%)*22'5,&+ý$(5263$&(

'(ð,&,1*ý$1'ý63(&,$/7<ý6<67(06
81,2172:1ñý2+

35(6685(ý5(*8/$725
%)*ý3$57ý180%(5
ê(êëäëðì

&$1$'$,5ý3$57ý180%(5
1çæêðëíëä

&20321(17ý0$,17(1$1&(ý0$18$/
:,7+
,//8675$7('ý3$576ý/,67

êåðéíðíé 3DJHý7ðì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
5(&25'ý2)ý5(9,6,216

5(9,6,21ý 5(9,6,21 '$7( 5(9,6,21ý 5(9,6,21 '$7(

12ï '$7( ,16(57(' %< 12ï '$7( ,16(57(' %<

êåðéíðíé 3DJHý55ðì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
5(&25'ý2)ý5(9,6,216ýðý&217,18('

5(9,6,21ý 5(9,6,21 '$7( 5(9,6,21ý 5(9,6,21 '$7(

12ï '$7( ,16(57(' %< 12ï '$7( ,16(57(' %<

êåðéíðíé 3DJHý55ðë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
5(&25'ý2)ý7(0325$5<ý5(9,6,216

7(0325$5< 3$*(
5(9,6,21 180%(56 '$7( '$7(
180%(5 $))(&7(' ,16(57(' %< 5(029(' %<

êåðéíðíé 3DJHý575ðì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
5(&25'ý2)ý7(0325$5<ý5(9,6,216ýðý&217,18('

7(0325$5< 3$*(
5(9,6,21 180%(56 '$7( '$7(
180%(5 $))(&7(' ,16(57(' %< 5(029(' %<

êåðéíðíé 3DJHý575ðë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
5(&25'ý2)ý6(59,&(ý%8//(7,16

6(59,&(ý ,668(ý '$7(ý 6(59,&(ý ,668(ý '$7(ý

%8//(7,1 '$7( ,1&25325$7('ý %< %8//(7,1 '$7( ,1&25325$7('ý %<

êåðéíðíé 3DJHý6%/ðì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
5(&25'ý2)ý6(59,&(ý%8//(7,16ýðý&217,18('

6(59,&(ý ,668(ý '$7(ý 6(59,&(ý ,668(ý '$7(ý

%8//(7,1 '$7( ,1&25325$7('ý %< %8//(7,1 '$7( ,1&25325$7('ý %<

êåðéíðíé 3DJHý6%/ðë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
/,67ý2)ý())(&7,9(ý3$*(6

6XEMHFW 3DJH 'DWH 6XEMHFW 3DJH 'DWH

7LWOH 7ðì 1RYýêíîìäää 6SHFLDOý7RROVñý)L[WXUHVñ äííì 1RYýêíîìäää

(TXLSPHQWñýDQG äííë 1RYýêíîìäää
5HFRUGýRIý5HYLVLRQV 55ðì 1RYýêíîìäää &RQVXPDEOHV
55ðë 1RYýêíîìäää
,OOXVWUDWHGý3DUWVý/LVW ìíííì 1RYýêíîìäää
5HFRUGýRIý7HPSRUDU\ 575ðì 1RYýêíîìäää ìíííë 1RYýêíîìäää
5HYLVLRQV 575ðë 1RYýêíîìäää ìíííê 1RYýêíîìäää
ìíííé 1RYýêíîìäää
5HFRUGýRIý6HUYLFH 6%/ðì 1RYýêíîìäää ìíííè 1RYýêíîìäää
%XOOHWLQV 6%/ðë 1RYýêíîìäää

/LVWýRIý(IIHFWLYHý3DJHV /(3ðì 1RYýêíîìäää

7DEOHýRIý&RQWHQWV 7î&ðì 1RYýêíîìäää

,QWURGXFWLRQ ,QWURðì 1RYýêíîìäää

,QWURðë 1RYýêíîìäää

'HVFULSWLRQýDQG ì 1RYýêíîìäää
2SHUDWLRQ ë 1RYýêíîìäää
ê 1RYýêíîìäää
é 1RYýêíîìäää
è 1RYýêíîìäää

7HVWLQJýDQGý)DXOW ìííì 1RYýêíîìäää

,VRODWLRQ ìííë 1RYýêíîìäää
ìííê 1RYýêíîìäää
ìííé 1RYýêíîìäää
ìííè 1RYýêíîìäää

'LVDVVHPEO\ êííì 1RYýêíîìäää

êííë 1RYýêíîìäää
êííê 1RYýêíîìäää

&OHDQLQJ éííì 1RYýêíîìäää

&KHFN èííì 1RYýêíîìäää

èííë 1RYýêíîìäää
èííê 1RYýêíîìäää

5HSDLU çííì 1RYýêíîìäää

çííë 1RYýêíîìäää

$VVHPEO\ æííì 1RYýêíîìäää

æííë 1RYýêíîìäää
æííê 1RYýêíîìäää
æííé 1RYýêíîìäää

)LWVýDQGý&OHDUDQFHV åííì 1RYýêíîìäää

êåðéíðíé 3DJHý/(3ðì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
7$%/(ý2)ý&217(176
6(&7,21 3$*(

,QWURGXFWLRQý ýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï ,QWURðì

'HVFULSWLRQýDQGý2SHUDWLRQý ïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï ì

7HVWLQJýDQGý)DXOWý,VRODWLRQ ýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï ìííì

6FKHPDWLFVýDQGý:LULQJý'LDJUDPVïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï 1RWý$SSOLFDEOH

'LVDVVHPEO\ ïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï êííì

&OHDQLQJýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï éííì

&KHFNýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï èííì

5HSDLU ïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï çííì

$VVHPEO\ ýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï æííì

)LWVýDQGý&OHDUDQFHVýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï åííì

6SHFLDOý7RROVñý)L[WXUHVñýý(TXLSPHQWñýDQGý&RQVXPDEOHVïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï äííì

,OOXVWUDWHGý3DUWVý/LVW ýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýïýï ìíííì

êåðéíðíé 3DJHý7î&ðì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
,1752'8&7,21

7$6.ýêåðéíðíéðääíðåíì

ìï *HQHUDO

$ï 7KLVýFRPSRQHQWýPDLQWHQDQFHýPDQXDOýKDVýEHHQýZULWWHQýWRýWKHýVWDQGDUGVýLQý$LUý7UDQVSRUWý
$VVRFLDWLRQýõ$7$ôý6SHFLILFDWLRQýìííïý7KLVýPDQXDOýJLYHVýWKHýGDWDýQHFHVVDU\ýWRýGRý
PDLQWHQDQFHýIXQFWLRQVýWKDWýUDQJHýIURPýHDV\ýFKHFNVýDQGýUHSODFHPHQWVýWRýIXOOýVKRSýW\SHýUHSDLUý
RIý3UHVVXUHý5HJXODWRUñý3DUWý1Rïýê(êëäëðìïýý7KHýUHSDLUýSDUWVýIRUýWKHýSUHVVXUHýUHJXODWRUýPXVWý
EHýREWDLQHGýIURPýDSSURYHGý%)*RRGULFKý$HURVSDFHýGLVWULEXWRUVï

%ï 7KLVýPDQXDOýLVýGLYLGHGýLQWRýWKHýVHFWLRQVýLQýWKHýOLVWýEHORZã

õìô 7LWOHý3DJH

õëô 5HFRUGýRIý5HYLVLRQV

õêô /LVWýRIý(IIHFWLYHý3DJHV

õéô 7DEOHýRIý&RQWHQWV

õèô ,QWURGXFWLRQ

õçô 3URFHGXUHVýDQGý,3/ý6HFWLRQV

&ï 5HIHUýWRýWKHý7DEOHýRIý&RQWHQWVýIRUýWKHýSDJHýORFDWLRQýRIýDSSOLFDEOHýVHFWLRQVïýý7KHýOHWWHUVý1î$ý
VKRZýWKHýVHFWLRQýRUýVHFWLRQVýWKDWýDUHýQRWýDSSOLFDEOHïýý$ýIODJýQRWHýZLWKýDQýDVWHULVNýVKRZVýWKDWý
QRýVSHFLDOýLQVWUXFWLRQVýDUHýVXSSOLHGýVLQFHýWKHýIXQFWLRQýFDQýEHýGRQHýXVLQJýVWDQGDUGýVKRSý
SURFHGXUHVï

'ï 7KLVýPDQXDOýZLOOýEHýFKDQJHGýDVýQHFHVVDU\ýE\ýUHYLVLRQVïý6HUYLFHý%XOOHWLQVýDUHýVHQWý
LQGHSHQGHQWO\ïý7KHýHIIHFWýRIýWKHý6HUYLFHý%XOOHWLQVýRQýWKLVýPDQXDOýZLOOýEHýVKRZQýRQýWKHý
DSSOLFDEOHýOLVWýRIý6HUYLFHý%XOOHWLQVï

(ï $ýGHVFULSWLRQýRIýKRZýWRýXVHýWKHý,OOXVWUDWHGý3DUWVý/LVWýõ,3/ôýLVýVXSSOLHGýLQýWKHýLQWURGXFWLRQýWRýWKDWý
VHFWLRQï

)ï $OOýZHLJKWVýDQGýPHDVXUHPHQWVýLQýWKLVýPDQXDOýDUHýLQý8ï6ïýõ(QJOLVKôýXQLWVñýIROORZHGýE\ýWKHý6,ý
õ,QWHUQDWLRQDOý6\VWHPýRIý8QLWVôýHTXLYDOHQWýLQýSDUHQWKHVHVï

*ï 7KLVýPDQXDOýZLOOýEHýFKDQJHGýDVýQHFHVVDU\ýWRýVKRZýWKHýFXUUHQWýGDWDï

7$6.ýêåðéíðíéðääíðåíë

ëï 9HULILFDWLRQ

$ï 7KHýVHFWLRQVýRIýWKHýPDQXDOýLQýWKHýOLVWýEHORZýKDYHýEHHQýYHULILHGýE\ýVLPXODWLRQýRQýWKHýGDWHVý
VKRZQï

êåðéíðíé 3DJHý,QWURðì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

7HVWLQJýDQGý)DXOWý,VRODWLRQ 0DUFKýìíñýëííí
'LVDVVHPEO\ 0DUFKýìíñýëííí
$VVHPEO\ 0DUFKýìíñýëííí

7$6.ýêåðéíðíéðääíðåíê

êï 6SHFLDOý3UHFDXWLRQV

$ï :DUQLQJVñýFDXWLRQVñýDQGýQRWHVýLQýWKLVýPDQXDOýVKRZýWKHýLPSRUWDQWýSRLQWVýDVýWKH\ýEHFRPHý
QHFHVVDU\ïý7KHýZDUQLQJVýJLYHýWKHýGDWDýWKDWýPXVWýEHýIROORZHGýWRýSUHYHQWýLQMXU\ýWRýSHUVRQQHOý
DQGîRUýSRVVLEOHýGHDWKïý7KHýFDXWLRQVýFRQWDLQýWKHýGDWDýWKDWýPXVWýEHýIROORZHGýWRýSUHYHQWý
GDPDJHýWRýHTXLSPHQWïý7KHýQRWHVýKHOSýWKHýWHFKQLFLDQýDQGýPDNHýWKHýZRUNýHDVLHUï

7$6.ýêåðéíðíéðääíðåíé

éï /LVWýRIý$EEUHYLDWLRQV

$ï 7KHýDEEUHYLDWLRQVýDQGýDFURQ\PVýLQýWKHýOLVWýEHORZýDUHýXVHGýLQýWKLVýPDQXDOï

$7$ $LUý7UDQVSRUWý$VVRFLDWLRQ
&$*( &RPPHUFLDOýDQGý*RYHUQPHQWý(QWLW\
)6&0 )HGHUDOý6XSSO\ý&RGHýIRUý0DQXIDFWXUHUV
,3/ ,OOXVWUDWHGý3DUWVý/LVW
,62 ,QWHUQDWLRQDOý2UJDQL]DWLRQýIRUý6WDQGDUGL]DWLRQ
1%6 1DWLRQDOý%XUHDXýRIý6WDQGDUGV
SVLJ SRXQGVýSHUýVTXDUHýLQFKñýJDXJH
6&)0 VWDQGDUGýFXELFýIHHWýSHUýPLQXWH
6, ,QWHUQDWLRQDOý6\VWHPýRIý8QLWV
887 XQLWýXQGHUýWHVW

êåðéíðíé 3DJHý,QWURðë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
'(6&5,37,21ý$1'ý23(5$7,21

7$6.ýêåðéíðíéðåæíðåíì

ìï 'HVFULSWLRQ

$ï )XQFWLRQ

õìô 7KHýSUHVVXUHýUHJXODWRUýLVýLQVWDOOHGýLQðOLQHýLQýDýSQHXPDWLFýFLUFXLWïý7KHýXQLWýUHJXODWHVýLQOHWý
SUHVVXUHVýRIýêèýWRýìëíýSVLJýõëéìýWRýåëæýN3DJôýDWýIORZýUDWHVýIURPýìýWRýëý6&)0ýõVWDQGDUGý
FXELFýIHHWýSHUýPLQXWHôýõíïíêéýWRýíïíçåýNJîPLQXWHôýWRýDýUHJXODWHGýRXWOHWýSUHVVXUHýRIýëåýWRý
êëýSVLJýõìäêýWRýëëìýN3DJôï

%ï 0DLQý&RPSRQHQWV

õìô 7KHýPDLQýFRPSRQHQWVýRIýWKHýSUHVVXUHýUHJXODWRUýDUHýVKRZQýLQý)LJXUHýìï

õëô 7KHýLQOHWýDQGýRXWOHWýSRUWVýDUHýSHUPDQHQWO\ýPDUNHGý,1ýDQGý287ñýUHVSHFWLYHO\ïý7KHý
DGMXVWPHQWýVHWVFUHZýDOORZVýDGMXVWPHQWýRIýWKHýUHJXODWHGýRXWOHWýSUHVVXUHýGXULQJýEHQFKý
WHVWLQJïý7KHýVHWVFUHZýLVýKHOGýLQýSODFHýZLWKýDýVHOIðORFNLQJýKH[ýQXWñýZKLFKýLVýFRYHUHGýZLWKý
DQWLðWDPSHUýSXWW\ýDIWHUýDGMXVWPHQWï

õêô 3DFNLQJVýDUHýLQVWDOOHGýZKHUHýQHHGHGýWRýSUHYHQWýH[WHUQDOýOHDNDJHï

õéô $ýPRXQWLQJýEUDFNHWýLVýSURYLGHGýIRUýDLUFUDIWýPRXQWLQJïý7KHýEUDFNHWýSURYLGHVýWZRýíïëíêý
LQFKýõèïëýPPôýGLDPHWHUýKROHVýIRUýFXVWRPHUýVXSSOLHGýKDUGZDUHïý,WýDOVRýSURYLGHVýDQý
HOHFWULFDOýERQGLQJýVXUIDFHýWRý0,/ð%ðèíåæñý&ODVVý6ï

õèô 7KHý,1ýDQGý287ýSRUWýILWWLQJVýPDFKLQHGýWRý06êêèìé(íçýõPRGLILHGôýDUHýDQýLQWHJUDOýSDUWý
RIýWKHýIORZýERG\ïýíïåìêýLQFKýõëíïæýPPôýZUHQFKýIODWVýDUHýSURYLGHGýWRýWLJKWHQýWKHýDWWDFKLQJý
DLUýOLQHVïý%RWKýILWWLQJVýDUHýHOHFWULFDOýERQGLQJýVXUIDFHVýWRý0,/ð%ðèíåæñý&ODVVý6ï

õçô 7KHýFRYHUñýUHJXODWRUýERG\ñýDQGýIORZýERG\ýDUHýPDGHýRIýOLJKWZHLJKWñýKLJKýVWUHQJWKý
DOXPLQXPýDOOR\ïý7KHýFRPSRQHQWVýDUHýKDUGýDQRGL]HGý\HOORZýIRUýFRUURVLRQýUHVLVWDQFHïý
(OHFWULFDOýERQGLQJýVXUIDFHVýDUHýFKHPðILOPHGïý

êåðéíðíé 3DJHýì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

0$,1 ',$3+5$*0
&20321(176 68%$66(0%/<
635,1*

&29(5

$'-8670(17
6(76&5(:

02817,1*
%5$&.(7

)/2:
%2'<

3$&.,1*

3233(7

3$&.,1*

5(*8/$725
3233(7 %2'<
635,1*
P

)LJXUHýìï 3UHVVXUHý5HJXODWRU

êåðéíðíé 3DJHýë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
7$6.ýêåðéíðíéðåæíðåíë

ëï 2SHUDWLRQ

$ï 7KHýGLDSKUDJPýVXEDVVHPEO\ýSURYLGHVýIOH[LEOHýVHSDUDWLRQýRIýWKHýVSULQJýFKDPEHUýDQGýLQOHWý
SUHVVXUHýFKDPEHUïý,QOHWýDLUýDWýWKHý,1ýSRUWýIORZVýWKURXJKýWKHýLQOHWýSUHVVXUHýFKDPEHUýDQGý
SRSSHWýVHDWñýDQGýRXWýWKHý287ýSRUWï

%ï $GMXVWPHQWýRIýWKHýVHWVFUHZýLQFUHDVHVýRUýGHFUHDVHVýPHFKDQLFDOýSUHVVXUHýDJDLQVWýWKHýVSULQJý
UHWDLQHUýDQGýVSULQJïý7KLVýFKDQJHVýWKHýVSULQJýSUHVVXUHýDJDLQVWýWKHýGLDSKUDJPýVXEDVVHPEO\ý
DQGýSRSSHWïý7KHýVSULQJýFKDPEHUýLVýUHIHUHQFHGýWRýDPELHQWýSUHVVXUHï

&ï 7KHýLQOHWýDLUýSUHVVXUHýLVýRXWSXWýXQUHJXODWHGýXSýWRýDQýRXWOHWýSUHVVXUHýRIýëåýWRýêëýSVLJýõìäêýWRý
ëëìýN3DJôïý$WýKLJKHUýSUHVVXUHVñýSUHVVXUHýDWýWKHýVHQVLQJýRULILFHýLQFUHDVHVýWKHýSUHVVXUHý
DJDLQVWýWKHýGLDSKUDJPýVXEDVVHPEO\ýWRýFORVHýWKHýSRSSHWïý$WýORZHUýSUHVVXUHVñýGHFUHDVHGý
SUHVVXUHýDJDLQVWýWKHýGLDSKUDJPýVXEDVVHPEO\ýRSHQVýWKHýSRSSHWï

'ï 7KHýQHWýHIIHFWýLVýWRýUHJXODWHýLQOHWýSUHVVXUHVýRIýêèýWRýìëíýSVLJýõëéìýWRýåëæýN3DJôýDWýIORZýUDWHVý
IURPýìýWRýëý6&)0ýõVWDQGDUGýFXELFýIHHWýSHUýPLQXWHôýõíïíêéýWRýíïíçåýNJîPLQXWHôýWRýDýUHJXODWHGý
RXWOHWýSUHVVXUHýRIýëåýWRýêëýSVLJýõìäêýWRýëëìýN3DJôïý7KHýSUHVVXUHýGURSýWKURXJKýWKHýUHJXODWRUýLVý
íïèýSVLýõêýN3DôýPD[LPXPýDWýDýIORZýUDWHýRIýìïíý6&)0ýõíïíêéýNJîPLQXWHôýDQGýæíý°)ýõëìý°&ôï

7$6.ýêåðéíðíéðåæíðåíê

êï 7HFKQLFDOý'DWD

$ï 7HFKQLFDOýGDWDñýRWKHUýWKDQýPRXQWLQJýGLPHQVLRQVñýDUHýJLYHQý7DEOHýìïý$LUFUDIWýPRXQWLQJý
GLPHQVLRQVýDUHýVKRZQýLQý)LJXUHýëï

7DEOHýìï 7HFKQLFDOý'DWD
,WHP 6SHFLILFDWLRQ
2SHUDWLQJý*DVã $LU
7HPSHUDWXUHý5DQJHã
ýýýý2SHUDWLQJý7HPSHUDWXUH ðéíýWRýòìèåý°)ýõðéíýWRýòæíý°&ô
ýýýý6WRUDJHý7HPSHUDWXUH ðçæýWRýòìåèý°)ýõðèèýWRýòåèý°&ô
2SHUDWLQJý3UHVVXUHýõDWý,1ýSRUWôã íýWRýìëíýSVLJýõíýWRýåëæýN3DJô
3URRIý3UHVVXUHã ìåíýSVLJýõìëéìýN3DJô
%XUVWý3UHVVXUHã êçíýSVLJýõëéåëýN3DJô
9DFXXPã ìïíýSVLýõçïäýN3Dô
5HJXODWHGý3UHVVXUHýõDWý287ý êíïíýõ±ëïíôýSVLJýõëíæýõ±ìéôýN3DJôýDWýVSHFLILHGý
SRUWôã LQOHWýSUHVVXUHVñýWHPSHUDWXUHVñýDQGýIORZ
)ORZý5DWLQJã ëý6&)0ýõíïíçåýNJîPLQXWHô
3UHVVXUHý'URSã íïèýSVLýõêïéýN3DôýPD[LPXPýDWýëèýõòíîðìôýSVLJý
õìæëýõòíîðæôýN3DJôýLQOHWýSUHVVXUHýDQGýìïíý6&)0ý
õíïíêéýNJîPLQXWHôýIORZýDWýæíý°)ýõëìý°&ô

êåðéíðíé 3DJHýê
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
7DEOHýìï 7HFKQLFDOý'DWDýðý&RQWLQXHG
,WHP 6SHFLILFDWLRQ
$LUý7HPSHUDWXUHý/LPLWVã
ýýýý$PELHQW ðçæýWRýìåèý°)ýõðèè WRýåè °&ô
ýýýý,QOHW ðéíýWRýìèåý°)ýõðéíýWRýæíý°&ô
(OHFWULFDOý%RQGLQJã 0,/ð%ðèíåæñý&ODVVý6
3RUWýVSHFLILFDWLRQVã 06êêèìé(íçýõPRGLILHGô
:HLJKWã íïçýOEýõíïêýNJô

êåðéíðíé 3DJHýé
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

íïèí ìïæí
õìëïæô õéêïëô
íïêí
íïæè õæïçô íïëíêýõèïìçô
õìäïìô ',$0(7(5ý02817,1*
+2/(6ýõëý3/$&(6ô
íïåìêýõëíïæôý:5(1&+
íïëè )/$76ý%27+ý6,'(6
õçïéô

ìïèè íïìä
õêäïéô õéïåô
ìïçè
õéìïäô
(1'ý3(5
êïêí
06êêèìé(íç
õåêïåô
õ(;&(37ý$6ý6+2:1ô
õëý3/$&(6ô

íïêèýõåïäô
0$;,080 ëïççýõçæïçô
$17,ð7$03(5ý3877<ý 0$;,080 (/(&75,&$/
$33/,('ý$)7(5ý %21',1*
$'-8670(17 685)$&(
íïíå
õìïäô
&(17(5ý2)
ëïçèýõçæïêô *5$9,7<
0$;,080
ìïéí
õêèïçô
287

,1

&(17(5/,1(ý
ëïêç íïèè 2)ý02817,1*
íïéê õèäïäô õìéïíô +2/(6
õìíïäô
íïçèýõìïæô
õ0,1,080ô

127(ãýý7+(ý',0(16,216ý$5(
ýýýýýýýýýýýýý*,9(1ý,1ý,1&+(6ýõ00ôï

)LJXUHýëï $LUFUDIWý0RXQWLQJý'LPHQVLRQV

êåðéíðíé 3DJHýè
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
7(67,1*ý$1'ý)$8/7ý,62/$7,21

7$6.ýêåðéíðíéðåìíðåíì

ìï *HQHUDO

$ï 7KLVýVHFWLRQýFRQWDLQVýEHQFKýWHVWýDQGýIDXOWýLVRODWLRQýSURFHGXUHVïý'RýWKHýWHVWVýEHIRUHý
GLVDVVHPEO\ýWRýLGHQWLI\ýGDPDJHGýFRPSRQHQWVïý'RýWKHýWHVWVýDIWHUýDVVHPEO\ýWRýYHULI\ý
SHUIRUPDQFHïý5HIHUýWRýWKHýIDXOWýLVRODWLRQýSURFHGXUHVýDWýWKHýHQGýRIýWKLVýVHFWLRQýWRýLGHQWLI\ý
FRPSRQHQWVýFDXVLQJýWHVWýDQGýRSHUDWLRQýIDLOXUHVï

7$6.ýêåðéíðíéðåìíðåíë

ëï ([DPLQDWLRQ

$ï %HIRUHýWHVWLQJýVWDUWVñýPDNHýVXUHýWKDWýWKHýSUHVVXUHýUHJXODWRUýUHPRYHGýIURPýWKHýDLUFUDIWýLVýLQý
JRRGýPHFKDQLFDOýFRQGLWLRQýE\ýLQVSHFWLRQýõUHIHUýWRý&KHFNôïý'RýWKHýWHVWLQJýDQGýIDXOWýLVRODWLRQý
RQO\ýDIWHUý\RXýH[DPLQHýWKHýSUHVVXUHýUHJXODWRUýIRUýPHFKDQLFDOýDQGýSK\VLFDOýGHIHFWVï

7$6.ýêåðéíðíéðåìíðåíê

êï 7HVWý(TXLSPHQW

$ï (TXLSPHQWýXVHGýLQýWKHýWHVWLQJýRIýWKHýSUHVVXUHýUHJXODWRUýPXVWýEHýFDOLEUDWHGýDVýVKRZQýLQý0,/ð
67'ðéèççëýRUý,62ýìííìëðìñýRUýPXVWýKDYHýDQýHTXLYDOHQWýFDOLEUDWLRQýWKDWýFDQýEHýIRXQGýLQýDý
1DWLRQDOý%XUHDXýRIý6WDQGDUGVýõ1%6ôýVWDQGDUGïýý,IýFDOLEUDWHGýHTXLSPHQWýLVýQRWýDYDLODEOHñýVHQGý
WKHýSUHVVXUHýUHJXODWRUýWRýDýUHSDLUýVKRSýDSSURYHGýE\ý%)*RRGULFKý$HURVSDFHýIRUýDOOýWKHý
SURFHGXUHVýLQýWKLVýPDQXDOï

%ï 7KHýWHVWýHTXLSPHQWýIRUýWKHýSUHVVXUHýUHJXODWRUýLVýLQý7DEOHýìííìï

127(ã (TXLYDOHQWýDOWHUQDWLYHVýFDQýEHýXVHGýIRUýWKHýLWHPVýEHORZï

7DEOHýìííìï 7HVWý(TXLSPHQW

,WHP ,GHQWLILFDWLRQ 6RXUFHýõ&$*(ý&RGHô

$LUýRUý*1ëýVRXUFH íýWRýëííýSVLJýõíýWRýìêæäýN3DJô /RFDOýSXUFKDVH
)ORZPHWHUñýDLUýRUý*1ë íýWRýëïíý6&)0ýõíýWRýíïíçåýNJîPLQXWHôý /RFDOýSXUFKDVH
)ORZýFRQWUROýYDOYHñýKDQGð /RFDOýSXUFKDVH
RSHUDWHG
3UHVVXUHýJDXJHñýDLUýRUý*1ë íýWRýèíýSVLJýõêéèýN3DJô /RFDOýSXUFKDVH
3UHVVXUHýJDXJHñýDLUýRUý*1ë íýWRýëííýSVLJýõíýWRýìêæäýN3DJô /RFDOýSXUFKDVH
0DQRPHWHU íýWRýèïííýLQ+JýõíýWRýìëæýPP+Jô /RFDOýSXUFKDVH
3UHVVXUHýUHJXODWRUýõRQýDLUý íýWRýëííýSVLýõíýWRýìêæäýN3Dô /RFDOýSXUFKDVH
RUý*1ëýVRXUFHô

êåðéíðíé 3DJHýìííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
7$6.ýêåðéíðíéðåìíðåíé

éï 7HVWý6HWXS

$ï $OOýWHVWVýPXVWýEHýGRQHýDWýVWDQGDUGýODERUDWRU\ýDPELHQWýFRQGLWLRQVñýGHILQHGýDVýIROORZVã

õìô *URXQGýOHYHOýDWPRVSKHULFýSUHVVXUHãýìéïëéýWRýìéïäåýSVLDýõäåýWRýìíêýN3Dôïý$WýëíñíííýIHHWý
õçíäçýPHWHUVôñýDWPRVSKHULFýSUHVVXUHýRIýçïæèýSVLDýõéçýN3Dôï

õëô 7HPSHUDWXUHãýèèýWRýäìý°)ýõìêýWRýêêý°&ôï

õêô +XPLGLW\ãýëíøýWRýåíøï

%ï 7KHýOLVWýEHORZýVKRZVýWKHýWHVWýPHDVXUHPHQWýWROHUDQFHVï

õìô )ORZãý‘ëøïý

õëô 3UHVVXUHãý‘ëýSVLJýõ‘ìéýN3Dôï

õêô 7HPSHUDWXUHãý‘èý°)ýõ‘êý°&ôï

&ï 6HWýXSýWKHýWHVWýHTXLSPHQWýDVýVKRZQýLQý)LJXUHýìííìïýý1RWHýWKDWýWKHýPDQRPHWHUýLVýUHTXLUHGý
RQO\ýIRUýWKHýSUHVVXUHýGURSýWHVWï

'ï $SSO\ýìåíýSVLJýõìëéìýN3DJôïý&KHFNýDOOýILWWLQJVýDQGýWHVWýIL[WXUHVýIRUýOHDNDJHýRUýRWKHUýSUREOHPVïý
7LJKWHQýRUýUHSODFHýLWHPVñýDVýUHTXLUHGï

7$6.ýêåðéíðíéðåìíðåíè

èï 7HVWý3URFHGXUHV

:$51,1*ã $//ý),;785(6ý$1'ý+26(6ý0867ý%(ý5$7('ý6$)(ý)25ýëííý36,ýõìêæäýN3DJôý
23(5$7,21ïý86(ý2)ý/2:(5ý675(1*7+ý),77,1*6ý$1'ý/,1(6ý&$1ý&$86(ý
,1-85<ý'8(ý72ý&20321(17ý583785(ï

$ï 3URRIý3UHVVXUHý7HVW

õìô &ORVHýWKHýIORZýFRQWUROýYDOYHý9ëýõ)LJXUHýìííìôï

õëô 8VHýWKHýSUHVVXUHýUHJXODWRUýYDOYHý9ìýWRýDSSO\ýìåíýWRýìäíýSVLJýõìëéìýWRýìêìíýN3DJôýWRýWKHý
XQLWýXQGHUýWHVWýõ887ôý,1ýSRUWï

127(ã ,IýH[WHUQDOýOHDNDJHñýGLVWRUWLRQñýRUýVXGGHQýORVVýRIýSUHVVXUHýRFFXUVýGXULQJýWKLVý
WHVWñýWKHýYDOYHýLVýGHIHFWLYHï

õêô +ROGýWKHýSUHVVXUHýIRUýìýPLQXWHýZKLOHýFKHFNLQJýIRUýH[WHUQDOýOHDNDJHýDQGýGHIRUPDWLRQï

õéô 'HFUHDVHýWKHýSUHVVXUHýWRýíýSVLJýõíýN3Dôï

êåðéíðíé 3DJHýìííë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

35(6685( 35(6685(
*$*(ý3ì *$*(ý3ë
ëííý36,* èíý36,*ý
õìêæäý.3$*ô õêéèý.3$*ô

887

35(6685( )/2:ý )/2:0(7(5

5(*8/$725 &21752/ íý72ýëïíý6&)0
9$/9(ý9ì 9$/9(ý9ë õíý72ýíïíçåý.*î0,1ô

,1 287

0$120(7(5
õ35(6685(ý'523
7(67ý21/<ô
$,5ý25ý*1 ë
6285&(ý
ëííý36,*
õìêæäý.3$*ô

)LJXUHýìííìï 7HVWý6HWXS

%ï 3UHVVXUHý5HJXODWLRQý7HVWýDQGý$GMXVWPHQW

õìô 6HWý3RLQWý$GMXVWPHQW

õDô &ORVHýWKHýIORZýFRQWUROýYDOYHý9ëýõ)LJXUHýìííìôï

õEô 8VHýWKHýSUHVVXUHýUHJXODWRUýYDOYHý9ìýWRýDSSO\ýæåýWRýåëýSVLJýõèêåýWRýèçèýN3DJôýWRý
WKHý887ý,1ýSRUWï

õFô $GMXVWýWKHýIORZýFRQWUROýYDOYHý9ëýWRýDýIORZýRIýìïíý6&)0ýõíïíêéýNJîPLQXWHôï

õGô /RRVHQýWKHýKH[ýQXWýõëèñý,3/ý)LJXUHýìôýDQGýDGMXVWýWKHýVHWVFUHZýõëíôýXQWLOýWKHýRXWOHWý
SUHVVXUHýDWýJDXJHý*ëýLVýëäïèýWRýêíïèýSVLJýõëíêýWRýëìíýN3DJôï

õHô 7LJKWHQýWKHýKH[ýQXWýõëèôïý9HULI\ýWKDWýWKHýUHJXODWHGýSUHVVXUHýLVýVWLOOýëäïèýWRýêíïèýSVLJý
õëíêýWRýëìíýN3DJôï

õëô +LJKñý7\SLFDOñýDQGý/RZý3UHVVXUHý7HVW

127(ã 5HDGMXVWýWKHýVHWVFUHZýõëíôýDVýQHHGHGýWRýPHHWýWKHýUHTXLUHPHQWVýRIýWKHý
IROORZLQJýWHVWVïý5HIHUýWRýIDXOWýLVRODWLRQýSURFHGXUHVýLQý7DEOHýìííëýLIýWKHý
DGMXVWPHQWýFDQQRWýEHýPDGHï

êåðéíðíé 3DJHýìííê
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
õDô ,QFUHDVHýWKHýLQOHWýSUHVVXUHýWRýììèýWRýìëèýSVLJýõæäêýWRýåçëýN3DJôýDWýDýIORZýRIýìïíý
6&)0ýõíïíêéýNJîPLQXWHôïý7KHýRXWOHWýSUHVVXUHýPXVWýVWD\ýZLWKLQýëåýWRýêëýSVLJýõìäêý
WRýëëìýN3DJôï

õEô 'HFUHDVHýWKHýLQOHWýSUHVVXUHýWRýèíýWRýçíýSVLJýõêéèýWRýéìéýN3DJôýDWýDýIORZýRIýìïíý
6&)0ýõíïíêéýNJîPLQXWHôïý7KHýRXWOHWýSUHVVXUHýPXVWýVWD\ýZLWKLQýëåýWRýêëýSVLJýõìäêý
WRýëëìýN3DJôï

õFô 'HFUHDVHýWKHýLQOHWýSUHVVXUHýWRýêëýWRýêêýSVLJýõëëìýWRýëëåýN3DJôýDWýDýIORZýRIýìïíý
6&)0ýõíïíêéýNJîPLQXWHôïý7KHýRXWOHWýSUHVVXUHýPXVWýVWD\ýZLWKLQýëåýWRýêëýSVLJýõìäêý
WRýëëìýN3DJôï

õGô 5HSHDWýVWHSVýõDôýWKUXýõFôýDWýDýIORZýRIýëïíý6&)0ýõíïíçåýNJîPLQXWHôï

õêô /RFNXSý7HVW

õDô ,QFUHDVHýWKHýLQOHWýSUHVVXUHýWRýììèýWRýìëèýSVLJýõæäêýWRýåçëýN3DJôýDWýDýIORZýRIýìïíý
6&)0ýõíïíêéýNJîPLQXWHôï

õEô &ORVHýWKHýIORZýFRQWUROýYDOYHý9ëýõíý6&)0ýõíýNJîPLQXWHôýIORZôï

õFô :DLWýìýPLQXWHýDQGýPHDVXUHýWKHýRXWOHWýSUHVVXUHýDWýWKHýJDXJHý*ëïý7KHýRXWOHWý
SUHVVXUHýPXVWýEHýOHVVýWKDQýêëýSVLJýõëëìýN3DJôýDIWHUýìýPLQXWHï

õGô 'HFUHDVHýWKHýLQOHWýSUHVVXUHýWRýèíýWRýçíýSVLJýõêéèýWRýéìéýN3DJôýDWýDýIORZýRIýìïíý
6&)0ýõíïíêéýNJîPLQXWHôï

õHô &ORVHýWKHýIORZýFRQWUROýYDOYHý9ëýõíý6&)0ýõíýNJîPLQXWHôýIORZôï

õIô :DLWýìýPLQXWHýDQGýPHDVXUHýWKHýRXWOHWýSUHVVXUHýDWýWKHýJDXJHý*ëïý7KHýRXWOHWý
SUHVVXUHýPXVWýEHýOHVVýWKDQýêëýSVLJýõëëìýN3DJôýDIWHUýìýPLQXWHï

õJô 'HFUHDVHýWKHýLQOHWýSUHVVXUHýWRýêèýWRýéíýSVLJýõëéìýWRýëæçýN3DJôýDWýDýIORZýRIýìïíý
6&)0ýõíïíêéýNJîPLQXWHôï

õKô &ORVHýWKHýIORZýFRQWUROýYDOYHý9ëýõíý6&)0ýõíýNJîPLQXWHôýIORZôï

õLô :DLWýìýPLQXWHýDQGýPHDVXUHýWKHýRXWOHWýSUHVVXUHýDWýWKHýJDXJHý*ëïý7KHýRXWOHWý
SUHVVXUHýPXVWýEHýOHVVýWKDQýêëýSVLJýõëëìýN3DJôýDIWHUýìýPLQXWHï

õéô 3UHVVXUHý'URSý7HVW

õDô ,QVWDOOýWKHýPDQRPHWHUýDVýVKRZQýLQý)LJXUHýìííìï

õEô $SSO\ýëéýWRýëèýSVLJýõìçèýWRýìæëýN3DJôýWRýWKHý887ý,1ýSRUWï

õFô $GMXVWýWKHýIORZýFRQWUROýYDOYHý9ëýWRýDýIORZýRIýìïíý6&)0ýõíïíêéýNJîPLQXWHôï

õGô 8VHýWKHýPDQRPHWHUýWRýPHDVXUHýWKHýSUHVVXUHýGURSýDFURVVýWKHý887ïý7KHýSUHVVXUHý
GURSýPXVWýQRWýH[FHHGýíïèýSVLýõêïéýN3DôýDWýìïíý6&)0ýõíïíêéýNJîPLQXWHôýIORZï

7$6.ýêåðéíðíéðåìíðåíç

êåðéíðíé 3DJHýìííé
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
çï 3RVWð7HVWý3URFHGXUH

$ï 'HFUHDVHýWKHýSUHVVXUHýWRý]HURïý9HQWýWKHýWHVWýVHWXSï

%ï 5HPRYHýWKHý887ýIURPýWKHýWHVWýVHWXSï

&ï 5HIHUýWRýWKHý$66(0%/<ýVHFWLRQýRIýWKLVýPDQXDOýIRUýILQDOýDVVHPEO\ýLQVWUXFWLRQVïý/RFNýWKHý
DGMXVWPHQWýVHWVFUHZýLQýSODFHýZLWKýDQWLðWDPSHUýSXWW\ýDVýVSHFLILHGï

7$6.ýêåðéíðíéðåìíðåíæ

æï )DXOWý,VRODWLRQ

$ï 7DEOHýìííëýJLYHVýWKHýIDXOWýLVRODWLRQýSURFHGXUHVýIRUýSUHVVXUHýUHJXODWRUýPDOIXQFWLRQVïý5HIHUýWRý
,3/ý)LJXUHýìýIRUýLWHPýQXPEHUVýVKRZQýLQýWKHýWDEOHï

7DEOHýìííëï )DXOWý,VRODWLRQ

)DXOW 3UREDEOHý&DXVH &RUUHFWLYHý$FWLRQ

ìï 5HJXODWHGýIORZýQRWýDVý Dï $GMXVWPHQWýVHWVFUHZýõëíôýQRWýDWý 5HIHUýWRýSDUDJUDSKýè%õìôýWRý
VSHFLILHGï VHWýSRLQWï DGMXVWýWKHýVHWVFUHZïý7LJKWHQý
WKHýKH[ýQXWýõëèôýDIWHUý
DGMXVWPHQWï
Eï 5HJXODWRUýERG\ýõèíôýQRWý 5HIHUýWRý',6$66(0%/<ýDQGý
LQVWDOOHGýZLWKýVHQVLQJýRULILFHýRQý $66(0%/<ýWRýYHULI\ýFRUUHFWý
287ýVLGHýRIýIORZýERG\ýõåèôï LQVWDOODWLRQýRIýUHJXODWRUýERG\ï
Fï /HDNDJHýEHWZHHQýSRSSHWýõçèôý 5HIHUýWRý&+(&.ýWRýH[DPLQHý
DQGýVHDWýLQVLGHýUHJXODWRUýERG\ý HDFKýFRPSRQHQWýIRUýGDPDJHâý
õèíôï UHSODFHýWKHýGDPDJHGý
FRPSRQHQWï
Gï &XWñýWRUQñýRUýLQHODVWLFý 5HIHUýWRý&+(&.ýWRýH[DPLQHý
GLDSKUDJPýVXEDVVHPEO\ýõéèôï HDFKýFRPSRQHQWýIRUýGDPDJHâý
UHSODFHýWKHýGDPDJHGý
FRPSRQHQWï
Hï 'HIRUPHGýRUýSHUPDQHQWO\ýVHWý 5HIHUýWRý&+(&.ýWRýH[DPLQHý
VSULQJýõéíýRUýåíôâýELQGLQJý HDFKýFRPSRQHQWýIRUýGDPDJHâý
EHWZHHQýWKHýSRSSHWýõçèôýDQGý UHSODFHýWKHýGDPDJHGý
UHJXODWRUýERG\ýõèíôï FRPSRQHQWï
ëï ([WHUQDOýOHDNDJHï Dï 'DPDJHGýRUýLQFRUUHFWO\ý 5HSODFHýWKHýSDFNLQJVâýUHIHUýWRý
LQVWDOOHGýSDFNLQJýõèèýRUýçíôâý &+(&.ýWRýH[DPLQHýWKHý
GDPDJHGýSDFNLQJýJURRYHýLQý UHJXODWRUýDQGýIORZýERGLHVýIRUý
UHJXODWRUýERG\ýõèíôýRUýVHDOLQJý GDPDJHâýUHSODFHýWKHýGDPDJHGý
VXUIDFHýLQýIORZýERG\ýõåèôï FRPSRQHQWï
êï 3UHVVXUHýGURSýQRWýDVý Dï &RQWDPLQDWLRQýLQVLGHýUHJXODWRUï 'LVDVVHPEOHýDQGýFOHDQýWKHý
VSHFLILHGï UHJXODWRUâýSD\ýVSHFLDOýDWWHQWLRQý
WRýWKHýSRSSHWýõçèôýDQGý
UHJXODWRUýERG\ýõèíôï

êåðéíðíé 3DJHýìííè
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
',6$66(0%/<

7$6.ýêåðéíðíéðíçíðåíì

ìï *HQHUDO

$ï 5HIHUýWRýWKHýWHVWLQJýDQGýIDXOWýLVRODWLRQýVHFWLRQVýRIýWKLVýPDQXDOýWRýILQGýWKHýFRQGLWLRQýRIýWKHý
FRPSRQHQWýRUýFDXVHýRIýLWVýPDOIXQFWLRQïýý7KHýIDXOWýLVRODWLRQýSURFHGXUHVýILQGýWKHýGHSWKýRIý
GLVDVVHPEO\ýQHFHVVDU\ýWRýUHPRYHýRQO\ýWKHýGHIHFWLYHýFRPSRQHQWïý5HIHUýWRý)LJXUHýêííìýIRUýDý
GLVDVVHPEO\ýVHTXHQFHýFKDUWï

%ï 1RýVSHFLDOýWRROVýRUýIL[WXUHVýDUHýUHTXLUHGï

&ï ,WHPýQXPEHUVýUHIHUHQFHGýLQýWKHýIROORZLQJýSURFHGXUHVýUHIHUýWRý,3/ý)LJXUHýìïý7KHýVHTXHQFHýRIý
LQGH[ýQXPEHUVýDVVLJQHGýWRýWKHýH[SORGHGýYLHZýLOOXVWUDWLRQýLVýDýJHQHUDOýJXLGHýWRýGLVDVVHPEO\ïý

'ï 5HSODFHýDOOýSDFNLQJVýDWýHDFKýRYHUKDXOï

7$6.ýêåðéíðíéðíçíðåíë

ëï 'LVDVVHPEO\ý3URFHGXUHV

$ï 0RXQWýWKHýXQLWýLQýDýSDGGHGýEHQFKýYLVHýZLWKýWKHýDGMXVWPHQWýVHWVFUHZýõëíñý,3/ý)LJXUHýìôýXSïý
7LJKWHQýWKHýEHQFKýYLVHýRQO\ýRQýWKHýIODWýVLGHVýRIýWKHýIORZýERG\ýõåèôï

:$51,1*ã 7+(ý&29(5ý,6ý635,1*ð/2$'('ïý86(ý7+(ý0(7+2'ý63(&,),('ý%(/2:ý72ý
5(029(ý7+(ý6&5(:6ýõìíôý$1'ý6$)(/<ý5(/($6(ý7+(ý635,1*ý
&2035(66,21ïý(<(ý3527(&7,21ý,6ý5(&200(1'('ï

&$87,21ã 7+(ý5(*8/$725ý%2'<ýõèíôý$1'ý$77$&+('ý&20321(176ý:,//ý%(ý
/226(ý21ý7+(ý)/2:ý%2'<ý$)7(5ý5(029$/ý2)ý7+(ý6&5(:6ýõìíôïý86(ý
&$5(ý72ý$92,'ý&20321(17ý/266ý25ý'$0$*(ï

%ï 5HPRYHýWKHýVFUHZVýõìíôýDQGýOLIWýWKHýFRYHUýõèôýDQGýPRXQWLQJýEUDFNHWýõìèôýRIIýWKHýUHJXODWRUý
ERG\ýõèíôïý/RRVHQýRQHýVFUHZñýWKHQýWKHýRSSRVLWHýVFUHZñýDQGýVRýRQýLQýDýSDWWHUQýWRýVDIHO\ý
UHOHDVHýWKHýVSULQJýFRPSUHVVLRQï

127(ã 5HPRYDOýRIýWKHýVFUHZVýõìíôýDQGýFRYHUýõèôýJLYHVýPDLQWHQDQFHýDFFHVVýWRýDOOý
FRPSRQHQWVýRIýWKHýUHJXODWRUïý7KHýDGMXVWPHQWýVHWVFUHZýõëíôñýIRUýH[DPSOHñýGRHVýQRWý
KDYHýWRýEHýUHPRYHGýLQýRUGHUýWRýUHSODFHýWKHýVSULQJýõéíôýRUýSRSSHWýõçèôïý5HIHUýWRýWKHý
GLVDVVHPEO\ýVHTXHQFHýFKDUWýLQý)LJXUHýêííìýWRýGHWHUPLQHýZKLFKýFRPSRQHQWVýPXVWý
EHýUHPRYHGýIRUýPDLQWHQDQFHýDFFHVVï

&ï 6OLGHýWKHýPRXQWLQJýEUDFNHWýõìèôýRIIýWKHýFRYHUýõèôï

êåðéíðíé 3DJHýêííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

35(6685(
5(*8/$725

&29(5ýõèô

02817,1*
%5$&.(7ýõìèô

635,1*
$'-8670(17 5(7$,1(5ýõêèô
6(76&5(:ýõëíô
635,1*ýõéíô

',$3+5$*0
68%$66(0%/<ýõéèô

5(*8/$725
%2'<ýõèíô )/2:
%2'<ýõåèô
3$&.,1*6
õèèý$1'ýçíô

3233(7ýõçèô

635,1*ýõåíô

)LJXUHýêííìï 'LVDVVHPEO\ý6HTXHQFHý&KDUW

'ï 5HPRYHýWKHýDGMXVWPHQWýVHWVFUHZýõëíôýDQGýUHODWHGýFRPSRQHQWVñýDVýIROORZVã

127(ã 7KHýSRVLWLRQýRIýWKHýDGMXVWPHQWýVHWVFUHZýõëíôýGHWHUPLQHVýWKHýUHJXODWHGýDLUýSUHVVXUHïý
,WýLVýVHWýGXULQJýEHQFKýWHVWLQJýRIýWKHýUHJXODWRUñýDQGýWKHQýVHDOHGýZLWKýDQWLðWDPSHUýSXWW\ïý
5HPRYHýWKHýDGMXVWPHQWýVHWVFUHZýRQO\ýLIýLWýRUýWKHýFRYHUýõèôýPXVWýEHýUHSODFHGï

õìô 5HPRYHýWKHýDQWLðWDPSHUýSXWW\ýIURPýRYHUýWKHýKH[ýQXWýõëèôï

õëô 5HPRYHýWKHýKH[ýQXWýõëèôñýZDVKHUýõêíôñýDQGýDGMXVWPHQWýVHWVFUHZýõëíôýIURPýWKHýFRYHUý
õèôï

êåðéíðíé 3DJHýêííë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
(ï 5HPRYHýWKHýVSULQJýUHWDLQHUýõêèôñýVSULQJýõéíôñýDQGýGLDSKUDJPýVXEDVVHPEO\ýõéèôýIURPýWKHý
UHJXODWRUýERG\ýõèíôï

&$87,21ã 7+(ý%21'('ý0$7(5,$/ý,1ý7+(ý+($'ý2)ý7+(ý3233(7ýõçèôý0867ý)8//<ý
6($/ý$*$,167ý7+(ý6($7ý,16,'(ý7+(ý5(*8/$725ý%2'<ýõèíôïý'$0$*(ý72ý
7+(ý3233(7ý25ý6($7ý&$1ý&$86(ý,17(51$/ý/($.$*(ï

)ï &DUHIXOO\ýUHPRYHýWKHýUHJXODWRUýERG\ýõèíôýZLWKýLQVWDOOHGýSRSSHWýõçèôýIURPýWKHýIORZýERG\ýõåèôïý
8VHýFDUHýWRýDYRLGýGDPDJHýWRýWKHýSRSSHWýDQGýERG\ýVHDOLQJýVXUIDFHVï

*ï 5HPRYHýDQGýGLVFDUGýWKHýSDFNLQJVýõèèýDQGýçíôýIURPýWKHýUHJXODWRUýERG\ýõèíôï

+ï 5HPRYHýWKHýUHWDLQLQJýULQJýõæíôñýZDVKHUýõæèôñýDQGýVSULQJýõåíôïý&DUHIXOO\ýVOLGHýWKHýSRSSHWýõçèôý
IURPýWKHýUHJXODWRUýERG\ýõèíôïý8VHýFDUHýWRýDYRLGýGDPDJHýWRýWKHýSRSSHWýDQGýERG\ýVHDOLQJý
VXUIDFHVï

,ï 5HPRYHýWKHýIORZýERG\ýõåèôýIURPýWKHýEHQFKýYLVHï

êåðéíðíé 3DJHýêííê
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
&/($1,1*

7$6.ýêåðéíðíéðìçíðåíì

ìï &OHDQLQJý0DWHULDOVý/LVW

$ï 7KHýFOHDQLQJýPDWHULDOVýIRUýWKHýSUHVVXUHýUHJXODWRUýDUHýVKRZQýLQý7DEOHýéííìï

127(ã (TXLYDOHQWýDOWHUQDWLYHVýFDQýEHýXVHGýIRUýWKHýLWHPVýEHORZï

7DEOHýéííìï &OHDQLQJý0DWHULDOVý/LVW

,WHP ,GHQWLILFDWLRQ 6RXUFHýõ&$*(ý&RGHô

%UXVKñýVWLIIðEULVWOHñýQRQPHWDOOLF )HGHUDOý6SHFLILFDWLRQý+ð%ðìéí /RFDOýSXUFKDVH
&ORWKñýOLQWðIUHHý 0LOLWDU\ý6SHFLILFDWLRQý0,/ð&ðåèíéê /RFDOýSXUFKDVH
3ODVWLFýEDJ /RFDOýSXUFKDVH
6ROYHQWñýFOHDQLQJý )HGHUDOý6SHFLILFDWLRQý3ð'ðçåíñý /RFDOýSXUFKDVH
7\SHýê

7$6.ýêåðéíðíéðìçíðåíë

ëï &OHDQLQJý3URFHGXUH

:$51,1*ã 7+(ý&/($1,1*ý62/9(176ý$5(ý)/$00$%/(ý$1'ý32,621286ïýý86(ý7+(ý
62/9(176ý,1ý$1ý$5($ý7+$7ý+$6ý*22'ý9(17,/$7,21ïýý.((3ý)520ý23(1ý
)/$0(ïýý'2ý127ý%5($7+(ý7+(ý9$3256ïý'2ý127ý/(7ý7+(ý62/9(176ý
728&+ý7+(ý6.,1ïý(<(ý3527(&7,21ý,6ý1(&(66$5<ï

$ï &OHDQýSDUWVýZLWKýDýFORWKýPRLVWýZLWKýWKHýFOHDQLQJýVROYHQWï

%ï 8VHýWKHýVWLIIðEULVWOHýEUXVKýWRýFOHDQýWKHýDUHDVýWKDWýDUHýQRWýHDV\ýWRýDFFHVVï

:$51,1*ã 7+(ý&2035(66('ý$,5ý&$1ý0$.(ý$,5%251(ý3$57,&/(6ý7+$7ý&$1ý&$86(ý
,1-85<ý72ý7+(ý(<(6ïý7+(ý35(6685(ý2)ý7+(ý&2035(66('ý$,5ý0867ý
127ý%(ý025(ý7+$1ýìèý36,*ýõìíêý.3$ôïý(<(ý3527(&7,21ý,6ý1(&(66$5<ï

&ï %ORZýWKHýORRVHýGLUWýDQGýFRQWDPLQDWLRQýIURPýWKHýLQWHUQDOýVXUIDFHVýRIýWKHýSUHVVXUHýUHJXODWRUý
FRPSRQHQWVýZLWKýWKHýFRPSUHVVHGýDLUï

'ï %ORZýWKHýORRVHýGLUWýDQGýFRQWDPLQDWLRQýIURPýWKHýH[WHUQDOýVXUIDFHVýRIýWKHýSUHVVXUHýUHJXODWRUý
FRPSRQHQWVýZLWKýWKHýFRPSUHVVHGýDLUï

(ï 3XWýWKHýFOHDQýSDUWVýLQWRýDýFOHDUýSODVWLFýEDJï

êåðéíðíé 3DJHýéííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
&+(&.

7$6.ýêåðéíðíéðëìíðåíì

ìï *HQHUDO

$ï 7KHýHTXLSPHQWýDQGýPDWHULDOVýUHFRPPHQGHGýIRUýQRQðGLPHQVLRQDOýH[DPLQDWLRQVýDUHýJLYHQýLQý
7DEOHýèííìïý8VHýVWDQGDUGýVKRSýWRROVýIRUýWKHýGLPHQVLRQDOýFKHFNVï

%ï 9LVXDOñýGLPHQVLRQDOñýDQGýQRQGHVWUXFWLYHýFRPSRQHQWýFKHFNýSURFHGXUHVýDUHýJLYHQýLQý7DEOHý
èííëïý*HQHUDOýFKHFNýSURFHGXUHVýDUHýJLYHQýLQýSDUDJUDSKýëñýEHORZï

&ï 8VHýVWURQJýOLJKWýDQGýPDJQLILFDWLRQýRIýéýSRZHUýRUýJUHDWHUýWRýDLGýYLVXDOýH[DPLQDWLRQVï

127(ã (TXLYDOHQWýDOWHUQDWLYHVýFDQýEHýXVHGýIRUýWKHýLWHPVýEHORZï

7DEOHýèííìï &KHFNý7RROVýDQGý0DWHULDOV

,WHP ,GHQWLILFDWLRQ 6RXUFHýõ&$*(ý&RGHô

%ULJKWýOLJKWýõIRUýYLVXDOýFKHFNVô /RFDOýSXUFKDVH
0DJQLI\LQJýJODVVñýéýWRýìí;ý /RFDOýSXUFKDVH
6SULQJýWHVWHUý -RKQý&KDWLOORQýDQGý6RQVñý,QFïâý
ýýýýíýWRýåíýOEIýõíýWRýêçýNJIô åêðêíý.HZý*DUGHQVý5Gïâý
ýýýýíýWRýëýLQFKHVýõíýWRýèýFPô -DPDLFDñý1<ýýììéìèýõ9ììæìíô

7$6.ýêåðéíðíéðëìíðåíë

ëï *HQHUDOý&KHFNý3URFHGXUHV

$ï 9LVXDOO\ýH[DPLQHýDOOýSDUWVýIRUýFOHDQOLQHVVñýFUDFNVñýFRUURVLRQñýGHWHULRUDWLRQñýDQGýREYLRXVýVLJQVý
RIýGDPDJHýVXFKýDVýURXJKýHGJHVñýQLFNVñýDQGýVFUDWFKHVï

127(ã 5RXJKýHGJHVñýQLFNVñýDQGýVFUDWFKHVýDUHýPDWHULDOýWKDWýH[WHQGýDERYHýRUýEHORZýWKHý
QRUPDOýVXUIDFHïý,Iý\RXýGRýQRWýUHPRYHýWKHýURXJKýHGJHVñýQLFNVñýDQGýVFUDWFKHVñýWKHý
SDUWVýDQGýVHDOýVXUIDFHVýZLOOýQRWýHQJDJHýFRUUHFWO\ïýý,IýQLFNVýRUýVFUDWFKHVýOHWýWKHýEDUHý
PHWDOýVKRZýWKURXJKýDýSURWHFWLRQýILQLVKñýUHFRUGýDýGHIHFWýDQGýVFKHGXOHýWKHýSDUWýIRUý
UHSDLUïýý7KHýGHQWVýRUýGDPDJHýPXVWýQRWýEUHDNýWKHýSURWHFWLRQýILQLVKýRUýSUHYHQWýWKHý
QRUPDOýRSHUDWLRQýRIýDOOýSDUWVï

%ï 9LVXDOO\ýH[DPLQHýWKHýSDUWVýIRUýWRRýPXFKýZHDUï

127(ã 7RRýPXFKýZHDUýLVýGHILQHGýDVýDQ\ýREYLRXVýGHIRUPDWLRQýRUýGHWHULRUDWLRQýRIýSDUWVýWKDWý
FDQýDIIHFWýRSHUDWLRQýRIýWKHýSUHVVXUHýUHJXODWRUïý,IýDQ\ýGRXEWýH[LVWVýFRQFHUQLQJýWKHý
VHUYLFHDELOLW\ýRIýDýSDUWñýUHSODFHýWKHýSDUWï

&ï 9LVXDOO\ýH[DPLQHýDOOýWKUHDGHGýSDUWVýIRUýFURVVHGýRUýGDPDJHGýWKUHDGVïý5HSODFHýWKHýSDUWýLIýPRUHý
WKDQýèíýSHUFHQWýRIýRQHýWKUHDGýLVýGDPDJHGïý,IýWKHýSDUWýFDQýEHýUHSDLUHGñýQRWHýWKHýGDPDJHýDQGý
DVVLJQýWKHýSDUWýIRUýUHSDLUï

7$6.ýêåðéíðíéðëìíðåíê

êåðéíðíé 3DJHýèííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
êï 'HWDLOHGý&KHFNý3URFHGXUHV

$ï ([DPLQHýWKHýSUHVVXUHýUHJXODWRUýFRPSRQHQWVýWRýWKHýVWDQGDUGVýLQý7DEOHýèííëïý5HIHUýWRý,3/ý
)LJXUHýìýIRUýLWHPýQXPEHUVýUHIHUHQFHGýLQý7DEOHýèííëï

7DEOHýèííëï &KHFNý3URFHGXUHV
0HWKRGýRI
&RPSRQHQW ,QVSHFWLRQ &KHFNýIRU &RUUHFWLYHý$FWLRQ
&RYHUýõèô 9LVXDO &URVVHGýRUýVWULSSHGýLQWHUQDOýìíðêëý 5HSDLUýWKHýWKUHDGVýRUý
81)ðê%ýWKUHDGVï UHSODFHýWKHýFRYHUýõèôï
9LVXDO 'HIRUPDWLRQâýFUDFNVýDURXQGý 5HSODFHýWKHýFRYHUýõèôï
PRXQWLQJýKROHVï
9LVXDO <HOORZýDQRGL]HýILQLVKýVFUDWFKHGýRUý 5HIHUýWRý0,/ð$ðåçëèñý7\SHý
ZRUQýWRýEDVHýPHWDOâýFRUURVLRQï ,,ñý&ODVVýìñýWRýUHSDLUýWKHý
ILQLVKýZLWKýDORGLQHï
0RXQWLQJý 9LVXDO 'HIRUPDWLRQâýFUDFNVýDURXQGý 5HSODFHýWKHýPRXQWLQJý
EUDFNHWýõìèô PRXQWLQJýKROHVï EUDFNHWýõìèôï
$GMXVWPHQWý 9LVXDO &URVVHGýRUýVWULSSHGýìíðêëý81)ðê$ý 5HSODFHýWKHýDGMXVWPHQWý
VHWVFUHZýõëíô WKUHDGVâýVWULSSHGýKH[ýVORWï VHWVFUHZýõëíôï
6SULQJýõéíô 'LPHQVLRQDO 'HIRUPDWLRQýRUýSHUPDQHQWýVHWâý 5HSODFHýWKHýVSULQJýõéíôï
FKHFNýIRUýVSULQJýUDWHýRIýçëïæýOEîLQFKý
õììïëýNJîFPôñýIUHHýOHQJWKýRIýìïëèý
LQFKýõêìïåýPPôñýDQGýVTXDUHýHQGVâý
WKHýVSULQJýVKRXOGýUROOýVPRRWKO\ýRQý
DýIODWýVXUIDFHï
'LDSKUDJPý 9LVXDO %ULWWOHñýFXWñýRUýLQHODVWLFýGLDSKUDJPâý 5HSODFHýWKHýGLDSKUDJPý
VXEDVVHPEO\ý ORRVHýRUýFUDFNHGýULYHWï VXEDVVHPEO\ýõéèôâýQRýILHOGý
õéèô UHSDLUýLVýDXWKRUL]HGï
5HJXODWRUý 9LVXDO 1LFNVñýEXUUVñýVFUDWFKHVñýRUý 5HSODFHýWKHýUHJXODWRUýERG\ý
ERG\ýõèíô FRUURVLRQýLQýWKHýSDFNLQJýJURRYHVâý õèíôýLIýWKHýGDPDJHýFDXVHVý
WKHýILQLVKýPXVWýEHýVPRRWKýWRýêëý H[WHUQDOýOHDNDJHï
PLFURLQFKHVýõíïåýPLFURPHWHUôï
9LVXDO 1LFNVñýEXUUVñýVFUDWFKHVñýRUý 5HSODFHýWKHýUHJXODWRUýERG\ý
FRUURVLRQýRQýWKHýêíðGHJUHHý õèíôýLIýWKHýGDPDJHýFDXVHVý
LQWHUQDOýSRSSHWýVHDWâýWKHýILQLVKý LQWHUQDOýOHDNDJHï
PXVWýEHýVPRRWKýWRýêëýPLFURLQFKHVý
õíïåýPLFURPHWHUôï
9LVXDO <HOORZýDQRGL]HýILQLVKýVFUDWFKHGýRUý 5HIHUýWRý0,/ð$ðåçëèñý7\SHý
ZRUQýWRýEDVHýPHWDOâýFRUURVLRQï ,,ñý&ODVVýìñýWRýUHSDLUýWKHý
ILQLVKýZLWKýDORGLQHï

êåðéíðíé 3DJHýèííë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
7DEOHýèííëï &KHFNý3URFHGXUHVýðý&RQWLQXHG

0HWKRGýRI
&RPSRQHQW ,QVSHFWLRQ &KHFNýIRU &RUUHFWLYHý$FWLRQ
3RSSHWýõçèô 9LVXDO 'DPDJHGýERQGLQJýPDWHULDOýLQý 5HSODFHýWKHýSRSSHWýõçèôýLIý
SRSSHWýKHDGâýEHQWýVKDQNâýWKHý WKHýGDPDJHýWRýWKHýERQGLQJý
ERQGLQJýPDWHULDOýPXVWýIXOO\ýVHDOý PDWHULDOýFDXVHVýLQWHUQDOý
DJDLQVWýWKHýLQWHUQDOýVHDWýLQýWKHý OHDNDJHâýQRýILHOGýUHSDLUýLVý
UHJXODWRUýERG\ýõèíôï DXWKRUL]HGï
6SULQJýõåíô 'LPHQVLRQDO 'HIRUPDWLRQýRUýSHUPDQHQWýVHWâý 5HSODFHýWKHýVSULQJýõåíôï
FKHFNýIRUýDýOHQJWKýRIýíïìæèý
õ±íïíìèôýLQFKýõéïéèýõ±íïêåôýPPôýDWý
DýWHVWýORDGýRIýíïìèýõ±íïíìíýOEýõíïçæý
õ±íïíéôý1ôâýWKHýHQGVýPXVWýEHý
VTXDUHýDQGýWKHýVSULQJýVKRXOGýUROOý
VPRRWKO\ýRQýDýIODWýVXUIDFHï
)ORZýERG\ýõåèô 9LVXDO 8QUHDGDEOHýLQNðVWDPSHGý ,QNðVWDPSýQHZýLGHQWLILFDWLRQý
LGHQWLILFDWLRQýGDWDï DVýUHTXLUHGýDQGýFRYHUýLQNý
ZLWKýFOHDUýODFTXHUâýUHIHUýWRý
UHSDLUýVHFWLRQýRIýWKLVý
PDQXDOýIRUýLQIRUPDWLRQï
9LVXDO &URVVHGýRUýVWULSSHGýLQWHUQDOýåðêëý 5HSDLUýWKHýWKUHDGVýRUý
81)ðê%ýWKUHDGVýIRUýVFUHZVýõìíôâý UHSODFHýWKHýIORZýERG\ýõåèôï
GDPDJHGýWKUHDGVýRQý,1î287ýSRUWý
ILWWLQJVï
9LVXDO <HOORZýDQRGL]HýILQLVKýVFUDWFKHGýRUý 5HIHUýWRý0,/ð$ðåçëèñý7\SHý
ZRUQýWRýEDVHýPHWDOâýFRUURVLRQï ,,ñý&ODVVýìñýWRýUHSDLUýWKHý
ILQLVKýZLWKýDORGLQHï
1RQðGHVWUXFWLYH ,IýFUDFNVýDUHýLQGLFDWHGýE\ýH[WHUQDOý 5HSODFHýERG\ï
OHDNDJHñýPDJQHWLFýSDUWLFOHýLQVSHFWý
ERG\ýSHUý0,/ð,ðçåçåï

êåðéíðíé 3DJHýèííê
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
5(3$,5

7$6.ýêåðéíðíéðêèíðåíì

ìï 5HSDLUý7RROVýDQGý0DWHULDOV

$ï 5HIHUýWRý7DEOHýçííìýIRUýUHFRPPHQGHGýUHSDLUýWRROVýDQGýPDWHULDOVï

127(ã (TXLYDOHQWýDOWHUQDWLYHVýFDQýEHýXVHGýIRUýWKHýLWHPVýEHORZï

7DEOHýçííìï 5HSDLUý7RROVýDQGý0DWHULDOV

,WHP 6SHFLILFDWLRQî3DUWý1Rï 6RXUFHýõ&$*(ý&RGHô

2YHUFRDWñýLQNýPDUNLQJV
7DSýDQGýGLHýVHW
(321ýåëå 6KHOOý&KHPLFDOý&Rïâ
$ý'LYLVLRQýRIý6KHOOý2LOý&Rïâý
ìý6KHOOý3OD]Dâýý3ï2ïý%R[ýëéçêâý
+RXVWRQñý7;ýýææííìýõ9åçäçìô
/RFDOýSXUFKDVH

7$6.ýêåðéíðíéðêèíðåíë

ëï 5HSDLUý0LQRUý7KUHDGý'DPDJH

&$87,21ã '2ý127ý5(3$,5ý%$'/<ý675,33('ý25ý&5266('ý7+5($'6ý21ý+,*+ð
35(6685(ý&20321(176ïý)/8,'ý&$1ý/($.ý$5281'ý'$0$*('ý7+5($'6ï

$ï 5HSDLUýGDPDJHGýWKUHDGVýZLWKýDQýDSSURSULDWHýGLHýRUýWDSýLIýOHVVýWKDQýèíýSHUFHQWýRIýRQHýWKUHDGý
LVýGDPDJHGïý5HSODFHýQRQðUHSDLUDEOHýSDUWVï

7$6.ýêåðéíðíéðêèíðåíê

êï 5HSODFHý,GHQWLILFDWLRQý,QIRUPDWLRQ

127(ã 8VHýWKLVýSURFHGXUHýWRýUHSODFHýXQUHDGDEOHýLQIRUPDWLRQýLQNðVWDPSHGýRQýWKHýVLGHýRIý
WKHýIORZýERG\ýõåèñý,3/ý)LJXUHýìôï

$ï 5HFRUGýWKHýXQLWýVHULDOýQXPEHUýDQGýPDQXIDFWXUHýGDWHï

%ï 6WULSýWKHýODFTXHUýDQGýLQNðVWDPSýRIIýWKHýVLGHýRIýWKHýIORZýERG\ýõåèôï

&ï ,QNðVWDPSýWKHýLGHQWLILFDWLRQýLQIRUPDWLRQýVKRZQýLQý)LJXUHýçííìýLQýíïíæèýLQFKýõìïäýPPôý
SHUPDQHQWýEODFNýLQNýOHWWHUVïý5HIHUýWRýWKHýQRWHVýPDGHýHDUOLHUýIRUýWKHýXQLWýVHULDOýQXPEHUýDQGý
PDQXIDFWXUHýGDWHï

'ï ,QNðVWDPSý,1ýDQGý287ýLQýWKHýDSSUR[LPDWHýORFDWLRQVýVKRZQýLQýíïìííýLQFKýõëïèýPPôýSHUPDQHQWý
EODFNýLQNýOHWWHUVï

êåðéíðíé 3DJHýçííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

íïíæèý,1&+ íïìííý,1&+
õìïäý00ôý+,*+ õëïèý00ôý+,*+
/(77(56 /(77(56

5(*8/$725ñý$,5ý35(66
%ïý)ïý*22'5,&+
í$--íðê(êëäëðì

287
&$1$'$,5ý1çæêðëíëä

,1
6(5ý12
0)'

)/2:ý%2'<
õ5()ô

)LJXUHýçííìï ,GHQWLILFDWLRQý,QIRUPDWLRQ

(ï :DLWýìíýPLQXWHVýIRUýWKHýLQNýWRýGU\ñýDQGýWKHQýDSSO\ýDýSURWHFWLYHýRYHUFRDWñýDVýIROORZVã

õìô 5HIHUýWRýWKHýSDFNDJHýLQVWUXFWLRQVýWRýPL[ýDQGýEOHQGýWKHý(321ýåëåýRYHUFRDWï

õëô 8VHýDýEUXVKýWRýDSSO\ýDýWKLQýILOPýRIýRYHUFRDWýRYHUýWKHýGU\ýLQNï

êåðéíðíé 3DJHýçííë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
$66(0%/<

7$6.ýêåðéíðíéðéçíðåíì

ìï *HQHUDO

$ï 7KLVýVHFWLRQýFRQWDLQVýUHDVVHPEO\ýDQGýVWRUDJHýLQVWUXFWLRQVïý7KHýRUGHUýRIýDVVHPEO\ýVWDUWVýZLWKý
WKHýORZHVWýVXEDVVHPEO\ýRUýSLHFHýSDUWýDQGýSURFHHGVýWRýWKHýFRPSOHWHýSUHVVXUHýUHJXODWRUïý6NLSý
XQQHFHVVDU\ýVWHSVýLIýWKHýSUHVVXUHýUHJXODWRUýLVýDOUHDG\ýSDUWLDOO\ýDVVHPEOHGï

%ï 5HIHUýWRý7DEOHýæííìýIRUýUHFRPPHQGHGýDVVHPEO\ýPDWHULDOVïý5HIHUýWRý,3/ý)LJXUHýìýIRUýLWHPý
QXPEHUVýJLYHQýLQýWKHýDVVHPEO\ýSURFHGXUHVï

127(ã (TXLYDOHQWýDOWHUQDWLYHVýFDQýEHýXVHGýIRUýWKHýLWHPVýEHORZï

7DEOHýæííìï $VVHPEO\ý0DWHULDOV

,WHP 6SHFLILFDWLRQî3DUWý1Rï 6RXUFHýõ&$*(ý&RGHô

3XWW\ñýDQWLðWDPSHU /RFDOýSXUFKDVH
/XEULFDQWñý2ðULQJ 6XSDUý2ðULQJýOXEULFDQW 3DUNHUý'LVWULEXWLQJý&Rïñý,QFïâýäéíý(ïý
$GDPVý6Wïâý-DFNVRQYLOOHñý)/ýýêëëíëý
õ9í(í8ëô

7$6.ýêåðéíðíéðéçíðåíë

ëï $VVHPEO\ý3URFHGXUHV

127(ã 5HIHUýWRý)LJXUHýæííìýIRUýDýFURVVðVHFWLRQýYLHZýRIýWKHýSUHVVXUHýUHJXODWRUïý5HIHUýWRý,3/ý
)LJXUHýìýIRUýDQýH[SORGHGýYLHZï

$ï 0RXQWýWKHýIORZýERG\ýõåèñý,3/ý)LJXUHýìôýLQýDýSDGGHGýEHQFKýYLVHýZLWKýWKHýRSHQýVLGHýXSýDVý
VKRZQýLQý)LJXUHýæííìïý7LJKWHQýWKHýEHQFKýYLVHýRQO\ýRQýWKHýIODWýVLGHVýRIýWKHýIORZýERG\ï

&$87,21ã 7+(ý%21'('ý0$7(5,$/ý,1ý7+(ý+($'ý2)ý7+(ý3233(7ýõçèôý0867ý)8//<ý
6($/ý$*$,167ý7+(ý6($7ý,16,'(ý7+(ý35(6685(ý5(*8/$725ý%2'<ýõèíôïý
'$0$*(ý72ý7+(ý3233(7ý25ý6($7ý&$1ý&$86(ý,17(51$/ý/($.$*(ï

%ï &DUHIXOO\ýLQVHUWýWKHýSRSSHWýõçèôýWKURXJKýWKHýSUHVVXUHýUHJXODWRUýERG\ýõèíôïý8VHýFDUHýWRýDYRLGý
GDPDJHýWRýWKHýSRSSHWýDQGýERG\ýVHDOLQJýVXUIDFHVï

&ï +ROGýWKHýSRSSHWýõèèôýOLJKWO\ýDJDLQVWýWKHýVHDOLQJýVXUIDFHýLQVLGHýWKHýSUHVVXUHýUHJXODWRUýERG\ý
õèíôïý)URPýWKHýRWKHUýVLGHýRIýWKHýSUHVVXUHýUHJXODWRUýERG\ñýLQVWDOOýWKHýVSULQJýõåíôñýZDVKHUýõæèôñý
DQGýUHWDLQLQJýULQJýõæíôýRQýWKHýSRSSHWïý0DNHýVXUHýWKHýUHWDLQLQJýULQJýLVýSURSHUO\ýVHDWHGýLQýWKHý
SRSSHWýJURRYHï

'ï /LJKWO\ýFRDWýWKHýSDFNLQJVýõèèýDQGýçíôýZLWKý2ðULQJýOXEULFDQWïý8VHýVWDQGDUGýVKRSýDLGVýWRýLQVWDOOý
WKHýSDFNLQJVýRQýWKHýSUHVVXUHýUHJXODWRUýERG\ýõèíôýZLWKRXWýWZLVWVýRUýSHUPDQHQWýGHIRUPDWLRQï

(ï 2ULHQWýWKHýSUHVVXUHýUHJXODWRUýERG\ýõèíôýVRýWKHýVHQVLQJýRULILFHýLVýORFDWHGýRQýWKHý287ýVLGHýRIý
WKHýIORZýERG\ýõåèôïý&DUHIXOO\ýLQVWDOOýWKHýSUHVVXUHýUHJXODWRUýERG\ýRQýWKHýIORZýERG\ï

êåðéíðíé 3DJHýæííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

02817,1*
%5$&.(7
õìèô

$ $

6&5(:ýõìíô
õéý3/$&(6ô

$'-8670(17
6(76&5(:
+(;ý187 õëíô
õëèô
:$6+(5ý
õêíô &29(5
õèô
635,1*ý
5(7$,1(5 635,1*
õêèô õéíô

',$3+5$*0
68%$66(0%/<
5(*8/$725 õéèô
%2'<ýõèíô
5(7$,1,1* :$6+(5
5,1*ýõæíô õæèô

3$&.,1* 635,1*
õçíô õåíô

)/2:
%2'<
3$&.,1* 3233(7
õåèô
õèèô õçèô
127(ã ,7(0ý180%(56ý,1
6(&7,21 $ýðý$ 3$5(17+(6(6ý5()(5
72ý,3/ý),*85(ýìï
EJíéíDíìïFJP

)LJXUHýæííìï &URVVð6HFWLRQý$VVHPEO\ý9LHZ

êåðéíðíé 3DJHýæííë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
)ï ,QVWDOOýWKHýGLDSKUDJPýVXEDVVHPEO\ýõéèôñýVSULQJýõéíôñýDQGýVSULQJýUHWDLQHUýõêèôýLQýWKHýSUHVVXUHý
UHJXODWRUýERG\ýõèíôïý0DNHýVXUHýWKHýGLDSKUDJPýLVýFHQWHUHGýLQýDQGýIXOO\ýH[WHQGHGýRXWýRYHUýWKHý
SUHVVXUHýUHJXODWRUýERG\ýPRXQWLQJýIDFHï

*ï 6OLGHýWKHýPRXQWLQJýEUDFNHWýõìèôýRYHUýWKHýFRYHUýõèôï

:$51,1*ã 7+(ý&29(5ý,6ý635,1*ð/2$'('ý$6ý7+(ý6&5(:6ýõìíôý$5(ý,167$//('ïý86(ý
7+(ý0(7+2'ý*,9(1ý%(/2:ý72ý7,*+7(1ý7+(ý6&5(:6ýõìíôý$1'ý6$)(/<ý
$1'ý(9(1/<ý&2035(66ý7+(ý635,1*ïý(<(ý3527(&7,21ý,6ý
5(&200(1'('ï

+ï ,QVWDOOýWKHýFRYHUýõèôýRQýWKHýSUHVVXUHýUHJXODWRUýERG\ýõèíôýZLWKýWKHýVFUHZVýõìíôïý3DUWLDOO\ýWLJKWHQý
RQHýVFUHZñýWKHQýWKHýRSSRVLWHýVFUHZñýDQGýVRýRQýLQýDýSDWWHUQýWRýVDIHO\ýDQGýHYHQO\ýFRPSUHVVýWKHý
VSULQJïý7RUTXHýWKHýVFUHZVýWRýìèýWRýëíýOEIðLQýõìïæýWRýëïêý1⋅Pôï

,ï ,QVWDOOýWKHýDGMXVWPHQWýVHWVFUHZýõëíôýLQýWKHýFRYHUýõèôñýDVýIROORZVã

õìô ,QVWDOOýWKHýIODWýZDVKHUýõêíôýDQGýKH[ýQXWýõëèôýSDUWýZD\ýRQWRýWKHýDGMXVWPHQWý
VHWVFUHZýõëíôï

õëô 7KUHDGýWKHýDGMXVWPHQWýVHWVFUHZýõëíôýDSSUR[LPDWHO\ýRQHðKDOIýZD\ýLQWRýWKHýFRYHUýõèôïý
/HDYHýWKHýVHWVFUHZýORRVHýIRUýODWHUýDGMXVWPHQWï

-ï 5HIHUýWRýWKHýWHVWLQJýDQGýIDXOWýLVRODWLRQýVHFWLRQVýRIýWKLVýPDQXDOýWRýEHQFKýWHVWýDQGýDGMXVWýWKHý
SUHVVXUHýUHJXODWRUï

7$6.ýêåðéíðíéðéçíðåíê

êï )LQDOý$VVHPEO\ý,QVWUXFWLRQV

$ï $IWHUýVXFFHVVIXOýFRPSOHWLRQýRIýWKHýUHJXODWHGýSUHVVXUHýDGMXVWPHQWñýDSSO\ýDQWLðWDPSHUýSXWW\ý
DURXQGýWKHýKH[ýQXWýõëèôýWRýORFNýWKHýKH[ýQXWýLQýSRVLWLRQï

%ï 5HIHUýWRýWKHýUHSDLUýVHFWLRQýRIýWKLVýPDQXDOýLIýQHFHVVDU\ýWRýUHSDLUýWKHýLGHQWLILFDWLRQýDQGýSRUWý
GHVLJQDWLRQýPDUNLQJVýRQýWKHýVLGHýRIýWKHýIORZýERG\ýõåèôï

&ï 5HIHUýWRýVWRUDJHýLQVWUXFWLRQVýLQýWKLVýVHFWLRQýWRýSDFNDJHýWKHýSUHVVXUHýUHJXODWRUýIRUýVKLSPHQWýRUý
VWRUDJHï

7$6.ýêåðéíðíéðèèíðåíì

éï 6WRUDJHý,QVWUXFWLRQV

$ï 6WRUDJHý0DWHULDOV

õìô 7KHýPDWHULDOVýUHFRPPHQGHGýIRUýVWRUDJHýRIýWKHýSUHVVXUHýUHJXODWRUýDUHýJLYHQýLQý7DEOHý
æííëï

êåðéíðíé 3DJHýæííê
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
127(ã (TXLYDOHQWýDOWHUQDWLYHVýFDQýEHýXVHGýIRUýWKHýLWHPVýEHORZï

7DEOHýæííëï 6WRUDJHý0DWHULDOV

,WHP 6SHFLILFDWLRQî3DUWý1Rï 6RXUFHýõ&$*(ý&RGHô

%DJñýSRO\HWK\OHQH 0LOLWDU\ý6SHFLILFDWLRQý0,/ð%ðììæ /RFDOýSXUFKDVH
&DUWRQñýFRUUXJDWHGýFDUGERDUG /RFDOýSXUFKDVH
'HVLFFDQW 0LOLWDU\ý6SHFLILFDWLRQý0,/ð'ðêéçéñý /RFDOýSXUFKDVH
&ODVVýì
,GHQWLILFDWLRQýWDJ /RFDOýSXUFKDVH
1\ORQýILOPñýëýPLO /RFDOýSXUFKDVH

%ï 6WRUDJHý,QVWUXFWLRQV

õìô :ULWHýWKHýSDUWýQXPEHUýDQGýPDLQWHQDQFHýGDWHýRQýDýWDJïý$WWDFKýWKHýWDJýWRýWKHýSUHVVXUHý
UHJXODWRUï

õëô 2YHUZUDSýWKHýSUHVVXUHýUHJXODWRUýLQýQ\ORQýILOPï

õêô +HDWýVHDOýWKHýSUHVVXUHýUHJXODWRUýLQýDýPRLVWXUHðSURRIýEDUULHUýEDJïý3DFNýWKHýEDJýLQýDý
FRUUXJDWHGýFDUGERDUGýFDUWRQïý)LOOýDOOýYRLGVýZLWKýEURZQýFUDIWýSDSHUýDQGýVHDOýWKHýER[ï

õéô :ULWHýWKHýQRPHQFODWXUHñýSDUWýQXPEHUñýDQGýPDLQWHQDQFHýGDWHýRQýWKHýER[ï

êåðéíðíé 3DJHýæííé
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
),76ý$1'ý&/($5$1&(6

7$6.ýêåðéíðíéðçìíðåíì

ìï *HQHUDO

$ï 7DEOHýåííìýVKRZVýWKHýWRUTXHýYDOXHVýIRUýDOOýDSSOLFDEOHýFRPSRQHQWVï

7DEOHýåííìï 7RUTXHý'DWD

,3/ý)LJïýì
,WHPý1Rï 1RPHQFODWXUH 7RUTXHý9DOXH
ìí 6FUHZV ìèýWRýëíýOEI⋅LQýõìïæýWRýëïêý1⋅Pô

êåðéíðíé 3DJHýåííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
63(&,$/ý722/6ñý),;785(6ñý(48,30(17ñý$1'ý&20680$%/(6

7$6.ýêåðéíðíéðäéíðåíì

ìï *HQHUDO

$ï 7KHýLWHPVýLQý7DEOHýäííìýDUHýQHFHVVDU\ýIRUýWHVWLQJýDQGýPDLQWHQDQFHýRIýWKHýSUHVVXUHýUHJXODWRUïý
7KHýVWDQGDUGýVKRSýWRROVýQHFHVVDU\ýIRUýWKHVHýIXQFWLRQVýDUHýQRWýLQýWKHýOLVWï

%ï (TXLSPHQWýXVHGýLQýWKHýWHVWLQJýRIýWKHýSUHVVXUHýUHJXODWRUýPXVWýEHýFDOLEUDWHGýDVýVKRZQýLQý0,/ð
67'ðéèççëñýRUýPXVWýKDYHýDQýHTXLYDOHQWýFDOLEUDWLRQýWKDWýFDQýEHýIRXQGýLQýDý1DWLRQDOý%XUHDXýRIý
6WDQGDUGVýõ1%6ôýVWDQGDUGïýý,IýFDOLEUDWHGýHTXLSPHQWýLVýQRWýDYDLODEOHñýVHQGýWKHýSUHVVXUHý
UHJXODWRUýWRýDýUHSDLUýVKRSýDSSURYHGýE\ý%)*RRGULFKý$HURVSDFHýIRUýDOOýWKHýSURFHGXUHVýLQýWKLVý
PDQXDOï

127(ã (TXLYDOHQWýDOWHUQDWLYHVýFDQýEHýXVHGýIRUýWKHýLWHPVýEHORZï

7DEOHýäííìï 6SHFLDOý7RROVñý)L[WXUHVñý(TXLSPHQWñýDQGý&RQVXPDEOHV

,WHP ,GHQWLILFDWLRQ 6RXUFHýõ&$*(ý&RGHô

$LUýRUý*1ëýVRXUFH íýWRýëííýSVLJýõíýWRýìêæäýN3DJô /RFDOýSXUFKDVH
%DJñýSRO\HWK\OHQH 0LOLWDU\ý6SHFLILFDWLRQý0,/ð%ðììæ /RFDOýSXUFKDVH
%ULJKWýOLJKWýõIRUýYLVXDOý /RFDOýSXUFKDVH
FKHFNVô
%UXVKñýVWLIIðEULVWOHñý )HGHUDOý6SHFLILFDWLRQý+ð%ðìéí /RFDOýSXUFKDVH
QRQPHWDOOLF
&DUWRQñýFRUUXJDWHGý /RFDOýSXUFKDVH
FDUGERDUG
&ORWKñýOLQWðIUHHý 0LOLWDU\ý6SHFLILFDWLRQý0,/ð&ðåèíéê /RFDOýSXUFKDVH
'HVLFFDQW 0LOLWDU\ý6SHFLILFDWLRQý0,/ð'ðêéçéñý /RFDOýSXUFKDVH
&ODVVýì
)ORZýFRQWUROýYDOYHñýKDQGð /RFDOýSXUFKDVH
RSHUDWHG
)ORZPHWHUñýDLUýRUý*1ë íýWRýëïíý6&)0ýõíýWRýíïíçåýNJîPLQXWHôý /RFDOýSXUFKDVH
,GHQWLILFDWLRQýWDJ /RFDOýSXUFKDVH
/XEULFDQWñý2ðULQJ 6XSDUý2ðULQJýOXEULFDQW 3DUNHUý'LVWULEXWLQJý&Rïñý,QFïâý
äéíý(ïý$GDPVý6Wïâý
-DFNVRQYLOOHñý)/ýýêëëíëý
õ9í(í8ëô
0DJQLI\LQJýJODVVñýéýWRýìí;ý /RFDOýSXUFKDVH
0DQRPHWHU íýWRýèïííýLQ+JýõíýWRýìëæýPP+Jô /RFDOýSXUFKDVH
1\ORQýILOPñýëýPLO /RFDOýSXUFKDVH

êåðéíðíé 3DJHýäííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
7DEOHýäííìï 6SHFLDOý7RROVñý)L[WXUHVñý(TXLSPHQWñýDQGý&RQVXPDEOHVýðý&RQWLQXHG

,WHP ,GHQWLILFDWLRQ 6RXUFHýõ&$*(ý&RGHô

2YHUFRDWñýLQNýPDUNLQJV (321ýåëå 6KHOOý&KHPLFDOý&Rïâý$ý
'LYLVLRQýRIý6KHOOý2LOý&Rïâ
ìý6KHOOý3OD]Dâýý3ï2ïý%R[ý
ëéçêâý+RXVWRQñý7;ýýææííìý
õ9åçäçìô
3ODVWLFýEDJ /RFDOýSXUFKDVH
3UHVVXUHýJDXJHñýDLUýRUý*1ë íýWRýèíýSVLJýõêéèýN3DJô /RFDOýSXUFKDVH
3UHVVXUHýJDXJHñýDLUýRUý*1ë íýWRýëííýSVLJýõíýWRýìêæäýN3DJô /RFDOýSXUFKDVH
3UHVVXUHýUHJXODWRUýõRQýDLUý íýWRýëííýSVLýõíýWRýìêæäýN3Dô /RFDOýSXUFKDVH
RUý*1ëýVRXUFHô
3XWW\ñýDQWLðWDPSHU /RFDOýSXUFKDVH
6ROYHQWñýFOHDQLQJý )HGHUDOý6SHFLILFDWLRQý3ð'ðçåíñý7\SHýê /RFDOýSXUFKDVH
6SULQJýWHVWHUý -RKQý&KDWLOORQýDQGý6RQVñý
ýýýýíýWRýåíýOEIýõíýWRýêçýNJIô ,QFïâýåêðêíý.HZý*DUGHQVý
ýýýýíýWRýëýLQFKHVýõíýWRýèýFPô 5Gïâý-DPDLFDñý1<ýýììéìèý
õ9ììæìíô
7DSýDQGýGLHýVHW /RFDOýSXUFKDVH

êåðéíðíé 3DJHýäííë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
,//8675$7('ý3$576ý/,67

7$6.ýêåðéíðíéðääíðåíè

ìï *HQHUDO

$ï 7KLVýVHFWLRQýJLYHVýWKHýILJXUHVýDQGýWKHýSDUWVýOLVWVýIRUýWKHýSUHVVXUHýUHJXODWRUýSDUWVýWKDWý\RXýFDQý
GLVDVVHPEOHýDQGýUHSDLUýRUýUHSODFHï

7$6.ýêåðéíðíéðääíðåíç

ëï 'HVFULSWLRQýRIý6HFWLRQ

$ï ,QGHQWLRQý6\VWHPý8VHGýLQýWKHý3DUWVý/LVW

õìô 7KHýLQGHQWLRQýV\VWHPýLQýWKHýSDUWVýOLVWýVKRZVýWKHýUHODWLRQVKLSýRIýDýSDUWýWRýRWKHUýSDUWVýDQGý
VXEDVVHPEOLHVýLQýWKHýSDUWVýOLVWïýý7KHýQXPEHUýRIýLQGHQWLRQVýIRUýHDFKýSDUWýVKRZVýWKHýUHODð
WLRQVKLSýRIýWKHýSDUWýWRýLWVýQH[WýKLJKHUýDVVHPEO\ïý7KHýOLVWýEHORZýVKRZVýWKHýLQGHQWLRQVï

ì ë ê é è ç æýõ1XPEHUýRIýLQGHQWLRQVô
$VVHPEO\ýõ(QGýLWHPô
ï 6HFRQGDU\ýSDUWVýRIýWKHýDVVHPEO\
ï 6XEDVVHPEO\
ï $WWDFKLQJýSDUWVýIRUýWKHýVXEDVVHPEO\
ï ï 6HFRQGDU\ýSDUWVýRIýWKHýVXEDVVHPEO\
ï ï ï 6HFRQGDU\ýLQVWDOODWLRQýSDUWVýIRUýWKHýVXEDVVHPEO\ýõLQFOXGHGýZKHQýWKHý
LQVWDOODWLRQýSDUWVýFDQýEHýVHQWýEDFNýWRýWKHýVKRSýDVýSDUWýRIýWKHýDVVHPEO\ô

õëô ,IýWKHýPDQXDOýLQFOXGHVýOHIWýDQGýULJKWýõPLUURUôýDVVHPEOLHVñýWKHýSDUWVýOLVWýVKRZVýWKHýOHIWýSDUWý
ILUVWýZLWKýWKHýDSSOLFDEOHýLWHPýQXPEHUïý7KHýULJKWýSDUWýLPPHGLDWHO\ýIROORZVýWKHýOHIWýSDUWýZLWKý
WKHýVXEVHTXHQWýLWHPýQXPEHUýLQýWKHýVHTXHQFHïý7KHýDWWDFKLQJýSDUWVýDQGýVHFRQGDU\ýSDUWVý
LPPHGLDWHO\ýIROORZýWKHýLWHPýQXPEHUýHQWU\ýIRUýWKHýULJKWýSDUWï

%ï (IIHFWLYLW\ý&RGH

õìô 7KHýHIIHFWLYLW\ýFRGHýõ())ý&2'(ôýFROXPQýVKRZVýDýUHIHUHQFHýOHWWHUýõ$ýWKUXý=ñýEXWýQRWý,ý
DQGý2ôýIRUýHDFKýWRSýDVVHPEO\ïý7KHýFROXPQýDOVRýVKRZVýWKHýUHIHUHQFHýOHWWHUýRIýWKHýWRSý
DVVHPEO\ýIRUýHDFKýRIýWKHýUHODWHGýVHFRQGDU\ýSDUWVýDQGýVXEDVVHPEOLHVïý,IýDOOýWKHýWRSý
DVVHPEOLHVýXVHýDýSDUWýRUýVXEDVVHPEO\ñýWKHUHýLVýQRýUHIHUHQFHýOHWWHUýVKRZQýIRUýWKHýSDUWýRUý
VXEDVVHPEO\ï

&ï 8QLWVý3HUý$VVHPEO\

õìô 7KHýXQLWVýSHUýDVVHPEO\ýõ81,76ý3(5ý$66<ôýFROXPQýVKRZVýWKHýWRWDOýQXPEHUýRIýXQLWVý
QHFHVVDU\ýIRUýHDFKýDVVHPEO\ñýVXEDVVHPEO\ñýDQGýSDUWýRIýDýVXEDVVHPEO\ïý7KHýFROXPQý
DOVRýLGHQWLILHVýWKHýYROXPHýLWHPVýDQGýWKHýVHOHFWðIURPðUDQJHýLWHPVýLQýWKHýSDUWVýOLVWýZLWKýWKHý

êåðéíðíé 3DJHýìíííì
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
OHWWHUVý$5ýõDVýUHTXLUHGôïý7KHýOHWWHUVý5()ïýVKRZýWKDWýWKHýLWHPýLVýLQýWKHýOLVWýIRUýUHIHUHQFHý
RQO\ï

'ï 3DUWVý5HSODFHPHQWý'DWD

õìô 7KHý120(1&/$785(ýFROXPQýFRQWDLQVýWKHýLQWHUFKDQJHDEOHýSDUWVýGDWDïý7KHVHýSDUWVý
GDWDýLQFOXGHýWKHýDEEUHYLDWLRQVýIRUýVSHFLDOýQRPHQFODWXUHïý7KHýOLVWýEHORZýFRQWDLQVýWKHý
QRPHQFODWXUHñýWKHýSDUWVýOLVWýDEEUHYLDWLRQVñýDQGýWKHýGHILQLWLRQVï

3DUWVý/LVW
1RPHQFODWXUH $EEUHYLDWLRQ 'HILQLWLRQ
2SWLRQDO 237 7KLVýSDUWýLVýRSWLRQDOýWRýDQGýLQWHUFKDQJHDEOHýZLWKýRWKHUýSDUWVýLQý
WKHýVDPHýJURXSýRIýLWHPýQXPEHUVýZLWKýDOSKDýYDULDQWVñýRUýRWKHUý
VSHFLILHGýLWHPýQXPEHUVï
6XSHUVHGHGý 6836'ý%< 7KHýSDUWýLQýWKHýSDUWýQXPEHUýFROXPQýLVýUHSODFHGýE\ýDQGýLVýQRWý
E\ LQWHUFKDQJHDEOHýZLWKýWKHýLWHPýQXPEHUýVKRZQýLQýWKHýLQVWUXFWLRQï
6XSHUVHGHV 6836'6 7KHýSDUWýLQýWKHýSDUWýQXPEHUýFROXPQýUHSODFHVýDQGýLVýQRWýLQWHUð
FKDQJHDEOHýZLWKýWKHýLWHPýQXPEHUýVKRZQýLQýWKHýLQVWUXFWLRQï
5HSODFHGýE\ 5(3/'ý%< 7KHýSDUWýLQýWKHýSDUWýQXPEHUýFROXPQýLVýUHSODFHGýE\ýDQGýLVýLQWHUð
FKDQJHDEOHýZLWKýWKHýLWHPýQXPEHUýVKRZQýLQýWKHýLQVWUXFWLRQï
5HSODFHV 5(3/6 7KHýSDUWýLQýWKHýSDUWýQXPEHUýFROXPQýUHSODFHVýDQGýLVýLQWHUð
FKDQJHDEOHýZLWKýWKHýLWHPýQXPEHUýVKRZQýLQýWKHýLQVWUXFWLRQï

(ï 6HUYLFHý%XOOHWLQV

õìô 2WKHUýWKDQýWKHýGLIIHUHQFHVýVKRZQýEHORZñýWKHý120(1&/$785(ýFROXPQýLGHQWLILHVýDOOý
DVVHPEOLHVñýVXEDVVHPEOLHVñýDQGýSDUWVýýFKDQJHGýE\ýDýVHUYLFHýEXOOHWLQïý7KHý120(1ð
&/$785(ýFROXPQýXVHVýWKHýFRGHVý¦õ35(ð6%ý;;;;ô§ýDQGý¦õ3267ð6%ý;;;;ô§ýWRýLGHQð
WLI\ýWKHýSUHðýDQGýSRVWðVHUYLFHýEXOOHWLQýFRQILJXUDWLRQVï

õëô 7KHý120(1&/$785(ýFROXPQýGRHVýQRWýVKRZýWKHý¦õ35(ð6%ý;;;;ô§ýDQGý¦õ3267ð6%ý
;;;;ô§ýFRGHVýLIýRQHýRIýWKHýWZRýFRQGLWLRQVýEHORZýRFFXUVï

õDô 7KHýHIIHFWLYLW\ýFRGHýFROXPQýFOHDUO\ýVKRZVýWKHýSUHðýRUýSRVWðVHUYLFHýEXOOHWLQýFRQILJXð
UDWLRQýRIýWKHýDVVHPEOLHVñýVXEDVVHPEOLHVñýRUýSDUWVï

õEô $ýVHUYLFHýEXOOHWLQýFKDQJHVýWKHýWRSýDVVHPEO\ýEXWýGRHVýQRWýFKDQJHýWKHýWRSýDVVHPð
EO\ýSDUWýQXPEHUýõWKHUHýLVýQRýQHZýSDUWýQXPEHUýHTXLYDOHQWýRIýWKHýFKDQJHGýDVVHPð
EO\ôï

õêô 7KHý120(1&/$785(ýFROXPQýVKRZVýRQO\ýWKHý¦õ3267ð6%ý;;;;ô§ýFRGHýLIýDýVHUYLFHý
EXOOHWLQýFKDQJHVýDýVXEDVVHPEO\ýRUýSDUWýEXWýGRHVýQRWýFKDQJHýWKHýSDUWýQXPEHUïý,IýWKLVý
FRQGLWLRQýRFFXUVñýWKHýSDUWýQXPEHUýFROXPQýVKRZVýWKHýLQLWLDOýSDUWýQXPEHUýDQGýWKHýLWHPý
QXPEHUýFROXPQýVKRZVýDQýDOSKDýYDULDQWýOHWWHUýDGGHGýWRýWKHýLWHPýQXPEHUïý7KHýHIIHFWLYLW\ý
FRGHýVWD\VýDVýVKRZQýEHIRUHýWKHýVHUYLFHýEXOOHWLQï

)ï ,WHPý1RWý,OOXVWUDWHG

êåðéíðíé 3DJHýìíííë
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì
õìô ,IýDýILJXUHýLQýWKHý,3/ýGRHVýQRWýVKRZýDýSDUWñýWKHVHýSDUWVýKDYHýDýK\SKHQýEHIRUHýWKHýLWHPý
QXPEHUýLQýWKHý),*ïý÷ý,7(0ý12ïýFROXPQï

*ï ýý$OSKDý9DULDQWý,WHPý1XPEHUV

õìô $OSKDýYDULDQWVýõWKHýOHWWHUVý$ýWKURXJKý=ñýEXWýQRWý,ýDQGý2ôýDUHýDGGHGýWRýDQýLWHPýQXPEHUý
ZKHQýQHFHVVDU\ýWRýVKRZã

õDô $GGHGýLWHPV

õEô 6HUYLFHý%XOOHWLQýFKDQJHV

õFô &RQILJXUDWLRQýGLIIHUHQFHV

õGô 2SWLRQDOýSDUWV

õHô 3URGXFWýLPSURYHPHQWýSDUWVýõWKDWýDUHýQRWýUHODWHGýWRýDýVHUYLFHýEXOOHWLQô

õëô ,IýWKHýVKDSHýDQGýWKHýORFDWLRQýRIýDQýDOSKDýYDULDQWýSDUWýDUHýGLIIHUHQWýIURPýWKHýLQLWLDOýSDUWñý
WKHýH[SORGHGýYLHZýVKRZVýWKHýLWHPýQXPEHUýRIýWKHýDOSKDýYDULDQWýSDUWï

+ï 9HQGRUý&RGHV

$OOýSDUWýQXPEHUVýLQýWKHý3$57ý180%(5ýFROXPQýDUHýWKRVHýRIý%)*RRGULFKý$HURVSDFHñýDýJRYð
HUQPHQWýVWDQGDUGýRUýVSHFLILFDWLRQñýDý1DWLRQDOý$HURVSDFHý6WDQGDUGñýRUýDýYHQGRUïý7KHý
120(1&/$785(ýFROXPQýDOVRýLGHQWLILHVýWKHýYHQGRUýSDUWVýZLWKýDýILYHðGLJLWýFRGHïý7KHýFRGHýLVý
LQýSDUHQWKHVHVýDIWHUýWKHýSDUWýGHVFULSWLRQýLQýWKHý120(1&/$785(ýFROXPQïý7KHýFRGHýVWDUWVý
ZLWKýWKHýOHWWHUý9ïý7KHýOLVWýEHORZýVKRZVýWKHýYHQGRUýFRGHVýXVHGýLQýWKHýSDUWVýOLVWï
9HQGRU
&RGH 1DPHýDQGý$GGUHVV
9í$--í %)*RRGULFKý$HURVSDFH
'Hð,FLQJýDQGý6SHFLDOW\ý6\VWHPV
ìèèèý&RUSRUDWHý:RRGVý3DUNZD\
8QLRQWRZQñý2+ýééçåè

êåðéíðíé 3DJHýìíííê
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

éè

éí
êè
è

ëí
êí
ëè
ìè

ìí

åè
çí
çè
èè

èí
åí
æè
æí

,3/ý)LJXUHýìï 3UHVVXUHý5HJXODWRU

êåðéíðíé 3DJHýìíííé
1RYýêíîìäää
 %)*22'5,&+ý$(5263$&(
&20321(17ý0$,17(1$1&(ý0$18$/
35(6685(ý5(*8/$725ñý3$57ý12ïýê(êëäëðì

),*ï
$1' $,5/,1(ý 81,76
,7(0 3$57ý 120(1&/$785( ())ï 3(5
12ï 3$57ý180%(5 180%(5 ì ë ê é è ç æ &2'( $66<
ì ¤ì ê(êëäëðì 5(*8/$725ñý35(6685( 5()
è ìêðêêìê ï &29(5 ì
õ$77$&+,1*ý3$576ô
ìí 1$6ìêèë&íå/(ëí ï 6&5(:ñý&$3ñý62&.(7ý+($' é
BýBýBýóýóýóýBýBýB
ìè ìêðêêìì ï %5$&.(7ñý02817,1* ì
ëí $1èçè)&ìíêë+ìë ï 6(76&5(:ñý$'-8670(17 ì
õ$77$&+,1*ý3$576ô
ëè 1$6ìëäì&ê0 ï 187ñý+(;ñý6(/)ð/2&.,1* ì
êí $1äçí&ìí ï :$6+(5ñý)/$7 ì
BýBýBýóýóýóýBýBýB
êè ìêðìäìæðé ï 5(7$,1(5ñý635,1*ñýíïééíý ì
7+,&.
éí &íåèíðíäåðìëèí6 ï 635,1*ñý&2035(66,21ñý ì
5(*8/$7,1*
éè ìêðìäíëðê ï ',$3+5$*0ý68%$66(0%/< ì
èí ìêðêêìí ï %2'<ñý5(*8/$725 ì
èè 06ëäèìêðíìê ï 3$&.,1*ñý35()250(' ì
çí 06ëäèìêðíëå ï 3$&.,1*ñý35()250(' ì
çè ìêðêêéì ï 3233(7ñý%21'(' ì
õ$77$&+,1*ý3$576ô
æí 06êëìèðéííä ï 5,1*ñý5(7$,1,1*ñý(;7(51$/ ì
æè $1äçí&é/ ï :$6+(5ñý)/$7 ì
BýBýBýóýóýóýBýBýB
åí ìêðìäåí ï 635,1*ñý&2035(66,21 ì
åè ìêðêêìë ï %2'<ñý)/2: ì
¤ý,7(0ý127ý,//8675$7('ï

êåðéíðíé 3DJHýìíííè
1RYýêíîìäää