Professional Documents
Culture Documents
with
OpenOffice.org 3
=>G@756B
8KLVGRFXPHQWLV#RS\ULJKWnqE\LWVFRQWULEXWRUVDVOLVWHG
EHORZ=RXPD\GLVWULEXWHLWDQGRUPRGLI\LWXQGHUWKHWHUPVRIHLWKHU
WKH'.9'HQHUDO0XEOLF,LFHQVHYHUVLRQRUODWHURUWKH#UHDWLYH
#RPPRQV!WWULEXWLRQ,LFHQVHYHUVLRQRUODWHU!OOWUDGHPDUNV
ZLWKLQWKLVJXLGHEHORQJWRWKHLUOHJLWLPDWHRZQHUV
CB6=@A
8KRPDV!VWOHLWQHU 6LFKDUG"DUQHV
!JQHV"HO]XQFH $DQLHO#DUUHUD
6LFKDUG$HWZLOHU 7SHQFHU%(DUSH
6HJLQD(HQVFKHO 0HWHU(LOOLHU
"URRN
*RKQ+DQH 7WHIDQ!+HHO
-LFKDHO+RWVDULQLV 0HWHU+XSIHU
)DQ,DXUHQVRQ $DQ,HZLV
!ODQ-DGGHQ -LFKHO0LQTXLHU
!QGUHZ0LWRQ\DN #DURO6REHUWV
)DLQ6REHUWV 'DU\7FKQDEO
6REHUW7FRWW *DQHW-7ZLVKHU
"DUEDUD-8RELDV *HDQ(ROOLV;HEHU
,LQGD;RUWKLQJWRQ -LFKHOH>DUUL
3320/19
0OHDVHGLUHFWDQ\FRPPHQWVRUVXJJHVWLRQVDERXWWKLVGRFXPHQWWR
DXWKRUV XVHU
IDTRSHQRIILFHRUJ
%C0:7A63@
&ULHQGVRI/SHQ$RFXPHQW)QF
0/"R[!LUOLH"HDFK5,$!XVWUDOLD
KWWSIULHQGVRIRSHQGRFXPHQWFRP
%C0:71/B7=<2/B3/<2A=4BE/@3D3@A7=<
0XEOLVKHG/FWREHU"DVHGRQ/SHQ/IILFHRUJ
)7".
=RXFDQGRZQORDGD0$&DQG
DQHGLWDEOHYHUVLRQRIWKLVGRFXPHQWIURP
KWWSRRRDXWKRUVRUJHQDXWKRUVXVHUJXLGHSXEOLVKHG
=<B3<BA
>7FJ;H
#DJHE:K9?D=)F;D)<<?9;
EH=
;KDWLV/SHQ/IILFHRUJ
8KHDGYDQWDJHVRI/SHQ/IILFHRUJ
-LQLPXPUHTXLUHPHQWV
(RZWRJHWWKHVRIWZDUH
(RZWRLQVWDOOWKHVRIWZDUH
(RZWRJHWKHOS
%[WHQVLRQVDQGDGG
RQV
7WDUWLQJ/SHQ/IILFHRUJ
0DUWVRIWKHPDLQZLQGRZ
7WDUWLQJDQHZGRFXPHQW
/SHQLQJDQH[LVWLQJGRFXPHQW
7DYLQJGRFXPHQWV
6HQDPLQJDQGGHOHWLQJILOHV
9VLQJWKH/SHQDQG7DYH!VGLDORJV
9VLQJWKH.DYLJDWRU
#ORVLQJDGRFXPHQW
#ORVLQJ/SHQ/IILFHRUJ
>7FJ;H
-;JJ?D=KF)F;D)<<?9;
EH=
#KRRVLQJRSWLRQVIRUDOORI//R
#KRRVLQJRSWLRQVIRUORDGLQJDQGVDYLQJGRFXPHQWV
#KRRVLQJODQJXDJHVHWWLQJV
#KRRVLQJ)QWHUQHWRSWLRQV
#RQWUROOLQJ//RvV!XWR#RUUHFWIXQFWLRQV
>7FJ;H
/I?D=-JOB;I7D:.;CFB7J;I
;KDWLVDWHPSODWH
;KDWDUHVW\OHV
!SSO\LQJVW\OHV
-RGLI\LQJVW\OHV
#UHDWLQJQHZFXVWRP VW\OHV
#RS\LQJDQGPRYLQJVW\OHV
$HOHWLQJVW\OHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ L
9VLQJDWHPSODWHWRFUHDWHDGRFXPHQW
#UHDWLQJDWHPSODWH
%GLWLQJDWHPSODWH
!GGLQJWHPSODWHVXVLQJWKH%[WHQVLRQ-DQDJHU
7HWWLQJDGHIDXOWWHPSODWH
!VVRFLDWLQJDGRFXPHQWZLWKDGLIIHUHQWWHPSODWH
/UJDQL]LQJWHPSODWHV
%[DPSOHVRIVW\OHXVH
>7FJ;H
!;JJ?D=-J7HJ;:M?J>1H?J;H
;KDWLV;ULWHU
8KH;ULWHULQWHUIDFH
;RUNLQJZLWKGRFXPHQWV
;RUNLQJZLWKWH[W
&RUPDWWLQJWH[W
9QGRLQJDQGUHGRLQJFKDQJHV
&RUPDWWLQJSDJHV
!GGLQJQRWHVWRDGRFXPHQW
#UHDWLQJDWDEOHRIFRQWHQWV
#UHDWLQJLQGH[HVDQGELEOLRJUDSKLHV
;RUNLQJZLWKJUDSKLFV
0ULQWLQJIURP;ULWHU
7HQGLQJDID[XVLQJ;ULWHU
8UDFNLQJFKDQJHVWRDGRFXPHQW
9VLQJPDLOPHUJH
9VLQJPDVWHUGRFXPHQWV
#UHDWLQJILOO
LQIRUPV
9VLQJILHOGV
9VLQJFURVV
UHIHUHQFHV
9VLQJERRNPDUNV
>7FJ;H
!;JJ?D=-J7HJ;:M?J>7B9
;KDWLV#DOF
7SUHDGVKHHWVVKHHWVDQGFHOOV
0DUWVRIWKHPDLQ#DOFZLQGRZ
7WDUWLQJQHZVSUHDGVKHHWV
/SHQLQJH[LVWLQJVSUHDGVKHHWV
LL 'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
7DYLQJVSUHDGVKHHWV
.DYLJDWLQJZLWKLQVSUHDGVKHHWV
7HOHFWLQJLWHPVLQDVKHHWRUVSUHDGVKHHW
;RUNLQJZLWKFROXPQVDQGURZV
;RUNLQJZLWKVKHHWV
:LHZLQJ#DOF
%QWHULQJGDWDXVLQJWKHNH\ERDUG
7SHHGLQJXSGDWDHQWU\
%GLWLQJGDWD
&RUPDWWLQJGDWD
!XWRIRUPDWWLQJFHOOVDQGVKHHWV
&RUPDWWLQJVSUHDGVKHHWVXVLQJWKHPHV
(LGLQJDQGVKRZLQJGDWD
7RUWLQJUHFRUGV
0ULQWLQJ
>7FJ;H
!;JJ?D=-J7HJ;:M?J>#CFH;II
;KDWLV)PSUHVV
0DUWVRIWKHPDLQ)PSUHVVZLQGRZ
;RUNLQJZLWKYLHZV
#UHDWLQJDQHZSUHVHQWDWLRQ
&RUPDWWLQJDSUHVHQWDWLRQ
7OLGHPDVWHUVDQGVW\OHV
;RUNLQJZLWKVOLGHPDVWHUV
!GGLQJDQGIRUPDWWLQJWH[W
#UHDWLQJWDEOHV
!GGLQJJUDSKLFVVSUHDGVKHHWVFKDUWVDQGRWKHUREMHFWV
7HWWLQJXSWKHVOLGHVKRZ
6XQQLQJWKHVOLGHVKRZ
>7FJ;H
!;JJ?D=-J7HJ;:M?J>H7M
;KDWLV$UDZ
8KH$UDZZRUNVSDFH
0RVLWLRQLQJREMHFWVZLWKVQDSIXQFWLRQV
0RVLWLRQLQJREMHFWVZLWKKHOSHUOLQHV
8KHEDVLFGUDZLQJVKDSHV
$UDZLQJJHRPHWULFVKDSHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ LLL
7HOHFWLRQPRGHV
7HOHFWLQJREMHFWV
-RYLQJDQGG\QDPLFDOO\DGMXVWLQJDQREMHFWvVVL]H
%GLWLQJREMHFWV
9VLQJVW\OHV
7SHFLDOHIIHFWV
#RPELQLQJPXOWLSOHREMHFWV
!LGVIRUSRVLWLRQLQJREMHFWV
%GLWLQJSLFWXUHV
;RUNLQJZLWK$REMHFWV
)QVHUWLQJSLFWXUHVIURPRWKHUVRXUFHV
%[FKDQJLQJREMHFWVZLWKRWKHUSURJUDPV
>7FJ;H
!;JJ?D=-J7HJ;:M?J>7I;
0ODQQLQJDGDWDEDVH
#UHDWLQJDQHZGDWDEDVH
#UHDWLQJGDWDEDVHWDEOHV
$HILQLQJUHODWLRQVKLSV
#UHDWLQJDGDWDEDVHIRUP
!FFHVVLQJRWKHUGDWDVRXUFHV
9VLQJGDWDVRXUFHVLQ/SHQ/IILFHRUJ
%QWHULQJGDWDLQDIRUP
#UHDWLQJTXHULHV
#UHDWLQJUHSRUWV
>7FJ;H
!;JJ?D=-J7HJ;:M?J>'7J>
;KDWLV-DWK
%QWHULQJDIRUPXOD
#XVWRPL]DWLRQV
&RUPXODOD\RXW
#RPPRQSUREOHPDUHDV
>7FJ;H
*H?DJ?D=NFEHJ?D=7D: C7?B?D=
5XLFNSULQWLQJ
#RQWUROOLQJSULQWLQJ
%[SRUWLQJWR0$&
%[SRUWLQJWRRWKHUIRUPDWV
LY 'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
%
PDLOLQJGRFXPHQWV
$LJLWDOVLJQLQJRIGRFXPHQWV
>7FJ;H
!H7F>?9IJ>;!7BB;HO7D: EDJMEHA
)QVHUWLQJDQLPDJHIURPDILOH
)QVHUWLQJLPDJHVIURPDJUDSKLFVSURJUDP
)QVHUWLQJLPDJHVXVLQJDVFDQQHU
-RGLI\LQJDQGSRVLWLRQLQJJUDSKLFV
9VLQJWKH/SHQ/IILFHRUJ'DOOHU\
-DQDJLQJWKH'DOOHU\
;KDWLV&RQWZRUN
8KH&RQWZRUNWRROEDUV
#UHDWLQJD&RQWZRUNREMHFW
%GLWLQJD&RQWZRUNREMHFW
-RYLQJDQGUHVL]LQJ&RQWZRUNREMHFWV
>7FJ;H
H;7J?D=1;8*7=;I
)QVHUWLQJK\SHUOLQNV
7DYLQJ;ULWHUGRFXPHQWVDVZHESDJHV
7DYLQJ#DOFVSUHDGVKHHWVDVZHESDJHV
7DYLQJ)PSUHVVSUHVHQWDWLRQVDVZHESDJHV
7DYLQJ$UDZGRFXPHQWVDVZHESDJHV
>7FJ;H
!;JJ?D=-J7HJ;:M?J>'79HEI
=RXUILUVWPDFUR
#UHDWLQJDPDFUR
7RPHWLPHVWKHPDFURUHFRUGHUIDLOV
-DFURRUJDQL]DWLRQ
(RZWRUXQDPDFUR
%[WHQVLRQV
;ULWLQJPDFURVZLWKRXWWKHUHFRUGHU
&LQGLQJPRUHLQIRUPDWLRQ
>7FJ;H
KIJEC?P?D=)F;D)<<?9;
EH=
#XVWRPL]LQJPHQXFRQWHQW
#XVWRPL]LQJWRROEDUV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ Y
!VVLJQLQJVKRUWFXWNH\V
!VVLJQLQJPDFURVWRHYHQWV
!GGLQJIXQFWLRQDOLW\ZLWKH[WHQVLRQV
9VLQJH[WHQVLRQV
FF;D:?N
%;O8E7H:->EHJ9KJI
&XQFWLRQNH\VKRUWFXWV
'HQHUDOVKRUWFXWNH\VIRU/SHQ/IILFHRUJ
7KRUWFXWNH\VLQWKH'DOOHU\
7HOHFWLQJURZVDQGFROXPQVLQDGDWDEDVHWDEOHRSHQHGE\&
7KRUWFXWNH\VIRUGUDZLQJREMHFWV
FF;D:?N
79A=HEKD:#D<EHC7J?ED
!VKRUWKLVWRU\RI/SHQ/IILFHRUJ
8KH/SHQ/IILFHRUJFRPPXQLW\
(RZLV/SHQ/IILFHRUJOLFHQVHG
;KDWLVsRSHQVRXUFHt
;KDWLV/SHQ$RFXPHQW
&LOHIRUPDWV//RFDQRSHQ
&LOHIRUPDWV//RFDQVDYHWR
&UHTXHQWO\DVNHGTXHVWLRQV
#D:;N
YL 'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
#DJHE:K9?D=
)F;D)<<?9;
EH=
,6/B7A$>3<$44713=@5
/SHQ/IILFHRUJ//R LVERWKDVRIWZDUHSURGXFWDQGDFRPPXQLW\RI
YROXQWHHUVWKDWSURGXFHVDQGVXSSRUWVWKHVRIWZDUH
"HFDXVHVRPHRQHHOVHRZQVWKHWUDGHPDUN/SHQ/IILFH
#=B3 WKHFRUUHFWQDPHIRUERWKWKHRSHQ
VRXUFHSURMHFWDQG
LWVVRIWZDUHLV/SHQ/IILFHRUJ
,@7B3@E=@2>@=13AA=@
;ULWHULVDIHDWXUH
ULFKWRROIRUFUHDWLQJOHWWHUVERRNVUHSRUWV
QHZVOHWWHUVEURFKXUHVDQGRWKHUGRFXPHQWV=RXFDQLQVHUWJUDSKLFV
DQGREMHFWVIURPRWKHUFRPSRQHQWVLQWR;ULWHUGRFXPHQWV;ULWHU
FDQH[SRUWILOHVWR(8-,<(8-,<-,!GREHvV0RUWDEOH$RFXPHQW
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
&RUPDW0$& DQGVHYHUDOYHUVLRQVRI-LFURVRIW;RUGILOHV)WDOVR
FRQQHFWVWR\RXUHPDLOFOLHQW
/:1A>@3/2A633B
#DOFKDVDOORIWKHDGYDQFHGDQDO\VLVFKDUWLQJDQGGHFLVLRQ
PDNLQJ
IHDWXUHVH[SHFWHGIURPDKLJK
HQGVSUHDGVKHHW)WLQFOXGHVRYHU
IXQFWLRQVIRUILQDQFLDOVWDWLVWLFDODQGPDWKHPDWLFDORSHUDWLRQV
DPRQJRWKHUV8KH7FHQDULR-DQDJHUSURYLGHVsZKDWLItDQDO\VHV
#DOFJHQHUDWHV
$DQG
$FKDUWVZKLFKFDQEHLQWHJUDWHGLQWR
RWKHU//RGRFXPHQWV=RXFDQDOVRRSHQDQGZRUNZLWK-LFURVRIW
%[FHOZRUNERRNVDQGVDYHWKHPLQ%[FHOIRUPDW#DOFFDQH[SRUW
VSUHDGVKHHWVWR!GREHvV0$&DQGWR(8-,
;>@3AA>@3A3<B/B7=<A
)PSUHVVSURYLGHVDOOWKHFRPPRQPXOWLPHGLDSUHVHQWDWLRQWRROVVXFK
DVVSHFLDOHIIHFWVDQLPDWLRQDQGGUDZLQJWRROV)WLVLQWHJUDWHGZLWK
WKHDGYDQFHGJUDSKLFVFDSDELOLWLHVRI//RvV$UDZDQG-DWK
FRPSRQHQWV7OLGHVKRZVFDQEHIXUWKHUHQKDQFHGZLWK&RQWZRUNvV
VSHFLDOHIIHFWVWH[WDVZHOODVVRXQGDQGYLGHRFOLSV)PSUHVVLV
FRPSDWLEOHZLWK-LFURVRIWvV0RZHU0RLQWILOHIRUPDWDQGFDQDOVRVDYH
\RXUZRUNLQQXPHURXVJUDSKLFVIRUPDWVLQFOXGLQJ-DFURPHGLD
&ODVK7;&
@/ED31B=@5@/>671A
$UDZLVDYHFWRUGUDZLQJWRROWKDWFDQSURGXFHHYHU\WKLQJIURP
VLPSOHGLDJUDPVRUIORZFKDUWVWR
$DUWZRUN)WV7PDUW#RQQHFWRUV
IHDWXUHDOORZV\RXWRGHILQH\RXURZQFRQQHFWLRQSRLQWV=RXFDQXVH
$UDZWRFUHDWHGUDZLQJVIRUXVHLQDQ\RI//RvVRWKHUFRPSRQHQWV
DQG\RXFDQFUHDWH\RXURZQFOLSDUWDQGDGGLWWRWKH'DOOHU\$UDZ
FDQLPSRUWJUDSKLFVIURPPDQ\FRPPRQIRUPDWVDQGVDYHWKHPLQ
RYHUIRUPDWVLQFOXGLQJ0.'(8-,0$&DQG&ODVK
/A32/B/0/A3
"DVHSURYLGHVWRROVIRUGD\
WR
GD\GDWDEDVHZRUNZLWKLQDVLPSOH
LQWHUIDFH)WFDQFUHDWHDQGHGLWIRUPVUHSRUWVTXHULHVWDEOHVYLHZV
DQGUHODWLRQVVRWKDWPDQDJLQJDFRQQHFWHGGDWDEDVHLVPXFKWKH
VDPHDVLQRWKHUSRSXODUGDWDEDVHDSSOLFDWLRQV"DVHSURYLGHVPDQ\
QHZIHDWXUHVVXFKDVWKHDELOLW\WRDQDO\]HDQGHGLWUHODWLRQVKLSV
IURPDGLDJUDPYLHZ"DVHLQFRUSRUDWHV(75,$"DVLWVGHIDXOW
UHODWLRQDOGDWDEDVHHQJLQH)WFDQDOVRXVHG"!7%-LFURVRIW!FFHVV
-\75,RU/UDFOHRUDQ\/$"#
RU*$"#
FRPSOLDQWGDWDEDVH"DVH
DOVRSURYLGHVVXSSRUWIRUDVXEVHWRI!.7)
75,
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
"/B64=@;C:/327B=@
-DWKLV//RvVIRUPXODRUHTXDWLRQHGLWRU=RXFDQXVHLWWRFUHDWH
FRPSOH[HTXDWLRQVWKDWLQFOXGHV\PEROVRUFKDUDFWHUVQRWDYDLODEOHLQ
VWDQGDUGIRQWVHWV;KLOHLWLVPRVWFRPPRQO\XVHGWRFUHDWHIRUPXODV
LQRWKHUGRFXPHQWVVXFKDV;ULWHUDQG)PSUHVVILOHV-DWKFDQDOVR
ZRUNDVDVWDQG
DORQHWRRO=RXFDQVDYHIRUPXODVLQWKHVWDQGDUG
-DWKHPDWLFDO-DUNXS,DQJXDJH-DWK-, IRUPDWIRULQFOXVLRQLQ
ZHESDJHVDQGRWKHUGRFXPHQWVQRWFUHDWHGE\//R
)63/2D/<B/53A=4$>3<$44713=@5
(HUHDUHVRPHRIWKHDGYDQWDJHVRI/SHQ/IILFHRUJRYHURWKHURIILFH
VXLWHV
l (EB?9;DI?D=<;;I//RLVIUHHIRUDQ\RQHWRXVHDQGGLVWULEXWH
DWQRFRVW-DQ\IHDWXUHVWKDWDUHDYDLODEOHDVH[WUDFRVWDGG
LQV
LQRWKHURIILFHVXLWHVOLNH0$&H[SRUW DUHIUHHZLWK//R8KHUH
DUHQRKLGGHQFKDUJHVQRZRULQWKHIXWXUH
l )F;DIEKH9;
=RXFDQGLVWULEXWHFRS\DQGPRGLI\WKHVRIWZDUH
DVPXFKDV\RXZLVKLQDFFRUGDQFHZLWKHLWKHURI//RvV/SHQ
7RXUFHOLFHQVHV
l HEII FB7J<EHC
//RUXQVRQVHYHUDOKDUGZDUHDUFKLWHFWXUHV
DQGXQGHUPXOWLSOHRSHUDWLQJV\VWHPVVXFKDV-LFURVRIW
;LQGRZV-DF/7<,LQX[DQG7XQ7RODULV
l NJ;DI?L;B7D=K7=;IKFFEHJ//RvVXVHULQWHUIDFHLVDYDLODEOH
LQRYHUODQJXDJHVDQGWKH//RSURMHFWSURYLGHVVSHOOLQJ
K\SKHQDWLRQDQGWKHVDXUXVGLFWLRQDULHVLQRYHUODQJXDJHVDQG
GLDOHFWV//RDOVRSURYLGHVVXSSRUWIRUERWK#RPSOH[8H[W,D\RXW
#8, DQG6LJKWWR,HIW68, OD\RXWODQJXDJHVVXFKDV(LQGL
(HEUHZDQG!UDELF
l EDI?IJ;DJKI;H?DJ;H<79;
!OOWKHFRPSRQHQWVKDYHDVLPLODU
sORRNDQGIHHOtPDNLQJWKHPHDV\WRXVHDQGPDVWHU
l #DJ;=H7J?ED
8KHFRPSRQHQWVRI/SHQ/IILFHRUJDUHZHOO
LQWHJUDWHGZLWKRQHDQRWKHU
q !OOWKHFRPSRQHQWVVKDUHDFRPPRQVSHOOLQJFKHFNHUDQG
RWKHUWRROVZKLFKDUHXVHGFRQVLVWHQWO\DFURVVWKHVXLWH&RU
H[DPSOHWKHGUDZLQJWRROVDYDLODEOHLQ;ULWHUDUHDOVRIRXQG
LQ#DOFZLWKVLPLODUEXWHQKDQFHGYHUVLRQVLQ)PSUHVVDQG
$UDZ
q =RXGRQRWQHHGWRNQRZZKLFKDSSOLFDWLRQZDVXVHGWRFUHDWH
DSDUWLFXODUILOHIRUH[DPSOH\RXFDQRSHQD$UDZILOHIURP
;ULWHU
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
l !H7DKB7H?JO9VXDOO\LI\RXFKDQJHDQRSWLRQLWDIIHFWVDOO
FRPSRQHQWV(RZHYHU//RRSWLRQVFDQEHVHWDWDFRPSRQHQW
OHYHORUHYHQGRFXPHQWOHYHO
l ?B;9ECF7J?8?B?JO
)QDGGLWLRQWRLWVQDWLYH/SHQ$RFXPHQW
IRUPDWV//RLQFOXGHV0$&DQG&ODVKH[SRUWFDSDELOLWLHVDVZHOO
DVVXSSRUWIRURSHQLQJDQGVDYLQJILOHVLQPDQ\FRPPRQIRUPDWV
LQFOXGLQJ-LFURVRIW/IILFH(8-,<-,;RUG0HUIHFWDQG,RWXV
IRUPDWV.HZLQ//RXVLQJDQH[WHQVLRQ WKHDELOLW\WR
LPSRUWDQGHGLWVRPH0$&ILOHV
l (EL;D:EHBE9A ?D//RXVHV/SHQ$RFXPHQWDQ<-,
H<WHQVLEOH-DUNXS,DQJXDJH ILOHIRUPDWGHYHORSHGDVDQ
LQGXVWU\VWDQGDUGE\/!7)7/UJDQL]DWLRQIRUWKH!GYDQFHPHQWRI
7WUXFWXUHG)QIRUPDWLRQ7WDQGDUGV 8KHVHILOHVFDQHDVLO\EH
XQ]LSSHGDQGUHDGE\DQ\WH[WHGLWRUDQGWKHLUIUDPHZRUNLVRSHQ
DQGSXEOLVKHG
l 3EK>7L;7LE?9;
%QKDQFHPHQWVVRIWZDUHIL[HVDQGUHOHDVH
GDWHVDUHFRPPXQLW\
GULYHQ=RXFDQMRLQWKHFRPPXQLW\DQG
DIIHFWWKHFRXUVHRIWKHSURGXFW\RXXVH
=RXFDQUHDGPRUHDERXW/SHQ/IILFHRUJLWVPLVVLRQKLVWRU\
OLFHQVLQJDQGRWKHURUJDQL]DWLRQDOLQIRUPDWLRQRQWKH/SHQ/IILFHRUJ
ZHEVLWH
"7<7;C;@3?C7@3;3<BA
/SHQ/IILFHRUJUHTXLUHVRQHRIWKHIROORZLQJRSHUDWLQJV\VWHPV
l '?9HEIE<J1?D:EMI;LQGRZV-%;LQGRZV7HUYLFH
0DFNRUKLJKHU ;LQGRZV<0;LQGRZVRU;LQGRZV:LVWD
l !(/&?DKN+HUQHOYHUVLRQDQGJOLEFRUQHZHU
l '79)-2[<UHTXLUHG-DF/7<ZLWKRXW<
l -EB7H?IYHUVLRQRUKLJKHU
7RPH/SHQ/IILFHRUJIHDWXUHVZL]DUGVDQGWKH(75,$"GDWDEDVH
HQJLQH UHTXLUHWKDWWKH*DYD6XQWLPH%QYLURQPHQW*6% EHLQVWDOOHG
RQ\RXUFRPSXWHU!OWKRXJK//RZLOOZRUNILQHZLWKRXW*DYDVXSSRUW
VRPHIHDWXUHVZLOOQRWEHDYDLODEOH=RXFDQGRZQORDG//RZLWKRU
ZLWKRXW*6%LQFOXGHG)I\RXKDYHDVORZPDFKLQHDQGGRQRWRIWHQ
QHHGWKHIHDWXUHVUHTXLULQJ*6%\RXFDQWU\WRGLVDEOHLWWRVSHHGXS
WKHORDGLQJRIWKHSURJUDP
&RUDPRUHGHWDLOHGDQGXS
WR
GDWH OLVWLQJRIUHTXLUHPHQWVVHH
KWWSZZZRSHQRIILFHRUJGHYCGRFVVRXUFHV\VCUHTVCKWPO
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
=EB=53BB63A=4BE/@3
-DQ\QHZFRPSXWHUVFRPHZLWK/SHQ/IILFHRUJLQVWDOOHG)Q
DGGLWLRQPRVW,LQX[GLVWULEXWLRQVVXFKDV9EXQWXLQFOXGH
/SHQ/IILFHRUJ
)I\RXQHHGWRLQVWDOOLW\RXUVHOILWvVYHU\HDV\WRGR=RXFDQ
GRZQORDGWKH/SHQ/IILFHRUJLQVWDOODWLRQSDFNDJHIURPWKHSURMHFWvV
KRPHSDJHKWWSZZZRSHQRIILFHRUJ RUE\XVLQJD0HHUWR0HHU
FOLHQWVXFKDV"LW8RUUHQW)QVWUXFWLRQVIRU"LW8RUUHQWDUHKHUH
KWWSGLVWULEXWLRQRSHQRIILFHRUJSS
8KHLQVWDOODWLRQSDFNDJHLVDSSUR[LPDWHO\-"0HRSOHZLWKVORZ
)QWHUQHWFRQQHFWLRQVPD\SUHIHUWRSXUFKDVHDFRS\RQD#$RU$:$
IURPDWKLUG
SDUW\GLVWULEXWRU8KHSURMHFWPDLQWDLQVDOLVWRI
GLVWULEXWRUVKWWSGLVWULEXWLRQRSHQRIILFHRUJFGURPVHOOHUVKWPOEXW
WKHGLVWULEXWRUVDUHQRWFRQQHFWHGZLWKQRUHQGRUVHGE\
/SHQ/IILFHRUJ
=EB=7<AB/::B63A=4BE/@3
)QIRUPDWLRQRQLQVWDOOLQJDQGVHWWLQJXS/SHQ/IILFHRUJRQWKH
YDULRXVVXSSRUWHGRSHUDWLQJV\VWHPVLVJLYHQKHUH
KWWSGRZQORDGRSHQRIILFHRUJFRPPRQLQVWUXFWLRQVKWPO
=RXFDQDOVRGRZQORDGWKHPRUHGHWDLOHG7HWXS'XLGHLQVHYHUDO
ODQJXDJHV IURPKWWSGRFXPHQWDWLRQ
RSHQRIILFHRUJVHWXSCJXLGHLQGH[KWPO
=EB=53B63:>
8KLVERRNDQGWKHRWKHU//RXVHUJXLGHVDQGKHOSDQGXVHUVXSSRUW
V\VWHPVDVVXPHWKDW\RXDUHIDPLOLDUZLWK\RXUFRPSXWHUDQGEDVLF
IXQFWLRQVVXFKDVVWDUWLQJDSURJUDPRSHQLQJDQGVDYLQJILOHV
3:>AGAB3;
//RFRPHVZLWKDQH[WHQVLYH(HOSV\VWHP8KLVLV\RXUILUVWOLQHRI
VXSSRUWIRUXVLQJ//R
8RGLVSOD\WKHIXOO(HOSV\VWHPSUHVV&RUVHOHFW)F;D)<<?9;
EH=
";BFIURPWKH(HOSPHQX)QDGGLWLRQ\RXFDQFKRRVHZKHWKHUWR
DFWLYDWHWRROWLSVH[WHQGHGWLSVDQGWKH(HOS!JHQWXVLQJ.EEBI
)FJ?EDI!;D;H7B
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
)IWRROWLSVDUHHQDEOHGSODFHWKHPRXVHSRLQWHURYHUDQ\RIWKHLFRQV
WRVHHDVPDOOER[sWRROWLSt ZLWKDEULHIH[SODQDWLRQRIWKHLFRQvV
IXQFWLRQ&RUDPRUHGHWDLOHGH[SODQDWLRQVHOHFW";BF1>7JI
.>?IDQGKROGWKHSRLQWHURYHUWKHLFRQ
@33=<:7<3AC>>=@B
8KH/SHQ/IILFHRUJFRPPXQLW\QRWRQO\GHYHORSVVRIWZDUHEXW
SURYLGHVIUHHYROXQWHHU
EDVHGVXSSRUW9VHUVRI//RFDQJHW
FRPSUHKHQVLYHRQOLQHVXSSRUWIURPFRPPXQLW\YHQXHVVXFKDV
QHZVJURXSVIRUXPVRUPDLOLQJOLVWV8KHUHDUHDOVRQXPHURXV
ZHEVLWHVUXQE\XVHUVWKDWRIIHUIUHHWLSVDQGWXWRULDOV
,!!+!)""%!*,#-/++*,.
&UHHFRPPXQLW\VXSSRUWSURYLGHGE\D
QHWZRUNRIKXQGUHGVRIH[SHULHQFHGXVHUV
=RXPXVWEHVXEVFULEHGWRSRVWPHVVDJHV8R
9VHUV-DLOLQJ VXEVFULEHVHQGDEODQNHPDLOWR
,LVW XVHUV
VXEVFULEH RSHQRIILFHRUJ
,LVWDUFKLYHVDUHKHUH
KWWSZZZRSHQRIILFHRUJVHUYOHWV
7XPPDUL]H,LVWOLVW.DPHXVHUV
8HPSODWHVXVHUJXLGHVKRZ
WRVDQGRWKHU
GRFXPHQWDWLRQ
$RFXPHQWDWLRQ KWWSGRFXPHQWDWLRQRSHQRIILFHRUJ
0URMHFW 7HHDOVRWKH$RFXPHQWDWLRQZLNL
KWWSZLNLVHUYLFHVRSHQRIILFHRUJZLNL
$RFXPHQWDWLRQ
.DWLYH )QIRUPDWLRQUHVRXUFHVDQGPDLOOLVWVLQ\RXU
,DQJXDJH ODQJXDJH
0URMHFW KWWSSURMHFWVRSHQRIILFHRUJQDWLYH
ODQJKWPO
7XSSRUWIRULQVWDOOLQJDQGXVLQJ//RRQ-DF
-DF7XSSRUW /7<
KWWSSRUWLQJRSHQRIILFHRUJPDFLQGH[KWPO
%[WHQVLYHGLVFXVVLRQIRUXPIRU/SHQ/IILFHRUJ
/SHQ/IILFHRUJ
LVVXHVIURPVHWXSWRDGYDQFHGSURJUDPPLQJ
#RPPXQLW\
IHDWXUHV
&RUXP
KWWSXVHUVHUYLFHVRSHQRIILFHRUJHQIRUXP
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
,!!+!)""%!*,#-/++*,.
!QGUHZ0LWRQ\DNWKHDXWKRURI
/SHQ/IILFHRUJ-DFURV%[SODLQHGPDLQWDLQV
/SHQ/IILFHRUJ
WKLVVLWHZKLFKSURYLGHVH[WHQVLYH
-DFUR
GRFXPHQWDWLRQRQ//RVPDFURFDSDELOLW\
)QIRUPDWLRQ
-DQ\JRRGUHIHUUDOOLQNVDUHDOVRSURYLGHG
KWWSZZZSLWRQ\DNRUJRRSKS
6HDGPRUHDERXWWKHVXSSRUWRSWLRQVIRU//RDW
KWWSVXSSRUWRSHQRIILFHRUJLQGH[KWPO
%/72AC>>=@B/<2B@/7<7<5
!OWHUQDWLYHO\\RXFDQSD\IRUVXSSRUWVHUYLFHV7HUYLFHFRQWUDFWVFDQ
EHSXUFKDVHGIURPDYHQGRURUFRQVXOWLQJILUPVSHFLDOL]LQJLQ
/SHQ/IILFHRUJ
//RLVVXSSRUWHGE\7XQ-LFURV\VWHPV)QFXQGHUWKH7XQ7RIWZDUH
7XSSRUWSURJUDPZKLFKLQFOXGHVWZROHYHOVRIVXSSRUWWKDWFRYHU
H[WHQGHGEXVLQHVVKRXUVRUDURXQG
WKH
FORFNVHUYLFHIRUPLVVLRQ
FULWLFDOGHSOR\PHQWV
KWWSZZZVXQFRPVHUYLFHVXSSRUWVRIWZDUHRSHQRIILFHLQGH[KWPO
!OLVWRILQGHSHQGHQWFRQVXOWDQWVDQGWKHVHUYLFHVWKH\RIIHUOLVWHG
DOSKDEHWLFDOO\E\UHJLRQDQGWKHQE\FRXQWU\LVSURYLGHGRQWKH
/SHQ/IILFHRUJZHEVLWHKWWSEL]GHYRSHQRIILFHRUJFRQVXOWDQWVKWPO
FB3<A7=<A/<2/22=<A
7HYHUDOZHEVLWHVSURYLGHH[WHQVLRQVDQGDGG
RQVWRHQKDQFH
/SHQ/IILFHRUJ8KHIROORZLQJWDEOHOLVWVDIHZRIWKHVHZHEVLWHV7HH
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ IRUPRUHLQIRUPDWLRQ
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
,!!*.!(+'.!-,.1*,& *)-) *.$!,
,!-*/,!-
!UHSRVLWRU\IRU//RPDFURVDQGDGGRQV
DQGGRFXPHQWDWLRQDERXWZULWLQJPDFURV
//R-DFURV
RUH[WHQGLQJ//R
KWWSZZZRRRPDFURVRUJ
!QDUFKLYHRIFOLSDUWWKDWFDQEHXVHGIRU
/SHQ#OLS!UW
IUHHIRUDQ\XVH
,LEUDU\
KWWSZZZRSHQFOLSDUWRUJ
(B/@B7<5$>3<$44713=@5
8KHPRVWFRPPRQZD\WRODXQFKDQ\FRPSRQHQWRI//RLVE\XVLQJ
WKHV\VWHPPHQXWKHVWDQGDUGPHQXIURPZKLFKPRVWDSSOLFDWLRQV
DUHVWDUWHG/Q;LQGRZVLWLVFDOOHGWKH7WDUWPHQX/Q'./-%LWLV
FDOOHGWKH!SSOLFDWLRQVPHQX/Q+$%LWLVLGHQWLILHGE\WKH+$%ORJR
/Q-DF/7<LWLVWKH!SSOLFDWLRQVPHQX
;KHQ//RZDVLQVWDOOHGRQ\RXUFRPSXWHULQPRVWFDVHVDPHQX
HQWU\IRUHDFKFRPSRQHQWZDVDGGHGWR\RXUV\VWHPPHQX)I\RXDUH
XVLQJD-DFVHHQRWHEHORZ 8KHH[DFWQDPHDQGORFDWLRQRIWKHVH
PHQXHQWULHVGHSHQGVRQWKHRSHUDWLQJV\VWHPDQGJUDSKLFDOXVHU
LQWHUIDFH
*.!"*,/-!,-
=RXVKRXOGVHHWKH/SHQ/IILFHRUJLFRQLQWKH!SSOLFDWLRQVIROGHU
;KHQ\RXGRXEOH
FOLFNWKLVLFRQDWH[WGRFXPHQWRSHQVLQ;ULWHU8R
RSHQWKHRWKHUFRPSRQHQWV$UDZ#DOF)PSUHVV"DVH JRWRWKH
&LOHPHQXRIWKH;ULWHUZLQGRZDQGVHOHFWWKHFRPSRQHQW\RXZDQW
//RGRHVQRWDXWRPDWLFDOO\SXWDVKRUWFXWLFRQRQWKHGHVNWRSEXW
\RXFDQDGGRQHLI\RXZLVK)I\RXGRQvWNQRZKRZWRDGGVKRUWFXW
LFRQVIRUODXQFKLQJSURJUDPVSOHDVHFRQVXOWWKHKHOSIRU\RXU
RSHUDWLQJV\VWHP
(B/@B7<54@=;/<3F7AB7<52=1C;3<B
=RXFDQVWDUW//RE\GRXEOH
FOLFNLQJWKHILOHQDPHRIDQ//R
GRFXPHQWLQDILOHPDQDJHUVXFKDV;LQGRZV%[SORUHU8KH
DSSURSULDWHFRPSRQHQWRI//RZLOOVWDUWDQGWKHGRFXPHQWZLOOEH
ORDGHG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
*.!"*,%) *1-/-!,-
)I\RXKDYHDVVRFLDWHG-LFURVRIW/IILFHILOHW\SHVZLWK//RWKHQ
ZKHQ\RXGRXEOH
FOLFNRQD
GRF;RUG ILOHLWRSHQVLQ;ULWHU
[OV
%[FHO ILOHVRSHQLQ#DOFDQG
SSW0RZHUSRLQW ILOHVRSHQLQ
)PSUHVV
)I\RXGLGQRWDVVRFLDWHWKHILOHW\SHVWKHQZKHQ\RXGRXEOH
FOLFNRQ
D-LFURVRIW;RUGGRFXPHQWLWRSHQVLQ-LFURVRIW;RUGLI;RUGLV
LQVWDOOHGRQ\RXUFRPSXWHU %[FHOILOHVRSHQLQ%[FHODQG0RZHUSRLQW
ILOHVRSHQLQ0RZHUSRLQW
=RXFDQXVHDQRWKHUPHWKRGWRRSHQ-LFURVRIW/IILFHILOHVLQ//RDQG
VDYHLQWKRVHIRUPDWVIURP//R7HHs/SHQLQJDQH[LVWLQJGRFXPHQWt
RQSDJHIRUPRUHLQIRUPDWLRQ
*A7<5B63&C719AB/@B3@C<23@,7<2=EA
8KH5XLFNVWDUWHULVDQLFRQWKDWLVSODFHGLQWKH;LQGRZVV\VWHPWUD\
GXULQJV\VWHPVWDUWXS)WLQGLFDWHVWKDW/SHQ/IILFHRUJKDVEHHQ
ORDGHGDQGLVUHDG\WRXVH8KH5XLFNVWDUWHUORDGVOLEUDU\$,,ILOHV
UHTXLUHGE\//RWKXVVKRUWHQLQJWKHVWDUWXSWLPHIRU//R
FRPSRQHQWVE\DERXWKDOI )IWKH5XLFNVWDUWHULVGLVDEOHGVHH
s6HDFWLYDWLQJWKH5XLFNVWDUWHUtLI\RXZDQWWRHQDEOHLW
-%)#.$!/%&-.,.!,%*)
6LJKW
FOLFNWKH+K?9AIJ7HJ;HLFRQLQWKHV\VWHPWUD\WRRSHQDSRS
XS
PHQXIURPZKLFK\RXFDQRSHQDQHZGRFXPHQWRSHQWKH8HPSODWHV
DQG$RFXPHQWVGLDORJRUFKRRVHDQH[LVWLQJGRFXPHQWWRRSHQ=RX
FDQDOVRGRXEOH
FOLFNWKH+K?9AIJ7HJ;HLFRQWRGLVSOD\WKH8HPSODWHV
DQG$RFXPHQWVGLDORJ
&LJXUH5XLFNVWDUWHUSRSXSPHQX
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
%-'%)#.$!/%&-.,.!,
8RFORVHWKH5XLFNVWDUWHUULJKW
FOLFNRQWKHLFRQLQWKHV\VWHPWUD\
DQGWKHQFOLFNN?J+K?9AIJ7HJ;HRQWKHSRS
XSPHQX8KHQH[WWLPH
WKHFRPSXWHULVUHVWDUWHGWKH5XLFNVWDUWHUZLOOEHORDGHGDJDLQ
8RSUHYHQW/SHQ/IILFHRUJIURPORDGLQJGXULQJV\VWHPVWDUWXS
GHVHOHFWWKH&E7:)F;D)<<?9;
EH=:KH?D=IOIJ;CIJ7HJ KFLWHPRQ
WKHSRS
XSPHQX=RXPLJKWZDQWWRGRWKLVLI\RXUFRPSXWHUKDV
LQVXIILFLHQWPHPRU\IRUH[DPSOH
!.%0.%)#.$!/%&-.,.!,
)IWKH5XLFNVWDUWHUKDVEHHQGLVDEOHG\RXFDQUHDFWLYDWHLWE\
VHOHFWLQJWKH&E7:)F;D)<<?9;
EH=:KH?D=IOIJ;CIJ7HJ KF
FKHFNER[LQ.EEBI)FJ?EDI)F;D)<<?9;
EH=';CEHO
*A7<5B63&C719AB/@B3@7<!7<CF
7RPHLQVWDOODWLRQVRI/SHQ/IILFHRUJXQGHU,LQX[KDYHD5XLFNVWDUWHU
WKDWORRNVDQGDFWVOLNHWKHRQHGHVFULEHGDERYHIRU;LQGRZVWKH
FKHFNER[RQWKH-HPRU\SDJHLVODEHOHGD78B;IOIJH7O
GK?9AIJ7HJ;H
%@3:=/27<5$$=C<23@!7<CF
)Q,LQX[+$%\RXFDQXVH+$RFNHUWRKDYH//RORDGHGDQGUHDG\IRU
XVHDWVWDUWXS+$RFNHULVQRWSDUWRI//RLWLVDJHQHULFsV\VWUD\
DSSGRFNHUtWKDWLVKHOSIXOLI\RXRSHQ//RRIWHQ
(B/@B7<54@=;B631=;;/<2:7<3
=RXPD\ZDQWWRVWDUW//RIURPWKHFRPPDQGOLQHXVLQJWKH
NH\ERDUGLQVWHDGRIWKHPRXVH ;K\;HOOE\XVLQJWKHFRPPDQG
OLQH\RXKDYHPRUHFRQWURORYHUZKDWKDSSHQVZKHQ//RLVVWDUWHG
&RUH[DPSOHXVLQJWKHFRPPDQGOLQH\RXFDQWHOO;ULWHUWRORDGD
GRFXPHQWDQGSULQWLWLPPHGLDWHO\RUWRVWDUWZLWKRXWVKRZLQJWKH
VSODVKVFUHHQ
#=B3 -RVWXVHUVZLOOQHYHUQHHGWRGRWKLV
8KHUHLVPRUHWKDQRQHZD\WRVWDUW//RIURPWKHFRPPDQGOLQH
GHSHQGLQJRQZKHWKHU\RXKDYHLQVWDOOHGDFXVWRPL]HGYHUVLRQRUWKH
VWDQGDUGGRZQORDGIURPWKH//RZHEVLWH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)I\RXLQVWDOOHGXVLQJWKHGRZQORDGRQWKH//RZHEVLWH\RXFDQVWDUW
;ULWHUE\W\SLQJDWWKHFRPPDQGOLQH
GC::=79KF=H9F
RU
GKF=H9F
;ULWHUZLOOVWDUWDQGFUHDWHDQHZGRFXPHQW,LNHZLVH\RXFDQVWDUW
RWKHU//RFRPSRQHQWVIURPWKHFRPPDQGOLQH
8RVHHDOLVWRIRSWLRQV\RXFDQXVHZKHQVWDUWLQJ;ULWHUDWWKH
FRPPDQGOLQHW\SH
GC::=79
"HORZLVDOLVWRIVRPHRIWKHPRUHSRSXODURSWLRQV
+.%*)
!-,%+.%*)
<9@D 'HWDFRPSOHWHOLVWRIRSWLRQV
BC@C;C $RQRWVKRZWKHVWDUWXSVFUHHQ
G<CKC8D:=@9 7WDUWSUHVHQWDWLRQLPPHGLDWHO\
J=9K8C7IA9BHG
/SHQGRFXPHQWVLQYLHZHUUHDG
RQO\
PRGH
A=B=A=N98 7WDUW//RPLQLPL]HG
BCF9GHCF9 7XSSUHVVUHVWDUWUHVWRUHDIWHUIDWDO
HUURUV
=BJ=G=6@9 .RVWDUWXSVFUHHQQRGHIDXOW
GRFXPHQWDQGQR9)8KLVLVXVHIXOIRU
WKLUG
SDUW\DSSOLFDWLRQVWKDWXVH
IXQFWLRQDOLW\SURYLGHGE\//R
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
)I\RXKDYHDFXVWRPL]HGYHUVLRQRI//RVXFKDVWKHRQHSURYLGHGE\
,LQX[-DQGUDNHRU'HQWRR \RXFDQVWDUW;ULWHUE\W\SLQJDWWKH
FRPPDQGOLQH
CCKF=H9F
!OWKRXJKWKHFRPPDQGV\QWD[GLIIHUVWKHHIIHFWLV
#=B3 LGHQWLFDOLWVWDUWV//RZLWKDQHPSW\;ULWHUGRFXPHQW
%/@BA=4B63;/7<E7<2=E
8KHPDLQZLQGRZLVVLPLODULQHDFKFRPSRQHQWRI//RDOWKRXJK
VRPHGHWDLOVYDU\7HHWKHFRPSRQHQWFKDSWHUVLQWKLVERRNIRU
GHVFULSWLRQVRIWKRVHGHWDLOV
#RPPRQIHDWXUHVLQFOXGHWKHPHQXEDUVWDQGDUGWRROEDUDQG
IRUPDWWLQJWRROEDUDWWKHWRSRIWKHZLQGRZDQGWKHVWDWXVEDUDWWKH
ERWWRP
"3<C0/@
8KH-HQXEDULVORFDWHGDFURVVWKHWRSRIWKHVFUHHQMXVWEHORZWKH
8LWOHEDU;KHQ\RXFKRRVHRQHRIWKHPHQXVDVXEPHQXGURSVGRZQ
WRVKRZFRPPDQGV
l ?B;FRQWDLQVFRPPDQGVWKDWDSSO\WRWKHHQWLUHGRFXPHQWVXFK
DV/SHQ7DYHDQG%[SRUWDV0$&
l :?JFRQWDLQVFRPPDQGVIRUHGLWLQJWKHGRFXPHQWVXFKDV9QGR
DQG&LQG6HSODFH)WDOVRFRQWDLQVFRPPDQGVWRFXWFRS\DQG
SDVWHVHOHFWHGSDUWVRI\RXUGRFXPHQW
l 0?;MFRQWDLQVFRPPDQGVIRUFRQWUROOLQJWKHGLVSOD\RIWKH
GRFXPHQWVXFKDV>RRPDQG;HE,D\RXW
l #DI;HJFRQWDLQVFRPPDQGVIRULQVHUWLQJHOHPHQWVLQWR\RXU
GRFXPHQWVXFKDV(HDGHU&RRWHUDQG0LFWXUH
l EHC7JFRQWDLQVFRPPDQGVVXFKDV7W\OHVDQG&RUPDWWLQJDQG
!XWR&RUPDWIRUIRUPDWWLQJWKHOD\RXWRI\RXUGRFXPHQW
l .78B;VKRZVDOOFRPPDQGVWRLQVHUWDQGHGLWDWDEOHLQDWH[W
GRFXPHQW
l .EEBIFRQWDLQVIXQFWLRQVVXFKDV7SHOOLQJDQG'UDPPDU
#XVWRPL]HDQG/SWLRQV
l 1?D:EMFRQWDLQVFRPPDQGVIRUWKHGLVSOD\ZLQGRZ
l ";BFFRQWDLQVOLQNVWRWKH/SHQ/IILFHRUJ(HOSILOH;KDWvV8KLV
DQGLQIRUPDWLRQDERXWWKHSURJUDP
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)==:0/@A
//RKDVVHYHUDOW\SHVRIWRROEDUVGRFNHGIORDWLQJDQGWHDU
RII
$RFNHGWRROEDUVFDQEHPRYHGWRGLIIHUHQWORFDWLRQVRUPDGHWRIORDW
DQGIORDWLQJWRROEDUVFDQEHGRFNHG
8KHWRSGRFNHGWRROEDUGHIDXOWSRVLWLRQ LVFDOOHGWKH7WDQGDUG
WRROEDU8KH7WDQGDUGWRROEDULVFRQVLVWHQWDFURVVWKH/SHQ/IILFHRUJ
DSSOLFDWLRQV
8KHVHFRQGWRROEDUDFURVVWKHWRSGHIDXOWORFDWLRQ LVWKH&RUPDWWLQJ
WRROEDU)WLVDFRQWH[W
VHQVLWLYHEDUWKDWVKRZVWKHUHOHYDQWWRROVLQ
UHVSRQVHWRWKHFXUVRUvVFXUUHQWSRVLWLRQRUVHOHFWLRQ&RUH[DPSOH
ZKHQWKHFXUVRULVRQDJUDSKLFWKH&RUPDWWLQJEDUSURYLGHVWRROVIRU
IRUPDWWLQJJUDSKLFVZKHQWKHFXUVRULVLQWH[WWKHWRROVDUHIRU
IRUPDWWLQJWH[W
%-+'3%)#*,$% %)#.**',-
8RGLVSOD\RUKLGHWRROEDUVFKRRVH0?;M.EEB87HIWKHQFOLFNRQ
WKHQDPHRIDWRROEDULQWKHOLVW!QDFWLYHWRROEDUVKRZVDFKHFNPDUN
EHVLGHLWVQDPH8HDU
RIIWRROEDUVDUHQRWOLVWHGLQWKH:LHZPHQX
/(!)/-) .!,*"".**',-
8RROEDULFRQVZLWKDVPDOOWULDQJOHWRWKHULJKWZLOOGLVSOD\VXEPHQXV
WHDU
RIIWRROEDUVDQGRWKHUZD\VRIVHOHFWLQJWKLQJVGHSHQGLQJRQ
WKHLFRQ
&LJXUHVKRZVDWHDU
RIIWRROEDUIURPWKH$UDZLQJWRROEDU
8KHWHDU
RIIWRROEDUVFDQEHIORDWLQJRUGRFNHGDORQJDQHGJHRIWKH
VFUHHQRULQRQHRIWKHH[LVWLQJWRROEDUDUHDV8RPRYHDIORDWLQJWHDU
RIIWRROEDUGUDJLWE\WKHWLWOHEDU7HHs-RYLQJWRROEDUVtEHORZ
#OLFNKHUHDQGGUDJ 8RROEDUWHDUVRIIDQGIORDWV
&LJXUH%[DPSOHRIDWHDU RIIWRROEDU
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
*0%)#.**',-
8RPRYHDGRFNHGWRROEDUSODFHWKHPRXVHSRLQWHURYHUWKHWRROEDU
KDQGOHKROGGRZQWKHOHIWPRXVHEXWWRQGUDJWKHWRROEDUWRWKHQHZ
ORFDWLRQDQGWKHQUHOHDVHWKHPRXVHEXWWRQ&LJXUH
8RPRYHDIORDWLQJWRROEDUFOLFNRQLWVWLWOHEDUDQGGUDJLWWRDQHZ
ORFDWLRQ&LJXUH
(DQGOHRIGRFNHGWRROEDU
&LJXUH-RYLQJDGRFNHGWRROEDU
8LWOHEDURIIORDWLQJWRROEDU
&LJXUH-RYLQJDIORDWLQJWRROEDU
'*.%)#.**',-
//RLQFOXGHVVHYHUDODGGLWLRQDOFRQWH[W
VHQVLWLYHWRROEDUVZKRVH
GHIDXOWVDSSHDUDVIORDWLQJWRROEDUVLQUHVSRQVHWRWKHFXUVRUvV
FXUUHQWSRVLWLRQRUVHOHFWLRQ&RUH[DPSOHZKHQWKHFXUVRULVLQD
WDEOHDIORDWLQJ8DEOHWRROEDUDSSHDUVDQGZKHQWKHFXUVRULVLQD
QXPEHUHGRUEXOOHWOLVWWKH"XOOHWVDQG.XPEHULQJWRROEDUDSSHDUV
=RXFDQGRFNWKHVHWRROEDUVWRWKHWRSERWWRPRUVLGHRIWKHZLQGRZ
LI\RXZLVKVHHs-RYLQJWRROEDUVtRQSDJH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8RGRFNDZLQGRZRUWRROEDUGR
RQHRIWKHIROORZLQJ
l #OLFNRQWKHWLWOHEDURIWKH
IORDWLQJZLQGRZDQGGUDJLW
WRWKHVLGHXQWLO\RXVHHWKH
RXWOLQHRIDER[DSSHDULQWKH
PDLQZLQGRZWKHQUHOHDVH
WKHZLQGRZ8KLVPHWKRG
GHSHQGVRQ\RXUV\VWHPvV
ZLQGRZPDQDJHUVHWWLQJVVR
LWPD\QRWZRUNIRU\RX
l (ROGGRZQWKH#RQWURONH\
DQGGRXEOH
FOLFNRQDYDFDQW
SDUWRIWKHIORDWLQJZLQGRZ
WRGRFNLWLQLWVODVWSRVLWLRQ
)IWKDWGRHVQRWZRUNWU\
GRXEOH
FOLFNLQJZLWKRXW
XVLQJWKH#RQWURONH\
8RXQGRFNDZLQGRZKROGGRZQ
WKH#RQWURONH\DQGGRXEOH
FOLFN
RQDYDFDQWSDUWRIWKHGRFNHG &LJXUH$RFNLQJDZLQGRZ
ZLQGRZ
8KH7W\OHVDQG&RUPDWWLQJZLQGRZFDQDOVREHGRFNHG
#=B3 RUXQGRFNHGE\XVLQJ#RQWUROGRXEOH
FOLFNRQWKH
JUD\DUHDQH[WWRWKHLFRQVDWWKHWRSRIWKHZLQGRZ
/-.*(%4%)#.**',-
=RXFDQFXVWRPL]HWRROEDUVLQVHYHUDOZD\VLQFOXGLQJFKRRVLQJZKLFK
LFRQVDUHYLVLEOHDQGORFNLQJWKHSRVLWLRQRIDGRFNHGWRROEDU=RXFDQ
DOVRDGGLFRQVDQGFUHDWHQHZWRROEDUVDVGHVFULEHGLQ#KDSWHU
8RDFFHVVDWRROEDUvVFXVWRPL]DWLRQRSWLRQVXVHWKHGRZQ
DUURZDW
WKHHQGRIWKHWRROEDURURQLWVWLWOHEDUVHH&LJXUH
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
8RVKRZRUKLGHLFRQVGHILQHGIRUWKHVHOHFWHGWRROEDUFKRRVH0?I?8B;
KJJEDIIURPWKHGURS
GRZQPHQX:LVLEOHLFRQVKDYHDFKHFNPDUN
QH[WWRWKHP#OLFNRQLFRQVWRVHOHFWRUGHVHOHFWWKHP
'756B1:7191=<B3FB;3<CA
=RXFDQTXLFNO\DFFHVVPDQ\PHQXIXQFWLRQVE\ULJKW
FOLFNLQJRQD
SDUDJUDSKJUDSKLFVRURWKHUREMHFW!FRQWH[WPHQXZLOOSRSXS
/IWHQWKHFRQWH[WPHQXLVWKHIDVWHVWDQGHDVLHUZD\WRUHDFKD
IXQFWLRQ)I\RXvUHQRWVXUHZKHUHLQWKHPHQXVRUWRROEDUVDIXQFWLRQ
LVORFDWHG\RXFDQRIWHQILQGLWE\ULJKW
FOLFNLQJ
(B/@B7<5/<3E2=1C;3<B
=RXFDQFUHDWHDQHZEODQNGRFXPHQWLQ//RLQVHYHUDOZD\V
;KHQ//RLVRSHQEXWQRGRFXPHQWLVRSHQIRUH[DPSOHLI\RXFORVH
DOOWKHRSHQGRFXPHQWVEXWOHDYHWKHSURJUDPUXQQLQJ D;HOFRPH
VFUHHQLVVKRZQ#OLFNRQHRIWKHLFRQVWRRSHQDQHZGRFXPHQWRI
WKDWW\SHRUFOLFNWKH8HPSODWHVLFRQWRVWDUWDQHZGRFXPHQWXVLQJD
WHPSODWH
=RXFDQDOVRVWDUWDQHZGRFXPHQWLQRQHRIWKHIROORZLQJZD\V)ID
GRFXPHQWLVDOUHDG\RSHQLQ//RWKHQHZGRFXPHQWRSHQVLQDQHZ
ZLQGRZ
l 9VH ?B;(;MDQGFKRRVHWKHW\SHRIGRFXPHQW
l 9VHWKHDUURZQH[WWRWKH(;MEXWWRQRQWKHPDLQWRROEDU&URP
WKHGURS
GRZQPHQXVHOHFWWKHW\SHRIGRFXPHQWWREHFUHDWHG
l 0UHVV#RQWURO.RQWKHNH\ERDUG
l 9VH ?B;1?P7H:IIRUVRPHW\SHVRIGRFXPHQWV
$>3<7<5/<3F7AB7<52=1C;3<B
;KHQQRGRFXPHQWLVRSHQWKH;HOFRPHVFUHHQSURYLGHVDQLFRQIRU
RSHQLQJDQH[LVWLQJGRFXPHQW
=RXFDQDOVRRSHQDQH[LVWLQJGRFXPHQWLQRQHRIWKHIROORZLQJZD\V
)IDGRFXPHQWLVDOUHDG\RSHQLQ//RWKHVHFRQGGRFXPHQWRSHQVLQ
DQHZZLQGRZ
l #OLFN ?B;)F;D
l #OLFNWKH)F;DEXWWRQRQWKHPDLQWRROEDU
l 0UHVV#RQWURO/RQWKHNH\ERDUG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)QHDFKFDVHWKH/SHQGLDORJDSSHDUV7HOHFWWKHILOH\RXZDQWDQG
WKHQFOLFN)F;D
)QWKH/SHQGLDORJ\RXFDQUHGXFHWKHOLVWRIILOHVE\VHOHFWLQJWKH
W\SHRIILOH\RXDUHORRNLQJIRU&RUH[DPSOHLI\RXFKRRVH.;NJ
:E9KC;DJIDVWKHILOHW\SH\RXZLOORQO\VHHGRFXPHQWV;ULWHUFDQ
RSHQLQFOXGLQJRGWGRFW[W LI\RXFKRRVH-FH;7:I>;;JI\RXZLOO
VHHRGV[VODQGRWKHUILOHVWKDW#DOFRSHQV
=RXFDQDOVRRSHQDQH[LVWLQJGRFXPHQWWKDWLVLQDQ/SHQ$RFXPHQW
IRUPDWE\GRXEOH
FOLFNLQJRQWKHILOHvVLFRQRQWKHGHVNWRSRULQDILOH
PDQDJHUVXFKDV;LQGRZV%[SORUHU
)I\RXKDYHDVVRFLDWHG-LFURVRIW/IILFHILOHIRUPDWVZLWK//R\RXFDQ
DOVRRSHQWKHVHILOHVE\GRXEOH
FOLFNLQJRQWKHP
9QGHU-LFURVRIW;LQGRZV\RXFDQXVHHLWKHUWKH//R
/SHQDQG7DYH!VGLDORJVRUWKHRQHVSURYLGHGE\
#=B3 -LFURVRIW;LQGRZV7HHs9VLQJWKH/SHQDQG7DYH!V
GLDORJVtRQSDJH
(/D7<52=1C;3<BA
8RVDYHDQHZGRFXPHQW
#KRRVH ?B;-7L;
;KHQWKH7DYH!VGLDORJDSSHDUVHQWHUWKHILOHQDPHDQGYHULI\
WKHILOHW\SHLIDSSOLFDEOH
8RVDYHDQRSHQGRFXPHQWZLWKWKHFXUUHQWILOHQDPHFKRRVH ?B;
-7L;8KLVZLOORYHUZULWHWKHODVWVDYHGVWDWHRIWKHILOH
%/AAE=@2>@=B31B7=<
8RSURWHFWDQHQWLUHGRFXPHQWIURPEHLQJYLHZDEOHZLWKRXWD
SDVVZRUGXVHWKHRSWLRQRQWKH7DYH!VGLDORJWRHQWHUDSDVVZRUG
8KLVRSWLRQLVRQO\DYDLODEOHIRUILOHVVDYHGLQ/SHQ$RFXPHQWIRUPDWV
RUWKHROGHU/SHQ/IILFHRUJ[IRUPDWV
/QWKH7DYH!VGLDORJVHOHFWWKHFKHFNER[EHVLGH-7L;M?J>
F7IIMEH:DQGWKHQFOLFN-7L;
=RXZLOOUHFHLYHDSURPSW
8\SHWKHVDPHSDVVZRUGLQWKH*7IIMEH:ILHOGDQGWKHED<?HC
ILHOGDQGWKHQFOLFN)%)IWKHSDVVZRUGVPDWFKWKHGRFXPHQW
LVVDYHGSDVVZRUGSURWHFWHG)IWKHSDVVZRUGVGRQRWPDWFK\RX
UHFHLYHWKHSURPSWWRHQWHUWKHSDVVZRUGDJDLQ
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
0DVVZRUGVPXVWFRQWDLQDPLQLPXPRIFKDUDFWHUV
#=B3 9QWLO\RXKDYHHQWHUHGFKDUDFWHUVWKH)%EXWWRQ
UHPDLQVLQDFWLYH
//RXVHVDYHU\VWURQJHQFU\SWLRQPHFKDQLVPZKLFKPDNHVLWDOPRVW
LPSRVVLEOHWRUHFRYHUWKHFRQWHQWVRIDGRFXPHQWLQFDVH\RXORVH
WKHSDVVZRUG
(/D7<5/2=1C;3<B/CB=;/B71/::G
=RXFDQFKRRVHWRKDYH/SHQ/IILFHRUJVDYHILOHVIRU\RX
DXWRPDWLFDOO\!XWRPDWLFVDYLQJOLNHPDQXDOVDYLQJRYHUZULWHVWKH
ODVWVDYHGVWDWHRIWKHILOH8RVHWXSDXWRPDWLFILOHVDYLQJ
#KRRVH.EEBI)FJ?EDI&E7:-7L;!;D;H7B
-DUN-7L;KJE,;9EL;HO?D<EHC7J?ED;L;HODQGVHWWKHWLPH
LQWHUYDO
'3</;7<5/<223:3B7<547:3A
=RXFDQUHQDPHRUGHOHWHILOHVZLWKLQWKH//RGLDORJVMXVWDV\RXFDQ
LQ\RXUXVXDOILOHPDQDJHU(RZHYHU\RXFDQQRWFRS\RUSDVWHILOHV
ZLWKLQWKHGLDORJV
*A7<5B63$>3</<2(/D3A27/:=5A
=RXFDQFKRRVHZKHWKHUWRXVHWKH/SHQ/IILFHRUJ/SHQDQG7DYH!V
GLDORJVRUWKHRQHVSURYLGHGE\\RXURSHUDWLQJV\VWHP8RYLHZRU
FKDQJHZKLFKW\SHRIGLDORJ/SHQ/IILFHRUJXVHV
#KRRVH.EEBI)FJ?EDI)F;D)<<?9;
EH=!;D;H7B
7HOHFWWKH/I;)F;D)<<?9;
EH=:?7BE=IFKHFNER[
8KLVVHFWLRQGLVFXVVHVWKH/SHQ/IILFHRUJ/SHQDQG7DYH!VGLDORJV
7HH&LJXUHIRUDQH[DPSOHRIWKH7DYH!VGLDORJWKH/SHQGLDORJLV
VLPLODU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8KHWKUHHEXWWRQVLQWKHWRSULJKWRIWKH//R/SHQDQG7DYH!V
GLDORJVDUHIURPOHIWWRULJKW
l 'R/F)D;&;L;BLQWKHIROGHUGLUHFWRU\ KLHUDUFK\8KLVLVD
ORQJ
FOLFNEXWWRQLI\RXZDQWWRJRXSKLJKHUWKDQMXVWRQHOHYHO
l H;7J;(;M EB:;H
l 0?;M';DK
&LJXUH8KH/SHQ/IILFHRUJ7DYH!VGLDORJVKRZLQJVRPHRIWKH
7DYHIRUPDWV
&RU/SHQ/IILFHRUJGRFXPHQWVWKDWKDYHEHHQVDYHGZLWKPRUHWKDQ
RQHYHUVLRQXVHWKHYHUVLRQGURS
GRZQWRVHOHFWZKLFKYHUVLRQ\RX
ZLVKWRRSHQLQUHDG
RQO\PRGH&RU-LFURVRIW/IILFHGRFXPHQWVRQO\
WKHFXUUHQWYHUVLRQFDQEHRSHQHG
9VHWKH ?B;JOF;ILHOGWRVSHFLI\WKHW\SHRIILOHWREHRSHQHGRUWKH
IRUPDWRIWKHILOHWREHVDYHG
8KH,;7: EDBOFKHFNER[RSHQVWKHILOHIRUUHDGLQJDQGSULQWLQJRQO\
#RQVHTXHQWO\PRVWRIWKHWRROEDUVGLVDSSHDUDQGPRVWPHQXRSWLRQV
DUHGLVDEOHG!Q:?J ?B;EXWWRQLVGLVSOD\HGRQWKH7WDQGDUG
WRROEDUWRRSHQWKHILOHIRUHGLWLQJ
)WLVSRVVLEOHWRRSHQILOHVIURPWKH;HEXVLQJ96,V
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
*A7<5B63#/D75/B=@
8KH.DYLJDWRUGLVSOD\VDOOREMHFWVFRQWDLQHGLQDGRFXPHQWFROOHFWHG
LQWRFDWHJRULHV&RUH[DPSOHLQ;ULWHULWGLVSOD\V(HDGLQJV8DEOHV
8H[WIUDPHV.RWHV'UDSKLFV"RRNPDUNVDQGRWKHULWHPVVHH
&LJXUH
&LJXUH8KH.DYLJDWRULQ;ULWHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8KH.DYLJDWRUSURYLGHVVHYHUDOFRQYHQLHQWZD\VWRPRYHDURXQGD
GRFXPHQWDQGILQGLWHPVLQLW
l ;KHQDFDWHJRU\LVVKRZLQJWKHOLVWRIREMHFWVLQLWGRXEOH
FOLFN
RQDQREMHFWWRMXPSGLUHFWO\WRWKDWREMHFWvVORFDWLRQLQWKH
GRFXPHQW/EMHFWVDUHPXFKHDVLHUWRILQGLI\RXKDYHJLYHQWKHP
QDPHVZKHQFUHDWLQJWKHPLQVWHDGRINHHSLQJ//RvVGHIDXOW
JUDSKLFVJUDSKLFV8DEOH8DEOHDQGVRRQrZKLFKPD\QRW
FRUUHVSRQGWRWKHSRVLWLRQRIWKHREMHFWLQWKHGRFXPHQW
)I\RXRQO\ZDQWWRVHHWKHFRQWHQWLQDFHUWDLQFDWHJRU\
KLJKOLJKWWKHFDWHJRU\DQGFOLFNWKHEDJ;DJ0?;MLFRQ9QWLO
\RXFOLFNWKHLFRQDJDLQRQO\WKHREMHFWVRIWKDWFDWHJRU\ZLOOEH
GLVSOD\HG
l #OLFNWKH LFRQVHFRQGIURPWKHOHIWDWWKHWRSRIWKH
.DYLJDWRU WRGLVSOD\WKH.DYLJDWLRQWRROEDU&LJXUH (HUH\RX
FDQSLFNRQHRIWKHFDWHJRULHVDQGXVHWKH*H;L?EKIDQG(;NJ
LFRQVWRPRYHIURPRQHLWHPWRWKHQH[W8KLVLVSDUWLFXODUO\
KHOSIXOIRUILQGLQJLWHPVOLNHERRNPDUNVDQGLQGH[HVZKLFKFDQ
EHGLIILFXOWWRVHH8KHQDPHVRIWKHLFRQVVKRZQLQWKHWRROWLSV
FKDQJHWRPDWFKWKHVHOHFWHGFDWHJRU\IRUH[DPSOH(;NJ
!H7F>?9RU(;NJEEAC7HA
l 8RMXPSWRDVSHFLILFSDJHLQWKHGRFXPHQWW\SHLWVSDJHQXPEHU
LQWKHER[DWWKHWRSRIWKH.DYLJDWRU
!ELWRIH[SHULPHQWDWLRQZLWKWKHRWKHULFRQVZLOOGHPRQVWUDWHWKHLU
IXQFWLRQV7RPHFRPSRQHQW
VSHFLILFXVHVDUHGHVFULEHGLQWKH
FKDSWHUVRQ;ULWHUDQGWKHRWKHUFRPSRQHQWV
:=A7<5/2=1C;3<B
8RFORVHDGRFXPHQWFOLFN ?B;BEI;
=RXFDQDOVRFORVHDGRFXPHQWE\FOLFNLQJRQWKHBEI;LFRQRQWKH
GRFXPHQWZLQGRZ8KLVEXWWRQORRNVOLNHWKHUHG<VKRZQLQ&LJXUH
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
)IPRUHWKDQRQH//RZLQGRZLVRSHQHDFKZLQGRZORRNVOLNHWKH
VDPSOHVKRZQRQWKHOHIWLQ&LJXUH#ORVLQJWKLVZLQGRZOHDYHVWKH
RWKHU//RZLQGRZVRSHQ
)IRQO\RQH//RZLQGRZLVRSHQLWORRNVOLNHWKHVDPSOHVKRZQRQWKH
ULJKWLQ&LJXUH.RWLFHWKHVPDOOEODFN<EHORZWKHODUJHUHG<
#OLFNLQJWKHVPDOO<FORVHVWKHGRFXPHQWEXWOHDYHV//RRSHQ
#OLFNLQJWKHODUJHUHG<FORVHV//RFRPSOHWHO\
)IWKHGRFXPHQWKDVQRWEHHQVDYHGVLQFHWKHODVWFKDQJHDPHVVDJH
ER[LVGLVSOD\HG#KRRVHZKHWKHUWRVDYHRUGLVFDUG\RXUFKDQJHV
l -7L;8KHGRFXPHQWLVVDYHGDQGWKHQFORVHG
l ?I97H:8KHGRFXPHQWLVFORVHGDQGDOOPRGLILFDWLRQVVLQFHWKH
ODVWVDYHDUHORVW
l 7D9;B.RWKLQJKDSSHQVDQG\RXUHWXUQWRWKHGRFXPHQW
/CB7=<
.RWVDYLQJ\RXUGRFXPHQWFRXOGUHVXOWLQWKHORVVRI
UHFHQWO\PDGHFKDQJHVRUZRUVHVWLOO\RXUHQWLUHILOH
:=A7<5$>3<$44713=@5
8RFORVH//RFRPSOHWHO\FOLFN ?B;N?JRUFORVHWKHODVWRSHQ
GRFXPHQWDVGHVFULEHGLQs#ORVLQJDGRFXPHQWtRQSDJH
)IDOOWKHGRFXPHQWVKDYHEHHQVDYHG//RFORVHVLPPHGLDWHO\)IDQ\
GRFXPHQWVKDYHEHHQPRGLILHGEXWQRWVDYHGDZDUQLQJPHVVDJH
DSSHDUV&ROORZWKHSURFHGXUHLQs#ORVLQJDGRFXPHQWtWRVDYHRU
GLVFDUG\RXUFKDQJHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
-;JJ?D=KF)F;D)<<?9;
EH=
#KRRVLQJRSWLRQVWRVXLWWKHZD\\RXZRUN
6==A7<5=>B7=<A4=@/::=4$$=
8KLVVHFWLRQFRYHUVVRPHRIWKHVHWWLQJVWKDWDSSO\WRDOOWKH
FRPSRQHQWVRI/SHQ/IILFHRUJ&RULQIRUPDWLRQRQVHWWLQJVQRW
GLVFXVVHGKHUHVHHWKHRQOLQHKHOS
#OLFN.EEBI)FJ?EDI8KHOLVWLQWKHOHIW
KDQGER[YDULHVGHSHQGLQJ
RQZKLFKFRPSRQHQWRI//RLVRSHQ8KHLOOXVWUDWLRQVLQWKLVFKDSWHU
VKRZWKHOLVWDVLWDSSHDUVZKHQD;ULWHUGRFXPHQWLVRSHQ
#OLFNWKHVLJQWRWKHOHIWRI/SHQ/IILFHRUJLQWKHOHIW
KDQGVHFWLRQ
RIWKH/SWLRQVq/SHQ/IILFHRUJGLDORJ!OLVWRIVXEVHFWLRQVGURSV
GRZQ7HOHFWLQJDQLWHPRIWKHVXEVHFWLRQFDXVHVWKHULJKW
KDQGVLGH
RIWKHGLDORJWRGLVSOD\WKHUHOHYDQWRSWLRQV
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
8KH79AEXWWRQKDVWKHVDPHHIIHFWRQDOOSDJHVRI
#=B3 WKH/SWLRQVGLDORJ)WUHVHWVWKHRSWLRQVWRWKHYDOXHV
WKDWZHUHLQSODFHZKHQ\RXRSHQHG/SHQ/IILFHRUJ
*A3@/B/=>B7=<A
"HFDXVH//RvVUHYLVLRQIHDWXUHVPDUN\RXUFKDQJHVDQGFRPPHQWV
ZLWKWKHQDPHRULQLWLDOVVWRUHGLQ9VHU$DWD\RXZLOOZDQWWRHQVXUH
WKDW\RXUQDPHDQGLQLWLDOVDSSHDUWKHUH
)QWKH/SWLRQVGLDORJFOLFN)F;D)<<?9;
EH=/I;H7J7
&LOOLQWKHIRUPVKRZQLQ&LJXUH RUDPHQGRUGHOHWHDQ\H[LVWLQJ
LQFRUUHFWLQIRUPDWLRQ
&LJXUH&LOOLQJLQXVHUGDWD
3<3@/:=>B7=<A
)QWKH/SWLRQVGLDORJFOLFN)F;D)<<?9;
EH=!;D;H7B8KHRSWLRQV
RQWKLVSDJHDUHGHVFULEHGEHORZ
3:>)7>A
;KHQ(HOS8LSVDUHDFWLYHRQHRUWZRZRUGVZLOODSSHDUZKHQ
\RXKROGWKHFXUVRURYHUDQLFRQRUILHOGRQWKHPDLQ//RZLQGRZ
ZLWKRXWFOLFNLQJ
3:>FB3<232B7>A
;KHQ%[WHQGHGWLSVDUHDFWLYHDEULHIGHVFULSWLRQRIWKHIXQFWLRQ
RIDSDUWLFXODULFRQRUPHQXFRPPDQGRUDILHOGRQDGLDORJ
DSSHDUVZKHQ\RXKROGWKHFXUVRURYHUWKDWLWHP
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH7HWWLQJJHQHUDORSWLRQVIRU/SHQ/IILFHRUJ
3:>53<B
8RWXUQRIIWKH(HOS!JHQWVLPLODUWR-LFURVRIWvV/IILFH
!VVLVWDQW GHVHOHFWWKLVRSWLRQ8RUHVWRUHWKHGHIDXOW(HOS!JHQW
EHKDYLRUFOLFN,;I;J";BF=;DJ
3:>4=@;/BB7<5
(LJKFRQWUDVWLVDQRSHUDWLQJV\VWHPVHWWLQJWKDWFKDQJHVWKH
V\VWHPFRORUVFKHPHWRLPSURYHUHDGDELOLW\8RGLVSOD\(HOSLQ
KLJKFRQWUDVWLI\RXUFRPSXWHUvVRSHUDWLQJV\VWHPVXSSRUWVWKLV
FKRRVHRQHRIWKHKLJK
FRQWUDVWVW\OHVKHHWVIURPWKHSXOO
GRZQ
OLVW&RU;LQGRZV<0WKHKLJK
FRQWUDVWVW\OHRSWLRQVDUHDV
GHVFULEHGEHORZ
%#$*).,-.-.3'! %-/'!""!.
$HIDXOW "ODFNWH[WRQZKLWHEDFNJURXQG
(LJK#RQWUDVW =HOORZWH[WRQEODFNEDFNJURXQG
(LJK#RQWUDVW 'UHHQWH[WRQEODFNEDFNJURXQG
(LJK#RQWUDVW"ODFN ;KLWHWH[WRQEODFNEDFNJURXQG
(LJK#RQWUDVW;KLWH "ODFNWH[WRQZKLWHEDFNJURXQG
$>3< (/D327/:=5A
8RXVHWKHVWDQGDUG/SHQDQG7DYHGLDORJVIRU\RXURSHUDWLQJ
V\VWHPGHVHOHFWWKH/I;)F;D)<<?9;
EH=:?7BE=IRSWLRQ;KHQ
WKLVRSWLRQLVVHOHFWHGWKH/SHQDQG7DYHGLDORJVVXSSOLHGZLWK
/SHQ/IILFHRUJZLOOEHXVHG7HH#KDSWHU)QWURGXFLQJ
/SHQ/IILFHRUJ IRUPRUHDERXWWKH//R/SHQDQG7DYHGLDORJV
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
=1C;3<BAB/BCA
#KRRVHZKHWKHUSULQWLQJDGRFXPHQWFRXQWVDVFKDQJLQJWKH
GRFXPHQW)IWKLVRSWLRQLVVHOHFWHGWKHQWKHQH[WWLPH\RXFORVH
WKHGRFXPHQWDIWHUSULQWLQJWKHSULQWGDWHLVUHFRUGHGLQWKH
GRFXPHQWSURSHUWLHVDVDFKDQJHDQG\RXZLOOEHSURPSWHGWR
VDYHWKHGRFXPHQWDJDLQHYHQLI\RXGLGQRWPDNHDQ\RWKHU
FKDQJHV
-3/@BE=2757BA
7SHFLILHVKRZWZR
GLJLW\HDUVDUHLQWHUSUHWHG&RUH[DPSOHLIWKH
WZR
GLJLW\HDULVVHWWRDQG\RXHQWHUDGDWHRIRU
ODWHULQWR\RXUGRFXPHQWWKHGDWHLVLQWHUSUHWHGDVRU
ODWHU!QsHDUOLHUtGDWHLVLQWHUSUHWHGDVEHLQJLQWKHIROORZLQJ
FHQWXU\WKDWLVLVLQWHUSUHWHGDV
"3;=@G=>B7=<A
)QWKH/SWLRQVGLDORJFOLFN)F;D)<<?9;
EH=';CEHO7RPH
FRQVLGHUDWLRQV
l -RUHPHPRU\FDQPDNH/SHQ/IILFHRUJIDVWHUDQGPRUH
FRQYHQLHQWIRUH[DPSOHPRUHXQGRVWHSVUHTXLUHPRUHPHPRU\
EXWWKHWUDGH
RIILVOHVVPHPRU\DYDLODEOHIRURWKHUDSSOLFDWLRQV
DQG\RXFRXOGUXQRXWRIPHPRU\DOWRJHWKHU
l 8RORDGWKH5XLFNVWDUWHUDQLFRQRQWKHGHVNWRSRULQWKHV\VWHP
WUD\ ZKHQ\RXVWDUW\RXUFRPSXWHUVHOHFWWKHRSWLRQQHDUWKH
ERWWRPRIWKHGLDORJ8KLVPDNHV/SHQ/IILFHRUJVWDUWIDVWHUWKH
WUDGH
RIILV//RXVHVVRPHPHPRU\HYHQZKHQQRWEHLQJXVHG
8KLVRSWLRQFDOOHGD78B;IOIJH7OGK?9AIJ7HJ;H LVQRWDYDLODEOH
RQDOORSHUDWLQJV\VWHPV
&LJXUH#KRRVLQJ-HPRU\RSWLRQVIRUWKH//RDSSOLFDWLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
+73E=>B7=<A
8KHFKRLFHVRI:LHZRSWLRQVDIIHFWWKHZD\WKHGRFXPHQWZLQGRZ
ORRNVDQGEHKDYHV
)QWKH/SWLRQVGLDORJFOLFN)F;D)<<?9;
EH=0?;M/QWKHSDJH
GLVSOD\HG&LJXUH VHWWKHRSWLRQVWRVXLW\RXUSHUVRQDO
SUHIHUHQFHV7RPHRSWLRQVDUHGHVFULEHGEHORZ
&LJXUH#KRRVLQJ:LHZRSWLRQVIRU//RDSSOLFDWLRQV
*A3@<B3@4/13J(1/:7<5
)IWKHWH[WLQWKHKHOSILOHVRURQWKHPHQXVRIWKH//RXVHU
LQWHUIDFHLVWRRVPDOORUWRRODUJH\RXFDQFKDQJHLWE\VSHFLI\LQJ
DVFDOLQJIDFWRU7RPHWLPHVDFKDQJHKHUHFDQKDYHXQH[SHFWHG
UHVXOWVGHSHQGLQJRQWKHVFUHHQIRQWVDYDLODEOHRQ\RXUV\VWHP
(RZHYHULWGRHVQRWDIIHFWWKHDFWXDOIRQWVL]HRIWKHWH[WLQ\RXU
GRFXPHQWV
*A3@<B3@4/13J1=<A7H3/<2ABG:3
8KHILUVWER[VSHFLILHVWKHGLVSOD\VL]HRIWRROEDULFRQV!XWRPDWLF
7PDOORU,DUJH 8KH!XWRPDWLFLFRQVL]HRSWLRQXVHVWKHVHWWLQJ
IRU\RXURSHUDWLQJV\VWHP8KHVHFRQGER[VSHFLILHVWKHLFRQVHW
WKHPH KHUHWKH!XWRPDWLFRSWLRQXVHVDQLFRQVHWFRPSDWLEOH
ZLWK\RXURSHUDWLQJV\VWHPDQGFKRLFHRIGHVNWRSIRUH[DPSOH
+$%RU'QRPHRQ,LQX[
*A3@<B3@4/13J*A3AGAB3;4=<B4=@CA3@7<B3@4/13
)I\RXSUHIHUWRXVHWKHV\VWHPIRQWWKHGHIDXOWIRQWIRU\RXU
FRPSXWHUDQGRSHUDWLQJV\VWHP LQVWHDGRIWKHIRQWSURYLGHGE\
//RIRUWKHXVHULQWHUIDFHVHOHFWWKLVRSWLRQ
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
*A3@7<B3@4/13J(1@33<4=<B/<B7/:7/A7<5
.RWDYDLODEOHLQ;LQGRZV 7HOHFWWKLVRSWLRQWRVPRRWKWKH
VFUHHQDSSHDUDQFHRIWH[W%QWHUWKHVPDOOHVWIRQWVL]HWRDSSO\
DQWLDOLDVLQJ
"3<CJ71=<A7<;3<CA
7HOHFWWKLVRSWLRQLI\RXZDQWLFRQVDVZHOODVZRUGVWREHYLVLEOH
LQPHQXV
=<B!7ABA(6=E>@3D73E=44=<BA
;KHQ\RXVHOHFWWKLVRSWLRQWKHIRQWOLVWORRNVOLNH&LJXUH
,HIWZLWKWKHIRQWQDPHVVKRZQDVDQH[DPSOHRIWKHIRQWZLWK
WKHRSWLRQGHVHOHFWHGWKHIRQWOLVWVKRZVRQO\WKHIRQWQDPHVQRW
WKHLUIRUPDWWLQJ&LJXUH6LJKW 8KHIRQWV\RXZLOOVHHOLVWHG
DUHWKRVHWKDWDUHLQVWDOOHGRQ\RXUV\VWHP
D73E*A3$>3<!
7SHFLILHVWKDWDOO$JUDSKLFVIURP$UDZDQG)PSUHVVZLOOEH
GLVSOD\HGLQ\RXUV\VWHPXVLQJ/SHQ',
FDSDEOHKDUGZDUH)I\RXU
V\VWHPGRHVQRWKDYH/SHQ',
FDSDEOHKDUGZDUHWKLVVHWWLQJZLOO
EHLJQRUHG
D73E*A3$>3<!$>B7;7H32=CB>CB
7HOHFWWKLVRSWLRQIRURSWLPL]HG/SHQ',RXWSXW$LVDEOHWKH
RSWLPL]DWLRQLQFDVHRIJUDSKLFDOHUURUVRI$RXWSXW
D73E*A327B63@7<5
8KH/I;:?J>;H?D=RSWLRQXVHVGLWKHULQJWRGLVSOD\DGGLWLRQDO
FRORUVZKHQWKHFRPSXWHUvVJUDSKLFVV\VWHPRIIHUVOHVVWKDQWKH
RSWLPDOPLOOLRQ
ELW FRORUV$LWKHULQJFUHDWHVWKHLOOXVLRQRI
QHZFRORUVDQGVKDGHVE\YDU\LQJWKHSDWWHUQRIFRORUSL[HOV
:DU\LQJWKHSDWWHUQVRIEODFNDQGZKLWHGRWVIRULQVWDQFH
SURGXFHVGLIIHUHQWVKDGHVRIJUD\
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)QWHUQDOO\
$JUDSKLFVDUHDOZD\VFUHDWHGZLWK
PLOOLRQFRORUV
ELWFRORUGHSWK DQGGLWKHULQJFDQ
EHXVHGWRFRPSHQVDWHZKHQIHZHUDFWXDOFRORUVDUH
#=B3 DYDLODEOH;LWKRXWGLWKHULQJVHYHUDOELWVRIFRORU
LQIRUPDWLRQZRXOGEHRPLWWHGOHDGLQJWRVLJQLILFDQWO\
UHGXFHGLPDJHTXDOLW\
D73E$0831B@34@3A62C@7<57<B3@/1B7=<
7SHFLILHVWKDWLI\RXURWDWHRUPRYHD
$REMHFWWKHIXOOGLVSOD\LV
URWDWHGRUPRYHGDQGQRWDJULGIUDPH
"=CA3>=A7B7=<7<5
7SHFLILHVLIDQGKRZWKHPRXVHSRLQWHUZLOOEHSRVLWLRQHGLQQHZO\
RSHQHGGLDORJV
"722:3;=CA30CBB=<
$HILQHVWKHIXQFWLRQRIWKHPLGGOHPRXVHEXWWRQ
l KJEC7J?9I9HEBB?D=qGUDJJLQJZKLOHSUHVVLQJWKHPLGGOH
PRXVHEXWWRQVKLIWVWKHYLHZ
l *7IJ;9B?F8E7H:qSUHVVLQJWKHPLGGOHPRXVHEXWWRQLQVHUWVWKH
FRQWHQWVRIWKHs7HOHFWLRQFOLSERDUGtDWWKHFXUVRUSRVLWLRQ
8KHs7HOHFWLRQFOLSERDUGtLVLQGHSHQGHQWRIWKHQRUPDOFOLSERDUG
WKDW\RXXVHE\:?JEFOKJ*7IJ;RUWKHLUUHVSHFWLYH
NH\ERDUGVKRUWFXWV#OLSERDUGDQGWKHs7HOHFWLRQFOLSERDUGtFDQ
FRQWDLQGLIIHUHQWFRQWHQWVDWWKHVDPHWLPH
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
%@7<B=>B7=<A
7HWWKHSULQWRSWLRQVWRVXLW\RXUGHIDXOWSULQWHUDQG\RXUPRVW
FRPPRQSULQWLQJPHWKRG
)QWKH/SWLRQVGLDORJFOLFN)F;D)<<?9;
EH=*H?DJ
)QWKH0ULQWHUZDUQLQJVVHFWLRQQHDUWKHERWWRPRIWKHSDJH&LJXUH
(HUH\RXFDQFKRRVHZKHWKHUWREHZDUQHGLIWKHSDSHUVL]HRU
RULHQWDWLRQVSHFLILHGLQ\RXUGRFXPHQWGRHVQRWPDWFKWKHSDSHUVL]H
RURULHQWDWLRQDYDLODEOHIRU\RXUSULQWHU(DYLQJWKHVHZDUQLQJV
WXUQHGRQFDQEHTXLWHKHOSIXOSDUWLFXODUO\LI\RXZRUNZLWK
GRFXPHQWVSURGXFHGE\SHRSOHLQRWKHUFRXQWULHVZKHUHWKHVWDQGDUG
SDSHUVL]HLVGLIIHUHQWIURP\RXUV
&LJXUH#KRRVLQJJHQHUDOSULQWLQJRSWLRQVWRDSSO\WRDOO//R
FRPSRQHQWV
)I\RXUSULQWRXWVDUHFRPLQJRXWLQFRUUHFWO\SODFHGRQ
WKHSDJHRUFKRSSHGRIIDWWKHWRSERWWRPRUVLGHVRU
)7> WKHSULQWHULVUHIXVLQJWRSULQWWKHPRVWOLNHO\FDXVHLV
SDJHVL]HLQFRPSDWLELOLW\
%/B6=>B7=<A
=RXFDQFKDQJHWKHORFDWLRQRIILOHVDVVRFLDWHGZLWKRUXVHGE\
/SHQ/IILFHRUJWRVXLW\RXUZRUNLQJVLWXDWLRQ)QD;LQGRZVV\VWHP
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
IRUH[DPSOH\RXPLJKWZDQWWRVWRUHGRFXPHQWVE\GHIDXOW
VRPHZKHUHRWKHUWKDQ-\$RFXPHQWV
)QWKH/SWLRQVGLDORJFOLFN)F;D)<<?9;
EH=*7J>I
8RPDNHFKDQJHVVHOHFWDQLWHPLQWKHOLVWVKRZQLQ&LJXUHDQG
FOLFN:?J/QWKH7HOHFW0DWKVGLDORJQRWVKRZQ DGGRUGHOHWH
IROGHUVDVUHTXLUHGDQGWKHQFOLFN)%WRUHWXUQWRWKH/SWLRQVGLDORJ
.RWHWKDWVRPHLWHPVKDYHDWOHDVWWZRSDWKVOLVWHGRQHWRDVKDUHG
IROGHUZKLFKPLJKWEHRQDQHWZRUN DQGRQHWRDXVHU
VSHFLILFIROGHU
QRUPDOO\RQWKHXVHUvVSHUVRQDOFRPSXWHU
=RXFDQXVHWKHHQWULHVLQWKH/SHQ/IILFHRUJq0DWKV
GLDORJWRFRPSLOHDOLVWRIILOHVVXFKDVWKRVH
)7> FRQWDLQLQJ!XWR8H[WWKDW\RXQHHGWREDFNXSRUFRS\
WRDQRWKHUFRPSXWHU
&LJXUH:LHZLQJWKHSDWKVRIILOHVXVHGE\/SHQ/IILFHRUJ
=:=@=>B7=<A
/QWKH/SHQ/IILFHRUJq#RORUVSDJH&LJXUH \RXFDQVSHFLI\
FRORUVWRXVHLQ//RGRFXPHQWV=RXFDQVHOHFWDFRORUIURPDFRORU
WDEOHHGLWDQH[LVWLQJFRORURUGHILQHQHZFRORUV8KHVHFRORUVZLOO
WKHQEHDYDLODEOHLQFRORUVHOHFWLRQSDOHWWHVLQ//R
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
&LJXUH$HILQLQJFRORUVWRXVHLQFRORUSDOHWWHVLQ//R
=<B=>B7=<A
=RXFDQGHILQHUHSODFHPHQWVIRUDQ\IRQWVWKDWPLJKWDSSHDULQ\RXU
GRFXPHQWV)I\RXUHFHLYHIURPVRPHRQHHOVHDGRFXPHQWFRQWDLQLQJ
IRQWVWKDW\RXGRQRWKDYHRQ\RXUV\VWHP/SHQ/IILFHRUJZLOO
VXEVWLWXWHIRQWVIRUWKRVHLWGRHVQRWILQG=RXPLJKWSUHIHUWRVSHFLI\
DGLIIHUHQWIRQWIURPWKHRQHWKHSURJUDPFKRRVHV
/QWKH/SHQ/IILFHRUJ&RQWVSDJH&LJXUH
l 7HOHFWWKHFFBO,;FB79;C;DJ.78B;RSWLRQ
l 7HOHFWRUW\SHWKHQDPHRIWKHIRQWWREHUHSODFHGLQWKH EDJER[
)I\RXGRQRWKDYHWKLVIRQWRQ\RXUV\VWHPLWZLOOQRWDSSHDULQ
WKHGURS
GRZQOLVWLQWKLVER[VR\RXQHHGWRW\SHLWLQ
l )QWKH,;FB79;M?J>ER[VHOHFWDVXLWDEOHIRQWIURPWKHGURS
GRZQOLVWRIIRQWVLQVWDOOHGRQ\RXUFRPSXWHU
8KHFKHFNPDUNWRWKHULJKWRIWKH,;FB79;M?J>ER[WXUQVJUHHQ
#OLFNRQWKLVFKHFNPDUN!URZRILQIRUPDWLRQQRZDSSHDUVLQWKH
ODUJHUER[EHORZWKHLQSXWER[HV7HOHFWWKHRSWLRQVXQGHUBM7OI
DQG-9H;;D
)QWKHERWWRPVHFWLRQRIWKHSDJH\RXFDQFKDQJHWKHW\SHIDFHDQG
VL]HRIWKHIRQWXVHGWRGLVSOD\VRXUFHFRGHVXFKDV(8-,DQG"DVLF
LQPDFURV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH$HILQLQJDIRQWWREHVXEVWLWXWHGIRUDQRWKHUIRQW
(31C@7BG=>B7=<A
9VHWKH/SHQ/IILFHRUJq7HFXULW\SDJH&LJXUH WRFKRRVH
VHFXULW\RSWLRQVIRUVDYLQJGRFXPHQWVDQGIRURSHQLQJGRFXPHQWV
WKDWFRQWDLQPDFURV
&LJXUH#KRRVLQJVHFXULW\RSWLRQVIRURSHQLQJDQGVDYLQJ
GRFXPHQWV
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
(31C@7BG=>B7=<A/<2E/@<7<5A
)I\RXUHFRUGFKDQJHVVDYHPXOWLSOHYHUVLRQVRULQFOXGHKLGGHQ
LQIRUPDWLRQRUQRWHVLQ\RXUGRFXPHQWVDQG\RXGRQRWZDQW
VRPHRIWKHUHFLSLHQWVWRVHHWKDWLQIRUPDWLRQ\RXFDQVHW
ZDUQLQJVWRUHPLQG\RXWRUHPRYHWKLVLQIRUPDWLRQRU\RXFDQ
KDYH//RUHPRYHVRPHLQIRUPDWLRQDXWRPDWLFDOO\.RWHWKDW
XQOHVVUHPRYHG PXFKRIWKLVLQIRUPDWLRQLVUHWDLQHGLQDILOH
ZKHWKHUWKHILOHLVLQ/SHQ/IILFHRUJvVGHIDXOW/SHQ$RFXPHQW
IRUPDWRUKDVEHHQVDYHGWRRWKHUIRUPDWVLQFOXGLQJ0$&
#OLFNWKH)FJ?EDIEXWWRQWRRSHQDVHSDUDWHGLDORJZLWKVSHFLILF
FKRLFHV&LJXUH
,;CEL;F;HIED7B?D<EHC7J?EDEDI7L?D=
7HOHFWWKLVRSWLRQWR
DOZD\VUHPRYHXVHUGDWDIURPWKHILOHSURSHUWLHVZKHQVDYLQJWKH
ILOH8RPDQXDOO\UHPRYHSHUVRQDOLQIRUPDWLRQIURPVSHFLILF
GRFXPHQWVGHVHOHFWWKLVRSWLRQDQGWKHQXVHWKH;B;J;EXWWRQ
XQGHU ?B;*HEF;HJ?;I!;D;H7B
JHB 9B?9AH;GK?H;:JE<EBBEM>OF;HB?DAI
)QROGHUYHUVLRQVRI
//RFOLFNLQJRQDK\SHUOLQNLQDGRFXPHQWRSHQHGWKHOLQNHG
GRFXPHQW.RZ\RXFDQFKRRVHZKHWKHUWRNHHSWKLVEHKDYLRUE\
XQFKHFNLQJWKLVER[ -DQ\SHRSOHILQGFUHDWLRQDQGHGLWLQJRI
GRFXPHQWVHDVLHUZKHQDFFLGHQWDOFOLFNVRQOLQNVGRQRWDFWLYDWH
WKHOLQNV
8KHRWKHURSWLRQVRQWKLVGLDORJVKRXOGEHVHOI
H[SODQDWRU\
&LJXUH7HFXULW\RSWLRQVDQGZDUQLQJVGLDORJ
"/1@=A31C@7BG
#OLFNWKH'79HE-;9KH?JOEXWWRQWRRSHQWKH-DFUR7HFXULW\
GLDORJQRWVKRZQKHUH ZKHUH\RXFDQDGMXVWWKHVHFXULW\OHYHO
IRUH[HFXWLQJPDFURVDQGVSHFLI\WUXVWHGVRXUFHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
7:3A6/@7<5=>B7=<A4=@B67A2=1C;3<B
7HOHFWWKH)F;DJ>?I:E9KC;DJ?DH;7: EDBOCE:;RSWLRQWR
UHVWULFWWKLVGRFXPHQWWREHRSHQHGLQUHDG
RQO\PRGHRQO\8KLV
RSWLRQSURWHFWVWKHGRFXPHQWDJDLQVWDFFLGHQWDOFKDQJHV)WLVVWLOO
SRVVLEOHWRHGLWDFRS\RIWKHGRFXPHQWDQGVDYHWKDWFRS\ZLWK
WKHVDPHQDPHDVWKHRULJLQDO
7HOHFWWKH,;9EH:9>7D=;IRSWLRQWRHQDEOHUHFRUGLQJFKDQJHV
8KLVLVWKHVDPHDV%GLW#KDQJHV6HFRUG8RDOORZRWKHU
XVHUVRIWKLVGRFXPHQWWRDSSO\FKDQJHVEXWSUHYHQWWKHPIURP
GLVDEOLQJFKDQJHUHFRUGLQJFOLFNWKH*HEJ;9JEXWRQDQGHQWHUD
SDVVZRUG
>>3/@/<13=>B7=<A
;ULWLQJHGLWLQJDQGSDJHOD\RXWDUHRIWHQHDVLHUWRGRZKHQ\RXFDQ
VHHDVPXFKDVSRVVLEOHRIZKDWLVJRLQJRQLQ\RXUGRFXPHQW=RX
PD\ZLVKWRPDNHYLVLEOHVXFKLWHPVDVWH[WWDEOHDQGVHFWLRQ
ERXQGDULHVLQ;ULWHUGRFXPHQWV SDJHEUHDNVLQ#DOFDQGJULGOLQHV
LQ$UDZRU;ULWHU)QDGGLWLRQ\RXPLJKWSUHIHUGLIIHUHQWFRORUVIURP
//RvVGHIDXOWV IRUVXFKLWHPVDVQRWHLQGLFDWRUVRUILHOGVKDGLQJV
/QWKH/SHQ/IILFHRUJq!SSHDUDQFHSDJH&LJXUH \RXFDQ
VSHFLI\ZKLFKLWHPVDUHYLVLEOHDQGWKHFRORUVXVHGWRGLVSOD\YDULRXV
LWHPV
l 8RVKRZRUKLGHLWHPVVXFKDVWH[WERXQGDULHVVHOHFWRUGHVHOHFW
WKHRSWLRQVQH[WWRWKHQDPHVRIWKHLWHPV
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
l 8RFKDQJHWKHGHIDXOWFRORUVIRULWHPVFOLFNWKHGRZQ
DUURZLQ
WKH#RORU7HWWLQJFROXPQE\WKHQDPHRIWKHLWHPDQGVHOHFWD
FRORUIURPWKHSRS
XSER[
l 8RVDYH\RXUFRORUFKDQJHVDVDFRORUVFKHPHFOLFN-7L;W\SHD
QDPHLQWKH7FKHPHER[WKHQFOLFN)%
113AA707:7BG=>B7=<A
!FFHVVLELOLW\RSWLRQVLQFOXGHZKHWKHUWRDOORZDQLPDWHGJUDSKLFVRU
WH[WKRZORQJKHOSWLSVUHPDLQVKRZLQJVRPHRSWLRQVIRUKLJK
FRQWUDVWGLVSOD\DQGDZD\WRFKDQJHWKHIRQWIRUWKHXVHULQWHUIDFH
RIWKH/SHQ/IILFHRUJSURJUDPVHH&LJXUH
!FFHVVLELOLW\VXSSRUWUHOLHVRQ7XQ-LFURV\VWHPV*DYDWHFKQRORJ\IRU
FRPPXQLFDWLRQVZLWKDVVLVWLYHWHFKQRORJ\WRROV7HHs*DYDRSWLRQVs
EHORZ8KH7XSSRUWDVVLVWLYHWHFKQRORJ\WRROVRSWLRQLVQRWVKRZQRQ
DOO//RLQVWDOODWLRQV7HH!VVLVWLYH8RROVLQ/SHQ/IILFHRUJLQWKH
(HOSIRURWKHUUHTXLUHPHQWVDQGLQIRUPDWLRQ
7HOHFWRUGHVHOHFWWKHRSWLRQVDVUHTXLUHG
&LJXUH#KRRVLQJDFFHVVLELOLW\RSWLRQV
/D/=>B7=<A
)I\RXLQVWDOORUXSGDWHD*DYD6XQWLPH%QYLURQPHQW*6% DIWHU\RX
LQVWDOO/SHQ/IILFHRUJRULI\RXKDYHPRUHWKDQRQH*6%LQVWDOOHGRQ
\RXUFRPSXWHU\RXFDQXVHWKH/SHQ/IILFHRUJq*DYDRSWLRQVSDJH
&LJXUH WRFKRRVHWKH*6%IRU//RWRXVH
)I\RXDUHDV\VWHPDGPLQLVWUDWRUSURJUDPPHURURWKHUSHUVRQZKR
FXVWRPL]HV*6%LQVWDOODWLRQV\RXFDQXVHWKH0DUDPHWHUVDQG#ODVV
0DWKSDJHVUHDFKHGIURPWKH*DYDSDJH WRVSHFLI\WKLVLQIRUPDWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH#KRRVLQJD*DYDUXQWLPHHQYLURQPHQW
)I\RXGRQRWVHHDQ\WKLQJOLVWHGLQWKHPLGGOHRIWKHSDJHZDLWDIHZ
PLQXWHVZKLOH//RVHDUFKHVIRU*6%VRQWKHKDUGGLVN
)I//RILQGVRQHRUPRUH*6%VLWZLOOGLVSOD\WKHPWKHUH=RXFDQ
WKHQVHOHFWWKH/I;7$7L7HKDJ?C;;DL?HEDC;DJRSWLRQDQGLI
QHFHVVDU\ FKRRVHRQHRIWKH*6%VOLVWHG
$<:7<3*>2/B3=>B7=<A
/QWKH/SHQ/IILFHRUJq/QOLQH9SGDWHSDJH&LJXUH \RXFDQ
FKRRVHZKHWKHUDQGKRZRIWHQWRKDYH//RFKHFNWKH//RZHEVLWH
IRUSURJUDPXSGDWHV)IWKH>;9A<EHKF:7J;I7KJEC7J?97BBO
RSWLRQLVVHOHFWHGDQLFRQDSSHDUVDWWKHULJKW
KDQGHQGRIWKHPHQX
EDUZKHQDQXSGDWHLVDYDLODEOH#OLFNWKLVLFRQWRRSHQDGLDORJ
ZKHUH\RXFDQFKRRVHWRGRZQORDGWKHXSGDWH
)IWKHEMDBE7:KF:7J;I7KJEC7J?97BBORSWLRQLVVHOHFWHGWKH
GRZQORDGVWDUWVZKHQ\RXFOLFNWKHLFRQ8RFKDQJHWKHGRZQORDG
GHVWLQDWLRQFOLFNWKH>7D=;EXWWRQDQGVHOHFWWKHUHTXLUHGIROGHULQ
WKHILOHEURZVHUZLQGRZ
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
&LJXUH#RQILJXULQJ/QOLQH9SGDWH
6==A7<5=>B7=<A4=@:=/27<5/<2A/D7<5
2=1C;3<BA
=RXFDQVHWWKH,RDG7DYHRSWLRQVWRVXLWWKHZD\\RXZRUN
&LJXUH,RDG7DYHRSWLRQV
3<3@/:!=/2 (/D3=>B7=<A
)IWKH/SWLRQVGLDORJLVQRWDOUHDG\RSHQFOLFN.EEBI)FJ?EDI
#OLFNWKHVLJQWRWKHOHIWRI&E7:-7L;#KRRVH&E7:-7L;
!;D;H7B
-RVWRIWKHFKRLFHVRQWKH,RDG7DYHq'HQHUDOSDJH&LJXUH DUH
IDPLOLDUWRXVHUVRIRWKHURIILFHVXLWHV7RPHLWHPVRILQWHUHVWDUH
GHVFULEHGEHORZ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH#KRRVLQJ,RDGDQG7DYHRSWLRQV
!=/2CA3@A>317471A3BB7<5AE7B6B632=1C;3<B
;KHQ\RXVDYHDGRFXPHQWFHUWDLQVHWWLQJVDUHVDYHGZLWKLW&RU
H[DPSOH\RXUFKRLFHLQWKHRSWLRQVIRU//R;ULWHU RIKRZWR
XSGDWHOLQNVLVDIIHFWHGE\WKH&E7:KI;H IF;9?<?9I;JJ?D=I
RSWLRQ7RPHVHWWLQJVSULQWHUQDPHGDWDVRXUFHOLQNHGWRWKH
GRFXPHQW DUHDOZD\VORDGHGZLWKDGRFXPHQWZKHWKHURUQRW
WKLVRSWLRQLVVHOHFWHG
)I\RXVHOHFWWKLVRSWLRQWKHVHGRFXPHQWVHWWLQJVDUHRYHUUXOHGE\
WKHXVHU
VSHFLILFVHWWLQJVRIWKHSHUVRQZKRRSHQVLW)I\RX
GHVHOHFWWKLVRSWLRQWKHXVHUvVSHUVRQDOVHWWLQJVGRQRWRYHUUXOH
WKHVHWWLQJVLQWKHGRFXPHQW
!=/2>@7<B3@A3BB7<5AE7B6B632=1C;3<B
)IWKLVRSWLRQLVDEJVHOHFWHGWKHSULQWHUVHWWLQJVWKDWDUHVWRUHG
ZLWKWKHGRFXPHQWDUHLJQRUHGZKHQ\RXSULQWLWXVLQJWKH*H?DJ
?B;?H;9JBOLFRQ8KHGHIDXOWSULQWHULQ\RXUV\VWHPZLOOEHXVHG
LQVWHDG
27B2=1C;3<B>@=>3@B73A034=@3A/D7<5
)I\RXVHOHFWWKLVRSWLRQWKH$RFXPHQW0URSHUWLHVGLDORJSRSVXS
WRSURPSW\RXWRHQWHUUHOHYDQWLQIRUPDWLRQWKHILUVWWLPH\RX
VDYHDQHZGRFXPHQWRUZKHQHYHU\RXXVH-7L;I
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
(/D3CB='31=D3@G7<4=@;/B7=<3D3@G
.RWHWKDW!XWR6HFRYHU\LQ/SHQ/IILFHRUJRYHUZULWHVWKHRULJLQDO
ILOH)I\RXKDYHDOVRFKRVHQBM7OI9H;7J;879AKF9EFOWKH
RULJLQDOILOHWKHQRYHUZULWHVWKHEDFNXSFRS\)I\RXKDYHWKLVVHW
UHFRYHULQJ\RXUGRFXPHQWDIWHUDV\VWHPFUDVKZLOOEHHDVLHUEXW
UHFRYHULQJDQHDUOLHUYHUVLRQRIWKHGRFXPHQWPD\EHKDUGHU
(/D3*'!A@3:/B7D3B=47:3AGAB3; 7<B3@<3B
6HODWLYHDGGUHVVLQJWRDILOHV\VWHPLVRQO\SRVVLEOHLIWKHVRXUFH
GRFXPHQWDQGWKHUHIHUHQFHGGRFXPHQWDUHERWKRQWKHVDPH
GULYH!UHODWLYHDGGUHVVDOZD\VVWDUWVIURPWKHGLUHFWRU\LQZKLFK
WKHFXUUHQWGRFXPHQWLVORFDWHG)WLVUHFRPPHQGHGWRVDYH
UHODWLYHO\LI\RXZDQWWRFUHDWHDGLUHFWRU\VWUXFWXUHRQDQ
)QWHUQHWVHUYHU
34/C:B47:34=@;/B/<2$A3BB7<5A
) <EHC7JL;HI?ED
/SHQ/IILFHRUJE\GHIDXOWVDYHVGRFXPHQWV
LQ/SHQ$RFXPHQW&RUPDW/$& YHUVLRQ;KLOHWKLVDOORZVIRU
LPSURYHGIXQFWLRQDOLW\WKHUHPD\EHEDFNZDUGVFRPSDWLELOLW\
LVVXHV;KHQDILOHVDYHGLQ/$&LVRSHQHGLQDQHDUOLHU
YHUVLRQRI/SHQ/IILFHRUJXVLQJ/$& VRPHRIWKH
DGYDQFHGIHDWXUHVPD\EHORVW8ZRQRWDEOHH[DPSOHVDUHFURVV
UHIHUHQFHVWRKHDGLQJVDQGWKHIRUPDWWLQJRIQXPEHUHGOLVWV)I
\RXSODQWRVKDUHGRFXPHQWVZLWKSHRSOHZKRDUHVWLOOXVLQJROGHU
YHUVLRQVRI/SHQ/IILFHRUJLWLVUHFRPPHQGHGWKDW\RXVDYHWKH
GRFXPHQWXVLQJ/$&YHUVLRQ
-?P;EFJ?C?P7J?ED<EH) <EHC7J/SHQ/IILFHRUJGRFXPHQWV
DUH<-,ILOHV;KHQ\RXVHOHFWWKLVRSWLRQ//RZULWHVWKH<-,
GDWDZLWKRXWLQGHQWVDQGOLQHEUHDNV)I\RXZDQWWREHDEOHWR
UHDGWKH<-,ILOHVLQDWH[WHGLWRULQDVWUXFWXUHGIRUPGHVHOHFW
WKLVRSWLRQ
E9KC;DJJOF;
)I\RXURXWLQHO\VKDUHGRFXPHQWVZLWKXVHUVRI
-LFURVRIW;RUG\RXPLJKWZDQWWRFKDQJHWKHBM7OII7L;7I
DWWULEXWHIRUWH[WGRFXPHQWVWRRQHRIWKH;RUGIRUPDWV
+%@=>3@B73A!=/2 (/D3=>B7=<A
/QWKH,RDG7DYHq:"!0URSHUWLHVSDJH&LJXUH \RXFDQFKRRVH
ZKHWKHUWRNHHSDQ\PDFURVLQ-7/IILFHGRFXPHQWVWKDWDUHRSHQHG
LQ//R
l )I\RXFKRRVH-7L;EH?=?D7B7I?99E:;WKHPDFURVZLOOQRW
ZRUNLQ//REXWDUHUHWDLQHGLI\RXVDYHWKHILOHLQWR-LFURVRIW
/IILFHIRUPDW
l )I\RXFKRRVH&E7:7I?99E:;JE;:?JWKHFKDQJHGFRGHLV
VDYHGLQDQ//RGRFXPHQWEXWLVQRWUHWDLQHGLI\RXVDYHLQWRDQ
-7/IILFHIRUPDW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH#KRRVLQJ,RDG7DYH
:"!0URSHUWLHV
l )I\RXDUHLPSRUWLQJD-LFURVRIW%[FHOILOHFRQWDLQLQJ:"!FRGH
\RXFDQVHOHFWWKHRSWLRQN;9KJ78B;9E:;;KHUHDVQRUPDOO\
WKHFRGHLVSUHVHUYHGEXWUHQGHUHGLQDFWLYHLI\RXLQVSHFWLWZLWK
WKH7WDU"DVLF)$%\RXZLOOQRWLFHWKDWLWLVDOOFRPPHQWHG ZLWK
WKLVRSWLRQWKHFRGHLVUHDG\WREHH[HFXWHG
"71@=A=4B$44713!=/2 (/D3=>B7=<A
/QWKH,RDG7DYHq-LFURVRIW/IILFHSDJH&LJXUH \RXFDQFKRRVH
ZKDWWRGRZKHQLPSRUWLQJDQGH[SRUWLQJ-LFURVRIW/IILFH/,%
REMHFWVOLQNHGRUHPEHGGHGREMHFWVRUGRFXPHQWVVXFKDV
VSUHDGVKHHWVRUHTXDWLRQV
7HOHFWWKH?,ARSWLRQVWRFRQYHUW-LFURVRIW/,%REMHFWVLQWRWKH
FRUUHVSRQGLQJ/SHQ/IILFHRUJ/,%REMHFWVZKHQD-LFURVRIW
GRFXPHQWLVORDGHGLQWR//RPQHPRQLFs,tIRUsORDGt
7HOHFWWKH?7ARSWLRQVWRFRQYHUW/SHQ/IILFHRUJ/,%REMHFWVLQWRWKH
FRUUHVSRQGLQJ-LFURVRIW/,%REMHFWVZKHQDGRFXPHQWLVVDYHGLQD
-LFURVRIWIRUPDWPQHPRQLFs7tIRUsVDYHt
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
&LJXUH#KRRVLQJ,RDG7DYH-LFURVRIW/IILFHRSWLRQV
)"!1=;>/B707:7BG!=/2 (/D3=>B7=<A
#KRLFHVPDGHRQWKH,RDG7DYHq(8-,#RPSDWLELOLW\SDJH
&LJXUH DIIHFW(8-,SDJHVLPSRUWHGLQWR/SHQ/IILFHRUJDQG
WKRVHH[SRUWHGIURP//R7HH(8-,GRFXPHQWV
LPSRUWLQJH[SRUWLQJLQWKH(HOSIRUPRUHLQIRUPDWLRQ
&LJXUH#KRRVLQJ(8-,FRPSDWLELOLW\RSWLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
=<BA7H3A
9VHWKHVHILHOGVWRGHILQHWKHUHVSHFWLYHIRQWVL]HVIRUWKH(8-,
IRQWVL]HWRIRQWVL]HWDJVLIWKH\DUHXVHGLQWKH
(8-,SDJHV-DQ\SDJHVQRORQJHUXVHWKHVHWDJV
;>=@B*A3<5:7A6*(:=1/:34=@<C;03@A
;KHQLPSRUWLQJQXPEHUVIURPDQ(8-,SDJHWKHGHFLPDODQG
WKRXVDQGVVHSDUDWRUFKDUDFWHUVGLIIHUDFFRUGLQJWRWKHORFDOHRI
WKH(8-,SDJH8KHFOLSERDUGKRZHYHUFRQWDLQVQRLQIRUPDWLRQ
DERXWWKHORFDOH)IWKLVRSWLRQLVDEJVHOHFWHGQXPEHUVZLOOEH
LQWHUSUHWHGDFFRUGLQJWRWKH&7D=K7=; &E97B;I;JJ?D=LQ.EEBI
)FJ?EDI&7D=K7=;-;JJ?D=I&7D=K7=;IVHHSDJH )I
WKLVRSWLRQLVVHOHFWHGQXPEHUVZLOOEHLQWHUSUHWHGDVIRUWKH
%QJOLVK97! ORFDOH
;>=@B;>=@BC<9<=E<)"!B/5A/A473:2A
7HOHFWWKLVRSWLRQLI\RXZDQWWDJVWKDWDUHQRWUHFRJQL]HGE\//R
WREHLPSRUWHGDVILHOGV&RUDQRSHQLQJWDJDQ(8-,C/.ILHOG
ZLOOEHFUHDWHGZLWKWKHYDOXHRIWKHWDJQDPH&RUDFORVLQJWDJ
DQ(8-,C/&&ZLOOEHFUHDWHG8KHVHILHOGVZLOOEHFRQYHUWHGWR
WDJVLQWKH(8-,H[SRUW
;>=@B5<=@34=<BA3BB7<5A
7HOHFWWKLVRSWLRQWRKDYH//RLJQRUHDOOIRQWVHWWLQJVZKHQ
LPSRUWLQJ8KHIRQWVWKDWZHUHGHILQHGLQWKH(8-,0DJH7W\OH
ZLOOEHXVHG
F>=@B
8RRSWLPL]HWKH(8-,H[SRUWVHOHFWDEURZVHURU(8-,VWDQGDUG
IURPWKHNFEHJER[)I/SHQ/IILFHRUJ;ULWHULVVHOHFWHGVSHFLILF
/SHQ/IILFHRUJ;ULWHULQVWUXFWLRQVDUHH[SRUWHG
F>=@B$>3<$44713=@5/A71
7HOHFWWKLVRSWLRQWRLQFOXGH//R"DVLFPDFURVVFULSWV ZKHQ
H[SRUWLQJWR(8-,IRUPDW=RXPXVWDFWLYDWHWKLVRSWLRQEHIRUH
\RXFUHDWHWKH/SHQ/IILFHRUJ"DVLFPDFURRWKHUZLVHWKHVFULSW
ZLOOQRWEHLQVHUWHG/SHQ/IILFHRUJ"DVLFPDFURVPXVWEHORFDWHG
LQWKHKHDGHURIWKH(8-,GRFXPHQW/QFH\RXKDYHFUHDWHGWKH
PDFURLQWKH/SHQ/IILFHRUJ"DVLF)$%LWDSSHDUVLQWKHVRXUFH
WH[WRIWKH(8-,GRFXPHQWLQWKHKHDGHU
)I\RXZDQWWKHPDFURWRUXQDXWRPDWLFDOO\ZKHQWKH(8-,
GRFXPHQWLVRSHQHGFKRRVH.EEBIKIJEC?P;L;DJI7HH
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV IRUPRUHLQIRUPDWLRQ
F>=@B7A>:/GE/@<7<5
;KHQWKH)F;D)<<?9;
EH=7I?9RSWLRQVHHDERYH LVQRW
VHOHFWHGWKH?IFB7OM7HD?D=RSWLRQEHFRPHVDYDLODEOH)IWKH
?IFB7OM7HD?D=RSWLRQLVVHOHFWHGWKHQZKHQH[SRUWLQJWR
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
(8-,DZDUQLQJLVVKRZQWKDW/SHQ/IILFHRUJ"DVLFPDFURVZLOO
EHORVW
F>=@B%@7<B:/G=CB
7HOHFWWKLVRSWLRQWRH[SRUWWKHSULQWOD\RXWRIWKHFXUUHQW
GRFXPHQWDVZHOO8KH(8-,ILOWHUVXSSRUWV#77#DVFDGLQJ
7W\OH7KHHWV,HYHO IRUSULQWLQJGRFXPHQWV8KHVHFDSDELOLWLHV
DUHRQO\HIIHFWLYHLISULQWOD\RXWH[SRUWLVDFWLYDWHG
F>=@B=>G:=1/:5@/>671AB=<B3@<3B
7HOHFWWKLVRSWLRQWRDXWRPDWLFDOO\XSORDGWKHHPEHGGHGSLFWXUHV
WRWKH)QWHUQHWVHUYHUZKHQXSORDGLQJXVLQJ&80
F>=@B6/@/1B3@A3B
7HOHFWWKHDSSURSULDWHFKDUDFWHUVHWIRUWKHH[SRUW
6==A7<5:/<5C/53A3BB7<5A
=RXPD\QHHGWRGRVHYHUDOWKLQJVWRVHWWKHODQJXDJHVHWWLQJVWR
ZKDW\RXZDQW
l )QVWDOOWKHUHTXLUHGGLFWLRQDULHV
l #KDQJHVRPHORFDOHDQGODQJXDJHVHWWLQJV
l #KRRVHVSHOOLQJRSWLRQV
<AB/::B63@3?C7@32271B7=</@73A
//RDXWRPDWLFDOO\LQVWDOOVVHYHUDOGLFWLRQDULHVZLWKWKHSURJUDP8R
DGGRWKHUGLFWLRQDULHVXVH.EEBI&7D=K7=;'EH;?9J?ED7H?;I
)DB?D;//RZLOORSHQ\RXUGHIDXOWZHEEURZVHUWRDSDJHFRQWDLQLQJ
OLQNVWRDGGLWLRQDOGLFWLRQDULHVWKDW\RXFDQLQVWDOO&ROORZWKH
SURPSWVWRLQVWDOOWKHP
6/<53:=1/:3/<2:/<5C/53A3BB7<5A
=RXFDQFKDQJHVRPHGHWDLOVRIWKHORFDOHDQGODQJXDJHVHWWLQJVWKDW
//RXVHVIRUDOOGRFXPHQWVRUIRUVSHFLILFGRFXPHQWV
)QWKH/SWLRQVGLDORJFOLFN&7D=K7=;-;JJ?D=I&7D=K7=;I
&LJXUH,DQJXDJH7HWWLQJ/SWLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
/QWKHULJKW
KDQGVLGHRIWKH,DQJXDJH7HWWLQJVq,DQJXDJHVSDJH
&LJXUH FKDQJHWKH9VHULQWHUIDFH,RFDOHVHWWLQJ$HIDXOW
FXUUHQF\DQG$HIDXOWODQJXDJHVIRUGRFXPHQWVDVUHTXLUHG)QWKH
H[DPSOH%QJOLVK9+ KDVEHHQFKRVHQIRUDOOWKHDSSURSULDWH
VHWWLQJV
)I\RXZDQWWKHODQJXDJHGLFWLRQDU\ VHWWLQJWRDSSO\WRWKHFXUUHQW
GRFXPHQWRQO\LQVWHDGRIEHLQJWKHGHIDXOWIRUDOOQHZGRFXPHQWV
VHOHFWWKHRSWLRQODEHOOHG&RUWKHFXUUHQWGRFXPHQWRQO\
&LJXUH#KRRVLQJODQJXDJHRSWLRQV
)IQHFHVVDU\VHOHFWWKHRSWLRQVWRHQDEOHVXSSRUWIRU!VLDQODQJXDJHV
#KLQHVH*DSDQHVH+RUHDQ DQGVXSSRUWIRU
FRPSOH[WH[W
OD\RXW ODQJXDJHVVXFKDV(LQGL8KDL(HEUHZDQG!UDELF)I\RX
FKRRVHHLWKHURIWKHVHRSWLRQVWKHQH[WWLPH\RXRSHQWKLVGLDORJ\RX
ZLOOVHHVRPHH[WUDFKRLFHVXQGHU,DQJXDJH7HWWLQJVDVVKRZQLQ
&LJXUH8KHVHFKRLFHV7HDUFKLQJLQ*DSDQHVH!VLDQ,D\RXWDQG
#RPSOH[8H[W,D\RXW DUHQRWGLVFXVVHGKHUH
&LJXUH%[WUDSDJHVDYDLODEOHZKHQHQKDQFHGODQJXDJHVXSSRUW
RSWLRQVDUHVHOHFWHG
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
6==A3A>3::7<5=>B7=<A
8RFKRRVHWKHRSWLRQVIRUFKHFNLQJVSHOOLQJFOLFN&7D=K7=;
-;JJ?D=I1H?J?D=?:I)QWKH/SWLRQVVHFWLRQRIWKHSDJH&LJXUH
FKRRVHWKHVHWWLQJVWKDWDUHXVHIXOIRU\RX7RPHFRQVLGHUDWLRQV
l )I\RXGRQRWZDQWVSHOOLQJFKHFNHGZKLOH\RXW\SHGHVHOHFW
>;9AIF;BB?D=7IOEKJOF;DQGVHOHFWEDEJC7HA;HHEHI8R
ILQGWKHVHFRQGLWHPVFUROOGRZQLQWKH/SWLRQVOLVW
l )I\RXXVHDFXVWRPGLFWLRQDU\WKDWLQFOXGHVZRUGVLQDOOXSSHU
FDVHDQGZRUGVZLWKQXPEHUVIRUH[DPSOH!7 VHOHFW
>;9AKFF;H97I;MEH:IDQG>;9AMEH:IM?J>DKC8;HI
l >;9AIF;9?7BH;=?EDILQFOXGHVKHDGHUVIRRWHUVIUDPHVDQG
WDEOHVZKHQFKHFNLQJVSHOOLQJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
6==A7<5<B3@<3B=>B7=<A
9VHWKH)QWHUQHW/SWLRQVSDJHVWRGHILQHVHDUFKHQJLQHVDQGVDYH
SUR[\VHWWLQJVIRUXVHZLWK/SHQ/IILFHRUJ
)I\RXDUHXVLQJD.HWVFDSHRU-R]LOODEURZVHUVXFKDV&LUHIR[ \RX
FDQHQDEOHWKH-R]LOOD0OXJ
LQVR\RXFDQRSHQ//RILOHVLQ\RXU
EURZVHUSULQWWKHPVDYHWKHPDQGZRUNZLWKWKHPLQRWKHUZD\V
)I\RXDUHXVLQJD9QL[
RU,LQX[
EDVHGRSHUDWLQJV\VWHPLQFOXGLQJ
-DF/7< DQDGGLWLRQDOSDJHRI%
PDLORSWLRQVLVDYDLODEOHZKHUH
\RXFDQVSHFLI\WKHH
PDLOSURJUDPWRXVHZKHQ\RXVHQGWKHFXUUHQW
GRFXPHQWDVH
PDLO&LJXUH 9QGHU;LQGRZVWKHRSHUDWLQJ
V\VWHPvVGHIDXOWH
PDLOSURJUDPLVDOZD\VXVHG
=<B@=::7<5$$=MACB==@@31B4C<1B7=<A
7RPHSHRSOHILQGVRPHRUDOORIWKHLWHPVLQ//RvV!XWR#RUUHFW
IXQFWLRQDQQR\LQJEHFDXVHWKH\FKDQJHZKDW\RXW\SHZKHQ\RXGR
QRWZDQWLWFKDQJHG-DQ\SHRSOHILQGVRPHRIWKH!XWR#RUUHFW
IXQFWLRQVTXLWHKHOSIXOLI\RXGRWKHQVHOHFWWKHUHOHYDQWRSWLRQV"XW
LI\RXILQGXQH[SODLQHGFKDQJHVDSSHDULQJLQ\RXUGRFXPHQWWKLVLVD
JRRGSODFHWRORRNWRILQGWKHFDXVH
8RRSHQWKH!XWR#RUUHFWGLDORJFOLFN.EEBIKJEEHH;9J=RX
QHHGWRKDYHDGRFXPHQWRSHQIRUWKLVPHQXLWHPWRDSSHDU
)Q;ULWHUWKLVGLDORJKDVILYHWDEVDVVKRZQEHORZ)QRWKHU
FRPSRQHQWVRI//RWKHGLDORJKDVRQO\IRXUWDEV
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ
&LJXUH8KH!XWR#RUUHFWGLDORJLQ;ULWHUVKRZLQJWKHILYHWDEV
DQGVRPHRIWKHFKRLFHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
/I?D=-JOB;I7D:
.;CFB7J;I
,6/B7A/B3;>:/B3
!WHPSODWHLVDPRGHOWKDW\RXXVHWRFUHDWHRWKHUGRFXPHQWV&RU
H[DPSOH\RXFDQFUHDWHDWHPSODWHIRUEXVLQHVVUHSRUWVWKDWKDV\RXU
FRPSDQ\vVORJRRQWKHILUVWSDJH.HZGRFXPHQWVFUHDWHGIURPWKLV
WHPSODWHZLOODOOKDYH\RXUFRPSDQ\vVORJRRQWKHILUVWSDJH
8HPSODWHVFDQFRQWDLQDQ\WKLQJWKDWUHJXODUGRFXPHQWVFDQFRQWDLQ
VXFKDVWH[WJUDSKLFVDVHWRIVW\OHVDQGXVHU
VSHFLILFVHWXS
LQIRUPDWLRQVXFKDVPHDVXUHPHQWXQLWVODQJXDJHWKHGHIDXOWSULQWHU
DQGWRROEDUDQGPHQXFXVWRPL]DWLRQ
!OOGRFXPHQWVLQ/SHQ/IILFHRUJ//R DUHEDVHGRQWHPSODWHV=RX
FDQFUHDWHDVSHFLILFWHPSODWHIRUDQ\GRFXPHQWW\SHWH[W
VSUHDGVKHHWGUDZLQJSUHVHQWDWLRQ )I\RXGRQRWVSHFLI\DWHPSODWH
ZKHQ\RXVWDUWDQHZGRFXPHQWWKHQWKHGRFXPHQWLVEDVHGRQWKH
GHIDXOWWHPSODWHIRUWKDWW\SHRIGRFXPHQW)I\RXKDYHQRWVSHFLILHGD
GHIDXOWWHPSODWH//RXVHVWKHEODQNWHPSODWHIRUWKDWW\SHRI
GRFXPHQWWKDWLVLQVWDOOHGZLWK//R7HHs7HWWLQJDGHIDXOWWHPSODWHt
RQSDJHIRUPRUHLQIRUPDWLRQ
,6/B/@3ABG:3A
!VW\OHLVDVHWRIIRUPDWVWKDW\RXFDQDSSO\WRVHOHFWHGSDJHVWH[W
IUDPHVDQGRWKHUHOHPHQWVLQ\RXUGRFXPHQWWRTXLFNO\FKDQJHWKHLU
DSSHDUDQFH;KHQ\RXDSSO\DVW\OH\RXDSSO\DZKROHJURXSRI
IRUPDWVDWWKHVDPHWLPH
-DQ\SHRSOHPDQXDOO\IRUPDWSDUDJUDSKVZRUGVWDEOHVSDJH
OD\RXWVDQGRWKHUSDUWVRIWKHLUGRFXPHQWVZLWKRXWSD\LQJDQ\
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
DWWHQWLRQWRVW\OHV8KH\DUHXVHGWRZULWLQJGRFXPHQWVDFFRUGLQJWR
SK\VLFDODWWULEXWHV&RUH[DPSOH\RXPLJKWVSHFLI\WKHIRQWIDPLO\
IRQWVL]HDQGDQ\IRUPDWWLQJVXFKDVEROGRULWDOLF
7W\OHVDUHORJLFDODWWULEXWHV9VLQJVW\OHVPHDQVWKDW\RXVWRSVD\LQJ
sIRQWVL]HSW8LPHV.HZ6RPDQEROGFHQWHUHGtDQG\RXVWDUW
VD\LQJs8LWOHtEHFDXVH\RXKDYHGHILQHGWKHs8LWOHtVW\OHWRKDYH
WKRVHFKDUDFWHULVWLFV)QRWKHUZRUGVVW\OHVPHDQVWKDW\RXVKLIWWKH
HPSKDVLVIURPZKDWWKHWH[WRUSDJHRURWKHUHOHPHQW ORRNVOLNHWR
ZKDWWKHWH[WLV
7W\OHVKHOSLPSURYHFRQVLVWHQF\LQDGRFXPHQW8KH\DOVRPDNHPDMRU
IRUPDWWLQJFKDQJHVHDV\&RUH[DPSOH\RXPD\GHFLGHWRFKDQJHWKH
LQGHQWDWLRQRIDOOSDUDJUDSKVRUFKDQJHWKHIRQWRIDOOWLWOHV&RUD
ORQJGRFXPHQWWKLVVLPSOHWDVNFDQEHSURKLELWLYH7W\OHVPDNHWKH
WDVNHDV\
)QDGGLWLRQVW\OHVDUHXVHGE\/SHQ/IILFHRUJIRUPDQ\SURFHVVHV
HYHQLI\RXDUHQRWDZDUHRIWKHP&RUH[DPSOH;ULWHUUHOLHVRQ
KHDGLQJVW\OHVRURWKHUVW\OHV\RXVSHFLI\ ZKHQLWFRPSLOHVDWDEOH
RIFRQWHQWV7RPHFRPPRQH[DPSOHVRIVW\OHXVHDUHJLYHQLQ
s%[DPSOHVRIVW\OHXVHtRQSDJH
/SHQ/IILFHRUJVXSSRUWVWKHIROORZLQJW\SHVRIVW\OHV
l 0DJHVW\OHVLQFOXGHPDUJLQVKHDGHUVDQGIRRWHUVERUGHUVDQG
EDFNJURXQGV)Q#DOFSDJHVW\OHVDOVRLQFOXGHWKHVHTXHQFHIRU
SULQWLQJVKHHWV
l 0DUDJUDSKVW\OHVFRQWURODOODVSHFWVRIDSDUDJUDSKvVDSSHDUDQFH
VXFKDVWH[WDOLJQPHQWWDEVWRSVOLQHVSDFLQJDQGERUGHUVDQG
FDQLQFOXGHFKDUDFWHUIRUPDWWLQJ
l #KDUDFWHUVW\OHVDIIHFWVHOHFWHGWH[WZLWKLQDSDUDJUDSKVXFKDV
WKHIRQWDQGVL]HRIWH[WRUEROGDQGLWDOLFIRUPDWV
l &UDPHVW\OHVDUHXVHGWRIRUPDWJUDSKLFDQGWH[WIUDPHV
LQFOXGLQJZUDSSLQJW\SHERUGHUVEDFNJURXQGVDQGFROXPQV
l .XPEHULQJVW\OHVDSSO\VLPLODUDOLJQPHQWQXPEHULQJRUEXOOHW
FKDUDFWHUVDQGIRQWVWRQXPEHUHGRUEXOOHWHGOLVWV
l #HOOVW\OHVLQFOXGHIRQWVDOLJQPHQWERUGHUVEDFNJURXQGQXPEHU
IRUPDWVIRUH[DPSOHFXUUHQF\GDWHQXPEHU DQGFHOO
SURWHFWLRQ
l 'UDSKLFVVW\OHVLQGUDZLQJVDQGSUHVHQWDWLRQVLQFOXGHOLQHDUHD
VKDGRZLQJWUDQVSDUHQF\IRQWFRQQHFWRUVGLPHQVLRQLQJDQG
RWKHUDWWULEXWHV
l 0UHVHQWDWLRQVW\OHVLQFOXGHDWWULEXWHVIRUIRQWLQGHQWVVSDFLQJ
DOLJQPHQWDQGWDEV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
$LIIHUHQWVW\OHVDUHDYDLODEOHLQWKHYDULRXVFRPSRQHQWVRI//RDV
OLVWHGLQ8DEOH
/SHQ/IILFHRUJFRPHVZLWKPDQ\SUHGHILQHGVW\OHV=RXFDQXVHWKH
VW\OHVDVSURYLGHGPRGLI\WKHPRUFUHDWHQHZVW\OHVDVGHVFULEHGLQ
WKLVFKDSWHU
8DEOH7W\OHVDYDLODEOHLQ//RFRPSRQHQWV
.3'!3+! ,%.!, '
,1 (+,!--
0DJH
0DUDJUDSK
#KDUDFWHU
&UDPH
.XPEHULQJ
#HOO
0UHVHQWDWLRQ
'UDSKLFV LQFOXGHGLQ
&UDPHVW\OHV
>>:G7<5ABG:3A
/SHQ/IILFHRUJSURYLGHVVHYHUDOZD\VIRU\RXWRVHOHFWVW\OHVWRDSSO\
*A7<5B63(BG:3A/<2=@;/BB7<5E7<2=E
#OLFNWKH-JOB;I7D: EHC7JJ?D=LFRQ ORFDWHGDWWKHOHIW
KDQGHQGRIWKHREMHFWEDURUFOLFN EHC7J-JOB;I7D:
EHC7JJ?D=RUSUHVV&8KH7W\OHVDQG&RUPDWWLQJZLQGRZ
VKRZVWKHW\SHVRIVW\OHVDYDLODEOHIRUWKH//RFRPSRQHQW\RX
DUHXVLQJ&LJXUHVKRZVWKHZLQGRZIRU;ULWHUZLWK0DJH
7W\OHVYLVLEOH
=RXFDQPRYHWKLVZLQGRZWRDFRQYHQLHQWSRVLWLRQRQWKHVFUHHQ
RUGRFNLWWRDQHGJHKROGGRZQWKH#WUONH\DQGGUDJLWE\WKH
WLWOHEDUWRZKHUH\RXZDQWLWGRFNHG
#OLFNRQRQHRIWKHLFRQVDWWKHWRSOHIWRIWKH7W\OHVDQG
&RUPDWWLQJZLQGRZWRGLVSOD\DOLVWRIVW\OHVLQDSDUWLFXODU
FDWHJRU\
8RDSSO\DQH[LVWLQJVW\OHH[FHSWIRUFKDUDFWHUVW\OHV SRVLWLRQ
WKHLQVHUWLRQSRLQWLQWKHSDUDJUDSKIUDPHRUSDJHDQGWKHQ
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
GRXEOH
FOLFNRQWKHQDPHRIWKHVW\OHLQRQHRIWKHVHOLVWV8R
DSSO\DFKDUDFWHUVW\OHVHOHFWWKHFKDUDFWHUVILUVW
!WWKHERWWRPRIWKH7W\OHVDQG&RUPDWWLQJZLQGRZLV
DGURSGRZQOLVW)Q&LJXUHWKHZLQGRZVKRZV
!XWRPDWLFPHDQLQJWKHOLVWLQFOXGHVRQO\VW\OHV
)7> DSSOLHGDXWRPDWLFDOO\E\//R=RXFDQFKRRVHWRVKRZ
DOOVW\OHVRURWKHUJURXSVRIVW\OHVIRUH[DPSOHRQO\
FXVWRPVW\OHV
&LJXUH8KH7W\OHVDQG&RUPDWWLQJZLQGRZIRU;ULWHUVKRZLQJ
SDUDJUDSKVW\OHV
*A7<57::=@;/B;=23
9VH&LOO&RUPDWWRDSSO\DVW\OHWRPDQ\GLIIHUHQWDUHDVTXLFNO\
ZLWKRXWKDYLQJWRJREDFNWRWKH7W\OHVDQG&RUPDWWLQJZLQGRZDQG
GRXEOH
FOLFNHYHU\WLPH8KLVPHWKRGLVTXLWHXVHIXOZKHQ\RXQHHGWR
IRUPDWPDQ\VFDWWHUHGSDUDJUDSKVFHOOVRURWKHULWHPVZLWKWKH
VDPHVW\OH
/SHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZDQGVHOHFWWKHVW\OH\RX
ZDQWWRDSSO\
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8RTXLW&LOO&RUPDWPRGHFOLFNWKH ?BB EHC7JCE:;LFRQDJDLQ
RUSUHVVWKH%VFNH\
*A7<5B63>>:G(BG:3:7AB
!IWHU\RXKDYHXVHGDVW\OHDWOHDVWRQFHLQDGRFXPHQWWKHVW\OH
QDPHDSSHDUVRQWKH!SSO\7W\OHOLVWDWWKHOHIW
KDQGHQGRIWKH
&RUPDWWLQJWRROEDUQH[WWRWKH7W\OHVDQG&RUPDWWLQJLFRQ
=RXFDQRSHQWKLVOLVWDQGFOLFNRQFHRQWKHVW\OH\RXZDQWRU\RXFDQ
XVHWKHXSDQGGRZQDUURZNH\VWRPRYHWKURXJKWKHOLVWDQGWKHQ
SUHVV%QWHUWRDSSO\WKHKLJKOLJKWHGVW\OH
7HOHFW'EH;
DWWKHERWWRPRIWKHOLVWWRRSHQWKH
)7> 7W\OHVDQG&RUPDWWLQJZLQGRZ
&LJXUH8KH!SSO\7W\OHOLVWRQ
WKH&RUPDWWLQJWRROEDU
*A7<593G0=/@2A6=@B1CBA
7RPHNH\ERDUGVKRUWFXWVIRUDSSO\LQJVW\OHVDUHSUHGHILQHG&RU
H[DPSOHLQ;ULWHU#RQWURODSSOLHVWKH8H[WERG\ VW\OH#RQWURO
DSSOLHVWKH(HDGLQJVW\OHDQG#RQWURODSSOLHVWKH(HDGLQJ
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
VW\OH=RXFDQPRGLI\WKHVHVKRUWFXWVDQGFUHDWH\RXURZQVHH
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ IRULQVWUXFWLRQV
"=274G7<5ABG:3A
/SHQ/IILFHRUJSURYLGHVVHYHUDOZD\VWRPRGLI\VW\OHVERWKWKH
SUHGHILQHGVW\OHVDQGFXVWRPVW\OHVWKDW\RXFUHDWH
l #KDQJLQJDVW\OHXVLQJWKH7W\OHGLDORJ
l 9SGDWLQJDVW\OHIURPDVHOHFWLRQ
l 9VH!XWR9SGDWHSDUDJUDSKDQGIUDPHVW\OHVRQO\
l ,RDGRUFRS\VW\OHVIURPDQRWKHUGRFXPHQWRUWHPSODWH
!Q\FKDQJHV\RXPDNHWRDVW\OHDUHHIIHFWLYHRQO\LQ
WKHFXUUHQWGRFXPHQW8RFKDQJHVW\OHVLQPRUHWKDQ
)7> RQHGRFXPHQW\RXQHHGWRFKDQJHWKHWHPSODWHRU
FRS\WKHVW\OHVLQWRWKHRWKHUGRFXPHQWVDVGHVFULEHG
RQSDJH
6/<57<5/ABG:3CA7<5B63(BG:327/:=5
8RFKDQJHDQH[LVWLQJVW\OHXVLQJWKH7W\OHGLDORJULJKW
FOLFNRQWKH
UHTXLUHGVW\OHLQWKH7W\OHVDQG&RUPDWWLQJZLQGRZDQGVHOHFW
'E:?<OIURPWKHSRS
XSPHQX
8KH7W\OHGLDORJGLVSOD\HGGHSHQGVRQWKHW\SHRIVW\OHVHOHFWHG%DFK
VW\OHGLDORJKDVVHYHUDOWDEV7HHWKHFKDSWHUVRQVW\OHVLQWKHXVHU
JXLGHVIRUGHWDLOV
*>2/B7<5/ABG:34@=;/A3:31B7=<
8RXSGDWHDVW\OHIURPDVHOHFWLRQ
/SHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZ
)QWKHGRFXPHQWVHOHFWDQLWHPWKDWKDVWKHIRUPDW\RXZDQWWR
DGRSWDVDVW\OH
/CB7=< -DNHVXUHWKDWWKHUHDUHXQLTXHSURSHUWLHVLQWKLV
SDUDJUDSK&RUH[DPSOHLIWKHUHDUHWZRGLIIHUHQW
IRQWVL]HVRUIRQWVW\OHVWKDWSDUWLFXODUSURSHUW\ZLOO
UHPDLQWKHVDPHDVEHIRUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)QWKH7W\OHVDQG&RUPDWWLQJZLQGRZVHOHFWWKHVW\OH\RXZDQW
WRXSGDWHVLQJOH
FOLFNQRWGRXEOH
FOLFN WKHQORQJ
FOLFNRQWKH
DUURZQH[WWRWKH(;M-JOB;<HEC-;B;9J?EDLFRQDQGFOLFNRQ
/F:7J;-JOB;
&LJXUH9SGDWLQJDVW\OHIURPDVHOHFWLRQ
*A7<5CB=*>2/B3
!XWR9SGDWHDSSOLHVWRSDUDJUDSKDQGIUDPHVW\OHVRQO\)IWKH
!XWR9SGDWHRSWLRQLVVHOHFWHGRQWKH/UJDQL]HUSDJHRIWKH
0DUDJUDSK7W\OHRU&UDPH7W\OHGLDORJDSSO\LQJGLUHFWIRUPDWWLQJWR
DSDUDJUDSKRUIUDPHXVLQJWKLVVW\OHLQ\RXUGRFXPHQWDXWRPDWLFDOO\
XSGDWHVWKHVW\OHLWVHOI
)I\RXDUHLQWKHKDELWRIPDQXDOO\RYHUULGLQJVW\OHVLQ
)7> \RXUGRFXPHQWEHVXUHWKDW!XWR9SGDWHLVDEJ
HQDEOHG
*>2/B7<5ABG:3A4@=;/2=1C;3<B=@B3;>:/B3
=RXFDQXSGDWHVW\OHVE\FRS\LQJRUORDGLQJWKHPIURPDWHPSODWHRU
DQRWKHUGRFXPHQW7HHs#RS\LQJDQGPRYLQJVW\OHVtRQSDJH
@3/B7<5<3E1CAB=;ABG:3A
=RXPD\ZDQWWRDGGVRPHQHZVW\OHV=RXFDQGRWKLVLQWZRZD\V
l #UHDWLQJDQHZVW\OHXVLQJWKH7W\OHGLDORJ
l #UHDWLQJDQHZVW\OHIURPDVHOHFWLRQ
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
@3/B7<5/<3EABG:3CA7<5B63(BG:327/:=5
8RFUHDWHDQHZVW\OHXVLQJWKH7W\OHGLDORJULJKW
FOLFNLQWKH7W\OHV
DQG&RUPDWWLQJZLQGRZDQGVHOHFW(;MIURPWKHSRS
XSPHQX
)I\RXZDQW\RXUQHZVW\OHWREHOLQNHGZLWKDQH[LVWLQJVW\OHILUVW
VHOHFWWKDWVW\OHDQGWKHQULJKW
FOLFNDQGVHOHFW(;M
)I\RXOLQNVW\OHVWKHQZKHQ\RXFKDQJHWKHEDVHVW\OHIRUH[DPSOH
E\FKDQJLQJWKHIRQWIURP8LPHVWR(HOYHWLFD DOOWKHOLQNHGVW\OHV
ZLOOFKDQJHDVZHOO7RPHWLPHVWKLVLVH[DFWO\ZKDW\RXZDQWRWKHU
WLPHV\RXGRQRWZDQWWKHFKDQJHVWRDSSO\WRDOOWKHOLQNHGVW\OHV)W
SD\VWRSODQDKHDG
8KHGLDORJVDQGFKRLFHVDUHWKHVDPHIRUGHILQLQJQHZVW\OHVDQGIRU
PRGLI\LQJH[LVWLQJVW\OHV7HHWKHFKDSWHUVRQVW\OHVLQWKHXVHU
JXLGHVIRUGHWDLOV
@3/B7<5/<3EABG:34@=;/A3:31B7=<
=RXFDQFUHDWHDQHZVW\OHE\FRS\LQJDQH[LVWLQJVW\OH8KLVQHZ
VW\OHDSSOLHVRQO\WRWKLVGRFXPHQWLWZLOOQRWEHVDYHGLQWKH
WHPSODWH
/SHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZDQGFKRRVHWKHW\SHRI
VW\OH\RXZDQWWRFUHDWH
)QWKHGRFXPHQWVHOHFWWKHLWHP\RXZDQWWRVDYHDVDVW\OH
)QWKH7W\OHVDQG&RUPDWWLQJZLQGRZFOLFNRQWKH(;M-JOB;
<HEC-;B;9J?EDLFRQ
)QWKH#UHDWH7W\OHGLDORJW\SHDQDPHIRUWKHQHZVW\OH8KH
OLVWVKRZVWKHQDPHVRIH[LVWLQJFXVWRPVW\OHVRIWKHVHOHFWHG
W\SH#OLFN)%WRVDYHWKHQHZVW\OH
&LJXUH.DPLQJDQHZVW\OHFUHDWHGIURPDVHOHFWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
@/557<5/<22@=>>7<5B=1@3/B3/ABG:3
=RXFDQGUDJDQGGURSDWH[WVHOHFWLRQLQWRWKH7W\OHVDQG&RUPDWWLQJ
ZLQGRZWRFUHDWHDQHZVW\OH
,@7B3@
7HOHFWVRPHWH[WDQGGUDJLWWRWKH7W\OHVDQG&RUPDWWLQJZLQGRZ
)I0DUDJUDSK7W\OHVDUHDFWLYHWKHSDUDJUDSKVW\OHZLOOEHDGGHG
WRWKHOLVW)I#KDUDFWHU7W\OHVDUHDFWLYHWKHFKDUDFWHUVW\OHZLOO
EHDGGHGWRWKHOLVW
/:1
$UDJDFHOOVHOHFWLRQWRWKH7W\OHVDQG&RUPDWWLQJZLQGRZWR
FUHDWHFHOOVW\OHV
@/E ;>@3AA
7HOHFWDQGGUDJGUDZLQJREMHFWVWRWKH7W\OHVDQG&RUPDWWLQJ
ZLQGRZWRFUHDWHJUDSKLFVVW\OHV
=>G7<5/<2;=D7<5ABG:3A
=RXFDQFRS\RUPRYHVW\OHVIURPRQHWHPSODWHRUGRFXPHQWLQWR
DQRWKHUWHPSODWHRUGRFXPHQWLQWZRZD\V
l 9VLQJWKH8HPSODWH-DQDJHPHQWGLDORJ
l ,RDGLQJVW\OHVIURPDWHPSODWHRUGRFXPHQW
*A7<5B63)3;>:/B3"/</53;3<B27/:=5
8RFRS\RUPRYHVW\OHVXVLQJWKH8HPSODWH-DQDJHPHQWGLDORJ
#OLFN ?B;.;CFB7J;I)H=7D?P;
)QWKH8HPSODWH-DQDJHPHQWGLDORJ&LJXUH VHWWKHOLVWVDW
WKHERWWRPWRHLWKHU8HPSODWHVRU$RFXPHQWVDVQHHGHG8KH
GHIDXOWLV8HPSODWHVRQWKHOHIWDQG$RFXPHQWVRQWKHULJKW
8RORDGVW\OHVIURPDILOHWKDWLVQRWRSHQFOLFNWKH
?B;EXWWRQ;KHQ\RXUHWXUQWRWKLVGLDORJERWKOLVWV
)7> VKRZWKHVHOHFWHGILOHDVZHOODVDOOWKHFXUUHQWO\RSHQ
GRFXPHQWV
/SHQWKHIROGHUVDQGILQGWKHWHPSODWHVIURPDQGWRZKLFK\RX
ZDQWWRFRS\$RXEOH
FOLFNRQWKHQDPHRIWKHWHPSODWHRU
GRFXPHQWDQGWKHQGRXEOH
FOLFNWKH7W\OHVLFRQWRVKRZWKHOLVW
RILQGLYLGXDOVW\OHV&LJXUH
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
&LJXUH#KRRVLQJWRFRS\VW\OHVIURPDGRFXPHQWQRWDWHPSODWH
8RFRS\ DVW\OHKROGGRZQWKH#WUONH\DQGGUDJWKHQDPHRIWKH
VW\OHIURPRQHOLVWWRWKHRWKHU
/CB7=< )I\RXGRQRWKROGGRZQWKH#RQWURONH\ZKHQ
GUDJJLQJWKHVW\OHZLOOEHPRYHGIURPRQHOLVWWRWKH
RWKHU8KHVW\OHZLOOEHGHOHWHGIURPWKHOLVW\RXDUH
GUDJJLQJLWIURP
&LJXUH#RS\LQJDVW\OHIURPRQHGRFXPHQWWRDQRWKHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
6HSHDWIRUHDFKVW\OH\RXZDQWWRFRS\)IWKHUHFHLYLQJWHPSODWH
RUGRFXPHQWKDVPDQ\VW\OHV\RXPD\QRWVHHDQ\FKDQJHXQOHVV
\RXVFUROOGRZQLQWKHOLVW;KHQ\RXDUHILQLVKHGFOLFNBEI;
!=/27<5ABG:3A4@=;/B3;>:/B3=@2=1C;3<B
=RXFDQFRS\VW\OHVE\ORDGLQJWKHPIURPDWHPSODWHRUDQRWKHU
GRFXPHQW
/SHQWKHGRFXPHQW\RXZDQWWRFRS\VW\OHVLQWR
)QWKH7W\OHVDQG&RUPDWWLQJZLQGRZORQJ
FOLFNRQWKHDUURZ
QH[WWRWKH(;M-JOB;<HEC-;B;9J?EDLFRQDQGWKHQFOLFNRQ
&E7:-JOB;IVHH&LJXUH
/QWKH,RDG7W\OHVGLDORJ&LJXUH ILQGDQGVHOHFWWKH
WHPSODWH\RXZDQWWRFRS\VW\OHVIURP
&LJXUH#RS\LQJVW\OHVIURPDWHPSODWHLQWRWKHRSHQGRFXPHQW
7HOHFWWKHFDWHJRULHVRIVW\OHVWREHFRSLHG7HOHFW)L;HMH?J;LI
\RXZDQWWKHVW\OHVEHLQJFRSLHGWRUHSODFHDQ\VW\OHVRIWKH
VDPHQDPHVLQWKHGRFXPHQW\RXvUHFRS\LQJWKHPLQWR
#OLFN)%WRFRS\WKHVW\OHV=RXZLOOQRWVHHDQ\FKDQJHRQ
VFUHHQ
8RFRS\WKHVW\OHVIURPDQRWKHUGRFXPHQWFOLFNWKH
#=B3 HEC ?B;EXWWRQWRRSHQDZLQGRZIURPZKLFK\RX
FDQVHOHFWWKHUHTXLUHGGRFXPHQW
)I\RXUGRFXPHQWKDVDWDEOHRIFRQWHQWVDQGLI\RX
KDYHXVHGFXVWRPVW\OHVIRUKHDGLQJVWKHKHDGLQJ
/CB7=< OHYHOVDVVRFLDWHGZLWKRXWOLQHOHYHOVLQ.EEBI
)KJB?D;(KC8;H?D= ZLOOUHYHUWWRWKHGHIDXOWVRI
(HDGLQJ(HDGLQJDQGVRRQZKHQ\RXORDG
VW\OHVWKLV=RXZLOOQHHGWRFKDQJHWKHVHEDFNWR
\RXUFXVWRPKHDGLQJVW\OHV8KLVLVDEXJ
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
3:3B7<5ABG:3A
=RXFDQQRWUHPRYHGHOHWH DQ\RI//RvVSUHGHILQHGVW\OHVIURPD
GRFXPHQWRUWHPSODWHHYHQLIWKH\DUHQRWLQXVH
=RXFDQUHPRYHDQ\XVHU
GHILQHGFXVWRP VW\OHVEXWEHIRUH\RXGR
\RXVKRXOGPDNHVXUHWKHVW\OHVDUHQRWLQXVH)IDQXQZDQWHGVW\OH
LVLQXVH\RXZLOOZDQWWRUHSODFHLWZLWKDVXEVWLWXWHVW\OH
8RGHOHWHXQZDQWHGVW\OHVULJKW
FOLFNRQWKHPRQHDWDWLPH LQWKH
7W\OHVDQG&RUPDWWLQJZLQGRZDQGFOLFN;B;J;RQWKHSRS
XSPHQX
)IWKHVW\OHLVLQXVH\RXUHFHLYHDZDUQLQJPHVVDJH
-DNHVXUHWKHVW\OHLVQRWLQXVHEHIRUHGHOHWLRQ
/CB7=< /WKHUZLVHDOOREMHFWVZLWKWKDWVW\OHZLOOUHWXUQWR
WKHGHIDXOWVW\OHDQGUHWDLQWKHLUIRUPDWWLQJDV
PDQXDOIRUPDWWLQJ8KLVFDQEHDSUREOHPLQDORQJ
GRFXPHQW
)IWKHVW\OHLVQRWLQXVH\RXUHFHLYHDFRQILUPDWLRQPHVVDJHFOLFN
3;I
*A7<5/B3;>:/B3B=1@3/B3/2=1C;3<B
8RXVHDWHPSODWHWRFUHDWHDGRFXPHQW
&URPWKHPDLQPHQXFKRRVH ?B;(;M.;CFB7J;I7D:
E9KC;DJI
8KH8HPSODWHVDQG$RFXPHQWVGLDORJRSHQV7HH
&LJXUH
)QWKHER[RQWKHOHIWFOLFNWKH.;CFB7J;ILFRQLILWLVQRW
DOUHDG\VHOHFWHG!OLVWRIWHPSODWHIROGHUVDSSHDUVLQWKHFHQWHU
ER[
$RXEOH
FOLFNWKHIROGHUWKDWFRQWDLQVWKHWHPSODWHWKDW\RXZDQW
WRXVH!OLVWRIDOOWKHWHPSODWHVFRQWDLQHGLQWKDWIROGHUDSSHDUV
LQWKHFHQWHUER[
7HOHFWWKHWHPSODWHWKDW\RXZDQWWRXVH=RXFDQSUHYLHZWKH
VHOHFWHGWHPSODWHRUYLHZWKHWHPSODWHvVSURSHUWLHV
l 8RSUHYLHZWKHWHPSODWHFOLFNWKH*H;L?;MLFRQ!SUHYLHZ
RIWKHWHPSODWHDSSHDUVLQWKHER[RQWKHULJKW
l 8RYLHZWKHWHPSODWHvVSURSHUWLHVFOLFNWKHE9KC;DJ
*HEF;HJ?;ILFRQ8KHWHPSODWHvVSURSHUWLHVDSSHDULQWKH
ER[RQWKHULJKW
#OLFN)F;D
8KH8HPSODWHVDQG$RFXPHQWVGLDORJFORVHVDQGD
QHZGRFXPHQWEDVHGRQWKHVHOHFWHGWHPSODWHRSHQVLQ//R
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
=RXFDQWKHQHGLWDQGVDYHWKHQHZGRFXPHQWMXVWDV\RXZRXOG
DQ\RWKHUGRFXPHQW
&LJXUH8HPSODWHVDQG$RFXPHQWVZLQGRZ
@3/B7<5/B3;>:/B3
=RXFDQFUHDWH\RXURZQWHPSODWHVLQWZRZD\VIURPDGRFXPHQW
DQGXVLQJDZL]DUG
@3/B7<5/B3;>:/B34@=;/2=1C;3<B
8RFUHDWHDWHPSODWHIURPDGRFXPHQW
/SHQDQHZRUH[LVWLQJGRFXPHQWRIWKHW\SH\RXZDQWWRPDNH
LQWRDWHPSODWHWH[WGRFXPHQWVSUHDGVKHHWGUDZLQJ
SUHVHQWDWLRQ
!GGWKHFRQWHQWDQGVW\OHVWKDW\RXZDQW
&URPWKHPDLQPHQXFKRRVH ?B;.;CFB7J;I-7L;
8KH
8HPSODWHVGLDORJRSHQVVHH&LJXUH
)QWKH(;MJ;CFB7J;ILHOGW\SHDQDPHIRUWKHQHZWHPSODWH
)QWKH7J;=EH?;IOLVWFOLFNWKHFDWHJRU\WRZKLFK\RXZDQWWR
DVVLJQWKHWHPSODWH8KHFDWHJRU\\RXFKRRVHKDVQRHIIHFWRQ
WKHWHPSODWHLWVHOILWLVVLPSO\WKHIROGHULQZKLFK\RXVDYHWKH
WHPSODWH#KRRVLQJDQDSSURSULDWHFDWHJRU\PDNHVLWHDVLHUWR
ILQGWKHWHPSODWHHDVLO\ZKHQ\RXZDQWWRXVHLW&RUH[DPSOH
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
\RXPLJKWVDYH)PSUHVVWHPSODWHVXQGHUWKH*H;I;DJ7J?EDI
FDWHJRU\
8ROHDUQPRUHDERXWWHPSODWHIROGHUVVHHs/UJDQL]LQJ
WHPSODWHVtRQSDJH
#OLFN)%WRVDYHWKHQHZWHPSODWH
&LJXUH7DYLQJDQHZWHPSODWH
!Q\VHWWLQJVWKDWFDQEHDGGHGWRRUPRGLILHGLQDGRFXPHQWFDQEH
VDYHGLQDWHPSODWH&RUH[DPSOHEHORZDUHVRPHRIWKHVHWWLQJV
DOWKRXJKQRWDIXOOOLVW WKDWFDQEHLQFOXGHGLQD;ULWHUGRFXPHQW
DQGWKHQVDYHGDVDWHPSODWHIRUODWHUXVH
l 0ULQWHUVHWWLQJVZKLFKSULQWHUVLQJOHVLGHGGRXEOHVLGHGDQG
SDSHUVL]HDQGVRRQ
l 7W\OHVWREHXVHGLQFOXGLQJFKDUDFWHUSDJHIUDPHQXPEHULQJ
DQGSDUDJUDSKVW\OHV
l &RUPDWDQGVHWWLQJVUHJDUGLQJLQGH[HVWDEOHVELEOLRJUDSKLHV
WDEOHRIFRQWHQWV
8HPSODWHVFDQDOVRFRQWDLQSUHGHILQHGWH[WVDYLQJ\RXIURPKDYLQJWR
W\SHLWHYHU\WLPH\RXFUHDWHDQHZGRFXPHQW&RUH[DPSOHDOHWWHU
WHPSODWHPD\FRQWDLQ\RXUQDPHDGGUHVVDQGVDOXWDWLRQ
=RXFDQDOVRVDYHPHQXDQGWRROEDUFXVWRPL]DWLRQVLQWHPSODWHVVHH
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ IRUPRUHLQIRUPDWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
@3/B7<5/B3;>:/B3CA7<5/E7H/@2
=RXFDQXVHZL]DUGVWRFUHDWHWHPSODWHVIRUOHWWHUVID[HVDJHQGDV
SUHVHQWDWLRQVDQG;HESDJHV
&RUH[DPSOHWKH&D[;L]DUGJXLGHV\RXWKURXJKWKHIROORZLQJ
FKRLFHV
l 8\SHRIID[EXVLQHVVRUSHUVRQDO
l $RFXPHQWHOHPHQWVOLNHWKHGDWHVXEMHFWOLQHEXVLQHVVID[
VDOXWDWLRQDQGFRPSOHPHQWDU\FORVH
l /SWLRQVIRUVHQGHUDQGUHFLSLHQWLQIRUPDWLRQEXVLQHVVID[
l 8H[WWRLQFOXGHLQWKHIRRWHUEXVLQHVVID[
8RFUHDWHDWHPSODWHXVLQJDZL]DUG
&URPWKHPDLQPHQXFKRRVH ?B;1?P7H:I?W\SHRI
WHPSODWHUHTXLUHGA
&LJXUH#UHDWLQJDWHPSODWHXVLQJDZL]DUG
&ROORZWKHLQVWUXFWLRQVRQWKHSDJHVRIWKHZL]DUG8KLVSURFHVV
LVVOLJKWO\GLIIHUHQWIRUHDFKW\SHRIWHPSODWHEXWWKHIRUPDWLV
YHU\VLPLODU
)QWKHODVWVHFWLRQRIWKHZL]DUG\RXFDQVSHFLI\WKHQDPHDQG
ORFDWLRQIRUVDYLQJWKHWHPSODWH8KHGHIDXOWORFDWLRQLV\RXU
XVHUWHPSODWHVGLUHFWRU\EXW\RXFDQFKRRVHDGLIIHUHQWORFDWLRQ
LI\RXSUHIHU
&LQDOO\\RXKDYHWKHRSWLRQRIFUHDWLQJDQHZGRFXPHQWIURP
\RXUWHPSODWHLPPHGLDWHO\RUPDQXDOO\FKDQJLQJWKHWHPSODWH
&RUIXWXUHGRFXPHQWV\RXFDQUH
XVHWKHWHPSODWHFUHDWHGE\
WKHZL]DUGMXVWDV\RXZRXOGXVHDQ\RWKHUWHPSODWH
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
27B7<5/B3;>:/B3
=RXFDQHGLWDWHPSODWHvVVW\OHVDQGFRQWHQWDQGWKHQLI\RXZLVK
\RXFDQUHDSSO\WKHWHPSODWHvVVW\OHVWRGRFXPHQWVWKDWZHUHFUHDWHG
IURPWKDWWHPSODWH.RWHWKDW\RXFDQRQO\UHDSSO\VW\OHV=RX
FDQQRWUHDSSO\FRQWHQW
8RHGLWDWHPSODWH
&URPWKHPDLQPHQXFKRRVH ?B;.;CFB7J;I)H=7D?P;
8KH8HPSODWH-DQDJHPHQWGLDORJRSHQVVHH&LJXUH
&LJXUH8HPSODWHPDQDJHPHQWGLDORJ
)QWKHER[RQWKHOHIWGRXEOH
FOLFNWKHIROGHUWKDWFRQWDLQVWKH
WHPSODWHWKDW\RXZDQWWRHGLW!OLVWRIDOOWKHWHPSODWHV
FRQWDLQHGLQWKDWIROGHUDSSHDUVXQGHUQHDWKWKHIROGHUQDPH
7HOHFWWKHWHPSODWHWKDW\RXZDQWWRHGLW
#OLFNWKHECC7D:IEXWWRQDQGFKRRVH:?JIURPWKHGURS
GRZQPHQX
%GLWWKHWHPSODWHMXVWDV\RXZRXOGDQ\RWKHUGRFXPHQW8RVDYH
\RXUFKDQJHVFKRRVH ?B;-7L;IURPWKHPDLQPHQX
*>2/B7<5/2=1C;3<B4@=;/16/<532B3;>:/B3
8KHQH[WWLPH\RXRSHQDGRFXPHQWWKDWZDVFUHDWHGIURPWKH
FKDQJHGWHPSODWHWKHPHVVDJHLQ&LJXUHDSSHDUV
#OLFN3;IWRDSSO\WKHWHPSODWHvVFKDQJHGVW\OHVWRWKHGRFXPHQW
#OLFN(ELI\RXGRQRWZDQWWRDSSO\WKHWHPSODWHvVFKDQJHGVW\OHVWR
WKHGRFXPHQW;KLFKHYHURSWLRQ\RXFKRRVHWKHPHVVDJHER[FORVHV
DQGWKHGRFXPHQWRSHQVLQ//R
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH!SSO\FXUUHQWVW\OHVPHVVDJH
227<5B3;>:/B3ACA7<5B63FB3<A7=<
"/</53@
8KH%[WHQVLRQ-DQDJHUSURYLGHVDQHDV\ZD\WRLQVWDOOFROOHFWLRQVRI
WHPSODWHVJUDSKLFVPDFURVRURWKHUDGG
LQVWKDWKDYHEHHQ
sSDFNDJHGtLQWRILOHVZLWKD/<8H[WHQVLRQ7HH#KDSWHU
#XVWRPL]LQJ/SHQ/IILFHRUJ IRUPRUHDERXWWKH%[WHQVLRQ-DQDJHU
8KLV;HESDJHOLVWVPDQ\RIWKHDYDLODEOHH[WHQVLRQV
KWWSH[WHQVLRQVVHUYLFHVRSHQRIILFHRUJ
8RLQVWDOODQH[WHQVLRQIROORZWKHVHVWHSV
$RZQORDGDQH[WHQVLRQSDFNDJHDQGVDYHLWDQ\ZKHUHRQ\RXU
FRPSXWHU
)Q//RVHOHFW.EEBINJ;DI?ED'7D7=;HIURPWKHPHQXEDU
)QWKH%[WHQVLRQ-DQDJHUGLDORJFOLFN::
!ILOHEURZVHUZLQGRZRSHQV&LQGDQGVHOHFWWKHSDFNDJHRI
WHPSODWHV\RXZDQWWRLQVWDOODQGFOLFN)F;D8KHSDFNDJH
EHJLQVLQVWDOOLQJ=RXPD\EHDVNHGWRDFFHSWDOLFHQVH
DJUHHPHQW
;KHQWKHSDFNDJHLQVWDOODWLRQLVFRPSOHWHWKHWHPSODWHVDUH
DYDLODEOHIRUXVHWKURXJK ?B;(;M.;CFB7J;I7D:
E9KC;DJIDQGWKHH[WHQVLRQLVOLVWHGLQWKH%[WHQVLRQ
-DQDJHU
(3BB7<5/234/C:BB3;>:/B3
)I\RXFUHDWHDGRFXPHQWE\FKRRVLQJ ?B;(;M.;NJE9KC;DJ
RU-FH;7:I>;;J*H;I;DJ7J?EDRUH7M?D= IURPWKHPDLQPHQX
//RFUHDWHVWKHGRFXPHQWIURPWKH$HIDXOWWHPSODWHIRUWKDWW\SHRI
GRFXPHQW=RXFDQKRZHYHUVHWDFXVWRPWHPSODWHWREHWKHGHIDXOW
=RXFDQUHVHWWKHGHIDXOWODWHULI\RXFKRRVH
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
&LJXUH.HZO\
DGGHGSDFNDJHRIWHPSODWHV
(3BB7<5/1CAB=;B3;>:/B3/AB63234/C:B
=RXFDQVHWDQ\WHPSODWHWREHWKHGHIDXOWDVORQJDVLWLVLQRQHRI
WKHIROGHUVGLVSOD\HGLQWKH8HPSODWH-DQDJHPHQWGLDORJ
8RVHWDFXVWRPWHPSODWHDVWKHGHIDXOW
&URPWKHPDLQPHQXFKRRVH ?B;.;CFB7J;I)H=7D?P;
8KH8HPSODWH-DQDJHPHQWGLDORJRSHQV
)QWKHER[RQWKHOHIWVHOHFWWKHIROGHUFRQWDLQLQJWKHWHPSODWH
WKDW\RXZDQWWRVHWDVWKHGHIDXOWWKHQVHOHFWWKHWHPSODWH
#OLFNWKHECC7D:IEXWWRQDQGFKRRVH-;JI;<7KBJ
.;CFB7J;IURPWKHGURS
GRZQPHQX
8KHQH[WWLPHWKDW\RXFUHDWHDGRFXPHQWE\FKRRVLQJ ?B;(;M
WKHGRFXPHQWZLOOEHFUHDWHGIURPWKLVWHPSODWH
!OWKRXJKPDQ\LPSRUWDQWVHWWLQJVFDQEHFKDQJHGLQWKH/SWLRQV
GLDORJVHH#KDSWHU IRUH[DPSOHGHIDXOWIRQWVDQGSDJHVL]HPRUH
DGYDQFHGVHWWLQJVVXFKDVSDJHPDUJLQV FDQRQO\EHFKDQJHGE\
UHSODFLQJWKHGHIDXOWWHPSODWHZLWKDQHZRQH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
'3A3BB7<5B63234/C:BB3;>:/B3
8RUH
HQDEOH//RvV$HIDXOWWHPSODWHIRUDGRFXPHQWW\SHDVWKH
GHIDXOW
)QWKH8HPSODWH-DQDJHPHQWGLDORJFOLFNDQ\IROGHULQWKHER[
RQWKHOHIW
#OLFNWKHECC7D:IEXWWRQDQGFKRRVH,;I;J;<7KBJ
.;CFB7J;IURPWKHGURS
GRZQPHQX
8KHQH[WWLPHWKDW\RXFUHDWHDGRFXPHQWE\FKRRVLQJ ?B;(;M
WKHGRFXPHQWZLOOEHFUHDWHGIURP//RvV$HIDXOWWHPSODWHIRUWKDW
GRFXPHQWW\SH
AA=17/B7<5/2=1C;3<BE7B6/27443@3<B
B3;>:/B3
!WWLPHV\RXPLJKWZDQWWRDVVRFLDWHDGRFXPHQWZLWKDGLIIHUHQW
WHPSODWHRUSHUKDSV\RXvUHZRUNLQJZLWKDGRFXPHQWWKDWGLGQRW
VWDUWIURPDWHPSODWH
/QHRIWKHPDMRUDGYDQWDJHVRIXVLQJWHPSODWHVLVWKHHDVHRI
XSGDWLQJVW\OHVLQPRUHWKDQRQHGRFXPHQWDVGHVFULEHGRQSDJH
)I\RXXSGDWHVW\OHVE\ORDGLQJDQHZVHWRIVW\OHVIURPDGLIIHUHQW
WHPSODWHDVGHVFULEHGRQSDJH WKHGRFXPHQWKDVQRDVVRFLDWLRQ
ZLWKWKHWHPSODWHIURPZKLFKWKHVW\OHVZHUHORDGHGrVR\RXFDQQRW
XVHWKLVPHWKRG;KDW\RXQHHGWRGRLVDVVRFLDWHWKHGRFXPHQWZLWK
WKHGLIIHUHQWWHPSODWH
=RXFDQGRWKLVLQWZRZD\V)QERWKFDVHVIRUEHVWUHVXOWVWKHQDPHV
RIVW\OHVVKRXOGEHWKHVDPHLQWKHH[LVWLQJGRFXPHQWDQGWKHQHZ
WHPSODWH)IWKH\DUHQRW\RXZLOOQHHGWRXVH7HDUFKDQG6HSODFHWR
UHSODFHROGVW\OHVZLWKQHZRQHV7HH#KDSWHU'HWWLQJ7WDUWHGZLWK
;ULWHU IRUPRUHDERXWUHSODFLQJVW\OHVXVLQJ7HDUFKDQG6HSODFH
"3B6=2
8KLVPHWKRGLQFOXGHVDQ\JUDSKLFVDQGZRUGLQJVXFKDVOHJDO
QRWLFHV WKDWH[LVWVLQWKHQHZWHPSODWHDVZHOODVLQFOXGLQJVW\OHV)I
\RXGRQvWZDQWWKLVPDWHULDO\RXQHHGWRGHOHWHLW
9VH ?B;(;M.;CFB7J;I7D:E9KC;DJI#KRRVHWKH
WHPSODWH\RXZDQW)IWKHWHPSODWHKDVXQZDQWHGWH[WRU
JUDSKLFVLQLWGHOHWHWKHP
/SHQWKHGRFXPHQW\RXZDQWWRFKDQJH)WRSHQVLQDQHZ
ZLQGRZ 0UHVV#RQWURO!WRVHOHFWHYHU\WKLQJLQWKHGRFXPHQW
0DVWHLQWRWKHEODQNGRFXPHQWFUHDWHGLQVWHS
9SGDWHWKHWDEOHRIFRQWHQWVLIWKHUHLVRQH7DYHWKHILOH
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
"3B6=2
8KLVPHWKRGGRHVQRWLQFOXGHDQ\JUDSKLFVRUWH[WIURPWKHQHZ
WHPSODWHLWVLPSO\LQFOXGHVVW\OHVIURPWKHQHZWHPSODWHDQG
HVWDEOLVKHVDQDVVRFLDWLRQEHWZHHQWKHWHPSODWHDQGWKHGRFXPHQW
$RZQORDGWKH8HPSODWH#KDQJHUH[WHQVLRQIURP
KWWSH[WHQVLRQVVHUYLFHVRSHQRIILFHRUJDQGLQVWDOOLWDV
GHVFULEHGRQSDJH
#ORVHDQGUHRSHQ/SHQ/IILFHRUJ.RZWKH ?B;.;CFB7J;I
PHQXKDVWZRQHZFKRLFHV!VVLJQ8HPSODWHFXUUHQWGRFXPHQW
DQG!VVLJQ8HPSODWHIROGHU
/SHQWKHGRFXPHQWZKRVHWHPSODWH\RXZDQWWRFKDQJH#KRRVH
?B;.;CFB7J;III?=D.;CFB7J;9KHH;DJ:E9KC;DJ
)QWKH7HOHFW8HPSODWHZLQGRZILQGDQGVHOHFWWKHUHTXLUHG
WHPSODWHDQGFOLFN)F;D
7DYHWKHGRFXPHQW)I\RXQRZORRNLQ ?B;*HEF;HJ?;I\RX
ZLOOVHHWKHQHZWHPSODWHOLVWHGDWWKHERWWRPRIWKH'HQHUDO
SDJH
$@5/<7H7<5B3;>:/B3A
//RFDQRQO\XVHWHPSODWHVWKDWDUHLQ//RWHPSODWHIROGHUV=RXFDQ
FUHDWHQHZ//RWHPSODWHIROGHUVDQGXVHWKHPWRRUJDQL]H\RXU
WHPSODWHVDQGLPSRUWWHPSODWHVLQWRWKRVHIROGHUV&RUH[DPSOH\RX
PLJKWKDYHRQHWHPSODWHIROGHUIRUUHSRUWWHPSODWHVDQGDQRWKHUIRU
OHWWHUWHPSODWHV=RXFDQDOVRH[SRUWWHPSODWHV
8REHJLQFKRRVH ?B;.;CFB7J;I)H=7D?P;IURPWKHPDLQ
PHQX8KH8HPSODWH-DQDJHPHQWGLDORJRSHQV
!OOWKHDFWLRQVPDGHE\WKHECC7D:IEXWWRQLQWKH
#=B3 8HPSODWH-DQDJHPHQWGLDORJFDQEHPDGHDVZHOOE\
ULJKW
FOLFNLQJRQWKHWHPSODWHVRUWKHIROGHUV
@3/B7<5/B3;>:/B34=:23@
8RFUHDWHDWHPSODWHIROGHU
)QWKH8HPSODWH-DQDJHPHQWGLDORJFOLFNDQ\IROGHU
#OLFNWKHECC7D:IEXWWRQDQGFKRRVH(;MIURPWKHGURS
GRZQPHQX!QHZIROGHUFDOOHG9QWLWOHGDSSHDUV
8\SHDQDPHIRUWKHQHZIROGHUDQGWKHQSUHVV%QWHU//RVDYHV
WKHIROGHUZLWKWKHQDPHWKDW\RXHQWHUHG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
3:3B7<5/B3;>:/B34=:23@
=RXFDQQRWGHOHWHWHPSODWHIROGHUVVXSSOLHGZLWK//RRULQVWDOOHG
XVLQJWKH%[WHQVLRQ-DQDJHU\RXFDQRQO\GHOHWHWHPSODWHIROGHUV
WKDW\RXKDYHFUHDWHG
8RGHOHWHDWHPSODWHIROGHU
)QWKH8HPSODWH-DQDJHPHQWGLDORJVHOHFWWKHIROGHUWKDW\RX
ZDQWWRGHOHWH
#OLFNWKHECC7D:IEXWWRQDQGFKRRVH;B;J;IURPWKHGURS
GRZQPHQX!PHVVDJHER[DSSHDUVDQGDVNV\RXWRFRQILUPWKH
GHOHWLRQ#OLFN3;I
"=D7<5/B3;>:/B3
8RPRYHDWHPSODWHIURPRQHWHPSODWHIROGHUWRDQRWKHUWHPSODWH
IROGHU
)QWKH8HPSODWH-DQDJHPHQWGLDORJGRXEOH
FOLFNWKHIROGHUWKDW
FRQWDLQVWKHWHPSODWH\RXZDQWWRPRYH!OLVWRIWKHWHPSODWHV
FRQWDLQHGLQWKDWIROGHUDSSHDUVXQGHUQHDWKWKHIROGHUQDPH
#OLFNWKHWHPSODWHWKDW\RXZDQWWRPRYHDQGGUDJLWWRWKH
GHVLUHGIROGHU)I\RXGRQRWKDYHWKHDXWKRULW\WRGHOHWH
WHPSODWHVIURPWKHVRXUFHIROGHUWKLVDFWLRQFRSLHVWKHWHPSODWH
LQVWHDGRIPRYLQJLW
3:3B7<5/B3;>:/B3
=RXFDQQRWGHOHWHWHPSODWHVVXSSOLHGZLWK//RRULQVWDOOHGXVLQJWKH
%[WHQVLRQ-DQDJHU\RXFDQRQO\GHOHWHWHPSODWHVWKDW\RXKDYH
FUHDWHGRULPSRUWHG
8RGHOHWHDWHPSODWH
)QWKH8HPSODWH-DQDJHPHQWGLDORJGRXEOH
FOLFNWKHIROGHUWKDW
FRQWDLQVWKHWHPSODWH\RXZDQWWRGHOHWH!OLVWRIWKHWHPSODWHV
FRQWDLQHGLQWKDWIROGHUDSSHDUVXQGHUQHDWKWKHIROGHUQDPH
#OLFNWKHWHPSODWHWKDW\RXZDQWWRGHOHWH
#OLFNWKHECC7D:IEXWWRQDQGFKRRVH;B;J;IURPWKHGURS
GRZQPHQX!PHVVDJHER[DSSHDUVDQGDVNV\RXWRFRQILUPWKH
GHOHWLRQ#OLFN3;I
;>=@B7<5/B3;>:/B3
)IWKHWHPSODWHWKDW\RXZDQWWRXVHLVLQDGLIIHUHQWORFDWLRQ\RX
PXVWLPSRUWLWLQWRDQ//RWHPSODWHIROGHU
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
8RLPSRUWDWHPSODWHLQWRDWHPSODWHIROGHU
)QWKH8HPSODWH-DQDJHPHQWGLDORJVHOHFWWKHIROGHULQWRZKLFK
\RXZDQWWRLPSRUWWKHWHPSODWH
#OLFNWKHECC7D:IEXWWRQDQGFKRRVH#CFEHJ.;CFB7J;
IURPWKHGURS
GRZQPHQX!VWDQGDUGILOHEURZVHUZLQGRZ
RSHQV
&LQGDQGVHOHFWWKHWHPSODWHWKDW\RXZDQWWRLPSRUWDQGFOLFN
)F;D
8KHILOHEURZVHUZLQGRZFORVHVDQGWKHWHPSODWHDSSHDUV
LQWKHVHOHFWHGIROGHU
)I\RXZDQWW\SHDQHZQDPHIRUWKHWHPSODWHDQGWKHQSUHVV
%QWHU
F>=@B7<5/B3;>:/B3
8RH[SRUWDWHPSODWHIURPDWHPSODWHIROGHUWRDQRWKHUORFDWLRQ
)QWKH8HPSODWH-DQDJHPHQWGLDORJGRXEOH
FOLFNWKHIROGHUWKDW
FRQWDLQVWKHWHPSODWH\RXZDQWWRH[SRUW!OLVWRIWKHWHPSODWHV
FRQWDLQHGLQWKDWIROGHUDSSHDUVXQGHUQHDWKWKHIROGHUQDPH
#OLFNWKHWHPSODWHWKDW\RXZDQWWRH[SRUW
#OLFNWKHECC7D:IEXWWRQDQGFKRRVHNFEHJ.;CFB7J;IURP
WKHGURS
GRZQPHQX8KH7DYH!VZLQGRZRSHQV
&LQGWKHIROGHULQWRZKLFK\RXZDQWWRH[SRUWWKHWHPSODWHDQG
FOLFN-7L;
F/;>:3A=4ABG:3CA3
8KHIROORZLQJH[DPSOHVRIFRPPRQXVHRISDJHDQGSDUDJUDSKVW\OHV
DUHWDNHQIURP;ULWHU8KHUHDUHPDQ\RWKHUZD\VWRXVHVW\OHVVHH
WKHJXLGHVIRUWKHYDULRXVFRPSRQHQWVIRUGHWDLOV
347<7<5/27443@3<B47@AB>/534=@/2=1C;3<B
-DQ\GRFXPHQWVVXFKDVOHWWHUVDQGUHSRUWVKDYHDILUVWSDJHWKDWLV
GLIIHUHQWIURPWKHRWKHUSDJHVLQWKHGRFXPHQW&RUH[DPSOHWKHILUVW
SDJHRIDOHWWHUKHDGW\SLFDOO\KDVDGLIIHUHQWKHDGHURUWKHILUVWSDJH
RIDUHSRUWPLJKWKDYHQRKHDGHURUIRRWHUZKLOHWKHRWKHUSDJHVGR
;LWK//R\RXFDQGHILQHWKHSDJHVW\OHIRUWKHILUVWSDJHDQGVSHFLI\
WKHVW\OHIRUWKHIROORZLQJSDJHVWREHDSSOLHGDXWRPDWLFDOO\
!VDQH[DPSOHZHFDQXVHWKH&LUVW0DJHDQG$HIDXOWSDJHVW\OHVWKDW
FRPHZLWK//R&LJXUHVKRZVZKDWZHZDQWWRKDSSHQWKHILUVW
SDJHLVWREHIROORZHGE\WKHGHIDXOWSDJHDQGDOOWKHIROORZLQJSDJHV
DUHWREHLQWKH$HIDXOWSDJHVW\OH$HWDLOVDUHLQ#KDSWHU
&RUPDWWLQJ0DJHV LQWKH;ULWHU'XLGH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
7D727<5/2=1C;3<B7<B=16/>B3@A
)QDVLPLODUZD\\RXFDQGLYLGHDGRFXPHQWLQWRFKDSWHUV%DFK
FKDSWHUPLJKWVWDUWZLWKWKH&LUVW0DJHVW\OHZLWKWKHIROORZLQJ
SDJHVXVLQJWKH$HIDXOWSDJHVW\OHDVDERYH!WWKHHQGRIWKH
FKDSWHULQVHUWDPDQXDOSDJHEUHDNDQGVSHFLI\WKHQH[WSDJHWR
KDYHWKH&LUVW0DJHVW\OHWRVWDUWWKHQH[WFKDSWHUDVVKRZQLQ
&LJXUH
&LJXUH$LYLGLQJDGRFXPHQWLQWRFKDSWHUVXVLQJSDJHVW\OHV
6/<57<5>/53=@73<B/B7=<E7B67</2=1C;3<B
!;ULWHUGRFXPHQWFDQFRQWDLQSDJHVLQPRUHWKDQRQHRULHQWDWLRQ!
FRPPRQVFHQDULRLVWRKDYHDODQGVFDSHSDJHLQWKHPLGGOHRID
GRFXPHQWZKHUHDVWKHRWKHUSDJHVDUHLQDSRUWUDLWRULHQWDWLRQ8KLV
FDQDOVREHGRQHZLWKSDJHEUHDNVDQGSDJHVW\OHV
7443@3<B63/23@A=<@756B/<2:34B>/53A
0DJHVW\OHVFDQEHVHWXSWRKDYHWKHIDFLQJOHIWDQGULJKWSDJHV
PLUURUHGRURQO\ULJKWILUVWSDJHVRIFKDSWHUVDUHRIWHQGHILQHGWREH
ULJKW
SDJHRQO\ RURQO\OHIW;KHQ\RXLQVHUWDKHDGHURQDSDJHVW\OH
VHWXSIRUPLUURUHGSDJHVRUULJKW
DQG
OHIWSDJHV\RXFDQKDYHWKH
FRQWHQWVRIWKHKHDGHUEHWKHVDPHRQDOOSDJHVRUEHGLIIHUHQWRQWKH
ULJKWDQGOHIWSDJHV&RUH[DPSOH\RXFDQSXWWKHSDJHQXPEHURQ
WKHOHIW
KDQGHGJHRIWKHOHIWSDJHVDQGRQWKHULJKW
KDQGHGJHRIWKH
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
ULJKWSDJHVSXWWKHGRFXPHQWWLWOHRQWKHULJKW
KDQGSDJHRQO\RU
PDNHRWKHUFKDQJHV
=<B@=::7<5>/530@3/9A/CB=;/B71/::G
;ULWHUDXWRPDWLFDOO\IORZVWH[WIURPRQHSDJHWRWKHQH[W)I\RXGR
QRWOLNHWKHGHIDXOWVHWWLQJV\RXFDQFKDQJHWKHP&RUH[DPSOH\RX
FDQUHTXLUHDSDUDJUDSKWRVWDUWRQDQHZSDJHRUFROXPQDQGVSHFLI\
WKHVW\OHRIWKHQHZSDJH!W\SLFDOXVHLVIRUFKDSWHUWLWOHVWRDOZD\V
VWDUWRQDQHZULJKW
KDQGRGG
QXPEHUHG SDJH
=;>7:7<5/</CB=;/B71B/0:3=41=<B3<BA
8RFRPSLOHDQDXWRPDWLFWDEOHRIFRQWHQWVILUVWDSSO\VW\OHVWRWKH
KHDGLQJV\RXZDQWWRDSSHDULQWKHFRQWHQWVOLVWWKHQXVH.EEBI
)KJB?D;(KC8;H?D=WRWHOO;ULWHUZKLFKVW\OHVJRZLWKZKLFKOHYHO
LQWKHWDEOHRIFRQWHQWV7HH#KDSWHUIRUPRUHLQIRUPDWLRQ
347<7<5/A3?C3<13=4ABG:3A
=RXFDQVHWXSRQHSDUDJUDSKVW\OHVRWKDWZKHQ\RXSUHVV%QWHUDW
WKHHQGRIWKDWSDUDJUDSKWKHIROORZLQJSDUDJUDSKDXWRPDWLFDOO\KDV
WKHVW\OH\RXZLVKDSSOLHGWRLW&RUH[DPSOH\RXFRXOGGHILQHD
(HDGLQJSDUDJUDSKWREHIROORZHGE\D8H[W"RG\SDUDJUDSK!
PRUHFRPSOH[H[DPSOHZRXOGEH8LWOHIROORZHGE\!XWKRUIROORZHG
E\!EVWUDFWIROORZHGE\(HDGLQJIROORZHGE\8H[W"RG\"\VHWWLQJ
XSWKHVHVHTXHQFHV\RXFDQDYRLGPDQXDOO\DSSO\LQJVW\OHVLQPRVW
FDVHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
!;JJ?D=-J7HJ;:M?J>
1H?J;H
;RUGSURFHVVLQJZLWK/SHQ/IILFHRUJ
,6/B7A,@7B3@
;ULWHULVWKHZRUGSURFHVVRUFRPSRQHQWRI/SHQ/IILFHRUJ//R )Q
DGGLWLRQWRWKHXVXDOIHDWXUHVRIDZRUGSURFHVVRUVSHOOFKHFNLQJ
WKHVDXUXVK\SKHQDWLRQDXWRFRUUHFWILQGDQGUHSODFHDXWRPDWLF
JHQHUDWLRQRIWDEOHVRIFRQWHQWVDQGLQGH[HVPDLOPHUJHDQGRWKHUV
;ULWHUSURYLGHVWKHVHLPSRUWDQWIHDWXUHV
l 8HPSODWHVDQGVW\OHVVHH#KDSWHU
l 0RZHUIXOSDJHOD\RXWPHWKRGVLQFOXGLQJIUDPHVFROXPQVDQG
WDEOHV
l %PEHGGLQJRUOLQNLQJRIJUDSKLFVVSUHDGVKHHWVDQGRWKHU
REMHFWV
l "XLOW
LQGUDZLQJWRROV
l -DVWHUGRFXPHQWVWRJURXSDFROOHFWLRQRIGRFXPHQWVLQWRD
VLQJOHGRFXPHQW
l #KDQJHWUDFNLQJGXULQJUHYLVLRQV
l $DWDEDVHLQWHJUDWLRQLQFOXGLQJDELEOLRJUDSK\GDWDEDVH
l %[SRUWWR0$&LQFOXGLQJERRNPDUNVVHH#KDSWHU
l !QGPDQ\PRUH
8KHVHIHDWXUHVDUHFRYHUHGLQGHWDLOLQWKH;ULWHU'XLGH
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
)63,@7B3@7<B3@4/13
8KHPDLQ;ULWHUZRUNVSDFHLVVKRZQLQ&LJXUH8KHPHQXVDQG
WRROEDUVDUHGHVFULEHGLQ#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
7RPHRWKHUIHDWXUHVRIWKH;ULWHULQWHUIDFHDUHFRYHUHGLQWKLV
FKDSWHU
(B/BCA0/@
8KH;ULWHUVWDWXVEDUSURYLGHVLQIRUPDWLRQDERXWWKHGRFXPHQWDQG
FRQYHQLHQWZD\VWRTXLFNO\FKDQJHVRPHGRFXPHQWIHDWXUHV&URP
OHIWWRULJKWWKHILHOGVDUHDVIROORZV
%/53<C;03@
7KRZVWKHFXUUHQWSDJHQXPEHUWKHVHTXHQFHQXPEHURIWKH
FXUUHQWSDJHLIGLIIHUHQW DQGWKHWRWDOQXPEHURISDJHVLQWKH
GRFXPHQW&RUH[DPSOHLI\RXUHVWDUWHGSDJHQXPEHULQJDWRQ
WKHWKLUGSDJHLWVSDJHQXPEHULVDQGLWVVHTXHQFHQXPEHULV
8RMXPSWRWKHORFDWLRQRIDERRNPDUNULJKW
FOLFNRQWKLVILHOG!
OLVWRIERRNPDUNVSRSVXSFOLFNRQWKHUHTXLUHGRQH
8RMXPSWRDVSHFLILFSDJHLQWKHGRFXPHQWGRXEOH
FOLFNLQWKLV
ILHOG8KH.DYLJDWRURSHQV#OLFNLQWKH0DJH.XPEHUILHOGDQG
W\SHWKHUHTXLUHGSDJHQXPEHU
%/53ABG:3
7KRZVWKHVW\OHRIWKHFXUUHQWSDJH8RFKDQJHWKHSDJHVW\OH
ULJKW
FOLFNRQWKLVILHOG!OLVWRISDJHVW\OHVSRSVXSFKRRVHD
GLIIHUHQWVW\OHE\FOLFNLQJRQLW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8RHGLWWKHSDJHVW\OHGRXEOH
FOLFNRQWKLVILHOG8KH0DJH7W\OH
GLDORJRSHQV
!/<5C/53
7KRZVWKHODQJXDJHIRUWKHVHOHFWHGWH[W
#OLFNWRRSHQDPHQXZKHUH\RXFDQFKRRVHDQRWKHUODQJXDJHIRU
WKHVHOHFWHGWH[WRUIRUWKHSDUDJUDSKZKHUHWKHFXUVRULVORFDWHG
=RXFDQDOVRFKRRVH(ED;WRH[FOXGHWKHWH[WIURPVSHOOFKHFNLQJ
RUFKRRVH'EH;
WRRSHQWKH#KDUDFWHUGLDORJ
<A3@B;=23
#OLFNWRWRJJOHEHWZHHQ)QVHUWDQG/YHUZULWHPRGHVZKHQW\SLQJ
(3:31B7=<;=23
#OLFNWRWRJJOHEHWZHHQ78$7WDQGDUG %<8%[WHQG !$$!GG
DQG",+"ORFN VHOHFWLRQ%<8LVDQDOWHUQDWLYHWR7KLIWFOLFN
ZKHQVHOHFWLQJWH[W7HHs;RUNLQJZLWKWH[WtRQSDJHIRUPRUH
LQIRUPDWLRQDERXW!$$DQG",+
757B/:A75</BC@3
)IWKHGRFXPHQWKDVEHHQGLJLWDOO\VLJQHGDQLFRQ VKRZVLQ
WKLVSDUWRIWKH7WDWXVEDU=RXFDQGRXEOH
FOLFNWKHLFRQWRYLHZ
WKHFHUWLILFDWH
(31B7=<=@=0831B7<4=@;/B7=<
;KHQWKHFXUVRULVRQDVHFWLRQRUREMHFWVXFKDVDSLFWXUH
LQIRUPDWLRQDERXWWKDWLWHPDSSHDUVLQWKLVILHOG&RUGHWDLOV
FRQVXOWWKH(HOSRUWKH;ULWHU'XLGH
+73E:/G=CB
#OLFNWKHDSSURSULDWHLFRQWRFKDQJHEHWZHHQVLQJOHSDJHVLGH
E\
VLGHDQGERRNOD\RXWYLHZV&LJXUH =RXFDQHGLWWKH
GRFXPHQWLQDQ\YLHZ
.==;
8RFKDQJHWKHYLHZPDJQLILFDWLRQGUDJWKH>RRPVOLGHURUFOLFN
RQWKHDQGqVLJQVRUFOLFNRQWKHVOLGHULWVHOI=RXFDQDOVR
ULJKW
FOLFNRQWKH]RRPOHYHOSHUFHQWDJHWRVHOHFWDPDJQLILFDWLRQ
YDOXH>RRPLQWHUDFWVZLWKWKHVHOHFWHGYLHZOD\RXWWRGHWHUPLQH
KRZPDQ\SDJHVDUHYLVLEOHLQWKHGRFXPHQWZLQGRZ
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
&LJXUH:LHZOD\RXWVVLQJOHVLGH
E\
VLGHERRN
=1C;3<BD73EA
;ULWHUKDVVHYHUDOZD\VWRYLHZDGRFXPHQW0ULQW,D\RXW;HE
,D\RXWDQG&XOO7FUHHQ8RDFFHVVWKHVHDQGRWKHUFKRLFHVJRWRWKH
0?;MPHQXDQGFOLFNRQWKHUHTXLUHGYLHZ;KHQLQ&XOO7FUHHQYLHZ
SUHVVWKH%VFNH\WRUHWXUQWRHLWKHU0ULQWRU;HE,D\RXWYLHZ
;KHQLQ;HE,D\RXW\RXFDQXVHWKH>RRPVOLGHURQWKH7WDWXVEDU
DVGHVFULEHGDERYH)Q0ULQW,D\RXW\RXFDQXVHERWKWKH>RRPVOLGHU
DQGWKH:LHZ,D\RXWLFRQVRQWKH7WDWXVEDU
=RXFDQDOVRFKRRVH0?;M4EECIURPWKHPHQXEDUWRGLVSOD\WKH
>RRP:LHZ,D\RXWGLDORJVHH&LJXUH ZKHUH\RXFDQVHWWKH
VDPHRSWLRQVDVRQWKH7WDWXVEDU)Q;HE,D\RXWYLHZPRVWRIWKH
FKRLFHVDUHQRWDYDLODEOH
"=D7<5?C719:GB6@=C56/2=1C;3<B
)QDGGLWLRQWRWKHQDYLJDWLRQIHDWXUHVRIWKH7WDWXVEDUGHVFULEHG
DERYH \RXFDQXVHWKHPDLQ.DYLJDWRUZLQGRZDQGWKH.DYLJDWLRQ
WRROEDUDVGHVFULEHGLQ#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)Q;ULWHU\RXFDQDOVRGLVSOD\WKH.DYLJDWLRQWRROEDUE\FOLFNLQJRQ
WKHVPDOO.DYLJDWLRQLFRQQHDUWKHORZHUULJKW
KDQGFRUQHURIWKH
ZLQGRZEHORZWKHYHUWLFDOVFUROOEDUDVVKRZQLQ&LJXUH
8KH.DYLJDWLRQWRROEDU&LJXUH VKRZVLFRQVIRUDOOWKHREMHFW
W\SHVVKRZQLQWKH.DYLJDWRUSOXVVRPHH[WUDVIRUH[DPSOHWKH
UHVXOWVRID ?D:FRPPDQG
&LJXUH.DYLJDWLRQWRROEDU
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
#OLFNDQLFRQWRVHOHFWWKDWREMHFWW\SH.RZDOOWKH*H;L?EKIDQG
(;NJLFRQVLQWKH.DYLJDWRULWVHOILQWKH.DYLJDWLRQ8RROEDUDQGRQ
WKHVFUROOEDU ZLOOMXPSWRWKHQH[WREMHFWRIWKHVHOHFWHGW\SH8KLVLV
SDUWLFXODUO\KHOSIXOIRUILQGLQJLWHPVOLNHLQGH[HQWULHVZKLFKFDQEH
GLIILFXOWWRVHHLQWKHWH[W8KHQDPHVRIWKHLFRQVVKRZQLQWKH
WRROWLSV FKDQJHWRPDWFKWKHVHOHFWHGFDWHJRU\IRUH[DPSOH(;NJ
!H7F>?9(;NJEEAC7HARUEDJ?DK;I;7H9><EHM7H:
&RUPRUHXVHVRIWKH.DYLJDWRULQ;ULWHUVHHWKH;ULWHU'XLGH
,=@97<5E7B62=1C;3<BA
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ LQFOXGHVLQVWUXFWLRQVRQ
VWDUWLQJQHZGRFXPHQWVRSHQLQJH[LVWLQJGRFXPHQWVDQGVDYLQJ
GRFXPHQWV#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV FRYHUVKRZWR
FUHDWHDGRFXPHQWIURPDWHPSODWH
(/D7<5/A/"71@=A=4B,=@247:3
8RVDYHDGRFXPHQWDVD-LFURVRIW;RUGILOH
&LUVWVDYH\RXUGRFXPHQWLQ//RvVIRUPDWRGW )I\RXGRQRW
DQ\FKDQJHV\RXPDGHVLQFHWKHODVWWLPH\RXVDYHGZLOODSSHDU
RQO\LQWKH-LFURVRIW;RUGYHUVLRQRIWKHGRFXPHQW
8KHQFOLFN ?B;-7L;I8KH7DYH!VZLQGRZ&LJXUH
DSSHDUV
)QWKH-7L;7IJOF;GURS
GRZQPHQXVHOHFWWKHW\SHRI;RUG
IRUPDW\RXQHHG
#OLFN-7L;
&URPWKLVSRLQWRQDOOFKDQJHV\RXPDNHWRWKHGRFXPHQWZLOORFFXU
RQO\LQWKH-LFURVRIW;RUGGRFXPHQW=RXKDYHDFWXDOO\FKDQJHGWKH
QDPHRI\RXUGRFXPHQW)I\RXZDQWWRJREDFNWRZRUNLQJZLWKWKH
//RYHUVLRQRI\RXUGRFXPHQW\RXPXVWRSHQLWDJDLQ
8RKDYHVDYHGRFXPHQWVE\GHIDXOWLQWKH
-LFURVRIW;RUGILOHIRUPDWJRWR.EEBI)FJ?EDI
)7> &E7:-7L;7HHs#KRRVLQJRSWLRQVIRUORDGLQJDQG
VDYLQJGRFXPHQWVtLQ#KDSWHU7HWWLQJXS
/SHQ/IILFHRUJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH7DYLQJDILOHLQ-LFURVRIW;RUGIRUPDW
,=@97<5E7B6B3FB
;RUNLQJZLWKWH[WVHOHFWLQJFRS\LQJSDVWLQJPRYLQJ LQ;ULWHULV
VLPLODUWRZRUNLQJZLWKWH[WLQDQ\RWKHUSURJUDP//RDOVRKDVVRPH
FRQYHQLHQWZD\VWRVHOHFWLWHPVWKDWDUHQRWQH[WWRHDFKRWKHUVHOHFW
DYHUWLFDOEORFNRIWH[WDQGSDVWHXQIRUPDWWHGWH[W
(3:31B7<57B3;AB6/B/@3<=B1=<A31CB7D3
8RVHOHFWQRQFRQVHFXWLYHLWHPVDVVKRZQLQ&LJXUH XVLQJWKH
PRXVH
7HOHFWWKHILUVWSLHFHRIWH[W
(ROGGRZQWKH#RQWURONH\DQGXVHWKHPRXVHWRVHOHFWWKHQH[W
SLHFHRIWH[W
6HSHDWDVRIWHQDVQHHGHG
.RZ\RXFDQZRUNZLWKWKHVHOHFWHGWH[WFRS\LWGHOHWHLWFKDQJH
WKHVW\OHRUZKDWHYHU
-DFLQWRVKXVHUVVXEVWLWXWHWKH#RPPDQGNH\ZKHQ
#=B3 LQVWUXFWLRQVLQWKLVFKDSWHUVD\WRXVHWKH#RQWURONH\
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
&LJXUH7HOHFWLQJLWHPVWKDWDUHQRWQH[WWRHDFKRWKHU
8RVHOHFWQRQFRQVHFXWLYHLWHPVXVLQJWKHNH\ERDUG
7HOHFWWKHILUVWSLHFHRIWH[W&RUPRUHLQIRUPDWLRQDERXW
NH\ERDUGVHOHFWLRQRIWH[WVHHWKHWRSLFs.DYLJDWLQJDQG
VHOHFWLQJZLWKWKHNH\ERDUGtLQWKH(HOS
0UHVV7KLIW&8KLVSXWV;ULWHULQ!GGPRGH8KHZRUG!$$
DSSHDUVRQWKHVWDWXVEDU
9VHWKHDUURZNH\VWRPRYHWRWKHVWDUWRIWKHQH[WSLHFHRIWH[W
WREHVHOHFWHG(ROGGRZQWKH7KLIWNH\DQGVHOHFWWKHQH[WSLHFH
RIWH[W
6HSHDWDVRIWHQDVQHHGHG
.RZ\RXFDQZRUNZLWKWKHVHOHFWHGWH[W
0UHVV%VFWRH[LWIURPWKLVPRGH
(3:31B7<5/D3@B71/:0:=19=4B3FB
=RXFDQVHOHFWDYHUWLFDOEORFNRUsFROXPQtRIWH[WWKDWLVVHSDUDWHG
E\VSDFHVRUWDEVDV\RXPLJKWVHHLQWH[WSDVWHGIURPH
PDLOV
SURJUDPOLVWLQJVRURWKHUVRXUFHV XVLQJ//RvVEORFNVHOHFWLRQ
PRGH8RFKDQJHWREORFNVHOHFWLRQPRGHXVH:?J-;B;9J?ED
'E:;BE9AH;7RUFOLFNVHYHUDOWLPHVLQWKHVWDWXVEDURQ78$
XQWLOLWFKDQJHVWR",+
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
CBB7<51=>G7<5/<2>/AB7<5B3FB
#XWWLQJDQGFRS\LQJWH[WLQ;ULWHULVVLPLODUWRFXWWLQJDQGFRS\LQJ
WH[WLQRWKHUDSSOLFDWLRQV=RXFDQXVHWKHPRXVHRUWKHNH\ERDUGIRU
WKHVHRSHUDWLRQV
#XW9VH:?JKJRU#RQWURO<RUWKHKJLFRQRQWKH
WRROEDU
#RS\9VH:?JEFORU#RQWURO#RUWKHEFOLFRQ
0DVWH9VH:?J*7IJ;RU#RQWURO:RUWKH*7IJ;LFRQ
)I\RXVLPSO\FOLFNRQWKH*7IJ;LFRQDQ\IRUPDWWLQJWKHWH[WKDV
VXFKDVEROGRULWDOLFV LVUHWDLQHG8RPDNHWKHSDVWHGWH[WWDNHRQ
WKHIRUPDWWLQJRIWKHVXUURXQGLQJWH[WZKHUHLWLVEHLQJSDVWHGFOLFN
WKHWULDQJOHWRWKHULJKWRIWKH*7IJ;LFRQDQGVHOHFW/D<EHC7JJ;:
J;NJIURPWKHPHQX&LJXUH
&LJXUH0DVWHPHQX
7<27<5/<2@3>:/17<5B3FB/<24=@;/BB7<5
;ULWHUKDVD&LQGDQG6HSODFHIHDWXUHWKDWDXWRPDWHVWKHSURFHVVRI
VHDUFKLQJIRUWH[WLQVLGHDGRFXPHQW)QDGGLWLRQWRILQGLQJDQG
UHSODFLQJZRUGVDQGSKUDVHV\RXFDQ
l 9VHUHJXODUH[SUHVVLRQVZLOGFDUGV WRILQH
WXQHDVHDUFKVHHWKH
(HOSIRUGHWDLOV
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
l &LQGDQGUHSODFHVSHFLILFIRUPDWWLQJVHHWKH;ULWHU'XLGH
l &LQGDQGUHSODFHSDUDJUDSKVW\OHVVHHWKH;ULWHU'XLGH
8RGLVSOD\WKH&LQG6HSODFHGLDORJ&LJXUH XVHWKHNH\ERDUG
VKRUWFXW#RQWURO&RUVHOHFW:?J ?D:,;FB79;
&LJXUH%[SDQGHG&LQG6HSODFHGLDORJ
8\SHWKHWH[W\RXZDQWWRILQGLQWKH-;7H9><EHER[
8RUHSODFHWKHWH[WZLWKGLIIHUHQWWH[WW\SHWKHQHZWH[WLQWKH
,;FB79;M?J>ER[
=RXFDQVHOHFWYDULRXVRSWLRQVVXFKDVPDWFKLQJWKHFDVHPDWFKLQJ
ZKROHZRUGVRQO\RUGRLQJDVHDUFKIRUVLPLODUZRUGV7HHEHORZIRU
VRPHRWKHUFKRLFHV
;KHQ\RXKDYHVHWXS\RXUVHDUFKFOLFN ?D:8RUHSODFHWH[WFOLFN
,;FB79;LQVWHDG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)I\RXFOLFN ?D:BB//RVHOHFWVDOOLQVWDQFHVRIWKH
)7> VHDUFKWH[WLQWKHGRFXPHQW7LPLODUO\LI\RXFOLFN
,;FB79;BB//RZLOOUHSODFHDOOPDWFKHV
<A3@B7<5A>317/:16/@/1B3@A
!VSHFLDOFKDUDFWHULVRQHQRWIRXQGRQDVWDQGDUG%QJOLVKNH\ERDUG
&RUH[DPSOHn1obfhpkDUHDOOVSHFLDOFKDUDFWHUV8RLQVHUWD
VSHFLDOFKDUDFWHU
0ODFHWKHFXUVRUZKHUH\RXZDQWWKHFKDUDFWHUWRDSSHDU
#OLFN#DI;HJ-F;9?7B>7H79J;HWRRSHQWKH7SHFLDO
#KDUDFWHUVZLQGRZ&LJXUH
7HOHFWWKHFKDUDFWHUV\RXZLVKWRLQVHUWLQRUGHUWKHQFOLFN)%
8KHVHOHFWHGFKDUDFWHUVDUHVKRZQLQWKHORZHUOHIWRIWKHGLDORJ
!V\RXVHOHFWDFKDUDFWHULWLVVKRZQRQWKHORZHUULJKWDORQJ
ZLWKLWVQXPHULFDOFRGH
&LJXUH8KH7SHFLDO#KDUDFWHUVZLQGRZZKHUH\RXFDQLQVHUW
VSHFLDOFKDUDFWHUV
$LIIHUHQWIRQWVLQFOXGHGLIIHUHQWVSHFLDOFKDUDFWHUV)I
#=B3 \RXGRQRWILQGDSDUWLFXODUVSHFLDOFKDUDFWHUWU\
FKDQJLQJWKH&RQWVHOHFWLRQ
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
.RWLFHWKDWWKHFKDUDFWHUVVHOHFWHGDSSHDULQWKH
)7> ERWWRP
OHIWFRUQHURIWKHZLQGRZ
(3BB7<5B/0AB=>A/<27<23<BA
8KHKRUL]RQWDOUXOHUVKRZVERWKWKHGHIDXOWWDEVWRSVDQGDQ\WKDW
\RXKDYHGHILQHG8RVHWWKHPHDVXUHPHQWXQLWDQGWKHVSDFLQJRI
GHIDXOWWDEVWRSVJRWR.EEBI)FJ?EDI)F;D)<<?9;
EH=1H?J;H
!;D;H7B
=RXFDQDOVRVHWRUFKDQJHWKHPHDVXUHPHQWXQLWE\ULJKW
FOLFNLQJRQ
WKHUXOHUWRRSHQDOLVWRIXQLWVDVVKRZQLQ&LJXUH#OLFNRQRQHRI
WKHPWRFKDQJHWKHUXOHUWRWKDWXQLW
&LJXUH6XOHUVKRZLQJGHIDXOWWDEVWRSV
$RXEOH
FOLFNRQDEODQNSDUWRIWKHUXOHUWRRSHQWKH)QGHQWV
7SDFLQJSDJHRIWKH0DUDJUDSKGLDORJ$RXEOH
FOLFNRQWKHUXOHULWVHOI
WRRSHQWKH8DEVSDJHRIWKH0DUDJUDSKGLDORJ&LJXUH DQGILQH
WXQHWDEVWRSVHWWLQJV
&LJXUH8KH8DEVSDJHRIWKH0DUDJUDSKGLDORJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
63197<5A>3::7<5
;ULWHUSURYLGHVDVSHOOLQJFKHFNHUZKLFKFDQEHXVHGLQWZRZD\V
KJE-F;BB9>;9AFKHFNVHDFKZRUGDVLWLVW\SHGDQGGLVSOD\V
DZDY\UHGOLQHXQGHUDQ\PLVVSHOOHGZRUGV;KHQWKHZRUGLV
FRUUHFWHGWKHOLQHGLVDSSHDUV
8RSHUIRUPDVHSDUDWHVSHOOLQJFKHFNRQWKHGRFXPHQWRUD
WH[WVHOHFWLRQ FOLFNWKH-F;BB9>;9AEXWWRQ8KLVFKHFNVWKH
GRFXPHQWRUVHOHFWLRQDQGRSHQVWKH7SHOOFKHFNGLDORJLIDQ\
PLVVSHOOHGZRUGVDUHIRXQG
(HUHDUHVRPHPRUHIHDWXUHVRIWKHVSHOOLQJFKHFNHU
l 6LJKW
FOLFNRQDZRUGZLWKDZDY\XQGHUOLQHWRRSHQDPHQX)I
\RXVHOHFWIURPWKHVXJJHVWHGZRUGVRQWKHPHQXWKHVHOHFWLRQ
ZLOOUHSODFHWKHPLVVSHOOHGZRUGLQ\RXUWH[W
l =RXFDQFKDQJHWKHGLFWLRQDU\ODQJXDJHIRUH[DPSOHWR7SDQLVK
&UHQFKRU'HUPDQ RQWKH7SHOOFKHFNGLDORJ
l =RXFDQDGGDZRUGWRWKHGLFWLRQDU\#OLFN::LQWKH7SHOOFKHFN
GLDORJDQGSLFNWKHGLFWLRQDU\WRDGGLWWR
l 8KH/SWLRQVGLDORJRIWKH7SHOOFKHFNWRROKDVDQXPEHURI
GLIIHUHQWRSWLRQVVXFKDVZKHWKHUWRFKHFNXSSHUFDVHZRUGVDQG
ZRUGVZLWKQXPEHUV)WDOVRDOORZV\RXWRPDQDJHFXVWRP
GLFWLRQDULHVWKDWLVDGGRUGHOHWHGLFWLRQDULHVDQGDGGRUGHOHWH
ZRUGVLQDGLFWLRQDU\
l /QWKH&RQWWDERIWKH0DUDJUDSK7W\OHVGLDORJ\RXFDQVHW
SDUDJUDSKVWREHFKHFNHGLQDVSHFLILFODQJXDJHGLIIHUHQWIURP
WKHUHVWRIWKHGRFXPHQW 7HH#KDSWHU;RUNLQJZLWK7W\OHV LQ
WKH;ULWHU'XLGHIRUPRUHLQIRUPDWLRQ
*A7<5:/<5C/53B==:A
//RSURYLGHVVRPHWRROVWKDWPDNH\RXUZRUNHDVLHULI\RXPL[
PXOWLSOHODQJXDJHVZLWKLQWKHVDPHGRFXPHQWRUZULWHGRFXPHQWVLQ
YDULRXVODQJXDJHV
=RXFDQVHWWKHODQJXDJHIRUWKHZKROHGRFXPHQWVHOHFWHG
SDUDJUDSKVRUHYHQLQGLYLGXDOZRUGVRUFKDUDFWHUV)QYHUVLRQV
HDUOLHUWKDQ//RLWZDVQHFHVVDU\WRXVHVW\OHVLQRUGHUWRLQVHUW
ZLWKLQDGRFXPHQWSDUDJUDSKVRULQGLYLGXDOJURXSVRIFKDUDFWHUVWKDW
XVHDGLIIHUHQWODQJXDJHZKLOHQRZWKLVFDQEHFRQYHQLHQWO\GRQH
IURPWKHPDLQPHQX
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
9VLQJFKDUDFWHUDQGSDUDJUDSKVW\OHVLVVWLOOWKH
SUHIHUUHGPHWKRGDVVW\OHVDOORZDJUHDWHUOHYHORI
FRQWURODQGPDNHFKDQJLQJWKHODQJXDJHPXFKIDVWHU
)7> 7HH#KDSWHU;RUNLQJZLWK7W\OHV LQWKH;ULWHU
'XLGHIRULQIRUPDWLRQRQKRZWRPDQDJHWKHODQJXDJH
VHWWLQJVRIDVW\OH
8KHPDLQDGYDQWDJHRIFKDQJLQJWKHODQJXDJHLVWKDW\RXFDQWKHQ
XVHWKHFRUUHFWGLFWLRQDULHVWRFKHFNVSHOOLQJDQGDSSO\WKHORFDOL]HG
YHUVLRQVRI!XWRFRUUHFWUHSODFHPHQWWDEOHVWKHVDXUXVDQG
K\SKHQDWLRQUXOHV
8KHODQJXDJHWRROVFDQEHIRXQGLQ.EEBI&7D=K7=;IRQWKHPDLQ
PHQXDVVKRZQLQ&LJXUH
8KHIROORZLQJRSWLRQVDUHDYDLODEOH
l EHI;B;9J?EDVHOHFWWKLVRSWLRQWRDSSO\DVSHFLILHGODQJXDJHWR
WKHVHOHFWHGWH[WWKHVHOHFWLRQFDQFRPSULVHRQO\DIHZ
FKDUDFWHUVRUVHYHUDOSDUDJUDSKV
l EHF7H7=H7F>VHOHFWWKLVRSWLRQWRDSSO\WKHVSHFLILHGODQJXDJH
WRWKHSDUDJUDSKZKHUHWKHFXUVRULVORFDWHG
l EH7BBJ;NJVHOHFWWKLVRSWLRQWRDSSO\WKHVSHFLILHGODQJXDJHWR
DOOWKHGRFXPHQW
!QDOWHUQDWLYHZD\WRFKDQJHWKHODQJXDJHRIDZKROHGRFXPHQWLVWR
XVH.EEBI)FJ?EDI&7D=K7=;-;JJ?D=I&7D=K7=;I)QWKH
$HIDXOWODQJXDJHVIRUGRFXPHQWVVHFWLRQRIWKH/SWLRQVGLDORJ
&LJXUH \RXFDQFKRRVHDGLIIHUHQWODQJXDJHIRUDOOWKHWH[W
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
9QOLNHWKHPHQXWRROWKDWDSSOLHVWRWKHLQGLYLGXDO
GRFXPHQWDFKDQJHLQWKHGHIDXOWODQJXDJHIURP
/CB7=< WKH)FJ?EDIGLDORJLVDJHQHUDOFKDQJHRIVHWWLQJVRI
//RDQGZLOOWKHUHIRUHDSSO\WRDOOWKHGRFXPHQWV
FUHDWHGLQWKHIXWXUH)I\RXZDQWWRFKDQJHWKH
ODQJXDJHIRUWKHFXUUHQWGRFXPHQWRQO\EHVXUHWR
VHOHFWWKH&RUWKHFXUUHQWGRFXPHQWRQO\RSWLRQ
7SHOOFKHFNLQJLVDYDLODEOHRQO\IRUWKRVHODQJXDJHVLQWKHOLVWWKDW
KDYHWKHV\PERO QH[WWRWKHP)I\RXGRQRWVHHWKHV\PEROQH[WWR
\RXUSUHIHUUHGODQJXDJH\RXFDQLQVWDOOWKHDGGLWLRQDOGLFWLRQDU\
XVLQJ.EEBI&7D=K7=;I'EH;:?9J?ED7H?;IEDB?D;
8KHODQJXDJHXVHGIRUFKHFNLQJVSHOOLQJLVDOVRVKRZQLQWKHVWDWXV
EDUQH[WWRWKHSDJHVW\OHLQXVH
=RXFDQDOVRFRQILJXUHWKHODQJXDJHIRUDSDUDJUDSKRUDJURXSRI
FKDUDFWHUVDV(ED;8KLVRSWLRQLVSDUWLFXODUO\XVHIXOLQWKHFDVH
ZKHUH\RXLQVHUWLQWKHGRFXPHQWWH[WWKDW\RXGRQRWZDQWWR
VSHOOFKHFNVXFKDVZHEDGGUHVVHVRUSURJUDPPLQJODQJXDJH
VQLSSHWV
*A7<5CB==@@31B
;ULWHUvV!XWR#RUUHFWIXQFWLRQKDVDORQJOLVWRIFRPPRQPLVVSHOOLQJV
DQGW\SLQJHUURUVZKLFKLWFRUUHFWVDXWRPDWLFDOO\&RUH[DPSOHsKWHt
ZLOOEHFKDQJHGWRsWKHt7HOHFW.EEBIKJEEHH;9JWRRSHQWKH
!XWR#RUUHFWGLDORJ8KHUH\RXFDQGHILQHZKLFKVWULQJVRIWH[WDUH
FRUUHFWHGDQGKRZ)QPRVWFDVHVWKHGHIDXOWVDUHILQH
!XWR#RUUHFWLVWXUQHGRQE\GHIDXOW8RWXUQLWRII
)7> XQFKHFN EHC7JKJE EHC7J1>?B;.OF?D=
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
8RVWRS;ULWHUIURPUHSODFLQJDVSHFLILFVSHOOLQJXVH.EEBI
KJEEHH;9J,;FB79;KLJKOLJKWWKHZRUGSDLUDQGFOLFN;B;J;
8RDGGDQHZVSHOOLQJWRFRUUHFWW\SHLWLQWRWKH6HSODFHDQG;LWK
ER[HVDQGFOLFN(;M
7HHWKHGLIIHUHQWWDEVRIWKHGLDORJIRUWKHZLGHYDULHW\RIRWKHU
RSWLRQVDYDLODEOHWRILQH
WXQH!XWR#RUUHFW
!XWR#RUUHFWFDQEHXVHGDVDTXLFNZD\WRLQVHUW
VSHFLDOFKDUDFWHUV&RUH[DPSOHF ZLOOEH
)7> DXWRFRUUHFWHGWRn=RXFDQDGG\RXURZQVSHFLDO
FKDUDFWHUV
*A7<5E=@21=;>:3B7=<
)I;RUG#RPSOHWLRQLVHQDEOHG;ULWHUWULHVWRJXHVVZKLFKZRUG\RX
DUHW\SLQJDQGRIIHUVWRFRPSOHWHWKHZRUGIRU\RX8RDFFHSWWKH
VXJJHVWLRQSUHVV%QWHU/WKHUZLVHFRQWLQXHW\SLQJ
-DQ\SHRSOHSUHIHUQRWWRXVH;RUG#RPSOHWLRQ)I
\RXGRQRWZDQWWRXVHLWVHOHFW.EEBIKJEEHH;9J
)7> 1EH:ECFB;J?EDDQGXQFKHFN%QDEOH;RUG
#RPSOHWLRQ
=RXFDQFXVWRPL]HZRUGFRPSOHWLRQIURPWKH.EEBIKJEEHH;9J
1EH:ECFB;J?EDSDJH
l !GGDSSHQG DVSDFHDXWRPDWLFDOO\DIWHUDQDFFHSWHGZRUG
l 7KRZWKHVXJJHVWHGZRUGDVDWLSKRYHULQJRYHUWKHZRUG UDWKHU
WKDQFRPSOHWLQJWKHWH[WDV\RXW\SH
l #KDQJHWKHPD[LPXPQXPEHURIZRUGVUHPHPEHUHGIRUZRUG
FRPSOHWLRQDQGWKHOHQJWKRIWKHVPDOOHVWZRUGVWREH
UHPHPEHUHG
l $HOHWHVSHFLILFHQWULHVIURPWKHZRUGFRPSOHWLRQOLVW
l #KDQJHWKHNH\WKDWDFFHSWVDVXJJHVWHGHQWU\rWKHRSWLRQVDUH
6LJKWDUURZ%QGNH\6HWXUQ%QWHU DQG7SDFHEDU
!XWRPDWLFZRUGFRPSOHWLRQRQO\RFFXUVDIWHU\RXW\SH
#=B3 DZRUGIRUWKHVHFRQGWLPHLQDGRFXPHQW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
*A7<5CB=)3FB
!XWR8H[WDOORZV\RXWRDVVLJQWH[WWDEOHVJUDSKLFVDQGRWKHULWHPVWR
DNH\FRPELQDWLRQ&RUH[DPSOHUDWKHUWKDQW\SLQJs7HQLRU
-DQDJHPHQWtHYHU\WLPH\RXXVHWKDWSKUDVH\RXPLJKWMXVWW\SH
sVPtDQGSUHVV&/U\RXFDQVDYHDIRUPDWWHG.RWHOLNHWKHRQHRQ
WKLVSDJH DV!XWR8H[WDQGWKHQLQVHUWDFRS\E\W\SLQJsQRWHtDQG
SUHVVLQJ&
8RDVVLJQVRPHWH[WWRDQ!XWR8H[WVKRUWFXW
8\SHWKHWH[WLQWR\RXUGRFXPHQW
7HOHFWWKHWH[WVRLWLVKLJKOLJKWHG
7HOHFW:?JKJE.;NJRUSUHVV#RQWURO&
%QWHUDQDPHIRU\RXUVKRUWFXW;ULWHUZLOOVXJJHVWDRQH
OHWWHU
VKRUWFXWZKLFK\RXFDQFKDQJH
#OLFNWKHKJE.;NJEXWWRQRQWKHULJKWDQGVHOHFW(;MJ;NJ
EDBOIURPWKHPHQX
#OLFNBEI;WRUHWXUQWR\RXUGRFXPHQW
)IWKHRQO\RSWLRQXQGHUWKH!XWR8H[WEXWWRQLV)PSRUW
)7> HLWKHU\RXKDYHQRWHQWHUHGDQDPHIRU\RXU!XWR8H[W
RUWKHUHLVQRWH[WVHOHFWHGLQWKHGRFXPHQW
!XWR8H[WLVHVSHFLDOO\SRZHUIXOZKHQDVVLJQHGWRILHOGV7HH#KDSWHU
;RUNLQJZLWK&LHOGV LQWKH;ULWHU'XLGHIRUPRUHLQIRUPDWLRQ
<A3@B7<52/A63A/<2<=<0@3/97<5A>/13A
=RXFDQLQVHUWDGDVKE\XVLQJWKH7SHFLDO#KDUDFWHUVZLQGRZRUE\
XVLQJ!XWR#RUUHFW&RUPRUHDERXW!XWR#RUUHFWVHHs#RQWUROOLQJ
///vV!XWR#RUUHFWIXQFWLRQVtLQ#KDSWHU7HWWLQJXS
/SHQ/IILFHRUJ DQGs9VLQJ!XWR#RUUHFWtRQSDJHLQWKLVFKDSWHU
q LVDQHQ
GDVKWKDWLVDGDVKWKHZLGWKRIWKHOHWWHUsQtLQWKH
IRQW\RXDUHXVLQJ)WLV9VFUROOGRZQWRWKH'HQHUDO
0XQFWXDWLRQVHFWLRQLQWKH7SHFLDO#KDUDFWHUVZLQGRZ 8RHQWHU
DQHQ
GDVKXVLQJ!XWR#RUUHFWW\SHDWOHDVWRQHFKDUDFWHUD
VSDFHRQHRUWZRK\SKHQVDQRWKHUVSDFHDQGDWOHDVWRQHPRUH
OHWWHUWKHQDVSDFH8KHRQHRUWZRK\SKHQVZLOOEHUHSODFHGE\
DQHQ
GDVK
r LVDQHP
GDVKWKDWLVDGDVKWKHZLGWKRIWKHOHWWHUsPtLQWKH
IRQW\RXDUHXVLQJ)WLV98RHQWHULWXVLQJ!XWR#RUUHFW
W\SHDWOHDVWRQHFKDUDFWHUWZRK\SKHQVDQGDWOHDVWRQHPRUH
FKDUDFWHUWKHQDVSDFH8KHWZRK\SKHQVZLOOEHUHSODFHGE\DQ
HP
GDVK
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
8RLQVHUWDQRQ
EUHDNLQJVSDFHWRNHHSFKDUDFWHUVWRJHWKHUIRU
H[DPSOHLQDWHOHSKRQHQXPEHU SUHVV#RQWURO7SDFHRQWKH
NH\ERDUG
=@;/BB7<5B3FB
*A7<5ABG:3A
7W\OHVDUHFHQWUDOWRXVLQJ;ULWHU7W\OHVHQDEOH\RXWRHDVLO\IRUPDW
\RXUGRFXPHQWFRQVLVWHQWO\DQGWRFKDQJHWKHIRUPDWZLWKPLQLPDO
HIIRUW/IWHQZKHQ\RXIRUPDW\RXUGRFXPHQWLQ;ULWHU\RXDUH
XVLQJVW\OHVZKHWKHU\RXUHDOL]HLWRUQRW!VW\OHLVDQDPHGVHWRI
IRUPDWWLQJRSWLRQV;ULWHUGHILQHVVHYHUDOW\SHVRIVW\OHVIRUGLIIHUHQW
W\SHVRIHOHPHQWVFKDUDFWHUVSDUDJUDSKVSDJHVIUDPHVDQGOLVWV
7HH#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV
=@;/BB7<5>/@/5@/>6A
=RXFDQDSSO\PDQ\IRUPDWVWRSDUDJUDSKVXVLQJWKHEXWWRQVRQWKH
&RUPDWWLQJWRROEDU&LJXUHVKRZVWKH&RUPDWWLQJWRROEDUDVD
IORDWLQJWRROEDUFXVWRPL]HGWRVKRZRQO\WKHEXWWRQVIRUSDUDJUDSK
IRUPDWWLQJ
)WLVKLJKO\UHFRPPHQGHGWKDW\RXXVHSDUDJUDSK
VW\OHVUDWKHUWKDQPDQXDOO\IRUPDWWLQJSDUDJUDSKV
HVSHFLDOO\IRUORQJRUVWDQGDUGL]HGGRFXPHQWV&RU
)7> LQIRUPDWLRQRQWKHDGYDQWDJHVRIVW\OHVDQGKRZWR
XVHWKHPVHH#KDSWHU;RUNLQJZLWK7W\OHV LQWKLV
ERRNDQG#KDSWHUVDQGLQWKH;ULWHU'XLGH
&$)-"($
"!$! )
*#'!$$
%'#))!$!$%+ *()!! *"")($
&&"-)-" !$&!$
'($$)
"!$) !$&!$
$'($$)
$)' !$&!$ ''& %'#)!"%
&LJXUH8KH&RUPDWWLQJWRROEDUVKRZLQJLFRQVIRUSDUDJUDSK
IRUPDWWLQJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8KHDSSHDUDQFHRIWKHLFRQVPD\YDU\ZLWK\RXURSHUDWLQJV\VWHP
DQGWKHVHOHFWLRQRILFRQVL]HDQGVW\OHLQ.EEBI)FJ?EDI
)F;D)<<?9;
EH=0?;M
&LJXUHVKRZVH[DPSOHVRIWKHGLIIHUHQWDOLJQPHQWRSWLRQV
&LJXUH$LIIHUHQWWH[WDOLJQPHQWRSWLRQV
=@;/BB7<516/@/1B3@A
=RXFDQDSSO\PDQ\IRUPDWVWRFKDUDFWHUVXVLQJWKHEXWWRQVRQWKH
&RUPDWWLQJWRROEDU&LJXUHVKRZVWKH&RUPDWWLQJWRROEDUDVD
IORDWLQJWRROEDUFXVWRPL]HGWRVKRZRQO\WKHEXWWRQVIRUFKDUDFWHU
IRUPDWWLQJ
)WLVKLJKO\UHFRPPHQGHGWKDW\RXXVHFKDUDFWHU
VW\OHVUDWKHUWKDQPDQXDOO\IRUPDWWLQJFKDUDFWHUV&RU
)7> LQIRUPDWLRQRQWKHDGYDQWDJHVRIVW\OHVDQGKRZWR
XVHWKHPVHH#KDSWHU)QWURGXFWLRQWR7W\OHV LQWKH
;ULWHU'XLGH
8KHDSSHDUDQFHRIWKHLFRQVPD\YDU\ZLWK\RXURSHUDWLQJV\VWHP
DQGWKHVHOHFWLRQRILFRQVL]HDQGVW\OHLQ.EEBI)FJ?EDI
)F;D)<<?9;
EH=0?;M
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
8RUHPRYHPDQXDOIRUPDWWLQJVHOHFWWKHWH[WDQGFOLFN
)7> EHC7J;<7KBJ EHC7JJ?D=RUULJKW
FOLFNDQG
VHOHFW;<7KBJ EHC7JJ?D=
CB=4=@;/BB7<5
=RXFDQVHW;ULWHUWRDXWRPDWLFDOO\IRUPDWSDUWVRIDGRFXPHQW
DFFRUGLQJWRWKHFKRLFHVPDGHRQWKH/SWLRQVSDJHRIWKH
!XWR#RUUHFWGLDORJ.EEBIKJEEHH;9J)FJ?EDI
)I\RXQRWLFHXQH[SHFWHGIRUPDWWLQJFKDQJHV
)7> RFFXUULQJLQ\RXUGRFXPHQWWKLVLVWKHILUVWSODFHWR
ORRNIRUWKHFDXVH
7RPHFRPPRQXQZDQWHGRUXQH[SHFWHGIRUPDWWLQJFKDQJHVLQFOXGH
l (RUL]RQWDOOLQHV)I\RXW\SHWKUHHRUPRUHK\SKHQV
XQGHUVFRUHVCCC RUHTXDOVLJQV RQDOLQHDQGWKHQSUHVV
%QWHUWKHSDUDJUDSKLVUHSODFHGE\DKRUL]RQWDOOLQHDVZLGHDV
WKHSDJH8KHOLQHLVDFWXDOO\WKHORZHUERUGHURIWKHSUHFHGLQJ
SDUDJUDSK
l "XOOHWHGDQGQXPEHUHGOLVWV!EXOOHWHGOLVWLVFUHDWHGZKHQ\RX
W\SHDK\SKHQ
VWDU
RUSOXVVLJQ IROORZHGE\DVSDFHRU
WDEDWWKHEHJLQQLQJRIDSDUDJUDSK!QXPEHUHGOLVWLVFUHDWHG
ZKHQ\RXW\SHDQXPEHUIROORZHGE\DSHULRG IROORZHGE\D
VSDFHRUWDEDWWKHEHJLQQLQJRIDSDUDJUDSK!XWRPDWLF
QXPEHULQJLVRQO\DSSOLHGWRSDUDJUDSKVIRUPDWWHGZLWKWKH
$HIDXOW8H[WERG\RU8H[WERG\LQGHQWSDUDJUDSKVW\OHV
8RWXUQDXWRIRUPDWWLQJRQRURIIJRWR EHC7JKJE EHC7JDQG
VHOHFWRUGHOHWHWKHLWHPVRQWKHVXEPHQX
@3/B7<5<C;03@32=@0C::3B32:7ABA
8KHUHDUHVHYHUDOZD\VWRFUHDWHQXPEHUHGRUEXOOHWHGOLVWV
l 9VHDXWRIRUPDWWLQJDVGHVFULEHGDERYH
l 9VHOLVWQXPEHULQJ VW\OHVDVGHVFULEHGLQ#KDSWHUV
)QWURGXFWLRQWR7W\OHV DQG;RUNLQJZLWK7W\OHV LQWKH;ULWHU
'XLGH
l 9VHWKH.XPEHULQJDQG"XOOHWVLFRQVRQWKHSDUDJUDSK
IRUPDWWLQJWRROEDUVHH&LJXUH 8KLVPHWKRGLVGHVFULEHGKHUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8RSURGXFHDQXPEHUHGRUEXOOHWHGOLVWVHOHFWWKHSDUDJUDSKVLQWKH
OLVWDQGWKHQFOLFNWKHDSSURSULDWHLFRQRQWKHWRROEDU
)WLVDPDWWHURISHUVRQDOSUHIHUHQFHZKHWKHU\RXW\SH
#=B3 \RXULQIRUPDWLRQILUVWWKHQDSSO\.XPEHULQJ"XOOHWV
RUDSSO\WKHPDV\RXW\SH
-%)#.$!/''!.-) /(!,%)#.**',
=RXFDQFUHDWHQHVWHGOLVWVZKHUHRQHRUPRUHOLVWLWHPVKDVDVXEOLVW
XQGHULWDVLQDQRXWOLQH E\XVLQJWKHEXWWRQVRQWKH"XOOHWVDQG
.XPEHULQJWRROEDU&LJXUH =RXFDQPRYHLWHPVXSRUGRZQWKH
OLVWRUFUHDWHVXESRLQWVDQGHYHQFKDQJHWKHVW\OHRIEXOOHWV9VH
0?;M.EEB87HIKBB;JI7D:(KC8;H?D=WRVHHWKHWRROEDU
8KHDSSHDUDQFHRIWKHLFRQVPD\YDU\ZLWK\RXURSHUDWLQJV\VWHP
DQGWKHVHOHFWLRQRILFRQVL]HDQGVW\OHLQ.EEBI)FJ?EDI
)F;D)<<?9;
EH=0?;M
G>63</B7<5E=@2A
8RWXUQDXWRPDWLFK\SKHQDWLRQRIZRUGVRQRURII
0UHVV&WRRSHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZ&LJXUH
/QWKH0DUDJUDSK7W\OHVSDJHRIWKH7W\OHVDQG&RUPDWWLQJ
ZLQGRZULJKW
FOLFNRQ;<7KBJLQWKHOLVWDQGVHOHFW'E:?<O
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
&LJXUH-RGLI\LQJDVW\OH
/QWKH0DUDJUDSK7W\OHGLDORJJRWRWKH.;NJ BEMSDJHVHH
&LJXUH
9QGHU(\SKHQDWLRQVHOHFWRUGHVHOHFWWKHKJEC7J?97BBO
RSWLRQ#OLFN)%WRVDYH
8XUQLQJRQK\SKHQDWLRQIRUWKH$HIDXOWSDUDJUDSK
VW\OHDIIHFWVDOORWKHUSDUDJUDSKVW\OHVWKDWDUHEDVHG
RQ$HIDXOW=RXFDQLQGLYLGXDOO\FKDQJHRWKHUVW\OHVVR
WKDWK\SKHQDWLRQLVQRWDFWLYHIRUH[DPSOH\RXPLJKW
#=B3 QRWZDQWKHDGLQJVWREHK\SKHQDWHG!Q\VW\OHVWKDW
DUHQRWEDVHGRQ$HIDXOWDUHQRWDIIHFWHG&RUPRUHRQ
SDUDJUDSKVW\OHVVHH#KDSWHU)QWURGXFWLRQWR
7W\OHV DQG#KDSWHU;RUNLQJZLWK7W\OHV LQWKH
;ULWHU'XLGH
&LJXUH8XUQLQJRQDXWRPDWLFK\SKHQDWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
=RXFDQDOVRVHWK\SKHQDWLRQFKRLFHVWKURXJK.EEBI)FJ?EDI
&7D=K7=;-;JJ?D=I1H?J?D=?:I)Q/SWLRQVQHDUWKHERWWRPRI
WKHGLDORJVFUROOGRZQWRWKHILQGWKHK\SKHQDWLRQVHWWLQJV&LJXUH
&LJXUH7HWWLQJK\SKHQDWLRQRSWLRQV
(\SKHQDWLRQRSWLRQVVHWRQWKH;ULWLQJ!LGVGLDORJ
DUHHIIHFWLYHRQO\LIK\SKHQDWLRQLVWXUQHGRQWKURXJK
SDUDJUDSKVW\OHV
#=B3 #KRLFHVRQWKH;ULWLQJ!LGVGLDORJIRUsFKDUDFWHUV
EHIRUHOLQHEUHDNtDQGsFKDUDFWHUVDIWHUOLQHEUHDNt
RYHUULGHVHWWLQJVLQSDUDJUDSKVVW\OHVIRUsFKDUDFWHUV
DWOLQHHQGtDQGsFKDUDFWHUVDWOLQHEHJLQt
*<2=7<5/<2@32=7<516/<53A
8RXQGRWKHPRVWUHFHQWFKDQJHSUHVV#RQWURO>RUFOLFNWKH9QGR
:?J/D:EIURPWKH
8KH%GLWPHQXVKRZVWKHODWHVWFKDQJHWKDWFDQEHXQGRQHDVVKRZQ
LQ&LJXUH
&LJXUH%GLW9QGRODVWDFWLRQ
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
#OLFNWKHVPDOOWULDQJOHWRWKHULJKWRIWKH/D:ELFRQWRJHWDOLVWRI
DOOWKHFKDQJHVWKDWFDQEHXQGRQH&LJXUH =RXFDQVHOHFW
PXOWLSOHFKDQJHVDQGXQGRWKHPDWWKHVDPHWLPH
&LJXUH,LVWRIDFWLRQVWKDWFDQEHXQGRQH
!IWHUFKDQJHVKDYHEHHQXQGRQH,;:EEHFRPHVDFWLYH8RUHGRD
FKDQJHVHOHFW:?J,;:ERUSUHVV#RQWURO=RUFOLFNRQWKH6HGR
WRJHWDOLVWRIWKHFKDQJHVWKDWFDQEHUHDSSOLHG
8RPRGLI\WKHQXPEHURIFKDQJHV/SHQ/IILFHRUJUHPHPEHUVVHOHFW
.EEBI)FJ?EDI)F;D)<<?9;
EH=';CEHODQGFKDQJH/D:E
DKC8;HE<IJ;FI"HDZDUHWKDWDVNLQJ//RWRUHPHPEHUPRUH
FKDQJHVFRQVXPHVPRUHFRPSXWHUPHPRU\
=@;/BB7<5>/53A
;ULWHUSURYLGHVVHYHUDOZD\VIRU\RXWRFRQWUROSDJHOD\RXWVSDJH
VW\OHVFROXPQVIUDPHVWDEOHVDQGVHFWLRQV
&RUPRUHLQIRUPDWLRQVHH#KDSWHU&RUPDWWLQJ0DJHV LQWKH;ULWHU
'XLGH
0DJHOD\RXWLVXVXDOO\HDVLHULI\RXVKRZWH[WREMHFW
WDEOHDQGVHFWLRQERXQGDULHVLQ.EEBI)FJ?EDI
)7> )F;D)<<?9;
EH=FF;7H7D9;DQGSDUDJUDSKHQGV
WDEVEUHDNVDQGRWKHULWHPVLQ.EEBI)FJ?EDI
)F;D)<<?9;
EH=1H?J;H EHC7JJ?D=?:I
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
,6716:/G=CB;3B6=2B=16==A3
8KHEHVWOD\RXWPHWKRGYDULHVGHSHQGLQJRQZKDWWKHILQDOGRFXPHQW
VKRXOGORRNOLNHDQGZKDWVRUWRILQIRUPDWLRQZLOOEHLQWKHGRFXPHQW
(HUHDUHVRPHH[DPSOHV
&RUDERRNVLPLODUWRWKLV
XVHUJXLGHZLWKRQH
FROXPQRIWH[WVRPH
ILJXUHVZLWKRXWWH[WEHVLGH
WKHPDQGVRPHRWKHU
ILJXUHVZLWKGHVFULSWLYH
WH[WXVHSDJHVW\OHVIRU
EDVLFOD\RXWDQGWDEOHVWR
SODFHILJXUHVEHVLGH
GHVFULSWLYHWH[WZKHQ
QHFHVVDU\
&RUDQLQGH[RURWKHU
GRFXPHQWZLWKWZR
FROXPQVRIWH[WZKHUHWKH
WH[WFRQWLQXHVIURPWKH
OHIW
KDQGFROXPQWRWKH
ULJKW
KDQGFROXPQDQG
WKHQWRWKHQH[WSDJHDOOLQ
VHTXHQFHDOVRNQRZQDV
sVQDNLQJFROXPQVtRIWH[W
XVHSDJHVW\OHVZLWKWZR
FROXPQV )IWKHWLWOHRIWKH
GRFXPHQWRQWKHILUVW
SDJH LVIXOO
SDJHZLGWK
SXWLWLQDVLQJOH
FROXPQ
VHFWLRQ
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
&RUDQHZVOHWWHUZLWK
FRPSOH[OD\RXWWZRRU
WKUHHFROXPQVRQWKHSDJH
DQGVRPHDUWLFOHVWKDW
FRQWLQXHIURPRQHSDJHWR
VRPHSODFHVHYHUDOSDJHV
ODWHUXVHSDJHVW\OHVIRU
EDVLFOD\RXW0ODFHDUWLFOHV
LQOLQNHGIUDPHVDQG
DQFKRUJUDSKLFVWRIL[HG
SRVLWLRQVRQWKHSDJHLI
QHFHVVDU\
&RUDGRFXPHQWZLWKWHUPV
DQGWUDQVODWLRQVWRDSSHDU
VLGH
E\
VLGHLQZKDWDSSHDU
WREHFROXPQVXVHDWDEOH
WRNHHSLWHPVOLQHGXSDQG
VR\RXFDQW\SHLQERWK
sFROXPQVt
@3/B7<563/23@A/<24==B3@A
!KHDGHULVDQDUHDWKDWDSSHDUVDWWKHWRSRIDSDJH!IRRWHU
DSSHDUVDWWKHERWWRPRIWKHSDJH)QIRUPDWLRQVXFKDVSDJH
QXPEHUVLQVHUWHGLQWRDKHDGHURUIRRWHUGLVSOD\VRQHYHU\SDJHRI
WKHGRFXPHQWZLWKWKDWSDJHVW\OH
8RLQVHUWDKHDGHUFOLFN#DI;HJ";7:;H;<7KBJRUWKHSDJH
VW\OHLIQRW$HIDXOW DVVKRZQLQ&LJXUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH)QVHUWLQJKHDGHUVDQGIRRWHUV
/WKHULQIRUPDWLRQVXFKDVGRFXPHQWWLWOHVDQGFKDSWHUWLWOHVLVRIWHQ
SXWLQWRWKHKHDGHURUIRRWHU8KHVHLWHPVDUHEHVWDGGHGDVILHOGV
8KDWZD\LIVRPHWKLQJFKDQJHVWKHKHDGHUVDQGIRRWHUVDUHXSGDWHG
DXWRPDWLFDOO\(HUHLVRQHFRPPRQH[DPSOH
8RLQVHUWWKHGRFXPHQWWLWOHLQWRWKHKHDGHU
#OLFN ?B;*HEF;HJ?;I;I9H?FJ?EDDQGW\SHDWLWOHIRU\RXU
GRFXPHQW
!GGDKHDGHU#DI;HJ";7:;H;<7KBJ
0ODFHWKHFXUVRULQWKHKHDGHUSDUWRIWKHSDJH
7HOHFW#DI;HJ ?;B:I.?JB;8KHWLWOHVKRXOGDSSHDURQD
JUD\EDFNJURXQGZKLFKGRHVQRWVKRZZKHQSULQWHGDQGFDQEH
WXUQHGRII
8RFKDQJHWKHWLWOHIRUWKHZKROHGRFXPHQWJREDFNWR ?B;
*HEF;HJ?;I;I9H?FJ?ED
&LHOGVDUHFRYHUHGLQGHWDLOLQ#KDSWHU;RUNLQJZLWK&LHOGV LQ
WKH;ULWHU'XLGH
&RUPRUHDERXWKHDGHUVDQGIRRWHUVVHH#KDSWHU&RUPDWWLQJ
0DJHV DQG#KDSWHU)QWURGXFWLRQWR7W\OHV LQWKH;ULWHU'XLGH
#C;03@7<5>/53A
8RDXWRPDWLFDOO\QXPEHUSDJHV
)QVHUWDKHDGHURUIRRWHUDVGHVFULEHGLQs#UHDWLQJKHDGHUVDQG
IRRWHUVtRQSDJH
0ODFHWKHFXUVRULQWKHKHDGHURUIRRWHUZKHUH\RXZDQWWKH
SDJHQXPEHUWRDSSHDUDQGFOLFN#DI;HJ ?;B:I*7=;
(KC8;H
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
)'/ %)#.$!.*.')/(!,*"+#!-
8RLQFOXGHWKHWRWDOQXPEHURISDJHVDVLQsSDJHRIt
8\SHWKHZRUGsSDJHtDQGDVSDFHWKHQLQVHUWWKHSDJHQXPEHU
DVDERYH
0UHVVWKHVSDFHEDURQFHW\SHWKHZRUGsRItDQGDVSDFHWKHQ
FOLFN#DI;HJ ?;B:I*7=;EKDJ
8KH0DJH#RXQWILHOGLQVHUWVWKHWRWDOQXPEHURISDJHV
LQWKHGRFXPHQWDVVKRZQRQWKH7WDWLVWLFVWDERIWKH
GRFXPHQWvV0URSHUWLHVZLQGRZ ?B;*HEF;HJ?;I )I
#=B3 \RXUHVWDUWSDJHQXPEHULQJDQ\ZKHUHLQWKH
GRFXPHQWWKHQWKHWRWDOSDJHFRXQWPD\QRWEHZKDW
\RXZDQW7HH#KDSWHU&RUPDWWLQJ0DJHV LQWKH
;ULWHU'XLGHIRUPRUHLQIRUPDWLRQ
!-.,.%)#+#!)/(!,%)#
/IWHQ\RXZLOOZDQWWRUHVWDUWWKHSDJHQXPEHULQJDWIRUH[DPSOH
RQWKHSDJHIROORZLQJDWLWOHSDJHRUDWDEOHRIFRQWHQWV)QDGGLWLRQ
PDQ\GRFXPHQWVKDYHWKHsIURQWPDWWHUtVXFKDVWKHWDEOHRI
FRQWHQWV QXPEHUHGZLWK6RPDQQXPHUDOVDQGWKHPDLQERG\RIWKH
GRFXPHQWQXPEHUHGLQ!UDELFQXPHUDOVVWDUWLQJZLWK
=RXFDQUHVWDUWSDJHQXPEHULQJLQWZRZD\V
';J>E:
0ODFHWKHFXUVRULQWKHILUVWSDUDJUDSKRIWKHQHZSDJH
#OLFN EHC7J*7H7=H7F>
/QWKH8H[W&ORZWDERIWKH0DUDJUDSKGLDORJ&LJXUHRQSDJH
VHOHFWH;7AI
7HOHFW#DI;HJDQGWKHQ1?J>*7=;-JOB;DQGVSHFLI\WKHSDJH
VW\OHWRXVH
7SHFLI\WKHSDJHQXPEHUWRVWDUWIURPDQGWKHQFOLFN)%
-HWKRGLVDOVRXVHIXOIRUQXPEHULQJWKHILUVWSDJHRI
DGRFXPHQWZLWKDSDJHQXPEHUJUHDWHUWKDQ&RU
H[DPSOH\RXPD\EHZULWLQJDERRNZLWKHDFK
)7> FKDSWHULQDVHSDUDWHILOH#KDSWHUPD\VWDUWZLWK
SDJHEXW#KDSWHUFRXOGEHJLQZLWKSDJHDQG
#KDSWHUZLWKSDJH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
';J>E:
#DI;HJ'7DK7B8H;7A
"\GHIDXOW*7=;8H;7ALVVHOHFWHGRQWKH)QVHUW"UHDNGLDORJ
&LJXUH
#KRRVHWKHUHTXLUHGSDJH-JOB;
7HOHFW>7D=;F7=;DKC8;H
7SHFLI\WKHSDJHQXPEHUWRVWDUWIURPDQGWKHQFOLFN)%
&LJXUH6HVWDUWLQJSDJHQXPEHULQJDIWHUD
PDQXDOSDJHEUHDN
6/<57<5>/53;/@57<A
=RXFDQFKDQJHSDJHPDUJLQVLQWZRZD\V
l 9VLQJWKHSDJHUXOHUVrTXLFNDQGHDV\EXWGRHVQRWKDYHILQH
FRQWURO
l 9VLQJWKH0DJH7W\OHGLDORJrFDQVSHFLI\PDUJLQVWRWZRGHFLPDO
SODFHV
)I\RXFKDQJHWKHPDUJLQVXVLQJWKHUXOHUVWKHQHZ
#=B3 PDUJLQVDIIHFWWKHSDJHVW\OHDQGZLOOEHVKRZQLQWKH
0DJH7W\OHGLDORJWKHQH[WWLPH\RXRSHQLW
8RFKDQJHPDUJLQVXVLQJWKHUXOHUV
8KHJUD\VHFWLRQVRIWKHUXOHUVDUHWKHPDUJLQVVHH&LJXUH
0XWWKHPRXVHFXUVRURYHUWKHOLQHEHWZHHQWKHJUD\DQGZKLWH
VHFWLRQV8KHSRLQWHUWXUQVLQWRDGRXEOH
KHDGHGDUURZ
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
(ROGGRZQWKHOHIWPRXVHEXWWRQDQGGUDJWKHPRXVHWRPRYH
WKHPDUJLQ
&LJXUH-RYLQJWKHPDUJLQV
8KHVPDOODUURZVRQWKHUXOHUDUHXVHGIRULQGHQWLQJ
SDUDJUDSKV8KH\DUHRIWHQLQWKHVDPHSODFHDVWKH
SDJHPDUJLQVVR\RXQHHGWREHFDUHIXOWRPRYHWKH
)7> PDUJLQPDUNHUQRWWKHDUURZV0ODFHWKHPRXVH
SRLQWHUEHWZHHQWKHDUURZVDQGZKHQWKHSRLQWHU
WXUQVLQWRDGRXEOH
KHDGHGDUURZ\RXFDQPRYHWKH
PDUJLQWKHLQGHQWDUURZVZLOOPRYHZLWKLW
8RFKDQJHPDUJLQVXVLQJWKH0DJH7W\OHGLDORJ
6LJKW
FOLFNDQ\ZKHUHRQWKHSDJHDQGVHOHFW*7=;IURPWKHSRS
XSPHQX
/QWKH*7=;WDERIWKHGLDORJW\SHWKHUHTXLUHGGLVWDQFHVLQWKH
-DUJLQVER[HV
227<5<=B3AB=/2=1C;3<B
8KHXVHRIQRWHVLQD;ULWHUGRFXPHQWKDVEHHQLPSURYHGLQ//R
.RWHVDUHQRZGLVSOD\HGDWWKHVLGHRIWKHSDJHDQGFRORU
FRGHG
DFFRUGLQJWRWKHXVHUZKRFUHDWHGWKHP
8RLQVHUWDQRWHLQWKHWH[WSODFHWKHFXUVRULQWKHWH[WDQGVHOHFW
#DI;HJ(EJ;RUSUHVV#WUO!OW.8KHDQFKRUSRLQWRIWKHQRWHLV
FRQQHFWHGE\DGRWWHGOLQHWRDER[RQWKHULJKW
KDQGVLGHRIWKHSDJH
ZKHUH\RXFDQW\SHWKHWH[WRIWKHQRWH//RDXWRPDWLFDOO\DGGVDW
WKHERWWRPRIWKHQRWHWKHQDPHRULQLWLDOVRIWKHDXWKRUDQGDWLPH
VWDPS&LJXUHVKRZVDQH[DPSOHRIWH[WZLWKQRWHVIURPWZR
GLIIHUHQWDXWKRUV
7HOHFW.EEBI)FJ?EDI/I;H7J7WRFRQILJXUHWKHQDPH\RX
ZDQWWRDSSHDULQWKH!XWKRUILHOGRIWKHQRWHRUWRFKDQJHLW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)IPRUHWKDQRQHSHUVRQHGLWVWKHGRFXPHQWHDFKDXWKRULV
DXWRPDWLFDOO\DOORFDWHGDGLIIHUHQWEDFNJURXQGFRORU
&LJXUH.RWHVLQ//R
6LJKW
FOLFNLQJRQDQ\QRWHSRSVXSDPHQXZKHUH\RXFDQGHOHWHWKH
FXUUHQWQRWHDOOWKHQRWHVIURPWKHVDPHDXWKRURUDOOWKHQRWHVLQ
WKHGRFXPHQW&URPWKLVPHQX\RXFDQDOVRDSSO\VRPHEDVLF
IRUPDWWLQJWRWKHWH[WRIWKHQRWHV=RXFDQDOVRFKDQJHWKHIRQWW\SH
VL]HDQGDOLJQPHQWIURPWKHPDLQPHQX
8RQDYLJDWHIURPRQHQRWHWRWKHRWKHURSHQWKH.DYLJDWRU&
H[SDQGWKH.RWHVVHFWLRQDQGFOLFNRQWKHQRWHWH[WWRPRYHWKH
FXUVRUWRWKHDQFKRUSRLQWRIWKHQRWHLQWKHGRFXPHQW6LJKW
FOLFNRQ
WKHQRWHWRTXLFNO\HGLWRUGHOHWHLW
=RXFDQDOVRQDYLJDWHWKHQRWHVXVLQJWKHNH\ERDUG9VH
#WUO!OW0DJH$RZQWRPRYHWRWKHQH[WQRWHDQG#WUO!OW0DJH9S
WRPRYHWRWKHSUHYLRXVQRWH
@3/B7<5/B/0:3=41=<B3<BA
;ULWHUVWDEOHRIFRQWHQWVIHDWXUHOHWV\RXEXLOGDQDXWRPDWHGWDEOHRI
FRQWHQWVIURPWKHKHDGLQJVLQ\RXUGRFXPHQW"HIRUH\RXVWDUWPDNH
VXUHWKDWWKHKHDGLQJVDUHVW\OHGFRQVLVWHQWO\&RUH[DPSOH\RXFDQ
XVHWKH(HDGLQJVW\OHIRUFKDSWHUWLWOHVDQGWKH(HDGLQJDQG
(HDGLQJVW\OHVIRUFKDSWHUVXEKHDGLQJV
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
!OWKRXJKWDEOHVRIFRQWHQWVFDQEHFXVWRPL]HGH[WHQVLYHO\LQ;ULWHU
RIWHQWKHGHIDXOWVHWWLQJVDUHDOO\RXQHHG#UHDWLQJDTXLFNWDEOHRI
FRQWHQWVLVVLPSOH
;KHQ\RXFUHDWH\RXUGRFXPHQWXVHWKHIROORZLQJSDUDJUDSK
VW\OHVIRUGLIIHUHQWKHDGLQJOHYHOVVXFKDVFKDSWHUDQGVHFWLRQ
KHDGLQJV (HDGLQJ(HDGLQJDQG(HDGLQJ8KHVHDUH
ZKDWZLOODSSHDULQ\RXUWDEOHRIFRQWHQWV=RXFDQXVHPRUH
OHYHOVRIKHDGLQJVEXWWKHGHIDXOWVHWWLQJLVWRXVHRQO\WKHILUVW
WKUHHOHYHOVLQWKHWDEOHRIFRQWHQWV
0ODFHWKHFXUVRUZKHUH\RXZDQWWKHWDEOHRIFRQWHQWVWREH
LQVHUWHG
7HOHFW#DI;HJ#D:;N;I7D:.78B;I#D:;N;I7D:.78B;I
#KDQJHQRWKLQJLQWKH)QVHUW)QGH[8DEOHGLDORJ#OLFN)%
)I\RXDGGRUGHOHWHWH[WVRWKDWKHDGLQJVPRYHWRGLIIHUHQWSDJHV RU
\RXDGGGHOHWHRUFKDQJHKHDGLQJV\RXQHHGWRXSGDWHWKHWDEOHRI
FRQWHQWV8RGRWKLV
0ODFHWKHFXUVRUZLWKLQWKHWDEOHRIFRQWHQWV
6LJKW
FOLFNDQGVHOHFW/F:7J;#D:;N.78B;IURPWKHSRS
XS
PHQX
)I\RXFDQQRWSODFH\RXUFXUVRULQWKHWDEOHRI
FRQWHQWVFKRRVH.EEBI)FJ?EDI)F;D)<<?9;
EH=
#=B3 1H?J;H EHC7JJ?D=?:IDQGWKHQVHOHFWD78B;
LQWKHKHIEH?DFHEJ;9J;:7H;7IVHFWLRQ
=RXFDQFXVWRPL]HDQH[LVWLQJWDEOHRIFRQWHQWVDWDQ\WLPH6LJKW
FOLFNDQ\ZKHUHLQLWDQGVHOHFW:?J#D:;N.78B;IURPWKHSRS
XS
PHQX#KDSWHU#UHDWLQJ8DEOHVRI#RQWHQWV)QGH[HVDQG
"LEOLRJUDSKLHV RIWKH;ULWHU'XLGHGHVFULEHVLQGHWDLODOOWKH
FXVWRPL]DWLRQV\RXFDQFKRRVH
@3/B7<57<23F3A/<2070:7=5@/>673A
)QGH[HVDQGELEOLRJUDSKLHVZRUNLQDVLPLODUZD\WRWDEOHVRI
FRQWHQWV#KDSWHU#UHDWLQJ8DEOHVRI#RQWHQWV)QGH[HVDQG
"LEOLRJUDSKLHV LQWKH;ULWHU'XLGHGHVFULEHVWKHSURFHVVLQGHWDLO
)QDGGLWLRQWRDOSKDEHWLFDOLQGH[HVRWKHUW\SHVRILQGH[HVVXSSOLHG
ZLWK;ULWHULQFOXGHWKRVHIRULOOXVWUDWLRQVWDEOHVDQGREMHFWVDQG
\RXFDQHYHQFUHDWHDXVHU
GHILQHGLQGH[&RUH[DPSOH\RXPLJKW
ZDQWDQLQGH[FRQWDLQLQJRQO\WKHVFLHQWLILFQDPHVRIVSHFLHV
PHQWLRQHGLQWKHWH[WDQGDVHSDUDWHLQGH[FRQWDLQLQJRQO\WKH
FRPPRQQDPHVRIVSHFLHV"HIRUHFUHDWLQJVRPHW\SHVRILQGH[HV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
\RXILUVWQHHGWRFUHDWHLQGH[HQWULHVHPEHGGHGLQ\RXU;ULWHU
GRFXPHQW
,=@97<5E7B65@/>671A
'UDSKLFVLQ;ULWHUDUHRIWKUHHEDVLFW\SHV
l )PDJHILOHVLQFOXGLQJSKRWRVGUDZLQJVVFDQQHGLPDJHVDQG
RWKHUV
l $LDJUDPVFUHDWHGXVLQJ//RvVGUDZLQJWRROV
l #KDUWVFUHDWHGXVLQJ//RvV#KDUWIDFLOLW\
7HH#KDSWHU'UDSKLFVWKH'DOOHU\DQG&RQWZRUN
%@7<B7<54@=;,@7B3@
;ULWHUSURYLGHVDUDQJHRIFKRLFHVZKHQSULQWLQJ
&C719>@7<B7<5
=RXFDQFKDQJHWKHDFWLRQRIWKH*H?DJ ?B;?H;9JBO
LFRQWRVHQGWKHGRFXPHQWWRWKHSULQWHUGHILQHGIRU
WKHGRFXPHQWLQVWHDGRIWKHGHIDXOWSULQWHUIRUWKH
#=B3 FRPSXWHU'RWR.EEBI)FJ?EDI&E7:-7L;
!;D;H7BDQGVHOHFWWKH&E7:FH?DJ;HI;JJ?D=IM?J>
J>;:E9KC;DJRSWLRQ
=<B@=::7<5>@7<B7<5
&RUPRUHFRQWURORYHUSULQWLQJXVH ?B;*H?DJWRGLVSOD\WKH0ULQW
GLDORJ&LJXUH
/QWKH0ULQWGLDORJ\RXFDQFKRRVH
l ;KLFKSULQWHUWRXVHLIPRUHWKDQRQHDUHLQVWDOOHGRQ\RXU
V\VWHP DQGWKHSURSHUWLHVRIWKHSULQWHUrIRUH[DPSOH
RULHQWDWLRQSRUWUDLWRUODQGVFDSH ZKLFKSDSHUWUD\WRXVHDQG
ZKDWSDSHUVL]HWRSULQWRQ8KHSURSHUWLHVDYDLODEOHGHSHQGRQ
WKHVHOHFWHGSULQWHUFRQVXOWWKHSULQWHUvVGRFXPHQWDWLRQIRU
GHWDLOV
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
l ;KDWSDJHVWRSULQWKRZPDQ\FRSLHVWRSULQWDQGLQZKDWRUGHU
WRSULQWWKHP9VHGDVKHVWRVSHFLI\SDJHUDQJHVDQGFRPPDVRU
VHPLFRORQVWRVHSDUDWHUDQJHVIRUH[DPSOHqq
7HOHFWLRQLVWKHKLJKOLJKWHGSDUWRIDSDJHRUSDJHV
l ;KDWLWHPVWRSULQW#OLFNWKH)FJ?EDIEXWWRQWRGLVSOD\WKH
0ULQWHU/SWLRQVGLDORJ&LJXUH
&LJXUH8KH0ULQWGLDORJ
&LJXUH0ULQWHU/SWLRQVGLDORJIRU;ULWHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
(3:31B7<5>@7<B=>B7=<A4=@/2=1C;3<B
7HOHFWLRQVRQWKH0ULQWHU/SWLRQVGLDORJDSSO\WRWKLVSULQWLQJRIWKLV
GRFXPHQWRQO\
8RVSHFLI\GHIDXOWSULQWLQJRSWLRQV\RXQHHGWRXVHWZRSDJHVLQ
.EEBI)FJ?EDI)F;D)<<?9;
EH=Q*H?DJVHH#KDSWHU DQG
)F;D)<<?9;
EH=1H?J;HQ*H?DJZKLFKORRNVYHU\VLPLODUWRWKH
0ULQWHU/SWLRQVGLDORJ
7RPHLWHPVRILQWHUHVWRQWKH0ULQWHU/SWLRQVGLDORJLQFOXGH
l )QWKH#RQWHQWVVHFWLRQ\RXPLJKWFKRRVHQRWWRSULQWJUDSKLFVRU
SDJHEDFNJURXQGLQGUDIWVIRUH[DPSOHWRVDYHWRQHURULQN
l )QWKH0DJHVVHFWLRQ\RXFDQFKRRVH
q 0ULQWRQO\OHIWHYHQ
QXPEHUHG SDJHVRURQO\ULJKWRGG
QXPEHUHG SDJHV8KHVHVHWWLQJVDUHXVHIXOZKHQ\RXZDQWWR
SULQWRQERWKVLGHVRIWKHSDJHEXWGRQRWKDYHDSULQWHUWKDW
KDQGOHVWKLVDXWRPDWLFDOO\
q 0ULQWLQUHYHUVHGSDJHRUGHU
q "URFKXUHrWKHUHVXOWVRIWKLVVHOHFWLRQDUHGLVFXVVHGLQ
s0ULQWLQJDEURFKXUHtRQSDJH
l )QWKH.RWHVVHFWLRQ\RXFDQFKRRVHZKHWKHUWRSULQWDQ\QRWHV
WKDWKDYHEHHQDGGHGWR\RXUGRFXPHQWXVLQJ#DI;HJ(EJ;
DQGZKHUHWRSULQWWKHQRWHV
%@7<B7<57<0:/19/<2E67B3=</1=:=@>@7<B3@
=RXPD\ZLVKWRSULQWGRFXPHQWVLQEODFNDQGZKLWHRQDFRORU
SULQWHUWRVDYHH[SHQVLYHFRORULQNRUWRQHU#RPPRQXVHVDUHIRU
GUDIWVRUGRFXPHQWVWREHSKRWRFRSLHGLQEODFNDQGZKLWH7HYHUDO
FKRLFHVDUHDYDLODEOH
8RSULQWWKHFXUUHQWGRFXPHQWLQEODFNDQGZKLWHRUJUD\VFDOH
#OLFN ?B;*H?DJWRRSHQWKH0ULQWGLDORJ
#OLFN*HEF;HJ?;IWRRSHQWKHSURSHUWLHVGLDORJIRUWKHSULQWHU
8KHDYDLODEOHFKRLFHVYDU\IURPRQHSULQWHUWRDQRWKHUEXW\RX
VKRXOGILQGDQRSWLRQIRU#RORU7HH\RXUSULQWHUvVKHOSRUXVHU
PDQXDOIRUPRUHLQIRUPDWLRQ
8KHFKRLFHVIRUFRORUPD\LQFOXGHEODFNDQGZKLWHRUJUD\VFDOH
#KRRVHRQHRIWKHVH'UD\VFDOHLVEHVWLI\RXKDYHDQ\JUDSKLFV
LQWKHGRFXPHQW#OLFN)%WRFRQILUP\RXUFKRLFHDQGUHWXUQWR
WKH0ULQWGLDORJWKHQFOLFN)%DJDLQWRSULQWWKHGRFXPHQW
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
8RVHWXS//RWRSULQWDOOFRORUWH[WDQGJUDSKLFVDVJUD\VFDOH
#OLFN.EEBI)FJ?EDI)F;D)<<?9;
EH=*H?DJ
7HOHFWWKHEDL;HJ9EBEHIJE=H7OI97B;RSWLRQ#OLFN)%WR
VDYHWKHFKDQJH
8RVHWXS//R;ULWHUWRSULQWDOOFRORUWH[WDVEODFNDQGDOOJUDSKLFV
DVJUD\VFDOH
#OLFN.EEBI)FJ?EDI)F;D)<<?9;
EH=1H?J;H*H?DJ
9QGHU#RQWHQWVVHOHFWWKH*H?DJ8B79ARSWLRQ#OLFN)%WRVDYH
WKHFKDQJH
%@3D73E7<5>/53A034=@3>@7<B7<5
8KHQRUPDOSDJHYLHZLQ;ULWHUVKRZV\RXZKDWHDFKSDJHZLOOORRN
OLNHZKHQSULQWHGEXWLWVKRZVRQO\RQHSDJHDWDWLPH)I\RXDUH
GHVLJQLQJDGRFXPHQWWREHSULQWHGGRXEOH
VLGHG\RXPD\ZDQWWR
VHHZKDWIDFLQJSDJHVORRNOLNH//RSURYLGHVWZRZD\VWRGRWKLV
l :LHZ,D\RXWHGLWDEOHYLHZ rVHHs:LHZOD\RXWtRQSDJH
l 0DJH0UHYLHZUHDG
RQO\YLHZ rIURPZKLFK\RXFDQSULQW
PXOWLSOHSDJHVRQWRRQHVKHHWRISDSHU
8RXVH0DJH0UHYLHZ
#OLFN ?B;*7=;*H;L?;MRUFOLFNWKH*7=;*H;L?;MEXWWRQ
8KH;ULWHUZLQGRZFKDQJHVWRGLVSOD\WKHFXUUHQWSDJHDQGWKH
IROORZLQJSDJHDQGVKRZVWKH*7=;*H;L?;MWRROEDULQSODFHRI
WKH&RUPDWWLQJWRROEDU
&LJXUH0DJH0UHYLHZWRROEDU
#OLFNWKHEEA*H;L?;MLFRQ WRGLVSOD\OHIWDQGULJKWSDJHV
LQWKHLUFRUUHFWRULHQWDWLRQ
8RSULQWWKHGRFXPHQWIURPWKLVSDJHYLHZFOLFNWKH*H?DJF7=;
L?;MLFRQ WRRSHQWKH0ULQWGLDORJ#KRRVH\RXURSWLRQVDQG
FOLFN)%WRSULQWDVXVXDO
8RFKRRVHPDUJLQVDQGRWKHURSWLRQVIRUWKHSULQWRXWFOLFNWKH
*H?DJEFJ?EDIF7=;L?;MLFRQ WRGLVSOD\WKH0ULQW/SWLRQV
GLDORJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH0ULQW/SWLRQVGLDORJ
%@7<B7<5/0@=16C@3
=RXFDQSULQWDGRFXPHQWZLWKWZRSDJHVRQHDFKVLGHRIDVKHHWRI
SDSHUDUUDQJHGVRWKDWZKHQWKHSULQWHGSDJHVDUHIROGHGLQKDOIWKH
SDJHVDUHLQWKHFRUUHFWRUGHUWRIRUPDERRNOHWRUEURFKXUH
8RSULQWDEURFKXUHRQDVLQJOH
VLGHGSULQWHU
0ODQ\RXUGRFXPHQWVRLWZLOOORRNJRRGZKHQSULQWHGKDOIVL]H
FKRRVHDSSURSULDWHPDUJLQVIRQWVL]HVDQGVRRQ #OLFN ?B;
*H?DJ)QWKH0ULQWGLDORJFOLFN*HEF;HJ?;IDQGEHVXUHWKH
SULQWHULVVHWWRWKHVDPHRULHQWDWLRQSRUWUDLWRUODQGVFDSH DV
VSHFLILHGLQWKHSDJHVHWXSIRU\RXUGRFXPHQW9VXDOO\WKH
RULHQWDWLRQGRHVQRWPDWWHUEXWLWGRHVIRUEURFKXUHV
#OLFN)FJ?EDI)QWKH0DJHVVHFWLRQRIWKH0ULQWHU/SWLRQV
GLDORJFKRRVHHE9>KH;DQG,?=>JF7=;I#OLFN)%WZLFHWR
SULQWWKHILUVWVLGHRIHDFKSDJH
&OLSWKHSDJHVDQGSXWWKHPEDFNLQWRWKHSULQWHULQWKHFRUUHFW
RULHQWDWLRQWRSULQWRQWKHEODQNVLGH=RXPD\QHHGWR
H[SHULPHQWDELWWRILQGRXWZKDWWKHFRUUHFWDUUDQJHPHQWLVIRU
\RXUSULQWHU
#OLFN ?B;*H?DJDQGFKHFN*HEF;HJ?;IWRPDNHVXUHWKH
SULQWHUVHWXSLVVWLOOFRUUHFW
#OLFN)FJ?EDIDJDLQ)QWKH0DJHVVHFWLRQRIWKH0ULQWHU/SWLRQV
GLDORJFKRRVHHE9>KH;DQG&;<JF7=;#OLFN)%WZLFHWRSULQW
WKHVHFRQGVLGHV
)I\RXUSULQWHUFDQGRGRXEOH
VLGHGWKHQFOLFNRQWKHRSWLRQVIRU
&;<JF7=;I,?=>JF7=;IDQGHE9>KH;DQGLWVKRXOGQRWRQO\
GRWKRVHEXWFROODWHWRR
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
%@7<B7<53<D3:=>3A
0ULQWLQJHQYHORSHVLQYROYHVWZRVWHSVVHWXSDQGSULQWLQJ
8RVHWXSDQHQYHORSHWREHSULQWHGE\LWVHOIRUZLWK\RXUGRFXPHQW
#OLFN#DI;HJDL;BEF;IURPWKHPHQXEDU
)QWKH%QYHORSHGLDORJVWDUWZLWKWKH%QYHORSHWDE&LJXUH
:HULI\DGGRUHGLWWKHLQIRUPDWLRQLQWKH!GGUHVVHHDQG7HQGHU
ER[HVWKHsIURPtRQWKHHQYHORSH
=RXFDQW\SHLQIRUPDWLRQGLUHFWO\LQWRWKH!GGUHVVHHDQG7HQGHU
ER[HVRUXVHWKHULJKW
KDQGGURS
GRZQOLVWVWRVHOHFWWKH
GDWDEDVHRUWDEOHIURPZKLFKWRGUDZWKHHQYHORSHLQIRUPDWLRQ
LIGHVLUHG7HH#KDSWHU9VLQJ-DLO-HUJH LQWKH;ULWHU
'XLGHIRUGHWDLOVRQKRZWRSULQWHQYHORSHVIURPDGDWDEDVH
&LJXUH#KRRVLQJDGGUHVVHHDQGVHQGHULQIRUPDWLRQ
/QWKH&RUPDWSDJH&LJXUH YHULI\RUHGLWWKHSRVLWLRQLQJRI
WKHDGGUHVVHHDQGWKHVHQGHULQIRUPDWLRQ8KHSUHYLHZDUHDRQ
WKHORZHUULJKWVKRZVWKHHIIHFWRI\RXUSRVLWLRQLQJFKRLFHV
8RIRUPDWWKHWH[WRIWKHVHEORFNVFOLFNWKH:?JEXWWRQVWRWKH
ULJKW)QWKHGURS
GRZQOLVW\RXKDYHWZRFKRLFHV#KDUDFWHUDQG
0DUDJUDSK
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l )Q#KDUDFWHU\RXFDQFKRRVH&RQWV7L]HV &RQWV%IIHFWV
9QGHUOLQLQJ#RORU 0RVLWLRQ6RWDWLQJVFDOLQJ
(\SHUOLQN"DFNJURXQGDQGPRUH
l )Q0DUDJUDSK\RXFDQFKRRVH)QGHQWV7SDFLQJ!OLJQPHQW
8H[W&ORZ8DEV$URS#DSV"RUGHUVDQG"DFNJURXQGV
&LJXUH#KRRVLQJSRVLWLRQLQJDQGVL]HRIHOHPHQWV
)QWKHORZHUOHIWRIWKLVSDJHFKRRVHWKHHQYHORSHIRUPDWIURP
WKHGURS
GRZQOLVW8KHZLGWKDQGKHLJKWRIWKHVHOHFWHG
HQYHORSHWKHQVKRZLQWKHER[HVEHORZWKHVHOHFWHGIRUPDW)I
\RXFKRVHDSUH
H[LVWLQJIRUPDWMXVWYHULI\WKHVHVL]HV)I\RX
FKRVH9VHUGHILQHGLQWKH&RUPDWOLVWWKHQ\RXFDQHGLWWKH
VL]HV
!IWHUIRUPDWWLQJJRWRWKH0ULQWHUSDJH&LJXUH WRFKRRVH
SULQWHURSWLRQVVXFKDVHQYHORSHRULHQWDWLRQDQGVKLIWLQJ=RX
PD\QHHGWRH[SHULPHQWDELWWRVHHZKDWZRUNVEHVWIRU\RXU
SULQWHU
=RXFDQDOVRFKRRVHDGLIIHUHQWSULQWHURUDOWHUSULQWHUVHWXSIRU
H[DPSOHVSHFLI\WKHWUD\WKDWKROGVHQYHORSHV IRUWKLVSULQWMRE
;KHQ\RXKDYHILQLVKHGIRUPDWWLQJDQGDUHUHDG\WRSULQWFOLFN
HLWKHUWKH(;ME9RU#DI;HJEXWWRQWRILQLVK(;ME9PDNHV
RQO\DQHQYHORSHRUVWDUWVDQHZGRFXPHQWZLWKWKHHQYHORSH
#DI;HJLQVHUWVWKHHQYHORSHLQWRDQH[LVWLQJGRFXPHQWDVSDJH
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
&LJXUH#KRRVLQJSULQWHURSWLRQVIRUDQHQYHORSH
8RQRWSURFHHGZLWKWKLVHQYHORSHFOLFN7D9;BRUSUHVVWKH%VF
NH\=RXFDQDOVRFOLFN,;I;JWRUHPRYH\RXUFKDQJHVDQGUHWXUQ
WRWKHRULJLQDOVHWWLQJVZKHQWKHGLDORJRSHQHG
;KHQWKH%QYHORSHGLDORJFORVHV\RXDUHUHWXUQHGWR\RXU
GRFXPHQWZKLFKQRZKDVWKHHQYHORSHLQWKHVDPHILOHDVWKH
GRFXPHQW7DYHWKLVILOHEHIRUH\RXGRDQ\WKLQJHOVH
8RSULQWWKHHQYHORSH
#KRRVH ?B;*H?DJIURPWKHPHQXEDU
/QWKH0ULQWGLDORJXQGHU0ULQWUDQJHFKRRVH*7=;IDQGW\SH
LQWKHER[#OLFN)%WRSULQW
%@7<B7<5:/03:A
,DEHOVDUHFRPPRQO\XVHGIRUSULQWLQJDGGUHVVOLVWVZKHUHHDFK
ODEHOVKRZVDGLIIHUHQWDGGUHVV EXWWKH\FDQDOVREHXVHGIRUPDNLQJ
PXOWLSOHFRSLHVRIRQHODEHORQO\IRUH[DPSOHUHWXUQ
DGGUHVVVWLFNHUV
8RSULQWODEHOV
#KRRVH ?B;(;M&78;BIRQWKHPHQXEDU8KH,DEHOV
GLDORJRSHQV
/QWKH,DEHOVSDJH&LJXUH ILOOLQ\RXURZQODEHOWH[WLQWKH
#DI9H?FJ?EDER[RUXVHWKH7J787I;DQG.78B;GURS
GRZQ
OLVWVWRFKRRVHWKHUHTXLUHGLQIRUPDWLRQDVGHVFULEHGLQ#KDSWHU
9VLQJ-DLO-HUJH LQWKH;ULWHU'XLGH
HOHFWWKHODEHOVWRFNLQWKHH7D:GURS
GRZQOLVW8KHW\SHVIRU
WKDWEUDQGWKHQDSSHDULQWKH.OF;GURS
GRZQOLVW7HOHFWWKH
VL]HDQGW\SHRIODEHOVUHTXLUHG=RXFDQDOVRVHOHFW9VHULQWKH
.OF;GURS
GRZQOLVWDQGWKHQPDNHVSHFLILFVHOHFWLRQVRQWKH
&RUPDWSDJH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH,DEHOVGLDORJ,DEHOVSDJH
/QWKH&RUPDWSDJH&LJXUH FKRRVHWKHSLWFKVL]HV
PDUJLQVFROXPQVDQGURZVIRUXVHU
GHILQHGODEHOVRUMXVWYHULI\
ZLWKDEUDQGRIODEHOVWRFN\RXKDYHORDGHGLQWRWKHSULQWHU
&LJXUH,DEHOVGLDORJ&RUPDWSDJH
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
#OLFN-7L;WRVDYH\RXUQHZIRUPDW
;KHQ\RXKDYHILQLVKHGIRUPDWWLQJFOLFN(;ME9KC;DJWR
PDNH\RXUVKHHWRIODEHOVRUFOLFN7D9;BRUSUHVVWKH%VFNH\
=RXFDQDOVRFOLFN,;I;JWRUHPRYH\RXUFKDQJHVDQGUHWXUQWR
WKHRULJLQDOVHWWLQJVZKHQWKHGLDORJRSHQHG/QWKH/SWLRQV
SDJHFKRRVHWRSULQWWKHHQWLUHSDJHRIODEHOVRURQHVLQJOH
ODEHOWKHQVHOHFWZKLFKRQHE\WKHFROXPQDQGURZ=RXFDQDOVR
FKDQJHSULQWHUVHWXS
=RXFDQSULQWULJKWDZD\XVLQJWKH*H?DJ ?B;?H;9JBOLFRQRQ
WKHWRROEDURUE\FKRRVLQJ ?B;*H?DJIURPWKHPHQXEDURU
\RXFDQVDYHWKHILOHWRSULQWODWHU
&LJXUH,DEHOVGLDORJ/SWLRQVSDJH
(3<27<5/4/FCA7<5,@7B3@
8RVHQGDID[GLUHFWO\IURP/SHQ/IILFHRUJ\RXQHHGDID[PRGHP
DQGDID[GULYHUWKDWDOORZVDSSOLFDWLRQVWRFRPPXQLFDWHZLWKWKHID[
PRGHP
(3<27<5/4/FB6@=C56B63%@7<B27/:=5
/SHQWKH0ULQWGLDORJE\FKRRVLQJ ?B;*H?DJDQGVHOHFWWKH
ID[GULYHULQWKH(7C;OLVW
#OLFN)%WRRSHQWKHGLDORJIRU\RXUID[GULYHUZKHUH\RXFDQ
VHOHFWWKHID[UHFLSLHQW
227<5//F71=<B=B63B==:0/@
=RXFDQFRQILJXUH/SHQ/IILFHRUJVRWKDWDVLQJOHFOLFNRQDQLFRQ
DXWRPDWLFDOO\VHQGVWKHFXUUHQWGRFXPHQWDVDID[7HH#KDSWHU
#XVWRPL]LQJ/SHQ/IILFHRUJ IRULQVWUXFWLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)@/197<516/<53AB=/2=1C;3<B
=RXFDQXVHVHYHUDOPHWKRGVWRNHHSWUDFNRIFKDQJHVPDGHWRD
GRFXPHQW
-DNH\RXUFKDQJHVWRDFRS\RIWKHGRFXPHQWVWRUHGLQD
GLIIHUHQWIROGHURUXQGHUDGLIIHUHQWQDPHRUERWK WKHQXVH
;ULWHUWRFRPELQHWKHWZRILOHVDQGVKRZWKHGLIIHUHQFHV#OLFN
:?JECF7H;E9KC;DJ8KLVWHFKQLTXHLVSDUWLFXODUO\
XVHIXOLI\RXDUHWKHRQO\SHUVRQZRUNLQJRQWKHGRFXPHQWDVLW
DYRLGVWKHLQFUHDVHLQILOHVL]HDQGFRPSOH[LW\FDXVHGE\WKH
RWKHUPHWKRGV
7DYHYHUVLRQVWKDWDUHVWRUHGDVSDUWRIWKHRULJLQDOILOH
(RZHYHUWKLVPHWKRGFDQFDXVHSUREOHPVZLWKGRFXPHQWVRI
QRQ
WULYLDOVL]HRUFRPSOH[LW\HVSHFLDOO\LI\RXVDYHDORWRI
YHUVLRQV!YRLGWKLVPHWKRGLI\RXFDQ
9VH;ULWHUvVFKDQJHPDUNVRIWHQFDOOHGsUHGOLQHVtRUsUHYLVLRQ
PDUNVt WRVKRZZKHUH\RXKDYHDGGHGRUGHOHWHGPDWHULDORU
FKDQJHGIRUPDWWLQJ,DWHU\RXRUDQRWKHUSHUVRQFDQUHYLHZ
DQGDFFHSWRUUHMHFWHDFKFKDQJH#OLFN:?J>7D=;I
,;9EH:$HWDLOVDUHLQWKH;ULWHU'XLGH
.RWDOOFKDQJHVDUHUHFRUGHG&RUH[DPSOHFKDQJLQJ
DWDEVWRSIURPDOLJQOHIWWRDOLJQULJKWDQGFKDQJHV
)7> LQIRUPXODVHTXDWLRQV RUOLQNHGJUDSKLFVDUHQRW
UHFRUGHG
*A7<5;/7:;3@53
;ULWHUSURYLGHVYHU\XVHIXOIHDWXUHVWRFUHDWHDQGSULQW
l -XOWLSOHFRSLHVRIDGRFXPHQWWRVHQGWRDOLVWRIGLIIHUHQW
UHFLSLHQWVIRUPOHWWHUV
l -DLOLQJODEHOV
l %QYHORSHV
!OOWKHVHIDFLOLWLHVWKRXJKGLIIHUHQWLQDSSOLFDWLRQDUHEDVHGDURXQG
WKHFRQFHSWRIDUHJLVWHUHGGDWDVRXUFHDVSUHDGVKHHWRUGDWDEDVH
FRQWDLQLQJWKHQDPHDQGDGGUHVVUHFRUGVDQGRWKHULQIRUPDWLRQ
IURPZKLFKLVGHULYHGWKHYDULDEOHLQIRUPDWLRQQHFHVVDU\WRWKHLU
IXQFWLRQ
#KDSWHU9VLQJ-DLO-HUJH LQWKH;ULWHU'XLGHGHVFULEHVWKH
SURFHVV
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
*A7<5;/AB3@2=1C;3<BA
-DVWHUGRFXPHQWVDUHW\SLFDOO\XVHGIRUSURGXFLQJORQJGRFXPHQWV
VXFKDVDERRNDWKHVLVRUDORQJUHSRUWRUZKHQGLIIHUHQWSHRSOH
DUHZULWLQJGLIIHUHQWFKDSWHUVRURWKHUSDUWVRIWKHIXOOGRFXPHQWVR
\RXGRQvWQHHGWRVKDUHILOHV!PDVWHUGRFXPHQWMRLQVVHSDUDWHWH[W
GRFXPHQWVLQWRRQHODUJHUGRFXPHQWDQGXQLILHVWKHIRUPDWWLQJ
WDEOHRIFRQWHQWV8R# ELEOLRJUDSK\LQGH[DQGRWKHUWDEOHVRUOLVWV
=HVPDVWHUGRFXPHQWVGRZRUNLQ;ULWHU(RZHYHUXQWLO\RXEHFRPH
IDPLOLDUZLWKWKHP\RXPD\WKLQNWKDWPDVWHUGRFXPHQWVDUH
XQUHOLDEOHRUGLIILFXOWWRXVH7HH#KDSWHU;RUNLQJZLWK-DVWHU
$RFXPHQWV LQWKH;ULWHU'XLGH
@3/B7<547::7<4=@;A
!VWDQGDUGWH[WGRFXPHQWGLVSOD\VLQIRUPDWLRQDOHWWHUUHSRUWRU
EURFKXUHIRUH[DPSOH8\SLFDOO\WKHUHDGHUPD\HGLWHYHU\WKLQJRU
QRWKLQJLQDQ\ZD\!IRUPKDVVHFWLRQVWKDWDUHQRWWREHHGLWHGDQG
RWKHUVHFWLRQVWKDWDUHGHVLJQHGIRUWKHUHDGHUWRPDNHFKDQJHV&RU
H[DPSOHDTXHVWLRQQDLUHKDVDQLQWURGXFWLRQDQGTXHVWLRQVZKLFKGR
QRWFKDQJH DQGVSDFHVIRUWKHUHDGHUWRHQWHUDQVZHUV
&RUPVDUHXVHGLQWKUHHZD\V
l 8RFUHDWHDVLPSOHGRFXPHQWIRUWKHUHFLSLHQWWRFRPSOHWHVXFK
DVDTXHVWLRQQDLUHVHQWRXWWRDJURXSRISHRSOHZKRILOOLWLQDQG
UHWXUQLW
l 8ROLQNLQWRDGDWDEDVHRUGDWDVRXUFHDQGDOORZWKHXVHUWRHQWHU
LQIRUPDWLRQ7RPHRQHWDNLQJRUGHUVPLJKWHQWHUWKHLQIRUPDWLRQ
IRUHDFKRUGHULQWRDGDWDEDVHXVLQJDIRUP
l 8RYLHZLQIRUPDWLRQKHOGLQDGDWDEDVHRUGDWDVRXUFH!OLEUDULDQ
PLJKWFDOOXSLQIRUPDWLRQDERXWERRNV
;ULWHURIIHUVVHYHUDOZD\VWRILOOLQIRUPDWLRQLQWRDIRUPLQFOXGLQJ
FKHFNER[HVRSWLRQEXWWRQVWH[WER[HVSXOO
GRZQOLVWVDQGVSLQQHUV
7HH#KDSWHU9VLQJ&RUPVLQ;ULWHU LQWKH;ULWHU'XLGH
*A7<5473:2A
&LHOGVDUHH[WUHPHO\XVHIXOIHDWXUHVRI;ULWHU8KH\DUHXVHGIRUGDWD
WKDWFKDQJHVLQDGRFXPHQWVXFKDVWKHFXUUHQWGDWHRUWKHWRWDO
QXPEHURISDJHV DQGIRULQVHUWLQJGRFXPHQWSURSHUWLHVVXFKDV
QDPHDXWKRUDQGGDWHRIODVWXSGDWH&LHOGVDUHWKHEDVLVRIFURVV
UHIHUHQFLQJVHHEHORZ DXWRPDWLFQXPEHULQJRIILJXUHVWDEOHV
KHDGLQJVDQGRWKHUHOHPHQWVDQGDZLGHUDQJHRIRWKHUIXQFWLRQVr
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
IDUWRRPDQ\WRGHVFULEHKHUH7HH#KDSWHU;RUNLQJZLWK&LHOGV
LQWKH;ULWHU'XLGHIRUGHWDLOV
*A7<51@=AA@343@3<13A
)I\RXW\SHLQUHIHUHQFHVWRRWKHUSDUWVRIWKHGRFXPHQWWKRVH
UHIHUHQFHVFDQHDVLO\JHWRXWRIGDWHLI\RXUHZRUGDKHDGLQJDGGRU
UHPRYHILJXUHVRUUHRUJDQL]HWRSLFV6HSODFHDQ\W\SHGFURVV
UHIHUHQFHVZLWKDXWRPDWLFRQHVDQGZKHQ\RXXSGDWHILHOGVDOOWKH
UHIHUHQFHVZLOOXSGDWHDXWRPDWLFDOO\WRVKRZWKHFXUUHQWZRUGLQJRU
SDJHQXPEHUV8KH#URVV
UHIHUHQFHVWDERIWKH&LHOGVGLDORJOLVWV
VRPHLWHPVVXFKDVKHDGLQJVERRNPDUNVILJXUHVWDEOHVDQG
QXPEHUHGLWHPVVXFKDVVWHSVLQDSURFHGXUH
8RLQVHUWDFURVV
UHIHUHQFHWRDKHDGLQJRURWKHUWH[W
)Q\RXUGRFXPHQWSODFHWKHFXUVRUZKHUH\RXZDQWWKHFURVV
UHIHUHQFHWRDSSHDU
)IWKH&LHOGVGLDORJLVQRWRSHQFOLFN#DI;HJHEII H;<;H;D9;
/QWKH#URVV
UHIHUHQFHVWDELQWKH8\SHOLVWVHOHFWWKHW\SHRI
LWHPWREHUHIHUHQFHGIRUH[DPSOH(HDGLQJRU&LJXUH
&LJXUH8KH#URVV UHIHUHQFHVWDERIWKH&LHOGVGLDORJ
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU
=RXFDQOHDYHWKLVSDJHRSHQZKLOH\RXLQVHUWPDQ\FURVV
UHIHUHQFHV
#OLFNRQWKHUHTXLUHGLWHPLQWKH7HOHFWLRQOLVWZKLFKVKRZVDOO
WKHLWHPVRIWKHVHOHFWHGW\SH)QWKH&RUPDWOLVWFKRRVHWKH
IRUPDWUHTXLUHG9VXDOO\WKLVZLOOEH,;<;H;D9;WRLQVHUWWKH
IXOOWH[WRIWKHKHDGLQJRUFDSWLRQ 7J;=EHO7D:(KC8;HWR
LQVHUWWKHZRUGs&LJXUHtRUs8DEOHtDQGLWVQXPEHUEXWZLWKRXW
WKHFDSWLRQWH[W .XPEHULQJWRLQVHUWRQO\WKHILJXUHRUWDEOH
QXPEHUZLWKRXWWKHZRUGs&LJXUHtRUs8DEOHt RU*7=;WR
LQVHUWWKHQXPEHURIWKHSDJHWKHUHIHUHQFHGWH[WLVRQ #OLFN
#DI;HJ
*A7<50==9;/@9A
"RRNPDUNVDUHOLVWHGLQWKH.DYLJDWRUDQGFDQEHDFFHVVHGGLUHFWO\
IURPWKHUHZLWKDVLQJOHPRXVHFOLFN=RXFDQFURVV
UHIHUHQFHWR
ERRNPDUNVDVGHVFULEHGDERYH)Q(8-,GRFXPHQWVERRNPDUNVDUH
FRQYHUWHGWRDQFKRUVWKDW\RXFDQMXPSWRXVLQJDK\SHUOLQN
7HOHFWWKHWH[W\RXZDQWWRERRNPDUN#OLFN#DI;HJ
EEAC7HA
/QWKH)QVHUW"RRNPDUNGLDORJWKHODUJHUER[OLVWVDQ\
SUHYLRXVO\GHILQHGERRNPDUNV8\SHDQDPHIRUWKLVERRNPDUNLQ
WKHWRSER[DQGWKHQFOLFN)%WRVDYH
&LJXUH)QVHUWLQJDERRNPDUN
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
!;JJ?D=-J7HJ;:M?J>7B9
9VLQJVSUHDGVKHHWVLQ/SHQ/IILFHRUJ
,6/B7A/:1
#DOFLVWKHVSUHDGVKHHWFRPSRQHQWRI/SHQ/IILFHRUJ//R !
VSUHDGVKHHWVLPXODWHVDZRUNVKHHWRQ\RXUFRPSXWHU\RXFDQILOOWKH
ZRUNVKHHWZLWKGDWDrXVXDOO\QXPHULFDOGDWDrDQGWKHQPDQLSXODWH
WKHGDWDWRSURGXFHFHUWDLQUHVXOWVRUJDQL]HWKHGDWDRUGLVSOD\WKH
GDWDLQGLDJUDPV
!OWHUQDWLYHO\\RXFDQHQWHUGDWDDQGWKHQXVH#DOFLQDu;KDW)Iv
PDQQHUE\FKDQJLQJVRPHRIWKHGDWDDQGREVHUYLQJWKHUHVXOWV
ZLWKRXWKDYLQJWRUHW\SHWKHHQWLUHVSUHDGVKHHWRUVKHHW
(>@3/2A633BAA633BA/<213::A
#DOFZRUNVZLWKHOHPHQWVFDOOHGVSUHDGVKHHWV7SUHDGVKHHWVFRQVLVW
RIDQXPEHURILQGLYLGXDOVKHHWVHDFKFRQWDLQLQJDEORFNRIFHOOV
DUUDQJHGLQURZVDQGFROXPQV
8KHVHFHOOVKROGWKHLQGLYLGXDOHOHPHQWVrWH[WQXPEHUVIRUPXODV
HWFrZKLFKPDNHXSWKHGDWDWREHGLVSOD\HGDQGPDQLSXODWHG
%DFKVSUHDGVKHHWFDQKDYHPDQ\VKHHWVDQGHDFKVKHHWFDQKDYH
PDQ\LQGLYLGXDOFHOOV)QYHUVLRQRI//RHDFKVKHHWFDQKDYHD
PD[LPXPRIURZVDQGDPD[LPXPRIFROXPQV
%/@BA=4B63;/7</:1E7<2=E
;KHQ#DOFLVVWDUWHGWKHPDLQZLQGRZORRNVVLPLODUWR&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
)7B:30/@/<2"3<C0/@
8KH8LWOHEDUDWWKHWRSVKRZVWKHQDPHRIWKHFXUUHQWVSUHDGVKHHW
)IWKHVSUHDGVKHHWLVQHZWKHQLWVQDPHLV9QWLWOHG<ZLWK<EHLQJD
QXPEHU;KHQ\RXVDYHDQHZVSUHDGVKHHWIRUWKHILUVWWLPH\RXZLOO
EHSURPSWHGWRHQWHUDQDPH
9QGHUWKH8LWOHEDULVWKH-HQXEDU;KHQ\RXFKRRVHRQHRIWKH
PHQXVDVXEPHQXDSSHDUVZLWKRWKHURSWLRQV8KH-HQXEDUFDQEH
PRGLILHGDVGLVFXVVHGLQ#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
)==:0/@A
9QGHUWKH-HQXEDUE\GHIDXOWDUHWKUHHWRROEDUVWKH7WDQGDUG
WRROEDUWKH&RUPDWWLQJWRROEDUDQGWKH&RUPXODEDU
&LJXUH0DUWVRIWKH#DOFZLQGRZ
8KHLFRQVRQWKHVHWRROEDUVSURYLGHDZLGHUDQJHRIFRPPRQ
FRPPDQGVDQGIXQFWLRQV8KHWRROEDUVFDQEHPRGLILHGDVGLVFXVVHG
LQ#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
0ODFLQJWKHPRXVHSRLQWHURYHUDQ\RIWKHLFRQVGLVSOD\VDVPDOOER[
FDOOHGDWRROWLS)WJLYHVDEULHIH[SODQDWLRQRIWKHLFRQvVIXQFWLRQ&RU
DPRUHGHWDLOHGH[SODQDWLRQVHOHFW";BF1>7JI.>?IDQGKRYHU
WKHPRXVHSRLQWHURYHUWKHLFRQ8LSVDQGH[WHQGHGWLSVFDQQRZEH
WXUQHGRQRURIIIURP.EEBI)FJ?EDI)F;D)<<?9;
EH=
!;D;H7B
)QWKH&RUPDWWLQJWRROEDUWKHWZRUHFWDQJXODUDUHDVRQWKHOHIWDUHWKH
EDJ(7C;DQG EDJ-?P;PHQXVVHH&LJXUH )IWKHUHLV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
VRPHWKLQJLQWKHVHER[HVWKH\VKRZWKHFXUUHQWVHWWLQJIRUWKH
VHOHFWHGDUHD
&LJXUH&RQWQDPHDQGIRQWVL]H
#OLFNWKHOLWWOHEXWWRQZLWKDQLQYHUWHGWULDQJOHWRWKHULJKWRIWKHER[
WRRSHQDPHQX&URPWKH EDJ(7C;DQG EDJ-?P;PHQXV\RXFDQ
FKDQJHWKHIRQWDQGLWVVL]HLQVHOHFWHGFHOOV
=@;C:/0/@
/QWKHOHIWRIWKH&RUPXODEDUVHH&LJXUH LVDVPDOOWH[WER[
FDOOHGWKH(7C;ER[ZLWKDOHWWHUDQGQXPEHUFRPELQDWLRQLQLW
VXFKDV$8KLVLVWKHFROXPQOHWWHUDQGURZQXPEHUFDOOHGWKHFHOO
UHIHUHQFHRIWKHFXUUHQWFHOO
&XQFWLRQ;L]DUG
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
8KH KD9J?EDEXWWRQLQVHUWVDQHTXDOVVLJQLQWRWKHVHOHFWHGFHOODQG
WKH)QSXW,LQHWKHUHE\VHWWLQJWKHFHOOUHDG\WRDFFHSWDIRUPXOD
;KHQ\RXHQWHUQHZGDWDLQWRDFHOOWKH7XPDQG%TXDOVEXWWRQV
FKDQJHWR7D9;BDQG99;FJEXWWRQV
8KHFRQWHQWVRIWKHFXUUHQWFHOOGDWDIRUPXODRUIXQFWLRQ DUH
GLVSOD\HGLQWKH)QSXW,LQHWKHUHPDLQGHURIWKH&RUPXODEDU=RX
FDQHGLWWKHFHOOFRQWHQWVRIWKHFXUUHQWFHOOKHUHRU\RXFDQGRWKDW
LQWKHFXUUHQWFHOO8RHGLWLQVLGHWKH)QSXW,LQHDUHDFOLFNWKH
DSSURSULDWHSDUWRIWKH)QSXW,LQHDUHDWKHQW\SH\RXUFKDQJHV8R
HGLWZLWKLQWKHFXUUHQWFHOOMXVWGRXEOH
FOLFNWKHFHOO
<27D72C/:13::A
8KHPDLQVHFWLRQRIWKHVFUHHQGLVSOD\VWKHLQGLYLGXDOFHOOVLQWKH
IRUPRIDJULGZLWKHDFKFHOOEHLQJDWWKHLQWHUVHFWLRQRIDSDUWLFXODU
FROXPQDQGURZ
!WWKHWRSRIWKHFROXPQVDQGDWWKHOHIW
KDQGHQGRIWKHURZVDUHD
VHULHVRIJUD\ER[HVFRQWDLQLQJOHWWHUVDQGQXPEHUV8KHVHDUHWKH
FROXPQDQGURZKHDGHUV8KHFROXPQVVWDUWDW!DQGJRRQWRWKH
ULJKWDQGWKHURZVVWDUWDWDQGJRRQGRZQ
8KHVHFROXPQDQGURZKHDGHUVIRUPWKHFHOOUHIHUHQFHVWKDWDSSHDU
LQWKH7KHHW!UHDER[RQWKH&RUPXOD"DU&LJXUH 8KHVH
KHDGHUVFDQDOVREHWXUQHGRIIE\VHOHFWLQJ0?;MEBKCD,EM
";7:;HI
(633BB/0A
!WWKHERWWRPRIWKHJULGRIFHOOVDUHWKHVKHHWWDEVVHH&LJXUH
8KHVHWDEVHQDEOHDFFHVVWRHDFKLQGLYLGXDOVKHHWZLWKWKHYLVLEOHRU
DFWLYHVKHHWKDYLQJDZKLWHWDE
#OLFNLQJRQDQRWKHUVKHHWWDEGLVSOD\VWKDWVKHHWDQGLWVWDEWXUQV
ZKLWH=RXFDQDOVRVHOHFWPXOWLSOHVKHHWWDEVDWRQFHE\KROGLQJ
GRZQWKH#RQWURONH\ZKLOH\RXFOLFNWKHQDPHV
&LJXUH7KHHWWDEV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
(B/BCA0/@
!WWKHYHU\ERWWRPRIWKH#DOFZLQGRZ\RXZLOOILQGWKHVWDWXVEDU
VKRZQLQ&LJXUH ZKHUH\RXFDQTXLFNO\REWDLQVRPHLQIRUPDWLRQ
RQWKHFXUUHQWVSUHDGVKHHW
&LJXUH7WDWXVEDULQIRUPDWLRQ
&URPOHIWWRULJKWWKHVWDWXVEDUGLVSOD\V
l 8KHFXUUHQWVKHHWDQGWKHWRWDOQXPEHURIVKHHWVLQWKH
VSUHDGVKHHW
l 8KHSDJHVW\OHLQXVHIRUWKHFXUUHQWVKHHW$RXEOH
FOLFNWRRSHQ
WKHGLDORJDQGPRGLI\WKHSDJHVW\OH
l 8KH]RRPOHYHO$RXEOH
FOLFNWRPRGLI\WKH]RRPOHYHO
l 7HOHFWLRQPRGH#OLFNWRWRJJOHEHWZHHQGHIDXOWPRGH78$
H[WHQGHGPRGH%<8 DQGLQFUHPHQWDOPRGH!$$
l -RGLILHGIODJ;KHQWKHGRFXPHQWKDVEHHQPRGLILHGDVWDULV
GLVSOD\HGLQWKLVDUHDRIWKHVWDWXVEDU
l $LJLWDOVLJQDWXUHIODJ)I\RXKDYHDGGHGDGLJLWDOVLJQDWXUHWRWKH
VSUHDGVKHHWDVPDOOSDGORFNLFRQLVGLVSOD\HGLQWKLVDUHD
$RXEOH
FOLFNWRGLJLWDOO\VLJQWKHVSUHDGVKHHW
l 7HOHFWHGFHOOVIXQFWLRQV"\GHIDXOWWKLVDUHDVKRZVWKHVXPRI
WKHYDOXHVFRQWDLQHGLQWKHVHOHFWHGFHOOV=RXFDQKRZHYHU
FKDQJHWKHIXQFWLRQXVHGE\ULJKW
FOLFNLQJRQWKHDUHD8KH
DYDLODEOHIXQFWLRQVDUH
q !YHUDJHDYHUDJHVWKHYDOXHVRIWKHVHOHFWLRQ
q #RXQW!FRXQWVWKHFHOOVLQWKHVHOHFWLRQZKLFKDUHQRWHPSW\
q #RXQWFRXQWVWKHFHOOVLQWKHVHOHFWLRQZLWKDQXPHULFYDOXH
q -D[LPXPGLVSOD\VWKHPD[LPXPYDOXHLQWKHVHOHFWLRQ
q -LQLPXPGLVSOD\VWKHPLQLPXPYDOXHLQWKHVHOHFWLRQ
q 7XPWKHVXPRIWKHYDOXHVLQWKHVHOHFWLRQ
q .RQH
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
(B/@B7<5<3EA>@3/2A633BA
!QHZVSUHDGVKHHWFDQEHRSHQHGIURPDQ\FRPSRQHQWRI//RIRU
H[DPSOHIURP;ULWHURU$UDZ
@=;B63;3<C0/@
#OLFN ?B;DQGWKHQVHOHFW(;M-FH;7:I>;;J
@=;B63B==:0/@
9VHWKH(;ME9KC;DJ EXWWRQRQWKH7WDQGDUGWRROEDU
8KLVEXWWRQLVDOZD\VDSDJHRIWH[WIURPWKHFXUUHQWFRPSRQHQW
ZLWKDEODFNDUURZWRWKHULJKW #OLFNWKHGURS
GRZQDUURZIRUD
FKRLFHRIZKDWW\SHRIGRFXPHQWWRRSHQWH[WGRFXPHQW
VSUHDGVKHHWDQGVRRQ #OLFNWKHEXWWRQLWVHOIWRFUHDWHDQHZ
GRFXPHQWRIWKHW\SHWKDWLVFXUUHQWO\RSHQLIDVSUHDGVKHHWLV
RSHQDQHZVSUHDGVKHHWGRFXPHQWZLOOEHFUHDWHG
@=;B6393G0=/@2
)I\RXDOUHDG\KDYHDVSUHDGVKHHWRSHQ\RXFDQSUHVV#RQWURO.
WRRSHQDQHZVSUHDGVKHHW
@=;/B3;>:/B3
#DOFGRFXPHQWVFDQDOVREHFUHDWHGIURPWHPSODWHVLI\RXKDYH
DQ\VSUHDGVKHHWWHPSODWHVDYDLODEOH&ROORZWKHDERYH
SURFHGXUHVEXWLQVWHDGRIVHOHFWLQJ7SUHDGVKHHWIURPWKH&LOH
PHQXVHOHFW.;CFB7J;I7D:E9KC;DJI/QWKH8HPSODWHVDQG
$RFXPHQWVZLQGRZQDYLJDWHWRWKHDSSURSULDWHIROGHUDQG
GRXEOH
FOLFNRQWKHUHTXLUHGWHPSODWH!QHZVSUHDGVKHHWEDVHG
RQWKHVHOHFWHGWHPSODWHRSHQV
$>3<7<53F7AB7<5A>@3/2A633BA
!QH[LVWLQJVSUHDGVKHHWFDQDOVREHRSHQHGIURPDQ\FRPSRQHQWRI
//R
@=;B63;3<C0/@
#OLFN ?B;DQGWKHQVHOHFW)F;D
@=;B63B==:0/@
#OLFNWKH)F;DEXWWRQ RQWKH7WDQGDUGWRROEDU
@=;B6393G0=/@2
9VHWKHNH\FRPELQDWLRQ#RQWURO/
%DFKRIWKHVHRSWLRQVGLVSOD\VWKH/SHQGLDORJZKHUH\RXFDQORFDWH
WKHVSUHDGVKHHWWKDW\RXZDQWWRRSHQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
=RXFDQDOVRRSHQDVSUHDGVKHHWWKDWKDVEHHQ
UHFHQWO\ZRUNHGRQXVLQJWKH6HFHQW$RFXPHQWVOLVW
)7> 8KLVOLVWFDQEHDFFHVVHGIURPWKH ?B;PHQXGLUHFWO\
EHORZ)F;D8KHOLVWGLVSOD\VWKHODVWILOHVWKDW
ZHUHRSHQHGLQDQ\RIWKH//RFRPSRQHQWV
(/D7<5A>@3/2A633BA
7SUHDGVKHHWVFDQEHVDYHGLQWKUHHZD\V
@=;B63;3<C0/@
#OLFN ?B;DQGWKHQVHOHFW-7L;
@=;B63B==:0/@
#OLFNRQWKH-7L;EXWWRQ RQWKH&XQFWLRQEDU)IWKHILOHKDV
EHHQVDYHGDQGQRVXEVHTXHQWFKDQJHVKDYHEHHQPDGHWKLV
EXWWRQLVJUD\HG
RXWDQGXQVHOHFWDEOH
@=;B6393G0=/@2
9VHWKHNH\FRPELQDWLRQ#RQWURO7
)IWKHVSUHDGVKHHWKDVQRWEHHQVDYHGSUHYLRXVO\WKHQHDFKRIWKHVH
DFWLRQVZLOORSHQWKH7DYH!VGLDORJ(HUH\RXFDQVSHFLI\WKH
VSUHDGVKHHWQDPHDQGWKHORFDWLRQLQZKLFKWRVDYHLW
)IWKHVSUHDGVKHHWKDVEHHQSUHYLRXVO\VDYHGWKHQ
VDYLQJZLOORYHUZULWHWKHH[LVWLQJFRS\ZLWKRXW
#=B3 RSHQLQJWKH7DYH!VGLDORJ)I\RXZDQWWRVDYHWKH
VSUHDGVKHHWLQDGLIIHUHQWORFDWLRQRUZLWKDGLIIHUHQW
QDPHWKHQVHOHFW ?B;-7L;I
#/D75/B7<5E7B67<A>@3/2A633BA
=7<5B=/>/@B71C:/@13::
-%)#.$!(*/-!
0ODFHWKHPRXVHSRLQWHURYHUWKHFHOODQGFOLFN
-%)#!'',!"!,!)!
#OLFNRQWKHOLWWOHLQYHUWHGEODFNWULDQJOHMXVWWRWKHULJKWRIWKH.DPH
ER[&LJXUH 8KHH[LVWLQJFHOOUHIHUHQFHZLOOEHKLJKOLJKWHG8\SH
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
WKHFHOOUHIHUHQFHRIWKHFHOO\RXZDQWWRJRWRDQGSUHVV%QWHU/U
MXVWFOLFNLQWRWKH.DPHER[EDFNVSDFHRYHUWKHH[LVWLQJFHOO
UHIHUHQFHDQGW\SHLQWKHFHOOUHIHUHQFH\RXZDQW
-%)#.$!0%#.*,
#OLFNRQWKH.DYLJDWRUEXWWRQ LQ
WKH7WDQGDUGWRROEDURUSUHVV& WR
GLVSOD\WKH.DYLJDWRU8\SHWKHFHOO
UHIHUHQFHLQWRWKHWRSWZRILHOGV
ODEHOHG#ROXPQDQG6RZDQGSUHVV
%QWHU)Q&LJXUHWKH.DYLJDWRU
ZRXOGVHOHFWFHOO'
"=D7<54@=;13::B=13::
)QWKHVSUHDGVKHHWRQHFHOORUD
JURXSRIFHOOVQRUPDOO\KDVDGDUNHU
EODFNERUGHU8KLVEODFNERUGHU
LQGLFDWHVZKHUHWKHIRFXVLVVHH
&LJXUH
-%)#.$!(*/-!
8RPRYHWKHIRFXVXVLQJWKHPRXVHVLPSO\PRYHWKHPRXVHSRLQWHUWR
WKHFHOOZKHUHWKHIRFXVVKRXOGEHDQGFOLFNWKHOHIWPRXVHEXWWRQ
8KLVFKDQJHVWKHIRFXVWRWKHQHZFHOO8KLVPHWKRGLVPRVWXVHIXO
ZKHQWKHWZRFHOOVDUHDODUJHGLVWDQFHDSDUW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
-%)#.$!) ).!,&!3-
l 0UHVVLQJ%QWHURU7KLIW%QWHUPRYHVWKHIRFXVGRZQRUXS
UHVSHFWLYHO\
l 0UHVVLQJ8DERU7KLIW8DEPRYHVWKHIRFXVULJKWRUOHIW
UHVSHFWLYHO\
/-.*(%4%)#.$!).!,&!3
=RXFDQFXVWRPL]HWKHGLUHFWLRQLQZKLFKWKH%QWHUNH\PRYHVWKH
IRFXVE\VHOHFWLQJ.EEBI)FJ?EDI)F;D)<<?9;
EH=7B9
!;D;H7B
&LJXUH#XVWRPL]LQJWKHHIIHFWRIWKH%QWHUNH\
8KHIRXUFKRLFHVIRUWKHGLUHFWLRQRIWKH%QWHUNH\DUHVKRZQRQWKH
ULJKWVLGHRI&LJXUH$HSHQGLQJRQWKHILOHEHLQJXVHGRURQWKH
W\SHRIGDWDEHLQJHQWHUHGGLIIHUHQWGLUHFWLRQVFDQEHXVHIXO
8KH%QWHUNH\FDQDOVREHXVHGWRVZLWFKLQWRDQGRXWRIHGLWLQJ
PRGH9VHWKHRSWLRQVXQGHU)QSXWVHWWLQJV LQ&LJXUHWRFKDQJH
WKH%QWHUNH\VHWWLQJV
-%)#.$!,,*1&!3-
0UHVVLQJWKHDUURZNH\VRQWKHNH\ERDUGPRYHVWKHIRFXVLQWKH
GLUHFWLRQRIWKHDUURZV
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
l #RPELQDWLRQVRI#RQWURODQG!OWZLWK(RPH%QG0DJH$RZQ
0DJH9SDQGWKHFXUVRUNH\VPRYHWKHIRFXVRIWKHFXUUHQWFHOOLQ
RWKHUZD\V
"=D7<54@=;A633BB=A633B
%DFKVKHHWLQDVSUHDGVKHHWLVLQGHSHQGHQWRIWKHRWKHUVWKRXJKWKH\
FDQEHOLQNHGZLWKUHIHUHQFHVIURPRQHVKHHWWRDQRWKHU8KHUHDUH
WKUHHZD\VWRQDYLJDWHEHWZHHQGLIIHUHQWVKHHWVLQDVSUHDGVKHHW
-%)#.$!&!3*,
0UHVVLQJ#RQWURO0J$QPRYHVRQHVKHHWWRWKHULJKWDQGSUHVVLQJ
#RQWURO0J9SPRYHVRQHVKHHWWRWKHOHIW
-%)#.$!(*/-!
#OLFNLQJRQHRIWKH7KHHW8DEVDWWKHERWWRPRIWKHVSUHDGVKHHW
VHOHFWVWKDWVKHHW
)I\RXKDYHDORWRIVKHHWVWKHQVRPHRIWKHVKHHWWDEVPD\EHKLGGHQ
EHKLQGWKHKRUL]RQWDOVFUROOEDUDWWKHERWWRPRIWKHVFUHHQ)IWKLVLV
WKHFDVHWKHQWKHIRXUEXWWRQVDWWKHOHIWRIWKHVKHHWWDEVFDQPRYH
WKHWDEVLQWRYLHZ&LJXUHVKRZVKRZWRGRWKLV
-RYHWRWKHILUVWVKHHW
-RYHOHIWRQHVKHHW
-RYHULJKWRQHVKHHW
-RYHWRWKHODVWVKHHW
7KHHWWDEV
&LJXUH7KHHWWDEDUURZV
.RWLFHWKDWWKHVKHHWVKHUHDUHQRWQXPEHUHGLQRUGHU7KHHW
QXPEHULQJLVDUELWUDU\r\RXFDQQDPHDVKHHWDV\RXZLVK
8KHVKHHWWDEDUURZVWKDWDSSHDULQ&LJXUHRQO\
#=B3 DSSHDULI\RXKDYHVRPHVKHHWWDEVWKDWFDQQRWEH
VHHQ/WKHUZLVHWKH\ZLOODSSHDUIDGHGDVLQ&LJXUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
(3:31B7<57B3;A7</A633B=@A>@3/2A633B
(3:31B7<513::A
#HOOVFDQEHVHOHFWHGLQDYDULHW\RIFRPELQDWLRQVDQGTXDQWLWLHV
%)#'!!''
,HIW
FOLFNLQWKHFHOO8KHUHVXOWZLOOORRNOLNHWKHOHIWVLGHRI&LJXUH
=RXFDQYHULI\\RXUVHOHFWLRQE\ORRNLQJLQWKH.DPHER[
)#!*"*).%#/*/-!''-
!UDQJHRIFHOOVFDQEHVHOHFWHGXVLQJWKHNH\ERDUGRUWKHPRXVH
8RVHOHFWDUDQJHRIFHOOVE\GUDJJLQJWKHPRXVH
#OLFNLQDFHOO
0UHVVDQGKROGGRZQWKHOHIWPRXVHEXWWRQ
-RYHWKHPRXVHDURXQGWKHVFUHHQ
/QFHWKHGHVLUHGEORFNRIFHOOVLVKLJKOLJKWHGUHOHDVHWKHOHIW
PRXVHEXWWRQ
8RVHOHFWDUDQJHRIFHOOVZLWKRXWGUDJJLQJWKHPRXVH
#OLFNLQWKHFHOOZKLFKLVWREHRQHFRUQHURIWKHUDQJHRIFHOOV
-RYHWKHPRXVHWRWKHRSSRVLWHFRUQHURIWKHUDQJHRIFHOOV
(ROGGRZQWKH7KLIWNH\DQGFOLFN
8RVHOHFWDUDQJHRIFHOOVZLWKRXWXVLQJWKHPRXVH
7HOHFWWKHFHOOWKDWZLOOEHRQHRIWKHFRUQHUVLQWKHUDQJHRI
FHOOV
;KLOHKROGLQJGRZQWKH7KLIWNH\XVHWKHFXUVRUDUURZVWRVHOHFW
WKHUHVWRIWKHUDQJH
8KHUHVXOWRIDQ\RIWKHVHPHWKRGVORRNVOLNHWKHULJKWVLGHRI&LJXUH
=RXFDQDOVRGLUHFWO\VHOHFWDUDQJHRIFHOOVXVLQJWKH
.DPHER[#OLFNLQWRWKH.DPHER[DVGHVFULEHGLQ
s9VLQJDFHOOUHIHUHQFHtRQSDJH8RVHOHFWD
UDQJHRIFHOOVHQWHUWKHFHOOUHIHUHQFHIRUWKHXSSHU
)7> OHIWKDQGFHOOIROORZHGE\DFRORQ DQGWKHQWKH
ORZHUULJKWKDQGFHOOUHIHUHQFH&RUH[DPSOHWRVHOHFW
WKHUDQJHWKDWZRXOGJRIURP!WR#\RXZRXOG
HQWHU!#
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
)#!*")*)*).%#/*/-!''-
7HOHFWWKHFHOORUUDQJHRIFHOOVXVLQJRQHRIWKHPHWKRGVDERYH
-RYHWKHPRXVHSRLQWHUWRWKHVWDUWRIWKHQH[WUDQJHRUVLQJOH
FHOO
(ROGGRZQWKH#RQWURONH\DQGFOLFNRUFOLFN
DQG
GUDJWRVHOHFWD
UDQJH
6HSHDWDVQHFHVVDU\
(3:31B7<51=:C;<A/<2@=EA
%QWLUHFROXPQVDQGURZVFDQEHVHOHFWHGYHU\TXLFNO\LQ//R
%)#'!*'/()*,,*1
8RVHOHFWDVLQJOHFROXPQFOLFNRQWKHFROXPQLGHQWLILHUOHWWHUVHH
&LJXUH
8RVHOHFWDVLQJOHURZFOLFNRQWKHURZLGHQWLILHUQXPEHU
/'.%+'!*'/()-*,,*1-
8RVHOHFWPXOWLSOHFROXPQVRUURZVWKDWDUHFRQWLJXRXV
#OLFNRQWKHILUVWFROXPQRUURZLQWKHJURXS
(ROGGRZQWKH7KLIWNH\
#OLFNWKHODVWFROXPQRUURZLQWKHJURXS
8RVHOHFWPXOWLSOHFROXPQVRUURZVWKDWDUHQRWFRQWLJXRXV
#OLFNRQWKHILUVWFROXPQRUURZLQWKHJURXS
(ROGGRZQWKH#RQWURONH\
#OLFNRQDOORIWKHVXEVHTXHQWFROXPQVRUURZVZKLOHKROGLQJ
GRZQWKH#RQWURONH\
).%,!-$!!.
8RVHOHFWWKHHQWLUHVKHHWFOLFNRQWKHVPDOOER[EHWZHHQWKH!
FROXPQKHDGHUDQGWKHURZKHDGHUVHH&LJXUH
7HOHFW!OO
&LJXUH7HOHFW!OOER[
=RXFDQDOVRXVHWKHNH\ERDUGWRVHOHFWWKHHQWLUHVKHHWE\SUHVVLQJ
#RQWURO!
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
(3:31B7<5A633BA
=RXFDQVHOHFWHLWKHURQHRUPXOWLSOHVKHHWV)WFDQEHDGYDQWDJHRXV
WRVHOHFWPXOWLSOHVKHHWVDWWLPHVZKHQ\RXZDQWWRPDNHFKDQJHVWR
PDQ\VKHHWVDWRQFH
%)#'!-$!!.
#OLFNRQWKHVKHHWWDEIRUWKHVKHHW\RXZDQWWRVHOHFW8KHDFWLYH
VKHHWEHFRPHVZKLWHVHH&LJXUH
/'.%+'!*).%#/*/--$!!.-
8RVHOHFWPXOWLSOHFRQWLJXRXVVKHHWV
#OLFNRQWKHVKHHWWDEIRUWKHILUVWVKHHW
-RYHWKHPRXVHSRLQWHURYHUWKHODVWVKHHWWDE
(ROGGRZQWKH7KLIWNH\DQGFOLFNRQWKHVKHHWWDE
!OOWKHWDEVEHWZHHQWKHVHWZRVKHHWVZLOOWXUQZKLWH!Q\DFWLRQV
WKDW\RXSHUIRUPZLOOQRZDIIHFWDOOKLJKOLJKWHGVKHHWV
/'.%+'!)*)*).%#/*/--$!!.-
8RVHOHFWPXOWLSOHQRQFRQWLJXRXVVKHHWV
#OLFNRQWKHVKHHWWDEIRUWKHILUVWVKHHW
-RYHWKHPRXVHSRLQWHURYHUWKHVHFRQGVKHHWWDE
(ROGGRZQWKH#RQWURONH\DQGFOLFNRQWKHVKHHWWDE
6HSHDWDVQHFHVVDU\
8KHVHOHFWHGWDEVZLOOWXUQZKLWH!Q\DFWLRQVWKDW\RXSHUIRUPZLOO
QRZDIIHFWDOOKLJKOLJKWHGVKHHWV
''-$!!.-
6LJKW
FOLFNRYHUDQ\RQHRIWKHVKHHWWDEVDQGVHOHFW-;B;9JBB
->;;JIIURPWKHSRS
XSPHQX
,=@97<5E7B61=:C;<A/<2@=EA
<A3@B7<51=:C;<A/<2@=EA
#ROXPQVDQGURZVFDQEHLQVHUWHGLQVHYHUDOGLIIHUHQWZD\DQG
TXDQWLWLHV
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
%)#'!*'/()*,,*1
!VLQJOHFROXPQRUURZFDQEHDGGHGXVLQJWKH#DI;HJPHQX
7HOHFWWKHFROXPQRUURZVZKHUH\RXZDQWWKHQHZFROXPQRU
URZLQVHUWHG
7HOHFWHLWKHU#DI;HJEBKCDIRU#DI;HJ,EMI
;KHQ\RXLQVHUWDVLQJOHQHZFROXPQLWLVLQVHUWHGWR
WKHOHIWRIWKHKLJKOLJKWHGFROXPQ;KHQ\RXLQVHUWD
#=B3 VLQJOHQHZURZLWLVLQVHUWHGDERYHWKHKLJKOLJKWHG
URZ
!VLQJOHFROXPQRUURZFDQDOVREHDGGHGXVLQJWKHPRXVH
7HOHFWWKHFROXPQRUURZVZKHUH\RXZDQWWKHQHZFROXPQRU
URZLQVHUWHG6LJKW
FOLFNWKHKHDGHU
7HOHFW#DI;HJ,EMIRU#DI;HJEBKCDI
/'.%+'!*'/()-*,,*1-
-XOWLSOHFROXPQVRUURZVFDQEHLQVHUWHGDWRQFHUDWKHUWKDQ
LQVHUWLQJWKHPRQHDWDWLPH
(LJKOLJKWWKHUHTXLUHGQXPEHURIFROXPQVRUURZVE\KROGLQJ
GRZQWKHOHIWPRXVHEXWWRQRQWKHILUVWRQHDQGWKHQGUDJJLQJ
DFURVVWKHUHTXLUHGQXPEHURILGHQWLILHUV
0URFHHGDVIRULQVHUWLQJDVLQJOHFROXPQRUURZDERYH
3:3B7<51=:C;<A/<2@=EA
#ROXPQVDQGURZVFDQEHGHOHWHGLQGLYLGXDOO\RULQJURXSV
%)#'!*'/()*,,*1
!VLQJOHFROXPQRUURZFDQRQO\EHGHOHWHGE\XVLQJWKHPRXVH
7HOHFWWKHFROXPQRUURZWREHGHOHWHG
6LJKW
FOLFNRQWKHFROXPQRUURZKHDGHU
7HOHFW;B;J;EBKCDIRU;B;J;,EMIIURPWKHSRS
XSPHQX
/'.%+'!*'/()-*,,*1-
-XOWLSOHFROXPQVRUURZVFDQEHGHOHWHGDWRQFHUDWKHUWKDQGHOHWLQJ
WKHPRQHDWDWLPH
(LJKOLJKWWKHUHTXLUHGQXPEHURIFROXPQVRUURZVE\KROGLQJ
GRZQWKHOHIWPRXVHEXWWRQRQWKHILUVWRQHDQGWKHQGUDJJLQJ
DFURVVWKHUHTXLUHGQXPEHURILGHQWLILHUV
0URFHHGDVIRUGHOHWLQJDVLQJOHFROXPQRUURZDERYH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
,=@97<5E7B6A633BA
,LNHDQ\RWKHU#DOFHOHPHQWVKHHWVFDQEHLQVHUWHGGHOHWHGDQG
UHQDPHG
<A3@B7<5<3EA633BA
8KHUHDUHPDQ\ZD\VWRLQVHUWDQHZVKHHW8KHILUVWVWHSIRUDOORI
WKHPHWKRGVLVWRVHOHFWWKHVKHHWVWKDWWKHQHZVKHHWZLOOEHLQVHUWHG
QH[WWR8KHQDQ\RIWKHIROORZLQJRSWLRQVFDQEHXVHG
l #OLFNRQWKH#DI;HJPHQXDQGVHOHFW->;;JRU
l 6LJKW
FOLFNRQLWVWDEDQGVHOHFW#DI;HJ->;;JRU
l #OLFNLQWRDQHPSW\VSDFHDWWKHHQGRIWKHOLQHRIVKHHWWDEVVHH
&LJXUH
&LJXUH#UHDWLQJDQHZVKHHW
%DFKPHWKRGZLOORSHQWKH)QVHUW7KHHWGLDORJ&LJXUH (HUH\RX
FDQVHOHFWZKHWKHUWKHQHZVKHHWLVWRJREHIRUHRUDIWHUWKHVHOHFWHG
VKHHWDQGKRZPDQ\VKHHWV\RXZDQWWRLQVHUW)I\RXDUHLQVHUWLQJ
RQO\RQHVKHHWWKHUHLVWKHRSSRUWXQLW\WRJLYHWKHVKHHWDQDPH
&LJXUH)QVHUW7KHHWGLDORJ
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
3:3B7<5A633BA
7KHHWVFDQEHGHOHWHGLQGLYLGXDOO\RULQJURXSV
(7<5:3A633B
6LJKW
FOLFNRQWKHWDERIWKHVKHHW\RXZDQWWRGHOHWHDQGVHOHFW
;B;J;->;;JIURPWKHSRS
XSPHQXRUFOLFN:?J->;;J
;B;J;
"C:B7>:3A633BA
8RGHOHWHPXOWLSOHVKHHWVVHOHFWWKHPDVGHVFULEHGHDUOLHUWKHQ
HLWKHUULJKW
FOLFNRYHURQHRIWKHWDEVDQGVHOHFW;B;J;->;;J
IURPWKHSRSXSPHQXRUFOLFN:?J->;;J;B;J;IURPWKH
PHQXEDU
'3</;7<5A633BA
8KHGHIDXOWQDPHIRUWKHDQHZVKHHWLVs7KHHW<tZKHUH<LVD
QXPEHU;KLOHWKLVZRUNVIRUDVPDOOVSUHDGVKHHWZLWKRQO\DIHZ
VKHHWVLWEHFRPHVDZNZDUGZKHQWKHUHDUHPDQ\VKHHWV
8RJLYHDVKHHWDPRUHPHDQLQJIXOQDPH\RXFDQ
l %QWHUWKHQDPHLQWKHQDPHER[ZKHQ\RXFUHDWHWKHVKHHWRU
l 6LJKW
FOLFNRQDVKHHWWDEDQGVHOHFW,;D7C;->;;JIURPWKH
SRS
XSPHQXDQGUHSODFHWKHH[LVWLQJQDPHZLWKDEHWWHURQH
7KHHWQDPHVFDQFRQWDLQDOPRVWDQ\FKDUDFWHUVZLWK
WKHH[FHSWLRQRIWKRVHFKDUDFWHUVQRWDOORZHGLQ-7
#=B3 %[FHO8KLVUHVWULFWLRQKDVEHHQDUWLILFLDOO\FUHDWHGIRU
FRPSDWLELOLW\UHDVRQV!WWHPSWLQJWRUHQDPHDVKHHW
ZLWKDQLQYDOLGQDPHZLOOSURGXFHDQHUURUPHVVDJH
+73E7<5/:1
*A7<5H==;
9VHWKH]RRPIXQFWLRQWRFKDQJHWKHYLHZWRVKRZPRUHRUIHZHU
FHOOVLQWKHZLQGRZ&RUPRUHDERXW]RRPVHH#KDSWHU)QWURGXFLQJ
//R
@33H7<5@=EA/<21=:C;<A
&UHH]LQJORFNVDQXPEHURIURZVDWWKHWRSRIDVSUHDGVKHHWRUD
QXPEHURIFROXPQVRQWKHOHIWRIDVSUHDGVKHHWRUERWK8KHQZKHQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
VFUROOLQJDURXQGZLWKLQWKHVKHHWDQ\IUR]HQFROXPQVDQGURZV
UHPDLQLQYLHZ
&LJXUHVKRZVVRPHIUR]HQURZVDQGFROXPQV
KHKHDYLHU
KRUL]RQWDOOLQHEHWZHHQURZVDQGDQGWKHKHDYLHUYHUWLFDOOLQH
EHWZHHQFROXPQV#DQG(GHQRWHWKHIUR]HQDUHDV6RZVWKURXJK
DQGFROXPQV$WKURXJK'KDYHEHHQVFUROOHGRIIWKHSDJH
"HFDXVHWKHILUVWWKUHHURZVDQGFROXPQVDUHIUR]HQLQWRSODFHWKH\
UHPDLQHG
&LJXUH&UR]HQURZVDQGFROXPQV
,!!4%)#-%)#'!,*1-*,*'/()-
#OLFNRQWKHKHDGHUIRUWKHURZEHORZZKHUH\RXZDQWWKHIUHH]H
RUIRUWKHFROXPQWRWKHULJKWRIZKHUH\RXZDQWWKHIUHH]H
7HOHFW1?D:EM H;;P;
!GDUNOLQHDSSHDUVLQGLFDWLQJZKHUHWKHIUHH]HLVSXW
,!!4%)#,*1) *'/()
#OLFNLQWRWKHFHOOWKDWLVLPPHGLDWHO\EHORZWKHURZ\RXZDQW
IUR]HQDQGLPPHGLDWHO\WRWKHULJKWRIWKHFROXPQ\RXZDQW
IUR]HQ
7HOHFW1?D:EM H;;P;
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
8ZROLQHVDSSHDURQWKHVFUHHQDKRUL]RQWDOOLQHDERYHWKLVFHOODQGD
YHUWLFDOOLQHWRWKHOHIWRIWKLVFHOO.RZDV\RXVFUROODURXQGWKH
VFUHHQHYHU\WKLQJDERYHDQGWRWKHOHIWRIWKHVHOLQHVZLOOUHPDLQLQ
YLHZ
)",!!4%)#
8RXQIUHH]HURZVRUFROXPQVVHOHFW1?D:EM H;;P;8KHFKHFN
PDUNE\ H;;P;ZLOOYDQLVK
(>:7BB7<5B63E7<2=E
!QRWKHUZD\WRFKDQJHWKHYLHZLVE\VSOLWWLQJWKHZLQGRZrDOVR
NQRZQDVVSOLWWLQJWKHVFUHHQ8KHVFUHHQFDQEHVSOLWHLWKHU
KRUL]RQWDOO\RUYHUWLFDOO\RUERWK8KLVDOORZV\RXWRKDYHXSWRIRXU
SRUWLRQVRIWKHVSUHDGVKHHWLQYLHZDWDQ\RQHWLPH
;K\ZRXOG\RXZDQWWRGRWKLV)PDJLQH\RXKDYHDODUJH
VSUHDGVKHHWDQGRQHRIWKHFHOOVKDVDQXPEHULQLWZKLFKLVXVHGE\
WKUHHIRUPXODVLQRWKHUFHOOV9VLQJWKHVSOLWVFUHHQWHFKQLTXH\RX
FDQSRVLWLRQWKHFHOOFRQWDLQLQJWKHQXPEHULQRQHVHFWLRQDQGHDFK
RIWKHFHOOVZLWKIRUPXODVLQWKHRWKHUVHFWLRQV8KHQ\RXFDQFKDQJH
WKHQXPEHULQWKHFHOODQGZDWFKKRZLWDIIHFWVHDFKRIWKHIRUPXODV
&LJXUH7SOLWVFUHHQH[DPSOH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
+'%..%)#.$!-,!!)$*,%4*).''3
8RVSOLWWKHVFUHHQKRUL]RQWDOO\
-RYHWKHPRXVHSRLQWHULQWRWKHYHUWLFDOVFUROOEDURQWKHULJKW
KDQGVLGHRIWKHVFUHHQDQGSODFHLWRYHUWKHVPDOOEXWWRQDWWKH
WRSZLWKWKHEODFNWULDQJOH
&LJXUH7SOLWVFUHHQEDURQYHUWLFDOVFUROOEDU
)PPHGLDWHO\DERYHWKLVEXWWRQ\RXZLOOVHHDWKLFNEODFNOLQH
&LJXUH -RYHWKHPRXVHSRLQWHURYHUWKLVOLQHDQGLWWXUQV
LQWRDOLQHZLWKWZRDUURZV&LJXUH
&LJXUH7SOLWVFUHHQEDURQ
YHUWLFDOVFUROOEDUZLWKFXUVRU
(ROGGRZQWKHOHIWPRXVHEXWWRQDQGDJUD\OLQHDSSHDUV
UXQQLQJDFURVVWKHSDJH$UDJWKHPRXVHGRZQZDUGVDQGWKLV
OLQHIROORZV
6HOHDVHWKHPRXVHEXWWRQDQGWKHVFUHHQVSOLWVLQWRWZRYLHZV
HDFKZLWKLWVRZQYHUWLFDOVFUROOEDU
.RWLFHLQ&LJXUHWKHu"HWDvDQGWKHu!vYDOXHVDUHLQWKHXSSHU
SDUWRIWKHZLQGRZDQGRWKHUFDOFXODWLRQVDUHLQWKHORZHUSDUW=RX
PD\VFUROOWKHXSSHUDQGORZHUSDUWVLQGHSHQGHQWO\8KXV\RXFDQ
PDNHFKDQJHVWRWKH"HWDDQG!YDOXHVDQGZDWFKWKHLUDIIHFWVRQ
WKHFDOFXODWLRQVLQWKHORZHUKDOIRIWKHZLQGRZ
=RXFDQDOVRVSOLWWKHZLQGRZYHUWLFDOO\DVGHVFULEHGEHORZrZLWKWKH
VDPHUHVXOWVEHLQJDEOHWRVFUROOERWKSDUWVRIWKHZLQGRZ
LQGHSHQGHQWO\;LWKERWKKRUL]RQWDODQGYHUWLFDOVSOLWV\RXKDYHIRXU
LQGHSHQGHQWZLQGRZVWRVFUROO
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
+'%..%)#.$!-,!!)0!,.%''3
8RVSOLWWKHVFUHHQYHUWLFDOO\
-RYHWKHPRXVHSRLQWHULQWRWKHKRUL]RQWDOVFUROOEDUDWWKH
ERWWRPRIWKHVFUHHQDQGSODFHLWRYHUWKHVPDOOEXWWRQRQWKH
ULJKWZLWKWKHEODFNWULDQJOH
&LJXUH7SOLWEDURQKRUL]RQWDOVFUROOEDU
)PPHGLDWHO\WRWKHULJKWRIWKLVEXWWRQLVDWKLFNEODFNOLQH
&LJXUH -RYHWKHPRXVHSRLQWHURYHUWKLVOLQHDQGLWWXUQV
LQWRDOLQHZLWKWZRDUURZV
(ROGGRZQWKHOHIWPRXVHEXWWRQDQGDJUD\OLQHDSSHDUV
UXQQLQJXSWKHSDJH$UDJWKHPRXVHWRWKHOHIWDQGWKLVOLQH
IROORZV
6HOHDVHWKHPRXVHEXWWRQDQGWKHVFUHHQLVVSOLWLQWRWZRYLHZV
HDFKZLWKLWVRZQKRUL]RQWDOVFUROOEDU
7SOLWWLQJWKHVFUHHQKRUL]RQWDOO\DQGYHUWLFDOO\DWWKH
#=B3 VDPHWLPHJLYHVIRXUYLHZVHDFKZLWKLWVRZQYHUWLFDO
DQGKRUL]RQWDOVFUROOEDUV
!(*0%)#-+'%.0%!1-
8RUHPRYHDVSOLWYLHZGRDQ\RIWKHIROORZLQJ
l $RXEOH
FOLFNRQHDFKVSOLWOLQH
l #OLFNRQDQGGUDJWKHVSOLWOLQHVEDFNWRWKHLUSODFHVDWWKHHQGVRI
WKHVFUROOEDUV
l 7HOHFW1?D:EM-FB?JWRUHPRYHDOOVSOLWOLQHVDWWKHVDPHWLPH
=RXFDQDOVRVSOLWWKHVFUHHQXVLQJDPHQXFRPPDQG
#OLFNLQDFHOOWKDWLVLPPHGLDWHO\EHORZDQG
)7> LPPHGLDWHO\WRWKHULJKWRIZKHUH\RXZLVKWKHVFUHHQ
WREHVSOLWDQGFKRRVH1?D:EM-FB?J
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
<B3@7<52/B/CA7<5B6393G0=/@2
-RVWGDWDHQWU\LQ#DOFFDQEHDFFRPSOLVKHGXVLQJWKHNH\ERDUG
<B3@7<5<C;03@A
#OLFNLQWKHFHOODQGW\SHLQWKHQXPEHUXVLQJWKHQXPEHUNH\VRQ
HLWKHUWKHPDLQNH\ERDUGRUWKHQXPHULFNH\SDG
8RHQWHUDQHJDWLYHQXPEHUHLWKHUW\SHDPLQXVq VLJQLQIURQWRILW
RUHQFORVHLWLQSDUHQWKHVHVEUDFNHWV OLNHWKLV
"\GHIDXOWQXPEHUVDUHULJKW
DOLJQHGDQGQHJDWLYHQXPEHUVKDYHD
OHDGLQJPLQXVV\PERO
<B3@7<5B3FB
#OLFNLQWKHFHOODQGW\SHWKHWH[W8H[WLVOHIW
DOLJQHGE\GHIDXOW
<B3@7<5<C;03@A/AB3FB
)IDQXPEHULVHQWHUHGLQWKHIRUPDW#DOFZLOOGURSWKHOHDGLQJ
%[FHSWLRQVHH8LSEHORZ 8RSUHVHUYHWKHOHDGLQJ]HURIRU
H[DPSOHIRUWHOHSKRQHDUHDFRGHVW\SHDQDSRVWURSKHEHIRUHWKH
QXPEHUOLNHWKLV
8KHGDWDLVQRZUHJDUGHGDVWH[WE\#DOF&RUPXODVDQGIXQFWLRQVZLOO
WUHDWWKHHQWU\OLNHDQ\RWKHUWH[WHQWU\ZKLFKW\SLFDOO\UHVXOWVLQLW
EHLQJD]HURLQDIRUPXODDQGEHLQJLJQRUHGLQDIXQFWLRQ
.XPEHUVFDQKDYHOHDGLQJ]HURVDQGEHUHJDUGHGDV
QXPEHUVDVRSSRVHGWRWH[W LIWKHFHOOLVIRUPDWHG
)7> DSSURSULDWHO\6LJKW
FOLFNRQWKHFHOODQGFKRVH
EHC7J;BBI(KC8;HI!GMXVWWKHOHDGLQJ]HURV
VHWWLQJWRDGGOHDGLQJ]HURVWRQXPEHUV
;KHQXVLQJDQDSRVWURSKHWRDOORZDOHDGLQJWREH
GLVSOD\HGWKHDSRVWURSKHLVQRWYLVLEOHLQWKHFHOO
DIWHUWKH%QWHUNH\LVSUHVVHGrLIWKHDSRVWURSKHLVD
SODLQDSRVWURSKHQRWDsVPDUWTXRWHtDSRVWURSKH )I
#=B3 sVPDUWTXRWHVtDUHVHOHFWHGIRUDSRVWURSKHVWKH
DSRVWURSKHUHPDLQVYLVLEOHLQWKHFHOO
8RFKRRVHWKHW\SHRIDSRVWURSKHXVH.EEBI
KJEEHH;9JKIJEC+KEJ;I8KHVHOHFWLRQRIWKH
DSRVWURSKHW\SHDIIHFWVERWK#DOFDQG;ULWHU
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
/CB7=< ;KHQDQXPEHULVIRUPDWWHGDVWH[WFDUHPXVWEH
WDNHQWKDWWKHFHOOFRQWDLQLQJWKHQXPEHULVQRWXVHG
LQDIRUPXODVLQFH#DOFZLOOLJQRUHWKHYDOXH
<B3@7<52/B3A/<2B7;3A
7HOHFWWKHFHOODQGW\SHWKHGDWHRUWLPH=RXFDQVHSDUDWHWKHGDWH
HOHPHQWVZLWKDVODQW RUDK\SKHQq RUXVHWH[WVXFKDV/FW
#DOFUHFRJQL]HVDYDULHW\RIGDWHIRUPDWV=RXFDQVHSDUDWHWLPH
HOHPHQWVZLWKFRORQVVXFKDV
(>3327<5C>2/B/3<B@G
%QWHULQJGDWDLQWRDVSUHDGVKHHWFDQEHYHU\ODERU
LQWHQVLYHEXW#DOF
SURYLGHVVHYHUDOWRROVIRUUHPRYLQJVRPHRIWKHGUXGJHU\IURPLQSXW
8KHPRVWEDVLFDELOLW\LVWRGURSDQGGUDJWKHFRQWHQWVRIRQHFHOOWR
DQRWKHUZLWKDPRXVH(RZHYHU#DOFDOVRLQFOXGHVVHYHUDORWKHUWRROV
IRUDXWRPDWLQJLQSXWHVSHFLDOO\RIUHSHWLWLYHPDWHULDO8KH\LQFOXGH
WKH&LOOWRROVHOHFWLRQOLVWVDQGWKHDELOLW\WRLQSXWLQIRUPDWLRQLQWR
PXOWLSOHVKHHWVRIWKHVDPHGRFXPHQW
*A7<5B637::B==:=<13::A
!WLWVVLPSOHVWWKH&LOOWRROLVDZD\WRGXSOLFDWHH[LVWLQJFRQWHQW
7WDUWE\VHOHFWLQJWKHFHOOWRFRS\WKHQGUDJWKHPRXVHLQDQ\
GLUHFWLRQRUKROGGRZQWKH7KLIWNH\DQGFOLFNLQWKHODVWFHOO\RX
ZDQWWRILOO DQGWKHQFKRRVH:?J ?BBDQGWKHGLUHFWLRQLQZKLFK
\RXZDQWWRFRS\9S$RZQ,HIWRU6LJKW
!VKRUWFXWZD\WRILOOFHOOVLVWRJUDEWKHsKDQGOHtLQ
)7> WKHORZHUULJKW
KDQGFRUQHURIWKHFHOODQGGUDJLWLQ
WKHGLUHFWLRQ\RXZDQWWRILOO
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
=RXFDQDOVRXVHWKHILOOWRROVHOHFWLQJVRPHH[LVWLQJVHULHVRIGDWD
WKDW\RXZDQWWRH[WHQG)IWKHLQWHUYDOEHWZHHQWKHYDOXHVLQWKH
VHOHFWHGFHOOVLVFRQVWDQW#DOFZLOOWU\WRJXHVVDQGILOOWKHVHOHFWLRQ
ZLWKYDOXHVWKDWFRQWLQXHWKHVHTXHQFH&RUH[DPSOHLI\RXVHOHFW
WKUHHFHOOVFRQWDLQLQJWKHYDOXHVDQGDQGILOOWKHVXEVHTXHQW
FHOO#DOFZLOOLQVHUWWKHYDOXH
-%)#"%''-!,%!-
!PRUHFRPSOH[XVHRIWKH&LOOWRROLVWRXVHDILOOVHULHV8KHGHIDXOW
OLVWVDUHIRUWKHIXOODQGDEEUHYLDWHGGD\VRIWKHZHHNDQGWKHPRQWKV
RIWKH\HDUEXW\RXFDQFUHDWH\RXURZQOLVWVDVZHOO
8RDGGDILOOVHULHVWRDVSUHDGVKHHWVHOHFWWKHFHOOVWRILOOFKRRVH
:?J ?BB-;H?;I)QWKH&LOO7HULHVGLDORJVHOHFWKJE ?BBDVWKH
7HULHVW\SHDQGHQWHUDVWKH7WDUWYDOXHDQLWHPIURPDQ\GHILQHG
VHULHV8KHVHOHFWHGFHOOVWKHQILOOLQWKHRWKHULWHPVRQWKHOLVW
VHTXHQWLDOO\UHSHDWLQJIURPWKHWRSRIWKHOLVWZKHQWKH\UHDFKWKH
HQGRIWKHOLVW
&LJXUH7SHFLI\LQJWKHVWDUWRIDILOOVHULHVUHVXOWLVLQ&LJ
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
=RXFDQDOVRXVH:?J ?BB
-;H?;IWRFUHDWHDRQH
WLPHILOO
VHULHVIRUQXPEHUVE\HQWHULQJWKH
VWDUWDQGHQGYDOXHVDQGWKH
LQFUHPHQW&RUH[DPSOHLI\RX
HQWHUHGVWDUWDQGHQGYDOXHVRI
DQGZLWKDQLQFUHPHQWRI\RX
ZRXOGJHWWKHVHTXHQFHRI
)QDOOWKHVHFDVHVWKH&LOOWRRO
FUHDWHVRQO\DPRPHQWDU\
FRQQHFWLRQEHWZHHQWKHFHOOV/QFH
WKH\DUHILOOHGWKHFHOOVKDYHQR
IXUWKHUFRQQHFWLRQZLWKRQH
DQRWKHU
!"%)%)#"%''-!,%!-
8RGHILQHDILOOVHULHVJRWR.EEBI)FJ?EDI)F;D)<<?9;
EH=
7B9-EHJ&?IJI8KLVGLDORJVKRZVWKHSUHYLRXVO\
GHILQHGVHULHVLQ
WKH,LVWVER[RQWKHOHIWDQGWKHFRQWHQWVRIWKHKLJKOLJKWHGOLVWLQWKH
%QWULHVER[
&LJXUH0UHGHILQHGILOOVHULHV
#OLFN(;M8KH%QWULHVER[LVFOHDUHG8\SHWKHVHULHVIRUWKHQHZOLVW
LQWKH%QWULHVER[RQHHQWU\SHUOLQH DQGWKHQFOLFN::
&LJXUH$HILQLQJDQHZILOOVHULHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
*A7<5A3:31B7=<:7ABA
7HOHFWLRQOLVWVDUHDYDLODEOHRQO\IRUWH[WDQG
DUHOLPLWHGWRXVLQJRQO\WH[WWKDWKDVDOUHDG\
EHHQHQWHUHGLQWKHVDPHFROXPQ
8RXVHDVHOHFWLRQOLVWVHOHFWDEODQNFHOODQG
SUHVV#WUO$ !GURS
GRZQOLVWDSSHDUVRIDQ\
FHOOLQWKHVDPHFROXPQWKDWHLWKHUKDVDWOHDVW
RQHWH[WFKDUDFWHURUZKRVHIRUPDWLVGHILQHGDV
8H[W#OLFNRQWKHHQWU\\RXUHTXLUH
(6/@7<51=<B3<B03BE33<A633BA
=RXPLJKWZDQWWRHQWHUWKHVDPHLQIRUPDWLRQLQ
WKHVDPHFHOORQPXOWLSOHVKHHWVIRUH[DPSOHWR
VHWXSVWDQGDUGOLVWLQJVIRUDJURXSRI
LQGLYLGXDOVRURUJDQL]DWLRQV)QVWHDGRIHQWHULQJ
WKHOLVWRQHDFKVKHHWLQGLYLGXDOO\\RXFDQHQWHULWLQDOOWKHVKHHWVDW
RQFH8RGRWKLVVHOHFWDOOWKHVKHHWVWKHQHQWHUWKHLQIRUPDWLRQLQ
WKHFXUUHQWRQH
8KLVWHFKQLTXHRYHUZULWHVDQ\LQIRUPDWLRQWKDWLV
/CB7=< DOUHDG\LQWKHFHOOVRQWKHRWKHUVKHHWVrZLWKRXWDQ\
ZDUQLQJ&RUWKLVUHDVRQZKHQ\RXDUHILQLVKHGEH
VXUHWRGHVHOHFWDOOWKHWDEVVRWKDWHDFKVKHHWFDQEH
HGLWHGZLWKRXWDIIHFWLQJDQ\RWKHUV
27B7<52/B/
%GLWLQJGDWDLVGRQHLVLQPXFKWKHVDPHZD\DVLWLVHQWHUHG8KH
ILUVWVWHSLVVHOHFWLQJWKHFHOOFRQWDLQLQJWKHGDWDWREHHGLWHG
'3;=D7<52/B/4@=;/13::
$DWDFDQEHUHPRYHGGHOHWHG IURPDFHOOLQVHYHUDOZD\V
!(*0%)# .*)'3
8KHGDWDDORQHFDQEHUHPRYHGIURPDFHOOZLWKRXWUHPRYLQJDQ\RI
WKHIRUPDWWLQJRIWKHFHOO#OLFNLQWKHFHOOWRVHOHFWLWDQGWKHQSUHVV
WKH"DFNVSDFHNH\
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
!(*0%)# .) "*,(..%)#
8KHGDWDDQGWKHIRUPDWWLQJFDQEHUHPRYHGIURPDFHOODWWKHVDPH
WLPH0UHVVWKH$HOHWHNH\RUULJKW
FOLFNDQGFKRRVH;B;J;
EDJ;DJIRUXVH:?J;B;J;EDJ;DJI WRRSHQWKH;B;J;
EDJ;DJIGLDORJ&LJXUH &URPWKLVGLDORJWKHGLIIHUHQWDVSHFWV
RIWKHFHOOFDQEHGHOHWHG8RGHOHWHHYHU\WKLQJLQDFHOOFRQWHQWVDQG
IRUPDW FKHFN;B;J;7BB
&LJXUH$HOHWH#RQWHQWVGLDORJ
'3>:/17<5/::B632/B/7</13::
8RUHPRYHGDWDDQGLQVHUWQHZGDWDVLPSO\W\SHRYHUWKHROGGDWD
8KHQHZGDWDZLOOUHWDLQWKHRULJLQDOIRUPDWWLQJ
6/<57<5>/@B=4B632/B/7</13::
7RPHWLPHVLWLVQHFHVVDU\WRFKDQJHWKHFRQWHQWVRIFHOOZLWKRXW
UHPRYLQJDOORIWKHFRQWHQWVIRUH[DPSOHLIWKHSKUDVHs7HH$LFNUXQt
LVLQDFHOODQGLWQHHGVWREHFKDQJHGWRs7HH$LFNUXQIDVWt)WLV
RIWHQXVHIXOWRGRWKLVZLWKRXWGHOHWLQJWKHROGFHOOFRQWHQWVILUVW
8KHSURFHVVLVWKHVLPLODUWRWKHRQHGHVFULEHGDERYHEXW\RXQHHGWR
SODFHWKHFXUVRULQVLGHWKHFHOO=RXFDQGRWKLVLQWZRZD\V
-%)#.$!&!3*,
!IWHUVHOHFWLQJWKHDSSURSULDWHFHOOSUHVVWKH& NH\DQGWKHFXUVRU
LVSODFHGDWWKHHQGRIWKHFHOO8KHQXVHWKHNH\ERDUGDUURZNH\VWR
PRYHWKHFXUVRUWKURXJKWKHWH[WLQWKHFHOO
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
-%)#.$!(*/-!
9VLQJWKHPRXVHHLWKHUGRXEOH
FOLFNRQWKHDSSURSULDWHFHOOWRVHOHFW
LWDQGSODFHWKHFXUVRULQLWIRUHGLWLQJ RUVLQJOH
FOLFNWRVHOHFWWKH
FHOODQGWKHQPRYHWKHPRXVHSRLQWHUXSWRWKHLQSXWOLQHDQGFOLFN
LQWRLWWRSODFHWKHFXUVRUIRUHGLWLQJ
=@;/BB7<52/B/
8KHGDWDLQ#DOFFDQEHIRUPDWWLQJLQVHYHUDOZD\V)WFDQHLWKHUEH
HGLWHGDVSDUWRIDFHOOVW\OHVRWKDWLWLVDXWRPDWLFDOO\DSSOLHGRULW
FDQEHDSSOLHGPDQXDOO\WRWKHFHOO7RPHPDQXDOIRUPDWWLQJFDQEH
DSSOLHGXVLQJWRROEDULFRQV&RUPRUHFRQWURODQGH[WUDRSWLRQV
VHOHFWWKHDSSURSULDWHFHOORUFHOOVULJKW
FOLFNRQLWDQGVHOHFW
EHC7J;BBI!OORIWKHIRUPDWRSWLRQVDUHGLVFXVVHGEHORZ
!OOWKHVHWWLQJVGLVFXVVHGLQWKLVVHFWLRQFDQDOVREH
VHWDVDSDUWRIWKHVW\OHXVLQJWKH7W\OHVDQG
#=B3 &RUPDWWLQJZLQGRZ7HH#KDSWHU9VLQJ7W\OHVLQ
#DOF LQWKH#DOF'XLGHIRUPRUHLQIRUPDWLRQ
=@;/BB7<5;C:B7>:3:7<3A=4B3FB
-XOWLSOHOLQHVRIWH[WFDQEHHQWHUHGLQWRDVLQJOHFHOOXVLQJDXWRPDWLF
ZUDSSLQJRUPDQXDOOLQHEUHDNV%DFKPHWKRGLVXVHIXOIRUGLIIHUHQW
VLWXDWLRQV
-%)#/.*(.%1,++%)#
8RVHWWH[WWRZUDSDWWKHHQGRIWKHFHOOULJKW
FOLFNRQWKHFHOODQG
VHOHFW EHC7J;BBIRUFKRRVH EHC7J;BBIIURPWKHPHQXEDU
RUSUHVV#WUO /QWKH!OLJQPHQWWDE&LJXUH XQGHU
0URSHUWLHVVHOHFW1H7FJ;NJ7KJEC7J?97BBO8KHUHVXOWVDUHVKRZQ
LQ&LJXUH
&LJXUH!XWRPDWLFWH[WZUDS
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
&LJXUH&RUPDW#HOOV!OLJQPHQWGLDORJ
-%)#()/''%)!,!&-
8RLQVHUWDPDQXDOOLQHEUHDNZKLOHW\SLQJLQDFHOOSUHVV#WUO%QWHU
8KLVPHWKRGGRHVQRWZRUNZLWKWKHFXUVRULQWKHLQSXWOLQH;KHQ
HGLWLQJWH[WILUVWGRXEOH
FOLFNWKHFHOOWKHQVLQJOH
FOLFNDWWKHSRVLWLRQ
ZKHUH\RXZDQWWKHOLQHEUHDN
;KHQDPDQXDOOLQHEUHDNLVHQWHUHGWKHFHOOZLGWKGRHVQRWFKDQJH
&LJXUHVKRZVWKHUHVXOWVRIXVLQJWZRPDQXDOOLQHEUHDNVDIWHU
WKHILUVWOLQHRIWH[W
&LJXUH#HOOZLWKPDQXDOOLQHEUHDNV
(6@7<97<5B3FBB=47BB6313::
8KHIRQWVL]HRIWKHGDWDLQDFHOOFDQDXWRPDWLFDOO\DGMXVWWRILWLQD
FHOO8RGRWKLVVHOHFWWKH->H?DAJE<?J9;BBI?P;RSWLRQLQWKH
&RUPDW#HOOVGLDORJ&LJXUH &LJXUH&LJXUHVKRZVWKH
UHVXOWV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH7KULQNLQJIRQWVL]HWRILWFHOOV
=@;/BB7<5<C;03@A
7HYHUDOQXPEHUIRUPDWVFDQEHDSSOLHGWRFHOOVE\XVLQJLFRQVRQWKH
&RUPDWWLQJWRROEDU7HOHFWWKHFHOOWKHQFOLFNWKHUHOHYDQWLFRQ
&RUPRUHFRQWURORUWRVHOHFWRWKHUQXPEHUIRUPDWVXVHWKH.XPEHUV
WDE&LJXUH
l !SSO\DQ\RIWKHGDWDW\SHVLQWKH#DWHJRU\OLVWWRWKHGDWD
l #RQWUROWKHQXPEHURIGHFLPDOSODFHVDQGOHDGLQJ]HURV
l %QWHUDFXVWRPIRUPDWFRGH
8KH,DQJXDJHVHWWLQJFRQWUROVWKHORFDOVHWWLQJVIRUWKHGLIIHUHQW
IRUPDWVVXFKDVWKHGDWHRUGHUDQGWKHFXUUHQF\PDUNHU
&LJXUH&RUPDW#HOOV.XPEHUV
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
=@;/BB7<5B634=<B
8RTXLFNO\FKRRVHWKHIRQWXVHGLQDFHOOVHOHFWWKHFHOOWKHQFOLFNWKH
DUURZQH[WWRWKH&RQW.DPHER[RQWKH&RUPDWWLQJWRROEDUDQG
FKRRVHDIRQWIURPWKHOLVW
8RFKRRVHZKHWKHUWRVKRZWKHIRQWQDPHVLQWKHLU
IRQWRULQSODLQWH[WJRWR.EEBI)FJ?EDI
)F;D)<<?9;
EH=0?;MDQGVHOHFWRUGHVHOHFWWKH
)7> 7KRZSUHYLHZRIIRQWVRSWLRQLQWKH&RQW,LVWVVHFWLRQ
&RUPRUHLQIRUPDWLRQVHH!SSHQGL[$7HWWLQJ9SDQG
#XVWRPL]LQJ#DOF RIWKH#DOF'XLGH
%IIHFWVWDEWRVHWRWKHUIRQWFKDUDFWHULVWLFV7HH#KDSWHURIWKH
#DOF'XLGHIRUPRUHLQIRUPDWLRQ
=@;/BB7<5B6313::0=@23@A
8RTXLFNO\FKRRVHDOLQHVW\OHDQGFRORUIRUWKHERUGHUVRIDFHOOFOLFN
WKHVPDOODUURZVQH[WWRWKH,LQH7W\OHDQG,LQH#RORULFRQVRQWKH
&RUPDWWLQJWRROEDU)QHDFKFDVHDSDOHWWHRIFKRLFHVLVGLVSOD\HG
8KHFHOOERUGHUSURSHUWLHVDSSO\WRDFHOODQGFDQ
RQO\EHFKDQJHGLI\RXDUHHGLWLQJWKDWFHOO&RU
H[DPSOHLIFHOO#KDVDWRSERUGHUZKLFKZRXOGEH
#=B3 HTXLYDOHQWYLVXDOO\WRDERWWRPERUGHURQ# WKDW
ERUGHUFDQRQO\EHUHPRYHGE\VHOHFWLQJ#)WFDQQRW
EHUHPRYHGLQ#
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
%'#%'%$)'%"!$"*!$) (&!$)+$) ""%''($
) ),)*() "RUGHUV)%) %'#)""(!"% '-%*$
"(%!$( %+ &)'%) #DOF'XLGH%')!"(
=@;/BB7<5B6313::0/195@=C<2
8RTXLFNO\FKRRVHDEDFNJURXQGFRORUIRUDFHOOFOLFNWKHVPDOODUURZ
QH[WWRWKH"DFNJURXQG#RORULFRQRQWKH&RUPDWWLQJWRROEDU!
SDOHWWHRIFRORUFKRLFHVVLPLODUWRWKH&RQW#RORUSDOHWWHLV
GLVSOD\HG
8RGHILQHFXVWRPFRORUVXVH.EEBI)FJ?EDI)F;D)<<?9;
EH=
EBEHI7HH!SSHQGL[$IRUPRUHLQIRUPDWLRQ
=RXFDQDOVRXVHWKH"DFNJURXQGWDERIWKH&RUPDW#HOOVGLDORJ7HH
#KDSWHURIWKH#DOF'XLGHIRUGHWDLOV
CB=4=@;/BB7<513::A/<2A633BA
=RXFDQXVHWKH!XWR&RUPDWIHDWXUHWRTXLFNO\DSSO\DVHWRIFHOO
IRUPDWVWRDVKHHWRUDVHOHFWHGFHOOUDQJH
7HOHFWWKHFHOOVLQFOXGLQJWKHFROXPQDQGURZKHDGHUVWKDW\RX
ZDQWWRIRUPDW
#KRRVH EHC7JKJE EHC7J
&LJXUH#KRRVLQJDQ!XWR&RUPDW
8RVHOHFWZKLFKSURSHUWLHVQXPEHUIRUPDWIRQWDOLJQPHQW
ERUGHUVSDWWHUQDXWRILWZLGWKDQGKHLJKW WRLQFOXGHLQDQ
!XWR&RUPDWFOLFN'EH;7HOHFWRUGHVHOHFWWKHUHTXLUHGRSWLRQV
#OLFN)%
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
)I\RXGRQRWVHHDQ\FKDQJHLQFRORURIWKHFHOOFRQWHQWVFKRRVH
0?;M07BK;"?=>B?=>J?D=IURPWKHPHQXEDU
347<7<5/<3ECB==@;/B
=RXFDQGHILQHDQHZ!XWR&RUPDWWKDWLVDYDLODEOHWRDOOVSUHDGVKHHWV
&RUPDWDVKHHW
#KRRVH:?J-;B;9JBB
#KRRVH EHC7JKJE EHC7J8KH::EXWWRQLVQRZDFWLYH
#OLFN::
)QWKH.DPHER[RIWKH!GG!XWR&RUPDWGLDORJW\SHD
PHDQLQJIXOQDPHIRUWKHQHZIRUPDW
#OLFN)%WRVDYH8KHQHZIRUPDWLVQRZDYDLODEOHLQWKH&RUPDW
OLVWLQWKH!XWR&RUPDWGLDORJ
=@;/BB7<5A>@3/2A633BACA7<5B63;3A
#DOFFRPHVZLWKDSUHGHILQHGVHWRIIRUPDWWLQJWKHPHVWKDW\RXFDQ
DSSO\WR\RXUVSUHDGVKHHWV
)WLVQRWSRVVLEOHWRDGGWKHPHVWR#DOFDQGWKH\FDQQRWEHPRGLILHG
(RZHYHU\RXFDQPRGLI\WKHLUVW\OHVDIWHU\RXDSSO\WKHPWRD
VSUHDGVKHHW
8RDSSO\DWKHPHWRDVSUHDGVKHHW
#OLFNWKH>EEI;.>;C;ILFRQLQWKH8RROVWRROEDU)IWKLV
WRROEDULVQRWYLVLEOH\RXFDQVKRZLWXVLQJ0?;M.EEB87HI
.EEBI
8KH8KHPH7HOHFWLRQGLDORJDSSHDUV8KLVGLDORJOLVWVWKH
DYDLODEOHWKHPHVIRUWKHZKROHVSUHDGVKHHWDQGWKH7W\OHVDQG
&RUPDWWLQJZLQGRZOLVWVWKHFXVWRPVW\OHVIRUVSHFLILFFHOOV
)QWKH8KHPH7HOHFWLRQGLDORJVHOHFWWKHWKHPHWKDW\RXZDQWWR
DSSO\WRWKHVSUHDGVKHHW
!VVRRQDV\RXVHOHFWDWKHPHVRPHRIWKHSURSHUWLHVRIWKH
FXVWRPVW\OHVDUHDSSOLHGWRWKHRSHQVSUHDGVKHHWDQGDUH
LPPHGLDWHO\YLVLEOH
#OLFN)%
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
727<5/<2A6=E7<52/B/
;KHQHOHPHQWVDUHKLGGHQWKH\DUHQHLWKHUYLVLEOHQRUSULQWHGEXW
FDQVWLOOEHVHOHFWHGIRUFRS\LQJLI\RXVHOHFWWKHHOHPHQWVDURXQG
WKHP&RUH[DPSOHLIFROXPQ"LVKLGGHQLWLVFRSLHGZKHQ\RXVHOHFW
FROXPQV!DQG#;KHQ\RXQHHGDKLGGHQHOHPHQWDJDLQ\RXFDQ
UHYHUVHWKHSURFHVVDQGVKRZWKHHOHPHQW
8RKLGHRUVKRZVKHHWVURZVDQGFROXPQVXVHWKHRSWLRQVRQWKH
&RUPDWPHQXRUWKHULJKW
FOLFNFRQWH[W PHQX&RUH[DPSOHWRKLGHD
URZILUVWVHOHFWWKHURZDQGWKHQFKRRVH EHC7J,EM"?:;RU
ULJKW
FOLFNDQGFKRRVH"?:;
8RKLGHRUVKRZVHOHFWHGFHOOVFKRRVH EHC7J;BBIIURPWKH
PHQXEDURUULJKW
FOLFNDQGFKRRVH EHC7J;BBI /QWKH&RUPDW
#HOOVGLDORJJRWRWKH#HOO0URWHFWLRQWDE
&LJXUH(LGLQJRUVKRZLQJFHOOV
$CB:7<35@=C>1=<B@=:A
)I\RXDUHFRQWLQXDOO\KLGLQJDQGVKRZLQJWKHVDPHFHOOV\RXFDQ
VLPSOLI\WKHSURFHVVE\FUHDWLQJRXWOLQHJURXSVZKLFKDGGDVHWRI
FRQWUROVIRUKLGLQJDQGVKRZLQJWKHFHOOVLQWKHJURXSWKDWDUHTXLFN
WRXVHDQGDOZD\VDYDLODEOH
)IWKHFRQWHQWVRIFHOOVIDOOVLQWRDUHJXODUSDWWHUQVXFKDVIRXUFHOOV
IROORZHGE\DWRWDOWKHQ\RXFDQXVH7J7!HEKF7D:)KJB?D;
KJE)KJB?D;WRKDYH#DOFDGGRXWOLQHFRQWUROVEDVHGRQWKHSDWWHUQ
/WKHUZLVH\RXFDQVHWRXWOLQHJURXSVPDQXDOO\E\VHOHFWLQJWKHFHOOV
IRUJURXSLQJWKHQFKRRVLQJ7J7!HEKF7D:)KJB?D;!HEKF
/QWKH'URXSGLDORJ\RXFDQFKRRVHZKHWKHUWRJURXSWKHVHOHFWHG
FHOOVE\URZVRUFROXPQV
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
;KHQ\RXFORVHWKHGLDORJWKHRXWOLQHJURXSFRQWUROVDUHYLVLEOH
EHWZHHQHLWKHUWKHURZRUFROXPQKHDGHUVDQGWKHHGJHVRIWKH
HGLWLQJZLQGRZ8KHFRQWUROVUHVHPEOHWKHWUHH
VWUXFWXUHRIDILOH
PDQDJHULQDSSHDUDQFHDQGFDQEHKLGGHQE\VHOHFWLQJ7J7
)KJB?D;"?:;;J7?BI8KH\DUHVWULFWO\IRURQVFUHHQXVHDQGGR
QRWSULQW
8KHEDVLFRXWOLQHFRQWUROVKDYHSOXVRUPLQXVVLJQVDWWKHVWDUWRIWKH
JURXSWRVKRZRUKLGHKLGGHQFHOOV(RZHYHULIRQHRUPRUHRXWOLQH
JURXSLVQHVWHGLQDQRWKHUWKHFRQWUROVKDYHQXPEHUHGEXWWRQVIRU
KLGLQJGLIIHUHQWOHYHOVRIJURXS
)I\RXQRORQJHUQHHGDJURXSSODFHWKHPRXVHFXUVRULQDQ\FHOOLQLW
DQGVHOHFW7J7!HEKF7D:)KJB?D;/D=HEKF8RUHPRYHDOO
JURXSVRQDVKHHWVHOHFW7J7!HEKF7D:)KJB?D;,;CEL;
7:B3@7<5E671613::A/@3D7A70:3
!ILOWHULVDOLVWRIFRQGLWLRQVWKDWHDFKHQWU\KDVWRPHHWLQRUGHUWR
EHGLVSOD\HG=RXFDQVHWWKUHHW\SHVRIILOWHUVIURPWKH7J7 ?BJ;H
VXE
PHQX
KJEC7J?9<?BJ;HIDGGDGURS
GRZQOLVWWRWKHWRSURZRIDFROXPQ
WKDWFRQWDLQVFRPPRQO\XVHGILOWHUV8KH\DUHTXLFNDQGFRQYHQLHQW
DQGEHFDXVHWKHFRQGLWLRQLQFOXGHVHYHU\XQLTXHHQWU\LQWKH
VHOHFWHGFHOOVDUHDOPRVWDVXVHIXOZLWKWH[WDVZLWKQXPEHUV
)QDGGLWLRQWRHDFKXQLTXHHQWU\DXWRPDWLFILOWHUVLQFOXGHWKHRSWLRQ
WRGLVSOD\DOOHQWULHVWKHWHQKLJKHVWQXPHULFDOYDOXHVDQGDOOFHOOV
WKDWDUHHPSW\RUQRW
HPSW\DVZHOODVDVWDQGDUGILOWHU8KHLU
GUDZEDFNLVWKDWWKH\DUHVRPHZKDWOLPLWHG)QSDUWLFXODUWKH\GRQRW
DOORZUHJXODUH[SUHVVLRQVVR\RXFDQQRWGLVSOD\FRQWHQWVWKDWDUH
VLPLODUEXWQRWLGHQWLFDOE\XVLQJDXWRPDWLFILOWHUV
-J7D:7H:<?BJ;HIDUHPRUHFRPSOH[WKDQDXWRPDWLFILOWHUV=RXFDQ
VHWDVPDQ\DVWKUHHFRQGLWLRQVDVDILOWHUFRPELQLQJWKHPZLWKWKH
RSHUDWRUV!.$DQG/67WDQGDUGILOWHUVDUHPRVWO\XVHIXOIRU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
QXPEHUVDOWKRXJKDIHZRIWKHFRQGLWLRQDORSHUDWRUVVXFKDVDQG
FDQDOVREHXVHIXOIRUWH[W
/WKHUFRQGLWLRQDORSHUDWRUVIRUVWDQGDUGILOWHUVLQFOXGHRSWLRQVWR
GLVSOD\WKHODUJHVWRUVPDOOHVWYDOXHVRUDSHUFHQWDJHRIWKHP9VHIXO
LQWKHPVHOYHVVWDQGDUGILOWHUVWDNHRQDGGHGYDOXHZKHQXVHGWR
IXUWKHUUHILQHDXWRPDWLFILOWHUV
:L7D9;:<?BJ;HIDUHVWUXFWXUHGVLPLODUO\WRVWDQGDUGILOWHUV8KH
GLIIHUHQFHVDUHWKDWDGYDQFHGILOWHUVDUHQRWOLPLWHGWRWKUHH
FRQGLWLRQVDQGWKHLUFULWHULDDUHQRWHQWHUHGLQDGLDORJ)QVWHDG
DGYDQFHGILOWHUVDUHHQWHUHGLQDEODQNDUHDRIDVKHHWWKHQ
UHIHUHQFHGE\WKHDGYDQFHGILOWHUWRROWRDSSO\WKHP
(=@B7<5@31=@2A
7RUWLQJDUUDQJHVWKHYLVLEOHFHOOVRQWKHVKHHW)Q#DOF\RXFDQVRUW
E\XSWRWKUHHFULWHULDZLWKHDFKFULWHULRQDSSOLHGRQHDIWHUWKHRWKHU
7RUWVDUHKDQG\ZKHQ\RXDUHVHDUFKLQJIRUDSDUWLFXODULWHPDQG
EHFRPHHYHQPRUHSRZHUIXODIWHU\RXKDYHILOWHUHGGDWD
)QDGGLWLRQVRUWLQJLVRIWHQXVHIXOZKHQ\RXDGGQHZLQIRUPDWLRQ
;KHQDOLVWLVORQJLWLVXVXDOO\HDVLHUWRDGGQHZLQIRUPDWLRQDWWKH
ERWWRPRIWKHVKHHWUDWKHUWKDQDGGLQJURZVLQWKHSURSHUSODFHV
!IWHU\RXKDYHDGGHGLQIRUPDWLRQ\RXFDQWKHQVRUWLWWRXSGDWHWKH
VKHHW
=RXFDQVRUWE\KLJKOLJKWLQJWKHFHOOVWREHVRUWHGWKHQVHOHFWLQJ
7J7-EHJ8KHVHOHFWHGFHOOVFDQEHVRUWHGE\WKHRUGHURI
LQIRUPDWLRQLQXSWRWKUHHFROXPQVRUURZVLQHLWKHUDVFHQGLQJ!
>
RUGHVFHQGLQJ>
!
RUGHU
/QWKH/SWLRQVWDERIWKH7RUWGLDORJ\RXFDQFKRRVHWKHIROORZLQJ
RSWLRQV
/A3A3<A7B7D3
)IWZRHQWULHVDUHRWKHUZLVHLGHQWLFDORQHZLWKDQXSSHUFDVH
OHWWHULVSODFHGEHIRUHRQHZLWKDORZHUFDVHOHWWHULQWKHVDPH
SRVLWLRQ
'/<531=<B/7<A1=:C;<:/03:A
$RHVQRWLQFOXGHWKHFROXPQKHDGLQJLQWKHVRUW
<1:C234=@;/BA
!FHOOVIRUPDWWLQJLVPRYHGZLWKLWVFRQWHQWV)IIRUPDWWLQJLV
XVHGWRGLVWLQJXLVKGLIIHUHQWW\SHVRIFHOOVWKHQXVHWKLVRSWLRQ
=>GA=@B@3AC:BAB=
7HWVDVSUHDGVKHHWDGGUHVVWRZKLFKWRFRS\WKHVRUWUHVXOWV)ID
UDQJHLVVSHFLILHGWKDWGRHVQRWKDYHWKHQHFHVVDU\QXPEHURI
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
FHOOVWKHQFHOOVDUHDGGHG)IDUDQJHFRQWDLQVFHOOVWKDWDOUHDG\
KDYHFRQWHQWWKHQWKHVRUWIDLOV
CAB=;A=@B=@23@
7HOHFWWKHER[WKHQFKRRVHRQHRIWKHVRUWRUGHUVGHILQHGLQ
.EEBI)FJ?EDI-FH;7:I>;;J-EHJ&?IJIIURPWKHGURS
GRZQOLVW
7@31B7=<
7HWVZKHWKHUURZVRUFROXPQVDUHVRUWHG8KHGHIDXOWLVWRVRUWE\
FROXPQVXQOHVVWKHVHOHFWHGFHOOVDUHLQDVLQJOHFROXPQ
%@7<B7<5
0ULQWLQJIURP#DOFLVWKHVDPHDVSULQWLQJIURPRWKHU//R
FRPSRQHQWVVHH#KDSWHU EXWVRPHGHWDLOVDUHGLIIHUHQW
HVSHFLDOO\UHJDUGLQJSUHSDUDWLRQIRUSULQWLQJ
8KH0ULQWGLDORJ&LJXUH UHDFKHGIURP ?B;*H?DJKDVVRPH
#DOF
VSHFLILFRSWLRQVZKLFKVKHHWVWRSULQW
&LJXUH0DUWRIWKH0ULQWGLDORJ
8KH0ULQWHU/SWLRQVGLDORJUHDFKHGE\FOLFNLQJWKH)FJ?EDIEXWWRQ
RQWKHERWWRPOHIWRIWKH*H?DJGLDORJ KDVRQO\WZRFKRLFHVDVVKRZQ
LQ&LJXUH-KFFH;IIEKJFKJE<;CFJOF7=;IDQG*H?DJEDBO
I;B;9J;:I>;;JI
&LJXUH8RSRIWKH0ULQWHU/SWLRQVGLDORJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
(3:31B7<5A633BAB=>@7<B
=RXFDQVHOHFWRQHRUPRUHVKHHWVIRUSULQWLQJ8KLVFDQEHXVHIXOLI
\RXKDYHDODUJHVSUHDGVKHHWZLWKPXOWLSOHVKHHWVDQGRQO\ZDQWWR
SULQWFHUWDLQVKHHWV&RUH[DPSOHDQDFFRXQWDQWPLJKWUHFRUGFRVWV
RYHUWLPHZLWKRQHVKHHWIRUHDFKPRQWK8RSULQWWKH.RYHPEHUDQG
$HFHPEHUVKHHWVIROORZWKLVSURFHGXUH
'RWRWKH.RYHPEHUVKHHW(ROGGRZQWKH#RQWURONH\DQGFOLFN
RQWKHWDERIWKH$HFHPEHUVKHHW
8RSULQWDOORIWKHVKHHWVJRWR ?B;*H?DJDQGVHOHFW)FJ?EDI
8KH/SWLRQVEXWWRQLVGLIIHUHQWIURPWKH0URSHUWLHV
#=B3 EXWWRQ0URSHUWLHV GHDOVZLWKWKHVHWWLQJVRIWKH
SULQWHUZKHUHDV/SWLRQVGHDOVZLWK//RvVVHWWLQJV
7HOHFW*H?DJEDBOI;B;9J;:I>;;JI8KLVFKRLFHDIIHFWVWKHSULQW
SUHYLHZH[SRUWDQGSULQWLQJRI\RXUVSUHDGVKHHW#OLFN)%
(3:31B7<5B63>/53=@23@23B/7:A/<2A1/:3
8RVHOHFWWKHSDJHRUGHUGHWDLOVDQGVFDOHWREHSULQWHG
7HOHFW EHC7J*7=;IURPWKHPDLQPHQX
7HOHFWWKH->;;JWDE&LJXUH
-DNH\RXUVHOHFWLRQVDQGWKHQFOLFN)%
#!, !,
=RXFDQVHWWKHRUGHULQZKLFKSDJHVSULQW8KLVLVHVSHFLDOO\XVHIXOLQ
DODUJHGRFXPHQWIRUH[DPSOHFRQWUROOLQJWKHSULQWRUGHUFDQVDYH
WLPHLI\RXKDYHWRFROODWHWKHGRFXPHQWDFHUWDLQZD\;KHUHDVKHHW
SULQWVRQPRUHWKDQRQHSDJHRISDSHULWFDQEHSULQWHGHLWKHUE\
FROXPQZKHUHWKHILUVWFROXPQRISDJHVSULQWVDQGWKHQWKHVHFRQG
FROXPQDQGVRRQRUE\URZDVVKRZQLQWKHJUDSKLFRQWKHWRSULJKW
RIWKHSDJHRUGHUGLDORJLQ&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
&LJXUH8KH7KHHWWDERIWKH0DJH7W\OHGLDORJ
,%).
=RXFDQVSHFLI\ZKLFKGHWDLOVWRSULQW8KRVHGHWDLOVLQFOXGH
l 6RZDQGFROXPQKHDGHUV
l 7KHHWJULGrSULQWVWKHERUGHUVRIWKHFHOOVDVDJULG
l .RWHVrSULQWVWKHQRWHVGHILQHGLQ\RXUVSUHDGVKHHWRQDVHSDUDWH
SDJHDORQJZLWKWKHFRUUHVSRQGLQJFHOOUHIHUHQFH
l /EMHFWVDQGJUDSKLFV
l #KDUWV
l $UDZLQJREMHFWV
l &RUPXODVrSULQWVWKHIRUPXODVFRQWDLQHGLQWKHFHOOVLQVWHDGRI
WKHUHVXOWV
l >HUR:DOXHVrSULQWVFHOOVZLWKD]HURYDOXH
6HPHPEHUWKDWVLQFHWKHSULQWGHWDLORSWLRQVDUHD
SDUWRIWKHSDJHvVSURSHUWLHVWKH\DUHDOVRDSDUWRI
#=B3 WKHSDJHVW\OHvVSURSHUWLHV8KHUHIRUHGLIIHUHQWSDJH
VW\OHVFDQEHVHWXSWRTXLFNO\FKDQJHWKHSULQW
SURSHUWLHVRIWKHVKHHWVLQWKHVSUHDGVKHHW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
'!
9VHWKHVFDOHIHDWXUHVWRFRQWUROWKHQXPEHURISDJHVWKHGDWDZLOO
SULQWRQ8KLVFDQEHXVHIXOLIDODUJHDPRXQWRIGDWDQHHGVWREH
SULQWHGPRUHFRPSDFWO\RULIWKHUHDGHUKDVSRRUH\HVLJKWWH[WFDQ
EHHQODUJHGZKHQLWSULQWV
l 6HGXFH%QODUJHSULQWRXWrVFDOHVWKHGDWDLQWKHSULQWRXWHLWKHU
ODUJHURUVPDOOHU&RUH[DPSOHLIDVKHHWZRXOGQRUPDOO\SULQWRXW
DVIRXUSDJHVWZRKLJKDQGWZRZLGH DVFDOLQJRIZRXOG
SULQWDVRQHSDJHERWKZLGWKDQGKHLJKWDUHKDOYHG
l &LWSULQWUDQJHV RQQXPEHURISDJHVrGHILQHVH[DFWO\KRZPDQ\
SDJHVWKHSULQWRXWZLOOWDNHXS8KLVRSWLRQZLOORQO\UHGXFHD
SULQWRXWLWZLOOQRWHQODUJHLW8RHQODUJHDSULQWRXWWKH
UHGXFHHQODUJHRSWLRQPXVWEHXVHG
l &LWSULQWUDQJHV WRZLGWKKHLJKWrGHILQHVKRZKLJKDQGZLGHWKH
SULQWRXWZLOOEHLQSDJHV
*A7<5>@7<B@/<53A
0ULQWUDQJHVKDYHVHYHUDOXVHVLQFOXGLQJSULQWLQJRQO\DVSHFLILFSDUW
RIWKHGDWDRUSULQWLQJVHOHFWHGURZVRUFROXPQVRQHYHU\SDJH&RU
PRUHDERXWXVLQJSULQWUDQJHVVHH#KDSWHU0ULQWLQJ%[SRUWLQJ
DQG%
PDLOLQJ LQWKH#DOF'XLGH
!"%)%)#+,%).,)#!
8RGHILQHDQHZSULQWUDQJHRUPRGLI\DQH[LVWLQJSULQWUDQJH
(LJKOLJKWWKHUDQJHRIFHOOVWKDWFRPSULVHWKHSULQWUDQJH
#KRRVH EHC7J*H?DJ,7D=;I;<?D;
8KHSDJHEUHDNOLQHVGLVSOD\RQWKHVFUHHQ
=RXFDQFKHFNWKHSULQWUDQJHE\XVLQJ ?B;*7=;
)7> *H;L?;M//RZLOORQO\GLVSOD\WKHFHOOVLQWKHSULQW
UDQJH
!(*0%)#+,%).,)#!
)WPD\EHFRPHQHFHVVDU\WRUHPRYHDGHILQHGSULQWUDQJHIRU
H[DPSOHLIWKHZKROHVKHHWQHHGVWREHSULQWHGODWHU
#KRRVH EHC7J*H?DJ,7D=;I,;CEL;8KLVUHPRYHVDOO
GHILQHGSULQWUDQJHVRQWKHVKHHW!IWHUWKHSULQWUDQJHLVUHPRYHG
WKHGHIDXOWSDJHEUHDNOLQHVZLOODSSHDURQWKHVFUHHQ
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
%@7<B7<5@=EA=@1=:C;<A=<3D3@G>/53
)IDVKHHWLVSULQWHGRQPXOWLSOHSDJHV\RXFDQVHWXSFHUWDLQURZVRU
FROXPQVWRUHSHDWRQHDFKSULQWHGSDJH
&RUH[DPSOHLIWKHWRSWZRURZVRIWKHVKHHWDVZHOODVFROXPQ!
QHHGWREHSULQWHGRQDOOSDJHVGRWKHIROORZLQJ
#KRRVH EHC7J*H?DJ,7D=;I:?J/QWKH%GLW0ULQW
6DQJHVGLDORJW\SHWKHURZVLQWKHWH[WHQWU\ER[XQGHU6RZV
WRUHSHDW&RUH[DPSOHWRUHSHDWURZVDQGW\SH
)Q
WKH6RZVWRUHSHDWOLVW DED; FKDQJHVWR KI;H:;<?D;:
&LJXUH7SHFLI\LQJUHSHDWLQJURZV
#ROXPQVFDQDOVRUHSHDWW\SHWKHFROXPQVLQWKHWH[WHQWU\ER[
XQGHU#ROXPQVWRUHSHDW&RUH[DPSOHWRUHSHDWFROXPQ!W\SH
)QWKH#ROXPQVWRUHSHDWOLVW DED; FKDQJHVWR
KI;H:;<?D;:
#OLFN)%
=RXGRQRWQHHGWRVHOHFWWKHHQWLUHUDQJHRIWKHURZV
#=B3 WREHUHSHDWHGVHOHFWLQJRQHFHOOLQHDFKURZZRUNV
%/530@3/9A
;KLOHGHILQLQJDSULQWUDQJHFDQEHDSRZHUIXOWRROLWPD\VRPHWLPHV
EHQHFHVVDU\WRPDQXDOO\WZHDN#DOFvVSULQWRXW8RGRWKLV\RXFDQ
XVHDPDQXDOEUHDN!PDQXDOEUHDNKHOSVWRHQVXUHWKDW\RXUGDWD
SULQWVSURSHUO\=RXFDQLQVHUWDKRUL]RQWDOSDJHEUHDNDERYHRUD
YHUWLFDOSDJHEUHDNWRWKHOHIWRIWKHDFWLYHFHOO
)-!,.%)#+#!,!&
8RLQVHUWDSDJHEUHDN
.DYLJDWHWRWKHFHOOZKHUHWKHSDJHEUHDNZLOOEHJLQ
7HOHFW#DI;HJ'7DK7BH;7A
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
7HOHFW,EMH;7ARUEBKCDH;7AGHSHQGLQJRQ\RXUQHHG
8KHEUHDNLVQRZVHW
'=E0@3/9
7HOHFWLQJ6RZ"UHDNFUHDWHVDSDJHEUHDNDERYHWKHVHOHFWHGFHOO
&RUH[DPSOHLIWKHDFWLYHFHOOLV(WKHQWKHEUHDNLVFUHDWHG
EHWZHHQURZVDQG
=:C;<0@3/9
7HOHFWLQJ#ROXPQ"UHDNFUHDWHVDSDJHEUHDNWRWKHOHIWRIWKH
VHOHFWHGFHOO&RUH[DPSOHLIWKHDFWLYHFHOOLV(WKHQWKHEUHDN
LVFUHDWHGEHWZHHQFROXPQV'DQG(
8RVHHSDJHEUHDNOLQHVPRUHHDVLO\RQVFUHHQ\RX
FDQFKDQJHWKHLUFRORU#KRRVH.EEBI)FJ?EDI
)7> )F;D)<<?9;
EH=FF;7H7D9;DQGVFUROOGRZQWR
WKH7SUHDGVKHHWVHFWLRQ
!'!.%)#+#!,!&
8RUHPRYHDSDJHEUHDN
.DYLJDWHWRDFHOOWKDWLVQH[WWRWKHEUHDN\RXZDQWWRUHPRYH
7HOHFW:?J;B;J;'7DK7BH;7A
7HOHFW,EMH;7ARUEBKCDH;7AGHSHQGLQJRQ\RXUQHHG
8KHEUHDNLVQRZUHPRYHG
-XOWLSOHPDQXDOURZDQGFROXPQEUHDNVFDQH[LVWRQ
WKHVDPHSDJH;KHQ\RXZDQWWRUHPRYHWKHP\RX
KDYHWRUHPRYHHDFKRQHLQGLYLGXDOO\8KLVPD\EH
FRQIXVLQJDWWLPHVEHFDXVHDOWKRXJKWKHUHPD\EHD
FROXPQEUHDNVHWRQWKHSDJHZKHQ\RXJRWR:?J
#=B3 '7DK7BH;7A#ROXPQEUHDNPD\EHJUD\HGRXW
)QRUGHUWRUHPRYHWKHEUHDN\RXKDYHWREHLQWKH
FHOOQH[WWRWKHEUHDN7RIRUH[DPSOHLI\RXVHWWKH
FROXPQEUHDNZKLOH\RXDUHLQ(\RXFDQQRW
UHPRYHLWLI\RXDUHLQFHOO$(RZHYHU\RXFDQ
UHPRYHLWIURPDQ\FHOOLQFROXPQ(
3/23@A/<24==B3@A
(HDGHUVDQGIRRWHUVDUHSUHGHILQHGSLHFHVRIWH[WWKDWDUHSULQWHGDW
WKHWRSRUERWWRPRIDVKHHWRXWVLGHRIWKHVKHHWDUHD8KH\DUHVHW
WKHVDPHZD\
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
(HDGHUVDQGIRRWHUVDUHDVVLJQHGWRDSDJHVW\OH=RXFDQGHILQH
PRUHWKDQRQHSDJHVW\OHIRUDVSUHDGVKHHWDQGDVVLJQGLIIHUHQWSDJH
VW\OHVWRGLIIHUHQWVKHHWV&RUPRUHDERXWSDJHVW\OHVVHH#KDSWHU
RIWKH#DOF'XLGH
8RVHWDKHDGHURUIRRWHU
.DYLJDWHWRWKHVKHHWWKDW\RXZDQWWRVHWWKHKHDGHURUIRRWHU
IRU7HOHFW EHC7J*7=;
7HOHFWWKH(HDGHURU&RRWHU WDE7HH&LJXUH
7HOHFWWKH";7:;HEDRSWLRQ
&URPKHUH\RXFDQDOVRVHWWKHPDUJLQVWKHVSDFLQJDQGKHLJKWIRU
WKHKHDGHURUIRRWHU=RXFDQFKHFNWKHKJE ?J>;?=>JER[WRKDYH
WKHKHLJKWRIWKHKHDGHURUIRRWHUDXWRPDWLFDOO\DGMXVW
&LJXUH(HDGHUGLDORJ
"/@57<
#KDQJLQJWKHVL]HRIWKHOHIWRUULJKWPDUJLQDGMXVWVKRZIDUWKH
KHDGHURUIRRWHULVIURPWKHVLGHRIWKHSDJH
(>/17<5
7SDFLQJDIIHFWVKRZIDUDERYHRUEHORZWKHVKHHWWKHKHDGHURU
IRRWHUZLOOSULQW7RLIVSDFLQJLVVHWWRWKHQWKHUHZLOOEH
LQFKEHWZHHQWKHKHDGHURUIRRWHUDQGWKHVKHHW
3756B
(HLJKWDIIHFWVKRZELJWKHKHDGHURUIRRWHUZLOOEH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
! !,*,"**.!,++!,)!
8RFKDQJHWKHDSSHDUDQFHRIWKHKHDGHURUIRRWHUFOLFN'EH;
&URPWKLVGLDORJ&LJXUH \RXFDQVHWWKHEDFNJURXQGDQGERUGHU
RIWKHKHDGHURUIRRWHU7HH#KDSWHU9VLQJ7W\OHVLQ#DOF LQWKH
#DOF'XLGHIRUPRUHLQIRUPDWLRQ
&LJXUH(HDGHU&RRWHU"RUGHU"DFNJURXQG
*).!).-*".$!$! !,*,"**.!,
8KHKHDGHURUIRRWHURID#DOFVSUHDGVKHHWKDVWKUHHFROXPQVIRU
WH[W%DFKFROXPQFDQKDYHGLIIHUHQWFRQWHQWV
8RVHWWKHFRQWHQWVRIWKHKHDGHURUIRRWHUFOLFNWKH:?JEXWWRQLQ
WKHKHDGHURUIRRWHUGLDORJVKRZQLQ&LJXUHWRGLVSOD\WKHGLDORJ
VKRZQLQ&LJXUH
@3/A
%DFKDUHDLVLQGHSHQGHQWDQGFDQKDYHGLIIHUHQWLQIRUPDWLRQLQLW
3/23@
=RXFDQVHOHFWIURPVHYHUDOSUHVHWFKRLFHVLQWKH(HDGHUGURS
GRZQOLVWRUVSHFLI\DFXVWRPKHDGHUXVLQJWKHEXWWRQVEHORZ)I
\RXDUHIRUPDWWLQJDIRRWHUWKHFKRLFHVDUHWKHVDPH
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF
&LJXUH%GLWFRQWHQWVRIKHDGHURUIRRWHU
CAB=;63/23@
#OLFNLQWKHDUHD,HIW#HQWHU6LJKW WKDW\RXZDQWWRFXVWRPL]H
WKHQXVHWKHEXWWRQVWRDGGHOHPHQWVRUFKDQJHWH[WDWWULEXWHV
/SHQVWKH8H[W!WWULEXWHVGLDORJ
)QVHUWVWKHWRWDOQXPEHURISDJHV
)QVHUWVWKH&LOH.DPHILHOG
)QVHUWVWKH$DWHILHOG
)QVHUWVWKH7KHHW.DPHILHOG
)QVHUWVWKH8LPHILHOG
)QVHUWVWKHFXUUHQWSDJHQXPEHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
!;JJ?D=-J7HJ;:M?J>
#CFH;II
0UHVHQWDWLRQVLQ/SHQ/IILFHRUJ
,6/B7A;>@3AA
)PSUHVVLV/SHQ/IILFHRUJvVVOLGHVKRZSUHVHQWDWLRQV SURJUDP=RX
FDQFUHDWHVOLGHVWKDWFRQWDLQPDQ\GLIIHUHQWHOHPHQWVLQFOXGLQJWH[W
EXOOHWHGDQGQXPEHUHGOLVWVWDEOHVFKDUWVFOLSDUWDQGDZLGHUDQJH
RIJUDSKLFREMHFWV)PSUHVVDOVRLQFOXGHVDVSHOOLQJFKHFNHUD
WKHVDXUXVSUHSDFNDJHGWH[WVW\OHVDQGDWWUDFWLYHEDFNJURXQGVW\OHV
8KLVFKDSWHULQFOXGHVLQVWUXFWLRQVVFUHHQVKRWVDQGKLQWVWRJXLGH
\RXWKURXJKWKH)PSUHVVHQYLURQPHQWZKLOHGHVLJQLQJWKHHDVLHU
SUHVHQWDWLRQV!OWKRXJKPRUHGLIILFXOWGHVLJQVDUHPHQWLRQHG
WKURXJKRXWWKLVFKDSWHUH[SODQDWLRQVIRUFUHDWLQJWKHPDUHLQWKH
)PSUHVV'XLGH)I\RXKDYHDZRUNLQJNQRZOHGJHRIKRZWRFUHDWH
VOLGHVKRZVZHUHFRPPHQG\RXXVHWKH)PSUHVV'XLGHIRU\RXU
VRXUFHRILQIRUPDWLRQ
8RXVH)PSUHVVIRUPRUHWKDQYHU\VLPSOHVOLGHVKRZVUHTXLUHVVRPH
NQRZOHGJHRIWKHHOHPHQWVZKLFKWKHVOLGHVFRQWDLQ7OLGHVFRQWDLQLQJ
WH[WXVHVW\OHVWRGHWHUPLQHWKHDSSHDUDQFHRIWKDWWH[W7OLGHV
FRQWDLQLQJREMHFWVDUHFUHDWHGWKHVDPHZD\WKDWGUDZLQJVDUH
FUHDWHGLQ$UDZ&RUWKLVUHDVRQZHUHFRPPHQGWKDW\RXDOVRVWXG\
#KDSWHU;RUNLQJZLWK7W\OHVDQG8HPSODWHV DQG#KDSWHU
'HWWLQJ7WDUWHGZLWK$UDZ
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
%/@BA=4B63;/7<;>@3AAE7<2=E
8KHPDLQ)PSUHVVZLQGRZ&LJXUH KDVWKUHHSDUWVWKH7OLGHV
SDQH;RUNVSDFHDQG8DVNVSDQH!GGLWLRQDOO\VHYHUDOWRROEDUVFDQ
EHGLVSOD\HGRUKLGGHQGXULQJWKHFUHDWLRQRIDSUHVHQWDWLRQ
&LJXUH-DLQZLQGRZRI)PSUHVV
=RXFDQUHPRYHWKH7OLGHVSDQHRU8DVNVSDQHIURP
YLHZE\FOLFNLQJWKH<LQWKHXSSHUULJKWFRUQHU=RX
)7> FDQDOVRVKRZRUKLGHWKHVHSDQHVXVLQJ0?;M-B?:;
*7D;RU0?;M.7IAI*7D;
(:723A>/<3
8KH7OLGHVSDQHFRQWDLQVWKXPEQDLOSLFWXUHVRIWKHVOLGHVLQ\RXU
SUHVHQWDWLRQLQWKHRUGHUWKH\ZLOOEHVKRZQXQOHVV\RXFKDQJHWKH
RUGHU #OLFNLQJDVOLGHVHOHFWVLWDQGSODFHVLWLQWKH;RUNVSDFH
;KLOHLWLVWKHUH\RXFDQDSSO\DQ\FKDQJHVGHVLUHGWRWKDWSDUWLFXODU
VOLGH
7HYHUDODGGLWLRQDORSHUDWLRQVFDQEHSHUIRUPHGRQRQHRUPRUHVOLGHV
LQWKH7OLGHVSDQH
l !GGQHZVOLGHVDWDQ\SODFHZLWKLQWKHSUHVHQWDWLRQDIWHUWKHILUVW
VOLGH
l -DUNDVOLGHDVKLGGHQVRWKDWLWZLOOQRWEHVKRZQDVSDUWRIWKH
VOLGHVKRZ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l $HOHWHDVOLGHIURPWKHSUHVHQWDWLRQLILWLVQRORQJHUQHHGHG
l 6HQDPHDVOLGH
l #RS\RUPRYHWKHFRQWHQWVRIRQHVOLGHWRDQRWKHUFRS\DQG
SDVWHRUFXWDQGSDVWHUHVSHFWLYHO\
)WLVDOVRSRVVLEOHWRSHUIRUPWKHIROORZLQJRSHUDWLRQVDOWKRXJKWKHUH
DUHPRUHHIILFLHQWPHWKRGVWKDQXVLQJWKH7OLGHVSDQH
l #KDQJHWKHVOLGHWUDQVLWLRQIROORZLQJWKHVHOHFWHGVOLGHRUDIWHU
HDFKVOLGHLQDJURXSRIVOLGHV
l #KDQJHWKHVHTXHQFHRIVOLGHVLQWKHSUHVHQWDWLRQ
l #KDQJHWKHVOLGHGHVLJQ!ZLQGRZRSHQVDOORZLQJ\RXWRORDG
\RXURZQGHVLJQ
l #KDQJHVOLGHOD\RXWIRUDJURXSRIVOLGHVVLPXOWDQHRXVO\8KLV
UHTXLUHVXVLQJWKH,D\RXWV VHFWLRQRIWKH8DVNVSDQH
)/A9A>/<3
8KH8DVNVSDQHKDVILYHVHFWLRQV
"/AB3@%/53A
(HUH\RXGHILQHWKHSDJHVW\OHIRU\RXUSUHVHQWDWLRQ)PSUHVV
FRQWDLQVSUHSDFNDJHG-DVWHU0DJHVVOLGHPDVWHUV /QHRI
WKHPr$HIDXOWrLVEODQNDQGWKHUHVWKDYHDEDFNJURXQG
0UHVV&WRRSHQWKH7W\OHVDQG&RUPDWLQJZLQGRZ
ZKHUH\RXFDQPRGLI\WKHVW\OHVXVHGLQDQ\VOLGH
)7> PDVWHUWRVXLW\RXUSXUSRVH8KLVFDQEHGRQHDWDQ\
WLPH
!/G=CB
8ZHQW\SUHSDFNDJHGOD\RXWVDUHVKRZQ=RXFDQFKRRVHWKHRQH
\RXZDQWXVHLWDVLWLVRUPRGLI\LWWR\RXURZQUHTXLUHPHQWV!W
SUHVHQWLWLVQRWSRVVLEOHWRFUHDWHFXVWRPOD\RXWV
)/0:33A75<
%OHYHQVWDQGDUGWDEOHVW\OHVDUHSURYLGHGLQWKLVSDQH=RXFDQ
IXUWKHUPRGLI\WKHDSSHDUDQFHRIDWDEOHZLWKWKHVHOHFWLRQVWR
VKRZRUKLGHVSHFLILFURZVDQGFROXPQVRUWRDSSO\DEDQGHG
DSSHDUDQFHWRWKHURZVDQGFROXPQV
CAB=;<7;/B7=<
!YDULHW\RIDQLPDWLRQVIRUVHOHFWHGHOHPHQWVRIDVOLGHDUHOLVWHG
!QLPDWLRQFDQEHDGGHGWRDVOLGHDQGLWFDQDOVREHFKDQJHGRU
UHPRYHGODWHU
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
(:723)@/<A7B7=<
&LIW\
VL[WUDQVLWLRQVDUHDYDLODEOHLQFOXGLQJ.R8UDQVLWLRQ=RX
FDQVHOHFWWKHWUDQVLWLRQVSHHGVORZPHGLXPIDVW =RXFDQDOVR
FKRRVHEHWZHHQDQDXWRPDWLFRUPDQXDOWUDQVLWLRQDQGKRZORQJ
\RXZDQWWKHVHOHFWHGVOLGHWREHVKRZQDXWRPDWLFWUDQVLWLRQ
RQO\
,=@9A>/13
8KH;RUNVSDFHKDVILYHWDEV(EHC7B)KJB?D;(EJ;I"7D:EKJ
DQG-B?:;-EHJ;H8KHVHILYHWDEVDUHFDOOHG0?;M8KJJEDI8KHUH
DUHDOVRPDQ\WRROEDUVWKDWFDQEHXVHGGXULQJVOLGHFUHDWLRQWKH\
DUHUHYHDOHGE\VHOHFWLQJWKHPZLWK0?;M.EEB87HI8KH
;RUNVSDFHLVEHORZWKH:LHZEXWWRQV8KLVLVZKHUH\RXDVVHPEOHWKH
YDULRXVSDUWVRI\RXUVHOHFWHGVOLGH
%DFKYLHZLVGHVLJQHGWRPDNHFRPSOHWLQJFHUWDLQWDVNVHDVLHU)Q
VXPPDU\
l .RUPDOYLHZLVWKHPDLQYLHZIRUFUHDWLQJLQGLYLGXDOVOLGHV9VH
WKLVYLHZWRIRUPDWDQGGHVLJQVOLGHVDQGWRDGGWH[WJUDSKLFV
DQGDQLPDWLRQHIIHFWV
l /XWOLQHYLHZVKRZVWRSLFWLWOHVEXOOHWHGOLVWVDQGQXPEHUHGOLVWV
IRUHDFKVOLGHLQRXWOLQHIRUPDW9VHWKLVYLHZWRUHDUUDQJHWKH
RUGHURIVOLGHVHGLWWLWOHVDQGKHDGLQJVUHDUUDQJHWKHRUGHURI
LWHPVLQDOLVWDQGDGGQHZVOLGHV
l .RWHVYLHZOHWV\RXDGGQRWHVWRHDFKVOLGHWKDWDUHQRWVHHQ
ZKHQWKHSUHVHQWDWLRQLVVKRZQ
l 7OLGH7RUWHUYLHZVKRZVDWKXPEQDLORIHDFKVOLGHLQRUGHU9VH
WKLVYLHZWRUHDUUDQJHWKHRUGHURIVOLGHVSURGXFHDWLPHGVOLGH
VKRZRUDGGWUDQVLWLRQVEHWZHHQVHOHFWHGVOLGHV
l (DQGRXWYLHZOHWV\RXSULQW\RXUVOLGHVIRUDKDQGRXW=RXFDQ
FKRRVHRQHWZRWKUHHIRXURUVL[VOLGHVSHUSDJHIURP.7IAI
F7D;&7OEKJI8KXPEQDLOVFDQEHUH
DUUDQJHGLQWKLVYLHZE\
GUDJJLQJDQGGURSSLQJWKHP
)==:0/@A
8KHYDULRXV)PSUHVVWRROEDUVFDQEHGLVSOD\HGRUKLGGHQE\FOLFNLQJ
0?;M.EEB87HIDQGVHOHFWLQJIURPWKHPHQX=RXFDQDOVRVHOHFW
WKHLFRQVWKDW\RXZLVKWRDSSHDURQHDFKWRROEDU&RUPRUH
LQIRUPDWLRQUHIHUWR#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ
-DQ\RIWKHWRROEDUVLQ)PSUHVVDUHVLPLODUWRWKHWRROEDUVLQ//R
$UDZ6HIHUWRWKH$UDZ'XLGHIRUGHWDLOVRQWKHIXQFWLRQVDYDLODEOH
DQGKRZWRXVHWKHP
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#/D75/B=@
8KH.DYLJDWRU&LJXUH GLVSOD\VDOOREMHFWVFRQWDLQHGLQD
GRFXPHQW)WSURYLGHVDQRWKHUFRQYHQLHQWZD\WRPRYHDURXQGD
GRFXPHQWDQGILQGLWHPVLQLW8KH.DYLJDWRULFRQ LVORFDWHGRQ
WKH7WDQGDUGWRROEDU=RXFDQDOVRGLVSOD\WKH.DYLJDWRUE\FKRRVLQJ
:?J(7L?=7JEHRQWKHPHQXEDURUSUHVVLQJ#WUO7KLIW&
8KH.DYLJDWRULVPRUHXVHIXOLI\RXJLYH\RXUVOLGHVDQGREMHFWV
SLFWXUHVVSUHDGVKHHWVDQGVRRQ PHDQLQJIXOQDPHVLQVWHDGRI
OHDYLQJWKHPDVWKHGHIDXOWs7OLGHtDQGs0LFWXUHtVKRZQLQ
&LJXUH
&LJXUH.DYLJDWRULQ)PSUHVV
,=@97<5E7B6D73EA
8KLVVHFWLRQGHVFULEHVWKHXVHRIWKHILYHYLHZV
#=@;/:D73E
.RUPDOYLHZLVWKHPDLQYLHZIRUZRUNLQJZLWKLQGLYLGXDOVOLGHV9VH
WKLVYLHZWRIRUPDWDQGGHVLJQDQGWRDGGWH[WJUDSKLFVDQG
DQLPDWLRQHIIHFWV
8RSODFHDVOLGHLQWKH7OLGH$HVLJQDUHDRIWKH.RUPDOYLHZFOLFNWKH
VOLGHWKXPEQDLOLQWKH7OLGHVSDQHRUXVHWKH.DYLJDWRU
8RVHOHFWDVOLGHLQWKH.DYLJDWRUVFUROOGRZQWKHOLVWXQWLO\RXILQGLW
DQGWKHQGRXEOH
FOLFNLW
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
$CB:7<3D73E
/XWOLQHYLHZ&LJXUH FRQWDLQVDOOWKHVOLGHVRIWKHSUHVHQWDWLRQLQ
WKHLUQXPEHUHGVHTXHQFH)WVKRZVWRSLFWLWOHVEXOOHWHGOLVWVDQG
QXPEHUHGOLVWVIRUHDFKVOLGHLQRXWOLQHIRUPDW/QO\WKHWH[W
FRQWDLQHGLQWKHGHIDXOWWH[WER[HVLQHDFKVOLGHLVVKRZQVRLI\RXU
VOLGHLQFOXGHVRWKHUWH[WER[HVRUGUDZLQJREMHFWVWKHWH[WLQWKHVH
REMHFWVLVQRWGLVSOD\HG7OLGHQDPHVDUHDOVRQRWLQFOXGHG
&LJXUH/XWOLQHYLHZ
/XWOLQHYLHZVHUYHVDWOHDVWWZRSXUSRVHV
-DNLQJFKDQJHVLQWKHWH[WRIDVOLGH
l =RXFDQDGGDQGGHOHWHWKHWH[WLQDVOLGHMXVWDV\RXZRXOG
LQWKH.RUPDOYLHZ
l =RXFDQPRYHWKHSDUDJUDSKVRIWH[WLQWKHVHOHFWHGVOLGHXS
RUGRZQE\XVLQJWKHXSDQGGRZQDUURZEXWWRQV-RYH9S
RU-RYH$RZQ RQWKH8H[W&RUPDWWLQJWRROEDU
l =RXFDQFKDQJHWKH/XWOLQH,HYHOIRUDQ\RIWKHSDUDJUDSKV
LQDVOLGHXVLQJWKHOHIWDQGULJKWDUURZEXWWRQV0URPRWHRU
$HPRWH
l =RXFDQERWKPRYHDSDUDJUDSKDQGFKDQJHLWVRXWOLQHOHYHO
XVLQJDFRPELQDWLRQRIWKHVHIRXUDUURZEXWWRQV
#RPSDULQJWKHVOLGHVZLWK\RXURXWOLQHLI\RXKDYHSUHSDUHG
RQHLQDGYDQFH )I\RXQRWLFHIURP\RXURXWOLQHWKDWDQRWKHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
VOLGHLVQHHGHG\RXFDQFUHDWHLWGLUHFWO\LQWKH/XWOLQHYLHZ
SUHVVLQJ%QWHUZKHQWKHFXUVRULVRQWKHILUVWOLQHRIWKHVOLGH
RU\RXFDQFKDQJHWRWKH.RUPDOYLHZWRFUHDWHLWWKHQUHWXUQWR
/XWOLQHYLHZWRFRQWLQXHUHYLHZLQJWKHVOLGHVDJDLQVW\RXU
RXWOLQH
)IDVOLGHLVQRWLQWKHFRUUHFWVHTXHQFH\RXFDQPRYHLWWRLWV
SURSHUSODFH
D )QWKHVOLGHSDQHFOLFNWKHVOLGHLFRQRIWKHVOLGH\RXDUH
PRYLQJ
E $UDJDQGGURSLWZKHUH\RXZDQWLW
#=B3AD73E
9VHWKH.RWHVYLHZWRDGGQRWHVWRDVOLGH
#OLFNWKH(EJ;IWDELQWKH;RUNVSDFH&LJXUH
&LJXUH.RWHVYLHZ
7HOHFWWKHVOLGHWRZKLFK\RXZDQWWRDGGQRWHV
l #OLFNWKHVOLGHLQWKH7OLGHSDQHRU
l 9VHWKH*H;L?EKI-B?:;DQG(;NJ-B?:;EXWWRQVWRPRYHWR
WKHGHVLUHGVOLGHLQWKH.DYLJDWRU
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
)QWKHWH[WER[EHORZWKHVOLGHFOLFNRQWKHZRUGV#OLFNWRDGG
QRWHVDQGEHJLQW\SLQJ
=RXFDQUHVL]HWKH.RWHVWH[WER[XVLQJWKHJUHHQUHVL]LQJKDQGOHV
DQGPRYHLWE\SODFLQJWKHSRLQWHURQWKHERUGHUWKHQFOLFNLQJDQG
GUDJJLQJ8RPDNHFKDQJHVLQWKHWH[WVW\OHSUHVVWKH&NH\WR
RSHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZ
(:723(=@B3@D73E
7OLGH7RUWHUYLHZFRQWDLQVDOOWKHVOLGHWKXPEQDLOV&LJXUH 9VH
WKLVYLHZWRZRUNZLWKDJURXSRIVOLGHVRUZLWKRQO\RQHVOLGH
&LJXUH7OLGH7RUWHUYLHZ
#KDQJHWKHQXPEHURIVOLGHVSHUURZLIGHVLUHG
#KHFN0?;M.EEB87HI-B?:;0?;MWRPDNHWKH7OLGH:LHZ
WRROEDU&LJXUH YLVLEOH
&LJXUH7OLGH7RUWHUDQG7OLGH:LHZWRROEDUV
!GMXVWWKHQXPEHURIVOLGHVXSWRDPD[LPXPRI
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
;KHQ\RXKDYHDGMXVWHGWKHQXPEHURIVOLGHSHUURZFOLFN0?;M
.EEB87HI-B?:;0?;MWRUHPRYHWKLVWRROEDUIURPYLHZ
8RPRYHDVOLGHLQDSUHVHQWDWLRQLQWKH7OLGH7RUWHU
#OLFNWKHVOLGH!WKLFNEODFNERUGHULVGUDZQDURXQGLW
$UDJDQGGURSLWWRWKHORFDWLRQ\RXZDQW
l !V\RXPRYHWKHVOLGHDEODFNYHUWLFDOOLQHDSSHDUVWRRQH
VLGHRIWKHVOLGH
l $UDJWKHVOLGHXQWLOWKLVEODFNYHUWLFDOOLQHLVORFDWHGZKHUH
\RXZDQWWKHVOLGHWREHPRYHG
8RVHOHFWDJURXSRIVOLGHVXVHRQHRIWKHVHPHWKRGV
l 9VHWKH#RQWURO#WUO NH\#OLFNRQWKHILUVWVOLGHDQGZKLOH
SUHVVLQJ#RQWUROVHOHFWWKHRWKHUGHVLUHGVOLGHV
l 9VHWKH7KLIWNH\#OLFNRQWKHILUVWVOLGHDQGZKLOHSUHVVLQJWKH
7KLIWNH\FOLFNRQWKHILQDOVOLGHLQWKHJURXS8KLVVHOHFWVDOORI
WKHRWKHUVOLGHVLQEHWZHHQWKHILUVWDQGWKHODVW
l 9VHWKHPRXVHFXUVRU#OLFNRQWKHILUVWVOLGHWREHVHOHFWHG(ROG
GRZQWKHOHIWPRXVHEXWWRQ$UDJWKHFXUVRUWRWKHODVWVOLGH
WKXPEQDLO!GDVKHGRXWOLQHRIDUHFWDQJOHIRUPVDV\RXGUDJWKH
FXUVRUWKURXJKWKHVOLGHWKXPEQDLOVDQGDWKLFNEODFNERUGHULV
GUDZQDURXQGWKHVHOHFWHGVOLGHV-DNHVXUHWKHUHFWDQJOH
LQFOXGHVDOOWKHVOLGHV\RXZDQWWRVHOHFW
8RPRYHDJURXSRIVOLGHV
7HOHFWWKHJURXS
$UDJDQGGURSWKHJURXSWRWKHLUQHZORFDWLRQ8KHVDPH
YHUWLFDOEODFNOLQHDSSHDUVWRVKRZ\RXZKHUHWKHJURXSRIVOLGHV
ZLOOJR
7HOHFWLRQRIDJURXSRIVOLGHVZRUNVLQDUHFWDQJXODU
#=B3 IDVKLRQ7OLGHVWKDWGRQRWIDOOZLWKLQDUHFWDQJXODU
DUHDFDQQRWEHJURXSHG
=RXFDQZRUNZLWKVOLGHVLQWKH7OLGH7RUWHUYLHZMXVWDV\RXFDQLQ
WKH7OLGHSDQH8RPDNHFKDQJHVULJKW
FOLFNDVOLGHDQGGRDQ\RIWKH
IROORZLQJXVLQJWKHSRS
XSPHQX
l !GGDQHZVOLGHDIWHUWKHVHOHFWHGVOLGH
l $HOHWHWKHVHOHFWHGVOLGH
l #KDQJHWKHVOLGHOD\RXW
l #KDQJHWKHVOLGHWUDQVLWLRQ
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
q &RURQHVOLGHFOLFNWKHVOLGHWRVHOHFWLW8KHQDGGWKHGHVLUHG
WUDQVLWLRQ
q &RUPRUHWKDQRQHVOLGHVHOHFWWKHJURXSRIVOLGHVDQGDGGWKH
GHVLUHGWUDQVLWLRQ
l -DUNDVOLGHDVKLGGHQ(LGGHQVOLGHVDUHQRWVKRZQLQWKHVOLGH
VKRZ
l #RS\RUFXWDQGSDVWHDVOLGH
/<2=CBD73E
(DQGRXWYLHZLVIRUVHWWLQJXSWKHOD\RXWRI\RXUVOLGHIRUDSULQWHG
KDQGRXW#OLFNWKH(DQGRXWWDELQWKHZRUNVSDFHWKHQFKRRVH
&7OEKJILQWKH8DVNVSDQH,D\RXWFRQWDLQVILYHFKRLFHV
RUVOLGHVSHUSDJH&LJXUH
8RSULQWDKDQGRXW
7HOHFWWKHVOLGHVXVLQJWKH7OLGH7RUWHU9VHWKHVWHSVOLVWHGLQ
VHOHFWLQJDJURXSRIVOLGHVRQSDJH
7HOHFW ?B;*H?DJRUSUHVV#RQWURO0WRRSHQWKH0ULQWGLDORJ
7HOHFW)FJ?EDILQWKHERWWRPOHIWFRUQHURIWKH0ULQWGLDORJ
#KHFN"7D:EKJILQWKH#RQWHQWV VHFWLRQDQGWKHQFOLFN)%
#OLFN)%WRFORVHWKH0ULQWGLDORJ
@3/B7<5/<3E>@3A3<B/B7=<
8KLVVHFWLRQGHVFULEHVKRZWRVHWXSDQHZSUHVHQWDWLRQ8KHVHWWLQJV
VHOHFWHGKHUHDUHJHQHUDOWKH\DSSO\WRDOOWKHVOLGHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
%:/<<7<5/>@3A3<B/B7=<
8KHILUVWWKLQJWRGRLVWRGHFLGHZKDW\RXDUHJRLQJWRGRZLWKWKH
SUHVHQWDWLRQ&RUH[DPSOHSXWWLQJDJURXSRIGLJLWDOSKRWRVWRJHWKHU
LQDSUHVHQWDWLRQUHTXLUHVYHU\OLWWOHSODQQLQJ(RZHYHUXVLQJD
SUHVHQWDWLRQWRLQFUHDVHWKHNQRZOHGJHRIRWKHUVDERXW\RXUWRSLF
UHTXLUHVPXFKPRUHSODQQLQJ
=RXQHHGWRDVNDQGDQVZHUPDQ\TXHVWLRQVEHIRUH\RXEHJLQ
FUHDWLQJDSUHVHQWDWLRQ)I\RXDUHQRWDFTXDLQWHGZLWKFUHDWLQJ
SUHVHQWDWLRQVWKHDQVZHUVZLOOEHPRUHJHQHUDO8KRVHZKRKDYH
FUHDWHGDYDULHW\RISUHVHQWDWLRQVLQWKHSDVWZLOOZDQWWRKDYHPRUH
VSHFLILFDQVZHUV
;KRLVWRVHHWKHSUHVHQWDWLRQ(RZZLOOLWEHXVHG;KDWLVWKH
VXEMHFWPDWWHU;KDWVKRXOGEHLQLWVRXWOLQH(RZGHWDLOHGVKRXOG
WKHRXWOLQHEH;LOODQDXGLRILOHEHSOD\HG)VDQLPDWLRQGHVLUDEOH
(RZVKRXOGWKHWUDQVLWLRQEHWZHHQVOLGHVEHKDQGOHG8KHVHDUH
VRPHRIWKHPDQ\TXHVWLRQVWKDWVKRXOGEHDVNHGDQVZHUHGDQG
ZULWWHQGRZQEHIRUHFUHDWLQJWKHSUHVHQWDWLRQ7RXQGDQGDQLPDWLRQ
DUHPRUHDGYDQFHGWRSLFVDQGDUHH[SODLQHGLQWKH)PSUHVV'XLGH
!JDLQLWLVQRWDOZD\VQHFHVVDU\DWWKLVSRLQWWRKDYHVSHFLILF
DQVZHUVWRHYHU\TXHVWLRQ-DNLQJDQRXWOLQHLVH[WUHPHO\LPSRUWDQW
=RXPD\DOUHDG\NQRZH[DFWO\ZKDWVRPHRIWKHVOLGHVZLOOFRQWDLQ
=RXPD\RQO\KDYHDJHQHUDOLGHDRIZKDW\RXZDQWRQVRPHRIWKH
VOLGHV8KDWLVDOULJKW=RXFDQPDNHVRPHFKDQJHVDV\RXJR#KDQJH
\RXURXWOLQHWRPDWFKWKHFKDQJHV\RXPDNHLQ\RXUVOLGHV
8KHLPSRUWDQWSDUWLVWKDW\RXKDYHDJHQHUDOLGHDRIZKDW\RXZDQW
DQGKRZWRJHWLW0XWWKDWLQIRUPDWLRQRQSDSHU8KDWPDNHVLWPXFK
HDVLHUWRFUHDWHWKHSUHVHQWDWLRQ
*A7<5B63%@3A3<B/B7=<,7H/@2
=RXFDQVWDUW)PSUHVVLQVHYHUDOZD\V
l &URPWKH//R;HOFRPHVFUHHQLIQRFRPSRQHQWLVRSHQ
l &URPWKHV\VWHPPHQXRUWKH//R5XLFNVWDUWHU$HWDLOVYDU\ZLWK
\RXURSHUDWLQJV\VWHPVHH#KDSWHUIRUPRUHLQIRUPDWLRQ
l &URPDQ\RSHQFRPSRQHQWRI//R#OLFNWKHWULDQJOHWRWKHULJKW
RIWKH(;MLFRQRQWKHPDLQWRROEDUDQGVHOHFW0UHVHQWDWLRQIURP
WKHGURS
GRZQPHQXRUFKRRVH ?B;(;M*H;I;DJ7J?EDIURP
WKHPHQXEDU
;KHQ\RXVWDUW)PSUHVVWKH0UHVHQWDWLRQ;L]DUGDSSHDUV&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
)I\RXGRQRWZDQWWKHZL]DUGWRVWDUWHYHU\WLPH\RX
ODXQFK)PSUHVVVHOHFWWKHEDEJI>EMJ>?IM?P7H:
7=7?DFKHFNER[=RXFDQHQDEOHLWDJDLQODWHULI\RX
QHHGXQGHU.EEBI)FJ?EDI)F;D)<<?9;
EH=
)7> #CFH;II!;D;H7B1?P7H:DQGVHOHFWWKH-J7HJ
M?J>M?P7H:FKHFNER[
,HDYHWKH*H;L?;MFKHFNER[VHOHFWHGVRWHPSODWHV
VOLGHGHVLJQVDQGVOLGHWUDQVLWLRQVDSSHDULQWKH
SUHYLHZER[DV\RXFKRRVHWKHP
&LJXUH#KRRVLQJWKHW\SHRISUHVHQWDWLRQ
7HOHFW%PSW\0UHVHQWDWLRQXQGHU.OF;
)WFUHDWHVDSUHVHQWDWLRQ
IURPVFUDWFK
&URP8HPSODWHXVHVDWHPSODWHGHVLJQDOUHDG\FUHDWHG
DVWKHEDVLVIRUDQHZSUHVHQWDWLRQ8KHZL]DUG
FKDQJHVWRVKRZDOLVWRIDYDLODEOHWHPSODWHV#KRRVH
WKHWHPSODWH\RXZDQW
#=B3 /SHQ%[LVWLQJ0UHVHQWDWLRQFRQWLQXHVZRUNRQD
SUHYLRXVO\FUHDWHGSUHVHQWDWLRQ8KHZL]DUGFKDQJHVWR
VKRZDOLVWRIH[LVWLQJSUHVHQWDWLRQV#KRRVHWKH
SUHVHQWDWLRQ\RXZDQW
"RWKRIWKHVHRSWLRQVDUHFRYHUHGLQWKH)PSUHVV'XLGH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#OLFN(;NJ
&LJXUHVKRZVWKH0UHVHQWDWLRQ;L]DUGVWHSDV
LWDSSHDUVLI\RXVHOHFWHG%PSW\0UHVHQWDWLRQDWVWHS)I\RX
VHOHFWHG&URP8HPSODWHDQH[DPSOHVOLGHLVVKRZQLQWKH
0UHYLHZER[
&LJXUH7HOHFWLQJDVOLGHGHVLJQ
#KRRVHDGHVLJQXQGHU-;B;9J7IB?:;:;I?=D8KHVOLGHGHVLJQ
VHFWLRQJLYHV\RXWZRPDLQFKRLFHV0UHVHQWDWLRQ"DFNJURXQGV
DQG0UHVHQWDWLRQV%DFKRQHKDVDOLVWRIFKRLFHVIRUVOLGH
GHVLJQV)I\RXZDQWWRXVHRQHRIWKHVHRWKHUWKDQ/ULJLQDO
FOLFNLWWRVHOHFWLW
l 8KHW\SHVRI0UHVHQWDWLRQ"DFNJURXQGVDUHVKRZQLQ&LJXUH
"\FOLFNLQJDQLWHP\RXZLOOVHHDSUHYLHZRIWKHVOLGH
GHVLJQLQWKH0UHYLHZZLQGRZ)PSUHVVFRQWDLQVWKUHH
FKRLFHVXQGHU0UHVHQWDWLRQV/ULJLQDO)QWURGXFLQJD.HZ
0URGXFWDQG6HFRPPHQGDWLRQRID7WUDWHJ\
l /ULJLQDOLVIRUDEODQNSUHVHQWDWLRQVOLGHGHVLJQ
l "RWK)QWURGXFLQJD.HZ0URGXFWDQG6HFRPPHQGDWLRQRID
7WUDWHJ\KDYHWKHLURZQSUHSDFNDJHGVOLGHGHVLJQV%DFK
GHVLJQDSSHDUVLQWKH0UHYLHZZLQGRZZKHQLWVQDPHLV
FOLFNHG
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
)QWURGXFLQJD.HZ0URGXFWDQG6HFRPPHQGDWLRQRID
7WUDWHJ\DUHSUHSDFNDJHGSUHVHQWDWLRQWHPSODWHV
#=B3 8KH\FDQEHXVHGWRFUHDWHDSUHVHQWDWLRQE\FKRRVLQJ
HECJ;CFB7J;LQWKHILUVWVWHS&LJXUH
7HOHFWKRZWKHSUHVHQWDWLRQZLOOEHXVHGXQGHU-;B;9J7D
EKJFKJC;:?KC
-RVWRIWHQSUHVHQWDWLRQVDUHFUHDWHGIRU
FRPSXWHUVFUHHQGLVSOD\7HOHFW7FUHHQ
#OLFN(;NJ8KH*H;I;DJ7J?ED;L]DUGVWHSDSSHDUV
&LJXUH7HOHFWLQJDVOLGHGHVLJQ
#KRRVHWKHGHVLUHGVOLGHWUDQVLWLRQIURPWKH%IIHFWGURS
GRZQ
PHQX
7HOHFWWKHGHVLUHGVSHHGIRUWKHWUDQVLWLRQEHWZHHQWKHGLIIHUHQW
VOLGHVLQWKHSUHVHQWDWLRQIURPWKH-F;;:GURS
GRZQPHQX
-HGLXPLVDJRRGFKRLFHIRUQRZ
#OLFNH;7J;
!QHZSUHVHQWDWLRQLVFUHDWHG
=RXPLJKWZDQWWRDFFHSWWKHGHIDXOWYDOXHVIRUERWK
%IIHFWDQG7SHHGXQOHVV\RXDUHVNLOOHGDWGRLQJWKLV
"RWKRIWKHVHYDOXHVFDQEHFKDQJHGODWHUZKLOH
)7> ZRUNLQJZLWK-B?:;JH7DI?J?EDIDQG7D?C7J?EDI
8KHVHWZRDUHH[SODLQHGLQPRUHGHWDLOLQ#KDSWHURI
WKH)PSUHVV'XLGH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)I\RXVHOHFWHG&URPWHPSODWHRQVWHSRIWKH;L]DUG
WKH(;NJEXWWRQZLOOEHDFWLYHRQVWHSDQGRWKHU
#=B3 SDJHVZLOOEHDYDLODEOH8KHVHSDJHVDUHQRWGHVFULEHG
KHUH
=@;/BB7<5/>@3A3<B/B7=<
.RZSXW\RXUSUHVHQWDWLRQWRJHWKHUEDVHGRQ\RXURXWOLQH
6HPHPEHUWRVDYHIUHTXHQWO\ZKLOHZRUNLQJRQWKH
SUHVHQWDWLRQWRSUHYHQWDQ\ORVVRILQIRUPDWLRQ
/CB7=< VKRXOGVRPHWKLQJXQH[SHFWHGRFFXU=RXPLJKWDOVR
ZDQWWRDFWLYDWHWKH!XWR6HFRYHU\IXQFWLRQ
.EEBI)FJ?EDI&E7:-7L;!;D;H7B-DNH
VXUH-7L;KJE,;9EL;HO?D<EHC7J?ED;L;HOLV
VHOHFWHGDQGWKDW\RXKDYHHQWHUHGDUHFRYHU\
IUHTXHQF\
@3/B7<5B6347@ABA:723
8KHILUVWVOLGHLVQRUPDOO\DWLWOHVOLGH$HFLGHZKLFKRIWKHOD\RXWV
ZLOOEHVWVXLW\RXUSXUSRVHVIRUWKLVILUVWVOLGHVLPSOLFLW\ZRXOGEH
DSSURSULDWHLQWKLVLQVWDQFH=RXFDQXVHWKHSUHSDFNDJHGOD\RXWV
DYDLODEOHLQWKH,D\RXWVHFWLRQRIWKH8DVNVSDQH7XLWDEOHOD\RXWVDUH
8LWOH7OLGHZKLFKDOVRFRQWDLQVDVHFWLRQIRUDVXEWLWOH RU8LWOH/QO\
KRZHYHUDOOEXWRQHOD\RXWWKHEODQNRQH FRQWDLQVDWLWOHVHFWLRQVR
\RXDUHQRWUHVWULFWHGWRWKHWZROD\RXWVGHVFULEHGKHUH
)I\RXGRQRWNQRZWKHQDPHVIRUWKHSUHSDFNDJHG
OD\RXWV\RXFDQXVHWKHWRROWLSIHDWXUH0RVLWLRQWKH
FXUVRURQDQLFRQLQWKH,D\RXWVHFWLRQRURQDQ\
WRROEDULFRQ DQGLWVQDPHZLOOEHGLVSOD\HGLQDVPDOO
UHFWDQJOH
)IWKHWRROWLSVDUHQRWHQDEOHG\RXFDQHQDEOHWKHP
)7>
&URPWKHPDLQPHQXVHOHFW.EEBI)FJ?EDI
)F;D)<<?9;
EH=!;D;H7B";BFDQGPDUNWKH
.?FIFKHFNER[)IWKHNJ;D:;:J?FIFKHFNER[LVDOVR
PDUNHG\RXZLOOJHWPRUHGHWDLOHGWRROWLS
LQIRUPDWLRQEXWWKHWRROWLSQDPHVWKHPVHOYHVZLOOQRW
EHSURYLGHG
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
7HOHFWDOD\RXWLQWKH,D\RXWVHFWLRQRIWKH8DVNVSDQHE\FOLFNLQJRQ
LWLWDSSHDUVLQWKH;RUNVSDFH8RFUHDWHWKHWLWOHFOLFNRQs#OLFNWR
DGGWLWOHtDVVXPLQJWKH"ODQN7OLGHOD\RXWZDVQRWXVHG DQGWKHQ
W\SHWKHWLWOHWH[W!GMXVWPHQWVWRWKHIRUPDWWLQJRIWKHWLWOHFDQEH
GRQHE\SUHVVLQJWKH&NH\ULJKW
FOLFNLQJWKH8LWOHSUHVHQWDWLRQ
VW\OHHQWU\DQGVHOHFWLQJ'E:?<OIURPWKHSRS
XSPHQX
)I\RXDUHXVLQJWKH8LWOH7OLGHOD\RXWFOLFNRQ#OLFNWRDGGWH[WWR
DGGDVXEWLWOH0URFHHGDVDERYHWRPDNHDGMXVWPHQWVWRWKH
IRUPDWWLQJLIUHTXLUHG
<A3@B7<5/227B7=</:A:723A
8KHVWHSVIRULQVHUWLQJDGGLWLRQDOVOLGHVDUHEDVLFDOO\WKHVDPHDVIRU
VHOHFWLQJWKHWLWOHSDJH)WLVDSURFHVVWKDWKDVWREHUHSHDWHGIRU
HDFKVOLGH9QOHVV\RXDUHXVLQJPRUHWKDQRQHVOLGHPDVWHU\RXU
RQO\FRQFHUQLVWKH,D\RXWVVHFWLRQRIWKH8DVNVSDQH&LJXUH
&LUVWLQVHUWDOOWKHVOLGHV\RXURXWOLQHLQGLFDWHV\RXZLOOQHHG/QO\
DIWHUWKLVVKRXOG\RXEHJLQDGGLQJVSHFLDOHIIHFWVVXFKDVFXVWRP
DQLPDWLRQDQGVOLGHWUDQVLWLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
-J;F
)QVHUWDQHZVOLGH8KLVFDQEHGRQHLQDYDULHW\RIZD\V
WDNH\RXUSLFN
l #DI;HJ-B?:;
l 6LJKW
FOLFNRQWKHSUHVHQWVOLGHDQGVHOHFW-B?:;(;M-B?:;
IURPWKHSRS
XSPHQX
l #OLFNWKH-B?:;LFRQLQWKH0UHVHQWDWLRQWRROEDU&LJXUH
&LJXUH0UHVHQWDWLRQWRROEDU
-J;F7HOHFWWKHOD\RXWVOLGHWKDWEHVWVILWV\RXUQHHGV
-J;F-RGLI\WKHHOHPHQWVRIWKHVOLGH!WWKLVVWDJHWKHVOLGH
FRQVLVWVRIHYHU\WKLQJFRQWDLQHGLQWKHVOLGHPDVWHUDVZHOODVWKH
FKRVHQOD\RXWVOLGHVRWKLVLQFOXGHVUHPRYLQJXQQHHGHGHOHPHQWV
DGGLQJQHHGHGHOHPHQWVVXFKDVSLFWXUHV DQGLQVHUWLQJWH[W
#KDQJHVWRDQ\RIWKHSUH
SDFNDJHGOD\RXWVFDQRQO\
/CB7=< EHPDGHXVLQJ0?;M(EHC7BZKLFKLVWKHGHIDXOW
!WWHPSWLQJWRGRWKLVE\PRGLI\LQJDVOLGHPDVWHUPD\
UHVXOWLQXQSUHGLFWDEOHUHVXOWVDQGUHTXLUHVH[WUDFDUH
DVZHOODVVRPHWULDOVDQGHUURUV
6HPRYHDQ\HOHPHQWRQWKHVOLGHWKDWLVQRWUHTXLUHG
l #OLFNWKHHOHPHQWWRKLJKOLJKWLW8KHJUHHQVTXDUHVVKRZLW
LVKLJKOLJKWHG
l 0UHVVWKH$HOHWHNH\WRUHPRYHLW
7RPHWLPHV\RXZLOODFFLGHQWDOO\VHOHFWWKHZURQJ
)7> OD\RXWVOLGHRUGHFLGHWRFKDQJHLW8KLVLVVDIHDQG
GRHVQRWFDXVHORVVRIWKHFRQWHQWVDOUHDG\RQWKHVOLGH
!GGDQ\HOHPHQWVWRWKHVOLGHWKDW\RXGRQHHG
D !GGLQJSLFWXUHVWRWKHFOLSDUWIUDPHLI\RXUFKRVHQOD\RXW
LQFOXGHVRQH
l $RXEOH
FOLFNWKHSLFWXUHZLWKLQWKHIUDPH8KH)QVHUW
SLFWXUHGLDORJRSHQV
l "URZVHWRWKHORFDWLRQRIWKHSLFWXUH\RXZDQWWRLQFOXGH
8RVHHDSUHYLHZRIWKHSLFWXUHFKHFN*H;L?;MDWWKH
ERWWRPRIWKH)QVHUWSLFWXUHGLDORJ
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
l 7HOHFWWKHSLFWXUHDQGFOLFN)F;D
l 6HVL]HWKHSLFWXUHDVQHFHVVDU\&ROORZWKHGLUHFWLRQVLQ
WKH#DXWLRQQRWHEHORZ
E !GGLQJSLFWXUHVIURPJUDSKLFILOHVWRSODFHVRWKHUWKDQWKH
FOLSDUWIUDPH
l #DI;HJ*?9JKH; HEC ?B;8KH)QVHUWSLFWXUHGLDORJ
RSHQV
l "URZVHWRWKHJUDSKLFILOH8RVHHDSUHYLHZRIWKH
SLFWXUHFKHFN*H;L?;MDWWKHERWWRPRIWKH)QVHUW
SLFWXUHGLDORJ7HOHFWDSLFWXUHDQGFOLFN)F;D
l -RYHWKHSLFWXUHWRLWVORFDWLRQ
l 6HVL]HWKHSLFWXUHLIQHFHVVDU\
F !GGLQJ/,%/EMHFWVLVDQDGYDQFHGWHFKQLTXHFRYHUHGLQ
#KDSWHURIWKH)PSUHVV'XLGH
!GGLQJWH[WWRDVOLGH)IWKHVOLGHFRQWDLQVWH[WFOLFNRQ#OLFNWR
DGGDQRXWOLQHLQWKHWH[WIUDPHDQGWKHQW\SH\RXUWH[W8KH
/XWOLQHVW\OHVIURPWRDUHDXWRPDWLFDOO\DSSOLHGWRWKHWH[W
DV\RXLQVHUWLW=RXFDQFKDQJHWKHRXWOLQHOHYHORIHDFK
SDUDJUDSKDVZHOODVLWVSRVLWLRQZLWKLQWKHWH[WXVLQJWKHDUURZ
EXWWRQVRQWKH8H[W&RUPDWWLQJWRROEDU
-J;F8RFUHDWHDGGLWLRQDOVOLGHVUHSHDWVWHSVq
"=274G7<5B63/>>3/@/<13=4A:723A
8RFKDQJHWKHEDFNJURXQGDQGRWKHUFKDUDFWHULVWLFVRIDOOVOLGHVLQ
WKHSUHVHQWDWLRQ\RXQHHGWRPRGLI\WKHVOLGHPDVWHURUFKRRVHD
GLIIHUHQWVOLGHPDVWHU
!7OLGH-DVWHULVDVOLGHZLWKDVSHFLILHGVHWRIFKDUDFWHULVWLFVZKLFK
LVXVHGDVWKHEHJLQQLQJSRLQWIRUFUHDWLQJRWKHUVOLGHV8KHVH
FKDUDFWHULVWLFVLQFOXGHWKHEDFNJURXQGREMHFWVLQWKHEDFNJURXQG
IRUPDWWLQJRIDQ\WH[WXVHGDQGDQ\EDFNJURXQGJUDSKLFV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
//RXVHVWKUHHLQWHUFKDQJHDEOHWHUPVIRUWKLVRQH
FRQFHSW-DVWHUVOLGHVOLGHPDVWHUDQGPDVWHUSDJH
#=B3 DOOUHIHUWRDVOLGHWKDWLVXVHGWRFUHDWHRWKHUVOLGHV
8KLVERRNKRZHYHUZLOOXVHRQO\WKHWHUPVOLGH
PDVWHUH[FHSWZKHQGHVFULELQJWKHXVHULQWHUIDFH
)PSUHVVKDVSUHSDFNDJHGVOLGHPDVWHUVIRXQGLQWKH-DVWHU0DJHV
VHFWLRQRIWKH8DVNVSDQH=RXFDQDOVRFUHDWHDQGVDYHDGGLWLRQDO
VOLGHPDVWHUV
"=274G7<5B63A:723A6=E
.RZUHYLHZWKHHQWLUHSUHVHQWDWLRQDQGDQVZHUVRPHTXHVWLRQV6XQ
WKHVOLGHVKRZDWOHDVWRQFHEHIRUHDQVZHULQJWKHP=RXPLJKWZDQW
WRDGGVRPHTXHVWLRQVRI\RXURZQ
!UHWKHVOLGHVLQWKHFRUUHFWRUGHU)IQRWVRPHRIWKHPZLOO
QHHGWREHPRYHG
;RXOGDQDGGLWLRQDOVOLGHPDNHDSDUWLFXODUSRLQWFOHDUHU)IVR
DQRWKHUVOLGHQHHGVWREHFUHDWHG
;RXOGVRPHFXVWRPDQLPDWLRQVKHOSVRPHRIWKHVOLGHV
!GYDQFHGWHFKQLTXH
7KRXOGVRPHRIWKHVOLGHVKDYHDGLIIHUHQWVOLGHWUDQVLWLRQWKDQ
RWKHUV8KHWUDQVLWLRQRIWKRVHVOLGHVVKRXOGEHFKDQJHG
$RVRPHRIWKHVOLGHVVHHPXQQHFHVVDU\$HOHWHWKHDIIHFWHG
VOLGHRUVOLGHVDIWHUFKHFNLQJLIWKH\DUHLQGHHGXQQHFHVVDU\
)IRQHRUPRUHVOLGHVVHHPVWREHXQQHFHVVDU\KLGH
WKHVOLGHRUVOLGHVDQGYLHZWKHVOLGHVKRZDIHZPRUH
WLPHVWRPDNHVXUH8RKLGHDVOLGHULJKW
FOLFNWKH
)7> VOLGHLQWKH7OLGHVSDQHDQGVHOHFW"?:;-B?:;LQWKH
SRS
XSPHQX$RQRWGHOHWHDVOLGHXQWLO\RXKDYH
GRQHWKLVRWKHUZLVH\RXPD\KDYHWRFUHDWHWKDWVOLGH
DJDLQ
/QFH\RXKDYHDQVZHUHGWKHVHDQG\RXURZQTXHVWLRQV\RXVKRXOG
PDNHWKHQHFHVVDU\FKDQJHV8KLVLVGRQHPRVWHDVLO\LQWKH7OLGH
7RUWHUYLHZ)I\RXQHHGRQHRUPRUHQHZVOLGHVFUHDWHWKHPXVLQJ
WKHVWHSVOLVWHGLQs)QVHUWLQJDGGLWLRQDOVOLGHVtRQSDJH
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
(:723;/AB3@A/<2ABG:3A
!VOLGHPDVWHULVDVOLGHWKDWLVXVHGDVWKHVWDUWLQJSRLQWIRURWKHU
VOLGHV)WLVVLPLODUWRDSDJHVW\OHLQ;ULWHULWFRQWUROVWKHEDVLF
IRUPDWWLQJRIDOOVOLGHVEDVHGRQLW!VOLGHVKRZFDQKDYHPRUHWKDQ
RQHVOLGHPDVWHU
//RXVHVWKUHHWHUPVIRUWKLVRQHFRQFHSW-DVWHU
VOLGHVOLGHPDVWHUDQGPDVWHUSDJHDOOUHIHUWRDVOLGH
#=B3 ZKLFKLVXVHGWRFUHDWHRWKHUVOLGHV8KLVERRNXVHV
WKHWHUPVOLGHPDVWHUH[FHSWZKHQGHVFULELQJWKH
XVHULQWHUIDFH
!VOLGHPDVWHUKDVDGHILQHGVHWRIFKDUDFWHULVWLFVLQFOXGLQJWKH
EDFNJURXQGFRORUJUDSKLFRUJUDGLHQWREMHFWVVXFKDVORJRV
GHFRUDWLYHOLQHVDQGRWKHUJUDSKLFV LQWKHEDFNJURXQGKHDGHUVDQG
IRRWHUVSODFHPHQWDQGVL]HRIWH[WIUDPHVDQGWKHIRUPDWWLQJRIWH[W
!OORIWKHFKDUDFWHULVWLFVRIVOLGHPDVWHUVDUHFRQWUROOHGE\VW\OHV8KH
VW\OHVRIDQ\QHZVOLGH\RXFUHDWHDUHLQKHULWHGIURPWKHVOLGHPDVWHU
IURPZKLFKLWZDVFUHDWHG)QRWKHUZRUGVWKHVW\OHVRIWKHVOLGH
PDVWHUDUHDYDLODEOHDQGDSSOLHGWRDOOVOLGHVFUHDWHGIURPWKDWVOLGH
PDVWHU#KDQJLQJDVW\OHLQDVOLGHPDVWHUUHVXOWVLQFKDQJHVWRDOO
WKHVOLGHVEDVHGRQWKDWVOLGHPDVWHULWLVKRZHYHUSRVVLEOHWR
PRGLI\HDFKLQGLYLGXDOVOLGHZLWKRXWDIIHFWLQJWKHVOLGHPDVWHU
7OLGHPDVWHUVKDYHWZRW\SHVRIVW\OHVDVVRFLDWHGZLWKWKHP
SUHVHQWDWLRQVW\OHVDQGJUDSKLFVW\OHV8KHSUH
SDFNDJHG
SUHVHQWDWLRQVW\OHVFDQEHPRGLILHGEXWQHZSUHVHQWDWLRQVW\OHV
FDQQRWEHFUHDWHG(RZHYHUQRWRQO\FDQWKHSUHSDFNDJHGJUDSKLF
VW\OHVEHPRGLILHGEXWQHZJUDSKLFVW\OHVFDQDOVREHFUHDWHG;KDW
VW\OHVWRXVHDQGZKHQWRXVHWKHPLVGHVFULEHGODWHULQWKLVFKDSWHU
*H;I;DJ7J?EDIJOB;IDIIHFWWKUHHHOHPHQWVRIDVOLGHPDVWHUWKH
EDFNJURXQGEDFNJURXQGREMHFWVVXFKDVLFRQVGHFRUDWLYHOLQHVDQG
WH[WIUDPHV DQGWKHWH[WSODFHGRQWKHVOLGH8H[WVW\OHVDUHIXUWKHU
GLYLGHGLQWR.RWHV/XWOLQHWKURXJK/XWOLQH7XEWLWOHDQG8LWOH
8KHRXWOLQHVW\OHVDUHXVHGIRUWKHGLIIHUHQWOHYHOVRIWKHRXWOLQHWR
ZKLFKWKH\EHORQJ&RUH[DPSOH/XWOLQHLVXVHGIRUWKHVXESRLQWVRI
/XWOLQHDQG/XWOLQHLVXVHGIRUWKHVXESRLQWVRI/XWOLQH
!H7F>?9IJOB;IDIIHFWPDQ\RIWKHHOHPHQWVRIDVOLGH.RWLFHWKDW
WH[WVW\OHVH[LVWLQERWKWKHSUHVHQWDWLRQDQGJUDSKLFVW\OHVHOHFWLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
,=@97<5E7B6A:723;/AB3@A
)PSUHVVFRPHVZLWKSUHSDFNDJHG
VOLGHPDVWHUV8KH\DUHVKRZQLQWKH
-DVWHU0DJHVVHFWLRQRIWKH8DVNV
SDQH&LJXUH 8KLVVHFWLRQKDV
WKUHHVXEVHFWLRQV9VHGLQ8KLV
0UHVHQWDWLRQ6HFHQWO\9VHGDQG
!YDLODEOHIRU9VH#OLFNWKHVLJQ
QH[WWRWKHQDPHRIDVXEVHFWLRQWR
H[SDQGLWWRVKRZWKXPEQDLOVRIWKH
VOLGHVRUFOLFNWKHqVLJQWRFROODSVH
WKHVXEVHFWLRQWRKLGHWKH
WKXPEQDLOV
%DFKRIWKHVOLGHPDVWHUVVKRZQLQ
WKH!YDLODEOHIRU9VHOLVWLVIURPD
WHPSODWHRIWKHVDPHQDPH)I\RX
KDYHFUHDWHG\RXURZQWHPSODWHVRU
DGGHGWHPSODWHVIURPRWKHU
VRXUFHVVOLGHPDVWHUVIURPWKRVH
WHPSODWHVZLOODOVRDSSHDULQWKLV
OLVW
@3/B7<5A:723;/AB3@A
=RXFDQFUHDWHDQHZVOLGHPDVWHULQ
DVLPLODUZD\WRPRGLI\LQJWKH
GHIDXOWVOLGHPDVWHU
8RVWDUWHQDEOHHGLWLQJRIVOLGH
PDVWHUVE\0?;M'7IJ;H-B?:;
'7IJ;H
/QWKH-DVWHU:LHZWRROEDUFOLFNWKH(;M'7IJ;HLFRQ
!VHFRQGVOLGHPDVWHUDSSHDUVLQWKH7OLGHVSDQH-RGLI\WKLVVOLGH
PDVWHUWRVXLW\RXUUHTXLUHPHQWV)WLVDOVRUHFRPPHQGHGWKDW\RX
UHQDPHWKLVQHZVOLGHPDVWHUULJKW
FOLFNRQWKHVOLGHLQWKH7OLGHV
SDQHDQGVHOHFW,;D7C;C7IJ;HIURPWKHSRSXSPHQX
;KHQ\RXDUHGRQHFORVHWKH-DVWHU:LHZWRROEDUWRUHWXUQWR
QRUPDOVOLGHHGLWLQJPRGH
>>:G7<5/A:723;/AB3@
)QWKH8DVNV0DQHEHVXUHWKH-DVWHU0DJHVVHFWLRQLVVKRZLQJ
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
8RDSSO\RQHRIWKHVOLGHPDVWHUVWRDOOVOLGHVLQ\RXUSUHVHQWDWLRQ
FOLFNRQLWLQWKHOLVW
8RDSSO\DGLIIHUHQWVOLGHPDVWHUWRRQHRUPRUHVHOHFWHGVOLGHV
)QWKH7OLGH0DQHVHOHFWWKHVOLGHV\RXZDQWWRFKDQJH
)QWKH8DVNV0DQHULJKW
FOLFNRQWKHVOLGHPDVWHU\RXZDQWWR
DSSO\WRWKHVHOHFWHGVOLGHVDQGFOLFNFFBOJE-;B;9J;:-B?:;I
RQWKHSRS
XSPHQX
!=/27<5/227B7=</:A:723;/AB3@A
7RPHWLPHVLQWKHVDPHVHWRIVOLGHV\RXPD\QHHGWRPL[PXOWLSOH
VOLGHPDVWHUVWKDWPD\EHORQJWRGLIIHUHQWWHPSODWHV&RUH[DPSOH
\RXPD\QHHGDFRPSOHWHO\GLIIHUHQWOD\RXWIRUWKHILUVWVOLGHRIWKH
SUHVHQWDWLRQRU\RXPD\ZDQWWRDGGWR\RXUSUHVHQWDWLRQDVOLGH
IURPDGLIIHUHQWSUHVHQWDWLRQEDVHGRQDWHPSODWHDYDLODEOHRQWKH
KDUGGLVN
8KH7OLGH$HVLJQGLDORJPDNHVWKLVSRVVLEOH!FFHVVWKLVGLDORJHLWKHU
IURPWKHPHQXEDU EHC7J-B?:;:;I?=D RUE\ULJKW
FOLFNLQJRQD
VOLGHLQWKH7OLGHVSDQH
8KHPDLQZLQGRZLQWKHGLDORJVKRZVWKHVOLGHPDVWHUVDOUHDG\
DYDLODEOHIRUXVH8RDGGPRUH
#OLFNWKH&E7:EXWWRQ
7HOHFWLQWKHQHZGLDORJWKHWHPSODWHIURPZKLFKWRORDGWKH
VOLGHPDVWHU#OLFN)%
#OLFN)%DJDLQWRFORVHWKHVOLGHGHVLJQGLDORJ
8KHVOLGHPDVWHUVLQWKHWHPSODWH\RXVHOHFWHGDUHQRZVKRZQDOVRLQ
WKH-DVWHU0DJHVVHFWLRQRIWKH8DVNVSDQHLQWKH!YDLODEOHIRUXVH
VXEVHFWLRQ
8KHVOLGHPDVWHUV\RXKDYHORDGHGZLOODOVREH
DYDLODEOHWKHQH[WWLPH\RXORDGWKHSUHVHQWDWLRQ)I
\RXZDQWWRGHOHWHWKHXQXVHGVOLGHPDVWHUVFOLFNWKH
#=B3 FRUUHVSRQGLQJFKHFNER[LQWKH7OLGH$HVLJQGLDORJ
$XHWRDEXJLIWKHVOLGHPDVWHUZDVQRWXVHGLQWKH
SUHVHQWDWLRQLWLVUHPRYHGIURPWKHOLVWRIDYDLODEOH
VOLGHPDVWHUVDQ\ZD\
8ROLPLWWKHVL]HRIWKHSUHVHQWDWLRQILOH\RXPD\ZDQW
)7> WRPLQLPL]HWKHQXPEHURIVOLGHPDVWHUVXVHG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
"=274G7<5/A:723;/AB3@
8KHIROORZLQJLWHPVFDQEHFKDQJHGRQDVOLGHPDVWHU
l "DFNJURXQGFRORUJUDGLHQWKDWFKLQJRUELWPDS
l "DFNJURXQGREMHFWVIRUH[DPSOHDGGDORJRRUGHFRUDWLYH
JUDSKLFV
l 7L]HSODFHPHQWDQGFRQWHQWVRIKHDGHUDQGIRRWHUHOHPHQWVWR
DSSHDURQHYHU\VOLGH
l 7L]HDQGSODFHPHQWRIGHIDXOWIUDPHVIRUVOLGHWLWOHVDQGFRQWHQW
"HIRUHZRUNLQJRQWKHVOLGHPDVWHUPDNHVXUHWKDWWKH7W\OHVDQG
&RUPDWWLQJZLQGRZLVRSHQ
8RVHOHFWWKHVOLGHPDVWHUIRUPRGLILFDWLRQ
7HOHFW0?;M'7IJ;H-B?:;'7IJ;HIURPWKHPHQXEDU8KLV
XQORFNVWKHSURSHUWLHVRIWKHVOLGHPDVWHUVR\RXFDQHGLWLW
#OLFN-DVWHU0DJHVLQWKH8DVNVSDQH8KLVJLYHV\RXDFFHVVWR
WKHSUH
SDFNDJHGVOLGHPDVWHUV
#OLFNRQWKHVOLGHPDVWHU\RXZDQWWRPRGLI\DPRQJWKHRQHV
DYDLODEOH&LJXUH
-DNHFKDQJHVDVUHTXLUHGWKHQFOLFNWKHBEI;'7IJ;H0?;M
LFRQRQWKH-DVWHU:LHZWRROEDU&RUGHWDLOVVHH#KDSWHURI
WKH)PSUHVV'XLGH
7DYHWKHILOHEHIRUHFRQWLQXLQJ
!Q\FKDQJHVPDGHWRRQHVOLGHZKHQLQ-DVWHU:LHZ
PRGHZLOODSSHDURQDOOVOLGHVXVLQJWKLVVOLGHPDVWHU
/CB7=< !OZD\VPDNHVXUH\RXFORVH-DVWHU:LHZDQGUHWXUQ
WR.RUPDOYLHZEHIRUHZRUNLQJRQDQ\RIWKH
SUHVHQWDWLRQVOLGHV7HOHFW0?;M(EHC7BIURPWKH
PHQXEDURUFOLFNBEI;'7IJ;H0?;MLQWKH-DVWHU
:LHZWRROEDUWRUHWXUQWRWKHQRUPDOVOLGHYLHZ
8KHFKDQJHVPDGHWRRQHRIWKHVOLGHVLQ.RUPDOYLHZIRUH[DPSOH
FKDQJHVWRWKHEXOOHWSRLQWVW\OHRUWKHFRORURIWKHWLWOHDUHDDQGVR
RQ ZLOOQRWEHRYHUULGGHQE\VXEVHTXHQWFKDQJHVWRWKHVOLGH
PDVWHU8KHUHDUHFDVHVKRZHYHUZKHUHLWLVGHVLUDEOHWRUHYHUWD
PDQXDOO\PRGLILHGHOHPHQWRIWKHVOLGHWRWKHVW\OHGHILQHGLQWKH
VOLGHPDVWHUWRGRWKDWVHOHFWWKDWHOHPHQWDQGFKRRVH EHC7J
;<7KBJ EHC7JJ?D=IURPWKHPHQXEDU
7RPHWLPHV\RXPD\ZDQWWRWU\VHYHUDORIWKHDYDLODEOHOD\RXWVWRVHH
ZKLFKRQHLVPRUHVXLWDEOHIRU\RXUFRQWHQWV!SSO\LQJDOD\RXWRQO\
UHTXLUHVWKDW\RXRSHQWKH,D\RXWVVHFWLRQRIWKH8DVNVSDQHDQG
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
GRXEOH
FOLFNRQWKHQHZOD\RXW!OWHUQDWLYHO\\RXFDQULJKW
FOLFNRQ
WKHGHVLUHGOD\RXWWKXPEQDLODQGVHOHFWFFBOJEI;B;9J;:IB?:;
IURPWKHSRS
XSPHQX
227<5B3FBB=/::A:723A
7RPHRIWKHVXSSOLHGVOLGHPDVWHUVKDYHWH[WREMHFWVLQWKHIRRWHU=RX
FDQDGGRWKHUWH[WREMHFWVWRWKHPDVWHUSDJHIRU\RXUVOLGHVWRDFWDV
DKHDGHURUDIRRWHU
#KRRVH0?;M'7IJ;H-B?:;'7IJ;HIURPWKHPHQXEDU
/QWKHH7M?D=WRROEDUVHH&LJXUH VHOHFWWKH.;NJLFRQ
#OLFNRQFHDQGGUDJLQWKHPDVWHUSDJHWRGUDZDWH[WREMHFW
DQGWKHQW\SHRUSDVWH\RXUWH[WLQWRWKHREMHFWRUDGGILHOGVDV
GHVFULEHGEHORZ
#KRRVH0?;M(EHC7BZKHQ\RXDUHILQLVKHG
8RDGGDILHOGVXFKDVWKHGDWHRUSDJHQXPEHUWRDWH[WREMHFWLQWKH
KHDGHURUIRRWHUFKRRVH#DI;HJ ?;B:IDQGVHOHFWWKHUHTXLUHG
ILHOGIURPWKHVXEPHQX)I\RXZDQWWRHGLWDILHOGLQ\RXUVOLGHVHOHFW
LWDQGFKRRVH:?J ?;B:I
8KHILHOGV\RXFDQXVHLQ)PSUHVVDUH
l $DWHIL[HG
l $DWHYDULDEOH rXSGDWHVDXWRPDWLFDOO\ZKHQ\RXUHORDGWKHILOH
l 8LPHIL[HG
l 8LPHYDULDEOH rXSGDWHVDXWRPDWLFDOO\ZKHQ\RXUHORDGWKHILOH
l !XWKRUr&LUVWDQGODVWQDPHVOLVWHGLQWKH/SHQ/IILFHRUJXVHU
GDWD
l 0DJHQXPEHUVOLGHQXPEHU
l &LOHQDPH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
227<5/<24=@;/BB7<5B3FB
8H[WLQVOLGHVLVFRQWDLQHGLQWH[WER[HV8KHUHDUHWZRZD\VWRDGG
WH[WER[HVWRDVOLGH
l #KRRVHDSUHGHILQHGOD\RXWIURPWKH,D\RXWVVHFWLRQRIWKH8DVNV
SDQH8KHVHWH[WER[HVDUHFDOOHGKJE&7OEKJWH[WER[HV
l #UHDWHDWH[WER[XVLQJWKHWH[WWRRO
*A7<5B3FB0=F3A1@3/B324@=;B63!/G=CB>/<3
)Q.RUPDOYLHZ
#OLFNLQWKHWH[WER[WKDWUHDGVB?9AJE7::J;NJB?9AJE7::
7DEKJB?D;RUDVLPLODUQRWDWLRQ
8\SHRUSDVWH\RXUWH[WLQWKHWH[WER[
*A7<5B3FB0=F3A1@3/B324@=;B63B3FB0=FB==:
)Q.RUPDO:LHZ
#OLFNRQWKH.;NJ
ZLWKWKHWH[WLFRQLVQRWYLVLEOHFKRRVH0?;M.EEB87HI
H7M?D=
#OLFNDQGGUDJWRGUDZDER[IRUWKHWH[WRQWKHVOLGH$RQRW
ZRUU\DERXWWKHYHUWLFDOVL]HDQGSRVLWLRQrWKHWH[WER[ZLOO
H[SDQGLIQHHGHGDV\RXW\SH
6HOHDVHWKHPRXVHEXWWRQZKHQILQLVKHG8KHFXUVRUDSSHDUVLQ
WKHWH[WER[ZKLFKLVQRZLQHGLWPRGHJUD\KDVKHGERUGHUZLWK
JUHHQUHVL]LQJKDQGOHVVKRZQLQ&LJXUH
8\SHRUSDVWH\RXUWH[WLQWKHWH[WER[
#OLFNRXWVLGHWKHWH[WER[WRGHVHOHFWLW
=RXFDQPRYHUHVL]HDQGGHOHWHWH[WER[HV&RUPRUHLQIRUPDWLRQ
VHH#KDSWHULQWKH)PSUHVV'XLGH
)QDGGLWLRQWRWKHQRUPDOWH[WER[HVZKHUHWH[WLV
KRUL]RQWDOO\DOLJQHGLWLVSRVVLEOHWRLQVHUWWH[WER[HV
ZKHUHWKHWH[WLVDOLJQHGYHUWLFDOO\8KLVFKRLFHLV
DYDLODEOHRQO\ZKHQ!VLDQODQJXDJHVDUHHQDEOHGLQ
#=B3 .EEBI)FJ?EDI&7D=K7=;-;JJ?D=I&7D=K7=;I
#OLFNRQWKH EXWWRQLQWKHGUDZLQJWRROEDUWRFUHDWH
DYHUWLFDOWH[WER[.RWHWKDWZKHQHGLWLQJWKHFRQWHQWV
WKHWH[WLVGLVSOD\HGKRUL]RQWDOO\
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
&LJXUH7HOHFWHGWH[WER[VKRZLQJWKHJUHHQUHVL]LQJ
KDQGOHVDQGWH[WWRROEDU
%/AB7<5B3FB
=RXFDQLQVHUWWH[WLQWRDWH[WER[E\FRS\LQJLWIURPDQRWKHU
GRFXPHQWDQGSDVWLQJLWLQWR)PSUHVV(RZHYHUWKHSDVWHGWH[WZLOO
SUREDEO\QRWPDWFKWKHIRUPDWWLQJRIWKHVXUURXQGLQJWH[WRUWKDWRI
WKHRWKHUVOLGHVLQWKHSUHVHQWDWLRQ8KLVPD\EHZKDW\RXZDQWRQ
VRPHRFFDVLRQVKRZHYHULQPRVWFDVHV\RXZDQWWRPDNHVXUHWKDW
WKHSUHVHQWDWLRQGRHVQRWEHFRPHDSDWFKZRUNRIGLIIHUHQWSDUDJUDSK
VW\OHVIRQWW\SHVEXOOHWSRLQWVDQGVRRQ8KHUHDUHVHYHUDOZD\VWR
HQVXUHFRQVLVWHQF\WKHVHPHWKRGVDUHH[SODLQHGEHORZ
-.%)#/)"*,(..! .!2.
)WLVQRUPDOO\JRRGSUDFWLFHWRSDVWHWH[WZLWKRXWIRUPDWWLQJDQG
DSSO\WKHIRUPDWWLQJODWHU8RSDVWHZLWKRXWIRUPDWWLQJHLWKHUSUHVV
#RQWURO7KLIW:DQGWKHQVHOHFW/D<EHC7JJ;:J;NJIURPWKHGLDORJ
WKDWDSSHDUVRUFOLFNRQWKHVPDOOEODFNWULDQJOHQH[WWRWKHSDVWH
V\PEROLQWKHVWDQGDUGWRROEDU DQGVHOHFW/D<EHC7JJ;:J;NJ
8KHXQIRUPDWWHGWH[WZLOOEHIRUPDWWHGZLWKWKHRXWOLQHVW\OHDWWKH
FXUVRUSRVLWLRQLQDQ!XWR,D\RXWWH[WER[RUZLWKWKHGHIDXOWJUDSKLF
VW\OHLQDQRUPDOWH[WER[
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
*,(..%)#+-.! .!2.
)ISDVWLQJWKHWH[WLQWRDQKJE&7OEKJDUHDWKHQWRJLYHWKHSDVWHG
WH[WWKHVDPHORRNDQGIHHORIWKHUHVWRIWKHSUHVHQWDWLRQ\RXQHHG
WRDSSO\WKHDSSURSULDWHRXWOLQHVW\OHWRWKHWH[W
0DVWHWKHWH[WLQWKHGHVLUHGSRVLWLRQ$RQRWZRUU\LILWGRHVQRW
ORRNULJKWLWZLOOLQDPLQXWH
7HOHFWWKHWH[W\RXKDYHMXVWSDVWHG
7HOHFW EHC7J;<7KBJ<EHC7JJ?D=IURPWKHPHQXEDU
9VHWKHIRXUDUURZEXWWRQVLQWKH8H[W&RUPDWWLQJWRROEDU
WRPRYHWKHWH[WWRWKHDSSURSULDWHSRVLWLRQDQG
JLYHLWWKHDSSURSULDWHRXWOLQHOHYHO8KHEXWWRQZLWKWKHDUURZ
SRLQWLQJOHIWSURPRWHVWKHOLVWHQWU\E\RQHOHYHOIRUH[DPSOH
IURP/XWOLQHWR/XWOLQH WKHULJKWDUURZEXWWRQGHPRWHVWKH
OLVWHQWU\E\RQHOHYHOWKHXSDQGGRZQDUURZEXWWRQVPRYHWKH
OLVWHQWU\
!SSO\PDQXDOIRUPDWWLQJDVUHTXLUHGWRVHFWLRQVRIWKHWH[WWR
FKDQJHIRQWDWWULEXWHVWDEVDQGVRRQ
)I\RXDUHSDVWLQJWH[WLQDJ;NJ8EN\RXFDQVWLOOXVHVW\OHVWRTXLFNO\
IRUPDWWKHWH[W.RWHWKDWRQHDQGRQO\RQHJUDSKLFVW\OHFDQEH
DSSOLHGWRWKHFRSLHGWH[W8RGRWKDW
0DVWHWKHWH[WLQWKHGHVLUHGSRVLWLRQ
7HOHFWWKHWH[W\RXKDYHMXVWSDVWHG
7HOHFWWKHGHVLUHGJUDSKLFVW\OH
!SSO\PDQXDOIRUPDWWLQJDVUHTXLUHGWRVHFWLRQVRIWKHWH[W
0UHVHQWDWLRQVW\OHVDUHYHU\GLIIHUHQWIURP;ULWHU
)7> VW\OHVDQGDUHDSSOLHGLQTXLWHDGLIIHUHQWZD\
@3/B7<50C::3B32/<2<C;03@32:7ABA
8KHSURFHGXUHWRFUHDWHDEXOOHWHGRUQXPEHUHGOLVWLVTXLWHGLIIHUHQW
GHSHQGLQJRQWKHW\SHRIWH[WER[XVHGDOWKRXJKWKHWRROVWRPDQDJH
WKHOLVWDQGFXVWRPL]HWKHDSSHDUDQFHDUHWKHVDPH
)QWH[WER[HVFUHDWHGDXWRPDWLFDOO\E\)PSUHVVFDOOHG!XWR,D\RXW
WKHRXWOLQHVW\OHVDYDLODEOHDUHE\GHIDXOWEXOOHWHGOLVWVZKLOHIRU
QRUPDOWH[WER[HVDQDGGLWLRQDOVWHSLVUHTXLUHGWRFUHDWHDEXOOHWHG
OLVW
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
,!.%)#'%-.-%)/.*3*/..!2.*2!-
%YHU\WH[WER[LQFOXGHGLQWKHDYDLODEOHOD\RXWVLVDOUHDG\IRUPDWWHG
DVDEXOOHWHGOLVWWKHUHIRUHWRFUHDWHDEXOOHWHGOLVWWKHRQO\QHFHVVDU\
VWHSVDUH
&URPWKH,D\RXWSDQHFKRRVHDVOLGHGHVLJQWKDWFRQWDLQVDWH[W
ER[8KRVHDUHHDVLO\UHFRJQL]DEOHIURPWKHWKXPEQDLO
#OLFNLQWKHWH[WER[WKDWUHDGVB?9AJE7::7DEKJB?D;
8\SHWKHWH[WWKHQSUHVV%QWHUWRVWDUWDQHZEXOOHWHGOLQH
8KHGHIDXOWOLVWW\SHLVDEXOOHWHGOLVW8KHPHFKDQLVPVWRFKDQJH
WKHOLVWIURPEXOOHWHGWRQXPEHUHGDQGYLFHYHUVDDUHH[SODLQHG
LQs#KDQJLQJWKHDSSHDUDQFHRIWKHOLVWtRQSDJH
0UHVV7KLIW%QWHUWRVWDUWDQHZOLQHZLWKRXW
FUHDWLQJDQHZEXOOHWRUQXPEHU8KHQHZOLQHZLOO
KDYHWKHVDPHLQGHQWDWLRQRIWKHSUHYLRXVOLQH0UHVV
)7> LQVWHDGWKHEXWWRQEXOOHWVRQRIIRQWKHWH[WIRUPDWWLQJ
WRROEDUIRUDOLQHZLWKRXWEXOOHW)IWKHWH[WIRUPDWWLQJ
WRROEDULVQRWVKRZLQJHQDEOHLWVHOHFWLQJ0?;M
.EEB87H EHC7JJ?D=LQWKHPHQXEDU
,!.%)#'%-.-%)*.$!,.!2.*2!-
8RFUHDWHDOLVWLQDWH[WER[IROORZWKHVHVWHSV
0ODFHWKHFXUVRULQWKHWH[WER[
,!.%)#)!1*/.'%)!'!0!'
)IQHFHVVDU\SUHVV%QWHUWREHJLQDQHZOLQH
0UHVV8DE
%DFKWLPH\RXSUHVV8DEWKHOLQHLQGHQWVWRWKHQH[W
RXWOLQHOHYHO0UHVVLQJ%QWHUFUHDWHVDQHZOLQHDWWKHVDPHOHYHO
DVWKHSUHYLRXVRQH8RUHWXUQWRWKHSUHYLRXVOHYHOSUHVV
7KLIW8DE
)QWKH!XWR,D\RXWWH[WER[HVSURPRWLQJRUGHPRWLQJDQLWHPLQWKH
OLVWFRUUHVSRQGVWRDSSO\LQJDGLIIHUHQWRXWOLQHVW\OHVRWKHVHFRQG
RXWOLQHOHYHOFRUUHVSRQGVWR/XWOLQHVW\OHWKHWKLUGWR/XWOLQH
VW\OHDQGVRRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
9QOLNHVW\OHVLQ;ULWHUGRQRWWU\WRFKDQJHWKH
RXWOLQHOHYHOE\VHOHFWLQJWKHWH[WDQGWKHQFOLFNLQJ
#=B3 WKHGHVLUHGRXWOLQHVW\OH$XHWRWKHZD\WKH
SUHVHQWDWLRQVW\OHVZRUNLWLVQRWSRVVLEOHWRDSSO\
WKHPLQWKLVZD\
$)#%)#.$!++!,)!*".$!'%-.
=RXFDQIXOO\FXVWRPL]HWKHDSSHDUDQFHRIDOLVWFKDQJLQJWKHEXOOHW
W\SHRUQXPEHULQJIRUWKHHQWLUHOLVWRUIRUVLQJOHHQWU\!OORIWKH
FKDQJHVFDQEHPDGHXVLQJWKH"XOOHWVDQG.XPEHULQJGLDORJZKLFK
LVDFFHVVHGE\VHOHFWLQJ EHC7JKBB;JI7D:(KC8;H?D=RUE\
FOLFNLQJRQWKHKBB;JI7D:(KC8;H?D=LFRQ RQWH[W
IRUPDWWLQJWRROEDU
&RUWKHHQWLUHOLVW
7HOHFWWKHHQWLUHOLVWRUFOLFNRQWKHJUD\ERUGHURIWKHWH[WER[
VRWKDWMXVWWKHJUHHQUHVL]LQJKDQGOHVDUHGLVSOD\HG
7HOHFW EHC7JKBB;JI7D:(KC8;H?D=RUFOLFNRQWKH
KBB;JI7D:(KC8;H?D=LFRQ
8KH"XOOHWVDQG.XPEHULQJGLDORJFRQWDLQVILYHWDEV"XOOHWV
.XPEHULQJW\SH'UDSKLFV0RVLWLRQDQG#XVWRPL]H
l )IDEXOOHWOLVWLVQHHGHGVHOHFWWKHGHVLUHGEXOOHWVW\OHIURP
WKHVL[GHIDXOWVW\OHVDYDLODEOHRQWKH"XOOHWVSDJH
l )IDJUDSKLFVVW\OHLVQHHGHGVHOHFWRQHIURPWKRVHDYDLODEOH
RQWKH'UDSKLFVSDJH
l )IDQXPEHUHGOLVWLVQHHGHGVHOHFWRQHRIWKHGHIDXOW
QXPEHULQJVW\OHVRQWKH.XPEHULQJW\SHSDJH
&RUDVLQJOHOLQHLQWKHOLVW
#OLFNDQ\ZKHUHLQWKHOLQHWRSODFHWKHFXUVRULQLW
&ROORZVWHSVqRIWKHSUHYLRXVLQVWUXFWLRQVHW
)IWKHOLVWZDVFUHDWHGLQDQ!XWR,D\RXWWH[WER[WKHQDQDOWHUQDWLYH
ZD\WRFKDQJHWKHHQWLUHOLVWLVWRPRGLI\WKH/XWOLQHVW\OHV#KDQJHV
PDGHWRWKHRXWOLQHVW\OHZLOODSSO\WRDOOWKHVOLGHVXVLQJWKHP
7RPHWLPHVWKLVLVZKDW\RXZDQWVRPHWLPHVLWLVQRWVRVRPHFDUH
PXVWEHWDNHQ
@3/B7<5B/0:3A
&RUGLVSOD\LQJWDEXODUGDWD\RXFDQLQVHUWEDVLFWDEOHVGLUHFWO\LQWR
\RXUVOLGHVLQDQXPEHURIZD\V
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
l
l
l ;LWKWKH8DEOH$HVLJQEXWWRQRQWKHWDEOHWRROEDU
l "\VHOHFWLQJD7W\OHRSWLRQIURPWKH8DEOH$HVLJQVHFWLRQRIWKH
8DVNVSDQH
%DFKPHWKRGRSHQVWKH)QVHUW8DEOHGLDORJVKRZQLQ&LJXUH
!OWHUQDWLYHO\FOLFNLQJRQWKHEODFNDUURZQH[WWRWKH8DEOHEXWWRQ
GLVSOD\VDJUDSKLFWKDW\RXFDQGUDJDQGVHOHFWWKHQXPEHURIURZV
DQGFROXPQVIRU\RXUWDEOH
&LJXUH#UHDWLQJDWDEOHZLWKWKH)QVHUW8DEOHGLDORJ
7HOHFWLQJIURPDQ\RIWKHVW\OHVLQWKH8DEOH$HVLJQ
VHFWLRQRIWKH8DVNVSDQHFUHDWHVDWDEOHEDVHGRQ
#=B3 WKDWVW\OH)I\RXFUHDWHDWDEOHE\DQRWKHUPHWKRG
\RXFDQVWLOODSSO\DVW\OHRI\RXUFKRLFHODWHU
;LWKWKHWDEOHVHOHFWHGWKH8DEOHWRROEDUVKRXOGDSSHDU)ILWGRHV
QRW\RXFDQDFFHVVLWE\VHOHFWLQJ0?;M.EEB87HI.78B;8KH
8DEOHWRROEDURIIHUVPDQ\RIWKHVDPHEXWWRQVDVWKHWDEOHWRROEDULQ
;ULWHUZLWKWKHH[FHSWLRQRIIXQFWLRQVOLNH7RUWDQG7XPIRU
SHUIRUPLQJFDOFXODWLRQV&RUWKRVHIXQFWLRQV\RXQHHGWRXVHD
VSUHDGVKHHWLQVHUWHGIURP#DOFGLVFXVVHGEHORZ
!IWHUWKHWDEOHLVFUHDWHG\RXFDQPRGLI\LWLQPXFKWKHVDPHZD\VDV
\RXZRXOGPRGLI\DWDEOHLQ;ULWHUDGGLQJDQGGHOHWLQJURZVDQG
FROXPQVDGMXVWLQJZLGWKDQGVSDFLQJDGGLQJERUGHUVEDFNJURXQG
FRORUVDQGVRRQ$HWDLOHGLQIRUPDWLRQRQZRUNLQJZLWKWDEOHVDQGWKH
8DEOH0URSHUWLHVGLDORJFDQEHIRXQGLQ#KDSWHURIWKH;ULWHU
'XLGH
"\PRGLI\LQJWKHVW\OHRIWKHWDEOHIURPWKH8DEOH$HVLJQVHFWLRQRI
WKH8DVNVSDQH\RXFDQTXLFNO\FKDQJHWKHDSSHDUDQFHRIWKHWDEOH
RUDQ\QHZO\FUHDWHGWDEOHVEDVHGRQWKH7W\OHRSWLRQV\RXVHOHFW=RX
FDQFKRRVHWRDGGHPSKDVLVWRDKHDGHUDQGWRWDOURZDVZHOODVWKH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
ILUVWDQGODVWFROXPQVRIWKHWDEOHDQGDSSO\DEDQGHGDSSHDUDQFHWR
WKHURZVDQGFROXPQV
(DYLQJFRPSOHWHGWKHWDEOHGHVLJQHQWHULQJGDWDLQWRWKHFHOOVLV
VLPLODUWRZRUNLQJZLWKWH[WER[REMHFWV#OLFNLQWKHFHOO\RXZLVKWR
DGGGDWDWRDQGEHJLQW\SLQJ8RPRYHDURXQGFHOOVTXLFNO\XVHWKH
IROORZLQJNH\RSWLRQV
l 8KHDUURZNH\VPRYHWKHFXUVRUWRWKHQH[WWDEOHFHOOLIWKHFHOOLV
HPSW\RWKHUZLVHWKH\PRYHWKHFXUVRUWRWKHQH[WFKDUDFWHULQ
WKHFHOO
l 8KH8DENH\PRYHVWRWKHQH[WFHOOVNLSSLQJRYHUWKHFRQWHQWVRI
WKHFHOO7KLIW8DEPRYHEDFNZDUGVLQWKLVPDQQHU
227<55@/>671AA>@3/2A633BA16/@BA/<2
=B63@=0831BA
'UDSKLFVLQ)PSUHVVDUHKDQGOHGPXFKWKHVDPHDVJUDSKLFVLQ$UDZ
&RUPRUHLQIRUPDWLRQVHH#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ WKH
$UDZ'XLGHRU#KDSWHUVDQGLQWKH)PSUHVV'XLGH
7SUHDGVKHHWVHPEHGGHGLQ)PSUHVVLQFOXGHPRVWRIWKHIXQFWLRQDOLW\
RIVSUHDGVKHHWVLQ#DOFDQGDUHWKHUHIRUHFDSDEOHRISHUIRUPLQJ
H[WUHPHO\FRPSOH[FDOFXODWLRQVDQGGDWDDQDO\VLV)I\RXQHHGWR
DQDO\]H\RXUGDWDRUDSSO\IRUPXODVWKHVHRSHUDWLRQVDUHEHVW
SHUIRUPHGLQD#DOFVSUHDGVKHHWDQGWKHUHVXOWVGLVSOD\HGLQDQ
HPEHGGHG)PSUHVVVSUHDGVKHHW
8RDGGDVSUHDGVKHHWWRDVOLGHVHOHFWWKHFRUUHVSRQGLQJOD\RXWLQWKH
OLVWRISUHGHILQHGOD\RXWVLQWKH8DVNVSDQH8KLVLQVHUWVDSODFHKROGHU
IRUDVSUHDGVKHHWLQWKHFHQWHURIDVOLGH8RLQVHUWGDWDDQGPRGLI\
WKHIRUPDWWLQJRIWKHVSUHDGVKHHWLWLVQHFHVVDU\WRDFWLYDWHLWDQG
HQWHUWKHHGLWPRGH8RGRVRGRXEOH
FOLFNLQVLGHWKHIUDPHZLWKWKH
JUHHQKDQGOHV
!OWHUQDWLYHO\VHOHFW#DI;HJ-FH;7:I>;;JIURPWKHPDLQPHQXEDU
8KLVRSHQVDVPDOOVSUHDGVKHHWLQWKHPLGGOHRIWKHVOLGH;KHQD
VSUHDGVKHHWLVLQVHUWHGXVLQJWKLVPHWKRGLWLVDOUHDG\LQHGLWPRGH
)WLVDOVRSRVVLEOHWRLQVHUWDVSUHDGVKHHWDVDQ/,%REMHFW
8RDGGDFKDUWWRDVOLGHVHOHFWWKHFRUUHVSRQGLQJOD\RXWLQWKHOLVWRI
SUHGHILQHGOD\RXWVLQWKHWDVNSDQHRUXVHWKH#DI;HJ>7HJIHDWXUH
)PSUHVVRIIHUVWKHFDSDELOLW\RILQVHUWLQJLQDVOLGHYDULRXVRWKHU
W\SHVRIREMHFWVVXFKDVPXVLFRUYLGHRFOLSV;ULWHUGRFXPHQWV-DWK
IRUPXODVJHQHULF/,%REMHFWVDQGVRRQ!W\SLFDOSUHVHQWDWLRQPD\
FRQWDLQPRYLHFOLSVVRXQGFOLSV/,%REMHFWVDQGIRUPXODVRWKHU
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
REMHFWVDUHOHVVIUHTXHQWO\XVHGVLQFHWKH\GRQRWDSSHDUGXULQJD
VOLGHVKRZ
&RUGHWDLOVRQXVLQJVSUHDGVKHHWVFKDUWVDQGRWKHUREMHFWVLQ
)PSUHVVUHIHUWR#KDSWHURIWKH)PSUHVV'XLGH
(3BB7<5C>B63A:723A6=E
)PSUHVVJLYHV\RXWKHWRROVWRRUJDQL]HDQGGLVSOD\DVOLGHVKRZ
LQFOXGLQJ
l ;KLFKVOLGHVWRVKRZDQGLQZKDWRUGHU
l ;KHWKHUWRUXQWKHVKRZDXWRPDWLFDOO\RUPDQXDOO\
l 8UDQVLWLRQVEHWZHHQVOLGHV
l !QLPDWLRQVRQLQGLYLGXDOVOLGHV
l )QWHUDFWLRQVZKDWKDSSHQVZKHQ\RXFOLFNDEXWWRQRUOLQN
#KDSWHURIWKH)PSUHVV'XLGHGHVFULEHVWKHVHWRROV
-RVWWDVNVDVVRFLDWHGZLWKSXWWLQJWRJHWKHUDVKRZIURP\RXUVOLGHV
DUHEHVWGRQHLQ7OLGH7RUWHUYLHZ#KRRVH0?;M-B?:;-EHJ;HIURP
WKHPHQXEDURUFOLFNWKH7OLGH7RUWHUWDEDWWKHWRSRIWKH
ZRUNVSDFH!OORI\RXUVOLGHVDSSHDULQWKHZRUNVSDFH\RXPD\QHHG
WRVFUROOWRVHHWKHPDOO
#XVWRPDQLPDWLRQVDUHIRXQGRQWKH8DVNVSDQH8KLVLVDQDGYDQFHG
WHFKQLTXHDQGLVH[SODLQHGLQ#KDSWHU7OLGH7KRZV LQWKH)PSUHVV
'XLGH
=RXUILUVWVOLGHVKRZVKRXOGSUREDEO\KDYHWKHVDPHVOLGHWUDQVLWLRQ
IRUDOOVOLGHV7HWWLQJ!GYDQFHVOLGHWR)DCEKI;9B?9ALVWKHGHIDXOW
DQGDVLPSOHVHWWLQJ)I\RXZDQWHDFKVOLGHWREHVKRZQIRUDVSHFLILF
DPRXQWRIWLPHFOLFNKJEC7J?97BBO7<J;HDQGHQWHUWKHQXPEHURI
VHFRQGV#OLFNFFBOJE7BBIB?:;I
7OLGHWUDQVLWLRQFKRLFHVDUHDOVRIRXQGRQWKH8DVNVSDQH&RUPRUH
LQIRUPDWLRQDERXWVOLGHWUDQVLWLRQVVHH#KDSWHULQWKH)PSUHVV
'XLGH
8KH7OLGHWUDQVLWLRQVHFWLRQKDVDYHU\XVHIXOFKRLFH
!XWRPDWLFSUHYLHZ7HOHFWLWVFKHFNER[8KHQZKHQ
)7> \RXPDNHDQ\FKDQJHVLQDVOLGHWUDQVLWLRQWKHQHZ
VOLGHLVSUHYLHZHGLQWKH7OLGH$HVLJQDUHDLQFOXGLQJ
LWVWUDQVLWLRQHIIHFW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
'C<<7<5B63A:723A6=E
8RUXQWKHVOLGHVKRZGRRQHRIWKHIROORZLQJ
l #OLFN-B?:;->EM-B?:;->EM
l #OLFNWKH7OLGH7KRZEXWWRQRQWKH0UHVHQWDWLRQWRROEDU
&LJXUH0UHVHQWDWLRQ8RROEDU
l 0UHVV&RU&
)IWKHVOLGHWUDQVLWLRQLV!XWRPDWLFDIWHU[VHFRQGVOHWWKHVOLGHVKRZ
UXQE\LWVHOI
)IWKHVOLGHWUDQVLWLRQLV/QPRXVHFOLFNGRRQHRIWKHIROORZLQJWR
PRYHIURPRQHVOLGHWRWKHQH[W
l 9VHWKHDUURZNH\VRQWKHNH\ERDUGWRJRWRWKHQH[WVOLGHRUWR
JREDFNWRWKHSUHYLRXVRQH
l #OLFNWKHPRXVHWRPRYHWRWKHQH[WVOLGH
l 0UHVVWKHVSDFHEDURQWKHNH\ERDUGWRDGYDQFHWRWKHQH[WVOLGH
6LJKW
FOLFNDQ\ZKHUHRQWKHVFUHHQWRRSHQDPHQXIURPZKLFK\RX
FDQQDYLJDWHWKHVOLGHVDQGVHWRWKHURSWLRQV
8RH[LWWKHVOLGHVKRZDWDQ\WLPHLQFOXGLQJDWWKHHQGSUHVVWKH%VF
NH\
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV
>7FJ;H
!;JJ?D=-J7HJ;:M?J>
H7M
:HFWRUGUDZLQJLQ/SHQ/IILFHRUJ
,6/B7A@/E
$UDZLVDYHFWRUJUDSKLFVGUDZLQJSURJUDP)WRIIHUVDVHULHVRI
SRZHUIXOWRROVWKDWHQDEOH\RXWRTXLFNO\FUHDWHDOOVRUWVRIJUDSKLFV
:HFWRUJUDSKLFVVWRUHDQGGLVSOD\DQLPDJHDVYHFWRUVWZRSRLQWVDQG
DOLQH UDWKHUWKDQDFROOHFWLRQVRISL[HOVGRWVRQWKHVFUHHQ :HFWRU
JUDSKLFVDOORZIRUHDVLHUVWRUDJHDQGVFDOLQJRIWKHLPDJH
$UDZLVSHUIHFWO\LQWHJUDWHGLQWRWKH/SHQ/IILFHRUJVXLWHDQGWKLV
PDNHVH[FKDQJLQJJUDSKLFVZLWKDOOFRPSRQHQWVRIWKHVXLWHYHU\
HDV\&RUH[DPSOHLI\RXFUHDWHDQLPDJHLQ$UDZUHXVLQJLWLQD
;ULWHUGRFXPHQWLVDVVLPSOHDVFRS\LQJDQGSDVWLQJ=RXFDQDOVR
ZRUNZLWKGUDZLQJVGLUHFWO\IURPZLWKLQ;ULWHUDQG)PSUHVVXVLQJD
VXEVHWRIWKHIXQFWLRQVDQGWRROVIURP$UDZ
$UDZvVIXQFWLRQDOLW\LVYHU\H[WHQVLYHDQGFRPSOHWH!OWKRXJKLWZDV
QRWGHVLJQHGWRULYDOKLJK
HQGJUDSKLFVDSSOLFDWLRQV$UDZSRVVHVVHV
PRUHIXQFWLRQVWKDQWKHPDMRULW\RIGUDZLQJWRROVWKDWDUHLQWHJUDWHG
LQWRRIILFHSURGXFWLYLW\VXLWHV
!IHZH[DPSOHVRIGUDZLQJIXQFWLRQVPLJKWZKHW\RXUDSSHWLWHOD\HU
PDQDJHPHQWPDJQHWLFJULGSRLQWV\VWHPGLPHQVLRQVDQG
PHDVXUHPHQWGLVSOD\FRQQHFWRUVIRUPDNLQJRUJDQL]DWLRQFKDUWV$
IXQFWLRQVHQDEOLQJVPDOOWKUHH
GLPHQVLRQDOGUDZLQJVWREHFUHDWHG
ZLWKWH[WXUHDQGOLJKWLQJHIIHFWV GUDZLQJDQGSDJHVW\OH
LQWHJUDWLRQDQG"]LHUFXUYHVWRQDPHDIHZ
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
8KLVFKDSWHULQWURGXFHVVRPHRI$UDZvVIHDWXUHVEXWLWGRHVQRW
DWWHPSWWRFRYHUDOORIWKHWKHP7HHWKH$UDZ'XLGHDQGWKH
DSSOLFDWLRQ(HOSIRUPRUHLQIRUPDWLRQ
)63@/EE=@9A>/13
8KHPDLQFRPSRQHQWVRIWKH$UDZZRUNVSDFHDUHVKRZQLQ&LJXUH
=RXFDQVXUURXQGWKHGUDZLQJDUHDZLWKWRROEDUVDQGLQIRUPDWLRQ
DUHDV8KHQXPEHUDQGSRVLWLRQRIWKHYLVLEOHWRROVYDU\ZLWKWKHWDVN
DWKDQGRUXVHUSUHIHUHQFHV8KHUHIRUH\RXUVHWXSPD\DSSHDUD
OLWWOHGLIIHUHQW&RUH[DPSOHPDQ\SHRSOHSXWWKHPDLQ$UDZLQJ
WRROEDURQWKHOHIW
KDQGVLGHRIWKHZRUNVSDFHQRWDWWKHERWWRPDV
VKRZQKHUH
=RXFDQVSOLWGUDZLQJVLQ$UDZRYHUVHYHUDOSDJHV-XOWLSDJH
GUDZLQJVDUHXVHGPDLQO\IRUSUHVHQWDWLRQV8KH0DJHVSDQHRQWKH
OHIWVLGHRIWKH$UDZZLQGRZLQ&LJXUHJLYHVDQRYHUYLHZRIWKH
SDJHVWKDW\RXFUHDWH)IWKH0DJHVSDQHLVQRWYLVLEOHRQ\RXU
VHWXS\RXFDQHQDEOHLWIURPWKH:LHZPHQX0?;M*7=;*7D;
&LJXUH)QLWLDO$UDZZLQGRZ
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
'C:3@A
=RXVKRXOGVHHUXOHUVEDUVZLWKQXPEHUV RQWKHXSSHUDQGOHIW
KDQG
VLGHRIWKHZRUNVSDFH8KHVHVKRZWKHVL]HRIDVHOHFWHGREMHFWRQWKH
SDJHVHHWKHJUD\GRXEOHOLQHVKLJKOLJKWHGLQ&LJXUH ;KHQQR
REMHFWLVVHOHFWHGWKH\VKRZWKHORFDWLRQRIWKHPRXVHSRLQWHUZKLFK
KHOSVWRDFFXUDWHO\SRVLWLRQGUDZLQJREMHFWV=RXFDQDOVRXVHWKH
UXOHUVWRPDQDJHREMHFWKDQGOHVDQGJXLGHOLQHVPDNLQJLWHDVLHUWR
SRVLWLRQREMHFWV8KHSDJHPDUJLQVLQWKHGUDZLQJDUHDDUHDOVR
UHSUHVHQWHGRQWKHUXOHUV=RXFDQFKDQJHWKHPDUJLQVGLUHFWO\RQ
WKHUXOHUVE\GUDJJLQJWKHPZLWKWKHPRXVH
&LJXUH6XOHUVVKRZWKHVL]HRIWKHVHOHFWHGREMHFW
8RPRGLI\WKHXQLWVRIPHDVXUHPHQWRIWKHUXOHUVULJKW
FOLFNRQRQH
RIWKHUXOHUV8KHWZRUXOHUVFDQKDYHGLIIHUHQWXQLWV
&LJXUH6XOHUXQLWV
(B/BCA0/@
8KH7WDWXVEDULVORFDWHGDWWKHERWWRPRIWKHZRUNVSDFH8KHPLGGOH
SDUWRIWKH7WDWXVEDUVKRZV$UDZ
VSHFLILFILHOGVDVLGHQWLILHGLQ
&LJXUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&RUGHWDLOVRQWKHFRQWHQWVDQGXVHRIWKHVHILHOGVSOHDVHUHIHUWRWKH
$UDZ'XLGH
8KHVL]HVDUHJLYHQLQWKHFXUUHQWPHDVXUHPHQWXQLW
QRWWREHFRQIXVHGZLWKWKHUXOHUXQLWV 8KLVXQLWLV
GHILQHGLQ.EEBI)FJ?EDI)F;D)<<?9;
EH=H7M
#=B3 !;D;H7BZKHUH\RXFDQDOVRFKDQJHWKHVFDOHRI
WKHSDJH!QRWKHUZD\WRFKDQJHWKHVFDOHLVWR
GRXEOH
FOLFNRQWKHQXPEHUVKRZQLQWKHVWDWXVEDU
&LJXUH)WHPVRQWKH$UDZVWDWXVEDU
)==:0/@A
8KHYDULRXV$UDZWRROEDUVFDQEHGLVSOD\HGRUKLGGHQDFFRUGLQJWR
\RXUQHHGV
8RGLVSOD\RUKLGHWKHWRROEDUVFOLFN0?;M.EEB87HI/QWKHPHQX
WKDWDSSHDUVFKRRVHZKLFKWRROEDUV\RXZDQWWRGLVSOD\
=RXFDQDOVRVHOHFWWKHEXWWRQVWKDW\RXZLVKWRDSSHDURQWKH
FRUUHVSRQGLQJWRROEDU/QWKH0?;M.EEB87HIPHQXVHOHFW
KIJEC?P;FOLFNRQWKH.EEB87HIWDEVHOHFWWKHWRROEDU\RXZDQWWR
FKDQJHDQGWKHQVHOHFWWKHGHVLUHGEXWWRQVIRUWKDWWRROEDU
-DQ\WRROEDUEXWWRQVDUHPDUNHGZLWKDVPDOODUURZEHVLGHWKH
EXWWRQ8KHDUURZLQGLFDWHVWKDWWKLVEXWWRQKDVDGGLWLRQDOIXQFWLRQV
#OLFNWKHDUURZDQGDVXEPHQXRUWRROEDUDSSHDUVVKRZLQJLWV
DGGLWLRQDOIXQFWLRQVVHH&LJXUH -RVWEXWWRQVPDUNHGZLWKWKH
VPDOODUURZFDQEHFRPHIORDWLQJWRROEDUV
8RPDNHDVXEPHQXLQWRDIORDWLQJWRROEDUFOLFNWKHDUHDDWWKHWRSRI
WKHVXEPHQXGUDJLWDFURVVWKHVFUHHQDQGWKHQUHOHDVHWKHPRXVH
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
EXWWRQ&ORDWLQJWRROEDUVFDQEHGRFNHGRQDQHGJHRIWKHVFUHHQRU
ZLWKLQRQHRIWKHH[LVWLQJWRROEDUDUHDVDWWKHWRSRIWKHVFUHHQDV
GHVFULEHGLQ#KDSWHU
&LJXUH!QDUURZQH[WWRDEXWWRQ
LQGLFDWHVDGGLWLRQDOIXQFWLRQV
#OLFNWKHDUURZRQWKHWLWOHEDURIDIORDWLQJWRROEDUWRGLVSOD\
DGGLWLRQDOIXQFWLRQVVHH&LJXUH
&LJXUH!QDUURZRQDIORDWLQJWRROEDULQGLFDWHVDGGLWLRQDO
IXQFWLRQV
8KHWRROVDYDLODEOHLQWKHYDULRXVWRROEDUVDUHH[SODLQHGLQWKH
IROORZLQJVHFWLRQV8KHDSSHDUDQFHRIWKHWRROEDULFRQVPD\YDU\ZLWK
\RXURSHUDWLQJV\VWHPDQGWKHVHOHFWLRQRILFRQVL]HDQGVW\OHLQ
.EEBI)FJ?EDI)F;D)<<?9;
EH=0?;M
(B/<2/@2B==:0/@
8KH7WDQGDUGWRROEDUORRNVOLNHWKLV
)WLVWKHVDPHIRUDOOSDUWVRI/SHQ/IILFHRUJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
!7<3/<27::7<5B==:0/@
8KH,LQHDQG&LOOLQJWRROEDUOHWV\RXPRGLI\WKHPDLQSURSHUWLHVRID
GUDZLQJREMHFW7HHSDJHIRUGHWDLOV
)IWKHVHOHFWHGREMHFWLVWH[WWKHWRROEDUFKDQJHVWRWKHRQHVKRZQ
EHORZZKLFKLVVLPLODUWRWKH&RUPDWWLQJWRROEDULQ;ULWHU
@/E7<5B==:0/@
8KH$UDZLQJWRROEDULVWKHPRVWLPSRUWDQWWRROEDULQ$UDZ)W
FRQWDLQVDOOWKHQHFHVVDU\IXQFWLRQVIRUGUDZLQJYDULRXVJHRPHWULF
DQGIUHHKDQGVKDSHVDQGRUJDQL]LQJWKHPRQWKHSDJH
=:=@/@
8RGLVSOD\WKH#RORU"DUXVH0?;M.EEB87HIEBEH7H8KH
WRROEDUWKHQDSSHDUVDWWKHERWWRPRIWKHZRUNVSDFH
8KLVWRROEDUOHWV\RXUDSLGO\FKRRVHWKHFRORURIWKHREMHFWVLQ\RXU
GUDZLQJ8KHILUVWER[LQWKHSDQHOFRUUHVSRQGVWRWUDQVSDUHQF\QR
FRORU
=RXFDQDFFHVVVHYHUDOVSHFLDOL]HGFRORUSDOHWWHVLQ$UDZDVZHOODV
FKDQJHLQGLYLGXDOFRORUVWR\RXURZQWDVWH8KLVLVGRQHXVLQJWKH
!UHDGLDORJUHDFKHGE\FKRRVLQJ EHC7JH;7RUWKHSRXULQJFDQ
LFRQRQWKH,LQHDQG&LOOLQJWRROEDU
/QWKH!UHDGLDORJ&LJXUH FKRRVHWKHWDEPDUNHGEBEHI
8RORDGDQRWKHUSDOHWWHFOLFNRQWKH&E7:EBEH&?IJEXWWRQ
FLUFOHG 8KHILOHVHOHFWRUGLDORJDVNV\RXWRFKRRVHRQHRIWKH
VWDQGDUG//RSDOHWWHVILOHVEHDULQJWKHILOHH[WHQVLRQ
GC7 &RU
H[DPSOHK96
GC7LVDFRORUSDOHWWHWKDWLVDGDSWHGWRFUHDWLQJ
GUDZLQJVWKDWDUHJRLQJWRDSSHDULQ;HESDJHV8KHFRORUVZLOO
FRUUHFWO\GLVSOD\RQZRUNVWDWLRQVZLWKVFUHHQVGLVSOD\LQJDWOHDVW
FRORUV
8KHFRORUVHOHFWLRQER[DOVROHWV\RXLQGLYLGXDOO\FKDQJHDQ\FRORUE\
PRGLI\LQJWKHQXPHULFDOYDOXHVLQWKHILHOGVSURYLGHGWRWKHULJKWRI
WKHFRORUSDOHWWH=RXFDQXVHWKHFRORUVFKHPHVNQRZQDV#-=+
#\DQ-DJHQWD=HOORZ"ODFN 6'"6HG'UHHQ"OXH RU(7"(XH
7DWXUDWLRQ"ULJKWQHVV
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
&LJXUH#KDQJLQJWKHFRORUSDOHWWH
#OLFNLQJRQWKH:?JEXWWRQRSHQVDVSHFLDOGLDORJWRDOORZVHWWLQJ
LQGLYLGXDOFRORUVVHH&LJXUH -DQ\PRUHLQSXWSRVVLELOLWLHVDUH
DYDLODEOHLQWKLVGLDORJ
)QWKHORZHUDUHD\RXFDQHQWHUYDOXHVLQWKH6'"DQG#-=+PRGHOV
DVZHOODVWKH(7"(XH7DWXUDWLRQDQG"ULJKWQHVV PRGHO
8KHWZRFRORUILHOGVDWORZHUULJKWVKRZWKHYDOXHRIWKHFRORUDV
VHOHFWHGOHIW DQGWKHFXUUHQWO\VHWYDOXHIURPWKHFRORUYDOXHILHOGV
ULJKW
&RUDPRUHGHWDLOHGGHVFULSWLRQRIFRORUSDOHWWHVDQGWKHLURSWLRQV
VHH#KDSWHU8LSVDQG8ULFNV LQWKH$UDZ'XLGH
$>B7=<AB==:0/@
8KH/SWLRQVWRROEDU&LJXUH OHWV\RXDFWLYDWHRUGHDFWLYDWH
YDULRXVGUDZLQJDLGV8KH/SWLRQVWRROEDULVQRWGLVSOD\HGE\GHIDXOW
8RGLVSOD\LWVHOHFW0?;M.EEB87HI)FJ?EDI8KHPRVWLPSRUWDQW
RSWLRQVWROHDUQZKHQVWDUWLQJWRZRUNLQ$UDZDUHHQFORVHGLQUHG
8KHIXQFWLRQVRIWKHYDULRXVLFRQVDUHGHVFULEHGLQ8DEOH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#RORUVFKHPHV
&LJXUH$HILQLQJFRORUVFKHPHV
&LJXUH/SWLRQVWRROEDU
8DEOH&XQFWLRQVRQWKH/SWLRQVWRROEDU
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
*) /).%*)
7QDSWRSDJHPDUJLQV
7QDSWRREMHFWERUGHUV
7QDSWRREMHFWSRLQWV
!OORZTXLFNHGLWLQJ
7HOHFWWH[WDUHDRQO\
$RXEOH FOLFNWRHGLWWH[W
7LPSOHKDQGOHV
,DUJHKDQGOHV
#UHDWHREMHFWZLWKDWWULEXWHV
0LFWXUHSODFHKROGHUV
#RQWRXUPRGH
8H[WSODFHKROGHUV
,LQHFRQWRXURQO\
%[LWDOOJURXSV
%=A7B7=<7<5=0831BAE7B6A</>4C<1B7=<A
)Q$UDZREMHFWVFDQEHSRVLWLRQHGWRJULGSRLQWVWRVSHFLDOVQDS
SRLQWVDQGOLQHVWRREMHFWIUDPHVWRVLQJOHREMHFWSRLQWVRUWRSDJH
HGJHV8KLVIXQFWLRQLVNQRZQDV7QDS)QWKLVPDQQHUREMHFWVFDQEH
YHU\DFFXUDWHO\SRVLWLRQHGLQDGUDZLQJ
)I\RXZDQWWRXVHWKHVQDSIXQFWLRQLWLVPXFKHDVLHUWRZRUNZLWK
WKHKLJKHVWSUDFWLFDO]RRPYDOXH)WLVSRVVLEOHWRXVHWZRGLIIHUHQW
VQDSIXQFWLRQVDWWKHVDPHWLPHIRUH[DPSOHVQDSWRDJXLGHOLQHDQG
WRWKHSDJHHGJH)WLVEHVWKRZHYHUWRDFWLYDWHRQO\WKRVHIXQFWLRQV
WKDW\RXUHDOO\QHHG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8KLVVHFWLRQGHVFULEHVWKHVQDS
WR
JULGIXQFWLRQ&RUPRUH
LQIRUPDWLRQDERXWWKLVDQGWKHRWKHUVQDSIXQFWLRQVVHH#KDSWHU
8LSVDQG8ULFNV DQG#KDSWHU!GYDQFHG$UDZ8HFKQLTXHV LQWKH
$UDZ'XLGH
(</>B=5@72
9VHWKLVIXQFWLRQWRPRYHDQREMHFWH[DFWO\WRDJULGSRLQWVHH&LJXUH
8KLVIXQFWLRQFDQEHVZLWFKHGRQDQGRIIZLWK0?;M!H?:
-D7FJE!H?:DQGRQWKH/SWLRQVWRROEDUZLWKWKHLFRQ
&LJXUH;LWKVQDSWRJULG
REMHFWVDOLJQWRWKHJULGSUHFLVHO\
(6=E7<5B635@72
-DNHWKHJULGYLVLEOHXQGHU0?;M!H?:?IFB7O!H?:
!OWHUQDWLYHO\WXUQWKHJULGRQDQGRIIZLWKWKHLFRQ RQWKH/SWLRQV
WRROEDU
=<475C@7<5B635@72
8KHFRORUVSDFLQJDQGUHVROXWLRQRIWKHJULGSRLQWVFDQEH
LQGLYLGXDOO\FKRVHQIRUHDFKD[LV8KHVSDFLQJEHWZHHQWKHOLQHVLV
GHILQHGLQWKH'ULGRSWLRQVGLDORJXQGHUWKH$UDZLQJDUHDRIWKH//R
RSWLRQV.EEBI)FJ?EDI)F;D)<<?9;
EH=H7M!H?: )QWKH
GLDORJVKRZQLQ&LJXUH\RXFDQVHWWKHIROORZLQJSDUDPHWHUV
l :HUWLFDODQGKRUL]RQWDOVSDFLQJRIWKHGRWVLQWKHJULG=RXFDQ
DOVRFKDQJHWKHXQLWRIPHDVXUHPHQWXVHGLQWKHJHQHUDO$UDZ
RSWLRQV.EEBI)FJ?EDI)F;D)<<?9;
EH=H7M!;D;H7B
l 8KHUHVROXWLRQLVWKHVL]HRIWKHVTXDUHVRUUHFWDQJOHVLQWKHJULG
)IWKHUHVROXWLRQLV(RUL]RQWDOFP:HUWLFDOFPWKHJULGFRQVLVWV
RIUHFWDQJOHVFPKLJKDQGFPZLGH
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
l 7XEGLYLVLRQVDUHDGGLWLRQDOSRLQWVWKDWDSSHDUDORQJWKHVLGHVRI
HDFKUHFWDQJOHRUVTXDUHLQWKHJULG/EMHFWVVQDSWRVXEGLYLVLRQV
DVZHOODVWRWKHFRUQHUVRIWKHJULG
l 8KHSL[HOSL[HOHPHQW VL]HRIWKHVQDSDUHDGHILQHVKRZFORVH
\RXQHHGWREULQJDQREMHFWWRDVQDSSRLQWRUOLQHEHIRUHLWZLOO
VQDSWRLW
&LJXUH7HWWLQJJULGRSWLRQV
6/<57<5B631=:=@=4B635@72>=7<BA
8KHGHIDXOWJULGGRWVDUHOLJKWJUD\ZKLFKFDQEHKDUGWRVHH8R
LPSURYHYLVLELOLW\JRWR.EEBI)FJ?EDIWKHQ)F;D)<<?9;
EH=
FF;7H7D9;&LJXUH
)QWKH$UDZLQJ0UHVHQWDWLRQVHFWLRQ\RXFDQFKDQJHWKHFRORURIWKH
JULGSRLQWV/QWKH#RORU7HWWLQJV SXOOGRZQPHQXVHOHFWDPRUH
VXLWDEOHYLVLEOHFRORUIRUH[DPSOHEODFN
%=A7B7=<7<5=0831BAE7B663:>3@:7<3A
8RVLPSOLI\WKHSRVLWLRQLQJRIREMHFWVLWLVSRVVLEOHWRPDNHYLVLEOH
JXLGLQJOLQHVrH[WHQVLRQVRIWKHHGJHVRIWKHREMHFWrZKLOHLWLVEHLQJ
PRYHG8KHVHJXLGLQJOLQHVKDYHQRVQDSIXQFWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH#KDQJLQJWKHJULGFRORU
8KHJXLGLQJOLQHVFDQEHGH
DFWLYDWHGXQGHU.EEBI)FJ?EDI
)F;D)<<?9;
EH=H7M0?;M!K?:;IM>;DCEL?D=RUE\
FOLFNLQJRQWKH LFRQRQWKH/SWLRQVWRROEDU
)630/A712@/E7<5A6/>3A
$UDZSURYLGHVDZLGHUDQJHRIVKDSHVORFDWHGLQSDOHWWHVDFFHVVHG
IURPWKH$UDZLQJ8RROEDU8KLVFKDSWHUGHVFULEHVRQO\DIHZRIWKH
EDVLFVKDSHVVHHWKH$UDZ'XLGHIRUDFRPSOHWHGHVFULSWLRQRIWKH
VKDSHVDYDLODEOH8KHVHVKDSHVLQFOXGHUHFWDQJOHVDQGVTXDUHV
FLUFOHVHOOLSVHVDQGDUFV$REMHFWVFXUYHVOLQHVDQGDUURZVWH[W
DQGFRQQHFWRUV
;KHQ\RXGUDZDEDVLFVKDSHRUVHOHFWRQHIRUHGLWLQJWKH)QIRILHOG
LQWKHVWDWXVEDUFKDQJHVWRUHIOHFWWKHDFWLRQWDNHQ,LQHFUHDWHG
8H[WIUDPH[[\\VHOHFWHGDQGVRRQ
&LJXUHVKRZVSDUWRIWKH$UDZLQJWRROEDUZLWKWKHLFRQVQHHGHG
LQWKHIROORZLQJVHFWLRQV8KH8H[WLFRQLVDOVRLQFOXGHG
&LJXUH0DUWRIWKH$UDZLQJWRROEDU
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
@/E7<5/AB@/756B:7<3
,HWvVVWDUWE\GUDZLQJWKHVLPSOHVWRIVKDSHVDVWUDLJKWOLQH#OLFNRQ
WKH&?D;LFRQ RQWKH$UDZLQJ8RROEDUDQGSODFHWKHPRXVH
SRLQWHUZKHUH\RXZDQWWRVWDUWWKHOLQH$UDJWKHPRXVHZKLOH
NHHSLQJWKHEXWWRQSUHVVHG6HOHDVHWKHPRXVHEXWWRQZKHQ\RX
ZDQWWRHQGWKHOLQH
!EOXHRUJUHHQVHOHFWLRQKDQGOHDSSHDUVDWHDFKHQGRIWKHOLQH
VKRZLQJWKDWWKLVLVWKHFXUUHQWO\VHOHFWHGREMHFW8KHFRORUVGHSHQG
RQWKHVHOHFWLRQPRGHJUHHQIRUVLPSOHVHOHFWLRQDQGEOXHZKHQLQ
SRLQWHGLWPRGH 8KLVHIIHFWLVHDVLO\DSSDUHQWLIRQWKH/SWLRQV
WRROEDUERWK-?CFB;"7D:B;IDQG&7H=;"7D:B;IDUHVZLWFKHGRQ
&LJXUH$UDZLQJDVWUDLJKWOLQH
(ROGGRZQWKH7KLIWNH\ZKLOHGUDZLQJWKHOLQHWRUHVWULFWWKHDQJOH
RIWKHOLQHWRDPXOWLSOHRIGHJUHHVDQGVRRQ
(ROGGRZQWKH#RQWURONH\#WUOLQ0#V WRVQDSWKHHQGRIWKHOLQHWR
WKHQHDUHVWJULGSRLQW
8KHHIIHFWRIWKH#WUONH\GHSHQGVRQWKHVHWWLQJVRIWKH
-D7FJE!H?:RSWLRQRQWKH0?;M !H?:PHQX
-D7FJE!H?:ED#WUOGHDFWLYDWHVWKHVQDSRSWLRQIRU
#=B3 WKLVDFWLYLW\
-D7FJE!H?:E<<#WUODFWLYDWHVWKHVQDSRSWLRQIRUWKLV
DFWLYLW\
8KHVSDFLQJUHVROXWLRQ RIWKHJULGSRLQWVFDQEHDGMXVWHGXQGHU
.EEBI)FJ?EDI)F;D)<<?9;
EH= H7M!H?:7HHDOVR#KDSWHU
8LSVDQG8ULFNV LQWKH$UDZ'XLGH
(ROGGRZQWKH!OWNH\WRH[WHQGWKHOLQHV\PPHWULFDOO\RXWZDUGIURP
WKHVWDUWSRLQWWKHOLQHH[WHQGVWRHDFKVLGHRIWKHVWDUWSRLQW
HTXDOO\ 8KLVOHWV\RXGUDZVWUDLJKWOLQHVE\VWDUWLQJIURPWKHPLGGOH
RIWKHOLQH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8KHOLQHMXVWGUDZQKDVDOOWKHGHIDXOWDWWULEXWHVVXFKDVFRORUDQG
OLQHW\SH8RFKDQJHWKHOLQHDWWULEXWHVFOLFNRQWKHOLQHWRVHOHFWLW
DQGWKHQXVHWKHWRROVLQWKH,LQHDQG&LOOLQJWRROEDURUIRUPRUH
FRQWUROULJKW
FOLFNRQWKHOLQHDQGFKRRVH&?D;WRRSHQWKH,LQH
GLDORJ
@/E7<5/</@@=E
!UURZVDUHGUDZQOLNHOLQHV$UDZFODVVLILHVDUURZVDVDVXEJURXSRI
OLQHV,LQHVZLWKDUURZKHDGV8KH\DUHVKRZQLQWKHLQIRUPDWLRQILHOG
RQWKHVWDWXVEDURQO\DVOLQHV#OLFNRQWKH&?D;D:IM?J>HHEM
LFRQ WRGUDZDQDUURZ
@/E7<5:7<3A/<2/@@=EA
#OLFNRQWKHVPDOOEODFNWULDQJOHRQWKH&?D;I7D:HHEMI LFRQ
WRRSHQDIORDWLQJWRROEDUZLWKWHQWRROVIRUGUDZLQJOLQHVDQGDUURZV
&LJXUH !OWHUQDWLYHO\\RXFDQFOLFNGLUHFWO\RQWKHV\PEROWR
UHSHDWWKHODVW
XVHGFRPPDQGFKRVHQIURPWKLVWRROEDU)QERWK
FDVHVWKHODVW
XVHGFRPPDQGZLOOEHVWRUHGRQWKHWRROEDUWRPDNHLW
TXLFNHUWRFDOOLWXSDJDLQ
&LJXUH,LQHVDQG!UURZVWRROEDU
@/E7<5/@31B/<5:3=@A?C/@3
$UDZLQJUHFWDQJOHVLVVLPLODUWRGUDZLQJVWUDLJKWOLQHVH[FHSWWKDW
WKHUHFWDQJOH)QDGGLWLRQWKHRXWOLQHRIWKHIXWXUHUHFWDQJOHFKDQJHV
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
VKDSHDV\RXGUDJWKHPRXVHDURXQG8KHRXWOLQHLVVKRZQDVD
GDVKHGOLQHXQWLO\RXUHOHDVHWKHPRXVHEXWWRQZKHQWKHUHFWDQJOHLV
GUDZQ
7WDUWLQJSRLQW
&LJXUH$UDZLQJDUHFWDQJOH
(ROGGRZQWKH7KLIWNH\WRGUDZDVTXDUH(ROGGRZQWKH!OWNH\WR
GUDZDUHFWDQJOHVWDUWLQJIURPLWVFHQWHU8RFRPELQHWKHHIIHFWVKROG
GRZQERWKWKH7KLIWDQG!OWNH\VVLPXOWDQHRXVO\
@/E7<5/17@1:3=@3::7>A3
8RGUDZDQHOOLSVHDOVRFDOOHGDQRYDO RUDFLUFOHXVHWKH%OOLSVHLFRQ
IURPWKH$UDZLQJ8RROEDU!FLUFOHLVVLPSO\DQHOOLSVHZKHUHWKH
WZRD[HVDUHWKHVDPHOHQJWK 8KHHOOLSVHGUDZQLVWKHODUJHVWHOOLSVH
WKDWZRXOGILWLQVLGHWKHLPDJLQDU\ UHFWDQJOHGUDZQZLWKWKHPRXVH
7WDUWLQJSRLQW
&LJXUH$UDZLQJDQHOOLSVH
8KHUHDUHWKUHHRWKHUZD\VWRGUDZDQHOOLSVHRUFLUFOH
l (ROGGRZQWKH7KLIWNH\ZKLOHGUDZLQJWRIRUFHWKHHOOLSVHWREHD
FLUFOH
l (ROGGRZQWKH!OWNH\WRGUDZDV\PPHWULFDOHOOLSVHRUFLUFOH
IURPWKHFHQWHULQVWHDGRIGUDJJLQJFRUQHUWRFRUQHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l (ROGGRZQWKH#RQWURONH\ZKLOHGUDZLQJWRVQDSWKHHOOLSVHRU
FLUFOHWRJULGOLQHV
)I\RXILUVWSUHVVDQGKROGWKH#RQWURONH\DQGWKHQ
FOLFNRQRQHRIWKHLFRQV,LQH6HFWDQJOH%OOLSVHRU
8H[W DQREMHFWLVGUDZQDXWRPDWLFDOO\LQWKHZRUN
#=B3 DUHDWKHVL]HVKDSHDQGFRORUDUHDOOVWDQGDUG
YDOXHV8KHVHDWWULEXWHVFDQEHFKDQJHGODWHULI
GHVLUHG
@/E7<51C@D3A
8KHWRROVIRUGUDZLQJFXUYHVRUSRO\JRQVDUHRQWKHWRROEDUWKDW
DSSHDUVZKHQ\RXFOLFNWKHKHL;LFRQ RQWKH$UDZLQJWRROEDU
8KLVWRROEDUFRQWDLQVHLJKWWRROV&LJXUH
(RYHULQJWKHPRXVHRYHUWKLVLFRQJLYHVDWRROWLSRI
#=B3 #XUYH)I\RXFRQYHUWWKHLFRQWRDIORDWLQJWRROEDU
KRZHYHUWKHWLWOHLV,LQHVDVVKRZQLQ&LJXUH
#XUYH&LOOHG
&UHHIRUP,LQH
#XUYH
0RO\JRQ 0RO\JRQj
&LJXUH&ORDWLQJ#XUYHVWRROEDULQFRUUHFWO\WLWOHGs,LQHVt
)I\RXPRYHWKHPRXVHFXUVRURYHURQHRIWKHLFRQVDWRROWLSSRSVXS
ZLWKDGHVFULSWLRQRIWKHIXQFWLRQ&RUDPRUHGHWDLOHGGHVFULSWLRQRI
WKHKDQGOLQJRI"d]LHUFXUYHVFXUYHVDQGILOOHGFXUYHV VHH#KDSWHU
!GYDQFHG$UDZ8HFKQLTXHV LQWKH$UDZ'XLGH
%=:G5=<A
$UDZWKHILUVWOLQHIURPWKHVWDUWSRLQWZLWKWKHOHIWPRXVHEXWWRQ
KHOGGRZQ!VVRRQDV\RXUHOHDVHWKHPRXVHEXWWRQDILUVWFRUQHU
SRLQWLVGUDZQDQG\RXFDQPRYHWKHPRXVHWRVHHKRZWKH
VHFRQGOLQHZLOOORRN%YHU\PRXVHFOLFNVHWVDQRWKHUFRUQHUSRLQW
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
!GRXEOH
FOLFNHQGVWKHGUDZLQJ!ILOOHGSRO\JRQDXWRPDWLFDOO\
MRLQVWKHODVWSRLQWWRWKHILUVWSRLQWWRFORVHRIIWKHILJXUHDQGILOOV
LWZLWKWKHFXUUHQWVWDQGDUGILOOFRORU!SRO\JRQZLWKRXWILOOLQJZLOO
QRWEHFORVHGDWWKHHQGRIWKHGUDZLQJ
%=:G5=<I
*XVWDVZLWKRUGLQDU\SRO\JRQVWKHVHZLOOEHIRUPHGIURPOLQHVEXW
ZLWKDQJOHVRIRUGHJUHHVEHWZHHQWKHP
@334=@;!7<3
;LWKWKLVWRRO\RXFDQGUDZMXVWOLNHZLWKDSHQFLO0UHVVDQGKROG
WKHOHIWPRXVHEXWWRQDQGPRYHWKHPRXVH)WLVQRWQHFHVVDU\WR
HQGWKHGUDZLQJZLWKDGRXEOH
FOLFN*XVWUHOHDVHWKHPRXVH
EXWWRQDQGWKHGUDZLQJLVFRPSOHWHG)I\RXKDYHVHOHFWHG
&UHHIRUP,LQH&LOOHGWKHHQGSRLQWLVMRLQHGDXWRPDWLFDOO\WRWKH
VWDUWSRLQWDQGWKHREMHFWLVILOOHGZLWKWKHDSSURSULDWHFRORU
,@7B7<5B3FB
VHOHFWWKHIRQWFRORUVL]HDQG
RWKHUDWWULEXWHV#OLFNRQDQHPSW\VSDFHLQWKHZRUNVSDFHWRZULWH
WKHWH[WDWWKDWVSRWRUGUDJDQDUHDWRZULWHLQVLGHWKHGUDJJHG
IUDPH0UHVV%QWHUWRGURSWRWKHQH[WOLQH
;KHQ\RXKDYHILQLVKHGW\SLQJWH[WFOLFNRXWVLGHWKHWH[WIUDPH
$RXEOH
FOLFNRQWKHWH[WDWDQ\WLPHWRHGLWLW
;KHQ\RXW\SHWH[WWKHXSSHUWRROEDULQFOXGHVWKHXVXDOSDUDJUDSK
DWWULEXWHVLQGHQWVILUVWOLQHDQGWDEVWRSV
=RXFDQFKDQJHWKHVW\OHRIDOORUSDUWRIWKHWH[W8KH7W\OHVDQG
&RUPDWWLQJZLQGRZDOVRZRUNVKHUHVHOHFW EHC7J-JOB;I7D:
EHC7JJ?D=RUSUHVV&WRODXQFK VR\RXFDQFUHDWH'UDSKLFV
VW\OHVWKDW\RXFDQUHXVHIRURWKHUWH[WIUDPHV'UDSKLFVVW\OHVDIIHFW
DOORIWKHWH[WZLWKLQDWH[WIUDPH8RVW\OHSDUWVRIWKHWH[WXVHGLUHFW
IRUPDWLQJZLWKWKHWRROEDU
8H[WIUDPHVFDQDOVRKDYHILOOFRORUVVKDGRZVDQGRWKHUDWWULEXWHV
MXVWOLNHDQ\RWKHU$UDZREMHFW=RXFDQURWDWHWKHIUDPHDQGZULWH
WKHWH[WDWDQ\DQJOH8KHVHRSWLRQVDUHDYDLODEOHE\ULJKW
FOLFNLQJRQ
WKHREMHFW
9VHWKH#DOORXWWRROORFDWHGRQWKH$UDZLQJWRROEDUWRFUHDWH
FDOORXWVDOVRNQRZQDVFDSWLRQVRUILJXUHODEHOV
)I\RXGRXEOH
FOLFNRQDQREMHFWRUSUHVV& RUWKH.;NJLFRQLQWKH
$UDZLQJWRROEDU ZKHQDQREMHFWLVVHOHFWHGWH[WLVZULWWHQLQWKH
FHQWHURIWKHREMHFWDQGUHPDLQVZLWKLQWKHREMHFW.HDUO\DQ\NLQGRI
REMHFWFRQWDLQVVXFKDQDGGLWLRQDOWH[WHOHPHQW8KHVHWH[WVKDYH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
VOLJKWGLIIHUHQFHVWRWKRVHLQWH[WIUDPHVFRQFHUQLQJSRVLWLRQDQG
K\SKHQDWLRQ
&RUPRUHDERXWWH[WVHH#KDSWHU$UDZLQJ"DVLF7KDSHV DQG
#KDSWHU!GYDQFHG$UDZ8HFKQLTXHV LQWKH$UDZ'XLGH
:C3>=7<BA/<21=<<31B=@A
!OO$UDZREMHFWVKDYHDVVRFLDWHGLQYLVLEOHJOXHSRLQWV-RVWREMHFWV
KDYHIRXUJOXHSRLQWVDVVKRZQLQ&LJXUH
&LJXUH&RXUJOXHSRLQWV
'OXHSRLQWVDUHGLIIHUHQWIURPKDQGOHVWKHVPDOOEOXHRUJUHHQ
VTXDUHVDURXQGDQREMHFW 9VHWKHKDQGOHVWRPRYHRUUHVL]HDQ
REMHFWXVHWKHJOXHSRLQWVWRDWWDFKFRQQHFWRUVWRDQREMHFW
=RXFDQDGGPRUHJOXHSRLQWVDQGFXVWRPL]HJOXHSRLQWVXVLQJWKH
WRROEDURIWKHVDPHQDPH'OXHSRLQWVEHFRPHYLVLEOHZKHQ\RXFOLFN
WKH!BK;FE?DJILFRQ RQWKH$UDZLQJWRROEDUDQGWKHQPRYHWKH
HQGRIDFRQQHFWRURYHUWKHREMHFW
#RQQHFWRUVDUHDW\SHRIOLQHRUDUURZZKRVHHQGVGRFNWRJOXHSRLQWV
RQRWKHUREMHFWV;KHQ\RXPRYHWKHRWKHUREMHFWWKHFRQQHFWRU
PRYHVZLWKLW#RQQHFWRUVDUHSDUWLFXODUO\XVHIXOIRUPDNLQJ
RUJDQL]DWLRQDOFKDUWV=RXFDQUHRUJDQL]HWKHEORFNVRI\RXUFKDUW
DQGDOOWKHFRQQHFWHGREMHFWVVWD\FRQQHFWHG
&LJXUHVKRZVWZR$UDZREMHFWVDQGDFRQQHFWRU
&LJXUH!FRQQHFWRUEHWZHHQWZRREMHFWV
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
$UDZKDVDUDQJHRIDGYDQFHGFRQQHFWRUIXQFWLRQV=RXFDQFKDQJH
FRQQHFWRUW\SHVXVLQJWKHFRQWH[WPHQXRUE\RSHQLQJWKHIORDWLQJ
#RQQHFWRUVWRROEDUFOLFNRQWKHEDD;9JEHLFRQ &RUPRUH
DERXWFRQQHFWRUVDQGJOXHSRLQWVVHH#KDSWHU/UJDQL]DWLRQ#KDUWV
&ORZ$LDJUDPVDQG-RUH LQWKH$UDZ'XLGH
@/E7<553=;3B@71A6/>3A
'HRPHWULFVKDSHVLQFOXGHEDVLFVKDSHVV\PEROVKDSHVEORFNDUURZV
IORZFKDUWVFDOORXWVDQGVWDUV
&LJXUHVKRZVSDUWRIWKH$UDZLQJWRROEDUZLWKWKHLFRQV
QHFHVVDU\IRUWKHIROORZLQJVHFWLRQV8KH\RSHQIORDWLQJWRROEDUVZLWK
WKHUHOHYDQWZRUNWRROV8KHXVHRIDOOWKHVHWRROVLVVLPLODUWRWKDWRI
WKH6HFWDQJOHWRROHYHQWKRXJKWKH\SURGXFHGLIIHUHQWJHRPHWULF
VKDSHV
&LJXUH0DUWRIWKHPDLQ$UDZLQJWRROEDU
/A71A6/>3A
8KH7I?9->7F;ILFRQ PDNHVDYDLODEOH
WKHUDQJHRIWRROVIRUGUDZLQJEDVLFVKDSHV
)I\RXFKRRVHWKHUHFWDQJOHWRROIURPWKLV
WRROEDULWORRNVWKHVDPHDVDUHFWDQJOHGUDZQ
XVLQJWKH6HFWDQJOHWRRORQWKH$UDZLQJ
WRROEDU8KHRQO\GLIIHUHQFHV\RXZLOOVHHDUH
LQWKHLQIRUPDWLRQILHOGLQWKHVWDWXVEDU
(G;0=:A6/>3A
8KH-OC8EB->7F;ILFRQ EULQJV\RXWR
DQDUUD\RIWRROVIRUGUDZLQJWKHYDULRXV
V\PEROVKDSHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
:=19/@@=EA
8KHBE9AHHEMILFRQ RSHQVWKH"ORFN
!UURZVWRROEDU
:=E16/@BA
8KHWRROVIRUGUDZLQJIORZFKDUWVDUHDFFHVVHG
E\FOLFNLQJRQWKH BEM9>7HJILFRQ
8KHFUHDWLRQRIIORZFKDUWVRUJDQL]DWLRQ
FKDUWVDQGVLPLODUSODQQLQJWRROVDUH
GHVFULEHGLQ#KDSWHU/UJDQL]DWLRQ#KDUWV
&ORZ$LDJUDPVDQG-RUH LQWKH$UDZ'XLGH
/::=CBA
9VHWKH7BBEKJILFRQ WRRSHQWKH
#DOORXWVWRROEDU
(B/@A/<20/<<3@A
8KHVHWRROVDUHDVVRFLDWHGZLWKWKH-J7HI
LFRQ
=RXFDQDGGWH[WWRDOOWKHVHVKDSHV7HH#KDSWHU$UDZLQJ"DVLF
7KDSHV DQG#KDSWHU!GYDQFHG$UDZ8HFKQLTXHV LQWKH$UDZ
'XLGHIRUGHWDLOV
(3:31B7=<;=23A
8KHUHDUHWKUHHVHOHFWLRQPRGHVPRYLQJDQGFKDQJLQJVL]HURWDWLQJ
DQGHGLWLQJSRLQWV
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
8KHGHIDXOWPRGHIRUVHOHFWLQJREMHFWVGHSHQGVRQZKHWKHUWKH
*E?DJIEXWWRQRQWKH$UDZLQJWRROEDULVDFWLYHDSSHDUVOLW RU
QRWLQDFWLYHDSSHDUVGDUNRUGLPPHG
)QVWDQGDUGPRGHZKHQ\RXEHJLQDQHZ
GUDZLQJ WKH*E?DJIEXWWRQLVQRWDFWLYHDQG
WKHGHIDXOWPRGHLVIRUVHOHFWLRQVWREHPRYHG
RUFKDQJHGLQVL]HWKHVHVHOHFWLRQVDUH
LQGLFDWHGE\VPDOOJUHHQVTXDUHV
;KHQWKH*E?DJIEXWWRQLVDFWLYHWKHGHIDXOW
PRGHLVIRUVHOHFWLRQVWREHHGLWHGWKHVH
VHOHFWLRQVDUHLQGLFDWHGE\EOXHVTXDUHV7RPH
REMHFWVZLOOKDYHRQHRUPRUHH[WUDKDQGOHV
ZKLFKDUHODUJHURUFRORUHGGLIIHUHQWO\8KLVLV
H[SODLQHGLQPRUHGHWDLOLQWKH$UDZ'XLGH
7HOHFWLRQVIRUURWDWLQJREMHFWVDUHLQGLFDWHGE\
VPDOOUHGFLUFOHVDQGDV\PEROUHSUHVHQWLQJWKH
FHQWHURIURWDWLRQ8RFKRRVHWKHVHVHOHFWLRQV
FOLFNRQWKH<<;9JIGURS
GRZQEXWWRQ
IURPWKH$UDZLQJWRROEDU
6/<57<5B63A3:31B7=<;=23
8RJRIURPRQHPRGHWRDQRWKHU\RXFDQGRRQHRIWKHIROORZLQJ
l 8RJJOHWKH*E?DJIEXWWRQRQWKH$UDZLQJWRROEDUWRVZLWFKIURP
WKHVLPSOHVHOHFWLRQPRGHWRWKH0RLQWVPRGH =RXFDQDOVR
XVHWKHNH\ERDUGVKRUWFXW&0RLQWV
l #KRRVHWKH<<;9JIGURS
GRZQEXWWRQIURPWKH$UDZLQJWRROEDU
WRDFWLYDWHWKH6RWDWLRQPRGHIRUDVHOHFWHGREMHFW
l )I\RXRIWHQZRUNLQ6RWDWLRQPRGH\RXFDQFKRRVHWKH,EJ7J?ED
'E:;7<J;HB?9A?D=)8@;9JEXWWRQ IURPWKH/SWLRQVEDU\RX
FDQF\FOHWKURXJKQRUPDODQGURWDWLRQPRGHVMXVWE\FOLFNLQJRQ
WKHREMHFW8KLVFDQEHPRUHFRQYHQLHQWWKDQFOLFNLQJWKHREMHFW
WKHQFOLFNLQJWKH,EJ7J;EXWWRQIURPWKH$UDZLQJ8RROEDU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
(3:31B7<5=0831BA
7@31BA3:31B7=<
8RVHOHFWDQREMHFWWKHHDVLHVWZD\LVWRFOLFNGLUHFWO\RQLW&RU
REMHFWVWKDWDUHQRWILOOHGFOLFNGLUHFWO\RQWKHREMHFWVRXWOLQHWR
VHOHFWLW
(3:31B7=<0G4@/;7<5
=RXFDQVHOHFWVHYHUDOREMHFWVE\XVLQJWKHPRXVH
WRGUDJDODUJHUHFWDQJOHDURXQGWKHREMHFWVDV
VKRZQ&RUWKLVWRZRUNWKH-;B;9J LFRQRQWKH
$UDZLQJWRROEDUPXVWEHDFWLYH/QO\REMHFWVWKDW
OLHHQWLUHO\ZLWKLQWKHUHFWDQJOHDUHVHOHFWHG
(3:31B7<567223<=0831BA
%YHQLIREMHFWVDUHORFDWHGEHKLQGRWKHUVDQGQRWYLVLEOHWKH\FDQ
VWLOOEHVHOHFWHG8RVHOHFWDQREMHFWWKDWLVFRYHUHGE\DQRWKHUREMHFW
KROGGRZQWKH!OWNH\DQGFOLFNWKHREMHFW8RVHOHFWDQREMHFWWKDWLV
FRYHUHGE\VHYHUDOREMHFWVKROGGRZQWKH!OWNH\DQGFOLFNWKURXJK
WKHREMHFWVXQWLO\RXUHDFKWKHUHTXLUHGXQGHUO\LQJREMHFW8RF\FOH
WKURXJKWKHREMHFWVLQUHYHUVHRUGHUKROGGRZQWKH!OW7KLIWNH\V
ZKHQ\RXFOLFN8RKHOSLQPDNLQJDFFXUDWHVHOHFWLRQV\RXFDQFKHFN
WKHQXPEHUDQGW\SHRIWKHVHOHFWHGREMHFWVVKRZQDWWKHOHIWRIWKH
VWDWXVEDU
8KHUHPD\EHVRPHYDULDWLRQLQWKHXVHRIWKH!OWNH\
RQGLIIHUHQWRSHUDWLQJV\VWHPV)QJHQHUDOWKH!OWNH\
RQD;LQGRZVFRPSXWHUIXQFWLRQVDVGHVFULEHGDERYH
#=B3 EXWRQD,LQX[V\VWHPLWXVXDOO\GRHVQRW)IWKH!OWNH\
RQ\RXUV\VWHPGRHVQRWRSHUDWHDVGHVFULEHGDERYH
XVHWKH8DENH\PHWKRGGHVFULEHGEHORZ
8RVHOHFWDQREMHFWWKDWLVFRYHUHGE\DQRWKHUREMHFWXVLQJWKH
NH\ERDUGSUHVV8DEWRF\FOHWKURXJKWKHREMHFWVVWRSSLQJDWWKH
REMHFW\RXZLVKWRVHOHFW8RF\FOHWKURXJKWKHREMHFWVLQUHYHUVH
RUGHUSUHVV7KLIW8DE8KLVPD\QRWEHSUDFWLFDOLI\RXKDYHDODUJH
QXPEHURIREMHFWVLQ\RXUGUDZLQJ
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
;KHQ\RXFOLFNRQWKHVHOHFWHGREMHFWLWV
RXWOLQHDSSHDUVEULHIO\WKURXJKWKHREMHFWV
RQWRSRIWKHVHOHFWHGREMHFW
)QWKHLOOXVWUDWLRQWRWKHULJKWWKHVTXDUH
ORFDWHGEHQHDWKWKHFLUFOHZDVVHOHFWHGLQ
WKLVZD\WKHFLUFOHZDVPDGHWUDQVSDUHQWLQ
RUGHUWRVHHWKHVTXDUH
@@/<57<5=0831BA
)QDFRPSOH[GUDZLQJ\RXPD\KDYHREMHFWVVWDFNHGXSRQHRQWRSRI
WKHRWKHUZLWKWKHUHVXOWWKDWDSDUWLFXODUREMHFWLVKLGGHQE\RQHRU
PRUHRWKHUREMHFWVDERYHLW=RXFDQUHDUUDQJHWKHVWDFNLQJRUGHURI
REMHFWVPRYHDQREMHFWWRWKHIURQWRUWRWKHEDFNRIWKHVWDFN E\
VHOHFWLQJWKHREMHFWFOLFNLQJ'E:?<OHH7D=;DQGVHOHFWLQJWKH
DSSURSULDWHH?D= EHM7H:RU-;D:79AM7H:RSWLRQRUE\ULJKW
FOLFNLQJWKHREMHFWDQGVHOHFWLQJHH7D=;IURPWKHFRQWH[WPHQX
WKHQVHOHFWLQJIURPWKHOLVWRIH?D= EHM7H:RU-;D:79AM7H:
RSWLRQV
(3:31B7<5A3D3@/:=0831BA
8RVHOHFWRUGHVHOHFWVHYHUDOREMHFWVRQHE\RQHSUHVVWKH7KLIWNH\
DQGFOLFNRQWKHYDULRXVREMHFWVWREHVHOHFWHGRUGHVHOHFWHG/QH
FOLFNRQDQREMHFWVHOHFWVLWDVHFRQGFOLFNGHVHOHFWVLW
"=D7<5/<22G</;71/::G/28CAB7<5/<
=0831BMAA7H3
8KHUHDUHVHYHUDOZD\VRIPRYLQJRUFKDQJLQJWKHVL]HRIDQREMHFW
8KHPHWKRGGHVFULEHGKHUHZLOOEHFDOOHGG\QDPLFLQWKHVHQVHWKDWLW
LVFDUULHGRXWXVLQJWKHPRXVH
;KHQ\RXG\QDPLFDOO\FKDQJHDQREMHFWUHPHPEHUWRFKHFNWKH
FHQWUDODUHDRIWKHVWDWXVEDUDWWKHERWWRPRI\RXUVFUHHQ8KLVDUHD
VKRZVGHWDLOHGLQIRUPDWLRQDERXWWKHRQJRLQJPDQLSXODWLRQ&RU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
H[DPSOHGXULQJUHVL]LQJ\RXZLOOVHHWKHIROORZLQJLQIRUPDWLRQ
GLVSOD\HG8KLVLQIRUPDWLRQFKDQJHVZKHQWKHPRXVHLVPRYHG
/EMHFWSRVLWLRQ /EMHFWGLPHQVLRQV #XUUHQWSURSRUWLRQDO
SDJHVL]H
G</;71;=D3;3<B=4=0831BA
8RPRYHDQREMHFWVHOHFWLWDQGWKHQFOLFN
ZLWKLQWKHREMHFWvVERUGHUDQGKROGGRZQ
WKHOHIWPRXVHEXWWRQZKLOHPRYLQJWKH
PRXVH8RGURSWKHREMHFWDWLWVQHZ
ORFDWLRQUHOHDVHWKHPRXVHEXWWRQ
$XULQJPRYHPHQWWKHVKDSHRIWKHREMHFW
DSSHDUVDVGRWWHGOLQHVWRKHOSZLWK
UHSRVLWLRQLQJ
)I\RXKDYHVHOHFWHG!K?:;IM>;D
CEL?D=LQ.EEBI)FJ?EDI
)F;D)<<?9;
EH=H7M0?;MWKHQ
GXULQJPRYHPHQWGRWWHGOLQHVDSSHDU
WRKHOSZLWKUHSRVLWLRQLQJ
G</;71A7H3;=27471/B7=<=4=0831BA
8RFKDQJHWKHVL]HRIDQREMHFWRUJURXSRI
VHOHFWHGREMHFWV ZLWKWKHPRXVH\RXQHHGWR
PRYHRQHRIWKHKDQGOHVORFDWHGDURXQGWKH
VHOHFWLRQ!VVKRZQLQWKHIROORZLQJ
LOOXVWUDWLRQWKHRXWOLQHRIWKHUHVXOWLQJQHZ
REMHFWDSSHDUVDVDGRWWHGOLQH
8KHUHVXOWVGLIIHUGHSHQGLQJRQZKLFKKDQGOH\RXXVH)I\RXFKRRVHD
FRUQHUKDQGOH\RXZLOOUHVL]HWKHREMHFWDORQJWZRD[HVDWWKHVDPH
WLPH)I\RXXVHDVLGHKDQGOHWKHREMHFWVZLOORQO\EHUHVL]HGDORQJ
RQHD[LV
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
)I\RXSUHVVWKH7KLIWNH\DWWKHVDPHWLPHDV\RX
FDUU\RXWWKHUHVL]LQJRSHUDWLRQWKHVL]HFKDQJHZLOO
#=B3 EHFDUULHGRXWV\PPHWULFDOO\ZLWKUHVSHFWWRWKHWZR
D[HVWKLVHQDEOHV\RXWRNHHSWKHDVSHFW
KHLJKWOHQJWK UDWLRRIWKHREMHFW
'=B/B7=<
6RWDWLQJDQREMHFWOHWV\RXPRYHWKHREMHFWDURXQGDQD[LV8RGRWKLV
G\QDPLFDOO\XVHWKHUHGKDQGOHVDV\RXGRZKHQFKDQJLQJWKHVL]HRI
WKHREMHFW
6RWDWLRQZRUNVLQDVOLJKWO\GLIIHUHQWZD\IRU$
REMHFWVEHFDXVHWKHURWDWLRQRFFXUVLQ$VSDFHDQG
#=B3 QRWLQRQHSODQH7HH#KDSWHU;RUNLQJZLWK$
/EMHFWV LQWKH$UDZ'XLGHUHJDUGLQJURWDWLRQZKHQ
%GLW0RLQWVPRGHLVDFWLYH
8RURWDWHDQREMHFWRUDJURXSRIREMHFWV GUDJWKHUHGFRUQHUKDQGOH
SRLQWVRIWKHVHOHFWLRQZLWKWKHPRXVH8KHPRXVHFXUVRUWDNHVWKH
VKDSHRIDQDUFRIDFLUFOHZLWKDQDUURZDWHDFKHQG!GRWWHGRXWOLQH
RIWKHREMHFWEHLQJURWDWHGDSSHDUVDQGWKHFXUUHQWDQJOHRIURWDWLRQ
LVG\QDPLFDOO\VKRZQLQWKHVWDWXVEDU
6RWDWLRQVDUHPDGHDERXWDQD[LVZKLFKLVGLVSOD\HGDVDVPDOO
V\PERO=RXFDQPRYHWKHD[LVRIURWDWLRQZLWKWKHPRXVHDVVKRZQ
LQ&LJXUH
)I\RXKROGGRZQWKH7KLIWNH\GXULQJWKHURWDWLRQWKHRSHUDWLRQZLOO
EHFDUULHGRXWLQLQFUHPHQWVRIj
&LJXUH6RWDWLQJDQREMHFW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
<1:7</B7=</<2>3@A>31B7D3
8RVODQWRUVKHDUREMHFWVXVHWKHUHGKDQGOHVORFDWHGDWWKHPLGSRLQW
RIDQHGJHRIWKHVHOHFWHGREMHFWV8KHPRXVHSRLQWHUFKDQJHVWRD
ZKHQWKHSRLQWHUKRYHUVRYHURQHRIWKHVHPLGSRLQWKDQGOHV.RW
HYHU\REMHFWFDQEHVODQWHGEDVLFVKDSHVFDQEHURWDWHGEXWQRW
VODQWHG
8KHVODQWD[LVLVWKHSRLQWGLUHFWO\RSSRVLWHWKHPLGSRLQWKDQGOHWREH
XVHGIRUVKHDULQJWKHREMHFW8KLVSRLQWVWD\VIL[HGLQORFDWLRQWKH
RWKHUVLGHVDQGHGJHVPRYHLQUHODWLRQWRLWDVWKHPRXVHLVGUDJJHG
PDNHVXUHWKDWWKH KDQGOHLFRQLVVKRZLQJEHIRUHGUDJJLQJ
!VZLWKURWDWLRQ\RXFDQVHWWKHLQFOLQDWLRQWRRFFXUDVVWHSVRIj
E\SUHVVLQJWKH7KLIWNH\ZKLOHPRYLQJWKHKDQGOH
27B7<5=0831BA
8RFKDQJHDQREMHFWvVDWWULEXWHVVXFKDVFRORUERUGHUZLGWKDPRQJ
RWKHUV \RXFDQXVHWKH,LQHDQG&LOOLQJWRROEDURUWKHFRQWH[WPHQX
)IWKH,LQHDQG&LOOLQJWRROEDU&LJXUH LVQRWYLVLEOH\RXFDQ
GLVSOD\LWXVLQJ0?;M.EEB87HI&?D;7D: ?BB?D=&URPKHUH\RX
FDQHGLWWKHPRVWFRPPRQREMHFWDWWULEXWHV=RXFDQDOVRRSHQWKH
,LQHGLDORJE\FOLFNLQJRQWKH,LQH LFRQDQGWKH!UHDGLDORJE\
FOLFNLQJRQWKH!UHD LFRQWRVHHPRUHRSWLRQV
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
;KHQ\RXVHOHFWWH[WWKLVWRROEDUFKDQJHVWRVKRZWH[WIRUPDWWLQJ
RSWLRQV&LJXUH
&LJXUH,LQHDQG&LOOLQJWRROEDUZKHQWH[WLVVHOHFWHG
)631=<B3FB;3<C
;KHQDQREMHFWLVVHOHFWHG\RXFDQULJKW
FOLFNRQWKHREMHFWWREULQJ
XSDFRQWH[WPHQXZKLFKSURYLGHVDGGLWLRQDODFFHVVWRWKHRSWLRQV
VKRZQDERYHDQGDQRWKHUZD\WRFKDQJHDQREMHFWvVDWWULEXWHV8KH
HQWULHVZLWKDVPDOODUURZRQWKHULJKW
KDQGVLGHFRQWDLQDVXEPHQX
27B7<5:7<3A/<20=@23@A
,LQHVOLNHDUURZV DQGWKHERUGHUVRIDQ
REMHFWDUHPDQDJHGWKURXJKWKHVDPHGLDORJ
!QREMHFWvVERUGHULVMXVWDQRWKHUW\SHRI
OLQH
=RXFDQFKDQJHVRPHSURSHUWLHVIURPWKH&?D;7D: ?BB?D=WRROEDU
8RVHHPRUHRSWLRQVVHOHFWWKHREMHFWDQGFOLFNRQWKH,LQH LFRQ
RUULJKW
FOLFNRQWKHREMHFWDQGFKRRVH&?D;IURPWKHFRQWH[WPHQX
8KLVRSHQVWKH,LQHGLDORJ
=;;=<:7<3>@=>3@B73A
)QPRVWFDVHVWKHSURSHUW\\RXZDQWWR
FKDQJHLVWKHOLQHvVVW\OHVROLGGDVKHG
LQYLVLEOHDQGVRRQ LWVFRORURULWV
ZLGWK8KHVHRSWLRQVDUHDOODYDLODEOH
IURPWKH,LQHDQG&LOOLQJWRROEDU
&LJXUH
=RXFDQDOVRHGLWWKHVHSURSHUWLHVIURP
WKH,LQHGLDORJZKHUH\RXFDQDOVR
FKDQJHWKHOLQHvVWUDQVSDUHQF\&LJXUH
LOOXVWUDWHVGLIIHUHQWGHJUHHVRI
WUDQVSDUHQF\
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
@/E7<5/@@=EA
!UURZKHDGVDQGRWKHUOLQHHQGLQJVXVXDOO\UHIHUUHG
WRFROOHFWLYHO\DVDUURZV DUHDOLQHSURSHUW\7HOHFWD
OLQHDQGFOLFNRQWKHHHEM-JOB; LFRQ8KLV
RSHQVWKH!UURZKHDGVPHQX
7HYHUDOW\SHVRIDUURZKHDGVDUHDYDLODEOH%DFKHQG
RIWKHOLQHFDQKDYHDGLIIHUHQWDUURZKHDGRUQR
DUURZKHDG
!UURZKHDGVDUHRQO\DSSOLFDEOHWROLQHV8KH\KDYH
QRHIIHFWRQDQREMHFWvVERUGHU
CAB=;7H7<5:7<3/<2/@@=EABG:3A
=RXFDQPRGLI\WKHOLQHDQGDUURZVW\OHVDQGFUHDWH
\RXURZQ7HH#KDSWHU#KDQJLQJ/EMHFW
!WWULEXWHV LQWKH$UDZ'XLGHIRUGHWDLOV
27B7<5B637<A72347::=4/<=0831B
8KH/SHQ/IILFHRUJWHUPIRUWKHLQVLGHRIDQREMHFWLVH;7<?BB8KH
DUHDILOORIDQREMHFWFDQEHDXQLIRUPFRORUDJUDGLHQWDKDWFKLQJRU
DSDWWHUQIURPDQLPDJH)WFDQEHPDGHSDUWO\RUZKROO\WUDQVSDUHQW
DQGFDQWKURZDVKDGRZ
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
227<5/A6/2=E
)Q$UDZVKDGRZVDUHFRQVLGHUHGDQDUHD
SURSHUW\#OLFNRQWKH7KDGRZ LFRQRQ
WKH&?D;7D: ?BB?D=WRROEDU
=RXFDQFXVWRPL]HWKHSRVLWLRQGLVWDQFH
FRORUDQGWUDQVSDUHQF\RIVKDGRZV
227<5B@/<A>/@3<1G
=RXFDQPDNHREMHFWVSDUWO\RUIXOO\WUDQVSDUHQWRUHYHQZLWKD
YDU\LQJGHJUHHRIWUDQVSDUHQF\DVDJUDGLHQW
*A7<5ABG:3A
7XSSRVHWKDW\RXZDQWWRDSSO\WKHVDPHDUHDILOOOLQHWKLFNQHVVDQG
ERUGHUWRDVHWRIREMHFWV8KLVUHSHWLWLYHSURFHVVFDQEHJUHDWO\
VLPSOLILHGE\WKHXVHRIVW\OHV7W\OHVDOORZ\RXWRGHILQHDIRUPDWWLQJ
WHPSODWHDVW\OH DQGWKHQWRDSSO\WKDWVW\OHWRPXOWLSOHREMHFWV&RU
PRUHDERXWVW\OHVVHH#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV IRU
PRUHLQIRUPDWLRQ
(>317/:34431BA
;LWK$UDZ\RXFDQDSSO\PDQ\VSHFLDOHIIHFWVWRREMHFWVDQGJURXSV
RIREMHFWV8KLVVHFWLRQGHVFULEHVDIHZRIWKHVHHIIHFWV/WKHUV
LQFOXGHGLVWRUWLQJVKDGRZVDQGWUDQVSDUHQF\7HHWKH$UDZ'XLGH
IRUH[DPSOHVRIWKHPDQ\HIIHFWVDYDLODEOH
:7>/<=0831B
7HOHFWDQREMHFWDQGFOLFNRQWKH B?FLFRQ =RX
ZLOOVHHDGDVKHGOLQHWKURXJKWKHPLGGOHRIWKH
REMHFW
8KLVGDVKHGOLQHLVWKH7N?IE<IOCC;JHO8KH
REMHFWZLOOEHUHIOHFWHGDERXWWKLVOLQH-RYHRQH
RUERWKHQGVRIWKHOLQHZLWK\RXUPRXVHWRVHWWKH
D[LV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8KHQJUDEDQ\RQHRIWKHHLJKWJUHHQKDQGOHVDQG
PRYHLWDFURVVWRWKHRWKHUVLGHRIWKHGDVKHGOLQH
8KHQHZSRVLWLRQRIWKHILJXUHLVVKRZQGDVKHG
XQWLOWKHPRXVHLVUHOHDVHG
)I\RXKROGGRZQWKH7KLIWNH\ZKLOHPRYLQJWKHOLQH
#=B3 WKHOLQHZLOOURWDWHLQ
GHJUHHLQFUHPHQWV
"7@@=@1=>73A
/IILFLDOO\WKLVXVHIXOFRPPDQGGRHVQRW\HW H[LVWLQ$UDZ)WFDQ
KRZHYHUEHHDVLO\HPXODWHG
-RYHWKHD[LVRIV\PPHWU\WRWKHGHVLUHGORFDWLRQRIWKHPLUURUD[LV
#RS\WKHREMHFWWRWKHFOLSERDUG&OLSWKHREMHFWWKHQFOLFNRQDQ
HPSW\DUHDRIWKH$UDZVFUHHQLQRUGHUWRGHVHOHFWWKHREMHFW0DVWH
IURPWKHFOLSERDUGWRSXWDFRS\RIWKHREMHFWLQLWVRULJLQDOORFDWLRQ
DQGQRZ\RXKDYHDPLUURUFRS\
7AB=@B7<5/<7;/53
8KHUHDUHWKUHHWRROVRQWKH<<;9JIPHQXWKDWOHW\RXGUDJWKH
FRUQHUVDQGHGJHVRIDQREMHFWWRGLVWRUWWKHLPDJH
8KH?IJEHJWRROGLVWRUWVDQREMHFWLQSHUVSHFWLYHWKH-;JJE?H9B;
IB7DJDQG-;J?D?H9B;F;HIF;9J?L;WRROVERWKFUHDWHDSVHXGR
WKUHH
GLPHQVLRQDOHIIHFW7HH#KDSWHURIWKH$UDZ'XLGHIRUGHWDLOV
G</;715@/273<BA
=RXFDQFRQWUROWUDQVSDUHQF\JUDGLHQWVLQWKHVDPHPDQQHUDVFRORU
JUDGLHQWV"RWKW\SHVRIJUDGLHQWFDQEHXVHGWRJHWKHU;LWKD
WUDQVSDUHQF\JUDGLHQWWKHGLUHFWLRQDQGGHJUHHRIDQREMHFWvVILOO
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
FRORUFKDQJHVIURPRSDTXHWRWUDQVSDUHQWLQDUHJXODUJUDGLHQWWKH
ILOOFKDQJHVIURPRQHFRORUWRDQRWKHUEXWWKHGHJUHHRIWUDQVSDUHQF\
UHPDLQVWKHVDPH 7HH#KDSWHURIWKH$UDZ'XLGHIRUGHWDLOV
C>:71/B7=<
$XSOLFDWLRQPDNHVFRSLHVRIDQREMHFWZKLOHDSSO\LQJDVHWRIFKDQJHV
VXFKDVFRORURUURWDWLRQ WRWKHGXSOLFDWHV8KHUHVXOWRID
GXSOLFDWLRQLVDQHZJURXS
8RVWDUWGXSOLFDWLRQFOLFNRQDQREMHFWRU
JURXSDQGFKRRVH:?JKFB?97J;8KH
GLDORJVKRZQLQ&LJXUHDSSHDUV
8KHRSWLRQVFKRVHQLQ&LJXUHDSSOLHG
WRDEOXHUHFWDQJOHSURGXFHWKHUHVXOWRQ
WKHULJKW
&LJXUH$XSOLFDWLQJDQREMHFW
@=AA4/27<5
#URVV
IDGLQJWUDQVIRUPVDVKDSHIURPRQHIRUPWRDQRWKHUZLWK
/SHQ/IILFHRUJKDQGOLQJDOORIWKHLQWHUPHGLDWHWUDQVLWLRQV8KH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
UHVXOWLVDQHZJURXSRIREMHFWVLQFOXGLQJWKHWZRHQGSRLQWVDQGWKH
LQWHUPHGLDWHVWHSV
8RFDUU\RXWDFURVV
IDGHVHOHFWERWKREMHFWVKROGWKH7KLIWNH\ZKLOH
VHOHFWLQJHDFKREMHFWLQWXUQ DQGWKHQFKRRVH:?JHEII <7:?D=
8KHIROORZLQJGLDORJDSSHDUV
/QWKHGLDORJFKRRVHWKHQXPEHURILQFUHPHQWVWUDQVLWLRQVWHSV =RX
SUREDEO\ZDQWWRKDYH#URVV
IDGHDWWULEXWHVDQG7DPHRULHQWDWLRQ
ERWKFKHFNHG8KHHQGUHVXOWLVVKRZQLQ&LJXUH
&LJXUH#URVV IDGLQJH[DPSOH
=;07<7<5;C:B7>:3=0831BA
9VLQJ$UDZ\RXFDQFRPELQHGUDZLQJREMHFWVWRJHWKHULQWZR
GLVWLQFWZD\VJURXSLQJDQGFRPELQLQJ8KHVHWZRPHWKRGVDOORZ\RX
WRWUHDWPXOWLSOHREMHFWVDVRQHXQLWRUWRPHUJHREMHFWVWRIRUPD
QHZVKDSH
'URXSLQJLVOLNHSXWWLQJREMHFWVLQDFRQWDLQHU=RXFDQPRYHWKHPDV
DJURXSDQGDSSO\JOREDOFKDQJHVWRWKHP!JURXSFDQDOZD\VEH
XQGRQHDQGWKHREMHFWVWKDWPDNHXSWKHJURXSFDQDOZD\VEH
PDQLSXODWHGVHSDUDWHO\
!FRPELQDWLRQLVDSHUPDQHQWIXVLRQRIREMHFWVOHDGLQJWRDQHZ
REMHFW8KHRULJLQDOREMHFWVDUHQRORQJHUDYDLODEOHDVLQGLYLGXDO
HQWLWLHVDQGWKHRSHUDWLRQLVQRWUHYHUVLEOH
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
@=C>7<50G1=;;=<A3:31B7=<
;KHQVHYHUDOREMHFWVDUHVHOHFWHGDQ\RSHUDWLRQV\RXFDUU\RXWDUH
DSSOLHGWRDOORIWKHREMHFWV&RUH[DPSOH\RXFDQURWDWHDJURXSRI
REMHFWVLQLWVHQWLUHW\'URXSVREWDLQHGWKURXJKFRPPRQVHOHFWLRQRI
VHYHUDOREMHFWVDUHXQGRQHDVVRRQDV\RXFOLFNRXWVLGHWKHJURXS
(RZHYHU\RXFDQJURXSREMHFWVDQGNHHSWKRVHVHOHFWHGREMHFWV
JURXSHGWRJHWKHU
"/7<B/7<7<55@=C>A/<2C<2=7<55@=C>A
8RJURXSVHOHFWHGREMHFWVULJKW
FOLFNDQGFKRRVH!HEKFIURPWKH
SRS
XSPHQX=RXFDQDOVRXVHWKHNH\ERDUGVKRUWFXW
#RQWURO7KLIW'RUFKRRVH'E:?<O!HEKFIURPWKHPHQXEDU
;KHQREMHFWVDUHJURXSHGDQ\HGLWLQJRSHUDWLRQVFDUULHGRXWRQWKDW
JURXSDUHDSSOLHGWRDOOPHPEHUVRIWKHJURXS)I\RXFOLFNRQRQH
PHPEHURIWKHJURXSWKHZKROHJURXSLVVHOHFWHG
8KHREMHFWVRIDJURXSUHWDLQWKHLURZQLQGLYLGXDOSURSHUWLHV8RXQGR
DJURXSULJKW
FOLFNDQGFKRRVH/D=HEKFIURPWKHSRS
XSPHQXXVH
WKHNH\ERDUGVKRUWFXW#RQWURO!OW7KLIW'RUFKRRVH'E:?<O
/D=HEKFIURPWKHPHQXEDU
=RXFDQHGLWDPHPEHURIDJURXSLQGLYLGXDOO\ZLWKRXWEUHDNLQJWKH
JURXS8RGRWKLVULJKW
FOLFNDQGFKRRVHDJ;H=HEKFRUGRXEOH
FOLFN
RQWKHJURXS
=;07<7<5=0831BA
)QFRQWUDVWWRJURXSLQJIXQFWLRQVFRPELQDWLRQVFUHDWHDQHZREMHFW
VXEVHTXHQWsXQ
FRPELQLQJtLQWKHVDPHPDQQHUDVXQJURXSLQJLVQRW
SRVVLEOH7HOHFWDFROOHFWLRQRIREMHFWVWKHQULJKW
FOLFNDQGFKRRVH
EC8?D;IURPWKHSRS
XSPHQX
!IWHU\RXKDYHVHOHFWHGPRUHWKDQRQHREMHFWWKH-HUJH7XEWUDFW
DQG)QWHUVHFWIXQFWLRQVFDQEHUHDFKHGLQWKH'E:?<O->7F;I
PHQXRUWKRXJKWKHJURXSvVULJKW
FOLFNPHQXXQGHUWKHKHDGLQJ
->7F;I
72A4=@>=A7B7=<7<5=0831BA
$UDZKDVYDULRXVWRROVWRKHOS\RXDUUDQJHWKHREMHFWVZLWKUHVSHFW
WRHDFKRWKHU
l -RYLQJDQREMHFWWRWKHIURQWRUWRWKHEDFN
l !OLJQLQJREMHFWVZLWKUHVSHFWWRHDFKRWKHU
l $LVWULEXWLQJWKHGLVWDQFHDQGVSDFHEHWZHHQREMHFWV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
7HH#KDSWHU#RPELQLQJ-XOWLSOH/EMHFWV LQWKH$UDZ'XLGHIRU
PRUHLQIRUPDWLRQ
27B7<5>71BC@3A
$UDZFRQWDLQVDQXPEHURIIXQFWLRQVIRUHGLWLQJUDVWHUJUDSKLFV
ELWPDSV rIRUH[DPSOHSKRWRVVFDQQHGSLFWXUHVDQGVRRQr
LQFOXGLQJLPSRUWDQGDQGH[SRUWDVZHOODVFRQYHUVLRQIURPRQH
IRUPDWWRDQRWKHU$UDZFDQUHDGLQDOOWKHXVXDOUDQJHRIJUDSKLFILOH
IRUPDWV(RZHYHULWGRHVQRWKDYHWKHVDPHFDSDELOLWLHVDVWKH
VSHFLDOL]HGUDVWHUJUDSKLFVSURJUDPVOLNH!GREH0KRWRVKRSRU8KH
'LPS
7HH#KDSWHU%GLWLQJ0LFWXUHV LQWKH$UDZ'XLGHIRUGHWDLOV
,=@97<5E7B6
=0831BA
!OWKRXJK$UDZGRHVQRWPDWFKWKHIXQFWLRQDOLW\RIWKHOHDGLQJ
GUDZLQJRUSLFWXUHHGLWLQJSURJUDPVLWGRHVRIIHUDZLGHDUUD\RI
WRROVDQGPHWKRGVWRSURGXFHDQGHGLWYHU\JRRG$GUDZLQJVDQG
SLFWXUHV
$UDZRIIHUVWZRW\SHVRI$REMHFWVWKHRQHVFDUULHGIRUZDUGIURP
//RYHUVLRQ$ERGLHVDQGWKHRQHVQHZO\LQWURGXFHGLQYHUVLRQ
$VKDSHV$HSHQGLQJRQZKLFKW\SH\RXFKRRVHWKHUHDUH
GLIIHUHQWSRVVLELOLWLHVIRUIXUWKHUHGLWLQJRIWKHREMHFWURWDWLRQ
LOOXPLQDWLRQSHUVSHFWLYH 7HWWLQJXSDQGHGLWLQJ$REMHFWVLV
VLPSOHUZLWK$VKDSHVWKDQZLWK$ERGLHVEXW$ERGLHVFXUUHQWO\
DOORZIRUPRUHFXVWRPL]LQJWKDQ$VKDSHV
7HH#KDSWHU;RUNLQJZLWK$/EMHFWV LQWKH$UDZ'XLGHIRU
GHWDLOV
<A3@B7<5>71BC@3A4@=;=B63@A=C@13A
=RXFDQDGGSLFWXUHVIURPVHYHUDOVRXUFHV
l 8KH'DOOHU\rVHH#KDSWHU'UDSKLFVWKH'DOOHU\DQG
&RQWZRUN
l $LUHFWO\IURPDVFDQQHU#DI;HJ*?9JKH;-97D
l )PDJHVFUHDWHGE\DQRWKHUSURJUDPLQFOXGLQJSKRWRJUDSKVIURP
DGLJLWLDOFDPHUD#DI;HJ*?9JKH; HEC ?B;
$UDZSURYLGHVWRROVIRUZRUNLQJZLWKELWPDSLPDJHVVXFKDV
SKRWRJUDSKVWKH0LFWXUHWRROEDUDQGWKHELWPDSLPDJHPDQDJHPHQW
SDOHWWH7HHWKH$UDZ'XLGHIRUGHWDLOVDQGH[DPSOHV
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ
F16/<57<5=0831BAE7B6=B63@>@=5@/;A
8RVDYHD$UDZLPDJHLQDIRUHLJQIRUPDWXVH ?B;NFEHJ$UDZ
FDQVDYHWRPDQ\JUDSKLFILOHIRUPDWVDVOLVWHGLQ#KDSWHU&LOH
-DQDJHPHQW
=RXFDQDOVRH[SRUW$UDZILOHVWR(8-,0$&RU&ODVK0$&H[SRUWLV
WKHVDPHDVIRUDQ\SDUWRI/SHQ/IILFHRUJDVGHVFULEHGLQ#KDSWHU
0ULQWLQJ%
PDLOLQJDQG%[SRUWLQJ &ODVKH[SRUWFUHDWHVDVZI
ILOH
(8-,H[SRUWXVHVDFRQYHUVLRQZL]DUGWKDWFUHDWHVDVPDQ\ZHE
SDJHVDVWKHUHDUHSDJHVLQ\RXU$UDZGRFXPHQW=RXFDQRSWLRQDOO\
FKRRVHWRGLVSOD\WKHSDJHVLQIUDPHVZLWKDQDYLJDWRUDQGFDQVHWDQ
LQGH[SDJH&RUPRUHLQIRUPDWLRQVHH#KDSWHU#UHDWLQJ;HE
0DJHV7DYLQJ$RFXPHQWVDV(8-,&LOHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
!;JJ?D=-J7HJ;:
M?J>7I;
/SHQ/IILFHRUJvVGDWDEDVHFRPSRQHQW
/SHQ/IILFHRUJXVHVWKHWHUPVs$DWD7RXUFHtDQG
s$DWDEDVHtWRUHIHUWRWKHVDPHWKLQJZKLFKFRXOGEHD
#=B3 GDWDEDVHVXFKDV-\75,RUG"DVHRUDVSUHDGVKHHWRU
WH[WGRFXPHQWKROGLQJGDWD
8KLVFKDSWHUFRYHUVFUHDWLQJDGDWDEDVHVKRZLQJZKDWLVFRQWDLQHG
LQDGDWDEDVHDQGKRZWKHGLIIHUHQWSDUWVDUHXVHGE\//R)WDOVR
FRYHUVXVLQJWKH"DVHFRPSRQHQWRI//RWRUHJLVWHURWKHUGDWD
VRXUFHV!GDWDVRXUFHFDQEHDGDWDEDVHVSUHDGVKHHWRUWH[W
GRFXPHQW
$DWDVRXUFHVDUHRQO\LQWURGXFHGLQWKLVFKDSWHU&RUPRUHGHWDLOHG
LQIRUPDWLRQDERXWWKHXVHRIGDWDEDVHVVHHWKH$DWDEDVH'XLGH
//R"DVHXVHVWKH(75,GDWDEDVHHQJLQH!OORIWKH
#=B3 ILOHVFUHDWHGE\WKLVHQJLQHDUHNHSWLQRQH]LSSHGILOH
8KHGDWDEDVHIRUPVDUHLQFOXGHGLQWKLV]LSSHGILOH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
!GDWDEDVHFRQVLVWVRIDQXPEHURIILHOGVWKDWFRQWDLQWKHLQGLYLGXDO
SLHFHVRIGDWD%DFKWDEOHRIWKHGDWDEDVHLVDJURXSRIILHOGV;KHQ
FUHDWLQJDWDEOH\RXDOVRGHWHUPLQHWKHFKDUDFWHULVWLFVRIHDFKILHOG
LQWKHWDEOH&RUPVDUHIRUGDWDHQWU\LQWRWKHILHOGVRIRQHRUPRUH
WDEOHVDVVRFLDWHGZLWKWKHIRUP8KH\FDQDOVREHXVHGIRUYLHZLQJ
ILHOGVIURPRQHRUPRUHWDEOHVDVVRFLDWHGZLWKWKHIRUP!TXHU\
FUHDWHVDQHZWDEOHIURPWKHH[LVWLQJWDEOHVEDVHGXSRQKRZ\RX
FUHDWHWKHTXHU\!UHSRUWRUJDQL]HVWKHLQIRUPDWLRQRIWKHILHOGVRID
TXHU\LQDGRFXPHQWDFFRUGLQJWR\RXUUHTXLUHPHQWV
8KHGDWDEDVHLQ//RUHTXLUHV*DYD6XQWLPH
%QYLURQPHQW*6% )I\RXGRQRWKDYHLWRQ\RXU
FRPSXWHU\RXFDQGRZQORDGLWIURPZZZMDYDFRP
/CB7=<
DQGLQVWDOOLWIROORZLQJWKHLQVWUXFWLRQVRQWKHVLWH)W
VKRXOGEH*DYDRUKLJKHU)Q//RXVH.EEBI
)FJ?EDI)F;D)<<?9;
EH=$7L7WRUHJLVWHU*DYD
;LQGRZVYHUVLRQRI*6%FDQDEJEHXVHGZKLOHWKHUH
DUHRWKHUYHUVLRQVWKDWFDQ
"DVHFUHDWHVUHODWLRQDOGDWDEDVHV8KLVPDNHVLWIDLUO\HDV\WRFUHDWH
DGDWDEDVHLQZKLFKWKHILHOGVRIWKHGDWDEDVHKDYHUHODWLRQVKLSVZLWK
HDFKRWKHU
&RUH[DPSOH#RQVLGHUDGDWDEDVHIRUDOLEUDU\)WZLOOFRQWDLQDILHOG
IRUWKHQDPHVRIWKHDXWKRUVDQGDQRWKHUILHOGIRUWKHQDPHVRIWKH
ERRNV8KHUHLVDQREYLRXVUHODWLRQVKLSEHWZHHQWKHDXWKRUVDQGWKH
ERRNVWKH\KDYHZULWWHQ8KHOLEUDU\PD\FRQWDLQPRUHWKDQRQHERRN
E\WKHVDPHDXWKRU8KLVLVZKDWLVNQRZQDVDRQH
WR
PDQ\
UHODWLRQVKLSRQHDXWKRUDQGPRUHWKDQRQHERRN-RVWLIQRWDOOWKH
UHODWLRQVKLSVLQVXFKDGDWDEDVHDUHRQH
WR
PDQ\UHODWLRQVKLSV
#RQVLGHUDQHPSOR\PHQWGDWDEDVHIRUWKHVDPHOLEUDU\/QHRIWKH
ILHOGVFRQWDLQVWKHQDPHVRIWKHHPSOR\HHVZKLOHRWKHUVFRQWDLQWKH
VRFLDOVHFXULW\QXPEHUVDQGRWKHUSHUVRQDOGDWD8KHUHODWLRQVKLS
EHWZHHQWKHQDPHVDQGVRFLDOVHFXULW\QXPEHUVLVRQH
WR
RQHRQO\
RQHVRFLDOVHFXULW\QXPEHUIRUHDFKQDPH
)I\RXDUHDFTXDLQWHGZLWKPDWKHPDWLFDOVHWVDUHODWLRQDOGDWDEDVH
FDQHDVLO\EHH[SODLQHGLQWHUPVRIVHWVHOHPHQWVVXEVHWVXQLRQV
DQGLQWHUVHFWLRQV8KHILHOGVRIDGDWDEDVHDUHWKHHOHPHQWV8KH
WDEOHVDUHVXEVHWV6HODWLRQVKLSVDUHGHILQHGLQWHUPVRIXQLRQVDQG
LQWHUVHFWLRQVRIWKHVXEVHWVWDEOHV
8RH[SODLQKRZWRXVHDGDWDEDVHZHZLOOFUHDWHRQHIRUDXWRPRELOH
H[SHQVHV)QWKHSURFHVVZHZLOOEHH[SODLQLQJKRZDGDWDEDVHZRUN
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
%:/<<7<5/2/B/0/A3
8KHILUVWVWHSLQFUHDWLQJDGDWDEDVHLVWRDVN\RXUVHOIPDQ\
TXHVWLRQV;ULWHWKHPGRZQDQGOHDYHVRPHVSDFHEHWZHHQWKH
TXHVWLRQVWRODWHUZULWHWKHDQVZHUV!WOHDVWVRPHRIWKHDQVZHUV
VKRXOGVHHPREYLRXVDIWHU\RXWDNHVRPHWLPHWRWKLQN
=RXPD\KDYHWRJRWKURXJKWKLVSURFHVVDIHZWLPHVEHIRUH
HYHU\WKLQJEHFRPHVFOHDULQ\RXUPLQGDQGRQSDSHU9VLQJDWH[W
GRFXPHQWIRUWKHVHTXHVWLRQVDQGDQVZHUVPDNHVLWHDVLHUWRPRYH
WKHTXHVWLRQVDURXQGDGGDGGLWLRQDOTXHVWLRQVRUFKDQJHWKH
DQVZHUV
(HUHDUHVRPHRIWKHTXHVWLRQVDQGDQVZHUV)GHYHORSHGEHIRUH)
FUHDWHGDGDWDEDVHIRUDXWRPRELOHH[SHQVHV)KDGDQLGHDRIZKDW)
ZDQWHGEHIRUH)VWDUWHGEXWDV)EHJDQDVNLQJTXHVWLRQVDQGOLVWLQJ
WKHDQVZHUV)GLVFRYHUHGWKDW)QHHGHGDGGLWLRQDOWDEOHVDQGILHOGV
;KDWDUHWKHILHOGVJRLQJWREH-\H[SHQVHVGLYLGHGLQWRWKUHH
EURDGDUHDVIXHOSXUFKDVHVPDLQWHQDQFHDQGYDFDWLRQV8KHDQQXDO
FRVWIRUWKHFDUvVOLFHQVHSODWHDQGGULYHUvVOLFHQVHHYHU\IRXU\HDUV
GLGQRWILWLQWRDQ\RIWKHVH)WZLOOEHDWDEOHRILWVRZQOLFHQVHIHHV
;KDWILHOGVILWWKHIXHOSXUFKDVHVDUHD$DWHSXUFKDVHGRGRPHWHU
UHDGLQJIXHOFRVWIXHOTXDQWLW\DQGSD\PHQWPHWKRGILW&XHO
HFRQRP\FDQEHFDOFXODWHGZLWKDTXHU\
;KDWILHOGVILWWKHPDLQWHQDQFHDUHD$DWHRIVHUYLFHRGRPHWHU
UHDGLQJW\SHRIVHUYLFHFRVWRIVHUYLFHDQGQH[WVFKHGXOHGVHUYLFHRI
WKLVW\SHIRUH[DPSOHIRURLOFKDQJHVOLVWZKHQWKHQH[WRLOFKDQJH
VKRXOGEH "XWLWZRXOGEHQLFHLIWKHUHZDVDZD\WRZULWHQRWHV7R
DILHOGIRUQRWHVZDVDGGHGWRWKHOLVW
;KDWILHOGVILWWKHYDFDWLRQVDUHD$DWHRGRPHWHUUHDGLQJIXHO
LQFOXGLQJDOOWKHILHOGVRIWKHIXHOWDEOH IRRGLQFOXGLQJPHDOVDQG
VQDFNV PRWHOWRWDOWROOVDQGPLVFHOODQHRXV7LQFHWKHVHSXUFKDVHV
DUHPDGHE\RQHRIWZREDQNFDUGVRUZLWKFDVK)ZDQWDILHOGWR
VWDWHZKLFKSD\PHQWW\SHZDVXVHGIRUHDFKLWHP
;KDWILHOGVILWLQWRWKHIRRGFDWHJRU\"UHDNIDVWOXQFKVXSSHUDQG
VQDFNVVHHPWRILW$R)OLVWDOOWKHVQDFNVLQGLYLGXDOO\RUOLVWWKHWRWDO
FRVWIRUVQDFNVIRUWKHGD\)FKRVHWRGLYLGHVQDFNVLQWRWZRILHOGV
QXPEHURIVQDFNVDQGWRWDOFRVWRIVQDFNV)DOVRQHHGDSD\PHQWW\SH
IRUHDFKRIWKHVHEUHDNIDVWOXQFKVXSSHUDQGWRWDOFRVWRIVQDFNV
;KDWDUHWKHILHOGVWKDWDUHFRPPRQWRPRUHWKDQRQHDUHD$DWH
DSSHDUVLQDOORIWKHDUHDVDVGRHVRGRPHWHUUHDGLQJDQGSD\PHQW
W\SH
(RZZLOO)XVHWKLVLQIRUPDWLRQDERXWWKHVHWKUHHILHOGV;KLOHRQ
YDFDWLRQ)ZDQWWKHH[SHQVHVIRUHDFKGD\WREHOLVWHGWRJHWKHU8KH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
GDWHILHOGVVXJJHVWDUHODWLRQVKLSEHWZHHQWKHYDFDWLRQWDEOHDQGWKH
GDWHVLQHDFKRIWKHVHWDEOHVIXHODQGIRRG8KLVPHDQVWKDWWKHGDWH
ILHOGVLQWKHVHWDEOHVZLOOEHOLQNHGDVZHFUHDWHWKHGDWDEDVH
8KHW\SHRISD\PHQWLQFOXGHVWZREDQNFDUGVDQGFDVK7RZHZLOO
FUHDWHDWDEOHZLWKDILHOGIRUWKHW\SHRISD\PHQWDQGXVHLWLQOLVW
ER[HVLQWKHIRUPV
;KLOHZHKDYHOLVWHGILHOGVZHZLOOFUHDWHLQWKHWDEOHV
RIWKHGDWDEDVHWKHUHLVRQHPRUHILHOGWKDWPD\EH
QHHGHGLQDWDEOHWKHILHOGIRUWKHSULPDU\NH\)QVRPH
)7> WDEOHVWKHILHOGIRUWKHSULPDU\NH\KDVDOUHDG\EHHQ
OLVWHG)QRWKHUWDEOHVVXFKDVWKHSD\PHQWW\SHDQ
DGGLWLRQDOILHOGIRUWKHSULPDU\NH\PXVWEHFUHDWHG
@3/B7<5/<3E2/B/0/A3
8RFUHDWHDQHZGDWDEDVHFOLFNWKHDUURZQH[WWRWKH(;MLFRQ)Q
WKHGURS
GRZQPHQXVHOHFW7J787I;&LJXUH 8KLVRSHQVWKH
$DWDEDVH;L]DUG=RXFDQDOVRRSHQWKH$DWDEDVH;L]DUGXVLQJ ?B;
(;M7J787I;
8KHILUVWVWHSRIWKH$DWDEDVH;L]DUGKDVRQHTXHVWLRQZLWKWZR
FKRLFHVH;7J;7D;M:7J787I;RUEDD;9JJE7D;N?IJ?D=
:7J787I;&RUWKLVH[DPSOHVHOHFWH;7J;7D;M:7J787I;DQGWKHQ
FOLFN(;NJ
8KHVHFRQGVWHSKDVWZRTXHVWLRQVZLWKWZRFKRLFHVHDFK8KHGHIDXOW
FKRLFHIRUWKHILUVWTXHVWLRQLV3;IH;=?IJ;HJ>;:7J787I;<EHC;
DQGWKHGHIDXOWFKRLFHIRUWKHVHFRQGTXHVWLRQLV)F;DJ>;:7J787I;
<EH;:?J?D=-DNHVXUHWKHVHFKRLFHVDUHVHOHFWHGDQGFOLFN ?D?I>
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)IWKHGDWDEDVHLVQRWUHJLVWHUHGLWZLOOQRWEH
DFFHVVLEOHWRWKHRWKHU//RFRPSRQHQWVVXFKDV
#=B3 ;ULWHUDQG#DOF)IWKHGDWDEDVHLVUHJLVWHUHGRWKHU
FRPSRQHQWVFDQDFFHVVLW
7DYHWKHQHZGDWDEDVHZLWKWKHQDPH!XWRPRELOH8KLVRSHQVWKH
!XWRPRELOHq/SHQ/IILFHRUJ"DVHZLQGRZ&LJXUHVKRZVSDUWRI
WKLVZLQGRZ
%YHU\WLPHWKH!XWRPRELOHGDWDEDVHLVRSHQHGWKH
!XWRPRELOHq/SHQ/IILFHRUJ"DVHZLQGRZRSHQV
)7> #KDQJHVFDQWKHQEHPDGHWRWKHGDWDEDVH8KHWLWOH
IRUWKLVZLQGRZLVDOZD\VGDWDEDVHQDPH q
/SHQ/IILFHRUJ
!V\RXFUHDWHDGDWDEDVH\RXVKRXOGVDYH\RXUZRUN
UHJXODUO\8KLVPHDQVPRUHWKDQMXVWVDYLQJZKDW\RX
KDYHMXVWFUHDWHG=RXPXVWVDYHWKHZKROHGDWDEDVH
DVZHOO
/CB7=< &RUH[DPSOHZKHQ\RXFUHDWH\RXUILUVWWDEOH\RX
PXVWVDYHLWEHIRUH\RXFDQFORVHLW)I\RXORRNDWWKH
-7L;LFRQLQWKH7WDQGDUGWRROEDUDWWKHWRSDIWHU
FORVLQJWKHWDEOHLWZLOOEHDFWLYH#OLFNWKH-7L;LFRQ
DQGWKLVLFRQZLOOEHJUD\HGRXWDJDLQ.RWRQO\WKH
WDEOHKDVEHHQVDYHGEXWLWDOVREHHQPDGHDSDUWRI
WKHGDWDEDVH
@3/B7<52/B/0/A3B/0:3A
)QDGDWDEDVHDWDEOHVWRUHVLQIRUPDWLRQIRUDJURXS
RIWKLQJVZHFDOOILHOGV&RUH[DPSOHDWDEOHPLJKW
#=B3 KROGDQDGGUHVVERRNDVWRFNOLVWDSKRQHERRNRUD
SULFHOLVW!GDWDEDVHFDQKDYHIURPRQHWRVHYHUDO
WDEOHV
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH#UHDWLQJWDEOHV
*A7<5B63,7H/@2B=1@3/B3/B/0:3
/CB7=< %YHU\WDEOHUHTXLUHVD0ULPDU\NH\ILHOG;KDWWKLV
ILHOGGRHVZLOOEHH[SODLQHGODWHU ;HZLOOXVHWKLV
ILHOGWRQXPEHURXUHQWULHVDQGZDQWWKDWQXPEHUWR
DXWRPDWLFDOO\LQFUHDVHDVZHDGGHDFKHQWU\
7LQFHQRQHRIWKHILHOGVZHQHHGIRURXU!XWRPRELOHGDWDEDVHDUH
FRQWDLQHGLQDQ\RIWKHZL]DUGWDEOHVZHZLOOFUHDWHDVLPSOHWDEOH
XVLQJWKHZL]DUGWKDWKDVQRWKLQJWRGRZLWKRXUGDWDEDVH8KLV
VHFWLRQLVDQH[HUFLVHLQH[SODLQLQJKRZWKH;L]DUGZRUNV
8KH;L]DUGSHUPLWVWKHILHOGVRIWKHWDEOHWRFRPHIURPPRUHWKDQ
RQHVXJJHVWHGWDEOH;HZLOOFUHDWHDWDEOHZLWKILHOGVIURPWKUHH
GLIIHUHQWVXJJHVWHGWDEOHVLQWKH;L]DUG
#OLFN9VH;L]DUGWR#UHDWH8DEOH8KLVRSHQVWKH8DEOH;L]DUG
!ILHOGLQDWDEOHLVRQHELWRILQIRUPDWLRQ&RU
H[DPSOHLQDSULFHOLVWWDEOHWKHUHPLJKWEHRQHILHOG
#=B3 IRULWHPQDPHRQHIRUWKHGHVFULSWLRQDQGDWKLUGIRU
WKHSULFH-RUHILHOGVPD\EHDGGHGDVQHHGHG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
-J;F
-;B;9J<?;B:I
=RXKDYHDFKRLFHRIWZRFDWHJRULHVRIVXJJHVWHGWDEOHV"XVLQHVVDQG
0HUVRQDO%DFKFDWHJRU\FRQWDLQVLWVRZQVXJJHVWHGWDEOHVIURP
ZKLFKWRFKRRVH%DFKWDEOHKDVDOLVWRIDYDLODEOHILHOGV;HZLOOXVH
WKH#$
#ROOHFWLRQ7DPSOHWDEOHLQWKH0HUVRQDOFDWHJRU\WRVHOHFWWKH
ILHOGVZHQHHG
#DWHJRU\7HOHFW0HUVRQDO8KH7DPSOH8DEOHVGURSGRZQOLVW
FKDQJHVWRDOLVWRISHUVRQDOVDPSOHWDEOHV
7DPSOH8DEOHV7HOHFW#$
#ROOHFWLRQ8KH!YDLODEOHILHOGV
ZLQGRZFKDQJHVWRDOLVWRIDYDLODEOHILHOGVIRUWKLVWDEOH
7HOHFWHG&LHOGV 9VLQJWKHEXWWRQPRYHWKHVHILHOGVIURPWKH
!YDLODEOHILHOGVZLQGRZWRWKH7HOHFWHGILHOGVZLQGRZLQWKLV
RUGHU#ROOHFWLRQ)$!OEXP8LWOH!UWLVW$DWH0XUFKDVHG&RUPDW
.RWHVDQG.XPEHURI8UDFNV
7HOHFWHG&LHOGVIURPDQRWKHUVDPSOHWDEOH#OLFN"XVLQHVVDVWKH
#DWHJRU\7HOHFW%PSOR\HHVIURPWKHGURSGRZQOLVWRIVDPSOH
WDEOHV9VHWKHEXWWRQWRPRYHWKH0KRWRILHOGIURPWKH
!YDLODEOHILHOGVZLQGRZWRWKH7HOHFWHGILHOGVZLQGRZ)WZLOOEH
DWWKHERWWRPRIWKHOLVW
GLUHFWO\EHORZWKH
.XPEHURI8UDFNVILHOG
)IDPLVWDNHLVPDGHLQ
WKHRUGHUDVOLVWHGDERYH
FOLFNRQWKHILHOGQDPH
WKDWLVLQWKHZURQJRUGHU
WRKLJKOLJKWLW9VHWKH
/FRUEMDDUURZRQ
WKHULJKWVLGHRIWKH
7HOHFWHG&LHOGV OLVWVHH
&LJXUH WRPRYHWKH
ILHOGQDPHWRWKHFRUUHFW
SRVLWLRQ#OLFN(;NJ !GG6HPRYH -RYH
&LJXUH/UGHURIILHOGV
"HORZWKH7HOHFWHG&LHOGVOLVWDUHWZREXWWRQVRQH
/CB7=< ZLWKDDQGRQHZLWKDQ8KHVHEXWWRQVDUHXVHGWR
DGGRUWRUHPRYHILHOGVIURPWKH7HOHFWHG&LHOGVOLVW
"HFDUHIXOZKHQXVLQJWKHVHEXWWRQVXQWLOZHOO
DFTXDLQWHGZLWKKRZWRFUHDWHWDEOHV&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
-J;F-;J<?;B:JOF;I7D:<EHC7JI
)QWKLVVWHS\RXJLYHWKHILHOGVWKHLUSURSHUWLHV;KHQ\RXFOLFND
ILHOGWKHLQIRUPDWLRQRQWKHULJKWFKDQJHV=RXFDQWKHQPDNH
FKDQJHVWRPHHW\RXUQHHGV7HH&LJXUH #OLFNHDFKILHOGRQH
DWDWLPHDQGPDNHWKHFKDQJHVOLVWHGEHORZ
&LJXUH#KDQJLQJILHOGW\SHV
)IDQ\RIWKHVHILHOGVUHTXLUHVDQHQWU\VHW%QWU\
UHTXLUHGWR3;I)I%QWU\UHTXLUHGLVVHWWR=HVWKLVILHOG
PXVWKDYHVRPHWKLQJLQLW&RUH[DPSOHLI&LUVW.DPH
#=B3 KDV%QWU\UHTXLUHGVHWWR=HVKDYLQJDQHQWU\ZLWKWKH
ILUVWQDPHPLVVLQJZLOOQRWEHDOORZHG)QJHQHUDORQO\
VHW%QWU\UHTXLUHGWR3;ILIVRPHWKLQJPXVWDOZD\VEH
SXWLQWKDWILHOG"\GHIDXOW%QWU\UHTXLUHGLVVHWWR(E
l #ROOHFWLRQ)$#KDQJH!XWR:DOXHIURP(EWR3;I
l !OEXP8LWOH
q %QWU\UHTXLUHG)IDOORI\RXUPXVLFLVLQDOEXPVFKDQJH%QWU\
UHTXLUHGWR=HV/WKHUZLVHOHDYH%QWU\UHTXLUHGDV.R
q ,HQJWK9QOHVV\RXKDYHDQDOEXPWLWOHWKDWH[FHHGV
FKDUDFWHUVLQOHQJWKFRXQWLQJWKHVSDFHVGRQRWFKDQJHWKH
OHQJWK
)Q"DVHWKHPD[LPXPOHQJWKRIHDFKILHOGPXVWEH
VSHFLILHGRQFUHDWLRQ)WLVQRWHDV\WRFKDQJHWKLVODWHU
VRLILQGRXEWVSHFLI\DJUHDWHUOHQJWK"DVHXVHV
:#(!6DVWKHILHOGIRUPDWIRUWH[WILHOGV8KLVIRUPDW
RQO\XVHVWKHDFWXDOQXPEHURIFKDUDFWHUVLQDILHOGXS
#=B3 WRWKHOLPLWVHW7RDILHOGFRQWDLQLQJFKDUDFWHUVZLOO
RQO\XVHVSDFHIRUFKDUDFWHUVHYHQLIWKHOLPLWLVVHW
DW8ZRDOEXPWLWOHVFRQWDLQLQJDQG
FKDUDFWHUVUHVSHFWLYHO\ZLOOXVHVSDFHIRUDQG
FKDUDFWHUVDQGQRWFKDUDFWHUV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l !UWLVW9VHWKH$HIDXOWVHWWLQJ!QGVLQFHPXVLFKDVDXWKRUVVHW
%QWU\6HTXLUHGWR=HV
l $DWH0XUFKDVHG,HQJWKGHIDXOWVHWWLQJ%QWU\UHTXLUHGVKRXOGEH
.R=RXPD\QRWNQRZWKHGDWH
l &RUPDW/QO\FKDQJHWKH%QWU\6HTXLUHGVHWWLQJIURP.RWR=HV
l .RWHV.RFKDQJHVDUHUHTXLUHG
l .XPEHURI8UDFNV#KDQJHWKH&LHOG8\SHWR8LQ\)QWHJHU
?8).=).8A=RXUDOORZDEOHQXPEHURIWUDFNVZLOOEH7PDOO
)QWHJHU?7-!,,).8AZRXOGDOORZWUDFNVLI\RXQHHGHG
PRUHWKDQWUDFNV
l 0KRWR9VHWKHGHIDXOWVHWWLQJV
;KHQ\RXKDYHILQLVKHGFOLFN(;NJ
%DFKILHOGDOVRKDVD&LHOG8\SH)Q"DVHWKHILHOGW\SH
PXVWEHVSHFLILHG8KHVHW\SHVLQFOXGHWH[WLQWHJHUGDWH
DQGGHFLPDO)IWKHILHOGLVJRLQJWRKDYHJHQHUDO
LQIRUPDWLRQLQLWIRUH[DPSOHDQDPHRUDGHVFULSWLRQ
#=B3 WKHQ\RXZDQWWRXVHWH[W)IWKHILHOGZLOODOZD\VFRQWDLQD
QXPEHUIRUH[DPSOHDSULFH WKHW\SHVKRXOGEHGHFLPDO
RUDQRWKHUDSSURSULDWHQXPHULFDOILHOG8KHZL]DUGSLFNV
WKHULJKWILHOGW\SHVRWRJHWDQLGHDRIKRZWKLVZRUNV
VHHZKDWWKHZL]DUGKDVFKRVHQIRUGLIIHUHQWILHOGV
-J;F-;JFH?C7HOA;O
#UHDWHDSULPDU\NH\VKRXOGEHFKHFNHG
7HOHFWRSWLRQ9VHDQH[LVWLQJILHOGDVDSULPDU\NH\
)QWKH&LHOGQDPHGURSGRZQOLVWVHOHFW#ROOHFWLRQ)$
#KHFN!XWRYDOXHLILWLVQRWDOUHDG\FKHFNHG
#OLFN(;NJ
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
DVVLJQHGDXWRPDWLFDOO\E\"DVHWRHDFKUHFRUGRIWKLV
WDEOH
8KHUHDUHPRUHFRPSOH[ZD\VRIGRLQJWKLVDOO
DQVZHULQJWKHTXHVWLRQs(RZGR)PDNHVXUHWKDWHYHU\
VLQJOHUHFRUGLQP\GDWDEDVHFDQEHXQLTXHO\
LGHQWLILHGt
-J;FH;7J;J>;J78B;
@3/B7<5/B/0:30G1=>G7<5/<3F7AB7<5B/0:3
)I\RXKDYHDODUJHFROOHFWLRQRIPXVLF\RXPLJKWZDQWWRFUHDWHD
WDEOHIRUHDFKW\SHRIPXVLF\RXKDYH6DWKHUWKDQFUHDWLQJHDFK
WDEOHIURPWKHZL]DUG\RXFDQPDNHDFRS\RIWKHRULJLQDOWDEOH%DFK
WDEOHFDQEHQDPHGDFFRUGLQJWRWKHW\SHRIPXVLFFRQWDLQHGLQLW
0RVVLEOHQDPHVFRXOGLQFOXGH#ODVVLFDO0RS#RXQWU\DQG;HVWHUQ
DQG6RFNDPRQJRWKHUV
#OLFNRQWKH.78B;ILFRQLQWKH$DWDEDVHSDQHWRVHHWKHH[LVWLQJ
WDEOHV
6LJKW
FOLFNRQWKH#$
#ROOHFWLRQWDEOHLFRQ7HOHFWEFOIURP
WKHFRQWH[WPHQX
-RYHWKHPRXVHSRLQWHUEHORZWKLVWDEOHULJKW
FOLFNDQGVHOHFW
*7IJ;IURPWKHFRQWH[WPHQX8KH#RS\WDEOHZLQGRZRSHQV
#KDQJHWKHWDEOHQDPHWR0RSDQGFOLFN(;NJ
#OLFNWKHEXWWRQWRPRYHDOOWKH&LHOGVIURPWKHOHIWZLQGRZ
WRWKHULJKWZLQGRZDQGFOLFN(;NJ
7LQFHDOOWKH&LHOGVDOUHDG\KDYHWKHSURSHU&LOH8\SHIRUPDWLQJ
QRFKDQJHVVKRXOGEHQHHGHG(RZHYHUWKLVLVWKHWLPHDQG
SODFHWRPDNHWKHVHFKDQJHVLIWKH\DUHQHHGHG7HH7KJ?ED
EHORZIRUWKHUHDVRQZK\ #OLFNH;7J;8KHQHZWDEOHLV
FUHDWHG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
/QFHWDEOHVKDYHEHHQFUHDWHGXVLQJWKHZL]DUGDQG
GDWDKDVEHHQHQWHUHGHGLWLQJWKHPVKRXOGEHYHU\
OLPLWHGLIDQ\HGLWLQJLVGRQHDWDOO&LHOGVFDQEHDGGHG
RUGHOHWHG"XWDGGLQJDILHOGUHTXLUHVWDNLQJWKHWLPH
/CB7=< WRHQWHUWKHGDWDIRUWKDWRQHILHOGIRUHYHU\UHFRUG
KDYLQJDQHQWU\IRUWKDWILHOG$HOHWLQJDILHOGGHOHWHV
7BBJ>;:7J7RQFHFRQWDLQHGLQWKDWILHOG#KDQJLQJWKH
ILHOGW\SHRIDILHOGFDQOHDGWRGDWDEHLQJORVWHLWKHU
SDUWLDOO\RUFRPSOHWHO\;KHQFUHDWLQJDQHZWDEOHLW
SD\VWRFUHDWHWKHILHOGVZLWKWKHFRUUHFWQDPHVOHQJWK
DQGIRUPDWEHIRUHGDWDLVDGGHG
8DEOHVFDQEHGHOHWHGLQDYHU\VLPSOHZD\"XWGRLQJ
VRUHPRYHVDOORIWKHGDWDFRQWDLQHGLQHYHU\ILHOGRI
WKHWDEOH9QOHVV\RXDUHVXUHGRQRWGHOHWHDWDEOH
/CB7=<
8RGHOHWHDWDEOHULJKW
FOLFNLWLQWKHOLVWRIWDEOHV
7HOHFW;B;J;IURPWKHFRQWH[WPHQX!SRSXSZLQGRZ
DVNVLI\RXDUHVXUH\RXZDQWWRGHOHWHWKHWDEOH/QFH
\RXFOLFN=HVWKHWDEOHDQGLWVGDWDDUHJRQHIRUHYHU
XQOHVV\RXKDYHDEDFNXS
@3/B7<5B/0:3A7<3A75<+73E
$HVLJQ:LHZLVDPRUHDGYDQFHGPHWKRGIRUFUHDWLQJDQHZWDEOH)W
DOORZV\RXWRGLUHFWO\HQWHULQIRUPDWLRQDERXWHDFKILHOGLQWKHWDEOH
;HZLOOXVHWKLVPHWKRGIRUWKHWDEOHVRIRXUGDWDEDVH
;KLOHWKH&LHOGW\SHDQGIRUPDWWLQJDUHGLIIHUHQWLQ
#=B3 $HVLJQ:LHZWKHFRQFHSWVDUHWKHVDPHDVLQWKH
;L]DUG
8KHILUVWWDEOHWREHFUHDWHGLV&XHO)WVILHOGVDUH&XHO)$$DWH
&XHO#RVW&XHO5XDQWLW\/GRPHWHUDQG0D\PHQW8\SH&XHO#RVWXVHV
FXUUHQF\DQGWZRGHFLPDOSODFHV&XHO5XDQWLW\DQG/GRPHWHUXVHWKH
QXPEHUIRUPDWZLWKGHFLPDOSODFHVDQGGHFLPDOSODFH
UHVSHFWLYHO\0D\PHQW8\SHXVHVWKHWH[WIRUPDW
#OLFN#UHDWH8DEOHLQ$HVLJQ:LHZ
&XHO)$HQWULHV
D %QWHU&XHO)$DVWKHILUVW&LHOG.DPH
E 7HOHFW)QWHJHU?).8%'%6ADVWKH&LHOG8\SHIURPWKH
GURSGRZQOLVW8KHGHIDXOWVHWWLQJLV8H[W?:!6#(!6A
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
7KRUWFXWIRUVHOHFWLQJIURPWKH&LHOG8\SHGURSGRZQ
OLVWXVHWKHNH\IRUWKHILUVWOHWWHURIWKHFKRLFH8KLV
PLJKWUHTXLUHXVLQJWKHOHWWHUPRUHWKDQRQFHWRJHWWKH
FKRLFH\RXZDQW=RXFDQF\FOHWKURXJKWKHFKRLFHVIRU
DJLYHQOHWWHUE\UHSHDWHGO\XVLQJWKDWOHWWHU
)7> !IWHUW\SLQJWKHQDPHRIWKHILHOGLQWKH&LHOGVFROXPQ
XVHWKH8DENH\WRPRYHWRWKH&LHOG8\SHFROXPQ8KLV
ZLOOHQWHUWKHILHOGQDPHDQGKLJKOLJKWWKHGURSGRZQ
OLVW=RXFDQWKHQXVHWKHNH\IRUWKHILUVWOHWWHURI\RXU
FKRLFHWRVHOHFWWKHILHOGW\SH*XVWUHPHPEHUWRXVHLW
WKHFRUUHFWQXPEHURIWLPHVLIQHFHVVDU\
F #KDQJHWKH&LHOG0URSHUWLHVLQWKHERWWRPVHFWLRQ
#KDQJH!XWR:DOXHIURP.RWR=HV&LJXUH
&LJXUH&LHOG0URSHUWLHVVHFWLRQ!XWR:DOXH
G 7HW&XHO)$DVWKH0ULPDU\NH\
6LJKW
FOLFNRQWKHJUHHQWULDQJOHWRWKHOHIWRI&XHO)$
&LJXUH
&LJXUH0ULPDU\NH\ILHOG
#OLFN0ULPDU\+H\LQWKHFRQWH[WPHQX8KLVSODFHVDNH\LFRQLQ
IURQWRI&XHO)$
8KHSULPDU\NH\VHUYHVRQO\RQHSXUSRVH!Q\QDPHFDQ
EHXVHGIRUWKLVILHOG)WLVQRWQHFHVVDU\WRXVH&XHO)$
#=B3 DVWKHQDPHRIWKHSULPDU\NH\ILHOG;HKDYHXVHGLWVR
ZHNQRZWRZKLFKWDEOHLWEHORQJVE\LWVQDPH
!OORWKHUHQWULHV
l %QWHUWKHQH[WILHOGQDPHLQWKHILUVWFROXPQ&LHOG.DPH
FROXPQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l 7HOHFWWKH&LHOG8\SHIRUHDFKILHOG
q &RU$DWHXVH$DWH?$!8%A9VHWKH$NH\RQFHWRVHOHFW
LW
q 0D\PHQW8\SHXVHV8H[W?:!6#(!6AWKHGHIDXOWVHWWLQJ
q !OORWKHUILHOGVXVH.XPEHU?.9-%6)#A9VHWKH.NH\
RQFHWRVHOHFWLW
l 7HOHFWWKH&LHOG0URSHUWLHV&LJXUH
&LJXUH&LHOG0URSHUWLHVVHFWLRQ
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH&LHOG&RUPDWRSWLRQV
&ROORZWKHVDPHVWHSVWRFUHDWHWKH:DFDWLRQVWDEOH8KHILHOGVDQG
WKHLUILHOGW\SHVDUHOLVWHGLQ&LJXUH-DNHVXUH\RXPDNHWKH
$DWHILHOGWKHSULPDU\NH\EHIRUHFORVLQJ6LJKWFOLFNWKH'UH\ER[WR
WKHOHIWRI$DWH7HOHFW0ULPDU\NH\IURPWKHFRQWH[WPHQX .DPH
WKHWDEOH:DFDWLRQVDQGVDYHLW
&LJXUH%[DPSOHRI$HVFULSWLRQHQWULHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
@3/B7<5B/0:3A4=@B63:7AB0=F
;KHQWKHVDPHLQIRUPDWLRQFDQEHXVHGLQVHYHUDOILHOGVGHVLJQD
WDEOHIRUHDFKW\SHRILQIRUPDWLRQ%DFKWDEOHZLOOFRQWDLQWZRILHOGV
WKHLQIRUPDWLRQILHOGDQG)$LQWKLVRUGHU
=RXCKIJ9H;7J;WKHVHWDEOHVZLWKWKHLQIRUPDWLRQ
ILHOGOLVWHG<?HIJDQGWKHDQGWKH)$ILHOGOLVWHGB7IJ
&DLOXUHWRGRVRZLOOSURGXFHWKHZURQJUHVXOWV&RU
/CB7=< P\0D\PHQWWDEOH)XVH.DPHDQG)$DVP\ILHOGV
ZLWK$DQ+HYLQDQG#DVKEHLQJWKH.DPHHQWULHV
8KHFRUUHVSRQGLQJ)$HQWULHVDUH;KHQWKH
.DPHILHOGLVOLVWHGILUVWLQWKHWDEOHRQHRIWKHWKUHH
QDPHVZLOODSSHDULQWKHSD\PHQWILHOGRIWKH&XHO
WDEOH)IWKH)$ILHOGLVOLVWHGILUVWRUDSSHDULQ
WKHSD\PHQWILHOGLQVWHDG
&ROORZWKHGLUHFWLRQVLQs#UHDWLQJWDEOHVLQ$HVLJQ:LHZtRQ
SDJH)QWKHWDEOHZHZLOOFUHDWHWKHWZRILHOGVFDQEH8\SH
DQG0D\PHQW)$-DNHVXUHWKDWWKH!XWR:DOXHLVVHWWR3;IIRU
WKH0D\PHQW)$ILHOG7HWWKH0D\PHQW)$ILHOGDVWKHSULPDU\NH\
7HH&LJXUH
7DYHWKHWDEOHXVLQJWKHQDPH0D\PHQW8\SH
&LJXUH8DEOHLQ$HVLJQ:LHZ
)I\RXKDYHVHYHUDOWDEOHVWRFUHDWHZLWKWKHVDPHILHOGV
GHVLJQRQHWDEOHDQGSURGXFHWKHRWKHUWDEOHVE\
#=B3 FXWWLQJDQGSDVWLQJ7HHs#UHDWLQJDWDEOHE\FRS\LQJ
DQH[LVWLQJWDEOHtRQSDJH
227<52/B/B=B63:7ABB/0:3
,LVWWDEOHVGRQRWUHTXLUHDIRUP)QVWHDGDGGWKHLUGDWDGLUHFWO\WR
WKHWDEOH)QWKLVH[DPSOHXVHWKHQDPHVRIWKHWZRSHRSOHZLWKD
EDQNFDUGDQG#DVKIRUFDVKSXUFKDVHV
)QWKHPDLQGDWDEDVHZLQGRZFOLFNRQWKH8DEOHV LFRQ&LJXUH
6LJKW
FOLFNRQ0D\PHQW8\SHDQGVHOHFW)F;DIURPWKH
FRQWH[WPHQX
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
D %QWHU$DQLQWKHILUVWURZ9VHWKHWDENH\WRPRYHWRWKH
VHFRQGURZ
E %QWHU+HYLQLQWKHVHFRQGURZ
F %QWHU#DVKLQWKHWKLUGURZ
7DYHDQGFORVHWKHWDEOHZLQGRZ
8KH%QWHUNH\FDQDOVREHXVHGWRPRYHIURPILHOGHQWU\
WRILHOGHQWU\&RUWKLVH[DPSOHHQWHU*DQLQWKHILUVW
.DPHILHOG%QWHUPRYHVWKHFXUVRUWRWKH)$ILHOG%QWHU
)7> WKHQPRYHVWKHFXUVRUWRWKHVHFRQG.DPHILHOG
8KH$RZQ!UURZNH\FDQDOVREHXVHGWRPRYHIURPURZ
WRURZ
8KH0D\PHQW)$ILHOGFRQWDLQV!XWR&LHOGXQWLO\RXXVH
WKH%QWHUNH\WRPRYHWRWKHVHFRQGURZ8KHQLW
EHFRPHVD!V\RXDGGWKHHQWULHVWRHDFKURZWKH
#=B3 URZVRIWKH0D\PHQW)$ILHOGFKDQJHWRFRQVHFXWLYH
ZKROHQXPEHUV&RUH[DPSOHWKHILUVWWKUHHQXPEHUVLQ
WKLVILHOGDUH
@3/B7<5/+73E
!:LHZLVDTXHU\"HFDXVHRIWKLVWKHGHWDLOVRIKRZWRFUHDWHDQG
XVHD:LHZDUHLQWKH#UHDWLQJTXHULHVVHFWLRQ
&LJXUH:LHZRIVRPHILHOGVIURPWKH:DFDWLRQVWDEOH
!:LHZLVDOVRDWDEOH)WVILHOGVFRPHIURPWKHILHOGVRIRQHRUPRUH
WDEOHVRIWKHGDWDEDVH)WSURYLGHVDZD\WRORRNDWDQXPEHURIILHOGV
ZLWKRXWUHJDUGWRWKHWDEOHWRZKLFKDQ\RIWKHILHOGVEHORQJ!:LHZ
FDQFRQVLVWVRIVRPHRIWKHILHOGVRIRQHWDEOHDVLQ&LJXUH/ULW
FDQFRQVLVWRIILHOGVIURPPRUHWKDQRQHILHOGDVLQ&LJXUH
&LJXUH:LHZRIILHOGVIURPWKH&XHODQG0D\PHQW8\SHWDEOHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
/CB7=< $DWDFDQQRWEHHQWHUHGLQWRD:LHZOLNHLWFDQEH
DGGHGWRDWDEOH)WLVVWULFWO\IRUYLHZLQJGDWDZKLFK
KDVDOUHDG\EHHQHQWHUHGLQWRWKHWDEOH
347<7<5@3:/B7=<A67>A
.RZWKDWWKHWDEOHVKDYHEHHQFUHDWHGZKDWDUHWKHUHODWLRQVKLSV
EHWZHHQRXUWDEOHV8KLVLVWKHWLPHWRGHILQHWKHPEDVHGXSRQWKH
TXHVWLRQVZHDVNHGDQGDQVZHUHGLQWKHEHJLQQLQJ
;KHQRQYDFDWLRQZHZDQWWRHQWHUDOORIRXUH[SHQVHVDOODWRQH
WLPHHDFKGD\-RVWRIWKHVHH[SHQVHVDUHLQWKH:DFDWLRQVWDEOHEXW
WKHIXHOZHEX\LVQRW7RZHZLOOUHODWHWKHVHWZRWDEOHVXVLQJWKH
$DWHILHOGV7LQFHWKH&XHOWDEOHPD\KDYHPRUHWKDQRQHHQWU\SHU
GDWHWKLVUHODWLRQVKLSEHWZHHQWKH:DFDWLRQVDQG&XHOWDEOHVLVRQHWR
PDQ\)WLVGHVLJQDWHGQ
8KH:DFDWLRQVWDEOHVDOVRFRQWDLQVVHYHUDOILHOGVIRUWKHW\SHRI
SD\PHQWXVHG&RUHDFKILHOGOLVWLQJWKHSD\PHQWW\SHWKHUHLVRQO\
RQHHQWU\IURPWKH0D\PHQW8\SHWDEOH8KLVLVDRQHWRRQH
UHODWLRQVKLSRQHILHOGLQRQHWDEOHWRRQHHQWU\IURPRWKHUWDEOH
)WLVGHVLJQDWHG /WKHUWDEOHVDOVRFRQWDLQILHOGVIRUWKHW\SHRI
SD\PHQW8KHUHODWLRQVKLSEHWZHHQWKHVHILHOGVRIWKRVHWDEOHVDQG
WKH0D\PHQW8\SHWDEOHDUHDOVR
7LQFHWKH0D\PHQW8\SHWDEOHRQO\SURYLGHVDVWDWLFOLVWZHZLOOQRW
EHGHILQLQJDUHODWLRQVKLSEHWZHHQWKH0D\PHQW8\SHWDEOHDQGWKH
ILHOGVRIWKHRWKHUWDEOHVZKLFKXVHWKHHQWULHVRIWKH0D\PHQW8\SH
WDEOH8KDWZLOOEHGRQHZKHQWKHIRUPVDUHFUHDWHG
8KH&XHODQG-DLQWHQDQFHWDEOHVGRQRWUHDOO\KDYHDUHODWLRQVKLS
HYHQWKRXJKWKH\VKDUHVLPLODUILHOGV$DWHDQG/GRPHWHU9QOHVVD
SHUVRQLVLQDKDELWRIUHJXODUO\JHWWLQJIXHODQGKDYLQJWKHLUYHKLFOH
VHUYLFHGWKHHQWULHVLQWKHVHWDEOHVGRQRWVKDUHDQ\WKLQJLQ
FRPPRQ
!V\RXFUHDWH\RXURZQGDWDEDVHV\RXQHHGWRDOVR
)7> GHWHUPLQHZKHUHWDEOHVDUHUHODWHGDQGKRZ
;HEHJLQGHILQLQJUHODWLRQVKLSVE\.EEBI,;B7J?EDI>?FI8KH
!XWRPRELOHq/SHQ/IILFHRUJ"DVH6HODWLRQGHVLJQZLQGRZ
RSHQV&LJXUH 8KHLFRQVZHZLOOXVHDUH::.78B;IDQG
(;M,;B7J?ED
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
!GG8DEOHV .HZ6HODWLRQLFRQ
&LJXUH6HODWLRQGHVLJQZLQGRZ
#OLFNWKH::.78B;ILFRQ8KH!GG8DEOHVZLQGRZRSHQV
9VHRQHRIWKHVHZD\VWRDGGDWDEOHWRWKH6HODWLRQGHVLJQ
ZLQGRZ
l $RXEOH
FOLFNWKHQDPHRIWKHWDEOH)QRXUFDVHGRWKLVIRU
ERWK:DFDWLRQVDQG&XHO
l /UFOLFNWKHQDPHRIWKHWDEOHDQGWKHQFOLFN!GGIRUHDFK
WDEOH
#OLFNBEI;ZKHQ\RXKDYHDGGHGWKHWDEOHV\RXZDQW
&LJXUH
&LJXUH!GGHGWDEOHOLVWV
$HILQLQJWKHUHODWLRQVKLSEHWZHHQWKH:DFDWLRQVDQG&XHOWDEOHV
8ZRZD\VH[LVWWRGRWKLV
l #OLFNDQGGUDJWKH$DWHILHOGLQWKH&XHOWDEOHWRWKH$DWH
ILHOGLQWKH:DFDWLRQVWDEOH;KHQ\RXUHOHDVHWKHPRXVH
EXWWRQDFRQQHFWLQJOLQHIRUPVEHWZHHQWKHWZRGDWHILHOGV
&LJXUH
&LJXUH$HVLJQDWLRQIRUDQUHODWLRQVKLS
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l /UFOLFNWKH(;M,;B7J?EDLFRQ8KLVRSHQVWKH6HODWLRQV
ZLQGRZ&LJXUH /XUWZRWDEOHVDUHOLVWHGLQWKH8DEOHV
LQYROYHGVHFWLRQ
&LJXUH7HWWLQJWKHUHODWLRQVKLSEHWZHHQWDEOHV
q )QWKH&LHOGVLQYROYHGVHFWLRQFOLFNWKHGURSGRZQOLVW
XQGHUWKH&XHOODEHO
q 7HOHFW$DWHIURPWKH&XHOWDEOHOLVW
q #OLFNLQWKHFHOOWRWKHULJKWRIWKLVGURSGRZQOLVW8KLV
RSHQVDGURSGRZQOLVWIRUWKH:DFDWLRQVWDEOH
q 7HOHFW$DWHIURPWKH:DFDWLRQVWDEOHOLVW)WVKRXOGQRZ
ORRNOLNH&LJXUH
q #OLFN)%
&LJXUH7HOHFWHGILHOGVLQDUHODWLRQVKLS
-RGLI\LQJWKH9SGDWHRSWLRQVDQG$HOHWHRSWLRQVVHFWLRQRIWKH
6HODWLRQZLQGRZ
D 6LJKW
FOLFNWKHOLQHFRQQHFWLQJWKH$DWHILHOGVLQWKHWZR
WDEOHOLVWVWRRSHQDFRQWH[WPHQX
E 7HOHFW:?JWRRSHQWKH6HODWLRQZLQGRZ&LJXUH
F 7HOHFW/F:7J;97I97:;
G 7HOHFW;B;J;97I97:;
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH9SGDWHRSWLRQVDQG$HOHWHRSWLRQVVHFWLRQ
;KLOHWKHVHRSWLRQVDUHQRWDEVROXWHO\QHFHVVDU\WKH\GRKHOS
(DYLQJWKHVHRSWLRQVVHOHFWHGSHUPLWV\RXWRXSGDWHDWDEOHWKDWKDV
DUHODWLRQVKLSGHILQHGZLWKDQRWKHUWDEOH)WDOVRSHUPLWV\RXWRGHOHWH
DILHOGIURPWKHWDEOH
@3/B7<5/2/B/0/A34=@;
$DWDEDVHVDUHXVHGWRVWRUHGDWD"XWKRZLVWKHGDWDSXWLQWRWKH
GDWDEDVH&RUPVDUHXVHGWRGRWKLV)QWKHODQJXDJHRIGDWDEDVHVD
IRUPLVDIURQWHQGIRUGDWDHQWU\DQGHGLWLQJ
&LJXUH&LHOGVRIDVLPSOH &LJXUH7LPSOH&RUPZLWK
IRUP DGGLWLRQV
!VLPSOHIRUPFRQVLVWVRIWKHILHOGVIURPDWDEOH&LJXUH -RUH
FRPSOH[IRUPVFDQFRQWDLQPXFKPRUH8KHVHFDQFRQWDLQDGGLWLRQDO
WH[WJUDSKLFVVHOHFWLRQER[HVDQGPDQ\RWKHUHOHPHQWV&LJXUH
LVPDGHIURPWKHVDPHWDEOHZLWKDWH[WODEHO&XHO0XUFKDVHV DOLVW
ER[SODFHGLQ0D\PHQW8\SHDQGDJUDSKLFEDFNJURXQG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
*A7<5B63,7H/@2B=1@3/B3/4=@;
;HZLOOXVHWKH&RUP;L]DUGWRFUHDWHWZRIRUPV#$#ROOHFWLRQDQG
:DFDWLRQV8KH#$#ROOHFWLRQIRUPZLOOEHDVLPSOHIRUPZKLOHWKH
:DFDWLRQVIRUPZLOOFRQWDLQDIRUPDQGDVXEIRUP;HZLOOFUHDWHWKH
:DFDWLRQVIRUPZLWKLWVVXEIRUPDQGOHW\RXPRGLI\WKH#$#ROOHFWLRQ
IRUPXVLQJWKHVDPHSURFHVV
)QWKHPDLQGDWDEDVHZLQGRZ&LJXUH FOLFNWKH EHCLFRQ
$RXEOH
FOLFN/I;1?P7H:JEH;7J; EHCWRRSHQWKHZL]DUG&LJXUH
7LPSOHIRUPVUHTXLUHRQO\VRPHRIWKHVHVWHSVZKLOHPRUH
FRPSOH[IRUPVPD\XVHDOORIWKHP
-J;F
-;B;9J<?;B:I
9QGHU8DEOHVRUTXHULHVVHOHFW:DFDWLRQVDVWKHWDEOH!YDLODEOH
ILHOGVOLVWVWKHILHOGVIRUWKH:DFDWLRQVWDEOH
#OLFNWKHULJKWGRXEOHDUURZWRPRYHDOORIWKHVHILHOGVWRWKH
&LHOGVLQWKHIRUPOLVW#OLFN(;NJ
&LJXUH&RUP;L]DUGVWHSV
-J;F-;JKF7IK8<EHC
7LQFHZHKDYHDOUHDG\FUHDWHGDUHODWLRQVKLSEHWZHHQWKH&XHODQG
:DFDWLRQVWDEOHVZHZLOOXVHWKDWUHODWLRQVKLS)IQRUHODWLRQVKLSKDG
EHHQGHILQHGWKLVZRXOGEHGRQHLQVWHS
#OLFNWKHER[ODEHOHG!GG7XEIRUP
#OLFNWKHUDGLREXWWRQODEHOHG7XEIRUPEDVHGXSRQH[LVWLQJ
UHODWLRQ
&XHOLVOLVWHGDVDUHODWLRQZHZDQWWRDGG7RFOLFN&XHOWR
KLJKOLJKWLWDVLQ&LJXUH#OLFN(;NJ
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH!GGLQJDVXEIRUP
-J;F::IK8<EHC<?;B:I
8KLVVWHSLVH[DFWO\WKHVDPHDVVWHS8KHRQO\GLIIHUHQFHLVWKDWQRW
DOORIWKHILHOGVZLOOEHXVHGLQWKHVXEIRUP
7HOHFW&XHOXQGHU8DEOHVRUTXHULHV
9VHWKHEXWWRQWRPRYHDOOWKHILHOGVWRWKHULJKW
#OLFNWKH&XHO)$ILHOGWRKLJKOLJKWLW
9VHWKHEXWWRQWRPRYHWKH&XHO)$WRWKHOHIW&LJXUH
#OLFN(;NJ
&LJXUH7HOHFWLQJILHOGVRIDVXEIRUP
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
-J;F!;J@E?D;:<?;B:I
8KLVVWHSLVIRUWDEOHVRUTXHULHVIRUZKLFKQRUHODWLRQVKLSKDVEHHQ
GHILQHG7LQFHZHZDQWWROLVWDOOH[SHQVHVE\WKHGD\WKH\RFFXULQ
ERWKWKHIRUPDQGVXEIRUPZHZLOOMRLQWWKH$DWHILHOGVRIWKHVHWZR
WDEOHV&LJXUH
&LJXUH7HOHFWLRQRIMRLQHGVXEIRUPDQGPDLQIRUPILHOGV
7HOHFW$DWHIURPWKH&LUVWMRLQHGVXEIRUPILHOGGURSGRZQOLVW
8KLVLVWKH$DWHILHOGLQWKH&XHOWDEOH8KLVLVDEJWKH0ULPDU\
NH\IRUWKH&XHOWDEOHEXWLWLVNQRZQDVD&RUHLJQNH\
7HOHFW$DWHIURPWKH&LUVWMRLQHGPDLQIRUPILHOGGURSGRZQOLVW
8KLVLVWKH$DWHILHOGLQWKH:DFDWLRQVWDEOH8KLV?IWKH0ULPDU\
NH\IRUWKH:DFDWLRQVWDEOH#OLFN(;NJ
)WLVSRVVLEOHWRFUHDWHDUHODWLRQVKLSEHWZHHQWZR
#=B3 WDEOHVWKDWLVEDVHGXSRQPRUHWKDQRQHSDLURIILHOGV
(RZWRGRWKDWDQGZK\LVGLVFXVVHGLQWKH"DVH'XLGH
;KHQVHOHFWLQJDSDLURIILHOGVIURPWZRWDEOHVWRXVH
DVDUHODWLRQVKLSWKH\KDYHWRKDYHWKHVDPHILHOG
W\SH8KDWLVZK\ZHXVHGWKH$DWHILHOGIURPERWK
WDEOHVERWKWKHLUILHOGW\SHVDUH$DWH?$!8%A
;KHWKHUDVLQJOHSDLURIILHOGVIURPWZRWDEOHVDUH
/CB7=< FKRVHQDVWKHUHODWLRQVKLSRUWZRRUPRUHSDLUVDUH
FKRVHQFHUWDLQUHTXLUHPHQWVPXVWEHPHWIRUWKH
IRUPWRZRUN
l .RILHOGIURPWKHVXEIRUPFDQEHWKH0ULPDU\NH\
IRULWVWDEOH&XHO)$FDQQRWEHXVHG
l %DFKSDLURIMRLQHGILHOGVPXVWKDYHWKHVDPHILOHW\SH
l /QHRIWKHILHOGVIURPWKHPDLQIRUPPXVWEHWKH0UL
PDU\NH\IRULWVWDEOH$DWHZRXOGKDYHWREHXVHG
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
-J;FHH7D=;9EDJHEBI
%DFKFRQWUROLQDIRUPFRQVLVWVRIWZRSDUWVODEHODQG
ILHOG8KLVVWHSLQFUHDWLQJWKHIRUPGHWHUPLQHVZKHUHD
FRQWUROVODEHODQGILHOGDUHSODFHGLQUHODWLRQVKLSZLWK
#=B3 HDFKRWKHU8KHIRXUFKRLFHVIURPOHIWWRULJKWDUH
#ROXPQDUOHIW#ROXPQDU
,DEHOVRQWRS!V$DWD7KHHW
DQG)Q"ORFNV
,DEHOV!ERYH&LJXUH
!UUDQJHPHQWRIWKHPDLQIRUP#OLFN#ROXPQDU
,DEHOVRQWRS
8KHODEHOVZLOOEHSODFHGDERYHWKHLUILHOG
!UUDQJHPHQWRIWKHVXEIRUP#OLFN!V$DWD7KHHW8KHODEHOV
DUHFROXPQKHDGLQJVDQGWKHILHOGHQWULHVDUHLQVSUHDGVKHHW
IRUPDW #OLFN(;NJ
&LJXUH#RQWURODUUDQJHPHQWV
-J;F-;J:7J7;DJHO
9QOHVV\RXKDYHDQHHGIRUDQ\RIWKHVHHQWULHVWREHFKHFNHGDFFHSW
WKHGHIDXOWVHWWLQJV#OLFN(;NJ
-J;FFFBOIJOB;I
7HOHFWWKHFRORU\RXZDQWLQ!SSO\7W\OHVOLVW)FKRVHWKH
EHLJHZKLFKLV/UDQJHLQWKH#RORUWDEOH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
7HOHFWWKH&LHOGERUGHU\RXZDQW)SUHIHUWKH
$ORRN=RX
PLJKWZDQWWRH[SHULPHQWZLWKWKHGLIIHUHQWSRVVLEOHVHWWLQJV
#OLFN(;NJ
-J;F-;JD7C;
%QWHUWKHQDPHIRUWKHIRUP)QWKLVFDVHLWLV&XHO
#OLFNWKHFLUFOHLQIURQWRI-RGLI\WKHIRUP8KLVFLUFOHLVFDOOHG
DUDGLREXWWRQ
#OLFN(;NJ8KHIRUPRSHQVLQ%GLWPRGH
"=274G7<5/4=@;
;HZLOOEHPRYLQJWKHFRQWUROVWRGLIIHUHQWSODFHVLQWKHIRUPDQG
FKDQJLQJWKHEDFNJURXQGWRDSLFWXUH;HZLOODOVRPRGLI\WKHODEHO
IRUWKH0D\PHQW8\SHILHOGDVZHOODVFKDQJHWKHILHOGWRDOLVWER[
&LUVWZHPXVWGHFLGHZKDWZHZDQWWRFKDQJHDQGWRZKDW8KH
GLVFXVVLRQZLOOIROORZWKLVWHQVWHSRXWOLQH
8KH$DWHILHOGLQWKHPDLQIRUPQHHGVDGURSGRZQFDSDELOLW\)W
DOVRQHHGVWREHOHQJWKHQHGWRVKRZWKHGD\RIWKHZHHNPRQWK
GD\DQG\HDU
7KRUWHQWKHOHQJWKRIWKHSD\PHQWILHOGVDOOILHOGVFRQWDLQLQJ
WKHZRUGSD\PHQW
8KHFRQWUROVQHHGWREHPRYHLQWRJURXSVIRRGIXHOVXEIRUP
DQGPLVFHOODQHRXV
7RPHRIWKHODEHOVQHHGWRKDYHWKHLUZRUGLQJFKDQJHG7RPH
VLQJOHZRUGVVKRXOGEHWZRZRUGV7RPHDEEUHYLDWLRQVVKRXOG
EHXVHGLISRVVLEOH-LVFIRUPLVFHOODQHRXV
8KHZLGWKVRIVHYHUDOILHOGVDQGODEHOVQHHGWREHFKDQJHG/QO\
,XQFK7XSSHU-RWHODQG8ROOVKDYHDFFHSWDEOHOHQJWKV"XWIRU
DEHWWHUDSSHDUDQFHFKDQJHVZLOOEHPDGHWRWKHVHDVZHOO
!OOWKHILHOGVZKRVHODEHOHQGVLQ0D\PHQWZLOOEHUHSODFHGZLWK
DOLVWER[8KLVER[FRQWDLQVWKHHQWULHVIURPWKH0D\PHQW8\SH
WDEOH
8KH.RWHILHOGQHHGVWREHOHQJWKHQHGYHUWLFDOO\DQGDVFUROOEDU
DGGHG)WDOVRQHHGVWREHPRYHG
#KDQJHVQHHGWREHPDGHLQWKH$DWHDQG0D\PHQW8\SHFROXPQV
RIWKHVXEIRUPWKDWDUHVLPLODUWRWKHFKDQJHVLQWKHPDLQIRUP
(HDGLQJVQHHGWREHDGGHGIRUHDFKJURXSLQWKHPDLQIRUP
8KHEDFNJURXQGQHHGVWREHFKDQJHGWRDSLFWXUH7RPHRIWKH
ODEHOVZLOOKDYHWREHPRGLILHGVRWKDWWKH\FDQEHUHDGFOHDUO\
8KHIRQWFRORURIWKHKHDGLQJVQHHGVWREHFKDQJHGDVZHOO
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
(HUHDUHVRPHSRLQWHUVWKDWZHZLOOEHXVLQJLQWKHVHVWHSV8KH
FRQWUROVLQWKHPDLQIRUPFRQVLVWVRIDODEHODQGLWVILHOG7RPHWLPHV
ZHZDQWWRZRUNZLWKWKHHQWLUHFRQWURODQGRWKHUWLPHVZHZDQWWR
ZRUNZLWKRQO\WKHODEHORUWKHILHOG8KHUHDUHWLPHVZKHQZHZDQW
WRZRUNZLWKDJURXSRIFRQWUROV
l #OLFNLQJDODEHORUILHOGVHOHFWVWKHHQWLUHFRQWURO!ERUGHU
DSSHDUVDURXQGWKHFRQWUROZLWKHLJKWJUHHQKDQGOHV&LJXUH
=RXFDQWKHQGUDJDQGGURSLWZKHUH\RXZDQW
l #RQWUROFOLFNDODEHORUILHOGVHOHFWVRQO\WKHODEHORUWKHILHOG
&LJXUH
&LJXUH!VHOHFWHGFRQWURO
l "\XVLQJWKH8DENH\\RXFDQFKDQJHWKHVHOHFWLRQIURPWKHILHOG
WRWKHODEHORUWKHODEHOWRWKHILHOG
&LJXUH7HOHFWLQJDILHOGRIDFRQWURO
l -RYLQJDJURXSRIFRQWUROVLVDOPRVWDVHDV\DVPRYLQJRQHRI
WKHP
#OLFNWKHILHOGRIWKHWRSOHIWFRQWUROWREHPRYHGWRVHOHFWLW
-RYHWKHFXUVRUWRMXVWDERYHDQGWRWKHOHIWRIWKHVHOHFWHG
FRQWURO
$UDJWKHFXUVRUWRWKHERWWRPULJKWRIWKHJURXSRIFRQWUROV
DQGUHOHDVHWKHPRXVHEXWWRQ
!V\RXGUDJWKHFXUVRUDGDVKHGER[DSSHDUVVKRZLQJZKDWLV
FRQWDLQHGLQ\RXUVHOHFWLRQ-DNHVXUHLWLVELJHQRXJKWR
LQFOXGHWKHHQWLUHOHQJWKRIDOOWKHFRQWUROV
;KHQ\RXUHOHDVHWKHPRXVHEXWWRQDERUGHUZLWKLWVJUHHQ
KDQGOHVDSSHDUVDURXQGWKHFRQWUROV\RXVHOHFWHG&LJXUH
&LJXUH7HOHFWLQJPXOWLSOHFRQWUROV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
-RYHWKHFXUVRURYHURQHRIWKHILHOGV)WFKDQJHVWRDGRXEOH
DUURZ&LJXUH
&LJXUH$RXEOHDUURZ
$UDJWKHJURXSRIFRQWUROVWRZKHUH\RXZDQWWKHP
"HIRUHFKDQJLQJWKH$DWHILHOGZHZLOOPRYHWKH,XQFKDQG8ROOV
FRQWUROVWRWKHULJKWFPLQFKHV
;KHQHLWKHUFKDQJLQJDVL]HRUPRYLQJDFRQWUROWZR
SURSHUWLHVRIWKH&RUP$HVLJQWRROEDUVKRXOGEH
VHOHFWHG7QDSWR'ULGDQG'XLGHVZKHQ-RYLQJ=RXU
FRQWUROVZLOOOLQHXSEHWWHUDQGDQRXWOLQHRIZKDW\RX
DUHPRYLQJPRYHVDVWKHFXUVRUPRYHV
)7>
=RXVKRXOGDOVRKDYHERWKUXOHUVDFWLYH.EEBI
)FJ?EDI)F;D)<<?9;
EH=1H?J;H0?;M 7LQFHWKH
IRUPLVFUHDWHGLQ;ULWHUWKDWLVZKHUH\RXKDYHWR
PDNHVXUHERWKKRUL]RQWDODQGYHUWLFDOUXOHUVKDYHD
FKHFNLQWKHER[LQIURQWRIWKHP
)XVHFHQWLPHWHUVZKHQPDNLQJFKDQJHVLQDIRUP
EHFDXVHFHQWLPHWHUVDUHPRUHDFFXUDWHWKDQLQFKHV
;KHQPRYLQJFRQWUROVILHOGVDQGWKHLUODEHOV
SODFHPHQWLVDOVRPRUHDFFXUDWH=RXFDQFKDQJH\RXU
#=B3 UXOHUVIURPLQFKHVWRFHQWLPHWHUVE\ULJKW
FOLFNLQJHDFK
UXOHUDQGVHOHFWLQJFHQWLPHWHUIURPWKHFRQWH[WPHQX
=RXGRQRWKDYHWRXQGHUVWDQGZKDWFHQWLPHWHUVDUH
=RXRQO\KDYHWRPDWFK\RXUFRQWUROVODEHOVRUILHOGVWR
VSHFLILFQXPHUDOVRQDUXOHU
-J;F >7D=;J>;7J;<?;B:
#RQWUROFOLFNWKH$DWHILHOGWRVHOHFWLW&LJXUH
-RYHWKHFXUVRURYHUWKHPLGGOHJUHHQKDQGOHRQWKHULJKWVLGH
)WVKRXOGFKDQJHWRDVLQJOHDUURZ&LJXUH
&LJXUH7LQJOHDUURZ
(ROGWKHOHIWPRXVHEXWWRQGRZQDV\RXGUDJWKHFXUVRUWRWKH
ULJKWXQWLOWKHOHQJWKLVFP8KHYHUWLFDOGDVKHGOLQHLVOLQHGXS
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
ZLWKWKH8KLVLVDSSUR[LPDWHO\LQFKHV 6HOHDVHWKHPRXVH
EXWWRQ
#OLFNWKH#RQWUROLFRQLQWKH&RUP#RQWUROVWRROEDU&LJXUH
)WLVWKHRQHFLUFOHGLQUHG8KH0URSHUWLHV$DWH&LHOGZLQGRZ
RSHQV%DFKOLQHFRQWDLQVDSURSHUW\RIWKHILHOG
&LJXUH&RUP#RQWUROVWRROEDU
l 'RWRWKH$DWHIRUPDWSURSHUW\8KLVLVDGURSGRZQOLVWZLWK
7WDQGDUGVKRUW DVWKHGHIDXOWVHWWLQJ
#OLFNWKHGHIDXOW7WDQGDUGVKRUW WRRSHQWKHOLVW#OLFNWKH
7WDQGDUGORQJ HQWU\WRVHOHFWLW
l 7FUROOGRZQWRWKH$URSGRZQSURSHUW\)WVGHIDXOWVHWWLQJLV
.R)WLVDOVRDGURSGRZQOLVW
#OLFNWKHGHIDXOW.RVHWWLQJWRRSHQWKHOLVW#OLFN=HVWR
VHOHFWLW
-J;F->EHJ;DJ>;M?:J>E<7<?;B:
!OORIWKHILHOGVZKRVHODEHOFRQWDLQVWKHZRUGSD\PHQWDUHWRRZLGH
8KH\QHHGVKRUWHQLQJEHIRUHWKHFRQWUROVDUHPRYHG
#RQWUROFOLFNWKH"0D\PHQWILHOG&LJXUH
&LJXUH7HOHFWLQJDILHOG
-RYHWKHFXUVRURYHUWKHPLGGOHJUHHQKDQGOHRQWKHULJKW8KH
FXUVRUEHFRPHVDVLQJOHDUURZ
$UDJWKHFXUVRUWRWKHOHIWXQWLOWKHILHOGLVFPZLGHLQFK
)I\RXKDYHWKH7QDSWR'ULGDQG'XLGHVZKHQPRYLQJ
)7> LFRQVVHOHFWHGLQWKH$HVLJQ&RUPDWWRROEDU\RXZLOO
VHHKRZZLGHWKHILHOGLVDV\RXVKRUWHQLW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
6HSHDWWKHVHVWHSVWRVKRUWHQWKHVHILHOGV,SD\PHQW70D\PHQW
7Q0D\PHQW-SD\PHQWDQG-LVF0D\PHQW
-J;F'EL;J>;9EDJHEBIJE=HEKFJ>;C8O97J;=EHO
;HZDQWWRPRYHWKHFRQWUROVVRWKDWWKH\ORRNOLNH&LJXUH
#OLFNWKHILUVWFRQWURO\RXZDQWWRPRYH!ERUGHUDSSHDUV
DURXQGWKHFRQWUROZLWKHLJKWJUHHQKDQGOHV
-RYHWKHFXUVRURYHUWKHODEHORUILHOGRIWKHFRQWURO)WEHFRPHV
DGRXEOHDUURZ&LJXUH
$UDJDQGGURSWKHFRQWUROWRZKHUH\RXZDQWLW
9VHWKHVDPHVWHSVWRPRYHWKHUHVWRIWKHFRQWUROVWRZKHUH
WKH\EHORQJ
&LJXUH0RVLWLRQLQJRI#RQWUROV
8KHRQO\ZD\WROHDUQWRGRWKHVHWZRVWHSVZHOOLVWR
SUDFWLFHWKHP!QRWKHUZD\H[LVWVZKLFKZLOOSODFH
#=B3 FRQWUROVZKHUH\RXZDQWWKHPEXWWKLVLVDPRUH
DGYDQFHGIHDWXUHDQGZLOOEHH[SODLQHGLQWKH"DVH'XLGH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
-J;F>7D=;J>;B78;BMEH:?D=
&LHOGQDPHVQHHGWREHVLQJOHZRUGV(RZHYHUWKHODEHOVIRUWKH
ILHOGVFDQEHPRUHWKDQRQHZRUG7RZHZLOOFKDQJHWKHP8RGRVR
ZHZLOOEHHGLWLQJWKHWH[WLQWKHODEHO
#RQWUROFOLFNWKH7QDFN.RODEHO$RRQHRIWKHIROORZLQJ
l 6LJKW
FOLFNWKH7QDFN.RODEHO
q 7HOHFWEDJHEBIURPWKHFRQWH[WPHQX&LJXUH 8KH
ZLQGRZWKDWRSHQVLVODEHOHG0URSHUWLHV,DEHOILHOG)W
FRQWDLQVDOORIWKHSURSHUWLHVRIWKHVHOHFWHGODEHO
q )QWKH,DEHOVHOHFWLRQFOLFNEHWZHHQWKHNDQG.LQ
7QDFN.R
q 9VHWKHVSDFHEDUWRPDNH7QDFN.RLQWRWZRZRUGV0ODFH
DSHULRG DIWHUWKH.R&LJXUH
q #ORVHWKHSURSHUWLHVZLQGRZ
&LJXUH-XOWL ZRUGODEHO
l /UFOLFNWKH#RQWUROLFRQLQWKH&RUP#RQWUROWRROEDU&LJXUH
8KH0URSHUWLHVZLQGRZRSHQV8KHUHVWRIWKHVWHSVDUH
WKHVDPH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH&RUP#RQWUROVWRROEDU
9VHWKHVDPHSURFHGXUHWRFKDQJHWKHVHODEHOVDVZHOO
"0D\PHQWWR0D\PHQW,0D\PHQWWR0D\PHQW70D\PHQWWR
0D\PHQW-LVFHOODQHRXVWR-LVF7QDFN#RVWWR7QDFN#RVW
-0D\PHQWWR0D\PHQW-LVF0D\PHQWWR-LVF0D\PHQWDQG
-LVF.RWHVWR-LVF.RWHV
#ORVHWKH0URSHUWLHVZLQGRZ
!OORIWKHOLVWLQJVLQWKH0URSHUWLHVZLQGRZFDQEH
PRGLILHGE\\RX&RUH[DPSOHE\FKDQJLQJWKH
!OLJQPHQWIURP,HIWWR#HQWHUWKHZRUGRUZRUGVLQ
)7> ODEHODUHFHQWHUHGZLWKLQWKH,DEHO;KHQ\RXKDYH
VRPHWLPH\RXPLJKWZDQWWRH[SHULPHQWZLWKGLIIHUHQW
VHWWLQJVMXVWWRVHHWKHUHVXOWV\RXJHW
-J;F>7D=;J>;M?:J>IE<J>;B78;BI7D:<?;B:I
;HZDQWWKHIROORZLQJFRQWUROVWREHFPZLGHLQFKHV
"UHDNIDVW,XQFK7XSSHU/GRPHWHU7QDFN.R8ROOV7QDFN#RVW
-RWHODQG-LVF!OORIWKHSD\PHQWILHOGVZHUHFKDQJHGLQVWHS
EXW-LVF0D\PHQWQHHGVWREHFKDQJHGWRFPLQFKHV
#OLFN"UHDNIDVW8KHERUGHUDURXQGLWDSSHDUVZLWKHLJKWJUHHQ
KDQGOHV
-RYHWKHFXUVRURYHUWKHPLGGOHJUHHQKDQGOHRQWKHULJKW8KH
FXUVRUFKDQJHVLQWRDVLQJOHDUURZ
$UDJDQGGURSWKHFXUVRUWRWKHOHIWWRVKRUWHQWKHFRQWURORUWR
WKHULJKWWROHQJWKHQWKHFRQWURO9VHWKHJXLGHOLQHVWR
GHWHUPLQHWKHZLGWK
6HSHDWIRUWKHRWKHUOLVWHGFRQWUROV
-J;F,;FB79;<?;B:IM?J>EJ>;H<?;B:I
;HZDQWWRUHSODFHWKH0D\PHQW8\SHILHOGZLWKD,LVW"R[8KHQZH
FDQFKRRVHWKHW\SHRISD\PHQWIURPWKH0D\PHQW8\SHWDEOHUDWKHU
WKDQKDYLQJWRPDQXDOO\HQWHUWKHW\SH)QP\FDVHHDFKRIP\
SD\PHQWW\SHVEHJLQVZLWKDGLIIHUHQWOHWWHU)I)HQWHUWKHILUVWOHWWHU
RIWKHSD\PHQWW\SHWKHUHVWRIWKHZRUGDXWRPDWLFDOO\DSSHDUV)FDQ
WKHQJRWRWKHQH[WILHOG
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
#RQWUROFOLFNWKH0D\PHQWILHOGIRU"UHDNIDVW8KHJUHHQ
KDQGOHVDSSHDUDURXQGWKHILHOGEXWQRWDURXQGWKH,DEHO
&LJXUH
&LJXUH7HOHFWLQJDILHOGRIDFRQWURO
6LJKW
FOLFNZLWKLQWKHJUHHQKDQGOHVDQGVHOHFW,;FB79;M?J>
&?IJEN
&LJXUHLVWKHFRQWH[WPHQXZKLFKFRQWDLQVWKH
,;FB79;M?J>VHOHFWLRQDQG&LJXUHLVWKHOLVWRI
UHSODFHPHQWILHOGV
#OLFNWKH#RQWUROLFRQLQWKH&RUP#RQWUROVWRROEDU&LJXUH
WRRSHQWKH0URSHUWLHVZLQGRZ
/QWKH'HQHUDOWDEVFUROOGRZQWRWKH$URSGRZQVHOHFWLRQ
#KDQJHWKH.RWR=HVLQWKLVGURSGRZQOLVW&LJXUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#OLFNWKH7J7WDE
l 8\SHRIOLVWFRQWHQWVLVDGURSGRZQOLVW#KDQJHLWWR7TO
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH,LVWFRQWHQWIRUSD\PHQWW\SHILHOGV
=RXVKRXOGEHDEOHWRFRS\DQGSDVWH7%,%#88\SH
8\SH&6/-0D\PHQW8\SHIURPDERYHGLUHFWO\LQWR
)7> WKH,LVWFRQWHQWER[*XVWPDNHVXUH\RXFRS\IURPWKH
7LQ7%,%#8WRWKHGRXEOHTXRWDWLRQPDUNDIWHUWKH
SKUDVH0D\PHQW8\SHDQGQRPRUHWKDQWKLV
;KDW\RXZURWHLVFDOOHGDQ75,FRPPDQG8KHZRUGV
7%,%#8DQG&6/-DUHZULWWHQLQFDSLWDOOHWWHUVEHFDXVH
WKH\DUHFRPPDQGV;KHQWKHFRPPDQG7%,%#8LV
XVHGLWUHTXLUHVDILHOGQDPHZLWKLQTXRWDWLRQPDUNV
#=B3 DQGWKHQWKHILHOGvVDOLDVDOVRZLWKLQTXRWDWLRQPDUNV)Q
WKLVFDVHWKHILHOGDQGLWVDOLDVDUHWKHVDPH8KH&6/-
FRPPDQGUHTXLUHVWKHQDPHRIWKHWDEOHZKLFKFRQWDLQV
WKHILHOG7LQJOH
ZRUGWDEOHQDPHVGRQRWUHTXLUH
TXRWDWLRQPDUNVEXWPXOWLSOH
ZRUGWDEOHQDPHVGR
l 6HSHDWWKHVHVWHSVIRUWKHSD\PHQWILHOGVIRU,XQFK7XSSHU
-RWHO7QDFNVDQG-LVF8KHPDLQIRUPVKRXOGORRNOLNH&LJXUH
DVIDUDVZKHUHWKHFRQWUROVDUHORFDWHG)WDOVRVKRZVZKDW
WKH.RWHFRQWUROVKRXOGORRNOLNH8KRVHFKDQJHVDUHH[SODLQHGLQ
WKHQH[WVWHS
l #ORVHWKH0URSHUWLHVZLQGRZ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH0RVLWLRQRIFRQWUROVLQPDLQIRUP
-J;F>7D=;J>;(EJ;<?;B:
;HZDQWWKH.RWHFRQWUROZKHUHLWLVORFDWHGLQ&LJXUH7LQFHLW
KDVDPHPRILHOGW\SHLWQHHGVDYHUWLFDOVFUROOEDUIRUDGGLWLRQDOWH[W
VSDFHLIGHVLUHG
#RQWUROFOLFNWKH.RWHILHOG8KHJUHHQKDQGOHVVKRXOGVXUURXQG
WKH.RWHILHOGEXWQRWLWVODEHO
#OLFNWKHEDJHEBLFRQWRRSHQWKH0URSHUWLHVZLQGRZ&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
7FUROOGRZQWRWKH7FUROOEDUV VHWWLQJ#KDQJHWKHVHOHFWLRQIURP
.RQHWR:HUWLFDOLQWKLVGURSGRZQOLVW
#ORVHWKH0URSHUWLHVZLQGRZ
,HQJWKHQWKH.RWHILHOG
D -RYHWKHFXUVRURYHUWKHPLGGOHJUHHQKDQGOHDWWKHERWWRP
RIWKH.RWHILHOG)WEHFRPHVDYHUWLFDOVLQJOHDUURZ
E $UDJWKHFXUVRUGRZQXQWLOWKHOHQJWKLVFPLQFKHV
-J;F>7D=;B78;BI7D:<?;B:I?D7IK8<EHC
8KH$DWHFROXPQQHHGVWREHZLGHQHG8KHILHOGLQWKH0D\PHQW8\SH
FROXPQQHHGVWREHFKDQJHGWRDOLVWER[8KHODEHOIRU0D\PHQW8\SH
FROXPQQHHGVWREHWZRZRUGV
#KDQJHWKH0D\PHQW8\SHFROXPQ
6LJKW
FOLFNWKHODEHO0D\PHQW8\SHWRRSHQDFRQWH[WPHQX
&LJXUH
7HOHFW,;FB79;M?J>DQGWKHQVHOHFW&?IJ8ENIURPWKHFRQWH[W
PHQX
!JDLQULJKW
FOLFNWKHODEHO0D\PHQW8\SHWRRSHQDFRQWH[WPHQX
7HOHFWEBKCD8KLVRSHQVWKH0URSHUWLHVZLQGRZ&LJXUH
)QWKH,DEHOER[FKDQJH0D\PHQW8\SHWR0D\PHQW8\SH
#OLFNWKH7J7WDE
&URPWKH8\SHRIOLVWFRQWHQWVGURSGRZQOLVWVHOHFWVTO
8\SHWKHIROORZLQJH[DFWO\DVLWLVZULWWHQ
-"'" ..MD9.MD9#,*(+5MA9BH.MD9
#ORVHWKH0URSHUWLHVZLQGRZ
7WHS6HSODFHILHOGVZLWKRWKHUILHOGVEHJLQQLQJZLWK
)7> SDUWFRQWDLQVPRUHGHWDLOHGLQVWUXFWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
-J;F::>;7:?D=IJE=HEKFI
-DNHVXUHWKHFXUVRULQLQWKHXSSHUOHIWFRUQHU)ILWLVQRWFOLFN
LQWKDWFRUQHUWRPRYHLWWKHUH
9VHWKH%QWHUNH\WRPRYHWKHFXUVRUGRZQWRWKHILIWKOLQHIURP
WKHWRS
#KDQJHWKH!SSO\7W\OHVGURSGRZQOLVWIURP$HIDXOWWR
(HDGLQJ
&LJXUH!SSO\7W\OHVOLVW
9VHWKHVSDFHEDUWRPRYHWKHFXUVRUWRZKHUH\RXZDQWWKH
KHDGLQJWRVWDUW
8\SHWKHKHDGLQJ-HDOV
9VHWKHVSDFHEDUWRPRYHWKHFXUVRUWRWKHFHQWHURIVQDFNDUHD
8\SHWKHKHDGLQJ7QDFNV
9VHWKH%QWHUNH\WRPRYHWKHFXUVRUEHWZHHQWKH7XSSHU
FRQWURODQGWKHVXEIRUP
9VHWKHVSDFHEDUWRPRYHWKHFXUVRUWRWKHFHQWHURIWKH
VXEIRUP
8\SHWKHKHDGLQJ&XHO$DWD
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
)I\RXNQRZKRZWRXVHVW\OHV\RXFDQRSHQWKH7W\OHV
DQG&RUPDWWLQJZLQGRZXVLQJ&6LJKW
FOLFNLQJWKH
#=B3 (HDGLQJSDUDJUDSKVW\OHDOORZV\RXWRPRGLI\WKH
DSSHDUDQFHRIDOOWKUHHKHDGLQJV7HHWKH;ULWHU'XLGH
#KDSWHU
-J;F >7D=;J>;879A=HEKD:E<7<EHC
&LJXUHEDFNJURXQGJUDSKLF
7HOHFWWKHODEHOVRIWKHWRSURZRIFRQWUROV
D #RQWUROFOLFNWKH$DWHODEHO
E #RQWUROVKLIWFOLFNWKHUHVWRIWKHODEHOVRIWKHWRSURZ8KH
ERUGHUZLOOJUDGXDOO\JURZWRWKHULJKWDV\RXGRWKLVXQWLODOO
WKHODEHOVDUHHQFORVHGLQLW
&LJXUH7HOHFWLQJPXOWLSOHODEHOVDWRQHWLPH
F #OLFNWKHEDJHEBLFRQLQWKH$HVLJQ&RUPWRROEDUWRRSHQ
WKH0URSHUWLHVZLQGRZ
G #KDQJHWKH"DFNJURXQGVHOHFWLRQIURP$HIDXOWWR,LJKWF\DQ
8KLVLVDGURSGRZQOLVW
7HOHFWWKHRWKHUODEHOVLQWKHVDPHZD\DQGWKHQFKDQJHWKHLU
EDFNJURXQGFRORU
#ORVHWKH0URSHUWLHVZLQGRZ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
0UHVVWKH&NH\WRRSHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZ
&LJXUH .RWLFHWKHOHIWLFRQKDVDEODFNRXWOLQHDURXQGLW
8KLVLVWKH0DUDJUDSK7W\OHV LFRQ"HORZLWLVDOLVWRISDUDJUDSK
VW\OHVLQFOXGLQJKHDGLQJV
)KDYHFKRVHQWRXVH,LJKWF\DQDVWKHEDFNJURXQGFRORU
#=B3 IRUP\ODEHOV=RXDUHIUHHWRFKRRVHZKDWHYHUFRORU\RX
ZLVKLQFOXGLQJDFXVWRPFRORU\RXHDUOLHUFUHDWHG
&LJXUH8RSSRUWLRQRIWKH7W\OHVDQG&RUPDWWLQJZLQGRZ
D 6LJKW
FOLFN(HDGLQJDQGVHOHFW'E:?<OIURPWKHFRQWH[W
PHQX
E /QWKH0DUDJUDSK7W\OHGLDORJ&LJXUH FOLFNWKH EDJ
<<;9JIWDE
&LJXUH8DEVRIWKH0DUDJUDSKV(HDGLQJZLQGRZ
F #KDQJHWKH&RQWFRORUGURSGRZQOLVWWR,LJKWF\DQ
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH,HIWVLGHRI
&RQW%IIHFWVWDE
G #OLFN)%WRFORVHWKH0DUDJUDSK7W\OH(HDGLQJGLDORJ
H 0UHVVWKH&NH\WRFORVHWKH&RUPDWWLQJDQG7W\OHVZLQGRZ
,HDUQLQJKRZWRXVHVW\OHVFDQEHYHU\KHOSIXODWWLPHV
"\XVLQJVW\OHVZHFKDQJHGWKHIRQWFRORUIRUDOOWKUHH
)7> KHDGLQJVDWRQHWLPH8KHUHDUHRWKHUPHWKRGVRI
FKDQJLQJWKHIRQWFRORUEXWWKH\UHTXLUHUHSHDWLQJWKH
VDPHVWHSVIRUHDFKKHDGLQJ
6LJKW
FOLFNWKHEDFNJURXQGDQGVHOHFW*7=;IURPWKHFRQWH[W
PHQX
#OLFNWKH"DFNJURXQGWDE&LJXUH
D #KDQJHWKH!VGURSGRZQOLVWIURP#RORUWR'UDSKLF
E 7HDUFKIRUWKLVILOHVN\JLI)WLVORFDWHGLQWKH'DOOHU\IROGHU
RI//R
F #OLFNWKHHEMI;EXWWRQLQWKH&LOHVHFWLRQ"URZVHWRWKH
IROGHUFRQWDLQLQJVN\JLI
G 7HOHFWWKLVILOHDQGFOLFN)F;D
H )QWKH8\SHVHFWLRQVHOHFW!UHD
I #OLFN)%WRFORVHWKH0DJH7W\OH$HIDXOWZLQGRZ
8KHIRUPVKRXOGORRNOLNH&LJXUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH"DFNJURXQGWDERI0DJH7W\OHV
&LJXUH&LQLVKHGIRUP
-J;F >7D=;J>;J78EH:;H
8KH8DENH\PRYHVWKHFXUVRUIURPILHOGWRILHOG8KLVLVPXFKHDVLHU
WRGRWKDQWRFOLFNHDFKILHOGWRHQWHUGDWDLQWRLW)WDOVRSHUPLWVXVWR
JURXSRXUH[SHQVHVLQWRDUHDVEHIRUHZHEHJLQHQWHULQJGDWD&RU
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
H[DPSOHDOORIRXUPHDOUHFHLSWVFDQEHJURXSHGWRJHWKHUDVFDQRXU
VQDFNVDQGDOVRRXUIXHOSXUFKDVHV
#RQWUROFOLFNWKH$DWHILHOG
#OLFNWKH EHC;I?=DLFRQLQWKH&RUP#RQWUROVWRROEDUWR
RSHQWKH&RUP$HVLJQWRROEDU&LJXUH /UXVH0?;M
.EEB87HI EHC;I?=DWRRSHQWKLVWRROEDU
#OLFNWKH9J?L7J?ED)H:;HLFRQ
&LJXUH&RUP$HVLJQWRROEDUZLWK!FWLYDWLRQ/UGHULFRQFLUFOHG
6HDUUDQJHWKHRUGHURIWKHILHOGVLQWKH8DE/UGHUZLQGRZ
&LJXUH
l &LQGWKHW[W-0D\PHQWOLVWLQJQHDUWKHERWWRPRIWKHOLVWDQG
FOLFNLW
l #OLFNWKH'EL;/FEXWWRQXQWLOW[W0D\PHQWLVMXVWEHORZ
IPW-RWHO
l 9VHWKHVDPHWZRVWHSVWRSXWWKHILHOGVLQWKHVDPHRUGHUDV
LQ&LJXUH#OLFN)%
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
7DYHDQGFORVHWKHIRUP
7DYHWKHGDWDEDVH
@3/B7<54=@;A7<3A75<+73E
8KLVPHWKRGUHTXLUHVXVLQJWKH&RUP#RQWUROVDQG&RUP$HVLJQ
WRROEDUVH[WHQVLYHO\8KHVHWHFKQLTXHVDUHEH\RQGWKHVFRSHRIWKLV
GRFXPHQW)QVWUXFWLRQVIRUFUHDWLQJIRUPVXVLQJ$HVLJQYLHZZLOOEH
GHVFULEHGLQWKH$DWDEDVH'XLGH
@3/B7<5AC04=@;A7<3A75<+73E
!JDLQWKLVLVEH\RQGWKHVFRSHRIWKLVGRFXPHQW#UHDWLRQRI
VXEIRUPVLQ$HVLJQ:LHZZLOOEHGHVFULEHGLQWKH$DWDEDVH'XLGH
113AA7<5=B63@2/B/A=C@13A
/SHQ/IILFHRUJDOORZVGDWDVRXUFHVWREHDFFHVVHGDQGWKHQOLQNHG
LQWR//RGRFXPHQWV&RUH[DPSOHDPDLOPHUJHOLQNVDQH[WHUQDO
GRFXPHQWFRQWDLQLQJDOLVWRIQDPHVDQGDGGUHVVHVLQWRDOHWWHUZLWK
RQHFRS\RIWKHOHWWHUEHLQJJHQHUDWHGIRUHDFKHQWU\
8RUHJLVWHUDGDWDVRXUFHFKRRVH ?B;(;M7J787I;WRRSHQ
WKH$DWDEDVH;L]DUG7HOHFWEDD;9JJE7D;N?IJ?D=:7J787I;8KLV
DOORZVDFFHVVWRWKHOLVWRIGDWDVRXUFHVWKDWFDQEHUHJLVWHUHGZLWK
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
//R8KHVHGDWDVRXUFHVFDQEHDFFHVVHGVLPLODUO\WRDG"DVH
GDWDEDVHDVH[SODLQHGLQWKHQH[WVHFWLRQ
/QFHDGDWDVRXUFHKDVEHHQUHJLVWHUHGLWFDQEHXVHGLQDQ\RWKHU
//RFRPSRQHQWIRUH[DPSOH;ULWHURU#DOF E\VHOHFWLQJ0?;M
7J7-EKH9;IRUSUHVVLQJWKH&NH\
)7> -R]LOOD!GGUHVV"RRNVDQGG"DVHGDWDEDVHVDPRQJ
RWKHUV FDQEHDFFHVVHGDQGHQWULHVFDQEHDGGHGRU
FKDQJHG
7SUHDGVKHHWVFDQEHDFFHVVHGEXWQRFKDQJHVFDQEH
PDGHLQWKHVSUHDGVKHHWHQWULHV!OOFKDQJHVLQD
/CB7=< VSUHDGVKHHWVKHHWPXVWEHPDGHLQWKHVSUHDGVKHHW
LWVHOI9SGDWHWKHGDWDEDVHDQGVDYHLW!IWHUZDUGV
\RXVHHLQ\RXUGDWDEDVHWKHFKDQJHV\RXPDGHDQG
VDYHGLQWKHVSUHDGVKHHW)I\RXFUHDWHDQGVDYHDQ
DGGLWLRQDOVKHHWLQ\RXUVSUHDGVKHHWWKHGDWDEDVH
ZLOOKDYHDQHZWDEOHWKHQH[WWLPH\RXDFFHVVLW
113AA7<5/2/A32/B/0/A3
?B;(;M7J787I;RSHQVWKH$DWDEDVH;L]DUGZLQGRZ
#OLFNLQJWKH.HZLFRQDQG$DWDEDVHLQWKHGURS
GRZQ
#=B3 PHQXDOVRRSHQWKH$DWDEDVH;L]DUGZLQGRZ7HH
&LJXUH
7HOHFWEDD;9JJE7D;N?IJ?D=:7J787I;0UHVVLQJWKH8DENH\
KLJKOLJKWVWKH$DWDEDVHW\SHGURS
GRZQOLVW8\SLQJ$VHOHFWV
G"DVH#OLFN(;NJ
#OLFNLQJWKHDUURZVRSHQVDPHQXIURPZKLFK\RXFDQ
#=B3 VHOHFWG"DVH&LJXUH
&LJXUH$DWDEDVHW\SHVHOHFWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#OLFN"URZVHDQGVHOHFWWKHIROGHUFRQWDLQLQJWKHGDWDEDVH
#OLFN(;NJ
!FFHSWWKHGHIDXOWVHWWLQJV6HJLVWHUWKHGDWDEDVHIRUPHDQG
/SHQWKHGDWDEDVHIRUHGLWLQJ#OLFN ?D?I>.DPHDQGVDYHWKH
GDWDEDVHLQWKHORFDWLRQRI\RXUFKRLFH
#UHDWHWKH&RUPXVLQJWKH&RUP;L]DUGDVH[SODLQHGLQ
s#UHDWLQJDGDWDEDVHIRUPtEHJLQQLQJRQSDJH
113AA7<5/"=H7:://22@3AA0==9
!FFHVVLQJD-R]LOOD!GGUHVV"RRNLVYHU\VLPLODUWRDFFHVVLQJDG"DVH
GDWDEDVH
7HOHFW ?B;(;M$DWDEDVH
7HOHFW#RQQHFWWRDQH[LVWLQJGDWDEDVH7HOHFW-R]LOOD!GGUHVV
"RRNDVWKHGDWDEDVHW\SH&LJXUH
6HJLVWHUWKLVGDWDVRXUFH
8KHVHDUHVWHSVDQGRIs!FFHVVLQJDG"DVHGDWDEDVHt
113AA7<5A>@3/2A633BA
!FFHVVLQJDVSUHDGVKHHWLVDOVRYHU\VLPLODUWRDFFHVVLQJDG"DVH
GDWDEDVH
7HOHFW ?B;(;M7J787I;
7HOHFW#RQQHFWWRDQH[LVWLQJGDWDEDVH7HOHFW7SUHDGVKHHWDV
WKH$DWDEDVHW\SH&LJXUH
#OLFNHEMI;WRORFDWHWKHVSUHDGVKHHW\RXZDQWWRDFFHVV)I
WKHVSUHDGVKHHWLVSDVVZRUGSURWHFWHGFKHFNWKH0DVVZRUG
UHTXLUHGER[#OLFN(;NJ
)IWKHVSUHDGVKHHWUHTXLUHVDXVHUVQDPHHQWHULW)IDSDVVZRUG
LVDOVRUHTXLUHGFKHFNLWVER[#OLFN(;NJ
8KLVPHWKRGRIDFFHVVLQJDVSUHDGVKHHWGRHVQRW
DOORZ\RXWRFKDQJHDQ\WKLQJLQWKHVSUHDGVKHHW!OO
/CB7=< PRGLILFDWLRQVPXVWEHPDGHLQWKHVSUHDGVKHHWLWVHOI
8KLVPHWKRGRQO\DOORZV\RXWRYLHZWKHFRQWHQWVRI
WKHVSUHDGVKHHWUXQTXHULHVDQGFUHDWHUHSRUWV
EDVHGXSRQWKHGDWDDOUHDG\HQWHUHGLQWRWKH
VSUHDGVKHHW
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
'357AB3@7<52/B/0/A3A1@3/B320G$$=F/<2
:/B3@
8KLVLVDVLPSOHSURFHGXUH.EEBI)FJ?EDI)F;D)<<?9;
EH=
7I;7J787I;I
9QGHU6HJLVWHUHGGDWDEDVHVWKHUHLVDOLVWRI
WKHVHGDWDEDVHV"HORZWKLVOLVWDUHWKUHHEXWWRQV(;M;B;J;
:?J
8RUHJLVWHUDGDWDEDVHFUHDWHGE\//R[RUODWHU
#OLFN(;M
"URZVHWRZKHUHWKHGDWDEDVHLVORFDWHG
-DNHVXUHWKHUHJLVWHUHGQDPHLVFRUUHFW
#OLFN)%
*A7<52/B/A=C@13A7<$>3<$44713=@5
(DYLQJUHJLVWHUHGWKHGDWDVRXUFHZKHWKHUDVSUHDGVKHHWWH[W
GRFXPHQWH[WHUQDOGDWDEDVHRURWKHUDFFHSWHGGDWDVRXUFH\RXFDQ
XVHLWLQRWKHU/SHQ/IILFHRUJFRPSRQHQWVLQFOXGLQJ;ULWHUDQG#DOF
+73E7<52/B/A=C@13A
/SHQDGRFXPHQWLQ;ULWHURU#DOF8RYLHZWKHGDWDVRXUFHV
DYDLODEOHSUHVV& RUVHOHFW0?;M7J7-EKH9;IIURPWKHSXOO
GRZQPHQX8KLVEULQJVXSDOLVWRIUHJLVWHUHGGDWDEDVHVZKLFKZLOO
LQFOXGH"LEOLRJUDSK\DQGDQ\RWKHUGDWDEDVHUHJLVWHUHG
8RYLHZHDFKGDWDEDVHFOLFNRQWKHWRWKHOHIWRIWKHGDWDEDVHvV
QDPH8KLVKDVEHHQGRQHIRUWKH!XWRPRELOHGDWDEDVHLQ&LJXUH
8KLVEULQJVXS8DEOHVDQG5XHULHV
#OLFNRQWKHQH[WWR8DEOHVWRYLHZWKH
LQGLYLGXDOWDEOHVFUHDWHG.RZFOLFNRQD
WDEOHWRVHHDOOWKHUHFRUGVKHOGLQLW
&LJXUH$DWDEDVHV
27B7<52/B/A=C@13A
7RPHGDWDVRXUFHVFDQEHHGLWHGLQWKH:LHZ$DWD7RXUFHVGLDORJ!
VSUHDGVKHHWFDQQRW!UHFRUGFDQEHHGLWHGDGGHGRUGHOHWHG
8KHGDWDLVGLVSOD\HGRQWKHULJKWVLGHRIWKHVFUHHQ#OLFNLQDILHOGWR
HGLWWKHYDOXH
"HQHDWKWKHUHFRUGVDUHILYHWLQ\EXWWRQV8KHILUVWIRXUPRYH
EDFNZDUGVRUIRUZDUGVWKURXJKWKHUHFRUGVRUWRWKHEHJLQQLQJRU
HQG8KHILIWKEXWWRQZLWKDVPDOOVWDULQVHUWVDQHZUHFRUG&LJXUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)QVHUWQHZUHFRUG
&LJXUH:LHZ$DWD7RXUFHVQDYLJDWLRQEXWWRQV
!/C<167<5/A3B=E=@9=<2/B/A=C@13A
=RXFDQODXQFK//R"DVHDWDQ\WLPHIURPWKH:LHZ$DWD7RXUFH
SDQH*XVWULJKW
FOLFNRQDGDWDEDVHRUWKH8DEOHVRU5XHULHVLFRQVDQG
VHOHFW:?J7J787I; ?B;/QFHLQ"DVH\RXFDQHGLWDGGDQG
GHOHWHWDEOHVTXHULHVIRUPVDQGUHSRUWV
*A7<52/B/A=C@13A7<$$=2=1C;3<BA
$DWDFDQEHSODFHGLQWR;ULWHUDQG#DOFGRFXPHQWVIURPWKHWDEOHVLQ
WKHGDWDVRXUFHZLQGRZ)Q;ULWHUYDOXHVIURPLQGLYLGXDOILHOGVFDQ
EHLQVHUWHG/UDFRPSOHWHWDEOHFDQEHFUHDWHGLQWKH;ULWHU
GRFXPHQW/QHFRPPRQZD\WRXVHDGDWDVRXUFHLVWRSHUIRUPDPDLO
PHUJH
7HOHFWLQJ.EEBI'7?B';H=;1?P7H:RUFOLFNLQJRQ
WKH-DLO-HUJHLFRQDVPDOOSDSHU
DQG
HQYHORSHLFRQ
RQWKH:LHZ$DWD7RXUFHSDQH ODXQFKHVWKH-DLO-HUJH
)7> ZL]DUGZKLFKVWHSVWKURXJKFUHDWLQJDPDLOPHUJH
GRFXPHQW8KLVLVGLVFXVVHGLQ#KDSWHU9VLQJ-DLO
-HUJH LQWKH;ULWHU'XLGH
,%.!, */(!).-
8RLQVHUWDILHOGIURPDWDEOHRSHQHGLQWKHGDWDVRXUFHZLQGRZLQWRD
;ULWHUGRFXPHQWFOLFNRQWKHILHOGQDPHWKHJUD\VTXDUHDWWKHWRS
RIWKHILHOGOLVW DQGZLWKWKHOHIWPRXVHEXWWRQKHOGGRZQGUDJWKH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
ILHOGRQWRWKHGRFXPHQW)QD;ULWHUGRFXPHQWLWZLOODSSHDUDV
&)%,$ZKHUH&)%,$LVWKHQDPHRIWKHILHOG\RXGUDJJHG
&RUH[DPSOHHQWHUWKHFRVWRIPHDOVDQGZKRSDLGIRUWKHPRQD
FHUWDLQGDWHRIDYDFDWLRQ-DNHDVHQWHQFHRIWKLVGDWDs/QGDWH
RXUEUHDNIDVWFRVWDPRXQW SDLGE\QDPH RXUOXQFKFRVWDPRXQW
SDLGE\QDPH DQGRXUVXSSHUFRVWDPRXQW SDLGE\QDPH ;ULWH
WKHZRUGVRIWKHVHQWHQFHZLWKWKHH[FHSWLRQRIWKHZRUGVLQ
SDUHQWKHVHV9VHWKHFRUUHFWILHOGQDPHVLQWKHSODFHRIWKHZRUGVLQ
SDUHQWKHVHV
6HSODFLQJGDWD
l "HJLQWKHVHQWHQFHE\W\SLQJWKHZRUG/Q
l #OLFNWKHILHOGQDPH$DWDLQWKHGDWDVRXUFHZLQGRZDQG
GUDJLWWRWKHULJKWRIWKHZRUG/Q
l 8KHVHQWHQFHEHFRPHV/Q$DWH)I\RXKDYH&LHOG
VKDGLQJVWXUQHGRQ0?;M ?;B:I>7:?D= $DWHKDVD
JUD\EDFNJURXQG/WKHUZLVHLWGRHVQRW
6HSODFLQJILUVWDPRXQW
l #RQWLQXHW\SLQJDIWHU$DWHRXUEUHDNIDVWFRVW
l #OLFNWKH"UHDNIDVWILHOGQDPHDQGGUDJLWWRWKHULJKWRI
ZKDW\RXKDYHMXVWW\SHG
l -DNHVXUH\RXKDYHWKHSURSHUVSDFLQJEHWZHHQWKHILHOG
QDPHVDQGWKHZRUGVEHIRUHDQGDIWHUWKHP
l 6HVXOWVVRIDU/Q$DWHRXUEUHDNIDVWFRVWV"UHDNIDVW
6HSODFLQJWKHILUVWQDPH
l #RQWLQXHW\SLQJDIWHU"UHDNIDVWSDLGE\PDNLQJVXUHWR
DGGDVSDFHDIWHUZDUG
l #OLFNWKH"SD\PHQWILHOGQDPHDQGGUDJLWWRWKHULJKWRI
ZKDW\RXMXVWW\SHG
l 0ODFHDFRPPDDIWHU"SD\PHQW
l 6HVXOWVVRIDU/Q$DWHRXUEUHDNIDVWFRVW"UHDNIDVW
SDLGE\"0D\PHQW
&ROORZWKHVHH[DPSOHVWRILOOLQWKHUHVWRIWKHILHOGVLQWKH
VHQWHQFH
l 9VH,XQFKDQG,SD\PHQWIRUWKHVHFRQGVHWRI
DPRXQW DQGQDPH LQWKHVHQWHQFH
l 9VH7XSSHUDQG7SD\PHQWIRUWKHWKLUGVHWRI
DPRXQW DQGQDPH LQWKVHQWHQFH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l &LQDOUHVXOWV/Q$DWHRXUEUHDNIDVWFRVW"UHDNIDVW
SDLGE\"0D\PHQWRXUOXQFKFRVW,XQFKSDLGE\
,0D\PHQWRXUVXSSHUFRVW7XSSHUSDLGE\
70D\PHQW
!GGGDWDWRWKHILHOGVRIWKHVHQWHQFH
l #OLFNWKHJUD\ER[WRWKHOHIWRIWKHURZRIGDWD\RXZDQWWR
DGG8KDWURZVKRXOGEHKLJKOLJKWHGOLNHWKHVHFRQGURZRI
&LJXUH
l #OLFNWKH$DWDWR&LHOGVLFRQFLUFOHGLQEODFNLQ&LJXUH
8KLVVKRXOGILOOWKHILHOGVZLWKWKHGDWDIURPWKHURZ\RX
FKRVH
l #OLFNDQRWKHUURZDQGWKHQFOLFNWKLVLFRQDJDLQ8KHGDWDLQ
WKHVHQWHQFHFKDQJHVWRWKLVVHOHFWHGURZRIGDWD
l 7DYHWKHGRFXPHQW
!GGLQJGDWDLQWDEOHIRUPDWLVDOLWWOHHDVLHUDQGWDNHVSHUKDSVDIHZ
OHVVVWHSV7RPHRIWKHVWHSVZLOOEHTXLWHVLPLODU
$DWDFDQEHDGGHGWKLVZD\DVDILHOGVRUWH[W&ROORZLQJ
WKHIROORZLQJVWHSV)OHDYHWKLVWRWKHUHDGHUZLWKZKLFK
#=B3 WRH[SHULPHQWE\FKDQJLQJWKHVHOHFWLRQVLQWKH)QVHUW
$DWDEDVH#ROXPQVWRVHHZKDWUHVXOWV\RXFDQJHW
.DYLJDWHWRWKHSODFH\RXZDQWWRSODFHWKHWDEOHDQGFOLFNWKH
ORFDWLRQ
#OLFNWKHJUD\ER[WRWKHOHIWRIHDFKURZRIWKHGDWDVRXUFHWKDW
\RXZDQWWREHDURZLQ\RXUWDEOH
#OLFNWKH$DWDWRWH[WLFRQWRRSHQWKH)QVHUW$DWDEDVH#ROXPQV
GLDORJ&LJXUH 8KH$DWDWRWH[WLFRQLVLQWKHOHIWFLUFOHLQ
&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
-RYHWKHILHOGV\RXZDQWLQ\RXUWDEOHIURPWKH$DWDEDVH
#ROXPQVOLVWWRWKH8DEOHFROXPQV OLVW
l 8RSODFHWKHILHOGVLQWKHRUGHU\RXVHOHFWFOLFNWKHILHOGDQG
XVHWKHVLQJOHDUURZWRPRYHWKHILHOGVLQWKHRUGHU\RX
GHVLUH=RXFDQDOVROLPLWWKHILHOGV\RXXVHWROHVVWKDQDOORI
WKHILHOGVDYDLODEOH
l )I\RXZDQWWRXVHDOORIWKHILHOGVXVHWKHGRXEOHDUURZ
SRLQWLQJWRWKHULJKWWRPRYHDOORIWKHPDWRQHWLPH8KH
RUGHURIWKHILHOGVLQWKHWDEOH\RXFUHDWHZLOOEHWKHVDPHDV
LQWKHGDWDVRXUFHWDEOH
l )I\RXZDQWWRUHPRYHDVLQJOHILHOGIURPWKH8DEOH
#ROXPQV OLVWFOLFNWKHILHOGDQGXVHWKHVLQJOHDUURZ
SRLQWLQJWRWKHOHIW
l )I\RXZDQWWRVWDUWRYHUE\PRYLQJDOORIWKHILHOGVEDFNWR
WKH$DWDEDVH#ROXPQVOLVWFOLFNWKHGRXEOHDUURZSRLQWLQJ
WRWKHOHIW
7HOHFWWKHVHWWLQJVIRU\RXUWDEOH9VHWKHGHIDXOWVHWWLQJVDVLQ
&LJXUH
#OLFN)%7DYHWKHGRFXPHQW
'-+,! -$!!.-
8KHUHDUHWZRZD\VWRHQWHUGDWDLQD#DOFVSUHDGVKHHW/QHHQWHUV
WKHGDWDLQWRWKHVSUHDGVKHHWFHOOV8KHRWKHUFUHDWHVUHFRUGVLQWKH
VSUHDGVKHHWMXVWOLNHWKH\DUHGRQHLQFUHDWLQJDIRUPLQDGDWDEDVH
;KLOH\RXFDQGLUHFWO\DFFHVVWKHGDWDLQWKHVSUHDGVKHHWFHOOV\RX
FDQRQO\VHHWKHGDWDLQWKHUHFRUGVFUHDWHGLQWKHVSUHDGVKHHW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
%QWHULQJGDWDGLUHFWO\WRWKHVSUHDGVKHHWFHOOVXVHVWKH$DWDWR8H[W
LFRQDVZHGLGWRPDNHDWDEOHLQD;ULWHUGRFXPHQW"XWGLIIHUHQFHV
H[LVWLQWKHVHWZRVLWXDWLRQV
8KHVWHSVDUHVWUDLJKWIRUZDUG
#OLFNWKHFHOORIWKHVSUHDGVKHHWZKLFK\RXZDQWWREHWKHWRS
OHIWRI\RXUGDWDLQFOXGLQJWKHFROXPQQDPHV
9VH&WRRSHQWKHGDWDEDVHVRXUFHZLQGRZDQGVHOHFWWKHWDEOH
ZKRVHGDWD\RXZDQWWRXVH
7HOHFWWKHURZVRIGDWD\RXZDQWWRDGGWRWKHVSUHDGVKHHW
l #OLFNWKHJUD\ER[WRWKHOHIWRIWKHURZ\RXZDQWWRVHOHFWLI
RQO\VHOHFWLQJRQHURZ8KDWURZLVKLJKOLJKWHG
l 8RVHOHFWPXOWLSOHURZVKROGGRZQWKHVKLIWNH\ZKLOH
FOLFNLQJWKHJUD\ER[RIWKHURZV\RXQHHG8KRVHURZVDUH
KLJKOLJKWHG
l 8RVHOHFWDOOWKHURZVFOLFNWKHJUD\ER[LQWKHXSSHUOHIW
FRUQHU!OOURZVDUHKLJKOLJKWHG
#OLFNWKH$DWDWRWH[WLFRQWRLQVHUWWKHGDWDLQWRWKHVSUHDGVKHHW
FHOOV
7DYHWKHVSUHDGVKHHW
!GGLQJUHFRUGVWRDVSUHDGVKHHWLVIDLUO\HDV\=RXQHHGWRKDYHWKH
$DWD7RXUFHZLQGRZRSHQ\RXUVSUHDGVKHHWRSHQDQGWKHWDEOH\RX
ZDQWWRXVHVHOHFWHG
#OLFNWKHJUD\ER[DERYHWKHILHOGQDPH\RXZLVKWRXVHWR
KLJKOLJKWLW
$URSDQGGUDJWKHJUD\ER[WRZKHUH\RXZDQWWKHUHFRUGWR
DSSHDULQWKHVSUHDGVKHHW
6HSHDWXQWLO\RXKDYHPRYHGDOORIWKHILHOGV\RXQHHGWRZKHUH
\RXZDQWWKHP
#ORVHWKH$DWD7RXUFHZLQGRZXVH&
7DYHWKHVSUHDGVKHHWDQGFOLFNWKH%GLW&LOHEXWWRQWRPDNHWKH
VSUHDGVKHHWUHDGRQO\!OORIWKHILHOGVZLOOVKRZWKHYDOXHIRU
WKHGDWDRIWKHILUVWUHFRUG\RXVHOHFWHG
!GGWKH&RUP.DYLJDWLRQWRROEDU0?;M.EEB87HI EHC
(7L?=7J?ED
&LJXUH.DYLJDWLRQDUURZVRIDIRUP
#OLFNWKHDUURZVRQWKH&RUP.DYLJDWLRQWRROEDUWRYLHZWKH
GLIIHUHQWUHFRUGVRIWKHWDEOH8KHDUURZVDUHFLUFOHGLQUHG
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
8KHQXPEHULQWKHER[FKDQJHVZKHQ\RXFKDQJHWKHUHFRUG
QXPEHUE\FOLFNLQJDQDUURZ8KHGDWDLQWKHILHOGVFKDQJHV
FRUUHVSRQGLQJO\WRWKHGDWDIRUWKDWSDUWLFXODUUHFRUGQXPEHU
<B3@7<52/B/7</4=@;
6HFRUGVDUHXVHGWRRUJDQL]HWKHGDWDZHHQWHULQWRDIRUP8KH\DOVR
RUJDQL]HWKHGDWDZHHQWHULQWRDVXEIRUP&LJXUH
&LJXUH7LQJOH6HFRUG
%DFKW\SHRIILHOGDOORZVDGLIIHUHQWPHWKRGWRHQWHUWKHGDWD)QPRVW
LIQRWDOOFDVHVPRUHWKDQRQHPHWKRGFDQEHXVHG
8KHILUVWVWHSWRHQWHULQJGDWDLQDIRUPLVWRRSHQLWIURPWKHPDLQ
GDWDEDVHZLQGRZ
#OLFNWKH&RUPVLFRQLQWKH$DWDEDVHOLVW
&LQGWKHIRUPvVQDPHLQWKH&RUPVOLVW:DFDWLRQV
$RXEOH
FOLFNWKHIRUPvVQDPH
8KHTXLFNHVWZD\WRHQWHUDGDWHLQWKH$DWHILHOGLVWRFOLFNWKHDUURZ
WKDWRSHQVWKHGURSGRZQFDOHQGDU8KHQFOLFNWKHGD\WKH\RXZDQW
&LJXUH 8RFKDQJHWKHPRQWKXVHWKHIROORZLQJVWHSV8KHQXVH
WKH8DENH\WRJRWRWKH/GRPHWHUILHOG
l #OLFNWKHOHIWDUURZEHIRUH7HSWHPEHUWRJREDFNRQHPRQWK
!XJXVW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l #OLFNWKHULJKWDUURZDIWHUWRJRIRUZDUGRQHPRQWK
/FWREHU
l -XOWLSOHFOLFNVLQHLWKHUGLUHFWLRQZLOOFKDQJHWKHPRQWKWKHVDPH
QXPEHURIWLPHVDVWKHQXPEHURIFOLFNV8KH\HDUDOVRFKDQJHV
DV\RXPRYHIURP*DQXDU\EDFNWR$HFHPEHURU$HFHPEHU
IRUZDUGWR*DQXDU\HDFKWLPH
&LJXUH#DOHQGDUGURSGRZQ
8KH/GRPHWHU8ROOVDQG-RWHOILHOGVDUHQXPHULFDOILHOGV%QWHU
YDOXHVGLUHFWO\LQWRWKHPRUXVHWKHXSDQGGRZQDUURZV ;KHQWKH
YDOXHLVHQWHUHGXVHWKH8DENH\WRJRWRWKHQH[WILHOG
l #OLFNLQJWKHXSDUURZLQFUHDVHVWKHYDOXHDQGWKHGRZQDUURZ
GHFUHDVHVWKHYDOXHRQHXQLW
l 8KHVHWZRDUURZVRQO\FKDQJHWKHQXPHUDOVWRWKHOHIWRIWKH
GHFLPDOSODFH
l .XPHUDOVWRWKHULJKWRIWKHGHFLPDOSODFHPXVWEHFKDQJHGE\
GHOHWLQJWKHPDQGW\SLQJWKHGHVLUHGRQHV
8KH-RWHOV0D\PHQWILHOGLVDGURSGRZQOLVW)IDVLQP\FDVHDOORI
WKHHOHPHQWVRIWKHOLVWVWDUWZLWKGLIIHUHQWOHWWHUVW\SLQJWKHILUVW
OHWWHUVHOHFWVWKHGHVLUHGOHWWHU
l )IWZRRUPRUHHOHPHQWVRIWKHOLVWKDYHWKHVDPHILUVWOHWWHU
UHSHDWHGW\SLQJRIWKHILUVWOHWWHUZLOOF\FOHWKURXJKWKHHOHPHQWV
ZLWKWKLVVDPHILUVWOHWWHU7RLI\RXDFFLGHQWDOO\JRSDVWWKHWKH
HOHPHQW\RXZDQWHG\RXFDQNHHSW\SLQJWKHILUVWOHWWHUXQWLOLW
UHDSSHDUVDJDLQ
l ;KHQWKHVHOHFWLRQLVFRUUHFWXVHWKH8DENH\WRJRWRWKH-LVF
ILHOG
8KHUHVWRIWKHILHOGVRIWKHPDLQIRUPDUHHLWKHUQXPHULFDOILHOGVRU
GURSGRZQOLVWVXQWLOZHUHDFKWKH-LVF.RWHVILHOG)WLVDWH[WILHOG
8\SHDQ\WKLQJ\RXGHVLUHLQWKLVILHOGMXVWDV\RXZRXOGDQ\VLPSOH
WH[WHGLWRU
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
7LQFHWKH8DENH\LVXVHGWRPRYHEHWZHHQILHOGVLW
FDQQRWEHXVHGLQDWH[WILHOG!OOVSDFLQJPXVWEH
/CB7=< GRQHE\WKHVSDFHEDU&LQDOO\WKH%QWHUNH\RQO\DFWV
DVDOLQHEUHDNWRPRYHWKHFXUVRUWRWKHQH[WOLQH
;KLOHWKH%QWHUNH\ZLOOPRYHIURPQRQ
WH[WILHOGVWR
QRQ
WH[WILHOGVLWZLOOQRWGRVRIURPDWH[WILHOG9VH
WKH8DELQVWHDG
)IZHGLGQRWKDYHDVXEIRUPIRUIXHOGDWDXVLQJWKH
8DENH\LQWKHODVWILHOGZRXOGVDYHDOORIWKHILHOGV
#=B3 FOHDUWKHPDQGPDNHWKHIRUPUHDG\WRDFFHSWGDWD
RQWKHVHFRQGUHFRUG
7LQFHZHKDYHDVXEIRUPIRUPXVLQJWKH8DENH\SODFHVWKHFXUVRULQ
WKHILUVW$DWHILHOGRIWKHVXEIRUPZLWKWKHGDWHDXWRPDWLFDOO\HQWHUHG
WRPDWFKWKH$DWHILHOGRIWKHPDLQIRUP
8KH&XHO#RVW&XHO5XDQWLW\DQG/GRPHWHUILHOGVDUHQXPHULFDOILHOGV
8KH0D\PHQWILHOGLVDGURSGRZQOLVW%QWHUWKHGDWDMXVWDV\RXGLGLQ
WKHPDLQIRUPDQGXVHWKH8DENH\WRJRWRWKHQH[WILHOG
;KHQ\RXXVHWKH8DENH\WROHDYHWKH0D\PHQWILHOGLWJRHVWRWKH
$DWHILHOGRIWKHQH[WOLQHDQGDXWRPDWLFDOO\HQWHUVWKHGDWH.RZ\RX
FDQHQWHU\RXUVHFRQGVHWRIIXHOGDWDIRUWKLVGD\
8RPRYHWRDQRWKHUUHFRUGZKHQWKHIRUPKDVDVXEIRUPFOLFNDQ\RI
WKHILHOGVRIWKHPDLQIRUP)QWKLVFDVHFOLFNWKH$DWHILHOGRIWKH
PDLQIRUP8KHQXVHWKHGLUHFWLRQDODUURZVDWWKHERWWRP8KHUHDUH
IRXURIWKHPIURPOHIWWRULJKW&LUVW6HFRUG0UHYLRXV6HFRUG.H[W
6HFRUGDQG,DVW6HFRUG&LJXUH 8RWKHULJKWRIWKHVHDUURZVLV
WKH.HZ6HFRUGLFRQ
8RFUHDWHDQHZUHFRUGZKLOHLQDQRWKHUUHFRUGLQWKHPDLQIRUPXVH
RQHRIWKHVHFKRLFHV
l #OLFNWKH.H[W6HFRUGLFRQ
l /UFOLFNWKH.HZ6HFRUGLFRQ
8KHQXPEHULQWKH6HFRUGER[LVWKHQXPEHURIWKH
UHFRUGZKRVHGDWDLVVKRZQLQWKHIRUP8KHGDWDIURP
WKHVHFRQGUHFRUGRIWKH:DFDWLRQVIRUPZDVGLVSOD\HG
)7> ZKHQ)WRRNWKHVFUHHQVKRWIRU&LJXUH
)I\RXNQRZWKHQXPEHURIWKHUHFRUG\RXZDQW\RXFDQ
HQWHULWLQWRWKHUHFRUGER[DQGWKHQXVHWKH%QWHUNH\
WRWDNH\RXWRWKDWUHFRUG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUHLVDUHFRUGZLWKGDWDLQVHUWHGLQLWVILHOGV.RWHWKDWQRW
DOOILHOGVKDYHGDWDLQWKHP)WLVRQO\QHFHVVDU\WRKDYHGDWDLQHYHU\
ILHOGLI\RXGHWHUPLQHDKHDGRIWLPHWRUHTXLUHDOOILHOGVFRQWDLQGDWD
&LJXUH7DPSOHUHFRUGRIWKH:DFDWLRQIRUPDQGVXEIRUP
)I\RXUHTXLUHGGDWDEHHQWHUHGIRUDSDUWLFXODUILHOG
/CB7=< DQG\RXGRQRWKDYHGDWDIRUWKDWILHOG\RXFDQQR
ORQJHUFUHDWHDQHZUHFRUG=RXKDYHWRHGLWWKHWDEOH
FRQWDLQLQJWKDWILHOGDQGFKDQJHWKH%QWU\6HTXLUHG
7DYHWKHWDEOH7D:WKHGDWDEDVH8KLVFRXOGDOVR
FDXVH\RXWRORVHGDWDLQWKHSDUWLFXODUILHOG
@3/B7<5?C3@73A
5XHULHVDUHXVHGWRJHWVSHFLILFLQIRUPDWLRQIURPDGDWDEDVH9VLQJ
RXU#$
#ROOHFWLRQWDEOHZHZLOOFUHDWHDOLVWRIDOEXPVE\DSDUWLFXODU
DUWLVW;HZLOOGRWKLVXVLQJWKH;L]DUG8KHLQIRUPDWLRQZHPLJKW
ZDQWIURPWKH&XHOWDEOHLQFOXGHVZKDWRXUIXHOHFRQRP\LV;HZLOO
GRWKLVXVLQJWKH$HVLJQ:LHZ
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
5XHULHVEOXUWKHGLIIHUHQFHVEHWZHHQDGDWDEDVHDQGD
GDWDVRXUFH!GDWDEDVHLVRQO\RQHW\SHRIGDWDVRXUFH
(RZHYHUVHDUFKLQJIRUXVDEOHLQIRUPDWLRQIURPDGDWD
VRXUFHUHTXLUHVDTXHU\7LQFHWKHTXHU\RQHSDUWRID
#=B3 GDWDEDVH GRHVWKLVWKHGDWDVRXUFHDSSHDUVWREHFRPH
RQHSDUWRIWKDWGDWDEDVHLWVWDEOHRUWDEOHV5XHU\
UHVXOWVWKHPVHOYHVDUHVSHFLDOWDEOHVZLWKLQWKH
GDWDEDVH
*A7<5B63,7H/@2B=1@3/B3/?C3@G
5XHULHVFUHDWHGE\WKHZL]DUGSURYLGHDOLVWRUOLVWVRILQIRUPDWLRQ
EDVHGXSRQZKDWRQHZDQWVWRNQRZ)WLVSRVVLEOHWRREWDLQDVLQJOH
DQVZHURUPXOWLSOHDQVZHUVGHSHQGLQJXSRQWKHFLUFXPVWDQFHV
5XHULHVZKLFKUHTXLUHFDOFXODWLRQVDUHEHVWFUHDWHGZLWKWKH$HVLJQ
YLHZ
)QWKHPDLQGDWDEDVHZLQGRZ&LJXUH FOLFNWKH5XHULHVLFRQLQ
WKH$DWDEDVHVVHFWLRQWKHQLQWKH8DVNVVHFWLRQFOLFN9VH;L]DUGWR
#UHDWH5XHU\8KH5XHU\;L]DUGZLQGRZRSHQV&LJXUH 8KH
LQIRUPDWLRQZHZDQWLVZKDWDOEXPVDUHE\DFHUWDLQPXVLFDOJURXS
RULQGLYLGXDOWKHDOEXPvVDXWKRU ;HFDQLQFOXGHZKHQHDFKDOEXP
ZDVERXJKW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
;KHQZRUNLQJZLWKDTXHU\PRUHWKDQRQHWDEOHFDQEH
XVHG7LQFHGLIIHUHQWWDEOHVPD\FRQWDLQWKHVDPHILHOG
QDPHVWKHIRUPDWIRUQDPLQJILHOGVLQDTXHU\LV8DEOH
#=B3 QDPHDQGILHOGQDPH!SHULRG LVSODFHGEHWZHHQWKH
WDEOHQDPHDQGWKHILHOGQDPH&RUH[DPSOH8KH,XQFK
ILHOGRIWKH:DFDWLRQWDEOHXVHGLQDTXHU\KDVWKHQDPH
:DFDWLRQ,XQFK
-J;F -;B;9JJ>;<?;B:I
7HOHFWWKH#$
#ROOHFWLRQWDEOHIURPWKHGURSGRZQOLVWRIWDEOHV
l )IWKH8DEOHVVHOHFWLRQLVQRW8DEOH#$
#ROOHFWLRQFOLFNWKH
DUURZWRSFLUFOHLQ&LJXUH
l #OLFN8DEOH#$
#ROOHFWLRQLQWKHOLVWWRVHOHFWLW
7HOHFWILHOGVIURPWKH#$
#ROOHFWLRQWDEOHLQWKH!YDLODEOHILHOGV
OLVW
D #OLFN!OEXP8LWOHDQGXVHWKHEXWWRQFHQWHURYDOLQ&LJXUH
WRPRYHLWWRWKH&LHOGVLQ5XHU\OLVW
E -RYHWKH!UWLVWDQG$DWH0XUFKDVHGILHOGVLQWKHVDPH
PDQQHU
F 9VHWKHXSDUURZWRFKDQJHWKHRUGHURIWKHILHOGVDUWLVW
DOEXPDQGGDWHSXUFKDVHG
l #OLFNWKH#$
#ROOHFWLRQ!UWLVWILHOG
l #OLFNWKHXSDUURZWRPRYHLWDERYH
#$
#ROOHFWLRQ!OEXP8LWOH
G #OLFN(;NJ
8RFKDQJHWKHRUGHURIWKHILHOGVVHOHFWWKHILHOG\RX
)7> ZDQWWRPRYHDQGFOLFNWKHXSRUGRZQDUURZWRPRYHLW
XSRUGRZQOHIWFLUFOHLQ&LJXUH
&LJXUH,LVWRIILHOGVDGGHGWRWKHTXHU\
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
-J;F-;B;9JJ>;IEHJ?D=EH:;H
9SWRIRXUILHOGVFDQEHXVHGWRVRUWWKHLQIRUPDWLRQRIRXUTXHU\!
OLWWOHVLPSOHORJLFKHOSVDWWKLVSRLQW;KLFKILHOGLVPRVWLPSRUWDQW
)QRXUTXHU\WKHDUWLVWLVPRVWLPSRUWDQW8KHDOEXPWLWOHLVOHVV
LPSRUWDQWDQGWKHGDWHSXUFKDVHGLVRIOHDVWLPSRUWDQFH/IFRXUVH
LIZHZHUHLQWHUHVWHGLQZKDWPXVLFZHERXJKWRQDJLYHQGD\WKH
GDWHSXUFKDVHGZRXOGEHWKHPRVWLPSRUWDQW
&LJXUH7RUWLQJRUGHUSDJH
#OLFNWKHILUVW7RUWE\GURSGRZQOLVW
l #OLFN#$
#ROOHFWLRQ!UWLVWWRVHOHFWLW
l )I\RXZDQWWKHDUWLVWVWREHOLVWHGLQDOSKDEHWLFDORUGHUD
]
VHOHFW!VFHQGLQJRQWKHULJKW)I\RXZDQWWKHDUWLVWOLVWHGLQ
UHYHUVHRUGHU]
D VHOHFW$HVFHQGLQJRQWKHULJKW&LJXUH
#OLFNWKHVHFRQG7RUWE\GURSGRZQOLVW
l #OLFN#$
#ROOHFWLRQ!UWLVW8LWOH
l 7HOHFW!VFHQGLQJRU$HVFHQGLQJDFFRUGLQJWRWKHRUGHU\RX
ZDQW
6HSHDWWKLVSURFHVVIRU#$
#ROOHFWLRQ$DWH0XUFKDVHG
#OLFN(;NJ
-J;F-;B;9JJ>;I;7H9>9ED:?J?EDI
8KHVHDUFKFRQGLWLRQVDYDLODEOHDUHOLVWHGEHORZ8KH\DOORZXVWR
FRPSDUHWKHQDPHZHHQWHUHGZLWKWKHQDPHVRIWKHDUWLVWLQRXU
GDWDEDVHDQGGHFLGHZKHWKHUWRLQFOXGHDSDUWLFXODUDUWLVWLQRXU
TXHU\RUQRW
l LVHTXDOWRWKHVDPHDV
l LVQRWHTXDOWRQRWWKHVDPHDV
l LVVPDOOHUWKDQFRPHVEHIRUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l LVJUHDWHUWKDQFRPHVDIWHU
l LVHTXDORUOHVVWKDQWKHVDPHDVRUFRPHVEHIRUH
l LVHTXDORUJUHDWHUWKDQWKHVDPHDVRUFRPHVDIWHU
l OLNHVLPLODUWRLQVRPHZD\
8KHVHFRQGLWLRQVDSSO\WRQXPEHUVOHWWHUVXVLQJWKH
#=B3 DOSKDEHWLFDORUGHU DQGGDWHV
7LQFHZHDUHRQO\VHDUFKLQJIRURQHWKLQJZHZLOOXVHWKH
GHIDXOWVHWWLQJRI-DWFKDOORIWKHIROORZLQJ
;HDUHORRNLQJIRUDSDUWLFXODUDUWLVWVRVHOHFWLVHTXDOWR
%QWHUWKHQDPHRIWKHDUWLVWLQWKH:DOXHER[#OLFN(;NJ
-J;F-;B;9JJOF;E<GK;HO
;HZDQWVLPSOHLQIRUPDWLRQVRWKHGHIDXOWVHWWLQJ$HWDLOHGTXHU\LV
ZKDWZHZDQW#OLFN(;NJDWWKHERWWRPRIWKHZLQGRZ
7LQFHZHKDYHDVLPSOHTXHU\WKH'URXSLQJDQG
#=B3 'URXSLQJFRQGLWLRQVDUHQRWQHHGHG8KRVHWZRVWHSV
DUHVNLSSHGLQRXUTXHU\
-J;FII?=D7B?7I;I?<:;I?H;:
;HZDQWWKHGHIDXOWVHWWLQJV#OLFN(;NJ
-J;F)L;HL?;M
.DPHWKHTXHU\VXJJHVWLRQ5XHU\C!UWLVWV 8RWKHULJKWRIWKLVDUH
WZRFKRLFHV7HOHFW$LVSOD\5XHU\#OLFN ?D?I>
-J;F'E:?<OJ>;GK;HO
;HDUHVNLSSLQJWKLVVWHSVLQFHZHKDYHQRWKLQJWRPRGLI\)I\RX
VHOHFWWKH-RGLI\5XHU\FKRLFHWKHTXHU\ZRXOGRSHQLQ$HVLJQYLHZ
8RPDNHPRGLILFDWLRQVIROORZWKHLQVWUXFWLRQVLQWKHQH[WVHFWLRQ
s9VLQJWKH$HVLJQ:LHZWRFUHDWHDTXHU\t
*A7<5B633A75<+73EB=1@3/B3/?C3@G
#UHDWLQJDTXHU\XVLQJ$HVLJQ:LHZLVQRWDVKDUGDVLWPD\ILUVW
VHHP)WPD\WDNHPXOWLSOHVWHSVEXWHDFKVWHSLVIDLUO\VLPSOH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
;KDWIXHOHFRQRP\LVRXUYHKLFOHJHWWLQJPLOHVSHUJDOORQLQWKH
97! 8KLVTXHVWLRQUHTXLUHVFUHDWLQJWZRTXHULHVZLWKWKHILUVW
TXHU\EHLQJXVHGDVSDUWRIWKHVHFRQGTXHU\
8KHSURFHGXUHVZHZLOOEHXVLQJRQO\ZRUNZLWK
UHODWLRQDOGDWDEDVHV8KLVLVEHFDXVHRIKRZ
UHODWLRQDOGDWDEDVHVDUHFRQVWUXFWHG8KHHOHPHQWVRI
/CB7=< DUHODWLRQDOGDWDEDVHDUHXQLTXH8KHSULPDU\NH\
LQVXUHVWKLVXQLTXHQHVV 8KDWLVWKHUHDUHQRWZR
HOHPHQWVZKLFKDUHH[DFWO\DOLNH8KLVDOORZVXVWR
VHOHFWVSHFLILFHOHPHQWVWRSODFHLQWRRXUTXHULHV
;LWKRXWWKHHOHPHQWVRIWKHUHODWLRQDOGDWDEDVHEHLQJ
XQLTXHIURPDOORWKHUHOHPHQWVZHFRXOGQRWSHUIRUP
WKHVHSURFHGXUHV
-J;F )F;DJ>;<?HIJGK;HO?D;I?=D0?;M
#OLFNH;7J;+K;HO?D;I?=D0?;M
-J;F::J78B;I
#OLFN&XHOWRKLJKOLJKWLW
#OLFN::B?9ABEI;
&LJXUH!GG8DEOHVRU5XHU\ZLQGRZ
-RYHWKHFXUVRURYHUWKHERWWRPHGJHRIWKHIXHOWDEOH
&LJXUH 8KHFXUVRUEHFRPHDVLQJOHDUURZZLWK
)7> WZRKHDGV$UDJWKHERWWRPRIWKHWDEOHWRPDNHLW
ORQJHUDQGHDVLHUWRVHHDOORIWKHILHOGVLQWKHWDEOH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH&XHOWDEOHLQTXHU\
-J;F::<?;B:IJEJ>;J78B;7JJ>;8EJJEC
$RXEOH
FOLFNWKH&XHO)$ILHOGLQWKH&XHOWDEOH
$RXEOH
FOLFNWKH/GRPHWHUILHOG
$RXEOH
FOLFNWKH&XHO5XDQWLW\ILHOG
-J;F-;JJ>;9H?J;H?ED<EHJ>;GK;HO
;HZDQWWRWKHTXHU\V&XHO)$WREHJLQZLWKWKHQXPHUDO
8\SH LQWKH#ULWHULRQFHOOXQGHU&XHO)$LQWKHTXHU\WDEOH
#OLFNWKH6XQ5XHU\LFRQLQWKH5XHU\$HVLJQWRROEDU8KLVLFRQ
LVFLUFOHGLQ&LJXUH
&LJXUH5XHU\$HVLJQWRROEDU
&LJXUHFRQWDLQVWKH&XHOWDEOHZLWKP\HQWULHVDQGWKHTXHU\
UHVXOWVEDVHGXSRQWKH&XHOWDEOH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH&XHOWDEOHDQGTXHU\RIWKHIXHOWDEOH
-J;F-7L;7D:9BEI;J>;GK;HO
7LQFHWKLVTXHU\FRQWDLQVWKHHQGLQJRGRPHWHUUHDGLQJIRURXU
FDOFXODWLRQVQDPHLW%QG
6HDGLQJZKHQVDYLQJLW8KHQFORVHWKH
TXHU\
-J;FH;7J;J>;GK;HOWR97B9KB7J;J>;<K;B;9EDECO
#OLFNH;7J;+K;HO?D;I?=D0?;MWRRSHQDQHZTXHU\
!GGWKH&XHOWDEOHWRWKHTXHU\MXVWDV\RXGLGLQVWHS!GG
WDEOHV"XW:EDEJFORVHWKH!GG8DEOHVZLQGRZ
!GGWKH%QG
6HDGLQJTXHU\WRWKLVTXHU\
D #OLFNWKH5XHU\UDGLREXWWRQWRJHWWKHOLVWRITXHULHVLQWKH
GDWDEDVH&LJXUH
&LJXUH7HOHFWLQJTXHULHVWRDGGWRDQRWKHUTXHU\
E #OLFN%QG
6HDGLQJ
F #OLFN::DQGWKHQFOLFNBEI;
-J;F::<?;B:IJEJ>;J78B;7JJ>;8EJJECE<J>;GK;HO
;HDUHJRLQJWRFDOFXODWHWKHIXHOHFRQRP\8RGRWKLVZHQHHGWKH
&XHO5XDQWLW\DQGGLVWDQFHWUDYHOHG7LQFHWKH&XHO5XDQWLW\ZHZDQW
WRXVHLVDWWKHHQGLQJRGRPHWHUUHDGLQJZHZLOOXVHWKH%QG
6HDGLQJTXHU\WRJHWLW;HZLOODOVRXVHWKH/GRPHWHUILHOGIURPWKH
&XHOWDEOHDQG%QG
6HDGLQJTXHU\
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH8DEOHVLQWKLVTXHU\
$RXEOH
FOLFN&XHO5XDQWLW\LQWKH%QG
6HDGLQJTXHU\
$RXEOH
FOLFN/GRPHWHULQWKH%QG
6HDGLQJTXHU\
$RXEOH
FOLFN/GRPHWHULQWKH&XHOWDEOH
&LJXUH!GGHGILHOGVWRWKHTXHU\
-J;FDJ;HJ>; K;B#:?<<;H;D9;<?;B:
;HZDQWWKHGLIIHUHQFHEHWZHHQWKH&XHO)$YDOXHRIWKH&XHOWDEOH
DQG&XHO)$YDOXHRIWKH%QG
6HDGLQJTXHU\WRHTXDORQH
8\SH"B8,958=B;
#I9@&!#I9@
#I9@&!LQWKHILHOGWRWKH
ULJKWRIWKH/GRPHWHUILHOGRIWKH&XHO8DEOH&LJXUH
8\SHWKHQXPHUDORQH LQWKH#ULWHULRQFHOORIWKLVFROXPQ
&LJXUH8\SLQJLQFDOFXODWLRQRIILHOGV
#DOFXODWHWKHGLVWDQFHWUDYHOHG&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
l 8\SH"B8,958=B;
*8CA9H9FQ#I9@
*8CA9H9FLQWKH
&LHOGFHOO
l 8\SHLQWKH#ULWHULRQFHOO
&LJXUH&LHOGIRUGLVWDQFHWUDYHOHGFDOFXODWLRQV
#DOFXODWHIXHOHFRQRP\&LJXUH
8\SH"B8,958=B;
*8CA9H9FQ#I9@
*8CA9H9F"B8
,958=B;&XHO5XDQWLW\LQWKH&LHOGLQWKHQH[WFROXPQWRWKH
ULJKW
&LJXUH&XHOHFRQRP\FDOFXODWLRQILHOG
;KHQHQWHULQJILHOGVIRUWKHVHFDOFXODWLRQV\RXPXVW
IROORZWKLVIRUPDWWDEOHRUTXHU\QDPHIROORZHGE\D
SHULRGIROORZE\WKHILHOGQDPH&RUK\SKHQDWHGRU
PXOWLSOH
ZRUGQDPHVWDEOHRUTXHU\ XVHGRXEOH
/CB7=<
TXRWHVDURXQGWKHWDEOHRUTXHU\QDPH8KHTXHU\
ZLOOWKHQDGGWKHUHVWRIWKHGRXEOHTXRWHVDVLQ
&LJXUH
9VHWKHDULWKPHWLFDOV\PEROEHWZHHQWKHWZR-RUH
WKDQRQHFDOFXODWLRQFDQEHGRQHE\XVLQJ
SDUHQWKHVHVWRJURXSWKHDULWKPHWLFDORSHUDWLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
-J;F,KDJ>;GK;HO7D:C7A;IEC;CE:?<?97J?ED
!IWHUZHUXQWKHTXHU\WRPDNHVXUHLWZRUNVFRUUHFWO\ZHZLOOKLGH
DOORIWKHILHOGVWKDWZHGRQRWQHHG
#OLFNWKH6XQ5XHU\LFRQLQWKH$HVLJQ5XHU\WRROEDU&LJXUH
8KHUHVXOWVDUHLQ&LJXUH
&LJXUH6HVXOWRIUXQQLQJWKHIXHOHFRQRP\TXHU\
.RWLFHWKDWQRWDOORIWKHODVWFROXPQODEHOLVYLVLEOHEHFDXVH
VRPHRIWKHODEHOVDUHORQJ;HFDQIL[WKLVSUREOHPE\XVLQJDQ
DOLDVIRUPDQ\RIWKHILHOGV8KHODEHOVDUHUHSODFHGE\WKHLU
DOLDVHV
!GG!OLDVHV
8\SHLQWKHDOLDVHVDVWKH\DUHOLVWHGLQ&LJXUH
&LJXUH5XHU\WDEOHZLWKDOLDVHVDGGHG
6XQWKHTXHU\DJDLQ8KHUHVXOWVDUHLQ&LJXUH
&LJXUH5XHU\UXQZLWKDOLDVHV
;HUHDOO\GRQRWQHHGWKHFROXPQVKRZLQJWKHGLIIHUHQFH
EHWZHHQWKH&XHO)$ILHOGVIURPWKHWDEOHDQGTXHU\7RZHZLOO
KLGHLW;KLOHLWZLOOQRWEHYLVLEOHLWZLOOVWLOOEHXVHGLQWKH
FDOFXODWLRQV
(LGHDILHOGWKDWGRHVQRWQHHGWREHVHHQ
6HPRYHWKHFKHFNLQWKHER[RIWKH:LVLEOHFHOODVLQ&LJXUH
&LJXUH-DNLQJDILHOGLQYLVLEOHLQDTXHU\UXQ
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
6HUXQWKHTXHU\&LJXUH
&LJXUH5XHU\UXQZLWKDOLDVHV
-J;F BEI;I7L;7D:D7C;J>;GK;HO
-\VXJJHVWLRQIRUDQDPHLV&XHO%FRQRP\
8KHUHDUHREYLRXVO\RWKHUFDOFXODWLRQVWKDWFDQEHPDGHLQWKLVTXHU\
VXFKDVFRVWSHUGLVWDQFHWUDYHOHGDQGKRZPXFKRIWKHFRVWEHORQJV
WRHDFKRIWKHSD\PHQWVW\SHV
8RIXOO\XVHTXHULHVUHTXLUHVDNQRZOHGJHRI
PDWKHPDWLFVDQGVSHFLILFDOO\VHWRSHUDWLRQVXQLRQV
LQWHUVHFWLRQVDQGRUFRPSOHPHQWVDQGDQ\
FRPELQDWLRQVRIWKHVH &RUH[DPSOHZHOLVWHGDOORIRXU
#=B3 FULWHULDLQRQHURZ8KDWPHDQVWKDWDOORIWKHVHFULWHULD
KDYHWREHPHWEHIRUHDURZRIYDOXHVZLOOEHFUHDWHGLQ
WKHTXHU\8KLVLVKRZWKHDQGRSHUDWRUZRUNVRQVHWV
)WDOVRUHTXLUHVKDYLQJDFRS\RIWKH(VTOGE9VHU'XLGH
DYDLODEOHIURPKWWSKVTOGERUJ
@3/B7<5@3>=@BA
6HSRUWVSURYLGHLQIRUPDWLRQIRXQGLQWKHGDWDEDVHLQDXVHIXOZD\)Q
WKLVWKH\DUHVLPLODUWRTXHULHV6HSRUWVDUHJHQHUDWHGIURPWKH
GDWDEDVHvVWDEOHVRUTXHULHV8KH\FDQFRQWDLQDOORIWKHILHOGVRIWKH
WDEOHRUTXHU\RUMXVWDVHOHFWHGJURXSRIILHOGV6HSRUWVFDQEHVWDWLF
RUG\QDPLF7WDWLFUHSRUWVFRQWDLQWKHGDWDLQWKHVHOHFWHGILHOGVDW
WKHWLPHWKHUHSRUWZDVFUHDWHG$\QDPLFUHSRUWVFDQEHXSGDWHGWR
VKRZWKHODWHVWGDWD
$\QDPLFUHSRUWVXSGDWHRQO\WKHGDWDWKDWLVFKDQJHG
RUDGGHGWRDWDEOHRUTXHU\)WGRHVDEJVKRZDQ\
/CB7=< PRGLILFDWLRQVPDGHWRDWDEOHRUTXHU\&RUH[DPSOH
RSHQWKHIXHOHFRQRP\TXHU\\RXMXVWFUHDWHG&RUWKH
%QG
6HDGLQJt/GRPHWHUq&XHOt/GRPHWHUtFROXPQ
FKDQJHWKHQXPEHUWRWKHQXPEHU7<J;HFUHDWLQJ
WKHUHSRUWEHORZ8KHUHSRUWZLOOEHLGHQWLFDOEHIRUH
DQGDIWHU\RXPDNHWKHFKDQJH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&RUH[DPSOHDUHSRUWRQYDFDWLRQH[SHQVHVGLYLGHGLQWRFDWHJRULHV
VKRXOGSUREDEO\EHDVWDWLFUHSRUWEHFDXVHLWLVEDVHGXSRQVSHFLILF
GDWDWKDWGRHVQRWFKDQJH(RZHYHUDUHSRUWRQWKHIXHOGDWDVKRXOG
SUREDEO\EHDG\QDPLFUHSRUWEHFDXVHWKLVUHSRUWGHSHQGVXSRQGDWD
WKDWGRHVFKDQJH
!OOUHSRUWVDUHEDVHGXSRQDVLQJOHWDEOHRUTXHU\7R
/CB7=< \RXQHHGILUVWWRGHFLGHZKDWILHOGV\RXZDQWWRXVHLQ
WKHUHSRUW)I\RXZDQWWRXVHILHOGVIURPGLIIHUHQW
WDEOHV\RXPXVWILUVWFRPELQHWKHVHILHOGVLQDVLQJOH
TXHU\8KHQ\RXFDQFUHDWHDUHSRUWRQWKLVTXHU\
!QH[DPSOHRIWKLVFDXWLRQLVFUHDWLQJDUHSRUWRQYDFDWLRQH[SHQVHV
&XHOFRVWVDUHRQHSDUWRIWKDWUHSRUWDVDUHPHDOFRVWV8KHVHYDOXHV
DUHFRQWDLQHGLQILHOGVRIWZRGLIIHUHQWWDEOHV:DFDWLRQVDQG&XHO7R
WKLVUHSRUWUHTXLUHVFUHDWLQJDTXHU\
@3/B7<5/AB/B71@3>=@B
;HZLOOFUHDWHDUHSRUWRQYDFDWLRQH[SHQVHV#HUWDLQTXHVWLRQVQHHG
WREHDVNHGEHIRUHFUHDWLQJWKHUHSRUW
l ;KDWLQIRUPDWLRQGRZHZDQWLQWKHUHSRUW
l (RZGRZHZDQWWKHLQIRUPDWLRQDUUDLJQHG
l ;KDWILHOGVDUHUHTXLUHGWRSURYLGHWKLVLQIRUPDWLRQ
l ;LOODTXHU\KDYHWREHFUHDWHGEHFDXVHWKHVHILHOGVDUHLQ
GLIIHUHQWWDEOHV
l !UHWKHUHDQ\FDOFXODWLRQVUHTXLUHGLQWKHGDWDEHIRUHEHLQJ
DGGHGWRWKHUHSRUW
8KHH[SHQVHVIRURXUYDFDWLRQDUHPRWHOWROOVPLVFHOODQHRXV
EUHDNIDVWOXQFKVXSSHUVQDFNVDQGIXHO/QHSRVVLEOHUHSRUWZRXOG
VLPSO\OLVWWKHWRWDOVRIHDFKRIWKHVHH[SHQVHJURXSV!QRWKHU
SRVVLEOHUHSRUWZRXOGOLVWWKHH[SHQVHWRWDOVIRUHDFKGD\RIWKH
YDFDWLRQ!WKLUGSRVVLEOHUHSRUWZRXOGOLVWWKHWRWDOVIRUHDFK
H[SHQVHJURXSIRUHDFKW\SHRISD\PHQW8KLVZRXOGOHWXVNQRZ
ZKHUHWKHPRQH\FDPHIURPWRSD\WKHH[SHQVHV !WWKHSUHVHQW
WLPHXVLQJWKHGDWDIURPWKHTXHULHVLQDVSUHDGVKHHWLVWKHEHVWZD\
WRKDQGOHUHSRUWVOLNHWKLV)QWKHQHDUIXWXUHWKHUHSRUWIHDWXUHZLOO
LQFOXGHWKHVHDELOLWLHV
&RURXUSXUSRVHVZHZLOOFUHDWHWZRUHSRUWV8KHILUVWRQHZLOOOLVW
WKHH[SHQVHVHDFKGD\RWKHUWKDQIXHO8KHVHFRQGUHSRUWZLOOOLVWWKH
IXHOFRVWVHDFKGD\
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
8KHILHOGVZHZLOOQHHGIRUWKHILUVWUHSRUWIURPWKH:DFDWLRQVWDEOH
DUH$DWH-RWHO8ROO"UHDNIDVW,XQFK7XSSHU7QDFN#RVWDQG
-LVFHOODQHRXV8KLVUHSRUWZLOOQRWUHTXLUHDQDGGLWLRQDOTXHU\
8KHVHFRQGUHSRUWLQYROYHVWKH&XHOWDEOH7LQFHIXHOZDVSXUFKDVHG
DQGHQWHUHGLQWRWKLVWDEOHDWWLPHVRWKHUWKDQGXULQJWKHYDFDWLRQD
TXHU\QHHGVWREHFUHDWHGWKDWFRQWDLQVRQO\WKHIXHOSXUFKDVHG
GXULQJWKHYDFDWLRQ
0797J?EDIJ78B;H;FEHJ
#UHDWHDQHZUHSRUW
D #OLFNWKH6HSRUWVLFRQLQWKH$DWDEDVHOLVWLQWKH!XWRPRELOH
q/SHQ/IILFHRUJZLQGRZ
E )QWKH8DVNVOLVWFOLFN/I;1?P7H:JEH;7J;,;FEHJ8KH
6HSRUW;L]DUGZLQGRZRSHQV
7HOHFWWKHILHOGV
D 7HOHFW8DEOH:DFDWLRQVLQWKH8DEOHVRU5XHULHVGURSGRZQ
OLVW
E 9VHWKHWRPRYHWKHVHILHOGVIURPWKH!YDLODEOHILHOGVOLVWWR
WKH&LHOGVLQUHSRUWOLVW$DWH-RWHO8ROOV-LVFHOODQHRXV
"UHDNIDVW,XQFK7XSSHUDQG7QDFN#RVW&LJXUH #OLFN
(;NJ
&LJXUH!GGLQJILHOGVWRDUHSRUW
,DEHOWKHILHOGVDQVZHULQJWKHTXHVWLRQ(RZGR\RXZDQWWR
ODEHOWKHILHOGV
l #OLFNWKHILHOGODEHO\RXZDQWWRFKDQJHDQGPDNH\RXU
FKDQJHVDV\RXZRXOGLQDQ\WH[WER[
l 7KRUWHQ-LVFHOODQHRXVWR-LVF#OLFN(;NJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
7LQFHZHDUHJURXSLQJE\WKHGDWHXVHWKHEXWWRQWRPRYHWKH
$DWHILHOGWRWKH'URXSLQJOLVW#OLFN(;NJ
&LJXUH7HOHFWLQJILHOGVIRUJURXSLQJGDWD
7RUWRSWLRQV
;HGRQRWZDQWWRGRDQ\DGGLWLRQDOVRUWLQJ#OLFN(;NJ
#KRRVHOD\RXW
;HZLOOEHXVLQJWKHGHIDXOWVHWWLQJVIRUWKHOD\RXW#OLFN(;NJ
#UHDWHUHSRUW
l ,DEHOWKHUHSRUW:DFDWLRQ%[SHQVHV
l 7HOHFW7WDWLFUHSRUW
l #OLFN ?D?I>;:
)I\RXIHHODGYHQWXURXVWU\VHOHFWLQJVRPHRIWKHRWKHU
OD\RXWFKRLFHV!IWHUVHOHFWLQJDFKRLFHGUDJDQGGURS
#=B3 WKH6HSRUW;L]DUGZLQGRZVRWKDW\RXFDQVHHZKDW
\RXKDYHVHOHFWHG-RYHWKHFXUVRURYHUWKH(HDGLQJ
RIWKLVZLQGRZDQGWKHQGUDJDQGGURS
0797J?ED<K;BH;FEHJ
#UHDWHDTXHU\FRQWDLQLQJRQO\IXHOERXJKWRQWKHGD\VRIWKH
YDFDWLRQ
D /SHQDTXHU\LQ$HVLJQ:LHZ
E &ROORZWKHVWHSVIRUDGGLQJWDEOHVLQ!GGWDEOHV!GGWKH&XHO
WDEOH
F $RXEOH
FOLFNWKHVHILHOGVLQWKH&XHOWDEOHOLVWLQJ$DWHDQG
&XHO#RVWWRHQWHUWKHPLQWKHWDEOHDWWKHERWWRPRIWKH
TXHU\
G )QWKH#ULWHULRQFHOORIWKH$DWHILHOGW\SHWKHIROORZLQJ
".1""))!
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH7HWWLQJWKHFULWHULRQIRUDTXHU\
7DYHQDPHDQGFORVHWKHTXHU\7XJJHVWLRQ:DFDWLRQ&XHO
0XUFKDVHV
;KHQXVLQJGDWHVLQDTXHU\HQWHUWKHPLQQXPHULFDO
IRUP--$$====RU$$--====GHSHQGLQJXSRQ
\RXUODQJXDJHVGHIDXOWVHWWLQJIRUGDWHVP\GHIDXOW
VHWWLQJLV--$$====
)7>
!OOGDWHVPXVWKDYHDEHIRUHDQGDIWHULW(HQFH-D\
LVZULWWHQRU
GHSHQGLQJXSRQ\RXUODQJXDJHVGHIDXOW
VHWWLQJ
/SHQDQHZUHSRUW
l 6LJKW
FOLFNWKH:DFDWLRQ&XHO0XUFKDVHVTXHU\
l 7HOHFW6HSRUW;L]DUGIURPWKHFRQWH[WPHQX
;KHQDQHZUHSRUWLVRSHQHGLQWKLVZD\WKHTXHU\
#=B3 XVHGWRRSHQLWLVDXWRPDWLFDOO\VHOHFWHGLQWKH8DEOHV
RU5XHULHVGURSGRZQOLVW
#UHDWHWKHUHSRUW
9VHWRPRYHERWKILHOGVIURPWKH!YDLODEOH&LHOGVWRWKH
&LHOGVLQ6HSRUWOLVW#OLFN(;NJ
,DEHOILHOGV
!GGDVSDFHWR&XHO#RVWWRPDNHLW&XHO#RVWWZRZRUGV #OLFN
(;NJ
'URXSILHOGV
#OLFN$DWHWRKLJKOLJKWLW9VHWRPRYHWKH$DWHILHOGWRWKH
'URXSLQJVOLVW#OLFN(;NJ
#KRRVHOD\RXW
;HZLOOEHPDNLQJQRFKDQJHVLQWKHOD\RXW#OLFN(;NJ
#UHDWHUHSRUWILQDOVHWWLQJV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
l 9VHWKHVXJJHVWHGQDPHZKLFKLVWKHVDPHDVWKHTXHU\
l 7HOHFW7WDWLFUHSRUW
l #OLFN ?D?I>
@3/B7<5/2G</;71@3>=@B
;HZLOOFUHDWHDUHSRUWZLWKVRPHVWDWLVWLFVRQRXUIXHOFRQVXPSWLRQ
8RGRWKLVZHKDYHWRPRGLI\WZRTXHULHV%QG
6HDGLQJDQG&XHO
%FRQRP\;HZLOOEHDGGLQJWKH&XHO#RVWILHOGWRWKH%QG
6HDGLQJ
TXHU\8KHQZHZLOODGGWKH&XHO#RVWILHOGIURPWKH%QG
6HDGLQJ
TXHU\WRWKH&XHO%FRQRP\TXHU\
;KHQRSHQLQJDTXHU\WRHGLWLWLWPLJKWDSSHDUDVLQ
&LJXUH)I\RXPRYH\RXUFXUVRURYHUWKHEODFNOLQH
)7> FLUFOHG LWEHFRPHVDGRXEOH
KHDGHGDUURZ$UDJDQG
GURSLWWRDORZHUSRVLWLRQ
&LJXUH!SSHDUDQFHRITXHU\ZKHQRSHQHGIRUHGLWLQJ
!GGWKH&XHO#RVWILHOGWRWKH%QG
6HDGLQJTXHU\
l )QWKH&XHOWDEOHOLVWGRXEOH
FOLFNWRDGG&XHO#RVWWRWKH
ERWWRPWDEOH&LJXUH
l 7DYHDQGFORVHWKHTXHU\
6LJKW
FOLFNWKH%QG
6HDGLQJTXHU\DQGVHOHFW:?JIURPWKH
FRQWH[WPHQX
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH!GGLQJDQDGGLWLRQDOILHOGWRWKHTXHU\
!GGWKH&XHO#RVWILHOGIURPWKH%QG
6HDGLQJTXHU\WRWKH&XHO
%FRQRP\TXHU\
l 6LJKW
FOLFNWKH&XHO%FRQRP\TXHU\DQGVHOHFW:?JIURPWKH
FRQWH[WPHQX
l $RXEOH
FOLFNWKH&XHO#RVWILHOGLQWKH%QG
6HDGLQJTXHU\OLVW
WRDGGLWWRWKHTXHU\WDEOHDWWKHERWWRP
!GGDFDOFXODWLRQILHOGWRWKHULJKWRIWKH&XHO#RVWILHOG
l 8\SHWKHIROORZLQJLQDQ&LHOGFHOOLQWKHWDEOHDWWKH
ERWWRP"B8,958=B;
#I9@ CGH"B8
,958=B;
*8CA9H9FQ#I9@
*8CA9H9F
l 8\SHWKHIROORZLQJLQLWV!OLDVFHOO
7DYHDQGFORVHWKHTXHU\
/SHQDQHZUHSRUW
6LJKW
FOLFNWKH&XHO%FRQRP\TXHU\DQGVHOHFW,;FEHJ1?P7H:
7HOHFWILHOGV
-RYHDOOWKHILHOGVIURPWKH!YDLODEOHILHOGVWRWKH&LHOGVLQ
UHSRUWOLVW9VHWKHWRGRVR#OLFN(;NJ
,DEHOILHOGV
#KDQJH&XHO#RVWWR&XHO#RVWE\SODFLQJDVSDFHEHWZHHQWKH
ZRUGV#OLFN(;NJ
'URXSILHOGV
9VHWRPRYHWKH$DWHILHOGWRWKH'URXSLQJVOLVW#OLFN(;NJ
7RUWRSWLRQVWKHZL]DUGVNLSSHGWKLVRQH
#KRRVHOD\RXW
!FFHSWWKHGHIDXOW#OLFN(;NJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#UHDWHWKHUHSRUW
l #KDQJHWKHUHSRUWQDPHWR&XHO7WDWLVWLFV
l 8KHGHIDXOWVHWWLQJLV$\QDPLFUHSRUWVRQRFKDQJHLV
QHFHVVDU\
l 7HOHFW-RGLI\UHSRUWOD\RXW
l #OLFN ?D?I>
"=274G7<5/@3>=@B
!WWKHHQGRIWKHODVWVHFWLRQZHOHIWWKH&XHO7WDWLVWLFVUHSRUWRSHQ
LQWKHHGLWPRGH&LJXUH ;HZLOOEHZRUNLQJRQWKDWUHSRUW
8KHVHVDPHVWHSVFDQEHXVHGZLWKDQ\UHSRUWWKDW\RXRSHQIRU
HGLWLQJ
&LJXUH!UHSRUWLQHGLWPRGH
8KH!XWKRULVWKHQDPH\RXOLVWHGLQ.EEBI)FJ?EDI
)F;D)<<?9;
EH=/I;H7J78KHGDWHLVQRWFRUUHFW8KHFROXPQV
QHHGWREHPRYHGWRWKHOHIWWRJLYHDEHWWHUDSSHDUDQFH.RQHRIWKH
QXPEHUVDUHFRUUHFWEXWWKHLURQO\SXUSRVHLVWRVKRZWKHQXPEHURI
GHFLPDOSODFHV
-J;F
>7D=;J>;:7J;
#OLFNWRWKHULJKWRIWKHGDWH VRWKDWWKHFXUVRULVQH[W
WRWKHILHOG9VHWKH"DFNVSDFHNH\WRHUDVHWKHGDWH
#DI;HJ ?;B:I7J;8KLVSODFHVWRGD\vVGDWHZKHUHWKH
RULJLQDOGDWHZDV
#KDQJLQJWKHGDWHIRUPDWLQJ
D $RXEOH
FOLFNWKHGDWHILHOG\RXMXVWLQVHUWHG8KH%GLW&LHOGV
$RFXPHQWZLQGRZRSHQV&LJXUH
E 7LQFHWKLVLVDG\QDPLFUHSRUWFKDQJHWKH7HOHFWILHOGIURP
$DWHIL[HG WR$DWH
F #KDQJHWKH&RUPDWWRZKDW\RXGHVLUH)XVHWKH&ULGD\
$HFHPEHUFKRLFH #OLFN)%
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH-RGLI\LQJDGDWHILHOG
-J;F>7D=;J>;9EBKCDM?:J>I
8KHFROXPQZLGWKVFDQEHFKDQJHGE\PRYLQJWKHFXUVRURYHUWKH
ULJKWERUGHURIHDFKFROXPQVRWKDWLWEHFRPHVDGRXEOH
KHDGHG
DUURZ8KHQGUDJDQGGURSLWWRZKHUH\RXZDQWLW8KLVKDVWREH
GRQHIRUHDFKFROXPQLQHDFKWDEOHLQWKHUHSRUW8KLVFDQDOVREH
GRQHZLWKWKHODVWFROXPQRQWKHULJKWHYHQWKRXJKWKHUHLVQREODFN
ERUGHU)WVKRXOGQRZORRNVRPHWKLQJOLNH&LJXUH
&LJXUH6HDOLJQHGFROXPQVLQDUHSRUW
-J;F>7D=;J>;DKC8;H<EHC7J?D=?DJ>;9;BBI
8KHIXHOTXDQWLW\VKRXOGKDYHWKUHHGHFLPDOSODFHV8KH"HJLQ%QG
DQG$LVWDQFHVKRXOGKDYHRQHGHFLPDOSODFH&XHO#RVWVKRXOGEH
FXUUHQF\DQGKDYHWZRGHFLPDOSODFHVDQG#RVWSHUPLOHVKRXOGKDYH
WKUHHGHFLPDOSODFHV
6LJKW
FOLFNWKHFHOOEHORZ5XDQWLW\WRRSHQWKHFRQWH[WPHQX
8KHFHOOLVFLUFOHGLQUHGLQ&LJXUH
7HOHFW(KC8;H<EHC7J
)QWKH/SWLRQVVHFWLRQ&LJXUH
D #KDQJHWKHQXPEHURI$HFLPDOSODFHVWR
E #OLFNWKHJUHHQFKHFNPDUN#OLFN)%
#KDQJHWKH#RVWSHUPLOHILHOG
D 6LJKW
FOLFNLQWKHFHOOEHORZ&XHO#RVW
E 7HOHFW(KC8;H EHC7J
F )QWKH#DWHJRU\OLVWVHOHFW#XUUHQF\#OLFN)%
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH/SWLRQVHFWLRQRIWKH.XPEHU&RUPDWLQJZLQGRZ
#KDQJHWKH&XHO#RVWILHOG
D 6LJKW
FOLFNLQWKHFHOOEHORZ#RVWSHUPLOH
E 7HOHFW(KC8;H EHC7J
F )QWKH#DWHJRU\OLVWVHOHFW#XUUHQF\
G )QWKH/SWLRQVHFWLRQ
l 7HWWKHQXPEHURIGHFLPDOSODFHVWR
l #OLFNWKHJUHHQFKHFNPDUN
H #OLFN)%
-J;F-7L;7D:9BEI;J>;H;FEHJ
$RXEOH FOLFNWKHUHSRUW)WVKRXOGQRZORRNOLNH&LJXUH
"=@3E/GAB=1@3/B3@3>=@BA
!QH[WHQVLRQLVDYDLODEOHWRDVVLVWLQUHSRUWFUHDWLRQ7XQ6HSRUW
"XLOGHUFUHDWHVVW\OLVKFRPSOH[GDWDEDVHUHSRUWV=RXFDQGHILQH
JURXSDQGSDJHKHDGHUVJURXSDQGSDJHIRRWHUVDQGFDOFXODWLRQ
ILHOGV)WLVDYDLODEOHIURPKWWSH[WHQVLRQVVHUYLFHVRSHQRIILFHRUJ
8RLQVWDOOWKLVH[WHQVLRQIROORZWKHVHVWHSV
7HOHFW.EEBINJ;DI?ED'7D7=;HIURPWKHPHQXEDU)QWKH
%[WHQVLRQ-DQDJHUGLDORJFOLFN!;JCEH;;NJ;DI?EDI>;H;
8KH//RH[WHQVLRQVSDJHRSHQVLQ\RXUEURZVHUZLQGRZ&LQG
DQGVHOHFWWKHH[WHQVLRQ\RXZDQWWRLQVWDOODQGIROORZWKH
SURPSWVWRLQVWDOOLW$XULQJLQVWDOODWLRQ\RXZLOOEHDVNHGWR
DFFHSWDOLFHQVHDJUHHPHQW
;KHQWKHLQVWDOODWLRQLVFRPSOHWHWKHH[WHQVLRQLVOLVWHGLQWKH
%[WHQVLRQ-DQDJHUGLDORJ
&RUPRUHDERXWH[WHQVLRQVVHH#KDSWHU#XVWRPL]LQJ
/SHQ/IILFHRUJ
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH
&LJXUH&LQDOUHSRUW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
!;JJ?D=-J7HJ;:M?J>
'7J>
/SHQ/IILFHRUJVHTXDWLRQHGLWRU
,6/B7A"/B6
-DWKLV/SHQ/IILFHRUJ//R vVFRPSRQHQWIRUZULWLQJPDWKHPDWLFDO
HTXDWLRQV)WLVPRVWFRPPRQO\XVHGDVDQHTXDWLRQHGLWRUIRUWH[W
GRFXPHQWVEXWLWFDQDOVREHXVHGZLWKRWKHUW\SHVRIGRFXPHQWVRU
VWDQG
DORQH;KHQXVHGLQVLGH;ULWHUWKHHTXDWLRQLVWUHDWHGDVDQ
REMHFWLQVLGHWKHWH[WGRFXPHQW
8KHHTXDWLRQHGLWRULVIRUZULWLQJHTXDWLRQVLQV\PEROLF
#=B3 IRUPDVLQHTXDWLRQ )I\RXZDQWWRHYDOXDWHD
QXPHULFYDOXHVHHWKH#DOF'XLGH
3BB7<5AB/@B32
8RLQVHUWDQHTXDWLRQJRWR#DI;HJ)8@;9J EHCKB7
8KHHTXDWLRQHGLWRURSHQVDWWKHERWWRPRIWKHVFUHHQDQGWKH
IORDWLQJ7HOHFWLRQZLQGRZDSSHDUV=RXZLOODOVRVHHDVPDOOER[ZLWK
DJUD\ERUGHU LQ\RXUGRFXPHQWZKHUHWKHIRUPXODZLOOEH
GLVSOD\HGDVVKRZQLQ&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK
&LJXUH%TXDWLRQ%GLWRU7HOHFWLRQZLQGRZDQGORFDWLRQRI
UHVXOWLQJHTXDWLRQ
8KHHTXDWLRQHGLWRUXVHVDPDUNXSODQJXDJHWRUHSUHVHQWIRUPXODV
&RUH[DPSOHEHWDFUHDWHVWKH'UHHNFKDUDFWHUEHWD 8KLV
PDUNXSLVGHVLJQHGWRUHDGVLPLODUWR%QJOLVKZKHQHYHUSRVVLEOH&RU
H[DPSOHDRYHUESURGXFHVDIUDFWLRQ
<B3@7<5/4=@;C:/
8KHUHDUHWKUHHZD\VWRHQWHUDIRUPXOD
l 7HOHFWDV\PEROIURPWKH7HOHFWLRQZLQGRZ
l 6LJKW
FOLFNRQWKHHTXDWLRQHGLWRUDQGVHOHFWWKHV\PEROIURPWKH
FRQWH[WPHQX
l 8\SHPDUNXSLQWKHHTXDWLRQHGLWRU
8KHFRQWH[WPHQXDQGWKH7HOHFWLRQZLQGRZLQVHUWWKHPDUNXS
FRUUHVSRQGLQJWRDV\PERO)QFLGHQWDOO\WKLVSURYLGHVDFRQYHQLHQW
ZD\WROHDUQWKH//R-DWKPDUNXS
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#OLFNRQWKHGRFXPHQWERG\WRH[LWWKHIRUPXODHGLWRU
#=B3 $RXEOH
FOLFNRQDIRUPXODWRHQWHUWKHIRUPXODHGLWRU
DJDLQ
)63(3:31B7=<E7<2=E
8KHVLPSOHVWPHWKRGIRUHQWHULQJDIRUPXODLVWKH7HOHFWLRQZLQGRZ
VKRZQLQ&LJXUH
#DWHJRULHV
7\PEROV
&LJXUH7\PEROVDUHGLYLGHGLQWRFDWHJRULHV
8KH7HOHFWLRQZLQGRZLVGLYLGHGLQWRWZRPDLQSRUWLRQV
l 8KHJEFVKRZVWKHV\PEROFDWHJRULHV#OLFNRQWKHVHWRFKDQJH
WKHOLVWRIV\PEROV
l 8KH8EJJECVKRZVWKHV\PEROVDYDLODEOHLQWKHFXUUHQWFDWHJRU\
=RXFDQKLGHRUXQKLGH WKH7HOHFWLRQZLQGRZZLWK
)7> 0?;M-;B;9J?ED
F/;>:3
&RUWKLVH[DPSOHZHZLOOHQWHUDVLPSOHIRUPXOD /QWKH
7HOHFWLRQZLQGRZ
7HOHFWWKHWRS
OHIWEXWWRQRIWKHFDWHJRULHVWRS VHFWLRQ
&LJXUH
#OLFNRQWKHPXOWLSOLFDWLRQV\PEROVKRZQLQ&LJXUH
#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK
9QDU\ELQDU\RSHUDWRUV
-XOWLSOLFDWLRQ
&LJXUH9QDU\ELQDU\RSHUDWRUV
;KHQ\RXVHOHFWWKHPXOWLSOLFDWLRQV\PERORQWKH7HOHFWLRQZLQGRZ
WZRWKLQJVKDSSHQ
l 8KHHTXDWLRQHGLWRUVKRZVWKHPDUNXS
l 8KHERG\RIWKHGRFXPHQWVKRZVDJUD\ER[ZLWKWKHILJXUH
&LJXUH8KHPXOWLSOLFDWLRQV\PERO
8KHstV\PEROV&LJXUH DUHSODFHKROGHUVWKDW\RXFDQ
UHSODFHE\RWKHUWH[W8KHHTXDWLRQZLOOXSGDWHDXWRPDWLFDOO\DQGWKH
UHVXOWVKRXOGUHVHPEOH&LJXUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH6HVXOWRIHQWHULQJDQGQH[WWRWKHWLPHV
RSHUDWRU
8RNHHSWKHHTXDWLRQIURPXSGDWLQJDXWRPDWLFDOO\VHOHFW
0?;MKJE/F:7J;:?IFB7O
)7> 8RXSGDWHDIRUPXODPDQXDOO\SUHVV& RUVHOHFW0?;M
/F:7J;
'756B1:719;3<C
!QRWKHUZD\WRDFFHVVPDWKHPDWLFDOV\PEROVLVWRULJKW
FOLFNRQWKH
HTXDWLRQHGLWRU8KLVSURGXFHVDPHQXDVVKRZQLQ&LJXUH
&LJXUH6LJKW FOLFNPHQX
#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK
8KHHQWULHVLQWKLVPHQXFRUUHVSRQGH[DFWO\WRWKRVHLQ
#=B3 WKH7HOHFWLRQZLQGRZ
"/@9C>
=RXFDQW\SHWKHPDUNXSGLUHFWO\RQWKHHTXDWLRQHGLWRU&RUH[DPSOH
\RXFDQW\SHsWLPHVtWRREWDLQ )I\RXNQRZWKHPDUNXS
WKLVFDQEHWKHIDVWHVWZD\WRHQWHUDIRUPXOD
!VDPQHPRQLFWKHIRUPXODPDUNXSUHVHPEOHVWKHZD\
)7> WKHIRUPXODUHDGVLQ%QJOLVK
"HORZLVDVKRUWOLVWRIFRPPRQHTXDWLRQVDQGWKHLUFRUUHVSRQGLQJ
PDUNXS
%-+'3 *(()
%-+'3 *(()
DE VTUW^D`
DB DCQ
LQWI[ G[
VXPDCQ
DE LQILQLW\
@33916/@/1B3@A
'UHHNFKDUDFWHUV
HWF DUHFRPPRQLQPDWKHPDWLFDO
IRUPXODV8KHVHFKDUDFWHUVDUHQRWDYDLODEOHLQWKHVHOHFWLRQER[RU
WKHULJKW
FOLFNPHQX&RUWXQDWHO\WKHPDUNXSIRU'UHHNFKDUDFWHUVLV
VLPSOH8\SHDVLJQIROORZHGWKHQDPHRIWKHFKDUDFWHULQ%QJOLVK
l 8RW\SHDORZHUFDVHFKDUDFWHUZULWHWKHQDPHRIWKHFKDUDFWHULQ
ORZHUFDVH
l 8RW\SHDQXSSHUFDVHFKDUDFWHUZULWHWKHQDPHRIWKHFKDUDFWHU
LQXSSHUFDVH
7HHWKHWDEOHEHORZIRUVRPHH[DPSOHV
!FRPSOHWHWDEOHRI'UHHNFKDUDFWHUVLVLQFOXGHGLQ
#=B3 #KDSWHU-DWK/EMHFWV LQWKH;ULWHU'XLGH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
*1!,-! ++!,-!
5@D<5 '+%
69H5 ".
;5AA5
$((
DG= +-&
D<= +%&
H<9H5 .%".
!QRWKHUZD\WRHQWHU'UHHNFKDUDFWHUVLVE\XVLQJWKHFDWDORJ
ZLQGRZ'RWR.EEBI7J7BE=8KHFDWDORJZLQGRZLVVKRZQLQ
&LJXUH9QGHUs7\PERO7HWtVHOHFWs'UHHNtDQGGRXEOH
FOLFNRQD
'UHHNOHWWHUIURPWKHOLVW
&LJXUH#DWDORJ XVHGIRUHQWHULQJ'UHHNFKDUDFWHUV
F/;>:3
&RUWKLVH[DPSOHZHZLOOVXSSRVHWKDW
l ;HZDQWWRHQWHUWKHDERYHIRUPXODWKHYDOXHRISLURXQGHGWR
GHFLPDOSODFHV
l ;HNQRZWKHQDPHRIWKH'UHHNFKDUDFWHUsSLt
l "XWZHGRQRWNQRZWKHPDUNXSDVVRFLDWHGZLWKWKH V\PERO
#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK
-J;F
8\SHstIROORZHGE\WKHWH[WsSLt8KLVGLVSOD\VWKH'UHHN
FKDUDFWHU
-J;F/SHQWKH7HOHFWLRQZLQGRZ0?;M-;B;9J?ED
-J;F8KH V\PEROLVDUHODWLRQVRZHFOLFNRQWKHUHODWLRQV
EXWWRQ )I\RXKRYHUWKHPRXVHRYHUWKLVEXWWRQ\RXVHHWKH
WRROWLSs6HODWLRQVt&LJXUH
&LJXUH8RROWLSLQGLFDWHVWKH6HODWLRQVEXWWRQ
-J;F$HOHWHWKHWH[WDQGDGGstDWWKHHQGRIWKH
HTXDWLRQ(HQFHZHHQGXSZLWKWKHPDUNXSsD=G=A9E
t
8KHUHVXOWLVVKRZQLQ&LJXUH
&LJXUH&LQDOUHVXOW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
CAB=;7H/B7=<A
=@;C:/327B=@/A/4:=/B7<5E7<2=E
!VVHHQLQ&LJXUHWKHIRUPXODHGLWRUFDQFRYHUDODUJHSDUWRI
WKH;ULWHUZLQGRZ8RWXUQWKHIRUPXODHGLWRULQWRDIORDWLQJZLQGRZ
GRWKLV
(RYHUWKHPRXVHRYHUWKHHGLWRUIUDPHDVVKRZQLQ&LJXUH
(ROGGRZQWKH#RQWURONH\DQGGRXEOH
FOLFN
&LJXUH(ROGGRZQWKH#RQWURONH\DQGGRXEOH
FOLFNRQWKH
ERUGHURIWKHPDWKHGLWRUWRWXUQLWLQWRDIORDWLQJZLQGRZ
&LJXUHVKRZVWKHUHVXOW=RXFDQPDNHWKHIORDWLQJZLQGRZEDFN
LQWRDQHPEHGGHGIUDPHXVLQJWKHVDPHVWHSV(ROGGRZQWKH
#RQWURONH\DQGGRXEOH
FOLFNWKHZLQGRZIUDPH
&LJXUH%TXDWLRQHGLWRUDVDIORDWLQJZLQGRZ
#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK
=E1/<;/93/4=@;C:/07553@
8KLVLVRQHRIWKHPRVWFRPPRQTXHVWLRQVSHRSOHDVNDERXW
//R-DWK8KHDQVZHULVVLPSOHEXWQRWLQWXLWLYH
7WDUWWKHIRUPXODHGLWRUDQGJRWR EHC7J EDJI?P;
&LJXUH#KDQJLQJWKHIRQWVL]HIRUDIRUPXOD
7HOHFWDODUJHUIRQWVL]HXQGHUs"DVH7L]HtWRS
PRVWHQWU\ DV
VKRZQLQ&LJXUH
&LJXUH%GLW"DVHVL]HWRS WRPDNHDIRUPXODELJJHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8KHUHVXOWRIWKLVFKDQJHLVLOOXVWUDWHGLQ&LJXUH
&LJXUH6HVXOWRIFKDQJLQJWKHEDVHIRQWVL]H
=@;C:/:/G=CB
8KHPRVWGLIILFXOWSDUWRIXVLQJ//R-DWKFRPHVZKHQZULWLQJ
FRPSOLFDWHGHTXDWLRQV8KLVVHFWLRQSURYLGHVVRPHDGYLFHDERXW
ZULWLQJFRPSOH[IRUPXODV
@/193BA/@3G=C@4@73<2A
//R-DWKNQRZVQRWKLQJDERXWRUGHURIRSHUDWLRQ=RXPXVWXVH
EUDFNHWVWRVWDWHWKHRUGHURIRSHUDWLRQVH[SOLFLWO\#RQVLGHUWKH
IROORZLQJH[DPSOH
,&/+ !-/'.
CJ9FL
CJ9FOL
P
?C/B7=<A=D3@;=@3B6/<=<3:7<3
7XSSRVH\RXZDQWWRW\SHDQHTXDWLRQFRYHULQJPRUHWKDQRQHOLQH
&RUH[DPSOH
=RXUILUVWUHDFWLRQZRXOGEHWRVLPSO\SUHVVWKH%QWHUNH\(RZHYHULI
\RXSUHVVWKH%QWHUNH\WKRXJKWKHPDUNXSJRHVWRDQHZOLQHWKH
UHVXOWLQJHTXDWLRQGRHVQRW=RXPXVWW\SHWKHQHZOLQHFRPPDQG
H[SOLFLWO\8KLVLVLOOXVWUDWHGLQWKHWDEOHEHORZ
#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK
,&/+ !-/'.
L
M
LB9K@=B9
M
=;;=<>@=0:3;/@3/A
=E2=/22:7;7BAB=;GAC; 7<B35@/:
8KHsVXPtDQGsLQWtFRPPDQGVFDQRSWLRQDOO\ WDNHLQWKH
SDUDPHWHUVsIURPtDQGsWRt8KHVHDUHXVHGIRUORZHUDQGXSSHU
OLPLWVUHVSHFWLYHO\8KHVHSDUDPHWHUVFDQEHXVHGVLQJO\RUWRJHWKHU
,LPLWVIRULQWHJUDOVDUHXVXDOO\WUHDWHGDVVXEVFULSWVDQG
VXSHUVFULSWV
,&/+ !-/'.
GIA:FCA?HCB54?
=BH:FCAHCL:H8H
RU RU
=BH43L:H8H
=BH:FCA,9:
GIAHC=B:=B=HM3OBP
&RUPRUHGHWDLOVRQLQWHJUDOVDQGVXPVVHH#KDSWHU
#=B3 -DWK/EMHFWV LQWKH;ULWHU'XLGH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
@/193BAE7B6;/B@713A:==9C5:G
&RUEDFNJURXQGZHVWDUWZLWKDQRYHUYLHZRIWKHPDWUL[FRPPDQG
,&/+ !-/'.
A5HF=LO5678P
6RZVDUHVHSDUDWHGE\WZRvVDQGHQWULHVZLWKLQHDFK
#=B3 URZDUHVHSDUDWHGE\RQH
8KHILUVWSUREOHPSHRSOHKDYHZLWKPDWULFHVLVWKDWEUDFNHWVGRQRW
sVFDOHtZLWKWKHPDWUL[
,&/+ !-/'.
A5HF=LO5678P
//R-DWKSURYLGHVsVFDODEOHtEUDFNHWV8KDWLVWKHEUDFNHWVJURZLQ
VL]HWRPDWFKWKHVL]HRIWKHLUFRQWHQWV9VHWKHFRPPDQGVOHIWDQG
ULJKW WRPDNHVFDODEOHEUDFNHWV
,&/+ !-/'.
@9:HA5HF=LO5678PF=;<H
)7> 9VHOHIW?DQGULJKWAWRREWDLQVTXDUHEUDFNHWV
=E2=;/93/23@7D/B7D3
-DNLQJGHULYDWLYHVHVVHQWLDOO\FRPHVGRZQWRRQHWULFN8HOO//RLWvV
DIUDFWLRQ
)QRWKHUZRUGV\RXKDYHWRXVHWKHsRYHUtFRPPDQG#RPELQHWKLV
ZLWKHLWKHUWKHOHWWHUsGtIRUDWRWDOGHULYDWLYH RUWKHsSDUWLDOt
FRPPDQGIRUDSDUWLDOGHULYDWLYH WRDFKLHYHWKHHIIHFWRID
GHULYDWLYH
#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK
,&/+ !-/'.
O8:PCJ9FO8LP
OD5FH=5@:PCJ9FOD5FH=5@MP
OD5FH=5@3:PCJ9FOD5FH=5@H3P
.RWLFHWKDWZHKDGWRXVHVTXLJJO\EUDFNHWVWRPDNH
#=B3 WKHGHULYDWLYH
#C;03@7<53?C/B7=<A
%TXDWLRQQXPEHULQJLVRQHRI//R-DWKvVEHVWKLGGHQIHDWXUHV8KH
VWHSVDUHVLPSOHEXWREVFXUH
7WDUWDQHZOLQH
8\SHsIQtDQGWKHQSUHVV&
8KHsIQtLVUHSODFHGE\DQXPEHUHGIRUPXOD
=RXFDQUHIHUHQFHDQHTXDWLRQsDVVKRZQLQ%TXDWLRQ t ZLWK
WKHVHVWHSV
#DI;HJHEII H;<;H;D9;
#OLFNRQWKH6HIHUHQFHVWDE&LJXUH
9QGHU8\SHVHOHFW8H[W
9QGHU7HOHFWLRQSLFNWKHHTXDWLRQQXPEHU
9QGHU&RUPDWFKRRVH6HIHUHQFH
#OLFN#DI;HJ
$RQH)I\RXODWHUDGGPRUHHTXDWLRQVWRWKHSDSHUEHIRUHWKH
UHIHUHQFHGHTXDWLRQDOOWKHHTXDWLRQVZLOODXWRPDWLFDOO\UHQXPEHU
DQGWKHFURVV
UHIHUHQFHVZLOOXSGDWH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH)QVHUWLQJDFURVV
UHIHUHQFHWRDQHTXDWLRQQXPEHU
8RLQVHUWWKHHTXDWLRQQXPEHUZLWKRXWSDUHQWKHVLV
)7> DURXQGLWFKRRVH.XPEHULQJLQVWHDGRI6HIHUHQFH
XQGHU&RUPDW
#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK
>7FJ;H
*H?DJ?D=NFEHJ?D=
7D: C7?B?D=
8KLVFKDSWHUSURYLGHVJHQHUDOLQIRUPDWLRQDERXWSULQWLQJH[SRUWLQJ
DQGH
PDLOLQJGRFXPHQWVIURP//R
&C719>@7<B7<5
=RXFDQFKDQJHWKHDFWLRQRIWKH*H?DJ ?B;?H;9JBO
LFRQWRVHQGWKHGRFXPHQWWRWKHSULQWHUGHILQHGIRU
WKHGRFXPHQWLQVWHDGRIWKHGHIDXOWSULQWHUIRUWKH
#=B3 FRPSXWHU'RWR.EEBI)FJ?EDI&E7:-7L;
!;D;H7BDQGVHOHFWWKH&E7:FH?DJ;HI;JJ?D=IM?J>
J>;:E9KC;DJRSWLRQ
=<B@=::7<5>@7<B7<5
&RUPRUHFRQWURORYHUSULQWLQJXVH ?B;*H?DJWRGLVSOD\WKH0ULQW
GLDORJ
/QWKH0ULQWGLDORJ\RXFDQFKRRVH
l ;KLFKSULQWHUWRXVHLIPRUHWKDQRQHDUHLQVWDOOHGRQ\RXU
V\VWHP DQGWKHSURSHUWLHVRIWKHSULQWHUrIRUH[DPSOH
RULHQWDWLRQSRUWUDLWRUODQGVFDSH ZKLFKSDSHUWUD\WRXVHDQG
ZKDWSDSHUVL]HWRSULQWRQ8KHSURSHUWLHVDYDLODEOHGHSHQGRQ
WKHVHOHFWHGSULQWHUFRQVXOWWKHSULQWHUvVGRFXPHQWDWLRQIRU
GHWDLOV
&LJXUH8KH0ULQWGLDORJ
7HOHFWLRQVRQWKH0ULQWHU/SWLRQVGLDORJDUHGLIIHUHQWLQ;ULWHU#DOF
)PSUHVVDQG$UDZEXWLQDOOFDVHVWKH\DSSO\WRWKLVSULQWLQJRIWKLV
GRFXPHQWRQO\&RUGHWDLOVVHHWKHFKDSWHUVRQWKHYDULRXV//R
FRPSRQHQWV
8RVSHFLI\GHIDXOWSULQWLQJRSWLRQVVHH#KDSWHU7HWWLQJXS
/SHQ/IILFHRUJ DQGWKHFKDSWHUVRQWKHYDULRXV//RFRPSRQHQWV
F>=@B7<5B=%
/SHQ/IILFHRUJFDQH[SRUWGRFXPHQWVWR0$&0RUWDEOH$RFXPHQW
&RUPDW 8KLVLQGXVWU\
VWDQGDUGILOHIRUPDWLVLGHDOIRUVHQGLQJWKH
ILOHWRVRPHRQHHOVHWRYLHZXVLQJ!GREH6HDGHURURWKHU0$&
YLHZHUV
8KHSURFHVVDQGGLDORJVDUHWKHVDPHIRU;ULWHU#DOF)PSUHVVDQG
$UDZZLWKDIHZPLQRUGLIIHUHQFHVPHQWLRQHGLQWKLVVHFWLRQ
=<B@=::7<5%1=<B3<B/<2?C/:7BG
&RUPRUHFRQWURORYHUWKHFRQWHQWDQGTXDOLW\RIWKHUHVXOWLQJ0$&
XVH ?B;NFEHJ7I* 8KH0$&/SWLRQVGLDORJRSHQV8KLV
GLDORJKDVILYHSDJHV'HQHUDO)QLWLDO:LHZ9VHU)QWHUIDFH,LQNVDQG
7HFXULW\ -DNH\RXUVHOHFWLRQVDQGWKHQFOLFNNFEHJ8KHQ\RXDUH
DVNHGWRHQWHUWKHORFDWLRQDQGILOHQDPHRIWKH0$&WREHFUHDWHG
DQGFOLFN-7L;WRH[SRUWWKHILOH
!)!,'+#!*"
+.%*)- %'*#
/QWKH'HQHUDOSDJH\RXFDQFKRRVHZKLFKSDJHVWRLQFOXGHLQWKH
0$&WKHW\SHRIFRPSUHVVLRQWRXVHIRULPDJHVZKLFKDIIHFWVWKH
TXDOLW\RILPDJHVLQWKH0$& DQGRWKHURSWLRQV
&LJXUH'HQHUDOSDJHRI0$&/SWLRQVGLDORJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
'/<53A31B7=<
l BB%[SRUWVWKHHQWLUHGRFXPHQW
l *7=;I8RH[SRUWDUDQJHRISDJHVXVHWKHIRUPDW SDJHVWR
8RH[SRUWVLQJOHSDJHVXVHWKHIRUPDW
SDJHVDQG
=RXFDQDOVRH[SRUWDFRPELQDWLRQRISDJHUDQJHVDQGVLQJOH
SDJHVE\XVLQJDIRUPDWOLNH
l -;B;9J?ED%[SRUWVZKDWHYHUPDWHULDOLVVHOHFWHG
;/53AA31B7=<
l &EIIB;II9ECFH;II?ED)PDJHVDUHVWRUHGZLWKRXWDQ\ORVVRI
TXDOLW\8HQGVWRPDNHODUJHILOHVZKHQXVHGZLWKSKRWRJUDSKV
6HFRPPHQGHGIRURWKHULPDJHV
l $*!9ECFH;II?ED!OORZVIRUYDU\LQJGHJUHHVRITXDOLW\!
VHWWLQJRIWHQGVWRZRUNZHOOZLWKSKRWRJUDSKVVPDOOILOH
VL]HOLWWOHSHUFHSWLEOHORVVRITXDOLW\
l ,;:K9;?C7=;H;IEBKJ?ED,RZHU
$0)GRWVSHULQFK LPDJHV
KDYHORZHUTXDOLW\
%07LPDJHVZLWKHPEHGGHGSUHYLHZVDUHH[SRUWHGRQO\
#=B3 DVSUHYLHZV%07LPDJHVZLWKRXWHPEHGGHGSUHYLHZV
DUHH[SRUWHGDVHPSW\SODFHKROGHUV
3<3@/:A31B7=<
l *
0$&!LVDQ)7/VWDQGDUGHVWDEOLVKHGLQIRUORQJ
WHUPSUHVHUYDWLRQRIGRFXPHQWVE\HPEHGGLQJDOOWKHSLHFHV
QHFHVVDU\IRUIDLWKIXOUHSURGXFWLRQVXFKDVIRQWV ZKLOH
IRUELGGLQJRWKHUHOHPHQWVLQFOXGLQJIRUPVVHFXULW\HQFU\SWLRQ
DQGWDJJHG0$& )I\RXVHOHFW0$&!
WKHIRUELGGHQHOHPHQWV
DUHJUH\HG
RXWQRWDYDLODEOH
l .7==;:* %[SRUWVVSHFLDOWDJVLQWRWKHFRUUHVSRQGLQJ0$&
WDJV7RPHWDJVWKDWDUHH[SRUWHGDUHWDEOHRIFRQWHQWV
K\SHUOLQNVDQGFRQWUROV8KLVRSWLRQFDQLQFUHDVHILOHVL]HV
VLJQLILFDQWO\
l NFEHJ8EEAC7HAI%[SRUWVKHDGLQJVLQ;ULWHUGRFXPHQWVDQG
SDJHQDPHVLQ)PSUHVVDQG$UDZGRFXPHQWVDVsERRNPDUNVtD
WDEOHRIFRQWHQWVOLVWGLVSOD\HGE\VRPH0$&UHDGHUVLQFOXGLQJ
!GREH6HDGHU
l NFEHJDEJ;I%[SRUWVQRWHVLQ;ULWHUDQG#DOFGRFXPHQWVDV
0$&QRWHV=RXPD\QRWZDQWWKLV
l H;7J;* <EHC -K8C?J<EHC7J#KRRVHWKHIRUPDWRI
VXEPLWWLQJIRUPVIURPZLWKLQWKH0$&ILOH8KLVVHWWLQJRYHUULGHV
)%.%'%!1+#!*"
+.%*)- %'*#
/QWKH)QLWLDO:LHZSDJH\RXFDQFKRRVHKRZWKH0$&RSHQVE\
GHIDXOWLQD0$&YLHZHU8KHVHOHFWLRQVVKRXOGEHVHOI
H[SODQDWRU\
&LJXUH)QLWLDO:LHZSDJHRI0$&/SWLRQVGLDORJ
-!,).!,"!+#!*"
+.%*)- %'*#
/QWKH9VHU)QWHUIDFHSDJH\RXFDQFKRRVHPRUHVHWWLQJVWRFRQWURO
KRZD0$&YLHZHUGLVSOD\VWKHILOH7RPHRIWKHVHFKRLFHVDUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
SDUWLFXODUO\XVHIXOZKHQ\RXDUHFUHDWLQJD0$&WREHXVHGDVD
SUHVHQWDWLRQRUDNLRVN
W\SHGLVSOD\
,7<2=E=>B7=<AA31B7=<
l ,;I?P;M?D:EMJE?D?J?7BF7=;
#DXVHVWKH0$&YLHZHUZLQGRZ
WRUHVL]HWRILWWKHILUVWSDJHRIWKH0$&
l ;DJ;HM?D:EMEDI9H;;D
#DXVHVWKH0$&YLHZHUZLQGRZWREH
FHQWHUHGRQWKHFRPSXWHUVFUHHQ
l )F;D?D<KBBI9H;;DCE:;
#DXVHVWKH0$&YLHZHUWRRSHQIXOO
VFUHHQLQVWHDGRILQDVPDOOHUZLQGRZ
l ?IFB7O:E9KC;DJJ?JB;
#DXVHVWKH0$&YLHZHUWRGLVSOD\WKH
GRFXPHQWvVWLWOHLQWKHWLWOHEDU
&LJXUH9VHU)QWHUIDFHSDJHRI0$&/SWLRQVGLDORJ
*A3@7<B3@4/13=>B7=<AA31B7=<
l "?:;C;DK87H
#DXVHVWKH0$&YLHZHUWRKLGHWKHPHQXEDU
l "?:;JEEB87H
#DXVHVWKH0$&YLHZHUWRKLGHWKHWRROEDU
l "?:;M?D:EM9EDJHEBI
#DXVHVWKH0$&YLHZHUWRKLGHRWKHU
ZLQGRZFRQWUROV
==9;/@9A
7HOHFWKRZPDQ\KHDGLQJOHYHOVDUHGLVSOD\HGDVERRNPDUNVLI
%[SRUWERRNPDUNVLVVHOHFWHGRQWKH'HQHUDOSDJH
%)&-+#!*"
+.%*)- %'*#
/QWKLVSDJH\RXFDQFKRRVHKRZOLQNVDUHH[SRUWHGWR0$&
F>=@B0==9;/@9A/A</;3223AB7</B7=<A
)I\RXKDYHGHILQHG;ULWHUERRNPDUNV)PSUHVVRU$UDZVOLGH
QDPHVRU#DOFVKHHWQDPHVWKLVRSWLRQH[SRUWVWKHPDVsQDPHG
GHVWLQDWLRQVtWRZKLFK;HESDJHVDQG0$&GRFXPHQWVFDQOLQN
=<D3@B2=1C;3<B@343@3<13AB=%B/@53BA
)I\RXKDYHGHILQHGOLQNVWRRWKHUGRFXPHQWVZLWK/SHQ$RFXPHQW
H[WHQVLRQVVXFKDV/$8/$7DQG/$0 WKLVRSWLRQFRQYHUWV
WKHILOHVQDPHVWR0$&LQWKHH[SRUWHG0$&GRFXPHQW
&LJXUH,LQNVSDJHRI0$&/SWLRQVGLDORJ
F>=@B*'!A@3:/B7D3B=47:3AGAB3;
)I\RXKDYHGHILQHGUHODWLYHOLQNVLQDGRFXPHQWWKLVRSWLRQ
H[SRUWVWKRVHOLQNVWRWKH0$&
@=AA2=1C;3<B:7<9A
$HILQHVWKHEHKDYLRURIOLQNVFOLFNHGLQ0$&ILOHV
!/,%.3+#!*"
+.%*)- %'*#
0$&H[SRUWLQFOXGHVRSWLRQVWRHQFU\SWWKH0$&VRLWFDQQRWEH
RSHQHGZLWKRXWDSDVVZRUG DQGDSSO\VRPHGLJLWDOULJKWV
PDQDJHPHQW$6- IHDWXUHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH7HFXULW\SDJHRI0$&/SWLRQVGLDORJ
l ;LWKDQRSHQSDVVZRUGVHWWKH0$&FDQRQO\EHRSHQHGZLWKWKH
SDVVZRUG/QFHRSHQHGWKHUHDUHQRUHVWULFWLRQVRQZKDWWKH
XVHUFDQGRZLWKWKHGRFXPHQWIRUH[DPSOHSULQWFRS\RU
FKDQJHLW
l ;LWKDSHUPLVVLRQVSDVVZRUGVHWWKH0$&FDQEHRSHQHGE\
DQ\RQHEXWLWVSHUPLVVLRQVFDQEHUHVWULFWHG7HH&LJXUH
l ;LWKERWKWKHRSHQSDVVZRUGDQGSHUPLVVLRQSDVVZRUGVHWWKH
0$&FDQRQO\EHRSHQHGZLWKWKHFRUUHFWSDVVZRUGDQGLWV
SHUPLVVLRQVFDQEHUHVWULFWHG
0HUPLVVLRQVVHWWLQJVDUHHIIHFWLYHRQO\LIWKHXVHUvV
#=B3 0$&YLHZHUUHVSHFWVWKHVHWWLQJV
&LJXUHVKRZVWKHSRS
XSGLDORJGLVSOD\HGZKHQ\RXFOLFNWKH-;J
EF;DF7IIMEH:EXWWRQRQWKH7HFXULW\SDJHRIWKH0$&/SWLRQV
GLDORJ
!IWHU\RXVHWDSDVVZRUGIRUSHUPLVVLRQVWKHRWKHUFKRLFHVRQWKH
7HFXULW\SDJHVKRZQLQ&LJXUH EHFRPHDYDLODEOH8KHVH
VHOHFWLRQVVKRXOGEHVHOI
H[SODQDWRU\
;/7:7<52=1C;3<BA
//RSURYLGHVVHYHUDOZD\VWRTXLFNO\DQGHDVLO\VHQGGRFXPHQWVDV
DQH
PDLODWWDFKPHQWLQRQHRIWKUHHIRUPDWV/SHQ$RFXPHQW//RvV
GHIDXOWIRUPDW -LFURVRIW/IILFHIRUPDWVRU0$&
8RVHQGWKHFXUUHQWGRFXPHQWLQ/SHQ$RFXPHQWIRUPDW
#KRRVH ?B;-;D:E9KC;DJ7I C7?B/SHQ/IILFHRUJ
RSHQVWKHH
PDLOSURJUDPVSHFLILHGLQ.EEBI)FJ?EDI
#DJ;HD;J C7?B8KHGRFXPHQWLVDWWDFKHG
)Q\RXUH
PDLOSURJUDPHQWHUWKHUHFLSLHQWVXEMHFWDQGDQ\WH[W
\RXZDQWWRDGGWKHQVHQGWKHH
PDLO
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
?B;-;D: C7?B7I)F;DE9KC;DJ.;NJRU7SUHDGVKHHWRU
0UHVHQWDWLRQ KDVWKHVDPHHIIHFW
)I\RXFKRRVH C7?B7I'?9HEIE<J51EH:N9;BRU*EM;HFE?DJ6
//RILUVWFUHDWHVDILOHLQRQHRIWKRVHIRUPDWVDQGWKHQRSHQV\RXUH
PDLOSURJUDPZLWKWKHILOHDWWDFKHG
7LPLODUO\LI\RXFKRRVH C7?B7I* //RILUVWFUHDWHVD0$&
XVLQJ\RXUGHIDXOW0$&VHWWLQJVDVZKHQXVLQJWKHNFEHJ?H;9JBO
7I* WRROEDUEXWWRQ DQGWKHQRSHQV\RXUHPDLOSURJUDPZLWK
WKH0$&ILOHDWWDFKHG
;/7:7<5/2=1C;3<BB=A3D3@/:@317>73<BA
8RH
PDLODGRFXPHQWWRVHYHUDOUHFLSLHQWV\RXFDQXVHWKHIHDWXUHV
LQ\RXUH
PDLOSURJUDPRU\RXFDQXVH//RvVPDLOPHUJHIDFLOLWLHVWR
H[WUDFWHPDLODGGUHVVHVIURPDQDGGUHVVERRN
=RXFDQXVH//RvVPDLOPHUJHWRVHQGH
PDLOLQWZRZD\V
l 9VHWKH-DLO-HUJH;L]DUGWRFUHDWHWKHGRFXPHQWDQGVHQGLW
7HH#KDSWHU9VLQJ-DLO-HUJH RIWKH;ULWHU'XLGHIRU
GHWDLOV
l #UHDWHWKHGRFXPHQWLQ;ULWHUZLWKRXWXVLQJWKH;L]DUGWKHQXVH
WKH;L]DUGWRVHQGLW8KLVPHWKRGLVGHVFULEHGKHUH
8RXVHWKH-DLO-HUJH;L]DUGWRVHQGDSUHYLRXVO\
FUHDWHG;ULWHU
GRFXPHQW
#OLFN.EEBI'7?B';H=;1?P7H:/QWKHILUVWSDJHRIWKH
ZL]DUG&LJXUH VHOHFW/I;J>;9KHH;DJ:E9KC;DJDQG
FOLFN(;NJ
&LJXUHHOHFWVWDUWLQJGRFXPHQW
&LJXUH7HOHFWGRFXPHQWW\SH
/QWKHWKLUGSDJH&LJXUH FOLFNWKH-;B;9J::H;II&?IJ
EXWWRQ7HOHFWWKHUHTXLUHGDGGUHVVOLVWHYHQLIRQO\RQHLV
VKRZQ DQGWKHQFOLFN)%)IWKHDGGUHVVOLVW\RXQHHGLVQRW
VKRZQKHUH\RXFDQFOLFN::WRILQGLWDQGDGGLWWRWKHOLVW
"DFNRQWKH7HOHFWDGGUHVVOLVWSDJHFOLFN(;NJ/QWKH#UHDWH
VDOXWDWLRQSDJH&LJXUH GHVHOHFW.>?I:E9KC;DJI>EKB:
9EDJ7?D7I7BKJ7J?ED
&LJXUH7HOHFWLQJDQDGGUHVVOLVW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)QWKHOHIW
KDQGOLVWFOLFN
-7L;FH?DJEHI;D://RGLVSOD\V
Ds#UHDWLQJGRFXPHQWVtPHVVDJHDQGWKHQGLVSOD\VWKH7DYH
SULQWRUVHQGSDJHRIWKH;L]DUG
7HOHFW-;D:C;H=;::E9KC;DJ7I '7?B8KHORZHUSDUWRI
WKHSDJHFKDQJHVWRVKRZH
PDLOVHWWLQJVFKRLFHVVHH&LJXUH
8\SHDVXEMHFWIRU\RXUHPDLODQGFOLFN-;D::E9KC;DJI//R
VHQGVWKHH
PDLOV
&LJXUH$HVHOHFWLQJDVDOXWDWLRQ
&LJXUH7HQGLQJDGRFXPHQWDVDQHPDLOPHVVDJH
!VLJQHGGRFXPHQWVKRZVDQLFRQ LQWKHVWDWXVEDU=RXFDQ
GRXEOH
FOLFNWKHLFRQWRYLHZWKHFHUWLILFDWH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
!H7F>?9IJ>;!7BB;HO
7D: EDJMEHA
<A3@B7<5/<7;/534@=;/47:3
8RLQVHUWDQLPDJHIURPDILOHWKHILOHPXVWEHDOUHDG\VWRUHGLQD
GLUHFWRU\IROGHU RQWKHFRPSXWHU
$HWHUPLQHWKHGHVWLQDWLRQIRUWKHLPDJH0ODFHWKHFXUVRUDWRU
QHDUWKHDSSURSULDWHORFDWLRQLQWKHGRFXPHQW
/QWKHPDLQPHQXVHOHFW#DI;HJ*?9JKH; HEC ?B;8KLV
GLVSOD\VWKHGLDORJVKRZQLQ&LJXUH
.DYLJDWHWRWKHILOHWREHLQVHUWHGVHOHFWLWDQGFOLFN)F;D
!WWKHERWWRPRIWKH)QVHUWSLFWXUHGLDORJDUHWZR
FKHFNER[HV)I*H;L?;MLVFKHFNHGWKHVHOHFWHG
#=B3 JUDSKLFILOHLVSUHYLHZHGLQDSDQHDVVKRZQLQ&LJXUH
VR\RXFDQYHULI\WKDW\RXKDYHWKHFRUUHFWILOH
8KH&?DARSWLRQLVGLVFXVVHGEHORZ
!7<97<5/<7;/5347:3
)IWKH&?DARSWLRQLQWKH)QVHUWSLFWXUHGLDORJLVVHOHFWHG//RFUHDWHV
DOLQNWRWKHILOHFRQWDLQLQJWKHLPDJHLQVWHDGRIVDYLQJDFRS\RIWKH
LPDJHLQWKHGRFXPHQW8KHUHVXOWLVWKDWWKHLPDJHLVGLVSOD\HGLQ
WKHGRFXPHQWEXWZKHQWKHGRFXPHQWLVVDYHGLWFRQWDLQVRQO\D
UHIHUHQFHWRWKHLPDJHILOHrQRWWKHLPDJHLWVHOI8KHGRFXPHQWDQG
WKHLPDJHUHPDLQDVWZRVHSDUDWHILOHVDQGWKH\DUHPHUJHGWRJHWKHU
RQO\ZKHQ\RXRSHQWKHGRFXPHQWDJDLQ
,LQNLQJDQLPDJHKDVWZRDGYDQWDJHVDQGRQHGLVDGYDQWDJH
l !GYDQWDJHq,LQNLQJFDQUHGXFHWKHVL]HRIWKHGRFXPHQWZKHQLW
LVVDYHGEHFDXVHWKHLPDJHILOHLWVHOILVQRWLQFOXGHG&LOHVL]HLV
XVXDOO\QRWDSUREOHPRQDPRGHUQFRPSXWHUZLWKDUHDVRQDEOH
DPRXQWRIPHPRU\XQOHVVWKHGRFXPHQWLQFOXGHVPDQ\ODUJH
JUDSKLFVILOHV//RFDQKDQGOHTXLWHODUJHILOHV
l !GYDQWDJHq=RXFDQPRGLI\WKHLPDJHILOHVHSDUDWHO\ZLWKRXW
FKDQJLQJWKHGRFXPHQWEHFDXVHWKHOLQNWRWKHILOHUHPDLQVYDOLG
DQGWKHPRGLILHGLPDJHZLOODSSHDUZKHQ\RXQH[WRSHQWKH
GRFXPHQW8KLVFDQEHDELJDGYDQWDJHLI\RXRUVRPHRQHHOVH
SHUKDSVDJUDSKLFDUWLVW LVXSGDWLQJLPDJHV
l $LVDGYDQWDJHq)I\RXVHQGWKHGRFXPHQWWRVRPHRQHHOVHRU
PRYHLWWRDGLIIHUHQWFRPSXWHU\RXPXVWDOVRVHQGWKHLPDJH
ILOHVRUWKHUHFHLYHUZLOOQRWEHDEOHWRVHHWKHOLQNHGLPDJHV=RX
QHHGWRNHHSWUDFNRIWKHORFDWLRQRIWKHLPDJHVDQGPDNHVXUH
WKHUHFLSLHQWNQRZVZKHUHWRSXWWKHPRQDQRWKHUPDFKLQHVR
WKHGRFXPHQWFDQILQGWKHP&RUH[DPSOH\RXPLJKWNHHSLPDJHV
LQDVXEIROGHUQDPHG)PDJHVXQGHUWKHIROGHUFRQWDLQLQJWKH
GRFXPHQW WKHUHFLSLHQWRIWKHILOHQHHGVWRSXWWKHLPDJHVLQD
VXEIROGHUZLWKWKHVDPHQDPHXQGHUWKHIROGHUFRQWDLQLQJWKH
GRFXPHQW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
;KHQLQVHUWLQJWKHVDPHLPDJHVHYHUDOWLPHVLQWKH
GRFXPHQWLWZRXOGDSSHDUEHQHILFLDOWRFUHDWHOLQNV
#=B3 KRZHYHUWKLVLVQRWQHFHVVDU\DV//RHPEHGVLQWKH
GRFXPHQWRQO\RQHFRS\RIWKHLPDJHILOH
;03227<5:7<9327;/53A
)I\RXRULJLQDOO\OLQNHGWKHLPDJHV\RXFDQHDVLO\HPEHGRQHRUPRUH
RIWKHPODWHULI\RXZLVK8RGRVR
/SHQWKHGRFXPHQWLQ/SHQ/IILFHRUJDQGFKRRVH:?J&?DAI
8KH%GLW,LQNVGLDORJ&LJXUH VKRZVDOOWKHOLQNHGILOHV)Q
WKH7RXUFHILOHOLVWVHOHFWWKHILOHV\RXZDQWWRFKDQJHIURP
OLQNHGWRHPEHGGHG
#OLFNWKHH;7A&?DAEXWWRQ
7DYHWKHGRFXPHQW
&LJXUH8KH%GLW,LQNVGLDORJ
<A3@B7<57;/53A4@=;/5@/>671A>@=5@/;
=RXFDQXVHPDQ\GLIIHUHQWJUDSKLFVSURJUDPVWRHGLWDJUDSKLFILOH
&URPWKHVHSURJUDPV\RXFDQVHOHFWFRS\DQGSDVWHDQLPDJHRU
SDUWRIDJUDSKLFLQWRDQ/SHQ/IILFHRUJGRFXPHQW&LJXUHVKRZV
DQH[DPSOHRIWKLVSURFHGXUH
<A3@B7<57;/53ACA7<5/A1/<<3@
)IDVFDQQHULVFRQQHFWHGWR\RXUFRPSXWHU//RFDQFDOOWKHVFDQQLQJ
DSSOLFDWLRQDQGLQVHUWHGWKHVFDQQHGLWHPLQWRWKH//RGRFXPHQW
SDJHDVDQLPDJH8RVWDUWWKLVSURFHGXUHSODFHWKHFXUVRUZKHUHWKH
JUDSKLFLVWREHLQVHUWHGDQGVHOHFW#DI;HJ*?9JKH;-97D
-;B;9J-EKH9;
!OWKRXJKWKLVSUDFWLFHLVTXLFNDQGHDV\LWLVXQOLNHO\WRUHVXOWLQD
KLJK
TXDOLW\LPDJHRIWKHFRUUHFWVL]H=RXPD\JHWEHWWHUUHVXOWVE\
VFDQQHGPDWHULDOLQWRDJUDSKLFVSURJUDPDQGFOHDQLQJLWXSWKHUH
EHIRUHLQVHUWLQJWKHUHVXOWLQJLPDJHLQWR//R
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
"=274G7<5/<2>=A7B7=<7<55@/>671A
/SHQ/IILFHRUJSURYLGHVPDQ\WRROVIRUUHVL]LQJPRGLI\LQJILOWHULQJ
DQGSRVLWLRQLQJJUDSKLFVZUDSSLQJWH[WDURXQGJUDSKLFVDQGXVLQJ
JUDSKLFVDVEDFNJURXQGVDQGZDWHUPDUNV8KHVHWRROVDUHGHVFULEHG
LQUHOHYDQWFKDSWHUVRIWKHRWKHUJXLGHV7RPHVRSKLVWLFDWHG
DGMXVWPHQWVRIWKHJUDSKLFVDUHEHVWGRQHLQDQLPDJHPDQLSXODWLRQ
SURJUDPDQGWKHUHVXOWVEURXJKWLQWR//RUDWKHUWKDQXVLQJ//RvV
LQEXLOWWRROV
*A7<5B63$>3<$44713=@5/::3@G
8KH!7BB;HOFRQWDLQVREMHFWVJUDSKLFVDQGVRXQGV WKDW\RXFDQ
LQVHUWLQWR\RXUGRFXPHQWV8KH'DOOHU\LVDYDLODEOHLQDOOFRPSRQHQWV
RI/SHQ/IILFHRUJ
8RRSHQWKH'DOOHU\FKRRVH.EEBI!7BB;HORUFOLFNWKH'DOOHU\LFRQ
)IWKH'DOOHU\LVRSHQWKHVHFKRLFHVFORVHLW
'UDSKLFVLQWKH'DOOHU\DUHJURXSHGE\WKHPHVVXFKDV"XOOHWV
6XOHUVDQG"DFNJURXQGV=RXFDQFUHDWHRWKHUJURXSVRUWKHPHV
8KHER[RQWKHOHIWRIWKHJDOOHU\ZLQGRZOLVWVWKHDYDLODEOHWKHPHV
#OLFNRQDWKHPHWRVHHLWVJUDSKLFVGLVSOD\HGLQWKH'DOOHU\ZLQGRZ
&LJXUHVDQGVKRZWZRYLHZVRIRQHRIWKHWKHPHVVXSSOLHG
ZLWK/SHQ/IILFHRUJ
=RXKDYHWKHRSWLRQRI)FRQ:LHZRU$HWDLOHG:LHZIRUWKH'DOOHU\DQG
\RXFDQKLGHRUVKRZWKH'DOOHU\E\FOLFNLQJRQWKH(LGHEXWWRQ
&LJXUH)FRQYLHZRIRQHWKHPHLQWKH'DOOHU\
<A3@B7<57;/53A7<B=/2=1C;3<B
=RXFDQFRS\RUOLQNDQREMHFWIURPWKH'DOOHU\LQWRDGRFXPHQW
8RLQVHUWDQREMHFW
#KRRVH.EEBI!7BB;HODQGVHOHFWDWKHPH
7HOHFWDQREMHFWZLWKDVLQJOHFOLFNWKHQGUDJDQGGURSWKH
LPDJHLQWRWKHGRFXPHQW7HH&LJXUH
=RXFDQDOVRULJKW
FOLFNRQWKHREMHFWDQGVHOHFW#DI;HJEFO
&LJXUH#RS\LQJDJUDSKLFREMHFWIURPWKH'DOOHU\LQWRD
GRFXPHQW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
<A3@B7<5=0831BA/A:7<9A
8RLQVHUWDQREMHFWDVDOLQN
#KRRVH.EEBI!7BB;HODQGVHOHFWDWKHPH
7HOHFWDQREMHFWZLWKDVLQJOHFOLFNWKHQZKLOHSUHVVLQJWKH7KLIW
DQG#WUONH\VGUDJDQGGURSWKHREMHFWLQWRWKHGRFXPHQW
<A3@B7<5/<=0831B/A/0/195@=C<2
8RLQVHUWDQREMHFWDVWKHEDFNJURXQGWRDSDJHRUSDUDJUDSK
#KRRVH.EEBI!7BB;HODQGVHOHFWDWKHPH
7HOHFWDQREMHFWZLWKDVLQJOHFOLFNULJKW
FOLFNRQWKHREMHFWDQG
FKRRVH#DI;HJ79A=HEKD:*7=;EH*7H7=H7F>
"/</57<5B63/::3@G
8KHGHIDXOWWKHPHVDUHORFNHGQRLWHPVFDQEHDGGHGRUGHOHWHG
IURPWKHVHWKHPHV8KHORFNHGWKHPHVDUHHDVLO\UHFRJQL]DEOHE\
ULJKW
FOLFNLQJRQWKHPWKHRQO\DYDLODEOHRSWLRQLQWKHSRS
XSPHQX
LV*HEF;HJ?;I
)QDGHIDXOWLQVWDOODWLRQRQO\WKH-\WKHPHVWKHPHLVFXVWRPL]DEOH
DOWKRXJKQHZWKHPHVFDQEHDGGHGDVH[SODLQHGLQs!GGLQJDQHZ
WKHPHWRWKH'DOOHU\tRQSDJH
227<5=0831BAB=B63/::3@G
=RXPD\ZLVKWRDGGWRWKH'DOOHU\DQ\LPDJHVWKDW\RXXVH
IUHTXHQWO\IRUH[DPSOHDFRPSDQ\ORJR=RXFDQWKHQYHU\HDVLO\
LQVHUWWKHVHJUDSKLFVLQWRDGRFXPHQWODWHU=RXFDQDGGLPDJHVRQO\
WRs-\8KHPHtRUWRDQ\RWKHUWKHPHWKDW\RXKDYHFUHDWHGWKHVH
DUHLQGLFDWHGE\DJUHHQLFRQLQWKHOLVWRIWKHPHV=RXFDQQRWDGG
LPDJHVWRWKHEXLOW
LQWKHPHVLQGLFDWHGE\DQLFRQRIDQRWKHUFRORU
';J>E:
VHOHFWLQJDILOH
)QWKHWKHPHvV0URSHUWLHVRQWKH&LOHV SDJHFOLFNWKH ?D: ?B;I
EXWWRQ8KH7HOHFWSDWKGLDORJRSHQV
=RXFDQHQWHUWKHSDWKIRUWKHILOHvVGLUHFWRU\LQWKH0DWKWH[W
ER[RU\RXFDQQDYLJDWHWRORFDWHWKHILOHvVGLUHFWRU\9VHWKH
&LOHW\SHGURS
GRZQOLVWWRKHOSOLPLWWKHVHDUFK
#OLFNWKH-;B;9JEXWWRQWRVWDUWWKHVHDUFK
!OLVWRIJUDSKLFILOHVLVWKHQGLVSOD\HGLQWKHZLQGRZ=RXFDQ
XVHWKH&LOHW\SHILOWHUDJDLQWRIXUWKHUOLPLWWKHVHDUFK
7HOHFWWKHILOHVWRDGG8RVHOHFWPRUHWKDQRQHILOHKROGWKH
#RQWURONH\GRZQZKLOH\RXFOLFNRQHDFKILOH
&LQDOO\FOLFN::
3:3B7<57;/53A4@=;B63/::3@G
8RGHOHWHDQLPDJHIURPDWKHPH
6LJKW
FOLFNRQWKHQDPHRIWKHLPDJHILOHRULWVWKXPEQDLOLQWKH
'DOOHU\
#OLFN;B;J;RQWKHSRS
XSPHQX!PHVVDJHDSSHDUVDVNLQJLI
\RXZDQWWRGHOHWHWKLVREMHFW#OLFN3;I
$HOHWLQJWKHQDPHRIDILOHIURPWKHOLVWLQWKH'DOOHU\
#=B3 GRHVQRWGHOHWHWKHILOHIURPWKHKDUGGLVNRURWKHU
ORFDWLRQ
227<5/<3EB63;3B=B63/::3@G
8RDGGDQHZWKHPHWRWKH'DOOHU\
#OLFNWKH(;M.>;C;EXWWRQDERYHWKHOLVWRIWKHPHV&LJXUH
)QWKH0URSHUWLHVRI.HZ8KHPHGLDORJFOLFNWKH'HQHUDOWDE
DQGW\SHDQDPHIRUWKHQHZWKHPH
#OLFNWKH&LOHV WDEDQGDGGLPDJHVWRWKHWKHPHDVGHVFULEHG
HDUOLHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
3:3B7<5/B63;34@=;B63/::3@G
=RXFDQGHOHWHRQO\WKHPHWKDW\RXKDYHDGGHGWRWKH'DOOHU\\RX
FDQQRWGHOHWHDQ\RIWKHLQEXLOWWKHPHV8RGHOHWHDWKHPHIURPWKH
'DOOHU\
'RWR.EEBI!7BB;HO
)QWKHOHIWSDUWRIWKH'DOOHU\VHOHFWLQWKHOLVWWKHWKHPH\RX
ZLVKWRGHOHWH
6LJKW
FOLFNRQWKHWKHPHWKHQFOLFN;B;J;RQWKHSRS
XSPHQX
!=1/B7=<=4B63/::3@G/<2B63=0831BA7<7B
'UDSKLFVDQGRWKHUREMHFWVVKRZQLQWKH'DOOHU\FDQEHORFDWHG
DQ\ZKHUHRQ\RXUFRPSXWHUvVKDUGGLVNRQDQHWZRUNGULYHRURQD
#$
6/-,LVWLQJVLQWKH'DOOHU\UHIHUWRWKHORFDWLRQRIHDFKREMHFW
;KHQ\RXDGGJUDSKLFVWRWKH'DOOHU\WKHILOHVDUHQRWPRYHGRU
FRSLHGRQO\WKHORFDWLRQRIHDFKQHZREMHFWLVDGGHGDVDUHIHUHQFH
)QDZRUNJURXSVLWXDWLRQ\RXPD\KDYHDFFHVVWRDVKDUHG'DOOHU\
ZKHUH\RXFDQQRWFKDQJHWKHFRQWHQWVXQOHVVDXWKRUL]HGWRGRVR
DQGDXVHU'DOOHU\ZKHUH\RXFDQDGGFKDQJHRUGHOHWHREMHFWV
8KHORFDWLRQRIWKHXVHU'DOOHU\LVVSHFLILHGLQ.EEBI)FJ?EDI
)F;D)<<?9;
EH=*7J>I=RXFDQFKDQJHWKLVORFDWLRQDQG\RXFDQ
FRS\\RXUJDOOHU\ILOHV
G8J WRRWKHUFRPSXWHUV
'DOOHU\FRQWHQWVSURYLGHGZLWK//RDUHVWRUHGLQDGLIIHUHQWORFDWLRQ
=RXFDQQRWFKDQJHWKLVORFDWLRQ
,6/B7A=<BE=@9
;LWK&RQWZRUN\RXFDQFUHDWHJUDSKLFDOWH[WDUWREMHFWVIRUPDNLQJ
\RXUZRUNPRUHDWWUDFWLYH8KHUHDUHPDQ\GLIIHUHQWVHWWLQJVIRUWH[W
DUWREMHFWVOLQHDUHDSRVLWLRQVL]HDQGPRUH VR\RXKDYHDODUJH
FKRLFH=RXZLOOVXUHO\ILQGRQHWKDWILWV\RXUGRFXPHQW
&RQWZRUNLVDYDLODEOHZLWKHDFKFRPSRQHQWRI//REXW\RXZLOO
QRWLFHVPDOOGLIIHUHQFHVLQWKHZD\WKDWHDFKFRPSRQHQWGLVSOD\VLW
)63=<BE=@9B==:0/@A
=RXFDQXVHWZRGLIIHUHQWWRROEDUVIRUFUHDWLQJDQGHGLWLQJD
&RQWZRUNREMHFW
l 'RWR0?;M.EEB87HI EDJMEHA
l )I\RXFOLFNRQDQH[LVWLQJ&RQWZRUNREMHFWWKH&RUPDWWLQJWRROEDU
FKDQJHVWRGLVSOD\WKH&RQWZRUNRSWLRQVDVVKRZQLQ&LJXUH
8KHFRQWHQWVRIWKLVWRROEDUYDU\GHSHQGLQJRQWKH//R
FRPSRQHQWZLWKZKLFKLWLVEHLQJXVHG
@3/B7<5/=<BE=@9=0831B
/QWKH$UDZLQJRU&RQWZRUNWRROEDUFOLFNWKH&RQWZRUN'DOOHU\
&LJXUH8KH&RQWZRUN'DOOHU\
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8KH&RQWZRUNREMHFWZLOODSSHDULQ\RXUGRFXPHQW.RWLFHWKH
EOXHVTXDUHVDURXQGWKHHGJHLQGLFDWLQJWKDWWKHREMHFWLV
VHOHFWHG DQGWKH\HOORZGRWWKHVHDUHGLVFXVVHGLQs-RYLQJDQG
UHVL]LQJ&RQWZRUNREMHFWVtRQSDJH
$RXEOH
FOLFNWKHREMHFWWRHGLWWKH&RQWZRUNWH[W8\SH\RXURZQ
WH[WLQSODFHRIWKHEODFN&RQWZRUNWH[WWKDWDSSHDUVRYHUWKH
REMHFW&LJXUH
#OLFNDQ\ZKHUHLQDIUHHVSDFHRUSUHVV%VFWRDSSO\\RXU
FKDQJHV
27B7<5/=<BE=@9=0831B
.RZWKDWWKH&RQWZRUNREMHFWLVFUHDWHG\RXFDQHGLWVRPHRILWV
DWWULEXWHV8RGRWKLV\RXFDQXVHWKH&RQWZRUNWRROEDUWKH
&RUPDWWLQJWRROEDURUPHQXRSWLRQVDVGHVFULEHGLQWKLVVHFWLRQ
*A7<5B63=<BE=@9B==:0/@
-DNHVXUHWKDWWKH&RQWZRUNWRROEDUVKRZQLQ&LJXUHLVYLVLEOH
)I\RXGRQRWVHHLWJRWR0?;M.EEB87HI EDJMEHA
#OLFNRQWKHGLIIHUHQWLFRQVWRHGLW&RQWZRUNREMHFWV
EDJMEHA->7F;%GLWVWKHVKDSH
RIWKHVHOHFWHGREMHFW=RXFDQ
FKRRVHIURPDSDOHWWHRIVKDSHV
&LJXUH,HIWQRUPDOOHWWHUVULJKWVDPHOHWWHUKHLJKWV
EDJMEHAB?=DC;DJ#KDQJHVWKH
DOLJQPHQWRIFKDUDFWHUV#KRLFHVDUHOHIW
DOLJQFHQWHUULJKWDOLJQZRUGMXVWLI\DQG
VWUHWFKMXVWLI\8KHHIIHFWVRIWKHWH[W
DOLJQPHQWFDQRQO\EHVHHQLIWKHWH[W
VSDQVRYHUWZRRUPRUHOLQHV)QWKH
VWUHWFKMXVWLI\PRGHDOOWKHOLQHVDUHILOOHG
FRPSOHWHO\
EDJMEHA#KDUDFWHU-F79?D=#KDQJHV
WKHFKDUDFWHUVSDFLQJDQGNHUQLQJLQWKH
REMHFW&RUFXVWRPVSDFLQJLQSXWD
SHUFHQWDJHYDOXHLVQRUPDO
VSDFLQJOHVVWKDQLVWLJKWVSDFLQJ
PRUHWKDQLVH[SDQGHGVSDFLQJ
*A7<5B63=@;/BB7<5B==:0/@
.RZOHWXVJRIXUWKHUDQGFXVWRPL]HWKH&RQWZRUNREMHFWZLWKVHYHUDO
PRUHDWWULEXWHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#OLFNRQWKH&RQWZRUNREMHFW8KH&RUPDWWLQJWRROEDUFKDQJHVWR
VKRZDOOWKHRSWLRQVIRUHGLWLQJWKHREMHFW&RUH[DPSOHWKHWRROEDU
VKRZQLQ&LJXUHDSSHDUVZKHQ\RXXVH&RQWZRUNLQ;ULWHU
&LJXUH&RUPDWWLQJWRROEDUZLWKD&RQWZRUNREMHFWVHOHFWHGLQ
;ULWHU
.RWHWKDWLQWKLVILJXUHWKHWRROEDUKDVEHHQXQGRFNHGIRUHDVHRI
LOOXVWUDWLRQXQOHVV\RXKDYHFKRVHQWRIORDWWKHWRROEDULQWKLVZD\LW
DSSHDUVLQLWVGHIDXOWGRFNHGSRVLWLRQVRPHZKHUHEHORZWKHPHQX
EDU
/QWKH&RUPDWWLQJWRROEDU\RXKDYHDODUJHFKRLFHRIRSWLRQVIRU
FXVWRPL]LQJ\RXUREMHFW8KHVHFKRLFHVDUHWKHVDPHDVWKHRQHVIRU
RWKHUGUDZLQJREMHFWV=RXFDQUHDGDERXWWKHPLQPRUHGHWDLOLQWKH
$UDZ'XLGH
%)!*+.%*)-
&?D;LFRQ/SHQVDGLDORJ&LJXUH ZLWKWKUHHWDEV&?D;&?D;
-JOB;IHHEM-JOB;I
9VHWKH&?D;WDEWRHGLWWKHPRVWFRPPRQSURSHUWLHVRIWKHOLQH
DURXQGWKHVHOHFWHG&RQWZRUNREMHFWE\FKRRVLQJIURPSUHYLRXVO\
GHILQHGDWWULEXWHVLQFOXGLQJOLQHVW\OHOLQHFRORUDQGDUURZVW\OHV
9VHWKH&?D;I-JOB;IDQGHHEM-JOB;IWDEVWRHGLWWKHSURSHUWLHVRI
OLQHDQGDUURZVW\OHVDQGGHILQHQHZVW\OHV
HHEM-JOB;LFRQ#KRRVHIURPWKHGLIIHUHQWDUURZVW\OHV
&?D;-JOB;ER[#KRRVHIURPWKHDYDLODEOHOLQHVW\OHV
&?D;1?:J>ER[7HWWKHZLGWKRIWKHOLQH
&?D;EBEHER[7HOHFWWKHFRORURIWKHOLQH
,!*+.%*)-
H;7LFRQ/SHQVDGLDORJ&LJXUH ZLWKVHYHQWDEVH;7
->7:EM.H7DIF7H;D9OEBEHI!H7:?;DJI"7J9>?D=?JC7FI
l H;7WDE#KRRVHIURPWKHSUHGHILQHGOLVWDFRORUELWPDS
JUDGLHQWRUKDWFKLQJSDWWHUQWRILOOWKHVHOHFWHGREMHFW
l ->7:EMWDE7HWWKHVKDGRZSURSHUWLHVRIWKHVHOHFWHGREMHFW
l .H7DIF7H;D9OWDE7HWWKHWUDQVSDUHQF\SURSHUWLHVRIWKH
VHOHFWHGREMHFW
l EBEHIWDE-RGLI\WKHDYDLODEOHFRORUVRUDGGQHZRQHVWRDSSHDU
RQWKH!UHDWDE
l !H7:?;DJIWDE-RGLI\WKHDYDLODEOHJUDGLHQWVRUDGGQHZRQHVWR
DSSHDURQWKH!UHDWDE
l "7J9>?D=WDE-RGLI\WKHDYDLODEOHKDWFKLQJSDWWHUQVRUDGGQHZ
RQHVWRDSSHDURQWKH!UHDWDE
l ?JC7FIJ78#UHDWHVLPSOHELWPDSSDWWHUQVDQGLPSRUWELWPDSV
WRPDNHWKHPDYDLODEOHRQWKH!UHDWDE
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH!UHDRSWLRQVGLDORJ
H;7-JOB; ?BB?D=ER[HV7HOHFWWKHW\SHRIWKHILOORIWKHVHOHFWHG
REMHFW&RUPRUHGHWDLOHGVHWWLQJVXVHWKH!UHDLFRQ
*-%.%*)%)#*+.%*)-
,EJ7J;LFRQ6RWDWHWKHVHOHFWHGREMHFWPDQXDOO\XVLQJWKHPRXVHWR
GUDJWKHREMHFW
.E EH;=HEKD:LFRQ-RYHVWKHVHOHFWHGREMHFWLQIURQWRIWKHWH[W
.E79A=HEKD:LFRQ-RYHVWKHVHOHFWHGREMHFWEHKLQGWKHWH[W
B?=DC;DJLFRQ-RGLILHVWKHDOLJQPHQWRIWKHVHOHFWHGREMHFWV
H?D=JE<HEDJLFRQ-RYHVWKHVHOHFWHGREMHFWLQIURQWRIWKHRWKHUV
-;D:JE879ALFRQ-RYHVWKHVHOHFWHGREMHFWEHKLQGWKHRWKHUV
>7D=;!D9>EHLFRQ7ZLWFKEHWZHHQDQFKRULQJRSWLRQV
l 8R0DJH
8KHREMHFWNHHSVWKHVDPHSRVLWLRQLQUHODWLRQWRWKH
SDJHPDUJLQV)WGRHVQRWPRYHDV\RXDGGRUGHOHWHWH[W
l 8R0DUDJUDSK
8KHREMHFWLVDVVRFLDWHGZLWKDSDUDJUDSKDQG
PRYHVZLWKWKHSDUDJUDSK)WPD\EHSODFHGLQWKHPDUJLQRU
DQRWKHUORFDWLRQ
*A7<5;3<C=>B7=<A
=RXFDQXVHVRPHWKHFKRLFHVRQWKH EHC7JPHQXWRDQFKRUDOLJQ
DUUDQJHDQGJURXSVHOHFWHG&RQWZRUNREMHFWVZUDSWH[WDURXQG
WKHPDQGIOLSWKHPKRUL]RQWDOO\DQGYHUWLFDOO\
=RXFDQDOVRULJKW
FOLFNRQD&RQWZRUNREMHFWDQGFKRRVHPDQ\RIWKH
VDPHRSWLRQVIURPWKHSRS
XSPHQX)QDGGLWLRQWKHSRS
XSPHQX
SURYLGHVTXLFNDFFHVVWRWKH,LQH!UHD8H[WDQG0RVLWLRQDQG7L]H
GLDORJV8KH,LQHDQG!UHDGLDORJVDUHGHVFULEHGRQSDJHVDQG
8KH8H[WGLDORJRIIHUVRQO\DIHZRSWLRQVIRU&RQWZRUNREMHFWV
DQGLVQRWGLVFXVVHGKHUH
&LJXUH0RVLWLRQDQG7L]HGLDORJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
/QWKH0RVLWLRQDQG7L]HGLDORJ&LJXUH \RXFDQHQWHUSUHFLVH
YDOXHVFRQFHUQLQJVL]HDQGSRVLWLRQ&RUPRUHLQIRUPDWLRQVHHWKH
$UDZ'XLGH
"=D7<5/<2@3A7H7<5=<BE=@9=0831BA
;KHQ\RXVHOHFWD&RQWZRUNREMHFWHLJKWEOXHVTXDUHVNQRZQDV
KDQGOHV DSSHDUDURXQGWKHHGJHRIWKHREMHFWDVVKRZQEHORZ=RX
FDQGUDJWKHVHKDQGOHVWRUHVL]HWKHREMHFW
!\HOORZGRWDOVRDSSHDUVRQWKH
REMHFW8KLVGRWPD\EHDORQJDQ
HGJHRIWKHREMHFWRULWPD\EH
VRPHZKHUHHOVHVHHILJXUHWRULJKW
IRUDQH[DPSOH)I\RXKRYHUWKH
SRLQWHURYHUWKLV\HOORZGRWWKH
SRLQWHUWXUQVLQWRDKDQGV\PERO
=RXFDQGUDJWKHGRWLQGLIIHUHQW
GLUHFWLRQVWRGLVWRUWWKHREMHFW
(RYHULQJWKHSRLQWHURYHURWKHUSDUWVRIWKHREMHFWWXUQVWKHSRLQWHU
LQWRWKHXVXDOV\PEROIRUGUDJJLQJWKHREMHFWWRDQRWKHUSDUWRIWKH
SDJH
&RUSUHFLVHFRQWURORIWKHORFDWLRQDQGVL]HRIWKHREMHFWXVHWKH
0RVLWLRQDQG7L]HGLDORJ&LJXUH
#URVVUHIHUHQFHVGRQRWEHFRPHK\SHUOLQNVLQDQ
#=B3 (8-,GRFXPHQW
<A3@B7<56G>3@:7<9A
;KHQ\RXW\SHWH[WVXFKDVDZHEVLWHDGGUHVVHVRU96, WKDWFDQEH
XVHGDVDK\SHUOLQN//RIRUPDWVLWDXWRPDWLFDOO\FUHDWLQJWKH
K\SHUOLQNDQGDSSO\LQJWRWKHWH[WDFRORUDQGXQGHUOLQLQJ)IWKLV
GRHVQRWKDSSHQ\RXFDQHQDEOHWKLVIHDWXUHXVLQJ.EEBI
KJEEHH;9J)FJ?EDIDQGVHOHFWLQJ/,&,;9E=D?J?ED
)I\RXGRQRWZDQW//RWRFRQYHUWDVSHFLILF96,WRD
K\SHUOLQNVHOHFW:?J/D:E#DI;HJIURPWKHPHQX
EDURUSUHVV#RQWURO>LPPHGLDWHO\DIWHUWKH
IRUPDWWLQJKDVEHHQDSSOLHG
8RFKDQJHWKHFRORURIK\SHUOLQNVJRWR.EEBI
)FJ?EDI)F;D)<<?9;
EH=FF;7H7D9;VFUROOWR
)7>A 9QYLVLWHGOLQNVDQGRU:LVLWHGOLQNVSLFNWKHQHZFRORUV
DQGFOLFN)%#DXWLRQWKLVZLOOFKDQJHWKHFRORUIRUDOO
K\SHUOLQNVLQDOOFRPSRQHQWVRI/SHQ/IILFHRUJrWKLV
PD\QRWEHZKDW\RXZDQW
)Q;ULWHUDQG#DOFEXWQRW$UDZRU)PSUHVV \RXFDQ
DOVRFKDQJHWKH)QWHUQHWOLQNFKDUDFWHUVW\OHRUGHILQH
DQGDSSO\QHZVW\OHVWRVHOHFWHGOLQNV
#KDSWHU#UHDWLQJ;HE0DJHV
=RXFDQDOVRLQVHUWDQGPRGLI\OLQNVXVLQJWKH(\SHUOLQNGLDORJ
&LJXUH 8RGLVSOD\WKHGLDORJFOLFNWKH"OF;HB?DALFRQ RQ
WKH7WDQGDUGWRROEDURUVHOHFW#DI;HJ"OF;HB?DAIURPWKHPHQX
EDU8RWXUQH[LVWLQJWH[WLQWRDOLQNKLJKOLJKWLWEHIRUHRSHQLQJWKH
(\SHUOLQNGLDORJ
/QWKHOHIWKDQGVLGHVHOHFWRQHRIWKHIRXUW\SHVRIK\SHUOLQNV
l #DJ;HD;JDZHEDGGUHVVQRUPDOO\VWDUWLQJZLWKKWWS
l '7?B(;MIIRUH[DPSOHDQHPDLODGGUHVV
l E9KC;DJWKHK\SHUOLQNSRLQWVWRDQRWKHUGRFXPHQWRUWR
DQRWKHUSODFHLQWKHSUHVHQWDWLRQ
l (;M:E9KC;DJWKHK\SHUOLQNFUHDWHVDQHZGRFXPHQW
&LJXUH(\SHUOLQNGLDORJVKRZLQJGHWDLOVIRU)QWHUQHWOLQNV
8KHWRSULJKWSDUWRIWKHGLDORJFKDQJHVDFFRUGLQJWRWKHFKRLFHPDGH
IRUWKHK\SHUOLQNW\SH!IXOOGHVFULSWLRQRIDOOWKHFKRLFHVDQGWKHLU
LQWHUDFWLRQVLVEH\RQGWKHVFRSHRIWKLVFKDSWHU(HUHLVDVXPPDU\
RIWKHPRVWFRPPRQFKRLFHVXVHGLQSUHVHQWDWLRQV
&RUDQ)QWHUQHWW\SHK\SHUOLQNFKRRVHWKHW\SHRIK\SHUOLQNFKRRVH
EHWZHHQ;HE&80RU8HOQHW DQGHQWHUWKHUHTXLUHGZHEDGGUHVV
96,
&RUD-DLODQG.HZVW\SHK\SHUOLQNVSHFLI\ZKHWKHULWLVDPDLORU
QHZVOLQNWKHUHFHLYHUDGGUHVVDQGIRUHPDLODOVRWKHVXEMHFW
&RUD$RFXPHQWW\SHK\SHUOLQNVSHFLI\WKHGRFXPHQWSDWKWKH)F;D
?B;EXWWRQRSHQVDILOHEURZVHU OHDYHWKLVEODQNLI\RXZDQWWROLQN
WRDWDUJHWLQWKHVDPHSUHVHQWDWLRQ/SWLRQDOO\VSHFLI\WKHWDUJHWLQ
#KDSWHU#UHDWLQJ;HE0DJHV
WKHGRFXPHQWIRUH[DPSOHDVSHFLILFVOLGH #OLFNRQWKH.7H=;JLFRQ
WRRSHQWKH.DYLJDWRUZKHUH\RXFDQVHOHFWWKHWDUJHWRULI\RXNQRZ
WKHQDPHRIWKHWDUJHW\RXFDQW\SHLWLQWRWKHER[
&RUD.HZ$RFXPHQWW\SHK\SHUOLQNVSHFLI\ZKHWKHUWRHGLWWKH
QHZO\FUHDWHGGRFXPHQWLPPHGLDWHO\RUMXVWFUHDWHLW:?JB7J;H
DQGWKHW\SHRIGRFXPHQWWRFUHDWHWH[WVSUHDGVKHHWHWF &RUD
SUHVHQWDWLRQ:?JDEMLVWKHPRUHOLNHO\FKRLFH8KH-;B;9JF7J>
EXWWRQRSHQVDGLUHFWRU\SLFNHU
8KH&XUWKHUVHWWLQJVVHFWLRQLQWKHERWWRPULJKWSDUWRIWKHGLDORJLV
FRPPRQWRDOOWKHK\SHUOLQNW\SHVDOWKRXJKVRPHFKRLFHVDUHPRUH
UHOHYDQWWRVRPHW\SHVRIOLQNV
l 7HWWKHYDOXHRI H7C;WRGHWHUPLQHKRZWKHK\SHUOLQNZLOORSHQ
8KLVDSSOLHVWRGRFXPHQWVWKDWRSHQLQD;HEEURZVHU
l EHCVSHFLILHVLIWKHOLQNLVWREHSUHVHQWHGDVWH[WRUDVDEXWWRQ
l .;NJVSHFLILHVWKHWH[WWKDWZLOOEHYLVLEOHWRWKHXVHU
l (7C;LVDSSOLFDEOHWR(8-,GRFXPHQWV)WVSHFLILHVWH[WWKDWZLOO
EHDGGHGDVD)("DWWULEXWHLQWKH(8-,FRGHEHKLQGWKH
K\SHUOLQN
l L;DJEXWWRQWKLVEXWWRQZLOOEHDFWLYDWHGWRDOORZ//RWRUHDFW
WRHYHQWVIRUZKLFKWKHXVHUKDVZULWWHQVRPHFRGHPDFUR 8KLV
IXQFWLRQLVQRWFRYHUHGLQWKLVERRN
27B7<56G>3@:7<9A
8RHGLWDQH[LVWLQJOLQNSODFHWKHFXUVRUDQ\ZKHUHLQWKHOLQNDQG
FOLFN:?J"OF;HB?DA8KH(\SHUOLQNGLDORJ&LJXUH RSHQV
-DNH\RXUFKDQJHVDQGFOLFNFFBO)I\RXQHHGWRHGLWVHYHUDO
K\SHUOLQNV\RXFDQOHDYHWKH(\SHUOLQNGLDORJRSHQXQWLO\RXKDYH
HGLWHGDOORIWKHP"HVXUHWRFOLFNFFBODIWHUHDFKRQH;KHQ\RX
DUHILQLVKHGFOLFNBEI;
8KHVWDQGDUGGHIDXOW EHKDYLRUIRUDFWLYDWLQJK\SHUOLQNVLVWRXVH
#WUOFOLFN8KLVEHKDYLRUFDQEHFKDQJHGLQ8RROV)FJ?EDI
)F;D)<<?9;
EH=-;9KH?JO)FJ?EDIE\GHVHOHFWLQJWKHRSWLRQ
JHB 9B?9AH;GK?H;:JE<EBBEM>OF;HB?DAI)IFOLFNLQJLQ\RXUOLQNV
DFWLYDWHVWKHPFKHFNWKDWSDJHWRVHHLIWKHRSWLRQKDVEHHQ
GHVHOHFWHG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
(/D7<5,@7B3@2=1C;3<BA/AE30>/53A
;ULWHUvV(8-,FDSDELOLWLHVLQFOXGHVDYLQJH[LVWLQJGRFXPHQWVLQ
(8-,IRUPDWFUHDWLQJQHZGRFXPHQWVDV(8-,DQGFUHDWLQJ
VHYHUDOGLIIHUHQWW\SHVRIZHESDJHVXVLQJDZL]DUG
8KHHDVLHVWZD\WRFUHDWH(8-,GRFXPHQWVLVWRVWDUWZLWKDQ
H[LVWLQJ;ULWHUGRFXPHQW=RXFDQYLHZLWDVLWZLOODSSHDURQDZHE
SDJHE\XVLQJ0?;M1;8&7OEKJ
(/D7<5/2=1C;3<B/A/A7<5:3E30>/53
8RVDYHDGRFXPHQWDVDVLQJOHZHESDJH(8-,IRUPDW VHOHFW-7L;
IIURPWKH ?B;PHQXDQGVSHFLI\".'&E9KC;DJDVWKHILOHW\SH
;ULWHUGRHVQRWUHSODFHPXOWLSOHVSDFHVLQWKHRULJLQDO
GRFXPHQWZLWKWKH(8-,FRGHIRUQRQ
EUHDNLQJ
VSDFHV)I\RXZDQWWRKDYHH[WUDVSDFHVLQ\RXU(8-,
#=B3 ILOHRUZHESDJH\RXQHHGWRLQVHUWQRQ
EUHDNLQJ
VSDFHVLQ//R8RGRWKLVSUHVV#RQWURO7SDFHEDU
LQVWHDGRIMXVW7SDFHEDU
(/D7<5/2=1C;3<B/A/A3@73A=4E30>/53A
;ULWHUFDQVDYHDODUJHGRFXPHQWDVDVHULHVRIZHESDJHV(8-,
ILOHV ZLWKDWDEOHRIFRQWHQWVSDJH8RGRWKLV
$HFLGHZKLFKKHDGLQJVLQWKHGRFXPHQWVKRXOGVWDUWRQDQHZ
SDJHDQGPDNHVXUHDOOWKRVHKHDGLQJVKDYHWKHVDPHVW\OHIRU
H[DPSOH(HDGLQJ
7HOHFW ?B;-;D:DQGFOLFNRQH;7J;".'&E9KC;DJ
)QWKHGLDORJ&LJXUH HQWHUWKHILOHQDPHWRVDYHWKHSDJHV
XQGHU!OVRVSHFLI\ZKLFKVW\OHLQGLFDWHVDQHZSDJHDVGHFLGHG
LQVWHS
#OLFN-7L;WRFUHDWHWKHPXOWL
SDJH(8-,GRFXPHQW&RUWKRVH
ZKRPD\EHLQWHUHVWHGWKHUHVXOWLQJ(8-,ILOHVFRQIRUPWRWKH
(8-,8UDQVLWLRQDO
#KDSWHU#UHDWLQJ;HE0DJHV
&LJXUH#UHDWLQJDVHULHVRIZHESDJHVIURPRQHGRFXPHQW
@3/B7<5E30>/53ACA7<5/,7H/@2
//RvV;HEZL]DUGDOORZV\RXWRFUHDWHVHYHUDOW\SHVRIVWDQGDUGZHE
SDJHV8RXVHLW
7HOHFW ?B;1?P7H:I1;8*7=;/QWKHILUVWSDJHRIWKH
;L]DUGFKRRVHVHWWLQJVDQGFOLFN(;NJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)IWKLVLV\RXUILUVWZHESDJHWKHRQO\VHWWLQJVRSWLRQ
#=B3 LV$HIDXOW
#KRRVHRUEURZVHWRWKHGRFXPHQW\RXZRXOGOLNHWRIRUPDW8KH
8LWOH7XPPDU\DQG!XWKRULQIRUPDWLRQLVSLFNHGXSIURPWKH
GRFXPHQWvVSURSHUWLHVLIQHFHVVDU\HGLWLW#OLFN(;NJ
#KRVHDOD\RXWIRUWKHZHEVLWHE\FOLFNLQJRQWKHOD\RXWER[HV
#OLFN(;NJ
#KDSWHU#UHDWLQJ;HE0DJHV
#KRVHWKHLQIRUPDWLRQWREHOLVWHGDQGWKHVFUHHQUHVROXWLRQ
#OLFN(;NJ
7HOHFWDVW\OHIRUWKHSDJH9VHWKHGURS
GRZQOLVWWRFKRRVH
GLIIHUHQWVW\OHVDQGFRORUFRPELQDWLRQV=RXFDQEURZVHWRD
EDFNJURXQGLPDJHDQGLFRQVHWIURPWKH'DOOHU\#OLFN(;NJ
%QWHUJHQHUDOLQIRUPDWLRQVXFKDV8LWOHDQG(8-,-HWDGDWD
LQIRUPDWLRQ#OLFN(;NJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#KRVHZKHUHWRVDYHWKHILOHDQGSUHYLHZWKHSDJHLI\RXZLVK
#OLFN ?D?I>
8RHGLWRUYLHZWKHGRFXPHQWvVXQGHUO\LQJ(8-,FRGHFOLFN0?;M
".'&-EKH9;RUFOLFNWKH".'&-EKH9;LFRQ RQWKH-DLQ
WRROEDU
#KDSWHU#UHDWLQJ;HE0DJHV
(/D7<5/:1A>@3/2A633BA/AE30>/53A
#DOFFDQVDYHILOHVDV(8-,GRFXPHQWV!VIRU;ULWHUXVH ?B;
-7L;IDQGVHOHFW".'&E9KC;DJRU ?B;1?P7H:I1;8
*7=;
)IWKHILOHFRQWDLQVPRUHWKDQRQHVKHHWWKHDGGLWLRQDOVKHHWVZLOO
IROORZRQHDQRWKHULQWKH(8-,ILOH,LQNVWRHDFKVKHHWZLOOEH
SODFHGDWWKHWRSRIWKHGRFXPHQW#DOFDOVRDOORZVWKHLQVHUWLRQRI
OLQNVGLUHFWO\LQWRWKHVSUHDGVKHHWXVLQJWKH(\SHUOLQNGLDORJ
(/D7<5;>@3AA>@3A3<B/B7=<A/AE30>/53A
=RXFDQH[SRUWSUHVHQWDWLRQVDV-DFURPHGLD&ODVKILOHVVHOHFW ?B;
NFEHJDQGFKRRVH-DFURPHGLD&ODVKIRUWKHILOHW\SH
=RXFDQDOVRFRQYHUWSUHVHQWDWLRQVLQWRDVHULHVRIZHESDJHVDV
GHVFULEHGEHORZ
7DYLQJDVZHESDJHV(8-,IRUPDW GRHVQRWUHWDLQ
#=B3 DQLPDWLRQDQGVOLGHWUDQVLWLRQV
$HSHQGLQJRQWKHVL]HRI\RXUSUHVHQWDWLRQDQGWKH
QXPEHURIJUDSKLFVLWFRQWDLQVWKH(8-,H[SRUW
IXQFWLRQFUHDWHVPDQ\(8-,*0'DQG')&ILOHV)I
#=B3 \RXVLPSO\VDYHWR\RXUGHVNWRSQRWLQDVSHFLILF
IROGHU WKHVHVHSDUDWH(8-,DQGJUDSKLFVILOHVZLOO
EHDOORYHU\RXUGHVNWRS7REHVXUHWRFUHDWHDIROGHU
WRKROGDOOWKHILOHV
#KRRVHWKHGHVLJQIRUDOORIWKHSDJHVHLWKHUIURPDQH[LVWLQJ
GHVLJQRUE\FUHDWLQJDQHZRQH)I\RXKDYHQRWSUHYLRXVO\
VDYHGDGHVLJQWKH%[LVWLQJ$HVLJQFKRLFHLVQRWDYDLODEOH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#OLFN(;NJWRVHOHFWWKHW\SHRIZHESDJHVWRFUHDWH
l 7WDQGDUG(8-,RQHSDJHIRUHDFKVOLGHZLWKQDYLJDWLRQ
OLQNVWRPRYHIURPVOLGHWRVOLGH
l 7WDQGDUG(8-,ZLWKIUDPHVRQHSDJHZLWKDQDYLJDWLRQEDU
RQWKHOHIW
KDQGVLGHXVHVVOLGHWLWOHDVQDYLJDWLRQOLQNV
#OLFNRQOLQNVWRGLVSOD\SDJHVLQULJKW
KDQGVLGH
l !XWRPDWLFRQHSDJHIRUHDFKVOLGHZLWKHDFKSDJHVHWZLWK
WKH6HIUHVKPHWDWDJVRDEURZVHUDXWRPDWLFDOO\F\FOHVIURP
RQHSDJHWRWKHQH[W
l ;HE#DVWJHQHUDWHVDQ!70RU0HUODSSOLFDWLRQWRGLVSOD\WKH
VOLGHV9QIRUWXQDWHO\//RKDVQRGLUHFWVXSSRUWIRU0(0DV
\HW
#KDSWHU#UHDWLQJ;HE0DJHV
$HFLGHKRZWKHLPDJHVZLOOEHVDYHG0.'')&RU*0' DQG
ZKDWUHVROXWLRQWRXVH
;KHQFKRRVLQJDUHVROXWLRQFRQVLGHUZKDWWKHPDMRULW\RI\RXU
YLHZHUVPLJKWKDYH)I\RXXVHDKLJKUHVROXWLRQWKHQDYLHZHU
ZLWKDPHGLXP
UHVROXWLRQPRQLWRUZLOOKDYHWRVFUROOVLGHZD\VWR
VHHWKHHQWLUHVOLGHrSUREDEO\QRWGHVLUDEOH
)I#UHDWHWLWOHSDJHZDVFKRVHQLQVWHSVXSSO\WKHLQIRUPDWLRQ
IRULWRQWKHQH[WSDJH8KHWLWOHFRQWDLQVDQDXWKRUQDPHH
PDLO
DGGUHVVDQGKRPHSDJHDORQJZLWKDQ\DGGLWLRQDOLQIRUPDWLRQ
\RXZDQWWRLQFOXGH
8KLVSDJHRIWKH;L]DUGGRHVQRWGLVSOD\LI#UHDWHWLWOHSDJHZDV
QRWFKRVHQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#KRRVHWKHQDYLJDWLRQEXWWRQVW\OHWRXVHWRPRYHIURPRQHSDJH
WRDQRWKHU)I\RXGRQRWFKRRVHDQ\//RZLOOFUHDWHDWH[W
QDYLJDWRU
7HOHFWWKHFRORUVFKHPHIRUWKHZHESDJHV!YDLODEOHVFKHPHV
LQFOXGHWKHGRFXPHQWvVH[LVWLQJVFKHPHRQHEDVHGXSRQ
EURZVHUFRORUVDQGDFRPSOHWHO\XVHU
GHILQHGVFKHPH=RXFDQ
VDYHDQHZVFKHPHVRWKDWLWZLOODSSHDURQWKHILUVWSDJHRIWKH
(8-,H[SRUWZL]DUG
#KDSWHU#UHDWLQJ;HE0DJHV
#OLFNH;7J;WRJHQHUDWHWKH(8-,ILOHV)IWKLVLVDQHZGHVLJQ
DVPDOOGLDORJSRSVXS)I\RXPLJKWZDQWWRUHXVHWKLVGHVLJQ
\RXFDQJLYHLWDQDPHDQGVDYHLW/WKHUZLVHFOLFNE(EJ
-7L;
(/D7<5@/E2=1C;3<BA/AE30>/53A
%[SRUWLQJGUDZLQJVIURP/SHQ/IILFHRUJvV$UDZDSSOLFDWLRQLVVLPLODU
WRH[SRUWLQJDSUHVHQWDWLRQIURP)PSUHVV9VH ?B;NFEHJDQG
VHOHFW".'&E9KC;DJDVWKHILOHW\SH
;KHQXVLQJWKHZL]DUG\RXFDQFKRRVHWRFUHDWHWKHZHESDJHDWDQ\
WLPHE\FOLFNLQJWKHH;7J;EXWWRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
>7FJ;H
!;JJ?D=-J7HJ;:M?J>
'79HEI
9VLQJWKHPDFURUHFRUGHU
-=C@47@AB;/1@=
!PDFURLVDVDYHGVHTXHQFHRIFRPPDQGVRUNH\VWURNHVWKDWDUH
VWRUHGIRUODWHUXVH!QH[DPSOHRIDVLPSOHPDFURLVRQHWKDWsW\SHVt
\RXUDGGUHVV8KH/SHQ/IILFHRUJPDFURODQJXDJHLVYHU\IOH[LEOH
DOORZLQJDXWRPDWLRQRIERWKVLPSOHDQGFRPSOH[WDVNV-DFURVDUH
HVSHFLDOO\XVHIXOWRUHSHDWDWDVNWKHVDPHZD\RYHUDQGRYHUDJDLQ
/SHQ/IILFHRUJPDFURVDUHXVXDOO\ZULWWHQLQDODQJXDJHFDOOHG
7WDU"DVLFRUMXVWDEEUHYLDWHG"DVLF!OWKRXJK\RXFDQOHDUQ"DVLF
DQGZULWHPDFURVWKHUHLVDVWHHSOHDUQLQJFXUYHWRZULWLQJPDFURV
IURPVFUDWFK8KHXVXDOPHWKRGIRUDEHJLQQHULVWRXVHWKHEXLOW
LQ
PDFURUHFRUGHUZKLFKUHFRUGV\RXUNH\VWURNHVDQGVDYHVWKHPIRU
XVH
-RVWWDVNVLQ/SHQ/IILFHRUJDUHDFFRPSOLVKHGE\sGLVSDWFKLQJD
FRPPDQGtVHQGLQJDFRPPDQG ZKLFKLVLQWHUFHSWHGDQGXVHG8KH
PDFURUHFRUGHUZRUNVE\UHFRUGLQJWKHFRPPDQGVWKDWDUH
GLVSDWFKHGVHHs8KHGLVSDWFKIUDPHZRUNtRQSDJH
@3/B7<5/A7;>:3;/1@=
)PDJLQHUHSHDWHGO\HQWHULQJVLPSOHLQIRUPDWLRQ!OWKRXJK\RXFDQ
VWRUHWKHLQIRUPDWLRQLQWKHFOLSERDUGLI\RXXVHWKHFOLSERDUGIRU
VRPHWKLQJHOVHWKHFRQWHQWVDUHFKDQJHG7WRULQJWKHFRQWHQWVDVD
PDFURLVDVLPSOHVROXWLRQ)QVRPHVLPSOHFDVHVLQFOXGLQJWKH
H[DPSOHXVHGKHUHDEHWWHUVROXWLRQLVWRXVH!XWR8H[W
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
!QGUHZ0LWRQ\DN
#OLFNWKH-JEF,;9EH:?D=EXWWRQWRVWRSUHFRUGLQJVDYHWKH
PDFURDQGGLVSOD\WKH/SHQ/IILFHRUJ"DVLF-DFURVGLDORJVHH
&LJXUH
"HFHUWDLQWRRSHQWKHOLEUDU\FRQWDLQHUQDPHG-\-DFURV&LQG
WKHOLEUDU\QDPHG7WDQGDUGXQGHU-\-DFURV"HZDUQHGHYHU\
OLEUDU\FRQWDLQHUKDVDOLEUDU\QDPHG7WDQGDUG7HOHFWWKH
7WDQGDUGOLEUDU\DQGFOLFN(;M'E:KB;WRFUHDWHDQHZPRGXOH
WRFRQWDLQWKHPDFUR
&LJXUH//R-DFUR/UJDQL]HUGLDORJ$")QVSHFWLRQOLEUDU\
VHOHFWHG
8KHGHIDXOWPRGXOHQDPHLV-RGXOHFKRRVHDEHWWHUQDPH
!OWKRXJKLWLVVWLOOQRWGHVFULSWLYH)XVHG,97CF8988\SHD
GHVFULSWLYHQDPHDQGFOLFN)%WRFUHDWHWKHPRGXOH8KH
/SHQ/IILFHRUJ"DVLF-DFURVGLDORJLVGLVSOD\HGDJDLQVKRZLQJ
WKHQHZPRGXOH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH'LYH\RXUPRGXOHDPHDQLQJIXOQDPH
(LJKOLJKWWKHQHZO\FUHDWHGPRGXOH)QWKHXSSHUOHIWFRUQHU
W\SHWKHPDFURQDPHWRXVHVXFKDVs%QWHU-\QDPHtDQGWKHQ
FOLFN-7L;WRVDYHWKHPDFUR
)I\RXIROORZHGDOORIWKHVWHSVWKH7WDQGDUGOLEUDU\QRZFRQWDLQVD
PRGXOHQDPHG6HFRUGHGZKLFKFRQWDLQVWKH%QWHU-\.DPHPDFUR
DVVKRZQLQ&LJXUH;KHQ//RFUHDWHVDQHZPRGXOHLW
DXWRPDWLFDOO\DGGVWKHPDFURQDPHG-DLQDVVHHQLQ&LJXUH
'C<<7<5B63;/1@=
9VH.EEBI'79HEI,KD'79HEWRRSHQWKH-DFUR7HOHFWRU
GLDORJVHH&LJXUH 7HOHFWWKHQHZO\FUHDWHGPDFURDQGFOLFN
,KD
&LJXUH7HOHFW\RXUPDFURDQGFOLFN6XQ
8KHUHDUHRWKHUPHWKRGVWRUXQDPDFUR&RUH[DPSOHXVH.EEBI
'79HEI)H=7D?P;'79HEI)F;D)<<?9;
EH=7I?9WRRSHQWKH
PDFURRUJDQL]HUZKLFKFRQWDLQVD,KDEXWWRQDVZHOO8KHDXWKRUDQ
DYLGPDFURZULWHUSUHIHUVWKHPDFURRUJDQL]HUEHFDXVHWKHGLDORJ
XVXDOO\RSHQVIDVWHUEXWWKHVHOHFWLRQSURFHVVPD\EHVOLJKWO\VORZHU
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
+73E7<5/<2327B7<5B63;/1@=
=RXFDQYLHZDQGHGLWWKHPDFURWKDWZDVMXVWFUHDWHG9VH.EEBI
'79HEI)H=7D?P;'79HEI)F;D)<<?9;
EH=7I?9WRRSHQWKH
/SHQ/IILFHRUJ"DVLF-DFURVGLDORJVHH&LJXUH 7HOHFWWKHQHZ
PDFURDQGFOLFN:?JWRRSHQWKHPDFURLQWKH"DVLF)$%)QWHJUDWHG
$HYHORSPHQW%QYLURQPHQW
,LVWLQJ'HQHUDWHGs%QWHU-\QDPHtPDFUR
,"( -&
-I6(5=B
"B8-I6
GI6"BH9F(M)5A9
F9A
F9A89:=B9J5F=56@9G
8=A8C7IA9BH5GC6>97H
8=A8=GD5H7<9F5GC6>97H
F9A
F9A;9H5779GGHCH<98C7IA9BH
8C7IA9BH.<=G CADCB9BH
IFF9BH CBHFC@@9F
#F5A9
8=GD5H7<9F7F95H9/BC-9FJ=797CA
GIB
GH5F
:F5A9
!=GD5H7<%9@D9F
F9A
8=A5F;G5GB9K7CA
GIB
GH5F
695BG
+FCD9FHM05@I9
5F;G
)5A9.9LH
5F;G
05@I9B8F9K+=HCBM5?
*((!).--.,.1%.$
8KHNH\ZRUG6%-VKRUWIRUUHPDUNVWDUWVDPDFURFRPPHQW!OOWH[W
DIWHU6%-RQWKHVDPHOLQH LVLJQRUHG!VDVKRUWFXWWKHVLQJOH
TXRWHFKDUDFWHUFDQDOVREHXVHGWRVWDUWDFRPPHQW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
!"%)%)#-/,*/.%)!-1%.$
)QGLYLGXDOPDFURVDUHVWRUHGLQVXEURXWLQHVGHILQHGZLWKWKHNH\ZRUG
79"8KHHQGRIDVXEURXWLQHLVLQGLFDWHGE\WKHZRUGV%.$79"
8KHFRGHVWDUWVE\GHILQLQJWKHVXEURXWLQHQDPHG-DLQZKLFKLV
HPSW\DQGGRHVQRWKLQJ8KHQH[WVXEURXWLQH%QWHU-\.DPH
FRQWDLQVWKHJHQHUDWHGFRGH
/SHQ/IILFHRUJFUHDWHVDQHPSW\VXEURXWLQHQDPHG
)7> -DLQZKHQLWFUHDWHVDPRGXOH
8KHUHDUHDGYDQFHGWRSLFVWKDWDUHEH\RQGWKHVFRSHRIWKLV
GRFXPHQWEXWNQRZLQJDERXWWKHPPLJKWEHRILQWHUHVW
l =RXFDQZULWHDPDFURVRWKDWYDOXHVFDQEHSDVVHGWRWKH
VXEURXWLQH8KHYDOXHVDUHFDOOHGDUJXPHQWV6HFRUGHGPDFURVGR
QRWDFFHSWDUJXPHQWV
l !QRWKHUNLQGRIVXEURXWLQHLVFDOOHGDIXQFWLRQ!IXQFWLRQLVD
VXEURXWLQHWKDWUHWXUQVDYDOXH8KHNH\ZRUG&9.#8)/.LVXVHG
UDWKHUWKDQ79"WRGHILQHDIXQFWLRQ'HQHUDWHGPDFURVDUH
DOZD\VRIW\SH79"
!"%)%)#0,%'!-/-%)#
=RXFDQZULWHLQIRUPDWLRQRQDSLHFHRISDSHUVRWKDW\RXFDQORRNDW
LWODWHU!YDULDEOHOLNHDSLHFHRISDSHUFRQWDLQVLQIRUPDWLRQWKDWFDQ
EHFKDQJHGDQGUHDG8KH$)-VWDWHPHQWLVVLPLODUWRVHWWLQJDVLGHD
SLHFHRISDSHUWREHXVHGWRVWRUHDPHVVDJHRUQRWH
8KH%QWHU-\.DPHPDFURGHILQHVWKHYDULDEOHVGRFXPHQWDQG
GLVSDWFKHUDVW\SHREMHFW/WKHUFRPPRQYDULDEOHW\SHVLQFOXGH
VWULQJLQWHJHUDQGGDWH!WKLUGYDULDEOHQDPHGDUJVLVDQDUUD\RI
SURSHUW\YDOXHV!YDULDEOHRIW\SHDUUD\DOORZVDVLQJOHYDULDEOHWR
FRQWDLQPXOWLSOHYDOXHVVLPLODUWRVWRULQJPXOWLSOHSDJHVLQDVLQJOH
ERRN:DOXHVLQDQDUUD\DUHXVXDOO\QXPEHUHGVWDUWLQJIURP]HUR
8KHQXPEHULQWKHSDUHQWKHVHVLQGLFDWHVWKHKLJKHVWXVDEOHQXPEHU
WRDFFHVVDVWRUDJHORFDWLRQ)QWKLVH[DPSOHWKHUHLVRQO\RQHYDOXH
DQGLWLVQXPEHUHG]HUR
/''%)#.$!(,*.*#!.$!,
8KHIROORZLQJGHWDLOVDUHYHU\FRPSOHWHLWLVQRWLPSRUWDQWWR
XQGHUVWDQGDOORIWKHGHWDLOV8KHILUVWOLQHGHILQHVWKHVWDUWRIWKH
PDFUR
GI6"BH9F(M)5A9
$HFODUHWZRYDULDEOHV
8=A8C7IA9BH5GC6>97H
8=A8=GD5H7<9F5GC6>97H
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
8KLV#RPSRQHQWUHIHUVWRWKHFXUUHQWGRFXPHQW
8KH#XUUHQW#RQWUROOHUSURSHUW\RIDGRFXPHQWUHIHUVWRDVHUYLFHWKDW
sFRQWUROVtWKHGRFXPHQW&RUH[DPSOHZKHQ\RXW\SHLWLVWKH
FXUUHQWFRQWUROOHUWKDWQRWLFHV8KHFXUUHQWFRQWUROOHUWKHQ
GLVSDWFKHVWKHFKDQJHVWRWKHGRFXPHQWvVIUDPH
8KH&UDPHSURSHUW\RIDFRQWUROOHUUHWXUQVDPDLQIUDPHIRUD
GRFXPHQW8KHUHIRUHWKHYDULDEOHQDPHGGRFXPHQWUHIHUVWRD
GRFXPHQWvVIUDPHZKLFKUHFHLYHVGLVSDWFKHGFRPPDQGV
8C7IA9BH.<=G CADCB9BH
IFF9BH CBHFC@@9F
#F5A9
-RVWWDVNVLQ/SHQ/IILFHRUJDUHDFFRPSOLVKHGE\GLVSDWFKLQJD
FRPPDQG//RYHUVLRQLQWURGXFHGWKHGLVSDWFKKHOSHUVHUYLFH
ZKLFKGRHVPRVWRIWKHZRUNWRXVHGLVSDWFKHVLQPDFURV8KHPHWKRG
#UHDWH9QR7HUYLFHDFFHSWVWKHQDPHRIDVHUYLFHDQGLWWULHVWRFUHDWH
DQLQVWDQFHRIWKDWVHUYLFH/QFRPSOHWLRQWKHGLVSDWFKHUYDULDEOH
FRQWDLQVDUHIHUHQFHWRD$LVSDWFK(HOSHU
8=GD5H7<9F7F95H9/BC-9FJ=797CA
GIB
GH5F
:F5A9
!=GD5H7<%9@D9F
$HFODUHDQDUUD\RISURSHUWLHV%DFKSURSHUW\KDVDQDPHDQGD
YDOXH)QRWKHUZRUGVLWLVDQDPHYDOXHSDLU8KHFUHDWHGDUUD\KDV
RQHSURSHUW\DWLQGH[]HUR
8=A5F;G5GB9K7CA
GIB
GH5F
695BG
+FCD9FHM05@I9
'LYHWKHSURSHUW\WKHQDPHs8H[WtDQGWKHYDOXHs!QGUHZ0LWRQ\DNt
ZKLFKLVWKHWH[WWKDWLVLQVHUWHGZKHQWKHPDFURLVUXQ
5F;G
)5A9.9LH
5F;G
05@I9B8F9K+=HCBM5?
8KLVLVZKHUHWKHPDJLFKDSSHQV8KHGLVSDWFKKHOSHUVHQGVD
GLVSDWFKWRWKHGRFXPHQWvVIUDPHVWRUHGLQWKHYDULDEOHQDPHG
GRFXPHQW ZLWKWKHFRPPDQG
IBC&BG9FH.9LH8KHQH[WWZR
DUJXPHQWVIUDPHQDPHDQGVHDUFKIODJVDUHEH\RQGWKHVFRSHRI
WKLVGRFXPHQW8KHODVWDUJXPHQWLVWKHDUUD\RISURSHUW\YDOXHVWR
EHXVHGZKLOHH[HFXWLQJWKHFRPPDQG)QVHUW8H[W
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC&BG9FH.9LH5F;G
&LQDOO\WKHHQGRIWKHVXEURXWLQH
9B8GI6
@3/B7<5/;/1@=
)XVXDOO\DVNWZRTXHVWLRQVEHIRUHUHFRUGLQJDPDFUR
#DQWKHWDVNEHZULWWHQDVDVLPSOHVHWRIFRPPDQGV
#DQWKHVWHSVEHDUUDQJHGVXFKWKDWWKHODVWFRPPDQGOHDYHV
WKHFXUVRUUHDG\IRUWKHQH[WFRPPDQG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
1=;>:71/B323F/;>:3
)IUHTXHQWO\FRS\URZVDQGFROXPQVRIGDWDIURPDZHEVLWHDQG
IRUPDWWKHPDVDWDEOHLQDWH[WGRFXPHQW&LUVW)FRS\WKHWDEOHIURP
WKHZHEVLWHWRWKHFOLSERDUG8RDYRLGVWUDQJHIRUPDWWLQJDQGIRQWV)
SDVWHWKHWH[WLQWRD;ULWHUGRFXPHQWDVXQIRUPDWWHGWH[W)UHIRUPDW
WKHWH[WZLWKWDEVEHWZHHQFROXPQVVRWKDW)FDQXVH.78B;
EDL;HJ.;NJJE.78B;WRFRQYHUWWRDWDEOH
)LQVSHFWWKHWH[WWRVHHLI)FDQUHFRUGDPDFURWRIRUPDWWKHWH[W
UHPHPEHUWKHWZRTXHVWLRQVWKDW)DVN !VDQH[DPSOH)FRSLHGWKH
&RQW;HLJKWFRQVWDQWVJURXSIURPWKH/SHQ/IILFHRUJZHEVLWH8KH
ILUVWFROXPQLQGLFDWHVWKHFRQVWDQWQDPH%DFKQDPHLVIROORZHGE\D
VSDFHDQGDWDE
$/.8+./; 8KHIRQWZHLJKWLVQRWVSHFLILHGNQRZQ
8(). VSHFLILHVDIRQWZHLJKW
9,86!,)'(8 VSHFLILHVDIRQWZHLJKW
,)'(8 VSHFLILHVDIRQWZHLJKW
7%-),)'(8 VSHFLILHVDIRQWZHLJKW
./6-!, VSHFLILHVDQRUPDOIRQWZHLJKW
7%-)"/,$ VSHFLILHVDIRQWZHLJKW
"/,$ VSHFLILHVDIRQWZHLJKW
9,86!"/,$ VSHFLILHVDIRQWZHLJKW
",!#+ VSHFLILHVDIRQWZHLJKW
)ZDQWWKHILUVWFROXPQWRFRQWDLQWKHQXPHULFYDOXHWKHVHFRQG
FROXPQWKHQDPHDQGWKHWKLUGFROXPQWKHGHVFULSWLRQ8KHGHVLUHG
ZRUNLVHDVLO\DFFRPSOLVKHGIRUHYHU\URZH[FHSWIRU$/.8+./;
DQG./6-!,ZKLFKGRQRWFRQWDLQDQXPHULFYDOXHrEXW)NQRZWKDW
WKHYDOXHVDUHDQGVR)ZLOOHQWHUWKRVHPDQXDOO\
8KHGDWDFDQEHFOHDQHGLQPXOWLSOHZD\VrDOORIWKHPHDV\8KHILUVW
H[DPSOHXVHVNH\VWURNHVWKDWDVVXPHWKHFXUVRULVDWWKHVWDUWRIWKH
OLQHZLWKWKHWH[W8().
9VH.EEBI'79HEI,;9EH:'79HEWRVWDUWUHFRUGLQJ
0UHVV#WUO6LJKW!UURZWRPRYHWKHFXUVRUWRWKHVWDUWRI
sVSHFLILHVt
0UHVV"DFNVSDFHWZLFHWRUHPRYHWKHWDEDQGWKHVSDFH
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
0UHVV8DEWRDGGWKHWDEZLWKRXWWKHVSDFHDIWHUWKHFRQVWDQW
QDPH
0UHVV$HOHWHWRGHOHWHWKHORZHUFDVHVDQGWKHQSUHVV7WRDGG
DQXSSHUFDVH7
0UHVV#WUO6LJKW!UURZWZLFHWRPRYHWKHFXUVRUWRWKHVWDUWRI
WKHQXPEHU
0UHVV#WUO7KLIW6LJKW!UURZWRVHOHFWDQGPRYHWKHFXUVRU
EHIRUHWKHVLJQ
0UHVV#WUO#WRFRS\WKHVHOHFWHGWH[WWRWKHFOLSERDUG
0UHVV%QGWRPRYHWKHFXUVRUWRWKHHQGRIWKHOLQH
0UHVV"DFNVSDFHWZLFHWRUHPRYHWKHWZRWUDLOLQJVSDFHV
0UHVV(RPHWRPRYHWKHFXUVRUWRWKHVWDUWRIWKHOLQH
0UHVV#WUO:WRSDVWHWKHVHOHFWHGQXPEHUWRWKHVWDUWRIWKH
OLQH
0DVWLQJWKHYDOXHDOVRSDVWHGDQH[WUDVSDFHVRSUHVV"DFNVSDFH
WRUHPRYHWKHH[WUDVSDFH
0UHVV8DEWRLQVHUWDWDEEHWZHHQWKHQXPEHUDQGWKHQDPH
0UHVV(RPHWRPRYHWRWKHVWDUWRIWKHOLQH
0UHVVGRZQDUURZWRPRYHWRWKHQH[WOLQH
7WRSUHFRUGLQJWKHPDFURDQGVDYHWKHPDFUR
)WWDNHVPXFKORQJHUWRUHDGDQGZULWHWKHVWHSVWKDQWRUHFRUGWKH
PDFUR;RUNVORZO\DQGWKLQNDERXWWKHVWHSVDV\RXGRWKHP;LWK
SUDFWLFHWKLVEHFRPHVVHFRQGQDWXUH
8KHJHQHUDWHGPDFURKDVEHHQPRGLILHGWRFRQWDLQWKHVWHSQXPEHU
LQWKHFRPPHQWVWRPDWFKWKHFRGHWRWKHVWHSDERYH
,LVWLQJ#RS\WKHQXPHULFYDOXHWRWKHVWDUWRIWKHFROXPQ
F9A+F9GG HCACJ9H<97IFGCFHCH<9GH5FHC:
F9ARGD97=:=9GS
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC$C.C)9LH1CF8FF5M
F9A
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC-K57?GD579FF5M
F9A+F9GG
HC588H<9H56K=H<CIHH<9GD5795:H9FH<97CBGH5BH
F9AB5A9
8=A5F;G5GB9K7CA
GIB
GH5F
695BG
+FCD9FHM05@I9
5F;G
)5A9.9LH
5F;G
05@I9 %,
F9A+F9GGHC89@9H9H<9@CK9F75G9G
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC!9@9H9FF5M
F9A
5B8H<9BDF9GG
HC5885BIDD9F75G9-
8=A5F;G5GB9K7CA
GIB
GH5F
695BG
+FCD9FHM05@I9
5F;G
)5A9.9LH
5F;G
05@I9-
F9A+F9GG HK=79HCACJ9H<97IFGCFHCH<9BIA69F
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC$C.C)9LH1CF8FF5M
F9A
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC$C.C)9LH1CF8FF5M
F9A+F9GG
HCG9@97HH<9BIA69F
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC1CF8,=;<H-9@FF5M
F9A+F9GGHC7CDMH<9G9@97H98H9LHHCH<97@=D6C5F8
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC CDMFF5M
F9A+F9GGHCACJ9H<97IFGCFHCH<99B8C:H<9@=B9
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC$C.C"B8*:'=B9FF5M
F9A
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC-K57?GD579FF5M
F9A+F9GGHCACJ9H<97IFGCFHCH<9GH5FHC:H<9@=B9
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC$C.C-H5FH*:'=B94
FF5M
F9A+F9GGHCD5GH9H<9G9@97H98BIA69FHCH<9GH5FHC:H<9
F9A@=B9
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC+5GH9FF5M
F9A+F9GG
HC=BG9FH5H5669HK99BH<9BIA69F5B8H<9B5A9
8=A5F;G5GB9K7CA
GIB
GH5F
695BG
+FCD9FHM05@I9
5F;G
)5A9.9LH
5F;G
05@I9 %,
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
F9A+F9GGHCACJ9HCH<9GH5FHC:H<9@=B9
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH
IBC$C.C-H5FH*:'=B94
FF5M
F9A+F9GG
HCACJ9HCH<9B9LH@=B9
8=A5F;G5GB9K7CA
GIB
GH5F
695BG
+FCD9FHM05@I9
5F;G
)5A9 CIBH
5F;G
05@I9
5F;G
)5A9-9@97H
5F;G
05@I9:5@G9
#XUVRUPRYHPHQWVDUHXVHGIRUDOORSHUDWLRQVDVRSSRVHGWR
VHDUFKLQJ )IUXQRQWKH$/.8+./;OLQHWKHZRUGZHLJKWLVPRYHG
WRWKHIURQWRIWKHOLQHDQGWKHILUVWs8KHtLVFKDQJHGWRs7KHt8KLVLV
QRWSHUIHFWEXW)VKRXOGQRWKDYHUXQWKHPDFURRQWKHOLQHVWKDWGLG
QRWKDYHWKHSURSHUIRUPDW)QHHGWRGRWKHVHPDQXDOO\
'C<<7<5B63;/1@=?C719:G
)WLVWHGLRXVWRUHSHDWHGO\UXQWKHPDFURXVLQJ.EEBI'79HEI
,KD'79HEVHH&LJXUH 8KHPDFURFDQEHUXQIURPWKH)$%
9VH.EEBI'79HEI)H=7D?P;'79HEI)F;D)<<?9;
EH=7I?9
WRRSHQWKH"DVLF-DFURGLDORJ7HOHFW\RXUPDFURDQGFOLFN:?JWR
RSHQWKHPDFURLQWKH)$%
8KH)$%KDVD,KD7I?9LFRQLQWKHWRROEDUWKDWUXQVWKHILUVWPDFUR
LQWKH)$%9QOHVV\RXFKDQJHWKHILUVWPDFURLWLVWKHHPSW\PDFUR
QDPHG-DLQ-RGLI\-DLQVRWKDWLWUHDGVDVVKRZQLQ,LVWLQJ
,LVWLQJ-RGLI\-DLQWRFDOO#RS\.XP8R#RO
-I6(5=B
CDM)IA.C C@
"B8-I6
.RZ\RXFDQUXQ#RS\.XP8R#ROE\UHSHDWHGO\FOLFNLQJWKH,KD
7I?9LFRQLQWKHWRROEDURIWKH)$%8KLVLVYHU\IDVWDQGHDV\
HVSHFLDOO\IRUWHPSRUDU\PDFURVWKDWZLOOEHXVHGDIHZWLPHVDQG
WKHQGLVFDUGHG
(=;3B7;3AB63;/1@=@31=@23@4/7:A
9QGHUVWDQGLQJWKH/SHQ/IILFHRUJLQWHUQDOVKHOSVWRXQGHUVWDQGKRZ
DQGZK\WKHPDFURUHFRUGHUIUHTXHQWO\IDLOV8KHSULPDU\RIIHQGHULV
UHODWHGWRWKHGLVSDWFKIUDPHZRUNDQGLWVUHODWLRQVKLSWRWKHPDFUR
UHFRUGHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
)6327A>/B164@/;3E=@9
8KHSXUSRVHRIWKHGLVSDWFKIUDPHZRUNLVWRSURYLGHDXQLIRUPDFFHVV
WRFRPSRQHQWVGRFXPHQWV IRUFRPPDQGVWKDWXVXDOO\FRUUHVSRQGWR
PHQXLWHPV)FDQXVH ?B;-7L;IURPWKHPHQXWKHVKRUWFXWNH\V
#WUO7RUFOLFNRQWKH-7L;WRROEDULFRQ!OORIWKHVHFRPPDQGVDUH
WUDQVODWHGLQWRWKHVDPHsGLVSDWFKFRPPDQGtZKLFKLVVHQWWRWKH
FXUUHQWGRFXPHQW
8KHGLVSDWFKIUDPHZRUNFDQDOVREHXVHGWRVHQGsFRPPDQGVtEDFN
WRWKH9)9VHU)QWHUIDFH &RUH[DPSOHDIWHUVDYLQJWKHGRFXPHQW
WKH&LOH7DYHFRPPDQGLVGLVDEOHG!VVRRQDVWKHGRFXPHQWKDV
EHHQFKDQJHGWKH&LOH7DYHFRPPDQGLVHQDEOHG
)IZHVHHDGLVSDWFKFRPPDQGLWLVWH[WVXFKDVXQR)QVHUW/EMHFW
RUXQR'R8R7WDUW/I,LQH8KHFRPPDQGLVVHQWWRWKHGRFXPHQWvV
IUDPHDQGWKHIUDPHSDVVHVRQWKHFRPPDQGXQWLODQREMHFWLVIRXQG
WKDWFDQKDQGOHWKHFRPPDQG
=EB63;/1@=@31=@23@CA3AB6327A>/B16
4@/;3E=@9
8KHPDFURUHFRUGHUUHFRUGVWKHJHQHUDWHGGLVSDWFKHV8KHUHFRUGHU
LVUHODWLYHO\VLPSOHWRLPSOHPHQWDQGWKHVDPHFRPPDQGVWKDWDUH
LVVXHGDUHUHFRUGHGIRUODWHUXVH8KHSUREOHPLVWKDWQRWDOO
GLVSDWFKHGFRPPDQGVDUHFRPSOHWH&RUH[DPSOHLQVHUWLQJDQREMHFW
JHQHUDWHVWKHIROORZLQJFRGH
8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH4
IBC&BG9FH*6>97HFF5M
)WLVQRWSRVVLEOHWRVSHFLI\ZKDWNLQGRIREMHFWWRFUHDWHRULQVHUW)I
DQREMHFWLVLQVHUWHGIURPDILOH\RXFDQQRWVSHFLI\ZKLFKILOHWR
LQVHUW
)UHFRUGHGDPDFURDQGXVHG.EEBI)FJ?EDIWRRSHQDQGPRGLI\
FRQILJXUDWLRQLWHPV8KHJHQHUDWHGPDFURGRHVQRWUHFRUGDQ\
FRQILJXUDWLRQFKDQJHVLQIDFWWKHJHQHUDWHGFRGHLVFRPPHQWHGVRLW
ZLOOQRWHYHQEHUXQ
F9A8=GD5H7<9F
9L97IH9!=GD5H7<8C7IA9BH4
IBC*DH=CBG.F99!=5@C;FF5M
)IDGLDORJLVRSHQHGWKHFRPPDQGWRRSHQWKHGLDORJLVOLNHO\WREH
JHQHUDWHG!Q\ZRUNGRQHLQVLGHWKHGLDORJLVQRWXVXDOO\UHFRUGHG
%[DPSOHVLQFOXGHPDFURRUJDQL]DWLRQGLDORJVLQVHUWLQJVSHFLDO
FKDUDFWHUVDQGVLPLODUW\SHVRIGLDORJV/WKHUSRVVLEOHSUREOHPV
XVLQJWKHPDFURUHFRUGHULQFOXGHWKLQJVVXFKDVLQVHUWLQJDIRUPXOD
VHWWLQJXVHUGDWDVHWWLQJILOWHUVLQ#DOFDFWLRQVLQGDWDEDVHIRUPV
DQGH[SRUWLQJDGRFXPHQWWRDQHQFU\SWHG0$&ILOH=RXQHYHUNQRZ
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
IRUFHUWDLQZKDWZLOOZRUNXQOHVV\RXWU\LWKRZHYHU8KHDFWLRQV
IURPWKHVHDUFKGLDORJDUHSURSHUO\FDSWXUHGIRUH[DPSOH
$B63@=>B7=<A
;KHQWKHPDFURUHFRUGHULVQRWDEOHWRVROYHDVSHFLILFSUREOHPWKH
XVXDOVROXWLRQLVWRZULWHFRGHXVLQJWKH/SHQ/IILFHRUJREMHFWV
9QIRUWXQDWHO\WKHUHLVDVWHHSOHDUQLQJFXUYHIRUWKH//RREMHFWV)W
LVXVXDOO\EHVWWRVWDUWZLWKVLPSOHH[DPSOHVDQGWKHQEUDQFKRXW
VORZO\DV\RXOHDUQPRUH,HDUQLQJWRUHDGJHQHUDWHGPDFURVLVD
JRRGSODFHWRVWDUW
)I\RXUHFRUG#DOFPDFURVDQGWKHUHFRUGHUFRUUHFWO\JHQHUDWHD
PDFURWKHUHLVDQDGG
LQFUHDWHGE\0DROR-DQWRYDQLZKLFKFRQYHUWV
#DOFPDFURVZKHQWKH\DUHUHFRUGHG8KHILQDOFRGHPDQLSXODWHV
/SHQ/IILFHRUJREMHFWVUDWKHUWKDQJHQHUDWLQJGLVSDWFKHV8KLVFDQ
EHYHU\XVHIXOIRUOHDUQLQJWKHREMHFWPRGHO
=RXFDQGRZQORDGWKHPDFURUHFRUGHUIURP0DRORvVZHEVLWHGLUHFWO\
RUIURPWKH//R-DFURVZHEVLWH=RXVKRXOGFKHFNERWKSODFHVWR
VHHZKLFKFRQWDLQVWKHODWHVWYHUVLRQ
KWWSZZZSDROR
PDQWRYDQLRUJGRZQORDGV$LVSDWFK8R!SL6HFRUGHU
KWWSZZZRRRPDFURVRUJXVHUSKS
"/1@==@5/<7H/B7=<
)Q/SHQ/IILFHRUJPDFURVDUHJURXSHGLQPRGXOHVPRGXOHVDUH
JURXSHGLQOLEUDULHVDQGOLEUDULHVDUHJURXSHGLQOLEUDU\FRQWDLQHUV
!OLEUDU\LVXVXDOO\XVHGDVDPDMRUJURXSLQJIRUHLWKHUDQHQWLUH
FDWHJRU\RIPDFURVRUIRUDQHQWLUHDSSOLFDWLRQ-RGXOHVXVXDOO\VSOLW
IXQFWLRQDOLW\VXFKDVXVHULQWHUDFWLRQDQGFDOFXODWLRQV)QGLYLGXDO
PDFURVDUHVXEURXWLQHVDQGIXQFWLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH-DFUR,LEUDU\KLHUDUFK\
!FRPSXWHUVFLHQWLVWZRXOGXVH&LJXUHWRSUHFLVHO\GHVFULEHWKH
VLWXDWLRQ8KHWH[Ws
tPHDQVRQHRUPRUHDQGs
tPHDQV]HURRU
PRUH8KHEODFNWULDQJOHPHDQVFRPSRVHGRIRUFRQWDLQV
l !OLEUDU\FRQWDLQHUFRQWDLQVRQHRUPRUHOLEUDULHVDQGHDFK
OLEUDU\LVFRQWDLQHGLQRQHOLEUDU\FRQWDLQHU
l !OLEUDU\FRQWDLQV]HURRUPRUHPRGXOHVDQGHDFKPRGXOHLV
FRQWDLQHGLQRQHOLEUDU\
l !PRGXOHFRQWDLQV]HURRUPRUHPDFURVDQGHDFKPDFURLV
FRQWDLQHGLQRQHPRGXOH
9VH.EEBI'79HEI)H=7D?P;'79HEI)F;D)<<?9;
EH=7I?9
WRRSHQWKH/SHQ/IILFHRUJ"DVLF-DFURVGLDORJVHH&LJXUH !OO
DYDLODEOHOLEUDU\FRQWDLQHUVDUHVKRZQLQWKH-DFURIURPOLVW%YHU\
GRFXPHQWLVDOLEUDU\FRQWDLQHUFDSDEOHRIFRQWDLQLQJPXOWLSOH
OLEUDULHV8KHDSSOLFDWLRQLWVHOIDFWVDVWZROLEUDU\FRQWDLQHUVRQH
FRQWDLQHUIRUPDFURVGLVWULEXWHGZLWK/SHQ/IILFHRUJFDOOHG
/SHQ/IILFHRUJ-DFURVDQGRQHFRQWDLQHUIRUSHUVRQDOPDFURVFDOOHG
-\-DFURV!VVKRZQLQ&LJXUHRQO\WZRGRFXPHQWVDUH
FXUUHQWO\RSHQ
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
8KH/SHQ/IILFHRUJ-DFURVDUHVWRUHGZLWKWKHDSSOLFDWLRQUXQWLPH
FRGHZKLFKPD\QRWEHHGLWDEOHWR\RXXQOHVV\RXDUHDQ
DGPLQLVWUDWRU8KLVLVMXVWDVZHOOVLQFHWKHVHPDFURVVKRXOGQRWEH
FKDQJHGDQG\RXVKRXOGQRWVWRUH\RXURZQPDFURVLQWKH//R
FRQWDLQHU
9QOHVV\RXUPDFURVDUHDSSOLFDEOHWRDVLQJOHGRFXPHQWDQGRQO\WR
DVLQJOHGRFXPHQW\RXUPDFURVZLOOSUREDEO\EHVWRUHGLQWKH-\
-DFURVFRQWDLQHU8KH-\-DFURVFRQWDLQHULVVWRUHGLQ\RXUXVHU
DUHDRUKRPHGLUHFWRU\
)IDPDFURLVFRQWDLQHGLQDGRFXPHQWWKHQDUHFRUGHGPDFURZLOO
DWWHPSWWRZRUNRQWKDWGRFXPHQWSULPDULO\EHFDXVHLWXVHV
s8KLV#RPSRQHQWtIRULWVDFWLRQV
%YHU\OLEUDU\FRQWDLQHUFRQWDLQVDOLEUDU\QDPHG7WDQGDUG)WLV
EHWWHUWRFUHDWH\RXURZQOLEUDULHVZLWKPHDQLQJIXOQDPHVWKDQWR
XVHWKH7WDQGDUGOLEUDU\.RWRQO\DUHPHDQLQJIXOQDPHVHDVLHUWR
PDQDJHEXWWKH\FDQDOVREHLPSRUWHGLQWRRWKHUOLEUDU\FRQWDLQHUV
ZKHUHDVWKH7WDQGDUGOLEUDU\FDQQRW
/SHQ/IILFHRUJDOORZV\RXWRLPSRUWOLEUDULHVLQWRD
/CB7=< OLEUDU\FRQWDLQHUEXWLWZLOOQRWDOORZ\RXWR
RYHUZULWHWKHOLEUDU\QDPHG7WDQGDUG8KHUHIRUHLI
\RXVWRUH\RXUPDFURVLQWKH7WDQGDUGOLEUDU\\RX
FDQQRWLPSRUWWKHPLQWRDQRWKHUOLEUDU\FRQWDLQHU
*XVWDVLWPDNHVJRRGVHQVHWRJLYH\RXUOLEUDULHVPHDQLQJIXOQDPHV
LWLVSUXGHQWWRXVHPHDQLQJIXOQDPHVIRU\RXUPRGXOHV"\GHIDXOW
/SHQ/IILFHRUJXVHVQDPHVVXFKDV-RGXOH&HHOIUHHWRXVH\RXU
RZQPHDQLQJIXOQDPH
!V\RXFUHDWH\RXUPDFURV\RXPXVWGHFLGHZKHUHWRVWRUHWKHP
7WRULQJDPDFURLQDGRFXPHQWLVXVHIXOLIWKHGRFXPHQWZLOOEH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
VKDUHGDQG\RXZDQWWKHPDFURWREHLQFOXGHGZLWKWKHGRFXPHQW
-DFURVVWRUHGLQWKHDSSOLFDWLRQOLEUDU\FRQWDLQHUQDPHG-\-DFURV
KRZHYHUDUHJOREDOO\DYDLODEOHWRDOOGRFXPHQWV
-DFURVDUHQRWDYDLODEOHXQWLOWKHOLEUDU\WKDWFRQWDLQVWKHPLV
ORDGHG8KH7WDQGDUGOLEUDU\DQG8HPSODWHOLEUDU\KRZHYHUDUH
DXWRPDWLFDOO\ORDGHG!ORDGHGOLEUDU\LVGLVSOD\HGGLIIHUHQWO\IURPD
OLEUDU\WKDWLVQRWORDGHG8RORDGWKHOLEUDU\DQGWKHPRGXOHVLW
FRQWDLQVGRXEOH
FOLFNRQWKHOLEUDU\
,63@3/@3;/1@=AAB=@32
/SHQ/IILFHRUJVWRUHVXVHU
VSHFLILFGDWDLQDGLUHFWRU\XQGHUWKH
XVHUvVKRPHGLUHFWRU\&RUH[DPSOHRQ;LQGRZVWKLVLV
2!C7IA9BHG5B8-9HH=B;G2B5A92DD@=75H=CB!5H59VHU
PDFURVDUHVWRUHGLQ/SHQ/IILFHRUJ@XVHU@EDVLF%DFKOLEUDU\LV
VWRUHGLQLWVRZQGLUHFWRU\RIIWKHEDVLFGLUHFWRU\
)WLVQRWLPSRUWDQWWRXQGHUVWDQGZKHUHPDFURVDUHVWRUHGIRUFDVXDO
XVH)I\RXNQRZZKHUHWKH\DUHVWRUHGKRZHYHU\RXFDQFUHDWHD
EDFNXSVKDUH\RXUPDFURVRULQVSHFWWKHPLIWKHUHLVDQHUURU&RU
H[DPSOHRQRQHRUPRUHRIP\/SHQ/IILFHRUJXSJUDGHVDOORIP\
PDFURVGLVDSSHDUHG!OWKRXJKWKHPDFURVZHUHVWLOORQGLVNWKH
PDFURVZHUHQRWFRSLHGWRWKHQHZGLUHFWRULHV8KHVROXWLRQZDVWR
LPSRUWWKHPDFURVLQWRWKHQHZLQVWDOODWLRQ
9VH.EEBI'79HEI)H=7D?P;?7BE=IWRRSHQWKH
/SHQ/IILFHRUJ-DFURVRUJDQL]HUGLDORJ!QRWKHUFRPPRQZD\WR
RSHQWKLVGLDORJLVWRXVH.EEBI'79HEI)H=7D?P;'79HEI
)F;D)<<?9;
EH=7I?9WRRSHQWKH/SHQ/IILFHRUJ-DFURVGLDORJ
DQGWKHQFOLFNWKH)H=7D?P;HEXWWRQVHH&LJXUH
&LJXUH8KHPDFURRUJDQL]HUGLDORJ
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
;>=@B7<5;/1@=A
8KH/SHQ/IILFHRUJ-DFUR/UJDQL]HUGLDORJSURYLGHVIXQFWLRQDOLW\WR
FUHDWHGHOHWHDQGUHQDPHOLEUDULHVPRGXOHVDQGGLDORJV7HOHFWWKH
OLEUDU\FRQWDLQHUWRXVHDQGWKHQFOLFNWKH#CFEHJEXWWRQWRLPSRUW
PDFUROLEUDULHVVHH&LJXUH
)7> =RXFDQQRWLPSRUWWKHOLEUDU\QDPHG7WDQGDUG
&LJXUH7HOHFWDPDFUROLEUDU\WRLPSRUW
.DYLJDWHWRWKHGLUHFWRU\FRQWDLQLQJWKHOLEUDU\WRLPSRUW8KHUHDUH
XVXDOO\WZRILOHVIURPZKLFKWRFKRRVHGLDORJ[OEDQGVFULSW[OE)W
GRHVQRWPDWWHUZKLFKRIWKHVHWZRILOHV\RXVHOHFWERWKZLOOEH
LPSRUWHG7HOHFWDILOHDQGFOLFN)F;DWRFRQWLQXHVHH&LJXUH
)IWKHOLEUDU\DOUHDG\H[LVWVLWZLOOQRWEHUHSODFHGXQOHVV,;FB79;
;N?IJ?D=B?8H7H?;ILVFKHFNHG)I#DI;HJ7IH;<;H;D9;LVFKHFNHGWKH
OLEUDU\LVUHIHUHQFHGLQLWVFXUUHQWORFDWLRQEXW\RXFDQQRWHGLWWKH
OLEUDU\)I#DI;HJ7IH;<;H;D9;LVQRWFKHFNHGKRZHYHUWKHOLEUDU\LV
FRSLHGWRWKHXVHUvVPDFURGLUHFWRU\
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH#KRRVHOLEUDU\LPSRUWRSWLRQV
-DFURVFDQEHVWRUHGLQOLEUDULHVLQVLGH/SHQ/IILFHRUJGRFXPHQWV
7HOHFWDGRFXPHQWUDWKHUWKDQDGLUHFWRU\RQGLVNDVVKRZQLQ
&LJXUH WRLPSRUWOLEUDULHVFRQWDLQHGLQDGRFXPHQW
=E<:=/27<5;/1@=AB=7;>=@B
-DFURVDUHDYDLODEOHIRUGRZQORDG7RPHPDFURVDUHFRQWDLQHGLQ
GRFXPHQWVVRPHDVUHJXODUILOHVWKDW\RXPXVWVHOHFWDQGLPSRUW
DQGVRPHDVPDFURWH[WWKDWVKRXOGEHFRSLHGDQGSDVWHGLQWRWKH
"DVLF)$%XVH.EEBI'79HEI)H=7D?P;'79HEI
)F;D)<<?9;
EH=7I?9WRRSHQWKH/SHQ/IILFHRUJ-DFURVGLDORJ
FKRRVHWKHPDFURWRHGLWDQGWKHQFOLFN:?JWRRSHQWKHPDFURLQ
WKH"DVLF)$%
7RPHPDFURVDUHDYDLODEOHDVIUHHGRZQORDGVRQWKH)QWHUQHWVHH
8DEOH
8DEOH0ODFHVWRILQGPDFURH[DPSOHV
*.%*)
!-,%+.%*)
KWWSZZZRRRPDFURVRUJ %[FHOOHQWFROOHFWLRQRI
SDFNDJHGPDFURV
KWWSZZZSLWRQ\DNRUJRRSKS 6HIHUHQFHPDWHULDOV
UHJDUGLQJPDFURV
KWWSZZZSLWRQ\DNRUJGDWDEDVH 6HIHUHQFHPDWHULDOV
UHJDUGLQJGDWDEDVHPDFURV
KWWSGHYHORSPHQWRSHQRIILFHRUJ ,RWVRIOLQNVWRHYHU\WKLQJ
KWWSZZZRRRIRUXPRUJ -DQ\H[DPSOHVDQGKHOS
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
=EB=@C</;/1@=
!W\SLFDOPHWKRGWRUXQDPDFURLVDVIROORZV
9VH.EEBI'79HEI,KD'79HEWRRSHQWKH-DFUR7HOHFWRU
GLDORJVHH&LJXUH
7HOHFWWKHOLEUDU\DQGPRGXOHLQWKH,LEUDU\OLVWOHIWKDQGVLGH
7HOHFWWKHPDFURLQWKH-DFURQDPHOLVWULJKWKDQGVLGH
#OLFN,KDWRUXQWKHPDFUR
&LJXUH9VHWKH-DFUR7HOHFWRUGLDORJWRUXQPDFURV
!OWKRXJK\RXFDQXVH.EEBI'79HEI,KD'79HEWRUXQDOO
PDFURVWKLVLVQRWHIILFLHQWIRUIUHTXHQWO\UXQPDFURV!PRUH
FRPPRQWHFKQLTXHLVWRDVVLJQDPDFURWRDWRROEDUEXWWRQPHQX
LWHPNH\ERDUGVKRUWFXWRUDEXWWRQHPEHGGHGLQDGRFXPHQW;KLOH
FKRRVLQJDPHWKRGLWLVDOVRJRRGWRDVNTXHVWLRQVVXFKDV
l 7KRXOGWKHPDFUREHDYDLODEOHIRURQO\RQHGRFXPHQWRUJOREDOO\
IRUDOOGRFXPHQWV
l $RHVWKHPDFURSHUWDLQWRDVSHFLILFGRFXPHQWW\SHVXFKDVD
#DOFGRFXPHQW
l (RZIUHTXHQWO\ZLOOWKHPDFUREHXVHG
8KHDQVZHUVZLOOGHWHUPLQHZKHUHWRVWRUHWKHPDFURDQGKRZWR
PDNHLWDYDLODEOH&RUH[DPSOH\RXZLOOSUREDEO\QRWDGGDUDUHO\
XVHGPDFURWRDWRROEDU8RKHOSGHWHUPLQH\RXUFKRLFHVVHH8DEOH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8DEOH-HWKRGVIRUVWDUWLQJDPDFUR
3+! +!)""%!*,#
*/(!).
*/(!).
3+!
8RROEDU .R =HV =HV
-HQX .R =HV =HV
7KRUWFXW =HV =HV .R
%YHQW =HV .R =HV
#RPSOHWHFRYHUDJHRIWKH#XVWRPL]HGLDORJLVEH\RQG
)7> WKHVFRSHRIWKLVGRFXPHQW#OLFNWKH";BFEXWWRQWR
DFFHVVWKHKHOSSDJHVLQFOXGHGZLWK/SHQ/IILFHRUJ
8KH#XVWRPL]HGLDORJFRQWDLQVWDEVWRFRQILJXUHPHQXVNH\ERDUG
ELQGLQJVWRROEDUVDQGHYHQWV
)==:0/@
-DFURVFDQEHDGGHGWRWRROEDUV&RUPRUHDERXWPRGLI\LQJWRROEDUV
VHH#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
"3<C7B3;
9VH.EEBIKIJEC?P;WRRSHQWKH#XVWRPL]HGLDORJDQGVHOHFWWKH
-HQXVWDE=RXFDQPRGLI\DQH[LVWLQJPHQXRUFUHDWHQHZPHQXV
WKDWFDOOPDFURV&RUPRUHDERXWPRGLI\LQJPHQXVVHH#KDSWHU
3G0=/@2A6=@B1CBA
9VH.EEBIKIJEC?P;WRRSHQWKH#XVWRPL]HGLDORJDQGVHOHFWWKH
+H\ERDUGWDE!VVLJQLQJNH\ERDUGVKRUWFXWVLVGLVFXVVHGLQ#KDSWHU
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
&LJXUH/SHQ/IILFHRUJ#XVWRPL]HGLDORJ
D3<B
)Q/SHQ/IILFHRUJZKHQVRPHWKLQJKDSSHQVZHVD\WKDWDQHYHQW
RFFXUUHG&RUH[DPSOHDGRFXPHQWZDVRSHQHGDNH\ZDVSUHVVHG
RUWKHPRXVHPRYHG/SHQ/IILFHRUJDOORZVHYHQWVWRFDXVHDPDFUR
WREHFDOOHGWKHPDFURLVWKHQFDOOHGDQHYHQWKDQGOHU&XOOFRYHUDJH
RIHYHQWKDQGOHUVLVZHOOEH\RQGWKHVFRSHRIWKLVGRFXPHQWEXWD
OLWWOHNQRZOHGJHFDQDFFRPSOLVKPXFK
"HFDUHIXOZKHQ\RXFRQILJXUHDQHYHQWKDQGOHU&RU
H[DPSOHDVVXPHWKDW\RXZULWHDQHYHQWKDQGOHU
/CB7=< WKDWLVFDOOHGHYHU\WLPHWKDWDNH\LVSUHVVHGEXW
\RXPDNHDPLVWDNHVRWKHHYHQWLVQRWSURSHUO\
KDQGOHG/QHSRVVLEOHUHVXOWLVWKDW\RXUHYHQW
KDQGOHUZLOOFRQVXPHDOONH\SUHVVHVIRUFLQJ\RXWR
IRUFLEO\WHUPLQDWH/SHQ/IILFHRUJ
9VH.EEBIKIJEC?P;WRRSHQWKH#XVWRPL]HGLDORJDQGVHOHFWWKH
%YHQWVWDEVHH&LJXUH 8KHHYHQWVLQWKH#XVWRPL]HGLDORJDUH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
UHODWHGWRWKHHQWLUHDSSOLFDWLRQDQGVSHFLILFGRFXPHQWV9VHWKH
7DYH)QER[WRFKRRVH/SHQ/IILFHRUJRUDVSHFLILFGRFXPHQW
&LJXUH!VVLJQPDFURWRDQDSSOLFDWLRQOHYHOHYHQW
!FRPPRQXVHLVWRDVVLJQWKH/SHQ$RFXPHQWHYHQWWRFDOODVSHFLILF
PDFUR8KHPDFURWKHQSHUIRUPVFHUWDLQVHWXSWDVNVIRUWKH
GRFXPHQW7HOHFWWKHGHVLUHGHYHQWDQGFOLFNWKH'79HEEXWWRQWR
RSHQWKH-DFUR7HOHFWRUGLDORJVHH&LJXUH
7HOHFWWKHGHVLUHGPDFURDQGFOLFN)%WRDVVLJQWKHPDFURWRWKH
HYHQW8KH%YHQWVWDEVKRZVWKDWWKHHYHQWKDVEHHQDVVLJQHGWRD
PDFURVHH&LJXUH ;KHQWKHGRFXPHQWRSHQVWKH0ULQW(HOOR
PDFURLVUXQ
-DQ\REMHFWVLQDGRFXPHQWFDQEHVHWWRFDOOPDFURVZKHQHYHQWV
RFFXU8KHPRVWFRPPRQXVDJHLVWRDGGDFRQWUROVXFKDVDEXWWRQ
LQWRDGRFXPHQW%YHQGRXEOH
FOLFNLQJRQDJUDSKLFRSHQVDGLDORJ
ZLWKD-DFURVWDEWKDWDOORZV\RXWRDVVLJQDPDFURWRDQHYHQW
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
&LJXUH!VVLJQPDFURWRWKHGRFXPHQWRSHQHYHQW
&LJXUH0ULQW(HOORLVDVVLJQHGWRWKH/SHQ$RFXPHQWHYHQW
FB3<A7=<A
!QH[WHQVLRQLVDSDFNDJHWKDWFDQEHLQVWDOOHGLQWR/SHQ/IILFHRUJWR
DGGQHZIXQFWLRQDOLW\%[WHQVLRQVFDQEHZULWWHQLQDOPRVWDQ\
SURJUDPPLQJODQJXDJHDQGPD\EHVLPSOHRUVRSKLVWLFDWHG
%[WHQVLRQVFDQEHJURXSHGLQWRW\SHV
l #DOF!GG
)QVZKLFKSURYLGHQHZIXQFWLRQDOLW\IRU#DOFLQFOXGLQJ
QHZIXQFWLRQVWKDWDFWOLNHQRUPDOEXLOW
LQIXQFWLRQV
l .HZFRPSRQHQWVDQGIXQFWLRQDOLW\ZKLFKQRUPDOO\LQFOXGHVRPH
OHYHORI9)LQWHJUDWLRQVXFKDVQHZPHQXVRUWRROEDUV
l $DWDSLORWVWKDWDUHXVHGGLUHFWO\LQ#DOF
l #KDUW!GG
)QVZLWKQHZFKDUWW\SHV
l ,LQJXLVWLFFRPSRQHQWVVXFKDVVSHOOFKHFNHUV
l $RFXPHQWWHPSODWHVDQGLPDJHV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
!OWKRXJKLQGLYLGXDOH[WHQVLRQVFDQEHIRXQGLQGLIIHUHQWSODFHVWKHUH
LVDQH[WHQVLRQUHSRVLWRU\DW
KWWSH[WHQVLRQVVHUYLFHVRSHQRIILFHRUJ
&RUPRUHDERXWREWDLQLQJDQGLQVWDOOLQJH[WHQVLRQVVHH#KDSWHU
#XVWRPL]LQJ/SHQ/IILFHRUJ
,@7B7<5;/1@=AE7B6=CBB63@31=@23@
8KHH[DPSOHVFRYHUHGLQWKLVFKDSWHUDUHFUHDWHGXVLQJWKHPDFUR
UHFRUGHUDQGWKHGLVSDWFKHU=RXFDQDOVRZULWHPDFURVWKDWGLUHFWO\
DFFHVVWKHREMHFWVWKDWFRPSULVH/SHQ/IILFHRUJ)QRWKHUZRUGV\RX
FDQGLUHFWO\PDQLSXODWHDGRFXPHQW
$LUHFWO\PDQLSXODWLQJ//RvVLQWHUQDOREMHFWVLVDQDGYDQFHGWRSLF
WKDWLVEH\RQGWKHVFRSHRIWKLVFKDSWHU!VLPSOHH[DPSOHKRZHYHU
GHPRQVWUDWHVKRZWKLVZRUNV
,LVWLQJ!SSHQGWKHWH[Ws(HOORtWRWKHFXUUHQWGRFXPHQW
-I6DD9B8%9@@C
!=AC!C7
!=AG.9LH-9FJ=79
!=AC IFG
,"(.<=G CADCB9BHF9:9FGHCH<97IFF9BH@M57H=J98C7IA9BH
C!C7.<=G CADCB9BH
,"(09F=:MH<5HH<=G=G5H9LH8C7IA9BH
G.9LH-9FJ=797CA
GIB
GH5F
H9LH
.9LH!C7IA9BH
&:)*.C!C7
GIDDCFHG-9FJ=79G.9LH-9FJ=79.<9B
(G;CL.<=GA57FCCB@MKCF?GK=H<5H9LH8C7IA9BH
"L=H-I6
"B8&:
,"($9HH<9J=9K7IFGCF:FCAH<97IFF9BH7CBHFC@@9F
C IFGC!C7
7IFF9BH CBHFC@@9F
;9H0=9K IFGCF
,"((CJ9H<97IFGCFHCH<99B8C:H<98C7IA9BH
C IFG
;CHC"B8#5@G9
,"(&BG9FHH9LH%9@@C5HH<99B8C:H<98C7IA9BH
C IFG
.9LH
=BG9FH-HF=B;C IFG%9@@C#5@G9
"B8-I6
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
7<27<5;=@37<4=@;/B7=<
.XPHURXVUHVRXUFHVDUHDYDLODEOHWKDWSURYLGHKHOSZLWKZULWLQJ
PDFURV9VH";BF)F;D)<<?9;
EH=";BFWRRSHQWKH//RKHOS
SDJHV8KHXSSHUOHIWFRUQHURIWKH//RKHOSV\VWHPFRQWDLQVDGURS
GRZQOLVWWKDWGHWHUPLQHVZKLFKKHOSVHWLVGLVSOD\HG8RYLHZWKH
KHOSIRU"DVLFWKHGURS
GRZQPXVWGLVSOD\(HOSDERXW
/SHQ/IILFHRUJ"DVLF
<1:C232;/B3@7/:
-DQ\H[FHOOHQWPDFURVDUHLQFOXGHGZLWK//R9VH.EEBI'79HEI
)H=7D?P;'79HEI)F;D)<<?9;
EH=7I?9WRRSHQWKH-DFUR
GLDORJ%[SDQGWKH8RROVOLEUDU\LQWKH/SHQ/IILFHRUJOLEUDU\
FRQWDLQHU)QVSHFWWKH$HEXJPRGXOHrVRPHJRRGH[DPSOHVLQFOXGH
;ULWHGEJ)QIRGRFXPHQW DQGSULQWGEJ)QIRVKHHW
$<:7<3@3A=C@13A
8KHIROORZLQJOLQNVDQGUHIHUHQFHVFRQWDLQLQIRUPDWLRQUHJDUGLQJ
PDFURSURJUDPPLQJ
KWWSZZZRSHQRIILFHRUJWKHPDLQOLQN
KWWSFRGHVQLSSHWVVHUYLFHVRSHQRIILFHRUJFDWHJRUL]HGH[DPSOHV
KWWSXVHUVHUYLFHVRSHQRIILFHRUJ//RIRUXPVZHOOVXSSRUWHG
KWWSZZZRRRIRUXPRUJ//RIRUXPVZHOOVXSSRUWHG
KWWSDSLRSHQRIILFHRUJGRFVFRPPRQUHIFRPVXQVWDUPRGXOH
L[KWPORIILFLDO)$,UHIHUHQFHKHUH\RXOOILQGDOPRVWHYHU\FRPPDQG
ZLWKDGHVFULSWLRQ
KWWSZLNLVHUYLFHVRSHQRIILFHRUJZLNL$RFXPHQWDWLRQ
$HY'XLGH/SHQ/IILFHRUJC$HYHORSHUVC'XLGHRIILFLDOGRFXPHQWDWLRQ
WKDWFRQWDLQVDGHWDLOHGH[SODQDWLRQ
KWWSZZZSLWRQ\DNRUJRRSKS!QGUHZ0LWRQ\DNvVPDFURSDJH
KWWSZZZSLWRQ\DNRUJ!QGUHZ-DFURRGWQXPHURXVH[DPSOHVRI
ZRUNLQJPDFURV
KWWSZZZSLWRQ\DNRUJERRN!QGUHZ0LWRQ\DNZURWHDERRNRQ
PDFURV
KWWSZZZSLWRQ\DNRUJGDWDEDVHQXPHURXVPDFURH[DPSOHVXVLQJ
"DVH
KWWSGRFVVXQFRPDSSGRFV7XQZURWHDERRNRQPDFUR
SURJUDPPLQJrYHU\ZHOOZULWWHQDQGODLGRXW
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
KWWSGRFXPHQWDWLRQRSHQRIILFHRUJFRQWDLQVFRQWHQWUHODWHGWR
PDFURV
KWWSRRH[WUDVVRXUFHIRUJHQHWH[DPSOHV
KWWSVRXUFHIRUJHQHWSURMHFWVKRZILOHVSKSJURXSCLG
H[DPSOHV
KWWSKRPHSDJHVSDUDGLVHQHWQ]KLOOYLHZ//RQXPHURXVH[FHOOHQW
PDFURVLQFOXGLQJUHYHDOFRGHVPDFURVNH\PDFURVDQGLQIRUPDWLRQ
RQFRQYHUWLQJIURP-7/IILFH
%C0:7A632;/B3@7/:
8KHIROORZLQJSXEOLVKHGVRXUFHVFRQWDLQPDFURH[DPSOHV8KHPRVW
REYLRXVH[DPSOHLVWKHGRFXPHQWDWLRQIURP7XQ7WDUWIURP7XQvV
GRFXPHQWDWLRQVLWHKWWSGRFVVXQFRPDSSGRFVDQGVHDUFKIRU
7WDU/IILFHGRFXPHQWDWLRQ
!QGUHZ0LWRQ\DNZURWHDERRNFDOOHG/SHQ/IILFHRUJ-DFURV
%[SODLQHG8ZRFKDSWHUVDUHDYDLODEOHDVGLUHFWGRZQORDGVIURPWKH
SXEOLVKHU7HHKWWSZZZSLWRQ\DNRUJERRN
$U-DUN!OH[DQGHU"DLQZURWH,HDUQ/SHQ/IILFHRUJ7SUHDGVKHHW
-DFUR0URJUDPPLQJVHHKWWSZZZSDFNWSXEFRPRSHQRIILFH
RRREDVLF
FDOF
DXWRPDWLRQERRN
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV
>7FJ;H
KIJEC?P?D=
)F;D)<<?9;
EH=
8KLVFKDSWHUGHVFULEHVVRPHFRPPRQFXVWRPL]DWLRQVWKDW\RXPD\
ZLVKWRGR
=RXFDQFXVWRPL]HPHQXVWRROEDUVDQGNH\ERDUGVKRUWFXWVLQ
/SHQ/IILFHRUJDGGQHZPHQXVDQGWRROEDUVDQGDVVLJQPDFURVWR
HYHQWV(RZHYHU\RXFDQQRWFXVWRPL]HFRQWH[WULJKW
FOLFN PHQXV
/WKHUFXVWRPL]DWLRQVDUHPDGHHDV\E\H[WHQVLRQVWKDW\RXFDQ
LQVWDOOIURPWKH/SHQ/IILFHRUJZHEVLWHRUIURPRWKHUSURYLGHUV
#XVWRPL]DWLRQVWRPHQXVDQGWRROEDUVFDQEHVDYHGLQD
WHPSODWH8RGRVRILUVWVDYHWKHPLQDGRFXPHQWDQGWKHQ
#=B3 VDYHWKHGRFXPHQWDVDWHPSODWHDVGHVFULEHGLQ#KDSWHU
7W\OHVDQG8HPSODWHV
CAB=;7H7<5;3<C1=<B3<B
)QDGGLWLRQWRFKDQJLQJWKHPHQXIRQWGHVFULEHGLQ#KDSWHU \RX
FDQDGGDQGUHDUUDQJHLWHPVRQWKHPHQXEDUDGGLWHPVWRPHQXV
DQGPDNHRWKHUFKDQJHV
8RFXVWRPL]HPHQXV
#KRRVH.EEBIKIJEC?P;
/QWKHKIJEC?P;GLDORJSLFNWKH';DKISDJH&LJXUH
)QWKH7DYH)QGURS
GRZQOLVWFKRRVHZKHWKHUWRVDYHWKLV
FKDQJHGPHQXIRUWKHDSSOLFDWLRQIRUH[DPSOH;ULWHU RUIRUD
VHOHFWHGGRFXPHQW
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
)QWKHVHFWLRQ)F;D)<<?9;
EH=D7C;E<J>;FHE=H7C
;N7CFB;1H?J;H';DKIVHOHFWIURPWKH';DKGURS
GRZQ
OLVWWKHPHQXWKDW\RXZDQWWRFXVWRPL]H8KHOLVWLQFOXGHVDOO
WKHPDLQPHQXVDVZHOODVVXE
PHQXVWKDWLVPHQXVWKDWDUH
FRQWDLQHGXQGHUDQRWKHUPHQX&RUH[DPSOHLQDGGLWLRQWR&LOH
%GLW:LHZDQGVRRQWKHUHLV&LOH_7HQGDQG&LOH_8HPSODWHV
8KHFRPPDQGVDYDLODEOHIRUWKHVHOHFWHGPHQXDUHVKRZQLQWKH
FHQWUDOSDUWRIWKHGLDORJ
8RFXVWRPL]HWKHVHOHFWHGPHQXFOLFNRQWKH';DKRU'E:?<O
EXWWRQV=RXFDQDOVRDGGFRPPDQGVWRDPHQXE\FOLFNLQJRQ
WKH::EXWWRQ8KHVHDFWLRQVDUHGHVFULEHGLQWKHIROORZLQJ
VHFWLRQV9VHWKHXSDQGGRZQDUURZVQH[WWRWKH%QWULHVOLVWWR
PRYHWKHVHOHFWHGPHQXLWHPWRDGLIIHUHQWSRVLWLRQ
;KHQ\RXKDYHILQLVKHGPDNLQJDOO\RXUFKDQJHVFOLFN)%WR
VDYHWKHP
&LJXUH8KH-HQXVSDJHRIWKH#XVWRPL]HGLDORJ
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
@3/B7<5/<3E;3<C
)QWKH#XVWRPL]HGLDORJFOLFN(;MWRGLVSOD\WKHGLDORJVKRZQLQ
&LJXUH
8\SHDQDPHIRU\RXUQHZPHQXLQWKH';DKD7C;ER[
9VHWKHXSDQGGRZQDUURZEXWWRQVWRPRYHWKHQHZPHQXLQWR
WKHUHTXLUHGSRVLWLRQRQWKHPHQXEDU
#OLFN)%WRVDYH
8KHQHZPHQXQRZDSSHDUVRQWKHOLVWRIPHQXVLQWKH#XVWRPL]H
GLDORJ)WZLOODSSHDURQWKHPHQXEDULWVHOIDIWHU\RXVDYH\RXU
FXVWRPL]DWLRQV
!IWHUFUHDWLQJDQHZPHQX\RXQHHGWRDGGVRPHFRPPDQGVWRLWDV
GHVFULEHGLQs!GGLQJDFRPPDQGWRDPHQXtRQSDJH
"=274G7<53F7AB7<5;3<CA
8RPRGLI\DQH[LVWLQJPHQXVHOHFWLWLQWKH-HQXOLVWDQGFOLFNWKH
';DKEXWWRQWRGURSGRZQDOLVWRIPRGLILFDWLRQV'EL;,;D7C;
;B;J;.RWDOORIWKHVHPRGLILFDWLRQVFDQEHDSSOLHGWRDOOWKHHQWULHV
LQWKH-HQXOLVW&RUH[DPSOH,;D7C;DQG;B;J;DUHQRWDYDLODEOH
IRUWKHVXSSOLHGPHQXV
8RPRYHDPHQXVXFKDV&LOH FKRRVH';DK'EL;!GLDORJ
VLPLODUWRWKHRQHVKRZQLQ&LJXUHEXWZLWKRXWWKH';DKD7C;
ER[ RSHQV9VHWKHXSDQGGRZQDUURZEXWWRQVWRPRYHWKHPHQX
LQWRWKHUHTXLUHGSRVLWLRQ
8RPRYHVXEPHQXVVXFKDV&LOH_7HQG VHOHFWWKHPDLQPHQX&LOH
LQWKH-HQXOLVWDQGWKHQLQWKH-HQX#RQWHQWVHFWLRQRIWKHGLDORJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
VHOHFWWKHVXEPHQX7HQG LQWKH%QWULHVOLVWDQGXVHWKHDUURZNH\V
WRPRYHLWXSRUGRZQLQWKHVHTXHQFH7XEPHQXVDUHHDVLO\
LGHQWLILHGLQWKH%QWULHVOLVWE\DVPDOOEODFNWULDQJOHRQWKHULJKW
KDQGVLGHRIWKHQDPH
)QDGGLWLRQWRUHQDPLQJ\RXFDQVSHFLI\DNH\ERDUGVKRUWFXWWKDW
DOORZV\RXWRVHOHFWDPHQXFRPPDQGZKHQ\RXSUHVV!OWDQ
XQGHUOLQHGOHWWHULQDPHQXFRPPDQG
7HOHFWDPHQXRUPHQXHQWU\
#OLFNWKH';DKEXWWRQDQGVHOHFW,;D7C;
!GGDWLOGHa LQIURQWRIWKHOHWWHUWKDW\RXZDQWWRXVHDVDQ
DFFHOHUDWRU&RUH[DPSOHWRVHOHFWWKH7DYH!OOFRPPDQGE\
SUHVVLQJ!OW:HQWHU
227<5/1=;;/<2B=/;3<C
=RXFDQDGGFRPPDQGVWRWKHVXSSOLHGPHQXVDQGWRPHQXV\RXKDYH
FUHDWHG/QWKH#XVWRPL]HGLDORJVHOHFWWKHPHQXLQWKH-HQXOLVW
DQGFOLFNWKH::EXWWRQLQWKH-HQX#RQWHQWVHFWLRQRIWKHGLDORJ
/QWKH!GG#RPPDQGVGLDORJVHOHFWDFDWHJRU\DQGWKHQWKH
FRPPDQGDQGFOLFN::8KHGLDORJUHPDLQVRSHQVR\RXFDQVHOHFW
VHYHUDOFRPPDQGV;KHQ\RXKDYHILQLVKHGDGGLQJFRPPDQGVFOLFN
BEI;"DFNRQWKH#XVWRPL]HGLDORJ\RXFDQXVHWKHXSDQGGRZQ
DUURZEXWWRQVWRDUUDQJHWKHFRPPDQGVLQ\RXUSUHIHUUHGVHTXHQFH
&LJXUH!GGLQJDFRPPDQGWRDPHQX
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
"=274G7<5;3<C3<B@73A
)QDGGLWLRQWRFKDQJLQJWKHVHTXHQFHRIHQWULHVRQDPHQXRU
VXEPHQX\RXFDQDGGVXEPHQXVUHQDPHRUGHOHWHWKHHQWULHVDQG
DGGJURXSVHSDUDWRUV
8REHJLQVHOHFWWKHPHQXRUVXEPHQXLQWKH-HQXOLVWQHDUWKHWRSRI
WKH#XVWRPL]HSDJHWKHQVHOHFWWKHHQWU\LQWKH%QWULHVOLVWXQGHU
-HQX#RQWHQW#OLFNWKH'E:?<OEXWWRQDQGFKRRVHWKHUHTXLUHG
DFWLRQIURPWKHGURS
GRZQOLVWRIDFWLRQV
-RVWRIWKHDFWLRQVVKRXOGEHVHOI
H[SODQDWRU\;=?D7=HEKFDGGVD
VHSDUDWRUOLQHDIWHUWKHKLJKOLJKWHGHQWU\
CAB=;7H7<5B==:0/@A
=RXFDQFXVWRPL]HWRROEDUVLQVHYHUDOZD\VLQFOXGLQJFKRRVLQJZKLFK
LFRQVDUHYLVLEOHDQGORFNLQJWKHSRVLWLRQRIDGRFNHGWRROEDUDV
GHVFULEHGLQ#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ 8KLVVHFWLRQ
GHVFULEHVKRZWRFUHDWHQHZWRROEDUVDQGDGGRWKHULFRQV
FRPPDQGV WRWKHOLVWRIWKRVHDYDLODEOHRQDWRROEDU
8RJHWWRWKHWRROEDUFXVWRPL]DWLRQGLDORJGRDQ\RIWKHIROORZLQJ
l /QWKHWRROEDUFOLFNWKHDUURZDWWKHHQGRIWKHWRROEDUDQG
FKRRVHKIJEC?P;.EEB87H
l #KRRVH0?;M.EEB87HIKIJEC?P;IURPWKHPHQXEDU
l #KRRVH.EEBIKIJEC?P;IURPWKHPHQXEDUDQGSLFNWKH
.EEB87HISDJH&LJXUH
8RFXVWRPL]HWRROEDUV
)QWKH7DYH)QGURS
GRZQOLVWFKRRVHZKHWKHUWRVDYHWKLV
FKDQJHGWRROEDUIRUWKHDSSOLFDWLRQIRUH[DPSOH;ULWHU RUIRUD
VHOHFWHGGRFXPHQW
)QWKHVHFWLRQ)F;D)<<?9;
EH=D7C;E<J>;FHE=H7C
;N7CFB;1H?J;H.EEB87HIVHOHFWIURPWKH.EEB87HGURS
GRZQOLVWWKHWRROEDUWKDW\RXZDQWWRFXVWRPL]H
=RXFDQFUHDWHDQHZWRROEDUE\FOLFNLQJRQWKH(;MEXWWRQRU
FXVWRPL]HH[LVWLQJWRROEDUVE\FOLFNLQJRQWKH.EEB87HRU
'E:?<OEXWWRQVDQGDGGFRPPDQGVWRDWRROEDUE\FOLFNLQJRQ
WKH::EXWWRQ8KHVHDFWLRQVDUHGHVFULEHGEHORZ
;KHQ\RXKDYHILQLVKHGPDNLQJDOO\RXUFKDQJHVFOLFN)%WR
VDYHWKHP
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
&LJXUH8KH8RROEDUVSDJHRIWKH#XVWRPL]HGLDORJ
@3/B7<5/<3EB==:0/@
8RFUHDWHDQHZWRROEDU
#KRRVH.EEBIKIJEC?P;.EEB87HIIURPWKHPHQXEDU
#OLFN(;M/QWKH.DPHGLDORJW\SHWKHQHZWRROEDUVQDPH
DQGFKRRVHIURPWKH7DYH)QGURS
GRZQOLVWZKHUHWRVDYHWKLV
FKDQJHGPHQXIRUWKHDSSOLFDWLRQIRUH[DPSOH;ULWHU RUIRUD
VHOHFWHGGRFXPHQW
8KHQHZWRROEDUQRZDSSHDUVRQWKHOLVWRIWRROEDUVLQWKH#XVWRPL]H
GLDORJ!IWHUFUHDWLQJDQHZWRROEDU\RXQHHGWRDGGVRPHFRPPDQGV
WRLWDVGHVFULEHGEHORZ
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
227<5/1=;;/<2B=/B==:0/@
)IWKHOLVWRIDYDLODEOHEXWWRQVIRUDWRROEDUGRHVQRWLQFOXGHDOOWKH
FRPPDQGV\RXZDQWRQWKDWWRROEDU\RXFDQDGGFRPPDQGV;KHQ
\RXFUHDWHDQHZWRROEDU\RXQHHGWRDGGFRPPDQGVWRLW
/QWKH8RROEDUVSDJHRIWKH#XVWRPL]HGLDORJVHOHFWWKHWRROEDU
LQWKH8RROEDUOLVWDQGFOLFNWKH::EXWWRQLQWKH8RROEDU
#RQWHQWVHFWLRQRIWKHGLDORJ
8KH!GG#RPPDQGVGLDORJLVWKHVDPHDVIRUDGGLQJFRPPDQGV
WRPHQXV&LJXUH 7HOHFWDFDWHJRU\DQGWKHQWKHFRPPDQG
DQGFOLFN::8KHGLDORJUHPDLQVRSHQVR\RXFDQVHOHFW
VHYHUDOFRPPDQGV;KHQ\RXKDYHILQLVKHGDGGLQJFRPPDQGV
FOLFNBEI;)I\RXLQVHUWDQLWHPZKLFKGRHVQRWKDYHDQ
DVVRFLDWHGLFRQWKHWRROEDUZLOOGLVSOD\WKHIXOOQDPHRIWKH
LWHPWKHQH[WVHFWLRQGHVFULEHVKRZWRFKRRVHDQLFRQIRUD
WRROEDUFRPPDQG
"DFNRQWKH#XVWRPL]HGLDORJ\RXFDQXVHWKHXSDQGGRZQ
DUURZEXWWRQVWRDUUDQJHWKHFRPPDQGVLQ\RXUSUHIHUUHG
VHTXHQFH
;KHQ\RXDUHGRQHPDNLQJFKDQJHVFOLFN)%WRVDYH
6==A7<571=<A4=@B==:0/@1=;;/<2A
8RROEDUEXWWRQVXVXDOO\KDYHLFRQVQRWZRUGVRQWKHPEXWQRWDOORI
WKHFRPPDQGVKDYHDVVRFLDWHGLFRQV
8RFKRRVHDQLFRQIRUDFRPPDQGVHOHFWWKHFRPPDQGDQGFOLFN
'E:?<O>7D=;?9ED/QWKH#KDQJH)FRQGLDORJ\RXFDQVFUROO
WKURXJKWKHDYDLODEOHLFRQVVHOHFWRQHDQGFOLFN)%WRDVVLJQLWWR
WKHFRPPDQG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
8RXVHDFXVWRPLFRQFUHDWHLWLQDJUDSKLFVSURJUDPDQGLPSRUWLW
LQWR//RE\FOLFNLQJWKH#CFEHJEXWWRQRQWKH#KDQJH)FRQGLDORJ
#XVWRPLFRQVPXVWEH[RU[SL[HOVLQVL]HDQGFDQQRW
FRQWDLQPRUHWKDQFRORUV
&LJXUH7HWWLQJXS//RIRUVHQGLQJID[HV
E 7HOHFWWKHID[GULYHUIURPWKH 7NOLVWDQGFOLFN)%
#OLFNWKHDUURZLFRQDWWKHHQGRIWKH7WDQGDUGWRROEDU)QWKH
GURS
GRZQPHQXFKRRVHKIJEC?P;.EEB87H8KH8RROEDUV
SDJHRIWKH#XVWRPL]HGLDORJDSSHDUV&LJXUH #OLFN::
/QWKH!GG#RPPDQGVGLDORJ&LJXUH VHOHFW$RFXPHQWVLQ
WKH#DWHJRU\OLVWWKHQVHOHFW7HQG$HIDXOW&D[LQWKH#RPPDQGV
OLVW#OLFN::.RZ\RXFDQVHHWKHQHZLFRQLQWKH#RPPDQGV
OLVW
)QWKH#RPPDQGVOLVWFOLFNWKHXSRUGRZQDUURZEXWWRQWR
SRVLWLRQWKHQHZLFRQZKHUH\RXZDQWLW#OLFN)%DQGWKHQFOLFN
BEI;=RXUWRROEDUQRZKDVDQHZLFRQWRVHQGWKHFXUUHQW
GRFXPHQWDVDID[
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
&LJXUH!GGLQJD7HQG&D[FRPPDQGWRDWRROEDU
AA75<7<5A6=@B1CB93GA
)QDGGLWLRQWRXVLQJWKHEXLOW
LQNH\ERDUGVKRUWFXWVOLVWHGLQ
!SSHQGL[! \RXFDQGHILQH\RXURZQ=RXFDQDVVLJQVKRUWFXWVWR
VWDQGDUG//RIXQFWLRQVRU\RXURZQPDFURVDQGVDYHWKHPIRUXVH
ZLWKWKHHQWLUH/SHQ/IILFHRUJVXLWH
"HFDUHIXOZKHQUHDVVLJQLQJ\RXURSHUDWLQJV\VWHPvVRU
//RvVSUHGHILQHGVKRUWFXWNH\V-DQ\NH\DVVLJQPHQWV
DUHXQLYHUVDOO\XQGHUVWRRGVKRUWFXWVVXFKDV& IRU
/CB7=< (HOSDQGDUHDOZD\VH[SHFWHGWRSURYLGHFHUWDLQ
UHVXOWV!OWKRXJK\RXFDQHDVLO\UHVHWWKHVKRUWFXWNH\
DVVLJQPHQWVWRWKH//RGHIDXOWVFKDQJLQJVRPH
FRPPRQVKRUWFXWNH\VFDQFDXVHFRQIXVLRQIUXVWUDWLRQ
DQGSRVVLEOHGDWDORVVRUFRUUXSWLRQHVSHFLDOO\LIRWKHU
XVHUVVKDUH\RXUFRPSXWHU
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
#OLFN)%WRDFFHSWWKHFKDQJH.RZWKHFKRVHQVKRUWFXWNH\V
ZLOOH[HFXWHWKHIXQFWLRQFKRVHQLQVWHSDERYHZKHQHYHUWKH\
DUHSUHVVHG
!OOH[LVWLQJVKRUWFXWNH\VIRUWKHFXUUHQWO\VHOHFWHG
&XQFWLRQDUHOLVWHGLQWKH+H\VVHOHFWLRQER[)IWKH+H\V
OLVWLVHPSW\LWLQGLFDWHVWKDWWKHFKRVHQNH\
FRPELQDWLRQLVIUHHIRUXVH)ILWZHUHQRWDQG\RX
#=B3 ZDQWHGWRUHDVVLJQDVKRUWFXWNH\FRPELQDWLRQWKDWLV
DOUHDG\LQXVH\RXPXVWILUVW;B;J;WKHH[LVWLQJ+H\
7KRUWFXWNH\VWKDWDUHJUH\HG
RXWLQWKHOLVWLQJRQWKH
#XVWRPL]HGLDORJVXFKDV& DQG&DUHQRWDYDLODEOH
IRUUHDVVLJQPHQW
F/;>:3AA75<7<5ABG:3AB=A6=@B1CB93GA
=RXFDQFRQILJXUHVKRUWFXWNH\VWRTXLFNO\DVVLJQVW\OHVLQ\RXU
GRFXPHQW7RPHVKRUWFXWVDUHSUHGHILQHGVXFKDV#WUOIRUWKH
8H[WERG\SDUDJUDSKVW\OH#WUOIRUWKH(HDGLQJVW\OHDQG#WUO
IRU(HDGLQJ=RXFDQPRGLI\WKHVHVKRUWFXWVDQGFUHDWH\RXURZQ
#OLFN.EEBIKIJEC?P;%;O8E7H:8KH+H\ERDUGSDJHRI
WKH#XVWRPL]HGLDORJ&LJXUH RSHQV
8RKDYHWKHVKRUWFXWNH\DVVLJQPHQWDYDLODEOHRQO\ZLWKRQH
FRPSRQHQWIRUH[DPSOH;ULWHU VHOHFWWKDWFRPSRQHQWvVQDPH
LQWKHXSSHUULJKWFRUQHURIWKHSDJHRWKHUZLVHVHOHFW
)F;D)<<?9;
EH=EXWWRQWRPDNHLWDYDLODEOHWRHYHU\
FRPSRQHQW
#KRRVHWKHVKRUWFXWNH\V\RXZDQWWRDVVLJQDVW\OHWR)QWKLV
H[DPSOHZHKDYHFKRVHQ#WUO
)QWKH&XQFWLRQV VHFWLRQDWWKHERWWRPRIWKHGLDORJVFUROOGRZQ
LQWKH#DWHJRU\OLVWWR7W\OHV#OLFNWKHVLJQWRH[SDQGWKHOLVW
RIVW\OHV
#KRRVHWKHFDWHJRU\RIVW\OHRXUH[DPSOHXVHVDSDUDJUDSK
VW\OH 8KH&XQFWLRQOLVWZLOOGLVSOD\WKHQDPHVRIWKHDYDLODEOH
VW\OHVIRUWKHVHOHFWHGFDWHJRU\8KHH[DPSOHVKRZVVRPHRI
//RvVSUHGHILQHGVW\OHV
8RDVVLJQ#WUOWREHWKHVKRUWFXWNH\FRPELQDWLRQIRUWKH
,LVWVW\OHVHOHFW,LVWLQWKH&XQFWLRQOLVWDQGWKHQFOLFN
'E:?<O#WUOQRZDSSHDUVLQWKH+H\VOLVW
-DNHDQ\RWKHUUHTXLUHGFKDQJHVDQGWKHQFOLFN)%WRVDYH
WKHVHVHWWLQJVDQGFORVHWKHGLDORJ
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
&LJXUH$HILQLQJNH\ERDUGVKRUWFXWVIRUDSSO\LQJVW\OHV
(/D7<516/<53AB=/47:3
#KDQJHVWRWKHVKRUWFXWNH\DVVLJQPHQWVFDQEHVDYHGLQDNH\ERDUG
FRQILJXUDWLRQILOHIRUXVHDWDODWHUWLPHWKXVSHUPLWWLQJ\RXWRFUHDWH
DQGDSSO\GLIIHUHQWFRQILJXUDWLRQVDVWKHQHHGDULVHV8RVDYH
NH\ERDUGVKRUWFXWVWRDILOH
!IWHUPDNLQJ\RXUNH\ERDUGVKRUWFXWDVVLJQPHQWVFOLFNWKH
-7L;EXWWRQQHDUWKHERWWRPULJKWRIWKH#XVWRPL]HGLDORJ
&LJXUH
)QWKH7DYH+H\ERDUG#RQILJXUDWLRQGLDORJVHOHFW!OOILOHV IURP
WKH-7L;7I.OF;OLVW
.H[WHQWHUDQDPHIRUWKHNH\ERDUGFRQILJXUDWLRQILOHLQWKH
?B;D7C;ER[RUVHOHFWDQH[LVWLQJILOHIURPWKHOLVW)I\RX
QHHGWREURZVHWRILQGDILOHIURPDQRWKHUORFDWLRQ
#OLFN-7L;!FRQILUPDWLRQGLDORJDSSHDUVLI\RXDUHDERXWWR
RYHUZULWHDQH[LVWLQJILOHRWKHUZLVHWKHUHZLOOEHQRIHHGEDFN
DQGWKHILOHZLOOEHVDYHG
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
!=/27<5/A/D3293G0=/@21=<475C@/B7=<
8RORDGDVDYHGNH\ERDUGFRQILJXUDWLRQILOHDQGUHSODFH\RXUH[LVWLQJ
FRQILJXUDWLRQFOLFNWKH&E7:EXWWRQQHDUWKHERWWRPULJKWRIWKH
#XVWRPL]HGLDORJDQGWKHQVHOHFWWKHFRQILJXUDWLRQILOHIURPWKH,RDG
+H\ERDUG#RQILJXUDWLRQGLDORJ
'3A3BB7<5B63A6=@B1CB93GA
8RUHVHWDOORIWKHNH\ERDUGVKRUWFXWVWRWKHLUGHIDXOWYDOXHVFOLFNWKH
,;I;JEXWWRQQHDUWKHERWWRPULJKWRIWKH#XVWRPL]HGLDORJ9VHWKLV
IHDWXUHZLWKFDUHDVQRFRQILUPDWLRQGLDORJZLOOEHGLVSOD\HGWKH
GHIDXOWVZLOOEHVHWZLWKRXWDQ\IXUWKHUQRWLFHRUXVHULQSXW
AA75<7<5;/1@=AB=3D3<BA
)Q//RZKHQVRPHWKLQJKDSSHQVZHVD\WKDWDQHYHQWRFFXUHG&RU
H[DPSOHDGRFXPHQWZDVRSHQHGDNH\ZDVSUHVVHGRUWKHPRXVH
PRYHG=RXFDQDVVRFLDWHDPDFURZLWKDQHYHQWVRWKHPDFURLVUXQ
ZKHQWKHHYHQWRFFXUV&RUH[DPSOHDFRPPRQXVHLVWRDVVLJQWKH
sRSHQGRFXPHQWtHYHQWWRUXQDPDFURWKDWSHUIRUPVFHUWDLQVHWXS
WDVNVIRUWKHGRFXPHQW
8RDVVRFLDWHDPDFURZLWKDQHYHQWXVHWKH%YHQWVSDJHRIWKH
#XVWRPL]HGLDORJ&RUPRUHLQIRUPDWLRQVHH#KDSWHU'HWWLQJ
7WDUWHGZLWK-DFURV
227<54C<1B7=</:7BGE7B63FB3<A7=<A
!QH[WHQVLRQLVDSDFNDJHWKDWFDQEHLQVWDOOHGLQWR/SHQ/IILFHRUJWR
DGGQHZIXQFWLRQDOLW\
!OWKRXJKLQGLYLGXDOH[WHQVLRQVFDQEHIRXQGLQGLIIHUHQWSODFHVWKH
RIILFLDO/SHQ/IILFHRUJH[WHQVLRQUHSRVLWRU\LVDW
KWWSH[WHQVLRQVVHUYLFHVRSHQRIILFHRUJ7RPHH[WHQVLRQVDUHIUHH
RIFKDUJHRWKHUVDUHDYDLODEOHIRUDIHH#KHFNWKHGHVFULSWLRQVWR
VHHZKDWOLFHQVHVDQGIHHVDSSO\WRWKHRQHVWKDWLQWHUHVW\RX
<AB/::7<53FB3<A7=<A
8RLQVWDOODQH[WHQVLRQIROORZWKHVHVWHSV
$RZQORDGDQH[WHQVLRQDQGVDYHLWDQ\ZKHUHRQ\RXUFRPSXWHU
)Q//RVHOHFW.EEBINJ;DI?ED'7D7=;HIURPWKHPHQXEDU
)QWKH%[WHQVLRQ-DQDJHUGLDORJ&LJXUH FOLFN::
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
!ILOHEURZVHUZLQGRZRSHQV&LQGDQGVHOHFWWKHH[WHQVLRQ\RX
ZDQWWRLQVWDOODQGFOLFN)F;D8KHH[WHQVLRQEHJLQVLQVWDOOLQJ
=RXPD\EHDVNHGWRDFFHSWDOLFHQVHDJUHHPHQW
;KHQWKHLQVWDOODWLRQLVFRPSOHWHWKHH[WHQVLRQLVOLVWHGLQWKH
%[WHQVLRQ-DQDJHUGLDORJ
8RJHWH[WHQVLRQVWKDWDUHOLVWHGLQWKHUHSRVLWRU\\RX
FDQRSHQWKH%[WHQVLRQ-DQDJHUDQGFOLFNWKH!;J
)7> CEH;;NJ;DI?EDI>;H;OLQN=RXGRQRWQHHGWR
GRZQORDGWKHPVHSDUDWHO\DVLQVWHSDERYH
8RLQVWDOODVKDUHGH[WHQVLRQ\RXQHHGZULWHDFFHVVWR
#=B3 WKH/SHQ/IILFHRUJLQVWDOODWLRQGLUHFWRU\
*A7<53FB3<A7=<A
8KLVVHFWLRQGHVFULEHVVHYHUDORIWKHPRUHLPSRUWDQWDQGSRSXODU
H[WHQVLRQVWR/SHQ/IILFHRUJ)QHDFKFDVH\RXQHHGWRILUVWLQVWDOO
WKHH[WHQVLRQDVGHVFULEHGLQWKHSUHYLRXVVHFWLRQ
%;>=@B
%QDEOHV\RXWRPDNHPLQRUPRGLILFDWLRQVWRWKHWH[WRIH[LVWLQJ0$&
ILOHVZKHQWKHRULJLQDOVRXUFHILOHVGRQRWH[LVWRU\RXDUHXQDEOHWR
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
RSHQWKHVRXUFHILOHV;KHQHYHUSRVVLEOHPRGLI\WKHVRXUFHDQG
UHJHQHUDWHWKH0$&WRREWDLQWKHEHVWUHVXOWV
;KHQWKHH[WHQVLRQLVLQVWDOOHG0$&LVOLVWHGDVDFKRLFHLQWKH&LOH
8\SHGURS
GRZQOLVWLQWKH ?B;)F;DGLDORJ0$&GRFXPHQWVRSHQ
LQ$UDZ$HSHQGLQJRQWKHFRPSOH[LW\RIWKHOD\RXWFKDQJHVPD\EH
HDV\RUGLIILFXOWWRPDNHDQGWKHVDYHGUHVXOWPD\RUPD\QRW
SUHVHUYHWKHRULJLQDOOD\RXW&RQWVXEVWLWXWLRQPD\RFFXU
%DFKOLQHRIWH[WDSSHDUVLQDVHSDUDWHWH[WER[)ISDUWRIWKHWH[WLV
LQDGLIIHUHQWIRQWRUIRQWYDULDWLRQIRUH[DPSOHEROGRULWDOLF WKDW
SDUWRIWKHOLQHLVLQDVHSDUDWHWH[WER[8KXVDVLQJOHOLQHRIWH[WPD\
FRQWDLQVHYHUDOVHSDUDWHWH[WER[HV)I\RXHGLWWKHWH[WLQRQHER[
WKHUHVXOWPD\RYHUODSWKHWH[WLQWKHIROORZLQJER[RUOHDYHD
FRQVSLFXRXVJDSEHWZHHQWKHWZRSRUWLRQVRIWH[W)IWKLVRFFXUV\RX
QHHGWRPDQXDOO\DGMXVWWKHVSDFLQJEHWZHHQWKHER[HV
'UDSKLFVZLWKWUDQVSDUHQWEDFNJURXQGVDUHLPSRUWHGZLWKEODFN
EDFNJURXQGVDQGWKHVHEODFNEDFNJURXQGVUHPDLQZKHQWKHHGLWHG
0$&LVVDYHGDJDLQ'UDSKLFVDQGIUDPHVDQFKRUHGsWRSDUDJUDSKt
PD\PRYHDZD\IURPWKHLUSRVLWLRQVGXULQJLPSRUWDQ\LQFRUUHFW
SRVLWLRQLQJUHPDLQVZKHQWKH0$&LVVDYHGDJDLQ
&URP7XQ-LFURV\VWHPV/SHQVRXUFH
%@3A3<B3@=<A=:3
0URYLGHVH[WUDFRQWURORYHUVOLGHVKRZVSUHVHQWDWLRQV IRUH[DPSOH
WKHSUHVHQWHUKDVDELOLW\WRVHHWKHXSFRPLQJVOLGHWKHVOLGHQRWHV
DQGDSUHVHQWDWLRQWLPHUrZKLOHWKHDXGLHQFHVHHVRQO\WKHFXUUHQW
VOLGH8KH0UHVHQWHU#RQVROHGLVSOD\VWKHHOHPHQWVLQWKUHHHDVLO\
FKDQJHDEOHYLHZV
l 8KHILUVWYLHZGLVSOD\VWKHFXUUHQWVOLGHLQFOXGLQJWKHHIIHFWVDQG
WKHXSFRPLQJVOLGH
l 8KHVHFRQGYLHZVKRZVWKHVSHDNHUVQRWHVLQODUJHFOHDUDQG
VFDODEOHW\SHSOXVWKHFXUUHQWDQGXSFRPLQJVOLGH
l 8KHWKLUGYLHZLVDVOLGHVRUWHUYLHZZLWKWKHVOLGHWKXPEQDLOV
&URP7XQ-LFURV\VWHPV/SHQVRXUFH
8KH0UHVHQWHU#RQVROHZRUNVRQO\RQDQRSHUDWLQJ
#=B3 V\VWHPWKDWVXSSRUWVPXOWLSOHGLVSOD\V
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ
'3>=@BC7:23@
#UHDWHVVW\OLVKFRPSOH[GDWDEDVHUHSRUWVIURP"DVH=RXFDQGHILQH
JURXSDQGSDJHKHDGHUVJURXSDQGSDJHIRRWHUVDQGFDOFXODWLRQ
ILHOGV%[SRUW\RXUUHSRUWVLQWR0$&RU/SHQ$RFXPHQWIRUPDWVRU
VHQGWKHPDVHPDLODWWDFKPHQWV&URP7XQ-LFURV\VWHPV/SHQ
VRXUFH
%@=43AA7=</:)3;>:/B3%/19
-RUHWKDQWHPSODWHVIRU;ULWHU#DOFDQG)PSUHVV!YDLODEOHLQ
VHYHUDOODQJXDJHV!IWHU\RXKDYHLQVWDOOHGWKLV%[WHQVLRQ\RXZLOO
ILQGWKHWHPSODWHVXQGHU ?B;(;M.;CFB7J;I7D:E9KC;DJI
&URP7XQ-LFURV\VWHPV&UHHZDUH
)3;>:/B36/<53@
!GGVWZRQHZLWHPVWRWKH ?B;.;CFB7J;IPHQXWKDWDOORZ\RXWR
DVVLJQDQHZWHPSODWHWRWKHFXUUHQWGRFXPHQWRUWRDIROGHURI
GRFXPHQWV!OOVW\OHVDQGIRUPDWWLQJZLOOEHORDGHGIURPWKDW
WHPSODWHDQGWKHGRFXPHQWZLOOEHKDYHDVLWZDVFUHDWHGXVLQJWKDW
WHPSODWH/SHQVRXUFH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
FF;D:?N
%;O8E7H:->EHJ9KJI
=RXFDQXVH/SHQ/IILFHRUJ//R ZLWKRXWUHTXLULQJDSRLQWLQJ
GHYLFHVXFKDVDPRXVHRUWUDFNEDOOE\XVLQJLWVEXLOW
LQNH\ERDUG
VKRUWFXWV8DVNVDVYDULHGDQGFRPSOH[DVGRFNLQJDQGXQ
GRFNLQJ
WRROEDUVDQGZLQGRZVRUFKDQJLQJWKHVL]HRUSRVLWLRQRIREMHFWVFDQ
DOOEHDFFRPSOLVKHGZLWKRQO\DNH\ERDUG
//RKDVDJHQHUDOVHWRINH\ERDUGVKRUWFXWVDYDLODEOHLQDOO
FRPSRQHQWVDQGDFRPSRQHQW
VSHFLILFVHWGLUHFWO\UHODWHGWRWKH
ZRUNRIWKDWFRPSRQHQW;ULWHU#DOF)PSUHVV$UDZDQG"DVH 8KLV
DSSHQGL[OLVWVWKHJHQHUDOVHW&RUFRPSRQHQW
VSHFLILFVKRUWFXWVVHH
WKHUHOHYDQWFRPSRQHQWJXLGH
&RUKHOSZLWK//RvVNH\ERDUGVKRUWFXWVRUXVLQJ//RZLWKD
NH\ERDUGRQO\VHDUFKWKH//R(HOSXVLQJWKHsVKRUWFXWtRU
sDFFHVVLELOLW\tNH\ZRUGV
)QDGGLWLRQWRXVLQJWKHEXLOW
LQNH\ERDUGVKRUWFXWVOLVWHGLQWKLV
!SSHQGL[\RXFDQGHILQH\RXURZQ7HH#KDSWHU#XVWRPL]LQJ
/SHQ/IILFHRUJ IRULQVWUXFWLRQV
7RPHRIWKHVKRUWFXWNH\VPD\EHDVVLJQHGWR\RXU
GHVNWRSV\VWHP+H\VWKDWDUHDVVLJQHGWRWKHGHVNWRS
#=B3 V\VWHPDUHQRWDYDLODEOHWR//R8U\WRDVVLJQGLIIHUHQW
NH\VHLWKHUIRU//RGHVFULEHGLQ#KDSWHU RUIRU
\RXUGHVNWRSV\VWHPVHH\RXUV\VWHPvVGRFXPHQWDWLRQ
!SSHQGL[!+H\ERDUG7KRUWFXWV
C<1B7=<93GA6=@B1CBA
$*,./.!3- !-/'.
& 7WDUWVWKH/SHQ/IILFHRUJ(HOS
)QWKH/SHQ/IILFHRUJ(HOSMXPSVWRPDLQ
KHOSSDJH
7KLIW& !FWLYDWHV;KDWvV8KLVH[WHQGHGWLS KHOSIRU
WKHPRXVHSRLQWHUZKLFKWXUQVLQWRDTXHVWLRQ
PDUN-RYHWKHSRLQWHURYHUDQLWHP
FRPPDQGLFRQRUFRQWURO WRYLHZWKH
H[WHQGHGWLS
7KLIW& $LVSOD\VDQH[WHQGHGWLSIRUWKHLWHP
FRPPDQGLFRQRUFRQWURO FXUUHQWO\VHOHFWHG
E\XVLQJWKHNH\ERDUG
#WUO&RU #ORVHVWKHFXUUHQWGRFXPHQW#ORVHV
!OW& /SHQ/IILFHRUJZKHQWKHODVWRSHQGRFXPHQW
LVFORVHG
& 7HWVIRFXVLQQH[WVXEZLQGRZ
7KLIW& 7HWVIRFXVLQSUHYLRXVVXEZLQGRZ
& !FWLYDWHVWKHILUVWPHQX&LOHPHQX
7KLIW& /SHQVWKHFRQWH[WSRS
XS PHQX
#WUO& /SHQVWKH7W\OH#DWDORJ
3<3@/:A6=@B1CB93GA4=@$>3<$44713=@5
$*,./.!3- !-/'.
%QWHUNH\ !FWLYDWHVWKHIRFXVHGEXWWRQLQDGLDORJ
%VF 8HUPLQDWHVWKHDFWLRQRUGLDORJ)ILQ
/SHQ/IILFHRUJ(HOSJRHVXSRQHOHYHO
7SDFHEDU 8RJJOHVWKHIRFXVHGFKHFNER[LQDGLDORJ
!UURZNH\V #KDQJHVWKHDFWLYHFRQWUROILHOGLQDQRSWLRQ
VHFWLRQRIDGLDORJ
8DE !GYDQFHVIRFXVWRWKHQH[WVHFWLRQRU
HOHPHQWLQDGLDORJ
7KLIW8DE -RYHVWKHIRFXVWRWKHSUHYLRXVVHFWLRQRU
HOHPHQWLQDGLDORJ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
$*,./.!3- !-/'.
!OW$RZQ!UURZ /SHQVWKHOLVWRIWKHFRQWUROILHOGFXUUHQWO\
VHOHFWHGLQDGLDORJ8KLVVKRUWFXWDSSOLHVWR
FRPERER[HVDQGWRLFRQEXWWRQVZLWKSRS
XS
PHQXV#ORVHDQRSHQHGOLVWE\SUHVVLQJWKH
%VFNH\
$HO $HOHWHVWKHVHOHFWHGLWHPVLQWRWKHUHF\FOH
ELQ
7KLIW$HO $HOHWHVWKHVHOHFWHGLWHPVZLWKRXWSXWWLQJ
WKHPLQWKHUHF\FOHELQ
"DFNVSDFH ;KHQDIROGHULVVKRZQJRHVXSRQHOHYHO
JRHVEDFN
#WUO7KLIW7SDFH 6HPRYHVGLUHFWIRUPDWWLQJIURPVHOHFWHG
EDU WH[WRUREMHFWVDVLQ EHC7J;<7KBJ
EHC7JJ?D=
#WUO8DE ;KHQSRVLWLRQHGDWWKHVWDUWRIDKHDGHUD
WDELVLQVHUWHG
%QWHULIDQ/,% !FWLYDWHVWKHVHOHFWHG/,%REMHFW
REMHFWLVVHOHFWHG
%QWHULID !FWLYDWHVWH[WLQSXWPRGH
GUDZLQJREMHFWRU
WH[WREMHFWLV
VHOHFWHG
#WUO/ /SHQVDGRFXPHQW
#WUO7 7DYHVWKHFXUUHQWGRFXPHQW
#WUO. #UHDWHVDQHZGRFXPHQW
7KLIW#WUO. /SHQVWKH8HPSODWHVDQG$RFXPHQWVGLDORJ
#WUO0 0ULQWVWKHGRFXPHQW
#WUO5 %[LWVWKHDSSOLFDWLRQ
#WUO< #XWVWKHVHOHFWHGLWHPV
#WUO# #RSLHVWKHVHOHFWHGLWHPV
#WUO: 0DVWHVIURPWKHFOLSERDUG
#WUO7KLIW: /SHQVWKH0DVWH7SHFLDOGLDORJ
#WUO! 7HOHFWVDOO
#WUO> 9QGRHVODVWDFWLRQ
#WUO= 6HGRHVODVWDFWLRQ
#WUO7KLIW= 6HSHDWVODVWFRPPDQG
!SSHQGL[!+H\ERDUG7KRUWFXWV
$*,./.!3- !-/'.
#WUO& #DOOVWKH&LQG6HSODFHGLDORJ
#WUO7KLIW& 7HDUFKHVIRUWKHODVWHQWHUHGVHDUFKWHUP
#WUO7KLIW* 8RJJOHVWKHYLHZEHWZHHQIXOOVFUHHQPRGH
DQGQRUPDOPRGHLQ;ULWHURU#DOF
#WUO7KLIW6 6HIUHVKHVUHGUDZV WKHGRFXPHQWYLHZ
#WUO7KLIW) %QDEOHVRUGLVDEOHVWKHVHOHFWLRQFXUVRULQ
UHDG
RQO\WH[W
#WUO) !SSOLHVWKH)WDOLFDWWULEXWHWRWKHVHOHFWHG
DUHDRUWKHZRUGLQZKLFKWKHFXUVRULV
SRVLWLRQHG
#WUO" !SSOLHVWKH"ROGDWWULEXWHWRWKHVHOHFWHG
DUHDRUWKHZRUGLQZKLFKWKHFXUVRULV
SRVLWLRQHG
#WUO9 !SSOLHVWKH9QGHUOLQHGDWWULEXWHWRWKH
VHOHFWHGDUHDRUWKHZRUGLQZKLFKWKH
FXUVRULVSRVLWLRQHG
(6=@B1CB93GA7<B63/::3@G
$*,./.!3- !-/'.
8DE -RYHVEHWZHHQDUHDV
7KLIW8DE -RYHVEHWZHHQDUHDVEDFNZDUGV
<B63#3E)63;3/@3/=4B63/::3@G
$*,./.&!3- !-/'.
9SDUURZ -RYHVWKHVHOHFWLRQXS
$RZQDUURZ -RYHVWKHVHOHFWLRQGRZQ
#WUO%QWHU /SHQVWKH0URSHUWLHVGLDORJ
7KLIW& /SHQVDFRQWH[WPHQX
#WUO9 6HIUHVKHVWKHVHOHFWHGWKHPH
#WUO6 /SHQVWKH%QWHU8LWOHGLDORJ
#WUO$ $HOHWHVWKHVHOHFWHGWKHPH
)QVHUW )QVHUWVDQHZWKHPH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
<B63/::3@G>@3D73E/@3/
$*,./.&!3- !-/'.
(RPH *XPSVWRWKHILUVWHQWU\
%QG *XPSVWRWKHODVWHQWU\
,HIW!UURZ 7HOHFWVWKHQH[W'DOOHU\HOHPHQWRQWKHOHIW
6LJKW!UURZ 7HOHFWVWKHQH[W'DOOHU\HOHPHQWRQWKHULJKW
9S!UURZ 7HOHFWVWKHQH[W'DOOHU\HOHPHQWDERYH
$RZQ!UURZ 7HOHFWVWKHQH[W'DOOHU\HOHPHQWEHORZ
0DJH9S 7FUROOVXSRQHVFUHHQ
0DJH$RZQ 7FUROOVGRZQRQHVFUHHQ
#WUO7KLIW)QVHUW )QVHUWVWKHVHOHFWHGREMHFWDVDOLQNHGREMHFW
LQWRWKHFXUUHQWGRFXPHQW
#WUO) )QVHUWVDFRS\RIWKHVHOHFWHGREMHFWLQWRWKH
FXUUHQWGRFXPHQW
#WUO8 /SHQVWKH%QWHU8LWOHGLDORJ
#WUO0 7ZLWFKHVEHWZHHQWKHPHVYLHZDQGREMHFW
YLHZ
7SDFHEDU 7ZLWFKHVEHWZHHQWKHPHVYLHZDQGREMHFW
YLHZ
%QWHU 7ZLWFKHVEHWZHHQWKHPHVYLHZDQGREMHFW
YLHZ
7WHSEDFNZDUG 7ZLWFKHVEDFNWRPDLQRYHUYLHZRQO\LQ
REMHFWYLHZ
(3:31B7<5@=EA/<21=:C;<A7</2/B/0/A3
B/0:3=>3<320G
$*,./.&!3- !-/'.
7SDFHEDU 8RJJOHVURZVHOHFWLRQH[FHSWZKHQWKHURZ
LVLQHGLWPRGH
#WUOVSDFHEDU 8RJJOHVURZVHOHFWLRQ
7KLIWVSDFHEDU 7HOHFWVWKHFXUUHQWFROXPQ
#WUO0J9S -RYHVSRLQWHUWRWKHILUVWURZ
#WUO0J$Q -RYHVSRLQWHUWRWKHODVWURZ
!SSHQGL[!+H\ERDUG7KRUWFXWV
(6=@B1CB93GA4=@2@/E7<5=0831BA
$*,./.&!3- !-/'.
7HOHFWWKHWRROEDU )QVHUWVD$UDZLQJ/EMHFW
ZLWK&9VHWKH
$RZQ!UURZDQG
6LJKW!UURZWR
VHOHFWWKHGHVLUHG
WRROEDULFRQDQG
SUHVV#WUO%QWHU
7HOHFWWKH 7HOHFWVD$UDZLQJ/EMHFW
GRFXPHQWZLWK
#WUO&DQGSUHVV
8DE
8DE 7HOHFWVWKHQH[W$UDZLQJ/EMHFW
7KLIW8DE 7HOHFWVWKHSUHYLRXV$UDZLQJ/EMHFW
#WUO(RPH 7HOHFWVWKHILUVW$UDZLQJ/EMHFW
#WUO%QG 7HOHFWVWKHODVW$UDZLQJ/EMHFW
%VF %QGV$UDZLQJ/EMHFWVHOHFWLRQ
%VFLQ(DQGOH %[LWV(DQGOH7HOHFWLRQ-RGHDQGUHWXUQVWR
7HOHFWLRQ-RGH /EMHFW7HOHFWLRQ-RGH
9SGRZQOHIWULJKW -RYHVWKHVHOHFWHGSRLQWWKHVQDS
WR
JULG
DUURZ IXQFWLRQVDUHWHPSRUDULO\GLVDEOHGEXWHQG
SRLQWVVWLOOVQDSWRHDFKRWKHU
!OW9S$RZQ,HIW -RYHVWKHVHOHFWHG$UDZLQJ/EMHFWRQH
6LJKW!UURZ SL[HOLQ7HOHFWLRQ-RGH
6H
VL]HVD$UDZLQJ/EMHFWLQ(DQGOH
7HOHFWLRQ-RGH
6RWDWHVD$UDZLQJ/EMHFWLQ6RWDWLRQ
-RGH
/SHQVWKHSURSHUWLHVGLDORJIRUD$UDZLQJ
/EMHFW
!FWLYDWHVWKH0RLQW7HOHFWLRQPRGHIRUWKH
VHOHFWHGGUDZLQJREMHFW
7SDFHEDU 7HOHFWVDSRLQWRIDGUDZLQJREMHFWLQ0RLQW
7HOHFWLRQPRGH RUFDQFHOVWKHVHOHFWLRQ
8KHVHOHFWHGSRLQWEOLQNVRQFHSHUVHFRQG
7KLIW7SDFHEDU 7HOHFWVDQDGGLWLRQDOSRLQWLQ0RLQW7HOHFWLRQ
PRGH
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
$*,./.&!3- !-/'.
#WUO8DE 7HOHFWVWKHQH[WSRLQWRIWKHGUDZLQJREMHFW
0RLQW7HOHFWLRQPRGH
)Q6RWDWLRQPRGHWKHFHQWUHRIURWDWLRQFDQ
DOVREHVHOHFWHG
7KLIW#WUO8DE 7HOHFWVWKHSUHYLRXVSRLQWRIWKHGUDZLQJ
REMHFW0RLQW7HOHFWLRQPRGH
#WUO%QWHU 0ODFHVDQHZGUDZLQJREMHFWZLWKGHIDXOW
VL]HLQWKHFHQWUHRIWKHFXUUHQWYLHZ
#WUO%QWHUDWWKH !FWLYDWHVWKHILUVWGUDZLQJREMHFWLQWKH
7HOHFWLRQLFRQ GRFXPHQW
%VF ,HDYHVWKH0RLQW7HOHFWLRQPRGH8KH
GUDZLQJREMHFWLVVHOHFWHGDIWHUZDUGV
%GLWVDSRLQWRIDGUDZLQJREMHFW0RLQW%GLW
PRGH
!Q\WH[WRU )IDGUDZLQJREMHFWLVVHOHFWHGVZLWFKHVWR
QXPHULFDONH\ HGLWPRGHDQGSODFHVWKHFXUVRUDWWKHHQG
RIWKHWH[WLQWKHGUDZLQJREMHFW!SULQWDEOH
FKDUDFWHULVLQVHUWHG
!SSHQGL[!+H\ERDUG7KRUWFXWV
FF;D:?N
79A=HEKD:#D<EHC7J?ED
(LVWRU\OLFHQVLQJDQGILOHIRUPDWV
/SHQ/IILFHRUJLVERWKDSURGXFWDQGDQRSHQ
VRXUFHSURMHFW)I\RX
DUHQHZWR//RLWVRSHQVRXUFHGHYHORSPHQWDQGWKHFRPPXQLW\
WKDWSURGXFHVDQGVXSSRUWVLW\RXVKRXOGUHDGWKLVDSSHQGL[
A6=@B67AB=@G=4$>3<$44713=@5
8KH/SHQ/IILFHRUJSURMHFWEHJDQZKHQ7XQ-LFURV\VWHPVUHOHDVHG
WKHVRXUFHFRGHsEOXHSULQWVt IRULWV7WDU/IILFHmVRIWZDUHWRWKH
RSHQVRXUFHFRPPXQLW\RQ/FWREHU8KLVDOORZHG7XQWRXVH
WKHWHFKQLFDOH[SHUWLVHDQGUDSLGGHYHORSPHQWWLPHVRIDQRSHQ
VRXUFHSURMHFWLQWKHGHYHORSPHQWRILWVRZQVRIWZDUHSURGXFWV!OO
UHFHQWYHUVLRQVRI7XQvV7WDU/IILFHXVHVRXUFHFRGHGHYHORSHGE\WKH
/SHQ/IILFHRUJFRPPXQLW\(RZHYHUWKHSURGXFWVGRQRWSURYLGH
H[DFWO\WKHVDPHIHDWXUHVGXHWRWKHFRS\ULJKWVRIWKLUGSDUWLHVWKDW
DUHQRWFRPSDWLEOHZLWKRSHQ
VRXUFHOLFHQVLQJ
/SHQ/IILFHRUJWKHSURGXFWZDVUHOHDVHGRQ!SULO
6HDGPRUHDERXW/SHQ/IILFHRUJvVKLVWRU\DQGRUJDQL]DWLRQDWKWWS
DERXWRSHQRIILFHRUJ
)QIRUPDWLRQDERXW7WDU/IILFHFDQEHIRXQGDW
KWWSZZZVXQFRPVRIWZDUHVWDUVWDURIILFH
!SSHQGL[""DFNJURXQG)QIRUPDWLRQ
)63$>3<$44713=@51=;;C<7BG
/SHQ/IILFHRUJV-LVVLRQ7WDWHPHQWLV
s8RFUHDWHDVDFRPPXQLW\WKHOHDGLQJLQWHUQDWLRQDORIILFHVXLWH
WKDWZLOOUXQRQDOOPDMRUSODWIRUPVDQGSURYLGHDFFHVVWRDOO
IXQFWLRQDOLW\DQGGDWDWKURXJKRSHQ
FRPSRQHQWEDVHG!0)VDQG
DQ<-,
EDVHGILOHIRUPDWt
8KH/SHQ/IILFHRUJSURMHFWLVSULPDULO\VSRQVRUHGE\7XQ
-LFURV\VWHPVZKLFKLVWKHSULPDU\FRQWULEXWRURIFRGHWRWKH
0URMHFW/XURWKHUPDMRUFRUSRUDWHFRQWULEXWRUVLQFOXGH.RYHOO
6HG(DW6HG&ODJ#()"-DQG'RRJOH!GGLWRQDOO\RYHU
SHRSOHIURPQHDUO\HYHU\FXUYHRIWKHJOREHKDYHMRLQHGWKLV
0URMHFWZLWKWKHLGHDRIFUHDWLQJWKHEHVWSRVVLEOHRIILFHVXLWHWKDWDOO
FDQXVH8KLVLVWKHHVVHQFHRIDQsRSHQVRXUFHtFRPPXQLW\
;LWKLWVIUHHVRIWZDUHOLFHQFHDQGDFWLYH.DWLYH,DQJXDJH
#RQIHGHUDWLRQ/SHQ/IILFHRUJLVDNH\SOD\HULQWKHGULYHWR
HUDGLFDWHGLJLWDOH[FOXVLRQDQGSUHVHUYHPLQRULW\ODQJXDJHV
WKUHDWHQHGE\EHLQJRQWKHZURQJVLGHRIWKHGLJLWDOGLYLGH&RUWHQV
RIWKRXVDQGVRIFRPPXQLW\PHPEHUVWKLVPDNHVWKH/SHQ/IILFHRUJ
FRPPXQLW\WKHLUYROXQWHHULQJRSSRUWXQLW\RIFKRLFH
8KH/SHQ/IILFHRUJFRPPXQLW\LQYLWHVFRQWULEXWRUV;KDWHYHU\RXGR
EHVW\RXFDQGRLWIRU/SHQ/IILFHRUJ!VZHOODVVRIWZDUH
GHYHORSHUVWKH#RPPXQLW\ZHOFRPHVWUDQVODWRUVDUWLVWVWHFKQLFDO
ZULWHUVDQGHGLWRUVWHVWHUVSHRSOHRIIHULQJXVHUVXSSRUWVDOHVDQG
PDUNHWLQJSHRSOHOREE\LVWVGRQRUVWKHOLVWLVORQJ8KH#RPPXQLW\
RSHUDWHVLQWHUQDWLRQDOO\LQDOOWLPH]RQHVOLQNHGE\WKHLQWHUQHW
=E7A$>3<$44713=@5:713<A32
/SHQ/IILFHRUJLVGLVWULEXWHGXQGHUWKH/SHQ7RXUFH)QLWLDWLYH/7)
DSSURYHG,HVVHU'HQHUDO0XEOLF,LFHQVH,'0,
8KH,'0,FDQEHYLHZHGRQWKH//RZHEVLWHDW
KWWSZZZRSHQRIILFHRUJOLFHQVHVOJSOCOLFHQVHKWPO
&RUPRUHJHQHUDOLQIRUPDWLRQRQ//RvVOLFHQVLQJSOHDVHUHIHUWR
KWWSZZZRSHQRIILFHRUJOLFHQVHKWPO
,6/B7AK=>3<A=C@13L
8KHLGHDOVRIRSHQ
VRXUFHVRIWZDUHFDQEHH[SODLQHGE\WKHIRXU
HVVHQWLDOULJKWVZKLFKDUHHPERGLHGZLWKLQWKH&UHH7RIWZDUH
&RXQGDWLRQvV'HQHUDO0XEOLF,LFHQVH'0,
!SSHQGL[""DFNJURXQG)QIRUPDWLRQ
l 8KHULJKWWRXVHWKHVRIWZDUHIRUDQ\SXUSRVH
l &UHHGRPWRUHGLVWULEXWHWKHVRIWZDUHIRUIUHHRUIRUDIHH
l !FFHVVWRWKHFRPSOHWHVRXUFHFRGHRIWKHSURJUDPWKDWLVWKH
sEOXHSULQWVt
l 8KHULJKWWRPRGLI\DQ\SDUWRIWKHVRXUFHRUXVHSRUWLRQVRILWLQ
RWKHUSURJUDPV
!QRWKHUYLHZRIWKLVSKLORVRSK\FRPHVIURPWKH/SHQ7RXUFH
$HILQLWRQ
s8KHEDVLFLGHDEHKLQGRSHQVRXUFHLVYHU\VLPSOH;KHQ
SURJUDPPHUVFDQUHDGUHGLVWULEXWHDQGPRGLI\WKHVRXUFHFRGH
IRUDSLHFHRIVRIWZDUHWKHVRIWZDUHHYROYHV0HRSOHLPSURYHLW
SHRSOHDGDSWLWSHRSOHIL[EXJV!QGWKLVFDQKDSSHQDWDVSHHG
WKDWLIRQHLVXVHGWRWKHVORZSDFHRIFRQYHQWLRQDOVRIWZDUH
GHYHORSPHQWVHHPVDVWRQLVKLQJt
&RUPRUHLQIRUPDWLRQRQ&UHHDQG/SHQ7RXUFHVRIWZDUHYLVLWWKHVH
ZHEVLWHV
/SHQ7RXUFH)QLWLDWLYH/7) KWWSZZZRSHQVRXUFHRUJ
&UHH7RIWZDUH&RXQGDWLRQ&7& KWWSZZZJQXRUJ
,6/B7A$>3<=1C;3<B
7WDUWLQJZLWK:HUVLRQ/SHQ/IILFHRUJE\GHIDXOWVDYHVGRFXPHQWV
LQ/SHQ$RFXPHQW&RUPDW/$& /SHQ/IILFHRUJKDVDGRSWHG
YHUVLRQRIWKH/SHQ$RFXPHQWVWDQGDUG
/SHQ$RFXPHQWLVDQ<-,
EDVHGILOHIRUPDWIRURIILFHGRFXPHQWV
WH[WGRFXPHQWVVSUHDGVKHHWVGUDZLQJVSUHVHQWDWLRQVDQGPRUH
GHYHORSHGDW/!7)7DQLQGHSHQGHQWLQWHUQDWLRQDOVWDQGDUGVJURXS
9QOLNHRWKHUILOHIRUPDWV/$&LVDQRSHQVWDQGDUG)WLVSXEOLFO\
DYDLODEOHUR\DOW\
IUHHDQGZLWKRXWOHJDORURWKHUUHVWULFWLRQV
WKHUHIRUH/$&ILOHVDUHQRWWLHGWRDVSHFLILFRIILFHVXLWHDQGDQ\ERG\
FDQEXLOGDSURJUDPWKDWLQWHUSUHWVWKHVHILOHV&RUWKLVUHDVRQ/$&LV
TXLFNO\EHFRPLQJWKHSUHIHUUHGILOHIRUPDWIRUJRYHUQPHQWDJHQFLHV
VFKRROVDQGRWKHUFRPSDQLHVZKRSUHIHUQRWWREHWRRGHSHQGHQWRQD
SDUWLFXODUVRIWZDUHVXSSOLHU
7:34=@;/BA$$=1/<=>3<
/SHQ/IILFHRUJFDQRSHQDZLGHYDULHW\RIILOHIRUPDWVLQDGGLWLRQWR
WKH/SHQ$RFXPHQWIRUPDWV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
$>3<7<5B3FB2=1C;3<BA
)QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGWRWWRWKDQGRGP
;ULWHUFDQRSHQWKHIRUPDWVXVHGE\//R[V[ZVWZDQGV[J
DQGWKHIROORZLQJWH[WGRFXPHQWIRUPDWV
-LFURVRIW;RUG<0 GRFDQGGRW
-LFURVRIW;RUG<-,[PO
-LFURVRIW;RUG<-,GRF[GRFPGRW[GRWP
-LFURVRIW;LQ;RUGGRF
;RUG0HUIHFW$RFXPHQWZSG
;07/IILFHZSV
UWIW[WDQGFVY
7WDU;ULWHUIRUPDWVVGZVJOYRU
$RF"RRN[PO
9QLILHG/IILFH&RUPDWWH[WXRWXRI
)FKLWDURMWGDQGMWW
(DQJXO;0KZS
8$RFXPHQWW[W
!SRUWLV$RF0DOP SGE
0RFNHW;RUGSVZ
;KHQRSHQLQJKWPRUKWPOILOHVXVHGIRUZHESDJHV //R
FXVWRPL]HV;ULWHUIRUZRUNLQJZLWKWKHVHILOHV
$>3<7<5A>@3/2A633BA
)QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGVDQGRWV #DOFFDQRSHQ
WKHIRUPDWVXVHGE\//R[V[FDQGVWF DQGWKHIROORZLQJ
VSUHDGVKHHWIRUPDWV
-LFURVRIW%[FHO<0[OV[OZDQG[OW
-LFURVRIW%[FHO[q[OV[OZDQG[OW
-LFURVRIW%[FHO<-,[PO
-LFURVRIW%[FHO<-,[OV[[OVP[OWV[OWP
-LFURVRIW%[FHOELQDU\[OVE
,RWXV
ZNZNVDQG
$DWD)QWHUFKDQJH&RUPDWGLI
6LFK8H[W&RUPDWUWI
8H[W#7:FVYDQGW[W
7WDU#DOFIRUPDWVVGFDQGYRU
G"!7%GEI
7=,+VON
9QLILHG/IILFH&RUPDWVSUHDGVKHHWXRVXRI
KWPDQGKWPOILOHVLQFOXGLQJ;HESDJHTXHULHV
0RFNHW%[FHOS[O
5XDWWUR0URZE
!SSHQGL[""DFNJURXQG)QIRUPDWLRQ
$>3<7<5>@3A3<B/B7=<A
)QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGSRGJDQGRWS
)PSUHVVFDQRSHQWKHIRUPDWVXVHGE\//R[V[LDQGVWL DQG
WKHIROORZLQJSUHVHQWDWLRQIRUPDWV
-LFURVRIW0RZHU0RLQW<0SSWSSVDQGSRW
-LFURVRIW0RZHU0RLQWSSW[SSWPSRW[SRWP
7WDU$UDZDQG7WDU)PSUHVVVGDVGGVGSDQGYRU
9QLILHG/IILFH&RUPDWSUHVHQWDWLRQXRSXRI
#'-q#RPSXWHU'UDSKLFV-HWDILOHFJP
0RUWDEOH$RFXPHQW&RUPDWSGI
$>3<7<55@/>67147:3A
)QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGJDQGRWJ $UDZFDQ
RSHQWKHIRUPDWVXVHGE\//R[V[GDQGVWG DQGWKHIROORZLQJ
JUDSKLFIRUPDWV
"-0 *0%'*0' 0#< 07$ 7': ;-&
$<& -%8 0'- 6!7 7:- <"-
%-& 0"- 0,8 7$! 8'! <0-
%07 0#$ 0.' 7$$ 8)&8)&&
')& 0#8 00- 7'& :/6
$>3<7<54=@;C:/47:3A
)QDGGLWLRQWR/SHQ$RFXPHQW&RUPXODRGI ILOHV-DWKFDQRSHQ
WKHIRUPDWXVHGE\//R[V[P 7WDU-DWKVPI DQG-DWK-,
PPO ILOHV
;KHQRSHQLQJD;RUGGRFXPHQWWKDWFRQWDLQVDQHPEHGGHGHTXDWLRQ
HGLWRUREMHFWLIWKHRSWLRQIRULWLVFKHFNHGLQ.EEBI)FJ?EDI
&E7:-7L;'?9HEIE<J)<<?9;WKHREMHFWZLOOEHDXWRPDWLFDOO\
FRQYHUWHGWRDQ/SHQ/IILFHRUJ-DWKREMHFW
7:34=@;/BA$$=1/<A/D3B=
7DYLQJLQDQ/SHQ$RFXPHQWIRUPDWJXDUDQWHHVWKHFRUUHFWUHQGHULQJ
RIWKHILOHZKHQLWLVWUDQVIHUUHGWRDQRWKHUSHUVRQRUZKHQWKHILOHLV
UH
RSHQHGZLWKDODWHUYHUVLRQRI/SHQ/IILFHRUJ)WLVVWURQJO\
UHFRPPHQGHGWKDW\RXXVH/$&DVGHIDXOWILOHIRUPDW(RZHYHU\RX
FDQVDYHILOHVLQRWKHUIRUPDWVLI\RXZLVK
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
;KHQVKDULQJDGRFXPHQWWKDW\RXGRQRWH[SHFWRU
ZDQWWKHUHFLSLHQWWRPRGLI\WKHVDIHVWRSWLRQLVWR
)7> FRQYHUWWKHGRFXPHQWWR0$&//RSURYLGHVDYHU\
VWUDLJKWIRUZDUGZD\WRFRQYHUWGRFXPHQWVWR0$&
(/D7<5B3FB2=1C;3<BA
)QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGWDQGRWW ;ULWHUFDQ
VDYHLQWKHVHIRUPDWV
/SHQ/IILFHRUJ[8H[W$RFXPHQWV[Z
/SHQ/IILFHRUJ[8H[W$RFXPHQW8HPSODWHVWZ
-LFURVRIW;RUGDQG<0GRF
-LFURVRIW;RUG<-,[PO
6LFK8H[W&RUPDWUWI
7WDU;ULWHUDQGVGZ
7WDU;ULWHUDQG8HPSODWHYRU
8H[WW[W
8H[W%QFRGHGW[W
9QLILHG/IILFH&RUPDWWH[WXRWXRI
(8-,$RFXPHQW/SHQ/IILFHRUJ;ULWHU KWPODQGKWP
$RF"RRN[PO
!SRUWLV$RF0DOP SGE
0RFNHW;RUGSVZ
8KHUWIIRUPDWLVDFRPPRQIRUPDWIRUWUDQVIHUULQJ
WH[WILOHVEHWZHHQDSSOLFDWLRQVEXW\RXDUHOLNHO\WR
#=B3 H[SHULHQFHORVVRIIRUPDWWLQJDQGLPDJHV&RUWKLV
UHDVRQRWKHUIRUPDWVVKRXOGEHXVHG
(/D7<5A>@3/2A633B47:3A
)QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGVDQGRWV #DOFFDQVDYH
LQWKHVHIRUPDWV
/SHQ/IILFHRUJ[7SUHDGVKHHWV[F
/SHQ/IILFHRUJ[7SUHDGVKHHW8HPSODWHVWF
-LFURVRIW%[FHO<0[OVDQG[OZ
-LFURVRIW%[FHO<08HPSODWH[OW
-LFURVRIW%[FHODQG[OVDQG[OZ
-LFURVRIW%[FHO<-,[PO
$DWD)QWHUFKDQJH&RUPDWGLI
G"DVHGEI
7=,+VON
8H[W#7:FVYDQGW[W
!SSHQGL[""DFNJURXQG)QIRUPDWLRQ
7WDU#DOFDQGIRUPDWVVGFDQGYRU
9QLILHG/IILFH&RUPDWVSUHDGVKHHWXRV
(8-,$RFXPHQW/SHQ/IILFHRUJ#DOF KWPODQGKWP
0RFNHW%[FHOS[O
8KH*DYD6XQWLPH%QYLURQPHQWLVUHTXLUHGWRXVHWKH
#=B3 PRELOHGHYLFHILOWHUVIRU!SRUWLV$RF0DOP 0RFNHW
;RUGDQG0RFNHW%[FHO
(/D7<5>@3A3<B/B7=<A
)QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGSRWSDQGRGJ
)PSUHVVFDQVDYHLQWKHVHIRUPDWV
/SHQ/IILFHRUJ[0UHVHQWDWLRQV[L
/SHQ/IILFHRUJ[0UHVHQWDWLRQ8HPSODWHVWL
-LFURVRIW0RZHU0RLQW<0SSWDQGSSV
-LFURVRIW0RZHU0RLQW<08HPSODWHSRW
7WDU$UDZ7WDU)PSUHVVVGDVGGDQGYRU
9QLILHG/IILFH&RUPDWSUHVHQWDWLRQXRS
)PSUHVVFDQDOVRH[SRUWWR-DFUR-HGLD&ODVKVZI DQGDQ\RIWKH
JUDSKLFVIRUPDWVOLVWHGIRU$UDZ
(/D7<52@/E7<5A
$UDZFDQRQO\VDYHLQWKH/SHQ$RFXPHQW$UDZLQJIRUPDWVRGJ
DQGRWJ WKH/SHQ/IILFHRUJ[IRUPDWVV[GDQGVWG DQG
7WDU$UDZIRUPDWVGDVGGDQGYRU
(RZHYHU$UDZFDQDOVRH[SRUWWR"-0%-&%07')&*0%'-%8
0"-0#80'-0.'00-6!77:'7:-8)&&;-&DQG<0-
,@7B3@ ,301/<A/D37<B63A34=@;/BA
(8-,GRFXPHQWKWPODQGKWP DV(8-,8UDQVLWLRQDO
/SHQ/IILFHRUJ(8-,8HPSODWHVWZ
/SHQ/IILFHRUJ[(8-,8HPSODWHRWK
7WDU;ULWHU;HEDQGYRU
8H[W/SHQ/IILFHRUJ;ULWHU;HE W[W
8H[W%QFRGHG/SHQ/IILFHRUJ;ULWHU;HE W[W
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
@3?C3<B:G/A932?C3AB7=<A
)VWKLVVRIWZDUHD .RWKLVLVDIXOO\IXQFWLRQLQJVRIWZDUH
sGHPRtYHUVLRQ VXLWH
-D\)GLVWULEXWH//RWR =HV
DQ\RQH
(RZPDQ\FRPSXWHUV !VPDQ\DV\RXOLNH
PD\)LQVWDOOLWRQ
-D\)VHOOLW =HV
-D\)XVH =HV
/SHQ/IILFHRUJLQD
EXVLQHVV
)V/SHQ/IILFHDYDLODEOH /SHQ/IILFHRUJKDVEHHQWUDQVODWHG
LQP\ODQJXDJH ORFDOL]HG LQWRRYHUODQJXDJHVVR
\RXUODQJXDJHSUREDEO\LVVXSSRUWHG
!GGLWLRQDOO\KHUHDUHRYHUVSHOOLQJ
K\SKHQDWLRQDQGWKHVDXUXV
GLFWLRQDULHVDYDLODEOHIRUODQJXDJHV
DQGGLDOHFWVWKDWGRQRWKDYHD
ORFDOL]HGSURJUDPLQWHUIDFH8KH
GLFWLRQDULHVDUHDYDLODEOHIURPWKH
/SHQ/IILFHRUJZHEVLWHDW
KWWSOLQJXFRPSRQHQWRSHQRIILFHRUJ
GRZQORDGCGLFWLRQDU\KWPO
(RZFDQ\RXPDNHLWIRU !ODUJHVKDUHRIWKHGHYHORSPHQWDQG
IUHH PXFKRIWKHVXSSRUWIRUWKHSURMHFWLV
FXUUHQWO\VXSSOLHGRUVSRQVRUHGE\7XQ
-LFURV\VWHPV8KHUHDUHDOVRPDQ\
RWKHUSHRSOHZKRZRUNRQ//RDV
YROXQWHHUV
;KDWLI)QHHGWHFKQLFDO 6HDGWKHVHFWLRQWLWOHGs(RZWRJHW
VXSSRUW KHOStLQ#KDSWHU)QWURGXFWLQJ
/SHQ/IILFHRUJ
;KRRZQVWKHVRIWZDUH 8KHFRS\ULJKWLVVKDUHGE\7XQ
-LFURV\VWHPVDQGDOOWKHYROXQWHHUV
ZKRKDYHFRQWULEXWHG
$RHVWKDWPHDQWKDW .R8KHOLFHQVHVXQGHUZKLFK//RLV
WKH\FDQWDNHDZD\WKH GHYHORSHGDQGGLVWULEXWHGFDQQHYHUEH
VRIWZDUH UHYRNHGVRLWFDQQRWEHWDNHQDZD\
!SSHQGL[""DFNJURXQG)QIRUPDWLRQ
)DPZULWLQJDVRIWZDUH =RXPD\ZLWKLQWKHSDUDPHWHUVVHWLQ
DSSOLFDWLRQ-D\)XVH WKH,'0,6HDGWKHOLFHQVH
SURJUDPPLQJFRGHIURP KWWSZZZRSHQRIILFHRUJOLFHQVHKWPO
/SHQ/IILFHRUJLQP\
SURJUDP
;K\LVP\IDYRULWH 8KDWIHDWXUHLVSUREDEO\DWKLUG
SDUW\
IHDWXUHIURP7WDU/IILFH DGG
RQWKDW7XQFDQQRWGLVWULEXWHZLWK
QRWDYDLODEOHLQ//R /SHQ/IILFHRUJ
;K\GR)QHHG*DYDWR /SHQ/IILFHRUJLVQRWZULWWHQLQ*DYDLW
UXQ//R)VLWZULWWHQLQ LVZULWWHQLQWKH#ODQJXDJH*DYDLV
*DYD RQHRIVHYHUDOODQJXDJHVWKDWFDQEH
XVHGWRH[WHQG//R8KH*DYD*$+*6%
LVRQO\UHTXLUHGIRUVRPHIHDWXUHV8KH
PRVWQRWDEOHRQHLVWKH(75,$"
UHODWLRQDOGDWDEDVHHQJLQH
.RWH*DYDLVDYDLODEOHDWQRFRVW)I\RX
GRQWZDQWWRXVH*DYD\RXFDQVWLOOXVH
QHDUO\DOORIWKHIHDWXUHVRI//R
(RZFDQ)FRQWULEXWHWR =RXFDQKHOSZLWKWKHGHYHORSPHQWRI
/SHQ/IILFHRUJ //RLQPDQ\ZD\VDQG\RXGRQRW
QHHGWREHDSURJUDPPHU8RVWDUW
FKHFNRXWWKLVZHESDJH
KWWSZZZRSHQRIILFHRUJFRQWULEXWLQJ
KWPO
;KDWvVWKHFDWFK 8KHUHUHDOO\LVQRQH\RXFDQUHDGWKH
OLFHQVHVKHUH
KWWSZZZRSHQRIILFHRUJOLFHQVHKWPO
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
<23F
FRPELQLQJREMHFWV
FRPPDQGOLQHVWDUWLQJIURP
DFFHVVLELOLW\IHDWXUHV #RPPXQLW\&RUXPXVHUVXSSRUW
DFFHVVLELOLW\RSWLRQV FRPSOH[WH[WOD\RXW#8,
DGYDQWDJHVRI/SHQ/IILFHRUJ FRPSRQHQWVRI/SHQ/IILFHRUJ
DQWLDOLDVLQJVFUHHQIRQW FRQGLWLRQDOK\SKHQ
DSSHDUDQFHRSWLRQV FRQQHFWRUV
!SSO\7W\OHOLVW FRQVXOWDQWV
DUHDILOOHGLWLQJ FRQWH[WPHQX
DUUDQJLQJREMHFWV FRQWH[WPHQXV
DUURZVW\OHVFXVWRPL]LQJ FRQYHUVLRQ
DUURZV FRS\LQJREMHFWIURP'DOOHU\
!VLDQODQJXDJHVXSSRUW FUHDWHGRFXPHQWIURPWHPSODWH
!VLDQODQJXDJHVHQDEOHG FUHDWLQJDGRFXPHQW
!XWR#RUUHFW FURVV
IDGLQJ
!XWR,D\RXW FURVV
UHIHUHQFHV
DXWRPDWLFVDYLQJ LQVHUWLQJUHIHUHQFHV
!XWR6HFRYHU\ RYHUYLHZ
!XWR9SGDWHVW\OHV #WUO
FOLFNUHTXLUHGWRIROORZ
K\SHUOLQNV
FXVWRPGLFWLRQDU\
EDFNJURXQGLPDJHVIURP'DOOHU\ #XVWRPL]HGLDORJ
FXVWRPL]LQJ
"DVLF NH\ERDUGVKRUWFXWV
ELWPDSV PHQXV
"LW8RUUHQW WRROEDUV
ERRNSUHYLHZ
ERRNOHWSULQWLQJ
ERRNPDUNV GDWDVRXUFH
ERUGHUVHGLWLQJ GHVFULSWLRQ
EUDFNHWV-DWK HGLWLQJ
EULQJIRUZDUG OLQNLQJ
EURFKXUHSULQWLQJ UHJLVWHULQJ
EXOOHWHGOLVW XVLQJLQ//RGRFXPHQWV
"XOOHWVDQG.XPEHULQJGLDORJ YLHZLQJ
GDWDEDVH
!XWR:DOXH
#DOFPDFURV FUHDWLQJ
#$RU$:$RI/SHQ/IILFHRUJ FUHDWLQJVXEIRUPV
FKHFNIRUXSGDWHVDXWRPDWLFDOO\ FUHDWLQJWDEOHV
FLUFOHGUDZLQJ ILHOGW\SHVDQGIRUPDWV
FOLSERDUG OLVWWDEOH
FORVLQJDGRFXPHQW SODQQLQJ
FORVLQJ/SHQ/IILFHRUJ SULPDU\NH\
#-=+ UHJLVWHULQJ
#RORU"DU 6HSRUW;L]DUG
FRORURSWLRQV 8DEOH;L]DUG
FRORUSDOHWWH WDEOHV
FRORUVFKHPH GDWDEDVHIRUP
)QGH[
DFWLYDWLRQRUGHU GXSOLFDWLRQ
EDFNJURXQG &ODVKH[SRUW
FUHDWLQJLQ$HVLJQ:LHZ (8-,H[SRUW
FUHDWLQJXVLQJD;L]DUG LQVHUWLQJSLFWXUHV
HQWHULQJGDWD OLQH
PRGLI\LQJ UHFWDQJOH
VXEIRUP VDYHLQDIRUHLJQIRUPDW
WDERUGHU $UDZLQJWRROEDU
GDWDEDVHUHSRUWV GXSOLFDWLRQ
FUHDWLQJ G\QDPLFJUDGLHQWV
PRGLI\LQJ
VWDWLF
GDWDEDVHWDEOH H
PDLOLQJ
FUHDWHXVLQJZL]DUG -DLO-HUJH;L]DUG
G\QDPLF VHYHUDOUHFLSLHQWV
MRLQHGILHOGV ;ULWHUGRFXPHQWDVDWWDFKPHQW
UHODWLRQVKLSV
G"DVHGDWDEDVH HGLWGRFXPHQWSURSHUWLHVEHIRUH
GHIDXOWILOHIRUPDW VDYLQJ
GHIDXOWIRUPDWWLQJ HOOLSVHGUDZLQJ
GHIDXOWWHPSODWH HQ
GDVKDQGHP
GDVK
GHOHWLQJILOHV HQYHORSH
GHULYDWLYHPDUNXS-DWK IRUPDWWLQJDGGUHVVEORFNV
$HVLJQ:LHZ"DVH PDLOPHUJHIURPGDWDEDVH
FUHDWLQJDQHZWDEOH SULQWLQJ
FUHDWLQJIRUPV HQYHORSHSULQWLQJ
FUHDWLQJTXHULHV %07LPDJHVLQ0$&
GLFWLRQDULHVLQVWDOOLQJ HTXDWLRQ
GLFWLRQDU\ LQVHUWLQJ
GLIIHUHQWILUVWSDJH QXPEHULQJ
GLJLWDOULJKWVPDQDJHPHQW$6- HTXDWLRQHGLWRU
EUDFNHWV
GLJLWDOVLJQDWXUH GHULYDWLYHPDUNXS
$)- HTXDWLRQVRYHUPRUHWKDQRQHOLQH
GLVSDWFKIUDPHZRUN
GLVSDWFKKHOSHU IORDWLQJZLQGRZ
GLVWRUWLQJDQLPDJH IRQWVL]H
GLWKHULQJ IRUPXODOD\RXW
GRFNDEOHZLQGRZ OLPLWVWRVXPLQWHJUDO
GRFXPHQW PDUNXS
FORVLQJ PDWUL[PDUNXS
FUHDWHIURPWHPSODWH ULJKW
FOLFNPHQX
FUHDWLQJ 7HOHFWLRQZLQGRZ
RSHQLQJ HYHQWKDQGOLQJ
VWDUWLQJQHZ H[SRUWGLUHFWO\DV0$&
GRFXPHQWVWDWXVRSWLRQ H[SRUW(8-,
$RFXPHQWDWLRQ0URMHFW H[SRUWLQJWR0$&
GRZQORDGXSGDWHVDXWRPDWLFDOO\ H[WHQGHGWLSV
GRZQORDGLQJ/SHQ/IILFHRUJ H[WHQVLRQ
$UDZ 7XQ6HSRUW"XLOGHU
GUDZLQJ %[WHQVLRQ-DQDJHU
FLUFOHRUHOOLSVH H[WHQVLRQV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
H[WHQVLRQVDQGDGGRQV IRUPXODOD\RXW
VRXUFHVRI &UHH7RIWZDUH&RXQGDWLRQ&7&
IXQFWLRQNH\VKRUWFXWV
ID[LFRQDGGLQJWRWRROEDU !
ID[VHQGLQJ 'DOOHU\
&$& DGGLQJREMHFWV
ILHOGV FRS\LQJREMHFWLQWRGRFXPHQW
ILHOGV FUHDWLQJDQHZWKHPH
ERRNPDUN GHOHWLQJLPDJHV
ERRNPDUNV GHOHWLQJREMHFWV
FURVV
UHIHUHQFH KLGHVKRZ
&LHOGVGLDORJER[ LQVHUWLQJREMHFWDVEDFNJURXQG
6HIHUHQFHVWDE
ILOHORFDWLRQV OLQNLQJREMHFWLQWRGRFXPHQW
ILOHVKDULQJRSWLRQV ORFDWLRQ
&LOO&RUPDW RSHQFORVH
ILOOHGLWLQJ WKHPHV
&ODVKH[SRUW YLHZVLFRQGHWDLOHG
IOLSDQREMHFW JHQHUDORSWLRQV
IORDWLQJWRROEDUV JOXHSRLQWV
IORDWLQJZLQGRZ '.9,LQX[
IRQW V\VWHPUHTXLUHPHQWV
KLVWRU\ JUDGLHQWV
LJQRUHVHWWLQJVZKHQLPSRUWLQJ JUDSKLFILOHV
(8-, RSHQLQJ
RSWLRQV VDYLQJ
SUHYLHZ JUDSKLFVW\OHV
UHSODFHPHQWWDEOH JUDSKLFV
UHSODFHPHQWV DGGLQJIURPILOH
VL]HVIRU(8-, OLQNLQJ
&RQWZRUN YHFWRU
DOLJQPHQW JUDSKLFVVW\OHV
DQFKRULQJ IRUPDWWLQJWH[W
DUHDRSWLRQV JULGRSWLRQV
DWWULEXWHV JULGSRLQWV
FKDUDFWHUVSDFLQJ JXLGLQJOLQHV
FUHDWLQJDQREMHFW
HGLWLQJDQREMHFW "
&RUPDWWLQJWRROEDU KDQGRXWV)PSUHVV
'DOOHU\ KHDGHU
JURXSLQJ GLIIHUHQWRQULJKWDQGOHIWSDJHV
OLQHRSWLRQV
PRYLQJDQGUHVL]LQJREMHFWV (HOS!JHQW
SRVLWLRQLQJRSWLRQV (HOSV\VWHP
VDPHOHWWHUKHLJKWV (HOS8LSV
WRROEDU KLGGHQREMHFWV
&RUP;L]DUG KLJKFRQWUDVW
&RUPDWWLQJWRROEDU KLVWRU\RI/SHQ/IILFHRUJ
IRUPXODHGLWRU (7"
7HHHTXDWLRQHGLWRU (8-,FRPSDWLELOLW\
IRUPXODILOHVRSHQLQJ
)QGH[
(8-,H[SRUW ODQJXDJHVHWWLQJV
(8-,%[SRUW;L]DUG ODQJXDJHVXSSRUW
K\SHUOLQNV ,D\RXWSDQH
HGLWLQJ ,'0,
LQVHUWLQJ OLEUDULHVRIPDFURV
OLEUDU\FRQWDLQHUV
# OLFHQVLQJRI/SHQ/IILFHRUJ
LFRQVL]HDQGVW\OHXVHULQWHUIDFH OLPLWVWRVXPLQWHJUDO
,LQHDQG&LOOLQJWRROEDU
LFRQVLQPHQXV OLQHSURSHUWLHV
)$% OLQHFXVWRPL]LQJ
LJQRUHIRQWVHWWLQJVZKHQLPSRUWLQJ OLQHGUDZLQJ
(8-, OLQHVHGLWLQJ
LPDJHV OLQNLQJREMHFWIURPJDOOHU\
DGGLQJIURPILOH ,LQX[
OLQNLQJ 5XLFNVWDUWHU
VFDQQHG V\VWHPUHTXLUHPHQWV
LPSRUWLQJILOHV OLVWWDEOHGDWDEDVH
LPSRUWLQJQXPEHUVIURPDQ(8-, ORDG"DVLFFRGHWRHGLW
SDJH ORDGVDYHRSWLRQV
LQFOLQDWLRQ ORDGLQJVW\OHV
)QVHUW"RRNPDUNGLDORJ ORFDOHVHWWLQJV
LQVWDOOLQJDQGVHWWLQJXS
)QWHUQHWRSWLRQV '
-DF/7<
$ VXSSRUW
*DYDRSWLRQV V\VWHPUHTXLUHPHQWV
*DYD6XQWLPH%QYLURQPHQW*6% PDFURLQIRUPDWLRQ
*6%*DYD6XQWLPH%QYLURQPHQW -DFUR/UJDQL]HUGLDORJ
PDFURVHFXULW\RSWLRQV
-DFUR7HOHFWRUGLDORJ
% -DFURPHGLD&ODVK
+$RFNHU PDFURV
NH\ERDUGVKRUWFXWV DVVLJQLQJWRHYHQWV
DVVLJQLQJ #DOF
FXVWRPL]LQJ FRPPHQWV
GUDZLQJREMHFWV FUHDWLQJ
IXQFWLRQNH\V $)-
'DOOHU\ GLVSDWFKIUDPHZRUN
ORDGLQJIURPDILOH GLVSDWFKKHOSHU
/SHQ/IILFHRUJJHQHUDO GRZQORDGLQJ
UHVHWWLQJWRGHIDXOWYDOXHV HGLWLQJ
VDYLQJWRDILOH HYHQWKDQGOLQJ
H[DPSOH
NH\ERDUGVKRUWFXWVPDFURV IXQFWLRQV
)$%
& OLEUDU\FRQWDLQHU
OLEUDU\FRQWDLQHUV
ODEHOSULQWLQJ
PHQXLWHPV
ODEHOV
PRGXOH
SULQWLQJ
PRGXOHV
ODQGVFDSHSDJHV
RUJDQL]DWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
UHFRUGLQJ QXPEHULQJHTXDWLRQV
6%-
UHVRXUFHV )
UXQQLQJ /!7)7
VWRUDJH REMHFWUHIUHVKGXULQJLQWHUDFWLRQ
VXEURXWLQHV REMHFWV
YDULDEOHV DGMXVWLQJVL]H
YLHZLQJ DUUDQJLQJ
ZULWLQJ G\QDPLFPRYHPHQW
-DLO-HUJH;L]DUG G\QDPLFVL]HPRGLILFDWLRQ
H
PDLOLQJ;ULWHUGRFXPHQW IUDPLQJ
-DQWRYDQL0DROR KLGGHQ
PDUJLQV PRYLQJ
PDUJLQV;ULWHU URWDWLQJ
-DVWHU0DJHV VHOHFWLQJVHYHUDO
PDVWHUVOLGHV /$&IRUPDWYHUVLRQVDYLQJ
-DWKIRUPXODVLQVHUWLQJ /IILFH!VVLVWDQW-LFURVRIW
PDWKHPDWLFDOHTXDWLRQV /,%REMHFWVLQVHUWLQJ
PDWKHPDWLFDOPDUNXS RQOLQHXSGDWHRSWLRQV
PDWKHPDWLFDOV\PEROV //%[WUDV
PDWUL[PDUNXS-DWK //R-DFUR/UJDQL]HUGLDORJ
PHDVXUHPHQWXQLW //R-DFURV
PHPRU\RSWLRQV /SHQDQG7DYH!VGLDORJV
PHQXEDU /SHQ#OLS!UW,LEUDU\
PHQXV /SHQ7RXUFH)QLWLDWLYH/7)
DGGLQJFRPPDQGV
FUHDWLQJ /SHQ7DYHGLDORJV
FXVWRPL]LQJ /SHQ$RFXPHQW&RUPDW
PRGLI\LQJ /SHQ',
PRGLI\LQJHQWULHV RSHQLQJDGRFXPHQW
-LFURVRIW/IILFHILOHFRQYHUVLRQ /SHQ/IILFHRUJ"DVLF-DFURVGLDORJ
-LFURVRIW;LQGRZV
ILOHDVVRFLDWLRQV /SWLRQV"DU$UDZ
5XLFNVWDUWHU RULHQWDWLRQRISDJH
V\VWHPUHTXLUHPHQWV RXWOLQHOHYHO
PLGGOHPRXVHEXWWRQIXQFWLRQ /XWOLQHYLHZ)PSUHVV
PLUURUFRSLHV /<8H[WHQVLRQ
PRXVHSRVLWLRQLQJ
-R]LOODDGGUHVVERRN *
-R]LOODSOXJ
LQ SDJHOD\RXW
PXVLFREMHFWVLQVHUWLQJ GLIIHUHQWILUVWSDJH
-\75, ODQGVFDSHSDJH
RULHQWDWLRQ
( SDJHPDUJLQV
.DWLYH,DQJXDJH0URMHFW SDUWVRIWKHPDLQZLQGRZ
.DYLJDWLRQWRROEDU SDVVZRUGSURWHFWLRQ
.DYLJDWRU SDVVZRUG
SURWHFW0$&
QHZGRFXPHQW SDVWLQJXQIRUPDWWHGWH[W
QRQ
EUHDNLQJK\SKHQ SDWKRSWLRQV
.RUPDOYLHZ)PSUHVV 0$&
.RWHVYLHZ)PSUHVV EODQNSDJHH[SRUW
QXPEHUHGOLVW
)QGH[
GLJLWDOULJKWVPDQDJHPHQW$6- ERRNSUHYLHZ
ERRNOHW
HQFU\SW EURFKXUH
%07LPDJHV FKRRVLQJZKDWWRSULQW
H[SRUWGRFXPHQWVWR HQYHORSHV
IRUP JUD\VFDOHRQFRORUSULQWHU
LPDJHFRPSUHVVLRQDQGUHVROXWLRQ ODEHOV
SUHYLHZLQJ
LQLWLDOYLHZVHOHFWLRQ SULQWRSWLRQV
SDJHVWRH[SRUW SULQWHUVHOHFWLRQ
SDVVZRUG
SURWHFW SULQWLQJFKDQJHVGRFXPHQWVWDWXV
VHFXULW\VHWWLQJV
WDJJHG 0URIHVVLRQDO8HPSODWH0DFNH[WHQVLRQ
XVHULQWHUIDFHVHWWLQJV
0$&LPSRUW
0$&/SWLRQVGLDORJ +
0$&!
TXHULHVGDWDEDVH
SLFWXUHV DOLDVHV
DGGLQJIURPILOH FUHDWLQJXVLQJD;L]DUG
OLQNLQJ FUHDWLQJXVLQJ$HVLJQ:LHZ
0LWRQ\DN!QGUHZ MRLQHGILHOGV
SL[HOV PRGLI\LQJ
SRVLWLRQLQJREMHFWV VHDUFKFRQGLWLRQV
0RZHUSRLQW 5XHU\;L]DUGGDWDEDVH
7HH)PSUHVV 5XLFNVWDUWHU
SUHORDGLQJ//RXQGHU,LQX[+$% 5XLFNVWDUWHU
SUHVHQWDWLRQ HQDEOLQJ
ILUVWVOLGH
IRUPDWWLQJ ,
PRGLI\LQJ UDVWHUJUDSKLFV
RXWSXWPHGLXP UHFWDQJOHGUDZLQJ
SODQQLQJ UHJXODUH[SUHVVLRQV
UXQQLQJ UHODWLRQVKLSVGDWDEDVH
VOLGHGHVLJQ 6%-
WLWOHVOLGH UHPRYHPDQXDOIRUPDWWLQJ
WUDQVLWLRQHIIHFW UHPRYHSHUVRQDOLQIRUPDWLRQRQ
WUDQVLWLRQV VDYLQJ
SUHVHQWDWLRQVW\OHV UHQDPLQJILOHV
0UHVHQWDWLRQ;L]DUG UHSODFHPHQWWDEOHIRQW
SUHVHQWDWLRQV 6HSRUW"XLOGHUH[WHQVLRQ
VDYLQJ 6HSRUW;L]DUGGDWDEDVH
SULPDU\NH\ 6'"
SULPDU\NH\GDWDEDVH ULJKWWROHIW68, OD\RXW
0ULQWGLDORJ ULJKW
FOLFNFRQWH[W PHQXV
SULQWILOHGLUHFWO\ URWDWLQJDQREMHFW
SULQWRSWLRQV UXOHUV$UDZ
JHQHUDO
0ULQWHU/SWLRQVGLDORJ -
SULQWHUVHWWLQJV VDYHDV
SULQWLQJ
ZHESDJH
EODFNDQGZKLWHRQFRORUSULQWHU
VDYH!XWR6HFRYHU\LQIRUPDWLRQ
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ
VDYHRULJLQDO"DVLFFRGH RSHQLQJ
VDYHUHODWLYH96,V VDYLQJ
VDYLQJILOHV 7WDQGDUGWRROEDU
VFDOLQJIDFWRUXVHULQWHUIDFH 7WDU"DVLF
VFDQQHU VWDUWLQJDQHZGRFXPHQW
VFUHHQIRQWDQWLDOLDVLQJ VWDUWLQJ/SHQ/IILFHRUJ
VHFXULW\ 7WDWXV"DU$UDZ
VHFXULW\RSWLRQV 7W\OHGLDORJ
VHOHFWLQJREMHFWV VW\OHV
VHOHFWLRQFOLSERDUG !SSO\7W\OHOLVW
VHOHFWLRQPRGHV DVVLJQLQJWRVKRUWFXWNH\V
VHQGEDFNZDUG !XWR9SGDWH
VHQGGRFXPHQWDVH
PDLO FKDQJLQJXVLQJ7W\OHGLDORJ
VHWXSRSWLRQV FUHDWLQJE\GUDJJLQJDQG
VKDGRZV GURSSLQJ
VKDUHGH[WHQVLRQ FUHDWLQJIURPVHOHFWLRQ
VKRUWFXWNH\V FUHDWLQJQHZ
VL]HRSWLPL]DWLRQ FUHDWLQJXVLQJ7W\OHGLDORJ
VODQWLQJDQREMHFW FXVWRP
7OLGH$HVLJQGLDORJ GHOHWLQJ
VOLGHPDVWHU GHVFULSWLRQ
DGGLQJWH[W &LOO&RUPDW
DSSO\ IRUPDWWLQJWH[W
DXWKRULQIRUPDWLRQ JUDSKLFVW\OHV
FUHDWH OLQNLQJ
GHVFULSWLRQ ORDGLQJIURPWHPSODWHRU
ILHOGV GRFXPHQW
ORDGLQJDGGLWLRQDO PRGLI\LQJ
PRGLI\LQJ SUHVHQWDWLRQVW\OHV
VOLGHVKRZ W\SHVVXSSRUWHG
RUJDQL]LQJ XSGDWLQJIURPDVHOHFWLRQ
7HHSUHVHQWDWLRQ 7W\OHVDQG&RUPDWWLQJZLQGRZ
7OLGH7RUWHUYLHZ)PSUHVV 79"
VOLGHV VXEIRUPVGDWDEDVH
DGGLQJWH[W VXEURXWLQHV
KLGH VXEURXWLQHVLQPDFURV
LQVHUWLQJ 7XQ-LFURV\VWHPV
OD\RXWV 7XQ6HSRUW"XLOGHU
PDVWHU VXSSRUW
PRGLI\LQJ V\VWHPIRQWXVHULQWHUIDFH
7OLGHVSDQH)PSUHVV
VQDSIXQFWLRQV .
7QDSWRJULG 8DEOH;L]DUGGDWDEDVH
7RODULV 8DVNVSDQH)PSUHVV
V\VWHPUHTXLUHPHQWV WHDU
RIIWRROEDUV
VRUWRUGHUGDWDEDVHILHOGV WHPSODWH
VSHFLDOFKDUDFWHUV FUHDWHGRFXPHQWIURP
VSHOOLQJFKHFNHU FUHDWHIURPGRFXPHQW
VSHOOLQJRSWLRQV FUHDWHXVLQJZL]DUG
VSUHDGVKHHW GHOHWLQJ
XVLQJDVGDWDVRXUFH GHVFULSWLRQ
VSUHDGVKHHWV HGLWLQJ
)QGH[
H[SRUWLQJ WUDQVSDUHQF\
%[WHQVLRQ-DQDJHU WZR
GLJLW\HDUV
IROGHUV
XSGDWHGRFXPHQWVW\OHVIURP /
8HPSODWH#KDQJHUH[WHQVLRQ XQGRLQJJURXSV
8HPSODWH-DQDJHPHQWGLDORJ XQIRUPDWWHGWH[WSDVWLQJ
WHPSODWHV XQJURXSLQJ
LPSRUWLQJ XQLWRIPHDVXUHPHQW
WH[W 96,6HFRJQLWLRQ
EXOOHWHGRUQXPEHUHGOLVW XVHUGDWDRSWLRQV
GHIDXOWIRUPDWWLQJ XVHUJXLGHV
IRUPDWWLQJSDVWHGWH[W XVHULQWHUIDFHRSWLRQV
RXWOLQHOHYHO XVHU
VSHFLILFVHWWLQJV
SDVWLQJ
WH[WERXQGDULHVVKRZKLGH 0
WH[WER[ YDULDEOHVLQPDFURV
!XWR,D\RXW :"!SURSHUWLHVORDGVDYHRSWLRQV
FUHDWLQJ YHFWRUJUDSKLFV
PRYLQJ YHUWLFDODOLJQPHQWRIWH[W
YHUWLFDODOLJQPHQWRIWH[W YLGHRREMHFWVLQVHUWLQJ
WH[WER[WRRO YLHZRSWLRQV
WH[WGRFXPHQWV
RSHQLQJ 1
8H[W&RUPDWWLQJWRROEDU
;HE,D\RXW
WH[WLQ$UDZ
ZHESDJHH[SRUW
WKHPH
#DOFVSUHDGVKHHWV
GHOHWLQJ
)PSUHVVSUHVHQWDWLRQV
WKHPHV
;HEZL]DUG;ULWHU
WKHPHV'DOOHU\
;ULWHUGRFXPHQWV
WKUHH
$YLHZ
ZLOGFDUGV
WLWOHVOLGH
ZLQGRZVGRFNDEOHIORDWLQJ
WRROEDULFRQVPDFURV
ZL]DUG
WRROEDUV
IRUPGDWDEDVH
DGGLQJFRPPDQGV
SUHVHQWDWLRQ
FKRRVLQJLFRQVIRUFRPPDQGV
TXHU\GDWDEDVH
#RORU"DU
UHSRUWGDWDEDVH
FUHDWLQJ
WDEOHGDWDEDVH
FXVWRPL]LQJ
ZHE
GLVSOD\LQJRUKLGLQJ
ZRUNVSDFH
$UDZ
$UDZ
$UDZLQJ
ZRUNVSDFHYLHZV)PSUHVV
&RQWZRUN
,LQHDQG&LOOLQJWRROEDU 2
PRYLQJ
/SWLRQV"DU$UDZ <-,
RYHUYLHZ 3
WRROWLSV
\HDUWZRGLJLWV
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ