDSWHU ',6

&KDSWHU&RQWHQWV


 7HFKQLFDO'HVFULSWLRQ

 7URXEOHVKRRWLQJ

 5HSODFLQJ3DUWV

 6HUYLFH$SSOLFDWLRQ

 6\VWHP$GMXVWPHQWV

  7HFKQLFDO'HVFULSWLRQ

&KDSWHU&RQWHQWV

 6\VWHP&RQWHQW

 'DWD)ORZ

 &DPHUD+HDG

 *,0%RDUG

 3&WRZHU

 ,$3'%%RDUG

 $*3%RDUG

 9,%%RDUG

 /9'6%RDUG

 %DFNLQJ8SDQG5HVWRULQJ6RIWZDUH6HWWLQJV

 &RQILUPLQJ&XUUHQW9HUVLRQ,QIRUPDWLRQ

 8SJUDGLQJWKH6RIWZDUH9HUVLRQ

 %,266HWWLQJV IRUUHIHUHQFH 


   7HFKQLFDO'HVFULSWLRQ


 6\VWHP&RQWHQW

7KH',6LPDJHSURFHVVRUFRQVLVWVRIWKUHHXQLWV 
(DFKXQLWUHPDLQVLQFRQVWDQWFRPPXQLFDWLRQDQGJHQHUDWHVDQHUURUPHVVDJHDQG
UHVWULFWVIXQFWLRQDOLW\LIFRPPXQLFDWLRQLVLQWHUUXSWHGVXFKDVGXHWRDGHIHFWLYHFDEOH 


 *,0%RDUG


&DPHUD+HDG

&RPSXWHU 
LQVLGHPRQLWRUFDUW 



&KDSWHU


 'DWD)ORZ

7KHIROORZLQJLOOXVWUDWHVWKHRYHUDOOIORZRILPDJHGDWDIRUHDFKPRGH 

 5HDO7LPH)OXRURVFRS\'LVSOD\

5HDO7LPH
5HDO7LPH)OXRUR
)OXRUR 'LVSOD\
'LVSOD\
0HPRU\
0HPRU\ 0HPRU\
0HPRU\
&DPHUD
&DPHUD
)3*$
9LGHR
9LGHR
)3*$ )3*$
)3*$ )3*$
)3*$ )3*$
)3*$ 9,%
9,% 2XW
2XW
*,0
*,0

%XON *UDSKLFV
*UDSKLFV /DVHU
/DVHU
 %XON &DUG '+&
'+&
 PHPRU\
PHPRU\ &DUG LPDJHU
LPDJHU

3&,EXV
3&,EXV

3&&38
3&
3& &'
&'
3&&38 +''
+''
PHPRU\
PHPRU\ GHYLFH
GHYLFH





   7HFKQLFDO'HVFULSWLRQ


 'LVSOD\LQJDQG5HFRUGLQJ5),PDJHV


0HPRU\

&DPHUD
)3*$ )3*$ )3*$ )3*$ 9,% 9LGHR
2XW

*,0

%XON *UDSKLFV /DVHU

 &DUG '+&
PHPRU\ LPDJHU

3&,EXV
3&
+''
&'
3&&38
PHPRU\ GHYLFH

0HPRU\

&DPHUD
)3*$ )3*$ )3*$ )3*$ 9,% 9LGHR
2XW

*,0
*UDSKLFV

%XON
&DUG '+& /DVHU
PHPRU\ LPDJHU

3&,EXV
3& &'
3&&38 +''
PHPRU\ GHYLFH



&KDSWHU


 /RDGLQJ,PDJHV


0HPRU\ 0HPRU\

&DPHUD
)3*$ )3*$ )3*$ )3*$ 9,% 9LGHR
2XW
*,0

%XON *UDSKLFV /DVHU

 &DUG '+&
PHPRU\ LPDJHU

3&,EXV
3& &'
3&&38 +''
PHPRU\ GHYLFH

0HPRU\ 0HPRU\

&DPHUD
)3*$ )3*$ )3*$ )3*$ 9,% 9LGHR
2XW
*,0

%XON *UDSKLFV /DVHU

 &DUG '+&
PHPRU\ LPDJHU

3&,EXV
3&
+''
&'
3&&38
PHPRU\ GHYLFH



   7HFKQLFDO'HVFULSWLRQ


 'LVSOD\LQJ5HIHUHQFH,PDJHV

0HPRU\ 0HPRU\

&DPHUD
)3*$ )3*$ )3*$ )3*$ 9,% 3ULPDU\
9LGHR
*,0
2XW

%XON *UDSKLFV 5HIHUHQFH

 &DUG 9LGHR
PHPRU\
2XW

3&,EXV
3&
+''
&'
3&&38
PHPRU\ GHYLFH

0HPRU\ 0HPRU\

&DPHUD
)3*$ )3*$ )3*$ )3*$ 9,% 3ULPDU\
9LGHR
*,0
2XW

%XON *UDSKLFV 5HIHUHQFH

 &DUG
PHPRU\ 9LGHR
2XW

3&,EXV
3& &'
3&&38 +''
PHPRU\ GHYLFH



&KDSWHU


 ([WHUQDO2XWSXW


0HPRU\
 0HPRU\

&DPHUD
)3*$ )3*$ )3*$ )3*$ 9,% 9LGHR
2XW
*,0

%XON *UDSKLFV
 &DUG '+& /DVHU
PHPRU\
LPDJHU

3&,EXV
3&
3&&38 +'' &'
1HWZRUN PHPRU\



   7HFKQLFDO'HVFULSWLRQ


 &DPHUD+HDG

7KHFDPHUDKHDGLQFOXGHVWKH6(1625ERDUG PHJDSL[HO&&' &255(&7ERDUG

DQG,QWHUIDFHERDUG2Q$&7,92PRGHOVWKHLULVLVFRQWUROOHGE\WKH:+$&217ERDUG
EXWRQ3/(12PRGHOVWKHLULVLVFRQWUROOHGIURPWKHFDPHUDKHDG 















%ORFN'LDJUDP

 127(
127(
 7KH,ULV/HQV
7KH,ULV/HQV
DQGPRWRU
DQGPRWRU
&&'&DPHUD+HDG
DUHVXSSOLHGE\
DUHVXSSOLHGE\ &&'6HQVRU%RDUG &&'&RUUHFWLRQ%RDUG ,QWHUIDFH%RDUG
6KLPDG]X
6KLPDG]X '&LULV
&&'  9 'HIHFW 'LUHFW FRQWURO
&&' 3RZHU  9 0DSV &RXSOH
6HQVRU 5HJXODWRU 9 ,ULV
&RQWURO

/HQV 9LGHR %LW 2KP 9LGHR

)3*$ %LW 2XW
%XIIHU $' 'ULYHU
'$
&RQWURO
3RZHU
0RWRU
,ULV *ROG2QH
*ROG2QH
&&' ,QWHUIDFH &RQWURO
7LPLQJ
*HQHUDWRU 
/9'6  9
0+]
,ULV 'LJLWDO  9 3RZHU
)LEHU
9
'ULYHU ,2 6XSSOLHV
,)

7R6KLPDG]X6XEDUX RQO\RQHRIWKHVHQRW
ERWKZLOOEHDYDLODEOHLQDV\VWHP 



&KDSWHU


 *,0%RDUG

)XQFWLRQV
x &RPPXQLFDWHVZLWK:+$&217ERDUGYLDDVHULDOFRQQHFWRU 
x ,WFRPPXQLFDWHVZLWKWKH,$3'%ERDUGYLD(WKHUQHWDQGD0+]VHULDOOLQN 







   7HFKQLFDO'HVFULSWLRQ


%ORFN'LDJUDP


 *HQHUDWRU,QWHUIDFH0RGXOH *,0

,2WR)URP
 +RVW;UD\6\VWHP
 ,$3'% 7ZR6WDWH
,QSXWV
0+]
 6HULDO/LQN )3*$ 7ZR6WDWH
2XWSXWV
 5HIHUHQFH
2XWSXWV
 $%6
0HPRU\ (PEHGGHG 287387 7R+RVW
 3URFHVVRU ;5D\6\VWHP
$QDORJ
(3520 2XWSXWV

$QDORJ
,QSXWV

56
 (3/'
6KLPDG]X&$UP 9'&
3RZHU &$1%XV
 9'&
6XSSO\
9'&




/('1R
7KH*,0ERDUGLQFOXGHVDVHWRI/('VDQGDVHWRI/('V(DFK/('LQWKHVHWRI
LVGHVFULEHGEHORZ 
x /('±1RUPDOO\2))'RZQORDGLQJWR)3*$
x /('±1RUPDOO\215HFHLYLQJYLD(WKHUQHW  
x /('±1RUPDOO\IODVKHVDSSUR[RQFHSHUVHFRQG 
x /('±1RUPDOO\217UDQVPLWWLQJYLD(WKHUQHW 
x 7KHVHWRI/('VLVPDLQO\XVHGWRLQGLFDWHVWDWXVRIWKHWZRVWDWHVLJQDO 
/RFDWLRQRI/('V2Q*,0%RDUG

 




&KDSWHU


&RQWHQWRI&RPPXQLFDWLRQ:LWK:+$&217%RDUG

$QDORJ9ROWDJH ,%6VLJQDO9UHIHUHQFH 





$%6

*,0 ;UD\
 $%6&RPPRQ9ROWV,VRODWHG *HQHUDWRU







6HULDO&RPPXQLFDWLRQ 7KHIROORZLQJVDUHFRPPXQLFDWHGYLDDVHULDOFRQQHFWRU 
x N9 
x P$
x &DPHUD5RWDWLRQ
x ,PDJH7\SH 6SRW'6$)OXRUR3XOVHG)OXRUR 
x 6SRW)UDPH5DWH
x 3XOVHG)OXRUR)UDPH5DWH
x 3RVW$FTXLVLWLRQ+ 95HYHUVH
x 0DJQLILFDWLRQ0RGHV
x 'RVH5DWH1RUPDO+LJK/RZ
x ,QMHFWLRQ'HOD\
x ,PDJH%ULJKWQHVVDQG&RQWUDVW
x )OXRUR/RRS5DWH
x 2WKHU





   7HFKQLFDO'HVFULSWLRQ


5HDO7LPH&RPPXQLFDWLRQ UHJDUGLQJIOXRURVFRS\DQGH[SRVXUH 
x )OXRUR213UHS5HT3XOVHG)OXRUR9'ULYH 9'  
3KRWRVSRW GLJLWDOUDGLRJUDSK\ 
7KHWZRVWDWHLQSXWVLJQDOOLQHLQFOXGHVDQ/('WRLQGLFDWHLQSXWVWDWXV)RU)OXRUR21
3UHSDQG5HTWKHVWDWXVRIVLJQDOLQSXWIURPFRQWUROOHUFDQEHFRQILUPHGRQWKHFLUFXLW
ERDUG7KHVWDWXVRIHDFKVLJQDOFDQEHPRQLWRUHGXVLQJDVHUYLFHDSSOLFDWLRQDVZHOO 




)OXRUR 2Q
 3UHS

*,0 5HTXHVW ;UD\

*HQHUDWRU

3KRWRVSRW ,Q2XW12
3KRWRVSRW ,Q2XW&RPPRQ
6\QFK,Q2XW

,QMHFWRU

)OXRUR 2Q

;UD\
*,0 *HQHUDWRU
9GULYH
+]

)OXRUR3XOVH2Q



&KDSWHU


/D\RXWRI&RQQHFWRUVRQ*,0%RDUG

&RQQHFWRUQDPHVDUHQRWLQGLFDWHGWKH*,0ERDUG7KHUHIRUHXVHWKHILJXUHEHORZDVD
UHIHUHQFHZKHQFRQILUPLQJFRQQHFWLRQVRUUHFRQQHFWLQJFDEOHV 


 3RZHU6XSSO\



㪧㪉㪇㪄㪈 㪠㪙㪪䋫
㪧㪉㪇㪄㪉 㪠㪙㪪㩷㪚㪦㪤㪤㪦㪥 㪧㪉㪄㪧㪦㪩㪫㪉

㪧㪈㪏㪄㪈 㪧㪝㫃㫌㫆㫉㫆㩷㪛㫉㫀㫍㪼

㪧㪈㪏㪄㪊 㪧㪝㫃㫌㫆㫉㫆㩷㪩㪼㪽

8S
33257
8S
33257
6HULDO3RUW2

3



   7HFKQLFDO'HVFULSWLRQ


 &RPSXWHU

1RWH $FWXDOORFDWLRQRIFRPSRQHQWVPD\YDU\GHSHQGLQJRQW\SHRIFRPSXWHU 
 
 -3 &'5
&'5:
&RPSXWHU3RZHU
 6XSSO\  
/9'6,QWHUIDFH
 %RDUG.LW
* 



)ORSS\'LVNHWWH
 'ULYH



&38
  
',00  ±)RUXSJUDGLQJWR0%


',00  


',00

3RZHU6XSSO\&RQQHFWRU



6HFRQGDU\,'( &'5&'5: 

3ULPDU\,'( +DUG'ULYH 

)ORSS\'LVNHWWH'ULYH



 +DUG
'ULYH

*UDSKLFV&DUG  

 0RGHP


2SWLRQDO+DUGFRS\%RDUG


,$3'%%RDUG


 9LGHR2XWSXW%RDUG





&RPSXWHU&DELQHW6LGH9LHZ



&KDSWHU






3RZHU6XSSO\


 /9'6&DUG





*UDSKLFV&DUG



0RGHP&DUG


'LJLWDO+RVW


,$3'%%RDUG


9,%&DUG





&DELQHW5HDU9LHZ




   7HFKQLFDO'HVFULSWLRQ


 ,$3'%%RDUG














)XQFWLRQ0DLQ',6&LUFXLW%RDUG

0RVW',6IXQFWLRQVDUHSURFHVVHGRQWKLVERDUG 
x ,QWHUIDFHVZLWKFDPHUD
x ,PDJHDFTXLVLWLRQLPDJHSURFHVVLQJDQGLPDJHGLVSOD\
x ,QWHUIDFHVZLWKRWKHUFLUFXLWERDUGVLQFRPSXWHU
VXFKDVORDGLQJLPDJHVIURPFRPSXWHUPHPRU\ 
x ,QWHUIDFHVZLWK*,0ERDUG
%ORFN'LDJUDP


,PDJH$FTXLVLWLRQ3URFHVVLQJDQG'LVSOD\%RDUG
,$3'%

 0HPRU\ 0HPRU\ 0HPRU\ 0HPRU\


6FDQ
*,0 &RQYHUWHU

&DPHUD
)3*$ )3*$ )3*$ )3*$


 6HFRQGDU\3&,EXV

 %XON
0HPRU\ (PEHGGHG
$*3'9, 5*%'$&
 3URFHVVRU

(3/'

3&,%XV




&KDSWHU


7KH,$3'%ERDUGLQFOXGHVVHWVRI/('V2QHLVDVHWRI/('VDQGWKHRWKHULVDVHW
RI/('V 
 


'



 *




'HVFULSWLRQRI(DFK/('LQ6HWRI/('V

/('
x 1RUPDOO\2))VZLWFKHV21ZKHQQRWDOO)3*$ORDGHGSURSHUO\  
/('
x 1RUPDOO\2))LQGLFDWHVDFDPHUDLULVHUURUZKHQ21 
/('
x 1RUPDOO\2))LQGLFDWHVZKHWKHU6'5$0FORFNLVFXUUHQWO\ORFNHG 
/('
1RUPDOO\21LWLQGLFDWHV)3*$LVIXQFWLRQLQJQRUPDOO\ 

'HVFULSWLRQRI(DFK/('LQ6HWRI/('V
x /(' ,$3'%,QWHUUXSW 1RUPDOO\IODVKHV
x /(' ,$3'%,QWHUUXSW  1RUPDOO\IODVKHV
x /(' 5DG([SRVH21  /('VZLWFKHV21ZKHQVLJQDOLVUHFHLYHG
x /(' 5DG5HDG\21  /('VZLWFKHV21ZKHQVLJQDOLVUHFHLYHG
x /(' 5HT21  /('VZLWFKHV21ZKHQVLJQDOLVUHFHLYHG
x /(' 3UHS21  /('VZLWFKHV21ZKHQVLJQDOLVUHFHLYHG
x /(' )OXRUR3XOVH21  /('VZLWFKHV21ZKHQVLJQDOLVUHFHLYHG
x /(' )OXRUR21  /('VZLWFKHV21ZKHQVLJQDOLVUHFHLYHG
x /(' ,$3'%3URFHVVRU6WDWH21LQGLFDWHVHUURU
([DPSOHRI/('%HKDYLRU
'XULQJ&RQWLQXRXV)OXRURVFRS\ /'LV21
'XULQJ3XOVHG)OXRURVFRS\ /'IODVKHV
:KHQWKHLPDJLQJIRRWVZLWFKLVSUHVVHGILUVW/'DQG/'LOOXPLQDWHWKHQ/'
/'DQG/'LOOXPLQDWH 




   7HFKQLFDO'HVFULSWLRQ


 $*3%RDUG JUDSKLFVERDUG 

6\QWKHVL]HVLPDJHIURP*8,DQG,$3'%WKHQRXWSXWVYLDFRQQHFWRU69*$ZKLFKLV
GLVSOD\HGRQUHIHUHQFHPRQLWRU 
&RQQHFWHGWR,$3'%ERDUGYLDWKH H[WHUQDO '9,FRQQHFWRU 


6DSSKLUH*UDSKLFV&DUG *LJDE\WH*UDSKLFV&DUG
8VHGWKURXJKHQGRI  8VHGIURPEHJLQQLQJRI 










%ORFN'LDJUDP

3ULPDU\'LVSOD\9LGHR
 5HFHLYHV/LYH 6FDQ&RQYHUWHU9LGHR
,PDJHVYLD&DPHUD 7R9,%
+HDG

,$3'%

'9,

5HFHLYHV*8,DQG
5HIHUHQFH,PDJHVYLD
0RWKHU%RDUG
$7, 5HIHUHQFH'LVSOD\
$*3 2XW



&KDSWHU


 9,%%RDUG

7KRXJKLQVWDOOHGLQWR027+(5ERDUG3&,EXVLVQRWXVHG,WUHFHLYHVYLGHRVLJQDOIURP
WKH,$3'%ERDUGWKHQEXIIHUVDQGRXWSXWVWKHVLJQDO$OVRXVHGIRUVFDQFRQYHUVLRQ 












%ORFN'LDJUDP

 
3ULPDU\'LVSOD\ &RPSRVLWH

 3ULPDU\'LVSOD\ &RPSRVLWH
 9LGHR)URP
 ,$3'% 9,%

6FDQ&RQYHUWHU 69LGHR



   7HFKQLFDO'HVFULSWLRQ


 /9'6%RDUG

5HFHLYHVVLJQDOIURPFDPHUD 
6XSSOLHVSRZHUWRFDPHUD 














%ORFN'LDJUDP



/9'67R)URP,$3'%
/9'6DQG3RZHU
/9'6 WR&DPHUD

9'&)URP3RZHU6XSSO\
%RDUG



&KDSWHU


 %DFNLQJ8SDQG5HVWRULQJ6RIWZDUH6HWWLQJV

6DYHVFRQILJXUDWLRQGDWDDQGFDOLEUDWLRQGDWDWRIORSS\GLVNV7KLVDOORZVTXLFNO\DQG
HDVLO\UHVWRULQJWKHV\VWHPLIRQHRIWKHPDLQFRPSXWHUFRPSRQHQWVUHTXLUHV
UHSODFHPHQW 

 6DYLQJ&RQILJXUDWLRQ'DWDRQ)ORSS\'LVNV

,QVHUWDEODQNGRXEOHVLGHGKLJKGHQVLW\IORSS\GLVNLQWRWKHIORSS\GULYH $  
&OLFN>6HUYLFH$SSOLFDWLRQV@>&RQILJXUDWLRQV@DQGIROORZWKHSURFHGXUHEHORZ 








>%DFNXS@
%XWWRQ






  &OLFNWKLVEXWWRQWRDFFHVVWKHEDFNXSIXQFWLRQ7KLVGLVSOD\VD
FRQILUPDWLRQZLQGRZ 













  &OLFN><HV@WRVWDUWWKHEDFNXSSURFHGXUH7KLVRSHQVWKH
>%DFNXS&RQILJXUDWLRQ@ZLQGRZ 



   7HFKQLFDO'HVFULSWLRQ

















 6HOHFWWKHILOHQDPHDQGW\SHWKHQFOLFN>6DYH@7KHILOHLVVDYHGLQWKH
>%DFNXS@IROGHU RURWKHUVSHFLILHGORFDWLRQ  
 7KHIRXUILOHW\SHVWKDWVKRXOGEHEDFNHGXSLQFOXGH>6\VWHP&RQILJ@>8VHU
&RQILJ@>/87  &RQILJ@DQG>$35&RQILJ@ 

 6DYLQJ&DOLEUDWLRQ'DWDRQ)ORSS\'LVNV

,QVHUWDEODQNGRXEOHVLGHGKLJKGHQVLW\IORSS\GLVNLQWRWKHIORSS\GULYH $  
&OLFN>6HUYLFH$SSOLFDWLRQV@>&RQILJXUDWLRQV@DQGIROORZWKHSURFHGXUHEHORZ 








>%DFNXS@
%XWWRQ









&KDSWHU


  &OLFNWKLVEXWWRQWRDFFHVVWKHEDFNXSIXQFWLRQ7KLVGLVSOD\VD
FRQILUPDWLRQZLQGRZ 

 7KLVRSHQVDQHZZLQGRZ(QWHUDQDPHIRUWKHQHZILOHLQWKH>)LOH1DPH@
ER[8VHWKHFXUUHQWGDWHWRQDPHWKHILOH 

127(


7KHILOHH[WHQVLRQ [PO PXVWEHOHIWRQWKHILOHQDPH 

















 &OLFN>6DYH@ 

 5HSHDW6WHSVWR+RZHYHUWKLVWLPHXVHWKHVDPHILOHQDPH FXUUHQW

GDWH EXWFKDQJHWKHORFDWLRQIRUVDYLQJWKHILOHWRWKHIORSS\GLVNGULYH $  

 &OLFN>6DYH@ 

 :KHQDOOV\VWHPSDUDPHWHUVKDYHEHHQVDYHGRQWKHIORSS\GLVNWKH
V\VWHPZLOOUHWXUQWRWKH>)LHOG6HUYLFH@ZLQGRZ 

 /DEHOWKHIORSS\GLVNZLWKWKHIROORZLQJLQIRUPDWLRQ 
x 'LVN7LWOH  &DPHUD3DUDPHWHUV
x 5HDVRQIRU%DFNXS 3DUDPHWHUVIRU0DLQWHQDQFHDQG,QVSHFWLRQ
x &XUUHQW'DWH
x 1DPHRIHQJLQHHULQJPDNLQJEDFNXS 
6WRUHWKLVEDFNXSGLVNZLWKWHFKQLFDOPDQXDOV 



   7HFKQLFDO'HVFULSWLRQ


 5HVWRULQJ&RQILJXUDWLRQ'DWDWRD+DUG'ULYH)URPD)ORSS\
'LVN

 ,QVHUWWKHIORSS\GLVNZLWKFRQILJXUDWLRQGDWDVDYHGLQLQWRWKH
IORSS\GLVNGULYH 
 &OLFN>6HUYLFH$SSOLFDWLRQ@>&RQILJUDWLRQ@WKHQFOLFNWKH>5HVWRUH@EXWWRQ
DQGFOLFN><(6@ 






&OLFN>5HVWRUH@






 6HOHFWWKHEDFNXSGDWDLQWKHIORSS\GLVNGULYH $  











 $>5HJLVWU\(GLWRU@PHVVDJHZLQGRZZLOOEHGLVSOD\HGWRFRQILUPWKDWWKH
UHVWRUHXSGDWHZDVVXFFHVVIXO&OLFN>2.@ 

 :KHQDOOV\VWHPSDUDPHWHUVDUHUHVWRUHGFOLFN>6$9(@ 
 &OLFN>6\VWHP6KXWGRZQ@ 
 5HVWDUWWKHV\VWHP 
 6WRUHWKLVEDFNXSGLVNZLWKWHFKQLFDOPDQXDOV 




&KDSWHU


 5HVWRULQJ&DOLEUDWLRQ'DWDWRD+DUG'ULYH)URPD)ORSS\'LVN

 ,QVHUWWKHIORSS\GLVNZLWKFDOLEUDWLRQGDWDVDYHGLQLQWRWKHIORSS\
GLVNGULYH 

 &OLFN>6HUYLFH$SSOLFDWLRQ@>&DOLEUDWLRQ@WKHQFOLFNWKH>5HVWRUH@EXWWRQDQG
FOLFN><(6@ 






&OLFN>5HVWRUH@






 6HOHFWWKHEDFNXSGDWDLQWKHIORSS\GLVNGULYH $  











 $>5HJLVWU\(GLWRU@PHVVDJHZLQGRZZLOOEHGLVSOD\HGWRFRQILUPWKDWWKH
UHVWRUHXSGDWHZDVVXFFHVVIXO&OLFN>2.@ 

 :KHQDOOFDOLEUDWLRQSDUDPHWHUVDUHUHVWRUHGFOLFN>6$9(@ 
 &OLFN>6\VWHP6KXWGRZQ@ 
 5HVWDUWWKHV\VWHP 
 6WRUHWKLVEDFNXSGLVNZLWKWHFKQLFDOPDQXDOV 



   7HFKQLFDO'HVFULSWLRQ


 &RQILUPLQJ&XUUHQW9HUVLRQ,QIRUPDWLRQ

&OLFNWKH>6WDWXV@LFRQRQWKHUHIHUHQFHPRQLWRUWKHQFOLFNWKH>6RIWZDUH9HUVLRQV@WDE 


 $SSOLFDWLRQ6RIWZDUH
9HUVLRQ





















&KDSWHU


 8SJUDGLQJWKH6RIWZDUH9HUVLRQ

8SJUDGHVXSGDWHVDUHSURYLGHGLQWKHIRUPRID&'5GLVN6LQFHXSJUDGHXSGDWH
SURFHGXUHVGLIIHUVOLJKWO\IRUHDFKXSJUDGHXSGDWHEHVXUHWRXVHWKHSURFHGXUH
SURYLGHGDWWKHVDPHWLPHDVWKH&'5GLVN)RUUHIHUHQFHSXUSRVHVWKH
9XSJUDGHSURFHGXUHLVVKRZQRQWKHQH[WSDJH7KHEDVLFSURFHVVLVDV
IROORZV
 %DFNXSGDWD
 8QLQVWDOOFXUUHQWVRIWZDUH
 ,QVWDOOQHZYHUVLRQ
 5HVWRUHVHWWLQJVGDWD
 6SHFLI\YDULRXVVHWWLQJV
8SJUDGH8SGDWH3URFHGXUH

127(


7KLVXSJUDGHUHTXLUHVORJJLQJLQWR6HUYLFH$SS SDVVZRUGRULRQ  
6WDUWWKHSURFHVVZLWKWKHV\VWHPSRZHU2)) 

 6ZLWFKWKHV\VWHPSRZHU21  

 +ROGGRZQWKHOHIW>6KLIW@NH\ZKLOHERRWLQJ XQWLOWKH>/RJLQ@ZLQGRZLV

GLVSOD\HG  

 (QWHUVHUYLFHDSSDVWKHORJLQQDPHDQGRULRQDVWKHSDVVZRUG 

 6ZLWFKWRWKH(QJOLVKPRGHDVIROORZV 

  3UHVVWKH:LQGRZVNH\RQWKHNH\ERDUGRUFOLFN>6WDUW@WRGLVSOD\WKH
>6WDUW@PHQX 
  3RLQWWR>&RQWURO3DQHO@DQGFOLFN>5HJLRQDODQG/DQJXDJH2SWLRQV@ 
  &OLFNWKH>5HJLRQDO2SWLRQV@WDEDQGVHWWKHORFDOHLQWKH>6WDQGDUGVDQG
IRUPDWV@DUHDWR>(QJOLVK 8QLWHG6WDWHV@ 
  &OLFN>$SSO\@ 
  &OLFN>2.@ 
7KH6HUYLFH$SSOLFDWLRQ XWLOLW\SURJUDP ZLOOWKHQVWDUWXS 

%DFNLQJ8S&RQILJXUDWLRQ)LOHV

127(


)LOHH[WHQVLRQVLQGLFDWHGLQSDUDWKHVHVPLJKWQRWEHVKRZQ 

 &OLFN>&RQILJ@RQWKHPDLQPHQXRIWKH6HUYLFH$SSOLFDWLRQ
 &OLFN>%DFNXS@ 
 :KHQ$UH\RXVXUH"LVGLVSOD\HGFOLFN><HV@  7KLVGLVSOD\VDGLDORJER[
IRUEDFNLQJXSILOHV 



   7HFKQLFDO'HVFULSWLRQ


 &RQILUPWKDWWKHILOHQDPHLV6\V&RQILJ%DFNXS [PO &RQILUPWKDW

&?3URJUDP)LOHV?6KLPDG]X?;0/?%DFNXSLVWKHGLUHFWRU\LQGLFDWHGLQWKH
>6DYH,Q@ER[ 
 &OLFN>6DYH@ ,IWKH'R\RXZDQWWRUHSODFHLW"PHVVDJHLVGLVSOD\HGFOLFN
><HV@ 
7KHQH[WGLDORJER[IRUEDFNLQJXSILOHVWKHQLVGLVSOD\HG 
&RQILUPWKDWWKHILOHQDPHLV8VHU&RQILJ%DFNXS [PO &RQILUPWKDW
&?3URJUDP)LOHV?6KLPDG]X?;0/?%DFNXSLVWKHGLUHFWRU\LQGLFDWHGLQWKH
>6DYH,Q@ER[ 

&OLFN>6DYH@ ,IWKH'R\RXZDQWWRUHSODFHLW"PHVVDJHLVGLVSOD\HGFOLFN
><HV@ 
7KHQH[WGLDORJER[IRUEDFNLQJXSILOHVWKHQLVGLVSOD\HG 
&RQILUPWKDWWKHILOHQDPHLV/87V%DFNXS [PO &RQILUPWKDW
&?3URJUDP)LOHV?6KLPDG]X?;0/?%DFNXSLVWKHGLUHFWRU\LQGLFDWHGLQWKH
>6DYH,Q@ER[ 

&OLFN>6DYH@ ,IWKH'R\RXZDQWWRUHSODFHLW"PHVVDJHLVGLVSOD\HGFOLFN
><HV@ 
7KHQH[WGLDORJER[IRUEDFNLQJXSILOHVWKHQLVGLVSOD\HG 
&RQILUPWKDWWKHILOHQDPHLV$35&RQILJ%DFNXS [PO &RQILUPWKDW
&?3URJUDP)LOHV?6KLPDG]X?;0/?%DFNXSLVWKHGLUHFWRU\LQGLFDWHGLQWKH
>6DYH,Q@ER[ 

&OLFN>6DYH@ ,IWKH'R\RXZDQWWRUHSODFHLW"PHVVDJHLVGLVSOD\HGFOLFN
><HV@ 
7KLVFRPSOHWHVWKHEDFNXSSURFHGXUH&OLFN>([LW@WRFORVHWKH>&RQILJ@
PHQX 
'LVDEOLQJWKH$XWR6KXWGRZQ)XQFWLRQ

3UHVVWKH:LQGRZVNH\ 
5LJKWFOLFNWKH>2ULRQ0DQDJHU@LFRQRQWKHWDVNEDU&OLFN>2SWLRQV@RQWKH
ULJKWFOLFNPHQX 
&OHDUWKH>(QDEOH$XWRPDWLF6KXWGRZQ@FKHFNER[RQWKH>&RQILJXUDWLRQ
2SWLRQV@PHQX 
&OLFN>6DYH@DQGFORVH2ULRQ0DQDJHU 
&OLFN>([LW@WRFORVHWKH6HUYLFH$SSOLFDWLRQ 7KLVVWDUWV&OLQLFDO$SSOLFDWLRQ 
&ORVH&OLQLFDO$SSOLFDWLRQWRUHWXUQWRWKH:LQGRZVGHVNWRS 



&KDSWHU


8QLQVWDOOLQJWKH',66RIWZDUH 6KLPDG]X'6$6RIWZDUH 

&OLFN>6WDUW@SRLQWWR>6HWWLQJV@DQGFOLFN>&RQWURO3DQHO@
'RXEOHFOLFN>$GGRU5HPRYH3URJUDPV@ 
&OLFN>',6@ RU>6KLPDG]X'6$@GHSHQGLQJRQWKHYHUVLRQ   :KHQWKH
VHOHFWHGOLQHH[SDQGVFOLFN>&KDQJH5HPRYH@ 
7KH>,QVWDOO6KLHOG:L]DUG@ZHOFRPHZLQGRZZLOOEHGLVSOD\HGZLWKEXWWRQV
2IWKRVHEXWWRQVFOLFN>5HPRYH@ UHPRYHVDOOLQVWDOOHGIHDWXUHV  
&OLFN>1H[W@:KHQWKH>&RQILUP8QLQVWDOO@FRQILUPDWLRQER[LVGLVSOD\HG
FOLFN>2.@ 
7KH:L]DUGEHJLQVXQLQVWDOOLQJWKHSURJUDP $SURJUHVVEDULVGLVSOD\HG
DQGGHOHWHGILOHVDUHGLVSOD\HGDVWKHSURJUDPLVXQLQVWDOOHG:KHQILQLVKHG
DGLDORJER[ZLOOEHGLVSOD\HGWRLQGLFDWHLWKDVILQLVKHGXQLQVWDOOLQJWKH
VRIWZDUH   

&OLFN>)LQLVK@ /HDYHWKH>$GGRU5HPRYH3URJUDPV@ZLQGRZRSHQ  
,QVHUWWKHXSJUDGH&'LQWRWKH&'520GULYH 
,QWKH>$GGRU5HPRYH3URJUDPV@ZLQGRZFOLFN>$GG1HZ3URJUDPV@ 
&OLFN>&'RU)ORSS\@DQGFOLFN>1H[W@
:KHQWKH>5XQ,QVWDOODWLRQ3URJUDP@GLDORJER[LVGLVSOD\HG
&OLFN>%URZVH@ 7KH>%URZVH@GLDORJER[LVGLVSOD\HG 
,QWKH>/RRNLQ@ER[VHOHFWGULYH'
'RXEOHFOLFNVHWXSH[HLQWKH>',6YB,QVWDOO@IROGHU  
0DNHVXUHVHWXSH[HLVOLVWHGLQWKH>5XQ,QVWDOODWLRQ3URJUDP@GLDORJER[ 
&OLFN>)LQLVK@LQWKH>5XQ,QVWDOODWLRQ3URJUDP@GLDORJER[ 7KH
>,QVWDOO6KLHOG@GLDORJER[LVGLVSOD\HG 

:KHQWKHZHOFRPHPHVVDJHLVGLVSOD\HGLQWKH>,QVWDOO6KLHOG@GLDORJER[
FOLFN>1H[W@ 

)RUWKH>6HWXSW\SH@FOLFN>&RPSOHWH@&OLFN>1H[W@ 
:KHQWKH>6WDUW&RS\LQJ)LOHV@GLDORJER[LVGLVSOD\HGFOLFN>1H[W@,WPD\
WDNHVHYHUDOPLQXWHVWRFRPSOHWHWKHLQVWDOODWLRQ:KHQILQLVKHGDQGWKH
>,QVWDOO6KLHOG:L]DUG&RPSOHWH@GLDORJER[LVGLVSOD\HGFOLFN>1R,ZLOO
UHVWDUWP\FRPSXWHUODWHU@&OLFN>)LQLVK@ 

&ORVHWKH>$GGRU5HPRYH3URJUDPV@ZLQGRZ 
&ORVHWKH>&RQWURO3DQHO@ZLQGRZ 




   7HFKQLFDO'HVFULSWLRQ


'RZQORDGLQJ,[:RUNV  

127(


)LOHH[WHQVLRQVLQGLFDWHGLQSDUDWKHVHVPLJKWQRWEHVKRZQ 

'RZQORDG,[:RUNVDVIROORZV 
'RXEOHFOLFNWKH>6HUYLFH$SSOLFDWLRQ@LFRQRQWKHGHVNWRSWRODXQFK6HUYLFH
$SSOLFDWLRQ 

&OLFN>8SGDWH@IRU6HUYLFH$SSOLFDWLRQ 
&OLFNWKH>+DUGZDUH@WDE
&OLFN>,[:RUNV@ 
&RQILUPWKDW&?3URJUDP)LOHV?6KLPDG]X?)ODVK%XUQLVWKHGLUHFWRU\
LQGLFDWHGLQWKH>/RRN,Q@ER[ 
&OLFNWKHL[:RUNVFN ELQ ILOHWKHQFOLFN>2SHQ@ 
'RZQORDGLQJWDNHVDSSUR[VHFRQGV 
:KHQWKH,[:RUNV'RZQORDGZDVVXFFHVVIXOPHVVDJHLVGLVSOD\HGFOLFN
>2.@ 
8SGDWLQJ)3*$V

127(


)LOHH[WHQVLRQVLQGLFDWHGLQSDUDWKHVHVPLJKWQRWEHVKRZQ 

&OLFN>6HUYLFH$SSOLFDWLRQ@>8SGDWH@ 
&OLFNWKH>+DUGZDUH@WDE
&OLFN,$3'%)3*$7KLVGLVSOD\VWKH>%URZVH@ZLQGRZ  &RQILUPWKDW
&?3URJUDP)LOHV?6KLPDG]X?)ODVK%XUQLVLQGLFDWHGLQWKH>/RRN,Q@ER[
&OLFNWKHISJD ELQ ILOHDQGFRQILUPWKDWISJD ELQ LVLQGLFDWHGLQWKH
>)LOH1DPH@ER[WKHQFOLFN>2SHQ@ 

:KHQWKH)3*$GRZQORDGZDVVXFFHVVIXOPHVVDJHLVGLVSOD\HGFOLFN
>2.@ 
&OLFN,$3'%)3*$7KLVGLVSOD\VWKH>%URZVH@ZLQGRZ  &RQILUPWKDW
&?3URJUDP)LOHV?6KLPDG]X?)ODVK%XUQLVLQGLFDWHGLQWKH>/RRN,Q@ER[
&OLFNWKHISJD ELQ ILOHDQGFRQILUPWKDWISJD ELQ LVLQGLFDWHGLQWKH
>)LOH1DPH@ER[WKHQFOLFN>2SHQ@ 

:KHQWKH)3*$GRZQORDGZDVVXFFHVVIXOPHVVDJHLVGLVSOD\HGFOLFN
>2.@ 
&OLFN,$3'%)3*$7KLVGLVSOD\VWKH>%URZVH@ZLQGRZ&RQILUPWKDW
&?3URJUDP)LOHV?6KLPDG]X?)ODVK%XUQLVLQGLFDWHGLQWKH>/RRN,Q@ER[
&OLFNWKHISJD ELQ ILOHDQGFRQILUPWKDWISJD ELQ LVLQGLFDWHGLQWKH
>)LOH1DPH@ER[WKHQFOLFN>2SHQ@ 

:KHQWKH)3*$GRZQORDGZDVVXFFHVVIXOPHVVDJHLVGLVSOD\HGFOLFN
>2.@ 



&KDSWHU


&OLFN,$3'%)3*$7KLVGLVSOD\VWKH>%URZVH@ZLQGRZ  &RQILUPWKDW
&?3URJUDP)LOHV?6KLPDG]X?)ODVK%XUQLVLQGLFDWHGLQWKH>/RRN,Q@ER[
&OLFNWKHISJD ELQ ILOHDQGFRQILUPWKDWISJD ELQ LVLQGLFDWHGLQWKH
>)LOH1DPH@ER[WKHQFOLFN>2SHQ@ 

:KHQWKH)3*$GRZQORDGZDVVXFFHVVIXOPHVVDJHLVGLVSOD\HGFOLFN
>2.@ 

8SGDWLQJWKH*,0

127(


)LOHH[WHQVLRQVLQGLFDWHGLQSDUDWKHVHVPLJKWQRWEHVKRZQ 

&OLFN>6HUYLFH$SSOLFDWLRQ@>8SGDWH@ 
&OLFNWKH>+DUGZDUH@WDE
&OLFN>*,0@7KLVGLVSOD\VWKH>%URZVH@ZLQGRZ  &RQILUPWKDW&?3URJUDP
)LOHV?6KLPDG]X?)ODVK%XUQLVLQGLFDWHGLQWKH>/RRN,Q@ER[&OLFNWKH
*,0&RGH ELQ ILOHDQGFRQILUPWKDW*,0&RGH ELQ LVLQGLFDWHGLQWKH
>)LOH1DPH@ER[WKHQFOLFN>2SHQ@ 

:KHQWKH*,0GRZQORDGZDVVXFFHVVIXOPHVVDJHLVGLVSOD\HGFOLFN>2.@ 
&OLFN>*,05HPRWH0RGXOH@7KLVGLVSOD\VWKH>%URZVH@ZLQGRZ  &RQILUP
WKDW&?3URJUDP)LOHV?6KLPDG]X?)ODVK%XUQLVLQGLFDWHGLQWKH>/RRN,Q@
ER[&OLFNWKH5HPRWH ELQ ILOHDQGFRQILUPWKDW5HPRWH ELQ LV
LQGLFDWHGLQWKH>)LOH1DPH@ER[WKHQFOLFN>2SHQ@  

:KHQWKH5HPRWH0RGXOHGRZQORDGZDVVXFFHVVIXOPHVVDJHLV
GLVSOD\HGFOLFN>2.@ 

&OLFN>(;,7@WRH[LWWKHXSGDWHPRGH 
6KXWGRZQ:LQGRZV 

6ZLWFKLQJWKH3RZHU21$JDLQDQG'LVDEOLQJWKH$XWR6KXWGRZQ)XQFWLRQ
UHFRQILJXUHVHWWLQJV 

:DLWDWOHDVWVHFRQGVDIWHUVZLWFKLQJWKHSRZHU2))WKHQVZLWFKWKH
V\VWHPSRZHU21 
+ROGGRZQWKHOHIW>6KLIW@NH\ZKLOHERRWLQJ XQWLOWKH>/RJLQ@ZLQGRZLV
GLVSOD\HG  
(QWHUVHUYLFHDSSDVWKHORJLQQDPHDQGRULRQDVWKHSDVVZRUG 
3UHVVWKH:LQGRZVNH\ 
5LJKWFOLFNWKH>2ULRQ0DQDJHU@LFRQRQWKHWDVNEDU&OLFN>2SWLRQV@RQWKH
ULJKWFOLFNPHQX 

&OHDUWKH>(QDEOH$XWRPDWLF6KXWGRZQ@FKHFNER[RQWKH>&RQILJXUDWLRQ
2SWLRQV@PHQX 



   7HFKQLFDO'HVFULSWLRQ


&OLFN>6DYH@DQGFORVH2ULRQ0DQDJHU 
7KH6HUYLFH$SSOLFDWLRQ XWLOLW\SURJUDP ZLOOWKHQVWDUWXS 

5HVWRULQJ&RQILJXUDWLRQ)LOHV

127(


)LOHH[WHQVLRQVLQGLFDWHGLQSDUDWKHVHVPLJKWQRWEHVKRZQ 

&OLFN>6HUYLFH$SSOLFDWLRQ@>&RQILJ@ 
&OLFN>5HVWRUH@ 
:KHQ$UH\RXVXUH"LVGLVSOD\HGFOLFN><HV@ 
7KH6\V&RQILJ>5HVWRUH@ZLQGRZLVGLVSOD\HG 
&RQILUPWKDW&?3URJUDP)LOHV?6KLPDG]X?;0/?%DFNXSLVLQGLFDWHGLQWKH
>/RRN,Q@ER[ 

&OLFN6\V&RQILJ%DFNXS [PO WKHQFOLFN>2SHQ@ 

7KH8VHU&RQILJ>5HVWRUH@ZLQGRZLVGLVSOD\HG  &OLFN
8VHU&RQILJ%DFNXS [PO WKHQFOLFN>2SHQ@ 
7KH/87>5HVWRUH@ZLQGRZLVGLVSOD\HG&OLFN/87V%DFNXS [PO WKHQ
FOLFN>2SHQ@ 

7KH$35&RQILJ>5HVWRUH@ZLQGRZLVGLVSOD\HG&OLFN
$35&RQILJ%DFNXS [PO WKHQFOLFN>2SHQ@ 

&OLFN>([LW@WRFORVHWKH>&RQILJ@PHQX 

8SGDWLQJWKH*HQHUDWRU/LQHV0DS

&OLFN>6HUYLFH$SSOLFDWLRQ@>&RQILJ@  
&OLFNWKH>*HQHUDWRU/LQHV@WDE
&OLFNWKH>7ZR6WDWH,QSXWV@WDE
7HPSRUDULO\GLVDEOH>)OXRUR21@WKHQHQDEOHLWDJDLQ7KDWZLOOHQDEOHWKH
>6DYH@EXWWRQ 

&OLFN>6DYH@:KHQ$UH\RXVXUH"LVGLVSOD\HGFOLFN><HV@ 
&OLFN>([LW@WRFORVHWKH>&RQILJ@PHQX 
&OLFN>([LW@WRFORVHWKH6HUYLFH$SSOLFDWLRQ7KH&OLQLFDO$SSOLFDWLRQ
SURJUDPZLOOWKHQVWDUWXS 

&ORVH&OLQLFDO$SSOLFDWLRQ 



&KDSWHU


6HWWKHRSHUDWLQJV\VWHPODQJXDJHVHWWLQJIRU6HUYLFH0RGHWR-DSDQHVH
XVLQJWKHSURFHGXUHEHORZ 
  3UHVVWKH:LQGRZVNH\RQWKHNH\ERDUGRUFOLFN>6WDUW@WRGLVSOD\WKH
>6WDUW@PHQX 
  3RLQWWR>6HWWLQJV@DQGFOLFN>&RQWURO3DQHO@
  'RXEOHFOLFN>5HJLRQDODQG/DQJXDJH2SWLRQV@ 
  &OLFNWKH>5HJLRQDO2SWLRQV@WDEDQGVHWWKHORFDOHLQWKH>6WDQGDUGVDQG
IRUPDWV@DUHDWR>-DSDQHVH@ 
  &OLFN>$SSO\@ 
  &OLFN>2.@ 

)LQLVKLQJ,QVWDOODWLRQ

127(


)LOHH[WHQVLRQVLQGLFDWHGLQSDUDWKHVHVPLJKWQRWEHVKRZQ 

&OLFN>6WDUW@>7XUQ2II&RPSXWHU@>7XUQ2II@WRVKXWGRZQWKHFRPSXWHU 
 :DLWDWOHDVWVHFRQGVDIWHUVKXWGRZQWKHQVZLWFKWKHV\VWHP
SRZHU21DJDLQ 
 +ROGGRZQWKHOHIW>6KLIW@NH\ZKLOHERRWLQJXQWLOWKH>/RJLQ@ZLQGRZ
LVGLVSOD\HG(QWHUVHUYLFHDSSDVWKHORJLQQDPHDQGRULRQDVWKH
SDVVZRUG 

 3UHVVWKH:LQGRZVNH\5LJKWFOLFNWKH>2ULRQ0DQDJHU@LFRQRQWKH
WDVNEDU&OLFN>2SWLRQV@RQWKHULJKWFOLFNPHQX6HOHFWWKH>(QDEOH
$XWRPDWLF6KXWGRZQ@FKHFNER[RQWKH>2ULRQ0DQDJHU@PHQX&OLFN>6DYH@ 
 $IWHUWKH6HUYLFH$SSOLFDWLRQRSHQVFOLFN>8SGDWH@ 
 &OLFN>,QVWDOO''0@
 'RXEOHFOLFNWKH,DSE'GP)ODVKDEOH GGP ILOHLQWKHGLDORJER[ 
 :KHQWKH''0,QVWDOOVXFFHVVIXOPHVVDJHLVGLVSOD\HGDIWHU
DSSUR[VHFRQGVFOLFN>2.@ 
 &OLFN>([LW@WRFORVHWKH>8SGDWH@ZLQGRZ 
 &OLFN>([LW@WRFORVHWKH6HUYLFH$SSOLFDWLRQ7KH&OLQLFDO$SSOLFDWLRQ
SURJUDPZLOOWKHQVWDUWXS 

 &ORVH&OLQLFDO$SSOLFDWLRQ&RQILUPWKDWWKHV\VWHPDXWRPDWLFDOO\
VKXWVGRZQ 

 :DLWDWOHDVWVHFRQGVDIWHUVKXWGRZQWKHQVZLWFKWKHV\VWHP
SRZHU21DJDLQ 
 &RQILUPWKDWWKHV\VWHPDXWRPDWLFDOO\ORJVLQDVRSHUDWRU DQG
ODXQFKHV&OLQLFDO$SSOLFDWLRQ 



   7HFKQLFDO'HVFULSWLRQ


 8VHWKHIROORZLQJSURFHGXUHWRFKDQJHWKHODQJXDJHVHWWLQJIRUXVHU
PRGHWR-DSDQHVH 
  3UHVVWKH:LQGRZVNH\RQWKHNH\ERDUGRUFOLFN>6WDUW@WRGLVSOD\WKH
>6WDUW@PHQX 
  3RLQWWR>&RQWURO3DQHO@DQGFOLFN>5HJLRQDODQG/DQJXDJH2SWLRQV@ 
  &OLFNWKH>5HJLRQDO2SWLRQV@WDEDQGVHWWKHORFDOHLQWKH>6WDQGDUGVDQG
IRUPDWV@DUHDWR>-DSDQHVH@ 
  &OLFN>2.@ 
  &ORVH&OLQLFDO$SSOLFDWLRQ 

9HULI\LQJWKH9HUVLRQ

 'LVSOD\WKHIXQFWLRQNH\VLQ&OLQLFDO$SSOLFDWLRQDQGFOLFN>6WDWXV
'LDORJ%R[@ 

 &OLFNWKH>6\VWHP,QIR@WDE&RQILUPWKHIROORZLQJYHUVLRQLV
LQGLFDWHG 
6RIWZDUH9HUVLRQ  

 6HOHFWWKH³+DUGZDUH´WDE&RQILUPWKHIROORZLQJYHUVLRQLV
LQGLFDWHG 
,[:RUNV 9HUVLRQ5HYLVLRQ

,$3'%&RPSRQHQWV
''0 9HUVLRQ
)3*$ 5HY[
)3*$ 5HY[
)3*$ 5HY[
)3*$ 5HY[

*,0 9HUVLRQ
*,05HPRWH 9HUVLRQ




&KDSWHU


 %,266HWWLQJV IRUUHIHUHQFH 

&026VHWWLQJVFDQEHFRQILUPHGE\VZLWFKLQJWKHV\VWHPSRZHU21SUHVVLQJWKH
>'(/(7(@NH\DQGHQWHULQJWKH&0266HWXS8WLOLW\7KLVLVQRWQRUPDOO\QHFHVVDU\ 
0DLQ
%,269HUVLRQ 1RWXVHUFRQILJXUDEOH
3URFHVVRU7\SH 1RWXVHUFRQILJXUDEOH
3URFHVVRU6SHHG 1RWXVHUFRQILJXUDEOH
)URQW6LGH%XV6SHHG 1RWXVHUFRQILJXUDEOH
&DFKH5$0 1RWXVHUFRQILJXUDEOH
7RWDO0HPRU\ 1RWXVHUFRQILJXUDEOH
0HPRU\%DQN 1RWXVHUFRQILJXUDEOH
0HPRU\%DQN 1RWXVHUFRQILJXUDEOH
0HPRU\%DQN 1RWXVHUFRQILJXUDEOH
/DQJXDJH >(QJOLVK@
6\VWHP7LPH (QWHUWKHFRUUHFWWLPHDVQHFHVVDU\ 
6\VWHP'DWH (QWHUWKHFRUUHFWGDWHDVQHFHVVDU\ 


$GYDQFHG
([WHQGHG&RQILJXUDWLRQ >1RW8VHG@
3&,&RQILJXUDWLRQ 
%RRW&RQILJXUDWLRQ 
3HULSKHUDO&RQILJXUDWLRQ 
,'(&RQILJXUDWLRQ 
'LVNHWWH&RQILJXUDWLRQ 
(YHQW/RJ&RQILJXUDWLRQ 
9LGHR&RQILJXUDWLRQ 


3&,&RQILJXUDWLRQ
3&,6ORW,543ULRULW\ >$XWR@
3&,6ORW,543ULRULW\ >$XWR@
3&,6ORW,543ULRULW\ >$XWR@
3&,6ORW,543ULRULW\ >$XWR@
3&,6ORW,543ULRULW\ >$XWR@



   7HFKQLFDO'HVFULSWLRQ


%RRW&RQILJXUDWLRQ
3OXJ 3OD\26 ><HV@
5HVHW&RQILJ'DWD >1R@
1XPORFN >2Q@


3HULSKHUDO&RQILJXUDWLRQ
6HULDO3RUW$ >$XWR@
6HULDO3RUW% >$XWR@
3DUDOOHO3RUW >$XWR@
0RGH >%LGLUHFWLRQDO@
$XGLR'HYLFH >(QDEOHG@
/$1'HYLFH >(QDEOHG@
/HJDF\86%6XSSRUW >(QDEOHG@


,'(&RQILJXUDWLRQ
,'(&RQWUROOHU >%RWK@
3&,,'(%XV0DVWHU >(QDEOHG@
+DUG'LVN3UH'HOD\ >'LVDEOHG@
3ULPDU\,'(0DVWHU ,'RILQVWDOOHGKDUGGULYH
3ULPDU\,'(6ODYH >1RW,QVWDOOHG@
6HFRQGDU\,'(0DVWHU ,'RILQVWDOOHG&'GULYH
6HFRQGDU\,'(6ODYH >1RW,QVWDOOHG@


'LVNHWWH&RQILJXUDWLRQ
'LVNHWWH&RQWUROOHU >(QDEOHG@
)ORSS\$ >0%@
'LVNHWWH:ULWH3URWHFW >'LVDEOHG@


(YHQW/RJ&RQILJXUDWLRQ
(YHQW/RJ >6SDFH$YDLODEOH@
(YHQW/RJ9DOLGLW\ >9DOLG@
9LHZ(YHQW/RJ 
&OHDU$OO(YHQW/RJV >1R@
(YHQW/RJJLQJ >(QDEOHG@
0DUN(YHQWV$V5HDG 



&KDSWHU


9LGHR&RQILJXUDWLRQ
3ULPDU\9LGHR$GDSWHU >$*3@
$*3+DUGZDUH'HWHFWHG >;$*3&DUG@


6HFXULW\
6XSHUYLVRU3DVVZRUG,V >1RW,QVWDOOHG@
8VHU3DVVZRUG,V >1RW,QVWDOOHG@
6HW6XSHUYLVRU3DVVZRUG 
6HW8VHU3DVVZRUG 


3RZHU
$30 
3RZHU0DQDJHPHQW >(QDEOHG@
,QDFWLYLW\7LPHU >0LQXWHV@
+DUG'ULYH >(QDEOHG@
$&3, 
$&3,6XVSHQG6WDWH >66WDWH@
9LGHR5HSRVW >'LVDEOHG@
:DNHRQ/$1IURP6 >6WD\2II@
 
$IWHU3RZHU)DLOXUH &KDQJH>/DVW6WDWH@WR>6WD\2II@
:DNHRQ30( >6WD\2II@
:DNHRQ0RGHP5LQJ >6WD\2II@



   7HFKQLFDO'HVFULSWLRQ


%RRW
4XLHW%RRW >(QDEOHG@
,QWHO5DSLG%,26%RRW >(QDEOHG@
6FDQ8VHU)ODVK$UHD >'LVDEOHG@
%RRW'HYLFH3ULRULW\ 
VW%RRW'HYLFH >5HPRYDEOH'HY@
QG%RRW'HYLFH >+DUG'ULYH@
UG%RRW'HYLFH >$7$3,&'520@
WK%RRW'HYLFH >,QWHO%RRW$JHQW9H@
+DUG'LVN'ULYH 
VW+DUG'LVN'ULYH ,'RILQVWDOOHGKDUGGULYH
5HPRYDEOH'HYLFHV 
VW5HPRYDEOH'HYLFH >VW)ORSS\GULYH@
$7$3,&'520'ULYHV 
VW$7$3,&'520 ,'RILQVWDOOHG&'GULYH

([LW 6HOHFW>([LW6DYLQJ&KDQJHV@DQG :KHQ6DYHFRQILJXUDWLRQFKDQJHVDQG

SUHVV>(QWHU@  H[LWQRZ"PHVVDJHLVGLVSOD\HGFOLFN
><HV@WKHQSUHVV>(QWHU@ 



&KDSWHU









 7URXEOHVKRRWLQJ

&KDSWHU&RQWHQWV

 /LVWRI(UURU0HVVDJHV

 7URXEOHVKRRWLQJ

 (UURU/RJ

 6\VWHP'LDJQRVWLFV








   7URXEOHVKRRWLQJ


 /LVWRI(UURU0HVVDJHV

1R&DPHUDGHWHFWHG
'LVSOD\HGZKHQDQHUURURFFXUVLQWKHVLJQDOEHWZHHQWKHFDPHUDDQGFRPSXWHU
EDGFRQQHFWLRQRUEURNHQFLUFXLW RUZKHQSRZHUVXSSO\WRWKHFDPHUDLV
LQWHUUXSWHG 
&RUUHFWLYH$FWLRQ
  ,QVSHFWFRQQHFWLRQVEHWZHHQFDPHUDKHDGDQGFRPSXWHU'XHWRWKH
QXPEHURIFRQQHFWRUVFRQILUPZKHWKHUDQ\FRQQHFWRUVDUHORRVH
  ,IWKHHUURURFFXUVZKHQPRYLQJWKH&DUPWKHSUREOHPPD\EHDEDG
FRQQHFWLRQ 
  7U\XSGDWLQJWKH)3*$RQWKH,$3'%ERDUG 
  7U\FRQQHFWLQJWKHFDPHUDKHDGGLUHFWO\WRWKHFRPSXWHUXVLQJD
FRPPHUFLDOO\DYDLODEOH6&6,FDEOH KDOISLWFKSLQ  
  ,QVSHFWZLULQJLQVLGHWKHFRPSXWHU 
  ,IWKHFDXVHLVQRWGHWHUPLQHGDIWHUFRQILUPLQJWKHDERYHWU\UHSODFLQJ
WKH,$3'%ERDUGWKHQWKHFDPHUDKHDG 

&RQQHFWLQJWKH&DPHUD+HDG'LUHFWO\WRWKH&RPSXWHU
5HPRYHRQO\WKHFDPHUDKHDGIURPWKH,$XQLWDQGFRQQHFWLWGLUHFWO\WRWKH
EDFNRIWKHFRPSXWHU)RULQVWUXFWLRQVRQGLVDVVHPEOLQJWKH,$XQLWVHH
FKDSWHU7KHRSWLFDOV\VWHPFDQQRWSHUIRUPLQLWLDOL]DWLRQZLWKRXW
EHLQJFRQQHFWHGWRWKHWRSRIWKH,$XQLW7KHUHIRUHLWPXVWEHLQVWDOOHGDQG
ZLUHVFRQQHFWHGZLWKRXWWKHFDPHUDKHDG7KLVDOORZVLVRODWLQJDQ\
GHIHFWLYHFDEOHV 














&KDSWHU


x &DEOHVDQG&RQQHFWRUV%HWZHHQ,$3'%%RDUGDQG&DPHUD+HDG

,QVLGH&RPSXWHU %DFNRI0RQLWRU&DUW




%DFNRI
 &RPSXWHU
 &RQQHFWRU

 &RQQHFWRU
,$3'%%RDUG %RDUG




)URQWRI&$UP&DUW &$UP+ROGHU

 &DUW&DEOH
 &RQQHFWRU




 &RQQHFWRU%RDUG
EDFNVLGH 


 &DPHUD+HDG
&RQQHFWRU 
%RDUGDQG

5HOD\
 &RQQHFWRU%RDUG
7R&DPHUD+HDG


&$87,21
&RQQHFWRU%RDUG
6ZLWFKWKHSRZHU2))EHIRUHFRQILUPLQJ
)URP&DUP&DEOH
FRQQHFWLRQVEHWZHHQWKHFDPHUDKHDGDQG,$3'% WR5LEERQ&DEOH
ERDUG'LVFRQQHFWLQJFRQQHFWRUVEHWZHHQWKH
FDPHUDKHDGDQG,$3'%ERDUGZLWKWKHSRZHU21
FRXOGGDPDJHWKHFDPHUDKHDGRU,$3'%ERDUG 




   7URXEOHVKRRWLQJ


7KHFDPHUD,ULVLVMDPPHG

,IDQRYHUFXUUHQWRFFXUVGXHWRDQLULVMDPIRUH[DPSOHWKHRYHUFXUUHQWLVGHWHFWHG
DQGJHQHUDWHVDQHUURU7KLVDOVRRFFXUVDIWHUWKHVLJQDOWRWKHFDPHUDLV
LQWHUUXSWHGWKHQUHVWRUHGEXWLWZLOOUHWXUQWRQRUPDODIWHULQLWLDOL]DWLRQILQLVKHVLQ
DSSUR[RQHPLQXWH 
,QDFWXDOLW\LWRIWHQRFFXUVZKHQWKHFDUWFDEOHFRQQHFWRUFRYHULVQRWFORVHG 
&RUUHFWLYH$FWLRQ
  &RQILUPWKHPLFURVZLWFKVLJQDOIRUWKHFDUWFDEOHFRQQHFWRUFRYHU 
  ,IWKHPHVVDJHLVGLVSOD\HGZKHQVZLWFKLQJIOXRURVFRS\PRGHVRU
VZLWFKLQJIURPIOXRURVFRS\WRUDGLRJUDSK\WKHLULVLVGHIHFWLYH 

*,0FRPPXQLFDWLRQIDLOXUH

$SSHDUVZKHQDQ(WKHUQHWFDEOHFRQQHFWLRQHUURURFFXUVEHWZHHQWKH*,0ERDUG
DQGFRPSXWHU EDGFRQQHFWLRQ DIWHUVWDUWXSLVFRPSOHWH 
&RUUHFWLYH$FWLRQ
  7KHJHQHUDOFRPPXQLFDWLRQVWDWXVFDQEHGHWHUPLQHGIURPWKH/('DW
WKHEDVHRIWKHFRQQHFWRU$QRUDQJH/('LQGLFDWHVGDWDWUDQVPLVVLRQ
VRLILWLVQRWLOOXPLQDWHGLWPHDQVWKHUHLVDWUDQVPLVVLRQSUREOHP$
JUHHQ/('LQGLFDWHVGDWDUHFHSWLRQVRLILWLVQRWLOOXPLQDWHGLWPHDQV
WKHUHLVDSUREOHPUHFHLYLQJGDWDRUDSUREOHPZLWKWKHFDEOH,IWKH/$1
FDEOHLVFRPSOHWHO\GLVFRQQHFWHG  /('VDWERWKVLGHZRXOGEHRUDQJH 
  7U\VXEVWLWXWLQJWKHFDEOHZLWKDVWDQGDUG/$1FDEOH FURVVRYHU  
  &RQILUPZKHWKHUSRZHULVVXSSOLHGWRWKH*,0ERDUG 
  &RQILUPWKHVWDWXVRI/('VRQWKH*,0ERDUG 
x /('±1RUPDOO\2))'RZQORDGLQJWR)3*$
x /('±1RUPDOO\215HFHLYLQJYLD(WKHUQHW  
x /('±1RUPDOO\IODVKHVDSSUR[RQFHSHUVHFRQG 
x /('±1RUPDOO\217UDQVPLWWLQJYLD(WKHUQHW 

)LUPZDUHUHFRQVWUXFWLRQVXFFHVVIXO
$SSHDUVZKHQDQ(WKHUQHWFDEOHFRQQHFWLRQHUURURFFXUVEHWZHHQWKH*,0ERDUG
DQGFRPSXWHU EDGFRQQHFWLRQ GXULQJVWDUWXS7KLVDOVRRFFXUVZKHQSRZHULV
VZLWFK21ZLWKRXWWKHFDUWFDEOHFRQQHFWHH 
&RUUHFWLYH$FWLRQ6DPHDV*,0FRPPXQLFDWLRQHUURU



&KDSWHU


 7URXEOHVKRRWLQJ

'RHVQRWVWDUWXS SDUW 
6\PSWRPV 
$IWHUVZLWFKLQJSRZHU21/&'FRQWUROSDQHOGLVSOD\RQ&DUPFDUWVWRSV
ZKLOHGLVSOD\LQJ3OHDVHZDLWDPRPHQW2QO\)OXRURVFRS\LVDYDLODEOH
PHVVDJH)OXRURVFRS\LVHQDEOHGEXWWKHV\VWHPGRHVQRWPRYHWRWKH
>3DWLHQW/LVW@ZLQGRZRU>$356HOHFWLRQ@ZLQGRZ 
&RUUHFWLYH$FWLRQ
  &DXVHGE\DVWDUWXSIDLOXUHRQ,$3'%ERDUGVLQ',6LPDJH
SURFHVVRUVWKHSUREOHPFDQEHUHPHGLHGE\XSJUDGLQJWKH',6
VRIWZDUHWR9HUVLRQ 
,IXSJUDGLQJWKHYHUVLRQGRHVQRWVROYHWKHSUREOHPWU\WKHIROORZLQJ 
  &RQILUPVHULDOFDEOHFRQQHFWLRQVEHWZHHQWKH:+$&217ERDUGDQG
*,0ERDUG 
  5HSODFHWKH,$3'%ERDUG 
'RHVQRWVWDUWXS SDUW 
6\PSWRPV 
$IWHUVZLWFKLQJSRZHU21WKHVRIWZDUHDGYDQFHVWRWKH>3DWLHQW/LVW@
ZLQGRZDQG>$356HOHFWLRQ@ZLQGRZEXWSDWLHQWLQIRUPDWLRQVXFKDV
SDWLHQWQDPHDQGZLQGRZOHYHOHGJHDQGRWKHUWH[WLVQRWGLVSOD\HGRQWKH
OHIWPRQLWRU$OVRQRLPDJHLVGLVSOD\HGGXULQJIOXRURVFRS\ 
&RUUHFWLYH$FWLRQ
7KHSUREOHPLVFDXVHGE\DVWDUWXSIDLOXUHRQWKH,$3'%ERDUGLQWKH
',6LPDJHSURFHVVRUZKLFKFDQEHUHPHGLHGE\XSJUDGLQJWKH
',6VRIWZDUHWR9HUVLRQ,IXSJUDGLQJWKHVRIWZDUHGRHV
QRWVROYHWKHSUREOHPUHSODFHWKH,$3'%ERDUG 
'RHVQRWVWDUWXS SDUW 
6\PSWRPV 
7KHIROORZLQJPHVVDJHLVGLVSOD\HGEHIRUHRSHQLQJWKH:LQGRZVVWDUWXS
VFUHHQ 
5HERRWDQGVHOHFWSURSHUERRWGHYLFHRULQVHUWERRWPHGLDLQVHOHFWHGERRW
GHYLFH
&RUUHFWLYH$FWLRQ
)DLOHGWRDFFHVVKDUGGULYH7KHKDUGGULYHPXVWEHUHSODFHG 
'RHVQRWVWDUWXS SDUW 
6\PSWRPV 
7KHULJKWPRQLWRUUHPDLQVEODFN:LQGRZVVWDUWVXSRQWKHOHIWPRQLWRUDQG
WKHIROORZLQJPHVVDJHLVGLVSOD\HG 
6RIWZDUHGHYLFHLVQRWIXQFWLRQLQJ
&DXVH
7KH,$3'%ERDUGKDVPDOIXQFWLRQHG 




   7URXEOHVKRRWLQJ


'RHVQRWVWDUWXS SDUW 
6\PSWRPV 
:LQGRZVVWDUWVORDGLQJEXWGLVSOD\VWKHIROORZLQJPHVVDJHZLWKRXWILQLVKLQJ
VWDUWXS 
:LQGRZVFRXOGQRWVWDUWEHFDXVHWKHIROORZLQJILOHVDUHPLVVLQJRU
FRUUXSW
:,1176<67(0&21),*6<67(0FHG
7KHQJRHVRQWRGLVSOD\WKHIROORZLQJ 
)RUVWDUWXSRSWLRQVIRUZLQGRZV3UHVV)<RXFDQDWWHPSWWRUHSDLU
WKLVILOHE\VWDUWLQJ:LQGRZV6HWXSXVLQJWKHRULJLQDOVHWXSIORSS\GLVN
RU&'5206HOHFW U DWWKHILUVWVFUHHQWRVWDUWUHSDLU 
+RZHYHU:LQGRZVFDQQRWEHUHLQVWDOOHGLQWKHILHOG 
&RUUHFWLYH$FWLRQ
7KHKDUGGULYHPXVWEHUHSODFHG 
'RHVQRWVWDUWXS SDUW 
6\PSWRPV 
0RWKHUERDUGGRHVQRWVWDUWXS1RWHYHQRQH/('LOOXPLQDWHVRQWKH
PRWKHUERDUG 
&RUUHFWLYH$FWLRQ
&RQILUPZKHWKHUWKH$7;SRZHUVXSSO\KDVIDLOHG,IWKHUHLVQRSUREOHP
ZLWKWKHSRZHUVXSSO\WKHPRWKHUERDUGLVGHIHFWLYHDQGWKHFRPSXWHU
WRZHUPXVWEHUHSODFHG 
'RHVQRWVWDUWXS SDUW 
0RWKHUERDUGGRHVQRWVWDUWXS/('VDUHLOOXPLQDWHGRQWKHPRWKHUERDUG
EXWWKH&38IDQLVQRWWXUQLQJ 
&RUUHFWLYH$FWLRQ
7KHVWDUWXSVLJQDOPD\QRWUHDFKWR0RWKHUERDUG&RQILUPWKHFDEOH
EHWZHHQWKHPRWKHUERDUGDQG021,725,)EDRUG7KHVZLWFKRQWKH
IURQWRIWKHPRQLWRUFDUWLVFRQQHFWHGWRWKHPRWKHUERDUGYLDWKH
021,725,)ERDUG 



&KDSWHU


2WKHU5HDVRQVIRU1RW6WDUWLQJ8S
%DVHGRQH[SHULHQFHWKHUHLVDKLJKSUREDELOLW\RIDGHIHFWLYHJUDSKLFV
FDUG


1RWKLQJDSSHDUVRQ
OHIWRUULJKWPRQLWRU

,V&DUPXQLWUXQQLQJ"
$Q\WKLQJGLVSOD\HG "

<HV 1R

$UHVLJQDOVIURPIURQWSDQHO
6ZLWFKSRZHU2))SXOO3& VZLWFKHVUHDFKLQJ021,725
RXWUHPRYHFRYHUFRQQHFW ,)ERDUG"
H[WHUQDOO\DQGREVHUYH,V
&38IDQWXUQLQJ"
1R
'HIHFWLYH
VZLWFKRU
FDEOH
1R <HV \HV

*RWR
7URXEOHVKRRWLQJ
&RQILUPSRZHUVXSSO\ &DQGHIHFWLYHERDUGEH LQ&KDS
RXWSXW LVRODWHGE\UHPRYLQJ
RQHERDUGDWDWLPHLQ
WKHVHTXHQFH,$3'%
ERDUGJUDSKLFVERDUG
GLJLWDOKRVWERDUG
PRGHPERDUG9,%
ERDUGDQG/9'6ERDUG
DQGWHVWLQJVWDUWXS"

5HSODFH
<HV
SRZHUVXSSO\ 5HSODFH
GHIHFWLYH
ERDUG

5HSODFH
FRPSXWHUWRZHU



   7URXEOHVKRRWLQJ


6WDUWXS6WDWXV:KHQ(DFK&LUFXLW%RDUGLV5HPRYHG VHH7URXEOHVKRRWLQJRQ
SUHYLRXVSDJH 

5HPRYLQJWKH,$3'%%RDUG
:LQGRZVZLOOVWDUWXSRQWKHOHIWPRQLWRUDQGGLVSOD\WKHIROORZLQJPHVVDJH 
6RIWZDUHGHYLFHLVQRWIXQFWLRQLQJ

5HPRYLQJWKH*UDSKLFV%RDUG
&RQQHFWWKHPRQLWRUWKDWZDVFRQQHFWHGWRWKHJUDSKLFVFDUGWRWKH027+(5ERDUG 
&RQILUPWKDW:LQGRZVVWDUWVXSRQWKHOHIWPRQLWRU /DUJHLFRQVDUHGLVSOD\HGZKLFKLV
WKHVDPHDVLQWKH6$)(PRGH 7KHIROORZLQJPHVVDJHZLOOEHGLVSOD\HGRQVWDUWXS 
7KH$7,&RQWURO3DQHOIDLOHGWRLQLWLDOL]HEHFDXVHQR$7,GULYHULVLQVWDOOHGRU$7,GULYHU
LVQRWZRUNLQJSURSHUO\7KH$7,&RQWURO3DQHOZLOOQRZH[LW 
<RXGRQRWKDYHVXIILFLHQWVHFXULW\SULYLOHJHVWRLQVWDOOGHYLFHVRQWKLVFRPSXWHU3OHDVH
FRQWDFW\RXUVLWHDGPLQLVWUDWHURUORJRXWDQGORJLQDJDLQDVDQDGPLQLVWUDWRUDQGWU\
DJDLQ 

5HPRYLQJWKH/9'6%RDUG
7KHIROORZLQJPHVVDJHLVGLVSOD\HGRQVWDUWXS 
1RFDPHUDGHWHFWHG 

5HPRYLQJWKH+$5'&23<%RDUG
7KHIROORZLQJPHVVDJHLVGLVSOD\HGRQVWDUWXS 
7KH'+&GHYLFHLVQRWZRUNLQJSURSHUO\+DUGFRS\IXQFWLRQDOLW\PD\EHOLPLWHG 

5HPRYLQJWKH9,%%RDUG
ZLWKWKHOHIWPRQLWRUGLVFRQQHFWHG 
6WDUWXSVWRSVZLWKEOXHVFUHHQRQULJKWPRQLWRUDQGGRHVQRWILQLVK 

5HPRYLQJWKH+DUG'ULYH
7KHIROORZLQJPHVVDJHVDUHGLVSOD\HGDQGVWDUWXSIDLOV 
:LQGRZVFRXOGQRWVWDUWEHFDXVHWKHIROORZLQJILOHLVPLVVLQJRUFRUUXSW
?:,117?6<67(0?&21),*?6<67(0FHG
)RUVWDUWXSRSWLRQVIRU:LQGRZVSUHVV)
<RXFDQDWWHPSWWRUHSDLUWKLVILOHE\VWDUWLQJ:LQGRZV6HWXSXVLQJWKHRULJLQDO
VHWXSIORSS\GLVNRU&'5RP 
6HOHFW U DWWKHILUVWVFUHHQWRVWDUWUHSDLU 




&KDSWHU


)RU5HIHUHQFH 7HVWLQJ&RPSXWHU3RZHU6XSSO\,QGHSHQGHQWO\
,ISLQRQWKHFRQQHFWRURQWKH$7;SRZHUVXSSO\XQLWLVVKRUWHGWR&20WKH$7;
SRZHUVXSSO\XQLWZLOOVWDUWXSLQGHSHQGHQWO\ 

3LQ&RQILJXUDWLRQIRU3LQ$7;3RZHU6XSSO\&RQQHFWRU 
2XWSXW 3LQ 3LQ 2XWSXW
9   9
9   9
&20   &20
9   3621
&20   &20
9   &20
&20   &20
3:52.   9
96%   9
9   9

3:52.9ROWDJHXVHGWRLQIRUP027+(5ERDUGWKDWSRZHUVXSSO\YROWDJHKDV
VWDELOL]HG 
96% 8VHGDVFRQWLQXRXVVXSSO\RI9SRZHU8VHGIRUFLUFXLWVWKDWPRQLWRU
ZKHWKHUSRZHUVZLWFKLVSUHVVHGIRU:DNHRQ/$1DQGRWKHUIXQFWLRQV 
3621 7HUPLQDOIRUFRQWUROOLQJWKHSRZHUVXSSO\3RZHUVXSSO\LV21RQO\ZKHQWKLV
LVVKRUWFLUFXLWHGWR&207KLVWHUPLQDOLVSURFHVVHGRQWKH027+(5ERDUG 




   7URXEOHVKRRWLQJ


)OXRURVFRS\LPDJHLVQRWGLVSOD\HG 



*RWR(UURU 㪰㪼㫊 ,VWKHUHDQ\HUURU
 0HVVDJHV PHVVDJH"

㪥㫆

9HULI\LQSXWVLJQDO
XVLQJ6HUYLFH
$SSOLFDWLRQ

㪥㫆㫉㫄㪸㫃 㪘㪹㫅㫆㫉㫄㪸㫃
1RUPDO"

9HULI\RXWSXWVLJQDO
9HULI\/('VLJQDOVRQ
XVLQJ6HUYLFH
:+$&217ERDUG
$SSOLFDWLRQ

&RQILUPFDEOH
'RXEOHFKHFN 㪰㪼㫊 EHWZHHQIRRWVZLWFK
JHQHUDWRUOLQH 㪥㫆 DQG:+$&217
1RUPDO" 1RUPDO"
VHWWLQJVXVLQJWKH ERDUG 5HSODFH
> &RQILJ@PHQX IRRWVZLWFK 5HSODFH
:+$&217ERDUG
㪥㫆 㪰㪼㫊

&RQILUP/('VRQ*,0 &KHFN
ERDUG /('RQ*,0ERDUG

9HULI\SRZHU 㪥㫆 &RQILUPFDEOH
㪥㫆
VXSSO\IRU*,0 EHWZHHQ:+$&217
1RUPDO" 1RUPDO"
ERDUG 5HSODFH DQG*,0ERDUGV 
ERDUGHWF 5HSODFH*,0ERDUG

㪰㪼㫊 㪰㪼㫊

&RQILUP/('VRQ 5HSODFH,$3'%
:+$&217ERDUG  ERDUG

*RWR
7URXEOHVKRRWLQJ 㪰㪼㫊
LQ&KDS $UH;
1RUPDO"
UD\VEHLQJ
HPLWWHG" ,V,$
JORZLQJ"
㪥㫆

5HSODFH:+$
&217ERDUG



&KDSWHU


&DQQRWVWDUWUDGLRJUDSK\

&RQILUPWKHVLJQDOEHWZHHQWKH:+$&217DQG*,0ERDUGVDFFRUGLQJWRWKHEORFN
GLDJUDPEHORZ 
&RQILUPWKH,2VWDWXVRIWKHVLJQDOLQGLFDWLQJWKH&38ZDVUHFRJQL]HGE\6HUYLFH
$SSOLFDWLRQ 


/'  )OXRURVFRS\)RRW6ZLWFK
)227 6: /' 5DGLRJUDSK\)RRW6ZLWFK

)OXRUR 2Q

3UHS
 *,0 5HTXHVW

 :+$&217
䋲䋰䋰

3KRWRVSRW ,Q2XW12

3KRWRVSRW ,Q2XW&RPPRQ
 6\QFK,Q2XW


,QMHFWRU

 /('RQ*,0ERDUG

 





















 >6HUYLFH$SSOLFDWLRQ@:LQGRZ





   7URXEOHVKRRWLQJ


3RLQWHUZDQGHUV 
7KHFRPSXWHUXQLWPXVWEHUHSODFHG 

&RORURQFRORUPRQLWRULVQRWQRUPDO 
7KLVLVDPRQLWRUFDOLEUDWLRQHUURU 
5HIHUWR7HFKQLFDO,QIRUPDWLRQ=&+,EXOOHWLQV 

&DQQRWVHQG',&20WUDQVPLVVLRQ 
'HOHWHDQ\XQQHFHVVDU\VWRUDJHLQ0HUJH&RPDSSWKHQUHVWDUW 

06'(  &DQQRWILQGGDWDEDVHILOHSURSHUO\ 
5HLQVWDOO$SSOLFDWLRQ6RIWZDUH6HH7HFKQLFDO'HVFULSWLRQ8SJUDGLQJWKH
6RIWZDUH9HUVLRQ

&DQQRWHGLW$35'RHVQRWFKDQJHHYHQDIWHUPDNLQJFKDQJHVDQGVDYLQJ 
$WWULEXWHVRI$35FRQILJILOHLVUHDGRQO\'LVSOD\ILOHSURSHUWLHVDQGFOHDU
WKH>5HDG2QO\@FKHFNER[ 

(UURUPHVVDJHLVGLVSOD\HGZKHQVWRULQJYLD>3ULQW@PHQXEXWLV2.DIWHU
RSHQLQJWKH>6HWWLQJV@PHQX2FFXUVHDFKWLPHDSDWLHQWILOHLVRSHQHG 
'HOHWHWKHSULQWHUIURPWKH>&21),*@PHQXLQVHUYLFHPRGHDQGUHHQWHU
VHWWLQJV 

)OXRURVFRS\LPDJHLVQRWGLVSOD\HGRQOLYHPRQLWRUEXWLVGLVSOD\HGRQWKH
&DUP 
2FFXUVZKHQWKHJUDSKLFVERDUGLVUHSODFHGZLWKDQHZHUPRGHOEXWWKHROG
GULYHUZDVQRWXQLQVWDOOHG 

6\VWHPIXQFWLRQVDEQRUPDOO\DIWHUXSJUDGLQJWKHYHUVLRQ
)DLOHGWRUHVWRUH&21),*GDWDDQG&$/,%GDWD5HFRQILUPDFFRUGLQJWRWKH
,QVWDOODWLRQ0DQXDO 



&KDSWHU


 (UURU/RJ

7KHHUURUORJFUHDWHGGLUHFWO\LQWKH&',$*GLUHFWRU\DQGFDQEHYLHZHGXVLQJWKHXWLOLW\
LQVHUYLFHPRGHRUGLUHFWO\XVLQJ:LQGRZV([SORUHU 
(UURU/RJ 'HVFULSWLRQ
',&20$SSHUU ',&20HUURULQIRUPDWLRQ 
,0'6HUYHU,PG(UURUORJ  /RJIRUGDWDEDVHPDQDJHPHQWVRIWZDUH 
3DWLHQW'DWDEDVH 
'HIDXOWORJ 5HFRUGRIRSHUDWLRQPHVVDJHVHUURUPHVVDJHVDQGRWKHU
LQIRUPDWLRQ 
&UDVKORJ &UHDWHGLQWKHH[WUHPHO\XQOLNHO\HYHQWWKHDSSOLFDWLRQ
FUDVKHV 
$XGLWORJ± 
'LFRP(UUORJ± &UHDWHGDW&?3URJUDP)LOHV?6KLPDG]X?'LFRP$SS?0HUJH
E\WKH0HUJH',&20OLEUDU\WRROER[EXWKDVOLWWOHSUDFWLFDO
YDOXH 



   7URXEOHVKRRWLQJ


 6\VWHP'LDJQRVWLFV

,$3'%DQG*,0FRPSRQHQWVDUHHTXLSSHGZLWKDV\VWHPVHOIGLDJQRVWLFIXQFWLRQDEOHWR
WHVWUHVSHFWLYHFRPSRQHQWIXQFWLRQV7KHVHWHVWVFDQEHDFFHVVHGYLDWKH>'LDJQRVWLF@
ZLQGRZRSHQHGIURPWKH6HUYLFH$SSOLFDWLRQXVHULQWHUIDFH 
7RRSHQWKH>'LDJQRVWLF@ZLQGRZFOLFN>'LDJ@ 



















6HUYLFH$SSOLFDWLRQ8VHU,QWHUIDFH

7KLVGLVSOD\VWKH>'LDJQRVWLF@ZLQGRZ 



&KDSWHU





















>6HUYLFH$SSOLFDWLRQ@>'LDJQRVWLF@:LQGRZ

7KH>'LDJQRVWLF@ZLQGRZVKRZVDJUDSKLFDOGLDJUDPRIFLUFXLWERDUGV$OOGLDJQRVWLF
WHVWVDUHH[HFXWHGLQWKLVZLQGRZ7HVWUHVXOWVDOVRDUHVKRZQLQWKHZLQGRZYLDWH[W
DQGJUDSKLFDOO\ 

([HFXWLQJ'LDJQRVWLF7HVWV
'LDJQRVWLFWHVWVDUHSHUIRUPHGWRWHVWWKHIXQFWLRQDOLW\RI,$3'%DQG*,0FRPSRQHQWV
([HFXWHWHVWVE\FOLFNLQJWKH>*,0@RU>,$3'%@LFRQ 
2WKHULFRQVDUHXQDYDLODEOH



   7URXEOHVKRRWLQJ



 &OLFNWRH[HFXWH*,0VHOIGLDJQRVWLFV 



&OLFNWRH[HFXWH,$3'%

VHOIGLDJQRVWLFV 



















:KHQILQLVKHGWHVWLQJFOLFN  WRUHWXUQWRWKH>6HUYLFH
)XQFWLRQV@ZLQGRZ




&KDSWHU






 5HSODFLQJ3DUWV

&KDSWHU&RQWHQWV

 3DUWV/LVW

 5HSODFLQJWKH&RPSXWHU7RZHU

 5HSODFLQJWKH*UDSKLFV&DUG

 5HSODFLQJWKH*,0%RDUG

 5HSODFLQJWKH,$3'%%RDUG

 5HSODFLQJWKH/9'6%RDUG

 5HSODFLQJWKH9,%%RDUG

 *XLGHOLQHVIRU5HSODFLQJWKH6\VWHP+DUG'ULYH

 5HSODFLQJWKH&RPSXWHU3RZHU6XSSO\

5HSODFLQJWKH&'5:'ULYH

5HSODFLQJWKH&DPHUD+HDG








   5HSODFLQJ3DUWV


 3DUWV/LVW

',6SDUWVFDQEHUHSODFHGLQWHUPVRIWKHSDUWVDQGDVVHPEOLHVOLVWHGEHORZ
+RZHYHULWLVQRWSRVVLEOHWRRUGHURQO\WKH027+(5ERDUG 7KLVLVGXHWRWKHODUJH
QXPEHURIFRPSDWLELOLW\UHVWULFWLRQVUHVXOWLQJIURPPRGHOXSGDWHV ,IWKH027+(5
ERDUGQHHGVWREHUHSODFHGUHSODFHWKHHQWLUH3&WRZHU)XUWKHUPRUHDFXVWRPYHUVLRQ
RI:LQGRZVLVUHTXLUHGZKLFKSUHFOXGHVLQVWDOOLQJ:LQGRZVLQWKHILHOG7RUHSODFH
:LQGRZVUHSODFHWKHKDUGGULYHZKHUH:LQGRZVDQGWKHDSSOLFDWLRQVRIWZDUHDUH
LQVWDOOHG 
 31 1DPH 'HVFULSWLRQ
  *3& ',6&RPSXWHUWRZHUNLW
72:(5
  *,$3'% ,$3'%ERDUG 0% NLW
  * &DPHUDKHDGNLW
&$0(5$
  **,0 *,0ERDUGNLW
  *9,% 9LGHRLQSXWERDUGNLW
  */9'6 /9'6ERDUGNLW
  * &'5:GULYHNLW
&'5:
  *)' )ORSS\GLVNGULYHNLW
  *36 &RPSXWHUSRZHUVXSSO\NLW
  *+'' +DUGGULYHNLW ZLWKV\VWHPSURJUDPV
' SUHLQVWDOOHG FRPSDWLEOH027+(5ERDUG

  *+'' +DUGGULYHNLW ZLWKV\VWHPSURJUDPV
' SUHLQVWDOOHG FRPSDWLEOH027+(5ERDUG

  **% 9LGHRFDUGNLW



&KDSWHU


 5HSODFLQJWKH&RPSXWHU7RZHU

 5HPRYHFRYHUV 














 7KUHHFRYHUV


 )URPWKHEDFNRIWKHFRPSXWHUORRVHQWKHWZRVFUHZVLQGLFDWHGEHORZDQG
ORRVHQWKHVLGHSDQHOWRZKLFKLWZDVIDVWHQHG 








   5HSODFLQJ3DUWV


 'LVFRQQHFWDOOFDEOHVFRQQHFWHGWRWKHEDFNRIWKHFRPSXWHU 
 'LVFRQQHFWWKHFDEOHVFRQQHFWHGWRWKH021,725,)ERDUGOHDGLQJIURP
LQVLGHWKHFRPSXWHUDVVKRZQEHORZ 

 6LGH3DQHO












 7KLVFDEOHFRQQHFWIURP
021,725,)ERDUGWR
 PRWKHUERDUGLQ3&WRZHU 







&KDSWHU


 3XOORXWWKHFRPSXWHU +HOGLQSODFHIURPDERYHE\UXEEHUEXWQRWDFWXDOO\

IDVWHQHG  

 5HPRYHWKHVLGHFRYHUDQGGLVFRQQHFWWKHFDEOHOHDGLQJIURPWKH
021,725,)ERDUGWRWKH027+(5ERDUG 
 5HPRYHWKHVLGHFRYHUIURPWKHQHZFRPSXWHUDQGFRQQHFWWKHFDEOH
GLVFRQQHFWHGLQWKHSUHYLRXVVWHSWRWKH027+(5ERDUGDQGVHFXUHLWZLWK
VLOLFRQHVHDODQW 


 &RQQHFWRU
-+







&RQQHFWRU
 )52173$1(/
7\SH'027+(5%RDUG  7\SH'027+(5%RDUG








   5HSODFLQJ3DUWV


 &RQQHFWWKHFRPSXWHUEHKLQGWKHPRQLWRUFDUWDVVKRZQEHORZWKHQVZLWFK
WKHSRZHU21 


















 &RQILJXUHVHWWLQJVDFFRUGLQJWRWKH,QVWDOODWLRQ0DQXDO EDFNXSGDWDPD\EH

ORDGHGLIDYDLODEOH  
&DOLEUDWHDFFRUGLQJWRWKH,QVWDOODWLRQ0DQXDO EDFNXSGDWDPD\EHORDGHGLI
DYDLODEOH  
:KHQILQLVKHGFRQILJXULQJDQGFDOLEUDWLQJUHDWWDFKWKHFRPSXWHUVLGHFRYHU
LQVHUWWKHFRPSXWHULQWRWKHPRQLWRUFDUWIDVWHQLWDQGDWWDFKWKHFRYHU 



&KDSWHU


 5HSODFLQJWKH9LGHR&DUG

5HPRYLQJWKH9LGHR&DUG
 6ZLWFKWKH',6V\VWHPSRZHU2))  

 5HPRYHWKHFRPSXWHUIURPWKHPRQLWRUFDUWDVGHVFULEHGLQ6WHSVWRLQ
5HSODFLQJWKH&RPSXWHU7RZHU 

 'LVFRQQHFWWKH9*$PRQLWRUFDEOHIURPWKH9*$FRQQHFWRURQWKHUHDURI
WKHJUDSKLFVFDUG

 5HPRYHWKHFKDVVLVVFUHZWKDWVHFXUHVWKHYLGHRFDUGEUDFNHWWRWKHWRZHU
FKDVVLV
 :KLOHKROGLQJWKH$*3VORWFOLSGRZQ WRGLVHQJDJHLWIURPWKHERDUG 
FDUHIXOO\UHPRYHWKHJUDSKLFVFDUGIURPWKH$*3VORW 





 'LVHQJDJHWKH$*3VORWFOLSIURPWKHQRWFK
LQWKHYLGHRFDUGDQGSXOOWKHFDUGRXW



)LJ  &RQILUPLQJ$*36ORW&OLSLV'LVHQJDJHG
8QLQVWDOOLQJWKH*UDSKLFV&DUG'ULYHU
1RWQHFHVVDU\LILQVWDOOLQJWKHVDPHW\SHRIJUDSKLFVFDUG 
 &RQQHFWWKH9*$PRQLWRUWRWKH9*$SRUWRQWKHEDFNRIWKH027+(5
ERDUG 



   5HSODFLQJ3DUWV

















9*$3RUW






)LJ  9*$3RUW/RFDWLRQ

 5HFRQQHFWWKH$&VXSSO\FDEOHWRWKHUHDURIWKHFRPSXWHUWRZHU 
 3UHVVWKHSRZHUEXWWRQWRVZLWFKWKHV\VWHPSRZHU21$V:LQGRZVERRWV
KROGGRZQWKH>6KLIW@NH\WRLQWHUUXSWWKHDXWRORJRQSURFHVV 
 (QWHUVHUYLFHDSSDVWKH>8VHU@DQGRULRQDVWKH>3DVVZRUG@ 
&OLFN>2.@LQWKH$7,FRQWUROSDQHOHUURUZLQGRZ 







)LJ  $7,&RQWURO3DQHO(UURU:LQGRZ

&OLFN>&DQFHO@LQDOODFWLYH>)RXQG1HZ+DUGZDUH:L]DUG@ZLQGRZV



&KDSWHU















)LJ  >)RXQG1HZ+DUGZDUH:L]DUG@:LQGRZ

&OLFN>6WDUW@SRLQWWR>&RQWURO3DQHO@
,QWKH>&RQWURO3DQHO@ZLQGRZGRXEOHFOLFNWKH>$GG5HPRYH3URJUDPV@
LFRQ














)LJXUH  >&RQWURO3DQHO@:LQGRZ

,QWKH>$GGRU5HPRYH3URJUDPV@ZLQGRZVHOHFW$7,'LVSOD\'ULYHUIURP
WKHOLVWRILQVWDOOHGSURJUDPV 

2QWKHOLQHIRU$7,'LVSOD\'ULYHUFOLFN>&KDQJH5HPRYH@ 



   5HSODFLQJ3DUWV
















)LJ  >&KDQJH5HPRYH@%XWWRQLV'LVSOD\HG:KHQ3URJUDPLV6HOHFWHG

&OLFN>6HOHFW$OO@WKHQFOLFN>2.@ 









)LJ  >'ULYHU8QLQVWDOO@:LQGRZ

$WWKHUHVWDUWSURPSWFOLFN>1R@ 






)LJ  5HVWDUW3URPSW$IWHU8QLQVWDOOLQJ

3HUIRUPDQRUPDO:LQGRZVVKXWGRZQWRVZLWFKWKHV\VWHP2)) 
'LVFRQQHFWWKH3&VXSSO\FDEOHIURPWKHUHDURIWKHFRPSXWHUWRZHU 




&KDSWHU


,QVWDOOLQJWKH9LGHR&DUG
5HPRYHWKHQHZJUDSKLFVFDUGIURPLWVSDFNDJLQJDQGLQVSHFWIRUGDPDJH 
,QVHUWWKHJUDSKLFVFDUGLQWRWKH$*3VORW9HULI\WKDWWKHFDUGLVSURSHUO\
VHFXUHGE\WKH$*3VORWFOLS 
 $*3VORWVLQFOXGHD
 SODVWLFOHYHUDQGFOLSIRU
HQJDJLQJWKLVQRWFKDQG
 VHFXULQJWKHFDUG 䎃





)LJ  1RWFKRQ$*3*UDSKLFV&DUGIRU$*35HWHQWLRQ&OLS

6HFXUHWKHYLGHRFDUGWRWKHUHDURIWKHFKDVVLVZLWKWKHFKDVVLVVFUHZ 
5HDWWDFKWKHWRZHUVLGHFRYHU 
,QVWDOOWKHWZRFKDVVLVVFUHZVWKDWVHFXUHWKHVLGHSDQHOWRWKHFKDVVLV 
'LVFRQQHFWWKH9*$PRQLWRUIURPWKH9*$SRUWRQWKH027+(5ERDUG
&RQQHFWWKH9*$PRQLWRUFDEOHWRWKH9*$FRQQHFWRURQWKHUHDURIWKH
JUDSKLFVFDUG
,QVWDOOLQJWKH*UDSKLFV&DUG'ULYHU
1RWQHFHVVDU\LILQVWDOOLQJWKHVDPHW\SHRIJUDSKLFVFDUG 
5HFRQQHFWWKH$&VXSSO\FDEOHWRWKHUHDURIWKHFRPSXWHUWRZHU 
3UHVVWKHSRZHUEXWWRQRQWKHIURQWRIWKHWRZHUWRVZLWFKWKHV\VWHPSRZHU
21$V:LQGRZVERRWVKROGGRZQWKH>6KLIW@NH\WRLQWHUUXSWWKHDXWRORJRQ
SURFHVV 

(QWHUVHUYLFHDSSDVWKH>8VHU@DQGRULRQDVWKH>3DVVZRUG@ 



   5HSODFLQJ3DUWV


&OLFN>2.@LQWKH$7,FRQWUROSDQHOHUURUZLQGRZ 






)LJ  $7,&RQWURO3DQHO(UURU:LQGRZ

&OLFN>&DQFHO@LQDOODFWLYH>)RXQG1HZ+DUGZDUH:L]DUG@ZLQGRZV













)LJ  >)RXQG1HZ+DUGZDUH:L]DUG@:LQGRZ

,QVHUWWKHGULYHU&'LQFOXGHGZLWKWKHJUDSKLFVFDUGUHSODFHPHQWNLW7KH
GULYHULQVWDOODWLRQXWLOLW\ZLOOVWDUWDXWRPDWLFDOO\ 



&KDSWHU


&OLFNWKH>,QVWDOO'LVSOD\'ULYHUV 5DGHRQ6HULHV @OLQN 
















)LJ  'ULYHU,QVWDOODWLRQ0DLQ:LQGRZ

&OLFN>1H[W@LQWKH>$7,6RIWZDUH@GULYHULQVWDOODWLRQZL]DUGZLQGRZ 












)LJ  'ULYHU,QVWDOODWLRQ:L]DUG:HOFRPH:LQGRZ



   5HSODFLQJ3DUWV


,QWKH>/LFHQVH$JUHHPHQW@ZLQGRZFOLFN><HV@ 












)LJ  >/LFHQVH$JUHHPHQW@:LQGRZ

,QWKH>6HOHFW&RPSRQHQWV@ZLQGRZFOLFN>([SUHVV5HFRPPHQGHG@ 














)LJ  'ULYHU,QVWDOODWLRQ:L]DUG>6HOHFW&RPSRQHQWV@:LQGRZ

&OLFN><HV@WRUHVWDUWWKHV\VWHP 





)LJ  6\VWHP5HVWDUW3URPSW



&KDSWHU


$V:LQGRZVERRWVKROGGRZQWKH>6KLIW@NH\WRLQWHUUXSWWKHDXWRORJRQ
SURFHVV(QWHUVHUYLFHDSSDVWKH>8VHU@DQGRULRQDVWKH>3DVVZRUG@ 

127(


,QVWDOOLQJWKHQHZGULYHUZLOOGLVSOD\D>'HVNWRS+HOS@ZLQGRZIRUHDFK:LQGRZV
XVHU&OHDULQJWKHZLQGRZZKLOHORJJHGLQDVRQHXVHUZLOO127FOHDUWKHZLQGRZIRU
RWKHUXVHUV(DFKXVHUPXVWEHORJJHGRQLQGLYLGXDOO\LQRUGHUWRFOHDUWKHZLQGRZ
IRUWKDWXVHU 

&OHDUWKH>6KRZWKLVZLQGRZWKHQH[WWLPH\RXVWDUW:LQGRZV@FKHFNER[LQ
WKH>'HVNWRS+HOS@ZLQGRZDQGFORVHWKHZLQGRZ,IQHFHVVDU\GHVLUHGFOLFN
>6WDUW@>/RJRII@WRFKDQJHXVHUVDQGFOHDUWKH>'HVNWRS+HOS@ZLQGRZIRU
RWKHUXVHUV+ROGGRZQWKH>6KLIW@NH\GXULQJORJRIIWRLQWHUUXSWWKH
DXWRORJRQSURFHVV 

5HDWWDFKWKHVLGHFRYHURQWKHFRPSXWHULQVWDOOWKHFRPSXWHULQWKHPRQLWRU
FDUWDQGUHFRQQHFWFDEOHVDVWKH\ZHUHEHIRUH 
6ZLWFKWKHV\VWHPSRZHU21DQGYHULI\WKDWWKHV\VWHPVWDUWVXSSURSHUO\ 



   5HSODFLQJ3DUWV


 5HSODFLQJWKH*,0%RDUG

 'LVFRQQHFWWKHFDEOHVIURPWKH*,0ERDUGDQGUHPRYHLWIURPWKH&DUP 

 ,QVWDOODQHZ*,0ERDUGLQWKH&DUP 
 5HFRQQHFWWKHFDEOHVUHPRYHGHDUOLHU 
6HHEORFNGLDJUDPRI*,0ERDUGFRQQHFWRUFRQILJXUDWLRQLQ*,0
ERDUG  

 6ZLWFKWKHSRZHU21DQGDV:LQGRZVERRWVKROGGRZQWKH>6KLIW@NH\WR
LQWHUUXSWWKHDXWRORJRQSURFHVV/RJRQZLWKVHUYLFHDSSDVWKH>8VHU@DQG
RULRQDVWKHSDVVZRUG7KHV\VWHPZLOOERRWDQGRSHQ6HUYFLH$SSOLFDWLRQ 
 &OLFN>8SGDWH@RQWKHPDLQPHQXLQ6HUYFLH$SSOLFDWLRQ 
 &OLFNWKH>+DUGZDUH@WDEWKHQFOLFN>*,0@7KLVGLVSOD\VWKH>%URZVH@
ZLQGRZ 
 6HOHFWWKH*,0&RGHELQILOHDQGFOLFN>2SHQ@ 
 $PHVVDJHZLOOEHGLVSOD\HGFRQILUPLQJWKDWWKHILOHORDGHGVXFFHVVIXOO\
&OLFN>2.@ 
 &OLFN>5HPRWH@7KLVGLVSOD\VWKH>%URZVH@ZLQGRZ 
6HOHFWWKH5HPRWHELQILOHDQGFOLFN>2SHQ@ 
&RQILUPD5HPRWH0RGXOHGRZQORDGHGVXFFHVVIXOO\PHVVDJHLV
GLVSOD\HG 

&ORVH6HUYLFH$SSOLFDWLRQ 
7KH>&OLQLFDO$SSOLFDWLRQ@ZLQGRZZLOORSHQ&ORVHWKH>&OLQLFDO$SSOLFDWLRQ@
ZLQGRZ 
7KHFRPSXWHUDQG&DUPZLOOVKXWGRZQ 
6ZLWFKWKHV\VWHPSRZHU21DJDLQ 
$V:LQGRZVERRWVKROGGRZQWKH>6KLIW@NH\WRLQWHUUXSWWKHDXWRORJRQ
SURFHVV(QWHUVHUYLFHDSSDVWKH>8VHU@DQGRULRQDVWKH>3DVVZRUG@ 

7KHV\VWHPZLOOERRWDQG6HUYLFH$SSOLFDWLRQZLOORSHQ 
&OLFN>&RQILJ@RQWKHPDLQPHQXRI6HUYLFH$SSOLFDWLRQ 
&OLFNWKH>*HQHUDWRU/LQHV@WDE 
&OLFNWKH>'LJLWDO2XWSXW@WDE 
,I>3XOVH)OXRUR5HI@LVVHWWR>'LVDEOHG@WKHQVHWLWWR>(QDEOHG@ UHPHPEHU
WKHRULJLQDOVHWWLQJ  
&KDQJHWKH>3RODULW\@VHWWLQJIURP>$FWLYH+LJK@WR>$FWLYH/RZ@WKHQFKDQJH
LWEDFNWR>$FWLYH+LJK@DJDLQ 

,QWKHVDPHZLQGRZVHW>3KDVH'HOD\@WR]HUR QXPHUDO]HUR  



&KDSWHU


,I>3XOVH)OXRUR5HI@ZDVFKDQJHGWR>HQDEOHG@ LQWKHVWHSVWHSVSUHYLRXV 
WKHQFKDQJHLWEDFNWR>'LVDEOHG@,IWKHVHWWLQJZDVQRWFKDQJHG RULJLQDO
VHWWLQJZDV>HQDEOHG@ OHDYHLWVHWWR>(QDEOHG@ 
&OLFN>6DYH@:KHQWKH>$UH\RXVXUH"@FRQILUPDWLRQPHVVDJHLVGLVSOD\HG
FOLFN><HV@ 
&ORVHWKH>&RQILJ@ZLQGRZ 
&ORVH6HUYLFH$SSOLFDWLRQ 
7KH>&OLQLFDO$SSOLFDWLRQ@ZLQGRZZLOORSHQ&ORVHWKH>&OLQLFDO$SSOLFDWLRQ@
ZLQGRZ7KH&DUPDQGFRPSXWHUZLOODXWRPDWLFDOO\VKXWGRZQ 

6ZLWFKWKHV\VWHPSRZHU21
$IWHUFRQILUPLQJVWDUWXSDFTXLUHLPDJHVIRUDQHZSDWLHQW3HUIRUPDOO
IXQFWLRQVWRWHVWWKHDFTXLVLWLRQRIDSDWLHQWH[DPLQDWLRQ9HULI\DOOIXQFWLRQV 



   5HSODFLQJ3DUWV


 5HSODFLQJWKH,$3'%%RDUG

:$51,1*

:HDUDZULVWVWUDSGXULQJWKLVSURFHGXUHWRSUHYHQWGDPDJLQJGULYHVDQGFRPSRQHQWV
FRQWDLQHGZLWKLQWKHFKDVVLV 

 %DFNXSFDOLEUDWLRQDQGFRQILJXUDWLRQGDWDDVGHVFULEHGLQFDSWHU 

 6ZLWFKWKHSRZHU2))IRUDOOV\VWHPFRPSRQHQWV 
 5HPRYHWKHFRPSXWHUIURPWKHPRQLWRUFDUWDQGGHWDFKWKHVLGHFRYHU
DFFRUGLQJWR5HSODFLQJWKH&RPSXWHU7RZHU 


















6HW6FUHZ
 9LGHR5LEERQ&DEOH ,$3'% &DPHUD5LEERQ&DEOH



&KDSWHU















6WDQGRII
 'LVFRQQHFWWKHLQWHUQDOYLGHRULEERQFDEOH 
 'LVFRQQHFWWKHLQWHUQDOFDPHUDULEERQFDEOH 
 5HPRYHWKHVWDQGRII 
 5HPRYHWKHFDEOHWLH 
 8VHD3KLOLSVVFUHZGULYHUWRUHPRYHRQHVHWVFUHZIURPWKHPRXQWLQJ
EUDFNHWRQWKHFRPSXWHU 
 3XOOWKHERDUGRXWRIWKHFRPSXWHUDQGLQVHUWWKHQHZUHSODFHPHQWERDUG 
6HFXUHWKHERDUGXVLQJWKHVFUHZVUHPRYHGHDUOLHU 
6HFXUHWKHERDUGZLWKDFDEOHWLH 
6HFXUHWKHERDUGZLWKDVWDQGRII$SSO\KRXVHKROG*RRSKDQGFOHDQHU
DURXQGWKHEDVHRIWKHVWDQGRII 

5HFRQQHFWLQWHUQDOFDEOHVLQWKHFRPSXWHUDVWKH\ZHUHEHIRUH 
,QVWDOOWKHFRPSXWHUEDFNLQWRWKHPRQLWRUFDUWDQGUHFRQQHFWH[WHUQDO
FDEOHV 
6ZLWFKWKHV\VWHPSRZHU21 
6WDUWXSWKHV\VWHPQRUPDOO\ 
2QFHWKHV\VWHPSRZHULVVZLWFKHG21DQGWKHDSSOLFDWLRQLVUXQQLQJ
ULJKWFOLFNLQWKHZLQGRZ 
&OLFN>6WDUWVHUYLFHDSSOLFDWLRQ@ 
&OLFN><HV@WRFORVHWKHZLQGRZ 
/RJRQZLWKVHUYLFHDSSDVWKHXVHUDQGRULRQDVWKHSDVVZRUG 




   5HSODFLQJ3DUWV


8SGDWLQJ6\VWHP)LUPZDUH

127(


0RVWRIWKHILUPZDUHGRZQORDGVSHUIRUPHGLQWKHIROORZLQJVHFWLRQVZLOOWDNH
VHFRQGVWRFRPSOHWH'XULQJWKLVWLPHWKHUHLVQRLQGLFDWLRQRIGRZQORDGSURJUHVV
7KHV\VWHPZLOOGLVSOD\VRPHIDLOXUHPHVVDJHZKHQWKHGRZQORDGLVFRPSOHWH'2
127DWWHPSWWRLQLWLDWHDQRWKHUGRZQORDGEHIRUHUHFHLYLQJWKHPHVVDJHIURPWKH
SUHYLRXVGRZQORDG 

&OLFN>8SGDWH@ 















)LJ  0DLQ:LQGRZIRU8SGDWLQJ)LUPZDUH

&OLFN>,[:RUNV@EXWWRQ 
6HOHFWWKH,[:RUNVFNELQILOHDQGFOLFN>2SHQ@ 
$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 

&OLFN>,QVWDOO''0@7KLVGLVSOD\VWKH>%URZVH@ZLQGRZ 
&OLFN>2SHQ@7KLVVWDUWVWKHLQVWDOOHUSURJUDP$PHVVDJHZLOOEHGLVSOD\HG
FRQILUPLQJWKDWWKHILOHLQVWDOOHGVXFFHVVIXOO\ 

5HSHDWWKHVDPHXSGDWHSURFHVVIRU>,$3'%)3*$@>,$3'%)3*$@
>,$3'%)3*$@DQG>,$3'%)3*$@DVZHOO 
&OLFN>'LDJ@WRUXQGLDJQRVWLFVIRUWKH,$3'%ERDUG3DVVLQJWKLVWHVW
LQGLFDWHVWKHERDUGLVLQVWDOOHGSURSHUO\ 
6KXWGRZQWKHV\VWHPQRUPDOO\ 
6ZLWFKWKHV\VWHPSRZHUEDFN21DQGYHULI\WKDWWKHDSSOLFDWLRQLVVWDUWHG 



&KDSWHU


 5HSODFLQJWKH/9'6%RDUG

:$51,1*

:HDUDZULVWVWUDSGXULQJWKLVSURFHGXUHWRSUHYHQWGDPDJLQJGULYHVDQGFRPSRQHQWV
FRQWDLQHGZLWKLQWKHFKDVVLV 

 6ZLWFKWKHSRZHU2))IRUDOOV\VWHPFRPSRQHQWV 

 5HPRYHWKHFRPSXWHUIURPWKHPRQLWRUFDUWDQGGHWDFKWKHVLGHFRYHU
DFFRUGLQJWR5HSODFLQJWKH&RPSXWHU7RZHU 


6HW6FUHZ















 3RZHU6XSSO\&DEOH 5LEERQ&DEOH



 'LVFRQQHFWWKHH[WHUQDOFDPHUDFDEOHIURPWKHFLUFXLWERDUG 
 'LVFRQQHFWWKHSRZHUVXSSO\FDEOHIURPWKHFLUFXLWERDUG 
 'LVFRQQHFWWKHULEERQFDEOHIURPWKHFLUFXLWERDUG 
 8VHDVPDOOIODWEODGHVFUHZGULYHUWRUHPRYHWZRVHWVFUHZIDVWHQHUVIURP
WKHFRPSXWHUH[WHULRU 

 3XOOWKHERDUGRXWRIWKHFRPSXWHUDQGLQVHUWWKHQHZUHSODFHPHQWERDUG 
 6HFXUHWKHERDUGXVLQJWKHVFUHZVUHPRYHGHDUOLHU 



   5HSODFLQJ3DUWV


 5HFRQQHFWWKHULEERQFDEOHWRWKHFLUFXLWERDUG 
6HFXUHWKHFRPSXWHUEDFNLQWRWKHPRQLWRUFDUWDVLWZDVEHIRUHDQG
UHFRQQHFWFDEOHV 

6ZLWFKWKHV\VWHPSRZHU21 
7KHV\VWHPZLOOVWDUWXSDQGGLVSOD\WKHDSSOLFDWLRQZLQGRZ 
2QFHWKHV\VWHPSRZHULV21DQGWKHDSSOLFDWLRQKDVRSHQHGRSHQDQHZ
SDWLHQWILOHIRUDFTXLULQJLPDJHVDQGVZLWFKIOXRURVFRS\219HULI\WKDWWKH
LPDJHLVGLVSOD\HGDVH[SHFWHG7KHQSHUIRUPDFRPSOHWHIXQFWLRQDOLW\WHVW
3DVVLQJWKLVWHVWLQGLFDWHVWKH/9'6ERDUGLVLQVWDOOHGSURSHUO\ 



&KDSWHU


 5HSODFLQJWKH9,%%RDUG


















 6HW6FUHZ -XPSHU&DEOH 9LGHR,QWHUIDFH%RDUG


 'LVFRQQHFWWKHH[WHUQDOYLGHRFDEOHVIURPWKHERDUG7KLVFDQLQFOXGHWZR
%1&FRQQHFWLRQVDQ69*$FRQQHFWLRQDQGDQ69LGHRFRQQHFWLRQ IRU
RSWLRQDOVFDQFRQYHUWHU 3OHDVHPDUNZKLFKFDEOHFDPHIURPZKLFK
FRQQHFWRU 

 'LVFRQQHFWWKHMXPSHUFDEOHIURPWKH,$3'%ERDUG LQWHUQDOFDEOH  

 8VLQJD3KLOLSVVFUHZGULYHUUHPRYHWKHRQHVFUHZXVHGWRVHFXUHWKHYLGHR
LQWHUIDFHERDUGLQWKHFRPSXWHU    
 3XOOWKHERDUGRXWRIWKHFRPSXWHUDQGVOLGHLQWKHUHSODFHPHQWERDUG 
 6HFXUHWKHERDUGZLWKWKHVFUHZUHPRYHGHDUOLHU 
 &RQQHFWWKHLQWHUQDOMXPSHUFDEOHIURPWKH,$3'%ERDUG 
 &RQQHFWWKHH[WHUQDOFDEOHWRWKHERDUG 
 6ZLWFKWKHV\VWHPSRZHU21 
 )ROORZVWDQGDUG:LQGRZVDQGGLJLWDOV\VWHPVWDUWXSSURFHGXUH 



   5HSODFLQJ3DUWV


,IWKHV\VWHPVWDUWVXSSURSHUO\DQGGLVSOD\VWKHPDLQPHQXRIWKHFOLQLFDO
DSSOLFDWLRQWKHQWKHYLGHRLQWHUIDFHERDUGZDVSURSHUO\LQVWDOOHG9HULI\WKDW
WKHPRQLWRUVFRQQHFWHGWRWKH%1&RU69*$FRQQHFWLRQGLVSOD\WKHVDPH
YLGHR,IDQRSWLRQDOVFDQFRQYHUWHULVLQVWDOOHGLQWKHV\VWHPWKHQVHOHFWD
SDWLHQWIRUUHYLHZDQGYHULI\WKDWWKHVFDQFRQYHUWHURXWSXWSURYLGHVWKH
VDPHLPDJHDVGLVSOD\HGRQWKHSULPDU\PRQLWRU3HUIRUPDV\VWHP
IXQFWLRQDOLW\WHVW 

6KXWGRZQWKHV\VWHPQRUPDOO\ 
,QVWDOOWKHFRPSXWHUEDFNLQWRWKHPRQLWRUFDUWDVLWZDVEHIRUHDQG
UHFRQQHFWFDEOHV 
6ZLWFKWKHV\VWHPSRZHUEDFN21DQGYHULI\WKDWWKHDSSOLFDWLRQVWDUWVXS 



&KDSWHU


 *XLGHOLQHVIRU5HSODFLQJWKH6\VWHP+DUG'ULYH

 'LVFRQQHFWWKH0ROH[SRZHUFRQQHFWRUIURPWKHV\VWHPKDUGGULYH 

 'LVFRQQHFWWKH,'(ULEERQFDEOHIURPWKHV\VWHPKDUGGULYH 
 5HPRYHWKHFKDVVLVVFUHZWKDWVHFXUHVWKHGULYHED\WRWKHGULYH
ED\ 

 6OLGHWKHGULYHED\RXWRIWKHV\VWHPFKDVVLV 


5HPRYH)DVWHQHU


6OLGH'ULYH%D\2XWRI
 &KDVVLV





)LJ  5HPRYLQJWKH+DUG'ULYH%D\

 5HPRYHWKHIRXUVFUHZVVHFXULQJWKHKDUGGULYHLQWKHGULYHED\ 


 7KHUHDUHVFUHZV
 RQHDFKVLGH 



)LJ  5HPRYLQJWKH'ULYH0RXQWLQJ6FUHZV

 5HPRYHWKHGULYHIURPWKHGULYHED\ 
 3ODFHWKHQHZGULYHLQWKHGULYHED\DOLJQPRXQWLQJKROHVDQGVHFXUHWKH
GULYHWRWKHED\XVLQJWKHPRXQWLQJVFUHZV 


 7RZDUG%DFNRI'ULYH




)LJ  ,QVWDOOLQJ1HZ'ULYHLQ'ULYH%D\
 $OLJQWKHJXLGHUDLOVLQWKHFKDVVLVZLWKWKRVHRQWKHWRSRIWKHGULYHED\DQG
VOLGHWKHGULYHED\LQWRWKHFKDVVLV 



   5HSODFLQJ3DUWV


 6HFXUHWKHGULYHED\ZLWKDFKDVVLVVFUHZ 

6HFXUHGULYHED\
 ZLWKFKDVVLVVFUHZ
 UHPRYHGHDUOLHU 



)LJ  6HFXULQJ'ULYH%D\ZLWK&KDVVLV6FUHZ

&RQQHFWWKH,'(5LEERQFDEOHWRWKHUHDURIWKHKDUGGULYHMXVWLQVWDOOHG 
&RQQHFWWKH0ROH[SRZHUFRQQHFWRUWRWKHKDUGGULYH 
5HDWWDFKWKHWRZHUVLGHSDQHOE\UHYHUVLQJWKHUHPRYDOSURFHGXUH 
6HFXUHWKHVLGHSDQHOZLWKWKHFKDVVLVVFUHZVUHPRYHGHDUOLHU 
6HFXUHWKHVLGHSDQHOFOLSVLIHTXLSSHG 
6WDUWLQJ8SWKH6\VWHP
&RQQHFWWKH$&VXSSO\FDEOHWRWKHUHDURIWKHV\VWHPWRZHU 
3UHVVWKHSRZHUEXWWRQRQWKHIURQWRIWKHWRZHUWRVZLWFKWKHV\VWHPSRZHU
21$V:LQGRZVERRWVKROGGRZQWKH>6KLIW@NH\WRLQWHUUXSWWKHDXWRORJRQ
SURFHVV 
(QWHUVHUYLFHDSSDVWKH>8VHU@DQGRULRQDVWKH>3DVVZRUG@ 
6RIWZDUH6LWH.H\
:KHQORJJLQJRQDVVHUYLFHDSSWKH6HUYLFH$SSOLFDWLRQZLOOLQLWLDOL]H
DXWRPDWLFDOO\&ORVHWKHDSSOLFDWLRQ 

$WWHPSWLQJWRVWDUWWKH&OLQLFDO$SSOLFDWLRQZLOOGLVSOD\D>6RIWZDUH
$XWKHQWLFDWLRQ@ZLQGRZ$IWHUQRWLQJWKHVLWH,'FRQWDFW6KLPDG]X0HGLFDO
6\VWHPV4XDOLW\$VVXUDQFHGHSDUWPHQWUHJDUGLQJWKHVLWHNH\ 

(QWHUWKHVLWHNH\SURYLGHGE\WKH4$GHSDUWPHQWLQWKH>6LWH.H\@ER[LQ
WKH>6RIWZDUH$XWKHQWLFDWLRQ@ZLQGRZDQGFOLFN>2.@ 
5LJKWFOLFNLQWKHLPDJHDUHDRIWKH&OLQLFDO$SSOLFDWLRQDQGFOLFN>6WDUW
6HUYLFH$SSOLFDWLRQ@RQWKHULJKWFOLFNPHQX&OLFN><HV@WRFRPSOHWHO\FORVH
&OLQLFDO$SSOLFDWLRQ 
5HVWRULQJ&RQILJXUDWLRQDQG&DOLEUDWLRQ9DOXHV
,QWKH6HUYLFH$SSOLFDWLRQFOLFN>&RQILJ@ 
,QVHUWWKHFRQILJXUDWLRQIORSS\GLVNLQWRWKHIORSS\GULYH 
127(


7KLVIORSS\GLVNZDVFUHDWHGZKHQWKHV\VWHPZDVLQVWDOOHGDQGFRQWDLQVWKH
EDFNXSILOHVIRUV\VWHPFRQILJXUDWLRQDQGFDOLEUDWLRQ 

,QWKH>&RQILJXUDWLRQ@ZLQGRZFOLFN>5HVWRUH@ 
8VHWKH>%URZVH@ZLQGRZWRYLHZWKHURRWGLUHFWRU\ D? RIWKHIORSS\GLVN 



&KDSWHU


6HOHFWWKH6\V&RQILJ[POILOHDQGFOLFN>2SHQ@7KH>%URZVH@ZLQGRZZLOO
EHGLVSOD\HGDJDLQDIWHUWKHV\VWHPILQLVKHVLPSRUWLQJWKH6\V&RQILJ[PO
ILOH 
8VHWKH>%URZVH@ZLQGRZWRYLHZWKHURRWGLUHFWRU\RIWKHIORSS\GLVN 
6HOHFWWKH8VHU&RQILJ[POILOHDQGFOLFN>2SHQ@ 
,QFHUWDLQYHUVLRQVRIWKHVRIWZDUHDWKLUGEURZVHZLQGRZZLOORSHQZKHQ
WKHV\VWHPILQLVKHVLPSRUWLQJWKH8VHU&RQILJ[POILOH,IWKH[POILOH
UHTXHVWHGE\WKLVWKLUGZLQGRZH[LVWVRQWKHIORSS\GLVNVHOHFWLWDQGFOLFN
>2SHQ@2WKHUZLVHFORVHWKLVWKLUGZLQGRZ 

&ORVHWKH>6\VWHP&RQILJXUDWLRQ@ZLQGRZ 
&OLFNWKH>&DOLE@EXWWRQLQWKH6HUYLFH$SSOLFDWLRQLQWHUIDFH 
,QWKH>&DOLEUDWLRQ@ZLQGRZFOLFN>5HVWRUH@&OLFN><HV@WRFRQILUPUHVWRULQJ
VHWWLQJV7KLVZLOORSHQD>%URZVH@ZLQGRZ 

8VHWKH>%URZVH@ZLQGRZWRYLHZWKHURRWGLUHFWRU\RIWKHIORSS\GLVN 
6HOHFWWKHFDOLEUDWLRQEDFNXSILOHDQGFOLFN>2SHQ@ 
&RQILUPWKDWWKHFRPSOHWLRQQRWLILFDWLRQZLQGRZLQGLFDWHVWKHVHWWLQJVZHUH
VXFFHVVIXOO\UHVWRUHG&OLFN>2.@LQWKHQRWLILFDWLRQZLQGRZ 
&ORVHWKH>&DOLEUDWLRQ@ZLQGRZ 
5HVWRULQJ1HWZRUN$FFHVV LIQHFHVVDU\ 

127(


7KLVVHFWLRQLVSURYLGHGWRDVVLVWLQPDQXDOO\VHWWLQJWKHV\VWHP,3$GGUHVVDQGLV
LQWHQGHGRQO\IRUXVHZKHQQHFHVVDU\,IWKHVLWHFRQWDLQLQJWKHV\VWHPDOORZV
DXWRPDWLFDOO\GHWHFWLQJRI,3VHWWLQJVDQGDGGUHVVHVVWKLVVHFWLRQLVXQQHFHVVDU\
DQGPD\EHVNLSSHG 

8VHWKH:LQGRZVNH\RQWKHNH\ERDUG ORZHUOHIWEHWZHHQ>&WUO@DQG>$OW@ 
WRRSHQWKH:LQGRZV>6WDUW@PHQX7KLVDOVRGLVSOD\VWKH:LQGRZVWDVNEDU 
&OLFNWKH>6KRZWKH'HVNWRS@EXWWRQRQWKH:LQGRZVVKRUWFXWEDU W\SLFDOO\
ORFDWHGQHDUWKH>6WDUW@EXWWRQ ,WPD\EHQHFHVVDU\WRFOLFNWKLVEXWWRQ
WZLFHDVWKHILUVWFOLFNPD\VLPSO\GHVHOHFWWKH:LQGRZV>6WDUW@EXWWRQ
DFWLYDWHGE\WKH:LQGRZVNH\ 

2QWKH:LQGRZV'HVNWRSULJKWFOLFNRQWKH>0\1HWZRUN3ODFHV@LFRQDQG
VHOHFW>3URSHUWLHV@ 
,QWKH>1HWZRUN3URSHUWLHV@ZLQGRZULJKWFOLFNWKH>/RFDO$UHD&RQQHFWLRQ@
LFRQDQGFOLFN>3URSHUWLHV@ 
,QWKH>/RFDO$UHD&RQQHFWLRQ@>3URSHUWLHV@ZLQGRZFOLFN>,QWHUQHW3URWRFRO
7&3,3 @DQGFOLFN>3URSHUWLHV@ 

,IQHFHVVDU\FRQWDFWWKHVLWH1HWZRUN$GPLQLVWUDWRUWRREWDLQDOOQHFHVVDU\
QHWZRUNVHWWLQJV(QWHUDOOQHFHVVDU\VHWWLQJVLQWKH>3URSHUWLHV@ZLQGRZ
XVLQJWKH>1H[W@EXWWRQDVQHFHVVDU\ DQGFOLFN>2.@ 



   5HSODFLQJ3DUWV


&ORVHDOOZLQGRZVE\FOLFNLQJ>2.@&OLFN>1R@ZKHQSURPSWHGIRUV\VWHP
UHVWDUW WKHV\VWHPZLOOEHUHVWDUWHGDIWHUILQLVKLQJILUPZDUHXSGDWHV 

5HVWRUHWKH6HUYLFH$SSOLFDWLRQIURPWKH:LQGRZV7DVN%DU 
8SGDWLQJ6\VWHP)LUPZDUH

127(


0RVWRIWKHILUPZDUHGRZQORDGVSHUIRUPHGLQWKHIROORZLQJVHFWLRQVZLOOWDNH
VHFRQGVWRFRPSOHWH'XULQJWKLVWLPHWKHUHLVQRLQGLFDWLRQRIGRZQORDGSURJUHVV
7KHV\VWHPZLOOGLVSOD\VRPHIDLOXUHPHVVDJHZKHQWKHGRZQORDGLVFRPSOHWH'2
127DWWHPSWWRLQLWLDWHDQRWKHUGRZQORDGEHIRUHUHFHLYLQJWKHPHVVDJHIURPWKH
SUHYLRXVGRZQORDG 

8SGDWLQJ,[:RUNV
6WDUWXSWKH6HUYLFH$SSOLFDWLRQ 
&OLFN>8SGDWH@ 















)LJ  0DLQ:LQGRZIRU8SGDWLQJ)LUPZDUH

&OLFNWKH>,[:RUNV@EXWWRQ 
,QWKH>%URZVH@ZLQGRZYHULI\WKHSDWKLVF?3URJUDP
)LOHV?2(0!?)ODVKEXUQ ZKHUH2(0!YDULHVGHSHQGLQJRQWKHVRIWZDUH
LQVWDOOHG 6HOHFWWKH,[:RUNVFNELQILOHDQGFOLFN>2SHQ@ 
$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 



&KDSWHU


8SGDWLQJ''0)LUPZDUH 
&OLFNWKH>+DUGZDUH@WDELQWKH>8SGDWH@ZLQGRZLQWKH6HUYLFH$SSOLFDWLRQ
WKHQFOLFN>8QLQVWDOO''0@ 

$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHSURJUDPZDVVXFFHVVIXOO\
XQLQVWDOOHGFOLFN>2.@ 

&OLFN>,QVWDOO''0@ 
,QWKH>%URZVH@ZLQGRZYHULI\WKHSDWKLVF?3URJUDP
)LOHV?2(0!?)ODVKEXUQ ZKHUH2(0!YDULHVGHSHQGLQJRQWKHVRIWZDUH
LQVWDOOHG ,IWKHLQGLFDWHGSDWKLVF?3URJUDP)LOHV?2(0!WKHQPRYHXS
RQHGLUHFWRU\OHYHO 

6HOHFWWKH,DSE'GPGGP RU)ODVKDEOH''0GGP ILOHDQGFOLFN>2SHQ@ 

$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 

8SGDWLQJ)3*$)LUPZDUH
&OLFNWKH>+DUGZDUH@WDELQWKH>8SGDWH@ZLQGRZLQWKH6HUYLFH$SSOLFDWLRQ
DQGFOLFN>,$3'%)3*$@ 

,QWKH>%URZVH@ZLQGRZYHULI\WKHSDWKLVF?3URJUDP
)LOHV?2(0!?)ODVKEXUQ ZKHUH2(0!LVDYDULDEOHFRUUHVSRQGLQJWRWKH
VRIWZDUHLQVWDOOHG 6HOHFWWKH)3*$ELQILOHDQGFOLFN>2SHQ@ 

$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 

&OLFN>,$3'%)3*$@ 
,QWKH>%URZVH@ZLQGRZYHULI\WKHSDWKLVF?3URJUDP
)LOHV?2(0!?)ODVKEXUQ6HOHFWWKH)3*$ELQILOHDQGFOLFN>2SHQ@ 

$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 

&OLFN>,$3'%)3*$@ 
,QWKH>%URZVH@ZLQGRZYHULI\WKHSDWKLVF?3URJUDP
)LOHV?2(0!?)ODVKEXUQ6HOHFWWKH)3*$ELQILOHDQGFOLFN>2SHQ@ 

$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 

&OLFN>,$3'%)3*$@ 
,QWKH>%URZVH@ZLQGRZYHULI\WKHSDWKLVF?3URJUDP
)LOHV?2(0!?)ODVKEXUQ6HOHFWWKH)3*$ELQILOHDQGFOLFN>2SHQ@ 

$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 



   5HSODFLQJ3DUWV


8SGDWLQJ*,0)LUPZDUH
&OLFNWKH>+DUGZDUH@WDELQWKH>8SGDWH@ZLQGRZLQWKH6HUYLFH$SSOLFDWLRQ
WKHQFOLFN>*,0@ 

,QWKH>%URZVH@ZLQGRZYHULI\WKHSDWKLVF?3URJUDP
)LOHV?2(0!?)ODVKEXUQ ZKHUH2(0!LVDYDULDEOHFRUUHVSRQGLQJWRWKH
VRIWZDUHLQVWDOOHG 6HOHFWWKH*,0&RGHELQILOHDQGFOLFN>2SHQ@ 

$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 

8SGDWLQJWKH*,05HPRWH0RGXOH
&OLFNWKH>+DUGZDUH@WDELQWKH>8SGDWH@ZLQGRZLQWKH6HUYLFH$SSOLFDWLRQ
WKHQFOLFN>*,05HPRWH0RGXOH@ 

,QWKH>%URZVH@ZLQGRZYHULI\WKHSDWKLVF?3URJUDP
)LOHV?2(0!?)ODVKEXUQ ZKHUH2(0!LVDYDULDEOHFRUUHVSRQGLQJWRWKH
VRIWZDUHLQVWDOOHG 6HOHFWWKHUHPRWHELQILOHDQGFOLFN>2SHQ@ 

$IWHUFRQILUPLQJWKHPHVVDJHLQGLFDWLQJWKHGRZQORDGZDVFRPSOHWHG
VXFFHVVIXOO\FOLFN>2.@ 

&ORVHWKH>+DUGZDUH8SGDWHV@ZLQGRZ 
6KXWWLQJ'RZQWKH6\VWHP
&ORVHWKH6HUYLFH$SSOLFDWLRQ 
&ORVHWKH&OLQLFDO$SSOLFDWLRQ 
6KXW:LQGRZVQRUPDOO\YLDWKH>6WDUW@EXWWRQ 
127(


7KHV\VWHPSRZHUPXVWUHPDLQ2))IRUDPLQLPXPRIVHFRQGVWRDOORZORDGLQJ
XSGDWHGILUPZDUHGXULQJVWDUWXS 




&KDSWHU


 5HSODFLQJWKH&RPSXWHU3RZHU6XSSO\

 6ZLWFKWKHSRZHU2))IRUDOOV\VWHPFRPSRQHQWV 

 5HPRYHWKHFRPSXWHUIURPWKHPRQLWRUFDUWDQGGHWDFKWKHVLGHFRYHU
DFFRUGLQJWR5HSODFLQJWKH&RPSXWHU7RZHU 




)DVWHQHU6FUHZV








 5HPRYHWKHIRXU  VFUHZVWKDWKROGWKHSRZHUVXSSO\LQSODFHDQG

GLVFRQQHFWSRZHUVXSSO\FRQQHFWRUOHDGLQJIURPWKHPRWKHUERDUGDQGRWKHU
GHYLFHV 

 5HPRYHWKHROGSRZHUVXSSO\XQLW%HFDUHIXOQRWWRKLWWKH&38SURFHVVRU 

 0RXQWWKHQHZSRZHUVXSSO\ZLWKIRXU  VFUHZV 

 ,QVHUWWKHQHZSRZHUVXSSO\FRQQHFWRUVLQWRWKHPRWKHUERDUG 

 3OXJWKHSRZHUVXSSOO\FRUGEDFNLQWRWKHV\VWHP 

 6ZLWFK21WKH836DQGSRZHUFRQGLWLRQHU LILQVWDOOHG  

 6ZLWFKWKHV\VWHPDQGPRQLWRUSRZHU21DQGFRQILUPWKH\VWDUWXS
SURSHUO\ 

7RVKXWGRZQWKHV\VWHPFOLFNWKH:LQGRZV>6WDUW@EXWWRQWKHQFOLFN>7XUQ
2II&RPSXWHU@>7XUQ2II@ 

6ZLWFKWKHSRZHU2))IRUWKHFRPSXWHULVRODWLRQWUDQVIRUPHU836XQLW
DQGDOOSHULSKHUDOV 

5HDWWDFKWKHVLGHSDQHORQWRWKHFRPSXWHU 
6ZLWFKWKHV\VWHPSRZHU21 



   5HSODFLQJ3DUWV


 5HSODFLQJWKH&'5:'ULYH

 6ZLWFKWKHSRZHU2))IRUDOOV\VWHPFRPSRQHQWV 

 5HPRYHWKHFRPSXWHUIURPWKHPRQLWRUFDUWDQGGHWDFKWKHVLGHFRYHU
DFFRUGLQJWR5HSODFLQJWKH&RPSXWHU7RZHU 

 ,QVWDOOWKHQHZ&'5:GULYHLQWRWKH&'5205:VORW 


 &'5:,QVWDOOHG
 LQ7RS6ORW


 0RXQWLQJ&OLSV







 &RQQHFWSRZHUWRWKH&'5:GULYH 

 6ZLWFKWKHV\VWHPSRZHU21 

 ,IWKHQHZKDUGZDUHGULYHUVDUHQRWDOUHDG\LQVWDOOHGLQ:LQGRZVLQVWDOO
WKHPQRZ 

7HVWLQJWKH&'5:'ULYH
 'RXEOHFOLFNWKH>&UHDWH&'@LFRQRQWKHGHVNWRS 

 7KLVGLVSOD\VWKH>(DV\&'&UHDWRU@PHQX 



&KDSWHU


,QWKHFDVHRI(DV\&'&UHDWRUIROORZWKHSURFHGXUHEHORZ 
 &OLFN>'$7$@ 













&OLFN>'$7$&'@ 













   5HSODFLQJ3DUWV





















8VHWKHPHQXWRVHOHFWDILOHWKHQGUDJLWWRWKHORZHUULJKWER[ 
,QVHUWDEODQN&'DQGFOLFNWKH>&UHDWH&'@EXWWRQORFDWHGRQWKHPHQXDW
WKHWRS 

,QWKHQH[WZLQGRZFOLFN>2.@ 
:KHQILQLVKHGZULWLQJILOHVUHPRYHWKH&'LQVHUWLWLQDVHSDUDWHFRPSXWHU
WRYHULI\WKDWLWLVUHDGDEOH 

&ORVH(DV\&'&UHDWRUDQGRSHQWKH*ROGHQ+DZNVRIWZDUHE\FOLFNLQJWKH
LFRQRQWKHGHVNWRS 

2SHQDWHVWILOH 
:ULWHDGGLWLRQDOGDWDWRWKH&' 
7KHQYHULI\WKDWWKHGDWDZDVZULWWHQSURSHUO\WRWKH&'E\UHYLHZLQJWKH&'
RQDVHSDUDWHFRPSXWHU 

,IWKH&'FDQEHUHYLHZHGWKHWHVWLVILQLVKHG 
,QWKHFDVHRI(DV\&'&UHDWRUIROORZWKHSURFHGXUHEHORZ 
0RYHWKHSRLQWHUDERYH>0DNHD'DWD&'@ 
7KHQPRYHWKHSRLQWHUDERYH>'DWD&'3URMHFW@DQGFOLFN 
8VHWKHPHQXWRVHOHFWWKHQHFHVVDU\ILOHWKHQGUDJLWWRWKHORZHUULJKWER[ 
,QVHUWDEODQN&'DQGFOLFN>5HFRUG@ 
,QWKH>5HFRUG&'6HWXS@ZLQGRZFOLFN>2SWLRQV@ 



&KDSWHU


5HFRUG2SWLRQV 
5HFRUG&'
5HFRUG0HWKRG
)LQDOL]H6HVVLRQ 'RQ W)LQDOL]H&' 7UDFNDWRQFH

&OLFN>6WDUW5HFRUGLQJ@ 
:KHQSURPSWHGWR>6DYH&'3URMHFW&KDQJHV@FOLFN>1R@ 
:KHQILQLVKHGZULWLQJILOHVUHPRYHWKH&'LQVHUWLWLQDVHSDUDWHFRPSXWHU
WRYHULI\WKDWLWLVUHDGDEOH 

7HPSRUDULO\FORVH(DV\&'&UHDWRU 
6WDUWXS(DV\&'&UHDWRU 
:ULWHDGGLWLRQDOGDWDWRWKH&' 
7KHQYHULI\WKDWWKHGDWDZDVZULWWHQSURSHUO\WRWKH&'E\UHYLHZLQJWKH&'
RQDVHSDUDWHFRPSXWHU 

,IWKH&'FDQEHUHYLHZHGWKHWHVWLVILQLVKHG 



   5HSODFLQJ3DUWV


 5HSODFLQJWKH&DPHUD+HDG

5HTXLUHG7RROV3KLOLSV6FUHZGULYHU
$OOHQZUHQFKHV
:LUH&XWWHUV
,QVXORN&DEOH7LHV
&RSSHU3ODWHPPWKLFN
3URFHVV2YHUYLHZ WLPHUHTXLUHGDSSUR[KRXUV[RQHSHUVRQ 
5HPRYHWKHRSWLFDOV\VWHPIURPWKH,,XQLW
p
5HPRYHWKHFDPHUDKHDGIURPWKHRSWLFDOV\VWHP
p
,QVWDOOWKHQHZFDPHUDKHDG
p
,QVWDOOWKHRSWLFDOV\VWHPLQWKH,,XQLWDQGFRQILJXUHFDEOHV
p
6LQFHFDPHUDFKDUDFWHULVWLFVZLOOGLIIHUFDOLEUDWHXVLQJWKH6HUYLFH
$SSOLFDWLRQ


 6ZLWFKWKHSRZHU2))DQGUHPRYHWKH,,FRYHU 



















&KDSWHU


/RRVHQWKHIRXUVFUHZVWKDWIDVWHQWKHRSWLFDOV\VWHP VSDFHGXQLIRUPO\ 7KHVHVFUHZV

DUHHPEHGHGLQWRWKHRSWLFDOV\VWHPDQGFDQQRWEHUHPRYHG7KHORFDWLRQRIWKHVFUHZV
DUHVKRZQEHORZ7KH\DUHDOOORFDWHGDWWKHVDPHKHLJKW













 3URWHFWWKH
OHQVIURP
 FRQWDPLQDWLRQ






 'LVFRQQHFWFDEOHV5HPRYHFRQQHFWRUVLQDGYDQFHXVLQJDIODWEODGH
VFUHZGULYHU 














   5HSODFLQJ3DUWV


 5HPRYHWKHFDPHUDKHDGIURPWKHEDFNVLGH'LVFRQQHFWFDEOHVDVWKH
FDPHUDKHDGLVUHPRYHGIURPWKHRSWLFDOV\VWHP 






 5HPRYHIRXU
VRFNHWEROWV
 IURPKHUH 







 5HPRYHWKHFRYHUIURPWKHQHZFDPHUDKHDG 










 5HYHUVHWKHSURFHGXUHWRLQVWDOOWKHQHZFDPHUDKHDGDQGUHFRQQHFW
FDEOHV 

 6ZLWFKWKHV\VWHPSRZHU21 

 3HUIRUPFDOLEUDWLRQRYHUDFFRUGLQJWRWKH,QVWDOODWLRQ0DQXDO&DPHUD
KHDGVKDYHLQWULQVLFDOO\GLIIHUHQWFKDUDFWHULVWLFV7KHUHIRUHGRQRWXVH
EDFNXSVHWWLQJVGDWDDVZDVGRQHZKHQUHSODFLQJRWKHUFRPSRQHQWV 



&KDSWHU


 ,IWKHUHLVDVLJQLILFDQWVKLIWLQWKH&&'FHQWHUSRLQWORRVHQWKHIDVWHQHUV
DQGDGMXVWWKHSRVLWLRQ 



















 6HUYLFH$SSOLFDWLRQ

&KDSWHU&RQWHQWV

 2SHQLQJWKH6HUYLFH$SSOLFDWLRQ3URJUDP

 6HUYLFH)XQFWLRQV

 6HWWLQJWKH,3$GGUHVV

 ,QWHUIDFH6LJQDO

 %XWWRQVIRU([WHQGHG,PDJLQJ)XQFWLRQV








   6HUYLFH$SSOLFDWLRQ


 2SHQLQJWKH6HUYLFH$SSOLFDWLRQ3URJUDP

7KLVVHFWLRQGHVULEHVWKH6HUYLFH$SSOLFDWLRQXVHULQWHUIDFHDVZHOODVEULHIO\GHVFULELQJ
WKHDYDLODEOHIXQFWLRQV)RUPRUHGHWDLOVDERXWVHWWLQJVFDOLEUDWLRQDQGWHVWLQJIXQFWLRQV
VHHWKHFRUUHVSRQGLQJVHFWLRQRIWKLVPDQXDO 

 6ZLWFKWKHV\VWHPSRZHU21ZKLOHKROGLQJGRZQWKH>6KLIW@NH\ 

 7KLVGLVSOD\VWKH>/RJLQ@ZLQGRZ)ROORZWKHLQVWUXFWLRQVLQWKHZLQGRZWR
HQWHUWKHXVHUQDPHDQGSDVVZRUG2QO\DXWKRUL]HGSHUVRQQHODUHDEOHWR
ORJLQWRWKH6HUYLFH$SSOLFDWLRQ 
'HVLJQDWHG /RJLQ,QIRUPDWLRQ $FFHVV5LJKWV/HYHO
6HUYLFH 8VHU1DPHVHUYLFHDSS $EOHWRDFFHVVPRVWIXQFWLRQDOLW\RI
0DQDJHUV 3DVVZRUG RULRQ &OLQLFDO$SSOLFDWLRQDQG6HUYLFH
$SSOLFDWLRQVRIWZDUH 

x 7KHSDVVZRUGLVFDVHVHQVLWLYH 
x $IWHUIDLOHGDWWHPSWVWRDFFHVVWKH6HUYLFH$SSOLFDWLRQXVLQJDQ
LQFRUUHFWXVHUQDPHRUSDVVZRUGZLOOUHVXOWLQRSHQLQJWKH>&OLQLFDO
$SSOLFDWLRQV@ZLQGRZ 
x &RQWDFWWKHQHWZRUNDGPLQLVWUDWRUUHJDUGLQJDQ\ORJLQSUREOHPV 

 7KH6HUYLFH$SSOLFDWLRQPHQXVFUHHQLVGLVSOD\HG 
















7KH6HUYLFH$SSOLFDWLRQXVHULQWHUIDFHGLVGLYLGHGLQWRWKUHHVHFWLRQV7KHWRS
VHFWLRQLQFOXGHVEXWWRQVIRUH[HFXWLQJWKHVSHFLILHGVHUYLFHIXQFWLRQ7KHPLGGOH
VHFWLRQGLVSOD\VDVHULHVRILQWHUIDFHVLJQDOV7KHERWWRPVHFWLRQLQFOXGHVEXWWRQV
IRUH[HFXWLQJWKHVSHFLILHGH[WHQGHGLPDJLQJIXQFWLRQ 



&KDSWHU


 8VHWKHEXWWRQVLQWKLVVHFWLRQWRSHUIRUPWKHIROORZLQJ
VHUYLFHIXQFWLRQVDQGRWKHUV 
x 8VHU$FFHVVLEOH6HUYLFH,QIRUPDWLRQ
x 6\VWHP6HWWLQJV
x 'LVSOD\LQJ6LJQDOVRQWKH,QWHUIDFH
x 6\VWHP&DOLEUDWLRQ
x ,PDJH4XDOLW\$QDO\VLV
x 'LDJQRVWLFV
x 8WLOLWLHV

'LVSOD\VRQHRIWKHIROORZLQJLQWHUIDFHVLJQDOV 
x >,QSXW@
x >$QDORJ@
x >5HOD\@



8VHWKHEXWWRQVLQWKLVVHFWLRQWRSHUIRUPVSHFLILFH[WHQGHG
LPDJLQJIXQFWLRQVLQFOXGLQJWKHIROORZLQJ 
x (GJH(QKDQFHPHQW
x ,QWHJUDWLRQ
x +RUL]RQWDO5HYHUVH
x 9HUWLFDO5HYHUVH
x 'HIDXOW
x 9HUVLRQ,QIR
x ([LW6HUYLFH$SSOLFDWLRQ



   6HUYLFH$SSOLFDWLRQ




%XWWRQVIRU
 IXQFWLRQVFXUUHQWO\
EHLQJH[HFXWHG
 DUHGLVSOD\HG
 EULJKWHU 
















6HUYFH)XQFWLRQ%XWWRQV
7RH[HFXWHDVSHFLILFVHUYLFHIXQFWLRQFOLFNWKHFRUUHVSRQGLQJEXWWRQ2QFHFOLFNHGWKH
EXWWRQZLOOEHGLVSOD\HGEULJKHUWKDQRWKHUEXWWRQVVKRZQLQWKHZLQGRZ 



&KDSWHU


 6HUYLFH)XQFWLRQV

7KLVZLQGRZLVXVHGWRFRQILJXUHV\VWHPGHIDXOWVHWWLQJVFDOLEUDWHWKHV\VWHPRU
SHUIRUPWHVWV1RWHWKDW,4$FDQQRWEHXVHGDWWKLVSRLQW 
7RWHVWDIOXRURVFRS\IXQFWLRQRIWKHGLJLWDOLDPJHSURFHVVLQJ
V\VWHPFOLFN>)OXRUR@&OLFNLQJ>)OXRUR@DOORZVWHVWLQJFRPSRQHQWV
HYHQZLWKRXWHPLWWLQJDQ\UDGLDWLRQ 
7KH>)OXRUR@EXWWRQZLOOEHGLVSOD\HGZKLWHUGXULQJIOXRURVFRS\ 


7RDFTXLUHIOXRURVFRSLFLPDJHVFOLFN>)OXRUR@

















0DLQ,PDJH:LQGRZDQG6HUYLFH$SSOLFDWLRQ8VHU,QWHUIDFH


   6HUYLFH$SSOLFDWLRQ


7RDFTXLUHVSRWLPDJHVFOLFN>6SRW@7KH>6SRW@EXWWRQZLOOEH
GLVSOD\HGZKLWHUGXULQJH[SRVXUH 




7RDFTXLUHVSRWLPDJHVFOLFN>6SRW@ 
















0DLQ,PDJH:LQGRZDQG6HUYLFH$SSOLFDWLRQ8VHU,QWHUIDFH


&KDSWHU


8VLQJWKLVIXQFWLRQHIIHFWLYHO\DOORZDGMXVWLQJWKHFRQWUDVWOHYHORIWKH
LPDJHGLVSOD\7KH>/87@EXWWRQZLOOEHGLVSOD\HGZKLWHUZKHQ/87LV
HQDEOHG 
0DNLQJFKDQJHVZLOOFKDQJHWKHJDPPD$35VHWWLQJVIRUWKH
FRUUHVSRQGLQJOHIWRUULJKWIRRWVZLWFK 




 &OLFNLQJ>/87@ZLOORSHQWKH
 IXQFWLRQZLQGRZ 













0DLQ,PDJH:LQGRZDQG6HUYLFH$SSOLFDWLRQ8VHU,QWHUIDFH


   6HUYLFH$SSOLFDWLRQ



8VHWKHDUURZWRVHOHFWWKH

GHVLUHGVHWWLQJIURPWKHOLVWRIDOO
 VHWWLQJVWKHQIROORZWKH
 LQVWUXFWLRQVWKDWDUHGLVSOD\HGRQ
 WKHVFUHHQ 

 

 (GLWDEOHSDUDPHWHUVLQFOXGHWKH
IROORZLQJ 

x )OXRUR

x )OXRUR,QYHUW

 x 6SRW

 x 6SRW±LQYHUW

 x 6XEWUDFW
 x 6XEWUDFWB,QYHUW 
 x 5RDG0DS

x 5RDG0DS±,QYHUW



7KH>(GLW@EXWWRQZLOOEH
 GLVSOD\HGSDOHIRUQRQHGLWDEOH
 ILHOGV 



7RFKDQJHDSDUDPHWHUFOLFN>(GLW@DQGOHIWFOLFNRQDVXLWDEOHGDWDSRLQW:KHQDQ;
FXUVRULVGLVSOD\HGGUDJLWDFURVVWKHJUDSKXQWLOWKHUHTXLUHGVHWWLQJLVREWDLQHG1HZ
VHWWLQJVDUHUHIOHFWHGLQWKH>;<@ER[EHORZWKHJUDSK 
x 7RDGGGDWDSRLQWVWRDFXUYHOHIWFOLFNRQWKHFXUYH 
x 7RGHOHWHH[LVWLQJGDWDSRLQWVIURPWKHFXUYHULJKWFOLFNRQHWLPHRQWKHGDWD
SRLQW 

127(


(DFKER[RQWKHJUDSKFRUUHVSRQGVWRDQ;<VHWWLQJ7KHFRUUHVSRQGLQJQXPHULFDO
HTXLYDOHQWLVGLVSOD\HGWRWKHVLGHRIHDFK;<SRLQW 



&KDSWHU


7RUHVHW/87VDYHDVHWWLQJRUH[LWWKHSURJUDPXVHWKHEXWWRQVRQWKHULJKWVLGHRIWKH
ZLQGRZ 

&OLFNWRHGLWWKH/87 6DYHVFKDQJHVWR
FXUUHQWO\GLVSOD\HG  VHWWLQJV 
 
&OLFNLQJWKLVEXWWRQ
GLVSOD\VDOOPRGDOLWLHV &OLFNWRFKDQJHWKH
LQWKHZLQGRZH[FHSW QDPHRIVSHFLILHG
6SRWLPDJHVZLWK/87 /87ZLWKLQWKH
 FKDQJHVVXEWUDFWHG  /876[POILOH 
DQGURDGPDSV 
&OLFNWRFDQFHO 5HWXUQVWRWKH>0DLQ
FKDQJHVDQGUHWXUQWR 6HUYLFH$SSOLFDWLRQ@
 GHIDXOWVHWWLQJV   ZLQGRZ 






;< ;<


 ;<

 ;<
;<

 ;<

 &OLFN>&DQFHO@WRUHVHW
GHIDXOWVHWWLQJV 
 7KLVZLOODOVRFOHDUWKH
 >&XVWRP/87@ER[ 
&RUUHVSRQGVWR
WKHVHWWLQJEHLQJ

DGMXVWHG 





   6HUYLFH$SSOLFDWLRQ


6HOHFWVWKHWHVWSDWWHUQWRXVHIRUPRQLWRUDQGFDPHUDWHVW
SURFHGXUHV7KH>7HVW3DWWHUQV@EXWWRQZLOOEHGLVSOD\HGZKLWHU
ZKHQWKHWHVWSDWWHUQLVHQDEOHG 






&OLFNLQJ>7HVW3DWWHUQV@ZLOORSHQWKH

FRUUHVSRQGLQJIXQFWLRQZLQGRZ 












8VHU,QWHUIDFHIRU0DLQ,PDJH:LQGRZDQG6HUYLFH$SSOLFDWLRQ


&KDSWHU




















 8VHULQWHUIDFHWKDWVKRZVWKH
 WHVWSDWWHUQVWKDWDUHDYDLODEOHWR
WKHV\VWHP 
















   6HUYLFH$SSOLFDWLRQ


 'HWDLOSURFHGXUHLVGHVFULEHGLQFKDSWHU³FRQILJUDWLRQVHWWLQJ 



 &OLFNKHUHWRH[HFXWH
WKH>&RQILJ@IXQFWLRQ 


















&KDSWHU


 'HWDLOSURFHGXUHLVGHVFULEHGLQFKDSWHU³FDOLEUDWLRQ´ 




 &OLFNKHUHWRH[HFXWH
WKH>&DOLE@IXQFWLRQ 
















   6HUYLFH$SSOLFDWLRQ



'HWDLOSURFHGXUHLVGHVFULEHGLQFKDSWHU´6\VWHP
'LDJQRVWLFV´ 







&OLFNLQJ>'LDJ@ZLOORSHQWKH
 FRUUHVSRQGLQJIXQFWLRQZLQGRZ














&KDSWHU


>8SJUDGH@LVXVHGWRXSJUDGHV\VWHPVRIWZDUHRUKDUGZDUH7KLV
IXQFWLRQZRUNVLQFRPELQDWLRQZLWKWKHVRIWZDUH&'SURYLGHGZLWK
XSGDWHV 





 &OLFNLQJ>8SGDWH@ZLOORSHQWKH
 FRUUHVSRQGLQJIXQFWLRQZLQGRZ 













0DLQ,PDJH:LQGRZDQG6HUYLFH$SSOLFDWLRQ8VHU,QWHUIDFH


   6HUYLFH$SSOLFDWLRQ























>8SGDWH@:LQGRZIRU+DUGZDUH


&KDSWHU


&OLFNWKLVEXWWRQWRGLVSOD\WKH:LQGRZV>8WLOLWLHV@ZLQGRZ 

































   6HUYLFH$SSOLFDWLRQ


2SHQVDEODQN>1RWHSDG@ZLQGRZ 


&OLFNWKLVEXWWRQWRGLVSOD\WKH:LQGRZV>'DWH7LPH@ZLQGRZ
,QDGGLWLRQWRGDWHDQGWLPHWKLVZLQGRZDOORZVFKDQJLQJWKH
WLPH]RQHDVZHOO 


&KDSWHU


8VHGWRDFFHVVFRPSXWHUPDQDJHPHQWWRROVVXFKDV
>6\VWHP7RROV@>6WRUDJH@IXQFWLRQVDQG>6HUYLFHVDQG
$SSOLFDWLRQV@ 

8VHWKLVEXWWRQWRVHWWKHODQJXDJHORFDWLRQDQGRWKHU
UHJLRQDORSWLRQVXVHGE\WKHV\VWHP 


   6HUYLFH$SSOLFDWLRQ


8VHWKLVEXWWRQWRFKDQJHWKHWLPHDQGV\PEROFRQYHQWLRQVWR
EHXVHG 


8VHWKLVEXWWRQWRFKDQJHWKHGDWHFRQYHQWLRQVWREHXVHG 


&KDSWHU


8VHWKLVEXWWRQWRFXVWRPL]HWKHNH\ERDUGDFFRUGLQJWRXVHU
VSHFLILFDWLRQV 


   6HUYLFH$SSOLFDWLRQ



x 8VHWKLVEXWWRQWRDGGQHZQHWZRUNFRQHFWLRQVGLDOXS
FRQQHFWLRQV/$1RUDFFHVVRWKHUQHWZRUN
FRPSRQHQWV 
x 7RDGGQHZQHWZRUNLQJFRPSRQHQWVFOLFN>0DNH1HZ
&RQQHFWLRQ@ 

127( 
$FFHVVLQJWKLVIXQFWLRQUHTXLUHVORJJLQJLQDVDQ
DGPLQLVWUDWRU 




&KDSWHU


 6HWWLQJWKH,3$GGUHVV 

127(


7KLVLQIRUPDWLRQVKRXOGRQO\EHXVHGE\WKHQHWZRUNDGPLQLVWUDWRUWRVHW,3
DGGUHVVHVXSRQUHTXHVW 

7RVHWDQ,3DGGUHVVIROORZWKHVWHSVEHORZ 
 &OLFNWKH>1HWZRUN&RQQHFWLRQV@EXWWRQ7KLVZLQGRZLVGLVSOD\HGE\FOLFNLQJ
>6HWWLQJV@>1HWZRUNDQG'LDOXS&RQQHFWLRQV@ 






 &OLFN>/RFDO$UHD&RQQHFWLRQV@ 










   6HUYLFH$SSOLFDWLRQ


 &OLFN>,QWHUQHW3URWRFRO@ 


















 &OLFN>8VHWKH)ROORZLQJ,3DGGUHVV@ 



















&KDSWHU


 (QWHUWKH,3LQIRUPDWLRQLQGLFDWHGLQWKHZLQGRZVKRZQ 

127(


7RGLVSOD\PRUHRSWLRQVFOLFN>$GYDQFHG@  7RQRWGLVSOD\DGGLWLRQDORSWLRQVFOLFN
>2.@WRFORVHWKHZLQGRZ 
















$GGJDWHZD\VLQWKLVZLQGRZ 



   6HUYLFH$SSOLFDWLRQ


 ,QWHUIDFH6LJQDO










7KHLQWHUIDFHVLJQDOLVGLVSOD\HG
 QHDUWKHFHQWHURIWKH6HUYLFH
 $SSOLFDWLRQXVHULQWHUIDFH 







6HOHFWWKH>,QSXW@
>$QDORJ@RU>5HOD\@

PRGHE\FOLFNLQJWKH
FRUUHVSRQGLQJEXWWRQ

7KHVHOHFWHGEXWWRQZLOO
 &XUUHQWVWDWXV
EHGLVSOD\HGEULJKWHU
ZLOOEHGLVSOD\HG
WKDQWKHRWKHUWZR
 LQWKHZLQGRZ
EXWWRQV,QWKLV
 7KLVZLQGRZ
H[DPSOHWKH>,QSXW@
LQGLFDWHVWKH

PRGHLVVHOHFWHG 
VHWWLQJVWKDWDUH
 FXUUHQWO\
 HQWHUHG 




([SDQGHG9LHZ>,QWHUIDFH6LJQDO@:LQGRZ



&KDSWHU


&KDQJLQJ,QWHUIDFH6LJQDOV
&XUUHQWVHWWLQJVDUHGLVSOD\HGQHDUWKHFHQWHURIWKH>6HUYLFH$SSOLFDWLRQ@ZLQGRZLQWKH
>,QWHUIDFH6LJQDOV@EORFN7KLVLQFOXGHVWKUHHW\SHVRIZLQGRZV>,QSXW@>$QDORJ@DQG
>5HOD\@)RUDGHVFULSWLRQRIKRZWRFKDQJHWKHVHVHWWLQJVVHH6\VWHP
$GMXVWPHQWV±*HQHUDWRU/LQHV 
>,QSXW@
6\VWHPGHIDXOWLVVSHFLILHGDVWKHLQSXWVLJQDO 









$WWKLVSRLQWDOOVWDWXVRQWKLV
 V\VWHPDUHVHWWR2))$ZKLWH
ER[LQGLFDWHVDVHWWLQJLV>21@ 









 7RDFFHVVWKH>,QWHUIDFH6LJQDOV@>,QSXW/LQHV@LQWHUDFWLYHPHQXFOLFNLQVLGHWKH
>,QWHUIDFH6LJQDOV@ZLQGRZ 




   6HUYLFH$SSOLFDWLRQ


>$QDORJ@

 &OLFNKHUHWRGLVSOD\WKHXVHU>$QDORJ,QWHUIDFH6LJQDO@EORFN
IURPWKH6HUYLFH$SSOLFDWLRQJUDSKLFXVHULQWHUIDFH 























>,QWHUIDFH6LJQDOV@>$QDORJ,2@0HQX

>5HOD\@




&KDSWHU


 %XWWRQVIRU([WHQGHG,PDJLQJ)XQFWLRQV

7KHVHEXWWRQVDUDHGLVSOD\HGLQWKHWKLUGEORFNRIWKH>6HUYLFH$SSOLFDWLRQ@ZLQGRZIRU
H[HFXWLQJDQGFRQWUROOLQJLPSRUWDQWH[WHQGHGLPDJLQJIXQFWLRQVVXFKDVEULJKWQHVV
FRQWUDVW]RRPHGJHHQKDQFHPHQWLQWHJUDWLRQKRUL]RQWDOYHUWLFDOUHYHUVHDQGGHIDXOW 


























%XWWRQVIRU([WHQGHG,PDJLQJ)XQFWLRQV

%XWWRQ 'HVFULSWLRQ

3RLQWHU


%ULJKWQHVV&RQWUDVW


   6HUYLFH$SSOLFDWLRQ


%XWWRQ 'HVFULSWLRQ

,QWHJUDWLRQ

&OLFNWKLVEXWWRQWRVSHFLI\WKHOHYHORILQWHJUDWLRQ7KHOHYHO
QXPEHULVLQGLFDWHGQXPHULFDOO\RQWKHEXWWRQ.HHSFOLFNLQJWKH
EXWWRQXQWLOWKHLQWHJUDWLRQLVDWWKHGHVLUHGOHYHO 

7KHEXWWRQGLVSOD\FKDQJHVDVIROORZV 


 ,QWHJUDWLRQLV2))

 ,QWHJUDWLRQLVVHWWROHYHO

  ,QWHJUDWLRQLVVHWWROHYHO


  ,QWHJUDWLRQLVVHWWROHYHO

  ,QWHJUDWLRQLVVHWWROHYHO

  0RWLRQFRUUHFWLRQLVVHWWROHYHO

  0RWLRQFRUUHFWLRQLVVHWWROHYHO

  0RWLRQFRUUHFWLRQLVVHWWROHYHO

  0RWLRQFRUUHFWLRQLVVHWWROHYHO


&KDSWHU


%XWWRQ 'HVFULSWLRQ

(GJH(QKDQFHPHQW

&OLFNWKLVEXWWRQWRVSHFLI\WKHOHYHORIHGJHHQKDQFHPHQW7KH
OHYHOQXPEHULVLQGLFDWHGQXPHULFDOO\RQWKHEXWWRQ.HHSFOLFNLQJ
WKHEXWWRQXQWLOUHDFKLQJWKHGHVLUHGOHYHO 
7KHEXWWRQGLVSOD\FKDQJHVDVIROORZV 

  (GJHHQKDQFHPHQWLVVHWWROHYHO


  (GJHHQKDQFHPHQWLVVHWWROHYHO

  (GJHHQKDQFHPHQWLVVHWWROHYHO

  (GJHHQKDQFHPHQWLVVHWWROHYHO

+RUL]RQWDO5HYHUVH


&RORU5HYHUVH


9HUWLFDO5HYHUVH


'HIDXOW


   6HUYLFH$SSOLFDWLRQ


%XWWRQ 'HVFULSWLRQ

9HUVLRQ,QIR

&OLFNWKLVEXWWRQWRGLVSOD\VRIWZDUHYHUVLRQDQGRWKHUUHODWHG
LQIRUPDWLRQ 


([LW
&OLFN>([LW@WRFORVHWKH>6HUYLFH$SSOLFDWLRQ@ZLQGRZDQGUHWXUQWR
 WKHPDLQLPDJLQJZLQGRZ 


&KDSWHU








 6\VWHP$GMXVWPHQWV

&KDSWHU&RQWHQWV

 &RQILJXULQJ6HWWLQJV
 3UHSDUDWLRQ
 6\VWHP&RQILJUDWLRQ
 $35
 *HQHUDWRU/LQHV
 $UFKLYH'HYLFH
 3ULQWHU'HYLFHV
 3DWLHQW'DWD&RQILJUDWLRQ
 &ORVLQJWKH>&RQILJXUDWLRQ@:LQGRZ

 $GMXVWLQJWKH6\VWHP &DOLEUDWLRQ 
 3UHSDUDWLRQ
 $GMXVWLQJWKH)LHOGRI0HDVXUHPHQW9LGHR3DUDPHWHUVDQG
2YHUOD\6HWWLQJV
 $GMXVWLQJWKH,ULV
 $GMXVWLQJWKH9LUWXDO&ROOLPDWRU
 $GMXVWLQJWKH$%6/HYHO
 $GMXVWLQJ',%6/LPLWV
 &ORVLQJWKH>&DOLEUDWLRQ@:LQGRZ








   6\VWHP$GMXVWPHQWV


 &RQILJXULQJ6HWWLQJV

 3UHSDUDWLRQ

 6ZLWFKWKHV\VWHPSRZHU21 
 +ROGGRZQWKH>6KLIW@NH\RQWKHNH\ERDUG IURPLPPHGLDWHO\DIWHUVZLWFKLQJ
WKHSRZHU21XQWLOWKH>/RJ2QWR:LQGRZV@GLDORJER[LVGLVSOD\HG  

 :KHQWKH>/RJ2QWR:LQGRZV@GLDORJER[LVGLVSOD\HGHQWHUWKHXVHUQDPH
DQGSDVVZRUG 
8VHU1DPHVHUYLFHDSS 3DVVZRUGRULRQ
 $IWHUWKH6HUYLFH$SSOLFDWLRQVWDUWVXSFOLFNWKH>&RQILJ@EXWWRQORFDWHGRQ
WKHXSSHUULJKWWRRSHQWKH>&RQILJXUDWLRQ@PHQX7KLVGLVSOD\VWKH
>&RQILJXUDWLRQ@ZLQGRZVKRZQEHORZ 






















&KDSWHU


 6\VWHP&RQILJXUDWLRQ

 2QWKHPHQXDORQJWKHOHIWVLGHFOLFN>6\VWHP&RQILJXUDWLRQ@ 

 'HSHQGLQJRQWKHLQVWDOODWLRQVLWHVWDWXVSDUDPHWHUVPDUNHGZLWKDFLUFOHLQ
WKH&KDQJHVFROXPQGXULQJLQVWDOODWLRQPD\EHFKDQJHG'RQRWFKDQJH
WKHGHIDXOWVHWWLQJVRQSDUDPHWHUZLWKRXWWKHFLUFOHPDUN 


7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ

,QVWDOODWLRQ
6LWH,QIR 6LWH1DPH %ODQN {
6LWH$GGUHVV %ODQN 
7HFKQLFDO6XSSRUW3KRQH1XPEHU %ODQN 
0DQXIDFWXUHU1DPH 6KLPDG]X&RUS 
0DQXIDFWXUHU$GGUHVV 1LVKLQRN\R.XZDEDUDFKR 
1DNDJ\RNX.\RWR

0DQXIDFWXUHU,'  
0RGHO1DPH '6$'LJLWDO6\VWHP 
6\VWHP6HULDO1XPEHU 6HULDO1XPEHURI,PDJH 
3URFHVVRU
H[DPSOH3/ 
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
,QWHUIDFHV 'HWHFWRU7\SH 6PDOO)RUPDW&&'&DPHUD 
,ULV7\SH 'LUHFWFRXSOHG 
$%6&RQWURO5DQJH 9WR96LQJOHHQGHG 
%DVH6\VWHP)UHTXHQF\ +]VHOHFWDEOH 
,QMHFWRU&RQWURO (QDEOHG 
5DG([SRVH21)DLOXUH 'RQRWDFTXLUH 
5DG([SRVH2Q7LPHRXW VHF 
&RQWLQXRXV)OXRUR 6HOHFWDEOH 
)OXRUR3XOVH5DWHV SSV  1RQVHOHFWDEOH 
)OXRUR3XOVH5DWHV SSV  6HOHFWDEOH 
)OXRUR3XOVH5DWHV SSV  6HOHFWDEOH 
)OXRUR3XOVH5DWHV SSV  6HOHFWDEOH 
)OXRUR3XOVH5DWHV SSV  6HOHFWDEOH 
)OXRUR3XOVH5DWHV SSV  6HOHFWDEOH 
)OXRUR3XOVH5DWHV SSV  6HOHFWDEOH 
0D[LPXP6SRW$FTXLVLWLRQ5DWH ISV 
6SRW6XEWUDFW&DOLEUDWLRQ ,QGHSHQGHQW 
   



   6\VWHP$GMXVWPHQWV


7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ

,QVWDOODWLRQ
6\VWHP2SWLRQV 6FDQ&RQYHUWHU 176& {
'LJLWDO+RVW&RQWURO (QDEOHG 
5HIHUHQFH,PDJH'LVSOD\ RQZ7KXPEQDLOV 
7KXPEQDLO)UDPH 7ZRWKLUGV PDUNLQJVIURP {
OHIW 
',&206WRUDJH&RPPLW 'LVDEOHG 
0RGDOLW\3HUIRUPHG3URF6WHS 'LVDEOHG 
3ULQW6KRWVDYH/LPLW  {
3DWLHQW'HOHWH2SHUDWLRQV :LWKZDUQLQJLIQRWDUFKLYHG {

'LVSOD\3ULQW3K\VLFLDQ1DPH 3HUIRUPLQJ3K\VLFLDQ {
3DWLHQWOLVWDUFKLYHVWDWXV 'LVDEOHG 
3DWLHQWOLVWSULQWVWDWXV 'LVDEOHG 
2SDFLILFDWLRQGHOD\ =HURSRVLWLRQ OHIWHGJH  
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
,PDJH3URFHVVLQJ )OXRUR%ULJKWQHVV  
)OXRUR&RQWUDVW  
)OXRUR(GJH/HYHO  
)OXRUR,QWHJUDWLRQ/HYHO  
6SRW%ULJKWQHVV  
6SRW&RQWUDVW  
6SRW(GJH/HYHO  
6SRW3RODULW\  
+5HYHUVH 2)) 
95HYHUVH 2)) 
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
0RQLWRU/87V ,QURRP3ULPDU\ /LQHDUELWV 
,QURRP5HIHUHQFH /LQHDUELWV 
   



&KDSWHU


7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ

,QVWDOODWLRQ
',&20 6WDWLRQ1DPH /RFDO$( {
6HQG$(7LWOH 2(0B6WRUH6&8 {
5HFHLYH$(7LWOH 2(0B6WRUH6&3 {
3ULQW$(7LWOH 2(0B3ULQW6&8 {
:RUNOLVW$(7LWOH 2(0B:RUNOLVW6&8 
4XHU\5HWULHYH$(7LWOH 2(0B45B6&8 
*HQHUDO7LPHRXW  
:DLWIRU$VVRFLDWLRQ5HTXHVW  
:DLWIRU$VVRFLDWLRQ5HSO\  
:DLWIRU$VVRFLDWLRQ5HOHDVH  
1HWZRUNZULWHWLPHRXW  
1HWZRUNFRQQHFWWLPHRXW  
1HWZRUNLQDFWLYLW\WLPHRXW  



   6\VWHP$GMXVWPHQWV


 $35

 2QWKHPHQXDORQJWKHOHIWFROXPQFOLFN>$35@ 

 'HSHQGLQJRQWKHLQVWDOODWLRQVLWHVWDWXVSDUDPHWHUVPDUNHGZLWKDFLUFOHLQ
WKH&KDQJHVFROXPQGXULQJLQVWDOODWLRQPD\EHFKDQJHG  'RQRWFKDQJH
WKHGHIDXOWVHWWLQJVRQSDUDPHWHUZLWKRXWWKHFLUFOHPDUN 


7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ

,QVWDOODWLRQ
)OXRUR (GJH/HYHO 1RQH {
%ULJKWQHVV  {
&RQWUDVW  {
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
6SRW (GJH/HYHO 1RQH {
%ULJKWQHVV  {
&RQWUDVW  {
6XE(GJH/HYHO 1RQH {
6XE%ULJKWQHVV  {
6XE&RQWUDVW  {
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
5RDG0DS (GJH/HYHO  {
%ULJKWQHVV  {
&RQWUDVW  {
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
3ULQWLQJ 3ULQWHU&RQILJXUDWLRQ %ODQN {
3ULQW/D\RXW)RUPDW RQ  {
%DWFK3ULQW3URFHVVLQJ6HWWLQJV /DVW9LHZHG {
%DWFK3ULQW(GJH/HYHO 1RQH {
%DWFK3ULQW3RODULW\ %ODFN&RQWUDVW {
   



&KDSWHU


7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ

,QVWDOODWLRQ
$UFKLYH7UDQVIHU $UFKLYH&RQILJXUDWLRQ %ODQN 
$XWR6HQG 'LVDEOHG {
%DWFK'HYLFH3URFHVVLQJ6HWWLQJV /DVW9LHZHG {
%DWFK'HYLFH(GJH/HYHO 1RQH {
%DWFK'HYLFH3RODULW\ 1RUPDO {
3URFHVV$QQRWDWLRQV 1RQH {



   6\VWHP$GMXVWPHQWV


 *HQHUDWRU/LQHV

 &OLFN>*HQHUDWRU/LQHV@RQWKH0HQXLQWKHOHIWFROXPQ 7KHUHDUHQR

>*HQHUDWRU/LQHV@VHWWLQJVWKDWFDQEHFKDQJHGRQVLWH 


7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ

,QVWDOODWLRQ
7ZR6WDWH,QSXWV )OXRUR21 (QDEOHG 
)OXRUR21 (QDEOHG 
3UHS5DG([S (QDEOHG 
5HT5DG([S (QDEOHG 
5DG([S2Q 'LVDEOHG 
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
$QDORJ,QSXWV 1RDSSOLFDEOHSDUDPHWHUV  
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
$QDORJ2XWSXWV $%6&RQWURO (QDEOHG 
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
'LJLWDO2XWSXWV )OXRUR9'ULYH (QDEOHG  
3XOVH:LGWK PV3XOVH 
3RODULW\ $FWLYH/RZ 
3KDVH'HOD\  
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
5HOD\2XWSXWV 6SRW([SRVH (QDEOHG 
,QMHFWRU6\QF (QDEOHG 



&KDSWHU


 $UFKLYH'HYLFH

2QWKHPHQXDORQJWKHOHIWFROXPQFOLFN>$UFKLYH'HYLFH@ 

7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
$UFKLYH'HYLFH 'HYLFH1DPH ',&20&' 
'ULYH,' '
5RRW'LUHFWRU\ 
)LOH6HW,' 
$SSOLFDWLRQ3URILOH *3 *HQO3XUSRVH &'5
(MHFWGLVNDIWHUZULWH <HV

 3ULQWHU'HYLFHV

2QWKHPHQXDORQJWKHOHIWFROXPQFOLFN>3ULQWHU'HYLFHV@ 
1RVHWWLQJVDUHHQWHUHGIRU3ULQWHU'HYLFHVDWWKHIDFWRU\&KDQJHVHWWLQJV
DVQHFHVVDU\RQVLWH 


 3DWLHQW'DWD&RQILJXUDWLRQ

2QWKHPHQXDORQJWKHOHIWVLGHFOLFN>3DWLHQW'DWD&RQILJXUDWLRQ@ 
'HSHQGLQJRQWKHLQVWDOODWLRQVLWHVWDWXVSDUDPHWHUVPDUNHGZLWKDFLUFOHLQ
WKH&KDQJHVFROXPQGXULQJLQVWDOODWLRQPD\EHFKDQJHG'RQRWFKDQJH
WKHGHIDXOWVHWWLQJVRQSDUDPHWHUZLWKRXWWKHFLUFOHPDUN 


7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ

,QVWDOODWLRQ
3DWLHQW'DWD 3DWLHQW1DPH 5HTXLUHG 
3DWLHQW,' 5HTXLUHG 
'DWHRI%LUWK 8VHG {
*RYHUQPHQW,' 1RW8VHG {
6WXG\&RXQW 8VHG {
6HULHV&RXQW 8VHG {
,PDJH&RXQW 8VHG {
2FFXSDWLRQ 1RW8VHG {
$GGUHVV 1RW8VHG {
&RXQWU\RI5HVLGHQFH 1RW8VHG {
5HJLRQRI5HVLGHQFH 1RW8VHG {
7HOHSKRQH1XPEHU 1RW8VHG {
$OW7HOHSKRQH1XPEHU 1RW8VHG {



   6\VWHP$GMXVWPHQWV


7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ

,QVWDOODWLRQ
6WXG\'DWD 'DWH 5HTXLUHG 
7LPH 5HTXLUHG 
5HIHUULQJ3K\VLFLDQ 8VHG {
3HUIRUPLQJ3K\VLFLDQ 8VHG {
6WXG\,' 5HTXLUHG {
$FFHVVLRQ1XPEHU 5HTXLUHG {
6WXG\'HVFULSWLRQ 8VHG {
3DWLHQW6H[ 8VHG {
3DWLHQW$JH 1RW8VHG {
3DWLHQW+HLJKW 8VHG {
3DWLHQW:HLJKW 8VHG {
6HULHV&RXQW 8VHG {
,PDJH&RXQW 8VHG {
   
7DE 3DUDPHWHU 'HIDXOW6HWWLQJ &KDQJHG'XULQJ
,QVWDOODWLRQ
6HULHV'DWD 6HULHV1XPEHU 8VHG {
/DWHUDOLW\ 1RW8VHG {
'DWH 5HTXLUHG {
7LPH 5HTXLUHG {
3HUIRUPLQJ3K\VLFLDQ 8VHG {
5HIHUULQJ3K\VLFLDQ 8VHG {
'HVFULSWLRQ 8VHG {
%RG\3DUW([DPLQHG 1RW8VHG {
3DWLHQW3RVLWLRQ 1RW8VHG {
5HTXHVWHG3URFHGXUH,' 1RW8VHG {
6FKHGXOHG3URFHGXUH,' 1RW8VHG {
3HUIRUPHG3URFHGXUH,' 1RW8VHG {






&KDSWHU


 &ORVLQJWKH>&RQILJXUDWLRQ@:LQGRZ

&OLFNWKH>6DYH@EXWWRQRQWKHORZHUOHYHOWRVDYHWKHVHWWLQJV 
&OLFN>([LW@LQWKHORZHUOHYHOWRFORVHWKH>&RQILJXUDWLRQ@PHQX 




   6\VWHP$GMXVWPHQWV


 $GMXVWLQJWKH6\VWHP &DOLEUDWLRQ 

&$87,21

7KHFDOLEUDWLRQGDWDIURPWKHYLUWXDOFROOLPDWRUVDYHGLIHLWKHURIWKHIROORZLQJ
GHVFULEHGFDOLEUDWLRQVZHUHSHUIRUPHGFDQEHFRPHFRUUXSWHG(YHQLIDGLIIHUHQW
FDOLEUDWLRQSURFHVVLVSHUIRUPHGDVWKHILQDOVWHSDOZD\VFRQILUPWKHWKHYLUWXDO
FROOLPDWRULVIXQFWLRQLQJSURSHUO\,ILWLVQRWFDOLEUDWHWKHYLUWXDOFROOLPDWRU 

 3UHSDUDWLRQ

 6ZLWFKWKHV\VWHPSRZHU21 

 +ROGGRZQWKH>6KLIW@NH\RQWKHNH\ERDUG IURPLPPHGLDWHO\DIWHUVZLWFKLQJ

WKHSRZHU21XQWLOWKH>/RJ2QWR:LQGRZV@GLDORJER[LVGLVSOD\HG  
 :KHQWKH>/RJ2QWR:LQGRZV@GLDORJER[LVGLVSOD\HGHQWHUWKHXVHUQDPH
DQGSDVVZRUG 
8VHU1DPHVHUYLFHDSS 3DVVZRUGRULRQ

 $IWHUWKH6HUYLFH$SSOLFDWLRQVWDUWVXSFOLFNWKH>&DOLE@EXWWRQORFDWHGRQ
WKHXSSHUULJKWWRRSHQWKH>&DOLEUDWLRQ@PHQX7KLVGLVSOD\VWKH
>&DOLEUDWLRQ@ZLQGRZVKRZQEHORZ ,WPD\EHXVHIXOWRGUDJWKLV
>&DOLEUDWLRQ@ZLQGRZWRWKHUHIHUHQFHPRQLWRU 



















&KDSWHU


 $GMXVWLQJWKH)LHOGRI0HDVXUHPHQW9LGHR3DUDPHWHUVDQG
2YHUOD\6HWWLQJV

0HDVXULQJ)LHOGV9LGHR/HYHO
 &OLFNWKH>6\VWHP$XWR@EXWWRQRQWKHPHQXLQWKHIDUOHIWFROXPQ
>0HDVXULQJ)LHOGV@LVVHOHFWHGLQWKHVHFRQGFROXPQIURPWKHOHIWDQGWKH
>,PDJH@WDELVVHOHFWHGLQWKHFHQWUDOPHQX 

 &OLFNWKH>5XQ@EXWWRQ 
 :KHQWKH&DOLEUDWLRQ6WHS68&&(66)8/PHVVDJHLVGLVSOD\HGDIWHUWKH
VHOHFWHGSDUDPHWHUKDVEHHQDGMXVWHGFOLFN>2.@ 

 &OLFN>1H[W@RQWKHORZHUOHYHOWRPRYHWRWKHQH[WSDUDPHWHU 7RFDOLEUDWH

WKHVDPHSDUDPHWHUDJDLQFOLFN>5XQ@LQVWHDGRI>1H[W@  
7KHIROORZLQJSDUDPHWHUVDUHWKHQDXWRPDWLFDOO\DGMXVWHGLQWKHRUGHU
VKRZQ 
>0HDVXULQJ)LHOG@
>,PDJH@7DE >)OXRUR3XOVHG)OXRUR@
 >6SRW@
>$*&,%6@7DE >)OXRUR3XOVHG)OXRUR,%62))@
 >)OXRUR3XOVHG)OXRUR,%6@
 >)OXRUR3XOVHG)OXRUR,%6@
 >)OXRUR3XOVHG)OXRUR,%6@
 >6SRW@
>9LGHROHYHO@
>$FT/87@7DE >)OXRUR3XOVHG)OXRUR@
 >6SRW@
>*DLQ@7DE >)OXRUR@
 >3XOVHG)OXRUR@
 >6SRW@
>$XWR%ODFN@7DE >)OXRUR3XOVHG)OXRUR@
 >6SRW@

2YHUOD\
$IWHU>0HDVXULQJ)LHOG@DQG>9LGHR/HYHO@SDUDPHWHUVDUHFDOLEUDWHGDQGFDOLEUDWLRQRI
>2YHUOD\@KDVVWDUWHGGRWKHIROORZLQJ 
 6HOHFWWKH>0DQXDO6HWWLQJ@FKHFNER[ 
 :KHQWKH>$UH<RX6XUH"@FRQILUPDWLRQER[LVGLVSOD\HGFOLFN><HV@ 
 $GMXVWWKHVOLGHULQWKH>&LUFOH0DVN'LDPHWHU@DUHDXQWLOLVVKRZQ
EHORZWKHVOLGHUWDE 




   6\VWHP$GMXVWPHQWV


&ORVLQJWKH>&DOLEUDWLRQ@:LQGRZ
 &OLFN>([LW@ 
 :KHQWKH>6DYH&KDQJHV"@GLDORJER[LVGLVSOD\HGFOLFN><HV@ 
:KHQWKH&DOLEUDWLRQVHWWLQJVVDYHGVXFFHVVIXOO\PHVVDJHLVGLVSOD\HG
FOLFN>2.@7KLVFRPSOHWHV>6\VWP$XWR@DGMXVWPHQWV 



&KDSWHU


 $GMXVWLQJWKH,ULV

3UHSDUDWLRQ
 &OLFN>&DOLE@WKHQFOLFN>6\VWHP0DQXDO@RQWKHPHQXLQWKHIDUOHIWFROXPQ 
 &OLFNWKH>,ULV@EXWWRQORFDWHGLQWKHVHFRQGFROXPQIURPWKHOHIW7KLV
GLVSOD\VWKHGLDORJER[EHORZ 
 &RQILUPWKDW>$%6@>$*&@DQG>$XWR%ODFN@DUHDOOVHOHFWHGLQWKH>6WDWXV@
DUHDDQGWKH>'HQVLW\@VOLGHULVLQWKH>'HIDXOW@SRVLWLRQ7KLVDUHDLVQRW
RWKHUZLVHWRXFKHGGXULQJWKHDGMXVWPHQWSURFHVV 

127(


,IWKH>$%6@FKHFNER[LVVHOHFWHGWKH,%6ZLOOVZLWFK21HDFKWLPHWKHPRGHLV
FKDQJHGGXULQJLULVDGMXVWPHQWLQWKHIOXRURVFRS\PRGHZKLFKUHTXLUHVWKH
LQFRQYHQLHQFHRIKDYLQJWRVZLWFKLW2)) UHTXLUHGIRUSDUDPHWHUV
DQG  
&OHDULQJWKH>$%6@FKHFNER[DOORZVVDYLQJWKHWURXEOHRIVZLWFKLQJLW21EXWGRQRW
IRUJHWWRVHOHFWWKHFKHFNER[DJDLQDIWHUILQLVKLQJDGMXVWPHQWV,WKDVQRHIIHFWRQ
DGMXVWLQJWKHLULVLWVHOI 

 3ODFHDFRSSHUSODWHSKDQWRP PPWKLFN RQWKH;UD\HPLVVLRQSRUW$
XQLIRUPSKDQWRPLVUHTXLUHGIRUDGMXVWLQJWKHLULV 

















   6\VWHP$GMXVWPHQWV


$GMXVWLQJ&RQWLQXRXV)OXRURVFRS\LQFK
 2QWKH&DUPFDUWVHW,%6WR2))DQGWXEHYROWDJHWRN9 

 ,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>1RUPDO@ LQFK  

 ,QWKH>)OXRUR5DWH@DUHDVHOHFW>&RQWLQXRXV@ 
 ,QWKH>'RVH@DUHDVHOHFW>/RZ@ 
 &OLFNWKH>5XQ@EXWWRQ $3OHDVHDFWLYDWHPHVVDJHZLOOEHGLVSOD\HG 
7KHQVWDUWIOXRURVFRS\7KHVOLGHULQWKH>,ULV&RQWURO/HYHO@DUHDZLOOPRYH
DQGDXWRPDWLFDOO\ZLOOEHDGMXVWHGWRREWDLQD>&DO/HYHO@RIDSSUR[ 

:KHQWKH&DOLEUDWLRQ6WHS68&&(66)8/PHVVDJHLVGLVSOD\HGDIWHU
ILQLVKLQJDGMXVWPHQWVVKXWRIIIOXRURVFRS\DQGFOLFN>2.@ 

:KHQDGMXVWPHQWVDUHILQVKHG,%6ZLOODXWRPDWLFDOO\VZLWFK21%HVXUHWR
VZWLFK,%62))IRUWKHQH[WWLPHDGMXVWPHQWVDUHPDGHWKHQUHVHWWXEH
YROWDJHWRN9 
,QWKH>'RVH@DUHDVHOHFW>1RUPDO@DQGUHSHDWWKHVDPHDGMXVWPHQWDV
GHVFULEHGLQ6WHSVWR 

,QWKH>'RVH@DUHDVHOHFW>+LJK@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSVWR 

$GMXVWLQJ&RQWLQXRXV)OXRURVFRS\LQFK
2QWKH&DUPFDUWVHW,%6WR2))DQGWXEHYROWDJHWRN9 
,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>0$*@ LQFK  
,QWKH>)OXRUR5DWH@DUHDVHOHFW>&RQWLQXRXV@ 
,QWKH>'RVH@DUHDVHOHFW>/RZ@ 
&OLFNWKH>5XQ@EXWWRQ $3OHDVHDFWLYDWHPHVVDJHZLOOEHGLVSOD\HG 
7KHQVWDUWIOXRURVFRS\7KHVOLGHULQWKH>,ULV&RQWURO/HYHO@DUHDZLOOPRYH
DQGDXWRPDWLFDOO\ZLOOEHDGMXVWHGWRREWDLQD>&DO/HYHO@RIDSSUR[ 

:KHQWKH&DOLEUDWLRQ6WHS68&&(66)8/PHVVDJHLVGLVSOD\HGDIWHU
ILQLVKLQJDGMXVWPHQWVVKXWRIIIOXRURVFRS\DQGFOLFN>2.@ 

:KHQDGMXVWPHQWVDUHILQVKHG,%6ZLOODXWRPDWLFDOO\VZLWFK21%HVXUHWR
VZWLFK,%62))IRUWKHQH[WWLPHDGMXVWPHQWVDUHPDGHWKHQUHVHWWXEH
YROWDJHWRN9 

,QWKH>'RVH@DUHDVHOHFW>1RUPDO@DQGUHSHDWWKHVDPHDGMXVWPHQWDV
GHVFULEHGLQ6WHSVWR 
,QWKH>'RVH@DUHDVHOHFW>+LJK@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSVWR 

$GMXVWLQJ3XOVHG)OXRURVFRS\LQFK
2QWKH&DUPFDUWVHW,%6WR2))DQGWXEHYROWDJHWRN9 
,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>1RUPDO@ LQFK  
,QWKH>)OXRUR5DWH@DUHDVHOHFW>@ $8VHSSV)OXRURPHVVDJHZLOO
EHGLVSOD\HGLQOLJKWEOXH 


&KDSWHU


,QWKH>'RVH@DUHDVHOHFW>/RZ@ 
&OLFNWKH>5XQ@EXWWRQ $3OHDVHDFWLYDWHPHVVDJHZLOOEHGLVSOD\HG 
7KHQVWDUWIOXRURVFRS\7KHVOLGHULQWKH>,ULV&RQWURO/HYHO@DUHDZLOOPRYH
DQGDXWRPDWLFDOO\ZLOOEHDGMXVWHGWRREWDLQD>&DO/HYHO@RIDSSUR[ 

:KHQWKH&DOLEUDWLRQ6WHS68&&(66)8/PHVVDJHLVGLVSOD\HGDIWHU
ILQLVKLQJDGMXVWPHQWVVKXWRIIIOXRURVFRS\DQGFOLFN>2.@ 
&OLFNWKH>6DPHIRUDOO336@EXWWRQORFDWHGGLUHFWO\EHORZWKH>)OXRUR5DWH@
DUHD 7KHISVLULVVHWWLQJZLOOQRZEHDSSOLHGWRDOORWKHUISVUDWHV
LQFOXGLQJDQG 7KHQFOLFN>&DOLEUDWHHDFK336@ 

:KHQDGMXVWPHQWVDUHILQVKHG,%6ZLOODXWRPDWLFDOO\VZLWFK21%HVXUHWR
VZWLFK,%62))IRUWKHQH[WWLPHDGMXVWPHQWVDUHPDGHWKHQUHVHWWXEH
YROWDJHWRN9 

,QWKH>'RVH@DUHDVHOHFW>1RUPDO@DQGUHSHDWWKHVDPHDGMXVWPHQWDV
GHVFULEHGLQ6WHSVWR 
,QWKH>'RVH@DUHDVHOHFW>+LJK@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSVWR 

$GMXVWLQJ3XOVHG)OXRURVFRS\LQFK
2QWKH&DUPFDUWVHW,%6WR2))DQGWXEHYROWDJHWRN9 
,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>0$*@ LQFK  
,QWKH>)OXRUR5DWH@DUHDVHOHFW>@ $8VHSSV)OXRURPHVVDJHZLOO
EHGLVSOD\HGLQOLJKWEOXH 
,QWKH>'RVH@DUHDVHOHFW>/RZ@ 
&OLFNWKH>5XQ@EXWWRQ $3OHDVHDFWLYDWHPHVVDJHZLOOEHGLVSOD\HG 
7KHQVWDUWIOXRURVFRS\7KHVOLGHULQWKH>,ULV&RQWURO/HYHO@DUHDZLOOPRYH
DQGDXWRPDWLFDOO\ZLOOEHDGMXVWHGWRREWDLQD>&DO/HYHO@RIDSSUR[ 

:KHQWKH&DOLEUDWLRQ6WHS68&&(66)8/PHVVDJHLVGLVSOD\HGDIWHU
ILQLVKLQJDGMXVWPHQWVVKXWRIIIOXRURVFRS\DQGFOLFN>2.@ 
&OLFNWKH>6DPHIRUDOO336@EXWWRQORFDWHGGLUHFWO\EHORZWKH>)OXRUR5DWH@
DUHD 7KHISVLULVVHWWLQJZLOOQRZEHDSSOLHGWRDOORWKHUISVUDWHV
LQFOXGLQJDQG 7KHQFOLFN>&DOLEUDWHHDFK336@ 
:KHQDGMXVWPHQWVDUHILQVKHG,%6ZLOODXWRPDWLFDOO\VZLWFK21%HVXUHWR
VZWLFK,%62))IRUWKHQH[WWLPHDGMXVWPHQWVDUHPDGHWKHQUHVHWWXEH
YROWDJHWRN9 
,QWKH>'RVH@DUHDVHOHFW>1RUPDO@DQGUHSHDWWKHVDPHDGMXVWPHQWDV
GHVFULEHGLQ6WHSVWR 
,QWKH>'RVH@DUHDVHOHFW>+LJK@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSVWR 




   6\VWHP$GMXVWPHQWV


$GMXVWLQJ+LJK3XOVH)OXRURVFRS\ ISV LQFK

2QWKH&DUPFDUWVHW,%6WR2))WXEHYROWDJHWRN9DQGIOXRURVFRS\
UDWHWRISV 

,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>1RUPDO@ LQFK  
6HOHFWWKH>0DQXDO6HWWLQJ@FKHFNER[:KHQWKH>$UH<RX6XUH"@
FRQILUPDWLRQER[LVGLVSOD\HGFOLFN><HV@ 
,QWKH>)OXRUR5DWH@DUHDVHOHFW>@ $8VHSSV)OXRURPHVVDJHZLOOEH
GLVSOD\HGLQOLJKWEOXH 
,QWKH>'RVH@DUHDVHOHFW>/RZ@ 
6WDUWIOXRURVFRS\ ZLWKRXWFOLFNLQJ>5XQ@ DGMXVWWKHVOLGHULQWKH>,ULV&RQWURO
/HYHO@DUHDZLWKWKHSRLQWHUVXFKWKDW>&DO/HYHO@LVDSSUR[ WR
 6KXWRIIIOXRURVFRS\DQGUHFRUGWKH>,ULV&RQWURO/HYHO@YDOXH ,WZLOOEH
XVHGODWHUIRU>'RVH@DQG>)OXRUR5DWH@  

,QWKH>'RVH@DUHDVHOHFW>1RUPDO@ 
6WDUWIOXRURVFRS\DQGXVHWKHSRLQWHUWRDGMXVWWKHVOLGHUDQGREWDLQWKH>,ULV
&RQWURO/HYHO@YDOXHUHFRUGHGLQ6WHSDERYH%HVXUHWRPRYHWKHVOLGHU
&RQILUPWKDW>&DO/HYHO@LVDSSUR[ 

 ,QWKH>'RVH@DUHDVHOHFW>+LJK@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSDERYH 

,QWKH>)OXRUR5DWH@DUHDVHOHFW>@ $8VHSSV)OXRURPHVVDJH
ZLOOEHGLVSOD\HGLQOLJKWEOXH 

,QWKH>'RVH@DUHDVHOHFW>/RZ@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSDERYH 
,QWKH>'RVH@DUHDVHOHFW>1RUPDO@DQGUHSHDWWKHVDPHDGMXVWPHQW
SURFHGXUHDVGHVFULEHGLQ6WHSDERYH 

,QWKH>'RVH@DUHDVHOHFW>+LJK@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSDERYH 

$GMXVWLQJ+LJK3XOVH)OXRURVFRS\ ISV LQFK
2QWKH&DUPFDUWVHW,%6WR2))WXEHYROWDJHWRN9DQGIOXRURVFRS\
UDWHWRISV 

,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>0$*@ LQFK  
6HOHFWWKH>0DQXDO6HWWLQJ@FKHFNER[:KHQWKH>$UH<RX6XUH"@
FRQILUPDWLRQER[LVGLVSOD\HGFOLFN><HV@ 

,QWKH>)OXRUR5DWH@DUHDVHOHFW>@ $8VHSSV)OXRURPHVVDJHZLOOEH
GLVSOD\HGLQOLJKWEOXH 

,QWKH>'RVH@DUHDVHOHFW>/RZ@ 
6WDUWIOXRURVFRS\ ZLWKRXWFOLFNLQJ>5XQ@ DGMXVWWKHVOLGHULQWKH>,ULV&RQWURO
/HYHO@DUHDZLWKWKHSRLQWHUVXFKWKDW>&DO/HYHO@LVDSSUR[ WR
 6KXWRIIIOXRURVFRS\DQGUHFRUGWKH>,ULV&RQWURO/HYHO@YDOXH ,WZLOOEH
XVHGODWHUIRU>'RVH@DQG>)OXRUR5DWH@  

,QWKH>'RVH@DUHDVHOHFW>1RUPDO@ 


&KDSWHU


6WDUWIOXRURVFRS\DQGXVHWKHSRLQWHUWRDGMXVWWKHVOLGHUDQGREWDLQWKH>,ULV
&RQWURO/HYHO@YDOXHUHFRUGHGDERYH%HVXUHWRPRYHWKHVOLGHU&RQILUP
WKDW>&DO/HYHO@LVDSSUR[ 

,QWKH>'RVH@DUHDVHOHFW>+LJK@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSDERYH 
,QWKH>)OXRUR5DWH@DUHDVHOHFW>@ $8VHSSV)OXRURPHVVDJH
ZLOOEHGLVSOD\HGLQOLJKWEOXH 
,QWKH>'RVH@DUHDVHOHFW>/RZ@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSDERYH 

,QWKH>'RVH@DUHDVHOHFW>1RUPDO@DQGUHSHDWWKHVDPHDGMXVWPHQW
SURFHGXUHDVGHVFULEHGLQ6WHSDERYH 

,QWKH>'RVH@DUHDVHOHFW>+LJK@DQGUHSHDWWKHVDPHDGMXVWPHQWSURFHGXUH
DVGHVFULEHGLQ6WHSDERYH 

$GMXVWLQJ6SRW)OXRURVFRS\LQFK
2QWKH&DUPFDUWVHWWXEHYROWDJHWRN9 
&OLFNWKH>6SRW@WDEWRRSHQ>6SRW$GMXVWPHQW0RGH@ZLQGRZ 
,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>1RUPDO@ LQFK  
,QWKH>0RGH@DUHDVHOHFW>6SRW@ 
&OLFNWKH>5XQ@EXWWRQ $3OHDVHDFTXLUHPHVVDJHZLOOEHGLVSOD\HG 
7KHQSUHVVWKHULJKWIRRWVZLWFKWRVWDUWFRQWLQRXVVSRWIOXRURVFRS\ ISV 
7KHVOLGHULQWKH>,ULV&RQWURO/HYHO@DUHDZLOOPRYHDQGDXWRPDWLFDOO\ZLOOEH
DGMXVWHGWRREWDLQD>&DO/HYHO@RIDSSUR[ 

:KHQWKH&DOLEUDWLRQ6WHS68&&(66)8/PHVVDJHLVGLVSOD\HGDIWHU
ILQLVKLQJDGMXVWPHQWVUHOHDVHWKHIRRWVZLWFKVKXWRIIFRQWLQXRXVVSRW
IOXRURVFRS\DQGFOLFN>2.@ 

,QWKH>0RGH@DUHDVHOHFW>6XEWUDFWHG@DQGUHSHDWWKHVDPHDGMXVWPHQW
SURFHGXUHDVGHVFULEHGLQ6WHSVWRDERYH 

$GMXVWLQJ6SRW)OXRURVFRS\LQFK
2QWKH&DUPFDUWVHWWXEHYROWDJHWRN9 
,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>0$*@ LQFK  
,QWKH>0RGH@DUHDVHOHFW>6SRW@ 
&OLFNWKH>5XQ@EXWWRQ $3OHDVHDFTXLUHPHVVDJHZLOOEHGLVSOD\HG 
7KHQSUHVVWKHULJKWIRRWVZLWFKWRVWDUWFRQWLQRXVVSRWIOXRURVFRS\ ISV 
7KHVOLGHULQWKH>,ULV&RQWURO/HYHO@DUHDZLOOPRYHDQGDXWRPDWLFDOO\ZLOOEH
DGMXVWHGWRREWDLQD>&DO/HYHO@RIDSSUR[ 
:KHQWKH&DOLEUDWLRQ6WHS68&&(66)8/PHVVDJHLVGLVSOD\HGDIWHU
ILQLVKLQJDGMXVWPHQWVUHOHDVHWKHIRRWVZLWFKVKXWRIIFRQWLQXRXVVSRW
IOXRURVFRS\DQGFOLFN>2.@ 

,QWKH>0RGH@DUHDVHOHFW>6XEWUDFWHG@DQGUHSHDWWKHVDPHDGMXVWPHQW
SURFHGXUHDVGHVFULEHGLQ6WHSVWRDERYH 



   6\VWHP$GMXVWPHQWV


 $GMXVWLQJWKH$%6/HYHO

3UHSDUDWLRQ
 &OLFN>&DOLE@WKHQFOLFN>6\VWHP0DQXDO@RQWKHPHQXLQWKHIDUOHIWFROXPQ
1RWQHFHVVDU\LIDOUHDG\LQWKH>6\VWHP0DQXDO@PRGH 
 &OLFN>$%6@RQWKHPHQXLQWKHVHFRQGFROXPQIURPWKHOHIW $Q(QDEOH
$%6&RQWUROPHVVDJHLVGLVSOD\HGEXWLJQRUHLW  
$%6/HYHO
0DNHVXUHWKHLULVLVDGMXVWHGEHIRUHVWDUWLQJWKLVDGMXVWPHQW

 &RQILUPWKDWWKH>$%6/HYHO@WDEZDVFOLFNHG 
 ,QWKH&DUPPDLQSDQHOVHOHFW>1RUPDO@DQG>&RQWLQXRXV@DQGVHW>,%6@WR
21 
 &OLFNWKH>5XQ@EXWWRQ $3OHDVHDFWLYDWHPHVVDJHZLOOEHGLVSOD\HG 
7KHQVWDUWIOXRURVFRS\:KHQWKH&DOLEUDWLRQ6WHS68&&(66)8/
PHVVDJHLVGLVSOD\HGDIWHUILQLVKLQJDGMXVWPHQWVVKXWRIIIOXRURVFRS\DQG
FOLFN>2.@ 

127(


8VHWKHLULVYDOXHIURPZKHQLWZDVDGMXVWHGHDUOLHUDQGDGMXVWWKH$%6/HYHOVXFK
WKDW,%6VWDELOL]HVDWD&DO/HYHOQHDU 
,IWKLVDGMXVWPHQWLVSHUIRUPHGLQWKHPDQXDOPRGHWKHEULJKWQHVVOHYHODWZKLFKWKH
,%6VWDELOL]HVFDQEHDGMXVWHGEXWWKLVQRWUHFRPPHQGHG 

$%65HVSRQVH
 &OLFNWKH>$%65HVSRQVH@WDE 

 6HOHFWWKH>0DQXDO6HWWLQJ@FKHFNER[:KHQWKH>$UH<RX6XUH"@
FRQILUPDWLRQER[LVGLVSOD\HGFOLFN><HV@ 

 2QWKH&DUPPDLQSDQHOVHOHFW>ISV@DQG>1RUPDO@DQGVHW>,%6@WR21
7KLVDXWRPDWLFDOO\VHOHFWVWKH>3XOVHG)OXRUR@FKHFNER[RQWKHULJKWVLGH 
 2IWKHWKUHHGLDJORJER[HVIRU>*DLQ@>/DJ@DQG>/HDG@VHW>*DLQ@WRDSSUR[
 WR 6HW>/DJ@DQG>/HDG@WR]HUR%HVXUHWRPRYHDOOVOLGHUVDW
OHDVWRQFHEHIRUHDGMXVWLQJVHWWLQJVWRYDOXHVLQGLFDWHGDERYH 
2QWKH&DUPSDQHOVHOHFW>&RQWLQXRXV@DQGVZLWFKIOXRURVFRS\21IRU
DSSUR[VHFRQG7KLVDXWRPDWLFDOO\VHOHFWVWKH>)OXRUR@FKHFNER[RQWKH
ULJKWVLGH 

2IWKHWKUHHGLDJORJER[HVIRU>*DLQ@>/DJ@DQG>/HDG@VHW>*DLQ@WRDSSUR[
 WR 6HW>/DJ@DQG>/HDG@WR]HUR%HVXUHWRPRYHDOOVOLGHUVDW
OHDVWRQFHEHIRUHDGMXVWLQJVHWWLQJVWRYDOXHVLQGLFDWHGDERYH 

127(


,QFUHDVLQJWKH>*DLQ@YDOXHZLOOGHFUHDVHWKH,%6UHVSRQVHUDWHEXWDOVRLQFUHDVHV
WKHULVNRIRYHUVKRRW7KHUHIRUHLWLVQRWUHFRPPHQGHG 



&KDSWHU


 $GMXVWLQJWKH9LUWXDO&ROOLPDWRU

3UHSDUDWLRQ
 &OLFN>&DOLE@WKHQFOLFN>6\VWHP0DQXDO@RQWKHPHQXLQWKHIDUOHIWFROXPQ
1RWQHFHVVDU\LIDOUHDG\LQWKH>6\VWHP0DQXDO@PRGH 
 &OLFN>*HQHUDWRU@RQWKHPHQXLQWKHVHFRQGFROXPQIURPWKHOHIW 
 'LDORJER[HVPD\EHGLVSOD\HGUHJDUGLQJ>&XUUHQW&LUFOH0DVN@RU
>&DOLEUDWLRQ&LUFOH0DVN@EXWLIVRFOLFN>2.@WRFORVHWKHP'RQRWFOLFNWKH
>,QLWLDO9DOXH@EXWWRQ 

$GMXVWPHQW
 ,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>1RUPDO@ LQFK  

 3HUIRUPIOXRURVFRS\  
 ,QWKH>&DOLEUDWLRQ6HOHFWRU@DUHDVHOHFW>3DUDOOHO/DUJH2SHQLQJ@ 
 $GMXVWWKH>&ROOLPDWRU$SSHUWXUH6L]H@VOLGHUVRWKDWWKHFROOLOPDWRUSRVLWLRQ
RQWKHPRQLWRUDOLJQVZLWKWKHYLUWXDOOLQH 

 6HOHFW>3DUDOOHO6PDOO2SHQLQJ@DQGUHSHDW6WHS 
 6HOHFW>2FWDJRQDO/DUJH2SHQLQJ@DQGUHSHDW6WHS 
6HOHFW>2FWDJRQDO6PDOO2SHQLQJ@DQGUHSHDW6WHS 
$GMXVW>5RWDLRQ#GHJ@DQG>5RWDWLRQ#GHJUHHV@E\PRYLQJWKH
>&ROOLPDWRU5RWDWLRQ$GMXVW@VOLGHU 
,QWKH>,,)LHOGRI9LHZ@DUHDVHOHFW>0$*@ LQFK  
5HSHDW6WHSVWR 


127(


&DOLEUDWLQJRWKHUSDUDPHWHUVPD\DIIHFWYLUWXDOFROOLPDWLRQGDWD7KHUHIRUH
ZKHQHYHUDQRWKHUSDUDPHWHULVFDOLEUDWHGEHVXUHWRFRQILUPWKDWYLUWXDOFROOLPDWLRQ
LVFDOLEUDWHGODVWDQGUHFDOLEUDWHLIQHFHVVDU\ 





   6\VWHP$GMXVWPHQWV


 $GMXVWLQJ',%6/LPLWV

$GMXVWPHQW
 &OLFN>&DOLE@WKHQFOLFN>6\VWHP0DQXDO@RQWKHPHQXLQWKHIDUOHIWFROXPQ
1RWQHFHVVDU\LIDOUHDG\LQWKH>6\VWHP0DQXDO@PRGH 
 &OLFN>9LGHROHYHO@RQWKHPHQXLQWKHIDUOHIWFROXPQ 
 &OLFNWKH>*DLQ@WDE 
 &OLFN>6HW/LPLWV@LQWKH>',%6@DUHD 
 6HW>/RZ3HUFHQW@WRDQG>+LJK3HUFHQW@WRWKHQFOLFN>2.@ 




 &ORVLQJWKH>&DOLEUDWLRQ@:LQGRZ

 :KHQILQLVKHGZLWKDOODGMXVWPHQWVFOLFN>([LW@ 
 :KHQWKH>6DYH&KDQJHV"@GLDORJER[LVGLVSOD\HGFOLFN><HV@ 
 :KHQWKH&DOLEUDWLRQVHWWLQJVVDYHGVXFFHVVIXOO\PHVVDJHLVGLVSOD\HG
WKHSURFHVVLVILQLVKHG 


127(

$IWHUFDOLEUDWLRQLVILQLVKHGDOZD\VFRQILUPIXQFWLRQDOLW\LQDOOPRGHV